Skip to main content

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

See other formats





The essence 
of feminine 
elegance 


PC U. : riii»vl _ 

WiorJ-uim Avon UQ78S 4288 


. No. 27,484 


Monday February 13 1978 ** io P 


LES PARFUMS 


CoWtWENtXl SELLING PRjCEb »USTRM:5ch-1fo BELGIUM NETHERLANDS 


R3J; NORWAY K/J.5; PORTUGAL Ese.20; SPAIN FrjS; DENMARK Kr.JJ.- FRANCE Fr.3.0; GERMANY DM2.0: ITALY L5M: Pers/W; SWEDEN Kr.3.25: SWITZERLAND FrJ.O; EIRE 


. /'.Vv 



-SERAL 


BBSIIESS } ' . 




New offer 


ivi® to reflate further for curb 


drivers 


worries 


could stop summit on Japanese may avert 

BY TERRY DODSWORTH AND ARTHUR SMITH l » 


BY DAVID BELL 


WASHINGTON, FEB. 12 


• =■ <■ / American irritation at West Germany's continuing refusal further to reflate 

';fi| 1 &- v its economy has now reached the point where some U.S. officials are seriously 

Jm Questioning the value of the economic summit scheduled to take place in 

ductivity bomisesoF-dearly £50 Bonn in July. 

; '■ MI?ed S e i! ^ Mr - Blumenthal. U.S. Jo Lb 10 go as far a.s that, at maintained on why the Ministers 

. bomb plantedin.:R. jrabbtsh uve-areas yield onl> Treasury Secretary, is expected least for the moment. met and what they were talking 

■ at Sydney's 42-storey Hilton." 3 a. week, according, ^lo^oai ^ make ibis clear when he visits Mr. Blunienthul has repeatedly about, observers in Paris heiicve 

. .tel exploded. ,JFour! police- figures-^Tpe^w^aAi'ouia Bonn to-morrow to discuss the criticised the Germans, directly tout the disi-U5«ion& focused on 

- n were among <r»v penpie : * ~ et(>s e ^. a Pattocai v 1 y agenda For the summit and. once and indirectly. Tor railing to the nervous stale of the exchange 

. . o were Injured. - ’ ??^ meoT ~. 0 P 1°P_Of. jggM _ again, to stress the U.S. view meet even their own growth tar-markets, particularly the recent 

, . ; Tie explosion took ' place one 1 Jhal West Ce 1 nnan y musl , d ° fiefs and for being unwilling to run on the franc and the uncer- 

■‘"lr after Mr Hhlcolm Fraser toe-poorer «»e 4 more to stimulate the sluggish reflate to give the world economy tain pusition uf the dollar.as well 
. in___& Dim v nmii dmdmt _{world economy. a further nush. as ou the uessimistic rmtinnL- fnr 


' siralian Prime Miniatec, ■ and •. EARLY .REPAYMENT pro- economy. a turiner pusn. as ou tne pessmusiic outlook for 

. er Commonwealth headew who/sranthte.of the tJ.lCpr^icia.l bor. Th c disagreement about Ger- Last Thursday on Captto] Hill, toe Vl ’ nrl(j economy in 197S. 

■■ attending a - four-day' Com. rowings abroad soTar has made ? an economic policy, which has ffj e Treasury Secretary did - not Forecasts prepared for the 

. hwealtb' reglonaT coiiference only a'small tienr'-to-*to"e- totals ° ecome steadily more senous, ri .f t . r l0 B on n by name but his meeting of the OECD group deal- 

Australia, had returned from due in the peak. v yea0f:bE 1979-84 a - a ?. s °° n as . message was clear. Ing with balance of payments 

.’.tinner cruise. In Sydney bar- Within the paw.months Administration look He told the Congressional Joint problem.*—1 he so-called Working 

,r - ••••.'■ $1.73bn: has been ribald, mainly . .u. r,™.,., nnr ih. Economic Committee that Lhe Parl j y ,Three—which is due to 

‘ tolic£ hunting the-' bombers representing . loana^maJitttng in .irf'JJfjL n .?,hip-! Carter Administration would ™ eet ,alcr lhlb show toat 

- i that they were searching the early years.‘ toe period, urSn^n leadiS- one ofTicial here continue to insist that ‘‘other lh ® P a -' m ^ n,s ad l“ atmenis P™* 

• Lhree men in. their 30s-who leaving total loatis -of n between “j S, rhJ strong nations join us in com- ws Is> * l,H not working properly. 

-lM.be Arabs. They described $2-8bn.\and BUMbn-.-'dae-each V? *«2iJ2d ethi n»’o f a Parable efforts to sustain econ- These experts continue to stick 

. incident: as a deliberate year between, lpgflahfcipsii. Back S*5P* ~J},wTj: af * omic recovery throughout the to' their view that some of the 
; ..!mpt to sabotage.-the confer- Page ■-.i.'i.'i.si--,- - o' ,Tic VJlT. 5nI . ie . industrialised world.” stronger economies such as 

" e. Regional conference. Page '" . But U.S. officials now insist ,Japan and West Germany must 

• 'SINGLE HGUltB^taftation is that some kind of pre-summit | [ n „„_4 q } n make a much bigger effort to 

• . within sight.XscordfiifcioTrices agreement between the U.S. and UIILclTalll stimulate growth ‘in order to 


; .;impt to sabotage.-the confer- Page c r industrialised world.” stronger economies such os 

" -e. Regional conference. Page ' „ • . But U.S. officials now insist ,,Japan and West Germany must 

• SINGLE FIGURB-inflaiion is that some kind of pre-summit | [ n „ Qr i q ! n make a much bigger effort to 

‘ wilhin mght.'pccordfiifcioTrices agreement between the U.S. and UilCclTain stimulate growth in order to 

iSSSS’ h indeed .•■strong dn.nes.ic ecun- %% ^SSTST^ 

icked by party : January; to be -pu]iHdied on a strong risk that the disagree- omte growth m major induslnuk ^ untries l0 movc l l0 ° ard “ 


-hon Abel Mo 7 orewa vesterdav Friday, fe expected to:«hbw.a rise mem between two of the most iced, countries has now become equilibrium. 

.. .P Muzorewa yesteraay _ in anA ; il ner cent, powerful countries in the a pre-requisile tu acmeve belter “ ' . 

' ^rn f°nn?rSJ e n^ ove r the last 12 mO^hsfand the industrialised world could tor- international balance.” avopfu ulk'J 

2s to the party congress of <» n<»tn the whntn commit. Rubert Maulhner writes from P*P?ri s * uu ^ l,r ? d f u -_ 


move towards 


understood that the 
on a further nppre- 


- . befcn resolved, . hir. avreflatioiiary boost,of.some consider requesting the cancel- Versailles yesterday to discuss according to the forecast, is si ill 

l ss , ue , iSbp. jn.the nexr^Bud^er is not latinn nr at least a postpone- the international economic situa- l ?„!}£ ,n deficit b l' about 

A° J? 1 striing. enough. At thq:we ^end. ment' of the meeting. But tion and the latest tensions on S15bD- in 19<S. 

M&'^JactLO^bes, WfftXK ‘.thief invitations have already gone the exchange market. Japanx surplus has been; 

' vdes/an* poti^ m ^ye fot a Smniijus ^of over oU t and the A dministration is While oBirial secrecy is being Contin ued on Back Page ] VV 3X0102 

: -mpt to flood the country with " f ; ■; ' ~ 


I BRITISH LEYLAND. the U.K.’s 
I largest exporter, has broken 
j ranks on the' motor industry's 
j commitment to free trade with a 
'direct approach to the Depart¬ 
ment of - Trade for some form - 
1 of import control on Japanese 
! cars. 

This radical change in Le.v- 
: land’s policies follows a week 
i in which the Japanese motor 
companies, bavins refused to 
I promise future sales restraint 
i in Britain, pushed their sales up 
to a record 13. per cent, against 
an average of 10.8 per cent. Iasi 
year. 

Mr. Michael Edwardes. British 
Ley land chairman, and Sir Leslie 
Murphy. chair man of lhe 
National Enterprise Board— 
Ley land's largest shareholder— 
saw Mr. Edmund Dell, the Trade 
Secretary, on Friday to express 

growing disquiet" about the 
growth in Japanese sales. 

The company’s trade unions 
are equally aware of this. On 
Thursday last, the Gars Council, 
the top echelon of the union 
participation machinery in Ley- 
land, sent n memorandum (a all 
Cabinet members, including the 
Prime Minister, calling for selec¬ 
tive import controls on cars. 

The memorandum emphasised 
the direct link between the com- 
pany’s ability to sell in the U K. 
jand possible factory closures, a 
point which Mr Edwardes 
! brought home in his talks with 
1 the unions. 

: The unions asked the Govern¬ 
ment to intervene in any plans 
for shutdowns, closures and 
phasing down of operations. 


that furl her deterioration in lhe, 
trading system can be prevented.! 
But 1 am >erinusly worried" he 
said. ! 

A tula! ban on Japanese im¬ 
ports was undesirable because I 
they were good products, cheap; 
and attractive to consumers. 
"The consumer is important but 
if it conies \o the crunch coun¬ 
tries will choose to protect the 
producer rather than the con¬ 
sumer." 

Mr. Dell will shortly see the 
U.K. negotiators from the Society 
nr Motor Manufacturers and 
Traders who visited Tokyo last 
week. They are likely to argue: 
for a wait-and-see policy. i 


chaos 


Promises 


*ed American" • Express # GOVERNMENT attempts; to 
/ellers cheques, "It ^as-stated tighten controls over the■ conduct 1 
Salisbury;'.- of aebin^any., directors in-relation 

. i -jm. - .... . to .iaside,dealings, set oatia a 

enen Uett Paper ia Ndv^j^Rre 

III leads . 


Ethiopia claims (Phase 4 


BY JAMES BUXTON 


HAItAR. Feb. LJ 


policy 

emerging 

By Christian Tyler, Labour Editor 


. stantlaL lead in r-the.'-. 1 ” . * ’ ’ " ^ 

Tlod pellsTSFfeadJLtoititrffB of - ui^iwfid: /price rings Tiaye • _ _ - ^ fill 98 liV 

Public Opinion pBUi"'whTeh is been ’shelved »o spite o/e vide nee a ■ - J * i Z Z Z -r- ^ 

zo appear in the :2uagarine that wrirtfng powers of the OfBce G I 11109 ‘ 

; Point t6-day.' : . gives .the of Tradingmake it difficult J. UaLM _ 

• ialists. Communists and Left- to uncov$X' unregistered restric- ■ ,.-7» - - ■■ RF/CJ ATVt Pl*01 IIO 

g Radicals 52 per cent, pf the tlyepraeticra. Page;4 ■;*' ‘. ' LIU VJ. L|lll cl 

l vote ..in the- 'first- roimt -V:' X 1 BY JAMES BUXTON HAItAR. Feb. L» -■-- r : 7-— 

k age ' .V ■ 1 ETHTOPLAN army commanders beyond the village of Fadis. By Christian Tyler, Labour Editor 

faelj Drot^t l said to-day that the counter- Journalists were taken to what 

-.. ..- - ^ US' Dlans Offensive begun^^January 21/22 was described as the front line MINISTERS have begun to dis- 

..^ r pi^est^;.aga^,state-.' against Somali forces in the of the Fadis offensive. Signs of " US s ideas for 'rantfouinu wage 

its by fo. Cyrus Vanre,, U.S.. CBl- ^Calltng together the Ogaden region had lifted the recent combat included wrecked traint when the present in- 

• retary^^tUftoa^^alleged^ds or Britain’s top 100 coin- virtual siege of two key Elhio- tanks, bodies and empty shell forn]a i k u . r i"orous nav uoliev 

jality pf Jewsh. ^^en^.te.pa^eg ioanorrov to draw up a pian- towns of Dire Dava and cases. Troops, were dug in-in pvni.-esatrhe^ndofJuU- 
□cCupied -Atab terntOTY.and:; united: liidiistrial reaction tu the. Harar in the north and troops foxholes, backed by a squadron Tiir 

Govehunenfs pay.sanctions. Page were pushing to wards Jijisa- oF concealed tanks a few kilo- ,-Srsthat ihev want to 
..oosiGon as a nletSntOr: .BacX 26,. Somali forces captured Jijiga metres behind. leaders sug^ew that tbev want to 

e. EiUtorlal comm^nt,R«e 12 to 'demand to see ia September—a fact that Commanders said that Somali \ p fij fi fa S njte of ihe^TUC’s 

M ICL : w *“ch Ethiopia officially -acknowledged forces bad withdrawn o' further H , icv C ommiUnent to a full re- 
haS;'Mecided not .to;pay its staff only -to^ay—and have staged JO km. to the south, but there {^ rn - ^ yoluntarv collective 
^ident-Sadat of Egyfltj^irrtved-an/agrced selPflnancing pro duo several attacks on both Dire had been no fighung for two h ar .i a i n ing. 

"‘Paris from Buchare^ anid^-tttdty bonus, ftge 4 Dawa and Harar. They hold the weeks, on this front. T t suc ,. e s«ies nf the 

ST0R f’ <£*$£&* SWSSTS » srlr- jmIssII: 

briefing to-day SK SX&Z S X SLUSKS Sfi «!&!.» ™*? 0 

i!?eoi?to R*Stfto2rf 5 ^ the:price» of its “plain and ^nl tSok joGrnalists to the war into an offensive sooner, possibly ?^ ai T,J 0 -irfni d n r 
love on-to Rome ; simple^ rang ej of grocertea for. time since last to engage the Ethiopians to lt * ok , X 

ore snow •••—* months and to make regular August. • ’ • battle before their lull reinforce- ™»n» ifn ihi r-SS 

iJ. Kn Price-cuts ea a wide range of was the first detail of the ments from the USSR could be downward pressure on the retail 

rypf ^boys. were -^W^^^ gbeda.'I^age* : - mSti-piringed retaliation against brought into use. pnee* index. 

• IRANIAN : exjJorts- of crude Somali forces. . Ethiopian commanders refuse Inflation could, they believe. 

W apd a ciimber tiled after Tn . snit^ nf new eauiDment to discuss tactics but their inten- d r °P aS ^ ow as ^ P^ 1 " c . so{ ~ w 


Fears nr closures have heen 
heightened again by a letter from 
Mr Pal Lowry, lhe company’s 
director of personnel and admini- 
slration, to union officials, warn¬ 
ing that the future of Hie 
Triumph car plant at Speke, 
Liverpool, has been put in 
jeopardy by its 15-Week strike. 

But lhe Department of Trade 
has already said that u will noi 
take precipitate action 

In an interview on the .World 
This Weekend lelevriinn pro¬ 
gramme yesterday, air Dell said 
that the inlemerinna' trading 
system would crumble further if 
the Japanese failed to rid them¬ 
selves nf their large trade sur¬ 
plus. Governments would lie 
pressed inlo taking specific action 
against Japanese products 

The danger nf orotectionist 
action was “much Greater" per¬ 
haps than the Japanese realised. 

“ If the Japanese reduce their 
surplus this year to the* degree 
that they have promised, if they 
show that they really under¬ 
stand, in action and not just in 
words, the requirements that wc 
have in this country in respect 
of certain industries, then 1 hope 


Although they failed to extract 
clearly defined premises on 
future Japanese import restraint, 
they appear to feel that the 
Japanese now realise that an’ 
expansion uf sales' this ycarj 
would force the Government to j 
lake action. , 

The Government would also 
face substantial problems in 
designiuc a policy lu limit 
Japanese vehicle sales in Britain 
Since efforts iu prove dumping f 
against the Japanese companies 
failed two years ago. application 
would have to he made under 
lhe General Agreement on Tariff 
and Trade regulations concerned 
with damage to an industry. 

Until Leykmd has proved by 
a spell of continuous production 
that it is noi sufferine from self- 
inflicted damage, this would be 
very difficult to prove British 
action would also have to be 
taken (hrouuh the EEC and 
would therefore have to gain 
support nf the* olhor European 
motor producing nations. i 

Ley land’s move has been in-1 
iiueneed by the market study; 
recently undertaken !«• prepare! 
the new plan which will provide: 
the basis of a further application : 
for Govern ir’ent-ba eked funds! 
from the National Enterprise 
Board. 

The company believes thai the 
task of rebuilding its shimereri 
market share—down to U! perl 
cent, in the U.K Iasi month' 
asainsi 27 per cent tivn years j 
ago—will be greatly complicated ; 
ir there is nnt :i concrete com-1 
miiinent on Japanese policy in 
Britain | 

In spite of the. voluntary under¬ 
takings on restraint in the last 
two-years, the Japanese market 
share has crept up in Britain. 
New importers have entered the 
market, bringing with them a 
latent threat nf picking up 
Leyland’s dealers and sales. 

This underlines Ley land's 
anxieties.about its present model 
range. The company is now 
entering a five-year period of 
redesigning its basic line of 
volume cars • 


By Christian Tyler, Labour Editor 

A REWORDED pay offer lo 
Shell uii tanker drivers could 
bring peace lo the industry in 
lime to prevent severe disrup¬ 
tion lo manufacturing ami 
transport. 

Both the Department or 
Employment, which has seen 
the proposals, and some leaders 
of the drivers' overtime ban. 
believe they could he enough 
to end industrial action against 
most of the oil companies. 

Shop stewards at all Shell’s 
oil terminals will be explain¬ 
ing the terms to their members 
In-day before a national meet¬ 
ing to-morrow. 


Example 


Stewards at BP, Esso and 
Texaco are also meeting during 
the week. These companies, 
which normally rollon* Shell’s 
lead on pay. are likely to adopt 
the Shell formula. 

Any lead from Shell's drivers 
could therefore set an example 
for those employed by the 
oilier companies. 

The new proposals, il was 
learned yesterday, were shown 
lo the Department or Employ- 
men l last week, when She’ll 
said that they were sliii within 
I lie Government's pay guide¬ 
lines—10 per cent, on earnings 
and productivity bonuses only 
if lbey arc self-financing. 

But the. Department said 
yesierday that it was reserving 
judgment nn .Shell's claim until 
it had examined the details of 
any settlement. 


‘Settled’ 


Hitherto, Shell has offered 
an increase on earnings with¬ 
in the Hi per rent, limit and 
a productivity deal worth about 
another 5 per cent. The Jatest 
terms hare not been disclosed 
but do not. apparently, imoivu 
any further productivity offer. 

Last night Mr. Geoff Parkes, 
secretary or the West Midlands 
tanker drivers’ co-ordinating 
committee, where militancy 
has been high, said that il had 
heen led to Shell lo deal with 
the Department and be under- 
si ood that matter hud heen 
settled. “AH we want lo do is 
get back lo work." 

ft On Wednesday, the power 
workers' unions resume pay 
lalks with the Electricity 
Council. They arc expected to 
push for a much better pro¬ 
ductivity offer than (hat put 
forward. But as the offer is 
complicated, and the threat of 
unofficial Industrial action is 
powerful, the Council does not 
expect a result this week. 


'• ••• ■ - .• •. :± • v ■ *;.• >:•-> • 


ins.misnaps xn wurut-wwrt. . * • „ i>- ■ ,*. . 

land and;a cJimbCT dibd after • IRANIAN, exports' of crudeISomati forces. 



t/X JZ -• r - ,Pm* ft v; extends to aciuai cowuai, wuo -mnw wouuoeu, m me vara- **••• -7 'AlT. 

K days. - * -Ethiopian commanders acknow- pargn that began last July. He president, and others Uiat the 

.• • ISRAH< will lose about.f30jn«- ledge that the Somali regular estimated Somali* casualties at p ov , e ^ nni ^ n L s p ! re 5 ®°!m 

»VCr-UP ..j-/ vworth’.of citrus exports if the forces have put up stiff resist* the equivalent of one division ^ eat ^ >o electoral disaster. Minis- 

ca. organisers of the Missdrop to^es continues 0ne said: “We have a (about 10.000 men). S2 p0 .hl 

•••Id and Miss FTipbind -(km- toe wake of European scare joog-way to go.” Ethiopia held only 17 prisoners to e,r t ,? Ue ’ f h , '° e . aDd toat the 

' -s have told competitors t&at over pbisooed oranges, the Israeli ^According to Colffonel Melakn o£ war, he said. One displayed to Oppositions a Jp ck ® °° 

‘‘i’.'.nm no longer we°'r• pnim- paiflagtent was told.- Negesh, eastern sector com- journalists was said to be only against pnvate companies are 

'os' to local 'heats because ft • FINLAND may soon devalue ihandeh, one column of Ethiopian 13 years old. unconvincing,. 





iefly - - - 


Page 2. 


- Independent state of Djibouti., 3,000 Cubans are involved in nf .vtVnrf 

-J- .From Harar, one column is combat. Colonel Zelcge Beyene, about toe advantages of extend- 
t " _l._Lii.v-j . __.v» _T.»i T ms waae restraint were da id a e- 



mm 


Angel 


mm 




) 


■'.,.*. of ..the £170m. development on Jaiso, 34 km. north of Harar. in advisers, technical and medical Union leaders have also warned 

'-ntre the Koval NaVv*s lOth Teesside. Page 4 V- : Hrer . .mountains south of Dire personneL I saw two stqall °5? 1 - I? 

^ P w?ert nudlKowe?S # WHEAT exporting and import-^ Dawa; and a third has reached groups of Russians on the streets und ® re n s ^ the antipathy of 

. ; ter-”HMfc subnSSe U fo te f * fioSat « km. aoutl. of Hanr, ,C H»riir. _ Cottoned on Bock Poge 

V missioned at Vickers, Barirow-tatives" to Geneva for UN tofts .=.= /' 

-/’urness tomorrow... on giving greater stability to; ^ ^ _ 

^Gas chief defends nohev 

score 77 in the first Test new international wheat arrange- - VJ Ct.w3 VUffVA J. |fVAavj 

-•'rinst New Zealand at Welling- ment to replace the 1071 agrees \ : 

'"** . 4 ,^ ^ 




y 




( CONTENTS OF TO-DAY’S ISSUE 

*erscas news 2 Arts page ,... H. 

vrld trade news " 3' ' Leader, page... . “ 

[>mc news—general... 4 & 26 • UJC cmnpanles . ** 

1 —labour ......... 4 Internattonai companies — 

Voagement page .5 - ForeiptBielumges.-.27 

ichnlcai page 6 Alining: Notebook . 27 


FEATURES 

In an as and lhe ESC . Undergnmnd to H^throw 36 

rempetilion'policy .....;.l;J 2 -f .. . ' 

rislon among the BulHing ,. : Eurobond quotation Mitt •- • v 
Socie ties. .25 yitW-:.... 1M4 

WmftRM ' . 28 . '34 : : Weathqi' Z ' - r . » 

Itel Mwi'' Z~ - T -• Lombanl-.^/WocW Ecm. lad ... 3 

sismka^B 0te»v aa Mai.iMl MKttfs-'.:.- 22 - fue Lcnilln Ra»* 77 
iocW * TnB*ir» -*-7‘. .forik OTwr Dfarg » . ANNUAL STATHNEKT i 

raainiW C««Wa- V. “ . 1*.---^— .. *■ Trwt C*n»- ■■ 

htlaT tttanr'® Todaj^S S*pnts ,-3S_> BohsMCTtlS 

»,UHbT««Sl^,_^:^ 51 


BY ROY HODSON 

GROWING differences between 
heads of the nationalised energy 
industries over pricing policy 
wUl.be brought loto the open to¬ 
day at the second meeting of 
the Energy Contmfssion, with 
Mr. Anthony Wedgwood Benn, 
,toe Energy Secretary, In the 
rehaiB 

■’’‘Two energy chairmen, . Sir 
Francis Tombs of the Electricity 
Council, and Sir Derek Ezra of 
toe National Coal Board, will 
attack Sir Denis Rooke. chairman 
of the British Gas Corporation, 
Jkjr holding gas prices below coal 
and . ; electricity . prices, . and 
allegedly cutting into their mar* 
kets..-;- 

: .Sir Denis -will fight back in a 
paper ’ to the * Commission on 
:dwrgy pricing, making a strong 
case tor biR new policy of hold¬ 


ing gas prices at present levels 
for a second successive year. 

British Gas is heading fur a 
profit of more than flOOro. for 
1977-78. Sir Denis believes it is 
in the interests of the industry, 
the consumer, and the nation .to 
hold prices steady until April 
next year at least 

Sir Francis has also prepared 
a paper on energy pricing for 
the Commission. He is expected 
to say toat the Hooke policy dis¬ 
torts the whole energy picture. 


Long-term 


Low prices for gas now, while 
coal and electricity prices were 
likely to rise in' the next 12 
months by 7 per cent to 10 per 
cent., would damage marketing 


of coal and electricity while pro¬ 
viding only a short-term advan¬ 
tage for the. gas industry. 

In the long term gas prices 
will rise as British Gas draws 
more heavily un the newer and 
more expensive supplies from 
the northern part of toe North 
Sea. 

The experts disagree about 
tuning and extent of rises. Sir 
Denis holds strongly to the view 
that cheap gas can be a realistic 
feature of the energy scene for 
many years.- 

Mr. M. C. J. Barnes, chairman 
of the Electricity Consumers’ 
Council, may have the last word 
on toe customers’ behalf at to¬ 
day’s meeting. He gives a paper 
outlining an alternative approach 
to energy pricing. 


Angel Court, EC2, for there, adjacent to both the Bank of 
England and the Stock Exchange you will find the storeys in 
question. 

The development comprises 175,000 square feet of air- 
conditioned office accommodation now available for 
letting. Amenities include banking, shopping and restaurant 
facilities together with 25 car parking spaces. 



Chartered Surveyors 
Vintry House. Queen Street Place. 
London EC4R 1 ES 
Telephone; 01-236 4040 


Chartered Surveyors 
64 Comhill. 

London EC3V 3PS 
Telephone. 01-283 3090 



















Financial .Times''Monday FeL'niajy ;I3 -I97g 


Ir anian oil exports fall, Coal union rivalry 
Venezuelan output declines crms L™,,.,=. 


BY OUR OWN CORRESPONDENT 


TEHERAN. Feb. 12. 


IRAN’S exports of crude refined 
oil and Venezuela's production 
of crude oil have both fallen 
back. Iran's exports in January 
plunged nearly 16 per cent., to 
4.75ra. barrels a day. Vene¬ 
zuela’s production bas now 
fallen to its lowest point in 
decades. 

The size of the drop in Iranian 
exports is the most dramatic 
indication $o far of the extent of 
the oil clut on world markets. 
Slock piling by consumer coun¬ 
tries i« thought to be at an 
unprecedented level. Huge 
domestic slocks of distillate and 
fuel oil started to be built up 
by importers last spring in anti¬ 
cipation of revived industrial 
activity and another severe 
European winter—neither of 
which materialised. 

Unusually high 1977 year-end 
stocks — now being drawn upon 
—were further bolstered as some 
buyers tried to beat the price 
increase that was eventually de¬ 
ferred in December. Iran’s ex¬ 
ports of heavy crude, which 
yields a higher proportion of 
fuel oil than lighter crude, were 
particularly hard hit. 

The National Iranian Oil Com¬ 
pany’s direct exports of heavy 
crude from Khuseslan show a 45 
per cent, drop compared with 
December. Direct exports of 


light crude from the same field, 
however, were down only 8 per 
cent Predictions for world oil 
consumption for the coming 
year show an increase of 4 per 
cent., the same as Iran’s own 
projection for its own exports. 

Observers here say that this 
growth rate can probably be met, 
although demands for OPEC oil 
may continue to he slack—partly 
due to the increased production 
from Alaska. Mexico and the 
North Sea. It is thought likely 
that Iran’s exports wilj pick up 
□ ext month. But it is a fact of 
life in the oil world that vir¬ 
tually anything can happen. 

Last year at this time Iran 
expected a big drop in expo as. 
But bad weather stopped ships 
from taking oil in Saudi Arabia 
and the whole situation was re¬ 
versed almost overnight. Iran’s 
budget, announced last week and 
now debated, strongly indicated 
a liberalisation of fiscal policy, 
with ks huge loan authorisation. 
Joseph Mann reports from 
Caracas: Venezuela’s production 
has fallen principally because of 
a persistent surplus of cenain 
crude oils on the world markets. 
Venezuela’s Energy and Mines 
Ministry's figures released this 
week-end showed that average 
crude oil output this year to 


February 8 was 1.71m. barrels 
per day. 

This represents a fall of 27.5 
per cenL—or more than 649,000 
barrels per day—compared to 
production for the same period 
last year. On a yearly basis 
Venezuela's crude output has not 
been at the 1.7m. barrel per day 
mark since 1953- 

As Venezuela is starting the 
year with such low production 
figures, petroleum sales have 
-dropped and it will be difficult to 
make up earnings over Lhe rest 
of the period unless interna¬ 
tional demand for etude rises 
dramatically. 

The Government is in the pro¬ 
cess of carrying out a wide range 
of costly development pro¬ 
grammes. funded chiefly by oil 
revenues, and any significant 
decrease in petroleum sales this 
year will put real pressure on 
the Treasury. This year alone, 
the central government budget 
should total more than SlObn., 
with the bulk of ordinary 
revenues derived from oiJ. i 

Over the past few years Vene¬ 
zuela has seen its great petro¬ 
dollar surpluses shrink to the ( 
point where the Government j 
must now assume a cautious atti¬ 
tude towards spending if it 
wishes io avoid regular budget¬ 
ary deficits. 


PRESIDENT CARTER declared 
an energy state of emergency 
in Ohio yesterday as efforts to 
resolve the 6S-day UJS. coal 
strike foundered again on the 
bitter rivalries within the United 
Mine Workers’ Union (UTffW). 

This morning the president of 
the union, Mr. Arnold Miller, 
called an ’’informal’’ meeting 
of the union's* bargaining 
council. Tbe council bad been 
du^ to meet formally on Friday 
but angry crowds of demon¬ 
strating miners kept Mr. Miller 
away from the unions head¬ 
quarters and prevented the 
meeting from being convened. 

The council bas to decide 
whether or not to approve a 
tentative settlement of the 
longest strike in the UMtV’s 
history and all the signs are 
that it will reject the proposed 
settlement which Mr. Miller has 
recommended. 

Until it comes to a decision, 
however, tbe coal industry con¬ 
tract talks are paralysed. e 

It was unclear this morning 
why Mr. Miller had asked the 
bargaining council to meet in¬ 
formally and what the agenda 
of the meeting will be assuming 
his rivals within the union 
respond to the call. There is 
little doubt that some of the 
union president’s enemies are 


trying to exploit the upheavals 
over the tentative strike settle¬ 
ment in the hope of forcing Mr. 
Miller’s resignation. 

Administration officials, close 
to the talks find the prospect of j 
Mr. Miller's resignation almost j 
as worrying as the current! 
anarchy within the union, which I 
is blocking any movement to a 
settlement. 

They say that Mr. Miller's 
resignation would leave a 
vacuum at the top of the mine 
workers' union in the middle of; 
tbe negotiations, with no obvious 
candidate to fill it who could 
rally union officials and rank 
and file members and move the 
union firmly in the direction of 
an agreement with the coal 
companies. 

In the meantime electricity 
companies in several regions 
including Ohio and Indiana have; 
issued warnings that during the: 
coming week they will have to 
curtail supplies and there are 
forecasts that thousands off 
workers will have to be laid off) 
by industries affected. j 

There are fears that the latest 
setback in the coal negotiations 
means that, even if there was a] 
rapid settlement this week it] 
would be March before coal sup-{ 
plies began to flow. UMW miners 
produce about half the nations 
coal. 


Tribunal 
on clashes 
agreed in 
Lebanon 


BY WILLIAM DUIAFORCE 


STOGKHOiai, Feb. 12 . 


By thsan Hiiazi 

BEIRUT, Feb. 12. 


Muzorewa wins backing of Ms 
party over Rhodesia talks 


Eastern Airlines has 
good look at Airbus 


BY TONY HAWKINS 


SALISBURY, Feb. 12. 


BISHOP Abel Muzorewa to-day 
won the full backing of 360 
delegates to the United African 
National Council Party Congress 
on bis stand against separate vot¬ 
ing rolls in a new constitution 
for Rhodesia (Zimbabwe). 

Speaking to newsmen after 
the GANG'S daylong emergency 
congress on the Rhodesian con¬ 
stitutional issue, the Bishop 
reiterated his stand against 
separate voting rolls and—to 
make matters worse—warned 
that even if this problem had 
been solved “ the even more 
crucial issue" of the composi¬ 
tion of the armed forces re¬ 
mained to be tackled before 
there could be a signing cere¬ 
mony. The Bishop’s comments 
suggest that the hopes expressed 
by the two other black nationa¬ 
list groups taking pail m the 
talks—ibe African National 
Council tSitholc) and Zimbabwe 
United People's Organisation 
tUPOt— that there would be a 
furmal signing ceremony to- 
m.jrrow of ap agreement in 
principle, have been thoroughly 
dashed. 

Rhodesian Government sources 


have been pessimistic about any 
change in the Bishop's stance and 
have played down the nationalists 
reports that a signing was 
imminent The Bishop refused to 
disclose his party's position on 
the stalled talks. 

Bishop Muzorewa said the con¬ 
ference to-day had passed a vote 
of confidence .in the UANC nego¬ 
tiating team and given it a fresh 
mandate to continue the search 
for a negotiated agreement. 

“1 have got tbe message from 
the masses." he said adding ’Tin 
expecting that they (the other 
parties to the talks > will accept 
it." 

The bishop claimed that if the 
present talks collapsed he had 
other alternatives to turn to, 
though he declined to say what 
these were. 

The view from Salisbury is 
lhat the four parties will manage 
to negotiate some form of com¬ 
promise agreement on the issue 
of the method of election for the 
white MPs—possibly a reduction 
in the number of whites—but 
the issue of the security forces 
could be a major stumbling 
block. 


Our Foreign Staff adds: 
Britain has just sent further 
details of its plans for an in¬ 
dependence constitution to the 
Rhodesian Government. Bishop 
Muzorewa. and. Mr. Sitbole. .as 
well as to the Patriotic Front, 
which is not a party to the Salis¬ 
bury talks. 

Britain has been working for 
some time on a fleshed out ver¬ 
sion of the constitutional pro¬ 
posals it put forward in outline 
in a While Paper last September. 
But tbe decision to circulate 
these now could be partially 
designed to strengthen the 
Bishop's resolve against the 
Salisbury formula for 2S white 
Members of Parliament elected 
on a separate voting roll. 

Under the British White Paper 
plan, there would be 100 directly 
elected members of patiiament 
on a common roil and 20 special 
ones — indirectly elected by the 
other Members of Parliament — 
to represent minority communi¬ 
ties. The latest British document 
is thought in spell nut further 
details of this special represen¬ 
tation. 


BY JOHN WYLES 

AIRBUS INDUSTRIE’S prospects 
of selling a significant number 
of its A300 Airbus in the U.S. 
hinge on a vital decision to be 
made by Eastern Airlines in the 
next few weeks. 

Although some - other factors 
may lake precedence, the out¬ 
come of rbe French general elec¬ 
tion could be an influence on the 
Eastern Airline’s board. The 
possibility of a left-wing victory 
has already cost the aircraft's 
manufacturers three sales to 
Western Airlines, . which is 
believed to have backed out of 
a deal last year partly because 
of the French political situation. 

Eastern has since been operat¬ 
ing four of tiie -Airbuses on a 
six-months no-cost lease!:.If it 
places a sizeable order- the 
Airbus will then be a credible 
candidate for a share, of the 
S60bn. which U.S. airlines are 
expected to spend on/new air¬ 
craft during the 19S0s. .- 

The Airbus industry consor¬ 
tium of German, French. 
Spanish. Dutch and .-' - British 
manufacturers says- it' needs to 
sell 350 aircraft in order to 
break even on the project. So 
far 43 have been delivered and 
options and orders taken for'a 
further 9S. 

In spite of the manufacturers’ 


NEW YORK. Feb. 12. 


optimism, there are no real signs- 
that the Airbus is about to I 
crack the American market j 
Eastern is still cagey about its 
intentions, although it is being 
very complimentary about the 
.Airbus, saying that it is operat¬ 
ing well and has been favourably 
received by. its passengers. 

Some analysists have expressed 
the view that" Eastern will 
eventually buy 15 of the A300j 
while.other manufacturers may! 
place orders for no more than] 
10 over the next three years. 
This is almost certainly less than 
tbe Airbus manufacturers are 
hoping- for. { 

For all the aircraft's technical) 
attractions, the widely held view 
is that its current design is not 
ideal for the U.S. market- The 
two versions of the aircraft, the 
B2 and - the B4. have a range 
of 1.500 and 2,500 miles respec-! 
tively. The 1.50(tomle range is 
said to be too short for many 
of the U-S.'s truck airlines, 
while the 2.500-mile range is 
more appropriate-but an aircraft 
with a payload of 230 is just too 
large. 

Inquiries among the major 
airlines reveal that all are full 
or technical-admiration for the' 
A300 and that the aircraft is being 
assert that the aircraft fulfills 
its requirements. 


A JOINT Syrian-military 
tribunal is being set up- to try . 
those who may he found 
responsible for provoking the 
clashes over the past few days 
between Syrian troops of. the 
Arab peace-keeping force, 
which number about 30,000. 
and right-wing elements of the 
“ Lebanese army-” who were 
backed by Christian militia- 
me a. 

The decision to form the ~ 
court was a compromise 
reached yesterday at Intensive 
talks between Lebanese' and 
Syrian leaders. Mr. Abdel- 
Halim Khaddaxn, the Syrian. 
Foreign Minister, led' the 
Syrian side to the talks. He 
was accompanied by Vice Air 
Marshal Najl Jamil, the - air 
force commander and a. key. 
political figure. 

President Elias Sarkis 
officiated at tbe negotiations,, 
in which Lebanon’s three top 
right-wing Christian leaders: 
took part, led by former Bresi^ 
dent Camille Chamoun. 

The compromise has injected' 
an uneasy ealm into the overall 
situation after four days, .of 
heavy clashes which claiified 1 ;. 
the 'lives of more than -150' 
people. A large number of the 
casualties were among Syrian 
soldiers who were picked off by 
Christian snipers. 

There Is scepticism in various 
quarters that the compromise 
will really solve Lhe crisis. An 
open letter addressed to Presi¬ 
dent Hafez Assad -of Syria' 
today In the daily A1 A mat, 
which represents the views .qf 
the Right-wing of tbe Phalange 
party, revealed how seriously 
the relationship has 
deteriorated between Dafira- 
cus and the Lebanese Chris¬ 
tians—allies during the latter > 
part of the civil war. 


FENLAND is likely:, to follqwiJze'. 
ST per cent, devaluation of the 
Norwegian krone . -announced, 
late last Friday. But no further j 
reaction among the Nordic 
currencies is expected. - 'A- 
Finnish banks will suspend 
currency dealing in the Ftan- 
mark on Monday-and Mr.' Maunov 


-the -devalutfeim pre3sfei£.ijat ft, 
statement an Satuiday in'dicater, 
that he was now^ready to con 
sider .devaluing/' kJ # 

On Friday, the. Finnish 
meat; announcing: --a’ FMTffihn 
(£ 21 m.) supplementary ' badge- 
to combat soaring:- 'tinhnujiay 
ment, reported that: : .th^buie£ 

. unnlil __-- 1 . nur? 1 


Finland, acknowledged ?**. 
yesterday that the : Norwegian. 
devolution would a^ect.F^nd. 

’ When Sweden - -devalued its yesterday, followed the 
krona twice last year, the tidn vdth &; price:'freeze.-’S 
like, the Norwegians, partially ctiseount rate.has heed, raised:ft 
followed suit. -There has .since one ^ cenC'jahd, 
been growing agitation' from jaeppe, the Etiazice Wmfcet 
Finnish industry, particularly promised^ farther "ineasu^^S 
from the pulp and .papermakers, strain- price,'risei./hold-:iwr 
for .a Finn mark devolution to private.. consumption-:andv cart 
restore the competitive position domestic credit : 
of the country's exports. ■ Mr. pdvar Norfifi, .the'ftirii 

/Within the ruling coalition-the-Mniirter; ‘ announced" after i. 
corhmunlsts have most-strongly cabinet meeting: that ft tineas 
opposed devolution. A week-end would; irot_,leave! tfeopuwiieai 
comment by their leader, Mr cxirrency- .-snak^'i/iltbot^; 
Arra. Saarinen, suggested thatm ajotity. jpf]the]^^eriung’Saaa 
the Norwegian devaluation had of the Banxhf Not.way is trader 


npt changed their mindsj-Gover- 'stood to have ^favoured -vritb 
nor Koivisto has also- " resisted .draw aL« ■ ■S’^s.or: 


Soares plans approved 


V tfiY JIMMY BURNS 




PORTUGAL'S second constitii-’ The/ppppsiti^i^a^ea;j:efUsee* 
tional government won parlia- to ally f&envely«r'ia.-'either' 61 
mentary approval by a majority, f 
vote at dawn today- for- its, pro- 
gramme of’ strict- austerity had' onf^afly’^erofetfetf ' 
measures. The programme, which ^ 'Mario :Soare£ : ;th£fe^ 
mms at reducing ,th* country's - Minister/ was'.'^Wy 1 dfeggS 
-crippling balance, of payment ^■ 

deficit — now stamtinfi-arabout YeCQived from-IrfctS 
3LSbn. may lead to thg «■ ^ been suggested 


I ?^S ati0 f ial U ^r,!Sf who disapproved 

£r $750m. loan,- here next mopth. m e,j t of 'alliaticie:with"tiK"Qia 


Cambodians 
abduct Thai 
villagers 


' After nearly five days of beated^servathre eDS xru^itHmte '^i^i 
debate.' -tbe Socialists and the the ^uagraiiime. • The- Sbchdutt' 
Christian Democrats (CDSJ idei-ahd^he^^ CDS^^^have^a-tflaatjiitjogi 
feated two separ^. hrouonsr‘Vrf'143 delegate^ 
rejection of the.ptpgranone jyro- pared to^a total of- lCTdel^atts 
posed by the GatrimumsT party- that’ can ; b'e: jimstei& 
and the Social DemocratsCdmmiinists anEthfc ^ 


By Richard Nations 

BANGKOK, Feb. 12. 


Commonwealth regional 
meeting gathers 


Namibia talks 
'adjourn’ 


Italy proposals awaited 


BY DOMINICK -K-COYLE • 


ROME, Feb; 12 


BY KENNETH RANDALL 


SYDNEY, Feb. 12. 


PARTICIPANTS in to-morrow’s 
first regional meeting of Com¬ 
monwealth Heads of Government 
have assembled here this week¬ 
end in an atmosphere marked 
by the distinct uncertainty about 
the point or potential worth of 
tbe exercise. 

Twelve Heads of Government, 
nearly 400 officials, and about 
200 journalists are involved, and 
as usual for such occasions about 
90 per cent, of the extensive final 
communique is already written. 
The degree of real substance in 
that final 10 per cent, will be the 
key judgments about whether the 
regional initiative is taken up 
and expanded within the Com¬ 


monwealth association. 

The role of officials will be kept 
lo a-minimum. Personal contacts 
among the Heads of Governmem 
will be maximised and the Press 
will be largely excluded. In ihis 
way it is hoped to find a worth¬ 
while range of common interests 
sufficient at least to overshadow 
the real enough differences 
between several members of the 
grouping. 

The question for this week’s 
meeting in Sydney may well be 
whether the Commonwealth can 
provide the rationale for any 
sort of coherent regional group¬ 
ing amid so many other regional 
political pressures. 


UNITED NATIONS, Feb. 12. 
HIGH-LEVEL negotiations on 
I independence for Namibia 
(South West Africa) moved to¬ 
wards an inconclusive adjourn¬ 
ment to-day after the South 
African Foreign Minister, Mr. Pik 
Botha, announced he was return- 
I ing home to coasuli his govern¬ 
ment. 

He and the Foreign Ministers 
of the U.S.. Britain. France, 
West Germany and Canada were 
ai pains to stress that the talks 
on the South African-ruled terri¬ 
tory were still alive. 

Mr. Botha told a hastily- 
summoned Press conference, 12 
hours aTter his surprise decision 
to cut short the wok-end of dis¬ 
cussions. that some progress had 
been made. Reuter. 


j A SHORT TERM economic ref- 
I covery programme for Italy and 
■ proposals for an ail-party 
I political accord to sustain a new 
j minority Christian Democrat 
i Government in office are 
[expected to be unveiled by Sigf. 
Giulio Andreotti, the Prime Min¬ 
ister-designate, by the middle" of. 
this week. f„.!" ’ 

Both document? are likely -to 
be handed over to" the country's 
main political forces prior , to a 
i collegial meeting presided over 
by Sig. Andreotti towards the 
weekend. It is hoped that this 
may finally break the deadlock, 
over a new administration. 

The deadlock followed the 
Communist Party's demand for 
direct participation in the new 
! government. It has since dropped 


this ultimatum. and is'insisting 
■on an “emergency plan" which 
would be guaranteed by the 
Communists being accepted into 
an explicit Parliamentary 
majority. 

The economic plan submitted 
by the Christian Democrat 
leadership is.ihoaght to propose 
immediate rreflationary steps 
which could get- the Italian 
economy growing at an annual 
Tate, of more than 4 per cent 
by the end of this year. 

It is said to advocate an upper 
limit of some Lire 24.000bn. 
(S28bn.) in the 197S enlarged 
public sector deficit. 

5ucb an enlarged deficit would 
exceed the guidelines agreed by 
Italy with the International 
Monetary Fund (IMF) last April. 


OVER 300 Thai villagers were 
abducted by a combined force 
of Cambodian troops and Thai 
Communist insurgents daring 
a scries of clashes over- the, 
week-end near the .Cambodian 

border in north-east Thailand, 
Thai provincial police: havtf 
reported. ' . - s* * 

The vabdudlojh-eiwi J the- 
largest Incident arong ; - this- 
frontier, which r has'-been 
troubled by two yepts of 
chronic border dashes-' and 
village reids-rcanifrHss-tijan a 
fortnight after. Df.^Upadit 
Pacha ryaAglvUl^~ the ''.'-Thai; 
Foreign . ..Minister, returned 
from-;- a goodwill mission-' to 
normalise relations with ’ 
Fh&ftm PeidirHe reporte^Uhaf 
the Khmer. Depmy .PrCTaier, 
lang Sary, personally reassured] 
him that “we hare do reason 
whatsoever to provoke any 
dispute along the border." 

The verbal agreements Dr. 
Upadlt then reached with the 
Cambodians to exchange 
ambassadors and resume trade 
were accompanied by another:. 
“That"both 1 sides- .would try; 
their best - to preserve peace 
along the ■ border ” (in Dr. 
Upadit’s words). 

Meanwhile, Thai reinforce¬ 
ments were sent to Namyaen 
district of Ubon Batcbathuni 
province where the_ attacking 
force from Cambodia; ■ esti¬ 
mated at near - Wft-" well- 
organised men, w "first-struck 
Paed-um village last Thursday 


REOtE NATIONAliE;PES ; :tJSlNES 


-'. . J!~>7r .-. \ A-....,. '• JT-. . 

-. • '•-*»• »•:« •.,-t s /.. ■ v;“ : ..-?■>~t -_:.5r. 

71/4% 1965 


numerical ilSTjv • : _ 


"drawn'by fdrariS^rnakingj.up ttfe entire'LL . 

• n nrn Ann * tin 




' Vrepayable, 15^1977.. ,.'$■.. 

.y.~ ' . tirs 39^22840 42^487 ; 

/Each of these bonds is rSpayabte ^lil^i 
1,000 at the -offices of the following banksi^ , 
BANQUE BRUXELLES LAMBERT 
BRUXELLES. - BANQUE AUDLSiXC^dei^ 
ROUTH.--KUWAlTINVESTMENTC'>&A]kVA: 
KUWAIT. - CREDIT LYONNAIS, PARfe^'' 
BANQUE BRUXELLES LAMBERT (SUlSSg>-v- 
S.A., GENEVE! - BANQUE INTE^p^sK 
NALE a LUXEMBOURG, LUXEMBOUBS^^:; 


•* 

, 4 >;.• 



•y 


.. '• 

*. ... 










: 0^\0« ..-T CeB IT ........ 

• •••** -* World processiiig'arid f .:.': ■ ■»■ ^ -Wi-tit-tHis 

• V\Y\B' •••** O f connnuTiica'bioii--.i 4 i, : tJie-. .-rorcLeir the 

• office ' all'.pro grammes 

* n n _ h_ ^1 .» n in _ —Ji • ’' ~-J..AV 


o Reprography.—.^....^Fair,. the .CeBI.Oi^-v^el 

■ jfc TlAr-Timan -fr-Knnri l-T nc riTrirf—- ■CaBTT r*. at a 1 Tn 0*3 1 


The CeBIT 78 at the Hanover Fair: 
Nowhere else do so many new develop¬ 
ments get their first showing. Nowhere 
else will you find so many competent 
partners in business discussions. 
Nowhere else is the survey of the latest 
position in business organisation techno¬ 
logy so comprehensive. 

The CeBU'78: the sure path to 
more clarity, quicker flow of information, 
better communication, more effective 
work schedules. 


The CeBIT 78 will show you the 
alternative solutions which help to relieve 
you and important colleagues of routine 
work, giving you more time for the things 
that reaiiy matter. 


u , * Data processing.^...events. ... .}. • 

, * Calculation .- ! - •- ■ gu n-nv '^fnVcrXtd'' 1 ' 

o :• * ? an ? “I 

■ * Cash, and goods handling u<ir qt,T): ‘Phnno n-t>•' 


facilities 




;-:coue<- ; 




CeBIT: Manasement 


on 


I- © " * Office-supplies 

t • t' ^Drawing'; ": rilJ’^T^SSSBBSm 

! . , * Consultancy 

jg. ° ."services, puhl'isliing 

^ : .docu3ne3;tatio3i* t* 

i-i tps 'Sub.lcct! to alteration. . I 

PI o ■ . •• * ~ 


1 

i a 

nca»n 

’ if 









s "' - 1 '^1 ■ ,,, « 

























-Vn o .^--J-.' !" ■■ -'- ^V»? :'■"?“ ?'* ■ -. j 

. . .' _„y. •. •.** :■• j; :_.-c .-r J 











V 


? J' 

*"v^-fc ;va7V.£L;■; v:*.•■- 


jl?. 


13 1978 


WORLD TRADE MEWS 



■i :-.r,:; 



restraint 
on nnts and bolts 


: v :"-• y.J7 :; j ,.; - : 7-'■■ 7 --.* : .= >WASHINGTON, Feb. 12. 

; - dent' tuene^dov^^ fn r th ff s ^ on p n He added that be regretted the ) 

recommSSS-ai -S%--S8!S^ ^ apl ’ ? residenl ' s Position “ which ■ 
' A^[JaSK%l&r'.iSrau 7 m ff'^SL^SSSiSS^ nrt^^ S n#ws problems and 

: imports of metaTfcikteWrc'■ - t l 1e growing clamour for restric- 

■ • 'S-Z' - ^ ■ ?YS - ■ ^ OE live action-. Congressman Robert 

'”. ' ^ r -Cart.er **id, late.-on Friday d be Jf , “ n, °- ^alrraan of the House 

^•^t^’togher. tariffs on. Qqt$, holts f . - ^ 7 bjrup^topper cent Budget 'Committee, said: “This 


U.K 

opposes 

pulp 


.and- waa.-probaWy imsSw ? 14 ® the.Pr^JdBnrir^e does not 

because . - the recent rise J in the ^ e - P J\ , **¥t the Tepresentattves of the 


dumping 

complaint 


By Max Wilkinson 
THE U.K. paper and board 


Matsushita goes for bigger 
share of U.S. facsimile mai 


UAE£100m. 


BY DOUGLAS RAMSEY 


TOKYO, Feb. 12. 


MATSUSHITA. Japan's leading 
facsimile manufacturer which 
claim* between 30 per cent, and 
40 per cent, of ihe world market, 
will soon launch a new drive in 
the American market. 

It will 


do so by selling its 


industry is to oppose a French | se cond - generation facsimile 
Government complaint against j machines under its own Panafax 
the alleged dumping in Europe brand in the U.S Until now. 
of North American pulp. . [some 30.000 Matsushita machines 


tfie. $30©xa. a year import hnei. and ported into the U.S. arc imported 

hub. . . ■. « lea*^ figure, in.the Congres- by other U.S. steel manufac- 

■ V,' „ . ■ sional steel flattens, said that Mr. turers “There are some ISO 

.Mx. Robert Strauss, the Presi-^Carter's decision Twas “clearly producers of metal** fasteners in 
sp ! efaI trade inconsistent .witfr the.intent of the US.? and their sSe! 
1S u 5 de « t00d to Congress “.He--said that his have claimed that some 25 per 

gj? 2?°!f Pr S iv w m ? lit ^ e, J w0 T ld hold a cent., of .their workforce ha7been 

“5*^to;.provide the domesticieanogte-decide.whether or not laid off because of competition 
Metal fastener industry with to-override Mr.;.Carter. from overseas 


Pokndto boostSoviet trade 
to offset Western protectionisi 


*Y CHRISTOPHER BOB1NSKI 


WARSAW. Feb 12. 


lEfiENT- ._, __„___ 

’oBs6.Etms> criticising'Western signlng of trade-protocol for 1978. power stations, as was co-opera 
rotectiomst . policies.. ^ reflect, whfeb ioresaw'al^P^ cent, rise tion prospects in th* chemical 
rowinganxiety- among ' the in mutual ..;tipad»v turnover to equipment, electrical engineer 


The French Government 
agreed to pursue the com¬ 
plaint which was raised by 
French pulp producers, seriously 
alarmed by the current fall in 
prices. French pulp production 
in 1976 was 1.7m. tonnes com¬ 
pared with 1.3m. tonnes 
ini ported. 

The main concern is over the 
imports of North American 
bleached sulphate pulp used for 
fine papers. Part of the reason 
for the low cost of American 
pulp is that wood costs arc 
about half the average in Europe. 

The British Paper and Board 
Industry Federation has decided 
that it will not support the 
French complaint because it does 
not want pulp prices to be 
increased. 

The majority of sulpbate pulp 
used in U.K. mills has to be- 
!• ini ported. Profits are therefore 
I squeezed between the world pulp 
I price and the prices that- can be 
charged for finished paper. The 


have been sold under the 3M 
label and taken over 20 per cent, 
of tbe U.S. market. Last summer. 
Matsushita set up a joint venture 
in New York called Panafax Cor¬ 
poration with Visual Science Inc. 
to market tinder the Japanese 
company’s own label. Meantime. 
Matsushita has driven the last 
nail into its aareement with 3M 
company which itself will stay 
in the market after acquiring 
the facsimile division of a U.S. 
manufacturer. 

News of Pamfax Corporation's 
plan to market the second- 
generation machines this soring 
in the U.S. surfaced at the.Tokyo 
release of new models for the 
Japanese market *onie of which 
have been modified to meet 
CC1TT (internationali standards 
for overseas markets. Matsushita 
hopes first to put its rwo to three- 
minute transmission machines 
using an electrostatic recording 
system no the U.S. marker before 
introducing the more advanced 


ARTICLES in, “ the fact tiiat the ehSC'caino. after the ductioo of equipment for nuclear! Federal ion believes it uniikely [models revealed last week which 

I. power stations, as was co-opera- that a rise in pulp prices would i™ 0 ''* 1 imn 20-s*?ond .ransmis- 


'oiish' authorities- for prospects Roubles 6.7TmvKflie 'recent >ng and transport industries and 


pulp prices 

[ be adequately reflected in a rise 
of paper prices. The effect 


- f ■ increasing tpu-d. currency ex- Moscow talks -covered ways of in the'food and consumer goods j already 
OTtsand *:growmc detenniha- Increasing trade- hbtfr'this year industries. [mills. 


ULT 


:growing detenniha- Increasing trade 
' on- to focus on the Soviet and in the period up till 1980 . 
tarket for future trade.- Raw materials, ■supplies played 

lit; one article ilr. Stanislaw an import an tr^-inthe talks, 
.-lugosz,. Polish vicc-forcigh deoaiim'nakw. «*s that 
'rade-minister accused the West Po1 ^ iabout- anieqmpnj^t vJJl 
T.f-planning ways of “hampering Participate^fatu^ipelmecon- 

re development of tire Socialist m S- e * ; !5a e i,nS?« S 

J 5 £ d ' and Srtis on llSilt additional Sotto so^lleii Of min- 

kood,^ 

While noting that “ it is neces- ready planning to export 9 . 5 m. 
iry tbat everyone should under- tons-to the &jvief Union this 
and. that we are condemned-to year. • V '. : •• 

Vopexate. which from the.point- An extension’ bejotid the pre- 
T view of detente lies-in every-* viously agreed amoaots of Soviet 
ies basic interests “ be stressed supplies of liouang;and agricul- 
iat the. most effective defence tur.il equipment wa^ discussed. 
jainat protectionism -is “ further. BpJlOLre^eas; wh^; Shortages 
•velopment of the integratictr^fe Tpiaifd ire cauang nonsumer 
’ the Socialist.countries.” discontent . . • 

It is significant that these pro- .. Also discussed were, prospects 
. ouncementa - come fust after; for co-operation in^heproduc- 
■ ■ 3 lish'' ;Premier: -Piorr ‘Jaro^ tion of large tipper trucks, dnll- 
ewici’s tworday hfgh.Hyel visit mg platforms, and vessels ior oil 
•the SovietUJnion. Despite the and.gas prospecting and;fhei,pro- 


would therefore be ro reduce the 
small margins of U.K. 


sion and FPC. (plain paper copy) 
or thermal recording systems. 

Japanese sources estimate that 
about 260.000 facsimile machines 
for office use have been installed 


worldwide. Of this, the U.S. 
accoums for about 130.000 units. 
Japan 90.000 units and Western 
Europe about 40.000 installed 
machines. Matsushita's decision 
to concentrate its efforts in the. 
American market is therefore 
not surprising. 

Jn -Europe. Matsushita fac¬ 
simile machines are sold under 
tbe Plessey label by the British 
company. Matsushita says this 
arrangement will continue al¬ 
though there may be some 
decision to have Plessey market 
the newest range of models 
under the Panafax label as well. 

The facsimile business is still 
at a relatively nascent stase, 
although some experts reckon 
the Jaoanese industry is a I read v 
overcrowded with about 20 
makers. Anarr from Matsushita, 
the only Japanese exporter so 
far is Ricoh, which sells in 
Euruoe under the Infotec brand, 
and is Japan's leading copying 
machine manufacturer. Ricoh is 
particularly known for its high¬ 
speed m-di-hines. and the new 
models put on show by Matsu- 
c l)ita las] week go some way to 
close the gap with Ricoh by 
offering a much wirier range of 
facsimile systems. In the past, 
for instance. Matsushita has 
concentrated on its Panafax 
1000 and 2000 models for 
marketing in the U.S. under 
the 3M label. Both lines have 
now been discontinued 

The prices in Japan nf the new 
Panafax machines range from 
Yen4.5m. (£10.000) for the 
UF'20S which transmits and 
receives (simultaneously if 


desired i in 20 seconds, to the 
(css cosUv (at £3.000) new Pana- 
fax 6000.’ The latter is a desk¬ 
top facsimile transceiver using 
the new FPC recording system 
which lets the user employ un¬ 
treated paper. This reduces tbe 
operating coats from normal 
existing systems which require 
specially-treated paper for tbe 
electrostatic or thermal record¬ 
ing systems. 

In the Japanese market. 
Matsushita has 'a 50-70 per cent, 
share for installed facsimile 
machines, with Ricoh in second 
place. In the U.S. market 
Matsushita is also ahead of Ricoh, 
but remains "far behinnd Xerox 
which claims about 40 per cent, 
of the market. At the very least. 
Matsushita now hopes to pull 
away from Graphic Science, a 
specialised company, which like 
Matsushita now commands about 
20 per cent, of U.S. sales. 

Panafax Corporation will also 
capitalise on Matsushita's unique 
position as. a supplier of 
specialised fascimile systems-fur 
industrial rather than office use 
(in broadcasting, police work, 
etc.). 

Matsushita is working on a pro¬ 
cess called Pagefax for the hish- 
speed transmission of a full 
newspaper page. This uses a 
laser sysiem to make a printing 
plate directly without having to 
go through the laborious process 
of transmitting the copy on to 
negative film which is then used 
for printing the plate. The com¬ 
pany hopes to announce a proto¬ 
type laser Pagefax in the near 
future. 


I telephone 
| expansion 
planned 


By John LJoyd 


EMJRTEL, the telephone com- 
i pany for the United Arab 
[Emirates (UAE) is about to 
| approve a large spending pro¬ 
gramme to extend its telephone 
network. A Board meeting this 
week will decide on the level of 
investment, which is thought to 
be upwards of £100m. 


Expansion of the network, 
which currently carries 52,000 
lines, is proceeding rapidly. The 
company hnoes to have a net¬ 
work of 124,000 lines by the end 
of this year, a result of last 
year's spending programme. 


Earlier reports that the com¬ 
pany was about to issue a tender 
for a large turnkey contract 
worth around £300m- were firmly 
discounted last week by Mr. 
Geoffrey Downer, the general 
manager of Emirtel. 


.“This will not be anything 
like the Saudi Arabian contract 
(worth over £lbn.). We will 
keep control of expansion in our 
own hands, and let out contracts 
jbit by bit.’ 


Emirtel's switching equipment 
[ is largely made up of Pentex 
[exchanges, manufactured in the 
| U.K. by Plessey- The company 
I is 60 per cent, owned by the 
i UAE Government, and 40 per 
I vent, owned by Cable and Wire- 
> less, the U.K. state-owned tele- 
I communications contractor. 



Export credits 
for Irisli alumina plapt 




BYMARGARETHUGHES, ^ 

vPQRT CREDIT financing Iras in foreign currencies. This, 
-w been; arranged in tho U.K. ECGD claims,, fs because t 
d • Canada for .the.--; 1280m. lands bad WenJsemmitted-to the 
amina project on the Wesj- projeci when 7 -it was first 
«st of IreiazxT which Alcan announced several years ago— 
. mniuium is now. going, ahead -Was beforeOhe new ruling. . 
tiu In'-partnership With: Royal • AlcaiL pnglhaUy- put ftwwj 
itch Shell's Billiton subsidiary proposals fer the .Insh alumina 

i Atolc-Wcba,^', Ana- PfeoJ £ 



U.K.. banks; hacked; by the 



-jm aluminium demand. -But at 

Port OP*!** 'thefehd of last year—after Us 

■rtment ■ ordinal partners had dropped 

. tting- ap £60m.. andlbe Export 0 ^_ Alcan reS urrected the pro; 
-veJopmenl. Corporation (EDC) ^ by announcing that it would 
Canada which, is supplying * ^jth two new partners 

«ta.--Tbe financing,-which ±as^ ^ ^ ^ goo.000 tonnes a 
:m coordinated ^by Morg^f ^ p]am ^t Aughinish IsTanjl 
..enfelh is nmusual -m that it-K - ^6^ which would be 

: ng provided. through *-srogIe. OQ ^ 1952 . The invest. 

■ b agwemehL - y - ^,t in - the project will .be 

11 though two different coun- £2&)m. compared with 'the 
•s ure providing - the funds. fiOOrnr envisaged originally and 
mrding to. ECGD thiK;method Alcan '.wHl have, a .40. per. cent; 
i suggested -by the Canadians stake'instead of-the 70 per cent. 
X in practice if has:-shnpUfied it'had previously. The financial 
lsidwabiy - the documentaXion' package for the project :W 
oived.- - ' expected., to involve a Euro**; 

The URL element of tbe export market .toafi of around S200m. 
dits isbeings financed in together with local developme^ 
rling dispHe- the' Govern- grants as' well as the export 
,ot’s reeent'ifeliBg'that buyer..credits' arid- .the equity- capital 
•’its should^.now'•^e'flnMiced provided by the three partnersi; 


iat 127 ftolds lead 


-1 


f PAUL &TTS' 


ROME.Feb.12.-: 


Ir 33&E-. fifth, coasecufite year, 
-i Fiat “127^-'model was the 
.st widely -sold car in ■Western 
rope last year,, the Turin-com- 
ly reports. • 


3ie' enm pan y said some 453.300 
t - “127s”' were' sold in Europe 
l year, of [which 243.000 .in 

ly, - some 22.700. in West 
:many and 16 ^M. ixt Britain, 
iording to-the-Turin . group, its. 
,-rall car sales in Britain now 
resented .about 5 [per cent, of 
market, while, in Europe as 
•hole Fiat currently -controlled 
nit 5b per cent of ; jhe ^aariset 
» company -hopes -to increase' 
' presence in Europe to between 
nd-6J percent 1 / 

Jales of the low^ 960 m w 


■sionLbf the" "427V fared better-in 
Italy ’ than the higher 1050cc 
version which was more popular 
in other European markets, the 
company, said. : . 

.-Since.-March, 1971, when'.-.thb 
■."127^' was'TiiuncHed, more- than 
2m. models have been built'4q 
Italy and some. TSOtOOO in Spain. 
At the end of 1972, the Fiat. 227 
overtook the Volkswagen 
“Beatle” as “Europe’s most 
popular car,” the Italian company 
claimed: ■ ■.. 

" ,-I^asf year Fiat attempted .to 
step up production of the *123?' 
to meet increased- orders hut.itl 
yiak blocked by a.labour dispute) 
on Fiat’s request for overtime.] 
work, on ’ .the ' "127" assembly 
line.-.-.' . ; 


ONTRACTS 


Siemens has signed'a DM230m. 
itract . in Buenos" Aires vvilh 
' Argentine telephoae' aiitho- 
r Empress National dcs Tele- 
nmiin icaciones tENTEL) 
eribg sales..of equipment to 
and. Argentina's telephone 
tern. ' ... ' - ." 

iter.- : ‘ v - 


- h- 

• Concast has received an order.; 
worth over SwJVrsJ35m. from the 
Venezuelan company Sldettir 
Siderurgica del Turbio, for-..a 
continuous casLing insiallatfoi) 
for the Barquismeto steelworks 
west’ of; Caracas. All eleciicai 
equipment will be supplied by 
the,Brown Boveri group. 


World Economic Indicators 



RETAIL PRICE INDICES 


. Tan. TS.-Ok 77 Nov.77 Jan. 77 
* innanir".,143.4 I<23 :; 11423 .139-5 * 

' ‘ Dec. 77 -KOT.77 0ct.77-Dec. 75 
" WJ* .18*5 .T8*J 17X8 

• 18W *. -SB* 1843\ .1610 
.; 12 S 25 -vJ 17 .S 0 
\185J 1*5.4" '18M : -1751* 

*; 12^7" :424J ■ ; jJ223_ ■ \.V»S: 

r !*«;•: 7*5^;;. :<ms I7f»^ 


i Change 
. .over 
earfler 


- - index ' 
bas e : 
year 

1970=109:! 


+12.1 

1 dr.6J .. 
'. x S\4 ; • 

T4.9-# 

-h 6.8 • 


1970=100 
1974=100 
1975=106 
1969=106 
•"1976=100 
1967=W 



The way we are 


In recent years the Vickers Group has attained dominance in 
many new areas of growth as well as strengthening our position in 
- traditionaJ engineering fields. 

' Combining our skills as engineers and innovators with the 
ability to plan continued growth and finance our own developments. 

• Now we are expanding on the success of the Howson-Algra phy 
^lithographic printing techniques which have already won us markets 
in over 90 countries. ... 

IVe are spending over £4 million on a new plant to meet 
increasing world demand for Koneo-Vickers office equipment such as 
-furniture, duplicators, electronic stencil cutters, postal machines, and 
thewide range of products needed to meet the demands of modern, 
businesses. 

- We are developing revolutionary new submersible^ for undersea 
engineering and pioneering advanced techniques for exploration in 
^even deeper and rougher waters. 

• ■ Gilt technological abilities in engineering were highlighted ill 


the summer by a £ 5 million order from China for 500 tons of complex 
engineering, which make up a unique tyre, wheel and brake 
dynamometer. 

In electronic microscopes and container cranes, bottling fines 
and nuclear plant, in Australia and Canada and in a host of other 
activities the story is the same. 

But we are not resting on our laurels. In our chosen areas of 
development Vickers will continue to provide the spirit of technical 
innovation to ensure the company’s continued growth and prosperity., 




Building on strength. 


’tyou mold like iuformaihm about ili$? l 977 Yit kemplease write to the Pitblii Hetmious Depurbneiit 


Vickers Limited Vickers House Millbank Tower Miilbaok London SW1P 4RA 





































































Financial Times Monday February l3 lS^8 


LABOUR NBAS 


Import effects wc 
car parts makers 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


Construction leaders ‘No bonus' 
seek Budget aid angers 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT IASTMS 


jXgTgjjTQjKj 


THE DETERIORATION in 
Britain's car manufacturing 
capability is beginning to bave 
a damaging impact on the 
country's much stronger motor 
components and commercial 
vehicle industries. 

This is the implication of the 
latest figures on the value of 
the U.K.'s motor imports and 
exports prepared by the Society 
of Motor Manufacturers and 
Traders. The statistics show 
that imports in all these sectors 
rose sharply last year, easily 
cancelling out the increase in 
exports, which did little more 
than keep pace with price 
inflation. 

The growth In commercial 
vehicle imports, at 72 per cent., 
was particularly startling. But 
even more worrying to British 
manufacturers was the 66 per 
cent, rise in component imports 
to £75Km. 

This is evidence of an under¬ 
lying trend which will be 
extremely difficult to reverse 
because it is caused by the 
development of large-scale com¬ 
ponent imports by multi-national 
car companies to their plants in 
Britain, as well as the need 
for more replacement parts for 
ihe growing number of foreign 
■.ars on Britain's roads. 

The car import bill, up by 
£43Sm. <50 per cent.) to £1.3bn. 
last year, increased the most in 
purely monetary terms. This 
figure far outweighed the £752m. 
earned by car exports, and is 
now approaching tbe £1.6bn. 
earned by components. 

Even in miscellaneous motor 


industry products, such as 
trailers, caravans, tractors and 
small marine engines, imports 
grew much faster than exports 
on a percentage basis—up 49 per 
cent against 25 per cent 
The net result of this lack¬ 
lustre performance by the British 

VALUE OF UJC MOTOR 
INDUSTRY EXPORTS/IMPORTS 
(£m.) 

1976 1977 % 

Cars 

Exports 633 752 4-19 

Imports 886 1,324 +50 

Components 

Exports 1.345 1,640 + 22 

Imports 455 756 +66 

Commercial 
vehicles 

Exports 548 653 +19 

Imports 123 211 +72 

Other motor 
products 

Exports 578 722 +25 

Imports 110 164 +49 

All motor 
products 

Exports 3,103 3,766 +21 

Imports 1,574 2^455 +56 

Net positive 
balance in 
motor 

products 1,529 1311 “M 

motor industry was a 14 per 
cent, decline m the trading 
balance on motor products—a 
figure arrived at after deduct¬ 
ing the value of imports from 
tbe value of exports. 

Tbe motor industry has 
suffered this reversal, the first 


in many years, after a period in 
which it has established a strong 
exporting position In virtually 
every product area other than 
cars. 

Even after the problems last 
year, the net positive balance 
on trade in these products came 
to £13bu. 

But the trends still give some 
cause for anxiety for the 
industry since they show that 
the weakening of the car pro¬ 
ducing sector is having a harm¬ 
ful effect on the other industries. 

For example, importing 
companies which have estab¬ 
lished strong car trading net¬ 
works are now being encouraged 
to use their dealerships for 
commercial vehicles as well. In 
addition, they are bringing in 
a growing amount of spare parts 
from overseas to service their 
cars, which require more 
maintenance as the age of the 
vehicle Beet increases. 

The other main influence 
behind the growth of component 
imports has come from the 
increasing integration of tbe 
multi-national car companies. 

These concerns are now bring¬ 
ing in a large proportion of the 
parts they need for assembling 
several of the models, such as 
the Ford Fiesta or Vauxhall 
Cavalier, and this has added 
substantially to the component 
import bill during the last two 
years. 

It has proved impossible to put 
a firm figure on the precise 
volumes involved in this trade, 
but the companies argue that it 
is balanced by exports in the 
other direction. 


A DEPUTATION of construction 
industry leaders will to-day 
meet Mr. Peter Shore, Environ¬ 
ment Secretary, to press for help 
in the Budget and to discuss 
the industry's role over the next 
decade. 

The “ Group of Eight,” repre¬ 
senting professional, employer 
and union bodies- will set before 
Mr. Shore a list of proposals 
which they feel can help the 
industry in its efforts to 
stimulate a revival- in output. 

These include 100 per cent 
capital allowances for industrial 
building, tax relief for improve¬ 
ments to existing buildings, a 
reduction in Development Land 
Tax to 50 per cent, tax relief 
on employees' overseas earnings, 
and tax relief for energy con¬ 
servation in buildings. 

The industry is also calling 
for a raising of the starting 
point for stamp duty from its 
present £15,000 level. It also 
suggests that local authority 
mortgages should he no more 
expensive than those offered by 
building societies. 

The deputation will impress on 
the Minister their belief thar the 
Government should act to en¬ 
sure that the industry’s overall 
workload should be set at higher 
levels over the next decade. 

They will point out that 
planned expenditure over the 
next four years will be 20 per 


cent, below the average for the 
previous six years and that de¬ 
mand from toe private sector is 
unlikely to grow enough to take 
up the slack in public works. 

Mr. Shore will be told that 
future workloads have been set 
at too low a level and that 
further contractions in the in¬ 
dustry’s labour force and capacity 
can be expected. 

Tbe problems of manpower, in¬ 
vestment and productivity in an 
industry likely to contract 
further will be high on the 


More Home News, 
on Page 26 


agenda. This will also include 
such items as an examination of 
major social and economic needs 
that have not been met by 
Government policies. 

The Minister will also bear of 
the industry’s concern over the 
proposed sanctions policy. 

The deputation will say that 
any attempt to police pay settle¬ 
ments in the construction sector, 
including those of plumbers, heat¬ 
ing and ventilating engineers 
and electricians, through freez¬ 
ing the letting of construction 
contracts and blacklisting major 
companies, will have a serious 
effect ou the industry's efficiency 
and its chances of a revival. 


Director curb likely 
to worry banks 


BY MICHAEL BLANDEN 

THE GOVERNMENTS plans to 
tighten controls over the conduct 
of company directors, set out in 
a White Paper at the end of 
November, are . expected to 
arouse some concern over the 
detailed rules among the big 
clearing banks. 

Signs are growing that while 
bankers accept the general 
intention of the proposed regu¬ 
lations. they feel that they do 
not sufficiently recognise the 
special character of the banking 
business in certain areas. 

The main purpose of the rules 
is to combat insider dealings 
by directors and others with 
price-sessitive confidential 

information. 

The proposals set out under 
the title The Conduct of Com¬ 
pany Directors, however, also 
provided for the first time for a 
statutory definition of the duties 
of directors- and for tightening 
the law on loans to directors. 

The last point is likely to be 
the one of most direct relevance 
to the banks, since lending on a 
large scale through their exten¬ 
sive branch networks is their 
main business. 

Bankers may be worried about 
the implications of disclosing 
loans to directors, which in prin¬ 
ciple runs against their normal 
rules of confidentiality in deal¬ 
ing with customers. 


They could find difficulties in 
the proposal of a £50,000 limit on 
loans to directors if this also 
applies to their families and 
other interests. 

Apart from any other issues, 
this could raise practical prob¬ 
lems for a bank if it was re¬ 
quired to monitor all loans to a 
directors’ family, companies and 
trusts, possibly at a considerable 
□umber of its branches. 

Bankers may also feel, given 
the aature and size of their own 
business, that the planned limit 
could be regarded as too low, 
particularly if it puts directors 
at risk of having their cheques 
returned if the limit is at any 1 
time exceded. 

The proposals on directors' 
duties, particularly in relation 
to the interests of employees, 
may also raise Issues for the 
banks. 

They put strong emphasis on 
their duties In the first Instance 
to their creditors and depositors, 
underlined by the planned 
separate legislation for the 
supervision of the banks and for 
establishing a deposit protection 
fund. 

Bankers could be concerned if 
there were any possible implica¬ 
tion of thds responsibility being I 
undermined by the creation of a 
preference for another group 
such as employees. 1 


International to launch 
new sales campaign 

BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


ANOTHER ROUND in the price 
war between supermarkets starts 
iu-day with the launch of a cam¬ 
paign by International Stores, the 
BAT Industries supermarket 
subsidiary. 

The group, which runs 650 
supermarkets under the Inter¬ 
national and Wallis names, is 
cuaranleeing to hold the prices 
nf its “ plain and simple " .range 
of non-branded groceries for six- 


months. It is also committing 
itself to regular price cuts on a 
wide range of goods not in the 
“plain and simple" range. 

The eampaigm will involve a 
further cut in International’s 
gross profit margins. In spite of 
this reduction, the ebain is to 
continue to give Green Shield 
stamps. 

International's drive coincides | 
with publication of Green Shield's, 
new catalogue to-day. 1 


Skateboard 
enthusiasts 
to use 
exhibition 
centre 

By Arnold Kransdorff 

THE National Exhibition 
Centre in Birmingham plans to 
open its doors to skateboarders. 
Officials from tbe centre met 
skateboard park construction 
companies at the first National 
Skateboard Trade Show in the 
Royal Horticultural Society's 
halls, Westminster, over the 
week-end. 

The slack season for book¬ 
ings at tbe Birmingham centre 
during ten weeks from the end 
of June to August. This 
coincides with the school 
summer holidays, and officials 
believe that the empty halls 
could be used by skateboarders. 

Runs, ramps, bowls and 
pipes, could be easily dis¬ 
mantled for the hall to revert 
to their normal use. 

The only skateboarding area 
in Birmingham Is part of a ear 
park at Windley Leisure 
Centre, but at least a dozen 
applications for specially con¬ 
structed parks are being con¬ 
sidered by tbe local authority. 

Greater Birmingham bas a 
population of about 3m. and 
4 per cent are believed to be 
skateboarders. 

Mr. Fred Richie. ■ sales 
manager for the National 
Exhibition Centre, said various 
schemes were being con¬ 
sidered, including financing the 
project out of gate receipts. 

Commissioning 
of BSC plant 

By Rhys David 

BRITISH STEEL Corporation is 
expected to begin commission¬ 
ing to-day its £25m. sinter plant 
at Redcar. Teesside—part of its 
£170m. development on the site. 

The plant will have a capacity 
of 3Rm. tons a year, and will 
eventually supply a new 10,000- 
ton-a-day blast furnace at Red- 
car when this Is completed. 


Demand for new 
housing increases 


A MARKED increase in demand 
[or new housing has been re¬ 
ported by the house-building in¬ 
dustry. writes Michael Cassell. 

The latest state of trade in¬ 
quiry conducted by the House- 
Builders Federation among 250 
member companies showed that 
the outlook was bright—despite 
concern about land shortages and 
poor profit margins.. 

The proportion oF builders re¬ 
porting higher demand for new 
homes bad risen to 63 per cent, 
from the 38 per. cent, recorded 
in an inquiry three months ago. 
Demand was high for all price 
categories and in nearly all 
regions. 

The attitude of potential pur¬ 
chasers to their economic pros¬ 
pects had improved. Tbe pro¬ 
portion of builders wbo.felt that 
the uncertain economic climate 
was an important deterrent to 
home buyers fell between in¬ 
quiries from 55 per cent, to 33 
per cent 

Builders reported that mortgage 
availability had continued to im¬ 


prove, although people's inability 
to save up a deposit on their 
first home—the Government last 
week announced measures to help 
this sector—appeared to be the 
leading constraint on demand. 

A record 79 per cent of com¬ 
panies said the lack of building 
land at viable prices was a major 
obstacle to the supply of new 
housing. 

Builders said the problem was 
compounded by continuing diffi¬ 
culties in obtaining detailed and 
outline planning permission. In¬ 
adequate margins on develop¬ 
ment projects under examination 
was a considerable deterrent 

The federation’s findings add 
to fears that although private 
housing demand is rising sharply, 
the house building industry will 
not be able to step up output to 
meet this and, with a plentiful 
supply of mortgage finance, 
prices could increase sharply. 
This might restore builders’ 
narrow margins, but would also 
stifle demand. 


By Philip Bassett, Labour SWF 

THE ASSOCIATION of Scientific, 
Technical and Managerial Staffs 
is to demand to see the profit 
figures of International Com¬ 
puters, which has told staff that 
it cannot justify a quarterly 
bonus under an agreed self- 
financing productivity scheme. 

The scheme was agreed 1 -' as 
part of the staff pay settlement 
last August 

Staff were promised -a 
quarterly bonus if turnover -was 
up by 10 per cent on the same 
period for the previous year. For 
the first two months after the 
settlement the staff received a 
2.6 per cent bonus. 

I CL now says that turnover for 
the final quarter last year -was 
not good enough to make the 
bonus properly self-financing. A 
letter to staff calls if-** dis¬ 
appointing.” 

The company blames a HLday 
strike at its plant in Winsford, 
Cheshire, by members of the 
Amalgamated Union of 
Engineering Workers and diffi¬ 
culties in the manufacture of 
printed circuit boards. :." 

A STMS, which has .7,000 
members at .ICL and is tbe big¬ 
gest single union represented in 
the company, said that it 
deplored the fact that ICL 'hact 
highlighted an industrial rela¬ 
tions problem as the main- 
reason for not paying the bonus.. 

Its members were angry" that 
their bonus was being affeeted; 
by a strike in another. union-' 
The strike was just one factor 
in ibe drop in turnover. 

ICL said that though the; pay 
settlement was agreed within 
Government wage guidelines, re¬ 
fusing the staff the bonus 1 was 
nothing to do with the guide¬ 
lines. 

McDermott 
men rejec# 








Liifj 1 IB. l*Kf: 










'iTh 




<1-' *v u m - 



H11 ol«fr* t 


JBjVi : J 


ml BJiiTTm imT 




fuV. Vi' 










Wales Bill opposed 
by county councils 


BY DAVID CHURCHILL 

OPPOSITION to the Govern¬ 
ment’s devolution plans for 
Wales is being mounted by 
county councils in England and 
Wales who fear proposals for a 
review of Welsh local govern¬ 
ment. 

The Association of County 
Councils, in an internal policy 
document, describes as "objec¬ 
tionable " clause 13 of the Wales 
Bill that “the Welsh Assembly 
should review the strurture nf 
local government in Wales and 
shall report its conclusions to 
the Secretary nf State “ 

The Wales Bill is expected to 
come before the Commons in a 
few weeks. ; 

The association says that it is 
” utterly opposed ” to any further 
local government reorganisation 
so soon after the 1974 changes 
“It is quite wrong to content 
plate a further reorganisation 
which would he bitterly con 
troversial and involve consider 


• NEWS ANALYSIS—REVALUING PENSIONS 

Challenge on inflation fa 


BY ERIC SHORT 


THE CENTRAL theme of gov¬ 
ernment policy to pensioners is 
ihjt they should be protected 
against inflation by having pen¬ 
sions linked to prices and that 
pensions should increase in line 
with national average earnings. 

This principle was stressed in 
the Labour Party's 1974 election 
manifesto and has been accepted 
by the other political parties. It 
is now enshrined in the 5ocial 
Security Act. 1975. 

Yet. the Government has been 
challenged in the courts by three 
pensioners with tbe backing of- 
the Child Poverty Action Group, 
over the way it has implemented 
this principle. 

Last week, the courts rejected 
the pensioners' appeal and up¬ 
held the methods used bv the 
Secretary oi state for Social 
Services in determining the level 
of pension increases. 

The inlcnthn under th? Act 
whs that pensions should be re¬ 
viewed at least once a year and 
revalued in lino with changes in 
the earnings index. But if prices 
over the period moved ahead of 
earnings, then the upratinp 
would be based on the retail 
price index to maintain purchas¬ 
ing values. 

Some practical problems com¬ 
plicate this straightforward 
theoretical approach. The actual 
new pension levels have to be 
announced at least 22 weeks be¬ 


fore they take effect so that the 
Department of Health and Social 
Security can deal with all the 
administration required. It is 
mostly for this reason that tbe 
Government endeavours to keep 
to an annual uprating. 

Thus if the rises are based on 
historical movements in national 
average earnings, then they can 
be taken only up-to the date of 
the announcement. In the five 
months before the pensions be¬ 
come payable, their value is 
eroded by inflation. 

This seems an obvious defect 
when using past index move¬ 
ments. but as the table shows, 
the first two upratlngs on the 
system in April and November 
1975 were on a par-value basis. 
At that time, earnings were ris¬ 
ing very rapidly indeed, with 


price increases lagging far be¬ 
hind. 

On paper, at least, tbe pension 
increases announced looked 
generous, especially as they were 
being made within seven or 
eight months of the previous in¬ 
crease. 

Then came the pay policy in 
August, 1975. When the next 
pension increase was announced 
in the 1976 budget, the uprating 
basis had been switched to a 
forecast price movement between 
November. 1975. and November. 
1976. This was estimated to be 
15 per cent, and the forecast 
proved correct. 

Had the previous historic 
earnings movement between 
April, 1975. and April, 1976. been 
used, the uprating would have 
been 22 per cent.—nearly £1 


UPRATINGS IN PENSIONS SINCE 1974 
Single 

Date of person’s 

increase pension Increase 

£ % 

July 1974 16.00 _ 

April 1975 11JO 16 Pastmovei 

November 1975 13JO 74.6 Past mover 

November 1976 1530 15 F orecas t inert 

November 1977 17.50 14.4 Forecast inert 


Basis of 
uprating 


July 1*74 16.00 

April 1975 11A0 

November 1975 13JO 

November 7976 1530 

November 1977 17.50 

NAE—National Average. Earnings. 


16 Past movement in NAE 
14.6 Past movement in NAE 
15 Forecast increase in R.P J. 
14.4 Forecast increase in R.P.I. 
R.P.L—Retail Price Index. 


more on a single person’s pen¬ 
sion. It is over this lost pension 
that three pensioners have been 
seeking legal redress. 

The reason given a. the time 
by Mrs. Castle for making this 
change was that the extra cost 
would have demanded higher 
National Insurance contributions 
and this was not regarded as 
possible at a time of pay limita¬ 
tion. Yet in April. 1977. contri¬ 
bution rates were increased 
without arousing any reaction. 

The uprating last November 
was also on a forecast price 
movement—13 per cent for 
inflation together with 1.4 per 
cent, margin and again the fore¬ 
cast was right. Nevertheless, 
the pensioners' pressure groups 
do not seem very happy with 
this forecasting method, despite 
Its success so far. 

They would prefer an historic 
method based on known values. 
No one as yet knows v.hat action, 
if any. the Government would 
take if the forecast turned out 
to be' too low—but it would take 
at least six months for any cor¬ 
rective action to be implemented. 

The court has upheld tbe view 
that pension increases must ne 
based on forecasts. Also, it has 

’nken tbe view that there is no 

obligation imposed bv the Act 
on the Secretary of State to take 
corrective action if the forecast 
is too low. 


able cost at a time of great finan¬ 
cial difficulty. 

Moreover, the association says 
any transfer of powers from 
local government to the new 
Assembly would ** move the 
administration of services 
further away from the people, 
the very opposite of the stated 
purpose of devolution." 

It would also have the effect 
of creating serious delays “ and 
a slowing down ot the already 
slow processes of Government.''i 

The cost of the proposed 
Assembly is also criticised in the 
association's policy document. It 
questions whether the 1.150 extra 
civil servants estimated as 
necessary for the new Assembly 
will be sufficient considering tbe 
number of committees involved. 

Meanwhile, ihe Civil Service 
unions have told the Government 
that “ there should be no question 
of devolution being allowed to 
break-up the U.K. Civil Service' 
in any way." i 


FT offering 

journalist 

Fellowship 

The Financial Times is putting 
up £6.000 to Nuffield College 
Oxford for a one-year Research 
Fellowship, open to any man or 
jwomao engaged in journalism. 

The fellowship is tenable for 
one year within the next three 
academic years. The starting 
date is open to negotiation. It 
Is intended to enable a journa¬ 
list to devote a year to his or her 
writing and study within the 
broad Geld of the college's in¬ 
terests which cover politics, 
economics, sociology and social 
conditions, and recent history. 

The fellow will he expected to 
reside in Oxford fin college if 
unmarried or not accompanied 
by a family) during term, but not 
necessarily tbe whole of the 
time, for example, be or she 
could return home at week-ends. 

Candidates should give infor¬ 
mation about qualifications, how 
they propose to use the fellow¬ 
ship, the names of two referees, 
and also indicate the date at 
which they would wish to take 
up the fellowship. Applications 
should reach the Warden, 
Nuffield College, Oxford, not 
later than Thursday, March 16 . 


New theatre 

The Skegness Pier Company 
plans to build a new theatre on 
the beach to replace the one left 
stranded out at sea last month 
when storms swept away two 
larqe sections of the Victorian 
pier. 


peace deatf: 

By Our Own .Correspondent 

A MEETING .of 1,000 workers 
overwhelmingly - rejected a. re¬ 
turn to -work settlement at..jfte 
weekend 'at * the . M cDer jtmrtti 
ArdersLer platform construction 
yard. • , 

The peace formula 
negotiated last week in Glasgow 
between Engineering umon 
officiils and management to epd- 
the dispute which has halted 
work on three offshore orders 
since January 10. ; -..w • 

Failed negotiations at the, end 
of last year on management.plkaSj 
for a three-shift system and a, 
demand by workers for more;pay ; 
led to tbe dispute. ;• -- 0' < 

The company says the o^w 
shift system is necessary, for.the 
yard to counter competition 
from other U.K. and Europ ean 
yards seeking offshore orders. ' .. 

Mr. .faTC\ McKechnie. : an 
Amalgamated Union of Engin-j 
eering Workers shop steward,! 
said yesterday: "There was no| 
withdrawal'.Of the original. im¬ 
position of three-shift working.; 
but only delaying it We rejected, 
it on that basis.” i 


Student union 
seeks 26% 
grants rise l- y 

THE 800.000-strong National 
Union of Students is .to lodge 
with the Government a claim for 
a 2fi per cent, rise in student 
grants. This would add about 
£130m. to the present £515ra. 
cost of mandatory awards to 
srudents on university, polytech¬ 
nic and degree-level: courses. 

The claim would increase the 
basic grant from £ 1.010 to £1. 280 ; 
the grant for London students 
would rise from £1.145 to 
£1.450. For students living at 
home it would increase from 
£7B5 to £995. 

The union maintains that It 
has taken current levels of 
inflation into account- but the 
amount it claims would still re¬ 
store the grant only to its value 
in 1962. 

The union launches a cam-, 
Ipaign to-day on what it regards! 
as the desperate plight of; 
300.000 members taking non- 1 
advanced full-time courses in] 
the 450 further education col¬ 
leges. who get grants only at the 
discretion of the local authority. 
Only 10 per cent, get any. i 


^22CE2EEiSi3ESI 

^um 




H 







•I; 





UXl 



Tfij 


" ilJ r 


plftpNP 

1 I ly '.1 

*T:~E * 7j h r mT« 


kTv • r-i .V:VH 


r f 1Tpftv t* 1 ^ 1 K 




HI5 41 * It, i ijffl 


r Vp ^ ~ii 


1 1 iT-3 . 




III? Hi 


mMsBMm 


WORK-at thp Port of Brrst oTs acce pt - a man mug 
Royal! Portbury Dock •n^ j^i^-nev^ 4bck. -If itece 
this■+week, after-a six-tnonth 

boycott by AvonWoUth _ 

Shop stewards representingAifficially dpenqa b^ .thg^teftn In 
Avonmouth's 3,300 workers' meefAugnst. hab- stood 
to-day - to decide _yvberher. .to. of the manning 


lien-wing may 
‘weaken U.K. 
defence power’ 

INCREASING' -Left-wing-.-■iifc 
fluerice -in the Labour Party 
could seriously damage Britain's' 
defensive capability, the Labour 
Social Democratic Allishce 
warned . yesterday, - “Tbe' pro^. 
Communist Left woaltfpVePerus 
to be allied with" tfe .USSR 
That is. the it political .prefer i 
once,'* the group said., C . r ;'. 

It warns that v&ritain-conUL- 
drawn into a. position, where the] getter*! 
Soviet. Govern men L'woutdr'vet 
our defence, and foreign policy, 
as happens with! Finland.:. 


STmiirm 








4J l¥* 


BY ELINOR GOODMAN ; - 

THE Government has shelved 
plans to facilitate'exposing unlaw: 
ful price rings despite increasing 
evidence that present powers of 
the Office of Fair Trading moke 
it difficult to uncover unregis¬ 
tered restrictive practices. 

The change was one of several 
amendments to the Fair Trading 
Act. which the Government 
intended adding to a consumer 
safety Bill in this Parliament. 
Originally expected to be spon¬ 
sored by the Government, the 
Bill is now being taken by Mr. 
Neville Trotter. Conservative MP 
for Tynemouth. ' V* 

The main provisions of the 
Bill remain intact, but the. idea 
of adding the amendments to the 
Fair Trading Act have had to fce‘ 
dropped. A private member’s Bill 
is not considered appropriate, for 
what is essentially the Govern¬ 
ment's job of tidying up existing 
legislation. 

A provision enabling tbe 
Prices Secretary to order com-. 


patties criticised by the. Manor. 
polies ” Commission to-.' restrict, 
their advertising Was also to have 
been added to the Act.- ' ’ '.' : 

Mr. Trotter’s Bijl has now 
received - its - second reading. 
Amendments to the Act may how. 
have to await tbe completion of 
the Government’s review'. of 
competition policy. ’V - j 
Present legislation' makes it. 
unlawful for companies to. agree 
prices Without 1 first registering 

the agreements^vrith-- the .'-Office - 
of 1 Fair Trading. : Biit. when- 
companies; operate £ucfc. 
agreements, secretly, tbfr .Office^ 
hands .are LlJed 'hy .the^present 
Catch .22 th th£ Act+-'>\ ;• ^ v - 

BOfore it can. force a- company 
to provide ■evidence ofa' possible 
.price ring,, the-; Office^ .of Fair, 
Trading -hmst bave evidence, to.: 
suppose sueh .a -rinig exISGrtr;• 
Thanks”to a-man •voiuMcerittg' 
information about cartels ln*he 
blacktop industry —the • 
surface ’ manufaciiM;fe* : .- 


Office : served orders 

on^-companies, demanding 'th?*; 


they supply -details erf. any c*”§“r 
they were . .operating: ? Tn«» 
orders will shortly .result in-®£. 
first of: what:.is expected tff W 
hundreds of price-rings in jO*- 
industry . being put on 
restrictive- practices regjsteiv\_ 
Tr is-* believed that the off£*r 
of -Faif Trading: received ,**®*' 
plaints about price rings in 
blacktop ; industry,:', but 
'unable' to folloW'V them 
because 'of Insufficient: evidena& ; 


■ the:JQtj^ndnienlir:h ow-1 eSt. : 


wheti^HP r .certate;Wnc^- nt■ G®* 
riogs S&oijJd 'b£-babBed.-z. 
• "It :*«iae* n«-JS 


■ DUE..; 1**£-■ Jf. 

.freconae'-rTa^ 

■opera^i^pjr^ 











































































- ~ . >-._ 


.-•'ll 




• 'sW : 

,^..V 

iP^y* 


£«+i^* :; >'. T ' 


& 


V-.'t .;J| ..V 


*&? 


?*tov- 


r\ 


as# 




•rir~. 

,.. .m::**: 

J* •>•* •*;..♦. 




,VV ■■ 

W 

?S’ ; 


it 


jir ■'.■!.• 




X- 






wmim 




•:c 


Barnet Levvt 


Kart&se 


Wycombe \sersh Fa 










■- i-t 


Sj£*$ •*gV^ r .. "y*?;?#: 


*&«r >; r -' '^f6r. ' r ' y ^yy' 
*'.i-^'-'A T -y <S'.***f 

mm ::^l 


li 


sM^ii 


*4 ■*’"• '■!»* 


Services "Ltd 


-i.-.i- • ■*-;---'/,•■■• ‘r3S5ru?i& 


m 


pi.... 

ijU! 






fgPfl 


&*S 


■m 




Dokner (UK> 


Janice Wai 


“• -■v-3 r .»=-\i*-2. 




as SchwarzschiW Gc>& L&J»|3& Alan Ro:f 


. ... 

: ' 

* 


... 

■ix ? - .V V* 








; r£\«*&aS 


ksse 


kir 








;vw;^:':-: : :..::. : .;:^>‘. r f^:;^ ; - 




.^g?S ••; 


■<: :r~C 


*'&. 


V - /• 






Small Electric 
Motors Ltd \ 


* tvV* >> 


-'^PfTvy^' 


-'•.•‘I ;- 


•—„• .v. % 2 •>-* - - • ■ -.r > v> 

HU' i 

?5a 


The Whrte^& & Biastr^JL 
Press Ltd-. '* 


5# 


.aVV.V'. 


& 


' ^ S?•;-> 


Hobar Kydr 


IC?' 


K 


',<***»• 


,G 


*>/*T 




m 


&y 4 

') 

f'.-^ - ; ,y 
k5 


•■■CVJ 




II .%■»•’ 


2 Contek Magr 


Barducru-td 


?&•: -sa 


4-i 


iiilSSS 




;f* 




- vf^ •:■ i? 


'i 


Armrtageot 


The G^petMa 




W&MM 


Man u factonp^ 3 ^ > 




^ »5S 


;l , .». &}■ 


mmB 

’ - •. 


T- -. A** 

■32 


A 






f. : 


'-.<1 




'jMy 








v'.: v . :•?■&’ j jS- • 




Quayle CafC^s 






Samuel Mocr$ 


Credit Factoring brings you efficient sales ledger management and guaranteed payment. 

Credit Factoring brings you protection against bad debts. 

Credit Factoring brings you a source of finance. 

Credit Factoring brings you support for your exports through its unique international network of companies 

But more important than all this, Credit Factoring brings you peace of mind. 


A member of rhe National Wesiminster Bank Group. 

Write to Smith House, Elmwood Avenue, Feltham, Middlesex TW13 TQD.Tel. 01-8901390. Telex 22593. Or ask your local NiaiVvcst Manager. 

Wt have network offices covering Austria, Belgium, Canada, Denmark, Finland, France, Great Britain, Holland, Ireland, Italy, Luxembourg, Norway. Sweden. Sivii^eriand. USA, and Test Germany 
















































Financial Times Monday February 13 1978 • 


EDITED BY ARTHUR BENNETT AND TED SCHGETERS 


• HANDLING 

Conveyor 
sorts the 


• BATTERIES 

Double-life button cells 


e ENERGY 

Beaming power from parcels 



DWARFING the Apollo man in 
the moon programme, a project 
lo build huge solar power cap¬ 
ture platforms which would mean 
energy from space to earth has 
been outlined to President 
Carters science adviser. Dr. 
Trank Press, by the Boeing Air¬ 
craft Corporation which ha; been 
working on the idea for some 
ten years. 

Studies have been carried out 
for Energy Research and 
Development Association along 
the lines of such power beam 
satellilps by Arthur D. Little and 
these have done a great deal to 
dispel initial sheer disbelief that 
such units could be builL or 
made to function, or beam power 
in wrih with nut frying everyone 
in airliners which pass through 
the beam. 

Boeing's concept would require 
lhc establishment of “orbiting 
faeiorieshousing up to 500 
operatives to hulid the vast solar 
panels needed for the satellites 
which would be IS km long and 
6.5km across. 

Materials would be ferried up 
to the factory hy unmanned space 
freighters similar to the shuttle 
which is now under test. 
Assembly would take place in low 
orbit, and once the station had 
been completed it would be pro¬ 
pelled by on-board engines into 
a geostationary orbit 35,000 km 


above the earth's surface. 

Where the real cost comes is 
in the weight of the station which 
the developers pul at over 100.000 
tans. This is a vast amount of 
payload to carry into orbit, with¬ 
out counting the cost of getting 
workers there too. 

Tbi; is why the cost estimate 
of such a project lies somewhere 
between $4Qbn. and SSObn. But 
the developers point out that the 
technology to achieve this has 
already been acquired through 
work on spacelab and the shuttle 
—at the same time, the US5R 
space station project has reached 
a stage where successful decking 
with an automatic supply capsule 
ha; been possible. 

Each solar power plant would 
have arrays of solar cells con¬ 
taining as many as 14bn. units. 
These" would turn light into 
microwav* energy that would be 
beamed from an antenna focused 
on huge collector dishes on earth. 

Such satellites, the company 
asserts, could lake up half the 
country's energy demands by 
the year 2000—which is just 
over 20 years away. 

One such satellite could pro¬ 
vide power for a large city. 

The company is urging the Pre¬ 
sident to earmark S3bn. for a 
verification phase on the project 
which would include the construc¬ 
tion of a small working model 
of the solar collection system. 


A .YEW technique m increase 
the efficiency of wind turbines 
has been perfected by Dr. Oter 
lara. of the Een-iiunon Univer¬ 
sity of the Negev, Eeersneba. 
Israel. By surrounding an 
ordinary wind turbine with a 
>hroud or duct, poner output can 
be trebled, and the shroud 
eliminates the need for having 
ihe turbine facing straight into 
the wind. 

The design ha; been evolved 
around the lift of aircraft wings. 


It is. in effect, a circular wing 
with lower pressure inside the 
shroud and higher pressure out¬ 
side. This creates s suction 
effect, drawing more air into the 
turbine and raising efficiency. 

The turbine is also built up 
from two set, of blades, one 
stationary and one moving. 

Prototypes have a minimum 
diameter of about three metres 
and a maximum of six metres, 
the latter producing a constant 
t kilowatt at a wind speed of 
IS kilometres per hour. 


Introducing die 
Financial Times European 
Energy Report: 




Western Europe's energy 'mix’ 
-coal, oil. hydro, nuclear, gas- 
it> a complex and changing 
one. Ail era of high-cost 
energy is looming. Ho%v rhe 
governments of Europe 
pkn to meer rhe demand for 
energy, and at what price, 
will affect every busiuess 
and individual in Europe-and many throughoutche world. 

Planning and decisions therefore call tor constant access 
to a wide range of up-to-date, accurate information on 
energy programmes and rheir implications. 

Till’s is what the European Energy Report provides. 

Produced by Financial Times Business Newsletters, 
European Energy Report is an exclusive and inionned fort¬ 
nightly review of ail sectors of the European energy nix. 

It sets the relevant information in perspective and 
presents it in a continuous, well referenced record that is 
essential reading for anyone concerned with rhe energy or 
related industries. 

All for around i, 5.40 a fortnight. Oreven less-ii you 
take advantage of rhe special introductory’ annual 
subscription offer detailed below, you'll eiijoy a/25 saving 
while ensuring you're kept up to date on energy news over 
the next twelve months. 

Finding accurate information is a little like energy itself: 
it depends on reliable sources. This time, we think you’ll 
agree you've got the very best on tap. 

INTRODUCTORY SUBSCRIPTION OFFER 


To:Subscriptions Dept. IEK), 

FT Bu>ineNN Newsletters, 
bracken House. 10 Cannon Street. 
London EC 4 P 4 BY. 


Please 
enrol me 



for a one vear founder .ubscripaoriar CHS irT 
tliv UK IT 135 overseas, inc.airmail post.^e). 
tol a tour month trail subscription ur a ‘45 in the 
k • K (/ .5 5 o vc r-e.iv i nc. airmail post a -c}. 
tple.LW .are which you prefer) 

^ Cheque •:nclo-ejt " H--.iv.- invoice me 

* I under-r.ind rlj.ir rhe -j.vo.il founder subscription r.,;- of 
1131 _/. 135 overseas! applies oui\ to subscriptions tiutare fullv 
paid In A pril 3 »>th . l'»TS. The •-■verve.is rate is payable .it i urrcnc 
exchange races m juv currency trccK convertible nun sterling, 
t f'leav. make cheque- payable to Pin.ineial Times (Hit) Liniirjd. 

Marne___^ 

Position__ 


Oty,.uu-.iti'iii_* 

Nature nl fjusinc-y. 
Address_ 



FROM THE Dutcb conveyor 
manufacturer. Rapisrao Lande. 
comes a computer controlled 
sorting system said to be capable 
of the automatic distribution to 
up to 500 collection points of 
large quantities of packages of 
varied size, shape and weight, at 
speeds up lo 100 metres/min. 

Called the Triplaner, the con¬ 
veyor/sorter has applications in 
sorting postal packages, baggage 
handling at airports, and in 
warehousing. 

The conveyor is made of rub¬ 
ber slats or track sections, which 
tilt to discharge the package at 
its programmed station. Chain 
driven, the overlapping slats 
enable the conveyor to turn 
corners, and rise and fall, with¬ 
out discontinuity. 

Details from the U.K, office. 
Floor 4. Edmund House. Xewhall 
Street. Birmingham B3 SEW 
1021-236 S375I. 

e PACKAGING 

Front and 
side marker 

AUTOMATIC FRONT aDd side 
marking of a carton can be car¬ 
ried out in one pas3 with the 
latest voder from Lawtons of 
Liverpool, an Ofrex Group com¬ 
pany. 

Friction driven by the passing 
carton, the marker is intended 
for installation on a production 
line. There are three models. all 
with a 15-inch long printing area, 
but with print heights of 5. 1* 
and 3 inches. Maximum reach 
round the front of the carton is 
7 inches, before printing along 
the side. Front only printing can 
be carried out. 

According to the maker, up to 
100.000 sharp impressions can be 
obtained on plain paper or board 
from the pre-inked micropore 
roller. The ink is non-toxic. The 
only maintenance is said to be 
an occasional spot of oil. and 
changing the ink-impregnated 
roller. 

More from the maker at 50 
Yauxhall Road, Liverpool L69 
3AU (051-227 1212). 

© METALWORKING 


WITH an eye mainly on the 
bearing aid and electronic watch 
market, the $l-5bo. turnover 
Gould Inc. is poised to market 
zinc-air button cells in the U.K. 
following a successful launch m 
the U.S. last November. Similar 
plans are being activated in 
several other European countries 
and it is planned to make a 
decision about a European 
factory in the late spring. 

According to portable battery 
division general manager Carl 
Zies. there is “ a 9S per cent, 
chance '• that, if the plant is set 
up, it will be in the ILK. 

Main advantage of the new 
cells is that they offer about 
twice the capacity of mercury or 
silver oxide devices, but only in 
continuous usage applications. 
Once a protective tape is 
removed to allow air to enter, 
the ceil will deteriorate whether 
it is used or not. 

The zinc-air couple dates to 
the 19th century, the first 
practical devices appearing in 
the 1930s. and in 1972 an abor¬ 
tive attempt was made to market 
cylindrical cells by a company 
called Energy Conversion. 

Backed by GKN. NRDC and 
British Ropes, this was sel up 
basically to exploit spin-off in 
air electrode te chn ique resulting 
from defunct NKDC-backed fuel 
cell work. The result was a 
"torch-battery" size cell which 
was on the market for about 13 
months, at which point, GKN. 
majority shareholders, concluded 
that both military fit was to 
have been used In Clansmen) and 
civil market demand were too 


small. Energy Conversion ceased 
trading in 1974 and its technical 
director. Dr. Hans Espig, 
promptly departed for the u.S. 
to join none other but Gould 
Inc. 

Gould's first approach in the 
U.K- is. it is understood, to the 
Department of Health and Social 
Security which supplies bearing 
aid batteries through the 
National Health Service. 

The company's main task is to 
convince DHSS that the double 
capacity, set off against what¬ 
ever price is agreed, will make 
the use of zinc-air worthwhile. 
The cells also offer less trans¬ 
portation cost in distribution 
ft hey are consumed at a lower 
rate), flatter discharge voltage 
characteristic, no environmental 
hazard fin comparison with mer- 
curyi and a good shelf life (2 
per cent capacity loss in first 
year is claimed'). 

A strong hint has come from 
Gould that the decision to set up 
a plant in the U.K. will very 
much depend on the outcome of 
the DHSS tendering later this 
year. 

Apart from this the company 
j? looking at the private hearing 
aid market, thought to be about 
one-fifth of the XHS value, and 
at the liquid crystal watch 
original equipment business. 

A number of watch makers 
are known to be extremely 
interested in the zinc air cell 
because, with modem LCD units 
consuming microamps rather 
than inillianips it Is feasible that 
the battery will last the life of 
the watch itself—up to five years 


is quoted by Could, although it 
Is not endorsed by one major 
U.K. battery maker. 

One problem might be the 
availability of oxygen for the 
cell through the watch's own 
sealing ring, although Gould 
claims this can be overcome with 
Teflon seals that could even be 
arranged to supply just the 
right amount of gas for maxi¬ 
mum life with the current con¬ 
sumption Involved. For the 
replacement market it plans to 
sell the rings with the battery. 

The reaction of thelLK. bat¬ 
tery industry to Gould's plans is 
41 wait and see. - ' Ever Ready, it 
Is known, has acquired several 
of the Energy Conversion patents 
from GKN hut has no plans to 
manufacture. 

The general view is that the 
market is too small to make it 
worthwhile and that health ser¬ 
vice markets are difficult to 
make much profit from. Chloride 
also has a zinc air project in the 
laboratories but seems unlikely 
to manufacture small cells. ' A 
small outlet has existed for some 
years in large units for railway 
signalling and cattle fence 
energisation. 

A reasonable assumption is 
that Gould is seeking an initial 
market foothold in terms of bat¬ 
teries in general—it has been 
making similar announcements 
about zero maintenance lead- 
acid types. 

In both cases it is supported 
by a large market base in the 
U.S., which might well be the key 
to its success. 

GEOFFREY CHARUSH 


• RESEARCH 

Centre to 
aid industry 

FACILITIES AND expertise 
covering all aspects of the 
development and evaluation of 
non-metallic materials, and the 
products and components made 
from them are available at 
Yarsley Technical Centre 
<YTEC). Trowers Way. R edhiU. 
Surrey RH1 2.1 N (0737 65070). 

A whollv owned subsidiary of 
the Fulmer Research Institute, 
YTEC was formed From the 
amalgamation of Yarsley Testing 
Laboratories and Yarsley 
Polymer Engineering Centre. It 
has a multi-disciplinary staff of 
60, and can also call on the 
facilities of its parent company. 

An nouncing the formation , of 
YTEC. its chairman. Dr. W. E. 
Duckworth, said that a major 


is part ot. 


jn Norwest 
*1 Holst 
total capability 

01-235 99S). 


cause of the decline of British 
industry in world trade is a refa. 
tive failure to develop market, 
able new products. It has been 
generally recognised that th era 
is considerable, scope for improv. 
ing the design of British products 
and the manufacturing process** 
used. It was his hope that radn$- 
try would use YTECs expertise 
to enable British products to 
become quality competitive ia 
the world, instead of reiving on 
a devalued pound to be pr j re 
competitive. 


• COMMUNICATIONS 

Shows state of rooms 


9 OFFICE EQUIPMENT 


Four-function typewriter 


• MATERIALS 

Fast cure 


DEVELOPED by British Relay 
(Electronics) is the Mk 3 Hotelier 
Room Management System which 
provides a number of services 
for rooms and also shows their 
status. 

The hotel receptionist uses a 
numerical keyboard to key in 
room numbers to determine their 
status, shown rm a central panel 
by means oF red or green light 
emitting diode displays which are 
either on, off or dashing. The 
signals indicate whether a room 
is .Vacated but requires cleaning, 
soon available, ready for Inspec¬ 
tion, ; being Inspected by the 
housekeeper. available for 
letting, or let and occupied. 


Information is fed to the >'qo- 
trol panel when the maid or 
housekeeper inserts a jack into 
the socket in the bedhead pace) 
of the room. 

Existing coaxial cables in the 
hotel currently in use for lelp. 
vision and radio distribution to 
rooms can be employed forMk 3 , 
cutting back the cost of installa¬ 
tion. 

From the keyboard— which can 
be provided for receptionist 
cashier or telephone operator— 
check-in and out, morning calls 
and awaited messages can be 
dealt with. 

More from Overline Hous« 
Crawley, West Sussex RH1G 1 J? 
(0293 31251). . 


8 


INTENDED TO be operated by 
a typist without special training, 
and 3imed particularly at the 
small business market, the Adler 
TA20 Compact offers four func¬ 
tions in ooe machine—standai d 
office typewriter; automatic 
typing; invoicing; calculating 
and analysis. 

Mr. Henri La Costa, managing 
director of Adler Business Sys¬ 
tems U.K. says that he expects 
the machine to have the same 
impact on the typewriter market 
as the electronic calculator had 
on electro-mechanical adding 
machines. 

The machine is- controlled h> 
a microprocessor, which auto¬ 
mates many typewriter func¬ 
tions. such as character spavin; 
paper feed, heading centring 
etc. A random access roeru-ry 
with a l.000 character caps*sh¬ 
allows auto-iyping of sentence, 
paragraphs and complete letters. 


This can be programmed by the 
typist, and during composition 
of the letter the remaining capa¬ 
city in the store is displayed 
ut the end of each line. 

The RAM store is also used 
in the production of invoices, 
providing layout, product des¬ 
criptions, VAT total, discount, 
etc. 

The maker is confident that the 
design of the machine will re¬ 
main viable well into the 1980s, 
as its basic concept has been 
developed to provide a range of 
additional facilities. 

Triumph-Adler. Numbers. 
Germany, which makes the 
machine, will market in the U.K. 
through Adler Business Com¬ 
puters. a wholly-owned subsi¬ 
diary of the British company 
Office and Electronic Machines. 
140. Borough High Street. 
London SE1 1LH. Price of the 
TA20 Compact with one pro¬ 
gram is £2.750. 


printing ink Data switch plans 

* o nit!’ Dn.r> Mffir>s VQVC it hie tha clinnlu 


TWO MONOMERS and a fully 
reacted aliphatic urethane acrylic 
are contained in an ink base 
developed by Synthetic Resins. 
Addition of a photo initiator con¬ 
verts the base to an ultraviolet 
light curable system. 

In this condition, curing speeds 
in excess of 800 ft./mtn. .can he 
achieved for thicknesses of :tw 
and tec microns on a variety of 
materials, including tin plate, 
polythene lined board and 
Thames white lined chipboard,. 

The aliphatic base, more 
expensive than the usual 
aromatic base, is stated to have 
superior light fastness and is less 
likely to fade or yellow. There 
are no toxic components, and. the 
material does not string or mist 
at high speed. "• • 

More from ‘ the maker at 
Frodsham House. Edwards Lane. 
Speke. Liverpool L24 9HR 1051- 
4S6 3922). 


THE Post Office says it has 
asked the U.K. electronics indus¬ 
try to provide information about 
packet switching equipment it 
could supply in the event that 
the decision is taken to go ahead' 
with packet switching. 

An experimental service 
(EPSSI was formally started last 
April and is due to run “for 
two years or so.” 

If proposals for a public ser¬ 
vice are confirmed, tenders for 


the supply and installation of 
three packet switching exchanges 
—-in London. Birmingham and 
Manchester—plus equipment to 
proride a further six remnt* 
access points would be sought hy 
the middle of this year. These 
would aim For a public service 
to start in raid-1979. 

Such a service would he based 
on CCriT recommendation* 
already adopted or proposed for 
international standards. 


DEVELOPED JOINTLY by 
Appledore Shipbuilders (part of 
British Shipbuilders), and Fogg 
ind Young, of Gravesend, is a 
machine which can hot-furm 
flanges on mild steel oipes from 
1} to 6 inch bore within lwo 
minutes. 

The new machine is now¬ 
flanging some 90 per cent, of 
the pipework in this sire ranee 
for the six ships built each year 
by Appledore. The company says 
it has proved a worthwhile in¬ 
vestment and has successful I v 
flanged lower grades or tube 
which are prone to splitting. 

The idea of heating, expanding 
and turning the end of a pipe 
to form an iniegral fiance is not 
new—the completed joint is 
called the Van stone or rolled 
joint. 

On the Fogg and Younc 
machine. loose backing rings are 
slipped on to tbe pipe, then each 
end in turn is clamped in the 
machine, heated (by sas or elec- 
tricityi. expanded with a conical 
die and finished with a square 
ended die. After manual facing, 
the loose barking rincs are 
bolted together with a gasket in 
the usual way. 

The joint configuration, which 
conforms with BS 4504. has 
gained the approval of Lloyds 
Register of Shipping. Dei Norske 
Veritas and Bureau Veritas. 

Although Appledore is using 
the machine only for low- pres¬ 
sure pipework, the company 
says that tests have shown that 
the joints will withstand high 
pressure. A 4 inch bore pipe with 
an Jinch thick rubber gasket has 
been tested to 1.400 psi. 

The compact machine is oper¬ 
ated by two men (one skilled, one 
unskilled), and the floor-to-floor 
time is inside two minutes for 
any size in the range. A model 
for pipes up to S inch bore is 
aratiable. Tool changing for 
different bore sizes takes 20 
minutes. Apart from inserting 
and removing the pipe, ail stages 
in the process are push-button 
operated from a central console. 
Heating time is pre-set on an 
automatic adjustable timer. 

Operation is hydraulic, 
pow-ered by 7.5 kW self-contained 
unit From Vickers Division 
Sperry Rand. Ram pressure is 
100 tons on the 6 inch machine 
and 140 tons on the 8 inch. 

Several advantages are claimed 
for the method. Fabrication costs 
are reduced because tack and 
finish welding is eliminated. 
Backing rings and gaskets are 
cheaper than for conventional 
welded flanges. Flanges are 
always formed square to the pipe 
end. Flanges can be formed as 
oear as 6 inctu-s to a right angle 
pipe bend, installation cost is 
reduced because bolt hole mis¬ 
alignment is eliminated. 

Slain alternative to hot-forming 
is to friction weld a flange on the 
pipe, a method investigated by 
the British Ship Research 
Association. 

It is understood that apart 
from difficulties with shop floor 
acceptance, the friction welding 
machines were more expensive 
than hot forming counterparts, 
although production lime was 
much shorter. 

While the hot forming 
machines are priced at £28.000 
16 inch) and £34.000 (S inch), it 
is believed that a friction weld¬ 
ing machine for 4*. inch bore 
pipe would cost in the region of 
£50.000. 

Details from Fogg and Young 
F.ngincerins. firsv<»eend, Kent 
PA 12 2PT (0474 695211. 

TONY FRANCE 


NOTICE 


8 

44 

$0.45 (1) 

8 

43 

$7.00 

8 

42 

$9.46 

8 

42 

$0.00 

0 

i 

$7.00 

0 

0 

$9.46 


TO HOLDERS OF KING RESOURCES CAPITAL CORP., N.V. 
5%% DEBENTURES GUARANTEED BY KING RESOURCES 
COMPANY AND DETACHED INTEREST COUPONS 

All holders of 5-3/4 c o Convertible Subordinated Debentures (Debentures) 
guaranteed by King Resources Company due 1988 and Interest Coupons detached 
from the Debentures (the Detached Coupons) must now under the Orders issued by 
the United Slates District Court in the District of Colorado (Reorganization Court) 
exchange their Debentures or Detached Coupons for stock and cash in the reor¬ 
ganized company. Phoenix Resources Company. The United Bank of Denver, 
Corporate Trust Deparlment-0075. Post Office Box 5028. Denver. Colorado 80217. 
has been named as the Exchange Agent, and your Debenture or Detached Coupons 
should be promptly presented to the Exchange Agent for conversion. 

The Debentures with all attached coupons, including the coupons for interest 
payable June 1 .1971, and December 1.197 1 . should be transmitted to the Exchange 
Agent at the above address. The Debentures are in bearer form, and upon presenta¬ 
tion. the holder of the Debenture or Detached Coupons must advise the Exchange 
Agent of the identity of the party to whom the shares in Phoenix Resources Company 
are to be issued. Such identity must include the name and mailing address and, as 
■appropriate. United States social security number and/or tax identification number. 

Exchanges will be made on the following bases (per.51000 Debenture): 

Class A Stock Class B Stock Cash 

Debenture w/bofh coupons attached 
Debenture w/only 6/1/71 coupon attached 
Debenture w/only 12/M71 coupon attached 
Debenture without coupons 
6/1/71 coupon only 
12/1/71 coupon only 

(1) Pursuant to Court Order, no checks will be issued in payment of fractional share 
amounts if the amount is Si.00 or less. 

No shares of stock will be issued for any detached coupon due after December 1. 
1971. 

The calculation of distribution will be made on the total face amount ot Debentures 
and Coupons held so that if an individual has more than one Debenture, his distribution 
will vary somewhat from the amounts fisted. 

The designations, preferences, and voting powers or restrictions and qualifications 
of each class of stock are as follows: 

In case of liquidation of the corporation for cash (excluding merger, exchange of 
assets for stock, or other tax-free reorganization). (1) the holders of Class A stock shall 
be entitled to receive cash to the amount of $20.00 per share before any payment in 
liquidation is made to the holders of Class B stock: (2) when the holders of the Class A 
stock shall have received cash to the amount of S20.00 per share, the holders of Class 
B stock shall be entitled to receive $20.00 per share: and (3) any remaining cash or 
proceeds of liquidation shall be distributed pari passu among the holders of Class A 
and Class B stock. 

At all times subsequent to October 7, 1979, all issued and outstanding Class A 
stock shall be subject to call at $20.00 per share. 

UNDER AN ORDER OF THE REORGANIZATION COURT EACH DEBENTURE 
OR DETACHED COUPON HOLDER WILL HAVE FIVE YEARS AFTER ENTRY OF 
THE FINAL DECREE CLOSING THE KING RESOURCES COMPANY REOR¬ 
GANIZATION TO DEPOSIT DEBENTURES OR DETACHED COUPONS AND 
SECURE THEIR STOCK AND CASH IN THE NEW COMPANY. THE FINAL DECREE 
HAS NOT YET BEEN ENTERED. AFTER THE FIVE-YEAR PERIOD, THE 
DEBENTURES AND DETACHED COUPONS WILL NOT BE ACCEPTED FOR 
EXCHANGE AND STOCK WILL NOT BE ISSUED THEREFOR AND, ACCORD¬ 
INGLY. THE DEBENTURES AND DETACHED COUPONS SHALL BE OF NO 
VALUE. UNDER THE PLAN OF REORGANIZATION. UNTIL OCTOBER 7. 1978. 
EACH CLASS A STOCK IS CONVERTIBLE INTO H* SHARES OF CLASS B. AND 
UNTIL OCTOBER 7. 1979, EACH CLASS A SHARE IS CONVERTIBLE INTO iy» 
SHARES OF CLASS B. 

While the Reorganization Court has confirmed the Plan of Reorganization, several 
appeals have been filed with the Tenth United States Circuit Court of Appeals in 
Denver appealing from the Order of Confirmation. You should be advised that these 
appeals could modify the number and amount of shares you are entitled to or modify 
the conversion privilege. 

For further information, your inquiries should be directed to the United Bank of 
Denver, Corporate Trust Department-0075, Post Office Box 5028, Denver, Colorado 
80217, or Charles A, Baer. Trustee. 1000 American National Bank Building, 17th and 
Stout Streets, Denver, Colorado 80202. 

Charles A. Baer, Trustee in the 

Matter of King Resources Company, Debtor, in 

Proceedings for Reorganization of a Corporation . 

No. 71-B-2921, United States District Court for the - 
District of Colorado 


CONTRACTS AND TENDERS 


AKIM SWEDRU 
ACHi'ASl 

KW.ANYAKU 

FcralJ localities 


INVITATION TO TENDER 

IMMEDIATE MEASURES FOR 
3 Districts Water Supply Schemes 

—Part 1—Supply and Erection af Mechanical and 
Electrical Equipment 

The Ghana Water and Sewerage Corporation (GWSC) Accra. 
Republic - df Ghana, on behalf of the Government of Ghana 
and with the financial assistance of the-Federal - Republic of 
Germany, intends to proceed with the improvement of the • 
water supply situation in AKIM ODA, AKIM SWEDRU, 

ACHIASI. KPEDZE, VANE and KWANYAKU. 

The work includes :. . : 

KPEDZE . : Steel reservoir SO m3 (11000 g) 

AKIM ODA .: Steel reservoir 200 m3, 4 submersible 
pumps 13-27 m3/h, 2 pressure filters 40 
in'3/h. oxidators and air blowers 
Steel reservoir 100 m3. 2 booster pumps 
16 m3/li pressure filter 12 m3/h. oxidaror 
and air blower for 2 existing boreholes 
2 booster pumps 90 0)3/11. SO m 

Pipework and accessories for the plants, 
switchboards and chlorine dosing plants. 
Fittings and accessories. for the rising 
. . . mains and the distribution pipes. 

By’the present tender, the GWSC is--inviting qualified firms 
to submit quotations for the supply and erection of above 
materials. (The steel reservoirs and the fittings for the dis¬ 
tribution pipes Bare, to'be supplied only.).. 

The Anus which are Interred may obtain further information 
and tender documents on payment of : 

DM 200 each or the equivalent amount in "Foreign 
Currency, at : 

TGTP . 

Ingenieur-Gesellschaft fiir 
- Internationale Planungsaufgabeu mbH 
Martin-Buber-Str 50 - 
D-6100 DARMSTADT. 

(Federal Republic of Germany). 

Documents are available from date : 13.02.197S . 

Tender to be submitted, not later than date : 05.05.1975 
Completed tender documents should be submitted to the i 
Managing Director of GWSC 
P.O. Box 194 
ACCRA—GHANA 

They will be deposited in the Tender Box in Rooms 403 and 
404 on the 4th floor at the Headquarter of the GWSC in Accra. 
Tbe tenders will be publicly opened on the same day at 14-Wl 
hours. 


A CALL FOR TENDER FOR 
GRAJN DRIERS . : 

Vojvodjacska Banka,. Novi Sad; Yugoslavia, has received a 
loan from the World Bank, in various currencies, eqirivalenj 
to U.S.$75,000,080 towards' the. cost of the Second Agricultural 
Credit Project and intends to apply the' proceeds of this l° an 
to eligible payment under, the contract for which this invitation 
to bid is issued. The contract to be concluded after internaUo n ®j 
competitive bidding is for-the supply of equipment for the 
construction of five grain, driers with capacities between 22 and 
30 tons per hour tn the. Socialist autonomous Province of 
VojvQdina.. “ Agrovojvodina ** Export Import. :Novi Sad. 
Yugoslavia, representing.the five basic organ isati ©is!purchasing 
the driers. Invites interested suppliers to - participate ia tbe 
procurement.- '•• • : 

The tender documents will be available after the payment ot 
—for. the bidders from abroad U.S.S50: -■ >' - 
—for thq. bidders from Yugoslavia Df pare 900: 
to Agrovojvodlna Export-Import, Bulevar 23 Oktobra 
21000 Novi Sad—Yugoslavia.'.. . . ' - 

The.payment fdr the release of-the contract documents 10 
be effected as. follows: _••••. • - - . 

—rForeign currency payment in favour of tbe-.accbunt 
AjjrDvojvodina. Export-Import Novi Sad- nb, of the account 
with ;Vojyodjanska Banka—Novi Sad, - branch account 
65700-620-219-2573111. ' •/.; • r ; - 

—Payment in Dinars tn favour of the-accmfnt of Agrovof^ 
dina Export-Import Novi Sad. number of the account 65<«“- 
601-9966 with SDK in Novi Sad, with-.the nbte: for toe;. 
Release of contract documents. 

The producens/suppliers from the member countries Of.lBBtt 
and Switzerland ft aTC the right of partiapaffdn^'ta'th* i0 * er ' 
national tendering. . 

The deadline for the. bids acceptance..,according.-.to $!! 
advertisement is April..4. IfftS untii io 'ajn^ aiid Ihe 
bids opening will/be .the same day at 12 lOO' j hc&o local, u 
In the premises of Agrovoivodtna. Esport .l mpGrt T , :-JSaiP' ar 
Oktobra fil, 21000- Novi Sad/ Yugoslavia-.- ' 

















©refers for steelwork 


liXCRENDON:; 


£150m. power complex 


SEVEN 


rhe area. Cleveland process link-up structures. 


—. • ...... CLEVELAND Bridge and The work will be carried out Two of the contracts are for 

. tm/I Artrii-wTA .1- .— —_ —J _1 •—'B. Pl( * Engineering hai v.- U n an order at both the Darlington work? and the petro-chemical indu&trv. One 

^viassive hospital job £i50m. power complex sssstj-rrs g “E-Hrl izuszszisr. 
Lm m Hall Syngas ,.rr-r*«- sUS s±,= •' “■ ZXZX&Z 

fciWC^' il dj SI design ranfract on the vast i n ii..w‘ a ,i ‘ ^ ri^uir. •' ,jJW Sw to 1 he Dubai The- desalination plant complex Wilron. Tee.*, side. and another for 

" XA.HAA Turkish Itisu dam and Lvdru- inclu ^ P|S Ke.inedj anil Donkin Almnimuin Coinnnn.v for the new has been engineered so that the Mnhij Oil Refinery in Cory- 

wouth mcc eleririe power complex and a and Willsanivni and aluminium shelter complex at capacity can he extended 25 ton. Essex, for which Fanner is 

* tbT £1 i 95m - the contract- This section also includes a British-led consortium nf consult- Partners in lit.: L.K., Cuba of Jeliel Ail. Dubai in the United further requirements arise as a supplying 1,200 tODnes of steel to 

w iu - *** programme erf new residential in* engineers has won the prize. Lishnn and Gi/.i..ili Consulting Arab Emir.qes. result nf the intensive industrial be used in the construction of 3 

h u £ spjtaI project at Raig- accomiriodation. which is already The 130 metre- liiuh dam is on Engineers ..f Ankara. Kahn cation of 44 steel modules development which is taking vacuum unit, alkylation unit, and 

nore nas been won by Alexander being carried out. ibe Tigris near Dielc and wilh ll \< under-loo.! , r ;,npiie.i- for 1 he first %i:icc of the desaiina- place in rhe area. Cleveland process link-up structures. 

la " aad SoQ s (Builders). Alexander Hafl was involved the 1200MW power station ii is in li.m may !.e m.ide* :*»‘the World |l fm r'-anr project is required. Bridge ii currently engaged in The third contract is in coc- 

Tho company, which is a ™ fire construction of Phase I drive will cost at least i'lSum. Bank for finance and that the Each mod:ile is a rectangular box developing its Middle East auto- nection with a new detergent 

neraber of the Aberdeen Con- of this project which was com- when ihe contracts arc awarded project will lake (rum four to 15jnctivs wide l.y 5 metres Ions mated fabrication and steel plant in the Middle East. The 

rruccion Group, has taken the Pleted in time for an opening in about two years'time. fiv<- j e.*rs tu cumo !«?!-.■. and o metres hieh and consists of preparation plant in Jebel Ali. origin of this order has not been 

ontract from the Highland in 1970- . carbon .-.-cel stiffened hj sirue* More big orders for sleel, disclosed but is understood to be 

lealth Board. The contract is The new departure is import- turaI l - e>: " n l!, e exterior only, tolallmg about 3.000 tonnes and a paekace deal involving ihe 

be largest single award so ant in that- it is helping the Each h " v wci Sh about 100 valued at £ 2 m„ have gone to the design, supply, shipment and con- 

ar received by Aberdeen Aberdeen Construction Group t.‘> PrmtmrciArt intonnes and contain around ten S. W. Farmer Group. Three struction of a plant building 

.Obstruction. maintain what is described as a vOOVC *810.11 OI Hid fliitllSvS 10nlus jT “ ,R,c -' s «tec! Stungs. separate coniracts are involved, involving 650 tonnes of steel. 

Main element of Phase II in “good level of employment” m 

his major project Ls the pro- the Group's labour force, arenrd- WATES Special Works has been Victorian three-* 10 rev houses T& i? t "g J 

F4r - Ab ' ;r - .™ Rea arduig £11 in. to Shepherd 

hem. The plans require the Archileds for the project are * "...T"”' 1 " 5* r ° lu ^ ns Kr re lerraccd huii.-.» at OlivetLe ~ ~ J 

construction of an operating Dorward, Malheson Gleave and nabiutation Dt housing. Street, near Puinc* Bririav fur ^"nT sTtppl dT| CONTRACTS worth over film, of£5*rs at Harrogate, rcdevelop- 

pheatre suatc. intensive therapy Partners and the quantity sur- At Homscy Rise, in the thi- Boroueh nr ‘wanriiAorth. have heen £,.,,,.^<,,3 to shepherd tnent of premises in Piccadilly. 

- mt. reception area, chapel, vcyors A. L. Currie and Brown. Enrouch of Isllncton. homes for This £155.000 <vmiract entails £ j 2? Construction. Manchester, 90 dwellings for the 

ecords department, kitchen and The consulting engineers are 111 ’ people will be provided in demolition of rear extensions. |Yjf t. Ko .1 " " ,, Tecsside Housing Society at 

lnin S rooms, boiler house, Hulle.v and Kirkwood oF 52 modernised dwellings follow- building of new walls and the v - u - in - tnree most taiuaoie con- Eaglescliffe. Cleveland, and 79 

T)rks departments and offices. Glasgow. mg the conversion uf 21i late overhaul »f roofs. CLAIMED TO 00 the first intu- * ra f t ^t5 a 'rb. w orth between £l:ra. dwellings for the Harrogate 




e sprei 
flame 


exhibition stands, stage scenery. 

<ni -g -g j r-ig w ■■ shnp displays and general pur- 

til in. to Shepherd p ^^^^ eS e a rch bv». 

Wall has produced a material 

CONTRACTS worth over film, offife.rs at Harrogate, redevelop- meeting the requirements nf such 
have been awarded to Shepherd Cl * premises in Piccadilly, hodie; as ihe GLC NEC Bit" 


the conversion of 22 late overhaul uf roofs. 



CLAIMED TO 00 the first intu- -each worth between £l;rn. 
mesceni nami u. h.-. formulated ? nd , 2. c,ude oftce block 
for jpMkjlion to nreviouslv [? r M1,t *l n Ke ?'" es Development 
painted'-.on: hurt, ole vjrface.?. a V»Toration. military accommoda- 


Con si ruction. Manchester, 90 dwellings for the mingham and the Royal Shake- 

.1 " _ , ,, Teesside Housing Society at sp^are Company. 

The three most valuable eon- Eaglescliffe. Cleveland, and 79 Th « board aMn nm?ts the 


Additional 


comnlv with BS-76 oa-l c 5 *5 3nd 


most difficult to 


C lt,ce—Firemer-nrl! board hrs 

, . ... 3 dvama?o« over conventional 

?T Z lC:l « lh i* lype. ’frur » J J» materials" such r*s hardboard. 

riimc^SS n£ -oOtlSlITg Mid FeUGVailOH I^VTSf. 

the liamv can_ ho ai!n-.;ed to siderablv cheaper, far lichier 

sprean. nnl; loo mm ; after ien UNDER three contracts to be vide external works and drain- and mev he more cosily worked, 

rainu’e-s. -A r.?n ;la!!jf-i attack the ean'ied out by Sir Alfred age. Completion is due in '24 fabricated ond bent to shine, 

new o;-],ir. rr i.\^';i.s p» form a Me Alpine and Son (Southern!, months. using only the simplest of toois. 

layer .if run"., i^n.jn. Th>s insu- the company is bringin: in work For Thomas Hill <Rotherham i Fiirtbor from TriAVall on 
late.* tot- .-/arf-^e rnd prevent.- worth not for from f4ni. the company is to carry out a 01-J93 4311. 

it hccom.irfg hut enough to ignite By far the biggest is an award £416.000 renovation job to pro- 
and cent:mt*: ihe .spread of in ihe region of £3.2in. for Tel- vide greatly improved premises 

nsr.ife. ford Development Corporation to at Rotherham. O Lesser Construction (South) 

Fyrexo is a water-base cl paint cover the construction of 201 ?. r CB has Dlaced the third job. has won a contract worth 

anri is n*u ;!a:n:nable in the can. houses, 46 bungalows. 65 fiats and worth £210.000. which is for £IS9.000, to design and build a 

Reciitr.ni.‘n<l-:ii aim thic?:neS5 is eighr maisonettes. extensive alterations for a run extension to sn existing finished 

3 sq. mdreVlitie. Di-iaiis from Traditional limber framed of mine stockpile scheme at products store at Beechings Way, 
the maker a: 37 Queen Square, construction is to be used and We I beck Colliery'. Worksop, Gillingham. Kent, for welding 
London WO 1 .?: 3BL (01-242 6577 1 . the companv is required to pro- Notts. equipment manufacturers. ESAfi. 


Artist's impression of the new Preston hospital, phase two of whicb is now being completed by Henry Boot. Compb-iSon »f 
the £7m. contract Is expected early in 1980. Architects are Charles B. Pearson Son and Partners of Manchester, structural 
engineers arc Ove Amp and quantity surveyors Rider Hunt and Partners. 


hospital £lm. pipe orders 

T\ X • ORDERS worth nearly flui. to Birmingham Rea Main Sewerage 

-FI -B JlinSIl supply prestressed concrete Schenie. ... ... 

£JL JLffUHim cx tra strength pipes and pro- A third order is to supply the 

'"'ORK BEGINS this month on stressed concrete pressure pipes Anglian Water Authority— 
iie of the first hospitals for the for use in major sewerage and ■?%™ ,am P ton . , Ion “^ 1 . 

■ entally sick in the Arab world, drainage schemes have been won metres of 1.-00 nim aia- 

-«vj be built at Junieirah Dubai, by Rocla Pipes. meter presuesicd concrete pres- 

_nited Arab Emirates, it has One order is to supply the 3 »re pipes for use in the Store 
;en planned like a village, but Wessex Water Authority with Gold Wood to Brough ton -CLtioD 
ith the necessary security. The 2.700 mm diameter prestressed of-the Empmgham to Hannington 
.Hidings will be single storey concrete extra strength pipes for pipeline. 

id fully air conditioned. use in the City of Bristol Avon- The company has also success- 

There’will be a children's ward mouth 2 sewerage scheme and fully tendered to supply 700 
ir ten; one ward for 35 female was placed by main contractor metres of 2.400 nun and 1.000 
(tients: two wards each for 2S .Tilbury Construction of Bath. mm prestressed concrete pres¬ 
ale patients: and a protected Another is from the Severn sure pipes to the Southern water 
ard of individual rooms for ten. TTent Water Authority for 2.700 Authority — Hampshire Main 
here will be a social centre mm diameter prestressed con- Drainage Division—for use m 
onprising a multi-purpose hall crete extra strength pipes for the Meon Valley sewerage 
r ISO, a library, meeting rooms use in Stage III of the City of scheme, 
id an indoor games room. The 

eatmeot rooms include facili- , A A » 

’ss^rsLa Steelwork in construction 

'•’i- includes provision of fixed T Vrp DETAILED programme for divided into five working ses- 

,d in!S!S qiirpessfu? 11 tenderer U* e second international sympo- sions. covering respectively (he 
luipment. Successful tend r g . um organised hr the European ECCS Recommendations fur 
r the main cuostruebon is the J onve ^ on for y CanslrilCti0 nal Steel Construcunn (a recently 
istern Contracting Co., Dubm, Sleelwork (ECCS) , s available issued publication which is being 
d C0Dtract p od s “ front the ECCS Symposium Office, considered as the basis of the 

\ n * „-i j.donarc tnr NLA Tower~-6tb floor, 12 Addis- new Eurocode for steelwork 1 ; 

; hoS are Iota R HaiSs combe Road, Croydon CR9 3JH Structural Systems: Composite 
1 S r BorNo ®8& (Telephone 01-6S8 26SSi. ConstrucUon: Steel and the 

Li lTAE British IS The symposium takes place at .Architect (dealing with visual 

n b trLVto« A inierested in supply^ the Royal Lancaster Hotel, Lon- aspects and building services!: 
ntractors interests in PP s don on . Aprii 19 and 20. 1978. and the Economics of Steel Con- 

fnc os wen^ roldicaf eqi?ip- under the theme “New Develop- stniction (related to bridge^ 

ni Conferenc« e ^ SS» are 2SH S5S“ ? 

(Forth Sea steel fatigue Over £l.lm. 

ERATING conditions for steel iuents of dynamic characteristics to A. Monk 

Ks^o^^eg^e^? ^ ^The first topic is under smdy TWO CIVIL engineering con 
e SScSSnteJETSd a good -Offshore Steels Research Pro- tracts and a des , gn and build 

d of work is in prngresl to jecL The second is to he bandied project together worth over 

ermine how they will con- by Atkins Research and Develop- gJj.hjwbeen awarded to A. 

ue to behave and what their ment of Epsom. Monk and go. £5$4 33“ 

■ is likely to be like. Basis of Ike wbri. ^Tationa, fc oa "i 

.’xperience with steel jackets ^ MontroSeBoards Yorkshire Area and is 

the area has shown the ™-■ 9“/?*? ' ra SS™°under for road improvements at the 

tance of using design methods for ™ Jj* nlEnerw Stillingfieet shaft site. Consult¬ 

ed on a fatigue analysis a separate Department of Energy en 6 gineers are w. S. Atkins 
ich takes into account the integrity niomtorio D research - p “y IJiers 

lamics of the compieto slruc- iBU> „ For the North West Water 

Accuracy in this respect is, aSs _fati 3 oe ana,ysis^_coro, Aothortty Peon- D.vtston. 


the company is to carry out a 01493 4311. 

£416.000 renovation job to pro¬ 
vide greaily improved premises 

at Rotherham. O Lesser Construction (South) 

?JCB has olaced the third joh. has won a contract worth 


Collie ry. 


Worksop, Gillingham. Kent, for welding 
equipment manufacturers. ESAfi. 













si" 




mmmk 




is and the scarcity of measure- esublish useful comparisons 


Bridge, near ‘Preston, the coni-' 
pany is to build a single storey i 
factory at a cost of £200,450 for 
iBosal (U.K.). 

Concrete 


CONTRACTS AND TENDERS 


DEMOCRATIC AND POPULAR 
REPUBLIC OF ALGERIA 


CZUJtLSjm 


SCTISTRACH 


MINISTRY FOR INDUSTRY 
AND ENERGY 

ENTERPRISE NATION ALE 

•‘SONATRACH” 

Marketing Division 
Domestic Market Department 


NOTICE OF EXTENSION OF TIME 

3NATRACH wishes to inform the tenderers 
mcerned by the International Tender No. 04/77 
mcerning the project for a barrelling unit for 
nmonia that the date limit for sending: tenders, 
.rmerly fixed to March 1,1978, has been postponed 
March 31,1978. 

?r further information, please contact SONATRACH 
their new address: 

SONATRACH 

Division Commercialisation—D.R.I. 

Route des Dunes—CHERAGA (Algiers) Algeria 
Telex: 52.S08 DZ — 52.892 DZ — 52.893 DZ 


DELEGATE registrations for 
the eighth International Congress 
of the Federation Internationale 
de la Pr^contrainte (F1P). which 
is to be held in London April SO 
—May 5. have now’ reached 1500. 

FTP is an international organi¬ 
sation concerned with the 
development of concrete, pre- 
fitressed concrete and related 
materials and techniques. The 
Congress, which is held every 
four years, will take place at the 
Wembley Conference Centre, and 
will include an exhibition of 
plant equipment and materials. 

A brochure, applications farms 
and exhibition tickets are avail¬ 
able from The Concrete Society 
fDept GEY), Terminal House, 
52 Grosvenor Gardens, London 
SW1W OAJ. 

1N BRIEF 

• A new cushioned vinyl floor 
covering has been put on the 
market by Nairn Floors of Kirk¬ 
caldy, Scotland. Naim says 
annual sales of cushioned vinyls 
In the U.K. are over 13m. square 
metres of which it has a near 
50 per cent market share. Its 
new product is called Nairn 
Contrast. 

(9WORK has begun on a 2,200 
square metre warehouse and 
offices for Sankey Building Sup¬ 
plies on the Loogmead Indus¬ 
trial Estate. Epsom. Surrey. De¬ 
veloper is Watermead Properties, 
main contractor is Geoffrey Os¬ 
borne and ihe architects are 
Jestico aod Whiles. 
















































8 


Financial Times Monday JeWary 


LOMBARD 


A letter to a 
real Liberals 


BY SAMUEL BRITTAN 


THIS LETTER is addressed to 
ail the Liberals, although anyone 
else is welcome to eavesdrop. 
There is a special reason for my 
writing this after the votes of 
Liberal MPs sustained the 
Government in the Black List 
debate. For although f have 
never been a member of a poli¬ 
tical party. I have always 
described myself as a “liberal" 
with a small “ I." 

But my mood on Tuesday night 
when 1 beard the result of the 
vote was a wish that I had joined 
the Liberal party if only to tear 
up my parry card as publicly as 
possible. Indeed I might have 
regretted that I had only one 
card to tear up for my country. 
Yet this could have been intem¬ 
perate. For I suspect.that the 
Liberal MPs who will sell their 
birthright for a mess of con¬ 
taminated pottage, labelled in¬ 
comes policy, do not speak for 
all the Liberals in the country. 

It did not worry me that the 
Liherais were sometimes des¬ 
cribed as social democrats. Thai 
l3>>el can mean many thins* such 
as a commitment to freedom as 
well as the welfare state. 


One or both 


I was not outraged by the Lib- 
Lab pact. If the Liberal parti 
is to have an impact u must do 
deals witb one or both tbe main 
parties, although preferably a 
different one From time tn time. 
But it did occur to me that the 
Liberals were not getting very 
much in return for their support 
and were talking far too much 
as government apologists rather 
than as allies ol a different per- 
suasion. But much mure depress¬ 
ing was the way in which the 
Parliamentary Liberals made 
pay and price control the centre- 
piece of their support. For if 
ever there is an illiberal notion 
in economic policy it is the inter¬ 
ference with people's rights to 
contract witb others to aeff their 
labour or services. 

It is quite unreasonable to 
expect the leader of a political 
party to be an economist, still 
less "to endorse one's own par¬ 
ticular technical theories. But 
as a political leader and a man 
of the world Mr. Steel must know 
that this is a highly controversial 
area of economics: and he should 
hare hesitated many times before 
staking his party’s reputation on 
the most illiberal of the avail¬ 
able themes being true. 

But with the Government 
Black List, the argument has 
moved to a pha«e well heyond 
economic differences. This was 
clearly illustrated by Mr. Roy 
Hatterslcy's TV performance on 
Tuesday nisht—-after which 1 had 
to put on quickly Shostakovich's 
Sth Symphony to expunge the 
impression from my mind. It was 
not that the Prices Secretary 
rci(>c«ed his critics' argument 


that was so worrying, but that 
he did not have the faintest clue 
what rhe argument was. He 
really thought that the proposed 
new contracts in which Govern¬ 
ment suppliers are to be forced 
to accept official pay guidelines, 
or suffer a financial penalty at 
Whitehall’s discretion, realty 
were similar to ordinary com¬ 
mercial contracts with a restric¬ 
tive clause. _ 

The whole point js that the 
Government, because it is the 
Government, exercises a great 
deal of monopolistic and coercive 
power. When the more old- 
fashioned tvpe of liberal warned 
where this would lead, the 
answer at wav? was that England 
was not central Europe and that 
powers taken for one purpose 
would not be misused for 
another. This was a standard 
ronlv Of new Liberals SllCh 
Keynes to old Liberals such as 
Hovek. 

But now penp'e fik? Mr. Hat- 
terslev are iijnioii'J uo and down 
gleefully “ 1 mi the Govern¬ 
ment: I won *ho vote and 1 can 
do what 1 like" Not only are 
ihe n«v miid»'lincs not the law 
of the land, hm the'- arp being 
interpret-'d in a thoroughly arbi¬ 
trary and improper fashion. 

? r»m IrrpcfdlMv reminded pt 
William Safi re’s account of the 
beginnings of the “dirty tricks” 
of the Nixon administration 
Some of those involved were 
sincerely convinced that Presi¬ 
dent Nixon’s pursuit of a new 
tore tan policy was so important 
for world peace that mere rules 
and formaline 5 should not he 
allowed to prevent action being 
taken against those who were 
blocking or embarrassing his 
progress. The more fanatical 
incomes policy men in Whitehall 
are in a dangerously similar 


mood. 


Misinformed 


In aff this, the public is being 
thoroughly misinformed about 
what the economic arguments 
really are. If it were true that 
pay and price controls imposed 
V>v hook or by crook were all 
that stood between price 
stability on the one band and a 
Weimar inflation on the other, 
even a strict constitutionalist 
would have to think twice. But 
the actual argument is whether 
pay controls can help slightly 
to reduce the transitional un¬ 
employment involved in a 
counter-inflationary fiscal and 
monetary policy, or whether 
they actually increase unemploy¬ 
ment by interfering with 
relativities. It is this marginal 
argument, with a point or two 
at most, that has persuaded 
Ministers that a person is guilty 
when they or their advisers say 
that he is. How long move will 
Liberals allow their leaders to 
get away with this sort of thing? 



THE WEEK IN THE COURTS 


The quagmire of 


legal ai 


BY JUSTINIAN 


IT HAS long been a proud boast 
of English lawyers that the 
Courts, like the Ritz Hotel (so 
the outmoded saying goes), are 
open to every citizen to estab¬ 
lish and defend their legal 
rights. But until 1950 that 
boast was hollow. Only the 
citizen with a lengthy pocket 
could afford the trip to law: for 
most of the population the pro¬ 
spect of legal costs was so 
daunting that they could not 
contemplate even starting on 
the litigious process. 

The Legal Aid and Advice 
Act 1949 made a realistic 
approach to an old problem. It 
established a scheme whereby 
the State financed legal aid and 
advice to those unable to afford 
it. It was neither a first step 
down rhe slippery slope tn a 
national legal service: nor was 
it a cunning piece of window- 
dressing by the legal profession 
to distract the public gaze from 
the deficiencies in the legal ser¬ 
vices supplied. It has un¬ 
doubtedly brought much relief 
to thousands of citizens in 
obtaining their rights: and it 
has thrown some creditable 
light on the legal profession. 
But the latest report (the 27ih 
annual report # of the Lord 
Chancellor's Advisory Com¬ 
mittee on Legal Aid discloses 
some very disturbing features 
about the great edifice that has 
grown, higgledy-piggledy, over 
its life. 


Stark fact 


One stark fact above aLl stands 
out. A study undertaken for the 
Lord Chancellor by a young 
solicitor. Mr. Cyril Glasser. 
shows that whereas in 1950 two- 
thirds of the population were 
eligible for legal aid under the 
financial limits set by the Act. 
by 1974, as a result of inflation, 
that figure had dropped to one- 
fifth of the population. In 1973 
the legal aid financial limits 
were linked to the supplemen¬ 
tary benefits, and uprated 
accordingly, in this way the de¬ 
cline in the proportion of the 
population eligihlc for legal aid 
has at least been halted. The 
Advisory Committee concludes: 
“Large numbers of people (of 
small and moderate means I arc 
either ineligible for advice and 
assistance, or if eligible, unable 
to afford the contributions asked 
of Ihein. These people cannot 
afford to establish or defend 
their rights and. therefore, the 


legal aid scheme fails to achieve 
what Parliament intended.” ‘ 

That severe indictment is only 
part of a larger criticism of the 
scheme as it is administered and 
controlled. The Advisory Com¬ 
mittee states that there is a 
hopeless confusion of respon¬ 
sibility for legal aid among dif¬ 
ferent Departments of State, 
which leads to no effective con¬ 
trol being exercised over the 
scheme. There is no single 
minister responsible. The Lord 
Chancellor has overall 
responsibility for the civil legal 
aid and advice. But it is the 
Home Secretary whn is respon¬ 
sible for criminal legal aid. The 
Lord Chancellor has been fund¬ 
ing the Law Centres directly: 
hitherto the Home Secretary ha> 
indirectly, through The urban 
aid programme, also been fund¬ 
ing them. 

Thar responsibility has now 
passed to the Department r,f the 
Environment, through the Inner 
Cities Directorate. Government 
grants to ‘ Citizens' Advice 
Bureaux (which are now wholly 
concerned with giving legal ad¬ 
vice I and the Consumer Advice 
Centres arc made by the Secre¬ 
tary of Si3te for Prices. 

By contrast, for public expen¬ 
diture purposes rhe legal ?id 
scheme is lumped together in 
a single vote on the Treasury. 
For all other purposes legal a ; d 
is treated in four separate cate¬ 
gories: legal aid and advice: 
legal aid for civil litigation: 
legal aid for criminal cases in 
magistrates' courts: and legal 
aid for criminal trials in the 
Crown Court. The Lord Chan¬ 
cellor is responsible for the 
first two: the latter two fall 
under the Home Secretary 1 
aegis. But this distribution ol 
responsibility is not reflected in 
ministerial responsibility lo Par¬ 
liament. The first three are paid 
for under the Lord Chancellor’s 
vote; only the fourth is on the 
Home Office vote. Thus the Lord 
Chancellor is responsible to Par¬ 
liament for expenditure of crim¬ 
inal legal aid in magistrates' 
courts over which he has no ad¬ 
ministrative control. And rhi* 
expenditure involves a third of 
the Lord Chancellor's expendi¬ 
ture over this area of legal aid 

The Advisory Committee com¬ 
ments: “The oddity of thi* 
arrangement is heightened by 
the fact that the Home Secretary 
is the Minister responsible- for 
magistrates' courts iwhere the 
Lord Chancellor is responsible 


for expenditure for criminal 
legal aid), while the Lord Chan¬ 
cellor is responsible for the ad¬ 
ministration of the higher crim¬ 
inal courts (where the Home 
Secretary is responsible for 
criminal legal aid).” 

There is also a wide disparity 
in the treatment accorded to 
civil legal aid and criminal leg3l 
aid. The Law Society which 
administers the civil legal aid 
under the -supervision of the 
Lord Chancellor has. over the 
years, collected a great deal of 
information about ifie workings 
of the scheme. It is possible 
to frame policy upon known 
data in this area, and much 
credit is due to ihe Law Society 
for its work. No comparable 
information has been collared 
on criminal legal aid. Yet it is 
in that area where most oi the 
criticism of public expenditure 
has been voiced. 


Criticised 


All this has led the Advisory 
Committee to recommend 
strongly to the Royal Commis¬ 
sion on Legal Services that the 
Lord Chancellor should become 
the sole Minister responsible for 
legal aid. While this seems a 
logical solution, the proposal 
could be criticised as an 
entr.-nebment of the Lord 
Chancellor’s office thar militates 
against a reorganisation of 
government legal services in 
one Ministry of Justice. 

Quite apart from the con¬ 
fusion over responsibility for 
administering the legal aid 
scheme, the Advisory Commit¬ 
tee points despairingly to the 
extreme coroo'exities that the 
legal aid scheme has now 
assumed. The income limits, 
the provisions for allowing 
capital sums, and the nunner 
of assessing the amount of any 
contributrorj to be made by an 
assisted person are so complex 
that it is difficult to gauge what 
eligibility there is 3t different 
levels of income. The legai aid 
scheme, which has had grafted 
on to it a mass of legislation 
over the years cannot now <if 
it ever wasi be understood by 
the ordinary citizen who might 
wish to apply for legal aid. 

No citizen can hope to master 
for himself the principles of 
legal aid. and how they apnlv 
to him. Thus a scheme, which 
should be essentially simple, has 
bscome the preserve of lecol 
bureaucrats. , . 


BBC 1 


t Indicates programme in 
black and white 


7.05-7JO a.m. Open University. 
9..13 For Schools. Colleges. 10.45 
You and Mo. 112! For Schools. 
Colleges. 12.45 p.m. News. 1.00 
rcbble Mill 1.45 Bod. 2.01 For 
Schools. Colleges. 3.15 Songs of 
Praise. 3.53 Regional New* for 
England (except London!. 3.53 
Play School. 4.20 Deputy Daws. 
4.25 Jack anon’. 4.40 Hunter's 
Gold. 5.05 John Craven's News- 
round. 5.10 Blue Peter. 

5.40 News. 

5.55 Nationwide' iLondon and 
South-East onlyi. 

6-0 Nationwide. 

6.50 Ask the Family. 


7.15 Blake's Seven. 

8.10 Panorama. 

0.00 News. 

9—5 The Monday Film: “The 
Hospital," starring George 
C. Scon. 

11.05 To-night. 

11.45 Weather/Regional News. 

All Regions as BBC-1 except at 
the following times:— 

Wales—1/45-2.00 pun. Pili Pala. 
5.55-6.20 Wales To-day. 6.50-7.15 
Ileddiw. 11.45 News and Weather 
for VVaJes. 

Scotland—10.00-10.20 a.m. For 
Schools. 5-55-6.20 p.m. Reporting 
Scotland. 11.05-11.40 Public 
Account. 11.40 News and Weather 
for Scotland. 

Northern Ireland—3.53-3.55 p-m. 
Northern Ireland News. 5.53-620 


Scene Around Six. 11-45 News, and 
Weather for Northern Ireland. 

England—5.55-620 p.m. Look 
East (Norwich): Look North 
(Leeds, Manchester. Newcastle): 
Midlands To-day (Birmingham): 
Points West i Bristol): South 
To-day (Southampton); Spotlight 
South-West (Plymouth). 

- 7 


All IBA Regious as London 
except at the following time*.:— 

ANGLIA 


BBC 2 


F.T. CROSSWORD PUZZLE No. 3.592 



ACROSS 

1 Brawl like Tennyson’s brook 
( 6 ) 

4 New Shop Acts mean no 
deferred payments <4. 4) 

10 Tower that lacks pursuit at 
Amiree (7) 

11 Electrifies tbe endless little 
streams (7) 

12 Antelope with a ring in the 
nose (4) 

13 Did not close the door to 
further discussion i4. 2. 4) 

15 Each get in by a head 161 

16 Crime of receiver t7) 

20 Penchant suggested by an 
Italian tower f7) 

21 Felt hat for iron lady (61 

24 Am I not able to raise tbe 
bridge? (10) 

26 Its inmate needed family 


DOWN 

1 Busby ? Bah! It could be a 
lemur (44) 

2 The game's up. Here is the 
bill my friend (9) 

3 Observe an agent from the 
Orient (4) 

5 Procrastinate over advertise¬ 
ment about dictator (3. 2. 3'i 

6 Rotate the crib and lock the 
door—or open it ? (4. 3. 3) 

7 A hundred miss the draft— 
then there is no hope (3. 2» 

8 Call lo chant while watering 
( 6 > 

9 Whoop it up as tbe bar rises 
to the occasion to) 

14 Flimsy equipment gels abroad 
—put your mind to it i5. 2. 3) 
17 They indicate lack of under¬ 
standing.' but' the blockhead 


28 M southern » aSSgtf* ft.W, 

exercises (7i 19 J lo 51111 pMple t0 

29 Dead men may tell no tales g Rude < find lt chI1Iy 

but here s bow they may lie aboard 

„ j . 23 Lightning strikes the wine in 

30 Hardy types—some without France (51 

French surroundings (S) 25 Make home with a girl i3) 

3! Experts take :: for health (6) 27 Emperor was a star turn i4i 
The solution «f lair Saturday's prize puzzle h ill he published 
with names of winners next Saturday. 


7.30 a.m. Open University. 

11.00 Play School (as BBC-1 

3.55 p.m.). 

3.00 p.m. Word power. 

3.30 Children Growing-Up. 

4.00 Parents and School. 

455 Open University. 

7.00 News on 2 Headlines with 
sub-titjes. 

7.03 Children's Wardrobe. 

7.30 Neusday. 

8.10 James Galway's World of 
Music. 

9.00 Americans. 

9-5(1 Marie Curie, part 5. 

10.45 Just a Nimmo. 

11.15 Open Door. 

11.40 Late News on 2. 

11.50 Tele-Journal. 


1.25 P.m. .VruUj Ntb V. 2.W Haiiv 
parly. 2-25 .-Jitniiy. 12* An:v' s.is 
Uniwmiv Ctudirnju. bOO Alteii: AOiL*. 
ULX Witb Viw Wwv Heft- U.W Me-fry 
Movie: Col umbo 12.2 5 a.m. FU-S .<-11011 

A TV 

12. "V p.m. Gcon*- H.jnnliar. It 1.2S 
ATV .VitMfcsI:. 235 J’ovws To K-.-ni-.-ni- 
b<?r. "Clwppvr By Th- rn*e»' siirniu 
Clifton Wtrftty S.15 L'o.» iTn’V tllm'lciu-.- 
b.00 vTV Today 10.30 .--it 
C entre. 11.00 Bh?w Thii Huu-.- 11J0 
A Prim- Munster on Prime Ministers. 
12.00 SotntlMnit Dirt-rim 

BORDER 


MTV Cymru. Wales—As HTV •>!»■ 
S.-rriiv r'.-erpi- J-23-LJ5 o m. F i-l.i'/.iju 
y D»-dl 2.00-2.25 Hiv.rtOi'ti 
6 09-6.22 V Dvdrl. I.5O-9.0B Vr Vv.R-i-'e 
MTV Wes;—A-? HTV f.-r.r-i iervic- 
1.2C-1.M p.m. Rwr tt<V II.-ad 
tin.-5 6.22-6.45 R-part 




to score only 77 runs 


wkfv the third Test against 1$7 minute* In just oyer four: if his motivation .is personal 
Pakistan ended three weeks ago hours to-day he made 41 oiiuj-t-, anJbitiOne _-:0r the/interests of 
did not seem in the .first hour tea, -.In the bis .side., 
could 


in Karachi it 
possible that one 


seem in 
ever second 


__ 12 / in the third six; in" four hours to-day he made 

aa'ain'be *askedT"to endure five including one four. and, in tbe four .worthwhile attacking 
days of almost intolerable bore-'fourth f2. If was excruciating strokes-. He refused-to .ta^: 
dom on tbe cricket field. 10 watch and, 1 have no doubt, notice of msmy half-volleys and 

7/“ “ three davs of counter-productive to England’s,-never. OatkLto get on top of the 

^t ber^t tbe SsS : bowling. It put h|s partner* and 

SKLJJS between New ZeauSd ?be. pitch is not particularly the .batsmen waitinginthe pav^ 
EnehSd new abvsmal good, already dusting in, places. Lorn under great pressure, e , ■ 
*&**“££• £«=.dy 'bee., and baUb:come tbrmish ««•*• 

reached. 

It took New Zealand 504 . 
minutes to compile 228. in the- 


course of which Wright, playing 
bis first Test, made 55 in 


CRICKET 


just under five hours. In reply 
England made 215 and Boycott 
batted seven hours 22 mins, for 


BY HENRY C/iiLTHpRPE 
- Wellington, Feb. 12 =■ 


seeming: so "unintelligent Eqr.' : . 
.land-were to make any progress-- , 
■toward their target. Runs had-ioV. 
be scored and yet their best btfts-. • 
,man. made not the : -shghtast 
- attempt to do so. 

to his . inn togs. of: 37/ Roope'l'. • 
played'.seme- handsome stroked . . 
and showed ’whaY badMjdeb ^ds/v 
sihle all : along, - but ":BoycoJr‘' • 


At the close to-day New ingly- at .uneven heights. With studiously . Ignored Kis:'examofc 
Zealand were 12 for no wicket the prospect of batting last; it Boycotrmaypoint attlmsoor^- ' 
ibeir larger heavier brethren. was important that - En g lan d gain board and say.-that no one else : 

Until he was caught in the a lead of at least lOO.- .- _g 0 ^ many;-/The; point-is thouoh,.’ . 

gully trying to force Collinge Boycott-? Is the. .one major thaf such - -an experienced-andF-"' 
off the back foot soon after tea, batsman to the side, but sees accomplished batsman' orast?' 
Boycott had an excellent chance his' job, and has done since surely have realised the futility ■ 
of beating the record which arriving in Pakistan, simply 4a of scoring at an average of ten / 
Mudassar Nazir acquired in terms, of occupying the crease, runs'an hour. / 

Lahore last December, the in^Lahore he batled^more than... Sadly' aVcdrtehr'' amount, of’ 
slowest century ever in Test five and a half hours for 63: bitterness has crept- into this .-i 
cricket- It took him 9 hrs. 17 min. Run-scdring has- been lof secpn- match as/the '-.cUrocf: Testrlf Tff 7 
When England's innings began dary * importance to -the extent some extremely incompetent am,-/ 
on Saturdav Boycott made 36 In that one has heguo to wonder plring.:. v 

. ... . -. - ‘-A .. 


Bleak outlook for West Hai 



BRISTOL CITY gained their Diyision.'footVaU: in contrast, -^rh^.'dutioolc-fet oijE/Ss far S 

first away win of tbe season Roylc, who led City’s attack with .brighter. - They. pt^sess- 'skiU ,y|l' v 

by beating West Ham 2—1. Out- disttottibo and with the aid of and verve Which-.needed 

played and a goal down in the the lively Rltchfe, constantly to rem'ato m to^.TTr^ Dt^o^ 

first 20 minutes, they eame back embarrassed the- two -centi^-Theto.toiUjlrtrttife-Go^i^a^ijttch— 

to equalise just before the -bsefcs;' Taylor-and Greaa. ’ lfc- betteir vringiialf .^han -ij.'ofter.-'' 

interval and displayed far.Dowell , seems to -have..lost His'realised^ L/.'ggnter- 

greater skill and co-ordihatidn confidence at right back. ;and rtability and.experi^nceto tlieir ''' 1 

throughout the second half. Pay: was-jittery in goat. '•••'■■• cenirat/defence, 

when they secured the victory In ■ midfield/Devonshire was has develops a. snio«&. pleasing ^ ' 

they deserved. - dangerous going forward : down styled WftS ^reBfy/of/^ick; ffet- 

Once Bristol City found their the right wing. Brooking did all, time : - ' 

rbvibm. they adapted themselves and* rather more than, could be cause • for - satisfaCtionv. apart ’ 
far better to a pitch which • was «*Pected, and Bofids ' showed from^the potots..was;ihe ^aJcceES- < / - 
iev in patches, and on which himself • a fine competltOr. ir ful return ^Rokfeer^ after a ~ : 
plovers often had difficulty in rather ,, short of: the' visldn' long' lay-off throughpp- 
keeping tbeir feet let alane rec l ,1 ^ re ^ ^ or tf,e ntiddle berth of concfitions. totally^-alie^rli) thijm ‘ 
playing football. ' a half-back line. • , ■ ' VHg mamr •; --j.' 

Considering the conditions the / . '.i-; 

calibre of much of the soccer 
was remarkably high and once 

again illustrated that the game ____ _ _ __ 

can be played on most surfaces “ ■ ~ •-' r -. •. . -. w . •• -- - 7r i 




Hie f im. absentee 


p„, crinlr was greatly ehterUinlng,--^et opposing. goalmoutb for. eorneri^ 

L Mr ChelsM’s 2—2 draw With^ Man-. are detrimental to goalkeeper #-.z 

Bristol City manager, Mr. united was obviously nerves. , ; ■ /■; -^S-/ . 

A a ". ^ , ; ks ’ J v ° uld dominafed by the absence : of ■ Riider McQueen ; wouitJ have';- . 

f erred the match to have been Unired’s 1495,000fewest xecruit:^-added- axt extra, dimension, to^atv 
p°\ tp P° ed - a l° t n . s “ c ?‘. a from Leeds, Gordon McQueen. United attack . in' which ; 

„ re ache ro us pitch luck not skill Chelsea’s was the more . solid Football • League’s- costliestj:!' 
can be the decisive factor, and' more. rounded-performance, double -spearhead, Pearson.• 
Nevertheless, skill was much in ahd they were deprived of vie-Jordan,'was blunted by Chelsea-Vl - - 

evidence, possibly more than on wty by Finnieston's - stupidly- home-reared Wicks and Droy. -'S-’. 

Even ^conceded pen a I ty-foc. handling yn- \ •• .-•/?>. - 

—. the last minute, only a. few feet A revelatiofi to me was^ uie 3 ^. 

from referee Gow/.todies ih3de display pf .Chelsea No. 4 Bntton: —- - 
the box. V. ' / full of bustle and commitment/ 1 .. .. 

- One major contribution to Chel- arid > superb acrobat on ihe ky -: 

nv Tocvno b.iicy sea’s excellence came from Droy. pitch. He was a splendid'tidier/:_ 

DT IKCTUK DAILCT thf»lr miphr® M>ntrfvha)f Who rJWn- s hantrar h»l fnr chnttifter Brtit-J* ’ 


an ultra-heavy surface. 


SOCCER 


., their mighty centre-half, who com- a banker bet-for spotting ahd /’' 

-7. manded the central approaches to :capturing fc loose ballS-^pf which-- ' ’ 
7 goal, and allowed Jordan few there was an abundance, siven 


provided one''oTthe trickery of Hill and Iftcari and. ihe . Walker jaye Chelsea, the lead 
idorv feature? bidustr^ oC.Mdlroy, lacked^-reaf ttey. ws^lrertospecUvdy . 

hi/It anchor in defence. : - • after 19 minutest- When B.onetti Af\r 

cold bleak afternoon 0 .+J3LZL* M 


.. . .. ^ , Tl , . . . . . there was an abundance, given 

though the right little men tor-liberties. - - ■ • ■ - ■ • th e rianditfops^-apd a perceptive^, 

once had an advantage over ..It emphagfsed toat Manchester pgjg.ni^r. 

1 heir larger heavier brethren. United* though, thriving; on the- 
B ranking 
few satisfactory 

ru S m ,d AfSJ rtipiirpT ^ lieir keenness to 'savoiir the dropped-Wicks’s powerful back: 

{?!_ hi e np» ei ^ r _5^- benefits Acquired by paying pass. ' Jfcllroy - equalised 19ft: 

^ ^ " P°L a Britain’s highest internal transfer minutesi and . a ", minute later 

strong .side the rest of the fee for McQueen, fedtain s.best wilkmi'SQperbly restored Chri-'-^ 

season is likely to see another cenrre-balf. has been sharpened j ea & That seemed to bw- 


SCOTTISH 


IJ5 t>.m. Nni»s inC Kim< ft-'p r ir: 
>2.25 Monday Ma!ir. t -: -l-r. 

irjrrxns Tommy UTdJ.i 5.15 
I'n.iorw 1 .-. 'In .ili<*:i&v. b.03 >- 011111.* 

Tort a v b-iO Cr.iT'L"ltS) . 10- 0 “j. 'I;.; 

Iir.at fni-r»u* uniat 12.0 3 'In «,i*,’: 
UJI A Pnm^ Minister % t’r.-.ii Mmu 
'i*r'!. 12.00 l.ai>- CaU. 12J15 a.m. Thu 
Guilin's '.Irani! Maa.-rs r-^ r - c^amDinn- 



shi&s 


SOUTHERN 


12-30 p.m. TO-.- Hinui.oii.». Tl-20 Sorrttfr 
News. 2JW Routenwriv 2.25 MuiiiIjT 
Maune«: "CJas« ol 'At." 5JS 'Tariiod'. 
Way. 0X0 Lortl'jrour.d Miih- 1,; 5.15 
University COairciu--. 10.30 Kilsi.: "Tliv 
Spy V.Tjo Cam.* lh f-rim TO- Cold” 
starring RicOard Burion i'nl Clafr« 
Gloom. 112-30 a.m. Vnri-r News 
Suinmsrj-. 

CHANNEL 


12.30 P.m. Farm kruri''* 1.23 

Sumb-.-rn 2.00 Hi’is-wr-v 2 25 

Harmed. ’-Gr—m iim» Tl 

R'isU-s" siaruii! Richard Bunoii. 5.15 

Mr jfld Mrs b.OO Diy n- Da-. Ifi.50 

M’i-ic In •-.anii.-ri. 11.03 Si>u-a-r;. 

Cxt rj. U-10 tef Tfccft &* ,\ Ljtii’.vti— 
rtf A Whom 1.0' lit Uovi'w 


TYNE TEES 


LONDON 


9.30 a.m. Schools Programmes. 
15.00 Noddy. 12.10 p.m. Pipkins. 
12.30 Indoor League. 1.00 News 
plus FT index. 130 Help! 1.30 
About Britain. 2.00 After Noon. 

Monday 5Iatinee: "Green 
Grow the Bushes/ 3.50 Couples. 
4220 Clapperboard. 4.45 The 
Flockton Flyer. 5.15 Pauline's 
People. 

5.45 News. 

6.00 Thames at 6. 

6.40 Help! 

6.45 Opportunity Knocks! 

7.30 O»ronat'on Street. 

-3.00 Miss Jones and Son. 

8.30 World In Action. 

9.00 Hazel!. 

10.00 News. 

1030 The Big Film: “Captain 
F rorrj Castile/ starring 
Tyrone Power. 

1-00 a.m. Close: Christopher 
Carenovc reads poems all 
about love. 


1.18 p.m. Cnnniel Uin-.'i'inn- « j-.d 
Wbll'i On iVhvrv 2.25 Th-.- 'lunday 
Mi'int-''- - ! mdj" 5.15 t-invMiiy 

Challonij..'. 5.05 'Ilisn-.fl ’•’••v , b.lfl 
Orroom irr.<'_ 1023 >.‘ii..iiu! i..t.- .- 

1C-32 Steal Avi|. 11.00 LjIj Mh• Muvl- 
■-Dim - Pincui M rj-r."’ 12.Z5 a.m. 

•thinwl teltea.d '.cl and 

B'wiiwr in Fevu.it 


0.20 a.m T1 j l » Bonn 'Vurd lull-j-w^C tiv 
Attt:ii EM Xrws H*-iCHii- -. 1 20 p.m. 

“•/’ill F.js: X.-ws and LJu'ar'niv. 2 25 
Wr.u-r ifi'hnui <;ior%. .-2J t,- n-.-ra'inr. 

So.-in; 1335 IT.- LnlU- PjVi £ 5J5 

Vnivi-rMTy Cliillenj” 1.05 riiTli'.r" Lit 
i-SO pi'll'..' Call 10 JO \iinhcm S.viic. 
11.SO Miinrtai Nu:.*> Mciv --Tl*.' f 
IVi'.' in r.iindun ' ‘-arnriR Dji-iiI 

(i-'nimir^s. IJ.S7 n.m. Enteatuv 


GRAMPIAN 


0.23 a.m. ):r« Thii.? 12.30 n.m. 
P'.irdon on snooic^r 1.20 r;r.imp!jn 
X*u-j H^adLiifiE. t2J5 llundpx lla'literr 
"Vo".- lor iinsar'l" siimns .':■■■> -.Varner. 
KaUite-:> Harr!«or and Dio-ia 5.15 

Uinrcfil'j: Lhallonrit a.01) Grampian 
TijiJiy. 620 Th- Mar- TyT— Atnon- 
Shn-r. 6.UI Vtelp’ 10.30 R-fl~r-., n - 10.J5 

Foaiurt- Film: - S'Mir.j T jrarruit; 

Oliver Rood ail .*I«I Si J-'hn 


L’LSTER 


1.70 p.m. L'liu.-l'inv.. 2.JB Si-o Vi 
Monday. tJ.jo Monoji MjUs- 
■£l'.-pti.ini Poy" iiarrsns Saha. 1.13 
Uiswr *•*■»■= H-adl n<-s 505 
Oiallonao. 6.00 Liwrer Trl. vision ?:i-, 
605 ijpsquarcs ainl Down 4.35 R-.-pnrs. 
13JC Two al 10.30. 1035 Mondaj Movie: 
McMillan aid Wile. 


WESTWARD 


GRANADA 


12.30 p.m. All AtiOu; Kao:.;* 1^0 Dodo. 

’•IMS Monday Matinee- ' Band Wasun" 
Mjrrtn’ Arthur Arti-y jiui Richard 
Murdo-rh. SJS Uiuv-rsliv Qullenci'. 
6X0 Oranada B<’wiri£ 10.30 R.’pnri* 
PoLiii.’s. 11.15 Jliii'T llvrii-' "Tonjflv.’’ 

HTV 

12.30 p.m. Garduiutf .My Wjj. L20 
Reporr West livadlines L2S RepiirT 
Wales lleadlines 2.00 HjUb-pJn> t2JS 
Afondiv Msiitioc: 'RiijMna Jj. -urrmi 
Jack Rulherl and Ratnii Kirh.irdsnn. 
5.15 3Ir anrt Mrs. 6.00 R*-pnri Wosi. 
6222 Report Wali-s 10.35 The Monday 
Film 'The Bravados' -unns rjreorv 
Pnk. Joan Collin, jn<l Royd. 


22-27 p.m. Cus /ferric; 'hir. ! BirtM.us 
1.20 Wosiward News H ?artjiriox 2-25 Toe 
■Moridav -Linda” 'TV m.Mftc 

5.15 L'oivi-rsUy Choi lens*. 6.03 We.wsvart 
Iliary 6-2Q Sports D..sk. ltiJZ We.nwarri 
Lj-v X0-30 Sicol Away 1X00 Lire 

Siam Mov:- --Duty Dnuiu! M.ipi-i. 
siamne Frank Sinatra 12-25 o.m. rail!) 


Far Life. 


YORKSHIRE 


12J0 p.m. The) 'iu-!i TTie Sky. 1.20 
Cak-ndar Neu-s t2.2S Monday Film 
'laijni'iv "li’s Thar )I.in \pa)n" srarr:nc 
Tominv Handler SJ5 limvrrJi) 
i'hal!>'iiae. 6.00 Calendar rEmkw Mnur 
and Bi-lmonr edition*'. 10J Th.- Savaae 
•■The Tall Women'- si.-irnns Anne 

Raster. 


RADIO I 247m 

<S) Stereophonic feraadcast 
6JW a.m. as Radio -J 7.02 Noel 
Edmonds. 94i Simon Baiee. 11.31 Paul 
Kumeit including U.50 p.m. NewsDeaL 
ado Tony Blackburn. Dave Lee 

Travis Including 5.S0 N'ewsbeai. 7.00 
BBC Northern Radio Orchestra rSr (loins 
Radio 2- 10.02 John Peel fSV 12.00- 

12X6 a-m. as Radio -J. 

VHP Radies l and 2: 6X0 a.m. With 
Radio 2. Including 1.35 p.m. Good Unen- 
tr.g. 10JB With Radio L Z2XM2X6 «.m. 
Wi-ji Radio 2. 


R ADIO 2 L5O0m and VHF 


6X0 a.m. News Summary. 6X2 Ray 
Moore 'S' rrrrh The Early Show, incluo- 
Ins S.15 Pause for Thonghi. 7.32 Terr>- 
HViiin ‘S. includinc 8 57 Raams Bulletin 
and T S3 Pause for TlioUKhi 16.02 Jimmy 
vpuns ‘S' 12.15 P.m. tejaaimers' vr a m. 

12J0 Pete Murray's Open Hnuj>- rS' m- 
'Juding 1.15 Sports Desk. A 30 Dtvirt 
tlunnlton <S> iti'liidino J.45 and 3.45 
-Sports Des)'. 4 JO Wagoner. Wjlk. 
4.45 Sports Detf- 4X7 John Dunn iS> 
hicludisg 5.-U Sports Dost 6AS Sports 
Dusk. 7.02 BBC MorTheru Radio 
Orchestra »S). 7JO .Man Dell: 7.30 The 

Dance Band Days SX2 The Big Band 
Sound fS'. 1.92 Humphrey Lynehon widi 
Tbe Best of Jazz an records iS 4X5 
Sports Dcrtc, 14.02 Vou're Cm To Be 
Joking. UJQ Star Sound. 11X2 Cricket: 
First Te«—New Z.-alasd v. England 
'reooRt. ux3 Brian Matthew with The 
Late Show. 12X0-12.05 a-m. News and 
Cricket—First ToM (funTier report). 


Abciui Music with Animiy fl»r>Kiiis rSr. 
10.IS Wind Quintets >S>. 10X5 Jancr 

Baker sons natal pari i <S« 12XD In 
Short rtaJJe 12.10 p.m. Janei Baker 
part 2- Faur'S. Borhcler -S'. 1.00 hem. 
2.05 BBC Lonchtlnie Concert >Si. 2X5 
St. Albans 77 organ rcciul. is & Q* 
2.43 Matinee Musi cate >S>. J.45 Mas 

Rostal and Cnlin Horsley vtolm and 
piano recital iS-. 4.48 Ve«r Records of 
music by Boito 'Si. 5.15 Raniinand is* 
5.45 Homeward Bound. ttB5 .News. 16.10 
Homeward Bound icnnnnued* t6J0 
{./Mines■ Home and F.-mifv. 7.3V F.B'J 
Concert from Mancnester p-jrr t Mozart 
•S«. 7SO TTie Spouisr Civil War and 
l.aiin Atnancn italic h> Alistair 
Hennessey-1. 3JD FRU Concert from 
Manchnitu-r Part ReetlMsen -S'. 9-18 

PlainsniiK jnJ ihe Rise of Kurniwan 
llWK 'S' UJZ UtKic (II rtiir rime ftp 
t->mc*h<ni*n 'S. U-15-11-35 A-irt 

Tonight's Setintii-rt Snnp-. <S' mcladln-a 
tl iVIl .to Newt 

Radio 3 VHF only—bJO-TXU a.m. and 
5X5-7.30 p.m. '.'Don Un.-rortU' 


Mnltter. 3.00 i(yrj >Xs All- moon 
Theaire >S., 4J5 S'Ory Tim-- S.Ofl I'M 

Reports. 5.40 Serendipity. 15X5 VVi-aih^r. 
nrnitracrtmc ih-ws < VHF ■ Reciurtal Nous. 
6.80 News. 6JO What Ho! Jn-.-ws. 7.00 
Ni-.rs. 7.05 Tbe Archer,. 7.70 From tier 
t>'i-n Corespotsluw. 7XS The .Monday 

Play iS, 4.15 Festivals V Europe. n.JO 
Knleidoscopo 4X4 Weather 10X3 The 
World Ton is.M. 10 JO Thrcu«!i Aftlean 
Eyes: Rndsot Bloom talk* t r, hqlh blarf-. 
and white people a omit rjc,.il cncftirc 
U.00 A Rook at Rntiuse. 11.15 The 
Financial IVorld Thatch:. 12.30 Today iu 
P ariiamen: 11.45 n«-s 
For Schools (VHF only) 4.45-11.40 a.m. 
and 2X8-3X0 p.m. 


BBC Radio London ' 


RADIO 3 464m, Stereo & VHF 


(Q) Quadraphonic broadcast 

? Medium Wove only 

6.55 a.m. Weather. 7.00 New*. 7.05 
ysvrWK 'S'. HOT News 8.05 .M'A'nrig 
F*.ncen 'S'. 8.00 -I.tta This write < 

Cnmsost-r. Paierjina iSi. 5.40 Talkut; 


RADIO 4 

434m. 3Mm,^S5m and \T1F 
6.15 a.m. Niffi 6J7 l-amiliw IVvek 
6.35 Up to tliH Hour. 6J2 iVHhi Res’unal 
News. 7JXJ News. 7.18 Today. 7J5 Up 
to rS- Haur iixiirinued 1 7.S2 fVIlF; 
Rewonof Ne-cs. B.C8 N'-ws. SJd Today 
indudins ntw* headlines. weather, 
papers, sport. 8.S5 Jamee Can-.-’cvio with 
the F-BC Sound Archives e.oo New:. 
VJB Start tne Week with Ri..lt.-,rfl Baker 
i: front !*.43t. 220X0 i.ew*. H0.C5 '-ViW- 
life. 10J0 Daily Service. 110.45 -.jormn; 
Storr. tuxo News. 11x5 Tn.. rounrrv- 
sid.- 13 lV'nter 1 r ur.nl ujd 

Acaouoc-uiKhis. 72.00 N. vs uio pm. 
' Tours 12.; 7 ?v „i h . • Form. 


206m and 94.9 VHF 
Ba'iln - Sjn Push no.it 
9.08 Utreklv hJ. tir. 0.20 I nnden Lr.i- 
11.73 In Tow-:,. 12 03 pan. I jl: In 2.03 

:tn Shotvea-..- 4.03 Honiu ft no, 6.13 
l.o.te. Ston Lit ten 7 JO In Tuwti 83B 
firvaUhrmiah. 10 It Ltte Ntsht London 
::o»- As Radio 2 . 


:i2-ss w 
"TJtwrw I -iraJor. 
2.C0 Th. 


prosr.cnr.n' -i. 


•Ol ■=£< 


-A 


VHP 


I'-Mui' 


i.w rn. c. 0 r„.: IJfl y,, ^ 

1.0 ..ttniar. H.VI- , fr ., n . , L. 

'hi - VW U .Vy.rv. ii45 L»i<n\ V 


News. 

irrs. 

W- 

Wilb 


London Broadcasting 

I’Bimand 97.ZVHF 

5.00 a.tn. Morolnt Waste, b.58 A.M.: 
non-stop news, travel. i^>rt reviews, 
informution. 10.88 Brian Haves 1.00 p.m. 
LHC Rvpora tutfinluu Guam GHh's 
■j o'clock- Call. 8.00 After S—nlth Ian 
qlicitmt. 9.00-1.00 a.m. NtshtUne. 

Capital Radio 

104m and 95.8 VHP 
6X0 a.m- Pet'.T Ynunp's Krcakfaxl Show 
IS'. 9-09 Michael ,Vspel .S> 12X0 Dave 

Cash With Cash on Df-liver,- fS' 3X0 B.m. 
Roser Seen with his Three u'clncK Thrill 
iSt. 7X0 London Today i.M 7.30 Adrian 
Love's Op-n Lin- iSi 9.00 Ni.:k'. HJ.-n.-'i 
Your 31dth.?r U'nuldn'i Ltl:n ft iS-. 11X0 
Tour Mva:t's f an- Show 'S< inHtHm 
H.5) Mum>-:n -if T rp>r. 2.80 a.m. Ian 
Davidson's N'iski Flight iSt. 


Help make 





AT A RECENT lecture, at the 
French Institute, I whs rightly' 
lakrn to task by Larry Lamb, the 
former- international 'referee;, for 
not giving enough time to tbe- 
jirobletns in dealing with such a. 
complex set of laws. 

Certainly, tbe laws as they are 
set out are a casuist’s paradise, 
and therefore it was Interesting 
vo hear that Mr. Lamb is ..dedicat- 
in 2 virtually a year to a study 
of tbe laws -and their revision, 
with particular reference to the 
line-out. As he pointed out it is 
usually referees who initiate 
changes in the law, and not the 
public nor the players. 

Thai seems quite wrong, for 
those actually involved io the 
playing or-the game are in & far 
better position to pass comment. 
Mr. Lamb would welcome sugges¬ 
tions on changes in the laws, and 
these can be sent to him, care of 
the Rugby Football Union, 
Twickenham. 

Part of tbe problem is that the 
International Board has to 
legislate for all standards of 
players. While, first-class players 
can cope with new physical 
demands, imposed by fresh laws, 
the extra B player is simply not 
interested, though it is remark¬ 


able how few -piayers really kgoW 41«« kielririg^ : to <L _ 

the laws thoroughly_ •• • th? 25-yard ftne..' That/ •** ^•- 

Pethaps the most SygirifiMujJ .changed .th&rktyle rif.ib^falil^K,;* 
change in Rugby's laws occurred. 

to 1965, when wtacg iorwah!g;'«tef^er.nnd;war:lafi^4.BcPa}>,^ . 
were restricted In advance rit the : the vital attackerIq.ariy teftit;/ ' .'^1^ 
serum, arid, the badta had to be While; the presently.watriiera 

ten yards, away at the. line-out- Oiay.regard X. Pv'R: l^lhunsaOd . - 
and be hind, the hindmost foot of - Andy fry toe as. the aflm^ampres .. 
tbe scrum. ■ ' t)f 'attacking r f andt .™tnWk 

This created much more space, attacking/ 6ritoacfcsirjtft^¥.J® i ? ra 
but changed.demands:on players.. MtfrdttBd/ byy p^yefa■ -gy.V-^g-v. ~ ! ' 

The game, became faster, and Michej Vannier^ad^en sc&u?ffd. ... 
players had to train harder- to to^Jhe there..•:>} ... 

. were nthers. eyriy/wfore. them- 


hut^he poitii "' 

fullbacks.toave^fiad^Jhrif rote? 


RUGBY UNION forced. on.-theia3)y. Jwfc:. - -- 

'BY PETBR ROBB'NS ; 

~_ to remember^ '.thafe/'the . riiore/'.y' 

, ■■ -.. ' -/- - . . refined : the--gatBe‘. : become®,-tog- 

be fitter. - Size and speed ur-tbe more tim ft-jMaywg'hJwe to spend 


_ , _ -jymipr r-.: .t - - 

such as Judd and Jacobs were The mreater diriance :apart- ef^.... 
stiU valuable arid even vita, rije.lbacks /ha^alse ^made th^’.-: v . •// 
rather than redundant; - - riackllrig evert'more rihysfeal . 

Lines of attack arid defenceJi; hai 5ft£\tj&Vsaid/- - 

changed for the back row, but-dingetoris:'-. v-.-.X t - ' . 
confusion was still apparent at ' Good-.luckvtojXxrryiLamb.1? ^:. ' 

the libe-di- ~ ,iv^--a^t 0 .afjiA.r-. '■ - 

a far 

seems!.-.. 

Tbe other significani change, of written-to. piain, ^ 

the tow relating, tb/for -a .cHaiige?//'. X'v. - . - 


course, - was 




BP Cup setbacks 


BY JOHN BARRETT 


NOW IN ITS sixth year, the BP 
Cup again brings together 42 of 
the best young men and Women, 
representing nine leading tennis 
nations to dispute this unofficial 
world undef-21 ■ team champion¬ 
ship at the Palace Hotel, Torquay. 

Tbe British girls, winners for 
the past (our years have suffered 
two setbacks. 

First, tbe captain. Mrs,, Ann 
Jones, the 1969 Wimbledon cham¬ 
pion, who is expecting her third; 
L-hild in seven weeks, was yester¬ 
day rushed to hospital for 
observation following a complica¬ 
tion. She was replaced by Sue 
tl a ppm. who had been under 
consideration for the appoint¬ 
ment. 

The second has affected Jo 
Duric the British No.-2 singles 
player. She arrived in Torquay 
yesterday, and went straight to 
bed, suffering from gastric flu. 

Evcn so. the British girls 
Anne Hobbs and Debbie Jevans. 
ihe junior champion, should beat 
France and Germany in the green 
izroup and reach Thursday's semi¬ 
final against the second nation, 
in the yellow group, probably- 
CZi-chntlnvakia., 

In that sroup, the U.S. looms 


/. r /Sd.gjoomf 

large, wit& Zrisdri Liass/whcf yiasj :'By ..-l r; ^■ _ ; __ 





won this cup.frir the past tfcj-@e ; .staridstill_vii ichstoptoa 
years,' look as^ontodaWe as «ver.- Preff -/ Winter,/ .wh 
and should veto, tiie yellow group /Express. . - .-TMaaspta," /^ 
from Frauce; Italy aod Germany.; fayouri t e,. Kodtuanv;. 

Matt Mticheu,.ii 20-yea^old Crin- -'denled-riins^at'I*fevrt'''" 
forriian who-;^won-: the 
collegiate,; titfe last': 

player of. undoubted 'mass- -.won.w- ye „ 

Valerittocfo,.: the /third-ranted month' retetannaio-. 

under-21 player', in the -;TJ.S.; 'Md7^® 

Andy Koblberg. tbe No'; 2 undo? 

18 player, looked trerriehdously v .. . . ... 

competitive; yesterday. y; ft . ~ ^ 


is Giaririi Ocleppo., rariked ^o:-5: 
fa riril^. /Xast' year here -he IMF. 

he wnt Tert Mifea. ;: * :r wel?^f j 

The British trieil ard^ Beveti, a;Gh$6b. ‘ r 
left-handed fieonf Sussex. Andrevv. Wlffigri* vBItg&mJm 
Jarrett a- daubte-nanriep fMrii^E'fa^iJ^li'SpriSie^aiw. 
Derbyshire, and* the 
sex doubles, expert- Chris ;Brad- laid ;tb 

nam. ;Their ,oppoderitS. toy ffieilg; 


gaSc; 



I 

\ 


SF9 












M 





9 



ve’s and Office World 


EDITED BY CHRISTOPHER LORENZ 


Nicholas Leslie shows how Letraset managed to expand a static market 

Success writ large in Germany 


■NY . CCHKPANY '■ flat cbal- 
■ ages a major -competitor in' 
■& market -■w&efe; the latter is 
' ost ■ strocgly entrensflied nay 
«n footi&xfr, A' less' risky 
we, particularly for an iater- 
.TtJtwad company, "would be to 

vuare up tfl'the-.opposstrou to' 

country v\hich.. offered it 
dter- odds.Yet, in'the past 
fcr years, Letraset lutem*- 
'Mial, the company brat known 
-fits letter transfers used by. 

ajAiC artists and; in drawing 
^ ices, ihas betm amfronted in 
■nnany not only by ^different 
:;3hnclogy^ but ; osie.• wlricto /is 
yobably most strongly estab-. 
* bed in that cou&try. 

The competition in question, 
i: photo-setting—a photographic 
■-Jans of imprinting, different 
‘'defies 6f type on paper, n 


is '-in fact - - a- much older* 
established process than dry- 
transfer, the ^technique pro- 
duced. by tetmet but has been 
generally- more , expensive to 
use except for Janie amounts of 
“body .type;**, the.'variety used 
for the bulk of printed material. 
However.-Tn'recent years photo¬ 
setting equipment" has become 
much-more sophisticated, while 
diy transfer cost»:;have steadily 
risen, with the; foe^table result 
tlmt the cost^Vantage of the 
Jatter has harrowed—though 
-Letraset stiJi lnsists that its 
system' has a^izeable cost 
advantage over photo-setting. 

Although Letraset’s - German 
subsidiary—Letraset Deutsch¬ 
land—talks ofharing Elected to 
mount a major 'offensive against 
photo-satting,\- the-, decision in 
reality seems ‘ to • have been 


prompted by necessity rather 
than choice. 

Just over four years ago, the 
German company, headed by 
Terry Cooke-Davies. Letraset's 
general manager for Central 
Europe, became convinced that 
there must be some way to ex¬ 
pand its business, even though 
the total market for dry trans¬ 
fer bad plateaued out at around 
2 m. sheets a year and the com¬ 
pany had gained a hold of over 
80 per cent In the graphic arts 
section of this market The be-' 
lief that further expansion was 
possible was fired by the U.K. 
and French markets each being 
able to absorb around 3m. dry 
transfer sheets a year. 

With hindsight, it may seem 
obvious that Letraset should 
choose to infringe the preserves 
of the photo-setting companies 


st liJanking on profit-sharing 


After last week’s article on Barclays and Lucas 
Geoffrey Owen looks at a scheme in Sweden 


. /y-IE OF: the dilemmas of profit- 
• ‘S tring is to devise a scheme in 
V -ich the actual or potential 
.;'yards are large enough ' to - 
. an something to the. partici- 
' ...its but not so large as to 
• . eaten the finances of the 
: - opany. •. .. 

■ - /The scheme adopted last year 
Skandinaviska . Enskilda 
ik*, the largest private com- 
rcial bank in Sweden, is 
ed on the concept, of “ sur- 
s results.” Employees share 
[any profits that remain after 


i 

.bsei 


- ; in tain the strength of the 
,- anee sheet have been, made 
rrJ a normal dividend has been; 

- d to the shareholders. Thus, 
m the shareholders’ point of 

'w, little sacrifice is involved; 

- merely^ have to share the 
ream," if there is any, with 

employees. To the extent 
' ~ t the scheme stimulates em- 
. “yees to greater effort, the 
' reholders should benefit from. 


HOW THE SWEDISH BANK’S 

PROFIT-SHARING 

; SCHEME WOULD WORK 


- (figures in millions of Krone) 


y 

1774 

1975 

1976 

Operating profit ; 

421.7 

498.9 

599.2 

DEDUCT 




Dhfdend -* .. 

76.0 

97.8 

121.7 

Taxes on dividend..". 

89.6 

118.7 

150.9 

Appropriations to- . - 




, un taxed reserves ' 

247.5 

153.3 

203.1 

Net fosses-charged io 




.. surtaxed rejierwf.-'.- 

12.0 

17.5 

24.9 

REMAINDER . 

0 

'11U 

98.6 

20% of remainder^ 

o* 

22J 

19.7* 

'? 20%^ dividend1 

15.2 

19.6* 

243 

Profit share in.relatipo to: 




(a)- Operating profit: (%) 

O 

3.93 

3.29 

(b) No. of staff (Kr.) 

0 

2,893 

2,939 

■ 5ba re price (Kr.) • 

170 

210 

220 

- No. : of sharer per employee 

O 

13.8 

13.4 

• fixflcota 1ft*/Sfofft tbatt ;Tor hie retfuscVrt year. 




in its quest for new markets. 
At the time, however, the com¬ 
pany had tended to accept un- 
questioningly that the photo¬ 
setters' position was almost un¬ 
assailable. firstly because they 
were already so strong and 
secondly because this very posi¬ 
tion was due in large part to 
the best of photo-setting equip¬ 
ment being produced by Ger¬ 
man manufacturers. 

Another traditional influence 
had been the belief, among not 
only Letraset's British senior 
management, but also its Ger¬ 
man nationals, that the enrnpany 
might be at a disadvantage be¬ 
cause of Germans’ pre-occupa¬ 
tion with mechanical and tech¬ 
nical things, which photo-setting 
satisfied, rather than manually- 
operated processes . such as 
Letraset requires. 

Partly because circumstances 
demanded some new line of 
thought, and partly because of 
some management changes— 
which included Terry Cooke- 
Davies joining the company— 
an assessment was eventually 
made of the photo-setting mar¬ 
ket This underlined the rela¬ 
tive separateness of the three 
sections: body-type (which is 
used for the main content of 
printed material); the smaller 
sub-headline types; and the 
larger main headline types. 
Letraset's research also sug¬ 
gested that even if it could not 
compete on costs with body 
types because large amounts of 
small type are impractical with 
dry transfer, there was poten¬ 
tial to do so with sub-headline 
and. particularly, headline 
types. 

Thus, remarks Terry Cooke- 
Davies, “we identified our 
enemy." But that did not pro¬ 
vide the complete answer since 
Letraset was also suffering an 
image problem, with graphic 
artists bolding the quality of 


photo-setting in greater regard 
for headlines and sub-head¬ 
lines. At the same time there 
was a .problem in getting a 
wider understanding in Ger¬ 
many because there was no 
appropriate translation of the 
term “dry transfer.' 1- 

Against this background, the 
German company recognised 
the need for a strategy that 
would convert the mechanically- 
minded Germans to a manually- 
operated transfer system that 
was more economical in use 
than photo-setting. 

What Letraset essentially 
produced was a carefully drawn- 
up marketing campaign, coupled 
with a general tightening of its 
business in terms of such 
aspects as stock controls and 
relationships with dealers. It 
has also widened the range of 
products that it sells; for 
example, it has introduced draw¬ 
ing pads incorporating a non¬ 
absorbent type of paper that 
enables coloured fibre-tip pens 
to be used without the ink seep¬ 
ing through on to the sheet of 
paper beneath. Letraset’s Pan- 
tone range of fibre-tip pens was 
al&O re-designed to considerable 
effect, according to the company. 


Quality 


It was appreciated by the 
company that it would be diffi¬ 
cult to convince graphic artists 
that the quality of Letraset 
could match photo-setting for 
the best of finished art work, but 
it reckoned that, for rough work, 
there was scope to convert 
graphic artists to the use of dry 
transfer. 

With a view to promoting its 
own products, while at the same 
time providing customers with 
ideas—something of particular 
importance to graphic artists, 
although less of a necessity to 


people working in drawing 
offices—Letraset Deutschland 
began publishing a quarterly 
newspaper called Letra Time 
which provided news of the 
company. 

Another innovation was pub¬ 
lication of a book, the pages of 
which are split into three and 
incorporate main headline types 
at tbe top. sub-headline types in 
the middle and body types at 
the bottom. The purpose is to 
enable different permutations of 
types to be assessed by match¬ 
ing them against each other 
merely by turning the pages. 
More than 5,000 copies of this 
publication have been sold. 

More recently, Letraset 
Deutschland has carried out 
market research to plug a gap 
in the company's knowledge of 
the habits and attitudes of its 
customers and of those who use 
photo-setting. ■ This included 
setting up a group discussion, 
which continues on a regular 
basis, comprising a cross-section 
of people in the graphics field. 
A key factor to emerge was that 
“a lade of typographical guid¬ 
ance” existed, says Trevor 
Cooke-Davies, and the company 
responded is part with a fuller 
range of brochures. 

Also, because graphic artists 
are so widely scattered io Ger¬ 
many, it concentrated its efforts 
on ensuring that transfer sheets 
were always available. To 
achieve this. Letraset made it 
easier for its dealers—it has 
350 of them throughout Ger¬ 
many—to swap stock products. 
It also re-programmed the 
compurer it uses for stock con¬ 
trol throughout the Continent 
10 run a regularly up-dated “best 
seller” list which helps to en¬ 
sure that the right stock is made 
available in the right place at 
the right time. 

This forms part of a general 



improvement of order process¬ 
ing and stock co-ordination. 
This latter step was a key move 
given that all Letraset dry 
transfer manufacturing is done 
in England and the German 
company therefore does not 
have direct control over avail¬ 
ability of stock. 

Letraset's relationship with 
its dealers is something which— 
at least in tbe U.K—has 
prompted criticism, not only 
from certain competitors, but 
sometimes also from customers 
Generally the complaint is that 
the terms it dictates to its 
dealers are too stringent and 
that this is not to the advan¬ 
tage of the end-user. Letraset 
denies this, although it acknow¬ 
ledges that it requires all 
dealers to stock at least 5.000 
different items. 

There have been changes, 
though. Two years ago Letraset 
Deutschland altered margin 
structures—to suit the dealers' 
needs, it says—and it has con¬ 
centrated on training its own 
and its dealers' salesmen to 
know more about typography 
and to improve their marketing 
efforts. 

The image Letraset projects is 


of a highly marketing-orientated 
concern which drives hard to 
carve a slice from its competi¬ 
tors’ markets. It claims to have 
successfully overtaken in France 
its chief dry transfer competitor, 
Meccanorma, which is a French 
company. In more recent years 
Letraset seems to have built up, 
not only in Germany but else¬ 
where, a team of young manage¬ 
ment drawn from tug companies. 
Terry Cooke-Davies. with a 
general management back* 
ground, says he looks for “good 
businessmen with a marketing 
bias,” defining businessmen as 
people who are “numerate and 
financially astute.” 

His team in Germany—with 
backgrounds in corporate and 
market planning, financial and 
personnel management and 
general management—has put 
together a strategy over the past 
four years that has generated a 
volume growth rate of sales of 
between 12 to 15 per cent a 
year. Although, given the pene¬ 
tration it has already achieved 
in dry transfer, it is not expected 
that this rate will be maintained, 
new products and combinations 
of products are expected to con¬ 
solidate the company's position. 


'.S though n ot a yardsti<i of .what 

ng the profit share is - the ... „ .. » ■■ , ■■n ..i|n n 

rating profit for th£ year, is available for distribution. 

ch Is regarded as : the best Txoja the operating /profits de- 
-dstick of performance, ducted- the dividend apd .the 





through the Ghantieyfiid 


Foundation tefiLL Your 
favourite charities 


Thfi aged, the disabled, jfhe mentally handi; 
ipped, chi! “ 


a, Spur church, animal 
iatifre preservation, even 


capped, child care, 
welfare, the. arts, nat 
disaster appeals *. .. 
aje You cai support all these causes, and 
many otiiers,: hy : having one deed of 
covenant ■with, the Chanties Aid Fotm- 
dictibn. Then, thecharities you choose will 
Benefit from the foil advantages of tax 
cancfissionsi 

By giving out of income in-this way, you 
will have at letist half! as much again to 
distribute at no additional cost to yourselL 


* 


Other easy ways to give 


* 


The FOUNDATION FUND For the 
expert management of lifetime gifts and 
Bequests, permanently safeguarded by 
Trustees of the highest standing. 
PERSONAL. TRUSTS to suit your needs 
with no setting-up costs or administrative 
.charges. 

TRUSTS BUILT UP FROM INCOME 
ing your favourite charities. 


Wirt 

so# 


Charity Credits . 

All account holders with the CAF are given a 
book of Ghaijty Credits. You write them just 
like a ch&que/to benefit any charity you choose 
from your balance of tax-privileged, money 
with the Charities Aid Foundation. 


Please miieforfarther information. 


To CHARITIES Am FOUNDATION 

48 Pfimbury Road Tonbridge Kent TN9 2JD 
Please sendmethe followin^hooldets:- 

;/ THEFACIL17rEESOFTHECH.4BlTJ^AID 
FOUNDAnON-ipddBto nathoft eCxfoiag » flarfly. 

personal chabeeable trusts- 

a guide far thesa wta wish to give cajriUL 

PERSONALCHAKITABIBGTVING- 

.g Mrifltop ipdjvirfnalfkiaont. \ , , • • 

COMPANY CHARITABLE GTSTNG- 

a cuioofor corporate downs. 

. ■ fffTATHT Y CREDITS-an tBqfanatacy leaflet; 

■ TBOFESSIONALMANAGEMENT of 
flQ YF-ITAN T INCOME - a edvanaatflenice fig charities. 


'KAMEL 


ADDKESS- 


FT[G) 


CaUUEOTXES FOUNDATION 

Specialisisintax-priuileged giuingta charity 


taxes payable on the dividend. 
The amount of the dividend is 
based on market . principles, 
taking into account trends in 
the stock market and the yield 
available on other securities 
comparable with bank shares. 

. Also deducted are appropria¬ 
tions lo untaxed reserves and 
any extraordinary items, such as 
foreign exchange losses. The 
scheqie requires that 20 per 
cent, of what remains after these 
deductions ■ is available for 
profit-sharing, subject to the 
further limitation that the profit 
share must not exceed 20 per 
cent- of the dividend. The table 
shows that if the scheme had 
been operating in 1974-76 each 
employee • would have received 
nothing in the first year and 
shares ■ worth just under 
Kr.3000 (about £330> in the two 
following years. 

The fu° ds allocated to profit- 
sharing are placed with a 
foundation in the bank created 
by .one of the clubs of the 
Swedish Union of Bank Em¬ 
ployees. The foundation then 
invests the funds in the bank's 
shares, by buying in the market. 
The foundation administers the 
shares for a period of five years 
and reinvests dividends by buy¬ 
ing further shares. 

• To qualify, a participating 
employee must normally have 
completed two years’ full-time 
service. At the end of the five 
years, be must decide whether 
to dispose of the shares due to 
him or to let the foundation 
continue to manage his shares 
until he reaches, retirement 
age. 


Landesbank Rhein!and-Pfalz: 


Strange 


The idea is tto enable in¬ 
dividuals to accumulate capital. 
One aspect which the bank 
admits is strange is that the 
share is split equally among all 
employees. Because of the 
highly progressive tax system 
the highest-paid employees will 
receive the smallest amount of 
the profits; the bank felt, that 
this was the only practical 
Solution even though some other 
companies have devised schemes 
which operate on a graduated 
basis. The heavy tax burden on 
recipients with high incomes is 
one of several tax problems 
which could be eased if the 
Swedish authorities felt that 
schemes for individual capital 
formation should be encouraged. 

The bank reserves tbe right 
to withdraw the scheme if a 
national profit-sharing plan is 
imposed either by legislation or 
through collective bargaining, 
in the ideas put forward by the 
Social Democrats and the 
Swedish trade unions in recent 
years the emphasis has been 
on collective capital formation, 
leading ultimately to workers' 
control. The Skandinaviska 
Enskilda Bank believes that the 
vast majority of its employees 
prefer a system based on indi¬ 
vidual saving. 

»*A fall description of Ike 
scheme is contained in the 
bank's quarterly review. JVo. 3/4 
1977. available from the bon* 
at S-106 40 Stockholm. 


Performance 



As one of the large Westv 
German banks, we present last yeafs 
financial highlights. 


1977 was another successful \ 
year for Landesbank Rheinland-Pfalz. 


Expansion continued 
despite difficult economic conditions- 
just one of the reasons why 
more and more people place their 
confidence in us. 



pre liminar y figures for the year to december 31,197L 



In million DM 
1977 1976 

+ %■ 

Total assets 

19.652 

17.375 

+13,1 

liquid assets 

5210 

4,274 

+ 21,9 

Loans to customers ■ 

11.969 

10.733 

+ 11,5 

Liabilities 

8.190 

6.833 

+ 195 

Bonds in circulation 

7.994 

7.321 

+ 9,2 

Capital and reserves 

342 

309 

+ 10,7 

Building society 

826 

. 568 

+ 45,4 


LANDES 

BANK 

RHEIN 

LAND- 

PFALZ We give credit to the fatnze* 


Landc rf w ikBhe Mtod -Pfilg-CS t O aan ft ab ^Maia^ EaiBOEslaBtsia, Koblenz. Crosse Blache 54-56, D-6500 Maas, Telephone (0 6131) 10 n. Telex 4157838. 




























10 Hanover Square, New York, N.Y. 10015- 212/437-4300 


Directors 

Roger Alloa 

C i:v,: t, ■ Vi—bc. - l! ig 

£.: -je -c'ii ;c.-E”.qL3 SA, 

Andre J. Ditto 

C : ir7L.il 

H. E. EKtolom _ 

Cte-.'.r, jr. * Zv*ar^.’S Cr.:zsr 

Joseph G. Gavin. Jr. 

Pitniii;. Co.'p. 

WIKrled Girth 

l.'o'j;; .n Ci-vctcr, Ceu*.cch= sarrt.-.G. 
Charles S. Hamilton, Jr. 

Imran C. Hamdlon, Jr. 

F'i.ijnr.; £ i.' 1 ■<■?- E-Sc<j!V 5 Officer 
I- •=■ or^l Ti , «p!'.C!ie&T2l?3raph 
Co:; jiy ci 
Jack Hendley 

G*vsr 3 . XSCsrii) 

I. i.alar;! Ear.i. Lr.Jiea 

Klaus Jacobs 
Fi-u-Jt.;. 

Andre C. Jacques 
'. :o ;rc-:n.an 
Paul-Emmanuel Janssen 
D-.e:v.r i Me- v.c*:* •?! :r.£> 

£.; • eT-Ws ci'c Eii?JC SA 

C. Donald Johnson 

E • a .e V'C •: F; s: ciont 

Christian Friedrich Kznrten 

r-> iCrTr ^ _ _ 

ArtiieVdiim-r ;"<» Jam Bit.-..'>. 
Maurice Laura 
Cha •:>- an 

Hans Leibkutsch 

i.'di'-r-ci.rn L'irc:'-jr.C.; , j , 1 ic’' , .P al'CrAS. 

Alfred J. Mocd'a 

Dirwoe Sen.?; .Ice FrcsiJorit 

f. C I - 'if- l Fir^r.val O'licer 

Lc-?n Ra r -d 

Paul F. Oret/lco 

P:e:iCr.c:rj;iil!.? A. 

Raymond J. Picard 

C\: ■r.i'i : i-; rird.Fhhdial'.i 

Hamilton F. Potter. Jr.. Esq. 

F.-r '.n.ir.iCry:r..■ia 

Michael Rsssmann 
E'-cc-i. v Vi:e rie-Cocri 
AWJan F. Rosenthal 

i. E-?n, , . :, ':? n; :cr 

F r -vr i MrC •« c.i.riC>Liiwi.S 

Ccprra:.-::! 

Micholas A. Sica ^ ^ 

Heinrich Treichl * 

r-.or 1 . 0 . 1 c: •' ■■ MarnriV.gSoard 
C;? !:a: -/.i ,, Ewr.:-.««:n 
Edward H.Tuck. Esq. 

Fcm*;?. iWtiATi C» JlCitriiJ 
Jan Roelof M. van den Brink 
Occur 

t-r r.i roa. i-Vc: diT. 3 zr.'ty J.V. 

Arnold F.M.van cJor Von 
B-c'CvCi.'i: f.'^ident 

MarcVienot 
G?-.o'al M 3 n?r 

Oir.i-i e p®:c) 

Konrad M.VY&is 

Fresicet: 5 G.vef ?-?cu/. e dtesr 
Met 3/ Che.-:C oipora-oq 
Malcolm G. Wilcox 
L'l-vr.or & C !•.=-: I Genera LUTiastT 
Ml isn d £ itr. Li.Tu‘jBii 

Jean Cattler 

h:r.cri.'j Chilean 


European American Bancorp and Subsidiaries 

Chartered in New York 
Consolidated Statement of Condition 
December 31,1977 


ASSETS 

Cash and due f:cr. banks. 

Ir.vestment securities: 

U.S.Government obligations .... 

Slate and municipal obligations. 

Other securities...... 

Trading account securities...... 

Federal funds sold and securities purchased under 

agreements to resell.. 

Loans.„.... 


. Lass: 

Unearned discount... 

Reserve fer oessioic loan losses.. 

Premies, equipment and leasehold improvements, net 

Customer s’ liability on accepienc as .. 

E *-ces ; ctfcs.Tever fa»r alue of net assets acquired, net 

Other assets.. 

Total assets... 


LIABILITIES 

Due to customer*: 

Demand .. 

Saving? and oilier t‘me. 

Fcreiy-iO'ficci.... 

Federal funds purchased and securities sold under 
agreements Jo reourchas-3.. 

Ecrrowed !ur>ds and omer indebtedness. 

c cep j cu..‘.and*ng...................... 

Accrued and ottier expenses . 

Otherliabi'ities *... 

Capita! notes payable . .... 

Floating rale roles payable la shareholders ...... 

SHAREHOLDERS’ EQUITY 

Capital stpc?:. SI 00 car value: 

’ Authorized 700,000 shares. 

Issued and ou is landing 600.000 shares . 

Sdrsfus. 

LT,divided profits. 

Reserve for contingencies. 

Total sharoho ! cie r s ecyji!/... 

Tcia[ liabilities ar.d shareholders’ equity. 


SI ,346,520,000 1 

3 27,671,000 
241,245,000 
10.515.000 
579,431,000 
5.977,000 

135,274,000 
3,005,174,000 

23 569,000 
32.705 000 
3,003,900,000 
49,417,000 
95.092,000 
172,715 ,000 
74,026.000 
S5 402.352.000 


SI, £96.246.000 
1,031,710,000 
1 .620 065.000 
4,543,021,000 

312,935.000 

54,831,000 

1C5.837.000 

44,559,000 

10,982,000 

95,000.000 

25,000,000 


60.000,000 
.... S3 896.000 
.... 41.541,000 

.... 4,750.000 

205.137.C00 
.... S5.4Q2.352.0Q0 



By MICHAEL DONNE, Aerospace Correspondent 


THE NEW £30m- underground 
railway link between the Central 
Area of Heathrow Airport and 
Hounslow West on the Piccadilly 
Line, which gears the airport 
into the entire London Trans¬ 
port underground railway net¬ 
work, is already proving a suc¬ 
cess. although it is not without 
some problems for passengers 
with much heavy baggage in the 
rush-hours. 

The new “tube” link opened 
on December 16, when the final 
section between Hatton Cross 
ou die south-east comer of the 
airport and the Central Area 
came into operation. At Heath¬ 
row Central, the station is linked 
directly with the three main 
passenger terminals by under¬ 
ground subways with moving- 
walkways. A passenger can get 
from his aircraft through to any 
one of the stations on the Lon¬ 
don Transport network under 
cover all the way. In the rush 
hours, there are trains to Heath¬ 
row every four minutes, and 
every five to ten minutes at 
other times. 

Before the opening of the 
link, London Transport esti¬ 
mated the trains would carry 
about 11m. to 12m. passengers 
a year, or roughly 30,000 a day. 
In the first few days, admittedly 
including the busy Christmas 
holiday, the average number 
using Heathrow Central station 
was 18,000 a day. It has since 
dropped back a little to about 
15.000 or so, but the figure is 
still above LT's expectations, 
and it seems likely that, if the 
present steady growth in traffic 
is sustained, the 30,000-a-day 
mark may well be reached well 
before the end of this year. 

It is too early for anyone, 
either LT or the British Airports 
Authority, to be able to say with 
precision what effect the tube 
link is having on other means 
of transport to and from the 
airport—buses, airport coaches, 
taxis or private cars. 

Car parking 

Initial observation indicates 
little apparent change so far in 
the normal daily pressures on 
public car parking space in the 
Centra! Area, or in the volume 
of traffic moving through the 
road tunnels linking the area 
with the M4 motorway and the 
A4 Bath Road on the north side 
of the airport. Comments from 
passengers using the Tube link. 


however, suggest that many of 
the travellers on it- find it a 
comparatively simple-to-under- 
stand, and convenient and cheap 
method of getting into Central 
London. Taxi-drivers do not 
openly admit to losing business 
to the Tube, although some.of 
them must have done so. The 
various air lines continue to run. 
their own bus services between 
Central London and the airport. 


ing stock for the new link. The 
carriages are longer than the 
earlier ones, so that, each new 
six-car train has a. capacity 
.similar' to that of the earlier 
seven-car trains. On 'either side 
of the .sliding doors, there is a 
slightly wider spne'e to allow, for 
baggage'or standing passengers, 
but no other special arrange-' 
ments - are made, for, baggage 
stowage. There seems to be little 



Passengers leaving the tube at Heathrow. 


which continue to be weH 
patronised, with no suggestions 
so far of cuts or suspensions. / 
All this appears to indicate 
that many U.K. - originating 
travellers are still tending to 
use traditional methods of get¬ 
ting to and from the airport 
such as -car or taxi, especially if. 
they have heavy baggage. - /;i . 
The principal problems com-- 
ing to light are the difficulties 
experienced over baggage space' 
in the carriages, and those of 
normal rush-hour commuters 
who find it hard on some 
occasions to get seats if .they; 
board at stations between Heath¬ 
row and inner London. 

LT ordered 88 new trains at a 
cost of £4Mzn. for the Piccadilly 
Line, especially to replace exlst- 


doubt that the large amounts of 
baggage that some passengers 
cany sometimes create prob¬ 
lems, especially if those passen¬ 
gers are first-time visitors who 
do hot understand London com¬ 
muting habits. Some of them 
.tend to pile their baggage on the 
seats, for example, so that'when 
normal commuters ■/ board ; at 
stations down the line.,irritation’ 
is. caused. This is especially: so 
ih the morning rushhours, when 
a . number of h.e&vily . laden 
Jumbo jets have: arrived 1 at 
Heathrow within a few minutes 
of-each other. 1 ’ ‘ 

1 To be fair to London Tratre- 
poft; it must be stressed; that 
the problem it faced was that oi 
fitting Heathrow into ah existing 
intensively-operated rail system, 


while trying to meet the need! 
of an ever-expanding airport r 
' Had LT been asked to provide 
a nonrstop link between .Heats " 
row and -Central j London^ i. 
would - have been - possible' t. 
provide bigger baggage space . 
on. the trains. - As things aft 
no matter how busy it mtefi 
become.-Heathrow Central 
always be part of a lail.sjyste* ' 
that serves up in. 200 otbe 
stations. Thus, there are limit 
to the concessions that can' b . 
made for passengers’ baggag 
on the Heathrow trains. -. =t 
provide a -separate,' more caps 
clous baggage compartment, o ” 
any train, would ..be ..ta. ' 

delays at inner iohdoh slat^" 
while' passengers - search, f-if ' 
their baggage,; resulting ;'^ 
further delays^ to other triljj 
, only minutes "behind, oa ; ^ 
same lin&r • .. . •'7- 

Heavy baggage 

When confronted, before® 
opening -of the link; with Th - 
argument about "possible 
volumes of baggage, -Ll teiag - 
to argue that it had^been. scti 
ing London’s,busy main-tioer^ - 
termini" for many years, • can; 
ing large numbers nf paseziga 
'with heavy baggage, arithbi 
"significant delays"or dHHwjiffa 
W ith. Heathrov^ho weyex; “ 

are differenC 'It is a Susy'te 
minus in its own right, at 
end of the-line,'.hkely 4a-pot', 
many; hundreds: ^fjba^engerS:- 
time onto empty- trams befoz 
the jnumqy begins^ .... .. 

The. baggage^oblehL-aiar'- 
there is little doubt that th 
ttibe link is:^alriaady‘! proVfii ■: 
itself a ; valuj^le addltion 1 
Heathrow.. •~ ^irou^iout *. th 
world, the- mpfit successful 
ports, fbr passengers are! tba 
where the time taken'to.:^ 
from an-aircraft tiirough ah^; 
formalities and on the m 
home; or vice versa:“ is tt 
/shortest possible.' ' '- r: : 

The combination, of the ‘rai • 

. way link; and the nndergfqpa - 
passageways- linking the: ti 
mhial-buildihj^ will ant ibitte . 
help to improve this time," fe. 
to the extent that if eases dK. . 
gestion and speeds traveh^ 
to "and- from the airport, kd... 
be regarded as a major improft 
-meat- Already it seems 
that -the - tube link will: evehfl. 
ally become an indispensafe 
pait of the airport’s facilit^.V 




TteanaourtXinejXaf^jeazs^pniattttrfieaaMqnlj: ’ k 





* ■>_ -7 

Lj- 4 * ‘ 



sw 


Take a ride on 
success. 

\\ hen you yvt Town ;o it there is onlv one wav 
to.judge an airline.The onlv sure is increased 

passenger support. Over the last three years we have 
increased our passengers at the rate of 5 y . a year. 

Considered this way uv .it PIA come out ^'erv near th.e 
reip of the airline league. 

One of t!io copybook success stories of recent 
years, acknowledged by the international press. 

So take a rale on successor's a areal tecliny. 



Pakistan international 

Great people to fly with. 


(An Autonomous Agency oftheSpanish State) ^' 


iiinniiii: 


, Eight-year Loan 'skfSoO 

I ■ ' d 

Chemical Bank International Limited '. .tc'TTpC -.y 
Bankers Trust Company The Bank of Tbkyo,Ltd ■ : : 

Banque Europeene de Credit (BEQ Barclays Bank Tnte marinnai Limited 

Commerzbank International Crddit Lyonnais 

Society Anonyme 

^ Kredietbank S.A Luxembourgeoise London & Continental Bankers 1 

,^ tonbehaMcrffet^GOBatil^g^tSrpi^/ofe 

Manufacturers Hanover Trust Company TheSanwaBank,Ijmifed '; 

The Sumitomo Bank, Limited Swiss Bank Corporation . ; 

) iToronto-Dominion Bank WestdeutscheLandesbahk Girozentfalea 


II: 




■■ r* 

Agent Bank ’ : 






FEBRQ.4RYl?rS 



































... • "... -. ... 




Finirig fa l 

igroore Hall ' r - ■'"■&' • 


ixy 13 1978 


11 



H 


.',. by RON.ALD CRICHTON 

. ■- ' «tav LeonhardtV ; haipsi- of lhe 'passion o£ Frencfi writers 
. ■;• a recital on Thursday -in:the P? fee period; for describing and 
:• ■' ‘j'more Hall Master “ <toarac- 

.. - s was crammed. .This dis- l er iT ^ e g«*S®ous. Uke “ Ea 
- : fished player has made ? ort l ,g if 3e ‘ ll W; ® f al ™ 0ST 
h praised- recordings. with Scaclattian lbcnan colour. Com- 
" -v •■ without his own ensemble,are ^nr^with in- 

- -Leonharft 'donsort; be has ?- us,c * 

• *j- tared in a film w-SSfeun* **?* the.jeswrtopwn subjects. 

‘ ifitian Bach. Even .without about the ? amount of 
V ?' aids -to gIory\e wmld 
r. ■_ rye his;fuU,:house. Of all Ttt f* i- 

•y’s major performers on the 1 ^® n h flr dt.• -had . l : prefaced 
. : -umenr.-Leonhardr is surely firquery with/a group by the 

- . ‘most soothing -and: sensuous S wal «®n-boTn internationally n . 

' J .s approach, and in his choice composer*. Froberger, 

: •- tone-colour: also ' in an r cludin , g a toncbing. but not 

■ Teiat. preference for-music humourless Tombeau in 

- . ■ Siting the middle and lower fc"L£ a ^»®f r Si''fcf ,er 

- es of. : the ‘ harpsichord, ®M*croelier, wbo died- .from a 

:•'. jred (though yodmfgbtnot !Sj^ re8en i^^^w? , ? nw ? Td 
■I SO from toe brirOe sound harp«^ordists play 

other interpreters draw '2eanon^ -£5?° li’k e 

: &*£&:E1££. 

- . time of Kameau. . . tion for , Frobetgefs /■ beloved 

■e of these, .Antoine For- patron, the E&tperoc Ferdinand 
ay, was represented in this in. The. playing;.perhaps over- 
ramme by six .pieces of .the obsessed at this pwit-Wkh death 
tflW; ^Ctor persons, in- and grieving, went- a-' little lan- 

. i; n S. a . musical !*<>rtrait of guishlng (I forgot to mention a. 

'enn and . one ' of the mildly. affecting -Biblical Sonata; 
-,ioser lum self—both ' long, by. Xuhnau .orr- the Death of 1 
tr ?te -and free of false Jacob); but 7 after:. Fbrtpieray's 
jsty. -Couperin emerges as sharpness -and- a "iqn&;tnterval. 

. . nomoiis and rather proud, Mr. Leonhardt' inytgpraied bhn- 
•'i.ueray as dignified in an-self and'his llsterters with some 
ated, almost sprightly way.-.Bach—the F Ishaip minor 

rs are less grandly treated: Prelude and Fpgue from Book n 
: rde sounds tetchy, Cottin of-.the'“•*8" and his own^tran- 

' were they?) quietly whim- scriptioB-/(especially Effective in 

- This implies, correctly, the- Fugue and Sicilians) of the 
the music is successfully G minor Sonata foi^unaccom- 

- with character,-a reflection panied violin^" . . 

erside Studios 


by DOMINIC GliLL, 


-■•8 means “zero decibels" (many will know the saxophone 
.1 other words, for. most of version, Dorian Reed#}: small 
virtual silence—which is -a trace here of Rileyte . tough, 
loxical same for. a. new- - pungent, mesmerising; original— 
-.2 group who make at their but a soft-centred-: echo, 
-st a very great deal of sweetened with a -eahdy-floss 
indeed. But there is another cadenza, and for counterpoint 

- - .ing. too: to the operator of. instead of a firm polyphony of 

M-recorder or mixer with equal . voices;- only--a. faery 
meters, OdB is the optimum shimmer of tapedelay^v 
--• tbepoint of .no boost np. The rest of-OdB’ifiisthalf was 
at whicb the signal-in devoted to two works by Soiister 
s the signal-out, a oue-to- himself, Afghan Amplitudes and 
relation. Whether there j* Arboreal Antecedents, i= Bow to 
ieep > symbolism m^aU; this describe such a-\ wild- and ■ (it 
.yones guess. But the name wquld.seeni in ten tfon ally). last e- 

- -s. at least tP some kind of iess^- ' hybrid?-H>ot-POurrt... of 
... -omc involvement: of the^^'currents and cross-references 

performers who make up from Janacek to tot -Floyd, 
gronp called OdB, Tim Sempriai to KageL Abba-to the 
’ .er. the founder, -plays Salvation Army, even,:.-in toe 
'■ m onic keyboards ami synthe- final bars of Antecedents, a 
:. 3. and • Peter Britton, a goblin Stockhausen caricature. In 
ty of percussion and elec-, both. pieces alike-^arid; in- ail 
instruments; only Tony -essences, they were- - alike— 
' iwood.-the drummer, plays- Sonster would appear‘to bave 
nstruments amplified, hut drawn everything out -bfthe bag. 
: igged. -down ^to tb.fr rast plastic-wblstl e. 

-B made their London debut -witoout arriving.- at- anything 
—hursday In the- light, well- even ' approaching decisive ~ or 
ged and attractive confines incisive substance. ■ All—^but 
e new Riverside.Studios at nothing? Substantial portion& of 
■nersmith — London’s most -Antecedents would' "make ^ an 
ng new concert theatre, amazingly good soundtrack for 
y due to pick up a great Star. Wars II. But Sous ten’s 
of business from the talent deserves better than toe 
■ding- Round House..- Th e^graveyard -of plusby ; jrtds 
Imme began"unpromisingly scores; it will be interest: _ 
a curiously -unidiomatlc discover eventnaHy what kind of 



Old Vic 


Peter Eyre :md James Hajter. 


Haymarket, Leicester 


Crime and Punishment 


i Saint Joan 

i bv B- A. YOUNG 

f 

. Prospect’s production of Saint vestments, his whole personality 
j Joan grows better as it goes in repose, barely a gesture made 
»along. Though there is hardly a apart from an occasional mean- 
J line in the play that does not ing glance towards the members 
move me either to tears or to of the court 
laughter, l couldn't get along I was only a boy, when I saw 
: with those shouting soldiers and Sybil Thorndike as Joan; prob- 
: courtiers. Only when we left the ably she moved me more than 
I court for the battlefield, where Eileen Atkins did, but I can’t 
j Dunols and his page were waich- believe she gave a performance 
| ing kingfishers while they waited more true to the character. Miss 
1 for the wind to change, did I Atkins has nothing about her of 
! begin to feel 1 was watching real sancta simplicity she never 
j people L could communicate suggests, even in the final scene 
(with—even when they extern- (which r always rather resent), 

I porised bad verse. any touch either of holiness or 

! With Warwick and Cauchon we of soldierliness. Sbe is an ordi- 
iare in the world of real men of nary country girl, who might 
j intellect. Both parts are played bave been a nursemaid had not 
with understanding by Geoffrey Sr. Margaret and St. Catherine 
j Palmer and Bernard Lloyd, as told her to be something else, 
j they exchange their legal and This adds enormously to the 
! theological sophistries when they pathos of the trial scenes, where 
| are really Concerned only with her invincible ignorance is as 
I politics; and in toe background, obvious as her belief in her 
[like a Shakespearian ctowh,Rhys mission. She is perhaps a little 
McCoaaocbie's Stogumber. his agile for a girl who has under* 
face like a crimson doughnut, gone so much interrogation, but 
acts the early ancestor of the this is a small point. 

National Front. John Dove's direction, played 

Better still, of course, tbe trial, on the simple designs by Robin brother Martin Ladvenu, John 
where the dialogue reaches its Archer that enable the action to Cording's La Hire. And as the 
heights and is faithfully followed flow smoothly and fast, is above Daupbin. Bonnie Stevens has 
there by tbe company. No one all else dignified. There is some caught exactly the cbildisbness 
could have spoken the lnquisi- beautiful playing in it of some of the silty monarch surrounded 
tor’s long opening speech better of the smailer parts — Kenneth by men of power who have no 
than Robert Eddison, his face a Gilbert’s impatiant Courrelles, intention of allowing hitn any 
white death-mask above his black for instance. David Sbaugbnessy’s power of bis own 


by B. A. YOUNG 



Leonard Burl 
Eileen Atkins 


Strictly speaking, the Leicester concrete composed by Chris Ellis applies to Porfiri. the examining 
Haymarket's Russian season is and Martin SadJer. but somewhat magistrate, played by Bill Wallis. 1 
an Anglo-Russian season—no reduced by the time needed to Mr. Wallis portrays the lancuid 1 
Mayakovsky, no Arbuzov, but traverse the web of staircases cat-and-moust- procedure with 
a new English adaptation of needed to move from one loca- much craft, but detail is lacking 
Dostoevsky's Crime atid Punish- tion to the next, so marring the from the dialogue that should! 
merit and an English version of imaginalive cross-cutting. make clear hi? reasoning in the 

Piscatoris version of Tolstoy’s m,,, „r pursuit of the ease. 

<>» March ire^cICMly* followed" the 


Theatre Royal, Stratford E.15 


The Hottest Bet in Town 

by MICHAEL COVENEY 


I have this firm belief that __ _ 

Robin Midelev’v nrodurtinn of psychological motivation less-so. the transformation of any. Dalrjmple’s comedy is a betting 
e Dostoevskv is set in a web of Peter Eyre, a truly Dostoevskvan artistic erection from one!shop in a Catholic district of 

UOSlOcYSKy IS set m a weo OI nacl-ntnilrr.*._.tl..~ __ __ _. _..r . o__ 


The scene of Andrew Angus betting shop cashier (Margot as the enter — the snivelling 

Leicester) with minimal aplomb, lavatory attendant, the argu- 
Tbe terrorist is reported dead mentative old crone, the cambl- 

’never 
beyond pro¬ 
racing 



moments of dramatic climax ?? e: but there is^nothjng about M n, but it is not all fitted into)Their patch is invaded by an ing home ahead of the Queen's John Halstead as Slattery and 

' ' Tim Stern as the vet. Di Seymour 

has designed a colourfully dilapi- 

«.oi j Aft . . - . . . .------ -- - — —..—..„ dated bettina shop with a con- 

his imagination the principal £• 11 " ,a - v ^ argued tnat in a ters come out very sharply, best • procession. compares with a similar scene in venient batch in the blackboard 

events- to be considered when he dramatic version we should only 0 f all the harrowing sketch by; A i|h DU eh Sebastian Born’s Howard Brenton’s Epsom Downs, for access to bets placed in the 

finally surrenders to the police S ft£i£ n £l hfmbu^h^w £”7*, i direcSSS is baphazarT and con- The locals are sharply delineated adjoining snug, 

to confess toe murder of toe old an ? sce “‘ m * but . how - fat. drunken old ciril servant it is clear that Mr 

pawnbroker and her sister. The unless we know the novei. arc whose dau-hr-r Sonya has hadi^V^p e 


dream-like atmosphere is under¬ 
lined by the score uf muMque 


Elizabeth Hall 


we to fill in the rest ? 
To some degree the 


£,s°? n ; h "iS. rL>et ;j n heI P the I Northern Ireland than in the 
hungi^ famil... There i» a (callous manipulation by the 
proMrly sinister performance newsmen of toe atmosphere in 


by Bob Cartiand of the doomed 


e ... .. .- ia daneer zone for peak-viewing 

: Jt PUt me consumption. Even if there were 
jn nnod ru Diagmlev. j i,j n . 0 f truth lurkin' 1 within 

Sonya is given pathetic life!this cynical allegation, the argu Scottish Opera has announced teen to the rural church ball.and 
by Kate Lock, and there are 1 men! is not helped by describe* a n ‘ a JO'‘ n ^w development in tbe ScotUsb Opera s hope is that they 

‘ tbe newsmen In caricature scope of its activities. A com- will attract and interesi ao en¬ 
teritis The front-man. Nisei P ,e,el - V new company. " Opera Go tirely new audience. ’’ Opera Go 
Godfrey {Peter Robert Scott)’is Round.” has been formed withtn Round" has been formed with 
an oilv buffoon forever on ihe Scottish Opera specifically to the sponsorship of the Manpower 
telephone to Television Centre serve areas, geographical and Services Jahs Creation Scheme 
demandin'* morp air time* while social, wbicb are currently and provides full-time work for 
his cameraman {Richard neglected. Performance venues 11 people for an initial period 
Albrecht) zooms in on toe buxom will range from the factory can- of one year. 


Scottish Opera’s ‘Opera Go 
Round’ 


LaSalle Quartet 


telling performances by Heather 
Sears - 5fur Crania Hayes as" 
Raskolnikov’s sister and mother. 

The complete string quartets their cool style of playing helps JhS' J V n ^ e V f 

of tbe Second Viennese School that, though they allowed them- th 

—Schoenberg. Berg and Webern selves plenty of romantic por- ntinHrlv 

—may not strike you as an tamento for the Berg Quartet. In “* Particularly sharp one. this 

obvious feast for toe ear. It was fact they brought out the 4 ’ 

the LaSalle Quartet, playing dramatic master-plan or the 
Webern at a Salzburg Festival latter with unusual power—one 


.nt by Peter Britton of music from his magic-bbx r he 
• Riley’s Dorian music per- chooses, and settles seriously to 
*d, surprisingly, on marimba write. 


stivaf Hall 


Solti 


TW- 


beart was beating harder first half: wart%'glowing Impres- 
faster at toe end of last^slonist paintings lit with a glar- 
,-day’s Beethoven _ Seventh ing^wbite ff^rescent light, tbe 
’bony (given by- Solti and passing procession in “Fetes" - 
- ^TVl'iOndon Philharmonic) than sounding tcore llke a march to 
: I iw since I last rah up 12 toe Scaffold than a wfld revelry. 

j of stairs—and indeed in ' It was left to the soloist Vladimir 
murse of the Symphony Ashkenazy to bring some depth 
Were moments when I and warmth into the ® ver ^PS— 
ht it would stop altogether. Ws aiaount of Bartoks Third 

hieh-oressuie nerionh- Concoto. was carefully under-, 
js ujgn-presaure penorm ^ neve r content with 


sustained its tension so 


littinpiv and allowed of so surface Brilliance. The chorale 
■d ir seemed a? if the : movement were phrased 


>UU l LU WU1MII9T, 

a Beethoven Seventh -weight missing from 

e surrounding histrionics. 

NICHOLAS KENYON 


trialiy revolution taed; a 
ne whose motor rhythms 
flashing. steely . ten- 
compelled universal 
salon. ' Even the ' ,Alle- 
edged its measured 
vito deadly care; the last 
nent could 'riot be toe 


who - ine ha« been' inclined-to think it 

*®tta*tbe possibility; and tbey are more tentatively shaped than 
“ I offering the full menu on the Berg's contemporary Plano 
South Bank. On Thursday the Sonata, and one was wrong, 
first \course consisted of Berg’s Phrased with incisive tender- 
onlv \ su-cntitled Quartet, ness, this had an undercurrent 
Webern’s minuscule op. 9 Baga- of mature tragedy, 
telles aitd Schoenberg's Immense The wild tonal landscapes of 
First Quartet, with toe rest to Schoenberg's Quartet no. 1 were 
come, in two March concerts, brilliantly illuminated and con- 
The arrangement is not quite trasted. with toe seberzo section 
chronological: though every*- almost Mahlerian-pastorai. The 
body’s “twelve-note” music LaSalle stressed (he speaking 
goes into the March concerts, contrapuntal lines more than the 
so does Schoenberg's early, tonal functions whicb . (often 
unnumbered ' Quartet in D. obliquely) guide tbe music, at 
I . wish very much that we some little cost to .the symphonic 
werd to' have the late Trio pressure of toe work: but other 
Instead,"which ism all but literal aspects of it were"realised with 
truth his “ Fifth Quartet" sufficient intensity to keep toe 

•'. It ls not easy to say just why whole span magnificently aloft.' 
this music sounds so beautiful As for tbe Webern Bagatelles, 
in the .hands of tbe LaSalle, the LaSalle's unerring and dell- 
Their collective sound is large, cate colouring, surely unmatched, 
velvety , and sustained—there is achieved unearthly density for 
no pecking or scratching, and their tiny volumes. Such playing 
Laos-tonal as well as tonal presupposes absolute technical 
harmonies always bave due security, so complete as to con- 
weight and precision. They ccal itself completely. With the 
articulate structure subtly but LaSalle to play him, Webern 
decisiveiy, which makes tbe might have converted Stanford 
music-far easier to bear. Their or Parry. 

balance is meticulously adjusted; DAVID MURRAY 


one of tbe rumbustiousness, reserve collections bf.- crassutel 
Haitink produced in an . sculptures ami inscriptions, 
faster Seventh with this --- The - 'gift, will enable the 
stra. Instead, . icy-; pre-’ museum to create new exhtbfr 
in the playing, and a di&- tiohTOoms in toe sealptore base- 
ig vision which-^however meats below the. main classical] 
1 —was completely coherent galleries, scheduled' to open in? 
j of Debussy’s Three the early 19S0s. These rooms 
:rnes had been subjected to' will be named Ihe Wolf son Gal- 
nllar ruthlessness w the leries. 


Wigniore Hall 

£125,000 gift 

__ _ ___The trustees of the -British 

bos is of anything so human Museum bave announced a gift 
he dance —it was the-of £125.000 from toe Wolfson 
Boris of the automaton, the Foundatio n .f or ; toa reorgamsa- 

ne that never stops. There -tion ^d e^ibition of The first word which Benjamin emotional expression apt—but 

Luxoo sang to bis audience on Mr. Luxon failed to convert the 

Saturday indicated toe precise f “J. JL,5 l ' 36 a Genaaa ’ 
Fcharacter which his recital of sp £f^T * ou,d, _. 


Benjamin Luxon 


fScbuhert's Winferreise was to 


Similar 


m ispronunciauons 


taJi." The word that opera toe obtruded later, both in individual 
cvcie is tbe repeated “Fremd." wor ^ s ( 

■fE* ptrsn«r I came here a pronounced with an English and 

stranger I depart") The musical * J Se *™SnUv ti foi- a 3Ie 'un 
tone was beautiful, the ft"** 

“ Gute 


FINANCIAL TIMES 

BRAGkEiSl DOUSK. 10, CANNON STREET, LO.NPON EClP 
Telex: Editorial 886541/2. 888897 Adreitisem«its:.885W3 Telegrams: Pinaniinto. London PSA 
_ Telephone: fit-248 8000 -• -* j ■ - 

For Share Index and Business News Summary Id London, Birmingh a m . 

Liverpool and Manchester, Tel: 246 80S& .. 

' " ~ INTERNATIONAL AND BRITISH QBBCB :: ^ ■ _ 

EDITORIAL OFFICES ' > - . . 

Amsterdam: P.O. Box 1396, Amsfeerdun-C Manchester i Quos^Bouse, Queen Street 


Telex 12171 Tel: 240 585 
Birmingham: George House. George.TtowL . 

Telex.338650 Teli 021-454 6922 ■- 

Bonn: Presshaus 11/104. Henssallee .2-.1A 
Telex 8869542 Trf: 210039 
Brussels: 39 Rne.Ducale. 

Telex 23283'Tel: 512-903? 

Cairo: P.O. Box 2040. . 

Tel: 938510 t- - - ■ 

Dublin: 8 FUzwUliam Square. . . * 

Teles MM Tel: 785321 
Edinburgh: 37 George Street 
Telex: 72484 Teh 031-226 4120 
Frankfort: Im Sachsenlager 13.- 
Telex: 416263 Teh 555730 
Johannesburg: P.O. Box 212 *. 

Telex 8-8257 Td: 838-7545 
Lisbon: Praia da Alegris 18-ID. Liritoc 9. 

Telex 12533 Tel: 362 508 ■. 

Madrid: Esprondceda 32, Madrid 3.. 

Tel: 441 5772 


Telex 666813 Tel: 061-834 9381 
Moscow: Sadovo-Shmoterimaya 12-24, Apt 15. 

Telex 7900 Tel:-594 3748 
New York: 75 RocKtfeller Plaza. N.Y. 10019. 

Telex 66390 Teh (212) 541 4625 
Paris: 36 Rue du Sentict; 75002. 

Telex 220044 Teh 23^5743 
Rio de Janeiro: Avehlda Pres. Vanns 413-10. 

Tel: 253 4848 . 

Rome: Via della Kereede 55. ’ 

Telia 61032 TeL 67£3314 
Stockholm: c/o Svenska Dagbladet. Raalunto- 
■ vagen 7. Telex 17663:Teh 50-60 88 
Tehran: P.O. Box .lt-4879. 

Telex 2126S4 Teh 682698 
Tokyo: 8to Floor, Nihon Keizai Shim bun 
Building. 1-9-5 OtenucW, Odyoda-ko. 

Telex J 27104 TeL- 241 2929 
Washington: 2nd floor. 1325 E. Street 
N.W„ Washington D-G. 20004 
Telex 440225 Tel: (202) 347 8676 


ADVERTISEMENT OFRCG5 . 

Birmingham: George House. George Rood. 

lti«c»8650 Tel: 021-454 0922 
Edinburgh: *7 George Street. • 

Telex 72484 Tel: 031-221 4139 
Frankfurt: Im Sachsenlager 13. . . , . 

Teler 16263 Teh 554667 _ . 

Leeds: permanent House, The Headrow. 
Tel: 0532 454969. . " 


Manchester: Qneeti* House, Queens Street 
Telex 666813 Ihfc 061-8*4 9381 
New York: .75 Rockefeller Plaza. N.Y. 10019 
- Telex 423025 Tel: (212) 489 8300 
-Paris: 36 Rue dn Saltier. 75002. . 

Telex 220M4 Tefc 3368601 ’ 

Tokyo: Kasahara Bonding, 1 -S-lO Dchfkanda, 
Otiyeda-kn. TNet J 27104 Teh 295 4050 


from- newsagents and booksealto.wwJdiridfcjar on- regular subscription 
from. Subscription Department Ftoancfal Times, London. , 


in such phrases as 
.Yacht" It is not over-fussy for 
a critic to fasten on such details, 
since for a British singer toe 
mastery of German lieder. has 
to be an assimilation of poetic 
as well as musical style. 

But when he has surmounted 
this obstacle, as be surely must, 
what a fine performance Mr. 
Luxon will give. Already he 
knows how to display the varied 
emotion .of this Winter Journey 
without breaking the poet’s inti¬ 
macy. His vocal deliver)', secure 
in Both higher and lower ranges, 
□ever did violence to the musi¬ 
cal rise and fall oor to tbe 
phrasing of the verse. 

Best known as an operatic 
baritone at Covent Garden and 
elsewhere. Mr. Luxon was able 
to seize on tbe drama-in-mima¬ 
ture of Der greise Fop/, where 
the lovelorn poet is surprised 
that his hair has not turned 
white overnight. But at just a 
few points, such as tbe excla¬ 
mation of “Mein Herzl’* at the 
end of Die Post, Mr. Luxon 
pushed too hard as though seek 
ing an operatically grand state¬ 
ment which is not Schubert’s. 

He could have wished for no 
better partner at the piano than 
David Willison—a steady, 
eloquent, and not too reticent 
player, particularly skilled in his 
continuations of toe singer’s 
impetus after the voice had 
ceased. - The musical devotion 
of both artists won the rapt 
attention of a capacitv audience. 

ARTHUR JACOBS 


EVCrrtrp* C S*tS.-- 

LESLIE PHILLIPS 
Impeccable . . a master." S Times, 
in SEXTET 

•• HILXBIOUSi-Y FUNNY.” N. o' Worid 


ENTERTAINMENT 
GUIDE 

C.C.—These theatres Lcceoi certain credV !_ 

cards bv tciepnone or al me bo. othce. ! DRURY lame. d1 . 8 36 CIOS. Ererv 

night E OO sharp Mature- Wed and 
Set. 3 OO. 

A CHORUS LINE 

•• VOTED BEST MUSICAL OF 197*.- 
" A rare, devastar.ne loyous astonishing 
stunner." S. Times. 


CRITERION. cc. 01-930 3216. J MERMAID. 24| 7656. Pest. 248 2835. (TALK OF THE TOWN. CC 734 5051. 

i. 6 30. 3.30 ihurs. 3 00. Mon.-Sit. B1S._Ma: Wed. & Sal 5.30. 6.00. Dining Dancing 9.30 Super Revue 


OPERA & BALLET 

COLISEUM. credit cards .01-240 5256 
Reservations OI-b3b 3161 
ENGLISH NATIONAL;. OPERA 
TOMORROW AT 7.00 CARMEN 
fTelevis.on recoding Reduced pr.cesl also 1 
Fri. ai 7.00: Wed. and aat. 7 30 losca I 
Tnurs. 5.00 Dul* Biuee-ord's C">s <e.' • 
Gianni Scnlcchi new prodn. *• '* Vision- I 
ar* . . Gdn. *' Plenty o. wit.’ inij 
104 balcony seats always avaitabio day 
ol performance 


DAVY JONES. MICKY 03LENZ 
In HARRY NILSSON'S 
THE POINT 

" A WINNER D. Mirror. 

Stall Heads EI.2S-S3.50. Combined 
dinner-theatre ticket £5 95 
Musi end Feb. 23 

Mnt Production Tom TCNTI Jane ASHER 

WHOSE LIFE IS IT ANYWAY 
Opens Mar. 6. 7 00. Prcvs *rditi Mar 1. 

a.is 


RAZZLE DAZZLE 
and at 11 p.r>. 
VINCE HILL 


THEATRE UPSTAIRS. 730 

ToB ' fc iH?Hl*fiolB' 7 50 


2554. 


COVENT GARDEN. CC. 240 . 1066 
(Gardencharae credit cards 636 5903.> 
THE ROYAL OPERA 
Tonight and Tru/rs. 7.10 p.m. Arlacno 
aut Nasos. . 

.THE ROYAL RALLET 
Tomor. 8 p.m. (World Pronwero Gala 
perl.I, Wed.. Frl. and Sat. 7.30 P.m. 
Maverlrng. 65 Amohr seats lor all peris 
on sale Irom IO a.m. on day of ped. 


SADLER'S WELLS THEATRE. Roseberv 
A*e.. E.C.1. 837 1 672. Last weeh. 

D OYLY CARTE OPERA CO. 
in Gilbert and 5 u Hi van. Tonight and 

Terror 7.30. VYcd. 2.30 and 7.30 THE 
GONDOLIERS. Thurs. and Fri. 7.30. 
and Sat. 2.30 THE MIKADO. Sat. 7.30 
Feb 20 to Mar. 4 BALLET THEATRE 
CONTEMPORAIN. 


DUCHESS. 836 6243 Mon. ro Thurs. 
Etqs B.OO. Fr>.. SaL 6.1 S and 9 00. 
OH ! CALCUTTA ! 

•' The Numrv n stunt ng. Ca.iv Tel 
9lh SENSATIONAL YEAR 


DUKE OF YORK'S. 01-636 S122. 

Eventngs 8 00. Mat. Wed. 3 00 
QUENTIN CRISP 
Tickets £2.50 Inc. glass o» -*.ne 
•'This is without doubt the most C>tra- 
ardmanr entertainment in London.* 
Ercn.ng News. 

Limited season ends 25th Feo. 


01-836 5122. 


NATIONAL THEATRE. 926 2252. 

OLIVIER lOpen stage): Ton't. 7.30 Ires, 
pr. pretr.i Tomor 7 THE CHERRY 
ORCHARD ov Chekhov Irans bv Michael 
Frayn 

LYTTELTON ■ proscenium stagei- Ton 7 & 

Tomor 7.45 THE GUARDSMAN bv 
MDinar. English version bv Frank Marcus 
COTTESLOE (small auditorium!: Ton't & 
Tomor. 8 iprers.i LOVE LETTERS ON 
BLUE PAPER by Arnold WesSer. 

Many excellent cheap seats all 3 theatres 
day of perl. Car park. Restaurant 928 
2033. Credit -card bkgs. 928 30S2 


by Lenka Janlurek 


DUKE OF YORK’S. , - _ , _ 

Limited soason irom 2. March ipre*s 
28 Feb.. 1 March!. Jonn Gielgud In 
Julian Mitchell's HALF-LIFE. A National 
Theatre Production. " A daale of high 

cumedv.' 1 U- C. Trewln,. Instant Credit 1 Sunday. February 26 

card reservations Dinner and loo nricc | THE LUNATIC THE LOVER & THE POET 


OLD VIC. 928 7616. 

, PROSPECT AT THE OLD VIC 
Spring Season Jan. 16-March 25 
In res. 

HAMLET tonight. Tues. Wed.. Thurs 7.30 
SAINT JOAN Frl. 7.30. Sat. 2.30 A 7.30 
ANTONY 61 CLEOPATRA Opens Feb. 21 
ALL FOR LOVE returns March 6 


THEATRES 

ADELPHI THEATRE. CC. 01-836 761L 
E»gs. 7 30. Mats. Thurs. 3 0. Sa:s. 4 . 0 . 
*' LONDON'S BEST NIGHT OUT. 
IRENE 

THE MUSICAL MUSICAL 
SPtCTACLE. CAPTIVATING TUNES, 
and RACY COMEDY “ S People 
IRENE 

INSTANT CONFIRMtD CREDIT CARD 
BOOKINGS ON 01-836 7611. 


_I 

FORTUNE. 836 2236. EY9S.B. Thurs. 5. : 

Sat. S.OO and 4.00__ 

Muriel Pavlow as MISS marple »e 
MURDER AT THE VICARAGE 
Third Great Year 


with Derelr Jacobi as Lord Byron. 
Isla Blah. Thnorhv West 


1 OPEN SPACE. 387 6969. Tues.-Sun 8 0 
| A DAY FOREVER bv Michael Sharp. 


PALACE. 


01-437 6334. 


ALSCRY. 836 3676. Credit card bkos. 
836 1071 'except. Slt.J. Mon.-Frl. 7.4S. 
Thurs nuts 4.30. Sals. 4 30 and 8. 
. "A THOUSAND TIMES WELCOME IS 
LIONEL BART S 

MIRACULOUS MUSICAL." Fin. Times. 

OLIVER 

•* ROY HU DO'S splendid pertor mance " 
S. Tel. •' Talented JOAN TURNER - DI,. 
Mad. " Capital Fun ... the show Is a 
delight." O. Tel. “OLIVER RETURNS 
TRIUMPHANTLY . . ■ CONSIDER YOUR¬ 
SELF LUCKY TO BE ABLE TO SEE IT 
AGAIN." Daily Mirror. 

NOW’ BOOKING THROUGH 1978. 


p.BDirv Tur.rar rsl.A3£ CCCi 1 1 MpW -Tburv 8.00. Fri.. Sat. 6-00 A 8.40 

YvSs *fe O T^ur ^6 Feb. 5» 7.Q. | JESUS. CHRIST SUPERSTAR 

Mat. 3 0. Sat. 5.1 S. 8,30-- 

JJLk_ MARTIN .Jm-1A„SU770N. PHOENIX. 01-836 8611- 

ERIC FLYNN an® ROBIN RAY Re0> ^ p^vi. f rcm p, b . 17 . Opens 


in the 

"BRILLIANT MUSICAL 
ENTERTAINMENT." People. 

SIDE BY SIDE BY SONDHEIM 
"GO TWICE” S. Money f't.ii 
GO THREE TIMES" C. Barnes. NV7 


March I a: 7.0. suds ergs. 8.0. wed. 
Mai 2.0. SaU. S.Q and B.O. 
FRANK FINLAY In 
The Lesl* BriCusse Musical 
KINGS AND CLOWNS 
Directed by Mel Shapiro 


‘s&f.Sfo anJ»^| 7 40 , . S92 Mit en W?d. 8 3.0: j PICCADILLY. 4ST 4506 cred 11 card bkos. 
AMANDA BARRIE. JOHN QUENTIN B36 10/T. Evgs. 6 Sat 4 4S A 3.15. 


ALDWYCH. 836 6404. Into. 836 6332. 
ROYAL SHAKESPEARE COMPANY 
In repertoire 

Tornohi tomor - TO Cpnorrve's THE 
WAY OF THE WORLD. “ A reldvaltiOn." 
Sunday Times. With THE COMEDY OF 
ERRORS tWed. m A e. Thurs 1 . and Iasi 
perR. A MIDSUMMER NIGHT'S DREAM 
rFrl -- * c*. RSC also at THE 

WAREHOUSE (see under W> nnd at Picca¬ 
dilly Theatre in Peter N^nols 1 PRIVATES 
ON PARADE. 


AMBASSADORS. 0J-e26 1171. 

Evgs. 8.00 Mats- Tues. 3.0C Sau. S 00. 
SIOBHAN MCKENNA 
as Sarah Bemharot in MEMOIR 
with NIALL BUGGY 
■' Pcriect. A song ol triumph ** E. News 
S tudent tickets £1 
LIMITED SEASON. LAST WEEKS 


VAUDEVILLE. 836 9988. E>gs. ai 8. 

Mais Tues. 2 45. Sals. 5 and 8. 

D'nah Sheridan. Dulcie Gray. 

Eleanor Summerheld. James Grout 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT 
by AGATHA CHRISTIE 
Re-enter Agatha with another who. 
dunrt . . . Agatha Chnstie is stalking 
the West End vet again with another 01 
her fiendishly Ingen-ous murder mys¬ 
teries." Felix Barker. E». News 


VICTORIA PALACE. 834 1317. 

Until Feb. 18th. Evs. 7 0. Wed. 4.45 
and 7.30. Sals 2 30 and 7.00. 

TONY BLACKBURN In 
CINDERELLA 


WAREHOUSE, Donmar Theatre. 836 6808. 
Roval Shakespeare Company. Tpnlnht. 
tomor. 8.0. Charles Wood'* DINGO. 
" Brilliant " Guardian. All seats £1.50. 
Adv. Bkos. Aldwych. 


WEMBLEY EMPIRE POOL. Las: 2 weeks. 
LAVISH ICE PANTOMIME 
HUMPTY DUMPTY 

Nightly 7 45. Sals 2. S and 8 Special 
HALF-TERM MATINEE5 Mon. fo Thur. 
at 3. Chlidn. A Senior Cits, hall price 
except Sats. at 2 i S. Pav at doors. 
Spacious car park. Enuuiries 902 12S4. 


WESTMINSTER THEATRE. CC. 01-834 
0283. Evgs. 6.00. Mat Thurs. 3.0 
Sat. 5 and a. 

Tickets £1 .SO 10 £4 00. 

PAUL JONES in 
DRAKE'S DREAM 

England s Gr-aiwr Musiral Adventure. 
"Eliciting." Fin Times "Many Merry 
Refrains' E. Hews "Bouncing Vigour" 
E Standard. 


AMANDA BARRIE. JOHN 

In the SECOND YEAR ol 
DONKEYS YEARS 
by MICHAEL FRAYN 
The Best Comedy ol the Year 
Last Week Ends Saturday. 


WHITEHALL. 01-930 6692-7765. Opens 
Tonight. Evgs. B.30 Sat 6.45 and 9.0 
Paul Ravmpnd presents rhe Sensational 
Sex R°vue o> the Century 
DEEP THROAT 

Now Live on Stage. Limited Season. 
12-week season nrior to World Tour. 


Weo. mi: 3. 

BEST COMEDY OF THE YEAR 
E*. Std. Award and fWIT Award 
Roval Shakespeare Company in 
PRIVATE5 ON PARADE 
bv Peier Nichols 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." S. Times. 


GLOBE. 01-437 1592 Opens Feb. 22 at 7. 

BARRY FOSTER. CLIVE FRANCIS 
DONALD GEE. JEREMY IRONS and 
SIMON WARD In 

THE REAR COLUMN -- „ -- .. 

A New Play by SIMON GRAY | s aJ . 5 .3 0 and 8 .45. Mat 

Directed by HAROLD PINTER - — - - 


PRINCE OF WALES. CC. 01-930 8681 
Monday to Friday at 8 o-m. 


GREENWICH THEATRE. , _ Ot-BSB 7735 ! 
Engs. 7 30. Mat. Sata. 2 jO. AN IDEAL > 
HUSBAND by Oscar Wilde " We apnlaud 
an entertaining ews.r.na. ■ 0 TH. j 


HAYMARKET. 01-930 9832. Evov 8.0 
Mat. weds. 2.30. Sals. 4 30 A 8.0. 
INGRID BERGMAN 
WENDY HILLER 

DEREK DORIS J 

GODFREY HARE * CUKA 

WATERS OF°THE MOON 
■■ Ingrid Bergman makes the stage 
radiate—unassailable chansma. D. Mail. 
'• wenov Hiller is sueerb. S. Mirror. 


___ _ Thun. 3.0. 

■' THE STAGE IS AGLOW." 

Dally Telenraoh. 

RICHARD BECKINSALE 

I LOVE MY WIFE 

" NAUGHTY BUT NICE. WITH A LOT 
OF LAUGHS." News Ol The World. _ 
INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-930 0946. 


WINDMILL THEATRE. CC. 4J7 6312 
Twice Nightly 8 00. and 10 00. 
OPEN SUNDAYS 6 00 and 3.00. 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
.. * . MODERN ERA 

Takes to unprecedented limit* what li 
permissible on eur stages." Erg. Nm, 
You may drink ana smoke In the 
Auditorium, 


.55? 3D2B ' CrtdiI Card 
booking B3b 1071 iMCePt Sat.I Mon.. 
Thurs B. Fri and Sat 5 1 S and 8.30. 
"" ENORMOUSLY RICH. 

VERY FUNNY " Evening News. 
Mary O Maliev's smash.h.| Comedy 
__ ONrc A CATHOLIC '■ an ^ ar 


YOUNG VIC im*a- Old «•-■ 9?a 6363. 

Ton’t. 7 46 THE IMPORTANCE OP 
_BEING EARNEST .seat'. 90p, 


APOLLO. 01 -437 2663. Ergs. 9 00. | ucc uiltcrv'; CC 01-930 6606. 
Mats. Thurs _3.po._ SaL S 00 and 800. , «.*anaSM. S 00 and B 00.1 

GLYN!5 JOHNS 

LEE MONTAGUE. HeLEN LINDSAY 
In TERENCE RATTIGAN'S 
CAUSE CELEKRE 

■' RATTIGAN REVEALS HIS MASTERY.** 
S. T*l. " Porrerfu: drama/ Ev. News. 
"GLYNIS JOHNS plavs brilliantly. D-T. 
LAST WEEKS 


QUEEN’S THEATRE. 01-734 1166. 

I Evgs. 8 C. Sat. SJ) S.30. Mat. wed 3.: 

ALEC GUINNESS I 

: BEST ACTOR OF THE YEAR 1 

1 Variety Club of GE. Award in 

THE OLD COUNTRY __ 

A New Play bv ALAN BENNETT 
Directed bv CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 
Plays and Players London crirlcs award. 


DONALD 5INOEN 
T 1 Actor ol Ihe Year." E standard! 
"IS SUPERB" N cl W. 
5HUT YOUR EYES AND 
THiNK OF ENGLAND 
“ WICKEDLY FUNNY.” Times. 


ARTS THEATRE. 01-836 2132 

TOM STOPPARD’S_ 

DIRTY LINEN I urv MAJESTY'S. CC. 01-930 6606. 

’■ Hilar.Otr* ■ . . see if Sunday Tunes • Opening March 2B 

Monday to Thurvlay_6.30. Friday and! BRUCE FORSYTH 


I RAYMOND RCVUEBAR. CC. 01-734 1593 
I At 7 p.m. 9 p.m. 1 1 a.m. (oeens Suns.' 
PAUL RAYMONO presents 
THE FESTIVAL OF 
EROTICA 

Fully AIR CONDITIONED. You may 
drink and smoke in the auditorium. 


Saturday at 7.0o *"d 9-13. 


ASTORIA THEATRE. Charing Cross Road. 
01-734 4^91, Nearest Tube: Tottenham 
Ct. Rd Mofl-Thurs. B.O 0 m.. Fri. and , 
SaL 6.00 and 8.45. 

ELYIS I 

■esr musical of the year 

. ■ EVENING STANDARD AWARD 
Tickets Ll.SO-E5.5o. Instant cred-t card 
res. Eat in our rullv-l I censed Restaurant 
or Bullet Bar lunchtime and before and 
alter show—bookable in advance. Com¬ 
bined Dinner and *r~orr.e ticket £8 50. 
ELVIS 

“ Infert ous. atmeailng. foct-sumpine anc 
hean-UilirnelnB.’’ Observer, 
v , B- V, S 

” I was .lbsoliitelv caught op in It. carried 
along by it. nHnvisor*ted by the sheer 
verve and ssecrveie n( iL” Suh. Td. 
ELVIS 

*' SWBBerlngly ePi^tive.’’ Tmes. 
ELYIS 

•• performed vdtn a verve rare in British 
musicals. The show literally nod the 
audience aaitdng in the aisles. Th*s 
■ Elvis ’ ™ marvel(nng - 5 . Eupress. 
ELVIS 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD ' 

1 hr. before show any available top-price 
tlekeu £ 2.£0 

Mon.-Thurs, and Friday 60 nerf. only. 


In Leslie Britmse and Aithonr Newloy’s 
TRAVELLING MUSIC SHOW 
with DEREK GRIFFITHS 
Directed by BURT SHEVELOVB 

Prenews Irom March 16_ 


KING'S ROAD THEATRE. 352 7488. 
MM. W Thur. 9.0 Fri.. Sat. 7 30. 9.30. 
THE ROCKY HORROR SHOW 
NOW IN ITS 5tn ROCKING YEAR 
Tne Great Rocfc ’n Roll Musical. 


ROUNDHOUSE- 267 2S64. 

WORDSWORTH HERITAGE WEEK 
8 PJti. Seamus Heaney reads hlmseP 
tomorrow: 6 P.m. Basil Buntinp reads 
Wordsworth, a p.m. Spike Milligan 
Brian Patten and Christopher Logue. 


ROYAL COURT. 730 1745. 

, From 20 Feb. THE BEAR bv Chekhov! 
THE KREUTZER SONATA by Tolstov. 
See also Theatre Upnair^._ 


LONDON PALLADIUM. CC. 437 7373. 
LAST 2 WEEKS- ENDS FEB. 25. 
Evas. 7J0. Mats. Wed. and Sats. 2.4S. 
TOMMY STE£L£ 

SALLY ANN HOWES ^ 

AND ANTHONY VALENTINE In 
HANS ANDERSEN 

" DAZZLING SUCCESS. RICH. COLOUR- 
FULL MUSICAL. REAL FAMILY ENTER. 

TAINMENT." E. News. 

Good seats available now at Theatre, and 
Agents (‘Also a: Doors, evceot Sat.i. 
CREDIT CARD BOOKING 01-734 8961. 


LONDON PALLADIUM. CC. 01-437 7373. 
THE TWO RONNIES 
FROM MAY ZS to AUG. 19. 


CAMBRIDGE. CC. 01-836 6056 Mon. to 
Thilr*. 8 . 00 . F«.. Sjh. 5 , 4 s. 8 . 30 . 
.^IPI TOMBI 

■* PULSATING musical," F*g. News. 
THIRD GREAT YEAR 
Seat Prire* £Z 00 and £5.00. 
Dinner and toe-price seat £8.25 Inc 


COMEDY. 01-930 2578. 

Red price Prey. Mon. 20 Feb. Ooons 
Tues 21 r-b. 

• MOIRA LISTER. TONY - BRITTON 
Marsar-t m» nr»uv p—mnr WAL5H 

MURDER AMONG FRIENDS 
A N£W COMEDY THRILLER 


LYRIC THEATRE. 01-4S7 KB6. ***■ 
Mat,. T>bj^M k and 8.30. 

COLIN BLAKELY 
and PATRICIA HAYES III 
FT LUMEN A 

bv Eduardo de FI Itlnpo. 

Directed bv FRANCO ZEFFIRELLI. 
“TOTAL TRIUMPH." Ev. Neik*. "AN 
EVENT TO TREASURE." D. Mir. " MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS.’’ Sunday T>mes. 


MAY FAIR. CC. _ 629 3036. 

Mon. to Frl. B.O. SaL SJO and B.45. 
GORDON CHATER " Brilliant." E.N. in 
THE ELOCUTION OF 
BENJAMIN FRANKUN 
bv Steve J. Spears 
A ctr'BWiP’ftlt lunny IwYrl, eloouent 
plav." Gda. ” HIlarlooB. ’ E. St. "Wickedly 
tmusing and wildly penertsd." E. News. 


ROYALTY. CC. 01-405 8004. 

Monday.Thursday Evening; 8.00. Friday 
5.30 and 8.4S. Saturday 3.00 and B.OO. 
London critics voce_ 
BUBBLING BROWN SUGAR 
. Best Musical o: 1977. 

Tel. bkgs. accepted. Major credit cards- 


SAVOY. - 01-836 6888 

Previews from isui Feb. at B.OO a.m. 
Sat. 5 . 00 . B.OO. 

Ooens 23rd Feb. 7.00 P-m.. then nightly 
c S.OO. Mat. Wed. 2.30. Sat. S.OO. B.OO. 
JOHN ERASER 

LADY HARRY 

An unuSBal play by Norman Krasna 
Previews and Wed. Mats. A3 to O. 
Regular prion SA u £1. CredK booking 
accented. 


SHAW. 01-383 1394. 

Mats. Tots.- Thurs.. Frl. 2.30. 

No Perl Tenlom Evgs. 7 JO 
AN INSPECTOR CALLS 

. J- PrlMtiey , 

Highly Entertaining. D. Tel._ 


STRAND- 01-838 2660. Evenings 8.00. 
Mil Thur. 3.03. SatL S.30 and B.30. 
NO SEX PLEASE— 

WE’RE BRITISH 
THE WORLD’5 GREATEST 

LAUGHTER MAKER _ 


ST. MARTIN’S, CC 835 1443. Evs. B.OO. 
Mat. Tuts. 2.45. SaL & Gm-d Fn 5 and 8 
AGATHA CHRISTIE’S 
THE MOUSETRAP 
WORLD’5 LONGE5T-EVER RUN 
ZGth YEAR 


YOUNG VIC STUDIO. 028 63637 

Dannie Abse’t GONE IN JANUARY. 
Tonight >1 8 


CINEMAS 

ABC 1 A 2. ShadesOurv Ave. 836 5861 
Sep. Peris. ALL SEATS BKBLE. 

1; THE CHOIRBOYS <X> Shut Down -U1. 
Wk, and San - 1 . 15 . 4 30. 7.50. 

2 ; THE GAUNTLET, «X>. Wk. and Sun.. 
2.00. S.OO. 8.00 Oast 3 days), 


RRIL Camden Town 
Tube. 485 2443. Tavianit- PADRE 

padrone 00 . urand Prise Cannes ’77. 
Must end 151ti Feb. 4.05. 6i5. 8.SO. 


CLASSIC l, J, 3 , 4 , Oxlord St. IOpd. 
Totlenliam Court Rd. Tube). 656 0310, 
1: YOUNG FRANKENSTEIN lAAt. 1.4 s! 
5-20. 8.50. THE ADVENTURE OF 5KER. 
LOCK HOLMES’ SMARTER BROTHER 
■ AI 3.35. 7.10. 

2: THE HIDING PLACE tA). Sep. Perl*. 
2.00. 5.00. 8 00. 

3; THE DUELLISTS »A». Progs. 128. 

3.05. 540. 8.1S. 

4: LAST 3 DAYS. WIZARDS (A). Prog*. 
1.0. 3 0. 5.0, 7.0, 9.0. 


CURZON. Curzon Street. W.l. 499 3737. 
PARDON MON AFFAIRE fX] <English 
spb-titles.) ” A sparkling New French 
Comedy. Directed with finesse bv Vvea 
Robert.” Sunday Express. Praps, at 2.00 
fnot Sun.) 4 05. 6.15 and 8.30. 


LEICESTER SQUARE THEATRE >930 52521 
STAR WARS !U>. Sep. progs. Oly. 2.00. 
5.15. SJ5. Seats bkhle. lor 5. IS ana 
B.3S areas. Wke. and all progs. Sat. 
and Sun. *:=4TS STH l AVAILABLE FOR 
MANY PERFS. HURRY ! 


ODEON HAYMARKET (930 2738-2771) 
Jane Fonda. Vanessa Redgrave In a 
Fri-d Zinriwnann him. JULIA (Ai. Sen. 
proas, dlv 2 30. s.4S. B.45. Feature Dly. 
2.4$. 6.00. 9.00. All seats bkble. 


ODEON LEICESTER SQUAPE 1930 6111). 
THE DEEP *A). See. proas, every dav. 
Sean may ne booked Doors open at 
1 20. AJO. 7.45. 


ODEON MARBLE ARCH (723 2011-21. 
AUDREY ROSE rAA>- Sep. progs. Wfcs. 
2 JO. 5.30. 8.30 


PRINCE CHARLES. Lett. Sq. 437 BtBl. 
Final Weeks. Mast End March 8. SALON 
KITTY (XI. Sea. Perft. Dly. line. Sun.) 
2.45. 5.1S. S.OO. Late Show Frl. and Sat. 
11.55. Seats Bkble. Ltc’d Bar. 


SCENE 1 t 2, Lelr. Sq. IWardour SCI. 

4m 4470. _ _ 

SCENE 1 A BRIDGE TOO FAR (AI. 
Progs. 12.50. 4 . 10 . 7.40. Late Show 
Fri and S*t. 11.DO. 

SCYNE 2-’ THE PINK PANTHER STRIKES 
AGAIN lU). Sun.-Thur. 1.30. 5.35. 
9.35. Frl. and Set. 12.40. 4.A5. 8-45 
I2.4S. THE RETURN OF THE PINK 
PANTHER (U). Sun.-Thur. 3.2S. 7.50. 
Fri. and Sat. 2.35. 6.40. : 0.40. 













•'-1 i•ojjrS 


. '.■ ■■-.*- -A ..; VTv Y *---.r;r.> s 

• • ;. ■l.T; S&SiX ., _ 



^ancial Times Monday 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finanrimn. London PS4. Telex: S8ti341/2, 883897 
Telephone: 01-248 8000 


Bananas, and the 




.-V/iSfe.v 


Monday February 13 197S 


policy on free competition 


•• • V.^ 

•. ' : 


Mr. Begin 


BY GUY DE JQNQUIERES, Common Market Correspondent 


gets tough 


THE ISRAELI GOVERNMENT 
has categorically rejected both 
the U.S. contention that Jewish 
settlements in occupied Arab 
territories are illegal: and that 
it had misled the American 
Administration about its inten¬ 
tions toward establishing new 
settlements. There is a serious 
danger now that this row will 
occupy the centre of the stage in 
Middle East negotiations. In the 
event of the U.S. being unable 
to persuade Israel to make some 
concessions on the principle of 
withdrawal, it could affect 
related crises like the fighting 
io the Horn of Africa. 


President Sadat of Egypt has 
just completed talks with Presi¬ 
dent Carter in the U.S. He 
went there openly dispirited 
that his initiative in going to 
address the Knesset in Jeru¬ 
salem last November had not 
received a sufficiently substan¬ 
tive response from Israel. He 
left the U.S. feeling that Wash¬ 
ington was now serious about 
trying to get the stalled political 
talks between Egypt and Israel 
restarted through negotiating 
with Israel a declaration of 
principles which would encom¬ 
pass the two key sticking points, 
of Israeli withdrawal from occu¬ 
pied territories and some form 
of self-determination for the 
Palestinians. Until the U.S. 
proves itself on these points, 
Mr. Sadat's will have 

failed, for he desperately needs 
something to persuade the 
other Arab States that he was 
working on a pan-Arab mission. 


Of Israels arguments, the 
most compelling is tbe question 
of security. In military terms it 
is acknowledged that Israel 
would be able for many years 
to defeat any combination of 
Arab States. It is the psycho¬ 
logical feeling of being a 
besieged Jewish State in an 
Arab area which needs to be 
catered for. Mr. Sadat in 
Jerusalem, and subsequently, 
has acknowledged this, and pro¬ 
posed devices ranging from 
demilitarised zones to early- 
warning systems which tech¬ 
nically could fill the bill. 

What is required, however, 
is a trade-off. An open decla¬ 
ration by Israel of the principle 
of withdrawal and dismantling 
of some non-strategic settle¬ 
ments deeds to be matched by 
an echoing acknowledgement on 
the Arab side that peace Deco¬ 
llations will be protracted, and 
that for that duration at least 
Israel will be able to have 
military camps of a security- 
status. 


Constraints 


Settlements 


Israels counters to Egyptian 
objections that settlements 
intrude on Egyptian sovereignty- 
are based on three main points. 
One is that these settlements 
represent historical and reli¬ 
gious Jewish areas which pre¬ 
date any modem regional con¬ 
flicts. The second is that they 
are needed for security reasons. 
The third is based on technical 
arguments about who in modern 
historical terms is really 
entitled to call Sinai Egyptian 
or the West Bank Jordanian. 
But in addition there is under¬ 
lying concern about the success 
Mr. Sadat had in the U.S. in 
persuading public opinion that 
he was sincere about wanting 
peace. Allied to this is the fear 
that this might lead the U.S- to 
conclude that its interests and 
those of Israel in the Middle 
East were not necessarily 
always in common. This in turn 
could lead the U.S. to bring 
direct pressure on Israel to 
withdraw. At this stage, charac¬ 
teristically, Israel is fighting the 
U.S. every inch of the way. 


At the same time is has to 
be accepted that Mr. Begin, 
unlike Mr. Sadat, is faced by 
electoral constraints. He has 
already come under heavy 
criticism from members of his 
own party for apparently 
weakening on his position, just 
after his taking office, that Jews 
were entitled t» settle any¬ 
where in the historical home¬ 
land. Mr. Begin has been 
remarkably successful in turn¬ 
ing a narrow victory in the 
elections into overwhelming 
support for policies which have 
been popular because of their 
incisiveness and their appeal to 
basic Israeli historical and 
religious instincts. But what he 
has so far failed to demonstrate 
is an ability to le3d his fol¬ 
lowers—notably the religious 
extremists the Gush Emunira— 
into accepting unpopular deci¬ 
sions about withdrawal, or about 
the Palestinians. 

The fact that Mr. Begin has 
so far shown no such inclination 
emphasises the puint that the 
U.S. has yet to be fully decisive 
in its approach. So far Mr. 
Carter has been skilful in com¬ 
forting Mr. Sadat and persuad" 
ing him to trust U.S. intentions. 
But if Mr. Sadat's initiative is 
nnt to collapse or become a side¬ 
show to a dispute between Wash¬ 
ington and Jerusalem, with 
potentially disastrous effects 
both in the region and in Africa, 
the U.S. Administration will 
have to show a far tougher face 
to Israel than it has dared 
hitherto. It is still not clear 
that Washington is aware of 
the consequences of failure. 


O F ALL the new obliga¬ 
tions which Britain 
took on when it joined 
the Common Market, few have 
recently aroused as much un¬ 
certainty as the rules which 
EEC competition policy imposes 
on business conduct Partly be¬ 
cause it was presented in a 
rather one-sided way in the 
U.K.. the European Commis¬ 
sion’s decision a few- weeks ago 
to outlaw- the Distillers Com¬ 
pany's dual pricing system for 
marketing scotch whisky and 
other spirits seems to have 
added to the confusion. Many 
British businessmen must have 
been left wondering which other 
seasoned business practices 
would be tbe next target of a 
thunderbolt from Brussels. 

There seems to be an impres¬ 
sion that the Commission speci¬ 
fically ordered Distillers to raise 
its scotch prices in the U.K. 
Th3t is not so. What the com¬ 
pany was required to do was to 
end its practice of charging the 
same British wholesale custo¬ 
mers a higher price for spirits 
destined for export to other 
oaris of the EEC than those for 
domestic sale. The Commission 
hoped that the company would 
respond by cutting export 
prices. Bui Distillers chose to 
do this only for spirits other 
than scotch. 

It is important to recognise 
that the Commission was not 
concerned with the absolute 
level of Distillers' prices. Its 
case hinged on the fact that 
Distillers was operating a dis¬ 
criminatory pricing policy with¬ 
in the Common Market Re¬ 
jecting the company's argument 
that such a policy was necessary 
to protect export markets in the 
EEC. the Commission ruled that 
it amounted to a restriction on 
the free movement of goods and 
hence a distortion of competi¬ 
tion. 


Restrictive 


practices 


Acting against 


The concept of maintaining 
and strengthening a single, 
common market lies at the 
centre of the EEC's competition 
policy. The authors of the 
treaties recognised that it was 
not enough to dismantle govern¬ 
ment - sanctioned barriers to 
trade between member coun¬ 
tries. It was necessary also to 
ensure that the benefits of this 
liberalisation were not under¬ 
mined by restrictive private 
business practices. 

The common market is, of 
course, far from being complete 
in many respects but as a 
general rule the Commission 
does not accept that the persist¬ 
ence of differences in trading 
conditions between member 
countries is in itself a justifica¬ 
tion for business practices 
which, in it* view, olace restric¬ 
tions on free competition. 

Enforcement of competition 
policy is one of the few areas 
where the Commission may act 
autonomously without prior 
approval by national govern¬ 


ments. though its decision may 
be altered or voided by the 
European Court of Justice on 
appeal. Its authority stems pri¬ 
marily from Articles 85 and S6 
of the Rome Treaty, which deal' 
respectively with restrictive 
arrangements between enter¬ 
prises and with abuse of a 
dominant position. The older 
Paris Treaty also gives it spe¬ 
cific powers over competition, 
including mergers, in the coal 
and steel industries. 

The Commission's resources 
to carry out these duties are 
extremely limited. Its competi¬ 
tion department, under Com¬ 
missioner Raymond Vouel of 
Luxembourg, employs only 
about 60 aati-trust specialists. 
By contrast, there are roughly 
2.000 working full-time for the 
Federal anti-trust agencies in 
the U.S.. which are charged 
with policing a similar-sized 
market. The Commission is 
therefore constrained to take a 
highly selective approach, con¬ 
centrating its efforts where they 
are likely to have m aximum im- 
pact. 

Anyone may alert the Com¬ 
mission to possible violation. 
Sometimes the information is 
supplied voluntarily by the com¬ 
panies involved, sometimes by 
aggrieved competitors and some¬ 
times through monitoring of 
business developments through 
the Press. Though the Commis¬ 
sion is bound to investigate'ail 
alleged offences which come to 
its attention (and has legal 
powers to compel disclosures) 
only a few are pursued to the 
point where a formal “decision" 
is issued, prohibiting a viola¬ 
tion and sometimes also impos¬ 
ing a fine if the company is 
found guilty. In 1976, fewer 
than 40 decisions were issued 
hut almost 400 cases were 
settled informally after com¬ 
panies agreed voluntarily to 
terminate offending practices. 

Until quite recently. Article 
85 formed the basis for the great 
bulk of competition cases 
brought under the Rome Treaty. 
It prohibits in principle any 
agreement or concerted practice 
between companies in the EEC 
which “are likely to affect trade 
between member states and 
which have as their object or 
result the prevention, restriction 
or distortion of competition 
within the Common Market.” 
Specifically, jt outlaws price- 
fixing, control of production, 
markets, technical development 
and investment as well a? mar¬ 
ket sharing and fixing unfair or 
unequal conditions for tlie sup¬ 
ply of goods and services. 

The rule? do not apply, how¬ 
ever. to business practices which 
do not affect trade - or distort 
competition inside the EEC. For 
example, cartels formed only for 
exports outside the Nine are 
normally beyond the reach of 
the law, though it is applicable 
to operations inside the EEC 
of companies with headquarters 
outside the community. More¬ 
over, the policy actively encour¬ 
ages sole distribution agree¬ 
ments and joint ventures in 


WHAT THE TREATY SAYS ABOUT COMPETITION 

TWO KEY ARTICLES ' .. . 


Article 85 


1. The following shall be prohibited as 
incompatible with the common market: 
all agreements between undertakings, de¬ 
cisions by associations of undertakings and 
concerted practices which may affect trade 
between Member States and which have as 
their object or effect the prevention, restric¬ 
tion or distortion of competition within the 
common market, and in particular those 
which: 

(a) directly or indirectly fix purchase or 
selling prices or any other trading 
conditions; 

(b; limit or control production, markets, 
technical development, or Investment; 

(c) share markets or sources of supply; 

(d) apply dissimilar conditions .to equiva¬ 
lent transactions with other trading 
parties, thereby placing them at a com¬ 
petitive disadvantage; 

(e) make the conclusion of contracts sub¬ 
ject to acceptance by the other parties. 
of supplementary obligations which, by 
.their nature or according to commercial 
usage, hare no connection with the 
subject of such contracts. 

2. Any agreements or decisions prohibited 
pursuant to this Article shall be auto¬ 
matically void. 


—any concerted 'practice or category of . 
concerted-practices;' 

which contributes to Improving tbe ^produc¬ 
tion of distribution of goods or to promoting 
technical or economic progress, whHe allow¬ 
ing consumers a fair share of the resulting 
benefit, and - which' does not: 

(a) impose, on the undertakings concerned j 
restrictions which are not indispensable 
to the attainment of these objectives; 

(b) afford such undertakings the possibility 

of eliminating competition in respect of 
a substantial part of the products in 
question:. -. 


Italy ; has objected thntff fc: 
would.be. placed at a disadvglY 
tage because it has not so Jp 
enjoyed the -kind of mewlpY 
boom that has: already talffP. 
place in several’ - other- 
countries.' Britain, orvtbe ot||& 
hand; wants . to widen ■ ra|:t 
criteria applied’ by the 
sion to include factors 
employment But-.-GehEans^f 
which believes tjiat the p^ ^K; 
should be restricted" to-TaettSfe 
of economic -(WnpetitionMgl^ 

enthusiastic '"about- this. - _ 

. In general,' 

dealt with the TlompfetithS^e-i, 
partment.giye jit' fcgft-mari 

integrity and fairness. But. there- - u>yU ; 
are complaints ithat Ti haf&vJH • 


3. The provisions of paragraph I may. 
however, be declared inapplicable in the 
case of; 

—any agreement or category of agreements 
between undertakings; 

—any decision or category of decisions by 
associations of undertakings; 


’. Article 86 

Any abuse by-one pr more undertakings of . 
a dominant position! within the. common 
market dr in a substantial part of it shall 
be- prohibited- as incompatible with the 
common market in-so far as it may affect 
trade between Member States. Such abuse 
may, in particular, consist in: 

(a) directly or Indirectly imposing unfair 
purchase or' selling prices or other 
unfair tradlhg.conditions; ’ 

(b) limiting production, markets or tech-, 
nical development to the prejudice of 
consumers; 

(c) applying dissimilar conditions' to equi¬ 

valent transactions with other trading:. 
parties, thereby placing them at a com¬ 
petitive disadvantage; • 

(d) making the conclusion of contracts 
subject to acceptance by . the other 
parties of supplementary obligations- 
which, by their nature or according to 
commercial'usage, have no connection 
with the subject of such contracts. 


fields such as research, advertis¬ 
ing or book-keeping where these 
benefit the public interest. 

The Treaty prorides for 
exemptions from Article So. both 
for genera] categories of agree¬ 
ment and for specific instances, 
and companies may ask the 
Commission to pronounce on 
whether a particular agreement 
qualifies. There is also a blanket 
exemption for restrictive agree¬ 
ments between small businesses 
with a combined turnover of up 
to £ 21 m. and a market share of 
less than 5 per cent Medium¬ 
sized companies also enjoy a 
dispensation for certain types 
of joint specialisation agree¬ 
ments. 

The logic here is that such 
companies are too sm_all to have 
an appreciable effect on com¬ 
petition. In the application of 
the rules, the Commission also 
holds the inverse of this prin¬ 
ciple to be true: that is, the 
bigger and stronger a company 
is, the greater its responsibility 
to avoid restricting trade and 
distorting competitou. This pre¬ 
cept is particularly relevant to 
cases brought under Article 86. 
which deals with abuse of a 
dominant position. 

A classic case in this field was 
brought in the early 1970s 
against Commercial Solvents— 
a U.S. company which exercised 
a tie facto world monopoly in 
the production of an ingredient 
essential to the manufacture of 


an anti-tuberculosis medicament 
"When Commercial Solvents "de¬ 
cided to start manufacturing the 
medicament themselves' ■ it 
abruptly halted supplies, of the 
ingredient to several of its custom 
mere. The Commission ruled, 
that this refusal to sen, which 
was likely to force competitors 
out of the market place, was an 
offence under Article 86. • 

Hie facts of that case were 
fairly clear cut. But how strong 
must a company's position be to 
be considered dominant? And 
which criteria determine what 
constitutes a relevant market? 
These are two of the important 
questions raised by the case of 
United Brands, which was fined 
the equivalent of more than 
£400,000‘in 1975 after the Corif- 
mission decided that the US. 
company had abused its com¬ 
mercial power by selling its 
Chiquita brand bananas at 
high prices in some EEC 
countries while charging sub¬ 
stantially less in others. 

The world's largest seller of 
bananas, United Brands bolds 
about 40 per cent of the EEC 
market — not a conclusive 
monopoly. But the Commission 
argued that its sheer economic 
muscle, derived from ownership 
of plantations and a large ship¬ 
ping fleet as well as from tight 
control over promotion, gave it 
the power to block effective com¬ 
petition and inhibit potential 


competitors from entering the 
-market. 

United Brands bias appealed 
to the European Court which is 
due to rule to-morrow. Among 
other things it has challenged 
the Commission's contention' 
that the market for bananas can 
be considered as an entity on,its 
own, arguing that they : face 
competition from other fruit 
The case is significant too, 
because it is -the .first time, that.: 
the ’ Commission has decided^ 
-that an absolute level .of priee 
is “unfair.” Though .the. Com¬ 
petition Department has said 
that it does not seek to become 
a European price commission, 
its authority to intervene more 
directly against; " corporate: 
pricing policies could ~Be signi¬ 
ficantly' strengthened if the. 
Court upholds this . crucial 
aspect of its decision. 

Merger : control is another 
field in which the Commission 
has sought a bigger role. So far, 
it has established only very nar¬ 
row rights to intervene in mer¬ 
gers, and for the past few years 
it has been • pressing -for 
authority to vet in advance' all 
takeovers above ascertain size.' 
But so far, EEC governments 
have, been unable'to agree even 
on a threshold level, The.Com¬ 
mission wants control oWr: all - 
concentrations involving .com¬ 
panies with combined sales ; ex- 
ceeding about £400m. 


are . complaints; that It ha1 • 

-.too slow tO-VpW»duS»^ v ^.ijbjil’i5 
legality of business , , 

on which it had beeh asked’for^J^ 1 - 
a: ruling Under A*lid**S5.1^6eF , . 
fication 'of some- oLtfi ese-igree'-'v’- l ' 1-u 
meats was.gireh *o\Ifaxss£lS'te\. . lT ?fl 
long as : 15 years' atgo ^ 

More : recentiy^-therCbirSaii^- u jjii 
sion • -has.- 1 : begins \t<a»:v*evish' - \ 
its views on same ■ kihdtsdtthasF Wjffl- 3 
bess agreement which. a£_:ha£ * 
■previously ; • approved: 1 .: under ; 
Article-85. . This: Is.' Clearly 
unsettling: ^ 

fear that it will Ujideftflae tbe' 
validity of pnjfessitmal opinions 
which they bave givEi* 4o',eiibbV-n nfl 
who haye- bqeacgr^fbfi^swfrfl/"*- 5 
clearances!: '• -> 

- The Cotnpettiion .p^iMtBient %l 

has justified: such revisions ion #3? 
the grounds that hufi-trost laisr. 

La constantly evolving, ' Bbt. is it ..... 

evolving^rapidly^enquEh? After:- 
alL_ the.; original -rulea ■ wifi'"— 
drawn up to a 

ing • free‘enterprise, huL .tm? - " 

. stnzctnxes of many European - '.-.-; 
economies, and hence. coinpetiY . 

tive ' conditions. have 7 - 'b«£B " 

! altered' by the steady /expahstoifi 
of the public sector. .•Yet’-ti»: : • 
Department hasr-sbv far . .c^r: ’ • ' 
spicuously failed-tie open -aD^ >—' : 

.majpri / phbilc - 

nationalised: industry. The:m#-.:' 
reason ; has-been-' quite, ■ 

the: fear .that; however gepd^V t:-: 
case, it would risk being 
gunned'lb toe political arena : ! 

. ' Another factor whlch“ : 
partmeht has -had to * ihke: inQf.^ •. : 
accomit has been- the' prolonged;:: . 
recession, said the .particular ' ' r 
damaging consequences this.'L^Sf-- 
inflicted on -industries - 

•steel, textiles and shipbuilding, 

In- these sectors, - the Comnnfr-- 

sion’s -industry . (Erectorate is 
actively espousing a “diripisWe 
role^ encouraging efforts to i|- 
duce capacity while backus; 
trade restrictions to shield EEC^ 
producers from, low-cost third? 
country competition. Compepl 
tion expert# in Brussels acknowf: 
ledge toat . this, phenomenal 
presents- *T least a potential 
problem but. maintain that i&_ 
the moment-it is more apparest. 
than real. • They insist that i|U 
the industrial anti-crisis: m&i 
sores drawn up so far are coi£ ; 
paffljle with the law as it stands. 

Blit it is dear that EEC-conir • 
petition policy, like the. CotB-' 
mop Market - Use(f,_-.J£ 
incomplete in some important 
respects.: . •• >..? 


secret cartels 


MEN AND MAHERS 


TELE NEWS that yet another 
batch of cartels are to be taken 
to the Restrictive Practices 
Court after having been oper¬ 
ated undisclosed for several 
years has naturally prompted 
the suggestion that tougher 
penalties should be imposed for 
failing to register restrictive 
trading agreements, perhaps 
even to the point of making non¬ 
disclosure a criminal offence. 
The latest batch, which relate 
to the supply of tarmacadam for 
road surfacing, came to light 
only a few months after Press 
reports had led to the discovery 
of over 100 secret agreements in 
the concrete industry and after 
the Monopolies Commission had 
come across unregistered agree¬ 
ments involving diazo copying 
materials. 

It is surprising, to say the 
least, that so many price rings 
and market sharing arrange¬ 
ments should be found operat¬ 
ing in different industrial sec¬ 
tors more than 20 years after 
the first restrictive practices 
law was passed. In many in¬ 
stances in the past, the arrange¬ 
ments appear to have begun 
informally, often in the form 
of verbal understandings. 

IE it should transpire that 
secret agreements are being 
operated not in ignorance but 
in knowing contravention of the 
law. then there may be a strong 
case for considering banning 
outright practices tike collusive 
tendering and so make their 
operation a criminal offence. 
But to go further and make the 
non-registration of any regis¬ 
trable agreement a crime would 
alter the whole stance of the 
restrictive practices legislation 
—at a time, moreover, when it 
is in process of being extended 
to commercial services. As mat¬ 
ters now stand, the law does 
not say there should never be 
restrictive agreements: it says 
that if they are made they 
should be open for public ex¬ 
amination and be submitted to 
the Court for approval. It is 


only when tbe Court has ruled 
against an agreement and 
ordered its participants not to 
make another “to like effect" 
that the sanctions of the crim¬ 
inal law may be invoked. 

In practice, too. a ban on all 
restrictive practices would make 
discovery much harder. As it 
is, the facts are often difficuli 
to establish, unless companies 
make a clean breast once the 
situation becomes kuown, as 
their lawyers invariably advise. 


Taking care of 
number one 


Private suits 

Ralher than make sweeping 
changes, consideration should 
first be given to remedying 
certain weaknesses in the exist¬ 
ing penalties for non-registra¬ 
tion and in the Office of Fair 
Trading’s investigatory powers. 
Since 1968. failure to register 
an agreement has made the 
agreement void and unenforce¬ 
able and invites a Court injunc¬ 
tion against entering into any 
other unregistered agreement (a 
powerful weapon that has so far 
been used on two occasions). 
Customers or anyone else 
harmed by the agreement can 
also take our ;a civil action for 
damages for breach of statutory 
duty. But. though several out- 
of-court settlements have been 
made, these actions are not easy 
to prove and there is a case for 
facilitating private suits and 
perhaps even for introducing 
triple damages as in the U.S. 

Because of a Court of Appeal 
ruling in 1969. too. the OFT 
has far weaker powers to call 
for iuformation about a sus¬ 
pected restrictive agreement 
than—for example—about a 
monopoly or merger. The 
Government has had to abandon 
its intention of remedying this 
defect by adding a * suitable 
amendment to a Bill now- before 
the Commons. This and other 
desirable reforms of the restrf in 
tive practices legislation should 
have a high priority once the 
present review of competition 
policy has been completed. 


Once upon a lime the in-thing 
for the neurotic American rich 
was m build an ali-mod-con 
atom bomb shelter for self and 
loved ones. Now. in the wake 
nf transatlantic kidnappings in 
Italy, and lately, and most spec¬ 
tacularly. with Baron Empain 
in Frauce. the New York 
corporate executive who bas 
everything is spending a 
fortune on kidnap protection. 

America's intelligence 
service? have let it be known 
that they expect 1978 to be the 
city's worst ever for bombings, 
kidnappings and sabotage. As 
a resulL demand has suddenly 
tripled for personal protection 
that ranges from $50 an hour 
ex-FBI bodyguards to fortified 
homes. 

Many New- York top execu¬ 
tives ’are trading in their 
beloved Cadillacs for less dis¬ 
tinguishable Pontiacs and 
Buicks—the difference being 
that the latter are being armour 
plated at a cost of nearly 
£20.000 each. 

Some families have reportedly 
spent £25.000 or more on 
personal protection. A big 
chunk nf that has gone into 
bomb-proofing the w-alls and 
roufs of their houses and c«»n- 
srructmn r»f ‘-safe" rooms in 
the middle of the home which 
are proof against everything 
from hand grenades upwards. 

Their ears arc being fitted 
with James Bond-ish devices 
that scatter tacks on the road, 
together with gunports and tear- 
gas canisters. Electronic devices 
which can remotely monitor a 
; car's safety from a quarter of a 
mile away are selling like hot 
cakes at £100 a time, as are 
bullet-proof undershirts and 
| briefcases at similar prices. 

One top man living in plush 
Westchester County lias spent 
dose to £150,000 on a computer 
system that checks every move¬ 
ment at every window aod door 


in bis 36-bedrooraed house and 
also picks up movements in the 
driveway. He also has a 30-man 
yuard force and three vicious 
dogs, says Fred Rayne. boss oF 
Rayne International which 
specialises in supplying 
“ defence systems ” for both 
individuals and multi-uational 
companies. 




■nm. 


petrol-starved defenders' of the 
Fatherland. On the other hand 
it would take some fairly nimble 
figure-juggling to prove that 
waiting until the existing roads 
were completely clogged up 
before finally starting to build 
motorways in the 1950$ was 
anything else than short sighted¬ 
ness of epic proportions. 


That. I must say. sounds a 
little exaggerated. But these 
things have a logic all of their 
owm, as I was reminded recently 
by a carlnon in Punch. It showed 
a fat Italian businessman wooing 
a buxom young lady over lunch. 
The puoch line was: “Tell me, 
Mr. Bertelli. if you’re so rich 
and powerful, how come you 
haven’t been kidnapped ?" 
That’s status for you. 


the 




Heads you win 


“ It’s an ill wind - - 


Autobahn mania 


Mussolini, receptions, lunches 
and the like. 


Back in the 1930s wide-eyed 
apologists for toe Nazi aod 
Fascist regimes in Germany and 
Italy used to point to Musso¬ 
lini's success in making the 
trains run on time and Hitler's 
patronage of the Autobahn 
building programme as ex¬ 
amples of the achievements 
made possible by totalitarian 
regimes. 


The latest edition of Trans¬ 
port Retort. the monthly 
“ distillation ” of transport 
news put out by toe pro-rail and 
anti-juggernaut Transport 2000 
pressure group, recalls those 
days with a tongue-in-cheek 
report of the 1938 visit to Ger¬ 
many by 225 coanty councillors, 
surveyors and MPs organised by 
toe British Road Federation. 

During their eight days as 
Sliest of Dr. Fritz Todt, the 
Inspector General of Highways, 
only three were spent actually 
inspecting the famous Auto¬ 
bahns. The other five were 
taken up with a visit to the 
Munich Okroberfest. trips to 
Berlin to witness the "historic 
meeting" between Hitler and 


When the delegation got back 
home, however, it reported bow 
impressed its members were by 
the “ greatness and thorough¬ 
ness ” of the German approach. 
It also found that when it came 
to purchase of the necessary 
land “ it transpired that 98 per 
cent, of the farmers voluntarily 
agreed to a sale." 

To their considerable chagrin 
the lobbyists for the motor and 
cement industries who had 
helped organise the trip, met 
considerable official scepticism 
in Whitehall about the virtue's 
of building expensive motor¬ 
ways given existing traffic levels. 
As the then Transport Minister 
Leslie Burgin put it: “The con¬ 
cept nf building a road because 
it may bear traffic in toe future 
is a novel one.” 

This scepticism did not pre¬ 
vent the County Surveyors 
Society putting forward their 
proposals for a 1.000 mile motor¬ 
way network in Great Britain 
which looks very similar to the 
network which is now being 
completed. 40 years later. 

In the event Hitler's Auto- 
Lahns proved of more use to 
the allied advance toao to the 


Are share analysts fooling them¬ 
selves and wasting everybody 
else’s time and money into the 
bargain? The answer is, in many 
cases yes. according to a study 
made by a U.S. computer com¬ 
pany called Computer Directions 
and Advisers published in toe 
latest edition of the City Press. 

It appears that Computer 
Directions made 100 random 
selections of 25 shares from the 
500 listed by Standard and 
Poors. 

These totally chance (picked 
out of a hat), portfolios, were 
then monitored and showed an 
average gain of 3 per cent, and 
a maximum gain of 20 per cent, 
during 1977 when the S aad P 
index as a whole dropped by 
over 7 per cent. Only one port¬ 
folio apparently did worse than 
the Index, while over three years 
it appears that the average gain 
by these random portfolios .was 
130 per cent, while the index 
rose less than 60 per cent. ' 

Could this be what Adam 
Smith had in mind when he 
talked about the benefits of toe 
invisible hand? 


You must 3 
ensurethat 
maximum 
byInflation.^ 
Help the 
does, a greai 
First, thee 
devoted yolui 
including i 
They enable t 
•£1 entrusted' 
Y :Then we 


Tall story 


Heard in a City boardroom: 
“ The chairman is very depres¬ 
sed this afternoon-—according to 
his heigh r and weight chart he 
ought to be six inches laUet” 


Observer \ 


ta^mgtfie m 
wore-—to built 
people-find frii 
those intent oi 
CentxesfQrthi 
DayTreatmec 
:. Among the 
endorse the vai 
- Help the Aged 
Lord Gardiner 
Dame Vera Ly: 
SirBrian 
Y: Write;. 
fieJpfelht 
inducing: the 
Tas(Estate : I 
The Hon; Treai 
; Maybray-King. 
32J>werStre 
'Telephone: j 
























THE ASSOCIATION OF 
INTERNATIONAL BOND DEALERS 


At 31st JANUARY, 1978 


, The Association of lhtei^atioh^i i 
>nd Dealers’ (AIBD j compile ~V rAj. 
rrent market qnotatkms andi'-yifelftsi: 
r Eurobond issues* 2iese. J - ; ; 
otations and yietds ^ pubK^ied -i 
onthly by the Fina^cM Tiniest ■ • 
-ie Association’s prices ani yields*, - 


are compiled from quotations obtained 
from market-makers on the last 
working day of each month: there 
is no single stock exchange for 
Eurobonds in-the usually recognised 
sense—secondary market trading 
business is done on the telephone 


between dealers scattered across the 
world’s major financial centres. 
Membership of the A1BD* which was 
established in 1969. comprises over 
450 institutions from about 27 
countries. 

A key to the tables is published opposite. 




Eurobonds in January 

BY MARY CAMPBELL, Euromarke^fed^r 


; oughout January/investopsreriiained ’ may^aSt^f'jall feature significantly ifl the 
. of the straight tioHar borwi.market rfutorfe:.yin bond issues continued at a 

- considerably interested ■ .sar bonds stfeifi^pacel A new unit of account issue 

■ed in other, currencies. weht.m^strbngly that the coupon could 

'/elds on D-mark bonds continued to , ^ .^JnOuiiditreaxn. 

despite continuing large^cale issue-■■AH 5iJS i .' w ?S(.in sharp contrast to the 
ime. • s/fttaSlJbJiivtho dollar, sectors—whether 

r ill • \ or abroad. The.best that 

i the -Swiss framr -bv&Ot, .the. ..^odjrd.^e said for the Eurodollar bond 
nomenon of foreign - bond lfiswfi toatRlUtfitei that it ended the month 

- , S2^r^- 0 tSfS^- 1 Si£: • Began, helped forward by 

offering ^icesiznmediatdy.a-tedjfiica)"Teaction in the secondary, 
e continue*. Th* : w« despite.;. yaBfFSm stabilisation in. dollar 

her fall u. the coupon le yl to;*fa -, - and a generill in 

•- for prune borrowers—ah fexbfcmelr : r ’gasi 

level by comparison -with*:anything SJ v ,_ .. 

:pt -the Swiss inflation -rife-. sa *d that a not insub- 

• v v:l new capita] was raised 

- mong Other sectors of the - bodfl iufly-.' r .'tn JijhauS^pSS^Oin. in straight Eurobond 

- the successful lamrtiniSg of ttetf new:./ iSgUfi6.lSBW«Ver, it was thought that only 
□sterling issues suggested tfiit, prd 1 : ""-4 -5iii3JL‘^Oportion of these issues has 
:d there is neither a fall-in sterling : .^ehlaliy. ^ched investors and that much 
nst other currencies hor ~a rise in "■remains ijih&jold. 

ish interest rates, the ste'dmg inatJcet J'-~ The in^t lhtfirt&ting developments in 


the dollar sector during January were 
technical. In particular, a new technique 
for -handling the after-market was intro¬ 
duced by Union Bank of Switzerland 
(Securities) in the case of the two- 
tranche offering for the European Invest¬ 
ment Bank which was priced in mid¬ 
month. 

In general the way that lead managers - 
handle the after-market in weak market 
conditions is based on the assumption 
that they will take buy back the loose, 
bonds which inevitably circulate at 
some kind of discount from the offering 
pride,.but not usually at below the price 
paid by selling group members. 

_ What UBS did was to say that it would 
boy back bonds only from .those who had 
-subscribed for. them. The significance 
of this was that it destroyed dealers' 
ability to offload surplus bonds anony¬ 
mously via third parties. . 

Anxious not to lose their place in - 
future UBS issues, dealers effectively 
ended up for once sitting on their bonds* 
—at some considerable cost Although . 
on occasional basis they can well afford to 
do so, the fear was that if such a tech¬ 
nique were to be adopted by several 


issue managers then the profitability 
would be considerably lessened for the 
smaller institutions. 

In practice, other major lead managers 
all say that they would have no intention 
of following the UBS example on this 
question, while the lack of new issues 
in the latter half of January’ considerably 
eased the pressure so that -the storm 
has now effectively-blown over. 

The rebirth of the sterling market 
came as a considerable relief to London 
issuing houses. The-market reopened in 
good style with two successful issues, 
one for the European Investment Bank 
and the other for the British company 
Rowntree Mackintosh. Although the 
.expectation of a series of new issues in 
quick succession dampened the secondary 
market enthusiasm for sterling bORds 
somewhat, in general prospects are good. 

The yield basis for the sterling market 
has now been firmly established in rela¬ 
tion to domestic governments bonds: 
even triple-A borrowers • like the ELB 
will have to pay marginally more than 
the British government on an issue of 
comparable maturity with gradations 
according to quality going up from there. 


CONTENTS 




GROUP HEADINGS 

PAGE 

GROUP HEADINGS 

PAGE 

US Dollars—Algeria 

14 

Euro Units of Account 

20 

—Australia 

14 

French Francs 

20 

—Austria 

14 

Hong Kong Dollars 

20 

—Belgium 

14 

Japanese Veri 

20 

—Bolivia 

14 

Kuwait Dinars 

20 

—Brazil 

14 

Kroner (Denmark) 

20 

US Dollars—Canada 

14 

Kroner (Norway) 

20 

—Colombia 

14 

Luxembourg Francs 

20 

—Denmark 

14 

Saudi Riyafs 

21 

—Finland 

14 

Sterling/DM 

2L 

US Dollars—France 

14-15 

Australian Dollar/DM 

21 

—Gabon 

15 

External Sterling Issues 

21 

—Germany 

15 

Special Drawing Rights 

21 

—Greece 

15 

Convertibles—France 

21 

US Dollars—Hong Kong 

15 

—Hong Kong 

21 

—Hungary 

15 

—Japan 

21 

—Iceland 

15 

—Luxembourg 

21 

—Iran 

15 

—Netherlands 

21 

l T S Dollars—Ireland 

15 

Convertibles—Singapore 

21 

—Israel 

15 

—S. Africa 

21 

—Italy 

15 

—Sweden 

21 

—Jamaica 

15 

—Switzerland 

21 

US Dollars—Japan 

15-16 

—U.K. 

21 

—Kprea 

16 

Convertibles—U.S. 

21 

—Luxembourg. 

16 



—Mexico 

16 



—Netherlands 

16 

The table of quotations and yields 

US Dollars—New Zealand 

16 

gives the latest rates available on 

—Norway 

. 16 

31st January .197$. 


—Panama 

16 

This Information is from 

reports 

—Papua 

16 

from official and other 

sources 

—-Philippines 

16 

which the Association of 

Inter- 

—Portugal • 

16 

national Bond Dealers considers to 

US Dollars—Singapore 

16 

be reliable, but adequate means of 

—Sonlh Africa 

16 

checking its accuracy are not avail¬ 

—Spain 

16 

able and the Association does not 

—Sweden 

16 

guarantee that the information it 

US Dollars— Switzerland 

16 

contains is accurate or complete. 

—Venezuela. • 

16 

All rates quoted are for indication 


—United Kingdom 
—United States 
US Dollars—Multinational 
—Supranational 
US Dollars—Floating Rate 
Australian Dollars 
Austrian Schillings 
Canadian Dollars 
Euro guilders 
Earn Composite Units 
Euro Currency Units 


purposes only and are not based on, 
nor are tfafey intended to be used 
as a basis for. particular trans¬ 
actions. In quoting the rates the 
Association does not undertake that 
its members' will trade in ail the 
listed Eurobonds and the Associa¬ 
tion. its members and the Financial 
Times Limited do not accept any 
responsibility for errors in the 
table. 


0 

se 

lue 


.■V . .. • •••.“! •• •: . ■ 

.. • -■ * r.- ■ .r '^r.- -• va hvr'ir’ L. s . 

* •: y. : .yV/' V . ' ■ 

.... • • • - . j . * • * \ • 

• ‘ *."" ■/ -V ' • \ ... 

' •••y' -Vj? :• •- ‘ ^ „ 

i-;'--Itvv:v:'v.if • *. 

If exjp^E&e in securities is money, 
¥a^mkhi is Mbrth fortunes. 







fcn^m6^5eciliitibs 'firins, pipvid^r. 

e ; expertise yoii:-^' 

require tn.^axthJiaiioppcirtuiiities - ■ 

:in ;1 .. . 5'v7 

---V.-: bebiinrag 'Z&U'i 

increasmgl^stab_l& ibternationkl^; 
currsnc^vkerage business*; j. 
on bebalf bfjibteign cfidhts in > 
Japan basei^^_ed’ tmprecedented^;’ 
success* Sacdess that can be 4 
att 'iot’bui posi^ifi 


secnriues ; c6mpajaies. Success • 

that inakds ns y6ux ideal partner. ”- 
in allia^cis pf the securities. ’ - 

; business; 'underwriting, .brokera^. 
distributioardealitig, research,. it ;»■ 
add ihy^trri^it banking., : -4 


■ ■ Yamaichi’s offices on- four . 

Continents are linked by a 24- 

' bbiir-a-day •‘hotiine”. which 
- gives our international clients - 
immediate access, to data 
pertinent to their needs—up-to- 
tbe-ipinute stock quotations, 
'economic and industrial studies, 

' corporate evaluations, and. 
investment and bond market 
knaiyses. .' 4 

If you’re looking for 
^expertise in securities, consult 
.YamaicluTln Japan and through- 

■ biit the world, we have the 

} know-how iiecessarY to offer you 
immediate and comprehensive . 
assistance with your investment 
: requirements. 


LMtommort vision in 
ictemationa! finance. 



yAMAlCHl SECURITIES <^D.. LT1>. . 

'Head Offiae- Tokyo I(K. Japan 


Bsaas 

NetSerfands TBa: 15/72 Tc±<)W* 3 ®l 54 -' 


In recent years the financial requirements fdr 
energy, transportation, and infrastructure develop¬ 
ment have escalated at an enormous rate. The 
Euromarket has emerged as the world's largest 
marketplace for international borrowers and big 
funds on an international scale. 


more 



1 Commerzbank is 

an established force in this market, ranking among 
the leaders in international bond issues. 

During the past decade alone, Commerzbank has acted 
as lead manager or co-manager for some 250 Eurobond 
issues aggregating more than US $ 9 billion in straight or 
convertible bond issues, private placements and other accepted forms depending 
on specific client requirements and prevalent market conditions. 





W 


The Euromarket is only one example of * Votaaie g 

the dramatic changes in international financing I* USWSon$ pT J I 

that have taken place since Commerzbank was - p & 

established in 1870, Alert to the needs of its clients the Z p-, WM % 

Bank has always been a leader not only in adapting to * & iL* Ip I; 

new developments but also in making significant 
contributions to them. 

'With consolidated total 
assets of about US $ 35 billion, Commerzbank can put 
its vast experience in international financing to work for you wherever you need it. 


US WBon$ 




-V ■ -viw 1 Yt?rfr.-toi'Anicfe. Sio Paid*. Houg KcPg, SSagftjW, Bangtok 





COMMERZBANK ^ 

Europartnas: Banco efi Roma ■ Banco Hlspano Americano • Commerztenk - Credit Lyonnais 

International Hud Office: P.O. Box 2534^ MOOD Frankfurt/Main 

Fnrftian Branches: Brussels - China no ■ London ■ Nan Vnrif - Pari< -T^Wn 

ForeicP-SoDsifflartBsanH HpofgsBr.;ati-/e ffisSS S Amsterdam • Beirut - Brussels - Bustos Aires ■ Ca\fy • Caracas - Copenhagen ■ Jsterle - Johannesburg • Lima ■ London 
Luxembourg - fcdadriq • Manama (Bahrain; ■ tviexico City - Moscoa - Ne» Yak - Rio tie Janeiro * Rotterdam 1 SSo Paulo - Singapore - Sydney - Tehran • Tokyo • Windhoek 





























14 























15 



i 


1 J. V 1 

;W££ 

*> . 1 
31 

is 

iff 

2=3: 

Hi 


Si 

.«o 

II. 

|l 

k 

i 

T 

im.- 

’. r ...... •«: i ; v,.;. 


Cl 

II 

* 

,s- 

3 

p 

is 

_ 

i 

! 


UASSErittXBBS 


'A 


• V, 


M.W KM «-po Zm wo,- ..-• -a.» Zma 

•Ts-as-*- 

S=“» » » » « 90 30 

ss sss«™ 

25.00 19JO 
16.15 99.50 

2S.to UTS 

10 MQ 



— te 




Tei 




& 



s 

v ,(0 

SS 

30 

coni 

a l 

I S 

li 

Jj w 

EDRR0WER/ 

coupon Aumnor 

1 

B 

3 

n 

ua 

an 

ga 

|| 

So 

;§ 

5= 

E 

3 

&e 

05 

E|-» 

SEE 

lg 

OO 

ri* 

i_ m 

P 

IS 

£|s 

IS 

si 2 

§ 

EC 

Oi 

S 

s 

MAHSET MAKERS 

- 

- - - 


mm 





, 

£ 




SuO 

30 


"s 





. 

mz 




i?r 



go 



Bl 

a 

3 


P 

.*-*” 

Si 

So 

!l 

l 

£ 

S 


£**■ 

°S 

= w 

as 

>* 

BORttSWBV 

raupoHftSAruBmr 

PRICE 

as 

11 -S 
12 £ 

i 

i \ 

£ 

*- 

B 

3 
- U 

ill 

BS 

2 X 

s£ 

IS 

111 

s? 

a: 

3 

a 

w 

i 

MARXETUAKBIS 


sjisA vntbso 


%a--ssaoh^9 

<o.po ‘U75 Wm mwwu. ". . 
40.00. ».W>. 9,00- JUfllflSSL 


20J» 1M7 'Xtuior '■ 

jo.00;».«^ ; sj'Mxm - 

25.00 1976' KBUUieEtKUct-' ‘ 
200.00 a. 75 - U f-O/tMr 
lo.oo"_u 7 «;; zhdSmmbebici'--\?~ 

1 «M».. £; 73 r-JLTt/ 1^0 

».oo ub 7 ■ «a.c.r.t ■*•-•■'. v :• 

-16.00 98.50 : '6.S0- 15/6/1*83 

46.00 2977* £*.(£*. 

.. UObTO t-25 


UWI**. ^Z ; n.m L J>P. 5 .S ussn' sasois^j^ 

^”^Ju 5 .SS^if«S ““^nJU 2 l »205 210 215 S»Sra 

lot l/s -2.70. An.-MS : jw»50 1978 PC ni 112 105 205 2J0 213 MS K0 

*'•-' ■ ** aww« 93 SMQ 97 S 

wri *£S S“““ piMnsasMSB®. 

..... . S-2S 4 :^0° It 305 520 530 5*0 M7 932 

- gg ‘' ■' aJ™. vm'CA'Wk 935 9*1 MJ 950 9*0 975 


15.00 X9Z2 SEHBUCCOICBUO 
«.» 9^50 - 8 Ml W 2/1957 

1U9 1971 K'KHlKLut U7 Trrrtm 
7.65 99.00 - 8.75 15/ IV1936 

20*00 1977* IrSrftiHiTB OF XCEU9D 
20.00 99.30 9.00 15/-2/1M7 

B 8 lW 74 ffwaw- 

30.00 1976 XBD t HOCK BSir SUE 
M.00 59.00 9.15 5/ 2/1985 

K UUJlft-tUUBP 


KM 9.00 
5.78 

»M 7.96 
4.U 

99 2 19 9M 

7M 


8.3* fl»30 101.00 

8.36 m .50 

us &si inuoa 

8.93 . 99 .20 

9J& 9.02 '102.00 

wa -so 


1980 KP rs 4U 105 519 927 959 975 
1975 LX 

1931 Bp Eff JLU 105 520 937 955 975 
197 ZIZ 

IWI FP E3 412 35 ICS 115 313 320 7IS 
1940 IX 323 940 955 9)0 975 


UO1/6 5.0t AM 9.23 101.50 XWA B? LG 217105 913 SlX 950 979 C 7 
3.61 9-IS 2.00 1979 LX 


991M 2.79 9.62 *31 
3.07. 8»34 • 


jBBJB-. 1978 m nr te s mS IS m 

2J50 7.63-v --8JOO 1968 BUftX ^ 

M3/6 3.37 «J£- 8.77 V; 

t 9 * 7/8 ms !w:»av:M:" 


D/l^isOO- 


- *• n 


K; EC 402 105 205 210 215 3W 520 
U 340 930.935 941 947 9Z5 
VP 89 488 935' - - 

:v. 

.57 7/0 7.WMJ 6.66'ln3.00 1978 CCESM5X0S20S21D2I5S2Q5M 
. 3.87 744 Wlu 841 973 , 

»V« 6.37 8 J$; %j&~imLOO 2*82 0088218105 213 205210X15520 
. -- .. . . ..-. 'I' / ** 735 927 9» 935 MO 950 

» !&'*&::,*&£> s TSS r£.-^ 

^“moDm"^ 13/VIM* 8^*0 . «WTM1 20 33 35 60 90 205 

lwfc ™ . ? * : r 5 ^ V* 9 ® * . . i .• . . w: 805 927 931340 97S 

40.00 1975 SXU. 

M.TO 100,00 9.2S 15/ 3/1581 

30.00 1975 5J.P.JU . 

27. SO 100.00 1&00 X/1Z/1S8S 

15.00-1367 SMC4 

6-25. n^t 7.00 lanunan 

051X3 OllMUim 

15.00 1375 sEEmsc'ws^ns 

99.50 . 10.23 18/ 7/1989 

os Tun flif- onriinT - 


20 . 00.1969 m urns. TBHAira 
12J» 97^5 8*^5 15/11/1931 

25.00 1972 UHBUB 08 lUUdl 9 6 VZ 1U04 8.94 *.73 

19.50 97.90 8.35 13 / 2/1989 B 5^9 9.23 

15.00 1979 urmvKvmuiv 997 /a ?.os 9.23 sui 

8.70 K*» 9.00 1/ 3/1385 S U8 

ps muAis-xM oa. 

15.00 1967 ifiuaninr uff 97 

MO 96-00 7-00 ' 38/13/1982 B 

ZB BCBliKMmr 


102.00 1979 GO £0 321105 !S 5 310 930 969 965 
1.50 1970 BBLX 975 

101.09 Wfll rp M 359 IBS 9M 960 945 9M 
1.30 1773 IX 

110.00 1980 Jfp EC 959 105 930 960 S6S 375 
•90 1971rlH 


39.00 IS76 UUOP20ESO 

M.53 8.50 ISf 6/1931 

35.09 1975 HiSEOP WU 

100.00 9.25 15/ 6/1980 

5C.08 1977* SBEOF.TOOWCaUCAnj 
100.00 7.625 1/ 5/1984 

10.00 7976 CDIIE4L Q3S5 CO 1S> 
100.00 9.50 15/ 3/1981 

25.00 3973 CISUf Ul 1BB0 B3MW 
21.20 98.50 8.625 2/12/1983 

20.00 1974 C88AC40 10S3> TOCDIF0 
11.00 S9.7S 19.25 15/11/1*61* 

20.00 1977* BfifSA. — SEZ8Z S00TB EJ£ 
99.00 7.75 1/10/1982 


4.82 7.90 7.35 IK-00 1979 CS ED 359 975. 
£.87 &M BP 1.35 1972 Ul 


20.00 1970 itumoa 

10.20 97.00 7.79 SS/XfOBS B 

15.00 1963 MBWMBB 
S^l 99.00 5*50 15 / 7/1575 

20.00 U 65 C 4 SS 6 . SOL Zb asKSODO 
9.50 97.30 6.00 1 / 3/1965 S 

2 S.oo iss* cissa m n mo o chmo 

1 U 88 98.25 6.25 1 / 10 / 1983 - B 


92 3/4 7M MS 8-53 

3^6 10.49 •' 

*7 an -os n.3fi s-63 
.45 11.56 ' 

St IK 7.08 7.6* 6.64 
3.34 B.90 

521/2 5.67 8.62 M3 

3.30 9.67 


103.75 

U 40 


5.31 


■ ?■!? 0*07; »*11 __WW 93 IQS 205'310.215 305 320 

2.96 8.65 ' -. tJX> 392* ZX 805 870 930 S33L 975 

1027/8 7.75 .9.** 9.72 1D0.375 19813728456185209210215960875 
: -6-53 9ta38 / •»' XJO- 1978 IX 

97 7/8 4. ^7. »-7. &-100.60 }"f JPTO 117 405 205 210 215 S» 5M 
2JS7 7484 .'1-25 19712XZ3t 941 925 - 


25.DO 1969 C1SS* set a IBBOCXOBO SZ I/S £.41 8.45 MS 
13.75 97.30 6.75 U 7/1984 B 3.55 9^9 - 

23.00 1963 CUT OP SOU 99 3/8 .41 7.16 ML 

_ 1.28 98.73 5J0 If 7/1978 S .40 7.20 

10.00 1971 CZRGV TBUH 99 5/8 13^3 9.04 MS 


3 . 461 U 4 UM 


• 33-00 1989 uar o o mn iM l , - R 57 SM 
v 100.00 6.00 1 / 12/1980 

*■'* ’* TS^OO 1369 84 SP OTOSEKB. _. 3 B 9*1/2 2 JB 

100.00 (bOO 1 / 12 / 19 SO ' 

73.00 1969 BOnnrra .w 915/8 3.75 

99.50 - 6.00 l/ll/isn 

73.00 1969 um nr ns. a 931 / 8 - 0.75 

99.50 6.00 , 1 / 11/1981 • 

60.D0 1977* JUZSK IKT P3X " ,.Jg j» S» 6,25 
• 100.00 , 7-50 1/ 3/138* 

-' 125 . m>‘ i» 77 * c£HF iTS DraTSf 3 m ar m io* 1/2 9.33 
• ZOO. DO 4.30 1 / 6/1987 

125 .U 19 Z 7 * OOPPIBWIIISCHS* » 75 7 /B MS 

- _ - 100 . 00 . 4 jg 1 / 6 / 1987 : . 

' 25,00. 1373 COTEBDPFBnKaHHnE. O/S - « 3/4 10.00 

. I 1 23.73 100.00. .. 7.73 - if 3/1988 5.98 

25.00 1977* 0900, IBS US _ . 94 7/8 6.67- 

• -- 100.00 B50 U/10/18M: '. 

■ 40.00 1969 8 ZBIBK BESXZSX- 7 IX 737 128 3/4 1.33 

- S»;» 5.30 If 6/ym 

40.00 1969 EIDEB SE 3 XEXB 1 TB » W 3 /S' 1.33 
-. 99.25 - 5.30 If 6/1973 ■ 

•••>.■ 30-00 1970 - SIBIBaO fiETOBB PIX- . 105 3/4 7.83 

23.00 UO .00 *. 00 . 1 / 12/1985 - 4.49 

• w 130.00 1977 * TOXSHiOB tTfflQB j»-. 95 7/8 9.28 

100.30 7.75 . 13 / 3 / 19 ^ 

DB MKiABS-OEECE 


7.20 6.19 »CM 

8*26 &is ' 00 . 00 - 

7.36 6-27. Ua.CO 

1.0 W 100.00 

8^29 7.78 -V' ; 

Ml ^Mi .^oua 

B.69 -6-091; 101*00 

a. 71 8*27 102.00. 
9.16 -->ia-. 2 |ja 

651Mk : ^|! 

- 

8.24 5 . 6 »y 

7.98 6 . 51 Ml. 00 
7.45 2.00 

8.73 8JB 100*30 


VP ns U 7 105 
IX 


1978 K nr 143 210 305 306 8» 519 

nr 

157B 9C ED 143 105 210 305*306 307 5*0’ 
W 870 975 

W79 Pc eb 143 2M 305 506 870 975 
IX 

1919 PC ZB 143 105 210 305 306 307 540 
U 870 975 

HP £0 456 105 300 305 528 530 5*0 
80S 935 941 915 
-1982 HP EC 143 210 305 975 
LX 

>1982 XP EC 143 210 305 870 965 913 
. unu 

190 PC EE 359 105 305 320 540 *65 9» 
1977 LX 

1982 PC ED 1U 303 540 975 

IX 

PC nr 143 105 210 305 306 973 
IX 

PC VS 143 10 105 210 305 306 5*0 
LX 975 

UM PC EO 143 105 300 305 Ml 975 
’1173 IX 

1983 PC KO 143 **■ 

IX 




20.00 1972 min POKE ttWMWWF 95 7/8 
IM 0 , 9 M& 8 ^ 23 - WfZJiM* ■ 

8 S OOUVOMUBO MG- : 

50.DO 1973 BBRCD9C1UD ... TV 913/4 
44.15 100.00 7.75 - 1/10/XMS 

50.00 U73.BBB»eUB0 38 87 1/2 

44.13 100.00 7.75 1/10/1988 

15-00 1971 JABD1HE JUraESOH UT. W 135 
12-00 lqo.ro 7.33 13/1171986 v , 

13.00 1971 3410ZHE BBBMMH* XT - 88 ' ‘ 
12.00 100.QD . 7.75 . 13/11/1|0& . .., ^ . 

ns muihixbb 


6JS7 9.07 8.60 10U» 19M CC U 411 915 927 960 975 

4.67 908 W^lvOO .1973 11 - 


50.00 1972 UnOHkL BK OP BUJClXt t> ' W 3/4 
100.00 8.30 .1/W1SS7 

25.M 1971 X6XXDUr.'B4BKWXMMir SB 3/6 
20.00 99.00 8.15 30/ fi/UU. 

DB wftr.r- 4 HB .rm Jim - ; 


18.00 1967 ICEUIIBro OTIMTHTMCO 
9.00 S9.ro 6-73 - l/lO/ltBZ 


98:1/8 


- --... .Iv 


10.67 8.97 MS 100k58 1980 HP SB 183 960 975 
7.34- 9-35 - MVM 8 1976 XX 

10.67 9-67 8 U 6 100.50 UM PC EO 183 915 960 

7.34 10.25 . nr ' X^ip 1976 LX 

8.79 5.1S 5.7*"" MK» 1979 PC SC 456 960 »» 
3-3J-X.0Z, ; ; M0 1973 LX 

8.79 ^84" 8.61 ioMo 1979« ZS 456 9*0 
,, 3J7 UU 8 L - 1.00 1973IX 

-Vf-c-*. 

9.75 8-n 8^1'. M2.ro uslirpxn 3M 915 960 975 

' 1 * 

3.61= 9.17 K 86 , lffli5H -1978-BP 80 336 915 960 975 
1.91 Ml,, .. *118,197718. 

; ■ ■ ■_ 

. ' ‘ ;"• i> '** ■ - 

4.67 7.22 us un.ro 1978 row 485 528 SIS 975 

2.47 7.53 .1.80 1973IX 


7.00 100.00 

9.00 

If 5/1991 



6.75 

9-07 


50.00 

1969 

wpi-nai 

Jiff bk VUgBJCBC 

30 5/8 11.92 

8.98 

MS 

30.00 

95.00 

7.30 

If 1/1990 

& 


4UA2 

9.71 


50.00 

1970 

F-MHI!. 



94 3/4 

7.0* 

8.68 

8.07 

25.30 

96.00 

7.30 

3/3/19*5 

E 

3.43 

9.54 


20 .ro 

1966 

ULX. 



99 1/2 

3.00 

6.28 

6.12 

0.20 

95.75 

6.00 

If 2/1381 

£ 

1.63 

fc*3 


20.00 

1966 

E.S.Z.- 



» 1/2 

3.50 

6.77 

6.64 

10.40 

97.00 

6.30 

1/9/Z9U 

S 

1.96 

6.89 


25.00 

1967 

ZJI.Z. 



5*1/4 

4.00 

6.03 

M6 

14.50 

97.50 

6.50 

1/ 2/19*2 8 

2.14 

7.01 


25.00 

1967 

ZJLX. 



90 

9.33 

B.20 

7.35 

15b 00 

9S.M 

6.30 

If fi/1957 

8 


5.97 

8.87 


SObOO 

I960 

EJUX. 



99 1/2 10.75 

6.93 

6^0 

11.00 

99.00 

6.75 

1/11/1988 

S 


5.50 

6.98 


30.00 

1960 

E.S.X. 



MX/2 10.33 

6.93 

6-50 

15.75 

90.00 

' 6.75 

1/6/138* 

8 


5.33 

6.98 


30.00 I960 

8.B.I. 



99 1/2 

3.67 

7.28 

7-16 

13.34 

97.50 

7.00 

1/10/1901 

E 

1.92 

7.62 


50.00 

1972 

L1.L 



BO 1/2 

9.96 

S.7S 

7.91 

45.00 

98.25 

7.00 

19/ 1/198* 


7-56 

9.16 


25.U 

1971 

mMOmt 1KT.WKWIW 


9* US 

B. 00 

8.84 

8.7* 

20.00 100.00 

8.75 

If 2/1586 



4.82 

8.8* 


25.00 

1970 

7IPIM1 ZBT 


971/4 

6.92 

8.45 B.U 

12.20 

97.00 

7.75 

1/1/1985 

S 


3.7* 

8.81 


30.00 

1969 

XXL 



99 319 

9.83 

7.57 

7M 

14.00 

96.00 

7.25 

1/X2/U81 

8 


200 

7.69 


13.74 

196* 

X.2.Z. 

217 

97 5/8 

1.41 

7.70 

XX 

5.50 100.00 

3.75 

30/ 6/1979 

6 


.91 

8.67 


10.00 

1)59 

BOHZecanzx 


93 5/8 

1.37 IO-BS 

5.96 

1-70 100.00 

5.50 

15/6/1979 

e 

97 1/4 

.87 13.52 

7.U1 

15. DO 

1967 

OLIVETTE ] 



6.67 

7.S9 

7.12 

98.50 

6.75 

1/10/1982 

B 


2.67 

8.06 


25.00 

1976 

flT.XTfCTTT JfJIHllJjflltH, 

98 3/8 

3.79 

9.26 

8.89 


99.50 

8.75 

15/11/1981 






JULOO 

1977* ftTTTPrrry ptynifpimmcif r 


98 3/8 

6^3 

9.5* 

9.40 


99 JO 

9.25 

U 6/198* 






15 .bg 

1970 

otram TBTDmxumxL 

101 

7.79 

9.30 

9.41 

9.00 

99.50 

9.50 

15/11/1905 



4.29 

9.21 


50.00 

1970 

S.T.T.E. . 



96 

7-25 

0.68 

8.14 

26.90 

97.00 

7.73 

1/5/1985 

s 


J-8I 

9.21 


40.00 

1977* Z.V.Z.Z. 



99 1/4 

5.4S 

9.41 

9.52 

40.00 100.00 

9.25 

15 f 7/1983 



3.95 

9.48 


I5.ro 

1M5 

6d xu.ciBT saaai : 

Bl 

80 5/8 

2.92 15.49 

8JZ 

5.40 

99.50 

6.50 

31/12/1980 

S 


1.92 19.93 



5.00 

2.80 


1966 BEL ZVT-C2BD SBOB) XV 80 5/8 
99.50 6.50 31/12/1980 S . 


2.92 15.49 8.32 

1.92 19.93 


100.75 

1.88 

10 L. 0 D 

2 . 3 B 

1.28 

102.50 
.50 

103.00 

D-jD 

101.75 

3.50 

100.50 

1.20 

100.00 

1 -.-IJ 

107.00 

1.50 

101-25 

.63 

101.25 

.50 

101.25 

.75 

10 D. 7 S 

1.67 

101.50 

2.00 

I0U00 
m 1.25 

103.00 
1.60 
101.00 
DP 1.00 

2.75 

100.00 

>15 

101.00 

1.42 


IOOjJO 
PP 4.00 

' 101.00 
1.13 
102.00 
3.30 

100.50 
4.00 

101.50 
1.50 

.101-50 
" .60 


1S?3 PC SB 266 405 409 415 425*975 

1971 li 

1978 FB XS 3 S 9 405 425 975 
1969 UtL£ 

W EO 359 405 409 415 42 S 973 
1966 L 5 LX 

1978 CC CS 189 405 409 415 42 S 975 

1971 US. 

UTS CC ES 189 405 409 415 425 SIS ; 

1972 L 9 S. 

1973 EP 5 X 399 405 425 975 

1968 HT 

1981 SC Eff 3» 405 409 425 975. 

1372 LX 

1982 CC EQ IBS 405 4(9 415 425 975 
1371 um, 

1978 CC ED IBS 403 409 415 425 975 
1971 EZHL. 

1978 HP ED -500 405 409 415 425 97 S 

1966 CEL20. 

1976 B? EO 189 409 409 415 425 975 

1967 HTUKI. 

1976 BP ED 186 405 409 415 425 975 
1967 maa. 

1978 BP CD 361 405 409 415 425 975 
1967 L&JU? 

1978 5 F TO 186 X 05 409 415 425 973 

1969 LMLBT 

1978 HP CD 189 405 409 415 425 975 
1946 LSrUB. 

1978 SF TO 189 405 409 415 425 975 

1970 UJSLEI 

1981 tie TO U 6 405 409 415 425 975 

1974 LHTC 2 £ 

1981 CC LD 485 405 409 415 425 975 
19/2 LE 

1978 PC ZD U 6 405 409 415 425 975 
1570 

1976 XP 10 136 40 S 409 415 425 973 
1970 B&OJX 

CC £0 316 405 409 425 975 

1975 LUJTP 

1978 5 F LX 405 425 975 

1964 uq 

1976 PC TO 166 105 40 S 403 415 425 975 

1970 AMLX 

PC EC 186 10 S 405 409 415 425 941 
1976 LX 9»0 975 

1382 PC ID 165 105 300 405 409 415 4 Z 5 
19.77 LX 520 870 930 940 9*1 SM) 

975 

1978 PC ED 155 105 *05 409 415 425 975 

1971 LX 

1978 PC ED 196 405 409 4 L 5 425 975 
1971 UHL 

1981 PC ED 316 115 21 S 230 405 409 415 
1978 LX 425 520 6 Do 940 541 975 

1?76 PC ED 359 405 415 425 
19*7 UU 

1778 ?G EC 359 405 415 425 
1367 L 3 LX 


30.00 1477* 

30.00 99.25 

S0.ro I960 
10,17 98,50 
25.00 1975 
99.00 

UMW 1976 
99.75 

35,00 7975 

10 ft.ro 


F TTlftirf SHtnujUtZS 

7.75 15/ 2/198* 

3 BUE 0 SS 

7.50 15/1/1901 S 

mrnu t t f /Ffn 

9.25 1/ 5/10*0 

ZBDDSWAI* 213 S-JMU! 

8.50 1/ 7/1901 

T i.w p .fjr *-. nmvnwB 

9.25 15/12/1960 


101 

1013/4 
96 1/2 

101 7**8 
58 2/4 

102 1/8 
96 5/8' 

95 1/2 
98 3/4 


3.37 
2*37 

Ms 

3.12 

10.83 

8.37 
23.79 
2.50 

0.67 


6.0k 

4.64 

2.96 

1.97 


8.12 8*« 100.50 

8.36 9.09 100.50 

MS 7.90 IOC.50 

8.77 9.3S 

xjn 8.73 iai.ro 
S.6* PP -95 

LJ310-04 100.50 

9.26 Iff 3.00 

8.64 8.02 

0.7* 8.12 101.00 
0.99 6.QD 

8,14 7.74 UMO 
■8.37 1.33 

8.1* 9.0S 

27 UM 
8.30 8.46 100.50 


1021/3 2.,25 
IDO 1/2 3.41 
1011/2 2.87 8.62 /-U 100.50 


35-00 1975 lEDtelEUi, BABE-OAWH 1013/4 
32.28 100.00 9.25 15/ 4/1902 

4S.M 1977* I£KIX4UiJll!Jt-lU£MA 9S JJz 

100-00 7.75 I if 4/1962 

35.00 1976 lroxOTUUl-SXmt 101 £/s 

100.00 9.00 if 2/1901 

15.ro 1977* c mm 4 co cho sn 96 1/2 
S9.00 6.125 E/12/198* 

35. DO 1976 C m» 100 3/4 

100.00 8.75 1/ 3/1581 


4.20 

3.77 


4.20 


X .72 9.09 10 JL 5 O 
0.69 PP 1.40 

8.76 8.09 100.00 
8.37 6.86 100.00 


3.08 
6.83 

3 ^g 8.46 8.68 100.50 


8.82 M2 101.00 

FF . 2.00 


20.00 

5-*0 

20-00 

6.89 

100.00 


30 . DO 


15 . DO 
15 . GO 


1964 JiEiS BEreLDHEXT BIHK SS 3/4 

96.00 5.75 15 / 10/1979 S 

1965 JAM DESELoraaxr BAKE 98 7 /S 

97.73 6.50 15/U/1980 S 

1974 JAP 2 W VETSUTUBT BASE UO 3/4 

99.80 8*23 15 / 7/1961 S 

1975 JAE&H EBTCUgSBg UIS 100 7/8 

99.25 8.50 15 / 3/1980 S 

1977 * JJFA 3 BULL kdejcj 95 1/2 

99.00 7.75 15 / 5/1964 

1977 * EUM OVESSEUrcSUCAO) 95 7 /E 
100.00 7.625 15 / 5/1982 


3.70 

lm29 

2.79 

l.SS 

3.45 

2.12 

6.28 

B.7S 


6.64 5.91 100.(» 

6.89 -74 

7.07 6.68 100.50 

7.25 .75 

S.U 8.36 
*.20 8.60 
8.69 8.12 101.00 


8.9* 


3.75 


A.28 9.80 7.95 100.50 


27.50 1961 CTBBWW OP JiTiH 
5.46 97.75 5.50 1/ 5/1980 E 


90 1/3 2.25 6.51 9.68 1DO.OO 


1-31 7.13 


K DOLLAES-J4XA1CA 


7.50 1966 GOSKUma OF JUUXC4 
1.BO 96.80 6.73 1/ 1/1981 S 

10.00 1972 GOVEUKQff OF JAHAXCA 
3.00 99.00 0.23 1/12/1979 

US M TOTJIHU JAMH 


u 


2.9* 18.57 7*47. 100.25 1979 KP 5T 44X 975 
1.66 13.01 .30 1946 St 

991/4 1-89 8.68 4,31 100.00 1978 BP EC 327 9M 
Ul 8.90 2.30 197b LX 


20.00 1975 «tm ccthcm. 

98.30 10.25 15/ Z/19B0 


US 3/4 5.04 7.U 9.69 


B6 m 399 105 913 920 960 962 975 
If 2.00 1976 LX , _ 


15.00 

1976 EOS) cnEBSEiSCanuCAD) P Ul 
lOO.CO 9.00 15/ 9/15al 

3.62 

8.64 

8.91 

35.M 

1977 E2UbdI am P 

99.75 7.75 15/ 1/1982 

96‘1/S 

3.96 

8.95 

8.06 

30.00 

1976 LD5G TEU-OUKtr BASIL 
100.00 8.75 1/ 5/19*1 

201 

3.25 

M6 

8.66 

25.00 

1975" U3KG TEEM C32PH BATiiX 
99.50 9.00 15/ 6/19EO 

m 1/4 

2.37 

8.38 

8.89 

2 o.ro 

1975 *mmnntr COP 

99.25 9.75 If 3/1932 

103 1/2 

4.08 

8.69 

fc42 

10*00 

1976 wrrtirfCT* electric «UH 

100.00 9.25 15/ 4/1981 

102 

3.20 

8.49 

4.07 

20.00 

1974 BXKCTISBX HaClHI 
99.00 9.00 15/ 4/J9S1 

131 1/8 

3.20 

8.56 

8.90 

12.00 

1974 BUMB158Z.Un>5 

98.50 9.00 1/ 4/1989 

IDO 7/6 

:lu 

8.87 

8.92 

25.00 

1976 arse i snow « smeltioc 102 2/4 

100.00 9.25 26/ 2/1981 

3.07 

8.38 

9.05 

50.00 

1976 HtXSLT ESC 6 SHIP 

99.50 8.75 1/ 9/1983 

100 1/* 

5.58 

8.70 

8.74 

25 .ro 

2975 HnSOI O.S.Z. LISES 
99.25 9.50 15/ 9/1980 

101 3/4 

M2 

8.68 

9.34 

25.00 1977* 1Q2SUE PEtaaCHOaCAL ZKD 
25.00 100.00 6.00 1/ 4/1984 

96 1/2 

6.16 

4.72 

8.75 

8.94 

8.29 

20.00 

1975 ZXI5CI sgFBaujno-nc 
99.00 9.25 15/ 7/1980 

101 1/2 

2.4S 

8.50 

9.11 

2D. 00 

19774 2DL iSTFimnnmi- . 

99.25 7.75 1/ 8/19B4 

95 1/2 

6.50 

8.67 

8.12 

15.00 

1976 TneBTMni CD s 

100.00 9.125 1/ 8/1981 

Ul 1/8 

3.50 

8.71 

9.02 

15.00 

9.00 

1969 KimitJ ELEETUC 

98.00 7.60 15/ 5/1981 & 

99 1/8 

3.28 

2.12 

7.95 

8.11 

7.71 

30.00 

19774 arm todosan bask 

99.00 7.75 15/ 6/19*2 

96 S/8 

*.37 

8.69 

8.02 

25.00 

1976 XLPTON FUDDSAI VST. 
100.00 8.00 15/11/1981 

99 

3.79 

8.30 

8.09 

20.00 

1976 5IPP05I TODOEAK BAEZ 
100.00 9.25 1/ 2/1981 

101 3/8 

3.00 

8.71 

9.12 

55.00 

1974 mrow rcnoSAE bask 

97.00 10.25 16/ 1/1960 

105 3/8 

1.96 

7.20 

9.73 

1 

15.00 

1977* SIFFOIt HXEULG 

99.-30 7.75 If 6/1982 

96 7/8 

4.33 

8.62 

8.00 


1979 BP ZD 359 *** 

USE 

2978 9P EB-2U IK 2» 3»i» 913 S» 

1981 ZC EO 359 MB 

USX 

ICED 46109 913 

rq 

2981 PC ES 3» 105 303 913 935 960 9SS 
1374 LX 97S 

1978 PC ED 331105 600 605 913 9» 930 
1973 LX . S35 960 962 965 975 

MED 337 35 105 215 91$ 900 927 
LX 930 9*0 9150 935 960 B6E 

975 

1981 M EB 339 105 913 920 930 933 935 
U8LLS 541 950 960 9*Z 985 97* 

1979 K SB 415-105 003.375 

1969 LX 

ZB ZS 510-105 913 975 
1976 UR 

1979 EP 43 396 105 913 930 933447 960 
US1 975 

U78 HP ED 456 IDS 230 305 520 913 920 
IX 927 930 933 94T 930 960 
975 

1979 PS ED 456 3S 105 305 320 913 920 

1976 IX 927 330 933 940 950 960 

975 

1981 SC Eft 412 3S 105 230 5ZO 870 913 
LX 920 927.930 933 935 9*0 

941 9*7 930 960 962 973 
lWOBCED 412 105 913 920 937 930 941 
IX 960 975 

1931 PC AS 396 913 927 930 9*7 975 

1970 EUZ 

2979 MED 93 35 105 MS SOS 520 9U 

LX 930 935 9*0 941 947 960 

962 975 

1978 GG ED «tt 105 520 941 975 

1966 ST 

1978 CC BT 4U IDS 80S 941 975 

1967 VT 

SC HE 411 33 35 60 M 605 927 
XX 931 940 975 

GC VI 411 33 35 60 S0BTO927 
EX 931 775 

1901 BC ES 463 105 805 913 920 930 9*1 

1981 IX 950 960 975 

1980 EG‘ED 396 35 105 230 300 913 920 

IX 927 930 940 9*1 950 9H 

962 975 

1978 3P HT *11 105 805 941 975 
1961 or 

MED 396 913 
oq 

X w 3» 913 930 960 942.975 
TK3 

U79 liP EO 412 35 105 230 305 520 913 
IX 920-927 930 933 935 S36 

9*0- 9*1 930 960 975 

1979 BP ED 412 35 105 215 305 520 911 
LX 920 927 930 936 940 941 

950 960 975 

I960 K EO 326 IDS 9U 920 962 975 
1976 LX 

BG nr 354 105 913 962 
IX 

1B78 K ED 456 105 913 930 975 
LX 

1902 BG EH 609 105 941 975 
LX 

PC ZD 463 105 215 520 913 920 930 
LX 975 

19B0 BG EO 140 35 IDS 215 300 305 520 
LX 913 920 930 933 935 940 

941 9*7 950 960 962 97S 
BG EO. 207 105 913 920 960 962 975 
U 

1981 BC ZD 463 35 215 218 520 805 919 

3961 LX »1D 927 930 933 935 9*0 

941 950 960 9«2 965 975 
1978 BG ED 219 103 913 920 930 973 
LX 

1981 PC ED 140 105 300 913 930 960 968 

LX 975 

BG TO 860 913 

DQ 

1978 BC ED 411 105 913 941 979 
1970 LX 

1980 BP EO 456 35 105 520 330 BOS 919 

LX 920 927 930 933 935 9*0 

941 950 960 975 

UTS KP ED 456 35 105 520 805 913 92D 

LX 930 933 935 9*0 941 950 

960 975 

1979 KP ED 219 105 913 960 
LX 

BP ED 346 105 913 920 960 97S 
If 1.50 1976 LX 

BC EO 517 105 913 920 930 933 941 

LX 960 962 975 


1.02 


XP 2.00 


1.00 


•v . - '.mM ■ ■..;y• 

^ '^keir long list of top clients 

or synmeated, NCHcait T ^ , , .- 

J 1 y; __ in Japan makes them the bank 

to ^contact when you’re doing- 

business there," 


W- 

- " - .y.'-V *:•: ' ••,. ... 

deed 6jy $17 billion 
v in assets ahf a strong 
~ : growtk recdrdj NCB 
offers exceptional 
y 4 reHabiU^ as a project 
^ pdrtnerfin overseas 
■'* development.* 9 


“NCIPs long experience 
in foreign exchange 
and considerable sise - 
are reassuring . It’s nice 
to deal with a leader. 9 


~ 11 
ST 


- 

.. »?:-’ 


’ - T.r 


j- ,f.. 


L . 
.. t 1 * 



People talk about ^NCB for Some very good reasons 



Formerly Nippon-Fudcuan.Bank 


Head Office' 13-10. Kudao4dta l>cfaomc, Chrsoda-ku, TokyoIflS. Tanatt Tel; 03363-1111 Telex; J2692I. J2S7S8NCBTOK 
wSSSSSm 7>£*doBwL Lond<mEC2NTBL.'UJC Td:01-6284685/8 Tetet:.884868NCBLDN 

New York Branxdii'2 Wan Street, New'York. N.Y. 10005 Tel: 212-285^787 ■ • 

New TCWh. o (DotwsUc) 12822 ^NCBNYK, antematuuial) 232456NCBNUR; 423621NCBNUT 

r Aneetra Office; 800 WSsbirc jBcnifc vard. Suite 1460; Los AMeks^CaJiTomia 90017 Tel: 213^29-5566 Telex: 674377 NCBLAX 
F^kSS OffiwSiedCMU 61«T^J Frankfurt am Mam,F.^Gennanj- Tel: 0611-72 56 41/2 Telex: 413387 NCBFM 
Cenire Verdim-BIdg., DunantSt^ Beirut,Xebanou -Tel: 341474/5 Telex: 22194 NCBBRT 
Affiliate* grw? Iwm^itt wi' Sgoba Bttto IsttnuB^UBtal 4o InifrotiniMtft SA, Rio dp Janeiro'. 

P.T, Pritttt nfiadoBBOT. Jakarta,.-Star Brok, Hawaii , . 



Austrian Quotes 

otations and Yields of Austrian Eurobonds 


8*S Im'estitionsanleihe 1971/II1/'B 

&% Irn'estirionsanleihe 19T2/B . 

S% Investitionsanleihe 1972/JT/B .- 

S% Investitionsanleihe 19T2/TII/B. 

$% Investitionsanleihe 1973/8 . 

S% Investitionsanleihe 1973'II/B . 

S% Investitionsanleihe 1973/I11/B. 

8% Investitionsanleihe 3974/B . 

S4°o Investitionsanleihe 3974/II/B. 

SJ% Energfeairleihe 1974/S (G) . 

8Hr, Energieanleihe 1973/8 (G) . 

Kelag Anlefhe 1974 /SI . 

81% Vorarlberger Kraftwerke 1974 CS> 

S% Wiener Stadtanleihe 1965 . 

3% Wiener Stadtanleihe 1968 ......... 

R% Wiener Stadtanleihe 1967 . 

S% Wiener Stadtanleihe 1973 . 

SJ% Wiener Stadtanleihe 1975/B. 


15.11 j 13.11.75-79 (1011 

15.1 15.3.76-80 (101) 

1.7 1.7.77-82 

1.10 1.10.7B-S1 

13.2 1 15^.77-Sl (101) 

3.7 I 3.7.76-SI (102) 

20.11 ! 20.11.74-82 (102.50) 
1.4 I 1.4.76-82 1104.50) 

22.10 22.10.75-S2 

15.11 (13.11.77-80(100.50) 
18^2 I 18.2.7S-S1 (101) 

29.11 29.11.77-SO (100.50) 

20.12 20.12.77-80 (100.50) 

L2-1.S 15.70-80 

7.6 1.6.70-SI 

15.6 } 15.6.68-83 (103) 

, 15.5 | 15.5.74-88 (101.50) 

1 29.4 I 29.4.76-S3 


^ \ 

- \ 

\ 





PRICE 

ISSbE 


COUPON 

dates 

REPAYMENT 

FUND 

(START/NG* 


ASKED 

D-MARK BONDS 

,8J% Brenner Autobahn IMS /G) . 


1J-1.8 

1.S.74-S3 

1.S.73 

103 

; 

1031 

6% Donaubraftwerke 19.i9.lG) —-.. 


13-l.s 

1.2.65-84 


1021 


6|% Donaukraftvierke 1973 (G) . 


1-3 

1.3.73-S7 

1.12.77 

1051 

105J 

7% Girozentrale Wien 1976 . 


1.11 

1.11.81 

— 

106 

106! 

7j% Girozentrale Wien 1976 . 


1.11 

1.11.83 

_ 

106i: 

1074 

8J% UKW 1975 (G) . 


1.5 

1.5.S0-65 

_ 

10SJ 

109; 

6J% Kelag 1973 (S) . 


1.5 

1.5.79-SS 

15.78 

105? 

lOfiJ 

B!% Oester. Draukraftwerke 1975 (Gi . 


1.3 

1.351-85 

_ 

111J 

312i 

7% Oester. Elektrizitaetswirt 1967 (G) . 


1.2-1.8 

12.73-87 


10n( 

105} 

7% .Rep. Oeslerreich 1968 . 


1.4-1.10 

3.4.73-82 

1.4.72 

104 J 

304J 

61% Rep. Ocsterreich 1969 . 


1.4-1.10 

1.4.75-83 

1J.74 

103J 

104 

9% Rep. Oeslerreich 1975 . 


1.3 

l£M 

_ 

]'!, 

111J 

81% Rep. Oesterreich 1975 . 


1.5 

3.3.7S-S7 

3.2.77 

107 

108 

7|% Rep. Oesterreich 1976 . 


2.5 

2.5.S3-B6 

12^2 

no? 

HU 

8i% Rep. Oesterreich 1977 . 


1.4 

1.4^3-85 

2.1.82 

106! 

J06‘- 

6}% Tauemkrartiverke 1968 (G) . 


1.3-15 

1.9.74-S3 

3.9.73 

105 

105/ 

7% Tauemkraftwerke 1968 iGl . 


15-15 

12.74-S3 

— 


105} 

94% Tauernautobahn J974 (G) . 


1.7 

I-T’-SI 

_ 

312 

112! 

8}% Voest 1973 .•.... 


1.10 

1.10.79-88 

1.6.78 

1085 

109 

84% Voest 1975 . 


1.6 

l.C.81-85 

_ 

109 

103! 

Bf% Voest 1977 . 


L6 

I.6JS4-S9 

_ 

104> 

105 

7% Wien 1968 . 


1.6-1.12 

1.6.74-S3 

1.6.73 

km; 

104} 

8|% Wien 1975 ... 


15 

3^.79-84 


10SJ 

108} 

U^JS BONDS 





98 S 

R9J 

6% Rep. Austria 1964 . 


31.1-31.7 

31.1.71-84 

3.1.70 

6J% Rep. Austria 1967 . 



15 J.72-82 

15.3.71 

9SJ 

DO) 

Sl% Rep. Austria 1B76 . 


155 

15.8.78-90 

15.8.77 

98i 

98} 



1.1-1.7 

1.7.70-86 

1.7.69 

B6| 

96 J 

6J% Aust! Electricity 1967 (G) . 


1.4-1.10 

1.10.71-82 

1.10.70 

99’ 

99$ 

5|% Alpine Montan 1965 (G) ... 


15.6 

15.6.72-85 

15.6.71 

93J 

941 

Sl% Tauernautobahn 1977 tG) . 


153 

15.3.83-87 

15.3 J52 

962 

on 

5J% Voest 1963 *G) . 


23.10 

23.10.70-78 

23.10.69 

9SJ 

991 

61% Transalpine Fin. Hldu. 1966 . 


31.10 

31.10.70-85 

31.10.69 

971 

97J 

6J% Transalpine Fin. Hide. 1966 . 


31.7 

31.7.70-85 

13.7.09 

071 

98 

6|% Transalpine Fin. Hldg. 1967 . 


Sl.l 

31.1.73-82 

13.1.72 

98 

98! 

6J% Transalpine Fin. Hldg. 1967. 


sn.4 

30.4.74-83 

30.4.73 

98 

98 J 

7i% TransrAustria Gasline 197S . 


15.1 

15.1.77-88 

15.1.76 

90 

91 

AUSTRIAN SCHILLING" BONDS 







9i% Kontrollbank 1974 (G)... 


14.8 

14.8.79 

— 

99i 


DOMESTIC ISSUES 







S% Bundesanleihe 1966 . 


30.4 

30.4.70-SI 


98 

OS! 

S% Investitionsanleihe 1967 . 


2.5 

2.5.68-82 (103) 

R 

100 

1001 

S% rnvretitionsanleJhe 1967/U . 


_ 

1.12.B9-79 (103) 


ion 

101J 

S% Investitionsanleihe 1S69/A . 

- 

155 

15’.75-79 (103) 

K 

102 

1021 


iCtfRRFNT 

YIELD 



n »? 

99} 

97J 

981 

90S 

99 { 
99A 
101 } 
9SJ 
99) 
99: 
Iffl! 
99* 

Mi 
9Si 
ion 
96 i 
99 


99 J 
0Si 
9SS 
99; 
100 
100 
102 i 
.99} 
100i 

I too: 
i ioo: 
i ioo: 
99! 

i 

! 100 ! 
i 973 
I 99! 


6.54 % 
5.83% 
6.40% 
H.59% 
6.78% 
8.03% 
6.37% 
7.81% 
6.64% 
6.70% 
6.27% 
8.07% 
7.89% 

6il8% 

6.33% 

6.18% 

6.64% 

8.46% 

7.82% 

7.78% 

6.44% 

6.70% 

7.60% 

6.07% 

B.82% 

8 . 88 % 

6.87% 

6.70% 

6 . 12 % 

S.51% 

5.81% 

6.67% 

6^1% 

657% 

6299% 

8119% 


9.55% 


S.14% 

S.00% 

7.88% 

7.84% 

S.1H% 

S.06% 

S.16% 

S.12% 

S.04% 

8 . 02 % 

B.02% 

7.88% 

8.59% 

8.48% 

8.50% 

8.50% 

8.50% 

R. 111% 

S. 14% 
S.00% 
835% 
S.49% I 


6.15% 
5.64% 
5.96% 
5.14% 
5.80% 
7.14% 
5.96% 
fl.60% 
6.29% 
■'.Si % 
5.75% 
629% 
723% 
6.03% 
5.61% 
3.50% 
522% 
5.51% 
720% 
6.87% 
622% 
0 . 10 % 
6.63% 


6.33% 

7.10% 

S.95% 

729% 

7.01% 

620% 

8.73% 

7.16% 

6.92% 

7.14% 

7226% 

7.15% 

S.96% 


9.S5% 


8.63% 
S.60% 
S.64% 
8.81 % 
S.83% 
SA5% 
S.54% 
8-47% 
SjO% 
S.39% 
8.50% 
8-50% 
S.» 5% 
S..t4% 
S.S0% 
S.64% 
8.64% 
8 . 86 % 
S.61% 
S.58% 
S.54% 
S.76% 


(R)Purchase for redemption purposes hy issuer possible. The bonds so purchased may be used for repayment according 
to plan. (...) Repayment at a premium. (G) Government guarantee. (S) Local Government Guarantee. Yield calcula¬ 
tions are based on the middle price. 


On international capital markets Austria ranks as TVipIe A- For knowledgeable investors, 

■ Austrian securities are particularly safe and attractive investraeuts. 

Austrian issuing houses may be considered models where pgmpgro and itacls as a depository bank for investment funds. Leading 
market support is concerned. One more reason for many y M i y J or co-managing almost all domestic issues and haying 
investors to buy Austrian bonds. Girozectrale Vienna is ■ C""prJH underwritten more than 200 issues on die EurrvCapftal* 
Austtia's second largest bank. Issuing as it does it's own m. m f m ■ Market in 1976 alone, G frozen trole \’ienna is one of the 
securities it looks after foreign companies on the ViennaBdrsc ■■■■■ leading Austren insritutioos handling securities. 


Girozerrtrale Vienna 

Market Maker in Austrian Eurobonds 


Mmager SeeoriwB Tnufioe IVtartmooL- VOMACRA. Tel.r 72 94760, Telex-1-3195 ■ Deputy Manor. Eurobond Dealer.MarMHed LTtL. Tel.: 7294 772. 
Tetaoe W195 ■ Eurobond Dealer. Herbert ST EINDORFER. Tel: 72 94 675, Telex: MRS-AuMrian Sehiffinriion* Dealer. Hahen FIERI NC ER, Tel.: 72 9 * 372, 
__ Tetac Manager Mew Issue Sydicafewi-.Paet NOWAK.Tel.:72!>*6^ Telex l-'9ti 

































































<3 

i 


■b 


% 




W 


'- . v .... 

. • ' . ' - • r . -' • - U/Xrf^fVo-'-iV^ 

* ;..-• ; •; •.•.•;: i ;•* J -' r 4 

, . ".financial Timas,Moafoy 



: : :i. 




wC 

3S 

S!£ 


BORROWER/ 
COUPON BATURny 


PRICE 


i w 1 

Eli 


pip 

-'EIPp 


S3 3 


IJ7J 

97-25 


sums mm 

9.2S i$/ a/un 


io t i/i 2.M e.JJ s.u 





—1 

ai 

P OJ 

MI 

Si 

ill 

ib 

! 2 

it 

il 

lia 

& 

E£j- 

5? 

uQ 

zz 

gt 

3 

U 

Ul 

(0 



MARKETMAKER3 £ 


as sc 
u 


30.00 

3.16 


16 U 
96. rs 


32.50 

6.91 


1969 

97.25 


lim TEL 6 TEL 

5.7* 15/ 7/1978 8 

nPFOR TEL 6 TEL 

5.75 19/ 4/1980 5 


100.00 

130-00 

100.00 


1977 

100.00 


SUMS TEL 6 TEL 

7.S23 1/ 3/1982 


1977 

100.00 


SXTOD m 6 TEL 

7.79 15/ 6/1584 8 


1976 

99.30 


ItffOB TEL 6 TEL 

7.079 1/ 5/1901 6 


SO 7/8 
90 1/2 
93 1/2 
90 

99 5/8 


.45 8.48 3.90 
.45 e.ts 

2.2a 6.59 5.52 
1.60 6.07 


3.16 

100.00 


1978 SCSI 
1965 BT 


324 103 ft 3 820 950 : 
975. 

399 105 803 941 973 


1978 GO KT 399 10 105 803 941 
1966 BT 


30.00 1977 
991.75 

50.00 1975 
100.00 


Biros TEL 6. TEL 

8.125 1/ 3/1987 S 

BUMS STEEL 

9.50 15/ 9/1980 


98 


101 3/4 


4.08 8.22 7.89 
6.37 8.32 0.06 100109 

3.25 8.16 8.06 
9.08 8.62 8.46 
2.62 8.68 9.34 


■TEX 

BX 


399 20 33 
937 931 


35 60 
940 975 


1983 CC HE 
BT 


399 20 33 
927 931 


35 60 
940 975 


SC ST 
BT 


399 20 33 
927 931 


35 60 
940 975 


100.00 IMS IT XT 
XT 

100.58 


399 20 53 
927 Sil 


35 60 
9*0 973 


973 
90 865 
90 805 
90 805 
90 805 


1978 ECHO 
LX 


20.00 

3fl.no 

20.00 

15.00 


1973 

99.25 


20.00 

20.00 


20.00 

20.00 


9.25 1/ 8/1980 

1976 BXSaO-XKAX CO 
100.00 9.23 1/ 2/1981 

1976 BIX XRL US 
99.73 8.73 1 5/ 7/1981 

1976 OKZ ELECTUC-CT»tRT 
100.00 8.23 15/11/1981 

1976 OBXZm: LEASTBS (C1EIBV 
99.75 8.23 15/12/1983 

1977* OUEBT LELSirC CCiRlBV 
99.75 8.25 1/12/19S4 


101 3/4 

102 

102 1/2 
99 I/S 
97 9/4 
96 3/4 


2.50 8.10 9.09 
3.00 8.47 9.07 
3.45 7.87 S.M- 
3.79 8.39 8.29 


K £0 
LX 


436 33105 
920 930 
965 762 

aw 103-913 

£75 


303 520 
933 535 
575 

920 930 


530 513 
940 941 


SC EB 
LX 


298 105 520 
960 975 


K EC 


316 520 913 
960 962 


XG'EB 

LX 


326 105 3Z0 
960 975 


941960 

913 920 930 941 

920 930 935 941 
975 

913 920 930 941 


5.87 8.73 8.4* 
4.37 8.90 
6.S3 C.fO 8.33 
5.33 9.05 


5.00 

101.00 


TP ZD 
1980 LX 


396 35 105 
936 940 


20.00 1976 SB0I7A BBOTIH3 

100.00 9.00 13/ 5/1931 

12.00 196* SHUTOfO CBDCC.4L CO 910 .58 7/8 

2.40 96.00 6.75 I/1S/1979 E 

2S.00 1973 SBHJTW] CCBCCH. CO 104 1/4 
99.00 9.23 13/ 4/1930 

95 1/2 


1C1 3/4 3.28 8.34 8.85 


9.00 

100.00 


I9C0 PC sc 
1331 LSI 


1980 30 59 
LX 


1.51 7.5S 6.94 
1.08 8.01 
2.23 7.CS B.87 


100.00 

.60 


1978 26 ED 
1967 ASLX 


396 SS 335 
£33 9U 
■475 

412 195 913 

sea scz 
361 105 975 


913 920 
9SO 960 

912 950 

941 £30 


£27 930 
375 

927 9SO 
935 982 


930 927 930 935 
SIS 


SC to 517 IQS 520 515 930 973 
LX 


20-00- 1977 STBITCH) BLITS IFF 

99.23 7.75 13/ 1/1984 


13.00 197S EtZUTUO 
99.60 9.90 


IT 1-.-B 
1/12/1920 


22. JO 
4.11 


TEE (CTOKUS or mas 
96.50 5.75 15/ 4/1979 S 

20.00 1965 TEH H81TOKLXS C? TOKSP 
7.20 95.25 6.00 15 1 b/l£S0 S 

30.00 1977* TOUT l l ' IHfcL .US 

7.75 13/10/1K4 8 


30.00 99.25 


102 1/4 
K 3/8 
57 7/8 
95 3/4 


5.96 E.7S 8.12 101.00 

2.83 8.55 9.29 


359 35 1 05 205 423 
?IC 727 £10 935 
950 960 962 963 
1C ai 199 105 913 9tt 975 


1982 ZC SO 
IX 


520 913 
9*0 941 
973 


1.20 7.30 S.93 
.83 7.76 
2.37 7.!0 6.22 
1.61 7.57 
6.70 8-7S 6.26 
4.45 £.12 


100.00 

1.10 

Ul.00 

3.00 


15.00 1975 TOOT taOSTZZS E 103 
100.00 9.75 1/12/1980 

15.00 1977* 1010 UKEI5D 

100.00 . 7.73 1/ 3/1982 

90.00 1977* TOTO KSU SAtSTA 

99.25 7.75 1/ 4/1982 


96 1/2 
96 1/2 


2.S3 8.49 9.47 
4.0S 8.CO S.dS 
4.16 8.79 8.03 


20.00 IF7ft TOTO -THCd LLlTEjl 

100.00 9.25 1/ 4/1901 


25.00 1977* T.S. LISE (Ctl'V4_ r ? 
25.00 99.23 7.75 15/ 3/1984 


101 1/2 3.16 6*S7 9.11 
95 3/8 


6.12 8.75 S.13 
4.82 8.98 


15.00 1975 T.E. urn (C/tXATO 

99.ZS 9.50 15/12/1960 

os notuus-rJaai 


102 


2.87 3.47 9.31 


200.00 1978 CC SO 327 103 523 5*2 979 
1.07 1969 ST 

1978 GS ST 327 105 941 975 
int irt 

1951 M E0 359 33 IPS 539 913 920 9S7 
1980 IS 930 933 933 940 941 930 

£55 950 962 £63 975 
JC ED 339 965 
LX 

X S3 359 105 913 920 927 930 935 
LX Ml 950 960 9£2 965 975 

X BO 337 33 183 230 913 97.0 927 
LX 933 933 93S 9*0 941 947 

950 960 962 973 
95 CD 337 105 913 920 EM S7S 
1977 IX 

!)■: re ED 337 75 IDS 2TO 913 920 127 
1701 LX rw £33 933 940 950 960 

952 975 

1572 EC 5C £12 913 930 962 
1976 LSI 


1.00 


101.00 

5.00 


101.00 
I .73 


25.00 1976 KOUA D37T 7*KE 

99.75 9.50 15/U/1M1 

23.00 1977* tom a=rr l.hs 

99.50 9.30 1/ 3/1982 

ns DttiAZS'i.m.’ariac 


99 7/9 3.87 9.52 9.51 
99 3/4- 4.08 3.57 9.32 


C6 EA 301 230 940 975 

un 

CC EG 179 239 970 975 
IX 


10.00 

2.50 


1967 822?) 71J1XZ 
99.50 6.50 1/ 6/IS79 

20.00 1972 S.F.Z. UHE-lMiCr 
zo.oo loo.oo ;.5o lyiuuizta. 
13.00 1979 S.7.E. LKCanilC 

100.00 C.CO If i/1978 

30.00 l-7?5 S.T.Z. UnECinG 

100.00 9.0} 1-V 2/1983 

is uix:.y-3aEM 


99 1/4 


1.33 

.73 


7."7 

7.59 


98 1/2 4.73 
2.70 


7.J5 

8.11 


101 3/a S.04 E.65 


6.35 
7.61 
9.00 
8.88 - 


100.00 

1.50 


101. M 
TO 4.00 


1978 BP SO 46 1 05 528 975 
1973 IBSl 

1978 BP 80 375 135 205 520 979 
1978 LX 

BP EE 237 105 


BP 70 480 105 205 520-930 935 SfiO 
LX 975 


50.00 1977 SUVA UCCOU. C~ OPUS 
ST. 75 9 .IS 1/11/1 M2 S 


20.00 

14.70 

25.00 


1972 C.F.S. - HBtn 
£7.50 8.00 1/ 2/19E7 


20.00 

9.50 


30.00 


20.00 

17.00 

75.90 


20 JM 
20.00 
12.00 
1.76 


1977* FZEAS1 - STS KUK 
99.50 9.CO 1/U/19G2 

1947 MCIOXIL TOASCIHU 
96.75 7.25 1/ 9/1982 S 

1976 SlCXttlAL 7UL«£31 
100.00 10.00 1/ 7/1981 

1972 POSOLEOS 30dC*fW6 

100.00 8.50. 1/ C/1987 

1377* PETaOIXQS HZTIC&M1S 
100.00 $.00 1/ 7/1982 

1973 PSTECL-OS EECCAWB 

93.00 10.25 15/ 4/I98Z 

1968 TSUWHDS BE HS21CO S4 
97.25 7.75 1/ 4/1978 S 


99 5/8 
91 3/4 
97 

96 3/8 
102 3/4 
9i 3/4 
99 3/8 
101 3/4 
99 1/9 


4.75 9.56 9.50 


3P BT 113 33 60 K7 931 940 975 
BT 


9'. DO 9.40 8.72 IM.00 

4.36 10.38 1.63 


4.73 9.80 0.18 


19M BP EU 193 103 115 915 975 
1976 IS 

r? HE 537 927 97S 
LB 


<■» 8.77 7.63 J01.5O 
2.*5 S.94 .50 


3.41 8.99 9.73 


197S CC SD 333 105 405 915 9*1 960 975 
1971 LBLX • 

IC7 TO 5X7 105 515 960 975 
LB 


9.38 9.34 8.97 102.00 

5.79 9.71 HP i.25 

4.41 9.15 9.06 


1982 BP EO 315 103 915 932 960 979 
1974 UJ 

JST £0 399 **• 

Lax 


4.20 9.70 10.07 101.00 

3.30 9*59 6.00 

.16 13.48 7.57 
.16 13.48 1.76 


1979 IIP ZD 233 105 SIS 930 9ffl S7S 
I960 LX 


BP ST 327 105 913 975 
1965 LX 


UJ O 

3 n 


-< 

2 


'J>tC 

u. 

05* 


UJ 


BORROWB?/ 
COUPON MATURITY 


PRICE 


SS 

5 E 

< U1 


Is 


si 


Sis 


£2 

2E 


P 

< •cfc-S 

oafeig 

Aft ui-*? 


gk 

II 


sSlili 


sE 3 ? 


MARKETMAKERS 


20.00 1963 ICTOLIC 0? rornlUL 91 3/8 7.00 7.43 - 6.37 101.00 -1570 S? ST 399 103 520920 941 975 

10.67 97.50 5.75 1/2/1743 8 3.50 8.75 1.33 1971XX 


IB DOT LUS-518047028 


20.00 

17.20 


1972 
100.00 
13.00 1977* 
99.50 


C07E2SHZST 03 SIKGUKmE 99 
7.75 1/I1/1987 


9.75 

3*59 


7.89 

7.97 


7.83 


102.00 

1.40 


1980 BP EU 396 913 930 975 
1976 SUL 


KEPP5L SHZPttJtt) 

8.623 71/10/198* 


25.00 


1976 

99.63 


KCTPEL 50FUX1 

9.00 15/ 8/1983 


12.00 

12.00 


1975 

100.00 


ana cotuzd 

9.50 1/ 7/1982 


12.00 
12. CO 

10.00 

1.60 


1976 

n.x 


BBS 5U1J4PCiII 

£.50 15/11/1563 


1971 

100.00 


SX1RUT0LE ££7T 1MIK. 
8.50 15/ 1/1982 


91 3/4 6.70 9.07 
lOt 5/8 5.54 8.60 
102 5/8 

98 5/8 

99 1/1 


8.82 101.00 
PF 2.00 


1981 HP El 396 913 930 947 
7077 STOLE 


u'^1 

2.91 
5.79 

3.91 


8.86 101.00 
PF 1.00 
8.73 9.26 101 . 0 a 
8.44 


3.00 


1990 BP ES 396 913 930 947 
1977 SUE 

1979 CC ZA 396 913 930 
1979 St 


8. SO 
5.92 


8. EC 


1.30 


PC AS 639 915 930 
1978 SEX 


3.16 

3.01 


3.*S 8.34 
6.70 


101.00 

2.20 


1979 ce EA 396 JL3 930 975 
1976 SUL 


US WLLAZj-COm: AFRICA 


50.00 

*6.30 


1972 

97.00 


ATGLC-IXELLC AX CCS? 
7.10 1/ 3/J387 


27. M 
26.00 


3967 

99.30 


EE 84^3 COBS BEES 
6.30 


30.00 

14.00 


1971 

99.DO 


ESCGU 
C. 50 


13.00 

13-30 


1974 
SB. 30 


H50H 

9.25 


1975 

100.00 


E5CCS 
1C.09 


30.00 

30.00 


1175 
■9.30 


EjCCS 

10.23 


If 6/1982 
1/U/19B6 
If 3/1989 
20/ 6/19S0 
23/10/1983 


9.08 9.95 8.75 
6.2* 10.75 

4.33 8.13 6.91 

2.33 9.30 
8.83 9.77 9.18 
4.98 10.47 

92 7/8 11.08 10.35 9.96 
6.75 10.79 

99 1/2 2.38 10.19 10.05 


83 3/4 
94 1/8 
92 5/8 


102. 50 
1.30 


101.00 
5.20 


102.00 

1.30 


101.54 
BP .50 


1979 ST SC 346 105 915 935 941 950 960 

1S77 LB 973 

1S7B SF EH 116 105 915 941 950 969 975 

1973 ULOT 

1979 CC £D 103 105 113 320 915 935 541 

1974 LZ 940 975 

175* CC EE ABB 105 115 915 935 941 960 

1975 LZ 975 


SG ZB 230 105 115 520 91S 935 941 
LX 960 975 


,' 99 3/8 5.70 10.30 10.31 100.00 

4.20 20.43 OT 4.30 


1991 CC £0 417 305 115 520 913 025 935 
1979 LX 941 960 975 


25.00 


1975 

98.50 


ISCCt 

10.00 


25.00 

20.00 

25.00 

22.00 

25.00 


1972 

98.00 


1972 

99.50 


5/ 9/1980 
Bsrotuc or soars aisica 

7.73 15/IZ/1SB7 

REPUBLIC or SOLTa ATTICA 
8.00 If 2/t££7 


1976 

98.00 


REPUBLIC cr SV.77R AFUCL 
9.75 IV 2/1981 


99 3/8 2.39 10.23 10.06 

83 7/8 

84 1/4 

too 


9.77 20.43 9.24 207.00 

7.62 10.98 LOO 

9.00 20.81 9.H ]02.00 

5.41 12.15 1,00 

3.04 9.74 9.75 

K 3.00 


CC EO 230 195 115 520 92 3 941 960 
LX 975 

1?M HP TO 93 185 915 S35 WZ 960 075 
1973 LX 

1980 57 SO 93 105 915 935 941 960 573 
1975 U. 


HP 88 93 105 115 915 93S 941 960 
1977 LX 975 


US TCLLUtS-STAK 


10-00 1967 AUTOPISTAS 
16.75 99.50 7.« 


1/ 7/1987 
10.00 1971 I.a.T. rSPAET) 

17.00 1«.W 0.00 1/10/1587 

!->.(» 1971 PtUUJEOR 
15.00 SJ.M 7.75 
15.00 1971 PETROWa 
27.40 99.50 a.50 

50.00 197* KEXP= 

99.00 9.25 1/12/1983 

ITS DOLLASS-ffTESfiM 


92 3/8 9.41 
4.91 


8.18 

8.98 


7.58 


103.00 

1.33 


1978 CC n IK 405 425 »1S 973 
1873 IRLBIX 


94 


9.67 

5.78 


*/ 1/2908 
30/12/1986 


90 1/8 9-rs. 
6.13 


» 

100 3/8 3.83 


«.»1 

5.65 


8.94 8.51 101.50 

9.38 3? 1.00 

9.31 8.60 101,50 

9.98 1.09 

9.18 8.35 1OJ.O0 
9.46 .60 

9.07 9.18 ] 01.00 

It 2. SO 


1500 SF ED 361 915 975 
1975 m 


1982 K 88 230 105 210 215 975 
137S LX ' 

1950 3C BJ 105 Z05 210 315 9U 973 
1972 LX 


1580 CC ES 485 105 230 530 915 941 989 
U76 LX 970 »!5 


15.00 

4.78 


1965 

97.00 




6.00 19/ 6/1980 « 


2.37 J.M 
l.U 8.46 


30.00 

26.00 


1971 
SB. 00 


20.00 

11.70 

30.00 

22.80 


1970 

98.75 


3.30 l/. 3/1906 

AXLAfi COPCO 


57 2/8 B.M 8.97 
4.93 9-19 


9.50 1/ 8/1985 


101 3/8 7.90 9-22 
4.70 9.11 


1977* 

99.50 


cut op couuunmc. 
8.75 15/12/1987 


98 5/8 9.87 . 8.96 
3-40 9.25 


<•28 101.00 
1.50 

8-73 101.00 
2.00 

9.37 10O.2S 

BP 1.00 
S.C7 100.75 
BP 2.81 


1978 SP ta 
1569 LTtX 


315 IDS 520 735 941 955 MO 
975 


1979 BP SB 
1574 Ut 


372 IOS 
SS 0 


510 ns 735 870 935 
975 


1900 BP OT 272 105 735 870 941 955 STS 
1971 LX 


1S34 SF SS 
1570 La 


50.00 
50. OO 


1977 

100.00 


15.00 

4.50 


IMS 

99.25 


CUT OB STOCZHtXH 

0.875 15/ 2/1992 
tUESDCS 
6.00 


15.00 

4.75 


1967 

99.75 


20.00 

20.00 


1977 

99.50 


ESS8LTE 

8.50 


15.00 

ft.50 


14*5 

99.00 


QQU9EMEH 

6.00 


9.00 

2.75 


1966 

93.00 


40.00 


1977* 
100.00 
40.00 1976 
' 100.50 
60.00 1977* 
*0.00 99.50 


23.00 


GQUVERKEH 
6.75 

GQZATTOEH 
7.615 

GOZ6VCRKES 
0.00 

cmAvmxH 
8.125 

1976 OOUFCnXIS 
$9.00 8.25 


30.0" 

30.00 


1976 

100.00 


cor*micn 

s.zs 


15-00 

9.00 


1967 

97.30 


GBANGES 

6-75 


15.00 

12.00 


30.00 


1*71 
100 . 00 
197S 
100.00 


CHAP ns 
8.M 


Gunzs 

9.75 


».<w 

17.50 


1975 

98.00 


CRAKES 

9.75 


1/11/1980 
15/ 3/1982 
15/ 2/1984 
1/12/1980 
1/ 9/19/8 
15/ 9/1982 
15/ 1/1982 
15/ 9/1987 
1/10/1983 
15/ 1/1985 
16/10/1987 
IV 2/19W 
15/12/1980 
II 5/1983 


98 7/8 14.04 9.22 

9.54 9.26 

97 V8 5.75 7.07 
1.75 7.63 

97 X/Z *.11 7.47 
2.12 8.06 

99 7/8 6.0* 9.00 

4.34 10.33 


9.18 102.05 

BP 5.00 
4-16 100.00 
UH 

6.92 100.50 

BP 1.35 

9.05 101.30 

3-60 


1987 BP BX 
1933 EX 
1978 « 8& 
1971 UT 


332 35 
927 
960 
457 20 
805 


273 105 
975 


115 3RS 520 733 910 
£32 9*0 9*1 950 955 
P70 975 

as 35 60 80 90 
927 931 9*0.373 
520 739 941 955 9M 


1979 CC SO 
1969 BT 


273 105 520 735 Ml 955 960 
975 


1981 HP SB 
1980 U 


i sao 715 739 745 910 
932 935 950 955 9*0 


2.83 

1.83 


7.10 

7.73 


97 

99 1 /: 

$8 1/4 4-62 8.07 
99 3/8 3.96 8,19 


6.19 100.60 

1.50 


1978 CC BO 
1971 FT 


319 105 . 

930 
975 

272 U5 920 735 961 959 940 
975 


.58 

.58 


7.55 

1.55 


e-JS 

5.’* 

f.OS 


2.75 


1978 CC E7 
MS? HT 


272 10 
464 


IDS 520 735 Ml 935 
973 


94 7/8 9.62 8.93 
7.S2 9.12 
P 99 1/2 5-67 8.35 


CC SB 
U 


s.s« 101.00 
2.00 

8.29 101.50 


1982 cam 
1978 U 
1980 cc m 
LS 


218 < 
318 < 
218 ' 


97 3/8 8.M >-77 
4.96 8.42 


8.47 101.00 

6.00 


85 3/8 9-71 S.JS 
8 5.21 10.73 


198S CC 80 
1981 18 


315 1C5 
935 
.970 
218 •** 


520 805 927 930 *32 
Ml 9*7 9» 955 960 
975 


8-06 102.2S 

-90 


91 5/8 11.0* 9. JO 
5-54 9.81 

100 t/S 2.87 9.68 


1978 K IB 
1970 LXLB 


99 5/8 7.85 9-81 
5.15 9.82 


J00.00 


I97T* 

99.M 


l aa c pw or 

7.50 


100.00 

100.00 


1"77* 

99.75 


kUKMK or 

8,25 


IS/ 6/1962 
SOOTH 
IS/ 6/1187 


97 1/* 6.37 8.19 


8.9f 104.00 

1.00 

9-74 Ioi.qo 
rr 

9.79 l 02 .no 

BP 1.J5 

7.69 


1991 XT BD 
1P73 LB 


350 IOS 
359 105 


»1S 3S5 960 965 975 
715 993 960 965 9 75 


1978 ftp EO 3» 35 
LX 'MS 
1980 SPED 
1976 U 


109 520 715 735 930 
m 555 m 965 975 


’359 33 
9*0 


105 520 715 733 935 
955 960 965 975 


93 1/3 9.37 &S7 
JJ7 9.05 


8.66 101.SO 
6 .C 0 


EF EO 
LB 

1963 i? EO 
1978 U 


51? 

317 *** 


nr. u 1 

U»K 

— 

s 

In 


& 

Sa 

°S 

a;ri 

as 

>■ 


so mown/. 

COUPON UAIURDY 



P*“l 





a 

price' 

&. 

3 

ic 3 

- id 

5 

Eg 

1 | 

go 

n!3 

»• 

g 

3 

ale 

p§: 

h* 

11 

ifc 

| s 
^§a S 

l|I 1 
sr| 
8 3 



5=? 




& 


s, 

3 'Is 


iwasniMEW. 


So 


s s 

&r 


—<; 
5 




■ BOBNO WW/iM 

COUPON ll/BWOB:' 


j- 


p»we 









50.00 1977* 
100.00 


35.00 

6.02 


108S 
9S. 23 


22ZE78SK ZS H3XR» 54 

9.25 10/ P/1986 

05HEB JfflnCAB 5Xt3X3 

6.25 1/11/1979 S 


90 3/8 6.52 9.57 


97 1/8 1.73 

1.12 


85.00 

2.75 


196* 

' 97.66 


27.30 

6.60 


1965 

90-75 


usd bum tens 
6.50 1/ 6/1979 8 

DSTBE9 HSncfX SIAtts 
6.50 Uli/19 .W 8 


ST 3/8 1.16 

.68 


8.20 

9.19 

8.86 

10.63 


3.40 UK.* 
a 2.38 

G.M 100.00 

1.25 

6.77 100.00 


.89 


2.75 

1.6Z 


6.3* 

9.43 


6.89 100-IS 

1.00 


25.00 

1.00 


1933 

57.70 


i ^K Tn «™-« sues 
6.75 13/ 7/ISIS 


» 1/2 .*5 

.*5 


8.03 

0.03 


6.90 


1.00 


15.00 

6.02 


1SS6 

96.50 


C3ZTGE1 P3UG2K COXBS 

6.675 1/ 7/1991 S 


96 5/8 S.i 1 
i .?2 


25.00 

8.35 

10.00 

3.0* 


1967 

£9.00 


1966 
96. SO 


40.00 

37.69 


1972 
100.CO 


i f | i-«-n uew-u stun 
7.00 15/ 4/UC2 B 

um ii KSIGiB SbtlS 
7.25 13/i:/ZB31 > 
ffrrai STASIS 

8.30 13/ 3/1987 S 


96 1/4 4.30 

2.21 

97 2/4 3-79 

Z.03 


0.!8 

9.01 

8.23 

9.09 


7.24 300.00 

•57 


7.40 10L.SO 


8.27 

8.95 


7.59 100.00 
.38 


94 8/8 9.12 
■ 3.S3 


9.M 

iC.03 


9.21 102.00 

IJ.0 


30. CO 
22.17 


1973 

100.09 


8EI25C HSXtua STATES 

0.75 15/I2/1S9L 


M 1/4 U.87 
9.87 


60.00 

50.00 


1377 
ICO.00 


mens unc*a nun 
9.00 If 5/1982 


1976 . 
100.00 


V9JU0 imM STATES 
£.59 1/ 2/1991 


7S.0Q 

73.00 


1575 

100.00 


nms mu nun 
10.00 15/ 2/1S90 


SS W 4.25 
100 3/8 13.08 


9.73 

9.89 

9-35 


DB 1.2S 


9.«7 


9.69 102.30 

■pr 2.30 


102 3/4 12.06 
• . 7.5* 


9.04 

9.70 


9-97 IBS.7S 
7.50 


1930 SB EB 330 *** 

1977 LX * 

1978 t9> XX 327 IK 515 Ml 875 
HUSET . . 

1°78 BP BT 4U IOS 915 Ml 975 
196S m . 

K7S ap sx- 411 US 915 975 
J 567 51 

1973 BT XX 327 WO 915 Ml 97S 
15*4 Ht . 

1978 ep BX 327 105 915 Ml 975 
1567 as - 

1978 HP BX 327 105 915 MI 975 - 
1969 SX 

1578 IF IX 6 U IOS 915 Ml 975- 
1917 HT . • 

1982 KF ZS 32Z 105 915 960 973 
1S74HT 

S3 XB 346 105 915 960 975 
1975 LD 

HP XX 413 -S3 35 60 » 80S 915 
XT. 727 931 MO 975 

1986HPBX4U 35 BOS 915' 927 940 
1977 ET . 

15S5 HP K *54 33 35 60 895915 927 
1981 BX 943 975 


20.09 .1970 
24.40 100.00 
60.03 1976. 
40.30 100.50 




1 ... ~ ■ _ _. v. 93 , 102.30 '1979 

car or loo 3 /* 7**5 1,10 utsjb 

9.00 ? 1/ 5/SMS 6.16 3.76 _ lWa | 8 W ^ IKa»m£»7l5" 

CXXX GBf OSLO i. IK 8/8 W-M . • - - —— uw-na «i* 


9.00 ' ' 1/3/148&V 


5.15 0*S° 


25JW 

1.23 


2 K 09 
16.46 


30.00 

18.93 


1963 

96.25 

l£6* 

90.25 
1965 
90-00 


xnsixsra? vokux 
5.25 1/3/1578 


5.M 


» 7/0 

95 3/8 
95 3/8 


1978 LX. . 735 805 870 932 9333*0 

W ^ ... _94l MJ BSa SST9«0 J7, 

. 1978 E?K W103 520 735J J40_M5 sSo- 
• "lSSS Iff " ■075’" 


m un; t ab«i-u »-^p»i i iwc 


40.00 1977* 4EET 
40.00 100.DO £.00 


1/ 8/1967 


96 


5. CM 


8.61 

9.02 


40.09 1977* 9BCC8 STATE mas 
40. CO IDO. 30 3.25 IV 6/1987 


96 5/0 9.37 
8.16 


E.73 

£.82 


E.33 102.00 

4. CO 

8-54 100.73 

W .50 


1902 BF 38 294 **• 
1978 LH 


59.00 1976 BUTCH STATE ICRS 
50.00 100.20 8 .73 1/ 8/1988 


100 1/4 10.50 
8 . iO 


8.70 

£.69 


£-73 la.oo 
BP 3.75 


40.00 1975 B0ZC8 STATS HESCS 

100.00 9.25 L5/ S/19C0. 

20.00 1977'CZ5T-iB3fiJ3EBS ZH7L 
20.00 100.50 8.23 19/ 7/1923 


102 1/8 2.61 8 -M 9*06 


97 3/8 7.45 
5.4S 


£.73 

8-86 


8.47 IK. 50 
4.00 


30.00 1977ft snORAlE VEEBLUCES B 95 7/0 6.22 
1C0.O9 6.00 10/ 4/1984 


8.03 


30.00 

30 .cn 


1776 BAT KET5R FIX CORF HT IK 1/8 19.37 
99.00 8.90 11/ C/1968 7.67 


5.1= 

4.60 


30.00 

30.00 


1975 HA2 B3ZCX tW CDCP 
99. W 8.C3 15/ 6/19C0 


19.37 

7.C7 


8.59 

8.71 


13.00 

25.00 


jf.CQ 

11.00 


1978 BLC3CJ ZM.’USI ».?. 
110.00 9.0Q 15/ 2/1082 

1967 rmiTS ITT f=jt 
98.00 6.50 59/ 6/K79 


90 3/3 4.C* 
3.W 


9.50 

9.57 


8.34 

6.55 

0,33 

9.15 


3.00 

5.00 


20.00 


90 5/8 2.41 
.71 


7.53 

0.11 


6,59 100.10 

5.50 


1E82 SP EB 238 «** 

1978 LX 

1982 EF 88 238 
1581 LX 

FF SI 238 105. 520 J60Z 606 930 ITS 
LX 

!?52 PC TD 238 105 US 205 305.425 5M 
1351 Li 662 086 713 919 927 935 

9*0 £41 950 960 970 975 
EP EO 245' «C 606 927 £44 960 97S 
Bfl 

EC EQ 2=8 &90 606 950 975 
1963 tM 

PC S9 238 600 60S 606 975 

1983 AH 

HP 80 238 103 602 604 930 978 
3981 AH 

1978 F5 EO 346 105 520 805 978 
1S72 ABJLX 


IX. 00 
150.K 
100.00 
, ,45.00, 
12S.OO 
100.00 
100.00 
100.00 
IDS. CO 
100.90 
30.00 


1977* 

10B.2S 


1977 

100.00 


1977 

91.85 

1976 

103.00 


ars/tm 

fit wetBm 

5JO 1/.4/1M3 -.... . 

__i 5/8 4.28 7,50 

7.25 . JE5/ l j/l. : 

xmaxK a? HcraQr '.' V' 97 1/2 4*0® * l48 7,71 

-P-373 14 2/im>. 

XUKSW U.irtwsr -97 S /8 4.37 8,32 7 -** 

7.'3ft', W 6/1902,- 8 . : • 

EXKBC9L OFIpceacr <98 1/* 3*73 B* 2 * 7,B * 

7.75 -inumt: ’ 


•SM’** I.» I»iff ■ WS 

'Z «’xt *.71 100-30 1978 HP 850 315 W>M SK » 7*d,Si* 

S '2 ?;03 !■» Tsnttax : 

3 " , * in .00 ZIPS BP 80 315 lamias 52fl 733 740 902 

7-16 6 .H 3.W IM-W ^ sa, 960575 :-?^ 

’ 8PS»JW-)F»'. ; . -i y 

- ut- -■ 


ss sr 4*i 20 S3 35 « .» n 

7B-:': a«rr927 9n »*irt75. ._ 

HP 87 555- 20.33 35 

803 927^01 M0 S73 ” 


BP XO 415 530-338 94Z., 


1978 

99.63 


4.96 8-45 8.34 -■ 


ISN 

1C5.00 




1976. 

100.09 


1976 
ICO.SO 


" BF 5X 47* 20 a M_8B^ 927^ 

,.w;;«8 ■» y </“: ;■' ?'. ■ 

jirp. XX A13.'20^3*1 

.87 

Jffl-BT 413 20 33 ^5, . 60 90'80] ' 

D - ..T-W W1-4NI.S05I/<•-:: 
5E ED- 315 ***- - ,f v: o ‘ • • • 

w 


7.00 

3.Z7 


E.00 

4.E7 


823003 or jubui _• 99 3/8 

8.UJ «/ 10483' 6 

tziKssc ar Honuxj.V. 'loa ifz j .12 8.22 

8.15 13/ 3/1963 S 

■now or laeoi^t ■' ioa 1/2 3.45 8-W 

0.25^ Uj/ 7/2901 E 

xxscini-or 'xooicr-'^V ;.aw7/s s.m s,ifi s.4j 
•;»- 15/1/1961 v- 

xwawcopjB*8£j--"r.T;.iai 3/4 .2-7? A3#\M» 

8,83 T3^iUU*b a 

mom or wmOar "','' ibz 2-43 •.u..*-**: 

8.S7S 15 / Tfwa. f - ; 

1975 rabatiw.aota‘ 102 i/a 2^8 ff .02 s.51 
100.00 SM rVSf&tO • ":.-V . 

1964 aXmXttWCXKMBm 92 3/8 6.12 6-22 ■ -> 

59.00 5.73 . 13/ 3/1964 1- . 3.13 8.62 ‘ -■ ' 

MS ItillUSaiRMJtBliBSAR' 93 7.83 7-46 -Ml. 

97.30 6.23 < tnl/mS :v.- 0.3? 8-2* 


1975 

UQ.U 


BE ZS 413 JO 35 « *> «B.92r 

■me /.: v sar wwi *;.:•, 


1975 

9S.75 


H is «J-» ■; 

:gt . . -:&rSii'*j* k ys/r-z 

. HP SB 343 IH jdj"520 J3J X$ &loYj ' 

LX Tii ■ >1* 03OPi3«O*ff»«.;,;.. 

... - ■- 


IS. DC 
9.00 


1967 

96.75 


sufxuox dsLoataitpr 97 if* 

0.30 ' 1/..6/K82 * 


l XOUK 1978 SC EO 730 203^735 S2 9tt S»' ■ ' . 
; .52 ■ isn IX s 940 591 


10.00 

4.32 


196* 

99.50 


rp y yf^ T i** ff T.' " 

5.75 iS/i/Oe* 


ts-fs “ 

” ui tM i.s is a?^ ss5si ?“ S32 “- 


20.00 

18.30 


1972 

99.25 


20.00 
18. CO 


1912 

99.00 


7.50 *1/2/1907. 

13/12/14^0 


7.30 


««* ts -ss^ir’-s- 'ssMt^®a[»saN^r : . - 
- "• 4 s ts '■ 


60.00 

ea.no 


U3 KHA4XS-0BH ZEA1AB 


75.00 
75. DC 


1975 

99.50 

1977° 
ICO.00 


8.50 


20.00 

C.90 


jrg 

97.50 


oovr. of ; 

3.75 


if 7/1985 2 


11.00 

7.53 


IS» 

£ 6.00 


dots- or vsr zzauhd 
6.50 13/ 3/19WS 


2C.D0 

3.30 


39*7 

97.75 


cent, op m) zuLAia 
6. >3 is." 3/1979 


IOC.OO 


1977 

99.46 


govt, or tan am *** 

7.S3 15/ 3/15=4 


100.90 

30.00 

63.00 


1978 

icr.25 


am. a? H3? ra^juo 
8.23 1/13/1986 


1175 

l'IQ.00 


copt. cp m zuun 
8.50 !_-/ 6/1713 


1975 

99.70 


am. or kp sums) 
9.00 15/ C/1TO0 


30.06 


40.00 

36.09 


1975 

99.50 

1975 

99.30 


LETT. OF EB ZIALATD 
9.25 13/11/1931 


GOV!. CL’ SET 2JA3 
9.25 15/ S/1982 


25.00 

25.00 


1977* 

100.03 


HOI =r*'-*aft !2T m CORE 
7.75 15/ r/1994. 


95 3/4 

96 5/8 
99 3/4 

96 3/9 

97 7/8 
201 

107 1/8 - 
.103 V* 
103 1/8 
95 3/4 


7.M 


5.72 

4.15 


l.» 

,9S 


6.58 6 -ID 101.50 

7.13 l.U 

7.1B 6 . 6 * ' 101.75 

7.M .63 

7.03 6.88 100-00 

7.14 1.80 

5.397.93 1WIOO 


1978 3P HT 
1SL6 BUR 

1913 M3 BT 
IMS STUI 


1978 82 E£ 
wwnui 


941 90 975 
Ml 975 
437 1® 922 975 


437 105 922 
437 205 STS : 


50*00 
SO.CO 


1077* 

99.75 


30.00 

50.00 


15K 

99.50 


_■ntjfeof 

8 Jo w .aiimi . 

is/ 3/fff9~ 
UMtta* 


96 


.. - - /9 75 

102.30 19iS GS-HT 279 ***' 
. 5.00. 13W1*. .*■-’• f 
lto.59 IM6itlDi7?A46i 
6.25 19K-LX - 


r>-a 

«! v\'L' : -• 


8-50 

BCSPXPS 

9.Z3 


20.00 

8.43 


1967 

97.50 


6.62 

5.53 
£.37 

2.54 9.00 8.U 
3.79 


1933 Sf K 
5Z 


6.60 8.43 101.00 

29 2.00 

C.Z« S.A2- 


19C1 IF SB 
1977 LX - 


437-33 0 
927 931 
438 *** ' 


W W 99 8M 
940 975 


50. GO 


2977* 

99.30 


V 1/8 13.87 8.86 8.79 
8.57 9.00 
1A.29 9.08 8 .B 

8.79-9.18 . ..-—— — .. - , . 

■ in.so .j&tt.-’cL'zrsir ^' *v * „ 

«.,* __ . 2,00 i9te-i* -j->y : /‘ 

101 an - 8 .Z 6 9.00 9.12 10W3 roi Xi 8R.4L8j»203^»0^WTO : 

5.64 8.93 » 2.00 19)8 LIT'- 90i*nKFW»-^tt>*T, 

90 s/4 6.-70 17.32 7-08 IW-CO* 29^Vro-3i5 I05 ^ nS 7*6;«3iS|. ^ 

■ 1,63 2971 vsae/t ftarOjS.. .. • 


95 a/4 11.12 9.1* 8.0 
8.72 " 9mU 


6.879 .tyn/ffti S 2.73 ,7.32 

ttia'iraB*"" ? spi/t *.n. a.ai j£oi 1 
. 7.875 1/12/1B* 


-CTXb'■SlS.'i 


50. M 
30.00 


E? SO 
IX 


sr ai 

LZ 


4.3* 

4.T9 


2.04 8.92 
7.34 8-SO 


W XO 
LZ 


5.28 

ft.-’fl 


7.7* 

3.64 8.09 


100.00 
DV 1.60 


19SO IF EC 
1976 LX ' 


498 105 SOS 
9*0 Ml 

483 IK 335 
£10 £13 

■US !05 520 
Ml 947 

483 * 0: 520 

925 SCI 


520 003 870 935 
5*P 060 £75 
52} 735 3C5 011 
Ml 947 960 975 
80S 870 911 935 
960 9 75 

8C5 870 SU 930 
547 MO 973 


50-CD 
50.00 


1977* 

99.50 

1976 

95.50 
10'S 

103.30 


neszanob 

. 8.50 1/8/190. 

ianiffit tnoao 1 - ■ -- -: : - 
9.00 - £5f i/isn 


9.50 If r lhVM 


Spill 4.83-8.32 *.‘,'5 ; " 

■-/_ ■ -v J- 1 * ^ -- 

95 a/4 I4.or>». 3l0* itttao ' 

10.42 SLii.■. .«; 2.00 ttite. ur .-■ - 77 

98 V4 13.42 'Hh'u - Ml' v. MOO' 0 U HtajW 

182 5/8 2.00'4.05 Wtfatjis'i g.Mtf t tf sM fe l fe 5».'^-": 

6.36 8.0 ' 0 Xto 3*0 L0 .M2.9I9V. „- 

. . j. sk Mrs»-9» 9K»w/- 


40. CO 1979 
40.00-100,00 


ECCSSL mso ./■ 

BITS ,1/6/190 


6.30 

2.03 


50.00 1976 -omnou mixc go- 

100.00 ; 8-25 ■ W1965 


97 1/2 7.87 


£.91 

E.09.8.46 


101.00 
BP L.25 


list EL EC 
1973 LX 


1981 GC XU 
LK . 


402 1X5 300 
£27 930 
960 970 
402 »«* 


535 520 919 911 
U3 940 Ml 950 
975 • 


15. « 
7.00 


1967 

$6.50 

If 64" 
.95.0 


15.00 

■ 0.00 


1965 

9«.5fl 


95 1/4 


TO TOLUES-HOmr 


35.00 

14.24 


IKS 

97.75 


'20.00 1975" 
IOC-DO 

1971 
IOC.OO 


15. CO 
10.00 


10.00 

5.M 

lS.’no 

10.00 

10 . 0 b 

1.W 


195* 

£9.00 


AXUL OG STOSBXL 

9.5J . 1/11/1980 
ttcsrrjrTB 

Z. 75 1 / 2/1966 

CUT OFZlDGUr 

5.50 15/10/19=4 


15.00 

6.53 


LS.tW 

2.35 


15.00 

7.S2 


15.00 

13.20 


1973 

93.00 

1M3 
97.7 3 

196* 

93.81 

99.00 

19*5 

S8.J5 

1971 

M.50 


rax a. BEzmc 

8.00 1/ 4/1987 


'101 5/S 
98 3/4 
-Ml /2 
98 3/4 


=.re 8 . 0 - 


cvrr 07 kxd 

5.23 lit 6/1978 


:. n 

s 


E.M 
4. iff 

S.IO 

:.:i 

“.IS 

.37 

..-7 


=■96 

9.1J 

6.53 

7.15. 


S.I9 

=.34 


8.37 

8.86 

5.82 

8 . 1 Q 


V HF 10 
LX 


10 520 

SM . 


101.00 
I. Off 

200.50 

.08 


-ldi.be 
A ..00 


P.16 

£.14 


5.37 


cn or osw 

5.50 IS/ 9/1984 


CUT Or OSLO 

S.J5 15/ 2/1979 


an 07 osu) 

. 3.75 1/ 6/190 

errs 0 ? OSD 

C.15 U 3/1986 


■ 94-'3/8 

48 m 
*s m 
100 7/e 


3 W 


D.tl 

7.33 


1 

5.90 


I.« 


7.54 

8.9S 


7.53 

X.iS 


6.71 

7.33 

8.09 

8.01 


50.00 

50.00 


1977 

-99.00 


ctrroFosto 
.. 8.75- - 1/11,’1997 


971/6 

s • • — 


:>.7S 


9.27 

«-3*- 


5.93 

6.14 

9.16 

9.21 


X9BC W SB 361 
2975 LZ 
1578 UP M 315 
1910 L3LK 

19C0 EP'83'359 
1913 LZ 
102 3T 327 
1.00 1918 BX 

100.50 1978 EP'tff 427 
.94 MOT =T 

P? £0.359 
1.35 1969 LHUC 

101.25 1978 IF 0X327 
M70JB - 

1179 0? BU 327 
1575 LZ 

102.25 1999 SP K 441 
OF -3.JO—1983 SZ 


'.05 520 

925 


715 735878955 
713 735 7(0 953 


22.00 

6.60 

iiLOO' 

5.75 


1370 
99 JC 


1954 

99.50 


bdxhoh am vus sa :/s 

6 . 7 s y'*{iw *. . . . _ 

fnrJUi^ Kmntt.l'" t ’ 94 1/8 6.78 -6,9& 6.28 
. 5.75 10/It/198* * 

EOUUrCflLaUv-'''- - ^-'- 

6 , 1 ^ -"m/MSjKS e " 

SiRAiKtai '/// _• r ; . - 93 3/4 

5 u ny^sgxiiau s 
XlKltB'.C 10 

9.00 . 15 / a/isfcr s; 


135 520 
935 960 

105 5?8 
9t3 973 


735 740 932 Ml 
975 

725 735 7*0 955 


25.00 1*77* 
100. M 


S.m 15/ 2/1985 8 3-» *•» . ..i; ~ •- ; - - 

-6.-00. Vjd*. .*•*« tatx : , -.suB : sA;- . ^ 

\b ' " : - • -y .• Jf}./- V^y-.V i'-.y.'/ 

maanic teiiitV- h * 1/4 4.75^>^4^ ’' 


105 520 
>90 975 


.93 


183. CO 
DP I.S5 


MS 520 
£60 $75 

IPS 520 
975 
10 105 
941 95S 

10 S20 


735 740 941 955 
735 740 541.955 
735 740 955 960 


25.00 1077« 
25.00 LOO.CO 


520 735 740 932 
960 975 

735 740 955 975 


» 33 
951 940 


60 90 805 927 
975 - 


-oft 


uiO 

33 

cn y- 
— < 
S 


in 


ul 

^ III 

me 

il"- 

u 


BORiWWS?/ 

coupon niATuamr 


' 

n— 







0 

W z 
y, s 

PRICE 

Zj 

■s All 

1 

il 

'"S 

p *” 
30 

>■ 

L-l 

e 

V 

<S;5 

UB W 

S3 

2 : 2 : 



lLL 





MARKET MAKERS 



100.00 


1S77 Kllicnw OF S^EDCSl 
95.25 £.50 15/11/1967 


97 1/.1 9.79 9.0B fl.?L 100.00 


19S6 Jrr K* 479 20 33 60 90 605'927. 
LT 931 9*0 975 


100.00 

100.00 


1577 EEGIIOH OF »3>*S 
99.75 9.0C 13/11/1997 


15.00 

3.75 


1965 C5CKSW5 
99.15 6.00 


1/ 9/1980 


98 3/a 19.79 : 9.19 
12.75 9. *3 

97 1/1 2.38 7.07 
1.58 7.70 


9.3b 193.22 

DP 6.70 


M8S VP nr 479 20 33 60 90 805 927 
irai Ifl 931 $40 975 


6.L5 


100.00 

1.25 


50.00 

50.00 


1976 SDCCJHS 

100.00 0.00 73/21/1963 


98 


5.79 

3.79 


£.41 

8.01 


8.16 


1QL.S0 

10.00 


20.00 

10.80 


1966 L.x. racsStffl 
97.25 6.50 15/ 3/1936 


98 1/4 8.12 7.7* 
4. «■ 7.72 


102.00 

1.20 


1978 CC CD 272 105 520 735 Ml 955 960 
1969 UI 975 ; 

ITCa CC £0 315 *■* 

1579 Uf' 

1978 £F CD 359 105 735 Ml 953 S» 965 
1969 UU 975 


30.00 100.K . »?W .IHWYBKJ: 

20.00 1971 A1SUA5E 
17.00^100.00 


60.00 JC77* ASHI4BB 
60.00 100.50 7, * 


w vcaiM-vn'wmk/~'#■ i/’."' - . 

!• . \L ■■ j-’ * c /•-' -v • . 

XAKE BT TO 99 7/8 10-67 8.76 t.X ..110.00yViUraB BO 33S IB 939952.935 941 , 

8%M.:.lflRMHEV. : 6.W 8-77_ BPi : 00LlS7ri4 ‘' r SS5M0 973 

EASE DO nx ■ * •• lU S/l «.» 8,71 B.86 ,!«.[»"• mi-J6.XV 326.W MO955 94LS50 965 ; 
9.00 If W6&* ■; fip; r i.00 IMS »-i- ■ '3OT 975 , ; t- 

ra OIL cor) ~:;,£$TJt8 : ^»02,w>J*n>p®.jaafi f ‘ ti . 1 

■50 V 3/1982 A7M TMffrVr'; 35.Vp.J9h £T : - " • ■ . / 


35.00 1976 L.H. aiTSSCN 

100-00 8.50 15/ 9/IM2 


99 5/8 5.62. 8.57 S.53 101.00 


1980 I F CO 273 *** 
LN 


30.00 

30.00 

lo-oo 
21. *3 
33.00 
33.25 
35.00 


25-00 


50.00 


1977“ L.X. HRICSSCK 
ldO.M 6.50 11/ 4/1989 

1970 L.U. BtZCSSOE 
99.50 £.25 1/12/1985 

1976 L.r- BMCSflOS 
100.08 $.25 15/ 9/1991 

IS7J HO ora OOHS-Rl 
100.00 9.00 15/10/1986 

1976 HO OCR DCaSJO 
100.00 9.30 15/ 2/1983 

1-77® SAA3-CCUU 
9£,25 8.50 13/ 3/1939 


96 1/2 11.20 9.00 
B-20 9.11 


6.81 -101.50 
DP 2.00 


133 1/4 


7.83 

4 . 90 : 


8.65 

B.41 


6.96 


100.25 

2.25 


1982 B? ED 359 *** 

1980 LK ^ 

1WW SP CO 272 US 230 735 870 955.975 
1971 LHER 


100 J/8 13.62 9.22 
11.16 9.22 


9.2* 10J250 J»M HP EO 273 *** 

DP 1.75 1977 LR 


92 3/8 8.70 10.35 
S5 J/B 5.04 10.59 

93 7/8 1LU 9.41 


9.74 101.50 

PF 1.75 


J.Jl 101.50 
SF 1.00 


1981 HP EC 485 105 *25 715 735 935 955 

1976 LS - 975 

1980 SF EB 4E5 105 715 7S5 935 955 975 . 

1977 LX 


100.00 1937* 
IK. 00 


9.05 101.50 

FF 2.50 


1«B1 HP EO 272 

1S77 IK 



20.Ctf 1972 ^BJ.C.C. TW 

18,55 99,50 7.73 , 1/ UlSSCL ~-i 

20 . 0 a 1971 'lASCUTS BAR IW 
--. icp.oq . 7.75 1/12/1978 

1971 B4HCLK5 &3X 1R- . • i^Ssi l/* 8^5 
■27.00 100.00 — B.26 ,1/12/JSK v;. •' 4-fU 

30-00 .1976 lASOAB JUTE-UXv'- y.lBl 1/4. 7«JL6. = 

' 50.00 100.00 9,125' If 4/1935 - . 6.16 /-BJt 

2X00 1S7# " HU£U£E Jun ZW ' his sn. 9*88 
- 25.00 100.00 9.125 13/ 4/1987 i--MU 

50.00 1375 
1M 


15.00 

12.75 


1971 SJUOTTi; 
K.50 9.00 


1/ 8/1986 8 


99 Ul 8-98 9.19 
3-50 5.J3 


30,00 

28.20 


1576 SAEonc- 

100.50 9.50 15/ 4/1986 


200 8.20 9.49 

5.76 9-50 


9.25 

9.50 


102.00 

.75 


1961 =F EB 315 105 303 520 715 735 745 
1973 La 532 SIS 950-955 960 975 


L.M 1967' HigCMH HIT •/’“■SW/2' 3.50 -0.98 ISM 

100.00 . 6.25 31/. 1/1981;. *f,« 

45.flb. im BXECBKjnn: - ' '• -"Wil/6 »:« >56 WO : 


lima lsKfrXO M6 U5 L....^ . . 

Wj' 


102-K 
1.50 


30. M 
27.00 


1972 

100.25 


SC1BRAFF 

7.S0 


25/12/1990 


12.87 8.30 
C.U 8.55 


30,00 

26.50 


1973 

99.75 


SCAHS4FF 

8.625 15/10/1900 


18.70 8.56 
B.M 8.55 


40,00 

30.50 


1976 

100.00 


SKA5DE5AT1SEA ESSRllDA 
9.00 1/12/1991 


13.83 9.14 
0.92 S.1B 


25.00 

25,00 


197* 

100.00 


9XASDXHin5U BHSOUA 
10.25 1/12/1961 


3.G3 9.26 
2.83 F.02 


35.00 

23.25 


1977 

100.50 


5KP 


8.00 15/ 1/1987 


20.60 

20.00 


2976 

99.50 


60RU, S0GSACUXD 
9.50 15J1U1986 


20.00 

20.00 


1976 

99.50 


5FAEBADSRSILS IASI 
' 8.75 1/ 3/1983 


30.00 

30.00 


1977* 

100-00 


SPARBUBESTAS tin. 
6.75 14/'1/19S» 


40.00 
30. M 


1977 

100.50 


1973 

99.00 


STAMFCiZaff 

7.75 1/ 2/UR 

SXAZUUK36G 

9.25 15/ 9/1980 


93 Vi 
100 3/B 

98 7/8 
103. 

9£ 5/8 

95 1/4 

99 

97 1/2 

96 3/4 
Ul 7/8 2*62 8*39 


1961 HP ED 273 105 205 3ffS 520 71J 735 

un LS - 870 932 9Z5 no 941 SA7 

. £50 935 ££0 975 

8.DO IK.375 1980 PC TO 272 105 305 520 715 735 935 

DP 1.00 1975 LS 955.960 975 . 

8-59 100.375 1979 PC SO 272 105 305 520 715 735 935 

DP 1.00 1975 LX 955 960 375 

102.00 1902 SF ZD 456 *** 


-36.00 100.00 0-25 - 1/2/1936 

50.00 1977* WBHSS COE? VV' 

50.CO. 1KM» - 9.23 .13/ 5/1992 yr: 

30.00 1976- tom CXSP 

1 Ofi.SH 'J1.73 15/ 7/199* 

M.oo 1976. iRxnsa as 

100.00 J .00 1/ 2/1981 



XOZ SX/ 8. *9 -9^7 * S4KT. 401 Jff'j UBJtHF Kir517'I0J S30.1 
- - - - ' a ^L*Z5 197* LX *r w ‘ 


■MX 


a .00 . 8.22 ;8.et 


9.10 

9.95 


1.50 1977 LX 


100.50 1973 BT ED (56 105 320 715 870 130-MX 
8.33 U79 LX 9» SIS5 975 


8.C6 

6-76 


9.24 

9.53 


8.64 101.00 

DP .75 


1982 DP ES 456 M* 
1970 LX 


B.C7 28.15 
6.47 10.32 


9.87 


101.50 

3.00 


IM1 PC SO 272 35 IOS 305 536 715 7J5 
1981 U 932 925 SAO 955 960 97S 


5.53 8.TS 
3.68 9.06. 

9.96 9.14 
5.81 9.35 


101.00 

3.50 


8.97 


101.00 

2.50 


4.00 8.75 8.01 


1701 rp ED 179 IDS 520 715 S27 930 935 
197-2 LS 955 960 S70 975 

19C3 DP«B 179 -TS 1!S 213 320 027 932 
1979 LZ SI5 950 935 9H> 975 

LT ED 517 **■ 


LZ 


5w:j 

.. & r -.7 ip 

- ;-r r Cft-£g;359 ija afla jCB^g 5^5? 71" 

■ "r 1 . 

_ __ . . -■.T-. ".-rr'-.-i .!••■ 

16-00 M7Z BEmra UDB 
18,00 99J» • C.K • 1/11/1987 ; 

25.0ft 1966 BGXTX&X ZSWHSBK 
5.00 99.73 6.75 11/12/1978 

65. M ' 1977* BXEJXB^SEUEOIUBS - _ _____ _ __ 

65.00 100.00 9-00 l/U/1992- ? 'iD,dp: L t»8L>k■ ir'i 

sarem gtm. crop . if* 10 M l« i*.8* /'iai, ■? \ 

SO-W M.OO 6.625 11/ 1/1*89 '_‘ V 7.313.07 ;. »P -a.5o f ■: 

30.U 1972 CADBURT SC83K7PE6 O/S : /r*8 5/8 rK70 $.16 :8rt5'/lOROff' .. . ■■ - - - 

30.00 100.00 7-75 15/10/1990^ £.\ \ L17 9,57 

23. DO 1973 CAPITAL 6 couvtus Rn>: '** 

25.00 93.90 . 9.00 1/1I/1SB8 

1977* CAV2HHUI Wn. BP 



50.00 1976 S9EISZA BiEB£LS2UK3 
29.50 M.OO 9.23 U 3/IS* 


100 s/8 B.M 9.19 
5.84 9.11 


2S.OO 

21.40 


25.00 

18.00 


1976 SUBDUE EBJU-J CTiSIT f 
100.00 7.875 15/10/1983 S 

1975 SVED1SE RIPTOT COIt 
99.00 9.00 15/ 4/1932 


13.00 

13.50 


1971 SWEDISH IHTiSIUEKT EAHE 
100.00 7.50 15/ 1/1988 


IS. 00 
12.50 


35.00 

19.K 

30.00 

27.70 


23-00 

23.00 


25.00 

23.80 


1972 SBEBUH gVEMDE L T BAKU 
99.00 7.75 1/11/1967 

1976 STOBUFT 
IOC.DC 9.25 15/ 9/1986 

1976 DDDBULUMBVEX T 

100.00 7.75 L/12/1983. S 

M77* DOTVALUTAEFn F 

100.00 7.75 15 / 9/1(84 

1972 WLW 

100.50 8.00 1/ 9/1987 


1577* WLW7 
100.00 8.00 


11 3/19*7 


1971 T0LW) 

99.SO 9.50 


1/ 2I1«S 
OS DOUAPJMOrtmLAKO 


9*3/8 

100 3 / 4 ' 

55 1/4 
95 5/8 
99 5/8 
93 1/5 

95 7/8 

96 

» 3/8 

:oi i/a 


5.70 3-46 
2.93 «.» 


9-OS 100.00 1979 GC EB 454 35 105 305 520 715 735 
LX S30 535 MO Ml 9SS 960 

9/5 

IP31 E? TO 179 35 IDS 305 715.805. $35 
1577-LX =41 5*7 935 960-970 

973 

101.00 1900 HP 2® 537 205 965 
1.80 1977 LX 


101.00 
1.00 



4.20 a.7ft 
2.24 6.60 


100.50 1979 HP TO 456 105 3IB S£0 715 735 930 
5.50 197b LX S35 Ml £50 £55 960 975 


2S * t0 liTSn cm « a J. con 7?i«-— 5/B ^u 

100.00 s.33 if 3/iHOc .y ■ /. ■ j -j.. \ q 

mw ioJra an ^a na S , 2/i rn ^ 

cm *. ra ?E* '•’J 1 

25.00 1,00.® - D.25 IS/lO/lMS.;...--^-' - ' --— 


9.96 8.33 
6.44.8.93 


101.00 

.50 


1=31 UF SO 359 105 735 965 975 
1S74 LS ' 


r.75 8.41 
6.23 C. 69 


101.00 

.50 


1430- FP nr 339 105 520 715 725 930 955 
2975 LB 900 035 975 


E.tZ 9.30 
6.42 9.32 


ltn.50 

2.00 


ICCl PS ED 315 103 320 715 753-R32 935 
USX UT 955 560 913 


3.83 8.29 
3.09 £-58 


E.04 


1D1.00 I960 CC EB 157 M7 965 
2.30 1927 LX 


6.62 8.58 
W) 8.71 
».« . 8.62 
6.4} 8.83 

9 .98 9.10 


101.CO 
2.30 


1711 CC TO 215 =32 947 -000 
19=3 LE 


I 103.SO 

DP 1.20 


IS® UT ID 316 1OT 520 719 7SS MS 870 
1=77 LS SAO 941 953 960 975 


101.50 
f 1.25 


19C2 HP EO 5 LX •** 
1977 LD 


7.08 9.2» 


9.39 101.30 

FF 1.25 


1980 SP EB *54 103 713 735 87D MO 995 
1976 LS 960 975 


£5.00 1977 CUT OF BDE228XGH 

100.00 . 9-00 1/11/1981 

75.00 1973- cm W GUsem 

99-00 ~ -8.25 13/ 3/1580 

.40.00 Un -.CXXX 09 LZPCKBOOL 
■ ■ 89.73 ... S.C7S 31/ 8/1979 

•30-00. 1173 an er Hukbjstee 

50.00- 99-So '0.23 13/ 5/19U 

25-00 -1979 ■ CXXr-07 HDmBGUH -' 
100 . 00 - A-425.15/ B/I67J 
15.00 1571 CUSCStTUL CBIOft 

100.00 7.873 15/12/1978 

30.00 1971 COTkCClaL 
2*^0 100 . 00 - . 8.50 

20-00 197D - comxABua nr rn 

-10-75 lOft.OO *9.00 



*-*3 .>.S7. Mkoofi’iWju ioy ^a'ns & ts»• 


20.00 

14.30 


<7 . •*”' 9»£3-' tOK<»--l*7*-»a-H8 3Xs 36s dfe»K‘SS0 ^. . 

1/ 2/1982 Sr. . J. r2.® 8-77 -.'^. t r-;ti5^ 'U72.L* '.' : . t, 

1970 .cooetuLTO ut ns , • --' -i---- • Tsf^i-i-aas-cs—.< 

98-00 9.23 I/10/19BS 


35.00 .1971 ALSmsSE BT 
23,33 100.00 . 7.00 1/ 7/1181 

75.00 I«7T* FIAT FIS COST 

100.00 8.00 1/ 8/1982 


9? 5/8 3-41 7.11 
1-9L 7.21 


95 1/2 4.10 J.I» 8-38 


101.00 

3.83 

100.50 


15TB PC EO 16 805 975 
1976 a 


sfl.oo 


1976 ELBaRlcm comm. 
99.30 8.75 15/ 3/19*1 


1BB1 FE ZT 165 
1A 


23.00 1467 
7.50 - 98.50 


35.00 1977 SWISS ALOSUtlM AOST LTD 99 
35.00 98.50 8.00 1/ 1/1987 


9.41 6.14 8.08 
4.91 "8.25 


102.00 

3.50 


1981 PC ZB 1M 105 303 735 803-870 ML. 
1978 LK 930 975 , 


S0.00 
50.00 100.00 


l?S Wn-LASS-VEII^HtELft 


13.00 

3.00 


1465 

M.OO 


TO TEKCTDELA 
IS/ */19W 


9ft 1/2 =.» 
1.37 


100.00 


1977 ramie or vseezoela 
99.M 7.875 IV 6/198= S 


B.17 

5.22 

‘8.60 


6.58 100.373 1978 SF ST All 973 

DP .30 19*6X7 


6,75 15/11/UMF- 

1977* BQ FDSARX BT 
. >*25 U/4/J989 

20.oo 1972 runs 
14,70 100.50 8JS 

20.00 1977 * nsont tz= m 
lajH 100.00 


100.30 . 


97 i» 4B -_7.6frH9.SS 
M-a?8.lij0 >,M 9.4d>10iJ0 

•• ■'mmWbh s3£m;s^f>35j?L--, 

It 7/1987 ! ;r .3*yWSlM.'-£ir -.*^8»fv-. 7 v--; ?- ? >K 


Uil!. 


100.00 1977* REPOEUC nr VSEXTOLA 
94.30 8.00 IS/ Z/X9A4 


30. C<3 
50.00 


1971 RSK8UC or TOC2CXA 
99.75 3.125 IS/Iff/lfM 

2977 imaic OF reiBXUEU 
99.50 P.7S. 15/10/1992 


SB 4.37 
97 j/e 6.04 0.6} 0.24 

91 }/B 6-JO 


ul .00 uarw 

LR 


1.83 8 .SC 100-00 


1983 CP 

Ft 


H 3/4 14.70 

10.20 


9.36 

9.4» 


g.rt lot .91 

DP 5.H 


1987 IP 

man 


15.00 

11.85 


1972 TSKBTOELA TEL 
100.00 (LIS 15/12/1917 


97 3/4 9*87 

6.45 


S.77 

8.90 


8.62 Ul.® 
DP .36 


1980 CO 
1973 LX 


It 438 33 38 60 90 MS 927 

?3l 940 S75 

TO 6]2 35 218 230 30S U5 3U 
735 910 913 Sir.SIff 9*». 
9*1 947 940 973 SCO 
ST (58 ID 31 33 60 90 005 
- 9=7 Ml 940 MS 
BT 458 SO 33 39 60 90 805 

«7 Ml 948 97S - - 

TO 480 915 925 


S3.00 1971 C.B.S. 
ZL.60 lOOiH 

li.M i9K C,o;. 
15.W 100-00 ' 


25.00 -1675 COLD 
23.00 IO0.M ' 10.21 


25.M 1972 
23.5a 98.30 


iv ;nw ,•• • 

CMBaraaawLHAHBiwTO .»7/s^istbo-ititf). 

ana KBnanuxAi BPUt. f 9¥ 3 / 4 - -742-;9in $.2P-' r i0a. ».Vu#i : itPi0 as ifi'jw fep 


IS.00 1970 

10.20 100.00 

30.00 1972 aus&nh jtar,; ^ 
SViO 98.75 


9.25 


1 / i/uK.-.-s 













• = V-7«,V*-- *. --; - . ... 


^prukry -43 1978 ’ . 



HMBSrMMEERS 


"■!» u£»* f, ‘%'viijjijfc.“^-LE 13..f?- 

S3 awsr^iHg# 1 *^ 

SS-K^ -*&«■»* 'ts 


M.OO- »?i -ici isr ra- ?'. m ' 
■SO.OO IO0.OO. 7.W rV VWtt 
M8.C0; tJ77.3C1 " 

u».to 100.00 a.a • i/'i/i$g 7 


. ;■ « 3« O-ft“ B.T* - WW ' 100.25 

•‘Vv.'-'.V 1 ? 'MO:'-.L m !■» 

, M 1/8 i.« - J.fl3102.00 

'-. i-U/inZ 0-00 
.. M in i*.» JJ.Z3 V;» too. 75 

. ■ ■; • wi fc|i 3.25 

- K-3/4 ; 'l.« lDUO 

7.S2 9.U;' 10.00 


ss j& 3,.** *>tsi£g^l*as 

' 2®-™ nn'uxisms.tltu'; -.. ’ 1011/8 iu W* : ' . 


30.00 106.00 . . 9.SO_ 1V9/KK. 
30.00 1973 LECH. i iwaiT. i<ot 
28.00 100k00 .7^15^.1/2/)HS 

35-00 Wlj" MK ESTATES 4‘PBftP r- 

28-M 100.25 8.-00.' I/'VMW. 

IS.00 197] ID onst iTUF 
12.00 100.00 ... . E|S 1/1W1M6 


101 1/8 3.5* 9.0* }.J9 • 

. ... .. ■ 2.11 -rV;‘- 7 - .-1.50 

.'40 1/2 10 .no' j.ii ' 8 . 2 fJ :■■ l&'.DQ 
-. >: «.5o «*n w- i.w 

83 r 13.00 10.4s J-84 103.00 

- . 8.28.11.1?.:: ';',.- :. .75 


its a* artsjfti • “ vi » Afe' 3 *%g 

s:s »«•* a; 

” - ” , riantra aavia. « i/« ».» Mo ioi ioi-so 

.73.00 100.50 , ^8-3$. V S/1592 10.98 9.1/--'*'. j\SP 7.50 

- '' 100 5/8 7.70 s^a iiW-iotoo 

10.30 S8.0O- - 9.25 15/10/1945 ■• 4.4J 9.80 : ■".£,•• -.7$ 

££.£& ““FS * “S?*??!;** 92 VB -9.79: 


26.40 100.50 7.75 15 / 1*71997 

100.00 1*77* ntliuut mu mud. 
ISO.00 99.00 8.00 1/ 9/1987 

3o«oo- 1974. Mmam atu. hub . 

99.30 * 8-623 13/'7/1981 

50.00 U7T imoMi cML inu o - ■ 

30.00 99.00 a.825. 13/10/1988. 

50.00 1976 wainml. V EmUWMUH 
50.00 180.DO 9.00 - I/4/IGU 


6.79 154 *« •■;. » '1.20 
94-3/4 9 .58 8.82^5.44'101.50 
. 7.78 8.96*- ■ BP 3.00 
LOl 3.45 8.25 liu V- \- .. 

97 3/4 10.70 8.93 M2<'102.00 
. 6 .as 9.07.- ■ • ;»-2.30 


'■« I? 7S mxioku. vesDponx^jnoc 102 i/a s.u ' 0,42 a^lL.^iu;* 

1.00 100.ro 9.00 1/ -7/1986 3.47 8.48 - ■ BP.. 7.00 

’• M 1971 peewit .--. ; ,»7 a .37 p.Oi wtr J : iez.oo 

-50 90.00 " B^M :1V4/19*6 -. .4.37 9-14 B9.l2.30 

1.00 1973 JK-nraOtBlUMU. ~ . - 91 -3/8 I0.W 9.31 -8.73 iai .00 

1.20 99.00 . 8.00 .1/.5/1988 ■ 7.07 9.68 . . •jmj -.40 


25.00 1971 pEEBSIT • -. •••’•■?■ 

22.50 98.00 - 8^0 ,29f 6/1986 

20.00 1973 lt- TwnwiTT^y , ~ 
*9.20 99.00 . 8.00 .1/.5/1988 

60.00 1977* 1BL OtESSEAS TXB: •_ 
40.00 100.00 9.00 13/8/1992 

25.00 1977. iint auusunci - 
22.30 100.00: ,8.75 J/11/1SU. 

40.00 1977* mEHUTBMAl. . 
60,00. 100.00 9.00. 15/ 3/1987 


94 3/4 14.54 9.07 9t5B ;10t.30 

11.24 9.78 .'.v- nr . 2.00 

97V4 8.75 9.12 102-00 

3.20 9.31 .... 5»; 1.25 

94 1/2 9.28 1.92 . J J2 -. jd.SO 

■ 7.97 10.03 . -BP. (.30 


45.00.. 1969 810 TDTTO-E1HC -. .W 8S 5/8 6.25 8.98 7-35' 102.00 

35.30 99.50 1 _ 6.J3 1/ 5/1964' 3.70 J0i23 • -»"■ 2173 

65.00' 1969 BlOTITOWaSC XV 89 1/4 6.25 9.07 '7JO ^*02.00 

35.30 99. SC 6.75 - -1/3/1984 3.70 10.39 T •' *i*5 

SO.OO 1977* SmCTOM TlOBT . . , 92 1/8 11.50 9.91 JL50 . *«.!» 
50.00 99.» . ,8.75' 1/ 8/19«9- 9.9S 10.03 \ • ::■«€& *.» 

20.00-.7973 suoa-nuixs.. - 85-5/310.00 10.38>9.34. j92.cn 

20.00 99.30 . 6.00 1/ 2/1988 6^00 11.46 /"B*. .30 

12.C3 1971'SUMS 8SXUIS ' t 9* 1/2 8.04 4.77 ~9JBb £lOSoO 
11^3 98J0 8.75 15/ 2/1966 6.97 10.21 : .75 

. 75.50 1976 SOOtA Of 0070480 8UCt 100 3.83 6 

99.00 -8.25 - U12/ML 


3.70 10.39 -T : -. 2i75 

92 1/8 11.50 9.71 4.50 101.00 

9.95 10.03; •.•.■yfltWD 

85-S/8 10.00 10.38 *9^84:-:'.'lja.00 

4.00 11.46 .30 

9* 1/2 8.M 9.77 lOQi 00 

4-97 10.21 .75 

100 3.*3 8.2* 


25.00 i«71 'TaUBm jmmXikl .'■ ,99 1/2 . tta 8.0 . 

100.00 BUO 1/4/1978 "* - > < .- v.:., 

15.00 1972 T0U8 i cnr 8QH3UBD . 81 9.96 11.27 ,ilOLOO 

13.00 100.00 . 8.00 13/ 1/1968 - 3.46 13.10 ' 1-50 

18.00 1970 UUBT BOOSTS OBfflr.. W 1M W, 7.20'7.17 -102,30 

13.00 100.00 _ .7.73 13/ «/U». J.13 6.40 . 

iB.oo 1970' iasr nosza. aobr :T -is 93 1/4 7.20' 9.06- sjii im.so" 
13.00 100.00 , 7.7J 15/4/19BS. . 3.13 ».37z' ' _itoo. 

30.00 1977* dbized szscoirsfaK) ... 3/8ii,M 9.19 9-13 .-ld.so 

30.00 99.30 9J0 19/ 5719^ -. lp.14 9.20 V, 

25.00 -1172 SKtCSXl. Txanxiof TODS! .' 90 . 7/8 nous litlV'».is''rjflSLOO 
£3.50 98.50 8.73 -.1/12/1988 ' 7.43 10:58 ;.' V tOO 

20.00 197* WBLLCCHE WnHIUlH "■ 95 5/E 9.33 8.95 8.63. W1.00 

20.00 99.00 . . 8.23 V 6/1987 . 4.83 9.41- » - V.‘. 3.00 


1970 iuiST awsza. aobr : - hi 931/4 7 . 20 ' ».o*- sji^iih.so 

100.00 , 7.7J 13/4/19B5 . :3.13 p>.37 ■ • too. 

1977* Qanb~H8aurs<DK} ... 3 / 011,26 9.19 9.13 : .ld-so 

99.30 9J0 -U/ 5/1W9.- 10.16 9.J0 -; - ■ Iff *420 


23.00 1972 0X1XI4IB C SUB.USE’ 
23.23 100.30 £.25' 1/ 6/1987 .-. 

OS wiiBumniii wrm 

25.00 1967 UUrBOLBXKS ^ 

IUW 9».«1 *-25 « 6/1982 


4.83 9.41- - - •..‘,3.00 

96 7/8 9.33 8.74 BJ2 TU2.0B 
5S.0*' «.•* -: 


*6 1/2 6.33 . 7.21.6.48.-105.75 
• 2.47 ; 9,«5 ■*,» 


125? V “ d3 930 91Z 950 J5S 960 973 

*”• LU 

1971 ” 150 3SS 930 932 950 " s 860 915 
1*78 117 SB 456 9M 975 

m 

1978 BP £B *56 105 960 975 
• LB 

sp *» (56 105 930 935 9M 935 960 
197* I* 9 7 S 

. 1*78 B? EO 3S0 IDS 941 950 9rt 969 9T5 - 
1978 UUH 

1978 PC 07 359 103 670 930 935 941 930 
1978 Uf 955 960 965 975 

19B3 K EO 143 «m 
1983 U 

1978 P? CD 346 270 213 935 955 960 973 
1974 UI 

1980 SP EO 230 930 035 950 955 960 975 
1978 LS 

»* nj 3*3 115 935 960 915 
1978 LS - • 

1981 SIP CD 335 930 935 950 935 960 975 
1*76 U 

1*77 Ui 80 346 ® 3 ° 935 964 9?5 

1974 ^ “ 346 «# 955 9(0 965 97* 

1983 PC tn 40B **■ 

1980 LB 

1985 PC EO 317 *Mk 

1984 LB 

1978 HP EU 361 930 950 960 975 

1972 LB 

I960 HP fcv 361 911 930 933 950 955 960 

1975 U 973 

1983 GC EO 359 *** 

1979 U 

CO £0 359 33 105 305 910 927 9lO 
LS 932 934 940 9*1 947 950 

955 9M 485 975 

1980 CC EO‘359 105 9i0 932 935 J41 947 

19/8 LH 950 955 9W 965 975 

i*8( trni)]7*M . 

1980 LB 

1981 PC EIT 326 I OS 930 9/5 950 955 960 

1977 LB 965 975 

1981 PC EO 335 105 930 935 *50 955 980 

1976 LA 975 

1985 PC EO 33S **>. 

1981 LS 

1979 BP EO 316 IDS 540 930 935 950 95* 

1976 LB 960 97* 

1983 BP ED 359 •** 

. 1983 LB 

1978 PC PO 346 950 960 97$ 

1972 uuh 

1978 PC EO 346 930 950 960 965 975 

1972 LMM 

1984 hp to 335 35 105 210 130 *25 550 

1983 LB 910 911 930 932 933 940 

9*7 950 960 975 

1981 PC EU 306 520 930 955 960 97$ 

1978 LS 

1981 PC ED 306 520 930 955 960 975 

1977 LX 

CG SO 412 105 20S 805 910 925 927 
LH - 930 932 935 940 941 947 
950 955 960 975 
rtl SO 323 930 955 960 973 
m 

1981 IC EO 346 930 055 960 975 

1979 LB 

1978 PC EU 3*6 930 960 975 
1073 UU ■ 

1978 PC EO 346 930 960 965 97* 

1973 LHLX 

1984 PC EU 335 *** 

1982 LH - 

1979 BP EU 359 930 955 960 965 975 
1973 LH 

1980 BP EU 298 930 935 950 960 975 
1978 LB 

I960 PC ZD 361 930 935 950 955 960 973 
1977 LX 


1978 76 AT *47 10 105 520 805 935 9*1 
1172-BTLX - -950 960 975 


BORROWER/ 

og COUPON MATURITY 


IMS MCUCM BEAMS O/S 

38.50 8.00 13/11/1981 

It!- AMERICAS H0TCSL3 COS* 
97.0O 9.00 15/ 1/1989 

1967 AHOCO Lit flH 

96.50 6.75 */ 1/1983 

1965 ASOCO OTL X1DCS 

99.50 5.JS 1/10/1935 

19*9 ARtBJ HIT JIB 

98.00 7.75 1/ 4/1990 

1*72 AE2LAL0 OIL PIH 

99.25 • 6.00 IV 6/1987 

1968 A VEST RCetCTS lilT. 

100.00 7.73 1/12/1980 

1966 Am a/a cat 

97.50 6.75 - It 2/1981 

1970 B&iTlXCS FOOBS O/S 

100.00 9.00 IV 3/1983 

19V* BEHDIX 7ST TIB 
97.00 9.90 1/ 7/1979 

1972 BLUE BELL XHT PIS 
99.00 7.75 15/10/1987 

1969 B0R6-UAH9Q o/S CAT. 

97.15 .8.00 1/ 4/1919 

1972 BURIISCrat o/S CAP 
98.00 7.75 1/ 4/1987 

1*10 cabot in up 
99.00 - 9.50 15/ 9/1950 

1972 CAMm UT 
99.00 8.00 13/ 6/1987 



MARKET MAKERS 


Os CO cc 
u o — jr 
3 D 

to uj O 

M k. -* 



|l 1 
U s 


=12 5 



a 

u3 uj t c 
Hh-I S ^ 

ssiie s 

_iu.[S5z z 

5“p>e 1 

gste- 9 


ICO 5/8 3.79 7.79 
2.39 7.71 

76 1/2 10.96 12.74 
7,68 I3.J0 

99 3/8 *.»3 6.90 
2.95 6-9* 

55 VS 7.67 6.39 
4:17 7-10 

98 3/* 2.16 7.88 

1.24 8.31 

99 1.37 8.15 

4.67 8.25 


7.95 100.125 

DP 2.00 

I|.*6 102.00 

DP .50 
6.79 100. X) 

2.00 

6.10 101.00 
1.47 

7.3* 100.CO 

W 2.00 
8.08 101.00 
2.50 


23.00 1972 CASim UT 

25.00 99.00 8.00 11/ 6/1987 

20.00 1967 CEUttSE TXT FIB 
10.00 98.00 a.75 1/ 7/1982 

25.00 1968 CHTVF.OS OIL 0/9 
11.00 98.50 7.0ft 1/ 2/1980 

25.00 I«M CBRTBLER O/S CAP 

15.50 97.00 7.00 15/ 2/1984 

100.00 1977* ClTlCO»P 0/6 ru 

100.00 6.75 13/10/1980 

- 200.00 1977- CITICORP 0/6 PIS 

99.73 7.00 13/20/1981 

30.00 1977- Cm 1SVE3IUG F19 

100.00 8.75 1/ S/1984 

so.oo 1971 cofoca uaorisuxt 

44.00 99.25 9.00 IV 2/1986 

30.00 1913 OlMOLtDAHn 7001*3 
47.00 99.30 7.50 15/ 1/1991 

20.00 1968 COSTTmSt&L OIL 1KT 
10.00 98.00 7.00 1/ 2/1980 

25.00 1970 CKHUMAL OIL UiT 
13.75 98.00 9.50 1/ 7/1985 

30.00 1971 COnUSVEAL TELEPHWE 
18.00 100.00 9.25 15/ 2/1966 

20.00 1970 CO BXIMJnjLL TELEP80BE 
11.8Q 99.75 9.00 1/ 2/1982 

20.00 1971 CflftHIBO 1ST 
27.00 100.00 S.50 15/ 3/1986 

10.00 1468 CDIUB-8AifiBH UT FIS 
3.00 100.80 - 7.50 1/ 9/1980 

15.00 1972 CUZLESHLUtSS 1ST FIB 

13.50 99.00 8.00 15/ V1987 

20.00 1965 CUK4H1D 

7.30 98.25 5.75 1/ 9/1980 

20.00 1972 DIM UT 

19.40 99.50 8.00 1/ 3/1987 

120.00 1976 DDK CHEATCAL O/S CAP 
100.00 B.DO 15/12/1996 

20.00 1971 DOW COWIHC 0/S CAP 
18.00 99.00 8.50 15/ 6/1186 

30.00 1971 ESSO O/S FIS 
4U00 97.00 8.00 15/ 3/1986 


97 1/2 2.S3 

1.93 

98 3/8 3.00 

1.50 

103 1/4 7.12 
4.32 


94 3/4 9.70 
6.40 

100 1/8 1.38 
J.28 

98 1/8 9.16 
5.85 

201 3/B -2.62 
2.33 

96 1/9 9.37 
6.96 


8.77 7.9S [00.00 

9.ZL DP .75 

6.13'6.83 100.04 

7.27 S.« 1.30 

8.37 8.72 101. OD 

8,08 BP 1.00 

7.94 8.00 IOa.00 

7.9* • » i.30 

n56 4.18 102.54 

8.85 •* DP .90 

7.06 7.99 100.00 

7.89 DP 2.50 

8.04 7.90 100.25 

8.16 BP 1.00 

9.6* 9.59 1 00.00 

9.83 • 1.00 

8.61 8>32 101.50 


456 1 05 520 
950 960 


' 456 10 10S 
950 940 
' *58 10 105 
950 9*0 

i (85 193 5!0 
JM) 976 

399 35 HR 
CO 925 
CbO 470 
*37 S35 


805 070 935 941 
975 


523 805 935 941 
975 

MO 80S 935 9*1 
975 

805 935 9*1 9&0 


3DS 5:0 73S sro 
9*0 941 9*7 950 
975 


4.4| 7.01 -6.82 101.00 

2.41 7.19 2.00 

2.00 7.77 7.10 100.93 

2.05 8.48 DP 3.50 

6.04 7.50 7.17 102.00 

3.23 7.87 CP 2.00 

2.70 8^06 6.97 


1978 PC 1 453 10 IDs 520 SOS 935 Oil 

1*72 BOX 950 975 

1*74 PC EU 431 105 935 960 975 

IS 73 LI ' 

1778 FC EC *56 105 520 93S 941 953 960 

1970 LS 975 

1978 PC EO 411 105 927 935 960 975 

1978 Ui 

1978 PC EXT 418 I OS 520 870 933 9-1 950 

1*70 LE 960 975 

1979 PC Lli 437 55 105 305 S2fl 735 320 

1E77 La 935 9.0 9*1 9» 9SQ 973 

If is FC EU U9 1C5 933 975 

1971 LX 

1973 K EC 434 35 ]OS 205 305 570 619 

19,'S LI 370 93 9 940 941 950 960 

970 575 

1978 PC EO *11 10S 520 805 870 935 941 

1973 LX 950 960 975 

1978 PC ST :» 105 520 80S 870 935 941 

197* IX *50 960 973 

1978 PC Ql 339 105 935 941 9eO 97* 

1972 IX . 

PC EU 517 


3U.C-0 

19*1 

crmtAL mrtau o/s jh 

103 3/8 

8.5* 

8.17 

6-46. 

24.37 

96.50 

8.75 15/ V1M6 


6.33 

8,0* 


25.00 

1975 

GOULD 1ST 

102 Ui 

5.37 

9.12 

9.31 

51.25 

99.75 

9.75 15/ 6/1903 


4.93 

9.09 


15.00 

19/1 

CE0UE2 1ST 

«in 

8.87 22.22 17.60 

11.75 

97.00 

8.75 15/22/1*86 


$.42 27-02 


15.00 

1971 

CS UT 

100 1/2 

8.7* 

8.16 

S.2I 

12.9b 

94.00 

S.JS 15/11/1986 


5.30 

8.13 


40.00 

1*68 

CULT 6 WSIESH THT 

» SI 1/2 

2. S3 10.08 

7.10 


100.00 

6.50 1/12/19SO 





40.00 

1968 

CHIP 6 KESTLfX 1X7 

Bf 90 

2.83 10.76 

7.22 


109.00 

e.M- i/iviseo 





50.00 

l47J* CULT 6 VISTLBS 1ST 

S7 5/8 

6.0* 

8.77 

8.45 


100.60 

8.25 15/ 2/198* 


r 



40.00 

1976 

GELT 5 62SZi25 1ST 

102 3JB 

4J5 

8.62' 

9. OS 


100.00 

9.25 1/ 6/1982 





20.00 

1*75 

CULP £ VZSZZTX IKT. 

102 1/4 

2.17 

8.38 

9.M 


100.00 

9.75 13/6/1980 





15.00 

1971 

3*65 0/S COP 

10L 

8.11 

8.56 

8.66 

1—50 

98.00 

S.75 1/ 6/1996 


3.18 

8.49 


15.00 

1972 

HlUOti UZ 

*4 

9.75 

8.6ft 

8.24 

14.00 

97.50 

7.75 1/11/1987 


3.91 

9.10 


12.00 

1964 

i*^Tp i^nru. J3T ns 

98 7/S 

3.0* 

6.31 

6.16 

6,65 

96.00 

fi.DO 1 it 2/1981 

5 

1.5* 

6.89 


15.00 

1770 

I.C.C. UT 

73 

10.33 15.18 13.64 

15.00 100.00 

9.50 1/ 6/1968 

S 

7.73 16.2* 


35.00 

1977* 1C 25385TEIES 7FS COBP 

95 

9-17 

9.06 

8.93 


100.00 

8.75 15/ 6/1987 





15.00 

I9r4 

XST G&BTESSX O/S 

It 

8.16 

9.03 

6.31 

14.25 

100.09 

5.00 1/ 4/1986 

s 

6.27 10.0Z 


15.00 

1*66 

1ST STASHED nrmtr. 

» 3 It 

8.08 

6.45 

6.31 


100.25 
DP 1.13 
100.00 
DP .63 
101.00 
SP 1.00 
102.00 
SP .90 


-1979 PC EO *56 
1574 LX 

1981 PC U 488 
1976 LX 

1979 PC ED *85 
197* LZ 

1*79 PC EO 316 
1974 IX 

1978 2C SS 
LX 

1078 PG EH I 
LZ 

1982 FC IS *88: 
IX ! 


105 805 870 935 9*1 93V 
975 

35 105 305 520 735 9» 
940 9*1 950 960 975 
800 915 97$ 


% 


PC ZB 488 
U 

PC EB 488 
LX 


8.04 8.06 

6.72 8.11 


12.96 8.04 
9.22 6.2S 


98 7/8 2.00 

1.10 

103 1/2 7.41 
4.52 

99 3/8 8.04 

4.49 

101 1/4 4.00 
2.56 

301 1/4 8.12 

4.78 
99 1/4 2.58 

1.78 

97 1/4 9.37 

6.00 

98 1/2 2.58 

1.33 
97 3/8 9.08 
6.08 


. 8.92 100.00 

FF 1.50 

8.03 100.25 

PP 3.00 

7.63 100.375 

DP 1.00 

7<08 1 00.00 

3.00 

9.11 100.25 

DP 1.48 

8.30 103.00 

DP I.00 

8.89 100.03 

DP 1.1b 

8.40 102.00 

DF 1.00 

7.56 100.00 

1.00 

X.23 100.25 

DP .50 

5.92 ISO.M 
•-25 

B.2Z 101.00 
DP .30 


i 230 425 520 930 
955 96Q 975 
205 305 £20 735 
935 940 94 L 947 
915 

305 520 735 670 
9*1 947 950 960 

605 870 935 911 
97S 

870 941 950 975 


1982 PC EO 235 105 218 230 425 520 930 

1977 LE 935 941 955 960 975 

1979 PC EU 436 55 105 205 JOS 520 735 
1376 LZ BOS 670 935 940 94L 947 

■SO 9o0 975 

I960 FC £0 456 35 105 305 520 735 870 
1576 LX 935 9*0 Ml 947 950 960 

970 975 

1578 PC EC 436 105 520 605 670 935 911 
I9o9 LSiT 9SO 960 975 

I960 PC EU 456 105 520 870 941 950 975 
1971 LX 

1973 PC EC 38 195 870 935 950 975 

1974 U 

1979 PC EU 3d 105 520 870 973 
1572 LX 

1P7T PC ED 416 105 805 870 935 9U 950 

1971 LX 960 975 

1218 PC ET 456 105 520 935 941 960 975 

1272 LX 

1980 PC 10 456 I0S 305 520 735 870 935 

1975 LX 940 941 950 960 *70 *75 

1978 PC ED 500 14 105 520 £05 235 941 

1569 Pt *60 915 


XEX STAXSAXD ELECTRIC 
e.OD 15/ S/19B7 

1ST STA.T0BBD ELECTRIC 
8.25 J/ 2/1906 

1ST SZABDASO ELECTRIC 
9.00 1/ 4/1985 

XXT SX4KDABD ELECTRIC 
9.00 1/10/1986 

I.D. OVERSEAS FIS 

8.73 If 7/1987 


96 3/8-9 .n 
4.61 

100 1/2 8JXJ 
4.32 

UI 5/8 7.16 
4.1 ft 

UI 1/4 6.67 
9.76 
96 3/B 9.41 
5.34 


100,25 
DP 1.00 

102.00 
DP 1.00 


1D2.00 
SP .60 
100.00 
IP 1.25 


6.45 6.31 101.25 

7.07 SP .48 

6.49 6.21 101.75 

6.88 BP 2.24 

8.16 8.21 103.00 

8.12 or 2.25 

8.68 8.86 102.00 

8.31 DP 2.23 


102.00 
BP 2.23 


15.00 1968 UT BTUrriES O/S GW 99 '.2* 

3.00 99.50 6.7S 30/ 4/1978 S .24 

15.00 IMS 1ST UTILITIES O/S XW 99 3/8 .2* 

3.00 99.50 6.75 30/ 4/1978 S .24 


38 195 870 935 950 975 


33 105 520 370 973 


416 103 803 870 933 9U 950 
960 975 

456 105 520 935 941 960 975 


105 520 £05 935 941 
915 


99 i/S 8.67 8.26 8.U 101.25 


101 1/6 8.37 8.27. 

5.0* 8.18 

100 1/2 9.12 7.91. 
4.90 7.(7 


50.00 1971 ESEBO/SPU 100 3/6 8.79 7.93 

38.80 100.00 8.00 15/11/1986 0.37 7.92 


104 7/8 7.62 8.10 
*.73 7.7? 
98 3/8 1.96 7.92 


20.00 1970 ESSO O/S TX* 

U.50 100.00 9.00 15/ 9/1985 

50.00 1973 TIMST CH7C4P1 O/S 71R 
100.00 7-00 15/ 1/1980 


10.00 1972 FUST FCHHSTLGiHlA UT 91 1/4 6.79 9.42 
IfeOQ 100.00 7.625 1VI1/1984 4.94 9.9* 

30.00 1976 FBIEB&DF IXIEXATUnAL 100 1/4 5.12 8.93 
99.50 9.00 IV 3/1963 


20.00 1971 AHAX THT CAP <Sn A.>' ' UO 1/8 8.16 lb72 8.7*- '10lVo» <979 PC EU 4*7 105 870 Ml 960 975 


14.56 98.00 8.75. U 4/1986 ‘ . 4,80 .8.72 - BP. 1:56 -MWlX - ' . 

12.00 1971' AUBE UT CAP - UO 3/8 8.16 8,72 JUji-. -iai.00.1979 PC .50 447 103 870 941 960 ! 

8.73 97.00 8.75 - . *- 4.to; 8.72, »>* LX " . 

40.00 1972 ABEBADA HESS-aqi-CAF n 92 s/4■ 9.*lj.*fi'7ja UlZotf iiio K n 399 8M 870 920 97$ 
31.00 99.00 6.7$. 1/7/1907 5.06 8L57 . -.SP-: $>9p 197$<X' 

(0.00 1972 AHES4DA HESS'JUT CAP. XB 91 7/8 «.*! ft.00 ,7.35 .Id. 00. ISftOPC EU 399 10 920 M7 
31.00 99.00 6.75. ,1/. 7/19^ . . . 5.06'i.BO , .-;PP Z-OCI JUgU 


I 8.16 8,72 -L76- lfll.00 _ 1979 PC TO 447 

^4/3:8.72 bp: , ,:m m>* lx 


103 870 941 960.97* 


25.00 1972 CEE AHEUC6B TRAHSKBX 
23.90 100.50 6.25 If 6/1987 

- 25.00 1972 CEHZAL CABLE O/B . 

24.00 98.00 8.25 15/ 5/1987 

50-00 1965 CEKBAL ELECZEIC O/B 
44.00 100.00 4.25 1/12/1985 S 

20.00 1968 QEHEEAL RULE FU 
30.00 98.50 7.00 1/1VI980 S 

20.00 1971 (ZSEBAL HELLS JU - 
15.50 98.7S 8.00 U 3/1986 


98 1/8 9.31 8JA 

6.13 8.65 

97 3/8 9.28 -8.62 

6.14 8.76; 

83 1/4 7.83 7-20 
3.67 8.14* 

9S 1/2 2.75 7.73 
1.75 8.08.- 

99 7/8 8.08 8.02, 

4.64 8.04 


8.40 ici.ro 
DP l.bO 

7.96 I (XL 15 
DP 3.00 

.7.97 100.25 

DP 2.60 

8.58 100.25 

‘ BP 1.50 


8.36 101.50 

DP .50 

8.98 100.59 

tr .80 

B.41 100.15 

DP 1-10 

8.45- 100.25 
DP .50 

5.17 100.00 

.* DP l.SO 

7.23 100.00 

6.67 

8.01 102.00 

DP 1.00 


1*;* PC EO 454 35 105 305 520 73S S’O 
1*76 LX 955 9,0 911 950 960 370 

975 

1951 PC EU 408 105 305 S20 530 BOS £60 
LZ 970 925 955 Ml S5S 970 

975 

1*79 PC ED 346 104 BBS 870 935 941 950 
1*76 LX 9o0 975 

1979 PC EC -56 15 105 2D5 305 370 735 

1976 IX 805 570 915 940 541 947 

S59 950 575 

1*79 PC EO 456 55 105 2CS 305 520 715 
1*75 LX 605 270 '35 940 9*1 S&7 

950 950 975 

1*80 PC CD *56 IDS 870 935 9*1 950 975 
1*71 IX 

K SC 361 IDS 305 520 735 905 935 
LX 940 941 9»7 950 955 960 

975 

1978 PC EO 488 935 97S 

1979 LX 

1981 PC EU 485 105 305 520 930 935 960 
1*77 LX 975 

I960 PC ED 327 35 IDS 105 320 73S 870 

1977 LH 935 940 941 9*7 950 960 

975 

1979 PC EU 159 35 IDS 305 320 94D 963 
1376 IS 975 

1976 PC ST 458 105 800 80S 870 975 
1976 STLX 

1978 PG EO 399 105 520 80S 920 935 941 

1978 LX 960 975 

2979 PC ED 399 10S 305 805 870 920 935 
1973 LX 941 950 960 975 


23.00 1972 IS UTILITIES O/S 
16,25 99.50 8.25 IV 5/1982 

30.00 1976 UT UTILITIES O/S 
28.00 100.00 9.00 15/12/1983 

20.00 1471 B3BL&B1EE UT. FU. 
17.60 100.00 8.50 15/ 4/1*86 

20.00 1976 HACQ31AS EEKLXTS FU 
99.25 9.00 15/ 9/1981 

*0.00 1975 2H3XB3ZLL BOCCLAS O/S 
99.00 9.75 15/11/1981 

12.50 1975 MARRIOTT O/S 
12.50 97.50 S.75 15/ 6/1982 

20.00 1975 HUES O/S CAP 

100.00 9.25 1/ 5/1990 

35.00 1963 HW1L OIL UT FU 
29.00 95.50 7.00 13/ 8/1986 6 

20.00 1970 SOSSAXTO TXT 
8.80 96.50 8.75 15/ 5/1985 

20.00 1967 r.tryn IKT FIF 
£.00 98.50 6.50 1/10/1982 

30.00 1977* XAXffiAS 1ST C0X7 
30.00 95. SO £.00 1/1Q/1984 


99 5/8 4.28 
3.21 

IOC 1/8 5.87 
5-16 


8.77 8.39 101.00 

ft. 70 DP 1.50 

9.33 9.08 101.54 

9.63 BP 2.45 

11.24 6.93 
11.24 3.00 

9.58 6.91 

9.58 3.00 

8.34 8.28 103.00 

8.37 DF U75 

8.96 6.99 101.00 

8.97 DP 2.00 


8.20 8.30 
4.68 8.21 


(.37 9.08 
3.41 8.93 


8.5* 7.37 
5.92 7.45 

7.28 8.22 
4.27 7.95 

A.67 6.62 
2.79 6.69 

6.67 9.53 

5.67 9.73 


8.41 MO. 25 
OP 1.20 


1979 PC R *56 , 

1974 Cl 

1975 HP EO 399 I 

1977 LX 

1978 PC EO 500 

1969 UT ! 

1918 PC EX 230 I 

1979 IX 

1*82 PS ED SIX I 
1977 LX 

I97B PC HT 458 : 

1977 rax 

1976 PG HT 327 I 
1171 KTLX 

1978 CP ES 327 . 
2972 KURDS 

1978 5P ED 327 ! 
1976 LX 

1479 8? EH 327 

1972 KTLZ 

1979 l’P EB 127 
1974 LX 

1932 PC ED 315 . 
1378 LH 

1*78 PC EO 359 
1974 LHLX 

1978 PC EO 359 . 
1974 L51X 

1976 PG ZD 315 : 

1973 LH 

19C1 PC ED 359 . 

1977 LB 

1979 PC ED 456 
1976 LZ 

PC EO 2JB : 
LX 


105 216 520 805 070 MO 

9SS 973 

185 $20 870 930 935 -979 
105 520 930 935 975 

105 805 >70 935 54l 950 

975 

105 920 960 975 


10 105 520 805 870 93$ 
941 950 960 975 


105 230 305 520 927 935 
940 9M 973 
105 80Q 805 975 


105 520 SOS 94L 950 960 
975 

105 520 805 941 950 960 
975 

105 520 805 870 941 960 
975 

Id 520 805 870 935 941 
960 975 . 

10S 520 805 870 935 9*1 
960 975 

IK 205 218 425 520 540 
932 935 940 Ml 950 955 
960 965 975 
105 800 805 965 975 


9.3* 1D0.00 I960 FC ED 456 


105 520 932 935 960 97$ 

105 205 218 425 520 805 
930 932 935 940 Ml 960 
965 975 

105 870 935 Ml 950 960 
975 

103 520 930 935 9*1 9*8 
960 975 

105 305 520 870 930 935 
940 Ml 960 975 


4.00 

9.12 100.50 

7.23 102.50 

2.00 

8.52 101.75 
DP 1.40 

6.53 100.25 
DP 1.50 

8.6* 100.50 

10.00 


15.00 1972 rOlTB /3CR EOCXFELL O/S 99 3/4 L.2S 7.92 7.77 100.00 

11.25 PS.50 7.75 1/ 5/1979 .91'8.05 3.15 

25.00 1*72 FCQT5 AMEX LOCIBELL O/S 98 3/8 9.25 8.50 &39 101.00 

24.00 9J.50 0.25 It 5/1S87 5.87 8.61 BP .50 


PC EO 408 
1980 LX 

1979 PC ES 517 ' 
LX 

1*78 7C tO 359 

1972 LH 

1973 PC EO 399 
1473 LX 

1S76 PC UT 4*5 
1970 DUX 

I9C2 PC EO 5*9 ■ 
1982 LX 

1978 PC EO 327 
1977 LZ 
19CO re SO 327 
1976 LZ 


105 520 805 930 935 975 


IK 520 870 935 Ml 950 
960 965 975 

105 670 941 975 


870 920 935 

975 


1969 occu a aM. O/S CAP 

98.00 7JO 1/ 3/198* 

1569 0CCHE5EAL O/S CA? 

96.00 8.25 1/10/1979 

1973* OCCI D T H TBL 1ST 713 
S9.00 8.50 IV 1/19E3 

1977 OCCDE3TE8L 07ZESEAS 
100.00 1.75 1/ 2/1987 

1970 OCdDUTAL 0 IS CAP 

100.00 9.25 13/ 3/1982 

1976 OCQBEZUL O/S T IS 
100.JO 9.75 1/ 2/1981 

167? OCCUEHUL O/S FB 
100.00 9.75 1/ 7/1983 

1C75 OCCIDENTAL O/S LTD 
$2.00 10.00 1/ 7/1981 

1*70 OTIS OXVATOE UT CAP 
*8.50 6.75 1/ 5/1485 

1*71 GWILS-anC5C PIBLSCLAS 
J04.C0 9.00 1/ 8/1986 

1973 PACIFIC UGZTIKC O/S FU 
98.50 8.00 IV 4/1988 . 


97 5/8 6.08 
3.68 

99 1/6 1.G7 
1.42 


101 3/4 4.12 

2.52 

102 5/8 3.00 


102 3/8 5.61 

102 5/8 3.41 
3.00 

101 1/4 7.25 
4.16 

UI S/S 8.50 
5.41 

97 7/S 10.20 
6.81. 


7.68 102.50 

DF 1.00 

8.32 100.00 

DP 2.00 


3.96 101.00 

» 2.00 

9.09 100.00 

BP 2.23 
9.50 100.50 


9.50 100.00 

PP 1.20 
9.74 10O.OD 
DP 1.80 
8.6* 101.00 
DP 1,50 

8.86 102.00 

DP l.DO 

8.17 100.375 

DP .8> 


105 520 805 870 U3 941 
950 960 975 

405 205 21S 425 520 530 
910 923 930 932 935 947 
953 950 973 

10a 305 520 735 805 870 
530 933 Ml 950 960 975 
35 105 305 520 735 B05 
870 935 940 947 950 960 
970 975 
105 935 975 


218 425 935 940 955 960 


35 105 218 230 425 520 
530 910 935 MO 975 


35 105 930 935 940 97$ 

35 105 930 935'MO 91$ 

105 930 935 975 

105 870 935 9*1 950 960 
975 

105 870 93S 941 950 960 
975 

35 105 305 520 735 935 
940 Ml 950 960 973 


SUMITOMO FINANCE 
INTERNATIONAL 



IBJ International Limited 

* % (A wholly-owned subsidiary of The Industrial Bank of Japan Limited) 

* 

\ is pleased to announce that from 

FEBRUARY 1978 
we will he making markets in 

Japanese Straight Eurodollar and Euro-Yen Bonds 

Selected Eurodollar Bonds 


IBJ 

8 h 

1981 

Hitachi Ship ' 

n 

1984 

Nippon Mining 

n 

1982 

IBJ 

9i 

1980 

L.T.C3. 

8* 

1981 

Nippon Steel 

9£ 

1980 

IBJ 


1982 

I.H.I. 

n 

1982 

Orient Leasing 

8} 

1984 

IBJFRN 

7 

1982 

Mitsui Eng 

8? 

1983 

Toray 

75 

1984 

EBJFRN 

7.69 

19S2 

Mitsui Petrol 

8 

1984 

Toyo Menka 

75 

1982 

BOT 

n 

1984 

Nippon Fudosan 7f 

1982 

Y.S. Line 

7| 

1984 


Euro-Yen Bonds 

I.B.R.D. 6* 


E.IJB. 


Telephone: 01-236 0551 - Telex: 883411H5JINT - Reuters Symbols: IBJA £BJB 
BuckTersbury House, 3 Queen Victoria Street, London EC4N 8HR 


We .make net markets for 
Dutch Memational and Local 
Shires as- Well as all Euro-: 
guilder and domestic bonds. 

If you need any prices or 
information or if you would like 
to receive our monthly bond 
letter please contact: i. 

international Dealing Dept 
Eeizersoracht 22S283, 
Aihsterdam. ; 

. . Tel:* Amsterdam 2^363 
Telex: 12146 ..... 


^Market Maker 609 in Eurobonds. 
" The following are mid-market Quotations 
•'&'Yields in Recent Guilder issues. 

' 10th February, 1978. 


'8% Bk- Ntd. Gem. 77/88/2000/2 

; 7i% Government 77/78/77 

j^ ^oyemment 77/78/87 
■7$% Nat. Nedertends 77/78/87 
8^- Amto 77/78/87 
-71% 77/78/87 

71^ Pierson 77/78/87 
9% Slavenburjs 77/78/87 


Price 

Yield 

98J0 

‘8.14 

98J0 

- 8*1 

10T>» .* 

7M 

98.90 

7.70 

100.40 .. 

7.90 

99.00 

7.94 

98J0 

7.90 

100 JO 

. 7J8 


Domestic Stock 

^ORENTO 130.20 

(One of the Amsterdam Stock Exchange's 
mdst actively traded stocks). 


DILLON, READ OVERSEAS CORPORATION 

10.Chesterfield Street, London, W.l. 

Tel: 01493 1239 or 014914774 Teles 8811055 


JAPANESE DOLLAR 
Names Close at 10/2/78 

DAIWA SEIKO $1.75 

HONDA $23i 

ITO YOKADO S52s 

JUSCO $501 

KOMATSU FORKLIFT $2 25 
KONISHIROKU $2.00 

KUBOTA $22| 

MAKITA $26J 

MURATA $2.40 

NICHII $522 

NIPPON MEAT $2^6 


DEPOSITARY RECEIPTS 

Names Close at 10/2/78 

NIPPON CHEM. CON. $2^0 
PIONEER $12.00 

Q.P. CORPORATION $2.65 

RENOWN $2.40 

RHYTHM WATCH $2.03 

SONY $7.75 

STANLEY ELECTRIC $220 

TAISHO MARINE $101 

T.D.K. $620 

TOKYO SANYO $1.02 

TRIO $224 

WACOAL $16| 





























































































<3 

i 

% 


18 


3“ 

wo: 

2s 

is 

>■ 


BORROWER/ 
COUPON MATURfTY 


PRICE 


ffi 

53 

5£ 


|S 

§9 

as 

M 

9£ 

U»_J 



3 n 


MAfiKETMAffiftS 


20 .TO j.974 nnncuiBTiffionnsun/a 3-37 8.73 

98.50 9.2S 15/ 6/mi 


15.00 1972 PSWYALT 0/S TVS 
*2.84 97.50 8.00 1/ 5/1967 


15.00 
13. ill 

2 $.« 

7.50 

25. TO 
12.50 
160.00 
ISO. DO 

25.00 

2«.QQ 

25.ro 

2r.Q0 
lit. 50 
29.00 

30 

27,00 

20.00 

16.00 


1971 ram? SQKZtt BT CAP 101 3/6 
96.50 6.50 1/ 6f 19X6 


1966 PHILLIPS •ETB0LEIH TXT 

96.00* 6.C-0 15,' 1/19&1 e 

1967 PHCE1W 6 CASSLC BT 

9*.00 6.10 .15/ 9/1591 

]“7J» S.J.EZY5MLDS grtKitAJ 

loo.Qo ;.so u/iui?f: 

1972 salstcs nun c/9 tis 

95.00 7.50 15/ l.'lt-.l 


98 3/a 

99 3/8 
58 3/S 
93 5/8 

103 5/8 
131 1/2 
103 3/1 
id 3/a 
10L 3/8 
200 1/1 
iai i/z 


9.2S 8.15 
5.38 8.23 

8.33 S.l» 
5.28 6.06 
2.96 8.72 
1.70 7.16 
A. 62 6.71 
2-b2 6.K> 
4.80 7.91 
2.60 S. 15 


9.12 

8.03 


100.30 1979 PC 50 456 103 870 S6L 973 
. U 


130.25 
DP 1.UJ 


9.05 

£.13 


8.29 
C-7 


8.35 101.00 

D? .60 

6.19 100.23 

DP 1-25 

6.56 ICO.23 
D? 2-50 

37.00 

7.Si 100 .73 
I*? l.flB 


1975 EE&DIT-G 4 SUES 
99.00 9.20 15/ 3/1951 

1970 UCaiBlIStS-SXUtiiJ. 

99.73 6.75 13/12/1965 

1975 3A3TA TE 1ST 7Ti 
35.00 9.75 V) 0/1930 

19TS SASSA FE 22T TES 
100.53 9.54 13/ 7/1M6 

i«7i score pipes c/s 

9U.50 8.75 1/ 7/1986 

50.00 !■??:*■ S3>G2B 5TTL SETS 

2 DO.60 8.75 1/ 4/1962 

39.co i;t 3 ssaam on. er zcozuu. 

22.30 110.00 6.375 1/12/1988 

30.00 1973 SZV9.U3 OH 0? TOXAU 102 3/4 

27.75 97.50 S.5U 15/ 8/1533 

25.00 1957* SWTS72i:a FIR TKT 98 1/8 

25.03 59.50 8.75 1/ 6/1957 

20.CJ If.'5 SS93STU3S 70 ITT 201 1/4 

14.00 99.00 9.75 15/ 3/1983 

15.00 J572 SIE3J:-' U/S CAP 97 1/8 

13.20 99.00 8.00 1/ 3/1967 

37.50 1958 T2LELT5E 3T W 121 

37. SO lOa.O’3 6.50 1/10/1953 

3J.J0 t?S8 mSnSE 1ST SR 93 

37. SO 200.00 6.50 1/10/1983 

26.00 1972 TERS5CO 1ST 100 1!Z 

100. CO 7. SO V! 1/29.9 

33,00 1972 TSS5ECO CT 95 7/B 

29.00 98.00 J.J1 1/1 1/1937 


3.12 9.21 9-44 MO.M 


7.87 e.’-7 
4.77 8.15 
2*6/ 


8.62 100.00 
OP 1.50 

9.49 100.50 


1979 rc TO 

1976 LSI 

1979 PC HI 
1973 LX 

1979 PC EQ 

1971 sir • 

19/13 PC ST 
1973 LEE 

k rc 

1978 LS 

19 BO Ffi m 

1977 LX 

1980 PC SC 
LX 

loco ten 
1971 IS 

1979 ?CEO 


437 35 105 
939 940 
975 

447 1C3 BOS 870 939 941 973 


! 363 520 733 970 
I 961 930 960 970 


411 10 105 
950 Sbo 

456 JO 105 
941 9SO 

245 303 320 
“30 935 
913 

437 35 283 
S5S 940 
975 

335 303 250 
960 975 

483 105 873 
«7i 

397 105 930 


520 80S S3S 941 
973 

320 605 870 935 
HO 973 

330 540 in 927 
940 961 930 “70 

505 920 735 910 
911 “17 930 9o*3 

520 070 930 935 
935 941 930 960 
935 960 SiS 975 


10. SJ 
£-19 


3.15 

8-12 


8.45 9.14 9.37 102.00 1982 PC Eff 297 33 103 305 320 935 940 

7.44 9.22 3? 1.30 till I2C 9-1 960 965 975 

'P.41 8.60 8.63 100.25 1973 PS ED 485 IPS 870.915 Sll 930 960* 

5.26 8.40 OP *80 1574 LX 975 

4.16 8.66 8.73 100.00 1932 PC ED 418 

LX 

f.2S *00.575 1953 2G> EE 456 205 SOS SOS 520 7S5 903 
DP .90 1979 LX 870 935 940 941 947 930 

960 973 

10.54 8.09 8.27 100 .3 75 1980 5? ED 456 55 I OS 205 205 520 735 
7.63 8.01 BP -75 1975 LX £05 870 935 940 941 947 

930 960 973 

HQ PC SO 359 XOS 210 423 320 9X0 927 

1973 LX 933 941 960 965 975 

1901 PS a 339 105 520 930 941 960 985 

1977 LX 975 

1980 PC SC 447 33 105 305 510 735 933 

1973 LX 940 942-950 960 970 975 

197R FS XT 425 105 300 803 97S 

19*5 LS 

1913- PS BT 423 105 800 91S 


9.33 9.04 8.92 101.00 

4.66 9.14 03 1.70 

3.04 9. *3 9.63 100.50 

3.25 9.30 1.00 

9.08 £.46 8.26 201.00 

6.01 8.6J BP .60 

5.57 2.48 SJST 102.50 

3.67 .60 


5.51 8.0* 
•3.67* 8.80 


82 7.50 
6.9“ 102.50 


8? 7.90 1979 LZ 
1.75 7.16 7.49 206.00 1978 PCXC 361 105 309 435 520 809 870 


IS 


930 933 941 930 960 975- 


10C.TO 1577* TSKTZCO 3U 

96.30 7.75 15/ 5/1937 

30.00 1972 TEXXVtW 1ST 

30.00 100.25 7.75 2/10/1987 

20.00 1971 TRASSLaOTCA 0/5 FIS 
•J 7.00 100.00 8.50 1/12/1936 

40.00 2468 7&1259CU5 COLT OIL 
22.00 98. SO 7.30 ■ 1/11/1930 

30.00 1S«A imSOCEAP C5LF Oil 
19.00 97.00 7.00 ' 1/ 3/1*91 

Atr.M 1971 TUfiOVUS 0317 011 
33.70 100.00 7.30 1/ 1/1987 

30.00 1969 T3AKS0CEJ3 CLXJ OIL 
SC.00 96.00 8.00 1/12/1984 

30.00 1971 TEAEAXEAS GT_? OIL 
2a.*0 97.50 8.00 1/ 3/1926 


20.00 
I*-SO 

20.00 
li.Ti 
20.00 
17.00 
20.09 
3.60 
10.00 
4.00 
JO. 00 
4.00 


1970 

100.90 

IMS 

99.00 

inn 

99.00 

1967 
9?. 5(5 
I96» 
1*3.00 

1969 

100.00 


20.00 >977 
100.00 


■QAESaSEAB CXT OIL 
9.00 13/10/1935 

T3S O/S Cl? 

7.23 1/11/1505 

tan a/s fib 

8.73 15/10/1966 

C.S.UfflMX 3S2BCT.U. 

6.25 1/ 1/1982 S 

ccramira 1 st vy 

7.00 1/ 3/1979 S 

raamu.p ist 20 
7.00 1/ 3/1979 S 

Q910P OIL FIJI 

7.30 1/ 2/1919 


93 1/i 
.95 3/8 
100 1/2 

96 1/2 

98 3/4 

97 3/4 

100 :/s 

99 7.V 

103 I/Z 
97 7/5 
2D! 3/3 
“8 


».75 8.33 
6.99 8.55 


9.25 £.83 


8.08 101.50 

BP 1.00 


9.67 
6.79 

8.B3 
5.72 
2.75 
2.21 
3.0S 
2.33 
8.9 £ 

6.67 

6.83 
4. SO 
8.08 8.02 
4.35 8.04 


£.42 

6.62 

8.41 
8.2S 
7.60 
7.77 
7.46 
7.6L 
7. Li 
7.95 

7.97 

7.97 


8.31 

8.10 


1380 PS EC 361 35 105 305 425 520 735 
1977 LX 80S 870 915 940 941 947 

95 J Ha an 

101.00 19fi2 PC ED 456 
LS 

101.35 1978 PGED 454 35 105 305 425 520.735 
DP 1.20 1978 LX 893 870 “35 940 941 947 

950 SOJ 975 
2978 PC tO 93 103 960 975 
1975 IX 


£.46 102.00 

OP 1.00 


7.70 
4.81 

5.75 

3.40 

8.70 
5.62 

4.16* 

2.13 

1.08 

.S3 


1.08 

.83 


8 .: 

8.5 

7.71 

7.99 

8.51 

8.12 

6.92 

7.29 

8.13 

£.45 

8.13 

8.45 


7.11 100.00 1978 PC 3X458 10 ICS 520 805 870 989 

BP 4.00 1969 B7 941 950 960 975 

7.09 100.00 1970 PC ED 436 10 109 S20 SOS 870 935 

OP 2.00 1970 RT 941 930 960 973 

7.6,* 10P.25 1900 PC EC 4 36 35 103 205 303 520 735 

B? 2.10 19 Jo LS 805 870 935 940 941 947. 

950 960 975 

7.99 103.25 1979 PC SV 456 10 105 520 5 70 935 941 

2.Q0 1971 9t 950 960 975 

6.C! 109.25 1979 re EC 436 103 205 7 Oi 320 733 MS 

BP 1.80 197o LX 970 935 940 9*1 947 950 

940 SIS 

fi.ra 100.25 1930 fC ED 456 105 67D 941 950 975 
BP I.SO 1971 LX 

7.11 100.30 1978 tV tl' 4£5 103 520 935 91* 950 960 

fit 2-00 1969 IX 973 

9.63 101.00 1979 FC EC 1*3 105 520 935 941 950 975 

BP 1-00 1973 LX 

i.U 


7.10 


7-20 


19L.125 1973 PC ED 327 105 £05 935 5*1 950 9ft 
.93 1972 LX 973 

10*1.00 1978 FC EU 22$ MO- 
1.00 1972 LS 


99 It * 1.00 7.81 7.05 


38.00 1972 DUDS OIL FIT 
23.04 100.00 7.50 1/ 2/1937 


1970 O S PE D “E2CSJ0XS 0/S 
99.00 9.00 1/ 3/1932 


15.00 
i.3i 

26.00 1972 0148 X5T TIC- 

1C0.W 7.20 13/ 5/1979 

20.00 1972 UTAH TXT FIS 
IC.oO IOC.SO e.00 IS/ 3/1987 

2Q.TO 1965 C.2. CX-CE Of? 

7.J0 s:.;s s.;> is/ll/mo : 

50.00 in-7* B4LTF2 lUDC O’SEAS F3 
100.09 6.JU 1/ 7:1*95 


97 7/8 

79 1/4 
99 3/B 
99 1/6 


9. CO 
4.26 


7.84 

8.12 


7.66 


2.49 20.40 
1.12 6.07 


96 :/8 

97 l/i 
W 94 7/8 


2 , '.r0 196S Z4FA7A 0/S 

:: :i i*.:oo 6.:> 1 / r/issa 

«.'l 1V8 2AFAT* O/S JS 93 3/4 

30. W ICO. W e.:j 1/7,1380 


100.00 1973 PC rr 2*9 M3 
UOO 197* LX 

100.00 19K SC ED 399 K5 305 320 735 80? 8^0 
IX 9*0 938 935 941 930 960 

573 

100.25 i960 FC m 399 33 t03 305 735 803 670 
B? 2.9* 1977 IX. 920 935 940 94* 947 950 

960 975 

4.08 16.34 11.35 100,00 I960 PC ED 447 960 975 

DB 1.3J J9/3 IX 

7.55 103.00 -1976 PC CD 447 103 30S 520 815 670 930 

LX 52S 941 950 960 975 

8.07 toi.00 1479 PC ED 447 35 105 505 320 735 865 

BT .40 *977 LX 610 “JS 9-0*941 9?J 960 

97> 

S.I3 104.50 1978 ?C E3 SCO 10 195 523 £05 9il 9/S 

1.25 1*9 ::r 
7.42 9.01 8.74 101.00 US2 FC 2C SIC *** 

LS 

2.11 9.13 7.11 101.75 1976 FCLF 4 * 800 CIS “65 971 

L.H 9.*7 6-00 >978 LS 

2.-1 9.74 7.20 101.15 1778 79.97 4-7 3M 915 

j.BL.iciIi 4.03 i:::u 


«.12 

6.24 


2.79 

1.33 


B.13 

8.13 


6.60 
7-13 


5 • 

h%: li 
Is 1 S“i 


90RR0*.VER 
COUPON MATURITY 


PRICE j S 



MARKET MAKERS 


• !"■- f.Fi'PIA:. UfirrilM 3V.C 

•rt.jj 8.25 1/ 1/198J 

ju. id i?’" eovkm lAifjixf.r sex 

100.06 B.Ii 1,11/1453 

Sv. DO J -77* EiHi>PiA> art inti! 54.-.S 
100.00 6.25 (0/ 1-1985 

36.00 1^7»* LLTfFEAS ILVI5171 ENT B/AK 

9i.7i t..5 15/1811987 

So .VI 1*77’ E'S'.'FtLN LMTSEUST WE 

*9.75 8.25 If -.'1987 

190.0* !9:» HBOFEAS U.VTiTMENr 5WK 

lOO.oU «S.50 9.1/;. f/10/1992 ^ 

I'.00 '.-Tl ICF0K-V1 157ISWE.VT 9ARC 

j.-.jo j 0O.H0 6.5*.i a: 5/1 *?» 

.’•J.lM !9!j ilKOPUJ. ClTFiDlEAT S.OX 

2».: o 96. .-M o.M 15/U.'Hie 

lO'i.'Ki i9:B* lufi'peit. linrsmesn ei/K 

V’.iU E.jO :/ 2/1594 


99 i :3 5.53 2.22 

98 273 5.75 8. ii 

95 .12 £.?i 8.9 4 

95 3/1 2.70 0.79 

97 1/2 9.15 8.65 

94 3/4 14.67 9.23 
14.17 9. JS 

100 6.29 t.49 

4.57 P.A9 

9J 3.*; 10.37 9.3J 
4.62 8.36 
97 10-00 6.97 


8.27 

rr i.”. 
8.35 141.0 

8.55 10!.:s 

?7 :.jg 
8.*6 106.50 

9.03 Ui.s* 
BP U.uO 
8.50 Itt.-jO 
37 1.50 

8.52 10i.» 

BP .90 

8.76 1D1.7S 

n ..oo 


:■? e. *'* 

IS'*.!!! 

5." L9 53? *5 i.-E •»-« 94 r 910 


10 :.',0 197c HT.i'FLAR U.TtSI«n.T 7«LT. *i0. .'.‘4 
9J.75 s.6>j I* 4/1984 ! 

;-0..r> >»’l IltOpf.Ut DTE5E1ERT SA5K *00 3/8 
J*. 30 iOO.oO 8.73 1/1936 


B.14 S.64 8.74 


7.92 
3.11 

•-0. .9 1*7- XiaOFL.es U7UIUSI LASS 100 3/8 8.20 
1-7.Ou y’.VJ i. .'i 15/ «. i9b6 6.63 

5).90 IVt EEF0PEA.V lr.'TCT4C.T SARK 99 7/B 10.SR 
9/.*i »..'5 1/4/1168 

S4.I70 19T7- EW4PELT l/.TEiK£t.T SA/.E 99 5/S 14.15 
I01-.60 8.75 1/ -/1*^4 

106. jo ;*:»* EiiopsM LvnrTHEw aask 97 15.00 

“S.30 8.75 1/ ;/194i 

75.0.7 1071, EVB0PU8 CJTCSTVCyT WT 97 3/B IB. 87 
75.60 99.JO 6.875 15/12/1096 S 11.87 

JM-.CO 1975 IDROPFAN I5VL5tK£8T MKE 102 2.62 

99.SO 9.00 15/ 9/1980 


8.19 £.71 ;C..50 

8.66 OF 1.10 

B.o/ 8.72 SCi.J-J 
6.0 7 CT 1.60 

8.76 8.76 Ml .44 
FT 1.75 

£.92 8-87 10I.CH> 

FF :.oo 

9.12 9.02 Ml.W 
rr s.oo 

9.38 9.32 
9.65 BP 5.00 

8.09 S.R 


72.00 1575 FZR6FE.LV IPH5WE9T BMK IK 7/8 
IOO.iJO 9.00 l/l!/1961 S 

57.00 1“75 HRORAC DiVtSCIEST HAST. 102 
99. UO 9.00 15/11/198: 

2-J.no 19 74 EDBOPCAR IPKSWOT 6AEE 101 3/4 
?«.!5 9.0u 1 if 1/196: 

’5.1-0 1077 ECTC-PEv: LV/ESWEET BA.VK 5? 3/6 
■>.00 IMJ.00 V. ’J’J »/ >/19P7 4 

1975 lUTOtKA/. ESCISWLSr BADE 102 3/8 
M.61 100.50 4.50 15/ *-‘1965 


4.75 3.M B.9* 
4.B7 
3.96 


8.47 8.82 IM.50 

PE i.50 


19.28 
12.24 
7.04 
5. 45 


46.66 is:/- sow,;-: msiw: saxe 95 5/8 fi.33 


2U0.3D 

2*0.30 

405.00 

230.00 

250.00 

300.00 

250.00 

200.00 

’-hi. Bo 
200.OO 

460.00 

4-0.00 

X'O.OO 

45-1.60 


100.ou 

79 ;: 

J 60.00 
1977 
100.00 
1977 
> 00.00 

1977 
100.00 
1976 
99.90 
1975 
100.28 
197! 
ICO. 00 
1973 
103.00 
I9'7 
99.45 


4J6.no 

4M.-.U3 

200 . aa 

230.00 

??0.(W 
230.00 
:>j.oo 
250.DO 


1*75 
1 JO.v'O 
1977 
ICO. 60 
1*7* 
100.00 
t «6> 
59. i 1 


7.15 

LOMU BASE 

,'.00 

KOU.C- AVS 
7.125 

SOFLU B.A.VC 
7.65 

HOfcUJ BARK 

7.75 

vatu’ MK5 
7.80 

HOaLD BADE 
8.60 

RBLS B.VSK 
S.OO 

BCK43 BASK 

8.16 

SCtLD 4/471 
3.45 

COiLD BASE 

I 6. i'.» 

VOiLD B4.X 
a.ii 


ua=i4» un 
B.3*1 

C041SP BALI 
8.J/5 


1*75 COULD MJ-X 
1OO.O0 O.bO 


1975 

160.00 

I STS 
160.00 
1975 
100.00 


V6fcU> Bask 
6.T5 

HOLLO BASE 
B.8J 


1/ 6,194- 

1 / s.’iM: 

1/ £/»52 
II 3/1987 
1/ 3/1987 
1/12/1986 
1/ 1/1980 
U 7/1932 
1/ 1/1985 
1/ S/40O2 
15/ 7/1909 
15/12/1980 

1 / s;:oo: 

1/ 7,1385 
]/!i.’:M>l 
15/ 7/1985 
15/12/1985 
i/ :;:ooi 


96 7/8 6.25 
96 3/4 4-SO 

94 3/4 9.25 

95 5/H S.M 

95 8.83 
100 3/8 1.9* 

100 3.41 

99 3/8 £.92 

94 3/4 22.25 
IB. 49 

190 7/B 2.45 

101 LJ7 

96 :/4 34-50 

10.74 

93 5/0 8.41 
“6 

100 3/4 7.-J 

102 3/8 7.87 


SS.83 

18.07 


K021D BASK 

9.35 ISM2'2GOO 
C5 D0LLA33-FL0AIIK BATE 


IDO 1/4 23.11 
17.65 

106 1/8 22.87 
17.11 


8-46 8.85 

9.39 9.36 157.50 

,9.13 BP 3.00 

6.93 9.26 >3I.0d 

8.91 IT 2.50 

5-66 B. 10 101.00 

8.03 7.96 

8.16 7.5# 

8.66 8.24 

£.55 8.28 

8.69 8.29 

7.95 8.19 

£.16 6.16 

8.04 8.37 

8,97 8.90 102.50 

9.04 Z2 3.03 

£.05 8.SO 

8.21 8.44 

B.41 S.» -.DJ-SO 
£.95 LS 10.03 

8.51 8.58 

e.97- 6.91 102.50 

9.01 30 10.40 

6.64 8.72 

8.61 S.83 

9.02 S.02 :o;.»s 

9.04 B? 10.00 

9.12 9.13 1EU.75 

9.07 DP 10. Q j 


l? : 6 r- !b,: 
jJBi \f tc 515 :i-3 

u 

r-s* SC 642 B?J 943 «47 56S “73 

:b:s uksi 

L»i- 4P tO 141 *** 

15 

S9o- S.P Tt all 40 33 ;5 « ‘Oj 937 

1?«3 5* *J( 9-0 "75 

1M1 RF EU 1S6 10' 405 ij! 121 975 

1974 L.VG.W 

l¥i» 3F EL> 186 ■-! :05 4C5 <A; i'.i 443 

1974 UHLST 9JS S-l y?5 

l“54 pp LV 163 103 i'.5 ii! 105 409 -'5 

:»79 LX —-: 540 5:0 V27 93: Bii 

“-U 939 9iS 960 97S 
■ ? 71 ill :■) 21 JS .50 80S 947 

Kt 9jl 9-0 9>S 

1981 N ? 3U I£6 J£b 405 <15 *21 97» 

1971 L304*7 

1979 SP EU 135 105 -55 ife 1.5 4Jj 915 
>975 L«L74 

1*BJ 9? EU 165 •** 

1976 LX 

1987 NP Eff 143 *•* 

19/1 LX 

1968 6? CB S6S 105 135 105 35! A» i/3 

1979 LX 425 520 870 W 932 9i5 

9*0 «5\> 95? S’-O *75 

1988 XP PT 413 JO 33 35 60 SOS 947 

1932 SF 931 “40 975 

FT EU 165 J 05 210 405 469 *15 425 
LX 520 805 076 913 932 941 

947 960 975 

*P SY *41 . 20 33 35 80 805 917 

LF 931 9?s 

1978 St EU 525 105 230 <05 409 415 ACS 

1975 LX 947 960 975 

SP XX S94 15 105 “30 940 960 97S 

sum 

1989 SP BY 441 JO 33 35 60 805 927 

1983 ST 9/1 910 971 

1980 IT ED 1S6 T05 *05 409 i!5 42i 540 

1976 LCC. 570 9-1 9-7 960 975 

19C1 SP SC 517 105 JOB *25 71S 740 7-5 

LS 927 920 *32 9*0 9*1 9-7 

955 960 975 

KP SY 457 35 60 927 931 
« 

5* St 411 35 60 927 931 
Bit 

DP BT 457 35 60 927 931*940 
R 

VF ST 421 20 35 CO 927 S31 94« 
rr 

?>? ST 479 35 60 927 S32 
ST 

SP ET 479 35 60 92 7 931 
ST 

SP KX 611 35 60 927 931 
BY 

BP SS 479 35 60 927 S3t 940 
CT 

1959 SP R 457 35 60 927 931 9.0 
K»9 CT 

S? IT <11 35 60 927 931 
ST 

SP ST i!B £5 M 927 931 
K 

l«e«7R4:i S3 60 “77 911 940 

1990 St 

SF ST All 25 60 927 931 9*0 
57 

HS9 NP ST 419 55 69 927 911 9-0 
1989 IT 

S? EF 411 35 60 927 931 9-0 
CT 

SPEY JSC'35 60 9*7 911 fi-Q 


1999 S? ST 411 3J 60 92 7 9-0 
1*89 ST 

>*88 XP ST 4i£ 33 £0 9tT 931 
1988 3T 


25.00 1975 4DELA ISBSSWEWr 8. r-3/a 9£ 7/6 4.94 
7S.OU 100.00 8-00 8/ 1/198* G 3.44 

30.00 1977* ALLLEB IS1SB EE -.7b:l/4 97 5/0 6-1* 

luQ.DQ 7*25 2-/ 1/1984 S 

30.00 19“?* 4BD3LSMEIIS 7.0:1.% SS 3/8 6133 
130.00 1.658 J.' 0/i®8- 5 

L« >:3/4 ISO ?■•« Jl.€3 
I r 10/i>-* 4 

:■>•■«•• :vf LrJ s.40 
1-/ - ,se. £ 


25.00 lr*< A"! 

2J.0: 160.10 i. 50 

*u-i? 8.. 

104.40 e. JO 


e.W 10(1.00 197* SP £3 408 305 914 925 
I.W 1*79 LX 

7.43 IOB.OO H51 SP BO 517 205 210 905 «li 925 *50 
it 925 936 940 943 P50 9 b5 

7.98 ’.CUD IMi K? EC 3:9 110 715 90S 9!4 945 930 

LX yjS 9*0 K5 950 965 

9..2 1C-3.QQ :*7S fii «■: “e . 0 ; SOS 91< 925 <40 

f? l.j-3 19*5 -X 

7.99 lt-i.03 :5’9 ??. SC «£ 213 46i t;S 9Ci jl- 92S 

LX SjJ 925 920 


financial Tiines^ Hah^y 




0 

2 

*-w 

S3 

SB 

5 

c= 

- 

^Ul 

sy 

me 

1 “ 

ii 

- 

BORROWER/ 
COUPON MATURHY 

P 8 BC£ 

£ 

5rS 

u. 5 

§ 

[is 

So 

25 

Sq 

% 

? 

e 

£= 

3 

si 

£| s 

H <2 

3^5 

Ii 

J tL 

is 

i= 

1 - 

m 

e 

3 

5 

1 

2 

s 

EU 

-J 

HAKE? MAKS® 

u 





>5 




cr» 





IB MLLASto-aULniATMSAl 










15.00 

■1971 

AXERXBIS DOISIXCS 

99 3/6 

*08 10^4 

7.77 


ISftKft 33 2ft 070 HI 9M 99 

». 0 < 

7.75 1/ 3/197B 










90.80 

IP72 

SA22ZL75S SE BB19CB 

n in 22.92 

9.2“ 

a. 54 

102.50 

1979 FG YD *11 105 913 927 573 

28.00 100. CO 

8.90 31/12/1993 


a«c 

9.67 






25.80. 1367 

UCTBSIABO ALOCISA TCT 

9* 3/4 

a3i 

7.» 

6.72 

101.00 

1978 pg BJ 4U 103 4» 927 973 

11.25 10O.W 

6 .M ’ 1 / 6/198= 


LD 

8.06 







25.00 

.1973 

QCEEESUQ AUEUXA FID 

96 U* 

9.16 

8 . 8 S 

SSI 

100.50 

1930 iff TO *11 103 405 220 027 MO 973 

22.15 

SB.* 

8.25 1/ 4/1*7 


6 . 0 ] 

9.10 


.75 




30.00 

1971 

qnciELAss iiuax* ytti 

96 2ft 

8.08 

9.10 

8-80 

un.oa 

1979 PC TO 411 105 40S 5!fl 927 980 973 

44.20 

98.25 

t.M 1/ 3/1981 


5-U 

9.35 





- 

40.00 

1970 

QUEBULA5B 6 JJBIUA 7IS 

ICO U2 

<■16 

8.34 

E.9S 

200.00 

1980 PC EB 41! in? 941 975 

ll.M 

lffil-UI 

9.oa i; :/i»i 


L-9J 

8.80 





105 305 3=6 870 Ml 955 


197= 

SCAillSA'.Xii Hxtuas 

M 3/4 

7-37 

1.60 

a. 27 

100.25 

1990 CT 53 

272 

2 7.00 

9*. SO 

8.00 15/ b/1915 

6.37 

B-S7 


SF i.W 





1961 

sms, tre ns 

SS 5/8 

1.79 


6.59 

laa.TO 

1978 PC EU 546 

i« 920 sos mi. no m 

i:.o£ 

9b. 50 

b.JO 16/11/1979 


1-33 

7.6- 


up ;.oo 






96 3/1 




100.50 

J9SO PC £0 516 105 205 3D5 525 319 735 

39.20 10 O.il 

;.5fl 15/ 1/1987 

6J7 



u? a.w 

1916 LS 













300.00 

1977■ SZELL 15T FEW S S* 3/4 

9.12 

8.60 

aw 

ios.ro 

1983 K XO 599 103 330 305 520 500 «W 


100.00 

7.75 15/ 3/1987 




TO 



60-00 

1971 


99 m 



8.07 

100.30 

1979 FC TO 436 103 205 IBS »» S» 735 

30.70 100.00 

8.00 1/12/1906 

a 63 

e.i7 


SO 3.10 

1975 LS 


80S STB 933 9M Ml 5*7 
950 960 970 9ZS 

3M.O0 

1977* SHELL XT? TSS 

97 

22.00 

0.66 

0.51 

101.50 

1986 FO TO 165 IDS 113 MS 90S 5=0 739 

99.00 

8.25 i I 2/1990- 


SX5.00 

19ft LS 


805 327 932 535 9*0 950 












80.00 

1962 

sects aaacEue tuque 

97 1/8 

8-OS 

6.31 

5-7* 

1 02.00 

1978 1*8? 

10 105 210 5-1 975 

11.07 100.50 

3.50 1/ 3/1981 S 

2-01 

7.17 


2.23 




27.50 

1966 

■nuiBAi.Pr^ff FO HJCS 

» 2 ft 

7.75 

7.07 

6.73 

I01.7S 

1979 E* EO 3U 103 320 941 985 973. 

11.10 100 .cn 

6-50 31/10/1985 

au 

7.4* 


1.60 



30.00 

1967 

TBABSALHSE FIS BJGS 

99 V* 

<.00 

7.27 

6.87 

101.50 

19>9 IA TO 346 105 310 Ml 96S 975 

10.93 

96.75 

6.73 31/ 1/1982 


2.50 

7.1.7 






25.00 

1967 

TUBSILFESE ns CMS 

97 7 ft 

5.7* 

7.5-5 

6.90 

102.50 

1973 TA ET-34S 103 320 5*1 90 975 

13.62 

38.75 

6.75 30/ 4/1983 

2.7* 

7.05 

2X3 



20.00 

1966 

UASSALP13E TUI BUS 

97 

7.50 

7.17 

6.96 

101.75 

1973'TA W-M6 105 320 “41 943 9T5 - 

9 .*: 

98,50 

t.75 31/ 7/1985 


6.31 

7.6- 


•1.17 

1969 T.BT.1UI 


30.00 

197= 

TBASS-Acnsri casuky 

90 1/2 

9.96 

e.“i 

8.29 

201.79 

1979 7* EB 346 ICS 405 409 423 5*0 975 

27.00 

99,25 

7.50 IV 1/1968 

6.31 

9.4b 


1-00 

1976 LX 















75.00 

197S 

ASIAH 0EYBUJSSE8E EASE B 100 7/8 

2.20 

8.21 

s.ro 



CTST4U 

39 35 £9 895 527 091 


99.00 

8.50 IV 4/1980 S 






ST .. 


940 975 

100.00 

1976 

BSzes 'jLibimvssr bake 

m 

2.96 

£.27 

3.59 



SP SS *41 

31 35 60 SO 927 931 

99.73 

3. SO IS/ 1/1981 s 






XT 


940 975 

75 . 0 c 

1976 

asus wzcjonm bast 

xoa 7/s 

£.50 

8.66 

B. 73 



SP ES 

411 

20 33 0 £0 803 92? 


99. » 

6.625 If e/1966 3 





K 


931 940 975 

5.50 

196* 

c often, o? Etawpc 

981/2 

2.16 

7.:3 

aw 


G. TO 

35110 

1-10 

99.25 

5-7S 31/ 3/1979 S 

.66 

a/6 


•ft 

1370 BOX 



7.50 

196? 

cornea Off ET30FE 

961/2 

2.26 

7.47 

5.96 



CL ED 

35 110 

2.25 

39.25 

5.75 5/ 5/1998 

1.2* 

3.7t 


.75 

1971 USB 



6.CO 

1966 

cots: il of nouns 

99 1/2 

-41 

7.91 

- 6.76 


197S CL..Z3 

3SIM 

l.ifl 

H.oa 

6.75 - 30/ 6/1978 

.41 

7.51 


1-80 

ian bblx 



20.00 

197S 


10Z 

a37 

9^92 

9.16 

iis.ro 

1980 TO SS 22*110 215 510 529 

:o.k 

99.75 

9.25 15/ 6/198* 


3.39 

6.66 


2.85 

1978 LX 




1957 

Yousm 

58 1/8 

4.16 


6.62 



CT HP 483 105 320 £85 911 9W 

14.30 

86,00 

6.50 1/ 4/1952 

2.16 

7-iS 


2.50 

1973 SUSP! 


20.00 

1977* PBOPEIA 

U6 1/6 

5.20 

S.<* 

7.80 

J0L.D0 

1961 SP EU 440 527 


iro.ro 

7.50 15/ 4/1983 






LX 




1977 

tlROF-CA. 

94 5/4 

5.96 

8.46 

“«2 

201.09 

i.«m ;a> to *ss 

73109 U5 2l0 3»*25 

50.00 

99. iO 

7.50 15/ 1/1484 


3.AA 

Lm Tl 


25.00 

198J UC 


570 530 805 927 930 935 









9*0 Ml 9*7 9 ft 9Xb 

2<l,00 

1973 

SiBOnyA 

9* 7/8 10.0< 

B..T 

7.91 

102.00 

1981 CT EU <35 10b 320 927 973 

if. 1>C 

94.50 

7.50 15/ J/IFM 


3.67 

S.c9 


1.00 

llTT LX 



JO. 40 

1976 

zcBonr^ 

100 

5.04 

F.!0 

a. so 

101.00 

i960 W EB 

235 165 225 305 520 ftO 935 

49.00 

99.25 

3*50 15/ a/IMJ 


6.32 

£-il 


- 1.00 

unix 


9*7 S'-i 

AO. 00 

)97B* SmOTML 

97 1C 

9.9 * 

».:9 

6.72 

101.00 

1985 CT TO *0 

>0 115 303 423 520 »D 

4U.0Q 100. UO 

S.50 15/ 1/1989 


3.66 

£.95 


1.00 

1581 LX 


917 9J5 940 973 . 

2S.00 

1974 

CUOrtKA 

97 3/8 

la96 


8.73 

102.00 

190 fi? TO 435 105 113 520 975 

23.75 

91.50 

S.50 15/ \ll9S9 


6.59 

6.05 


1.23 

1978 IX 



50.00 

1975 

EKSWWA 

182 3/8 

4.12 

S.*5 

E.96 

109.00 

1981 CT R 485 

20 33 CO 80S 927 931 


JW.00 

9.00 15/ 3/1982 £ 







KY 


975 

31.00 

1959 

ZUROTtAy COAL 6 STEEL 

93 1/2 

.<1 

6.92 

5.1* 

BP 2.80 

1976 CT HT 327 105 *25 520 Ml 973 

4.80 

97.00 

3.00 1/ 7/1976 6 


.41 

a. 94 


X964 EZSZZX 


25.00 

1962 

EGESPCA5 COAL * STEEL 

9*3/4 

4.20 

b.il 

3.62 

100.25 

1978 ST ST 327 

10 105 *05 *25 520 Ml 

8.30 

99.00 

5.13 IS/ 4/1982 S 

2-2* 

7.97 


SF 1.6S 

1963 nun 

975 

50.00 

1964 

B90EEAE EO**- 8 STEEL 

93 7/B 

6.79 

6.38 

5.S5 

101.00 

1970 SP 50 359 

10 103 403 M3 94i 973 

24.00 

99.00 

S.25 1 5/11/1934 


3.79 

r.ii 


BY aw 

1570 m™ 


25.00 

1960 

E1B0 FEAN CuAL * STEEL 

97 1ft 

2.70 

t-47 

3.59 

100. TO 

197B E? DY 327 

10 105 4Z3 510 9*1 973 

5.20 

97.00 

5.375 1S/ID/198S 6 


1.75 

7.03 


up a as 

196 6 mgJX 


15.00 

1966 

ETSOPEAS COAL 6 STEEL 

95 1/4 

a 37 

7.27 

a 82 

100.50 

1“7B K? EO 186 105 409 489 413 «3 981 

9,00 

99.* 

6.50 15/ 6/1986 


£.57 

7.81 


UOO 

1972 ULEfl. 

975 


1966 

EUBOPEJlI COIL 6 STEtL 

96 1/S 

8.61 

7.0* 

6.74 

131.00 

1978 K? EU 196 105 60S 409 4X5 425 081 

11.90 

W-50 

6.50 1/12/1930 

4.75 

7.40 


U35 

1972 unxa. 

975 

23.W 

1967 

ME0PCA5 COAL 8 STEEL 

54 3/8 

9.09 

7.31 

6.S6 

102.60 

1978 8? tO 196'105 80S *09 639 425 MS 

Ib-M 

58.50 

6.5(1 1/ 3/1987 


■i.Ai 

;.?» 


1.70 

1973 STUfflJ! 

STS 

4C.ro 


mr/EJ9 cam * steel 

96 3/A 

9.67 

r.BJ 

6.35 

10.-.00 

>“78 KP EO 339 IDS <05-409 *15 425 ML 

13.25 

4S.50 

6.625 I/IC’HS? 


5.C-0 

i.U 


1.35 

1973 KTLTBR 

975 

30.00 

i9;3 

cmoTCiX coal * srrr- 

89 3/4 

9.9b 

?-?i 

7.80 

102.50 

1991 

S? EU 359 105 *33 *45 MS 

2C.0U 

99.51 

r.oo is/ :/i«r* 


6.M 

C.-.9 


BP UOO 

t£M LX 



5C.X 

1977* nXOPKAZ COAL S tTTEL 

M 1/6 

4-04 

i-JP 

7.53 



SF EU 339 “•* 


“».00 

7.35 13/ i/1922 







LX 



30. W 

1977* ZT3KTAN Ca,L « s ZIZL 

9-i rc 

6.35 

C..8 

r.n 



t? ES 219 10 215 230 


79. Id 

/.Cl Ii * J/I*F4 







LX 



ra.oo 

l“7l 

-nSa?EA.T 2IUL 4 8T5.2L 

114 3/1 

S.i: 


7.82 

111.25 

r:s a? XC >50 975 

J?.lW 

y 7.5-1 

?.;> i/ : ,.*■> 


0<la 




iS?7 

LX 




S° 

is 

S2fe 




• ..HJBKJVBEftf.. 

courahMffwnrr 


m si 


■ $3 


.s 

gf 

pg 

. i 


ii 

I! 


?■ 

t 


\WS 




: a 

ilrf* 

3Sl§! 

s te 


-MABJtETMWaia 


50.00 H74 Kdarttir otiL a nsa 
U.M 1M.00 1-75 . lfj/19*a 


lDUSO a7J RMUS.«I6»W«5 


(J3 832 8.16 
4.28 83T 
fia/4 6.79 8.54 


30.es ini zB&ssxsWa l — 

99 .M , za/iii/isM ... 

ao.eo i97* ’ ■Emtssua coil * two. ; 

99.50 BOA. -1/12/1983 

25.D0 1977* EUIOPEH COiL S raK. S 
25.00 100.00 .8208 1/ 9/1906 - 

75.00 1878 8DNKU C0U. t SEES;--' 

99.36 £.123 15/11/193* S ' 

20 . 0 ft- 197* monis ooir Asmz... zoo S/8 I,IX 8,10 fczi 

99-00 - 8.2315/ 3/2*77.-..--.-.; - 

20.00 1977“ n»]PK*n COAL k CTKB£.'i A7/» 9.0* S.» 8.S8 
"100.00 8.25 .13/.5/1987. ; 

so.*--i97i» saaitut coal« vaa,.. 9t3/i-iUSt 8.7i fcstf 
50.00 l00.sa 3425 ' 1/10/1969 9.31 B.82 

jitLKft lfh CABFHCF.Cai&'E suni, -99 3/4 5.0* 8.61 8.37 
99.50 . 8-3Z3 13/ 2/1983 s;: -: • ; . 

30-00 ifTB* £iai»K» cola. *1 imx. '/- Tf it/8 : 7.ft* *.» #•» 
siM a,sa 131-3/5X5 -• . . 

23.00 1976 tZBDPS^ COAL « *TCTT. : ? 99 8.30 8.60 8 . 3 A 

23.00 «,» , £-30/: SJ *1986 U. •' . . . -3,00 8-15 

7S.in 197$ ESBOfSiiil OBL CnCXL ioa 3/* 6.25 8.8* 8.78 
. 99u'3D . £.*&-.y-3/J9U 

100.C0 -Hrt E0WEEJ3 tSJiL tSBt. ' X/8 ' LfiS- 8.(0 BJtt 

9C.25 . 8.73 1/12/1979 8 


zaV'.Vix.to i.w ■***-—— *077 lbo. 

' " 3499 5.W SB •» 1317 wb 

Wg-JB'Sft'*** 

XX .'• 

spaiuiMW 

xx * 

Ul^s 2980 S? SD ZX7X0S SZS 
3,80 3978 XX " 

130.00 3383 BP BC *41 


>3tt i» XK 7.M 
ift 7/8 3^13 8470 M( 

98 

- 4.28 5-37 

8.C8 


n » s tiBlW 

9319*0 973 
S7ZD 399 XOS 403 ASS 930 9989*9. 
. XX ' 

SYKO:399 IS 495983 ' 

.SJf ' 

101.00 H84SPXD339 *** - 

ST SiOO HU XX - • 

200,00 238 S XF83.4*1 .20 33 33 *0 805 927 
*E . SM9W933 ; 

87JBF 238 982. . . 

XX 

3M 2979IX . 

100.00 1983 mm Ml 30 33 33 60 803 937 
IX *3X860 975 

300-00 »rt*lj** 688»3W 
97 9SX 9*0973 


65*00 1976 Et^OSiRCDK X9TBBL- 
MOiOO O8,73 & 1/1381 


ZDZ W» 3.95 8.M 8.39 


IX 


50-00 3975 sabESffl CO*L IrSBtiL 
04.00 99.00 8-75 1/ 7/15K2 

200.00 1977* CaWPC/Sl OOlL £'9938|r 
100.00 100415 . 8-53 -J/VUU97 

125.80 1979 xaOBSAS C8tt *'R3 Sl 


ICS.09 IfflDO *5> 
2.00 1976 UC 


lft 3/8 *.<1 8.3* a« 

3.98 8*32 ' 

«S/813.67 9*15 5*06 
XX.ft 5.32 

. . _ „ . . “.Mia 2-87 8-3* an 

100.00 , 8.673 15/12?1980 I , 

75^0 1*76 sinpateonsi « ra@. fjxtzH-79 as* asi - Jft-M SHE ® 4 * 1 20 

75.00 99.00 „ 8.B75'-15/11/14)6 " 8 '.. U.78. S-M W 3.00 1989 ST 

50.00 i*76^ moaivnilL'ihsnr.Xflft^ MS XU 8^3 1B0-3o HQ sfhiot »xw 
. 100 . 8 a ; 94 in 15/1/1983 
30.00 1977* HSUJPEAR UML-LStEKl, 98 3/8 17.37 9.15 5.13 . «LM HHSS?® S5 *** - 
50.CO 100.00 ,9.00 15/ Visas--- 38.18 A 20 . . *•» 1978XX ■ 

300.00 1575 KSOfSiB coal 48XQL .- 94 3/3 1B.M *.» 9S8 »S 3W R SC «tt S» » ^ » B°0 9ST 

100.00 99.00 9.00 1/ S/L96 X; • 11,25. A4* . » a67 1382 KT 9319W 97* 

73.0D 1977 HSDtSR COAL A SStSL f9 3/B 19-Ifi 9.40 5J9 lft-« «WS 8 T 

75.00 100.00 . 9.173 1/ <73997. B. 12.15 A42. .. » 8.80 1983 BY 93X9*0 973 

30.00 ion na«E» oo*S* st«n. • 3»V5 2 , 7 s a*7 aft bstwhmb w; ; ' ■ 

100.00 9 . 2 s mUipo-:: " . ** . , :j . 

£0.00 197* nseeUkTOItriBStfl. 3*1 3/8 7i« M» i.1* aUJ.BBIftfW.* 

55.00 100.00 9.25 13/ -1/19B6' ^ 


. r«S.«7 ISO* M*£a3» *“ _ . 

2.50 unlit 

loan xaBBBPnvta ■» » .s.cftwscr 
(F 931 SOT973 .. 

.MftjBStt? 

«Z 944 935 

oa 

975- 


6.C6 a it 
981/8 Ln air .an 


aso 1977 ix 

sfzatia* 

xx 

BP 98X01 


2 ?-oo 1967 snmsu ztftxrattacsiiae ft a/* an a«7 ejc 

13.73 95.00 a SO “1/-2/1982 - . aoo 7.19 . ;.J 


900 . 00 ' J976 mcma cxaaanr, 

99-50 7.5# 1/12/1979 S 

man H77* hxdbjb cuubvss. 

99.00 • 7. SO 1/ 6/1981. 

100.00 -1977 HS0WJM COftfisSC .-MX/* a*l 8*27 7 .ft - *"*' 

100,00 7.625 1/ 7/1MZS--. ' ■* WW MW-; 

scan tors scums cosbotot - as? a» 7*s» ' ® srw * i ®3^^2 <,>48S ’ 

1OO.0O i.H ’tnatfm-9: - - xt . m spLwor* - y. ■ 

300.03 1977“ naOPEH CtHHeKErY ", 0S1/2 6»33 M7 8*83 

99.00 7.13 U A/JW* : . ; S» -.*• 

300.09 1976 EOMPEAH CORSORIt ft 7/£ a 16 8,tJ 8**A ■ - - WWW.**'. T ‘.T’ 

99.00 aas.. y wjtt . -T .. . zx • 

23.00 IMi ESB0PEU ZBREttSftftft ft a« a*2 S*?9 Sft*S0 BJSWII WlOftOSWft W; 

1U67 93.50 -540 Ufli/m* - • 3.87 7.00 » LW XSTOflt-'- l:i'/ 

20.00 1965 taOIUS 3ftt8BD9C 9flK 91/C 7.62 atii AM .100*625 t»7B P St 3g? MS *85413 4233ft ftl . 

J0.66 W.5# 6.00 -Is/T0!l9ft'; - • aia 7.0* •. fee-an U71 Kt .?• fjs. 

1flaw i?7* VP Fff iCS XOS 403 423 *29 520 523 
XB> 8.73 1973DUlia . ' , 

UC; ww-w r mam m- '»a? ft 7/8 4 .62 6.79 6*37 ICUW WlggMSMftSBiWMft. 
98. DO ' 6-50 15/ 9/062 * . aft 6.96 .» a75 1973 BBSSL W 

J 5,00 IMS UPPOPCAQ HlBBlm’uii ft 3/4 8.30 aft Eft UUB 1578 W *8 US 105 4ftMS 83 S4X 975 

s.oo 99,30 aso t j i/fseo aso om us unnuea v 

25.00 1967 zaa/ta JSUESSaft IOC -ft i/8 9.33 £.62.6*96 Mans 1976BPS 32? 2ft W.415 0590 ftz 

16.67 99.75 aso :• 1/ 6/1987. .. a83 an 1.67 1973Bl M* i '.. • 

25.oo 196# sbmeas ikte3mat r B«8s ft an an M 2 loan iwa » ra ufl us ®B 4ft OS 9« SB 

. 18.00 88.00 6.73• ffSBr./'. as# mo n imo winop : •:•: _-•. 

75. DO igjl yp«pK« 90 9.87 8.53 7*78 102*00 -19B2 W BD tgO MS 489.409 429 03 98 

65.15 .93.30 7.00 ZS/1V1987" • 4 8.12 8.1? X8 ASF 1523*W*T .. *390? - 

• 50.00 1972 BHDrtlS U ntnuan 1 BMC 931/8 9.70 aft 7.7* ' 102.00 Z982 SP ED US 105 40S *07429 €33 520 

~ 45.00 98.50 . 7.25.0/10/190. . 7* - 0.30 B*SS .: ’tP - L» -2f 731BMT 90* 95 

33.02 1973 gtuar&a VntnOErr aac- ao 1/6 1 B. 0 * azs aca loaoo Z983Hpfttnso5 4ft€fl9*S4S9ft 

67.00 3a 30 .-':7s«5 • :'1V*2/198B -* '.7*77 W ; *.M» »»I4W 90S ' 

15.00 1969 maoatM tt fett O g iat 99 3/8 an 7.71 7,67 102.00 U70KPEO 18S1I»4W<15*25 9»- 

22.00 98.U 7*so [ i/unsof .8 a59 a?* '» .ft-Mnnfcaa. ■ - . 

56,00 i972 -ftprais ftsMimcc box 97 s/a 12 . 0 * an 7*s». uaoo mo *p »a cr les tos 4J3 «Z3 98 
47.30 87*30. Aft 15/ 3/L9J0 - 7,28 7.9S W Zft 2977 U8T. -95 


25.00 

18.75 


23.80 l*n TxnmMi isnsmst m 

100.00 7.75 - -15/ w»ft ' 


iota ft an 7*79 
. 7.79 asr »K. 


M78 Brw 186 US €8MIf49310 ft9 


*59.00 1976 BBBom* mBEZCOxrftLD 
■94.3 T.75 -ISni/lm.-:. 

73. co i?77 esmtfsAS xmftatkrftft *s 1/2 ao? aft aia 
.. 99-15 7.75 'lltofta*** • • ■ - • 


75.00 h?t» taaeeis Braraar bmk s? 1/2 «.is a» an 

100.25 £.00 ■_ 1/4/19#*' 

60.00 irn gaoPSBS iKidrakar'iift 133 io.7r (.u%k 

■ 99.5# eioo ■ r l5/rtl/J3X» . 


2*7 83525 209 2384181930901*7 

- :■ U ..918. ■ 

Man 1983 HP BT tit 26 S3 35 60805931 
- - it . 9*8 978 - 

" . ur- - • ..., -. 

101.E0 unntb 327 IIS *03 *07 409 *15423 
ft asa on tax 



I 


I BORSQV/cB" 

OS , COUPONMATUB1TY 

si •• T •• 

1“ * V 


WBCX 


i . 


Sr“ 

“S 

=5 


J-i.U-J 

!*•- 

i-.S.C-t. -.Ii.f- 

ii 

»/- 


I."a 


IC-J.C2 

!.u! 2] 1C i 





22.11 


J.r.'.r. '4 

9i 

1.1 

r. -1 

7.:: 



'..\r 1 1/ C 





42.70 

!>*■ 

AiK'j >*• z 

4- 

:/: 

..'A. 

~.:r 


IO'j.'V.I 

;.r»i :.-/ i'l**: ? 





23.TO 

l«-B 

EAST LL-Ma-IK i.2*:!»l-- 

97 

*/' 

-Vi 

t-7 

J'XVO 

A..J w/ b/!“J; > 





d.M 

l"*' 

FASH =7 cor.-.' ii-.;- 

ICO 

Hi 

:.:1 

7. >i 

Iir.'.TO 

h.'J-J 1-/11/1619 . 






Sal-a- 



MARKET MAKERS 


::.a5 !-*•> iit-. r-r Tana i.iiti/; m :.T ;.:2 

too.-*, \m t 

6C-.00 l*T7* KAJE 5F TOLIO -.5:*.'- »? 1:1 *.:* 

i.tll 5 

30.00 l»7o i.l.L. ;l C “SIC ..15 

too.i'u i.y.i g. im * 

y>.',d ]»: :• Mot S\T t'AL-i '•>» •-.'0 

luO.Jj f.Zi I5/1-V4F6-' -' 

JO.00 I“»6 SATES USOi I.'- T-J ’.13 

loi’.ijo •.»/* 6‘i*ti a 

7J.M 19T* 8^i.r. :sl*l V>“ I-'2 i -75 

iOi‘,09 :.-JJ ! , 

50.W' 1“7S 6.5.?. Y.:il/i 100 : a 

i-vu.m :.ju n; ? i9M l 

70.00 »»» 5.5.?. .’.Ifll'i 9“ —97 

li'AJ.'iO ».J0 2H l/:9a s 

36.1*2 ivt SKJ LWW FT Il'ES J.- ?i .V« -.-5 

licj.to a.l*i M J/l«i s 

20.00 1977* B!JE LdLZS-CUCTTTSB.i: 3‘6 $1 1/2 S20 
IQO.Ou B.VJA 9/ 3/19SJ S 

35.00 1V77* BEUCE.U'1-TA P.Vsr.-. *, |.l> 96 3/4 5.2* 
99.00 B.iJS 22/ «."l 9BJ S 

20.00 197* C.C.F. 7:1% “9 2/3 5.0 

100.00 7,00 a/ 7/19*1 6 

25.PQ 1975 C.C.F- 7.5:l/i 99 7/3 2.61 

200.00 7.975. 23/1J/IF91 5 

23.00 197 J« C.c.r. 6.St l/- 96 1/2 5.0 

100,1.10 o. 30 21 1/1993 H 

50.00 1977“ OR ADC S*P. h-lISsl-i K >/! ,.21 
50.uO 190.00 JS/ 2/19*4 S .-.J3 

50,00 19 : 7 * CPHrU A'»ICi)LF B,?s*>- 94 3/- 6.87 
ion .110 i,c\l IS: 1 J'lit- S 

L0.CO lv:- CTiJ) 17.VSTALT tf *.0:1/- IC'J I'4 3.37 
IU6.V0 J.BiJ 14' B/ll'l S 

<0.00 I0f»* CBSUMNsaLf SLj.Tfsl - -ii ;. <i r.a 

100.01 T.AJj Is/ 5/1*6* 5 

6.15:1/4 99 5-'f 3.30 

i f 1 ;i9a; v 

4.02 


si. its :;o :i: ws ?:* a is 
*JC 933 “is 9-6 3-j *M 
£17 l?3 4 <» 2i5 Si’S FIJ 9^ 

9 J9 SJt *;0 94 J 95C- 

323 cos :io r*05 ?t- *»., 

92 IDs 2:0 90S 914 . 

517 205 210 Sii Si 4 525 .923 . 
*» 9-0 950 9aS 

7.JT 105.00 19*9 NP EC 317 iC-i 210 215 S>uS 9U 025 
lV v/Cr S4- SJo 940 9i» 9*1 

■ Sii: 

517 705 210 W5 924 915 *30 
93J >36 ‘.'LO 945 *50 96i 
179 219 902 925 9~5SfS0 ■ 


:»«l 6C ZC 
LS - 

•1579 £4’ 

IX 

■ :f?a NT EB 

IX 

ISIS 5P EU 


10.30 1976 C.7.C. 

1CU..V.J g.*5 

73.00 lylp CHS'ET LIOSj:-; 99 518 

IXO.UO 6.75 0/ :'19.J2 a 


99 [23 i.CS 


80.00 1977 CUBIC ITKW.US «.0:-V- 
HU.CO *.;» 19/ 2/1962 4 

30.00 027" CSSOi: IVUW.liS 6.5:1/- 95 7/3 
100.00 S-uO 2-/ 6/1983 S 

S0.00 1976 DC BAST Fill 6.25:1/* 99 7/3 
100,00 7.313 15/IJ/19B3 S 

15.00 I “77* DOt BAXKZIK CIUP 6.5:1/* S3 7/8 
luO.oo c.SU 2/ i/1992 S 

i:s.co i“7o caa 7.s:3/4 99 i/a 

30.00 100.00 9.12J 31/5/1930 S 

15.00 1975 EOETS0L <UJ4)8.5:1-J/i 139 3/S 
ii.HO >00.00 8.M a/ b/1962 3 

3t-W 19?- BBa 5.5:1.0 “7 1/2 

29.SS UIO.CO S.50 15/ J/1962 5 

3U.M 19?:* GAB A ISA S1SES 7-3:1-5 fi 9* ;: 4 
50.00 lOO.Otf. e.«5 31/ S/:6L1 B 

29.00 Iffl! iIELTkAL CJSii 7.5:1.0 ISO 
17.00 1*0.W a. I S3 JO ' 9/1560 A 

;:.W i“7A CESassLv ;s.ta_>l 7-S:j.‘-‘ ;-;o 

ll.u.00 tf.OiJ Jl/ T/19J1 b 

*0.1)0 19J7* C£“f55& 7C.TBAL B.0:1/1 93 II* 
loo.wi 2.75 it -/IMi -i 

27.09 1977“ BA70ALU 1KTL 6.75:1/. ?3T.j 
100.00 ;.3,-> i/ 9/1932 i 

75-00 1ST" trcifXAMMM BK 7,vl:» 96 I,- 

iiiu.cj s..;i ji.ijjim: s 

59.00 1977- 1VDCS? B:X-JAPAN 6.0;!/- 99 3.'S 
iJQ.0-9 7.UU Ii/ :>!'«; s 

30.60 is/.** UPGiT TS2-*linB 5: l/l 93 1/2 
100.00 7.6kB J.’!!/!9G2 4 

30.ro J9?7» 1SD * XLS DT if 6.75:3/3 6S 1/3 
JBJ.OU 8.125 14/ in .94 S 

Li-00 1970 ZD5TLEQ 7 .:I1.0 109 

15.90 149.90 5.675 31/ 7/1590 S 

liQ.uo n"“ nx YLiessm ir 6 -. 1 /- w zjz 

loi'.to 7.933 20/ A/19S4 5 


22.00 1977* JCGUSATK* 
9j.M .7.50 


7.5>1.Q 96 
If Bfl'.ii a 


1. M 
*.B7 
4.54 

2.31 

I. 95 
4.52 

J. 5L 
4.9- 

3. JB 

-.IS 

2. *0 

2. SB 

J.ll 

4.60 

4. *9 
4.04 
*.75 
6-10 

1.50 
2.30 

6.22 

5.50 


10.00 i'.zr- zt=s:isu*rsss c.sm,'- n s,& 3.47 

2wi.ro e .00 20/ T/13S3 S 

H.iO K76 L5«l >57 ITT 7.50;:,'4 » 3.*l 

icu .oo r.io :•/ 9/11-Z i 


vr ' -ti tes&iiau i 


7.5? 100.39 

7—: ioj.ro 

8.4* 139.00 

t.'j ico.ro 

7.9* 100.00 

7.;j im.00 

«-13 '.00.00 

I-.! 2ffij.ro 

7.13 10U.00 
8.72 

PF 3.CO 
7.94 100.00 

7.96 100.00 

6.60 100.00 

7.75 loo.OO 
BP 16.00 

7.91 10U.C0 

7.SO 100.00 
7.7* iiW.ffi? 

6.76 100.00 

aii iao.ro 

*.31 100.00 

£.09 100.00 

7.62 100.00 
s.s* iDc.ro 

8.23 100.00 

10.00 
£.47 lOO.OO 
S.OO 

8.72 100.00 

...» 

9.14 

:.en 

£.:i wo. Jo 
2.00 

s.o: 100.00 

1. U 140.30 
7..S 

8.79 ir.fi. *0 
7.0S 100.00 

7.73 IDO. TO 

5.45 ICO. 00 

8.SB 130.00 

1.00 

7.09 lOU.WJ 
7*81 

PF 2.00 
£.'.9 ICD.00 


1961 PC EC 
‘ LXii 
IS 79 ■:? Cl' 
IX 

19W NP Eli 
IS . 

1978 K EU 
LX 

1979-KP EC 
LX 

1976 T5F CO 


lit 205 110 90S 915 ' 

496 :i0 905 913 930 939 940 
“«5 >5u 

92 205 210 90S 914 925 940 
9J3 9W 9*5 9A7 550 
1-6 210 90S 914 925 930 945 


li-.U 1?7.*» LSL*1 137 15'/ a75:1/4 H 3/6 6.41.7 
10U.G0 6.7J 15/ 5/193- 5 

75.00 1976 1I03W EEWFtt 7.25.-1/C 100 J/8 *' 

»-«S -- 

ij-Ott-'toiS LOKTM V8 3-B7 

4jL0B' j97?*' xbfcc TOW 1/2 6ft 

. iwCea-;. * TAX .:?/ •?/ i9M'j's ;; 

Saco- *ft8.i*mJB3 fine- 7;ss'iii ioo s/a s.«3 
. •• MM>r' ; :.3o i8/-a/i«i ; ; • ■ 

5D-00 J67X km^LD SANS ' 'a 0:1/3" AH V* 3*78 
■ _ . laj.ro - - j.-qo n/ii/iw? *;. a ■ 
sap#,'iW7*-jaiiu^ iaii.rai '6/waft i/2 9.» 

v*9#?7'6.;.v - , 

• xoito# - PBaHajeti ifciitk ijM um 

~ ..- A M«.ro> '--Brtfci .M-i/wa,*;!.®; . 

efcTOMaaE^ i*n r-;. 

108.<Xr-;:' iT./Ui. CT/Jl/Uft tf ; :' ‘ - 

*0.00 1977“ MntoEiafe joa asurt US 3.43-- 
lOO-TO 5.50 1/7/1983.5 


25.00 tin FAfilflJjS 
. 100.00 . , 7,efl8' 


T.33U/4- ftft*. 2.85 
9/1Z/198U J "' -* - f .* 

s.a 


I960 SF SO 92 
LZ 

1379 *.» « 056 
' LI 
19£0 up ec ins 
LX • 

NT ZS 536 

1978 LS 

ISBO KF EU 317 
LX 

W76 KP EU 517 
LX 

1990 dP ED 103 
LX 

1928 GG EU 96 
1992 LZ 
19S3 XP EC 359 

IX 

ivs xp a <08 

14 

19M SP EC 4« 
LX 

1979 r? EU 456 
LX 

J?79 XP ES liO 
LX 

I960 SP £J I« 
LX 

1930 SP EU <63 
&OKLX 

1979 PC EU 359 
LX 

1940 IP SO *08 
DO 

19*8 GC EO 339 
29?1 LZ 
1978 KP SC *06 

1974 LX 

W’l X EU <83 

1975 LX 

M *11 59* 
IVTS U. 

1978 it. CC 153 
1972 LX 
197? HP FIT 359 
LX . 

49bO SP LU 359 
LX 

PC EU 586 


205 210 90S 91s 925 93# 
6J5 9-0 9-5 a/ 9!0 
!I0 90S 915 930 940 9*3 
930 

205 210 M5 914 9V 930 
945 965 

915 933 • 

SOS 210 
SIS 340 
305 210 
933 9U 
205 210 
9J5 9*0 
205 210 
y*0 9-5 
;i» 210 
430 M3 
-05 210 
936 ?«? 

703 210 
959 936 
965 

203 210 
935 9-0 


15.00 1976 90P0UR (SP 1ST 7.25:1/- 91 

100.00 1. 7-625 3WH/1WI' S'^ u. ‘ • 

£9.00 1“77* RUUn KAXKA 8:1—1/4 97 7/8 6.93 
25.00 99.00 . B.OO'. 1/1965 S' , ti03 

20ft ' J976 SDTU. SUN-6CDT 7.75:1/4 lDtf 3/0 3.2* 

• 100.00 7.875 6/ S/1983 8 

80.0a\i,9?t S.T.1J5. . .8*2/8 ft 9/8 6.35 

44.00 100.-00 S-liS '7/,6/1984 3 *•;•/ 4-4* 

50.60 2972 ‘ aat-F.' 

100.00 6JM3- 


905 914 925 930 
9*5 930 

905 914 925 930 
941 

905 91* ' 

9iS 9*7 
905 914 925 930 
9<T ISO 


• <ftiV* ft i/* 29ft 
V 1/W97 3 rT - 


75.00 1976' socraz CSCESA1E - iI/4 
. 106.00 7.813■■•157 3/1981 S 


925 93# 
9» 


SOS 91* 
9*0 947 
905 914 
as 947 
*05 914 
9M 945 


925 927 
950 963 
925 910 
9X 965 
925 930 
947 950 


60.00 1977* BP C im tXMMMLE 7:3/8 
100-00 7.563 1/10/1964 S 

50.00 1977* 5TC6A8D CBXBT *.25:1/4 ft 
200.00 7.6*8 26/ 5/1934 S 

15*00 1977* 6EEUTCMD BAS: 5.5,1/, loo 

100.00 b.313 12/ 5/1920 S 

23.N 1977*'B.aA.Y; 

100.00 7.625 

25.00 1976 0.8.A.T. 

ioo.ga aeaa 

23.00 1977* D. B-A.Y- 
18C.TO 7.188 


. 7.25:1/4 
7/13/1982 S 

7.5:1/4 
.3/ 6/1981 s 


99 1/8 3.2* 

> • 

si 1/6 6.67 
ft - ' (.» 
2.28 
97 7/8 4.85 
ft 3/4 


3.14 


*05 91* 925 930 
545 950 


J90 90S «J 925 
936 940 945 9*7 


210 27S 
SJO 9J5 
950 

Jld 215 
910 9J5 
950 

sis SOS SJO 936 987 


300 905 918 9S5 
936 MO 945 9*7 


205 210 909 91* 923 930 
935 940 9*5 947 930 9S5 
923 943 

*05 409 *15 *29 903 91* 

923 1ua 

905 91* 925 ' 

9G3 914 915 925 9» 

«D 925 

905 “14 SJb 935 940 965 

205 CIO 903 OJA JCS 930 
916 9<0 9*5 947 950 96$ 
205 21# 90S «!4 925 SJO 
9J6 910 945 947 950 9oS 
90S 51- 


6.75si/i. n *.14 

IV 3/1981 3 
30.00 lit** SXfilll B£*3ihUtO 6.5:1/* 97 1/1 «il 
100.00 7.87J 20/ -4/1982 S 

25,00 1976 BSITIO OIECSEAJ SZ ;.■]/« ft 1/2 3.81 
100.00 7.625 24/11/1 SBj 3 

25 .ro 1976 tauotto criL 7 . 2 V 1/4 97 i/s aft 

100.W 7.813 21/12/1951 S ' 

68.00 1973 YlSCAtA . 5.25:1/4 99 1 /a .08 ■ 

100.00 .. 3.25 1/ 3/1978 S 4 

25.00 1976 YTZCATA1CT 7;2b:l/* 97 3/6 3.78- 
W 0.00 - 7.875. tz/n/mi S - - 

40.M 1977* RCLUhS fi CLT5S 6.5:I/4 -9g 5/a 6.08 
iafi.00 '■ '7.00 28/ 2/1984 S 

AORMLUU DOLLARS 


' 6.84 
7.62 
7.64 
7*90 

?** 5 . 
-. •?.'£* 
7.80 
8.73 

1 ' . 

-aft 

' 7.71 
• 7.3* ' 
8.17 

j.e? 

8.32 

a93 

7.87 

7.70 

7.77 
£.31 
7.79 

7.78 
».» 
8.08 
7.T4 
8.04 
7.29 
E.tB 
7.03 


FS EB 
13 


28 90S-. 


. ISC. SO 

iro. co 
100.09 
100.00 
100*00 
200.00- 

100-00 

im.m: 

100.06 

2-50 

'too.ro 

loo.ro 

aw 

100.00 

100.00 

100.00 

100.00 

100ft 

100.00 

100 .ro 

iro.ro 

100.00 

302,00 

iro.ro 

100.00 


7900 SP Efl 5173105 210 215.905 918 925 
- ■ U- ■ - ,?» 935 9*0 945 9*7 S!0 

1979 S7 ft *12 2H5 210 215 »J 91*.923. 

'ir".. 927. 930 935 9*0 945 9*7 

.958 

1980 PC EO *13 205 210 215 JO5 914 925. 

USE 927 930 935 940 945 947 

' 950 

1930 KP-EU 517 210 905 91* 92X930 925 
124 9*0 945 9*7'930 

1989 SP EC >17 210 905 914 915 930 fll, 

U "640 9*7 95# 

1983 tO SCO 348 205 210.905- 91* 

LS 933 940,945 9*7 950 . i 

GC ED 103 210 91* 913 925 ' ^ 

lx • - . 

3479.Gc at *88 205 -ft* 9ft 9159255& 

'" - *Z •„ 635 '9*0 9*4 9*7 9ft 

ift 4io M5 ?i*«W 

■ • LX . . - 'M9’M0 **5'S!4? — 

lift SP ft 317 803 U0 903 91a- 

IX. ■ 933 MO SiS.iSOSKff* 

1979 PC PD 2SC TtO 905 ^ 

lx . r ~i' ■7:-*' run, 

B» £3-318 9*7 "rb 

1981 LX ■. ■ : • . 

• 198# P£ ft 330 205 21B_ _ , .. 

LS 935 9*0 .ftMW'vi W*-.' 1 

1978 PC EO 316 *OS *09 aiS.AM'oftil'*’' ;. 

Isis lx • gnaao , -..;v 

Z9TO GC EU 103 205 ICO 90S ttX 929 «**.' 

LX 935 9*0 945 9*7550 . 

1979 SP RJ 4* 210 903 925 930 9» A# 1 ..-- 
■ VC 9*5 M7 «0 9« 

IMi SP ft 117 210 405 90S F25 Y5C 935 •- 

LX- 9*0 MS 9*7 WO ^ 

■1981 ST BB *06 20S 210 905 91* 9T5 936 - 
LS 935 980 MS 947 950 

ft EC 35* 9X4-983 6*0 9*9 . ' '- - • 

ft . __ 

3980 SP a 103 205 210 315 903 n‘3»' 

LX 930 933 9*0 945 950 '' 

1976 Kp IS 105 205 210-SIS 90S 953 9ft- ''• ’ 

LX 935 945 930 vV- 

IMO SB. SO IQS 205 210 213 SW Wl W. U ’ j j 
LX 930 935 9409*5-950' V •> 

1979 fiP £8 *02 SID 225 715 90S-SIi Mi.-?. V 
LB 925 930 540 9*5 9ft 935.. 

1979 ST TO 317 210 909 91* 9» 530 9JJ •, • 

LXSl 9*0 950 9*3 ft, 

1970 PC «U 517.210 905 51* 505 SOB ’.= - 



if. 


'•j 


1976 FO ft 316 905 SI* . • '• ' 

1979-9C BD 292 atoms Sit 930 '.v 

. - « sriv^r*-. 

1981 W ft *88 210 905 91* 925 ' '.31 

' IS -. . 9*0 M3 9*7 930 V' ,~ 


15.00 1976 ABSTB*LI*D 150 Dm COBP 97 
. *9-23 - 10:00 - 1/10/1983 


*a.OO 1977* ABSCULLU SBS0OKCES 
140.00 10.00 1/12/1982 

ABSrClAS SCHItLDiCS 


5.07 16.7110.31 560*30 1380 BP 0 350 960 ’ 

a - - JJf . _ . 

96 US aft 18.99 13.3s 100.00 1981H? ft 600 327 «0 

-' UU . . - 


175.00 1074 OREMElCBE R0KTROUSASK 1001/2 ifts -9.06 j-AS 
9S.ro -.. (.sc w man ■ ■ ' - 

EABUliri DLVARS -■ 


. SG 58 387 309 
LX 


... . ?3 

'"-■> 

'-' K - 

‘•'J 


'•V 3-.. 


ins ;>0 215 >25 S03 91* 929 
930 HO . 

*56 2l’> 410 “OS 91* “25 927 
SJO S3i 9*0 9-5 Ml Viu 
456 M5 310 905 PI* 9U 927 
9J0 93j 9*0 9<b 3*7 950 
511 210 Hi K3 9*0 565 


1970 TG EO 
LX 

1S30 M LU 
LX 

19/3 PC EU 
LS 

I960 KP E3 
LS 

1979 K EO 292 90S 914 925 

1971 LX 


1931 ft EC 
LS 

J.P EU 
I9TT LT. 
13S0 X? EU 

la 


=13 205 210 903 41* 9Z5 930 
Mi 9<d 945 9*6 947 330 
Ssfi 

536 Vti 915 “M 

403 JIB 715 H5 41* 9=5 930 
?7S 940 $4i 950 


7.5* 


FT. £3 

U 


is s-3 


14.00 1077* MX ALaxiE SAVtfiAJnW 
12.00 100.0D 8.75 1/ 0/1967 

15-00 »7> 9EB0U0S SEX1CAMS J. 
15.00 100.00 "6.73 . 15/11/1967 

CilUDUa DOLLARS 

£5.00 1377* AS3TCU RCfiPlZAL SSFK* 
. 09*59 111* 1S/10/UCI 

20.00 19J7* *Tca FIX SHV-ttsatr. 

100,00 9.50 1/ 8/1982 " 

ML 00 1976. «*nr «r.wnRE*L 

100.00 ' 9.00 15/ 9/1982 * 

90.00. ich MUQB& oauuoatB u? . 
99.75 a25 15/ 2/1982 

13.W 2376 -BlSt/k CBWfflS CAT 
.100.00 ' ’-Lil 1 15 f 4/lAdZ 
30.00 1*76 D.C CS4D27 TBlOt 

99.50 9.75 22/12/1961 

25. W V*n" 83-8T 

100.00 J.75 . If 6/I9S2 

3G.ro 1 * 77 * 'Rnncuc »s vn 

».« - 9-M 12/-1/19U ■ 


9TS/4 0-ft 9.10 8.95 101400 ISTffW ft 5S3 £30 

. . P-00 9.29 2.00 XSte DQ 

973/4 9-7“ -9,10 £.93 IDl.ro 19W ft KE 583 230 ' 

7.79 9.13 3.6) 1943 OQ 


911/8 
9? 3/8 
toe ua 
SB i ■ 

lsoifi 
160 2/2 
S3 3/B 


.0*70 

8.50 

3.62 

A'-: 

*.08. 

4.W 

S.99 

4.33 


97 5/4 6.06 


9.30 9.00 
9.93 9.66 
8*87, 8,'f 7 
9.-48 «.» 
§,« 9.22 

aft 5.70 

».*s aft. 

jjj 9*»" 


2 e 9 .ro. 


10 a.ro 


1W.Q0 


IW.C9 


35 113 210*55 520 «W ii 
■IS. ... U2 915 937 940-945-M9 
_ 965 Mfi •■'■.• 

BG.ft ASS 35 115 205 210 «P 
.IS. Sal B70 912 955 937/3*6 

1 -. " 9*5 9*7 '960-960'.'. ' 

1«1 SPOT IB B «5 205 210*255ST-" 

: 1X . 0QTS7af&! 9R 9*S 

• 932.9*0^5 S47.. 0® 

. rrztr « 35 *25 -sat ata s/8Mt .. __ , ,. 
ia rn 957 .9*0 9*5.9*r.9W=s>-, , ^S2l 

- -. - --mo v-.:iv ►f-.iL; 

Z9U SPED M 2» 520 803-070 ffZ fc? - ..Vfi; 
... LB • MS. MO.- . ;• -..'iCL- 

■ sc. EU 431 tij ZI0"4B 520 «*" ft»' 

... LX -T... 917 8*0 »3 8» .*» 

«is -os ft,V«'5iD*2s-iao3w. v ^ 

.ur _• . otzm’sst srt.ow *■ 

■ 047 960 9ft • 'i-“t 

J9ft K S8 ±a 49 I15.2W *25-32Mft>; 

: \ix * 912 «5 ^55ftf }*a 

.£•/••;«/ sn-fta •; 

• ;• • •• V 2 ' 


































ill- 



§guf ffi-i' 

Ilsli 11 


mi 
« ! 


KAffitrawmi 


zM s as 


" 1?^’ WtaSUli BlT Hi ■ '-100 ■■ •' rw 0*5 .-;</) _>• - • w ——• 

4,; 100,00 ; 9 .S» 15/ Jfuiri - ” . . ..-jHr 7~ r ” 2E A3S 31 Z!0 425 320 9lz 923 

1 *^i £L jm 3g L ‘S*** jgr.** MVa^ aa „„» 

^ % JSSi Ji4» jmn a'» “S 

■O a.^j3a^«^m-"J-^3aa = =- 

- ..... £S ■■ 5>-“as'aSBBi 
• k, :; i; l . «•» TSWR®*..^ »*«■»■»»-" 

!».. **A w 

Tw ’***. •&:*•«** »»» fa. ■»«.»• 

‘ V. P - f'- so< •• S W WO-1M4IX 935 BSJ.aittBtS'afci •».. 

a lia3ii *»■■&■.■**:■; wa» 33 m 210 «** 20 mo 

'*!? * ; * '. - cr • •: -' ■/ ■“ ' v .v’.-V^v ■■“•••■'■*.-?»■ ■ ®H.M 939 937 MO 945 

. ' WK71WX .... 1; . . • •'•-V*.;. V s 870 5*u 922 935 937 »0 

8 ^ JSZ » E B SS •* . 

^? ? ?! «““« coZYi;*jjT-*4»' ■»jb ■Vu’ - lutM- nkst&m n » ... — 


- »*. H”' I**-'** '**«'. 1WP-'#«H» 7? 33 119 2M 210 425 320 

-21 „ 9 >-» B.W5 47 3711K.:_ •;..:. «rl».«5.« sjo bos «Uu ms ns 

SS. n 4 » " *• *S SS2S s S 

P . . - -...•- : . . .•>. V- ,1* . 670 912 922 935 937940 

£ ;.ss •BJ^sr ^ •'** s "“aSIssa. 

” " u* w •iSftSr'^siwaaa"" 

" i,ui v*M*#js* ‘■’aa a ass 

■'£;..!!!« c ”a^““/, ;re i ! *■«. 

" “ ^ £$*8 .> “ f 1 «■» »■*• S” *“«•■»••«. 

" ” 7 ^, aT Io < *? s ,?!E 5/lO/i9|* 1 108 lfZ ■ K7 ° 10 '1DM6 U& g n U3 210 913 955-MO 

" ‘*76 Cau aaix «ap -pxuw 100 1/6 3120 9^7 9.7A: V : 4fc 10 «7 =10 913 939 UI 955 M 

00-00 9,73 137 3/1WU ■ a - BOO ■ 

« 1-0 W» **77 CBCDH POTCIBkr-Cffl •'.; <97 it\ 6.4* ; «•» ; 49 25 113 MS 210 *23 SOT 


■Slfl' .fclJl fcjij '9*13 ' 102,00- 

'.. -. .■ .»»r £«:'. 


' lo K» **77 CBtDn POSClEk r-CU* 
00.DD 8.73 15/ 2/1SK 

? •* 1976 ainnx Hmkihi f-cAb 

M.00 - 9.75 . 19/ 2/19BV 

i: *3 3 w 1476- CSEDH FOVGXtft F-UO, 
3,75 **/7/19M : 


m 3?« :x.«4 >ur »,u 
16fl 3/4 3.49 9.13 V.CB 


7 ‘K K 2 ;*'*»* SUS»-W‘«M*Bifci. . P 90 1/4 '-4J9 9165 ’ - - - >C *0 3M 189 530 9B0 

>'£*^0.00 8.50 15/ 371902 — V.- Oq 

: "iw'"'i 37 * 011 “TOO* , 1M 3/5 3.M jitp :».43 ’ : WJnr «S 3S SIO MS 870.912 935 

>0.00 9.50 13/.2/19U " ...... W 937 9-0 6iS 957 980 MO 

- >4 <w6 EoiwtMi con. y sim. _ « i/* 5.» 9,it 9,fi7- ied.sa rntn «a.*M as i is 210 us szo 330 

.*.00 . U/ 3/n»1 J : . IX- MS 070 913 939 937 940 

" * r . ■ r * 9US 0^7 OWK O0A 


V : ■£'*> W7 =10 912 93S 937 955 MB 

■ a- uso 

- » «C 49 25 113 30S 210 423 5=0 
,IX 534 479 SI2 133 937 940 

9U SM 

: pTfn 49 210 320 9U 87S 9U 9J7 

943 980 

'V W’W 213 520 330 870 9L2 937 
. .'tX 915 9M 

« m S99 J03 530 9» 

, .- «l 

> «XH 4SS 3S 310 BOS 870-812 935 
.; HI 937 910 &i» 957 940 989 


l - JL& ’JW natana qml-b stm. 

'■-an.W 9,U0 IS/ 4/1964 


99 IIS 6 JO 9.0f 4.05 


-'7-iC{.9» FlfiSt UhiDlU BSTEiT ID1 7/B 2i»' 9-2® ' 9.82 
Nl.00 10 . 00 . U(l/un... r . - - 

“. i-C^-977* 70RB HOTOB au»lt-CMa#i* 97 1/jj 6.28.9.02 : 8.72 
■0.00 . a JO. 13/3/1584 . .f. k - 

.“■ r' -•'!-*?»■ POBO'lBTOS CKEarT-CiSiBA 97 1/2 9.28 ■ 9.i5 O.W 
9.50 £.7S .13/.5/1997 ! ’. • 


r.9*5 947 960 980 
188.80 19*2 » »« ?S 115 20S 210 425 520 
^5 330 91} 935 937 9*0 S4S 

m; mo on 

- •’.• iV-a-V?* SO *54 210 912 917 943 847 980 

' 14 " 

iooLdo -iMB^n ra <u* ss iu »s 210 42a s?o 

. 33b'BBS 810 9» 921 935 

■ - ■•; ■ 917 MB MS 947 960 K0 


.. - . , * , • , MO WJ !N/ VW Wl 

r. KD.WTIB atattt^utsm . 97 1/2 9.20 - 9.25 1.97 . 200.90:2IH <0 10 HO 35 115 203 =10 425 520 

9.50 £.75 15/.5/19B7 . 530 805 SiO 912 912 935 

• ■ i'• ' •••.' 937 940 915 947 9*0 9*0 

~ - '976 FtBD ,WT0S CU0RHM4M 100 3f9 3.00. 9J3,9J2 ltp^fr 1MZ 76 EO 410 35 115 =0S 210 425 320 

... *.S° ».*i I/--2/1W . -. *•• T : 3X - 330 805 8'0 912 922 935 

:a ■ iV**: •■ .-- . ' • . ; • - • ••- ; /: -■••- 937 940 945 947 960 980 

976 R/DJ 7WT0H cUUlT-OMUaX: 100 3/9 4i45 V0.2S JCL44 , 100.80. Murc*e 418 35 IIS 205 2(0 423 520 
5* ” »-0.«® *.S6 IV 7/1902 r- . . • f tX 530 805 B70 91= 922 435 


i* ” ail- »«S6 IV 7/1982 '• ’. 

."7 *7» fob isrnB ocan^jiiak. 102 itt:- 2.73 ' *Ja \ t.iss 

-- -'TC'O.M ' 9.75 i/ll/isao ' 

>*■** *«r --.■•• ... • « 7. 

» -■ u - ,-97* CEttLCAS - »iW --•*.» l4' l« 

W« p-‘0.i» S.6a 15/U/19B1 - J. . ^ f- rfc> if ... 

, cEKOiAH . \ v lie 9/8- wta sail M* 

: . ; •. “-'‘o.oo . s.sq. . laz/iMij ■ < j r .. ..;;.. .•. . 


. . 977* aoEUL tom vta 

■■'-‘- -■O.OO 8.30 1/ 5/1984. 

■ • : ^ - 976 GEK WHSS ACCKPUKE . 
... ' ‘3.50 9J»- 15/10/19M. 

% ••C-^76 era Koroag acottaucs 

3.0fl 9-00 1/ -2/198;' 


-•/••*». 530 805 B70 912 922 935 

... '.. • * . -V .1 937 940 945 947 MO 980 

02 3 Xjn.t.iss to n 4i> 35 m =os =to ozs s» 

1* BOS 870 112 922 935 937 

7 ' 940 943 947 BM 900 

IK -- S.79 «l 4' 8^ . ■;. .. J iv .V|B. £27 980 

• r-r•••». •.-...' • ... 

lie 9/#' Wta 9^- M* •'-.?• •:••'/ ■■.19- 927 330 980 

» 3M :4JS-f.lC lfc» Http*** 6* 35 Jl 5 *03 216 425 528 

, 80S 870 912 93S 937 940 

• .- "• " •• • ■'•■: .-■•'■ ■ 9*5 947 960 990 

200 3/8 3;?0 0^3 -8.07 9B 4S6 SS m 203 210 425 S>0 

•'• •» ■ ■ • ■ •■- • • ' -V?'1X:. ' 530 MS 870 91* 92? 95S 

■ /.?*«■.,037 940 049 947 980 

180 3/S ^ 4-00 8.9* 8.97 . . .• .*6- 80 436 35 US 205 210 42S 320 

■* ■ -T . ;.»r - - ■ «a£ 0-1.. non ... ,u mo 


*05*70 912 922 935 937 
940 94S 947 980 


l?9 era UJTQSS ACOmSBE 

>.M 9.?S . 15/10/1988 


. . • J' - • 340 »*7 9ffl SBO 

102 it 8 10.70 v.'M 9ni2 - 202.50 -2981TC «B 456 35 IXS 203 210-425 520 
, e.tfl 9.J= DP -3.00.19821X V ■ ■ 530 80S B7D 912 9=2 935 

937 040 <45 “67 9t& 


V -‘ ' ‘ ■:• - - 937 040 <4S M7 MO 

Mi?'* W6LTEB E.8SLUK (CMS 98 3/4 6.43= h¥S ■ Ml WO.0O 1983 *6 K 228.-55 liS =10.4=5 5=0 530 
..CO 9.S0 15/7/198- -• • •; V. ■■' IX V' '%12 «5 937 940 94S 946 

-........•■•,,.... ■. . ,c j;w- 8 m 9 * 0 . 


o ( 

? OJ 

— nui 

S5 eg 
35 65 

H i si 

ei ► 




MAR 1 ST MAKERS 


13.09 1976 BiLTra C,mut (CU) 107 1/n 3.37 9.62 9.71 ?s EL' 213 IS 210 320 912 90S 940 

98.50 9.75 (5/ 6/1531 . ‘ U: 945 446 9-,? 9» 984 

35.00 1975 annsuy'S alV 102 3.79 9.57 JO.05 un.00 1SSC TO 434 33 SZ9 912 922 125 MS 

IDO.SO 10.25 15/11/1981 L2 927 MO 94 i W7 MO M» 

23.00 197b UC LDDtm 130 7/8 3.28 «.15 9.42 >“ SB 64 210 91= 922 035 937 94> 

. 100.00 ' 9,50 I if S/1M1 li 947 960 USD 

25.00 1977 INI HAXlTSmt OEDIKM 98 ].‘S «.C0 0.J3 8.92 284.* i*!2 NR IB nS4 zi lib 210 425 S=J sCi 

100.00 8.75 1/ 2/1983 Li. 070 912 922 915 937 91» 

945 947 960 «9Q 

' 25.00 1376 IDT NA8VS5IE8 CKDrTHUX 100 l.T 8.2D 9.71 9.74 1 IM- 30 !*“ 3P SC *56 15 210 425 520 870 y.» 

* =4.50 99.M 9.73 15/ 4/1M6 a.=8 9.71 •*> »77 U 922 915 93 7 910 9.5 9-T 

' 9» 980 

30.00 1973 Z5T B489BSHX CE£DrT-C4}i iat 7;s 3.59 9.6? 10.06 W0.U I960 S2 “B Jfi 33 210 9=3 279 91= 9= 

llUJA 10.25 It 3/1901 LX 935 937 S:0 915 >i< 960 

9M ‘ • 

2S.M 1976 ILS enttaus FTN45CS 101 TS. 4 JO 8.93 9.13 100.80 t9Sl 9t> U J>? 35 11 $ 20S 110 j25 520 

100.00 9.3U 1/ S/1W3 12 530 EOS 170 912 935 93? 

5-0 945 *47 960 9*t> 

4-3.M 1976 lit C«*P14« RMIU 101 I/I 9.50 9.85 100.375 194l FG «U 327 35 115 =03 210 623 320 

=5.00 (00.00 io.oo 1/ s/:«6 4. fa ;.*? l«S* !?.'t u iM eos sto 012 6J7 

Mu 943 94 7 960 3B3 

50.09 1976 CUBOSS SBBr.OmP 100 1/4 £.37 9.25 9.23 tfl0.00 1331 3G eg 359 =10 912 922 935 937 945 

99.50 9.25 15/ 6/1982 ’-£ 947 960 045 990 

20=30 1977* LUBEKtUE FU COW 48 4.41 1G.06 9.69 . CT EU 103 33 1U 21Q 425 5=0 912 

100.00 9.30 30/ 6/1982 - LX <35 937 WO 9U 960 WO 

25.00 1977* HU HIM LUCUG CA5ADJ1 95 ’.tt 4.is 9.44 1.6b Ms £U 66 39 115 295 ZTO 4=5 52B 


103 l/n 3.37 9.62 9.71 
103 3.79 9.57 10.05 


25.90 1976 Z&g GfifMXtf FCiUCS 
X00.00 9.3U 1/ 8/‘W3 

-s.00 1976 Z5E CM401U rZMV-E 

=5.00 100.00 10.00 1/ J/19E6 


50.09 1976 CUBOSS H0B7.C0BP 

99.50 9.25 15/ 6/1982 

20.30 1977* LUBEKtUE FU COM 
100.00 9.30 30/ 6/1982 

25.00 1977* HU HIM LUSUG CASA0JL 
100.50 8J5 15/ 5/198= 

10.00 1975 K0UUA KaCS 

99.53 9.75 1/I1/1<B6 

23.00 1916 SOSJUflU 9P HF-; 

. 100.DO 9.73 13/ 7/1982 

28.00 1976 WJKXS 

99.30 9.75 15/ 4/1H1 

18.00 1976 HU SCOTIA FOIIE9 

99.25 9.30 1/ 7/1994 

35. DO 1976 MICUUDZU PETEOT- 

100.30 9.73 15/11/1983 

15.00 1975 FBOVHP2E OF UUTOOBJ 

15,00 99.30 8.25 30/ 4/1955 


mi =.75 S.29 S.W 

ICO 5,-6 4.43 9.24 9.69 '-t BE «4 33 =10 625 536 e’O 92 3 

S* 93S 9J7 940 9-3 MO 982 

99 ~It 5.20 9.76 6.7* 'P - D3 44 US 2tO 4=3 5X 9i= 4ii 

■-* 937 945 939 3SO 

1 102 3/8 16.41 9.28 8.28 ltt.AB Ul. EG SB 185 JiO 512 945 966 980 


Pda; 64 S3 Its 205 210 4=5 S2R 
Vi 912 935 937 940 965 9*-7 

96b *50 

1? EE 6. =10 870 912 MS *60 980 


35.BO 1976 MICAKADZU PETKT- 100 2/4 5.79 9.56 9.68 180.00 1981 PS CO 218 35 115 210 425 120 S30 

100.50 9.75 15/11/1983 t=t e70 912 «! 937 940 9-5 

946 947 *60 9BO 

15.00 1975 HBWnKJ. OF HnlrrSBl J0b 5/4 7.24 9.09 9.18 . 102.00 1960 :J? £J 64 55 SIO 92= $15 647 380 

13.00 99.50 9.25 30/ 4/1995 3.74 9.06 ?.G0 15*1 Lit 

=0.00 1975 FBOTIKCE OF SCOPOKaHALD 100 3/8 5.28 9.38 9.46 101.00 1*79 SP EC 10J 2» 5M 912 937 WS *-7 

76.73 100.00 9.50 15/ 5/1983 4.19 9.39 DP >75 !Sio U 950 

30.00 1975 mmUcE or sai T o ctaajao lei 7/s 7.87 9.39 lo.M iolJ» hu> w? eg ioa ;:a 91 = hs ?ra 


10.25 15/12/1*85 


If 1.20 197* LX 


38.80 1976 B071LCE 09 BOV*. 6COIIA 99 7/8 3.87 9.0= 9.31 '-P VC 6* J3 2U =10 425-5:3 MS 

100.00 9.00 13/12/1985 Li 970 912 P35 957 910 WS 

^ 4i7 =60 940 

10.00 1976 lmracUL MSK-CA9WA 100 5/8 4.34 9.30 9.44 100.00 UB1 :.? 3Sf 77 2L0 805 870 912 957 945 

100.00 9.30 15/ 2/198= 1=1 980 


' 100.00 9.30 15/ 2/198/ 

5.00 1975 POtttE-ua-IMMHUE 98 i/* 4,46 10.11 9.89 

98.SO 9.75 13/ 7/1*82 

50.00 1975 (JULBEC MtDBO-tLECXKIC 101 3L?S 9.14 9.41 

99.00 9.50 15/ID/L9&1 

15.00 1*7? OOLBFC DEBUT CtM-DSKS 200 U* 4.01 9.42 9.48 

100.00 9.50 3/ 2/1*82 

15.00 K774 QUEBEC I3UUK C0HHCEXTT 100 1/4 6.42 9.-5 9.48 
99.00 9.50 15/ 9/1984 

15.00 1976 QQE6EC 0E31K CrnwralTT iOO 1/8 3.32 9.o9 9.76 

98 JO 9.73 =6/5/1965 

10.00 1974 tfXKte UB5A.1 COSKHtTE 101 1/2 1.T0 9.74 10.59 

100.00 10.79 15/11/197* 

20.00 1977* BASK OTCESEAS EOLOIKS 99 J \ 4.3= =.49 9.S7 

100.00 9,30 13/ 6/198= 


98 1/S 4,46 10.15 9.89 U1-0O USC :.? CL* 18 »1= 9J =33 

LX 

101 5.70 9.14 9.41 'W U lo» 35 219 i=a 


» 4.35 =.6B 9.37 ; i:a,'3ii ki:j ;ie 4?s iie pw 

V* ni; «:• 4:: =37 940 MS 

= 17 SiO Ssu 

96 ;/4 d.84 fi.fi.' 8.31 100.00 ! 982 ne ZC 213 **» 


U lo» 35 219 i=o 550 87C JU 
L* =35 937 957 960 SfiO 

EU 409 115 925 Ma ' 

%» SI 4:t 21* 923 910 

■VPai 18 =1= 9*i 9U 

‘•h U !S S!= 9-i 973 


40.06 1977 BOCAL BALE HP C4KAM 
100.00 B.01 15/ 2/1965 

35.00 1976 BOUL BASE OF CAS ADA 
100.90 6.73 !/ 4/J9M2 

40.90 1977 BOTH. 9«K 0? C/JiASl 
*0.00 1DC.00 9.00 >5/ 2/19*2 

35.00 19(6 BOtiL 8A» OF CAM ATP 
33.00 100.00 9.50 1/4^1986 


=0.00 1974 nui 7FUST CO HQETGACE 109 3/4 3.05 9.20 5.43 

100.00 9.SK 15/ =/l*61 

20.00 1976 W T011ST CO WETC4CE 100 7/E 6.S8 9.48 9.67 

100.00 9.75 1/ 9/19U 

30.00 1973 EnCTuffiTMC LEA5J5C 101 1£ £.70 8.82 9.26 

. 100.08 - 9.50 15/10/1980 


100 l."4 4.16 8.b4 S.7J lAtf.00 1941 G= 218 ij :;fi i=i 179 550 

LE £JS 170 S>|= 92'.' S7i *.«? 

940 9.a 9-a 441 *wl *66 

99-5.'B 14.04 *.IS P.13 103.W 1»3 :.p a? 2/6 -= 

■•(.66 9.13 1J0 1982 L2 

1C1 3/8 10.1* 9.38 9.37 100.00 I9K. l'J> *S =18 ii Hi 2><* :•» »y* 

7.7* 9.24 J.eo 1981 LX ivi i;0 511 MSI MC- 

940*9-3 *4* =4’ *60 *40 

109 3/4 3.05 9.Z0 5.53 . V ST #4 =19 67© 912 =22 61S 9‘? 

~ L-i 943 647 533 99© 


X-* I - .- in »S 210 570 91? =i2 =76 
'.V $37 940 *45 94? 960 999 


38.00 7976 KRHDE 
100.50 9.75 

15.00 1975 DOUBT 
• 95.75 9.50 

20.00 1976 SOZSAT 
99.30 9.30 


If 2/1*8? 
1/ 9/1980 
1/ 7/1981 


101 Ifi £.70 8.82 6.36 Vi 213 219 STB 91? *35 ill 9.0 

- •' Li 943 946 94-' 0AJ 697 

180 1/4 4.00 9.67 9.75 JBWO IM! \= 1U =18 =Iu 676 912 95S 6?7 U-C 

IX 345 Hie «7 M9 MO 


108 1/3 =.58 9.25 9.43 


! LP 

OO 497? I? 


*4 JS 210 873 912 925 946 
9.6 960 4lu) 


-^ -..-i1 a A 1 -H0 9U 947 980 

I7A GEK NOTOIS MStTOKCK 108 71 >' 6-M >.34 4.ii - lAUn lato re in: 49fr 35.115 =03 310 425 5=0 
1.0O 9.M • 1/ 2/198*, . , . tU- *-32 - -St 60S 870 913 9*2 935 *37 • 

- ' ' . ' ~ • '".'.958 945 947 960 980 


20.DO 1976 WBMMaB 4CC.CS 
99.30 9.73 1/ S/J9S3 

25.00 2976 TBZ6SGCLT CAU31 

100.00 9-50 13/ 6/196= 

=5.00 1976 TmSGDUr CANADA 
Sa.OO 99.25 lu.LM 15/. a/IW? 

30. M 1776 TWDETO-fiCSIIKUEi BASE 
180. SO 9.00 1/ 4/199= 

3S.00 1*75 T tBOinH HBlIlgOK SUE 
100.50 9.73 ]/l1/1*81 

S.00 1979 7XW5 or HDCiTEAL S*£T 
=6.i0 ?.;s IS/ 7/1982 


loo in 3.41 9.33 *.46 VP S3 64 75 J|a S7w 91= *2= *i> 

VT 5.90 1974 141 *J7 640 945 9*5 ^7 Mn- 

980 

102 3-'t 5,53 9.30 9.58 180.00 1981 SG HX it 35 =10 4=5 8/0 9i: 

PF • Jt 4 I6»* W 533 937 94'J 9-iS 945 9-7 

■*0 *80 

100 ;n 4.37 9. =9 9.44 1O8;00 ise:'?- -x ij® .5 ns =os no -is hi 

14' 80S 870 61= 917 *40 9ns 

*47 960=60 

161 ’.** 9.3T <.*’ »,*: 16S| ?c. S- iij li !13 205 =12 -J: >25 

•I.=l OP 1 .S3 :954 LSI *95 £7= 912 -‘H 9-‘. 9-V 

*4' 6*.0 «?0 

9* 2/8 -.16 9.03 *.51 W0.88 108i W X •,-* — 

191 S»8 3.75 9.19 9.5* 180.90 19*6 S" EE 4:6 34 3iS i.i iiS 5.0 895 

■' L t !70 91= '22 “3: 9-0 

4:5 6-'. At:. 7.0 

97 3/8 *.M 10..5 =3.0: 181.98 290: 3P a- !S 9i: Sif 980 

Jjf • 


.. jB i go 

2o'i fiORROWBt.' 

ui S j O- ; COUPON MATURITY 

ffl glSa; 

11“ ! 

Si 


24,00 197* TS>0ES£ GF97P 100 1.-* 

100.00 9.75 lit 3/(982 

13.00 1=75 nuss crias ra (casapai ioo (.--a 
■ IC0.OO 10.5-1 J/12/£9o0 

30.30 1416 05106 CilXB^C OF CMUlfi 1"3 V2 
lOO.'Jll *.=5 !> 5/19:2 

10.00 .97* CVIOV* C.5S3Z0E OF CA.VIDA >01 
30.08 99.uQ '9.73 k'3'(9>6 



wz yj in ~w a? I 

U 3 5 ^ | u£ r 

jSo -lu-lS^Z B : 
3f*§5s |; 

s a 


MARKET MAKERS 


-.42 9.70 9.7* 

7.91 10.26 IP-45 
4.25 *.08 »-=0 


9.74 NP ED 77 210 -21 912 935 937 9-3 

PF 1.25 197? LA P-6 360 965 PAD 


PC EO 35* 210 91= 945 947 9» 
U. 


9 .=o ioo.ro i=s! <v ra as* 3 * ns 210 «5 120 ;»« 

LX 670 *12 936 937 940 4-5 

9.7 q=0 6MO 

9.65 :oo.3;s 7»P1 ?G rr i=6 15 ill ?io -ii 52H =06 

OP 1.50 1976 LX 670 912 S3S 9J7 9-0 9.5 

9-7 «tu 


ranWL-ILDESS 
63.00 '4»'* A1SO 


96 • ? a.t? l.!l 7.“4 


;i? iKl *01 a.i: 8.-S *0. FU 



«i.50 

7.33 

: .iiisu 







IV 


*'« *U7 *0B 6119 *10 nil 
=10 

30.00 

197* 

MS0 


LCa 

A/* 

LtJ 

S. 09 

9.37 


5P VC 

IjS 600 *01 *0= Mil *0- 6*5 


09.30 

10.00 

.-■-.o-im: 







iff 


nD* W7 *06 *09 *IU -]| 
VIO 

100.00 

1972 

ALOpcax bosk 

9= 

? 

I.*7 

*.:« 

6.C5 


*v 

Ed 

237 60f> Ml *0= *03 *0* =OS 

50.00 itU.UO 

6.00 

:i!C/»F9 



1.17 

6.9® 


=3,00 

isit oq 


*06 6D7 BOS 609 *10 *11 













910 

75.00 

197.9 

iigyat uss 

99 

?;* 

2.=5 

6.5* 

6.:* 


KP EC 237 WHO 601 602 603 604 *05 

56.25 

100.00 

6.25 

1/ T/1980 



1.25 

6.74 


IF.75 

1977 0Q 


*0* 607 *09 MK MO *11 
310 

237 MO *01 *0= 603 601 605 

75.00 

1973 

*MU EPE BASE. 

102 

1/9 

2.00 

*.09 

7.10 


W 

ra 

37.50 100.00 

7. =5 

1/ 2/1980 



1.-9 

>.72 


IS. 73 

1977 t'q 


604 607 60S 609 610 *11 













910 

60.00 

1974 

.rg-w^ir sure 

10= 1/A 

1.3 

*.73 

t.2» 


VF 

EO 237 *00 601 603 60A *05 60* 


99.50 

9.50 

is.- s/ioro 







10 


£07 *ns 609 *10 611 =10 

=5.00 

1975 

ALCESELT BASE 

104 

3-4 

2.60 

t.U 

9.07 


IP 

m 

257 600 601 *03 604 605 *0* 


99.30 

9.30 

it :/imo 







U«J 


607 606 *09 *10 *11 9:0 

75.00 

1974 

ALGEStEKE BM2’ 

105 


1.23 

6.97 

9.32 


Ur 

EL 

237 MO Ml 60= *03 *0« *«i 


’.OO.0C 

13.00 

1/12/1779 







IV 


60* AQ7 MS 60V *10 *11 
510 

75.00 

19/4 

*lc ewrff. Bfiss 

105 


1.S7 

7.1* 19.00 


SP 

ra 

2J7 *00 601 60/ 603 Mi V15 


99.50 

10.50 

1/10/19-9 







VO 


"t* 60 7 60S *09 *lu *11 
*10 

75.06 

it;* 

m-uscism: irt 

104 

7/9 

J.1J 

7.31 

7.97 


;v. 

cn 

=37 600 Ml 602 603 £04 *95 


99.7S 

fi.U 

15/ 3/1M1 









*u*.*07 oOti 609 *10 Ml 
=10 

bCuM 

2973 

I'M BASK 


99 

i/S 

=.;* 

b.-A 

6.=7 


np a; 

=3S *00 MI 403 603 604 *45 

•5.09 

95.50 

w.=5 

is* 5.'i«n> 



l.JS 

a.*0 


J5.ro 

1977 VO 


*0* *07 ME *09 *iV *11 
=10 

73.00 

197? 

A2S0 EASE. 


102 


2.03 

9,16 

7.11 


ut 

EL’ 

238 BOO *01 *02 M3 *}- Mi 

32.50 100.00 

;.=5 

1/ 2--i960 



1.99 

5.15 


17.50 

:=?7 to 


M* 607 *09 609 *10 *11 













910 

*0.00 

1974 

AiBO U5R 


103 

1 

l.^S 

*.62 

9. IS 


9P 

sn 

=36 *OQ *UI *0= *03 604 enN 


99.53 

S.Su 

1/ b/19 ; 9 







no 


50* 6u7 6C* *09 Bit 910 

U.00 

L«f. 

fwin ins 


104 

l.'S 

1.97 

7.m 

9.33 


:.p 

ra 

238 *00 601 60= 603 *04 


100. CO 9.75 Of 12/1979 

59.30 >97< UgP 3ANE 

120.00 IS. 75 1/1171979 

75.00 1=75 BSD 2BKK 

99.=8 8.26 15/ 9/198! 

7!.M 1*7* a™ BASE 

99.19 9.25 i.'ll'mi 

«O.M 197.1 At Am FINANCE 
*5.00 99.25 6.26 1/ 4/1935 

75.30 1=7* B3IAX DEVELOPMENT BAT E 

=9.75 6.Z5 ' 1/ J/lSAi 

30.03 1975 1C6IBLUI EL5CTS1CIT7 
99.2s ».7S IS/ 8/1R2 

46.50 1972 SJ4S .“2As * HV?E 
=9.00 99..M7 5. 'i 1/10/19?* 

40.90 !=?S 3A50 ?CTS t COPE 

35.00 “I.I-V 9.20 ! 1 5/1999 

la. 00 1977= P-A-.t :-I£S B ttWl 

[C7.00 ;.?v i>f ;*-'!9J= 

*5.30 1376 HALE KHZS 6 ET-Pt 

9«.:s i.Z$ li/12/1951 

-9.S0 :9?i HUE MELS * &JFE 

ISQ.UO 10.03 1/ ttlfS 

-3.C2 1074 BA.'.!: MTL3 A KPS 

■Ki.oa :0.2a i/:;.'i*'0 

«.« >97; 8Pi? 10E PtTFDLTVTf 

ir.oo :co. 0 j *,03 u 9/19:9 

75.30 10s arr o? osl© 

99. >3 i.=5 -/7»1*92 

71.00 !97* Cirr OF HALE 

ic.0.00 f.Si 1/ 1/1934 

IDj.iM 19 ?b CCiBKUT-SALn - 4E87UUA 

100.03 s.oe :t «nw3 

-2.CD ljla DilijuinxiTED ?V«S 
10.00 133.03 *.50 !/ : i«0 

Jb.03 It?.- a=J.2!L -•? 7iMK 

ti.M :•)!.■. J D.so 

-..3u I''* llVTCJ »:A;! w-!: 

=4.-.': ».=i I *.'.7*2 

-•.00 in?* i£k>1 VLj" =."^.7 

-■'■.10 2.50 :. a:»«3 

>9.01 !=’2 E6CC>2 

25.03 !OO.0v S-rfl !» -■■»!* 

io.oo t* ■: r.7'.r;-'.* 

=5.0O *■*..-.• . :.=.=-* 


IM i/A L7S 6.BO 10.12 

184 1/2 3.62 6.79 ?.» 

106 2/8 3.75 7.15 8.61 

9* 2.15 7.26 6.38 

1.1 b 8.08 

:c= 7'* S.M 7.34 I.02 

:<]- 5/4 -.23 7.40 8.35 

=• j/-. 1.87 ,.!4 5.82 
1.17 *.*3 

9° 1/4 ?.2S o.M 

1.15 *.61 

131 7/9 4.26 7.21 7.61 
13- 3 ft 1.31 *.91 7.<0 
194 11.50 6.86 9.59 

124 ;/2 :.!J MJ 9.57 

98 2.-4 1 .29 *.83 6.5* 

I. 08 7.2- 

104 7fe 6.4! 6.9! 7.E7 

16— 1/2 3.92 ?.=S 7.J9 

553 i/1 3.3* 7.23 7.73 

*= t.ai *.5s 

:.ii -u 

«« . 4 :..v> -,n 6.73 

.-..Ml 

;cs a.:* r.5i 3.73 

5..y» s..= 

>.'6 

9? 1/2 i.!H «.9! 6.FT 
.** i l.fr5 

9* 7/4 :.i? ...» 

J. -’t 


>•■■■ 606 -or 60S 699 *10 *11 

910 

SP S3; 230 *00 6<>1 *0= *03 604 *05 
-0 606 oo7 *liB *39 6(0 611 

910 

V7 II =33 *09 *01 *« 6D3 bOi 60S 
3Q n(16 607 *08 oQS 610 Ml 

910 

GP ra 238 -*K> *31 *02 *03 60. *0! 
HQ *0* *07 60S *09 613 611 

■JIO 

NF EG =28 M>5 NXi 60! 6D2 *03 fiDA 
197? LO *05 *06 607 606 *Qy MO 

Ml 910 

7>r ra =37 obO *01 40! *03 504 K>i 

UQ (.On *07 *u8 60* *]G -11 

9lii 

II 238 *U» bill Ki2 60J *0- *CS 
By 60a *07 ©OF *©« Mo r | l 

=:« 

nr EC 24S 600 *31 6(0 60- 60! *08 
1976 CQ *97 *0* *34 Mu *1! »IQ 

:r a; .'.J -OH *PI 603 60- 605 6 Jn 
i®’? lift 60? *«» t«J 9 *10 nil *11 

SP EG 2:5 *03 601 Ki2 *0! 604 BOi 
uq 60* our mu' *05 nio -;i 
*;» =10 

Sr E0 245 *00 SCI 60= *03 60- 60.1 
LO 605 607 6fll! bijp 613 Bll 

510 

3P ra =45 MO 40! 60= 6PJ 601 6fti 
19 Mb 697 *08 609 6!£l oil 

»10 

IP IG =A5 600 *01 602 *03 604 605 
10 «rfi *£>7 60S 6P= 610 *11 

910 

TP E= =sn 4uc< *01 *02 601 601 405 
1975 CC *i<6 Ml? *0? 60* 41V -11 

610 

XT £i: =37 too *01 60= *03 M4 6C5 
GU *06 b07 *05 *09 *10 *11 

= 10 

W a? =37 *30 *01 tbl *03 *04 *05 
10 Ell* *07 r'ii 60S B]D *11 

*t0 ,10 

:.p a- 236 600 901 6<i2 M3 *0: 6=5 
VQ 'Od Mi: *05 *09 616 611 

“10 

ED =3E 500 5i>: 6W 603 •<- V.S 
(•“» 10 fl- M' M6 *09 t;j Ml 

=10 

571 E' :3? *0*1 —I -02 603 *14 60S 
:®> q -u- »'i7 po* *•-•= i*i u ci i 

91» 

nf rr :j> **2 *ei *o.- mm *ji 

iq *•■** an? *06 Mi9 MO 611 

910 

NP Ml 60/ MS *0- *0- t=7 

■*«! «'•- 609 9lD *.l *10 


(i.ro !»80 »•> 

re 

12.50 !=W 0 


*0*- 631 hP2 50- *0! B'l* 

*07 *** *©<l -I,, n! i u.,J 

600 ftp I -•>> Nil 60- S'S 
w* T-a? *06 *3« *.'/ OIL 
919 





t£RS TRliST INTERNATIONAL LIMITED 

Market Makers in 
loating Rate Note Issues 


rest ra te s- pep "-aiin um '■ aiFpuca^ J etath e foil owing 
ating Rate, Note.«lssnes . were announced duxing 
These rates are- quoted for-inforotiatlpn pnipwes 
i should be confirmed Pfior ^ thB Ksedition of a 
transaction. . Theratesquoted a^ly to: the - eSx- 
“riods shoWtt . -- . ; ! -:< ' 

- From e - rr - ' To; -■ Tlate 
:;;5j?n.TS JulyTS SA% 

a Banka ).^6S ' S Jan. 7S . 

%min. -1983 «Ata.' 7$ - . ±0 July 7S 7$% 

1983 9 Jah.TS lOJuyfS 75% 

, min. 1983 llJafl. 78 11 July 78 . 8^ 

. . . 1983 . XLJan-TS .11® 78 91% 

1981' 15.Jan.7S 15 July 78 ' 8*% 

19SS 20Jan.'JS SOJulyTS S% 

% mizL -1983 .21 Jan. 78 21 Jnli'TS 8% 

1982 27 Jan.TS 27Jul?J8 .746% 

• r ' I98i ' 3l jML.78' 31 July 78 Sft% 

1980 ' 31 Jan. 78 31Jtaly7S 8t% 

rates-applicable to the issues listed, below will be 
id during February. - • - . -v. 

. C1G./ 

Jugobanka : 

S.N.CJ. ". . 1885^97. 

Credit Lyonnais _ • 1982- 

Enpetroi , .'3^82* 

Credit Lyodnais 8% mSit 1983 '■ 

Banco do Brasil' , ' . 1?82 

L.T.G.B. -•'■•■•. ■ . T9S3.. • 

3.BJ.6%into.:-- -1983 

B.UJE. - : IBSf 

Midland" - .1983 

B.F.cx.- ■ "rim:: 

W. & G. ’ -- ■ •■■■• : ‘: 1984 .'-. ■ j 


% min. 


; - To -■ • 
'.-SJiiiyTB 
6 July 78- 

10 July 7S 
l&JniyfS 

11 July 78 
11 Jiiiy 78 
15 July 78 

20 July 78 

21 July 78 
27 July 78 

' 31 July 78 
31 July 78 



RS TRUST INTERNATIONAL LIMITED 

56-60New Broad 8trert,U>PdG!tEO. ' 

Deal ere’ TdejApoe; 588630 t-5.1[b] e 2 C883042- - 



BANKING 



UWI-STMINl FUNDS 

The foliowing funds include Eurobond 
issues within their portfolios 

piiotatimis & Yields as at 
t;A' 31st January, 1978 


l«OG 1ETE GENERAL De BANQUE 
BANQUE GENERALE Du LUXEMBOURG 



1975/78 

High Low 


.AH these Bonds hive been sold. This announcement appears as a matter of record only. 


NEW ISSUE 


January 25,1978 


KOMMUNLANEINSTITUTET 
AKTIEBOLAG . ft 

(Municipal Financing Company) 

12,000=000 European Units of Account 
7H % 1978 -1993 Bonds 


Skandinaviska Eriskiida Ban ken Kredietbank 5. A. Luxembourgeoise 

PKbanken Svenska Handelsbanken Gotabanken 

Algemene Bank Nederland N.V. AYestdeutsche Landesbank Girozentrale 

Deutsche Girozemrale - Deutsche Komraunalbank - 


Tbe Bonds have been subscribed and offered for sale bv 


AT AnrtI &Cq. Amsterdam-Rorterdam Bank N.V. AndresensBank \/S Arab Finance CurporstionS.A.L. 

I.if-n jn 

BancACominCKlaJe Italian* . BancadelGdtiardo Banco Ambrosiano Banco di Roma per Id Svizzera 

Bank Brussel Lambert NA£ Bank Gutraviller, Kura. Bungener (Overseas) Bank of Helsinki Ltd. Bankers Trust I nternationu! 

Lirr.-ui l — -—J 

Banqae Arab*ttTnternarionsdedTavescissemEm (B.A.f.I.) Bantjoe Fran^aisedu Commerce Esierjeur Banque GOnvraledn LuxembourpSA. 
Baflque Internationaiea Laxembcmr^ S-A. Banque IppaS.A. RinqueNationaiede Paris BunqucdeParL«etdesPays-B.Ts 

Banqoede Paris erde«Pavs-Bas Banqpedel'Union Europeenne H. Albert de Buy & Co. NA* Bayerische Vertinsbonk 

Bereen Bank - Berliner Handels- und Frankfurter Bank Blytb Eastman Dillon & Co. Caiose de~« Depots « Consignations 

° Lcvnlrd 

Caisse Privee-Benque Cent rale Rabobank Christiania Bank os Kreditkasse Citicorp International Group 

1 " C •S.xatten t rF- boma--*nVmb 6.5. 

ComtCeribant CompagnicMoacgasquede Banque Credit Commercial de Prance Credii General 


Causse Privee-Benque Cent rale Rabobank Christiania Bank oa Kreditkasse Citicorp Lnternaiion.il Group 

1 c •S.xatten C*JSirt t nr Bo^rar-rtnVmb S .5. 

CbmiUertbanlc CompagnieMoaceasquede Banque Credit Commercial de Prance Credi: General 

Credit lndustrieId : Alsace « dc Lorr-Jioe Credit Industrie] et Commercial ' Credit Lyonnais Credit Suisse White Wild 

t.'RTrJ 

. DaitriiJEMropCN.'Vl Den Daoske Bank DenDanskeProvinsbank A*^ Den nor kse Credit batik Denrsche Bank 

JliTI.A 3,'XTilLC. .UiCV-AlUM 

Dtwaay St Assodis International S.C-S. Drtsdner Bank European Banking Company First BnsronJEoiope) 

Antony GibhsHoldings Ltd. Girozcmrale und Bunk derOsrerreichisriieoSparkassen Hamhro* Bank R.Henriqocs jr. Bank 

Ubu'uI Abu '-frkjli 

.HU! Samuel & Co. Kansallis-Osake-Pankkx Kjobeohasiu Handolsbank Kieinwnrr. Benson Kredietbank N.V. 

41pUU» _ i.ml. l 

Kredietbank (Suisse) S JL Kuhn Loeb Lehman Brothers Internarional Manufjctnrers Hanover Merrill Lynch International & Co. 

. L'rcmrd 

Morgan Grenfell Co. Morgan Stanley International Xederlandsdie Middcnstandsbank NA r . Nederiandse C redie drank X.V. 

TheNikko SeajrftiesCa^(Enrope) Ltd, JSomoraEnrope N".V. Norddeuucbe Landesbank Giroaentrale Nordic Bunk Orion Bank 
Pofitspankki -. Prirat tra oken Salomon jBrothgs International Saudi AjrabianInvestment Company, Inc. Scandinavian Bank 

J. Hemy Schrod«-Wagg & Co. Smith Barney. Harris Upfum& Co. Soriete Bancaire Bardavs (Suisse) S. A. SocieteEuropeennede Banque 
SociitcGenerate Saddle Generale Alsaaennede Banque Society Genu-ale de Banque S.A. Sodete SequanaJ«e de Baoqae 


Pofitspankki -. Priratbaoken 


J.Vbntobel & Co. 


Soddte Generale Alsadenne de Banque 
ran Bank Corporation (Orereeas) Unk 

Ucscd 

' S.GTWarbunj & Co. LuL • W'illia 


Society Genu-ale de Banque S. A. 


Sodete Sequanaise de Banque 


Sondsvailsbanltea . Swtfs Bank Corporation (Orereeas) Union Bank of Finland Ltd. Union de Banques -Vrabes et Europeenoes-L T .B.A,E- 

U4scd 4rri.n» 


Williams- GI\ n & Co. 


Wood Gundy 

tnsM 


"i jmaichi International (Europe) 

Uir.rri 



































































B OR ROWER/ 
COUPON MATURITY ■ 


M.00 1972 KCRDITMA 102 

ii.tK JW-rt) 7.DO 1/ 2/B7S 

50.00 1975 EVUFDUl 104 3/8 

99.75 0.50 1/ 5/1902 

<0.00 1971 EUROTSAS COAL A STEEL 103 1/8 
99.75 ‘8.00 13/ 2/1983 . 

50.00 1972 EIS0PEA5 PHE 8 TWMT BAIR 97 1/2 
50.00 100.00 6.00 15/ 9/1982 

75.00 1976 ebtopeas nminn uuc 102 1/2 

99.75 a.00 15/ 4/1981 

75.00 1977 OIB0FEA91 T5FKSTHENT BASK 102 1/2 
100.00 8.00 15/ 2/1984 

73.00 1975 E0BDPE4S XKVES1MNT BUS 105 

100.00. 9.00 1/ 3/1982 

90.00 1*71 aaopEM raresiHEST uu 102 7/8 
99JO 9.50 1/ 6/1919 

30.00 1971 comssm or CALAIS U 98 1/4 

37.50 lOO.00 6.75 15/ 6/1980 

30.00 19/2 norm tr.c .7 W 1/2 

15.00 100.00 6.50 1/11/1379 

60.00' 1971 GOVT. OT BOS/ ZCALAM7 lOfl 3/8 

30.00 IOO.OQ 6.25 15/ 6/1979 

60.00 1671 OOTI. OF Tim ZEALAHD 100 3/4 

15.00 99.50 7.50 15/ 9/1978 

73.00 1977* GOVT. PF IBM ZEALAND 209 3/S 
99.75 8.00 1/ 3/1983 

73.00 1975 CO FT. OF SEB ZEALAND 184 5/E 

IOO.OQ 8.25 15/11/1981 

75.00 1975 OOTT. OF REV ZEALAND 105 J/4 

99.00 9.00 1/ 3/1982 

60.00 1972 HAHBBSLET M PXB 99 3/4 

30.00 99.50 6.75 If 3/1979 

60.00 1972 WB.XUT lata 99 S/B 

30.00 100.08 6.50 If i/1919 

30.00 1972 HOUASD AJEtICA USER 99 

15.00 100.00 6.25 15/ 8/1979 

50.00 1972 ISOS. 97 3/S 

25.00 ’100.00 6 JO 15/10/1979 

50.00 1975 isBXUUUBO-flARBM. ICQ 

99.75 9.25 if 5/1980 

75.00 1972 K.L.H. 99 1/8 

37.50 99.25 6.00 15/ 8/1979 

50.00 1971 K.UK. 301 1/8 

12.50 99.25 7.15 15/12/1178 

IOO.OQ 19710 KXZNK Of mUOUT 99 1/8 

99.50 6.75 1/10/1982 

100.06 1977* XHCMH or KftHAT US 1/4 

99.00 7.75 1/ 4/1982 

100.00 1975 KOtCDOS OF BOWK 103 1/2 

99.25 8.00 15/11/1980 

75.00 1976 mGDCH OF WttiAT 104 7/8 

99.50 8.50 15/ 7/1981 

60.00 1972 wt BBn.ru 99 5/8 

30.00 99.50 6.50 15/ 3/1979 

35.00 1974 SIDES HtnOEBSlAHSUBK 103 1/8 

99.00 9.50 . U 7/1979 

40.00 1975 SEBESLUmSE CBEDUETtAHK 104 1/8 

99.50 9.50 15/ 2/L980 

50.00 1976 HZSEHLAIOSE CAS9BIE 103 5/8 

99.50 9.75 If 7/1979 

75.00 1976 BOWES UBBBAL84K 102 

99.25 7.75 1/ 4/1981 

75.00 1977* OSimSICHS EPNTR0LLAAKX 101 X/4 
99.50 7.25 1/ E/1982 

50.00 L975 OBlEsmaa IXMTBOLLBAR 105 1/4 
100.00 9.75 It if ISM 

60.00 1971 R1U7 »I8B1S 100 7/8 

15.00 100,00 7.50 1/11/1978 

100.00 1912 PHILIPS LASTS 99 1/4 

50.00 99.50 6.00 1/ 8/1979 

75.00 1978 ramps LAMPS 10Z IfZ . 

100.00 7.75 15/ 5/1981 

75.00 1975 PHILIPS LAWS 104 5/8 

100.00 8.25 1/10/1981 

75.00 1976 PHILIPS LAMPS 104 

100.00 9.50 1/ 1/19« 

30.00 1974 PHILIPS LAMPS 105 3/4 

99.50 10.75 15/10/1979 

60.00 1977* raiSOH HELUISC PLEBSQS 100 3/4 
99.75 7.25 1/ 6/1982' 

40.00 1976 PEEUOX HEUttJUC PIEBSOH 108 5/8 
99.25 10.00 1/10/1981 


M 3 

4 if I 

£> z 

□2 oi .s 

HJ l-g c 

3 

H\- 

L.00 6.90 6.86 
.JO 2.98 

4.25 ?•» 8.14 


3.04 7.24 7.76 


4.62 6.63 6.15 

2.62 7.06 


5.20 7.39 7.80 


6.04 7.17 7.88 


4.04 7.53 8.57 


I.Xi 7.11 903 


2.3,7 7.5* 6.67 
1.17 8.10 
1.75 6.79 AJ3 
1.25 6.94 

1.20 5.89 6.53 
.70 3.71 

.62 6.15 7.44 
.42 6.15 

5.06 7.12 7.72 


3.79 6.81 7J9 


4.08 7.31 *jl 


1.08 6.98 6.77 
.36 7-28 

1.25 6.79 6.52 
.33 7.05 

1.34 *.92 6.31 
1.04 7.29 

1.70 &.LB 4.68 
1.20 8.90 

2.25 7.71 8.90 


1.51 6.58 6 .OS 
1.0A 6.90 

■87 5.3* 7.17 
.87 5.94 

4.67 6.96 6.81 

4.16 7.10 7.58 

2.79 6.57 7.73 

3.AS 6.64 8.10 

t.IZ 6.81 «J»2 
.62 7.19 

1.A1 7.05 9J1 
2.04 7.24 9.18 

1.41 6.92 9.41 

3.16 7.01 7.60 
4.50 6.90 7.18 
2.00 6.85 9.26 


.75 6.21 7.43 
.75 6.21 


1.50 "S.51 6.05 
1.00 6.80 


.3.18 6.86 7.36 


3.67 6.36 7.89 


1.92 7.18 9.13 


1.70 7.01 10.17 


*J3 7.01 7 JO 


3.67 7J1 9.U 


MARKET (MAKERS 


Si* 3 . F _ 

Ii 4 1 

Els, oa £§§ § 
_l;o -ji*. S 3 S 3 

ll lijfl 


WP SO 238 600 601 601 603 604 W5 

12.30 1976 ttt} 606 607 608 MS £10 611 

91Q 

KP ED 238 600 601 602 603 604 405 
BQ MO 607 648 609 610 611 

910 

BP HU 238 600 Ml 602 601 604 HI 
00. 607 MS 609 610 a! 1 910 

KP EU 238 600 Ml M2-Mil 604 605 
10.00 1978 DQ 406 £07 60S AO* 610 611 

910 

BP. SB 138 600 Ml £02 601 60* 605 
Off 606 607 608 609 610 611 

910 

XP TO 238 600 601 602 £03 AO* GOT 
no 606 M 7 608 609 610 611 

910 

BP a 238 600 Ml 602.603 604 605 
CQ 60S 607 60S 60S 610 611 

910 

X7 ZG 238 600 601 602 603 604 605 
VO 606 MJ 608 609 610 611 

910 - 

SP SO 237 000 fiOt 604 60S 606 £07 
12.50' 1977 uq AW 609 6L0 All 910 

TO TO 245 MQ Ml M2 M3 40* 605 
7.50 1976 UQ 606 MI 600 609 610 6U 

910 

SP TO 2J8 £00 601 602 603 604 605 
15.00 1976 UQ 606 607 608 609 610 611 

910 

SP TO 238 AOO Ml M2 603 604 805 
15.00 1975 DQ 606 M7 60S M9 610 All 

910 . 

BP £0 238 600 601 402 M3 604 AM 
UQ 606 607- 60S 609 610 All 

870 9J0 

BP TO 238 600 601 602 603 604 60S 
606 607 608 609.610 All 
910 

BP TO 238 60Q 601 60S 603 604 M3 
HQ 606 607 MB 609 610 611 

910 

PC 8D 238 60Q 601 M2 603 604 60V 
15.00 1976 TO 606 M 7 608 609 610 611 

910 

PC EU L38 600 601 <0Z 603 604 605 
35.00 1976 DQ - 606 607 608 609 610 611 

910 

BP EU 245 600 Ml 602 603 604 60S 

7.30 1976 BQ £06 40/ 609 609 £10 612 

910 

W EU 237 600 Ml 602 604 60S 606 
12.30 1976 UQ 60 7 60S 609 610 611 910 

W EU 237 600 601 602 603 604 605 
UQ ' 606 607 60S 609 610 4U 
910 

PC TO 237 600 Ml 602 603 604 605 
18.75 1976 Oq 606-607 608 609 610 611 

910 . 

PC TO 237 600 601 602 603 604 60S 
-12 JO 1975 UQ 606 607 609 609 610 6U 

910 . 

BP 60 237 600 601 M2 £03 SO* 605 
AH 60S 607. £08 609 £10 611 

910 

BP TO 237 600 601 602 Ml 64* 605 
Uq 606 M7 608 609 610 611 

870 910 

BP TO 237 600 601 M3 604 MS 606 
DQ 607 60S M9 610 611 910 

BP TO 237 600 601 M2 603 604 605 
oq 606 607 608 610 611 910 

FG ED 237 600 <01 602 603 £04 605 
15.00 U16 UQ AM M 7 608 609 610 611 

910 

KP a 249 600 601 602 603 £06 60S 
uq HM Ml 608 609 610 6U 

910 

ED 247 600 601 602 M3 60S 60S 
tJQ 606 M7 60S 609 AlO bll 

910 . 

ED 237 600 601 603 604 60S 606 
tH} 607 60S 609 61D 611 910 

CC-TO 238 MO Ml 602 603 604 60S 
uq 606 607 6M 609 610 611 

' 910 

CC TO 238 600 601 M2 603 604 605 
DQ £06 607 £08 609 61D 611 

870 910 

RP TO 233 600 Ml 602 603 694 605 
Oq 606 607 60S 6C9 610 611 

910 

PC TO 237 600 601 602 603 604 SOS 
15.00 1975 BQ M6 60/ 608 609 <10 611 

910 

KP ED 238 600 60J 602 603 6W 605 
25.00 1976 DQ 604 M7 608 609 SIO 611 

910 

KP 238 4470 601 M2 003 SO* MS 
OQ 606 M7 M8 609 610 611 

110 

SP TO 238 400 601 402 603 60* 60S 
OQ AM 807 MB Ml 610 611 

870 910 

HF TO 238 bOO Ml M2 603 604 605 

oq 6M M7 604 604 610 All 

' 910 

KP TO 238 600 601 602 A03 604 M5 

GQ. 604 607 604 609 610 6U 

910 

SF TO 2SAM0 Ml 682 603 604 609 
VQ 606 607 608 £09 610 611 

870 910 

BP ED 25* 600 £01 603 604 605 60S 

OQ, 603 603 609 610 All 910 


r£ SORROWER/ 

og COUPON MATURITY 


1974 USaSJML 

99.40 10.73 15/11/1179 

1975 USE SHOE WLOHtGS 

9.33 15/ 3/1591 

- 1972 REGIONAL Kf TUB) 

99 .JO £.25 If 9/1919 

1977* REPUBLIC OF AUSTRIA 
99.75 1.25 15/11/1984 

1975 REPUBLIC or AUSTRIA 
100.00 8.25 15/ 7/1982 

1975 HfiPmiC'W AUSTRIA 

108.00 9.25 1/ 3/1981 

197* MPUBIXC OF IRELAND 
99,00 10,25 15/12/1119 

1971 REPUBLIC OF SOOTH AFRICA. 

99125 7.58 15/ 8/1978 ' 

1976 £X*,F. 

100.00 7.75 IS/ 6/1981 

7975 JJ.C.F. 

lOQ-00,. 1.00 15/ 4/1981 

1973 satromur rare 

100-80 6.75 15/ >/198ft 

1977* bCBLEPVAAKT UBIE 
100.80 8.25 1/ 4/1382 

1975 8C8ESQVAAHX UEUS 
100.00 8.75 1/ 6JL3M 

1975 SH7 

99.50 5.50 1/ 3/1980 

1912 BLAtKR B1IB 
100.00 6.25 13/ 7/1979 

1973 somrt ED90PEU P1PEUBE : 

99.50 7.25 15/ 2/1980 

1972 SPTOBT BAUD 

100.00 6.50 If 4/1979 

1972 SZAKDASD UASOS 
100.DO 6.50 1/11/1979 

1976 SWEDISH. EKPOKT cSmlT 

99.75 8.25 If 4/1903 

1975 8REDISH ISFESTHEHT SAUL : 

100.00 9.15 1/4/1982 

1972 TS&rnE 
99.75 6.25 7 / 8/1979 

1972 XEUKlE A1LTOTIC 
100.00 6.75 15/11/1979 

1975 IHrSfiEK KVE6IHE3T 

99.50 8.50 19/5/1502 

1974 UHXUKEH 

99.50 10.50 15/ 8/1979 

1977* OXCUB MSnCAK STATES 
99.50 8.25 15/ 7/19U 

1972 hah asno 

100.00 6.25 1/10/1979 

1974 HAS 0H9E8TO 

99.50 10.75 If 9/1979. 

1976 ISKLD BARK 

100.00 8.00 1/ 2/1983 

edm ooH PQSiT e mm 

197A EllltOPEAS ETOSDffiST BASK : 
100.00 8.00 18/ 1/1989 

. 1973 EBBtJPEAB TBSHSTHERt BASK . 
99.50 8.375 27/ 9/19B8 

1973 m ES1AIES A FTOP 
98.00 - 8.15 U/I1/1988 

EBflO COlUTOCr BUTS 


1971 EKEL 

99.50 ‘ 7.25 2/5/1986 

tin EDRamsA 

100,00 7.79 15/ 1/1981 


- ' S--J a ~ 'ujt 

K sS' S yS 

§ f 

ss Ii & —1S£ 

Si II I; 

1 sl | SB 
]£* w •** 

1.79 7.M 10.18 

3.12. 7.83 8.73 

I.5S o.M 6.26 
1,08 6.37 7.1 

6.79 7.19 * 7.23' 

i.« 7.22 7.95 

4.08 7.61 8.71 

1.87 7.49 9.80 

.62 7.82 7.52 
.AS 7.81 UJ 

3.37 7-04 7.60 

3.20 7.31 5.60 


2.45 7.07 6.80 
l.-S 7.27 

A.16 7.66 3.07 


is . 

Ifetf I 

aa gS? .1 

dtgpS I' 

llPiil 


cc a 

1976 Of 


MARKET MAKERS 


603 604 AOS' 
: 609 610 611 


603 604 605 
609 610 bll 


! MS 604 60S 
6M «1D 611 


; 603 GOA 60S 
609 610 621- 


603 GOA 685 
£09 <10 <11 


. 60S £04 £05 
609 6*10 6U 


GOT 60* 405 
609'Ata 611 


5P 'SB 
.1975 TO 
CO TO 
uq 


67. tS 
19.77 Dq 


luimif im 

7.75 15/ 1/1981 

rsramflj. 

7.50 12/ 3/1986 


'BCP0BL1C OP turn 102 3/6 

6.00 1/ 3/198* 

REPUBLIC OF SOUTH APIXCA 98 1/8 
8.00 If 4/1988 

subs unis or accwwt 


3.13 7.80 8J3 


2.08 7.33.9.23 

1.45 7.62 6,37 
.95 8.38 
2.0* 7.2* 7J5 
1.04 7.24 

1.16 6.36 fi.49 
.AG 6.33 

1.75 6J5 .6,51 
1.25 6.62 

5.16 7J8 2.03 

4.16 7.GC 8.76 


l.M 8.42 6.44 
1.0(7 9.54 
1.19 6.73 6.7S 
1.79 £.76 

4.28 7.28 8.14 


1,34 6.99 10.01 


4.45 8.12 8.22 


1.67 3.79 8.3C 
1.17 7.06 . 


1.5S 7.56 10^3 


5.00 7.17 7.74 


10.96 4.89 6J6 102.00 

» 2.00 

10.65 4J8 6.57 102.00 

PP I.00 

10.79 10.11 9.59 101.50 

. PT .75 


3.25 7.30 7.26 
4.21 . 7.35 
2.96 6.83 7J7 
2.36 6.65 
8.11 7.31 7.42 

*.92 7.22 
2.83 7.76 4.93 

6.08 7.49 7J1 
3.28 7.17 
8.16 8.32 8.15 
4.62 B.5L 


rear 
1976 uq 

TO 

U77 GQ 

PC TO 
1976 TO 

SP TO 
1976 Dq 


PC TO 
297S oq 

K TO 
1976 0q 


238 601 602 604 <06.807 608 
609 610 611 910 
245 600 Ml 602 603 604 605 
606 M 7 608 609*610 <11 
910 - 

24S MO Ml- M2 603 604 605 
60* £07 608 609 610 611 
910 

237 6 Off 601 602 603 -604 605 
606 «7 608 <09 610.611 
910 

238 680 HI 602 603 £06 MS 
606 607 608 GOT £10 611 
9M 

249-600 601 602 603 606 605 
606- 607 608 609 010 611 
910 

238 600 Ml 602 603 60* MS 

606 607 608 609 610 6U 
910 

254 600 601 Ml 604 605 606 

607 60S 409 610 611 910 


■ 60S 603 604 605 
608 609 610 611 


602 603 -604 605 
608 <09 610.611 


602 603 604 MS 
608 609 610 611 


602 603 60£ 605 
£08 609 610 611 


60S 603'60* MS 
1 608 609 610 6U 


237 600 601 
' 606 607 

9t<7 

238 600 Ml 
606 607 

‘910 

239 600 GDI 
606 607 
910 

237 601 602 
£07 608 

238 600 Ml 
606 607 
910 

237 601 605 


Ml 604 60S 606 
409 610 611 910 
UK 603 604 605 
608 609 610 6U 

AOZ 60S 604 609 
US 609 610 611 

602 60S 604 603 

608 609 610 611 

603 604 60S 606 

609 £10 £il 910 
602 603 6f» 60S 
608 6» 610 fill 


v* at , 
1976 uq 


12.00 W75 4.Z.E.L. 103 7.‘M 8.52 9.05 102.50 

12.00 100.00 9.50 21/ 2/1985 4.31 8.09 1.50 

u.oo 197 * JiaxcGtfGUi. CBmrr amp 1011/4 1.64 7.10 9.59 

98.50 10.00 29/ 9/1979 

10.00 1141 BABOO DE POBEKTO MC. 133 1/2 .80 4.12 

1.00 97.50 5.50 1B/11/197B .£0 


601 <02 SOT fiU 60S 
607 608 609 610 611 

601 602 60S 604 60S 
607 608 609 610 611 

I Ml £02 603 60* 605 
607 608 609 610 611 

. 

601 602 6OT 604 60S 
607 608-609 £10 61L 
910 

M2 602 603 601 605 
• 607 608 609 610 611 
- 

601 602 803 60* 60S 
£07 60S 609 610 611 

• 

■ 601 -M2 Ml 604 60S 
607 60S 609 610 611 
910 


1979 KP ED 34S 405.409 415 <25 SM 
1975 LX 

1978 R? ED 346-405 409 415 425 520 
1974 LX 

1980 M TO 346 115 '307 520 
1974 LBLX 


1973-CB TO 361 115 307 405 409 425 510 
i976 LX 520 

KP TO ILS 210 320 ■ 

1974 DQ 

1981 TP SG 436 115 210 520 . 

197* UQ 

1978 CC ED 179 115 307 320 
D3 ■ 

K? TO 1*3 115 305 510 920 

1975 FT . . : • 

1981 S* ED 93 115 510 920 

1973 LX . “ 


1979 CC ED IDS 115 209 219 9U 920' 
1979 IX 

CC ED 230 115 510 520 
IX 

1978 CC ED 35 119 520 
1969 LX 


|S o“: 
• Eft 

1 fa 


PKCEifci 


gta 

3:. 

u 

fij 

? 

i| 

&• 

Si 

1 

3 


m- M 

SB' 


,-KAnBETUAKERS 




SO.M--J92i.au cutadsacs. . • 97 3/6 

27.00. 9*JO - -7.00! r « 3/MH 

15:00 ITT* Maa*-6DZ0<CIra6BAl£ 102 1/8 
U.oo 98.00 -8.7s /6A2/1M9 

20.00 I96A'cjr.l^-MfXrco - ' 127 9/8 
13.08 97.» • >J0 .1/4A986 S 
15.00 C.y^r. - HEXtC^ *'■ * 1 331/9 

LM »J» • 1J5- 81/10/1073 S 


102*25* 2979l'KH.ES 103 135 910-920.. 
W 3/B13.W T.g W74LXUI . - . , 

_ Tlo A 45 e.57 1«W» lOWTOBfflS XU.ar- 
102!/»11.02 »-« i.u 1979. li . '• 

,'ri i is s.17 • iobJ» :»78ap so. tw'iiriSo 

127 9/8 8.14 O-l* i!l3 l97irLXBWl! 


10.00 »69 cj.Xc-Ksxmr.'^. 15* 

2-00 98100 - 81.58 «/10/1073 8 5,18 

5,U . 1568 -cjCTivW*J8P4ltf.''-‘ - 130 7/8 
X.U 96.00 7.00. ' 1*/ inun 1.4Z 


3,0« JM M2>-(nWHU. - - liana 

1.65 96.00 . 7.QO,- >>/ 6A.MO 

16.00 196? gAlsx ^x : ii.'-tfefaacxOgn 95 3/4 
1.60 M.TO _ . SjO ' 3i/id/157* 

10.00 IS7D-. ciaxttXijS.i*iuiini U 2 3/* 

>.3« ;mt» .xnuisp 

20.00 lore' cxBdrmraaifQa. . ' 104 3/8 

- 99. DO - ..8:73k J57-6A98* - 

25.00 liro ' CO* TO'MEMuiBK - ' . 109 lW 

25.00 99JO -‘9J5 ’ ^5i7 9/l98a 

u.oo isT*'' tadrWoaoiBuatf '. ios 5/8 

■ «L29 “10J0 -WU/1975 ■ 

1X.QO ' 1975 cm W HttSliHn:.:108 3/8 
ItHLOO 31/1/1985 

10.00 19H r Cnx.OPUfURtf UZ 1/* 

6.10 90.00. \ 8*08^£ 5 / 9/1986' 
iz.tM . kh 3/8 

10.80 9SJS -XT+/199Z 

13.00 1974 ' CtK.0F oiia ^ : ■ ■ 1U7/I 

15.00 xmjo iojo '; sfuhm. 

2S.OQ -J979. daSt^OF 107 1/8 

23,30 - . 15/10/1985 

1T.00 1976 cunawfus i l- 1 - ; /- ■' 103 3/4 

15.96 99.30 '9.00 12/:a/fgB9 


£S ^ ^■:£SS2£r' , %* 

,C 5J* 1978TO’ a V& 115020 

^ uo 1369L3AH . - 

i’m . 6.4* iot. 2S-iw»m OLZKi aiS ' . ■ 

.1.00 1970 JUBX. . - 

3.35 100.25 1S79 HP TO 230E55J*;'. 

■ -J1 IKMUCUFl. 

SJ* . '■'■CC-TO . 35115320 ; 

1.60 -BM1X -. - -,. ' r ' 


.75 ll-M 5J4 

.73 II.*6 


uaa/6 7.80 sin <Jf W2.« ls^ceso in 130310^20 

£.37 1.04 .66 1971 IX 7 

104 3/8 0.37 7.6« : 8-23 ^UZJO TOW gTO ^ XffJlft.SlO 

-» m. 

mm un i.n »*» - 

-«• =■» 

1*2 1/4 8.«2 9.9* 6.05 205.00 3979 TO TO U7 .133, 31# 329 ' 

4.79 1.0S . -** 1972IX 

tcb 3/8 34.5 8.45 8J9 302.50 19K 030 US 510 320 . - 

9.22 8-29 ' .40 J97S IX - •; - V;-’V 

1M 7/8 3.84 7i8* 9JS 4 s . . 

JJA'A.M . ■ 3JS 1970 LX •. - 


9-22 8-29 ' 

1M 7/8 3.84 7.8* 9JS 
ZM-M.1t. . 


107 1/8 7.70 7J9A tJn 102j# T9» HP TO 230H3-W0^32tj 


.75 1976 LX 


11.11 5,46 8.67 UKJC 1978 *• ffl'lfljUS jEBSjSOtJUj jB#. ' 


OP .9* 1973IX 


15.00 197L : COKDMBtaZK.^inOMLZL 132 3/S B.30 '3J2 6-04 HB-TO. 


liao »:?9 ' • B+asr 

12.W 1971 caa&HuTOinaUfKES 132 1/4 8.45 
34.22 '90.25; ■ *m;. ySf 7/1986 - 4-5* 

10.00 1968 aJHKgAEBSmmiUMXE 131 1/4 — 31 
3,90 98.23 \4J3S-. .24/3/1580 U1 


UZ 1/4 8.45 2L52 «*QS 3D2J0-. 197950 TO »JHS10Sar’ 


,73 1972 vc - V:-• 

5,21 1DOJO J978ja>' TO 2lQ IK SU7 350 
. 1.30 ■ iHs ASX r s. - 


KB* COKterap QriUTTOiB 130 7/S 6J7 1.7& 3J3 HUJO PW ^TOMfl llSSlO^ 


%AS 38.30 . . 7.00.; 3/ 3/1984 

i7.no i97i. cffwroanomTOBt-jBna - isl 
5.00 100.00 AM -1)9-2/1986 

20.00 1925 -oomoitat-co^a juris ids 

__ 99 J# ; 3J5 V:23A0/19» 

20.00 1975 AKTOman^-SEUMon: 

93.30 ; .9^» iJ*/5/1385 
i5.«j i97i orottitolnia,-- 
5.00 99.25 ..W»;.30/>/ISM ' 

15.09 U7T JBJSiaxenx 'scbrtx-T 
9.00 100.00 •.-larLT-W 3/1986 • 

3J.» 1976 ESSOtCOEzSTO *■ 

190.00 . ^ iMi/ ittm 
13.00 1968 SEOE ".ii, - 
2,lto. 98-ra. -7.00 -^3/1578 S 

20.00 1971 gBcak -.A-'y: '.'. ' 

12.02 99-15 . 'ey ' ll/-6/1986' 

12.0# 1970 -ESCOll ;iT - ' "i . . 

3.60 100-00 :. -iJS a/ 6/1980 
20.00 196^ 'TOMECM-OPO. Mt&i. 

12.20 99-38 . 5.75 "r 1/ 2/1986 


131.0ft 8.01 .'3.40 MJSf UttJO 19M WTO 330 US 310520 *.;C r .. 

4.43 .67 .. JO WflXMl-:-., ■ 

IDS 7.75 7J2 8J6^102-U BU : TOTO-2»3IS5l05a 

109 7ft 7-32 7.85 0.73 -'10Z-U 1SSJ 8PTO Z30 I15-32*^» r \ 

'• . Fp 1JS 1978 XX . ^ ‘ i. 

292 1/4 «U9 Sji 6.0S- 102^00 1919 KP TO' TO.I15 32ir320 . 

4.43 J9 " . LM an IX • u . 

132 2ft 8.26 3.67 tM JOL* 19W CCTO.230 IB 3W J30- i 

*.26 - , 1JO 19721X _V - : 

107 7ft 6.D& 7J7-BJ7 1.02JO UTOfllTO 230^13-9^ 5iUl'330'74| 
■or JZ IK771X • 


133 3ft J7 

"at 


. . ' 1978 oa TO 230.135.320 

2.DO US9 AHtX •" ■- • <-*. 


128 3ft 8J6 4J6 6-W ML.50 19W «rTO 230113.370^ 

W» LM ,1972 LX-f 

132 3/8 iU0 v 6J9 lOLtDO 19ft-0^0 lOCl 'U# 330' 

JL40 li'M arc .• 

129 1/4 8.00 1.79 AJ& 1DL.00 1978» OT\ftqlU5id^ 


L30 38t*;0Utoz 


13.00 .99J& 

10.00 1976 1 
95.00_ 


4.37 XlO 


15.od.1973 rauro — TOTHUZ BjUIE 109 3/4 3.77 8.74 - .CS GtE-OO(US,310.'520^*3, 

jfcjft -7/101983 4.37 X10 -.-. 3sTO . 1979 IX,' ' r ' 

mimxnm to . 1671/1 o;w ■ 7ja 8-37 itajo : t«i kp 0 zx ursio 516 . ~ v" 

9.00 3S/S/19U .TO, JO »»«. 

.-Si- - U6 «.19 8.27 TO70 .104.00 1979 TO0U7 U5 205X15 310 3» 

V9J3n -W W1M3 3J7 7.72. -r' 1J0 197C1X-. .y.i 

frtw' iy a qfmeirw 127 3ft 6.20 US 4.42 U0;d9'197»2» BO'230 U5 31Q 5ZO 

J.62S >15/4/7984 S.** 1 .-" ' . : . -.4»W WOX •; . ‘ - l : 

hSk-WM- 133 3ft .49 • 4*49 - :'; r r"-* TO TO TO US ifaV~.. r . 

o jo -"s/ r/im - ca .. - T jso- isajxr, "• • -. -.n.-,-- ■ . . 

jandr .^jpii ■ 104 3ft 9J8- 3.K S.1! : -'--CIC-TO 237 US 510 320 745 

JLSO -- 30/ 6/1987 .99 U5 1575Tir> ' ,-V 

BiO -M 1 HS109 1/4 ?.li 7.99 0.92 - : CcTO.23a.U3 510 320 743 

MS, 25/ 3/1985 ' /. •: .99 2.90 1977IX . .. .- ~ 

TOffi TOBB8K - 132 1/4 O-M-. ajo 0.OS- . MIJS. JSftJff.'lff 230'115J10 52O 
«;w a/6/rtM" sm Wjiyx ^ 1 ‘* J " - . - 


13.00 1973 Cjtfti'- : 

14.00’ 99.75 : ;J-7S1R/ W1M3 
10.00 1564 ewwfrtw owhibum 
5.68 98.00 ■• 5.625. >15/4/2984 

5.00 1963 IBttsJriiaTO' 

.SO 57.00 V' SJO -^S/ 7/1978 
25JW 1977* numr-wni ; 

100.23 ; ALSO*,- 20/ .6/1987 

20.00 1S7S IHASMlj HOUft 

99.75 \ MS, 25/ 3/1985 

23.08 MZ1,JKOtelA* qp fmffSS. 
19.00 .59.U ■ 8.00 . 2 it »/tTOS 


12 JO 1963 XORSTO BtaMBIAUASK' 124 i/2 AM 1 JIB 4.42 JOOJO . 1979 *CJTO 230 115 iSZO . ' ' - 

4.72 99.00 i 3.301 15/1/19B3 3.06 .•/: ^ 1967, OkX • : 

15.00 1171 ««garc M Mini*' ' 132 Ut- *.12 -3J3 -3JS 102.001 lsis CCX8 230713.310 307 

li.80 98.73 '7 03,'..13/ 37198* 4-» M . I-. JU10 -»74 Ct_ ’. - J '■ 

20.00 1071 . icrirraiv 'iwzrwir enmm/Br 102 1/2 11.06 8.39 9,14 104.00 1978 PS TO 103 115 205 215 S10520 

19.00 98.00 : .8.75 ,«/2/1989 7J5 8.3D , Jo'197S tX '* - '."■■■ 


19.00 98.00 " .8:75 ,«/2/1989 7J5 8.30 \ .3o‘;1973 ff' '* '• 

U.OO 1969 -lii?«to£pRAKZra»A Ul 1/4 ILK SJO 10ZJ3. 190OJB ED 230 J33J10 520 

10.S0 97.00- . £TOrr^7/-VUMl_ - •- jjt.30 LX.--*.- V i. 1970 UWC ’. ; " 

12.00 7970EXOPHCC 0F ttHirTPSA 132 5/8 . ^12- JI 6.79 1D3 .'dO“ i978 OTTO Z30 JJ5 SIO 520 

7.80 100.00 . , 9JO ; /6/ 3/1982 3.01.- .. .« Uffl./OOX ■ / " • 

30.00 1973 PMtrzmTOjiAunnu llO ■' .7,83. .lisi 8,ft W:50 \XrtM»-TO23a i» 310 520 

25.10 100.U" 8/11/1983 .. > ^5:72.2.06- ; : BP IJOl S9lk}X .. 

8J0 1946 BBilWW TOnaomn 131 •' ! '-2io7 ■ ' ^4.U-‘‘.llSi.7i : I^TO toTOo 115 520 ' 
2.11 98.00 0.00 .7 -5/ 2/1980 I, 4.06 - •' , ,71 0M JTO1..,; 

12.00 .1968 UTO ftftK CUDP 120 7ft 5-70 JU44 5.U 102.00 1979-KP TO £30 115 520 

6.80 58J0 ..WA0/19O . ’ . 3J0 ...; v..; -. ...... 




? £ BORROWER/ p-^e “« 
OSi COUPONMAIlIRnY I HUCE j2 


17.00 1973 REFITSL1C OF ICELAND 
10.39 100.00 6.W 24/10/1988 

15.00 1976 REPUBLIC OF ICELAND . 

11. HO 130.00 9.13 20/ 2/1983 

12.00 1 976 UFOBUC OF ICELAKD 

100.00 9.13 16/ 7/1986 

12-00 197* UP0BL1F OF 1C8LABD L 
99.M 10.00 20/12/1994 

25.00 1975 REPUBLIC OF. 1ULAHB 
25.00 99.50 9.25 7/ 7/1982 

20.00 197* REPUBLIC OF XULABD 
17.00 99.30 9.73 12/ 6/158* 

20.00 1970 REPUBLIC OF SOOTH ArKKA. 
U.OO 98.0 0 6.73 30/12/1982 

11.00 1971 U.L - FUABPE 
"7.20 JOO.DO 8.00 bj 7/1986 

32.00 1975 8J).H- -TBABCK 
22.00 100.00 9.25 13/17/1985 

25.00 1975 S.D.B. - F8ABCE 
25.00 99.50 9.30 5 J 5/1987 

15.00 1971 S.S.C.T. 

11.60 99.50 7.75 25/ 5/1986 

3.00 1962 SAGOS HAS 

.50 99.00 5.73 15/ 5/1978 

8.00 1969 SCOTLAND HVDRO/ELECniG 
5.35 98.00 8.00 10/12/198* 

40.00 1973 STABMBD OIL OF UDUK4 
36.90 100.00 8.00 15/10/1988 

20.00 1975 6XAX3F0BEI4G 

99.00 9.23 29/12/1983 

12.00 1961 BUSES HABB TOT FIB 
7.00 98.00 7.00 13/ 6/1984 

PBJSBCB PRAXES 

IDO.OD 1975 4E805FAI2AU P 

100.00 99.25 10.00 6/ 3/1985 

100.00 1972 8 J.I. m FB 
84-W 98. M 7.50 15/11/1987 

100.00 1912 BASF TBAHSAUAXTIC* 

84.00 100.00 '7.5Q If 3/1967 

30.00 1972 BASE C8AEXUOTGS 
*2.00 100.00 - 7.50 </ 8/1987 

100.00 1972 BRITISH T.rfLAM n HOTOX 
9A.Cn 100.00 7.50 70/ 9/1987 

130.00 1915 CRAM0RHAGES OE FRANCE 

100.75 10.00 5/12/1980 

80.00 1975 CaARB0KRAGE5.DE FRABCE 
100.00 10.25 13/ A/1982 

100.00 1972 CHARTER CtmSQLIDATTO 0/8 
M.OO 98.00 7.30 1/10/1987 

100.U 1972 CXOaiTS LAFARGE 
B8.Q0 100.00 7.50 If 7/1987 

100.00 1972 CUT OP OSLO . 

87.50 99. SO 7.23 1/3/1988 

223.00 1975 CSTOir FOOTER M,FRABCE 
113.oa 100.00 10.25 17/ 5/1982 

£0.00 1973 CSI1I SOT-LOIRE 

100.00 10.25 17/10/1980 

200-00 1973 EHS0-COT2EXT 
92.00 98.50 8.00 16/ 7/1988 

30.00 1971 SUB0FUA 

12. JO 100.M . 8.25 1/ 8/1978 

30.00 1971 BUROPEAB COAL * STEEL 
50-00 100.00 7.00 it 1/1980 

150.00 1972 EDEOPEAB COAL 6.STEEL 
150.00 99.00 7.25 1/-4/19S7 

150.00 19TJ OOOPXAK COAL A STEEL 
130.DO 99. JO 7.JO 1/ 7/1491 

125.00 1973 EUROPEAN COAL 6 STEEL 
120,00 100.50 . 10.00 15/ 8/1982 

175.00 <972 EERO PEAK mTSTTOST BAMS 
166,25 49.75 7.15 1/ 6/1987 

200.00 i»7J EDSOPEAM ZKRFS7BQCXT MAX 
172.00 99.25 7.25 15/ 3/19R8 

100.00 1971' RCKOPUN IMBBTHEXT BASK 
7A.00 100.00 7.75 10/12/1961 

100.ro 1968 FBAKCA19E DES FEWUS 
SJ.OS 97.00 7.00 1/ 3/1980 


103 7ft 10.73 
8.23 

107 1/4 3.05 
*.06 

109 3/8 8.43 
L US 3/8 18.88 


3 m 

2 Sfg. 

t- -4<0 

S jilts 

| la 


8.18 102.00 
JO 

8.62 101.00 
.42 

8.46 101.23 

n -is 

9.06 102.00 

а. 74 102.00 

J.13 

9.U 101.50 

I. 00 

б. 86 101.23 

2.00 

6.03 102.00 

.60 

8.64 102.00 

2 JO 

8.92 102.00 

2.00 

5.86 101.73 

JO 

4.28 

JO 

6.0S 101.50 

.40 

7.78 102.00 

DP .80 

8.43 

or 1.25 

3J3 103.00 

LOO 


99 7.26 10.18 10.10 

4.26 10.27 15,00 

74 1/2 9.79 12.06 10.07 102.25 

7J* U.17 4.00 

7B 7/8 9.25 11.28 9.51 101.50 

6J3 12.39 4.00 

73 5/E 9.50 11.35 10.19 102.25 

6.93 13.58 DP LOO 

74 9.66 12.31 10.14 102.25 

5.99 14.22 DP 6.00 

19 1/2 2 J4 10.18 10.05 


lurtu V 

o3 £5« 

l«w 

|I i 

z o 

g 

1979 BP TO 

1974 IX 
1979 HP TO 
1979 IX 
I960 BP TO 

1977 LX 
198* HP TO 

IX 

1975 BP ED 

1978 LX 

1981 HP ED 
2975 IX 

1978 HP ED 
J97J IX 

1979 5G ED 
1972 LX 
19B0 CC TO 
1U0 LX 
1979 W ED 

1978 LX 

1979 CC ED 
1972 LX 

1978 HF ED 
1965 BRLX 

1978 GC ED 
1970 U 

1979 HP TO 
197* LX 

HP TO 
1979 LX 
1978 K TO 
1970 LX 


MARKET MAKERS 


103 US 310 520 
109 115 215 310 520 
ItiS 113 510 320 
103 115 510 520 
230 113 510 520 
230 113 510 520 


117 113 510 520 
117 115 205 215 510 520 
TO 115 205 215 510 320 
103 115 910 520 
230 115 520 
130 115 310 539 
*56 115 310 520 
230 115 213 JJ0 529 
52 115 510 520 


CC ED 431 210 213 520 
1979 LX 

1978 K TO 103 210 215 320 

1973 Ut 

1979 PC TO 93 205 210 215 520 

1974 LX 

1978 KP TO 103 210 215 520 
7973 UBX 

1978 KP TO 105 210 215 520 
1977 IK 

CC TO 96 205 210 215 520 


19 1/2 4.20 10.38 10.30 100.» 

PP 6.M 

75 9.67 12.43 10J7 101. W 

7.73 13.27 2.00 

73 3/6 9.41 11.90 9.90 102.15 

6.*9 13.28 3.00 

77 I ft 10.08 It.13 9.40 101.73 

6.64 12.53 2.50 

99 1/2 4.32 10.37 10.30 101.08 

3.22 I0.*I 8.73 

98 1/4 2.71 10.98 10.43. 


1973 EUROFLAN COAL A STEEL 
100.50 . 10.00 13/ 8/1982 

<972 EBRO PEAK XHTESTTtEFT BAMS 
99.75 7.15 1/ 8/1987 

1973 EDROmif URFSTBOCKT MAX 
99.15 7.25 13/ 3/1988 

1971 waOPEAH H.9BBTHOT UBK 

100.00 7.75 10/12/1961 

1468 FRAKCAX9E DES FEIR0US 
97.00 7.00 1/ 3/19W 

1972 COW. OP StK TEUA10 

98.00 7.33 1/ 6/JS87 

1972 EEBGDiM 01 DEWARS 

99.JO 7.M 1/ 9/1987 

1971 KL3GDUH OF DJ3W3X 
100.00 7.75 15/ 4/1986 

1971 L’Alfc LM0I0C 

99.50 . 8.25 13/10/1981 

1*72 MDOTKEAL CAIWJUC SCHOOL 
98.35 l.M It 3/1997 

1973 JUX10HALB DCS iVroMXmtS 

100.00 9^7i . 1/ T/1W7 

1972 BATWIUM DCS IUICDWC 
100.id 7.30 • If 3/1984 

! ttlS DARIA AS 

100.00 1U.25 15/ 7/19M 


10.28 U.OO 
7.69 11.84 
3.84 10. AO 
3.U 10.9* 
2.08 8.90 

1.12 la.a 

9.13 II.U 
6.2B J2.47 


9-08 12.25 
0.43 !J.*4 

9.41 10.45 


100.50 1980 GC TO 96 205 210 21S 320 
PP 6.M 1*76 IX ' - • . 

101.50 1979 PC TO 93 210 213 320 
2.00 1973 L» 

102.23 1976 HP TO 103 203 210 213 520 
3.00 1973 LX 

UK.75- 1980 K? TO 103 205 210 215 320 

2.50 1973 LX 

101.00 I97F CC EU 105 20S 210 213 920 
8.75 1976 LX 

HP TO 96 205 210 213 520 
LX 

101.50 1981 GC ED 96 20S 210 213 520 713 
2.00 1974 LX 

2978 KP TO 103 209 210 215 320 
<2.50 1973 LX 

101JM 1978 SF TO 112 209 210 215 S20 
35.00 3978 LX 

101.50 1978 KP EU 112 105 210 2L3 S20 
13.00 197* LX 

101. SO 1978 HP EO Ul 203 210 215 520 

3.50 1978 LX 

10L.OO 1979 DU 93 SOS 210 215 520 
3.00 1977 LX 

101.125 1978 HF EC 103 203 2Z0 215 S20 
BP 8.75 1977 LX 

101.23 1978 KP TO 203 203 210 215 520 


10.03 101.50 

2.00 

3.34 

<2.50 
r.55 101 JM 

15.00 
9.24 101.50 

13.00 
9.95 101.50 

2.50 

10-08 ZOL.OO 
3.00 

9.22 101.12 
DP 8.75 

9.33 101.23 

7.00 

8.44 101.00 

DP 4.00 

7.23 102.00 


2.30 1973.1X 

9.B7 102.00 1978 *P TO 103 205 210 US 320 

6.00 197a LX 

9.83 lOl.OQ 1979 HP TO 103 203 210 213 520 

2.50 197* LX 

9.00 101.00 1978 KP TO 103 2M 210 215 SIO 

3.50 1472 LX 

<0.03 lOL.ft 1978 HP TO 93 203 210 213 520 
D9 3.75 1975 IX 

10.05 103.75 1980 CC IS 332 ZQ5 SIO 215 52# 

It 9.43 Wi6 LX 

8.71 101.75 1978 CC TO UI'ZDS 210 215 52Q 

DP 5.00 1976 LX 

20.42 Iff 1.0(7 -1974 BP TO S3 JOS 22J7 U» 520 

» 10.00 13/6 LX 


BORROWER/ 
COUPON MATURITY 


PHILIPS LAM’S P 

10.25 If 9/1960 
POMT-A-HOUSSOK 

7.30 ll 8/1987 

PROVINCE 07 HUT* SCOTIA 
7.50 15/ 7/1987 

PROVINCE OF QUEBEC 
7JO 13/ S/1987 

HEADS MIXED CONCREli 

7.75 25/10/1987 
RENAULT 

7.25 15/ 3/1937 

hjmhe-pwlem: 

7.50 13/ S/1987 

RHONE-fOULDK 

10.23 30/ 4/1980 

SOOSSEL-UCLAF 

7.00 15/L2/1979 

SAINT COBAIN 

10.00 10/11/1980 

S.O.P.A.D. P 

9.75 11/ 7/1980 
STAB EUROPEAN FIN 

8.DO IS/ A/IMF 
PEC8IBEY DCIKE TOHLNAKI 
- 8.00 2/ 9/1978 

PECBBET UCINE EinUtANB 
10.00 3/ 1/1982 

PEUGEOT 

10.00 10/ 2/1983 

SDSLff BANC 

7.25 15/ 6/1987 


PRICE I £ | fs 


2.34 10.bi 10.J5 

9.50 11.66 9.77 
5.9!: 13.70 

9.45 11.43 9.b3 
£.5] 12.45 

9.37 11.89 9.88 
5.48 14.08 1 

9.73 13.65 11.21 
».«1 IS.J5 J 

9.12 11.48 9.56 
6.47 12.98 J 

9.20 12.00 9.92 
A.28 1J.»6 


MARKETMAKERS 


102.00 
OF 9.00 
102.25 
OP 2.40 

101.7S 
J)P 3.00 

101.50 

3.00 


8.94 7.2* 100.50 

9.67 5.00 


15.07 12.52 
17.97 

10.36 8.11 

10.37 * 
11.43 10.46 


11.18 10.46 101.00 
11.29 37.50 
11.00 9.22 10J. 123 
12.57 7.50 


££ | S 

° ^ xi|o <■ 

§SS«§ I 

lir§ s 


• HP ED 103 210 - - . 

1978. KP ED 104 205 ilCT 215 5» 
1976 IX :• ’* 

1979 KP ED 93 203 210 2U 520" 
1473 LX 

1976 RP TO IDS 205 210 215 *20 
1978 LX 

1978 HP ED 103 210 21S 520 
1973 LAI 

1980 KP ED 117 205 210 215 528 : 

3973 LX • ■ 

1918 SIP EU 117 205 210'215 528 
1973 LX . -. : 

BP TO 117 205 HO' 215 520 : 

ix 

1978-KF EU 103 205 2X0 2i5 : S2D' 
1968 AKFFLX 

KF TO 92 205 210 215 328 
LX 

K TO 103 210 
8Q 

1979 PC ED 138 110 215 520 - 

1978 LB 

1978 PC HU 103 205 210-215 Jj# 
197b LX 

I960 IP TO 92 205 210 215 528 
IX 

I960 BP TO 212 205 210 215 520 

1981 LX 

1978 J»P TO 1U 205 210 215 520' 

1977 IX • • 


’.0.00 1 977* EUROPEAN INVESTMENT BAHt MS 7ft 6.25 5.53 6.£6- IDO.JO 1982 BP EO 316 520 913-920 933 965 975 
100.OD 7.25 1/ 5/1984 Pi .70 1977 LX 

20.00 1977* 1KJHLD BASE 104 7ft 6.54 5.36 5.96 £? TO 396 520 913 920 927 933 965 

100.00 6.25 15/ 8/1984 Li 975 

KUWAITI DINARS 


2.00 1977* AFRICAN DEVELOPMENT HANK IDO 3/8 
2.00 100.00 8.75 15/ S/1987 

3.00 1977* AFRICAN DEVELOPMENT BAKU 100 
100.QD £.50 i»/ 5/1937 

6.00 1975 AITtOPUTAS L 101 

99.50 8.50 15/ 4/19BJ 

5.00 3975 AUTOPISTAS - ATLAHTTEO L 101 5ft 
99.25 • 8.75 1/ 7/1985 

5.00 1977* ADTOPTSTA VASCO-A'/ASA L 1M 3ft 
100.00 8.75 Um/LS87 

6.M 1978 BANCO NATOONAL at OKRAS' 1^0 
99.75 B. SO 15/ 4/1586 - 

5.00 1978 BASK BlKOLULT U WAPS 1M 

99.75 - .8.75 IS/ 2/1988 

4.00 2977* BASE CAM)LOUT V WARS 100 5/9 
99.00 9.00 1/ 4/1987 . 

5.00 1976 BEOraADSLA 1WJ 100 1/4 

5.00 99.75 -9.00 15/ 8/1981 

7.00 1976 BOOS DEIT EOlN TUN IS IE D 101 1/4 
7.00 100-00 8.50 15/ 7/1981 

10.00 i«75 BQEE XAt D’ALCCTIE ' 100 1ft 

10.00 100.00 £.50 </ 7/Ivei 

7.00 1976 SAT ALGOUS NAVI CAT I ml' 100 
7.00 100.00 A. IS IS/ S/1J8* 

3.00 7976 CREDIT tPKOBTLIEE 6 100 

99.SO 1 8.50 1/ 7/1966 

3. On 1975 1BU0STPUL BMr.-4UhJAlT 101 
100.00 . 6.5D 24/11/1973 8 

5.00 1476 INDUSTRIAL lAK-EOuUT 101 1/4 
. J 00.00 A.7S 24/ 3/1981 - 3 

S .00 IF77» JICOBASU 98 7/8 

3.00 99.75 5-75 1/12/1983 

7.00 1976 10REA DFVT BAAS j> 102 


5.72 101.00 

• SO 

8.50 100.00 

n -lo 
8.(2 102.00 

8.61 101.00 

8.73 101.00 
PF .10 

8.30 103.00 

re .30 

6.75 IflI.SO 
PV .20 
9.91 101.X 

re .20 


8.40 101.00 

.88 

8.49 101.50 

2.00 

8.75 101.00 

1,17 

8.M 101.50 

PF -15 

6.54 


198* KP EE 159 
1983 LX 
1983 HP ED 159 

1977 LX 

1978 GC TO 159 
LX 

1980 BG TO 
LX 

1380 GC TO 219 
1978 LX 
197a CC ED 159 
1977 LX 

1981 VP SO 139 
1977 LX 

79*2 vr TO 359 

1977 LX 

SG TO 287 

1978 LX 

1979 BP TO 219 
1979 LX 

1979 HP EU 159 
1979 LX 

1978 BG TO 389 
1481 LX 

1979 CC EU 159 
1937 U 

XP re 2S7 

uq 

XP UR 287 
Oq 

KP ED 199 

1980 U 

CC TO 637 


7.00 

197, LX - 



99.75 

8.75 

171111979 





LS • 


101.00 

1J7B BP EU 103 205 

SIO 215 620 

5.00 

19ie 

UUELJ.WSKA 

B.VNW 1M J/* 

3 .n 

8.89 

8.98 


6G TO 287 

5 925 

DP 4.00 

1972 n 


5.00 

9P.7J 

9.00 

157 3/1961 • 

1.A2 

8.86 


1.25 

1978 LX 


102.00 

1978 BP CU 105 205 210 71J 520 

£.00 

1976 

FAL10HAL FISANCIEJA F 100 1/8 

S.#7 

8.70 

8.74 

102.00 

1980 SP EE 219 ' 

5 925 

10.28 

1969 1XUOR 


A. 00 100.00 

6.75 

1/IC7IJ8J 

1.6 f 

8.69 


2.00 

mi LX 


101.M 

1979 SP RU 91 205 

210 21J 5201 

i.oo 

147N 

PESEHA OT 

ZOl 7ft 

2.13 

7.74 

8.59 


GG TO 287 

S 725 925 


7.00 1977« 

100.00 


. PmoLCUb XUatALUS 
I- N-30 1>/12/1«7 

PET90UEOS CEX1CAN0S 
I 8.75 1/ 7/1*85 

PKZTRQKIA MKKA 
I 9.25 1/U/14U 

R5PUBL1C OP 1CEUM7- 
I -9.75 IH2/19M. 

REPUBLIC or IPZLlbO ' 
9-iM 15/11/1979 
REPWHLIC OF 7LV«1 
9.W IS* 1/1987 
' ittrvPLtc 'or fiiu-a 
9.00 131 1/1986, 


L »7ft 
101 1/8 


i(» 3ft l. T9 O.M 
9 99 7ft 9.96 9.M 


5.51 300.00 

8-65 102.50 

1.00 

9.22 

l.M 

S.63 100.50 

1.30 

8.71 

9.08 101.50 
rr .25 

S.ffS 101.50 

rr .23 


LXBX. 

1982 nr TO 319 
LX 

lift XT HI 219 
1975-iX 

' EC- 338 
J97B LZ 

ISM KP TO -16X- 
1980 UC 

' HP B tiff 
Ut 

iSK fiP EV 759 
1977 L9 

HOT H? SO 267 
1979 LX . . 


BpBRDWBlfc ’* 

coupon AiATUanY; 


pmcei.i' 


|1-1 
H _g 
Ra :1 

ll ^ 




L - MARKET MAKEKS 


i: 


5.00 1977* UPHBLTC W mLOFEIW*- Ml/2 5-Mr 6.11 9.05 10lj0' ; 19ei-KKXB A15» .5 . 

M.50.; -9.00 ,15/^918-.-.T :.'j ~ L , ; : M J# -. v - f j —. , 

10.00 2976 -6AHli-«)R0CC0 - 100 3ft, 8.8r. 8i *8 8;7Z iOT.OO ;197TSG TO iSfi S 92± s- 

30,00 IQOJ0 i-8.75- r yAfStfl9S6 f' r S3 8J7 ^ ,, ; : t -. ,W7. iZMf, EX', ; _ •' 

.2.50 lire SUDAN AIWMS QIRP.• *'. - M ■ -ftji " 9.»: 9J». • rhi \y. Tttt 287 925 '..'-.v.V 

' 98.M , .1. S.lW .ts/.qip - • - ; ..IX. .... 1 V1.-^--;-: . 

6.00 1975 TW.JWBR - : VU 3J8 t.SO 7.67 8J5 IM.OO.-.im.COlai 2B7 5 725;«5 "".- n/; 

. • 3««iO0 ---a.15. - iHnsto. ■■ ■ - :. -"..-zx-- r v ■ 

; . xbSners qiohawc)- ^ ‘ ; * • :V..~ 

*23.00'1972 CXZT OF OOppHA^" - » 1/4 9.W fc/M .102.50',19T8>P TO 143 305 30*Vii 
-196,88 99,30 ' 6.25’. If 9/1X7 T 3.X 6j2 18.75. 1W6 SJ- l’~. ■. :... V jl’. j 

: ^■if-.;”•' '*r.- 

■ 270.00 1975 KORGES KOtMWALHftX- _ „I08 l/4 9:D» tJ *' 8JS i«.T»-.lW CC TO" 179 302V- - o' .Jv -L- - 

228.oo_mo.oo 4.73 - -ijrawOTT-.^^- ■’ - - " 


8W.O0 1972 ABBEII rUAKE '- 
800.00 100.00 6,50.. 16/ 6/E9OT 

400.00 1973 ATOM FINANCE 


6.49 .9-6* 


i.'llO.qo^Mb'LX.v 


<00.00 1872 ASIAN DEVELOWfflt uJut 93 
M0.M-1OO.INI .6.75 IStlA/lStT i .1,-’ 


5W.00 (OT CUT or HEKGEH-' . ” • *9. .13.19 8.39' ,8.06 . ' 198* ATWqf 115,320, 

425.0a. 99.25 7.SO iD/.*n»91^- , .. 7.15 8.7ft ^ 25.00" LR - ; J '>£'- 

800.00 1992 cm ae onto ' * . : - ' - S8 i/2 9M *J4 2.6T. : 10L.7J ',1960 88' 

673.00-99.25 _ £.75 29/.9/1M7 f . . /; £.^ 9,04 . ;; -9p3.iM.;U^ -/ 


800.00 1992 CITY OB OSLO - -Mi/2 9M *J4 2.6T.' 10C7J . J S80 87*" JKf. Z30 Sli 5& 1 32#V : . ' 

673.0# " 99.25 _ 6.75 2S/ 9/1W7 v . /; 6.^ 9,04 . •; _ .;.25i00 -MJI.i*;,, - ■ : z$L\7:.- 

5Q0J70 1972 OOtociL OF MHOS fi ‘ ,89 7ft 9.62 8 l 5». 7J9~- 3Cai,CK> 20*‘lksiSIO ' 

50O-.0O '99.75 7.00 15/ 9/1987 5.1* 1.59 50.00 ' &j8T^"^>' r .y.i 

soaioo. .197* .cotaaL or ssa&i ii>6 lft 3 .m 8 . 09 . 9.42 -. : .-;<jd,bd aA-uii.m &.^5=7 , v 

30o.ro 9*.75 10.60 =tyi 2 /iiai -j , 2 ,ea 2.57 - loo-w imaii 

4oo.ro 1973 awttsx - a3enM&-5UBC 96 -"'' wins a.o& 7.ai ioi jji'uift tei 

640.00 99.00 -- 7.S0 .6/U/1968 . £.26 /8.34 . V 40 JO 

600.00 197J EiaOrtML . ;• 92 X/4 10.33 7187 1i32 102:15 'lW9J5F 

£00 JQ -99 JO . £.a.30^ZW88. J' 5^ *.*9 . .. *0.00 itik-IX 

SOO.Otr 1W1- TOS07TIU •; • ' . - 99 5ft .4/ 8^27 ■ 7Jf3 -i : -‘‘s&F 

225.00 iro-00 - -7JD lf-lfliT* ; «4l '8.Z7.n, ...... 

500:00 1^75. Han PIKA - x . . •• D L05 7ft 6,98 AM JJL 

500.00 100.00 9.73 24/ 3/1MJ ' *M 

il 7 L n, ” a,l:l11 aM ‘ * s2m ’**•"’ 9-»7 ni«.7.18 KU,50^-1978*1 

600.00 99.00 6.75 1S/W/2487 -VT • *#.« X37B : 2t 

catL ^smii '..'-92 v* fai-.Lu jai ' ioi'jx .aivvv 

aro-jo 99.ro -- 7.00 u/^/iSas . J. 62 uM’jtFTttia.-tv 


LU.M 1.0/ JUZ.JA -LS7».JV BUrfMU Lm 

503 . a;*9. ; 40.00 ltf»;LX / ,/jS- 

. ,*r a:27 7 J 3 -i •--‘^'«rHT -’I'- iis swirao- ■- 


. 600.00'1972 - EUKTOEAK COAL Ii Wat. 
iOQ.00 19*00 6.73 15/L2/19a7 


SAL 6 STKfi. .. -92 1/2 f Ji m J-37. "-iDTiTO 292> BP*25 USM&SB»i *v 
15/ft/lS85 •• . • • . ;v . J.fiz 

SAL 4 eTOEL ... -.893/4.9.92,8.37 ,7.80 


^■“ “ 7 i EDSa « AS GOAL 4 SttEL ".89 3/4 .9.92,8.37 ,7.80 : : iirl4^:'F9» : NfiC l'4fiU 
atw.00 98JS5 7.00 ir.l/MM - „■ ' 3:91' -9,B> «7.w'--ri979-l5c;'^ .^lf 

*90.00 98J0 O-.ZS 20/12/TMa v>. ' - ,8.05; -J J6-.<: , <-J-J_Lla.OO 

eeec ^ ‘““rf Si59 -M.0S- TMyjtmJa,: r< -> 

2S7-.00 1OT.ro -7.7S AS/a^MB.. . . . XOT .,"-43.00- jJjFJSq 

”” mopxMooifc *«Bn, » 2(5* 5/8 r.it "WT.is' tsTO*rro 1 2^i 

soq.oo ■ 99.25 , 9.00 u//s/i965 4J1 -ZjO y.; .•'.. to.ro’ TSSOiX . 

E880 ^« COAL l/iei» ; Tj9,^00 J01. to ijOOafTOB2 

500.0(1100.00 9.50 S/ll/lQM ■ ■ .8.061-8.30- ; . .- 20.00- SSTI'U’V-.' . 

1974 TORDPEMtaua VOTta' - Ifls irt i7j '«.u j.« - , .;.5rs« 

■3COM 99.56 10.00 30/1 OtVpi s . S.iB? • • J -. -73jQj1$fe 

iin.oq; 197* ‘ Haoeaa M nagaaKr MW w 7ft j.OT.-?. J so yji iq^oo Mm'itf 
40O.» WJD . 4.-73 lsfiiMUs. i&ja f-.l.sfi . /.'.--aojq 

4M.ro : I97I EDaoPEAH'.IinK B Il l& t 96 : 2ft -.8.70. FJTt V:^ : mx.O& 23 A 2 .X? a ~ " V 

36^.00: .98,00 7.00 . 13/10/1986. ■; ' -/ .... /U0-73LS4', ' ,. V ' -*fl.»'^197I^V- 

S5"S H 7 ?,TOROPEAK arn^HWtiBAK M ^ ioloo-^ j'j^ tr78 W1.7K .nto : wHLl25 xwiflfcp *& 

aro.ro ,.98.50 .. 3.00 - tc aft*# •= - *..v - »; . so.ro.v 

.800.00- ,98.25 p.ro--- u^-,; - /rojq 

sot JO 1973 edrOpeab isUfteKuinc is UK la.so-' f:«s *«" — -.—* .y '-l~— lAil. mi 


Mu.ro ’ 150* HtoPEis aviiadst Kaxx in# 

* 00.00 i#a.m to. to 15 / 11 / 1931 . .f ‘ 


--V. -.v;s&-ro r 222.W;^sitf: 

■2.78. -J150 .. .- l^Mn",t97B^Uti ’ 

J-2®..j** '>* 73 . lBalft 


■ H 72 !TH *® - nAKUrt .life® w - M 1 /z 9 jo s.*6 ->,73 

*00.00 «LM 7.00 15/WJWFV.. , 3.30 9.39 " • . SrS;. 

80H.ro: T972 MramPOLttAR ZOOK- £4 3ft - si BE Vb_< 81' T-«t ~-t nw 

80LM. 99/23 : £.75 \ . 5J8 ^ 

■i/auro 1976 UmmsBlTO TOU/OBL: ' ■ 1017ft -5 JO JJi -JUii. '■ ' ,1’w'-t 

.- u».M - 8.» Lu/sBfKcs 


*00.00 19 IS ISEE8HS81UX KBttKK-T 
4M.ro n».«» .. 9.W,-., ji t.tftn*-, 
nq.oo ■ 1972 Taammao eEiB^UM" 
roo.ro to.oo - 6 ( 3o. ir-9fi3*i 
>80 JO 1972 HlCDCO QJT'OnEJilX, - • 
-800JO lto.M-6.73 48/tft$87 

'Soairo. iwi PHmw.iiE nt v 

; “0JO. A73 _»/4WWto; 

■ toff.QQ 1972 TBTfBEuilib/U.^ - -V' 
#M.0O .99.00 &.» ■ UtfSftnt. ■ 

500JO- 1372 SUSK'TUUEK- 1BT. Vl*. ; 

300.00 99JO- 7;3,. W/U»lfisw'- 


to.ro ■ 13TF-LN 


j* c .v*j^-p' ixa -^ jfts.ro : '/ A 

TOU»:ro-- 


LrolitlA 9,TS 




ft- 





21 


1 . 



' -"7vr T v7vCD. 

:.; i_ •• .. fj. 

• •* Vf W-' 

\ ‘if W: H*- 1 :. if 


13 1978 


.23 

- S | 

• 'E 


js- 



3.JS 


. ._ : SAOtn mas fe 

iso.oo -wm lax iTOxsitr wo&Hctii' sw ii - • « 

1S0.M1 DQ.M :M S 15/5w.-, £S 

a3 ‘ DO ',m 7 IT “ lE,£M ^ ^ a * WNl >- 99 3/4 

iDo.oo. . ,^.aj : vt/wz. s■■*■'■.■ 

ioo.no 1977-sima^BBoeo* - ■ "tinii/B 
100.00 100.00 • 8.50 if 4/iro. - 

- - ' : ' SCOBL3X/OH- - y - 


20 
= D 

€0 Of 


BORROWER/ 
COUPON MATURITY 


2 fiii 


°3 

D U) 


!T u» 

§5 

2 S 


£ 
ui hi 

SB 

CK 

33 


1 

5 fe 

1 = 

b 

hff 

ti 


O 


is 

£j 

O IU O 

3 

O 

U 

m 

III 

20 ?= 

£ 

a 

« 

z 

< 

| 
H Q 

MARKET MAKERS “c 

«K 

OR- 

a 

1 °! 

a 

s | 3 

Q 


5 w 

d 

i § 

5 

1 U 



i 

>- 



Q. 

ta 




BCRROWBV 
COUPON MATUfSlY 


o“ 

E£ 


CnSVanaLSS-FBKCE 


5-Xr7-7* aoxjo 


&M1.0O lH.no 
MBv. ..■ V 16.00 
E.6J S.M adi.oo' 

«.»>■.•.'•. to-w 


*•39 


'S.XT-fcZS; 101.00 

. V ' '■' If ZAO 


A. tfi 
7.10 


-KU B&- 101.00 

X.se'\20.00 


2»» CO eo 3E0 230 - 

no 

197B % je 44Q.?ja 
1910 BO 

I9» K AS 505 230 925 

1582 bo 

1979 WAS SMaw * 
1977 ZX 

iWO CC s» uo 9=3 

19B3 tq 


100.W i#72 cams, usaa rr cti/b im w.n msoa im,jj » a »s su sio sis 9*a $» 

IPO.00 100.00 5.00 IS/ 0/1907 3*3 11.02 15/ 9/1972 LS 

5«.0D 1969 WfflaK m BEV 110 1/a 5.« <.26 W06 4.00 PC HU 

37.80 100.00 6.00 S/ 1/1905 1069 3.99 1. </I97tf 1ZIBS 


15.00 14S3 T*ggit rg-TTCili T» G10 
2.00 LDO.OO 6.00 31/ 3/1934 5 

15.00 2977* T(8tSt KK 97IBS 
13.00 100.00 6.00 31/ 7/1993 8 


313 


11= 3/4 

«S 


93 


=03 310 315 935 910 
9*0 975 


30-00 1970 SUEZ ET L'HHIOU Ml? 
30-00 W.W 7.00 -15/ 5/1965 


« 1/S 7.60 
209 12.15 


3.68. rr w 

• 30/ 6/1970 


66.33 BL EC >50 206 210 215 9»5 9*0 


50-00 W77* TOSHIBA. 

50.00 100.00 t.ZS 36/ 9/1992 5 


Ui 


ahheq 


975 


CHJUEBTIB1ES-BCSC WWC 


30.00 1979 T5SST34 L 

26-2 lOD.ea c. 75 53/9/1990 S 


116 i/< 
124 


30.00 157-1 ASU. WVXCintB m 
30.00 100.00 6.SO -1/ 3/19*9 


63 10.40 13.21 V$ ?■' 

3.77 315.65 4.40 W 9A?ri 


44.19 713 IM 925 960 975 

It 


GQSTBXIZLS-UBEXaOCBG 


5.00 

2.56 

*.80 

1.20 


W64- 

90.00 

1965- 

-57.75 


CDRnxnsLss-i5ua. 


15.00 1971 
13.50 1IXJ.OO 

30.00 i>73 
8-BO 99.75 

- 7-M .1967 
2.71 97.70 


7.00 

2.34 

12.50 
3 =-50 
20.00- 


1966 

97.75 


wtoiratci 11.06 

*-so iyie/i9« s 
o^amax. U.XD 

. ..0-50 if zjim s 

Warm •• -’8.3M7 
0.00 "U9/J996 

tar Bcuxa.6 nor r.7S0 

6.75 w 0/1907 

msi mup' ■ .' iuu 

6.75 W-3/M82.JS 


6.00 
‘ 2.78 
8.00 
.7.10 
4.00 
1.00 
9.00 
2 .SO 


UTBP- mijm -11.24 
^.00. 1/3/1901 _ 

1973 -587 OS JXBMD - 7.5503 
9B-Oti . ‘ '' 7-00' 15/ 1/UBS : 

HOmKASS 1MZ. . 7.80 

■, .6,25 - 23/ 5/1592 
VUrfnSl 9165 

7.25 - 1/ 3/1983 fi 
SLOEK UALTER . 8.40 

. 7.25 U/ 5/1987 S 
SHE8ISB U1KOJ, ' ■ . 11.10 
5.75 1/ 6/1900 6; 

v.u.mszt wmst n.ig 
.. >.00 31/ 7/1900 ;S 

MS1UUJB BOUM/m :- 


1972 ' 

100 . pa 

,19(8- 
98.00 
. 1972 

uu.oo 

1965 

96-25 

196S 

97.00 


tt 

100 3/0 
US 3/0 
96 3/8 

im 

W3A 

100 ih 

96 3/8 
Iftl 7/8 
94 3/4 
99 7/0 
190 1*4 


.6.70 

3-77_ 

liSO 

4 JO 


9.54 

5k75 


4.13. 

l.« 

3.08 

1.59 


9.0b 

3.U 


9JT " 

X0.7B - ;»-■ • '. .as 

0.40: 6^38 ioi^n 

eta#;: .« 

7,'W7.7i;«n50 

J-OT-V '-' 1 - tan 

«,9B.^*5^ iba.oo 
7.10 - 

-6.35 : '.310.30 

6.93 CvKT-iilal.75 

6.0»; :- ■■-1:25 


__ w W 359 SM 

1970 UUif 

1970 K tn 250 2QQ 
IBM tjrr 


1978 PC EH 359 30S 
1977-ls. 


14.41 tM fi^Li - lSLX 


.5,09 

3.10. 

9.SS 

5-U 

2-33 

l.Xf 

2 JO 

1.50 


6J0 T-W -OHLOO 

LM' .V‘ — - > j4 


.^sa ;-7.« 

'0.«: •• r; 


M2.SS 

■: .JO 


8.09 '5.84.’ MUM 
5.93’ ••- ' Jb 


5.96 6.Q7. 

5.U V ■ 


;■ .-50. 


1979 K BO 344 307 
1975 IS 

197* IIP Hn 359 300 
U70 UEJOrr 

1978 KF HD 359 960 
197QUBDFV 

1979 HP £0-359 300 
1979 LX 

1970 SO CO 25 305 
IS 

1978 SC tv 361 300 

1971 IHBvs 

1978 PC Ea 361 960 
WJ5 UI 

1978.TP EO 359 300 
1963 UU 

1978 PC £0 3is 0M 
1971 LSLX 


439 963 
715 900 MS 
960 965 
960 MS 
960 903 
MS 

960 MS 
960 

960 MS 

97S- 

940 90S 


70.00 Z977* usaa 1ST 15V 
10.00 100.00 7.00 If 7.19*4 


94 !« 7.11 


.43 


7.29 It 2.0-t 

1/11/1978 


19.10 VS VS 28 9W 


25.30 1972 CSmiL StoPPEB! 

25.00 100.00 5.25 1/ 9/1957 

cosTTRnsis-snffizuaK 


j;.b: 


l»CT WI»TIU.f< .H»lV 


50.00 

30.00 


19*9 

100.90 


30.M 1975 asset ocixeal 

V 

213 S/9 

5.90 

4,86 STB 140.2 

*3.06 

su sa 

609 

SIS 070 913 920 935 

30.00 100,00 6,=5 

30/ 9/1990 

5 

131 

2.83 

. 1/ 4/1978 


u 


930 942 940 963 9M 

10-00 1977* ASJBI OPTICAL 


!OT 

6.00 

6.00 7E8 «0 

*5.78 

5? EC 

502 

97J 

515 070 913 920 935 

20.00 100.00 6.00 

31/ 3/1992 


400 

1.50 

U 5/1977 


tOL 


9M 942 963 SB4 97S 

15.M 1971 BIX SOTOS FUBItSS 


APO 

1.69 

. 1EB 1S0.3 

*5.m9 

W EO 

399 

5:5 870 920 935 942 

.32 180.00 6.75 

31/ 3/1988 

E 

5J2 

1.7u 

1/ 5/1971 


IX 


960 964 97$ 

30.M 1976 BUS DC 



Ml 

5.48 

4.95 1881162.» 

-.12 

S? ES 

415 

35 515 870 913 920 

26.78 200.00 e.00 

3J/ 8/1991 

E 20*0 

1.44 

1/ 9/1976 


LX 


955 538 9SQ M2 943 

15.00.1976 DUB* Mag DODSIUT 


113 l/B 

•6.69 

C.21 Tfil 541 

*4.38 

S? =G 

159 

SbO 962 9 (m 975 990 
61S 913 90S 943 962 

17.03 Jpfi.OO 7.25 

91/ J/1992 

S 

sro 

2.00 

1/ 9/1976 


LX 


964 975 

10.00 -1974 viniT 



RS 

8.70 

9.44 3S‘«i.7 


5* cn 

609 

515 9-2 975 

3.28 100.00 -7.50 

30/ 6/1989 

S 

112 


1/ S/1V74 


LX 



14.00 1964 a meat UP CIO 

3*6 

1.71 

TV* I?-. 

-=.3l 

=P TO 

346 

SIS 935 913 960 964 

1.00 100.00 6.25 

31/ 7/1979 

2a 


2.99 

i/12/1964 


LSLX 



30.00 19(9 BTT.raT LTB 


IjO 

.4.21 

TO 191.1 


C. 80 

39* 

5 Li 870 920 505 WO 

0.20 100.00 6.25 

30/ 9/1*84 

6 

201 

2.99 

1/ 1/1*70 




942 943 960 964 975 

10.00 1977* BOEDSHIV OXCISIC WiRKS 

JO) 2/A 

6,15 

9.92 BS 22J 

-2.48 

SP A3 

595 

913 930 962 


sj.eo 

35.00 


3969 
100.CO 


4.75 it tnm 

mwi m»? 


5.10 


25.00 

25.00 


1877* 

100.00 


1/ 2/1989 
7.25 15/ 6/1992 


15.00 1969 
35.00 100.00 
*0-00 1968 
38.50 100.00 

1968 
100.00 


GZSX-B80CUC5 

5.75 1/ 2/1909 


HOOCOTESS 

5.35 1/ 8/1980 


7: :/5 

21*9 

206 1/2 
67.3 

100 1/2 
1=8 l/= 

85 7/0 
39 

77 Hi 
25.7 


29.03 

10.00 


10.00 

3.00 


1969 

lOU.OO 


ZOO. CO 
93.00 
30.90 
6.41 


1*60 

100.00 


1959 

100.00 


C.LJ!. 

5.75 If 7/1988 

ltBtni ii>| tcwKiyift^ 

6.50 23/23/1966 

TSDiIPS LUC’S 

4.75 50/ 6/1903 
tt9 LEE CHETim 

6.» 1/12/2984 

PBnciM»6imng 


99 1/2 
1=9 

939 7/9 
180 


9E 1/S 
=5.9 


14b 3/6 
154 i/2 


«.3» 30/ 9/199= S =» 


50.00 
69.99 200.00 


1977 X70-7K6DO 


791 3/4 


6.00 31/ 4/1992 S li*0 


5.96 

2.19 


5.91 0=11590 
- 30/ 9/1SJ7 


16.02 


IT 52 413 


30.00 

30.00 


-1972 'RURsii 4 ZBHE*S1£S U8E J02 
uo.oo . «jq : is/8/1907 » 

ESmtUL STOg.CTO TSCUT4. 


5/8 9.54 6.37 6JS 1WJO . 2940 SC EB 210 307 968 
. 3.04 'b.il •- • - SiOO 1978 UB 


40.00 19774 JBSCO 
60.00 100.00 b.00 


=0/ S.1992 


106 

1740 


5.66 

l.zi 


3J0SE81307.6 
1/ 7/1977 


*=-67 5? 87 316 


10.00 

8.75 

20.00 

20.00 


1*72 AmaitHtsni 
98.00 8.00 r i/sn8xt : 

2977*.C00SI48UI8. Off! PIS 
06.00. ' 9.7S- 15/12/1989 


93 


1/6 9,25 8.45 8.24 MDlS 
- A. 10-8.6= . »•:,» 


19*0 PC bj 
1974 LX 


20.00 1977* no SOAP CO 

20*00 200.00 6.00 30/ 9/1992 S 


10= 3/0 
6= 


5.95 

1.21 


S.B4 W8 708 

1/10/1777 


■5.81 


456 902 930 960 97S 


96 


S/B 11-87 19.29* 10.09. 2QUO 
' 9.S6 20.34 HP.:- .50 


29S2 PC BU 
2978 42 


20.00 

20.00 


1977* 

100.00 


BOBanuir caa. «*nts. 
9.(25 1/12/19*9 


.-200 


3/0 11.83 9.56 9J9 .‘HUJO 
9.20* 9.56 HP -W 


1982 re ea 
1978 LX 


2S.M 

25.00 


1970* 

100.00 


25.W 


M.00 

20,00- 

10,00 


2.00 

3.50 

25.00 


1977* 

99.73 

i*J7* 

99.50 
1977* 

100.00 

1 M2 : 

97.50 
1977* 

100.00 


BsmpiAH unXn aan bask ’» 

. 9.75 U/ 2/19*0 - - 

s mamw 'mon u au' tHK. $a 
. .9.75 15/1271992 
PUMICE BU 28HETBT 
9.75 15A2/198P 

Piawsi*rT». 

10.25 .15/12/1987 
XEROLlC-OF 1CELMD 
4.50 .31/1271988 

XdlAL tin, amine . , 

9.125 1/12/1984 


M 

100 


3/4 20.04- 9.79 >.77 -'105.W 
8.00 9.79 . If lta 

If* 14.07 9AT 9,il diuoo 

ljz 9.B7 1 9.82 9.B0.'l«jo 
7.87 *9.8* ; HP "1*09 

3/4 9.87 10.12 HJ.t7: ‘>01^0 


1903 KP C0 
1979 U 
1987 IP zff 
1978 LI 


316 205 210 
925 960 
9 »S 

359 205 220 
935 9<0 
9*5 975 
359 205 901 
945 950 
517 205 210 
940 *45 


870 901 923 932- 
943 950 955 940 


870 901 013 412 
945 950 953 960 


20.09 1949 E0HAT5U SAKOTAEnmiRC 
1.M 100.00 6.25 30/ 6/1944 s 

50.u0 1975 cnUTSH L2» 

49.99 100.M ;.23 30/ 6/1990 S 

75.00 1976 KUBOTA 

74.93 100.00 0.75 15/ 4/1991 fi 


=01 7/8 3.1= 

301 :.n 

1 Oh 2/a -6.93 

391 2.P9 

104 1/4 6.56 
:» 2.(9 


ta 2t( 

1/ 9/29(9 
6. SO TBS 348.7 
30/ 6/1975 
6.37 ID 3=6.-. 

. is/ :/is;6 


480 


35 5*5 973 
938 91C 94= 
96* 975 *90 
35 515 070 
935 938 9*0 
940 962 964 
3% 515 870' 
935 940 9» 
964 975 990 
CL CD 330 515 920 939 
IS 960 964 975 


910 935 
943 962 


HP 10 
IX 


396 


913 920 
962 9*1 
973 990 
913 910 
960 962 


60.09 !976 SUUAfffiC J£?T BASE 
60.CO 100.00 6.iO 1/10/1991 

30.00 1973 CM® OTOSCAS SACK 
30.09 109.00 6.30 15/11/198E 

C0SVQZZBLES-SJ5UC4 


56 I/I 


30.00 1971 HASP SSECnsi OOP 
30,17 UO.US 6.SO :/ 9/1986 
CQSnxZHUS-SOBSN 


M2 943 


1.17 5P 3T 4SA 


3S.00 1977* SASPCtt 

35.30 100.00 6.25 15/ 3/1989 

COST EM i w ic-surmn act 


.-2.78 


KY 489 


1981 DP TC 
* U79 LS 


359 710-901 
5*5 930 


913 932*935 940 
955 960 965 

901 913 912 935 
950 955 MO 975 
913 933 925 940 
953 MO Mi 9/S 


30.00 1976 KA20I 
30.IM 100.00 6.50 


31/ 2/19*1 


IM 1/4 5.15 
365 2.23 


3.89 TP* 897-* 

1/ 7/1974 


100.00. i97s suxsusarxA zumic m 

88.1U 109.00 6.75 JU/i1/1990 S 


Z19 7/0 5.71 4.722Z8 S98.S 

280 1.72 M/Jl/H’j 


1902 n BO 
Li 


90 


96 


r/2 in.*? '(.81 ~6.n L ua.ott 
9.0a 6.84 , ■ JJ2‘ 

3 is ijr »uo--».» , '-tiWJo 
1rui' 


355 =10 870 
' 940 945 

1*83 NP EC 315 945 
1967 LS 

XW1, PC EB 
1978 LK 


Ml M3 932 935 
990 055 MO 975 


li.oo JP70 Hirsvsrau accm-: :ui 

5.27 100.00 7.00 31/ 2/1955 S 173 

30.09 1375 stmuisBi qccnuc it? m 

6.4Q 10d,00 7.50 31/i=/I99> S 172 


2.91 


CCS PS 
• 1/ 6.1970 

.= 1.05 V£3 li< 

91 1/ 4/I97S 


25 515 870 
AS 955 938 949 

962 964 975 
3.<6 HP BJ 463 3» 515 870 

93S *48 942 
964 975 990 
35 SIS 670 
9U 938 940 
9*0 962 964 
ZJ -j7 SlS 9=0 925 
975 


913 920 
94= 9s0 

MO 

913 920 
943 962 


60.00 

60.00 


1969 AtesrasE 1ST 
200.00 i.75 1/ 3/1987 


97 1/2 
fc"S.71 


100.00 

200.00 


1976 ccarr saissc (hasaxas) 

100.00 -.25 31/I2/199I 


-1.3* r-ti 454 


-t:i *.* 


913 920 
94= 9*3 
973 990 
960 9o6 


44.00 

64.00 


1976 SJ3UK 075SSL48 
100.00 4.75 21/12/1988 


108 

=380 

96 3/6 
=796 


J29.PO 
9-. 32 


(97> OXUX 3*-'S i.2Sl2S3> 
100,63 h.30 15/ 5/1967 


-4.=* rv rr 

LX 


4*5 


SPECIAL HUUnKG 81 (STS 


S3 205 210 *70 901 913 932 
- 933 MO 961 950 055 960 
975 


20.00 1977* xxTsraiiUi cas chcu 

18.80 100.0b 6.00 30/ 9/1992 S 


rn 


6.66 

J..9 


?J( J23J23J 

1/ 7/1977 


.98 HP CO 
LI 


463 


' SO.OO W75 ALCSBLSSE ISI J . r ' 
100.00 9.00 15/ 4/1980 

50.00 1975- ELECTBXCTEE OSnAHCB'. 

100.00 - 9.00 -17/ 7/1985 

40.00 1975 SWEDISH UVESHOR'BAK 
*0.00 100.00 9M 1/ 7/1982 


09 


■ '-MA1 ,i_ -» 

3/R 2.37 -'9.14 9.0S ’ tlC-OO 2978 PC HO 317- 5=0 805 97S' 

•: - ■ uc. 

1/2 3^6 9734.9.24- fl&oa 1980 CC EB 230 210 S20 805 *7S 


.50,00 1976 HlTSmSBI BE4VT 1KP ll* 
50.00 100.00 . 6.50 31/ 3/199L S 145 


5.63 

4.14 


*.n 7531 XSa 

3U 3/1976 


■2.72 CL CD 456 


40.00 1*77* OOBBAATHa 

40.00 100.00 n.00 31/ 3/1*9= S 

30.00 1975 WTSCBISHI COBTOSATtOS 


A.18 
IJd 


6.77 1 


1/8 


98 




LI 


6.19 

l.Sn 


a/0 4*41 9.M 9.15 102.00 - 2909 BP EO 517 520 735 80S 975 
-.2.91.9J6, ,^,.,10jB 1979LX 

*■ * - • • ■ ' • 


30.00 J00,00 7.50 30/ 9;19W0 5 -16 

60.00 1976 HcnnstsDi cnipraATidT ias 1/4 «>.j» 


34.37100,00 6,;s 41/ 3/1991 S 416 


EE 519 
U 8/1977 

5.07 YEP 397.*- 
It J/isrs 
6.04 YES 467.o 
31/ J/lT.-o 


6.09 :.P £B 
LX 

-2.73 sir iU 
11 

-2.=b CL 17 
LA 


456 


so.oo 1975 xnsn a go ion 3/4 6.91 

41.36 100.00 ,7.=5 30/ 9/1990 6 3Io 2.2= 


6.S6 YES 356.7 
30/ 9/13 TS 


-=.31 r? ST 
A3 


- .,-.r . ; 


zo.oo 1972 man & gj j-* 

• 1.7?'100.00 0.25 9I/9/19N S '316 

20.00 1977* MITSUI BEAL' ESTATE L'CT 1 IS 
12.38 180.00 6.00 30/ 9/1992 S 53= 


5.61 

2.22 


5.24 

Uil 


3.21 ITS SIS.» 

‘ ’ 30/‘9/l?71 

4JS ECO 5i3 

1/10/1977 


-«.ijo pt. ar 

2.(* :.P EC 
LI 


35 515 913 
9*0 S42 90b 
975 990 
35 SIS M3 
938 940 942 
9 b= 964 97i 
35 515 570 
913 938 940 
Ml *32 966 
35 515 t=n 
9.2 964 975 
515 913 
3.1 9*. 
uii 515 b?0 
940 
9*. 67S 
35 5LS 
OJS 9JO 
MO 9*= 

35 515 
9(0 964 


9=0 915 
982 9S4 


108.30 

59.23 


1576 1510? HB SWnz(LTX) 
11H3.00 5.00 15/ SA981 


9=0 915 
941 960 


GOSTiKTIBLI5-C.lt. 


•13 P=0 
"42 943 
975 990 
912 943 
*90 




4-S 


4*5 


«=0 935 942 
975 

913 9=0 935 
442 MO 963 
990 

870 913 920 
910 9.2 94J 
•44 975 990 
9=0 9JS 543 

»:s 


35.0-1 
35. CO 

30.00 

30.00 
70.00 
5c. l-i 

Ti.no 

s=.« 


1977* 

100.CS 


AATAirr MEJESLAAD 

7.00 15/16.199= 


9= 7.0 
11A 


1*77* 

1QD.OO 

ICbP 
101'.03 
297= 
lO'J.'W 


lu.no 

6.00 


,497/* 
lira. 00 


100.00 

100,00 


1977* 

106.00 


3i.OO 

=4.75 


197?* 

100.1*0 


ESEcPir. rr: 

o. ib 15/ 9/1992 

seem on. 

i.SO 1/10/1998 S 
WED’S 8.7. FT 

5.75 1/10/19*2 

020'AIP. (CS> 

o.iti 1/ 4/1567 

ice xst ns 

6.79 1/10/1997 

ESaHJLft(EjBWA) 

6.75 15/ 4/1992 S 


■’fi 

mo 


*9 1/2 
■444 


>= 
218 


The next Eurobond List 


35.00 1977* Kin o ELECTBJC DUWST 
14.69 100.00 e.au 30/ 9/199= S 


92 1/4 6.61 
54S 1.37 


6.96 YEN 746 

1/ 9/1977 


14.84 IiP ED 
LX 


• *1 . <f" 

i 


10.00 197* PUSHES ELECODme =15 1/2 2.S9 

10.00 100.00 6.25 30/ 9/1989 1520 1.58 

15.00 ■ 1976 KIC03 115 7/8 A.6S 

13.00 100.00 6.=S 30/ 9/1991 S 4*0 l.U 


TEETH 
1/ 7/!*’4 


-4.1S SP EE 


105 215 515 870 913 970 
915 938 9*0 942 943 
960 962 964 975 9» 
4*3 51S 570 913 9=0 935 
938 942 943 9*0 962 
964 97S • 

4t>3 515 920 935 94= 943 


Ji. 00 
75.00 


1973 

100.00 


6 «ct r. DCitmn mi 

h.=5 15/ 2/1993 


20. CO 
b.llO 


1972 

100.00 


SLAlut r jis st nr flk 

5.25 15/ 5/1987 


:n 

98 1/2 
«-'■ 7/8 
3*2 
103 
350 ’ 
57 7/0 
2-4 
68 J/B 
21 1/2 


£s 

gf 

tan 

IS 

cm 

mm 

33 

l. 

h 

?*■ 

1 

CONVERSION PRICE/ 
DATE OR 

CONVERSION START 

Jl 

5 

s> 

§ 

e 

£ 

s 

UJ 

K 

EL. 

X 

its 

IP 

0 

IM 

63 

2.05 

EES.152.6 

-3.4B 

SPEC 

2.40 


1/ 7/1964 


LBLX 

5.3$ 

4.03 SB 423 

-.44 

KP EO 

1.38 


1/10/1977 


1Z 

6,47 

LSI S3 129 

-2.93 

3? ED 

4.00 


10/12/1977 


IX 

5.W 

9.06 n* 1=0 

-3,54 

SPED 

4.C3 


1/10/1979 


1XBT 

5 JO 

3.3*. ta 161 5.10 


jr so 



1/ 7/19.-3 


IX 


VD 

PL 127.1 

142.DO 

PS ZD 



1/.9/196* 


as 

2,66 


71 49.0 

-3.03 

PS ED 

6.69 


1/ iA»ro 


AH 

6.68 

M) 

PL 130 

1.03 

bp nr 

5.06 


15/ 6/1970 


us 

6.96 

6.10 

TL 95 

24,12 

BP ED 

5.64 


11 1/1970 


an 

6.77 

IJ8 

3L 104 

96.97 

HP ID 

7.93 


1/ 1/1969 


USB. 

5.71 

s.a 

TL 225 

9.DB 

PS EB 



1/ 1/1969 


Aim 

!.$1 


EL 88.3 

4.71 

SO EB 

3.34 


1/ 1/1972 


AH 

4.82 

9.08 

FL 42 1/2 

1.51 

SC 20 

8.11 


1/ 1/1969 


AH 

S.98 

4.96 

FL 213 

-5.B4 

3D 20 

4.40 


1/12/1969 


AH 

6.74 

6.90 

S3 A.J 

14.36 

HP AS 

66.28 

28.90 

15/11/1975 


us to. 

r.M 

*.19 

S3 6.6 

tl.aa 

sr Ed 

33.33 

14-50 

1/ 9/1974 


SBL 

8.96 

11.78 BB 57/8 

20,91 

IP ED 

26.70 

7.80 

1/ 9/197L 

Ui 

5.95 

3.57 SB* 235 

19.34 

ST SO 

3.90 


H 1/1978 

LB 

4.87 

5.10 


23.23 PC Eff 

1.05 


1/ 9/1969 



3.94 

3.51 ST1I75 

5.3* SPED 

3^6 

ID/ 1/1977 

IX 


EF3B39 

sr go 


JI/10/J977 

LX 

J.25 

.30 SF/fiP 

-6.09 P»S0 

2.9$ 


1.'-6/1*77 


LX 

3.M 

$01230.53 

-5.31 6T SC 

-.95 


1/ 6/19T6 

LX 

7.4* 

7.70 

P 125 

—:.17 PC EC 

7.00 

S.10 11/ 4/1975 

IX 

(.90 

6.96 

r 6v.s 

-3.53 PC Dff 

*.41 

12.60 IS/ 9/1*78 

15 

6,24 

7.03 

r 414.4 

-3.22 in, ED 

-.37 

S.30 

1/ */i*;o 

LLA»T 

i.ro 

13.36 

P 258 

12.69 PC UJ 

1.69 


2/ 7/1973 

LN 

7.26 

6.03 

9 90 

-6.2* 

-P ED 

5.6$ 

7.30 

1/ 6/1977 

15 

7.86 

8.22 

P-4W 

3.20 PC EO 

6.70 

6.90 

1/ 5/1970 


LB 

6.64 

6.53 

7 3® . 

-.24 PC ED 

6.5* 

8.60 15/10/1977 

Ui 

7.34 

9.68 

P (00 

71.50 UP ED 

4.51 

6.20 16/ 2/1974 

U 

7.68 

10.80 

P 333 

PC £X 


MARKET MAKERS 


973 


930 #42 943 
964 975 990 
39 515 0)0 
935 930 9*0 
960 962 964 
35 513 870 
933 938 940 
962 964 975 


920 935 
960 962 


913 920 
942 943 
975 *90 
913 920 
96= 9*0 
990 


297 570 601 602 *10 800 
935 MO 960 975 
447 320 601 
940 960 
230 35 520 i 

BOO 935 


602 6C6 610 
975 

602 606 610 
940 960 975 


245 520 601 
940 960 

237 520 601 
935 940 

237 520 601 
935 940 

43 520 601 
975 

346 520 601 
80S 935 

238 520 601 
940 960 


602 60S 610 
97S 


602 606 610 
960 975 
606 610 800 
960 975 
606 610 960 


602 606 610 
940 960 97S 
602 606 US 
975 


396 935 5(0 975 


33 932 935 940 960 
575 


lfr WO 80S 060 940 950 
975 


520 800 005 070 935 
940 960 975 


35 EDO *05 93S 940 
960 975 


35 520 BOO BBS 170 
935 940 960 975 


35 520 SOD BC* 870 
935 940 9b0 “75 


J3 800 901 *20 *39 
■940 946 930 960 975 


35 800 901 920 935 
*40 950 960 915 


15 900 *01 935 9*0 
930 960 973 977 
110 215 9e0 975 


COO 935 


35 800 901 920 435 
940 950 960 965 975 


J 9 300 901 KO 935 

940 960 964 975 

600 901 935 940 950 
960 975 977 

800 901 9(0 975 


1/ 1/19-3 


ccercmsLxi-t.a. 


u Vi*., -T?-.- .i. 


3.05 YET 399.i 

1/12/1976 


March 


30.00 1976 S4SYD ZLECHUC 19} 3/6 6.14 

16.82 100.00 6.25 JQ/ll/lMl S 2W l.tl 


S.9B YES'S*' 

' 1/12/19*6 


-■ ■ — ; •- . iA. r • ■ 


20.88 1*75 fJSYO ELECT*IT 
JJI* Uu.OO 7.50 30/11/1990 

15.00 1977* dOISr PaPEEMAEP HP! 
15.00 100.66 ' 1 .375 30/ 9/1992 

2u.oo /977* smriffln cgc/rtc ra. 

16.75 200.00 6.00 35/-5/1*92 


145 1/4 5.23 
lk'9 2.«7 

46 3/3 6.59 
505 

121 3/6 4.«4 
2-6 2-03 


T0 I7I.P 
1/12/19.5 


6.66 YBR 445 

1 / 2/19-S 


4.06 TO 2=3 

l/10/!?'* 



>0.00 1976 snfflTOB HETAL £h 3.‘r 7.24 

29.99 100.00 6.00 31/ 3/1992 6 97 


6.f0 YU 144 

1/11/2*76 



AS 


*00 964 97> 

15.00 I?6E 

A3CE1SS0CBAF2-HDLT IB? 


68 3/4 

6.91 

•9.69 

W 80 


PC ED 

<89 

BOO 935 940 9M 075 

-L.i* 

?;r et 

463 

35 5 ‘ 5 S?0 *13 920 

21.65 IOO.OO 

4.75 

1/ 5/1ftS 


14 1/4 

.70 


1/13/1968 


RtZX 




L* 


M> «W ii.) 0,2 

12.00 1972 

HASfA INTERSTATE 1ST 


"** Il¬ 

8.08 

10.30 

SO It 1/2 

111.46 

PS ED 

<49 

600 935 940 960 975 




900 962 96. *75 9W 

11.27 100.00 

O.00 

1/ B/1967 


ia 5/8 

4.12 

9.00 

1/ 3/1973 


LX 



-Z.73 

0? IC 
LX 

395 

)5 515 913 9=0 »j;i 
91* *40 9.; u.g 9(,2 

Ih.GO 1 9t)<f 

AtSi‘ E.T 


UK. 

5.*6 

5.16 

W 31 1/4 

7.59 

PS EC 

915 

fuo 435 960 975 



*a, 9T5 993 

T.46 UXLOO 

1.50 

IS.'U/1933 

s 

=9 5/8 

4.39 

8.00 

15/11/1969 


LSLX 



-i.7i 

1--P 2» 

396 

MS 913 *=l» 935 942 

>1.90 I9SS 

ASsJt!0*2- CAS IM 


65 3/6 

6.1*0 

7.66 

50 SS 1/2 

29.26 

PC EO 

456 

000 935 940 960 *79 


LX 


Sob Sal ora 

36.00 IX.03 

-.75 

15/ 5/:?M 

8 

3o 3/8 

6.87 

b.00 

1/ 5/1969 


1XH . 



-3.37 

:;e ni 

J6 S 

9U 5»62 

-e.w 1*7.' 

1HESICA5 3 TLL53 0/8 


aft 

5.31 

7. =8 

rv an 

42.75 

PC IU 

-56 

35 520 800 8/0 935 


sox 



Uf.00 J00.00 

-.45 

IV 5.-: 487 


33 5/8 

4.16 

10.00 

15/ 5/1*73 


IX 


9*0 S60 »TS 

-.14 

hr es 

396 

SIS 913 923 935 *38 

rs.oo im 

ASCEICAS HE31CAL ti? 


7- 1/2 

7.38 

0.69 

SC 47 

95.69 

PS EU 

359 

POO 935 9-0 969 *75 


LXJZ 


942 *60 36= 9(4 *S 
*40 

5i5 9*3 320 935 Sol 
964 ST i 

=5.00 100.no 

4.50 

13/ -/J9*i 


li 7/8 

3.16 

8.X 

J 5/10/1972 


Ui 



5,24 

5!- ED 

489 

10.00 l*e? 

AHEKCSE 55BJCM. 1ST 


*8 in 

P-.09 

6.78 

SD 37 

82.67 

PS IT 

359 

S99 935 940 960 *75 

ix 

10. OQ 100.00 

7.00 

U 1/1990 

S 

U 7/8 

3.36 

8.60 

15/ 7/1*70 


U 




oi 

S 

Vt6 

as 

Is 

o2 

urn 

■ 

* - 

h 

sSo 

c$l u 

SS 

Is 

coupon MAjuarry 

f J 


P 

II s 

i 

S2 

>- 




a 
ii 

£ i 

S 





* 

O O 


£ 

Z 

III 




MARKd’UACEIta 


iuu 

S3 

=5 

s 


Se 

ii 


BORROWS?/ 
COUPON MATURnY 


A 


°ta 


Si 


S | 

-e 

Qe 

55 

nw 

is 

l2o 

3 

8 

s 

5? 


9 

mite 
u a u. 

5 z 

& 

3 

S 

SI 

>- 

8 S 

£ 


S 

£ 

* 2 ... 


Os 


5 I 


MARKET MAKERS 


.00 -1972 Nsszm unou.o/8 ." 
.oo loo.oo •• o-oo ■ if man 

-oo 1968 anxeu snAcooSur 
.00 100.00 5.2S . 1/ 0/1980 

.oo 1972 mr’ 

.00 IM.60 3.100 15/ 9/1987. 

19U A 8BT -A H 0 0/6. 


.80 


.00 100.00 - 5.0D )5/1/1988 

.00 I960. BANGOR 100X1 ZHT .' 

.00 100.DO - -5.25 1/ 7/1900 

' .00 1966 uaas IK - tun) '• 
.40 100.00 5100 . 1/ 6/1980 

.00 I97Z‘ BEUSUZUknS a/k 
.00.100,00 4J0 1/ 9/1990 

■00 1973 BIAZStcE SOODG c/s 
03 100.00 4.873 .15/ 0/1993 

oa 1971 Buxxaz.voow- art 
DU iop.00 - 6.25 - - ItU 19tf 
1 ' do 1970 XEuncs iwb» o/a -' 
24 100.00 ; 7.15 "l/U/1990 
oa 1972 BOWES 0/0 CAP ' . 

OO ioo.oo ■ 5.08 .1/ 9/1992 
■00 1971 D»n 0/8 dp; 

00 100.DO ■(.« 15/ 7/091-^ 

■00 ms Bszcm-iazBS nr '. 

DO 100.00 . 4.50 51/12/1980 

-OO 1972 BW6DBAX-ULE SBSSS 
DS-100.00 4.75. " J5/:6/U07 


68 1/2 8.76 10.32 
- 3 7/8- 3fc0O 

112 in Ln r.ai 

42-S/4' 7J1- *«0P 
72 in 6.» 9 J5j 
1 J6 7/8 rjs: s-.oy 

89 3/8 5J9 .6 ^ 
20 7J4 SjOO 

75 in : 7.1L ^.10 
,20 1/2- :2.M«> SAW 
87 5/8 5,1$ 7.VB 
- » fa» 7.00- 
. M UB i.16 5.0* 

'22 I74 JCH. HT.IB 
100 1/2-itB if JO 
22 1/4- 4J1 10.00 
106 US 3 A9 J.» 

' ’22 JM *J1 MJ»- 
IMf 5JS mw 
221/4 AJL IOJO 
99 3/4 5.01 S.« 

i'3» ■ . 5.38 7.00 


32.50 pen -234 800 9B 948 960 973 

i* -. ■ s... 


106 1/0.6.86 6.07 

29 JJ8 7.00 


OO I960. BBOHB K 5X4BPE - 
SO 108.00- - 5JO - 1/3/1980 


.00 1975 aaunai 

00 100.00 - 4.60 : 14/ HT9S6 
•.SO 1969 CATOS* 0/S - 
50 IOO.OO 6,00 -1712/1909 

. DO 1968 ew aw t ri nM vd 
■ DO 100.00 4.75 3L/LZ/1S83 


m 1969 caBsmooMtoM «r 
30 100.00 . 6.25 • 15/12/1904 


.90 I960 CHEWS OIL 0/8 
» 290,00 . 3*00'r 7 /. 2 / 200 ?. 

50 19M CSKTGLEK O/S CAT 
JO 100.00 "3.00 - 17 2/1908 

JO 1968 C8ST5UX 0/6 GAP 
' JO 10S.00 4:75 : 15/ 3/068 


JO 1968 CIO m CAP 
X 100.00- . 3.75 1/U/19M 


111 7J8 4.06 AB 
TV 3/4 3.46 1ZJJB 
'74 7/6 6.34 8-79 

17 1/4 5.BO 8.DO 
74 1/4 iii 9.39 
0 3/4 3143 7.00 

» W in ‘ fcsi 

23 1/4 AJ0 10J» 
04 *J7 «.4r 

14 0/4 5.42 7J» 

96310 4.03 5.07 

21 . 4,®J 11.00 

.101 1/2 6 ,'Ul 5.97 

21 - - -4.00 U.00 

115 If* *.» »-17’ 

36 3/8 6-60 6.W 
(I 7 It* 10.43. 

22 7/8-7.77. 3i00 

63 3/8. 7.86 la.94 
12 7/B 7.77 3-06 

48 12-54 14^4 


-E.47 PC W 454 520 S08 955 940 960 

- • ixsx: .. - ..ny. 

123-32 -SB BJ 445- 000 933 940 960 §75 

IN- 

27.60 K tO 447 35 320 800 070 935 

. KHZ; . 940 947 9(0 970 • 

98.51 PCI? 3tt 800 935 940 9(0.975 

we I- r, 

ao.a wn 447 000 533 Tfooio 973 

_ . - 

IS.9= raw <57 • 38 5X0 000 076 939 
e.. ' 94Q947,560.975 
2. 76 PS XtJ-489 000 935 947 960 975 

9.71 nr BB <77 35 320 686 870 935 
W : . 960.-947 980 973 

-2.47 "PC Wt -'4J7 933 940 960 933 

J*' ' 

PC n 456 33 520 800 S70 935 

2Z - 9(0 960 9» 

S.21 "KM 456 35 520 >70 939 94Q 

iz*:;.... -960.975..- 
1.30 K Bj 447 328 BOO 935 940 96? 
..■UK015 

00.13 IS Hr-J3S 39 520 SW 870 535 
» ,y' ■ 940 960 975 

149.21 ya tif *47 800 940 *40 973 


*20.oo 1969 cma nxEBSAnonv-Br 
3.13 1MJJ0 - 5.75 1/ 3/1984 S 

50.00 1967 CniEOT OB CAP - 
50.00 100JM 4.75 31/12/19*2 0 

SO.OO 1972 ciums 
SOJU 100.00 4.15 1/13/1987 

15.00 1986 DJI. GRACE 0/S 
15.00 97.50 3.00 'l/ 4/1906 0 

25.00 1973 COULD 
25.80 100.00 3.00 1/12/1987 

50.00 I960 GOP & WQSH 1ST 
45.98 180.00 5.00 1/1/19*0 


2S.M 1973 linn ar ra . 
12.44 180.00 5.80 1/10/1992 


15.80 1970 nUDAX IUK 0/0 
10.00 100.80 8.00 15/10/1985 


50.00 1971. SOTBU CAP 
50.00 100.00 6.00 15/11/1906 


30.00- 1960 HOZTIZU. O/S 7a 


51 21 >59 

o in. ■ 

86 5ft 3.54 

25 .- 6.00 

77 3/4 Ul 
25 6.00 

87 5.83 
V 1/4 7-13 
110 3/4 4.51 

2k IM 4.84 

77 7/0 M2. 
. 11-1/8 3.93 
154" 2.73. 

*1.2/8 2-40 
98 3/4 8.27 
14 1/2 3.17 
7.11 
4.32 

84 7 n 5.98 


2V. 23 


8.27 

10.00 

0.12 

10.00 

7.25 

7.00 

3.61 

8.00 

0.33 

4.00 

2.29 

10.00 

8.39 

0.00 


5B 19.58 
1/ 8/1169 
*B 67 1/2 
31/ 5/1968 
SO 67 
30/ 6/1973 
R 57.32 
1/ 8/1967 
W 25.1 
1/ 9/1973 

a 19,46 
1/ 8/1960 

So 30.33 
29/17/1972 


ps a 
vx 


220, BOO 975 


*0 35 
It 5/1971 


64 3/0 

44 ' 


8.40 

7.60 


80 120 
1/ 7/1972 


1.97 30 103 1/4 


133.09 

108.37 

37.30 

-l.U 

36.22 

42.85 

158.56 

130.11 

99.17 


PC EO 
USE 


456 \35 520 800 870 935 
?40 947 KO 975 


10.80 

7.00 

50.80 

30.00 


BP SO 
IX 


PC EO 


n a 
ix 


456 35 520 800 8)0 035 

9*0-947 960 *75 
500 800 935 940 9(0 965 
975 

410 35 520 >00 870 *33 
9*0 9M 975 

437 55-526 600 878 935 

940 9M 975 

437 000 935 940 968 975 


26.00 

21.16 


1*71 

100.00 

1966 

100.00 

1968 

{ 00.00 


mm cap 

6.25 J5/11/1986 


XU 157. 
5. DO 


1/ 2/1908 


jctujb ax ns 

■4.75 IV 6/1983 


50.00 

38.00 


1973 

200.00 


mux 
4.75 


15/ 4/2987 


30.00 

50.00 


1968 

190.00 


^n*«* URALS CAP 
3.00 1/ 6/198 


12. SO 
12.50 


1972 

100.00 


SkUmoOTBlES 
.5.75 31/10/1987 


13.80 

15.00 


1969 

109.00 


SOf OIBBPEAS CAP.COBP. 
5.25 1/ 3/1989 


PC SD 405 800 915 940 960 973 


15.00 

15.00 


1968 

160.00 


BtABU or 

4.75 IV 5/1908 


ps ta 

LX 


361 35 520 Boo 070 935 

940 947 9M 175 977 


50.00 

39.00 


1972 

100.00 


3.00 IS/ 7/1987 


PC W 361 8W 955 949 9*0 975 


« W. '408 *5 SW OW 87Q SIS 
•IX-- -. 9*0 980 975 


05-13 PS *1 404 600960975 

■ 

14.77 85 20 447 000 93S 980 

. IX. *. 


-1J4 K B7 230 39 529 800 870 939 

W " 940 9*7 960 973 


W.n 559 35 320 800 870 935 

3*m- ’ 940 947 960 975 


20-EV 561 35 310 800 970 935 

-«U 940 947 960 073 

« 07 481 000 940 960 9a 

•AS'-: - 


a. 1969 
JO 1OO.O0 


o/s 

1/2/1984. 


3 1/2231.96 237.48 


5.75 

to 1968 caRxnsn 
JO 100.00 5^0 1/ 3/1908 


jo i960 crarax BAiA nr - 

"JO 100.00 5.00 0.6/1388 ■ 


» iso couob nee rn. 

JO 100*00 - 3.00- - 1/ 0/1900 4 


30 1 971 COOKnsXKrm . 

» 180.00 - 4.25 1/10/1984:' 

JO I9T2 uav 1 ‘ 

.: ■» 100.OT . 5.25 \ * \112tvm. 


JO 1972 BAB aBDCrata 
70 200:00 . " 4.75 .■ 15/:0/1907 


.» 1969 DEBT rmTOATTUan- ' 
W IOO.OO. . .5:50 . U 5/1905 


a ish Hennas nr 

10 100.00 3.50- 1/ 3/1980 


» 1460 HUUKSAXUn: 

19 100.00 3JO S/ 5/pn 9 

jo i960 tt£D&& muim' 

72 IOO.OO' 4.30 15/ 5/1999" "f 
1972 EATOR ZBiriB 



49J5 TOW 51 35 330 OSO 330 *35 

AI , ' 940 960 975 
K Cl _3U 000 935 9CQ 9» 


3-47 TO nj 4U 0OO 940 $60 9» 

. * . . 


16.01 100.00 5.00 15/ 2/19S3 8 

*4 

4 .U 

7.00 

15/ 5/1966 


BY 



25,00 1968 TXi.C. X8X 

15.00 JW.OO 5.50 1/ 6/1960 9 

51 

u.oa 

U-Sl 

«0 53 in 
1/ 6/19*9 


ps ta 

LX 

15 

800 97S 

50.oa 1977* IU OVD8EAS UB 

50.ro 100.00 6.00 1/ 0/1997 

92 7/8 
•36 

6.46 

6.» 

0.66 

4.06 

TO <3 1/1 
1/ 5/1*78 

23.12 

KP ES 
XX 

335 

35 520 BOO 870 935 
9*0 960 975 

30.00 1971-nrtSHXCt 9D1BLS 0/B 
39.00 10S.OO 7.00 15/ 6/1986 - 

>L 7/8 
5 

8.55 

10.32 

4.00 

TO 13.73 

20/J/U72 

124.83 

PO SD 
IX 

447 

BM 940 940 975 

50.00 I 960 2HT STAWBAP BXCTXTC 
68.30 too.ee 5.00 15/ 2/L9S8 

81 3/8 
28 7/8 

6.1* 

6.9S 

7-73 

6.00 

?D 54 3/* 
15/ 8/1968 

•NJ# 

PC ED 

ni 

327 

25 520 BOO 070 939 
940 960 975 

16.00 I960 ta STABM0b ELECIBIC 
16.00 100.00 3.25 1/L2/19U 

76 1/S 
28 7/0 

6.SO 
6.93 

6.00 

00 .66 3/4. 
U 6/1949 

75.90 

PC ED 
LI 

327 

800 940 960 973 

23.00 1969 T8X RAKUD ZZJG7IXC 
,23.00 100.00 6.25 1/11/1969 

03 5/8 
38 7/0 

7.47 

6.93 

8-50 

6.00 

fa M 

15/ 5/1910 

73.77 

P5 E8 
LOST 

441 

55 520 BOO 870 939 
MO 960 973 

12.00 19(6 JR BTILXrOO 0/0 

2.83 97 AO ■ 5.25. U 6/1986 0 

BS 1/4 
It i/2 

6.25 

7.03 

7.02 

7.80 

SO 16 

1/ 0/1*67 , 

ta.il 

PC EB 
IA0X 

339 

BOO 935 9U 973 

23.00 1966 188 BUM HCR1ITBGW 

25.00 100.00 1 AJ0 1/ 3A986 0 

St 

28 7/8 

5.01 

6,93 

(.00 

6.00 

SB 41 

1/ 1/1967 

29.21 

pc Ed 
BtLX 

337 

800 960 975 

SO.OO 1972 t-T.T 

50.00 100.00 4.73 . 1/10/1907 

15 3/8 
28 7/B 

6.30 

6.93 

0.(0 

6.00 

«D S6 I/I 
15/ 4/1973 

48.51 

60 ED 
LZ 

327 

35 520 8B0 079 933 
940 960 975 977 

20.00 1969 •Z/E.T, UOATOH n> 

20.00 100.00 b.SD 15/ 7/19B9 ' 

88 7/8 
28 7/8 

7.31 

6.93 

8.01 

6.00 

80 53 

1/ 2/1970 

69.29 

PS ES 
IX 

441 

35 320 BOO 870 935 
940 960 975 

25.00 I960 .MUTIM LOCAS D/S 

24.00 U0.00 4.76 1/ 6/1909 8 

81 Hi 
11 1/2 

5.93 

5AX 

9.50 

4.00 

88 54.79 
15/12/1968 


PR ED 

un 

4t8 

800 935 9*0 960 97S 

30.00 1968 teiTBin Wpi t cBHt RB 
28.50 UU>.W 3.00 1/^/1908 S 

83 1/6 
28 1/4 

6.10 

5.46 

7J4 

5.00 

(0 49 1/4 
1/ 8/1969 

43.13 

PS « 
Jill 

411 

35 520 800 935 9U 
960 975 

19.00 1968 jpeze KESOOBIZS UP 

25.00 100.00 5.73 1/12/1908 S 

82 1/2 

7.09 

8-39 

SS 2* 
13/11/1969 


PS ED 
LX 

229 

800 940 960 975 977 

20.00 I960 1XASCD OOSLD TRADE 

20.00 100.W 3 JfQ 15/ 6/198* 

81 3/4 
25 l/B 

6.12 

2-39 

7.W 

5.00 

00-40.8 

13/ 1/1969 

32.75 

PC EXT 
8T1X 

341 

BOO 935 940 975 

<0.00 1969 1X4SG0 DC 

40.00 100.00 5.00 15/ 1/1989 

71 in 
25 l/B 

6.99 

2.39 

9.25 

5.00 

0D 62 

1/ 9/1969 

76.44 

PC ED 
IX 

3CI 

800 935 9U 97S 

is.00 i960 mronro in mi 
14.00 100.00 5.00 .1/ a/1388 2 

26 

2S-16 

27.19 

00 AO.92 

1/ 3/1969 


pc ro 
LZIS 

327 

800 975 

60.00 1968 1X9 XHXUHIXXCEAI. 

59.99 100.00 5.00 1/ 7/1900 

57 3/8 
6 li* 

8.68 

12.47 

$8 66.32 

1/ 2/1969 


PS ED 
BtLX 

447 

800.9SS 940 960 979 


60.00 

60.00 


1973 

100.90 


SSSmSAKD 

4.25 15/ 2/1988 


50.00 

50.08 


<972 

100.00 


6QSW 1ST STS. 

4.25 15/ 6/1907 


75.00 

J3.ro 


2968 

100.00 


TEXACO OKfiATTQKS-naUI® 
4.50 1/ 7/1988 & 


7. GO 
7.00 


10.00 

10.00 

40.00 

29.01 


1969 

U0.00 

I960 

ioa.ro 


’/HI Hill BXCDA1 1ST 
7.09 1/ 7/1926 


5.00 1/ 2/1908 


1967 

100.80 


XB a n rr o«caray pox 
5.90 1/12/1997 


25.00 
22. CO 


1969 

100.00 


7 ico nr ns 

5.00 1/ 3/1984 


50.00 

38.62 


1967 
WO. 00 


CHIOS f.mTTB at 

6.75 1/ 7/1982 


30.00 

30.00 


1969 

100.00 


15.00 

U.00 


I960 

100.00 


vaibb jzbsc ns 

5.00 1/ 2/1989 

Kin FOSS 0/5 

5.75 1/11/1980 


15.00- 

U20 


1966 

100.00 


UBHES-LAXSCBT 

4.25 U 3/1991 S 


30.00 

90.00 


1973 

100.00 


cmm wmr 

1^25 1/ 4/J9B8 


40.00 

40.00 


1972 

100.00 


4.50 1/ 4/19*7 


20.00 

7.51 


IMS 

100.00 


CmOJAKIH T 

A. SO 1/ 8/1988 


73.00 

75.00 


19W 

130.00 


xxbo: couc&ATira 
' 5.00 1/12/198B 


53.89 MS? 4U 15 500 735 B70 935 
XX .*-- 940 940 975 


30 W 3d 000 035 960 WS 

wr 


30.00 1968 H4HSE tUXlD O/S 
30.00 100,00 3.00 13/ 5/1968 

15.00 19U XUStOlX 
9.35 100.00 - 5.00 13/10/1988 


60.63 88 B8 447 *35 520 WO 935 94?- 
1*V.-.V. r - 947 960 »» 


30.00 19a MASCO 
30.00 100.00 4JO 


31/ 1/1988 


» 


a joojo 5.M ■it stiw. 
a i»72 ta. ‘ nmnasm ia i 


a I0C.ro 4»T3.: XSJlinm 
a i960 ELBcrawnfi.MOKims 


M100.ro • 5*00- ■ 15/12/19M . 

a 1976 /iitana cabem/pcx 


a ioo.oo wi 1/13/3551, 
a ms ns be pi skies nt. 


e s/a 

45-1/2: 

82.1/8 
S4 1/4- 
19 ifi 
» m; 
e'l/B «*« nisi 
4 •■- .4M 

J9 5/8 . ?.S5 0.4» 
26 s/a ft.oo_n.ro. 



W 40.97 
1/10/1969 

ID 29 17* 

1/10/1944 
*0 26 *1/1 
31/12/196* 

.w’w 

W VIM* 
W 35 
. 1/1/1973 
(0 .43 1/2 

V 20 / 1 * 73 

ro 33 m 

15/7/196$ 

n as m 

1/ B/L977 


42.98 TOW 447 000 MO 060 »» 


25.00 U72 KASSS7SAL SICE 8EALTT 
29.80 108.00 6.75 15/ 7/1987 


76 3/4 6.51 
14 1/4 5.61 
66 5/8 7,50 

20 7a 1.10 

n HZ 5.94 
18 2,22 

84 1/2 7.99 
14 8.64 


8.47 

9.00 

70,28 

10.00 

8.18 

10.00 

$.27 

12.00 


SO 40 ■ 
15/12/1968 


(0 29-91 
15/ 3/l»74 


*0 32 1/4 
If 1/1976 


06J8 IC'W 35$ 000 040 $60 $75 

1* I • L-.. . 


3o.oq Ian j jfix issawrt 


50 32 1/4 
IV 3/l 9TO 
So 16 3/4 


113,44 

83.24 

3S.27 

94,65 

2.70 


PS BN 


so to 

LX 


All 35 520 800 935 $40 
960 975 

447 000 935 SCO 960 975 


SD EB 
ix 


465 800 935 940 960 9U 
361 800 940 960 975 
SO ED 485 35 870 935 940 960 


so ta 

IM 


153J2 pew 461 000 $3S 9(0 960 975 


72.22 TOW 436 33 370 806 579 935 
UOte - KO 947 $60 $» $TO 


31.08 W TO 454 33 520 800 070 933 

1» . 9(0 9(0 «W 


63.17 ic ar AU. 35 320 670 ns 04B 

. . ,N»m 

TO W% SM' 8QQ <40 $60 $19 

36JJ7 TO M 5L0 35 520 *00 070 135 

UL : 940 947 960 $n 


4.30 L3/12/TO&5 S 


* 100.00 . 

10 1972 9E0DE85 C4P _ 

■KJ 100.00 5JB ■ H 5FIA9Z 
a i960. T mc o«0/era ■ 
a ioo.ro 3.00- .-yjs/w*. 
c i960 >roo arr ctf 


4.57 

10.0a 


mm <,<4 

25 7/B 6*16 
Vl/4 SUB J2.73. 
4 


00 7/8 6.W 
147/8 7.35 


- tf 1O0.M - 5«00 . JT 

c 1973 nmxtxm 
4 ua.ro 3.00 -15/ 3/15*3 

« 1071 7013 3T CAP ‘ .. 

. O 100.00 6.C0 157 3/U66 

O 1972 GB3B1L ELECTBXC'b/8 . 
0 100.00 ' 4.25 .15/6/1987 . 

0 1967 omiltlWMO/B-- - 
.9 100.00 4.625 1/10/1 $82 K; 

C 1908 6BRSC& WWB APWBtt 
a U0.ro 5.50 ■ */ 3A9W - 


« V* S.J2 
• jt 5(9 7.69 

WW* 

41W8 


7,T? 

.8,W: 

7JU 

.3,00 


KA8 

7M 


& s/i wt 

41 5/B 7J9 


■tr 3/4 £20 
45 5/8 4^2 
$05/8 J5.17 - 
-29 3/9 5J8 

,381/4$. <4 1 
•5 3/0 


40 AX 
15/ 7/>W* 
ff 47.34 
U/X2A97f 
$0 .39 3/8 
31/12/1968 
0 55.22 

zs^i/aw 

W 56.11 
30/ 4/137* 
SB 50.48 
' l/U/1971 

- 6.96 «M 80 3/4 
10.00. LS/. 6/1973 
2*14' « 42-07* 
9.00 1/7AH8 


62.42 TO HT ■ 447 BOO 935 940 9(0 979 


TO W'-Wfe 'HO $35 940 9(0 975 

IZ- ’*'■ — . - 


5».n TO TO 40A ^5 320 000 sn 933 

. Nax .---^. -940 960 97S 


7.99 

,3.0a 


21^2 TOW 4U' 35 52* 000 >70 MS 
MIX i ..MB M7 900 m 

18.90- TO W <{£, X} 3W 000 >70 995 
• SS ; •- . 980-949 960 175 


.7.23 

3.00 


12J3 TOW : 4U‘ ^ 520 000 670 935 

Ut - . ■• ••. 940 947.9(4 WsH 


44.69 -TOW 416. 3$ 92ft VO M) 955 
.■ IX , . .940 960 975 - 


32.27 MS 4tt 33 2208TO070 335 
BUX . . . MB 960 9*5 ’ 


13*13 10 38 _ 
1/U/196S 


TOW 447 8M 143 940 960 9^ 

xaz 


15.55 100.00 

4.75 

15/10/1507 


24 S/4 

ft.OA 

-4.00 

1/ 5/1*73 


XX' 


975 

15.00 1969 

IBB CAP 



59 S/I 

5.4* 

12.55 

m 8i 


ps a 

346 

WO 940 975 

15.00 uo.ro 

5.50 

1/ 3/1989 

• 

6 


U.00 

H I/19TO 


XX 



35.00 i960 

HOB TOT 



*5 3/4 5.81 

6.30 

P 

4J.K 73 a 

TO2 

808 935 940 $68 975 

17.33 ZOO.OO 

• 4.75 

15/ 6/190 

S 

48 3/4 



V1/1M9 


KT 



20.00 1972 

BOUSED DC 


71 3/4 

1.97 

9.W 

to 48 1/2 

157.77 

PB 80 

456 

ON UO 960 075 

20.00 180,00 

5.00 

15/ 6/1987 


u in 

6.67 

9.00 

15/ 5/1973. 


LX 



25.00 1965 

BDBAKO HZ 


90 9/8 

5.04 

6.17 

90 tt 

55.06 

PC £0 

399 -5=0'B» 935 948 547* 

18.99 zro.ro 

tJa 

15/10/1985 

S 

50 1/1 

4118 

7. BO 

1/ S/l»« 


IT 


940 975 

TO.ro 1972 

JJP. 'SBCULfi/S' CAP 


98 

4.43 

4.79 

SD 52 IM 

22,12 

k a 

45* 

35 520 800 170 935 

ALwiw.ro 

4.25 

15/ 6/1987 


40 7/1 

5,38 

8.00 

15/ 6/1973 

LX 


940.960 975 

30.00 19U 

1RGWU BE 


102 1/4 

4.40 

4.03 

(0 39.685 

12.71 

K ED 

All 

600 SOD 915 540 9*7 

6.91 lM.ro 

4.50 

1/ 7/1903 


36 

2.75 

11.0Q 

l/ - 2/l«9 


UKT 


9M 975 

30.00 INO 

iuwb tans 


99 7/8 

5.26 

5.28 

$0 50 1/2 

SOB 

ic ro 

445 

35 020 800 070 935 

20.01 100.00 

5.25 

1/3/19* 


48 7/8 

L11 

1Z>N 

1S£ 9/1948 


nu 


9*0 900 97V 

7.00 1967 

fJZUUL UI 0/1 


a 1/2 

«.M 

7.96 

ro 10-7 

-.86 

PC ED 

578 

BOO 915 

1.57 1N.W 

5.375 

-1/12/1987 S 

15 3/4 

4.06 

5.W 

1/ 6/196* 


IX 



ro.ro i9«« 

WBCC8 O/S 


*2 2/B 

S.S7 

0.89 

ro 49 

11-77 

PC XD 

418 

SCO 940 960 

6.93 100.00 

4.75 

15/13/1983 

8 

14 7/1 

4.50 

9.00 

15/12/1969 


XX 



25.00 1972 

om-tiurois no 


TO* 3/4 

3.9* 

2.70 

|D 54 1/4 

143 

k ro 

32B 

35 S» BT9 935 940 

M.ro 3W.ro 

.-.50 

3/ 7/14*7 


81 3/8 

1.06 

3.00 

1/ 2/1973" 


LX 


947 960 975 

30.00 I960 

2tf«SEHCA|0/» 


IK H2 

7.0S 

9.09 

|S 15.97 

137.95 

ps nr 

447 

BOO 935 940 H7 060 

30.00 1Q9.W 

5.25 

l/B Jim 


5 


4.00 

1/5/1969 


IK 


979 

25.00 1969' 

3.0. mroar Boson , 


80 3/4 

8.76 

7.46 

ro M in 


k ta 

412 

BOO 935 940 96ft 975 

1240 100,00 

fe.ro 

1/13/19*9 


33 1/4 

4.45 

9.00 

U 7/19J0 

XX 



35,00 1972 

J.G. Pf-Mi.f DC TZB 


75 3/1 

5.97 

8-35 

* 

M,tt 

PS EH 

411 

35 520 Boo 8TO ill 

35.00 I00.DQ 

4.50 

1/ i/Z9S7 


33 V* 

445 

9.00 

1/ 8/1973 

IX 

940 960 975 

10.W 196$ 

FtASEllC ffwniq TTt 


TO 3/4 

7M 

10.0 

ro » 


is ro 

68S 

BOO 940 960 973 

ifl.ro iro.ro 

8A0 

15/12/1984 


4 


7.00 

157 7/1970 


n 



8.00 I960 

BWHWM HIT 


90 1/8 

5.82 

7.(5 

?U TO 3/4 

3tL50 

ICES 

235 

WO 940 IU 973 

8.00 io«,ro 

3-25 

WHIM 3 


It 1/2 

3.15 

7.00 

It 1/1901 


XX 




76 ■ 

8.22 

10.37 

ro is.57 


EC EO 

454 

3 V* 

3.28 

12.00 

15/ 7/1972 


IX 


83 7/8 

5-96 

7.33 

ro 55 

91.22 

PC ED 

447 

24 1/8 

4-97 

7.00 

U 3/1969 


KM 


122 1/6 3.92 

.54 

SO 34 

1.38 

pc sr 

346 

41. 

2.68 

13.00 

2/ 1/1969 


IX 


106 1/8 

4.48 

3.94 

ro 39 3/4 

2.89 

PS ED 

346 

<1 

2.88 

13.00 

2/ 1/1973 


IX 


84 m 

6.03 

7.33 

to 44.76 

25.51 

PS ED 

399 

30 

3.00 

7.00. 

31/ 3/1969 


IE1 


68 1/4 8.60 

XI. 49 

ro to 

110.00 

WED 

378 

4 7/B 


8.00 

30/ 4/1973 


IX 


80 3/8 

6.33 

7.90 

TO'.*6.55 

123.37 

PS ID 

235 

26 3/4 

5.97 

4.00 

1/ 1/1970 


nu 


87 

5.46 

6.ST 

TO 14.333 

22.69 

K ED 

4S5 

13 

4.00 

J3-D0 

1/ 1/1969 


XX 


82 m 

6.03 

7.60 

TO 40 3/4 

42,95 

SD Ed 

454 

23 5/8 

2-3* 

10.00 

H 2/2973 


LX 


81 

5.2S 

6.94 

TO 32 1/2 

24.99 

SD ED 

235 

33 3/8 

3.36 

7.00 

15/ 3/1-974 


IX 


77 7/B 

5l4* 

•7.64 

ro 57 

81.18 

■ps ta 

235 

24 173 

4.16 

Ii-00 

15/ 3/1973 


IX 


TJ 1/2 

5J9 

7.S2 

ro « 1/6 

31.27 

PC ED 

456 

26 1/8 

7.66 

B.00 

25/ 4/1963 


R 


B4 1/2 

0.28 

10.41 

SU 45.22 

124.77 

PS EB 

<47 

17 


33.00 

15/ 1/1970 


IX 


*4 1/4 

3.93 

7.27 

SD 52 1/2 

34.52 

PCED 

•485 

28 3/8 

SA9 

6.00 

U 3/1969- 


LZ 


101 7/0 

4.97 

4.81 

TO =6 

13.92 ‘ PC ES 

447 

23 1/4 

3.BL 

4.00 

H 5/1949 


XX 


70 1/4 

6.49 

10.0K 61 in 


PS EB 

346 

33 HI 

2.96 

7. DO 

1/11/1969 


AH 


91 VB 

S.27 

7.18 

00 56 V2 

30.70 

i*c EC 

456 

39 1/2 

7.09 

7.80 

1/ 5/1960 


nu 


76 

6.50 

8.43 

SO 63.14 

72.92 

TO JO 

485 

23 3/6 

5.23 

3.00 

U 9/1969 


SI 


72 7/B 

7.89 

9.97 

TO 47.89 


PS ED 

447 

7 OT 



1/ 6/1969 


BtLX 


113 

3.80 

.03 

ro to 

•a.a 

PC SB 

458 

26 7/8 

4.09 

12.00 

1/ A/1967 


mi 


73 2/4 

5.00 

8.23 

TO 61 Hi 

"It 4/1976 

67.62 

HP E3 

456 

2A 7/8 

4.09 

12-00 


IX 


79 1/2 

5.(6 

7.70 

TO 48 

41-99 

SP ZD 

456 

M 7/B 

6.09 

12.00 

1/ 5/1973 


LX 


97 3/4 

4.66 

4.83 

TO 29 

5.45 

PC to 

*56 

26 7/B 

4.09 

12.00 

1/ 5/1969 


XX 


77 1/4 

6.43 

8.21 

TO 20 

136.31 

an ZB 

411 

44 3/4 

3.58 

9.00 

1/ 1/1975 


LB 



454 800 940 960 97S- 


940 960 975 


9*7 960 975 


947 MO 975 


947 MO 975 


9*0 960 975 


9*0 947 960 975 


9*0 « 7 960 975 977 


960 975 977 


447 800 935 940 960 975 


977 


940 960 975 


935 960 960 975 


TRAFALGAR FUND SA. 

soar™ ANONYM 
14 RUE ALDRINGEN. LUXEMBOURG 
R£. LUXEMBOURG B 8202 


NOTICE IS KCREBY GIVEN ta SharcbcHOors mat an EatraonHnarv General 
Meetma of top above-nameO eomoanv will tv hold r; 3 o.m. on 'ukseL-v. 7th 
March. 1978 at 14 rue Aldnftoai. Luxembourg, with the foil owing Agenda:— 

1. To approve and author.™ uia axecuUon °! an agreeniant itne ” Merger 
Agreement "I between the Company and Intercontinental Tcchnoloy and Natural 
Rasource* s A. i"rT»Hr*i by whicn. Inter alia:— 

<ai the Lquldator el ITNR win, on iTNR'c benalt. surctiua anllor sutecribe 
and M* in tull In cash for shares In the Company having an aggregate 
Net Asset Value equal to the value of Hie total assets Hew an amount 
suctclent u meet all the Mbilltlesi ol ITNR. at a price per snare equal 
to the Net Asset Value par chare ol the Company, such Net Asset Value 
and the value ol such assets being calculated as at tie date upon 
which tfm Merger Ag r e eme nt is executed and In acrot-dance with the 
valuation rules contained In the Articles ol Incorporation ot the Com- 
Mny and the term* of the Merger Agreement respectively; and 
®' immMtaiely after such purchase and I or subscription, the liquidator at 
ITNR will •ransler to the Company all Its assets rot her than the Share* 
in the Company mentioned in paragraph u) above and any part of such 
«s «s w hich the Company may. under the terms of the Merger 
Agreement, not be required to accept) lor 4 consideration in cash In 
u - s - o^lars equal to fa value rdetermlned as mentioned in paragraph 
o' ahbvei ol the assets so translcrred. 

..a ■ 5 “? 1 . ect *» TO* Resolution numbered 1 above having been duly passed 

and w the Merger Agreement having been executed, to fix 31st March 1978 a* a 
special date for the repuraun by Trafalgar Realisation* s.A. ol shares In tno 
Crmaary supnrtrtfd to it for repurchase and -o authorise the 

Baard ot Direct arr ta accept applications for Hie repurchase el shard on *vet| 
date at any lime up to the close of business on such date. 

Shareholders are advised that, |g order lor valid decisions to be take-' ar 
the meeting, the quorum requires I* that at least 50 per cent, of the shares in 
TO* Company id issue by represented either in person fir bp Proxy, In the 
event that a quorum is not present. ;f (he Board of Directors SO resolves lor 
outer reasons, a second meeting, at which there will be no quorum renulrcment. 

** wuvened by lurther notice. In such event, voting on all items set 
l °rth ii business ol the original meeting will be adjourned to tlw second meeting. 

«... « a romance with Luxembourg taw tor the resolutions to re proposed at the 
meeting jaJ ai any second meeting 10 be passed two-thirds ol the total 
BOl « attnbueabie to the shares represented at the meeting must be 
us? in ttKOur tHCrrof, 

„ - h ? D i2S5, 2 b 2i rer m *7 vote az the Meeting In ptraon by producing 

«„TOe Meeting either their share certificates or a certificate ol deposit which 
win be issued to tnem against dtawslt ol their share certificates with either 
^oaombourg it 14 rue Aldrmgen. Luxemoourg or J. Henry 
scnroifer Bin a Co. Limited at 120 Cheapside. London E.C.2 not later than 
-° q NI-mOAY- 6th March, 1978. Holden ol bearer shares may also vete 
completing the form of proxy which will ae made 
* a TO«n*9^"*t depoert of their share certificates as aforesaid. Share 
b " “" bl ** MertnB * anV ad( ° um " W 

rag.s^'Sr^Co^.rl S-55 uSy wnefa?w? Meeting 

In pcrsou m ov proxy. Forms ot prr«v will be sent to all registered slureholdera. 

y*V — ■ dB, 1 T Completed forms ol proxy must reach thy 
IST^Jirch *1978 AJ rinpen - •■‘“•mbeura not later than 3 p.m. on Monday. 

Tb* merger and related dscorpenfs are avalfafile for inspection at Saiwoc 
Gdn^rafe du Luxembourg. S.A, Luxembourg. 

For and on behalf o! 

TOA/ALGAR FUND S.A. 

The Board ol Directors. 














































































EXPLANATORY NOTES 
AND ABBREVIATIONS 


LISTINGS 


Antwerp 

Amsterdam 

American Stock 

Exchange 

Brussels 

Beirut 

Dublin 

Dusseldorf 

Frankfurt 
Hong Kong 
Kuala Lumpur 
London 
Luxembourg 


ML = Mtfan 

NY — New York 

PR = Paris 

RM = Rome 

SI = Singapore 

UQ = Unquoted 

V7C = Vienna 

ZR = Zurich & other Swiss 

delivery 

EU = Europe 
EN = Europe/New York 
HfY = New York 
EA = Europe/Asia 


TYPE OF GUARANTEE OR SECURITY 

L GUARANTEES 2. OTHER SECURITY 

GG = Government CL = CoUaftoral Co 


Government 

Guarantee 

State or Local Govt. 
Guarantee 
Parent Guarantee 
Bank Guarantee 
These borrowers 
have Public Works 
Loans B as a lender 
of last resort 


Collateral Cover 
First Mortgage 
Negative Pledge 
Subordinated— 
Parent Guarantee 
Special Clause 
Subordinated 
Unsecured 
Unsecured Loan 
Throughout 
Agreement ■ 


SPECIAL REFERENCES 

1. GENERAL—ATTACHED TO NAME OF BORROWER 

D = Domestic Management group 
L = Bondholders option to redeem loan prior to 
maturity 

P = Private or semi-private placement 
MC = Principal/Interest payable in more than two 
currencies . ~. 

IV — Withholding taxes (with percentage rate 
WW = With warrants 
XW = Ex-warrants 

2. £/D9l ISSUES 

The figures given are the rate at which the DM rare is-fixed. 

3. FLOATING RATE ISSUES 

The figures given are the minimum coupon rate. 

% margin above LIBOR. 

4. ATTACHED TO MATURITY DESCRIPTION 
S = Semi-annual payments 

5. ATTACHED TO NEXT S/F AMOUNT 

PF = Purchase fund®—the amount shown Is the annual 
total (or total to the next coupon date), which 
mav be applied The vear associated with the 
SSJimfshSwm relates to'the end of the purchase 

DP s* Ron-cumulative option to double sinking fund 
payments. 

6. CONVERTIBLE ISSUES 

the indicated stocks. 


NAME OF BOND 
American Tobacco lot. 53 
Amoco Int Fin 5| 

Bankers Int (Lux'! 5 
Broadway—Hale Stores 4| 
Chevron Oil O/S 5 

Dart Industries 4} 

Inter-Continental Hotels 7 
Int Standard Elec 5 

- :: ; IS 

ISA Finance Holdings 4} 
Kinney _ ^ &! 

Lea sco World Trade 5 
Leasco Int 5 

Norwich OS 4| 

Owens-Illinois 4i 

Plywood Champion Int »3 
Levin-Townsend Int Fin 5. 
Asia Navtuation Int §3 
Burmah OB 5* 


CONVERTIBLE INTO 
1988 American Brands Inc 
1984 Standard Oil Indiana 
1980 Bankers Trust New York 

1987 Carter Hawley Hale 

1988 Standard Oil of California. 

1987 Minnesota Mining & 

Manufacturing 

1980 Pan-Am World Airways 

1988 Internationa] Tel & Tel 

1988 n « » 

1989 n n » 

1980 .. * , - 

1990 Warner Common Tnc. 

19S8 Reliance Group Inc 
1989 *v ^ „ 

1983 Morton-Norwich Products 

1987 Owens Corning Fibreglass 
1983 Champion Int 

1988 Rockwood Computer 

1989 East Asia Navigation Co 
1988 Shell Transport & Trading 


The following international convertible issues have fixed 
rates of currency conversion. 

COUNTRY — FRANCE 

Dollar issues convertible at fixed rate of $1 = F Jrs5554 
Michelin Int Dev. . 6 l«8o 

Suez et LTInlon Paris < 19 &> 

COUNTRY—NETHERLANDS 

Dollar issues convertible at fixed rate of 81 = D.Fl.3.00 
All Netherlands Convertibles 

COUNTRY—HONG KONG 

Dollar issues convertible at fixed rate of 5HK1 = £3-07 
Asia Navigation Int. os 


COUNTRY - JAPAN $ issues convertible at 

- . fixed rate of 51 — 29a.S Yen 

* n b - Yen Toshiba 6J 1990 

fixed rate of SI — 360 sen 

Dai Nippon Printing 6J 1986 $ issues con^rtibk at 

Fuii Photo Film 6J 1985 fixed rate of *1 - 294.2 Yen 

Hitachi 6} 1979 Komatsu Ltd. 7* 1990 

Hitachi 61 1384 j issues convertible at 

Komatsu Manufac- fixed ra te of ?1 = 293.53 Yen 

hiring 61 1984 Sanyo Electric Co. 6* 1991 

Mitsubishi Electric t 198a , ~, nW ftrHhio at 

Mitsubishi Shoji * o^ n ^fs i - l&tn Y»n 

Kaisha 74 1985 fixed rate of 51 — Z93.0 Jen 

Takeda Chemical Ind. 6* 1984 Mltsifclshj 7J 1990 

Toshiba Electric 84 1983 $ issues convertible at 

S issues convertible at Ind Srt 

fixed rate of SI = 305.0 Yen Sumitomo Metal ind. 8 1992 

Mitsubishi Electric 7J 1991 S issues convertible at 

Mitsubishi Heavy Ind. S* 1991 fixed rate of 51 “ 280.0 Yen 

S issues convertible at pionwr 1980 

fixed rate of ?1 = 303.0 Y'en $ issues convertible at 

Asahi Chemical 61 1990 fixed rate of $1 — 278.0 Y'en 

Kubota 6| 1991 Canon 7} 1980 

Matsushita Elec. Ind. 6J 1990 Eidal 71 1989 

S issues convertible at COUNTRY—UNITED 

fixed rate of SI = 302.7 Y'en KINGDOM 

Sanyo Electric 71 1990 ^ issues convertible at 

S issues convertible at fixed rate of £1 = $2.60 

fixed rate of $1 = 30L0 Yen Slater Walker Int. Fin 5} 1987 
Mitsubishi Corpora- -nur-tzunnx- 

tion 6} 1991 . COUNTRY —SINGAPORE 

„ . .... * $ issues convertible at 

$ issues convertible at fixed rate of 51 = $82.32 

fixed rate of SI - 299.0 Yen United Overseas Bank B* 1988 

Marui 64 1991 _ _ 

Mitsui and Co. Si 1989 COUNTRY — SOUTH AFRICA 

5 issues convertible at $ Issues convertible at 

fired rate of $1 = 29S Yen fixed rate of RD1 = 51.40 
Mitsui and Co. 73 1990 Rand Selection 64 1986 

Union Bank of Switzerland (Lux.) 3% 1981 differs from other 
convertibles in that the bonds are denominated USSI350 and 
each bond is convertible into 1 Bearer share of S.-Ft- 500 nominal 
value of UBS. 

Credit Suisse (Bahamas) 4i 1991 differs from other con¬ 
vertibles in that -the bond is denominated US$1000 and each 
bond Is convertible into 1 Bearer Share of SJrSOO nominal value 
of Credit Suisse. 

The following convertible issues have conversion rights 
which expire prior to maturity: 


NAME OF BOND 


Asahi Chemical 
Dai Nippon Ptg. 
Deere Overseas 
Hitachi 
Mitsubishi El 
Rand Selection 
Takeda Chem 
Toshiba Elec 
Toshiba 


MATURITY CONVERSION 
RIGHTS 


30/9/1990 

31/5/1986 

15/6/1986 

30/9/1984 

31/3/1985 

1/3/199S 

31/3/1984 

31/3/1985 

30/9/1990 


EXPIRE 
15/9/1990 
30/4/1986 
15/3/1977 
31/8/19S4 
28/2/1985 
31/1/1986 
28/2/1984 
2S/2/1984 
15/9/1990 


The following convertible issue has been called for redemp¬ 
tion at 1029& on 16th August, 1976: 

Mitsubishi Shoji Kaisha TJ 31/10/1BS5 
Called for redemption at 104% on 30th Sept. 1976. 

7, DENOMINATION OF NON-DOLLAR BONDS 

Euro-guilders—all denominated PI. 10.000 

French Francs—aW denominated Ffr. 5,000 

■with the exception of 

Aerospatiale Ffr. 10.000 

European Coal & Steel 7% 1980 Ffr. 10.000 

European Coal & Steel 74% 1991 Ffr. 10,000 

Francalse de Petroles—BP Ffr. 10,000 

Philips Lamps 104% 1980 Ffr. 50,000 

Roussel— IJrlaf Ffr. 10.000 

SOPAD Ffr. 50,000 

STERLING -DEUTSOS; MARKS 
Enso Gutzeit 64% 1980 £100: £500 

K3 8% 1986 £500 

Ireland 7% 1981 £100: £500 

Ireland 7% 1988 £500 

Met Estates 6i% 1987 £500 

New Zealand 6}% 1982 190: £430 

New Zealand 7j% 1978 £100: £500 

Mobil 55% 1980 £100: £500 

Rothmans Int 64% 1992 £500 

Sira Kyina 7J% 1§83 £100: £300 

Slater Walker 74%_19S7 £300 

Swedish Lamco 5J% i960 £ 100 : £500 

Turin 64% 1984 £ 100 : £500 

hb Rubber 6% 1980 £100: £500 



This t mnouncement appears as a matter of record only 



COMMONWEALTH OF THE 

BAHAMAS 

US$10,000,000 Medium Term Loan 


CISALPINE OVERSEAS 
BANK LIMITED 
Nassau 


Underwritten by 

ROYAL BANK OF CANADA WOKLD BANKING 
INTERNATIONAL LIMITED CORPORATION LIMITED 
Nassau Nassau 


.Provided by the following Nassau based banks or branches 

Bankers Trust Company 

Bank of London & Montreal Limited 

Banque Canadlenne Nationale (Bahamas) Limited 

Cisalpine Overseas Bank Limited 

Credit Suisse (Bahamas 1 Limited 

First National Bank of Boston Nassau Branch 

lnteramerican Bank Corporation SA. 

Manufacturers Hanover Trust Company 

Morgan Guaranty Trust Company of New Y’ork 

Republic National Bank of New York (International) Limited 

Roywest Banking Corporation Limited 

Swiss Bank Corporation (Overseas) Limited 

E.D- Sassoon Bank & Trust International 

The Bank of Nova Scotia Trust Company (Bahamas) Limited 

The Royal Bank of Canada International Limited 

World Banking Corporation Limited 

Artoc Bank & Trust Limited 

Bank for Credit & Foreign Commerce (Overseas) Limited 
Bank Leu International Limited 

Continental Illinois National Bank & Trust Company of Chicago 

Gotthard Bank International 

Handels bank N.W. (Overseas) Limited 

Hongkong & Shanghai Banking Corporation Limited 

Trade Development Bank 

Agent & Manager 
THE CENTRAL BANK 
OF THE 
BAHAMAS 



December, 1977 


NOTICE OF REDEMPTION 

1o Hie holders of Debentures payable in Arnarican Currency 
of tija iss»a derignatud 

8%% Sinking Rind Debentures duo March 1 5 , 1986, Series BS >. ( 
(herein called “Debentures"} of the 

QUEBEC HYDROELECTRIC COMMISSION 

CANADA 

PUBLIC SOTTCE 33 3T EHKBT tH YCT ibafc the Quebec Hydro Electric Commission intends to end tri g 
redeem, for SINKING FUND PURPOSES on Hared 15, 1S7S, pursuant to the WOrtsSans d tbe Debentures, 
the fonowlns debentures a* indicated, of the £ho re-men Honed. Issue, at,1005» principal amount pins accrued 
interest to the redemption .date, namely; 

31 1325 2425 3640 4863 6028 7230 8412 9633 10850 12048 13224 14446 15611 16818 18023 19228 

62 1263 2470 3665 4884 6062 7259 3423 9659 10871 12067.13250 14471 15643 16865 18059 19268 

79 1291 2488 3694 4920 6094 .7284 8449 9697 10893 12095. 13261 14492 15689 18384 18054 19285 

112 1323 2515 3719 4935 6113 7327 8550 9716 10924 12129 13276 14523 15707 16919 18140 19322 

184 1371 2571 3774 4967 6161 7345 8563 9772 10953 1216T 13300 14550 15730 16963 18150 19369 

199 1337 2600 3789 4995 6197 7419 8588 9794 10977 12131 13304 14578 15761 16989 18101 19391 

228 1435 2638 3834 5022 6218 7438 8621 9821 11031 12217 13318 14631 15811 17034 18247 19423 

267 1454 2670 3865 5067 6259 7472 8653 9869 11089 12258 13329 14656 15838 17061 18268 19460 

290 1480 2096 3891 5085 6291 7498 8689 9894 11098 12287 13342 14688 15882 17086 18293 19484 

318 1525 2718 3918 5112 6312 7532 8729 9921 11116 1Z335 13530 14735 15911 171Z7 18337 19520 

341 1561 2774 3962 5134 6363 7570 8765 9966 11187 12364 13554 14762 15945 17168 18366 19563 

375 1600 2792 3979 6141 6389 7689 8787 9995 11229 12391 13593 14784 15991 17191 18385 19590 

412 1633 2803 4040 5E18 6422 7626 8814 10022 11265 12404 13630 14812 16013 17210 13429 19622 

450 1671 2909 407+ 5261 6467 7654 8858 10058 11290 12408 13683 14866 16042 17267 18465 .19659 

473 1686 2925 4100 5293 6491 7681 8872 10089 11326 12419 13700 14883 16081 17297 18492 19691 

531 1712 2944 4139 5317 6524 7724 S936 101T2 11364 12573 13721 149Z0 16129 17335 18521 19707 

563 1780 2965 4175 5355 6568 7763 8965 10167 11380 12535 13765 14965 16173 17359 1S573 19726 

B9Z 1795 2989 4224 5380 6593 7784 8994 10195 11421 12600 13789 14994 16195 17S92 1B600 19771 

620 1524 3025 4268 5413 6607 .7809 9039 10219 11470 12636 13828 15002 16226 17430- 18635 19798 

686 1860 3029 4287 5472 6670 7861 9075 10267 11483 12657 13859 15026 16261 17466 18672 19814 

700 1897 3067 4320 5500 6692 7833 9099 10281 11515 12680 -13895 15072 16290 17497 18694 19668 

718 1923 3112 4375 5513 6723 7922 9141 10332 11542 12731 13924 1S123 16316 175 21 1B72S 19887 

762 1964 3148 4393 5542 6770 7964 9157 10356 11618 12763 13966 15150 16368 17569 18767 19938 

783 1985 3171 4423 5561 6791 7993 9186 10381 11637 12789 1S995 15171 10384 17595 18794 19971 

825 2032 3216 4447 567+ 6835 8012 9225 1042+ 11657 12884 14021 15216 1 6427 17622 18821 

871 2069 3222 4494 5686 6857 805+ 9273 1G457 11685 12900 14061 15243 16465 17673 18867 

898 2088 3325 4536 5700 -6898 8075 9234 10476 11787 12916 14094 15253 1 6487 17699 18884 

930 2131 3336 4567 5719 6936 8157 9339 10523 11792 12937 1411+ 15313 16531 17713 18933 

969 2174 3348 4598 5737 6964 8174-9365 10551 1TS6T 12970 14100 153+1 10562 17732 18976 

899 2193 3372 4631 5769 6980 8200 9386 10586 11874 12992 14185 15379 1659+ 17785 18997 

.1003 2224 3406 4655 5518 7030 8236 9409 10614 11389 12021 14209 15418 16625 1782Z 19028 

1110 2271 3444 4697 5837 7061 8259 9477 10663 11900 13043 14257 15446 16862 17863 19072 

1136 2295 3496 4716 5S68 7089 8291 9494 10691 11937 13074 14283 15461 16700 17890 19100 

1145 232+ 3518 4760 5921 7113 8324 9510 10728 11955 13115 14321 15522 16739 17944 19110 

1160 2357 3563 4778 5934 7159 8360 9570 10822 11961 13138 14353 13550 16763 17966 19172 

1152 2389 3571 482+ 5982 7188 S3S3 9600 10837 12040 13179 14385 15573 1 6788 17995 19190 

Debentures to bo So redeemed, vill become due end payable and win be paid Sa each coin-dr caii *} ar ®’ P? 
the United States of America as at the lime of payment is leral tender Jot public and private osbts 
United States of America, at the office of the Fiscal Accnt, Banfcof Montreal Trust Company m the Borouwi 
of Manhattan. Cltr and State of New Tort, United States of America, or at any of the offices of thei lollowmff 
Paying Agencies: Bant of Montreal, Montreal, P.Q., Canada; Bant of Montreal, Londoifc J3n«ta»d^J£redl*t- 
bant N.V„ Brussels, Eel slum: Westdeutsche landesbank GlraaentraJe. Dusseldorf.^Federal Eepuouc « 
Germany; Krcdletbank S-A- Luxembourg, Grand Duchy of Luxembourg; S. O. Warbu rg 5a Co. Limited. 
London, England; Co mm en-bank AktienfieseJkebBffc. Dusseldorf. Federal Republic 1 

bank AfcHentreseUschaft. FrankTnrt, Federal Republic of Germany: Batmue Francaisa ds et de Tjtraa 

In Paris, France, upon presentation and surrender of Debentures bearing the above number^, trull au 

coupons maturin; after March 15.1978 attached. ! . , . ._ _ . . . . , . 

From and after March 15, JUTE, Interest on (be debentures fa be go redeemed WDZ eeaea ana unerase 
coupons maturing subsequent ,to that date will be void. _ 

SS^K^lruarr mis QUEBEC HYDRO ELECTRIC COMMISSION 


S. YIELD CALCULATIONS 

All yields are calculated on annual rates e.g.-a 10% bond 
standing at par paying interest once p.a. will have a current 
and maturity yietd of 10%. A J0% -bond paying semi-annually 
would yield 1025%. Market practice demands that the current 
yield on 3 floating rate bonds is calculated as coupon price. 

9. MARKET MAKER COLUMN 

This denctes that more than the maximum number (IS) of 
market makers have provided prices. 

10. SECURITIES ACT 1933 

• These securities have not been registered under the Securi¬ 
ties Act 1933 and may not be-offered or sold directly or 
indirectly in the United Slates, its territories or possessions, or 
to nationals or residents thereof. 

The information is from reports from official and other 
sources which we consider reliable, but adequate means of 
checking its accuracy are not available and we do not guarantee 
that the information contained herein is accurate or complete. 


OTHER NOTES 

The amounts shown as remaining outstandin 


ine amounts .cnown as remaining outstanding are estimated 
by applying the scheduled sinking fund instahnents. • These 
are further adjusted where a non-cumulative option to double 
sinking fund payments has been exercised. 

Yields are calculated in accordance with Rule 803 of ‘Statutes, 
By-Laws. Rules and Recommendations* of the AEBD using 
compound interest throughout 
Negative yields are not shown. 




(uUS^cpUiii-lte- 


■ DecottberW?, 

hyvCj*-^* 3 } titbits 


Reded Pla^a and Commercial Ceiitk 

Riyadh - • 

-■£ 

v ■ Medftrai-lfena Loan : : . 

‘ i;'' 1 J—J 8 * «- w-.V? 

. V .• Guaranteed fey .. 


Managed fey 

Jk! Saa^'Baiifflne 

•V- provided fey 


Credit Cwnmeroal de^rance 


AT Saudi Banoue Banque Aiaue CTimeiHgiion^;^. 

j; 

Banque France - . - 1;. - 

du Commerce Ext&ierir Banque deroumEiaopeeniie;; r 

- o——: 

Chemical Bank y : > - 

^ m o^r ,x iJ 3 ^ 

CreditdaNon! " ? - / Sod^te 

. - yy * • ' " ^ ; 

The FirstNatk)nalBaiikofB(»toa - ITniondeB^qCfesAr^^ 

Francises -U3A-IvBrandi; k ’ 

' ; AgeotBai^ 

•. ‘ ..; '-7v - ' Al Sandi Banque : 




Banque • 

y .y y •' ‘ ( _ J 


' •' 

- ■. ..i .. r+-■■.* 




- :-■ 1 '■ ■:■ y■ ‘yyry.;'-'*■ 

•• **? ’*• ^«r : . -V-v-.'v'^|-v; -.'x * 

\r. • . ■' ■ ;'y. • '• 

; — ■■ r-y - - - 

• , • • •7-.* , ....... ..' 

- •- ••. - . -o .,. 

' ’ - . ,yi y >■ ,v. ■. • v. * ,r > ,• * “ 


flspsyfnant- :z 

Issue ‘ ConOpt ™ VteHtO.r D r Mandatory 

- . ••. - , '? •- '■ y S—suiting fund 

. . -a v ,, '. , . 1 I — r- ~ — i vl' ' ll, . I ■■ r J-T : . 

• ■■■,“-■ *- >' A ■■ ■ . .... '■;• 

t>\% Soc. Dev. Reg. 77/S2P (G)_9850 635 14^7: 641. Vl^12^3—92D .- .. : . 

9% Soc. Mar. Rn. 75/83P.. _ 107^50 837 3.44 - 6^.48 , K D ' v;-; 

6 j% South-Africa 49/84 "._ .98.60':. fi^5 . 6.17 7^T5;y /T.-'-05-^4S 


8*% South-Africa 70/85 _ 

7j% South-Africa 71/86 
7% South-Africa -72/87 
7\% South-Africa- Railway-/3/88 :{ 
91% South-Africa Railway 75/80P:i 
9i%. ^outh-Africa Railway -75/80 
8J% South-Africa Railway. 77/80P I 
7% Sou eh Scot. Ef. 73/88 (G) 

61% Spain■■'77/84 .. 

6\% StancfGW Bank 78/88 
7 % Statsfoe retag 77/85. 

10% Steirmark 74/0OP .... ..:. 


,678-r^OD 


250. 7.99' -: yi. 879-^aD " ;- " 
5^6- -6.85': :■ L:279-8eS 
650 . 6^5, 1. 8.84 X . 

9.92 y 63* : ■■■■ i;:+B8 : .- .. - ’t 
53S. 6Xtt': , ..’'l.-lB2^-85D 'T 
to--^;4o -’ldOJO - - 


8i % Stockholm City 'w.65': . 8,(3 ..--fjQ* ■; 6j2~ C 15. 4J76—83D 


7\% Sun Oil hit. Fin., 73/88 !-.‘...^' lOS.fiO ' T'jO 

71% Svens ka Ge/f 73/88 JOL^y- 7,M 

9% Svemka Taedntt. 75/a5 v ..:.y«w..c -ffI0i5 76^6 
61% Sverigei-lnv: Bfc. 72/87 ., ...,.:;. 103 JS 6.51 

7% Sveriges-Tnv. Bank 73/88 __6/3 

8i% SwrigexJnV. Blti 75/83 --- ^f0635 "-7:5|9 

6f% Sweden t7/84) ....riJli...,......... -fO4Jft-~'-£20- 


10% Ta'uernaiitbbahn 74/79P (GJ 
91% Tauemautofaahn 75/82 (G) ; 
S% Tauefnaubobahn 7S/82P (G) 
9% Tauemautobahn 75/83P-(G). 


7i% Teledyne Jnt'l. 73/88 

8% Tenpfinco 73/93 .. 

9*% Tenpfinco 75/82P .. 

Si% Th/ssen Car. Rn. 75/82P' 

3|% Thyisen Gar. Rn. 75/82P .. 

6i% Thyssen Inv. 66/81 . 

7i% Tokyo □. Power 69/84 __ 

91% Toray lnd.75/80P ..^ 

6i% Traf. House Fin. 72/87 _ 


1..879—88S 
L 2J9—8BS 
1.3.80—85S 
1.378—87S 
T. 3.79—88S 
r= 6.80-83S 
T.SB4 - 



•^00.00^680 1183 

; -680 

1.1283^895 2+-V 


■■r0650 - 8.92 ,2.12 

6.FJ 

-16:380 • ■. • 


10750 /. 930 14s7 

5.15 - 



'.11250 ‘ .8.44 . 3142 

1 5.38/. 

/ 1.78V 


. .RJ850.- r 879 - 488 

655 ! .- 

1.-3 


10850:“. 829 5.08 

..6.25 

■:h3 

•mm 

10550-: 6764 2.95 

583' 

T.'274-83D, v 


105.40 6.47 3.02 

4.61 - 

■V 974-T«?s y y .. : - : : 

... 

-KJ2.40-.788 0.17 

7 .4.67 

dlcfjKli 478 ? 7,y ••' 

... 

10750 7144 9.85 

•16.92 

i.u82^-93s .y^>y : . - r. 


10850 876 

108.00 *" 787 
.106:50 775 
-10375- 677 
:i0450 6.94 

10650 - 8.92 
9980 -- 657 


9,85 -.6.92 .. l.U82^-93S Vyyv:.. : 

4.08 7-03 ’■ . 1,733tt - ‘ L. :: :i V 

4.17. - 

i iV ■ . /> id ' '■ • • *■ - 1 -. 'v '- 


6J% Trondheim 68/83 ... 4 .:..L;.... . 10475 : 6.47 .126 'Si4®S 

8i% Tronheim 70/85 .107.00 7.94 4.16 "686' 

71% TRW Int. Fin. 69/84 - 10250 ' 752. 675 , 

9|% Unilever 75/81P —__;-- 112.00 ,8.71. 383 . 6.13^4 

81% Unilever 75/87 ...... ; 112.65 : 755 ' T fr8l : --:T6'-0« 

6J% Unit. Arab Emirts. 77/82P _ 10050 '■ 672- A25 *j60^; 

7% Venezuela 68/83 .... 10375 678' 388 i 55k;\ 

7% Vienna 68/83 .-. HMJD 670 276' : r&XX'} 

8V% Vienna 75/84 .1... 10850;-:760 3$2 : *.-5J5> 

53% Vienna 77/84P .10100 :,589 .: 687; 

8f% Voest-Alpine 73/88 .:_ .10875 V . 782. 655'!; • 

8i% Voest-Alpine 75/85 .. ^ I0975 ; :-778-_ 

6i% Voest-Alpine 77/89 .UJ465 . 6.45! ' 87S - AWi 

6i% Wells-Fargo ex. w. 73/88 _..::.l6480' ; 675’ - 682.: w :569r. 

54% Woridbank 65/85 ....li >10250 .557^ 355 

63% Woridbank 68/78 .jfl025='. -;3J0 !; 

61% Woridbank 68/80 --...^^.,10550 ,'6;]fr:256,^4:13 ! 

6\% Woridbank 69/84 ...:.■{0380 . 65T.' -354v ?5.4« ?. 

64% Woridbank 68/64P 104.15 375--“ -‘ifS;.: 

61% Woridbank 69/84P .10275 .,. 633yy354- ^ -557 

6% Woridbank 69/B4P ;10150 :3.91. -3.06 : ^ 5:45 

81% Woridbank70/80.........__.W. . :-Id865' %Stf\ ! 

8% Woridbank 70/86 --tifUto ~ :7^ \A2ST, S32i ; 

74%. Woridbank 71/86 I ! T0775:163^ ^16:': ' 589 *. 

7\% Woridbank 71/86 II -10780; ! 'TQ IP:46£ - .i K73: v ' 

64% Woridbank 72/82 ..........c ^ -10675 ■ 6!r2l -4.42.'v>468;; 

63% Woridbank 72/87 \rimSOir. 63D.y,^35;^% 5JT^' 

63% Woridbank 73/83 :; 6.29 ;'*58a'^£n7v: 

.63% Woridbank 73/88^'i-.10250'. - :tfSQ;.^5{52^. “583! 
83% Woridbank: 7S/82P 

8% Woridbank 75/82 yi l280.c 5^3 

83% Woridbank'7S/83 .....:..:; Tt370 5»'.'' 

8% .Woridbank 76/82P .-.40K3»-^M';>-«4S 

73% Woridbank 76/8ZP. W80»i^7.T8 ^ .467 '; "574^ 

73% Woridbank 76/83-!.1095Cr y 6J86-;. - S25 ' ■' 

7J% Woridbank 76/83 ....^^..:...;^U-., -lJff.l5 .'7h4 v5s67 ^ 

63% Woridbank 76/83P ; 3D4 JOB r; 6.49. >:553 ;' 

8% Woridbank 76/84 250- v7.11 6M.. T '.550^ 

51% WbrWbanfc ; 77/82P. 'zl0237 r 

7% World bank-77/85P 106jEM -^60^: 708 ,.554^' 

64% Woridbank 77/85P -1038^ 651 


2.02 '•W ?, AafflR , K'4 v # , C‘ 

9.67 - -664,-y^ \ ■. 


112.65 755 - 681 ;r4.*3Z.*%% , JKM=S7S?- V ^<1 ■» *3 ; 
10050. ■ 672- -A25 ' '6j60^3fc ^y-> - . —'—- 

10375 678' 388 

10450 670 2Jt> '■ > }t^f7if>^83S,i. . is ■ ' 

10850;- :78Q 352 5J9 > v -'1: 879t-84D - v> " -- : 

10180 ■>:«» ::.687.-;.;;^5?i-y;35^284yr _ 

■10875 v. 782. .685’:; V* ;■ 

10925 ; :-7J8-„- 5J7 r .yj.;*68lU85Bvy- -;. :: 
10455 , 6.45!. 875 - ' *7 -il 


.8% Yokohama 71/86 (G) PORTS ' 

.83% Yosida- Kogyo 75/80P-£^--10680^ 
8% Yugosl. Iby. Bank 77/85.P- '-:i02-80; 

-Life” and "Maturity" appear in'jvao antf'decSfi 
calculated as follows: • _•.. " f--.vr : ' : >'V_i 

—to final maturity Irv case of. a- lump-sum 
—to final maturity in case dfz ptokbrg fand l»if«.~v 
—to average life in. cast of a^srnkmg-fund risu«^ 


















- • .: - ^ *3.V* • \ ■ ■ 

Sy ^ ^..-.,. .v 



h is7s 

•'•■St. JASttSiapt **7S 



*><* 



■T- A T ■ 


:V '• - 


-V WU. LL.L 

' “• ' -_~Yr"I t: Ks 0* -I ■' »*:■«% '• v. 

uiddte 

Current 

Yield 

tile*. 

Yields 

Mararit/ 

Repayment 

D - mandatory drawing 

by im at per 

S - sinking fund 



Middle 

Currar, - . 

Lie" 

Vivid is 

? C .ZS'~ -:r ■ 
D-r.ar.5.r:.Tr ; 



N iald 

f/aturliv** 

bv !=• o' 5c.r 






r. 


«37 , .’ZO. 7.44 • 5.17 


«• --«[ 




1O6D0. 
10875 : 
107.00 

I06.6S. 

10630- 

102.60 

107jOO 

103.50 


002 . ;%n 
J3f>. : :AS» 

*56- ;T.\T 
8-fZr^4^. 


72T CS2t: r -i 7.02 


WrrX4f 
7A9 . 6 41 


% ADtLAL76/83 _• '/.V• __ 

S * - mwC jsi j ; : 437 - 

S a jo 

j} AEG 66/BI;...._.104J0O'-. 5 T7\ ' 1.99 

- *W p ; -10!.7^. l 6=J»r r 3^Q 

£ A£ZO £/82P -,.- f ^ s .■ KKJS - ^: ,400 . 

;? AK20.76/B3J>-.105U0 - 738.. 3J3 

;b Alusulsse lnt'l. 75/83 ..• IIOJQ-? 7.47 '4.48 

■“ AMEX Inti. 77/B4P .. . 10430.. 6.4$: 6.17 

A.P^.L 74/B1 !Gr_;;•■• 11025 J -?D7;. 2.30 

?■ ^napce 76/83P ' J03^» ->732^ 575 - 

y M 8 ? 3 Firianc0 '77/87 .10225 . £^fl -933 

£ A rd a I-Sunn da! 75/81P .. 106.00 *2$ •/■3.41 

.3 Ardal-Siirmdal 77/89P-M03 jOO: -635 . 7-76 

C* Argentine 67/79 _,_JOMO /AM'/1M : 

■<? Argentine 68/75 .T0430 .6J0;-^ta2 ■ 

o Argentina. .69/79 ..x.L . 10425 i 7J&..-:333 

h Argentine 77/84 - 10330 7.25 -~fcfi7 - 

a Asian Dev. Bk. 69/84 : 1/H75.: 6ja2v3.4$. 

'o Asian Dev. Bk. 75/80P. . 

o Asian Dev. Bk. 76/82 .•;.;_j 

o Asian Dev.Bk.74/83P-...;...-- 
3 Asian Dev. Bk: 77/85 ....... '. I” 

£ ASKO 75/BOP-.. 

% Aumar 73/88 fG) 

> Ay mar 76/84 (G) . 

» Aumar 77/84 (G) 

» Australia 67/82 . J, . J04jSD-'--4 'Si-.-VO 

i Australia 68/82 -1..*.... 10620-. 632-“ ; :<.W4 

Australia'69/84 1:1.... 10525 .6.18:''3.43 

Australia 69/84 ..:..;. 1Q7J0 673 - -3JSS 

1^-i Australia 72/87 ......'.._. -106.65 

S Australia. 74/80 1 1X75 

~- -t Australia 75/82^1.. 

.* _ ». Australia 75/82 IP . . ■- 

'--ilj Australia: 75/82 IIP .7........ 

Australia 76/83 .._l...- 

Australia 77/82P . 

Australia-77/89 ..... < ....„:^,... f ,... 

■~i Aust. Ind. Dev. Carp. 72/87 
Auszr. Ship. Com. -76/33P (G}-... 

,Rep...of Austria 66/82 ...._....... 

r' : :. Rep. of Austria''69/83 ..-.. .., 

'■ Rep. of Austria 75/79P 
•”** Rep. oF- Austria, 74/TOP ......ill-,. 

-Aep. of-Austria 74/81P 

-i Rep. af Austria 75/80P ... 

' -Refr. of Austria 75/81P 

Rep. of Austria 75/82P _,.1 

V* -Rep.-of Austria 75/82 .^;. 

;.Rep^of Austria-TS/aSP 

“ Rep. of.Austril 75/87 .. 107JO 

Rep. if Austria 76/861.... IIIO0 

Rep. of Austria 77/85. J 0660 . ^6.3?^ -„6'2B 

Rep. of Austria 77/87P . 105JDG ' '6 AT ; JS^6 

Rep. of Austria 77/B7p-.. lOBJO'* 

Rep. of Austria 77/87P __ .102.00.- 

Autopistas Catalun 78/85P . '■•'9975' 

Autopistas 69/84 (G) . 103.50 

Autopistas 71/86 (G) .— 104J0 

'Aucopuras' 7T/87TG)“ 


6.32 

6.69 
6J59 
3.87 
5.93 
7J31 
6.60 

5.53 
5.85 
5.15 
7.09 
6.42 

6.70 
424 
6.09 
6.06 

4.71 
6.82 
5J5 
6.08 

5.54 
6.12 
5.83 
6.18 


--is 




II4.« 

107 JO 

107 JO 

109.30- 

I02J0 

100.30 

104.00 

JMjOO 

10475 

10375 

I06JDN3 

109.00 

109 DO 

106 DO 
106.75 

107 DO 

11 US, 
107.25 


6J5«■ 5.02 

8D7^ r 267 
7.87 ; 4D0 
74T-4.17 
7.67: .425 
6M. 5.08 
5,12 . 4i7' 
5.73 ^75 .. 
6.49 - 5i)2 
7.41 . JJ8 
6.68 2:12 
627 3.12 

8.96 1.42 

8.94 275 

8.94 - 5D3 
8.96'- 2-DO 
7.73.: .323^ 
,8.18 : 2i3 * 
-8.09 '5.00' 

8.16 r J.U 
7.9) 4.94 

6.98 :472 


634- :^.9.S 
5J8.>9J8 
7JB2 . 4.96 
7.00 •: - 530 
7.6$ 4.44 


6.62 

7.04 

4J4 

4.31 

4.88 

4.98 

5.41 

4.77 

4.94 
6.15 
6.18 
5.12 
4.64 
570 
5.80 
625 
4.67 
5.24 

4.97 
6.08 

6.98 
622 

5.94 
5.79 
6.21 
6.11 
6.66 
572 
5.48 
6D8 
5J9 
5.76 
704 
6.15 
6.92 


I. 4:83 
16. 632 . 

1. 8.82 . 
1/2.72— BID 
1. 375—84D 
1. 2.82 
1. 633 
I. 881—83D 
I. 4.84 

1.12.77— 81D 
■I.11.83 

1. 4.83—87S 
I. 731 

1. 7.82—B9D 
1.1270—79S 
1.10.71—785 - 
1.1272—79S 
1.10D4 
1. 9.75—845 
16.11.80 
1. 3.82 
1. 433 
1. 435 
1. 430- 
I. 279—88D 

15. 8.77—845 
1. 734 
1.1173— 82S 
I. 8.74-835 

1. 2.75—84S 
1.11.75—84S 
1. 2.78—B7S 
1.1030 - 

I. 232 
1. 4.82 
1. 5.82 
l. 3.83 ' 
1.10.82 
1.11.65?—89S 
t.11.78—87D 
1. 933 

1. 4.73—825 ■ 
I. 4.75—S3S 
I. 7.79 
1.11.80 
1.12.81 
I. 230 
1. 6.81 

1. 4.79—82D 
1. 2.83 

I. 479—83D. 

1. 578—87S 

2. 5.83—86S 
1. 4.83—85S 
1. 133—87D 
l. 233—87D 
I. 934—87D 

16. 135 

1. 7.73—84S 

1.10.77— 86D 


Baaco-N. Obrts 71/86 fGl 
Banco N: Obras 76/81 (G) ...... 

Banco N. Obras 77104 ( G).. 

Rinoue Ext. Algerie 77/83 .. 

BASF 65/80 .-..... 

BEC Finance 76/93? .... 

Bbecham Fin."^ , 6/&3 _ /.i"."/.T~7.::: 
Bergen 74/79 


. -_i ooit —. -i .jdtb^szd, ; 


10475 

10630 

10025 

98.75 

103.00 

10430 

108.50 


734 4 J3 

8.44 - 3 J8 
6.98 . 637 
7J9 :5.71 
5.81/4:65 

72 J : ;.5J5: 

' 575“ 




iboridQr^ 


.. 108J55 

Bergen 75/85.10975 

Bergen 77/89 .-.i:.,. 108J0. 

BFCE 75/83 (G) . 109,40 

BFCE 76/B4 (G) . 10925 

BFCE 77/87 (G) ..104J0 

BECE 78/88 JG) . 9^50 

BNDE 77/87 - 106.45 

Borregaard 7S/81P 107.50 

Borccgaard 77/84P 
Brascan Int" __ 

BraifT 72/87 
Brazil 76/B6 


921 
7.97 
6 . 68 ' 
7J4 
7J5 
6.70 


637 

6.84 

694 

777 

4D7 

6.63 

-8^9- 


1.11.77—86S 
1. 9.81 
1.10.84 

15.10.81—83D 
1.10.71—0OD 
1.1)33 

-T: r i- 3 3- 


BraziL 77/04.. 
Brazil 78/85 


1.83 
‘si? 

- 6.82 
:4.40 
•5,40 
'6.94 
534-; 3% 

7.98 :• ASl- ,-722 
8.37 - 325 6.36 

-mflO—6-i? ■•/6 37 - --fcl2-H034 ■ 

737 1.1079—BBS 

6.66 ^ 1.1076-875 

.09 1.10.82( 80-86) 


4.99 
6.47 
5.71 
576 
6.17 
6. IB 
5.97 


1.1279 
1. 5.81—85D 
1. 231—89D 
l. 731—835 
1..7.82—84S 
1. 233—87S 
15; 136—88S • 
1. -433(82-87> 
I. 5.81 


6% ENEL 65/80 <G) . ,99.65 

B'% Enso-Gutzeii 70/85 ... 106J0 

6i% Ericsson 72/87 . 104.00 

8J°4 ESAB 76/8IP..'. 106JO 

61% ESCOM 65/80 (G) . 10330 

64? 0 ESCOM 68/83 (G) . 9725 

ESCOM 70/85 (G) . T02JG 

8% ESCOM 71/86 (G) . 

6i% ESCOM 72/87 (Gj . 92.40 

7% ESCOM 73/88 (G) . 94,25 

9±% ESCOM 75/50 (G> . • 105-00 ' 

8% ESCOM 78/8IP (G) .. 100JO 

7\% ESTEL 73/88 . 104.40 

8i% ESTEL 75/85 . >08-00 

8ifo ESTEL 76/83P . 106D0 

64% ESTEL 77/B4P . 100.12 

5j% Euratom 77/87 . 9825 

54% Eurofima 64/79 . 103JO 

6% Eurofima 65/80 . 102.00 

64% Eurofima 67/83 . 105J0 

7l% Eurofima 71/86. 107JO 

ii% Eurofima 72/87 ... 102.30 

6f% Eurofima 73/88 . I04J0 

8% Eurofima 73/88 ..'.. 107.00 

10% Eurofima 74/79P . 107.50 

9% Eurofima 75/85 .. 109.75 

8% Eurofima 76/83 . M3 JO 

6i% Eurofima 77/87P .. I04DQ 

6\% Europ. Inv. Bank 68/76 . 100JS' 

6% Europ. Inv. Bank 69/84 . 103.15 

' 7% Europ. inv. Bank 69/84 . 10650 , 

8% Europ. Inv. Bank 70/80 . 107.45 

• 74% Europ. Inv. Bank 71/86 . 107JO 

7i% Europ. Inv. Bank 71/86 . 108.00 

b\% Europ. Inv. Bank 72/87 . 103.00 

6% Europ. inv. Bank 72/87 . 103.00 

61% Europ. Inv. Bank 73/88 . 104.50 : 

7% Europ. Inv. Bank 73/88 . 104.40 

“10% Europ. Inv. Bank 74/81P. 112.00' 

8% Europ. Inv. Bank 75/80 . 108.70 

Euorp. Inv. Bank 75/83 . U475 

- 8% Europ. Inv. Bank 76/83 . 109.00 

7J% Europ. Inv. Bank 76/B3P . 10BD0 

6a % Europ. Inv. Bank 76/84 . 106.00 

6% Europ. Inv. Bank 77/89 . 10175 

- 8J% Europistas 71/86 (G) . 104JO 

8% Europistas 72/87 (G) . ■ 104JO 

I0i% Fin. Inst. f. Dan. Ind. 74/78P ... 103.00 

74% Fin. Inst f. Dan. Ind. 76/81P . 102.25 

6i% Finland 64/79. 101J5 

6% Finland 64/80 . 102.00 

7% Finland 68/83 . 102.00 

6i% Finland 68/83 . 102.75 

7% Finland 69/84.10100 

74% Finland 69/84 .104.00' : 

8'.% Finland 70/85 . I05D0 

7% Finland 72/B7. 103 JO 

8% Finland 76/84 . 107.00-- 

5J% Finland 78/86''... 98.00 

74% Finn. Kommunal 69/81 (G1 . 104.00 

■“'8%-Finn. Kommunal 71,83 (G) ...... 104DO” 

81% Forsmarks 75/83 (G) . 109.35 

5i% Forsmarks 78/90 . 98.00 

7\% Francetel 76/83 (G). 10825 

61% Francetel 77/84P (G) . 10425 

-7% Fuji Heavy 76/81P . I04D0 

94% F ujitsu 75/80P . 101.37 

' 7% Gen'I. Instrum. 68/80 . 102.00 

9'-% Gen. Zbk. Vienna 75/82P . 109J0 

8J% Gen. Zbk7 


6.02 

7.98 

6.49 

8.22 

6.31 

6.68 

8.29 
7.98 
6.76 
7.43 
8JI 

.7.96 

7.42 

7.87 
8.02 
6.49 

5.85 

5.34 
5DB 
6.16 
721 
6.11 
6.22 

7.48 

9.30 
820 
7.05 

6.49 

6.45 

5.82 
6.57 

7.45 
-6.98 
7.18 

6.31 

5.83 

6.46 
6.70 

8.93 

7.36 
8.28 

7.34 
7.18 

6.37 

5.84 
7.89 
7.66 
10.19 

7.33 

6.14 

"5.86 

' 6.86 

6J7 

6.80 

721 

8.10 

6.76 

-7.48 

5.87 
721 
7.69 
7J4 
5.B7 

6.93 

6.47 
673 

9.37 
6-86 
8.45 



1.40 
4,00 

4.90 
3D0 

1.65 
3.06 
4.02 
4.38 
476 
5.42 
2.50 
2.49 
6.18 
567 
5.0S 
675 
9.75 
1.00 
U2 
3.02 
425 

4.86 

5.36 
5.33 

1.83 
494 
5.00 
$.94 
0.33 
2.99 

3.65 
225 
4.44 
4.48 

4.36 
5.95 
572 

6.13 
3.5B 

2.83 

3.90 
3.88 

5.67 

5.30 

7.86 
4.32 
4.69 
0.75 

2.67 
1.08 

1.41 
2.74 
325 

3.67 
3.54 

4.13 

4.42 

4.90 

8.00 

2.30 

2.66 
3.88 

8.30 
5.71 
6.17 

3.83 
2.08 

1.36 
4DB 
4.49- 


6.36 

6.73 

5.79 
6.30 
4J5 
7J2 

7.74 
8.09 
8.23 

8.35 

6.97 
11.65 

6.84 

674 

7.05 

6.47 

5.99 

2.40 
4.81 

4.50 

5.75 
5.68 

5.51 

6.40 
5J6 
6.62 

4.89 
6.03 
423 
4.91 
5.09 
4J3 
5.65 
5.67 
5.70 
5.39 

5.80 
6.11 

6.14 
4.64 
5.22 

5.36 
6.03 

5.41 
5.55 

7.15 

6.98 
620 
6.54 
4.62 
4.57 
629 

5.89 

6.16 
6.32 
721 
6.17 
6.25 
7.05 
570 
6.43 
5.50 
6.06 
5.75 

5.90 
5.80 
873 
5J2 

6.52 
6J2- 


1. 7J9—80D 

1.10.76— BSD 
1. 378—87S 
1. 2.81 

1.10.71— 80D 
1.10.74—83D 
I. 4.76—85D 
1. 3.77—86 D 
1. 978—87D 
1. 5.79—88D 
1 8.80 

1. 2.80—8ID 
1. 8.79—8BS 
1. 6.81—85S 
I. 3.81 
1.11.84 
1.11.87 
1. 8.67—79D 
1.12.68—SOD 
1. 9.71—83D 
1. 275— 86D 
1. 9.76—87D 
1: 3.77—BED 

1.10.77— 89D 
1.12.79 * 

1. 2.81—BSD 
1. 2.83 

1. 2.83—S7D 
1. 678 

1. 3.75—84D 

1.1175— 84D 

2. 5.80 

1. 3.77—86D 

1.10.77— 86D 
1. 3.78—87D 
1. 9.80—87D 
1. 2.79—88S 
I. 7.79—885 
1. 9.81 

I 12.80 
1. 1.81—83D 
1. 7.80— B3D 
1.10.83 
1.12.81—84D 
I. 8.82—89D 
1; 277—86D 
1. 178—87D 

1.1175— 78D 

1.12.78— SIS 

1. 970—79D 

2. 1.71—80D 

1. 6.72—83D 

I. 1272—83D 

2. 573— 84D 
.1.10J3—84D 

J. 12.76—855 
1. 478—87S 

1. 6.81—845 
1. 2.86 

1.12.72— 8ID 

2. 5.76—83 D 
1. 7.80—83D 

16. 1.83—90D 
16.10.83 
1. 4.84 
1.12.81 

dld.p.l. 3.78 
1. 6 71—80S 
1. 3.82 

4r-2r.82—830- 


WestLB 

For current prices and further information call 



:‘l.:73/8fi ..........3. ‘1D5J0 8.06 : ‘633 7. 

17 :6j 

16^:.*:;::.;.^..-. ; ie*5Q *S:14^ ..*69. . 7.1 

-»r 7 8T / r 7 i 


Dusseldorf 

Wesldeuische Landesbank 
Girozentrale 
PO.Box 1128~ 


Telephone 82631C21 
Telex 8581882 I 


Iniernaiional Bond 
trading Dept. 


-Telephone ^.rn'mio^l'lnv^ 


• 4000 Dusseldcrl 1/FRG Telex' 8581882 / 'nsmutional Investors Dept 


_103.75. ■■.■ 7 .51-^6. 2 5; - 7 M -h-5J4 


9975 . 677 
10375 ,. 6J4 
10IDO'.$J8 
-10165 .' 6 J8 . 
10130 '' 5.42 
.10175 .5^ 


- Brenner '68/83 {G> . 

: British Gas 69/79P (.G).... 

British Gas 69/84 (G) 

Bricfsft Petrol 65/80 „.. 

: Bryxelles-Lambert 77/84P 
. Burmah Oil 70/85 •' 

' .-Carisberg-TubGrE 7T/SJ? JMJO^ SJ7 

: CC.C.C.E..75/85 (G) ^£905* 778 

• C.C-C t:76/86 (G) 1OT.75 -. 774 

C.C.C.E. 77/89 (G7 -. ^ % A 7, 

CE C A 64/79 .— £1 


Uto 

197 v 

M 7 : 
,'3J8"' 
132^ 


8.10 

.5.61 

J.93 

■ 6.00 

•479 


6D7 « 5J2 


I. 2.85 
l_ 87*—83S 
cnd.p.l. 478 
clid. P :i. 4,78 
1. fi.71-^QD. 

15.I2J4 


London 

'wesraeutsche Landesbank 
Girozentrale 

London Branch ■ • ■ 

21. Austin Friars 
London EC2N 2HB/UK 


Telephone 6386141 
■Jelex 387884 


" v 470.%- -I.1J.74—8Sp- 


CECA 65/83 

CECA 71/86 .. 

CECA 7?/07 . 

CECA 72/88 ........ 

CECA 73/88 

CECA 73/88 .. 

CECA 74/79 IP ™. 

CECA 74/791 IIP 

CEQA 74/81P- 

CECA 74/81 -- 


■ •“•I- 

m^Simv I- 






C E C A 75/80P .. 

C EGA 75/82F 
GECA .75/82 .. 

CECA 75/85. .. 

CECA 76/81P .. 

CECA 76/83 .. 

CECA 76/86 .. 

CERGA 73/8TP .. 

CESP 77/87 (G) 

Charter Cons. 68/83. 
Chrysler 69/84 — 
ciB.A-GEiGY ex, w; 7J/85P 
Civ.'. Auto routes 69/84, (G 
CN. Autoroutes 75/82 {G) \ 

IN. Energie-69/84"(G) 

Z.N: Telecom 68/83 (G) 

CN. Telecom 70/85 {Gj • 

~.N. TelecorA 75/61 {G> ■ 

•:.N. Telecom 75/83P;fGl 
■;.N. -Telecom. 75/B3P { G>- 
IN. ITelecom 76/83 TGI ...rC—' 


101.60 - 5.41 
-106 JO ' 7D4 
102.65 6J3 

1D4D0 . $.73 / 5.18 
■ : 102J0. 633? 5.43 

-128J0r 6D3 6:14 

IQ7J0;9J0 1 JO 

'107J0:\?J0 1-58 

108JO **922 3 J8 

116.00/8:41 3S3 

107-00' 7.48 2.83 

IOBDO 7X7 

MK75 ■ 7.16 

- H}7Da 754 

.J07J15- 7:46 

ill 1.00 ' 6.98 
rfrM.00\ $58 
■102DO 6:37 

m00 • 7JJ0 
. 4.40 
6 J5 
! 632 
, 6.22 
852 

- 4:30 
6Z5 

- 8.06 
7.99 

f 8J5 
8J7 
6 J5 



Luxembourg Hong Kong 

W& 51 LP ir.Mrr.ailonaiSJt-.-'.'^waflrei 'Aagb'-.- . T^Kjne- 2? 9^ 08 

47.B*>jtevu!dRoyate- -.i' -Teid'----2&2i -. — f-'OftVjwn-r&r.Hsji# le.os-757-r. “ 

Luxembourg Hor.gKOi.u 


J01JO 
10375 
T08JO 
.104 JO 
111.55. 
10325 
104.00 ■ 
105JO 
109 JO 
K382J 
.107JO. 
107.40 


4.08 

457 

3J1 

3.87 

547 

6 . 6 ! 

3.17. 

975 

3J5 

3 JO 

7.67 

3J1 

3.96 

3.42 

3.18 

3.99 

4D8 

5.04 

5.04 

521 


4.81-^890- 
- 1-6.68—79D 
1. 4.71—83D - 
. 1. 577—86D 
■1. 778—87D 
■2.179—88D-. 
H479—88D- 
•>,1179-880 
. I, 879 - 
.1- 979 

• 1.9:81 ." 
1.12.81 • 

• U2;80 
3. 3JJ2 
15.12-82 
. 1..478-^-85D 

. 15JC81 r 
1.10D3 •. 
■,'M t 1052^-86D ' 
MD!.,- 

=.: ;.Ul;83C82-87)' 
- -I.1072r-83S 
1: 775—845.' 
,,1.1055 
r- 1. 375—84D • 
; 16.. 1.82 - 
: .7 1. 275—84D 
X.1IJ4-43D-' 
•-1.1076—855' ■' 
.-. I..3.82 
7^4 ..... 16. 2.83 '. 
737-^ .16.- 2.83 - 
5J7 . --16. 483 


6-15 

336 : 

4.93 

5.84 

5.83* 

6D7 ' 

5.9(7- 

2-64 

447' 

4,92- 

7J2D: 

505 • 

527. 

672': 

520' . 

62 t: 

.545 . 
5.43 
5.70 i 
5-78 
6.99=. 
6.11 • 
5:82 ■ 
5J6 
5D7- -. 
6.12 ' 
5.43 
5.Q9 
'701 
-6D5 


Westdeutsche Landesbank Girozentrale 
Leading Marketrn&kers. in' Eurobonds 


6 % 

9i% 

9J% 

9J% 

7% 

71% 

5\% 

8 % 

H% 

61% 

7% 

7i% 

8 % 

63% 


.jti^^uro^eutschFnarkbdnd Yield !nd6x 

ary 31st, 1978: ai8^ (December 29,1977 : 6.24%) 


..r 


.omalcb 71/86 
omalco 75/82P . 

Fed. Electr. 77/82P ........ 

1 'em.' Fed. Electr. 77/84 ..— 

■om. Fed. Electr. 77/8S-.^_....^. 
:omp. Franc.'Petr. 75/85 
: pmp. Franc. Petr. 77/84 —... 

ansorzio ?0/9l (G) 

ontinental Oil -70/85 .. 

apenhagen 64/84 

>penhagen 68/83 —. — 

jpenhagen 69/84 .—————————— 

apenhagen 71/86' ..—•••• 

. apenhagen 7S/85P . .... 

^penhag*n 76/86 .-.. 

. auncil of Europe 73/81P .. 

: auncil of Europe 73/88 —»....» 

; auncil of Europe 75/82P ......... 

;punpt of Europe 76/83 

auncil. of Europe 76/83. 

juncil of Europe 76/83.. 

auncil of Europe 77/87 .— 
aurtaulds Inti. 69/84 
au'rtaulds Wit'l. 72787 .... 
ju rtaulds I rw'l, 73/88P ..i. 
■edit National'77/87 {G) ."...l:... 

/R D 76/84 . 

/RD 76/86 ---- 

iimler-Benz 70/85.. 

mlsh Expert 77/82P —............ 

lanish Oil 74/78P (G )—-■ - 

-anish Oil 74/78P (G).—...... 

■n Danske Bk. 76/86 
nmark 68/80P 

• nmark 69/84, 

nmark 70/85 ... 

•: nmark 7J/86 . . 

nmark 72/87... 

nmark 74/89 

:‘nmark 76/82 •••..»»>:.. 

• nmark 76/82 ..—— 

•nmark 77/83 -.. 

nmark 77/87_. 

.nmark 78/84 ... 

.-nmark 78/88 . 

Norske Ind. 77/89 (G) ...... 

trlct Paris .69/84 ^G) „— 
nloo Fin. 

>: 76/83 . 

;c. Council 69/84 (G).. 

ztr Council69/84P- LG) 

:c. Council 7)/86 (-Q) ; 

vet. de France 70/85 (G) 

.n- : a -trobas - 77/87- {G I:.-.-..:'.'...'..' 

i ;*■, Norge 77/BOP 
- • 


■c' 


1 0625 

106 DO 
10025 
10325 

101 DO 
10725. 
104DQ 

104 JO 

107 JO 
10050 
103.00 
103.00 
105D0 

- IO7D0 
■105 JO 

lozoo 

■ 10325 
108.00 
10625 

105 JO 
10500 
J01.15 
102-75 

-103DO • 
103D0 
10025 
•107,40 
10575 
10&10 . 
mjo - - 

102 JO 
102J0 ■ 
107.0Q 
10250 ' 

. 103 JO 
-106.60 
: 10425 
102J5 
109190 
308*45 

108 JO 
106.95 

.106.10 
■9875 
.98.75 T 
104.30-. 
-IO2D0 .- 
105.05 
108.40 
:ro4!6Q:- 
-10325 
' 105DO - 
-107D0 ' 
100.00 : 
102.50- 


729 

823 

6.98 
7.75 

7.18 
749 

■ 625 
8.13 
747 
522 
640 
6J5 
7.38 
8.64 
7.11 
6.37 
'6.75 
8.80 

7.96 
7.35 
6:67 

6.18 
6.57 
6.31 
7D4 

5.99 
8J8 
8.04 

7,40 

5.97 

10.49 

10.00 

7.71 

6.34 

.678 

7.97 
7.43 
6J7 

'8.42 

741 

7J7 

6J1 

6.83 

532 

*6J)8 

6.47 

637 

8.09 

6.69 

■7:17 

; 726. 

•738 

7.94' 

7.00' 

541 


4.33 

433 

4J8 

633 

621 

448 
6.42 
6.40 
437 
326 
232 
322 

449 
4.48 
646 
325 
547 
4D0 
2.94 
321 

. 5.83 
749 
0.17 
527 
524 
74! 
4.98 

629 
4.10 
249 
025 
043 
648 
145 
338 
3.91 
4J4 
549 

630 
4.00 
4J8 
529 
929 
6.00 

10.00 

640 

343 

342 

5.17 

3.47 

'3.46 

4.42'. 

4;ee 

9J6- 

2.21 


~r 


638 

7J5:: 

6-92 

733- 

7D4. 

6J8 ‘ 

52J 

77*. 

623 

5.59 

5.97 T 

540 

640-' 

7.35r 

6.45- 

5.80 

638-. 

733: 

5.93 ' 
6D4 
5.95% 
6.05 
143r 
S.B4_ 
636 1 
5.95 
7:18.: 
6j9 ■” 

543 : 
5.78 ' 
7.11 
7.00 7 
6.90 
4.96^ 
600 
647 - 
642 ; 
6.10 : 
723- 
5.82 
542 
. 521-"- 
635 ; 
640- 
7D3 : 

5.94 ; 
5J9- 
7D9 
5.34: 
'6.1tH 
634‘ 
6 S3 
■fi’42'' 
6.99-' 
4.52 


■ 1. 6.77—865 

■ 1.442 
T. 9.82 
1. 644 
U142-^85D 
1. 5.80—85S 

- -1. 7.84 

1. 127—91D 
1.1X76—85S 
.15.1220—84D 
. Z 522—83S 
’ ■• 1. 625—84S 
V. 4.77—86S 
. * J. J.80— 85D 
: - U24I—B6S 
: 1. 541 
1. 729—88D 

■ 1. 282 

: 1. 229-^83 D 
'• 1. 540-83D 
1 1:1243 ' 

.i 1.1143—87D 
‘ dld.p.l. 428 
■ij. 7.88-875 

.'-1, 2.79—88D 
:,r. 1.10.83—87S 

- 1.1242(83-86) 

1,11.76-850 
*.V hi 128—B2D 
1.1128 
: --1.12JB 
1.U.82-80D 
■^1.10.72—80 D 
7 8.75—84S 

s: r. 926-855 
‘£>,1177-865 
. V 1.1Z78—B7S 

:r: 3.so-89s 

'l. 2.82 
•>1:9.82 - 
r-16.'543 
■ 14.5.87 
v 1,244. - 

.1.2.88 
-‘-f. '640—*89D 
“T M75i-84D 

. : r: 826-oss 
T .^43 

■, :>: ?75-845 . 

> 1.9.75^840 

1. 377—86S 

; T. 1176—855 
r. 4 !. 943'( 83-87) 

. 36. 4.80 . 


7% 
6\% 
7% 
Si% 
8h% 
8i% 
7i% 
71% 
8i% 
8 % 
6 \% 
84% 
7i% 
6 i% 
8 % 
8% 
8 % 
7% 
8 *% 
6i% 
61% 
7J% 
71% 
*i% 
63 % 
. 8 % 
7% 
9% 
5j% 
61% 
7% 
8|% 
6i% 
63% 
8 % 
8*?o 

7% 

6i% 

6i% 

7 1 Of 

J .fi 

n% 
81% 
81% 
53% 
73 % 
7% 
7% 
8|% 
8i% 
8i% 

t o t 

■a 

7% 

7i% 

m 

8 % 

63% 

7i% 

6;% 

7i% 

9% 

63% 

7 -:% 

83% 

6*% 

63% 

71% 

71% 

,7% 

6 -'% 

81% 

7% 

6^% 

7[% 

63% 


Gen. Zbk. Vienna-77/87. 

Giroz. Vienna 74/70f- 
Giroz. Vienna 74/79? 

Giroz. Vienna 74/80F?‘ 

Girox. Vienna 76/81 .C.V.^—. J . 
Giroz. Vienna 76/83 
Giroz. Vienna 77/82 ........ 

Glaxo Fin. 71/86 

Goateborg 75(85? ---- 

Goodyear Tire 22/87. 

Grand Metrop. 'Fin. 77784 ; 

Guardian Inv. 73783PTv., 
Guen-Keerv Ne™l76/83'.• 
Hamersley iroii'72/87 .J 
Mazama-Gumi .76/8IP :Cl— 

Helsinki 68/83 . 

Highv. Steel ex w. 66/76. 

Hitachi Cable 77/62P.:- 

Hitachi Shipbildg. 76/81 — . . 

Hoogovens 70/85-.. 

IAKW Vienna 75/85 (G) .. 

Iceland 69/84 ......... 

Iceland 77/87 ....— 

I Cl Int’l. 70/85%......'.... 

1C I Inti. 71/86 L.. ; .... 

l ,C 1 Int’l. 72/92 : .. 

I Cl Inti. 75/82 . 

I C 1 Inti. 76/86 ..7. 

I Cl Int’l. 77/87 ... 

1C 1 P LT 71/91 (G) ... 

I mat ran Voima 71/86 (G) 

I mat ran Voima. 72/87 (G) . 

lndustr. Bk. japan 66/83 .. 

Industr. Bk. Japan'70/85 ....^. 

lndustr. Bk. Japan 73/80P . 

Industr. Bk. Japan 73/81P . 

Ind. Min. Dev. Iran 73/85 . 

Ind. Min. Dev. Iran 77/87 . 

Ind. Mtgebk. Finl. 64/79 (G) ...... 

Ind. Mrgeb'k. Finl. 68/80 (G). 

Ind. Mtgebk- Finl.21/86 (G). 

Ind. Mtgebk. Finl. 72/87 (G). 

Ind. Mtgebk. Finl. 75/84 (G). 

Int. Am. Dev. Bank 64/79 .— 

Int. Am. Dev. Bank 68/83 ......... 

Int. Am. Dev. Bank 69/84 . 

int. Am. Dev. Bank 70/85 . 

Jnr. Am. Dev. Bank 72/87 I . 

lot. Am. Dev. Bank 72/87 II . 

Int. Am. Dev. Bank 76/83P ...- 

Int. Am. Dev. Bank 76/83P. 

Int. Am. Dev, Bank 77/87 «.—••• 

Int. Am. Dev. Bank 78/88 . 

Inti. Coml. Bank 73/83 ............ 

IRAN 68/78 . 

Ireland 69/84 ....—... 

Ireland 70/85 ... 

Ireland 76/81. 

| R i ex. warr. 64/79 (G) . 

1SCOR 71/86 (G) —.. 

1SCOR 72/87 (G) . 

ISCOR 73/88 (G) .. 

15COR 73/88 (G) 

ISCO* 77/80P (G)........ 

ISCOR 78/80P (G) .,. 

japan $4/79 . 

Japan 6B/83 . 

japan Dev. Bk. 76/B3 (G). 

Japan Synt. Rub. 7$/BIP...... 

Johannesburg 71/86 (G).. 

Johannesburg 72/87 (G). 

Jydsk TeleFon 69/84 ... 

jydsk Teltfon 72/87 . 

Jydsk Telefon 73/8B ..:.... 

Jydsk Telefon 75/82P .. 

Kansai Electric 69/84 . 

Kansai Electric 71/86 .—,'.. 

Kawasaki Steel 75/02 

KELAG 73/88 ... 

KHD Finance 72/87...1. 

Kiobenhavns H. Bank -76/83P.' 

Kjobenhavhs-Tei. 72/87 .. 

Kiobenhavns Tel. 72/87 ........... 

Kiobenhavns Tel. 73/8$ . 

KLM Finance 70/85 .......L......... 

Kobe 68/83 (G) 


100.45 

5r97^ 

7.78 

5.92 

10325. 

9.44“ 

033 

.5.60 

107.75' 

9.Q5; 

1J.3 

5.19 

109.00:. 

8.94 

233 

6.17 

106.65 

6J6 

3.75 

5.00 

' KJ6J5 

6:79 

5.75 

533 

101.85 

5.40. 

4.67 

5.04 

.10SJS 

7.57 

421 . 

652 

. 109.00 

8.94 

4.93 

7J0 

103.75 

6.5! 

5 JO 

5.87 

.•TQ1.85 

6.87 

4.96 

6.54 


Kobe .69/84 (G) .1. 

Kobe 71/86 (G) „. 

Kobe 72/87 (G) . 


^'103.50 
• WB40 
J03D5 
T06.00 

101 JO 
100.00 
fD4DQ 
10530 
.10425 
109.00 
103-25 

105.40 
>06.35 
106:00 
10275' 
W7.40 

107.10 
10530 

102 JO 
105.00 
10425 
10425 
10625 
10JJO 
102.00 
102*50 
18340 

' 101-00 
103DQ 
105.00 
102.00 

107.75 
101 JO 
10230 
10425 

106.75 

103 JO 
103.65 
106.00 
10725 
106.00 
10075 

103.40 
102.5Q 

103.75 
10625 
107 JO 
101.00 
98 JO 
94.00 
93 JQ 

10025 

100.75 
10075 
103.00 

109.70 

168.70 
•10740 
100.60 

91.10 
10430 
103 JO 

106.75 
10740 
104.85 
104,95 
106.80 
10640 

. 10420 
103.00 
10430 
104.30 
10325 
.106.65 
104.00 
10540 
]08.'50 
10440 


. 7-00 
737 
6.55 
735' 

6.90 
630 
673 
743 
8.11 
8.03 
7.02 

7.35 

7.99 
735 
6.33 

7.91 
7.00 
6.40 
7.80 
7.62 
747 
6.71 

7.96 

6.40 

6.37 
7.32 
7.4 B 

6.19 
6.55 
7.62 
6.86 

8.35 

5.42 
6J9 
6.71 

7.96 
6J2 
6-51 
735 

7.69 
6.60 
620 
653 
7.07 

6.99 
8DB 

7.67 

5.69 
7.87 
7145 
7.50 
-8.44 
8.19. 

8.19 
5.83 
6J8 

6.67 
721 
7.95 
6.86 
6.94 
632 
6.79 

8.41 

6.44 

7.38 
8.19 
6,37 

6.45 

7.16 

7.18 

621 

6.30 

7.97 
623 

6.43 
7.14 
6.49 


: 2.94 
525 

448 
133 
242 
0.17 
3.92 
3.08 
345 
446 

' 3.13 
. 5.94 
440 
445 
732 
4.50 
741 
721 

6.41 
4.15 

449 
325 

. 3.92 
2*33 
325 
358 
7J5 
0.74 
- 1.73 
. 441 
4.65 
3J6 
0.91 
X83 
339 

3.92 
5.05 
5.47 
5.04 

5.42 
646 

9.92 
328 
0.83 
3.46 

3.91 
252 
0.9 i 
833 
432 

' 524 

5.92 
242 
23.3 
043 
234 
5.17 

3.42 
4.33 
425 
3J1 
4.80 
5.72 

4. f2 
3JI 
4D5 
331 
5J3 

-4J3 

543 

4.91 

4J2 

5. B9 
4J» 
226 
3:15 
4.36 
4J2- 


532 

6.03 

5.97 
5.95 
6J1 

6.33 

5.82 

6.30 

7.12 

6.44 
6.18 
6.61 

6.77 

6.45 
6.02 
6.53 

6.32 
5.84 
744 
6.7! 
7.04 
5.63 
6.62 

5.78 
5.80 
6.68 
7D9 

4.91 

4.98 
6.B3 
6.60 
$.49 
3.77 

5.86 
548 
642 

5.92 
5.94 
6J6 
6-60 

. 5.91 
6.14 
5J7 
420 

6.12 
627 
5.40 
446 
8.16 
8.88 
644 

8.32 
749 

7.87 

2.34 
3.03 
5.28 
5.91 
741 
840 
5.89 
5.89 

5.83 
748 
528 

6.31 
639 

5.46 
5J4 
6.73 
6J1 
5-88 

-5:83 
649 
5.49- 
- 5D7 

5.50 

521 


■ 1.12.83—07D. 
1:1228 : 

’• 1.12.79 ' 

' '1.12.80 . . 
: 1.1 i.8\ 
i:r 1.83 
1.10.82 
1. 7.77—865 
I. 2.81—BSD 
- 1.1228—87S 
1. 8.81—84S 

1. 2.79^-830 

2. 533 

• 1. 728—87S' 
1. 6.81 
I. 722—835 
1. 4.78 
1. 1.82 
1. 331 

1. 6.76—85D 
1. 540—85D 
I. 523—845 
1. 4.80—875 

1.10.76— 855 

1.10.77— B6S 
1. 328—92S 
1. 842 
1.1234—86D 
1. 5.84—87D 
1. 1.77—9ID 
1. 4.77—86S 
1. 1.78—87S 
1.1X72—83S 
1. 9.74—855 
). 630 

1. 5.81 
1. 527—85S 

1. 733-^-875 

2. 5.70—79D 
1.1123—80D 
1.1227—86D 
l. 7.78—87D 
1. 4.78—i84D 
1. 720—79D 
1. 7.72—835 
1. 825—84S 
1. 926—85S 
1. 628—875 

1.11.78— 875 
16. 233 

1. 733 
V.'133-875 
I. 1.88 
I. 629—83D 
1.1X71—78S 
1. 9.75—84D 
1. 9.76—85D 
1. 141 

30. 6.75—79D 
1. 627—86D 
1. 4.78—87D 
1. 3.79—88D 

1.11.79— 880 
1$. 9.79—80D 
16.1279—E0D 

1. 6 70—79D 
1. 3.72—83S 
I. 4.83 

I. 74! 

J. 9.77—86D 
1. 9.78—87D 

15. 9.75—84S 
I. 3.78—875 
I. 2.79—88S 
1. 7.82 
1. 3.75—84S 
1. 5.77—865 
1. 6.80 — 82D 

1. 5.79—885 

2. 578—875 
1.1243 

2. 1.78—87S 
1, 5:78—87S 
1. 4.79-885 
1.1026—85D 
1. 6.72—835 
1. 5.73—B4S 
1. 2 77-865 
I.-5.78—B7S 


23 


Advertisement 


._ • 





•r.-i'-t 


Middle 

Cunen* 

Life* 

Yield f 

D - msnnararv dracJnc 


Pi-.ce 

Yield 

Maijriiv* 

lo: or t.v 
' - -.■••in'£ Tjn.i 

8 i% Kobe 75/80P <G>. 

104.50 

7.89 

2.33 

6.10 

1 . 6.80 

7>,% Kobe 76/83 tG) . 

I 0 SJ 0 

6.91 

533 

5.60 

• I. 6.83 

6\% Kobe 77/87 lG) . 

107.00 

6.07 

9.33 

5.51 

' 1. 6.37 

7{% Kommunl. Inst. 76/83 . 

104 JO 

7.42 

4.15 

6.47 

1. 4.81— 83D 

8 ?} Kommunl. Inst. 76/84 .. j 

104.70 

734 

4.56 

6.75 

15.10.77—84D ' 

7.% Korea Dev. Bank 77/84 . 

■98.50 

7,36 

6.83 

7J3 

1.12.84 

51% Kubota Ind. 77/82P . 

100 JO 

522 

3.93 

4.96 

IJ 2.81—62D 

81 % Light'Servjcos 77/82 (Gl . 

105.50 

8.06 

4.08 

6.90 

1. 3.82 

8 1 % Long;. Cr. Bk. japan 70/85 .... 

107.10 

7.94 

4.08 

6J9 

1 11.76—855 

10% Lonza !nd. 74 / 79 P . 

107.00 

9.35 

175 

5.66 

1.11.79 

8 i% Lonza Ind. 75/80P . 

10625 

7.76 

2.29 

526 

IS'. 5.80 

7% Malaysia 72/84 ...„•,.. 

100.60 

$.96 

3.20 

6.77- 

1. 6.75-84D 

64% Malaysia 77/85 . 

9825 

632 

7.58 

. '6.79 

. 1. 9.85 

9-% Malmoe 75/84 . 

109JO 

8.46 

4.46 

676 

1. 2.81— S4D 

81% Halmou 76/83 . 

106.75 

773 

3.55 

6 07 

1. 3.80—B3D 

6 J% Manitoba 77/84 . 

107.75 

6.03 

6.42 

5.05 

1. 7 84 

6 i% Manit. ‘Hydro El. 72/87. „. 

10325 

6J4 

4.60 

5.91 

1. 6.78—B7S 

6 J% Megal Fin. Comp. 78/90 . 

10025 

623 

9.33 

621 

2. 1.85—90S 

7% M E PC 73/88 .. 

9970 

7.02 

5.47 

7.06 

1 5.79—38D 


104.50 

670 

1 32 


7 % Mexico 68/84 ... .. 

104 JO 

6.70 

3.34 

- 5J8 

2. 1.73—84S 

7.% Mexico 73/88 . 

103.75 

6.99 

5.16 

6.37 

1. 179—885 

9% Mexico 75/B2. 

10BJO 

829 

4.42 

6.69 

1. 7.82 

8 % Mexico 76/83 . 

107.65 

7.43 

5J3 

6.24 

1. 6.83 

7 J -0 Mexico 77/B4... • 

106.00 

7.31 

6.33 

6.55 

1. 6.94 

7i% Mitsubishi Gas 76/81P.. 

104 JO 

7.42 

3.33 

620 

). 6.81 

7k % Mitsui Toatsu 76/81P .. 

104 DO 

7.45 

3.62 

- 6.46 

15. 9.81 

9% MODO 75/83 . 

104.95 

8.58 

379 

7.43 

1. 6.B0—03D 

7% Montreal 69/89 . 

104.00 

6.73 

5.87 

6.16 

1. 470—89D ' 

6 % Montreal 72/92 . 

99.75 

6.02 

7.04 

6.04 

1 . 9.75—92D 

6 ;% Montreal 73/93 . 

101.75 

6.63 

7.37 

6.44 

1 . 674—935 

8 -% Montreal 76/86 . 

106.60 

7.9 7 

8.41 

7.41 

». 7.77—B63 

7% Montreal 77/87 . 

102.60 

6.82 

4.71 

6.33 

16. 7.78—87S 

7}% Mortg. Denmark 69/84 <Gl .. 

10475 

7.16 

3.63 

6.11 

l 11.75—84S 

7i% Mortg. Denmark 71/86 «Gi . 

104.50 

7.42 

4.41 

6 66 

1. 3.77— 86 D 

7% Mortg. Denmark 73/E8 »Gt . 

10230 

6.81 

5.66 

6.38 

j. 7 79— 8 BS 

6 »% Mortg. Bk. Finl. 69/84 <G) . 

101.75 

6.63 

3.05 

6 20 

1 4.73—84S 

71% Nafi. Mexico 69/79 (G) . 

101.00 

7.18 

0.83 

6.07 

I. 672—79S 

8 J% Nafi. Mexico 76/83P lG) . 

105.50 

B.29 

5.83 

7.54 

1.12.33 

7% Nafi. Mexico 77/82P (G) . 

100.75 

6.95 

4.5B 

6.79 

1. 9 82 

82 % Nafi. Mexico 77/84 (G* . 

106 JO 

8.22 

6.03 

7.38 

1. 3.B4 

8 >< Nafi. Mexico 77/84P (G) . 

105 JO 

8.29 

6.08 

7.5B 

1. 3.84 

8 '.% Natl Bk. Hungary 75U1 . 

106.35 

7.76 

3.42 

6.11 

1. 7.81 

6 !% Nat. Bk. Hungary 77/85 .. . 

97.75 

6.65 

7.75 

6.88 

1.11.85 

National Lead 67/79 . 

101.00 

6.44 

0.83 

5 19 

1. 6.72-79S 

' 8 % Natl. Westm. Bk. 73/88 . 

107.35 

7.45 

5.91 

6.45 

1.10.79—BBS 

6 ?% New Brunswick 72/87 . 

105 10 

6.42 

5.03 

5 55 

1.11.78—87S 

Newfoundland 69/84 . 

105.25 

6.89 

3.39 

5.61- 

1 8.75—84S 

8 % Newfoundland 71/86 . 

105.00 

7.62 

429 

6.61 

1. 8.77— 86 S 

6 ^% Newfoundland 72/87 . 

103.25 

6.54 

‘5.01 

• 5.97 

1.11.78—875 

6 i% Newfoundland 73/88 . 

103.10 

6.30 

6J2 

5.91 

1 . 4.81—88S 

7% New Zealand 68/78 . 

100.00 

7.00 

0.42 

7.10 

1. 772—78S 

6 «% New Zealand 69/84 .'.. 

10625 

6.35 

' 3.41 

4.81 

l. 2.75—84D 

7' % New Zealand 71/86 :. 

10525 

7.13 

4.OS 

6 . 1 ! 

1. 577— 86 D . 

7% New Zealand 72/87 .... 

106.60 

6J7 

4.82 

5.41 

i. 2.78—87D 

9}% New Zealand 75/80P . 

107 JO 

8.84 

2.00 

5.44 

1 . 2.80 

'J'S New Zealand 75/8QP .. 

107.00 

8.64 

2.00 

5.46 

1 . 2 . 8 Q 

8 ±% New Zealand 75/80P . 

107 JO 

7.67 

2.42 

4.86 

I. 7.80 

New Zealand 75/82 .. 

112.35 

8.68 

3.92 

6.10 

1 . 1.82 

7!% New Zealand 76/83 . 

108.50 

6.91 

5.08 

5.53 

1. 3.93 

7j% New Zealand 76/86 . 

110.00 

7.05 

609 

5.89 

1.11.92—86D 

6 iC .. New Zealand 77/84 . 

105.75 

5.91 

625 

5.15 

1. 5.84 

9% Nippon Kokan 75/82-. 

106.00 

8.49 

3.14 

6.80 

1. 4.80—82D 

8 i%. Nippon T - T 75/82 (Gl . 

10B25 

B.08 

4.08 

6.39 

1. 302 

8 :%. Nippon T ~ T 75/82 (Gl . 

107.90 

7.65 

4.33 

6.11 

1 . 6.82 

7i% Nippon T - T 76/83 (G) ........... ■ 

I08.5D 

7.14 

5.67 

593 

1.10.B3 

8 : % Norges Komm. Bk. 70/85 (G) 

10725 

7.93 

4.00 

• 6.52 

1.1076—85S 

8 % Norges Komm. Bk. 75/80-< G3 ... 

10675 

7.49 

2.33 

4.85 

I. 6 .S 0 

8 % Norges Komm. Bk. 75/0OP (G^... 

106.75 

7.49 

2.42 

4.95 

1. 7.SO 

""7% Norges Komm. Bk. 76/BI (G) ... 

106.50 

6J7 

325 

4.78 

1. 581 

7% Norges Komm. Bk. 77/80 (G) ... 

105 75 

6.62 

688 

5.95 

1 . 4 80—B9S 

6 % Norges Komm. Bank 77/89 1(G) 

ido.50 

5.97 

7.40 

5.91 

' 16.10.80—39S 

6 % Norges Komm. Bank 77/89 U (G) 

100 55 

5.97 

11.83 

5.93 

1.12.80—895 

8 ’% Norpipe 76/84 . 

108.60 

7.83 

4.34 

6.18 

1. 2.B0—S4S 

8 % Norpipe 76/88 .%. 

109.00 

7.34 

7.74 

6.48 

1. 6.83—88S 

6 % Norpipe 77/89 .. 

100.50 

5.97 

9.17 

5.93 

1.11.84—S9D 

7'. % MnrtM Gan 76/88 ..-_ 

107.50 

6.74 

8.25 

6 06 

1 12.83—BBS 

7%. Norsea Gas 77/89 .... .. 

10725 

6.53 

11.41 

.6 09 

• 1. 7.84—89S 

9%-Norsk-Hydro 75/87 . 

112.00 

8.04 

5.42 

. 6.31 

1. 3.80—37D . 

8 % Norsk Hydro 76/88 . 

10975 

7.29 

7J3 
8.12 
2 25 

633 

1. 4 83—885 

6 !°, Norsk Hydro 77/89 .. 

8 ' ? % Norway 75/80 . 

107.35 

7j69 

471 

1 5.60 

8 '% Norway 75/80P . 

106.50 

7.75 

2.33 

5.20 

1 . 5.80 

7*'-' Norway 75/BO . 

107.10 

724 

2.83 

4.99 

1.12.80 

7% Norway 76/8! .. . 

106.40 

6 J 8 

3.25 

4.82 

l. 5.81 

Norway 76/81 . 

m.oo 

676 

3.42 

3.98 

1. 7.81 

6 ,'j. Norway 77/82 . 

107.00 

6.07 

3.92 

■451 

1 . I 82 

6 ;% Norway 77/82 . 

10625 

5.88 

4.17 

. 4.56 

I. 4.82 

5Norway 77/82 . 

104.05 

' 5.53 

-4J0 

- 472 

I. 8.82 

4sVo Norway 78/83 .. 

-9975 

476 

. 4.92 

4.81 

1. 1.83 . ■ 

Norw. Mortgage 77/87 . 

10625 

6.82 

7.23 

6.15 

15 5 83—37D 

6 % Ncrw. Mortgage 77/89 . 

99.85 

6.01 

J'1.79 

6.01 

16.11.82—89D 

7.r% Nova Scotia 71/86 . 

105.70 

7.33 

4.63 

6.4 1 

1.12.77 —86 D 

7% Nova Scotia Power 72/87.. 

104.00 

673 

5 09 

606 

1.12.78—S7S 

6 - % Occidental Overs. 68/83 . 

102.50 

6.34 

3 09 

568 

1.10.72—E3S 

6 % Oester. Donaukr. 59/84 (G). 

1G2.50 

5.85 

'3.43 

5 26 

1. 2.65—84D 

6 :' 0 Oester. Donaukr. 73/88 (G) . 

105 JO 

6.40 

5.81 

5.61 

1. 379—885 

81% Oester. Donaukr. 75/85 (G.) 

11275 

776 

5.03 

575 

1. 3.81—B5D. 

7% Oest: El. Wirtsch. 67/87 (G) ... ' 

1D5 50 

6.64 

4.RI 

. 5 .76 

1. 273—87D 

7% 0esi. El. Wirtsch. 76/83P lG) ... 

105 00 

6.67 

587 

5.96 

16.12.83 

101% Oe 5 t. Inv. Kredit 74/7?P 

107 DO 

9.58 

171 

5.79 

16.10.79 

yj % Oest.' Kontrollbank 74/78P (G ) 

I02J0 

9.51 

0.58 

5.18 

1. 978 

9'r% Oest. Kontrollbank 74/79 IP (G) 

105.50 

9.00 

1.33 

5.09 

1. 6.79 

91% Oest. Kontrollbank 74/79 IFP IG) 

105 SO 

9.00 

l 42 

5.32 

1. 7.79 

7% Oest. Kontrollbank 76/BJP 

104.00 

6.73 

583 

6 16 

1.12.83 

«!% Oest. Kontrollbank 77/89P (G) 
6 >% Oest. Kontrollbank 77/84P (GX 

104 00 

6.49 

6.00 

5.94 

1. 2 84 ' 

103.00 

6.31 

6.42 

5.52 

1. 7.84 

6 ',% Oest.' Kontrollbank 77/84P (GJ 

10200 

6.13 

6 JO 

5.86 

1. 8.84 

6 % Oest.'-Kontrollbank /'//85f (G) 

10225 

5.87 

775 

5:63 

(.11.85 

Oest. Landerbank 77/82 

101.75 

5.41 

483 

5.08 

1.12.82 

6 i% OKO 69/79 fG). 

101.00 

6.19 

124 

5.47 

1.11.70—79D 

6 {% Ontario 69/84 . 

105.15 

6.18 

3.43 

■4.91 

I. 2.75—84D 

6 % Ontario 72/B7 . 

103.05 

5.82 

5.95 

5.38 

• 1. 9.E0—B7D 

7% Ontario Hydro 69/84 . 

105.60 

107.75 

6.63 

6.96 

3.40 

4.65 

575 

5 56 

• 1. 8.75—84D 

61% Ontario Hydro 72/87 .. 

104.80 

620 

5.69 

5.49 

1. 6.80-870 

6 }% Ontario Hvdro 73/88 . 

104.75 

621 

6.44 

5.60 

1. 3.81—e8D 

6i% Osaka 63/78 fG) .:. 

100.30 

6.48 

0.08 

2.85 

I. 3.69—78D 

6 i?c Osaka 64/79 (G) . 

104,00 

6.25 

0.92 

2.09 

2. 1.70—79D 


WestLB Schuldscheindarlehen 

4 year maturity: 4.95 %. 


5 year maturity: 5.20 c > 


6i% Osaka 65/80 (G) . 

6% Oslo 64/79 .. 

51% Oslo 65/80 . 

7% Oslo 67/79 . 

7i% Oslo 69/84 . 

7*% Oslo 71/87. 

6i% Oslo 73/90 . 

9% Oslo 75/87 ... 

7% Outokumpu 68/78 lG) .^ 

6i% Papua 73/BB . 

6|% Parker-Hannifm 77/87P . 

8;% Pern ex 76/83 ... 

7% Pemex 77/84 .. 

7% Pemex 78/86 .. 

7% Petrobas 77/84 .. 

Philip Morris 72/87 .. 

Philippine 77/84 . 

Phillips 75/81P 


6J-S, 

7i% 

8i? 


81% Phillips 75/81P . 


83 


Phillips 75/82 

8i% PK-Banken 75/83 . 

91% Platm. Malmoe 75/80P . 

7{% Privatbk. Copenh. 77/83P. .... 
fii% Pyhrn Autobahn 77/89 (G) . 

6{% Quebec 72/87 .. 

74?“a Quebec 77/87 . . 

71% Quebec 77/87-. 

6s% Quebec Hydro El. 69/84 . 

7i% Quebec Hydro Ei. 69/84 . 

8% Quebec Hydro El. 71/86 

64% Quebec Hydro Ei. 72/87 .. 

6^% Ouebec Hydro El. 73/88 ....... 

6 l % Ouebec Hydro EI. 77/87 ....... 

6'°'. Ouebec Hydro EI. 77/87 . 


8' V. Queensland Alu. 70/85 


7;% Red land Ind. 69/84 .. 


7j‘ 

8i< 


Reed Paper 73/88 . jt. 

Renfe 76/82 (G) . 

8 % Renfe 77/84 (G).... 

7’% SAAB 71/06 ..'...._.. 

10i% SAFE 74/79P .. 

7;% Sandvik 72/87 . . . 

9\% Sandvik 75/83 .. 

8 }?o Sanko Steamship 75/80 .. 

7% Sanko Steamship 77/84 . 

9% SA.P.L.75/BOP (G). 

7% Sears Ind. 68/83 . 

6 *% Shell Ind. 72/87 . . . 

6 J% Shell Ind. 77/89 . 

8 -: % Ship. Co. N. Zealand 75/80P (&) 
81% Ship. Co. N. Zealand 75/82 IP (G) 
8 ]% Ship. Co. N. Zealand 75/82 IIP ( 

7% Siemens Europe 66/81.. 

7% Singapore '72/82 . 

61 ?^ Singapore 77/83 .... 

8 i% Singapore Airl. 76/83 (G)-. 

6 J% S.N.F.C. 68/83 (G) . 

7$% Soc. Dev. Reg. 76/86 (G) 


G) 


102.75 
I0IJ0 
101 JO 
102.00 
106.00 
105J0 

103.75 
10920 
10IJ0 
10435 
10325 
107.85 
10220 

100.75 
100 30 
10635 
98.75 
108.00 
I07D0 
110 00 
105.00 

105.75 
103.25 
101.00 
102.30 

105 65 

103.75 
10535 
105.00 
107.00 
10X10 
10245 

101.50 
100 DO 
106.45 
10445 

104.15 
108.00 
107.05 
J04.75 
107DO 

104.75 
113 50 

104.50 

105.75 
108 JO 
10320 
104.90 

108.35 

106 JO 
107.00 
107.00 

105.35 
103 75 
103 05 
105 JO 

104.75 

106.75 


6.08 

5.91 

5.67 

636 
7.08 

7.11 
6.51 
8.24 
6.90 
6.44 
6.54 

8.11 
6.85 
6 95 

6.98 
635 
734 
8.10 

7.94 

7.95 
8.10 

8.75 
7.02 

6.14 
635 
7.10 

6.99 
6.41 
6.90 
7.48 

637 

6.33 

6.40 
625 
7.98 

7.15 

6.96 
747 
7.47 

7.40 
9.58 

7.16 
8.15 
8.13 
632 
829 
6.78 
6.20 
623 
7J5 
7.94 
7.94 
631 

6.75 
631 
829 
621 
7.03 


1.50 

4.37 

l. 2.71—80D 

0.66 

3.71 

1. 470—79D 

IJ8 

4.80 

1. 3.71—SOD 

1.08 

5.03 

l. 372—79D 

3.64 

5.73 

1.11.75—S4D 

4.72 

6.23 

2. 17B—87S 

621 

6.00 

1. 7.76—90S 

4.77 

6.68 

I. 3.78—87S 

0J8 

4.41 

1. 9.72—78D 

6.14 

5.78 

1. 7.79—B8S 

727 

6.17 

*. 6.83—87D 

5.83 

7D5 

1.12.83 ■ 

6.58 

6J7 

1. 9.84 

7.92 

6.87 

1. 1.86 

6.67 

6.93 

1.10.84 

5.04 

5.30 

1.11.7S—87D 

6.75 

7.48 

1.11.84 

3.17 

5.89 

1. 4.81 

3.2! 

6.02 

15. 4.81 

4.12 

5.94 

15. 3.82 

3.96 

6.99 

1. 8.80—83D 

275 . 

6.40 

I. 5.80 

5.17 

6.48 

1. 4.83 

9.00 

5-98 

1. 9.84—B9D 

4.68 

5.91 

1. 7.78—87D 

9.00 

6.65 

1. 2.87 

933 

6.69 

1. 6.87 

3.43 

5D9 

1. X75—84S 

3.47 

5.72 

I. 9.75—84D 

4J8 

675 

l. 9.77—86D 

4.97 

5.99 

. j. 478—87D 

5J5 

5.90 

1. 379—88D' 

9J4 

678 

16. 8.87 

9.83 

675 

1.12.87 

4.08 

677 

1.1176—85S 

3.22 

5.91 

.1. 6.75-84S 

5.17 

678 

1. T.79—88S 

4.42 

6.35 

1. 7.82' 

6:17 

6J7 

J.-4.84 

4.32 

'6.57 

1. 6.77—86S 

1.75 

5.89 

1.1179 

4.80 

6.32 

1. 2.78—87D 

5.00 

6.04 

1. 2.83 

X83 

6.69 

IJ2D0 

6.00 

5.84 

1, 2.84 

2.08 

4.62 

.1. 3.80 

X83 

5.84 

30. 673—83S 

4.99 

5.35 

1. 4.78—87S 

895 

. 554 

1. 2.85—89D 

2,24 

520 . 

3. 6.80 

4.31 

637 . 

22. 5.62 

4.32 

6J7 

27. 5 ; 82 

2.22 

4.18 

1.11.70—81S 

2.36 

5.36 

1. 778—B2S 

525 

5.80 

.1. 5.'83 

X94 

6.63 

1. 2.79-B3D 

3.10 

4.80 

1.10.72—835 

5.41 

600 

1. 4.80—86D 


Continued on page 22 














































































24 


Financial 19?S 


INTERNA TtQNAL. INTERNA TtQNAL INTER A 


INTERNATIONAL | 
BOND MANUAL! 

. 1 _.the | 

professionals' | 

reference.i 

01-267 3823 5 

Telex 885276 § 


399 CredibustitU Eankveroin. 

■ 1010 Vienna Schottengasse 6 

-P63692540/1 T74324 
310 Girozentrale und Sank 

. der’ Ssterrciduscben Sparkassan AG 
1011 Vienna sdmbertrtog 5 

P 72 94 272/72 94 772 T13195 


710 R. Henrique-s jr. Bank-AfetieselsRak 
1260 Heibro Plads 9 

Copenhagen K p 12 00 52 T19162/19 952- 


REGION 4-ITALY 


BOND MANUAL BONO MANUAL BONC.S 


MARKET MAKERS 


REGION V-BELGIUM 


405 Banca. Commerciale Rail ana Milan 
407 Banco Anrftrosiano S.p.A 
409 Banco di Boma 
415 Credit o Italians 

20123 MHati Piazza Cordusio 2 

PS7 17 44/8862 T 35 617 
. P S9 Ol'lS 

420 Istituto Ban carlo Haliano 
42!) is fit n to Bancarlo San' Paolo di Torino 
. 430 Mote del Psrecbl dl Siena 


715 Kacsailis-Osake-PanJik i 

720 Kiofceniiavtts HandeJs&ank , „ 

1001 - . Holmens Kanal 2 

• Copenhagen K p 12 86 00 T19177 
745 Post! pan kki 
730 Ptlvathan ken AktSesclskab 


735 Skanridnaviska Enskilda Banken. 

10640 ' Kunastr&dgardsgatan S 

Stockholm ' p 763 50 00/24 2S 30 T11007 


725 Union Bazik of Finland 

(Nordiska F6reningsbanken Ab) 


11 REGION 8 - SWITZERLAND 


105 Bond trade 

110 Dewaay, Sebiile, Servais 
Van Cunpenhont & Cie 
115 Kredietbank N.V. 


REGION 5- LUXEMBOURG 


REGION 2-FRANCE 


230 Basque Arabe et Internationale dTnvestisseuicnt 
(B.A.I.I.) 

225 Basque Lonis-Dreyfus 
205 Banqae Nationsle de Paris 

75009 Paris 16. Boulevard des I tali e os 
P 225-4700/523 5500 
T650814/650819 

210 Credit Commercial de France Paris 

215 Credit Lyonnais 

21S E. F. Hutton Services S.A.RL. 

220 Imerunion-Banque 


505 Banqne -GdneraJe du Luxembourg SJL 
510 Banque Internationale a Luxembourg S.A. 
540 Bayerteche Landeshank International S.A. 

* - Luxembourg 25 Boulevard Royal 

P474021 T1249 P475911 
515 Dewaay Luxembourg SJV. 

520 Kredietbank &A. Luxembourgeoise 
Luxembourg. 43, Boulevard Royal 
P26411 T1451 

530 Swiss Bank Corporation (Luxembourg) 


800 Bondpartners SJV. 

805 Credit Suisse/Swiss Credit Banki ’ ’ " 

T5ff212 Trading 

SB0 Swiss Bank Corporation 

8022 Zurich paradeplatz 6 

p 2231111 T 53471 

S70 Union Bank of Switzerland 


|| REGION 9 - UNITED KINGDOM 


REGION 6-NETHERLANDS 


:REGlON 3 ■: GERMANY/ AUSTRIA 


300 Commerzbank — - 

6000 Frankfurt Xeue Mainzer Strasse 32-36 
P 13621 T416111 
T416345 

305 Dcuischc Bank AG 

6000 Frankfurt Grosse Galhisstrasse 10-14 
■Iunghofstras6c 511 
P 21 41 T 411976 

306 Dresdnor Bank AG 

6000 Frankfurt Gallusanlage 7-S 
P 2631 T 414 901 
P 23 OS 21 T 41220 

307 Westdouiscbe Landcsbank Girozentrale 
4000 Dusseldorf Friedrichstrasse 56. 

P 826 3122 T85S18S2 


305 Dcuischc Bank 
6000 Frankfurt 


306 Dresdnor Bank 
6000 Frankfurt 


600 H. Albert de Ba ry & Co. N.V: ' 

601 AJgemene Bank Nederland N.V. 

602 Amsterdam-Rotterdam Bank N.V. 

603 Bank Mees’& Hope N.V. 

604 Barclays Kol & Co. N.Y. • 

Amsterdam Herengracbt 500 

P 262 209 T 12130/12 19S 
611 Cenlrale.Rabobank Utrecht 

St. Jacobsstraat 30 
General P369111 T40025 
- Trading P 362410 T 70105 

605 Bank Morgan Labouchere N.V. 

610 F. van Lanschot 

606 Nederlandschc Middcnstandsbank N.V. 

607 Nederlaudsc Crediethauk N.V. 

60S Pierson, -Hefdring & Pierson 

609 Slavenbufg, Oyens & Van Eeghen N.V. 


I REGION7-SCANDINAVIA 


705 Bank of Helsinki Ltd. 

. (Helsingfors Akliebank) 
740 Den norske Credit bank 


901 Akroyd & Smilbers Limited 
Loudon- 56-61 Moorgate 

EC2R BEJ P 588-4535 T 6S124Q1/2 
950 Bankers Trust International Limited 

910 Banque Francadse de Credit International Ltd: 

911 CiUcorp International Bank Limited 
London ’ 335 Strand 

WC2R 1LS P 836-1230 T 88 4933 . 

912 Continental Illinois Limited 

914 Credit Suisse While Weld Ltd. 

London 122 Leadedball Street 

EC3V 4QH P 283-4200 T 88 3731 

913 Da iwa Europe N.V. 

London S-14 Sl Martins-le-Grand 

EC1A4AJ p 600-5676 T 88 4121 

915 Dehec- Trading Company Limited 
920 DtUon, Bead Overseas Corporation 

London 10 Chesterfield Street 

' VIX7HF p 493 1239 TSS 11(03 

p 4914774 Trading 
992 Dominion Securities Limited 
925 European Banking Company Ltd. 

London 150 Leadenball SL 

EC3V4PP P 638-3054 T 88 11001 

927 The First Boston Corporation 

930 First Chicago Limited 

931 Goldman Sachs International Corp. 

London 40 Basinghall Street 

EC3V 5DE P 6384155 TSS 7902 

P 638-9243 


932 Haaabros Bank Limited -- _ . - 

London r il'Jwshppsgate . ;• : i 

EC2P2AA P58B469S: T886337 . * 

933 1BJ International limited >. 

London Buddersbory House - 

EC4N 3HR 3 Queen Victoria: Street . 

P Trading 2364K5I TS83411 
' P. General .236*2738 

935 Kidder Peabody Securities Limited ... 

London 24th'FU*or • 

• HC5P2LA 99 BisihopSgate ' 

P 638-6272, T884804/5/6/7/8 . 

935 Loeb; Rhoades International Limited 

London •' 55 Grosvenor Street 

■ W1X 9DB P 4913381. T 25.432 - ; 

936 IBanafactorers Hanover Limited — -- . - 

-• London • • 8 Princes Street - • 

EC2P SEN General P6D0-45S5 T884MML 

Trading P 606-8461/4 T88S716 
.937 McLeod, Yonng, Weir Inteaiational Limited w 
940 Merrill Lynch, Pierce, Feuner & Smrtfe ^. 
(Brokers & Dealers! LtcL : ~ 

- London : 3-5 Newgate Street , - • 

EC1A7DA P 236-1630 TSS 5357/8811801 

'941 Morgail Stanley International- 

London P.O. BOX 132,' . .. ; 

EC3P 3HB Corautercial Union BuiMing., 

1 Undersbaft Lfiadenhall Street 
General P 626-9221 T 88 12564 
Trading P2S3^201T8951621/2 
945- Nesbitt, Thomson Limited 
942 The Nlkko Securities Co- (Europe) l4d« T . . 

London Koyex House ■ .. 

. . EC2V 7LJ Aldertnanbury Square 

P606-7171 T88 4717,. 7. . 

343 Nomura Europe N.V. 7 • 

London Barber-SurgeonS Hail, 

EC2Y 5BL Monkwell Square^ '. 

. London Wall . 

. * P 606-7482/6 TSS1H73- - 

946 Orion Bank Limited ' ■ 

London 1 London Wall- 

EC2Y5JX • P 600-6222 T8B3496l :.-- 

P 600-8000 Trading ■ ... 

947' Sadomou Brothers International Ltd, > -! - - - 

950 Samuel-Montagu * Co. Ltd. 

955 SCandinayian Bank Limited 
960 Strauss. Turnbull &■ Co. - 

. London - 3 Moorgate Place / 

EC2R SHR P 638^699 T8SS201 t ., ~ ■. V 

962 Sumitomo Finance International . .. 

London 66 Greibanr Street- 

EC2B TEL P 606-5645 T 88 11043,. 

964 Alckers^da Costa & Co. Ltd. . 

965 S. G. Warburg"* Co. Ltd.' - '■ 

Loudon ' 30 Gresham -Street 

EC2P 2EB P 600-4555- T 88 S476/S8 3195 ' 


g international 

i bond MANUAL 


oitie vokune..... 
01-267 3823 
Tblek 885276 


2 BON2J gjANUAL BONDiMNUAl. ^M . 


970 Wesf deilt^cluv Lajbfe^»3tak f Girozentrale 
London * T — AustmPriara .. , 
EC2N2B® , p 6^6l4t.. iC-88.7984/5; 
975 .Wt^'^Weli'.Securities'*'-. : ',7.. 

977 SL S. Wcin.^-Cb. Jfac-< : ? .'V^'■' 

--- 888124 . ■ 


980 Wbod Guhdy_Ltti. 

990 Yainiaiai International (Europe) Lld. 
London t ’ V. r -Sl A1 phage3nnse, : . 

■ EC2V 0AA. : 2 Fore Street.; -- r . ' 

T \ P B2g^271-T887414- - 


REGION 10 -UNITED STATES 


10 Aruholdl& S. Bleichroeder ? Inc. . - 
20 Drfexel 

K) Klddexj'Peibody&.Co, Incorporated 1 .V-v vi r irS 
New York 10-Hanover Square ?;■££ 
. ■ NV 10005 ; - ; P 2127472000- T 233-498 - ^^ v 


33 .Laza^d. Ftena & Co. 


" •• v ■' f , • 7 ... • ’TT-ITOSIKITT 

35 Mcirrill lynch, Pierce. FenUer & Sn^'Int-V i- 
- 1 . - : I-.'-; : - ■. P r 21276«'1212- : T420 938: ■ : H t 


- -v;;;\' J Rmnriair.^W5,V?t 

'.60 ^JbmBtt.lirbtitere ‘T 

..New York .'. . 0ne.Nevr;York. ^ -V ■» ' - 


90 White.Weld Cp..Iuc^pQrated 




KW The Arab lor Tradhi^.Secin-itieaSASu 




P 41(T31S^¥279l-ACTS 


LEAD MANAGERS 


1—CreditanstaH-Bankverein 

15— Butler Bank 

16— Credit Suisse (Bahamas) Ltd. 

IS—Gutzwiller Kurz Bungenur Securities 
25—Union Bank of Switzerland (UAV) 

28—Bankleumi Le-Israel 
32—Banque dc Bruxelles S.A. 

35—Banque Lambert S.C.S. 

38—Burnham & Co. 

43—Kredietbank N.V. 

46— Soclvte Generate de Bauque S.A. 

57—Nesbit, Thomson Ltd. 

64—Wood Gundy Ltd. 

72—Privafbanker AfclieseJskrab 
77—McLeod, Young Weir & Co. 

92— Banque Nationaie de Paris 

93— Basque de Paris et des Pays-Bas 

94— Banque Rothschild 

96—Banque de L’Union Europeeone 

103— Credit Commercial de France 

104— Credit Industrie! et Commercial 

105— Credit Lyonnais 
1J2—Lazard Fibres & Cie 


117—Sbcidte Generate 

122—Western American Bank (Europe) 

13S—Commerzbank/Banco di Roma/Credit 
Lyonnais 

140—Commertbank AG 
143— Deutsche Bank AG 
150—Wardiey Ltd. 

157—Pki.anken 

159—Kuwait InL Inv. Co. S.A.K. 

162—Arab Financial Consultants 
165—Union Bank of Switzerland 
(Securities) Ltd. 

179—Westdeutsche LandesbanJc . 
Girozentrale 

183—Jardine Fleming & Co. . 

1 S6—Banca Comirterciale Italian* 

1S9—Banca Nazionale de Lavoro 
196—Banco di Roma 
214—Williams Glyn & Co. 

218— Orion Bank Ltd. 

219— Kuwait Inv. Co. S-A.K. . 

221— Banque Europeenne du Luxembourg 
S.A. 

222— Banque Gone rale du Luxembourg S.A. 


New Issue 


All these securities hat e been said. This announcement appears as a matter of record only. 

ssue , - • - February 7,197R 


$40,000,000 

eURDFIMR 


(European Company for the Financing of Railway Rolling Stock) 

8Vfe% Dollar Bonds Due January 15,198S 


Smith Barney, Harris Uphara Sc Co. , Credit Suisse White Weld 

Incocporucd J-imisr^ 

A ms ter dam-Rotter dam Bank N.V. 

Banca Commerdale Italian* 

Banque Bruxelles Lambert S.A. 

Banque de Paris et des Pays-Bai 

Banque Populaire Suisse SlA. Luxembourg 
Credit Commercial de France 

Deutsche Bank Aktiengesellkhafc 

Kredietbank 5.A. Luxemboucgeoise 

TheNikko Securiries Co., (Europe) Ltd. 

Societe Gen&ale de Banque S.A. 

Swiss Bank Corporation (Overseas) Limited 

L’nipn Bank of Switzerland (Securities) Limited 
Westdeursche Landesbank Cirozenrrale 


Abu Dhabi Investment Company AlahliBankofKcm-ait (K^.C.) Algfamene Batik Nederland N.V. A. E. Ames & Go. AnUresens Bank A/5 

* Limned 

Arab Finance Corporation 5-A.L. The Arab Investment Company S.A.A. .'Viab and Morgan Grenfell Finance Company 


Banca Naonnale del Lavoro Banco di Roma. Bank of America Iniemacionai Bank Julius Baer International The Dank of Bermuda 
• I ita.’aaJ 1 t Uniiml 


Bank Guizn-iller, Kura, Bungenec (O erseas) Bank Leu International Ltd. Bank Mees & Hope NV The Bank of Tokyo (Holland) N.V. 

Limited • " 

Bankers Trust International Banque Arabe « Internationale d'lnvestiMemeflc (B.A.I.L) Banque Frampiise du Commerce EKterieur 

LimiteJ _ 

Banque Gincrak du Luxembourg S.A. Banque de l'lndochiQe et de Sues: < -Banque Internationale a Luxembourg S.A. 

Banque Louis-Dreyfus Banque Nationaie de Parts Banque de Neuflize. 5chlumberger, Millet Banqoe-Rotbsduld 


Banque Louis-Dreyfus 
Banque de l'Union Eurojseenne 
Bergen Bank Bcrli 


Banque Nationaie de Parts 
Banque VTorinj 


enne Banque Worms Baring Brothers & Co., BaJ'erischetLandesbank 

limited . " Otrm«tflUc 

Berliner Handels- und Frankfurter Bank. Caisse d<B Depots et Consigns non s 


Baveiische Vereinsbank 


Chemical B:mk International Chnstianivt Bank og Kreditkasse 

Lumud 

Compagnie de Banque et d'Investusemencs (Underwriters) S.A. 


Credit Industrie! et Commercial 
Da iwa Europe N.V. 


Credit Lyonnais 
Dclbriick & Co. 


ditkasse Citicorp International Group 

Gompagiue Moncgasque de Banque 
.. Credit du Nord Oedicanstalt-Banlrrerem. 

uske Bank Den norske Creditbank 


Chase Afanhacua 

Limits 

Commerzbank 
Aklicogcbij bchah 
County Bank 

LmincJ 

Credico Italians 


Da iwa Europe N.V. Dclbriick & Co. Deo DansRe Bank Den norske Creditbank Deutsche Girozentrale 

■r-isn ArimHkab . » —Deutsche K oram un a Thank— 

Dresdner Bank DG Bank Erfeowibanfc-NFarburg luroihobiliart S.p-4.—Compagnia Europea Jntermobiiiare 

AlmcngcxlFutatT Dtulwitf Ocnnnrmthiflsblnk AkricuCtKllKhah 

First Boston (Europe) First Chicago . Robert Fleming & Co. • Girozentrale und Bank der osterreichischen Sparkassen 

Umlird limiMd LimiMd _ AlfrienptsrJIwIuit 

Gotthuxd Bank International Ltd. Gzoupement Prive Genevois SA. Hambros Bank . Hewische Landes bonk Hilt Samuel & Co. 

r LmJud -CiirOirmral*— L Ironed 

IB] International Istituto Bjncario San Paolo di Torino Kidder, Peabody International Kjobenhavns Handelshank 

Limitnl LiBUrod 

Klcinwon. Benson Kredietbank N.V. Kuhn Loeb Lehman Brothers Kuwait’Foreign Trading Contracting & Investment Co. (&AK) 

Limited lmctnuiorul 

Kuwait International Finance Co. SJCK. Kuwait Investment Company (SAJC) Lloyds Bank International Manufacturers Hanover 
"KIFCU' Conned ^ LiMiMtl 

Merck, Flnck & Co. Aferrill Lynch International & Co. Samuel Mubragu & Co. Morgan Grenfell k Co. Morgao Stanley International 

LI rolled Uoiitd liaiiud 

The National Commercial Bank Nippon European Bonk S.A. , Nomura Europe N.V. Norddeutscbe Landcsbank 

S™di AubU Giramualq 

Orion Bank Pierson, Hddriog & Pierson N.V. PKbankea’ Privatbankea N. M. Rothschild & Sons 

Limirod Alaineldcfb Limited 

Salomon Brothers International Scandinavian Bank J,Henry Schra'der.^igg & Co. Skandinaviska Fn^ilila Banken 

Limited limited Limited 

Sodete Banciire Barclays (Overseas) Ltd. Sociite Generale Soticte Gcneraie Alsatieone de Banque 


Kuwait’Foreign Trading Contracting & Investment Co. (S.AJC) 


Sodete Privet de Gestion Firunriere Soci&e Sequaoaise dc Banque Sparbankeroas Bank Strauss, Turnbull & Co. 

Svenska HondeUbonken Swiss Italian Banking Corporation Union Bank of Norway L«L Union de Banques Arobes et Fran prises—-U.BAJF. 
Veceins- xmd ’K'estbanlq S. G. Warburg 9c Co, Ltd. Wood Gundy Yamaichi International (Europe) 

AlCMpsellMluXr 


Wood Gundy 

tiohitd 


Yamaichi International (Europe) 

Ximittd 


223— Banque Internationale & Luxembourg 
S.A. 

224— Banque Lambert Luxembourg S.A. 

229— Investors Bank. Luxembourg. S.A. 

230— Kredietbank S.A. Luxembourgeotee 

234— UBS DB Corp. 

235 — Blytb. Eastman-Dillon & Co. lot. 

237— Algcmene Bank Nederland N.V. 

238— Amsterdam-Rotterdam Bank N.V. 
245—Bank Mees & Hope N.V. 

247—Nederlandse Credietbadk N.V. 

249—Nederlandsche Midtienstandsbank N.V. 
254—Pierson, Heldring & Pierson 
258—Royal Bank of Scotland 

272— Skandinaviska Enskilda Banken 

273— Svenska Handelsbanken 

287—Kuwait Foreign Trading Contracting 
& investment Co. 

292—Bankers Trust International Ltd. 

297—Barclays Bank International Limited 
29S—Baring Brothers & Co. 

315— Hambros Bank Ltd. 

316- Hill Samuel & Co. Ltd. 

321—Investment Bank ol Ireland 
323—London Multinational Bank Ltd. 


326— Klein wort Benson Lid. 

327— Kuhn Loeb InL . 

32S—Lazard Brothers & CQ- Ltd. 

332—Manufacturers Hanover Ltd. 

335— Morgan GrenfeU & Co: Ltd. 

336— National Westminster Bank Ltd. 

337— Nikko Securities Co. (Europe) Ltd. 

338— Kuwait International Finance Co. SAK 

343— Rabobank N.V. . . ' - 

346—Rothschild. N. M. & Sons Etd.. 

Hemr "Schroder Wagg ds Co. Ltd. 

352— Caisse des Depots Consignations. 

353— Singer &,Friedlander Ltd. 

354— Sumitomo Finance International * *. 
359—Warburg, S. G. & Co. Ltd. 

361—White Weld & Co. - 

375—Bank of America 
378—Bear Stems & Co. ... 
386—Brandt (Win.) Sms Jfc Co. 

389—Kuwait Financial Centre 

396— Dalwa Securities &"Co. Ltd. . 

397— Dean Witter International In«, . 
399—Dillon Read & Co. Ltd. 

401— Dominick Sz Dominick '• 

402— Citicorp InL Bank. ... 


404—Drexel Harrim an Ripley ! 
408—European Banking Compai 


408—European Banking'Company 

411— First Boston Corp. .' 

412— First Boston (Europe). Ltd. 
413r-MeiTiU Lynch, Pierde, Fenner & 

Smith Inc. . v'y. .. 

418—Goldman-Sachs.& Co. 


4^—B^ifys Mei^aM r Ean^K^ :;L’ 


/. ; . 520-^-SaK)moii B ro t h ers.lateritatiQoai Lid^V 1 ;’ .. 
-SU^MerhiFLyncKititrfl; BankXtd^-" 1‘Cv .. 


437—Kidder; Peabod^'* Co: Inc: ’ *. "Slgi^-AraB' Fiimnce;U.t|7pr; ~:T f : ’?'^ - .-"v“ . 

43S—Blyth, Eastman Dillon St Co. Inc. ;• 525^-Banqae Arabe etTOLDTnvest . 

44Q-r-Natiohsd Commercial Bank Saudi i.y 536—Loeb; Rhoades International Ltd -' ’ 
:■ Arabia T -i ; 55^i-Gi^(lman Sachs ArCo Inc. V . : 

441—KiihnLbebTe Co. * ^ Saft^ardine'FlermdgJ^teriiatioiial lnc.’ • 

445—tazard Freres^Ss Co. ■ '. : i ,lS60^Jaixline^Ieming;international Ltd 

447— Lehman Brothers-: , ..." \:>:^S85 -tBAXL (M/EL&^ --.'V£ / i>>f>: - •' 

448— Loeb Rhoades' & Go. ' Hapoalizn^ >;• l 


481—Postipankki 




6-*M:oi^aii:Grehfeili-^ABiaj-Ltd. f. "r • 


Creditansta!t-Bankvere!n-yourpMnerin>\ 






•' -•-n- • *A--. •. 


■ • j '.: . >V^-j : - 

■/. a «••• ,• _ v-i 

. ; .. . - »• .• ■ • - • ^ ■£; 

f *J .* :. e " 1 -■ -* ."4’ -l"V, 

. . f'- s’ "*4-- ■*! 

■ ■ - J * - . ■ . v* - ‘ **". 

v- ' r+r .'«- ; : *V ^ -’i-J 

; . *, .-; r ; 


Selected AastrianSchfl/fng Bonds 
of Austrian issuers •. 

roaturityup to 5$Gari 


Middle 

Price 


Average ; Yi^d to 
Life ... average. 


Gurferit 
Yieli . 


8 % Osterreich1973/B/81 . 

8 %' Osterreicii 19Z3/IJI/B/82. 

81/2% Osterreich 1974/1i/B/82 
81/2% Innsbruck7974/B/82 
81/2% Kamten 1975/8/81 
81/2% NEWAC1975/B/82 ’ 

81/2% STE WEAC1 975fB/8i , 


99,50 

99,75 

99,- 

9930 

100,50 

160:25 

1003' 


'<*• c " 

-’ ;V '• 

ijT -'r 

■: io4 . 

8,95- 

: •'•8,02. 

8,91 


8,86 

.8:54; 

8.83 

■ «;46. 

8,97 ■* 

. $Ad; 

8.81 ’ 

/- r4,48' : 


15. i 




'mSkzasz&i 


maturity over 5 years 


81/2% Osterreich 1975/S/83 
81/2% Osterreich 1975/5/IH/S5 
81/2% Osterreich 1976/5/86 
81/2% Wien 1974/B/S4 : 

81/2% CA-BV1975/H/B/85 
81/2% Energie 1975/11/B+S/85 - 
81/2% Semperit1975/B/84 
81/2% Steyr-Daimler-Puch 1976/B/8& 


Selected US-5 Bonds of Austrian issuers 

5 3/4% Voest 63/78 

5 3/4% Alpine Montan 65/85 

6 5/8% Austrian Electricity 66/86 

6 3/4% Austrian Electricity 67/82 -. ->. 


Ml 

ai 




a| 








r L Mgf 




















Wt 

mm 

Bap 




Efl&SfeHl 


6 - Rep. of Austria p4f84r ■ v : , ; > ■ .4 

\' 6 3/4% Rep. of Austria 6^/8?-; yj-i. 

8 3H& Rep. of AuStritf3^Q^:;=.f S' ; Zj&y. 
-: 81/4% Tauernautobaha77/8Z. _^ 


91/2% Osterreichische Kontrollbank74/79;in Aiistri ari5ch i H ing(tradfed - V 


Interest is payable withoutdeduction for orditac 

■ For cu rrent pricesand furtheririfbrm^tipr 
. For Austrian Schilling Bonds: Robert JeS&. 
. (Telephone: 6&22/1701 of1707TeIex 

For International Bonds; Walter VoglTTelephcshe: 









Ci 

5* 

Hat 


jj 

Schottenga55e6,Al010, -Vienaa. 
























































/k'.* 

ps 


* • : ^ ebruary 13 1978 

Sf4’P : C " 

imem. 



^rr, 


ift 


among the 



societies 


29 


$2V 



BUILDIK'G i so dety move’ 

Jsii?. deeply wonfied v about 

- It was not convinced 
i, recent comforting asstuv 
a from jbord Hiij of Ltityh 
moves by the Abtiey 
tonal, of which he - is chair* 
'i are not intended to oyer- 
the movement’s traditional 
?m of recommended interest 

3. 

ie calm bedside, manner and 
bing assurances of Britain's 
ter radio doctor were fully 
vidence during a'speech at 
Savoy Hotel in London to 
■ess upon the world at 
s and building society execu- 
■ in particular that the 
sy’s. decision to maintain an 
pendent. line • on • interest 
s was “not intended to buck 
system.” 

‘ it whatever the motives, ihe- 
ey's move has thrown the 
ding society world into a 
3d of some, confusion and a 
t deal of doubt,.which in a 
- ?ment used to stability and 
rliness is regarded as un- 
ming and unwelcome, 
ie situation which the 
fties face to-day is the direct 
It of a year of outstanding 
?ss which may prove to be 
■ning point in terms of their 
Jopment. On a mare-imme- 
-* level, it could have a direct 
ing on house prices in the 
ng months. 

was clear by the Spring 
377 that the societies were 
or an excellent year. In the 
t, it turned out even better 
the most optimistic ob- 
' ;rs had imagined. The 
ig competitive position 
Hained throughout most of 
■'ear resulted in a huge and 
suing inflow of funds, in 
: contrast to the last few 
hs of 1976. 

suits for 1977 showed that 
i net receipts of eash 
led tn £4.4bn., mortgage ad- 
es rose to a record £6.7bn. 
much more significantly, a 
) of other factors meant 


By MICHAEL CASSELL, Building Correspondent 


.timt tire soaetea themselves, as rates of 1077. the Abbey was 

W T* ^ ***** that 

■ mo , sl what was considered the correct 

ln lhe line for ^ties was not, 

A 0n occasion, necessarily 

? CCeptaWe to the second largest 
ownmyesments, with m the country. In early October, 
substantial profits being made the Abbey said it was seizing 

rSS-lSfr' " a rare “Sen 

to guarantee for most of them the blow for investors” and 

announced while it would 
mdu^nes). Bur pay the recommended lower rate 
maroon the movement found of interest on new money, it 
itself on tiie receiving end of a would continue to offer the 
major bonus in .the form of a higher rate on deposits made be- 
Iower than expected composite fore October 31 
rate of tax. paid by the societies The Society took similar 
on behalf of their investors. act ion after Uie dedsio™ in 

January of the Assodation to 
Tl nfo «,acc reduce Investors* and borrowers* 
gutjj rates even further—this time 

For most of the'current flnan- * h j sher reco P- 

dal year, the societies have ™? t d * d ™V e a11 "■»? d f 
simply had to guess what rate P° 5Ited before January 31. It 
would apply because uncertainty Abbe ^ invcs " 

caused by changes in the basic , ” ELSE ? 117 ~ ,v,n * over 
rate of income tai-and Ln allow- th ,J"rriSL p J nt morc °. n 
ances left the composite figure :? rd j” S accnunts 
unfixed until December. When S^ h bems r h ec ? f m ' 

it was finaiiv agreed noon in mended - while others are half a 

talks wi^lSuS'R^enue. po L n J b «J® r off. ing societies may have been 

tWomooX rate was two ner The Abbe > s move will cost irreversibly changed. 

SntSe Ste loww^ian m^st lt severaI mi,Iions a month and Opinion dirides fairly 
“5£ P I, d luowed for in HiH be "Stained at l«st until sharply. In spite of Lord Hill’s 
fhSS/iilJHflnc 010 April, though with a surplus in assurances that the Abbeys 
2£E^« therefore* 1977 alone <* £55m.. it can move represented nothing 
1 Q 77 ^ C1 ^SSh Bl |? B rftffi aJ0r ° rd t0 carry on much longer, more than a sensible solution 

1977 meant ai growth- ini total rf it waits ffl Ume a(J * t0 the problem of what he 

assets of anything up to 25 per meDt t0 eo j ncide ^ tI) nexT admitted to be “ an excessive 
cenL, a substantialTise in liquid recommended change in rates, surplus '* of funds, the decision 
fun i!? S \. ^ record volumes of it jj ave t0 wa j t next will be seen by many as con- 

casb being put mto reserves. 3 - ear firmation that a parting of the 

which were already very other major societies, like the ways for the larger and smaller 
healthy. Britannia (now baric in the societies is inevitable. 

*v Th fu? taatIon was 01,6 wh,ch BSA fold >- tte Leeds Per- Some of the larger operators 

me Abbey even more success- man ent. Alliance, and Town say that they are simply morc 
ful than most—savycoming as and Country have followed, efficient and point out that 
far hack as April 1977, when it some of them now offering they have on several occasions 
began devising ways of coping higher than recommended rates found themselves voting for 
with its success. It was event* on all new as well as old money, an interest rate structure 
ually decided that;the Abbey The immediate position there- largely irrelevant to their own 
investors, who bad seen their fore hardly amounts to a major positions but necessary for the 

interest rates fall steadily breaking of the ranks, but the more vulnerable smaller 

throughout 1977, should benefit, longer-term worry in many society. 

By the time the Building building society boardrooms is Until now', the sense of unity 

Societies Association Council that the precedent has been set which has embraced building 

met in mid-September to recom- and lhat the nature of competi- societies has been strong 

mend the third cut in interest tion for funds among the build- enough to ensure that the 



Lord Hill of the Abbey National (left) and Sir Raymond Potter of the Halifax. 


weakest have been protected by 
the strongest, hut the growing 
realisation that a substantial de¬ 
cline of the number of 
societies, at present 350. is no 
the way whatever happens, 
makes that protection some¬ 
how seem los.s important. 

There are. however, some 
powerful voices, in opposition, 
not simply from the lower end 
of the building society scale. 
The Halifax Building Society, 
the world’s largest with assets 
now in excess of £Sbn.. is. pre¬ 
dictably. the rock on which 
support for the existing order 
of things is firmly based. 

Sir Raymond Potter, former 
chairman of the Building 
Societies Association, and cur¬ 
rently chairman of the Halifax, 
has characteristically refrained 
from entering the controversy, 
although the views of his society 
are well known. To the Halifax, 
and those in sympathy with its 
beliefs, the preservation of unity 


—exemplified by the recom¬ 
mended interest rates system— 
is vital to the future of the 
movement. The suggestion that 
the present system represents a 
cartel operating possibly against 
the best interests of the public 
and cushioning the least efficient 
societies from the full effect of 
economic forces is one to which 
it is openly opposed. 

First, the traditional camp 
believes that the breakaway 
societies have overreacted to a 
fluctuation, albeit a significant 
one, in the current level of sur¬ 
pluses and reserves and that 
Inev should simply continue to 
absorb any additional funds in 
readiness for the next period 
when money is short. 

There is also a fairly wide¬ 
spread assumption that compe¬ 
tition for funds would result in 
higher interest rates—leading to 
more expensive mortgage money 
—and that, in any case, most 
societies would end up offering 


much the same to investors and 
borrowers, as do the banks, 
which are technically free to set 
rates as they wish. 

The question, according to Mr. 
Ralph Stow, present chairman of 
the Association, is a simple one: 
** Do we wait for one of the big 
boys to set the level and then 
follow, or possibly outpace him. 
or do we confer In Council and 
arrive at a recommendation of 

interest rates which we believe 
to be in the best interests 
generally of both investing and 
borrowing members of societies? 
I have no doubt where the con¬ 
sensus of opinion lies.” 

Behind all Lhe discussions 
there is the societies* awareness 
that if they do show themselves 
unable to organise their own 
affairs in this respect, then the 
Government may well wish to 
play an even greater role than 
at present in the conduct of 
their business. 

Relations with the Govern¬ 
ment could be put to the test 
this year by the issue of house 
prices. All the indications are 
that average prices will rise at 
a faster rate than in any year 
since the period of explosive 
increases in 1972-73. 

No-one expects that situation 
to be repeated, but some of the 
latest estimates from within the 
building society movement 
suggest that average prices 
could rise by between 15 and 
20 per cent. It is a trend which 
neither the societies nor the 
Government are too keen to 
discuss openly for fear of 
talking prices up, but there is 
no doubt that an expected 
increase of real incomes com¬ 
bined with something like 
£8.5bn. of mortgage funds and 
continuing strong demand for 
home ownership will help make 
for a very buoyant housing 
market in 197S. 

The difficulty could arise in 
deciding what level of price 
increase is acceptable, granted 


the contentious assumption that 
the market should be inter¬ 
fered with at all. 

Ali parties accept that price 
increases are necessary and 
that substantial ones will be 
needed to stimulate new house 
building. But what would be 
the Govenjment’s reaction if the 
societies, encouraged by high 
receipts and already confronted 
by large reserves and strong 
liquidity, were tempted to raise 
further the already agreed but 
flexible mongage lending pro¬ 
gramme for 1978? 

The blame 

The societies, after all. are 
in business to provide home 
loans and do not look kindly on 
any artificial constraint on 
lending. If prices did rise 
rapidly, then they would say 
that it was not they who were 
to blame but the body respon¬ 
sible for supervising incomes — 
the Government 

If the societies were not 
allowed to inject more funds 
into the market their only re¬ 
course would be to stem the in¬ 
flow of money by culling back 
interest rates still further. Many 
societies’ executives already be¬ 
lieve that the new 8i per cent, 
home loan rate is in itself a 
potentially significant inflation¬ 
ary factor and that further re¬ 
ductions would only raise the 
temperature of the housing 
market even further. 

Everyone's hope is that, in 
the event, all the figures will 
neatly match up and that de¬ 
mand, mortgage availability and 
rising incomes will prove com¬ 
patible and provide a healthy 
but stable private housing sec¬ 
tor. It might be just a? well 
for the building societies 
quickly to settle their internal 
policy differences, in case their 
energies arc required in the 
near future to deal with the 
political world outside. 


Letters to the Editor 


LTD. 


Wholehearted 

elcome 

i Sir Keith Joseph, Mp - 
Mr- Malcom Rutherford 
ss article seeks, by imp) tea- 
to dissociate m£ Tram 
views expressed by Mrs. 
cher in her Glasgow speech, 
tias no justification for this, 
holeheartedly welcome the 
:h in question, 
a Joseph. 

■e of Commons, S.W.1 • 


com- 


loney 

i Mr. D. Folkes. 
v—There appears to be a 
ision of thought about the 
iUon of money under the 
ing of M3. One is, for 
* .nee, for one’s own purposes, 
r^C** ?p-led to regard the amount 
O'-idug to one’s credit in a 
•sit account with a bijiktiag 
^ O.-ifvMy as money, but such an 
J “ seldom transferred 

dy from one person to an- 
•-,..* and scarcely ever in ex- 
fl>r Soods or services, 
ii- * i-- u is money, therefore, its 
ity of circulation is negli- 
, enabling one to disregard 
lonetary character for The 
ise of analysing any econo- 
ituation. A deposit account 
a bank, however, can be 
d into a current account, 
heretore into a circulating 
im of exchange by ia simple 
•f the appropriate piece of 
. without altering the quan- 
entering into the bank’s 
and Liquidity ratios. It is 
'ore money in the sense 
m account with a building 
y is not. . 

increase in the amount of 
y in building societies 
. indeed, to Increase the 
of houses; but the money 
s put there only If it is not 
■ or invested elsewhere. It 
trefore difficult to see how 
i be a contributory cause, 
stinct from a. symptom of 
' isease of inflation. 

s not; therefore, the pre- 
lassificaiion of assets under 
eading of M3 come from 
ting either that money is 
iiuin. of exchange or -that a 
im of exchange must have 
: Jibstantial velocity of 
adon? 

Folkes. 

• sen's Walk, 

. .. g, W.5. 


Further, even if the discount- should be dictated by 
ing operation were to be success- mercial criteria alone, 
ful (that is, show a “book** This kind of wage and price 
profit)' in each of the five years, policy cannot continue indefi- 
Lf the discounter bad to pay out nilely. with some companies 
-interest annually on-borrowings escaping the blacklist and rais- 
to finance his trade and bad, ing prices by deals that are 
additionally, to pay tax annually tantamount to bribery and sus- 
on “ profits ”- not yet received, he pect “ productivity agreements.” 
could find himself in financial As a Liberal. I would prefer 
difficulty, academically, and prac- tn see free bargaining on waaes 
tically. . : and tbe market dictating prices. 

With respect, the impression I the Price Commission remaining 
get is that it is other people, to identify and remedy price 
including possibly Justinianj who fixing by cartels or monopolies 
are confusing . the business of at excessive levels. The national¬ 
lending—not providing a; loan ised industries . should be 
service—with the commodity rationalised and returned to the 
market^nd-tbat it-was a maiority-prtvate sector to face market 
of the Law Lords, and three other realities. A Board should be 
tribunals before them, who saw created to determine the wages 

the practical issues. “ '-—- - 

G. P. Stubbs. 

9-10, Angel Court, E.G2. 


■i 


4 


Index-linked 

pensions 

From file Government Actuary 


of any remaining public sector 
employees. 

The 10 per cent guideline on 
wage increases is only a figure 
at which most bargaining 
begins. As such, this figure is 
much too high when it is com¬ 
pared with industrial production 
which is at almost the same 
level as in.T970. * 

■ Let us hope the next Govern- 
_ j _ . , . ment will effect the necessary 

Sir, In_Ms study of the 1977measures to stimulate the 
agreemwit ; betwMn the official Economy by removing controls 
and staff-stdes oF the Civil Ser- ^ taxation which hamper pro- 
vice National Whitie* Council ^activity and damage incentive. 
Mr. Layborn iFeb. 2> has over- ^ Finlay 
looked the commitment (p.4 of Fnsentp Rood 
the Agreement) to - allow for the if 2 * 

fullest possible openness about Iienaon ' 
the adjustments, including the 
publication of reports by the Gov¬ 
ernment Actuary. These would 
include his assessment of differ¬ 
ences in benefits, using his best 
professional judgment, and any 
other items remitted to him for p-™ ^ Ptmwill 

advice.” The series of Sam^sSlkln is nr 

fessional reports which will stem DOrtfVf _ sa vine *■ it has 
from this remit should reassure been^th? policy of the 

Mr. Layborn and your Government that it should take 

respondents that the deduction act j 0D with the intention or 
from pay is on a P™P e J.Pff ,s - 'consequence of causing a breach 
Mr. Layborn and otter ear- of _ contr actual obligations." Why 
respondents have quoted the ^ djd It pass Part j of tbe 
deduction from pay as bmng the jj emuneration charges and 


Breach of 
contract 


property companies cover by 
transfers to revenue out of uo 
realised capital reserves for two 
reasons. 

Mr. Roberts’ first reason is that 
the legislation on which Fitzleet 
turned disappeared in 1965. Un¬ 
fortunately the key words 
“ payable out of profits or gains 
brought into charge ’* reappeared 
virtually unaltered in section 
52(1) of the Finance Act 1965. 
now section 248(11 of the Taxes 
Act 1970. More important, tbe 
words in section 248(51 preclud¬ 
ing deductibility- if “ the payment 
is charged to capital.” were, when 
introduced in 1965. generally re¬ 
garded as enacting explicitly the 
Inland Revenue's contention in 
the Chancery Lane case which 
had not then been - decided by 
the House of Lords. 

It is argued that the [acts in 
Fitzleet did not correspond with 
current accounting practice, 
which is to transfer from capital 
reserve to profit and loss. It is 
sometimes said that in' Fitzleet 
the transfer was a transfer of 
interest from revenue to capital. 
But in fact the Special Com¬ 
missioners and arguably Mr. 
Justice Templeman appear to 
have regarded the transfer as 
proceeding from capital to 
revenue rather than vice-versa: 
the judge’s reference to "a mixed 
fund ” aptly describing a profit 
and loss account containing 
transfers from capital. 

Property companies are vul¬ 
nerable since to transfer from 
capital itself implies that tbe 
same profits cannot pay both divi¬ 
dends and interest and the Courts 
might reaspnably infer tbat 
interest fs charged to capital 
whether Interest is brought to 
capita] nr capital is brought 
to interest 
R. V. N. Berg. 

2 A Denning Rood, » 

N.WJ. 


GENERAL 

EEC Furekn Ministers begin 
two-day meetini- in Copenhagen 
on European political co-opera¬ 
tion. 

EEC Agricultural Ministers 
begin two-day meenne, Brussels. 

New session of European Parlia¬ 
ment opens. Strasbourg (until 

February 17 1 . 

European Central Bankers 
begin tv.o-day monthly meeting. 
Basic. 

Mr. Anthony Wedcwood Benn, 
Energy Secretary, chairs meeting 
of Energy Commission. 

Mr. Mo-s Evans, general secre¬ 
tary-elect. Transport and General 
Workers' Union, in Merseyside 
for talks M nh local British Ley- 
land union officials end possibly 


To-day’s Events 


plant managers in effort to 
resolve strike at company’s Speke 
factory. 

First of two missions from 
Nippon Steel leaves for China to 
discuss supply of technology for 
proposed integrated steel plant 

Mr. Benedict Meynell, a senior 
EEC official, expected to begin 
trade talks with Japanese Foreign 
Ministry in Tokyo. 

Negotiating conference on new 
International Wheat Agreement 
opens in Geneva I until March 23). 

Mrs. Shirley Williams. Educa¬ 
tion Secretary, visits European 


Centre for Nuclear Research, 
Geneva. 

Guildhall Court hearing 
resumes of currency fraud 
charges against Lewis Altman 
and Company, stockbrokers, and 
others 

Williams and Glyn's Bank 
reduces rate on new personal 
loans to 7§ per cent on initial 
amount. 

PARLIAMENTARY BUSINESS 

House of Commons: Debate on 
public purchasing and abuse of 
Ministerial power. Motion on 
financial assistance to reposition- 
parlies. 


OFFICIAL STATISTICS 
Retail sales i January, pro¬ 
visional). Turnover of catering 
trades i fourth quarter). 
COMPANY RESULT 
Nottingham Manufacturing 
Company (full year). 

COMPANY MEETINGS 
See Week's Financial Diary on 
Page 2S. 

OPERA 

Royal Opera perform Ariadne 
auf Naxos, Covent Garden, W.C.2, 
7.30 p.m. 

D’Oyly Carte Company in The 
Gondoliers. Sadlers Wells 
Theatre. E.C.L., 7.30 p.m. 

SPORT 

Tennis: BP Cup. Torquay 
(ft a.m.). 


---. - - ul-.^ Thlr anun. 

value of ujd 5 x " ,nk i? fi AeT?ic'Grants Act which contemplates 


course. Is not correct . As was ex- - tfeach of contract as a result of 
plained i" evidence to the. !lmitation ol remuneration, if 

it,fr(-/in Lhat breach was not anticipated? 
Expenditure Committee le.g. in e w panwill 

the memorandum published as remchurch Street. E CJ 
Appendix 30 to Its Uth Report) ^ * enenuren otreet . t.u j. 

the deduction from pay takes 
account of all differences in 
benefit between the civil service 
scheme and the scheme attach¬ 
ing to the analogue posts (i.e. 
the posts with which civil service 
jobs are compared). . 

Many private sector schemes 
give some post-retirement in¬ 
creases. and some have in fact 


Towing an 
o il rig 


ax on 
ofit 

^' .Mr. G. Stubbs. 

—In his article on Feb- 
6 regarding the decision 
e House- of Lords on the 
of Willingale v. Inter¬ 
nal Commercial Bank, Jus- 
t says that the decision, 
i supported “ the funda- 
a! principle of tax law tbat 
is not to be taxed until 
s been received,” is likely 
; received with little en- 
tsm by academic lawyers, 
[uestion the correctness of 
assertion. In the case in 
, the discounter of long- 
bills was seeking, logically, 
isure tbat he paid tax on 
1, as opposed to theoretical, 
ed profits and to do so in 
payment, rather than by 
tm’ents over a period of 

' discounter of a five-year 
could make a theoretical or 
k" profit in each of the 
four years, but could end 
ith an overall loss if, for 
tee. exchange and/or 'in* 
l rates became highly, un- 

vprable lo him in the fifth 


From Mr. .11. Roddick 
Sir.—Mrs. Young (February. 8> 
poses a very pertinent question 

...___ on the sailing of the “Federal” 

followed the cost of Irving. There pontoon carrying tbe rig “Orion” 
are other differences in benefit -during “This kind of weather.” 
which are not all in favour of the jt js rare to obtain an ideal 
civil service, for instance many forecast for the towage of large 
private sector schemes provide- units during the winter period. 
. .. . every day of delay costs vast 

sums of money. In fact, tbe 
combination sailed from Rotter¬ 
dam on a forecast which was 
the best for three weeks. 

It • is important to note lhat 
the M Orion" was a cargo on a 
pontoon, and to lhat extent prob¬ 
ably innocent of the sailing 
time. The surveyors and tug- 
master, who are more likely lo 
have taken the decision to sail, 
are among the most experienced 


better death benefits. 

E. A. Johnston. 

House. TotHiil Street, 

SWJ. 


Controls and 
taxation 


From Mr. A; Finlay. 

Sir,—The troubles faced by . . -.. 

the Labour government re_ « If could. always 

the difficulties expe impose the surveyors, tugs and 

whenever a pay °r pmjgjV wnditioos of their choosing, 
ia attempted to control inflation. of the ]osses whicb have 

The Conservatives b. ave - fj® occurred would be avoided, but 
complete solution to this pro* it ^ a - free market and I would 
!em either. How can ars. hot have i( olherwise , 

Thatcher’s policy of no Pnee or M j Roddick , 
wage controls ■ be effective with .fj^yd’s. 
such a large and powerful public Lime street, 
sector? No. Government could e.CZ. 

resist a long power workers’ _ 

strike, although a referendum--^-, -j-,.. . 

would warm us up! > I HA r ir7IPPl 

The Labour Government has AUG-lllUWl 

acted in a reasonably effective flp/*icvnn 

manner to control price amd UCL13IUU 

‘wage inflation, f dp not. h’dw- From'-Mr. R. Berg 

ever, ..condone Lhe Government Sir.—Mr. E. Roberts (Febru- 

. blacklist. This action is a bad ary 7) argues that tbe Fitzleet 

precedent for similar discrimina- decision cannot prejudice tax 

tion in Government affairs which deductibility of interest which 


Business 
airports 

From the Managing Director, 
British Airports Authority. 

Sir, — Mr. R. Downs (Feb¬ 
ruary 8) questions tbe Govern¬ 
ment’s proposal in its White 
Paper on airports policy to de¬ 
velop Biggin Hill as the business 
aviation airfield for London and 
advocates further use of 
Northolt. 

The White Paper says that the 
ownej of Northolt the Ministry 
of Defence, is willing to con¬ 
tinue to make "the aerodrome 
available for civil operations, 
but there are enrironmeotal and 
operational constraints, relating 
to the runway and its proximity 
to Heathrow which limit the type 
and number of movements by 
civil aircraft at Northolt. 

Mr. Downs also accuses the 
British Airports Authority of 
frightening off private flying 
with “incredibly high" landing 
fees and parking charges. Since 
February 3. BAA has consider¬ 
ably reduced parking charges at 
London's Stansled airport and 
the four Scollish airports con¬ 
trolled by the BAA. 

An illustration of the reduc¬ 
tions is that if Mr. Downs’s coin 
pany aircraft bad landed at Stan- 
sted- before February the cost 
would have been £17.20 to land 
and park for 24 hours. Since 
February l it now costs £5 to 
land an Aztec and absolutely 
nothing to park for 24 hours, 
and only £5 parking charge a 
day after that 

Unfortunately the same rates 
cannot apply at Heathrow or 
Gatwick because of the demand 
on runway slots and parking 
space during peak periods, at 
those relatively congested air¬ 
ports, but parking charges for 
1978 are to remain at 1977 levels 
for business aviation at these 
two airports. 

John Mulkern. 

2. Sacftinpham Gate. S.llM. 





Introducing the Maxpax Modular System. 


Since Maxpax first came on the market 
5 years ago we’ve heard the same thing 
ov'er and over. Could we provide a Maxpax 
model that could cope with the demand -or 
top Quality dnnKS from a very big site? 

After working on the problem for 
?■ years, we can finally say yes.lt’s called the 
Maxpax Modular System. 

This is how it works. 

As m all Maxpax machines, the basis 
is the unique‘in-cup’system. Which means, 
quite simply.that the finest ingredients, in the 
exact quantity, are already presealed in the 
cup.Each flavour (and there's quite a choice) 
is housed in a separate module, so that 
people who want coffee don’t hold up those 
who want an icecofd orange. Which cuts 
down on the frustration of queuing and 
lessens the chances of the machine running 
out of a popular dnnk. 

It was only logical to have a completely 


separate water module, delivering both hot 
and ice-cold water. So there’s never any 
chance of the ingredients or the machinery 
being affected by damp, steam or 
condensation. 

A-i m all Maxpax machines, there's the 
very minimum of moving parts to go wrong 
as well as the simplest of loading procedures. 
So you can be sure that the Maxpax Modular 
System will be the fastest cleanest, most 
efficient way there's yet been found to serve 
large numbers of drinks. 

But most important of all. the drinks 
will be the finest avai'able. Because when 
you’re catering for the tastes of the select 
many, they have to be. 

If you’d like to know more about the 
Maxpax Modular System, or arrange a 
demonstration without obligation, just send 
us the coupon. 


To. Ths Sales Manager.Maxpax Division. 
General Foots Lid, Banbury. Oxon 0X16 7QU. 
Tel: Banbury (0295) 4435. 


tame. 


Accre:^. 


PoiiLiOTL 


nr/L/9,c 


The finest drinks,the finest system. 























26 ' 


nswfi Mnt^fev"iibrtiar?. tS£S7&' : . - -JW* 


NEWS ANALYSIS—AURORA HOLDINGS 


A move into the big league 


SY GEOFFREY OWEN 


ROBERT ATKINSON, BO-j ear-0 Id 
chairman of Aurora Holdings, 
has a passionate belief in high- 
quality engineering. He is also 


At that time Aurora cut very 
little ice either in Sheffield or 
in the world at large. Founded 
in 1SSQ as a gear-maker, it had 
become a loose collection of 32 


ambitious, outspoken and in- small engineering companies 
tensely patriotic. He enjoys the mostly engaged in sub-contract 
bustle and smoke of the shop work. The company was lacking 
floor. He helieves he can moti- in products. in 
vate managers and men to create in objectives. 

* hnei n <» E A f ‘u.i'toh chaAWri snri he accented the Board s offer to 


a business of which Sheffield and he accepted the . 
the country can be proud. His become full-time ch^an and 
latest foray—buying 24 per cent, managing director, resolved to 
of Samuel Osborn, one of the give them all three, 
leading special steel companies There followed a remarkable 
—is, he hopes, another step to- period of cleaning-out and re¬ 
wards his goal of a company organisation. It involved the sale 
making pre-tax profits of £lOin. 0 r closure of a dozen or so small 
on sales of £100m. before he units and a gradual move "up 
retires. Since be became chair- marker.” into quality engineering 
man five years ago profits have and products of high added 
risen from £200,000 to over £2m. value. Mr. Atkinson brought in 

new management (notably a 

^Engineering my base’ young finance .man. Who is now 


deputy managing director) and 
“ Engineering is my base.” says equipped himself with first-class 
Mr. Atkinson. He can point not professional advisers: he pays 
merely to a succession of senior special tribute to the role played 
jobs in the industry—in Doxford, by Barclays Bank. 



Mr. Robert Atkinson, 
chairman of Aurora. 


the marine engine company, in 
the engineering division oF Tube 
Investments and more recently 
as managing director of Universal 
Grinding (now Unicorn Indus¬ 
tries!—but also to his technical 
background. He won the Institu- 


He started looking for specia¬ 
list engineering companies with 
a strong market position and 
preferably with pre-tax profits 
of at least £100.000. First in the 
net was Anderton Forco. the 
leading U.K. manufacturer of 


should set the pattern for further 
expansion, both by interna] 
development and by acquisition: 
the groupings are specialist 
engineering, fasteners, process 
and industrial plant, metals and 
distribution. He has made the 
company grow quickly, but not, 
he claims, rashly; he has taken 
the best financial and' technical 
advice before buying any new 
business. 

With the stake in OSBORN, 
Mr. Atkinson is entering the 
bigger league of the Sheffield 
special steelmakers. The largest 
of these is Johnson Firth Brown, 
for whom be has considerable 
respect. He wanted to buy one 
of JFB's subsidiaries, but it was 
not for sale. A rapport was 
struck up and Mr. Atkinson sees 
scope for useful collaboration 
between the two companies, 
particularly in research and 
development, although there is 
no question in his mind of a 
merger. One result of the dis¬ 
cussions was a deal whereby 
JFB sold its 19.1 per cent hold¬ 
ing in Samuel Osborn to Aurora 
(which already held 5 per cent.) 
in exchange for shares in Aurora. 


tion of Mechanical Engineering circlips and disc springs, export 
gold medal for work on the i ng 75 per cent, of its output, 
vibration of crankshafts. “Some rationalisation was neces- 

Mr. Atkinson, *• but 


says 


He came to Aurora almost by sary. —-- - . 

accident He had resigned from it helped us set bigger—we could high-value steels and fitted 

—• • ■-- ■ • 1 -—*— --- neatly with Aurora's up-market press 

aspirations. 


Universal in 1971 and he was. begin to breathe, 
among other things, a director In 1976 came the controversial 
of Keyser UlLmann with a special bid for East Sussex Engineering, 
responsibility for its industrial which, after an acrimonious con- 
interests. Aurora was one of its test, brought several useful addi- 
clients and Mr. Edward Du Cann, tions to Aurora's range, of which 
the chairman, asked Mr. Atkinson the most important were prob- 
to take a look at tbe company. ably Lind ley. a manufacturer of 


high-tensile bolts, screws and 
special fasteners, and a profit¬ 
able steel stockholding business. 

Later came Willan of Rother- Osbom reaction 
bam. a well-equipped foundry „ , 

bought from the Receiver from What happens next? A great 
under the noses of some of Shef- deal depends on the reaction of 
field's leading steel companies; Osborn's Board to the upexpec- 
Wilian was experienced in handi- ted switch from JFB to Aurora 
ing titanium, alloy and other as a major shareholder. Mr. 

’ Atkinson' seems in no hurry to 
matters, but he otearly 
hopes that a fruitful relation 
sbip of some kind can be worked 
out. He thinks the two com¬ 
panies have a lot to offer each 
other io engineering and in 
steel, as well as in overseas 
markets. A merger is one pos¬ 
sibility. but Osborn recently 


No master plan 


Last summer the expansion 
continued with a bid for Colt- 
ness. another leading fastener 
company. This was a friendly. 


THE UHITED STATES AND GENERAL 
TRUST CORPORATION, LIMITED 


The Eighty-eighth Annual General Meeting of the 
United Slates and General Trust Corporation, Limited will 
be held on March 8th in London. 

The following is comment by the Chairman. Mr. W. R. 
Merton, included in the Report of the Directors which has 
been circulated to Shareholders:— 

This is the first occasion on wbich l am reporting to 
you as Chairman, Michael Berry having retired from.the 
Board at the last Annual General Meeting, and Z would like 
to take this opportunity of publicly expressing our debt to 
him for having guided tbe Trust so ably over a long and 
at times difficult period. I am very glad to welcome to the 
Board in his place Leslie Jones who has been manager of 
the company since 1961. 

You will see from the Accounts that gross revenue for 
1977 amounted to £1.009.250 against £951.865 the previous 
year. Earnings per share for 1977 were 6.845p (after 
including £11.614 over-provision of tax for past years) 
compared with 6.03p a year ago. In view of the repayment 
of £549.737 5 per cent. Debenture Stock on 31st December. 
1976 and also £7S2.93S 31 per cent. Stock on 1st July, 1977. 
the increase in earnings is quite creditable. Now that these 
repayments are out of tbe way. the Trust does hot have the 
same need to conserve its cash resources and your Directors 
are proposing a higher pay-out by recommending a final 
dividend of 4.34p which, together with the interim dividend 
of J.flp makes a total of 5.94p. With tbe tax credit the gross 
dividend for the year is 9.0p compared with 7.6p for 1976. 
an increase of 18.4 per cent. 

Tbe main features of the year have been a very sharp 
increase in market values in the U.K. accomoanied by a 
severe fall in the United States which was aggravated by a 
decline in the value of both the U.S. Dollar of lli per cent, 
against the £ and of the investment dollar premium Front 
45 per cent, to 32i per cent. As a result of these contrary 
influences the net asset value per share at 240p showed an 
increase of 9.1 per cent which may be compared with a rise 
in the FT Actuaries All-Share index of 41.2 per cent, and 
a fall of 33.3 per cent, in the Dow Jones industrial index 
when adjusted for exchange and premium changes. The 
performance of the Tokyo index also suffered a reversal, 
falling 6.1 per cent against the previous year's rise of 
31.4 per cent. A further result has been that the value of 
our United States investments has, as a proportion of the 
total, fallen from 37 per cent to 26 per cent, although 
there has been no change in investment policy. 

The current year will show the full effect of the 
repayment of the two Debenture Stocks and in addition, 
the income from overseas investments will suffer from the 
strength of sterling vis-a-vis other currencies and in 
particular the United States Dollar. Furthermore, many 
of the best managed companies in the U.K., which were 
successful in selling their products competitively overseas 
when the U.K. economy was in recession are now suffering 
from tbe combination of sterling's sudden strength, 
occasioned by the North Sea Oil windfall, coupled with a 
rate of Inflation in this country still higher than that of any 
of their competitors. Our revenue for the current year, 
therefore, may not compare favourably with that for 1977. 
but we expect to maintain tbe dividend now recommended 
without calling upon our considerable revenue reserves. 
Against this rather cloudy outlook, there has been one 
recent favourable development, namely abolition of the 
rule under which 25 per cent, of the proceeds from the 
disposal of investment currency holdings has had to be 
surrendered at the official rate. This long overdue step will 
remove a serious obstacle to the efficient management of 
our overseas investments. 

Finally, 1 would like to say something about the 
Resolution proposing an Increase in the Directors' Fees. 
At the present time each Director receives £1,000 and the 
Chairman an additional £250. These rates have not been 
changed for fifteen years and as a result of inflation have 
become completely out of date. It is therefore proposed 
that the overall limit set by Shareholders in General 
Meeting should be raised to £12,000 although it is not 
intended that this new limit should be reached until some 
years hence. 


his general criteria he has looked 
for opportunities as they arose. 
He believes that the five group¬ 
ings into which Aurora is now 
divided hang together in a 
reasonably logical way and 


HOME N 


-V? 

'7-r. ■rt'X.-'ii ■r 

.. 


Housing 
policy 
switch 
by GLC 


By David Churchill 



may 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


GREATER LONDON Council's 
plans to transfer its present 
housing stock to the London 
boroughs and -concentrate - on 
strategic planning instead are ■ 
detailed in a new discussion i 
document published to-day. ! 

The document, called “Inner, 

London Must Live," says that the 
GLC's new housing policies are j 
the “ most substantial changes to 
have been initiated for the past 
40 years." 

Under the new policy, all GLC 
dwellings will be transferred “ to 
the relevant housing authority or. 

If necessary, to other agencies.” 

But by adopting a strategic rote ... 
the GLC does not intend totally: December, 
to drop out of the bousing, 
market. ! 

“ By concentrating its own j 
efforts in inner Lindon, where! 
the boroughs are not able to cope j 
completely with the problems 
themselves and where the private 
sector is not interested, the 
council is ensuring that the 
deprived areas of London are not 
being forgotten or further 
deprived of help," the GLC says. 


A SIGNIFICANT decline in 
the 12-month rate of retail 
price infla tion down to Jost 
above 10 per cent, is expected 
to be shown by official figures 
published later this week. 

The long-awaited return to a 
single rate of annual price 
inflation is likely to be con¬ 
firmed in just over a month’s 
time when the retail price 
index for mid-February is pub¬ 
lished, according to a Commons 
speech last week by Mr. Roy 
Hattersley, Prices Secretary. ■ 

The-index for mid-January,- 
due to be announced on Friday,. 
is expected to show a rise in 
the index of between 19 and 
11 per cent, in the last -12 
months compared with the 
12.1 per cent, increase reported 
for the period to'' mitt 


' The underlying. rate . of 
Inflation measured over, . six.; 
mouths to already weH 'down 
- into single figures,^nd offiriais ' 
and economists are increasingly 
optimistic that- the 12-month 
rate ran be kept betuw.-the W 
per cent, for most of this year; . 

.Amohg the- other . Tmaio 
economic indicators expected, 
this week are the retail sales . 
. figures 'for January _ (dttejthis" 
afternoon), the index of Indus-; 
trial production for December 
and the January tirade figures 
(both to-morrow),-the earnings', 
index- for December ^ (on- Wed¬ 
nesday) and' tbe mid-January. 
money supply - figures and an 
estimate of fou rth-, I .quarter'. 
consumers' expenditure (both 
oh Thursday). - - ,-: r >:.. .. • -' 

The. money snppl 
are being awaited 


by the market following the 
.warning signal of the nea*4S 
per cent rise in the banks' 
eligible HabHIfles announced • 
■■last wee*. ". 

• Thq. refaff sales figures are." 
generally expected to confirm 
that the upturn in the volinne ; 
of . spending 'in • shops . in ’ ’ 
December—up ,3 per-cent.eg : 
file . previous' - month—was 
’ maintained ip January- 
■■"' . Rut . there have - been doubts c 
r about Ifie .-strength pf sales^ 
after ibe end of the speOaEy- 
sUe$ .’period.. \--- '■- • -f .; 
. 1 The; trade figures are Mrdy ^' 
to show! -th at :tbe> JStarenty' 

. account! is. to substantial smv - 
.plus, aough .there-. will ; he /! 
Close ^interest in the., rate of' 
growth of "exports after fherV- 

,- slowdown in receitt'monfiis.- > 

The current .account sinjio* - 
in Decembtt-.was'ifiSm:. ; c- V. 


CBI takes initiative 
on blacklists >5 


BY ROY HODSON 


The 1 council intends to build. _ . , 

about 2.000 homes a year in! FACED WITH mounting anger hundred of 
inner London as a result of this I from industrialists over the Gov- involved in 


policy and, when present commit-!emment’s attempts 


sub-contractors all 
work wfirth more 
the' letter-adds; 


agreed bid involving an exchange held abortive merger talks with 
of shares—a pleasing contrast Weir and is evidently keen to 
from the bitterness of the East retain its independence. 

Sussex affair. For Aurora, the shareholding 

Mr. Atkinson Agrees that there in Osborn is tOD large to be 
was no master plan behind these regarded simply as a trade invest- 
and other acquisitions. Within meat Alter the upheavals which 


_ _ to enforce J than '£5,000,' — 

menu, are completed, to" build j the pay policy through WhttehaU * Mg 

in the suburbs. «blacklists, the Confederation nf main contractor to police, wage 

In addition, the GLC hopes to f British Industry is taking the Mtflements^ m all-: bis-..sub- 
faster rehabilitation of the etdst-; initiative this week, “TfcfeSreUon comSdek-flat) 


the Sheffield steelmakers have 
gune through in recent years 
(including the absorption of 
Dunford and EilioU by Lonrhol, 
it would be surprising If this 
latest flurry led nowhere. 


Alexanders Discount 
chief confident 


AFTER A year in which profit 
soared to a record £2.14m.. Mr. 
J. P. Riversdale Glyu. chairman of 
Alexanders Discount Co., tells 
members that he looks forward 
to 1978 and beyond with con¬ 
fidence. 

The unprecedented movement 
in interest rates during 1977 
called for strong nerves on many 
oecasions and certain events 
dictated caution. This, therefore, 
meant large fluctuations in the 
size and shape of the company's 
portfolio but a much larger hold¬ 
ing of gilts than for several 
years was maintained, he explains. 

The company ended the period 
with the largest total book ever. 
The main increases came in the 
holdings of Treasury - bills, up 
from £99.65m. to £171.S5m„ and 
commercial and local authority 
bills up from £157.76m. to 
£202.7«ra. 

Quoted local authority securi¬ 
ties at year end were up at 
£25.35ni. (£16.72ra.); gilts 
£39.73 m. f£3d.3m.l; stertin 
tlficaies of deposits at £48.33 in. 
r£32.04m.) and U.S. dollar CODs 
£18.59m. f£24.52ra.J. 

Included against these were 
secured loans of £455.S6m. 
(£336.12m.) and deposits, other 
liabilities and contingency 
reserves amounting to £40.6m. 
(£22.23m.). 

As reported on January 24, 
profit for tbe year, after provid¬ 
ing for rebate and tax and 
making transfers to contingency 
reserve, leaped from £264,125 to 
£2.14m. The net dividend is lifted 
to 14.333p (12.829p>. 

Meeting, l, St. Swithin's Lane, 
EC, on March 6, at noon. 


BOARD MEETINGS 


The Folnlv.-iiig cofflpjiutfS haev notnffd 
dales erf Board meetings to the S>r»:k 
Ei'Juns*- Such meetings- are usual!* 
held tor the our pose ot considering divi¬ 
dends Official indications are oo: avail¬ 
able whether dividends concerned an? 
Interims or finals and the sub-division-; 
shown below are based matnlj on last 
years timetable 

TO-DAY 

Interims; Artel Industries. Palmerstoh 
laresrnieni Trust. Press Tools, western 
Canada Investment. 

Finals: Ladies Pride Outerwear. Man¬ 
chester Ship Cairal. NotUnubam Manuiae- 
tur;nu. Plastic Constructions. R.-liable 
Properties. Scottish Western investment. 


FUTURE DATES 

Interims— 

Econa .-. 

EMI . 

Helical Bar .-. 

Webb tJosephi . 

Finals— 

Debenture Corporation . 

Gibbons DudL-j . 

at H.T Investments . 

cer . Macpbersoo ■ Donald' 


ing bousing stock by concentrat-l Britain’s top 100 companies are . . ™ 

- loons on the inner city. CBI headquarters to- .ySPjllSSX 

, f-ftnrv>rtori -unacceptable to .the .■engineering 


m 


operated."-" 


The GLC intends to act as a! m 0nw to map. out a concerted -fluacceptable 
catalyst to all housing agencies. industrial reaction to the Govern- __ 

•• io create the first real strategic \ meafs sanctions. ; 

housing authority in the country. ^ £gj , ast oighl described 

It is a formula which no otherL™Approach uSJjl ukh£ 

housing authority has ever| u atterapting t0 bring the force of : g £?eral secretary of the AssocS 

law io a voluntary pay policy by ^ scientific; Technical and 
the withholding of Government Managerial Staffs^ - yesterday; - J 
contracts." " . He ordered his'420,000 mem= 

After to-morrow's meeting, the bers' not to renegotiate under 
CBI council will take up the pay threat and said thcGoyenuiierifs; 
sanction controversy . when . it policy .of refusing*to. gjve new 
meets on Wednesday. contracts to such companies was 

At the- top of th&.a&endi .plll /‘ discriminatory. M-bltrary, and; 
be the Govermrient’sr jlan Ha put jinfedr.” . .... r . 

pay clauses Into future contracts : Mr.: ‘Jenkins ttMatanedjjTO 
1 trice :.court action - against,' the 


Braniff has 

airports 

problem 


By Arthur Sandies 


AS THE official start date of(f rom contracts offered them. 


with companies. ; . • finwrtimpnt if it put proSsuTe 

The = councti is expecte^Jto-. 0n : any of his members? com- 
recommend that panies^to break^wa^A 




new appearing 


_ ment. 

\ JJe Also nrged Jhis-2hmnbers to 


International from paltes-Fort. r reflected yesterday' by • 

London onuL. . r.ainaarina VmniiwBrs': 


Worth, Texas, to Lonuon onuujr--’ EnRirie e r ing ' Employers*: • t 

one important detail— which jp edera tj 0T i, with 6,000 rnemher--; T< | shflUTG - 
London airport is to be used. „ a nfes which, released the-- ' 


“Wat aedmod. „ one JSS; - 

minor wrangle is proving a • Hattersley. “Prices Secretary, y-. SCrVlCC . . r : 

itolm'The Big; Mr. Anthony Frodsham,; ito ^ fo }) e wing securities have 

S e because of the colour of ■ director-general, claims in the^befen added to the Share infortna : 
Orange Decause or roe co o u ^ proposals to i 0 dude ;ti0n Service appearing- : in:-pie 


P?h. i« 
Mjr. J. 
f-lrb. 17 
F«b. 14 


New YorT and Camnorc inv. Tsl 

Porvilr . . 

River and Mercantile Trust .. 
River Plale and Gen. Inv Tsl. 


Feb. 16 
Mar. hi 
K-b 17 
Feb. 14 
Feb is 
Feb. U 
Feb IS 
Frt It, 


Gold Fields 

withdraws 

offer 


Mr. Harris said all conditions 
attached to the offer had been 
cleared except for the matter of 
Government assistance, which was 
still under consideration by the 
Department of Industry when the 
offer was withdrawn. 

Mr. Venus explained that he 
had decided ** principally for 
health reasons" that be could no 
longer pursue a full-time interest 
in the Penryn project. 

A spokesman for GoM Fields 
said: “Since we regarded Mr. 
Venus's full-time involvement as 
crucial, we felt we had no alterna¬ 
tive bui to withdraw." 

The project would have created 
up to 200 new jobs in the con¬ 
struction of dredgers and small 
vessels of up to 1,500 tons. 


Orange 

^Last 7 night the Texan airline’clauses in 'future Goverumenny^an^i:Tfmes>- 
<!tiU iuristed that it wouW use contracts to make companies;; .^5 l et 1 j|fctxte,(sectioB:-Ote). 
Heathrow.* 6 *" We^have*not been | 
told officially that we cannot fl >'l| u n ^^ 0 °” b f e « 


into Heathrow. 

The British authorities, includ¬ 
ing Government and the British 
Airports Authority, are convinced 
that the Braniff first flight, with 
its full load of Texan mayors, 
business leaders and journalists, 
will put down at Gatwick. 

., t'The way things are going." 
said a travel agent, “The pilot 
and air traffic control will still 
be arguing as the jet m^kes its 
final approach.” 

More realistically, it is prob¬ 
able that Braniff will tpe the 
British line and head for Gat¬ 
wick. and that it will get its 
official notification within a few 
days. ' 

Both sides say the new 
Bermuda agreement supports 
their case, but the "British 
authorities are likely to have 
the edge at the moment. 


action^ c*. Stock lake : . Holdings . (section:! ballastbecoming compulsory for^ 

1 impractical..» industrials C T> ;;?• 'J Itojsw; vessels.-•.J, hED 


CompTQiiii^ 
expected 
at tanker 

safety taBss 


By Un- Hargreares. 


i.tri 


THE UNITED STATES "ex ¬ 
pected this .week to accent a'oom* 
promise package on safety and - 
anti-pollution - systems for oil 
{jankers by. agracing to-drop ito 
proposal _ for compulsory" segre' 
gated ballast;. 

Dutline.^agreement- appears ate) 
have i< been, reached: -infonnafly * 
aver the week-rad on a formula I 
to ‘fnit tp the conference of, the : • = 

Inter-governhierital-" ’ Maritime •"* ‘ 

Gposultative-Organisatioa 'which "i. •< 
rreconvenes ilfc London - , 

The most : critical' difference 's"' '• 

before the ’iroriference'.litoC-W^kj ' L 

was betweeh the Norway, v“ 
Swefien. and. Greece on one hand;.■*,: • 
and ■ Britain 'toyi Japan "on : the . 

bth'et;.-"- ■f .-... ?."■ "■.'.""I 

;_the .U.S'^ -Jvapted; segregated^-- 

ballast as:the only: .^effective way 
of eliminating., operational. — 

"charge.r.bfr.oH waste into^the^yT- ic 

a eps fxpm' tankers.- • Bntam coh- "itm 13 
ended f. lhat - ah .■•~alteina'tivei7. — 
system ^for - cargo tanks known , 


;as jc sthde oil washing would, be j 
I-just 1 as satisfactory |or almost ? 
one-teatir^oTfSe S4bn.-$6bm esti^ 
mated cost-- 
’ Both sides are nowagreed that}?; : — 
segregated - ballast: and "crude ofl *-V i: 

washing. should be: accepted- as 4- 

^alternatives to .each other for T ; 
existing*, ship s .- with . segregated^ 


The Federation . wants the 
Government to reconsider the 
clauses which are designed -to 
prevent companies breaking pay 
guidelines. . . ■ ■ 

"On large contracts a main 
contractor could have tens if not 


Consolidated Gold Fields and 
Mr. Jim Venus, Former chairman- 
of Appledore Shipbuilders, have 
withdrawn their joint conditional 
offer to buy the Penryn, Cornwall. 
shipbU'iiduig yard formerly 
operated by Dredge and Marine. 

The offer had been accepted 
subject to contract by'Mr. Roger 
Harris, the Receiver managing 
Dredge and Marine, which closed 
last March with the loss of 130 
jobs. 


Simon Eng. 
to extend 
U.S. market 


This advertisement is issued in compliance with the requirements ot the 
Council of The Stock Exchange. It does not constitute an invitation to any 
person to subscribe for or purchase any Preference Shares. 


J. &H. B. JACKSON 
LIMITED 


(Incorporated in England under the Companies Act 1948) 


Issue of 1,206,384 10 per cent 


Cumulative Preference Shares of £1 each 


The Council of The Stock Exchange has admitted the above- 
mentioned Preference Shares to the Official List. Particulars of the rights 
attaching to them are available in the Exxel Statistical Service and copies 
of the statistical card may be obtained during usual, business hours on any 
weekday (Saturdays excepted) up to and including 27th February, 1978 
from; 


Baring Brothers 
& Co.. Limited. 

88 L eadenhall Street, 
London EC3A 3DT. 


Cazenove & Co., 

12 Tokenhouse Yard. 
London ' M 7AN 


13 th February, 1978 . 


Simon Engineering has bought a 
British engineering company pri¬ 
marily with a view to developing 
its exploitation of the U.S. mar¬ 
ket. -The company is Crnftsfaaw 
(Engineers), manufacturers of 
solvent-recovery plants, for which 
Simon "issued 283,952 shares, 
worth £575.000. 

Croftshaw. a family company, 
started by making plants for the 
recovery of solvents such as dry- 
cleaning solutions. The applica¬ 
tions have since become much 
more diverse and sophisticated. 
Including solvent reenrery In the 
printing, paint manufacturin. 
rubber and chemical industries. 

Mr. John Hartley, a director of 
Simon, described the purchase as 
a “slight diversification.” Simon 
was not currently involved io 
solvent-recovery but Croftshaw 
would fit In well with existing 
chemical engineering and environ¬ 
mental control interests. 

In acquiring Croftsbaw's Ameri¬ 
can business. Simon will Increase 
the number of its UJS. companies 
to five. Mr. Hartley said that 
Simon might well create n holding 
company there before long. _ 

"Simon Engineering Is gaining 
rapidly in knowledge and exper¬ 
tise In the U.Sm" said Mr. HarUey. 
He believed that Croftshow's 
American business, which cur¬ 
rently has around Mm. of the 
SI00m. snlvent-recovery market. 
Mould have great potential backed 
by .Simon's connections and 
finance. 

It is the American business, 
rather than tbe actual company 
which is being purchased. The 
goodwill is being bought for 
S5.000 and a commitment not to 
compete for S20.000. The company 
itself will continue in the hands 
of Its existing owners while not 
Laking on any further orders in 
the solvent-recovery' field. Further 
consideration for the purchase 
lies in service agreements com 
missions and the price paid for 
the U.K. company. 


I SIMCO MONEY FUX1)S 1 

r-"^v.jSaturiiJDvestnifnt' 1 

MauaiiemeritGo. Ltd.) | 

II Rates of deposits 

of £1.000 || 

II and upwards for w/e || 

«-day Fund 

% P-a. 

Mon. 

6.098 

Tues. -- 

5 952-:- 

Wed.' 

5.713 

Thur: 

5B50 

’ri./Sun. 

3-Month Fund 

5.786 

Wed. 

6.00 


LOCAL AUTHORITY BOND TABLE 


Annual 


Authority 

("telephone number in 
parentheses) 


Barnsley Metro. <022B 203232) 

Poole (02013 5151) . 

Poole (02013 5151) . 

Reading (0734 592337) 
Redbridge (01-478 3020) 
Southend (0702 49451) 
Thurrock (0373 5122) ... 
Thurrock (0375 3122i ... 
Wrekm (0952 505051) ... 
Wrekin (0952 505051) ... 


gross 

interest 

Interest Minimum Life of 
payable ..sum bond 

% 


£ 

Year 

0i 

4-year 

250 

4r7 

9i 

J-year 

500 

4 

9J 

J-year 

500 

5-7 

10 

4-year 

1 JQQO 

" 5:7 

9f 

i-year 

200 

5-7 

9 

1-year 

250 

3 

9} 

i-year 

.300 

4 

10 

4-year 

300 

5-7 

S 

i-year 

500 

2 

10 

yearly 

L000 - 

4 



Jacobson TpwnMl^&Cb. 

-V Menjbm^ 

''’• V;'^- '■", ;-.'V• ‘;>jj 

M ?7 1 




Loi^nEGZStlNH 






. -T- - - - - . 

. ; AcirnIni^Hon.Cn“588 ; , 





: - •«/ - •?’ . ■ J 

~.-r, """ ■ 


m 


- “ .riAnmntleL ■ ! •• 


' FEVANCE FOR INDUSTRY 

Deposits- of £1,000425,OOO accepted 
years. Interest 
received not later 
Terms-(years) 

Interest % .. - 

Rates; for larger amounts cm requwitt-' DepaMts.Jlo"and'.fartbe^• 
Information from The Chief "Caslneri ; ;Fijianaj; for.Jndi^y_ 
Limited, 91 Watedoo. Road, $53; : 

Ext.177). Cheques payable;tb.r f 

FFT is the holding company 



New Issue 


U.S. $20 

DAHCHI 

8a% Guaranteed'Notes 




guaranteed by 


Duel 985 ; ;lf; x"'& ^V '$ \ \ 



and;- 

The Sumitomo Bank. 


. i ,V.i. -■ ,v '1- 


... . ' T’. . 

;.y|>>?£/.» 





Sumitomo Finance International 

Basque Arabe et iDternationale d’liiYest£sseiia^ 

Banque de Paris et des Pays-Bas 

Chase ManhattanXanuted... . vr . . r , r ... 

First Boston 


'kg? 


m- 

















27 



1973- 


Pri 

0»i 


•J'i:.'.?: •*.-*•! .-■ <r .--* 



MINING NOTEBOOK TT 


U W ^ readers the -dates, when some of the 

/(i fXJSPSS*^ c °_ m P a oy dividend statements may he expected in 
« n^?r/T h « Wee S {£'•**“ in the T following table. The datS 
^ t n 0s ^J rf ^ year’s announcements, except where the 
SiSS 0 * i? 08 !? WjxUngs.. (Indicated thus*) have been official 

t, . SSTW 1 B ? om ta^P&aske* that the! dividends to & 
■ ^ r '£ D l } t aecessaifly he at the - amounts or rates' per cent! 

colomn headed "Annotmcement last year.” Preliminary 
'7 figures usually accompany final dividend announcements. 


Philip Moms 
Australia held 


Lykes and 
LTV show 
losses 


Report starts rumour 
of new gold mine 


BY LAURENCE STEPHENS 


SYDNEY, Feb. 12, 


BY LODESTAR 


- Annoooce- 

"*■- i... -*j‘.• ■ Date . meat last 

*i "'I *■?’ . .Wap • 

% KisW and' 

-"c—.u - s Wflwm,;Jdi.'lfi PUal 2.288 

'*• «..- u n«roaB ■ . . : 

■>• „ B40llU.Mar.14. IdL 8.725 " 

•^ j >. 4l: -.,^ {llt —..Mar.St Finals .7744 ■ 

^ '"V. : •'• Wibers..Mar.n. Final its. 

V •: ', toiaiti-..Mtty\9 Pinal Up- 

^ -- Croup,. JUr. 14 Finals doa . 

■*-•«■ •'■» - TOW■ ■ I . ■ ■ ■ 


.^cnlmm Jtor.. 8. Final 2J80 test Provident - 


nai dividend announcements. 

•: _ .. . Annoan**. 

DKte -mem last 

EWarort : •.. •• SCar 

- . Banana-JH*r. S' Final 2.1789 

Ladbroke- ..—Mar. 22 - Final 4 rest. 
■Lloyds Ssafc ...Feb. 17 r Final-M23 
Mircbwiet _.JbD. U Final 2.15 
■Mercantile. 

Ihv.Tsk—M ar*. 8 Final 0.55 
. Merchants 

Tnai.Jiar.J4' Final 1.475 
‘NatWest Bank .i.Feb. »• Final 5.882S 
Neepsenl r.J....'.Feb: 55 Inc. 0.8375 

•Notts.. M fg. _Feb.12 Final 2.0752 

•Peachey Prop. —Mar. *■ -Sec. ini. D2J 


' 4 i W u.,r m x 4 LYKES CORPORATION. the 

^ A .^LF R ?S- UR 5 f even Jf e !ast year. f „ nf S SlS e 7 m ak !n r ' JJt ? 6 ^rS^TTV IS THE Gold Fields group goins about ihe West Dri life prospects the past sis months Mount W@I1- 

and profit margins held cigarette The company s growth was pnrnnnuinn' to embark upon a new gold mine than .lohannesburg, estimating ington has operated at SO per 

and wine conglomerate Philip lower than that of its smaller toirorauon, the diversified con- in Ihe Far West This ^ at 10 to 13 yearS . cent. capacity whjch the ^ 3 ^ 

Moms iAustralia) to a 2.9 per rival, Rothmans of Pall Mall j*™ ,f' a ° s ,‘ Qr a mv - r o* r 01 question has buzzed around Canada’s Pacific Copper Mine ment considers disappointing. But 
cent growth in profit for the (Australia) which lifted earnings " n * c . n with tykes were announ- Johannesburg. The area involved shares have occasional bursts of sonic perennial Cornish problems 

half year to December, 1977. 23 per cent to $A2.Slm. in the •*“ 3n f *«o C - er — c a net is ■idiacent to two of the group’s speculative excitement, usually —too much water and difficult 

Directors blamed extensive same period after higher cigar-l oss °J. 83b - ,in ’» re P° rl established mines. West sparked off by the activities of the labour relations—have neared 


• ^V'-.Jiand 

, • . FarUimE*Feb.:t5 FbuJ L435 1 

'.<£ •. 8 ___—..Mar. I Final 125 : 

•* - ' ...—Mar. 7 Final. JJB3 

"’ti- .tUi* . (C.T.)~Mar. 24 Final 1J2SSP 
i-.i. ,. -i - •,’nid; .- ••• 

• „ -■■»& ■' Qnatort—.Feb. U> Final 8.783T' 

' - •v 'Enlcalon-.-. Feb. 21.. Final ajr "■ 

' ;r - r\- .. - . C _.^‘jr_;.-...l*arr23-PlxwJi4J8-- ' 

-v. ~ vtewi .— Mar. 3 Final vss 
r. -■•.-l ake BondMar. 15 .ini. 0.75425 

1 " 'iringlhn . 

" Vlyetla ..Feb. 22 Final 1.3473 

lent • - ' 

•. mmwme.Jnr. 10 Final 2.6 

OIBcm —Feb. 31 See. kn. 0J4. 
icL Bank 

I i'iu. of AtisL...Feb. 23 Ini. 8 cents 

v 11 rn^.“ acreiai 

V *IJW| Union ..Feb. 27 Final 5.081 fast. 

.JJar.- + Final 0.7 

WT r ...Feb. 15 . lnu 5 J393 

C^Corpn-.-Feb. is Final U 

* SculL. Fob. 14 Final nil 

Be Steels ..Jfar. 15 7m. 1.751 

**t taiilu.rr-^1 

^■na .—Mar. S 

^ -Ian and > 

saiehi"^™'™' 13 

AccWem.jUar. 1 
» Ml Bros.. 


to lower priced brands and of 25 per cent to $A162m. ^The Lykes loss, equivalent to The company's December p f Mfi c Copper, in wluch a stake Ore grades have been lower 

intense competition in the Philip Morris chairman Mr. W. $21-61 a share, compares with quarterly report said that a ° r .?5 0 H n ‘! 40 JmJSI? il* SS tbe anticipated 12 per cent. 

Australian cigarette market for R- Irvine said to-day that trading a net profit of S19.ini. (S1.03 a further 399 metres had been **SKS2L5- I Si» C0 * Til 0 su , rpri * e to 11,056 who have 

the relatively poor performance, conditions in the New Zealand share) in 1976. advanced in the area held under irnnSlrS fa C ?heGorfo n Lake foo , w if d the , fortunes of the 

Consolidated operating profit was market during the first half of . Th * loss « of LTV. which has prospecting permit and thar 236 of ri NSrttwSt De 'p hbour, »? ''teal Jane mine. 

SA13.2Sm., compared with the the financial year were similar to interests m steel, aerospace and metres sampled had averaged ™5SSL u ? t i 1 ' VeU, pS to n ft hopes to 


■■^aiirtri.-.FrtiViit see. ltl 4 .cm 1 5AI3.Bgju. earned in the same those 


L l $ Uhl-. inv-.Jeb. 23 int. OS 

' Nlm ...Jtar. 2 tot. 3.41 

^■na .—Jfar. S Tiaal 1.7115 

^ -Um and > ... 

rtl,, nloitialTst....Feb. 15 Final 2.05 

killmt. 4ra > 

n, 'l' Accident.JUar. 1 Final 4.1 

* Mi Bros. 

r DlsaranL-.Feb. 23 Final 8.125 

“ *" --.- liars Jlar. J5 Final 3 

Ensne.Mar. 18 Final 2.378 

Jione and 

.- . tba) Bkg -.Feb. M Flrud 3HK0.44 

.Feb. 33 Sec. lu. .6.73835 


P»e chUski —Mar. 28 Fipaiu 
•Baamnes SlraS • 

and Jefferies...Feb..27-Pinal 5J45 
•Regional Prop*...Feb. VS Sat. nil 

Remoku .—..Mar..'i' Final u 

•Hirer and Merc. ."-T:.-. 

" . . Trust...Feb. 1i -Ftol 4* 

BocSwiare___ Mk-, 23 Final 2.1672 

RaQa-Royce •- •.-•..r-' - 

Motors.. Jfar, 2J Final U 
Royal Dinco - • 

Petroleum..H Final Fls.SJH) 
‘Royal - lnscc- —Mar. 3 Final SJSB 
Scol Utd.-Invl.-Fcb.- 5 -Final IT 
Sedgwick 

■ Pori>eS.-Frt>.« Final 8 .W lest. 
Shell TranspL „JIar.lO Final G.77S 
Smith and 

Nephew.. Jfar. 24 Final 1.4407 

■Steetlw___.Mar. 8 Final 3J75 

Stone' Plan _...Mar. £ 3 - Final 1.33 

SunleyfB .1 

Inv. Trt-..Feh. it 1 IB*. 1.EW75 
TDllnat i niim. ) -Mar. 17 Final 1J19 
.Transport 

Development...Mar. H Final 1.S.T15 

•Tube lov. _Mar. 2 Final 8.961 

•Turner and 

NewaU- Mar. 2 .Final 5.43S7 

lint] ever .Jtar. 1 Final 7J1 

Union Corpn, .—Mar. 1 mt. dlrs. dne 
United Biscuits-. 3tar. 8 . Final 2.6566 
•United. Real 

Prop..-Feb. 13 Int. 125 
•U.S.'Debenture • 

Corpn....Mar. 1. Final 2J8 
•Wagon Finance—Feb. 17 ".Final 3.75 
Weir Group —Mir.22 -Final 3.19 
Woofworth - - 

(F. w.).31*r. 8 -Final 2.72a 
Yomtbal 

Carpet_Mar. 28 Final 4.09 


half of the previous year. Zealand subsidiary incurred an 
. Directors said stagnant sales operating loss, 
in tbe expensive end of the Balancing this setback was a 
market as well as difficulty in strong increase in sales by the 
obtaining Prices Justification company’s wine operations, with 
Tribunal approval for price both of its brands achieving im- 
mcreases to cover higher costs, provements in their shares of the 
were responsible for a 1.6 per market. 

cent, dip in sales revenue from But Mr. Irvine said the lower 
oAl91.6m. to $A188.6m. rate of growth in the Australian 


driHrog. 


there have been occasional flare 
ups. relations are now described 


,“ ,UU,U1 nwiuvdj ior price ouui or us oranos achieving im- ‘ ■» - -- “ 7 ; wales has had to ne put on ice it was originaUv estimated that 

increases to cover higher costs, provements in their shares of the discontinued operations of Uindon reaction to the rumour OM . in; . TO depressed state of the operation would be riaWe 
were responsible for a 1.6 per market. S3£5m (loss of 845m.), and an ,a ^ r r e ded - M be worthwhi]e the copper market, the Austrian with a tin price of under £ 2,000 

cent, dip m sales revenue from But Mr. Irvine said the lower extraordinary credit Df fiJO-im.. JS.”f J* hl g company Pacific Copper Is press- a tonne. It ls a striking example 

5>A191.6m. to SA188.6m. rate of growth in the Australian primarily from debenture |}ora Contact: reef in the are! ,n 5 on with development of its or what infiation has done to costs 

Despite the decline in profit- wine market during the second exchange. Bu . . h ^ound involved would "*2*J ram anti co - aI j, that the manque mein now reckons 

ability. PhiUp Morris is paying half of the 1976-77 financial vear Lykes said that its consolidated not be lar"e enouch to justify a Shareholders in the uuwdlan the mine ro be only breaking even 
an interim dividend of 25 cents had continued in the six months 1977 results include a pre-tax loss nCK - m in e " parent recently voted lhat Mr. ai a metal price of between £6.300 

a share, up from last year's le December. of $S7m. applicable to its wholly Johannesburg's alternative F.? l f r p n,bb - P 1 * JilS an , d , 

initial payout of 20 cents a The value of net assets of the owned Youngstown Sheet and theory is that a a<?erul cxiension Project w ^\enj>n.ooo Mount Wellington is run by a 

share. The higher distribution, group's wholly-owned New Zea- Tube Company subsidiary. could be provided for West Drie- ™T*- p u 2“Lg. w "rani: to a«ju^e L-.K. company Cornwall Tin and 

which will require an outlay of land subsidiary was enhanced to Thi * ®Sure is before reflecting fontein. whose remaining life Ls doSaJ^ Frill’s Toronto orice was ?™hTw‘ T?‘ s was ..°^ ,nal, >‘ con ' 

$A5.7ui.. follows directors' pre- the tune of SA66.000 durln- the a charge of 8137ra. from the estimated at about five years. East doUars. Fndays Toronto price was trolled by a Swiss concern 

dictions of a total of 50 cents period due to a net devaluation shutdown of certain steelmaking Dnefoniein should still be mining ^ ■ p ifi Copper r 

dividend for the full year, or or the Australian dollar against facUilies in Youngstown, Ohio into the nest cenruj^ haveVen 7q^t market tagK 

o cents more than the company the New Zealand currency. recorded in the 1977 third nev^-thc tondon orice is 3 Hp- 


Robeco to pay the same 


BY MICHAEL VAN OS AMSTERDAM, Feb 12. **■ C5LS2 a share), inclined toward 

' against a loss nf S4.82m. <67c a because of th 

KOBECO. the large Dutch-based announced in Rotterdam that shore). Revenues were S 439 in.. yields involved. 


AMSTERDAM, Feb. 12. 


and Tube for the year, including ^ mine’s ie asc area. It Ls also Th ? Canadian parent subscribed This factor has scaled down the 
the charge, was SISOni. thought that the government for its proportion after raising indirect interest of Canada's 

Lykes fourth quarter net loss mining engineer would be more funds by a 0.32m. snare place- Prado Explorations, originally 26 

was 814.39in. ($1.32 a share), inclined towards the latter plan menr in Switzerland bringing_ihe per coni., hold through a .-Lake in 

against a loss nf S4.S2m. (57c a because of the respective tax number in issue up lo 3.S2m. Cornwall Tin and Mining Cnm- 


These Canadian shares now look pany. 


investment complex, is propos- profits have risen to Fls.199.6m. against 5422.4m. for the quarter, Esperts do not therefore expect better bet. They would re- Mount Welling ion is making 
ing to pay an unchanged final <«S-4nu in the past financial and 31.79bn., against S1.64bn.. for another embryo West Wit line /jjter Jlown-uiider some contribution in our balance 

° 1 J ° “ u-, ‘ - - "■ —•- - - - nunc to be launched Inis year, development in the pipeline, and of payment*, but it seems that 


year from Fis.1S0.5in. the year the year. 


ask .. ...-Mar. S Fin.' 3^2546fest. • Board meetings fatlnJrtrd. 

son and Issue since made.- '-’tatre 1 frw 

irthBrown...Mar. 4 InL.4,6S3 JCst. issue Eince made irnm raaerres. 


ublic Works Loan Board rates 


• -• 

Quota tons rcvsM 

.... - - g* 

NWMtBrta.to^ A* 

■n 

1 * 

t 

• - Years 

hr EiPt 

tarERJ 

nttftrtiy 

b, E1M 

byERt 

maturity 

. .0 5 . 

• 9* 

.9}. 

10* : 

- 101 -V 

m 

- 11 

' S. up to 10.- 

- 101 

lot 

11* :: 

. n ■■■•- 

Ui-.. 

ni 

10 f up to 15 

101... 

lit 

114 .- 

■ -11*:. 

rin 

•12 

' :1s, up t0.2S 

Ill 

US 

ill 


■:i2 

32* 

25 .. 

Hi 

m 

111 

12| 

m 

12* " 

-" Non-quota loans B are. l per cent, higher in each case than non- 


alternatively have an unchanged appropriation. The net asset company had net income from| 
final cash payment of Fls.5.20 value per share also showed a continuing operations of SS.fitu 
from the general reserve. If decline last year, to amount lo and a loss from discontinued 
cash is^ taken, the total dividend Fls.172 at the end of 1977 operations or 31.2m. 
for 1977. including the interim t FIs. 187). The number of shares Sales in the quarter were 
of Fis.7.60, adds up to Fis.12.80. outstanding was up. however, $l- 22 bn., against Sl.Oobn. and in 
The company .. has also totalling 25.3m. (24.3m.L the year $4.70bn.. against. S4.45bn. 


Money and Exchanges 


INSURANCE 


Zenith of recognition reached 


BY OUR INSURANCE CORRESPONDENT 


i loans A. 


t Equal instalments of -jirincipaL t Equal repayments. 
'Effective from February 4. ■ ■ - - 



•' BEHIND THE defendant in the negligence against the solicitors their abililv to take Ihero is 

Bank of England Muumnm keep the overnight money situa- lined in ca/m and easy condi- majority of legal actions for concerned, and the measure of severely restricted 

"Lending Rate 6 J per cent tion in their favour, as funds were tions. By Wednesday evening a damages for personal .injury damages in each case would have o llifp . ‘ a 

(since January 6 . 1978) attracted to the very short rise in MLR was unlikely, and by 5^5 aQ insurer, a company or been the lost corauensation c ‘ earl > ,his exercise of 

The theme of teletision’s next periods. Longer term rates rose the close on Tiiursday was almost Li ov ds disputing liability This compensation wnrtid most lo- C f . d,screlion under the 
soap opera may yet turn out 10 sharply at the same time. leading out of the question. The shortage Si, nr both g The -reater nrnLblv hav? then toin S J ! f5 Act . s . wee P s awa - v some of 
be the London money market, to a pronounced steepening of the of day-to-day funds on Friday was h . f ri „r« n rtj, n 7 fi w h n ?nr rhp‘ V cnii^nrc ^ e J?,. ^1?- P a ‘ d tbe remaining protection of the 

What it lacks In human interest yield curve. largely the result of settlement r^Lsl^oi 50 -5i ors ^ eir pro " limitation rules which have 


it more than makes up for by its The authorities showed less sign authorities gilt sales, but f. cem t 0 , be ,?. r ^!P. e abo } lt i£?? io £ al i° dcn mity insurers, been under constant attack now 

drama. A generallack of stability 0 f nerves however and seemed the houses were happy lo be sell- tiomnent of liability among them- This h<# happened in countless for 10 years or more. This leaves 

1_ 1 ■ » i. .( . _. __ 4 f_ m. _« v “ uu SSSUiliM Lnr. ..1 __215.. _ ca! line tUn wiafa Ill-nil* it 1C iRnt 1*0 On- oi>r.i> (Vin ,.nn_ n UU«v..nL _v •_ . 


should help the story line, and content' to buy Treasury bills bU1 * 10 tbe authorities once selves, the more likely it is that cases over the years— although general insurers (motor, employ- 
after going through various f rom th e houses to relieve any 8B* 1 ”* { bis time on a very large more than one insurer is it may not happen very- often in ers liability ami public liability). 


changes of mood last week there day-to-day shortage. Fears about sc j? e * but . stin not enough to | involved 


was even a happy ending to the t j ie mtm ey supply and the labour oul ,he fu,J shortage 


the future. 


more exposed to open-ended Ha¬ 


lf I am struck by a car while Lord Denning held, applying bilities with all the attendant 


ktest episode. situation led to a marking up of Further gilt-edged stock was crossing the road my corapensa- the judicial discretion provided problems of allowing for these 

Should the money supply Treasury bill rates on Wednesday sold by the authorities on Friday, tion claim will first be made by the 1975 Act, that the motor in fixing rates and establishing 

figures on Thursday turn out to morning, pointing towards a small but on a smaller scale, and money against the motorist s insurers. If insurers should not be allowed reserves. 


be as bad as at first feared, after rise j n juj? although it was per- market conditions this week may they allege brake failure they off the legal hook “because the rj n tbe other hand snlirimra 

-ESWSiJf * e r 5 ™ fecUy c,ea L* at go be influenced by the-extent of may join the motorist's repairers plaintiffs' solicitors by the and tJSr taSx!? i!te S 3 

'or.-if^tne power ^ lt would be by much more any-further sales. Publication of an{ j therefore involve the merest slip allowed the time to hi»harm Wn nr n )l,l 0 ; n -,ii l 


"JL mood or market ,a« ^“ScJS* ^ iSpHrSfaM M'Sj.-'MTCi 

t&srrzttsr S2i sKa-f ^ssrsswis 


rime to hitherto been professionally 
«fit f be liable for that "merest slip”- 
otiations can now shelter behind the deci- 
sue his sion in Finnan v EUis, at least 
e. The where another insurer is not 
received marked for compensation. But 


Discount bouses did not regard The Government broker took the Bank of France, but finished I have products cover. 


onto the plaintiffs' solicitors or pens for some reason to be un- 


Corilftsue Interbank Anibomy negotiable 
ot deperttr rteposiu* Imarl, 


the threat of labour unrest or the opportunity to start selling tbe slightly firmer on the week, while At one time, and certainly in their insurers as if it were a insured and short oF funds. If 

rise,, in the banking . systems long tap, something which would the U.S. dollar showed little pre-war vears, .when legal game of cards.'” he can show that the plaintiff's 

eligible liabilities, without some have been unthinkable 24 hours change against other major liability insurance was not so in very much the same vein, sulicitor has made the “merest 

item,, hut at least it helped .to earlier, and interest rates dec- currencies in general. universal, the courts detenu- Lord Justice Orrarod commented slip,” will his plea of limitation 

_ inedfy refused either 10 inquire "if insurance companies through then be categorised as a “wholly 

:tii»,vunu / MwiM* i into the existence of insurance, their customers'* (the nominal unmeritorious technical point” 

urn.* .ami* ° r to receive information about Defendants! “choose lo take or will the judicial discretion 

Depo “ ■ n- , * ‘ * it gratuitously from counsel. But wholly unmeritorious technical quickly transfer the claim to the 

over the years the close relation- points to avoid liability, they solicitor's professional indemnity 
ship between the existence of cannot complain if ultimately insurers? 
insurance and injury compensa- _ 

lion, and the presence of insurers ' • f* 

behind so many nominal defen- ( lUli I nil TiriPD trDDTA 
dams has been recognised more v/JL Uli Ml ICC ilCvLV 

and more by tbe judiciary. ■ 

tion was reached in the Court expected to continue 

of Appeal last Wednesday when 



Loci] authorities and finance bouses seven oars’ notice, others seven days' bed. ■ Lonser-term local auUiorlw moricacc 
rata nominally ihree years to wr cent.: roar rears JM ocr wn:.: Sre rears 10] per eenr. -fr Bank bill rales in utile are buyuif . anrt ^ 

rates tor prtaie papfcr. Busins rales lor ionr-natraih bank bills fills per cent.-, roar-mnuh iTafic wits e;-7 per cent. tiorafi JUsuces uruiuiu 41 m p 

AppradmaK sellins ra-.e tor otK-roontb Treasury bills StolEib oir cent.: two-tnonrh j« per cenL; and Uiree-mosiJi 51- Geoffrey Lane bad to consider a a 
JB?3a per cem. Approximate selllnis rate for one-month bank bulls B per cem.: nro-monrh 6itb-« per cent: and ihreo-monib number of compensation claims 5 
fiJw p« cent. One-mom* tTade btfla G) per ccdl: (u-o-cjimtbfi.'-U ptr cem.: and also three-month fij-fli ner cent. simp mip^Tinn 

Flnmce House Base Rates rpublished by the Finance Houses Association): 7 per cent. Irom February 1 . 1975. OearinB all tnvonm 0 me same quesuwn si 
Bmk Deposit Roles <tor small rams at seven days’ noilcet Z per com. Clearing Bank Rales Tor lendins 64 wr cent —had the piaintul» rignis p 
Tmumb nr Bills: Arcraee tender rates 0 / discount 3.B5» per cent. against the defendants become 


FOREIGN EXCHANGES 


OTHER MARKETS 


Market Hue* 


| Bank j- 
Feb. 10 lltator 


"- ■naarion date usually last day Snr dealing'free of atimp duty. bFUna mSuS?'" 
nrosnectus estimate. ■ -a Assumed dindend ud yield, u Forecast dividend, atooiraai 
sod on previous, year's eanUnas. r Dividend *dA 

. official estimates for 1979. q Grosrt ' t Fiances aftsmied. 1 Cover atew s Jj ™” 1 . »*; » ■ 
■rstoo of shares not now ranting fdr dividend, or rvntit»g j 


^ _ number of compensation claims 5 lo 10 per cent., the City Increasing demand later in the 

JpEKf bv r t^^Fut*tref I1 Housts W Assod^ion):' 1 '? 1 per°.’^niMrom'Fflbroary'l.^t9TS. OearinB ail involving the same question stockbrokers Phillips and Drmv year, though, should result in a 

I sums at seven days' noilcet 1 per ccm. Clearing Bank Rales Tor lp ndir.z 64 per cent j —had the plain tilts rights predict tO-day. gradual rise in the Oil price next 

. ~ against the defendants become Their latest quarterly review January. 

statute barred? on the oil industry says that Oil prices were expected to 

Firman v Ellis and the other world economic growth will be rise only in line with world 
three disputes considered by tbe insufficient to exhaust the pre- infiation—about 0 lo fi per cent. 

Court of Appeal, were nil injury sent surplus of oil by June, when —in the first five years of the 

compensation claims that arose the next OPEC decision on lfiSOs. . 

out of motor accidents. In the -- 

first three of .the four cases, y , , c • •, 4 n 


J ' .Vote* tttiw - 

Argentina.; 1266- 1Z70 ,AraenUnB.il£Q0-lMD 

-' AiKira.Ua ..|l.fi9(B-L71 InAoistrw.^.J 2Bi-2E4 - 

Unuil. 1 5D.84-51.B4 Belgium...! 62^-653 

Fmland... I 7.70-7.72 Hrarii.| 55-58 Q.il.l Bullion. 

• ifivow.. 1 J 8 .285-7089 1 llJeomla ...2.14j-2.184 (Biineviinrei 


GOLD MARKET 


sPlaclna price to JrtNIc. rtPmeeuntos oitarwto^^tadtoloa. ,§ 

■ rtinn wftb reOTKaoteation mersup cr take-over. \\\\ Icmwlactlon. QT&stM MUkq... lUal Iii87li-M7E4 

feltem (or fW-Pftld). • Provtelnna] Ort ? .__._. 6 \ dJ^rUW j fc.M*-8.4N 
'• -paid aflotmoot kUers. 1 . * WIUi warranu. 


11.05-11.10 ll.OBi-11.09 
4.0B4-4.09 I 4.on-«.cai 
7B.L0-7S.M I 78^6-78-55 


85.4045.tO Lusenib'rK SB.40-8B.60 i<3tvree.....| 70-75 ((£893221 l £30.0Of 

ll.08i-II.09i lUln.wmJ 4JrB-43B hluly-I1BS5-1766 Afiem’ufls’gls 174.65 *172.85 

4.071-4.E8i K-Zwiind,! 1.8876-l.B065sl"P«n.I 450-4*5 lf£90.225i ;i£S9.45C 

7845-78-55 Saivli Amb' B.U8-6.7S XMhtrl'jK’ 450-440 ,, . . 

IB0S5-1&S.65 Sliuopore.l 4.49iU.61i ;Sort«y....|3:B5-lB.0S 7®^?“.-,’"' ' 

l,B71i-1.07ti 8.AH*... I.K8M.b3bBVOTtusiU...! 76 86 ! e , n , , OI «,w. 1 


9178^-1805, 


BASE LENDING RATES 

,k . . G}% *111115001021...5 


LTD' 


-,N. Bank . 6j%- - 

ed Irish Banks Ltd. 6i% C. Hoare & Co.T 64 % 

erican .Express. Bk. 61% Julian S. Hodge ...... 74% 

ro Bank. . 64 % Hongkong & Shanghai 0 | 

3 Bank Ltd. - 6i% Industrial Bk. of Scot. 61% 

iry Anshacher- 6*% ' Keyser Ullmann ......... 

co de Bilbao ...... Knowsley & Co. Ltd..... 9 % 

k of Credit &Cmce. 64 % Lloyds Bank . 04 ^ 

k of Cyprus. 6J9S London & European ... 

U oE N.S.W. . 64% London Mercantile. 6,% 

; que Beige Ltd... 6*% Midland Bank. 64% 

que du Rhone 7 % ■ Samuel Montagu. S4%< 

clays Bank . 6!% ■ Morgan Grenfell. 

nett Christie Ltd.... 84% , National Westminster 64 % 
mar Holdings Ltd. 7j% Norwich General Trust 6j% 
i Bank of Mid. East '64% P. 'S. Re£son & Co. 64 % 
sra Shipley-.,...-- 64% Rossminster Acceptes fii% 
ada Pennanent API r 6J% \ Royal Bk. Canada Trust 64% 
itol C & C Fin. Ltd- • 9 % . Schlestog?r Limited ... 6*%: 

eer Ltd..' 7 % E. S. Schwab .. S|% 

ar Holdings ^. -8 % ..Security Trust Co.Ltd* 7|% 

rterhouse Japhet... 61% She 0 ^ . 

E Coates .- 74% ,.Sgmda^-Ctotered ... Jl| 

solidated Credits... 84% Jtade.DCT.Bank--™--- ® | 
iterative Bank ......* 6i% Trustee Savins Bank 6j%, 

nthian Securities... 64% ?????,«^it 6*1 

jit Lyonnais.. 64% BankofKuwa ,t 6 a | 

Cvnrus Popular Bk: 64% White 2 way I^idlaw ... < % 

JS LawiS *1%. . 

_ Yorkshire Bank... 61 % 


wn Shipley....,...-- 04% 
ada Pennanent API r 61 % 
itol C & C Fin. Ltd- 9 % 

ier Ltd. ... 7 % 

ar Holdings ^ . -8 % 

rterhouse Japhet... 6J% 

E. Coates . 74% 

solidated Credits... 64% 
iperative Bank ...i..* 64% 
nthian Securities... 64% 

jit Lyonnais.. 64% 

Cyprus Popular Bk: 64% 
can Lawrie —.J, 64 % 


i lUJes amen an for convertible Cranes. 
Financial franc 63.30-53.50. 


EXCHANGE CROSS-RATES 


Gnhl frtioe .. 
ilaiemat'U^t 


tiff the statutory period of him- AN “OPEN TECH”—on the linos training throughput had Ci¬ 
tation had run against the plain- of the Open. University—should creased from 30.000 people a year 
tiffs unless tbe court was pre- be set up to help British Industry to lOfl.noo. but thar wa» ‘■nothing 
pared to exercise its discretion survive, Mr. James Prior, Con- like enough." 
under Section 2D of the Limita- servative Employment spokesman. “ We must train more people if 
tion Act 1975 and decide that it said yesterday. our industry is to survive let 

would be equitable lo allow the Mr. Prior told the National alone grow. In a world where we 
actions to nrocced. Young Conservatives' conference compete with countries with far 

If the court had analied tbe in Harrogate, Yorkshire, that job better training records than ours.’’ 

1 of skill training in Britain needed One or the education successes 

f °L iH nInfn(i e ,!-nu 1 a hw 'mproring if the country was to of the past 10 years had been the 
the injured plaintiffs would ba\e Mn ip C [ e ant j an open Tech could Open University, Mr. Prior said- 
been denied bis compensation. people in job skills over the He realised that practical train- 

Indn-i/l nf natlind thif from Ihd * :__u_. i— _ _ ._ ..i. 


Krup-rnuid. BrTB^-iBU \SViiSa-n93 A j instead of getting this from the a u-. 


I (£93-04i '.U92-93) 

N’wSotr’ewijSSBS,^?*. 'S55-57 

{'£283* 29i4i .0:2812-2Sh 
Old A-vr’am,S545 4 -663 4 !S54li-E6i4 
(828)1-29i :ir28-d9i 
S^uEui’es.... ,S2e01i Z63U ; S258-26I 


inc could not be given by tcle- 


37 s* 's 55-57 Motor Insurers involved, they ■* We hare made great strides in vision, but existing skill centres 
29 ^ 4 ) .u:28i2-29(2i would have been able to main- training in recent years," Mr. Prior and company training facilities 
363 4 :S54j 1-56*4 la j n actions for professional said. Government-sponsored skill wore not used all the time 




ijKow fork 


FiwiUart.. - 2-107&85 SiBWSXq 6.42M59 4.077-0B7 9W8^2 (107.6>75 

.. .. . I M „ I oe me, : nn nia ) l a.-? ait> I aa oo tc I hi *c cl 


SwYort WJO-55 I . — 


SmSI!”' | 4 ^ 7 M 9 e .»68 j '' SJ 6&2 UM&' ! M.W fi Iorfc!]JJ5cpra-ej7 , tiitie , 0& ^-.OSttlL- 

- 4 mTJfti l. i J36.936 9.44-46 S3.40«J — I 5.17-TO Montreal .![_*r-0.1fl fjl»« h.07>nini-.O3cilu 


20.46-49 5.053-056 Lfti7-W8 44^836 61^6-55 


14.951-B85 B.48I 501 217.07-67 260^9 


FORWARD RATES 

| One momS”’ 


Tliree manlLa 


tiODBaa._,..i AXflJ-Cei 1AS6-9S6 9-44-46 


AbAW, 107^4-09 2JSEG2-27 46.0&5-105 

Zu rich. KL763-33PI t^t68-68 40,016-088 16,9(^4-9722' 8.7837.66 !tf.BgS-745a 

a.S. S in Toronto UJS. S=ULOUS Ckudiui cento. 

Cmnrim- p S Id Knr York t= 9011305 enti t'-S. 8 in Mlbui 865-?6*^0 
- jj- Sterling la Milan 1670.LC-1671.00. 


_ H ' 4«i7-TO 

-4.3MS.96l - -1A2IM5 Amrt-.tiB^fcBj»io*8 '25?-15fl c-yin 

1 S 7PW ffi BEK.,45 s Bruisel9...|F»r I0 1 . <ii» iiar-lU r.dia 

— : - '- — Cup’nli^i.'sflO) .ire All «4l-l6J ore iU 


EURO-CURRENCY INTEREST RATES 


il Trust. 

lish Transcont— 



S % BMetshm of t&fl Accepting Houses 


,<! IV 


* ill • 

t Nat. Secs. Ltd, - 8 % t g^iay ‘doportw on «f stfl-nw 
my Gibbs -6i% m te ft jp «> £ZS - 0W 3 * % . 

4g£F"*r, as.- i a ssSriSj.iB, 

.idlays Bank-.. t I % ^ pcwaiBi deposits 4&. 

•wv mess Manon.. ■psTtv f. Raie also aoplira to sterUn* lod. 

i5 ! ‘/n'oros Bank.. 64% Sera. 


Franklurl iIIs-Iq pf. pm [45a-35s pf pm 

LiaN^n.[60-140 c. du |56u-bOU c.dii 

Alfutrl.1 ...30-110 i-. die ;210-290 c.dU 

MlUa.‘7-16 ure rfu lgfr-34 lire di* 

Onto.Hj-lO} bierlu ;24i 26p we >ti> 

Ktn> ......'6J-71 c. dia ;1B^-19) r. itii 

block h "1 m '5 5 ore d la ,10.i 12, ure dib 

Vienna.....'par-10 grodls 4-14 anutls 

hunch.liig-l Is f*. pin !6i-5e e. f-m. 

Six-month forward dollar OJD-OJSOc pm 
IC-monlli 0-50-0.80c pm. 

CURRENCY RATES 


fhawing | 

___ r Rights i Accou nt _ 

I Fciircary Frfiruary l'j 


titerliiiK—^—. 0.626175 
tT.3. ri«]lar.. u . J 1.21152 

Enro-Frcm* deposit rates: twtHtiv 15-18 per cenLj seven-day 14-15 per cem.: i 18*3503 

onMamtll 162 - 1 5i par ceau: three-mondi 15-15* per cenu slx-momm 141-1« per lraJ 1 c'[ 39^045 

oeaUt om year Hi-14 per cem. tiauisb tnme.j 6.94504 

Lone-tcna Eorodonar dcpoalis*, two years 7i5tf-ni per cent.? three years Ucuuciiemark 2.55473 
StlfrWw per cent.: tour years fiSu-SSjs per cctl: five years S5i£-S7|{ per cent. Duioh euii>lur. 2.73501 . 

- The roUnrtnff nominal rates wore mimed for London dollar mrtlflcaies or depoilu i’.™" 1 "! ii^S? 
(me-month S354J5 per rent: Urree-tnondi r^7.is per cen:.: nx-mooUi 7AQ-7M per '" n ! 

fc".T.JS: ubmi 

'• • Rates arc nominal canins rates. M*m ..1 98.0398 

t Short-lerm-rai«< i» call fw aerlliu:. tl.S. dullaw and CanadiM dsllars; two jvr-rfnh krone 1 S.646B9 
dtiV-.WKo-tor 'pulWers and Swis* fraacs. ' - ... ,M 7Z16 


0.630444 

1.21996 

1-39472 

18.4415 

39.9812 

6.99363 

8.57281 

2.75449 

5.98249 

1054.17 

294.629 

6.27254 

98.6824 

5.68024 

2.38765 


Scotcros Limited 

Through a wholly owned subsidiaxy has acquired 80 per coat of the capital of 

The Remy Group of Companies in France 

As European industrial and financial advisers to 
Scotcros Limited we initiated this transaction 
and assisted in the negotiations - 


CEDIF 


Compagnie Europcennc Pour Le Developpement Industriel ct Financier S.A. 
Rue du Commercej 124 3 Btc 5 1040 Brussels. 



















































































<3 

i 

% 


28 


Businessman’s Diary 


7 


U.K. TRADE FAIRS AND EXHIBITIONS 


Bate 

Feb. 

Feb. 

Feb. 

Feb. 

Feb. 

Feb. 

Feb. 

Feb. 

Mar. 

Mar. 

Mar. 

Mar. 

Mar. 

Mar. 

Mar. 

Mar. 


14—IB 

14— -16 

15— 16 
19—23 

19— 23 

20— 23 

20— 24 

21— 23 

5— 10 

6 — 9 ... 

7— Apr. 

12— 15 

13— 17 
13—17 

13— 17 

14— 16 


.. National Office Reprographic Exbn. 

.. Licensed Hotel Catering Exbn. 

.. El A Engineering Exhibition 
.. International Knitwear Fair 
.. Int. Mens & Boys' Wear Exbn. 

.. Spring Floored verings Exhibition 

.. Furniture Production Exhibition 

.. British Growers Look Ahead Exbn. and Conf. 

.. Oceanologlcal Equip. & Services Exbn. 

.. National Carpet Fair . . 

.. Daily Mali Ideal Home Exhibition 
.. London Young Fashion Fair 
.. International Electrical Exhibition • 

.. International Pneumatics & Hydraulics Exbn. 

.. Int. Instruments, Electronics & Automation Ex. 
.. Int. Public Address Equipment Exbn. 


Venue 

Wembley Goaf. Centre 
Metropole Centre, Brighton 
Portsmouth 
Earls Court 
Earls Court 

Metropole Centre. Brighton 
Nat. Exbn. Centre, B'bam. 
Harrogate 

Metropole Centre, Brighton 

Blackpool 

Olympia 

Earls Court 

Nat Exbn. Centre, B’bam. 
Nat. Exbn. Centre, B'ham. 
Nat. Exbn. Centre. B'ham. 
Cunard Int. Hotel, W.6 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Feb. 14—18 . 

Feb. 19—21 . 

Feb. 21—24 . 

Feb. 26—Mar. 2... 
Feb. 26—Mar. 4... 
Feb. 2S—Mar. 3... 

Mar. 2—12 . 

Mar. 5—12 . 

Mar. 6—11 . 

Mar. 6—12 . 

Mar. 7—10 . 

Mar. 8—12 . 

Mar. 12—14 . 

Mar. 12—19 . 


Business and Micro-Graphic Equipment Exbn. 
International Hardware Fair 
Offshore South-East Asia Show 
International Spring Fair 
Middle East Transport Exbn. and Conf. 

Int. Tunnelling Industries Exbn. & Conf. 
International Motor Show 
Internationa] Agricultural Exhibition 
British Industrial Exhibition 

International Audio Exhibition 

Powder Technology & Bulk Solids Exbn. 

Int. Oil & Gas Heating Exhibition 
International Shoe Fair 
International Spring Fair 


Tokyo 

Cologne 

Singapore 

Frankfurt 

Dubai 

Basle 

Geneva 

Paris 

Kowloon 

Paris 

Basle 

Stuttgart 

Utrecht 

Leipzig 


BUSINESS AND MANAGEMENT CONFERENCES 


Feb. 

14 . 


Feb. 

15—16 . 


Feb. 

15—16 . 


Feb. 

16 . 


Feb. 

17 . 


Feb- 

20—21 . 


Feb. 

21 


Feb. 

21 ....... 


Feb. 

21—24 . 


Feb. 

<wt 


Feh. 

■in >v| 


Feh. 

23—24 . 


Feb. 

24 


Feb. 

26—Mar. 

2... 

Fr>b. 

27-Mar. 

vi 

Feh. 

27—Mar. 

3... 

Feb. 

27—Mar. 

in. 

Feb. 

27—28 . 


Feb. 

27—Mar. 

1... 

Feb. 

2S .. .. 


Feh. 

28 . 


?-1ar. 

1 . 


Mar. 

1—2 .. . 


Mar. 

n 


Mar. 

fi—? ... 


Mar. 

6— JO 


Mar. 

6—10 . 


Mar. 

7-S .... 


Mar. 

a 


Mar. 

13 .. 


Mar. 

15 . 



Society for Long Range Planning: Self-Denial 
To-day Tor Prosperity To-morrow—Crisis of 
Choice 

Oy*>z 1BC: International Tendering 
Management Training Consultants: The Skills of 
Interviewing 

Building Materials Export Group; Expanding 
Export Markets for the U.K. Construction 
Industry 

Inburnn. The Practical Implications of the 
Consumer Credit Act 
Assn. Conf. Execs.: Conference Expertise 
Henley Centre for Forecasting: The Future of the 
U.K. Property Markets 

British Council of Productivity Associations: 

Office Productivity—Microfilm 
Bradford Unix.: Financial Control of R & D 
Institute of Personnel Management: Employment 
Law in 1978 

Financial Tune?: Business with Spain 
European Study Conferences: EEC. Competition Law 
Thames Polytechnic: Business Trends in France 
British Transport Staff College: Finance & 
Accounting for Management 
IC.V Personal Income Tax course 
London Chamber of Commerce & Industry: Under¬ 
standing the Arab World 
P E Consultinz Group: Production Engineering 
Financial Times. The Banker. Investors Chronicle; 
World Banking in 1978 

AMR International: Creating Business Growth io 
Europe 

Institute of Directors Annual Convention: The 
State & Hip Individual 
Executant: Weight* Sc Measures 
Int. As.vc. for Students of Economics & Manage¬ 
ment: Business Education Seminar 
Investment A- Property Studies: Design Liability 
in the ronstrucrion Industry 
McGraw-Hill: Corporate Fraud 
World Re-cycling Conference 
TJrwirk: Projed Man a cement 
Department of Industry: Flow Measurement 
Lenofern: rnst-Eff. Print in Marketing 
Confederation of British Industry: Nigeria 197S 
College for the Distributive Trades: Inflation 
Aren i in ting 

Institute of Credit Management National Conf. 


15. Be (grave Sq.. S.W.l 
Inter-Continental Hotel. W.l 


Leicester 


Cavendish Centre, W.l 


Hilton Hotel, W.l 
Royal Lancaster Hotel. W.2 


Bowater Cinema. S.W.l 


Metropole Hotel, .W.2 
Bradford 


Manchester 

Madrid 

Bnyal Lancaster Hotel. W.2 
Dartforcl 


Woking 

Grand Hil„ Eastbourne 


60. Cannon St.. E.C.4 
Training Centre. Egham 


Groove nor House, W.l 
Royal Westminster HU., S.W.l 


Royal Albert Hall. S-W.7 
Rustell Hotel. W.C.l 


Birmingham 


Royal Lancaster Hotel. W.2 

Royal Garden Hotel, W-S 

Basle 

Slousb 

Glasgow 

Inst. Marine Ene.. E-C-3 
21. Tothill St.. S.W.l 


30, Leicester Square, W.C.2 
Hilton Hotel. W.l 


This week 


in 


Parliament 


COMMONS—Debate on Opposition 
motion on public purchasing 
and the abuse of Ministerial 
power. Motion on financial 
assistants to Opposition parties. 

SELECT COMMITTEES—Expendi¬ 
ture, Social Services and 
Employment sub-committee- 
Subject: Employment and 

Training. Witnesses: Greater 
London Council. (10 a.m. County 
Hall). Expenditure. Education, 
Arts and Home Office sub¬ 
committee. Subject: The reduc 
lion nf pressure on the Prison 
Service. Witness: Mr. Charles 
Irving, MP. (4.15 p.m. Room 13 1 . 

TO-MORROW 

COMMONS—Scotland Bill, remain¬ 
ing stages. 

LORDS—Domestic Proceed incs 

and Magistrates Courts Bill, 
committee stage. Motion to 
Approve Beef Premiums lPro¬ 
tection of Payments) Order 197.'?. 
Participation Agreements Bill, 
committee stage. Debate on 
Rhodesia. 

SELECT COMMITTEE—Nationa¬ 
lised Industries. Sub-com¬ 
mittee A. Subject: National B'is 
Company report and accounts. 
Witnesses: National Bus Com¬ 
pany. (4 p.m.. Room 8.) 

WEDNESDAY 

COMMONS—Scotland Bill, remain¬ 
ing stages. Motion on Medicines 
< Exemptions from Restrictions 
on the Retail Sale or Supply 
of Veterinary Drugs) Order. 

LORDS—Debate on the difficulties 
caused to Industrialists in 
acquiring land from local auth¬ 
orities or Government depart¬ 
ments for industrial purposes 
by Department of Environment 
circular. Debate on the need 
for chanpps in existing arrange¬ 
ments dealing with pay in the 
public sector.. 

SELECT COMMITTEES — Science 
and Technology. General Pur¬ 
poses sub-committee. Subject: 
Durability and efficiency of 
electric lamps. Witness: Mr. 
I. D. M. Meiklejohn <10.30 a m.. 
Room 16): Nationalised Indus¬ 
tries. sub-commiltec B. Subject: 
British National Oil Corporation 
report and accounts. Witnesses: 
BNOC <19.45 a.m.. Room 8) 
Overseas Development. Subject: 
The Renegotiation of the Lome 
Convention. Witness. Mr. Ed¬ 
mund Dell. Trade Secretary 
(4.15 pm. Room 6). Expendi¬ 
ture. Social Serrices and Em¬ 
ployment sub-commiJitee. Sub- 
.ioof: -Employment and Training. 
Witnesses: NUT and Manpower 
Services Commission 14.30 p.m„ 
Room 13). 

THURSDAY 

COMMONS — European Assembly 
Elections Bill, remaining stages. 

LORDS — Education (Northern 
Ireland i Bril, third readme. 
Industrial and Provident Soci¬ 
eties Bill, committee. Motions 
to Approve Property (Northern 
Ireland) Order 197S: Industries 
Development (Northern Ire¬ 
land) Order 197S: Rehabilitation 
nf Offenders (Northern Ire¬ 
land) Order 197S. 

FRIDAY 

COMMONS — Private Members' 
Bills. 


SPECIAL ANNOUNCEMENT 


FINANCIALTIMES 


1HE BANKER 


launch the 


EURO-CAPITAL 


MARKET 



SUMMARY 


Every month, beginning with the April 1978 issue. The Banker will carry a new Euro-Capital Markets Summary, 
a joint venture between the Financial Times and The Banker, serving the evergrowing needs of the Euro-bankinq 
community. The Banker's Summary will editorially cover the Markets' activities and developments, and—a 
unique feature—will include the reproduction of all tombstone advertisements which have been published in 
the Financial Times during the month preceding publication. 


This summary will extend The Banker’s mounting coverage of comment on International Ban king. 
Money Markets and National Economic Policies. We invite you to test its reputation. 


The 


Annual Subscription Ratos 
United Kingdom 

Europe (inclusive of air-speeded delivery) 
Middle East /i /• 9f rr 

Far East 

Rest of the World „ 


.Cl 4.40 
US$44.00* 
US--58.00* 
US *74.00* 
US$35.00* 


"Payable in dollars, sterling or any currency freely convertible into 
sterling, at current exchangs rates. 


SUBSCRIPTION FORIVI 

To: The Subscription Manager. The Banker. Bracken House. 10 Cannon Street London BC4P 4BY. England. 

I/We wish to take out a one year sub- Name________ 

scription to The Banker commencing 
with the_issue. 


Position 


I/We enclose a remittance for. 


Bank/Company_ 


made payable to The Banker. Tick and Address 
mail as applicable. 


A division of tha Financial Timas Limited. Registered in London number 227590. Registered office: Bracken House, Cannon Street. 
London EC4P 4BY. 



WEEK’S FINANCIAL DIARY 


firiantial Times 




The following is a record of the principal business and financial 
engagement during the week. The Board meetings are mainly 
for the purpose of considering dividends and official indreationa 
are not always available whether dividends concerned are interims 
or finals. The sub-divisions shown below are based mainly on last 
year's timetable. 


. Red. 15?2/7B 


TO-OAT 

COMPANY MEETING- 

William* Lea. 23*. Old Street. E.C.. 

BOARD MEETINGS— 

Final*: 

Ladm Pride OutcnaMr 
Manchester Ship Canala 

Nottingham Manufacturing 

Rustic Construct'd"* 

Reliable Prone riles 
Scottish W«ltm Imr. 

Ibl ai l nn -. 

Ariol Industries 
Palmerston Ine. Trust 
Press Tools 

Westhern Canada Invest. Trust 

DIVIDEND A INTEREST PAYMENTS— 

Associated Engineering 3-*2u 
Bulmer fH. P.» 2.2 a 
Chr'.stv Bros. 0.660 
Hulctt's Coro. 5.335340 
Juhnson-Rklurd* Tiles 3.2720 
MAG European and General Fd. Ir.c. 

Unit* D_561o 
Nenrman Indl. 1.3750 
rtova uenev) Kmt 0.5o 

TO-MORROW 

COMPANY MEETINGS— „ . 

Bank Leumi flj.K.i. d-7. Woodstock Street, girmld Ooalcast 
W.. 2.SO 

CarrcHi iP. J.\ Dundalk. 11 
Hardys and Hansons. Nottlngnam. 12 
N5S Newsagent*. Woking. Surrey. 2. 30 
BOARD MEET1NG5— 

Finals: 

AC Cars 
Camlng (W.» 

Crest Nkholso" 

Drake and Scull 

General Consol,dated Inmrt. Trim 
Macoherson (Donald• 

Poryarr 

Thermal Syndicate 
Vereeniging Rcfractorirt 
Wardie (Bernard! 

Interims: 

Haggas (J 1 
JCEG 


MF1 Furniture Centre* 

Meet Trade Suoolter* 

12 Wades Departmental Stores 

W *DrVuJ!ND , A INTEREST PAYMENTS— 
Alisa Invest. Tst- 1 -9p _ . 

Archimedes invest. Tst. Inc. ah*. 3.33p 
Cohen 1 A. 1 Ord. and A Ord. 1.8250 
ICL 4.8250 

NSS Newsagents 1.42ZSO 
Nottingham 5 oc Red. 77-79 £1.9233 
Scottish Metrooolltan Property Db. 3'» 
3*w ?79-B4l and 3*i«pc <88-931. Ln. 
4 *-oc 

United Corps. Common shs. 20 Cts. 1st 
PM. IB Cts- 5pc2ndPM. 1959 SB Cts. 

Wednesday, fssruary is 
COMPANY MEETINGS— . 

Comoalr. Institute or Marine Engineers, 

Martin The Newsagent. Connaught Rooms. 
W.C.. 12 

Westland Aircraft. Hvde Park Hotel. S.W.. 

BOARD MEETINGS— 

Finals; 

Bath and Portland 


Sork-Wlmer 45 <1*. 

Bradford 11 *ucBiii. 

Br5u>F*i: 3pe Red- 19B5 £4.0821. ■! 

Brunswick Cate. IS cts. 

BbtttuJi .OH Lft- 3*.Pt 
Chase Manhattan Corp. SS «fc 
Cleveland n'gpcBdk. Red. 1S,2J78 
£6.1327' ' - 

ColBMe-P# 1 m Nlyd 25 «ta. - 

Edinburgh BijocBiffc R*4 
Ettrkdc and Laud*Td*» 11 ^PCBOS. I« 0 . 

FMhguard 'and^RajiUre * Bd 

Harbour Gld. W. 

G4te5bead 11 sncBcts. . R6d. 15.'2j7B 


• DJVtbEhiOr ft INTEREST' PAYMENflSi 


Irmrngham. ..... . 

Estates, la. Qoeefe Gate. S*i 


GJbsbctw 11 'iPCBd*. Rod-15/2/78 M1B7 
Great Yarmouth ll-ancBda. Red. 15/Z/7B 


Id*. Tst. 


Cornell Dresses 
Foreign and Colonial 
Renown lix. 

Witter (Thomas) 

Yeoman Invest. Tst. 

Interims; 

Oaigety 

James fiohni 

Regional Properti>s 

Reliance knitwear 

Stewart Plastics 

United Real ■ Proeerty Trust 

DIVIDEND ft INTEREST PAYMENTS— 
Aberdeen 11 *pcBds- Bed. 151*78 
£6 1327 

Aberdeen Trust Db. 2 pc (Feb.) 

Anderson Stratttdvde Ln. S IK 
Anglo-American ■ Invest. Tst. Pf. 5pc - 
Bolton 11-bpcBds. Red. 15’2'78 £5.1327 


C^iw 2 London 13 Uoc 1884. ft*aPC- 54.0C 

^ 1 frpcSd*. Red. i$l278 £5.1327 
wSh^Wk*11T^cBdS. Red. 1512)78 

H^^BdA Red. T5)2f78 £5.1327 
imt. Bank tor Reconstntttton and Devlpmt. 

hSSrR«J. 15«i7B £5-1327 
Jamaica Spc 77-82 3PC - . - • 

Kensington and Chelsea 11%pcBdA Bed. 
T3«(7* £6.1327 _ 

Edho -SPCPL 

T - 7SBC „ 

M C ?n4* f G Second 6W4I Td. * Fd* Stic^ 
Mac&sh«'ld* 6P 11'>ptlils.: Red. TSj2l78 
MmltivfirrrM 11 ^pcBdSL Red. 15)2/78 

MMcMriUmniph lltttttBds. Red. 15(2/78 
£6.1327 


Nottingham fir.pe Red. W-H 

Oxford 11 %PcBdi. R«d^1 5 

Poole 1T%PCBtfs- Red- T5.xr75_£6.1iS27_ ■ 


SHIPPING REPORTS 


Blizzard could boost 
fuel-oil charters 


SY OUR SHIPPING CORRESPONDENT 


BLIZZARDS IN the United 
States last week offered some 
hope to tanker owners of an 
improvement in demand for fuel 
oil in the medium term, hut the 
immediate effect was simply to 
prevent East Coast charterers 
reaching their offices on some 
days. 

This reduction in activity has 
had little effect on levels, how¬ 
ever. even in the Caribbean, 
wfopre last fixtures reported were 
about Worldscale 55 for a 
55.000-tonncr and Worldscale 
S5-90 for a 35.000-tonner. The 
broker E. A. C.ihson notes some 
build-up of inquiries at the end 
of the week, and sueg-.'sts this 
might lead to improvement in 
rates. 

Tn the .Persian Gulf, which 
has about 4m. tons of tanker 
capacity available for voyage 
charter, a dull market persists, 
with the rate for Very Large 
Crude Carriers (YLCCsj at about 
Worldscale 20-21. 

Galbraith Wrightson says that 
shortage of inquiries for 50,000 
to 311.000 tenners in the same 
are a is becoming critical, with 
queues growing almost com¬ 
parable with those of YLCCs. An 
indication of Uie market was the 
■Worldscale 35 paid for an SO.OOO 
tonner from the Persian Gulf 
easthound—a level described as 
“derisory- by the broker. 


One of the livelier items of the 
week came with ah inquiry by 
Shell for 100,000-tnn bulk car¬ 
riers or ore/oil carriers for short 
time-charter, coupled with a 
purchase option. BP was also 
looking for smaller tankers in 
the SO.OOO to j50.000-ton range 
for one to three-year time¬ 
charter, starting immediately. 

A sale-and-purchase report 
from Eggar Forrester contains 
gloom}' forecasts for shipbuilders, 
suggesting that only 13.1m. dead¬ 
weight tons of shipping will'be 
contracted foe delivery within 
the next two years. Considering 
that, in 1973 alone, orders for 
129.6m. tons were placed, the 
scale of the order famine is 
evident. 

The only bright spot, Hie 
broker, suggests, - witt. be in 
demand from developing - 'coun¬ 
tries wishing to establish their 
own fleets. It concludes that ^if 
the shipping market is ever going 
to stabilise, a period of contrac¬ 
tion in the new building sector 
must be considered essential-”' . 

Secondhand prices for tankers 
and bulk carriers continue to 
slide. Eggar Forrester reports 
that the 30.000-ton Welsh Min¬ 
strel built in 1968. bas been sold') 
to Greece for 52.2m. apparently 
having been committod last June 
for twice that price. 


Reading 11’ipcBil*. Red. 15:2)78 £5:1327 
RMdltch lll^eBdt. Red. 1S?Z/7B £5.1327 
Salford" Red.- 15*2775 £6.1327 

Sc An Xn. 3>mc . . _ . ' 

Ski.. Issued br Inti. Bank -for Recon- 
smrctoan and Dtvlpmt: Sec 77-82. Z*mK 
. Smith Wallis Ip _ ' 

Southern Kinta Coni. (MO.- Btrhad 
9.79955* 

Southern Malayan T.ln. Dragging CM ) 
Bathed 12.41289 b . 

SpeftY Rand Com. 28 cts. 

Strathkelvln 11'spcBd*. Rod. 1512178 

Sttooj*Vl HpcBds. Red. 15r2.7B £6-1327 
Sunderlanft ll’socBds. Red. 1512/78 

£5.1327 - 

Thanet tllpcBA. Red- 1512-78 EB.1S27 
Trafford IIHpcBdl. Red; 15/2i78 £8.1327 
Troesiirv S« 2 p t 79-51 I-VPC. 3pc -T952 

|1|K. . .- • ‘ 

Y/arrrngton 11 'tncBdS. Red. 1S‘2.'78 

Wtir Vilhy 11>pcBd*. Rhdi- 15-2i78 
£0.1327 

West Yorkshire 11'ipcBds. Red. 15r2;7B 
_£6.1 327 

Wil»>n (Ambrose) S'iPcPT. 1.925pr 
Wokingham 11 ‘uacBds. Red. .TS/TTB 

**•1327 _ . 

Coro. 7ii cts. 

THURSDAY.-FEBRUARY- SB 
COMPANY MEETINGS— 

Allied Bre»v«YlM, . KllMrt-Hotel. W-. 12 
Grown WhlHev. Da rtxbvrr. pr. Warring* 
ton. 12 • • 

Mickson and WHch. 14a Buckingham 
Palace Road. W.. -14 
IC Shoes. .Kendal. 12 . .’ • • / - 

Liner Concrete Machinery. Newcastle upon 

Tvne. 11.30 _ 

BOARD MEETINGS- , 

Finals: 

. Adams, and Gibbon . • ■. . 

Albright and Wilson •• 

Brown lm Con. " ..= ' 

Debenture Con. .. i 

Newbold and Burton _• -. . 

New York end Garttnore fnv. Tst. . 

River and Mercantile Tat. 
diver Plate and General - lev. Tst. 

Romne* Tst. '' ■ • .... . 

St. Andrew T»t. 

Interims: 

Emm - ' '. 

Throgmorton Secured Growth Tit. 

WU»n Imr. 


Anglo-AmericanjAsDbatt T.OSSo 
BrocfcfKHo* 2.0234a 
Brawn (N.) invest, 9«*Sg -1 

Martin-The Newsagent 4 j«11o • -5 

Sootheod-on-bea 9Upc Rod. 19B1 *»— 
QniroyM 5 pc Ptt- Cist ind 2 nd) 

Westland Airemt 3.57759a 

FRIDAY. FEBRUARY 17 I 

COMPANY MEETINGS— 

SeKon^ BlrmEngham. 11.30 

' 

tawa ^ . ** 

Northern: Foods, "WHIerby. nr. Hall i«j 

Plan*on'* '5«ra«roogl>i, seartwrooglii • 

StairhouKh Glasgow. 12 

SOAflO MEETINGS ... } 

Fbulsr - 

H.T. Invat. . , v 

Uoyds Bank 
Wagon. Hnaoce. 
wSstera PutrffcittOBS 

‘ interhnsi . , - - ; . . ..; 

Herirw *ar‘ .• ? 

DIVIDEND ft INTEREST PAYMENTS^ 

Bank /Leumi:ID jc.v A6B5E5A . .: 

Barnet . BWUs. -fled. 23*7* £u— ' m 
Brahem Mlfiir 04» " . ■ .TP*i 

Chatter IZncBds. fled. 12 /Bijh fa. --; 
CMttem IlVbeBd*, Red. -JSiBfBo^^ 
Combined m s u ran c e ot America■ 23 4,“! 
Corby: 8upcB®^ Red. 23/8175 
CraWtcr BttflCBd*.. Red. 2SitnK !£< 
crowoe -Bt^cBA. Red. 23Jflr7B 

Sh^IJOT^'^ ^ , 

• Po ncaata r B^ocBds. Red.. 23-8.-7B 

.'sm-ss***-'*- ' 

-tOocBdl. -Red. 1515179 Spc ; 
Gilttbur 1» - , t 

Greettall Whrtlar Ord. 1.412Jp. A Ca, 

4^e"SBi T SJ , ^-^ e OW6: W- 

-Startle MftchHmrv-0 9p 
NerMordshlre ftuocads. Red. SS'S’TB'd^a 

Hyndborn BiaicfteB. Red. 2S/g>7»- 2uS 

lodchendant Nawcpapera 4J>62S» , 

KftJBSton ooOd Hull BWdcBdS. -.'IM 




23 r» 7 B. 4 W*e 
KirMets 8 Ur*Box. Red. 23-8*7* awnr ; 
Lanark tOocBfe ^Red. T5/B.79 Smv,'**' 


UhBbSjireh ITlprBdS. Red, ’ 12/D^I 


Leo o.97p 
Lidhfteid -«t>acBds. A to. 23/8/75 
Mrrsetttde BStPcBds.. AM, 23 fl/78*Sj 
Worth Brlttah Slwi'. 1311s ni^SS 
dittbn. ef OA092o e/a_yv._andao^i97^ 


Rea brook Invest. Tat. 0.562So 
Rhvrnney Vm»;TDf*B*u-Rid: tSttljf 

RorhorBogn .' TtimcBde.’ B*j. tjjfci 
5-0*bc . . , 

St- sa»tundi»Brr _aVpcKa*._. rtoa, 

4 HOC » . •' * . .- 

SedgSmoor 8'«of«rf». Red. 23/371 «u 

Srntrgst. -12. CIS.,: _ ; _i _ 

South BerflortJiiJtra BUSC^dv ftNL 23*1/7 


smrtir Tyneside-itifpdSds, Red. TS'i 
SoatSnfgrtfl 


BHocBds. . Rw. 


'*13 

•N-c .. . . w 

StPfd and Slmoton Ord. aad A.Ord. 0.<8 
straud Wley. OmmmoAO. O^e . - ^ 
Va(a of CTa<norgan iqpcBds. Red. ts afl 

SR - —- 1 "* ’*' * * * 

Walsalr 
Wan* 

Wolili _ 

-aieoc- - 

West- Lothian tOpcBds. BfetLiUDUU sa 
WMt -Yorfcdlflra -B Isp e B d i ..- -JlML 23/3,% 

WfrhBlotter tOnet^a. -*«L nS/5)7» 5j 
Wimborne IOocMs. Red. 1M79 -SdCS 
. SATURDAY. -FUreOARY 1* ! 

DIVIDEND ^.INTEREST' PAYMENT*^ 
catarntUar Tractor - 45 cts. ■: 4 

.Goldberg .(A-) . 1.1 to ' . * 

Llnrr Concrete Machinery 0.7365a ~r{‘ 
Newcastle una Tree 124gdkU. Iw 
18,'2/SI 6 UpC ’ • 'j 


1 


Fandoro expands haulage fleet 


PANDOB0. part Of P and O's 
Irish Sea haulage operation, is 
to spend £2m. on expanding its 
fleet this year 

Tro hundred van trailers and 
30 tractor units are to he pur¬ 
chased. bringing the total fleet 


to more than 2.000 load carriers 
and 260 tractors. 

Pandora, which operates Fl*et- 
wood-Larne and Fleetwond- 
Dublin services, carried SO.OOO 
loads last year and expects this 
figure to increase to 100,000 this 
year. 


Steel wants ‘people’s Parliament’ 


THE LIB-LAB PAT has shown 
that ••pnjitics oT eo-ope rati on" are 
more acceptable to the country 
in general than the ''madcap 
ideas oF extremists." Mr David 
Steel, the Liberal leader said at 
E^.-ex University in Colchester. 
He- wanted .to see a "people's 
Parliament ’’ at the next election. 

With each slide of the opinion 
poll ratings, the utterances of 
the Tory leader had become 
•‘wilder and w.lder to the dismay 


of many Tory MPs,’’ said Mr. 
Steel. 

The Liberal Party might next 
time have to restrain the .Tory 
right. 

A hard-faced Tory government 
would increase tension. It would 
cause industrial bitterness, 
arouse racial antagonism and 
accentuate Scottish and Welsh 
nationalism through denying 
devolution. 


New park may cost £7m. 


THE BOTHER VALLEY Park on 
the Derbyshire-Yorkshire border 
eventually could cost up to £7m. 
Five councils from the two 
counties have formed a joint 
management committee- to 
develop on 750 acres the park, 
which will initially cost about 
£lm. spread over several years. 


Later, under phase two, 
estimates, for the development of 
recreational and sports facilities 
could be as £6zn. 

Derbyshire County Council 
this week-end said private enter¬ 
prise should be involved in 
developing the park to reduce 
the burden on local authorities. 


APPOINTMENTS 


Barclays Bank 


Mr. Robert Treoch Fox has been 
appointed a director of BAR¬ 
CLAYS BANK INTERNATIONAL 
from February 10. Mr. Fox is a 
director nf Kleins on, Benson. 

+ 

Mr. Anthony B. Archer has been 
appointed chief executive of the 
Leyland interests of EVANS HAL- 
SHAW (HOLDINGS). His appoint¬ 
ment follows the recent acquisi¬ 
tion by LCP Holdings of the North¬ 
west Ford dealers, the Halshaw 
Group leading to the formation of 
Evans Halshaw. 


Mrs. P. E. C. V.cdderhurn has 
been re-appointed aS a member nf 
the Council of the Advisory. Con¬ 
ciliation and Arbitration Service 
(ACASi to serve until Septem¬ 
ber l. tpsn. Mrs. Wedderbum is 
direct or. Industrial Sociology Unit. 
Imperial College of Science and 
Technology, London. 

★ 


Mr. D. K. Fisk has been 

appointed chief executive of the 

tranemissions division of NEW- 
AGE ENGINEERS, part of the 
Charterhouse Group. He was pre¬ 
viously Newage's planning sad 
projects director. 


THE PR ITISH TRANSPORT 
DOCKS BOARD has made three 
new senior appointments within 
their central personnel manage¬ 
ment team at the Board’s London 
headquarter*. Mr. Harry Tates 
becomes industrial relations 
manager: Mr. Angus Dow becomes 
staff training and development 


manager: and Mr. Malcolm Pnr- 

gavje is to be personnel services 

manager. 

+ 

Miss Gladys (** BlBie “) Morgan, 
deputy chief whip of the Greater 
London Council and vice-chairman 
of the general management com¬ 
mittee, is to be the Council's next 
vice-chairman, and she will be 
elected at the Council's annual 
meeting on May 16. 

★ 

Mr. C. A. P. Stott and Mr. M. S. 
Edm undson have been appointed 
a< joint deputy chairmen of. the 
NICKERSON GROUP. Mr. Stott 
wilt be responsible for the 
CntsviroJd Pig Development Com¬ 
pany group fi nan ce arid corporate 
planning. Mr. Edmondson Is 
appointed managing director., of 
Cherry Valley Farms. 

SENTRY INSURANCE GROUP 
(UJv.) has made Mr. David 
Stapleton group secretary and 
company secretary of aif its sub¬ 
sidiaries from February 9. - 
* 

Mr. Grant Hflwktas has- been 
appointed to the Board' of 
STERLING CREDIT MANAGE¬ 
MENT. the management com¬ 
pany of the Sterling Credit Group.. 
Mr. Hawkins is also a director of 
two other Sterling Credit Group 
subsidiaries, Hillgate Life Assur¬ 
ance and County Collections. 

4r • 

Mr. Pant R. Smith has. b£6n 
appointed mamging director of 
the LINGUA PHONE INSTITUTE 
from February 13, .■ j 


PLANT & M ACHINERY 




Description 


.Tilt phone 


HERBERT 8 PRE-OPTIVE TURRET UVTHET4A ?.V 
20" dia. x 56", 13-1000 rpm, REBUILT- Ay.Y: t 
CINCINNATI No_J HORIZONTAL 


UTOMATJC KETWAY 
tic cycle. Hydraufic. ; ~EXCELCENT.*,. , '': ; : ;; 
L GRlNDER^JUNG-CiLV - - - v : .fA 
DITIONEDi : - ’■ri"-' 1 ;: ‘ £ 


Tible 68" x 15". 16-1600 rpm. REBSJILTi-sV v . 

54" Dia. COLD SAW, NOBLE & LU NDl : '". 
Max. capacity 40" x 18". EXCELLENT; 
AUTOMATED TURRET DRILL—HERBERT-; : ^ : 

6 station. 2 M.T.. PluRboard conti^-'C^^rBrwrte^ 
table. New. 1974. Almost neW.," \ ‘ 

BUSCH AUTOMATIC KEYWAY MiU®>-^.v^ 
Automatic 
INTERNAL 
RECONDITIONED 
BLANCHARD No. 11 

17". d«. REBUILT.;. Very, acfijjat*- 7; r r. 

4ACHINING CENTRE. Ca6adty:5fc^4fttx 
3ft. 5 Axej. corrtitiilcmi ia'tiv SlTaWoh^tic.fi^k;^ 
changes, Fxohs nriin -tahle load'-- Nai/rniptor- 
27 fip. HadJtssthauOn»,ye»VU3eAnd in C 
almost nrw Mhdftfdri.^ rd . 

21" rebuiltand nor .ysed »mefc'-.-Wfll-.liirn ... 
and Index to‘makerVI® 

WICKMAN Tf S2NGLf SWha>LE AUTOMATIC. v j 
Exi^fve^ui‘p)h 0 nY/^XCttU NT-CON DITlON 
1CKMAN-Zl^ftSP At7TOjM AT)€i ; J96 > ap'd, , 


W1 




- EXCELLENT: CONDITION. 

VICKERS 2W TQN POWER PRSSi Bed 

: 36" .Strokefir. NEW CONP>- v v/1:.. "v 

200 TON PRESS 7 BRAKE S^ x i'' by'SetfgeWfcfc 
; -Airbrekftk Bir clotch: fight «ui 

excellent condition./ 

HME TO TONS PRESS DCP3.TBed.36 . n 
.' stroke .6"k EXCELLENT. >.. -yv 
COLD HEADraS «r NATIONAL •-?» 

¥’ vid |?LDSSD:: EXCECLENTi ~ ‘ 

iJUMSDEN VERT; SPINDLE^GRIND Eft. 

Mae chuck 6^' x :18". MQdS7.1LE:;RecoHdrti_Dn*d: 
LUM93EN.VERT.-SPINDLE GRINDER.. S2NLT.--J; 

.Retractable T»bfe.-36" df*7‘ EXCELLENt. ’ v/.-'T ; 
XNQNNAJLCENTRELESS GRINDCRS^' K 
Size's 2«idA EXCELLENT,2;, 
HEYNo-3FAaNG4fcCENTIIEINC v 


Between centre* 35"V rttisnilltippeij. . ; \y 


0902 42541/2/3? 

TeW 336414 
0902 42S41/2/H 
‘Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3; 
. Telex J36414 


0902-4254J/2/3. 
-Telex-33641^ 
0902 42541 
Telex 


0901 42541/2/3 
Telex 336414 


8 BLOCK (400 mm>1N LINE, NONSUP WIRE 
.DRAWING MACHINE In.excellent,.conditiorC. ’ 

0/2000fr/min varrable speed 10 bp per black - - 

M968). ■ ,'A 

24" DIAMETER HORIZONTAL BULL BLOCK.? . 

By Farmer Norten (1972).'^ : 

ROTARY SWAGING MACHINE n... T ~ 
by Farmer.Norton (1972).. ■ 
aiTTlNGUNE 500mmx3mrrix3 toh<apaclty. 

TWO VARIABLE SPEED FOUR HIGH ROLUNG ■ 

MILLS Ex.6J0" wide razor bladesrrip.- . 
production.'- . • . " ' ' ? 

MOPERN USTO ROLLING MILLS, Wire rod 
- and tube drawing p/anr —roll forming machines** 

■ . s! itting—flartening and^ cut-to-Jength Unesr-r: 

•cold saWi— presses—guillotines, etCv- if.. MT •' 

1974 FUUY AUTOMATED COLD SAW ; 

•by Noble &-Lund with batch control; . 

1970 CUT-TO-LENGTH UNEmixI ap^c'uY, 

1000 mm 2 mni x 7 tonne coil fully . ; . 

overhauled and In excellent condition:' .. • - 
1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
machine by:Farmer NbrtQn'27j-^-29'—31" .... 
diameter drawblocks. ' ' J*’/ 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 

■ -by A.R;M. Maix capacity^750 mm x 3mm .: o •.. 

7. KLOCK WIREDRA WING MACHI HE and : - 

1000 Ib'jpoolrr —non slip cumulative tydd.w/fh. 
double tiered-22" dia. x 25 hp dra.w block3_ ‘ • 

2 IS DIE MSA WIRE DRAWING MACHINES :* 

5^X)0Ft:/Min. wWi spoolers by Marshaff Richards. 

3 CWT MASSEY FORGING HAMMER 

•^pneumatic singlebfow. - J. ;■ 

9 ROLL FLATTENING MACHINE 
1,700 .mm wide. ,. .■ ’ v 

7 ROLL RATTENING MACHINE' ‘ - c ’ . 

965 mm wide. . '• 

COLES MOBILE YARD^RANE 

6- ton capacity lattice jib. _ -'.V- 
RWF TWO STAND WIRE FLATTENING AND 

ST1UP ROLUNG UNE, UT x Sc rolls x 75 HP .; 

. per roll stand. Complete with edging.rails,.. ( ,-‘/ 
tu'rfcs head flaking and fixed recoiler-, air • 
gauging, etc. Variable line speed 0/750ft./mfn_": 
and 0/1500ft./min- - * 

4ARROW STRIP STRAIGHTENING AND ; 

CUT-TO-LENGTH MACHINE ( 1973) by , :t: + r - 
Thompson and Kurrroe- ' 

YODER ROLL FORMING MACHINE, 30" wldthl /’i’: 

7- stand. Excellent. --T*l*x 26)77i 

DRUMMOND MAXIMINOR MULTI TOOLJjUWE. 

Auto cycle. 12" dia. x 18". RECONDtTfONS>;'i 
BOLEY PRECISION CENTRE LATHE; 

10" dia. x 24". 28-3550 rpm. EXCELLENT.'^' -: 

HORIZONTAL BORER 80 mm - PEGARD.;: - 
Table 49" x 33", facing head.33".. Optics. vSi,- 


.> 


i36«l4« ■— 

541/2/31 
3364, % vV - 


0902. 42541/2/3 
Telex 3364N 
0902 -42541/2/3_ 
Telex 3364Hf 

- ' 

0902 4254l)i/, 
Tiriex.336fl‘ _ 
0902 42541 fl&M 
Tifex 33W43 
0902' 42541/2/3 

:* Tei« 33MWl 
0902 42541/7A 
:-;.,Tellat J36fl^ 


0902'42541 


■0902 -42541A r , 
- : Tel*x 3364Hj 


0982 4254172/31 
■Telex “336414 j 


? Wl2i 42541/2/3 






;-Teto26)771 
^"01^283131 
•- filwi;-36177l' 

. r. 01:928 3131 
"vjelex 261771 
r: .01-928 3131 
,oTeliX'26l7?lf 
f ;i r 'flI-928 3132- 

V Telex--26177) : 
^;0U92B113t 
?v'TWex<:26l7n 
-7-:0J-928^13t 
.Tafex26J77r 

?^; V 0)-V2R.3»)« 
26T77I- 

..Or-928 -3T& 

'JMex..26*®2?-. 

.. 2«^i 


Wmm 



'a Tl;rr; 
5T-.4.-: 




Y- ar 


«V 

rL-'-t. 

'-i-l; , 




... ^etoW 
;V:-0t92ft3t 

Tefet 

' YT««r?6H 




modern used ROLUNC MlUS. Wir,e rod’ J:, 



§ 




f 

It! 



























announcements were published in the Financial Times 
during January 

BONDS 


vim 


vim 


Tombstone V. Publication- 

“St© date •».. 

2/1/7S MEGAL FINANCE CO. LTD - 3/1/78' 
DM 150,000,000 ' 

6i% Bearer Bonds 197S/90 . 

Dresdner ^ahk AG. ’ 

- CrejUi-Lyonnais and Otbeni’ -' ; 

4/1/78 SOCIETE RATIONALE ‘■ 4/ITtS'; : 

DES' CHEMD4S JDE FER • -\ 
FRANCA IS ■ - J V: 

sso.mootf - .. 

a ■ Guaranteed Bonds 1993 ■ ' > 

Lehman Brothers Kuhn Loeb ' 

■ and others • . 'y.~. 

5/1/78 STANDARD .CHARTERED ' 5/1>78 i 

BANK LIMITED / . *. 

. .. -DM 125.000,000 ■ . _1-.V ■■JjS 

.. DM Bonds 1978/88 .£±.\ 

■ .Deutsche Bank AG and others - ^ 

Dec: 1977'PETR'OLEOS MEXICAN OS 9/lM, 

Kuwaiti Dinars 7,000.000 
.. Bonds 1987 • • s?-i. 

- .. Kuwait Investment Co. IS.A.K;) 

and others . ^ .T : 

9/1/78 INCO LIMITED fl/1/78 ' 

US$50,000,000 81 % Notes 1984 - I- , . 

US$100,000,000 9% Debs-1992 / 

Morgan Stanley International Ltd. - i.' 

. and others . 

FINANCE FOR INDUSTRY 10/1/78"' 
LTD. 

£20.000.000 

9i % JE/USS Bonds 1987 
S G. Warburg and Cd. Ltd. 
and others 

EUROPEAN. COAL AND lfl/1/78 C. 

- - - '■■■r S^HSEL COMMUNITY : 

£ 20 . 000.000 • • • J- 

- 9J% £/USS option Bonds 19S9 . - ; 

S. G. Warburg and Co. Ltd. 

and others. • . »* ■ 

Dec. 1977 -JUGOSLOVENSKA 10/1/78 "V 

. 1NVESTICIONA BANKA Belgrade 
' DM 50.000.000 

89& Bearer Bonds 1977/84 • .*7, 

Private Placement ?V 

Bayerische-Hypotheken-nnd- 
Wechsel-Bank and others 7. 


Tombstone p u bh 

date di 

2i/12/77 THE REPUBLIC OF 1( 

SINGAPORE 

Japanese Yen 15,000.000.000 
6-7% Yen Bonds 1987 
The Nomura Securities Co. Lid. 
and others. 

CA1SSE NATIONALS DE 11 

CREDIT AGRICOLE 
US8SO.OOO.OOO 
Floating rate notes 1977/S4 
S. G. Warburg and Co. Ltd. 
and others 


Publication 

date 

10/1/78 


12/1/78 


12/1,78 


Dec. 1977 SETTSU PAPERBOARD 
MFG. CO. LTD. 
US815.000.000 

‘ Convertible Bonds 1992 
Daiwa Securities Co. Ltd. 
First Boston (Europe) Ltd. 

and alliers 


12/1/7S SPARBANKERNAS BANK 12/1/78 
US830.000.000 
Si% Bonds 198S 
Westdeutsche Landesbank 

Girozentrale and others 


18/1/7S REPUBLIC OF FINLAND 16/1/78 
DM 150.000.000 
5J<$ Bearer Bonds 197S/S6 
Dresdner Bank AG and others 

16/1/78 FORSMARKS 16/1/78 

KRAFTGRUPP AKTIEBOLAG 
DM 100.000,000 
5j% Bonds due 1990 
Westdeutsche Landesbank 
Girozentrale and others 

Dec. 1977 LANDSV1RKJUN 17/1/78 

Swiss Francs 20.000.000 
5"* Bon as 1977/S9 
Bank Von Enist and Cie AG 
and others 

18/1/7S KINGDOM OF NORWAY 1S/1/78 
DM 200.000.000 
4-]% DM Bonds 1978/83 
Deutsche Bank Ati and others 


Tombstone Publication 

date dale 

1 5/1.78 BASQUE FRANCA 1SE DU IS. 1/7S 
COMMERCE EXTEPdEUR 
DM 150.000,000 
Sift Bearer Bonds 197S/8S 
Dresdner Bank Ag 

Deutsche Bank Ag and others 
Jan. 1978 SOCTETE NATIONALS 19/1/78 

DES CHEM1NS DE KER 
FRANCAIS 
845.000.000 

S(°fi Guaranteed Notes 19S4 
Orion Bank Limited and others 

Dec. 1077 SOCIETES DE 23/1/78 

DEVELOPPEMENT REGIONAL 
DM 100.000.000 

6J°o DM Bearer Bonds 1977/92 
Bayerisehe Vereinsbank 
and others 

26/1/78 KINGDOM OF DENMARK 26/1/78 
DM 100.000,000 5»% Notes 19S4 
DM 100.000.000 6^ Bonds 198S 
Hill Samuel and Co Ltd. 

Westdeutsche Landesbank 
Girozentrale and others 
ENTE NAZJON.VLE 3U.1/78 

1DROCARBUR1 
USS75.000.000 
Guaranteed Floating Rale 
Notes 19S2 

Credit Lyonnais and others 
UNION DE BANQUES 30/1/78 

ARABES ET FRANCAISES 
—U.B.A.F. 

USS25.000.000 
Floating Rate Nates 1982 
Credit Lyonnais 
Union de Banques Arubes <?t 
Francaises and others 
CAVENHAM 
INTERNATIONAL B.V. 
USS50.000.0W) 

9‘°J Guaranteed Bonds 1987 
Credit Lyonnais and others 
30/1/78 FEDERATIVE REPUBLIC 30/1/78 
OF BRAZIL 
DM 200.000.000 

fil°o DM Bearer Bonds 197$'85 
Deutsche Bank AG and others 


30/1/78 


30/1/78 


KOTICE OF REDEMPTION 
To ihe Holders of 

Government of New Zealand 

Twenty Year 6\ 'i Bonds due March 15,1986 

NOTICE IS HEREBY GIVEN that, pursuant to tie provisions of tie Bonds; of tie ahovedescritai 
four, Morgan Guaranty Tnirl Company of New York, a*Fiwal .Agent. ha*drawn J»y lot for redemption 
on March 15.1978 at lOfFr ol ihe prinripal amount lliorOof through Operation ol the Sinking I und. 
.*517.000 principal amount, of said Twenty Year bJiCo Bonds due March 15, }'/86 bearing the following 


dielinclive numbers 


1327 3M1 
132ft IMS 
1333 1861 

1-M3 1R6IS 
14+7 1900 
1455 1927 

14M mat 
IS00 20U5 
ISM 2017 
tSSP 2021 
1661 20=6 
1589 2028 
1966 -031 
1604 21H9 
1627 2051 
1045 2060 
1659 2116 
1727 2124 
1740 2129 
1744 213K 
1747 2141 
1763 2156 
1767 2167 
1781 2171 
1786 2264 
1790 2457 
1795 3460 
1626 3482 
1630 2491 


COUPON BONDS OF SLOOO 


3102 3615 
3119 3&M 
3122 3833 
3160 3875 
3165 MIS 

3183 3952 

3184 3958 
3193 3976 
2212 -3995 
3ZS0 4007 
3256 41119 

3260 4024 
3274 4029 

3261 4058 
3259 4079 
3446 4098 
3484 4135 
3468 4216 
3509 4229 
3599 4250 
3612 4270 
3849 4271 
3430 4263 
3722 4293 
3736 4313 
3743 4331 
3750 4345 
3763 4393 
3810 4400 


4401 51 SI 
4443 516] 
4460 5ln? 

4402 3213 
4465 5318 
4435 5342 

4504 9336 

4505 5314 
45M 55'JR 
4515 5571 

4 32H iu-ja 

4524 562* 
4543 5675 
4598 5700 
4619 Sill 
4672 5713 
4 686 5729 
4699 5733 
4727 5755 
4835 576V 
4862 5827 
4906 5391 
4946 5692 
4954 5895 
5021 6017 
5047 fiOIR 
5108 6120 
5111 M72 
5131 *217 


7207 7992 
7200 3020 
7252 8042 
755+ 6044 
7267 8075 
7334 aiRfi 
7ara 8ui 
7513 8235 
7525 8377 
7541 8403 
7014 8436 
7038 8430 
7744 8387 
7738 8509 
7777 RSftS* 
7815 8595 
7852 8613 
7883 Hill 7 
7886 8027 
7904 8875 
7909 SORT 

7923 8751 

7924 8777 

7925 8796 
7935 8850 
7037 8883 
7848 8896 

7976 RA06 

7880 9009 


FULLY REGISTERED BOND WITHOUT COUPONS 


Number 

R129 


Principal Amount 
lo be Rdctncd 
SI,000 


On March 13, 1978. the Bond®, or portions thereof, ifolgnaled above.will Iierome due and pay* 
able at the principal amount thereof In *«■ It coin or eiiTrein-y of ibe t iiilwi Si ale* of America a; is 
legal tender for lb** payment ihereiu nf publii* and private del it*, and will be paid upon surrender 
thereof at the corporal* irn-l nfiire of Morgan Caaranty Tni-l Company of New York. 15 Broad 
Street, New York. New York. 10015. or at ihe option of ihe bearer or regUirml holder Inn Mihjevt 
in any law- and regulations appiii'aMe ilim-io in the roimtry of any of ihe fitllnwiu» nfiu-e«. at the 
offices of Morgan CiijranLr Tru-l l.iompaiir or New York in Antwerp, Rru—eU, Krankfnri, l.undnn or 
Paris, nr at the office of Baring Brothers S Co.. Limited in London. 

Coupon Ronds >11 rrendered for redemption -hould.have all-ndied all uiunatnreil coupons appnrlonant' 
therein. Coupons due March 15. 1978 should be deiai-hed and rn|Jei-|ed in ihe u-‘ii.il ninnner. 

I pon surrender of a fully registered Bond for partial redemption, there will he b-uoil a new coupon 
Rond or Bonds or fully regi-lered Bond or Bonds for the unredeemed portion of such fully registered 
Bond surrendered. 

From and after March 15. 1978 interest shall cease to accrue on the Bonds, or portions llvneof, 
herein designated for redemption. 

GOVERNMENT OF NET ZEALAND 

February 13,1978. 

NOTICE 

The following Bonds previously called for redemption have not as yet been preienled for payment: 

34-3780 5991 6471 6472 7845 9386 9458 10973 11653 


LOANS 


BOND DRAWING 


FuBHcatroh.-VI 


4A/75-: : : 


5/1/78 


tombstone : V' Fubhcatibb 

date *.‘date 

— SOCIETE NATIONALE DE 4/1/78 

SIDERURGIE 
DM 25.000,000 
Medium term loaib' 

Societe.Centrale d&JBaaque. 
and others 

Dec. 1077 OLIVETTI ■ • ' . * . 4A/78 

INTERNATIONAL SA 
USS50.000.000_ ..... 

Medium term loan - : 
Commerabank AG and Others. 

Dec. 1977 PARSYLON CORPOjRATlON - 5/1/78 
US$20,000,000 ; . ’ 

7 year floating rate loan! ...... 

•*‘ l Iran Owrreas Investment 

Bank Ltd. and others 

Dec. 1977 AFRICAN DEVELOPMENT 5/1/7S 
BANK - 
US$125,000,000 
Long term credit facility 
Chase Manhattan Bank TLA.' ' J 
and othere 

Dec. 1977 THE KINGDOM OF 5/1/7S 

DENMARK 

. uss2oo.ooo.ooo - 

Medium-term loan - '. ' ' •' 

Bank of Montreal and others ' 

' Dec. 1977 IRAN NATIONAL ' • 6/1/7S 

AIRLINES CORP. 

US$72,000,000 ■ 

• 1 7 year floating rate loan '. 

Iran Overseas Investment .: . ■,* 

Bank Ltd: and others . 1 ' 

• Nov. 1877 UNITED MEXICAN ' - lO/f/78 

STATES ‘ ■- ,f 

$1,200,000,000 . 

= Medium-term Euro-Dollar loan 
Morgan Guaranty Tritst TJo.jr 5 - - 
■of New York and others ■ 

Dec. 1977 EMPRESA NACIONAL DE 10/1/78 
ELECTR1CIDAD SjA; • 

US$45,000,000 

7 year lean- .’ • . ' - 

- Lloyds Bank.Zhternatioual Ltd. 
and others . " /■:' 

. - 25/11/n PHILIPPINE NATIONAL ■ 11/1/78 
BANK 

US$75,000,000 
'Medium term loan 
Abu Dhabi Investment Company 
and others 

)ec. 1977 MAURITIUS - -11/1AS 

USS37,000,000 ... 

7 year loan .■ -"i- 

Lloyds Bank Ihteriiational Ltd.. 
and others t 

Zee. 1977 THE INDEPENDENT. 11/1/78 
j-i STATE OF PAPUA ' 

NEW GUINEA 
US$25,000,000 
7 year financing - 
Bank of America and others 
NEW ZEALAND 12/1/7S 

USS500,000.000 ; 

7 year multi, currency revolving 
credit . . . , 

Lloyds Bank International Ltd. 
and others 

JUGOSLOVENSKA 12/1/78 

INVESTICIONA BANKA 
USSU.400.000 ■ 

Medium term loan 

Grindlay Brandts Ltd. and others 


^Tombstone Publication 

> • date date 

- . Dec. 1977 TRADINVEST BANK & 12/1/78 

•'•i. TRUST COMPANY OF 

-Vi... NASSAU LTD. 

■: DM 100,000.000 

. Floating rate medium term loan 

WT: Soditic S.A. and otbers 

-3/11/77 AUTOPISTAS DEL 12/1/78 


5/1/7S 


5/1/7S 


6/1/7S -J 

■ r 

.• . .-V 


-.10/1/78 

S • 


. a 

r 


Dec. 137*i 


Corp. Ltd. 


17/1/78 


17/1/78 


.7ir ATLANTrCO C.E.S.A. 

...... DM 65.000.000 

Fixed rate loan 19S4 
■jBayerische Landesbank 
,■ Girozentrale and others 

.>‘22/12/77 CARBOCLORO S.A. 12/1/7S 

1NDUSTR1AS QUIM1CAS 

$100,000,000 

i ’: iy -• • Eurodollar Loan 1985 
_ . • • Citicorp International Bank Ltd. 

! ••*•■• ' and others 

'. Nbv. 1977 SOCIEDAD ESPANOLA 13/1/7S 

i. ■ DE AUTOMOV1LES DE 
-.-7 r TURISMO, S.A. (SEAT) 

/ US$60,000,000 

6 year term credit facility 
y Banque Europeenne de Credit 

? and others 

' Dec. 1977 THE .STATE OF SPAIN 13/1/7S 

US$300,000,000 
Medium term loan 
Compagnie Financiere de la 
Deutsche Bank AG and others 
19/12/77 CREDIT NATIONAL 17/1 /7S 

USS50.000.000 
5 year loan 

Societe Generale and others 
Dec. 1977 EMPRESA NACIONAL DE 17/1/78 
CELULOSAS 
: US$6,000,000 
Loan facility 

World. Banking Corp. Ltd. 
and others 

Aug. 197.7 SONATRACH 17/1/78 

US$14,050,000 
. Medium term loan 
Bankers Trust Company and others 
AGRICULTURAL 18/1/7$ 

DEVELOPMENT BANK 
OF ERAN 
USS80,000.000 
15 year loan 

Chemical Bank and others 
Nov. 1977 AGRICULTURAL 1S/1/7S 

'. • DEVELOPMENT BANK 

; OF IRAN. TEHRAN 
-DM 40.000.000 
• • •• ID year fixed rate loan 
Bayerische Landesbank 
Girozentrale and others 

Dec. 1077-MOTOR IB ERICA SA. 1S/1/78 

•USS40.000.000 
. ; Floating rate terra loan 
r\. Bank of America International 
:v Limited and others 

JUGOBANKA 19/1A8 

: uss25.ooo.ooo 
v Medium term loan 
. '. GrindJai’ Brandts Ltd. and others 
Dec. 1977 1NG. C. OLIVETTI & C. 23/1/78 

•• /:. s.pJL 

Lire 89,500,000,000 
■ Revolving multicurrency 
> medium term expon credit facility 
>■ '. Banca Commerciale Itaiiana 
and others 


OTHERS 


Tombstone Publication 

date date 

Jan. 1978 LIGHT-SERVICOS DE 23/1.78 
ELECTRIC1DADE S.A. 
US$150,000,000 
Medium term loan 
Westdeutsche Landesbank 
Girozentrale and others 
16/1/78 THE FEDERAL REPUBLIC 24/1/7S 
OF NIGERIA 
USS1.000.000.000 

7 year multicurrency credit facility 
Chase Manhattan Bank N.A. 
and others 

19/12/77 TELECOMUNICACOES 24/I/7S 

DE SAO PAULO S.A. TELESP 
US$ ISO.000,000 
Medium term credit facility 
Chase Manhattan Bunk N.A. 
and others 

Jan. 1978 ELECTR 1C.ITE DE 24/L/7S 

FRANCE 
USS500.000.000 
■ 8 year loan 

Credit.Lyonnais and others 
28/11/77 ENTREPRISE SONATRACH 25/1/7S 
US$54,000,000 
Medium term loan 
Gitieorp International Bank 
Limited and others 

9/I/7S ENTIDAD BINACIONAL 26/1/78 
YACYRETA 
US310.000.000 
5 year loan 

European Bunking Co. Lid. 
and others 

Nov. 1977 K/S ’FEARN LEY 26/1/78 

OFFSHORE A/S 
USS10,000.000 
USS21.000.000 
Loan facilities 
Den oorske Credttbank 

Dec. 1977 PHILIP MORRIS INC. 30/1/7S 

3250,000,000 

5 year Eurodollar revolving credit 
Bank of Boston International Ltd. 
and others 

Jan. 197S EMPRESA NACIONAL 30/1/78 

DE IN VEST IGA Cl ON Y 
EXPLOTACION DE 
PETROLEO S.A. 

USS30.000.000 

6 year term credit facility 
First National Bank in Dallas 
and others 

15/12/77 EMPRESA BRAS1LEIRA 31/1/78 

DE TELECOMUNICACOES S A. 
EMBRATEL 
US$40,000,000 
Medium term loan 
Chase Manhattan Bank N.A. 
and others 

Dec. 1977 LEEDS CITY COUNCIL 31/I/7S 

£ 10 . 000.000 
Medium term loan 
Kleinwort Benson Ltd. and others 
4/11/77 EMPRESA NACIONAL DEL 31/1/78 
PETROLEO 
US$42,000,000 
Medium term loan 
Citicorp International Bank Ltd. 
and. others 


26/1/78 


30/1/7S 


30/1/78 


orabstone Publication 

date date 

LB/12/77 SEA CONTAINERS . - 3/1/7S 

ATLANTIC LTD. 

SL4625 Cumulative Preferred 
■ Shares. 

Blyth Eastman DDlon and Co. Inc. 
and others ........ . 

SCHR0DERS 4/L7S 

INCORPORATED . 

$44 million Capital Expansion 

9/1/78 ALLIS-CHALMERS CORP • .;»/l/7S 
and SIEMENS AG have .formed ■ 
Siemens-AJlis. Inc. ■ - 
Advised by Lazard Freresand Co. 

>ec. 1977 INCO LIMITED ..’ 10/1/78 

Can 51*25,000,000 
5,000.000. shares . . 

7J85% Preferred shares series-B 
Wood Gundy Limited and others 

SVENSKA TANDSTZCKS -10/1/78 
AKTLEBOLAGET .... 

DM 60,000,000 

Schuldscheiudarleben 1877/84 
Certificates of indebtedness - 
Deutsche-SkandinavischeBank 
PORTUAND-ZEMENTWERKE 
HEIDELBERG 

has acquired U/I/78* 

Lehigh Portland Cement Company 
Financially advised.by .- 
Smith Barney, Harm Upham : ' 
and Co.' - " ' . . 


TwMbstone.. 
date . . 


Publication 

date 

12/1/78 


: C. & J. Clark Limited 12/1/78 
“ has acquired the assets of 
-The Hanover Shoe, Inc. 

- v.'.Financially advised by 

....' J. Henry Schroder Corporation 

: '='BALLAST NED AM 15/1/78 

.GROEP N.V. 

Saudi Riyals 1,675,000.000 
■■■ Syndicated" Guarantees 
AMRO Bank Ltd. and others 

Jam 1978 PROVINCE OF ONTARIO 17/1/78 
..•..US$250,000,000 

- . 30 year Debentures due 2008 
: Salomon Brothers and others 

Dec. 1977. ; KUWAIT REAL ESTATE 24/1 /7S 

• : BANK K.S.C. 

: Kutv^it Dinars 7,000,000 
- Certificates of Deposit 
Kmtait International Investment 
. / Ccr- SA-K. 

. Financial Group of Kuwait K.S.C. 

Jan. 1978 BELL CANADA 24/1/7S 

’. US$200,000,000 

9% Debentures Series DE due 2008 
Salomon Brothers and others 
7 LUCAS INDUSTRIES LTD. 24/1 AS 
■ has,acquired 25% interest in 
" Silieonix Incorporated 
.: . financially advised by 

Donaldson, Lufkin and Jenrette 


Tombstone Publication 

date date 

Jan. 1978 Lanvin S.A. {Trade Marks) 25/1/7S 
has acquired the Lanvin Division of 
- Lanvin-Charles of the Rilz. Inc. 
Lanvin SA. represented by 
DooaMson, Lufkin and Jenrette 

25/1/7S GROUPEMENT DE 25/1/78 

L’INDUSTRIE SIDERURGIQUE 
$35,000,000 

1977 Extendible Notes due 1980/82 
Dillon Read Overseas Corp. 
and othere 

LWESTICIONA BANKA 25/1/7S 
TITOGRAD 
DM 20.000,000 
Serial Notes due 1979'S2 
Marine Midland Limited 


11/1/78 EL PASO NATURAL GAS 25/1/78 
COMPANY 
3,000.000 Depositary 
Preferred Shares 
White Weld & Co. Inc. and others 

25'1AS THE SAITAMA BANK, 30/1A8 
LTD. 

US$15,000,000 

3 year Negotiable Floating Rate 
USS Certificates of Deposit 
HU1 Samuel and Co. Ltd. 

Salomon Brothers Inti. Ltd. 


NEW ZEALAND 

6%% Sterling/Deutsche Mark Bonds 1982 


S. G. WARBURG & CO. LTD., announce that Bonds for the nominal amount ot £551.700 have 
been drawn in the presence of a Notary Public for the redemption instalment due 14th March, 1978. 

The numbers of the Bonds drawn are as follows:— 

£450 Bonds 


1 to 

4 

16 to 

24 

26 to 

31 

35 to 

44 

46 

47 

57 to 

59 

68 

206 

209 to 

220 


224 

226 to 

233 

244 

245 

256 

261 

281 to 

287 

363 

370 

371 

404 


405 

414 to 

434 

442to 

453 

463 to 

484 

510 

5t 1 

514 

516 


518 

523 to 

526 

530 

547 

548 

551 


553 

557 to 

577 

3040 TO 

3043 

3048 to 

3063 


3075 

3086 to 

3093 

3096 to 

3101 

3103 

3104 

3118 to 

3125 

3156 

3159 


3160 

3163 to 

3167 

31 70 to 

3172 

3175 

3132 

3184 to 

3188 

3192 to 

3201 

3208 to 

3241 

4446 

4447 

4451 to 

4460 

4473 to 

4479 

4499 to 

4511 

4525 to 

4531 

4541 10 

4566 


4808 

4815 to 

4818 

4834 to 

4838 

4843 

4844 

4848 to 

4850 

4857 to 

4872 


4874 

4876 to 

4881 

4896 to 

4899 

490210 

4907 

4955 to 

4961 

4983 

4987 

4994 to 

5011 

5014 to 

5016 

5018 to 

5022 

5025 

5026 

£028 to 

5030 

5037 IO 

5040 

5043 to 

5048 


5051 

5072 to 

5077 

5082 io 

5089 

5097 to 

5099 

Sill to 

5123 


5134 

5145 to 

5152 

5166 to 

5179 

5191 to 

5193 

5195 

5213 

5218 to 

5220 

5234 to 

5J240 

5244 ro 

5254 

5259 io 

5276 

5285 to 

5306 

5308 to 

5315 


5321 

5323 to 

5331 


5334 

5340 to 

5365 


5371 

5373 to 

5378 

5380 

5387 

5338 

5390 


5391 

5396 to 

5400 

5402 

5403 

5406 

5407 

5410 to 

5413 

5417 to 

5429 


5451 

5455 to 

5459 

5461 to 

5463 

5469 

5470 

5507 to 

5509 

5539 

5540 

5543 

5549 

Eu53 

5554 

5561 to 

5565 

5568 

5573 

5576 to 

5578 


5608 

5624 to 

5627 


5632 

5637 to 

5648 

5657 to 

5695 

5699 io 

5702 

£705 to 

5710 

B713 

5714 

5716 to 

5718 


5728 

5732 to 

5734 

5736 to 

5739 

5746 to 

5752 

5758 

5759 

5762 to 

5770 


5773 

5862 to 

5869 

5380 to 

5883 

5889 to 

5897 

5974 

5981 


5982 

5989 to 

599 7 

6001 to 

6012 

6015 to 

6028 

6037 

6040 

6041 

6044 

6046 io 

6049 

6057 to 

6072 

6079 to 

6082 

6089 

6090 

6093 to 

6102 


6113 

6115 to 

6117 

6143 to 

6146 

6153 

6154 

6168 to 

6184 

12858 to 

12865 

12868 to 

12874 

12878 to 12883 

12385 to 12893 

12897 to 12906 

12913 to 12915 

12917 to 12919 


12921 

12928 to 12931 


12934 

12942 to 12961 

12974 

12975 

12982 to 

12987 

12991 to 13000 









£90 Bonds 





22327 to 22351 

22353 to 22357 

22362 ro 22368 

22374 to 22376 


22373 

22380 to 22383 

22390 to 22403 

22406 

22407 


22414 

22416 »o 22432 

22439 to 22445 

22452 

22566 

22567 

2256B 

22630 to 22642 

22656 

22657 

22659 to 22673 

22675 

22G76 

22679 to 22738 

22740 to 22757 

22762 

22763 

22766 

22767 

22773 

22774 

22777 to 22782 

22784 

22790 to 22800 

22810 to 22830 

22832 ro 22835 

22842 to 22844 

22846 to 22863 

22866 

22867 

22869 to 22871 

22875 to 22888 

22913 

22914 

22917 to 22925 

22929 to 22931 

23933 

22937 

22939 

22940 

22974 to 23Q54 

23061 to 23073 

23091 to 23095 

23102 to 23106 

23110 to 23128 

23133 

23134 

23144 to 23151 

23156 to 23164 

23166 to 23203 

23224 to 23232 

23240 to 23245 

23247 to 23250 

23252 to 23254 

23261 ro 23268 

23294 io 23303 

23306 to 23334 

23336 to 23343 

23346 to 23348 

23350 

23351 

23354 to 23360 

23366 to 23380 

23386 to 23410 

23412 to 23430 

23434 to 23444 

23446 

23458 

23471 to 23478 

23481 to 23489 

23491 to 23501 

23503 to 23509 

23522 to 23529 

23531 to 23544 

23552 to 23567 

23572 to 23670 

23673 to 23690 

25157 to 25510 

25512 to 25517 

25519 to 25523 

25525 to 25546 

On 14th March, 1978. there will become due and payable upon each Bond drawn lor 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 with one of the other paying agents named on the Bonds. 

interest will cease to accrue on the Bonds called lor redemption on and after 14th March. 1973. 
Bonds so presented for payment must have attached all coupons maturing after that date. 

£2,234,700 nominal Bonds will remain outstanding after 14th March, 1978. 

The following Bonds diawn for redemption on 14th March, 1977 have not yet been presented lor 
payment:— 

£450 Bonds No’s: 2343 to 23*16 
£90 Bonds No's: 23857 to 23865 24136 


30, Gresham Street, London, EC2P 2EB. 


COMPANY 

NOTICES 


tRIFNDS'ritnYimM UfTOflirL 

'.OllCr IS HFM-RY fill L.\ ilct «r. F MM- 
UPlilV \KYGLNEP.M MEt.irwGrt Mrrahr- 
i-jn».HnlC'lirtt>:b:Uji 7 BiMtmljnc LosJtt. 
H »P .'hi. -mi Wtilncvir. <th M,:di «< 
2 pm '\hai ihe lnlt»r« JI he 

pMjV'eiti- iJPU. I \LKI.hULL' I KIN. 

sprci vi tti.MiLi no\ 
tHtl n unihn.t with Sr.:i.m tlrf 

ntlIMM l , l»t)'llii. - .r Mil f'llli.E VI.! 
|x’r i Ik Puk. .i >!i? < r? .mableJ h. Hie 
■.ictav’n .< nil" iv i ji*I lie Ml. ne« 

"hi I.- cnirr inin urfcJ m ljjt. mn ti\tn n; 
iiinlrjU ii j_Tio;iitaii tm pir.1i.Mnp. ji^ivnrrrir 
ir n ii U « ir.» ..| tre hiiNM- |tvpni> 

iidVr^nJlbii'ilUie..^ iirwTul.3.nioiia; -iMi ,ri 
oito w.a>. j nr rinipw, yjrr mj ah 

jit. lnnr»-..-nUjn h tbrOfi!.T"rter 
■rrjlf ii itin; 1 ,’jj mg jJll foliimmg j!I »* jh; in 
ilu invinjuc- Jiiniiiiie> jiJ "iMirjutir.- rt 
such nihn *«f f-niiii.u .reopjiiy fm 
■elhB-'ji i nlKn-.i i-Jj •]»> r-ie-a jii> ntitslw-iBe-.. 
pnprny n^trt- ji»J lijiJIrir.nrrhr Ollke K» jn> 

itfhci.<^e.j<aX3tiiiHinr,iHn,-ani “ 

V Mcntvi emu !cJ I’ uUmJ <nJ u ihe : 
nt&1inpi.enMhJi'' i Jrj*‘ ,,nl -P^V mjiiira^nJ 
' m; ..D] iu- MuUindMa.liph\< ik’fji'.'t jl .'K*, 
,\kjiiK».’j i!i;ililvr Ihrnunirwni jpp^mtn* 
a p.w * ^ • piatn.m «l l u-h i- -el •'IH in rate ■**01 
iWPd-.i'i ilirl nfiOJ iiiu- 1 hjJ.T«.«ti'i] dF'ifliJ. 
hniuL'iu l.ue m&r hvlun fwJ Pkvkmj 
Sure- klU li.tt ■iWa-ifnrh-ashltiiaur.Worr 
ihr imu m the dkciuki. Pro,! lornt ni; be 
i*i jiinal-n jr:p)i-^iL"'i ip Ilii be, icUp . 

Menifcr ininijiBiiiiiOdjxl juJ i wrpor^njii. 
lli; nKdiP* 4SHIM t** pffurfj in qiww rhe«r 
pnluv numJ»?i 

Bi llftlu «IheDiWwI-X-. 

R‘«i lOiltSrJiy Sckkt . 

NOTE Tbrrrt->'nf«ih«iwri^mnfndiiin;i. 
Hhch to-, the fit«9 « iJJui* Hie uorJ. com- 
inenunj'wforvdliiijorfithrTVM . to them 
«ir.e nc" rair. :,tv cubt; ilx tjhice iran-fcr 
io kol lonifunc* M.till ponfufci, oi acne» 
hU'inc-.. «uSuitiorheurT m ‘"i , t ,| ttbr appropruiTc 
«i.iftiM v aiiilwni** 


THE THOMSON ORGANISATION 
LIMITED 


I NOTICE 15 HEREBY GIVEN that the 
REGISTER ot Utc 5.83". Cumulatw*; Pre¬ 
ference shares ol the Con>P*n< wlli_ «w 
•CLOSED (or one day only on Friday. 
1 24th February 1978, tar the preparation 
at Diridend Warrants which will be payable 
on 31 It March 1978. 

By order ol the 6«^ N1GHT 

Secretary. 

4, Stratford Place 
London W1A 4VG. 


EDUCATIONAL 


COACHING FOR SUCCESS 
IN BANKING EXAMS 

The best wav la understand your 
syllabus and gain me confidence so 
Important to exam success; comes 
through a Metropolitan home _Sludv 
idurse. EXPERT COACHING IS 
GUARANTEED UNTIL YOU'RE SUC¬ 
CESSFUL and the outstanding record 
of Metropolitan students 1" tne Insti¬ 
tute o' Bankers' examinations is firm 
proof that Our System does work Our 
tutors are specialists In their sublcci. 
the continually up-dated courses folio"* 
a logical pattern and are batveo up 
by nines In examination techmoue. 

For our free prospectus and detail* 
ol all professional courses wf,, e, to 
Metropolitan CollcM irf.'lSI. Alder- 
■nation Court Aldermaslon. Reading 
ft <37 4PF. 


13th February. 1978 


ART GALLERIES 


| CITY OF LONDON ART EXHIBITION. 

. Guildhall. E.C.2 Mon.-S#l 10-5. Unlit 

| 22 reb. Adm. Froc. 

I WATERCOLOURS ON ThI MALlT 

Raval Institute's 1E6tn Ann Ethon Mall 

Art Galleries. The Mall S W.1. Daily 
> me. Sundays 10-5. Until 2 Marcn. Adm. 

j 200 

MALL ART GALLERIES. The Mall. S.W.t. 
PAINTINGS BY SHEILA NOBLE 10-5. 
' San ID-1. Until Feb. 18 

! AGNEW GALLERY. 43 Old Bond St.T 
: W.1. 01-329 8175. 105lh ANNUAL 

WATERCOLOUR EXHIBITIUN. Until 24 
Feb. Mon.-Frl. 9.30-5.30. Thurs. until 7. 


FOX GALLERIES. Exhibition of me aalnt- 
; mas bv British and European Anises 
; tram 7700-1965. 5-6 Cork Street. 

I London. W I. Tel. 01-734 2626. Week¬ 
days 10-6. Sat. 10-1. 



BUSINESSES 
FOR SALE 


CRANE FMJEHAtJI- UMI1EO 

7*i. DEBENTURE STOCK 1986 91 
NOTICE IS HEREBY GIVEN tint the 
Transfer BQ 0 *$ ol the above Stock, will 
be CLOSED tram the istn to I7tn March. 
-1978 both dales inclusive 

By Order of the Board 
REGBIC. PICKERING A COMPANY. 
„ Registrars. 

23 Bedford Row. 

London WC1R 4EL 


CLUBS 


•EVE, 199 Revent Street. 7M 5675 A la: 
: Carte or All-in Menu. Three Speclacu 1 *; i 
Floor Shows 10.45. 12.45 and 1 45 and > 

• music ot Johnny HawKcswortn A Frien ds. J 
I GARGOYLE. 69 Dean Street LondonTw.1. 

* NEW STRIPTEASE FLOOR SHOW 

, THE GREAT BRITISH STRIP 

I Show at MlrfMqht also i a m . 

Mon.-Fri. Closed Saturdays. 01-437 64SS. 1 


WESTERN SUTHERLAND 
A unique opportunity to acquire an 
attractive, comfortable riverside houtt. 
together with an excellent business- 
THE HOUSE 

Slone built with modernised at com- 
mod*lion of Porch. Hall. Sitting-room. 
Dining-room. Kitchen. Office. 3 Bed¬ 
room!. Bath ro=m. Lovely walled 
garden beside fiver. 

THE BUSINESS 

An excellent niwsagcncr /general store 
occupying a good trading position. 
Modern shop unit with storage space. 
Rising Turnover. 

FOR SALE PRIVATELY 
Full dew-'* f'sm the sol* telling agents 
JOHN CLEGG » CO., 
Chartered Surveyors, 

3, Rutland Square, EDINBURGH. 
Teh 031-229 SIOO 




















so 


financial Times Monday Feftruaiy 13-1978- 


OVERSEAS MARKETS 


EUROBONDS 


BY FRANCIS GHILES 


D-Mark steals the limelight 


THE DEUTSCHEMARK sector of by a quarter of a point. Bo lb paper and 34 per cent, on eight 
tbe market stoic the limelight Norcem end Fujitsu are expected year paper being offered. Many 
throughout last week and is most to be priced to-day. Herman investors prefer a higher 

l,kclv to coniinuo of do so !r The fine rettle of ®«tor yiel S albeil on paper of ,ess s °. ad 
, l0 4 L0 " linuc °t 00 so ir was demonstrated by the terms Quality. Strong demand is also 

current trends persist Fears of offered on tbe Banco National de r£, P 0rled from France, one month 
rising inflation in the U.S. and Desenvolvimiento Economico ahead of 11,6 general elections, 
the effects this might have on IBNDEL which were finer than . New issues were doing very well 
interest rates coupled with eon- those obtained by the Republic ' n firs* time trading with the 
tinning uncertainty about the of Brazil only a month ago. -Argentina bond being quoted at 
U.S. currency are widespread. Although B.NDE is owned bv the P? r . a °d the issue for the Banque 

Rising inllation and strong Government of Brazil, it ranks A ^& k J!P* 

credit demand by the Federal as a less good credit than tbe JJJffquoted^at%y after hav-Tnc 
SES n VfZ t Wi 'J P^b bond Republic. b«n pS at a pa" S 

yield., higher and prices lower, a DPiva , e nlxoement nr 

Argentina ■ the Fr e „ch =roup. 

maPkeTeUhoi-h S^eMndiv" Ar S emine churned even better Si^ntr-inne in e* P e«ed “from 

bP b/™; isac sas^i.^'aisxj-jE: 

, r pou11, bond for Venezuela which West- the Austrian company Tauern- 

A major factor in the firmer deutsche Landers bank is scheduled bahn AG will be made bv West- 
tendency in the dollar sector to bring to the market in a few deutsche Landesbank in two 
may have been that only three weeks will see coupons for Latin weeks time. Deutsche Bank and 
new issues were announced last American borrowers fail even fur- Dresdner Bank will both be 
week, one for Avco. one for il ier - TIjis ' vi *j toe largest announcing issues in the coming 
Hitachi Zosen and a S20nt. pri- Deutscbemark bond ever for a two weeks 

vale placement for ECSC. By major oil exporting country. - horrowers however are 

market standards all three are Uj? 111 S° hand 10 hand with a holding back from floatin'** DM 
smaU. and overall the market is ^n^an-^bTthe ba°nk denominated bonds at present 
£‘ B r £ Sl!,r ' Vd 01 m ° d t, “ al,,y because lh cv fear a possible re- 

p p ■ bonds Ls coming from various valuation of the currency. This 

1 be Deulschemark sector, sources, not least domestic. would appear, in particular. io 

meanwhile, was booming: new The terms Tor ihe latest domestic be 11,6 tase of Australian ones, 
issues were eagerly sought which Federal Government funding con- The Swiss franc remains the 
allowed the Now Zealand issue Armed ihnl interest rates are still other favoured medium for 
to be increased from $200m. and on a downward trend with investors, and a further cut in 
the coupon on Norceni to be cut a coupon of 8 per cent, on 12 year coupons took place—the second 


this month. New Zealand's 
forthcoming bond boasts a 
coupon of 3} per cent., the lowest 
so far in this sector of tbe 
market. 

The sterling sector had a 
mixed week with prices being 
hit particularly on Thursday 
under the combined effect of bad 
money suppty figures, a rise in 
short term Eurosterling rates 
and currency weakness. Before 
the end of the day they had 
recovered, however, but trading 
volume over the week was less 
than during the previous one. 


Pricing 


The pricing of the LNA issue 
was advanced: the lead managers 
Blytli Eastman Dillon may have 
feared another new sterling 
denominated bond announce¬ 
ment. Although other issues are 
in the pipeline, none has so far 
been anoounced. 

The yen sector is. with the 
Deutscbemark and Swiss Franc 
ones, the oilier most active one 
at present. Yen-denominated 
bonds floated in Japan by foreign 
horrowers in the current fiscal 
year, that is until the end of 
March, will amount to a total of 
about Y479bn. This is a con¬ 


siderable increase if compared 
with the latest high, set in 1972. 
of Y70bn. 

Three yen bonds worth Y90bn. 
are scheduled for the current 
month, a slight increase on the 
monthly high set last December. 
Scandinavian borrowers and 
Australia are currently in evid¬ 
ence and the announcement that 
the Societe Rationale des 
Cheinins de Fer Francais will 
come to this market next March 
confirms the French interest in 
this sector of the market. The 
Banque Franchise du Commerce 
Exterieur was the first to tap it 
last year, and . Electricite de 
France should follow. Other 
borrowers next month will 
include the Asian Development 
Bank and the Philippines, while 
the governments of Norway. 
Sweden and Argentina are 
expected to tap the market in 
ApriL Other Latin American 
borrowers are also known to be 
keen to borrow in Tokyo. 

• A thirteen page guide to the 
international bond market—a 
rare example of a short intro¬ 
ductory description of the market 
—was published last week in the 
latest issue of Investment Com¬ 
ment by Royal Trust Company 
of Canada. Royal Trust House. 
54 Jenny □ Street, London. 
S.WJY 6NQ. 




- - 





• — 


CURRENT. INTERNATIONAL BOND ISSUES .. 






- . 



Offer ~ 

Amoont 


Av. Fife 

- Coupor 



yiefd.-. 

Borrowers 

m. 

Maturity 

years 


Price 

'Lead manaser 

_J6 : 

U J. DOLLARS 





- 



' |f Banque Nntionald de 








Paris 

75 

1982 

4' 

— - 

100 

BNP 

e«- 

NZ Forest Products 

25 

1986 

6.74 

9 

* 

'Kidder Peabody, LB! ■ 

* . 

Avco Overseas Cap. Corp. 

25 

198S 

6 

■ 

' a 

Kidder Peabody 

• 

Hitachi Zosen (gteed. 








Sanwa Bk.) 

30 

1983 

• — 

8} 

discount 

Nomura. S. G. Warburg 

• - 

M ECSC 

20 

.1990 

— 

8+ 

99 

Soci6t6G6n6Kaie de Banque, . 


• 





Salomon Brothers 

8.64 

D-MARKS 




- - 




f Argentina 

150 

_ 1.985 

7 

6i 

99} 

Deutsche Bank 

6-59 


50 

1983 

5 

si 

99 

Dresdner 

5 J4 

+Banque Nat. (TAIgfrie 

100 

J983 

5 

A 

100 

. Dresdner 

705 

§ Fujitsu 

50 

1986 

— 

: 4$ 

• m 

Deutsche Bank 

*. 

Evlroflma 

100 

1988 

8 

si 

99} 

Deutsche Bank 

S57 

- Norccm 

50 

1985 

7 

s\ 

* 

. Deutsche Bank 

* ■ 

New Zealand 

250 

1986 

8 

51 

- ¥ 

Commerzbank 

* 

^Ejcom 

25 

1981 

3 

8* 

m 

Dresdner 

m -- 

Banco Mac. dc 








Desenvol. Econ. 

150 

1986 

6J5 

61 

• 

Commerzbank 

• 

SWISS FRANCS 




. 




fDen Norske Industrihk. 

loo 

1993 

14 

4 

100 

CrWrt Suisse 

4jOO 

•^Mitsubishi Chemical Inds. 

80 

1985 

n-a. . 

.- 

*■ 

SBC - 

• . 

S. L. Schmidt 

25 

1989 

■u. 

A 

100 

SBC 

450 

New Zealand 

120 

1993 

na. 

31 

. - 0 . 

UBS 

• 







Banque Scandmavc en 


Holmens Bruk 

30 

1993 

iua. - 

■H 


Suisse 

* 

STERLING 








{5ean 

15 

‘ 1988 

10 

10} 

100 

Harnbro* 

10u25 

JINA 

20 

1988 

10 

10 

100 

Bhrth. Eastman Dillon. 

10.00 

AUSTRALIAN DOLLARS 







J Citicorp 

15 

198378 

1 

iftl 

100 

first Boston.BNP. KIC 

10J0 

DUTCH GUILDERS 

_ 

_ 




" . .- 


I Norge* Kommunalhank 

100 

.1993 

rua. 

n 

99} 

. AmroBanfc 

7^1 - 

tAmroBank 

70 

1983 

. n+ 

7 

100 

AmroBank 

7.00 

KUWAITI DINARS 








fSAMIR (g’teed Morocco) 

. 7 

1988 

' — 

84 

- 100 

BAIVKIIC 

aso 

* Not rat priced % Hnal txnu 

** Placcmat f Floating rate note 

§ Convertible f Purchase tad' 


- 

Not« yields are cdodarad on AIBO basis 




Indices 


H-Y.SJS. ALL COMMON 


Rites and Falls 


NEW YORK-dow Joses 


Wh. 

Ill 


Feb.! 

9 


Feb. i 

B ! 


Feb. | 


19, ( 7* 


Httfj 


VH., 


Feb. 

£ 


rvk Frt». Fell. 


I*ii.',3 binoccrapilBticn 


50.01. SO.n 50.55 


50.08. 67.07 

tt-lTT. 


49.06 

•£«. I If* 



Feb. 10- 

fell. 9 

Fet. 2 

l«u*^ iradtrl -... 

1.883 > 

1.800 

1.848 


649 

556 

920 

Fallv. 

724 

789 

490 

L'licbanceil. 

450 

461 

438 

!Seir HilIi*. 

-- 

31 

38 

>»tT LfH*. 

— 

25 

23 


H4si. 


f»>«* i Rifrii 


Cum 


XWfTSEXT 


In-tu-trml . ■ 775.3S 777.81 753.66 778.55 763.5! 770.96 Kts./b 765.14 1061.10 41.22 

j ii'LJ’ii l Hi >lJ'J'73t 

is--! 99.79 99.£5 99.54, 99.70 99.79 95.74 


Fell. 

lu 


fell. 

9 


Feb. 

£ 


FeV 


-TaTTTT 


Hirfi 


H‘ UK-1) 

TruMp-n-t_I 212.£5 

I'niun- 


IIS.59 214J5 21S.48 212.16 212.99 


106.95 105.52 106.12 105.51 105.21 105.51 

Ira line i..i 

.‘XT- i i IS.460 17.940 21.500 14.730 11.G30. 19.400 


95.37 99.55 

I i:fl r_-r.T »£». 

246.64 lfe.GO : 279JH 13J23 
i’H.Ti IS'Wi , 7'li2w7) ilf i 52' 

119.6/ 104.77 16S.52 ' 10.59 
(Zi 2i .31 I ;?ii&i'4«?>i2fc,-M2' 


In-lurtnai 

Loaibin^l 


166.55 

173.94 


156.60 169.96 166.55 169.4/ flf/il : 16802 AS 1 j> 
173.79 173.99 175.57 187.35 i: 165.60 'S> TO* 


TORONTO l>ni|v«lc ID 14.8 1012.S 1014.4 1010.2 1067.4 ii9'n 


961.0 1 » 


JOHANNES BUBO 

t.oi.i 

llMu?firial» 


208.7 208.8 
210.6 211.2 


205.1 
211.6 


213.7 

211.9 


218.7 fl.S/ie, 
214.4 (t.liibi 


139.4 t?4.r, 
16S.I . J2 4, 


* HdVit in tiP 1 » I'hdiiunt trnin aiiijust U 


I’d-. * 

Jmi. ii 

Jan.-*u ' Year a™y fai.prov-i 


5.98 

6.08 

5.92 4.35 

STANDARD AND POORS 

, K. l . F*> : 

1 \i 9 


FeJj. Ffb. ■ 

H 3 

id it-IH ^m-tfC-jiuy-iLRi'n 

c 1 

Hub l-w ■ Kich D.u 

.'Ii.-l.islnHi, 39.12 9d.4a 

• '.ijuiluriti* I 90.08 90.50 

100.01 99.49 

90.85 90.55 

98.51 98.66 

99.50 99.67 

Il8.fi2 a/.4? 154.64 4J2 

•5fl /Fi . ;r-:l/ifiV flliirji 'oO-b.'JZi 
107.00 99.59 125.65 4.40 

31'ii> iW'l’iP r 11 ■ l-'f3> .1 e:32i 


. Fel.. 3 

K«h. 1 

Jen. 83 Veer itiiv 'Bt+rox.i 

Iltli. ii»T. Jl ICllt 

5.17 

5.22 

- 5.22 5.99 

ln-1. P*fc Knlni 

8.77 

8.69 

8.62 1085 

but" •••i.v-l, IkniilyicM 

8.20 

8.18 

8.20 7.64 



Feb. 

l^l- 

lali-W ■ 

1+iVfiJ 


10 

Mrtr* 

High 

Jft.n 

Australia 


4«.39 

Htf.Cfi 

41c.ee 





lie i. 

Belgium > • 

94.98 

34J-J 

*».I2 

a 




■ 1- • 1*51 

■ I'i' Lie 

Denmark-’ 

94.96. 

. 94.23 

LOl.Sti 

94 .CO 




i9.fi 

rur^id; 

France «*• 

49.9 


•XA 

4».i 



i i 77. 

fto.f. 

German r >11’ 

512.7 

tOCU? 

2L.fi 

IliJ 



.ill'll. 

'lo 51 

Holland /??> 

H2.1 

2L3 


it-*? 




■ i4.Ci 

- tx in 

Hong Zone 

410.25 


42i-.li 

.+5.44 

,c«-, 



; ru * 

••15 i:it 

Italr 

*1.41 

60.87 

13.11 ■ 




■cl iii 

-ii.l'i- 

Japan n- 

364.84 

jJ:3: 

' 39IW j 

ocC.49 



.29!*. 

ii 4 II. 

Singapore 

ME.il 

■i-i 

. ^:.7l 

(4l:£S 

ih; 



i’ 102,7? 

• 5.01 


Feu. 

10 


Pro- :I97?-?-: Wii.'/r 
riou* ' Hisb IjJtr 


Spain 

Sweden 


94.50 94 jS • UK'..-. 

:i30 li- 
J?33« 352.47! 4Lt.r: 

; :fc? 5 

S&.Z 31S.9 

■ICfX'iz 


H-LfO 
“J '.'ir 

iit.-ST 

i-U. 

•• fi* 


laJini iuid bast dale* tall bas>. i»luts 
I ihj cxr.epi NYSE AH Columns — oil 
SUuidaiUi and Poors —10 and Toronto 
:>mi-l.nnO. the Usr named based on 1973 1 . 
• E^ilurtiOs bunds. .4m> Industrials, 
v 4ts> Inils.. 40 l/tiliuni. 40 Kltun-.-o and 
20 Transport. fi Sydney AH Ord. 

Beteian SET 3M2. 0. c*n CoDcnhiu.- 1 -ii 
SE I t T3 ! •■»» P*rb Bourtt I0ui 
f'.'i i Commcrabaoir. Doc.. 1953 >7, ■ Anisitr- 
dam. [ndustnal 1070 /tSi Haiti Sena 
Bank ::i ;■«. Milan 2'brj. «c-Tukyo 
New SE 4T6S. iM Straits Tfcuos IftAJ. 
h i Clnec. irfi Madrid SE 30'lJ .T-ltun 
and low for I97S only. /«»SiocUtoIm 
lndu^nul t t'56. /f< Swiss Bank Com 

'm unavailable. 


[GERMANY ♦ 


Priees i + or 

Dir. YU. 

Feb. 10 

Dm. j — 

% ; % 

AfcG... 

92.9!4-0.7 1 - ; — 

Ail mm Verslcb .. 

+96.5 —1.5 

ia 18 | L.8 

BJIW.. 

232.0 +6.9 

20 ! 4.4 

B-VJjl'. 

139.B. + U.8 

17 6.1 

ttivre. 

139.3. + 2.1 

16 1 5.7 

Bayer. Uj-jw.| 

Haver. Vereinfblfi 

895.0,._. 

319.5 +1.7 

20 j 3.1 

t' ihe 1 nl. N ei l .«m 

197.5, + 2.6 

a— 1 #“ 

Cuniiwi /Jw nl'-... 

227.6+ 1.5 

18 3.9 

<*•>1111 Uiuttnii.' 

85.5, + 2.2 - j - 

Daimler Bour . 

318.0 + 1.5 

19 3.0 

Ih^utsn. 

275 +2 

17 ' 3.1 


167.5+2.5 

14 ; 4.2 

Dcuivlic Hank....- 

313.8 +1.8 

20 ; 3.2 


252-8' +1.6 

20 | 4.0 

I>v\-vertiiiff Zeoii.. 

153.5 +2.6 

4 1 1.3 

CruteitofTauai;.| 

224.61 + 2.0 

12 | 2.7 




Haroener„......^..i 

245 +3 

*9 ' 3.7 

Hoevlint.I 

138.7. + 1.6 

16 i 6.5 

Hwli.■ 

44.7 +0JI: 4 I 4.4 

Horten.-...., 

120 -1 

10 ! 4.2 

Rail ua-l sale-....- 

1S2.5 +4.0 

9 ; 3.0 

Ksrst aill. 

290.5-1.5 

20 3.6 

Kiuiilnjt.: 

198 :- 

20 1 5.0 

KluutoerUm 100 .1 

95.0 +3.5 


h'HD.i 

178.6 +3.0 

12 j-3.4 

(vnjf<p.1 

99.6 +2.9 

- . — 

Likle. 

244 +2 

16 : 3.3 

LnrenJirau ICU. 

1.510. 

20'1.3 

UitlanM. 

112.0,+ 0.9 

7 j 3.2 

MAN.; 

209.0 + 0.5 

12 l 2.8 

UannefiKiaun... - 

175.3 4 .1.3 

14 ! 4.1 

M,-l«.il”en... 

232 j+1 

10 i 2.2 

Muucbtuer Rw.-k. 

526 -4 

IB 1.7 

Neuherniano. 

111.5-1.0 


Pmi*4j Dm lOu. 

lla . 

7 1 6.1 

UheinVeri bled., 

210.0 +1.5 

16 3.8 

•"dieniiii. 1 

263^+0.2 

20 1 3.8 

s>ienieuv . 

B98.5 +1.3 

16 l 2.7 

?u.(/ni.-ker. - 

251 +3 

17 ; 3.4 

thiveii A.U.. 

124.9 +0.9 

11 1 4.6 

l arts. 

177.0 +0.5 

14 3.9 

1 bill... 

119.0+0.4 

12 ; 5.0 

leremAVl'efii Ilk. 

302 . 

20 : 3.3 

Not trvn-a;rra. 

212.6+0.9 

10 1 2.4 


JOHANNESBURG 

MINES 

Feb. 10 Rasd- 

Anelo American Corpo. — 5.03 . 

Charter Consolidated - 3.10 

Easi DrtefoateU)..- H -80 

Elsbnrg _ SJ3 

IlanzHmj__ 7.80 

Kinross __ 820 

Klool . BJ90. 

Rustaoburg Platinum —.. L57 

SL Helena . 1130 

Sooth Vaal _ S.S5 

Gold Fiedde SA - 2130 

Union Corporation 5.13 

De Beers Deferred —-— 5.63 

Blyvnorultzlchr —_m 5.70 

East Band Ply. __ a.60 

Free Sate Gedald 25.70 


President Brand 
Presidem Stem 
Stltfamein 
Wetfccrm 


___ 16.70 

ISiJ 

...._4J3- 

4J97 


Western Hold lass 
Western Deep .... 


_I..— m.73 

_98.80 

- 13.75 


+ur- 


HHIJttl 

+9JB 

+0.63 

- 0.10 
—OJM 
-830 
+0.1S 
+035 
+9U8 


+B.03 

+.6JS 

+8oK 

+0J.7 

+LM 

+0.15 


INDUSTRIALS 

AEC1 ....2.55 

AngUKUner. industrial „ RA3 
Barlow Rand -3*8- 

CNA Invesonenu___ 1 J 6 •• 

Coni” Finance __7033 

□e Beers Industrial a..» 8.70 

Edgars Consold. Inv._1.72 

Edgars Stores -- 51^0 

Federate VoOubelesKinsa • *L» - 
Greaiennans Stores .. — KL35 
Guardian Assurance (SA) LOO. —6.03 

H Dibits .... 2.15 

McCarthy Bodway —8.58 ■ 

Ned Bank -*-MT ■ 

OK Baiaare ____ 5.85'.?■-><un- 

Prcmier. MiiHna - SJIfl +0.10 

PretociB Cement__ SJ7 "+80! 

Protca Holdings 


- 6.02 


+8.10 

-0.03 


-0JK) 


1JJ 

Rand.RDnes Properties ~ 
Rembrandt Group 332 

Sage Holdings SL45 

C G. Smith Sugar_ 083 

Sorec - e.57 . 

SA Breweries fflu -H K-l 1.19 
Unlsec _ LIS 


AUSTRALIA 


Feb. 10 


,+ « 
Auafc 9 : — 


| PARS 


ACillL (3t> cent) 

Acrow Australia_L.... 

Allied Mnr-Tzdg. Indua fl 
Ampul Exploration—J.... J 

Am pot Petroleum-;_| 

Aaaoa. Allnerab-- 

Ahk. Pulp Paper 5L__I 

Aim. Con. !imostriiaLL_| 
AnaL Foundation Invest- 

AJCJ,_____ 

Audimcu._ 

Aast. OH A Gu.._ 

Blue Metal IncL. 


Bon^inviUe Copper—... 
Broken BUI Proprietary 

HH Sooth... 

Okriloa United Brewery-- 
C. J. Ooieu 


. 1-4.01 
l-OJC 


CtiB/Sli.___ 

C'ona. Goldfields A as_i 

Container (Sit 


-0JB 


Coaztne HlnMin n , ■ 
Caetein Australia.-.— 
Dunlop Jtubber (SU.- 

tSOOB.-.. 

Elder bmltb.. 

EJZ. Industrial 


Gen. Property Trust— 

ffamerslev..— 

Hooter_ _ 

I.O.I. Auttralm——_ 

Inter-Copper_— ... 

Jennings Irutumr W... 
Jones (David!.— 

Metals Hxplunitli .1 

Mill Holding*. 

Myer Em pan u 



Xeivs.... 

—fll -01 i Nicholas international—..i 
. I North Hrokeu fl'dlags 160c: 

—ole Oakbridge—...] 

OUiirarSi ‘ 


-6» 

- 8.01 

,+BJJl 


OVERSEAS SHARE INFORMATION 


Inv. S Prem. at S2.60 to £—7*i% (78{«%) 
Effectiie rate (at L9355 ) 32J% (32i%) 


NEW YORK 


IHi7-<8 


Fa**. 


lyil 


High 


& 6 I 3 

15»i 

38h 

34)j 

43 Jt 

ayi.- 

591: 

36 >i 

22': 

50';. 

25 > 4 

33ii 

591^ 

371„ 

14 ii 

48 

47!- 

41ii 


Id 

Inin 


Si .a* 


1C. 


39 
10i s 
28 b 
211s 

26 h 
821« 
38; 6 
17 
19 >4 
361; 
19 
221; 
32ib 

23 j C 
8'. 

391? 
54 V- 
55it 


Uls'ts lilt-. 

\ililre*v"4raph.. 
Veliln Llle A Lm* 

\ir Froliei-. 

\nc". 

ilreriAliiiiumiiu) 

41 . 

Mlcuheuv Lu.ll.. 
Aileubeuv H-nei 
\ilieo Cbemrii'.. 1 
Vllwl Muros. 

\lli- Civiliiiem... 

\H.\X. 

Xiiicm.lv I!.•?•. . 
inifi. Airline. .. 
\ihi.t. I'ran.i* .... 
\iiiit. 

\invr. C«n. 


513, 

15 
a 34s 

24 .'j 
41 Is 
2daa 

39! i 
19^4 
19ii 
36=4 
19*| 

25 > 3 
33Js 
c4 
10 
44.8 
*®'S 
3bsj 


89 14 

25*8 

liner.'. vaiiiunii’ 

24 

85 

23 

Mm-r. hi'?.-. I’l'W. 

23 =■? 

41 ifi 

58 

liner. Kv+rt-"... 

53 lfi 

31*i 

25'< 

\iin-i.Hiiiin*1*n.-t 

L‘8l; 

80 

ml 

liner. ll+llciU... 

19ifi 

61, 

31.) 

linei. Mi+'-rv.-.. 

4 

47 1 

39; ; 

liner. Nvt.lia-... 

40; 

37 

2b*: 

Inivi. ^iiiiiIjipi 

36.* 

361/ 

27'v 

liner. . 

281; 

69 is 

S7! c 

liner, te.. A. let. 

60 

3a 

27 

UllcU-k. 

48,' 

2J1, 

15*-. 

l.MI .. 

17 

50'+ 

Z4li 

\ M 1'. 

26i 4 

lav* 

7*’ 

ItfliW. 

11; 

3^'j 

86 j 

%ii.-*i< -r H.-.-kiuy. 

87'. 

3J'; 

'.at; 

ImiMi-i-r Hiim-Ij. 

19U 

32 

19.„ 

Ini'.'.’ Meel-.... 

*7i? 

23-i 

17l; 

1.;. l. 

80. 

19': 

a 

V-hiih.t: 1 'li. 

9»» 

83** 

13’; 

l-+r-". 


37': 

88 

V’hum 1 1 *1'. ... 

36:,. 

61?: 

44: t 

li:. Cl llllvkl- . 

-»6ig 

30' 

211; 

ltiS-> Kiln I'ri ... 

25.; 


Hi«h 


• 4 .-4 

10 j 

70i S 

46 s * 

Ixtliiriy '.him... 

47S, 

54 r E 

42U 

i.'W- iul'n'iionh 

44Ja ; 

35.> 

24 s* 

Ouui+. 

*6?s . 

29 

22>a 

.Lni-kerNai.. 

ie4 jfi ' 

45 

30*fl 

i.’roxr./e:,eri*i.:l 

A0*s 

58*g 

33?a 

,UDiiniin- Ku^inr 

34 

19H 

13pg 

' .uit-11 Hj. 1,1 . 

173, 

29 *» 

22U :fW. 

23 (« 

387j 

301; 

Dari IlMn«irie». 

37 

33 'a 

23ia 

, Deetis. 

24 J* . 

29 L; 

823) 

Del JL’iile . 

25 

71* 

4l a 

Dellmia. 

S‘2 

30*a 

17 

Deni--]ill Inl+i.. 

184} I 

I7.fi 

151} 

l>«+ii’ll K-lie%n . 

lUSfi 1 

38?3 

261; 

Dmnien-i ■’Iiamrl 

28 ifi 1 

13U 

10 

'(iL-lanUi-in-. 

12's 

52** 

381} 

DiCiiat i*|iil)-..„ 

401? 1 

47 

321} 

l*Luev • U'ali •... 

33 .a I 

43*: 

35 

• U.II+ «..-r|.n. 

39-i 

42*, 

241* 

Dim l linmiial... 

*44} ! 

471* 

37io 

Urviwi. 

39iv ' 


12 
191. 
Sl>: 
39. 0 
29 ■; 
4 1 i; 
38 it 
«yi s 
28 1 .■ 
40 \- 
26.: 
47 
3i. 
391 a 
SO., 
30; 
dan 
36i : . 
j5;? 
Hi. 
141, 
35*. 
l6-i 
36-i 
I7i, 
87 
34.;. 

Si; 
S2i» 
90 >: 


8-s 

13 
44 

24., 

20. r 

34 
2&Iy 

22 

25 : : 

14 

35 
l-i 

tail 
14 i 
19 m 
227-* 
28';. 
25-4 
7 Ir. 

10 .. - 
28 i; 
13)s 
26Sc 
llij 
18 
18-'-. 

5 

37 

55': 


111. 

v- -. 

l-.sin l , w»ii»e* 

di’l i.in- V.'n 1 
dank Amerka 
lillll.vr: lr. .\, 
«Mi . . 


Illll .lu 


I- 


• VII* 


Of 

Ue Ivlil'i.-Hcu- u 

•’-■.I x Hv-xsii.. 

d.jiiilis. 

licll-JUL't Cull* "b 
di.-l liltriiein Sleti. 
ish ■- v l*e ‘bur.. 

L". ■:! rr; . 

rt.-!:-. ■.-:*> 4'1i.'.... 

Our-lull . . . 

Vi'iiiitT . 

•Ilinhl fHI . 

t?r»* an . 

•lri-|.. 'll •'I-.... 
i! ii. IVI. AUK.. 

■'lil-.UHV f.ll-l”*.. 

drill i-.-.rii-W. 

■ dl.i-yi ii* Iuk. 

rt.i-H. 

uid-’.i IVnldi... 
dmimu *.-hi Nibn 
.■»i”n - 


101 
19'. 
45 
£& 
22 
55 '4 
27U 
351 { 
32. 5 
39. i 
16l a 
341, 
2 1 ! 
2 li(t 
I5jx 
30 is 
2411 
30 
8633 
lOU 

13 .R 
3 Us 
15:, 
28 U 

14 
17>, 
32is 

P's 
3873 
62 N 


1341-4 1051* Du IV 11 : 

14Ij 9i£ Ii, iiu- lii.iii-.irit-* 

22 17:, luiule )*i..'lie>. 

ta»r Airlines_ 

Ca-rni.n hV»Uk. 
h«t./n. 

b. Ij. A li. 

H t'a-s Nai. «.*. 

fcura. 

30ij .hinur-un >Jie*.uu 
Kilter: Air Fr'glii 

Kllllid/t. 

'E.J/.I. 

Kn-je:b«n 1 . 

K-iiin U.. 

Ethvl . 

bis- n . 

fitin.iiiii.lC*anieni 
C-l. I'i.'H- St'rff- 
Firi-ili'iie lue... 

i;«*. nbi. ivwi-h. 

Kim \ mi.. 

Clltu-i-l.; . 

i V>r:Uft I'-'iref.... 

.I 

+ .M.C. 

I 'I-.-tV. 

Ksroniuvi Mi*... 

K...-I . 

KrauSlin Mini... 
*'rwv:ri Miuern! 

F hi*-Uj.ui. 

r'aipii 1 111 1 u si ri if 


9J, 

51} 

85 Je 

45 

45ifi 

33 

211. 

16 

lfl.fi 

14 *, 

31?} 

22.-5 

36 

30 ?a 

431| 

33 

41 

281, 

41, 

3 

361, 

23 

35 

26*, 

22/, 

181} 

5b 

431; 

401: 

21 j. 

48 lj 

331, 

23fi< 

141; 

50 

23 T} 

20', 

11 

23 

171], 

341} 

29 

43 

38 ii 

22*. 

Z0*c 

47 

401; 

19 

15 

36 

27J? 

*91* 

7U 

30. a 

I7. e 

311; 

24 3g 

1*4- 

7-, 

13H 

s*e 

«0:, 

321? 

12!, 

9 


34 
14 3S 
6Ua 
571, 
35i, 
54 AH 
77 
21* 
29 is 
351, 
29..» 

6 hi 
37i : 

8111; 


24ss 

10Jg 

41 

45<j 

SBlj 

26 Ij 

fl7J S 

1BA& 

83 li 

2814 

2 ZI 3 

31-4 

24i 4 

148 


CmnnHI . 

.■IS. Vlllfl. In.. 

U.A.l.A. 

l*-n.'Jabie. 

tied. I_h u»'u.w.. 
Ueu. tieiim-e.... 
'.H'ii*-:a 1 K--.nl*... 

(■•fi.-ral Al t.4—.. . 
leneral Mulmr.. 

Gen. l*ob. L'lii... 

Uen. ruinai,. 

Den. J-i. kleei.. 

lyre.. 

Welunev. 

•iijejui I'ltith -.. 

tiullv C»ll .. 


394?. 

31., 

vi:ii| i+li 

341, 

301; 

33*} 'JllieUe. 

10'? 

14'* 

. iiii-llml I'hi'iIi>' 

151* 

131; 

B 

. 411,1 

11 

331; 

18-b J—lri. IT.f„ .. 

70': 

27 is 

• irfrftf l' , n. 

291? 

23.", 

16,} '■•-■year Tire... 

lb 

111 * 

-j-iici s fieiiCTi 

121 } 

34*3 

26 •’■uiii. 

21 ’, 

161; 

Hi« lei .. 


314* 

21 J Hvivl! . Ii. 

S9i} 

48 ; : 

. ueiniti-i 1 /h-.i-> 

BUI, 


i*s -ji.A r^n +]*■■ Jen 

62 

451, 

-ltfi- . 

46 

341; 

19*v rl. N,.ill. lion... 


37ij 


38'i 

15 i* 

121 } M.-vlli' 11 II -1 . 




Ibis 

181* 

101 9 Dull i 'Ifi’li.TB... 

28! i 

19,. 

.. 


305a 

34 »a '*sili t.n . 


34 

34-, 

47 

26!, 

42'a 

171; 
21 .', 
2i4 
21 s* 
54 
63'r 
16 * 
80 11 
271 3 
13 
367r 
20i; 
17 •; 
40-j 
5 O 14 
331 i • 
Bar ' 

37 | 
9’P. 

2511 I 
251* ; 

26-i • 

47 

25i: : 

37's • 
34j? 

I ii. 

38 
491* 


25 -» 

2714 

3Bi; 
20 <; 
31 >a 
42 

IS 1 .. 

l»i 

15 

19i : 

a-r.- 

UAH. 

35:4 
19*3 
lOi, 

27-', 
71; 
13ii 
38 
13 4 
27:, 

2Sv 

EB'i 
6 A 1 
191* 
22 
23 
36 
21 !.; 
3(1-1 
; 6 i-. 
t4-.fi 
19'-. 
iSxi 


Sir-mil .. 

.lm-*.* IttiiliBllai- 

.Ilrl-I.-Hl Ilk. 

. li-.-el.-r|£h P-'ii-l 
.‘lie—le^tieoi.. 

u-- Bti-lae... 

. lir-uiui-l-.-i. 

.I-M-IKI . 

. IlirTHIu*.. 

- in--. Mila-Tun... 

.-lUvrp. 

. 1 !ii.-* Se>vt.-v.._. 
. 111 hive-ling.. 
Coin. 

, • -l-j*lu Hnlm.. .. 

..-uiu> AUtinan.. 
.'--Iiinibia Ca«._. 
v.-l’iriililii Hl-.t~. 

, _‘oin. I D;LiMI A ni 
.- niNutKsi King. 
.'uuitu*tb'n Ki *4 - - 
ir'tb h-lw-li 
..Vhii'ib ih i.ill lie- 

.‘til.. SnielUe... 

.■in-vuliirdcteiK-* 

A-nrar. 

.--i 1 . fc.li-.ei .\.1 
.-nl“jl 1 -».-1 - . . 
.-.-II— -I ill. 

• .‘ii^urnci l’t.-«ei 

...II'ill. ilt:il U 17 

.-■nimniial Mil., 
■-nlni-iiicei l'-.-lr 
vnini Ibt'"-. •• 

, .-e-v-.-r /«**«».—. 


31 Je 
20;, 
39 r, 
iOsS 

35V 
43 1 
I 6 I 4 
1543 
2-1 
1914 
2014 
471j 
12*4 
36>f 
19*4 

11'4 

277i 

1548 

15*4 

33li 

16l> 

275.1 

d«j 

33'. 

a: 0 

80 Ik 
J25c 
SMSft 
3Bt 
23«ft 
30V 
28 
1S.V 
35 V 
431.- 


54 Lj 
23-t 
46 is 
36 le 
421* 
6633 
16 

45V 

54?fi 

13V 

295g 

35', 

171, 

17*4 

271* 

47*a 

78 

52 

16 V 

15U 

28514 
23 l? 
37.*, 
43., 

33is 
54 
69v 
40 ls 

9-a 

361, 

2-i 

517.-. 

1414 

39V 


35i, 

15 

28 

80-3 

22 

441; 

MV 

341; 

487* 

lUi 

21m 

235s 

10 
Hag 
31* 
36 
52*4 
53*3 

12*i 

7 

245 lj 
ia*£ 
26 u 

3Si, 

1713 
14*1 
59 
8 21; 
a 

if si, 
*1 
2U 

11 
851; 


Shinn Mining... 
B,!Tn-H.'liiespi ... 
iIeit C-.'-pn . ... 
li-.-in.- H..I. 

Ill-ul If ill. 

Heii-iet i 1‘n-kii-i 
<l-j i-U.: Inn-’... . 

H -m-.-Uke. 

Hvuvv-irn. 

Hvfiiei . . 

H-'-iiCwrrn.Xii'ei 
II ni*l--u \>l.'.m- 
Huuitlli. N.iCliir. 

Hultvii ■ b.K.\... 

- <ii-1'iu>ia... 

SNA.. 

Sllk+’l.'llitlld... 

Iiisail-1 Meet.._. 

-Snv:l v... .. — ... . 
1'iicruont fcnetnv 
ifc.'l- dSB 

luiL KIni-jurs__ 2l'| 

"it~ Hsrre-aei^. 

Mm A I. ncrri 

Inn. lliiui«f»ii. 

I'.11. 1*4 V«l ....... 


I07ia 

14 

17TJ 

71> 
451, 
34.? 

17L|. 
I 6 I 3 
27 V 
30V 
5814 
29*t 
SU 
24 
2 d*, 
30U 
■*53., 

* 6 *j 

3S*« 
151, 
45 1 „ 

17, « 

21V 
31 
A3 1 , 

20*1 

42v 

I f la 
31U 

7 t 
193: 
« 6 ij 
10 

II 
36 

Hie 
86 ii 
12 i: 
-U*; 
47v 
881; 
E77j 
58 ia 
19is 
85,? 
29 n 
24 
5*, 
251, 
163 

Sr5n 
19s- 
17 !g 

28.fi 

Zas, 

26 ii 
13 
11,3 
84 j, 
59-e 
371: 

lose 

43 
561: 
273s 
dS; 
14T; 
341: 
441, 
11 . 
2S7 a 
25i; 
IO e 
12 

bliB 

37U 

o 6 St 

!i u 


41 ; 


"'t- l^htioer,. 

"u. lei. v lu . 

s'i'eiu... 

I- r-a u»«. 

II. ii-icinasi'itia'. 
I an W*ner... 


29i, 
40' B 
8113 
15'a 
39 V 

29 
Ut 
29!? 
11 V 
28’- 


81-5 

381’ 

28-4 

39. 4 

21 

64* 

68lfi 
44'; 
21‘4 
36*3 
201 , 

38:; 

161; 

J9Y S 

93 

26 

35-7 

191; 

2B>; 

65':- 

381; 

■Wjs 


i*ii 

•£ 

( 

hell. 

19/i 

■ ie 

| h>h. 

Rigli 


<l.rk ■ 

10 

High 

l+n- 

1 Mwk 10 

581} 

874, 

.Jubov Danville... 

30*s 

45 "fi 

36lfi 

ttevluii. . 41l s 

77 U 

62*8 

J ’hn-f in J-^om/u 

701, 

44»s 

281? 

Ke+nolil* Metals. 29 

30*5 

211? 

Jiitmwn i.nutro.. 

285, 

7Q5a 

5Z4 

Ue.v-naklv U. J„ .. 555, 

49 

29S, 

J.i-yanuia.fi ui? 

321; 

26U 

18’*« 

■IIii.-b"«Bj llerrell.i 21 

401? 

2Z.’fi 

••». Jlsitl. Mr|.. 

25 

36*} 

27., 

1 Hi.vtwell Inna-... 511* 

394* 

274, 

k'awi.tMimtni'n. 

291, 

5I'vj 

284* 

l.'. hu, t Uaa>... 29} 


1975-78 
H i;h Low 


StO-.-V 


Fe*.. 

10 


187fi 
35 
BAs 
30.; 
73ii 
30 lg 
48 
26 
50., 
2B3fi 
31V 

56-s 

351; 
47U 
15aa 
181; 
23*-, 
20 V 
311-j 
37 if, 
16V 
15.fi 

tin 

39*« 

41 

47 

SB 1 ; 

141; 

341; 

3l:« 

44 

29 >4 
271, 
19*: 
34b/ 

a- 1 * 

47 

28Js 
67 
70 ip 

00 j; 

56 

S5-: 

391, 

537; 

34V 

16*3 

25*, 
15*8 
451; 
44*, 
46*: 
21-: 
243k 
36'a 


41: 

20 l-j 

41- 
IBifi 
41^, 
23 14 

371 S 
201« 
42,fi 
23 
25 
25d/ 

86*8 

33 
1U: 

9 

16*i 

17. a 

20*fi 

30 V 
L3 

5 

7I» 

31, fi 

31 
35 
4u e 
IO*; 
171, 

21 :, 

51*: 

21*: 

IS;, 

15 if 

34 
50*e 

13 ,:. 

31 

16 
45V 

587, 

491, 

401, 

33*4 

85 

46 

24t, 

12U 

20 s, 
12 !; 
30 
dll; 
32ifi 
X2'4 

2m 

31»r 


171, ■ 

141, 

13 

9-r 

23i} 

16 

36», 

251, 

48U 

37 

301« 

25 

301? 

191; 

56*, 

21*0 

214} 

17 

31 

20 

41 i. 

31 

211 ? 

18V 

22 

155, 

331: • 

22 ! j 

731* 

6 U 1 , 

291, 

204* 

254; 

221 ; 

21 l S 

161, 

w 

20 ,£ 

6:9 

+ 

28:* 

21 

U7; e 

191, 

241; 

201 } 

52lK> 

321, 

351; 

26 1 * 

Ills 

71, 

391; 

33 

881; 

221 ? 


16 v 
391; 
24 
18*, 
17*S 
51>; 

27 
35'; 
1SU 
2li, 
101 . 

231; 

13li 

23 ; 4 
■15 «t 
21V 

24 

IS'.: 

2U> 

28 

22 1 


K«j,ei<0>el. 

h*i.:. 

heiiue-vli... 

Ken M.-Uee. 

tvj.lde W'miei^... 
h'imlvriuvCUuk. 
. 

Svmtt... 

K"««--i .. 

Lev, Sttaii’.-.. 

L.l-bytin J-\„| 

IJaurLl •.•r-iuf.... 

Ijliy-fc'ii . 

LiUrai In-liivfi.,.. 
Lavkliee.iAiifi-r , :i 
l*iQ« 3>lar lu,i,„ 

L, nif lilan-1 Lio. 
O-uinianfi Lan-I.. 

tjjl.nv .1 .. 

Lu..-k\ ?tuie*. 

L'vei V'i.o; ‘« r. 

VlacALiilau. 

Han II. H. 

MlrrUan-.ti-r... 
'1*1 o*. 

IIuntil .-11 I.I;|.... 
Vlsnne lll-IIaii.i 
»lar,ball liv!-'.. 

'Me: L<*p:.?i*.|*• 

MCA. 

11 ‘Ltern.ui 1 .. ... 

M. -lk-flUfi''- Lt-.ill; 

H «ra:« mi;. 

Mudi-uva . 

Jlei'v. . . 

Merrtu Lvn . 
Me-a Fein.Vim 1 

110 It. 

Minn IllnglMts, 
M-4.! fi-n.— . 
•M -nuiiii'. 

M. 'roaQ J. I*... .. 

'I'4v:-iin. 

Hui|-In' CMl ...«. 

A ,l>, vi. 

>ali-i-« iierni.-al. . 
Nsne-iuu Car.... . 

•Aai. Ui%;:iu.'i>. 
AaL- ■?er:,..T lu.i, 
SaU'-ni; ’Mee-i.... 

Aatuiuir. 

A OK. 

.'i,luri” Imp.... 
.New fciu.auN ti. 
>ew kn;F,n-l to 

.NWipini 

Nuiaar, ~har” .. 

N. L. lu>1uv,t-ie(. 
>• iiolkiWoim, 
-Nullh Nal. *Ja» . 

N|fin stall.-* I'-i • 
>llt«un An line. 
'Mli-re-l 0-iii. l .rj 
.'"tl-.li Simun.^. 
i.t.x- 1 -ienia. I’ei r.. 

iv v .'dati,--_ 

DLI-- K-llv.ii.... 
CHIU. 

Sr.lfi..... 
■^"euvCvraiti;.,. 
'.Iveiin IInu- 

I'a.-tip. Oa*. 

I'+nn 'Wmin:. 
IV-. I'm - .*, l.t. 
I’sn Viii"-.i i.'.Nii 
I' atkf— Hnnuiria 
Kear.-.-n In:.... 
I'mi. !*« J. LC..„ 

S'mncv J.C. 

IVnu„:i .. 

Ke-'Pie* U-.I; .. 

pie- . 

Kei-l.—. 

Kerkin fcl liter_ 

m. 

il'.-er.. 

I'lidi-, Lt -Ii;e.„. 
PiiiU.ICip51a LI, 
L'hili,. 'I-I.ir.s^... 
I'l-iIt'eti.-.'u. 

tNlaUirv .. 

I'ltnev 'bus'ea_ 

I'iLL.i-.-n.. 

Ilftin Lt.i ADI; 

IV4a:.4-J. 

IV-l-.-tna.- fciee— 
lu-l'Mnei.. 
1'p.^ier Ciiiid :e. 

I'm- sen-# fc'nti.. 

Futev .. 

Ji:n-u: da« -. 

ihu-:-l (nieriean, 
ti* rhi^.p .. , 

UC \. 


81*j .KepubJ.. Jleei.... 


4*-. 
24 ** 
7# 
23'-; 
41 if 
28 V 
42'a 

21ifi 

43 s, 

271: 
89 lj 
28 

Z7»i 
40i; 
141; 
14 
IS'., 
ia. 6 
811; 
36 
13 V 
5.j 
10*4 
361; 
32,a 
34 1 » 
43 
13s, 
31.„ 

Z2*s 
36 
26 
23.* 
17 .* 
27.: 
55.,; 
14J,. 
36'. 
26 

59 i: 
=Uif 
41', 
36 i, 
34-i 
*9*: 
26. 
16!; 

2U; 

ISrz 
3 li 
36 
397: 
151; 
221; 
35‘.j 
15V 
9.‘: 
IbJ, 
2#: ; 
371; 
265; 
23r: 
22,: 
is-, 

22v 

38 4 . 

19 

16 

23‘. 
c5Jo 
21 - 
23*4 

80s, 

80.* 

5!-. 

28-i 

21:, 

23 

04 >J 

301: 

1 

34 
26 

10.: 

38*; 

2 I*; 

18 V 

19 4 
58U 
29,s 
58:; 
19-1 

25 ;, 

is*, 

85 
79!: 
23*i ' 
85 * 

31 . 

6 

52'i 

35 V 
S3 if . 


61 

ISifi 

141. 

18 

50V 

43ifi 
38,a 
42 Is 
5 

61; 

18 

74 

25 

801; 

23U 

8 


31s; 'iVvai Dui-'b. 

91* Hit. 

riil’r Ia.i:- . 

Ri der sy-ieio.... 

SMtenar Sl-rm... 

si. J-.-e Minenvin. 
si- Heatr t*ar.«i... 
’■uu Fu In-1*,.,. 

'**t. ItlVeM. 

■tavn In.i.. 

■* hill/ Hr#%» ma. 

s Oliintl-ercer. 

H'M . 

S -tt ['a--.-:. 

- -e-a it Mr-.-. 

’ ‘n-ir I'Iht 1 #>l 


101 , 
127j 
367, 
26 ! S 
271, 
041-.- 
31* 
3*4 
101 ; 
56i: 

16 ifi 

13 

IBii 

6 


29*. 

12fia 

;en •.onui-n^i*.. 

24 

lui. 

fi«Kiau.. 

13+. 

10/£ 

-«r:e f..Li. 

34 

241* 


411; 

28 

-fc'Ln.i.1. 

361? 

281, 

rufii. Vi ... 

44 Ia 

dui? 

1 T*n«;*.ru. 

341* 

84 

;i^na .. 

40 

54/, 

ri-jn-.-leC. : f-_ 

16:; 

ldi* 

fi-.f'il* 1.,-iis i'at... 

3b 5, 

181; 


50.': 

32 

Is ,n». 

3 . 

l.fi 

~tnm..ii.. 

24:.. 

I3 ! : 

fiO'ith-lii-n .. 

27 

81 J: 


18 

IS-i 


S« 

28 


30 

3 Hi 

*k.',li.«ru I'fi -in: 

62', 

47', 

fivtnb*-nl 

27., 

20:. 

1 ■.•iill*. an 1 . 

87 

20.; 

r >• T (jin i.an* 

2UJ: 

is'-: 


43 

29- 

i!«i. 1 ... 

29 i 

j:*? 

*• 

30*, 

24’, 

ris«.|/..... r 

45 

34;: 


57:; 

44 


91 

63-s 

ri -. V. V:. • ... 

49., 

fi.lt 

'Ilur . .. 

16,: 

13:: 

rte- if.? 11 lK j . 

50 

37 


48 

37fi; 

- n I. 

42 , 

3l/» 

-%:• 1 .. 

24", 

16's 

•• »»*/•• , . .. 

12*, 

S'-j 

Iv .<ii:. 1 . . . 

40 

28 i 


73 

47/- 


3 ; 

2 

tee-.. 


23.t i-.r-- 


17 : 
30:: 
31,- 
99*° 
34 

22*i 

591; 

25*: 

55:, 

41'-. 

16*. 

L'3‘-? 

38-4 

lz:l 

36 1 ; 
2J. C 
40.: 
Cb 
274, 
22. 
25 
IB 

43:4 

5b 

li¬ 

es 

9 

59 

58 

11*: 

1U 

II- 

32.. 
46 : 
26:: 
49 Ip 
41 

39 
15,: 
IB': 

34 

311.. 

19,: 

40 . 
33* 1 
87:, 

20.4 

22 -. 

33:-. 

J5‘: 

37 :■ 

88 

25.- 

58-4 


6 

25-, 

16-: 

67: : 

22 -i 

16 a 
31*: 
80 

43 -: 

31.. 

13 ; 4 

17 
52-c 
•_‘l 

86:" 

: 

27-. 
10 
16 = 

18 

17.. . 
13*: 
27m 
473; 
1 1 

38V 

6- 

45i: 

45:-. 

b,, 
10 ' 
25‘; 
21- - 
16‘. 
27’-, 

l~i: l 

14 

15 

2S-- 
24 ; 

12.1 

24 : 

25,- 

Id .1 

lb 

16i, 

24 . 

c3.\ 

ao’« 

19’* 


t.” . |‘- 

*”• ,;i..‘ 

l. •y*-. In- 
f-.t,. - 

'.-•ft. I ;; 

r w- lr.. . 

I-M.e- M-i 


» 

l'4. 

Ill- 


•fi—i 


If.t'nii 

• Air . 


1 .1: m .. 

• •..J: 

( M. 
tl.l.v, 

''•I- 

t * *1‘ . . 

I !•»■#• •*.. . 

I 1 .... ” < ' 

l til > t J!”,,.. 
1 .... ,, . 

I 


- - Lm 
l *. I.,,. 


56 
13 >3 
123, 
141, 
38 lg 
871, 
27 Is 
i6a B 
41, 

.% 

67*a 

175* 

131; 

aobi 

ei« 

411- 
81*, 
12*, 
**•» 
j 5*3 
30 
oB*, 
30 9 
557, 
ill; 
19 
47i- 
2 

241. 

26 i, 

16: s 

d9*.j 

33*, 

501; 

22. 

241; 

lb'j 

*3>, 

*bi«. 

251- 

l~-a 
^6»: 
60.;. 
3b k? 
13* a 
48,^ 
591. 
z 2 -: 
213j 
9 
35 
68*, 
3'fi 
/9 

9'i 

26! 0 

17 

t«*4 

30', 

19-4 

a5'-. 

23 <> 

461, 

;4 

14 •» 

19*t 

35 

41‘j 

18-i 

291, 
I6-: 
30-i 
22,; 
20 J? 
21., 
85' 
15” 

41 

3*>l 

13 

38‘-, . 


263fl 17*8 I'Voolwurtb._ 18 1 q 

at, *4 iNi'vir—. 0*4 

57 ia 437 a Xerox..___ 46^4 

18>: 101 a ;£apaca... 171 b 

26/j 13Ig |5enibb lca.Ho. 13i 2 

98.; 92efi ,l.S.lnw*4%19«.: «a4l s 

86 i81Ja ,Cis?.Tn*fi 4 ;%i 3 /i' .88 

6.54 j 4.38-., t. ,b.30 Da r tu»l»j 6-41}; 


CANADA 


111; 

8 

30-ifi 
191; 
481; 
18 
221 ; 
lUifi 
56!; 
24 U 

17*, 
15ii 
: 5.0 
58 
17 U 
10 
14*4 
25, y 
801; 
19,fi 

19 5, 
5B*o 
3.60 
9i s 

21*4 
501: 
291, 
171- 
S', 
6*4 
611; 
78*: 
597fi 
24 14 
15*4 
lilt. 

351; 

ya 

27*4 

13-a 

30i, 

6ifi 

3a 11 
47 V 

l9!r. 

19 
48'; 
18*. 
30:. 
25*1 
541 2 

9-i 
161, 
15. B 
IBifi 
0 

4.1S 

25 

34'; 

391; 

a/ 

a3./. 

18.fi 

35 
16i; 

6*e 

a.lu 

43*4 

36 
2U 

71; 

1.43 

253f 

lev 


8-'a ,Uiitihi Papei.™.* 
3.56 A an ico tank*..... 
23Sa , VIcaiL-Muniunun- 

13.fi Alfunm sieel.* 

19-*4 l. lottos. 

lidg .lianku? Muiuraa 
171; datih > uvn N.r4 ia 1 
5 . Janie Kevuroes.' 

43 V bell Triephr-ne-.. 
16*e .'kiw Valiev lod*.| 


81, 

lUi 

1.68 

dll; 

8*4 

7ij 

6 

215, 

17I« 

161,, 

I 6 I 4 

50*i 

2.51 

5*i 

„ 8 ' 3 

25 

191; 

15.'£ 

4.15 

:6'-; 

45f{. 

3b 

17 
127fi 
11*4 
Ibi; 
75 

22 v 
5 1 2 
23*, 
4.5u 
27i s 

26t* 

14 

14U 
33 J® 

15 
24 

18 U 

16 


it* Canada._j 

■Inun..-. 

di-uuro.. 

'.a*earv K,»i»er.... 
■JainHu Mine*.. 

J -uMh N-ufueni.. 1 
- /'an via AAV Ixrnl; 
J 111 liupunkCoif : 

. NiMdH In-iuai. 

Jan. Fat-id.__ 

.au. 15-irt Inv..' 
/au. su,#r CH>... 
-mriiDtO'Keeie.J 
,-aratar AUmtot > 


III, 

5-S0 

26 

laV 

39V 

l,'. s 

>9*«. 

7 

531, 

22 

15<3 

15i a 

13.25 

as 

!?’• 

25V 

19i S 

17 

18 
S3 I S 
3.55 

9i* 


Securities Rand SU^J).7Si 
(Diseount o£ 33-5%) . 

AMSTERDAM 


Feh.10 




AIkjmi ,KiJ50)_... 

Akxo 1 F 1 . -Xto . 1 

MjtemjBnlifFI.KXr 


101 J_'24 1 4-8 


Onienaiu 

20 L, 

'.■*Huint'*7_ 

28 

■j.iii^ Uni lm mi.... 

24 i’g 

•.•■iifunier lia,... 

165* 

i K«oure*+ 

7 lfi 

1.1+Wlll fc'u.-ll.• 

8ij 

uenisc'ii Mine*.. 

591; 

Iti-niM Mines. 

751? 

D- ms iVrolwm 

56 

tX-mifitss Hrr-lyt 

835} 

DoniUtr__ 

141} 


131, 

r , fi.c.-„'ce .' icie 

17i, 

.• Molcn lan. • 

tBO 


Uentiu.. 

J isn't 1'el'n kuie. 
•j.iiicit Canada...' 

ciairkif. ;i.,. c'mi. 

Hollins 

H. .vnte On 
rft»lion timeline.' 

riu-Lv -n Bay.M„,.i 

HudnuiJi, A t»a«! 

I. A.C,_: 

IIIHM'.. 

liuienm- IJ:!. 

IlliTI..., 


6'fi lu-Ja .... 


9 

1B»3 

12*4 

fill! 

3.6a 

16‘.j 

14i 8 

22 

26'; 

10 ^: 

IDT; 

25 

lul; 

1.90 

■J.05 

26*4 

1814 

;13 
4.05 
0.4u 
17'.* 
7 V 


25*4 

13V 

2 1‘ 
29*e 
411- 
161 £ 
lav 

43 
17*4 
30 11 
19 "a 
Z6,j 

«*« 

107fi 

137fi 


niaiHl AaL Cam. 

. u->‘pi 'vFi,^-Line 

■vai'er lii^:<u-.-er 
LMurnl’l KlnCvrj 

k-Lfi-MiH Ciiin. ■b'.' l T4.25 

tf-’iui.i’n 0 iyal.- 16V 
•lavB?r reroumi 131; 

ilrlnme._ 22*i 

*K»ji i , i--.,ui.. m . 1 .| 3ui» 
v-jrmnh '7me,.. 83V 

''.-r.-eit fcneiit:.... 16lj 
'iud, teimvRi.... 2.6 
Vunia. Ui'A'Dar 157} 
•4hu--.i IVtr'n 5.40 
I'BL-iitt: Cc-ppei 11 - 2.00 


♦"ai;,Defer: o^uni • 
f'afi. Cau. IVi'ui 

■ Vliin-__ 

I’r-niw Depi. S-. 

■'-aiefjBii Jl i.Ii .. 
•dain-ilicreivf'iiit 
'V‘»vi C'-‘.ij*v»t 'n 


37 V 
32V 
:la*i 
-.2a 
U.94 
80i, 


1 1 IV 

e-i 

115" 

85, 

1*1 lee.. 

115} 

• t<-: i.ftii-.. 


1.49 

0.62 

•Jni'iss. Muiveci 

1.30 


#3'i 

31 

10 

I4i| 

6-4 

||,iiwt ... 

'lean Dlia-.s.-..._. 

28*, 

9 



:»S 

22 m 




lu-i ' 
28'-, 

28V 

S3'* 


071, 

1 ' * : M- .. 

IB*; 

14-', 

■iii*. t iu»l........ 

15*, 


l s. 

' . I..- 
' I- 
v 




ir.es.. 


li j-n.”.ij.iniipn . 

JV«rin'.Iju*,n#n 

tafiei-n 
■-• lvn N.Aintrl 
v."| UKI|| _ 

-' ‘. fi-j!»-/ fc!ei:l 


|r-.i.. 


’"i t ” i:-.vn->.3 Klrot- 


i!4i, 

2 e<- 
27i» 
35 V) 
19'; 
14** 
II** 
32 : a 
*7:* 
19:^ 
26 
aO - j 

24 1 j 

le'i 

18'; 

24i, 

24': 

22'/ 

2M, 

IS.; 

27-4 


10', 

6 

>.e| fi.relteiu .ui c*?t 

45} 

24 I; 

2U’j 

JcnjramtiM. . 

24 

17 ■>! 

135? 

Ihell l*aiia.M. 

lb 

6»? 

4.00 

5UL-M-1II li. lliuev 

5.00 

29'* 

131, 

iliHwtls 


b*. 

4.20 

MS 

■* 65 


835, 

rie^iifi Cuia.la... 


3.0 

1./4 

-teei 1!■?.+ Iron. • 

,.*1 

415} 

^ 41 ^ 

IcuOiUiivu-- 

34 14 

19>, 

16 

1 rm.HJLi.' Uom.bk. 

17 

16,, 

121, 

ininUnPI^Lii' 

145, 

121? 

81: 

Irani-Mount Uli>. 

9 

131, 

9U 

Ir.fiiv.. 

rlO'fi 

15 e 

8-5 

. ij-*.si Uu,.._ 

XSJI, 

0.; 

55, 

1- 1-1 .si«tieMlne : 

7; 


i 1 

3 5-V 

14*; 


28 
£6 <4 

9»; 


■' t'itr Hiniiu.^.- 
"efl C«vt Irt* 

-l -i,.ti Oe--.. 


50-.fi 
321« 
14ii 


-en'-t. 

.roji 


Kid. i .Vikrd. ; Traded. 


22A+0.1', - 

337.2|-1.3 -A22*7 6.7 
8 a 61 —1.4 .WW 6.4 
• 68.7 +0.2 22(| 6.5 
83.g;+a9 ! 23 , 5-5 
121.0;+0.11 TO' 5.8 
.68^-0.31 26 7.4 
262 !—3 !121 . 1.6 

_ 136.6;-- 68.K 4 Ji 

fcuroCoinl'at Fi.K- 62 __' 04.fcJ 5.b 

filesUnjoaUtorFlLC 40.2,- 28 | 6.4 

106.61-0.7 , 14 ! 3.3 

26.0'.' ID_2fr 7.9 

83-3 -OJ . 12 i b.l, 
14J8,—0.1 j 10'7.0: 
187 <— 1 - - 

39.6* +0.1 i 18 9.1 
39.0 —1.5 , 10 ; 2.6 
107 J —0.9 :464. qj 
52.7 -0.3 ; 2u 7.7 
186.3*-1.0 : 20 . a.4 

i6J !.».MM i 4.2 

145JJ -1.6 ! 8.6.5 

46 I-1 31 9.1 

.23.7!.._< 21 ojt 

68 ;-16 - 

167.1-OJ [.V25J5 7.6 

118.0_' - - 

13u.2i + ujt ' 14 9.4 

lt6.7'_;.V30 ! /.9 

239.7 +0.6 : 10 . 7.9 

146.7 -1.1 I 07*. 3.7 

94 - 1 M) I 0.8 

6.b 

.. ... .., 1,2 

Weat-lanrt'u.UanM 4ai +6 | 30 t 3.8 


Auii-oUantfFi^K'L 

Uiienkoit... 

IMtaWWimPliO: 
Bubrm TeUetude, 
Hlwv-tw/FIJOi... 
biiDi^.V.UcueH 


Hein el, en (F/J2ti. 
HeoRorenklFlHJrl 
Hnnter D.fF. 
I.H.C. HuUand... 

KJjM iTikV,.• 

lus lluiler H20J.J 
Xaanlen IFIIO)..., 
\»lXwllD».iFlJi.' 
XalCrwl Bli FIJI; 
.N*.lJUulBkiFlltl! 
Uce fFCBOi........ • 

Van Orameren_. 
Palib'MJ < Ki Jail...! 
PtilliLn <F,.luj....' 

Runbeh VerFl.tOC| 

ifcilitK'n iF,^ 0 ,._. 

lCurenin<Fl.oC'i. 

■tom Lhileb iFItui 

bVventnirg_ 

Siei-InGniiFiiOi)' 
rt*.»«'htcHids5.- 


Pioneer C<uierete_.^.i. 
RetJdU. A.Colmaa^.^. 

H. C. Hletefa._.; 

SourbkndJltnlm:_ 

ronrh«6h__ZZ_„.. 


Walton*...—._.! 

n eaterrr Hinlnu; ffiOomtaU 
TV bohrorths__ 


10.73 [-0.01 

- 10^4 H-01 
t2J28 UffcOS 
tl-26 -0.04 
10.72 j—fUSl 
(CL&O ' 1 
ri.ii -eOLoa 
+1.65 1-4L83 
11.05 1-0.01 
J1.50 
10.40 

10- 37 I—SLOT 
tl.O .'+0JH 
tL.07 
10.48 j+<L04 
1090 HL02 

11- B5 
-Jl^9 
12.87 

-12.62 - 

12.00 I — 
.12.08: .MUM 

'tuns' !. 

1136 4 ., 
11-2D ; . 
4L90 -O.U2 
t£S0. HI.10 
tL37 

12.30 +006 
.ia76 i ._. 

J2.10- |- 

IOlZB#;-_ 

tUS0 i -<-0L02 
■11*03 HUtt 
10.16 — 
11.68 HL08 
tl_85 1-0.06 
>12^5 - ; 

1007 - |+0l 02 
tl-13 
tl-84 

1008 
1L47 

12.70 
1077 
1018 

11.70 
10.98 

- tUfl , 
tL65 -+4L01 


1+0-01 

-aoi 

H»jn 

-K02 

- 0.02 


Feh.10 


Price J + or | DiV, )Yw. 
Pa.. 1 — (Fra.. ^ 


If ante.j. -- 775.S + 7JS J 4i2! Qi6 

AlriqueOedd'l'fei -296 _121.T6J 7J. 

Air liquid.- 338 ki | 6,9 

^g ^=:IM 

Biia.vxtias___ 1 TCC * * ^ ' 

B J3.X. Oersaia— > 

Carrefcmr_1,220 

U.GJl,_ l.. 263 

UJJT.Alartd_770 

C5e BMihalne-..._» 

104 
49 
442 


Chib Had iter. 

&edltCom Pr*wg 

CraasttlnlK' 

H rmiL ,_ 

Ft. Petaotei— 

Geo. OoddenteJe 

lmetiii_L ...—4 

Jacques BoreL—.J 

ladaqre—...' 

^OtSl_j 


356.3-1.6 SUb! 9.0 
330 1—2 .! 37:8! 11*2 
-4 i 60,43 
-1^! 27^*10* 
+ 2 i 5o^i[ 7.6 
+0.7 12 
9 6 JSs 2.1 
«6 111.1103 
ia!*4S 

97^1+0.6 [itSllii 
177.2]—Ol I bL2&| ^7 



Jlaisona Phenix ^.1 

ilichelin “B”_i 

Moet Heanemy 

Moulinex_-M 

Paribas ......... 


60^—0.3 

85 '+0^ 
164.1+01 
478- +6 
1.221 +11 



iivuu —i oj-* . —_ j 

33 I 


634 - j—1 
Iff 
+ 1 

136.2—0.4 
, 68 

l93.anC+Bi 

237.0_j 

a-i ■ 75J8.— 

Hallo XeehniqaeJ 307. —4- ; 

Bedoote— _:.i 472 

Bbons EVantenc..-.i- - 606^1 
HwGQbaln-T-.,.. 1 119.6 + 1.5 

Stia KiOMteiiuL_1,603 |—17 

soe*_ i 205 i-i - 

Tetwnawniqna>-^ 526 . j+6 * 
Thomson Btandui 125.8.-06 
Cstmr.—.-/.- mZJ l7^i— 0 ^ 


5^6 Ub« 

lorrfisTs 

16J6I 3.4 
!5LW 
69-Qi 6 S& 
35U56 net 

12.6, 3v8 

' 

0 


3 ^ 

• 7.&UJ 

aoa] 

24 [ sa 

g too 

13.861144 
39 I 2.3 
25.Elt4 
taaJ5!«a 
15.16.12/0 


VIENNA -J 



■ 

.A 

Fett’lO 

| Pnre. 

j * Or 

| * | JO 

riwHt*nnra It 1 

350 


vm 


Perliuoc*e+_-j 

370 

+7 

23 

5.3 


G60 


| 4ff- 

a.a 

SempirSr. 1 

SO , 


5teyr Dabxrter_ 1 

SOI | 


!• «7 r 

Jfr.B 

Ydt Mimrniti...l 

330 | 


14 

LCl 


BRAZIL 


TOKYO f 


: Feb. 10 ...» Xea 


•Price* | +or iDiv-IYId. 
' - ‘ % } % 


Asabl Glass - 618 Ul 

ChoAC. —.r.'_.474 Ui 

-Casio....--,_ 693 1—3 

, Chinan__ 

Itef Jilppon Print 

Fuji PbDta..^L— 

Hitmdh.J__ 

Ucenla Motors. _. 

.Hausafood- 

C. llijb 


1 14 

w 

■: 26- 

20 I 
18 


2JS 
Z.3 
2.1 
2JS 
1.7 


693 

406 U._ 

616 +2 
660 -8 
217 +1 
577 1-8 

1.060 J-10 

229 _ 

11J280 -10 / 30 i U 
630 !—27 !• 15 I 1,0 


15 : 1.3 

12 'i 2.8 

18 1.6 
35 L.7 
12 ] 2.6 


L'nllever . FiJSaj„j 123.4'..-.!A,I. 

40.8-220 


COPENHAGEN * 


Fe»*. 10 


[ Price I-+-OT Tllr.Yid. 
i Krvtierj — | % : 1 , 


tto-Tokada—.. 

J*xs—-- -- — ... 

J-AJi.-2,760 ,+70 t— ! - 

Kanaai Bect-Pif. 1,030 '—20 j 10.4^ 

fcomatEii_-_l 318 J+4 ; 18 { 2.0 

Kubota. -w-f 279 I_.."15 i 2.7 

KyefoCenunlc^-2,690 1+50 : 35 [ 0.7 
M ate n alme lnd_J, 614- i—4 > 20 t L6 
MttsuW ah l H a n fc..': -079 -f:.-.'.--..-7r- IO : 1:8 
Mh»nWtiilfea*ji-132-;-^ | IB j -4a 


JHWWUUUUOl.J -UO —c ■ r :s 

Jlltautriatd C'orpJ 424 1+6 1 13 : 1.5 


Mitsui -A Co. 


318 _;„;14 


Mitaufconhl-!•: 536 i—3 .20 

NlFpou Dense-... 1,180 [—30 { 13 
\ Ippon 5bin{jan_i .619 —5 -12 

.ftma Unon.—I 807 |— 1 I 36 

Pioneer——-'1,471? ;-30 i 48. 

danyo fctectrte-..' 014 i+l j- 18 
sektiiuPiweb—! 886 i—4 [ 30 
I_9U 


Aniier'tenlroii....) 
UuntiVtrtV+„... 

DansLe LSink_; 

lave 

FlilanVauikeu....! 
For. Brt mmrier.J 
ror.PaiJir....^„..: 
Uandel-jjauk.._; 

ti.A 'tb'iiH.f.Kj+i: 

A'.h'I Kalwl_i 

Uiietai-r-.k.■ 

Pri rat bank_. 

ProvTOsbank— 
supb. Ber«i*1fienj 
s-uperi'-a. 


14U4, --, 11 t 7.8 

4341; +4ls ! IS 4.5 

1301+....' 11 j B.o 

838 +M ; 12 5.0 

1131;- 13 111.2 

323 12 3.6 

773, —-.......| 8 lj.fi 

132 _i 11 8u> 

2531,+M 18,4.3 
859ia:+l ' 12 4.6 
8914 . + H 4 I - - 

136 u,- 11 ' a .2 

1424, -; 11 ■ 7.7 

368 ;+ia 12 3.2 
185 -14 ! 12,6.5 


dhfseidD -- 1.UOU 

tfony-Li.rl.910 

DdaboMarine_; a49 

CeaedaC bent lea 523 

TDK-—'1,560 

rejut--.-i “118 

muo l l ed a e L.—- 497 
loidoEiert Pknr’r.f 1^170 
i'Ajo'5snvo.—..[ 251 
loa ><> 0Mb*ura_. I : 131 

iorat....- 128 

rnrot*. Motor-) 867 


zje 

u& 
0.6 
1.0 

LU 
L6 
2.6 
L7 
20 r LO 
40 1.0 
11 SUt 
16. 13 
30 ; LO 
—1 10 ; 4ji 
+ 1. ! XI LI 
-10 | 8 r 3.7 
!-l l IE • 2.4 
h-1 - 10 J 3J9 
!—j—I 10 3.9 

‘-6 .i.au I u 


-20 ■ 
l^lo 


Peb. 10 


Ptico ■ 


Crtu 

L-J 


AceciHi. 


Hunpn-R rujrfl JJPJ 

tJelgoUtn^lraOp] 

DoeaaOP— 

Lr&U Atner. t>P+j 
M«nS+iM OP. 

FWretouiJ'R._ 

PlieUiOP..J _ 

SbozaCnraOP-.,] 3L92 t+dj9i8^3 
Vale BioDcve PP| 1.71 t+oWo.13 17.76 


Crux I 




1J0- 
3,81 
1.77. 

1.15 
2J9Q 

2.16 

8.42 {+0.wau0|£fla 
2.15-0.16 iZ.44 


+0.027.17: ItKOO 
-OJS.O.lb k.72 
—0J11B.12 S.78 
—j0.14 te.17 

-O.Ql 'fl.lh ;L33 


VOL Cr JAfcSnr. Shares -645m. 
Source; Rio de Jaoeirn SB. ■ 


OSLO 


Feb. 10 


; ^riOTj+orjDle. YkL' 

‘ “ .— ■.!* % ■ 


I Kroner 


Bergen 92 

Boriiwwd .—...I 59 

credbbaok.-, 116.76|+ 

Homos—'—.—! 335 4— 7 ^ 5 ] £& 
KraditkaMen.—' Z03 '+1 J -t-i" 
NorsfcHjrlrokr.Ha -177 (+2 ■ ia 
‘ - -I" 87.31^-,..^" 9 


StMetaranrl. 


Source -NtkXo Eecurthes. Tokyo. 


SWITZERLAND ® 


Kel>. 10 


Price i+or 
Fra. 1 - 


DIv.jYM. 
£ .1 


STOCKHOLM 


Price 


mm 

ttu - . 

FM.c. 10 

Kr-jne 

1 “ 

L Kr. 

% 


ET3 

!+4 

; s.5 



169 

,*-3 




86 

‘ + 3 

; 5 

5 R 


US 

t—5 

6 

5.2 

BUIenni .. 

81 


J A&-8 

0.4 

l+ikr- .. ; _ 

136 

!-i 

4 


Unnlo.. 

415 

+4 

13 

3.9 


+ 36 
!+Xd 
)+15 


6 

10 
22 
22 
23 
16 
10 : 
5 


243 

2.8 

L7 

SL2 

3.4 

3.3 

2.7 

3.2 


Cdlulm. 
fcjert'iiix'M-fK+L' 

BrtbMtm •B'lKrijC 

K—elte "B-'........- 

l'aarr*+*... .. 

■jinnee- -ttcei— 
HaiKteiabeiiken—■ 

■Mara trm.. 

U" CHi 

■^nnvili A.b_. 

>.K.K. 'll' Kra.._ 
Tllanrt fcovklbUi— 
larrlxtih -H' Knx 

C^friplbillii. 

I ■■Ivr* .Kr, ;0>—... 


:+1 

•9 


10 

5.5 

5 


4.7 
4.31 


217 
129 

138 _I 

02B ;-2 
67 -l ; 

52.B|—O.S 

281 ,.. 14^7. b.4 

120 [. 8 6.7 

65 i + l 6.0 ilO.O 

212 --003 2.4 

7U.8;-- 4.3,6.4 

132 —2 . 8 6.1 

84.5;+1.5 6.5.9 

«7.5L_ 1 - | _ 

68.5 —1.0 . 8 j B.7 


Aluminium—ri_.;L4 30 

HEM "A'..L7S6 

Clba Gehiyt F r. lQ> 1.2 90 
Du.. Hu Certa—! 995 

Du. _J 635 

Credil6(tee.-..J2,435 __ 

Blertrovrau——L8S0 ]—10 
PiaubertGeoneet.J 790 —10 
Uoftman PT. Certs. 90,760}—260) 660.' 0.6 

Do. yituaii)—.[9J.00 ;_65 I 0.6 

liiterftad tt—.-.|3.788 - +60 '20 i 3j6 
JolmollfFrJOOj—il,595 {—6 -20 I Lfi 

SeaMO (Fr.tOOl—'3.780 j+45 uSb-ii 03 

Da. Bea-12,400. +15 afij 1 5.6 

*15 [15.0 
13,6JJ 
26 L6 

Div Part Cert 546 ■.„.| 26 J 2A 

**lndler.CtaFlC01 332 "1+8 - 1 9 


ft ; ' buim- c* a tf.hXJl! - 590 . '+2 I 14't 3j& 

5 ! |■5j5wtoa^r(PJW)l...| 060 L—J3.S7} 3.6 
8 • ®- J Jiwiaa BankfF;KXQ|" 426 !+ i ' l 10,2 JS 
~ ' ~ .->tv Im (Hr.F-*0...B.Q2S ,+2fli-40l2j3 

Union Bent_..;3.510-‘+B ,20^25 

Zuncb tns..—— 1 11,976 ;.+ 7B ^ 40 j .LT 


BRUSSELS/LUXEMBOURG 


MILAN 


Fei,. 10 


Prime. 

Pra. 


;DlrI- 

+ itr Frs. Vtd. 
. — 1 >« ! -i 


A«+e.l. 2.130 

B-j. Hr*, lamh ... 1.430 

Hebert .1.750 

C.B.II. Cement.. 1.146 

C<v»enu __ 1 55i 

EBFJ..2.375 

fctortrobc.|_6,130 

Faliriqne Xar_2,460 

DJI. Inno-Em 1 .W 16 

Otnuert._1.246 

U-jtijkpn2,595 

Intmom.. 1.035 

KiediettvnU._6 J70 

la Karmic Bo!re.. &.26U 

l*iui H'jtiliac_2.440 

I’ctrotliia_.. 4.120 

*•>-■ Gen ttuique.. 

(tea beU-l^uc 1.966 
3.010 

•aunt*.... 2,465 

Vim kw Kl2.620 

. 948 

LaM 1 u. 1 t lm. 7Q6 

Hite Mautmitne 1.306 


—20 — 
-18 ; 60 
,-25 [112 
, + 22 90 

+3 j — 
1-25 *177 


4.3 

6.4 
7JB 


. T-5 

(—80 430 f 7.0 
’—3 170 I 6.9 
'->-10 :130 \ 6.8 
+ 16 | 80 I 8.5 
Uid 1 160 5.8 
—5 142 J 7.7 

+ 20 : 865 | 3.6 
i + lO .306 ‘ 6.8 
!--,*S-26| 3.3 

• + 45 .180 | 4.3 

169 ; 6.0 
+ 55 140 7.2 
+ 10 [EOS j 6.0 
—IS .\23I 
+20 ,162 [6^ 

• '*■24 1 - l — 

. 60 I 0.5 

I.'100'7.7 


FetulOi 


Price 

Lire 


!+■ of )Dlv..rhL 

I — -jUrtl-fc 


SPAIN » 

Feb lffl : p 

AsluM ---- 

Banco Brawn_:. 

Baboo AUamlco 0,000) 

Banco Central 

Banco Exterior __ 

Banco General 

Battar Granada a.000) 

Banco Htsnano . 

Banco tad, Cat- n.BOOl 

B ItuL Medtecra neo . 

Banco Popular —;— 
Banco Santander (SaO) 
Banco Uiqnho <LOOO) _ 

Bancn. Vfejeaya —__ 

Banco Zangozano — 

Bankmdon -- 

Bairns Abhtocia__ 

Babcock 'WBcns __ 

CIC 

Dracados- _ 

E. -L Antgonesas — 

ESwroola zanc_ 

ExpL Klo: Tlnto _ _ 

Fecsa (l,«n':_ —. 

Fenosa H.MOV 

Cat. .Precludes fi_ 

Gcupo Velazquez (400) 
Hidroix 
Qurdnero 

InmrihsTil* 

Olarxa 

Papeleras Remildea 

PotrottlHr 
Prtroleos 

Santo Paosdera 

Solace 
SOeefteJt 
Te Monica 
Tams Hosteuat * —_ 

Tabaoex — —. 

Onion JSIac. — 

TOL AVIV 

' Companr 


BMktao. Imtraqoa and 
Finance 

Badfc Letnni te land_ gju 

1 DB BankboliBiut __ 413 

Bank: Hanoilm fir. T ....;__ +^< 

tinfar 1 Bank of Israel 8 r. 5 S 8 

orntwr MteiB Bank_ ^ 

Hassneb Iasaranoe Br._ 3 S 

GtamU MOrt. Bank Br. ..T^o 
"Trfajwrw israa , MorL 
■ Bank ^. 440 


■ 

rT.! 


Prices. Cbatutt 
Feb. 12 an lbs 1 
. IKS ■ sreet q 


Anh j, 

AmoaiaJksvtc^A 

HmetOffi -- 

Fuc^:. 

Da. Prlv- 

F Insider. 

ttaluemml— 

Itsiskter_. 
.M *rfli4n ipt 

Honied Iron 
OHrettiPriv. 
PirelHACo.- 
.Pirelli S[d... 
Srrim. Vtmeoen . 


126J5;+0.76 ! .— 

960 -I—80 ' L20>12.6 
, 440 [+15 ' 

JL984.5.. 

1.689 >. 


a* . lfi- . —. — 

10.6991+209 200 IS 
120 •;_^ — —- 


a.7 



Africa Israel Invest, ifio' . cn . 
IiBnel La nd Develop. Br 

Pnumrty amt BtUWtaa_ 

Powic uanty — - 

tenet. Electric Corn. 


+2.B* 

+3.0J 

-M 

-9.0' r 

“SS.9 

—274) 

*’53.8 
t3.0 
— H.9 


- 304-5 “SLS 


-24* 

-LO. 


-4ft* 


Bank 

" Clal” Israel In 

CimiiuuulM- amr_ 

Alllaau Tine and Robber . 1 - w q 

Efco ■ Be.__ ijj 

Anaman Tfextflc Br; .— 3w -an- 

■■ ATA - Textile “ B " zw 

to«.-IscacU Paper MUte MS -ST; 

b35 ^ “W- 

Teva Res. 1L — soil -5^ 

Pwtl ud Oil : - 303 -SLft 

Ddnk _—--aa _ lrjs 


- 400 

373 


BrfBten tavMeiKta are afts^- 


NOTESi Overseas nartcea arotaav a pre miuin . 

WtiOwMbW wx. 

♦ DAIiO Oenam. antess' otberwtsa stated.', ap pcmjui itmnin .ni .. . ■■ 

atittett i +KrJ 0 O. depom. nniesa .otberwlse Pwjbo 

SlSilffSm “JfniniJliJ” .dnloBs et&anriac stated.- 

Btupention. a Flonnt. bSCUHUBa. OCetta.- riDteMena 


Kr thne '«F 


tan! al! ^"TPor 

lH 1 ®'2l fdwr scnp_ AOd/or right* testa. * 

OnUae dlv.- tritom. ■ oS&axa snUr.. ,ni r «_d. —_m 14 Rcsltes.'- 

t ladlrated!'djy. 0 OnoffldSwBdSS:. ; 

4 Traded, j Sailer. rAsauned. xrEt 


indndtnr Onllae dh-:- 

payment. 

pending. 

djrtdcmi. xc Ex' atrip iasueT 


xa~Ex xljj ^ dSr ' 


r " i e 



in T 

9- 

ri*-' .1 
• v 

1 ' 

/ •*. 


■ti \ 

ii': 

l li :■ 

u 

■it J :; : 


^ / 


aV 


V: 

f - 




























































































































































31 







-' -rry. | 


V M 


•t ... •■ 


13 1975. 



UNIT TRUSTS 


c - TSt. Mfire. Ud. <«) i# . jSrUasids' Trnri—Cootliuro 

*‘4; Ajlesbuiy. • 02866841. .PrirfwutlMiai..~.. (gfaSJ 


t ., 



topitei_. 

WTOM - 

UT.Tst FH. 


Huifaro Group (a) ($ ' 

. s tfȣSSM(8^'Ar 

'. 1 Fuads -'. 


KafrSS^^ p?ji ~ 


Rl? 



jJj 2.SL Mary Aro.ECSA SEP. 
4.07 toJAmcricatiTrt . . 22.4 
4.70 £nujhTrt.iAeci_ 44 6 
193 Commodity Share.. 138.4 
'-■■_• UlKJtrEau. Trust-. 24J 

Toe BritliV life Ofltae-LtiLV ta> High Income Tt,c 553 


Gartmore Fend Manager* ¥ I’aK'gi Perpetual Unit TrusL Mb grot. V fa) 

Ol-snren *8 Hart Si . Henley on Thames 040128888 
DOS I* jiHiliJUp WO .,(37.7 402) .,( 3 95 


J .\. ** 


KM.-' 


-.613 

i nr- - 3SA 

bid. Dev. 3L2 
*pi!aI_-_ 6M 
. Fund—_ 99.7 
Acc. Fd__ (m? 

* FUhDC - 

■Id Fd_ l.1643 

-j|0A 

to* ' ■ 

local_ (»•* 

■ toncrtra._wj 

f Quprt v . JjjUK' 
* * Fu*d* ‘ 

Co.'s Fd-_Q22 
-. Co's Fd. _ 44i 
.Kf tc.-_.f_ ggj 
*. 36J 

1 Earning*. 50.7 
intr. Co'sJpLO 




24.41 +8 II 
53.3 -4.7 
148.3 -J.tf 
25.9 .. ... 
59.5 b +0J 
719b -0.2 
1346* 4001 
B4J -0.7 
Z 8J 403 


341 
3 71 
1.13 

HI 

191 

157 

130 


H*a w. ossa 22271 [SwwSwcfw- mL 

■••'••• - 2-a ~°2\ I* IllU - F -*«npt Fd ." pi 4 
?L?4liOO*4*^— v- 4541-1 5.50 l*iLntl.Ta,»Arc.'>....|26.1 _, _ t 

15 K Gibbs (Antony) Unit Tot. Mgs. Ltd. 
»BJomfleldSt,EC2M7Nl t 01-9884111 

5JB "^W-ShtlBOf « Ga Utf WAG. Income- (38.0 48.' 

Mafers; Founder* Ct_ECi, 

BSUdtiPWi.7_i.eai4 -217, 

S’a. fAcc.1 Feb. 

Ocnaqle Trans ta)«, 

Financial_ 

CmmI-V -■■■ : f 


GirmtaAocum._ 

Growth Income_- 

Index_ 

Ovcmeu__ 

PwfWHMMe - 

15 SSSans-d 

4.® 



014008530 S&ggffiS- 


... 8 60 
.._ 4.70 

0.» 


: is C*«da Life that Tst*b«ra. Ltd* SSE£; “ 


SM a **&te»KL.7’«Mcs Bar. Herts 
- Oa-GeoDtot^__BS2 " 37, 

- Trust Managers Ltd. -.%■« 

saass 1 *;**. vs « 

. 2&SS££Sf& 

.+..SU &C3V 7JTA. . &1-023837& “-*-■■• - 

tHpFttatLfOTka UU| _ J U8 


■9 

. A ZZ.ll 

Dealing •Tucf. ttWi 

Gwett (Johartf 

77. London Wall, £C,2. 01-5885630 

S-hldr.Fch.l._Q19.7 126.11 ...l 223 

Do Acctun. Unit BaS 2 150.9. .. 22J 

Nat dealioE dar Feb. 17. 

Hi SritveMB Managemeat Co. Ltd. 

If? ^Grcsbam St. EC2P2DS OI-0M4433 

4.47 

4.47 
7 M 
7AS 

1.48 
148 
2.43 
2.43 
1.01 
1.01 


(308 

J2 9nf 


958 

409 

4J.6 

♦0.3 

334 

<86 

57.0 


355 

46.6 

49 9ri 


327 

36.4 

38.94 


4.14 

62.4 

66.7 

-04 

4.92 

58.4 

623 

+0.4 

420 

23J 

24.6 


3.00 

222 

23 5 


3.10 


rAcriun. (Initsi_ 

BtcnKTFeb.9 ..._, 

•Accum. Unltw_ 

■Endear. Feb.7. 


F.8ar5!t23 Gmch«r.Frt40. _ 

4J8 [Aerom Units)__ 

IwiADnli Feb.8 ... 
lAcvum. UnlUi.__ 


(190.1 

198.7m 


206.0 

215 5 


1692 

1772 


1900 

1990 


157.3 

164.4 


1*2 4 

169.9i 


778 

in r 

+0,6 

882 

602 

85.1 

71.1 

+0.6 

78.7 

73.7 



Piccadilly Unit T. Mffrs. I2d.¥ <axb) 

WsrdrieHsc..58a London Wail EC! 838090! 


Small Co?Kd ■. 
I'apiUI Fund... 


Far Knot Fd- , 

Amcrlekh rund .,. 

Practical Invest. Co. Ud.V &XCi 
44. Bloomsbury Sq WCIA3RA 01 

Practical Feb.8..[133.4 14L8I .I 4J7 

Aeon* (.’nil:.. PB64 l98l| . .: | 137 

Provincial Life Inv. Co. L£d.V 
232. F Ishnpigate. E.C2 01-3476533 

Prolific l.'nltK.. . [72.1 77J| -0.41 3 29 

High Income . pMl lUjJ -0.3| 7.77 

PrndL Portfolio Mngrs. Ud.V taitbHO 

riolbom Bnr^ EC1XSNH 01-4050222 

Prudential.R19.0 126 51-0 51 4 45 

Qullter Management Co. Ltd.V 
The Sti. Exchange. EC2NI HP. 014004177 

g uadnuilGea Fd .1181.0 10421 . .. I 417 

uodrani Income ..|115.7 119 Jnt_I 7JJ8 

Reliance Unit Mgrs. Ltd.9 


01^88.6010 


Guardian Royal Ex.,Unit Mgrs. Ltd. Retrace Km.. TwbrtdcaWctu.Ki. 08B22227L 
PojsJ Exchange. EC3P3DV 014088011 Opportunity Fd_..158.0 62. 

'agiGuardhJIlT h_(MJ 873|-D]| 4.41 SefetordcT.i'Acc.-..pij 42 


' : 04S __.J 4.03 Henderson Achnlni8tratlon(a)lg) 


SeUordeT.lDC..- -II 


Wi-d 13 

2 41-031 548 


mot Securities Ltd. faKc) ■ 

3 StioTHkm EC4BIBV Ql-2253231 CrflM Itatt RL. Hpi XtiV (KXCI 


S^e'^-—M?: " —3 737 UT Ridgefield Management Ltd. 

Prices on Feb. L Kest desHtt* fob. IS. BrenHard ****& R os^ 2I7S8 TO Box 910. Bankjtec . Mxnchjnr 0812368321 

■’ *' '-'A - 


’S',.Fund_GeT 

iCatbd^KS 
drwtlltutefz 
me Fuad ,.(257 

u 



- 

•P.Fd.Tt UJ 

-37-2 

Umtsl - <2.9 

. »a 

•- Units/__ 

GtLFd,*J ms 
At IntLFtf, 2® J 


119.71 


+LP1 


57 Ad 
■Z7M 

773 

^ 3 SI 

Us 


10.43 

*m 2j5 

iS 
1200 


331 
511 
S1Z 
301 
isr 
asr 
m 

IS 

„., 5S 

730)- 228 


17.7 



Ulbani‘House. 2fi 
Caziioi _______ 

Do. Accmn.X"nlt* _ 

Da. ftigi* Yield_ 

DciAccim. i rwiu ., 

-.vest 


Charterhouse Japhety. 
i.PaunMUKerRow.EC^- 

tU.lmnutt- 

Aecua. Unln ___ 

CJ-tocowe_ 

CJ. Earn Fin 
OptSDentFWU" 
cj,Fd.liw.T*^_. 

Accma. TL'nitr.___ __ 

- Prices Fob. 8. Next-deal ins 


jgiAiutiallan 

Cap Growth Inc_ 

21185 CaPCrewUrftcc_ 

a 77 <E;European._,_ 


805 



"ll-« 


iglFioanAdTU _ 

Sk f«'Hitei Income_56.0 

O K> tcilnc. A Assets__ 310 

IgilnUrnational_232 

ig/Nth. American._ 32J 

- - N-A CrociFeb. 10.. 3032 

-010483008 gjlftNat-i-S32 

577 It.Wld. Fob. 10_732 

- <8 ■ Cabot_WA 

ubot Extra Inc_ .032 _ 

■For tax exempt funds only 

Hill Samuel Unit Tst. Mgrs.t (a) 


3024-0.3 
107.a *2J 
252d -OJ 
7U +0.6 
75T 

SJUf+0.1^ 


L9* 
3A9 
369 
2J9 
3.57 
3 61 
8.07 
5.94 
222 
123 
224 
2J6 


Ridgefield lot UT.I8L0 
Ridgefield Income. I960 


209 

907 


iSloI ::::! 

Rothschild Asset Management rg) 

72-BO, Gatehouse Rd, Ayleabury. 0288 SMI 


X. C Equity Fund 154 0 165.1 . .. 

X.C. Ebo-.Res.Tsl.pi2 1002 -0.7 

X.C. Income Fund. 0399 148.1 -0.3 

N.C. Inti. Fd. (Inc.472.7 77J -B3 

N.C. InU Fd. fAcr.372.7 772 -DJ 

V.C. Smllr Coys Fd|lA4 7 154.0 +D2 


325 

209 

727 

155 

195 

401 


4.K Rothschild & Lowndes Mgmt. fal 

5-40 St.SwitblnK Lane. Ldn . EC4 014M4356 

New ft Exempt.. 1017.0 124 0| . I 772 

Price on Jan. 16 Next dealing Feb IS. 


8.93 


45 Beech SLEC2P2LX 
fbi Bn tilth TmsL. ._U47 J 
(fiilntl Tina_ISA 


ssssssssr^tssss, 


American 
t Income. 


dJffs.*-Dec. 22. ^Dec. IS. DsUy 

Unit Tut. Mgs. Ltd.V iflHc) 

Hofbwn. 19CIV7NL.- 1 01-8318233. Basic Rone. 

Rind—„[77_5 KM ..._| 5.99 

at Feb. l. Next aabTSr F3.15. 


Financial Trust U2 

ibi Income Trust._262 

lb) Securin’ Trust-. 502 
ibi High Yield T»_ 284 


157 6 -02 
54 On *0.1 
70J +02 
MO- —02 
94 4 -OS 
260 -0.2 
53.7 -OJJ 
30.4 . 1 


01-9288011 


524 

320 

13 

4.60 

7.62 

5X1 

8.14 


Rowan Unit Trust Hngt. Ltd. 


Rewan Am.Feb. I .1593 
Renun Sec. Feb. 7.152 0 
Rowan H» . Feb.9 . 52.1 
fAccum Units) .. . 715 
Run Hrln. Feb.6._ 18 0 
iActum. Unitsi. . .1830 


1X2 01-006 1061 

614 . .... 

121 

1604 ... 

4.80 

54.9 .. .. 

75* 

7?4ri . 

7J4 

329 

872 ... 

3.29 


'S Unicorn Ltd. (aHglVCe) 

Ho. 392 Rendord BdL E7. 01-3345M4 

America _ 


2R7 
,553 
. Gl 
. _05 

.-pun*._use 

iS&IH 

-- 685 

ini--295 

. lb Atc__ 38.4 

m-Til_783 

A-ni.T*L„ 1353 
at Jan. 31Next sob 


'StaC 


257 

Z« 


109.4 -S3 607 


InteLV laHgl 

Confederation Funds Mgt r .L - f (a) 15.ChriaophcrStreet,ILC2 m-2477243 i>g!!«!C3— ■ ■ -Kl 

SOOiaiio«3fLane,WaAlHE. M-Wl2028a hiteL luv. Fund - 1860 933ri|-031 6« .^ 

OrowthFond____P85 . nil —A 4.41 Key Fund Managers Ltd. iaxg) 

01^06 7090. 

5.98 


fSmmiiiiflWfQH p. _ | ie. 25. 5fllkSt,EC2VBJE. 

U a s mo po n tan Kuna AUuagetX- . Kev Energy la-Fd..: 169.4 
Copthall Ant. London EC2RUX- . -- 8280222 Key Foul(r& Gen.,*40 
CokdopoIiuGUlFiI(T 7J - 3SJ(+92t •« *Kcy Exempt Fd ..B4B4 

- Key Income Fund-(77.4 

Key Fried Ini Fd ..|6L> 



Bfssaaflua 

m 2 +®2 5.9? 4NelriCeO-e8_E<IIrU)artelZ,««J«8aini 
3X7] -0 l1 627 

-13 fz 

Crex. Reserves. 


teltSBvni 

40JU 426 Klein wort Benson Unit Managers* 


CrtaccnlGroirtb _ 

Cnfa.InlermUX—--Sf.-f.jr 20. Feurhuirh St, ECJ ____ 

+0J1. 657 Grea. mgS.Dto L--kg - •i JIT'iM' KB UnliFd'liic...W3 W.W -9.JI 457 HlgMiMd. 

Jj. ^45 Oex. Reserves. —1(385 .454 4K.B UnllPlAe. [M02 l%5rt -2a| - 


Royal TsL Can. Fd. Mgrs. Ltd. 
54.Jermj:ii5lreel.6.H'.l. 01-6209252 

67.71... I 3.86 
716) ...| 8.00 

Save & Prosper Group 
4. Great Si Helens. London KC3P r.F.P 
88-73 Queen Si. Edinburgh EH2 4XX 
Dealings to: 01-5M 8880 or 031-226 7331 
Save & Prosper Securities LtcLV 
IniemidloaaJ puds 
Capital..IgA 

Univ.'Growth..' |573 

01^6238000 incrrwlag Income Fuad 

-- - .1539 5791 -0-J| 6.70 

HUb Income Fund* 


OFFSHORE AND OVERSEAS FUNDS 


Arfcuthnot Securities (C.U Limited 

p 0. BcA584, St.Helier Jersey. 083*72177 

Gap.Tsl.iJcmcv... |U60 1M0I . I 3 65 

Next di-klmc .fate fyi* 21 
East&lnil TbI.CI- .(HMD m O' ' | 3J8 
N*ai i lib Feb Si ' 

Australian Selection Fund NT 

Market Orpwuiniip-.. c ■> In^h Young A 
Outhwalle. 127. Kent St. Svdr.«')- 
USSI shares- _. ISi <142 ' - | | _ 

i ni r.tliii' Fehruar)' 0 

Bank of America international S.A. 

33 Boulevard Royal Luxembou.-g G D 
WUinvestInconw IJ7a*0?7I 674 

Frices ai Fob 9 Next .Tib day Feb IJ 

Bnk. of Lndn. & S. America Ltd. 
40-G6- Qn «o Victoria Su. DI4 Ot-S3n 2313 

Alexander Fund.,., isL - >in _ i i _ 
3« asset value Fob. P. 

Banque Bruxelles Lambert 
3. Rue Dr la Resenee B 1000 Hrnssel* 

Renta Fundi.F . .(1.955 Xfliy -IZJ 831 
Bairla.v5 Unicorn int. (Ch. Is.) Lid. 

J. Onrihgi ns. Su Hcljcr. Jrsv MM 7x741 
Oversoax Inronv.-. 1502 52&d -021 H 03 

LaldolUrTrua . gl fl|j* ^ 

■Subfocr lo ibc and nlihbeldiuc laxn. 

Barclays Unicorn Int. <1.0. Man) Ltd. 

1 Thomas m . Doughs l.o M 
Unicom Ausl £j.u. 139.6 42 

Do An* Min_ 

Da Gftr. Paviflc. _._ 

Do. loti. Income. , .139 7 

Da.j.ofManT^ „ — - 

Da MOBT Mutual 


First Viking Commodity Trust* - King & Shaxsou Mgr*. 

B S 1 , George'*St. Douglas. 1 o M 1 Channc CrtMv Si Helier. Jersey. 

582-i -<6fci Ldn. .Vgto- Dunbar tt Co, iJd . I Thomas Sirret, Dimslaf. Jsle of Mm 

M Pal! MaJl.l^ndonKBTTSJH. n).p3078Tr Gi!tFund)J(T)«er..!lB.10 lOXMt .I 13LJU 


KcbleslBger International Mngt. Ltd, 

ai. Up Matte du. St. Holier. Jcr«ev. Q5M7338R. 


FxlViIli m To 
I sUViLribLOp T«t 


IMS 

»0 


41 9i£J 

uo| 


J 


200 

070 


- 


240 


820 

BAD 

210 




*466! -02I 


845 

820 


Lawson Sees. Ltd. VtaMc) 


E. F. Winchester Fund tfngt Ltd. 

Brothers & Co. Ltd.f .(uKX) Old Jewry. EC2 . :; : dUMSM7 K> George Sf.Kdinl 

nhollSL,E.C3. 01-S882830 GreMWindier..H«J l 7.72 £Rau- Materials . 

f s ^ ^ Quj 17321 • J' in CtWiidier D"seao|l85 . 959fi'.x*—1 538 jtfAeeum (,'nibi —. 

m '- 'nn, 1: "1 Atn ' - ' *Cro*1h Fund.—., 

Next ~S&r£r FcSc """‘ - Emson & Dudley TsL StagtaQL Ltd, S&ffi™JtS£SSl=r 

• . _ . . i -,. : ax Ariiagton SC S.W. L - ‘ ' .v“0X4fiQ335i S^n^Vcf 

3gate Progressive MgmL Ca-V ansonDodlejT«t-.^7A - —. “ 


Oivtkh Fnmbtrl 
Europe 


44 54 -Oil 484 


Cgatc.E.C2L • -OlrSQBSZSO 

«Ffch.T_ 
rt.Jan.3X 

Jan. 31_,_ _. 

n nob. d*s Feb, K “Fob. zL 

Food flfaa^ersfWCc) • - 
UainSL,EOffi0AR 0)4094051 


357 Egultas Secs: Ltd.lNaKg)' 

X*7 41 Biabop48aba, EC2 . 

Pribpcusliwl—_fMJ 


. • 72^7 5JD tfAccum Uartsi_ 

•• • vT> ,- . -High Yield_,.„ 

— — fAcrun. UoiUi_|665 


35.1 

SU 

+0.1 

38.1 

41.4| 


536 

to jfl 


58.4 



32.7 



203 

‘ 


in¬ 



to • 

52Jboi 


Hj 

7lfi 

"i; 


733 

3X7 

3X7 

HZ 

026 

1059 

1859 


246 

2A 


-'^tfar3882851 De * L * Mda - Toes. tlWwL tthar*. —Fn. 
6«A{-^X^-«1 Legal & General Tyndall Fandf 


Squill dtL-w Un. TK K¥ ««bkc) 


0C72S2M1 &9K£ 

4.92 



:t.\! 


.tL Acc.+ ..[14.4 _ . 

Feb. 7.8 Dealing *Tnex. fWcd 

ua Trust Managemmii<a)(g) ' 

■ WaH Rundinga London W«1L - ' 
X2M5QL 0) -638 (M7SW70 

I 

l 5^53 ^Ol] A27 


_ _ 59 

AinenKaxs Rd., Hi^3 -WycWnba.: . ; VW 33?77 UAecum. Units'-pA tXM .- -l 4.92 

Equity-Haw H?T v-_6Sif.'4L3} 438 N*« «*>■ day Feb. Ii 

: 1 .'.y*. Leonine Administration Ltd. 

FramUngtma Unit MgL Ltd; _I») . 2.DukeSL London WIM«P. 0)4865891 

57.IrelandYanUCWHlH. ^tlMiaeKl LeoDia_£99 73.61 ..t 538 

Ttei’-.-:gMjL ISSijSfl tn L * o Awum — 78J| -0X1 5.06 

IntB .-257 Lloyds Bk. Unit Tat. Mngrs. LtdLV Cal 
Do. Aecunt—■-■.'.-1955 .J8tte. | hlii.“-2J7 Reglaror'a Dept. Conrut-by-Sea ' 


-Sector Funds 
Commodity.. . .. (65X 
Enemy..161.7 

Financial Secs ,.|63 7 
Hlgb-Malmum Funds 
Select TntemeL . 1218 7 
Select Income —-..plA 

Scot bits Securities Lt*L<V 

Scotbiu_ __[35.7 38J) 

—E3 f?' 



Scotsharrr— 

Scot Ex.Gth'4 1 -11982 207.64 .1 22S 

S«rotEx.\Td.-*-_.|l«5 1702] .] 7.19 

■Price* at Feb. 2 Next sub. day Feb. 'J2 

Scblesiuger Trust Mngrs. Ltd. (aKx) 
(Inrorporailng Tridcri Trust?i 


735) -OXj 582. G.T. Unit Man ^tys Ltd.P ..- r ^ ' ;■ FoorihrExtoe 
m 3-Oil. 3.94 iGFtoisbtiryCin»oEC2M7DD:.' -JniSttmV DaiAccunu.|635 


mtb—_f 




tericao—(265 


100.4 *03 
48 AX -OX 

1*0 -4)3 
67J -ft3 
1000 +02 

80.1 -05 
75j1 -02 

54.1 -02 
433ii 

S8 A -<U 
793 -03 
365b „ 

■ 2S4 -02 


' - r.- .•■'jilt*.' '■ iWorUung.wresiSiiasea 

Friends! ProvoL Unit 'fir. Vb&*& .' - Ftra iBriocd 1.(47.8 

PtxhaniEnd.Dorking. V'.flaoSHXB ■' 

Friend* Ptw. - 2 . «*>«# 449 §“°” d ^ ' 

DO.AecuA,x- liSLl -:- ■ 54Afr^J '4.49 


46.4 

Do.tAccum.1..- 57 7 
. Third iTnramcj—_ 782 
DofAccutai—.11050 


0I-8S3 1288 
5X31 -031 445 
ma| - 0.2 445 

Ii? 

-0.4 621 

-0.5 621 

-02 770 

-02 770 


4}.fe 
‘ 620 
Mfi 
U28 
615 
682 



GlT.Gdp.Iw.-( 

Acc. 


:m&= 

GT. Japan & Gen-. 

® fG.dc A. frost (a) (g> 
<90 5 l Rayleigh RcL Brentwood . 
LOB G-4 lA-;-™ P05 


BXrij +ij> ■ 
1023 -+43 3.63 

p3f>|S 

23*6 -03 ? XXO 
1375a .4X0 

. 132.6 +0:7 : 230 
555 ..*.,7.40 


lex Limited 01-351 3465. . •. ItoeehiiiontJr '€Gppef 653J-559 ; 
iont Road, London'’SW10 OHS. ' • : ~ . T 

: CLIVE INVESTMENTS LEHnCEb " / T 

i-ai Exchange Ave.-. London EC3V 3LU1 /-TeU 01-2SS 1101 
i Guide'^s at rtb Vekmaiy, 1578- (Base 3$)-at 14-1.77.)' 
;iive-Fixed Interest Capital 135.06 

Hive-Fixed Interest Income 123.17 


CORAL INDEX: adse 469474 


INSURANCE BASE .RATES 

t Property Growth...... V-7J% 

- .Cannon A^suMnce • .- 4l% 

t Vanbrugh Guaranteed . ...... 7^5% 

t Address shown under I n s u r ance and:Property Rond Tabic. 


Lloyd's Life Unit TsL Mugrs. Ltd. 
72-80. Gatehouse RtL. Aylesbury 0290 SS41 
EquityAccum. ....(1389 146.21 . I 437 

H&G Group* WMCJWI • 

Three QDatvToier RUV^R BBQ HI826 4686 
See >1*0 Stud Exchange Deoil ou 

' American-392 4L7*| ..1 0.98 

> (Accuul Uni«l-.39.9 

i02?71227300 Australaidap—--405 

OH 211 475 (Aecuta Unit*)-— 40.7 • 

3Z6I+OX1 4.75 -6U 

fAccum. Unit*)-65.B 

Compound Growth. KX 
Omwlon Growth 475 
Conrccsion Ibc. - —■ 562 

Dirideod__-118 J 

rAceuaeUhhs)—. *>4.6 
Swroppan , 455 

IAccum.-Unjlsi.. 46X 

Fhtra .Yield-..808 

'MMMXUaiW-i. 1052 

Ear Edslem:-- M3 

EAcciun. CbUk}-413 

Fbadoftic.TstS-.. 558 

fAccum Units''...._ 16.0 

General --- 1S33 

LAcoujtCtutsi- l 234.1 

KiKh tocoroe™..- 95B 

fAecunuCuUs)-Jg.9 

Japan Income—„ 123.2 

(ACctDa.l'nitt)-J3.4 

Magnum . 1781 

lAc minc Unitot_ 2223 

rSeuimUiiltsTn!:: 2489 


140. South Street. Dorking. <0306> 80441 

Am-Exempt*-.[UL9 19.9| . 

Am. Gnonrih__ 34.9 . 268 -Oil 

Exempt High YlcL- 253 264 

Exempt Mkt. Ldrs - Z3A 34 9 
Extra Ine T*t . . 285 30 6x 

Income Pisl . 49.2 43 7 —D.l| 

Ine 103s Wdru'l. .. 30.9 336 +03 

Intnl. Grouth. . . «1.B 44Jo -0.1 

Inv. Tit. Units . . 232 249 

Market Leaders . 275 296 

'N7I Yield*. 27 1 29.3 

Pnd. & Gilt Trust.. 23 9 252 

^SKifKt. .13 In 

IT.K. Gith. Aeeuta 204 213 

UR.GTth.Dtot-p87 20.ll 

'Next sub. Feh 22 

X Ifemy Schroder Wagg & Co. LtdLf 
01-2403434 


+ 0.1 

-01 

+02 


2.22 

2.65 

862 

455 

480 

919 

327 
4 85 
455 
0.01 
1150 
220 
2.78 
558 
552 


INANCIAL. TIMES STOCK INDICES 


01Mt;5WK». 

ntereai_,-7.l 


Feb. 

10 


Ttb.” FetT 
9 1 S' 


Feb. 

7 


Feh. T 

S 


Frt-. 

3 


A ye»i 


7&^0| 

78.16} 

LA* Old inaer —J 471*1 

Uws-—.....’_j - l'46Jjj 

v. YteM.^^__| 
rig'. d%iru.i,’ij 
, an tnetj (*T>.. r .j 

a umricort_1... 

turnover £tn.-i 
h»n+»na tnb« ;I 


762^. 74.41;,74.05} 74.05} 74 JB3] 

7'iaa 77iSlf-78.05!! 7^02] 7B.78 : 

473,*'. 468.44.. W.7; 4«.l(. A«8.7j 

i4a.ioj TSi.6l_.idi,6: isi.6 | iog.i 
S-. 6T -5i7g* . L 5.76; r 83di wj 6-OS 


65.90 

65.57. 

581.5 


6.143 



— j 16^4».1A1S3!T4J590. 15.734- lgw35D 17.812 


io a.m. «73j; U am.mL- .IS'obn 4J2.L 1 
' ’ 2 pm. 4T85. S PJS, 47*3. 

Uttyr index 0W86 8826. 

- " ' Baaed on 52-tntt reoL corporarian iu. + NU=g08. 
n& ICO Govt. Secs! 15/10-26. -Fixed Hit. 1928. Ind. Old* WOB. Gold 
12.'0.‘3ci. SE Activity July-Dee. 1942. - 


HIGHS AND LOWS 


S.E., ACTIVITY 



1 -7 f f7e _ . . 

(dtiiw A-'um pttoliDO 


Ht B h | 

L>w' 

j 

| Low ' 

«•■■■! 

• • \ 

19.00 

ijjiji 

Bu.4a ! 
[4iti 

1 IZ7M \ 
I PMI'JS) | 

1 49.1b ■ 

vail■ Id) 


81.27 


ISvj.4 | 

i>04»3 , 


| iV'L/di 

i4.!i 

biiKf.] 

i0<l/7bi 

it.j 

a4«J- 
1 iWeti 

537.6 

fliyli 

| 349^ | 4B.4 

<14fya»./■<*;. i 2 K*j 40 

. 1 

infw.j 

I 17«j 
i-l/W 

BB.l 
(1 Zt 

442.3 45.3 


Feb. 

10 


Feb. 


--Daily j 
tijif-EdirW J 202. S 
InduAriea,,^ 2105 
?peculmUve_J 33.9 . 

liMif ._.J 139.8 

0-i»y Av'rtgel 


203.1 

193.9 

38.1 

134.94' 


j b pern ial< (*£._{ 35.5 36.6 

J- 75a*.,....{ 133.* , 134.4 

INANCIAL TIMES STOCK INDICES 




Feb.’-1 
io r ; 


Feb. 

9, 


Feb; 

a 


I -Feb.- 
I 7 


Feb. 

6 


Fab. 

3 


I A Year 
ago 


ml Group,_;j 2D1.40 20L88: i9^J9B.-XB8.pl 195^40 196.13 149-34 

282.9?' 919-581 B18J l 1 915.10 215 l78- 176.08 


edd p;. 


5.53! 


5.6£f 
A13! 


axw, 

tie ineti_ ' ■ 9.20 B jfi! . o.»| 

rea .^80435 205>3; 808.491901.951 199.16 199.B6 1 162 73 


5.64j 
a. 15‘ 


5.7i ; 


8.03' 


5..70: 

'3.08! 


6.G3 
8.80 


AceuBLllts. JanJML 
jlfedlnnd Bank Group 
platt Trust Mfuager* Lt«L¥ (a) 
Cmrinod Hotuc. Silver 
®cffi«34Sl 3RD. 

Cnpwiodtw & G«n- -|»A 

DaAeetun.-*3.1 

Growth— _132.9 


IG AFORE 


HOND KONG 


Htmir GoogJ. 


.Feb. 10 | Feb. 3.1 


S 


Feb. 10 


•'»! 

TuJ 

■bd! 


ive' 


■(jovu Coan WW 
AnUlganuI^d Bobber ;....! 


i _ 


if *?, ! is 

® ill-Sift srsnsir;:! - 9 : ia 

-ft Ssfe-^SS: f$. 

:1 )gS2sg--»' jeftfesa? t"! 'tst- 

si sa feaa.^ -.ssSS^. * 1M0 


UA| *•«» L ' J 
8A 6.95 litas 
fej 
So. 


•' w 1 
. jliuJ 


HutcMaan tTBampu* a-..' 
liiivr. rtelitc seuniruioi...; 8JO 
JanJtttXfoUttWU-I. 12.50 

—-1 


*„- IsaWitr _1^6 

doatiin. P*c. Prop„^._j 0.52 

' i *'®-" SwUuaaTtu.Mfa'^M-^.l — - 

tiaire PneHli: '6,70 

wl -IWrfltrAVIarica..— - < 


3.973 

8.90 

12.60 

t5.70 

1-86 


6.65 


L73 IaubJmJ. Am. 

- 350i iKampm*....^ 

- 2.00- IKismat—^-. 

~ij£ fltonbsl_i. 

•1*07 iwCetvjp-otHQPgKougi — 

- „ UB.. W«Hm«tl4a JUO -,Wli«U'fi5i*n1«» 2.17 2*20 

- : oest-i6.J0 teupremeup.. B*ri . Ml^ich Murttime.r..-...! 3^6,13.50 
* • ■ • -fi/l, • • .fUWVaimanlrtJ 2.70, • iv'tiiiv Ihdimiilnr .7,510 l 1.93 

-• -- -IVyiuidr u. : _ .til 

. '-jbcEw.' — 


id Sx+ 


t Buyer.. 


■ — llhamnert 
ttWMRjMl 


t6sUte- 


1«3 +1-6 


-74.6 

(Afcum_Onrt»l-755. 

Second Gen...:_1543 

lAccnmXJnrtii- 2384 

Special——.M5.7 

CAccnm.'Unjtii-,—J 1^8.6 
SbeetaBaed Fund* 

■nuEtee __03*3 145.« 

(Acctun-Uni no..— 2614 2753 

CtiaritHutd Feb. 7 _. 112. W 

QtarUd-Teh. 7-136 7 139. Bn 

fAccum. Unit*)_1665 1691 

Petia. Ex. Feb. 6-,. UOX 12Uj 


120. Ch rapxide. EC t . . 

Capital Feb. 7... _ 918 95.1 

,Aeciwi-i-- — 11*3 ■ 1143 . 

_Income Feb. 7. 1MJ 175.4a . 

in fAecom.fnlto*.... 246 4 2553 

in General Frb. 8- 76.6 79.70 

*86 tAectua. Unltsi.. 943 98X .... 

IS Europe Feb.9- 26.9 28.6 

<05 lAcoum. Unitsi, - 29.4 312 .. 

<16 -P‘n‘CtorJen.34- .U6X 17X3« 

8 77 *SpeciEx.Feh.7._. ZUB . 2183 -1^ 
g!09 •Seeoveo'Feb.T.. 177.2 1825n 


IS 

7X4 

334 

334 

140 

148 

3:8 

5.16 


*02 


For lax exempt fund* only 
H| Scottish Equitable Fnd. Mgrs. LULV 
845 28SL Andreas Sq.. Edinburgh 031-3309101 
*« Income tloilif. ---.|47.fc 50.71 1 *40 

3,25 Accum. Unito .. ..§i ^ 57.1J .( 5.40 
325 Dealing day Wednesday. 

<u Scbag Unit Tst. Managers Ltd,* (a) 

6.03 po Bn* 511. Bcklbiy. Iliri. EC.4 01-2363000 
” “ SebagCapital Fd. g25 3451+0.11 3.69 

|5} SebaKlncome PT4. P94 Slj .....1 

1M Security Selection Ud. 
tS 15-W.lineoln'tlnn Ftdda.WCS. 01^310038-0 
453 UnrlGthTatAee._B2X 23.71 ....} 3.96 
7B2 UnvlGthTxtlne, ..fiS6 20.9| . . | 3.96 

-g-tol Stewart Unit Tst. Managers Ltd. fal 1 W , t\'.M;dPria 
<75 43.OwrlotieSq-Edinburgh. 031-3263271 
Stewart Antrim Fund 
.Standard L'nltt —-1548 58. 

Accum. Uniw.......159.0 62. 

Witbdrawal Units ,fc.l 4* 

Stewart Brlttoh Capital rund 

■Standard™-. U»5 J37.0.| 365 

_Accum. Units ..|W3J 155jj .... 

748 Sun Alliance Fund Mngt. Ltd. 

™ Sun AlMaoee Hse_ Horsham 0403&1141 

&p^q. , T«.Feb.B,W9181l 2O0.W .| «57 

... - - • 3.83 


El 


OTfie Family Fd. _(S6J 92.0i id'xl 


MamiLife.Management Ltd. 

St-Godrge'BWay. Swrenage._ 043856101 Target Tst. Mngrs. LW.f (aKg) 


CriMCh Dnita._-(49.0 5161+121 3.94 

MajdTower Management Co. LttL 
XVXOGcoeluan St, ECSV 7AU.- 

[asaTfefclffi' ’«* •: : I IS 

Mercury Fund Managers Ltd. 

30, Greeham Su EOP 2EB. 


3t 'jwthm St- EC2. 
Target Commodity.Bib 
nunasim Target Financial—p6J 

01-6008099 x--Su v~.it. . Rfc* 


Karc.Gen.Feb.8 . 

Acc.t'riFeb*-. _ 

MamlntFeb*-IK* 


as 


UM-FcbS.—, 


£M.JaB*8.-PU.9 


Target Equity,-3*8 

Target Ex. FW>.*_ 268.4 
*ry». acc. Units- — 265.0 
Targef Gilt Fund- 120.2 

. ... Target Growth —. 2*5 

01-0004655 Target lull_Z34 

1171.4 1S2JB ..1 <59 DaIteinv.Units-.. SJ 

12195 23351 J 459 Target Inv-275_ 

^ H 1.85 Target FT. Feb. *_ Mf* 

185 Tst toe.:.-28X 

4X5 TfeLPref._114* 

1252.9 263.41 ......| 4.15 t'oyne Growth Fd 




Deallnca: 0200 5041 





H12 

Targrt TU. Mgrs. (Scotlandl (alibi 
1* Athol Crescent Edln. 3. 031-2=98621 -H 

_J S|-d 1% 

59Jjj -*-0J2| 6J2 Extra Income Fd.~|605 65.2|+0l| 10.81 

til Trades Union Unit Tst. MhnagersV 
37X -OX 352 100. Wood Street. E.CA 014288011 

2*74 . 3,91 TUIT Fob. 1._ ..|48.9 52.11 .4 5*2 

sou -»i *43 Transatlantic and Gen. Sees. Co.¥ 
57^ -OX] 6.0 01-88 New London Rri. Chclmriord 0349 51851 


42.4 -03 
MJ -03 
62.3 
648 
109J 
109JI 


3JO 

3*2 

*13 

8X3 

576 

576 


Barbican Fbb*..— 72* 

fAccum. Unittl_109.4 

Rsrb-Eiiro.Jaii.Sa- BOX 
But-fem.Feb*,. ... 735 
iAccum Unito'-- -|8?.5_ 
ColemcoFob. 10 
(Acnun. Cnltoi . 
Cumrid. Keh*— . 
fAccum. Uoltoi.—. 


n*3 

JM85 

546 


76.8ri 

115.7 

823 

77.4 

947 


Accum. —- 34* 

iDoAOTmTEEEl 25.9 

JtefBfW-2? 

ISia5a=: Si 

Da Accum.—-60* 

EouhyExcmpC*.... RB.4 
Do Accum.*—■ ~ M3.4 -- ^ 

.•Pricer * at Jan. 31 Next dealing Feb. 28 

Minster Fund' Managers Ltd. . ^. U1<J1> 

UaatarKao. ArthurSUEC.< 01-023 1030 Glen Feb 7. ’7,"{496 

Minster Jan. 30_1310 36.01 .1 554 rAccum UnitM 625 

Kg<iSe.SI -.(»!• 6*9 1 5.92 Marlboro Feb.7.—[ 

HLA Unit Trust MgeurnL Ltd. ' 

$bs£25S~ m'T” 3efe»it 

[Mntmri Unit Trust Managers^ faKg) fAccum units.t.._ g7 

04 «fM«n SsSOTifc: 

JfUualS«c.PTjU—to*7 S3*SJ frg WlekDIv. Feb. 10— 647 

Mutual ;;ic,TjL—.M.J W6i*OX 7.g Da Accum.-PSB 

Ifrittnl Blm Qutt_MLi 4&JJ *0,1 B.74 

Mutual Hjcb rufZ gs.2 63^ +0X1 *36 Tyndall Managers Ltd-V 

National and Commercial IB- CsnjfnSe Boai BrtBoL 

»,SL fcKirewSquare. ajinburghOai-BWOWt gBSTOfir. ""BKl 


44.9 
50.7 
45 J6 


lattBwrFeh. 1.. _ u_ 

(Accum. Unitsi_D92.0 

ChptFe^L-02J-4 


Cop.Feb.8+, - 

(Accum- Units'.160* 

Exempt Jau. 35—- U02 
fAccum UolU',. 153.0 


015.4 


CA^yumti'nitw— ~fl46.B ____ 

a*H mat Provident Inv. Mngrs. Ltd.? g«, 
48;GraeechurchSt.ECSP3KR 01-823 4200 | B t Barn. Feb.226.6 

KPiGthUu-TaL.. 144.4 47JI I 1.75 fAccum.Units'—- 2508 

fAccum. Units'*—fex 56g -•- | ,3.« 

NPKFseis. TWfit _glL4 117.g . J 378 

(Acctun. flttiti'**. .H17.8 124.71 4 320 

riHees on Jan. 28. Next dealing Feb- 33. 
irrfe« Feb. I. Near dealing Feb. 15. 

National WwtnunstetiWai 
ISU-Cheapelde. EX3V* 8SU. 01 -SW W«, 

Capital (ACfflim.C-K 0 621 -0-| 4W 

ft57 70.1 -02 776 

3*7a -02 577 
87JU -0.7 497 
37.6 -0J ■ 6.46 

IOffl 4l 3 !m TSB Unit Trusts ty) 

21. Chao tip Way. Andovar Hanu. 


-Ocralae.—- 

iTtnunclal..-SZ3 

Growth Inr._HI 2 


ft 


. JoInv.Fd.|67l 

UhlcemJ FdJdi—1477 

NEL Trust Managers Ltd? (aKg) 
union Conti. Dorking. Suerey. 

NeStW^—i_159 J 628-02j ... 

N'ekUr High lne ,.|4*8 513| . ...4 MO 

. 'For New Court Fuad Manager* Ud. 
se* "Rothschild Asset Management 


Scot. Cap. Feb. * . .(£24.4 
fAcrum.-tlniP',,_ 051.2 
Scot. Inc. Feb.6._-iU17 
laodeti nail Groan 
Capital Growth -~.X7*3 
Do. Accum.-—..(78.0 
Extra Ine. Growth.. p5.9 

Do. Accum. --[39.9 

Flnonclaj !Vrtj'.....Bfi7 
Do. Aeeiun.. — .D9.7 
High Inc. Fnority-g.6 

International.._[S.9 

Special Sito. — _.|2*4 


+0J^ 


Mfl VIMJIHU -- . 

ibiTSBGeneral..7*. 42.1 

5*5 ibiDo.Accum_5X4 

i hi TSB Income 58.8 
ibi Do. Accan59 2 

TSBScotUdi--725 

. ibiPo.Aeeum_(76.0 

Norwich Union Insurance Group 0» VXclMr 

P-0. Box* Norwich. NR1SNG 080322200 M ' 

Groaplte. Fd..—P33 6 35171-2JI 5.02 


Dnallmu to 0206 834322 
—45.1ri-07l 


030482188 



PearTTrust Managers Ltd. (aKglU) 


ItalUIner Growth. ..(36.0 


028235231 
38.M-57I 4.74 


OMOSMoi Un3 ' 1 Trust Account & Mgmt. Ltd. 


-o.il 


600 


Ung wtlUam Sl EOIH 9AR - 0]*GZ3493l 

Frtm H». Fund_.(13%0 144.0rt 


WWerGrth-Fnd-29.7 
Do. Accum... -. 33.7 


333 High RoJbora. WCrv 7EB 
Peart Growo Fd_tg.4 
Acram Unit* ^..*p.7 . 77.71 -07f 670 

PasrMrtc. OT5 ?j-3 “S-li &-S 

Pearl Unit Tst,,... B5 7 M.W-0JJ 5X1 

rAeritm. Dniisi— Kt 5. 4# 7| 5.11 Kid&v Growth Fund 

Pelican Units Admin. Ltd- ig)(s) . KinewiiiiamSL ec+rsar 
81 FoumaloSi-lUmdheater Ml 290M89 Income Units. -. 129.7 
FalicaaUalQ_[7*6 845| +D.IJ 5,12 Aexaa.UnlU-[33.7 


U 


......J- 4.73 

....1 3-30 

. i 3J0 


01^234951 
317 J 330 
3*3 ■( 3M 


25 
60 

|471 507af 

lai 23 $j 
Msbopsgate Commodity Ser. Ltd. 

PO. Box 42. DougIa.-.I.aM. 0824-S3911 

ARMAC*Jan. .t. j SI.-S26J9 . I - 

CANHHD-Jae .6... U 010 -3 IE - 

COUNT?* Jaj.c—I £X356ri -Ili5| - 
Originally traued at -JI0 and —£109. 

Bridge Management Ltd. 

P.O. Box SO* Grand Cayman. Cabman If 

X'haehl Feb.. | 513857 j .| - 

G.PO. Box JB9, hone Kd r.g 

Nippon Fd. Feb. I ..to.SUD DU|.I 0.39 

Ex-Si»:k Split 

Britannia Tst. Mngmi. iCIi Lid. 

.10 Bath SU. St Helier Jen-e; 0SS4 73114 

fiTOWthln^cja .(31 5 340rfl -OH 440 

Inlnl.rd .(59 6 644m -oil 1 GO 

Jersey Enrrai T.i 035 J 14674 -’ U 150 

Linlrot.Plr.T5t ss.07 534 -ojj3 - 

UnH*lSTASIS .JC2.J9 2JI ^180 

trine 1 eh in ::+.i dcailnc Fob. 13 
Butterfield Management Co- Ltd. 

P0l Bex 199. Hamilmr. Bcrmudj 
Buttress Eqnii: ..[203 L96| I 209 

Baitrcax Ineora.* .12 00 19* I 7 49 

Prices BL .Ian. 9 ,V\i ; .uh day Fab. & 

Capital International S.A. 

X! rue S«lre-Dam*. Lu:i«"iyihours 


Fleming japan Fund S.A. 

37, rue Noire-Dame, Jjqxcmlxmrg 

Klmg.Fcb.fi-) US48J7 | 

Free World Fund Ltd. 

Buucriicld Bldg, Hamilton. Rcrmuda- 
NAVJjfi 31. | SI S16419 ...| — 

G.T. Management Ltd. Ldn. Agts. 
Parlt Hut_ IS Fln*hur>' Cirrus. London EC2. 
Tci 01-028 8131. TLX aSSlOO 
ViucnwAt International UuL 
o n p.C. of Bermuda Front 5L. Harahn. Bmda 

Anchor')! l nil.i- |fVSS.B 5-04.I 1.98 

Anchor Int. K4. . RfSIte 4®^ . . | 200 
G.T. Bermuda Lid. 

Bk of llTmuda. Krtoi S:. Homltn. Rmda 

Bcrr.'PacF - IS3826 - l*0.»| 165 

G.T. $Fd __ } 5US644 {-3*1 0.7B 

G.T. Mgt. 1 .Asia 1 Ltd. 

KutcfaiMfl Use . Harcourt Rd. Hocg Kong 
G.T. A»ii F. . ..|9IK726 7541 J L99 

GT. Bond Fund . i St:sU93 |—00^ 530 

«cn jase G.T. Management (Jersey) Ltd. 

7-M Royal T*1. Hso.. Uolombme Si fidler. Jersey 
GT .\Sia5lcrlinR (£1069 U 25| . j 187 

Bad of Bermuda iGamseyl Lid. 

31-33. Le Policl. Guernsey. iMtn-2620S 
Rrrrv Hk Sirlc . .(204 0 2342d+4J6[ L40 

.VnchorGih Edge.. KUO 61 U6M . LL91 

Anchor InJsy.TsI P2.1 237fi{ ... | 329 


GillTniM,!.iM i...IU6.40 
lntl. Girt. Sec*. Tsl 
FIm Slerling . _(16 06 


11.00 


119X01 

“«i! :.:J = 


S A.I.I.—.. -_ 

S A OX._ 

Gilt Fd. 

IntL Fd. Jeraci-_ 

Intnl Fd LxBibrg . 


77.0 
£0 83 
24 b 
197.0 
5959 


87.0 
0*8 
248 
1020 . 

10 091-0 03 


8 11 
4.55 
UJrt 
760 


Kirin wort Benson Limited 

■JO Fenrhurch 5t„ EC3 


Kunatert Lux. F. 

■JuernwyUic.._ 

Do Accum...*._ 

KB Far Baw Fd—. 

KB IntL Fund_ 

KB Japan Fund ,. 
K.B. tS. G«1h. Fd. 

Signet Bermuda. 

*1 nlJondsiL'M,,.., 


SO* 

5IrCT;*l 

SL'5W59 

■bbp 


01-8238U00 
4 41 
423 
4X3 
148 
189 
0.61 


Sehroder Life Group 

Rntrrprlie House. I’orlamniiih 

1 d tern if ion a 1 rnada 

[Equity..__ 

SKquili .. .. 

£FixL-J rnlcrcM.. 

SHvod 1 nterori. 
f4fanjged_ . 

SManaged . . 


070527738 


102 2 

108 7 


_ 

112 8 

1199 


—m 

140.1 • 

149.0 


_ 

102.0 

1015 


_ 

J2L7 

1289| 



107 4 

U42| 

. 1 - 


KB act as lAndoo pnying ageau onb'. 
IJoyds Bk. i'C.L) U/T Mgrs. 


I 3 03 


P.0 Box 105.St Heller JltWO'- 
Dm da TsL (J seas. . |47 2 49.6| __ 

- Sett dealing date Feb. 15. 

Lloyds International Mgmnt. SJL 
7 Rue du Rhone. PO. Box ITS. 1211 Gcnen 12 
LloydilnLGrowth.(97X731 JNH( ■ I L7V 
Lloyds im. Income. |SF3H 00 


-Bja 184 

+0.7fl 8.72 J. Henry Schroder Wagg & Co. Ltd. 

ID) Cheaps|de.EC2 01.5884000 

Cheap5 Feb 8 l. I 5US1D73 |. ( 2 70' 

TrafaljarJnn 31.... _ . 

. “ - Did . 367 

L8ri . I 5J6 
bOM-OOS 0X7 


0534IS7SS1 Asian Kd Feb. 8 


ie Fnd . ,.t.\175 

Japan Kd Feb.IQ. [Fi'SbZ 


DarltneFml 


3UI 


6X0 


H & G Group 
Three Qcara. Tauer Hill EC3R SBQ 01-620 C« 
AtlanticEx.Feb 7..WB24I 

AusL Ex. Feb. 8. . BUSUt 

Gold Et Ftb.a._(SL'SUl 

Iriand.. 


fAccum L'niU'.. ... 


1B7* 

il50A 



93*3 

93.83 


GarCmorv Invest. Ltd. Ldn. Agis. 

2. SLMary Axe. London. Ed 
Gnutwrr Fund Wnte- 1 Far Easti 
1503 Hulrbiscc Hu- 10 Harcoun 
HK A Pac. V. Tin . HHK2J6 2X91 

Japan Fd BlrlMH 1L3W 

N Amen car T-a . SLS930 9 421 
Inti. Bond Fund . .lUiUJl 104(5) 

Garttnore litnuunt Mngl. LUL 
PC. Bos. 32. DoilflK loM. 

International Inc...121.0 22.41 

Do Crowth..- |54 6 58II 

Hamhro Pacific Fund MgmL Ltd. 

2110. Connaught Centre. Horn; Kong 
FarEariFeh.il .[969 10XW-CX2J -• 

Japan Fund. jil'HJN anl-0 0s[ - 

Hambros 1 Guernseyl Ltd./ 

Hasihro Fund Mgrs. 1C.I.1 Ltd. 

P O Sox 88. Guernsey 0481 -2*521 


Samuel Montagu Ldn. Agts. 


Sentry ,\ssuranee International Ltd. 

P.C Bent 328 Hamilton 5 Bermuda 
Itonaecd Fund . .(M'SOW! 107IJ | — 

Singer & Fried) an tier Ldn. Ageql* 

2* Cannon SL. BC4 - 01 2480640 

Deka!ond%. . . (DM2692 28404-0 7.75 

Tokyo Tri Feb 1 | 5US30 00 | I 2.00 

Surinvest (Jersey 1 Ltd- tx) 

PXj Box 88. Sf. HeJicr. Jersey. OftM ??87* 
.American lad.Tsf l£6 76 6.901-*-0.Qy 148 

Copper Tniu.. .-(50.12 10M-0A8) -- 

Jap Indci Tht . 1 e 8 68 B*6j-0U| — 


01-2833531 114 Old Broad St.. E.CX. 
IJd. _ Apollo Fd. _Fcb. 8(SF«^ 

Rd." " ~~ 


HJfont JanfcsrJan. 3:_.KifKAW 

I 3.00 117 Grp. Feb afraUl 
,1 — 117 Jersey Jar.. 35 

f ~ n7JnsytyiFcb.i. 


£455 

£9.40 


«05 

MI 

1X15 

4?5 

9.90) 


o:^88mm Surinvest Trust Managers Lid. ixi 


3*1 

132 

2X2 

0.85 


0024 33011 

1 ua 

I 532 


Murray. Johnstone (Inv. Adviser! 

103. Hope Si. Glasgow. C!L 041-2215521 

■HopeSf-Fd... .( SUM781 I .... I — 

■Murray Fund .. SUS9DX I .I — 

•NAV Jan 31. 


Negit SLA. 

10a Rnu1«\ard RwaL Luxembourg 
\4VFeb.3... | SUSX007 |. 


-.1 - 


C'.I. Fund ,. 

Intnl. B^'d - 

Jnl Equity. . 

InL Sai tnfis '.V 
InL Parmfts'B' .. 
Pnr-v* on Feb 


1359 144F k 

V.5183*9 lBibd 
IU54 77 10171 j 

n.’su» 10a . 

si son i sij . ] 

Men deal ini Feb 


3.90 

£50 

250 


Xegit Ltd. 

Back of Bermuda Bldgs. Hamilton. Brmda 
NAV Feb. 3 .. 10 94 0.941 | - 


850 Old Court Fund Mngrs. Ltd. 


250 

15 


1 .4 - 



01-^(83000 

V » 

-82(l| 559 

wffl 

-32^ 534 

31M 

-0201 5.99 

asJ 

-OJ0 6 0S 

171 

! .. 

«.n 

... 1 L93 


CariUl fnL Fund .1 SL S15 35 
Charterhouse Japhet 
1. PWwhohwRou- BV* 

Adlrapa-- - .MtttSUa 

Adlrerba—.JnwU 

Fon dak_— Bur. 79 

Ftomfls'.-—-- .(b>2»49 

Emperor Fund-BUS!S3 

Hupano.b«.S4*3 


PO. Box 137. Sl P+icr Port. 'Vuc-row*.- 
Intnl Man. Fd.(163.0 177.51 ‘j _ 

Della Group 

P.O Box 8012 Nassau. Bahama? 
Ddtalar.Feb.S. (5128 1 54) .| - 

DeutsehfT Intesiment-Trust 
Posriach288? Bichert;arse6-146000 Frankfurt. 
Uoncentni -,|>i'0sm iZM-O’-OI - 
Ini Renten/endf |r>M7X20 7SJO[«OIO| - 

Dreyfus Intercontinental Inv. Fd. 
P.O. Box N3712 r.'.v.au. Bahatna. 

AVFab.7 . . isr 58237 Uttl I - 

Enueii St Dudley TM.Mgt-Jrsy.Lld. 
P.a Bax 73. St Helier Jcrv:> 0534 20501 

EXJXC.T .[117 9 125 61 I - 

F. & C. Mgmt. Ltd. Inv. Advisers 

141 Laurencepnuntney him. EC4Roba 
01-623 4680 

Cent Fd. Fkh. I ...] SUS426 I . .1 - 

Fidelity Mgmt. & Res. tBda.) Ltd. 
P.Ol Boat 670. Hamilton. Bermuda 


Fidelity Am Ass..,. 
Fidelity Ink Fund . 
Fidelity Pac Fd ... 
F1ftoHtyWrldFd._ 
Fidelity Bter Fds._ 

Serie* Aflntnl. 

SerleaBfPacinc'.. . 
Series D <Am.A>...< 


SL.S20.10ri 
SI'S 18.45 
St:S3*59ri 
SUSL2X4 

£3X0 
am 
£13 09 


*0041 
+C.0I 


Henderson Raring Fund Mgrs. Ltd. 

P.O. Bex N4723. Nassau. Bahama• 

Japan Fd. ..114 57 15 5S| ( - 

Pncei on Fob. 8 Next dcallnj; date Feh. 22. 

HiiUSamnel & Co. iGnernsey) Ltd. 

8 LeFebire Si. Pcfer Port Guernsey. C.L 
Guernsey Tn ,, . 1147.3 157.6(-0.81 3.46 

TliU Samuel Overseas Fund S..L 
37. Rue Votrv-Damn. Ijivembours 

15VSU36 1123-3.031 .. 

International Pacific Inv. Mngt. Ltd. 

FO Rot H2T7, 06. I'm St. Sjflrc;'.-Vun 
Jardin Equity 7*1 (5L92 2 02;-001j - 

J.E.T. Managers tjerseyt Ltd. 

Pi3 Bot 1R4 Ru'-al Tu. lire JerM-j'O&K 27441 U5 Dollar Fund 
Jcr-c-F.timl Til..11010 UiOl | _ RterlmBFund 
.A' ai Jan 21 NcM suh da* Fob 28 

Jardine FJeming & Co. IX± 

46th FI..or. LnnnaiiRhl ventre. HonR Konc 
Janllne F.Mn Tri . | SHK209 90x0 2 . | 3 40 
lardine Jon. Fd*- SHK274.92 I .... I 1 IQ 
JsrdinrSF-A.. 31'Ell 79 (. 2 60 

Jardine Flem Int T SHK193C I .. 1 — 

NAV Jan. 31 -Equjvalefll SUSASTT 
Nrvl »ub. Feb. 15 

Kemp-Gee Management Jersey Ltd. 

1. Chart ng C ros*. St Holier. Jersey. 0534 72741 
Kemp-Gce CapfUil. |8L6 84.2 . J — 

Kemp-Ccc income |64 3 66^....] *30 

Key Bel ex Mngt. Jersey Ltd. 

PO Box *. St. Heller.Jersey. (EnqOl-6067070) 


PO 5* SLJuliansCt.Gucnuey. <M8l 203JI 
En Fr Jan 31 .. 1483 5U| .. .. | *65 

Inc. Fd. Feb. I.. . . [156.2 16551 .1 659 

Tn'A Fd. Jan. 16 _. bs.2 85Jhd I - 

Sm.CoFftJan.3I 040.4 1493) ... | 3X2 


4* Athol Street. Douglas. IO,M 0624 23014 

ThcSilicrTruri_-.|96.7 99 11 *0.4J -_ 

Richmond BordP7.189 J 29921 *2 7) 18 97 
t>o. Platinum Bd .-11033 194.8) *03 — 

Lm Gold Bd . P5B 100.8] —0 7f — 

TSB Unit Trust Managers iC.l.) Ud. 
Bagatelle Rd .S', Surtour Jerse;'. 0534734041 
J enter Fund . -U2 7 «0dj [ 427 

Guernsey Fund .. .|42 7 45 <bs| . I « 27 

Prices 00 Feb 8 Vert *nb. da, - Feb. 15. 

Tokyo Pacific Holdings X.V. 

Intlmto Manaiicnicnt Co N V . i.'urarav 
NAV per .hare Feb 6 SLS4305 

Tokyo Pacific UIdgs. (Seaboard 1 N.V. 
fniinu- .Van*semeni io V \ . Curacao. 

NAV per share Feb 6 Sl'33128 

Tyndall Group 

P.O. Bov 1358 Hamilton 5 Bermuda. 2-2760 , 
Orersca.*.Feb.8 - BfM« 183/9 .1 600 

1 Accum. Unitoi. —pl'SLSI Ittl.. - 
J-Way Int-Jan 10 11112415 ZM5) . I - 

S .Vew Su St. Helier. Jersey 


TOFSL Feb B 
• Accum Shares 
TASOFFeb.H._B5.0 


Old Court Commodity Pd- Mgrs. Ltd. 

PO. Bof 58 .Sl Julian'*Ct,CnernseyW8l 26741 .. . 

uC.LotndtjTsT.-_ 1122.0 129.7ri| | 175 lAcccm Shuras. .. 

O.C.Dllr.CmTrt.*._|S24J7 25*M.I - Jersey Fund Feb 8, 

•PrittM on Jar.. 31. Next dealing Fch. 14 iNpnJ. Axe. lls.'.._ 
tPrice on Feb. 7. Next dealing ditc Feb. 21 Gilt Fund Feb. 8.— 

1 Accum. shjreai.... 

Phoenix International 

PC Bov 77. S:. Peter Tort, Guernsey. 

Inter-Dollar Fund. |5l : S2D 2411 I — 


[£ 6.20 
E9 60 


388 0 
258.4 
112.6 
U7 8 


660 , 

10 30 
80 
SO 

199 4j .... 
274 In . . 
114.S .. 

140.4] .... 


8534 ?7H1/S 
6*0 


7.10 

1*45 


Victory House. Dooglas- Isle of Man. 0624 2503 
Managed Jan. 19— 1127-2 1M D| | - 


Property Grouth Overseas Ltd. 


28 Irish Tou-d Gibraltar 

SUSM.27 

112*80 | . T — 

Royal Trust tCIl Fd. Mgt. Ltd. 

P.O Bos 194. Renal TsL Hsc. Jersei-. 053427441 
RT.Infl Fd 1115904 <4 1 3.00 

R T. Int'l iJsy.iFd IbZ as) I 3 21 

J-nres at Jan 13 Next dealing Feb. 15 


UldL Intnl. MugmnL (C.I.i Lid. 

14. Mu I easier Aired. S» Heller. Jersey. 


• Gib)01O6 t' 1*. Fund 


| JL'SIOO 


I 825 


United States TsL inti. Adv. Co. 

14. Rue Aldringcr. Lnsciriboun: 

US Tsi.tnv.Fnd . I 5US97S l ... I O' 
NVt a-SL-f Feb. & 


FiK5eIc9c_.. 

Krysoles int'l_ 

Keyselex Europe,. 
Japan Gfh. Fund .... 
Keysitlcv Japan 
Cent A?yets Cap . 


FrJJBt 
£5.77 
£3.84 
2108 
£853 
030.60 


L4Hrf 

ji«j".' 

93U-05 


3X0 

469 

390 


*3.3! ^ 


Save & Prosper International 

Dealing 10 

37 Broad Sf.. S< Helier. Jeraey 
L .S. DaUirdniniRM Ftnuto 
Dir. FVkL Int. (933 f.' 

Intern at-Gr.'l . 

Far Eastern*;_X3.07 35, 

North American*?. 3.41 3. 

Sepro-t...P2*I 14.1 

Strrllng-drnominated Funds 
Channel Capital4...B1Z5 223 7rt - 

Channel Islamts*. X42X 14AM 

Ct>mraodity***t_1143 120.4d 

St. Fid. InL-"l_.. 119.2 1255| 

n -Feh 7. 



S. G. Warburg & Co. Lid. 

39, Gresham Slrcel. ELI 0I-mtl45SS 

'~nv.Rd.Fd. Feb. 9..[ SUS9.41 (-0 011 - - 

Engj-'.ltr. Feb. 9. SUS15 65 -0.P* - 

Gr Si SFd.Jan. 31 . SUS647 . — 

0534-20501 Uer.Eur.Fd Feb.8 BVS1II1 UD]*OOJ] - 

7.06 Warburg Invest. Mngt. Jrsy. Ltd. 

“ I. Charing Cross. Sl Helier. J*y. Cl 053473741 
3 OIFUd.Jun.27 _|Uni77 1200 I - 

_ iTMJ Lid Jan. 27 .,..i£3X4B 1X77/ .1 — 

UrtaisTsL Jan. IQ.KU17 1L4* .f — 

TUT Jan. 12_RI.S891 *14 . — 

TMTUd. Jan. 12.. ..{£8.79 9.021 1 — 


Prices on 


149 (3 In 

•""j 1X04 World Wide Growth Management^ 
Feb. * -**Jan. 28. 10a. Boulevard Royal. Luxembourg. 

tWeeklv Dealings. Worldvrtde Gth Fd| SIS1273 l-O.OPl - 


.9 


Abbey'Ufe Assurance Co. Ltd. 
MSt,Rtnl *L'burchj=rd. hX 4 01-2i0Pll> 


Equity Fund 
EquityAer._ . 
PropertyFd 
Pro pert* Arc 
Selective Fund 

romcrtiblc Fund 
9.Money Fund 
ftrns Property 
Pent. SalMtnc 
Plena SeeurtR' 
Pens Maitaged. 

9Prop7$LSer.4_ 
9 Mas. Fd. Ser. 4, 
fEquity Fd. Ser. 4 
fConv.Fd Ser. 4. 
’Money Fd. -Sen. 4, 


132 7 

275 

1397 

J«55 

817 

1280 

U90 

|77 0 3 
1320 

"u!l 

V 

1094 

107.5 


3451 

290 

147.1 
1532 

■61 
134.0 
125 3 
17L9 
811 
1390 
173 5 
1518 
126.6 
131.6 
3X4 

115.2 

113.2 


Eagle Star Insur/Midland Ass. 

!. Tbre.irfnoedJe !il - Fs. M 0150.1212 

Eagle-Mid. Unto .(494 5121-0 51 3 98 

Equity & Law Life Ass. Soc. Ltd.V 

-toner.- ham Road. High W> combe Ih« 33J77 


Kiju if -. m 
Propertv Kd 
Fixed Intercrf F 


_ titri Lwr-i'it KJ 

_ Mixed Fd.. 


>7 

Lcl -0 J - 


M & G GroupV 

rho-c Qua; * Touer 1 
Pnr> Pfmsion"' 
Com Depoait". 
Fqutti' Rond*" - 
Familv 7M0“_... 


Prices at Feb. 7. Valuations normally 
Albany Life Assurance Co. Ltd. 


Tue* 


31. Old Burlington M.W I 


PFquIrt' Fd. Arc.,. 

Vl'iaedlnl.Acc- 

Vtitd.MoncyFd Ac. 
VI nil Man f'dAem 
VProp.Fd Arc.. 
VM'pIeltiv.Acc... 
Equity rrr Frt.Auc 
■Fixedl Pen-Aev . 

G ld Mon Pfin-Acc 
Intl.Mn PnrdAcc. 
Pron.Pcij.Ace... . 
II pie Inv PunAvc, 


1170 8 
1312 
312 6 
'968 
104.2 
157 0 
1*88 
172 9 
125 9 
1023 
1190 
199.4 


01-1375962 


[1058 lila-0 4| 

102 2 107 5| 

1106 U6.<| 

.97.6 10271 

___0053 . 13 LC. „ 

General Portfolio Lifr Ins. C. Ltd.¥ 

SO Bartholomew Ut Waltham • 'nn'* WX3107I 

Portfolio y'und . ' | 129.9 I . | _ 

S >rtloliOL'»pital 1*1 5 43 71 j - 

resham Life Ass. Soc. Ltd. 

2 Vnnce -.4 Wales Rd. H'moulh 3202 7676M 
G I. I'aih Fond |9S.O 1000( 

li.I. Knuity Fund .1450 lOO.ffl 

• i.L.Gilt Fund. |1308 115 6 

li.I, lull Fund ... . 95 0 1C0 0 

G.I.Pj-ty. Fund . . |«0 100 qj 

Growth & Sec. Life Ass. soc. !id.¥ 

Uei r Haul;, ti.-oy on Thames Berk* 

Flc*:l.|e Ktnar.ro . ( ■ £1 0^7 

Undlioot. See, 54.21 

Laqdbanl: Sc-. Acc. 119.0 122 V, 

G *4 BvperFri I £8164 1 

Guardian Royal Exchange \"EL Pensions Ltd. 

nojal FxrhHfi'c. E.C.3 01 2837107 Milton Court. Dorking Sorter 


1201.6 

1162 

1221 

+ 14 

1249 

1317 


1482 


1633 

_ 


106.4 

1118 

♦0 3 

S41 

884 


1215 

1277 

-04 

757° 



59.1 

621 


431 

453 


440 

463 

a'lP^L 


Family Bl-86 1 
Gill Bond— 
lmcrnalnL Bond* 

Managed Bd’**. 
tYopvriyBd" . 

iteld Fd Bd * , 

Roe or cry Fd. Bd *. |59.1 
American Fd. Bd.'. 

Japan Fd. Bd* 

Price." on *Fcb. 

Merchant Investors Assurance* 

125. High Stre«, Croydon 

■.'wii . Uvp Fd. 

Money Mrkt. B_ 

Mer tav Man. F<L| 

Mer Inv Pty Bd 
Ijquity Bona .... 

7,-1 Prop. Pens . ... . 

Man Pen-.:. 

Equity fy ns.- 

Coni Dcp PCna,. 

Mon Mkt. Pen* _ 


Scouish Widows' Group 
ttas PO 3o* 002. Edinburgh EH 10 5BU OSMtSStSOOO 

— Inv.Plj „S«rlc« I . 

Inv. Ply. Seric* 2 . 

— Inv Cash Feb 3 

— Esfl'LTr Feh. 1 - 

— Mud Pen. Fet. I .. 

— Solar Life Assurance Limited 


98.1 

981 

♦ 16 

928 

97 7 

-1 ; 

965 

1016 

♦01 

1526 

138.3 


2393 

245.8 

-41 


_ 1 

_ 1 


~ 107 Chcaptodc. EC2V CUV. 


127.0 

♦ 0.1 

_ 

iM.ll 

+13 

__ 

103.0 

-L2 

_ 

1454 



56 B 

-1.4 

_ 

I56.S 



133 8 

♦ l.f 


IblJ 

-3" 

. _ 

156.8 

-01 

w_ 

IBS 7 

+ 1 3] 

— 


.Solar Managed S. 

.. Sot or Prc-pert} S. 

_ Solar Equity s . 

_ Solar Fad. InL S .. 
in Solar C aih S-. 

Solar IdU S . 

Snlar 'J.ir.ngrri P. 124 4 

- - - - iotJ 

1512 

im ; 

.988 
1941 


BlSE 5 SS¥ r 

Solar l-icLInl P 
SolarCx«h »• . 

Solar Inti P 


1246 
106 5 
1510 
1384 
9S9 
9*1 


01 0471 

1312! -0J| 

112.2 -0.^ 

159. a -05 
124 7 +0.2 
185J 

100 0 . . , 

1310 -0.11 
112.0 -0.3 
1592 -0 5] 

1243 +01[ 

105.0 
100 0 


AMEV life .Assurance Ltd.V 

Alma Hse Alma Rd. Kcieaie Ri-ieaie 40101 
AMEV Managed .(126 4 1 33 2' 

- ' - ho7 2 112.91 

M*4 1M9J 
100 0 105 <S 

100 7 106.11 


Pr-ipen;- ..1165.9 1728' | - 

Hambro Life Assurance Limited V 
7Old Park Lane. Lnndno. W1 ul-1060051 


N'cl+V Eq .Cap,- 

Nrlef Eq .Vccum , 


l»ll 


Sun .Alliance Fund M+Jiguit. Ltd. 

Sun Alliance 1 inure linrshara 040304141 

txnKd InuFeh b (£153 90 160301 | - 

Ini Kn Tcb 8 .( 1.1043 ] | _ 

Sun Alliance United Life Ins. Ltd. 

Sun Alliance Kau.‘r Horsham 0403W141 


[80.0 

R075 


AMEV Med. -V- 
A3IrTV Money Fd.., 
AMfV Med Pen-Fdl 


Flexiplan.(99.7 104' 

Arrow Life Assurance 
30 Uxbridpe Road. W12 01.7400111 

Sel3fk.Fd.Cp.I,'nL.(61 5 651! . [ - 

SeLMV.Kd.Sl.Viii-...f97.7 103 31 .| - 

Barclays Life Amur. Co. Ltd. 


252 Ramfonl Rd, E.7. 
Barela* bond*’ 

Eqaliy -. 

GltedCrd- 

Property-- 

Managed . 

Mono . - - 

Man.Penr Accum., 

Do. Initial - 

Gilt Ed; P**ne Ace... 

Do. Initial-- 

Money Poor .Acc. _ 


ni-534 5544 


115 3 

1215 



107 2 

U2.‘ 

-2 J 


113 J. 

119.1 

-0.2 


979 

103.1 


_ 

1016 

189.1 

♦i.: 


57 2 

102 4 


_ 

965 

101.6 


— 

954 

ISO J 


_ 

>65 

1011 


_ 

952 

100.] 


_ 

t7S 

102.7 


_ 

963 

1014 


— 


10 


Plied In'. Dcp ... 
Equity... . . . 

Property. . . . 

Mdnjfvd'.'ap. . . 

Managed Acc. . . 
Oi+rea* 

Gill Edged _ . 
Pen.F. I.Dep Cap . . 
Pen F I Dcp Ace . 
Pen Prop. Cap . 

I’m. Prop. Acc. 

Pen Man tap . 

Pen M:ut Ace . 
Fen. Gilt Kite. Cap . 
Pen Gin IMS -Acc . 
Pen R.S 1 . up.. ... 
Pen. B.i .V.'C .. 
Fvn .DAK 1 . op ... 
Per DA F Acr . 


1X23.6 
1615 
'154 9 
WOO 

Ii 

1263 
145.3 
196 9 
7S0.0 
:OOC 
134 9 
127 7 
IK 7 
1219 
1369 


Nclcx Money Cap. (62.7 
Acc 


84! 


♦ I 71 


l3? , 

... 6|.« 

Nelrk Mon. Acc.|65.1 685] 

N«i)ex GthlncAce W7 5 5011* 

Nelett Glh Ine Cap .1*73 50 0] 

-Vest rob. day Feb 2a 
For New feart Prapertl *cc under 
Rothschild And ttanacrmrtit 


Eqinry Fu nd 
FixedInterrtt Fd.. 
Property Fund 
InlL-rralionol Fd. 
Deposit Fund 
Managrri Fund 


1031 
1001 
5S1 
C5.1 
953 
97 9 


10861 +2 9| 
1C5 4 
1033 
896 
1004 
1031 


+0.1 


Sun Life of Canada fU.KJ Ltd. 

2.3. ACdcimpjrSl.SW1VSBH 01-330MOO' 
Mopk-IJ Grth . [ 1W4 

Maple I J..Mac gd -| 1313 

Maple If. Eqt'.. ( 1196 


NTI Pensions Management Lid. 

4C. Gracecharrh St.. 1X3P2HI! O’. 8234200 Peri'nl'Pn.'P'd l 1964 
MJB |^ce* K Feb." l met' deal^\arrn {' Target Life Assurance Co. Ltd. 
Norwich Union Insurance Group JJSg 


- If Box 4. Noru-icb NRI3NG 


204.3 

ns.o 

-0 6 

3193 

3361 

-II 

1222 

128.6 

♦01 

156.4 

164 6, 


1020 

1073 

♦fi'.i 

205 3 



" Hearts of Oah Benefit Society :% - or l oi , jjj,. 

Eurion Road. London lNWI u: rwT5020 Phoeniir Assurance Co. Ltd. 

Bnrasaa^xJHw-.r-fl** 1 - ass*-—■gsr-a 

XU Tut Addi*,ODht Rd, l.vor 01^,335 Kt-r Ph Aki .. --E?.6 108 


•Current unit value Feb 
Beehive Life Assur. Co. Ltd.* 

71- Lombard St, EC3. 01^231283 

Black Horse Bd..... | 12833 i .. i - 

Canada Life Assurance Co. 

341 Hu:It : ; t, Pwters Bar. Herts. P.Rar SI I2S 

Grth.Fd Fcb.l_-r| 57.1 | I - 

ReunLFed.Feb.S_l 1103, | | - 

Cannon Assurance Ud.9 


OPrapm; L’oiis 
fTopeny Swire A 
Managed l.'nit+. . 
Mir.jigorf Scries 4. 
Mann;cd Pene: C. 
Monev I'nits .. 

Mon. v fane A .. 
=V.<-1 InLScr A - 
pti» ‘42-i r.ip 
Pn« Sled Aci- 
Pne <;ri Cap . 
PrjLGlft. ACC. 


143 0 

fed 

:iW5 

pis 

142 6 
14*5 
•04 5 
1CB.3 


102 71 
162 5) C 
961 -12, 
94 9; l 1 
324 ff 
101 I 
9B 
ISO 2 
156 4 
I10.C 
114 6 


KV.'r. Pll.Eq.E-170.7 74.; 

Prop. Equity & Life Ass. Co.¥ 

110. rraivfnrd Street, WJH2.AS 0! -1S6 0837 

F. Silk Prop Bd-.., 1 1693 

Dr EquityM.- 69.2 

Bn !'?, Mai Bd. Fd| 1519 

Property Growth Attsur. Co. Lld.¥ 


0&)3 2S200 M a n. Fund Inc _ 
Mkt. Fund Ace 
Prop Fd. I'll".. 
Prop. FU C't . 
ITnp. Kd lav. , , 
Fixed InL F<1 Inc. 
Iwp F'd Acc. Inc... 
Ref. Tlan Ac 1V E . 
Rei PlanC.if Pen.. 
01 88Wi6 Hcl.Plan-Man-Xet 

I — Ret. Plan Man Cap . 
Gl it Pen 'c<\ . 

— Gill Ten Cep. . . 



■I = 


Imperial Life Ass. Co. of Canada 

712M 


L Ql^pIc By.. Wembley HA90N-B, 01-902 We 


1149 
13 2S 
13.33 
115.8 


93 01 
1043 
98.9 
101 1 
97.4 
941 
105.9 
100 3 
1015 
972 
395 
275 


-022 

-OX* 

-013 

-20 

■-9 

-15 

-0 5 

-16 

+06 

-0"5 


Equity Units-06.12 

Property Unito.-950 

Equity Bond-Evee . £10.86 
Prop Bond Cxqc., 02 52 
BaL Bd . Exec-Ximt. 12 60 

Deposit Bond-109.4 

Equity Accum....162 
Property Accum.EU.75 
JlnfKf. Aennu. — _ 1.524 
2nd Equity—.. —(87.9 
2nd Property ...— 986 
2nd Managed _ . — 93 5 

2nd Deposit --. 9*5 

SndiiilL . 92.D 

2nd Eq. I'on< Acc . II9 
2ndPrp IMi-'Acc . IM1 
2nd Mftd Pen?fA«94 8 
and Dcp Petts-'Acc 95.9 
2nd Gilt I'ena'Acc. 91.9 

UKS.lt; -- 36.S 

L4 FS-1F -U60 

< urrcnl value Feb 8 

Capital Life Assunmcrtf 

Con toton 11 mite. Chapel Ash IVton oon 28611 
Kej" Invert FU. _- i 9*74 | ■ ■ I — 

ftKooiakerinvJU ] 10446 | .... | — , 

Charterhouse Magna Gp.V 
]R Chequer* Sq, Uxbridge UBS INE 32181 
Ctarlhn* Energy—B.l 3*M .. 

Chrtbve. Sloney.._„ ».2 SS . 

Chrthse. Utanagnd, 33 8 «0ffl 

i.'hithfC. Fqull}'— 3S.0 36.8 

Magna Bht. Soc.._ 1246 

Magna Managed._ 1536 t . 

Cify ot Westminster Assur. Soc. Ltd. 
RlngsiDad Hojug. & Wbitchonc Rood. 
Croydon. CHOai A. 014840004 

First Unit*-(Uta 1218 

Property lalto.. -.. [53.0 55.6] 

City or Westminster Ass. Co. Ud. 
Rlncstorid House. 6, Whlteho:ae Road. 


! eon Hour*. I'roydon, CR& ILU 
Property Fund 
Property Fundi Ai, 
Attncultural Fund. 

ASric. Fund ,A>_ 

Abbey NuL Fund.. 

Abbey Nm. Fd 'At 
Invertment Fund. 

Invert men! Fd. 1 AI. 

EauilyFUnd- 

rqully FundiAi _ 

M'+ie> fund__ 

Morey Fundi A'_ 

Actuarial Fund_ 

01-62$ 82X1 Gtil-ednedp-und. , 

22Q Giir-Edsed Fd/A>.. 


Trusinleniational Life Ins. Co. Ltd. 

SHream Bldgs EC41NV. 0I-M564P7 

Tulipbv^i.Fd 
Tulip Maned Fri- 
Mar.. Conn Fd . 

Man Pen Fd Cap 
Man. Ten Fd. 


1290 

135? 


:33 6 

109 0 


1061 

HU 7 


1088 

114 5 


114 3 

1203 



Imperial Hvu*c .luildfurd 

Unit Linked FanfcJio 

Managed Fund |94 4 99 J( -0 ? 

Fixed Ini. Fd.R51 lMli-OH 

Seeun.".*ap Fd. ,.j951 1001 .. j 

Eqiiify Fund_I95J 100.Ii -0J[ 

Irish Life Assurance Co. Lid. 

n.FlnrbuirSquare FA— 

MimhK e^*l^rvdj5l 3^6 222?] 1 

Prop.Mod Feh. 1. Il'i7 2 17bo| . . _ ♦Immcri. Ann iy__ 

l*rop. Mud.tith.. . |JBL1 1906; . | — Prop. Growth Penal_ 

King & Shaxson Ltd, aw wiher Ac^Uto.1131.3 

P2 >.'.>rnhi II. OlttU .AU3 *]*’‘2" C * P 'P 25 ' 4 

Bond Fd. KAemct. 1113 02 114.94;-D.37J - Per.sii'n Fd. (iia 

'.'pm dnaline date Feh. !6 I'cmv Pens Fd. 

Gmi.Spf M . . |130 2 137 Otn J — Cnv Hu Cap. UI. 

Langtum Life .Assurance Co. IJd. Jj 3D 
l-AfifTham IK Hoi mb rook Dr .VA'i OI 313.1211 fYop. J*en". f3!~. .... 


I -unshorn A' Plan - M 9 67 2] 

9 Prop Bond .g394 146 7) I- 

Wiip fSPi JJjn Frt [74.6 78 7| j 

Legal & General (Unit Assnr.l Lid. 

Kinfiwouri House. KincnM __Tu<lviurlh 
Surrei KT2fJ6El' 

Cash Initial_ _ 

Do Accum. ... 

Equity Initial .. 

Do Accum ...- 

Fixed Initial 

Do. Accum __... 

Managed Initial... 

Do. Accum.-..... 

Property Initial.... |9S.l 

Da Acrum — . _ 

Legal £ General H 


Po. A* mm. ___ 

Exempt Eqiy. Init. 
~ Do. Accum ... 


I*ro|. Pena Cap Pis 
IWgf. Sot Pen M 
Bda sloe. Cap LU... 




-0.2 

t0 2 


Trident Life Assurance Co. LitLV 
Rcn+lade Holm.-. Glf'ueester 1145230541 

EC.l 


Manage! . .. 

cm Sind. 

Property_- 

Squib'. American 

I'Jv Equllt Fund.. 

IlichVivla. 

Gill Bdgrd... 

More? 1 . ... 

International 
F.scal. . . 

Growth v .-.p. . ,., 

tirtiHth Ac.--- 

Pens. Mncd i'*p . 

Peas Mpqd-Are 
l'cn*.Ctd Dt p.r.tp 
Pens-Ctd Liep.Arc. 

— Uen>. I'm'Lap . 

~ Pea'- Pt... Acc 

— Trdl.BenJ 

— "Trdl.ti 1 Bond 

"Cash ml 111 

— Tyndall .Issuranee/PensionsV 



0272 32241 


Croydon CR03IA. 

West Prop Fund. .,57 0 
Managed Fund... . 166.6 

Equity* Fund-55.6 

Farmland Fund..... 111.4 

Monet Fund.-1196 

GlU Fund -. 

PULA Fund- _ .... 1716 
Fund rurrently 


01-084 StK-i 

60 01 

1753 . , 

5*5 -0.7 
725 
1258 

ills 

sew inrertmcnl 


Do. Accnm - 


951 




959 

ioi r-i 

♦D.' 

_ 

1118 

117.7| 

-U.5 


112-5 

113 sj 

-0.6 

_ 

U56 

1217[ 

-0 1 


116 3 

1225! 

-0? 


113B 

1198) 

■At / 

_ 

U4 6 

^53 

♦ Oi 


K.l 

1002* 



*5.7 

VKSl 



pH Pnitions! ltd. 


95.4 

100 S| 

.. 

_ 

957 

mil ) 



993 

1D4 8I 


- 

99.8 

165 l] 


_ 

97 3 

1025 



07.6 

io;q 


_ 

99S 

nw. is 



990 




95.4 



_ 

P5.7 

looij 


— 


Legal & General Prop. Fd. Mgrs. Ltd Royal shield Fd._..(l 298 137 j( 

11 . Qumo Vterorta Si_ BKN4TP oi-MMTS Save & Prosper GroupV 


01-&0O6O6 

17LB 

170.6 

6420 
6672 
145X 
1491 
655 
653 

165.6 
1*50 
1369 
1363 
1093 
1264 
2264 
170.4 
USJ 

& Aamillle* iJft 
138 2 
13Z0 
1383 

126 4 
1409 
1292 
145— 

1350 
1411 
1303 

127 2 
118.1 

Provincial Life Assurance Co. Ltd. 

222. Bitiiopsgatc, Erj* 

ITov. Managed Fd..(1144 120 

Prov Cash Kd._003.7 109. 

Gilt Panda)_,(123 9 130. 

Prudential Pensions Li mi led $ 

Holbom Bars. EU1N2NH. 

EqmLFd. Jan. 18_(£3323 23. 

Fxd. Int.Jan. 18. (04.44 19 7« . I — 

Prop. F. Jan. 18-(£24 83 24 77) . ...| — 

Refiance Mutual 

Tunbridge Wells. KeuL 0B9i £2271 

Rj'l. Prop Bd*.-1 1922 | I - 

Rothschild Asset Management 
Sl Swithln* Lane. lata duo. EC4 016364358 Vanbrugh Pensions Limited 
NC.Prop Dee.30. (1141 1214( | - 41-!3Madd«BI .ldn 1V1R91.4 0MW4K3 

Ne« tub day March 31. Managed.--|«5 

Royal Insurance Group F?xe?Interesi"". 

Ne-A Hall Place. Liverpool- OS! 2274422 Property.. 

| — Guaranteed »oe 'In’! Ba*e Rule?' table. 


s! r 


IR'^an'TigeRoad Brnii'i 

120 2 
1516 
ltd 2 
100 4 
125 2 
1420 
610 
164 6 
2442 
180.C 

si a 


:uu.avJan. 10 

KjquiIv Jan. 10. 

Bund-fen. IP. . 

Property -19D-19 
Dcikwi! Jan >P. - . 

01-247SS33 3-Way Pro. Jan IB 
O'usasInv Jac 10 
Mn.Pn J-W Fch. 1. 
tio. Equm Fob. 1 
Do. Bond Feb. 1 . 

Po, Prop Feb. I 

0I-W5922 Vanbrugh Life Assurance 

~ 4M3MaddoxSl .Ldn IV1R9LA 


01-199 4923 


Managed Fd , 
J-’-quIly Fd._ .. 
Intnl. Fund 
Fixed Intern F 
Property Fd. . 
L'asnFund. . 


. |140 J 14? 8] -0J| - 


12182 

229.7 

-0.71 

SSS 

90.0 

-02 

1716 

160.7 

+0.4 

13bS 

M3 7 

-DJ 

1162 

1224 

♦01 


1950 

1D0.1 

950 

100.0 

050 

100.0 

95.0 

100 0 


Perform Lolts _ el ^p “q|j | _ 

Commercial Union Group 
5l nrknV I. Underohafl. EC3. 


lAfPmFH Fch 8 1970 loin i * .»»i+* u.uujiy Welfare Insurance Co. Ltd.V 

^ Not Suh Day March 1 1 ? G'-SLHejen'a. Ladtu KC3P SET. 01 554 88W The Lear. Folkestone. Kent 0303 57333 


Life Assur. Co, of Pennsylvania 


\W-K Nor Bond Sl. IVI70RQ 


BaL Inv Fd. 

Property Fd*_ 


01*2 

145.9 


L.1C0P L'otU.(1033 10851 . | - 

»* l-ouf- l,0> ' d ‘ Bt l ' nit ™- I ' ,i 

Do. Annuify Utr.— 1 1736 j I - 
Confederation life Insurance Co. 

50, Chancery Lane.lIVCSA 1UE 0IW5U3SE 


0N4938395 GlU Fd.. _ . flri a 


* Equity Kudd_.— 
9Managed Fund — 


146J 

177 7 


Perunal Pro. Fd.. (70.6 


ai43 

199.6 

1784 

124.0 

361.4 


154.N 

187.fi 

74.J 


71. Iron bard Sl, FX1 

Exempt-.1979 

Lloyds Life Assurance 

ISleadrahalISL. EC3M7IJ 


Deposit Fdt_1213 

Cftthp Pena-Fd t 19*8 

a. Equilj'IVnsFd-1671 

OHtt! 1388 Prop 1'ens.Fd * .2044 

103 0} . | 7 85 Gilt Pen*, Fd _ ‘ 

Depea Pens Pd.f, 


125.1 +0. 1 
154.4 
127.6 -0.4 
1277 
204.9 
1764 -0 7i 

+0 2 ] 

1014 


Equity Pen. Fund, 

Fixed iw- P« Fd. 

Managed Fen. Fd 
Property PCT. Fd.-, 

9Protected Jn. PoL] 

Cornhili Insurance Co. Ltd. 

32. Corah ULE.&3. 01-BMM10 

Capital Jan. 15_111*5 

GSSpec.Jan is.... tooo 
Mn.uihjd Jan. 30.1165.0 174.1 

Credit & Commerce Insurance 
130. Recent St-London WIRSFE 01-4397081 
CfcCMngd Fd.. . .11210 3B20) .| -- 

Crusader Insurance Co. Ltd. 

Mncala Koum. Towor.Pl-ECR. 01 0288(131 

GUlPtop Jao.7._..(66J 73.41 - -I - 


Silt Gth Feb 6,._. 
CiptSppop FcO-0. 
Oi«.5EqtyFeb.fl,_ 
(tpt.SHy r'cb.8.. - . 

Opt.5Mon Feb9„ p,40J 
OpLS DepL Krb. B 


1 26467 , 

122 5 129« 

117.6 123 3 

157.7 U6ffl 


944 

... . J96J 

A, Price* on 'Januarv 18 

01-RSI fiA21 tWretlr deo/lngx. 

Schrader Life GroupV 

EntrrprlM* Houw. PorUmouch. 

Equifj Fob 7_ 

Equity 3 Fuh. 7_ 

Equiii'3 Feh 7_ 


Money maker Fd.I 98.8 I -L7I — 

For other fund', plenre refur tn The London b 
Manchi'Ater Group 

Windsor Life Assur. Co. Lid. 

I High Street. Windror. Windsor081*4". 


Life lot Plan;, _ 

FutiiTv.Us. : d.f.ifhiai 

Kitturo \<+d Glihbi 
Ri'i.A«+d.Fm* .. 
Flcr, inv Grtrath . 


[bB4 720| 
190 
47 0 
£27 75 
1064 U20| 


n7M27u£J 


ui-mi+i 

174.J: :: | “ 


. - »7 T 

(119-8 12621 _ 

Loudon Indemnity & GnL Ins. Co. Ltd. ini. Feb. 7.. ,(mo.j 
UH3).TheForhun'.B«.BdlnBSB®11 InLCTFoh 7 

Mont" Manacer. .[Ml 3Z3|-0 5| — YtstiiHFeb.?_ 

yUf Pl, 7 ,We Kz W.J-0.J - KASGuRcVSb.?:: 

Fixed Into'r.^L......j94.1 36.0|..( - MncdiFlxiFi.'b.T— 

The Loudon & Manchester Ass. Gp.V .Mngd.?Fria^T..,._ 

Th* U*aA Foltesioilv. Ker.l 030367333 Mon IS 3 Fl 

..AC 


Cap. Grfwlli Fund. 
OEvompI Fin Kd 
#Kxenni( !"rup. Fd 
♦Mpt- Inv T<t Fd 
Kloxi bio Fund 
In 1 .. Trun Fund... 
Property rund. __ 


. 209.1 

-31 

127.6 

-2.4 

063 

-1.2 

140.4 

-2.5 

105 6 

-1 9 

1223 

-3.0 

79.7 

-Oj] 


rftKni i"i . 

properly Fch. 7. ., 
Prof-crfy 3 Feh 7 
BSPn t'p Frti.7 
BSPn. Acc. Kcb. 
Mn l*n i.'p Feb 1 
Mn Pn Acc Feb 


212.6 


201.8 

70£6; 


m2 

U60 


BH 

147.9 

1587 


uli 

117 7 


147.1 

150 Jj 


1244 

1369 


124.9 

131.6 

... 

137.4 

144 4 


1057 

1UA 


U5.7 

121.8 


U2.1 

1181 


347.7 

1556 


MSS 

153.7 


1180 

726 8 


1870 

196.9 


m .12 

Z33 8| 


NOTES 


Pnws do not includeS promlunt. except where. 
indicated 9. and flrc in •Jracc unless ot herwlw 
indicated. IVIite °* t.vhown in la.n uolumnl 
allow for all buying eAf».-n-i-s.« liHfered prices 
include all r\|wa«4« b Todays pnce>. 
c Yield bflH-d m offer price d EAlmaied. 
g Today's opening price h D|rir>bution free 
of l\K.‘tiuea p Periodic premium in*urance 
plans * hinAle premium tn-urance. 

■s Offered price include all ca prune.? except 
agent's comtHi..'Ion y uffered price include? 
all if Unueht throuiiii marnger*. 

i lYrtrtu'. day a pro - "' CT.et of tav on 
i-ol!-.vd va^ifal guin' link*- indicated 
« tJu.TP■", prira. a yu>"“*ndei1 slielq 
before Jefeev t.n * tv -ubili' i*ioa. 































































































































































































































































































































































































































































































































































































































































































































































































































































HiUnfa I 

PBU | 

Jan. July} 


PROPEIttY—Contimied 

1 I I 1Lk[ Dfr j 1 

I Stock | Wet f si ! Net irvr! 


1NV. TRUSTS-Contianed 


tfrifenfc 

paid 

Jus* 


j (Last; ffiv I . jYIdj E 

Suck I Price j » | Vi |Cto{Gr't|HEj 

Cwarlm--j 60 115 Uf 25 [ 1.11 6*12281 

Qur lif.Iduil.l 12B I a.4 Q125 LW 9.« * 


RestanalProp. 


37 

34 
32 
66 
70nJ 
50 
52 

■s 

58 
-» 

92 

iortMikmiBiCj IBS' 

26. 

26 
-99 
92 
136 
25 
43 
■116 
316 

JJz 

&U 

70 j 3J 

35 U3 
-50 
265 
437 
£57fe 
,68 
.70- 


1975 |H5|Q12%i 0 

Commercial Vehicles 




net Bros. 
DBmlOp. 

^E= 



Garages and Distributors 



HmoasSlp 


Lambert Hta.2Dp 


Oct Feb. 
Oct.. Apr. 


May Not 
M ay Nor 


3011*1335! 2. 


Jajv'Aug. 


Jnnp -.Not. 



lanes, fttf. 


Sept Apr. 




3 

r 

21 

1 

I 

63 

Jft 

240 

iS 

omit up j. jg 

t 

US' 

rijaJ 

IT, 

Jr 

Gnwp20p.| ~35. 

f 



Apr. Nov. 
Feb. Sept 


Mar. Oct 
Dec. Mar. 


Csrrinctcaln 


t4.2 U| 2.5I36J 
7256 M 4.a25,‘ 
t!8 23 35123.1 


ftwMfld A 

ralial 
«3p.. 



Apr: Sept 


5.05 12 


Apr. Dec 


Apr. Nor. 


Her Nov 


Loo tease 50c. 
LonPrwShplOp 


Aug. Mar. 
Sept Apr. 


Dec. June 


Sept. Mar. 


ate 


one Feb 


FINANCE, LAND—Continued 

Dnafesds I ) jlasl] Riv I [Fld| 

■ Paid j Stock | Price j □ | Vi iCiTtGl’sl: 

54 1141110.68 j 2.2! 191: 
62 3.1H5.98 1314.3 


last] Kv I ind! 
a I Nk jCiTtGi’sl T/E 
141110.68 I 52! L9l: 


Pskov Sii.'M 


PWabl-5 MSO. 


Serving the world 
with 

financial expertise. 

SANWA 


Nor. Mai 



71& 30M 2.1 
93 cl 30j) 3.87 
71*d 302)1.45 
59i ? 31 gLB2 
Slid XU TL71 
73 14Ul 239 
S3 14-llJ t33 
80 |281lf4tl-73 
171 3OK7.01 
75 ZL013.71 
73 — I — 

'£ 91 . - Q2Dc 

600 -l«.49 

46 3LlfflfL45 
129 rifllBe 
69 22afiL37 
152 19.«Q4.0 

110 Ifl T2.45 
66i 2 lfaJj L65 
182 14111 tt.O 
105l 2 3771 0.71 
SC 22t045c 
104 474 23 


£: ■ ; Nov.|Lom L Montrose. 


DaMfmllitBp 


74 
169 
70 
65 
161 
350 
125 
62 
59 
160 
55 
93 

152i z 

f? lj 
81 

171 
2V 2 
88 
68 ai 
£108 
74 
100 

148 I ill 50 
575 
63b 
132 
93 
124 
98 
5Brt 
111 
19 


Feb. Aag. 


Tokyo, Japan 


MINES—Continued 
CENTRAL AFRICAN 

{ I L*a I D*r 

Stack | Pri» I tf I Net 

JUl5(3c-J 180 1 39 

6 «p. 


Wr [ 1T4 

Net Cit Crt 



Feb. Aug. 


OVERSEAS TRADERS 

295 1 3771 h275130.51 L41 2.4 




Jold & Base 13jp 



3 


A 


V 


Sabina tnds.C51 


126 M Q7e U 13 


notes 



i 


3C3 


SE 
















□toe 


November 
May Nov. 


l qim tod bdaiTF of (he Liminan dollar premium. 


A Storting dmonwuded apatrides trbteh tnctnde Imnntawnt 
dollar 

• "T»p" Stock. 1 

• Highs and Low* marked (bos have been adjusted to dltator 

for rights imet far cash. 

t Interim since Increased or reanmed. 
t Interim since reduced, pas ted or deferred. * 

fct Tax-free to nonresidents on application. • 
t Figures or report swatted. 

ft Unlisted security. : 

4 Price at dme of snspensioa. 

9 In d ic ate d dividend after p endin g scrip and/or rights tone;, 
cover relates to previous dividend or forecast 
■* Free of Stamp Dnty. 

6 Merger bid or renrganfsoHnw In propeM. 

4 Not comparable. 

4 Same interim: r educed final and/or reduced earning* 
Indicated. 

4 Forecast dividend; cov er an updated hr latest 

interim statement. v 

; Cover allows for t wwn lsa ol shares not now ranking tar 
dividends or ranking only for restricted dividend, 
t Cover does not allow for shares which may also rank for 
dividend at a future date. No P/E ratio usually provided, i 
V Excluding a n™i dividend doclaratlon- 
4 Regional price. ■ 

II No par value. 

8ii a Tex free, b Figures based on prospectus or other official 
13 J o acim a tr e Cents, d Dividend rate paid or payable on part 
of capital; cover baaed on dividend on foil capit al , 
e Redemption yield, f Flat yield, g Assumed dividend and 
yield, h Ass u med dividend and yield after scrip Issue. 

J Payment from capital sources, k Kenya, m Interim higher 
than previous total, n Rights (sane pending q Earning*' 
baaed on preliminary figures, r Australian currency. 
e Dividend and yield exclude a special payment, t Indicated 
dividend: cover relates to previous dividend. PIS ratio based 
on latest annual earnings, o Forecast dividend: cover based 
on previous year's ea rn ings, v Tax free op to 30p in the €, 
m Yield allows for mntu aj clause, y Dividend and yield 
based oo merger terms, x Dividend and yield tndode a 
special payment: Cover does not apply to special payment. 

A Net dividend and yield. B Preference dividend passed or 
deferred, c Canadian. D Cower and P/E ratio exclude profits 
of ILK. aeros pace subsidiaries. E Issue price. F Dhidend 
and yield based oo prospectus or other official rtfirimlrs far 
1977-7B. G Assumed dividend and yield alter pending scrip 
and/or rights Issue. H Dividend and yield baaed- on 
prospectus or other official pvmnairw for 107S-77. K Figures 
based on praspectns or other official esrtnmtrn for 1978. 

M Dividend and yield based on prospectus or other official 
estimates for 1978. N Dividend and yield based on prospectus 
or other official estimates for 1979. P Dividend and yield 
based on prospectus or other official estimates for 1977. 

Q Cross. T Figures assumed. L* No significant Corporation 
Tax payable. Z Dividend total to date. K Yield based on 
assumption TTsaiuiy Bill Rate stays unchanged until maturity 
of stock. 

Abbreviations: ties dividend; sexseriplssne; tr ex rights; no; 
all; * ex capital distribution. 

< 


“ Recent Issues ” and “ Rights n Page 27 


This service is available to every Company dealt In on 
Stock Exchanges throughout the United Kingdom for a 
fee of £M0 per annum for each security 


December 


October 
Tiec. July 


Feb. Au&lHambraTrus; 


'UT2CCT15.K’. 


m 

171 

2811(16.72 

m 

281 


KuiRaLjOe 


London Brick 


id 

10 IMrka. & Spncr 
13 (Midland Bank 


I 




































































































































































































































































































































































































































































































































































































































































































































































































































34 



A worldwide insurance 
broking service 


FINANCIAL TIMES 



Monday February 13 1978 


IIcji! Utlicc: 2i- l onehtirclt Si. Lundt'ii I t .*M .’HR 
Iclcpluiue: ui-’Sj' -k>| I. l'.'lcv SWSl-l.* 

—\ DWnih.-r ■ Ilic ln<.li..i|h •.ir.iuj' ——— 


CONSTRUCnOfj 

Builds for Busines 




GAULLIST CHIEF WARNS OF THREAT TO LIBERTY 


French Left maintains lead 


Thatcher 


THE LEX COLUMN 


-> • -*+■ v 

. " : ••'i v ~~ 






as assembly poll nears 


moves No aCCOlUlting f©t 


BY ROBERT MAUTHNER 


PARIS, Feb. 12. 


WITH only Four weeks to go 
before the French Lien era I Elec¬ 
tion. the parties of the Left have 
maintained their substantial 
lead in the public opinion pulls 

The latest French 1 nsUlute oF 
Public Opinion pull, due to be 
published tn-morrnw in the nu'^a 
zinc Le Puini sives the Socialists. 
Communists and Left-wing Radi¬ 
cals combined 52 per cent of die 
total vote in the first round, com¬ 
pared with only 44 per eenL for 
the Government parties. 

Accnrdinc to this poll, the 
Left wi‘! win a 33-seat majority 
in the National A.-wenibJv it the 
Socialists and Communists agree 
to stand duwn in favnur of the 
best-placed candidate of the Left 
in fhe vital second round of the 
election on March 19 

In the absence of such an 
agreement, however, the poll 
indicates lhai the present 
Government parties will obtain a 
Parliamentary majority of 261 
seats against the Left's 212. - 

The polls have done little to 
discourage the Gaul lists who 
organised a huge emotion-packed 
rally, in a Paris suburb on Satur¬ 
day" night. 

The faithful, brought in by 


57 special trains and 1,000 buses 
From alt parts of France num¬ 
bered more than the 'crowd at 
the last France-ScotlaDd rugby 
match at Murrayfield. the 
organisers proudly ejaimed. 

Some 130.000-150.000 turned 
up. according tu M. Jacques 
Chirac. leader iff the. Rassembie- 
raent pour la Republique. about 
50.000-50.t)00 attended- according 
to independent observers. 


Icy wind 

in freezing temperatures and 
with an icy wind blowing about 
their ears, they gautered in a 
vast disused hail of me uid Parcs 
meal market at the Porte de 
Pan tin frantically - waving tri¬ 
color Hags. Many of' them wore 
red Phrygian bonnets the bead- 
gear of the .Sows-culoftes during 
the French Revolution—a host or 
oulsized pixies preparing to do 
batie with the old Communist 
witch. 

The choice of the site for the 
meeting was less than felicitous 
On the waste land behind the 
iron girder hall stood the con¬ 
crete carcase of one. oF General 
de Gaulle's biggest white ele¬ 
phants. Planned as the largest 


slaughterhouse in Europe, it 
became the subject oi a damag¬ 
ing financial scandal involvng a 
number of prominent members 
of the party and was never 
completed. 

But this was not the time to 
evoke bad memories. When you 
are girding your loins for a new 
religious war. the failures of 
previous crusades are best for¬ 
gotten. Only the forthcoming 
struggle counts. 

And In case anybody shbuld 
have bad any doubts about the 
importance of the occasion, all 
tbi party notables had been 
trundled out to the old meat 
raarkeL 

They included the old war 
lords such as Michel Debre. 
Maurice Couve de ‘Murvllle and 
Pierre Messmer. all former 
Prime Ministers They curiously 
resembled members of the 
Soviet, politburo at a May Day 
military parade in Moscow. Only 
the hats and M. Jacques Chaban- 
Delmas were missing. 

The climax to this great super¬ 
production. an oration by 
Jacques-Chirac, came none too 
soon, given the Siberian atmo¬ 
sphere. It was a star perform¬ 


ance by any standards, a dema¬ 
gogic tour de force and.the party 
faithful loved it. 

in tones reminiscent of 
General, de Gaulle. Jacques 
Chirac painted an apocalyptic 
picture of France under a Left- 
wing Government. -The destiny 
Of the country was at stake in) 
the next election, he proclaimed, j 
It was not true that Communism I 
had changed in character. j 


to allay 
Tory race 
line fears 


mm# |,r 

AJtf 


By Richard Evans, Lobby Editor 


Another tale. 

In every country controlled 
by a Communist government: 
liberty had been suppressed. But 
his sharpest barbs were reserved 
for M. Francois Mitterrand the 
Socialist leader whom be 
accused of sacrificing all his own 
party's basic democratic princi¬ 
ples in his thirst for power. 

The thunderous ovation that 
M. Chirac received at the end 
of bis speech might have per¬ 
suaded an Innocent bystander 
that France was still as Gaullist 
as it ever was. But the public 
opinion polls of course tell 
another tale, showing that the 
Gaullists currently have the sup-, 
port of only 21-22 per cent, of! 
the voters. 


Big debt burden remains 
despite early repayment 


MRS MARGARET THATCHER.j 
the Conservative leader, sought 
yesterday to calm the confusion! 
in the Tory Party on the issue 1 
oF immigration after evidence of 
growing disquiet at the hard line! 
she appeared to take in her eon-i 
troversial television interview, 
two weeks ago. 

In a major speech to tb<?' 
Young Conservatives’ conference: 
at Harrogate. Mrs.. Thatcher 
firmly maintained her commit¬ 
ment to adopting policies 
designed “to work towards the! 
end of immigration in this ; 
country.” 

She reaffirmed more un-' 
equivocally than before Che Con-i 
servative Party’s commitments 
to UJv. passport-holders from 
East Africa, and to the immedi¬ 
ate dependants of ail immigrants, 
who settled in the UJL before 
1973. 

** We will honour these com¬ 
mitments.” she told an enthusia¬ 
stic audience, many of whom had' 


- V..; T . 

Britain’s accountants and-"Government's granting of 100 accounting method known-*?! 

finance bouses are at last trying, per cent capital allowances for sum-of-theAUgits method,-©^ 
to find a generally accepted'plant and equipment in the rule of 7& This. is' design^* 
method of accounting for leasing early 1970s followed up by the split rental profits cpnsemtfl 
—a financing phenomenon-introduction of stock apprecia-over the ye*rs ojf •th<y~& 1 

which has really taken off in the. tiorr relief in the 1974 Finance according to an arithmetic r 
last few years. Last week repre- Act. The combined effect was to. gression^. Itf is .also j afatg m f 
sentatives of the Accounting put industrial and commercial simple fo ; d|#rate.> 

Standards Committee met the companies on a rough-and-ready ' V 

main lessors and discussed the'Lform of inflation accounting; for TaXTeJifif ‘ ' 

outline of a method for account- tax purposes. iL':: I-’* ». 

ing for leasing profits. I*M : Th e measures had-a double- 

this month tje Process.- wji. baxreJIed effect On the one.hand- 

The grow* of the- letetagmMnTthar*e“were ? S th f “?***> 
industry during the seventies JL very mtle . ^ main- s£ ^ lutm P Would-b^ a (fijB&jg 

has been so great that aceoun--J>am ^coroorttloa tax But 

tants can no longer afford tft l2rt oLthe ‘ 

r^rd it as;a fringe activity. & /Jg, sector .whicVt: did not . 

1967 annual leasing volume was benefit verv much from'These 

running at jasf £20m. Ten years -piipfg ant | incidentally had raeat - Leasing- Assqejahq^ 
later the figure is cloi, to -g £ fi * [ ■■ ’ 

£ 600 ra. annually, and .= ; the c^mf^nkL 

industry is growing,at a yearly' . ..• •••'■ .h*ethdd;which dpK : ^iiS^fi^. 

rate qf over 20 v per cen^-fy A^. .-.. . «■ -v - ■: - :-r-- =’ l .jIV.-•'■'T-tT 

recent survey showed l^ -mofe ^IeaniEg- 
than 60r of! the Itop. 


GOVERNMENT AND PUBLIC 
SECTOR BORROWINGS 
OVERSEAS 


, been disturbed by the tone of 
her Granada interview. She was 


given a standing ovation before 
and after her speech. • j 


companies now-use leasing ■ f«*r 
part of their «n.iiib*-'MT«iij^gS r ^? 3 
meats. According to thq time . 

meat. Leasing : AssocJatioo, r;ta. 

-1976 leasing accounted ' 


Impact of programme of early 
repayment of debt so far announced 
Original maturity Latest 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE PROGRAMME of early 
repayment uf some of the U.K'x. 
official borrowings from overseas 
so far has made only a small 
dent in the large totals due in 
the peak years of 1979-S4. 

Within the last few roonihs. 
the early repayment in 1978 of 
overseas debts totalling Sl.TSbn. 
has been announced, including 
Slbn. to the International Mone¬ 
tary Fund. 

Most of these loans originally 
matured in the early years of 
the period, with between S320m. 
and gg85ni. being deducted from 
the amounts due between T97» 
and 1981 and $500m. coming off 
the 19S2 total. 

However, this still leaves total 
loans of between $2.Sbn. and 
84 941in due each year between 
1980 and 1982. Debts of just 
over S20bn. mature between 


now and 1984. 

The Government’s policy is to 
spread the burden of repayment 
away from these peak years both 
by repaying now and by seeking 
new finance maturing after the 
mid-1980s. 


Controversy 


Latest estimates suggest that 
in order to reduce tbe amount 
of refinancing and repayment in 
two or three years, further moves 
mav be necessary in the next 
year or so while the current 
account remains strong aid the 
reserves are high. 

The present total repayments 
for this year., including amounts 
maturing anyway, is S2.75bn„ 
slightly less than the estimated 
current account surplus .For 1116 
year. 


It is widely expected that the 
total will be more than $3bn. 
by the end of this year, while 
refinancing moves amounting to 
S400m. since last October will 
continue. 

There has been considerable 
controversy over the priority to 
be given to debt repayment. 

The Bank of England has 
noted the scope for new borrow¬ 
ing. but argued that it would 
clearly be necessary to provide 
for a net reduction of debt on 
a scale that was appreciable 
in relation to maturing obliga¬ 
tions which. among other 
reasons, made it desirable for 
the current account to remain 
in surplus. 

Others have argued that main¬ 
taining a current account sur¬ 
plus for this purpose and thus 
restraining domestic growth 



schedule 

Sbn. 

position 3 

Sbn. 

1978 

” 0.95 

2.75 

. 1979 

2.4 

2.18 

1980 

3.2 

2.8 

1981 

5J 

4.94 

1982 

3.9 

3.4 

1983 

IS 

2.5 

1984 

2.4 

2.4 


'*S150m. of early repayment to 
IMF added to 1978 total but not 
yet deducted from later years since 
it has not been decided bom which 
tranche the money will come. 


Source; Boot of England Quarurtr 
Bulletin and FT ertJmote. 


should not be the priority. 

On this view, the borrowings 
should be capable of being 
refinanced fairly easily in a 
world of large oil-producer sur¬ 
pluses given the U.K.'s improved 
financial standing. 


Continued from Page ! 


Germany’s 

refusal 


Begin angry at Vance remarks 
on Sinai settlement issue 


estimated at about SlObn. andi BY L. DANIEL • -ull aviv, reo. i— j nt(J the party. 

tbat of West Germany. Switzer-! - - - 

land and the Benelux group at I MR. MENAHEM BEGIN, Israel’s military contingent to defend the ment that a Palestinian bome- 
$3bn. each. ! Prime Minister, strongly pro- area. land linked to Jordan should be 

The U.K.. it is predicted, will j tested to-day about recent state- “Durln^ the course of ex- set up> 010 c , abine, s view was 
have a surplus of 83bn.. while; meats from Mr. Cyrus Vance, e hance< in tbe White House not lhat , this w ? u,d lead inevitably 

France's deficit should be about|U.S. Secretary of State, that on i v was no reservation whatso- l ? the c £S? aon of a Palestinian i 

S2bn.. and that of Italy $4bn. .Jewish settlements in the occu- ever ma de with regard to this Sta,e - This was irrevocably 

Overall, the OECD area is- pied Sinai should not exist and reference but the° plan as a oPP osed °y Israel. . U.K. TO-DA\ 

expected to have a deficit of that a Palestinian homeland W bole was received with a posi- 'A Palestinian State would be SUNNY intervals or cloudy with 
about S22bn., compared with a j should be created. tive reaction." Mr. Begin said, “ruled by hostile guerillas and snow. Very cold. 

surplus for the OPEC countries! Following Uie weekly Cabinet The Government of Israel, he result in an anti-Israel align-1 London, E. -Anglia, SX. and 

of 830bn. to 835bn. | meeting. Mr Begin read-a state- went on, “stands by its view ment.consisting of Jordan, Syria.; Cent. Southern England, Blid- 

Adrlan Dicks writes From j ment to the Press expressing the that the settlement programme Saudi Arabia and Iraq us well as lands 

Bonn: Mr. Bluwenthai is likely Government’s unanimous regret j S j n f U jj harmony with inter- Palestinians.’’ Mostly cloudy, snow at times. 


TEL AVIV, Feb. 12. 


Few clues 

The effect of the speech will 
probably be to soothe worries of 
stfme party - moderates, including 
members of the Shadow Cabinet 
who feared she might be chasing 
potential National Front votes 
by hinting at a hard line on 
immigration that could not be 
Fulfilled Jd practice. 

There, were few clues on how 
a future Conservative Govern¬ 
ment would intend to reduce 
immigration substantially, apart 
from the contention that now 
that the subject was in the open, 
loopholes would he closed and 
numbers begin to fall. 

Tory Party proposals are still 
bei":: fnrmniaterf under thp 
guidance of Mr. William White- 
law. Deputy Leader, and will 
probably not be unveiled for 
some we**ks 

Mrs. Thatcher will still face 
Labour Party charges that she 
is raising the issue of race for 
cynical electoral reasons, and 
has no prospect of ending immi¬ 
gration while still maintaining 
her party's commitments. 

Although ' the Harrogate 
speech showed na real retreat 
from the call for a much tougher 
immigration policy. Its tone was 
markedly different from the 
Granada interview. 

Mrs. Thatcher was given full 
backing by Lord Thorneycroft. 
party chairman on Saturday. He 
said that citizens of whatever 
colour were equal in status and 
dignity, and advocated recruit¬ 
ment of more coloured people 
into the party. __ 


vearfF years: If. 

ei^/fir^also problems,.'^ 


represented-: upwards ,of a, of 

of all Investment financed from; jjj 
e.vtcrha] stfiircte. .. i. . • num +‘,voKro 


int or 

tov»hTo Vernart. / MS 1 


Explosiye 5 



source -/ot-i fixed rate -niedfittis^^TJp to nobank^tbe"tule : in.’Qie 
term funding (generally up to have been |akinfe profits from ^emoFfc'-bHe -pi 

five years) and it can be “nff- leasing ren|^ iijtukccpunt pv^ _ 6th^'..atrahtions.:of :leasi|g 
balance sheet.” But The real the perioji nf "the. i4ase' accord- ^wovrt^' nn idigei: be^oft-bat? 
impetus was provided by-the ins to the old faite purchase street:" yf 'l. . 




Weather 


U.K. TO-DAY 


to find when be arrives here that about Mr. Vance's remarks last national law and that it has c. lf , h -i iE!nmpnt , hp I Max. OC to 1C (32-34F). 
disappointment is « great on Friday. Mr. Vaoce had implied always been legal, legitimate aod m ent pointed^^ouL would have at! N-E- and Cent N. England, 


always oeen legal, legiumaie aou n u»nt oointpd out_ would hav<> at *** a,,a '•' nL 

the Vie si German side as on that that the Israeli settlements were essential.” dl^n«f d nearl^ fi 000 tanl« Borders 

of the U.S. at the apparent failure against international law. The protest apparently has ?on fichtM aftrSt Cloudy, snow at times. Max. 

or Bonn and Washington to Sources here stress that there been conveyed to the Carter “^ m S%an 4 'WhMw mns 1C (WF). 

understand one another s econ- j$ great bitterness over what the administration as Mr. Begin held ^ rnSniiinn* Channel Is., S.W. and N.W. 

omic-policies. , Government regards as an Ameri- a meeting with the American “ ld L^ e e r 1{ raile! from England, Wales, Lakes, L of Man, 

Chancellor Helmut Schmidt can volte face. It was believed Ambassador on Saturday night JJ u JL f f ‘VL nnSflB 7 hnnlJvl s -W'. ScoUand. Glasgow. ArgylL 
has followed his letter to Pres:- here tbat when Mr. Begin saw before the Cabinet meeting. i/re rLVrihli.hS^ and » N. Ireland 

dent Carter of late December Mr. Carter on December 16 and The feeling here is that be- ti™ Thuc ho ; Sunny intervals. Snow showers, 

"ill* » Public »tuick on the IT. the U.S. Adminisrtrtition cause the Prime Minister took its eeist^ Max. I-2C I3+38D. 

notion ibal Wesi Germany should accepted the Israeli position on the step of personally reading •-v/nniL'ii ^1 1 Edinburgh, Dundee. Aberdeen, 

be expected iu undertake a t be Sinai settlements, and the out the statement it is intended “ ' 3 J;”S 1 J 1 ““‘'Jcent. Highlands, Moray Firth 

•iocoinotive” role for the rest problem of a Palestinian home- to convev not just a routine .im«H ,ii v ■ ra Mostly cloudy, snow in places. 

r»f the world, and he Ls also land. » reiteration of Israel's position *”■atP>o« at 1 its civiltan Max ^ (32Fj . 

understood to have repeated his The statement, which was read but also a charge of extreme I an ® e »v Q NJE- N.W« Scotland, Orkney, 

view i D subsequent private eon- by the Prime Minister in both bad faith by tbe U.S. govern- “ff ?J* d eDd .a°ger the Sheilands 

tacts. Hebrew and English, said tbat ment S?2!2«!L Jewisb state * Sunny intervals, snow showers. 

Highly-placed sources in Bono even after Mr. Begin’s peace Mr. Begin noted that Mr. Vance , t 5 !~u! ni h . ‘ t . Max. 2C (36F). 

are at pains to stress tbat the plan was submitted in writing had said at his Press conference . “ S .® 0 D >' ex P re p in S OoOook: Very cold with severe 

relationship between the Carter on December 27 to Washington, that the settlement problem must J?” ,1 government s nope that frQSt& 

Administration and the Schmidt no communication was received be solved by the parties involved. 1 °®.,."“'. w ?“ ia ,. r ^ cor l Sl - ~ TTT T- 

coalition are on a firmer and for seven weeks that the settle- “ We have here an obvious con- position, in the l ; ght _ BUSINESS CENTRES _ 

Friendlier footing than last - year, nients should be removed. tradiction in terms between a la 5 s ,Jr®, between the rT^ineni V 'da* l vday 

Even so. the Germans do not Mr. Begin included a specific mediator taking sides and his |L nd israeu prune Minister in roid^ay row-day 

entertain any illusions about the reference to the continuous exis- advice to parties to conduct nego- _ lli; _connecuon_ »c 'C *P 

difficulty of working out a sub- tence of the Sinai settlements tiatons.” tbe statement sad. with the Israeli peace plan. S s is « Ma*« b s 4 as, 

stantive agenda for tbe July within a UN zone with an Israeli Referring to Mr. Vance’s state- Editorial comment. Page 12 Bahrain s ?o ss.uai.chestr. c a as' 
summit ---Barcelona S 9 49 Melbourne C 20 as 

They are also making it Plain Continue( j p age 1 * w&x I ” S >iXw c 4 'fr 

tha they will not agree to any L>OULlLLU.cu iiuiii x Belgrade s vi 54 Munir* s -3 zs 

repetition of the London sum- • Berlin sn -s tt iveweasiic c —i no j 

New stage of wages oobev 

Count Otto Lanibsdorff. West TV MbVx/ Bndaoesi C 4 S9 pmb s 36 57 

German Economics Minister. b. Aires c 23 73 Prague f -a a: 



We think he can- 
Ks our experience 




has to maintain certain 

professional life.findsit v./>; 


professional life, finds it vF 

The value of 13^’--V-*' r -^ 
to be disappearing fast 


What is more he s. 


mm" 


New stage of wages policy 


"returned only last week from a- Labour Party activists and rank- resembling the two years of talk would not help the under- “J?- £ _r| m STdo jv, c 30 u 

visit to the U.S^ where he and-file utiion- members to ■ the agreed restraint or the present standing between the Labour Chicago s -3 2 r|R 6mc r a <s 

evidently failed to make any rigid earnings limit. rigid . and unilateral policy is Party and the trade union move- coiorho c 0 m sinawwrc s 31 ss 

impact .'with the argument thaL At ^ ^ ^ ^ ^ u ke ly to be very .hostile. meat ahead. >of an election. The S f S ■eBSSSSS? f "» •§ 


Bahrain S 30 68, UahcheUr. C 0 32 

Barcelona S 9 49 Melbourne C 20 as 

Beirut S 17 63 Milan R 2 3G 

Bellas* S 1 34 Moscow C -S 27 

Belgrade SUM Munich S -2 ZS 
Berlin Sn —s tt Newcastle C — 1 no 

Ermpbrn- Sn — l 30 Now York S 0 32 

Bristol Sn -1 30 Oslo Sn -8 18 

Brussels S 0.32 Paris Sn —3 3S 

Eudauesr C 4 S9 Perth S 36 97 

B. Aires C 2-1 73 Prague F -3 27 

Cairo S 21 n Reykjavik SOS! 
Cardiff C -1 30 Rio do J'a C so &a 

Chicago S -3 27 Rome R 9 4S 

Cologne C 0 32 Sinaaiwn? S 31 ss 


-JLuaLai wily -we 

and sdh^rnes.•: T ‘. 


•.‘'i'iis*. - ' - '... 


unitholders. - 


A -: VCh.' . . 


** 


What exasperates the Germans / L, ‘" ^rthcomin 0 . ment intervenlitlD ^ bargaining. bas Put the Transport Workers i s s * 

In President Carters approach . It u being suggested for the plan for a public ser- 1 Lqnd<,n Sn 0 

is what they regard as its econo- instance that the Government Las tn ight Mj\ J on essai d that vjees committee in the TUC pro- HOLIDAY 

mic naivety. would have to exempt from any was no quesnoo of^ the m0ted by Mr David Ba snetL TUC - 

American criticism of German: target P»- v deals that it intro- TUC rtUo chairman, and interpreted by Z « 

policy, it is pointed out. appears duced a cur in the working week, 0 ° a course of restoring gome Ministers as a step towards f i « 

-.xl _ t _thi* urnitM h<»in rounterarr normal collective barsaimne.__^„ : .. 


Lisbon S S 45 1 Warsaw 
London Sn 0 52 Zurich 


ley S 26 79 

■an C 9 48 

Avib SUM 
ro R 3 37 

into «: -5 23 

na r. -l 36 

saw C 2 36 

zh F -4 25 


mrm " M 


adviser. 


HOLIDAY RESORTS 


perhaps we can 


policy, it is pointed out. appears aucea a cur in we worKiug wees, avemti uu « wu.* v. some Ministers as a step towards f » « louto 

to disregard*^ entirely tbe fact as this would help counteract S nSSES ^tional determination of wag^ &S5L. s \ vjSSS 

that Bonn, has already taken unemployment. Obviously anytinng wat reduces Mr. Basnett sav= that his main Bordca “* * ® SiK* 383 

what It firmly believes will turn Some extension .of the 12- «£,{?£ a ° d alms are to unite 5 public sem“e I “3 

.out this year to be a subs tan Dai month rule, to which the TUC unions oo issues tike public ex- can^Town c 22 72fKa D ks 

measure of reflation. . -', ceases to be committed as Stage on bargain- penditiire and cash limits and to ™ J « £ "*« 

Among the main points, has Two settlements expire, will also ,ng * help public sector workers’ pay r io sa-oimto 

been the cutting of Interest rates be' injected into the discussion. Talk of a further policy would relativities with private industry Funchal 0 14 67 Rhode* 

to levels lower than at any time Tblg could be central to the jeopardise present pay negotia- But Mr. Jones has fold Mr cibraiwr 1 ? n 3 Salzburg 

since the early 1960s. and the | Government plans. lions. ” I don't mean there should Basnett bis union will not sup^ 


Jersey Sn — 1 30 
Las Purse, c 30 69 
latCAmo P 2 36 




or more- 


raising uf net Government bor- At this stage Ministers have be automatic acceptance of 10 port the idea, and at least one ’ Inverness s-;t : ’r|Tunis 

rowing to a level close to the \ not come up with any specific per cent!, but we want a moderate other general secretary fears it 1 isle ° r s o Ejvaifncia s s 46 

conKRtuuooally permissible ceil-! plan, whether involving the TUC approach.” could imply the loss of individual U^c„„ n y & 

,n "' or not. But reaction to anything Mr. Jones also said that such unions’ bargain power. j ‘ sn—snow ”^ n ' 

I I 


F. 13 33 

S 19 84 

s » a 

F 10 50 
S T 43 
S 17 63 
S 8 4S 
C IT 61 
C II' 

F 14 57 
C 13 K 
R 14 57 
S 8 46 



Ft* *y Bid red at ibc Post 


Offiers : *.PniR«t by' SC 

’fM _ Uorn.r ' w7dn4f«w* * 




ESi