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nmuenss 

IKMINGHAM CAKQIF-H -} DiNttUrifJH 
LASClttfe ■ J.UNPON HIOf>-1 OK ON-TEES 
SIVAN5E* WI.'iAN 




No.' 27,454 


Monday January 9 1978 *n»p 


& 


steel 

samson 


colnbrook 3131 



~ T1 ^ <ENTAt ' ~ ^ NG PR>CS: AOSTR1A SdulSi * EL<ilUM FrJ5 « D ENMARK KrJ.5; FRANC! FrJ.Pj GERMANY PHILO; ITALY L50P- NETHERLANDS F1JJ. NORWAY KrJJj PORTUGAL E*.20; SPAIN Pm.«Ds SWEDEN KrJ.2S ; SWITZERLAND FriOg EIRE ISp 




SUMMARY 


Begin says Israel 


, EHl . Begin says Israel P M - New attempt 

Jmith Dr. Burns HlUSt keep Sadat * to decide Oil 

®nsors jw w® Sinai settlements in Egypt reactor type 

DW «*,.*.* BY David fishlock. science editor 


Dr. Burns 


PJVL 
to meet 
Sadat 


far 


Fed 

Board 


BY DAVID LENNON, Tel Aviv, Jan. 8 


. . MJXJCMM. tt Israel wiD withdraw its offer to return'all of Sinai to Egypt if President 

€* • dil Aim™ rubnsl'S adat insists that Israel remove the settlements established there 

1 ■ . V'Jkr vJ. ILCf retires .as cbainnan of ™ daring the past 10 years, Mr. Menahem Begin, Prime Minister, declared thisi 

1 ' Federal Reserve at the-end. of even in g- j 

p. » . tins month, has decided' not to _ ° • ! 

•i p Kl «>uesiait authorities have remain a regular member of the “ r - Begin said that “hard-line Tin a magazine interview pub- the existing ones, or to refrain j 
posed censorship on .overseas Fed Board statements by President Sadat, I is bed in Cairo at the weekend, from any settlement activity 

: ‘ ; 'irnalists reporting the Although no offldai announce- tbat , he wou,fl not aliow Israeli Mr. Sadat was dogmatic about during the negotiations with 

‘ ' jriJla war: Iufbrmatlon other teem had been made, the Wasln settlements to remain on Egyp- the need for Israel withdrawing Egypt 

f . V'ltffl- from Government fogtoo Post reported that Dr "an termory after a peace settle- both troops and civilians from In the end. the Cabinet, by a 

• " Burns said heWoaldnottlke Up mem * e Peaee all ocupled Sinai territory. Reger majority vote, decided ro 

.... • !.“!?“*' Parliament or the t he option of sSSing M the P™ cess - Matthews reports from Cairo. **t increase the population in the 

' ;f ris ’. ca ^ now *** published Board for anotbersixyears In Earner in the day. after a won’t allow the presence of a existing urban and rural settle- 

1 ly with Information Ministry Basle last night Dr Borns de- storm y six-hour session, the single Israeli, whether civilian ments and to expand the area or 

proval. scribed the rennrt' an “ore- teraeli Cabinet decided not to go or military, on Egyptian soil.” land being farmed. The Cabinet 

v Ri ,. hlp , Tlim v*. -mature.'' . as. ahead for the time being with the Mr. Sadat said.] Secretary insisted after the 

V I io-f.\L 1U nt r, T a i P ollt1 ? al Dr. Bums has said there was establishment of new settlements [However. In conversations meeting that no new settlements 

Mf * Spence lecturer at the University n0 ci^rra SS S?,JnSmi^ bu » to concentrate on expanding with a group of visiting EJ.S. are being huilt in Sinai. 

* . ■ N r at3 i h a ^ P leading opponent ™“ isrt "8 ones. Congressmen, Mr. Sadat was The Cabinet was divided on 

■■ . • :s sho . l -u^ e l d ln of his designated succfcsSOi. Mr . Fo 1 lowing the-Cabinet session, more moderate, saying that be this questipn, and it Is possible 

•i.:, S"'.** of hts children at his home q william Mill**- '. ' Mr. Begin said that Israel would did not wish to be side-tracked that one of the coalition part- 

l( . "" Africa. Page2; demand territorial changes in by the issue of Israeli settle- oe'rs. the Democratic Movement 

.. ;...odesian feature Page 25 ^ STOCK EXCHANGE Council lbe rorB,er international border ments. “The problem is deeper for Change, may seek to have 

r "i. __. ' is to consider triaiui for taunehinp if EgypT refused Israel's comp ro- than that. The question is: Is the - expansion plan brought 

Murray urges a London market in traded share mne offer ,0 remra a 11 of Sinai I™ 1 rcad y for peace? Is Israel before the Knesset Foreign 
...... y • • ■ A & rrSim5-^5!S t0 Egyptian sovereignty buT with ready to evacuate occupied Arab Affairs-and Defence Committee 

" . , i remen to S S^ d thHlarSH»“ S if** «tuemei.ts remaining in territories?-I to-morrow for a vote. 

• Tldstrike earlier discussions. Back Page was addressing a meeting Ppaop n |« n ‘‘ ***& *nd NStional^Rellgfous 

• ^ wr* a of the Herut Party, which is one 4 C3.C0 plaD Party members of the Cabinet 

v >;‘Leh "Murray TUC eeneral VICrPTS SPPlCSl * of the main factions of the ruling . .. . „ _ . - fear that any Increase in settle- 

1 .. li, added hia vofee . L|fcud b , fl B In his address to.Herat Par^f mem. activity at this time could 

; - :’‘ the mounrinn effortl to p^ £1 CA m Mr. Sadart remark that Israel “ # " b ® n ^ r ’ declared: torpedo the peace talks. 

• •. ade the striking firemen, to call XlSUlII. CRSu i could burn the settlements before C p 1 4wLn1^WB 0 L.nd Z ^hi.if W anS i M r^ Anel . Shar 1 on - rh® minister 

; . their action He ureed Thurs- . . . i, withdrawing drew a sarcastic s®“ le “ents. We build them and in charge of settlements suffered 

• ' "J s : ni BrlMdL Union mu- • VlCi ® RS ’ the engiaeoriog re , ort frwn Mr . Begin, who de ? e ” d the “‘ v The ct > nt,oued a double defeat in the CabineL 

• reLe toendorae “wenJhS ffSE **“ be seeking at least suggested that “We leaie the of these settlements. Re had proposed creating new 

- a reSim to wori^ S f 160m ; m S 0 vernment.compens?- monopoly of burning towns to def * nded K b - v , Isra ? forces - a settlements in North Sinai and 

biy a return to worn. Uon for nationalisation of its th. R flD1 , n part of the Israeli peace plan. ,i Dn a the east mast down tn 


Vickers seeks 
£150m. cash ; 


BY RICHARD EVANS 

NEW DELHI, Jan. 8. 
MR. CALLAGHAN, the Prime 
Minister, has accepted in prin¬ 
ciple a sudden Invitation from 
President Anwar Sadat to visit 
Egypt this week for talks on 
the Middle East peace 
initiative. 

Mr. Sadat has suggested that 
Mr. Callaghan stop in Egypt 
on Friday evening on the way 
home from his tour of the 
Indian sub-continent. Final 
arrangements are still being 
made, but it seems probable 
(hat Mr. Callaghan will re¬ 
route bis flight back to London 
from Lahore. Pakistan, so that 
he can meet Mr. Sadat at 
Aswan Tor an hour or two of 
talks. 

The Prime Minister is 
anxious to return to Lund on 
for the week-end so that he 
can rest after an arduous tour 
of Bangladesh. India and Paki¬ 
stan. 

Our Foreign Staff adds: Mr. 
Callaghan’s suddenly arranged 
trip—similar lo President 
Jimmy 'Carter's unscheduled 
stop in Egypt last week during 
his foreign tour—is regarded 
as part of Mr - Sadat's overall 
diplomatic offensive towards 
(he West Herr Schmidt. West 
German Chancellor, recently 
visited Egypt. 


.‘5* Uor> for nationaliMtidn of its the Roman Emperor Nero ” part of the Israeli peace plan. a i ong the east coast down to 

shipbuilding . and.-.aircraft It re malns to be seen how .The Prime Minister made his Sharm El-Sheik. He had also 
WO-VPflr nlAriirA ■ interests, says its.:.‘managing great a stumbling-block in the remarks before his most staunch sought membership of the Israel 

- year |iicugc dire lor. Sir Peter Matthews, way of the peace-making pro- followers,, who are nbted for their team for flic Joint Egypt-lsrael 

-•.TOtYl DcUTG ' . Negotiations are expected to n, e question of settlements Right-wing position. He was political committee due to meet 

• Bam. • r.nvpmnient start early next month, after the will be. clearly out to allay their fears in Jerusalem next Monday. He 

EnisS that if u VhS Oov ® rn ra®or has made an interim Clearly, the Israeli political ■ that ho had abandoned his former was deFeated on both counts. 

'• tech Gen™5 Election in March ^ ymenl - **** Z consensns is absolutely against hart-line stance and to demon- His candidaiure for the com- 

■ ' foei-sonalanricumoanv taxes m DOl I ar*S weakness cannot “P™>tlng any e' the existing strate that h e had no intention mi ttee. though proposed by Mr 

SS iSSS ' S »“! ^SSf , .hSJd ft .nJ’ , K IASS,ErLtT>. >,y , 

curitv charges, will .be main- alone, says Dr. Ofoiar Erirmkiger. veloping new ones there—quite The Cabinet - had earlier r K 1 * 0 e 

, ned at their present level for president of the BundesbanjLDr. apa ^[ ff om }n ^ We st Bimk— debated whether to build new Continued on Back Page 

u years. M George Marcbab-.- EmnUnger was speaking gjgthe ^ hard for Mr.'Begin to resist, settlements in Sinai, to enlarge More Middle East news Page 2 

e. French Communist leader, eve of the .monfhfef. idgsfral - 

t made it crear lhflt his patty Bankers meeting’ iyST---■ - -:—:- 

ill no) £gbt-'lbe tint:round »f which Ihe XJJS. measures «turu r '-m m ■ m ■■ 

top,c - 2 FT-S riilp^ : 

rish demand • bim-ding sooems W V401111^3 1 U1C3 

i i, y w.u r-w-D- ctatiQn-is expected to urge-a cut . ' 

r. .lack Lynch, the Irish Prime j n mortgage rate at its meeting JP • f 

mister, has reaffirmed^ his on rrldaj , f of j per wnl _ f/\|e f A1*0UTT1 IAOI1C ‘ 

• .jverninontVpdJC.y demand that to t ^ cent, making the cost , I ill I If id Sill lUdllA 

-rita.n should declare a^mien- 0 f home toans-lbe cheapest since ' V1 &“ *W****KJ 

m to withdraw from Ulster, M 

ick Page ^ BY jUREK MARTIN, U5. EDITOR WASHINGTON. Jan. 8. 

• m _■ • TAS CUTS'of about £3hn. and . 

APS ChaSlenge an.mcrease In excise dutits of . ^. Vnw'nc ,icn ___ 


Response 


U.S. clarifies rules 
for foreign loans 




BY JUREK MARTIN, U5. EDITOR 


WASHINGTON. Jan. 8.' 


about £5 00 m are predicted by A-MAJOR U.S. banking regula- Governments bul also to foreign The Comptroller said an 
le Government is considering « rAe t.ta ra fcen: Phillies and Drew t0I > *§ency to-day took the agencies and ihstirations that “economic evaluation” of the 

i response to an unprecedented rut unusual step of making public are wholly or partly owned by viability of the borrower would 

. allenge ro its authority from rs, * e . the-criteria it has applied in the same foreign Governments. be a prerequisite, 

e Commons. .Conamm*? P” scrutinising American bank loans Under the ruling, potential -T*v, e “nurnn^" man k. 

" itionalised Industries, which on UBUUK •_ to foreign governments and to and existing foreign borrowers mQrp pnntrnvprqi-ii pi t u» 

ednesday will demand ^con- 0 ME RSEYS1DE dockers have the! foreign public sector. would have to pass a “means" relativeIv co^on practice uf 

• fenrial correspondence be^-een v6ted continue their three- Hr- John Heimapn. the Comp- and a “purpose" test before XMV raed enriti^is in- 

- foisters and British Steel that uooffidal ^nke over trolter of The Currency admitted they could be considered single £ r San” of nSyM^jf mffi 

_ hflS been denied ..Back Page, of work and pay. that there had been Considerable entities entitled to borrow. national purooSes l ° 

.__- . __ n paee 29. - Meanwhile, at Ford * confusion • among ^ American If those tests cannot be met, „ .. . . 

ranscript cal I uSfewood plant where 1.000 banks and potential \and actual the loans toforeign. govern- 

Attornev-Generat is to study mei. are due to start a strike foreign borrowers about the US. ments. their .agencies and ““"S. 

ript.if judg^MeKlnnoS this morning, management and cegulatory practice _ instrumentalities-would have to ™ 

uimin n -ub in tiie ** nigger shop stewards will meet to dis- Direct, representations, it is be combined. • • or * 

i"s and conns ” case in v^ich cum the work schedules and understood, have been made by Thus, in aggregate they could oraerwn-e outlined, by the 

? John SvTend rS£ IM nnd" dlwutt «>m,- oountries. notnh.lv Hcnlco. no. exceed the 10 per cent, ceil- borrower f» wntmg. 

irinnif Frtfoi chairman was ^ who-were under the impression ins- in outstanding- cases. AUhnugh the ruling states that 

. tiii it tod Rare row nlea tor law ® MINERS In Kent have voted they were befog denied U^. bank current loans may have to be this does nor preclude converting 

^nnor Pt'eo ^ ' in favour;, or negodation of a; loans. . reduced over a period to bring t h e loan into local currency 

* local'productivity, deal, only two -Publication of the criteria, be- them under 10 per cent. before using it, 'Mr. Heimann 

..f nrtct farp fpnceS weeks.after attempting to block saitt:should eliminate the coo- The “means’' test states that made it C | ear borrowing for. 

,y • such a policy by court action: fusion and-could even lead to a borrower must have resources ^ balance of payments puf- 

»■ ?; 5.V * ,'eds linile'd is to put up fencing page 29 amendments in the standards, or income of its own to repay would- require combining 

front of its terraces after fans ' - The /so-called “proposed the loan. . sue u a inan'witb anv other out- 

3 . . ■« vaded the pitch during Satur- • REMPLOY has ,™. a J* m rtRng n - befog issued by the The Comptroller's office ex- ending | oans under the 10 per 

<‘r 7* -n iy*j 5 cup-tie, which was won by contract to supply u.S. Air rurce Comptroller concerns the appli- plained, however, that the test is --j,. 

: £ ^ nnohnctnr Tiiv S_. Fines oBots with special underwear cation; of-what is known'as the-10 liable tD some freedom of Inter- -m_ 


The Invitation is also re¬ 
garded pnrtially as a response 
to the considerable attention 
being paid lo Britain by Mr: 
Menahem Begin, Israel! n-ime 
Minister, who has called on 
Mr. Callaghan twice in London 
within the past five weeks. 

Mr..Sadat has been in tele¬ 
phone contact with Mr. Cai- 
latrhan to keep him briefed on 
the progress of his peace 
initiative, hot the two men 
have not met since this began. 

The attention given to 
Britain, by Israel is based un 
the hope that (he U.K. .wUI 
offset pro-Arab leanings in any 
other EEC countries, such as 
France, and Mr. Sadat’s Invila 
tiou can be seen as an effort 
to counter Mr. Begin. 

There Have been favourable 
editorials recently fo the Egyp¬ 
tian Press on the help 'J«in^ 
givea by Britain towards the 
formation of an arms industry 
in the Arab world, high¬ 
lighted by the memorandum of 
understanding with the Arab 
Organisation for Indus!ralisa- 
lion signed In Cairo last week 
by Mr. Fred Mulley, Defence 
Minister. 

Mr. Mulley’s visit to Egypt 
—the first by a British Defence 
Minister—was regarded there 
as a sign or a changed U.K. 
defence sales policy towards 
Egypt sfnre the start of Hr. 

Sadat's peace initiative. 


NUCLEAR INDUSTRY chiefs 
are to see Mr. Anthony Wedg¬ 
wood Benn. Sueretary . for 
Eneruy. this week in another 
attempt to resolve the long- 
overdue decision on Britain's 
nuclear reactor. 

It is understood that pressure 
for an urgent new initiative has 
come from the Prime Minister, 
who is impatient for a clear-cut 
decision on thermal reactor 
choice- 

As nuclear chiefs see it. the 
big problems arc how to over¬ 
come Mr. Benn’s implacable 
opposition to the U.S.-designed 
pressurised water reactor (PWRl 
and how to persuade him to 
accept ihe compromise scheme 
on which they are now generally 
agreed. 

Compromise 

This com promise, proposed by 
the Central Electricity Generat¬ 
ing Board (CEGB) and accepled 
by bothe the Electricity Council 
and the South of - Scotland 
Electricity Board (SSEB). is to 
pursue the PWR as an insurance 
or “fallback” policy In case 
the British-designed advanced 
gas-cooled reactor (AGR) proves 
unable to fulfil. Britain’s future 
need for nuclear power. 

Among those summoned to see 
Mr. Benn is Sir Arnold Wein- 
stock. managing director nf GEC. 
which has a supervisory manage¬ 
ment contract from the Depart¬ 
ment of Energy for the nuclear 
design and conslruction industry 

Others he wants to see—in 
group*—include Sir John Hill, 
chairman of - the U K. Atomic 
Energy Authority: Sir Francis 
Tomhs. chairman of the Elec¬ 
tricity Council: Mr. Glyn 
England, chairman of the CEGB: 
Mr Rnv Bcrridge, chairman oF 
the SSEB; Lord Aldington, chair¬ 
man of the National Nuclear 
Corporation; Dr. Ned Franklin, 
chairman of the Nuclear Power 
Company: and Mr. Jnbn King, 
chairman of Babcock and 
Wilcox. 

Three weeks’ bro. the Cabinet 
divided sharply be! ween those- 1 - 
led by Mr. Berm—who favoured 
the choice of the -AUR and those 


who also wanted Britain tn adopt 
the PWR. 

The second camp, which secs 
the PWR as insurance if the AGR 
proves unable to racei the 
expected growth in Britain's 
nuclear requirements in the 
1990s and also as an exportable 
reactor, is understood to include 
the Prime Minister. 

The PWR would replace the 
British-designed heavy water 
reactor, originally conceived as 
Britain’s insurance against any 
failure or Ihe AGR. 

Bnlh the CEGB and the Elec¬ 
tricity Council support the idea 
of ordering Tour AGR stations 
but aisn building a PWR station 
to obtain realistic technical and 
economic experience of the 
foreign technology. 

The argument this week is 
likely to concern the precise 
definition or the word “commit¬ 
ment” as used by the CEGB in 
referring to ihe pressurised 
reactor. 

The CEGF. wants a “firm com¬ 
mit ment” by the Government 
that it will aulhonse it to build 
a PWR station, starting around 
1982-1984 

Only with such a commitment 
now can it be sure of geittng the 
information and help it requires 
to dear a design with the nuclear 
Inspectors and with the expected 
public inquiry into the chuscn 
site, it says. 

Other industry leaders say. 
however, that “firm commitment” 
from Government so far ahead is 
meaningless and. in any case, 
would not necessarily he 
required for potential licensees 
to provide the information. 

They add that thp latest stipu¬ 
lations of the nuclear inspectors, 
notably in respect of emergency 
cooling, indicate the choice nf 
the Siemens' design in Germany 
rather than the ' American 
Westinghouse design currently 
favoured hy the nuclear industry. 

Parts of the nuclear qpn-struc- 
tioo industry, led by GEC. would 
prefer a more wholehearted deci- 
sion for the PWR. in which the 
Government undertook, to build 
no more than one or two AGR 
stations and then to switch 
entirely to the PWR. 


Pan-Am low fares bi 


| BY STEWART FLEMING 

PAN AMERICAN World Airways 
ha* filed a request with the Civil 
Aeronautics Board fur permis¬ 
sion to start • low-cosi advance 
booking flights between Washing¬ 
ton and London and between 
Detroit. Boston and London. 

The application wa> made !ate 
on Friday night, less than a we?k 
before next Tuesday’s meeting of 
the International Ajr Transport 
Authority at which it was hoped 
to settle the whole question of 
transatlantic fares. 


NEW YORK. Jan. <v. 

Pan Am said the proposal 
would allow passengers between 
Washington and London, for 
example, to book 21 day» ^h?ad 
and pay a round trip fare of S2S3. 
This compares with the current 
economy fare Df 8380. md rtie 
current advance booking chafer 
fare 0 r S3*25. 

Pan Am said to-day that the 
airline had ro be competitive 
with Mr. Freddie Laker’s Sky- 
trajn service and this was one 
of the factors in the decision. 


Hy S lie WITH Wolves. wo: , --- uui jciiu uiwe uicui jv pci urm uu suuMuin ur uduaiu pujr- ramifications. 

which Is designed to keep out c&xt of its capital to. a single ments from its Governmental _ 

Smooth Vide cold -' poison ..8 as - genus and Borrower/ ' • • parent or pari owner, it would iE?« wSJk 

u.. t radio-active Fall-out , .The-■ problem, Mr. Heimann probably foil the means test. m j* y b ,l T» e L^l S i B W rt«^® 

• “ ke Prime Minister seems «... * .. „ ssilth Is that it has not been easy But a simple Government tije Federal Reserve is due 

aured of a fairly smooth ride • CIHNA had a favourable trade. a -**single borrower” guarantee assuming responsi- 10 make public its detailed 

ns session in the Commons as balance last year for the first _ us banks befiD bility fQr ^ ■ft the event analysis of U5. bank loans to 

it Conservatives dp not intend time since 1973- “J? ra&king increasingly frequent of default would not necessarily foreigners^- 

i press _a«..confidence motion year’s deficits have been flamed loans not only t0 foreign raeail failure. Text Page 27 


l1 



press _a/confidence motion year's deficits have been blamed 
‘ ven if jbe Lib-Lab'pact.is ended on the “Gang of Four.” The -»S 7 -.. 
. . y ihe special Liberal -Assembly People's Republic plans to. spend 
i Blackpool nh .'.Jaqutiry .21. -more on the oil industry, power 
age 3 ; • stations and scientific research.- 


briefly ' /' 

British Rail fares went up' an 
verage 1ft per cent, in the South- 
; ast y^fitord^y, rising by about 
■it- per "cent ia the rest of 
.-iritain. ‘". 

.-Hectric trouser suit,'costing £6 
1 *ius lp a day -to- run. has been 
, ■h ven ted by -two ■ Devon school- 
. 'o.vs to. nit heating bills. 
r -foa throw flights were delayed 
.• ‘f diverted because' of Ihe fos. 
■ -i-hilR the airport's central area 
'■as jammed with road traffic. 


COMPANIES 

• ROYAL INSURANCE has 
announced substantial Increases 
on its interim bonus rate fog. 
wtth-profit contracts, ahead oL 
the fuH reversionary nanus 

declaration for the three years 
ending December 31, 1977. Page 
26 

• EQUITABLE LIFE Assurance! 
reports a record year for new life 
business In 1977. Annual 
premiums rose by 21 per cent to, 
£9.96m. (£85m.).- Pa*e 28 


%eylancl unions plan strategy 



m 

IS 


CONTENTS OF TODAY’S ISSUE 


i 1 Overseas news . . 2 

-wllfWertd Irade news- 2 

<*i }\' Home uews—general 3and2fi 
^ V . -labour - 29. 

-1 ,-lf|TpchuIcal page .. * 

f JJ 1 Management page. ? 


Arts page’...». 

Leader page ..- 

UJL Companies 
IntL Companies — 
Foreign Exchanges . 


Mining Notebook ......... 27 


The new Piccadilly 
(Arcus scheme—at last 
/ The. imperatives behind 
/ Rhodesia talks 


FEATURES : 

Piccadilly Justinian: . the tew and 


VAT . 

Eurobond a notations and 
yields ..... 




:«W»i mo-.,.- j 
' wmw' 1 Ot»ry, .. 23 
tetruu & Tewiw* * 

uimnrt • 

twortJUanwFTt Cu}d» — * 
flBMCiaT Dlsry ... 2* 

awmmw".2T 

Letters • 25 


Us* - - -.—.— 

.xombant... 

hh ami Matters — 
Oarnanmi DUry — 

Shim informal lea , 
Span ■ ; - 

The Technical P*#ft 
To-day'* Event* ... 
TV and Radio ...« 


.M Unit Trujw-— - si. 

V Weather » 

U Wjtrfd Eaen. Tad. —. 2T 
21- «ase UMUs bm, n 
«-J3. ' INTERIM iraTEMBMT 

a Putiu .. v <*' 

4 ANNUAL STATEMENT^ 
JS. Branqull Bean* - 

a Sncktawn -- ' **1 


For latest Short fnddc 'photte 0l-3iS'S02C ■ 


- hY STUART ALEXANDER 

TWF10N OPPOSITION to any 
jrfanj for heavy redundancies in 
troubled Leyland Cars group 
Was gathering strength over the 
Week-end and is likely- to break 
|tb:the open .at a series of meet- 
Ss^aminged.for this week, 
-■'headers of both blue- and 
White-collar -unions are to seek 
wgent meetings with Mr. Michael 
Howardes,' the new chairman of 
British Leyland. to ask him to 
spelt'. out the.' measures he is 
proposing to rationalise the 
management structure, model 
range and the. number and size 
.df car plants. 

• Union leaders from all the 
cqpyjany’s 36 plants are hoping 
tATneet early this week to discuss 
a^taff.and shop floor response to 
the. emerging plan to switch 
iffijhflel emphasis,.trim the work¬ 
force, close some operations' m 
country and overseas and 
then split the cars group into 
vdhnne and specialist divisions. 
^Tbe Transport and General 
iverkers' Union, which repre> 
seftts about‘70 per cent, of the 
workforce, has asked senior shop 
stewards "from all plants to 
attend a meeting, to-day.- as lias 
TASS,, the white-collar section of 
the engineering union, 
i -'Uhe- Association of Scientific, 
Technical and Managerial Staffs 
(ASTMsy and. the Association 
gf. Professiouai, Executive. 
^OTeal' and • Computer -Staffs 
CAPEX) have’ asked all 1 their 


representatives to report and all 
four unions will then try- to 
present a common front 

-The first major .confrontation 
rapid he on Wednesday if a 
meeting planned for that day for 
the Cars Organisation Group can 
be arranged in time- This group 
ha* been taking evidence from 
employee represent all ves and 
others in an attempt to pm to¬ 
gether a plan to reorganise the 
cars group 

It is headed by Mr. Pat Lowry, 
Leyland director of personnel, 
and will provide an opportunity 
for union representatives to 
make their views known and for 
the company to reassure the men 
that no firm decisions have been 
taken. 

The Cars Organisation- Group 
is due. by the end of next week, 
to report Us recommendations 
for the future structure -of Ley- 
laud Cars. . These would be put 
to the main Brttisb Leyland 
Board. If approved* the plan 
would then he put to the 
National- Enterprise Board and 
the Government- 

The second meeting this week 
is of the .Leyland Cars Council, 
a-joint "management and unions 
committee set up under the par¬ 
ticipation procedure. 

Chairman of tbi? meeting, on 
Thursday, will be. Mr.- Derek 
Whittaker, who has. announced 
his resignation as managing 
director of Leyland Cars. At his 



side will be Mr. Ray Horrocks, 
appointed deputy managing dir¬ 
ector last week. 

Mr. Horrocks emphasised 
yesterday that decisions, al¬ 
though being looked at urgently, 
had noi yet. been taken. “We 
are on the brink or many but 
we are nol Incited in,” he said. 

“We owe'it to the workforce 
to tell them of-our intentions 
as soon as we can and in an 
orderly manner.” 

There is considerable unrest 
over job security following 
reports that have forecast re¬ 
dundancies of anything between 
10.000 and 30.000. 

It also emerged yesterday that 
for some time. Leyland has been 
planning further support 
measures for Its distributors and 
dealers following a series of con¬ 
sultations. : 

At the same time it bas been 
reorganising tbe dealership net¬ 
work ahead of any split fo the 
car eroup’s activities 

• Mr. Moss Evans, general 
Screlary-designaie of the Trans¬ 
port workers, said be did not 
think the creation of separate 
.profit divirions.by Leyland need 
affect the recently-negotiated 
central-wage- hirgajning agree¬ 
ment. 

• Both sides-fo the Leyland 
strike at the .‘Speke, Liverpool. 
Triumph plant ...agreed to con¬ 
sider new proposals, after- day¬ 
long talks 


are pleased to announce the opening of an office in 
Hong Kong operating as 

Richard Ellis 

Incorporating C. H. Williams & Co. 

2002American International Tower 
16-18 Queens Road Central, Hong Kong 
Telephone: 5-241005/8 

Part of the growing network of 
offices planned to meet the worldwide property requirements 
of international companies. 

London Glasgow Brussels Paris Amsterdam Frankfurt Madrid 
Johannesburg Capetown Durban Melbourne Sydney Perth Adelaide Brisbane 
Chicago Toronto Montreal Vancouver Singapore 

Richard Ellis 

Chartered Surveyors 




















r 


w> 


Financial Times MondayJanuary 94975 


OVERSEAS NEWS 



WORLD TRADE NEWS 


Co mmunis ts want to go it! Rhodesia 
alone in French election foreign* 


Transports of misery in 
Jebel Dhana 




BY ROBERT MAUTHNER i PARIS. Jan. 8. 

THE French Communist leader, pact of the Left before the vital sufficient weight to act and : 


M. Georges Marchais, struck run-off on March 19. the condi- change can still win the day," 
what was generally considered tions set by M. Marchais for In the last General Election 

to be a fatal blow here at the such a reconciliation are mosi in 1973, the Communists polled SALISBURY Jan 8. mare U of Hmaondenb£“ “with ttHSm he^n some veara'aKo'h? dimes. Costs for trucks can he solitary Knuiisomen sits at., 

week-end at the fading possibi- unlikely to be met. no more than 21.25 per cent. the auio'rifics rochaSe accoS ^ «»5Sme14'lS5nian aT Wfih as $50 n day. wen desk his bunk bed behind fair 

lily that the parUes of the Left The Communist leader, whose The stand which M. Marchais toefiret time 7mrS fc^tSS hJSaMm Smble Tuyotas «o for just Project engineers are also e> 

might be able to patch up their stand was approved unanimously, has taken is the clearest pointer diced* MsSrehln nnmerias under that period to take their daily tea oi 

alliance before .be final, round by a national conference of the so far to the reasons behind the "2*""“ "S.15™?; 1 ^ ""SS.® ... no . hl law carpets a. the .bednin enaac 


journalists 


By Tony Hawkins 


SALISBURY. Jan. S. 


BY KATHLEEN BISHTAWI IN ]EBE»- DHANA 

EVEN FOR the most expert management staff will reside dur* learnt to hire f , rom , ptirtaka Wn^brancb ^of 

quantity surveyor and cost ana- lng the long construction period, port needs entirely front the . . Middle East whSS?* 

&*■. “HLaai- -ast s-~ l: SSL*-s''&WS?»Si , £ ^ MffltfW 1 ?: 


THE RHODESIAN authorities labour 


might be able lo patch up their appTo^d^nanicoou^ pS£ f .lITyr-- SJL^JKSUSE’HE S, ttm. «S .fiS =*SS 

2 » «--- irawha-s EESS SSwEMS ± sbj* W 3 ££&eS 


“in one of the bitterest attack, S^mS^nod^niy 21 pel SSSSS o7°#dl3& V 2£ S£j ££>£” ‘Tn"^^ 

J38f.£ as. jspsssl• um “ “ p ?“ n " ;BS 1 iiSC e so «b.«iS rrs.'At 


also declares that w$ p* n^no,, the invitation la extend* 


since the negotiations on the the first round, in line with the Unless the Party’s support in the 
common programme of the Left current forecasts of the public country and in Parliament is 
broke down last September M. opinion polls, the alliance with strong enough to enable it to 


With the Arabs’ continued 


As problems become insurznoont 


courts, can now only be pub- | with the Araos - conunueki ^ DV e d - ou t as mobilisation gets ^c^engincer 1 put it ^in Jebel a &|®* 

Iished with Ministry of fn- I attract wn to the cheapest offers, underway and portable bedrooms Dhana: “That means we have assumes the role of bedu UaistDt 


formation approval. 


™ r ~ Ulium WUJ »M*U |JU» utiiifc wwvu.uuukl 1J 0311*11 1 fill UJUilUi^ wv 

even though such bids are fre- with the heavy equipment * 0 h U v them a new truck when officer. 

mientlv ill tbOllCut-QIlt Add Vd.. c I- ..mr It *Utf Ctqnn whim t “_ ■■.mtiiuv tknit'tc Volnlif 


ajar for a last-minute electoral paned until later, or it will have moment. 


formation aooui . acts OI icaiaieQ m auirniw, «a owuc onu- JUD8D1 nave a U 04 uuuaiunq- -V,.« ~ i nm.-lndmv.M,- ihont 

“terrorism” or the security parties operating in the emirate desire to see that part of the £e 


of I culated in advance, as some com- Dbabi have 


eiktas of Abu monopoly — • “7.“’ ro f a few. days .until temwi 

not unnatural bedouin cooled- Since then, one 2g. 


Cautious accord on Palestinians 


forces’ response to them. 

Ever since UDI in 1965, the 


□f Abu Dhabi are finding ouL 


desire to see that part of the ««■«_ „ f ".^“r in the area, prising supervisor has institute 
Emirate's S5bn. a year otl in- *{»SSIoA of such a senes of footbaU match* 
come trickles down to Its th °^ h ; „ lb F «n.,iSSrf between the two communities. 


Ever since UDI i D 1965, the jebel Dhana is 150 miles from come trickles down to_ns “*i?f ^fouslv guarded between 

authorities have m>ed different anywhere. It is a place where citizens through commercial Unti i toe desalination 

types of controls—including the temperature can go as high means. In PracGc^ this theory pl ^ t- arises out of the sands at 
2K,£E? I *5'" # !5 r wba ‘5 as 148 degA and Is located in has been “‘erpreted by deswt P™ ® ^ ^ conslructinn 


Egypt to-day gave guarded radical leaders. rain, Palestinian guerillas staged I 

approval lo an interim solution David Greig adds from Khar- a martyr's funeral to-day for 

to the Palestinian problem pro- toum. President Anwar Sadat of their envoy, Mr. Said Hamm a mi. 

posed by President Jimmy Egypt received the fullest pos- killed by an assassin’s bullet in 

Carter of the U.S., but said that sible support for his peace London last week. 


byrogerMatthews ^ 0 .^., famrMsj! s 

PRESIDENT Anwar S,fi« .of the influence of of tho more Jot’W o^Ptess «. JSMt Jg “ “ tte re ”" rreS ° £ ‘ he dS"oS .SSSlifS 

from Khar- a martyr's funeral to-day for ? e ]?? 0 £ e £j? t,wr ?” r 5" oil passes through an oil tanker f ore fP 1 v! _^ mpames must be According to engineers on Abu Dhabi Emirate where con 

ar Sadat of their envoy, Mr. Said Hamm a mi. °F v,s, * s ,Jf° i etl 5' t0 ^ wesl - ® nt i 1151 five * oca ^ y ^ u:e ° , th e site in Jebel Dhanu, one siruction is £o>&S on m rctnpti 

fuIIfMsr ons- killprS hv an ascacsin’s bndpt in ? ec HV l 3 F areas, where the -niip* awnc from this remote ^nmninu em>aood on a oroiect desert areas. It IS a problem tht 


M^urn, a™, wnere me away from this remote 

hotspot is Rowels, the site of 


I UUL OlMlV nu^ipui b lUli LIAO A^VUUVU lOOL "CCA. • . 1 *^ - . 19 UUWCI 5 , UiC l/L 

he would have to see the details initiative from President Gaafar Mr. Yasser Arafat, chairman of S V e hfecSoJlSSrSSd S-the Abu Dhabi’s proposed industrial H whe n one British 
before committing himself. Nimeiri of Sudan during their the Palestine Liberation Organ- Sthorilie” approved bJ “* city, and already the speculation pa Sy tempted to movTi 


com pan v engaged on a project desert area*, it is a prooiem utt 
Sere finds itself paying £800 even the major onshore oilcm 
t eam- 1 a day for its water needs. Cal- pani« have been facing for t 
in its culated over a year, this works number oE years. 

ID IB *• , waama _ ___ V«v» 1 h*> nhPiH'mfln. 1 ) hna unm 


rapidly discovered the conse¬ 


nting sheikhs and Govenuaea 


In a statement at Aswan Air- week-end talks here. isation, supporting Mr. Ham- Feature* Paw 2=5 concerning Ruweis has generated n«n heavy duty lorries, jeens and out at nearly £ 300.000 a year, *ei me pne^mona nas worn 

port after arriving back from a Mr. Sadat flew into Khartoum mami's widow, Khalida, walked * r *S e ' Zo a building boom in Jebel Dhana. cars into Jebel Dhana, it and can represent a hefty hid- *J r eg 

brief visit to Sudan, Mr. Sadat yesterday to “place before my behind the flag-draped coffin car- - At the moment, most of the rapidly discovered the conse-'den cost on a three year pru* of .Sr 1 **! 5 :.tfTavJ^ rL 

said that he and Mr. Carter had brother President Gaafar the ried on a truck through the activity there is in preparation ouVnc^. Bedouin raiding parties Sect. , _ 

moved closer together on the latest developments of our cause refugee camps of West Beirut V 16tD3IU CmIHIS for the arrival of the armies of descended on their encampments construction superviMrs on a . re 

Palestinian issue during their f 0r we are bound by history, Mr. Salah Khalaf, second man . . labourers that are expected to j D the cool of the night, lorries site, life takes on »n almost ctnnic anri social eiiecis oT .«h 

talks last week and that he was destiny and blood.” in the leading Fatah commando IT1SICC1VP Qroinc be working on the multi-billion were pushed into soft sand (an Lawrence of Arabia character. inmi\M of po wat tw 

basically willing to agree to any Aft er their talks President group, hinted yesterday that an VC. galil3 dollar Ruweis gas projects. Not instant death to any vehicle). Each morning their offices are multt-bilJ^ dollar wrojeeb^r 

suggestions that would give the Nimeiri in a joint press confer- Iraqi-based splinter group was invading Vietnamese troops surprisingly therefore, one of the roads were blocked, and lorry flooded wit 11 bedudn comin^, for rcquir^ ^e ^annera bare yr 

Palestinians self-determination. enCe to-day said that “I am con- under suspicion in the killing of j^ve virtually destroyed Cam- first buildings going up is a drivers threatened. .payment on their latest ront^ Jm 

Such a process could take place vinned Thar Prpfiidunt Sadat i«j Mr_ Hammami. wi>’ n qe njuLm>_ ___I invnrv tnuwr hirwk hntei “inn air i\inui no Pakistani driver will agreements, signing for more, Ruweis will bo a new indnstiia 


lYiocciVP Oilinc be w’orking on the multi-billion were pushed into soft sand (an Lawrence of Arabia character. inmiNe« oi po inax im 

IIldMlVC. gdlll!) dollar Ruweis gas projects. Not instant death to any vehicle). Each morning their offices are multt-billion dollar projects wif 

. _ _rir* J ■ r “rr flnnd«ri with boduin comlnn for rcnuire. The planners have re 


Such a process could take place vinced that President Sadat is Mr. Hammami. bodla’s 25JMW-man ^ eastern 

over a period of five years or moving in the right way. He is Mr. Arafat, meanwhile, was army and taken hundreds 

3 o ° Mr ’ ® a T 1, . now trying bard to accomplish said by Palestinian sources to prisoner, including Chinese 

Mr. Carter made his views what the Arab Heads oF state have worried his security men advisers, diplomatic sources 

known in an interview published decided in Rabat [in 1974]." by a last minute decision to walk said yesterday, UPI reports 

last night and is understood to • Reuter reports from Beirut: In behind the coffin. from Bangkok, 


bodia’s TsiiOO^an eastern luxury towerblock hotel, 200 air Now no Pakistani driver will agreements, signing for more. Ruweis wiu oc a new noiisim 
hundreds SSimonrt nSS where It is venire “mo Jebel Dbima. and while nthert come merely for the city or juat Mother oil toatio 
prisoner, Inclading Chinese hoped that the senior project the foreign companies have air conditioning. toil. . 


have sent the details of his plan 
for the West Bank of the River 
Jordan and the Gaza Strip to Mr. 
Sadat 

Mr. Carter said in the inter¬ 
view that one possible solution 


Aswan meeting for Shah 


BY ANDREW WHITLEY 


TEHRAN. Jan. 8 . 


Palestinian problem THE SHAH will meet President they have been given official flare up again. 


from Bangkok. 

The sourees said both Com¬ 
munist neighbours were mov¬ 
ing fresh forces Into the 145- 
mile battiefront and fighting 
that had died down on Thurs¬ 
day and Friday was likely to 


might be to create an interim Anwar Sadat of Egypt in Aswan approval, 
administration comprised jointly to-morrow amid speculation that When King Hussein was in 
of Israel, Jordan, the Palestinians he is to try to bring Jordan into Tehran recently, the Shah said 
and perhaps also the UN. This the Middle East peace-making he ought to be given a tneaning- 
would take ‘ responsibility for process. ful role to play. The Shah's main 

. West Bank and Gaza for an To-day's French-language daily, purpose to to try to bridge the 
undefined period after which the the Journal de Tehran, which is gap between Egypt and Jordan 


Intelligence repci ts said 
Vietnam had dispatched its 
crack I 8 th Armoured Regimen! 
north of Saigon apparently to 
open a new front near Cam¬ 
bodia's SeopI area, 40 miles 
north of the battle zone. 


j~5 U.K., Indian Premiers expect Poland aims 
Vffis . r , i to reduce 

TZ narrowing of trade gap deficits 

1 Regimem BY RICHARD EVANS, LOBBY EDITOR NEW DELHI' Jan - S - 

pareniiy to A further NARROWING of goods. ^ T °r "'T JS*? £**£ FOREIGN tnde^ures^r fast 

near Cam- ^ trade a - D ae tween the U.K. The Prime Minister remains Indian Government as part of fOKWWJ■ traae azures ior tag 

,49 miles SVSSa 8 whiS remataS hopeful after his talks witii Mr. the_aid Programme. 


BY RICHARD EVANS, LOBBY EDITOR 
A FURTHER NARROWING of goods. 


NEW DELHI, Jan. S. 
year for three years to. the 


WARSAW. Jan. 8 . 


undefined period after which the the Journal de Tehran, which is gap between Egypt and Jordan north of the battle wme. stantially in India's favour, is Desai that the Indian Govern- User would then be sold in 100 at a turtner cut in nuanus 

Paiesnmaos would have the ngnr us ua [i y well informed on foreign over how to tackle the problem Jurek Marlin writes from being forecast here by both ment will eventually order up to " adopted villages in States gmjn trade deficit with Kwh 

\o determine their own fjiture. affair^ sa ys ^at in Egypt the of the West Bank, in the context Washington: President Carter’s Mr Callaghan and Mr. Desai in 40 Jaguar strike aircraft at a throughout India and thp pro* | Bj « er " 1J . n j JqS?®™ 


to determine their own ftiture. affairs Mys u,at in Egypt the of the West Bank, in the context Washington: President Carter’s Mr Caliban and Mr. Desai in 40 Jaguar strike aircraft at a throughout India and the pro* Ej .^ r n n pl ^ n “ {Western ^ UD ™ i;:” 

However, it is understood dial Shah will emphasise the need for of negotiations with Israel. After national security adviser to- contimUng talks between the cost of £260m. A decision could eeeds used t 0 improve conditions w 

Mr. Carter was thinking of much a step-by^tep solution to the visiting Egypt, the Shah will day described the hostilities two Prime Ministers. be some way off, however, as the and to buy equipment for the So »P ^ »vper wn l .aM tm- 

more than the “five years or so" problem ? of a Palestinian home- then proceed to Riyadh for talks between Vietnam'and Cam- onTreason for Se confidence Indians have to conduct sulfa- villagers. S^5 • 

HMfaorted by Mr. Sadat before i anrf T nr ^r.' c with Kine Khaled. bodla as the first examnle nf . V ne r . eason ? or „ hilitv teisis on both the Januar At,-* n H-.v nf ci^M^inc mth 1977. This is planned U 


& Mr ' ^ befor ® land, under Jordan's guidance. with King Khaled. bodla as the first example of be V" e to Mr! CaJlaghan bilit y tests on ^ the After a day of sightseeing at ^SSiw*™. 

g*ffiSaS ,n «. . any te9t of The newspaper also reprints The hurriedly arranged sum- “ a .proxy war between the ^ beneficial effect on ^JK. tbe F rencb Mirage. Agra and the Taj Mahal on Sun- acut 

Palesti&an opinion. on its front page a news agency’s mit was only finalised on Wed- Soviet Union and the People’s p rices Qf , flwer m fl at ion. but The British Premier is also day. Mr. Callaghan has his 1 a n II uer cenL "rowdfi 

Mr. Carter repeated in the comment that the Shah will pro- nesday or Thursday last week, RepoMIcof CWna. anotoer is a series of substantial cautiously hopeful that there heaviest.day of the tour on Mon- 

interview his opposition to toe pose the establishment of an and disclosed yesterday. Direct • The Communist Party camin ercial orders for U.K.- could be a change in India's day with further policy talks, a n«,,.»mV^p!r th£ i« 7 > S 

formation of an independent autonomous Palestinian State on impetus for the trip apparently newspaper Pravd^* ^^day manufactured goods now in toe implacable opposition to Press conference, a major speech Soni^which 

state situated between Israel and the Israeli-occupied West Bank, came from a secret visit to placed the blame for ihc fight pipeline which will come to NudearNon-ProUferatiotiTreaty, to. the Indian Parliament and a 

Jordan, adding that it would be within Jordan^ frontiers. Such Tehran, last Monday, by Mr. tag between Vietnam and JSffiBn dSSS vm* ‘ SS WBbMn a taShydS. cohtroversiaI meeting with Mrs. 

a larnpr Fnr 4 ivhvprerAn nnrf tin * nnf n^iAlIv .QarVat'c cnAHal Dnvriv Wr Achraf Csunbodia OKI CsunbodlA 2 nd ___*_Inrlira Hnnrihi frhp fflrmpr PrifTiA ^ . 1 !^” plOQQeQ tdfBOu 


a target for subversion and suggestions dn not usually Sadat's special envoy, Mr. Ashraf 
would be likely to come under appear in the local Press unless Marawan. 


Dollar support 
‘not enough’ 


By Jonathan Carr- 


Soares in final attempts 
to avoid new elections 


Cambodia on Cambodia and 
said that the fighting between 
the two South-East Asian 
neighbours serves only "the 
forces of imperial istn," .Da rid 
Satter writes from Moscow. 


BONN, Jan. 8 . 

ON THE EVE of the regular BY DIANA SMITH LISBON, Jan. 8 . * ' I* 

ESS ng dS SOCIALIST, Social Democrat Christian Democrafa-who hope %3Fg JSJS? 

taSSTto°sTeSUd d ^ m 0 eSn, S . e ve te St 2 &°d££SS lo SST* 

St KS-SATSS s« « of 1136 possibility of a workable ZSLT ni£St£ PfanL 

cannot 0 cure the ^dollar's 2 P° lltical meetings, searching for ^reemenL However, there are simoT HendVraon writei from 
ness. aouars weak suffi cj ent agreement to make stall serious differences between feSJialrai 


BY DIANA SMITH 


Pakistan firm 
on N-plant 


From . p«E mta ifi SS> « & topic b7¥,^ the former Prime ^'hortour^ey «■ 

India’s favour of £14Sm. in 1976. leaders and there seems to r -he a Minister. • ^ are t0 g,, up ^ 

the gap should have fallen to glimmer of a chance that Mr. There remains a distinct pos- cent and imports by 14 pet 
around £IO0m. last year. One of- Desai will make a conciliatory sibility that Mrs. Gandhi could cent’ on last vear The "polish 
Mr. Callaghan's main tasks on gesture before the visit ends. upstage the Callaghan visit Foreign Trade Minister Mr. 

his current tour of the sub- A relatively minor agreement badly as sbe is due to appear j ertV Olszewski <mid in a recent 

continent is to ensure that the that has been concluded during for the first time before the Shah p Q |jryka interview that strict 

trend continues by persuading the talks is a scheme for Britain Commission now inquiring into pnntrni nvor Pnlmri's hard cur- 

toe Indians to buy more British to donate £10m. of fertiliser a the two year emergency. SSrv mnnrts tn cnnSnue 


cannot cure toe dollar's weak¬ 
ness. 


New bank to 
be formed in 
Saudi Arabia 


I 

Clarke Chapman wins £5m. 
U.S. boiler supply contract 


rency imports is to continue. - 
Priority will go to food im- !••>* 
ports and to materials needed'■ •i 4 
for export and consumer prodsc-- , 
cion but Minister OlszewsM' 
warned that “in past years im-» 
ports were unlimited - . . those 
times are definitely over." ' j.J 
He admitted that the limiting.'i j ;. 1 
of machinery and equipment tA* 


*n,o. c „j. n . , . possioie me lormanon ot a uiem—vosicauy cuuccrueu wtuii rnmmantin* an » sv«wh 1 A new Saudi Arabian-based INTERNATIONAL Combustion, Although tiraditionally used to portswill cause dela^ intawt- 

,_ Th 5 h J u "S?“ en J?L rause ta ? stable constitutional govern- bow drastically the brakes must -JSSSum rSim that pJicktS I associate bank of the British a ^vision of Clarke Chapman, burn lighter fuel oils, the Inter- ment, projects planned I°r 1878. 

In the big U^. current ment _ be out on Portusal’s erratic road I,ews F a P er n a «b »p tho unnrfiA mRurF.i bas been awarded a contract national Combusition shoo Poland s Comecon exports as. 


account deficit which could __ 

only fie CM. kick step by step, Tbe ib.oce, o|: Sr. Mario '“^e'lodai Democrats, runnera- P l^. I»t^ i I “ “ gfE 2£&£%EL SSSSS ESi.’Z&SS Import, br^par cent.- 

pr. Emminger said In an in- Soares tj® up in tbe 1976 general election, .T 65- « DD1JI , nffi-iai a ® e boilers for a petrochemical is wOU suited to burning the r ,, Acc ?? rdl T ?, s J to Muip*- 

lervlew. Minister of the minority Socialist are eoine through a nartv crisis, torday recalled toe assurance A BBME official in London nroiect at Cormis Chrlsti. Texas, heavier oils. Olszewski, Poland- will have 


be put on Portugal’s erratic road XJ ; Bank of the Middle East (BBME) bas ^ en awarded a contract national Combusition shop *™a n °* Lom«:on exports mb 

rio “JBftSSi_' 5LS=L2K2nfiaB5 5“ bifS'mid JortSrloawlli Jo excess of £5m. for the assembled boiler, with 1U .on? £ «■ 


Olszewski, Poland- will have 


lervlew. Minuter of the minority Socialist are going througb a p^ c^is: terday recriled toe assurance A BBME official in London project at Coreus StigSprSL HSrtE UJMS Olszewski. Poland- wiU bare 

Nonetheless. Dr. Emminger Government defeated on a ^{5 we^end ^111 determine September in Paris confirmed toe new bank will The ^tract, the result of In the U.S„ strict attention levelled out or even gone mtt : 

frit that the new U.S. policy of motion of confidence on Decern- whether toe wing led by Sr. *° tae Secretary for Foreign have a capital of 100 m. riya is ge Tera i months of negotiation must now be paid to emissions surplus in trade balances with 
active intervention on the ex- ber 8 —succeeding in working out Francisco Sa Carneiro,- Former Mr. Agha Shahl, that (335m.) of wtach 60 per cent. witb stone a „ d Webster in New io particular sulphur, nitrous aJ1 *e'Sodaltet countries apart 

change markets may have a new aammistration, asihe has president of the party, who en- France would honour the will be held by Saudi partners. Yorfc won j the face of oxide and dust, the levels of from ^ Sovi ®t Union in (we. 

S:KS «k?« «*:“? "sart__ 22 “?J"gSS 5 “lL 5 SS «****» *«?« «*«. ^ ^4 U swng" e ,V s F _ - 


lervlew. Minister of the minonty Soct 

Nonetheless, Dr. Emminger Government defeated on 
felt that too new U.S. policv of motion of confidence on Dei 
active intervention on the'ex- ber 8 —succeeding in working 


dollar's position, caused by a jEanes, still however seem slim, northern and central rural areas. Both France and Pakistan Ikons and Shanghai Banking can boilermakers. 


general decline of confidence. Sr. Soares bas now promised or toe more moderate line, enjoy- are under pressure from-toe I Group. 


men- which are set by stringent U.S 
keen legislation. International Com- 


This would suggest that tbe 


delivery date was a key factor In bustlon in obtaining this contract strategy is to shift tj». 


He.thought it possible that the to give a full account to toe ing heavy support in the urban UjS. to cancel toe deaL- A J BBME Is the latest of several securing the contract, which was has guaranteed to° achieve the deficit from the'other Sociatltf 


t'.S. cnrrency might now President .by Tuesday or Wed- areas, prevail, 
stabilise in the range between nesday at the latest of toe ' If toe moderates can win out 
DM2.10 and DM2.20. progress in his talks with other against Sr. Sa Carneiro, who is 

Tlie U.S. measures are likely parties. If. as many observers hostile both to Sr. Soares and 

to he a key topic, at the Basle expect he fails to find a compro- to President Eanes, there may 

nircting. on Monday and Tues- mise, the country faces new still be chances of an agreement 

day to be attended by, among general elections later this year, between the Social Democrats 
others. Dr. Arthur Borns, re- Neither toe Socialists nor the and the Socialists. 


processing plant would . not i foreign banks operating in a Saudi pia«?d by Stone and Webster, dust emission requirements 0 f countiries to the Soviet Union. 


others. Dr. Arthur Borns, re¬ 
tiring chairman of toe Federal 
Reserve. 


Sonoda arrives 
in Moscow 


Italy violence increases 


Poland facing 
price rises 


BY PAUL BETTS 


ROME, Jan. 8 . j 
Christian Democrat I 


highly uncertain political situa- party regional officers, police "“^JTanother is likelv ti» he £onTroaramie toe Kab g£up 


Ifll IvHyaL-liVV AGAINST the background of a another. Christian Democrat 

n ,.. 0 __ . . highly uncertain political situa- party regional officers, police 

Y uur uwn Correspondent t - 10Q> ttie Italian minority stations and the Rome office of 

MOSCOW, Jan. 8 . Christian Democrat Government the influential dally newspaper 
Mr. Suiiao Sonoda, the now clearly at risk, political Corriere della Sera were among 
Japanese Foreign Minister, violence here has- escalated the principal targets of bomb 
arrived in Moscow to-day for dramatically in the past 24 attacks. 

three days of talks which are hours. Meanwhile, in the last few 

expected to take up Japan's Left-wing extremists shot dead days, toe powerful Communist 
claim to a string of Soviet two young members of a neo- Party, whose tacit support'in 
occupied North Pacific islands. Facist MSI party io Rome late Parliament has so far maln- 
Sovict control of toe islands is last night In subsequent clashes, tained toe minority Christian 
the most serious irritant in between MSI youths and the Demorcrat Government in office. 


THE POLISH government is 
faced to-day with toe erueial 
problem of whether or .-not to 
raise food prices. 

The issue, which has brought 
one government down and 


In Jnne 1976, the Polish 


majority control is turned over with U.S. national fuel policy To demonstrate the suitability -- - ■ — - 

to local shareholders. The very much in mind, a primary of burners with this fuel, tests AT«i.c„ V 

charter for the Saudt-Bntish requirement of the boilers is are to be carried out at the lNOlSSl W1DS 3>1 Ak¬ 
Bank is expected sometime in that they utilise heavy fuel oil. International Combustion test 

the new year. a refinery waste product, having rig at Derby, which is one of in F T Q PrmtrQptC 

The chairman of the bank will unusually high, hard asphaltiue the largest combustion test rigs LUIllIaLlo 

be Mr. SaUxnu _ S. Olayan, a content in th e world. BUSINESS worth more than Sint. 

leading Saudi businessman.---from Boeinc. Caterpillar Tra 6 -. 

-M- tor. United Air Lines and othtts' 

Swedish drug bid Israel export outlook JKy.'LaftfiSjss* 

AS PART of their current expan- * pany employing SO people, 

sion programme the Kabi group, BY L. DANIEL TTTRrtqai o Notsa Engineering, of Aston- 

the Swedish pharmaceutical con- OAL& ™, Jan * 81 -on-Trent, has now sold 1S5 high 

cern, has established a marketing ISRAEL'S industrial exports are cent to the U.S. precision measuring machines to.' 

company, Kabi Group Int, in expected to increase by a further The Ministry qf Commerce more 11,415 20 countries in tirt 

Connecticut which will supply 20 per cent this year, at current Industry and Tourism expects ■* aat ei 5 ht years. Tbe Maxi-Cbeck: 

some of the group’s products to pnees, following a rise of 25 per sales to the American market to machine s can check items from 

tbe North American market cent in 1977. exnand this vear 90 than - h».,a a pinhead to a car body to witbiifr 


Swedish drug bid 

AS PART of their current expan- 


Israel export outlook 


BY L. DANIEL 


JERUSALEM, Jan. 8 . 


spread working class pppost- venDUS nutritional product of cent this year as against the Japan: 


manufacturing drawings- 


Soviei-Japanese relations. para-military 

Mr. Sonoda was met at force, anothe 
Moscow's Sheremyetevo airport seriously wav 
by Mr. Andre Gromyko, the a shot app: 
Soviet Foreign Minister, who police officer, 
is expected to be his principal These totes 
Interlocutor daring the discus- the end of a 
sioxis which begin to-morrow, violence whii 
Mr. Sonoda was carrying a to the incre 


iliee officer. political power. 

These latest incidents come at But while the ruling Christian 


the end of a week of increasing Democrats appear to be prepared Cofffifi III) 

violence which is not unrelated to make some concessions lo the '-'uixv.w up ju 


ui i^cinciLjF auu •* iuuuuvui.Luiiuc 131 1 cm mg 117 OA.3UU. OI WUirfl , 1 _•__——-— * * - ' ” _ .-—---- 

facility for the joint venture jnst over Slbn. were polished var *J IUfl f : ^ e! ^* c ^P 1 “<3 | ducts t metal system. All Maxi-Checks arc 
between Cutter and Vttrum is gem diamonds. Half of last aa JLVSS tromc Products. computer-controUed and enable 

_a . #11 * _ 0 . I nn PmWTn in OVnrn^n nn unnmfnw ... 4 * nnA 


under construction at Clayton, year’s overseas sales went to 
North Carolina. Europe and a further 22 per 


Mr. Sonoda was carrying a to the increasing political tur- Communists, they have firmly ■ T¥.,„- n 

personal message from Mr. moil facing the country. indicated that direct Communist 1 H XXlIIlil**TV 

Tokco Fuknda, the Prime Last week. Left-wing terrorists participation in Government __ _ ^ J 

s_« . <u„ v_._u _i -1 t ^ n:-. _^ -*T_ ....u ___ __ _& — TUP VTirV^AlllAU a 


year’s overseas sales went to E ™ t L ? f S" » pe . rator to give up to on* 

Europe and a further 22 per- texu . j 2? ^ » other , hand, ih hundred commands, including 

H expecte«i to be slower than in the temperature compensation and 
-:- P 151 - _ calibration correction; 


Minister, lo Mr. Leonid Brezh- shot dead a Fiat senior security could only come as a result of a THE HUNGARIAN Govern¬ 


in'v, tlie Soviet President- 


I officer and seriously wounded general election. 


Dry cargo charters 


Zambia economic crisis grows 


ment yesterday officially J o vrnM * ^ 

announced that prices of eoffee ,, . . . 

will be raised by 50 pcr.cenL, ALTHOUGH toe dry cargo mar- was later confirmed when a 
of cocoa by 30 per cent and K®*** generally more lively than 47,000 ton vessel was taken from 


World Economic Indicators 


by 5 to 9 per cent. As of l ca Pacipi’ 


depressing 


BY MICHAEL HOLMAN 


LUSAKA. Jan. 8 . 


Monday there will also< be a 
price rise in a wide range of 


rates for bulk carriers. This is * 1U * *oaumg 

having an increasing effect on po ®J“ on - , 

rates for conventional vessels * There was a similar picture for 


AS ZAMBIA’S 


ana roe country uneasily awaiu» auuouu«iuem last weetv-enu parti omuiaia wuuiu =>«ratca lue -— 0 ° .rTu ** "**“ IZ* v: " i 7 . 1 . lULI iaier m roe weeK, represent- 

a budget later this month which that food prices, including bread, houses oF suspected boarders. res „} the roesumer pnee °_ acK tne market after the ing a pf 20 cents from 


a Duoset later mis monm wnicn iuai tuou pricey, inciuamg ureau, ouunes 01 uuspeciea aoaraers. . - 77 . v x " ----- ~ ” ing a arop OI 2 U cents front HaII.bJ 

President Kaunda bas warned would rise when subsidies on The panic buying is creating ra ® 61 8 « up by 1 ^ per New Year, but where business earlier business. There was also r,0,,and 

. .111 __1_ nrkn. Aoiel in thn Pfitil VjMlrfVfli i.ielfoe ffAVVI MS UCCQ CnnCmdOd ratpfl h.lVP __J.J _m - 


measures than any hitherto were reduced, and lo anticipa- of maize at least, these are en- Budapest 


taken, there are increasing signs tion that these rises would tirely unnecessary as the The Increases are psyrholo- The U.S. Gulf to Holland stan- tonnage — for example a Free- 
of the effects of tbe economic feature in toe budget, shoppers country is not only self- gicalJy and politically slgnifi- dard for grain vessels was dom-type vessel from Gibraltar to 

depression. ta Lusaka, Livingstone, Chingola sufficient but exports the crop. cant because Hungarians rank initially unchanged when a 75,600 China at S2.950 a day. 

Reviewing the events of tbe and other centres have spent Meanwhile, witb no fall likely as some of tbe most avid coffee tonner was taken at $5.25 a ton. 

past week, an editorial in toe hours queuing for maize meal— this year .from last year’s 25 drinkers in Europe. Higher but charterers were later show- " - - 

Government-owned Zambia Daily the staple diet of the country’s per cent, inflation, .the unions building material prices will lag a willingness to pay only $5 j™xwp. ounimwi <wir am 

_ > _ 1 _ 9 . M *** ___ _ J _ _ 1 _ J __ L._«L wmw _ _ _- « - . _ m - SUfillm Bfid hOlliHVt 1151. Ulliaeflnflf» 


EAftdrtorl PC 4 *UU u-uug, iriiu jUJUCSe 

sonenea. interests continuing to take 

The U.S. Gulf to Holland stan- tonnage — for example a Free- 


Mail oo Saturday complained: 4.8m. people—sugar and oiL 
“ One has a feeling that every- So serious has been the bi 


*“■ “A «#■ i a st. week announced a. claim hit both pnblie and private a ton for forward positions in sVffl • sm«ii« adhisfcd 

So serious has been the bulk- for a general wage increase, boosing construction. mid to late January* This trend v”Sf‘ ?J ,\v caB<l eUi * rew««# nu m mc* ^ 




Dec. m 

Nov. 77 

Oct 77 

Dec 74 

UJL* 

000 ’s 

1 , 428.1 

1 . 432.9 

1 , 433.4 

23300 


% 

6 A 

6.1 

6.1 

5.6 

W. Germany 

000 's 

1,0 WL 7 

IJ» 4 J 

954.4 . 

10»-9 


% 

4 Jt 

4.4 - 

4.2 

-40 



Nov. *77 

Oct *77 

Sept 77 

Nov. 7 * 

us.* 

DOO’s 

6 JOQJQ 

6 , 372.0 

6 jmojo 

73490 


% 

M 

7 JJ 

6.9 

R 1 

japan 

000 s 

1 , 030.0 

1 , 000.0 

1 , 050.0 

. 9700 


% 

1.9 

1 Jt 

1 ^ 

IO 

Holland 

000 ’s 

207 

20 L 3 

2053 

206-3 


% 

SA 

5 J 

53 

5.4 

France* 

000 ’* 

, 7 , 054.9 

1 . 10&2 

1 . 1 S 9 J 0 - 

9314 


% 

5.1 

SO. 

53 : 

43 



Oct 77 

Sept 77 

.Aug. 77 

Oct 76 

Belgium , . 

000 ’s 

ITLb 

260 S 

258.6 

2303 


% 

10 J 5 

IOjO 

9.9 

as 

1 * 


Oct 77 

July 77 

April 77 

Oet -74 

Italy 

000 ’s 

ljmui 

1 , 692.0 

. 1/020 

7770 


% 

7 J. .. 

7.9 

«J - 

• 40 : 













Times Monday January 9 1978 


Tories will not put Race row Vickers seeks £150m. No price 

‘no confidence’ vote p,ea for cash compensation 

1 BV RUPERT CORNWELL, LOBBY STAFF IftW BY JOHN MOORE CXpaiCU 

■ m rnvwsuA-r.wr u . VICKERS, the engineering group. Of the nationalisation proceeds, of floating rale capital notes By Elinor Goodman, 

• r v 3. T n S J Mve .?° be tacked-on to the Bill as a other than the political-one of wl1 b „ e seekl ”? at least £150m. “We have not discarded the from its £268m. share premium Consumer Affair? Correspondent 

' Sw 0 irt*fc ba r enfiin ij Mr - schedule, thus avoiding the need dominating their members" V cash from . Th ? Government as option of making a payment of account. 

v ration In en ^ £? r >«J» 8 t hy deliberations by the Incomes policy bad produced the PHOVinCk compensation for nationalisation some of the nationalisation cash However. Vickers’ share THE PRICE COMMISSION is 

Bouttdaries Commission. distortion whereby in a period of Llmll^V of its-Aircraft and shipbuilding to shareholders but it is not on premium account, at around nut expected to recommend 

'■ an i» *E° U j?i , In theorv this could make high unemployment there were ” interests, according to Sir Peter top of our list and there are £9ra.. looks too small to conduct major restrictions in price* when 

uSTlSSSS electio? S e M S e T S auS™ shortages o? sWlJ labour. ^ ^ *g!2&tE^ Stab 22“ tlX Pr ° b,em5/ ' Sir Peler a 6in,i, * r ! ««"• ll > tlrsl *"* 

;• on January 21; . ?97S fastead of early 1979. But Mrs. Thatcher argued that y Lobby Staff ment which are Jiperted to take d ?f d ihe Drnun naid out the Meanwh,l °- lhe yroup has 

Mrs. Thatchers reason, which * addition to the sensitivity of implicit in Mr. Callaghan’s re- THE DEEPENING nolitical row up to two years, have not begun naiionaU«a 8 K? P cafh at ? dlvf- rece,ved n0 ‘"dicalion of what | The Commission has the 
she made clear in a radio inter- lea^ng_Cabinet Mini sters to any lection of free collective bargain- over the acquittal of Mr. John but the company expects that dend to shareholders in the usual I0,al P u!y 


plea for 

law 

change 

By Our Lobby Staff 


BY JOHN MOORE 


No price 

curbs 

expected 


VICKERS, the engineering group, of the nationalisation proceeds, of floating rate capital notes By Elinor Goodman, 

will be seeking at least £150m. “We have not discarded the from its £263m. share premium Consumer Affair? Correspondent 

cash from the Government as option of making a payment of account. 

compensation for nationalisation some of the nationalisation cash However. Vickers’ share THE PRICE COMMISSION is 
of its aircraft and shipbuilding to shareholders but it is not on premium account, at around nui expected to recommend 
interests, according to Sir Peter top of our list and there are £9ra.. looks too small to conduct {major restrictions in price* when 
Matthews, managing director. obvious tax problems," Sir Peler a similar exercise. ! n publishes its first three reports 

Negotiations with the Govern- added. _ v 'to-dav 

which are npr-i^d tn if ihn «mnn mm tiu. Meanwhile, ihe group hast • ■ 


proportion of the loial seiiiement I power to rccimimend thai pru- 


• Nationalists and tester Union- 9.“ wbico labour remains political job. “Politics is the job lation^ i3WS e ° verning race ^ nationalisation cash would be OH Page 26 

"- ! : Jtownunent^ “wS* ot Politicians, and if the unions w r . David Lane, Chairman of spent Sir .Peter said yesterday: 

• ♦j, Th< f Ue ’* 1 ^ r * nie *J ,n lSter yesterday want to play potties, they should the Commission for Racial “Obviously, our first priority is 

, : £ ‘’VhV'lJderTrte'. Oppo^.ion “■ ” HS? Z ■"SS - . JSJS -»■ -"Mdm ™M 

••-•S3. ksstjslks is* saws-T. r-ssa see ss *v---.. 


.-—, uongsioe ine auropean the trade unions did not have a existing laws governing race re- Commenting on how the 

Nationalists and Ulster Union- ° n wb,co Labour remains political job. “Politics is the job iniions nationalisation cash would be 

ists, against the Government. di lded. • cf Politicians, and if the unions w r . David Lane, Chairman of spent Sir .Peter said yesterday: 

confidence about the S ' 3111 t0 play poltics> mey should the Commission for Racial “Obviously, our first priority is 


Under the Aircraft and «5hin. i Barclays Bauk and lI,c Gentral 
building TndusIS^AcL Generating Board. 

™ compensation is to ue determined Tbe ;' t -‘P‘ | rts will, however, give 
by the base value of shares s &hie further indication of the 
b ^ (their average mid-week price way the new Commission inter- 
over the period of six months P rels ,l s brief, 
be commencing September 1. 1973). They may contain mild eriti- 
on As BAC, the nationalised cisius of the companies and the 
ire interest in which Vickers had a Metal Box enquiry i* expected 


of theR 3 P C eRel°ati^ greup’s a*? “caSit^e^nent premia^ were ITrkl S share whh GEa w^“noT!«u expose'.1^ miJicT«f tatS 

• J next SSTiti aDd relat]ons referred warmly and explicity to Act a? U now stands Ke,aU0TVS programme over the last three enough, as GEC did early Inst quoted, the base value has yet 1 Steel'* pncmn policy on a whole 

auiu ai uie earues . wi^ ine unions. . the inflation performance of the The fiercest nolitical contro- years represented ■■pre-spending” vear through the issue of £17fim. to he agreed with Government, range of products, including tin®. 

The Government should then She‘indicated her instinctive Heath Government, compared to V ersy however is cm trine on - : -- aerosols and food. 

. still be benefiting from the fall- P^ence for free collective the record of Labour, under Mr. the^oie and remarks^ Jr the • Mcla ‘ Bux . :,sked J he c,, ‘ nni,< - 

mg rate of inflation, while „ Wilson and Mr. CaJiagban, when f u dee involved Mr Justice Me- A "■ • AOTT 1 SM,n last Sepiemher fur an 

... further tax cuts which are cer- ^ ad * r a Socialist Govern- prices have been rising at an Kinnoru whose bandlin n of the ^ VftVftOn fklnVlC* ASH average rise of 10.5 per cent. It 

.- lain in the Budget just before ® en t Ihe uaiom have no role average of IS per cent, a year. case” has re-kindled the*sneer of iiiiafl OldlDIS SCCIkd was later given the go-ahead for 

Easter will be working to rift SuLj ^ ^ X |fAM -aau an .rnienm rise of H.s per cent. 

...^ W^Sssrs; ^as ikjr^ i u ' • l u£s . se U a ! • n i TV ban ;£s^C,s.,e 

however, and the* referenda °?n Mrs. Colquhoun wins ference by the judiciary. I Cfll 11 K 0 ^V _ |uii^< ion^’that^i^wanied^to raise 

Scotland and Wales are com- n «r ° v t/\nn AAA its cash ir.na.n«i,.n ,-h 

’.;•• pieted. 1 • • KUJingS 

The main question on direct CQir'IZlilfT These fears were stronglv 

■ elections ts to what extent the aroused by legal rulings in- 

• Cabinet wlH exert itself to see • Jl voiving the protracted Grunwick 

• ' that Britain is ready to take-part _ dispute Now a 2 roun of labour 

in the first elections as early FINANCIAL TIMES REPORTER MPs. led by Mr. S Arthur Latham 

• ^as possible, even though the (Paddincton). is threatoninc m 


Left-wing Labour MPs in particu¬ 
lar. at what they see as 
unwarranted political inter¬ 
ference by the judiciary. 


The main question on direct l*Atftyi aita These fears were stronglv BY OUR LOBBY STAFF dustries. 

CaSiefwlH^^LS 6 ? 1 ^ XlilirieVC ««« ** ton* »«■» M action panics, as They have long sought. By Stuart Alexander t | 0 n ?nto^hfrSSit EkSncSJ 

SfSiSh'SLtJi^ cy Mr voiving the protracted Grunwick ] S likely in the next few weeks Of Annan's main proposals, the J cSeSnn-BmS 1 - s ?2 

Srte fiKt^pSerlnns 0 ?» ke pTrS FINANCIAL TIMES reporter £» pu, ?V Now ,f srou P of Labour to try to persuade the Govern- Government is understood to be A BAN ON all tobacco adver- *" J," - ' t.-oiin‘cil 

i" *£JE? FINANCIAL TIMES reporter MPs. led by Mr. Arthur Latham ment to change its mind and keen only on a Broadcasting Using on television Is advocated haV'foc^ 

(Paddington), is threatening to respond more sympathetically to Complaints Commission. The h> - Action on Smoking and Thp CEGB h" sbe.-nu.^m-un 

van^ed^ith^if rnminniM* b 4f MRS ' MAU REEN COLQUHOUN The report will go to the full | s . k th ^ Lord Chancellor. Lord the main recommendations of generally negative approach has u ea nj, in a letter which has to the area eiectricitv Guards m 

jectlS!r d o? 5 hSS W0D 8 respit * in her caxn ' or ® an L salion commi «ee hHiay A t0 M ,n '* iate steps t0 C ^ mm ! ,,ee on ^ “««<* bitt . er disappointment; “Jn, to Kdy Plowdeu. England and Wales' the extra 

proportional reoiSentitinn P "® 11 t0 sta 7 « MP for f nd then to the national execu- ^ of broad castm& . . among members of the commit- chairinaD of lhe independent cosi nr fuel From its suppliers 

SkS3 ssssss tte.^^tar’s-isu, sm “•-■as ssss^ysr lnbu . ash W oum i. . h = «r. 


Rulings 


campaign likely 


ASH seeks 
TV ban 
on tobacco 


By Stuart Alexander 


aerusols and food. 

Metal Box asked the Commis¬ 
sion last Sepieniher fur an 
average rise uf 10.5 per cent, it 
was later given the go-ahead for 
an .inlerini rise of U.S per cent, 
under the profit saleguard pro¬ 
visions of the new price controls. 

Barclays Bank cold the Coin- 
mission that it wanted to raise 
its cash transmission charge* in 
three of the- nationalised in¬ 
dustries. 

The Commission's investiga¬ 
tion into the Central Electricity 


FINANCIAL TIMES REPORTER 


Broadcasting Authority. 


l vice- cousiaerea views in a wnne me lasx. Cixarelte advertislnu was Board 

Select Paper early this year; but the Should the White Paper’s con- Tim ^but ASH wouTd In 


[including the National 


minster Parliament has been the Labour Party’s-organisation Mrs. Colquhoun claimed she of the Labour MPs* move. handle local radio in tt 

brought forward. committee has upheld Mrs. had been dismissed for openly Af ter pointing to the short- will be rejected. 

^ overnm€nt ”* likely Colquhoun s case on thejgrounds admitting she was a lesbian, but comings of the existing legisla- It looks increasingly lik 


handle local radio in the U.K. interests, and the desire oft ^5* director, says: 


banned in 1965 but ASH would In the past. Mr. Charles 
like to see cigars and pipe Williams, chairman of the Com- 
tobacco advertisements also mission, has been critical of 
removed. companies which assume thev 

In the letter Mr. Mike Daube. t b . a '£ automatic right to raise 
A«H rfir^rinr price* merely because 


to oppose a key amendment-- that the notice calling the meet- local party members involved tion, Mr. Smith stressed that any a fourth 
sponsored by the pro-EEC ing to sadc her. Issued by the in her dismissal said they had action against judges must be will go 

Labour backbencher Mr. John Pane Ward of her constituency, acted because of her public pro- assessed very carefully “ if the 

Roper—catling for boundaries did not specify that the meeting nouncements on several Issues, judiciary becomes beholden to 

for the 81 Euro-constltuencies to was an attempt to .dismiss her. including race. the executive, we can easilv find X T 

ourselves in an Iron Curtain 

Tf* 1 1 4 situation where judges are mere 

Labour drops youth broadcast sss'-si^s , 5 , a , a &£ 

■*“ ^ fiaJd - of - Cornu 

FINANCIAL TIMES REPORTER -- hibition 

LABOUR PARTY plans for a agreed in principle sometime ago on btg-spending capitalists, m compute: 

party political broadcast that the Young Socialists should couched in the language of the £ CSt* UflAOC Centre 

involving the Young Socialists b * ***•» a chance to try -their Left V^al Wl 1LC9 rnomh. 

' have been rejected bvthe Dartv-s band al a part - v ' broad- A.Labour Party spokesman said , The ea 

casLBut when the rough plans yesterday that in view of the mnir riCO Id to 20 

leaders. The broadcast, which were presented, it was decided Ilford North by-election, it had Illity llSv G.S. con 

would have included an tmpas- that'such an approach would not been decided that the timing was v ^ [exhibited 

sioned attack on capitalists, has help the party at the moment, not right fora broadcast directed lace cfa/ttvlvr trade ce 

been shelved for the time being. The idea was apparently to at one segment of the electorate. ICjJJ dlCCpiY - 

to the indignation of Labour concentrate oo issues of major instead, a more general broad- mt <u 

Tpft winpi.™ . .importance.to the young - like cast which concentrates on By Stuart Alexander . , 

B youth unemployment — and to Labour's record in Government mi , .... , * 

The party’s national executive accompany-tbi 9 with an onslaught is beini prepared.- nrsT l,rae ln four . " M 

-r*- years, there is a real chance tha-. flg 

lhe quarterly cycle of new car 

More David Defence staff fights SpKS| 

I^rAIOT chimC - Writing in Crediu the journal ■ 

VJBJlVjftw ijflIULfij _ _ A ^ of the Finance Houses Associa- 

4 1 TnOVP Tffe ItI 9 WDW lion, he says the increase in the 

liA rifk(H Hlv T V l/Vr lltKjfalv Tf price of a new 13000 cc car should £Ki§i|||i 

Ivy tdVIlU ° could be about 13 per cent this 

RY lYAvm ruiioruiii year, compared with between 20 

By EUnor Goodman, BT °avid CHURCHILL and 29 per cent for each of the 

Consumer Affairs Correspondent _ last four years. 

'tui? wrrvi t nwi r s„ n( »r. THZ MINISTRY of Defence is jobs to a St- Enoch site by 1BS8 Mr, Lacey also confirms the 
’ i k’m MartPit ic likely to move computer staff to A recent report prepared by stability of used car prices, with 

•market chain, ^ Markets, is tt i aSJ!0W rrora cities olIier ih an the unions outlining staff objec- * 130G cc one-year-old car with 
r? C 0se .™ «.,or Tn i 3 Q 7 A London as pan of its plan to tions to Glasgow pointed out the 12.000 miles completed in 1975 

.Gretg stores it took over in 1 .14. fiJ] g quo(a of 55t)0 j obs in the “chronic deprivation” of the bung worth £985. Last year. 

It is launching a campaign to Sootlish citv by the mid-1980s. - city. A joint union and manage- with JO.non miles completed, the 
acquire new sites for larger directlv contrary raent reporl on the dispersal ««ne car could have made 

' , r *» n, -w tothe 1973 Hardman ReoorL esftma| ed the cost of the move £1.025 and could still be worth 

The closure or the 3S David Llr e ' at f88m - far greater than other «T5 bv Mireh this year. 

bKXU Xps’pSS ?o. Go J erameni estimates suggested. He predicts thaMJe UXin- 

of S closing smalleP uneconomic *be regions. It Is being bitterly .Mr. Bill Wright, chairman of 1 wm» 

rtom * Thw WiJ^hS « by the Civil .Service.ge staff side of the Minify fart rear ^Ts Xd pr^ 

mainlv old-fashioned self-service unions. A meeting with Mr. .Whitley Council, said yesterday p ;°^ 

Shop" Most are"be|Pg sold a* Fred Mpl.ej, Defence Secret^, tharthe proposal, made non- •“« “fTLSo^ntS, f o?',he 
going i-oncerns. likely next month. sense of the Hardman report. PjjJJ -i,?. 

The closures will be more than Under the Ministry’s proposals, congldil-e^buf ^edeSovmem 1 ol However, lie does not expect 
offset in selling spare by the which are: said to» be'.under gtaff ^ but «“ ep }°y^ e « «[ the imported car share to drool 

opening of five new large stores very active consideration in L more than a point or two below 

with a total sales area of WbrtebaU. computer staff respon-.^ “ Giasgowno more lhe 1977 figure of 455 per cenL 

v|-110.000 square feet. able for Forces pay and person- a enve tor ns as a location. l]nle#s thp Government intro- 

jS A At the time of Fitch Lovell’s nel records as well as defence duces quotas or controls. 

takeover, David Greig was operat- accounting and codification work Industrial and commercial 

-irMog a chain of 89 supermarkets will be moved. 5 a H borrowers account for more 

- and 159 other assorted shops. They are now in Bath, Cheadle it is also feared that attempts ,ban 50 per cent, of all finance 
Over the next two years. F ] tch Hum0t Devonport, Gloucester, to move computer staff will house lendine and the percen- 

Gos P° rt ’ Hullavington. Ports- further increai the Xin of ^ « increasing. Mr Ronald 

‘ noun red thfl th? David^Gre?" rao " th jP and Winchester. Some aWlied programmers and opera- Sarnes. chairman oftheassocia- 
SSme wnuW be usedS on 73 s ? ff from the South-East may tors to private industry. The llon - says.m a second article, 

or the Company's 5na?to? stores! 3150 be affected ; ' Society of Civil and Public Ser r „ rfnmpr _ . 

' 1» also said the Key Markets The proposals mean pay vants, which represents most of A-DSIOmerS 
name would be reserved for its records for the Army. Kavy and .the^eunputei_ staff faced with the Tbe association’s member 
supermarkets with a sales area AirJ. 0 ™, ^ be central-sed general turnover companies-say that more than 60 


toe u.iv. interests, and tbe desire of , heir r w nia i er ial price* have 

Ministers not to embark on con- evidence indicates that cigar- raw maier,Ji pr,cea naVe 

likely that troversial reform when a etle smokers who change to __ 


channel, when it comes, general election cannot be too smoking pipes or cigars con- 


to the commercial com- distant. 


tinae lo inhale. 

“ Since the lar of cigars and 

___ wvwuivo ucu pipe smoke is more carcino- 

the executivei'we can'easll^find TTC Arc nil cllAW genic to animals than that or 

ourselves in an Iron Curtain U.3. C01110111018 OO SHOW SSTSiJf 9 TALmJS 

sitnation where judges are mere r likely to confer any benefit and 

stooges.” and where freedom and MR. FRANK WEIL. Assistanst a one-day technical conference °l a f, 1 fncrcase the s ™ okc |j' s 

independence were at risk, be Secretary of the U.S. Department on the latest advances in minia- o f ,,Ioess or Premaiure death, 

said. of-Commerce, is to open an ex- * ure cotoP u i ers - The tobacco^ industry, he 


Canal scheme 
to cost £7.7m. 


ll. n - A £7.7M. SCHEME In ....prove 

illness or premaiure death. 9 22 -miIc section ur a canal in 

The tobacco industry, he South Yorkshire is to be pre* 


By Elinor Goodman, 

Consumer Affairs Correspondent 


BY DAVID CHURCHILL 


hihitirm of mini an* mirrn • George Outram, publishers of says, is now using all tobacco sen led to Mr. Peter Shore. En- 

,V.‘ IT C vp_the Glasgow Herald and Evening advertising on television as an vironment Secretary, next month, 

computers at the U.S. Trade Times haB announced a £ 7m . indirect method of cigarette The plan is to widen and 

Centre in London later this p i an for computerised produc- promotion. Some small dgars straighten the Sheffield and 
month. tion for both newspapers that are packaged to look very South Yorkshire Navigation 

The exhibition, from January will involve a move in January, similar to cigarette packets and Canal between Doncaster and 
18 to 20. will feature about 20 1979, to the former home of the brand names generally asso- Rotherham, allowing passage to 
U.S. companies who have not Scottish Daily Express and the dated with cigarettes are being 400-tonne barges which at pre¬ 
exhibited in Britain before. The Scottish Daily News, in Albion steadily promoted on television sent cannot go beyond Don- 
trade centre is also sponsoring Street, Glasgow. through cigar advertising. caster. 















■ .At ■. -.••• 




since men a nameer oi tne viuuai wira uuibib a *±.uw cumugB In the three months to Sentem 

David Greig branches have been wbo would prefer to keep their, with private industry. ber J u {Ln d | D e g P - te of 

closed. When the present closure pay systems inaepenaenL The. society, which is generally FHA member companies rose by Ml 

programme is completed, there The Ministry has had con- .in: favour - of dispersal, Ls £209m. to £2.9Sbn, with thp ^ 
will be only 31 stores left trading siderable diSculty in putting against the Ministry proposals business content rising by 
under the David. Greig name, together a group of staff who' for' Glasgow. Mr. Cambell £l 6 Sm. to £i. 8 bn. • igS 

Fitch Lovell will continue to could be transferred to Glas- -Christie, deputy general secre- G Used car sales in the week 
operate its 90 Key Market supei^ gow. About 1^00 jobs are due tary, said: “They are quite con- preceding Christmas were a 
markets and its 22 discount to be moved to a site at Anders- trary to the concept of dispersal record, according to British Car V 
stores. ton by 1983, and a further 4,00fl from London.” Auctions. v> 


v *(s/r 






Or how to 
schedule yourself 
some relaxation 

On your way to Asia* or 
Australia* stopover in Malaysia, 
No matter how tight your 
^ schedule, it's a relaxing and 
inexpensive break in an 
arduous journey. 

For as long as five days. 
for just £4 per night, you can 
discover fascinating Kuala 
Lumpur. Or for a little extra 
(airfares only) explore the 
sweeping beaches of Penang, 
or the swirling, busy, multi- 
cultured city of Singapore. 

At the end of it all you 
settle back relaxed and 
refreshed in the roomy MAS 
.. DC-10-30 for the rest of your 
flight. And enjoy all over again 
a* famous MAS Golden Service. 

§§ Ask your Travel Agent or 

W MAS office for the exclusive 
H details of our Stopover Holidays. 


•With connect ions at Kuala Lumpur 




■■SKj.’S; • “ 




Coal’s future in doubt, say Tories 

BY RAY DAFTER, ENERGY CORRESPONDENT 

COAL IS LIKELY lo be a de- beyond, and ihe main problem Coriseiyative Energy Spokes- incentives should be given to ori- 
dining force. In energi’ supply for the industry is whether it man, in a foreword. There is vate home owners for insulation 







few years, according to a-Conser- to meet that demand at compeb- thinking on the nuclear industry, S mueh « Lmlv ^ d mand 
vative PoUtical Centre booklet tive prices." ’ u for instance. 93 mucfl as supplJ ’ iMm 

published to-dai% The report says steps ought to The author casts doubt on the • policy should be flexible gsAw' 

The coal industry is now en- be taken to ensure that the coal general assumption that there is and liberated from the require- 

joying a revival of confidence in industry creates for itself a no escape from rapidly-growing ments of the major vested 

the wake of the 1973 energy broader market by exploiting the reliance on nuclear-generated interests. 

crisis and in the. light of a fore- potential of new technologies. "electricity, and argues that it is 9 The policy should be framed " S 

cast energy shortage in the next Although the main market for -unwise to plan energy policies on in at least a European contexi •. ..".vS 

years. coal over the next 15 years was Such a basis. While accepting and preferably a global one. J'-l 

However, Mr. Nigel Forman, .... . rema ; n th e electricity the merits of the Advanced Gas- *, T . n . . „ .. n , ■■■ 

Conservative MP for Carshslmn W S cooled Reactor, he doubts ? 

and joinl secretary of the party ^ ^ lning ggrtQf .whether.. Britain can afford the-US. 1 5Sf°2S,SfV™ V'i 

energy committee, claims In the t !f!L ve irt a markets tparti--^^“diture involved in de- ^ 01 ,^ ’4 

report that in spile of the strong “ becI potStial vefoping a commercial-sized JSPS • 1 -' I 

Ma-js. jssss h ;s?„ssr- 

:5ST“«S r “ flTC ^ »r-^rs= t 

Settor oSl in thel990's and point stressed by Mr. Tom King, .and use of energy. Grants or tax £130. a—l— 






Fewer seats and more 
- a room than any other 
^g DC-10. And there's 

always someone 
there when you need 








ur several 



Hv with A'KhuIi of Gold 

mas 

malaysian airline system 

25-27. Si George St., 
Hanover Square, 

LondonWl. 

Tel: Cl 529 5891/4. 








rinancial Times Monday JanUaiy S^TS 




HJFTED BY ARTHUR BENNETTAND 1 B 3 9 



SHIPPING 


MATERIALS 


• SAFETY 

Tyres glow in the dark 

METROPOLITAN POLICE With a bright silvery appear- 
flgures show that some 70 per ance in daylight, the sidewalls 


Stops ships hitting lock gates 


Aggressive adhesive 


[BESTOBEU 

STEAM 

PRODUCTS 


cent. of accidents involving motor become briggnt white’reflective 

. _ . _ _ _ circles at night, effective both on 

c>cles last year were due to j one iy roads and in heavy traffic, 
drivers not seeing riders. One ^ reflective over such a 
way of tackling this problem is distance that it will stand out 
offered by Avon Tyres which even when the bike and rider 
has launched a special reflective would not normally be seen, 
motor cycle tyre. Carrying a 20 per cent, price 

Believed to be tbe first British premium, the tyre will initially 
manufacturer to make such a be available in size 230 x 17 
lyre, Avon is introducing the Avon SM Mk. II (rear fitment) 
reflective type, Initially for com- and Speedmaster (front) pat- 
muter bikes, in a restricted terns. 

regional test marketing pro- Typical commuter bikes which 
gramme. will be able to use the tyre are 

Tbe tyre is stated to make the Honda 90, Suzuki GT 50 

motor cycles visible in vehicle (front) and B120 (front), Gilera 

lights at up to 300 metres at 50, Yamaha 90 and FSLE, and 

night. It is made using a 3M some Pucb models. 

Scotchlite tape developed in the Details of the new tyre, now 
U.S. The tape, based on natural on display at the International 
rubber with reflective glass beads Rating and Sporting Motor Show, 
encapsulated in it, is built on to at the Horticultural Halls, 
the sidewall before the tyre London, are available from Avon 



THE ENERGY 
SAVERS 


cabl* & float assembly 




Boom A support- 
mast assembly 

Dockside— 
guide sheave 






INSTRUMENTS 




Absorber modular array ft— 
concrete blockhouse support 




DESIGNED TO provide "Instant" materials. Typical applications 
adhesion and a durable bond, * are for attaching nameplates, or 

been introduced by 3M, The thjr> (0,05mm) transparent tape, 
tapes can be used on a wide j n three widths. 12, 25 and ftnffnhn . 
variety of surfaces, including 305 mm. intended for smooth BesWbee an fatsmationat Group 
difficult to bond plastics such as'surfaces; a thicker tape for _ 

; polyethylene. textured surfaces, such as 

Transfer tapes carry the moulded plastics or synthetic ■ucriMiHnrw 
adhesive on a liner which Is fabrics; and a, tape for use with 0 IN5M KUIntNlJ) 
stripped off after one side has a hand-held dispenser that auto* 
been applied, leaving the other matieally winds the used liner as A 

•side ready, to receive tbe com--the tape is applied /lUiUmallL 

ponent to be bonded. The . Details from Industrial Special- 
adhesive used on the new tapes ties Group, 3M United Kingdom, | 
is a modified acrylic, stated to PO Box 1. Bracknell Berksw fMPHll-lllj 
bond aggressively to most RG12 1JU (0344 26726). 

THE continuous accurate me*. 

Rurenaent of pH values in iodn* 
v ■■ # trial processes implies a seeds 

To make high duty wires cleaned regularly.^ system to be 

° . ... While this can be dose 

EXAR WIRE Is insulated with a entered into an agreement witn manually It does mean withdraw- 
cross-linked polymer which, eu- Haveg to make and market the ing electrode system from 
ables it to meet high duty wire in the UJK. „ _ its working position. To obviate 

specifications, such as • use’ at Granting of this licence allows ^is and at the same time avoilL 
temperatures up to 150 deg. C, to Fofhergill to enter the medium yj e of damage to the elec 
provide flame and abrasion re- temperature insulated wire range trode. Electronic lnstrnmcnta oi 
sistance, ^nd to meet the re- —between PVC and fluoro- chertsey, Surrey, has introduced 


To make high duty wires 


moulding stage, when it becomes Tyres, Meiksham, Wilts. (0225 NEARING COMPLETION on tbe to straddle the lock in the path Tbe triple cable from the cylin- qQirements of Underwriters carbons—which the company says an automatic, pneumatioalh 
an integral part of the tyre. 703101). Manchester Ship Canal's East- of an oncoming ship, .approach- tiers is automatically engaged or Laboratories (a U.S. approvals will fill a void on both perform- powered cleaning system consist- 


Financial planning 


ham Lock is a ship arrester ing the lock gates too fast. See disengaged when the lattice Is authority). ance and price. Initially, Araeri- j ng 0 f a control unit (7610) and 

system intended to prevent ves- diagram above. moved by the boom. In the The wire j S made In the U.S. can produced material will be W jpcr mechanism (7611) 

sels colliding with the sea-lock In the rest position, the pistons ready condition, the top oE the by Haveg Industries Inc., a sub- available, with the British plant intended for all EIL76Q0 seriei 

• COMPUTING 8 a ^- are at the top of the cylinders, lattice is supported by floats. /diary 0 F Hercules Jnc-, The coming on stream in the second H elcclrtM je systems, the wiwr 

Equipment was required to and the wire ropes-run under The system will not only deal Tyeadure Division of FothergiH half of this year. mechanism is easily fitted to 

_ • 1 _I ■ _ bring a ship oE up to 20,000 tons sheaves at thd base of the cylin- with the largest vessels using and Harvey, Summit. Little- Main uses for Exar wire are exist i nff systems by substituthu 

Financial nmnnincr toa *t®P within 44 feet, from tiers, horizontally through ducts the canal, but will also stop borough, Lancs^ OU5 9QP expected to be in switchboard, it fo r *a blanking plug i n tS 

A lUiUlLiai piaillUllg speeds approaching three knots, and aronnd further sheaves and smaller ships which could (0708 78831)/^which makes motor lead, and appiiaoce wire * sor hol( i er; * b 

In coUaboration with the canal fairleads to the arrester lattice, impact the lattice close to the fluorocarbon based products, has applications. Thn wall mounting unit inter. 

AN easily used computer-based mg period and line totals, period company and its engineering ad- When a vessel hits the lattice, lock side’or obliquely. norates an air pressure regulator 

aid available from Tempo Time- differences and accumulated visers, Coode and Partners, the wires draw the piston heads Aerodynamic .spoilers shroud stabiliser and timer the former 

sharing allows a client imn® his differences of revenues and London, the British Hydrumech- down the cylinders; expelling the cylinders to eliminate pos* * ' <tahn«Rim* a main* air nnnniv m 

ow^ermmri sit* « x P enditur f- This data may be anics Research Association hydrantic fluid thr^h^?rts sihle excitation of strnctSS - HEATING 5 7 to 7 0 baJTte ^ SS 

?"? based purely on a profit and loss (BHRA). designed the arrester distributed down the length of vibrations, caused by vortex • nfcAMNU - SnliSreSS 

to budd a financial model of any approach; alternatively the user system and supplied the hydraulic the cylinder. The fluid is col-shedding. -r* ' . , j j ’• STS^to The 

number of income and expend!- can define delays or improve- cylinders that provide the brak- lected in a manifold and returned When it came to solving the |/0ClGraTll m ^AlTnCIDII ' • nf i DnmmS 

ture centres extending over any ments on individual lines m jng mechanism- above the piston head. retardation problem, no new JVvIMiJldlH IIF VUIIUIjIvII '"SJ"« hrSh wMrt 

number of time periods. terms of cash received and piud S ix large hydraulic cylinders Orifices in the porta are care- technology was required, and the J , - 4 . . , _ m . SSdieaUvwjii The 

Data is entered in monetary time deferences, so that the mounted vertically, three on fully proportioned to maintain answers were found by using HEAT exchangers used in the components are resistant to mart J® 

values or as computational model effectively becomes a cash each side of the lock. The cylin- the pressure resisting the descent well-known principles in a new chemical industry are likely to chemicals. mclmting heated og35 _ eogvi 

elements in cases where a simple flow prediction. ders are 40 feet high with a of the piston, and provide smooth way. A modular system (pairs suffer from the effects of aggres- hydrochloric and hydrofluoric 

111 *w a S 5 if s ( -{ or ■ e wff le . * ,s 4 s0 P QSSlbl ®, “fjj® stroke of about 30 feet, operating retardation of the ship in the of cylinders) was chosen • for -; ve corrosion much more than acids - , , . . _ _ '■ _ 

items sold times unit price), thus changes to the model fairly a t a pressure of 1,500 psi in the canaL It was a design require- reasons of cost, and for adapt- similar units oDeratine in other Other advantages claimed are . ' 

extending the headings “fder easily so that what if. eitua- maximum load condition. There meat, in tenhs of minimising the ability fbr future applications. It industries ^ • resistance to thermal shock and 

which data can be presented. tions can be investigated. is no piston rod—the piston head peak load, that the deceleration also means that if one cylinder m jyn Po' n t Teflon heat ex* surface fouling and scaling, the , _ , _ _ 

nrir^nnt S?'f 1 /m is P 1111 ^ dovVn the cylinder by and, therefore, the retarding fails, the other two pairs are changers are claimed to offer a latter beU5 F Vlrtuall y eliminated 

print-out can be obtained show- ^ndon W.l (01-388 1827). axial wire rope,-protected and force 6 bould be reasonably con- still available to provide snbstan- ShJtfon to this problem because due t0 non-stick charac- Gs€M5uTIC3l 

centred by telescopic tubing. stant except for a gentle build- ti al ret ardation. tubes and other critical teristics of Teflon. 

Tbe wires from tbe cylinders up for the first few feet BHRA, which is at Cranfield, . Du Pont heat exchange systems WITcQlUaKAC* 

w . • on e^ch side of the lock are coo- To allow ships to pass, a boom Beds, (0334 750422), considers . - ■ are now being offered by E. a a 

§j lavihlo HlATMArV AUtIATIC nected to a lattice (or strop) pivoting at one end, raises the that the technique could be osed Braude (London) and they 

JL ll/AIUIV lUVlilUl 7 UllUl/llkJ of cables which can be positioned lattice clear of the waterway, in fields outside shipping. include shell and tube units, '• 

^ • MACHINE TOOLS tank heaters and immersion «»ils I WRRWRsRlm| 

MAKING use of its latest 16k bit boundary address using wire A UAIini lllf* in a variety of output ratu^ ThagarKte rfrypro an d sees instock 

random access memory. Intel is jumpers. The boards all have a • tlANULINU PL.-l ro ntTA >"« » salt most industnal 

raraeto 6 memoS ta^ds'for^tS LarffC billers from Itffly ' ^ilort range re S« m information about the 

rapacity memory boanls for the not in^re any processor “wait" UOIC13 11UIU 1UUJ ■ systems ran be obtained direct . Abn)««n(0 224)3a5gg m 

SBC family of computers auned states during memory access. _ _ glf| 111 from the company at Liberia w . i'T .- " . ■ — 

at arigiual equipment makers. The on-board automatic AUTOMATIC SHEARS, balers, 1350 x 900 x 350 mm to 5200 x scrap the company makes a range * a* -House; Sandhurst. Camberley, 

The boards are desienated SBC refresh circuits replenish a por- and baling shears, made by 2000 x 1700 mm. The machines of shears and baler shears with a MACHINE TOOL readout .sys- Surrey (0252 S76123). 

032 048 an h 0 R 4 martin* tion of memory every 14 Officine Vezzani SpA, of Milan, are capable of reducing light ®?“L p<Iwer of between 350 tem for short range applications_ .____ 

Ad. 048 and 064, providing 32, m j cro seconds, taking 585 nano- rt-i™ are nnw available in the scran into hiPh densitv hales 2000 tonnes. The ma c hin es has been launched by Thorn 

48 and 64 kilobytes of memory seconds to do so. If a read or nP 7' ™ of somn nm. 9 *?nn can lun ' Qe up to 50 tonnes of Automation as an addition to its _:_ 

respectively. With one board the write cycle is in progress when raJQ 6 e scrap pro- weighing between 50 and 2500 scrap/hour and are fitted with Multipak range of digital read- ^^^ 

user can now add a full com- a refresh cycle is due to begin, cessing machines is stated to kg. Jumbo presses for processing hoppers np to 9 metres long. out equipment ' 

p e Sw5 t i memory , to an _r 080A ttie latter is postponed until the meet the requirements of both non-selected and over-size scrap More from the U^K. agent, ■ Designed for smaller machine 

or 8085 microcomputer system. en d of the read or write cycle, the small scrap merchant and the will produce hales up to 7 metres George Cohen Machinery, 21, tools and inspection equipment 

Each board is organised with More from Intel at 4 Between large steelworks. long and weighing between 10 Sunbeam Road, Loudon, NW10 with traverses up to S7i inches 

up to four 16k memory blocks Towns Road, Cowley, Oxford Baling press range includes and 50 tonnes. 6 JP (01-965 6588), a 600 Group output can be presented in 


print-out can be obtained show- London Tfc.l (01-388 1827). ^ aslal wire rope,-protected and force 6hould be reasonably con- still available to provide snbstan- ShSlon to this problem because due t0 non-stick charac- 

centred by telescopic tubing. stant except for a gentle build- ti al ret ardation. ^C elr ^es and other critical of Teflom 

Tbe wires from the cylinders up for the first few feet BHRA, which is at Cranfield, . Du Pont heat exchange systems 

*ii • on e^ch side of the lock are con- To allow ships to pass, a boom Beds, (0334 750422), considers__are now being offered by E. 

|AY1 nlo Tnamarv ATIiIATIC nected to a lattice (or strop) pivoting at one end, raises the that the technique could be used Braude (London) and they 

JL ICAJMLf Iv ULlCillUl T UlJUl/IJkJ of cables which can be positioned lattice clear of the waterway, in fields outside shipping. _ ■■ include shell and tube units, 

w A ■■ ■ VAAl C .i. ____a «a<Tii 


HANDLING 


Large balers from Italy 


Short range 
readout 


Du Pont heat exchange systems 
are now being offered by & 
Braude (London) and they 
include shell and tube units, 
tank heaters and immersion coils 
in a variety of output ratings 
and said to suit most industrial 
requirements. 

More information about the 
systems can be obtained direct 
from the company at Liberia 
House; Sandhurst. Camberley, 


wkS cable ? 

AMUR 

Thousands oirycwa and swair stock. 
br mmadiaia defivary 
■ to mirwnum order ■ No minimum length 
London 01*5618<l8 
Abetdeen (Q224) 323551/2 

tuumm tmtrmtamfm-tiam-amaum 


which can be set to any I6k OX4 3NB (0865 771431). 


five'models with press boxes from For the reduction of heavy company. 


CONTRACTS AND TENDERS 


Bids: October 1978. 

FEDERAL REPUBLIC OF NIGERIA 
NATIONAL ELECTRIC POWER 
AUTHORITY 
PREQUALIFICATION OF 
TENDERERS FOR 
CONTRACT NO. E5009 
• ELECTRICAL—MECHANICAL— 
ARCHITECTURAL COMPLETION 
- FOR 

SHIRORO HYDROELECTRIC PROJECT 
NIGER STATE. NIGERIA 
The Shjrora Hydroelectric Project will 
consist or a concrete-faced rocWfill dam 
with a height ol ITS metres from the 
finer bed and a crest length of 700 
metres Including spillway; on above- 
ground Indoor-type powerhouse at the 
dam site with a generating capacity of 
600 MW consisting of four unlb: an 
administration and control building: 
and a switchyard with 390 KV and 

132 kV Sections. 

The Shiroro Hydroelectric Project Is 
located In Niger state. Nigeria, 
approximately 90 km. south-west of 
the city of Kaduna. tt it situated at 
Shiroro Gonje on the Kaduna River 
near its confluence with the Dlnva 
River. 

The National Electric Power Authority 
[NEPAI Plans to Invite tenders from 
prequalised tenderers In July of 1978 
lor construction or the el retries I- 
ntechanlcal - architectural completion 
work, to receive the tenders hi 
October of 1978. and award a contract 
In February at 1979. 

Works under this contract win include 
completion of the electrical, mechanical 
and architectural features ol the pro¬ 
tect presently under Initial phase con¬ 
struction bv others. Including Installa¬ 
tion of NEPA-furnlshed eouioment and 
materials and furnishing all materials 
and eouioment not furnished under 
previous contracts. 

Contracts under construction or 
arrradv awarded. Include the follow mu: 
Initial construction of the power- 
plant. dim and control structures. 
Including the embedded portion of 
olnmg. electrical conduit and 
Qroundhia svstems. 

Furnishing and Installing turbines, 
oeneraiort. generator main leads, 
power transformers. elevators, 
cranes, and hydraulic Oates with 
hoists. 

Furnishing lor installation bv ten¬ 
derer. the control and relay boards, 
swilcnoear and motor control centres, 
and switchyard eaulomenl and *trd. 
The tenderer or his affiliates upon 
whom orcaualfttcatfon Is to be based 
shall hare had. either singularly or 
>n combination, specific electrical and 
mrch apical construction BMnna on 
malar hydroelectric urolects. bath In 
the country or his heme office and In 
other countries, and shall also have 
had construction experience «n 330 kV 
or higher voltage switchyards In like 
countries. 

In order to preqoallfv as an accept- 
able tenderer. Interested contractors 
must complete and submit orequallfT- 
catlon forms. Required preaualtflca- 
tlon forms may be Obtained from: 
Chas. T. Main International. Inc- 
Southeast Tower 
Prudential Center 
Boston. Massachusetts. U.S.A. 

02199 

Attention: Mr. N. P. Trfano 
Project Manager 

Chas. T. Main international. Inc. 

I U-IGfi Broad Street 
P.M.B- 13733 
Lanas. Nigeria 
Attention: Mr. E. Rlngle 
Protect Coordinator 

One cony Of the letter of reouest fbr 
prog ua HI leal Ion documents must be 
sent to: 

Director. Engineering Project 
Department 

National Electric P ower Authority 
24-25 Marina 
P.M.B. 12030 
Lagos. Negena 

The terms must be eomuleted and 
returned to the addresses Indicated In 
the orooualifkatlon documents net 
later than April 15. 1978. 

AH rcouests and correspond cnee shall 
Include the subject contract name and 
number. 


CONTRACTS 

AND 

TENDERS 

appear every 

MONDAY 

For further details contact; 
FRANCIS PHILLIPS 
on 01-24S 8000 Ext. 456 


STATE OF ISRAEL 

MINISTRY OF LABOUR & SOCIAL AFFAIRS 
INDUSTRIAL DEVELOPMENT PROJECT — 
VOCATIONAL/TECHNICAL TRAINING 
JERUSALEM, P.O.B. 915 

INTERNATIONAL COMPETITIVE BIDDING FOR 

EQUIPMENT 

Tbe Government of Israel—Ministry of Labour—plans to improve and expand its 
system of Vocational/Technical training institutions and for this purpose has received 
a loan from the International Bank for Reconstruction and Development (IBRD). 

Tbe Directorate of the Project announces tbe publication of tbe public international 
tender No. 21.0I.T for tbe supply of equipment in the technlcal/vocational branch of 
Physics. 

Manufacturers.and/or suppliers of all member countries of IBRD, and of Switzerland, 
are eligible to take part in tbe bidding and are invited to participate. 

Tender documents may be obtained from the Directorate of tbe Project at the above 
noted address, against a payment by bank order or cheque for tbe sum of thirty (30) 
US Dollars, made out to the Ministry of Labour, Israel Such payment will cover 
this tender and all future tenders published within the framework of this project. 

Tender documents will be forwarded by registered air-mall to the applicant couj- 
Plying with paragraph 4 above. The completed proposal, despatched to tbe Directorate 
in tbe special envelope provided, and in strict accordance with the general instrue-' 
tions to bidders (wbich will be forwarded to the applicant simultaneously with the 
tender documents) should reach the Directorate not later than 1200 hrs. on 17 March 
1978. Proposals arriving later than the time limit fixed will not be considered'and 
will be returned unopened to the bidder. 

The Directorate reserves the right to accept any proposal for-any individual item 
or items or all the items listed, to increase or decrease the quantities to be purchased 
and to reject any or all of the bids received. 

NISSAN LIHOR 
Project Director 


National Electric Power Authority 

NIGERIA _._ - 

Extensions to the 
330kV Transmission System 

Tenders are invited for the manufacture, supply, testing, 
delivery, erection, commissioning and maintenance for 12 
months of 330kV overhead lines, switchgear* and civil works, 
power transformers and ancillary equipment to be grouped m 
the following contracts. 

1. 330kV Overhead Lines. 

Two single circuit lines between Benin-Ajaokuta and Sapele- 
Aladja (Route length 260 km.). 

One single circuit fine between Jebba and Oshogbo (Route 
length T50 km.). 

One double circuit line between jebba substation and Jebba 
Power Station ( Route length 8 km.). 

2. 330kY Switchgear and Civil works for a new substation at 
Ajaokuta. 

3. Two 150 MY A. 330/132kV Transformers at Ajaokuta. 
Separate contracts will be placed for each section and acceptable 
Firms must have adequate experience of work of a similar 
nature. 

Tender documents can be obtained after 31 December 1977 
from the fallowing address on payment eF £20 per section. 
MERZ AND McLELLAN, 

Amberley, Kilfingworth. NEWCASTLE UPON TYNE, ENGLAND. 
Cheques to be made payable to Merz and McLellan. 


CINEMAS -Dent'd 



ANNOUNCEMENT OF 
THE EXPANSION OF 
THE INTEGRATED 
STEEL PLANT AT 
EREGU, TURKEY 

Announcement is hereby nude of the 
. B e gi nnin g or an expansion o< the In¬ 
tegrated steel plant or Eregn Demlr 
w* Cellk Fatorttalarl .TjlS. at 
Ereftll. Tinker. at I nc rea si ng 

tas liquids steal capacity to approxi¬ 
mately 2 million metric tons by UN. 
The expansion nroles to be bonabt 
under tntemarloaal competitive bid¬ 
ding pr oce dur es. An application has 
Pees s ub m i t t e d to the World Bank 
(or a major portion of the foreign 
exchange req uirem ents of the protect. 
Discussions with tbe Bank are Is 
advanced stage. 

Tbe principal facilities to be so pur¬ 
chased and Installed are the foBovr- 
In*: 

1. Rav Material Iron and coal 
handling Improvement 
L B.O.F. Scrap Preparation 
5- One 690 000 sll per year con- 
u noons slab casting machine with 
an auxiliary faculties 
4 Computerized water cooling of 
Hot Strip 

5. Third DowncoHer Tar Hot Ship 

um 

6. One Hot roBed shearing line 

7. No. 2 Temper MB matUfScatiana 

8. Electric power (BstrfbMloja 
facilities 

9. Maintenance shop ftcHkies 

10. One turbo blower for blast 
furnace 

lL- One hot Mast Atom for the exist- 
tu; No. 2 biaat furnace 

12. ETO cranes np to - 75 dll 

capacity 1 

13. Pollution control faculties .(Treat- - 
ment of Coke Plant efiOnartl and 

a bag boose Alter for sintering 
plant 

inflations to bid on the faculties 
listed above will be fondabed only to 
those Arms who hare been previously 
qualified tar the specific tteme to re¬ 
purchased. Therefore, firms witting 
to be » Qualified should com amnl caie 
to writing, to the English language, 
frith: 

EREGU. DEMTR TV CEUK 
FABRIKALARl 
TJlS. 

2 Kademe Tevsiat Genel Wudur 
Yardbnctilgl 

KDZ EREGU—TURKEY 
Sadi communication mngt be received 
at the above address no later than 
January 30. 1978; information xa to 
the requirements for praonaUficatloa 
at bidden will be forwarded to those 
responding to this advertisement. 


CLASSIFIED 

ADVERTISEMENT 


ART GALLERIES 


HXSKCTH HUBBARD ART SOCIETY. Ann. 
Ettbn. Mail Art dalianS/Tbe Mall. 

fw-l . 10 -Si Sat*. 10-1 until UJ«> 

Adm. Five. 

sBuGruawrar ^buu 


ssuntursr a 


CLUBS 


RATES 

Single 
Per cobtmn 
8m cm. 

C £ 

Commercial & Industrial 
Property «.» 14.00 

Residential Property SJW S.00 

Appointments LU law 

Business* Investment 
; Opportnnities. Corporation 
Loins. Production 
Capacity. Bastnesara 
For Sale/Wanted 8JS mo 

Education. Motora 
Contracts * TBndera, 

Poxsongl, Ganmiug 4.25 18.00 

Hotels and Travel 2.75 16JM 

Book Pttbllaiiera — jjo 

Pram) ora 'petittoni mraUabln - 

(MMmum ita 40 column ensj 
CUR war «ta«to «olua» can. extra 

For ftmter aetaUs wrUo to: . 

Classified Advertisement 
Manager, 

Financial Times, 


metric or imperial measure. 
Production of longer traverses 
lis planned. 

1 Maximum operating speed is 
49. inches^second, with a 
standard resolution of 0.005mm 
or 0.0005 inches. 

Details from Thorn Automa¬ 
tion, PO Box 4, Rugeley, Staffs., 
WS15 1DR. (08894 5151L 

• POWER 

Big diesel 
from Lister 

ADDED TO the range of 
engines offered by tbe Marine 
Division of KA. Lister and 
Company, is a water-cooled 
diesel developing 250 bhp at 
2,000 rpm (continuous rating). 
Maximum output is 275 bhp. 

Turbo-charged and inter- 
cooled, it is a development of 
the JW6M series. It 1 b intended 
for propulsio.n, and for a 
variety of auxiliary duties in¬ 
cluding electricity generation 
up to 1S7.5 kVA, 3-phase 60Hz. 

Fuel consumption .of a fully 
run-in engine at- 2,000 rpm 
(full load) is stated to be 9325 
lb/hr. Weight of the engine, 
plus reverse/reduction gearbox 
is 3.087 lb. 

More from the maker at 
Dursley,. Glos, (0453 4141). 

• COMPONENTS 

Skateboard 

bearings 

DUST AND grit provide one of 
the worst type of environments 
for ball bearings, yet the bear¬ 
ings fitted In skateboard wheels 
must provide stick-free perform¬ 
ance and continual minimal 
friction characteristics in such 
conditions. . 

Ransome Hoffmann Pollard is 
already making special. -skate¬ 
board bearings meeting these re¬ 
quirements. One has a nylon 
cage and special raceway finish, 
while the other, a full precision 
bearing, is said to provide even 
better performance. Both types 
are made and marketed by RHP 
Aerospace Bearings Division, 
Stonehouse, Glos. (0453S2 2333). 

Special requirements of skate¬ 
boarders cover not only speed, 
bat manoeuvrability and close 
control, and in this context often 
require different types of wheels 
and bearings. With this in mind, 
RHP Is continuing with toe de¬ 
velopment of skateboard bear¬ 
ings, and will, in the near future, 
make available sets of “ specials ” 
so that the skateboarder can 
change his own wheels. 

Two skateboard manufacturers 
using RHP bearings are PT Pro¬ 
ducts, of Rayleigh, Essex, and 
liie Top-Deck range from Mar- 
chants Skateboards, of Lewisham, 
London. S-E.13. Boards fitted 
with the beatings are said to 
offer a performance weU above 
others in the middle price range. 



Classified Advertisement • By agreement between the 
Manager, Financial Times and the BBC, 

Financial Time*. information from The Technical 

m cm_ Page is available far use bp the 

10, Cannon Street, EC4P 4BY Corporation's External Services 

* os source material far Us. over- 

seas broadcasts. 


Description •_ 

8 BLOCK (400 mm) IN UNE, NONSUP 
WIRE DRAWING MACHINE in 
excellent condition. 0/2000fr/min 
variable speed 10 hp per block 11968) 

24" DIAMETER HORIZONTAL BULL 
BLOCK by Parmer Norton (1972). 

ROTARY bWAGGING MACHINE 
by Farmer Norton (1972). 

SLITTING UNE 500 mm x 3 mm 
x 3 ran capacity. 

TWO VARIABLE SPEED FOUR HIGH 
ROLLING MILLS Ex.6-50" wide razor 
blade scrip production. 

MODERN USED ROLLING MILLS, wire 
rod and cube drawing plant—roll 
forming machines—slitting—flattening 
and cut-to-iength lines—cold saws— 
presses—guillotines, etc. 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

1970 CUT-TO-LENGTH UNE max. 
capacity 1000 mm 2 mm x 7 tonne 
coil fully overhauled and in 
excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE 
DRAWING machine by Farmer Norton 
27"—29"—31" diameter draw blocks 

STRIP FLATTEN AND CUT-TO-LENGTH 
UNE by A.R.M. Max. capacity 750 mm 
x 3 mm. 

1970 TWO STAND WIRE FLATTENING 
AND STRIP ROLLING UNE, 8" x 7~ 
rolls x 60 hp per roll stand, variable 
line speed 0/750ft/min. 

2 15 DIE MS4 WIRE DRAWING 
MACHINES 5,OOOFt./Min. with 
spoolers by Marshall Richards. 

50 HJP. VERTICAL WIREDRAWING 
BLOCK x 650 mm dra. 

9 ROLL FLATTING MACHINE 
1,700 rom wide. 

7 ROLL FLATTENING MACHINE 

965 mm wide. 

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

16 MM TO 28 MM ROD 5TRAJGHTEN 
and cut to length line with-flying shear 
and capstan- for handling 2 ton steel coil. 

RWF TWO STAND WIRE FLATTENING 
AND STRIP ROLLING UNE, 10" x B" 
rolls x 75 HP per roll stand. Complete 
wrth edging rolls, turks head. Raking 
and fixed recoiler, air gauging, etc 
Variate line speed 0/750ft7mFn. and 
0/l500ft./min. 

NARROW STRIP STRAIGHTENING 
AND CUT-TO-LENGTH MACHINE 

( 1973) by Thompson and Monroe. 

ACME GRIDLEY (ESA) 6 SPINDLE 
AUTOMATIC. 1" also H" rebuilt and 
not used. 

WICKMAN 3} SINGLE SPINDLE 
AUTOMATIC Extensive equipment. 
Excellent condition. 

VICKERS 200 TON POWER PRESS. 

Bed ^0" x 36". Stroke 8". Almost new 
condition. 

SCHULER 200 TON HIGH SPEED 

BLANKING PRESS. Bed 48" x AO" 200 
spn. Double roll feed stroke 35mm 
excellent condition. 

TAYLOR & CHALLEN No. 6 DOUBLE 
ACTION DEEP DRAWING PRESS. 

Condition as new. 

PRESS BRAKE 8’ x J" by Sedgewlck. Air 
brake, air clutch, light gauge. Capacity 
200 eons. Excellent condition. 

4,000 TON HYDRAULIC PRESS, 

Upstroke Between columns 92* x 52", 
daylight 51", stroke 30". 

ANKEKWERK 400 TON INJECTION 
MOULDER. Reconditioned. 

MACHINE CENTRE. Opacity 5ft x 
4ft. x 3ft- 5_Axles, continuous path. 

51 automatic tool changes- 5 tons main 
table load. Main motor 27 hp. Had 
less than one year's use and in almost 
new condition. For sale at one third 
of new price. _ 

WANTED 

MODERN USED ROLLING MILLS, wire 
rod and tube drawing plant—-roll 
Forming machines—slitting—flattening 
and cutvoo-length lines—cold saws— 
presses—guillotines, etc 


Telephone 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 | 

0902 42541/2/3 j 
Telex 3364 H 


0902 42541/2/3 
Telex 336414 

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

0902 42541/2/3 j 
Telex 336414 


0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

01-928 3131 
Telex 261771 

01-928 3131 
Telex 261771 

01-928 313? 
Telex 261771 


01-928 3131 
Telex 261771 

01-928 3131 
Telex 261771 

01-928 3131 
Telex 261771 

01-928 3131 
Telex 261771 

01-928 3131 

Telex 261771 


I 


0902 42541/2/3 

Telex 336414 


_ . A 





































MI DI)LE .EAR As defined in HM. Government Tables. 

HM. Government Health Departments’ WARNING: 

SERIOUSLY DAMAGE' 








































































r 


6 

Building and (toll EnglnBBiing 


Financial Times Monday January 9 1978 


i ■ • I J *.. 


Aircraft shelters 


£7.4m. awards to Laing 


■ 1. . Sf- 


* A £ 6 m. contract for concreting Street, London, EC3, which is to 

FOUR contracts worth nearly To be erected at RAF Stations work at RAF Upper Heyford, become a catering centre Tor 
£Sm. for the construction of 33 Alconbiiry. Bentwaters, Laken- Qxoo, has been awarded by the Barclays Bank International, 
aircraft shelters in East Anglia heath and Woodbridge the services Aeencv of the This “ ntract is worth £1.4m. 

have been won by Costain Civil shelters will be constructed from ^raP e ^y ^erYices -Hggacy ox me Tfae buildin& which has a base . 
Engineering. The shelters have reinforced concrete and have Department of the Environment ment, snb-bas eme nt, ground 
been ordered by the Property mechanically operated doors, to John Laing Construction. floor, mezzanine and three floors 
Services Agency of the Depart- Work is now under way and com- The work, which has jnst above will be altered to provide 
ment of the Environment which pletion. expected in the spring of started, indndes concre ting the a ro P Boor of five management 
is the agent for USAF/NATO. 1979. waSroofLd SSF JVSJSSJ?^ 5 

Ste l 1 ’ 1 ow he fi aiTCra ?- a clnb ^ at ™«**nine level. 

T* ! , -mm n each 121 feet long, and installing There will be a ground floor 

Road tunnel m Sussex s&r ssl^st- *s 

creting five acres of todways below. The centre wBl be capable 
A 400 metres long road tnnnel Mowletn has also won a 10,1 drai i?" orovtdinc l.300-meals a day. 

is to be driven through chalk f135,000 contract from Swedish *-«™pienon is aue oy Architects' are Wilson Mason 

oliffs at Lewes, Sussex, by John uovd ( UJC) for demolition and 1 * - . ■ ... ® n< J. Partners and consulting 

Mowlem y ' f* ‘Another 30 b for Laing is the engineers are A. C.-Ross and 

The £17m. contract, which new pavi ^°' drainage at 26 refurbishment of 80 Grace church Partners, 
will form ‘ part of the A27 at Tilbury. Formerly the 

Lewes, also includes portils at departure point for Swedish ' 

both ends. 900 metres of ap- Lloyd’s Londofl-Gothenburg pass- n f w _ • - 

proach roads, lighting and other enger ferry service, the berth 4- I /ITl WSIfAhAllCA QYlfl 
road furnishings. is now used only for cargo <**-*-• / JX1.* vT ill VliUllOv dilU 

Sir William Hal crow and handling. Consisting engineers 
Partners designed the tunnel for tins contract are D- V. Buck ff* j * 

and will supervise the contract, and Partners. Ol 11Pr OlllllTJIOTSi 




'r-Tgpz- 










Building &■ 
Civil 

Engineering 


m 


CCgS S : Vacuum 
drying of 
;***?!timber 


imam 


T FT gV kW ft W S|gfflES.'P'P : T T* f BY CREATING ft vacuum ] a 
Wr 1 MRMy.lB* ify y»r awr ftftr'l umber drying plant, water migra- 
TSMF fl W ff*r ‘‘‘■rSfiPii * *- r ' * F r* f tton from the wood Is increased,. 

■ pT . f-' * W-,- : C-JENF*. pr Wf' Wf ’ because the ambient atmospheric 

f fiTffVW "WIVM'WIv L If* pressure is lowered, decreasing 

' ® m : *’Jr '■ tbe boiling point and providing 

’ ’ ' ' J it pW lso Vai red** 0 * °4« Tieo”^' 

’•/.*. Sire ^reduced. This syatm^ 

used la the Sirocco plant for 

. .. z . _ .. ,, ,, .,. - . ... . . drying hardwoods now available 

Architect's impression of how Shepheard's Hotel in Cairo will look Dn ^ U K maricet from pe rirr r 

when restoration work has been completed. 0 f 49 ru e dTlautevlUe. 75010 

Paris, France. The company is 

hotel, including the Caravan Work is now continuing on the currently seeking an agent to 
coffee shop, restaurant and bar. restoration of the hotel's re cep- handle sales and service In the 

These areas are only a part of tion facilities and on the main U.K. and Eire, 

the £2m. worth of work carried kitchens In the basement, and in The machine is available with 
out in the past 12 months. The February a start is to be made capacities of four and eight 

entire basement areas have been dn the first 100 bedrooms. cubic metres of timber. The 

gutted and rebuilt ready to Bovis has carried out new plant Is compact and requires no 


£1.7m. warehouse and 
office contracts 



*-•_ 



"Ht: : 


—. - ‘^w-* v 


mm 


—, ,. » . NEARLY £1.7m. worth of con- Remaining awards are for flats ^ . -m , 1 Architect’s impression ofjww Sbepheard’s Hotel in Cure wiU look Dn the U.K. 

Big plastics factory jsasarm£ Manston Cau*o hotel , ^ sur ^ 

The largest, worth £|nu, is for , .. V nHrrfii™ n.i«J . • llotel, including the Caravan Work is now continuing on the currently si 

TAYLOR WOODROW Industrial space and the whole arojecL in- a road vehicle depot and ware- Ior , Jr noumng coffee shop, restaurant and bar. restoration of the hotel’s re cep- handle sales 

Estates has signed a £l$m. con- eluding process engineering house at Carlton Industrial Association £144,740), for a .ware- X viJtUl A.L1UJL1 These areas axe only a part of tion facilities and on the main U.K. and Eii 

tract with Plastic Container work, mechanical and electrical Estate, Barnsley, for North- house and office at Whitehall . m the £2m. worth of work carried kitchens in the basement, and in The machi 

Manufacturers for the develop- installations are being handled Eastern British Road Services. Road. Leeds, for City Square hir I-C/YV1C out in the past 12 months. The February a start is to be made capacities 1 

ment of a new factory on the by the company as a package The next largest is worth Securities (£106,680) and for a Uj JLFvF ,Y JL»3 entire basement areas have been dn the first 100 bedrooms. cubic metre 

As tin oar industrial Estate at deaL £625.068 and is for a warehouse, warehouse and offices at Bias- __v_ • gutted and rebuilt ready to Bovis has carried out new plant is com 

Runcorn Cheshire. The contract Main contractor for the factory manufacturing unit and offices for borough Street, Rotherham, for FIRST stage of the £ 6 m. receive new kitchen and other building work for most of the foundations, 

represents about half the total is Tav^ar Woodrow Construction Thomas Bennett at Knowsthorpe Industrial Fastener Supplies refurbishment of Cairo’s Staep- equipment and new main boilers larger British hotel groups and, 

project cost ° UC fM^dtendsi SSteS^John Cross Green Trading (South Yorkshire) which will heart’s Hotel hj^been completed have been installed. in Amsterdam, was project man- 

project COSL. , SSir and pS« nf Estate, Leeds. cost £70,58L by Bovis Construction (P & O The architects are Reno Negrtn ager for the £5m. Marriott Hotel. 

Tayter Woodrow hasdesi^ed father and of \^mng- Croup). and Associates, of Vancouver and Smpleted In 1975 by an interna- |?l h r i 

iSfStf 1 ”® * - , - , ^^ 1 1Dr< 

6 Automatic production of — °°^ can l 


cost £70,58L 


by Bovis Construction (P & 6 The architects are Reno Negrin ager for the £5m. Marriott Hotel, v-taw ■»- ' “ w 

Group). and Associates, of Vancouver and completed in 1975 by an interna- |4 f nl*AnAOFn 

The completed section covers the interior designers are Denis tional team of architects. X IK/I CUUul U 

the greater part of the public Allemand and Associates, of Los builders, quantity surveyors and 

areas on the ground floor of the Angeles. suppliers. can be 


Roofing a lighthouse timber frames 


Takes dust 


a FOUR-MAN team has just near Campbeltown, and stayed __ „ energy to drill 125 holes 6 duo. 

r*~, flret rtf a for a week to lay mastic asphalt PREFABRICATED TIMBER roof with all cutting and nailing of r»__ 1 _ diameter by 35 mm. deep hi 

completed the Pta* of ttueeeo ore mcreasingly accepted timhjr tarried out iiittan.Uc.lly. fTOm SaUdeF w00d - 

contract on a lighthouse two ^ storerooms; in UJK. bouse construction, and Stufldin * ^ be supplied to *X Vvllfi kSailUVl UJ(. office of the maker, is at ancillary works, 

miles off the West coast of 77 ,^ is the fourth Scottish timber-framed houses are mak- £ fr madiine cut to length, but DUTCH POWER tool maker. IB Thames Avenue, Windsor, 

Scotland. lighthouse contract carried out S e St0Ck det 5 le 3 b 2 Skil - ^ launched an orbital Berks. SL4 1QJ (07535 69525). 

The team frem U.e Ediphurgh J . Brigga . Ajnaaco for tm SSifSPlS, 0rd ^» “5S. “ h S- *»*“ - ' 


the unit can be recharged in an tunnel with shafts at each end, TTi^OlllYl£f) 
hour, and provide sufficient a 9,092 cubic metre contact tank 

energy to drill 125 holes 6 mm. surrounded by a permanent sheet MEDIUM DENSITY wood fibre 
diameter by 35 mm . deep in piled cofferdam, pumping mains, board with a homo g enous texture 
wood. ' cable ducts, a meter pit and and good machining properties 


^ I f w 1 k *■ >1 byBriSs ISo to tte ** filter inroads in estate de- fiJiSprtir. Orftea^Sindard Sider wW* Mhi™ 20.0M -’ 

The team from the Edinburgh velopment but until now build- nails are used. SSd£g mSiemenS/Snute. 

branch of Briggs Amasco. mem- ^ company has Lig the framing was usually an Opentags for wtatojj, doors. Movement diameter is 24 mm., fl m WSltPI* 

bers of the Tarmac Group— worked on two lighthouses in on-site job, or alternatively if and fbe sanding surface is 90 x willle tt dlCl 

travelled by helicopter to the j n the Shetlands and one in the the wall frames were prefabri- SVf 3 185 131111 - The double-insulated 1 • 9 

lighthouse on the Isle of Sanda, Hebrides. cate d the house design was In- work is to I^lSoroOTated The m0t0r I s at ^ W - An WOFr^ lOn — -..— - _ 

flexible and only a limited variety So!^. dM«k shStog on one a i£l aS ?rt C „ CO n V ^ " UU Chapman. Stabllag Engineering dovetail jointing through _ to 

of types could be built or both sides, etc., are added H f ° p £P d HIGGS and Hill Civil Engineer- of Herael Hempstead, Her®, is naUin* and gjuehiR are feasible, 

«5*t/vn Developed in the UB, a com- further down the production line « d ®f° f ae tbe “^ g . ba f e - .Th* ing has been awarded a £1 -- --- .- - - 

rsiiciear reactor DIDCS puterised wall framing system Completed sections are auto- 2I B L[£i ’* lE'ItSSS contract by Thames W 

X v uvivai M. VttVIUl r t r VkJ is now available in the U.K. maHcallv stacked, with each raaker ****• 9“ be .? ttac . bed Authority to remodel 


Heating and 
insulation 


sub-contractor 


Is now available in the U.K. 
Smooth and palatable on both 
9 planes and edges, Its uniform 

|f| density allows complex maehirv 

fU mg, even on the edges. It win 

accept all the usual laminates, 
veneers, finishes and adhesives. 
Fixing techniques ranging 
Clarke ^ rom tnortise and tenon, and 


T^T__ _ 1 ^ ^4.^-mm Developed in the UB^ a com- further down the production line. fL des 9 f ^ “utog base. The ^ ba£ been awarded a £l.lm. to manufacture and instal electric and screws will hold in both the 

PN IS Clear reactor Dines puterised wall framing system Completed sections are auto- SSI®!, contract by the Thames Water trace heating and thermal insula- edge and face of the hoard. Snr- 

X x uvivux iVMViUt F*r VkJ is now available in the U.K. matically stacked, with each £ e “ aker b e attached Authority to remodel the tion to fuel oil pipework at the face fastening as opposed to 

_ .. ..... ... ... suitable for any kind of liv-stack comprising a complete !2Jf?Z B i Vacumn deaner ’ for dast Kempton Park water works at Northern Ireland . Electricity thronrti fixings. C 3 n be wi. _ 

BTR s Canadian subsidiary the SSOm. building which will jjjg unit on a continuous line house. Stacking is in the correct r€movai - Feltham, Middlesex. Service power station at KilrooL Called Medlaonn. the board ft 

Charlton-Leslie (Canada) has house the reactor. without retooling. sequence for unloading on site. This company has also intro- The contract involves remodel- The contract, worth over In thicknesses from 8 35 mm, 

won contracts worth S2.5m. for Charlton-Leslie is already com- called the KG 770, it is built starting with the walls that have duced a cordless drive unit ling of the existing engine house £100,000. involves four boiler sets In sheets 2.750 x 1.530 mm. 

thp minnlv of nuclear nines and plet ? ng nuclear rated drainage by Kellner Industries of Fresno, to be set up first which can be used for drilling to form a pumphouse—complete and will run for four years. Densltv ranees from 450 to S00 

, work on the construction site. California, and was originally It is claimed that once produe- “P t0 6 mm - dia. in steel, with a new electrical wing—anffOver 400 kW of installed power ke/cubic metre. Made in Ynen- 
other services for the Candu- The Lepreau reactor was d eveloped to meet the needs of tion reaches two or more houses J 0 mm. in wood, and, as it is the construction of compressor will be provided by the use of slavia. It is marketed in the 13 K. 

tSTe nuclear reactor under con- designed for the New Brunswick the company’s timber engineer- a day. savings are considerable, reversible, can be used as a and chemical treatment houses, over 5.000 mineral insulated hv Thomas,Simson and To, Went 

s true tion at Point-Lepreau, Electric Power Commission by jng division. The maker says and that where production is of powered screwdriver^ The five- Other work includes the con- metal sheathed heating elements HI1L Oxf®d. Surrey KH 8 9HIJ-. 

Canada. Atomic Energy of Canada. The that the system can frame over mauv different shaped or corapil- nickel-cadmium cells which power struetion of a 125 metres long ip 250 separate circuits. fOrted 7551).. . < . 

,, T011rf jr— Plant will supply about 20 per 10 homes in one eight-hour shift, cated buildings, or reaches eight_ • _'_ , - _ ' ~ _ 

1 he largest order worth st.Bm. ^ 0 f the provinces electrical and makes one complete wall houses a dav. the machine- can ■ . " ” " - - - 

was placed by Dominion Bridge needs and is expected to be in segment every 60 seconds. pav for itself in about a year. _ _ __ ^_ 

Universal Pipeline main con- commercial operation in 1980 at Architects’ plans or builders’ Some 16 of the machines are | 


— —o—--—---— cent. 01 u* piovuiw a cictmuu ana maKes one complete 

was placed by Dominion Bridge needs and is expected to be in segment every 60 seconds. 
Universal Pipeline main con- commercial operation in 1980 at Architects’ plans or bui 


tractor for the construction of a cost of S684m. 


Middle East-West Africa 
International Photographer 
Don Fraser FIIP 

of ACADEMY STUDIOS London/New York 

4 times winner of Financial Times Photographic Awards 

- twice F.T."Industrial Photographer of die Year" 

- leaves today to undertake photoyapnic assignments in the 
undermentioned countries. 

He has been commissioned by:- • 

• Air Products 8 1 Chemicals Inc. • Costain International 

• M.S.G. Public Relations and Arab interests id shoot 
prestige colour photographs for use in Annual Reports 
and important publications. Other British or Overseas 
Corporations with interests in these areas who require 
high quality imaginative photography of their projects 
are invited to take advantage of Fraser's visit. 

The itinerary Indudes NiGERIA - Lagos Sokoto Maidupi Kano 
Ashaka SAUDIA ARABIA - Jrddah Riyadh D hah ran 
QATAR - Doha ABU DHABI- Dnlsland 
DUBAI - Sharjah Jabel All 

SULTANTATE OF OMAN - Muscat and surrounding areas 
BAHRAIN • KUWAIT - Mina at Ahmadi 


Contact may be made through photographers 
Doug Hill or Gavin Ashworth 
Academy House London. 01 669 7911/2/3 
Telex No; 943763 Crocom Ref: Academy- 


J 


IkVl&T IN 50,000 BETTER TOMORROWS! 

50,000 people in the United Kingdom suffer from progressively 
paralysing MULTIPLE SCLEROSIS—the cause aud cure of 
which arc still unknown—HELP US BRING THEM RELIEF 
AND HOPE. 

We need your donation to enable us to continue our work 
for the CARE and WELFARE OF MULTIPLE SCLEROSIS 
sufferers and to continue our commitment to find the cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL 
RESEARCH. 

Please help—Send a donation today to: 

Room F.l, 

The Multiple Sclerosis Society of GJB. and NX 
4 Tachbrook Street, 

London SW1 1 SJ 


drawings are converted by a now in operation in tbe U.S. and 
compnter into punched paper two In Canada. One American 
tape which operates the user says his savings amount to 
machine's numerical control SJm. a year using the machine, 
system. It is self-checking and A Canadian home builder says 
provides a print-out of the plans that his production used to h* 
on a plotter to ensure there are six houses per day with 30 
no dimensional errors in tfae people working on timber frames, 
original floor plans’ wall intersec- Now he builds 10 bouses a day 
tions, before commencing pro- on a regular basis, and some- 
duction. ..times no to 14, while his work- 

in addition, tbe computer pre- force has been reduced to 20 
pares a materials list of the mort The houses are of about 1,000 
economical selection of stock square feet floor plan, 
available to the builder In bis The machine is being mar- 
market area. It also tells the keted in Enron* by De-.Fauw 
manufacturer what length stock International NV„ 44. avenue 
to use to minimise waste of cut- Lequime. 1*40 Rhode-Saint- 
tfne. top and bottom plates. Gense. Brussels, and is expected 
headers, sills. etc„ and analyses to cost about £100 noo (without 
timher supplies so that the the computer). P° Panw says it 
builder can make the best use expects to sell 20 machines in 
of *he timber he ha« in stock. Europe over the next five'years 
The machine builds frames and may- start building the 
for any wall up to 10 feet high, machines. 


IN BRIEF 


• ELECTRO-PNEUMATIC con- Norfolk. The second award 

trol systems for air conditioning (£83.000) is a parachute building 
services needed for the second at Woodbridge, Suffolk., 
phase of the new Preston m T w 

Hospital are to be supplied by rece i TCd a £101,000 contract for 
ITT Controls under an order the supply and fixing of stone 
from Haden Young. This com- work at Green College, the latest 
plements an order for the first college to be built in Oxford. Tbe 
phase obtained from Drake and 31006 w*H be provided from the 
Scull and brings the total value S°2P?? c tf_ W0rk « at Bladdn - “ 
to about £100,000. Oxfordshire. 

'' 9 Lesser Building Systems 

• Two contracts with a com- (Export) has received an order 
bined value of about £284,000 from George Wimpey worth 
have been placed with Walter nearly £200,000 for the supply of 
Lawrence (East Anglia). Largest, accommodation units for workers 
valued at £ 201 . 000 , is for services on three construction projects in 
at St. Crispins House, Norwich, Nigeria. - 


AFINANC1ALTIMES SURVEY 

MEDICAL EQUIPMENT 



JANUARY 20 1978 


From Start.... 



The Financial Times proposes to publish a survey on Medical Equipment. The main 
headings of the provisional editorial synopsis are set out below. , 

INTRODUCTION How the health care industry with Government encouragement has' 
been reshaped in Britain to take greater advantage of a thriving export market*- 
especially in North America and the Middle East ^ 


MEDICAL ELECTRONICS The glamorous end of the industry, given' 
considerable impetus by the success of British .diagnostic scanning 
technology. Strengths and weaknesses of the UJC industry. 

STANDARDISATION OF SUPPLIES AND EQUIPMENT Why standard¬ 
isation is proving such an elusive goal in spite of clear economic advantages. 
Joint Government-industry efforts to improve the situation. 

DRUGS AND THEIR ADMINISTRATION The role and the goals of the 
pharmaceutical companies in the health care industry. Growing interest 
of drug companies in other medical supplies. 

NEW TECHNOLOGY The evolution of new kinds of technology for health 
care, such as instrumentation for intensive care, automatic analysis and data 
processing, and controlled environment equipment. 

HOSPITAL DESIGN AND PLANNING The hospital construction programme 
and the impact of new thinking about health care in the design, equipping 
and staffing of modem hospitals. 

THE ROLE OF RESEARCH The goals of an industry in which one company 
alone has announced its intention of spending f 12m. this year on medical 
electronics. Has Government research and evaluation still a useful part to 
play? 


For further details of editorial synopsis and advertising rates please contact: 

PeterMined: 

Financial Times, Bracken House, 10 Cannon Street London EC4P 4BY 
Tel: 01-248 8000 Ext 7076 - Telex: 885033 F1NT1M G 


7t -- *— « - The Eurocab units are designed to provide Instant accommodation for all 

raif fl CRn nTCyilll 1 lOQulSS. on-9'w industrial requirements, a fokfing type chassis with wan and roof 
... components made from separata 1 metre wide steel Danefa enables mm 


components made from separate 1 metre wide steel panels enables easy 
transportation of SBaneabs pgsone 13 metre road trailer. 


- i, transportation or saxocaupsE one metre road traitor. 

0UfSxJ(JO EUROPRODUCTS 

New Industrial Estate, Blaerravon,Gvvent,U.K.Telephone(0495)79008l Telex:497530 UROCAB 6 


HNANOALTIMES 

EUROPE^ BUSINESS NEWSPAPER 


The content and mtAlotlon dates of Snrrew In the Financial times are subject to dumsE a the discretion of 0» Editor 



































7 




?3nancial 'Elmes- Monday January 9 1978 



ve’s and Office World 


EDITED BY CHRISTOPHER LORENZ 




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tchined 


Francis Duffy takes a critical look at the new office blocks of two top European companies 

-in 

British offices are fnfe^or in quality to those in many countries, especially the U.8., Francis Duffy argued 
on tins-page wo months ago (Oct.31). Even more striking was the poor use occupants make of their 
offices, reflecting their-reluctance to insist on high standards and efficiency throughout their organisations. 

,., 7 ®“^ he ^spotlights two companies’, attempts to insist on. the very best, office design, by “wrapping 
buildings round their corporate concepts.” But they have been too enthusiastic, he claims, and have not 
allowed for the way these concepts may change. “ A transient phase in the life of anor ganisati on has been 
permanently cast in concrete and steel.” - He advocates a way out of this dflemma; 

OFFICE BUILDINGS are very What, is worrying about this excellent restaurant; make the do is to avoid closing likely 

permanent objects. There is no decision .’.is that , a . transient boundaries between home and options or, more positively, in- 

st-nzctunl reason wby' even 'the phase in the life of"an organi- office extremely vague. To some crease the range of possible 
sort of offices we build to-day sahon has been literally cast in people, "the relatively large pro- uses. At this stage he is work- 
should not stnH be standing two concrete and steel.- portion of space given over in ing for the developer, whose 

hundred years from now. What would happen if the the . centre .of the building to interests are to make sure his 

Management’s time horizon, by ratio ; of . management to multi-storey coffee bars would building is-always let. 
contrast, is- extremely' close, clerical, staff changed?^ What also confuse other boundaries, -The tenant's interests are dif- 
Even a-building were entirely would happen if a- different not leqst'-tiwt between -work and ferent. He has only, to meet 

appropriate,.to a. completely up- ma na g em ent style emphasised recreation. his requirements for the five 

to-date, late;lWOs;management close r relations -between top Of course. Hertzberger Is an or seven years of his lease, 
style, it would be certainto be nzanagement and the depart- extraordinary ^ architect But These needs he can see quite 

wrong.for the same orgamsa&on ments?^ The shape of the Centraal Beheer is a large and precisely. So a different level The Halifax Building Society’s new lozenge shaped offices 

in the 1980s. So buildings, para- organisation is capable^of many respected company which has of design which is closely re- and to their corporate planning, porate control ends and 

doxioally, are both very long such metamn^hoses; the shape used him to. cany out its own lated to tenant needs, is called The second vital step is that individual freedom begins, 

lasting-and-yetcanraicopewith ot ?he muWjng is far less particular personnel policy. The for. This is like designing architects designing office shells • Conversely far greater 
change. • flexible- Despite the architects’ difficult problem of relocating scenery which is draped over should use their imagination, attention is being given by many 

Two examples’ illustrate this . under_ staff- from Amsterdam, together the shell of the stage and not just to comprehend what is organisations to their corporate 

contrast Both are custom built st ?. dj f tg _ t2ie .. Soci e ^ in , lts , pre “ wtfa the perennial problem of is shifted to meet the demands currently tolerated, but to take image. The physical working 

—designed specifically for one S ^ em - t 0 *^f ve attr acting and motivating rela- the next act The design of in that organisations are chang- environment is seen as a very 

client .One is a building n ®^ e< ^d the needs of future tively low level clerical .labour office shells and office scenery ing and will continue to change potent way of expressing what 

wrapped round a corporate con- generations of users. in a small city, has been solved, seed to be independent but over the next fifty years. In the organisation wants to be— 

cept; the other round, a per- - i • • albeit not cheaply, , birt with interlinked. theory, speculative offices should great and glorious, or open and 

sozroel policy. Both.-are-.in-'" L-IllCK611S TOO spectacular success. ; This simple argument is wen be able to encompass both the free. Different styles of manage- 

tehigent designs yet both are „ _ ’ _ Nevertheless, the Halifax enough understood in New York corporate style of the Halifax ment lead to new relationships 

rigid. The ’buildings are’ so , •® eraoan H^rizberger's offices problem remains. It is where the tenant’s interest, in and the quasi-anarchic interiors and new methods of working, 

moulded by current manage- for ^ Centraal Beheer co- dangerous to use long term a buyer's market, has been of Centraal Beheer. • Open planning, in office 

ment ideas that they willxause operative insurance company architecture to solve short term effectively represented by This may seem an extreme landscaping or other forms, has 
problems, if these concepts are a - large-.building in a administrative problems. Hertz- vigorous space planning—de- range of possibilities for office been increasingly exploited, 
change. ‘ medium sized provincial city— berger’s building is too pre- signers working for the tenant buildings to be expected to partly to win flexibility partly 

On» of tte W examnlp* Of Apeldoor “ *4 Holland. Jnsur- cisely tied to the particular Some architects work for the accommodate. But it is not at to- express corporate goals, 

the 0 Den dETt, ^ceinBrifain ance « iifee a biding society, dilemma of a particular insur- developer, others for the tenant all farfetched. A walk around partly to improve communica¬ 
te the headouarto of depends upon a pretty high pro- ance company at a particular Neither side speaks to the the City of London will reveal tions. In some countries there 

fax BuUdSe ThiJ portion of clerical labour. But point in time. In the 80s other but both understand the the vast range of enterprises is a strong reaction back to the 

bvtildins ritaWTSSt crane? ^ where tte simi]arit 3' Centraal Beheer will have rules so that short-term design and activities which are cellular office. What is certain 
teland above Ybe roof-tons nf / different problems, and will interlocks with long-term embraced under the word i s that never sauce the pioneers 

S3S2J T ° msrteberger,-the most im- make entirely different de- design, while being independent -office." Moreover, massive of work study. Taylor and Gil- 
“tSid flTwwKPPrtant objective for the archi- mands on its physical resources, of it Looked at in this way, changes in office organisations breth, have organisational ideas 

*** is to protect;the individual Centraal Beheeris building, like the Manhattan office block is have taken place over the past been applied so vigorously to 
n^r, — chUd. worker or hpuseholder. that of the Halifax, is too one of architecture's great but fifteen years on the Continent the physical working environ- 

—from the alienatmginflueBces specifically designed for unsung inventions. and the U.S., and many more ment 

^ of modem society. Sinre torse adaptability. „ . , , can be expected there and tens. At ' Halifax ana Centraal 

. .. organisations can threaten the There is .more, hope in MftfllilfS 3WTV Office shells wUl have to meet Beheer it is verv clear that 
A criticism 'which has seldom individual. Heibibeiger has Centraal Beheer than Halifax 1V1UUU1C!) accelerating changes in user ^iLtion^ IdSs Si in- 

been made. sems far more encouraged each office worker because Hertzberger has been In Britain the channels of demands to accommodate the fl U e n ce and use Architecture in 
fundamental. This lies in the to decorate his own workplace, able to- invent, architectural -ctanmunication between de- following, and more: very exciting wavs. Ideas move 

form of the building—a huge using the arrititecturp.merely as forms which allow some scope velopers and tenants, suppliers • Furniture has begun to take forward- buildings respond 

lozenge-shaped, open plan on a starting point The result is for change to take place. Aiming 2 nd consumers, are choked—if, on functions the building used T*nj at K as n[>t been 

one floor, above which sits a an amazingly bizarre interior, at the satisfaction of individual in fact they have ever existed, to perform. Separation between — 31 ;^ =_ that change in varv- 

floor of cellular offices arranged i n which individually tended rather than corporate needs The difference between design- workplaces is achieved by mov- j-g degrees will continue and 

round court-yards. ■ . plants form a collective jungle, seems to have led to a better rafl for the long-term office able screens rather than by par- eV g_ a revolutionary build- 

This conjunction of forms where posters and.' graffiti understanding of how changing building shell and the short- titions. Wiring is now carried y 

was not chosen lightly. The abound, where goldfish, budgies organisations’can not only avoid term scenery of the office in furniture rather than in walls, 

architects employed on the pro- and, some say., even chickens being trapped by their build- interior is hardly, understood. Storage is no longer in store- 

ject. are weD known for the can be found. The atmosphere is ings but actually use them to This is why columns are often rooms but at the workplace. Far H . . . . .... 

thoroughness with which they a little like a-cross between facilitate change. sited in the wrong places, more flexibility is possible with iT ln i«*ShTtvf' 

investigate their clients', re- a. progressive, school and a vil- These two strenuous and window modules are ■ awry, this dramatic dissolution of the I 1 . : * j i„ JrE ^ 

quirements. It seemed to them lage fete. Certainly it .is very spectacular efforts show how space is either too deep or too link between shell aDd scenery, 

correct to make a very sharp far from the rather straight enlightened management think- narrow, finishes are unneces- • More equipment is being 


ing can become a straitjacket 
very quickly. 

This future change must be 


EXECUTIVE HEALTH 

Keeping cold 
germs at bay 


BY DR. DAVID GARRICK 


AS SOME may know, one of 
my more curious forms of re¬ 
laxation lies in exploring and 
attempting to diagnose the his¬ 
tories of timber-framed houses. 
Enersetic and sometimes 
dangerous, it makes a pleasant 
change from dealing with 
human frames. 

During one of these expedi¬ 
tions I had occasion to visit an 
enthusiastic, catarrhal man who 
had recently acquired a fine 
15th-century hall-house in feudal 
Essex. Although, most proud of 
his possession (.“So much 
grander than my bungalow in 
Ilford"). I found difficulty in 
admiring what he referred to 
as “restoration"; although I in 
no way doubted his claim as to 
the extraordinary price being 
charged by the barbarous firm 
he had employed to execute his 
wishes. 

Perhaps I am over-fussy, even 
too conservative, but 1 do not 
care for bilious green paint 
anywhere^ let alone when 
plastered ou original linen-fold 
panelling. 

Naturally there was central 
heating — all the fine old 
chimney-pieces had been sealed 
off — and the heat hit one like 
an exceptionally hot day in the 
Maidive Islands. The man was 
proud of the simoom-like 
climate and of various other 
insufferable savageries, and I 
was quite relieved when he said 
that he was sure that I would 
like to see the roof. Having 
arrived at a rough date of 
around 1490 for the shell of the 
house. I welcomed the sugges¬ 
tion as I thought the structure 
might support my theory: be¬ 
sides I fancied a breath of cold 
air that should be found up 
there. 


wrights was near to collap.se. 

Afterwards, the man, know¬ 
ing I was medical, requested a. 
cure for his catarrh. "Terrible 
it is!" he said, "Comes from 
leaving this nice warm house 
ant! walking to the garage in 
cold air. Have ynu some wonder 
drug about you?" 

I said I hadn’t and made an 
excuse to escape from his 
private, costly hell. Although 
his erroneous ideas were no 
different from those of a groat 
majority nf house-owners with 
central healing or gas or elec^ 
trie fires and no added humid¬ 
ity. ho grieved mo more 
because, apart from ruining his 
own health, ho was rapidly 
destroying a fine piece nf 
history. 


Humidity 


Wheezing 


building which ought to be most 
responsive to change, the British 

split between- accommodation corporate values expressed by ing, when translated into archi- sarily complete. This is why used. Word’ processing is very tTaditionally 

designed for tiie mass of clerical the-Etalifax interiors. tecture, can get in the way of poor environmental conditions common. Terminals, microfilm- m iJT . DacKwarcL 

workers in tfiie building society, The same point fe emphasised design flexibility. But even in have been tolerated for so long, ing and other methods of infor- Tins is an exciting moment m 

and offices for the upper levels at the building-entrance, or the speculative office building— To achieve an improvement, matipn retrieval are at the desk. design Once managers 

of - management. Management rather entrances, for --Hertz- the idea, not the dreary British the vital first step j s a vast In- All; these new machines make reaps® how to harness design 

is above, in rooms; clerical berger argues that one entrance reality — short term needs crease in awareness among huge demands bn the capacity of 3330 aremtects learn how to 

workers below in the open plan, expresses an tnffiue respect' fOT cbuld be fitted into long term office users. They must be pre- the building to cany wiring-and respond to organisational needs, 

No doubt, this layout reflects the all-devq^ring corporate structures. pared to argue for what they to service them. a lar ^der ana more flexible 

the current method of running whole. It iff'-possible to enter The essential speculative want They most be convinced • Individual autonomy is being 01 solutions wm t>e 

the Society, and perhaps an en- the buildffig in a bewildering office building consists of a that the proper use of offices expressed in arranging and 

tirely legitimate and 'rational-number AT places, and this, to- shell which is designed to last can help them meet their adorning the workplace, 

desire to keep people above a-gether/vith the use of flexible for ever. No architect can pre- managerial objectives, that it is office, especially in Sweden, is porfner of Duffy Lange Giffone 

certain level of management in working hours and a general diet what may happen in the related to their management being used almost as\a battle- Worthington, architects and 

close contact with one another, i nvitation to families to use fhe shell’s lifetime. The best he can style, to their personnel policy, ground to demarcate where cor- space planners. 


devised. 
The Francis 


Duffy, AR1BA. is a 


To my amazement, the roof 
area was. if anything, even 
hotter than the rest of the place, 
and I vented my surprise. “Got 
me central heating up here and 
all.” he sniffed proudly. “And 
fully lagged. Believe in comfort 
and fuel-conservation. I do. 
Saves money, you see!” 

I saw, all right, and I saw 
the reverse. The great oak 
crown-posts, purlins, collars and 
rafters were all grotesquely 
bent due to the heat and arid 
atmosphere. The amount the 
wheezing perpetrator had saved 
in money was soon to be grossly 
offset by the cost of a complete 
re-roofing job. because the once 
beautiful architecture created 
by long-dead master wood- 


Many times I have urged 
readers and others tu introduce 
humidity into their homes and 
offices which are so often too 
hot. airless and dossicated. The 
colds and catarrh that hnuse- 
wrccker suffered from were not 
caused by his occasional forays 
into fresh air. Quite the reverse. 
The upper respiratory tract, 
with its passages and sinuses, is 
lined with mucuous membrane 
which is supposed to be moist.' 
Crudely speaking, it acts rather 
like a moat which deters many 
offensive organisms from cross¬ 
ing. Dry it up and even geriatric 
microbes can limp across and 
settle happily for a protracted 
stay. Other penalties of a low 
relative humidity include exces¬ 
sive fatigue, headache and 
aggravation from static elec¬ 
tricity. Save heat, by all means: 
but add humidity if you wish to 
be kind to yourself, your furni¬ 
ture and fittings. 

Now I note that Mr. 
Wedgwood Benn proposes to 
spend £320m. (at least) on the 
sealing of council houses and 
public buildings to prevent heat- 
loss. True this may well save 
money in one direction, but I do 
not doubt that the sickness 
absence rate resulting from 
colds, catarrh and bronchitis will 
soon offset that figure. 

Perhaps a drive to increase 
humidity and ventilation in hot, 
dry places would be better—or 
even a subsidy for the purchase 
of warm clothing, as so many 
people forget that wearing 
sufficient, sensible clothes may 
well be better and cheaper 
than the production nf 
hermetically sealed, dehydrated, 
diseaseful dwellings. 


/ 



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be asked about the 

Job Release Scheme. 


If you’re an employer in an 
Assisted Aiea,then we’d like to 
remind you about the Job Release 
Scheme. 

This Scheme offers men aged f} 1 
64 and women aged 59 on or before 
31 March i978, the chance to stop 
work up to a year before reaching 
statutory pensionable age.; 

They now get more money too 
-£26.50 a week tax-free. 

The point is, they can't take 
advantage of the Scheme without 
vour agreement And if you do agree 
to allow them to participate, then 
you must recruit people from 
the unemployed register to replace 
them- though not necessarily 

forthe same jobs, ™ 

:- 1 - PLYMOUTH 



As a result of this Scheme, your em¬ 
ployees have the chance to stop work a 
year early, which may give you the chance 
to do a bit of promoting. Above all, you’ll be 
able to take on new staff. 
Doing that means you’re also giving a job 
to someone who wants to work. 
Employees who wish to. take part in 
the Job Release Scheme must apply by 
31 March 1978. There’ll be advertising in 
the national press to tell them about it. 
MANCHEST ER^ Leaflets with full details of the Job 
SHEFF IELD Release Scheme are available from any 
Employment Office, Jobcentre or 
Unemployment Benefit Office. 
Just ask for copies of the Job 
Release Scheme Leaflet. 
Or ring 01-214 6403 or 01-214 6497 
for information. 


JOB RELEASE SCHEME 

Department of Employment 



















LOMBARD 


Theirs not, I beg, 
to reason why 


BY ANTHONY HARRIS 


IN THE DAYS when the British 
balance of payments was a con¬ 
stant source of worry to us all— 
and some industrialists are now 
beginning to worry about the 
effects of the surplus, so it may 
be a case of plus ca change—the 
officials at the Board of Trade 
were usually ready with a list 
of so-called special factors to 
explain why the figures were so 
awful. The reasoning was simple: 
the figures were awful, so you 
looked for causes of awfulness. 
It's plausible, but it isn't logic. 

The error was shown up at one 
memorable meeting when Samuel 
Brittan, as I remember, asked 
the official in charge of explana¬ 
tions whether he had looked for 
any special factors which might 
have improved the trade figures. 
“But why should 1?” said the 
unhappy statistician. “The 
figures are very bad." You can 
no doubt work out the answer for 
yourself: if special causes rather 
than a general trend are what 
matters, all of them matter. That 
is the difference between explain¬ 
ing something and explaining it 
away. 

Fastidious 

Whitehall has become more 
fastidious these days In its use 
of special factors, but post 
rationalisation, to give it a 
pompous name, lives on m the 
currency markets. Nothing ever 
happens without someone volun¬ 
teering to explain it; no one ever 
seems to suggest any reason why 
whatever it may be it might not 
have happened after ail. 

If you find an explanation con¬ 
vincing, try a party game: assume 
that what is happening at the 
moment is suddenly reversed, and 
think of the counter-explana¬ 
tions. The dollar is weak and 
the pound strong: Dr. Burns, 
U.S. energy policy, the Carter 
gaffes, Japanese obstinacy or 
cunning. North Sea oil or British 
exchange controls—the thing can 
not only be explained, but over- 
explained. Now the dollar goes 
up and the pound goes down: the 
strength of the U.S. economy, a 
pact with the Saudis, the fact 
that Congress will in the end 
enact an energy policy, British 
trade unions, the collapse of 
German and Japanese export 
orders Just as plausible really. 
But one thing fs certain. The 
market won't discuss list B while 
the dollar is weak, or list A 
wh*le it is strong. 

The fact is that any experi¬ 
enced dealer can always think of 


an explanation of what is going 
on. (Those who find it difficult 
should apply for the Lombard 
Book of Post-Rationalisations, 
with coloured charts, thumb- 
indexed for quick reference, 
price 100 SDRs. If there are 
enough orders, I might even 
write it.) Dealers who think for 
themselves, and decide that the 
market has got It wrong, 
normally (but not invariably) 
lose their shirts, and learn to 
maintain a discreet silence. The 
explanations are usually so con 
vinctng that it is clear that the 
market will never turn. 

Until it does—and it always 
does, because markets always 
overdo it—there is almost no 
limit to the silliness of what 
people are prepared to believe 
in their.- extrapolative faith. If 
you want an icy silence at your 
□ext cocktail party, try asking 
a fund manager to remind you 
about the Collapse of Civilisation 
as We Know It (vintage .1974) 
or a banker to comment on Mark 
Twain's Law of Land (“ Buy it 
son—they ain’t making it any 
more**) widely current in 1973. 
Ask a currency dealer why 
North Sea oil was still undis¬ 
covered in 1976—there were 
plenty of goad studies of it cir¬ 
culating unread. Then ask 
yourself why you thought British 
industry suddenly became 
dynamic and efficient in the run¬ 
up to last September. Post¬ 
rationalisation is altogether too 
persuasive. 

Real causes 

Admittedly, thinking about 
real causes rather than grabbing 
for any fact which fits your cur¬ 
rent prejudice can be awfully 
like hard work. Take, for 
instance, my own belief that 
since money is wbat moves mar¬ 
kets. monetary policy has a lot 
to do with exchange rates. The 
facts fit very neatly—show me a 
weak currency, and I will show 
you an excessive growth of 
domestic credit, almost week bv 
week. But does slack monetary 
policy generate the outflow, or 
does speculative borrowing 
stretch the credit system? Both, 
of course, and I cannot be sure 
which is tail and which is dog. 
I can only take mv own view 
until it is proved wrong. But 
at least it will be my own view. 
Listen to market explanations, 
and you can only- take the 
market view: and that means 
vnn will quite<certamlv miss the 
tiirn. 


THE WEEK IN THE COURTS 


YAT tribunal defines 

need for competition 



BY JUSTINIAN 


THE END of the first five years have not found the statute itself Business connotes an occupa- 
of British membership of the difficult to handle. The problems tion carried on as a commercial 
Common Market coincides with have, in general, been to fit activity or, as the relevant EEC 
the fifth anniversary of Value particular commercial trans- directive states, “economic 
Added Tax, introduced into our actions into the categories pro- activity." IE the activity under 
fiscal system to bring this country, vided in the scheme. But one scrutiny has every mark of 
into line with EEC taxing point in the legislation has business activity, in that it is 
systems. The provisions of the proved a little troublesome and regular, conducted on sound and 
Finance Act 1972. which was the has resulted in a recent, un- recognised business principles, 
statutory vehicle for VAT, has portant ruling by the Value with a structured organisation 
produced remarkably few legal Added Tax Tribunal sitting in that provides a familiar frame- 
problems. London.* work for carrying on a com- 

But it established new adminis- VAT is chargeable on the PJjSJ ®“ dl 
trative tribunals, the Value supply of goods or services only of a “stress are 

Added Tax Tribunals, which have M in the course of business." In 
quietly and efficiently provided Chur ch of^ Scie ntology 0 J Cali- 
the forum for adjudicating jomia v. Commissioners of Cus- rv-i • • 
between taxpayers and the Com- toms and Excise,* pie question J[ 1**11111112 COUESGS 
misaioners of Customs and EtHkp was whether the tr ai ni n g courses © 

who are responsible for adminis- auditing (a practice of If, added to that, are the 
tering the tax. Scientologists, akin, to pastoral factors of the provision of goods 

Vai™* aT« v i, , counselling) at the Church’s and services of a type regularly 

premises at East Grlnstead were provided and exchanged in 
provided “in the course of busi- everyday commercial life, and 
The scheme is that a trader pays ness the taxpayer is competing with 
tax to his supplier on supplyto The tribunal had come to the other suppliers of the same ser- 
him of goods and services. The conclusion that the training vice or goods, that seals the 
80 - P**” described as an courses were educational in the issue. 

“inpur tax. That trader, when widest sense ‘but that the audit- What distinguished the 
he comes to supply his.customers i^g W as not educational and was Scientologists' ww was that 
with goods or services, charges more properly compared to there was no competition. It was 
them with tax on the supply, ana psychiatric treatment But were the exclusive body propagating 
the tax that he charges his these activities a “ business ” ? Scientology. Did that make any 
customers is described as an difference? The tribunal held 

output” tax. a _ AA —the propagation of Scien 

Thus a trader pays “input” tax AvLUiniHUUatiOlI tology was a business, 
but collects “output” tax. When . VAT t - hn _ al - - tl4mH The Orareh had received large 
he accounts to the Customs, as . 4 Scotland sums of money as contributions 

he is bound to do periodically, b ®^ e S 2 , ^ l nm its ^went^ it budgeted 

the trader is entitled to deduct * JET* for * *?“ Payments 

the amount of “input" tax paid “E®*®! PJ“Pose «>nld not ma de for the taking of the train- 

from the amount of -“ou£?t"“ ° f 1x1 ord , er v to “■* ?, e 

char ged anti he is liable tn the sain ** an object? other expenses of the Church’s 

cSSfor tblbdttcT 3 * C J* C «““"“*** Pf®- It employed a large 

v.usioms Ior Daiance. vision of a boarding house for staff to manage the activities. 

If the “input" tax exceeds the students studying at a local and it did so efficiently and in 
output” tax. charged, be can educational establishment But a business-like way. 
claim payment from the Customs, the Court of Session thought The tribunal while it did not 
This simple scheme creates no otherwise. It thought that It was sa y that competition with rival 
difficulties if all the'supplies that neither posssible nor- desirable suppliers was a necessary ingre- 
the trader makes to his customers to define “ business.” dient, said that at least in audit- 

are themselves taxable supplies. What the courts had to do was jng courses the Church was 
He can deduct the whole of the to analyse the activities of the “competing with trained and 
“input” tax that he has paid taxpayer and say whether they partly trained psychologists and 
during the appropriate period, were predominantly concerned psychiatrists who* operated pro- 

. with the making of taxable sup- fessionally" 

_ plies to consumers for payment Since the tribunal had found 

I Ipfllionniis It was unnecessary to show gain that auditing was like psychiatric 

a/i>uuvuu ij as an object although in that treatment that conclusion was 

If, however, the' trader makes ease, the. supply of accommoda- possible, but the Royal College 
_ number of supplies to tf on to students was made of Psychiatrists may be amused 
customers that do not attract the commercially by • those who to hear that the Church of 
tax—either because they are sought to profit by them. Scientologists is competing for 

exempt or do not qualify as tax- Granchester. QC. the their patients, 

able supplies—then he can chairman of the London tribunal. Ia the event, the Church of 
deduct against the “output” tax adopted the Scottish court Scientology will be liable to pay 
that he has collected from other approach. A person who makes the Customs all the “ output” tax 
transactions, only as much of the supplies of goods or services for it has charged its trainees over 
“innut” tax that he has naid as payment cannot have been to- the last few years, unless it 
fa SnnerK attributable tn the tended by Parliament merely successfully tests the ruling on 
“onrJnr tL doing that, to be accountable the meaning 0 f “business” in 

And there is the Tub. Complex Any such construction of the 
regulations exist for determining Finance Act. 1972, would render 
attxibutability. About that, there the requirement, that to he tax- 
have been disputes that have led able he must do so “in the 
the VAT tribunals and the courts course of a business,” wholly 


the High Court 

•Case Lon/74/62, 
29. 1977. 

tCommirvoners of 


November 


Customs 

to analyse transactions.to deter- otiose. There must be something Excise v. Morison’s Academy 
mine attributab%ity. \* . more than a mere .commercial Boarding Bouses Association. 

Tb*. tribune 1 * •net the court* transection. ' '_ February 24.1977. 



t Indicates programme in 
black and white. 

BBC 1 

9.38 am. For Schools and 
Colleges. 10.45 You and Me. 10.57 
Closedown. 11.22 For Schools and 
Colleges. 12.10 p.m. Closedown. 
12.45 News, weather. LOO Pebble 
MUL L45 Bod. 2.01 For Schools 
and Colleges. 3.00 Closedown. 
3.15 Songs of Praise. &53 Regional 
News for England (except 
London). 3j5 Play Srhool. 4.20 
Barbapapa. 425 .Tackanory. 4.40 
Hunter's Gold. 5.05 John Craven's 
Neusround. 5.10 Blue Peter. 5.35 
Fred Basset 
5.40 News, weather. 


5.55 Nationwide. 

6.50 Ask Th& Family. 

7.15 Blake's Seven. 

8.10 Panorama. 

9.00 News, weather. 

9-25 Washington: Behind Closed 
Doors. 

1023 To-night 

1125 Weather, regional news. 

All regions as BBC 1 except: 
Wales—L45-2.00 pjn. Pill Pal a. 
5.55-620 Wales To-day. 650-7.15 
Heddiw. 1125 Weather; news and 
weather for Wales. 

Scotland—525-620 pjn. Report¬ 
ing Scotland. ■ 1025-1120 Public 
Account. 1120. News and weather 
for Scotland. 

Northern Ireland—323-325 pjn. 
Northern Ireland News. 525 Scene 


F.T. CROSSWORD PUZZLE No. 3,562 

jr 


/ 

~ 

2 1' 

5 


* 





rff 


9 

□ 


□ 






ACROSS 

1 Shelter whose assembly 
involved putting two and two 
together r5. 3» 

5 Pain involved in closing 
wound ( 6 ) 

9 Transfer brand of goods 
remaining (4, 4) 

10 Virginia gets in before and 
after but to no purpose ( 2 . 41 

12 Beastly control of the French 
wood (51 

13 Start to penetrate (5. 4) 

14 Reach a non drinker with own 
Scotch ( 6 ) 

1R Times do change for a dress¬ 
maker (7) 


DOWN 

1 Chap upset over cathedral, viz 
. . . (fi> 

2 ... a southern king’s follow¬ 
ing seeks news of . . . (4. 5) 

3 . . . slow starter reluctant to 
go in for laziness (a) 

4 School offering eggs to head 
of faculty (7) 

6 Heavyweight with contract in 
Kent (9) 

7 American writer was only two 
(51 

8 Transfer hydrogen to thlr 

own (4, 4) 

II Check line of ancestry (4) 


19 Inconsistent to go wrong with 15 Robot car taking mother over 
n facial disorder (7) 100 mpb. (9) 

21 Thirsty listener inside 17 When tennis player has to 
becomes gloomy ( 6 ) start to go to prison (5. 4> 

23 Mnke a ouick fortune out of ig Leaves clergy material that 
mint (4. 5) could make them dry up (3.5) 

25 Buzzer on church is made of 20 Sugary source of punishment 
wood (5) (4) 

28 Drue needed! for hri»r surgery 21 Bo ring t0 cul Qff 
before a tie-break ( 6 ) basin <g. 4 > 

27 fsT 1 ^ ° f PartV 0VGT SerV8nt 22 Push in to vary climb (4. 2) 

28 Concealment of severe defeat 24 Epic Individual fifty-one 


(6) 


notice (5) 


29 Superficial nature of beauty 25 Child one found in the grain 
( 4 p 4 ) store (5) 

The solution of last Saturday’s prize puzzle will be published 
with names of winners next Saturday. 


H 


Around Six. 626-620 Land V All IBA regions as London,. Rush- «o o* of Town- As 

Larder. 1125 Weather; news and except: / ' 

weather for Northern Ireland. ANfrl TA Affair lo Remember.** film starring Cary 

England—525-620 pan. Look Gam and Deborah Kerr- 

East (Norwich): Look North HTV CVn*n/WaIe*-As HTV general 

(Leeds, SfrSSS 

Midlands To-day (Birmingham); 525 University Challenge. IM Abost tng ‘ r ff y DctM «*ann Yr Wythnos. 
Points West (Bristol): South Anilla.^ The Dame of Sart JJU» KTV We«-As HTV «ner*l aerrice 

sS^VS u &uffi SpotUght w “* ■** 

’ A TV SCOTTISH 

DDL .2 sua pjn. George Hamilton IV. 120 LS pjn. Scottish news, road and 

tji_„ ATV Newsdes*. 2X5 Upstairs, Down- weather reports. 2-25 "She Uves.” film 

11.00 a.m. nay hChOOL stairs. 3J5 Looks Familiar. 4JP-&6 As starring Season HuMoy. D«i Arena Jr. 

320 pjn. Word power. AogHa. M0 A TV To-day. UJO- Left. 3JB Cartoon. C2 Mj« as Anglia. 

320 Children Growing Up. Right and Centre. 1L00 Bless TWs Scotland Today. M0 Crlmedesk. UJO 

4.00 The Qbiect of the Exercise. HoQse - UJ0 A Prime Minister on Prime Bless This House. XL00 Master Coif. 

wMtW Ministers. 1200 Something Different. UJO A Prime Minister on Prime MlrS- 

- 720 News, weather. ais ajn. Closedown. sters I2J0 Late Call. 1225 ajn. The 

725 Ancestral Voices. hnnrirn Baffin's Grand Masters Darts C h a mpi on. 

720 Newsday. BORDER ship. 

9.10 International Cabaret w"- ah Abow Babies SOUTHFRN 

q aa Who Wat foens? Border News. 2JB Honseparty. 225 The J y u 

ri. n ° was J ® sus - Crazy Cans hi " Life la a Circus,- 00- 12J0 p.ra. Pann Progress. L20 Southern 

11.00 News, weather. SJLS As Anglia. SOS Gamocfc way. MO news, weather. 2.00 Honseparty. 225 

1120 Tele-Journal: An oppor- Lookaround Monday. MS Untverstty "I sierra ■*: ffim starrtac Andie Murohy. 

tunity to gain a French aunewe. iojo -Rinial of EvU.~ SBm ^^ 

oersoectfve on world and siarrtm ‘ Loati Jonlan >nd Anne Bauer. AOO Day hy Day UJO Afloat: A look 

perspective on woria ana ^2J5 mb. Border news and weather. at Sdtrard Heath's sailing career. 1U0 

• domestic events. _ Southern news, mo BIB Brand. 1220 

1125 Closedown: John Westbrook CHANNEL *- n »- Weather, followed by Chief RabbL 

reads “ Ghosts." by Alastair u* pj»- Channel news. what*> On TY1VF TFES 

Reid. Where, weather. 225 McMillan and Wife . ■— . J~~ n . 

“7-.^-., in "Reunion a Terror." As ^ ^w, G00,5 WortU ft,aqww? * 

LONDON AngHa. LSI Cfiannel news, weather. ya_« a ~i ijm.i, 

Lunuun 6JUJ Cartoon time. 5 JO The Dame of „ 1 ^' 

920 ajru For Schools. 1100 Sark. UUS Channrf news, weather. 10J2 
Noddy. 12.10 pjn. Pipkins. 12OT jT-nTume R^?a£ sjmjs as 

Indoor League. 1J» News. 120 j'e^ sinwim^ izIs^Sn. ^ aiUl * Nortliera Ptdkv 

Help! 120 About Britain. 2.00 Chan^ Gazette. S by^Sre “Sd .9*“^ 

After Noon. 225 “Blood Sport." weather. In French. SSflST^ 

starring Ben Johnson, Larry Hag- GRAMPIAN 


man. (film). 320 Couples. 420 _ ULSTER ^ 

Thr> Plorbtnn Flvpr S.15 Pauline's t 23 un. Flra Thing. 22J0 pja.-Behig 120 p.m. Lanchtfcne. 2J0 See You 
V o-io rammer . child. 120 Grampian News. 1Z2S Monday. 220 ■« No Place to Rim - fftoni. 
t'eapje. " Hn »py I* the. Bride." film starring Ian <JS Ulster News Headlines. S20-5J5 As 

5A5 News. CamlchasL Janette Scott. c«U Parker. Anslla. %20 Ulster News. MB Upsouares 

620 Thames.at Six. 42IWLC AS Al&Ua. AJO Grampian TO- and Down. 6JO Reports. 1IL30 Two at 

6.40 HcId » day ' S“«her- P" MS The Rl^o Ten-Thirty. 10J5 Review. JUS FlresMe 

„ Tr n...ir nA .u,, trie Theatre Show. UUS Reflections. Theatre. 

2 PP ° rlUn p n . laj5 “Coitrari- - ' film stamns WCCTn/ADTl 

720 Coronation Street. James Coburn. Lee HemJcfc. WhhiWAKU 

8.00 Miss Jones and Son. rD*iv*n* , p ' nt ‘_. G ? Honerhua'a Btrtbdas^. 

820 Personal Report: Human GRANADA if nSSET 22£ss' 

H gh c' 2a^trfTole^Awm B "f e -sw^ < ' ,l fo Westward Diary. MS S^rts Desk. 0.00 

9.00 The Sweeney. dSui " ‘am* t1w Darae 01 «■» Westward news. 

10.00 News. • S? Granedf neop^'lILm ** Claaael 

I* S o r dtlH IQt Lite. 

YORKSHIRE 

12J0 p.to. AH About Babies. 120 

11 M 3.™. Close: Joe Melia reais ---- a Mi. 


225 Stef a ole Powers in *■ Skyway to 
Death" 'film*. «#£.« As Awdli- 
a as Granada Reports. 10 30 Uystcry 

1020 The Big Film: Monica Vitti, Movie: Donats. Weaver in Lady on 
Dirk Bor;arde. Terence d* Rtm -” 

Stamp In ^Modesty Blaise.” HTV 

Close: *“• - J * 


mas Humphreys. 


X2J0 pjn. Gardening' My Way. 
teporr West Keadtmes. 12s t. 
Woles Headlines. 2 M H nasty arty. 


225 Courtenay, James Fox and John Mills. 


247m Symphony Orchestra <S): Bach. Shasta- M0 Non. Inrinding Financial Report, 
kovtch. Schubert- 1.00 p.m. Yews. LOS fcJO Whai Ho! Jeeves. 7J0 News. TJB 
BBC LnnefaUme Concert iS>: Debussy. The Archer*. 720 From Onr Own Car- 
MayurumJ. Beethoven. ZOO St. Albans rrapondeot. 7A5 The Monday Play: “ The 
*77 <S': Organ recital. 2Jta Matuwo Birthday Party.” 025 Speaking for 
Musical? (Si. 3J0 Ktaa-s Hardy <«*: Mywlf. 0JO Kaleidoscope. 0-50 Weather. 

ULM The World Tonight. 1920 Profile. 

_ . . _ _1190 A Book at Bedtime. 2125 Financial 

by Schomami. 525 Bandstand iSl. 5JS World Tonight, u n Today In Partis 
Homeward Bound fSt. bJB News. AM mem. 1A45 News, weather, rollowed by 
Homeward Bo and. UD LiTellnes: Home interlude. 32X3- 12 ns am inshore Fore- 
and Fasdly. 730 Prokofiev and Siesta- cast. 


RADIO 1 

(S) Stereophonic broadcast 
6-00 o-tn. As Radio t ' 7.02 Noel 

Edmonds. 94W Simon Bates. 1U1 Peter 
PoweD. inclndlnE 1230 pjo. NevrsbcaL 

Northern Radio Orchestra fJoins Radio 2t. ^ d?JS. 5 Sf. BI ? S — 

UL02 John Peel (Si. 12-09-12.05 a jo. Aa 
Radio 1. 

Ra^^^od«lto J ^'p.tm^ood , Usten 1 - ^chTs^'CooSrt.^'ltis^A 

Si wS L”dioT Rad '° L “ JB - U ' as »JarS^ « ^SSSsfSL BBC Radio London 
RADIO 2 and VHF r| ): 

US a-m. News, weather. U2 Ray M0 IntervaL 530 Malvern Festival. 

Moore with The Early Show (S', tnclod- Mrr i: Elaar. Britten. inss Jam In 
tug U5 Pause (or Thountil. 7J2 Terry Britrin (S'. 1X25 News. 1130 TonUtht’s 
Wanan iS). mrtmuwg n Tt RacJnc Bulletin. Schubert Song (S). 

8JS Pause for Thought- 10JI2 Jimmy 
Young (S>. 1225 pan. Waggoners' Walk. 

12J0 Pete Murray's Open House (Si. 
including 1233 FA Cop and US Sports 


RADIO 4 


206m and 942 VHF 
6.O0 n.m. As Radio 2. 6J0 Rash Hour. 
0.00 Weekly Echo. 0-2O London Liv*. 
1L03 In Town. 12-03 pan. Call In. includ¬ 
ing 1-00 London N'cirs D—>k. 2.03 SOS 

Showcase. 433 Hume Ron. lntdodjog 
London News Desk. 620 Look. Stop. 
... Listen. 730 In Town. 830 BreaRthrough. 

424m, 330m. 2S5m and VHF icdudmg 4J0 The Alternative London 
X Medium wave only Newv. ULS) Late Night Load DDL 1230. 


Cle 


As Radio 2. 


Desfc. 230 David Hamilton (Si. laclnd- - L « - _ ^ 

w “ wn^S’a^beS? W (CS ^“a r ti,c 1 ? c, T«*v^L V 7 S London Broadcasting 

Td ^. 735 up to the HMr261m »d 97 A VHF 
RadIo Sf OrSte^^(Sl T '° 2 7JJ BC AUo n D(dL If 1 VBr ~' « R ^S5 naJ ncws ' wp »tbcr. 8JM SJB ajn. Motrin* Music 6-00 A.M. 
7J» The d££T B»d DaS M2 Trte Cosllitf. M-» Brian Hares. LOO pan. LBC Re- 

Bis Bond Sound (“ 9.92 Hnnmhrev ^ w «* W,T 1 ‘wlndiog 3JB4D0 George Gale's 

t.vrteluri (S'. 935 Sports De=V 10JE S!« SSsMUii 00 MU * E * rt< ‘ , - 80 ' 1 - 00 

You've Got to be Joking. 18.30 star .ually Sorrier J10-® N lam line. 

Sound. 11412 Brian Matthew «uth The Rlart^swwm'' ^ilrnnT 3 'h ll ^S«iT I,e Capital Radio 

Late Show 124B-12J5 ajn. News Blacfc L,S 2??L^Poniihop In the Medltir* P , ,. u 1L . 

rowan, gi-50 Announcements. 12.00 . __ 194m and 95.8 VHF 


D A nm 1 4fUm Stereo & VHF " efl,s - liQa pjn ' and Yours.. J2 27 63S un. Graham Denes Breakfast 

RADIO. 3 Top of the Form. 0235 Weather, pro- Show. 930 Michael AspeL Allen 

635 a.m. Weather. 7.00 News. 7.05 gramme news: VHF (except Loudon in4 C* 9 * 1 Deiivery. 120 P.m. Lovcliw. 

Overture (S'. Concern Beethoven. Bax. SE>: Regional news, weather. 130 The 330 Roger Scon. SJO RaKoe. 7.00 

Grieg. 130 News. 8.05 Concert: pan 2 World at One. 130 The Arritors. L© London Today. 730 Lord Longford 

(S' Wendclmohn. Strauss. 9.00 News. Woman's Hour, lododlna 2.C-2.B2 News answers qncgions on penal reform 930 

9.05 TVs Week's. Composers: The Bologna CB30-Z35>. 1235 Listen vrVh Mfldier. Jonathan King's Vow Mother Wouldn't 

School (S'. 930 Talking About Mask (59. 3 00 News. 335 Afternoon Theatre (51. Like 1 l 10.00 An Irreverent look ar 

1A20 American Piano Mffiric (S'. HcdtaJ: dJS Story Tbne. 530 PM Reports. 5J0 Captml Radio by Jonathan JOna. u m 

MacDqvcIl. Beach. 12-10 Mendelssohn SercmUpIry. SS5 Weather, programme Tony Myatt’s Late Show. 230 a.m. Peter 

Dams. tS): Concerc. 1M5 BBC Welsh new VHP: Brgional ocvb, wealbec. Young's Night FUgbL 


■V 


Financial Times Monday January 9 1978 

Leeds decide to 
in fans after riot 

THE THIRD round of the FA surprisi&s that this, action was with lose character and determia- 
Cup marks the arrival of all . not taken earlier. .• ationV 

serious candidates for the trophy. There oan be no excuse for the Still carrying one leg. Colin 
and it brought together in Man- fans’ behaviour, but the had ignored the mayhem around him 
Chester City and -Leeds United temper shown by so many and brought class and sanity to 
two teams who possess both the players surely did not help. The occasion with, nig thoughtful 
ability and the experience Throughout the first half many, distribution and positioning. Hia 
needed to r each the final City players seemed more concerned jost reward was victory for bis 
deserved their 2-1 win at Elland with fighting—sometimes even aide 

Seat with their own colleagues—than In the first half his accurate 

dulrt bS ***£*&><> ttat cttM for ?SS«S_S?.*vS SSl?S 


. ll 


will, unfortunately, be better 
remembered for the riot by Leeds 
fans when their side were losing 
24) than for the quality of the 
football. 

Play was held up for over 15 
minutes as mounted police, show* 


SOCCER 

BY TREVOR BAILEY 


ing greater cohesion than the strict control, the referee was the bar, and Barnes was on hand 
Yorkshire side, drove the rabble both Indifferent and inconsistent, to score, 
off the pitch. The referee Mr. Seel booked Clements for The return of Bell may well 
announced that he had no inten- what appeared a splendid tackle provide Manchester City with 
tion of abandoning the game, but mossed a particularly un- the calm authority they need in 

and when it restarted Leeds pleasant foul on Watson {who midfield, 

scored with a penalty after Corri- later needed stitches), several Leeds were a disappointment, 
gan had brought down Currie.. late, high .tackles, and a penalty apart from a epell at the start 
When the mounted police with-. for a trap on Barnes. of the second half when Graham 

drew they were given a mighty -This black afternoon , of vie- initiated sparkling raids on the 
round of applause. lence. arrests., injuries and fouls loft- . „ • ^ 

The fresh outburst of soccer was lightened and enriched by Curne has so moea miem, yet 
hooliganism quickly led to an. the performance of Colin Bell, allovred himself to gat into 

announcement by Ithe Leeds-The former International is 32 personal vendettas so that how 

Board that they would be erect- and has, apart from a brief re- he escaped at least having bis 
uk fencing In front of the turn, been virtually out of foot- name taken was- a mystery. He 
terraces. Having seen their sup-- ball for nearly two years with looks an meal replacement for 
porters on the rampage before, an Injury which would have Jordan in a two-pronged spear- 
in Paris and elsewhere, tt i& finished the career of anyone head. 

Barrington helps England draw 

KARACHI. Jan. S. 

TWO MARVELLOUS defensive England’s first innings: started to howl round the wicket, 

innings against spin, by Boycott ' During the rest day, however, as he had done in the first 
and Brearley, enabled England the batsmen. Boycott apart, spent innings, aiming for those two 
to save the second Test against long periods in the nets and the rough patches. 

Pakistan in Hyderabad. At the manager. Ken Barrington, as the The pitch was now slower, and, 
close they 'were 186 — 1 , having , only leg spinner in the party, although the odd ball behaved 
been asked to score an tinpos- bowled at them from round the very strangely, the batsmen were 
sible 344 in 340 minntes. wicket, trying to help them solve for the most part in control. 

England were undoubtedly the problem. Qadir never varied his 

helped by the lack of awareness The techniques of Brearley, approach. He did not try higher 
of Wasim Bari. Pakistan’s ex- R 0 ope and Randall looked r dread- flighting and never went to the 
perienced captain, and the f u i bnt Brearley gave a great other side of the wicket Yet 
players under him. It was deal of thought to thfr matter and he is a good.enough leg spinner 
astonishing that Pakistan did not decided to open his stance to be t0 cause problems in his normal 
score quicker and put England D i aC ed to play the hall style, without depending on extra 

in much earlier on Friday. pitching on his legs.. He did that WP which was only fitfully 
With the two rough patches - -- 


caused by Willis's footmarks at 
one end and against leg spin 
bowling which had mesmerised 
England’s batsmen in the first 
innings the tourists could not be 
expected to get near 300 in the 
second. 


CRICKET 

BY HENRY CALTHORK 


forthcoming. 

There was only one chance all 
day, when Boycott, when 23, 
pushed out at Qadir and Sadiq, 
dropped an awkward high catch 
off bat and pad at square short 
leg. 

Bari should have used his other 


They might easily have lost on Saturday. As the day pro- leg spinners. Javed MJandad or 
three wickets on Friday evening grassed he played better and Wasim Raja, rather sooner, 
if Bari bad given his bowlers better and he scored 74. None of this can take away 

90 minutes instead of eight Amazingly, Bari did not bring from another wonderful innings 
Abdul Qadir, who is 21, showed on Qadir for the first five overs, by Boycott, who batted with un- 
that he is a marvellous natural and by then Boycott and Brearley relieved concentration for fire 
bowler as he took 6-44 in had begun to settle in. Qadir and a-haU hours and reached 100. 

Borg puts all doubts to rest 

■■ NEW YORK. Jan. 8. 

AS A RESULT of two full- matches of the ■ round-robin a fifth victory. He lost his first 
blooded semi-finals on Saturday, section, knowing that they were two service games on double 
Sweden’s double Wimbledon already assured of places id the faults as Borg whipped ' his 
champion, Bjorn Borg, wHI meet, semi-finals. .. . . .. familiar top-spin returns sharply 

the UB. 'No. 1, Jimmy Connors* A giant banner, hung from the across court, 
for the first prize of $100,000 in top gallery of the huge stadium Although Vilas recovered one 

at® Madison S?nS*SrdS^S VILAS br ^ « the fourth he 

at Madison Square Garden to- VTUVS --BORG WE WERE wafi left stranded by a fast cross- 

nignL HER E ir#5T£*KDA* • WfiLrUje CAiirt fnr^h^nff noco five 1 pjoipk 

Borg’s 6-^ 6-3 win against WERE YOU? gff thTfipBE 

the Grand Prix points winner There was never any doubt ^ t i n 40 SnteT oprain f 

Guillermo Vilas (Argentina)-— about Borg’s superiority over 

his third victory of. him within Vilas. He was always half a yard 

12 months—settled all doubts 


about the No. 1 world ranking. 

Connors' 6—8, 3—6, 6—3 

success against the US. No. 5, 
Brian Gottfried, a winner of five 
Grand Prix tournaments last 
year and a finalist in ten others, 
confirmed his leadership of the 
American game. 

There were some boos from 


TENNIS 

BY JOHN BARRETT 


Vilas knew he could not Win 
from the back of the court, as. 
he normally likes to. -so was 
always pressing forward, trying 
to. force errors from the Swede.: 

Bnt Borg's counter-hitting was 
phenomenal. Even the fiercest 
approaches were returned with 
interest, and he quickly estab- 


faster, he returned serves better, lished a- 4—I lead. 

_ ____and he counterattacked with A perfect love game won tbs 

the afternoon crowd of 12,600 commendable skill. match for Borg,' who expressed 

when Borg and Vilas walked on . Vilas las won only four of delight at his physical con- 
court — an understandable re- their 15 meetings since 1973. and dition. Following bis fever on 
action to their decisions on on Saturday, with so much at Triday he had expected it to be 
Friday not to play the final stake, he never threatened to add a problem, he said. 

Versatile Demming may win cap 

TO JUDGE PURELY on Satur- three-quarters, should also get Given that Beaumont Is one 
day's drab final trial England one. He is capable of turning a second row man and that Field: 
will have to do as well as game round. of Aloseley is eliminated 

Lazarus to achieve any rugby Old’s goal kicking and expert- because be is in the same mould, 
success tins season. ence will most likely be used at Horton appears favourite for the . 

The score was 15-all In a very fly-half, with Young as bis part- other Berth. Yet he was out- 
hard game. Old kicking five ner. Here the need is reliability jumped bv Colclough, another 
penalties for England, Hare —which Corless has. too; Squires emigre and- there could be a 
kicking three for the Rest and should complete the quarter line, surprise here, particularly a* 

converting Carleton’s try. --- Horton looked far from fit 

There were three promotions _, ' - . . Horton- and Beaumont: 

from the Rest at half-time— RUGBY. ~ mustered a better shove, hut 

Demming for Carleton on the _ even without Cotton they had a 

wing, Scott for Bigneil at No. BY PETER ROBBINS firmer base for that- Burton 

8, and Dodge for Kent in the . would have tightened things up-. 

centre. ■ —---j---- He is - probably the best. 

These were significant, par- retrospect It seems harsh that scrumager .in England.. Sadly, 
ticularly as the combination of Cooper was not given a run with misconduct seems likely to bar 
Kent and Corless had not <J ifford. .his club partner. him. so Cotton should play tight 

worked. Dodge brought finesse Back-row selection is involved.. head and Cowling loose. Cowling 
to the passing, but Haxweli was Bigneil did a lot of useful line- never gives in and has never let 
the shapest of the centres, if out work but Scott had a more. Wheeler down, 
only he would go on tackling complete game. In. fact, Adey In open play Neary almost 

as consistently as be did on and Ripley would have been matches Nelmes. Nelmes is con-. 

Saturday 1 better. choices. Dixon, now srstently prominent with the ball. 

Demming, having beaten slower, should play on the blind in his hands, bat that is a bonus 
Carleton twice in the first half side. and' not -a basis for selection, 

by swerve and change of pace. I do hope the selectors will At a guess, there should be two 

moved to the left wing and per- not play both Rafter and Neary. new caps behind and one in the 

formed equally well. He should Both are specialist open-side pack in Paris on Saturday week,- 
become tbet first coloured man wing forwards, Neary’s height when everyone will need to 
to win a cap. useful, -Rafter's tackling admir-'tackle conclusively. Hopes rest 

Caplan, at full-back, whose able. Neary also brought off some on Old’s kicking-and the flare of 
quick interventions only empha- fine tackles, hut the selectors Demming and Caplin—always 
sised the slowness of the England may stick with Rafter. supposing they are selected. 

Shifting Gold aims for Aintree 

THERE COULD have been no ning almost from the outset in rated by Sir Noel Mur less s$ 
happier jockey than Michael the Antony Mildmay-Peter “ the most promising two-year- 
Dickinson on Saturday evening. Cazalet Memorial Chase. Shifting old I ever trained ” has already ; 
Not only did he partner his Gold continuously out-jumped given notice that be could collect 
father’s Gay Spartan to a coni- hi s rivals—sometimes gaining as the U.S. Horse of the Year 
for table success In Haydock’s much as a length in the air— Award in 1978- Making all hts 

and it became apparent fully own running in- the. $80 000 
half a mile from home that the Malibu Stakes at Santa Anita, 
the race was his bar a mishap. Los Angeles, a few days-ago 
-Although both Evander—run- J.' O. Tobin (now in Jhe care or 
ning the race of his life—and that outstanding trainer Lax 
the now possibly overrated Ghost Bareera) won without .coming 
Writer did their best to make off the the - bit in the hands of 
a race of tt in the home straight Steve Cautbcn. • 

LEICESTER . 

12.45— Indian down . 

L15—Nether-ton*** 


RACING 

BY DOMINIC WIGAN 



Tote Northern Chase., but, at suS^Sm w« UtaT‘whS 

G Q M tIy w fl ? e mf^, e «V„T too we!f tfX W £ to 

Gold was out-classing Evander, pleased - 

and c0mpany down A strongly -made bay gelding 
at pandown. who p0ssesses those invaluable 

It . 18 Jhe vastly unproved assets, sound jumping ability. 
Shifting Gold on whom Michael stamina, and a nsefnl. turn of' 
Dickinson will be bidding for his foot. Shifting Gold seems cer- 
first National victory and judged tain to give bis supporters: a 
on Saturdays exhibition the good run for their -money at 
Aintree gosUs far from a remote Aintree. ■ 

Possibility. Looking across to the other 

Making, or disputing the run- side of the Atlantic J. 0. Tobin, 


* . 

.1/ 


'9. 


the air when his colleagues 
began to atm for his head. 

The first goal occurred after 
Bell had flicked on a free kick 
for Tueart to go bravely through 
a small gap to head home. The 
second came from a Bell header 
thnt Harvey could only tip on to 


• 1.45—Rough and TnmMe 

2.15— Bountiful Charles 
2.45—Prince of Normandy* 

3.15- tfBuiUos . 

SEDGE FI ELD 

12.30—Friendly Boy . 

1 . 00 —Fogbound 
1.30—Cromwell Road 
3.00—Callaway** 


S I 













?w&RcIaI Times Monday. January 9 1978 

Elisabeth H«|| 



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'ill • 


Oa . Friday evening 
FrtWsl, Gyorgy. Paok an* Balph, 
Kirihbaum came; together at the 
Elizabeth Hall.Ip play the whole 
of the Schubert repertory for 
piano trio. Their first half; of 
fte Jiltli; one-movement Notttrmo 
B897 and the great B flat trio, 
was -never less than well made 
and enjoyable. But they warmed 
slowly to.the task: it was a dis¬ 
appointment only that the work 
which should have been the sub- 
lime centrepiece of the evening 
—the greater piano trio ever 
written—fell short of ideal. Like 

some' of. Perahia’a accompani¬ 
ment. Pauk’s violin tone, at the 
start of the. B flat trio was 
nervous, chippy; tempi were not 
so. much actually fast as seem¬ 
ingly fast—nervously propelled. 
Without the, vital sense of 
moderate. Just once. on. the. final 
page of the first movement, the 
right relaxed tempo-impulse was 
captured—and instantly , recog¬ 
nised as correct:' Ensemble was 
never perfectly easy: one sensed 
three fine soloists , still not yet 
quite in rapport- as a-grou>-; 
betraye dbya- certain inflexibility 
of phrasing'-and robato. and 
slight, but vital' differences of 
opinion at phrase-ends. 

By the time the group reached 
its second half, and the E flat 
trio — which is, of course, also 
the greatest piano trio ever writ¬ 
ten by any band — they bad 
played themselves in, and joined 
splendidly with the music, at 
once quick and relaxed with new 
spirit and fire. An invigorating 
finale: every character and detail 
more precise, eadb mood, each 
shift of colour,'more subtly .de¬ 
fined. I loved their gentle vest¬ 
ing of the Wmterreise tread of 
the andante — and their witting 
surge to the A and C major Maze 
of triumph. Their finaJe. too, 
sprang with a fine momentum, 
haunted . by - the. same winter- 
journey echoes, ■-rounded at its 
end with big, radiant tone. 

DOMINIC GILL 


Round House 
Downstairs : 


, tv.; 


rest 




.r 

!. v :: 


•t. • I 


;‘i ir 


ivsn 


cai 


Creepy 

Crawlies 


An overweening House Manager 
In black tie tears our tickets on 
the door, entrusting us to the 
dubious charms .of Sharon, and 
Ruby dressed in Ted plastic 
coats, wieldiog torches. We are 
supposedly, in a British subur¬ 
ban cinema of-the late 50s. and 
before long the scalloped velve¬ 
teen curtains yise bn a travelogue 
about ** (Morions Guernsey/* A 
wickedly accurate • sound-track 
accompanies the/live presence 
of actors pretending to be local 
residents at a daffodil competi¬ 
tion. Janie has big ones and is 
congratulated in that bland, 
familiar tone of voiceover redo¬ 
lent of all cinema travelogues. 

Entertainment Machine, who 
presented the show at last year’s 
Edinburgh Festival, claim to be 
in the satire business. - The truth, 
however, is that they know how 
to mock with affection, but no,t^ 
how to satirise. In any i 
cinema newsreels and tra 
need title in the ^way of critical 
demolition. They are "delightful 
and silly to start with. By the 
time Entertainment Mariunehave 
moved on to British Global News 
(complete with the signature 
tune of the old Pathe News), a 
single joke about- reports of the 
Queen Mother’s headache has 
worn thin in two minutes. 

Worse follows with, in the 
sftows* second half, a ponderous 
spoof thriller movie. Creepy 
Crawlies, lh whkti afll the old 
cliche characters of British 
spine^hiliers—the mad professor 
in a half mask, te senile house¬ 
keeper with a drink problem and 
tbe prognathous investigative 
journalist with i nose for the 
suspicious and an eye for tbe 
professor’s jejune daugtoteiwire 
assembled and left to fend for 
themselves as a horde of hairy 
tarantulas, spawned in the pro¬ 
fessor’s laboratory threaten to 
take over ahe world: 

This sort of material was 
dealt with more cleverly and 
more obliquely :.4n the Rocky 
Horror ' SIiow. And the initial 
idea of the. shoddy ambience of 
this forgotten era of. British 
cinema-going would- have• been 
better pursued -by a genuinely 
creative and thorough perform¬ 
ance art group such a*' the 
Natural Theatre of Bath. •• . 

That said, the cast work well 
within the limitations imposed 
on them'by the feebleness of the 
conceptual' ambition'- and. Hike 
Sparrow’s . indulgent . direction. 
Particularly good- are Peter 
Dawson - as the _ ..professor's 
murderously saturnine sidekick 
-and Peter Harding as the fearless 
scribe. 

* 


(the first-r 

, 4, . : 1 

. iwo of the v 

V - a It» ing Peter Hu 
^ -- J praise whet 


Reviewing Penny Whistle at 
the Hampstead Theatre last week 
(the first - night-was on Janu- 
inadvertently confused 
young actors, shower- 
Peter Hugo-Daiy with effusive 
praise when the object of my 
admiration was in fact Phil 
Daniels.' My apologies to both 
actors and my renewed congratu¬ 
lations to Phil. Daniels for a 
performance of indomitable 
spirit 

MICHAEL COVENEY 


9 



Utamaro print, circa 1795 




, Art: thoughts on 1977 

[by WILLIAM PACKER 

The turn -of the year is the In some ways, indeed, it seemed but there are no votes in Art 
time when we all look-back into to be Minimal Art’s year, mostly and a philistine Government has 
the immediate past regretful in terms of controversy, what wide support The general 
perhaps, or merely thankful, with Bob Law passing but indifference to the Arts is all 
that it is all over, victims though the Ryman show at but Invincible, its defences only 
nevertheless of that involuntary Whitechapel was elegantly dis- teased by crude questions of 
reflex; post Christmas trisfis est: appointing, we should not forget money. London is tbe world 
lie new year seems to stretch tbat Agnes Martin’s work at the centre of the Art Trade, which 

on so. and we need excuse Hayward was both exquisite and must make a considerable con-1 , j" nership settles, nervous details 

to turn from that somewhat convincing, nor that Law’s small tributioo in these straitened Packed pi^o f^rts as mere naa win calm, and colours deepen. 


Wigmore Han 

Pears/Perahia 

From the first jaunty phrase voices, so often the hidden clue 
of Haydn’s “ Sailor Song,” or revelation in Sch umann songs, 
thrown out with martial vigour, were often blurred; the closing 
it was clear that the newest bars of “Und wusten’s die Blu- 
musical knight was in splendid men ” and “Hor*ich das Liedcben 
voice; and so tbe warmth klingen" faded out in tricksy 
generated by last night’s recital, pedalling instead of being firmly 
which had begun with a roof- and finally dosed. But even when 
raising welcome for Peter Pears the words failed to come out 
and his pianist Murray Perahia, quite right the spirit and the 
was not just the result of con- accurate Schumann perception in 
gratulatory gratitude on the part the singing were never in doubt 
of the audience. True, there was v ,.. mT 

much to encourage such senti- 
rnent, and nostalgia likewise, not * 

least the realisation that Sir At his second Wigmore recital 
Peter’s reading of the Bntten 0 f the week on Saturday, Peter 
Seven Michelangelo. Sonnets was PeaTS returned to sing Die 
being heard m the hall where Scheme Mullerin. Pears was him- 
more than 35 years ago he and seif in splendid voice, agile and 
the composer first introduced resonant clean in diction, pre- 
tbc music to the public. But if cisc m phrasing, wonderfully 
admiration of the tenor’s wise wise In his-shaping of the cycle 
and wonderful art Is supported as a dramatic unity, and of each 
by long memory, appreciation of song, each ripple and wave, 
it last night was very much in. within the whole. It was a read- 

P***®2? ^ ense - _ _ _ ing born of deep cars and Ion, 

The group of five Hadyn experience. Technically it hau 
English Canzonets replaced the some ragged moments and even 
promised Debussy offering of the 0 ne tot^breakdown. to set off 
ttree, Villon songs. It was bard a g 00( j measure of familiar 
to regret the exchange for it gave glories. But it touched the heart 
rL*-22.i!K ennrel y -of Schubert, as weU as of its 

! uafe ? lr T f eter audience—unfailingly: a power- 
ia a rtager without equaL It was fnUy moving account offered, 
a constant illumination to savour from the heart, bv one of the 
the beautiful way in which each of °? e ti me. 

consonant was given its distinct ^ f VS hi. 

and due weight, and at the same 11 was . “ ot , Pears * Q 5 
time dissolved, in tbe line, and accompanist, who provoked the 
then to reaUse that the feat bad f vcni °S s disappointment. I have 
been achieved without any self- SfHlP 

coascious moulding or highHght- of Murray Perahia—for iiS dcli- 
ing of verbal contours. In mneb c . ac ^’ ^esse. and lively unagma- 
the same way Mr. Perahia’s rion. On Saturday, his accom- 
round, shining piano tone lay paniment was capable on the 
under tbe voice without in any surface, but in all the deeper 
way signalling its presence. currents nervous, self-conscious, 
Thelimpid flow of tone, very uneven, fraught with uneasy 
clear of colour, long of breath mannerism—In hardly a single 
and easy of emission, with which song delicate, vivid or fine 
-Sir Peter had so delighted us in enough to match his singer’s an. 
“ She never told her love ” and Most of the faults were, sur- 
“ Content” continued through prisingly. basic. The most dis- 
the wider compass an d more ruptive I found Perahia’s obses- 
steeply arched shapes of the sive chopping of time-values: a 
Britten songs. The sound was constant transformation of 
ageless rather than youthful, and Quavers (as in “ Trockne 
perhaps there was felt a slight Blumen”) to semi-quavers; of 
loss, of sheer exultant freedom legato phrases to detached; and 
in tbe proud high declamatory throughout the whole of the 
phrases of first and last sonnets cycle, in almost every song, of 
—the top notes were bravely but detached notes to sparkling 
not exactly ringingly taken. But sUxccaasstnd. Once or twice, in 
in the third poem—the love cue or two bars, the effect migbt 
sonnet that is the emotional have been felicitous. Cumula- 
centre of the cycle, and which timely I found it infuriating, 
carries the quintessential Britten _ Still more important was 
burden of lyrical melancholy and perai ^ a s of left-hand (and 
secretive sensuousness — the therefore harmonic) support, 
voice became the music. • Everywhere bass-notes were 
If Dichterliebe, which occupied nursing: three songs at least I 
the second half, reached this *2** left with a , final 

exalted level rather less con- chord m first or second mver- 
tinously. it was perhaps because bass-lmes would begin, and 
with score and German words to f ade *° r ?° clear ? ea ^5 ,n ’ 

hand it was hard to ignore those t0 n °tbi“§; at several key 
•several moments when the “°“ eats f* bannomc shift lack 
singer’s grasp of those words £ 

momentarily faltered, with a harmonies, entirely Strange 

brief snatch of nearSocalise as “gF ! "iffSZXZ&rSS* 
substitute. And also, perhaps, Sf S 

because there were things to ?/ 
disagree with in Mr. Perahia’s 

u__ji: _.i .i»„_ any pianist, no uouot as the part- 


Duke of York’s 


Spine Chiller 

by B. A. YOUNG 

The action of Spine Chiller You might guess the company, 
takes place on the stage of the the fictional company, to be an 
theatre where another thriller amateur outfit from the way they. 


speak at rehearsal; but at tbs 


handling of Schumann’s close- 


W UUU iwui urai mui iuul uun j uiuuwuu jai UltJt auoiicycu - v ’ ■ 

daunting prospect And hesides, show at tie Lisson was oddly times, frequently by means of all]? ot .™P ^ “ ls ?. y ~ 

London’s galleries are vet^quiet, sympathetic. too viable exports, to the j m S °* Haydp Britten. Middle 


their Christmas miscellanies now - The <mod tbines were of all national purse, 
overlooked in the -general..rush kinds: Kitaj ut MMiborough; Pao- ** sleefully traduced hy. 
to the sales, the mpseumsJiappy j ozzi at v and Aand at the BBC in a recent programme 
to keep the childrep amused as d -offay Peter Blake though he 15131 Parted to investigate it, 
the holidays pe^r out The luU ^ iji self something of a dis- b ut ratber skated from issue to 
is*nly tempo^y: the ^ week at ^ Hayward at Wad- iwne. gloating over prices, sneer- 

or. two willffind us extremely din gt nn . uelow, in an in S at ^ work, invoking scandal 

busy. But/fll that can wait upon esDec jan v s rroiiE sbow at Browse tbat would need programmes to 
a.reflection er two on last year’s BeU^iy^ itself to deal with adequately. 

issues. Jr Acme Anthonv d’Offav also 83,1 n S nothing Jhat was not 

t, r Sr th Lhl visSIf Slrts 2 dragged Eiffel Hend^on back 95!^ 


_ it was not at all bad: but gS p £j,5g J & t ^SdefS 
then in London few years S^coUecS\ r Sneri- °* ] y «econd). It was well 
LSractly bad.^^ They may be quieV -c^atL wWchtt showed ^fewed and held to be good 

tduJI even, with dealers com- S e ri5n §iba«*5- fte Mavor entertainment. More notoriously, 
plaining of the perennial dearth to Cork Sh-eet We Robertson’s ill-researched 

Sf cBents, curators of the sti^-*o grit Street and i rant firade aglin8t 

ness of governments, and artists “““ Modern Art in general, and 

of everyone, with more than a against the Tate and the Arts 

Gttle reason: and yet the variety - _ Then there were the big Council in particular, did untold 
and quality of the work shown- jubilee specials—British sculp- harm, confirming the prejudices 
to ns In any one of them, ture in Battersea Park, British 0 f millions for tbe sake of a 
whether-by public or private pain ting at the Royal Academy, cheap journalistic success, 
agencies, will always distinguish and . the bipartite Hayward Television's apologists will tell 
it.-.: ' ... . ^ ruroa5; —.of ther^ seriously us that the Arts do very well by 

. Wei are immensely privileged flawed, and rightly criticised, but j|; tjnt appearances are decep- 
in London, to the point of being showing us in spite of everything tive. There are, we know, spleo- 
spoilt, by what is made avail a We that we have much to celebrate, d | d items from time to time, 
to .us, week :by week. And -tbat our artists, young and old, f rom such film-makers as John 
whether It was the Rubens draw- do us more credit than we care Read and Tristram Powell, that 
ings in. the Print Room of tbe .to admit. Henry Moore, Francis d0 infinite credit to British 
British. Museum, Utamaro at .Bacon, Anthony Caro, Ben television: but one fil m a year 
Wildenstein in Bond Street, Nicholson and. of our younger on Claude Monet is hardly 
Giacometti at Thomas Gibson,-artists, David Hockney, are C0V erage of Art. The truth is 
Leonardo at the Royal Academy;, world figures already, our only ^ there are n0 reg^ pro . 
Monet fn Somerset Souse, or^Ones: yet the Hayward show reporting as a matter 

unfamiliar Turners ®t tbe Tate,; t alon e, for all the backbiting It G f course, simply and straight- 
last year as always there wasjpreyoked. demonstrated clearly -f orwa rdly, upon current practice 

,-rtbat Howard Hodgkin. John Hoy- in ^ of the ^ r^ e m - aga . 

zines offer scatter coverage, but 
no consistency. Where are the 

were au exceptional sun ui««yi- v y- *. “ : r* programmes, serious, regular, 

able shows, great treats for the^^n-and Patnck Caulfield migbt responsible, on poetry or tbe 
intelligent amateur, necessaryP 1 re dance, on experimental theatre 

study for the spewalmt and music? There are none: and 

scholar: The Wlidenstei^‘^h& Limian Freud, Darid tiie visual arts are served arbi- 

Gallery,. during the run of wbatj’Tmdle, Mdget: Ruey, Enan tra^jy any producer whose 
was for me the most ravisfaingly-AJ glow, Carel Weight, Jack Smith, „ e ^ ^anghr by topicality or 
beautiful show of the human interest So Nationwide 

presented an^extraordinary sight.^d ^unella.Clough are only^ send Wellings to report 
crammed witii people, unpromptn upon the Academy’s Jubilee sur- 

lectures taking place m evexy ^em from Bcttneiuid Pmca- vey 0 f British Painting, by any 
corner, seminars occupying the Any other country would standard ^ important show, who 

centre of the floor. The listof^l^my help tnem to it promptly reveals his ignorance 

splendid things goes on: Tbe^rTSeir countrymen, however, 0 f the artists whose work he 
Queen's pictures in the Queen s^ re .f or the most part unaware of hopes.to honour by his attention. 

Gallery, and three more shows luck andf ^j^h -the honour- Not his fault, perhaps; but he 

in the National GaUery s senes --Kbit- exceptions of a handful of should not have been sent Who 
of Paintings hi Focus. ->neWspapere and journals, and was there to send? Our broad- 

Tbere Js the Art of our own one .regular programme on the casters hold the Art World in 
time. too. 1977 give us many^^di^ 01ir professional com- such contempt, it seems, that 
excellent ■ and useful _ sbowsftjinuxdc&tors do little to help. If anvone will do; and the subject 

Hi- has been a fairly good year can be mastered anyway in an 

tbe art world itself, though afternoon. Well, that compli- 

haps a little out of sorts, it ment is returned; and no artist 

also been a sad year for its now would waste his time in 

tlons with the community at looking to television to show an 

;ge. Great works still disappear interest in his work, let alone 

road, or are needlessly put at in helping him to make it aeces- 


DOMINIC GILL 


caHed Spine Chiller is in its when the ,„ dln , | ady . bolh 
fourth^ day of rehearsal. It is a real and fictional, who has put 
revival, and a revival of a up all the money for this revival, 
peculiarly sinister kind, not only decides to cancel it. sbe specific- 
because any revival of such a ally says that all the cast must 
play would be cruel, but also be paid two weeks’ money-all 
because during the first run ten that survive, that is—so Ihey are 
years earlier three members of evidently in the profession. 

fL mgg 11 ^ easy te see that they may 

Sure enough, three members of fi nd ;» hard to oersimde us of 

ronnections ^anfdulv lruth ° f 3 P lay COniainins SO 

mth tbe ^ w duJy raany thriller-cliches— 1 the con- 
, , stant offstage thunder, the (licker- 

The discovery of the murderer in E electrics preceding the first 
or murderers and their motive killing, the mvsterious figure in 
or motives occupies a plot of a the black cloak, the body in the 
silliness that must be seen to be irunfc, the haneed victim 
believed, if for no other reason, descending from the flics on a 
I heard it suggested that the rope. There are players in the 
play, which is written by George company, the real company. 
Baxt and both presented and whose work 1 have enjoyed. Paul 
directed by Stockton Briggle, ;s Daneman is a detective resemb- 
meant to be a parody of the ling television’s Coiumbo, only 
traditional stage thriller, a not so clever. Sian Phillips is a 
theory that some of the dialogue bitchy ex-alcoholic actress, 
seems to support. “ Blanche was Samuel E. Wriqht, whom we saw 
pregnant,” tbe director, the fic- in the musical Tico Gentlemen. 
tionai director, reveals. “So is plays a brilliant youn? black 
this pause,” be adds. actor-direcior. The fact that I 

The parodistic quality of the do not enjoy them sn much in 
writing has spread to the acting. Spine Chiller is not their fault. 


Festival Hail 

Dolin and Schaufuss 


by CLEMENT CRISP 

Two exceptional performances and hearteningly sincere: the 
by male dancers were to be seen dancing was exemplarv. It was 
on Friday night in Festival BaJ- a matter of being thrilled bv 
let’s Nutcracker. Although the small things—a magisterial 
piece is hardly celebrated for the pirouette taken an a verv high 
opportunities offered its cast, three-quarter point in the first 
both artists were able to leave scene; cubrioles of almost extra- 
their very considerable imprint vagant ease—as much as bv the 
on iL Anton Doiin was the sheer accomplishment of Schau- 
Dxosselmeyer of the evening. We fuss’ technique in dealing with 
know him in the role from the the brief demands of a solo, 
company's earliest production. But dancing as exhilarating ns 
and in this new version Doha’s this is not wasted, even on the 
interpretation has lost none of small beer of Nutcracker. Wc 
rts eccentric charm nor its can delight in the insouciant way 
authority. It is this latter quality Schaufuss bounds through a vari- 
that is so admirable. To see ation. in the sensitive phrasing 
Dolin hand the toy nutcracker to of his steps, as well as in the 
Clara is an object lesson in creamy ease with which he 
dramatic (flaying, with gesture shows them off. London now 
immaculately timed; to see his deserves to see him in a reper- 
enthusiasm for the role and his tory to reveal tbe full range of 
undimmed stage presence at his gifts—not least in La Bana~ 
every moment is to be reminded dere. for which he seems ideally 
yet again of has greatness as an suited, and in Fille. 
artist Patricia Ruanne created an 

From Peter Schaufuss, the endearing view of Louise, set out 
Karl to Patricia Ruanne's Louise, with a light and unforced sweet- 
cam e a performance entirely ness of manner, and Nicholas 
transcending the commonplace Johnson gave a buoyant view of 
of the role. The characterisation Fritz—terror of the drawing- 
of the part was light mercurial room—buoyantly danced. 


ENTERTAINMENT GUIDE 


CG—These theatres accept certain credit cards by telephone or at the box office 


OPERA & BALLET 

COLISEUM. Credit ewds 01-240 5258. 
Resennflorcs 01-836 3161. 
ENGLISH NATIONAL OPERA 
Tomorrow & Fri. 7 JO j«iiocefc‘» .From 
lh* House of the Dead: we O. y d s»t. 
7.30 RiBoKCto: Thur. 73D Orpheus In 
the Underworld. 104 Balcony . »ts 
always available day Ot pel. 


COVENT GARDEN. CC. 2Ad. 1066. 
(Gardencharge credit card* 836 l . 69031 
THE ROYAL BALLET 
Tonight 730 P4P. The Sleaning Beauty. 
Weds. & Thurs. 7.30 p.iB.Swan Lake. 
SaL 8 D.BS. La fUle mat garden, 
THE ROYAL OPERA 
Tomor. 7.30 P.m. and SaL 2 p-m. Die 
Fledermaua. Frl. 7 ».«. Lm tonchftla 
del West. 65 Ampbl' seats *or all peris, 
on sale trom. 10 a.m. on day of om\. 


ROYAL FESTIVAL HALL. 928 3191. 
LONDON FESTIVAL BALLET 
Last week. Evs. 7.30. Mat. Sat. at 3. 
THE NUTCRACKER 
Tonight RuannefSchadfuss. 


SADLER'S WELLS THEATRE. Rosebery 
Ave.. E.C.1 837 1572. Until Feb. 18. 

, „ D’OYLY CARTE OPERA 

In Gilbert A Sullivan.-Evs. 7JO. Mat. 
Wed.. Sat. 2.30. Tonight, tomorrow 
& Wed.: THE MIKADO. Thur. to Jan. 
18: THE PIRATES OF PENZANCE. 



THEATRES 

AD EL PHI THEATRE. OC. 01-836 7611. 
Evgs. 7.30. Mats. Thurs. 3.0. SatS. 4.0. 
-• LONDON'S BEST NIGHT OUT. 
SPECTACLE. CAPTIVATING TUNES 
AND RACY COMEDY." S. People. 

• HONE 

THE MUSICAL MUSICAL. 
-SLICK. SUMPTUOUS — IRENE HAS 
EVERYTHING.” Dally Express 
INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-836 761 i. 


ALBERY. 836 3078. Credit card bkgs. 
836 3962 {«. Sa«. Mon .-Fri. 7.45. 
7hurs. mat*. 4-30. Sals. a.SC * s. 
A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 

MIRACULOUS MUSICAL. Fin. Times, 
OLIVER I 

ROY HUOO’-S Splendid performance. 
S. Tel. .." Teamed JOAN TURNER." D. 
Mail. Capital fan . . . the «how it a 
deUoM." D- T«|. OLIVER! RETURNS 
TRIUMPHANTLY . . . CONSIDER YOUR¬ 
SELF LUCKY TO BE ABLE TO SEE IT 
AGAIN/' D. Mir. 

NOW BOOKING THROUGH 1978. 


useful Quite as much for 
chances to criticise and rea 
as “to praise. The Tate, its bricks 
pristine once more, brought o 
all the works by Carl Andre 
its possession to show them wits 


minimal works by other-artist __ ¥ __ , __ _ __ 

most sensible didactic exerdsti^fisk, for the want, of a policy; sible to a wider public. 


Bush Theatre 


Aotrce of Correction 
to Notice of Partial Redemption 
to lb* bolder* of 

MacSBan Bloedel Ihmfaj 
9% Doboatnras Sene* J - 
DmF^nHuy 1.1992 

Ot December. 30. 1977 a Katin at gey 
drcapium •» publUud .odHaK 31.450000 
pnndpal amount of Scries J SuontdBr 
ndtmpdu u FcbiW I. 19/3. Zac fim 
One cfU n Xtfict erwwowsi? «od tb*t tbe 
nrimiBK* » Ik red«wd wrre_D»ynb]o la 
Cmiadiaa doam. Pir jse tairnoike Au ue 
to Urimd SUta 

AtUws aad.ibc No lies abadU Iwo Gad 


31,450,000 (U-5J. 


CITIBANK. NA 
Trttvtoo 


A bed of roses 

V 

by MICHAEL COVENEY 


S' 

Hall. Truck are back at the energy and economy in tbe dis- her nose into another nest In 
Bush wlth what is probably their LtUlation of character that the parish, that of tiae ex-jailbird, 
best show to date. The show is, typifies all of. Hull Truck’s work frowning psychopath Trev (Alan 
above all else, a total vtiutlca-js seen here at Its most powerful Williams) and his cool girlfriend 
lion of director Mike Brad- - The evenings texture may be Mel (the wonderfully talented 
welTs Improvisational working -best summarised If you imagine Mia Soteriou). 
methods. In addition, the com-lan Ayckbourn for the denim The story of these people is 
pany. effort contains one of tha_;generation. Mr. Bradwell is not told simply and sensitively, with 
most outstanding performances-above dealing with pain and much splendid resort to good 
to be seen on the contemporary .-domestic failure head on. And musie and lyrics performed by 
London stage. Jbe never once descends to the actors themselves. The 

The performance is that of P^ronising the people he and "script" is fall of barbed one- 
David Tbrelfall -as PbHip, a dis- mis east have, sprung to life. liners, none funnier than the 
affected, moody journalist on a*: Alex (Robin Soans) is a well- reply to tbe query “What do 
local newspaper.' We see Philip ^mentioned vicar'who delivers a Martin Luther King and the 
drinking himself silly with a- itilarious marriage preparation Roman Catholic Church have in 
companion while his finances, speech to the smirking Philip common?—“ They both died in 
Julie : (Heather Tobias), waitx anfl serious Julio: while his wife the 60s." A Bed of Roses is 
patiently In the. corner with.* Meg (Katby Iddon) interrupts funny, sad and bristling with 
Ustof houses for sale. The sheer her-knitting programme ti> poke good thing& '< 


ALDWYCH. 836 6404. Inf. 838 4332. 
ROYAL SHAKESPEARE COMPANY In 
rwrtolro. Tonlgfct 7J0 THE COMEDY 
Of EXRORS Icicmtile aw#«rd winner) “A 
Joyful bnar oi comic InrenH on." 
Times. Witt: A MIDSUMMER NIGHT’S 
DBI4M (Tu*s_ w*o- m & eJ. J onion's 
THE ALCHEMIST (next perf. TtiwL 
'RSC «BjO »t THE WAREHOUSE tsee 
under W) Md at PtceadJIlv sod Savoy 
Theatres. 


AMBASSADORS. 01-836 1171. 

Wennwaav at 7 00. 


THEATRES 

DRURY LANE. 01-836 8108. Every 

nlRht 8.00 sharp- Matinee Wed. and 

A CHORUS°UNE 
:*VOT6D BEST MUSICAL OF 1B7B." 


Niaii 


5«n*^2lhi!^ M |n IC h?EMOlR with 
II Buggy. In. 8. Mat. Toe. 3. Sat 5. 


a® 63 - e*Bs. 8DO. 
Man. Thurs, 3,oo. sat 5.00 and s4>0. 
-DONALD SIND6N IS SUPERB. ' nSw 
SW rt YOUR EYES AND 
THINK OF ENGLAND 

FUNNY " Times. 

-GREAT CNTBRTAINMgNT." NoW. ■ 


ARTS THLATRZ. 01-836 2152. 

TOM STOPPARD'S 
OIKTY UNEN 

"HiiarioBS . - . see *.'» Sunday Timas. 

Monday to Thursday at OJO. 

Friday and Saturday at 7.00 »«i 9.1 S. 


ASTORIA, raariog X Rd. 01-437 6239 Or 
01-437 5757 or 01-734 4291. Naarest 
Tmw Tottenham Court Road. Mon.Thurs. 
B.OO. Frl. and^Sst 6.00 and -Br45. 

card 

Re* Eat in oar fully.licensed Restaurant 
or Buffet Bar lunch-tlmc and before or 
alter iho— hnohj& le la advance. 

ELVIS" 

"infectious waaaiinB, foot-stamping and 
nran-thumping." Observer. 
“ELVIS" 

-I was aasitirtety caught up In IL carried 
dong bv ft, rUnyibgraiafl t>y the sneer 
yame »nn spectacle^ it" son. TeL 

"Staggarlngly effectl*e." Times.' 
"•LVlS^ 

“Performed wt^i a yam rare In British 
miotcaK- The show literally had the 
audience dandna j n the a Isles. This 
Dell* il manmHou*.- Sunday Express. 

01-ff» 7040. 

2 -"' 

TOAD OF TOAD HALL 


COU-EGIA Tg. ■ 01-837 9629 

toterjjftonjl »ars in Family Show 
rtff M , A S C CIRCLC SHOW 
Jan, 2-T._ 3.0 q and -7.30. Bock Npwf 

Eypnlno* 8.0 

Sa1s - mwd *'n D i s -° 

winm- m an j | 7 S Awards • 

• Bttf Piiy of fh» va,, 

HYWKL «®!IE S«3S, 

LAST WEEKS. Must end Jan. 21. 


CRITERION. _ . . CC. 5 01-836 3316. 

ThU ”‘ 3 00 

"impeccable -*• -- — 


•In 


■mwtoc." Sun. Times. 


"HILARIOUSLY FUNNY* N. of World. 


DUCHESS. 836 8243. Mon. (o Thur. 
E*9S. 8.0. Fo. and Sat. 6.1S and 9.0. 
OHl CALCUTTA! 

"The Nudity Is Stunning." D. Telegraph. 
8th SENSATIONAL YEAR 

DUKE OF YORK'S. CC. 01-836 SI 22. 
Mon-Sat. 8.00. Mats. Wed. 3.00 and 
Sat. S.OO. 

SIAN PHILLIPS 

PAUL DANEMAN 

SPINE CHILLER 

Tickets from E1JO-L3.SO. 

Instant Credit card Reservation. 
Dinner and Top-Price Seat £7-30. 

BJX at LUI. CC. 01-437 2661. 

Winter's Court. Brewer Street. W.I. 
Twice Nightly 8.15 and 10.15 
PAUL RAYMOND presents 

PENETRATION 

A» erotic adventure In French porno¬ 
graphy. ” Good-looking men and women 
perform various permutations,, of the 
sexual act." Evening News. You may 
drink and smoke In the auditorium. 

FORTUNE. 836 2238- Evg*. 8. Thur. 3. 
Sats 5 and 8. 

Muriel Pavlow as MISS MARPLE In 
AGATHA CHRISTIE’S 

MURDER AT THE VICARAGE 
Third Great Year 

GARRICK THEATRE., „ 01-836 4601. 

Evs B.O. Wed, MM. 3-0. Sat. S.15 & a.30 
JILL MARTIN. JULIA SinjON. 
DAVID FIRTH and Special Guett 
appearance tor this week only 
BERNARD BRADEN to the 
” BRILLIANT MUSICAL 
ENTERTAINMENT" People. 

SIDE BY 5IDE BY SONDHEIM 
-GO TWICE. ,Money. Punch. 

"GO THREE TIMES." S. Barnes. NYT. 

GLOBE. CC. 01-437 1592. Evenings 0-15. 
Sats. 6JJ & 8^0 MIL Wad. 3,0. 
PAUL EDDINGTON. AMANDA BARRIE 
ID the SECOND YEAR ol 
DONKEY’S YEARS 

by MICHAEL FRAYN_ 

TH* BEST COMEDY OF THE YEAR. 

GREENWICH THEATRE. 858 ITSS. 

7.30. Mat, J»n. 14. 230 riNCH- 
ME-not. A new Comedy by Richard 
O'Keeffe- " An excellent Brat play.* 
Times. "A considerable achievement.” 
D.T. 2 Weeks Only Jan. 17-28. Evg*. 

7-SO Mm. Sat*. 2.30, LEONARD ROSSI- 
TER as THE IMMOWTAL HAYDON "Mr. 
Rossi ter"* masterful partormance . . - 
chock toll of wonderful anecdotes.*' F. 
Times. 

HAYMARKJET. _ _ 01-930 9B32. 

Evgs.7-43. Wed.2JD. Sat. 4.3D & MS 
CLAIRE DANIEL 

BLOOM MASSEY 

MICHAEL ALDRIDGE In 
ROSMER5HOLM 

DIRECTED BY CLIFFORD WIU-tAMS. 
“A MUROefl PLAY MORE EXCITING 
TMAM ANY BY AGATHA CHRISTIE." 
J. Baxter. D Teteoraph. 

FOR A LIMITED SEASON 

HAY MARKET, 930 9»L 

Previews Jan. 24 {Charity! and Jan. _25. 
OpoM Jan. 26 "7.0. Subs. evgs. 8.0. 
MaL Wed. 2.30. SaL 5.0 and 8-15. 
INGRID BERGMAN 

WENDY HILLER 

DEREK DORIS FRANCES 

GODFREY HARE GUKA 

WATERS OF°THE. MOON 
bv PL C. Hunter. 

NOW BOOKING. 

HER MAJESTY'S. 01-9X0 6606 

Evgs. 8J». Wed. and Sat. 3.00 and 8.00. 
GLYNIS JOHNS 

LEE MONTAGGE. HELEN LINDSAY 
in TERENCE RATTIGAN’S 

CAUSE CELEB RE 

"RATTIGAN REVEALS WS MASTERY.” 
S.T. "A nuneriud drama.” E.N. “GLYN IS 
JOHNS playc brilliantly." D.T, 

HER MAJESTY’S. CC. . 01-930 6606. 
Opening March 28. 

BRUCE FORSYTH 

In Leslie Br-ltusse A Anaionv Newley's 
TRAVELLING MUSIC SHOW 
Previews irom March 16 

KING’S ROAD THEATRE. 352 7488. 

Mon. te Thurs. 9,0, Fri_ Sot. 7 jo. bjsq, 
THE ROCKY HORROR SHOW 

NOW IN 1T5 5th ROCKING YEAR 

LONDON CASINO. 437 6877. Twice 
dally 2.15 and 730. Lest week. 
SUSANNAH YORFL RON MOOT? 
PETER PAN 

The ben dirlttmac entertain meat In 
town," Evening Standard. 

LONDON PALLADIUM. CC. 437 7373. 
Evgs. 7-30. Mats. weds, and Ssts. 2 jO5. 
LIMITED SEASON TO FEB. 25 ONLY 
_ TOMMY STEELE 

SALLY ANN HOWES. 

BiU ANTHONY VALENTINE 

In The Fairy Tale Musical 

HANS ANDERSEN 

LONDON PALLADIUM. CC. 01-437 7373. 
__ OPENING MAY 23 

FOR A SUMMER SEASON 

_THE TWO (CONNIES 

BOOK now; Theatre and Agnts. 


THEATRES 

MAYFAIR. CC. _ 629 _3036. 

Open* Mon.. Feb. 7, at 7-0. 
GORDON CftATER In 
THE ELOCUTION OF 
UNJAMIN FRANKLIN 
by Steve j. Spears. 
Outrageously Funny. . . . Preloundly 
mo»inn,” Variety. 

_Previews from Feb. 1st 


MERMAIO. 248 7656. Rest. 24B 2835. 
Evas. 8.00. Mats Mon Wed Frl. & Sat 5JH> 
DAVY JONES. MICKY DOLENZ 
In HARRY NEILSON-S 
.THE POINT 

a doaen denghttul songs which linger In 
the memory." D. Express. 

Stall tickets Cl as. £3.SB. Combined 
Dlnner-Tbeetre ticket £5.95. 


NEW LONDON, Ourv Lane. 405 0072. 
International Spectacular with tho 
magical ingredients or Theatre. 
Cabaret ana Circus. 

, SURPRISE, SURPRISE 
Sat 2.0 5.0. and 8,0. £13O-£330 
REDUCED PRICE5 FOR CHILDREN 
Las* Week. Must end Sat. 


NATIONAL THEATRE. 928 2252. 

OLIVIER topen stagej: Ton't 7JO THE 
COUNTRY WIFE uy-william Wycherley. 
T omor. 7JO Volpane. 

LYTTELTON tproscenlum sragci: Tont. 
A Tomor. 7AS STATE OF REVOLUTION 
bv Robe rt Bolt 

COTTESLDE amall auditorium); Tont A 
Tomor. 8 LAVENDER BLUE bv John 
Mackendrlck. 

Many .excellent cheat) seats al) 3 theatres 
aay of perl. Car park. Restaurant 928 
2033. Credit carp bkgs. 928 3052. 


OLD VIC. 928 7616. 

■ Christmas mats, lor children. 

“ Shrieks of delight . . . 

THE GINGERBREAD MAN A a tilt." 
Dally Telegraph. 

Solano id." 1 ne Hmes. 

Lovely stuff." Dally Express. 
Today ^ pjn. ana S p.m. Seats available. 
PROSPECT AT THB OLD VIC 
In repertoire Jan. 16-Mar. 25. 

ALL* FaR C ZoVE 

ANTON 5 ?*? CLEOPATRA 

Booking^ now open. 


THEATRES 

ROYALTY. CC. 01-405 8004. 

Monday.Thursday Evenings 8.0. Friday’ 
S.30 and 8.45. Saturday 3.0 and 8.0. 
London's critics vote 
BUBBLING BROWN SUGAR 
Best musical of 1977. 


5* V «»Y. CC. 01-836 8888. fcvoninus 8.00. 
Mats . Thurs. 3.00. Sat. 5.00. B.30. 
.ROYAL SHAKESPEARE COMPANY 

SUSAN HAMPSHIRE, 
NICKY HENSON. JAMES COSSINS in 
Bernara bnaw S MAN AND SUPERMAN. 
Directed by CLIFFORD WILLIAMS. "I 
***. JP 2 Cloud ol loy horn beginning to 
5H3' »!?: J.l7 le *!_ RSC al ‘° « Alqwycli 
f^^.f^ MlIly Thcaires. Credit Card - 
ooqKiftP accepiM. - 


SMAFIJOTURY THEATRE. 01-836 6596-7' 
Evs. 8.00. Mat. Thurs. 2.30. Sat. s.oo. - 
and 8 00 . 

TICKETS £1.50-64.00 
PAUL J0NE5 

A NEW ISth-CENTURY ROCK MUSICAL 
DREAM 

- K.™>„ arrv "drains." Even lira News,,-.. 

- gpjvyi.ng vigour. ,r Evening Standard. 

Pr»««wion." Stage. Dm.- 

SKd^Ssaaa? £7 - 7s - crwit 

■BCTa-ffa esumu 1 

NO SEX PLEASE — - 

. WE'RE BRITISH 

THE WORLD'S GREATEST 
LAUGHTER MAKER 


ergs- 8.00s- 

Mat. Tees. 2.45 Saturdays 5 and S. * 
AGATHA CHRISTIE'S 
Uf „. THE MOUSETRAP 
WORLD’S LONGEsT-EVER RUN. 
_ 2ptb YEAR, 


PALACE. 01-437 6834. 

Mom-Thur. 8.00. FrL. Sat. 6.00 & 8.40 
JESUS CHRIST SUPERSTAR 


PHOENIX, 01-836 8611. 

EVSS. 821. Mat. Wed. 3.0. Sat. perfs. 

KEITH 4 - 30 ^ 8 '%N €L OP e 
MIGHELL KEITH 

11WJ ^ NIGEL STOCK 

J AGO_ ROY DOTRICe 

to **• Festival Theatre’s 

“ OetstandJng revival ol buoyant Stow.’* 
_ Dally Telegraph. 


Mats. Thurs. 3J>. Sots. 3.0 end SJO. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
and Patrlda Kayes In 
F1LUMENA 
bv Eduards de Flrtgpo 
Directed bv FRANCO 2EFFIRVLLI 
“TOTAL TRIUMPH.- Ev. News. ” AN 
EVENT TO TREASURE.” D. Mir. “ MAY 
IT FILL THE LYRIC FOR A HUNDRED 
TEARS. Sunday Times. 


MAYFAIR 01-629 3036 

THE MAGIC MAN 
Marvellous Maples! Musical 
‘ STUNNING TRICKS.*- Dally Telegraph. 
MWL.Thui's. 8. FrL-Sat. 6.13 and 8J0. 


FHOENIX. 01-836 8611. 

Ooenlng Match 1. 

_ FINLAY In 

Th ® B| haisie MuBIcat 

* CLOWNS 

Med- price preve. from Feb. 16 . 


Sat. 
ROYAL 


4B0B - card bkg. 

836 3962 I EX. 5|Lr Mon. to Frl. 8.00. 
t- S;15 3_ Wi wtd. J.0 

LAST 3 WEEKS 
£**K*SPKARE COMPANY In 

1HSBS; K __ 

28- FewIWHOMiU,.THEAHl*. 

nn Winning Comedv. Privates 

_oe PBiMOo pert*, here from Feb. 2_ 


OF ,™E FOWNa - cc -. 734 5051 r 
a.15. Dlnlng-Panclng 9.30 Super Revue 
RAZ2LE DAZZLE 
and at 11 o.m. 

_BUDDY GRECO 


THEATRE UPSTAIRS. 730 2554. 

Until SaL Eyes 7.30 Private jenny in 
OUR OWN PEOPLE by David Edgar. . 


VAUDEVILLE. B36 9980. Evs. at 8. 
Mate- Tues. WS. Sals 5 and 8. 

Dinah Sheridan. Dnlcle Grav. 

Eleanor Summer held. James Grout 
A MURDER 15 ANNOUNCED 
THE NEWEST Whodunit 
by AGATHA CHRISTIE 
” Re-enter Agatha wltn another who-- 
dunnit hit . . . Agatha Chrisile is stalk-" 
Ing the West End yet again with another 
Of her fiendishly Ingenious murder 
mysteries." Felix Barker. Ev. News. . 


VICTORIA PALACE. 01-834 1317: 

Twice Dally at 2 3D and 7.30. 
BASIL BRUSH'S NEW REVUE 
BOOM! BOOM! BERT WELDON 
BOBBY CRUSH AND STAR CO. 

" A true family show." D. lei. 


WAREHOUSE. Donmar Theatre. B16 6S08. 
Royal Shakespeare Company. Ton't. 7.00 

first_night Barrie Keene's FROZEN 

ASSETS (unsuitable tor children). ATI 
seats £i.5o. Ad*. Bkgs. Aiawvch. 


WESTMINSTER. 054 0283. Dally at 3. 
Frl. and Sat. 3 and 6—Last week ^ 
RUPERT'S CHRISTMAS ADVENTURE 
The Family Musical. ■■ it’s a hit." F.T. 


WEMBLEY EMPIRE POOL untrl Feb. 2S. 
LAVISH ICE PANTOMIME 
HUMPTY DUMPTY 

Sheer sparkling spectacle." D. Tei.- 
Mon. to Frl. 7,46. Mats Weds.. Thurs. 
at 3. Sau. at 2. 5 « 8. Chidn s. Senior 
Cits, hall price except Sat. 2 & 5. Pay 
at doors. Enquiries 902 1234. Spacious' 
car park. 


F> M l Q N n CT ° F FrT ,A B LE % CC 01-930 8681. 
"• “m F ^. ?huSSy SM - J* BAS ’ 


«.cS&’iSfS' 
^^s^!oN“s.a iD ^ 6 CA " B 


fWWE. 01-734 1166 

DireM dv r cuF^*^ R ® &NNrrT 
I&TT*.£y F i 0R D WILLIAMS 
Plays THE YEAR 


"SW™ CC. 01-734 1593 

7 *MUJL RAViJ«. ,, ’ nL t8Ben Sun*-'- 
PA ME RAYMOND presents 

OF 

HJJ air conditioned you nuy 

jtnic and mokm In "“ v 

REGENT. CC 


Jji—r-wT^nii E *•« 01.63T 9862-3. 

cfa Vud m bSS F ’ ®- 00 ’ nun - and Sat - 

SEXU ANO iiN CHICAGO 
A ND DUOC VA Rl ATIO NS 

time. NVDIy News. 
Daily Tel. Student 
Sarw-by Tickets available after TJO pjh. 


RO *™ D ?5 7 SS64- EvBS. 8. 

ACTORS COMPANY M 

vspor 


ROYAL OOURT. 730 1745. PlW- from 
19 yor' d Pre miere nl 
.LAUGHTER ! 
tor pater Barnes 
Be* alto Theatre upstairs 


__._ _ CC. 447 6312. 

Twice Nightly at 8-00 and 10.00. 
OPEN SUNDAYS 6-00 and 8.00. 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

■•Takes to unartcedenied limits whet Is 
pumussiblo on our stages." Evg. News. 
You may smoke and drink in tbe 
Auditorium. 


WYNDHAM'S. 936.3028. Credit tarda 
-.bookings B3S 3692. iEa. Eat.i. Mon.- 
Thurs. 8 Frl. and Sat. 5.1 S and 8.30, 
„ "ENORMOUSLY RICH 
VERY FUNNY." Evening News. 

Mary O'Malley s smash-ait comedy 
ONCE A Catholic 

"Surefiro comedy on sex and religion." 
, Dally Telegraph. 
u MAKES YOU SHAKE WITH 
LAUGHTER." Gan. 


YOUNG VIC fnear Old Vlcl. 928 6363. 
Tonight 7-45 SCAPINO 


CINEMAS 

ABC 1 and 2. Shaftesbury Au* 836 9861. 
Sep. Perts. ALL SEATS BKBLI. 

1: THE GAUNTLET (X). Wk. & Son^ 
2.00. S.00. 6.00. 

3S THE LAST REMAKE OF BEAU 
GECTE (Al Wk. * Sun.: 2JJ0. S^o. 


CAMDEN PLAZA, upp. Camden Town 
Tnbe.__.48S_ 24.43. Tmrf»nj?pADftF 

405.^^25. *^Sfl| rant * *** CmmS ' 77 ‘ 


CLA«IP 1 2. 8 4. Oxturd Street. (On 
Tonmkam Court Rd. Tubei. 63 a 0310 ’- 
Ij SINBAD AND THE FTE OF Tl« 
TIGER (U). Progs. |,io. 3.S0, 5v50- 
8.10. Late show il p.m. Aew GMhrm - 
Jlmi Hendri* WOOOSTOCK Ot). " 

2: THE HIDING PLACE lAV Sw. Peril 
2-00. S.OO. 6.00. Lat* show 11 nm‘ 
EIWi Presley Cl BLUES <Ui TIT nw 
TAT <U) Laurel and Haray. T,T POR 
pW „ PJATH IB CHILD’S 

ftB. 01 ** Pr0BS ’ iD0 ’ « 6J0"S5 s. 

At WIZARDS IAI. PTOBS. 1,0. in in 

7.0- 9-0. Late thaw every nfsht li -m ’ 


CURZON. Cunon Street, W.i. -rv-n* 

syisrwau ; 

6^8 and 8.30. Last 3 Daw. ’ 

Continued on. Page 4 



10 


TINANCIAXTIMES 


BRACKEN' HOUSE, CANNON STREET, LONDON EC4P 4BY 


■Telegrams: Finantimo. London PS4. Teles: 886341/2, 883397 
: Telephone: Or-248 8000 


Monday January 9 1978 


Protection for 
textiles 


THE OUTCOME of the renego¬ 
tiation of the multifibre agree¬ 
ment must be counted as a not¬ 
able success for the protection¬ 
ist lobby in Europe's—and, in 
particular, the British and 
French—textiles industries. The 
European Commission, which 
conducted the negotiations on 
behalf of its members, secured 
virtually all of the industry’s 
objectives against the opposi¬ 
tion of both the United States 
and the third world’s principal 
low-cost textile exporting 
nations. The details now emerg¬ 
ing show that the new arrange¬ 
ments are much more compre¬ 
hensive. tighter, and less flex¬ 
ible than the previous agree¬ 
ment which had regulated trade 
in textiles since 1974 . 


and whose support for the pro¬ 
tectionists proved decisive. The; 
conld also point to the fact that 
Europe has both a much higher 
degree of import penetration in 
textiles and lower tariffs than 
the U.S. — and, for that matter, 
very much lower tariffs than 
the big Asian textile exporters. 
An orderly growth of trade — 
to use the phrase favoured by 
Britain's Trade Minister and 
France’s Prime Minister — 
should give Europe a chance to 
put its own house in better 
order. 



Pressures 


Sensitivity 

This agreement had two main 
defects. It set base levels for 
import quotas and annual rates 
of increase which were more 
appropriate for a boom than a 
recession: and it was unable to 
cope with the problem of 
“ cumulative disruption **■—that 
is a situation where import 
penetration is high and grow¬ 
ing but the imports come from 
a wide range of countries each 
contributing a relatively small 
share of the total. The new 
arrangements not only provide 
a much finer' mesh: the new 
quota categories are grouped 
according to sensitivity; future 
growth rates will be related 
strictly to the degree of import 
penetration: there are trigger 
mechanisms to extend the re¬ 
strictions as new suppliers 
emerge; and the bigger sup¬ 
pliers, such as Hong Kong. 
Taiwan, and South Korea, had 
to accept quota reductions in 
order to provide larger toeholds 
for other low-cost exporters. 

Certain aspects have yet to 
be clarified, such as the new 
Community surveillance system 
and the treatment of the Lome 
countries and the EEC Mediter¬ 
ranean associates. But it is plain 
that Europe's textile industries 
have now won four years of 
protection from import disrup¬ 
tion greater than that presently 
enjoyed by any other industry 
In the West The outcome was 
doubtless simply a matter of 
political realism for the British 
and French Governments, who 
made no secret of their fears 
of further large-scale job losses 


That is as it may be but there 
can be no disguising the fact 
that the new agreement marks 
another serious blow to the 
cause of free trade, a cause from 
which-all countries gain In the 
long ran. Protectionism comes 
in many forms—such as refer¬ 
ence prices in steel, quotas in 
textiles, and regional, invest¬ 
ment, or employment subsidies 
in most sectors—and the pres¬ 
sures for more of it are multi¬ 
plying fast. The *U.S. textile 
industry, for one, is now lobby¬ 
ing for textiles to be excluded 
from the GATT Tokyo round. 
Low-cost imports would not be 
half the problem were it not for 
the recession and over-opti¬ 
mistic investment (as in the 
chemical end of the textile 
industiy). Jobs have been dis¬ 
appearing because of rising 
productivity as well as because 
of import competition. Europe 
and other Industrialised nations 
still have a large overall trade 
surplus with the non-oil produc¬ 
ing third world. And many of 
Europe's b'iggest textile pro¬ 
ducers have already been suc¬ 
cessfully and profitably adapt¬ 
ing, investing, and exporting 
more upmarket products. 

The world trade recession 
may have shown up the weak¬ 
nesses in the GATT system for 
dealing with major cyclical 
problems and with the build-up 
of the third world's own manu¬ 
facturing export capacity. 
Having got its way in textiles, 
tile European Community may 
.now not be best placed to resist 
similar ad hoc arrangements 
growing up elsewhere. Yet we 
should never forget that Europe 
—and this country in particu¬ 
lar—has more than most to lose 
from a major lapse into protec¬ 
tionism. 


Consultation 


in Chile 


GENERAL Augusto Pinochet, 
the President of Chile, has 
hailed the result of the 
" national consultation ” held 
in his country on Wednesday 
us a clear indication of support 
for the policies he has been 
pursuing. According to the 
official figures, four voters 
supported him for every one 
who did not. Having held the 
consultation, the Chilean head 
of state pledged that there 
would be “ no more elections, 
no more voting, no more con¬ 
sultations.” adding that Chilean 
foreign policy would hence¬ 
forward assume a more aggres¬ 
sive posture. 


Doubts 


There can be little doubt that 
General Pinochet means what 
he says but it is equally certain 
that few people will believe 
that the events of Wednesday 
constitute a Fair and accurate 
sounding of public opinion as 
understand in the Western 
world. The haste with which 
the exercise was mounted, the 
absence of electoral rolls which 
were destroyed earlier by rhe. 
junta, the-lack of facilities for 
General Pinochet's opponents 
to put their case to the voters 
and the fact that there was no 
impartial authority to oversee 
the voting or the count are 
same of the factors which musL 
cast the gravest doubts over 
the validity nr the outcome. 

That these doubts are enter¬ 
tained not only by the junta's 
political opponents is shown by 
the fact that the Catholic 
church in Chile and two 
members of the junta itself 
have expressed their unhappi¬ 
ness with the consultation. 

The reaction of President 
Carter's administration to the 
voting has been swift and 
trenchant A State Department 
spokesman has openly said it 
was riased. The uncompromis¬ 
ing nature of the comment sug¬ 
gests that Washington wants to 
, efface the memory of General 
■ Pinochet's meeting with Mr. 

Carter in the U.S. capital last 
. September at the time of the 
signature or the U.S.-Panama- 
nian agreements or ar least 
remind the world that the 
Chilean general's presence in 
Washington was not a sign of 
U.S. friendship towards him. 


The real importance of the 
event lies in the fact that it 
has revealed more clearly than 
ever- the sharp divisions of 
opinion which exists within the 
four-man junta. Admiral Jose 
Toribio Merino, the head of the 
navy, and General Gustavo 
Leigh, the air Force chief, have 
strongly implied that the vote 
should never have taken place. 
General Leigh has gnne further 
and stated that it will shake the 
junta. General Pinochet’s only 
ally among his colleagues is 
General Cesar Mendoza, the 
commander of the gendarmerie. 

This manifest disunity bodes 
ill for the future nF the junta 
in a year in which it faces a 
number of mainr challenges. 
Each of Chile's three neighbours 
is potentiallv hostile. Peru and 
Bolivia in the north have nor 
fnrgntteTi the War nf the Pacific 
of 1R79 when both lost territnrv 
to the Chileans. In the south 
Argentina has expressed its 
ereat unhanniness with the 
British arbitration award to 
Chile of three small island* near 
Cape Horn which both countries 
had been claiming. 


Uncertain 


On the domestic economic 
front the outlook for copper, by 
far the largest of Chile’s ex¬ 
ports. is uncertain. The price 
Chile received for its copper last 
year was below the govern¬ 
ment's expectations, which were 
modest enough to begin with, 
and with the world’s stockpile 
of the metal growing steadily 
there is little hope of a sudden 
recovery in the price. With a 
depressed copper price no gov¬ 
ernment in Santiago, whatever 
its political colour, can expect 
to be without severe economic 
problems. 

On the internal political front 
too the junta will almost cer¬ 
tainly face difficulties. The oppo¬ 
sition of the Christian Demo¬ 
crats and the Socialists to the 
consultation was predictable. 
Wbat has been more surprising 
is the criticisms of it which 
have come from sectors of con¬ 
servative opinion which norm¬ 
ally support the junta. Jt is pos¬ 
sible that the Chilean electorate, 
having once had an opportunity 
of expressing itself at the ballot 
box this year, will wish to repeat 
the experience sooner than 
General Pinochet bad planned. 


Aahtn Asfuraod 

The plum development of the new Criterion site goes to Sir Charles Forte, chief executive of Trust Houses Forte. 


Goodbye Piccadilly, hello Eros 


By JOHN BRENNAN, Property Correspondent 


T HE Shaftesbury Memorial 
Fountain, better known as 
Eros, has acted as the 
battle standard for defenders *»f 
Piccadilly Circus. But Sir Alfred 
Gilbert, who sculpted Eros, had 
no such enthusiasm for the area. 

In 1893 Sir Alfred described 
the Circus as “ a distorted 
isochronal triangle, square to 
nothing of its surroundings . . . 
an impossible site, in short, upon 
which to place any outcome of 
the human brain, except 
possibly an underground lava¬ 
tory.” 

So much for the romance of 
Eros. The death of King Edward 
VII in 1910 provided Circus 
critics with an opportunity to 
redraw this distorted triangle. 
Plans were made to clear the 
area, and to create a rectangular 
open space watched over by a 
statue of the late King, a 
Shakespeare Memorial Theatre 
and a National Opera House. 


Architectural 

chaos 


King Edward did not oust 
Eros. And two world wars later 
the architectural chaos of Picca¬ 
dilly Circus was too- firmly 
identified as the heart of the 
Capitol to be treated as just 
another building site. That did 
nf'* stop two generations of pro¬ 
perty developers from attempt¬ 
ing to break the spell. 

In a few weeks’ time the 20- 
year battle for Piccadilly Circus 
will be over. Renovation or re¬ 
building work has started' on 
all the major development sites 
bounding the Circus. And the 
final piece of the planning jig¬ 
saw will slot into place this 
spring with plans to re-route 
westbound traffic south of the 
Circus, leaving Eros in the 
centre of a traffic-free piazza. 

The choice of progressive 
renovation of existing buildings 
rather than massed rebuilding 
of the whole area has been 


forced on local site owners. 
Successive development schemes 
since the war .have been sub¬ 
merged by an avalanche of 
public criticism, criticism grow¬ 
ing from-the belief that Picca¬ 
dilly Circus has some inalien¬ 
able right to exist in its tradi¬ 
tional form. 

The Circus has not always in¬ 
spired such support, as is shown 
by Sir Alfred's remarks. 

Jack Cotton, one of the first 
post-war property developers to 
catch the public's imagination, 
derided to cTown an already 
legendary career with a compre¬ 
hensive redevelopment of the 
Cafe Monica site to the north of 
the Circus. 

Mr. Cotton chanced upon 
Monico, the former Express 
Dairy cafe, in 1954 He paid Just 
£500,000 for the core of a site 
which was gradually assembled 
into the home for what Cotton, 
fresh from his successful devel¬ 
opment of the world’s largest 
office building, the Pan-Am 
tower in New York, described as 
his “most striking project” He 
hoped to rebuild “the hub of 
the first city of the British 
Commonwealth.” . 

Cotton’s idea for a massive, 
and massively profitable office 
tower on the site passed un¬ 
hindered through the planning 
process and was accepted by 
the Royal Fine Arts Commis¬ 
sion. But in September 1959 
Jack Cottou unveiled the. 
scheme publicly. Howls of rage 
from the public, Press and Par¬ 
liament sent the planners back 
to ffieir papers where a minor 
technicality led to delay, a 
public inquiry by the Housing 
Minister, and the eventual 
abandonment of the scheme. 


Westminster City Council, pro¬ 
posed a comprehensive scheme, 
segregating pedestrians from 
traffic and creating a ring of 
office towers overshadowed by a 
435-foot giant on the Criterion 
Theatre site to the south. 

Neither the public nor the 
property developers liked the 
plan—but for different reasons. 
A public exhibition of the 
scheme in 1972 brought protests 
about tiie proposed destruction 
of the character of the Circus in 
favour of excess office develop¬ 
ment. Site owners, however, 
complained about insufficient 
office content to make the re¬ 
building viable. The scheme 
faded from view. 

Later in 1972 efforts to revive 
the redevelopment plan allowed 
for 540,000 square feet of offices 
on the major sites and an un¬ 
usual planning swap arrange¬ 
ment with Land Securities 
Investment Trust, the property 
group that had acquired the 
Monico site with the takeover 
of Jack Cotton's City Centre 
Properties in 1968. Land Securi¬ 
ties was offered planning per¬ 
mission for 400,000 square feet 
of offices on a site away from 
the Circus in exchange for a. 
smaller development on Monico. 


The years of 
battle 


■ Shocked by the prospect of 
piecemeal redevelopmenr of the 
area, the Government called for 
a comprehensive study of the 
Circus and for plans for an 
integrated rebuilding scheme. 

Lord Holford, acting for the 
Greater London Council and for 


Again protests flooded into 
the planners' offices. The influ¬ 
ential “Save Piccadilly” cam¬ 
paign ripped into the plans, 
saying that “the present system 
of trading off a planning permis¬ 
sion for the odd crust is a form 
of legalised corruption.” . 

The Campaign highlighted the 
incompatability of GLC-West- 
minster Council talk about 
retaining the character of the 
Circus with their proposals for 
total rebuilding, arguing that 
“If the Criterion building is to 
be rebuilt in replica, why not 
insist that this treatment is 
extended so that the whole of 


the area is rebuilt as if by an 
Arizona millionaire, or why not 
build replicas of even better 
buildings in the area, such as 
Westminster Abbey?” The Cam¬ 
paign’s not so gentle irony, con¬ 
stant disagreements about the 
way to separate traffic and 
pedestrians, and protracted 
battles over every detail of the 
rebuilding work left the archi¬ 
tects’ drawings gathering dust 

Mr. Joe Levy’s Stock Conver¬ 
sion and Investment Trust, 
leaseholder of the Trocadero 
site to the east of the Circus, 
stood by as the planners argued. 
The group's annual accounts 
over the years of the battle best 
illustrate the feeling of steadily 
decaying enthusiasm for Picca¬ 
dilly, a feeling that eventually 
forced developers to throw in 
the towel. 

In 1972, Stock Conversion’s 
shareholders were warned that, 
no timetable had been set for 
this *' exceptional development” 
The following year “ active dis¬ 
cussions " were still taking place 
over this “important develop¬ 
ment” In 1974 discussions were 
still taking place “in connec¬ 
tion with the proposed develop¬ 
ment.” .... 

By 1975 the scheme which Mr. 
Levy had once described as “the 
most profitable in the world ” 
had become a tiresome bore. 
Shareholders were told that ."as 
a result of the delays experi¬ 
enced and in the absence of any 
likelihood of an acceptable ^plan¬ 
ning consent being obtained, it 
became evident to your directors 
that any form of redevelopment 
of this site would prove wholly 
uneconomic . . 

Stock Conversion sold its 
leasehold interest in Trocadero 
to the site freeholder. Electricity 
Supply Nominees, the electricity 
industry's pension fund. ESN, 
advised by surveyors Richard 
Ellis, has abandoned plans for 
a new building in favour of 
progressive renovation. The 
critics of office towers got their 
way, and by removing the un¬ 
certainty and..extending lease 


terms, ESN has been able to 
raise the “planning blight” 
that allowed the area to deterio¬ 
rate almost into a neon-lit slum. 

ESN is understood to be dis¬ 
cussing the problem of re¬ 
routing westbound-traffic away 
from the Circus, possibly involv¬ 
ing the widening of Great Wind¬ 
mill Street and its alignment 
with the Haymarket to allow a 
flow behind the Criterion site 
on the south side. 


Piccadilly. The Criterion site is 
an important part of Piccadilly 
Circus and its revamping Is the 
key to the future shape of the 
Circus as a whole.*' 

Now that the Criterion re¬ 
development is under way the 
shape of all the major sites 
surrounding Eros has been set 
To the north Land Securities is 
rebuilding the Monico site. 


Defeat into 


victory 


This move would create the 
Erns pizzia in front of Lilly- 
white’s store and the Criterion 
Theatre, creating a stage fnr 
the one major new-bnilding pro¬ 
ject in the area. Trust House 
Forte, which holds the Criterion 
site on a long leasehold from 
the Crown, has had its 42nd 
redevelopment plan for the site 
accepted by the GLC and West¬ 
minster Council. THF exnects 
to start work on the building 
this spring. 

The one site owner which 
professed itself “ not a. property 
developer” has emerged with 
the plum development THF’s 
architect Mr. Dennis Lennon, 
has seen his plans fnr a 435 
foot office tnwer detnnlished, and 
proposals to bulldoze the 
Criterion Theatre savaged by 
everyone from Sir John Betje¬ 
man (” an irreparable loss of an 
exquisite Victorian restaurant 
and theatre of the 1870s") to 
Vanessa Redgrave. His compen¬ 
sation is 175.000 square feet of 
offices in a concrete web remi¬ 
niscent of the Crystal Palace. 
THF’s patience has' been 
rewarded with the offices and .a 
500 £or>t' covered.. shopping 
arcade circling the new block 
at ground level' and guaranteed 
to attract premium retail rents. 

Mr. Sandv Saudford. chairman 
of the GVC’s central area plan¬ 
ning committee.' has said: “At 
last .things are coming right in 


Gone are the office towers. 
Instead the group is in-filling 
space behind the existing facade 
with a simple shop and flats 
scheme. Jack Cotton's dream 
site has turned into what the 
Architects Journal describes as 
a “spectacular example of under 
development.” 

The GLC-owned London 
Pavilion, standiug to the cast 
of Eros facing fHccadilly and 
Regent Street, has survived 
demolition plans and was re¬ 
stored in honour of the Queen's 
Jubilee. Refurbishment work 
progresses on the Trocadero site 
behind the Pavilion. 


A monument 


..... in aspic 

Twenty, years of planning 
battles have brought Piccadilly 
Circus very close to square one. 
But the fight has not been en¬ 
tirely pointless. 

As a testing ground for rela¬ 
tions between the public end 
planners the battle for the 
Circus has emphasised the 
dangers of attempting to impose 
drawing board solutions on 
publicly sensitive areas. The 
Piccadilly fiasco has also been 
a damning indictment of modern 
architecture's inability to gain 
public acceptance. 

In the last analysis the new 
Circus is little more than the 
old, repolished and set in aspic. 
It remain's to be seen whether 
this compromise will retain the 
bid life of the area as effectively 
as the more dramatic rebuilding 
plans were expected to kill it. 


MEN AND MAHERS 


The majestic 
silence 


I learn that the Queen will not 
be replying next week to 
President Carter’s transatlantic 
greeting, which will be radioed 
from Cape Cod to Cornwall on 
the 75th anniversary of 
Marconi’s first message across 
rhe ■ ocean. In t903. President 
Roosevelt made an historic 
greeting to Edward VII, who 
was constrained tn reply by 
cable because the British radio 
men were off duty, it being a 
Sunday. 

This time, says Buckingham 
Palace, regulations debar the 
Queen from participating in the 
commemoration. It seems that 
British radio amateurs are not 
allowed to handle “third party ” 
messages, in case they do the 
Post Office nut of business. In 
the United States there are no 
such limitations, which is one 
reason why the White House 
was quick to agree. The presi¬ 
dential message has already 
been recorded' and is reported 
to embody congratulations on 
the royal jubilee. Doubtless the 
Post Office would have turned 
a blind eye—or a deaf ear, 
rather—if the Queen had 
broken the rules. But I also 
gather that while the Queen is 
happy to send messages to 
commemorate the fiftieth or 
hundredth anniversaries of 
great events, she considers that 
75 years do not quite warrant 
it 


those directors, Godfrey 
Bostuck, takes up a new appoint¬ 
ment .where he finds a number 
of ex-Ionian colleagues gathered 
together. He joins the Board of 
Anthony Wieler, investment 
managers, in a non-executive 
role. The two managing direc¬ 
tors are Wieler himself and 
Patrick Ridgwell. who both left 
Ionian in its happier days in the 
earlier ’seventies; they had both 
been investment managers in 
the bank. Another Wieler man 
is Christopher Stacy Waddy, 
one time Ionian director. He 
has non-executive status and is 
currently in the Bahamas to 
advise the Government there on 
setting up a development bank. 

Bostock says he is delighted 
with his new appointment, and 
reckons that Wieler has an 
*' exceptional team.” When I 
mentioned Ionian, be was- less 
forthcoming: “ You wouldn't 
want me to comment on that, 
would you ? ” 


in Hong Kong with his wife- 
and four children he will be' 
looking for new liquor brands 
for the Jardine portfolio. In 
cognac, the group already has 
Hennessy, and Holloway admits 
to a certain satisfaction that 
he will be pushing it against 
Remy Martin, the Far East 
market leader which he sup¬ 
ported in Britain during his 
days with Bass. 

While Holloway looks .ahead, 
Jardine’s can look .back in the 
liquor business tn the 19th 
century, when it - opened 
breweries on the Chinese main¬ 
land. But they were abandoned 
when Mao came to power in 
1949. 


melancholy beauty of thejnuslc 
itself, ■ It. was to these strains 
that the jack-booted Hungarian 
army guards with their austere 
khaki uniforms and red-banded 
.caps goose-stepped.'away With 
the jewels at' 1 -the end of the 
ceremony. 

The Hungarian people will 
have to: wait a while'before they 
cam start -queueing at the 
National Museum,-, once the 
royal palace, to see the crown 
and the regalia oh display. - But 
the saturation TV coverage of 
the ceremonies has produced a 
mood of elation. So perhaps 
the country, scarcely noticed the 
steep rises in coffee, chocolate 
and other goods that were 
announced yesterday. 


Starry eyes 


Moving spirit 


Ionian memories 


It was a year ago this week that 
the Ionian Bank, founded 1839. 
announced -that it was throwing 
in the towel; last month its 
antiquely-named “court of 
directors ” held a last sad meet¬ 
ing to mark the completion of 
run-down with Bank of 
England help. So it is curiously 


fitting that. this week one of 



Despite Japan’s newly an¬ 
nounced decision to lay an 
extra 30 per cent, duty on 
whisky, Roger Holloway still 
believes he will persuade the 
Far East to take a White Horse 
anywhere. That brand is The 
lynchpin of Jardine Matheson’s 
wine and spirit business, for 
which Holloway has just been 
made chief executive. Based in 
Hong Kong, the international 
Jardine trading group made a 
pre-tax profit of somewhere 
between £3 ul and £4m. last 
year from its Far East liquor 
sales. Thirsting for more, it 
offered 44-year-old Holloway 
what he calls “the best„wine 
and- spirit job In the world.” 

He resigned from Bass 
Charrington last March In the 
wake of a reshuffle, having been 
Bass marketing director and 
managing director of Hedges 
and Butler International. As 
soon.us be bas..settled.himself. 


Janos Radar's reputation as the 
most self-effacing leader in 
Eastern Europe has been under¬ 
lined by his studious non- 
appearance at the week-end 
ceremonies to mark the return 
from exile of the St Stephen's 
Crown and coronation regalia. 

The event was seen as a 
penpie-to-penple gesture; so it 
was not Radar, who as Com¬ 
munist Party chief has been 
Hungary's effective leader for 
the last 21 years, but Antal 
Apro, president of the Hun¬ 
garian parliament, who received 
the Crown Jewels from U.S. Sec¬ 
retary of State Cyrus Vance. 
However, the people as such 
were conspicuous by their 
absence—both along the route 
from the airport, where the 
crown was welcomed home to 
the strains or the patriotic 
Raknczi March played by an 
Hungarian array band-—and the 
following day in parliament 
itself. 

Unlike most of the com¬ 
munist counrries, Hungary did 
not change its national anthem 
with the change of regime— 
partly a reflection of a strongly 
nationalist spirit but also, one 
suspects., because, of. the sombre, 


Handle with care 

Slight anguish in Aldermastonr 
nonagenarian - artist Duncan 
Grant tells me he is worried 
that I quoted him as saying that 
oil paintings can be cleaned 
with' washing-up . liquid. -“ You 
must be very cautious about it,” 
he-says. “I haVe awful visions 
of people rubbing away wildly 
at their paintings. The solution 
must be very dilute and you 
must not use elbow grease.” So 
go easy on' that old master over 
the mantelpiece.... 


Un mysterious 
East 

One of James Callaghan’s 
entourage who saw some novel 
ideas in the Orient was Super¬ 
intendent Wickender, in charge 
Of British- security arrange¬ 
ments. The two cars folio wine 
the Premier’s in the ride 
through Dacca, capital oi 
Bangladesh, bore windscreen 
stickers boldly proclaiming 
“GUNMEN” and “PLArN 
CLOTH GUNMEN." In his turn. 
Jim was elevated above the level 
of a mere VIP. He was 
designated “WIP.” 


Observer 


you will wish 
to consider 




a will 



Over 300,000 of Britain’s old. people are in genuine 
eetr-b 


neecr- because of acute loneliness, bad housing or 
disability-. The number is growing as the proportion of 
elderly people increases. 

* An official report records, the sad feet that many old 
people are “huddled in icy rooms, wrapped in rugs, 
unable -to afford proper heating,'* It is medically esti- 

' mated'-that up to 2QJX)G die,.. In winter from “hypo¬ 
thermia” (fall in“innier”'Body temperature), 
tragic need of old people is increasing. 

* Voluntary service is Increasingly : needed to bring 
personal care to old people, and-to meet widening gaps 
leffby state organisations. 

^Gld pepple overseas- also struggle against terrible 
- hungfir'andlack of-medipal 'help. - 
How~Help the Aged get things done 
for those in the greatest need. 

^It mobilises experienced volunteer effort, and so 
achieves maximum results from every lentrusted to it. 

* It has pioneered flats for old* people; and now Day 
Centres for the lonely. Work Centres to provide light 
employment, and Day Hospitals fnr those who need 
regular treatment but not fell-time hospital. The 
charity is also active arranging volunteer transport for 
the housebound, extra^ medical research, and much 
more. 

* In places stricken by earthquakes, floods and famine, 

and hunger. Help the Aged is well known for its swift 
practical aid. . „• 

The charity’s work has been endorsed by many 
eminent people, including Lord Shawcross, General Sir 
Brian Horrocks, and Dame Vera Lynn. Its President is 
the RL Hon. Lord Gardiner; Hon. Treasurer, The Rti 
Hon. Lord Maybray-Klng. 

Write or telephone far .interesting and Informative 
booklets and the annual report and accounts to: The 
Hon, Treasurer, Lord' Maybray-King, Help- the Aged, 
Room FTSL, 32 Dover Street, London W1A 2AP (Tele¬ 
phone: *01-499 0972). 

Perpetuate a loved name and help work for old people 
£150 inseri&ea o name in enduring memoru on Ike 
Dedication Plaque of a Dap Centre. 

£100 provides a hospital bed in India or Africa with an 
tnscrfplton of pour choice. _ 


.onipe 





W 


'O 



















iroi 


• The Association of International 
Bond Dealers’ (AIBD) compile., 
current market quotations, and yields 
for’ Eurobond issues. These 
quotations'and yields are published 
monthly by the Financial Times. 

The Association’s prices and 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 AIBD, which was 
established in 1969* comprises over 
450 institutions from about 27 
countries. 

A key to the tables is published opposite. 


?• . . 

I'-..* a 

v. v-UKt. 

‘ " • ■■ 

• l ! :; * 

. . > 

;r ” 


Eurobonds in December 


BY MARY CAMPBELL, Euromarkets Editor / 




inonmiK 
in avpic 


Currency considerations became even 
more important in the international bond 
market in December than in the two 
previous months and the collapse of the 
dollar together-with the Chris tmas/New 
Year holiday caused the dollar sector to 
close down. 

Activity was. already slow early in 
December and all but ground to a halt 
completely during the two week period 
before the New Year. Prices were marked 
down as the dollar fell but on very low 
turnover. 

The favourable impact of the currency 
situation on .the D-mark sector . was 
intensified when, pie Bundesbank on' 
December 15 announced measures, to 
deter flows of foreign funds into deposits 
with German banks and into certain kinds 
of domestic DM bonds. This meant that 
demand for D-marks was channelled into 
D-mark foreign bonds even more than 
would otherwise have been the case. 

The currency movements during 
December included a fall in the dollar 
from Sw.Frs.2.1625 to\$w.Fre.l.9SS7J and 
from DM2.2263 to DM2.0975. 


" In the context of falls such as these the 
fact that Eurodollar short term interest 
rates fell back slightly during the month 
while . Eurobond yields continued 
upwards, thus widening the yield gap, 
proved - irrelevant Conversely the fall 
in Euro-deutschemark deposit rates from, 
about - 4}. per cent, at the three-month 
maturity'at the end of November to about 
2 -i per cent at the year end did nothing 
to stem demand for D-marks and if any¬ 
thing increased the attractions of foreign 
D-mark bond issues since’ D-mark' bond 
yields fell much less. 

-The general contrast between the weak 
and strong currency sectors was seen not 
only in-the-secondary market but also in 
the primary market. Thus of the D-mark 
issues priced in the latter half of 
December, the Standard Chartered bond 
was increased in size by a quarter to 
DM 125m.,. and priced at 1004, the Pemex 
issue was priced at 100J while the Inter- 
American Development Bank’s offering 
was priced at 100J after having been 
originally Indicated at 99j. 

The volifibe of D-mark bonds scheduled 


in January was set at a significantly 
higher level than that for December. 

Swiss franc foreign bonds also profited 
' from the : currency situation, moving to 
premia of several points above their offer¬ 
ing prices in the after-market. 

The main issue in the dollar sector was 
a S5Q0m. offering for Shell. This was 
halfway between a public issae and a 
private placement. Since althoogh a 
quotation is being sought and the bonds 
were offered via a selling group, the 
entire issue was bought by the manage¬ 
ment group before being offered to the 
market generally. 

The key point about the issue however 
was that although it was announced early 
in December the payment date was set 
for the end of January. This meant a 
long period during which the managers 
and selling group members could gradu¬ 
ally place the bonds. 

By the time the issue was priced (at 
99) some $150m. of the total had been 
placed. 

It was generally thought that the 
success of the issue would depend on 
improvement in the dollar during 
January. . 

- The three big Swiss banks headed the 
management group and were thought to 
have bought over half the offering. 

The general attempt to cut back all 
commitments before Christmas meant 


that there were no dollar bonds on offer 
during the week between Christmas and 
New Year. Over the New Year weekend 
a two-tranche 8200m. offering for the 
European Investment Bank was 
announced. 

The first of the league tables and the 
statistics for the Eurobond market for 
1977 which started to trickle out at the 
turn of the year showed up a sharp rise 
in the importance of the D-mark and of 
the German banks in the Eurobond 
market The D-mark increased its share 
of Eurobond issues to 27 per cent of the 
total in 1977, from 17 per cent in 1976. 
The other main currency change was a 
virtual disappearance of the Canadian 
dollar which had acounted for over 10 
per cent of issues in 1976. 

The dollar maintained its share at over 
60 per cent of the total, though it 
accounted for a much smaller proportion 
of issues in the last quarter. 

The German banks also pushed up their 
positions in the league tables of lead 
managers. Deutsche Bank moved to the 
top. ahead of Credit Suisse White Weld, 
and other German banks moved up as 
well. 

Bondtrade Indices Dec. 30 Nov. 30 

Medium term . 101.38 1D1.6S 

Long term . 94.19 94.72 

Convertible . 107.54 108.09 


CONTENTS 

GROUP HEADINGS PAGE 
US Dollars—-Algeria 12 

—Australia 12 

—Austria 12 

—Belgium 12 

—Bolivia 12 

—Brazil 12 

US Dollars—Canada 12 

—Colombia 12 

—Denmark 12 

—Finland 12 

US Dollars—France 12-13 

—Gabon 13 

—Germany 13 

—Greece 13 

US Dollars—Bong Kong 13 

— Hungary 13 

—Iceland ■ 13 

—Iran 13 

US Dollars—Ireland 13 

—Israel 13 

—Italy 13 

—Jamaica 13 

US Dollars—Japan 13-14 

—Korea 14 

—Luxembourg 14 

—Mexico 14 

—Netherlands 14 

US Dollars—New Zealand 14 

—Norway 14 

—Panama 13 

—Papua 14 

—Philippines 14 

—Portugal 14 

US Dollars—Singapore 14 

—Sooth Africa 14 

—Spain 14 

—Sweden 14 

US Dollars—Switzerland 14 

—'Venezuela 14 

—United Kingdom 14-15 
—United States 15-16 

US Dollars—Multinational 16 

—Supranational 16 

US Dollars—Floating Bate 16 

Australian Dollars 16 

Austrian Schillings 16 

Canadian Dollars 16-17 

Euro guilders ]8 

Enro Composite Units 18 

Euro Currency Units IS 


GROUP HEADINGS 
Euro Units of Account 
French Francs 
Hong Kong Dollars 
Japanese Yen 
Kuwait Dinars 
Kroner (Denmark) 

Kroner (Norway) 
Luxembourg Francs 
Saudi Riyals 
Sterling/DM 
Australian Dollar/DNI 
External Sterling Issues 
Special Drawing Rights 
Convertibles—France 

—Hong Kong 
—Japan 
—Luxembourg 
—Netherlands 
Convertibles—Singapore 
—S. Africa 
—Sweden 
—Switzerland 
—U.K_ 
Convertibles—U.S. 


The table of quotations and yields 
gives the latest rates available on 
31st December, 1977. 

This information is from reports 
from official and other sources 
which the Association of niter- 
national Bond Dealers considers to 
be reliable, but adequate means of 
checking its accuracy are not avail¬ 
able and the Association does nut 
guarantee that (be infprmation it 
contains is accurate or complete. 

All rates quoted are (or indication 
purposes only and are not based on. 
nor are they intended to be used 
as a basis for, particular trans¬ 
actions. In quoting the rates the 
Association does not undertake 1 that 
its members will trade in all the 
listed Eurobonds and the Associa¬ 
tion. its members and the Financial 
Times Limited do nnt accept any 
responsibility for errors in the 
table. 


_ • 

Competitive quotations? 



S 

■visli 

ler 

ring 


Try us 


We are leadingmarketmakers in Etiroguilder : 
notes, domestic guilder bonds and in addition ; 'X- 
mainrain secondary markets in Eurodollar straight-^ 
and convertible bonds- .. . ' 

* Take advantage of our six pages with quotations 
on the Reuter Monitor System: NMB A-B-C-D-E-E- 
Please contact our dealers: 

telephone.. 3120 - 54329.85 or 86 or 87. -7-? 

Telex: 12009NMBSNL. ’ 77 

NMB Bank, Securities Division, Amstel- -7 
straat 2JL P.O. Box 1800, Amsterdam, Holland. 7 


We are a member of the Inter-Alpha Group 
of Banks, and have ioint-representative offices 
in Teheran, Singapore, Hongkon&Tokyo and - 
. Sao Paulo. •• 

NMB Bank has representative-offices in' 
: NewYork, Sao Paulo, Beirut and a full branch in 
; Curasao, Netherlands Antilles. 

. Balance sheet total in 1976: Dfl- 22,266 million. 


NEDERLANDSCHE MIDDENSIANDSBANKN.V 


Limited 


ompany 


150 Leadenhall Street London EC3V 4PP Telephone: 01-638 3654Telex: 8811001 


Capital Issues and 

Medium Term Loans in Eurocurrencies 

Project Financing Investment Services 

Foreign Exchange 

Market Makers in nternational 
Bonds and Notes 


Member Banks . 

Amsteicb^^ BancaCbrrrnefdaie&alianaS^ Gedtanstait-Bankveein Deutsche Bank/G 

A^dlarriBankliiiited Soafig Generate de Banque 5A * Sodete C6n6rale ffianc^ 






















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1975 

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1983 IP ID (96 105 305 520 927 tot 9M 

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98.50 

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9.04 


DP .82 

ISJ( US 97b 


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1970 

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9.44 

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9.50 1/11/1983■ 


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KP l.M 

1971 LX 


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1975 

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102 1/8 

9.25 

9.43 

9.71 

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1982 SP EU' 454 105 MI too 975 


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1976 LX 


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CUKUM&ALIB - AUSHALU 

99 

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19/8 SP R *58 105 8U5 92J Ml 973 


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1978 VP KY *58 IDS 805 923 MI 973 


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1.46 

8.B* 


2.00 

1970 LX 


1976 

P10Y1KE 

- S£V BBUSSW1CX 102 5/6 

5.39 

a.u 

8.53 

10L.D0 

198a Vt ED 517 *** 

12 M 

100.75 

8.75 

1/ 8/14S) 






Ut 

S.iW 

1971 

nuITlSCE 

UF VEUFOUSUUVD 

100 i /( 

B. 17 

8.4/ 

8.41 

182.50 

1981 KP 30 346 105 MX 9*5 975 980 • 

12.00 

99.50 

6.SO 

2/ 3/1984 


4.4L 

1.46 


1.40 

1172 LX 

*.SU 

1177* PX0CIKCE 

ur NEuniuuiuvo 100 3/* 

11.13 

8.88 

8.9 J 

101,00 

19(3 SP ID *9 *4* 

25.00 

IUO.5u 

9.00 

15/ 2/I9U9 





FT 1.88 

1977 U 

34.00 

1970 

PFUYIVUE 

ur M0V6 SCOTIA 

101 3/6 

7.37 

8.6$ 

8.95 

102.50 

19(013 H 346 IQ? HZ 9*5 975 988 


ioo.ua 

9.00 

15/ 5/1915 


4.27 

8.48 


1.00 

1971 LX 

50.00 

1975 

riuritoc 

ur OKAU0 

11)0 1/2 

4.94 

8.24 

8.33 

100.00 

1511 IIL R 479 40 8ft5 927 


U)0. DO 

8.20 

15/12/1992 S 






ICC 

18.00 

3.38 

1475 

rbJYiSLF 

UF UKtAXlU 

IUI 1/2 

27.46 

9.18 

9.19 

10J.8S 

>990 UL SY *79 927 

in .HI 


96.50 


97,73 
1 


17.50 


BORROWER/ 
COUPON MATURITY 

RRICE 

'jcniai - ass “usLUIAl 
i.'S 30/ E/198* 

1$ 31b 

HEMAZX - W>«tC*C0 UU 
b.925 17/ 3/X98* 9 

Ji 3/8 

D ENSUE -rMCUfiD SAKE 

Q.a aw 1/1986 

94 1/2 

>QU8X Ni KDBICACE RA5K 
6.75. 28/ 2/19(2 . 

98 3/8 

DOMAEE «■ JtlMCAcr BASE 
7.55 If J/1980 

100 

DBOUiC * WXTUACE 8AKC 
•7.50 1/ 1/J99L 

93 


ui: 

v-S/l 


gw 

ill 


g 

Eo 


•B 




ur ^ 


• °-5s? 

j?o 


<S:S 

0«D“" 


*“S! 

~j a ■ 
*2 , 
C ui 


SI 


; u I— * 


MARKET MAKERS 


!2S 

zz 


si3 l 


. 3 
i U 

ul 


4.10 

3.72 


4.37 

7.01 


b.<l 

3-21 


6.(0 

7.39 


n.vH 


1.U7 

4.1)9 

4,16 


7.17 

7.17 


l.bl 


7.21 

2.51 


2.17 

1.17 


7.23 

7.22 


7.25 


1,41 

1.71 


8.’!i 

1*64 

98.75 


nnuABC - HoanuLc ws 
9,uo 1/ 4/l(lJ 


12* 

101 1/r. 5.25 1.42 


DP 

1.47 100.50 


100.50 

w:( 

b? CU 

315 

U» 

W» 

710 

720 

7M 

735 

1.0) 

|97U 

LLLX 


1J2 

941 

1$J 

SMI 

9/i 


lklu.bU 

14/S 

u, a* 

359 

105 

520 

710 

720 

DU 

735 

.(■) 

1970 

LSLX 


1J2 

Ml 

155 

940 

975 


102.00 

19/8 

CC EL' 

315 

M5 

520 

710 

720 

7JU 

735 

.66 

1964 

LYU; 


933 

Ml 

$59 

$40 

975 


lb-'. 00 

1178 

CC *C 

313 

103 

520 

7 IQ 

72« 

730 

735 

1.00 

IMS 

LSLX 


932 

9*1 

955 

MO 

9/5 


100.lift 

1171 

CC OJ 


US 

520 

7» 

7-0 

730 

735 

1.5U 

1961 

ASLX 

0(1 

959 

MO 

979 



191.75 

mi 

<M ED 

3?7 

105 

tu 

39? 

320 

710 

719 

■ .50 

1976 

LX 

720 

730 

733 

933 

9*0 

9U 


JRUSD-niBK ttlLIUC 
5.75 15/ 9/191* 


19*4 

*1.73 


JST1AKD .TFLLPnXE 
5.75 1/ 5/1914 


5.U0 

2.34 


ll*fc 

88.06 


oanjjKD taxmijBE 


75 1/ 3/1994 X 




1943 

91.75 


ximkk arvmmx 
5.55 1/ 3/197* 


93 7/1 

94 1/4 
94 3/1 
98 m 


6.71 C.9X 
■3.70 7.70 

0.33 7.00 
3~H 7.M 


6.13 100.50 

.77 


6.19 101.00 

.67 


935 9b0 075 
1911 CG EU 527 **» 

LX 

1971 EP IV 315 105 SZO 710 7» 730 735 
197- LSLX. 932 9*( 953 075 

1978 IF EC 355 10 109 520 710 730 735 
1970 LBLX 032 ML 359 MO 315 973 


4.31 6.97 
3.34 7.» 


6.19 101.00 

.13 


3978 SP ED 399 10 710 730 735 932 933 
19/ft LIU 9M M3- 


. .17 12.41 
.15 13.31 


£5.00 

196* 

RKC0CW VF DDbURC 

95 S/S 

*.77 

11.72 

98.ro 

5.50 8/ 4/118* 


3U30 

20. Du 

IMS 

UBCm urDemra: 

97 1/6 

7.46 

10.67 

99.00 

6.00 15/ 6/19(5 


3.9b 

:5.w 

>16/ 

KUGHH 0* PENMAftK 

98 3/a 

*.b$ 

11.20 

19.25 

(.75 1/ 9/H82 


Z.bt 

3U.0U 

15 72 

XIKUIMI or uesuh: 

M I/B 

12.U* 

24. Sft 

41.00 

7.W 15/ 1/I1W 


7.11 

100.00 

19 74 

RlKUMH OF USNVAM: 

Mu 1/2 

6./S 


99.M 

8.50 I/10/L44- 



20.00 

1970 

XlVCDuN uF DCKVAIX 

101 3/8 

*.17 

12.00 

I0Q.UU 

.9.110 1/ 3/1983 


2.5U 

20.00 

(Sift 

LUCDUX Dr DERIAftC 

TU3 

7.T2 

i*.bu 

91. IS 

•4.29 l/U/)$(i 


4.71 

Jt.UU 

IMA 

XlDTKkAET ELECrdCITT 

97 7/8 

T.W 

I.bU 

11.00 

5.75 3U/ 6/19/6 


1.00 

3U.U0 

11//A PUPATBAbSES 

4* 7/8 

6.29 


IU0.0U 

6.00 13/ i/JP(3 


25.*o 

1977* SPUEKAJSIV IDS 

9/ 3/4 

*.21 


IM.oo 

(.25 15/ 3/19*2 


4-vO 

lioj 

VC$TBLATT ELBCTRlk-irf 

. 98 3/8 


.40 

m.M 

b-bll 19/ 4/19/8 

V 

JO 


2.30 

5.73 Uu.ro 


1971 BPSr 327 105 520 710 730 735 9*1 
1947 SX *55 toe 975 


G.17 101.25 

1.33 


6.86 100*7$ 

2.36 


4.23 

3.64 


7.97 102-00 

DP l.fiO 


8.38 

1.37 


l.M 

8.72 


7.76 

S.02 

9.09 


4.41 101.00 

nr s.oo 
8.88 1DO.U0 
SB 2.00 
9.07 lDZ.OU 
DP 1.50 

3.87 


1979 XP ZB 515 105 }20 7<0 720 730 735 

1970 LKLX 032 94f 959 PbO 975 
1978 HP VT 327 105 571 710 730 735 932 

1971 *V Ml 955 *60 ITS 

1978 b* BY 927 105 520 710 730 735 832 

1972 XT 9*1 955 *M 975 • 

198! XP EU 3Z7 IDS US 305 520 7(0 715 

1976 LX 720 730 735 935 940 941 

955 *40 373 
HU XP 80 115 ■» 

1977 U 


1979 VP E0 441 105 620 710 720 730 733 
1972 « 041 $55 9(0 975 

1*79 KP EC 327 10J 520 710 7M 730 731 
2972 LX 961 955 960 975 


.80 

8.43 101.50 


XP to BAS 109 5S0 7|Q ?M 730 735 
1970 LIU M( OJ3 (60 975 


9.44 

5.67 


1981 SP EU 230 105 115 210 po? 530 
LX 715 73ft 735 9(0 927 430 

950 *55 940 975 
M B5 532 105 K? 930 SID 
Lb 


1*71 CO EU 821 1M 520 735 941 955 9*0 
1969 LX 973 


DS fULUSMFDKABU 


16.00 1971 art ftp Bfl-STJVT 
lo'.OO 99.50 1.73 15/11/1996 

3b.ro 197/A ZbStMlUT-U'Y ^ 

100,M 8.25 15/i/19i* 

20.00 1975 EbSO-CliTZglX 

99-00 9.75 5/ 3/1912 


x lMl 3/8- P-Ss 1,*7 
4 5-23 8.85 


4.91 102.00 

1.00 


97 5/1 6.13 8.76 
102 S/M 4.35 8-77 


1.45 101.50 


INI VP ZB 959 10? 520 70S 710 713 725 
1973 LK 735 7*9 955 960 975 

lju CC SB 317 **“ 

‘ U 


«r L.oa 


cc e a 
1976 LX 


20.06 . 1972 nXLAXO A Ito toes UJK 
17,50 1D0.5O . ‘8.011 15/12/191/ . 


97 1/4 9.96 ».»4 
■ 7.23 1.55 


8.2* 102.00 
DP .50 


1*10 to 80 
1973 LX 


29.00 

25.00 


>977* rueuwu - UKAIbl nitb 
109.1)0 4.J5 11/ 9/T997 


97 1/2 9.72 
-•^:57 


I.b3 

l.Fb 


1.46 102.HU 

3.75 


1981 6CZ0 
1981 U 


25.ro 1976 FXVUVB - 1XDUST TOFU 


25.UU 

iou.ro 

9.00 19/ 9/19(4 

-4.08 

8.12 


z.uo 


l«i? 

TUUOD TMTCASfe BlVT 49 DA 

■ wit 

7.58 

7.40 


2.28 

41.88 

-7L2S 15/ 4/1175 S 

. .82 

7.70 


1.08 

T5.ro 

1971. 

FIKLASB JBJWC4CE (AIR . *1 5/4 .*,11 

8.73' 

8.71 

102.00 

lL.iu 

4v.ro 

8.SO 15/ S/l986 S 

• *.56 

3.78 


l.AI 

co.mi 

u'76 

FISCAL!) WFBWC BANC 1U1 7/8 

5.S5 

8.77 

9.08 

101.50 

£0.00 TUO.OO 

4.25 1/ 4/19SJ 

:a.9o 

8.46 


I.IW 

£■1.00 

I4*s 

puilqKo HuncAce east m; 1/4 

$.71 

i-ro. 

9.54 

ioj.ro 

-V.Uft 

■n.oo 

9.7$ 1$/10/1*1(1 

'3.21 

S.9J 


DP l.UO 

15.1"! 

117$ 

94-TO 

FibbiiM ujdii cxoiir imi i/a 

1.2S !•>/ 8/1940 

5.62 

(.46 

9.1* 

iro.ro 

2M.MI 

1476 

91.U0 

FUEIjU LAPUCT CALI# IT lu2 

1.22 li/ S/l Ml 

3.IJ 

(.48 

9.07 

100.00 


1979 VP XX 
1578 U 


. CC to 
1969 LXAK 


230 107 520 705 
7*5 030 941 

975 

434 105 3(0 70S 
735 71? ML 
975 

179 ID? 115 (II 
7AS 7J5 MS 
9*1 ISO 955 
*02 109 US 320 
JZS 735 745 

Mi no 955 

35 1M S» 70S 
735 9*1 955 


71? 725 733 
050 955 940 


710 715 723 
959 955 940 


320 7D5 715 
•II 937 9*0 
960 970 975 
705 71p 7|S 
Bit 932 9*0 
960 975 
710 715 723 
940 9/3 


1978 to CO 
1973 LX 


1980 CC 2D 
1971 LX 


1971W EU 
1978 U> 


1979 CO (C 
XX 


35 I0S 
7J5 
9JS 
409 105 
72* 
. .*» 
315 10* 
723 
"35 
412 165 
749 


320 705 710 715 725 
7*S 9*1 930 93* ?60 


Z!!U to pt 
U 


IS. 86 
13.23 


1*72 FC&IVB KUMUIPAL UUK 
99,bU 8.25 13/ 3/198/ 


57 3/4 9--1 i-40 8.44 1U2.D0 

5.77 9>7C OP .79 


mo aj xa 

S97J LX 


13.QU I*?-. TIWlaH BUS1CLTAL LOW 
12.17 40.00 1.73 1/ 2/1909 


99 1/2 11.U9 
7.93 


*.n 

*!**■ 


1.79 101.<H> 

n* .38 


1982 to SC 
1073 U 


2u.oa 1977 auxnaHro 



sa.ro 

l.M) 

1/ 3/14/9 

13.60 

19H 

ttxm ur 


10,1ft 

98-50 

»■>} 

1/12/1986 

10.UU 

116* 

RAllVA-REPuU 

1.7U 

9*. 15 

6.30 

7/I0/II79 

(.00 

l?b* 

R4iri**uiJ(xi ur 

U*B 

68.5$ 

b.2S 

23/ 6/1979 

15.40 

1976 

unABuuoi 'vr ■ 

1*.14 100-00 

9.00- . 

■1/11/1983 

is.do 

118a 

ixrutLid or ruuu) 


6.00 nris/1979 5 


3/1 
1 On 

38 L'2 
99 3/8 
99 7/4 
98 1/2 


1,89 8.10 , 7.53 


S.i: 

3.-8 

1*7/ 

1.28 


r :i? 


4-79 8.79 
B.J6' 

7.S5 (.71 
7.S9 

6.45 


102.50 

t.W 


7.37 

8.13 


5.6* 

J.« 


9.U2 9-01 
9.03 


1 . 1 * 

M* 


4.96 

7.30 


13.00 

1943 

RET URL IC Of X1VU4N 

98 t/2 

2./1 

7.22 

6.71 

3-75 

41.UU 

6.50 U/1U/ i *BU V 


l.N* 

7.69 


Sft-Oii 

137*. 

8ETU11 Itf U0 IliUW 

99 7/8 

3.M 

1.17 

*-D* 


»J* 

7.1/5 15/U/19U S 





>017.25 

,ej 

100.29 

.72 

101.00 

.71 

160.00 

.*> 

luu.ba 

•43 


w m 
^ ' 
1980 00 90 
1973 LK 
197Q K (0 
1*4* LSU 
1*76 to BU 
19*9 LSLX 


4b IQS 
7&S 
475 
4*4 1M 
735 
9*0 
458 105 
735 
WO 
Ml 105 
7-3 


115 520 
-715 7*3 
9i5 940 
320 705 
7*3 910 
940 *7* 
MU 70S 
9 JO 9*1 
520 70S 
MO 9*0 


70S 710 7>3 
9J0 9*0 9*1 

975 

71(1 713 72* 
«-• 9il 9b0 


715 7<3 71* 
9b* 960 97* 


715 7 23 7JS 
9*1 flb* 960 


52ft 7u5 71U 713 733 
7*5 9*0 9*1 950 953 
*73 

520 703 710 715 725 
7*3 9*0 9*1 $30 MS 
9»5 

*20 703 713 723 TJS 
090 0*1 955 MO $75 



Financial Times Monday January 9 1878 r 



20.B0 1972 *8*3001 UU 

17.50 MO.00 8.23 X/U/198T 


97 !/■ *-79 8.49 1.4* 
kit 8-88 


toz.uft 

1.00 


1900 Hi CO 248 105 919 MS *60 979 *80 
1973 Ul 


30.M 1*76 88A8C4V SB 

200.80 9.73 1/ 3/1182 


4.33 9.43 9.13 


73.00 1977* BURIK COUnUAUJL. 
JOft.ro 7.7* 13/ 3/1983 


IT 1.00 
•3 3/8 7.37 l.M kit I0l.ro 


- PC a 4* 103 SM *13 Ufl HI MS 
1977 U 960 913 MO 


UK KBU7*n 

LB 


2S.ro i*Ti woo Aim ca or c*um 

98.30 9.50 13/ A/l983 


101 1/4 5.29 9.17 9.31 lOO.U 

TP 1.20 


mi Pli 80 485 IDS 520 *19 919 Mb m- 
1917 LX ^ 


M 3/4 1.88 1.38 B.A1 101.00 


13.M 197* C4MDUK MX BAZk CO 
100.00 8.373 X3/U/1M6 

40.00 1*77* CASJJtUH PACtnC-MUSM 99 3/4 8.90 l.M >-27 ■ IUO.QD 
40.ro nn.so i.zs 1/7/1914 


1912 HP XD 310 *** 
LX 


I9.ro tin errr or nmuiL 
8.00 100.00 9.00 1/ 2/1915 


30.00 197* CCTYUV 
100.00 9^3 


13/ 2/1992 


3.08 1.31 DP 2.70 

7.09 8.R2 1.12 102.00 

3.39 8.72 

102 1/4 3.13 B.bl 9.09 


1902 IMS 111 “* 
1971 LX 


100 7/1 


1.00 

P7 2.50 


31.00 1973 CUT Of MUTUAL 

100.00 9.73. 1/12/mt 


102 7/8 3.91 8-0* 9.40 


FT =JO 


79.00 1973 cur or xamzAt, 

■ 100.00 9.13 13/ 7/1190 


101 5/1 3.5* 9.32 f.13 


ia.ro >970 an up queue 

7-20 99.25 9.00 1/ «/lti2 

3.00 1976 cm Of VAvamut 
110.00 8.35' 30/ 9/2H1 


100 1/1 4.29 9.16 9.19 

s 3.70 9.19 

99 1/2 3.73 8.31 8.79 


101.00 

.40 


io.oo nn cm op nisvin- - 

UW-00 1.73 30/ 9/1111 


99 9/1 10.73 8-90 8.71 101.90 

TP J4 


40.00 1977* Cm W RKB1PBC 

100.50 1.23 15/ 9/1917 


97 3/4 9.37 0.60 8,** 


316 105 5ZD 70S 710 71> 7A5 
7>S 7*3 Ml •&> 9*0 97* 

913 JDS 530 70S 710 715 in 
725 *11 495 940 975. 


315 L(j* 570 70S 710 71S 723 
7JS 9*1 953 960 975 


:*»! w." CU id 715 7*5 9M 
197? Ul| 


1978 »p BY -D* 1ft i *20 703 710 715 725 
1948 BY J» ;.J 9*1 9b5 toil V7J 


19-1 IP 4/ *0* IU> Wd 7UV PZu 71J 7,'i 
19*9 *! 799 ?-> 4*1 945 4(0 9/i 

BP BY 413 .72 'it *>> ft 715 863 
« 927 UL 3*0 9/5 


V 


bt 


25.00 1977* PMW LUK OD - unm 
23.10 99.50 9.00 1/10/1992 

25-00 1975 CBfSTAX 

44.30 IO.OO 15/1 t/l Ml 

HUM 1177* BUT LAKES TAPZR CO 
20.00 100.00 8.73 1/ 3/1984 

25.00 1976 BOHC OIL a 
21.00 100JO 9.50 ' TJ 7/1M6 

50.00 1977* SCO 

100. W 1-25 25/12/1914 


100.00 1*77* noo 

100.00 9.00 13/12/1912 


49.0ft 1976 1*1 CABABUX mwar 
100.00 9.00 - 1/ s/1982 


35-DO 1976 ISS CAKADIAV FIKAJHX 
100.OU 9.MJ 1/ 5/1954 


SO.00 1*77* HiaaUAR SLOEML 
50.00 100.00 9.00 1/ 2/1942 


11.00 100.00 


1.00 19/ 1/1912 

SCMOOBM MED I. 

1/ 6/1991 


9,90 


37.00 100.50 9.75' 1/ 7/I9U 


20.00 1959 SWTUAL TOUC WU3 
2.00 100.00 5.623 1/11/1979 

58.00 1976 MUTUAL UMAX CML 
99.50 8.73 U 6/19(1 


*o.oo 1971 nc nemriex c.f.oom 

31.00 100.00 9.00 15/ 1/11U 


15.00 1971 BELTUUVDLASD HTO Z1H 
lew.50 9.U 13/ 9/19*8 


15.00 197* HOUND* HXVCS 

99.50 9.75 1/11/1980 


125.00 1977* UVTA810 RDM 

100.50 1.00 15/ 1/1117 


75.00 1476 OHTAXZO uses 

99.50 8.25 27/ 5/1915 


35.00 1971 OKIASXU RDBO-EUCRIC 
31.50 100.00 1.25 13/ 1/1984 

100.00 1976 OKZABIO ROM 
- 99.50 1.50 W 9/1986 

75.00 1175 ORAUU HYOTO 

99.(0 9.00 15/ 9/19M 

73.00 1975 OXIAH1U RDM 

99.50 9.U0 2/ 1/1983 


25.00 1973 amuirCAlUnH 
25.W 98.50 9.50 1S/3/19M 

30.00 1976 TOLtSAll 

100-on 9.50 19/12/1986 


3D.00 1975 MLYSA8 LTD 

iao.ro io.oo 13/ i/ina 

50.00 1974 ft 0*7 MCE OF NAVI TO 14 
xua.uu 6.73 Hy>. A/1983 


98 5/1 14.75 
10.39 

9.16 

9.30 

9.13 

103.00 

1.(10 

IM 1/6 

3.88 

1.(5 

IJ9 

rr x.oo 

99 3/6 

6.17 

$.67 

(.74 

I.U 

1.77 

100.00 

1.00 

102 1/4 

l.M 

7.51 

4.04 

9.06 

».» 

iM.ro 
DP I.OO 

91 

6.96 

l.M 

4.42 

100.50 

98 1/8 16.46 

4.23 

9.17 

101.» 
VP 2.00 

102 1/8 

*Ji 

(.37 

0.81 

-uo.oo 

103 3/1 

8.33 

S.S9 

9.19 

101.ro 

n i.uu 

44 3/4 l*.04 
11.05 

9.03 

9.01 

1.02 

10U5U 
DP 1.49 

> 101 1/8 

A.Ui 

3.M 

8.62 

8.48 

1.89 

iud.ro 
DP I.5U 

. 103 in U.«2 

9.07 

9.21 

100.00 
PF 4.50 

, 102 1/2 

6.50 

4.10 

9.02 

8.91 

9.31 

1DO.0U 
SP 1.50 

93 1/2 

I.to 
Ui- 

1.61 

9.41 

5.98 

11n.ro 

1.00 

99 1/4 

3.62 

1.98 

8.i: 


101 1/9 

5.0* 

4.11 

1.71 

l.aS 

a.so 

101.00 
or 2.W 

1 102 1/4 

1.21 

9.33 

9.94 

101.UU 
rr l.ou 

100 7,1 

10.71 

9.11 

9.1? 

IOI.uU 
PP 1.73 

10- 1/2 

£.84 

1.(9 

9.SI 


M 7/1 

9.29 

1.49 

8.26 


100 

5.-1 

8.23 

8.25 


99 1/4 

8.0* 

•UO* 

B.3S 

(.*7 

8.31 

102.00 

3.50 

100 

1.70 

8.49 

8.50 


102 1/A 

2.71 

8.01 

8.80 


103 1/B 

5.01 

8.21 

1.73 


101 l/B 12.21 
7.7S 

0-06 

8.92 

9.21 

1u2.ro 

£.14 

10U 1/2 

8.9( 

9.41 

9.4? 

102.00 

102 1/Z 

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9.23 

9.76 

Ft UUO 

101 1/4 

5.29 

8.43 

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1«M VT EQ 361 103 *M 949 973 988 
1971 IX 

HP 18 MS l» It* 20$ 30* 310 |'n 

1977 LX 412 930 939 U7 W« 9*1 

MS Ul MO 4BB 
IF HI MI 2m IDS 920 RO 412 93# 

1976 LX . «» «3> 9*0 4*3 Ilf HO 

. . 479 980 " 

K R *38 60 927 931 

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1979 vrn 330 103 961 949 972-9W 
1971 LX 

KP Ul *« 103 (M 
LX 

1981 VP M 84 210 979 SM 
1971 LX 

VP n 4* **b 

u 

1471 VT 80 218 MB 

1978 LX 

HPU U 109 920 9*3 973 MO 
1976 LX 

1982 VP IB 218 •*• 

1980 LX 

1978 KP ED W IDS 209 301 920 915 4]f ' 
141? LX Ml M3 VW 4*1'973 180 

1911 VP U 456 2U3 2<D 218 30* *D4 *ij" 
LK m 4(0 430 432 in MO 

4*1 154 9W 979 980 . 
148* VT D 45* 205 210 £18 305 W5 *25 

1978 LH 910 932 114 940 947 933 

9*0 97> 980 

INI N U 327 IU3 \» SVXUQUII - 
LX 735 Ml 930 435 917 wo 

9*1 447 45ft 460 975 a«a 
1481 PS U 327 lUS 115 AUb JU9 *25 320 

197. U MRi 4)9 417 MU 9*1 Ml 

«0 900 975 «a . 

148* ST LU *»*«*.• 

1978 LX 


1978 Pu EO *47 IU3 870 *38 9*1 9*3 9(2 
1972 AN 973 9TO 


1M6 PC EU 599 . . . 

■19?T LX . " 

i«*u ru cu *47 nn los-sro sutniu 

1976 AH 415 937 Ml 1*3 440 >73 

" 480 

1478 KT KT 975 - " 

19611 5Y 

W ffl 517 IU5 113 205 309 625 *20 
LX 412 4JO >33 MO Ml 9*3 

44? Mft 979 480 

198U SC EC 412 IDS JDS 520 805 V70 912 

197? LX 92? 9JO <12 417 Ml 9*3 

4*7.940 419 4*0 

1911 K EU 456 lift 305 937 MOL Ml 065 

1477 LX 140 973 980 

1412 8*. XU (9 109 113 -II) JOS 32ft 510 

1977 IX 735 410 B12 9)> <U0 1*1 

MS 947 460 4.H 975 flOOP' 
IIP EO 66 105 Ml M3 973 M3 
121 


k n ui m* 
LX 


it a 1*3 *** 

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1978 SC EU 162 IDS 3M 520 8 7U (37 Ml 
19//LX *63 975 980 

SC EC 1*3 **4 
IX 

MS EU 1*3 •*• 

LX . ' . 

SC IU 143 M* 

LX 


1911 VP CU 64 105 530 MS 960 975 480 
1461 Ul 


1981 BP EU 64 
ur 

VP 07 84 109 912 9M NS'fM MO 


1978 Mi 


BP UI 66 **> 
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32 

2S 


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BORROWER/ 
COUPON MATURITY 


PRICE 


T 


3 • 

as 1 

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1 


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MARKET MAKERS 


5U.V10 

3U.UU 


1477 1CTOLU uf FIM.VJ.U 
95.35 . 8.7b 15/J0;i9K2 


DS DOLLAKS—FWiCE 


14.00 

10.50 


25,00 

26.00 


19?U AOUPDR UE TAXIS 
99.25 9.00 15/ 6/1985 

1975 All FRAHCE 
99.50 9.50 18/ 2/1982 


20.00 

U.B2 


20.00 

20.00 


1967 AMD RE CITE0E17 
99.50 6.73 15/ 3/1982 

197( I.F.C.C. 

99.25 8.3/5 


75. OU 1976 8.T.C.E. 
7A.ro iro.ro 1.75 


75,00 1976 8.F.C.E. 
IH.M 8.95 


50.00 1975 B.F.C.E. 
*8.00 1O0.M 9. DO 


20.00 1974 8.P.C.F. 
18.50 99.75 9.00 


100.00. 1975 8.T.C.B. 

100.00 f.IZS 


13/ 3/1981 
13/ 2/1983 
13/ 7/1983 
2b/ 3/1982 
15/ 3/1989 
15/ 5/1910 


M 

1/8 

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9.21 

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1187 

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1979 

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93 

109 

203 

210 

215 

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2.36 

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2-01 

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213 

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6.00 

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to 

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101 1/8 


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3.16 8.36 


8.61 9.34 
8.90 


1982 CC VT 361 20 72 33 (0 90 203 
MX Mi 927 931 960 975 


ioi.ro 

3.50 


1979 GG EO 105 *** 
1576 LX 


t‘\ 

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7.39 


8.9$ 

8.15 


1.98 


102.00 

.50 


1981 to EU 117 105 205 210 213 220 320 
1975 IX 540 475 


50.00 1977* 1QUB HAT1 OVALE DE TAUB 
100.00 7.625 15/ 7/1982 


101 in 2.37 8.40 9.1C 
97 3/4 4.54 R-2i 7.80 


.200.00! 1979 to ST 300 5ft. 32 - 33 60 30 204 


40.00 1975 mot SAT10HALE DC PARS 103 1/8 3.13 
100.M 9.50 15/ 2/1991 


8J1 9-21 


7.50 1974 C.C.C.E. 
100.UQ 10.25 


7-50 1976 C.C.CJ. 
100.00 10.25 


15/11/1980 

15/11/1982 


90.00 1976 C8AX80V9UCE8 DE FBABCC 
100.15 8.375 1/ A/19IL 


104 1/2 2.88 1.41 9.81 
104 3/4 4.88 8.99 9.79 
99 7/9 3.25 6.40 8.39 


16.00 

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97. ZS- 6.00 15/ 9/I98D 

Ml/8 

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50100 

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1971 CUEVTS lATARCC 

91.50 l./S IS/ J/1986 

99 1/2 

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8.86 

8.79 

101.75 

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50.00 

18.20 

197* GXXY OF mmi ijj 

48.00 10.2b 14/12/1916 

L 103 3/8 

8.97 

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9.67 

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9.92 

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1976 COKfACn? VAT DP RSOVE 
99-50 • 8.7$ 20/10/1984 

99 1/2 

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8.8Z 

8.79 

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u-’uo 

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1975 COXPACJin: VA1 OU UDKE 
59.75 10.00 1/ 2/1M2 

103 m 

4.09 

3.53 

9.12 

9.DJ 

9.72 

101.0ft 

1.25 

50.00 

6.80 

1481 CREDIT ntKIRK DE FRANCO 98 X/8 
85.50 ?,50 15/12/1979 S . 

1.96 

1.25 

6.44 

1.31 

$.68 

100.00 

1.60 

100.00 

IM.OO 

1976 CUD FT RATIONAL 

99.00 8.50 15/12/1986 

98 1/2 

8.96 

6.96 

8.75 

8.79 

8.63 

£0.00 

20.00 

lUJO 

1070 EXJ.P. 

95S50 9.00 15/ 2/1982 

100 1/2 

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8.8* 

8.80 

8.96 

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1979 tnu-r. 

99.50 9.75 15/11/1985 

103 

7.88 

9.19 

9.47 

100.30 

rr 2.40 

30.00 

12.00 

19(7 ELKIRICITC BE FUVCE 
M.75 8.50 ISJ 2/1919 

98 1/4 

l.U 

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8.16 

9-57 

6.62 

100.S0 

6.00 

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1971 ELECHUCTTE DE rUVCE 
49.00 7.75 1/ S/197B 

99 3/8 

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9.48 

7.80 


20.00 

17.60 

1971 BLEmicrtE DE FRANCE 
99.G0 8.JO 1/ 5/1986 

» 7/8 

8.33 

6.11 

8.91 

8.52 

8J1 

102.00 

.80 

30.00 

19/7 ELECTRIC t7E DE FUBCE 
49.7$ 8J0 1/ 6/1987 

M 3/4 
S. 

9.42 

8.(8 

8.79. 

100.00 

100.00 

14/6 ELECT It I CITE DE PRANCE 
t«UM - 8.875 15/ 111981 

102 1/4 
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5.04 

8.49 

8.87 

100.00 

100.0B 

1976 ELECTRICITY DC FRANCE 
100.00.. 8.9ft 15/ 9/1986 

in 3/a 
s 

8.71 

9.03 

9.06 

100.00 

75.00 

1977* ELF AQOITAXVC 

IDO.DO 8.15 15/ 4/I9H5 

97 1/2 

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197/* ELF V0KE 

49.50 7.50 15/ 2/1981 

P 96 7/8 

(.1) 

8.*£ 

7.74 


ZB.00 

10.82 

1945 IRiSCAlGB OFS PET FOLKS 
48.£S 6.00 13/10/19*5 

94 1/4 

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4.60 

6.48 

7.52 

6,37 

101.00 
Dp 1.09 

3U.00 

1974 nue.irti.iig uts pe rati ts 
100.00 S.UQ 35/ 1/1982 

10X 

4.0* 

8.89 

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35.00 

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100.00 4.00 15/12/14M 

L 99 

2.M 

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99.75 $.25 15/ 4/IM3 

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9.29 

4.21 

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9.27 

9.26 

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9.UU 

30.00 

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99.50 9.00 13/ 3/1985 

101 7/8 

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3.72 

8.63 

8.19 

8.93 102.00 

UP 1.33 

ao.ro i»n lb ricol- 

K.DU 100.00 9.1)0 15/ S/IVB6 

98 1/2 

8.37 

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9-2$ 

9.39 

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$1.00 

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1973 HISBEL13 

81.50 7JO 13/ 2/1988 

:92 1/4 10.13 
7.93 

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7I.0U 197* KICK EL IN 
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9.02 

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40.00 

1176 HtCV EL IM O'SEAS 

99.75 8.M . 15/ f/lMU 

.100 1/8 

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8.46 

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94.25 9.rf 15/ 9/1988 

101 7/8 10.71 
9.74 

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DP *.00 

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1975 KAXIUVALE Ob L’EVERCU 
98.75 9.2$ 30/ A/1MJ 

102 in 

7.33 

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3U.0Q 
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1972 LX. 9*L 975 . 


94 205 CIO 213 220 520 973 


1980 « EO 117 *«* 
19/6 LX 


1980 CU ED 
19/6 LX 


1978 CC NT 
1964 KYLX 


93 1U5 305 210 71$ 220 5» 
9BJ 9*1 960 975 
105 205 215 BUS Ml 9/3 


ca m 105 **• 

1982 LX 


1978 VP ED 93 105 205 210 215 520 Ml 
1971 U 973 


1176 LX 


520 9*0 735 92? 935 9*8 
Ml 450 940 171 . 

1978 CC EU 112 105 »5 210 215 320 80S 
1573 AVLX 9*1 97s 

CC 07 
LX . 


92 105 205 210 213 520 9*1 
9/5 


19|L CC £0 92 1D5 205 210 215 320 Ml 
1972 LX ’ $40 9/5 


1994 cent US 20 33 33 60 90 203 

VT 80S 937 931 9*0 975 

19(2 CC R US 20 32 33 60 80 90 

BY 205 103 927 931 MU 916 

1984 to R 445 20 32 33 60 90 203 

NY NS 927 $31 9*0 973 

1982 KP EB 16$ **• 

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PC ED 315 87U 932 911-947. 960 

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197B BP EO 
1966 AHLX 


93 IQS MS 21n £13 320 560 
803 941 975 


KP CO 93 *** 



W HI 396 300 
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1*80 VP ni 117 105 205 310 315 220 309 


mo GG EU 
1971 LX 


1979 VP EO 
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320 5*0 920 920 935 Ml 
9*0 97S 

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94 105 29S 210 215 9*1 980 
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93 

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Flnaneial^ Times Monday-Januaiy 9 1978 - 


aS if 

S3 5§ 

a | Si 

5 * 


BORROWER/ ss ! 

couponmaturity | rates j£|; 


£ 5i£? 
5 

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£»,09 UK Unuwe fits MaO MUBM 
5B.OT 100.00 ,.:s 9rt/199l 

30.00 1967 SATTQBALg DCS Trirni fl 
Jb.S9 M.00 *./5 l/liAssr 

?5.00 1976 SttmstLC BBS TKLEiaM 
1O0.M V^O 1/13/1981 S 

20.UD 1971. RSCrwuiE Beg m.im w 
U.DO 98.00 6.00 J/ 3/1986 

35.00 1977* mUDBALE BES TELECOM! 
3b.OO 59J0 a.15 1/10/1999 ' 

UW.M 1*76 XXnau&B OSS Tlijmw 
100.00 8.875 15/ 2/198* S 

*5.00 1*79 RflllCBaLB BES XEUXOHC 
WJO SJ25 15/3A980 S 

5C.W 1976 SmosAI^flK TlXtEOW 
90.00 100.00 1 9.JO . 1/12/1W6 2 
23.00 1970 maUET 

14.13 B9."io 9.00 15/12/19fl3 

u.00 is75 sarasr-XEr 

*»-m 9.75 u/u/ueo 

4o.oo >970 nets arouses 
OD.OO 99-00 9.00 15/11/1391 


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12.30 
100 3/8 13. W 
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97 5/8 <.*i 

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9.59 

101 3/4 4.15 


I» 3/8 10.92 
11.99 
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3.09 
102-1/4 2.73 


20.00 1967 ASSAULT 
10.00 97.00 ■ 6./5 1/ 8/198= 

25.00 1976 MBron-T xrrtrrf/^ 
100.00 ' 8.75 15/ 6/1911 

U.OD UTS SSQKBH700UBK 

IQU.OQ - B.7J- - if g/1383 

30.00 1967 SJLC-T. 

16.00 SB.50 . 6.30 39/ S/13B9 

45.00 1977* SJtC-P. 

300.00 8.25 15/12/1984 

tttuoo 1976 sjr.c.r. . 

M.25 8.75 10/4/1385 S 

50.00 1977 5JUC.F. 

46.00 99JO 9.00 I/12/I092 * 

60.00 1973 SJtCjr. 

. 100.00 9.113 15/4/1980 

40.00 1975 fiJW.F. 

36.00-lOTJfl 9J5 15/3/&U 


97 3/4 1.59 ; 7.35 

2.59 7.72 
100 1/4 3-46 8.W 

F 96 3/8 3.67 5.59 

98 3/8 7.66 6.78 

3.96 '6M 

99 3/8 6.56 8.37 


30.00 1973 S.B.P.A. ' 

27.80 100.00 10.00 . -1/11/1985 

15.00 1967 SOU 
6U5 97.30 7.00 1S/12/UB2 

is doclmis-gakui 

19.00 U75 KFmxc OF CUD* 

99.50 10.25 28/ 7/1980 

os nmas-cEDon 

73.00 1960 USroVBBSC nt 

100.00 6.00 1/12/1980 

75.00 1969 U9 OTEB3E ST 

100.00 6.00 ' 1/12/1980 

I5.ro mo Bim. ntFi* bo 

. 99.50 6.00 _1/11/1981 

75.00 1M9 uaunm a 

99J0 6.00 l/ll/lSBl 

to jus 1977* um m nx p 

ItHMffl 7150 ' 1/5/1984 

125.00 1977* QtiF 7Z9 0EOTSCHE BE W 
100.00 4.90 1/ 6/1987 

135.00 1977* aw ru DEUTSCHE U TUI 
100.00 4.50 . 1/ 6/1987 

25.00 1973 6I B—n MBBDBWIg 0/5 
21.75 100-DO 7.79 1/ 2/1988 

25.00 1977* man, nrf ITS 

100.00 7.50 1/10/1984 

M.oo 1*69 szxaas issxoai t» n 
99.23 3JO 1/ 6/1979 

40.00 1969 SZS0S» TOTEM TJX 23 
99.23' 5.50 1/ 6/1979 

90.00 1*70 5U8EB5 OtSTEHK HI 
23.00 100.00 . 9.00 1/12/1585 . 

150. DO 1977* VUXJ5WCE* O'SIAS FIB 
100JO 7.73 15/ S/1187 

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1013/8 5.28 
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99 3/8 74.92 

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3.03 

103 3/8 7.54 

6.62 

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«3 2-35 13.60 U.02 

97 2-J3 7.17 8.19 IflO.OQ 

94 1/2" 2.92 8.19 6JSS 100,00 

95 1/2 3.84 7.38 6.28 100.00 

93 5/8 3.64 7.98 6.41 400.00 

97 1/B 6J3 8.08 7.72 

103 5/8 9.42 4.03 4.36 (01.00 

76 9.41 8.64 6.08 101.00 

94 7/8 10.09 8.52 8.U 102.00 

6.06 8.87 OF 1-25 

95 7/8 6.75 8JJ 7-82 101.00 


« EO UJ (09 
IX 


8.61 (01.00 
. .. 2.00 

8.12 JOB-30 


1178 pe nr 153 210 30S 306 BJO ns 
IT 

1976 re a 1*3 210 305 306 307 540 «7b 

FT 975 

1979 PS BJ 143 210 305 306 870 975 ■ 

LX 

1979 PC OI 143 210 305 306 307 540’ 870- 

J3C »7» 

8F HI 456 105 300 305 520 530 MO 

TO 605 935 Ml 975 

1982 KF EO 143 =10 30S 975 

LX 

1962 Vt EO 143 210 305 »0 965 973 
LOTOS 

1981 PC 10 359 105 305 520 540 941 965 

1977 U 975 

1982 PC EO 14 J 105 305 540 975 

IX 

PC ID 143 210 305 306 975 
IX 

96 10 143 10 210 305 306-540 975 
LX 

1980 PC JEff 143 105 300 305 961*975 
1973 LI 

1983 PC ES 143 
Uf 


20.00 1672 PULIC HHEX OOltmUTQB 95 5/8 6.96 9.12 0.63 lOljo 1980 GC ZB 411 105 911 915 927 MO 973 
15.00 99.30 0.25 U/12/19B4 4.76 9.44 OPl-Oft 1573 Lfi 

05 DOLXABS-MW HOC 

50.00 1973 BSGUHE USD TO 92 3/4 10.75 8.81 8.30 100.30 1980 »P Iff 183 960 973 

46.25 100.00 7.75 1/10/1988 7.43 9-13 Dp 2.50 1976 LX 

50.00 1973 mKKHC USD SH 86 7/8 10.75 4.77 8.92 100.50 UN PC ED 183 913 960 


Z5.oo 1971 jam us stsasanr nr. m 135 
12.00 100.00 7.75 15/U/U06 

15.00 i97t' judus samnwii ur. zu au 
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520 5*0 930 9J5 941 950 

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U.S0 99.50 8.00 1/ 2/14*7 5.87 8.88 BP -50 1975 LX . 

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32.50 95.00 7JO .1/ 1/1990 S . 8.01 9.82 

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LX 

1982 BC EV 6® 105 Ml 975 
LX 

BC Eff <63 105 215 3=0 913 920 930 

IX Ml »J5 

19S0 BC SI KO IDS 215 3® 305 520 913 

IX 920 930 935 9(0 941 947 

450 960 9*1 975 

SC Eff 257 105 913 9=0 941 9N 963 

LS 975 

1981 BC a 463 *** 

1981 LX 

1978 BC ED 219 105 913 920 930 9U 9» 
LX 

1981 PC iff KO 105 3® 913 930 941 960 

IX 9»= 473 

BC EC 660 913 

TO 

1478 BC E6 ill 105 913 94) 975 

1970 IS 




If expertise in securities is money, 
Yamaichi is worth fortunes. 


W 


WW ith 80 years experience, 

‘ ▼ T Yamaichi is one of Japan's 
. foremost securities firms, provid¬ 
ing the complete expertise you 
require, to maximize opportunities 
. in. the securities field. 

. With the yen becoming an 
- increasingly stable international 
' ;currency, pur brokerage business 
•on behalf of foreign clients in 
Japan hits enjoyed unprecedented 
success. Success that can be 
■ attributed directly to our position 
of leadership among Japanese 
securities companies. Success 
that raakes us your ideal partner ■ 
in all aspects of the securities i 

business; underwriting, brokerage, 
distribution, dealing, research, .• 

and investment banking., 


:• Yamaichi's offices on four 
jeontinents are Jinked by a 24- 
_hour-a-day “hotline” which 
gives our international clients 
^immediate access to data 
-pertinent to their needs—up-to- 
the-minute stock quotations, 
economic and industrial studies, 
corporate evaluations, and 
investment and bond market 
/analyses. 

if you’re looking for 
. expertise in securities, consult 
Yamaichi. In Japan and through¬ 
out the world, we have the 
'know-how necessary to offer you 
immediate.and comprehensive 
; assistance with your investment 
.requirements. 


Austrian Quotes '' 

lotations and Yields of Austrian Eurobonds 


D-MARK BONDS 


COUPON 

DATES 

REPAYMENT 

SINKING 

FUND 

(STARTING) 

12-12 

L2-LS 

1.8.74-83 

1.2.65-84 

1A73 


62% DonauJkraftwerke-3973 fG) . L3 

7% Girozentrale Wien 1976 ... 1-11 

71% Girozentrale Wien 1976 . 1-11 

8J% IAKW 1975 (G) ..«... U 

flj% Keia* 1973 (S) ..:.-i. 1.5 

Si% Oester. Draukraftwerke 19TO (G). 1.3 

7%’Oester. BlektrizltaeUvrfrt 1967 (G). L2-1R 

7% Rep. •Oesterreieh 1968 . 1.4-1.16 

61% Rep. Oesterreich 1969 ... L4-1.10 

9% Rep. OeTterreich 1975 ... 12 

P5% Rep. Oesterreich 1975 ... 13 

72% Rep. Oesterreich 1976 . 2^ 

62% Rep. Oesterreich 1977 .. 1.4 

6i% Tauernkrahwerke 1988 (G) . 1.3-1.9 

7%‘Tahernkraftwerke 1968 (G) . 1.2-l.S 

91% T&uemautobahn 1974 (G) . 1.7 

8i% Voest 1973 .:. 1.10 

Si% Voest 1975 .:. 1.6 

Si% Voest 1977 __-. 1.6 

7% Wien 1988 . 1.6-1.12 

S2% Wien 1975 .. 12 

VS* BONDS . 

6% Rep. Austria 1964 _.. 31-1-31.7 

62% Rep. Austria 1967 .... 15.3-15.9 

SS% Rep. Austria 1978 ... 15.8 

65% AusL Electricity 1966.(G) . 1.M.7 

6f% Aust EJectrfeity 1967 fG> . L4-1.10 

52% Alpipe Montan 1965 (G) . 15.6 

81% Tauemautobahn 1977 (G) . 155 

5i% Voest 1963 (G) ... 23.10 

6i% Transalpine Pin. Hidg. 1966 . 31.10 

6|% Transalpine Fin. Hldg. 1966 . 31.7 

BJ% Transalpine Fin. Hldg. 1967 .. 31,1 

6i% Transalpine Fin. Hldg. 1967 . 30.4 

7}% Trans-Austria Gasline 1973 .. 15A 

AUSTRIAN SCHILLING RONDS 

91% KwntroDbank 1974 (G) . 14R 


1^.73-87 
1.11.81 
L11R3 
• L 5-80-85 
L5.79-8S 
1.3.81-85 
li.73-87 
1.A73-S2 
3.4.75-83 
1J2K3 
1.5.78-87 
22)33-86 
1.4^3-85 
15.74^3 
1JL74-83 
1.7.81 
1.10.79-88 
1.6R1-85 
1.654-89 
1.6.74-83 
15.79-84 


31.1.71- 84 
155.72-82 
15.8.78-90 

1.7.70-86 

3.10.71- S2 

15.6.72- 85 
15553-87 

23.10.70- 78 

31.10.70- 85 
31.7.70-85 

33.1.73- 82 

30.4.74- 83 
15.1.77-88 


DOMESTIC ISSUES 

8% Bundesanleibe 1966. 30.4 30.4.70-SI 

S% Invest)tionsanleihe 1967 . 25 2.5.6S-C2 (103) 

S% lavestltionsanleihe 1987/n .. — 1.12.89-79 |103> 

8% InVestitionBanlelhe 1969/A. 155 155.75-79 (103) 

S% Investitionsanieibe 1971/m/B. 15.11 15.11.75-79 (101) 

8% InVestitionsanleihe 1972/B . 155 155.76-80 ( 101 ) 

8% InvestitionsanJeihe 1972/H/B. L7 1.7.77-82 

s% IhvesOtiopsanleihe 1972/HI/B .. 1.10 1.10.76-81 

s% investitionsanleihe I973/B .. 155 * 155.77-81 (10Q 

8% Inre8titionsan]eibe 1973/H/B . 3.7 3.7.76-81 ( 102 ) 

S% mvtatiaohsanleihe 1973/ni/B. 20.11 20.11.74® (102^0) 

8% Divestieonsanleiiie 1974/B. L4 1.4.76-82(10450) 

Si%’ Ihvestitiottsanleihe 1974/H/B. 22.10 22.10.75-82 

Si% EnergieshJoihe 1974/S (G) . 15.11 15.11.77-80 U00.50> 

8i% Energieanleibe I975/B (G).-. • 183. 1&2.7S-81 (101) 

Sj% Kefeg AnJeihe 1974 (S) . 29J1 29.11.77-80(100.50) 

Si% Vorarlberger Kraftwerke 1974 (S) . 20.12 2003.77^0(10050) 

8% Wfener Stadtanleihe 1965 . 15-15 15.70-80 

S% Wiener Stadtanleihe 1966 . IS . L6.7081 

8% Wiener Stadtanleihe 1967 .- 15.6 l5-6.6&^3 (103) 

8% Wi«er Stadtanleihe 1973 . 155 15.5.74*8 (10L50) 

8i% Wiener Stadtanleihe 19T5/B. 29.4 29.4.76-83 

(H) Purchase for redemption purposes by issuer possible. The bonds so 
to plan. (._) Repayment at a premium. (G) Government guarantee. 

lions are based on the ihiddle 


3.1.70 
155.71 
355.77 
1.7.69 
1.10.70 
155.71 
155-82 
23.10.69 
3 U 0-69 
13.7.B9 

33.1.72 

30.4.73 
15.1.76 


- CintRENT 

.even CURRENT YIELD TO 
yield maturity 


9.45% 9J5% 


purchased may be used -for repayment according 
(S) Local Government Guarantee. Yield calcula- 


Uncommon vision in 
.international finance- 


YAMAICHI 

YAMAICHI SECURITIES CO.. LTt>. _ 

-Head Office: 44, Yasrn 2-chome. Cbao-ks. Tokyo 104, jtpn 

Teka: J 225 B 5 Tel: 27 W 111 


On intertiafional capital markets Austria ranks as 
Austrian securities are partiadady safe 
Aushranissmnghoases may be considered models where 
madttt support is concerned. One more reason for many 
investors to buy Austrian bonds. Girozentrale Vienna is 
_ Austria's second largest bank. Issuing as it does if s own 
aecunnesitiooks after fcgQfln companies on the Vi enna Rnmn 


■ , i "AUUK3 IKftHAUB WCW 

Tdde MBS - Esobdna Dealer J 


New Vark. Loi APgdn. ChicogP. Mamrnl, SSo Fanlo. Hong Kong. Singapore, Bangkok 


capnai m aiias Anstna ranks as Triple A. For knowledseaWe investors, 

■>iseombes are partiodady safe and attractive investments- 

and itads as a dqmsiiory bank for investment funds. Leading 
woo- m a mgfng almost aH domestic issues and having 
J®™ rw nd*ainare than 200 issues on ihc EuroCaptal- 
Maitflt in 1976alone. Girozentrale Vienna is one of the 
leading Austrian institutio ns handling securities. 

Girozentrale Vienna 

Market Maker in Austrian Eurobonds . 

Eurobond Dealer Maifnedt.lLtl1H.:73 W 772. * 





























































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30.00 

1977* StPPOH FDD0CA3 HAHX 
97.00 7.75 15/ 6/1982 

97 7/8 

4.i6 

8J2 

7.98 

100 JO 

25.00 

1976 VtrSOS FLD05AE BSE 
100.00 8.00 1S/U/199L 

99 3/4 

3.88 

8J7 

8 JO. 

100 JO 

20.00 

1976 SZPFOS TDB0S4H BASE 
100.00 9.25 1/ 2/1981 

101 9/8 

3.09 

8J2 

*JO 

U»J0 

35 M 

1974 RZPFOS FUDOSAX BAHE 
97.00 10.25 15/ 1/1980 

UIS 1/2 

*•« 

7.2S 

9.72 

IT U30 

U.00 

1977* KZFFOK KimC 

99.50 7.75 1/ 6/1982 

97 7/8 

4.42 

8J2 

7.92 


15.00 

1975 S1PVU3, 5HTTP 

99.25 9.25 15/ 8/1980 

Ifll 3/4 

2.62 

S M 

9.09 


20.00 

3.91 

1963 HZPXH TEL t TEL 

96.75 5.73 151 7/1978 

99 

■ 

.54 

.45 

7.81 

8J4 

SJ9 

.73 

22.50 

(.91 

1965 IZPPOS TEL 6 TEL 

97.23 5.75 15/ 4/1980 

98 1/2 
E 

2.29 

1.68 

6.56 

tua 

9.92 

100.00 

.64 

100.00 

1977 5UR1S TEL S TEL 
100.00 7.625 1/ 3/1982 

*8 7/8 

8 

4.17 

8.10 

7.86 


150.00 

1977 S3F7QB TEL 6 TEL 

100.QQ 7.75 13/ 6/1984 

98 1/2 
S 

6.46 

8.21 

8J2 

100.00 

100.00 

1976 SBE05 TEL 6 TEL 

99.50 7.875 1/ 5/1981 

100 1/8 
s 

3.33 

7.98 

8.02 


50.00 

1977 SUNK TEL S TEL 

99.75 8.125 1/ 3/1987 

98 3/4 
S 

9.17 

M) 

8J0 

100.00 

,90.00 

1973 SOTOS SIDL 

100.00 9.50 15/ 9/1980 

UU 5/8 

3.7J 

8.76 

9J5 

100 JO 

20.0* 

1975 SXS5KQ STEEL 

99.25 9.25 1/ 8/1980 

101 7/8 

2.59 

8J7 

9.08 


-30.00 

1916 SXSSiH'-TOAl CO 1 

100.00 9.25 1/ 2/1981 

102 1/8 

J.09 

8.43 

9.06 


20.00 

(976 MX UTL LUX 

99.75 8.75 15/ I/IMI 

UI3 1/4 

3.54 

1.64 

8.67 


U.00 

1976 OKI ELECTRIC TNDLSTFT 
100.00 8.25 T5/ilj'19»L 

98 1/8 

3.88 

8.59 

8.34 


20.00 

20.00 

1976 ORIBT LCASUC (CA3>SV 
99.75 6.25 15/12/mj 

98 1/2 

3.9* 

4.46 

8J8 

3.68 

•J8 

3.00 

20.00 

lu.ao 

1977K dR72S7 ‘uTAJL.1L (rA2)N7 
99.75 5. J I/: j.-.9oA 

97 3/8 

6.92 

5.42 

8.77 

8.8H 

8J7 

toi.oa 

5.00 

15.00 
15.Ou 

If 76 ORIENT LEaSISJ (CAR)NV t 102 
UlO.uli 7.50 15.' Ti’JSl S 

3.:i 

i.x; 

8.94 

d.3u 

9.53 

2.50 

Bi.OU 

1976 SWSi'A S3IPPISG 

imi.uo -.->1 is; s:i:*8i 

101 3/8 

3.31 

8.48 

8.88 

100.00 

U.00 

:.:u 

1964 SLM1TIPM C32CCAL CO U10 *8 7/8 
96.00 fa. 75 1/12.-19'* 6 

l.w 

1.1; 

’.52 

".73 

6.9* 

lou.oo 

.bU 

' ii.W 

i->:^ bL'Ain»ui ixdccal lu 
“ fa.JO fa.J :v u.’IDEU 

104 1/4 

s-s* 

I.U 

8.87 


2U.UU 

[X)7* Sl'ILIuKu Ul'.i 1W 
-s.j :.73 :5/ 1/1984 

ffa 1/6 

«:U* 

8.60 

8.06 

101.no 

is.yu 

1975 SLUinu nun lid 
99.SU fa.io l.IMTkU 

102 1/8 

2.92 

8.63 

9.30 


I2.su 

4.31 

If&i THE METBuPULTJ iff TOKTO 98 3/8 
96.5U 5.75 15/ ,/L*79 8 

.91 

;.2D 

1.76 

SJ3 

100.00 

i.ur 

re.ua 

7.20 

1*65 THE HlTViiFOLU OF TORS) *8 5/8 
15.25 6.00 15/ fa/lf&U S 

2.46 

1.69 

0.72 
7.1M 

6.18 

LUO. 00 
1.10 

ju.ua 

30.U0 

1977* TUBAS' LNDl'SmES 

99.25 >.75 15/10/1964 

96 )/* 

8 . 

6.79 

4.5fa 

8.56 

F.8I 

8.1) 

101.aa 
3.UU 

15.00 

1975 IUUT I5308IRIC1 

P (03 1/2 

2.92 

4.1* 

9.42 




MARKETMAJCEBS 


loa.oo v.7S i/:;/iw» 

15.00 1977* tOTO KANCISC 

100.00 7.75 17 J/I9BS 

30. INI 1977* fOW SE4EA UliKl 

99.25 >.7S 1/ 4/1902 

20.00 1979 WTO MD-KA KAISHA 

100.00 9.25 1/ 4/1901 

23.00 1977* (.0. LUC (CAIMAN) 
25.00 99.25 7.75 19/ 3/198* 

15.00 1975 £-S. LISE (CAIMANI 

99.25 9.50 15/12/1980 

C5 DULLARS-SOHEA 


1976 K0UA DEVT BASK 
99.75 9.50 15/12/1981 

1977* JDSCA DOT BANK 
99.50 9.50 ■ 1/ 3/1982 

08 DUULASS-U'Xdh.'lEG 


97 S/B 
97 3/* 
102 

96 1/A 
102 1/A 


4.17 8.44 1.94 


4.Z5 8.38 7.93 


3.25 8.49 9.07 

rr l.oo 

6.21 8.54 8.05 101.00 

4.91 S.72 5.00 

2.96 8.60 9.29 101.00 

rr .75 


3.96 9.49 9.50 


4.17 9.4B 9.50 


1980 W ED 456 109 320 530 805 913 920 
IX 927 9S0 935 940 9U 550 

960 975- 

1979 BP XO 436 103 520 805 913 920 930 
LX 935 9*0 941 950 360 975 

1979 BP ZO 239 IDS 913 9<1 960 
LX 

HP HI 346 103 913 9Z0 941 9*0 975 
3976 LX 

JC AS 517 IDS 913 920 930 941 960 
IX 962 975 

80 EH 526 105 913 920 930 961 960 
. LX 975 

3978 CG » 3*9 109 80S 941 979 

1965 M . -jf!, 

1976 CG St 399 10 105 80S 941 97V 

1966 SX 

HP XX 389 20 32 33 «0 9080$ 
KZ 927 931 940 973 

1983 CG BY 399 20 32 33 M 90 80S 
ST 927 931 5*0 925 

SS XX 399 20 32 39 00 90 805 
SX 9i7 931 940 979 

1985 KF MX 399 20 32 33 60 90 803 
ST 927 731 9*0 975 

1978 BC 80-438 109 303 320 330 913 920 

IX 930 933 040 941 960 96Z 

973 

BO EC 298 105 913 920 930 941 960 
IX 975 

BC ED 298 103 320 913 920 930 941 
LX 960 975 

1C or 326 105 520 913 920 930 935 
IX 941 960 962 975 

BC EB 326 105 520 913 920 930 941 
LX 560 975 

PC HI 396 105 913 920 927 930 936 

1980 LX 940 9JO 960 973 

19BD PC BO 396 105 203 913 920 927 930 

1981 1X51 940 941 930 95S 962 975 

BC ED 396 936 
1978 UJ 

1980 BC XO 4U 105 913 920 927 930 939 

IX 960 962 975 

1978 BC 1C 361 105 941 973 
Uo7 AS(X 

. sc is 517 105 320 913 930 94) 479 
L2 

1932 BC EC 359 105 205 *25 320 540 913 
IX 920 927 9JO 9j3 940 941. 

4)U 4W> 962 9*»S 975 
BC HI U9 105 913 962 975 
LX 

1978 CC 80 327 105 520 941 975 

1969 M 

1976 uC K 327 IDS 441 975 
1966 51 

1981 BC EC 359 105 530 913 920 927 930 

UEU u 935 9*0 941 950 955 960 

962 965 975 
BC EB 359 S65 
U 

BC £0 359 105 913 920 927 930 935 
IX 941 950 960 962 9*5 975 

8C HI 337 105 230 913 920 927 930 
(X 935 9*0 941 947 950 960 

962 975 

BC BO 337 915 920 930 975 

1977 LX 

1981 PC ED 337 230 913 920 927 930 935 
1981 IX 940 941 950 960 962 973 

1978 BS ED 518 913 930 962 
1976 LXSI 


10.00 

2.50 


1967 AUDI r USANCE 
99.50 6.50 1/ 6/191* 


20.00 L972 S.f.E. UABUkJOIl. 
20.00 100.00 7.SO 15.10/1982 

15.00 1970 S-F.E. LOXEHHM.'HC 

100.00 9.00 1/ 1/1971 

30.00 1916 S.F.E. LGZEHUKBC 

100.00 9.00 15/ 2/1983 

US KJUABS-MEXXCO 


98 J/B 


1.42 

>B2 

4.79 

2.79. 

.01 


f.13 

1.64 

1.91 

8.15 

B.6I 


6.36 


100.00 
1.50 

1.62 101.50 

DP 4.00 

9.00 


101 3/8 9.13 8.65 8.88 


50.00 1977 BASED KAOOKAL DC OB LAS 

99.75 9.25 1/11/1982 S 


20.00 

16.10 

25.00 


1912 C.F.E. - MEXICO 

91.50 B.OO 1/ 2/1987 

1917* ETKASA - riB AZUC 

99.50 4.00 1/11/1982 


99 5/8 4.84 9.56 9.30 


91 3/8 9.09 9.45 8.16 
4.64 10.45 

97 5/8 4.8* 9.62 9.22 


102.00 

1.63 


CG EA SOI 230 913 940 975 
LXSI 

CC EU 179 230 913 970 975 
LB 


1978 BT XD 46 520 941 975 
1973 LXBX 

1918 HP EO 375 2U5 520 941 975 
1978 LX 

BP EO 237 205 
LX 

■P ED 480 203 520 930 933 941 960 
LX 973 


BP IT 413 32 
K V 975 


i3 60 927 931 940 


1980 BP ED Lin 115 915 975 
1976 LX 

HP Ht 637 927 975 
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• . ■' v?6 aVv 

Financial TOnes IHdnflfey Jaimary ^lS7s 




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20.00 

1967 NACHHIAJ. FZS4HCURA 


• 56 1/2 

4.67 

D.33 

7.63 

iaua 

9 JO 

•6-75 7.25 1/ t/1982 

S 

2.56 

9.01 


JO 

sun 

1976 XACUBUL PT1AVCT1RA 
1D0.O0 10. DO U 1/190. 


102 7/8 

3J9 

8.97 

9J2 


20.00 

1972 tlOGUK VEXTCaOC 


«3 3/< 

9.67 

5J3 

5JT 

XOZJO 

17.00 

100.00 8.50 1/ 9/190 


SM 

9.94 


BP XJ5 

73.00 

nn* n.’.TM.m rnimwi 
100.00 9-00 1/ 7/1382 


95 

4 JO 

SJS 

9J9 


20.00 

S975 nSWIEOS REZZCAMC 


102 

4. 29 

5.(3 

DUD 

101.00 

20.00 

98.00 10.23 15/ 4/lBtt 


3.39 

9J1 


6J0 

22.00 

2968 .mOOM DE MEXICO SA 

58 3/8 

J5 13J2 

SJO 

■ 

1.76 

97.25 7.75 1/ 4/1978 

s 

J3 13.21 


U7& 

50.00 

1977KTZLEFOKS SE VBTC8 SA 

58 7/8 

6.61 

9A7 

9J4 

Uff.eo 


100.00 9.25 10/ 8/1984 





FT Ut 

59.00 

1964 WTTro Ifarrnx mjjj 


96 3/A 

1.84 

■SJS 

6J6 

100. w 

6.02 

98.25 6J5 1/11/1979 


U 

9.35 


1.26 

25.00 

198* TRIED MEXZCI8 STATES 


57 3/8 

1.25 

8.93 

6.79 

100. OS 

2.73 

97.66 6JO If 4/1975 


.77 

10JB 


-39 

27.90 

1365 IBIICT HZM SURS 


96 

L» 

‘bj7 

Ut 

100.35 

6.60 

38.75 6.50 1/11/1960 


/ 

1.71 

9J9 


UO 

25.00 

1963 csixiu Hzno« suns 


95 I/* 

J1 

8.35 

6.92 


2.00 

97.70 6.75 15/ 7/1978 


.29 

9.66 


UO 

15.00 

19(6 'METED MHOCAH‘STARS 


96 3/4 

3 JO 

8.11 

7J3 

toc.nn 

4.59 

96.50 6 J7S 1/ 7/lSM 


1.77 

9.11 


J7 

25.00 

1967 Mitre rexrcor suns 


56 

4.29 

SJS 

JJ2 

(DUO 

SJS 

99.00 7.00 15/ 4/1982 



2.30 

9J6 


.92 

10.00 

1(66 TSTXED EEXXCAI pwib 


57 S/8 

3.83 

8.13 

7J6 

100.00 

3-S4 

96JO 7.25 15A1/1981 


2.12 

8J8 


J8 

AO.00 

1972 DXZEB NETT PAH RATES 


53 3/8 

9JL 

9J3 

*J1 

102.00 

37.60 100.00 6JO 15/ 3/1M7 


5.52 10.16 


(Jtt 

30.00 

1973 UHXTED HUL11AB STATES 


ts 3/8 13.96 

9.8? 

Ut 


100.00 8.75 15/12/(991 





EV 1.23 

60 JM 

1377 )H|Tf» WTTfjE CTITT*^ 
160.00 9.00 1/ 3/1982 


99 3/8 

4J3 

9J8 

*J& 


50.00 

1976 0SHED KEXIGAR STATES 

L 101 

13.17 

Ut 

f J3 

102J0 

100.00 9JO 1/ 3/199 L 

S 




1 

a rjo 

75.00 

1973 iPGTivn vrryff^if RAZES 

L 102 3/2 

12.13 

9J4 

BJ7 

102.75 

75.0D 100.00 ' 10 JO 19/ 2/1990 

S 


7J3 

9.71 


7J0 


gHUJWUHl 







40.00 

1977* USX 


96 3/8 

9.59 

LS6 

SJO 

- 1Q2J0 

4V.U0 100 JO LOO 1/ 1/1387 


5.09 

8JT 


4 JO 

40.00 

1977* 3GZQI STATE MIBES . - 

- 

98 5/8 

■9.46 

8.78 

8JA 

100.75 

40.UO 100.00 - - 8.25 15/ 6/1387 


SJS 

SJS 


IP JO 


50.00 1976 
50.00 109.00 

40.00- 1975 
100.00 
20.00 1977* 
20.00 100.50 
80.00 1977* 
100.00 


30.00 

30.00 

30.00 

30.00 


1976 

99.00 

1976 

99.00 


25.00 100.00 


30.00 

U.00 


1967 

98.00 


OOIC8 STATE WTMK 

8.75 1/ 8/1988 

WKOt STATE Mixes 
9-25 15/ 9/1980 

cisr-nocAots leu, 

8.25 LS/ 7/1985 

gtTTumi.r BHHULAVSDl 

8.00 20/ 4/1984 

SAX BUIES ns COBP | 
8.00 15/ 6/1988 

sax stool rn cocp > z 
8.00 15 J 6/1988 

FAKBOD MJ1M B.I. 

9.00 15/ 2/1982 

mure ut pu 

6.50 30/ 6/1979 

05 DCLLAJO-XHTIEALAKD 


100-1/2 10.59 8.66 8.71 1SUIO 
6.<9L 8.65 BP 3.73 

102 8/8 2.71 8-20 9 UK 


96 5/8 7.54 8X7 8-54 JD1-3Q 

5-5- 9.03 AJO 

96 7/8 6.30 8.45 SJS - 

07-3/8 10.46 5.74 LC 

7.96 SJS' 3 JO 

85 5/0 10.46 8.6A 8X7 
7.96 8.-78 

99 1/8 4.13 9.25 9.08 
3.73 9.30 

99 1/8 1.50 7.09 8JU 
L-00 7.42 


1978 GC 58 553 405 9(5 941 960973 
1971 1XLX 

BP 9 50 915 960 973 

LI 

1983*8X931991593X960930 
1974 EX 

B ns»»*»’ 

US - - 

1979 BP 78 23$ 915 *30 *60 97# 

1980 Ut 

BP If 327 90 975' 

1949 IX 

I*SQ BP Ht 330 305 310X18 SO 330 r M 

1977 LX 805 910 9U 913 927 990 

940 941 942 955 9*0-979 
1*71 BP XX 327 915 941 975 

1966 St 

2*78 ST B5 AIL 915 941 973 . 

1965IX . 

1978 BP CC All 915.975 

1967 BT 

1978 *P *5 527 UB 915 94t 935 
2964 St 

1978 BP tf 3Z7 LOS 735 915 941 *7* 
1967 BT ' 

1978 JCP.tt 357 103 *15 ML 975 
1969A 

1978 BP St «U IBS S5 942 975 
1967 BT 

1982 BP SB-3X7 US 915 941 960 975 
1976 IK 

» HI 946 105 StS 941' 960 975 
1975IX 

SP n 415 s 35 60 90805*1$ 
: BT 937 93X 940 975 

1986 BP St *U BOS 915 B27'S40 
1877 ST 

198S BP XZ 454 52 35 60 8© 915*27 

1981 XX 940 973 


1982 *P IS 254 •*•* ■ 

1918 LH 

•9*2 SP 80 EH «*» 

1978 SX* 

1982 SP SO 338 *** 

1981 U 

5? SI 238 105 505 520 602 930 SAL 
IX- 950 975 
7982 K EB 238 *«• 

1981 LX 

HP U 245 I® 60t 141 9M *75 
CQ ’ . 

pc AS 238 (00 950 975 

1983 AM 

K SS 239 WO M2 975- 
1983 AH' 



SORROWER/ 
■coupon luragpr 


FHtCE 


hi 


i[Ii 

gill 


i Sg 

ia 



MARKET MAXEB& 


5.00 

SP HI 238 US 602 930 941 975 
10.00 1981AM 


100-50 

5.50 


1978 PC 80 546 ' 105 S3 602 80? 975 
1972 ilflJXX 


1965 con. OF 

97.50 5.75 

1966 COTI. OF 

96.00 6.50 

1967 COST. Of 

97.75 6.75 


20.00 
8.90 
(5.00 
7.53 

20.00 
3-80 

100.00 1977 GOTT. Of 
99.46 7.50 

1976 con. OF 
100.25 8.25 

1976 COVZ. OF 
100.00 8.50 

1975 COW. OF 
99.50 9.00 


UO.OO 

90.00 

60JC 


tai it 11 law 
1/ 7/1985 

E» ZEALAND 
15/ 3/1946 
BED ZEAUUD 
15/ 7/1919 

TOI Ttll i.n 

15/ 9/1984 
m ZEALAHO 
1/12/1986 
SEB wn.mii 
15/ 6/1983 
tng ini nn 
15/ 8/1980 


95 3/4 
M 5/8 
99 5/8 

96 9/4 
88 3/8 
101 3/8 
DC 1/2 


1.50 6.59 6. ID 
4.01 7.LI 
8.21 7.17 6.44 
4.24 7-53 

1.54 7.13 tuS9 
1.07 7.25 . 

6.71 BJO 7.50 
8.92 9.51 )J) 
5.46 8.16' 8J8 
2.62 7.87 1.71 


to i-5o 
1.U 
(01.75 
J1 
100.00 
U30 


101.00 
F 2.00 


so.oo 1*75 eon. or soi zealahb 
99.50 9.25 15/11/1981 

40.00 1975 COTT. OP RV "TH *vw 
36.00 99.50 9.25 15/ 8/1962 


104 1/4 3.88 7.92 8X7 


105 1/2 4.62 7.77 8.77 (00.00 

4.18 7.66 09 1.60 


25.00 1977* IS ZEALAND BET UB COP 96 3/8 6X7 8.44 8.B2 10U00 

29.DO 100.00 7.75 15/ 5/1984 


50.00 1976 ons—t uhk CO 

100.00 8.25 15/12/1985 

OS D0LLA1S-MM1AX 


M 


4.67 8.63 DP 1.25 
1.96 8.60 8.42 101.00 


1978 VP Ht 437 

1968 BUS 
1978 SP IX 437 

1969 nm 
1978 SP US 437 
1969 RLB 
1983 BT 437 

BT 

1981 SP EO 488 

1977 U 

SP 80 488 
LX 

5P 80 488 
LX 

SP {3 488 
IX 

1980 KP EC 488 
197* LX 

1901 SL D 402 

1978 LX 

19B1 CC BD 402 
LX ■ 


105 922 941 

105 922 941 

105 922 941 

20 32 33 
927 931-940 


965 973 

975 

975 

60 80 605 
970 975 


105 305 520 
935 940 941 

105 305 520 
917 930 935 
975 

105 520 805 
941 947 960 
IOS 520 735 
927 130 935 
915 

109 300 305 
927 930 932 
955 9*0 970 


805' 870 911 
947 960 919 

739 805 911 
941 947 9M 

870 911 935 
97S 

805 870 9U 
941 947 MO 

520 910 911 
935 940 941 
915 


20.00 1975 4H1AL OG SBHOAL 

100.00 9.50 1/11/1980 

15.00 1*11 HHtfCAAO 
10.00 100.00 0./5 1/ 2/1586 

1F64 cm of urea; . . 

99.00 5.50 15/10/1984 

.15.00 1972 cm OF-mss 
(0.00 99.00- 8.00- 1/4/1987' 


101 5/8 2.84 8X1 9.35 


99 


8.09 

4.49 


10.00 

5.66 


8.9Z 8.84 

5.04 . 

9* 1/2 4.7* 6.52 -5.82 
4.01 7.13 


*8 1*4- 9.25 
' ’ 4.75 


8.19 

K33 


8.-10 


S? ED 165 105 520 713 735 870 930 

LX 955 960 973 

101.00 L9M W EO 161 105 520 710 715 735 74®' - 

.1.00 1*75 IX 941 955 960 973 

LU Jo 1979 SP-SI 515 105 520 910 735 740 932 - 

.66 (970 LUX 941 955 960 975 

'101.00 1980SP'BT*359 LOr5a»-7iO Ttb 7j3 f-0 ' 

• 1.00 -W73 LX * "955 *60 J 973 ' 


10U» 1963 cm OF OSLO '' 

1-00 97.75 5.33 u/ 8/192* 

U.00 1964 DBOiaBO 
6.98 *8.91 UO 15/ 9/1984 
35.00 1964 tOXXIHOHB 
2.85 99.00 5.23 15 J X/U79 

15.00 19CS axraraHo 
7-52 98.75 5.75 1/ 9/19*5 

35.00 »7t cm or mo 
UXO 98.90 4-25 1/3/198* 

50.00 /977 cm or oho 
50.00 99.00 - 8.73 _ 1/U/U97 

20.00 1*70 CSX Of OHO 
14^40 IDO.DC 9.00 - U 9/1985 

40.00 U7S axxorosu 
40.00 lOOJO *.00 ' 1/3/1888 

29.00 1*63 iXBCBWayitem - 
U25 98.25 U5 ' 1/3/1938 
=5.00 1*64 JXBCKW 0» BM(«X 
16w48 98X15 5*40 -13/ SflfU 

30.00 29(5 XBSCMK 05'BiMu - 
18.93 58.00 3-50 1/ 4/1985 

|S0U» 2977* SXSCOflM «MMl' 

100-25 7X4 15/ S/198X 

UW.00 1977 tzKMftarmns 

100.00 7075 1/ 2/1982 

100JO 1977 oreoaitarsoHux 

99.85 7JO 15/ 6/1982 

45.00 1976 1 (OCW dp nu 

100.00 7.75 l/uun 

100.00 1976 naam ar bohox 

UQ.oa 8.25 IS/ 5/1981 

100.00 1976 imi KIHK' 

100.00 8.25 15/ 7/1981 

tOOJO 2976 ttBCBOK OPBOKAt- 

100 JO 8 JO 14/ 2/1981 

100.00 <975 ’ I31CDCK or HIHftX 

LOO. 00 9X5 D/U/UD 

100.00 1975 XXSCMHOFHMda: 

99.75 8J75 15/ 7/1980 

sun 1*75 KDBOdf OF BORttU - 

100.00 *-00' 1/ 9A98D 


98 7/S .4* 7.9A SJ» 

.66 7.96 

« 2/8 6.71 6J6 M* 
5.73 7.21 

98 1/S 1.13 T.53 5.9* 
.*6 *-72 


95 i/a 


7.43 

5.94 


101 1/4 8.17 
4.49 
88 19.86 

12.91 


• 1978 KP U 30 105 520 910 JB TWSu 
UW 1568 XX 955 960 975 

tOOJQ 1978 KP ST337 ZOSr 320 710 73S748FM1 
dl 1989 JU *U 960 979 

Bpre 3» 103 3» 710 735 740961 
US 1969 U6X 955 940 973 
6.68 6.13 DU 1978 SP St 3*7 10 103 570 710 735 740 

7 J* d) »» SC 9M 941 933 9*0 973 

8.03 *-15 102.00 1979 HP XO 3Z7 105 320 710 758 760 861 

7.91 » US 19.*S » 959 975 


9.17 US UU) 1M9 0SS461 30 30 » 40 805 90 
9.32 HP SJO UU ST . «l 940 *73 

100 S/8 7.53 0.86 «J4 tOUO 297* VP XS 441 103.710 735 870 941 9» 
4J5 8.80 ‘ SP UD 1972 XX .975 

- 100 1/S 10.17 9J7 8J9 1«.00 1982 V *8 3X7105 305 30N 82B7U 719 
6.65 8.97 . DP X.JO 1978 SX . 7JJ 805.870 858 *55 960 

«41 *47 *50 853 860 975 

SJI 197*0*8404 105 520 710 753 780 ml 

UB 15*4 XT 9155(0*75 


98 7/8 
B 1/2 
0 1/3 
-87 l J* 


5.7* 


.55 8.87 
■JJ 8J7 
6J7 4.37 
9JS 6J* 

US 6.38 5JM 
6.03 6.91 
4J7 7JS 1.4* 


7.00 

3J7 

0.00 


4.27 97.50 


1*64 HAmAQcc onunmtAXT 
99.00 . 5.15 .15/ 311196 

i9»3 nuTucsx-aaauwnsAR 


6.25 


1/12/1985 

15.00 1967 OAmACST OPPUMBnAR 
9.00 *6.73 6.30. 1/ 6/1982 8 

10.00 I94& sums ownuuuaK 
5.48 99.50 5.73 15/ 1/1984 

20.00 1972 BHCES BXMDUUUK 
18.3R *9-25 7 JO U 2/1987 


7JO U/X2/190) 
BnStS QM8BULBJSK. 



98 1/0 

4.05 

8.07 

7.B# 

*8 5/8 

4.M 

8J8 

1,77 

98 3/8 

Ut 

SJS 

7J8 

101 1/8 

9JL 

r.99 

Ut 

101 Ut 

LM 

8,03 

SJX 

Wt 

8.13 

7.74 

SJS 

US 3/8 

LU 

8.0* 

SJS 

102 I/* 

2J4 

B.BK 

847 

103 1/8 

2-67 

7.63 

8.71 

<2 1/4 

6JL 

3.21 

7J4 

8.60 

SJS 

93 

7.92 

4.42 

7.45 

8.21 

6.72 

97 1/4 

4.42 

2.42 

7.37 

7.92 

8.80 

95 3/8 

6.04 

3.26 

6.7S 

7.40 

bJS 

96 3/8 

9.0* 

6.41 

8.07 

8.25 

7.78 

0 

93 3/8 12.96 

9JJ 

SJS 

SJS 

8.03 

■ 

98 

13.96 

L46 

8,75 

Lit 

8.87 

97 1/B 

14.38 

8.88 

LU 

8.98 

8.75 


100,50 1978 BP HT 315 10 105 520 710 795 740 
U» 15 <3 UBX 9U 941959 MO 973 
101.00 1978 IF SC 515 10 1»7U *35 TtOTtt 
IJ5 19/1 lax . 941-933 9*0 979 ' 
XP0SX34-4 
IS 

■ »su » » » n 0 m 
IT '805 927 151 940 975 
VP It 418 TO as 33 60 80 H 
K *03 927.131 940 IK 

HP HI 513 350 910932 961 967 ' 

90 

* yp It 413 20 32 X) (0 M (09 
TC 927 931 960 ITS 

SP K 413 20 32 33 60 M 109 
TfC *27 Ml 940 975 

SP 0 SIS *** 

Ut 

» EO *13 32 33 (0 *0 805 B? 
aCC 931 975 

V It 413 52 35 60 80 805*0 
wr 931 975 

W n 143 105 909 5S 739 80S Wo 
IX * JO 955 54L 550 *35 960 

*73 


.47 

101.00 

.53 

100.75 

1.00 


1970 4KLX 


935 9*> 975 


1*78 8G n 230 101 920 710 235 532JU. 

1*71 LX 935 980 175 

1978 (c SC 561 W9 520 710 755 740-535 

1987 BtU 9*1 955 9 m) 975 

100.00 1978 Gd X8 915 105 520 710 735 T4* 931 

.46 194* LUX 941 955 9*0 975 

105.00 
t JO 


1480 CC U 456 1« IU MS 520 720 715 
1925 IX 735 760 940 *41 950 MS 
960 975 

101.75 1*80 GO 0 454 105 115 305 520 710'nt 
P .30 1973 LX 7J5 740 933 940 Ml 99S 

93* 9*0 *73-. 

102.50 1*85 CC 0 179 km 
5.00 2960 UC 
102-50 1*36 EC 0 179 *4* 

. 6JS USL IX 

97 3/4 11.21 8.82 6.70 101.50 1982 S4 0 517 *“ ' 

8.8 ( 8.88 2.W 1*60 LK - 

8.25 8.93 9.09 101.25 AMI TA 0 412 MS 30* 309 520 713 7H 

3.73 8.84 DP 2.00 1378 IX 80* 925 *27 932 935 941 

947 *»'955 *60 979 

102.00 1978 0 0 313 IDS 931 no 739 740 801 
1.45 19711JHC88 932 Ml *U 960 179 


101 3/4 


98 7,** 



99.30 

7.875 

1/12/1582 

50.00 

1*77* mss nrea 


50.00 

99 JO 

■SJO 

1/ 3/1952 

60.00 

1976 

EDESCBTOD 



99 JO 

9.00 1 

a/9/un 

50.00 

1976 

■n»gg Hwn 


50.00 100.50 

9JO 

U-2/W 

40.00 

1975 

MORSKHXIHO 


40.00 I60.M 

' 9.75 

1/ 6/1983 

6.30 

L967 

miiTHT— 8APSK 

2.05 

96.50 

6.75 

U 9A982 


4.79 7.28 7J7 
2.94 7.45 

98 1/4 4.92 8J2 t.02 


97 3/8 14.17 
10.51 


«. 83 
r.89 


8.73 102.00 

DP A. 00 


HF EO 315 *** 
LS 

1982 ff 0 113 km 
1*82 IX - • 


100 3/8 13.71 8 J4 


8,97 102.00 

FF 2J0 


15.00 

7.00 

U.00 

8.00 

25.00 

15.88 

12.00 

6.60 

10.00 

5.75 


1964 SflUM.-6SIML ' 

98.25 5.75 10/U/19S4 

19(5 anusAL-muL 

98.50 6.25 26/10/1983 

1*45 SDtA-mVA 

97.75 5.7S 0/ 1/1985 

1970 GDUHCTCUk 

99.50 9.00 15/ 2/1985 

L964 TCtSZrALDESE 
99JO 4.00 25/ 3/1984 

PS DtlLLAftS-PAUMA 


U3 1/2 
103 3/4 

98 3/4 

94 1/4 
*5 1/4 

93 :;s 
101 

95 5/8 


3.09 

6.45 

1.42 

5.79 

4.0? 
2.60 
fa.86 
3.86 

7.82 

4.32 

7.06 

3.85 

7.13 

3.73 

6.23 

1.46 


8.87 
8.77 

9.02 

a.aa 

7.1* 

7.42 

6493 
7.63 

7,t7 
7.70 

fa.98 tuS2 
7-76 

9.00 9.11 
8C87 


1981 SP Eff-599 KM ' 

1976 IX 

9.18 102.00 1M1 SP 0 313 103 115 205 305 120 wf 

DP 2.00 1980 LV 735 805 912 915 948 941 

9.7 *50 955 968 *15 
198Q SP or SIS 105 205 905 320 7U 735 

U7« IX 805 *32 955 9&0 *41 *47 

950 955 960 973 

1978 CC XU 315 10* 520 710 7A5 740 (32 

1968 LUX *55 960 975 

1978 m E6 913 105 520 710 73* 740 931 

1970 UIIX Ml 955 960 075 


9J0 102.00 

at 2.U0 


6JS 


4.19 


102.00 

.42 

100 JO 
1.00 


4.47 


6.88 

7.48 


6.27 


101.00 1978 TN nr 315 IBS 520 710 735 740 931 

1.00 1171 LULL 941 *55 960 975 

101.09 1*78 BC a 313 IBS 520 ,'10 7)5 740 *» 

1.62 1971 UDX *41 955 960 *75 

102.50 1979 SC Iff 361 1U5 941 953 960 (75 

.80 1971 LX 

101 JO 1*70 TH 0 328 105 UO 110 73S 740 T3Z 
.68 I9.'0 UUX 9*1.935 9M «7S 


25.00 1977* BKFIXL1C OF E4KAH4. 
100.00 K.U 1/11/1982 


99 JjB 4.84 *.63 *J2 


BP BO *65 IIS 215 218 *15-930 W 
FF 1.00 1*78 IX 9n0 *79 



25.00 

1977* (OOCAtHDILLE OOFfER FIX 

93 1/8 

6.33 10.26 

9.40 

100.30 

25.00 1UO.OO 

8.75 1/ 5/1984 


5.33 

10.47 


DP 1.20 



US D0IXA8S-PULIPP1HZS 






13.00 

1963 

REPUBLIC OF FHZL1FFUES 

99 

2.04 

7.16 

6.67 

10Q.25 

3.DO 

98.50 

6.50 15/ 1AV80 R 


1.04 

7.65 


.60 



US DdUABS-FOIXDCAC 






15.00 

196* 

REPUBLIC Or FOSXDOAL 

91 1/4 

6.42 

7.63 

6.40 

100.00 

7.00 

97.50 

5.IS 1/ 6/1986 3 


3.*2 

8.96 


1.00 

SO.OO 

1963 

REPUBLIC OF FaKXDGAL 

91-5/8 

7.09 

7.42 

6.37 

101.00 


10.67 97.50 5.75 1/ 2/1985 S 

US MtLUS-SlBGAFOBL 


3.59 8.68 


20.no 

17.20 

15.00 


1972 I 

100.00 


i.l'j 1/11/1987 
19774 CD TEL StfZPTABO 
99.50 8.625 15/10/1984 

23.ua 1976 IZPFEL SKWAJD 

99,63 9.00 15'/ 8/1983 

12.00 1975 KEF PEL SHZFTAtD 

1Z.00 100.00 9.50 1/ 7/1982 

12.00 1 976 UO SUCARBE 
12.00 99.50 8.50 15/11/1963 

10.00 1471 6UCA1WC DEVS BAJK 
8.40 100,00 8.50 15/ 1/1982 


SO.OO 

48.50 

27.50 
26.00 
20.00 
14.00 
15.00 
13'. 50 


50.00 

30.00 


Z5.00 

20.00 

25.00 

22.00 

25.00 


19T2 

97.00 

1467 

99.50 

1971 
96.00 

1974 

98.50 

1975 
100.00 

1975 

.99.50 

1975 

98.50 

1972 
98.00 
1972 

99.50 

1976 
98.00 


ASCLO-MCUCW COW 

7.50 If 3/1987 
DE beers cobs woes 

6.50 1/ 6/1982 


ESCHf 

e jo 

E54XW 

9.25 

tB COM 
10.00 

1SCM 

10.25 

IfiCDK 

10.00 


1 / 101*86 
U 3/1989 
20/ 6/1980 
15/10/1983 
5/ 9/1980 


C 99 

3/8 

9.84 

7.86 

7.80 



5.68 

7.69 


98 

1/8 

6.79 

8.99 

8.79 

102 

1/8 

S.62 

8.49 

8.81 

103 

1/8 

4.50 

8.61 

9.21 



3.00 

6.27 


D 99-1/2 

5.88 

8.(0 

8.54 



4.00 

8.63 


100 


4.04 

8. 50 

8.50 

• 


£.81 

8.52 


84 

1/4 

9.17 

10.22 

8.90 



6.33 

11.06 


52 

1/2. 

*.«• 

.8.39 

7.03 



2.42- 

1D.U 


91 

3/8 

8.92 

10-00 

9.30 



5J6 

10)80 


90 


11.17 

10*82 

(0.28 


1.33 


J02.00 
1.40 
101.00 
er 2.00 
101.00 
PF 1.00 
101.00 
j.oa 


101.50 

.80 


1981 rc EU 436 105 2t8 425 520 910 915 
1978 LX 927 930 935 941 960 975 


197* HF ST 327 975 
1965 Ht 


1979 HP 0 298 105 520 920 941 975 

1970 UU 

1978 HF KZ 399 IBS 320 910 941 973 

1971 HT 


1980 HP HI 396 913 930 973 

1976 SSL 

1981 HP St 396 911 913 *30 *47 

1977 srmx 

1980 BP 80 596 911 913 930 947 

1977 SOX 

1979 OS EA. 396 913 930 
1979 St 

PC AS 639 913 930 

1978 SDK 

1978 CC EA 396 913 930 975 
1976 SSL 


6.83 li:43 

98 7/6 .2.47 10.4* 10.U 

99 3.79 10.47 10.35 100.00 

4.29 10J5 DP 4 JO 

98 3/4 2.68 10 JL 10.13 


EDOBLIC OF SOUZH AFRICA 

7.75 15/12/1987 
REPUBLIC OF SOUTB AFRICA 

8.00 1/ 2/1987 

BEFuiuc or Goua Africa 

9.75 13/ 2/1981 
U DOLLAU-finilH 


79 3/8 9.M 11.25 »J3 
7.71 11.94 

SO 1/4 9.09 11.63 9.97 
5.50 13.29 

98 3/S 3.13 10.36 9.91 


I**? rerun stas 

99.50 7.00 


20.00 
18.75 
20.00 1972 Z.H.I. 


1/ 7/1987 
CSPJ2H) 


92 7/8 *w30 
5.00 
92 7/8 9.75 


’••09 

8.82 


102.SO 1979 HT EO 3*8 105 915 935 941 950 960 
1.50 1977 LS 975 

101.0a 1978 BP EU 186 105 91S 941 JJO 960 975 

5.20 :i9n.ixure 

,102. 00 1919' CC Ed 103 105 115 520 9U 935 941 
1.50 1974 LX - • 960 975. 

101.90 1984 CC 0 488 105 115 913 935 941 960 
DP JO 1975 IX 975 

CC ED 230 105 115 520 919 955 941 

IX. 960 975 

1961 CC EO 437 105 1\S 320 *15 92S 915 

1979 LX 9(1 960 975 

CC ZO 230 IDS 115 321) 915 941 960 

•IX 973 

102.00 1980 VP 0 93-105 US 915 933 941 960 

1.00 1973 IX. ' 975 

102.00 ■ 1980 HT CV 93 Ids 735 915 935 941 960 
1.00- 1973 .LX' 975 . 

HP ED 93 109 1U 915 935 941 960 
P 3.00 1977 IX 975 . 


103.00' 1978 CC ra 186 105 403 4ZS 915 979 

1.8S 1975 srpu 

101.50 1980 IP EO 361 105 915 975 


17.00 100.00 

8.00 

1/10/1987 


5.87 

9.43 


DP 1.B0 

.1975 IX . 


15.00 

1972 

rasoxuR 


90 3/8 

10.01 

9.27 

SJO 

101.30 

1982 re 230 

105 210 215 915 975 

15.00 

99.50 

7.75 

V 1/UBS 


6.21 

9-90 


. 1.00 

1929 IX 


15.00 

1971 

PETBOBOR 


96 1/4 

9.00 

9.13 

0.83 

102.00 

1980 BG ED 103 109 210 215 913 975. 

12.40 

99.50 

8,50 

30/12/1986 


9.75 

9.39 


ja 

1972IX 


50.00 

1976 

tun 


100 

5.92 

9.24 

9.25 

101.00 

1980 CC EB 483 105 230 S30 915 941 940 


99.00 

9.25 

1/12A983 





PF 2.50 

1976 LX 

970 973 



BS D0LLA8S-8VDHI 








15.00 

1969 

UU 


97 

2**6 

7.49 

6.28 

101.00 

1978 BF re 315 105 520 710 735 9*1 955 

4.78 

97.00 

6.00 

15/ 6A980 

S 

1.50 

8.34 


1.50 

1949 uax 

960 975 

30.00 

1971 

ASU 


90 1/2 

8.17 

8.76 

8.63 

101.00 

1979 HP EB 272 105 520 710 715 735 870 

M.00 

M.OO 

8.50 

If 3/1986 


5.01 

8.88 


2.00 

1974 LH 

941 950 955 940 973 

20.00 

1970 

ATLAS COPCO 

101 1/2 

7.59 

9.20 

9.36 

100.25 

1980 HP ED 272 105'735 870 941 955 975 

13.50 

98.75 

9.50 

1/ 8/1985 


4.79 

9.08 


DP 1.00 

1971 LX 


30.DO 

1*77* an OF GOtBBanC 

98 3/4 

9.96 

8J4 

8.86 

100.75 

1984 HP re 272 

105.115 305 520 710 735 

22.60 

99.50 

8.75 

15/12/1987 


3.49 ' 

9.20 


or 2.SL 

-1978 LX 

910 917 932 9*0 941 990 
955 940 970 975 

50.00 

1977 

cm or srocraoLB 

99 1/4 14.13 

9.17 

9.14 

102.05. 

1987 HP HT 457 

:a 32 33 60 80 90 

50.00 

100.00 

8.875 

15/ 2/1992 

8 ' 

9.63 

9.19 


DP 5.00 

1983 XT 

BOS 927 9*0-975 

15.00 

19(5 

CB3XSHSICS 


97 1« 

2.84 

6.99 

6.15 

100.00 

1078 6C EU 273 .109 520 710 733 941 959 


15.00 

0.75 

20.00 

20.00 

U.00 
4.SO 
9.00 
2.75 


40.00 


40.00 

40.09 


99.25 6.00 1/11/1980 

1967 reTEWHCS 
99.75 6.75 15/ 3/ 1982 

19774 ejSELXE 

99.SO 8.50 15/ 2/1984 


18(5 WIATOSSOT 
99.00 6-M 


1.84 7.49 


1.50 

6.90 100.50 

BP 1.35 
95 3/8 6.13 9.52 8.91 101.50 


9 7 778 


4.21 7.34 

2.21 7.81 


1966 C0C49EHKEV 
98.00 6.75 

- 1*77* CDTAnxnS 
100.00 7-625 

1916 GOXAVUUH 
100.50 #.uu 

1*77* GQXAVEBKEV 
99.50 8.125 

1976 caunuxs 
99.00 8.25 


1/12/1980 
1/ 9/1978 
IS/ 9/1952 

15/ 1/1982 
13/ 9/1987 
1/10/1383 


97 3/8 


99 3/8 


4.43 9.84 

2.92 7.02 

1.92 7.46 
.67 7.66 
.67 7.66 


6.16 


6.79 


3.00 


IDO.00 
LM 


98 3/4 4.71,7.94 7.72 
IDO 1/8 4.04 7.96 7.9* 


*5 1/2 9.71 8J2 8J1 101.00 

7-Ji 8-79 z.DO 

P 99 3/8 5.15 8.36 8.30 101.50 


30-00 1976 C01S1VAL5.. 

30.00 uthoa ws W1/10 


WSrt .?»« -3J: 8J7 
5.04 8.59 


nun 

6.00 


1970 CG EU 
14b9. HI 

ire: HP re 

1980 LH 

1*78 GO ED 
1*71 an 

1978 CG HT 
1967 HT 
CC re 
IX. 

CC 0 
IX 

1*82 cere 

1978 LX 

1980 CC SI 
U 

1*82 CC re 

1981 LS 


9M» 975 

273 (US 570 710 735 941 935 
660 9K 

316 1US 520 530 710 715 735 
745 910 910 932 935 9*1 
750 955 960 *75 

273 105 520 710 735 Ml 955 
960 915 . 

272. 105 SIC 71V 735 941 955 
’ 960 973 

218 **• 

!»*** 

718 *aa 

315 105 520 805 9Z7 930 932 
935 *41 947 *50 955 9*0 
970 973 
2U *** 


V. 


So 

go 


uJ 

3“* 

<2 ce 

gS 

52 

>■ 


BORROWER/ 
COUPON MAnjRflY 


15-00 

1*67 

MAKES 


9.00 

97.30 

6.75 

I6/10/L4E7 

15.00 

1971 

MAKES 

J 

11.00 100.00 

8.50 

1 St 2/1989 

30.00 

1175 

MAKES 



100.00 

9.75 

15/12/1900 

20.00 

1975 

MADGES 


17.50 

96.00 

9.75 

1/5/1985 

■100.00 

1*77* LIBUJUf OF 

Sana 


99.00 

7.50 

15/ 6/1M2 

100.00 

1977* Encore OF 

WEDBH 

100.00 

99.75 

8.25 

15/ 6/1917 

100.00 

1977 

nsciw of 

Stand 


99.25 

8.50 

13/11/1987 

100.00 

(977 

nBCDOH OF 

SWEDES 

100.00 

99.75 

9.00 

15/11/1997 

13.00 

I96B 

UCRUK 


3.75 

99.25 

6.00 

1/ 9/1*80 

50.00 

1976 

Wfa-glfaffa 


58.00 

100.00 

8.00 

13/11/1983 


PRICE 


gl 

n 

”s 

So 


CO 


i 1 


2e| 5 ; «** 


MARKET MAKERS 


87 1/8 9.79 8.92 
5.29 10.18 

95 5/8 11.13 9.14 
5.63 9.94 

99 3/4 2.96 9.14 


99 1/2 7.33 9.83 
5J3 9.85 


IIU.J 

1978 

SP 

31 

359 

105 

710 

735 

955 

960 965 

.90 

1970 

LXLX 


975 





(04.00 

1981 

SP 

EO 

359 

105 

710 

715 

735 

9SS 960 

1.00 

1573 

LS 



945 

975 




101.00 

1978 

SP 

EB 

359 

105 

115 

205 

520 

710 715 

p 


LH 



7)5 

9J0 

935 

940 

955 940 






965 

973 




102.00 

1980- 

DP 

BO 

339 

UW 

115. 

2051520 

710 71* 

t (.25 

1976 

IX 



735 

935 

940 

955 

960 965 


98 


4.46 6.03 7.65 


96 7/8 9.46 
7.(6 


8J2 

98 3/8 9.88 8.94 8.U 


8.74 

8.83 


2D.Q0 

-10.80 


1966 

97.23 


35.00 1976 
100.00 


30.00 

30.00 

30.00 

21.49 

35.00 

33.25 

35.00 

25.0c" 

50.00 

-13.00 
, 12.73 


1977* 

100.50 

1970 
99.50 

1976 " 
100.00 

1976 
100.00 
1976' 
>00.00 
'1977* 
99.23 

1971 
98 JO 


LX. EHICT30H 

6.50 15/ 3/1986 
L.H. BZICSSUX - 

8.50 15/'9/19S3 
L.S. EBICSSOB 

8.50 15/ 4/1989 
LJL EUCSS08 

• -9J3 1/13/1985 

I'ju vaesua 

• • t J3 U / 9/1991 
» oca bwsjo - ■ • 

- 9-00 19/10/1986 

in ore ocHSJO 

9.50 15 1 2/1983. 
■AA8-SCIIIA 

8.50 15/ 3/1389 


98 3/4 19 J8 
S 12-8* 

97.5/8 2.(7' 
2.87 
93 1A 5.88 

98 i/a..«,zl 

s 

• 99 3/6 5,71 


9.34 
9.38 

6.99 

7.54 

-LM 

8.34 
17.19 
7.62 
8J4 


8-00 1/ 8/1986 S 


30.00 1971 
28 JO 100.50 


30.00 1972 
27.00 100.25 


9 JO 15/ 4/1966 


30.00 

28.30 


1973 

99.75 


40.00 1*76 
38 JO 100.00 


7.50 15/12/1990 

.8.625 15/18/1908 
XA rmmnA 
9.00 1/12/1991 


25.00 1974 SEABDXHAFIBKA. BWEXLDA 
U.00 100.00 - 10.25 . 1/12/1981 
30.00. 1977* ere 

30.00 100.50 - 8.00 1S/ -1/1987 

MJffl 1*76' SCBSA mnCTUftBH* . . 
20.00 99.50 9.50 15/12/1986 

20.00 1976 SEABBUKOBUS BASK 
20.00 ii.50 8.75 1/ 9/1983 

30.00 1977* BPAHBAXKEHUS BAlX 
30.00 1M.00 . 8.73 15/ 1/ISM 

40.00 1977* EXAXSfUXEUG 

100.50 7.75 1/ 2/1982 

30.00 1975- STATS Rome 

99.00 9.23 15/ 9/1980 

30.00 1916 SVEHSU HABDELS6AUEH * 
29.50 99.00 9.25 1/ 3/1986 


98 5/*1112* 1.89 

' 8.2* 1-73 

102 3/8 - 7.92 8.75 

,-4.*8 8.35 

101 5/8 13.71 9.03 
"11.27 9.01 

93 : 8.79 10-23 

95 5/8. '5.13 10.(4 

96 1/lJi.U 9 M 

99 5/1 8«59;' *-27 

5J9 9J9 

100 S/B'lJf "9JT 

. 5.87 9.33 

93 a/4i 12.98 -8-30 

.. V.7Z 8-55 

101 1/8 10.79 8-45 

- 8.13 8.63 
100 5/8 23.92 8.98 
, 9.61 8.98 

103 l/A-‘ 3.92 -9-21 

8.97 

94 1/2 9.04 8.91 

. J.M 9.14 

J7X/S 8.96 9.93 
.'8.» 10.05 
100 S/S 5.(7 -8J9 
3.77 8.53 


975 - • 

HP ZB 517 *** 

LN 

101.50 1983 BP EC 517 »*4 
4.00 1978 IX 

100.00 1986 SP S3 479 TO 0 S3 (0 735 805 
BT 927 931 940 975 

103.22 1989 HP ST 479 20 32 33' 60 805 927 
dp 6.70 was sr 931 9*0 975 
100.00 1970 CO 0 272 105 520 710 715 941 9S 
1.15 1969 HT 960 973 

101.50 1980 CC EO 315 **4 
10.00 1919 IX 

102.00 1*78 HP EO 359 105. 710 735 941 955 960 
1.20 1969 UU 965 975 
8.5Z 101.00 19BO HP U 273 *** 

ix . : 

8.(2 101.50 1982 HF re 359.***-. 

1980 LS 

I960 IP EU 272 105 234 735 870 Ml .955 
1971 UU 975 - ^ ■ - • 


9.32 

6*15 

8.14 

6.85 


BT 2.00 
9.00 100.2S 

2.25 

9,10 101.3d 

DP 1.75 
9.68 lOIJO 
PF 1.75 

9.93 101.50 

•FF 1.00 


1984 HP re 273 *4* • - ? 

1977 Ul ' ' 

1981 SF EU 485 105 <3 520 7IS'MVSU 

1976 LX 940 955' 975 

1980 DP a 4SS 105 715 73S 935 955 975 

1977 LX - 


8.84 10U50 1983 VF EO 272 *** 

PF 2.30 J977 LH i 

9.24 102.00 1981 BP D 3U 105 305 520 710 715 735 

.73 1972 LH . 745 932 035-941 950,935 
9M 975 

9M 102.00 1981 HP ES 273 105 205 303 520 710 715 
1.50 1977 LX 735 »70’932 935. S*0 9*1 

*47 950 955 960 975. 

LOG 100.375 1980 PC ED 272 105 305 520 710 715 735 

DP 1.00 1975 IX 9J5 941 950 955 960 975 

6J3 100.375 1979 FC EU 272 105 305 520 710 713 735 

DP 1.00 1*75 LX 935 941 950 955 960 975 

8.99 102.00 1982 HP ES 456 IDS 115 205 520 530 71S 

1.50 1977 LX- 745 870 9» 935-940 9*1 

9*7 950 955 «0 »7o 975 

9.93 100.50 1978 HP tt 456 IBS 520 7J5 S7C930^941- 

1979 IX. ’ 950 955 973 


100.50 
8.33 

8-47 101.00 

HP .75 
9J4 101.50 


1982 IF HI 454 
1978 IX 


3.00 1581 LH . 


8.70 


101.00 

3.50 


98 1/410.04 9J2 
• 5.(9 9.17 


101.00 

2J0 


8.91 

97 3/4 4.69 8.42 7.93 
101 1/4 2.71 8.68 9.14 100.00 


101 1/8 8.17 9.04 
5.-93 8.99 


U.00 
21 . *0 
25.00 
18.00 
15.00 
13.00 
15.00 
12.50 
15.00 
15.00 
30.00 
11.70 

23.00 

23.00 

U.00 

Z3.8Q 


1976 

100.00 

1975 

99.00 

1973 

100.00 

1972 

99.00 

1976 
100.00 

1976 

100.00 

1977* 
MO. 00 

1972 

1Q9.3C 


SHEDISH EXPORT CREDIT 
7.875 15/10/1983 
siBpiSR reran reran 
9.0S 15/ 4/1982 

svcniaa THT E enc rer ire 
7.50 15/-1/1988 

naiH nwE s ixa f r bar 
7.75 l/U/1987 


P 98 3/1 5.79 
8 3.01 

100 1/2. AJ* 
• 2.35 

93 1/A 10.04 
. 6.27 

95 7/l » J* 
6J2 


9.25 15/ 9/19B6 

"bmevallavartst 

7.75 - 1/12/19*3 
UDDETALLAFaRVEI . 

7.75 15/ 9/1984 

90L9D 

LM U 9/1987 


101 


-8.71 
6.51 
98 3/8 ’5.92 

. 

96 1/8, (- 71 
5.62 

96 1/4'9.(7 

i.u 


'6.40 

8.68 

8.B3 

8.72 

SJS 

8.99 

8.38 

8.62 

9.06 

9.03 

8.26 

8.52 

8.52 
8.64 
8 .57 
8.77 


9.15 

8.17 

8J6 


9.16 

8J3 

8.06 


33.00 1977* TO UW 

100.00 8,00 1/ 3/19*7 

25.00 1*75 VOLTO 

. »JO. 9.30 1/ 3/1985 

US D0LLAS5-5WmEBLA5D 


94 3/8 9.17 8.67 
100 7/8- 7.17 9J2 


101.00 

1.00 

101.00 

L-8Q. 

100.50 

3.50 

101.00 

JO 

101.00 

JO 

ior.5a 

2.00 

101.00 

2.30 

101.00 

2.50 

101.50 
OP 1.20 


8.45 101.50 

PF 1.75 
9J2 101.50 

n 1.25 


ss.oo !47i ALijsaiisr wt re sa an 3,» 7.52 7.12 

31.13 lUL'.UU 7.00 1/ 7/1931 2.00 7.90 

75.00 1*77* 7141 FLS CUSP 97 3/8 4J9 8.70 8J2 

100.00 0.00 i/ a/isrr- 


101.00 
5. 83 
ZQ0.50 


1979 LX 932 935 936 941 

960 970 975 

1983 HP EO 179 218 950 955 900 
1979 LX 

HP EB 3(7 *** 

IX 

1979 CC HD *54 105 520 715 735 930 935 
IX 940 9*1 950 955 960 975 

1981 HP re 179 105 320 715 805 935 9*0 
1977 LX 9*1 9*7 950 953 960 970 

975 

. I9BO-HP-EO 157105 965 - - 

.1977IX 

1979 HF ED 456 105 SZO 715 735 9XT 935 

1976 LX 941 950 955 960 975 

1981 RP EO 339 105 735 9(5 973 
1574 LH 

1980 HP ED 359 105 320 710 715 731 941 

1973 LX 950 955 960 96S 975 

1981 HF re 319 105 3» 715 733 932 935 

1981 LV 955 960 975 

1980 CC ED 157 947 965 

1977 LX 

1981 CC re 315 932 947 960 
1980 IX 

1980 HF ED 3K IDS 131 710 715 735 805 

L97T LX 870 940 341 950 938 960 

975 

1962 HP EO 311 *** . . 

1*77 IX 

19» HP-EB 45*’ 105 7(0 715 735 870 MO 
1976 IX 941 950 955 960 973 


1978 *6 Bt.16 80S 941 975 
1976 ZX 

1981 FC ES 165 KK* 

LX 


kfo'l 







35.30 

39.00 


(973 

9oJQ 


mss ALUaHIlEI AUfat UD 98 3/4 '.SU ».IS 
8.00 1/ 7/1987 5.00 8.31 

US MLU1S-VE.NEZLELA 


8. Id 


IdJ.OO 1*81 re LU 186 IDS 7J5 805 870 MO 941 
3 JO 1978 LH 930 975 


19.00 1965 REPUBLIC OF VENEZUELA 
3.00 99.00 6.35 15/ A/1980 S 

100.00 1971 -REPUBLIC OF TOQOELA 
. •-99.89 7.875 15/ 6/1982 S 

180.00 1977* REPUBLIC OF VEXEZOELA 
99.50 8.00 15/ z/1984 

100.00 1977. REPUBLIC OF V ENEZU ELA 

95.75 6.123 15/10/1984 S 

3O.0O 19f7 REPUBLIC OF WBEZDEIA 
50.00 99.50 8.75 15/10/1992 S 

-15.00 I9>2 VENEZUELA TEL 
11.85 100.00 8.25 15/12/1987 S 

US DOUASS-tns RUGDOH 

30.00 1973 AIRLXASE Hit FTN 
30.00 100.00 8.75 1/10/1988 

20.00 1971 AIBLE4SB OX PD! 

17.00 100.00 9.00 1/ 8/1986 

60.00 1977* ASHLAND OIL «B« 

60.00 100.50 JJO 1/ 5/1982 


2J9 

l.fab 


97 

98 3/8 4.46 
96 3/4 -6.U 


7.8* 

8.6b 

8.49 8.X7 


8.70 8.27 


96 5/E 6.79 8.96 8.59 


96 3/4 14.79 

1QJ9 

97 5/8 9.96 

6.54 


6.59 100.375 M78f fcp St 4U 973 ' 

OP JO 19b6 SV 

J VP ST 458 32 33 60 90 805 927 

ST. 951 940 975 

101.00 X9BZ HP HI £12 218 230 425 520 910 915* 

.LH 937 950 940 941 947 9b0 

975 990 

100.00 1963 SP 0 458 20 32 33 60 605 9:7 

HT 9J1 9*U 97i 

101.91 1987 SP HI 458 20 32 33 60 HU 927 

DP 5 JO 1983 St 931 9*0 975 

8.79 SJ3 101.00' 1*80 CC EH 488 105 915 975 

8.92 DP-..35 1913 LX- 


5.36 

9.46 


9.2$ 


100 


10.75 

6.25 


8.74 

8.73 


tOl-I/T 8.59 8.56 
4.32 8.34 
"97 1/1 4.JJ 
' ’• 2.83 


8 . 1 * 

8:53 


20.00 

18.55 


.'S3 7/8'9.09 
. 5.08 

99 3« 


E.7S 
9.3 L 


92 8.02 


1/2 8192 0.17 8.21 102.00 
4.92 8.12: DC 3.00 

P Ml 3/4 7.25 8.77 Uf : . 

6.25-8.73 -16,00 

: ICQ ^ • 9-29 ‘ 8.79 8.95 ' . 

•- 8.29 8.76 • ... '8.00 


1972 BX2C.C. PUT 
99.50 , . 3.75 1/ 2A987 

70.00 1971; iBiEOJPS-BABE 1ST 
^ 100.00 . 7.75 1/12/1978 

30.00 - 1971 -UROATS sax lire 
27-00 180.00. . 8.25 1/12/1986 

' '50.00" 1976 B4BCLAXS BAER 1ST 
50*00 100.00. 9.125 1/ A/1985 

*25.-00 1976 BAHI X TB 8AEK DiT 
' 25.00 100.00 ’ - 9.125 15/ 4/1987 
30.00 *1975 BAROA1S RAW UfT 

100JO 9.25 1/ 7/1902 

100.00 1977* BAROATS O'XEAj INVEST 
100.00 , 8.50 15/ 9/1992 

1.00 -196/ -BEBC8AH 1ST '52*7/8 3.58 8.7V £.» 

. MOJO 6.15- 31! 7I19BR . 

*5.00 *-3971. BEEGUAH HT 
36.00 100.00 8.23 1/ 2f1936 

SOM 1977* WATER COR? 

50.00 100.00 9.25 16/ 5/1992 

30100 1976 K8UZBCDRP 
-.- .100.00 9.75 15/ 7/1986. 

0U» 1976 BRITISH CAS . ’ I* 102 7/8 3.09 7.90 0.75 

.100.00 9.00 2/ 2/19BL . • . ' 


8.75 102.00 1980 BO EO 326 105 930 932 935 941 950 

DP .3.00 1979 LH 955 960 975 

8.78 102.00 * 1981 BC ZC 326 105 930 935 941 950 955 

SP 1.00 1975 IX 960 975 

7.69 102.00'197* PO 0 93 109 115 205 425 520 EM 

15.09 1979 LX 927 930 932 935 940 9.1 

9*7 950 935 9bD 965 975 
8J6 101.00 .1982 re 0 335 10S 930 933 950 955 960 

• ' SP 1.35 1975 LH 975 

7.77 1978 60 0 326 105 520 930 941 950 955 

LS 9 «y 975 

1979 SB EB 32t 105 9JO 941 950 955 9M 
1977 IX . 975 


. VF 0 £30:960 
1903-HI - . - r " 


SU ZD 63U-960 
1955 LN 


104 1/8 -4.S0- 8J0 - 8.88 . 101-00 .1980 SO- 0 487 UU 205 530 910 930 935 

. 85 2.00 1976 L|( 9*0 Ml 8S0 S43 960 975 

981/8 14.72 8.72 B.i6\ . 10U3 ISM PC SU 297 *** ‘ ; - 
. ■ - FT *.ua 1977 LS 1- '7.; 

Ml JO 1978 PC 0 3I6 WT 960-975 
•'•;•■>*.•- 

99 3/4.8.09 8.29 8J7 »0.00 1981 M EU 31A lil 930 935 943 950 955 

, 5.28 8.A . 2.50 *1974 LX 3M 97} . 

14.37 9.37 .9 j* 30UO 1985 HP 0 517 «■ *. . 

2400 1981 LH*' .' 


01.13 9.39 


DP 


102 3/5 8.54' 9.23 9.<J '101.5(4 19810 *0.3(7 105 S20 870 930 «5 941 


n u is i6 ix 


94/ 950-955 9M 970 975 




16.00 

'1972 

RZSSEUHD 

83 5/8 -9J4 10.77 

SJ7 

: 103.00 



16.00 

99.00 

8.00 1/11/1987- 

5.3* 12.37 


1.60 



■ 25.00 

1966 

BKITISH PEtreLEDH 

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97 1/8 14.84 9.36 

9.27 

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930 

65.00 

100.00 

9.00 1/11/1992 

12,38 9.40 


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950 

955 

50.00 

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98 3/8 11.04-- 8JS 

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7.75 1S/1O/1990 

8.66 9.26. 

. DP 1.00 


25.00 1973 CAPITAL 6 C0W7IES PROP 
25.00 98.50 9.00 1/ll/lSW 

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50.00 99.30 9JO 15/12/^987 ■ 


94 3/4 10.84 9.80 9.30 102.00 

6.34 10.16 . DP 2.50 

9T-I/8 9.96 9.97 9.78 
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100.00 8.25. 15/ 4/19)9 


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23.00 

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8.28 

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20.00 

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8.58 

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25.00 

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100.00 

9.25 IS/IQ/1N3 

3.39 

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cm of edP atman 

101 1/8 

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75.00 

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28.60 

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4.09 

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101 3/8 

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973 


1*78 VP EU 30 105 520 805 9*1 960 971 
1974 ULXZR 

1982 HP EO 315 992 9H 
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2981 GO IS 359 103 9M 932 935 Ml 950 
19>9 LX 955 960 965 973 

1980 PC EO 336 103 910 930 935 950 955 

1978 LH 960 975 

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io:.oo i«02 re eo ids ios us 215 21a 50 sso 

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9*0 970 973 

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1978 U 975 

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U 

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1979 IX 973 

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IX -973 

1479 HP EO 316 105 910-935 Ml 950 955 
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1979 re HI 3167 IOS 950 935.9*1 950 9*0 

1971 LX 975 - 

1980 PC 8(1 516 (0$ »30 935 941950 MO 
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25.00 1975 .’cos nius <XQHOi) 
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■■ *.59 9.32 ■ ‘.BP 4-BO l«3 U 

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9b 1/2 14.59 9.18 9.05 161.00'1985 7S EU 335 10S 113 205 309 425 520 

IM1 9.3S » l.«tt 1982 Ut 7JS 910 927 $J0 932 935 

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20.00 1972 
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5.S9 9.95- OP 1.00 1576 Ui 975 

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6.28 5,80. -50 1975 U 965 875 

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11.40100.00 - 9.25 1/1/1M6 4.19 9.3* 1^0 1974 LE 975 


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36.40 MJ5. 8.00 1/ 7/1*87 

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24-00 1970 UIUOS 

17.40 100.00 9.50 15/12/190S 

20.00 1970 UlL SiainL CBOQP w 381/4 4.25 

98.50 7:00 31/ 3/1982 

20.00 1970 -.KZU. SMOR, CROUP 1 XB 
. .98,50'. • .7-00. 31/3/3982 
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17.00 100,00 .„ 8.50. 45/11/1986 


»1/8 9-50 8.95 UO XB8.00 1930 K? XB 522 m3 833 5-2 B50 955 SsB 

6.81 9.18 . DP 4-20 1915 LS 9} g 

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7.14 *.U9 . . Ut 1.00 It76 us 560 97s 

102 IJZ -7-96* A.8* 9-Z7 lOi*04-1980 S? HI 323 IttS 930 9/2 941 950 333 

5.06 8.87 • . U80 JJTl UI *60 *75 


7.48 7.12 
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30.00 1467 ICC UD 
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26.00 1*71 

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30.00 UTS MkCASaiU C.Ct 
30.00 ura.OO . St.50, 15/ 9/1981 
30.00 4973 ,1am. &‘c»0UL AS6CE 
29.09 lOQ.I/O. ,7.625 .4/ 2/1988 
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26.IS-JOO-25 ‘ 8.00 - 1/ 2/1991 

15.QO i»74 an.eziuis tnar 
12.00100.00- 8.75 .1/12/4986 

75.00 1976 KZ0UKD Tyn. ra«KVICE 100 3/4 
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75.00 1977* KCDUND KUt TD> SEKDICK 98 5/8 34.67 
75.00 100^0 8.75. 1/ 9/1992 , 11.07 

15.00 1970 insnca ixcest 400 i/2 7.79.9.1s 9 jo 

80.30 : n JO . ;SJ5 . 13/10/19(5 . 

50.00 I47J XCtJCWU/8 ClUUAtS (8K 913/8 4.88 9.11 8.4* 

26.40 100-50 ; . .7.73. 15/41/1987 . . 

100 JM 1977*lBn0UL COAL HUSO 
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99JO 8.625 15/ 7/19U 


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6.00 1978 UllXUt 

100.75 1978 tC Hi 359 JOS *70 930 915 341 950. 

3.25 1978 Ui 955 960 965 973 . 

10) JO 1983 W *0 143 *** 

10.00 19*1 LX 

103.00 1978 yp XB 346 210 215 *35 953 960 973- 
2.68 1976 UI. 

102.00 
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25.TO 

11.50 

20.00 

14.56 

12.00 

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40.00 

31,00 

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31.00 

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23.00. 

26.00 

23.00 

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25.00 
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6.50 
25.00 
25.00 


4«7- 

99.00 

1971 

P8.00 

1971 
97.00 

1972 
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9 9J0 

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98.50 

1976 

97.00 

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98.00 

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9.00 15/ 5/1996 

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101.50 1980 XT n 361 911 930 933 941 950 953 
VT L..20 4975 LX . 960 975 
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8J2 ’* CC ZD 359 105 918 *27 93Q *32 935 

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8.94 , J» ^.50. 4978 LX 950 935 9*0 96* 975 

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8.73 102.00 39B1 TC HT 326 105 *30 93S 950 455 960 

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99.26 8.00 11/ 6/1sn 

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20.00 1972 SLsryzu, nr nx 45 1/2 

20.00 99.00 7.75 U/40/19S7 

15.00 1969 SO80-S4MOK 0/5 CLP- 190 3/8 
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20.00 1972 KW.DKMl)/i CAP 90 

19.00 98.00 7.75 1/-4/4907 

15.00 1970 CUOT 7KT C4P 101 1/8 

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25.00 1973 coma UV .*6 7/8 

23.00 99.DO (.00 15/ 6/1507 

20.00 1967 CSAXESZ WT PHI 99 

10.00 90.00 6.75 1/ 7/1982 

25.00 1968 chew ox OIL- O/S II 3/4 

14.00 98.50 7.00 1/2/1580 

25.00 1969 enOTLHL 0/S CiP 97 1/4 

15 JO 97.00 7.00 15/ 2/1984 

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100.00 6.75 15/10/7980 

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99.75 7.00 15/10A981 

30.00 1977* cm imsDK PIN 

100.00 8.79 1/ 5/1914. 

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8.D9 7.40 - 101.00 5-JOO PC Ef 399 800 (70 920 975 

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3.14 7.(2 101.00 1980 PC EG 399 920.947 

9.01 DT 3.00 197SLX 

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19.71 .... -BP. .50 197b LX 

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7.09. .' '. 2.00 194* BILL 950 9)5 

6.58 6.10 103.00 1*71 Pc S2 458 10 205 520 805 935 941 

7.04 ' l.*7 19*9 L2VT 950 9*0 975 

7.9$ 7J4 100.00 (878 « a} 485 105 520 805 S35 941 950 

8.15 ' . BP 2.00 1974 BIOS 9*0 975 

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7.13 BP 1.50 19/2 6TLX 975 

5.25 -8.66 -101.0° 1978 PC £0 437 105 335 941 960 975 

7.92 BP 1.00 1973 LX 

7.94 8100; 100.00 197* pc ED 456 105 340 935 941 350 960 

7.93 - BP Z.50 1970 LX >75 

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8.68 BP .80 1971 LB 

7.71 7J7 100.00 1971 PC a 418 105 520 870 933 9(1 950 

7.69 BP 2.50 >970 LX *aQ 975 

8.06 7.51 100.25 1979 PC Sp 437 IQS 305 520 73S 870 93S 

8.11 BP 1.00 1977 LX ' 9*0 9*1 950 9M 975 

9.71 9.61 100.00 1978 PC EB 449 103 935 $41 973 

9.17- (.00 19/1 LX 

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6.60 BP .75 197* LX MO Ml 950 960 970 975 

7.DO 6 J2 101,00 1671 PC B) 411' 105 520 805 870 9JS Ml 

7.17 ' 2.00 19)1 LX 950 960 975 

7.66 7.0$ ipo.oo 197* PC ft 238 105 520 805 870 935 941 

8.1* BP 3.50 1974 LX 950 960'975 

7.57 7*20 102.00 1973 PC OJ 359 105 945 SU 960 975 

7.98 BP 2.00 1972 LS - 


20.UU 49/0 2530 O/S fU 

14.50 9.00 15/ 9/1385 

50.M 2973 msr Chicago d/s n* 

' 100.00 7.00 15/ 1/13*0 

10.00 1972 nssr PowaraxiA ixT 

10.00 100.00 7.625 15/11/1984 

20.00 197* TSEBUUr WIWAnOMb 
99.50 9.00 15/ 3/(983 

’’-.DC 19)2 COT caias TBANSMAX 
24.90 <00.50 8.25 1/ 6/1987 

25.U0 1972 CELEEiL CiBLE O/S 
2*.ua 98.00 8.25 15/ 5/1987 

50.00 1965 GEKDUJ. ZL1CT11C U.'S - 
46.0U 100.00 4.25 i/ll/1985 I 

:u.oo wb 8 cam unis m 

20.00'98.50 7.00 1/11/19SO 1 

20.00 1971 OSULHIU PIS' 

15.00 98.75 8.00 1/ 3/1956 

30.00 1971 CXSEXiL JHJOtS O/S JTS 

25.50 38 JO 8.75 15/ 8/1980 

25.SX) 1*75 COEIB XBX 

22.50 99.75 9.75 15/ 6/19*3 

15.00 1971 
11.73 97.00 


IDS 3/4 7.71 7.9b 8J1 1191,26 

4-M 7.52 >84 4.50 

*8 1/4 2.04 7.96 7.12 ' 


6.75 13/12/1M6 

15.00 1971 cm nr 

12.90 99.00 8.35 15/11/1986 

40.00 196S CULP 6 KSSD* 1ST OTf 
100.00 6.90 l/i:/19IO 

40.00 1*68 BU 8 wsn» tsr 337 
100.00 6.50 1/12/1980 

50.00 19/7* COLT 4 ICStHOi TVT 

UlO.00 t.'.i 15/ 2/1384* 

40.00 1976 GOLP 4.1XSIEPB IKT 

200.UO 9.25 1/ 6/1982 

20.00 1*75 CCLS 4 -«5I*>X Q-T 


33 

IN US 
*8 l/S 
*6 3/4 
83 3/8 
98 1/2 
IDO 

MU 3/4 
UQ 5/3 
43 

9$ 3/4 
*1 1/1 


6.US 9.03 
5.U] 9.4a, 

5.21 8,55 


9.42 8.51 

6.22 8.6b 

9-37 t.)» 
6-=3 B.% 

7.92 7.11 
5.75 8.0d 

=.« 7.74 
1.84 8.04 

*.17 7.99 
4.73 O.uo 
8.62 S.12 
6.41 7.37 
S.« 

5.04 9.0) 
B.*S 25.42 
5.51 32.00 

*.K |,;g 

5.39 P.Jt 

2.92 9.99 


S.20 101.50 

BE JO 

8.99 100.50 

W .80 
8.41 ‘ 100.25 
S? 1.10 

8.33 100.25 

BP JO 

5.16 108.00 

BP 2.50 

7.23 100.00 
6.6) 

8.00 182.M 
BP 1.00 
8J3 100.25 

DP 1.13 
9 JO 100.00 
.BP .93 
20.35 101. i* 

BP 1.00 
8J7 102.00 

BP .W 
7.10 100.5(7 


1968 PC ED 456 XuS *7u 935 9*1 950 973 
1971 « 

PG-SS 561 105 520 735 SnS 935 9i6 
LX 9,4 $47 950 90S 9*0 9)9 
i*7g pc nr «s 975 

1*78 Li. 

1981 PC ED 483 105 520 920 935 $60 979 
i*;r u 

:9(HI PC ED 327 103 520 735 870 953 9(0 

19/1 LX 9,1 9,7 950 HD 9)5 

1979 pr. ED 359 105 520 940 965 973 

1976 Li 

1978 PC 5 1 428 105 800 805 941 979 

l*.'b MLS 

197$ pc CU 399 105 520 80S 920 *>4! >160 

1970 LX 9/5 

1*79 K ED 399 IV’ m<5 p'll V2(J l.'J 941 

1973 LX <i.ill *6'i *7"i 


1479 ft. EL' 
197. LX 
19*1 P»: TL 
1976 LX 


i>a In’ tO> R-J u.| n;.j -tjg 

lb* ini Tji n.N.1 9*4 

«)H *pw 97) 

.5 


91 2.92 10.21 7.14 - 100.50 

97 1/S 8.13 8.87 6J9 IOOJO 

101 1/4 4.42 8.87 $.1* 

(02 1/2 2.4* 8.53 $.51 


1974 PL 1C PUU Vl» *.I 

1*76 U 

147“ K, 1L 316 lu'j b.'u 9/5 
197, LK 

1978 /* CO 800 

LX 

197* Pl ED MJ 375 
LX 

WM PC a 418 105 218 5=0 *D5 >70 930 

LX $32 935 975 

PC ED 4*8 1US S3) 870 9W 935 97S 

LX 

PC BD 488 105 520 930 $U 975 



100.00 

$.7$ 15/ 6/1980 







LX 

15.00 

1X00 

1471 

98.00 

HUS 0/3 OB 

S. 75 1 1 6/1986 


100 5/8 

».*2 

5.27 

(.63 

8.58 

8.70 

190.25 
or 1.00 

1979 Hi ED 456 105 8u5 970 $35 94) 950 
19)4 LX 9*0 975 

35.00 

3*.00 

1972 

97.50 

Blxxox rot 

7.75 I/ll/l967 


95 5/8 

$.M 

6.00 

8.4L 

8.71 

8.10 

102.00 
or i.oo 

1978 MP XU 399 LOS 920 Ml 960 979 

1977 IX 

32.00 

O.eS 

396* 

96.00 

KSEYVOl. JET ru 

6.00 15/ 2/1M1 

ft 

$8 7/8 

3.13 

l.»3 

6.5U 

6.S5 

6.1b 

100.25 

.95 

1*78 PC ED 500 195 520 801 8)0 935 Ml 
19*9 nr 450 9*0 975 

35.09 1970 
35.0U 100.00 

u.c. nr 

$.50 U 6/19(8 

» 

77 

10.42 

7.82 

35.11 13.63 
16.50 

103.00 
DP .*0 

19)8 PC EH 230 BOO 

1979 LX 

39.00 

1977* 1C 3S9BSTSZES TK COST 
1BU.0Q (.75 15/ 6/19(7 


98 7/S 

9.6b 

8.92 

8.85 

1W.O0 
PT 1.2$ 

1482 PC a 511 10? 230 435 520 937 935 
1*77 LX 9*0 .»H0 975 

15.00 19*6 
14.25 lOU.OO 

xsr fUBvrsis o/s 

5.00 1/ 4/19(6 

ft 

78 1/7 

8.25 

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8.89 

9.S2 

6J7 

100.00 

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1976 PC NY 459 IDS BOO 941 975 

19)) MIX 

35.00 

I.2& 

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97.59 

isr sxMsaap nxenue 

6.00 u 3i 19*6 

% 

97 

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6.5S 

b.9» 

6-28 

101.2$ 
DP .«• 

19TB K 5Y 327 105 520 80S Ml 950 960 
1671 SlLi 975 


35.00 

21J6 


1967 DC SIAJ3U3B) ELICIE1C 
99.00 6.00 15/ 5.14*/ 


£.79 7.87 6-M . 


19(1 PC £E 335 105 930 935 950 955 960 
1171 LK 915 ' 


16 1/2 
90 4/8 
89.7/8 


9.37 

8.06 


$.30 101.50 - 1985 PC 8(7 335 •>* 

BP 2.00.1981 LN ^ 

8.84 102.00 1979 BP OS 326 105 5*0 934 93S 9*1 950 

. DP LO -4976 LN 90S 960 975 

9.33 101.50 1983 IIP ED 359 »•« 

BP 4.30^. -J9I3 LK 

7.40 ioi.00 19)8 K ED 346 950 960 973 
2.7* 19)2 UUH 

7.31 102.00 1978 PC EU 346 930 941 950 960 965 973 

2.7$ 1972 UBK 

9.33 201.00 -198* BP EU 335 «* 

. - BP 2.50 -1983 lii 


50.00 
46.00 

20.00 
10.00 
25.00 
13.75 
20.00 
18.00 

20.00 1970 cOKmnniL teezpoose 


1973 CONS0LHUTE9 WOUS 
99.50 7.50 15/ 1/1991 

1968 GOHCTMVtAL OIL 1>T 
98.M 7.00. 1/ 2/1980 

1970 CMIIUDRAL OIL 1KT 

98.00 9.50 1/ 7/1985 

1971 CWmvtXTJU. TELCTUavC 

JOD.O0 8.25 15/ 2/J9I6 


1973 SLOUGH ESTATES 
99.50 €.00 - 1/ 3 A988 


48 5/8 10.09 9.82 4.03 - l<p.0Q 1981 PC ED 306 620 930 955 460 97) 


6.09 10.62 


12.00 1971 SLOUGH ESTATES ' 

11.25 96.50 r 8.75 15f 2/1986 

75.00 19)6 coon op sonuun elect 

99.00 - 8.23 1/12/1561 

23.00 I ?73 lEESBloe OOlNUniH 
1OB.D0 8.00 It 4/1979 

15.00 1972 IOUX.t,CITY EIDEELiKD - 

u.oo mo.ob a.to IS/ i/h<8 


8.13 

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9.47 9.14 
9.78 ■ 


100 3/8 3.92 (.13 8.22 


99 i/2 U25 1.38- S.O*- .. 

81 5/8 10.04 11.13 9.00 JOJ.DO. 
■ 5.54 12.84 . DP 1 JO 


•DP .50,1978 U 

100JKJ' 4M1 PC ID 30b 520 930 955 960 975 
-» 1977 LX 

CC *7 412 IDS 205 803 010 925 927 
•'it* 930 932 933 9*0 9a 9*7 

> 950 955 960 975 

TO EU 323 SJO 953 9*0 975 

-.. l * 

(in PC EU 3*6 930 955 960 923' 

1979 LS 

PC 117 346 $50 9» 975. 

iu» 


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13.00 10D.0U ' 7.75 11/ 4/148S ,3.2l 6.M , 2.P0 

Ik.iw ISJii THJST H»6E5 «BBT> '-.W. 94 1/8 7.29 6.M - 8.23" IWiilff *197* K.^-Sfi MO 960 9*5 9W 

Ll.UU 100.00 7.75 . 13/ 4/i9ft 3.21 9.93 . ^2-OU 1973 UNJS ‘ 


11.60 

99.75 

9.00 

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20.00 

1971 ' 

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1(.0« 100.00 

8.50 

15/ 3/1984. 

10.00 

1968 

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5.00 100-00 

7.50 

1/ S/19UO 

15.00 

1972 

cmo-anoEEurru ' 

13 JO 

99.00 

8.00 

15/ 6/1917 

20.00 

1965 

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7.50 

99.25 

5.75 

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20.00 

1972 

MU'KT 


1$.«0 

$9 JO 

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120.00 

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20.00 

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18.00 

91.00 

8.50 

15/ 6/I$86 . 

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48.00 

97.00 

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2.92 

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4.11 

95 7/8 13.04 

9.12 

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1.19 

103 1/2 7.50 
4,60 
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4.57 

101 4.09 

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6.17 

100 3/1 8.96 


7.81 7.19 


PC E8 517 
LX 

pc as su - 

LX 


25.00 1971 USX SIAXDiEB ELECTRIC 
22.DU 100.00 8.25 1/ 2/19*6 

30.00 1970 TS7 STUOUXP ELELtPlC 
21.00 100.00 9.00 1/ -/HRS 

25.00 1471 ST SI4MMBD ELECU1C 
22.00 100.00 9.00 . 1/10/1986 

35.00 1977* X.D. OttXSEiS T1S 
35.00 1DO.OO 8.75 1/ 7/1987 


7.90 

8.08 

0.04 

8.07 

8.02 

8.16 

7.59 

0.03 

L(2 

8J3 

1.37 

8.46 
8.69 
8.58 

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t.15 

7.63 

7.71 

0.22 

8.32 

6.47 
7.00 

8.37 
8.50 


8.(2 IOC.DO 39(2 PC Sp 233 105 218 230 (25 330 930 

If 1.50 1977 LX »S ML 955 9HI 97> 

3.01 100.00 197* PC xr 458 ms • 

BP UO 197b STLX 

|.0S 100.25 1979 PC £0 *56 105 20$ 305 520 73$ 805 

BP 3.00 1976 LX ON 935 9«U 9(1 9,7 950 

9*0 979 

7.*2 100.375 19*0 pc HI 436 IDS 520 (70 935 9*0 94) 


97 

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102 1/2 
102 1/8 
97 3/8 

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9.37 

4.70 

8 . 0 * 

4.41 

7.25 

4.25 
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5.84 
9.50 
5,43 


*.«3 
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8.12 

8.05 

8.51 

8.26 

B.*3 

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9.16 

9.37 


I5.ro 196* zxr BTniras o/s cv 99 .33 m.06 

3.00 94.50 6.75 30/ 4/1978 S .33 10.0* 

15.00 1968 VCX DTILtXXES O/S ' Xrf 98 7/8 .3) >0.*? 

3.00 99.50 6.75 30/ 4/1978 S ,41 ltl.47 

100 l/Z *.V A.U9 
3.JO 8.US 


25.00 1971 XKt UTILITIES O/S 
16.25 99.50 8.25 15/ 5/1982 


6.19 101.75 

or 2.2* 

8.19 103.00 
BP 2.25 

8.78 102.00 

BP 2.25 

g.fil 101.00 
BP 1.511 
8.99 101.50 

DP 2.45 

6.93 . 


8,21 104.00 

DP 1.75 


DP. 1.00 197* LX 


9*7 950 960 970 97$ 


7.08 


100.00 

. 3.00 


1978 PC HI 456 10'S 520 805 8)0 941 950 
79** LBY 9*0 975 


9.18 100.25 1440 PC Hi 456 105' 510 870 9*1 950 975 

DP 1.16 1971 LX 

8il '•• I03.ua 1476 TC IS 38 105' (70 941 $50 973 
Dr 1.00 197* LX 

8.91 100.00 1*79 PC ED 38 105 520 870 9*1 973 

DP 1.70 1972 LX 

0.31 102.00 1979 rc EU 418 105 805 870 935 941 950 

BP 1.00 1976 LX '960 *75 


7.53 


. 100.00 197( PC W 456 IDS 520 941 960 975 
4.00 19)2 IX 


8.12 100.25 

DP .50 


5.92 


400.50 

1-25 


8.19 


3.94 7.97 


50.00 

41.60 


1971 ESSO o/s pn 
100.00 . 9.00 15/13/1986 


100 1/2 6.46 
3.12 
100 5/8 8.21 
*.»9 

100 3/8 X.*S 
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8.(0 

1.37 

7.(9 

7.8* 

7.(9 

7.(8 


1980 PC EU 456 IDS 520 735 870 935 940 

1975 LX '9*1 950 9MI 970 915 

1978 PC EU 500 10 105 520 (05 9*1 960 

19*9 XX 975 

101.00 1979 PC ED 454 105 510 735 870 935 940 

• .30 197* LX 941 950 9*0 970 975 

101.05 1381 PC EE 408 105 520 530 B05 fe>0 870 

IX 925 935 9*1 955 970 9)5 

8.4b 102.00 1979 PC ED 346 105 005 870 935 Ml 950 

. . BP 1.00 19)6 LX 9*0 97S 

100.25 J979 K ED 456 105 205 520 7X* 805 870 

BP 3.00 1976 LX 933 MO Ml 9*7 950 MO 

975 * 

19 »* PC IB 456 nj-2US 520 735 Ui *70 
1975 U 935 MO 9*1 9*7. 950 9*0 


7.95 


7.95 100.I5 

or -2.8U 


30.00 1976 IBT UILLIIIC. u/S 
28.00 100.uO 9.00 15/12/1983 

20.00 1971 SDUEtLY-CLRIUl IKT. ME. 
17.nU 100.00 8.50 45/ */19B6 

70.00 1976 HACH1LLAX BEELITZ 71* 
99.25 9.00 15/ 9/1991 

*0.00 1975 yaXBKUl. BUCCLXS D/S 
99.UO 9.73 15/11/1981 

12.50 1975 KUtllUTT O/S 

12.5U 99.50 9.75 15/ 6/1982 

20.00 1975 WLF-5 O/S CiP 

100.00 9.25 1/ 5/1980 

35-00 i960 mo in. oil nr rix 

29.00 96.50 7.00 15/ 8/1986 3 

20.00 1970 MUtSMTTU IKT * 

10.20 98.50 ».7S 15/ 5/1983 

20.00 196) 3AS1SCD 1NT FIX 
8.00 98.50 6.50 1/10/1982 

30.00 197)* SATOUS DTE COUP 
30.00 99.50 8.0D 1/10/1984 

15.00 1972 .kokh txt. Dacron i. o/s 
11.25 99.50 ).)5 1/ 5/1979 

25.00 1972 XOOTH A.HX DOCSCELL l>/S 
24.00 99.50 8.25 1/ 5/1987 • 


100 1/4 5.9* A.9* 8,98 lOl.lfl) 


5.2 


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3.71 8.9) 9.00 

3.88 8.33 9.33 100.00 


4.16 8.98 9JO 
3.50 *..->1 

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8.62 
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7.35 

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7.89 


7.2 


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102.30 

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8.95 8.40 10U.50 

9.08 , 10.00 


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5.96 8.49 • DP ' JO 

32 1/2 6.17 B.U2 r.69 102.50 

3.7) 8.M 0P.'1.M 

993/8 1.75 6.61 B.3D luO-OU 

U50 8.71 OP 2.00 


197B HP ID 327 !u5 520 60S 941 95tl 960 
19)2 RY2R9L 9.'5 

1978 Mr OS 327 105 520 Su5 87U 941 966 

1476 LK 925 

1979 XP III 327 105 5J0 605 070 935 Ml 

1“)2 I-YLX MU “IS 

1(79 VP ttf 327 105 521) 60S 070 941 9*0 
197* LX y;5 

1982 PC XU 315 M5 2n5 210 425 520 140 

1978 IN 9)2 9 3$ 9.U S/l 9.0 

9*0 M5 9TU 075 

1*78 PC EC 359 1U5 (U0 805 3W 975 
K7, 1.HLX 

197R pr. LU 359 105 800 963 
19), LM.X 

J*78 PC EU 315 105 3i>5 520 932 935 94> 
J*7J LX MU 925 

1981 PC ED 359 1115 Jib 219 42S $.'0 «■» 

19). IX <U0 “12 “34 9.U 9,1 9«0 

“*> MT5 

1979 K ED 456 lu5 870 941 950 9m) P25 
19)6 LX 

PC EG 218 )05 520 9W 93) 9.1 0.* 

LX P*0 “.‘5 

mo PC LI) *56 111) 520 (TO 931) 925 M 

LX 9-1 “bO 9,'5 

PC CG 408 lira 925 9)5 

19(0 LX 

19?9 PC ED 517 105 S2U 805 930 941 960 

. LX 975 

1978 PC EU 359 IDS $20 CO 913 941 950 

19)2 LI! 9*0 9*5 9)5 

1978 PC EU 399 lu5 8TU 9,1 9*0 9)5 

19)1 LX 

16)8 PC 5f 445 105 520 (u5 870 935 9« 

lO.'O A TLX 9SO 960 975 

1682 Pc III 559 105 2U5 216 *2$ $20 Mil 

148C LX “1U 9J> 921 930 932 *Ji 

9,7 “Mi 955 9*il “»U “.'5 
197SBG EU 32) Ill3 520 1)3 605 SM 930 
197) LX 9)5 9X1 $»» 9*U *’.• 

1*80 PC EU 32) 105 5JII Mi M'5 IM 910 
197* LX “)S V,0 9(1 5,7 9x0 9*0 

97u “7a 

1916 « Et 4*7 11)5 5,1 9)5 
1*73 LX 

1978 PC ED mi? 105 941 $75 
19)2 LX 


T 




.. .: 


“Whither long , 
or syndicated, NC. 
design a loan 
precisely jit ya 



PV*! 
jdr needs” 


“Backed by. $17 billion 
in assets dnd.a strong “ 
growth record, NCR 
offers exceptional 
reliability as a project 
partner in overseas 
development” 


; “Their long list of top clients ... 
in Japan makes them the bank 
to contact when you're doing 
business there ”. 


“NCR’s long experience 
in foreign exchange ' 
and considerable size 
are reassuring- It’s nice 
. to deal with a leader ” 



Ifeople talk about NCB For some very good reasons 




-Y •'?'■ 



Formerly Nippon Fudoian Bank 

.llIj nKu. 13-10 Kudan-kita l-cTH>nie 1 --Chiy©da-kn, Tokyo JCC,-Japan Tel: (0-263-1111 Teles? 32692}, J28788NCBTOK 
SJ?B^ii WiSSfcrHouse,77^odonWaU^ndoD^l^U.K. Tel:01^284685/8 Telex:884968NCBX-ON . 

Ptn j- 3 WaFT Streer, Nflw Yorlc. N.Y. IQOQj -TeL aZ-28>fl/S7 ■ - 

Nev \ oek Brancft, t ^ fcJ I29229 NCBNY k; (IntOMrioDRl) 533496 NGBNUR, 423621 NCBtf UI 

; T M a-oaIab office soow^sliir© Boulevard, Suite 1460. To* AngelcaiCsflifornia 90017 Tel: 213-629-5566 Telex: 674 377 NCBIAX 
"i Nicdenau SMJ^OOO FaiSfurt am M.jn- FJR_ G™any Td: 0611-72 56 41,2 Telex: 413387 N^FM ; 
Office' lOrti Floor, Cemre Verdun Bids-- Dunam Sl, Beiru t, Lebanon:'TeL- 341474/5 Telex: 22194 NCBBRT 
AfflHatES-and Associated Bankas Bineo tottfcaatniiatal'de lnrwtwwte SA, Rio-do Janeiro 
P,T« Private Beyetepiiiwt Finance Compaafiif Indonesia, Jakarta CitfBtt, Basalt. Alliwiiik Ziriefc AS, Zurich 


Poles apart 



i-’. A 




SSBe. 


s \-... .... .. -- - - ■* . . 

, : vf- ■■ V. \ /'■:::" 


The North and the South Poles look 
precry much alike to us but we can sure 
tell the poles apart when it comes to 
magnets. _. 

'That’s because we’re one of the 
world’s biggest producers of ferrite- - 
based magnets. Ferrite is a powdered* 
compressed and sintered magnetic 
material with ahigh resistivity which is' 
now virtually indispensable to so many 
of today’s electronics products. 

Ferrite magnets are much easier to 
shape than cast magnets. They’re cheaper 
to make. too. And they can be mass 
produced. There’s a big market for them, 
in speakers and motors, to name just 

two areas of demand. One of our sales 
winners, incidentally, is the REC (rare 


earth cobalt) series of magnets with 
a maximum energy product of 30MGOe. 
We were first attracted to magnets 

back in 1935 when we made out first 

ferrite, and we’ve been researching and . 

developing ever since. 

To cope with the ever-expanding 
demand, our anisotropic magnet plants ' 
in Japan 21 c working around the clock. 
Over the last five years, ultra-modern 
streamlining and labor-saving equipment, 
and rile latest production expertise have - 

helped boost our magnet sales 3.8-fbld. 

In another part of the world, ferrite • 
magnets began rolling off the production 
lines of our plant in Mexico and onto 
the U.S. market in 1975. 

By the way, we recently turned up 


an interesting fact. The Earth's polar 
diameter is about 7,880 miles. That is, 

coincidentally, about the same distance 

from our plants-in Japan to our femte 

magnet plant in Mexico. Which just goes 
to show that our magnets are literally 

.poles apart.- 


TDK also makes ferrite cores, coils, trans¬ 
formers, filters, ceramic capacitors, core 
memory devices, microwave absorbers, ultra¬ 

sonic elements, FTC thermistors and magnetic 

recording tapes. 

§TDK 

TDK ELECTRONICS CO, LTOl 

144. l-dioac. Udulanda, Qifyod^-ku. Tokyo 101. Japan 














































































16 


Financial Times Monday. January 9 1978 



25.00 1970 0CCDI5T& 0/S Cl? 
13.90 100.00 9.29 13/ 3/1382 

20.00 1976 0CCZDSR1L o/s ns 

100.00 9.79 If 2/1992. 

an ii75 ocan e rac. o/s rr> 

100.00 9.79 If 7/1993 

30.00 1975 OC dU S SO Zi 0/5 LTD 
26.40 98.00 10.OO if 7/1991 

20.00 1970 OTIS SLEQBSK 1ST CAP 
11.29 98JO 9.73 1/3/1993 


189 7/B 4.21 8.87 9.17 100.00 1990 PC ZB «7 MS 941 97S 

2.61 US DP 2.22 1973 LX 


203 3/8 3.G3 8.45 9.43 
203 7/8 5.50 8JZ 9.39 


13J0 98.50 8.50 1/8/1986 

23.00 1966 nm.T.T?s gamg.it ng 
3.73 98.00 6.00 13/ L/198L B 

23.00 i9«7 nocna & guble est 

12.50 99.00 6.50 13/ 9/1982 

160.00 1977* HJ.RI3NOL0S OVERSEAS 

260.00 100.00 7.50 IS/lUlSta 


2.33 8.10 


n .so 


98 9/8 3.04 6.71 609 IWJO 


1.54 7-25 


88 1-25 1971 NY 


1979 PC SI 447 103 805 870 933 941 975 
1973 IX 

2978 PC ZD 411 10 10S 320 809 933 941 


930 960 975 


99*3/8 4.71 6.65 6.54 100.35 1978 PC S3 456 10 105 320 80S 870 935 


2.71 8.74 

98 1/2 6.88 7-87 7.81 
2.88 8.09 


W 2450 1973 USY 


941 950 960 975 


25.00 

1972 

EALSTOff H2X5A O/S FT* 

97 

9.13 

7.97 

7.73 

=4.00 

98.00 

7.50 

15/ 2/1987 


5.44 

8.31 


=5.00 

1976 

SOUraC G BATES 

201 1/8 

3J1 

9.05 

9J9 


99.00 

9 JO 

13/ 3/1P81 




20.00 

1970 

ISCHAnWOiHmELL 

202 3/S 

7.96 

8.33 

8J3 

14.50 

99.75 

8.75 

15/12/1985 


£.86 

B.I* 


20.00 

1971 

SASLL PC 1ST TO 

102 3/4 

2.75 

8J6- 9.49 


99.ro 

9.75 

Z/L0/19SO 




30.00 

1976 

SISZATEXET TIN 

1013/4 

9.5* 

9.18 

9J« 

=8.50 raja 

9 JO 

15/ 7/1986 


7J3 

9U5 


=0.00 

1971 

SCOII FATEH O/S 

2015/8 

8JO 

9.46 

8.61 

16 . an 

98 JO 

8.75 

1/7/2986 


SJ2 

8JS 


50.00 

1977* SUCEE 1X0. SECS 

200 5/B 

4.25 

8.55 

a jo 


100.U0 

8.75 

If 4/1982 





33.00 

1971 

bmvmm OZL OT rait**:* 

201' 

20.92 

8.23 

3J9 

32.30 2DU.00 

8.375 

2/12/198S 


8.27 

8.21 


30.00 

1973 

^iyr. up 

2C2 3A 10.62 

8.09 

8J7 

27.75 

37 JO 

a jo 

25/ 9/1988 


7.92 

8.02 


25.00 

29 77* SIBBnWBP EXS KT 

» 3/8 

9.42 

9.84 

8.81 

25.00 

99.50 

8.13 

1/ 6/1987 


4.75 

8.U 


2U.O0 

1976 

aPSDSTRAlP TUI 1ST 

Ul 7/8 

5.13 

9.26 

9J7 

19.00 

99.00 

9.73 

15/ 2/1383 


3.34 

9.08' 


25.00 

1972 

ESSBOS O/s CAP 

97 3/8 

9.17 

8.41 

W2 

13J0 

98.00 

8.00 

1/3/2987 


•6.10 

8.56 



94 3/8 9.37 8.64 8J1 


MIJO 
IS .60 

37.50 IMS nuns 152 USUI 3/8 5.75 3.15 5.54 107-50 

37.30 100.00 6.50 1/10/1383 3.73 3.54 IIS 7-50 

37.50 1968 mHOTKKr 2B 94 2/2 5.75 7.71 6.88 

37-50 100.00 6-SO 1/10/1913 

20.00 1972 THS3EC0 1ST 

100.00 7.30 1/UJ1979 

30.00 1972 twiwjh QS 
29.00 98.00* 7.S Z/U/19S7 

100.00 1977* XESHEED Ell 

98 JO 7.73 15/5/1987 

30.00 1972 XEXD08ZSC 
30.00 1MJS 7.75 1/10/1987 

20.00 iv7i racramna a/s to 

17.00 loo. DO 8J0 1/12/1986 

40.00 1968 LRA550CEAH GGLF OIL 
21.00 9BJO 7.00 1/11/1980 

20.00 1969 ZUEEOCEiS (XL? OIL 
19.00 97.00 7.00 1/3/1981 

40.00 1971 miOOCHS TOLF OH, 

33.80 100.00 7.30 1/ 1/1987 

30.00 1969 huesocus anr ac. 

24.00 98.00 S.00 1/12/1984 

30.00 1971 XUSS0CEI8 CULT OH, 

26.40 97 JO 8.00 1/3/1936 

20.00 1970 TMNSOCEAH CULT OIL 

11.50 100.00 9.00 15/10/1985 

20.00 1968 IBB 0/S CA2 
12.75 99.00 7.25 1/11/1983 

2 o.aa 1971 va o/s us 
i7.uo 99.ao s./s isna/ma 

20.00 1987 OJJUJBHE8 CSnUYAL 
'8.60 99JO 6.25 1/ 4/13S2 8 

30.00 1989 gFBaB.133> JSC BB SO 
*-UO 100.00 7.00 1/3/1979 S 


76 80 143 105 530 530 540 870 927 
32.00 1978IX 930 935 9M 941 950 940 

970 975 

100.25 USD PC ED 437 103 520 735 910 935 950 

BP 1-00 1977 LX 941 947 590 960 9 70 975 

100-50 1980 TO SB 485 105 230 520 870 330 933 

IX 960 975 

100.00 1980 K ED 485 10S 870 935 941 9S0 980 

99 1.50 1971 IX 975 

100.50 1379 PGBJ 397 105 930 935 Ml 980 985 

IX 975 

102.00 1982 PC ES 397 ICS 5=0 935 MU 941960 

DP 1.50 1977 LX- 965 975 

U0.2S 1979 PG HI 433 IOS 870 935 3*L 950 960 

DP .80 1974 LX- 975 

100.00 1982 PC H7 4M « 

IX 

100.375 19BO SP ID 455 105 SIB 550 735 603 870 

DP .90 1975 LX M5 940 941 947 950 980 

975 

UMJ75 1980 BP BJ 456 105 205 530 73S 805 S70 

BP .75 1975 IX 933 940 9U 947 S30 980 

975 

103.00 1982 PS ZB 359 109 218 425 520 910 927 

BP 1.70 1978 LX 935 941 960 965 975 

100.50 1981 PG ES 3S9 105 520 930 941 960 965 

1.00 1977 IX 975 

1980 PC ED 447 109 305 530 735 935 940 
1975 LX 941 950 960 970 973 

1978 PC SI 423 105 SDO B05 973 

1979 LX 

102.50 1S7B PC BT 423 103 800 913 

3.73 8.25 » t.50 1979 LX 

99 3/4 1.84 7.83 7J2 100 JO 1978 PC SO 361 MS 305 435 530 80S B70 

LX 930 935 941 950 980 *75 

96 5/3 9X6 8.26 8.02 101.50 1980 PC CO 361 10S 305 435 520 735 80S 

7.08 8.40 BP 2.00 1977 LX 870 935 940 941 947 950 

980 970 975 

101.00 1982 PC ZB 456 *** 

U 

98 5/8 9.75 BJfi 8.02 101.50 1978 PC ES 454 10S 305 425 510 73S 80S 

6 . 8 / a. 41 ST 1.20 1978 ZX 870 910 93* 960 941 S47 

930 960 973 

IDO III 8.92 B.lt 6.45 102.00 1978 TO ED 93 105 941 960 975 

5.80 8.39 BP 1.00 1975IX 

99 2.86 7.39 7.07 100.00 3978 PC HP 456 10 105 520 805 870 935 

2.29 7.50 BP 4.00 1969 BY 941 930 980 973 

99 1/4 3.17 7.16 7J5 100.00 1978 PC BD 456 10 105 520 805 870 935 

2.42 7.3a BP 2.00 1970 LI 941 990 980 975 

97 1/8 9.01 7.96 7.72 100.25 1980 PC H7 456 105 205 305 510 735 805 

6.37 8.10 DP 2.10 1976 LX 870 935 940 941 947 9>U 

960 975 

100 3/4 6.92 7.85 7.94 100.25 1979 PC EH 456 IOS 520 870 935 941 950 

2.00 1971 BY 980 975 


4.18 7.79 

99 7/8 8.17 8.01 8.01 100.23 1479 PC B7 456 US 205 305 735 80S 

4.44 8.03 OP 1.80 1976 IX 870 910 935 940 941 947 

950 975 

IW.S5 I960 PC SB 456 105 S70 941 950 979 
UO 1971IX 


103 3/4 7.79 8.31 8.67 

4.90 8.US DP 


98 1/4 5.84 7.62 7-38 100.50 1978 PC ZD 485 105 520 935 941 950 960 

3.49 7.65 DP 2.00 1969IX . 9/3 

XQ1 5/8 8.79 8.47 8.61 101.00 1979 PC IB 485 105 520 935 9*1 950 97S 

5.70 8J7 BP 1.00 1975 LZ 

981/8 4.25 6.88 6*47 101.125 1978 PC £ff 327 105 805 935 341 950 960 
.95 1372IX 97S 

100.00 1973 PC NS 229 800 
1.00 1972 LX 


19.00 1969 B3EBCELUD ZXX SB 89 

4.00 100.00 7.00 1/ 3/1979 8 

24.00 1972 USES OIL tut 

100.00 7.00 If 2/1913 


2.26 7.28 
1.17 17.44 7J3 
J2 20J7 
1.17 18 J9 8.02 
.92 21.87 

991/S 2.09 7-48 7.04 


30.00 1972 tCBJSOTLm 
28.W 100.00 7.50 1/2/1987 


87 5/8 9.09 7.8T 7.6B 
4.35 8.18 


100.00 3978 PG IS 229 BOO 
1.00 1972 LX 

200.00 1978 PC ZB 899 105 305 520 735 805 870 
LZ 9» 930 925 9U 950 9«0 

973 

100.25 1980 PC H7 399 109 305 5ZD 735 805 870 
DP 1.96 1977 IX *20 935 940 941 947 950 

960 975 


g 

3 

So 

3D 






■ 





Sr 



HI 


a 

u7 ^ 

oj 

5?ai 

h- 

BORROWER/ 
COUPON MATURITY 

PRICE 

3 

mg 

J IC 

Ul 

3 

ii 

A 

Ul 

Si 

V- 

z 

US 

c 

tc 

u 

E O 

5io 

*- 1- 
23 
zz 

■ " 

ii 

i 

?DCn 

ga| 

f 

Kli 

«o 


MARKETMAKERS 


2 S.OJ 

50.00 

75.00 

75.00 

60.00 

75.00 

30.00 

30.00 

50.00 

100.00 

100.00 

25-00 

21.00 

30.00 

100.00 

30.00 

24.00 

40.00 

37.00 

50.00 


EUROPEAN INVESTMENT BANK 99 

7.75 15/ 5/1978 

EOUJPEA5 INVESTMENT NX 0 98 

7.75 15/11/1981 


96 


EUROPEAN INVESTMENT BANK 
7.75 1/10/1904 S 

EUROPEAN INVESTMENT BAKE 98 
8.00 1/ 4/1986 

eoopeak investment back us 
8.00 15/10/1986 


1471 

100.00 

1476 

99.75 
1977 

99.75 

1977* 

100.25 
1973 
99.50 
1976 
99.50 

1976 

100.00 

1977* 

99.7$ 

1977* EUROPEAN INVESTMENT BASE 96 
99.75 8.15 U 4/1987 

1977 BBhutan n v e smu r base 96 

99.30 6.375 1/10/1991 3 


EUROPEAN INVESTMENT BAKE 99 
8.15 U 9/1983 

European hevesthent bake 99 

a.23 1/11/1983 

EUROPEAN .INVESTMENT BABE 97 
8.13 15/10/1907 


1971 

100.00 

1973 
98. SO 
1976 
99.79 
1971 

100.00 

1974 
97.50 


EUBQPEAB IN VE ST MEN T BABE 99 
8.50 15/ 5/1986 

EUBOPEAS IK VESTMENT USE 99 
8.50 15/11/1988 

EUROPEAN INVESTMENT BAKE 101 
8.625 1/ A/1984 G 

EUROPEAN INVESTMENT 1ANK 100 
8.75 1/ 1/1986 


5/8 .37 8.60 7.78 1978 HP nr 186 105 405 415 425 520 941 

LBOS t 975 

3/8 3.38 8.25 7.88 KP £0 525 105 230 415 510 920 941 

LX 947 975 

5/8 6.75 8.59 8.18 100.00 1983 NF SZ 411 20 32 33 60 805 927 

NT WhO 973 

1/4 6.25 8.36 8.14 HP EU 143 *•* 

LZ 

3/4 10.79 4.56 6.21 101.50 1978 SP EU 327 405 407 409 415 425 

PP 1.50 1974 LUCS. 

5/8 5.67 8.32 8.28 HP EU 165 *** 

PP 2.50 1976 LX 

1/8 5.S4 8.44 8.31 BP EU 639 930 940 947 960 

FF 1.00 1976 SIHK 

1/2 9.79 8.63 8.46 101.25 1982 "HP EU 642 105 STD 927 930 947 930 

PT 1.00 IW8 EKSI 9eO 975 

9.25 8.56 8.43 100.50 1954 SP EU 143 «* 

LX 

14.75 9.06 8.91 101.82 1987 SP BY 411 20 33 33 60 805 927 

10.25 9.18 DP 10.00 1983 NX 931 9*0 975 

7/8 8.37 8.51 8.51 102.00 1981 HP EU 186*105 405 415 425 941 975 

5.66 8.32 DP 1.00 1974 UMJJY 

7/8 10.96 9.52 8.51 101.50 1978 HP EU 186 103 405 409 413 425 K1 

FF .90 1974 LXKLST 975 

3/8 6.25 8.31 8.69 NP HX 411 20 32 33 60 90 80S 

NT 927 931 940 97S 

8.64 8.70 102.00 1981 BP EU 186 105 405 415 425 941 975 

8.59 DP 1.30 1974 UHLNT 


europeas Investment rank 100 
8.73 15/ 4/1986 


1*76 
99.25 
50.00 1977* 
100.00 
1976 
99.30 


5/8 8.01 
4.88 

1/2 8.29 
6.94 

1/8 10.67 


75.00 

75.00 

100.00 


1975 

99.50 


EUROPEAN HI VESTMENT BASK 100 

8.75 1/ 9/1988 
EUROPEAN INVESTMENT BAKE 99 3/4 14.25 

5.75 If 4/1J92 

E0RDPCAB INVESTMENT UK 98 7/8 18.96 
8.875 15/12/1996 E 11.96 

EtaoPEAS ur vi-hiiiu r i bask lot 1/2 2.71 
9.00 15/ 9/1980 


75.00 

50.00 

20.00 

75.00 

75.00 

60.00 
40. DO 


1975 EUROPEAN INVESTMENT BASK 103 I/A 4.84 
100.00 9.00 1/11/1982 S 

1975 EUROPEAN INVESTMENT BANK 101 3/4 4.96 
99.00 9.00 1S/U/19B2 

1975 EUROPEAN INVESTMENT BASE 102 1/4 4.04 
99.75 9.00 15/ 1/1982 

1977 EUROPEAN DVEfiTMEHT BARK 99 3/8 19.37 
100.00 9.00 13/ 5/1997 S 12.37 

1975 EUROPEAN INVESTMENT K*K 103 3/4 7.13 
100.50 9.50 15/ A/1985 

1977* IODIC U I WaiMEM BASE 96 3/4 6.42 
100.00 7.75 If 6/1984 


100.00 1977 WORLD BABE 
100.00 7.00 

250.00 1977 WORID BANE 
100.00 7.125 

200.00 1977 HUD BANE 
100.00 7.65 

250.00 1977 WJBLO BASE 
100.00 7.75 

258.00 


1/5/1982 5 
If 8/1982 S 
U 9/1987 & 
1/ 8/1987 S 
1/12/1986 S 
If 1/1980 G 
If 7/1SB1 S 
If 1/1985 S 
If 5/2002 G 


1976 HOLD BASK 
99.80 7.80 

300.00 1975 WALD BANK 
100.28 8-00 

250.00 1976 WORLD BANK 

100.00 8.00 

200.00 1975 BORLD BABE 
2DO.DO »■15 

200.00 1977 BORLD BANC 
200.00 99.25 8.23 

300.00 1975 BORLD BANK 

100.00 ■ 8.30 15/ 7/1980 G 

250.00 1975 WILD BANC 

100.00 8.35 15/12/1980 G 

— 50. GO 1977 WBLD BASE 
250.00 100.00 8.35 1/ 8/3002 S 

250.00 1976 WORLD BANK 

100.00 8-3*5 V 7/1988 S 

250.00 1476 HHLD BANK 

250.00 49.53 8.375 1/12/2001 S 

200.00 197S WORLD UK 

100.00 8-bO 15/ 7/1985 8 

250.00 1973 WH1D BABE 

100.00 8.85 13/12/1983 S 

250.00 1976 BORLD BASK 

2 W.li0 100.00 8.65 V 7/2001 8 

-50.00 1975 WORLD BABE 
250.00 100.00 9.35 IS/UflOTO E 

CS DOUARS-FMATIHG RATE 


97 1/8 4.33 
97 3/8 4.59' 

95 3/4 9.33 
S6 1/4 9.59 
97 1/4 8.92 
100 7/8 2.01 

100 7/8 3.50 
99 1/2 7.01 

96 3/8 24.33 

18.57 

101 3/4 2.54 

101 7/8 2.96 

97 1/4 24.59 

18.83 

100 5/8'8.50 

97 3/8 23.92 
18.16 

101 7/8 7.54 

103 1/2 7.96 

101 5/3 27.50 
17.7* 
IDS 1/8 2J.9* 
17-20 


8.65 8.71 101.50 1979 HP ED 186 105 405 409 415 425 941 

8.65 IIP 1.00 1975 UHLNT . 975 

6.72 8.74 101.00 1983 SP EU 169 *** 

» LIS 1976 LX 

8.77 8.77 101.00 1987 NP EU 143 *** 

PP 2.00 1977 LX 

9.20 9.18 102-AO 1988 NP HI 413 20 32 33 60 90 805 

9.23 DP 5.00 1982 NT 927 931 9*0 975 

8.33 8.87 SP ED 165 103 230 403 409 415 425 

IX S2S BUS 870 930 932 941 

947 950 960 975 

8.33 8.91 BP NY 441 20 32 33 60 80-90 

HI 805 9-7 931 975 

8.53 8.65 100.50 1978 IIP EO 525 105 230 *05 409 415 425 

IP 3.50 1975 LX 927 960 9TS 

8.32 8.80 HP EU 594 930 940 960 975 

SISK 

9.27 9.26 102.50 1989 HP ST 441 20 32 33 60 90 805 

9.29 DP 5.00 1983 ST 927 931 9*0 975 

8.7* 9.16 101-00 1980 JRT4S 186 IDS 405 409 615 425 520 

PP 2.50 197* UHL. 870 941 947 960 975 

8 *U 8.01 101.00 1581 HP EU 517 10$ 115 305 425 715 740 

IX 745 927 930 932 93S 940 

941 947 950 960 975 
HP HI 457 60 927 Ml 


7.94 7.34 
-UO 7.45 
8.48, 8.15 
8.50 8.21 
8.41 8.18 
7.66 8.09 
7.86 8.09 
8.62 8.36 


HP HZ 411 60 927 931 9*0 
HI 

BP 81 457 60 927 931 940- 
K 

NP HZ 411 SO 60 927 931 940 
K 

E! BTC 479 60 927 931 940 
n 

HP HZ 479 60 927 931 940 
»T 

E? NX 411 60 927 931 940 
NX 

HP SX 479 60 927 931 940 
MX 


& 

2 . 

sS 

S3 

«5l 

s- 

e 


Is 

s« 

ii a- 

5“ 


BORKWER/ 

cotiKaiMAiwimr 



E 

- 3 

PRC5 

■JS 


< 


If 

|s«c 


§3} 3 



MMKETilMnfn 


1DOJO 1980 PC ED 488 105 530 935 910 941 975 
LX - 

100.00 1981 PC BT *88 105 930 935 940 941 975 
D7 1-10 1976 TX 

103 1/* 3 JO *•** 9.69 100.00 1980 PG ZD 488 Z05 930 939 *41 929 

3.09 8.74 up 1.60 1976 LX 

10 L1/4 7-33 8.50 8.M UZ.OO 1579 Paai4UiaS8705359U 953 S60 
4J2 8J7 ‘" DP L.30 1975 LX 975 

2 O.O 0 i9;i osss^camass pubklas m ifi sjv s jo ara 102.00 1479 scsr*ui05 870 935 9ag09Ga 

'17.00 uora 9.00 If 8/1986 5 JO 8J6 BP 1.00 1975 7X 975 

25.00 1973 ZACmc US H I B G 0/5 ITS SB 7/8 10-39 8116 8.09 100-375 1980 Pc ZO 456 105 520 735 935 940 9*2. 

21.30 98-50 8.00 15/ 4/1988 6.89 8J3 JO. -85 1976 IX 950 960 979 

20.00 197A 2UXFZC UCRXZSC O/S FEB ZOO 5/8 3.46 9.00 9.19 UDJO 1979 PC EU 456 IDS 870 941 975 
98.50 9.25 15/ 6/1981 'IX 

15.00 1973 TONE ALT O/S TIE 98 7/M 9-33 8.17 8J9 100.25 1979 PCZU*37105520nSB7093S9IO 

12.80 97.30 ' 6.00 If 5/1987 5.47 BJS DP 1.10 1976 LX 941 930 960 970 973 

15.00 1971 ZBZLXP SSSX3 I5Z CAP 1015/8 8.42 SJ1 8.36 101.00 


9.79 8.74 102.50 1989 NP ft 437 60 917 9019*0 

8.83 DP 8.00 1590 NT 


7.67 8.32 
7.77 8.36 


VP HZ 412 GO 927 931 940 
FV 

NP HZ 458 60 927 931 940 
M 

5.81 8.77 102.50 1990 NP SS 411 GO 927 931 940 

8.83 DP 10.00 1990 HZ 

8.44 8.50 HP HZ 411 60 927 931 940 

NT 

8.82 8.79- 102.50 1989 HP IS 479 60 927 931 940 

8.85 dp U.00 1989 HT 


8-S3 8.62 
0.41 8.73 


HP HZ 4U 60 927 931 940 
XT 


HP NT 658 60 927 931 940 


25.00 197$ A0OA TCTESmEST HI-3/a 97 7/3 5.02 
25.00 100.00 8.00 S! 1/1983 S 3.33 

30-00 1977* ALLIED 1TU5D BE 6.73:1/6 97 5/8 6.U 
1M.0D 7.25 24/ 3/1984 S 

30.00 1977* mastKXBf 7.0--1/4 96 5/8 6.42 
100.00 7.698 3/ 6/1964 S 


8.88 8.90 103.75 1989 HP HZ 411 60 927 940 

*• M DP 10.00 1589 NT 

9-M 9.09 102.75 1998 HP HI 450 M 927 531 940 

8.9* DP 10.00 1988 W 


8.17 100.00 1979 5P EC 408 905 914 925 

1.30 1979 LX 

7.43 100.00 198! NP EO 517 205 210 220 905 9*4 979 

LA 930 935 »M *40 9*5 930 
*3 

7.96 UO.0O US! HP CO 399 310 715 90S 9U 975 DM 
IX 915 940 5U 950 965 


25 .ro 

1970 

tfftryvyi wwumw q/j 

64 

8.33 

99.00 

5.00 1/ 3/1512 


=0.00 

1972 

umnata 

99 5/4 


100.50 

7 . 3 a isr snm 

=0.00 

197= 

L LUI 2BE Z2S 

59 2/5 

29.60 100.50 

8.00 15/ 3/1987 

=0.00 

1965 

VX CKUZ o/s 

98 1/4 

7.50 

97.75 

5.73 15/H/19TO S 

50.00 

1977* BRISK DZ0K 0*BB8 7ZB 

98 1/4 


KNUR) 

B-50 If 7/1985 

30.00 

=968 

ZAPATA O/S BB 

94 7/8 

30.00 100.W 

6.75 2/7/1580 

30.00 

1963 

ZAZAS* 0/5 31 

94 

30-00 200.00 

6.75 2/ 7/298B 






4.17 35-38 LUOS X9M9 
S.57 3U33 SB 1-33 
2,51 7.68 7-52 ZOB.CO 1*78 PS CO 


1939 PC EU 
3993IX 


p.51 8.13 M7 1S2.C0 
6.29 B.IS ISP -40 


2.83 6.53 3.9* 
2.62 7.03 
3.13 B-Sl 8.65 

2-50 s.:o 7.11 
1.90 S.B3 
2.S3 9.52 7*18 
0.90 10.35 


ZE3.59 

L3 

1 M.M 

101-75 
6 . CO 
131.75 
6.00 


1K5NB 

1977 LX 

1978 PS HI 
1969 XZ 

1982 7G 23 
LX 

1975 7C HZ 
197X LX 
1978 PC XZ 
1578 XX 


15X0 

30.00 

23.30 

29.00 

11.25 

23.00 

22.75 

30.00 

2 U0 

20.00 

13.00 

30.00 

27.00 

50.00 

13.00 


197£ JUqqU joaddS 
99.00 7.79 If 3/1978 

2972 BQXZXES DC (SUB 
10.00 8.00 31/12/1590 

1967 ^ 

100.00 6.50 If 6/1982 

1922 mnfwamim A yu ff NIA TIT 
93.00 8.25 1/ 4/1987 

2971 qazERSLAia alchs* ra 
98.25 BJO 1/ 3/1986 

1970 0DZZ3SLAXD IWWTTA PUT 
100.00 9.00 V 4/1982 

1972 SCASDEUSXXJ AIRLINES 
98.50 8.00 15/ 6/1989 

2967 nwjii. IBS 133 
98-50 usa 16/11/1919 


99 7/8 -17 

90 U2 IX CO 
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95 7/8 ■*.« 

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8.76 
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190.00 7,75 14 1 3/1917 

60.00 1971 SHELL 3EC UK 99 5/5 8.92 

50.70100.00 8J0 UlSnm 6.73 


9.31 8.38 SJtf 1BUCO 


8.05 

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99.00 8.25 It S/U99 

40.00 3962 GOES EOUBEAH PZPZUS 
11.07 100.50 5.50 1/ 3/U8Z 3 

27.50 1966 HJSSALPEE K3 HDCS 
13.10 100.00 6-50 31/10/1985 

30.(8] 1967 afiKALKE® TUT HDCS 
13.65 98.75 6-75 31/ 1/1982 

25.00 1967 mjSALPHE xXJ HX5 
23.63 98.75 6.79 30/ 4/1993 

20.00 1966 SRAKSALHKE rn HDCS 
9.43 38.50 6.75 31 f 7/1985 

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6.29 

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23.00 

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1975 
99.00 

1976 
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99.75 

1966 

99J5 

1963 

99.35 

1966 
98.00 

2975 

98.75 

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5.25 15/ 6/1984 


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100.00 


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35.00 

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14.00 

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99-50 


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7.50 

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1973 ZCTCCIA 
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2976 ZXSOTQIA 
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1/4/1932 
13/ 4/1983 
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15/ 2/1988 
15/ 2/1983 
15/1/1989 
15/ 3/1 M2 


297* EER0EXKA 
98.50 8.50 

1975 naanxA. 

100.00 9.00 

1958 BBDPEAJf COIL 6 STEEL 
*7.00 3.00 1/ 7/197* 

1962 BSOFEUr GOAL 6 6ZEEL 
99.00 5.2S 15/ 4/1982 

1964 EUROPEAN COAL G STEEL 
99.00 S.2S 15/11/198* 
i960 EUROPEAN COAL G SZELL 
*7.00 5.375 15/10/1980 

1966 EUROPEAN COAL 6 STEEL 
99.30 6.50" 15/ 6/1986 

2966 EUROPEAN COAL G STEEL 
98.50 6JO 3/12/1986 


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1976 IS 80S 87D 935 940 961 947 

Q|B «< Mo am mi 

mi pc nr as 10 s aos 520 330 oos tea 

EO 879 940 975 

1979 B5 Z27 £56 185 209 305 £29 530 735 
1975 IX 80S 870 935 9*0 9« 947 

950 9S5-960 970 973 
DBS PG ZS 265 203 305 9=7 939 9*0 947 
1979 LS 950 935 960 973 

1978 EAST 10 US 210 941 975 

2963 NT 

2978 X* HT 3« 1&5 310 520 *43 969 975 
3969 Limit 

2938 X*. nr 346 305 310 520 Ml 965 973 
1973 ASL3LX 

1978 XA a M 105 310 520 941 965 925 

X973 AMLBLS 

1978 XL to 346 ICS 310 520 Stt 965 975 

1969 LSLXUL 

I9r» TA £7 346 10S 3IQ 405 409 425 540 
1976IX 973 


SPSS <11 33 33 60 SO 803 927 

LZ 931 940 979 

EPSZ441 32 33 CO 90013927 

ME *31 940 973 

TV? SZ All 20 32 33 60 90 80S 

B? 9=7 231 940 9» 

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C. Ed 35 310 
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1978 CL E3 35110 
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1980 9? EO 324 110 115 510 510 
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E? E7 CSS 203 5=0 805 941 975 
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2981 E? E3 48S 105 115 210 305 £!5 5=0 

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2977 IX . 9*1 9*7 975 

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1978 S? NT 3=7 liS CS 520 941 975 

1964 STB RLE 

1978 bp XT 327 10 105 405 425 520 941 
1968 3ZS8LX 975 

1978 HP EU 359 10103 405 4=5 9*1 973 
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1978 E? 37 3=7 IQ 1E 423 5=0 9*1 575 
1966SSSUX 

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197212X4 973 

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30.00 1977* B.F.C.E. 
100.00 7.00 


6-37$i 1/4 97 3/4 
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30.00 197b BANK aAOTLOBT 8.25:1-l/G. 97 3/8 
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40.00 1975 BANE OP TOE7D 8:1/4 101 
IDQ.ua 8.00 14/11/1980 S 

35.00 1976 BARK OF TOSTD 6.79:1/4 100 3/3 
100.00 7.875 20/10/1981 S 

60.00 1977* BINE UP TOKOT 6.5=1/4 99 
100.00 7.813 15/11/1984 S 

30.00 1976 
100.00 
30.00 1977* 

100.00 

30.00 1976 
100.00 

75.00 1976 
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30.00 1975 
100.00 
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50.00 100.00 
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C.C.F. 7:1/4 

7.00 8 1 7/1983 S 

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7.875 22/12/1951 S 
C.C.T. 6.5:tf4 

6.50 8 i 7/1983 S 

COM 1331 MAR 6.125:1/4 
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7.813 15/12/1984 S 
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30.00 1976 C.I.C. 

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80.00 1977* CREDIT L3UBNAX5 6.0:1/A 96 3/S 
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30.00 1977* CREDIT U0BBA15 6.5:1/* 93 3/8 
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1=5.00 1970 ENEL 7.5:3/4 

8U.OO 200.00 8.125 31/5/1980 S 

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50.00 100.00 8.625 31/ 5/1982 S 

=5.00 197D CK8B8AL CABLE 7.S.-1.0 
17.00 1 00.00 8.U5 30/ 9/1980 S 

25.00 1976 Cn0S*BN Z8VIRAL 7.5:1/4 
100.00 7.50 31/ 7/1981 5 

40.00 1977* qaUBEM ZEVZ8AL 6.0; 1/4 
100.00 7.79 it 4/1983 S 


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100.00 7.375 8/ 9/1982 5 

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LX 930 533 936 940 950 965 

7.83 100.00 1979 HP 13 517 205 210 215 220 905 914 

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7.89 100.00 1981 PC EU 517 205 110 905 9U 9=3 930 

LSI 935 936 940 943 947 950 
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7.42 100.00 1979 BP ED 179 210 220 90S 925 945 950 

LX 

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7.68 ZOO.00 1978 BC EO 456 210 230 90S UZ5 930 935 
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7.04 100.00 1979 NP EU 92 203 210 2Z0 '90S 916 925 

LS 930 935 940 945 947 950 

7.44 100.00 1978 HP EU 346 205 210 220 90S 914 925 

LX 930 943 

■6.47 100.00 1990 VP EU 92 209 210 220 90S 91* 925 

LX 930 935 940 945 947 950 

6.45 100.00 1979 NP EU 456 210 230 905 925 930 940 

IX 945 950 

7.20 ra.00 1980 NP EU 103 205 210 220 90S 914 925 

LX 930 945 965 

8.74 HP EU 536 220 9JS 
PP 3.00 1978 LX 

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7.78 100.00 1978 CC EO 96 205 210 220 905 914 925 

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7.80 100,00 2978 HP EU 408 205 210 Z20 905 91* 925 

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8.13 100.00 1980 BP EH 463 905 930 936 947 

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8.47 100.00 1978 HP EU 408 905 91* 923 

5.00 1978 LX . 

8.73 100.DO 1978 CC EU 488 905* 914 925 935 

1.73 1975 LX 

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8.11 100.00 1978 PC EO 359 905 9LA 925 93S MO 965 

2.00 1972 LX 

7.46 100.00 1979 CC EO 339 205 210 220 90S 914 935 

LX 930 936 940 MS 950 965 

7.B6 100.00 1980 NP EO 359 303 210 2=0 MS 914 9=3 

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38.00 1977* BS8PPC8H COIL 6 8TTEL 
99.00 7.625 13 1 5/XM* 

20.00 1171 ZWXTEAN CMLGTmT. 

IMO 98JB 7.75 If 9/2586 

30.00 297* EUROrUXCOAL £ EtHL 
49-30 100-00 7.75 1 f 3/1989 

30.00 1976 SROKM COU. G «*KC 
99J0 7-375 UIlQ/lStL 

30.00 2976 EORfiniAH 084 G STEEL 

mjq «.oo lfcinm 

23.00 2977* KBOFEAX COU'G 3TTIL T 97 7/8 8.67 LS* 8.17 
25.00 200.00 8.00 If 9/U86 


ok 7/8 9.17 7. =8 64$ =03.00 X97I HP BO X86 203 £85 £09 48 £35 941 

4.53 7.8* 2.70 UnSUW *75 

ms 9.75 7.03 6J3 U2.00 1978WIBS» 105 4U3*S9*Z54=3Ml 

3.17 7.3* 2.33 1973 KSUOUL *75 

■02/410.04 8.48 7.76 Z02.» 1961 HP SB 533 205 40 £25 MS 

6-66 S>.0= St JUDO 1973 LX 

S*H3»OMr 
LX 

nmsousui 

LX 

KO.S 297* HP XU 230 973 
2.00 1977 LX 

U71/4U.09 5.6= 6.61 -101.50 2*71 HP EU ZK «5 £07 409 415 
6.08 £.43 81 *50 1977 UHL 

vpur »■> 


97*1/2 Ul 7J8 7.4* 

46 3/1 6.37 8-37 7.9L 

209 S/4 «.67-J.=3 7.0* 
4.67 5J5 


99 5/8 3.79 7.9S 7.90 
97*1/8 SM 8.64 8.2* 


4.39 0.«0 
59 3/8 6.S3 8.42 MM 

59 3/4 1^1 8.43 8.27 


75.00 1976 EUROPEAN COAL « SXRL, 

99J 6 8.123 13/11/1384 

=0.00 1974 znomacou. g mxL 
99.00 ms 25/ mm 

10.00 1977* EUROPE** COB, G STEEL ‘ t $71/31 9.13 8.69 8.M 
100.00 8.S3 19/ 2/2987 

50.00 1V77* 1 &HOPGAK COEb G SOEL 
50.00 100.50 8-25 ■ 1/U/UH 

130.00 1975 EUROPCJH COIL G STREL 


100 5/8 5.13' 8.59 8.» 

95-30 8.375 15/ 2/1995 3 

23.00 2976 EURUFEIH COIL G STZXL P 999/8 8.59 8J9 MS 
=5.00 39.27 «JO Sf 8/1586 5.09 8.65 

35. DO 1976 BBMEAjr COIL S HIJXL 10.3/8 6.33 8.31 8.69 
99J0 8.625 2/ 5/1984 8 

100.00 2974 BUBKoroOUrcnm. ZDllA 2-92 B.04 B.U 
99JS 8.75 1/12/1979- S 

65.00 1976 SXOEEW COIL G SDSL 201.1/2 3.04 U7 S.R 
100.08 8.75 1 St 1/159! 

-50.00 1975 1FWIW1 COAL * BUS. 

46.00 M.00 8.75 1/7/3382 

200.00 =9774 EUBOPEDf CORL X STEEL 
100.00100-75 8.75 1/10/1937 

2 = 5.00 »75 lqxarztn coal g szm. 
ra.00 8.073 U/12/U8Q s 


NP 10 219105 =50 941 
XX 

202.25 19BHP88U7U581089 
3-00 1978 «1 

100.00 1943 HP Kt 4*1 20 32 35 U 90168 
WE 9=7932 9*0933 

XP 80 389 103 405 *25 520 930 9*1 
XX MS 

HP Iff 3» 105 40 9*190 
LX. 

97 1/4 11*75 8.(2 8.45 101.00 198* HP* 339 **» 

5-53 a js . at 3.00 uu n 

200.00 2982NPWC4U TO 32 35 to 50 80S 
U 9=7 901 940 9X5 

HP EU 335 103 4=5 337 941 963 
3.88 1979 LX - 

200.00 1983 NP HT 4*1 =0 32 35 (0 90 Id 
HI 9=79319*0975 

100.00 2379 HPBZ 4*1 » 33 33 60 50005 
HT 927 S3! MB 97} 

n nr 339 *•■ 

« 

lot.00 1479 kp ar row* 

S.00 1976 XX 
102.0a 198* HP XU 39 <** 

2.10 2978 LS 

100.00 1900 HP HT ML 20 33 35 CO 90 80S 
« 927 Ml 9*0975 


10B UZ 4.50 8.31 8.6Z 
4.07 8.29 

SS 1/8 19.75* B.9S 8.92 
* 12.70 SLOL 


1017/S S.96 8.31 MO 
95 3/* 38.88 %H 9-lIf 


75.00 1976 Z2H0ZEAH COALG STEEL. S8 3/4 J8.8H 9.U 9-1T U3J2 imHPRAtl 30 33 93 «80S 937 
75.00 99.00 8.875 15/11/1996 8 22-88 9.25 at 5.00 19E HT 9319*0 975 

50.(H) ITr* HEOTEIK COAL G SlZEL * MS 3/8 S.M BJO 8.79 UOJO 1981HP-E8 399 105 *03 £00 £15 435 310 

100(00 9.00 25/ 2/1983 U 927 MO Ml M7 963 97S 

50.00 1977* EUR0PSAH COAL G snzL 100 I/S 17.46 0.97 8.W ZO3J0 1 JO VP SB 93 mg 

50.00 100.00 9.00 25/ C/2995 ID. =7 8.97 2.15 1*78 UC 

100.00 1976 EUROPEAN COAL 6 STQZ. 391/4 18.33 9.29 9J7 10=.33 1988 HP HT GO 30 33 31 60 90 BBS 
200.00 99.00 9.00 if 5/1996 S ZLS4 9>21 Bt -6.67 1982 HE 9=7 HI 940 975 

75.00 1977 mOFEAS COB. 8 HEEL 99 5/8 19 J5 V?7 9.37 Z0P.68 1W NT XT441 30 K 33 CO 90 SOS 
75.00 200.00 9.125 1/ *US93 8 12. =5 SJ8 Bt 5J0 2582 IK 337 Ul 940 US 


3U.ro 1975 EUBOPEAS COIL 6 SHOT. 

100.00 9.25 2/12/1980 

60.00 1976 nSOPUS COAL 8 Etta, 
57J01D0.08 9-25 15/ 1/1386 

5do .00 1976 nauPEM araanr 

99JO 7.50 1/13/1979 8 

200.00 1977* SSU9EA9 CDHKDXXTZ 

99.00 7J0 U 6/1982 

200.ro 1977 EUROPEAN COflHUZZT 

100.00 7.6=9 1/7/1983 8 

100.00 1976 EUROPCAS OHREC 

100.00 7.75 1/10/2981 S 

mao i977*cisinmcnftuiEirz 

99.00 7.75 U 6/1984 

300.00 2976 KIBUIPSAS Mmrrv 

99.00 8-25 U 4/1982 

25.00 196* EUROTOW ISKStHEHTRASt 95 
IT.67 99.50 5.50 15/13/19 8* 

20.ro 1965 Earner mumr but 96 
10.66 99.50 6.DO is/ 9/IM5 


103 3/8 2.84 8.16 4.04 

UX5/8 8.04 S.96 MIO 

6.48 8.91 

99 Z16 U- 7.78 7*CS 
97 5/8 4.42 8.16 7.68 
951/4 4.50 8.U 7.91 
99 1/4 3.73 8.14 7.9C 
96 5/8 & *2 8.44 8.02 
200 4.35 2.23 8J5 


HP m SU 105 *15 870 
LX 

10I.SS 19R1 NP EU 339 105 305 £05 404 *1S 13 

2.50 1577 LS 520 773 809 870 9Z7 951 

955 941 M7 930 960 963 
IP EO 143 m* 

LX . . 

KPEUIO*** 

xmx 

XFIB 4 S !D s » «a n » 

HZ 805 9=2 940 979 

HP IT 458 » 3= 95 60 90 <05 

HY 9)1 940 975 
VP EO 1*3 *M 
15 LX 

HP SB 143 M* 

LX 

C.P6 £:it 5.79 raSO 1978 HP 8X337 105 £85 *25530 Ml 971 
3.96 6.97 -IP 1.67 1970 HT 

7.71 6.67 S.Z5 100.6=5 1979 IP IZ 537 1U5 405 415 4=3 520 941 
£.21 7.13 St 1.33 1971 R 975 

25.00 " 1967 ZBMPEAN 2WE8BU3IT BASE 98 5/3 £.P9 6.69 6J9 104.00 1938 Su* EU IBS 105 M5 *15 42S 520 975 

18.73 98.00 6.50 1/ 2/158= 2.09 7.2= SP 3.75 1973IXLXHL 

25.00 1M? EUR01UH nvtsdUKNT BANK 98 7/B £.71 6.78 6J7 101.00 1178 HP EU 186 US 405 415 4=5 9*1 975 

26.75 99.00 6.50 23/ 9/298= • =.72 6.95 UP 3.75 1973 NZUHL 

15.00 3«66 EOOTCAX 255E5BE9T BARE 98 7/8 U.5W 6.67 6J7 101.00 1978 HP E8 186 IOS *05 415 *25 9*1 975 

9.00 99.50 6.50 1/ 8/1986 £J9 6.74 2.60 297= HTU3L 

25.00 1967 EOfiPEAS ZSKSOEST UK » 1/8 9.CZ 6.62 SJS 100.875 1973HP IX 327 105 405 415 4S5 520 941 

16.07 99.75 e JO 1/ (i/1967 i.ii 6.71 UP l.a7 1973 HT 9:5 

:s.ao 1968 mao peak i wmnn r rak 99 i/a 2.17 7.1s &ji raso ir;b hp zu ids 10s ua us *=5 9*1973 

18.00 95.00 6.75 U 3/1580 1=3 7.37 DP 2.00 1971HWLU 

75.00 197= SCKORAN UTESmT UK 901/2 9.96 8.45 7.73 103.00 198= W 50 330 105 AOS 409 415 423 5=8 

63.13 99-50 7.00 15/1=/1987 . t»-J 8.67 nt 2.37 1973 LQ8LVE 9*1 965 975 

50.00 1972 EUBOPEAS UVtSTHOK BASE 53 5/3 9.19 8.26 7.76 10LOO 195= KP EU 1M 105 *85 £09 415 425 520 

£5.00 58.50 7.25 15/10/1987 7.39 8.49 DP Z.00 2973 LBLHt 9(1 9*5 975 

75-00 1973 EOROPEAZ OTESESK BBC 91 2/8 10.15 8.55 7.93 X03.M 1983 HP W XU 109 *05 409 415 4=5 520 

67.00 98.50 7.25 13/2/Utt 7.85 8.82 SB Z.0p 1974LSIUX 941 565 

25.00 1969 BDBUPSUrZHVESnnEXBC 991/2 6.84 7.7* 7.68 103.00 2979 RP EU 186 109 40S 415 425 Ml 973 
22.00 98J0 7.S0 2/11/198* 8 4-68 7.77 SP - JO 1»<2 BUHL 

50.00 1972 EUROPEAH Uliag.L *( n. T RISE 98 5/B 12.13 7.9* 7.76- 102.00 19*0 HP Ell 317 205 405 409 415 425 520 
47.50 97J0 7.50 15/ 2/I9S0 7.37 8.23 OP =.50 1577 LINT 54L S73 



30.00 1977* B BM1IM ME 6.5:1/* 971/* 5.35 
100.00 6.50 201 7/I98J S 

38.00 .1476 LED<I IXZ XNV 7.90; 1/4 99 3.71 

100.00 7.50 25/ 9/1931 a 

20.00 19774 LEEtn nr 15V 6.75:1/4 98 1/2 6.71 

100.00 6.75 15/ 9/1944 S 

75.00 1976 U0HLS EURO-IN 7.25:1/4 200 5.40 

100.00 7.625 2if 5/1983 S 

30.00 1976 UfflG TERM C8ED 6.2S:l/4 99 5/4 3.96 

' 100.00 7.8U 15/12/1)81 S 

40.00 1977* LOHB TERN CHEB 6.375:1/4 99 3/B 4.57 
200.00 6.50 27/ 7/1M2 S 

50.00 1976 HXOLAND BABE 7.5:1/* 100 5/8 5.1* 

100.00 7.50 18/ 2/1983 S 

50.00 1975 HHXLAK) BABE 8.0:1/* 101 5/9 4.87 

100.00 8.00 12/11/1982 S 

50.00 2977* NTTHAWl ZRTL FIN 6:1/4 98 J/* 9.38 
100.00 7.688 18/ 5/1987 6 

100.00 1977* HACKDIAL FLBUUERA L6:I 97 1/2 15.02 
100.00 . 6.00 5/ 1/1993 S 

40.00 1976 OSH BRE IC aE RUNT 6.5:1/* 99 3/B 4.88 
100.00 7.625 27/11/1982 S ' ' 


'6.68 100.00 1980 HP EU *08 =10 =0 715 90S 914 923 

LB 930 935 940 945 950 

7-58 - PC EU =8 905 

■ LX ■ 

6-83 . . PC EU '28 90S 

' LH 

100.00 2980 HP EO 517 205 210 230 905 914 925 
LB 930 US 940 945 947 950 

7.83 100.00 1979 HP EU £1= =05 =10 =15 220 905 914 

LX 9=S 917 9)0 935 940 MS 

9*7 550 

6*3* raw 1980 PS EU 413 205 =10 215 2=0 905 91* 
LSI 915 927 930 935 940 9*5 
9*7 950 

1980 BP EU 317 210 =20 905 91* 925 930 
15 935 9*0 9*5 9*7 950 

1980 HP EU 517 210 ra 905 914 925 930 
LB 935 940 9*7 950 


£0.00 1977* OSTEKRElCRff ROST 6.5H/G 
100.00 6.50 7/ 7/1983 G 

35.00 1975 EEHBAS 7.25:1/4 

100.00 7.688 9/12/1980 G 

25.00 1976 E0EDUR ESP HR! 7.23:1/4 
100.00 7.625 30/11/1981 S 

30.00 1976 mu. BANK-SCOT 7.75:1/4 
100.00 7.875 it 5/1983 S 

50.00 1976 SJ.T.E. 8:3/4 

44.00 100.00 8.125 7/ 6/198* G 


50,00 1977* EJ.C.F. 
100.00 6.813 


. 6.25;l/4 
Sf 3/1997 S 
75.00 1976 SUCIEIX impuj . gm 
100.00 7.813 15/ 3/1981 V 

60-00 1977* SOCTEIE awmij 7J/J 
1DD.00 7.563 1/10/198* 8 

50.00 1971* BTABPA8P CRAKt 6.25:1/4 
100.00 7.688 = 6/ 5/198* S 

15.-00 1977* SBHROHO BANC 5.3:1/* 
100.00 4.313 Ul 5/1980 8 

25.00 1977* 8JUU7. 

100.00 7.625 

25.00 1976 UJ.A.P. 

100.00 7.6S8 

25.00 1977* H.8.G.F. __ 

100.00 7.188 23/ 3/1982 S 

50.00 1977* muin ac-nsiAiro 6.3:1/* 
100.00 7.875 30/ 4/1982 G 

23.00 1976 UBITIU) OVERSEAS Bt 7:1/1 
100.00 7.625 24/11/1981 S 

25.00 1976 URQ8UO DTH. 7.25:1/4 
100.00 7.813 21/12/1981 S 

40.00 1973 VI2CASA 5.25:1/4 

100.W 7.25 1/ 3/1978 S 

25.00 1976 VIZCAU XSX- 7 .35tU* 
100-00 7.875 22/11/1981 S 

40.00 19T7* DILL TAMS 4 CLVNS 6.5;1/4 
100.00 - 7.00 28/ 2/198* S 

G8STRALUH DOILAHS 


. 7.25:1/* 
7/12/1982 G 

7.5H/4 
2/ 6/1981 S 

6-75;1/4 


99 3/8 
100 
97 3/8 
100 5/8 
97 3/8 
97 3/8 
99 1/8 

97 3/4 
99 

100 1/8 
99 
95 

98 

97 1/4 

98 5/8 
971/* 

99 1/2 
97 3/8 
99 


5.52 

2.94 

3.92 

5.35 

6.4* 

4JJ 

19.09 

3.37 

6.75 

6.40 

2.36 
£.9* 
3.42 
4.23 
4.30 
3.90 
3.98 

.17 

3.87 

6.16 


7.45 

7.87 
7.82' 
6.15 
7.65 
6.54 
7.69 
7.83 
7.83 
8.3* 
7.00 

7.88 
7.7* 

7.77 
6.30 

7.78 
7.77 
7.33 
8.10 
7.73 " 
8.03 
7.29 
8.09 
7.07 


100.00 

100.00 

iou.ro 


25.00 1976 AtSIMLUH Co BEVT CORF 97 l/Z 5.7S 10.58 10.26 
99.1S 10.00 1/10/1983 

10.00 1977* ASGTRALIAB EESUDRCES 98 ' - 4.92 10.53 10,20 

100.00 10.00 1/12/198= 

AKSXRZAB SCHILLINGS 


1983 PG EU 348 305 =10 220 90S 91* 925 
LH 920 935 940 9*5 9*7 930 

- CC EU 103 210 905 914 UO 
LX 

100.00 1979 CC EU 408 205 210 220 602 905 91* 
LX 925 930 935 940 9(3 9A7 

950 

100.00 1980 CC ED *08 £05 210 £20 90S 914 925 
LX 930 935 9*0 9*5 947 950 

100.00 1978 BP ED 517 205 210 £20 905 91* 925 
LX 930 935 940 9*5 950 969 

100.00 1979 PC EO 292 210 2=0 905 91* 930 
LX 

100.00 1980 PC EO 350 205 £10 220 905 914 SIS 
LH UO 955 910 945 950 

200.00 1978 PC EU 316 405 409-415 £25 905 914 
4.00 1973 LX .925 930 

XOtLOO 1980 CG EU UO 205 210 220 90S 914 925 
LX 930 935 940 9*5 947 930 

100.00 1379 HP EU 456 210 22D 90S 935 930 933 
LX - 9*0 943 947 950 9U 

100.00 1981 HP EU 1X7 210 £20 405 605 903 9=3 
LX 930 935 940 9*5 9*7 950 

100.00 1981 HP EO 408 205 210 2=0 905 914 925 
LB 930 935 940 945 947 950 

HP EU 354 91* 925 940 545 

100.00 1980 VP EU 105 ZDS 210 215 220 905 914 
LX -■ 925 930 935.940 945 950 

raw 1979 HP EQ 105 205 £10 219 220 90S 925 

■ LX 930 935 94S 930 

100.00 ■ 1980 HP ST IQS 205 =10 215 220 905 91* 

•; LB' 925 910 930 940 9*5 950 

100.00 1979'HP ED 402 X10 215 220 715 995 914 
LB 925 930 940 945 950 955 

ra.00 1979 VP nr 517 210 220 SOS 9X4 92$ 930 

. . LXSI 933 940 S30 965 

lOT.OO . 1978 re ES 517 £10 2=0 905 91* 9ZS 93# 

Ul 

1978 EC EU 316 905 914 
LX. 

100.00 1973 B6 ED 292 210 220 905 914 930 
LX 

100.W 1981 PC EO 488 210 220 909 914 925 93* 
U 935 940 945 947 930 


100.SU 1980 NP GO 350 960 
LX 

raw 19U NP EU 600 927 960 
USX 


150.00 1971 ASIAN DEVELOPMENT BASE 95 
90.00 99.30 7.00 20/12/1983 S 

2f®"22 EODfEAR MVESMESr BCp 9*a/4 8.81 8.88 8.44 

650*00 S7.2Tf 8.00 20/10/1984 6-31 9.13 

300.00 1976 anm-ANKBICAB DEV BK D 
300.00 97.2S A.00 17/12/J986 

275.W 1974 OSTERREZCBC KDNTBOLLHABC Ul 1/4 1.62 8.58 9 . 3 a 
99.00 9.50 14/ 8/1979 

BABAIBXUZHARS 


5.97 8.23 7.50 
3.(7 9.43 


94 5/4 8.96 8.87 8.44 
6.(6- 9.12 


103.00 1970 HP ED 
15.00 1974 Ul 


100.50 19A1BPEU 
38.34 UaiW 

300.50 1981 HP EO 
50.00 1981 VH 

00 EO 2S7 309 310 
LX 


-JL 310 
1 310 
1 310 


12.00 1977* BAX ALGEX1E HAVXGAZUM 
12.00 LOO.DO 8.75 1/ 6/I9SJ 


98 3/8 9.58 9.00 8.89 
7.09 9.06 


201.00 1978 VC ED 38S 230 
2. DO 1S0Z DO 


PCffiflLMH HmCAaoe L » 5/8 9.88 8.96 8.87 101.00 IMO NT HE 335 2=0 
IS.00 100.00 8.7S 15/11/1987 7.SB 8.99 3.00 X$8) VO 

C6H4P1AB MOUARB 

25.00 1477* A3EUCAH BBSFIUL SUPPLZ « 

99.50 8.75 15/10/198* 


6.79 Ml 8.93 


20.00 1977* A9D0 101 SERV-CAKAlu 
100.W 9.50 If 8/1982 

50.00 1976 MU oF hohtheal 

ra.00 9.00 15/ 3/1982 


99 7/8 4.59 9J1 9.51 


XU 1/8 4.71 8.68 8.90 


100.00 1982 PC ED 48S 115 =10 425 520 B0591H 
LX 933 937 940 949 960 965 

973 940 

7Q ED *88 115308 210 428 5=0 530. 
LX . e?0 $12 $35 9)7 5*0 9*3 

9A7 940 973 980 

100.00 19U RP EU 165 115 209 210 415 520 80S 
LX aw 9L2 9=3 9=5 935 HP. 

940 H3 muuja-Hi 



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SH-W 1977* UtlfS tUMUBt Kip o„ u , , „ O „ , .. __ 

"■* va.v,2JXM m “ *“ V *•“ S 64 J3^SS£ 9 »' 

"iR^gTKKP awirt 4 ’» 9 - u 9 - M lfflL00 1381 »« t»5»»nu« 

• “ ir-l 9vS fl7j 

*"•“ it*. M m m 5 -‘“ ™* «■ «1,J Bim 

.. “ 537 9*0 963 a?s 980 


3b V£ 4.13 S.J0 S.S5 


£0.00 1976 OW^ttarUBZ 
ZOO.BO 9.00 U 2/1383 


50.00 1976 8 .C cprMLtMBIT raos Ml m 3.34 9.40 9.64 

?i7j 2wlJ/l9fil 

=i ' M lM. 7 00 , “o. ? 5 .— ***** 9,12 *'** 


40.00 1976 I 
- WLW 


I WttflS 4CMPTAK8 
9.25 It W1983 


100.00 i,9e 1/ £/.«» ^ ^ 31 165 US 210 *25 57B 530 87D 

' - IX 9U 922 935 937 9*U 3.5 

50.00 7977. vxmcm m gr . so 1/5 «.ia 9.10 . 9.05 iro.ro 1*2 re zb 335 SJS g'S SS 912 «s 
0 IS/-/IW4 li 935 937 MO 945 « 1 960 

101 ««aiS5»tuii>ni 

_ *" 7/1380 iZ 940 9tt 946 9*7 960 97S 

Llcy4 <•« *■».»■» 1M.M 
uu * m • . u. 

“ais^iaas. 

"■"“■“ssrsssr *»«*■«••»■»»•» 

” w “* “ “■■ ‘ S--B2S-K- 


50.00 7977* TOUnCIAL yys - T 

99.00 9,00 15/ ZfVHA 

20.00 1975 IttBPICUL-KRTST 

UW.00 9.30 IS/ 7/1530 

55.00 1975 BBEFICm tSB JUT 

100.00 3.75 15/17/1932 

ao.oo 1975 JffiSBneitttijrisr 

100.00 70.25 15/70/1931 


13.» 1974 temsH'eoumuH.r.A 201 

I5.0O 39.00 9.35 15/ 5/19U 


■“■ 960 975 W0 

&*£- 9.00 9.D1- «* E® IBS 715 510 <25 520 912 935 

ZZ 937 MO 945 946 947 >M 

3.37 8.84, 9.16 100.75 3979 BP SB 703 210 9l2 945 360 975 980 

0.87 8.83 7-50 1MO LZ 


50.00 3975 OX MiTOaS ACTT7TUCC 
llK'.OD 9.SO 15/10/1981 

38-00 1976 OB WTO PE >iur urr 
50.00 130.00 9.50 7/ 3/1985 

30,00 7976 OX MT0(S ACCEPTAKB 
3U.U0 luo.00 9.75 15/18/7988 

25*00 19779 paiiTEX E.BBUSC trjoo 
I DO. DO 9.50 15/ 7/1984 

15.00 1976 VSETat E.SQU3 <UJ) 
98.50 9.75 15/ 6/lSU 

£5.00 1975 sasorsur 

100.50 10.25 15/17/1581 

25.00 1976 Tic UKTim 

100.00 9.30 15/ 5/1981 


109 7/0 4.09 5.73 8.33 K EC 45b US 305 210 425 SCO »li5 

. . ZZ 970 912 922 9*3 4 j/ 940 

j 975 j/iQ 

102 1/2 5.C 8^7 9.11 !«■» t»l PC EB 456 1J5 205 ILO 425 52(1 M>5 

-1 »Ju 912 mj! 6J5 937 S i0 

. . 945 9\7 9kB 9JV4W* 

102 7/4 3.79 8.76 9.29 UfcM 1980 PC ED 436 115 2i»i jlli Aji 5 jo SO? 

IX S70 912 921 4j; 057 940 

•• - ... „ 9-5 947 «*0 9/5 MU 

102 3/8 9.09 8.89 9.19 XOJ.50 7982 hi SB 456 113 ?os ;id 1*4 iai »>s 

6.42 8.79 BP 8.35 15112 IX ■ 87o 912 922 9J5 9J7 b-U 

- . 941 945-947 990 975 980 

104 3/B 10.79 9-D5 9.32 <8^.50 ipsi so UJ <J6 J15 205 2lu Zzs 530 530 
B.69 8.S5 M 3JiO 19t2 U ' ‘ W3 fl?0 912 9*2 9i5 9J7 

940 935 947 960 975 SEO 

391/4 6.54 9.53 9^2 ZOO.OO 1982 K SD 218 113 210 425 520 530 912 

* IX . 935 917 MO 945 M6 947 

960 9»5 980 

200 7/8 3.46 5.40 9.67 TB BJ 226 310 5H0 Wi 939 *<D 945 

... IZ 906 947 960 9» 980 

103 7/8 3.S3 9.01 9.67 X0S.09 1980 iiP !B 456 310 912 922 til 935 W7 

IX 940 905 9i7 960 975 980 

10X5/6 3.37 6.69 9.35 * SP EB 84 210 9lS 922 935 937 94S 

947 MO >75 981} 


103 7/8 3.88 9*01 9.67 
1015/8 3.37 8.69 9.35 


25.00 7975 UITISH COWKIA Jf.r.A 100 3/4 '4.50 9.01 S.18 100.75 1W0 BP EO 103 210 912 945 9tt 947 960 

99.00 9.25 SO/ 6/1982 IT .30 1976 U «5 9M - 


20.00 1976' CJIUBT POBKt 102 378 4.37 s 8.87 9.30 

99.00 9.75 13/ 5/1982. . ZT 3.60 7576 U 9J7 940 9*5-947 975 9t» 

,M 7 S„ ““SS?®* m 5/8 3 - M t - 2i 9jw W a 359 115 210 *25 520 870 912 

10D.ua 5.73 7/11/1981 ..... jjj jjj 037940943 M7 

35.00 W c*a« tiobioo wn«a zoo nz 3.92 3 m 9 . 2 a vp zn 6* 1 S jm *» susmsto 

101L00 9.25 -7/12/1981 IX 9IZ 922 93S 937 MO S45 

35.00 197?*' CiUDUK UCUTUEB ' K ISO 3/4 4.79 9.29 9.35 VPBI399|t$^|2|Sg 

. 700.00 - .9.375 .73/10/1982 /. J2E w 

60.00 jmnuiiiiMBa-. .» ».i7 9 . 0 s '«.m ici.oo nasvpcn 77115205210*25520530 

99. J. 8.873 J/ 3/1987 . a 2.40 1977 IX 803 STD 91Z“fe*« 937 

35.00 * 1976 C4XADIAX MC171C SECS 2DI 1/4- 3.29 8.92 9.14 100.00 1981 PC KO 218 rn ~D5 210 glS 870 

100.00 5-85 13/ 4/1983 U »U 912 JSJ 937 9*0 MS 

35,W £.96 8.63 9.41 .100.00 .7980 « « 218 g £ g «” £ 870 

100.50 **' s | 8 WUO IX 912 922 935 937 9M> 945 

25.m 1977* CBUtSLSR «XBDrT " C4XU8 97 1/B 4.46 10.05 9.52 .100.00 2981 PC EH 440 330 921 327 973 So. 

100.00 9.25 15/ 6/1982 IX ' * S 

30.00 1(76 CBHSLE* OEDIT - CABASA 100 1/S 4.79 9.45 9.49 100.00 1981 TO ED 412 113 210 320 530 870 «2 


ZT 3.60 7576 IX 


IX SB 511 210 KM 870 912 922 935 


1015/8 3.84 9.21 9-59 


23.00 1977* JKT BAH1B8SX CUSIT-CUT 99 3/8 9.09 8.90 8.8L 1004)0 XSB2 SP ED 456 115 210 435 53D 805 870 

100.00 8.75 u 1/1983 . IX 912 922 935 937 940 9<5 

947 960 975 MB' 

25.00 1976 JSZ IMTtna CsailKai 707 1/4 8.29 9.51 9.63 100.50 7981 5F ED 456 210 <75 520 8)0 913 9» 
2*50 99.30 9.75 15/ 4/1986 6.37 9.46 SO 1977 LX 935 937 9*0 943 947 960 

■ 973 980 . 

30.00 197$ 7ST BUKffflS C980XT-US Z02 1/2 3.67 9.38 10.00 100.25 1360 37 Eft <56 210 425 870 912 ?22 9JS 
100.30 10.25 u 9/1981 ' — IX . 937 940 945 947 960 9/5 


2fi.cu 7.17 b aCrWMlOLi XC.Co 133 1/4 

59.30 9.75 1/6/1*83 

2i-oo is* 7£&anp dun* jm s.'s 4 

IDU.uu 9.10 15,' 6,’IPE; 

25. CO HT5 JTSEFnr.LT CAKVT* !P3 l/Z 

25.U0 99.25 10.00 17/ b/I9flfi 

£X0i) 59/6 SCBOrTA-MBlSIOB £A?X 100 3/4 
LX.50 9. DO 1 / V1M2 

33.50 :s;s moiTo-s(6tiBiw iwis 103 5/6 

. 700-30 9.75 -i/IJ/HBL 

5-00 1975 3015 OP Kar?Eil *A?T 99 S/8 

95.30 9.75 18/;/l9el 

25.00 W76 3£4D'-2S Q»;r ISO 3/4 

100.00 9.75 15/3/I9S2 

25.00 1975 TUBS 0320! FIS (C4560U 101 3/8 
l!U.nO 10.50 2/12/7 980 

30-00 1476 snos U58ZS OF CA34I& .1012/4 
’ 100.00 9.25 1/5/1962 

30 -oa 1076 cana ciaamc or ukka 103 
30.00 SSlOO 9.75 7/ 5,‘lyM 


5.59 S.Dt» S.H4 ■ 105.no 1991 ftf 1U ci .‘ID -.5 .'-M 2'0 412 ?JS 
IX .8* 19)6 JX ?>j.' «.;i S*5 9.0 9-7 9nn> 

■■Rii 

.46 9.01 9.35 100.90 1981 PC EC 4K 115 .■*. .|P -i;4 6 i *5 

IX ••■’•J Pi: 937 94u Mi 9.7 

»»\ **'S 9.-0 

8.45 -9.36 9.56 100.3T5 198! to EV 436 i::. ?l”. 2M ;:S ;:o 70S 

6.06 sib BP J.2S 19:8 1* fi-J "12 9j; MO J.s S47 

CM. 

4.25 .£.76 8.93 100.00 1981 5P ED 456 !I3 lie 1JS S70 StS 

IX 7t7i> **.j «.-5 uj t j *»37 

•■-il a..- i, h (j 47^ 

3.M e.sa 9.41 - 100.00 79BO SO m 456 -•"-> .■!•> i.‘» j.-l> S‘>3 8 9 

LX pr. VJ? Shu 9.5 

• V.7 HuJ C‘S OBJ 

4.55 $.32 9.79 201.00 1380 VP £0 18 BU MS 97S SBC 

li 

4.21 9.50 9.68. SPED 77 210 425 «2 «3? 9l£ 

HT X.25 1977 IX 9w> 9b0 9 bS P.'S 9“0 

2.9Z 9.92 10.35 PC SJ 326 210 912 9*5 947 975 969 

IB 

4-33 5.72 9.09 100.00 1981 PC ED 456 210 425 52-7 90? 870 912 

IX 51 IS 91? 5Wi 945 SA7 9*0 

97.4 9BO 

6.33 9*23 9.47 100.375 IWI PC BJ 456 210 -24 5’fl.Wi 9JO 912 

6.S3 9-11 SB 7.50 197b LX «JS BJ7 9.C Mb 9«7 9 bD 

s;s sac 


35.00 1977* C1BMITA8 UXUTMKB 
100.00.9.375.13/10/1382 
60.00 7977* eaUIM Xil BUI CO 
99.25 . 8.875 1/ 3/1987' 

35.00* 1976 C4WUILW MCinC SECS 
700.00 9-23 75/ 4/1983 

35.00 1975 C4H4PUB UC1ITC SECS 
100. SO 9.75 U/U/1W 


E 1801/4 4.73 9.29 9.35 


103 3/8 3.96 B.63 9.41 


. 99.00. 9. SO. 13/10/1982 

20.00 1976 CQTOFUUL' 

99.00 10.00 1/ 7/1996 

u.oo 1975 cxtt or gome 


100.00 10-00 15/11/1995 - 

15.00 1974 " CUT OP QQESEC L 107 1/4 16.79 9-84 10.02 

100-OQ 10.75 13/»/1394 

20.00 1976 am CKESET CWP -CABA04 100 7/8 3.37'9*40 9.S7 
100.00 -9.75 . 15/ 5/1901 

20.00 1974 QWEBCL4X DBIOB X 104 17.04 11.02 11.11 

20.00 100.00 n.25 13/ 1/1995 & ~ U-JO 10.9b 

30.00 1977* CEBIT TOWIEX F-C4V 1 99 4.13 9.04 &84 

100-00 8.75 15/ 2/19*2 ' 

38.00 1975 cmiT roscifX F-CA 8 lot 3/8 3.13 9.S 9.62 

700.00 9.75 lit 2/1981 

25.00 19)6 CUSIT POKIER F-CAB 101 1/2 3.St 9.20 9-6Z 

100.00 9.75 13/ 7/1981 

15.00 1977* IRESSIB HD'(CA8AM) P 98 1/2 4.21 8-93 8.63 

100.00 8-50' IV V79U.. ' 

50.00 1976 IPO ton OF C4H4M 102 3/8 3.13 8.59 9.28 

100.00 9.50 13/ 7/1981 

50.00 19)6 naoruil COAL * STEEL ' IDO l/2 S.21 8.86 8.96 
100.50 9.00 15/ 3/1M3 

25.00 H7M SUOFEiS COAL- 6 EIEEL 100 5/8-6.29 8.S3 8.94 
100.50 9.00 75/ 4/7984 ". 

25.00 1975 FUST CAS4&IAS XBVEST 102 7/2 3.01 9.01 9.76 
100. DO 10.00 7/ 1/1981 


K )U »7 9» 937 9*0 MS 

9)3 980 

1061/4 16.50 9.49 5J9 102.50 1986 89 88 413 115 210 520 912 927 943- 

IX 9*0 

L 103 1/8 77.88 9.62 M70 102.00 1985 BP £0 412 210 912 MS 975 980 


102.00 7984 BP ED 103 210 912 945 980 
LX 

PC ED 517 210 912.955 927 9(3 960 
IX 97S 980 ... 


25.00 1976 TSB CJHAPUB n» 2 C 3 
700.00 9.50 7 / 8/1382 

25.00 3975 Z5Z CASADIAE TlSKfCt 
25.00 100.00 10iOO ' 1/ 8/lMfi 

50.00 3976 SPBOSS W2T.C0RP 

99.50 9.25 15/ 6/19B2 

20.00 1977* LMBtynnE ru cow 

100.00 - 9.50 30/ b/1582 

25.00 1977* TUB BAB LEASTNC CANADA 

200.50 ' S_2S IS/ 5/1982 

10.00 1975 M&UOA ions 

39.50 9.75 1/11/1980 

25.00 7476 njUSDASDZS 

100.00 9.75 15/ 7/1382 

20.00 1974 HOXCn 

99.50 9.75 15/ «/1983 

18.00 197* Btrra. soon* posts 

95.25 9.50 1/ 7/1994 

354)0 1976 FAECARAMAIC pettol 

100.50 9.75 15/17/1983 

13.00 1975 IX09UCE OF MASTHMA 

15.00 99.50 9.25 30/ A/1985 


' — IX . 977 940 945 947 980 9/S 

103 2/4 4.59 8.S9 9.20 100.00 1961 PC ED- 327 M5 SOS 210 425 520 530 

IX 805 870 912.935 917 MO 

945 M7 960 915 988 

103 1/4 8.59 9-6Z 3.S9 100.375 198! W H) 027 175 2M 210 <25 320 5» 

6.79 9.32 1.25 .11)8 LX ' 805 870 912 9l5 4)7 9(0 

MS 9*7 960 975 BSD 

201 4.46 8.94 9.1ft 100.00 1581 JBC ED 359 210 972 922 935 9)7 945 

LX M7 960 MS 9)5 980 

98 1/8 4.50 10.01 9.68 BP ED 103 1)3 21V *25 5?) 912 933 


98 1/8 4.50 10.01 9.68 BP ED 103 113 SIS *25 5?) 912 933 

LX JPJ7 MO 945 960 975 980 

97 1/2 4.37 8.94 8.4ft M BO fit 115 303 210 425 }» 912 

- U 915 07 MO MS 9*7 9bO 

97S MO 

in 5/8 2.14 9.05 9.59 3P ED 64 210 8)0 912 945 960 975 

Ui 980 

101 4.54 9*44 9.65 Er ED 64 2)0 *25 BTQ 912 915 937 

UC MO 945 SMI 975 980 

100 3/4- 5.29 9.54 9.6B - hp EB 64 1)9 CIO *25 3/0 912 935 

IX 93/ 9*5 9n0 9/S 98U 

l 103 1/2 16.SO 9-07 9.11 101.00 19» SO EB 103 210 912 945 SWJ 975 980 

IX 

102 1/B 5.88 9.25 9.55 100.00 1981 PO ED 278 175 210 *25 520 5)0 870 

LX 9U 927 937 940 9*5 946 

9*7 960 975 9M 

107 1/2 7.33 8.95 9-U 102.00 !*E0 KP ED 64 270 912 945 9«) 975 980 
r 5.33 8.86 3.00 1911 Ul 


la 5/8 2.14 9-OS 9.59 
lot 4.54 9.44 9.65 


ZOO 3/4- 5.2* 9.54 9.68 


102 1/B 5.88 9.25 9.55 


707 1/2 7.33 8.95 9.U 
, 5.33 8.86 


20.00 19)5 PBOTUCE OP BEUnxoiLABP 101 1/2 5.S7 9.11 9.36 
100.00 9.50 15/ 5/1983 


101. CO 1979 SP ED 103 210 520 972 937 9*5 947 
IT -75 19)6 LX 975 980 


X 104 17-04 11.02 11.11 - 105.00 1985 BP ED 57 945 

* — ' 13.30 10.96 - 7.67 1986 LM 


30.00 1975 KOVUCX OP BOfOCUlUID 104.1/B 7.96 9.49 9.64 101.00 19M BP BO 103 210 912 9A5 975 960 

100.25 10.25 15/12/1985 ZB 1.20 19?6 ix 


lOt 3/8 £.13 MS 9.62 
101 1/2 3.54 9.20 9-61 


P 98 1/2 4.21 8-93 8.63 


50.00 1916 DO HMT OF CANADA 102 3/8 3-13 8.59 9.28 - VP ED 456 210 *25 805 870 912 935 

100.00 9.50 J5/7/1981 -- Li 93/ 9*0 945 987 960 9)5 

■ 980 

50.00 14)6 EBSOKiR COAL s STEEL 100 1/2 S.71 8.86 8.96 100.00 1981 3P EO *56 IPS )10 425 520 530 80S 

100.50 9.00 15/ 3/1983 . LX 870 912 935 93) MU 9*4 

9*7 9»0 975 480 . 

25.00 1477* fiBOFEAX UAL- 6 STEEL 100 5/8- 6.39 8.S3 8.94 100.00 1»82 UP ED 456 113 205 210 *29 520330 

100.50 9.00 lit 4/3914 ‘. IX 912 935 911 9*0 9*5 9*7 

9sO 975 980 

25.00 1975 FESST CAS6&1AB XBTEST 102 l/Z 3.01 9.01 9.76 . XP ED 456 210 912 437 945 947 975 

700.00 30k DO 7/ 1/1481 LX 9«P0 

20.00 1977* HBD TB/tOB. CUBTT-CAMU 99 3/8 6.37 8.61 8.55 HXLOO 7982 K ED 418 1)5 205 210 425 320 530 


BP ED 49 115 205 110 425 5*0 870 
IX 912 935 937 540 9*5 960 

975 980 

DP ZD 49 210 520 870.912 907 945 
Li 975 980 - - . 

DP BT 49 210 520 870 312 93) 945 
LX 975 980 ' 

PC ED 599 530 980 

DQ . . 


30.00 1976 fZOVIBCK OP BORA, fcom 700 3/4 5.96 8.83 8.93 
100.00 9.00 15/12/1983 


KP B> 64 205 21D-A25 530 805 870 
100.00 9.00 15/12/1983 2JI 912 935 9378*0 1*5 947 

_ 960.975 980 

10.00 1978 K09IBCXAL XABE4UCADA £01 3/8 4.13 9.07 9.37 100.00 1981 BP ZD- 77 210 80S 870 9l2 937 945 

100.00 9.50 15/ 2/1982 LX 975 980 

3.00 197S POTBTB- AB X- IR EIB I . r*. 99 1/3 4.55 9.97 9.S4 101.00 I960 DP ED 18 912 S4S 980 

98.50 9.73 - 18/ 7/1982 LX . 

50.00 1975 QOEMC BZmO-XLXCISIC 102 3.79 8-84 9.31 SG Hi 165 210 A25 $20 070 912 435 

99.00 9.50 15/10/1981 LX 937 9*3 MJ MO 175 9So 


99 1/3 4.55 9.97 9.84 
102 3.79 8-84 9.31 


15,00 7977* OOP EC OSBAB CU Ct PU TTg UO 1/2 4.10 9.34 9.45 
100.00 9.50 3! 3/1902 


15.00 1977* QCSZEC CUM CWWIDIT 100 1/4 6.71 9.43 9.48 
99.00 I.SO 15/ 9/19«4 

15.00 1976 QUBBEC UMAR azjncITT 100 3/4 5-40 9.54 9.63 
98.50 9.73 26/ -5/1963 

70.00 >974 QUEBEC ITZAB OWnsiTT 102 3/8 Z.S8 9-13 10.48 
100.00 10.75 15/11/1979 


100 3/4 5.40 9.54 9.68 


3* ED 408 975 90 975 98V 
IX 

LP EU *0B 925 9*5 975 SBO 
IX 

VP Ell 18 912 9*5 980 
ZjC 

VP HI 28 606 972 945 98j' 


102 l/Z 3.01 9.01 9.76 


100.00 8.50 15/ 5/1984 XX 80S 870 912 $22 935 937 

. 9*0 MS 9*7 960 975 980 

20.00 1977* roBD WTOK CZQH7-CAKAD6 99 9.37 - 8.90 8.84 100.80 19M PC ED *16 115 205 210 425 520 530 

99.50 8.75 15/ 5/1987 . LX 80S 870 912 922 935 937 

94U 9*5 9*7 9*0 975 980 

30.00 1976 FDD MOTOR CRBZT-CAXABi lOQ 5/8 5.09 9.08 3.19 100.00 1982 K ED 418 1U 209 210 *25 520 805 

99.50.- 9.25- 1/ 2/7*83 LX • 870 917 922 935 >37 940. 

9-5 947 960 975 980 

40.00 1976 ISO WTO* CBZDCT-C4BAD1 101 7/8 4.54 8.95 9.33 100,00 1981 K ED 418 115 205 210 425 520 80S 

IIZLIZ) 9.50 15/ 7/1982 LX 870 912 9S2 935 93<M0 


20,00 7977* 1DBD WTOft CBQTX-CAEAD6 99 
99.50 8.75 15/ 5/7987 


40.00 1975 PCBD MDm CIEB1T-CAUSR M2 3/4 2.84 8.59 9.19 
100.00 T-75 7/11/7980. 

3.00 197* COBLCAK D im 1/8 3.88 8.63 8.90 

100.00 9.00 15/11/1961 

10.00 1975 CERELCAS . S 101 1/4 4.92 9.17 9.38 

100.00 9.50 1/12/1982 

25.00 1977* GBCEKAL tOOOS LHP . SB 3/4 6.33 8.75 8.61 
100.00 8.50 1/ 5/1984 ' 

30.00 1976 CXI WT0R9'ACCEPTANCE-701.-3/8 *3.79 8.5* 8.81 
700.50 9.00 . 13/10/1381 


-1013/8 3.79 8.5* 8.81 


LX 870 912 932 935 93<940 

9*5 9*7 960 925 960 
PC ED 416 IIS 205 210 125 520 SOS 
LX 870 912 922 935 937 94D 

945 9*7 96C 975. MO 
PC . 227 530 9*5 980 
OQ 

. PC 227 530 945 960 * 

^ OQ 

100.00'' 1982 XP ED 64 115 20S 210 425 '520 80S 
. 1_1 870 912 935 937 9*0 945 

*• .9*7 9« 97S 9110 - 

PC ID 4Sft 115 205 210 425 520" 530 ‘ 
• Li 805 870 912 922 935 937 

940 9*5 9*7 9*0 975 980 


20.00 1977* JUDE (JfUSEAS BDLD1BGS 
300.W : 9.30 15/ 6/1982 

40k00 1977* BOOL BASE 0? CAZAM. 

100.00 8.00 15/ 2/1984 

35.00 1976 WEAL BABE OP CAJUDA 
1DO.OO '8.75 It 4/1962 

40.OQ. 2977* ZOTAL Bill OF CASAM 
40.00 100.00 9.00 15/ 2/1992 

35.00 1976 ZOZAL BAHE OP CA9ADA 
35.00 100.00 9-50 1/ 4/1918 


700 3/4 4.46 S.2G 9.43 - PC EO 346 )!? 210 *25 5--0 870 4t2 

LD 922 9JS 937 KU 9*5 94/ 

960 575 960 • • 

97 3/6 6.13 6.48 8.18 300.H 7982 XP ID 278 *** 

LX 

100 3/4 4.25 8.51 8.68 100.00 1981 X* ZD 218 115 210 423 920 805 BTO 

IX 912 923 935 917 9*0 9«5 

1 9*6 947 9*U 975 MO 

100 1/8 14.13 8.98 8.99 100.00 198S DP SO 271 *•* 

12.07 8.98 1.50 1 982 LX - 

102 3/6 10.25 9.06 9.25 .100.00 1994 SP TO 218 113 210 425 520 MS 870 

7.85 8.99 £.00 7MI LX 912 923 935 937 9*0 945 

946 9*7 960 9)5 980 

101 7/8 3.13 8.77 9.33 • KF 80 64 21b 970 917 922 935 *37 

IX 945 9*7 9»0 9)5 9M 


20.00 1976 ZOEAL TRUST CO HtSTCACC 101 7/8 3.13 8.77 9.33 
100.00 9.50 15/ 2/1981 


100 7/8 14.13 8.98 8.99 
12.07 8.98 


<8.00 2977* ABO 

9*. Ml 7.50 1/1071984 

50.03 1*76 iS» 

99.50 10.00 1/10/1981 

100.00 1972 4HEC3S RANK 
30.DO-lD0.ro. 6-W> 3/ltvl97!> 

75.ro 1973 4I£CtE\EZASC 

50.25 100.00 6.25- It 5/1980 

75.00 1473 ALGCM-tE BASE 

50.25 100.00 7.25 1/ 2/1980 

60.00 19?* Aicaos BASE 

99.50 9-M 15/ S/1979 

75-00 2975 ALCERCSC 5A5E 

99.50 9.30 1/ 2/1980 

75.00 1974 ALCDORE ESC 

KW-iW 10. jD 1/12/1979 

75-00 197* A10WE 5A.SC 

91.50 10.50 J/10/1979 

75.00 1**6 lUSDaSejbr 

99. iS 6.25 15/ 3/1983 

6U.OO 1973 AISO BASE 
45,00 99.50 6.25 15/ 3/19ED 

70.00 1973 AMRO BANS 
£2.50 100.00 7.25 1/ 2/1980 

60.00 1974 AMSO BADE 

99.50 9.50 1/ 6/1979 

60.00 1974 4*00 MKt 

100.00 9.75 15/12/1979 

50.00 IB74 4ZB0BAMK 

100.20 ID.75 1/11/1913 

75,00 1975 AST DABS 

99.50 8.25 IS/ 9/1981 

75.00 1976 AMU) BARE 

99.50 9.25 1/11/1981 

60.00 1B73 AXZED FTEABCE 
45.00 99.25 6.25 1/ 4/1980 

75.00 197S ASIAX PtmowniT BAKE 
99.75 A.25 !/ V)*» 

50.00 1*7* AUSTS LIN LLECniclTT 

99.25 8.75 15/ S.‘1W2 

Aa.oo I9>'2 Bxki gem a Dorr 
21-.00 99.50 5.75. 1/10,’1979 

4U.JO 1972 BASE DIES 6 Hope 
30.00 99.50 O.ao L* 5/1980 

75.00 1977* BASK ZEES 6 VOPC 

lro.00 :.7S 15/ 5/1982 

60.00 1975 EASE TICES 4 BUPE 

M.7S 8.U 15/12/1961 

40.00 1975 BAKE MEEB ft DUPE 

100.00 10.00 1/ 8/1173 

40.00 1974 JPAXE MEES ft BniT 

100.00 10.00 7/12/1979 

60.00 1172 zzmsa PSSOLLPK 
3O.0OlOa.ro 6.W 1/3/1979 

75.00 1975 CUT OF OSLO 

99.50 8.25 1/ 7/1M2 

75.00 1974 era or Oslo 

100.00 8.25 1/ 1/1984 


94 3/8 6.75 £.57' 7.93 
10* 1/4 3.75 8.60 9-59 


98 1-75 r.23 6.12 

1.75 7-7h 

. 99 1/S £.33 6.*5 6-31 
1.33 6.92 

101 5/8 2.09 6.?9 7.13 

1.0* 5.59 

302 3/8 1.37 L.5S 9.28 
703 1/8 2.03 7,60 9.21 
103 5 IB 1.92 7.73 9.*3 
1CU 7/8 1.75 7.39 10.01 

102 1/B 5.21 7.4B 8.00 

9* 7/8 2.21 6.HD 6.32 
1.17 7,21. 

700 3/4 2.09 6.RA 7.20 
2.09 b.«9 

702*3/8 1.42 7-bl 9.28 
.103 1/8 1.96 7.96 9.43 
10* 7/8 1.84 7.77 10.25 
703 1/4 3.71 7.20 7.99 

103 3.84 7.63 8.81 

96 1/8 2.25 8.18 6.5D 

1.25 9.»J 

100 5.17 8.24 8.25 

103 VB 4.37 7.79 8.46 

97 3/B 1.75 7.38 5.91 

I..5 f.i» 

97 3/4 £..*J 6.14 

1.J3 7. *i» 

99 1/2- 4.37 7.67 7.79 

100 5/8 3.96 8.06 8.20 

103 3/8 7.59 7.60 9.67 

203 5/8 1.92 7.BA 9.63 

97 3/4 1.67 7.43 6.14 
1.17. 8.09 

101 V4 4.50 7.89 8.15 
100 5/8 6.01 8.11 8.20 


20.00 197b 80IAL TRUST CO M0B7GACE 101 7/8 4.67 9.21 9.57 
100.00 9.75 1/ 9/1982 • 


30k00 1975 R0SCABU8 LEAS13C 

100.ua 9.50 15/10/1980 

30.00 1976 ZOBD8 

100.50 ,9k 75 • 1 / 2/1982 

15.00 1*75 ROWAT 

•9.75 9.50 . 1/ 9/1980 

20.00 »M BDTBAT 

99.50 9.50 V 7/1981 


101 7/8 4.67 9.21 9.57 BP BU 64 310 870 911 922 935 937 

IM 9*0 9*5 9*7 960 975 980 

102 1/2 2.79 8. *3 9.27 MC. 0 218 21b 670 912 935 937 9*0 

LX . 9A5 3*6 9*7 960 975 9BO 

101 1/4 4.09 9.36 9.63 1M.CO 1981 Kf£D 21B £10 870 912 9» 937 9*0 

IX 9*5 Mt 9*7 960 975 9S0 

IM 5/8 2.67 9kI9 9.44 - - »SD 64 210 870 912 9*2 MS S*6 

JT ,30.2977 1* 9*0 975 9K 

ISO S/4 3-50 9.30 9.43 - *T«8 *64 21b 170 912 922 935 937 

' zr 3.00 1978 Ul ' 9*0 945 946 *47 960 975 

«*•••••• .— • 960 - 


1976 COKADWEALZE - ADrnALU 100 7/8 £.*2 7.79 7.93 

100.00 8.00 1/ b/1983 

1971 OOBS0L1B4XD TABS . 96 1/4 2.33 7.32 6.62 

100.00 - 6.50 1/ 5/1980 # 1.33 7.89 

Mil COWELL 09 ECU OS-1. . * 58 1/8 1.16 7.86 6.62 

100.00 6.50 15/ b/1979 .96 8.52 

1975 DUTCH STATE HUES M3 7/8 4.25 6.J2 8.90 

99.50 9.2S 1/ 6/1982 - 

1976 EEJifilE snax enfen- 99 5/a 5.29 S.S? 8.53 

99.50 8.50 15/ V1983 ' £.79 4.62 . 

1972 ESCOPt 96 1.2J IO./I0 6.77 

100.00 6.50 V A/1979 • .73 13. A 


W» 238 fro £fl{ 682 683 60* faS 
L«) OIN, OOI b08 GUP 6/0 *19 

;;r EC 238 600 *02 uuj nC, t-oS 

1 / 1 } but. Cl'.’ 609 GD9 blO 910 

5P ID 237 600 rOl f.11* bi-1 nM 60S 
* 1976 VI* cud oU7 cub cro bill HO 
!.P ED 237 t-fiO «-ut h>2 bOl *K ‘■OS 
1977 I'iJ uOd au? ecu buy t-|>J y:a 

HP EU 237 600 601 D<>2 601 In<4 60S 
1977 C‘2 bOa 1-1*7 BUS 639 610 9 10 

SP to 237 buO MU 802 MU bd, 605 
I'd 609 MI7 60S bus 6!U 913 

:.r CD 237 bl'J 601 BL'J bOl 6 ( 1 * 6uS 

1*0 bub wr d uS oU> n!u old 

Nr £D 237 b“0 bill 602 ncl cn, -US 
LU oua bU? W'J i-u9 i IO SI3 

SP m 237 fill b*I 6tfJ |.|I) bli. his 

I'd 6L<6 M'7 Mid GO* 61 O 91J 

r>- EU 237 hull b"! 1..U I.KI nil, ruS 
IU rub (J/ aus ciiy t -10 Sl'A 

S? EB 228 "im i-.>l hi; m) rj. b,*s 
1977 Vi* bill, t-07 6?A 609 110 »lO 

SP ED 238 win hi'I MU i'U3 b-i. "'.‘5 
1977 L<J ti"» b07 bOS w.19 bio s:0 

FI ED 238 61b) hill bu- b03 b'U nuS 
I'Q bub 607 60S Ml bill *13 

KP EU 238 buU m'L bi'2 bOJ 60 . fcU5 
t’U bo? bOS 609 CIO 910 

VP ED 238 600 601 6U2 aUl 60S 60S 
tl} 6D7 WJS bCtl 610 910 

VP ED 238 6nu Ml 6D2 6nj 60 * A05 
BQ 60b 6P.' bOS bO* oIO 910 

kP £0 238 6uL> bill tl'J 602 bO* 60S 
ug bob bu; 6oa bus 6io *ia 

BP ED 238 505 600 bOt 602 601 hJB 
1977 UQ bD5 (HID 607 bl'd bU9 eld 

910 

HP ED 237 t4« 601 602 60) 63* 60S 

IV *06 WIT (A* 6iP) 610 9!0 

CO CV 23S din* 601 6i*2 I.AJ ,u. hni 

UV "On bO* hi. so* l<|i| 910 

ST El? 2.5 ,."0 i.ul ,02 mij hu. ,*.'S 

1976 Lg bl'b DU? uOS lP9 dIO 91 j 

tp EV 2*5 w'U 601 "UJ hOi ,.U. njS 

1977 lig 6i hi go/ tus 6U9 alu Bid 

BP EL' 2*5 600 60? hOl bu- (.05 a06 

t'g HU.’ MUi bOU MU S 'U 913 

VP IV 2*5 NV hill "02 uOl hu. 60S 
V\» 606 buT DUB DOS MU l*'.U 

VP HI 2*5 boa AO! 6U2 601 M’» b04 

vg 607 bl*B b09 610 “10 

NR ED 1*5 hOJ bOl 602 60} ta* 60S 
Us! Pi'b bl?7 608 bu9 e*U 91J 

VP EC 238 f.na UU bill ht>3 60* K3S 

1976 Lg BUD b07 bM DJ9 blU “Id 

ED 237 W.m 60 ) 602 bill bO* bJS 
CQ bl'b 607 608 609 MO 9li» 

KP U 237 MV 601 bli: WJ 63k ailS 
Og aOb AU) DOS bl/9 bid >J TO 

910 

Nr ED 238 k’O 601 60? 603 *u* 60S 
. Uy 606 6J7 bOS 609 alU PlD 

re ED 236 BOO 601 blC bO) bOA 006 

1977 »Q 60; bPd bu? CIO ?io 

ZB =37 600 601 602 603 b?i fr’S 
1976 l'g B'Jb 607 bud CUV 6J 0 919 

EC 2Jd 600 bO] 602 bOl bji «‘S 
eg . BOB bU7 ti‘M MM 61U 9)0 
VP Mi! 602 603 to* 605 DUO 

1990 CQ 60S 6W 6ia 910 

.EO U7 fog 60! 60? bC. 60S pOt 
1976 EQ bi'T DU6 DkK 610 8UI 


A FINANCIAL TIMES SURVEY 

EUROMARKETS 

,Hie Financial Times is planning to publish a survey on Euromarkets on Monday, 6th February. Hie 

provisional synopsis is set out below • 

Monday. 6th February, 1878 • 

INTRODUCTION 1977 was the third successive good year for the Euromarkets. A record amount of new funds 
was raised on both the Eurobond and Eurocredit Markets. Flush with funds and faced with stagnant domestic 
loan demand, banks continued to expand their international lending rapidly, pushing down margins to levels not 
seen since early 1974, and extending maturities. Towards *he end of 1977 there was a sharp fall in Eurobond 
activity, as a'result of currency uncertainties and higher U.S. interest rates. In the Eurocredit sector, however, 
there was no let-up. and some bankers were becoming worried that the. international banking system might be 
over-extending itself. 

INTERNATIONAL LIQUIDITY The origins and extent of the rise in international liquidity in 1977 were the 
subject of a fierce debate. 

CURRENCIES AND INTEREST RATES The sharp fall in the dollar, combined with the increase in U.S. 
interest rates were, .along, with the rise in international liquidity, the most important elements in the 
international capital market activity of 1977. 

CENTRAL BANK SUPERVISION The thrust of official policy continues to be towards ■ increasing the 
information available on the market However, the authorities took further steps to increase control of U.S. 
b anks' international lending in 1977. In the U-K. the main development was a challenge to the Bank of 
England's technique of controlling the London money markets, as a result of the complaint to the European 
. Commission by the money brokers Sarabex. In Switzerland further steps were taken following the Chiasso 
affair.. . • •. = 

MEDIUM TERM LENDING New loans in record volume were extended in 1977. However, the pattern of 
lending shifted markedly away from the less developed .countries and towards the . small European countries. 
The squeeze on margins caused some banks to slow dowh their rate of lending, but there were still a sufficient. 
• number involved to ensure that rates continued to be*cut By the end of 1977 maturities had lengthened to ten 
years, and the spread for prime borrowers was down to.-f%. Both of these were still more favourable to the 
’ banks than the conditions that had ruled in 1973. However,, with a number of past borrowers facing problems 
In repaying.their loans, the volume of new lending was undoubtedly causing some concern. - 

THE INTERNATIONAL BOND MARKETS While activity in the Eurobond Market reached new records last 
year, the amount raised on the international bond markets as a whole was somewhat lower than in 1976,. as a 
result-of tile fall in foreign bond issues, particularly in New York and Switzerland. In the last quarter of the 
year, Eurodollar bond activity was running at. low. levels, but D-Mark issues continued apace. The year saw the 
the' first Euro-Yen issues" and the development of a fledgling'-Eurosterling bond market 

-EXPORT CREDIT This large sector of the international financial markets became the arena for international 
competition in 1977, as governments sought to expand foreign aiemand for their goods in order to provide some 

compensation for low domestic demand. . ■ 

l EGjji, ISSUES The suits launched against European American Bank and the suits concerning Nigerian cement 
contracts, were among developments which have focused Euromarket attention on legal issues recently. 
Jurisdiction other than English law has increasingly been used fixr loan agreements, notably U.S. law ant in 
the case of Comecon international bank loans. German law.' However, this may change if the State Im mu ni ty 
Bill'currently passing through the British Parliament becomes law. .. . 

INTERNATIONAL DEBT There Was a considerable improvement in 1977 in the volume of information available ■ 
on individual countries’ foreign debt and debt servlang capacity. The position varies considerably from country 
to country. .... 

SECTORS OF THE MARKET U.S. Banks; German Banks; Japanese Banks; Euro DM Bonds; Swiss Bond Market; 
Yankee Bond Market Eurosterling Bond Market; International use of the Yen. 

For further details concerning this Survey, contact Robert Piper, Financial Times, lO Cannon Street 

London EC4P 4BY - Telephone: 01-24S 8000 Ext 3S9 

FINANCIAL TIMES 

EUROPES BUSINESS NEWSPAPER 

The content and publication dates of Surveys in the Financial^ Times arc subject to change at the discretion of the Editor 



45 a, avenue monterey 
piO. box!006 
luxembourg 
telephone 299121 
telex 2791/2/3/4 
















r 


Financial Times Monday "January 9 1979 


— -iW 

>«£ KS2 
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30 JtS 

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COUPON MATURITY 


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MARKCnuUUKERS 


5'*.oo :°rz sjwpeu, 97 7/a 

25.00 99.J5 5.75 1/ 9/H79 

50.00 1973 muniTTHj ISO 5/B 

=5.00 100.00 7.00 1/ 2/1913 

30.00 1975 EtaanK& 103 

39.75 8.50 1/ 5/1982 

60.00 1976 EUROPEAN COAL S STEEL 100 1/4 
99-75 3.00 15/ 2/1981 

5hJ.UO 1972 EUROPEAN TanSCXECT BASK 96 
50.00 100.00 6.00 15/ 9/1982 

75.00 1976 EEROf£A3 XKTCSraiBT BASS 100 

99.75 8.00 15/ 4/19R1 

75.00 1977* naOPCAS EHBStaE5T BASE IDO 

100.00 O.iM 15/ 2/1984 

75.00 1975 EEROPEAN rSWSBG.'fE EASE 103 7/8 
100-00 9.00 1/ 3/1982 

30.00 1976 EUROPEAN DTVEST5CC.T BASK 102 1/4 
99.50 -9.50 1/9/19/9 

50.00 1973 GOTCESXEST OF HALATSI& 97 7/3 
37.50 100.00 6.75 15/ 8/1980 

30.00 1972 COVETT (f.Kl 98 7/8 

15.00 100.00 6.50 1/11/1979 

60.00 1972 GOVT. OF SB ZU1ASD 99 
30.00 100.00 6.25 15/ 4/1979 

60.00 1971 GOVT. OF SB SSALAHD 99 7/8 

15.00 99.50 7.50 15/ 9/1978 

75.00 1977* COTI. OF SEW SUA3D 101 1/4 
99.75 8.00 'll 3/1983 

75.00 1975 GOVT. OF USB ZEALAND Z01 1/2 

100.00 8.25 15/11/1981 

75.00 1975 con. OF SE3 ZEALA5D .103 3/4 
99.00 9.00 1/ 3/1982 

60.00 1972 HESBSLEZ 2X00 FIN 99 5/B 

30.00 99.50 6.75 U 3/1979 

60.00 1972 KOUDA? EKS 99 7/8 

30.00 100.00 b. 50 1/ 5/1979 

30.00 1972 HOHIM AMERICA LBES 98 1/3 
15.00 100-00 6.25 15/ 8/1979 

50.00 1972 I5C0R 95 3/4 

=5.00 100.00 6.50 15/10/1979 

50.00 1975 iaCUVAJX!UrBA&Q!4 102 

99.75 9.25 1/ 5/1980 

75.00 1972 R.L.K. 98 3/8 

37.50 99.25 6.00 15/ 8/1979 

50.00 1971 K.L.K. '99 7/8 

12.50 99.25 7.25 15/12/1978 

100.00 1977* EESS10S 07 SW0A7 95 3/4 

99.50 6.73 1/10/1982 

loo.ao 1977 * Emm a? sonar 59 7/8 

99.00 7.75 1/ 4/1982 


1975 XmaOM Of SORBAT 

99.25 8.00 15/11/1980 

1976 KEBCOOir OT MMVAT 

99-50 fi-50 ■ 15/ 7/1981 

1973 KTCHELUT 

99.50 6.50 15/ 3/1979 

1974 EEDBft KIDDEHSTA5DSBAKC 

99.00 9.50 1/ 7/1979 

1975 HEDERLANME CRED1ZT8AHK 

99.50 9.50 15/ 2/1980 

1974 mXRLASeE. CASUS IE 
99.50 9.75 '1/ 7/1979 

1976 sneeo EoainAUtfs 

99-75 7.75 1/ 4/1931 

1977* 05ZEBBE1CBE EUKTHOLUUHK 
99.50 7.25 1/ 8/1982 


97 7/S 2-67 7.12 5.37 
1.17 7.72 

ISO 5/B I.« 6-37 6.96 
.59 5.95 

10] 4.53 7.64 8.23 

IDO 1/4 5.13 7.93' 7.98 

: 96 4.71 7.02 6.25 

2.7! 7.67 

: 100 5.29 7.98 8.00 

: IDO 6.1 J 7.99 S.00 

: 103 7/8 4.17 7.86 8.66 
. 102 1/4 1.42 7.70 9.29 

97 7/3 2.46 7.70 6.90 

1.46 8.31 

98 7/3 1-84 7.16 6.57 

1.24 7.65 

99 1-29 7.05 8.31 

.79 7.61 

99 7/8 .71 7.60 7.51 

.71 7.60 

101 1/4 5.17 7.69 7.90 

101 1/2 3.88 7.78 8.13 

JA3 3/4 4.17 7.90 8.67 

99 5/B 1.17 7.07 6.78 
.67 7.38 

99 7/8 1.33 7.37 6.57 
.61 7.95 

98 1/3 1.62 7.48 6.37 
1.12 8.07 


1.79 9.15 6.79 
1.29 10.19 

2.23 8.23 9.07 


1.62 7.06 6.10 
1.12 7.57 
.96 7.38 7.26 
.96 7.38 

4.75 7.84 7.05 


4.25 7.77 7.76 


2.88 7.64 7.93 


3.54 7.44 8.24 


Z.21 7.14 6.55 
.71 7.66 

1.50 7.88 9.30 


103 2.1J, 7.89 4.22 

102 1/2 1.50 7.65 9.51 
99 7/8 3.25 7.78 .7.76 
98 1/2 4.59 7.63 7.36 


50.00 1975 OSTEBREICHE IUSTROLLhAVK 102 7/8 2.09 6.18 9.48 
IOU.OO 9.75 1/ 2/1980 


60.00 1971 PHILIP MORRIS 99 7/8 . 64 7.61 7.51 

15.00 100.00 7.50 1/1 I/I 978 .84 7-«l 

100.00 1972 PHILIPS LAMPS 98 1/8 1.59 7.26 6.U 

50.00 99.50 h. 00 1/ 8/1979 1.09 7.67 

75.00 1976 raLICS LAMPS 100 7/8 3.37 7.42 7.68 

100.00 7.73 11/ 5/1981 

75.00 197S PHILIPS LAMPS 100 7/8 3.75 7.9S 8.18 

100.00 8.25 1/10/1981 

75.00 1974 PBLLIrS- LAMPS 103 1/4 2.D1 7.69 9.20 

100.00 9.S0 1/ 1/1980 

50.00 197k PHILIPS LAMPS 104 3/4 1.79 7.77 10.26 

99.50 10.75 15/10/1479 

60.00 2977* PIERKM HEU4U* NEHSCB 97 5/8 4.42 7.89 7.43 

99.75 7.25 1/ 6/1982 

40.00 1976 PIERSON HZLWLBI PIERSON 107 1/2 3.75 7.61 9.30 
99.25 10.00 1/10/1981 

50.00 1974 RABOBANK 105 1/4 1.88 7.62 10.21 

99.50 10-75 15/11/1979 

60.00 1975 BASE XEROX HQLBUCS 105 1/8 3.21 7.38 8.80 

99.25 9.25 15/ 3/1911 

30.00 1972 SECTORAL DEV FfflW 99 1/2 1.67 6.55 6.28 

15-00 99.50 6.25 1/ 9/1979 1.17 6.71 


75.00 1977* REPUBLIC OF AUSTRIA 
99.73 7.25 15/U/1J84 


105 1/4 1.88 7.62 10.21 

105 1/8 3.21 7.38 8.80 

99 1/2 1.67 6.55 6.28 

1.17 6.71 

97 6.88 7.82 7.47 


25 2£ 
5 a 5-5 


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EU 238 600 601 602 605 604 605 
1-1976 606 607 608 609 610 919 

80 238 6DO 601 602 603 604 60S 
I 1976 UQ 606 607 60S 609 010 910 

CO 238 600 601 «OZ 603 606 605 
80 *06 607 608 609 610 910 

MP nr 258 600 601 602 Ml 604 605 
OQ 606 607 608 609 610 910 

HP EU 238 (DO 601 602 60S 604 605 
I 1978 liq 606 607 608 609 610 910 

KP 80 238 600 601 603 603 604 605 
UQ 606 607 MB 609 610 910 

HP W 238 600 601 602 603 604 605 
Oil 606 607 608 609 6(U 910 

80 238 6P0 601 602 603 .604 60S 
OQ 606 607 60S 609 610 910 

EO 238 600-601 602 603 604 605 
ICQ 606 607 60S 609 610 910 

ED 237 600 Ml 604 60S 606 M7 
1977 OQ 608 609 610 910 

PC ED 245 600 Ml En2 603 604 60S 
1976 DQ 606 607 608 609 610 913 

EO 238 600 601 602 603 604 60S 
1976 UQ 606 M7 608 609 610 910 

EU 238 600 601 602 603 60S 609 

1975 OQ % 606 607 608 609 610 910 

BP 80 238 600 601 602 603 605 606 
UQ 607 608 609 610 870 9lO 

SB 238 600 601 602 603 604 60S 
606 607 608 609 610 910 
SI 238 600 Ml 602 603 604 60S 
UQ 606 607 608 609 610 910 

* ZG IQ 238 600 601 60Z 603 604 605 

. 1976 DQ 606 607 608 609 610 910 

PG EO £38 600 601 602 603 604 605 

1976 HQ 606 607 608 609 610 910 

EU 245 600 601 602 603 604 605 
1976 UQ 606 607 608 609 610 910 

CC EU 237 600 601 602 604 60S 606 
1976 OQ 607 608 609 610 910 

BG SB 237 600 601 602 603 604 695 
UQ 606 607 608 609 610 910 

PC EU 237 600 1601 602 603 604 60S 
1976 BQ 606 W7 60S 609 610 910 

FC-EU 237 600 601 602 60J 604 60S 

1975 OQ ; . 606 607 M8 609 610 910 

HP EU 237 600 601 602 603 604 605 
JW 606 M7 608 609 610 410 

‘ HI 237 600 SOL 602 603 604 60S 
UQ 60S 607 60* 609 610 870 

910 

EU 237 600 602 601 604 605 606 
BQ 607 608 609 610 910 

VP EU 237 600 602 603 604 60S 606 
OQ 607 608 609 610 910 

PC EU 237 600 60Z 603 604 605 606 

1976 UQ 607 608 609 610 910 

ED 249 600 602 601 604 60S 606 
BQ 607 608 609 610 910 

EU 247 600 602 601 604 MS 606 
OQ 607 608 609 610 910 

EU 237 600 602 603 604 60S 606 
UQ 607 608 609 610 910 

CC EU 238 600 601 602 601 604 60S 
UQ 606 607 60S 609 610 910 

CC EU =38 600 601 602 603 604 60S 
UQ 606 607 60S UM 610 870 

910 

EU 238 600 601 60Z 603 604.60S 
UQ MM 607 608 609 610 910 

PC ED 237 600 Ml 602 603 604 60S 

1975 UQ 606 607 608 609 *10 910 

EU 238 600 601 *02 603 604 60S 

1976 UQ 606 *07 608 *09 610.910 

NP 238 600 601 *02 603 604 MS 
I'Q 606 607 MS 609 610 910 

ED 238 600 601 602 603 604' 60S 
UQ 606 602 60S 609 610 BIO 

910 

ED 238 600 601 602 Ml 604 6D5 
GQ 606 M7 608 609 *10 910 

EU 238 BOO 601 602 6u3 604 605 
UQ 606 607 MB 609 610 910 

hr a 254 600 601 602 M3 604 60S 
UQ 606 607 608 609 610 670 

910 

HP EO 254 600 601 602 603 M4 (05 
UQ 606 M7 608 609 610 910 

EU 343 600 Ml 602 603 604 (09 
UQ 606 607 608 609 610 910 

• EU 237 600 601 602 604 605 MS 

BQ 607 608 609 610 9W 

CC EU 245 600 601 MZ 603 604 MS 
1976 BQ - 606 607 608 609 610 715 
910 

UP EU 238 600 601 602 603 604 MS 
UQ 606 607 608 609 610 910 


70.09 1975 BBS8UC OF AC8BI4 2015/8 
109.00 8.25 15/ 7/19*2 

75.00 >975 KB8K.XC COP JUSttXIA 204 1/4 
100.00 9.35 U 3/1*82 

50.00 1*74 KOTK.1C or UEU3D US 3/8 

99.00 10.25 13/12/1979 

45.00 1971 BJSNBUC OP SORB AFRICA, 99 1/s 
11.25 99.25 7.50 19/ 9/1978 

75.00 1976 C.S.C.F. 100 

300.00 7.75 15/ 6/1981 

80.00 1979 US.C.7. 102 1/4 

IDO.00 9.00 at c/1981 

60.00 1973 KBEPVMZ? FilE 97 5/8 

45.00 100.00 6.75 15/ 7/1960 

50.00 1977* SLIUPUUEC CSTE . 99 3/8 

100.00 8.25 1/ 4/1982 

60.00 1975 senErauBr rare loz i/s 

100.00 8.» V 6/1981 

40.00 1975 SKT MI 7/S 

99-50 9.50 1/ 3/1980 

60.00 1972 Sim HAI2BX - 96 1/2 

30.00 100.00 6.25 .15/ 7/1979 


Ml 3/8 4.54 7.79 8-12 
204 1/4 4.17 8SC9 8.87 
MS 3/8 2.58 8.29 9.92 


. 991/S .71 8.73 7J? 

.71 8.73 

ZOO 3-46 7.73 7.75 

U2 2/4 3J9 8.27 140 

97 5/8 5.54 7.79 6.91 
3.5- 8.41 

99 »/« 4.25 8.41 
101 1/8 =.«2 8.23 «-63 
MZ 7/S 2.17 S.49 9.31 


50.00 1973 SCCTH EUflFE» ETPELTRE St 7/S 
37.50 99.50 7.25 15/ 2/1980 

*0.09 1972 Iffmr USD 99 

30.00 100.00 6.50 1/ 4/1979 

50.00 1972 STAHDARD BRAHES 99 

25.00 100.00 _ 6-SO 1/11/1979 

30.00 1976 3BEDZ5B EXPORT CREDIT ZOO 3/S 

99.75 8.25 U 4/1983 

50.00 1975 HnarsH toteshest sue ib= 3/4 
100.00 9.25 2/ 4/1982 

60.00 1972 TIUJigPE 94'2/2 

20M 99.75 6.25 1/ 8/1979 

30.00 1*72 TTSTHUB ABASIIC 98 7/8 

15.00 100.00 6.75 15/11/1979 

60.00 1975 lia pyj BVESBUT 103 

99.50 8.50 15/ 5/1982 

100.00 1974 muni us 7/8 

99.50 10.50 15/ 8/1979 

75,00 1977* G5ZXE0 5630EAS STATES 97 7/8 
99.50' E.I5 15/ 7/198Z 


1.54 8.73 6.48 
Z.C2 9.9b 

E.:i 7.83 7.33 
1.13 8.31 
1.29 7.33 U7 
.75 ;.9« 

I.U 7-es 6-57 
1.34 7.33 
5.25 8-14 8.22 

4-25 8.43 9.08 

1.59 10.12 6.fit 
1.09 

Z.ES 7.-0 6.63 
1.28 7.66 
4.37 7.65 S.» 

1.62 -7.81 IC.11 

4!I 8.81 8.43 


30.00 1912 HU CHHE&ES 

15.00 100.00 *.25 1/10/157* 

50.00 1974 «Z3 0HSER£3 

99.50 10.75 U 9/1579 

100.00 1976 BOXLD BASK 

100.00 8.00 U 2/19U3 

bjj® coarosiTE rairs 


97 3/6 1.75 7.62 6.2* 
1.25 B--2 

103 1/4 2.67 6-52 23.41 
100 1/4 5.09 7.93 7.98 


SP XB 238 600 601 *08 604 605 *06 

rq 807 MB 009 810 no 

SP ED 337 COO 601 602 MS 605 606 
LQ *07 608*09 610 910 

5-T 20 237 800 MI 602 60S 60* 60S 
UQ 4M» 607 608 609 *10 910 

hr a 238 «M 601 602 686 60S 806 

1975 i-Q 607 o08 609 810 910 

CC ID SO 600 601 602 681 604 IB 
UQ ftfi> 607 608 *09 610 910 

CS JO 2*5 600 601 602 803 104 60S 
t« 6C6 *07 60S 609 610 910 

ZB Z37 600 Ml 60S 605 604 MS 

1977 UQ COB 607 608 609 610 910 

EB 238 6C0 MI 602 603 604 605 
CQ 60* 607 M 809 *10 910 

C7 =45 ECO 601 602 603 606 605 
CQ M* *07 608 609 610 910 

EB Z38 MO Ml 602 603 604 60S 
FQ 606 607 60S 609 610 910 

FO EU 294 600 601 602 603 604 60S 

1978 CQ 60* 607 60S 609 610 flD 

SB 287 600 602 603 601 60S 60* 
1977 rq 69i 60S 609 *M 910 

PC 8B SIS 600 603 604 605 606 60J 

1976 CQ *68 609 CO 910 

ZB 228 600 601 60Z 604 60S 606 
1976 CQ 607 bOS 609 610 910 

KP IB 337 600 601 602 (03 684 609 
CQ *36 607 600 609 610 910 

XB 238 (00 601 602 603 606 605 
UQ M* *07 60S 6W 610-910 

PC EC =37 601 60S 

1975 CQ 

PS SO 238 600 601 603 603 6M 60S 
IMS IQ 60* 607 M8 609 610 910 

PT E3 237 6CS 631 602 603 604 b05 
CQ 60* M7 60S 60* 610 910 

EB 338 6C0 601 603 604 605 Mb 
CQ 607 608 009 *10 910 

3P SB 237 600 601 602 *03 *84 609 
L-Q 60* M7 60S 409 610 870 

910 

EB 33S 600 601 603 603 6U 605 

1976 VQ *06 607 60S 604 *10 MB 

EB 230 630 Mt 602 603 604 60S 
CQ 60* 607 608 609 *10 910 

Z7 ZB 237 600 601 604 (03 604 6M 
CQ 606 M7 608 60S (10 870 

910 


60.00 1974 lbeopkak greSttEtl USE 119 5/8 11.05 5.57 6,69 102.00 1979 5? E3 346 405 407 409 415 5=0 
100.00 8.00 IS t 1/19*9 B 2.00 19TS LS 

30.00 1973 EPBOPSAf H VCT gJT Hg 123 10.74 5.48 6.81 IM.C0 1973 BP EB 346 405 407 409 415 520 

99.50 8.375 27/ 9/1988 PI 1.00 197* LX 

20.00 1973 BET ESTATES 6 pxop 87 1/2 10.83 13.75 10.60 102.50 1<WQ FC EU 346 113 307 920 

98.00 8.75 15/11/1988 ff .75 1974 UU 


eubo aaum ums 

■raMnSMMSORMBSJM 

1971 E5ZL 99 1/2 

99.50 7.25 1/ 5/1986 

1971 EOLOTHA 102 

100.00 7.75 15/ 1/1981 

1971 Z9TBHFB1CD 101 3/8 

99.50 7.50 12/ 3/1986 

1975 I5CQK 103. 

98.50 9.25 1/12/1980 . 

1972 REPUBLIC OP BRAZIL 101 1/8 

M.50 8.00 1/ 3/1981 

1971 8EPCBLIC OP SOUTH AFRICA 96 2/S 
100.00 8.00 1/ 4/198* 

ECHO usns OF ACCOUNT 


A.7.E.L. 105 1/2 

9.30 21/2/1985 

ACS ICULTCEAL CREDIT coif ZOS 5/8 
10.00 30/ 9/1979 

SISCO DC RHK5TD run. 129 7/8 

5.50 18/11/1970 

U5S CRaEXISCTOS 96 5/8 

7.00 1/ 3/1991 

BRLSA-ACIO-eiTKAnAS 101 3/8 

8.75 6/ 2/1989 

C.F.C. - HEETCO 12t VS 

6.50 1/ 4/198* S 

C.F.E. - MEXICO 129 7/8 

7.2S 31/10/1978 S 

C.P.S- — MEXICO - 130 7/8 

8. SO 9/10/1979 S 

C.P.E. (POUUC4L7 128 7/8 

7.00 17/ 6/1980 

CASSA PE4 It HESZOCnilBO 98 3/4 

5.50 31/10/1978 
ezraun-cr.D.H.-FJuucQ x»7 fi 

8.75 20/11/1985 


S.?3 7.32 7.29 
4.29 7.53 
3.04 6.99 7.60 
=.04 6.66 
£.20 7.26 7.40 
5.61 7.1a 
=.92 8.05 8.98 

6.IR 7.75 7.91 
3.37 7.61 
8.25 8.(7 8,32. 
4.71 9.04 


101.73 197S CS SU 361 I IS 307 405 409 425 510 
5.SO 1976 Li 520 

EP EB 115 210 520 
.1.00 2974 UQ 

102.00 1961 SP EB 456 115 210 520 
.50 1974 CQ 

102.00 1978 CC EU 179 115 307 5=0 
DO 

SP SO 113 115 305 510 520 
3.00 1975 JP 

102.00 1981 BP EB 93 US 510 520 
=.09 1975 IX 


«.00 102.50 

1.50 


4.23 

1.00 

7.24 102.25 
m .73 

8.63 102.00 


1979 CC EU 105 US 205 215 510 520 
1979 LX 

CC EU 230 115 510 520 
LX 

1978 CC EO 35 115 520 

1969 LX 

1979 SP *0 103 US 510 53) 

1974 L3U 

1983 CC EU MS 115 213 520 

1975 LX 

1978 5P EU 103 US 5=0 

1970 LUBAS 

1978 SP UI 103 115 520 

1969 LSI 

1978 SP EU =30 115 5=0 

1970 AMU 

1978 X? EU 230 115 520 
1969 U1U 

CC QJ 35115 520 
1969 LX 

1978 CC SU 117 U5 510 520 

1971 IX 


a i si 

S *- 


somown/ 

coupon Buzutmr 


=tu» Z976 cnrercoimuw u» 8.4* tu 

35.01 13/6/ UK 

= 3.00 U75 axrar omux 2001/2 7.74 7.n 8.33 
=5.00 tut 9-23 =3/9/2913 3-73 7J7 

an 1974 axt ar Cttnmmn ZB4&*8 1.87 w» 
9M5 10.00 14/11/1978 

18.00 >*79 CUT O'HUfDUX ZDS 3/8 3.09 7.87 53 

100.00 10.00 31/ 1/2983 

10.08 i*7i car ot user 1 = 91/4 s.;: a.«6 6.19 

6.10 *8.00 8.00 Z5/9/UM *-« (•»» . 

an 197 * axropoazo in 1/2 ia.:* am M» 

10.80 98.50 8.875 1/VW2 8.31 8.10 

15.80 1974 dSTOTOSU 106 7/8 3.43 7.M 5.54 

15.00X00.00 10.00 5/U/Ull 2.43 6.86 

=9.00 1*73 CXB OT OSLO 108 7.7* 7.61 8.1* 

=3.30 99.50 9k=3 X2/1VZ9I3 S-SS 7.36 

17.00 1974 CQRMRE 104 ll.» 8.43 S.U 

15.91 99.30 9.00 Kf 3/1389 7.77 8.28 

15.00 1972 CCNNOffnim — ABHXAELI Z30 I/O 8-39 3.81 (.15 


q ajl 
li ! I 


UAKKTMAKtIHt 


XOX^O IMS ST SB =30 US 5ZO 310 
If .75 m» ut 

U2.M mo SP SU =50 510 5» 
1.5* 1*79 LX 

BP ZB =30 215 51S 520 
LX 


IDS 3/S 3.09 7.87 BLS1 SP R 2» US 310 3=0 7X3 

nr 2.70 1*71 u 


Uf 1/4 B.!! 3.46 6.19 
4.87 X.b» . 


XSC.DO »7* SB IB in 113 213 310 518 
.65 If 7= LX 


X04I/2 14.19 All M* 103.SO 2*82 IIP ZB 230 115 310 3» 
8.JL 8.10 .40 1975 U 


106 7/8 3.43 7.8* 9.3* 

LiJ 6.86 


BP SB 2M 05 310 520 
3.73 1971 LX 


12.30 M7i canausitB nxtxns 

9.1Z 38.73 8.00 XS/7/lMt 

ia .00 19(8 comnucn coomxcnz 
3.90 98.23 6.873 24/3/1380 


7.70 7.91 8.1* 1U.M 1«M BP 18 230 119 310 310 

S.S* 7.3* .75 1*7* LX 

!I.» 8.43 AU 104.00 1911 CC IB 103 119 203 ZU 910 HI 

7.17 8.28 ter .J* »»U 
121 3,11 6.15 102.50 Z9M BP EB 33 113 3!0 520 

3.46 =.10 .BO X97SLX 

1=91/4 8.S4 3.40 8.1P 102.00 1»»«W 93 115=13 510 520 

L.0> 1.8/ .75 1972 LX 


ID,00 1968 COOBUGU COamtUCTH 130 2.40 3.2* 300.50 1978 VP KB 330113 UU 32B 

3.90 98.23 6.873 24/5/1380 l.« !■“ X«*9 AMLX 

15.00 1969 r"fff™*TT Tri ll TT lltITtt 1=9 1/8 AH ZM 3.4X 10I.M 11TB HP EO 330 113 SIB 338 


9.39 98.30 7.00 9/ 3/lfU 3.40 

is.00 1971 csrsmass axRTASxa uo its 8.12 a.** «.u 

3.00 100.00 8.00 10/ 2/1916 4.32 1.12 

=0.00 1975 OORSUBdr ODCBTr JURB W 7/9 7.31 7.63 8.37 
99.50 9.23 23/1V19B3 

=0.00 1979 eomaMB tSLEHDm ZOS 3/8 7.41 7.93 K77 
99.50 MO 28/5/1915 

15.00 1971 GSanZnZBBBUL 129 1/4 8.53 3.92 4.19 

9.00 99.23 8.00 30/ 7/lMt 4.58 1JJ 

15.00 1971 ca c axc m nni-LL UO 8.35 3.4* 6.15 


L.UO 1970 AMLX 

Ml,50 1980 ST ED 290 U3 3X0 5» 
•SO 1971 UAM 

102.50 XUO BP ZB 230 113 310 3X0 
PT l.=5 1979 LX 


208 3/0 7.41 7.95 8.77 102.50 1990 BP EB =30 113 310 320 941 

PT 1.23 1978 U 


129 1/4 8.59 3.92 6.19 
4.58 U/ 


102.00 1979 GO 93 113 SIS 310 3M 
U00 1912 LX 


=5.00 1976 I 

100.00 

Z3.00 1961 ; 

LOO 98.75 
20.00 1971 I 
12.02 99.73 
12.00 1370 I 
0.60 100.00 


■-25 7/5/138* 

O-CCTZSCT 
*.■=5 M/. 2/1984- 

DK 

7.00 1/5/1978 S 

OK 

8-23 11/i/298* 

DK 

9.39 2 S/ 6 /MSO 


UO 8.35 3.4* 0.33 lOt.SO 1*80 CO ZB 330 X15 910 

4.35 1.14 1.00 1972 LX 

108 1/4 6,12 7.51 UI lOJ.flO 1978 CS EB 330 119 SIS 510 520 743 
IT .91 197/ IX 


I» 5/8 .33 
.15 


1978 ar 80 250 115 320 

=.00 1969 AMLX 


124 1/4 8.(9 (.70 6.6* 101.90 )9K> CO EB 230 113 5=0 

(.4* 2.4* U3J 197= LX 


DO. =.« 
1.(9 


UAJ 197= LX 

7U2 101.00 1978 CC ED 103 US 330' 

1.M 1971 LX 


2 U.D 0 1966 nttBttCOAbtmB. 

12.20 99.38 5.73 1/ 2/MI* 


138 2/8 8.09 1.9* 4.(9 101.00 U» BP W 330 1U 310530 

*.25 JL.JO UIZAsmX 


130 3/8 .54 

»S4 


15.00 MU nVU»«mxiEEBMC JO8 3/8 5.85 7.66 8.77 
15.00 99.00 900 7/11/1988 *.» 7.4. 

10.00 1976 HUES TQJMOBS CO 507 7/8 6.71 7.43 8.34 
99.00 9.00 13/ 9/1984 

15.00 1975 6.X.6. 1061/2 5.28 B.17 J.U 

14.00 99.73 9.7S 10/ 4/1965 3^Mt 7.59 

10.00 196= wwumtrf* jjfi 3/* 6.29 1.19 4.44 

5.68 98.00 5.(23 IV 4/1*14 3.51 

5.00 1963 EUDAl WSSA 130 3/8 .54 4.60 

.30- 97.00 6.00 15/-7/157* .54 

25.00 1977* DUSEAS TOOK ' IDS 1/8 9.47 7.7Z 8.09 

100.25 8.50 20/ 6/1987 

20.00 1973 SttXSAB tOMA - ' 109 3/3 7. =3 7.98 8.91 

99.75 9.75 =V 3/1985 

25.00 1971 ECOaOX-Or 8BUAKK 150 'AW 3.79 6.15 

14.00 99.50 8.00 23/ 6/1466 k.*7- 1.43 

1J.00 1964 spaces mmbkiiiw! U2 7/8 5.fl. .85 4.48* 

3.52 99.M 5.50 IV 1/1883 2.70 

15.00 1971 SOBERS HMBMZBiU 159 7/8 8.21 3.M 3.97 

11.80 99.75 7-74 IS# 3/HA* 4.47 .90 

26.00 197* PBEflOraX OCUC nBlXAU .IK 5/8 11.15 8.37 8J3 


05 EB 339 115 310 320 7J 
US 1979 LX 

ZOUM 19*2 VP DT =30 ZU 310 320 
It .30 1976 LX 


1061/2 5.28 B. 17 9.15 104.00 1778 PC EB 117 1U 305 215 510 S20 

X5* 7.59 1.50 1976 LX 

Ufi 3/4 6.29 1.19 4.44 100.00 1978 W UU 230 113 5J0 520 

3.51 .M 1970 8RLE 


CGEB 35 1U 520- 
.50 1969 LX 


IDS 1/8 9.47 7.71 8.09 CG ED 230 115 5ZO-3M 745 

PT 1.23 1919 LX 


109 3/3 7.23 7.98 8.91 


CC EB =30 US StO 3=8 743 


PT 1.00 1977 LX 

S.U 3.79 6.15 101.75 1979 9P EH 230 1U 510 520 

k.*r 1.43 Ot 2.00 1975 LX 
U2 7/8 5.04 .85 4.48* 100.00 1979 CC m 220 2X5 520 

=.70 . 80 1967 UAH 

159 7/8 8.21 3.M 3.97 102.DO 1479 CC EO 230 1U S1Q 520 
4.47 .90 1.10 1974 LX 


19.00 SR.00 8.75 22/ 2/1989 

is .00 i96« MimcEoriunxuA 

10.50 97.00 7.00- 17/ 6/1*89 

12.00 197(1 PMVXBCC OT M8ZT0M 

7.80 100.00 9.00 W 9/MI2 

30.00 1975 BUIRBCE W MBQU44 
100.00 9.25 8/12/1985 

8.50 19*6 IfSEBSES SEDSnBR 

2.11 98.00 6.00 25/ 2/1980 S 

12.00 1968 >EB> PAPflXCMUT 
6.00 98.50 6.75 IV10/110 

12.00 1973 REPUBLIC a ltwin 
10.80 100.00 8.50 24/10/1988 

13.00 197* REPUBLIC OT tt-WA-w. 
1>.00 100.00 9-25 2 V 2/1983 

12.00 1976 REPULIC 07 1C HARD 
100.00 9.25 W 7/1966 

12.00 1971 REPOUR OT IC1UKD L 
99.50 10.00 20/12/M94 


129 1/2 11.4b 3-78 5.41 
b.99 2.0J 

UI 3/8 4.21 1.39 6.85 
3.09 

110 1/8 7.94 7.51 8.40 


1M 7/8 2.16 4.67 

S 1.15 

1271/8 5.79 1.78 5.31 
3.29 

103 7/B 10.82 7.95 8.28 
8.32 7.85 

107 UI 5.14 7.43 8-60 

4. IN 7.09 

108 1/2 8.54 7.83 8.53 

} 

h UO 3/8 16-97 4.80 9.B6 


104.00 1973 PC EU 103 1U 205 225 510 520 
.xl 1975 LX 

102.29 1980 KP EU 230 1U 510 320 
.75 1170 LXAK 

UK.00 1978 BP LU 230 115 510 520 
.60 1971 AMLX 

102.50 1980 BP XV 230 115 510 520 
re 1.80 1976 LX 

100.75 1978 IS EU 230 1U 520 
.71 *19*9 LX9K 

102.00 1979 BP 137 230 115 520 
1.00 19A9AHLX 

102.00 1979 KP EU 10J IIS 310 520 
.40 J97-I IX 

101.00 1*79 BP EU 103 1U 215 S10 520 
.62 1979 LX 

101.25 1980 SP EB 103 US 510 520 
PE .75 1977 LX 

102.00 1984 TP EU 103 115 510 520 
LX 


25.00 1975 REPtBUC OT IR1LASD 106 1/8 4.52 7.58 8.72 

25.00 99.50 9.25 7/ 7/1982 3.21 7.06 

20.00 1974 Rnrauc or ZRK48D 107 7/8 6.45 8.12 9.04 

17.00 99.50 9.75 12/ 6/1SI4 5.16 7.83 

20.00 1970 RREUBLIC OT 600TB ATHC1 124 1/8 5.00 3.42 7.05 

14.00 98.00 8.75 30/12/1962 3.24 1-14 


12.00 1971 SJLR. - PXASCE 

7.20 100.00 8.00 6/ 7/1986 


106 1/8 4.52 7.58 8.72 102.00 1976 KP EU 230 115 310 520 

3-21 7.08 3.13 1973 LX . 

107 7/8 6.45 8.11 9.04 101.50 1981 KP SU 230 115 510 520 

5.16 7.83 1.00 1973 LX 

125 1/8 5.00 3.42 7.05 101.25 1978 BP EO 230 IU 520 

3.24 1-14 2.00 1371 LX 

U9 1/4 8.52 3.89 6.19 103.00 1979 S0 EB U7 115 215 510 520 

4.52 1.29 .80 2972 LX. 



IU “ 

EE BORROW®/ 

COUPON MATUWTY 

5® 

52 


PRICE 

_i = 



V 


93 


Eo 

(LS/s 




<tl 

Ulrf — 
h H 

22 

*£ 

zz 




22.06 1975 i.D.R. - FRANCE 
22.00 100.00 9.25 15/12/1985 

=5.00 I9J5 S.D.B. - FRASCE 
= 5.00 94.30 9.50 5/ 5/1967 

13.00 1971 S.S.C. F. 

11.60 99.30 7.75 25/ 3/1966 

3.00 19(1 SACDR FEB 

.48 99.00 5.75* 1/ 2/L97H 

5.00 19*2 SACOtt HAZ 

.50 99.00 5.7S 25/ 5/1978 

8.00 19*9 SCOTLAND RnSO/ELEORIC 
5.55 98.Off 8.00 10/12/1984 

40.00 I97J STANDARD OIL Or ISDLA8A 
34-80 100.00 6.00 15/10/1986 

20.00 1975 ST4T8P0REIAC 

94.00 9.25 =9/12/1983 

12.00 1M9 UATNET MASK TXT FM 

;.aa 90.00 7.00 13 / 6/M84 

Tram FRANCS 

100.00 1973 AEROSPATIALE P 

100.00 99.25 10.00 6/ 5/1985 

100.M 147= B.A-T. IMT FIS 
N-.00 N. 30 7.50 15/11/1987 

100.00 1472 BASF TRAISATLABTICA 

si.aa iw.oo 7.30 1 / 5/1987 

50.00 1472 BASS CfiARRIUCTOS 
42.00 100.00 7.50 1/ 8/1987 

100.00 1972 BRITISH LETLU0 MOTIK 
94.00 100.00 7.SO 30/ 9/1987 

150.00 1975 C1AUOBAGES DC FRASCE 
10U.75 10.00 5/12/1980 

80.00 1975 CHAMMKUCE5 DC FRANCE 
100.00 10.25 IV 4/1982 

100.00 1472 CHARTER COXSOLIOATEO O/S 

90.00 98.00 7.50 'i/ID/1987 

100.00 1472 COOPTS LAFARCt 
M.aa 100.00 7.50 1/ 7/I9B7 

100.00 1972 CITY Or OSLO 

87.50 99.50 7.25 1/ 3/19BR 

125.00 1975 CREDIT FOSCCER DC FRANCE ! 
115.00 100.00 10.25 27/ 3/1982 

80.00 19*5 CXEDSOT-LOISE 

100.00 10.25 17/10/1980 

loo-oo 1971 raso-catsm 
92.00-98.50 8-00 !(/ 7/1988 

50.00 1971 EOROT1KA 

12.50 100.00 8.25 V 6/1978 

50.00 1973 EtSOPEAS COAL A STKCL 
50.00 100.00 7.00 1/ 7/1980 

150.00 1972 EUROPEAN COAL 4 STEEL 
130.00 99.00 7.23 ' 1/ 4/I9B7 

150.00 1973 CtIXOPCAl COAL 4 STEEL 
150.00 99.50 7.50 1/ 7/1911 

125.00 2975 EUROPCAB COAL 4 STEEL 
120.00 100.50 10.00 15/ 6/1982 

175.00 297= EUROPEAN TKTEStHEIT R4BK 
166.25 99.75 - 7.25 1/ 8/1987 

200.00 1973 EUROPCAN ISKSIXERT RANK 
172.00 99-25 7.25 15/ 3/198B 

100.00 1971 - EUROPEAN ICTEStMEK BARE 
76.00 100.00 7.75 10/12/1981 

100.00 1968 RAKALSS DCS PCTROLES 
33.05 97.00 7.00 1/ 3/19M 

75-00 1972 COVZ. OF KBI EEALARD 

65.50 98.00 7.25 1/ 6/1987 

100.00 1972 KZBSDCM OF DERMIS 

88.00 99.30 7.50 1/ 9/1987 

iaa.00 1973 Euram of deshare 
90.00 100.00 7.73 15/ 4/1988 

60.00 1971 L'AIE LIQUrae 

46.50 99.50 8.23. 15/10/1981 

75.00. 197= MONTREAL CAZBOblC SCHOOL 
63.75 98.25 7-SO U 3/1987 

130.00 1975 BAXZONALE DCS ADIUROUUS 
100.00 9.75 1/ 7/1987 

125.00 1972 -KAnONALE DBS TELECOM 
1L3.0O 100.50 7-30 U 3/1984 

130.00 1975 EARZBAS 

100.00 10.25 13/ 7/1982 

50.00 1975 PHILIPS UHPS 9 

100.00 10.25 1/ 9/1980 

200,00 1972 MKT-4HW3USS0H 
89.00 100.00 7.50 1/ 8/1987 

100.00 1972 PBOtTKE OF »CA SCOTIA 
88.00 99.23 7.5D IS/ 7/19B7 

125.00 1972 PROF15CE OF QUEBEC 
125.00 100.00 7.50 15/ (/I987 

M.00 1972 READ! HlXCt WWW™ 

6b.40 99.00 7.7S =5/10/1987 

200.00 in;= JUBAULT 
185-00 94.50 7.25 15/ 3/1W7 

160.00 1922 RHOSe-POLLELC 
88.00 XOu.50 t.M 15/ 4/1587 


130 1/8 6.45 1.9B 
3.45 


8.65 102.00 .1980 CG EU L17 (15 205 =15 510 5=0 

1.00 1980 LX 

8.91 202. aa 1979 GO EU 92 115 205 215 510 520 

2.00 1978 LX 

5.99 101.75 1979 CC EU 103 115 =15 510 520 

.90 1972 LX 

4.41 1978 VP EU 230 115 520 

.48 1964 BRUZK 

4.41 MIS VP EU 330 U5 520 
.50 1965 HU 

6.16 101.30 1978 CC EU 230 115 510 320 

.40 1970 LX 

7.8= 102.00 1979 BP EU 456 IU 510 520 

DP .80 1S74 LX 

8.41 KP ED 2J0 IU ZU 510 520 
PF 1.25 1979 LX 

5.3B 101.00 L97B PC ED 32 IU 510 520 

1.00 1*70 LX 


5.3B 102.00 

1.00 


10.20 10.11 

10.30 


9.88 12.02 10.05 101.15 

7.33 13.09 k.OO 

9.3) 11.15 9.(5 101.50 

6.61 12.21 4.00 


12.18 10.10 102.25 

U.35 DP 2.00 

12.19 10.14 102.25 

14.15 DP 6.00 


4.39J0.22 10.25 100.50 

PF *.40 

9.7S 12.35-10.24 101.50 

7.8= 13.17 2.00 

9.50 11.82 9.87 102.25 

*-58 13.15 3.00 

10.17 11.01 9.34 101.75 

6.72 12.34 2.50 

4.4L 10.21 10.25 101.00 

3.31 10.22 8.75 

=.80 10.75 10.38 

10.54 It. 33.10. M 101.50 

7.28 12.30 2.00 

.54 10.15 8.34 
.59 10.15 12.50 

2.50 10.33 7.54 101.00 

1.80 12.11 15.00 

9.25 10.96 9.18 101.50 

■4.75 13.52 15.00 

13.50 11.09 9.95 101.50 

10. *0 ILU 2. SO 


4.46 ID.II 10.05 101.00 

4.D4 10.14 5.00 

9.54 10.87 9.18 101.125 

*.11 12.33 DP 8.75 

10.37 10.91 9.27 101.25 

7.78 11.64 7.00 


8.82 7.25 
10.17 


! 11.1= 9.Z9 
i 12.45 

1 11.80 9.88 

> 13.29 

> 11.2* 9.78 
I 11.98 


« EU 431 2l0 215 220 520 
1979 LX 

1978 PC ED 103 210 =15 220' 520 
1973 LB 

1979 PC EU 93 205.210 215 =20 520 

1474 LX 

1978 VP EU 103 210 3U 220 520 
1973 1XLX 

1978 BP ED 105 210 215 220 520 

1977 Ui 

CC EU 96 205 =10 2J5 2 20 520 
U 

1980 CC EO 96 205 210 215 2=0 5=0 
1976 U 

.1974 PC ZB 93 210 215 220 520 
1973 IV 

1978 IIP EO 105 205 210 215 220 520 
1973 LX 

1980 VP EU 103 205 =10 215 220 520 

1973 LX 

1979 CC EU 105 2d5 210 215 220 520 

1976 LX 

KP ED 9* 205 210 215 220 520 
LX- 

1981 CC EU 96 205 UO 213 220 520 715 

1974 LX ^ 

-1478 KP ED 103 205 210 2U 220 520 

1475 LX 

1478 BP EU 112 205 210 215 =80 520 
1978 IX 

1978 KP EU 112 205 210 215 220 520 
1978 LX 

1978 VP ED 112 205 210 2U 220 520 

1978 LX 

1979 BP EO 93 205 210 215 ZU 520 
M77 LE 

1*78 BP ED 103 205 210 215 220 5=0 

1977 LX 

1478 BP EU 103 205 2(0 215 220 520 
1974 LX 

1918 BP nr 103 205 210 215 UO 520 

1972 LX 

1978 FP EO 106 209 210 215 220 520 

1969 | HHBR 

1979 KP EO 93 205 210 215 220 520 

1973 LX 

1978 BP ED 103 205 ZU 2U 220 520 
1976 LX 


1978 BP EO 103 205 210 215 220 520 
1977 LX 


10.29 11,24 9.78 102.00 1979 HP ED 103 205 210 2U 220 520 

7.80 11.98 2.SO 1974 LX 

3.79 11.00 8.99 101-00 1978 BP EO 103 205 =10 215 220 520 

3.99 U.6S 3.50 1977 LX 

9117 12.19 10.02 101.75 1978 SC SU 93 SB 210 2U 220 520 

6.52 13.S3 DP 3.75 1975 LX 

9.50 10.44 10.05' 103.75 1980 CC ED 332 205 210 2U 220 320 

4F 8.45 1976 LX 


76 3/4 9^59 

3.67 

77 3/4 9.54 

6.62 

7S3/4 9.*4 

5.57 
69 1/4 9-U 

6.90 


75 3/4 9.39 
6,37 


r 10.(7 8.71 101.75 

. 11,86 DP 9.00 

> 10.50 10.35 101.00 

2V 10.00 

1 10.70 10 J7 

i 11.63 9.77 MU7S 

13-62 6.50 

> 11.(3 9.69 101.50 

r 12.64 3.00 

11.89 9-90 102. OQ 

14.OJ DP 9-00 

. 11-59 11.19 10Z.U 

I IS* =4 2-40 

II. 63 9.54 101.73 

IJ. S8 » 3.00 

11.94 9.90 101.30 

U.37 3.00 


1960 OG EB 352 205 210 2U 220 520 
1976 LX 

1978 CC EU 112 205 210 213 =20 520 
1976 U 

1979 VP EC 93 205 210 215 220 230520 
1576 U 

IP ED 103 210 2S0 

1976 KP EU 104 205 210 215 =20 320 
1976 LX 

1979 VP SU 93 =03 =M ZU 2=0 5=0 
'1973 LX 

1978 SP ED 105 MB 2U 215 =20 SU 
1978 LX 

1978 VP EU 103 310 215 230 5=0 
1973 LB 

1980 BP EO 117 205 210 215 =20 S20 
1973 LX 

1978 BP EB 117 20S 210 215 =20 530 
1973 U 


BORROWER/ 
COUPON MATURITY 


I 1973 RBUHL-rOGUSC 
100.00 10.25 30/ 4/1980 

I 1967 ROUSSEL-OCLAF 
i 90.50 7.00 15/12/1979 

I 1975 Sum CHAIN 
99.50 10.00 10/11/1980 

1975 8.O.P.A.D. T 

100.00 9.75 31/ 7/1980 

-1973- 'STAR EUROPEAN FIB 
99.50 8.00 15/ 6/1988 

1971 FEGBHEY UCBIE kuHLHAHB 

99.50 8.00 2/ 9/1978 

1975 FECHZRE* DONE KLHUUBK 

100.00 10.00 5/ 1/1982 

1976 PEUGEOT 

100.00 10. DO 10/-2/1983 

1972 BOKLD BANK 

99.75 7.25 15/ 6/1987 

BCmCMMC DOLLARS 


300.00 1977* HOSODNG LAND IBTL 

100.00 ' 7.25 1/ 6/1955 


ui !» 3 

IL 4LQ -J 

2-5 £ 

-1 1 
S |ll 3 
!*=! 


98 3/8 2.33 I1.02 10.4= 

96 3/6 1.9* 8.87 7.24 

1.46 9.54 

97 7/8 =.86 10.38 10.2= 

97 .=.56 IX.09 10.05 

64 10.4* 15.00 12.50 

.6.41 17.32 

98 1/2 .67 10.28 8.Z2 

.67 10.29 

96 4.02 U.M 10.42 

96 1/8 5.12 11.02 10.40 
4.2Z 11.20 

79 1/8- 9-46 10.88 9.16 
5.98 1=.37 



»? :n 117 =05 310 =15 =10 520 

u 

1978 BP EU 103 =05 =10 =U 220 5=0 
19*8 asttlx 

XF EU 9= =05 210 SU =20 520 
LX 

K EO 103 210 
UQ 

1979 PC XU 138 210 2U 220 520 
1976 UI 

1978 PC ED 103 205 210 215 230 520 

1976 LX 

1980 BP EU 92 205 2X0=15 220 520 
U 

1980 KP EU 112 ZOS =10 215 230 520 

1981 LX 

1978 BP EU 112 205 =10 215 =20 520 

1977 LX 


7.4= 8.35 7.71 102.00 UB2 PG ED 556 9*7 964 


200.00 1977* JARD1BE HATHEEaN Em PDA 94 1/8 7.46 8.33 7.70 102.00 198= PC EU 560 947 964 

100.00 7.25 15/ 6/1985 LX 


150.00 1977" PKOFDCE OF KAKTZOBA 96 1/2 4.46 7.82 7.1= 
100.00 6.875 15/ 6/1982 


BP EU 150 947 964 
IB 


10.DO 1977* EUROPEAN MfEEZHENT BASK 107 3/4 6.33.3.75 6.73 100.50 19B2 SP EU 396 520 913 920 947 965 975 

100.00 7.75 1/ 5/198* PF .70 1377 LX 

20.00 1977*' HORLD BANE 103 1/2 6-b= 5*60 6.04 HP EU 396 5=0 913 9=0 947 965 973 

100.00 6.25 15/ 8/1984 LX 

RWJAITl DIXANS 


2.00 1977* AFRICAN DETKLDPKBST EASE 100 1/8 
2.00 100.00 H.73 1 5/ 5/1987 

3^00 1977* AFRICAN SEVELOMEVT OARK 99 3/8 
100.00 8. SO 15/ 5/1987 

6.00 1975 AtnOPISTAS L 100 1/4 

99.50 8. SO U/. 4/1985 

5.00 1975 ABtDPISTAS «■ ATLABncO L 100 1/4 
99.25 8-71 1/ 7/1985. 

6.00 1976 BA800 HA CLONAL DK 08SAS 99 3/8 

99.75 * 8.10 15/ 4/1986 

3.00 1976 RANK BASDUWT W UARS 98 S/6 

99.75 8.75 15/ 2/1986 

4.00 1977* BASK HAHDUHV » UARS. 99 
99.00 9.00 U 4/19B7 

5.00 1976 BEDOUDSa BANKA 99 5/1 

5.00 99.75 9.00 15/ 8/19B1 

7.00 197* RQUE DEVT EOOB TON IB IE D ZOO 3/8 
7.00 100.00 8.50 15/ 7/1981 

JD.GC 1979 BQDE BAT D'ALCERIE 98 3/4 

ia.00 100.00 8.50 1/ 7/1983 

7.00 197* BAT ALGEKXE KAYICAXIOV 99 

7.00 100.00 8.75. 15/ 5/1986 

3.00 1976 CUDIZ DHBIUEK - B 99 1/4 

99.30 8.50 It 7/Z986 


9.37 8.72 
8.6= 8.72 


7.29 8.44 
7.50 8.69 


3.62 .9.10 
2.12 9.20 
3.54 8.34 
.3.16 8.35 

5.50 8.77 

3.50 8.90 
8.17 8.91 
5.87 8.97 


8.7* ‘101.00 1984 SP ED 159 S 

.50 1985 LX 

8.55 100.00 1983 NP SU 159 5 

n .10 L977 LX 

8.48 102.00 1978 CC EU 139 5 925 

LX 

8.73 101.00 1980 BC BU 5 925 

LX 

8.55 103.00 1978 CC BQ 159 5 925 

BP .30 1977 LX 

8.87 101.50 U8L HP ES 139 5 925 

It .20 1977 LX 

9.09 101.50 1982 BP EO 159 5 925 

PF -20 1977 LX 

9.03 SC B) 287 5 925 

1.25 1978 LX 

8.47 101.00 U79 HP ED 215 S 925 

.88 1979 LX 

8.61 101.50 1979 VP EB 159 5 925 

2.00 1479 LX 

8.84 101.00 1978 BC EU 389 S 925 

1.17 1981 LX 

B.5S 101.50 1979 CG EU 159 5 

FT .15 1977 LX 


5.00 1975' XRDDS1BTAL BMK-KDUACr 100 1/2 
100.00 6.50 24/11/1978 S 


5.00 1976 1RD08TKIAL hUK-KMAlt 101 

100.00 6.73 25/ 3/1981 S 

5.00 1977* JUG08A9RA 9g 

5.00-.99.75 8.73 1/12/1983 

7.00 1976 RHEA DEVT BANK S 100 

99.75 8.73 1/1V1979 

5.00 1976 TmHBLIAKBEA BAHIA 99 5/8 

5.00 99.75 9. DO 15/ 3/1981 

6.00 1976 HA C ICVAL nHHCIBRA P 99 1/3 

6.00 100.00 8.75 1/10/1983 

7.00 1975 PEXEMA OZ . 101 

100.00 8.75 15/ 3/1980 

7.00 1975 PEZROLROS HEXtCAROS 100 

7.00 100.00 8-75 1/ 7/1985 

5.00 197* FRZ9REDRA HARK8 P 99 

5.00 100.00 9.25 1/11/1982 

4.00 1975 SEPRELIC OX ICELAND P 100 
4.00 99.50 8.75 1/12/1982 

5.00 1974 REPUBLIC OP IRELAND 102 

S9.=3 9.00. 15/11/1979 

4.U0 197* 1GPUBL1C 07 PANAMA P SB 

99-75 9-00 15/ 1/19B7 

5.00 1977* REPUBLIC OF FfllLlPPmE 99 
99.50. 9.00 15/ 4/1983 

10.00 197* 5A3IUHHQCQ1 99 

10.00 100.00 8.75 1/12/1986 

=.50 1975 Statu AltflATS CDEP 99 

98.50 9.00 15/ 2/1980 

6.00 1975 X40 PWEE Ml 

100.00 8.7S 1/ 9/1980 

noana cddombo 

225.00 1972 CUT OP COPEBHACEN 98 

M6.88 99.50 *.2S 1/ 9/1387 


100 1/2 .90 6.00 6.57 KP HE 287 S 

S CQ 

101 3.13 *.50 6.79 BP HE =87 5 

S' UQ 

98 3/4 5-92 9.03 .8.8* VP EU 159 5 

4.72 9.09. 1.00 1980 U 

B100J/4 1-84 8.2* S.*S CC EU 637 5 


3.21 9.12 
1.7! 9.2* 

3.75 8.85 

4.75 8.87 


100 5/8 7.50 8.62 
4.50 8.35 

P 99 1/8 4.84 9.47 

=.84 9.59 

P 100 3/8 4.92 8.63 
5.95 8.63 

102 1/8 -1-B8 7-72 

t 98 7/8 9.« 9.19 

i 99 5.S9 ».=3 

99 1/* 8.92 8.87 

6.42 8.91 


4.84 9.47 

2.84 9.39 
4.92 8.63 
3.95 8.63 
1.88 7-72 


8.68 CC EU 637 5 9=5 

L8 

9.03 BC EU 20 5 915 

1.25 1978 LX 

8.79 102.00 19(0 KP ED 219 5 925 

=.00 1981 LX 

'8.66 CC SB 267 5 7=5 9=5 

UBZ 

0,70 102.50 1979 SP ES 219 5 925 

1.00 1979 LX 

9.33 SC 358 5 

1.00 1978 LX 

8.72 100.SO 1980 SPED 162 5 525 

1.30 1980 LX 

8.91 HP EB 287. 5 925 

LX 

9.10 101. SO 1982 HP EU 159 5 

» .« 1977 U 

9.09 101.00 MSI HP EU 133 5 

TC .=5 U77 LN 

8.82 101.00 M79 CC EU 139 3 

1.07 1981 LX 


2.13 9.3= 9.09 
2.67 8-=8 0.66 


W EA 287 925 
U 


S-66 104.00 1978 EG EU =fl7 5 7=3 9=3 

LX 


<1.(7 6.53 6.3B 1D9.S0 1778 HP EU 145 505 307 

5.39 *.» 16./5 19/6 It 


BORROWER/ 
COUPON MATURITY 


mwK (MRUAX) 

220.00 .1973 HOMES BM8MAUUK 
220.00 108.00 8.75 U 3/1987 

UKEBUDRC P1ASCS 

800.00 1972 ARBEDTOUKE 
800.00 100. DO 6 JO U/ 6A917 

600.00 1973 3XBED FDUHCE 

96.00 6.75 U/9/1988 

1975 inn FINANCE 0 - 

99 JO 8-25 =0/10 A983 

400.00 1972 4JXIAV DETELIJPMERT BAKE 
4DO.00 100.00 6.73 25/ 4/1987 

500.00 1972 BUBDAH OIL 
500.00 100.00 7.00 30/ 6/1987 

300.00 1973 cm OF URCU 
423.DO 99.25 7.50 10/ 4/1991 

800.00 197= arr or OSLO 
675.00 99.2S 6.73 29/ 9/1987 

300.00 1972 G0UK1L OF EUROPE 
500.00 99.75 7.00 13/ 9/1967 

300.08 1974 COUNCIL OF EUROPE . . 
300.00 99.75 10.00 20/12/1981 

400.00 1973 DESHARK - WMTBACE BAKE' 
400.00 99.00 7JO 6/11/1988 

'400.00 1973 EUM8DM 
400-00 99.00 6.75 30/ S/L98B 

500.00 1971 EDROFUtA 
125.00 100.00 7.50 1/ 7/1978 . 



§| gg 

3 < to 

5S Si 


< MARKET MAKERS 

a 

< 


107 3/4 9.17 7.54 8.1= 103.00 1980 CC EU 179 307 

3.1= 6,89 11.00 1971 DO 


•2 5/B 9.(6 9.33 7.87 102.00 

6J7 10-23 110.00 

94 7/8 2.71 8.94 7.11 101.00 

9* b/0 3.81 8.61 8.39 101.00 

1 1C Ml 


1. 98p/8 5.81 0.61 8.39 101.00 

• PF 23.00 

9Z 3/8 9.32 8.09 7J9 102.25 

4.82. 9.03 40.00 

83 9JO 9.43 8.26 102.29 

‘5.00 11.05 50.00 

87 1/2 13.28 9.16 8J7 101.79 

7.04 9.86 M. 00 

85 1/2 9.7S 9.04 7.89 101.73 

7.07 9.67 25.00 

86 1/2 9.71 9.15 8.D9 102.00 

5-.21 10.49 30.00 

103 7/8 3.97 8.80 9.63 

=.97 8.48 100.00 

94 '3/4 10.BS 8.25 7.92 102.25 

4-15 8.61 (0.00 

90 10,(1 8JI 7 JO 102.25 

5J1 9.00 40.00 

91 7/0 .SO* 9.71 7.59 

.30 9.71 1=5.00 


125.00 100.00 7.50 1/ 7/1978. .30 9.71 

500.00 1975 E0WH1HA D 103 7/8 5.07 8.76 9J9 

300.00 100.00 9.75 24/ 1/1983 4.0= 8,57 

4QO.0O 1972 KODOKAH COAL * STEEL 9l 3/4 9.96 7.98 7.36 

‘400.00 99.Off 6.75 13/12/198 7 5.46 8.7= 

BOO.DO 1973 EUROPEAN COAL L STEEL 89 1IZ 7.21 9.54 7.82 

800.00 99.00 7.00 19/ 3/1985 3.71 10.57 

800.00 197] EUROPEAN COAL S STEEL 87 10.01 9.02 8.03 

108.00 98.15 7.00 1/ 1/1988 6.00 9.97 

500.00 1973 E0UPEAM COAL 6 STEEL 93 3/4 10.97 (.13 7.73 

490.00 98.50 7.15 20/12/1988 8.14 8.34 

300.00 1971 EUROPEAN COAL 4 STEEL 95 3/8 5.63 8.81 S.U 

=37.00 100.00 7.75 18/ 8/1983 3.1= 9.53 

500.00 1975 anOPEAB COAL 4 STEEL D 101 1/2 7.20 0.70 8.87 

500.00 99:25 9.00 12/ 3/1985 4.80 8.61 

500.00 1976 BOfiRAB COAL * BURL D 10* 1/8 ' 6.85 8.61 9.12, 

300.00 100.00 9.50 9/UA984 6.15 8.61 


300.00 197A EOROEEAH COAL 4 STEEL 
300.00 99.30 10.00 30/10/1981 


.109 3/0 3.83 8.90 9.67 
2.93 8.36 


ABO. DO 1972 EUROPEAN n UES T HU f BSK Si 9/8 9.96 8.00 7.37 

400.00 99.00 6.75. 15/12/1967 5.46 8.75 

*00-00 1971 EDHPFAK OTEBXHKHT RARE 9* 3/8 8.79 7.90 7.42 

360.00 98.00 7.00 U/tQ/19M . 4.79 8.4* 

800.00 1973 SHOPGAH XBVESmxT USX *7 X0.09 9.01 8.05 

MO.OO 96JO 7.00 1/ 2/1988 5 J9 10.17 


800.00 1973 EUROPEAN MVESTHEJfT BANK. 87 
800.00 98.25 7.00 1/ 6/1988 


10.42 8.96 8.05 
6.37 9J= 


500.M 1973 ECB0PE1K mVEaneoir rah: 92 7/6 10.59 8.01 7.54 

300.00 99.50 7.00 1/8/1988 6.09 8J4 

300.00 1 9 7S- EUROPEAN UWESTHEBT iK » 102 S/8 7J9 8. IS 8.33 

100.00 .8.73 33/ 5/19B5 1 

*00.00 19/4 EraOFSW IWESTXSWr BANK 103 1/2 3.88 8.88 9.66 

400.00 100.00 1U.0O 15/U/1981 2.86 8.55 


102.00. 

PT 10.00 


600.00 1972 VQKA» - UBOST FUK> 
*00.00 98JO 7.00 15/10/1987 


89 3/4 9.79 8.38 - 
5.29 9.56 


800.00 1972 GRAND M3RDPOLITAR Mm, 83 5/8 9.67 9.39 8.07 102 JO 

800.00 99.25 *.75 1/ 9/1*87 3.17 11.07 DP 80.00 


400.00 1976 THTK8HOS7UB IlNAWZ 
100.00 8.50 10/ 3/1983 

400.00 1975 IATKEN0S/J.LE P1HABCE 
400.00 100.00 9.00 15/ 4/1905 

800.00 1972 K± StARDUD BLEXrtRK 
800.00 99.00 6.S0 1/ 9/1967 

800.00 1972 XH7CB0K OF DQHARK 
*00.00 100.00 6.73 14/ 8/1987 

300.00 . uu eultps -or rai 

100.00 8.79 15/ 5/1985 

801.00 1972 REED IPTMHAT tnw.f , 
800.00 09.00 6.73 10/ 9/1987 

soo.oo 1975 amacKvmmcz 

100.00 8.75 0/ 7/1983 

SOO.OO 197= BUBER BAUKER THT PIN 
300.00 99.00 7.U 15/10/1987 

GADDI BTEAL9 


5.17 11.07 DP 80.00 

100 3/4 S.I9 8.31 8.44 


101 7/8 7.29 8.63 8.83 
5.29 OJA 

85 5/8 9.67 8.75 7.59 
5.17.10.21- - 


■5'3/8 9.62 9.OR 7.51 1D2.M 

3.12 10.59 NO.OO 

100 S/8 7J7 8.62 8.70 102.00 

P710O.DO 

8* 9.70 9.32 8.06 102.00 

3.20 10.94 80.00 

81 7.52 U.to lb.80 

72 1/2 9.79 12.20 10.00 102.25 

5.29 15.17 30.00 


9 100 S/8 7J7 8.62 8.70 


1981 PC n =22 US 505 510 328 
1981 LX 

l 1978 PC EU =3 US 305 310 520 
LX 

1979 PC BO =22 IU 510 520 
197S LX 

1978 HP EH 230 IU 510 5=0 
1978 LX 

117B HP EU 2Z3 IU 510 920 

1978 Ui 

1984 NP EU 230 IU 520 
1975 LX 

I960 VP BU 230 IU 510 520 
1973 LN 

1979 HP EU 324 IU 310 520 

1978 LX 

HP HI 2=4 119 510 520 

1979 L* 

1979 CO ED 230 115 310 52S 
1979 IX 

1979 VP EU 230 113 510 520 

1979 LX 

• HP m IU 310 520 
1973 OQ 

KP EU 230 115 510 520 
INI LX 

1978 Hr EB 222. US SOS S10 520 
U78 LX 

1978 KP EU 223 US 510 520 
1978 LX 

1779 KP EU 141 IU 510 320 
U79 LX 

1970 BP EU "222 115 503 310 320 

1977 LX 

1978 HP EO 223 IU 310 520 

1977 OQ 

1980 RP EB 222 IU 905 S10 528 
1980 LX 

1*80 HP SI 222 IU S10 320 

1979 LX 

VP E0 222 U5 SU SU 520 

1978 LX 

1983 HP 80 223 US SOS SU 520 

1978 LX 

1982 KP EU 230 03 SOS 310 520 

1977 LX 

1980 HP EU 223 US 510 520 

1979 LX 

1980 BP EU 2=3 115 S10 520. 
1979 LX 

1984 HP EO'222 IU 505 510 520 
1979 LX 

1980.HP BD =90 IU 310 520 
1976 LX 

■P EB 723 IU SOS 310 SU 
1979 LX 

19B0 CC £8 230 llS SU 320 715 

1978 LN 

1970 HP EU =30 IU 310 i=0 
1978 IV- 

ED 222 US 910 520 


mi 1C EU 223 IB 510-520 
1981 LX 

1479 *F ES 230 US 310 SU 
1978 LB 

1978 NP SO 2a IU 310 SU 
1978 IN 

1980 M ED 223 U5 910 SU 

1981 LX 

T979 PC EU 230 IU SID 3=0 
1976 LH 


1978 VC EU 223 510 5U 
197* LH 


150.00 1971* VAX ALQOaE unSATXOR 99 J« »■“ »•« >.79 101.00 1978 B AS 585 9U 

150.00 100.DO 8.75 15/ 6/1987 6.96 8.84 =5.00 1982 UQ 

ioo.m Mir* anaa-wEDcco t zoo 1/1 «.» «.« e.u ioi-.cn mu ec sbs 92 s 

UfUM IW.OO 8J0 1 / 4/1582 7.15 6.4* =0.00 1983 UQ 

RERLSBE/tH 

5.00 1064 cm «W Trail) 11.06 8* 5/a 6.7* 4-40 7.64 NP CO 559 3DJ 429 90 

=.36 98.00 6J0 15/18/1984 S 3.M 11.11 .33 1070 LRUBT 

«.0Q IMS 3BSO-OIT2CII II.10 100 l/> =-09 6J 3 6.60- 101.00 I97B EG Iff J» 300 713 9U 

IaZO 97.73 6JO 1/2/1580 0 UO 6J7 . JO 1566 LULX 







































v 9 


. Financial Times Monday January 9:19?8 

explanatory notes 

AN O ABBREVIATIONS 

JSTINGS ML = Milan 


‘ '-iXvN — Antwerp 

j \b£ = Amsterdam 

iS = American Stock 
.. w . • Exchange 

■’ JR = Brussels 
IT = Beirut 
•! >B = Dublin 

i. ID = Dusseldorf 

"' ( V = Frankfurt 

- IK = Hong Kong ' 

■' .L ~ • Kuala Lumpur 

.. .N = Loudon ■ 

X = Luxembourg 


ML =3 Milan 

NY '= New York 
PR-: — Paris 
RM = Rome 
SI = Singapore 
UQ = Unquoted 
VN = Vienna ■ 

ZR = Zurich & other Swiss 

DELIVERY 

33U. = Europe 
EN = Europe/New York .. 
NY = New York 
BA s= Europe/Asia 


TPE OF GUARANTEE OR SECURITY 

. GUARANTEES . 2. OTHERS! 

IG = Government . CL = Collat 

Guarantee FM = First 

G = State or Local Govt NP = Negat 

Guarantee PS = Subor 

’G = Parent Guarantee Guar 

•G = Bank Guarantee SC = Specia 

■W = These borrowers have SU — Subor 

■uhlic Works-Loans B -. Unse 

s a lender of last resort UL =: Uiisee 


PEC1AL REFERENCES 

. GENERAL—ATTACHED TO NAME OF BORROWER 

D .= Domestic Management^roup. * • 

■ L ■= Bondholders option u>. redeem loan prior to 

maturity ■;.V 

P = Private or semi-private placement 

, MC = Principal/Interest payable in more than two 

currencies,.. 

W = Withholding taxes (with percentage rate %) 

WW — With warrants 

.. . XW = Ex-warrants - 

. £/DH ISSUES •. 

’ he figures given are the rate at which the DM rate Is fixed.. 

’ :j . FLOATING RATE ISSUES 

. 'he figures given are the minimum coupon rate. 

4 S margin above LIBOR. . . 

' J . ATTACHED TO MATURITY DESCRIPTION 
j S — Semi-annual payments 

. ..., . ATTACHED TO NEXT S/F AMOUNT 

PF = Purchase funds—the amount shown is the annual 

. . total (or total, to' the neat coupon date), which 

may be. applied. The-year associated with ^hs 
amount shown relates to the end of the purchase 
period, 

DP = jMon-cumulative option to double, sinking fund 

• payments. . 

j . CONVERTIBLE ISSUES ~ 

he share price is always denominated in the same currency 
•2 s the conversion price. Please note that where the premium 
xceeds 200 % no fig. is shown in premium/discount column, 
‘he following convertible bonds ace subject to convertibility into 
ae indicated stocks. 


NAME OF BOND 
kin eric an Tobacco Int. 
tmoco Int Fin 
ankers ini (Lux) 
roadway—Hale Stores 
.'hevron Oil O/S 
)art industries 

nier-Continentai Hotels 
nt Standard Elec 


. CONVERTIBLE INTO 
American Brands Inc 
Standard Oil Indiana 
Bankers Trust New York 
Carter Hawley Hale 
Standard Oil of California 
Minnesota Mining A - 
Manufacturing 
Pan-Am World Airways „ 
International Tel & Tel- - 


Warier Common Inc. 
Reliance Group Inc, . 


nier-Continental Hotels 7 1986 Pan-Am World Airways ^ : 

nt Standard -Elec 5 1888 International Tel & Tel - 

' 11 IS : : : 

aA Finance Holdings ' 4} 1880 ,, „ i,... ■ 

Jnney 6| 1990 Warier Common Inc. .- 

fiasco World Trade 5 1988 Reliance Group Inc,., 

jeasco Int -5- 1989 n „ „ 

Norwich OS 41 1983 Morton-Nonvich Products; 

Hvens-Jllmols 44 1987 Owens Coming Flbreglaq' 

*lywood Champion Int 54 1983 Champion Int 

' evin-Townsend Int Fin 5 1988 Rockwood Computer . 

isia Navigation Int 64 1989 * East Asia Navigation Co 

iurmah Oil 54 1988 ;• Shell. Transport; A Trading 

, The following international convertible issues have'fixed 
‘ ates of currency conversion- * ~ . v" 

COUNTRY—FRANCE /- ^ 

-Dollar issues' convertible at fixed ‘rate of $1” =' FJBrs5J54~^ 

Michelin Int Dev. 6 3983? 

Suez et L*Union Paris . 7 • 18J5 

COUNTRY—NETHERLANDS 

Dollar issues convertible .at.’ fixed rate of = D-FL3.60 
AH Netherlands Convertibles '■/ . - : 

COUNTRY —HONG KONG 

—Dollar issues convertible at fixed rale of 5HK1 = 33.07 
Asia Navigation Int. 64 1989 


COUNTRY —JAPAN 
issues convertible at . . 
fixed rate of 31 = 360 Yen 
ai Nippon Printing 6} 1986 
uji Photo Film 64 1985 
itachi 64 -1979 

itachi 64 1984 

omatsu Manufac¬ 
turing $4- 1986 

itsubishi Electric . .7 1985 

litsubishi Shoji - 

Kaisba 74 1985 

akeda Chemical Ind. 6 1984 

Qshiba Electric 64 1985 

issues convertible at 
fixed rate of $1 =• 305.0 Yen 
itsuhisbi Electric 74 1991 
itsubisbi Heavy Ind. 64 1991 
issues convertible at 
fixed rate of 31 — 303.0-Yen 
sahi Chemical 64 1980 

ubota 6} 1991 

atsushrta Elec. Ind. flj 1990 

issues convertible at 
fixed rate of SI = 302.7 Yen 
uiyo Electric 74 1990 

issues convertible at:'.' 
fixed rate- of 61 — 801.0 Yen 
Mitsubishi Corpora¬ 
tion '6J 1991 

Issues convertible at 
fixed rate of 51 s'299.0 Yen 
arui 64 1691 

iitsui and Co. . 84.1989 

issues convertible atr 

fixed rate of tl = 268 Yen . 

itsui and Co. 74 1990 


5 issues convertible at 
fixed rate of 81' = 295.8 Yen 
Toshiba 64 1990 

i issues convertible at 
filed rate of $1 = 29A2 Yen 
Komatsu Ltd, 74 1990 

. S issues convertible at 

fixed rate of 81 = 29&55 Yen 
Sanyo Electric Co. 6i 1991 
$ Issues convertible af 
fixed rate of 81 - 293.0 Yen 
Alitsublahi 74 1990 

' $ issues convertible at 

fixed rate of 81 = 287.5' Yen 
Sumitomo Metal Ind. 6 1992 

3 issues convertible at 
fixed rate of 81 = 280.0 Yen 
Pioneer Electronic 61 1986 

8 issues convertible at . 

fixed rate of 51 = 278.0 Yen 
Canon .- 7* 1989 

Eidal : 74 1989 

COUNTRY — UNTIED 
KINGDOM 

8 issues convertible at 
fixed rate Of £i = 82.60 
Slater Walker Int. Fin 54 1987 

■ COUNTRY — SINGAPORE 
8 issues convertible at 
fixed rate of. SI = SS222 
United Overseas Bank 64 1988 

COUNTRY — SOUTH AFRICA 
8 issues convertible at 
- fixed rate of RD1 .= SL4G 
- Rand Selection 64 1986 


n 




OTHER SECURITY 

= Collateral Cover 
= First Mortgage 
= Negative Pledge • 

= Subordinated—Parent 
Guarantee 

= Special Clause - 

= Subordinated 
. Unsecured 
= Unsecured Loan - 
■ = Throughout '' 

Agreement . * * 


Union Bank of Switzerland (Lux.). 5% 1981 differs from other 
onvertibles In that the bonds are denominated US$1350 and 
a eh bond is convertible into 1 Bearer share of SJr.500 nominal 
alueofUBS,. 

Credit Suisse (Bahamas) 41 1991 differs from other con- 
ertibles in that the bond is aenominated US81000 and each 

1 nominal value 


ertibles in that the bond is denomiiiated US$1000 and each 
ond is convertible into TBearer Share of SJFr.500 nominal value 
f Credit Suisse. 

The following convertible issues have conversion rights 
<hich expire prior to maturity: 

NAME OF BOND MATURITY ‘ CONVERSION 


Asahi Chemical 
Dai Nippon Ptjj. 
Deere Overseas 
Hitachi 
Mitsubishi El 
Rand Selection 
Takeda Chem 
Tashiba Elec 
Toshiba 


30/9/1990 

31/5/1986 

15/6/1986 

80/9/1984 

31/S/1985 

1/3/1986 

31/3/1984 

31/3/1985 

30/9/1990 


CONVERSION 

RIGHTS 

EXPIRE 

15/9/1990 

30/4/1986 

15/3/1977 

31/8/1984 

28/2/1985 

-31/1/1986 

28/2/1984 

28/2/1984 

15/9/1990 


The following convertible issue has been called for redemp-- 
ion at 102 % on 16th August.'1976:. 

Mitsubi&hi ShojiKaisha 74 31/10/1985 


AMR INTERNATIONAL 
EUROMONEY 

Present a conference 

CURRENT PRACTICES 

in the 

EUROBOND MARKET 

Portraan Hotel, London 
* February 16-17, .1978 

ANDRE GEORGE 

STANISLAS M. YASSUKOVICH. CHAIRMAN 
. Managing Director, European Banking Company Ltd. 

DR. MICHAEL VON CLEMM 

Executive Director, Credit Suisse White Weld Ltd. 

ANDRE GEORGE • 

Manager Finance and Treasury Division 

European Investment Bank. Luxembourg 

DR. ANDRE* M. COUSSEMENT 

General Manager, Kredietbank SA Luxembourgeoise 

RUPERT N. HAMBR0 

E xecu tive Director, Hambros Bank Limited 

PHILIP M. HUBBARD 

Managing Director—Corporate Finance, Orion Bank Ltd. 
LARS KALDEREN 
Director, Riksgaldskonporet, Sweden 
(Swedish Natio&a] Debt Office) ' 

DR. AXEL KOLLAR 

Senior Vice President 

Westdedtscbe Landesbank Gifozentrale 

EDMOND A. LEMTEUX 

Treasurer, Hydro Quebec 

ARMIN A. J. MATILE 

Managing Director 

Union Bank of Switzerland (Securities) Ltd. 

EDWARD F: MILLER 
Managing Director—International, 

Smith Barney, Harris Upbam and Co. Incorporated 

HANRJOERG RUDLOFF 

Managing Director and Chief .Executive Officer, 

Kidder, Peabody International Limited 

. FEE: Individual Registration S525 
Group Registration for 2 or more $450 

For full information and to register, please ring 
AMR INTERNATIONAL on 01-262 2732 
or telex London 299180 AMRINT - 


BANKERS TRUST INTERNATIONAL LIMIT ED 

Market Makers in 
Floating Rate Note Issues 


The interest rates- per annum applicable to the following US8 
Floating Rate Note Issues were announced during December. 
These rates are quoted for information purposes only, and shonld 
be confirmed prior to the execution of a specific transaction. The 
rates quoted apply to the six-month periods shown. 


Bayerische 

Vereiubank . 1981 1 Dec. 77 

UBAR . 1981 5 Dec. 77 

SOFTE , 1984 7 Dec. 77 

UBAP. 74% min. 1982 7 Dec. 77 

Paribas • . 1980 9Dec.77 

Bank Handlowy 1981 ' 12 Dec. 77 

D.G. Bank 1982 * 15 Dec. 77 

L.T.CH. . 1981 15 Dec. 77 

CJtf.CA. 1984 15 Dec. 77 

Creditanstalt 

Bankverein 1981 16 Dec. 77 

Urquijo - ’: 1981 21 Dec. 77 

C.CJF. 1981 * 22 Dec. 77 

Hydrocarbons 

Bank 1982 •. 22Dec.77 

Credit Lyonnais 

64%- man. •• 1983 ■ - 27 Dec. 77 

‘.j ; ■ ■ -■- ■ •— 

Interest rates applicable to the issues 
announced during January. 

’’ Naflnsa^ 

Privredna Banka 
C.CJF. 64% min. 

. . . O.KJB. • 


AU of these Securities have bcensold>This announcement appears as a-mattcr of record onbj. 


US. $150,000,000 

INCO LIMITED 

U.S. $50,000,000 8K% Notes Due 1984 
U.S. $100,000,000 9% Debentures Due 1992 


MORGAN STANL EY IN TERNATIONAL 
AMSTERDAM-ROTTERDAM BANK NX 

Morgan grbnfell & co. limited 

SOCIETE GENERATE 


SWISS BANK. CORPORATION (OVERSEAS) 

Limit* 

DEUTSCHE BANK AKTIENGESELLSCHAFT 
SKAND1NA VISKA ENSK1LDA BANKEN 


SOCIETE GENERALE UNION BANK OF SWITZERLAND (SECURITIES) 

LUn&tit 

WESTDEUTSCHE LANDESBANK GIROZENTRALE WOOD GUNDY LIMITED 


ALAHLI BANK OF KUWAIT (KBJC.) ALGEMENE BANK NEDERLAND NX 

ANDRESENS BANK A S ARNHOLD AND S. BLEICBROEDER, INC. 

BANC A COMMERCIALS ITALIAN A BANCA DEL GOTTARDO 

BANC A NAZIONALE DEL LAVOItO BANCO DI ROMA 


A.E.AMES&CO. AMEN RANK 

Limited r.imUJ 

BACHE HALSEY STUART SHIELDS 

JtnrpanM 

BANCA DELLA SVIZZERA ITALIAN A 


BANK GUTZW1LLER, KURZ. BUNGENER (OVERSEAS) 

Limit* 

BANK LEU INTERNATIONAL LTD. BANK MEES & HOPE NV 


EANKOFAMERICA INTERNATIONAL 

Limited 

BANK JULIUS BA ER INTERNATIONAL 

Limited 

THE BANK OF TOKYO (HOLLAND) NX 


From 

To 

Rate 

1 Dec. 77 

- 1 June 78 

71i% 

5 Dec. 77 

5 June 73 

744% 

7 Dec. 77 

7 June 78 


7 Dec. 77 

7 June 78 

7i% 

9 Dec. 77 

9 June 78 

714% 

12 Dec. 77 

12 June 78 

843% 

15 Dec. 77 

15 June 78 

74S% 

15 Dec. 77 

• 15 June78 

7*S% 

15 Dec. 77 

15 June 78 

742% 

16 Dec. 77 

16 June 78 

7«% 

21 Dec. 77 

. 21 June 78 

742% 

22 Dec. 77 

22 June 78 ' 

71% 

22 Dec. 77 

22 June 78 • 

81% 

27 Dec. 77 

.26 June 78 

8% 


listed belOw will' be 


BANKERS TRUST INTERNATIONAL BANQUEARABEET INTERNATIONALE D'INVEST/SSEMEXT (BJIJ.L) 

BANQUE BRUXELLES LAMBERT SA. BANQUE FRANCA1SE DU COMMERCE ENTER I EL ’R 

BANQUE GENERALE DU LUXEMBOURG SA. BANQUE DE UINDOCHINE ET DE SUEZ 

RANQUE INTERNATIONALE A LUXEMBOURG SA. 1 BANQUE NATION ALE DE PARIS 

BANQUE DENEUFLIZE, SCHLUMBERGER, MALLET BANQUE DE PARIS ET DESPA YS-BAS 

BANQUE DE PARIS ET DES PAY SB AS (SUISSE) SA. BANQUE ROTHSCHILD 

BANQUE DE BUNION BUROPEENNE BANQUE WORMS BARCLAYS BANK INTERNATIONAL 

Umrird 

BARING BROTHERS &COm H. ALBERT DE BARY & CO.NX BAYERISCHE HYPOTHEKEN- UND WECHSELBANK 

Ltmtfrd 

BAYERISCHE LANDESBANK GIROZENTRALE BAYERISCHE VEREINSB.INK 

JOH. BERENBERG, GOSSLER & COL ' BERGEN BANK BERLINER HANDELS- UND FRANKFURTER BANK 

BREISACH PINSCH O FSCH OELLER BURNS FRY LIMITED CAISSE CENTRALE DES BAKQUES POPCLAIRES 
CAISSE DBS DEPOTS ET CONSIGNATIONS CAZENOVE&CO . CHARTERHOUSE JAPHET 

•?.. Limited 

CHASE MAN HATTAN CHRISTIANIA BANK OG KREDTTKASSE CITICORP INTERNA TIONA L GROUP 

COMMERZBANK COMPAGNIEDEBANQUE ETD’INVESTISSEMENTS (UNDERWRITERS) ^1. 

COMPAGNIE MONEGASQUE DE BANQUE . CONTINENTAL ILLINOIS COUNTY BANK 

__ LimHtd Limited 

CREDIT COMMERCIAL DE FRANCE CREDIT INDUSTRIEL D m ALSACE ET DE LORRAINE 


CHASE MANHATTAN 

LimHtd 

COMMERZBANK 

AkteatgetrOtckall 


CHARTERHOUSE JAPHET 

Limited 

CITICORP INTERNATIONAL GROUP 


. CONTINENTAL ILLINOIS COUNTY BANK 

LimHtd Limited 

CREDIT INDUSTRIEL D’ALSACEETDELORRAINE 



Adel a 

1983 


C.OF. 7% min. 

1983 


Indosuez 

3981 


K-OJP. 

1983 


BJ»TjP. 52% min. 

1983 


L.T.C.B. 

3982 

— - . 

G2.B. 

• 1981 

' * 

■ lnsilco 

1980 


CREDIT INDUSTRIEL ET COMMERCIAL CREDIT LYONNAIS CREDIT DU NORD CREDIT SUISSE WHITE WELD 

. Urn fled 

CREDIT A NST A UT-BANKVEREIN CREDITO ITALIA NO (UNDERWRITERS) SA. 


DA1-1CEIKANGYO BANK NEDERLAND NX DAIWA EUROPE NX RICHARD DAUS & CO. DELBRUCK&CO . 

« Jtoulierz 

DEN DANSKE BANK ■. DEN NORSKS CREDITBANK DEUTSCHE GIROZENTRALE 

rtTKiAkiituUM —DEUTSCHE KOMMUSALE ANK— 

DEUTSCHE GENOSSENSCHAFTSBANK ^ONtREAD OVERSEAS CORPORATION DOMINION SECURITIES 

DRESDNER BANK EUROCAPITAL SA. EUROGEST S.pA. EUROMOB ILIA RE S.pA. 

AUHmmmtutimtt COMPAGNIA EUROPE A1NTERMOBITJARE 

European banking Company finacor first boston (Europe) first Chicago 

Limited Limited Limited 

ROBERT FLEMING & CO. FUJI INTERNATIONAL FINANCE GEFINA INTERNATIONAL 

L ihmUnl __ I . imHcd Limnlrd 

GENOSBENSCBAFTL1CHE ZENTRALBANK AGVIENNA ANTONY GIBBS HOLDINGS LTD. 

GIROZENTRALE UND BANK DER QSTERREICBISCHEN SPARKASSEN GOLDMAN SACHS INTERN A TIONAL CORP. 

jtf ffmf— 

GREENSHIELDS HAMBROS BANK HANDELSBANK iV.TK (OVERSEAS) 

Umrptnted Limited Limited 

R. HENRIQUES JR BANK BENTSCH AND CO INTERNATIONAL HESS/SCHE LANDESBANK 

-™* 1 '*'* . — GIROZENTRALE — 

HILL SAMUEL & CO. E. F. HUTTON & CO. N. V. IBJ INTERNATIONAL XSTITZJTO BANCARIO SAN PAOLO Dl TORINO 

Limited Limited 

JARDINE FLEMING & COMPANY KIDDER, PEABODY INTERNATIONAL KIT CAT & AIT KEN 

Limited Limited 

KJ0BENBJXNS HANDELSBANK KLE1NWORT, BENSON KREDISTBASKNX 

Limited 

KREDIETBANK SA. LUXEMBOURGEOISE KUHN LOES LEHMA .V BROTHERS 

_ _ _ /eterattituid 

KUWAIT FINANCIAL CENTRE (SAJK.) KUWAIT FOREIGN TRADING CONTRACTING INVESTMENT CO.(SAJZ.) 
KUWAIT INTERNATIONAL FINANCE CO.SAJ£."KIFCC“ KUWAIT INTERNATIONAL IN VESTMENT CO. SAK. 

KUWAIT INVESTMENT COMPANY (SJLK.) F. VANLANSCHOT LAZARD BROTHERS & CO* 

trailed 

LAZARD FRERBSET CIS LLOYDS BANK INTERNATIONAL LOES RHOA DES INTERNA TIONA L 


DELBRUCK&CO. 


BAM0ER&TRUST INTERNATIONAL LIMITED 

- 56-60New Broad Street Lon don EC2. 

•: •. Dealers’ Telephone:588 6301-5-Tdex:883042. 


INVESTMENT FUNDS 

The following funds include Eurobond 
issues within their portfolios 

Quotations & Yields as at 
; 31st December, 1977 


^SOCIETE GENERAL De BANQUE 
BANQUE GENERALE Do LUXEMBOURG 


LuxFr 1000 
LuxFr 1000 


DEN DANSKE BANK 

tdXKlAkllatlaM 


ROBERT FLEMING & CO. FUJI INTERNATIONAL FINANCE 

GENOSSEN SCHAFTLICHE ZENTRALBANK AGVIENNA 


R. HENR IQUES JR- BANK 


LAZARD FRERESET CIS LLOYDS BANK INTERNATIONAL 

LtxHtd 

LONDON MULTINATIONAL BANK (UNDERWRITERS) 


MeLEOD,YOUNG,WETR INTERNATIONAL MER 

B. METZLER SEEL. SOKN & CO. MITSUBISHI BANK (EUROPE) SA 

NEDERLANDSCBE HIDDEN STANDSBANK NX • NESBITT, THOMSON 

THENIKKO SECURITIES CO^ (EUROPE) LIMITED NIPPON EUROPEAN BANK SA. 

NORDDBUTSCHE LANDESBANK OKAS AN SECURITIES COPIED. 


)T LAZARD BROTHERS & CO * 

Limited 

LOEB RHOADES INTERNATIONAL 

Limited 

MANUFACTURERS HANOVER 

Halted 

MERRILL LYNCH INTERNATIONAL A CO. 


SAMUEL MONTAGU & CO. 

Limited 

NCUE DANK 


NOMURA EUROPE NX 
SAL. OPPENHBI3IJR. * CIE. 


1976/77 _ 3-year 

Low High Low 


Reminvest. -' LuxFr 9?7 LuxFr 823 LuxFr 917 LuxFr 757 

Capital. Rendnvest LuxFr 1309 LuxFr 1141 LuxFr 1309 LuxFr 895 


8. YIELD CALCULATIONS 

' AO yields are calculated on annual rates eg. a 10% bond 
siaxgfhg at par paying interest once'p.a. will have a current 
ag$'dpatudty yield of 10%. A 10% bond paying semiannually 
would yield-1025%. Market practice demands that the current 
yield on 5 floating rate bonds is calculated as coupon price. 

9. MARKET MAKER COLUMN 

*** This, denotes that more than the maximum number (18) of 
marfcbrmakgrs have provided prices. 

^.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 States, its territories of possessions, or 
to’nationals nr residents thereof. 

'The information is- from reports from official and other 
sources Which vre 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. 


NORDDBUTSCHE LANDESBANK OKAS AN SECURITIES CQ^LTD. SAL. OPPENHBI3IJR. * CIE. 

■. GIROZENTRALE 

ORION BANK OSTERREICHISCHELANDERBANK PAINE WEBBER JACKSON & CURTIS SECURITIES 

L l ti U n d AkUmgmdltcM aft _ Limited 

PFTERBROECK, TAN CAMPBNHQVT, KEMPKN SA. PICTET INTERNATIONAL PIERSON. HELDRING & PIERSON NX. 

■ _ Limited 

w. C-PITFIELD & CO. PKBANKEN POSTIPANKKI PRIVA TBANKEN ROTHSCHILD BANK AG 

flrahaj Limited MUlettbM 

N. M. ROTHSCHILD & SONS SALOMON BROTHERS INTERNATIONAL J.HENRY SCHRODER WAGG& CO. 

t I «i Wt< Limited Limited 

SMITH BARNBY.HAERI8 UPBAM & CO. SOCIETE BANC AIRE BARCLAYS (SUISSE) SA. 

. SOCIETE CENTRALS DE BANQUE SOCIETE GENERALE ALSACIBNNB DE BANQUE (FRANCE) 


SOCIETE GENERALE DE BANQUE SJL* SOCIE1 

SOCIETE SEQUANAISE DE BANQUE SOFIASS.pA. 

SUMITOMO FINANCE INTERNATIONAL SVEN SKA HANDELSBANKEN 

TRADE DEVELOPMENT BANK, TRADITION INTERNATIONAL SjL 

UNITED OVERSEAS BANKS A. GENEVA VERE1NS- UND WESTBANK 

AUUMdemllmimn 

M. M. WARBURG-BRINCKMANN, WERTZ & CO. . S. G. WARBURG & CO. LTD. 


SOCIETE GENERALE ALSACISNNEDEBANQUE (FRANCE) 
SOCIETE PRIVEE DE GESTIONFINANCIERE 
SOFIASS.pA. STRAUSS,TURNBULL & CO. 


TAIYO KOBE FINANCE HONGKONG 

Limited 

TRIXKAUS & BURKHARDT 
NK J.VONTOBEL&CO. 


WOBACOINVESTMENTS 

■ irlmtstd 

January 9,1978. 


ZG & CO. LTD. Ha RDLEY 

Limited 

YAMA1CHI INTERNATIONAL (EUROPE) 

Limited 


OTHER NOTES 

.-Tbe-.amouhts shown as remaining outstanding are estimated 
by applying-the scheduled sinking fund instalments. These 
-are further adjusted where a noD-eumalative option to double 
sinking food payments has been exercised- 
Yields axe calculated in accordance with Rule SG3 of ‘Statutes, 
By-Laws. Rules and Recommendations* .of the A±BD using 
compound interest throughouL - 
Negative yields are not shown. 











































Financial Times Monday- January 9 1978 


© 

S 3? 

3S 

as «£ 

£9 

25= 5g 

i S S 


SORROWER/ mqc go 

coupon MAiuranr F si 


a* £g 

|i§ || 
a.S£ 
is si 




© 


' £ 

UARKETUAKERS 

u 


§ 


li.t» 1971 IM IW ret 8.364? 102 1/i «->» 7-Sfl 7.BU 

1X90 KM. 30 8.00 1/ 8/1986 <~i9 7.32 

111.00 197 2 HET liTATES APtOP 7.751 96 3/4 9.62 7.32 6.91 

8-CU 99.75 6.75 15/ B/1987 5.PA 7.«5 

7.00 1967 1KZULUD 11.11 100 7/8 4-70 6-61 6.80 

2.71 97.70 6.75 14/3/1963 S 2.22 6.43 

6.00 1968 KEV ZEALAND 4.63 100 1/2 .10 2.30 7.60 

1.70 98. SO 7.58 5/3/1976 S >10 2.30 

7.00 1966 XEB 09 i»rmm 11.24 101 3/4 3.17 6.36 6.88 

2.34 97.75 7.00 1/ 3/1981 l.tiB 5.88 

12-50 1973 ££f or IRELAND 7.5503 100 5/8 IK OS 6-91 6.96 
1X30 98.00 7.00 15/ 1/1988 5.54 6.87 

20.00 1972 XODCUSS 1ST 7.80 91 IS-53 7.27 6.87 

I00.00 6.25 30/ 6/1992 

6.00 1968 SZU-KVE& 9.65 101 7/8 5.17 6.93 7.26 

2.78 98.00 7.25 1/ 3/1983 S 3.19 6-69 

8.00 1972 SUZZ8 UALESX • 8.40 90 9-37 9.03 8.22 

7.10 100.00 7.25 15/ S/2987 S 5.19 9.99 

4-00 1965' SaEDlSBUB* 11.14 99 3/4 3.42 5-95 les 
1.08 96-25 5.75 1/ 6/1980 5 1.42 6-02 ■ 

3.00 1965 C.E.BUBE8 BUS. 11.18 100 1/4 2.58 5.98 6.07 
1.50 97.01) 6.00 31/ 7/1980 S 1-58 5.91 

ABSTHALIAD D0LLAE/0K 



19/8 86 ED 359 305 969 

1977 UI 

3979 PC ED 346 307 965 

1973 U 

1*78 87 E0 359 300 965 
1970 LUmrr 

1978 IF XV 359 965 

1974 UBDPF 

1918 H# EO 339 965 

1970 WOfl 

1979 9P EU 359 300 965 
1979 IB 

1978 SO EH 23 305 
u 

1978 SC 80 361 300 985 

1971 tBBVT 

1978 P6 EO 361 973 
1973 1H 

1978 EB 359 300 965 
1969 LUX 
1978 M SO 315 963 
1971 U02 


■ • coggaimBtfjiflfca 

100.00 1972 CU0B Bums t, 

100.00 ICO. 00 , 5.00 IV 6/1917 

54.60 1*69 wmua ttT 8EV . 
49,01 100.00 6-00 . 3j 1/1985 

2QiO0 3970 SEC irtnailMTttl* 
30.80 98.50 7.00 Z3/.9/J9TO 

BHBtatM ig noc 

50.03 1976 UU. EAtlfiAXSrfr UT- 
50.00 100.00 . 6-50 Jj 3/1989 

■ C OW Bt ittU B-HMt 

Is.ca (977* uad no xar ' 

z&ro iMCoD ?:co 1/ 7/un 


>7 (tl/> 7.56 HM6 TrfSSO 
373.6 9-83 2«/ 9/1572 

ifel/S 5>2S 3.68 8*1716 

UU 2.85 : 1/ 4/1970 

*2 5/5 7.*6 8.37 8*394' 

U.B2 3 01 6/1979 


uuaaEnaHB* 


Z7C.CZ V* sr 92 205 210 215 969 975 
LX 

2.85 *C SI7 92 205 51D 215 935 9*0 

LOB MO 975" - 

XXCS IX ra *58 205 3Z0 2X5 335 960 
non 975- ■ , 


u 1/2 9.77 12.12 kBt ' 9.7 

r tr-’**-' 0 0.03 vvu» 


36.77 IS EB.220 5355699MSZ5 

zx 


tit 1/2 6M 6.89 & 3JJ7I rwn KB 28 969 
-4.02 1/11/1978 U 


30.00 1973 KQUL 6 I5MEIEIES BISK 101 3/8 9.62 6.41 S-JI 101.50 1980 SO E0 218 307 946 

3D.00 100.00 6.50 15/ 8/1987 S 5.12 6.28 3.00 1978 L8 


10.00 1973 
8.75 98.00 
20.00 1*77" 
20.00 98.00 
20.00 1977* 
20.00 100.00 
25.00 1971* 
99.75 
20.00 7977* 
20.00 99.50 

10.00 1977* 
100.00 
25.00 1977* 
100.00 


EdnU. STERLING ISSUES 
AMOCO SiZ IJ9 

8.00 U 5/1987 
C0EUADUS .MT FIN 
9.75 15/12/1989 

EUROPE** COM. 6 STEEL 
9.625 1/12/1989 

E080PE4N USESTSETT USE 
9.75 15/12/1992 

PISAKI F0S CSfSRT 
9.75 15/11/1987 

risojts nr rn 

10.15 15/12/1987 

TOTAL OIL XARTSL 

9.115 1/13/1984 

SPECIAL DU8ZSG RUSTS 


sd.cn 1*75 max nwmaa. - ■ 
xun ipo.ro 4.23 tv t/ttio 

10.00 197T4 WAP* 0CZXCS. 

10.00 100.00 6.00 31/ 3/l»2 

15.00 f!71 Btx KPT0* PIXBTZHQ 

4.00 100.00 ” 6.75 31/ 5/UK 

30.00 1978 DtlXEX IRC. . 

30.00 100.00 6.00 31/ a/1311 


& ZM 3/8 5.20 
a Us A-CO 

34 i/s 6-05 
3D) 1U3 

I4l 1/8 1-69 
2 3*0 1-76 

i87 1/4 5-6/ 

■ 1020 1-47 


96 1/S 9.33 8.35 

6.19 8.74. 

96 1/4 11.96 10.31 

9.15 10.41 

100 1/2 11-92 9-53 

9.19 9J4 

97 9/8 14.96 10.06 


97 3/3 9.96 10.18 

7.96 IK14 

98 3/4 9.96 10.49 


K29 100.25 

HP .50 
10.13 101.30 

OF -SO 
9.38 I0L.3O 
HP -.65 
9.99 101-00 

FT .96 
10.01 101-50 

lie -i.oo 

10.38 101.50 


BJ 456 930 960 973 
ED 316 205 210 935 


97 3/8 6.K 9.66 3.37 101.50 

OT 1.30 


i 205 210 935 948 950 960 
975 

I *2 to 939 940 947 9SB 960 
MS 975 • 

210 403 935 940 947 950 
960 975 

' 210 935 940 947 950 960 
MS 975 

I 210 93S 940 950 960 975 


205 210 935 940 941 947 
950 960 975 


50.00 1975 AUS8X3SS HT 

100.00 9.00 15/ 6/1530 

30.00 1*73 ELEdUCnZ OS JKASCE 
100.00 9.00 17/ 7/1983 


002 1/8 2.46 7.97 S.QL 102.00 1976 PC EU 517 520 80S 975 

LX 

100 5.55 8.98 9.00 101.00 1990 C6 ZD 230 210 520 805 975 

LX 


*0.00 1975 S8EDE5B OTESQSBIX BASE. 99 7/8 ' 4.50 9.01 9.01 10X00 1979 BP EU 517 330 803 975 


40.00 100.00 


10.00 1979 LX 


1X00 1976 SAXZL B0BSE nSBSTXt , U» 6.46 

13.00 100.00 7.25 31/ 3/Ml 8 510 1.96 

10.00 1974 final \(* 8.91 

10.00 160-00 r*50 30/ 6/1)89 8 its 

10.00 UU unarm rra «u m . lm 

1.00 100.00 _ 6.23 31/ 7/1979 8 IM ' 3-« 

SO-«) 1969 UXlCRXOO Ul 1/4 4-82 

u.di xeo-ao «uxs ao/ */tm ■ its 

10.00 1977* «r*T*wre ELECTRIC ms in 3/8 6.30 
10.00 100.00 ,6U75 30/ 9/1992 8 20 

50.00 1977 TXD-TORAM " ~ lrt 1/4 5.99 

49.99 190.00 >0.00 3 V 8/1992 t IXS 1.14 

40.00 1977* JCtfCO' its 3-n 

40.00 HSO-00 6.00 20/ St 1992 lift 1-17 

50-00 *1977* 130-SOAP CO . . 93 . (.42 

2tf.OOlM.ro 6.00 30/ 9/1992 X 5ft- 1*33 

20.00 1969 H38USC HASHFAcnXttC - hs 3.36 

8.00 10d.ro 8.25 30/ 6/1984 8 267 3-37 

50.00 1975 ECHATSC LTD ififi 7.36 

49.99 100.00 7.ZS 30/ 6/1900 8 2S7 3.37 

75.00 1976 naan. Ho 1/2 6.63 

74.W 100.00 6./S 15/ 4/1991 S 270 " 2.78 


30.00 2976 asm 

30-00 10CL80 8.50 31/ 1/1091 


llkl/a 5.06 
MO 1.05 


100.00 1973 BEZSSfBm. WiCTMlC 6» 137 1/4 5.84 

99.98 100.00 6.73 20/11/1990 S 969 1.76 

15.00 i9?o m xs iatt p luauc - su 3.2? 

5.77 10O.00 7*00 31/ 3/1983 0 149 3.34 

36.00 1975 HT&OBtUI ELECTRIC iii 1/4 «.!• 
50.00 100.60 7.50 31/ VU9I 8 «9 . 3.36 

20.ro i«77* Hizsdzsn cas tanr 83 i/a t.Ti 


l 108.00 -6.00 30/ 9/1992 8 US . 3.68 

i. M7S imsnxssx busy iso mi 3/4 6.18 
I 100.00 6.58 31/ 3/1991 S 191 4.58 

1 if??* busubzoi conoscTua 44 6.63 

100.00 6.00 31/ 3/1992 8 461 Z.87 

1975 ansartsaz corporatioi ill z/8 6.21 

100.00 1.50 30 1 smw S «QL. 1.87 

1 J9 K husCbissi conoRAnoa ids a/s 6.45 
1 106.00 6.13 31/ 3/1991 8 Aft X87 


50. Off 1975 HZtSOC 0 CO 

50.00 148.00 7.25 30/ 9/1990 


ids 3/8 7.U 
8 3ft . 2.27 


BORROWER/ I 
COUPON MATURITY I 


111.00 m>* A2EBKAS MEDICAL Tfl 
lo.iio 100.00 r.ou 1/ i/i»io s 

25.00 1972 MEXICAN JOTOBS 0/S 
16.00 104.00 6.00 1/ 4/1992 

54.08 1968 MEXICAN TOBACCO 1ST 
17.00 100.00 S.1S 1/ 8/1968 S 

30.00 1972 KO 

30.00 100.00 9.00 15/ 9/1987 

20.00 1968 ASHLAND 0/S 

20.00 100.40 5.00 13/ 1/1988 

15.00 IMS 8A300R EWIA. OT 
15.00 100.00 5-25 1/ 7/1988 S 

70.00 -19*6 BAXTERS XET - (LOS) 

30.00 100.00 5-00 1/ 6/1986 8 

2SM 1972 BEATRICE rOODS 0/3 

15.00 100.00 6.50 1/ 9/1992 

25.00 1973 BEATRICE nnDS O/S 
ZS.iM IOO.ro 6.875 15/ 3/1193 

25.00 1*71 BEATRICE FuM» 0/6 

25.Ou 100.00 6.25 1/ 8/1991 

20-"Ml l*»70 BEATRICE FOOUS 0/6 
20.00 IDO.00 7.26 1/11/1990 

111.00 1*72 BORDEV i'/S CAP 

3u.0Q 1MI.00 5.1V 1/ 9/1992 

3P.CWI 1971 BOUDEN n/S CAP. 

30.(10 100.00 6./5 15/ 7/1991 

15.00 1965 IRlSIPL-mns ur 
I2.ro 1DO.M «.30 21/17/1980 s 

J5.1U 1«<2 BBAADVAT-8ALE STORES 
15.00 IDO.00 4.75 15/ B/1967 

16.00 1*68 BUXM 6 SHARPE 
lu.ro 100.0(1 5.50 If 3/1988 

25.00 197J CABKAtloa 

25.00 im.m >.W 14/ 1/1988 

'-50 1969 CARRIER 0/5 
7. JO 100. DO 6.00 1/12/L969 S 

12.00 1968 CHESOSnitd-NIBn at 
12.00 100.00 4.75 31/L2/1983 

25.D0 19(9 CBE$EBR0UG8—IDfiDS 1ST 
25.00 IM.M 6.25 15/12/1*84 

50.00 1968 OSETBCrS OIL O/S 
4..00 100.08 5.1)0 1/ 2/1988 

60.00 1968 CURTSIES 0/S CAT 

60.00 1UO.O0 5-00 1/ 2/1988 6 

60.ua 1968 CBBTSLER 0/5 CAP 
60.00 100.40 4.75 IV 5/1968 S 

.m.all 1969 CaWKTEALXH O/S 
3Q.00 100.00 5.75 1/ 2/1984 ( 

25.00 1968 OWTSBEWiX TOXSBOHE 
25.00 100.00 X 50 1/ 3/1988 

15.00 IfW ClBZJML DATA 1ST 
14.00 100.00 5.00 1/ 4/1988 

20.00 i96s caacu uz sin 
2.00 iro.ro 5.00 U 8/1988 8 

1X00 1971 CSSBlHSXKZnK 
iXM 100.00 6.25 1/10/1986 A 

20.00 1972 DAKIN' 

20.00 100.00 5.25 1/12/1987 

20.00 197-2 PARI XK0US7XUB 
20.00 100.00 A.7S 15/ 8/1987 

i5.ro 1469 oenn ilttRUMiiasAL 
15.00 100.811 5.30 W 5/1989 

8.50 1968 DICTAMWNE 1ST 
8.50 IUO.OO s .50 1/ 3/1988 S 

20.iM 1*68 UELLUCHAX 1ST 
20.UO 100.00 5.50 19/ 9/1988 S 

7(1.00 1968 EASHUS KODAK. 1ST 

60.02 100.00 -.50 15/ 5/1988 8 

25.M 1972 EAXW »E PIN 
25.00 100.00 5-00 1/ 5/198/ 

15.UU 1072 KJ.. rSTBASATIOAAL 

15.00 LOO.OU 4.75 15/12/1987 

1J.S0 !«U EXEETRUflC SSHTOIES 
IJ.3D lUa.DO KSO 15/12/1988 S 

Kl.aO 197b T1ASE8UA CASER4/1SEI 
20.00 lU0.ua S.7S - 1/12/U91 

3Q.M 1969 EBD DSPE SZORES 151 
24.00 IM.M 4.50 U/12/U8& • 

30. HI 19-2 FENDERS CAP 

10.00 100.00 5.00 1/ 5/1997 

00.44 1568 HXESTVKB 4/S FU 
59-02 UlU.OU S.OO 1/ 5/1588 

60.00 195S FORD DCT CAP 

58.80 I00.ro 5.00 1/ 5/1943 * 

79.00 197) FOBS INt FIX 
is.uo iro.oa 5.oo is/ u ins 

9o.oo 1*71 roro ist cap 

50.00 100.00 6.00 IS/ 3/1*66 

>0.00 197? GEJffRAL CLEeme 0/3 
90.04 IM.M 4.25 15/ 6/1387 

50. OU >567 GENERAL fiMDS 0/5 
49.00 100.00 4.625 U 10/1981 8 

IS.0B IMS Q3ESC0 809X11 «FPAX£L 
12.« 104.00 5. SO 1/ 1/1968 



< j MARKETMAKERS 


ES 

4/S 

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S. 75 

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37 

19 

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7.00 

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71 


8.43 

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3 

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36.00 

1/10/1972 

116 

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73 

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1/196? 

88 

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68.77 PS EO 359 800 933 944 964 975 
LX 

46.90 PC EO 234 800 933 940 960 979 
LX 

-XAl PO RI 436 520 80b 933 940 960 
LXKY 975 

125.90 SO ED 443 600 935 940 960 973 
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21.32 PC ZB *47 320 600 870 935 940 

RXU 960 975 

79.59 96 B1 361 100 933 9*0 960 975 

1TLX 

9X59 KK <47 800 935 940 960 975 

Knx 

8.73 PS EB 437 310 870 935 940 940 

LX 975 

-4.47 KB *88 860 933 *60 97S 

LX 

3.17 PS ZD 437 570 870 935 940 960 

LX 973 

-1.72 PC EO *37 9J3 940 960 975 

• LX 

X 76 PC ED 436 520 800 870 935 9*0 

LX 960 975 

3-27 PC CO *56 320 870 935 9*0 960 

LX 175 

— 31 PC ra *47 320 800 935 gSO 960 

NTLX 973 . 

74.93 PS £0 233 520 MI7 670 935 940 

LX 360 975 

149.04 PS ED 447 300 940 9»0 175 

U 

176.73 ao ro <88 520 800 870 935 940 

LX 960 975 


1 197l msai * CO 
I KHLbO 8.25 31/ 9/1 $89 8 
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I 100.00 6.00 30/ 9/1992 S 

1 i977* ran luafcxc infer - 
1 100.00 i.oa 30/ 9/1992 I 

1 1971 Raisa ELEcncnc 

I 100.00 6.23 30/ 9/1309 

1 1971a txcos 

1 100.00 6.25 30/ 9/1991 S 

> 1976- SARD ELECTRIC 
! 108.00 . 6.2S .30/11/1991 E 

1973 SUB) ELECTRIC 
100.00 t.SO 30/11/1990 I 

1977* SXTISO fAPBUQAfe RPC 
100.00 6.375 30/ 9/1992 S 

1977* StEOlXMQ-ELECTRIC ISO 
I 1DO.OO 6.00. 30/ 9/1992 S 


S 

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*1 S < 5 3 
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1X00 100.00 5.73 1/ 2/1984 8 

50.00 1M7 CniDXTt U tetf ■ 

3X00 I00.D0 4.73 31/12/1902 S 


10- ' 5.77 
tif 2.27 
lit 3/9 5.18 
555 US 

111 fi. 7.50 
A30 X 79 

175 5/0 3.56 
1240' L.94 

126 i.ta 

M * 1.88 

M 7/8 6.36 
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ltli/2 5.37 
200 . ’ 3.00 

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490 . 

816 1/4 S.52 
243 - 2-06 


5.30 ZtK 181X3 

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6.09 «tt 4*0 

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lit fto.3 
U S/1971 
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U. 1/1976 

5.82 SV 541 ' 

v trim 
9.76 BB 872.7 
. .1/ 8/1974 

rra 79.3 
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2-39 RX IPX I 
3J 1/1970 

6.33 m az - 
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in 3*1590 

30/ S/1977 

5.41 BS81307.6 
U 7/1977 

Lg* rtx 7M 

1/1W1977 

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1/ 9/1969 
7-38 ZED 3*8.7 
39/ 6/3575 

6.60 2Zk 326.1 
15/ 1/1976 

3.72 Iti 9U.7 
V 7/1976 

4.99 XXX 5)8.8 

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.1/ 6/1970 

2.50 n ltd 

1/ 4/1976 

8.10 TZ* 235. 

1/ 7/1577 

3-82 T2E1S4 

31 / 3/1976 

7.01 za 3» 

V. 8/1977 
3.26 ni 387.6 
1/ U197S 
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2^3/19/6 

6.96 ZZB 356.7 
30/ 9/1975 

3.57 ZB 2*5.2 
30/ 9/1974 
4.441ZS 322 

1/10/1977 

8.35 m 7*6 

■1/ 9/2977 

m 7io 

1/ 7/1974 
3.(4 TER 399.2 
1/11/1)76 

6.36 m'239 

1/12/1976 

m 171.8 
i/12/1975 
6.64m 498 . 

1/2/1978 

4.71 m 223 

1/10/1477 


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42 958 .M2 *62 964 975 

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LX 964*975 

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ZX . -936 9*0 0*8 9*3 960 

*62 96* *75 9*0 

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LX 9*3 $U 96* 973 

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XX 9>9r. 

—3.41 wn 346 515 920935 543 »£&' 
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515 913 (20 935 *38 
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519 870 913 9ZB *35 
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94* i*t 9M'9E2 964 
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3LS-920 93S 962 943 
960 9*4 (75 

513 870 *13 920 935 
998 (ft 9*2 90 960 
962 964 979 990 ' 

515 870 513 920 935 
988 9*0 9*2 960 962 
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515 670.913 920 935 
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(44 979 990 
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938 940 9*2 943-960 
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515 913 910-935 M2 
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515 *15 820 939 9(8 
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31? 470 913 920 935 
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513 870 913 920 9*2 
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EP EH 316 
XX 

TP EU 3W 
IX 

n nr 330 

LX 

DPR 451 
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OLD 489 
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XP 80 463 
LX 

dm 454 
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BP tS 463 
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15.00 1986 F.R. feAao/8 
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2S.M 1972 GOBLD 
25.00 100.00 5.90 


1/12/19)7 


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15.00 100.00 -5.00 l/l6/U)2 

15.00 1970- OOLiDAT TB8.O/S 
10.00 IDO. 00 S.00 15/10/1985 6 

50.00 1971. HOBIBKLL CAP 
30.00 100.00 6.00 IVll/lftt 

36.60 1M8 aoat T ufLL o/s ni - 
16.01 100.6Q 5.06 15/ 2/1)83 S 

2S.OO 1168 L.C.C. ITT 
23.00 100.00 3.50 1/ 6/DM 8 

50.00 1977* DU. OVERSCAN PIN 
50.00 lOO.ilO 6.00 K 8/1197 

20.00 H71 om-coKC hotels o/s 

20.00 100.00 . 7.00 13/ 6/1986 

50.80 I9M' m standard ElRctuc 
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16.00 II6* TR STANDARD ELBCTRld 

16.00 200.00 5.ZS 1/12/DM 

23.00 1969 OT STANDARD ELECT*IQ 
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12.00 It 66 TBX UTOrnXS O/S ' 

3.00 97.50 5-25 1/ 6/1996 S 


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30.06 100.00 D.7S 39/5/mo 5 Z16 *.3l 


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56.00 -19» . 
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4.35 1/ 1/1989 

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7.60 It 93 

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6.71 TL 225 

I/ 1/1969 
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MPCB 361 80S 960 975 
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247.65 PQSI 
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601 402 604 610 
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601 602 808 610 
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60.00 1976 SBOVOtt SEW 84KK 
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30.80 1973 m»'»" *u ff nw « SANK 
20.00 100.00 6.S0 U/11/1M8 

30.00 1971 BASS SELECXIOI CQBP 
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1/ 4/1976 

to 4B 
1/ 5/1973 
to 29 
1/ 3/1969 
ft 1*8 
V 1/1373 


456 520 800 870 93S 9*0 
MO MS 

456- 520 800 870 9» 9*0 
B60 979 

*56 800 913 9*0 960 973 ' 

•II 520 HO 870 933 9*8 
. . 9b0 975 


Vr*r 


























































r j 




.^^aacial Times Monday January 9 1979 

31st iy^ 1977 v 




1 •" , ' : , i 


Mi.. S 






Jt?tl*.'.' 


?% ADELA 76/83 w._ 

7i% ADELA 77/82P 
7% ADELA 77/teP — 

6% AEG 66/81 . 

6\% Airport Paris 69/84 P 

9% AKZO 7J/82P _........- 

7J% AKZO. 76/83P . ,...7.'"' 

&i% Aluwjisse Inti. 75/83 ... 

6i% AMEX Inti. 77/84P 
10% A.P.E.L"74/81 (G) 

S Mnce 

• .2° ARBEO Finance 77/87 ...... 

8i% Ardaf-SunndaT 75/8IP 

6J% Ardal-Sunndai 77/89P . 

7% Argentine '67/79 -..iV..;. 

7% Argentine 68/78 .....; 

8% Argentine 69/79 . 

Argentina 77/84 . " 

7% Asian, Dev*. Bk. 69/84 .““ 

8j% Asian Dev. Bk. 75/80P ..... 

■5 ^'5 w - 76 /82 

7J% Asian Dev.Bfc. 76/83P. .. 

'% Asian-Otv. Bk. 77/85 _ ■ 

ASK0 .75/8QP ....... 

7\% Aumar73/88 f'G).;. 

9% Aumaf 76/84 <G>... 

7j% Aumar 77/84 (G) .................... 

6i% Australia 67/M 

64% Australia 68/83 . 

64% Australia 69/84 ___ 

71% Australia 69/84 _..... 

7% Au«raJn^72/87 

10%.Australia 74/80. „• 

9% Australia 75/82 

8i% Australia 75/82 IP .J._.... 

81% Australia 75/82 IIP __ 

Australia76/83 ..■;_... 

5±% Australia 77/B2P ........... 

54% Australia 77/89 ... 

64% Aust. Ind. Dev. Corp. 72/87_ 

8% Austr. Ship. Coin. 76/S3P (G) ^ 

7% Rep. of Austria 68/82 .. 

64% Rep.' of Austria 69/83 ............... 

94% Rep. of Austria 75/79P’ 

94% Rep. of Austria 74/80P.. 

91% Rejx. of .Austria 74/8IP . 

94% Rep.'of Austria 75/80P __ 

84% Rep. of Austria 75/8IP ..._ 

84% Rep. of Austra 75/82P _ 

9% -Repeat.Austria. Z5/83i j..'....:.'.. 

84% Rep. of Austria 75/B3P-_ 

8f% Rep. pf Austria 75/87.__ 

74% Rep. of Austria 76/86 .. 

64% Rep! .of Austria 77/85 

7% Rep., of Austria 77/87P ...__ 

64% Rep. of'Austria 77/87P_ 

6% Rep. of . Austria 77/87P_....... 

71% Autopistas.69/84 (G) _... 

8% Autopistas 71/86 (G) .. 

64% Autopistas 72/87 (G).. 

8% Banco N. Obras 73/86 (G)_ 

9% Banco N. Obras 76/81 (G)_ 

7% Banco N! Obras 77/84 <G> ...... 

71% Banque Ext. Algeria 77/83 . 

6% BASF 65/80' .. 

74% BEC Finance 76/83P . 

8% Beecfiiro Fin. 76/83-....:....._ 

10% Bergen 74/79 ...... 

84% Bergen 75/85 __1...;. 

71% Bergen 77/89 ...---' 

8i% BFC6 75/83 (G) ........ 

81% BFGE 76/84 (G)- ..-. 

7% BFCE 77/87 (C) -- 

84% BNDE, 77/87^-......... 

9% Borregaard 75/81P ................... 

61% Borregaard 77/84P . 

81% Brascan Inti 73/88 ............__ 

64% Brazil 72/87 ■■ ... 

84% Brazil .76/86 . 

74% Brazil 77/84 ..—.....L.. 


i Middle 
I Price 


10575' 

757. 

525 

666 

10200 

'7.11 

4.46 

670 

■ 101.50 

6.90 

459 

6.60 

10475 

5.73' 

'• 207 

358 

10175 

639 

359 

5.94 

10675 

8.43 

409 

. 704 

.10500 

7.38 

5.42 

6.61 

110.15 

7.49 

457 

565 

10450 

6.46 

625 

5.86 

' 108.40 

923 

238 

6.10 

10300' 

-752 

5.84 

7.10 

10050 

672 

9.42 

667 

10600 

825 

350 

675 

103.00 

655 

734 

625 

1007Sr 

6.95 - h*H 

■6.42 

10450' 

670 

075 

6.M 

' 10300- 

777 

1.41 

534 

. 10450 

7.18 

675 

664 

10460 

6.69 

356 

563 

10600 

8.02 

238 

6.15 

• 107J& • 

7.44 

4.17 

5.91 

10800 

7.18 

525 • 

5.92 

• 10550 

664 

725 

- 6.03 

10675! 

'8.90 

225 - 

6.17 

10325 

726 

.531 

637 

107.00 

8.41 r 350 

6.67 

' 10350 

7.49 

650 

705 

. 10475 

621 

279 

4.64 

‘ 10735 

629 

3.03 

4.18 

10625 

6.12 • 

352.:-. 

4.6! 

107.00 

678 

373 . 

523 

. 10700 

654 

5.11. 

539 

11275 

837 

275 

4.92 

11475 

734 

4.09 

4.92 

10750 

767 

425 

6.18 

10750 

7,67 

434 

621 

10950 

6.62 

5.17 - 

5.11 

.' 10275 

5.11 

475 . 

459 

10000 

575. 1134 

775 

10375 

651 

5:10 - 

5.87 

10800 

7.4! 

567 . 

627 

103,00 

6.80 

220 

5.60 

10365 

627--. 268 - 

509 

106.00 

8.96 

150 

520 

10900 ' 

8.94 

234 _• 

6.18 


10900 8.94 3.92 

106.00 8.96 ■ 209' 

- 106 75 771 - 3.42 

10725 8.16 172 

110.00 8.1* 5:09 / 

10750 8.14 3.19' 

108.90 - 751 5.04 

11050 701 680 

10675 6-32 657 

10525 6.65 6.94 

. 10525 6.41 783 

102.00 5.88 -8,13 

10350 780 ,358. . 

10370- • 771 452 

100.00 675 4.98 

10475 7.64 451 

10650 8.45 387 

9950 7.04 675- 

9850 7.61 579 

10380 5.83 174 

104.00 723 584 

10950 751 584 

• 10850 922 1.92 

11255 777 528- 

10575 6.86' 68? • 

10775 786 '4.48 

107.85 785 5.48 : 

10425 6.71 783 • 

106.00 882. '6.6S- 

10750 857 • 354 

102.00 657 675 ; 

105.30 8.07 6.41 

9980 6.78 975 

10650 822. 577 

. .104.00 7.45 6.34 / 


6i% Brenner 68/83 (G) .. 103.00 655 380 

64% British Gas 69/79P (G) '..- \ 101.00 688 .' 125 r 

6i% British Gas89/84 (G) .....-»- 103.00 ‘ 655 387 „• 

5J% British Petrol 65/80..w - 10150 5.42 1.41/ •/ 

5J% -Bruxelies-Lamb*rr77/84P‘ 10125 - 5.68. 656 m- 


70450 67# 7.43 

10250 Sb 7 r 0.92 
101.75 J541 '321 
106.00 J- 788. 4.15 
'UO.69 653 4.77 

•HR®' 671.'. 526'. 


51% -BruxeUes-Lambert- 77/84P ‘ 10125 5.68 : 656 m. 

84% Burmah Oil 70/85...•-10550 ■ 8.06' 416 - 

6% -Orijberg-Tbborg- 77/87 ...v..^„. 9975 V 682 - 852 I 

84% C.C.C.E. 75/85 (G) .. 10850 7.83 ^5.19 

84% CC.C.E-'76/86 (G) 109.00 V 7M? 6.96". 

7% C.C.CJL 77/89 <G) .70450 67# 7.43 

54% C EC A 64/79 ..........- 10250 M7 r 0.92 

54% C EC A 65/83 30175 J5.41 - 321 

74% CECA 71/86 ... 106.00 ^ 788- 4.15 

64% CECA 72/87 ;..;L.. ' !Q28f 653 4.77 

7% CECA 72/88 .;- 104^ 671'. 526'. 

64% CECA 73/88 -....-...-:* IglbO . 6.34 552 

7j% CECA 73/88 ^2455 623 620 

10% CECA 74/79 IP __ 10750 950 159 

10% CECA 74/79 »P ........—107.50 9J0 187 

10% CECA74/81P ...10850 ' 922 3.67 

91% CECA 74/81 . 11650 8.37 3.92 

8% CECA75/8QP_i...... 10550 7.58. 2.92 

84% CECA75/82P -- 10680 8.02 4.17 

8% CECA 75/82 .__ 112.75 7.10 4.96' 

84% CECA 75/B5 . 108.80 751 381 

8% CECA76/BIP __;.. 10550 758 3.96 

7J% CECA 76/83 ........i..:.- 110.00 785 575 

7J%-CECA.76/88 ..—-.... 11080 7.05 670 

64% CERGA 73/81P ........ 102.00 ' 637 325 

7% CESP 77/871 (G> . ...... 9825 7.12 984 

64% Charter Cons. 68/83 .....I.'«« 10135 6.41 3.63 

7% Chrysler-69/84 _.. 10225.685 3.38 

6J% CIBA-GEIGY ex w. 75/85P. ...... 10750 628 7.75 

64% C.N. Autoroutes 69/84 (G) _ 10480 ' 625 359 

94% C.N. Autoroutes 75/82 fG>. 10975 886 4.04 

64% CN. Eneigie'69/84 (G)-...... 10380 6.31 351 

64% C.N, Telecom 68/83 (G)_^^.. 10325 6.30 326 

84% C.N. Telea>m 70/85 (G)'._ 10550 8.06 4.07 

84% C.N. Telecom. 75/82 (G) _ 10950 7.99 4.17 

9i% C.N. Telecom 75/83P (G)- 10850 853 5.13 

9% C.N. Telecom-75/83P (G) .. 10880 8.33 5.13 

74% C.N. Telecom 76/83 (G> 107.00 678 529 


W260 

.6.34 

552 

533 

42435 

623 

620 

3.34 

•<■ 10750 

930 

159 

4.93 

107.50 

930 

167 

5.16 

10850 

922 

3.67 

725 

11650 

837 

3.92 

5.00 

10550 

7.58 

2.92 

539 

10600 

8.02 

4.17 

6.79 

11275 

7.10 

4.96 

503 

108.80 

731 

361 

572 

10550 

758 

3.96 

638 

:t 10.00 

705 

575 

566 

11000 

7.05 

670 

539 

102.00 

637 

325 

5.80 

9825 

7.12 

934 

725 

10IJ5 

6.41 

363 

6.17- 

10225 

635 

338 

635 

10750 

628 

7.75 

55^ 

10400 

625 

359 

524 

109.75 

866 

4.04 

667 

10300 

631 

351 

553 

10325 

630 

326 

' 538 

10550 

8.06 

4.07 

704 

10950 

7.99 

4.17 

609 

10850 

853 

5.13 

720 

108.00 

833 

5.13 

7.08 

107.00 

678 

529 

5.67- 


■ Repjymmi ' ' ■. 

Tiaidla D-rriandaiorydraiMAn 
. •. Maturity* byiotatpar 

"■_• 'ji S - sinking (und . - 


I. 483 
16. 682 
J. 8.82 
1. 272—SID 
1. 375—84D 
1 . 2.82 
1. 683 
I. 8.81—83D 
1.484 
1.1277—81D 

1.11.83 

1. 6.83—87S 
' 1.7.81 

I. 7.82—89D 
1.1270—79S 
1.10.71—78S ‘ 
1.1272—79S 

1.10.84 

1. 9.75-S4S 
16.11.80 
1. 382- ' 

1. 483 
1. 485 
1. 480,.. 

1. 279—88D 
15. 877—84S 
I. 784 
T.M.73-«2S 
1. 874—83S 
275-=84S 
U175-845 
I. 278—875 ■ 
1.10.80 .. 

1 . 282 ' : ': 
1. 482 
1. 582- - 
1. 3.83 
1.10.82 
1.1185—89S 
’ 1.1178—87D' 
I. 983 
1. 473—82S 
1. 475—83S 
1. 7.79 

■ ui 8 o:.. 
1.1281 
1 . 280 ' 

'- I. 681- - 
1. 479—82D 
1. 283 

1. 479—83D ' 

1. S7B^-87S.': 

2. 583—86S 
1. 483^-85S 

1. 183—87D ' 
1. 283-870 
• 1. 9.84—87D 
1. 773-84S 

1.1077— 86 D 

1.1078— 87D 
1.1177-865 - 
I. 981 ' 
1.1084 T 

15.1081—83D ■ 
1.1071—80D 
1.1183 
1.11.83 
1.12.79 > 

1. 581-^850. - 
1. 281—89D 
1. 781—83S . 

1. 7.82—84S 
1. 2.83—87S 
1. 483(82-87) 

1. 581 
1 . 10 . 8 +- . 

1.1079— 88 S" ' 

. 1.1076^-875 

1.10.82(80-86) 
1.584 
1. 874—83S . 
h 4.75—79D 
I. 475r—84D' - 
1. 671—80D 
•15.12.84 ‘"‘j. ■ 

I. 1176—85D 
f~;1il£85-r87Dv 

•1. 481—85D' •' 
t i.- 783—86D v . 
T. 4.81—B9D " 
•1. 6 . 68 —79D 

J. 471—83D' 
l. 577— 86 D 

. 1. 778—87D_ ' 
.2, .179—880 . 

- -1. 479— 88 D 

1.1L79— 88 D : 

1. 879 
. 1.9.79 

- 1; 9.81 
1:12.81 

.1.1280 
1.382' .. 

15.1282 
1. 478—85D 
: 15.1281 • 

UI083 

- 1.1082—86D 
• 1. 481 

1.1183(82-87) 

~ 1.1072^-835 

- 1. 7.75—84S 
1.1085 

i; 375-^84D 
16. 1.82 

1- 2.75—84D ' 
i;il74-l83D 
1.1076—85S 

- 1. 382 • 

16. 283 1 
76. 283 

16; 483 


WestLB Euro-Deiftschmarkbond Yield Index ' 

December - 29, -1977.: 6.24?& (November 30, 1.977.i 6-.3596J 


7J% Ccrmalco 71/86 _......... 

9i% Comal co 75/82P --!.. 

7% Com. Fed. ETectr. 77/82P 

S% Com. Fed. Electr. 77/84 _ 

7i% Com. Fed. Electr.-77/85 .. 

8i% Comp. Franc.. Petr. 75/85-- 

b\% Comp. FraficJTetr. 77/84 ......... 

8+% ■ Consorrio. 70/91 -(G) ... 

8|% Conahehtal OB 70/85 

5j% Copenhagen .64/84 -- 

7% Copenhagen- 68/83 __ 

63% Copenhagen 69/84 --- 

74% Copenhagen 71/86 ..... 

9i% ' Copenhagen 75/85P... 

74% Copenhagen 76/86 

64% Council of Europe 73/81P .. 

7% Council of Europe. 73/88 
94% CouncB of. Europe 75/82P ......... 

84 % -Council of_Europe 76/83 --— 

7i% Council of Europe 76/83 

7% Council of Europe 76/83- 

6J% Council of Europe 77/87 

64% Courtaulds Inti. 69/84 ............ 

64% Courtaulds Int'l. 72/87 --i... 

74% Courtaulds Int'l. 73/88P- 

6% Credit National 77/87 (G) ..—.« 

9% CVRD 76/84 ,'~— 

84% CVRD 76/86 .... 

8% Daimler-Benz 70/85 ... 

6% Danish Export 77/82P -- 

104% Danish Oil 74/78P- (G)- 

101% Danish OB 74/7BP (G) 

81% Den Danske Bk. 76/86- 

6?% Denmark '68/8QP. ....-......— 

- 7% Denmark 69/84 

84% Denmark 70/85 ---- 

74% Denmark 71/86 -- 

fi}% Denmark 72/87 ................ 

91% Denmark 74/89 

81% Denmarle 76/82 -- 

8% Denmark 76/8Z —— 

6J% Denmark 77/BJ- 

6|% De« Norske Ind. 77/89 (G) ...... 

64% District Paris 69/84 (G )-- 

84 % Dunlop Fin. 70/85. 

71% EEC 76/83 .......I—-- 

74% Elect Council 69/84 <G> -- 

74% Elect Council 69/84P (G)- 

74 % Elect Couikil 71/86 (G) -- 

8§% Elect de France 70/85 <G)- 

7% Elecrrobas 77/87 (G) .....4...— 

54% Elf Norge 77/80P .... 

6% ENEL 65/SO 1 (G)-—«... 

% Enfso-Gutzdt 70/85 . 

Ericsson 72/87 .............j.....— . 

ESAB 76/81 P >—....... 


105.95 

10650 

9975 

102J5 

10075 

107.75 
10375 
10575 
108.00 

9975; 
10250 
10250 . 
103.00 
107.00 
105.00 
101^X3 
104.00 
108.00 
10750 
107.00 
106.00 

100.75 
103.00 

101.75 
103.00 
100XX) 
107.00 
104.70 
10875 
10050 

10350 
102.00 
10775 
102-00 
10375 
T07JD0 
IQ4.00 
10255 
110 . 00 ' 
10835 
10750 
10450 
10550 
t035O 
103.00 
"10575 
10870 . 
10550 
10250 
10575 ' 
10730 
9950 
10275 
10050 
10600 
10275 
.106X30 


678. 
7.45. 
7S1S 
7.43 
7.09. 
661 ‘ 
5.88 
' 7.60- 

6.14 
579 
. 6.07 
* 5.99 
7^13 
7.38 V 

656 

614 

6.H. 

7.ir 

573 
5.64' 
5.77,' 
6 . 12 ' 
585 - 

6.13 
6.56-, 
6XJ0 ’ 
7.29. V 
6.92', 
570 
579 
677. 
758 

657 • 
5.34:.. 
654 
659 
671 . 
6.16 
773- 
578 
659- 

574 1 
6.44: 
6.07 : 

553 

6.91 
5.41 
555:. 
680' 
^ 6.49 

652 
7.07 
458 ' 
572 - 
6.90 

.. 659-' 

653 


- .^T. 677—865 
... 1.652 

l'V9jn 
• .^1. 654 
. ;JJi52—8SD 1 

- 1. 5.80—85S ■ 
.->-1.754 

.. . J.,177—91D 

.trut-ass- 

V 15.12.70—84D 
:. \Z 572-B3S • 
",;..U.675-44S 

V . T. 477— 86 S 

. ::;J.'350—B5D 

■ UI81—86S " 

1.7.79— 88 D 
1/252 
r,'279—83D 

• I. 5.80—83D 
.1.1253 

• .1:11.83—87D 
9. 475—84D5 

. 1. 7.80—875 
1. 279—88D 
" 0.83—87S ’ 

I! 251(8254) 
.. 1.12.82(83-86) 
: . 1.1176—85D 
1.11.78—92D 
1.1178 
: 1.12.78 
1.1152—80D 
1.1072—80D 
■ 1.875—84S 
1. 976—85S 

• 1.1177—865 
' 1.1278-87$ 

' . K 350-89S ■ 
1.252 
//.l. 952 
16. 553 
16.-5.87 

. 1. 6.80—89D 

. 1. 475—84D 
'. 7. 876—85$ 

. 1..453..' 

= 1. 975-84S 
1. 9,75—84D 
‘1. 3.77— 86 S ' 

- U176-855 
1. 953(83-87) 

16. .450 

*. U 759—SOD ' 

.. 1.M76-t85D 

• 1. 378—87S' 

' I. 251 


Enro-Deutschmarkbond Quotations and Yields 


64% ESCOM 65/80 (G 

64% ESCOM 68/83 (GJ ../.'.....U. 

8j% ESCOM 70/85 (G) _...... 

8% ESCOM 71/86 (G) ___ 

64% ESCOM 72/87 (G) .. 

7% ESCOM 73/88 (G) ....... 

9i% ESCOM 75/80 (G) .. 

7i% ESTEL 73/88 i... 

84 % E5TEL 7S/85 .... 

84% ESTEL 76/83P .. 

6f% ESTEL 77/84P .. 

54% Euratom 77/87 . 

54% Eurofima 64/79 .. 

6% Eurofima 65/80 ............. 

64% Eurofima 67/83 ... 

7j% Eurofima 71/86".. 

6i% Eurofima 72/87 . 

64% Eurofima 73/88 .....i__ 

8% Eurofima 73/88._ 

10% Eurofima 74/79P . 

9% Eurofima 75/85____ 

8% Eurofima 76/83 ... 

6J% Eurofima 77/87P .. 

64% Eurdp. Inv. Bank 68/78 . 

6% Europ. Inv. Bank 69/84 __ 

■ 7% Europ. Inv. Bank 69/84 

8% Europ. Inv. Bank. 70/80 . 

74%-Europ. Inv. Bank 71/86. 

74% Europ. Inv.'Bank 7.T/86 ............ 

64% Europ. Inv. Bank 72/87 .. 

6% Europ. Inv. Bank 72/87 .. 

64% Europ. Inv. Bank 73/88 .. 

7% Europ. Inv. Bank 73/88 _... 

10% Europ. Inv. Bank 74/8IP_.... 

8% Europ. Inv. Bank 75/80 ....._ 

94% Europ. Inv. Bank 75/83 .:.. 

8% Europ. Inv. Bank 76/83 .. 

7J% Europ. Inv. Bank 76/83P ..._ 

fij% Europ. Inv. Bank 76/64 ... 

6% Europ. Inv. Bank 77/89 ... 

8i% Europistas 71/86 (G) . 

8% -Europistas 72/87 (G) .. 

104% Fin. Inst f. Dan. Ind. 74/78P ... 
74% Fin. Inst. f. Dan. Ind. 76/8TP ...... 

64% Finland 64/79 .. 

6% Finland 64/80 .,..V.. 

7% Finland 68/83 . 

64% Finland 68/83 .. 

7% Finland 69/84.. 

7J% Finland 69/84.... 

84% Finland 70/85. 

7% Finland 72/87 ..... 

8% Finland 76/84. 

74% Finn. (Communal 69/81 (G) ___ 

8% Finn. Kommunal 71/83 (G) __ 

84% Forsmarks 75/83 (G).. 

74% Francetel 76/33 (G). 

63% Francetel 77/84P (G). 

7% Fuji Heavy 76/8IP . 

94% Fujitsu 75/80P ___ 

7% Genl. Instrum. 68080 ...... IV... 

94% Gen. Zbk. Vienna 75/82P _ 

8f% Gen. Zbk. Vienna 76/83P . 

6% Gen. Zbk. Vienna 77/87 . 

9j% Giroz. Vienna 74/78P _...... 

9|% Giroz. Vienna 74/79P . 

94% Giroz- Vienna 74/80P___ 

7% Giroz. Vienna 76/81 . 

74% Giroz. Vienna 76/83 __!..7. 

54% Giroz. Vienna 77/82. 

8% Glaxo Fin. 71/86 /.... 


wfiddte 
Pnca. 

Gurrem 

Yield 

Lffel 

Yield 10 
Maturity* 

Repayment 

D - manda lory drawing 
_ by lot ntpar 

S - rlnPinfj tund 

9800 

663 

1.73 

775 

1.10.71—80D 

96.00 

"6.77 ; 

3.14 

7.97 

1.1074—83D 

10175 

835 

4.10 

7.96 

1. 4.76—85D 

9750 

821 

8.17 

8.60 

1- 3.77—86D 

8775 

7.12 

4.80 

953 

I. 978—87D 

9250 

757 

5.49 

8.76 

1. 5.79—88D 

• 10450 

8.85 

259 

725 

1. 8.80 

10425: 

7.43 

627 

6.88 

. I. 8.79—885 

10760 

7.90 

5.76 

6.84 

1. 6.81—85S 

106.00 

802 

5.17 

706 

1. 3.83 

100.0Q 

650 

633 

. 6.49 

1.1134 

9850 

534 

9.84 

5.95 

1.1137 

10275 

535 

108 

2.87 

1. 867—79D 

10300 

533 

1.91 

4.32 

1.1268—BOD 

10500 

6.19 

3.10 

472 

1. 971—83D 

10700’- 

724 

4.44 

5.91 

1. 275-86D 

104.00 

601 

4.96 

5.30 

1. 976—87D 

10465 

621 

5.45 

5.48 

1. 3.77—88D 

10725- 

7,46 

5.45 

637 

1.10.77—88D 

10750 

930 

1.92 

575 

1.1279 

11050 

8.14 

5.02 

6.48 

1. 2.31—B5D 

11050 

724 

5.09 

557 

I. 233 

104.00 

6.49 

703 

603 

1. 283-87D 

101.00 

6.44 

0.42 

4.10 

I. 678 


10250. 

10525 

106.95 

106.00 

107.00 

103.40' 

100.70 

10350 

106.00 

111-50 

107.60 
113.75 
10875 
10850 
10550 

100.60 
.10440 

103.00 ' 

10340 

10175 

10175 

10125 

102 JS 

10250 

10450 

103.50 : 

109.50 
10340 
106.90 


1. 375—84D 

1.1175— 84D 
Z 550 

1. 3.77—86D 
1.1077—86D 
1. 3.78—87D 
1. 950—87D 
1. 279—88S 
1. 7.79—88S 
1. 9.91 
1.IZ80 
I. 151—83D 
1. 750—83D 
1.1053 
1.1251—84D 
1. 852—89D 
1. 277—86D 
1. 1.78—87D 

1.1175— 78D 
1.12.78—81S 

1. 970—79D 

2. 171—80D 
1. 6.72—83D 
1.1Z72—83D 
Z 573^-B4D 
1.1073—84D 
UZ76—85S 
1. 4.78—87S 
1. 651—84S 


10375 

723. 

2.38 

5.87 

1.12.72—81D 

10450 

7:66 

275 

628 

2 576—83D 

10675 

773 

3.96 

626 

l. 7.80—83D 

10775 

6.96 

5.79 

538 

16.1053 

104.50 

6.46 

625 

5.86 

1. 4.84 

104.00 

673 

3.92 

532 

1.1231 

10175 

934 

217 

855 

dld.p.l. 3.78 

10225 

635 

1.45 

5.43 

1. 6.71—80S 

10950 

8.45 

4.17 

656 

1. 332 

10750 

7.91 

458 

655 

1. 282—83D 

100.40 

5.98 

7.86 

5.93 

1.1283—87D 

10425 

935 

0.92 

4.89 

1.1278 

10725 

9.09 

1.92 

565 

1.1279 

109.00 

8.94 

292 

627 

1.12.80 

10635 

658 

3.84 

5.13 

1.1131 

10600 

634 

5.84 

6.00 

1.1133 

10225 

538 

475 

4.95 

1.10.82 

10520 

760 

429 

6.70 

. 1. 777—865 


WestLB 

For current prices and further Information call 


DQsseldorf • Telephone 82631221 Ini 

Westdeutsche Landesbank Telex 8581882 j Tn 
■Girozentrale 

P.OrBox1128 Telephone 8263741) . 

4000 DQsseldorf 1/FRG - Telex" 8581882/ ,n ‘ 
London 

westdeutsche Landesbank Telephone 6386141 
Girozentrale Telex 887984 

London Branch 

21. Austin Friara .• 

London-EC2N 2HB/U1C'”' . <" 

Luxembourg Hang Kona 

WestLB Internationals A Telephone 45493 AS!AC 

f-7. BoulevanJ Rpyale Telex . 2831 1301 Hutchison House 

Luxembourg — J - ; • •— HongKo'ng . 

Westdeutsche Landesbank Girozentrale 
^Leading Markatmafers in Eurobonds 


8263122) International Bond 
8581882 / Trading Dept. 

82637411 

8581882 j ^ ns ^ tLrtJona * Investors Dept. 

6-386141 

887984 


Telephone 259208 
Telex 75142 


9J% Goeteborg 75/85P .. 

10900 

8.94 

501 

752 

1.281—85D 

6i% Goodyear Tire 72/87 .... 

10675 

632 

521 

523 

1.1278—B7S 

7% Grand Mecrop. Fin. 77/84 .. 

101.10 

6.92 

505 

6.72 

1. 031—84S 

71% Guardian inv. 73/83P ................ 

10350 

700 

3.03 

5.95 

1. 279—83D 

8% Guest-Keen Need. 76/83 

10825 

739 

5.34 

6.13 

2 533 

6\% Hamers ley Iron 72/87 .... 

10300 

655 

4.76 

6.00 ' 

1. 7J8-87S 

8% Hazama-Gumi 76/84 P ............... 

10550 

758 

3.42 

6.15 

1. 631 

7% Helsinki 68/83 .. 

10675 

656 

2.94 

457 

1. 772—83S 

*i% Hrghv. 5reel ex w. 66/78 . 

99.90 

651 

025 

675 

I. 4.78 

7% Hitachi Cable 77/82P . 

104.00 

673 

4.00 

535 

1. 1.82 

8i% Hitachi Shipbldg. 76/81 ... 

10550 

732 

3.17 

627 

1. 331 

8J% Hoogovens 70/85 . 

106.00 

802 

375 

6.77 

1. 676—85D 

84% IAKW Vienna 75/85 (G) ^ 

10850 

8.06 

474 

659 

1. 5.80—85D 

71% Iceland 69/84 ... 

10275 

7.06 

321 

639 

I- 573—84S 


. 74% Iceland 77/87 ._ 

84% l.CL Itn’I. 70/85 _ 

8 % I Cl- Int'l. 71/86 .. 

6 i% 1C I Int'l. 72/92 _„, ti _ 

84% ICI Inti. 75/82 .. 

74% ICI Itnl. 76/86 ... 

64% ICI Inti. 77/87 . 

8 % 1 Cl P U 71/91 (G) . 

8 % imatran Voima 71/86 (G) .. 

8 % Imatran Voima 72/87 (G) .. 

7% industr. Bk. japan 68/83 .. 

84% Industr. Bk. japaj> 70/85 _... 

64 % Industr. Bk. Japan 73/W1P __.... 

64% Industr. Bk. japan 73/81P_ 

74% Ind. Min. Dev. Iran 73/85 _ 

7|% Ind. Min. Dev. Iran 77/87 _ 

64% Ind. Mtegbk. Finl. 64/79 (G)_ 

63% Ind. Mtgebk. Finl. 68/80 (G)' _ 

8 % Ind. Mtgebk. Finl. 71/B6 (G)_ 

7% Ind. Mtgebk. Finl. 72/87 (G). 

9% Ind. Mtgebk. Finl. 75/84 (G>_ 

54% fnt. Am. Dev. Bank 64/79 ... 

6 j% Int Am. Dev. Bank 68/83 .. 

7% Int. Am. Dev. Bank 69/84 __... 

84% Int Am Dev. Bank 70/85 _ 

6 i% Int Am. Dev. Bank 72/87 1 _ 

6 )% Int Am. Dev. Bank 72/87 |J_ 

8 % Tnt. Am. Dev. Bank.76/B3P_ 

81% Int Am. Dev. Bank 7K/83P_ 

7% Int Am. Dev. Bank-77/87 __ 

64% Int Am. Dev. Bank' 78/88 ......... 

■ 6 i% Inti. Com’L Bank 73/83_ 

74% IRAN 68/78 _:_ 

74% Ireland 69/84_.-._ 

84% Ireland 70/85 _'.____ 

84% Ireland 76/81 . . . 

54% IRI ex. warr. 64/79 (G) .. 

74% 15COR 71/86 (G)___ 

7% ISCOR 72/87 (G). 

' 7% JSCOR 73/88 (G>... 

84% ISCOR 73/88 (G)... 

8 i% ISCOK 77/80P (G)__ 

8 ?% ISCOR 78/B0P (G>. ... 

6 % Japan 64/79 __...._ 

Japan 68/83 .. 

japan Dev. Bk. 76/83 (G) 

■ i Japan Synt Rub. 76/81P -___ 

% Johannesburg 71/86 (G).. 

■ 6 - 4 % Johannesburg 72/87 (G ) 

74% Jydsk Telefon 69/84.. 

6 )% Jydsk Telefon 72/87 .. 

74% Jydsk.Telefon 73/88 _..... 

9% Jydsk Telefon 75/B2P ........._ 

61% Kansai Elearic 69/84 _...._ 

73% Kansai Electric 71/86 ^ 

84% Kawasaki Steel 75/82 --- 

64% KELAG 73/88 ___ 

63% KHD Financd 72/87' ....'......u—L.. 

7j% Kjobenhavm H. Bank 76/B3P_ 

74% Kjobenhavns Tel. 72/87 _ 

7% Kjobenhavns Tel. 72/87 _ 

64% Kjobenhavns Tel. 73/88 

84% KLM Finance 70/85 _ 

7% Kobe 68/83 (G) _^..._ 

61% Kobe 69/84 (G)_ 

71% Kobe 71/86 (G) .. 

63% Kobe. 72/87 fG) ____ 

84% Kob e 75/80P (G) _ 

74% Kobe 76/83 (G) _ 

6 i% Kobe 77/87 (G) .... 

74% Kommunl. Inst. 76/83 ............... 

8 % Kommunl. Inst 76/84 ............... 

7i% Korea Dev. Bank 77/84 _ 

54% Kubota Int’l. 77/82P .... 


10450 

10725 

107.10 

10325 

107X0 

10750 

10650 

10350 

103X0 

10450 

104.00 

10550 

10150 

10150 

104.00 

'10450 

101.00 

10275 

10750 

101.90 

106.60 

T0150 

10280 

10450 

10950 

10290 

1PZ90 

106.00 

10725 

10625 

10075 

10325 

10250 

10350 

10625' 

10750 

9950 

9550' 

9225 

9050 


7.93 459 

7.47 4.75 

6 JO 7.41 
7.91 459 

751 7.90 

6.37 7.80- 

773 6.50 

7.73 422 

759 477 

673 3.34 

8.06 3.99 

6.44 242 

6.44 3J4 

721 358 

7.42 7.44 

6.19 .0-83 
657 1.82 

7.44 472 

657 474 

8.44 3.13 

5.42 1.00 

657 292 

' 6.73 3.47 

776 4.02 

656 5.13 

656 555 

755 5.13 

7.69 550 

659 '6.95 
620 10.00 
654 336 

757 0.92 

754 355 

8.00 450 

771 350. 

5.81 T50 

8.16 8.42 

759 438 

-773 530 


6.80 
655 
■ 622 

5.94 
654 
6.34 

5.77 
7.45 
7.15 
7.12 

•5.75 

7.02 

652 

6.14 

623 

6.94 
5.06 
521 

624 
6.63 
658 

: 3.91 

5.78 

5.79 
5.90 

657 

6.11 

658 
652 
5.88 

6.15 
-5.65 
4.49 
639 

6.80 

. 5.65. 
656 
878 
939 
934 


1. 4.80—87S 

1.1076— 85S 

1.1077— 865 
1. 3.78—925 
1 . 852 
1.12.84—86D 
.1. 554—87D 
1. 177—91D 
1. 4.77— 86 S 
1. 178—B7S 
1.1272—83S 
1. 974—85S 
1 . 6.80 

1. 5.81 
1. 5.77—85S 
1. 733—87S 
2 5.70—79D 
1.11.73—80D 
1.12-77 —86 D 
1. 778—87D 
I. 4.78—84D 
1. 770—79D 
1. 772—83S 
1. 8.75—84S 
1. 9.76—85S 
1. 678—87$ 
1.11.78—87$ 
16. 253 ' 

1. 733 
1. 133—87S 
1 . 138 
F. 6.79—83D 
1.1271—78S 
1.- 9.7S—84D 
1. 976—85D 

I. 1.81 

30. 675—79D 
]. 677—86D 
1. 478—87D 


9775 

870 

JL9B 

8.99 

1.1179—88D 

100.00 

825 

217 

822 

■ 16.9.79—80D 

9975 

827 

242 

8.36 

16.12.79—BOD 

10150 

5.91 

0.9! 

4.35 

.1. 670—79D 

H1575 

652 

2.60 

4.68 ' 

I. 3.72—83S 

10630 

679 

525 

571 

1. 433 . 

10700 

771 

350 

5.96 

1. 731 

96.90 

8.26 

439 

836 

1. 977— 86 D 

8775 

7.12 

430 

953 

1. 978—87D 

10350 

700 

359 

6.24 

15. 975—84S 

10500 

6.43 

4.90 

555 

1. 3.78—87S 

10230 

.707 

578 

659 

1. 279-885 

10700 

.8.41 

450- 

7.11 

1.7.82 

10400 

■6.49 

359 

558 

1. 375—84S 

10450 

7.42 

4.13 

,6.46 

1. 577— 86 S 

10700. 

8.18 

3.40 

637 

T. 6.80—82D 

10350 

652 

550 

5.99 

1. 5-79—80S 

10&4O 

634 

4.63 

5.15 

2 578—87S 

103.00 

7.16 

5.92 

674 

1.1283 

104.00 

721 

4.99 

6.65 

2 178—87$ 

10475 

658 

450 

5.78 

1. 5.78—87S 

10350 • 

628 

5.98 

.5.78 

1. 479-88S 

10850 

733 

4.09 

621 

1.10.76—85D 

10425 

6.71 

234 

5.44 

1. 6.72—83S 

10600 

‘637 

324 

479 

1. 573—84$ 

10675 

726 

4.43 

5.97 

1. 277—86S 

10375 

6.51 

4.60 

579 

1. 578—87S 

10400 

•753 

242 1 

1 639 

1. 630 

10875 

6.90 

5.42. 

557 

1. 633 

10575 

6.15 

9.42 

5 59 

1. 637 

105.00 

738 

423 

635 

1. 431—83D 

10425 

7.67 

4.64 

639 

15.10.77—84D 

9850 

736 

6.92 

753 

1.1234 

10050. 

522 

4.42 • 

5.12 . 

1.1231—82D 


Light-Servicos 77/82 (G) . 

8 i% Longt Cr. Bk. Japan 70/85. 

10% Loozz Int'l. 74/79P .. 

84% Lonxa Itnl. 75/BOP .! 

7% Malaysia 72/84 ..... 

Malaysia 77/B5 . 

94 % Malmoe 75/84 . ZZ'. 

84% Malmoe 76/83 ;. 

6 J% Manitoba 77/84 ...I. 

64% Manic. Hydro El. 72f87 m 

64% Megal Fin. Comp. 7B/9Q. 

7% M E P C 73/88 . 

7% Mexico 68/80. i 

7% Mexico 68/84. 

74% Mexico 73/88 .. ’ 

9% Mexico 75/82.. 

B% Mexico 76/83. 

7;% Mexico 77/84. 

74% Mitsubishi Gas 76/81P. 

74% Mitsui Toatsu 75/8IP . 

9% MODO 75/83 .” 

7% Montreal 69/89 . 

6 % Montreal 72/92 . . 

64% Montreal 72 /93 . 

81% Montreal 76/86 . 

7% Montreal 77/87 . 

7\% Mortg. Denmark 69/8-1 (G) 

74% Mortg. Denmark 71/86 (G) 

7% Mortg. Denmark 73/88 (G) __ 

6 s% Mortg. Bk. Finl. 69/84 <G). 

74% Nafi. Mexico 69/79 (G) .” 

84% Nafi. Mexico 76/83P (G) . 

7% Nafi. Mexico 77/82 (G)_ 

8 j% Nafi. Mexico 77/84 (G)_ 

84% Nafi. Mexico 77 / 84 P IG) . 

64% Nat. Bk. Hungary 75/81 . 

64% Nat. Bk. Hungary 77185. 

64% National Lead 67/79 __ 

8 % Natl. Westm. Bk. 73/88 .!!!!, 

64% New Brunswick 72/87 . 

7J% Newfoundland 69/84 . 

8 % Newfoundland 71/86 . 

61% Newfoundland 72/87 ... 

6 i% Newfoundland 73/B 8 . 

7% New Zealand 68/78 .!!’ 

. 64% New Zealand 69/84 . 

7i% New Zealand 71/86_ 

7% New Zealand 72/87 . 

9A% New Zealand 75/80P _ 

94% New Zealand 75/80P . 

8 i% New Zealand 75/80P _ 

9i% New Zealand 75/82 ."" 

74% New Zealand 76/83 .!.!”! 

74% New Zealand 76/86 . 

6 i% New Zealand 77/84 .* 

9% Nippon Kokan 75/82 . 

84% Nippon T + T 75/82 (G >_ 

84% Nippon T + T 75/82 (G). 

74% Nippon T -FT 76/83 (G) . 

84% Norges Komm. Bk. 70/85 (G> ... 
8 % Norges Komm. Bk.,75/80 (G) ... 
8 % Norges Komm. Bk. 75/80P (G).. 
7% Norges Komm. Bk. 76/81 (G) ... 
7% Norges Komm. Bk. 77/80 (G) ... 
6 % Norges Komm. Bank 77/89P (G) 
6 % Norges Komm. Bank 77/89 (G1 

84% Norpipe 76/84 . 

8 % Norpipe 76/88 . 

6 % Norpipe 77/89 . 

74% Norsea Gas 76/88 .”” 

7% Norsea Gas 77/89 . 

9% Norsk Hydro 75/87 . 

8 % Norsk Hydro 76/88 . 

64% Norsk Hydro 7/89 ." 

84% Norway 75/80 . 

84% Norway 7S/80P. 

74% Norway 75/80 . 

7% Norway 76/81 .. 

74% Norway 76/81 ... 

6 j% Norway 77/82 . 

64% Norway 77/82 .. 

54% Norway 77/82 . 

74% Norw. Mortgage 77/87 . 

6 % Norw. Mortgage 77/89 . 

74% Nova Scotia 71/86 . 

7% Nova Scotia Power 72/87 . 

94% NYK Line 75/80 . 

64?4 Occidental Overs. 68/83 . 

6 % Oester. Donaukr. 59/84 (G). 

64% Oester. Donaukr. 73/88 (G). 

84% Oester. Donaukr. 75/85'(G). 

7% Oest El. Wirtsch. 67/87 (G) ... 
7%-Oest EL Wirtsch. 76/83P (G) ... 

104% Oese. Inv. Kredic 74/79P . 

9i% Oest. Kontrollbank 74/78P (G) 
94% Oest. Kontrollbank 74/79 IP (Gi 
9J% Oest. Kontrollbank 74/79 HP (G) 
7% Oest. Kontrollbank 76/83P (G) 
64% Oest. Kontrollbank 77/89P (G) 

6 4% Oest. Kontrollbank 77/84P (G) 
61% Oest. Kontrollbank 77/84P (G) 
6 % Oest. Kontrollbank 77/85P (G) 

54% Oest Landerbank 77/82 . 

64% OKO 69/79 (G). 

6 f% Ontario 69/84 . 

6% Ontario 72/87 . 

7% Ontario Hydro 69/84 ... 

74% Ontario Hydro 71/86 . 

6 ’% Ontario Hydro 72/87 ....... 

64% Ontario Hydro 73/88 .. 

6 i% Osaka 63/7B <G) .. 

6 i% Osaka 64/79 (G) . 

■64% Osaka 65/80 (G) . 

6 % Oslo 64/79 . 

54% Oslo 65/80 .. 

7% Oslo 67/79 . 

7i% Oslo 69/84 ... 

7i% Oslo 71/87 . 

6 i% Oslo 73/90 . 

9% Oslo 75/87 . 

7% Outokumpu 68/78 (G) . 

64% Papua 73/88 . 

64% Parieer-Hannifin 77/87P . 

84% Pemex 76/83 . 

7% Pemex 77/84 . 

.7% Pemex 78/06 . 

•7% Petrobas 77/84 ./..._ 

64% Philip Morris 72/87 .. 1 ..__ 

71% Philippine 77/84 .. 

84% Phillips 75/81P .. 

84% Phillips 75/81P . 

84% Phillips 75/82 . 

84% PK-Banken 75/83 ... 

94% Platm. Malmoe 75/80P . 

74% Privatblc, Copenh. 77/83P . 

64% Pyhrn Autobahn 77/89 (G) ...... 

64% Quebec 72/87 . 

74% Quebec 77/87 .. . 

74% Quebec 77/87 . 

6 }% Quebec Hydro El. 69/84 _ 

74% Quebec Hydro £1. 69/84 ............ 

8 % Quebec Hydro El. 71 /86 . 

64% Quebec Hydro EL 72/87 . 

64% Quebec Hydro El. 73/88 .. 

64% Quebec Hydro El. 77/87 ....._ 

6 J% Quebec Hydro EJ. 77/87 -... 

84% Queensland Alu. 70/85 . 


Middle Curtont 
Piirc . Yield 

me- 

Yield To 
Maturity* 

10525 

8.08 

4.17 

6.99 

105.80 

8.03 

4.16 

6.99 

107.00 

9.35 

134 

535 

106.25 

7.76 

2.37 

535 

>00.65 

6.95 

3.29 

6.75 

97.60 

6.66 

7.67 

6.91 

10850 

853 

4.54 

7.00 

106.00 

7.78 

3.63 

634 

108.00 

602 

650 

502 

103.75 

651 

459 

5.80 

9875 

6.33 

12 . 0 ! 

6.40 

99.45 

704 

5.55 

7.11 

105.00 

6.67 

1.41 

336 

101.10 

6.92 

3.41 

6.74 

10175- 

7.13 

'5.23 

6.84 

10950 

822 

450 

6.48 

10550 

758 

5.42 

674 

10450 

7.42 

6.42 

635 

10400 

7.45 

3.42 

6.39 

10450 

7.42 

3.71 

6.34 

102.75 

8.76 

337 

8.12 

10175 

6.81 

5.94 

6.42 

99.50 

6.03 

7.12 

6.08 

10150 

6.65 

7.45 

6.48 

10650 

7.98 

429 

6.69 

102.50 

6.83 

4.79 

6.36 

10355 

7.24 

3.71 

6.51 

10550 

7.35 

4.51 

6.42 

102.75 

6.81 

5.75 

6.40 

101.25 

6.67 

3.13 

6.40 

101.00 

7.18 

0.91 

6.19 

105.50 

829 

5.92 

7.56 

100.00 

7.00 

4.67 

6.99 

106.00 

825 

6.17 

7.49 

105.00 

8.33 

6.17 

7.69 

105.75 

7.80 

3.50 

6.35 

9850 

6.60 

7.84 

6.75 

105.00 

6.19 

0.92 

0.99 

10750 

7.44 

600 

6.44 

10525 

6.41 

5.11 

5.54 

105.60 

637 

3.48 

5.53 

106.00 

7.55 

4.38 

6.37 

103.40 

6.53 

5.10- 

5.95 

102.75 

6.33 

6.60 

5.98 

103 25 

6.78 

050 

052 

104.00 

6.49 

3.51 

555 

106.90 

702 

4.15 

5.69 

107.00 

654 

4.91 

534 

107.50 

8.84 

2.09 

558 


107.00 

10750 

11230 

108.40 

109.50 

106.75 

105.75 
10750 
108.00 
10930 
107.00 
10650 

106.50 
106.20 
105.95 
10020 
10025 
11025 
10975 
100.10 
10620 
106.00 
11150 
11075 
105.10 
10725 

106.50 
10725 
106.00 
10950 
10550 
10475 
10450 
106.00 

99.85 

10525 

103.90 

10130 

102.50 

102.50 

104.75 
114.00 

103.25 
105.00 
107.00 
10250 

105.50 

105.50 
104.00 

103.75 
10330 
10200 
10225 
102.00 

100.25 

105.75 
10225 

104.75 

106.25 

104.50 

105.25 

100.30 
101.00 
103.00 
103.00 
10225 
10250 

105.50 
108.00 
104.00 
109.00 
10225 

103.60 
103.00 
108.35 

101.75 
10130 

9950 

10450 

97.30 
108.00 
107.00 
11150 
106.65 

104.75 

102.75 
102.00 
10250 

105.60 

103.50 
10450 
105.00 
106.00 
102.25 
102.70 
101.00 

100.50 
106.45 


8.64 
7.67 

8.71 
6.92 
738 
5.85 
851 
8.14 

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Advertisement 




1 n . par 

P-r.inhn] fund 


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WestLB Schuldscheindarlehen 

4 year maturity: 5.25ft . 

7{% Redland inti. 69/84. 104.75 

7i% Reed Paper 73/88 . 103 30 

8 |% Renfe 76/82 (G) .. 106 2S 

8% Renfe 77/84 (G) ... 104 55 

7i% SAAB 71/86 ... 10575 

I0i% SAFE 74/79P ...^ ,07.00 

7y% Sandvik 72/87 . 103.00 

91% Sandvik 75/83 .... 11320 

8 f% Sanko Steamship 75/80 105 00 


5 year maturity: 5.50ft 


.7% Sears int'l. 68/83 


7% Siemens Europe 66/81 .. 


6 *% S.N.F.C 68/83 (G) 



104.75 

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Continued on page 22 




v 





































































































































































22 


Financial Times Monday Zvtaany tf *978 


r 


The following Tombstone announcements were published in the Financial Times 

during December 

BONDS 


Tombstone Publication 

date date 

2/12/77 THE KOREA 2/12/77 

DEVELOPMENT BANK 
DM 100.000.000 

7j% DM Bearer Bonds 1977/84 
Deutsche Bank AG and others . 

19/11/77 AUSTRALIAN 2/12/77 

RESOURC ES DE VELOPMENT 
BANK LIMITED 
US$10,000,000 
$i% Deposit Notes 1982 
AS10,000,000 
10% Deposit Notes 1982 
First Boston AG and others 

2/12/77 FINANCE FOR INDUSTRY LTD. 

£20,000000 2/12/77 

93% £/USS Bonds 1987 

S. G Warburg & Co. Ltd. and others 

24/11/77 FEDERATIVE REPUBLIC 2/12/77 
OF BRAZIL 
Y20.000.000.000 

7% Yen Bonds Series 3 due 1987 
The Nomura Securities Co. Ltd. 
and others 

2/12/77 COMMONWEALTH OF 5/12/77 

AUSTRALIA 

$125,000,000 7 year S}% Bonds 1981 
$100,000,000 20 year S$% Bonds 1997 
Morgan Stanley & Co. Inc. and others 

COM1CAN FEDERAL DE 5/12/77 
ELECTRICTDAD 
Frs.60.000.000 
51% 1977/87 

Banque De Paris Et Des Pays-Bas 
(Suisse) S~A_ and others 

Dec. 1977 CARLSBERG TUBORG 6/12/77 
DM 20.000.000 
6% Bearer Bonds 1977/S7 
Dresdner Bank AG and others 

FISONS INTERNATIONAL 7/12/77 
FINANCE N.V. 

£10,000.000 

Sterling Foreign Currency 
Bonds 1987 
Laing & Cruicksfaank 
Strauss Turnbull & Co. 

8/12/77 KUBOTA S/12/77 

INTERNATIONAL NV. 

DM 30.000.000 
51 % Bonds 19S2 
Private Placement 
Westdeutsche Landesbanfc 
Girozentrale 

8/12/77 NORGES KOMMUNALBANK 8/12/77- 
DM 200.000.000 
6% Bonds 1989 
Westdeutsche Landeshank 
Girozentrale and others 


Tombstone 

date 


Publication 

date 

12/12/77 


' Tombstone 
date 


9/12/77 UNITED STATES 12/12/77 

GOVERNMENT 
$248,000,000 
Guaranteed Sbip 
Financing Bonds 
Morgan Stanley & Co. and others 
Dec. 1977 ORIENT LEASING 12/12/77 

(CARIBBEAN) N.V. 

US$20,000,000 

8i% Guaranteed Notes 1984 
Daiwa Europe N.V. 

Manufacturers Hanover Ltd. 
and-others 

12/12/77 TOTAL OIL MARINE 12/12/77 

LIMITED 
£25,000,000 

9i% Guaranteed Sterling Foreign 
Currency Notes 1954 
Morgan Stanley International Ltd. 
and others 

Nov. 1977 AUTOPISTA 12/12/77 

VASCO-ARAGONESA 
CONCESIONARIA 
ESPANOLA, S.A. 

Kuwaiti Dinars 5,000,000 
83% Guaranteed Bonds 1987 
Kuwait Investment Co. SAJK.) 
and others 

Oct 1977 EUROPEAN 12/12/77 

INVESTMENT BANK 
US$30,000,000 
Bonds 1987 

Indosuez Asia Limited and others 

Dec. 1977 THE FURUKAWA 12/12/77 

ELECTRIC CO LTD. 

DM35,000,000 

5% Convertible Bonds 1984 
Private Placement 
Bayerische Ve reins bank and others 

Dee. 1977 NORSK HYDRO a~s. 13/12/77 

US$50,000,000 
72% Notes 1982 

Hambros Bank Limited and others 
Dec. 1977- CITY OF VIENNA 14/12/77 

DM 40,000,000 
5£% Bearer Bonds 1977/84 
Private Placement 
Hessische Landesbank Girozentrale 
and others 

14/12/77 KINGDOM OF SWEDEN 14/12/77 
DM 200,000.000 
6% DM Bonds 1977/89 
Deutsche Bank AG and others 
15/12/77 REPUBLIC OF x 15/12/77 

VENEZUELA 
Y20.000.000.000 

6.8% Japanese Yen Bonds 1989 
Yamaichi Securities Co. Limited 
and others 


Nov, 1977 HOKUSHIN ELECTRIC 
WORKS LTD, 


Publication 

date 

15/12/77 


. USS10.000.000 

6J% Convertible Bonds 1992 
Daiwa Securities Co. Ltd. and others 

15/12/77 HYDRO-QUEBEC' 15/12/77 

DM 150,000,000 
63% DM Bearer Bonds 1987 
Commerzbank AG and others 

Nov. 1977 C. ITOH & -CO. (HJK.) 16/12/77 

INTERNATIONAL LTD. 

USS15.000JKK) 

83% Guaranteed Notes 1984 
Daiwa Securities Co. Ltd. and others 

15/12/77 CITY OF GOTHENBURG 19/12/77 
US$30,000,000 
85% Bonds 1387 
Union Bank of Switzerland 
(Securities) Ltd. and others 

Dec. 1877 JU GO BANKA 20/12/77 

Kuwaiti Dinars 5,000,000 
83% Notes 1983 

Kuwait International Investment 
Co. sjUc. and others 

20/12/77 BANQUE PRANCAI SE 20/12/77 

DU COMMERCE EXTERIEUR 
DOs. 75,000,000 

8% Guaranteed Bearer Bonds 1983/87 
Algemene Bank Nederland N.V. 
and others 

Dec, 1977 FISONS INTERNATIONAL 21/12/77 
FINANCE N.V. 

£10.000,000 

104% Sterling Foreign Currency 
Bonds 1987 

Morgan Grenfell <fe Co. Limited 

COURTAULDS 21/12/77 

INTERNATIONAL FINANCE N.V. 

£20,000,000 

9j}% Sterling Foreign Currency 
loan due 1989 

Hill Samuel & Co. Ltd. and others 

SHELL INTERNATIONAL 21/12/77 
FINANCE N.V. 

USS500.000.000 
8) % Guaranteed Notes 1990 
Union Bank of Switzerland 
(Securities) Ltd. and others 

22/12/77 ENNIA N.V. 22/12/77 

: Dfls. 100,000,000 
. 73 % Bearer Bonds 1978/87 
AMRO Bank N.V. and others 

27/12/77 PETROLEOS MEXICANOS 2S/12/77 
DM 100,000,000 
7% DM Bonds 1978/86 
Deutsche Bank AG and others 


Sfcwmbuig 

Oyens& 

vanEeghamv 

We make net markets for 
Dutch International and Local : 
Shares as well as all Euro- 
guilder and domestic bonds. 

If you need any prices dr 
information or if you would like 
to receive our monthly bond 
letter please contact 

International Dealing Dept 
Keizersoracht 279-283, 
Amsterdam. 

Tel: Amsterdam 263363 
Telex: 12146 

Market Maker 609 in Eurobonds. 
The following are mid-market Quotations 
& Yields in Recent Guilder issues. 


1977 Year-End Quotations 

Coupon Average 
Price date Of* Yield 
7}% ABN 77/78/87 9730 75/12 55 8M 

8% BnqFr du Comm Ex 77/83/87 97.50 15/12 8.0 8.44 

7J% Ennui 77/78/87 97J50 15/12 55 *32 

8i% Nat. Inv. Bnk. 78/79/88 10050 15/1 55 8.11 

81% Government 78/79/92 100.10 15/1 84) 824 

8% Government 77/78/87 100.90 1/8 5.1 7.77 

81% Bk. Ned. Gem. 78/79/03 100JO 15/1 134) ' 822 

81% Bk. Ned. Gem. 77/78/87 101.70 1/4 43 7.79 

7}% Agrobank 77/78/87 9870 1/12 5.4 84)3 

3% Amrobank 77/78/87 10020 1/9 5.1 7.93 

Domestic Stock 

RORENTO 129.0 

(One of the Amsterdam Stock Exchange's 
most actively traded stocks). 


date 

Of* 

Yield 

15/12 

S3 

836 

15/12 

8.0 

8.44 

15/12 

5Ji 

832 

15/1 

53 

8.11 

15/1 

83 

874 

1/8 

5.1 

777 

15/1 

13J0 

822 

1/4 

43 

7.79 

1/12 

5.4 

833 

1/9 

5.1 

7.93 


■ i r 

S ' % — 


LOANS 


Tombstone 

date 


Publication 

date 


Tombstone 

date 


AB SVENSK 1/12/77 

EXPORTKREDIT AB 
USS10.000.000 
Private Placement 

i Chase Manhattan Bank NA. 

Sundsvallsbanken 

Nov. 1977 THE OIL AND NATURAL 5/12/77 
GAS COMMISSION 
US$50,000,000 
7 year term loan 
Wardley Limited and others 

22/7/77 ASMENT DE TEMARA 5/12/77 

US$22,100,000 
Project financing . 

Chemiod Bank and others 

Nov. 1977 AB SKANSKA 6/12/77 

CEMENT GJUTERIET 
USS20,000,000 
7 year terra loan 
Citicorp International Group 

Nov. 1977 MASSEY-FERGUSON 7/12/77 

CREDIT CORPORATION 
US$30,000,000 
Medium Terra Loan 
Orion Bank Limited and others 

Oct. 1977 CORPORACION ANDINA 8/12/77 
DE FORMENTO-CAF 
850,000,000 
7 year financing 
Bank of America and others 

YACIMIENTOS 8/12/77 

PETROLtFEROS FISCALES 
BOLIVIANOS 
US$75,000,000 
Medium term loan 
Bank of America and others 

Nov. 1977 KARUN AGRO-INDUSTRY 9/12/77 
INC. 

USS50.000.000 

Medium term loan 

First Chicago Ltd. and others 

Nov. 1977 BANCO CENTRAL DE 9/12/77 

COSTA RICA 
US$14,000,000 Terra loan 
Singer & Friedlander Ltd. and others 

Nov. 1977 OY TAMPELLA Ab 13/12/77 

US$14,000,000 
Medium term loan 1977/84 
Kredietbank S.A. Luxembourgeoise 
and others 

TERM1CAS DEL 13/12/77 

BESOS. S.A. 

US$20,000,000 

5 year medium terra floating rate loan 
Banca Mas Sarda and others 

FUERZAS ELECTRICAS 13/12/77 

DE CATALUNA S.A. 

US$100,000,000 
7 year loan 

Bankers Trust Company and others 


Publication 

date 

13/12/77 


Tombstone 

date 


AUTOPISTASDE 13/12/77 

CATALUNA Y ARAGON 
DM 19.000.000 
Fixed rate loan 1984 
Smith Barney, Harris Upham Sc Co. 
and others 

AUTOPISTA DE 13/12/77 

ENLACE 
DM 32.000,000 
Fixed rate loan 1984 

. Smith Barney, Harris Upham & Co. 
and others 

ELF AQUITAINE ' 14/12/77 

EKOFISK TRANSPORTATION 
SYSTEM NORPIPE A.S. 
US$300,000,000 
Eurocurrency Credit 
Citicorp International Group 
and others 

28/10/77 LJUBLJANSKA BANKA- 14/12/77 
US$90,000,000 
Eurodollar Loan 
Citicorp International Group 
and others 

Oct. 1977 SOCIETE NATION ALE 14/12/77 

DE CONSTRUCTIONS 
MECANIQUES 
US$72,000,000 
Medium term loan 
Manufacturers Hanover limited 
and others 

Dec. 1977 NATIONAL 15/12/77 

PETROCHEMICAL COMPANY 
OF IRAN 
USS310.000.000 
Medium terra credit facility 
Chase Manhattan Limited 
and others 

• 

Dec. 1977 TELECOMMUNICATIONS 15/12/77 
COMPANY' OF IRAN 
US$250,000,000 
Medium term credit facility 
Chase Manhattan Bank N-A 
and others 

Dec. 1977 NORSK OLJE AS. 15/12/77 

US$40,000,000 

European Banking Company Limited 
and others 

KOREA HAPSUM CO. LTD. 16/12/77 

USS15.000.000 

7 year floating rate loan 

Grindlay Brandts Limited and others 

Nov. 1977 THE SHIPPING 16/32/77 

CORPORATION OF 
NEW ZEALAND LIMITED 
USS12.000.000 
Orion Bank Limited 

ARCH3RODON GROUP 16/12/77 

INC. 

USS50,000,000 

Bank of America NT & SA 


Publication 

date 

3 16/12/77 


Dec. 1977 CAISSE CENTRALS DES 16/12/77 
BANQUES POPULAIRES 
FF 200,000.000 
.11% loan 1977/S9 

Oct. 1977 FIAT FINANCE 19/12/77 

CORPORATION B.V. 

• US$25,000,000 

Bayerische Verginsbank International 
SA. and others 

Nov. 1977 THE REPUBLIC OF 20/12/77 

TUNISIA 
US$125,000,000 
Medium term loan 
Bank of America International Ltd. 
and others 

CHINA STEEL 20/12/77 

CORPORATION 
$50,000,000 
Medium Term Loan 
Crocker National Bank and others 

Dec. 1977 MO NTAGU E L. MEYER 21/12/77 
LIMITED 
£15.000,000 
Medium term loan 
Hambros Bank Limited and others 

INTERNATIONAL 21/12/77 

INVESTMENT BANK MOSCOW 
US$800,000,000 
Medium term multicurrency 
credit facility 

Chase Manhattan Ltd. and others 
Nov. 1977 THE REPUBLIC OF THE 21/12/77 
IVORY COAST 
US$15,000,000 
Medium term loan 
Arnex Bank Limited and others 

YUSUF A ALGHAN1M 21/12/77 
& SONS WIX. 

US850.000.000 

Medium term export credit facility 
Chase Manhattan Bank NA 
and others ■ 

YUSUF A ALGHANIM 29/12/77 
St SONS WJLuL. 

US$25,000,000 

Medium term export credit facility 
Bank of Nova Scotia and others 
Financial Advisor to the above 
borrower 

J. Henry Schroder Banking 
Corporation 

THE EMIRATE OF AJMAN 31/12/77 
US$2,000,000 5 year floating rate loan 
US$4,000,000 5 year floating rate loan 
Arab and Morgan Grenfell Finance 
Co Ltd. and others 
THE EMIRATE OF 31/12/77 

UMM-AIrQIWAIN _ 

US$2,730,000 
5 year floating rate loan 
Arab and Hdrgan Grenfell Finance 
Co. Ltd. and others 


31/12/77 


OTHERS 


Tombstone 

date 


Publication 

dale 


Tombstone 

date 


1/12/77 HERSHEY FOODS 
CORPORATION 
acquired Y & S Candies Ltd. 


2/12/77 


Publication 

date 

9/12/77 


Tombstone 

date 


COLOWYO COAL COMPANY 6/12/77 
S65.000.000 

Coal Production Financing 
Continental Bank 

Nov. 1977 THE GULF BANK 6/12/77 

Kuwaiti Dinars 9,000,000 
Certificates of Deposit 
Kuwait International Investment 
Co. sak 

1/12/77 A.l. LEASING 6/12/77 

CORPORATION 
SI 08.420,9«5 

Leveraged lease financing 
ART) Securilie'5 Corporation 
EuroPartners Corporation 

7/12/77 AM AX INC. 7/12/77 

S50.000.000 

7S% Series C Preferred Stock 
Lehman Brothers Inc. 


Nov. 1977 THE MITSUBISHI 9/12/77 

» BANK LTD. 

USS30.000.000 
Negotiable floating rate 
Certificates of Deposit 
Orio n Bank Limited 

23/11/77 TH E MIT SUI BANK 13/12/77 

LIMITED 
USS30.000.000 

3 year Eurodollar floating rate 
Certificates of Deposit 
Hambros Bank Limited an4-others 
SELECTION TRUST 14/12/77 

LIMITED 

have acquired Kleeman Industrial 
Holdings Limited 
Negotiated by Astaire & Co. Ltd. 
15/12/77 TNCO LIMITED 15/12/77 

US$50.000.00n 8i% Notes due 1984 
UKSinnnoQ.OOO 9% Debentures 
due 1992 

Morgan Stanley International Ltd. 
and others 

NOV. 1977 CF.NTROMIN-PERU 16/12/77 

$50,000,000 

Acceptance facility extension. 

Wells Fargo Bank NA and others 


Publication 

date 

20/12/77 


Oct. 1977 COMDIMA 20/12/77 

USS7.900.000 
Amex Bank Limited 
Morgan Grenfell & Co. Limited 
and others 

15/12/77 DAIWA SEIKO INC 20/12/77 

44*00,000 Shares of Common Stock 
European Depositary Receipts 
■ Daiwa Europe N.V. and others 

1/12/77 REPUBLIC NEW YORK 20/12/77 
CORPORATION 
$35,000,000 

8}% Sinking Fund Debentures 
due 2002 

Salomon Brothers and others 

21/12/77 UNIROYAL. INC. 23/12/77 

$120,000,000 

Promissory Notes due 1997 
Lehman Brothers Kuhn Loeb 

12/12/77 RELIANCE FINANCIAL " 28/12/77 
SERVICES CORPORATION 
$40,000,000 

96% Sinking Fund Debentures 1997 
White, Weld & Co- Inc. and others 




WestLB Euro-Deutschmarkbond Quotations—. 


7i% South-/yfrica Railway 73/88 <G) 
South-Africa Railway 75/80P (G) 
9j% South-Africa Railway 75/80 (G) 
8i% South-Africa Railway 77/80P (G) 


6{% Stand. Chart. Bank 78/88 ... 


7\% Studeb Worth 69/79 


M.rtriie 

Prise 

C*rn»nt 

Yield 

' Life*: 

|- 

! Y<rM td 

Maturity** 

Rjp.,v.~i*'i :' 

i> - n lamararv Otsauis 
be ie: a: r 

S-:*n».rio Lind 

91.50 

8.20 

10.42 

877 

1. 679-885 

10125 

9.14 

U9 

8.19 

- 1. 678—BOD 

104.00 

8.89 

250 

7.40 

1. 7.80 

100.00 

8.25 

259 

821 

1. 8.79—BOD 

103.00 

6.B0 

5J3 

6.32 

1. 279—8BS 

100.40 

672 

659 

6.66 

I. 8.84 

10075 

6.45 

10.00 

6.40 

1. 138 

104.00 

673 

5.63 

6.13 

I. 332—S5D 

108.50 

9.22 

2.75 

650 

1.10.80 

10750 

8.14 

4.11 

659 

15. 476—83D 

108.00 

8.10 

533 

6.81 

1. 4.79—87D 

102.75 

7.06 

1.59 

5.49 

1. 879 

10625 

8.00 

450 

632 

1. 732 

105.50 

7.11 

533 

623 

1. 879—88S ' 

102.00 

7.11 

5.32 

6.79 

I. 279—88S 

110.00 

8.18 

458 

6.40 

I. 330-85S 

10250 

659 

4.97 

6.14 . 

1. 378—87S 

103.35 

6,77. 

.5.42 

6.25 

1. 379—88S 

106.00 

8.02 

338 

6.67 

1. 630—83S . 

10575 

6.15 

6.34 

5.40 

1.534 

10050 

557 

11.92 

5.94 

IJ233—89S 

10650 

8.92 

221 

624 

16. 330 


Tauernautobahn 75/82 (G) . 113.00 

9% Tauernautobahn 75/82P (G) . 109.00 

9% Taurenautobahn 75/83P (G) . 108.50 

7% Tauernkraftwerke 68/83 <G) ... 104.00 

6t% Taurnekraftwerke 68/83 (G) ... 103.00 

Teledyne Int'l. 73/88 .*. 103.80 

8% Tenpfinco 73/93 . 109JO 

Tenpfinco 7S/82P . 10850 

8i% Thyssen Car. Fin. 75/82P . 108.00 

81% Thyssen Car. Fin. 75/82P . 106JO 

Thyssen Inv. 66/8! . 102.75 

7\% Tokyo El. Power 69/84 . 104.75 

Toray Ind. 75/B0P . 106.75 

61% Traf. House Fin. 72/87 . 97DO 

62% Trondheim 68/83 . 105.00 

B'*% Trondheim 70/B5 . 105.00 

7\% TRW Int. Fin. 69/84 .;.. 103 JO 

91% Unilever 75/8!P . 11T.OO 

8i% Unilever 75/87 .:. 112.45 

Unit. Arab. Emirts. 77/B2P . 101.50 

7°< Venezuela 68/83 . 102.65 

7*K Vienna 6R/83 . 104.50 

fll®* Vienna 75/R4 . 107.50 

5*®* Vienna 77'84P . 101.00 

8 lv - VnMf-Ainin* 71 mi} . 108.50 

8^% Voest-Alpine 75/85. 108.75 

6i% Voest-Alpine 77/89 . 104.85 

6i% Wells-Fargo ex. w. 73/88 .. 10530 

5*% Worldbank 65/85 ... 101.10 

6i% Worldbank 68/78 .100.45 

6^% Worldbank 68/80 . 104.60 

Worldbank 68/84P . 102.50 

6*% Worldbank 69/84 . 104.00 

S\% Worldbank 69/84P .. 102.50 

6% Worldbank 69/B4P . T01.00 

8^% Worldbank 70/80 .. 109.00 

8% Worldbank 70/86 . 110.00 

7'% Worldbank 71/86 I . 108.50 

Worldbank 71/86 II . 108.50 

Worldbank 72/82 . 105 85 

61% Worldbank 72/87 . 104.10 

61% Worldbank 73'83 . 106 00 

6 3 % Worldbank 73/88 . 102.60 

8*% Worldbank 7S/B2P . 108.00 

8% Worldbank 7*l'82 .. 110.50 

Worldbank 75/83 ... 111.85 

8?o Worldbank 76/82P .. 108 00 

7i% Worldbank 76/82P ... 10630 

7*?o Worldbank 76/83 . 108.7S 

74% Worldbank 76/83 .. 110.00 

64% Worldbank 76/B3P . 104.00 

8% Worldbank 76/84 .... 111.00 

5*5o Worldbank 77/82P .. 102.75 

7% Worldbank 77/85P ... 105.50 

6f% Worldbank 77/85P .. 103.00 

fi/o Worldbank 77/85. 102.35 

7% Worldbank 77/87 ..... 106 75 

6+% Woridbank 77/87 . 103.65 

Yokohama 68/83 (G) .-. 104.00 

7% Yokohama 69/84 (G) ....... 104A0 

8% Yokohama 71/86 fG) . 105.25 

Yoslda Koryo 75/80P .. 105.75 

B% YurosI. Inv Bank 77/85P .. 99.00 


I.I0J9 
1. 7.8) 

1. 3fi2 
1.3.83 

1. 2J4—830 . 
1. 974—83S 
I. 179—88S 
1.1182—93S 
1. 3.82 
1. 4.82 
I. 732 
1. 372—8*0 
1.1275-840 
•-J0. 230 
1.1078—87S- 
1.1272—83S. 
1.1274—85S 
1.1075—84S. ■ 
• 1.1231 
1. S3?-rS7S 
30.432 
1.1074—83S 
I. 674-835 
t. 879^-840 
15.12.84 
M079—840- 
1. 631—BSD 
. 1. 6.84—890 
1.IF79—88S 
1. 471—850 
I. 378 
1. 8.80 

- 2. 1.77—MD 

1. 675-840 

2. 177—840 
1. 477—84D 
I. 8.80 

1. 177-860 
1. 6.77—86D 
1.T2L77—86D 
1. 732 
1.-3.78—87D 
1. 233 
1. 5.79—88D 
1. 632 
1.12.82 
1. 7.83 
1. 832 
1.10.82 
?. 533 

1.10.83 

1.12.83 
T. 234 

15. 932 
». 3.85 
1. .5.85 
15. 935 
I. 137 

1.537 

I. 972—835 
30. 973—845 
I. 877—865 
T: 730 

15.123)—85D 


„ . ij/Mii 

“Life and "Maturiry” appear in years and decimals of years and are—In this.context— '' ,-v 

cakulared as follows: \* ■ I * 

—to final maturity in case of a lump-iurti repayment 1 ;[• i, ' 

—to final maturity in case of a sinking fund issue, whenever the quoted ^rieeis beldw 100 *‘i i 

—to average life in case of a sinking fund issue, whenever the quoted price isebov# I® "• , 
—to average life in case the bond issue provides for mandatory drawing by lot.at P* r *2!r • ’ \| f • t \ 
P Private Placement (the smallest denomination may be larger than the usual Pd/lW . .-j J; Ih ' 

of public Issue}) ... f " .... '{lit, 

GGovernment Guaranty : \ *nt\ 


















































































7 Jn n 


n 




#&rasmial; Tfines Monday Jairaary - 9 1978 


Qitv 

S e t> 

J. , Ur ^ 

■Onds. 

rices 0t . 

y «OU(i 

I Dept. 
3, 


Ur obond s 

0tJO '"tiQns 

ttUl's. 


Av i rrj »:e 

u(r 

VS 

u 0 

vs 
$s 
Si 0 
Si 
SJO 
4* 

5 4 
SI 




WT&tW7%)N4L,WTEItNATK>NAL INfEm 

INTERNATIONAL I 
BOND MANUAL!' 
■ .the | 

professionals' i 

reference __..I 

-267 3823 | 

ilex 885276 I 

0 MANUAL BOND MANUAL 3QNL% 


MARKET MAKERS 


Exchangg’s 


[MEGIDNI-BELGIUM 


105 Bondtrade 

U0 Dewaay, Sehille, Servais 
Van Campenhom & Cie 
LIS KredLelbanh N.V. 


i Ban(|ue Arabe et Internationale d'lnvestissement 

(6-AX1.) 

!25 Banqne Lonis-Dreyfus 
,!03 Banqne Nationals de Paris...... - 

75009 Paris 16, Boulevard dc® Italiein 
P 225-4700/523 S500 
. . . T650814/650819 
510 Credit Commercial de France Paris 
115 Credit Lywoau ' ‘ 

IS !1S E. F. Hatton Services &AJLL. - 
20 Interim lon-Banqne 


II REGION 3tGERMANY/AUSTRIA 


300 Commerzbank AG ■ 

6000 Frankfurt Neue Mainzer Strasse 32-36 
P13621 T416111 
T416345 

105 Dentsrhe Bank AG 

6000 Frankfurt Grosse Gallusstrasae 10-14 . 
^ Junghofstrasse 5-11 ■ 

P 2141 T 411976 

306 Dresdner Bank AG 

6000 Frankfurt Gallusanlage 7-8 
" P2631 T 414 901 

P23 08 21 T 41 220 . 

307 Westdeutsche Landes bank Girozentrale 

4000 Dosseldorf Fried richstrave 56, - 

P826 3122 T 8581882 


•309 Creditanstalt Bankverein 

1010 Vienna Scbottengasse 6 

■it „ • * P 63692540/1 T 74324 

310 Glrowntralc and Bank 

der osterrelchiscben Sparkassen AG 

1011 Vienna Sehubertring 5 

P 72 94 *272/72 94 772 T13 195 


REGION 4- ITALY - ' 


405 Itasca Commerciale Italiana Milan 
407 -Banco Ambrosiano S-pA. 

409 Banco di Roma 
415 Credito I tali a no 

20123 Milan Piazza Cnrdusio 2 

P 8717 44/8862 T 35 617 
P 89 0116 

420 IstJtulo Ban carlo Italiano 

425 Istitnto Bancario San Paolo di Torino 

430-Mote dei Paschi dl Siena 


REGION 5-LUXEMBOURG 


505 Banqne Gene rale du Luxembourg S.A. 

-510 Banqne Internationale & Luxembourg S-A. 
540 Bayerische Landes bank International S-A. 
Luxembourg ^ 

25 Boulevard Royal 

• P 474021 T1249 P 475911 

515 Dewaay Luxembourg S.A. 

520 Kredie tbank SJL Luxembourgeotse 
•. Luxembourg 43. Boulevard Royal 

• . P 26411 T1451 

530 Swiss Bank Corporation (Luxembourg) 


.REGION 6- NETHERLANDS 


600 H. Albert de Bary & Co. N.V. 

601 Aigemene Bank Nederland N.V. 

602 Amsterdam-Rotterdam Bank N.V. 

603 Bank Mees & Hope N.V. 

604 Barclays Kol & Co. N;V. 

Amsterdam Herengracbt 500 

P 262 209 T12 130/13 193 
611 Central e Rabobank Utrecht . 

SL Jacobsstraat 30 
General P369111 T 40025 
Trading P 362410 T 70105 

605 Bank Morgan Labouchere N.V.- 
610 F. van Lanschot 

606 Nederlandsche Mlddenstandsbank N.V. 

607 Nederlandse Cre diet bank N.V. 

608 Pierson, Held ring & Pierson 

609 Slavenburg, Oyens & Van Eegfaen N.V. 


REGION 7 - SCANDINAVIA 


705 Hulk of Helsinki Ltd. 
(Helsingfors Aktlebank) 


740 Den Jiorskc Credi thank 
710 It Henri qqesjr. Bank-Aktiesefcikalj 
' 1200 Hajbro Plads 9 

Copenhagen K P12 00 52 T19 162/19 952 
| 715 KansalliS-Osake-Pankki 
720 Kjobenharas Hamlclsbank 

1091 Holmens Kanal 2 

Copenhagen K P 12 86 00 T19177 
745 Postlpankkl 
730 Privatbxnken Akticselskab 
735 Skandinaviska Enskllda Bankeu 

10640 Kungstrfidsiardsgatan S 

Stockholm P 763 50 00/24 28 30 T11 007 

725 Union Bank of Finland ■' 

(Nordiska Foreningsbanken Ab> 


ARcGiON ^.-’SWITZERLAND 


300 Bondpartners S.A. 

805 Credit SnJsse/Swiss -Credit Bank 

. T55 212Trading 

860 Swiss Bank Corporation 

8622 Zurich ' Paradeplatzfi- 

P22311 H. ; T53471 

870 Union Bank of Switzerland-' .. 


, REGION 9 -UNITED KINGDOM 


950 Bankers Trust international Limited 

910 Banque Franchise de Credit International Ltd. 

911 Citicorp International Bank Limited 

London 335 Strand 

WC2R 1LS P 886-1230 T 884933 

912 Continental Illinois Limited 

914 Credit Safes* White Weld Ltd. 

London 122 Leadenbail Street 

• EC3V 4QH . P2S3-4200 T 88.3731 . 

913 Daiwa Europe N.V. 

London 8-14 St Martins-Ie-Grand 

EC1A 4AJ P 600-5676 T 884121 

915 Dellee Trading Company Limited 
920 Dillon. Read Overseas Corporation 

London • 10 Chesterfield Street 

WISE 7HF P 4931239 T 88 11055 

P 491 4774 Trading 
992 Dominion Securities Limited . 

925 European.Banking Company Ltd,. 

London 150 LeadenlutU St 

EC3V 4PP P 638-865A: T8&11001 

927 The First Boston corporation.: - 
930 First Chicago-Limited.. : 


931 Goldman Sachs International Corp. 

L ondo n • 4Q Basinghall Street 

EC3V5DE P 6384155 T 38 7902 ' * 

. - . P 63S-9243 

932 Hambros Bank Limited 

London 41 Bishopsgate 

EC2P 2AA P 5SS-469S TSS6337 

935 Kidder Peabody Securities Limited 

London 24th Floor 

EC2P SLA 99 Bishupsgaie 

P 638-6272 T 88 4694/5/6/7/8 
938 Loeb. Rhoades International Limited 
London 55 Grosvenor Street 

WlX 9DB P491 33SZ T 25 432 

936 Manufacturers Hanover Limited 

London S Princes Street 

EC2P2EN General P 600-4585 T 884901 

Trading P 60&-8461/4 T 88 S716 

937 MeLeodt-Young, Weir International Limited 
340 Merrill Lynch, Pierce, Fenner & Smith 

(Brokers & Dealers) Ltd. 

London 3-5 Newgate Street 

EC1A7DA, P 236-1030 T.B8 5357/8811801 

94Z Morgan Stanley International 

London P.O. Box 132, 

EC3P 3HB Commercial Union Building, 

•• • 1 Undershaft. Leadenhaii Street 

General P 626-9221 TSS12564 
Trading P 283-8201 T 8951621/2 

945 Nesbitt, Thomson Limited 

942 The Nlkko Securities Co. (Europe) Ltd. 

London Royex House 

EC2V 7U Aldprnvinburv Square 

P 606-7171 TSS 4717 

943 Nomura Europe N.V. 

London Barber-Surgeons Hall, 

EC2Y 5BL Monkwel? Square, 

London Wall 
P 606-7482/6 TSS 11473 

946 Orion Bank Limited 

London l London Wall 

EC2Y 5JX P'WI-fi222 TSS3496 

P 600-8000 Trading 

947 Salomon Brothers International Lid. 

950 Samnel Montagu & Co. Ltd. i 

955 Scandinavian Bank Limited 
960 Strauss, Turnbull & Co. 

London 3 Moorgate Place 

EC2R 6HR P 63S-5699 T 88 3201 

962 Sumitomo Finance International 
London 66 Gresham Street 

EC2B 7EL P606-5645 TSS 11043 

964 Vickers, da Costa & Co. Ltd. 

965 S. G. Warburg & Co. Ltd. 

London 30 Gresham Street 

EC2P 2EB P 6004555 T SS S476/SS 3195 



INTERNATIONAL international 

I INTERNATION 
IBOND MANU 
1 . 27 

S issues. All in 
I one volume..... 
101-267 3823 
I Telex 885276 

BOW MANUAL BOND MANUAL SON, 


970 Wesldeutsche Landesbank Girozentrale 
London 21 Austin Friars 

EC2N 2HB P 63S-6141 T SS 79S4/5 

975 White Weld Securities 
977 M. S. Wien & Co. Inc. 

8SS124 

9S0 Wood Gundy Ltd. 

990 Yamal chi International (Europe) Ltd. 

London SL AJphage House 

EC2Y 5AA 2 Fnre Street 

.P62S-2271 T SS 7414 


REGION 10-UNITED STATES 


10 Amhold & S. Bleichroeder, Inc. 

20 Drcxel Burnham & Co. Inc. 

30 Kidder, Peabody & Co. Incorporated 
New York 10 Hanover Square 

NY 10005 P 212 747 2000 T 233 496 
32 Lehman Bros Kuhn, Loeb Inc. 

New York »,all Street 

NY 10005 f 797-4220 T 420 107 

33 Lazard Freres & Co. 

T 420308 ITT 

35 Merrill Lynch, Pierce, Fenner & Smith Inc. 

P 212 766 1212 T 420 93S 
60 Salomon Brothers 

New York One New York Plaza 

NY 10004 P212747 7000 T22242S 

70 Shields Model Boland Incorporated 
SO UBS DB Corporation 

T 620 727 WU 

90 While Weld & Co. incorporated 

T423 94S1TT 

005 The Arab Co. for Trading Securities S.A.K. 

Kuwait P.O. Bux 
22792 Safat Kuwait 
P41D31S T 2791-ACTS 


nd Quotati 


LEAP MANAGERS 

1—Creditanstalt-Bankverein - - — 

15— Butler Bank 

16— Credit Suisse (Bahamas) Ltd. - 

18— Gutzwiller Kurz Bungemir Securities 
25—Union Bank of Switzerland (U/Wj 
28—Bankleumi Le-Israel 
32—Banque de Bruxelles SA. 

35—Banque Lambert S.QS. 

38—Burnham & Co.~ 

43—Kredietbank N.V. 

*46- r Soci_6t6 Gfnfraje.de Banque SJV-. 

57—Nesbit, Thomson -Ltd. 

64—Wood Gundy Ltd. 

72—Privatbanker Aktieselskrab 
77—McLeod, Young Weir A Co. 

92— Banque Nationale de Paris 

93— Banque de Paris et des Pays-Bas 

94— Banque Rothschild 

96—Banque de LTJnion Europeenne 

103— Crfdit Commercial de France 

104— Credit Induntriel et Commercial 


105—Crfdit Lyonnais 
112—Lazard. Fibres & Cie 
117—Sociftf -Gf nfirale 
122—Western American Bank (Europe) 
138—Commerzbank/Banco di Roma/Credit 
Lyonnais 

140—Commerzbank AG 

143—Deutsche Bank AG - - 

150—WazrBey LUL 

157—Pkbanken ■ 

159—Kuwait Lot lnv. Co. S.A.K. 

162—Arab Financial Consultants 
165—Union Bank of Switzerland 
(Securities) Ltd. 

17p_Westdeutsche Landesbank 
Girozentrale 

1S3—Jardine Fleming & Co. 

186—Banca Commerciale Italiana 
1S9—Banca Ffazionale de Lavoro 
196—Banco di Roma 
214—Williams Glyn & Co. 

218— Orion Bank Ltd. 

219— Kuwait lnv. Co. S.A.K 


221— Banque Europeenne du Luxembourg 

S.A. 

222— Banque Gfnfrale du Luxembourg S.A: 

223— Banque Internationale 4 Luxembourg 

SA. • • 

224— Banque Lambert, Luxembourg SA. 

229— Investors' Bank, Luxembourg S.A 

230— Kredietbank S.A Luxembourgeoise 

234— UBS—DB Corp. 

235— Blylh, Eastman Dillon & Co. DlL 

237— Aigemene Bank Nederland N.V. 

238— Amsterdam-Rotterdam Bank N.V. 
245—Bank Mees & Hope N.V. 

247—Nederlandse Credietbank N.V. 

249—Nederlandsche Mlddenstandsbank N.V. 
254—Pierson, Heldring & Pierson 
256—Royal Bank of Scotland 

272— Skandinaviska Ensfcilda Banken 

273— Svenska Handelsbanken 

287—Kuwait Foreign Trading Contracting 
& Investment Co. 

292—Bankers Trust International Ltd. 

298—Baring Brothers & Co. 


315— Hambros Bank Ltd. 

316— Hill Samuel A Co. Ltd. 

321—Investment Bank of Ireland 
323—London Multinational Bank Ltd. 

326— Klein wort Benson Ltd.' 

327— Kuhn Loeb lDt. 

328— Lazard Brothers & Co. Ltd. 

332—Manufacturers Hanover Ltd. 

335— 1 Morgan Grenfell & 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 Lid. 

350—^. Henry Scbroder Wagg & Co. Ltd. 

352— Caisse des Dfpots 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 Sterns &■ Go. 

386—Brandi (Wm.) Sons & Co. 


389—Kuwait Financial Centre 

396— Daiwa Securities & Co. Ltd. 

397— Dean Witter International Inc. 

399—Dillon Read & Co. Ltd. 

401— Dominick & Dominick 

402— Citicorp InL Bank 

404—Drexel Harriman Ripley 
408—European Banking Company 

411— First Boston Corp. 

412— First Boston (Europe) Ltd. 

413— Merrill Lynch, Pierce, Fenner & 
Smith Inc. 

418—Goldman Sachs & Co. 

421—American Express Middle East Devt. 
425—Hayden Stone Inc. 

431—Interunion—Banque 

437— Kidder, Peabody & Co. Inc. 

438— Blyth, Eastman Dillon & Co. Inc. 

440— National Commercial Bank Saudi 
Arabia - 

441— Kuhn Loeb & Co. 

445—Lazard Freres & Co. 

447—Lehman Brothers 


449—Loeb Rboades & Co. 

454— Merrill Lynch, Pierce, Fenner 6s Smith 
456—Morgan & Cie International 

458—Morgan Stanley & Co. 

463—Nomura Securities Co. 

479— Salomon Brothers 

480— Banque Bruxelles. Lambert SA. 

485—Smith Barney & Co. 

487—Barclays Merchant Bank Ltd. 

455— Kidder, Peabody International Ltd. 

500— White Weld * Co. Inc. 

501— Yamaichi Securities 

510— Salomon Brothers International Ltd, 

511— Merrill Lynch Intnl. Bank Ltd. 

517— Crfdit Suisse-White Weld Ltd. 

518— Arab Finance Corp. 

525—Banque Arabe et Int. DTnvest 
594—Lndo-Suez & Morgan Grenfell 
(Singapore) 

599—Swiss Bank Corp. (Lux.) 

630—Barclays Koll & Co. N.V. 

637—National Bank of Kuwait 
639—Morgan Grenfell (Asia) Ltd. 




COMPILED FOR THE ASSOCIATION OF INTERNATIONAL BOND DEALERS BY INTERBOND SERVICES LTD. 


JMTOMO FINANCE 
IN TERNATION AL 

MARKET MAKERS 

. . Specialising in 

Japanese Straight and Convertible .Eurobonds 


STRAIGHT BONDS 

(U.S. Dollars)- 
Asabi Chero. 10i 1980 
Bank of Tokyo 7j. 1984 
C. Itoh - SJ 1981 

Denki Kagaku 7^1982 
Hitachi- Zosen 7J 1984 
I.H.I. 7* 1982 

Kajima - • 7i WS2 

Kumagai Guiui 7} 1982 
Marubeni 911982 

Mitsui Eng. , SJ 1983 
Mitsui O.S.K. 9i 19S0 
Mitsui Petrochem 8 .1984 


.6 Jan. 1978 
Bid ! Offar 


MOL 

Nippon Mining 
Nippon Steel 
N.Y.K. 

Orient Leasing 
Showa~Line 

Suautomn.HeaYy 
Tor^y ; 

Toyo Kahctsii 
To.va Menka ' 
Y.S. -Line! 


7} 1984 
7J 1982 
9% 1980 
Si 1 981 
8}''1984 
^ 1981 
7J.19S4 
71 1984 
7JIBS2 
7$ 1982 
7j. 1984 


1 (Deutsche Marks) 

Asian Dev. Bank 7-U985 105} 106 

Kobe Ci|y 6i 1987 1054 . 106 

Nipwm -Kokan 9 1882i 106 l06i 

Telephone: 01-606 5645. 

Telex. 8811043 SUM FIN G 


Current 

Yield 


(il.S., Dollars) 


Asa hi Optical 
Dai'ei - 
Ito-Yokado 
-lusco 
Kao Soap 
Komatsu. 
Kubota - 
Marui. .• 
Matsushita 


Mitsui; & Ca. 71 1 

MitsulRe^EsL 6 1 

Ricoh J'U-;,: 61 1 

Sanyo 6j 1 

Sumitoma^Elec. 6 1 

Tokyu Dept : 6 1 

Toshiba- 6J 1 

Toshiba ... .64 1 

(Deutsche Marks) 
Asahi Glass • 61 1 

Canon •• 4j 1 

-fujo Paper 5} 1 

Komatsu. 6 1 


1 Tokyo Sanyo. 


B Jet 

.1978 


; Current 

Bid 

Offer 

Parity 

” Yield 

1101 

ml 

114.8S 

5.63 

100 

101 

105.09 

5.97 

1061 

107} 

106.06 

5.62 

1012 

103} 

S9.51 

5.S7 

1041 

1051 

110.12 

573 

94-J 

95j 

96.45 

6 30 

99i 

1001 

92.85 

7—5 

101 

102 

104.09 

6.65 

1-4 

125 

122.50 

5J12 

116J 

1171 

120.54 

5 77 

106 

107 

107.20 

6.3-f 

112 

113 

117.83 

5.7S 

102J 

1031 

106.16 

7.02 

116* 

1371 

116.54 ’ 

5.13 

132 

133 

137.52 

4.72 

99} 

100} 

10201 

623 

119} 

120} 

122 .SI 

4.99 

110 

111 

116.21 

5.43 

1111 

112} 

116.99 

6.03 . 

94 

95 

f - 9SJ2 

6.61 • 

1091 

1101 

112.35 

5.69 | 

1011 

102} 

SOU 

4.66 J. 

107 

1075 

112 17 

5.36 ' 

100i 

10) 

67.81 

5.96 • 

103 

1035 

95.03 

5.56 ; 

108} 

109 i, 

113.44 

5.73 : . i 

99i 

100} 

84.27 

- 4 76 i 


66 Gresham Street, London JEC2 7EL 


Reuters Monitor=SFBA-B 
AIBD' Market Maker No. 962 


Creditanstalt-Bankverein -your partner in Austria 
fordealing in Austrian Schilling Bonds 
and International Bonds of Austrian issuers 


Selected Austrian Schilling Bonds 
of Austrian issuers 

maturity up to 5 years 


6 % Osterreich 1973/B/81 

8 % Os.terreich 1973/11 l/B/82 

81/2% Osterreich 1974/11/B/82 
81/2% Innsbruck 1974/B/82 
81/2% Kamten 1975/B/81 
81/2% NEWAG1975/B/82 
81/2% STEWEAG1975/8/81 


maturity over 5 years 

'81/2% Osterreich 1975/5/83 
81/2% Osterreich 1975/S/II1/85 
61/2% Osterreich 1976/5/86 
81/2% Wien 1974/B/84 ' 

8.1/2% CA-BV1975/11/B/85 
■8.1/2% EnerBie1975/II/8 + S/85 
§1/2% Semperitl 975/B/84 
81/2% Steyr-Daimler-Puch 1976/B/86 


Middle Average Yield to 

Price Life average life 


Current Redemption 

Yield (mandatory drawings by lot) 


99.50 

1.63 

. 8,94 

8,04 

15. 2.77-81 at 101.0 

99,25 

2,89 

9.12 

8.06 

20.11.74-82 at 102,0 to 102^ 

99,- 

2.81 

8,91 

8.59 

22.10.75-82 at 100,0 

99^5 

■2,89 

8,97 

8,56 

19.11.75-82 at 100,5 

100,- 

2.19 

9.05 

8.50 

7. 3.78-81 atlOl.O to 101,5 

100,- 

2.43 

9,06 

8,50 

6. 6 78-82 at 101.5 

100,- 

172 

9,04 

8,50 

18. 3.78-81 at101,0 


99,75 . 

■2,68 

8.88 

8.52 

5. 3.76-83 at 100,0 to 101,0 

100,25 

4,91 

9,03 

8,48 

27.11.79-85 at 103,0 to 103,5 

99,30 

5.65 

9,07 

8.5b 

20. 2.81-86 at 101,5 to 104,0 

98,25 

3,51 

9,10 

8,65 

2. 7.75-84at10Q,0 

100,- 

4,36 

8,77 

8,50 

11.11.76-85 atlOl.O tolOI^ 

100,25 

4,83 

9,06 

8.48 

29.10.79-85 at103,5 

99,50 

3,47 

9,09 

8,54 

18. 6.76-84 atlOl.O tOl03,0 

99,75 

5,69 

9,07 

8.52 

9. 3.81-86 at 103.0 to104,0 


DILLON, READ OVERSEAS CORPORATION 

10 Chesterfield Stre^jXondon, W.l. 

Tel: 01-493 1239 or 01-491 4774 f: Telex 8811055 

JAPANESE DOLLAR DEPOSITARY RECEIPTS 

Names Close at 30/12/77 Names Close at 30/12/77 

DAIWA SEIKO $1.86 1. NIPPON CHEMICAL 

HONDA $17| j; CONDENSER $2.14 

ITO YOKADO $53 PIONEER $10.00 

JUSCO $52 Q.P. CORPORATION $2.56 

KOMATSU FORKLIFT $1.90 WATCH Sl JS 

KONISHIROKU PHOTO $1.68 STANLEY ELECTRIC $L54 

KUBOTA $22 TAISHO MARINE $101 

M AKITA $24J T.D.K. $4.95 

MURATA . $1.56 TOKYO SANYO $0.86 

•NICHII $520 TRIO $141 

NIPPON MEAT $2.52 WACOAL $131 


$2.14 

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Selected U^$ Bonds of Austrian issuers 

5 3/4% Voest63/78 _ 6 % Rep. of Austria 64/84 ' 

5 3/4% Alpine Montan 65/85 -6 3/4% Rep. of Austria 67/82 

6 5/8% Austrian Electricity 66/86 8 3/4% Rep. of Austria 76/90 

63/4% Austrian Electricity 67/82 81/496 Tauernautobahn 77/87 

91/2% Osterreichisc.he Kontrollbank 74/79 in Austrian Schilling (traded in U5-$ only). 


Interest is payable without deduction for or on account of Austrian taxes. 

For current prices and further information please contacfc- 
, For Austrian Schilling Bonds: Robert JekI, Robert Wasinger 
(Telephone: 6622/1701 or 1707, Telex: 74261-63) 

For International Bonds: Walter Vogl (Telephone: 6622/2222, Telex: 76948) 

Code for Reuter Monitor Securities Program: CA DA/ CA DB 


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Financial Times Monday January 9 197$ 


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and Lehman Brothers Incorporated became, in North America 

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r ;■ Financial Times Monday January 'S 1978 


25 




behind Mr. Smith’s talks 


By BRIDGET BLOOM, Africa Correspondent, in Salisbury 


“IF YOU BELIEVE that the 
majority of whites rejoice over 
what I am doing to-day, you 
are mistaken: They simply 
don't .understand what 1 am 
doing. 7 ’ So, according to an 
unofficial report, said Mr. Ian 
Smith, the Rhodesian Prime 
Minister, to. a recent session of 
the so-called internal settlement 
talks wh/ch began here on 
December 2. But then he added: 
“ I want to stop this war. When 
I think-of what we could do if 
we worked together, then I want 
to- find a solution because it is 

the right thing to do.” 

Few observers here doubt that 
all the. four black and white 
leaders in the current talks want 
a settlement of Rhodesia's 12- 
year-old independence dispute. 
And few doubt, that the. issue 
is again whether the Rhodesian 
Government is finally able to 
negotiate a real hand-over of 
power to the black majority. 

The current deadlock in. the 
talks is over the issue of white 
representation in. ah independ¬ 
ent Zimbabwean, parliament 
Tbis resulted in the postpone¬ 
ment of the twelfth full-session 
last Friday and could still prove 
fatal. 

But many people here believe 
that these talks are different 
from any of the others which 
have taken place so far. This is 
not just because of She obvious 
fact That those who are waging 
the guerilla war under the 
banner of the Patriotic Front 
are not taking part, though this 
alone could negate any agree¬ 
ment _ that might finally., Re¬ 
signed. 

The main difference is., that 
for Mr. Smith the talks prob¬ 
ably represent the very- last 
chance that he will have of 
negotiating any special portion 
for white Rhodesians in a black- 
ruled Zimbabwe, and for the 
black leaders—Bishop Abel 
Muzorewa.’the Rev. Ndabaningi 
Sithole and. Chief Cbixau—they 


are probably also aJast .chance, numbers would desert if a black 
for any other solution would Government were is power 
probably see them swept away here may well be true. But if, 
by the .guerilla military forces as President. Kaunda of Zambia 
which they do not cohtroL has been suggesting, there were 

All four men need each other, eventually to be a direct hand- 
in other words, though the OTer to the Patriotic Front of 
pressures on each are different. Joshua Nkomo and Mr. 
On the Government side Rho- Robert Mugabe, both Sithole 
desia’s deteriorating economy, Muzorewa would face 
inextricably linked with the political oblivion, 
escal at i n g costs . ©f . the war, is Mr. Smith, prepared a list of 
the main factor: --Ironically, eight ^ minimum- n ‘ safeguards- 
perhaps, sanctions are peri: which, range from : a justifiable 
pheral, -according to those in bill of rights, which would pro¬ 
charge of the'economy. Mining tect private property from- 
receipts are down because; of- arbitrary takeover, to a guayan- 
depressed EWorld markets tee of pensions, and “seven of 
(copper and nickel production them appear to have bees easily 
have been .• sharply reduced agreed^ . 

22MS*ESL£ -iSS- 

.negotiations has been the num- 

%££?& ttS“5T ?-» f «*!•" * 

cause of depressed international “ “ “? epC ?* ent h £ 1I) ^?* 
markets, small industries are ParIUni J en t- 11 has . 
going to the wall, African un- acce P ted their votes could be 
SqM is sph^fonly » Mock any re^gt^rre 

partly mopped no bTrecrOtt- amendment of the ^key eight, 
went into Government and *?£f nChe * institutional ^ pro- 
gnerilla forces) -and consumer 3^9For sJx : ; 

spending is being undermined session held so far, 
by the heavy caU^pjfr.wbites P“*» have got bogged down m 
while the war is costing at least what appears to be merely a 
SR600.000 a day. .numbers game*.with Mr. Smith 

insisting that there should be 
-V 33 white MPs iix a parliament 

' I 'ho (ninriDoc .- of 100 members and' the two 
glACllllcaS major black delegations finally 

On' the African side, for the agreeing to 20. Most observers 
time being, the. reason for here believe that, there will be 
the. taiiwi - is purely political, some compromise, but in the 
Senator Chief Chiiau is of overall context, two factors are 
little importance, save..-that hnportant. 
the..' * ”_-.Coyernment-supported First,- the ‘nationalist leaders 

(3tieftatffiy .vfti(* Tie represents'have moved a lobg'&ay towards 
would havetao role, under- any the white position. The 
Government; fbridei'v by "tije 1 Patriotic Front (arid.-'probably 
parties now waging the war. many blacks here) would cer- 
But both Bishop Muzorewa and tainly argue that whites: do not 
the Rev., Stehole are primarily deserve, special privileges any. 
motivated'.toy the knowledge mover The Rev. .Sithole and 
that they.'do sort contxqf the'Bishop Muzorejra,.-: 'however, 
guerillas.'■■They may- weff,as have agreed iuxt-oiiiy to allow 
both 'claim, have support among whites blocking powers for the 
the fighters, and their eon- life of two parliaments but also 
tention that considerable to allow them to elect their 



Mr. Ian Smith (left) and Bishop Abel Muzorewa 


representatives on a. racially 
separate rolL ... 

' Secondly, the negotiations 
-illustrate, not surprisingly, the 
gap of understanding and trust 
between the two sfdes. The 
Africans, for example, have 
-been highly suspicious of Mr. 
Smith’s insistence on a' block¬ 
ing third, believing that he 
is calculating that in elections 
—given the different African 
parties that would contest them 
—the white Rhodesian Front 
party could come out holding 
the largest single group of 
seats. 

Mr. Smith's answer to this 
has been repeatedly to 
emphasise that the Africans fail 
to realise what, a “ revolu¬ 
tionary ” change it was for the 
whites to agree to one man one 
vote. He has. said he is 
“amazed at the suspicion of 
frustration- by the Rhodesian 
Front" This mutual suspicion 
will not be easily overcome. 
But what Is also important is 
that the talks are taking place 


against a background of some 
notable internal changes. 

It is a: curious experience 
being is Rhodesia to-day. On 
the one hand, there is all the 
evidence of a continuing and 
escalating war: the media inces¬ 
santly plugs security, force 
victories against the “ terrorist,” 
there are far more armed men 
abdut in Salisbury mid there are 
security checks at all buildings, 
tough tanned matrons don 
loaded shoulder holsters, dinner 
parties ■ are short of men and 
armed convoys now operate to 
within a few miles of Salisbury. 

Yet perhaps for the first time 
ever you hear inveterate Smith 
supporters declaring that they 
don't mind whether their Prime 
Minister’s face is white,* black, 
red or yellow—providing, they 
add, he governs property. There 
are now many more blacks in 
hotels and bars once .reserved 
for whites, a couple of blacks 
have exercised their new legal 
right to buy up white farms and 
some companies are beginning 


to .appoint blacks to their 
boards. 

The business community is 
waking up. “I admit the track 
record of business here is shock¬ 
ing,” said one business leader, 
“but now we are trying to do 
something.” A few more Afri¬ 
cans are being trained and 
promoted. 

Obviously there's a good deal 
of self-interest here, and there 
is a lot of hedging of bets until 
it is known which African 
-groups will come out on top. 
There is a strong element of 

" tokenism," -especially socially, 

about what is being done. But 
the mood here, for the first time 
ever, is beginning to resemble 
that In other African countries 
shortly before independence, 
and for Rhodesia, though it has 
taken so long,- that could be 
highly significant But if. under 
the now escalating military, 
.economic and political pres¬ 
sures, the mood is changing and 
the whites really are preparing 
themselves for a settlement,, 
what chance do the current talks 
stand of achieving it? 

The Achilles heel of the cur¬ 
rent negotiations, white rep¬ 
resentation apart, will be inter¬ 
national recognition. The Gov¬ 
ernment's plan is that once the 
eight points are agreed in 
principle, the participants will 
agree to form a broad-based 
government (probably 50-50 
white-black with Mr. Smith 
continuing as Prime Minister) 
which will not only draw up a 
detailed constitution and pre¬ 
pare for elections but will also 
tzy to Canvass support from 
Rhodesia’s black neighbours, 
the U.S. and U.K. 

Without that support, the war 
will not end and undoubtedly 
the first plank in the campaign 
will be an effort to - entice 
Joshua Nkomo, joint leader of 
the Patriotic Front, back into 
Rhodesia to participate in elec¬ 


tions. The Smitb-Kaunda meet¬ 
ing last September, designed to 
do just that, was abortive, 
though, there are continuing 
reports that contact is being 
maintained. Mr. Nkomo has 
obvious reasons for not wanting 
to - return. It is unlikely that he 
could win a majority of the 
African seats (and the Rhode¬ 
sians say they will not contem¬ 
plate the return of his partner, 
Mr; Mugabe). He has now a 
large and well-trained army in 
Zambia, which has as yet barely 
been deployed. He docs not see 
eye to eye with any of the 
nationalists now negotiating 
with Mr. Smith, and he could 
well calculate that though it 
will take longer, he could wield 
complete power later by staying 
outside now. 

The dilemma 

On the other hand, Rhodesian 
spokesmen here believe that 
President Kaunda, facing his 
worst economic crisis ever, des¬ 
perately wants an end to the 
yar and would like Mr. Nkomo 
to return. Rhodesian politics are 
murkier than most, and there is 
talk of deals being done which, 
through careful alliances (pos¬ 
sibly even with the whites), 
could make Mr. Nkomo Jhe 
country’s next Prime Minister 
or President. 

There can be little doubt that 
a decision by Mr. Nkomo to 
come back would greatly ease 
the dilemma now facing both 
London and Washington. .In 
spite of Lord Carver’s-visit to 
Mozambique,. Mr. Smith’s 
current talks have at least tem¬ 
porarily pulled the rug from 
under the U.S.-U.K. initiative. 

Mr. Nkomo’s return : would, 
enable the West to argue •'hat 
the Patriotic Front, which it 
backs as an essential part of a 
viable settlement, has been 
included in the settlement. 


But even more important 
than all this is the possibility 
that if an agreement is reached 
now in Salisbury involving Mr. 
Nkomo, it could be much nearer 
the Anglo-American ideal of a 
moderate transition which 
would preserve and build un 
the country’s undoubted 
economic achievements, than a 
hand-over to the guerilla-backed 
parties after an increasingly 
bitter war would be. 

The present talks, then, are 
not only desperately important 
for their participants: they also 
present a very real dilemma for 
all those outside, from the 
British and the U.S. to the 
African states and ultimately 
the UN, who are one way or 
another involved with the 
Rhodesian question. 

If a settlement resulting from 
them were ultimately to get in¬ 
ternational support, the prob¬ 
lems would not of course be 
over. The gap in understanding 
and trust between black and 
white which has built up over 
nearly 90 years will not dis¬ 
appear quickly. Neither will the 
very real rivalries between the 
black nationalists, which has 
been one of the most tragic 
aspects of the whole Rhodesian 
question. Indeed, if the whites 
really are now preparing to 
accept majority rule, the only 
real obstacle to any sort of 
settlement becomes black 
rivalry, but the Rhodesian 
economy will not pick up im¬ 
mediately, even if the ban ends 
and sanctions are lifted. 

Taking a long view, the 
prospects of the current talks 
producing a successful nego¬ 
tiated settlement, given past 
failures, are perhaps not bright. 
But if there is not a settlement 
soon the greater will be the 
bitterness and the more ordi¬ 
nary Rhodesians, whiles but 
especially blacks, will suffer. 


Letters to the Editor 



Gcwerament 
of salary 
employee, 
study, esti- 
of interest, 
pension in- 
been 8 per cent 
current cost 
at 


Living with a . Civil service ; . 
strong pound pensions / 

. From Mr. T. Congdon. From Mr A . Puree/ 

. ■ -. Sir—Mr. Lyburn,‘ the assist- 

I Sir,—In your leader on- Living. an j general manager of Standard 
jwitb a strong pound" (January Life <January 3) is no doubt 
3 ), you suggest that “a strong aware-that the notional adjust- 
! exchange rate promises less SKL! 0 tl Mt5 
! growth than has beeii forecast haa been I|~per.-.egpL 

• in the short term, and probably f 0 f some time and that the. cost 
Jin the-whole of. 1978." It seems->dcr^aiittl service .bewfflfir-fras, 
to be taken for granted that assessed; by the 
currency appreciation has a 
deflationary effect on the impendent actu: 
economy. mated that. If 

. It is probably true that the salary inflatio: 
j majority of economists—includ- crease had 
ing those in the policy-making per . annul r 
establishment at the Treasury, should hare been assessed 
the Bank of England and the about' Sffyercent. of salary. 
National Institute—would agree- it-woold be interesting to have 
I with this view, which may have Mr- - £yburo's views as to the 
been one of the most important, valwi of an indexed linked pen- 
reasons for the long delay before slob to a civil servant aged 55. 
tbe decision to let the pound currently .earning £6.000 per 
float upwards last year. But it is - , annum and with'30 years service 
an incorrect view and should, not* on the assumption: that, interest 
be allowed to pass without .rates are 7 per cent, and that 
j comment The experience of tbe last five 

The leader recognises -both^eare give 
that real incomes will benefit that todexed pennons 

from •' currency appreciation, increase at the rate of l- 
which will help consumption, and P e * *®£t- 
that inflation will be moderated, ■"* salary ’Sutton will 

Shuras ws 

H3KLTS* FEt ^'£3S«SSSSs 

the most powerful reflationary Screases atVbigher 

stimulus from currency appreriar .fBti^me^nCTeases at a oigner 

tion — that lower inflation will T w “ s saUEy ’ 

raise the real value of money 

balances and other liquid asset 

holdings. These' positive " ww SSjSjr 

balance” and “wealth effects”,««*»■ .. : 

should greatly reinforce,'.the 

encouragement to . domestic. *, • , • 

demand arising from higberrehl |\Fnn«ftIIf*IPSir 

incomes. The expansionary 1 v uu uut.iv.tti 

effects will be felt throughout ' 

the whole economy, including the OD110H 

non-tradeables sector, and. not " ...... 

confined to the tziadeables sector 'From Mr..G: Saunters. 

(that is exports and imports).'•: Sir,—Mr! TAylor in his; ** non- 
lndeed, the exclusive focus on choice ” letter of January 3 
the tradeables sector in the con- claims that Amory Lovihs has 
ventional approach to these ques- shown nuclear power stations 
lions -U seriously misleading. It to be about the worst possible 
is possible—although it could not buy. among many options. Could 
be demonstrated without con-this be because Mr. Lovins — 
siderable empirical research — according to the Atomic Indus- 
that the reflation ary effects in trial Forum's Energy- Research 
the non-tradeables sector will be Group current review — “ over- 
greater than the deflationary in estimates the opst ; of nuclear, 
the tradeables sector. power by about 7S. per cent.”? ' 

This outcome is made more As to the credibility of Lovins’. - 
likely if the rise in the exchange economics generally, the Group S' 
rate is given a friendly reception study also finds that he und«^ 
in the financial markets. For estimates the costi of coal-fired 
example, an improvement in electric power by 42 ner eenu 
inflationary expectations may neglects the higher'efficiency' or. 
permit lower Interest.rates and lhost 'electricity' end-use applies- 
higher ■ asset values, . exerting tions as compared to direct fuel 
another favourable .wealth effect, use, and_ also neglects the lne- 
on consumption. The recent time of energy resources and 
advance in the gilt-edged market equipment—Important In Fossil 
illustrates the process. fuel use and crucial .in solar 

But pertum th. mo* t.nfng bfcL' Sie 

^5. “JES? nniirt h fn f mid" capital cost of electricity genc™- 

S» Ed to” ™^ked °«cl”r.U 00 J* » **“» ° f « ^ 

in inflation: this.was followed by T-nvinfc/Tnvinrnftn-nuelear 

! SS-J" 

the pound was rising almost - 

without interruption on the bS wL Su**** 
foreign exchanges in 1977—and Horsham, west Sussex. 

all forecasts are for an economic — 

revival, if a fairly weak one, in ■ 

1978. Of course, many factors I ranCTinrr 

other than exchange rate move- AltUloJJUli 

ments affect aggregate demand, n _ 0 l, rC ,‘ 

hut isn’t the contrast rather jmSUYSlS 

surprising If.devaluation Is re- ' . • • * . 

flarionary and revaluation de- From the SecretarB-rreoaurer 

flationarv? • British Transport Officers’ Guild. 

• , . ■ sir,—Mr. Jr. Abell's reaction 

There are arguments against /rw^rnber 21) to Mr. Peter 
a floating pound and against, comments on the price 

appreciation but ihe ^ 0t0 5 r fuel b that 4 ‘ BR should 
(laira that a rise.jn_.the pound ul - made tff -compete bn equal 
. will defer ‘the recovery is not Sca“ te?m?w™ , thrrest of us 
among them. , - an d not seek to - Increase 

Tim Congdon. - its advantage as-tbe chairman 

: L. Messei and Co, suggests." - . . ■ 

;..PO Box S21, Winchester House,. Competition on eqiwti terms is 
1 JOO, Old^Brood Street, E.CZ caster to volte about than 


actually establish I give ex- seater car engine but no one is 
amples of the other side of the interested at the present pnee 
picture from that painted by Mr. of petroL 
Abell. In 1976 the Department of ’ Domestic and vehicle fiiels 
the Environment-calculated that should be sold on a basis of a 
a 32-ton lorry, doing 44.000 miles rationed amount at the present 
a year cost £3,770 per annum in pnee but all above the ration 
road building, maintenance and at a much higher price- 
policing but was paying only 55 M. W. Thnng. 
per cent of that amount Many Queen Mary College, 
correspondent* to your paper Mile End Road. b.i. 
have commented on the different 
accounting techniques applied to 
roads and railways as being 
weighted ia. fayour of roads. 

Until bo'th.road and;rail pro-, 
jects are subject -to the same mnnpV 
analyses, .valid decisions on com- • 1UUUV 'J 

P ^efmpSS° rt Sttategy C—■ of Publicity. 


Mickey Mouse 


.J. C-.Rogers, 

The British Transport 
Officers’ Guild. 

Hoorn 307,West Side Offices, 
KtdtfS' Cross Station, NX 


Votes in 
thePRS 


Marks and Spencer. 

• Sir,—In your issue of Decem¬ 
ber 29, Mr. Arthur Sandies stated 
that Marks and Spencer had 
volunteered- to’pay for a statue 
of Mickey Mouse. This is untrtie. 
Much as we are fond of our 
franchise — as many of our 
children’s garments bear testi 
mony — we did not volunteer 
a payment, Disney .never said 
"no,” and we are still, consider¬ 
ing whether to contribute the 
modest amount that has been 
asked of all franchise holders. 


The resident 
poet 


From the General Manager, 

The. Performing Right Society. _ 

Sir,—-Most of Mr. Lyttleton’s Harry Shepherd. 

-fellow-members are more con- Michael House, 
eemed about their professional Baker Street. WJ. 
and business activities than 
about the minutiae of their vot¬ 
ing rights. But contrary to tbe 
impression given by Mr. Lyttie- 
ton, all the Society’s full and 
associate members were in¬ 
formed In advance of the Open 
Forum and EGM of the Council’s 
final proposed earnings criteria From the Director, . 
for admission to full and asso- Southern Arts Association. 
date membership, and were sent Sir,—-Your introductory line to 
figures showing the effect of the feature on December 28 “A 
those proposals. ~on the voting council estate 'new village’ in 
structured • Oxfordshire formed a defence 

i- After-lie had (a) written twice committee to rid : itself of the 
ixh life, preceding six months to resident poet it was assigned ” 
aH the. Society's members, (b) is unfortunately wrong. Mr. 

resolution and ■ accom- Scannell’s fellowship ran for 
panying statement circulated to nine months from the end of 
tije^Joting members . with' the 1975 but the Defence of Bertas- 
•Notice of the AGM, Cc) had a ffeld Committee was formed only 
-further statement “circulated to.alter the publication ot.his book 
the. ; voting members a few A;Proper Gentlemen la 197 7 in 
days'before-the meeting, (d) which he gives a colourful 
written to and telephoned many accoun t of ms experiences, 
of the Society’s most influential It is important to remember 
members.' and (e) spoken at the that our writer’s fellowship, 
AGM itselt his resolution was which is now Jo its fourth year, 
defeated on a show of hands by is not only designed to stimulate 
183 votes to 1. To anyone other interest within a particular com- 
than Mr. Lyttieton the message mqnlty but also to buy time for 
would sorely be dear' enough, tie sole benefit of the writer, to 
■BjLjf. Freegard, ;. . . pursue his own creative work. 

-Tfae -Pdrftmninc Right ■ Society, Jt.fias been one consistent prafc- 
29-83 Bcnters Street. W.l. ' tice to give the writers total dis- 
... ... . cretion and responsibility for the 

——t - " _ • way in which ti»y approach"and 

structure their relationship -to 
the local community and their 
contribution xo its cultural life. 
In- -other words, what we look 
for, 'as id all our work, -is - an' 
active partnership of interests. 
From Professor M. W. Tkring. It is a pity that in Mr. Scan- 
- Sir/—All proposals to save nell’s case the scheme did- not 
fuel are emasculated by the work as it was intended tor and 
argument that tbe capital cost Southern Arts must accept t a 
qf the equipment—for example share of the blame: it-, is a 
tiuse of. pass out steam from failure that.any responsible body 
pj, statiohs-r-ls so 'high' and entrusted, with public funds for 
. LB so cheap-, that we can’t the arts would regret^ and we are 
affbrd the installation. none of us inf alli ble- But 1 must 

' 'To overcome this' it is essential ‘reject any suggestion that Mr. 
to - raise the .cost of fuel and Scannell's.sojourn in Berinsfield 
lower the.cost of equipment so was an act of wilful imposition, 
that the resultant- fuel saving nor was be.told that Berinsfield 
becomes economic; to the con- , wa3 » a middle-class eom- 

cos S “limanltr wHTch. possessed a thriv- 
«ssentially.. Undianged. . May i fn B e-ntre ” 

I suggest that Berinsfield’s in- 
py &e following steps. dignation argues well for its 

A smaB tariff- (say 10 per community and for their capa- 
cent.) is put on the non-premium ^ to appreciate the 

fuel (coal)'and a larger one on arts one might aSk why Tlr. 

S SBTiTpfiS •«»-»« frfi 

back by low-interest loans for e Southern Arts m 
tbe installation of approved fuel 

saving equipmeot lu . homes, J® h “ stiI1 

oBltes and industry,' teere in the thick of things. 

. Warning is. given that tariffs 

on certain fuels, for example for _ a ? y m 1 ^ n ° r ' 

road vehicles, will be severely *We speech^ but it would be 
increased in two or three years n te® ® Set the right words in 
so that people can start obtaining °™ er - : 

more 1 economical vehicles in WiltiamDuftcm. 
good time. My department is 19. Southgate Street,- 
trying to develop a 100 mpg A-Winchester, Hampshire. 


sFuel.saving 

%ncture 


GENERAL 

Wholesale price Index (Decem¬ 
ber, provisional) issued by Depart¬ 
ment of Industry. 

' Parliament returns from Christ¬ 
mas recess. 

Prime Minister meets Mrs. 
Indira Gandhi, former Indian 
Premier, during his visit to India. 

'Lord Carver, British Commis¬ 
sioner-designate for Rhodesia, 
expected to meet Mr. Pik Botha, 
South Africa Foreign Minister, on 
bis way back to London from 
Mozambique. 

Mrs. Margaret Thatcher. Opposi¬ 
tion leader, tours Glasgow city 
centre and later gives opening 
speech to conference on industrial 
and economic policy organised by 
Scottish-Conservative Party. Other 
speakers include Sir Keith Joseph, 


To-day’s Events 


Shadow Cabinet member ' for 
policy and research; Mr. James 
Prior, its employment spokesman: 
and Mr. Edward Taylor, Shadow 
Scottish Secretary. 

Mr. Michael Meacher, Under¬ 
secretary, Trade; and Mr. Robert 
Cryer, Under-Secretary, Industry: 
receive deputation from cutlery 
industry seeking Government 
support in arresting its decline. 
Sir Charles Villiers. chairman, 
British Steel Corporation, is main 
speaker at Coal Industry Society 
lunch, Hyde Park Hotel, S.W.l. 
Banking Staff Council meets. 
Mr. William Forgie, former 
assistant managing director of 
Scottish and Universal Invest¬ 


ments, due to appear at Glasgow 
Sheriff Court on charge of pre¬ 
senting a balance-sheet which did 
not give a fair view of company’s 
affairs. 

London Chamber of Commerce 
London and Regional Affairs Com¬ 
mittee meets. 69, Cannon Street. 
E.C.4. 3 p jn. 

PARLIAMENTARY BUSINESS 

House of Commons; Debate on 
motion to take note 'of first to 
tenth reports from Public 
Accounts Committee in Session 
1976-77. and related Treasury and 
Northern Ireland memorandum. 
Motion on Parochial Registers'and 
Records Church “of ' England 
Measure. 


COMPANY MEETINGS 
See Week's Financial Diary on 
page 2S. 

OPERA 

D'Oyly Carte Company in The 
Mikado, Sadler's Weds Theatre, 
E.C.1. 7.30 p.ra. 

BALLET 

Royal Ballet dance The Sleeping 
Beauty. Covent Garden, W.G2. 
7.30 p.m. 

London Festival Ballet perform 
The Nutcracker. Royal Festival 
Hall, SJS.1. 7.30 p.m. 

MUSIC 

Mark Troop gives piano recital 
of works by Reetboven and 
Schumann. SL Lawrence Jewry- 
next Guildhall. E.C.2. 1 p.m. 

Organ recital bv Oliver Mac- 
farlane, SL Michael; Cornhill. 
E.C.3, 1 p.m. 









NEWS 


Equitable Life’s strong growth 


Brockhouse orders 
ahead by 21% 


GIVEN adherence to pay guide- £U7m. CXI.03m.): Africa £3m. 
lines and a consequent drop in (£2.BSrrt ): Far East including 
inflation to single figures. Mr. Australasia £333,000 (£219,000) 

. . . . R. J. Parkes. the chairman of South and Central America 

six months further losses are fore- Brockhouse expects an improved £185,000 (£174,000): and North 
cast for the year to March St. performance in 1977-75. Orders on America £298.000 (£371,000). 

. . .. . . , They say the improved per- hand are 21 per cent in advance U.K. companies contributed 91.7 

. Thl - - comuaonw h«w nmifed formance of the garment division of last year, be tells member*. (98) per cent, of profits from the 

sgSanL sSch m SS2SB , °«f? c «SSS 5“ not ,sufficient to outweig h the and “all we need is a fair chance sales total of £«36ra. (MUBSn.): 

n “ eun “ dsmuir ---results recorded by to execute them." North American companies 18.fi 

. - — . dividend*. Official Lodlcaitoas are aoi the group’s spinning, weaving. Until national and inter-national n&6) per cent, from sales of 

panics last year. But the under- gtvaiUHc whether dividends concerned dyeing and finishing operations, confidence returns the present £7.S3m. (£7JSLm.): South African 


Financial Times Monday January & 1978.*' \ , 

Further fall in interest * 


•V 1 


rates likely this week 


A RECORD YEAR is reported by 

Equitable Life Assurance Society BflADfl MrmiklPC 
for new life business in 1977. New Du " nu Witt 1 IHta9 
annual premiums rose by 21 per 

cent, to £9.96m. from £8-2m., an _ „ M __ __ _ __ ru _„. 

Increase well above the average xta“ c S uSEFft disappointing results recorded by to execute them." 

growth experienced by life com- diri( j«,dA. Official indications are ooi the group s spinning, weaving. Until national a: 


lying growth trend of the com- arc 
pany was even stronger. 

The Equitable was the leadin. 


Texturising and knitting activi- confused picture will remain, he companies IS per cent. loss <LS 
ties have gradually unproved with reports, but the group must post- pe r *cm L profits) from sales of 


a return to profitability expected tion itself to take advantage of £5.55x11. (£6.73m.); and European 


company on the panel of Life interim*—Biwn Ta„-so. Hog* Rnbteson, in the latter half of the current any improvement In trading con- companies 6.3 (18.4) per cent. 


Companies that transacted busi- g. samu?i. 
ness in 'Che Federated Super- Rsafe—Ler* Foundries and Engineer- 
annuation System for Universities, ins. w. J. Py fce. 

This scheme is now being replaced . 

by a seLf-administered pension CoUoWa .. jan. ts 

fund, consequently business from oiaiiew corpn.___ Feb. ss 


FUTURE DATES 


financial year. ditions and to this end the iq^ ^ safes D f £382.000 f£lJ3lm.) 

No dividends arc anticipated investment programme will be Apart from the export of 
this year. 1 : 1 


that source has fallen sub- Hollas Croup 
stantially. ii«nei and Southerns ......... 

FSSTJ new annual premiums In ‘Loui»j --- 

19i 1, were £0.6m. against £1 Am., in BnI1 “ Suwr 

1976. But the company's drive to Grange Trust ...‘“I"""!."™!"!!’. 

increase new business from its Great Northern Invest. Trust 

branch organisation to replace Keiwmu iiojpr ... 

FSSU business was extremely iV.'SSil ... 

successful in 19m. 


Jan. 11 
Jan. IS 
Jan. 19 


Jan. 26 
Jan. 1.1 
Jan. IS 
Jan. II 

_ Jan. TS 

V.„ Romney Trust . Feb. is 

New annual Sjdlaw industries . Jan. is 


premiums from this source sufcis iRco.) Organisation . Jan. 11 


Good start 
by Utd. 
Spring 


machinery and over the next two marked aggravated by ’cheap 
years “P faa i^J^ en imports, reduced activity in the 
budgeted for farther . expanding dMsion l0 a round 60 per 

and modernising facilities. Making of nonna i working capacity 
due allowance for additional work- aT1d ^ direclors we little sign 

ing capital foUtwruig any uptium of improwment in the year 

in trade, the. groups financial 
resources are adequate to cater 


jumped by 51 per cent, to £7.7ni. Trident Tclevisloo .. Jan. tT THE CURRENT year started well conditions were compounded by 

from £5.1m. t'nion Discount . Jan. ss for both the spring and steel disputes in some of the major 

The main growth areas for the divisions of United Spring and industries served by the group, 

company were self-employed pen- Steel Group. Mr. David Westwood, And the majority of home cora- 


A record 23.6 per cent, growth 


sions where premiums increased uneha need 14.30 ner the ■ chairman, tells shareholders parties had short-time working at 

by one half, to £3.9m. Trom £2.5m. ar J the sura a^ured and “ ™ nual «?*«>««• He dees some period of the year. Never- 
and “Top Hat " pension contracts -Plf 0 'nbnnu^f£5 Jo\ no reasoD this stage why the theless the group Bnished the year 

for executives where premiums *£3° self emoloved nexiTion ran- ■Pr*®* companies should not with a stranger balance sheet and « •*T*“ -7" 
jumped 77 per cenL to JE2.3m. to i»ti» maintain this trend, although he fe well poised to take full advant- In total assets from £78lm. to 

from £lflm. Other life companies b7nefit?fs > Ufted P SliSSy to £4.60 adds that whae tbe 8teel dlvlsion age of any improvement in the 

have also reported buoyant sales »»r annJm from £440 has made "■ encouraging start, market-place. Brn'IiUiig Society for ISTT^TTmugb 

in these two sectors. «„ attaSlm?h^Sl iseaTa £7^0 market conditions can change Direct exports and supplies to the year started adversely for 

The company's Ordinary indi- °r£„tf™ fKo^tateT'on "***& and quite dramatically.” export-orientated home customers buildups societies, with 1 a very 

STSnun MrSion^buSness wS “"proved. £833.000 to £765.000. the increase areas will provide steady and firm a rapid change in the economic 

31 Der°centL ^fcher—^in^contrast ^ eff ect of making the being largely achieved by a good growth. picture, the directors say. 

to leading So comnanles <*""6“ m this form is to ensure performance in the spring com- As reported on November 23, Gross investment receipts 
which experienced very llttie tt,at 11,6 contract has parries. The Dutch subsidiary pro- sales for the year to September 30 totalled £4i4m. (£332m.). With- 

vrowth l^lt rear Sinfile oremiuin been 111 force greater the duced substanfiaHy better results expanded from £58.7Sm. to drawals were also higher, butthe 

hii«me« nf eauitahle life was atnoum of additional bonus. For the chairman says, and the £B0.77m. but pre-tax profits slipped increase in net savings accounted 
down to «m_ from £9 7m. This exam P ie ' on a ten-year policy the group’s recent acquisition, from £2Earn, to £2.62m. However for the £lS4m. rise in assets, 
latter fiauJefor 1976 beta*'i£ rotaJ b0DUS 1:1 ■ 000 basic Robert RUey (Holdings) con- after lower tax of £ 108.000 Mortgage lending was the best 

flared hv a metal me off re- benefit, ivil] be £1^58 against tributed S1,000. (£603,000) due to new policies on ever and home loans reached 

Insurance case £1,547 previously, but for a 40- Working capital increased by deferred tax, stated earnings rose ilSlm. (£I55m.) with the number 

Rnval imduk has announced ^ contract it wUl be £7^19 £469^)00 compared with £57,000. from J3.18p. to 14.72p per 25p of new borrowers up from 20,000 

suhsmntial increases on its a 2 ains t £6,467. The company states Britannic Assurance Company share. The dividend total is lifted to 21,500. 

Interim bonus rate for with-orofit that these ^creases underline the holds 755 per cent, of the equity, from 3.2443p to S.6236p net with a Reserves rose from £31.3m. to 
con tracts, a head l Q f °the * fullre- continuing confidence in the Meeting. Birminham, on final of 2.0236p. . £S8Em. to maintain the same rela ; 


FURTHER cuts in interest rates . Barclays Bank reduced its base With the prospect of a ratbf 
are likely this week following rate for lending from 74 percent: more buoyant general demuf 
last Friday's 5 per cent, cut in to 8J per cent., and brought its for credit in the coming ye, 
the Bank of England's Minimum seven-day deposit rate down even there would be less incentive j 
Lending Rate to 64 per cent. . moer sharply from 4} per cent, fight for a bigger individtu 
ThP emmeit of the Build in* ta 3 per cent. National West- share of the existing iendu 
Soe&tie? SSsfation is exnwSS minster reduced its base rale market through role compeutiq, 

cent- and reduced 

Friday a reduction in the mort- 4 V ™ £ SJSSrf S^poSST&S 

gage rate from the present 94 rJSds which hatf SreviSy larly against ihe UE. doB 

. . „_ __._.SSl^S c?cnTS? Id ce^L I P U bS^n tSSt retd S5S ^Jatter part of December.’ 

main rained^ __ __ special steel sections, for which {“ fc -LShStof * per cent, cuts in both eases and Development may depca 

During 1078-77 over £«m. was a satisfactory forward order 1???^ deposit rates. partly on how far this continue 

invested on bmidmgs. plani and book, poor demand in the home| t0 t * xe lowest smee early 1973. and this week will provide 

"” J “— **•“ """ * ‘ ’ ■'— 1 At the same time the societies This Mt Midland, which took test of the UA Initiative \m 

are likely to reduce the rate paid Jh® most agjn'essive stance dur- Wednesday to atop the decline I 
to their depositors, possibly by ins the period of competition, on dollar. This move provide 
1 per cent, from the present * hase r . ate °» 6 *,P® r ceaL un “ a temporary boost to the Uj 
6 per cent net of tax. . » deposit rate of 4 per cent, currency, though by the end t 

Early this week further moves ^ lU ^, s S?' n * n di\t J; ,M l w, ’ l>ck 11 was asam corah * 
could be made among the big “ 35 ** un i? r 

banks to restore the normal cent - deposit ra e. The [ a j| ia MLR was Woute 

pattern Df uniform rates. There These two banks and others to * per cent last week os a» 
was rate competition throughout are expected to reconsider their suit «f Bank or Engln 
December. After the MLR cut rates in the next day or two. messages to- ihe money marte 
last week three of the big four The feeling among those banks indicating that ft (lid not vrat 
banks which bad previously been which moved on Friday was that the trend to move ton rapid): 
out of line with eaeh other the differential in December had but the market was already too) 
announced redactions which not produced any substantial ing ahead to the possibility $ 
brought their rates back to the! movement of business between a further reduction this week 
same level. the banks. the pressure persists. 


programme, says Mr. 


for this 
Parkes. 

During 1976-77 difficult trading 


Britannia 
assets climb 
to £965m. 


versionary bonus declaration for ■“ no S I lc £ ut3ook , l and January 31 at noon, 

the three rears ending Dec- new ™ re ? lU used 0D all 
ember 31, 1977, which will be quotations for new contracts, 
made in a few months time. 


On ordinary individual life con¬ 
tracts. except the flexible endow¬ 
ment Uniflex, the rate applicable 
to the sum assured is kept un¬ 
changed at £4.50 per annum. But 
the "super bonus” rate, addi¬ 
tional bonus paid on attaching 
bonuses is increased to £1.60 per 
cent from £L00 per cent, making 


Further loss 
for Textile 
Alliance 


Increase at 
D. C. Thomson 


An analysis of sales by U.K. tionship of 4 per cent of total 
companies shows: Home £4D.3Sm. assets. Liquid funds at year-end 
(£36 8lm.): Western Europe amounted to £2R8m. (£tfl6m.) or 
£i.35ai. (£0.99m.); Eastern Europe 27.S per cent. (25.1) of assets and 
£182,000 (£358,000); Middle East tax paid was again £21m. 


Dundee based printers and pub¬ 
lishers, D. C. Thomson and Co., 
an unquoted company, lifted in- 
„ „ come after tax from £2E5m. to 

Directors of Textile Alliance £ 326 m. for the year to March 31, 
the total bonus rate paid on say the group continued to incur 1977 ^ and the dividend j s up from 
existing bonuses £6.10 per cent losses in the six months to I93375p to 19.635p net per £1 
against the previous £5.50 per September 30. 1977, and in the share, 
cent absence of an improvement in 



DDHTTHP IWACT? number of Ordinary shares which 

nrrruT Unicom either owns or for which 

BUYS SPARLUinl acceptances have so far been re- 

Proctor Masts announced at ce j ve< i is 3 , 389,238 (approximately 

„„ „—_ «*,. — e - — Trading profits advanced from Earls Court yesterday that an g^g per cent). The offer has 

On Uniflex contracts the new world textile markets in the past -£3E9m. to £4fi7m. and investment offer had been accepted for tne become unconditional in all re¬ 
income from £1.85m. to £2£9m. purchase of the capital of Spar- sp^ts ^ will remain open until 

' light subject to satisfactory com- further notice. Unicom intends 

,, pie tion of contracts between both [ Q due course to acquire any out- 

NO PROBES companies. standing Ordinary shares com- 

Proctor Masts is already the puisarfiy. 


PONTIN’S LIMITED 


UNAUDITED INTERIM STATEMENT OF THE GROUP 
PROFIT FOR THE SEVEN MONTHS 
ENDED 31st OCTOBER, 1977 



Unaudited 

Audited 


7 months Ended 

Year Ended 


31st October 

31st March 


1977 

1976 

1977 


£000s 

TOOOs 

£’000s 

Group Turnover 

36.241 

32,414 

38.956 

Group Profit before 




Debenture and other 
Interest 

9.910 

8,719 

7,383 

Debenture and other 




Interest 

698 

456 

752 


9,212 

8,263 

6.631 

Taxation (a) 


3,208 




3.423 

Earnings per share 

Relating to issued 

Capital 

Relating to fully 

— 

— 

2.85p 

diluted Capital 

— 

— 

2.Slp 



1977/78 

1976/77 

Dividends per share (b) 




Interim Dividend 


1 JS2l9p 

1.6500P 

Supplemental Dividend 


( .0131p) 

.0385 p 

Paid 28th April. 1977 

1.65Q0P 


£1,983,946 


Payable 27th April, 1978 
Notes 


1.40759P £1.712^59 


(a) Corporation Tax will be assessable in due course on the 
Trading Profits for the year ending 31st March, 1978 
when finally ascertained. The Group has now adopted 
the recommendation of the United Kingdom Accounting 
Standards Committee (ED 19) and as a result United 
Kingdom Corporation Tax will be provided only to the 
extent that it will become payable in the foreseeable 
future. 


(b) The Directors propose to pay an interim dividend for the 
year ending 31st March 1978 on the 27th April 1978 which, 
together with the net supplemental dividend declared on 
Sth September 1977, will amount to 1.40759p per share. 
In accordance with the terms of the Offers from Coral , 
Leisure Holdings Limited (“Coral”) announced today, 
this figure represents the maximum dividend payable m 
respect of the Company's year ending 3lst March 1978 
pro-rated to reflect the elapse of three quarters of that 
year, of 1.3S219p. to which has been added the net supple¬ 
mental dividend of 0.0254p. This dividend will be payable 
to those shareholders on the register on 27th January 1978. 
If the offers from Coral become unconditional the next 
dividend to which accepting shareholders will be entitled 
will be the interim dividend of Coral which is normally 
paid in November. 


(c) No provision has been made for the exchange fluctuation 
in the net worth of overseas assets or overseas loans. 


(d) As at today’s date, there is outstanding £291.685 of the 
7 per cent. Convertible Unsecured Loan Stock 1990/95 
which, fully converted, would involve the issue of 1,360,798 
Ordinary shares of lOp each. 

It should be noted that most of the Group Trading Income 
is received between 1st April and 31st October in any year and 
such income is subject to deduction for the five months’ 
(winter) expenses before the year's Trading Profit at 31st 
March can be determined. 


Bookings and enquiries received to date both in the United 
Kingdom and Overseas indicate that, subject to unforeseen 
circumstances, the Company should enjoy another successful 
season in 1978. In addition the Prestatyn Holiday Centre 
acquired in October 1975 will be fully operational for the 1978 
season and should also make a useful contribution to group 
profits. 



CREDIT COMMERCIAL DE FRANCE 

U.S. $35,000,000 Floating Rate 
Notes 1977^1983 


For the six months 

January 9th r 1978 to July 10th, 1978 
the Notes will carry an 
interest rate of 11 % per annum. 


Listed on the Luxembourg Stock Exchange. 

By; Morgan Guaranty Trust Company of New.York, London 
Agent Bank 


to the 


Th« nmraiwl merver of North fPOCtor aiasis is aireduy iue 

biggest mast manufacturer in the _ 

52?ln?Tnm!S?AJS5aS. w ° rld - The acquisition or Spar- GIBBS NATHANIEL 

to »8hl WM enable even greater Subsequent to the Ordinary 
b* referred economies of production and un- offer made on December 22 Gibbs 

^ . provemeat In design. Nathaniel and A. J. Mills have 

The proposed acquisition of cer- agreed terms whereby Gibbs wifi 

tarn assets of Fidrey Company by TH/ MORGAN. make an offer to acquire all the 

the National Enterprise Board is GRAMPIAN 150,000 Preference shares In Mills. 

Acceptances of the re com- The terms are '“V <»|h for 

mended cash offers made on ^eh 5, per een t. (now 3.8o per 

behalf of Trafalgar House for the plus tax credit) share of £1 
flTlirP I IFF capital of Morgan-Grampian have “ “““s- 

uintR urt been received in respect of Mrn,c*TDrv 

9.649,740 Ordinary shares rep re- rNtM/r AiKti 
senting 94.05 per cent of the , The National Enterprise Board 
DCDtiDTC capital; and 163.1S6 7 per cent has completed the purchase 

ittrun i sa preference shares— from Sir Charles Hardie, the 

receiver of the Fairey Company, 
Ordinary aQ the U.K. operating cora- 


BY MICHAEL BLANDEN 


Brokers predict higher excise 
duties and £3bn. tax cuts 




BY MICHAEL BLANDEN 


INCOME TAX cuts totaling; however, it is expected that the With home consumption pro 
about £3bn. in a full year 'are Government will be able to intro* tiding the only source c 
Forecast in the spring Budget by duce an expansionary Budget, domestic growth, the expamto 
stockbrokers Phillips and Drew. The forecasts arc optimistic of real gross domestic proitai-- " 

In its latest economic forecasts, about the short-term level of is forecast at only 2* per cenl 

the firm argues that this amount inflation, suggesting that the “ barely sufficient to halt the Eh#-jct'f SI 
of relief would include some success of the £4 pay policy and in unemployment. 1 ’ -jf. 

£l£5bn. which would be neees- the rise in the pound will bring -ph e North Sea oil contributin' ^ _— 

sary in any case to offset the single figure retail price inrta- eX pceted to bring a cu^rea’ , ’'’^ 
effect of inflation on tax pay- tion in March. account surplus of about ElJJbr 

ments — known as fiscal drag — This would be slightly ahead ^is year, but even with the a £iJV>* »- 

in the 1978-79 fiscal year. of the Chancellors target date, ^c current account may be aid 

The total income tax relief, but with average earnings i n bare balance bv mid-1979, -- ' 

it says will be partly offset by accelerating, inflation is expected 

some rise in excise duties to take to be back in double figures in —- - - - - 

account of inflation. w We expect 12 months' time, 
the Chancellor to announce These factors imply a substun- 
higher duties in the Budget, but tial upturn ^ personal real 
the increases seem likely to be disposable incomes of more than 
kept to modest proportions ahead 7 per cent, this year. A further 
of any general election ■" nee in tho Mvlniit Mtift nnnlH 


New face at 
the Mill 


not to be referred 
Monopolies Commission. 


COMPANIES 


the 


cumulative 

CANNON ASSURANCE—New o«>t annual 81.59 per cent 
vremluau for 1977. Xl.Sm. irfam.l and <p». e offer for 

net stuaie premionis a.Bm. (£4,im.). shgrefi , n Morgan-Grampian has panies in the Fairey Group 
colonial mutual life ASSUR- become unconditional and other than Britten - Norman 
ANCE-For lBrtUJC ordinary buataenn em>ins open further nojjce fBembridge) (in receivership), 

the Preference Stainless and Fin* 

£85.000 (fss.oooi, £4X33,000 <£3,702.0001: shares has been extended and c-iectromcs. 


^?.«? enera L eI ^5 uon '"» rise in the savings ratio could 

Phillips ami Drew forecasts mode rate the improvement in FORMER GLAMORGAN **,__ 

that some £50Dm. will be oh- rea ] consumers’ spending to 54 England cricket captain Tote 
tained from higher duties, toay- per cent> j n t j,e calendar year. Lewis will join Bob tingle! 
mg the net injection of spending * strenffth of ster i inR ^ as copresenter of BBCl’s Satar.. w » s *. 

k. j'swt--SfiSJS5 s 

The forecasters also believe of u.tv. exports, tnenroaers say, BBC .. ^ nit ,u L v* 

that the Chancellor’s 10 ner cent while the expansion of cons limp- sa ^ a ,3St n ' Bni * -i 

guideline for average earnings tion will induce a strong growth Lewis, who .switched to spot? ’ 

Fa the present pay round is being of i m P« rts - Investment is not journalism fromi cricket, praenff 
interpreted as a norm for wage expected to recover enough to “Sport on 4” for Radio 4 fli 
rates “ add much to overall economic - Saturday morning and writes 

On the basis of an increase in activity-_ rugby and cricket 

wage rates of 10-12 per cent.. 


aunnUlas per aruntm £809.008 (£361.1)00) remains open until 3.30 p.m. on 
and U.K. pensions; sums assured £63m. January 26 

f£73m.): new nremmms. IndndlnE single WTr D A. Abramson. Mr. C. A 
premlUXRs Of 0.130.000 (£809.000). M M 

£3J>73 000 <0049.000); annallies per annum ChadwyCk-HeaJey, Mr. M. Bl. 
£8.049.000 (£8,642,0001. Pensions business Geffen. Mr M. B. A Keelmg ano 
written by subsidiary: new premiums Mr. S. P. M. Pegg, all of whom are 
Ei.164,004 (£400.886) includi n g single pre- non-executive directors of 

316 

ordinary lUe assurance policies tor irom me ooaru. 
assured o t n-SUbn ((l.nim i 

GUARD) AN ROYAL EXCHANGE DUNDONIAN 
assurance—F or 1977 new wortd-wide Terms have been agreed for 
He sums assured exceeded £25Whn.. in- the acquisition bv Dundonlan of 
dnding overseas group business. World- c-_i_ Mnfnal Snnnlv Co for 
wide now sums assured, net of reassur- 

antes. X2a04zn. (£2,4SIm.); new annuities £77,000 cash and £88,000 nominal 
£Mm. per annum (Islam.): new annual in Dundonlan Ordinary shares, 
premiums JB*n. f£W.8m.) and single Although Sarnia made only a 
premluma £20An. <£19m.). gma]1 oflt Qf fl g33 in xhe nine 

uAmths to March 31. 1977. it is 
wMe new annua l Pre miu ms i n 1977 £40m. sniiriDiterl that a wrowinff and 
(£Xim.). new sums assured nassm. anucipaiea raw a J „ 

m:499m.). Ordbunr life business In significant contribution to group 
UJK.: New annual premiums £i3.73m. profits will be made in the cur- 
>n 5 w 2L»? ni, ?_J^ ed . ra77n, j rent and future .vears. Net assets 
(£64701.). New single premiums Invested n r Onmin nmnnnfpH to £147 093 
in Norwich Investment Bonds nearly £9ro. aamia amounted to iii/.ujw 
(£5Jm.>. New O.K. pension premiums, 81 «*arcn 3i. 
including individual pension policies, _____ ___ 

risTsm. (tism.i. UNICORN/ABRASIVES 

RorAL insurance—N er new annual Unicorn Industries announces 

premiums increased by 43 per cent to mended C3Sn Offer for tne 
£28.7m. (H4.4m >. Ordinary capital of Abrasives 

target life assurance—F or 1977, international not already owned 
now policies issued £37040 (£33.700). sums have beeti receiver! in resnect of 
assured £2Sm. Uinm.i. annual premium ^" ^^ ea 'n respeci oi 

Income £3.s2m. f£2.73tn_), single premimn 2,1 to, 159 Ordinary stares (approxi- 
income na£m. (no.em.i. mateiy 89.8 per cent.). The total 


they expect average earnings to 
rise by about 17$ per cent as 
a result of wage drift partial 
consolidation of pay rises under 
the previous two stages of - the 
incomes policy and productivity 
deals. 

This figure is rather higher 
than the 15 per cent, generally 
accepted in the City as The likely 
outcome of the current round of 
pay negotiations. 

Because settlements in terms 
of wage rates will be publicised 
as being close to 10 per cent.. 


Brent) mil Beard (Holdings) Limited 


Profits 37% ahead 

Overseas earnings up 

Aviation business grows 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1,00&£25,000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 20J..78. 

Terms (years) 3456789 10 

Interest % 9 9} 10 10J 10* lOf 11 1,1} 

Rates for larger amounts on request Deposits to and farther 
information from The Chief Cashier, Fin ance for Industry 
Limited, 91 Waterloo Road, London SE1 8XP (01-S28 7822, 
Ext 177). Cheques payable to “Bank of'England, a/c FFI.” 
FFT Is the holding company for ICFC and FCL 


SIMCO MONEY FUNDS 
(Saturn Investment 
Management Co. Ltd.) 


Rates of deposits of £1,000 
and upwards for w/e 8X78. 
7-day Fund % 

Mon. 6.655 

Tues. 6.583 

Wed. 6.595 

Thur. 6.597 

Fii/Sun. 64)77 

3-Mouth Fund 
Wed. 5875 


Brasilvcst S.A. 
Net asset value as of 
29th December. 1977 
per Cr$ Share: CrS2L®I 
per Depositary Share: : 

U-SJJ12.474.71 - N 
per Depositary Share: 
(Second Series): 
U^51L714.52 


LOCAL AUTHORITY BOND TABLE 


• 0 


Annual 



Authority. 

(telephone number in 
parentheses) 

gross Interest Minimum Life of 
interest payable sum bond 


% 


£ 

Year' 

Poole (02013 5151) _, . 



4-year 

500 

4 ' 

Poole £02013 5151) .. 


10 

4 -year 

500 

M 

Redbridge (01-478 3020) . 


30 

V-year 

200 

5-7 

Thurrock (0375 5122) . 


9! 

1 -year 

300 

■ 4 *- 

Thurrock (0375 5122) . 


10 

4-year 

300 

5^ 


Profit and Appropriation Year to September 30,1977 


Turnover 

Profit from Operations 
Share of Profits of Associated 
Companies 
Pre-Tax Profits 
Tax _ 

Profit after Tax 

Minority Interests 

Profit for the year attributable to 

the shareholders of Brerttnall 

Beard (Holdings) Limited 

Dividends 

Earnings per share 


1977 

5,005,000 

1976 

3.904.000 

905,^26 

6901350 

' 105.778 

4a951 

1,611,1.04 
■ 539,371 
471,733 
71.338 

740,001 

390370 

349.631 

78337 

400,395 

95.131 

5.3p 

27L294 

65,198 

3.7P 



These securities having been sold, this announcement appears as a matter of record only. 



PEMEX 


Petroleos Mexicanos 

(A Decentralised Public Agency of the United Mexican States) 


Kuwaiti Dinars 7,000,000 



per cent. Bonds due 1987 

(redeemable at ike option of ‘Petroleos Mexicanos or the holders in1982) ~ 


.-He?. 


The Chapman, Ate Fred Beard,states that Brentnan Beards 
concentration in recent years an overseas diversification has 
bean respone&fo for the substantial increase in turnover. 

Despite operaterial difficulties, the Company has strengthened 
its position In Canada, Experience has been gained In other 
markets overseas but patience is needed In finding me right 
associates. The Paris office established a foothold in the EEC 
and it is hoped.the barriers wffl shortly come down permitting 
the largo- commercial insurances La be written elsewhere m the I 
EEC without flie insurer being established in the country i 
concerned. 

The Lloyd’s Underwriting agency has had a good year and the 



growth of Brentnal Beard's aviation account in particular, has 
been very successful. 

The 1976 figures have been amended to lake account of 


certain subsequent adjustments and In order to show minority 
interests and Interests in associated companies in accordance 
with generally accepted practice. 

Copies of the Annual Report and Accounts available from the 
Company Secretary. BrentnaH Beard (Holdings) Limited, 

Cl St John's HU, Shrewsbury SY1 UC. 


Abu Dhabi Investment Company 
B.A.IX (Middle East) Inc. 

Lloyds Bank International Limited 


Issue price 100 per cent. 

Kuwait Investment Company (S.AJK.) 

Arab African Banlc-Cairo 
Citicorp International Group 


Swiss Bank Corporation 

(Bahrain Brandi) 


Alahli Bank of Kuwait (K.S.C.) 
Algemene Bank Nederland 

(Bahrain Branch) 

Arab Finance Corporation S.A.L. 

The Arab Investment Company S*AA. 
(Riyadh) 

The Arab and Morgan Grenfell Finance 
Company Limited 
The Bank of Kuwait and the Middle 
. East K.S.C. 


yy> d*o 



Banque Nationale de Paris 
Bayerische Yereinsbank IntemationaTSA. 
Burgan Banks. A.K.-Kuwait 
Byblos Arab Finance Bank (Belgium) S.A. 
Euroseas Banking Company (Qatar) Ltd. 
The Gulf Bank, k.s.c. 

Manufacturers Hanover Limited. 

Rif bank S: A.L. 

Union de Banques Arabes et Europeennes., 

-u.ba.-e: . 



























27 




limes Monday January 9 1978 

r 6st Pending dividends 

ek 

F ? r c - f readere tbe dates when soriie.of lire 

bo re tniporta-nt coBnpany;dnrWend statements-may be expected in 
toe next few creeks are given in the following table. Tha.dates 
town are ibose of. last year’s announcements except where the 
fo!^oming T Baarfl meetings (indicated thus*) have been officiary 
puhUsnea. A should be emphasised that the dividends in be 
’ ,. ‘■ i 3co* ared not necessarily W at the amounts or rates per cent, 

(fiwtfa Jn the column headed "Announcement last year.” Preliminary 
. • ?re«i figures .usually accompany final drvidcsnd announcements. 


• ■ Anaoowse- 
twe meat last 

... ■ • nu 

AJeiandera • 

"Sj._ - Discotmt- Jan. 2S Final 9.32s 

if, Anslft American 

9ecs...J4fc 9 

; ;AVP -—Jan. M 

' * BAT Had*. -Feb, ! 

'* m BET ma^.M.JUL-13 
.. BinnM 

Qialcaat »- Final 3.70 
. British Sugar Jan. 26 Final 4.645 
• .. -Brown rtobn) >j*n. a lot 3.6 

' 1 . Harvey.. Jan. 10 Int. t 

Comd. Bank 

. of Ann....Tab. 21 

Dacian __Jan. 67 

• DaiCTty Feb, jo Uu. fij388 

-2?°“ •—..F«b. S btl 

. Olsons Photo. -Jan. n» 

Otrwff Cram ...Feb. s 
Endlsh China 

Clan _Jaa. 12 

.... Filch Uwell __Jan..*} 

- • Easterner _Jaa 17 

■ 3rand 

'• 1 - Metropolitan—J«n. £8 Final 3X627 
1 V 3L Northern ... 

' Tat. Jan. la «nai 237 

' ’ .-'uinneEa Poai Jan. 3: Jnt. is 
j'. .Oambro Trust -JatL .36 InL DS - 
Htakaon and .■ r..-. 

Welch-Jan.’ 13 Final 5-9304 
■ .ion Robinson..Jan. 1 a im. ass 


Sec. tat 1.64 
totU. ... 
Filial 4.725 
UB. L34 


In. S cents 
1SL 1.1375 


Jnt. 0S2S 
Wt LK 

Final L3C2 
Ini. U44 

Final 17864 


-' Annoijncc- 
- .One man last 
year 

•Imperial OhMm—Feb. 7 Final. MIS 
■Kenning Motor Jan- 11 Final MM 

- Inehrape _Jan. 27 lot 6S25 

Laud-tad- ■ - - 

- - Homo Prop. Dec. 21 Final W& 
•Lloyds Bank ... Feb. 17 Final 4.422 
•Magnet -awl 

Southerns Jan. IS Inj. 5 
•McCorouodsJe Jan.. 31 Finsd8J3 
HIM Holdbus- Jan. 27 im. S cents 
•Natwest Bank. Feb. 28 'FUuJ'seszs 

Notts Mfe. _-Fob. it Final JJ732 

Flessoy ..._Jan. 27 See. tat. 2J 

mattes _—.Job. 1 FtealSJS - 

. Prop.See. ... 

Invi-TW— J«b. 3 


INTERNATIONAL COMPANY NEWS 


Textile Alliance sale 


InL 0.455 
Final uses 
lot-U 


•Rantc Oisn._Jan. 33 

■Samuel (H.1 Jan. 10 
■Scot, and New. - 

' Brews. Jan. 13 
Scot UbL la*—Feb. 9 

■SGB __-Jan.-10 

•Stoc* 

Conmshn-Jan. 18 mt. 02123 
•Tate and Lyle Jon. 35 Final 9.71 

--■’Thorn Elec._Jan. 18 

’•‘TrWem tv —Jsra. 17 
Trust House . . 

■ Forte Feb. 9 Final 54 ' 
frnjon Discount Jam 25 Final 1 11^76 
Wagon Finance-Jan. 28 FtnaTS.'TS- 


'Xnt 13 
Final U 
Final 2464 


inr.SJm 
Final TJflS 


•Board meetings fastened. t'Rtehia 

-- - __ Jssne rtncr made. !Tn free. 1 Scrip 

d . ..-fw. 23 Sec. Inf. &75Q35 Issue since P w dft from reserves. • 


excise Public Works Loan Board rates 

its 


* Non-quota loans S are 1 per cent! higher in each case than ntm- 
uota loans A. f Equal instalments of principal. t Equal repayments. 
Effective from January 7 

■ QiMrlaans repaid 

Yaan farEIPt. bjERt mattrrhy 


K b. gattn terns A* repaid 
. .at • 

tW ElPt hr ERt tnaU n Wr 


p to 5 . 

«l . . 

Si _ 


109 

109 

109 

ver S, up to 10 

9$ 

91 

HH 

101 

- 109 

11 

ver 10 , up to 15 

10| 

161 

109 

209 

109 

119 

;.ver IS, up to 25 

:. ;<n 

1« 

■ ll : 

119 

ui 

m 

ver 25 ...._;; 

11 . 

219 

229 

129 . 

22#-. 

114 


RECENT ISSUES 


EQUITIES 


nie | 

C« hk'aiM 

l 3 to 
< 

Jig 

u 

8iRt> 

07 

11*"*-. 

Stock 

t|« 

+ or 

* = 

—is 

§1 
H | 

I 

Li 

e 

c Mill jt 

.52 

YJt. 

PJ>. 

P.P. 

BSp 

soil 
Oil 
27 /X 

• 1 

460 

UB 

67 

28 

562 Igttqo (Hoag_ 

lOQ. iTkiinei (eLWj__ 

67 Holden (A)_ 

W J.lU.&ppd™ 

455 

122 

67 

29 

+ 1S 
+ 51* 
+ 1 
+2 

Ffit 

67.58 

MU 

(Ml 

SLX 

3.6 

0.7 

3.7 

9.4 

7.5 
8J> 

6.9 

6.6 

6.0 


rB; 


FIXED. INTEREST STOCKS 



. ! I j 


‘‘RIGHTS 



BY PHILIP BOWR/NG 

IN ANT effort to shore up its cash 
position and reduce its huge 
debt, ailing Bong Kong-based 
textile giant Textile Alliance has 
sold its 205,000 square feet fac¬ 
tory .site at Sbatin In Hong 
Kong’s new territories for a sum 
believed in the region of 
SHKlOOm. The site became 
vacant as a result of the closure 
of a subsidiary, Jar dine Dyeing 
and Finishing. . . 

Last week. Textile Alliance 
announced that it had sustained 
further losses in the six months 
to end September and did not 
indicate any substantia] improve: 
Rent in the second half. This 
would make the fourth succes¬ 
sive year of losses. Last year 
it lost $HK29.9m.. the year 
before $HK745m. and SHKlSXm, 


(before extraordinary items) in 
1974-75. Textile Alliance was a 
large integrated and generally 
profitable company based pri¬ 
marily on the interests of Hong 
Kong-ba$ed Shanghainese, textile 
magnate C. C. Lee until in the 
early 1970s it merged its 
interests with some expansion 
plans in south east Asia by 
Toray Industries, one of Japan's 
largest fibre producers. Toray 
became the largest shareholder 
and massive expansion, funded 
by borrowing, was undertaken 
in Malaysia, Taiwan and Thai¬ 
land. It came on stream just as 
the world market was going into 
recession. 

Although the textile revival 
in 1976 enabled It to reduce its 
losses, the burden of debt and 


still 


Itoh, 

the 


' HONG KONG, Jan. S. 

over-capacity is heavy, it -_ 

required a SHK2dm. equity injec¬ 
tion from Toray during last year 
—Toray subscribed 2.9m. shares 
at SHJC19 each. This ■ brqu, 
Toray’s stake to slightly nnu, 
50 per cent. (Other shareholders 
are the Lee family, C. 
Jardine Matheson. and 
public). 

Toray has also given an under¬ 
taking) which is still in force 
ensure the continued existence 
of the group. Even should there 
be a return to profitability, it Is 
likely to be a long time before 
shareholders see any dividends. 
Group borrowings at last balance 
date were a massive $HK293m. 
compared with shareholders' 
funds of a mere $HK106m. 


U.S. move on foreign Government loans 


BY JUREK MARTIN 

THE U.S. Government has 
publicly fipfirypH the regulations 
applying to loans to foreign 
governments a nd their agencies. 
The following is the. text of a 
statement issued under the 
signature of Kir. John a 
Helmann, Comptroller of tbe 
Currency. 

Loans to foreign governments, 
their agencies and instrumentali¬ 
ties will be combined under 12 
U.S.C. Section 84 if they fail to 
meet dither of,-the following 
tests: 

1— ■The borrowing entity must 
have resources or income of its 
own sufficient over dme: to ser¬ 
vice its. debt- obligations 
( means ** test). 

2— The loan proceeds most be 
used by the borrowing entity in 
the conduct of its business and 
for the purpose represented In 
the loan agreement or otherwise 
acknowledged is writing by the 
borrowing entity T purpose" 
test). This does not preclude 


converting tbe loan, proceeds 
into local currency prior to use 
by the borrowing entity. 

The tests will be applied at 
the time each loan is made. 

In order to show that the 
“ means ” and “ purpose ” tests 
have been satisfied, a bank shall, 
at a minimum, assemble and 
retain in its files the following 
hems: 

1— A statement; and supporting 
documentation describing the 
legal status of the borrowing 
entity and showing hs owner¬ 
ship and any form of control that 
may be exercised directly or 
indirectly by the central 
government. 

2— Financial statements for the 
borrowing entity for a minimum 
of three years prior to making 
tbe loan or for each year less 
than three that the borrowing 
entity has been in existence. 

3— Financial statements for each 
year tbe loan is outstanding. 

4— .The bank's assessment of the 


WASHINGTON, Jan. S, 

borrower's means of servicing 
the loan ‘ including specific 
reasons for justifying that assess¬ 
ment Such assessments shall in¬ 
clude an analysis of the financial 
history of the borrower, the 
present and projected economic 
and financial performance of the 
borrower, and the significance or 
lack of significance of any 
guarantees or other financial 
support, by third parties, includ¬ 
ing the central government 
5—A written statement from the 
borrower describing with par¬ 
ticularity the purpose of the 
loan. Normally such a statement 
will be regarded as sufficient 
evidence to meet the “ purpose 
test requirements. However, 
when the bank knows or has 
reason to know, of other in 
formation suggesting a use of 
proceeds inconsistent with the 
repzeseritatdon in the statement, 
it may not, without further in¬ 
quiry, accept that representa¬ 
tion. 


Money and Exchanges 


Bank of Vn ^«»6 Minimum 
Lending Rate tf per cent, 
(since January 6, 1978) 

A signal on interest rates from 
the authorities was widely 
expected in the London money 
market last week. On the Friday 
before the New - Year holiday 
discount honsea baying rates for 
three-month Treasury bills were 
already indicating a probable cut 
in Bank of England Minimum 
Lending Rate in the. near future, 
and when markets resumed trad¬ 
ing on Tuesday bill rates . fell 
again. Comments In the Press 
about a possible sharp fall in 
MLR, coupled with the strength 
of sterling in the foreign 
exchange market led to a further 
reduction iri rates on Wednesday. 
On the' same day there was a 
signal from the authorities call¬ 
ing for restraint in the downward 
pressure-on short-term rates, and 
this fairly. mild' message encour¬ 
aged .houses to keep buying rates 
for Treasury bills at 5{ per cent, 
pointing towards a cut of 1 per 
cent to 6} per cent in MLR at 
Friday's tender. 

The Bank of England lent 
further- funds for seven days to 
the market on Thursday to .repeat 
the signal, and tbe sudden fall 
by sterling led to a firming of 
interest rates. Buying rates for 
three-month Treasury bills moved 
up only slightly to 54E-5& per 
cent, however, still below • tbe 
trigger point for a fail of i per 
cent in MLR. 


At Friday's tender the average 
rate of discount fell to 5i82B per 
cent, and Minimum Lending Rate 
was cut by i per cent to 6{ per 
cent 

The day-to-day credit situation 
tended to deteriorate towards the 
latter part of the week. Tbe 
authorities absorbed a small 
surplus on Tuesday, but by 
Thursday were giving help on a 
massive scale, and this was still 
not enough to take out the fun 
shortage. An exceptionally large 
amount of help was also given on 
Friday. ■ 

Sterling touched its highest 
level since early Mardi on 
Tuesday and early on Wednesday. 
It rose 4.65 cents against the 
dollar on Tuesday to dose at 
81J625-L9645, atad reached a high 
point of S1J950 on Wednesday 
rooming. Other major currencies 
also rose sharply as the mood of 
nervousness surrounding ‘ the 
dollar led to very unstable con¬ 
ditions. The Swiss franc touched 
a record Sw.Frs.1.8940 against the 
dollar, with the D-mark reaching 
an all-time peak of. DM2.0430. 

. Even before the package of 
measures to support the dollar 
was announced the U.S. currency 
was improving, -simply on profit 
taking. After the announcement, 
sterling, the Swiss franc, the 
D-mark, and other major 
currencies fell sharply. At one 
point on Thursday the nound was 
12 cents lower than ju'f 24 hours 
earlier, while the Swiss, franc fell 


to SwJrisA08 and the D-mark to 
DM2.1575. 

The U.S. Federal Reserve and 
European central banks intervened 
to help the dollar at the end of 
the -week, but the market re 
maiaed very nervous, as dealers 
attempted to gauge where the 
dollar- is likely to settle In the 
immediate future. Market 
sources suggested that although 
the measures made public on 
Wednesday may be sufficient to 
deter continued pressure on the 
dollar, the problem of the U.S 
trade deficit will have to be solved 
before the shadow hanging over 
the dollar is finally removed. 

Sterling finished tbe week at 
SI 2290-1.9310 compared with 
SL9160-19180 on the previous 
Friday, while its trade-weighted 
index, on Bank of England figures, 
was «5.3 compared with 652. after 
touching a high point of 86£ at 
noon on Wednesday. 

The Swiss franc finished at 
9wJVs2.0050 In terms of the 
dollar, against SwJPrs.lB887i on 
the previous Friday, whHe over 
the same period the D-mark fell 
to DM2.1255 from DM2.0975. 

Gold touched 8171M72J at the 
close on Wednesday, the highest 
closing level since May, 1975, but 
lost ground later in the week. 
The metal's movements were 
largely a reflection of the ner¬ 
vousness about the dollar, and It 
finished on Friday at $1691-1701 
compared with Sl64j-165J at the 
end of the previous week. 


ReuuKteqod date anally last tor tar dealing tten oT stamp duty, t» Figures 
tsed m.impKtH estimate, a Assumed dividend " and yield.- tt Forecast dividend: 
■mar Stewed on pravfMa year's earning*. rDivldentt and yield based 00 prospectus 
other Official estimates lar tBTfl. q Cross. 1 Figures assumed, t Cover allows 
r conversion of ebarea not now ranking lor dividend or ranking only lor restricted 
vldehds. S Placing price 10 public, pt Pence unless otherwise indicated. 3 Jssaed 
- lender. Q Offered . 10 holders of Ordinary shares as a " rights." ** Btgms 
* nay of catfluUaatioo. t+ Minim um tender price. 13 Reintroduced.. S5 Issued 
connection with reorganisation merger or take-over. [Ill anroduction.^ □ Issued 
farmer Prefcrvawj holders. fl| Allotment tetters (or niBroam). • Pionsionai 
partly-paid allotment tetters. * with warrants, ' 


BASE LENDING RATES 


A.B.N. Bank:.... 7*%i 

Allied Irish Baste Ltd. 7*% 
American Express Bk. t %. 

Amro Bank. 7- lt ^ 

A P Bank Ltd. . 7 % 

Henry Ansbacher ...... 7f% 

Banco de Bilbao ...... 7 

Bank of Credit & Ciioce. 7. 

Bank of Cyprus.7|% 

Bank of N.S.W.. 7i% 


Basque Beige Ltd.. 7\% 

Banque tin Rhone ..— 8 Samuel Montagu 
Barclays Bank . Gift* Morgan Grenfell - 


I Hill Samuel.--§ 7 % 

C Hoare & Co. -—t 7 % 

Julian S. Hodge . 81% 

Hongkong & Shanghai 7 ■% 
Industrial Bk. of Scot. 7 % 
' Keyser Ullmann J % 
Knowsley & Co. Ltd.— 9 % 

Lloyds Bank . 61% 

London & European ... S$% 
London Mercantile ... 7 % 

Midland Bank . 63% 

61% 
7 % 


t»i 1 


L.r^: 

IK'* 1: 


8i% 
8*% 
7 % 
7 % 
71% 
9 


Barnett Christie Ltd.... 
Bremar Holdings Ltd. 

Brit Bank of Mid. East 
■ Brown Shinley 
Canada Permanent AFX 
Capitol C 8c C Fin. Ltd. 

rCayzer Ltd.... 7i 

Cedar Holdings 8 % 

I Charterhouse JapbeL.. 7- % 

C.E, Coates . Si% 

-Consolidated Credits... 
Co-operative Bank 7 -% 
Corinthian Securities... 74% 
Credit Lyonnais. 7 % 
Duncan Lawrie .:...9 71% 


. Eagtl Trust . 7*% 

English Transcont — 8 % 

First London Secs.' ... : 74%, 

First Nat. Fin. Corpn. 9 % 

First Nat. Secs. Ltd. 9 %‘ 

' * Antony Gibbs .. 7 %, 

Goode Durrant Trust..; 71% 

Greyhound Guaranty... 6t% a m. 

• B toys Hank . t ntmmid Mpotits 4»* ~ - 

■ Guinness Mahon. 7 % g r*u> ai» applies, m aterfb 

: *Hambros- Bank .. 7 ~ 


National Westminster 74% 
Norwich General Trust 7 % 
P. S. Refson & Co. ... 7 % 
Rossminster Accept’es 74% 
Royal Bk. Canada Trust 71 
Schlesinger Limited ... 7JN 

E. 8. Schwab .9,% 

Security Trust Co. Ltd. 84% 

Shenley Trust . 94% ' 

Standard Chartered ... 74% 
Trade Dev. Bank . — 7i%_ 
Trustee Savings Bank 7 % 
Twentieth Century-Bk. 8J% 
United -Bank of Kuwait 64% 
Whi teaway Laidlaw ‘73% 
Williams & Giya's .... 71% 
Yorkshire Bank.. 74 % 

Members, of Um Accenting Houses 
Committee. 

7-dar an posh* 4*6. l-ousub deposits 

Y-dar toped* on smug of XtMW 
■nrt mate 4%. 'UP to ffiJN 41% 
and over J2MW 54- 
deposit s ime r tLQt 

ffterfing Znl 


Jsu. 6 
1878 


.Jrarnurtlt_I 

i»y-w*teoJ 
-V n* f 

■my sotlro- 

" im 

■wo mod ill _ 

Jlire# month ; 

u mouth .«<. 
XlOBUHnJtil „ 

•»■ rw 


jlcniu; 
ItertiAaue 
of ctepntit* 


64^018 
6ir6 
SA-flB 
6 5g-6 So 


Iniurtam- 


610-634. 


6 Ig 6*4 
65o-6l« 

650-634 

634-7 


liu ■ 

Aqtborllj 


615-6*4 

610-634 

6 I 4 - 6 I 2 

.614-658 

654-67 b 

73|J» 


liu. A0U1 

pfmormhu 

hoods 


7-514 
65«-6S4 
614 - 8^4 
614-514 
67a-6l4 
7-6 te 


dwno 

Br<use 

Depntii 


658-71* 
65a-7 
65o-67s 
638-658 
e=s-7 - 
65« 

• 7 


uomiMLn- 

Deponiv 


67 8 

71| 


6 S 4 

61 S 


LpI» otllll 

msrkei 

'eposir 


6-7 


68 ®- 6 S 4 
6l* 

6-61 g 

57 B -6 


Ineusun 
W'b t 


5h>-9Q 

STe 


KilRlbi. 
took 
Mills » 


63a 

6&-6.1 


Fine Trw 
Hills* 


634-670 

63* 

.658^3* 

658-634 


- tocgi ttuchoiities ud Bdbdco Bouses seven uass* nonce, diners seven toys* toed. ■ Longer-lerni local aumonlcr moruwge 
rates aomlostty .three rears per oem.4 four peart «-tD per cent.: toe rears 1M-18* per cent 4> Bank bill rates n. 
■able are buying rales for prime paper Buying rate for four-month banfe tulls 5iSis-6 per cent.: tour-monttj trade Mils SMI 
oer cent. 

Aivroxtaute. selling rare for oae-moub Treasury bills 5J-S£5j2 per cent.: two-month 5i5i6-5Jiir per oent.: aim three-moo to 
6”n-M j>tr cent Aoprozlmare railing rata for one-month ban): nil* 6 *m-S{ per cent.: two-month per cent.: and ifttee 

imnUb S^ns-syijj per cent One-moutft trade btlla a per cent.: two-month fli-M per cent.; and also ihrae-pianth G4-6! per rem 
Ffeuma.House Bose Rate* (published by The Finance Hanses Association) SJ per cent from January L 1078. clearing 
■mfc -Deposit Rates (for smaA sums al seven days' noticei M per cent, esaaring Bank Rates far lending 84-75 per cent 
Treasury Bilbt Average lender rates of dtecoani SJ838 per cent. 


FOREIGN EXCHANGES 




Marti 

Kates 

ton. 6 - 

Qua 

% 

itey'a- 

Sprear' 

Uk«e 


6 

1.2970-1. HO 

IJ290-I. 5)0 

toatrau_; 

71? 

2.075B- .1160 

2.1)10-2.1120 


41* 

«.:3-4.42 

(.401-4411 


86 

2-90 5.90 

d.7i*-tS*86 



n.B&il.SO 

11.27* 11.29* 

rankftUT--. 

1 

4.UB-4.U 

4. 9*4-4-1 *4 

JrfUMI 

U 

•fflJW- f 0.0 

<7.70-iS-Oil 


6 

1 4.0 - Iri- o 

IdBJB- lb5.95 


W* 

■.«59 .. 97- 

l.fBB- >.tB7 

>«IO._ 


9 Btt 10 QB 

i0.05-10.0fi 




to 10-9.12 

MjkbQ'iu. 


B.90- .» 

tofll-LM 



006 .70 

•65-466 

..nrt*l__ 

ol* 

k05-< .55 
.90- .90 

t .4o-< .55 


OTHER MARKETS 

! »ot»Bate' 
A rg e u Ht iw .hl58-4C-nB8.8- \rgemina J11DO-1200 


GOLD MARKET 

“JaETS" 


Adatraiu J L8874-L8842jAtwUia_>.j 2W S -W 

tired‘_ 30.48-50.58 dutirlum^.l 82-64 

Fluixnd_ 7.7D-7.7! diwl._I H-Jt , .. 

Greece-_lS8.0e5.83.745iCanoite.. 2.08^-3.101 Opening......-'1683».169is 

1 o.77i-8.80* lUenmarii ii.L6-.2B Mwolagfi ’ ’ 


Gobi Bullion 
la HneoUDL-ei 
C - JiKe„.f lfiflJj-lTOli 


Jan. i 


tunrvit—... 


8J3tML540 lennanv-i 
U.7S-6S-8& IGrae 

_ ,.143(1464 J24Ali taiv_, 

N. Zealrmlh 4-1.807BtJa|en._—.| 

LOdiAr«i< 6-'s5-8-K t.Neiher’iP 

jlnippoir -)4.4b20-4.4720| X orway .... 

Si. Africa- 

Uji. - 1 

UiiMda— 

US1_ 

O. S -onr*. 


Bl. 40-81-45 


S1653«-166iy 

S16BU-166 

5166-3'J 

h£87.434> 

[8166.70 

(£88.045 


<168.9.1 

_ . i£& -766 

1 - 1 7-4.W Aftern'nBa'dS 169^0 
76-60 !i£o8B83-; 

1870-1725 Gold Coin.... 

4C0-4M itonwmcaih- 

425-441 Krugerriori.. S175-177. -$170-178 
-8S-I-.05 troiU-9214 i£90M-9m 

1.8437-1.8634)»”■ ntutta ... 83-3 [Cewtiov’gn-. ?a2-a4 go03*-ja% 

apein -- - -58 UB (£2 7,28) (£27-861 

!6wn*Man- cBfl-d5B Old Sav'qm- S51-53 ; 660-62 

C-ti._I. Q-1.-.2 (£26^71*. (£26ie-271j 

'Yu -a havtel 67JS 


t Rites give nape tar convertible franc, 
modi] franc B3.JWWW. 


EXCHANGE CROSS-RATES 

Jan. 6 -. [PlanHon. |?>cor York 


Hate given Ira: Argentina Is tree rate. Gold Coma... 

(Internal-1 ly. 

Krumauid... S175-177 . 

(£911441814, 
X'vrSovT'giib So3-o4 
lf£S7^8i_ 

■ Old Sovr*giiv|S61-S3 

820 Eagle* ...1524B^!68 - 


tel70-I7a 

tfiflOla-vli* 

iflto7l4-2&U 

8BOU-5214 

t£263|^/i4. 

S246-249 


(ttiutitom . 
New York*. 

inMh... 
Lnulto 
AnMiVteau 
4u»tehr , 


4B2&8S 
22UO-TO 
J4.4&63 
4JA31 2 
1W£1^6 , 
t«.7&WJ6l 


2.134-13? 

4.725a"737s) 
i3-lb-£0 
L9S^-5?1 
&29&OT 

SJXB-OB 


t*arb 


45.13-23 

2L1620 


6JB-7XB 

81012 


Uni- el- I Eo»E« lAmut’d’m j Aurit-u 


FORWARD RATES 


c.440-466 1 4X6S4fhi ■ L 6 2080 

3.03-M iUlSu-flari 4i.TO.80 1 488090 


l4^fliL*8i ! 9 005 025 
03.C6-22 

BS.70E5 


Ai 31-34 ) <341oi» 

14.4247 JnJ&jtf 

*.(0, 41, | 


* JtaJBO AflI76-922bi *J72>7b | - :II3 653 605 Jog'ahgu.i 

8.387-6533 6 £S03 Cb733- 243 c»7» 7 93 BBM - 


line ttKintp 


HA 8 In' Toroptu U-aj«.= logifl^g Uan wl uui caate. 
Canadian 8 in Kw Yark=tfL5?-39 centv l .o. S m Ullan 874.40-80 
. (Sterling tq Milan 1685^0*l6E&£L 


EURO-CURRENCY .INTEREST RATES* 


New lwk|0.12uJ2 .(Us 1 uJ8-v>.5B..dit 
MflrnUtou .ffl.M7-U.17 . dja 0:60^. .40 c. dji 
AmatMomlStic-lim-Sg .-Ihltsig .pm 
diiteaete...|l0-25 35.60 ucr wh 

__ HlS'Wfldis 621 34* ore b 

1^4-Pt-Pm 41,^1, [U inn 
LiabotL....t55 158 a di 580-6£0i, die 
Madrid.... B lSOv^iia M j-460.-. life' 

Milan__>14 22 lire die 38-47 ire rtis 

Oslo-110 12 urfi dir Sfila-S8d ore ni 

Iterls-31J-4I* . dio 13j.l4i .tUa 

titockn'iiR 6 101 ire ala 00-^fi'ore dte 

Vteoav_11 -tiSenxUa 3fi-3ii ^rodlii 

Znrtcb_Jgag i fa .go .pg 


Three month 


Jj J*a. e 

dtertins 

UhukUmi 

tiOlter 

U.S, uo -ti 

Uuuu 

GtllMfiJ 

aviw 

Iranr 

PH 

6te 6 $b - 
644-7 

*8fl-64* 
SV'tk 
. 7-7Ii 

6-7 - 
6-7 

6*3 0*4 
■ B?a 6*4 
71* ll* 
7V>fe 

6Efl-679 
■7-74 
.7.4-758 
„ 7-VU 

74-7*1 

84-34 

514-61: 

54.-64 

s«8-as* 

54-64 

574-64 

1*4 

4-4 

*8-4 

1*8-14 

iifise 

178-2 


W.bei inaiT 
nu.t 


Sir-month fonvard dollar 07-0.77a dig. 
12-suamh flJO-l Me ds. 

CURRENCY RATES 


27 S 3 

; Si5-6ilr 

ait-st§ 


™w&w 
ftiyina 


Bnxo-itccch topasn rates: twotoy Ml per nun.: seveMay 10-163 per esntj- 
Wth llk-UT per cent... three-month lifclU per cenu srMxmth uj-isj per 
W» year 13H3* oei cent " 

Umg-tana 'Eurodoilar deposits' two yean 7*-8 per cent-: tiireo. years B4i par 
IU *0BT reare 8iu-6h£ Pef cent;- Bvc years CM* per «*“■ 

Tba (oBowina rate* were unoted tar London dollar certificates at tietxmti: 

ran-auntii «JMA5 per cent-: tiuee-mooth SJS-r.BS per cent., ghc-momh 7J8-7JA 
oei coat;,one-year TJSS-745 par cent 

• Rates are nominal doting rates. ' 

Short-term rates are call For sterfeng. DA dollars and Canadian doDais: two 
flays* notice tot guilders and swim franefc - 


tjwr<mg__ 

UjS. tomar.... 
tjana.Uan—... 
AiuDia j*h... 
oa-fiao truoc 

Oaoisbicmiie 

UeutA-heiuarR 

Uutcb)(oiiiier 
Fren -b inn .. 
luihwi —. 
Japanese yen.. 
Jwrway krone 
Spain pewta. , 
dnedlnb knunj 
dvir frenv.. 


Janmuyfi 


QJ&bZSl 
U80883 
1-32179 
n(r , 
40.1109 

7.20433 
0.S8SS9 
2.77689 - 
6.72669- 

1066J77 
sexual. 
6 J1174 . 
n/v 
n iv 

2.44967 



fJmi o 
Abco o h 
■J ldMlj'S" 


0.M75B8 

1.21967 

1-52806 

18.3646 

40.2867 

7.12/88 

2.6*500' 

2.79017 

5.74726 

106239 

292.630 

6.33922 

98.1875 

5.68618 

2.45080 


MINING NOTEBOOK 


Unlik e old soldiers, 
gold mines do die 


BY LODESTAR 

GOLD HAD an exciting week. 
First the price passed decisively 
upwards through $170. This ted 
to a record 5171.26 being paid for 
the monthly IMF bullion offering. 
This auction just pipped the U.S. 
announcement about supporting 
the ailing dollar, which sent it 
up and gold down. But in New 
York on Friday night gold was 
back up to $170.30. 

Where now? Most experts to 
whom I spoke over the week-end 
regarded the initial break 
through $170 as a more important 
signal than the subsequent set¬ 
back. The consensus of opinion 
was that a fresh period of con¬ 
solidation could now be seen 
prior to a further forward move¬ 
ment. 

In the meantime, tbe per¬ 
formance of the South African 
gold share market has shown that 
political nerves can quickly be 
forgotten once the gold price is 
on the more. The number of 
inquiries coming in have under¬ 
lined this. They also brought 
into prominence once again that 
important investment factor, the 
prospective lives of the individual 
mines, a factor about which there 
seems to be considerable con¬ 
fusion. 

This is understandable. In these 
times of sharp fluctuations in 
gold's value estimating lives is no 
longer the relatively simple 
exercise that it was in days gone 
by, days when Sturzenegger’s 
“Rand Gold Mines" led the way 
in calculating present share values 
based on a stated yield over the 
respective mining lives after 
allowing for amortisation of 
capital outlays. Nowadays such 
exercises are still attempted, but 
tbe margin of error is such that 
most investors tend to ignore 
them. 

I still receive. letters from 
readers who are attracted'by the 
apparently high returns on shares 
of mines with short lives where 
the capital amortisation factor is 
of paramount importance. A look 
through life estimates from lead¬ 
ing analysts shows the wide dif¬ 
ferences that can exist—as wide 
as between 16 and 26 years for a 
mine such as Western Areas. 


Nevertheless, it is a useful 
exercise to divide the South 
African mines into four life 
categories: long, that is over 20 
years; medium, 10 to 20 years, 
short, under 10 years; and very 
short, those likely to die inside 
a year or two. 

Outstanding in the "long” class 
are the embryo mines Deelkraal 
and EJandsrand. both of which 
have yet to reach production, and 
youngsters such as East Driefon- 
tein. Kloof and SouthvaaL Also 
in this category, but bom longer 
ago, come Western Deep, although 
with the risks of mining at 
prodigious depths, Vaal Reefs and 
Rasdfonteln, with its new mine to 
the south of tbe old property. 

The medium range covers a 
large number of mines, one or two 
of which could be bordering on 
the long category if all goes well 
with the gold price—mines such 
as President Brand and President 
Stem, Hartebeest and Unisel 
which has yet to reach produc¬ 
tion. 

Otherwise, the medium range 
includes Free State Geduld (but 
with a much lower grade of ere 
than past richnesses). Free State 
Saaiplaas (in which Brand has a 
50 per cent stake). Harmony, St 
Helena, Buff els, Kinross, Wink el- 
baa k, Blyvoor (probably at the 
lower end of the range), Doom- 
fontein, Libanon (at the upper 
end if the gold price rises 
materially) and West Driefontein. 

Into the short list, a category 
where the course of the gold price 
must be a vital factor, come 
Vente repost, Welkom, Loraine 
(very much at the mercy of the 
gold price). Western Holdings, 
Stilfontfein and Grootvlei. 

Murchison query 

In the very short class must be 
put Bracken, with a life now 
officially estimated at two years, 
Leslie, which could close this year 
unless last-minute state aid is 
forthcoming, and Marie vale. This 
leaves us with East Rand 
Proprietary, old end deep and 
completely at the mercy of the 
gold price and the extent of 
Government assistance, Durban 
Deep, of which much the same 
can be said, and that uranium 


enigma West Rand Consolidated 
which, if the market for the 
nuclear material keeps up. could 
soldier on for anything up to 10 
years. 

As on previous occasions, the 
account given here last week of 
the conclusions reached at our 

New Year investment dinner has 
prompted the Inevitable queries. 
Surely antimony producer Con¬ 
solidated Murchison must have 
been discussed, writes a reader. 
It was, 1 recalled the November 
conclusion here that it was better 
to wait for the December final 
dividend before buying the shares. 
No harm has come from that 
decision with the price now i!50p 
against 320p then. 

It was pointed out that 
Murchison is among the James 
Capel mining department's nap 
selections for 1978, based mainly 
on the bonus that will accrue 
when the antimony market im¬ 
proves sufficiently for the com¬ 
pany's accumulated stocks to be 
unloaded, a fair enough theory. 

But one hurdle has yet to be 
jumped. On January IS the 
December quarterly is due. That 
it will be bad has already been 
officially foreshadowed. It could 
still hit the share price, however, 
when prediction becomes reality. 
Then the buying chance could at 
last be here for those who are 
fascinated by the remarkable 
fluctuations that can occur in this 
historically volatile share. 

* * * 

Things arc still looking 
promising on the platinum front, 
with Japanese buyers appearing 
earlier m the month than usual, 
having apparently not received 
much satisfaction from Russian 
sources. A powerful delegation 
from that country is now arriving 
unexpectedly' in London. Normally 
the Russians do not come over 
until the annual platinum dinner 
in May. 

Friday's free market “ fix ” in 
London was $187 having been 
519L73 earlier in the week, levels 
that are comfortably above the 
$180 to whirh the big South 
African producers Ruslcnburg 
and lmpala recently raised their 
selling prices which could thus 
get a fresh boost before long. 


INSURANCE 


Increasing number of claims 
for noise-induced deafness 


BY OUR INSURANCE CORRESPONDENT 


SURPRISING as it may seem, 
the effect on workers of exposure 
to industrial noise had been little 
discussed until the report of the 
Robe ns Committee in 1972. Lord 
Robe as recommended that noise 
should be subject to specific 
legislation. 

In 1976, the Industrial Health 
Advisory Committee circulated 
to industry a consultative docu¬ 
ment, Framing Noise Legislation. 
Since then, the Noise Working 
Party of the Health and Safety 
Executive has been preparing 
regulations. They are to be pub¬ 
lished soon In draft form to allow 
further consultation before their 
eventual implementation under 
Section 15 of the Health and 
Safety at Work Act, 1971 
Even without the Robens Com¬ 
mittee, noise would probably 
have become tbe industrial 
safety problem of the late '70s, 
if only because of tiie number of 
compensation claims that had 
been building up since 1971. 
when the first successful action 
for damages through industrial 
deafness was reported. Industrial 
deafness was made a prescribed 
industrial disease under the. 
National Insurance (Industrial 
Injury) Act, in 1975. 

Noise is a problem that no 
employer can afford to ignore 
any longer and the publication 
of a 30-page booklet Noise in 
Industry by Commercial Union 
Risk Management means that no 
employer need remain in ignor¬ 
ance for long. 

With copious tables and 
diagrams, tbe reader is taken 
swiftly and coherently through 
short studies of the nature of 
sound, the hearing mechanism 
and the effects of noise on hear¬ 
ing. -noise measurement and 
reduction, and protective equip¬ 
ment, as well as being provided 
with a thumbnail sketch of 
current health and safety legis¬ 
lation 'and an outline of the 
present legal compensation rules. 

Confessing my own ignorance 
until how. I was unaware that in 
1972 the Department of Employ¬ 
ment published a Code of 
Practice for Reducing the Expo¬ 
sure of Employed Persons to 
Noise. The code has no legal 
teeth, of course, but recommends 
standard for maximum expo¬ 
sure to noise in.the absence of 
hearing protection, of 90 decibels 
for an eight-hour day, or 40-hour 
ypcfc 

This standard has been given 
restricted .legal force in- the 1974 
Woodworking Machines Regula¬ 
tions. which require employers of 
woodworking machinists to take 
remedial action and provide 
suitable ear protectors where 
employees are likely to be ex¬ 
posed to great noise. 

But how many employers know 
of the code or, knowing of it. do 
anything about its Implementa¬ 
tions ? Ninety decibels is not all 
that much—the noise level, of a 
busy office reaches 60 decibels, 
and street traffic 80 decibels. 

Noise in Industry, while admit¬ 
ting that there are limits to what 
tan be done by employers with 
machinery already installed, em¬ 
phasises that the best way of 
checking noise Is either by reduc¬ 
tion of the source, or by reduc¬ 
tion in transmission. Physical 
protection of the employee by ear 
plugs or ear mask, with all the 
attendant difficulties of disciplin¬ 
ing enforcement, must come a 
poor and. often inevitable third. 

In 1971 and 1973-74 the Factory 
Inspectorate made extensive- 
surveys which suggested that 
more than Im. workers were 
exposed to excessive noise for 
at. least part of their working 
day. This being so, subject to 


the working of the fault liability 
compensation system. Insurers 
providing employers’ liability 
cover, particularly for the 
heavier industries, stand exposed 
to an alarmingly large body of 
potential claimants for whose 
claims little if any premium has 
yet been collected. 

Partly because of recent court 
decisions both in England and 
in Northern Ireland, insurers are 


now aware of the potential. In 
both general rating revisions and 
in negotiating particular re¬ 
newals. insurers may well ask 
employers to pay substantially 
more- for their employers’ lia¬ 
bility cover: moreover, em¬ 
ployers will probably find 
insurers more and more insistent 
on the reduction of noise as a 
concomitant to the provision of 
cover. 


Air Canada to buy Nordair 

MONTREAL. Jan. 8. 


BY ROBERT GIB BENS 

AIR CANADA, the national air¬ 
line whose powers are being 
broadened under revised legisla¬ 
tion shortly, plans to buy the 
Montreal-based Nordair regional 
carrier for just over $C24m. Air 
Canada would buy the 62 per 
cent, stockholding of the con¬ 
trolling group headed by Nordair 
chairman, Mr. James Too ley. at 
SCI 1.50 a share and make the 
same offer for the minority 
shares held among the public. 
Nordair has 2.1m. shares out¬ 


standing. A minimum 90 per 
cent acceptance is required—and 
also Federal Government ap¬ 
proval through tbe Canadian 
Transport Commission. 

Trading in Nordair stock was 
halted on the Montreal and 
Toronto Stock Exchanges two 
weeks ago when it stood at about 
$C7 a share. 

The price had more than 
doubled in the previous two 
months as rumours leaked of 
negotiations with several possible 
buyers. 


BROCK hi OUSE 
GROUP 



Brockhouse Limited 

1977at a glance 


Results to 30th September 
1977 


1976 

£59m 

£2.9m 


Sales £61 m 

Profit before tax £2.6m 
Profit after tax and 

exchange differences £2Am £2.4m 

Profit retained £1.9m £1.7m 

Dividends per share 3.6236p 3.2443p 

Earnings per share 14.72p 13.18p 

The Chairman, Mr. R. J. H. Parkes, writes: 

Trading, The difficult trading conditions 
experienced by most companies in the group 
were compounded by disputes in some of the 
major industries we serve. Nevertheless, we 
emerged with a stronger balance sheet and are 
well poised to take full advantage of any 
improvement in the market-place. 

Investment. During the year over £3 million 
was invested on buildings, plant and 
machinery. Over the next two years we are 
budgeting to spend up to £5 million in further 
expanding and modernising our facilities. 

Future. Orders on hand are 21 % in advance of 
this time last year. I have every reason to expect 
an improved performance in the year ahead. 

Britain's largest induction shame! drum furnace at 
Brockhouse Hunt Ltd* Birmingham. 



' t- 
































































































































































Financial Times Monday Janu&xy > 



APPOINTMENTS 


Additional posts for directors of Dowty Group 



U.K. TRADE FAIRS AND EXHIBITIONS 


Date Title 

Current . International Boat Show (cL Jan. IS) 

Current . Model Engineer Exhibition fcl. Jan. 14) 

Current.. International Toy Fair (cl. Jan. 12) 

Current . Racing & Sporting Motorcycle Show (cL Jan. 14) 

Jan. 10—15 . International Furniture Show 

Jan. 14—19 . British Toy & Hobby Fair 

Jan. 15—18 . Stationery Industry Exhibition 

Jan. 18—19 . Contract Flooring Exhibition 

Jan. 25—Feb. 1... International Hotel and Catering Exhibition 

Jan. 29—Feb. 2... Brightshow 78 

Feb. 5—9 . International Spring Fair 


Venue" Meco and continue! 

Earls Court director and managin 

Wembley Coni. Centre the mining division. 

Harrogate Spence has become 

Horticultural Hails Dowty Seals, Dowt; 

Nat Exbn. Centre. BTiam. 

Nat Exbn. Centre, B*ham. “* ****J2“2 »jP 

Grosvcnor House. W.l ?* { „~f , -. r nmtrrv 

Diiun»himi Canty a Hu ur^i joined toe m a m Board of DOWTY 
E Centre HXLw W - Ca GROUP last October. 

Olympia 

Olympia __ 

Nat Exbn. Centre. BTiam. JARDINE MATHESO 


Mr. D. Morgan 8a« bees responsible for the pump division has been made joint managing group finance director. Mr. Brian to. his prese nt renpon stMtiW- 

appointed chairman of Dowry in Leeds. director, and Mr. L. S. MaUtfeson Moorhousc. at present group the DUCTILE STEELS group 1 

Mining Equipment and of Dowty * has become an additional direo- administration director, has been * 

Meco and continues as group ar. Keith Bury has been *t)r. appoi nted , grou p fin ance and Mr. W. A. Bcattmocd- 

director and managing director of appointed managing director of ★ administration director, been appointed managi ng JB 

the mining division, Mr. M. H. WASTE MANAGEMENT, a mem- Mr. C. H. Jourdan. who was * of ANDJWS^ . 

Spence has become chairman of ber company of the National chairman of PARKER KNOLL Mr. D. F. McN- Alford, chairman woe 

Dowty Seals, Dowty Hydraulic Freight Corporation. He succeeds from 1954 to 1978 and who is now and managing director of Century Qlreclor suux -" 73 * 

Units, and Dex Gears in addition yjr. A. F. Snxfth. who has resigned 70. has retired from the Board of Aluminium, has been elected „ . _ , 

to his position as group director to concentrate on other business the company and its subsidiaries, president of the. ALUMINIUM /• J*®* H * B * «d I 

of the industrial division. Both interests. * wS-hcwatiow Mr. Alford Is *»«• A. Neuman have reabn 


* FEDERATION. Mr. Alford Is 

A "nursns % reatf jja gaga gs co*^ 


The Coonefl of the MANAGE- -aSed from the Board of B. K. Fhton, manafltng direeto 
MEXT CONSULTANTS ASSO- ctW^NaSy FUND SA. and Birmftf Qualcast, Staethwlck. 


- Jii.' j tvMu- CENTENARY FUND 5A and JJirmio vt**^"^**-, T n „ , - 

JARDINE MATHESON AND CO. QATION has elected Mr. Cyril H. K Baring h^f been . * -• “LJS ®* pci 3£J£* * 

has appointed Mr. Roger Holloway Brown and Mr. Harry E- Hoff as anointed in his olacc. Councillor A. Devtta, a member ?E8£2n£P t . rwrrps »n?SiKL~i 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 

Jan. 11—15 . Home Furnishing Textile Fair. Frankfurt 

Jan. 12—16 __ International Furniture Exhibition Paris 

Jan. 12—17 _ Intern a tionai Lighting Exhibition Paris 

Jan. 20—26 . Int. Record & Music Publishing Market Cannes 

Jan. 20—29 '. International Boar Show Mai mo 

Jan. 21—29 . International Commercial Motor Show Geneva 

Jan. 27—Feb. 5... International Green Week Berlin 

Jan. 28—Mar. 6... British Technology Exhibition Jeddah 

Feb. 4—7 . Knitting Industries Exhibition Paris 

Feb. 4—7 . European Men's Wear Show Paris 

Feb. 6—10 . British Trade Fair Abidjan 

Feb. 7—11 . Engineering & Industrial Equipment Exbn. Dublin 

BUSINESS AND MANAGEMENT CONFERENCES 

Jan. 11 . London Chamber of Commerce and Industry: 

Finance and Payments in the Oil-rich Arab 

States of the Gulf 69, Cannon Street, E.C.4 

Jan. 12 . European Study Conferences: Current Cost 

Accounting, The Hyde Guidelines Hilton Hotel, W.l 

Jan. 12—13 . Wharton Econometric Forecasting: Second World 

Outlook Conference New York 

Jan. 16—20 . Kepner-Tregoe: Decision Making for Senior 

Management Hartley Wintney 

Jan. 17 . Durham University Business School: Improving 

Management Communication with the 
Expectations Approach Durham 

Jan. 18 . Henley Centre for Forecasting: Forecasts for 

Corporate Plans to 19S3 Carlton Tower Hotel, S.WJ. 

Jan. 18 . London Chamber of Commerce & Industry: 

Understanding Foreign Exchange 54. Lombard Street. E.C.3 

Jan. 19 . European Study Conferences: Dealing with the 

Price Commission Churchill Hotel, W.l 

Jan. 19 . Keith Shipton Developments: Profit From Health 

and Safety Manchester 

Jan. 19 . London Chamber of Commerce & Industry: The 

Anatomy of Product Liability Insurance 54. Lombard Street, E-CL3 

Jan. 23—27 . Brunei University: Production Management and 

Human Behaviour Uxbridge 

Jan. 26—27 . AMR International: Creative Problem Solving Churchill Hotel. W.l 

Jan 30—Feb. 3... P-E Consulting Group. Production Management Egham, Surrey 

Jan. 31 . British Council of Productivity Associations: 

Unfair Dismissal Metropole Hotel, W.2 

Feb. 1 . Department of' Industry: Bulk- Materials Handling Runcorn, Cheshire 

Feb. 2 . Berndtson Int/ORC (U.K.): Management—Pay- 

Productivity Cavendish Centre, W.l 

Feb. 2 . Chart Analysis: Investing in Commodities Int Press Centre. E.C.4 

Feb. 6 . Business Perspectives: China and Britain—The 

Prospect for Trade Royal Lancaster Hotel, W.2 

Feb. 7—9 . Executant: Producer Risk Appraisal Russell Hotel, W.C.l 

Feb. 8—10 . London Chamber of Commerce and Industry: 

Social Service and Infrastructural Develop¬ 
ments in Oil Rich States Famham Castle 


dSK^- 1 2S- ^ dJSLs esarsss coots toss** 

{“WSt*"* \S°u a S reSPCCUve,r * for ^ 978 - Mr. M. N. Bus-well has-been to couviSn^ *r. »- ftwtm*. man** 

was marketing director of Bass Mr. Jobs S. GoWihwalt has K* ronrths succession to Dr. I. P. DoAerty. ha-f^lso 

Chan-in eton Vintners and has been appointed a vice president prtnmpal operating appointment, which win run _«ha 

more recently been managing of the FIRST NATIONAL BANK subsidiary of Dalgety. - ; . Deoraiber 31.1979. is part-time. HP" fiLSUr -S 10 !?* 


director of Hedges and Butler OF BOSTON. He is at present at ______ ■ . * LmSh » 1 

International. BaSs Charrington’s the Bants Belgravia branch in ■»£ Svf^Sr^aDMinSS Mr. Stanley K. BtMlseombe and pareat 

overseas wine and spirits sub- London. WjJL Hsu have Mr. Eddie Rea haw been 

sidiary. Mr. K. T. F. Boey, Mr. . * ant appointed part-time mem bere o T . S»J■' 

Y. W. Chan, Mr. I Y. Y. Koo and The Foreign Secretary has MARDEN AND COMPANY. tfcle SOUTH WALES ELECTRT- bem *PPOJn^ >m asslati 

Mr. D. T. Y. Yang have joined the appointed Mr. Richard N PomeU ^ CITY BOARD for a three-year DEvrrr K fn^S 

Board of Jardine Marketing formerly Governor and Com- “■ *■ **“ period. Mr. BWdfwombe w W«t SON AND TOTWXT (REIN$g 

Services. manderjn^nef of Belize, to be a diWlor ^ Wa ies divisional officer of the Iron BROKK1 ^>' 

.* the UJC. Commissioner on the ALEXANDER BOWDEN group. m . g^j Trades Confederation. * 

&3SBL ®BBS.^Wadden. Alexander ^ a director v M been A. O- Cox remains chaimin." 


HOLDINGS. Mr. W. D. Robson, a 
director of Antony Gibbs Sage, 
has become chief executive of 
that company and Mr. R. B. Mead 
has been made an assistant direc¬ 
tor of Antony Gibbs and Sons. 


appointed a director of ESeess Mr ^ h as been A. O- Cox remains chairman. 


-BT GIbi. sii Dr . a. J. Payne, sales director &SST ^ FffS&BSP" 

SfaTfniS of 08 O^ore, hu bMn General Insurance Company and A- c BAMLETT^ appol 

elected chairman of the London and Edinburgh General __ i. w iev has become 5® LL 


.L W. Aden has be 

appointed managing director- 
IGBLLY AND KELLY in 


vr- v«u. * m « i vccu duuuimcu sw* w* ubinwuiucfiif IMS . 1 -r» - 1. v Irnifnrl OVtn m * «*• srov DBPAr 

chairman of HAVANA INTER- vice-chairman of the CDMA don and Edinburgh Life Insurance «■ , a . nd J2“’£. , L. LjmKBD chairman of STAPLES AND c 

NATIONAL BANK succeeding Underwater Engineering Group Company, and London and- Edln- Quicks ot Lnesim\ * 

Mr. J. J. Rodriguez, who remains fUEG) Committee and as such is burgh General Insurance Com-, ^ i_ tn Mr. Peter Gibson has resien 

on the Board, coopted to the Council of the pany. ^ i.hVwATPR from the Boaid of BURRELLa! 

* Construction Industry Research * ^ ect S£.vSUl he WA \!C Ca ^ 

Mr. Derek Delghton has joined and Information Association. Mr, B. V. Abdy has been RESEARCH CENTRE on nut * - - 

E. HANNIBAL AND CO. as sales * appointed departmental director retirement of Dr. R. G. ADen next (^ygjQi; CHAPMAN h 

director, music division. FoUmmg the recent signing of of WINCHESTER BOWRING. month. appointed Mr. J. D. Priestnun 

★ s major hospital management ★ 1 1 ■" general manaeer ol tV» Ttum 

Mr. Keith Drewett has joined contact in Saudi Arabia, ALLIED Mr. J. Peter’ Lobbenberg has ’ Mr. David J. Shl et to to join smith ' unit of the CraneS 

the Board of ROSE-MORIUS as MEDICAL GROUP, the chief been appointed to the Board- &f the Board of LAWS STORES next Bridge Division and u a diner 

marketing director. The company operating subsidiary of Allied SILHOUETTE (LONDON) as a month as buying director. He is of y, e division, 

is a subsidiary of Grampian Hold-. Investments, states that Mr. Jinx non-executive director. Mr at present buying controller with * 

“gs. GraffteF-Smith has been appointed Lobbenberg is a partner in Etyer, Allied Suppliers (Northern). Hr g<mU(W fiostock has h» 

.* il, nadent du«tor u. RwkUl wJSttSll&ul Comp™. ' _* . .. .JEJrfSMSS*dhSJS 


Hr. Godfrey fiostoek has he 


ana saieij bmucb»wi ^ uucviw ut *ujduu. Whlt«Ull »nn Company. * annnlntmS sm adltiflnsl rilri>rtiu7 

Ion Chamber of Commerce & Industry: The Mr. Michael Lainas has joined * * Mr. S. F. Rogers has retired ANTHONY WIELER AND ct 

Anatomy of Product Liability Insurance 54. Lombard Street, E-CL3 DIXONS PHOTOGRAPHIC U.K. H. W. C. Lucas, pensions Lord Hannar-Ntcbolls of from the Board or ROBT. BRAD- investment maiweerk 

tel University: Production Management and as service and distribution direc- J? 7 ®®?" to the General and Peterborough has become first FORD (HOLDINGS). * : v 

Human Behaviour Uxbridge tor and has also become manag- Municipal Workers Union, has president, of the ASSOCIATION * The m^OPERATWR iwiAt 

! International: Creative Problem Solving Churchill Hotel. W.l mg director of Disserve. He was joined the Board of ISIS OF CONFERENCE EXECUTIVES. Mr. John D. Tufnafl has been sSSBPiS. miK 

Consulting Group. Production Management Egham, Surrey previously with Rank Radio RffiEARCH CENTRE. Mr. Lucas a member of Parliament : for appointed manufacturing director n0 nointment* with 

sh Council of Productivity Associations: International. be primarily responsible for Peterborough from 1950 to 1974 ofCROSBY VALVE AND ENGI- rtanaee? rtatus. Mr W / *22 

Unfair Dismissal Metropole Hotel. WJ2 „ „ * u u ^vising {He company on its and a Junior Minister from 1955 NEERING COMPANY. He was SSf^KsSS chief iccouSf 

irtment of industry: Bulk- Materials Handling Runcorn, Cheshire n 522!I5.ȣf created Life Peer previously general works- an d Mr, d. J. Jaekwm.frS^ 

dtson Int/ORC (U.K.): Management—Pay— «PP“f ke dl “*“* ^ , lfl74 ' Assocration’s new manasC r. * 

Productivity Cavendish Centre. W1 tor of "iLLARDS. standing of pension fund invest- chairman is Mr. Nicholas Cory, -A- Mr R. r Rnhrr Hr* ininwTii 

t Analysis: Investing in Commodities InL Press Centre, E.C4 M G w Hestett has relired as Sembe^of^rccmia^arDenrion Mr - *- w - Mn^Joram has been Board of A. D LNTERiJatIOI^ 

less Perspectives: China and Britain-The iomtrnMa^ dfrMter of ^ ^ appointed n director, of BRmSH- and Mr. H. Bnernfrind * . 

Prospect for Trade Royal Lancaster Hotel, W2 gq.m g° mff ° > rJL h ^ - 43 ffiRICAN TOBACCO COM- retired as a director, 

utant: Producer Risk Appraisal RusseU Hotel, W.C.l maL^ on thT Board as no^ „ M ^ t PANY. He was formerly Nan- + . : 

on Chamber of Commerce and Industry: executive director. Mr. W. R- beem'^oointed^to^ft^BMrf 1 ^ pr^den^ Post of vice- a ^ ng director of Malaysian Mr. B. R. Bcvsly has berai 

Social Service and Infrastructural Develop- - Walton has been appointed joint callator vr t0 vnlf«2^5 P + Tobacco. chairman of I* Gardner and S at 

nents in Oil Rich States Famham Castle managing director and will be nr- * In place of Mr. G. N. C. Flhrt, vf 

-- a director of the parent com- Mr._ Ion _ Gamett-Onne has ar# . f v fte retires as chairman but renub 

- —- pany, American Brands Ino, m retired as chairman of UNITED Mr - vj' 5, “f w _Pr S on the Board. Mr. P. J. Cohbi 

lAMiiADvimo DcncMWTT/Mir Xew Yor *» and is president STATES DEBENTURE CORPORA- win join the Board as flnnu 

31st JAN U ARY 1978 REDEMPTION and chief executive officer of TION but remains on the Board AND CO. (HOLD INGSltO become succeeding Mr. B. T 1 

another American Brands* sub- of directors. Mr. William chief s urygyor of raACHEY PRO- gcruby. who retires. Mr. R- ( 
_ sidiary In the US^ Swingline Inc. Cunningham has retired as PERTY CORPORATION. Wood has been appointed 

TRANSALPINE FINANCE HOLDINGS S. A. «. * ^ ^ etrlsl “ ss «,«. v . ^ ^ gsss p,“ 

. Bmr,BB ™ B ■ ■■ MWwrniMW vi ni appointed an additional director made Investment Manager. appointed managing director of A managing director of Brno. , 

and joint managing director of _ * Ductile Planetary Mill. Metaton Motors. The comnan'ms are me*- : 

■ I c AAA AAA f»30/ I 4 a#m C. E. HEATH AND COMPANY UNITED GLASS. Following the Steels. Ductile Sections and bers of the HAWKER SIDDEET. 

Uaw* $O0ilAr0i00U 6J/@ Loan lvOZ (SOUTH EAST). Mr. J. A. Dawson retirement of Mr. John Bradbrook. Ductile Group Services in addition GROUP. 


REDEMPTION OF BONDS 

Transalpine Finance Holdings S .A. announces that for the redemption period ending on 31st January1978 it has purchased and cancelled 
bonds of the above loan for U.S .SI.160.000 nominal capital and tendered them to the Trustee. 

The nominal amount of bonds to be drawn for redemption at par on 31st January 1978 to satisfy the Company^ current redemption 
obligation is accordingly U.S .SI ,565.000 and the nominal amount of this loan remaining outstanding after 31st January 1978 will be 
U.S.SIO.925,000. 

DRAWING OF BONDS 

Notice is accordingly hereby given that adrawing of bonds of the above loan took place on 21st December 1977 attended by Mr. Keith 
Francis Croft Ba ker of the firm of John Venn & Sons. Notary Public, when 1,565 bonds for a total of U.S^565,000 nominal capital were 
drawn for redemption at par on 31st January 1978, from which date all interest thereon will cease. 

The following are the numbers of the bonds drawn: 


00(05 

0UU06 

OOU86 

00109 

00170 

00178 

00180 

(10242 

00245 

00248 

00249 

00303 

00337 

00358 

00359 

00376 

00381 

00383 

O03&1 

00393 

0iHI4 

00418 

00423 

00431 

00608 

00613 

00617 

00633 

00630 

00639 

00780 

00786 

00791 

00796 

00798 

00823 

00840 

012® 

01321 

01324 

111338 

013U2 

01441 

01447 

01460 

01603 

01628 

01629 

01630 

01641 

01849 

01880 

01881 

01882 

018® 

01916 

01952 

01960 

01967 

01974 

01991 

econo 

03010 

03020 

02031 

02045 

03046 

an a? 

Q21U 

02115 

02171 

02182 

02203 

02235 

02243 

02245 

02267 

02317 

02321 

ti 

OCHO 

033ii9 

03383 

02364 

02388 

02380 

03155 

03484 

02488 

02503 

02507 

025® 

02511 

02516 

IWffMl 

02523 

ftism 

0538 

02544 

02547 

(JC556 

03565 

02567 

03631 

02697 

02738- 

02733 

027*39 

02774 

02821 

02825 

02861 

02884 

02896 

028® 

02901 

03117 

032® 

03238 

03249 

03351 

OSC3 

03277 

03283 

03286 

03291 

03351 

03356 

03358 

03361 

03365 

03378 

03383 

03393 

03394. 

03396 

031® 

03429 

03443 

08476 

OH87 

03531 

03552 

03649 

03855 

03669 

03693 

(0305 

03699 

03701 

08702 

03729 

03765 

03807 

03822 

03832 

03847 

03854 

03874 

03928 

UXG2 

03031 

03936 

03956 

04003 

04005 

04013 

04017 

04025 

04081 

04089 

04091 

04098 

040® 

04104 

04117 

04127 

04153 

0U80 

04183 

04210 

04211 

04234 

0423-5 

01250 

04257 

04313 

01315 

01363 

04369 

04398 

04401 

04404 

044® 

(M408 

04411 

04412 

04443 

04463 

04490 

wr.il 

IHM1 

04551 

04589 

04663 

04680 

04695 

W705 

01714 

04716 

04?J5 

04736 

04737 

047-43 

04744 

04758 

W762 

04780 

01790 

0480-1 

»w» 

IMS38 

01860 

04861 

04902 

04903 

04808 

05049 

05(65 

05061 

05064 

05066 

05072 

05079 

05087 

05346 

05347 

05378 

05388 

093® 

U5JII5 

a5413 

05416 

05432 

05433 

0.7475 

05495 

05516 

0TA54 

05586 

05592 

06598 

05594 

05603 

09658 

05669 

05739 

05807 

05810 

05821 

05837 

(WHO 

oanu 

(WtTi 

05926 

0.7951 

06010 

06020 

06022 

06025 

06028 

06037 

06070 

06074 

06078 

061® 

06113 

06116 

061® 

06164 

«C 14 

H6287 

00288 

06336 

US354 

06355 

06356 

06367 

06369 

06372 

&J3H4 

06853 

065® 

06574 

06584 

065® 

06849 

06851 

06862 

06864 

IkiHT.i 

H68WJ 

0iiJil7 

06932 

069-13 

06949 

06953 

06962 

06969 

07076 

07083 

07093 

07096 

07132 

07178 

07182 

071® 

07207 

07211. 

07226 

07331 

117215 

07248 

UTZV 

07257 

07359 

07260 

072C2 

07263 

07276 

07283 

07295 

07305 

07812 

07313 

07315 

07320 

07326 

07333 

07364 

117577 

iTT.fiil 


07:1 IfJ 

(17107 

0T118 

07465 

07471 

07173 

07482 

0748-1 

07487 

074® 

07498 

07518 

07622 

07791 

07802 

07814 

07825 

IQSW 

l'7tt« 

IT7&11 

078PO 

07907 

07917 

07931 

08021 

08133 

08140 

08143 

08144 

08145 

08155 

’ 08167 

08282 

08301 

083® 

08310 

08311 

ivr.ii 

IKA15 

CWHI 

08361 

08393 

08307 

08401 

WH13 

08433 

08542 

08537 

065® 

06599 

08603 

08604 

086® 

08635 

08664 

067® 

08732 

OW77 

1 15*101 

UUI>I 

®179 

09247 

09257 

09258 

09272 

09331 

03380 

09382 

09404 

09406 

09421 

09423 

09430 

09441 

09146 

09457 

09461 

iftC.1l 

IEI57J 

U9577 

OPCOTi 

09608 

09660 

09601 

09667 

09672 

09675 

09601 

Q97DB 

09840 

09904 

09907 

09914 

09950 

J0001 

10004 

100® 

initi'. 

JlNCVI 

10J2B 

10ID0 

10207 

10385 

10286 

10289 

10304 

10323 

10341 

10344 

10386 

10406 

10418 

10419 

10424 

10426 

10440 

10443 

11)151 

1IIW1 

10178 

10513 

ULifla 

10588 

10504 

10757 

10905 

10850 

11003 

11029 

11124 

11125 

11279 

11280 

11281 

11330 

21334 

11340 

li.m 

lll'rlll 

11318 

11371 

11395 

11435 

11451 

13530 

11569 

11563 

11564 

11567 

11827 

11671 

316® 

118® 

116® 

31801 

12255 

12260 

12W7 

12-511 

12 WJ 

J2371) 

12465 

12525 

12531 

UM3 

125)9 

12550 

12551 

12558 

12564 

12572 

126® 

12616 

12617 

32618 

32622 

12704 

137U7 

1271-1 

12759 

12760 

12773 

12831 

12823 

12827 

12832 

12840 

12841 

12862 

12866 

12913 

’ 12916 

12917 

12920 

12924 

12928 

12931 

]3rt<3 

12£U 

12912 

12957 

12964 

12976 

12980 

13U26 

13030 

13040 

J3042 

13048 

13032 

13058 

13061 

130® 

33084 

13101 

13102 

13110 

3:iU4 

lOl-H) 

13151 

13191 

13264 

1335V4 

13356 

13371 

33373 

13377 

2337B 

13381 

134® 

13452 

135® 

13510 

13571 

13501 

13585 

13001 

refill 


ISMS 

13626 

13630 

l:MG6 

13863 

13670 

13877 

13690 

13791 

13T93 

13830 

13841 

139® 

13911 

13957 

14017 

140® 

14149 

21181 

11208 

11217 

i Win 

11220 

14219 

14276 

14318 

14383 

3-HOB 

14435 

1445Z 

144® 

14491 

14497 

14518 

14556 

14567 

14569 

14571 

31-771 

1457.S 

1 |ii r 1l 

1-1660 

14683 

14686 

14637 

14688 

14808 

14823 

14839 

14858 

14072 

14882 

14884 

14885 

14901 

15121 

351® 

15161 

35185 

JSI73 

1-518(1 

1.4181 

15202 

15331 

152K 

15237 

15241 

15244 

15245 

15252 

15351 

35278 

15281 

15282 

15285 

15290 

15297 

152® 

13328 

is»: 

1;>J41 

1M-U 

15445 

15443 

15449 

15514 

15502 

157® 

J5778 

15780 

15787 

15788 

15796 

15797 

15798 

15822 

15844 

15851 

JiWW 


16119 

10130 

16138 

16144 

16151 

16159 

16173 

16192 

161® 

16286 

16288 

10335 

10341 

16342 

16345 

16347 

16348 

15406 

JlU33 

HH38 

16552 

165.1-1 

16558 

16361- 

16597 

16617 

16618 

16652 

16TI2 

16722 

16803 

16819 

16891 

16905 

16913 

16926 

189® 

16977 

l.ZOi 

l«e»5 

lTUilT. 

17007 

17040 

17081 

17083 

17073 

171/75 

17089 

37116 

17127 

17136 

17142 

171® 

17333 

17235 

17239 

172® 

17268 

17JEI 

17:122 

17: £» 

17333 

17-.t-o 

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17876 

17380 

17330 

17414 

17421 

17422 

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17438 

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17498 

17499 

17500 

17337 

17528 

17530 

17556 

1757i» 

17500 

17.597 

177U3 

17762 

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17854 

17896 

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175)36 

17937 

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lauao 

180SU 

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18067 

1«K2 

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181W) 

1B233 

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18248 

18251 

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18256 

1B2&4 

]£C« 

1KI00 

13461 

1R463 

18468 

18473 

J8475 

18480 

18496 

18559 

18603 

18611 

18642 

10643 

18861 

18666 

186® 

18672 

18673 

18674 

38(175 

1SU7U 

nwti 

18701 

18709 

1 1R72I 

18864 

38891 

18903 

18906 

18912 

18914 

18923 

18924 

18925 

18933 

13935 

18914 

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18951 

IBWll 

13358 

low: 

18906 

18977 

19008 

19009 

19021 

19051 

19055 

19070 

19082 

19127 

19139 

39146 

19148 

19162 

19351 

13354 

19370 

39370 

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19425 

19128 

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19519 

19561 

197® 

19774 

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19921 

10928 

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19907 

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20069 

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21390 

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21236 

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21292 

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21353 

21354 

21357 

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21820 

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21858 

21862 

21865 

21872 

21873 

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21999 

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23860 

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28613 

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29638 29636 296® 29683 29681 .29683 

Uliizess: K. F. C. Balter. Notary Public. 


The above bonds may be presen ted for payment of the proceeds of redemption at par on or after 31st January 1978 at the otnees of the 
paving agents named on the coupons in the manner spec Ifieil in Condition 5 of the Terms and Conditions of the Loon printed on the bonds, 
l&ich ofthe.se bonds when presented for redemption must bear the coupon dated 31st January 1979. and all subsequent coupons, otherwise 
the ainoun t- of the m issing coupons wil \ be deducted from the principal to be repaid. 

Principal Paying Agent; N. M. Rothschild & Sons Limited, New Court, St. Swithin's Lane, London EC4P 4DU. 

StltJanvarii 


TO-OAY 

COMPANY MEETINGS— 

QNchiIc Invest. GiaseoM. 110)0 
Trtco»HIc. wiBcbester Hons*. EC, 1130 
Wade Potteries. Stoke .on Trent. 12 
BOARD MEETINGS— 

Final: 

Pvke <w. JJ 
interims: 

Brown Tawse 
Hoag ■ Robinson 
Samuel CHJ 

. DIVIDEND S INTEREST PAYMENTS— 
Atlanta Baltimore and Chtcwo Rea. Inv. 
Tst. 0^n 

Infiram (Harold) 1 2Sp 

TO-MORROW 
COMPANY MEETINGS— 

1 osons Brewery. Liverpool. 12 
Stogdiridew lev. Tst- Winchester House. 

BOARD MEETINGS— 

Finals: 

Investors Capital Trust 

Norton* Capital 

SGB 

Interims: 

Hutterfteid Harvey 
Letraset 

DIVIDEND & INTEREST PAYMENTS— 
Canal-Ranoolph Cpn. 16«S. 

Haxel Grore and Bramtian 9%PC BdV 
Red. 41 78 £4.412a 

WEDNESDAY JANUARY IV 
„ COMPANY MEETINGS— 

Fenner u. H ». Leeds. UD 

BOARD MEETINGS— 

Finals: 

Epicure 

Kennmo Motor 
Mcoonmodale 
M. and G. Dual Trust 
Stakls (Reo.j Ory. 

Interims:. 

AGB Research 
ERF 

Hollas Group 

DIVIDEND & HSFTEREST PAYMENTS— 
Art on 13 Awe Bd*. Rea. J1>1i7B £7.1010 
Camden ISAflc Bds. Red. 11ll,78 £7.1010 
Central isawk Bos. Rea. 11*1478 t7.ioio 
CMhlre iSAdK Bds. Red 11Pli78 £7.1010 
Chester 13 -‘.pc Bds. Hod. 11,"l 7B £7.1010 
C £7 , ^oio uld 13 '** pc **• Bed - mwa 

Derby 1JVOC Bds. Red. I»lf78 £7.1010 
Dg™mtsjde 13Amc Bds Red. 11(1(78 

'^toJo IS** pc BUS. Red. 11(1/78 

F “«* w*** 1 * I3AOIC BdS. Red. 11FN78 

£7.1010 

Godllno 1 SAifx BdS. Red. 11*1(78 £7.1010 
Hart 13A4K Bds. Red 11(1/78 £7.1010 
Hensher (FurnltDr* Trades) Ord. and A 
ip 

HerttordlMro 13J.D* Bds. Bed. 11 1‘78 

F.7 10*0 


WEEK’S FINANCIAL DIARY 


The following is a record of the principal business and financial 
engagements daring the week The Board meetings are mamly 
for the purpose of considering dividends and official indications are 
not always available whether dividends concerned are interims or 
finals. The sub-divisions shown below are based mainly on last 
year’s timetable. 


Industrial and CunwnL Fin. Cpn. Lns. 
£1.24 £1.31 £14 

Llchflald ISArtK Bds. Red. 1 i:ij78 £7.1010 
Malvern lSJipc BOS- Red. 11*W78 £7.1010 
Mid Sussex 13J4 «c Ben. Red. l'UN7B 
£7.1010 

Newport 13Npc Bds Red. 1 lil 78 £7.1010 
North Cornwall 131 mm: Bds. Red. 11(1478 
£7.1010 

North Tyneside l3Ao»c Bos. Rod. 1HH78 
£7.1010 

Norwich ISAipt Bds- Red 11'1->7B £7.1010 
Rochdale i3Npe Bds- Rod. 1Ui '7B £7.ioio 
Southsrnoton 131<oC Bds Red. 11 1478 
£7.1010 

Southwark 131mc Bds. Red. 11M47B 

£7.1010 

Taunton Deane i31wk Bds. Red. 11-1 78 
£7.1010 

TWnedate 13A<pc Bds. Red. ITU-78 

£7.1010 

Worcester 13-boc Bds. Red 1T(1(7B 

£7.1010 

THURSDAY, JANUARY 13 
COMPANY MEETINGS— 

National and Comml. Bnku., Edinburgh. 
12 

BOARD MEETING5— 

Finals: 

Bert 8 res. 

English China days 
Hkkson and Welch 
M. and G. Group 
Midland Inds. 

Nash U. F.) Securities 

DIVIDEND £ INTEREST PAYMENTS— 
Bralthwalte Engmeers V.Md 
E arly (Charles} and Man-tot BpcPf. 2.1 pc 
Guinness Mahon Ln Sac 

FRIDAY. JANUARY 1Z 
COMPANY MEETINGS— 

Carr’s Mi in no. Carlisle. 11.30. 

Mitchell Cotta. Winchester House. E.C- 12 
BOARD MEETINGS— 

_ Final*: 

Grange Trust 
SIdlaw inds. 

Turner Manufacturing . 

Interims: 

Thom Electrical 
Wearwell 

DIVIDENO A INTEREST PAYMENTS— 
Allerdale lOoc Bds Red. 19F7.78 Spc 
Barking 10 dc_ Bds. Red. 1!F7.'78 Spc 
Blmlngham IQpc Bds. Red- 1®'7 7a 5pr 


Braintree lOpc Bds. Red. 19:7.'7B 5PC 
Brent IOpc Bds. Red. 19,7.7a Spc 
C ropper clamesj 0.5a 
E. Hampshire IOpc Bds. Red 19^7,70 Spc 
Edinburgh Inv. TW. Dus. 1 >:pc 2A«oc 
Ena Ion Plastics 2.9373d 
Grampian IOpc Bda, Red. 19f7>78 Spc 
Hammersmith 11NK Bos. Red. 11HN79 
SrtMBC 

Hillingdon tone Bds. Red 19^,78 5oc 
Ipswich 11 Hoc Bds. Red. 117179 5 '>mpc 
J eoks ana Catteil O.B34o 
Kennel 10M Bds. Red. 1W778 Sue 


Luton IOpc Bd*. Red. «»‘7 78 Spc - 
Met. Police IOpc Bds- Red. 19778 3fl 
Preston IOpc Bds Red. 1*7-78 5W . 

St . M Helen. IItpc Bds. Red. TijRH 
S'Jhpc • 7 

Schlumocrger 27.5m. 

Sectoemoor IOpc- Bds. Red. 19»7,73‘lht^.. 
S. Tyorkshfre 11 Npc Bds Red. 1WWI 
5H|aPC 

Southampton tone Bds. Red 1*7.78 S> 

Tr*fiord lOne Bds. Red. 1*778 Spc 
T unbridge Weds IOpc Bds. Red. T97171 

5pc 

Unoctirome Intel. o.25p 
wansheefe lOnc.Bds. Red. 19778 Spc 
W Oxfordshire 11»wt Ms. Red UlI.T 
5U|*pc 

SUNDAY. JANUARY TS 
DIVIDEND ft INTEREST PAYMEKIS- 
Anolo-American Secs. Ln, 2DC . • 
Chilean Spc (now 3pci Ln. 1911 |1»M 
iLondoo Issue and Bds. at German Ho 
countersigned by Rothschlldi) lASKp 


Clti* omarS JidcPI. 

Fluor Cpn. Met*. 


Ley’s Foundries and Eng GpcPL 2.1 gt 
Lyons UJ 7pcPf. (reo. by Cootfnental Dm 
Receipts to Br. ln denoms. of 50 and W 
units) 2.45ne 


This week in Parliament 


TO-DAY 

COMMONS—Debate on motion 
to take note of the first to tenth 
reports from the Public Accounts 
Committee in Session 1976-77, and 
the related Treasury and North¬ 
ern Ireland memorandum. Motion 
on the Parochial Registers and 
Records Church of England Mea¬ 
sure, 

TO-MORROW 

COMMONS—Scotland Bill. Com¬ 
mittee Stage. v 

WEDNESDAY 

COMMONS — Scotland B£U,~ 
Committee Stage._ 

SELECT COMMITTEES—Science 
and Technology General Purposes 
Comini tee. Subject: Durability 
and efficiency of discharge and 
filament lamps. Witnesses: Osram- 
GEC, Philips, and Crompton Park¬ 


inson. (Room 16 10.30 ad.) 
Overseas Development. Subject 
Renegotiation of the Lome CoS 
vention. Witnesses: Oversea 
Development Institute. (Room.I 
4.15 pun.). 

THURSDAY 

COMMONS—European ABES 
bly Elections Bill, Commlttti 

SELECT COMMTnEE-Exped 
diture. Trade and Industry Sw 
Committee. Subject: The PiSra 
Industry. Witnesses: ScientOT 
•from MAFF and DAFS Labor* 
tones: Shellfish Association « 
Great Britain; Shellfish Process*! 
Association and Scottish Ftabera 
Federation. (Room 16, MU5 Wy 
FRIDAY 

COMMONS—Private Members 
motions. 


Allis-CIialmers Corporation 


Siemens AG 


have formed 






Siemens-Allis, Inc. 

a Joint Venture 

** ™ tiie field of Electrical Products. 


The undersigned advised AJLis-Chalmers Corporation m connection , 
with, ihis transaction. 


X.AZAKJD FheRES & GO. 


Jatmary 9,1978 










































29 



■p 


-••Financial Times Monday January 9 1978 


LABOUR NEWS 




vv. 


V 









\',?s 


j. 

Uv,>'^l lto,b n 
* Ml i' 


Sl>»: 



and postal men 
response on pay 


h* fcBY PAULINE CLARK WWOUR 

' M'U3x:._BARGAIN*JG in the 
ill , * %Hc sector will this .week come 

tin ** ,, npr nri the . ma i n s tream of the 
pit ,.-‘I Krent wages round. About 
,r N jjfcjOOO postal workers and 96.000- 
t . * M\wml workers in the electricity 


It 


’’Mai^ ply ■ industry: are, expecting 




... v-kMk* to claims well above the 

■ f::|. i v'»'I'N^-ycrnment’s pay. guidelines.. - 
' r,, ‘«>i^n-'■■addition, employers of 
n.-iv,.^ 'H q ie 404JOO .gas workers will be 
% <etkog union -leaders to discuss 
r, it .. ctalm for-protection ..'against 
■■‘■i'-'nii.i s ibt > atJon .until this time next 
: 'IF 

x N; ' ' >1 \ hi : K #«t. week will see the General 
u 1 k . j« mJ' Municipal Workers* ■ Union 
^jussing pay for nearly ’40.000 
•> s kers in the -water services. ‘ 



' \v 

!« .: T ,,_ 
A \ i * 

* J. 
-n 


cn J lulled conference at; Bridling- 
on Thursday. :and .there is 
ir.:,.,^ cent about the way the 

, vr—-:——- _ 


'IK 


STAFF • 

Yorkshire voting win go on the 
same day on local• incentive 
schemes in the mining industry. 

Yorkshire miners voted heavily 
against such schemes- at last 
year's pit-head ballot, and. with 
South Wales miners still sitting 
on the fence over the issue, there 
are ' fears ' that ' productivity 
bonuses .will be rejected and 
militant demands - for ■ almost 
-doubled wages will be pressed-. . 

By far the greatest new threat 
In the pubHc sector pay arena 
la from On electricity power 
workers who have not quantified 
. their blahn hurt say that demands 
from some militant groups for s 
40. per cent increase cannot be 
ignored. 

At the end: of last week, Mr. 
Frank.'Chappie, .general, secre¬ 
tary of the Electrical and Plumb¬ 
ing Trades Union, threatened “ a 
real battle " if any aftteaipL were 


made to impose a 10 per' cent 
settlement 

Elsewhere, employers are 
ejected to have gained con¬ 
fidence from the Government's 
determination not'to give in to 
the firemen. 

Water workers have already 
been offered a strict 10 per cent, 
and both the ElectricUy Council 
and the Post Office vnii aftmost 
certainly demand tint deals 
should be within the guidelines. 
.. But the employers win be 
confronted with -considerable 
discontent In the case of the 
Tost Office workers, union 
leaders will be arguing strongly 
for consolidation of a 7 per 
cent threshold agreement made 
before Phase I 

- An anomaly- is said to- have 
given postal workers lower rates 
for overtime over Christmas 
than their normal rates of pay. 


'HT 


l iLjl h 

.. . ^ 


+ 



.. • • .. Interest Rates 

... •• . ..... 

t Lloyds B ank limited has decreased its Base Rate 
- from -7% ta &k% with effect from 

rfiirr - 

r u 3 - Monday 9th January'-1978. 

ilr ' ""^^cThe rate of interest on 7-day notice Deposit accountsand 

1 " Savings Bank accounts is decreased &om 3 %% to 3 % p.a. 

i: is i:,-n,|r 0 - 


lit’* u/ I l '. T li!li7- 

•' .• Mr «1 \ (■.’£ 

: ‘ v • 

ivMr Pi;, 
!=-. I'.,., rj ' 

” ■ 1, Utj 

• «• • i'I '.*■ fc 

! • i • ’ -,7'j . 


•! • .in ’.ir 

•l * 


The dhange in Base Rate and Deposit account 
mteirest: will also be applied from the ; / 
same datej by th6 United Kingflbm branches of 
Lloyds Bankli^tematidnal Limited 


* »■.. mw.'-iec- 


andby 

Lewis’s Bank Limited 


Merseyside 
docks 
may come 
to a halt 

By Our Labour Staff 


MERSEYSIDE docks were 
threatened with being brought 
to a standstill yesterday when 
nearly 2,500 striking dockers de¬ 
cided at a meeting to continue 
a three-week-old stoppage 
which has -already affected 
nearly 30 vessels in the port 

The .mass' meeting called for 
the support of about 2,000 
dockers employed by indepen¬ 
dent stevedoring companies, 
which are not affected by the 
strike so far. 

About 4.500 dockers in the 
Mersey Docks and Harbour Com¬ 
pany are supporting the un¬ 
official action In a row over re¬ 
allocation of work. 

The dispute was sparked off 
before Christmas, when the pay 
of about 60 men was forfeited. 
Tbe company said they had gone 
absent from work. 

- Mr. Dermis Kelly, chairman of 
tbe Mersey Docks 120-strong 
shop stewards’ committee, said 
there were plans for another 
mass meettne in the Liverpool 
stadium on Wednesday, bur tbe 
shop stewards would be available 
at any time until then to meet 
the employers. 

Peace move - 

Yesterday’s mass meeting took 
place after the failure of a local 
employer’s arbitration com¬ 
mittee to find a peace formula. 

Mr. Jim Fitzpatrick, chairman 
Of the Mersey company, 
reiterated bis view yesterday 
that the dockers would not he 
paid for work they did not do. 
“ We have bent over backwards 
ro try to meet the dockers on 
this issue.” Proposals for in¬ 
dependent arbitration bad been 
rejected. 


TUC chief attacks 
Tory ‘union bashing 9 


-BY OUR LABOUR STAFF 

MR DAVID Basnett, chairman 
of the TUC and general secretary 
of the General and Municipal 
Workers' Union, launched an 
attack on the Conservative Party 
this week-end for trying to make 
political capital out of trade 
unions. 

His attack was sparked off by 
a week-end statement from Sir 
Geoffrey Howe, Conservative 
economic spokesman, . who 
accused trade union leaders of 
being under w profoundly un¬ 
democratic domination” of the 
Labour Party- 

Sir Geoffrey also criticised 
union leaders for using their 
power through the closed shop 
laws to destroy personal choice. 

Mr. Basnett was joined by Mr. 
John-. Grant, onder-secretary at 
the Department of Employment, 
and Mr. Cfiive Jenkins, general 
secretary of the Association of 
Scientific Technical and Mana¬ 
gerial Staffs, in attacking Sir 
Geoffrey for “ blatant union 
bashing.” 

Mr. Basnett said that the Con¬ 
servatives had been seeking for 
some time to make political 
capital out of an anti-union cam¬ 
paign. Now the attack was on 
trade union democracy, although 


all trade union leaders were 
answerable to their members 
and their actions were overseen 
by elected executive members. 

Mr. Grant said Sir Geoffrey's 
speech demonstrated “just how 
deep the gulf remains between 
those Tories who would seek to 
work with unions . .. and those 
like Howe and Sir Keith Joseph 
who talk the language of con¬ 
frontation.” 

• Mr. Basnett has asked the 
Government and the TUC to 
make 197$ the year of the 
slimmed-down dole queue. 


Code on racist 
groups urged 

NATIONAL Union of Teachers' 
regional secretaries are being 
urged to draw up a code of 
practice with local education 
authorities on the activities of 
racist groups in schools. 

Tbe union's executive meeting 
in London at the week-end 
decided prompt action from its 
local offices was vital in cases 
where extremist groups were 
active In schools. 


Bid to settle 
Ford strike 

MANAGEMENT and shop 
stewards at Ford's Halewood 
plant, where a strike of 1,000 
men in the press shop starts at 
6.30 a-m. to-day. are to meet in 
the hope of finding a solution to 
the dispute. 

• If the strike, which is over 
work practices, is not settled 
quickly, lay-offs of production 
workers will build up because of 
lack of components from the 
press shop. 

But general finished produc¬ 
tion is not likely to be affected 
until , mid-week. • 



Coutts &. Co. announce 
that their Base Rate for 
lending will be decreased from 
li% to 6i% per annum for 
balances in their books on and 
after 9th January, 1978 
; and until further notice. 

The Deposit Rate on 
monies subject to seven days’ 
notice of withdrawal will 
decrease from 4% to 3% 
per annum. 


COMPANY 

NOTICES 


BEARER DEPOSITARY 
RECEIPTS 

Representing Preferred Stock of 

baxter/travenol 

International Capital 
Corporation 1st series 
Convertible Preferred Stock 
- A dutTibuuon oi Dollar 0,075 per 
depositary share, less any applicable 
taxes depending on ehc presenter's 
co an try of residence, will be payable 
on and alter January 7, 1978 upon 
preseotaaon of coupon no 11 at tbe 
Office of any oi die following 
depesloriet; 

MORGAN GUARANTY TRUST CY OF 
NEW YORK: 

NEW YORK. IS Bread Street (ADR 

BRUSSELS. 35, avenue dn Arts 
LONDON. 33. Lombard Street 
PARIS. 14. Plaee Vend Am* 
FRANKFURT. Bockenhoimer Land- 
ttraue, 8 

BANCA VONWILLGR S.p.A. 

Via Armorari. 14. MILAN 
Via Baneanpagn:, 27. ROME 
RANK MEE5 ft HOPE N.V, 
HarangraelR S48. AMSTERDAM 
KRPDIETB&NK SA, 

37. rue Nom-Dame. LUXEMBOURG 


NACIONAL RNANC1ERA SA. 

U-S-St00,000,000 FLOATING 
BATE NOTES DUE 
1985 TO 1993 

In accordance with the terms and 
conditions of the above mcotioned 
floating rate nates tha interact rate 
applicable For die six months period 
beginning January 5. 1978 has been 
fixed sc 8»»%. 


.EUROPEAN DEPOSITARY 
RECEIPTS 

Representing Common Stock of 
KUBOTA LIMITED 

A distribution of 50.312 per 
depositary share les* any applicable 
taxes will be payable An and alter 
December 30, 1977 upon presentation 
of coupon No. 30 at the offices of any 
of the following depositaries; 

MORGAN GUARANTY TRUST CY OF 
NEW YORK; 

NEW YORK. IS Broad Street (ADR 
Section) 

BRUSSELS, 3S. avenue dot Arts 
LONDON. 33. Lombard Street 
PARIS, 14. Plata Vendome 
FRANKFURT. S. Boekcnheimcr Lar.d- 
stratae 

BANCA VONWILLER S.p.A., 

Via Armorari. 14. MILAN 
BANK MEES & HOPE N.V.. 

Merengracht 548. AMSTERDAM 
KREDITBANK SA LUXEMBOURGECSE. 
43, Boulevard Royal 


EUROPEAN COAL AMD STEEL 
COMMUNITY 


6»s!i Twenty Year Bonds of 1967 
doe March tat, 1987 
The Commission oi me fiurooean 
CommunUtet announces that the sixth 
annual Instalment of bomb amounting to 
U SSI ,700.000 has been purchased for 
redemption on March 1st. 197B. 


EDUCATIONAL 


UNITES PLANTATIONS MR KAO ' 
(Incorporated In me States or IMIavsIa) 


NOTICE OF DIVIDEND 
NOTICE IS HEREBY GIVEN that In 
pursuance o< a Resolution passed at 
a meeting ol the Board 0 l Directors hew 
In Copenhagen on the 2nd January 1B7B. 

AN INTERIM-DIVIDEND Of 5% ICSS 
no% Malavsian Tax was declared In 
respect of the year ended 3iet Deum¬ 
ber 1977 (i.e. a net dlvioend of 3%). 
NOTICE IS ALSO HE-RUY GIVEN to 
Holders ol Share Warrants to Bearer 
tint Coupon No. 61 detached irom Share 
Warrants to Bearer should Be presented 
lor payment in accordance with the 
above mentioned Resolution on or after 
the 31st January 197B. through the 
Company's Bankers. The British Bank ol 
the Middle East CA member ol the 
Hongkong Bank Groan). 99 Bishops usee. 
P.O. Box 199. London EC2P 2LA. 


PUBLIC NOTICES 


HAT. LAND REGISTRY 
LOST CERTIFICATES 
It is proopsed to issue new Certificates 
to realm those described below that are 

stated to have been lost or destroyed. 

Anyone possessing the mtsstno certificates 

or obiccUng to the Issue of new ones 
should at once notify H.M. Land Registry. 
Lincoln's Inn FitHds. London WCZA 7PH 
Charge Certificates: Freehold Title , Nos. 
29657 ana 68725 96-104 Strand and land 

and Molding forming pert ol Savoy Hotel. 

Strand. London. WC.2. Proprietor—The 
Worcester Buildings Co. Ltd. 
BUCKINGHAMSHIRE COUNTY COUNCIL 
The Buckinghamshire County Council 
issued on 5th January. 197B £&at. Bills 
due 6in April. 1976. Applications totalled 
£63m.. and the entire Issue was made 
at 6-’>j%. There are no other Bills 
outstanding. 

BLACKPOOL BOROUGH COUNCIL 
£800,000 bills Issued 5th January 1678 
due 6tb April 1978 at an average rale 
ol S'eti pa. Aoolscahons totalled SA. 8m. 
Total outstanding £38.5m 


Coaching for success in law exams 

The best way to understand your 
syllabus and gain the confidence so 
Important to cxaminarian success comes 
through a Metropolitan homr-study 
course. Under the guidance of 
specialist tutors, reading for your legal 
qualifications is made straightforward. 
You work your way through our com¬ 
prehensive yet cisy-co-follow courses 
backed up by helpful lunn on 
cm mi nation technique. And we 
GUARANTEE TO CONTINUE YOUR 
COACHING UNTIL SUCCESSFUL. 
Write for our free proipeetui. IMui- 
tratfnr Lf-B- and courses for the 
institute of Legal EeMutivcsj Law 
Sn-'-*y and Bar E«»i to' 
METROPOLITAN COLLEGE fFT/9). 

Aldennaston Court. AMwraastoo, 
Reading RG7 4PF. 


PERSONAL 


IS YOUR HOUSE TOO LARGE? Your 
house can be brautldrflv used if you 
gift It to the National Chanty iHclp 
the Agedi. One part ion will oe 
modernised free ol cost to you 
iUsually sell-contalncdl for your own 
or vour surviving spouse's us* for life 
-—free ol rent, rates, external repairs 
Other p oi-l Ions converted lor retired 
people. Please write without oolipi- 
tlon to: The Secretary. Help T he Au«M 
Housing Anneal. Room FT1C. 28 
Dover Street. London. W.T. 


ANNOUNCEMENTS 


BLYTH EASTMAN DILLON 
ft CO. INTERNATIONAL 
CORPORATION 
Wardgate House. 

59a London Wall. EC2M 5TP 

We are pleased to announce chat 

MR. ANGUS I. MILNE 

joined our organisation on 
1st January 197B 

9th January 1978 ■ 0f-fi3S 3491 


BOND DRAWING 


CORRECTED NOTICE 
CHILEAN EXTERNAL LONG TERM DEBT 
LAW NO: 8962 
CHILEAN 5% LOAN OF 1911 
for £4,905,000 nominal capital ' 

In the Bond Drawing notice that appeared on Sth fanuary, 1978 certain 
numbers were incorrectly printed. 

For 72X84 read 82284 For 14151 read 24151 

For 20994 read 249*4 For 54188 read 54148 

Fbr 25*2* read 25829 


•*> ' 

r- 

■¥ . ■ . 


. i 1-1'S' 


/ ■ 

e 



irlianie® 


■i f 


ur. 

Jt j ( ilM'llri^ 


Over 3,OCX) banking branches in England, Wales and Scotland. 

• Representation of the International Banking Division in major cities of England 
and Scotland; and in the leading financial centres of Australia, 

Canada, France, Germany, Greece, Holland, Hong Kong, Italy, Japan, the 
Middle East, Singapore, Spain,.Switzerland, USA and U.S.S.R. 

International Westminster Bank Ltd. 

Head Office: London. Branches in Bahamas, Belgium, France and Germany. 


The National Westminster Group also includes: 



n 


Centre-file Ltd 

Computer Services. 

County Bank Ltd. 

... Merchant Banking. 

Coutts & Co. 

Personal and Commercial banking, and other financial services. 

Credit Factoring international Ltd. 

U.K. and. International factoring service. 

Eurocom Data (Holdings) Ltd. 

Computer output to microfilm. 

isle of Man Bank Ltd. 

Commercial banking in the Isle of Man. 


Lombard North Central Ltd. 

Banking, credit finance and leasing in Great Britain, Subsidiary companies in 
Australia, New Zealand, Cyprus and Malta. 

National Westminster Bank Finance (Cl) Ltd. 

Channel Islands based deposit-taking institution. 

National Westminster Insurance Sendees Ltd. 

incorporated insurance Brokers. 

National Westminster Unit Trust Managers Ltd. 

Unit Trusts. 

Ulster Bank Ltd. 

tommercia) banking in Ireland. 

Ulster Investment Bank Ltd. 

Merchant banking in Ireland. 


Global Bank AG. and Handelsbank NW 

Cologne and Branches. Zurich. - 



id 


National Westrranster Bank Group 

































Financial Times Monday Tan'uary 9 1978 



EUROBONDS 


BY MARY CAMPBELL and FRANCIS GHILES 


Setback for D-mark issues 


Borrowers 


- CURRENT EUROBOND ISSUES 

Amount Av. life Coupon 

nu Maturity years; %.. , Frice 


Lead manager . 


WEDNESDAY'S moves by the 
U.S. monetary authorities to 

start defending the dollar bad 
an immediate effect on the 
attractiveness of the D-Mark 
bonds which were marked down 
sharply on Thursday. However 
the possibility of a long term 
fail in demand as a result of 
the moves seemed less likely by 
the close of trading on Friday, 
a day when prices of D-Mark 
bonds stabilised again. 

Conversely, in the dollar sector, 
hopes of recovery from the 
three-months in the -doldrums 
which have stemmed Crom the 
dollar's precipitous falls against 
other currencies, were dashed. 
By Friday the main speculation 
in the London market was on ihe 
possibility of a new sterling 
Eurobond where a combination of 
falling sterling Interests rates 
and the attractiveness of the 
currency served to distract 
attention from -the fact that 
virtually ali the six bonds offered 
during November are stiU stand¬ 
ing at significant discounts 

Some bouses were openly 
regretting they had no customers 
they could bring to the market 
in what one described as ideal 
conditions. New sterling issues 
in the next week or so are widely 
expected. 

The DeutscheraarK sector was 
strong as it reopened after the 
New Year, seesawed on 


Thursday when the dollar 
stabilised but ended the week 
on a firm note. Over the four 
days dealers said it was up by 
a half to three quarters of a 
point. 

The strength of the market 
enabled managers to cut coupons 
on all ‘issues at present on offer. 
The coupons on both the 
Finland and Forsmark bonds 
were cut by quarter of a point 

In early secondary market 
trading the Finland issue fell 
to a discount of 1H per cent, 
from offering price whereas the 
Forsmark bond was being 
quoted at discount of }-J per 
cent. 

The coupon on the DM200m. 
bullet for Norway was also cut 
hy quarter of a point and the 
43 per cent level is the lowest 
seen in this market The 6J per 
rent, coupon on the DM150m. 
bond for Brazil was said to be 
the lowest a Latin American 
borrower has achieved in this 
market. 

The DMfiOOm. Issue for Den¬ 
mark will have two tranches 
with terms probably being 
announced later to-day. No 
details are yet available about 
the jutnho DM500m. issue which 
Deutsche Bank is planning for 
the World Bank this week but a 
long maturity would come as no 
surprise. 


Meanwhile, the EIB two- 

tranche issue brought the first 
test for the January 1 relaxation 
of exchange control regulations 
by the U.K, Denmark and 
Ireland. Experience so far 
suggests that though Denmark 
may be a useful source of new 
investment funds for foreign 
isues by entities in whose bonds 
Danish residents are now free to 
invest, tbe same is not so far 
proving true of the ILK* or 
Ireland. 

Regulations governing out¬ 
ward investment in international 
bond issues by certain specified 
entities were changed on 
January 1 in order to make 
exchange control in these 
countries less out of line with 
the EEC norm. 

The Danes are allowing their 
residents to invest in issues made 
by more institutions -than is the 
U.K. and have freed their regu¬ 
lations more in other respects 
too. Reportedly they are making 
a useful contribution to placing 
the European Investment Bank 
issue. 

British investors are apparently 
much less Interested, for two 
main reasons. One is that, rela¬ 
tive to the dollar, sterling is now 
viewed as a considerably more 
attractive currency than the 
Danish krone and there is there¬ 


fore less Incentive for the British 
to invest in the EIB issue than 
there is for the Danes. 

The other is that while the 
Danes are free to exchange 
krone for dollars at the spot 
rate in order to buy bonds, the 
Bank of England is requiring 
any U.K. investor wanting to buy 
them to borrow the money they 
need for the investment. It has 
to be borrowed by means of a 
five year foreign currency loan 
to be redeemed in five annual 
instalments. 

Thus, although British in¬ 
vestors no longer have to pay the 
dollar premium if they want to 
invest in foreign currency bonds 
issued by the EIB, the European 
Coal and Steel Community. 
Euratom and the EEC itself, in¬ 
vestment in these bonds is not 
yet completely free. 

Despite a relaxation there too, 
Ireland has reportedly not pro¬ 
duced any demand for the 
European Investment Bank 
bonds. 

In general, the dollar sector 
opened the year on a weak note 
despite some pick-up in profes¬ 
sional demand as a result of 
books being rebuilt. 

The placement for Daiichi 
Chuo is due to be launched 
to-day. If fully operative the 
purchase fund would reduce the 
average life to 5.8 years. 


Some sharp changes in the 
league table of lead managers 
between 1976 and 1977 are shown 
up in a list of the top SO lead 
managers of internationally 
listed debt Issues on the Euro¬ 
pean capital market drawn up 
by S. G. Warburg, Deutsche 
Bank considerably reinforced its 
number one position by raising 
the number and value of Issues 
for which it 1 was lead manager 
from 21 Issues worth SI.6ba. in 
1976 to 34 issues worth S3.3bn. 
last year. Credit Suisse White 
Weld comes up to second posi¬ 
tion from fourth. haring 
managed 20 issues worth S1.9bn. 
in 1977 (21 issues worth Slbn. 
in 1976). 

Westdeutsche Landesbauk, 
moves from fifth to third place 
with* 27 issues worth SL3bn (15 
issues worth S526m.), while S. G. 
Warburg falls from second to 
fourth place with 25 issues worth 
S1.2bn. (the same as 1976). 

• The projected $180m. floating 
rate note for Venezuela will not 
now he coming to the Eurobond 
market The money is being 
raised in the form of two- to 
seven-year promissory notes 
being placed privately in the 
Middle East The funds will be 
used to buy buildings in Caracas 
to house Govennent Ministries 
from Central Simon Bolivar, the 
Government-owned property de¬ 
velopment company. 


UJ5. DOLLARS 
Euroflna . 41 

EIB 100 

HB 100 

Occidental 50 

**hilidri Chuo (g’teed 

Sumitomo) 20 

D-MARKS 

jAutoplstas de Cataluna 
jr Aragon 40 

{Finland 150 

tFomnark (g’teed 
Sweden) 100 

Norway 200. 

6FCE 150 

Brazil TfSO 

SWISS FRANCS 
Citicorp - 130 

Jutland TeJ. ~ 60; 

Norge* Hyp. for 
Naerfngsiivet 80 


1988 87 

1988 -7J52 
1TO 12 A& 
1983 Bullet 


1985 Bullet. 

1986 Bullet 

1989 Ity 
1983 Bullet 
1988 ' 9 

1985 Bullet 


Smith. Barney 
UB5 (Securities) 
UBS (Securities) 
Dean Witter 

Sumitomo Rn. IntL 


Bayerische Vensnsbank 
Dresdner 

WestLB 

Deutsche 

Dresdner 

Deutsche 


YEN 

••Banobras 


IQbn. 

• Net pt priced 


t Reel tones Pbccfrott 

Note: Yields are a kni tt ed 00 MD besb 


Nordfiiunz Zur. 


Nomura 

f Purchase fund 


Jan. j Jan. 
4 S 


Loir High 


MOSTEKAL 



I D.turana.1 

Cumhlnal 


189.701 17T.6S 172.131 174.GB 1B6J7 i!7,3) . 158.03 i2>:10i 

176.56] I7i.31j 179.27] 160.64] I87.BS (19/1/77)1 166.60 i28/l» 


785.49 1061.71 

(6/1/13) (11/Li jo, 

60.62 — 

(6/1/76) 

14s.aU 27'J.BB 

(26 10 ) ( 7 / 2 / 159 ) I (6/7/62] TORONTO Com pun re! 1022 A 1038.4! 1 045.7, 1047 Jt I0B7.4 (19/71 

104.97 186.62 1 •" “ ! 1 ■ 

(26/2) OMittli, 

I 214.2 204.7' 214.7 (17/lOt j 

— | — | 214.4 212.8! 14.4 (4/1/78) . 



159.4 (34.-6> 
109.1 122.41 


Basis nr index changed from aoriui 24. 


lad. itir. yield % 


, JaiL t'le*- ,U(f-/<J unt-ic 

red from Angusi 24. < 6 ! Lou* i High , Lire 


IV. 1 -. 60 - Dtv. 26 IJec.lt> - Yeat-agu (api-tvx-i Australia rt) 473J4 474-23,479.43 413.85 

■-,-!--‘- ,(3/l/18> 116/21 

5.83 I 9.84 I 8.64 , 4.08 Belgium (ll- *L59 I 9225 1 99.12. 30.71 

.. . .. - . . . . . i 110/11 ( 20 - 12 ) 

Denmarkr* 1 97.98 1 97.M ; 107.32 96*4 

»c | ! 19/61 (28/11) 

__-TWH 8 --- 1 —r- France <tt) 61.1 62.0 63.4 1 43.6 

1377-75 Sims! i-umpiiat'a | ,io^j 

J V .;4 r| L S .,|i s .i- H —---. j ^ u 

102.81 103.2* 104.71104.66i 1li-B2 j 33JH I I54.D4 ! i.52 Holland l ** r 80 - 8 L M - 7 • 

: [ |3/l/77i (2/11) (11/1/73^(30/6/32) Bwi, knne 394.82 392.53,425.17 388.29 

93.62^ 98.82 ^.10| 94.Jm! 107.00 10.7! I2i.it - 4.40 , • (Urf) ,(%1 TO) 

j ! ; : ,3/1,77 . 1 ig/lli ■ ill l-*73l! il/F.321. ltalv T)i) 65JO 66.92 j Yi.71 





-1577 

-‘/ii -Sinre i.umpiiat'n 

i e | & 1 4 ; 

A ■ 

1 jo l 

1 29 ! High 1 

Lon ■ Bigb 1 Lon- 


: IlldUBlruU, 100.80, 101.97- 102.91,108^2; 104.711 D4.&6j 115.92 | SS.1iH I54.b4 . 5.52 

, ! : 1 113/1(17) (2/11) (11,1/73R (30/6/3 

SC.'mpoflle.' 91.62 92.74 : 93.62] 98.8S 1 «.10> 94.94! 107.00 , 90.71 1 2h.it - 4.40 


Inri. -Hv. yield % 

Id- 1. P'K Knli" 

Luia (jlinrt. IR-n-l \ ie--i 



Veai xt» 


1 (5.-1) 122/12) 
Japan ml 310.15 368.01 390.33 360.49 
(29/91 (24/11) 

Singapore 2KL60.262.79 2S9.Q2, S43J2) 
l6). j 1 (29/8) I (3/68 


OVERSEAS SHARE INFORMATION 


NEW YORK 


Mi-K I Jan. 

Hi|>li j Lire - dim* 6 

56 '1 < 39 U*s*» Ltta. b 2 i 3 

16>3 j 10% 1 V-Mra** (graph14% 

33U I 28 % leUln Lilt) A i't» 341) 

34 7 g ' 911s >Alr Prolm-ta. 26 

381(1 J 36 '2 Ur—. 344) 

2j% i 22% : \kwnr\uiiuintiim, 25% 

SB it I 41% ! \l in.... 43 

363a 17 Mievhenv LiMl.., 19% 

22% Ids* Alleabeur Dim 2v% 
507* 39iz illlleiCUeiiilini.. 40% 

2 S 1 « 19*8 i tilled dlvrva. 1 20 ag 

33 >4 | 22/a AIUd (.'tuinien... 23)t 

59 ig ! 34Sfl -AMAX. oSJa 

37Ig , 26<4 • Ann-null Htw..., 263a 
145-e > "• Anier.’ Aintne ....■ Big 

48 414* jAirwr. Brand-_ 485® 

471* 36lj ,Amer. Himd-e-i. aSlg 

41 A t J 3d% -Anier. On. 381g 

291* . 233a 1 \mer. i/yinsmW «5Se 
258a 93 ,Aiai-r. Km. !*••»., 24 3a 

41Sa : a37a ;Amer. Kx|>nr--... 337a 

31J* 861a l mer. Hume Pnkh 27 L 

1812 - Ills 'inter. Aloiia .J 177 P 

5la • 35a jAmer. MuCnr-. 

47L* i 401* Amur. .\tl.... ^4 

3 1 ■ 23>j '.Inter. eiamiMr--. 364a 

36l| • K 11 | |liner. Stnre».._.. r 3131* 

65 58 -a Anier. rei.ik Te ., 59-g 

35 ' 27 "uirtrt. 29'a 

231* ' 195a 111K. 163 , 

303a 241* A IIP. , Js5i* 

11'* 75„ Ani|iex. 1U1* 

321* 26J* Au-Uui Hm-fcnii>, 2753 

30lt! • 19 A-tln.il•« Bti'. ii. 19 

321-,; 197* Inu iisiw.. 274a 

233* 17l 2 ,\. 5 .\. 215a 

193* 8 Ittnimi Oil. 9 

235a 131 a 1-xr-u. 141 2 

37ia ■ 29la lulilaii-i (»li. 30i« 

6 lit | 49 it-. Ub-buem.... 49 
30l a ! 211? AtiroUaia Prw._ 27 

12<3 • 8 >* Wi;. W? a 

177J • 13 Vc*... I 6 >* 

513* • 44 Avon Pnaliels... 4fiU 
397g 247* Balt lia.- fclfl.... 26 

29>a ’ 2Ha Bank AnteriL-a.... 21 ■« 
4H* 34 U*nkL-ra Tr. X.l 34 Ij 

383* 271; Barlu-r !.»!■. 261 2 

4‘JU | 28la Uaxtei Traietun. 36 1 * 

2d<2 • 22la Betlnt- 1 'imi. 24 

343* , 29-a iJu-touDI-hensm 313e 
267g 1 143 b Be- a Hkwpm....- 14At 

47 i 3a Bon. 11 %. 39 »* 

3 la j 17a uto*uei l.iiiii -I-". 23* 
39lg 1 183* deiUielietn alee.. 2 . 7 9 
2J1* ! 143* uik k x (Ja k«i.. IS 

29Sa • IB■» doeinx.. 263e 

531* i 237 a ik-iwLi-Ki«.... 2a /0 

36Ih ! Bn 1 * Borien... a05a 

339) 291, -«i-r- Wtmer. 263* 

lllg j 73a -Iranin Int-; a ■, 

141* l 10'a B.;i» en *.V.• 136fl 

35>a ! 283, dnxlo Mien. 3S9, 

163: * 139) oni. Pei. AUK...! 161$ 
367g j 263g !iJmtfk«xv 30 

17>* ; 11<8 'dniDwick. 1 13>a 


1977-78 
HiftL l Lmr 

7osa • 

64V; 

397a -253a 

29 24lg 

45 32U 

583e ■ 393* 

195S l 133* 


1071-7B 
High Low 


181a -dueynw Hne. 191* 

183* . ju.M...' 31 


8 1* - S rJulnv* ll'fttcli S 1 * 

SB-'t 1 37 ;Burlliiid>'m >rhn 401* 

903* 59!j durnai^tu. 68!, 

393g 33 ■* (.ninpi«II Snip . 44L 

181? 144* ^juiH-lian Pmifii- 19»j 

12!; . 8 ^kilr Kiii-.lol|-l>... lllg 

7d-k 28 U ^uriui-n. 284, 

15 117g ^nrriei 3 l l.iuneini; Id 1 * 

2l4, ' 16ia .-■itci HtttUrv.. 18 

594g • 4di* HU-ipli-f. I-avl» 52'" 

62 47 .• 47ie 

525* 38-i w'eLtum-L-iii-n...- 38 j j 

174, - 1-t-* ..eiilnii 3 1.11 . 154, 

28lg . 19>g ..trrlitiiiUv-. 21>* 

34 2673 ni Air-iall . 311* 

343* , 271a UinliHttHn' 283a 

47 ' 3Bie, .Iibiiii-si Bli. M 411* 

261* 2ui, iiiewi-Kb H>*hi., 21 la 
43ia : 31i* i.'bn!>ie3ya(cni...! 32ta 

63 lg 451* '^.'Incaao Url-ifie..., 46>* 

17ig ; 14va ;vlin-nmHoy.; 14ig 

213, i 12la uTingior.I 12-3 

21® ! 14* lirmnui..l-'s 

424* | 30 1 lit.-. H-lHifrrm... 391g 

34 207* .Clu-orp..•' i*2 

62 ie I 471a sei vi.«__■ 50ig 

161g 12l« Itimllaa...j 12ig 

Bi/i« ! 36 <a :fu-si Lvna..j 363g 

27»s < 6U7g u-ljite Pre-ni..... 70lg 
13 | 10lg .i-liln- Alt,man..- 11 

367* , 28 ■.ii.iiinOla lia».—.. 281* 
20'a | 75* J>-turnout Hlet.., 161* 

X7>2 . 139* ! .iml.lusl'n.-tAm 1 181; 

40-a i 28 . ■■iiiiRiitu'-n Lnu.; 36 

30i« 164* liA-ntimiltuu b>|.... 191* 

32Is - SB .''in'll'Ih tiliMHl.! etilg 
85 b i 83a ■ '■mi a th Mil I (ft, 2la 

37 ZB>i '-.'oimii. iMliHIte...' 29-a 
95g ■ 64* .■■iiijturiiS'leru.%'1 6t? 

26-4 194g • ..iniw.■ 21 >a 

25M 22 .-.it. K lirein V.) .. 24^ 

26Jg : 23 I •ill!-* F-wli.• 24*g 

47 j 36 1 . onstil >nL Iik-., 435r 

269* 1 21 lg j^'-oi-UDier H.-aer' 25?a 
371* j 30'* ■.oiiTiiipiiiai Mi) . 33Sg 
34-ja 1 275* v.'.mtiDental Mil.., 28<a 
174* '■ 15 'l'->nimental Tele.. 19 

28% 191- .iV-nm-i ILira. 257g 

49% * 38£g k'-joperInduk^,-.] 44 


211* ; 16 
19 lg I 143* 

al&a I K2ia 
a6 1 311* 
431* 1 id 
41 < 29% 

41 * : 3 

363, *3 

35 ' 39 

223* 18ia 

1 39 45 lg 

| 401g Blig 

48% 3d % 

233* 151.) 

iu 1 24 
201* 11 
23 I 17lg 
I 34 lg ! 29 

43 | 33Sg 

22Je ! 204p 
h'i : 41 ij 
19 ! IS 

36 : 273e 

i9% : "(U 

3U7 a j 17 7 B 
3lia 26 i« 

lk 4 , 1 74* 

1353 I 

403* 32ia 

121, 9% 

34 245g 

145a 1U* 

611* 44Ja 

57 lg 47 S* 
353 4 Za 
34*a I 261* 

77 ( 593* 

aJ5 b I it>*a 

291g 23lg 

391* | 285a 
297a I 22lg 

61* 3% 

371* 851s 

] 211<a . 148 

| 30i ? . 8312 

j 33 la 18% 

I 234; 167.; 

I 34*8 : a 1 * 5 :- 

| 313* 1 21. < 

: 14^, . 7».i 

29% 194, 

I 15ig < )41( 

I 8 I 3 . 1--1- 
dU3c ' <51? 
67 54 - 4 

541; : 35% 
233* 15 

465* ‘ 28 
361? , 38. a 
42>2 ! 22 
865« : 681? 
16 ! 114g 

43*a 351* 

545b 427g 

13fa 11'* 

297a 21>] 

3Si* 397] 
171* 10 

17% 12 

27% 21% 

47% 39% 

78 I 53% 

52 1 33% 

16% : 12% , 
14% I 7% 

2851* 249>« 

cdl? 16% 
37% 26 % 

43m 1 33% 
23% 1 171# 

69 >1 . 39 

401.. . 22>? 

9.* ' 5 

36', ' 294? 

2t 8 % 

31Tg ! 80 
14% 11 

49 % | as* 


Iv-rniti); Uuu>«....' SO 
1 JCPC Inl'n'lHHTH 45 

l ,-i'inc. 255a 

j Ctoi-ker.Viic-. 84ig 

1 ;CmwnZei*i1-«.-lii 38% 

I ,i_:uiiiniini Bnafint. 371] 
1 ; vinr Wright.; 19 

l .U&ilk.| 23 

! >tlu1 (Diusiriei-.. 357g 

1 Dew*- Z4J a 

I Uol llnnte. 25% 

I ; Del ii.ma. 6% 

-Uenuply later— 19 
I IDetroit BiIImo... 161s 
: IJiam.iDiShgmrk 28% 
Uhis{di(iae_. 12% 

I Digital Equip._ 44% 

1 Unney iW»lt)_ 37% 

Unver Cutpn_— 40% 

\ Dow Cbem li'sl.—l 25% 

1 Uiw«ji_...._. 481* 

Du Pmir..> 11H* 

Dyirin Irvlnurleai 12% 
scale Kieher ..._.| 19% 

1 |i.ut iirltuei-.' 61g 

1 jl-*t*1 man lu*fak..| 49Sa 
| Lull hi.—..—..J 3b 

•b. U. A (i-! 171* 

'h Fun Ski. Si,| 157b 

HlLnt...! 26 % 

-Kinervin Bluetriej 53% 
•f-.menAtr FV'^hi! 38ig 

iKitiiuri.' 1(1* 

fc..d.i. 35 * 

'Lnueiijimt—.; 25 Tg 

;t.i>niark38% 

Mhvi .' I9*e 

L\xna.. 455a 

r-tm-hlUICiinieni. 23% 
reel. Depi.ar-jre-: 37% 
Kimu-iie lire....: 151? 
F*i. Xm. Baitun., 24;, 

Vnn_177j 

CiniUoie ... 19% 

r.-rhla (V.,»er...., 32Ig 
-Flur-r_34% 

i-.u.i;. 2l4g 

K-.i-i M-u-i.' 43% 

F-'oren*<w HcS.—i 17i* 

KoxIiuiii. 1 304, 

Kmnhlia Slim. 74* 

eepun Mineral' 20% 

F'ltebnul. 26% 

,rai*UH IndiiBtnev 8% 

,1-i.A.K. 10% 

|i>inneii...—...... 3753 

I -<* 11 .Amer.ln.> lu% 

-U.A.1JI.. 1 257* 

;iien.(.Mi-e.! 11 % 

jl!eu. U>iuuui.«...| 437* 

|i»pu. bus in ».’ 477a 

.Menem > P-vda. 30% 

-jefienti Mi.I*..... 1 284* 

. .-enerat Mulun.... 69% 

Uen. ruf>. Ur.. 207* 

•Oen. au-nsi.> 26% 

;Den. le>. Elect...] 305a 

■en. r.rre..23% 

'-mesii.; 4 

Me-ift* Pki-lii..-_ 26 

;*J«an on.170 

-siit-rtte.- 24 

'.imtlip t, F.F.. 19% 

'.(-■•l\e«r Tire.... 17 
.. 27i* 

(nveM.ll. 26 ij 

Ml. .\tlnn I'Wlei"- Olj 

■ ■rl. Xi>rtQ (nui.. 24ij 

lunitli-.; 12;* 

l-III I i Weatrni... 111? 
■.mil <•■... 25 <a 

■ IlHUlHIrloU. 61% 

Uniin* Minina... 1 3(1* 
Hanilv-ineiwr.... 15 ig 
H-irng L'uriHi. 42*2 

Heinz H. J.. 35-, 

HenhiBiD_.! 241* 

Hewlett IW-kB'd 705* 
H.'i-uir Inn-.....-! 14i* 
.Hi-Die-iBke.......... 39 ■* 

tH.-ne^weii.' 44 

!H*>vei..j 11:* 

H'-h] Carp A me*245a 
.HreuiunNxi.iji-.! 25% 

iHunriPh. A iUbm' 11 % 

'Hutton ifcj\j—| 12 

i-. i . lai.lim. 23% 

[ISA. 39% 

|I(IKVI«ii>KAR. 1.j 951* 

■IniBnit ntpcl_. 3a&a 

, 111-11 «- ; 13% 

lutcriMil bn-arct ■ 01 * 

»UM.. 267 

inn. Fiuiuiit.: *ii; 

mu Hun Mi'll...; 294s 
inti. Mm It. lien- 40 
Inti. 31 iiltiira.i-.. 21 Sg 

.Inta-.• 16 l z 

loll. I'tiwr.. 40 1 j 

1 it*.; 27 % 

Int. Kcutmer.....J / 
ini. lei. t Tei— 30% 

lni-pui_. li d 

(■■i'll Beet..... 29Sg I 

II. Iuternutu.*isl. 11 

Jiui Wsiier...~~..) 29% 


% :Juhn>MKn%ille... 
ig J-ihnaoa Jobnwa 
% J-Miu^.n LouLn.i. 

>g JoyVLiniiiBi iiii'a 

■a K.MAitCnrp. 

>* Kaiser A iinnini'm 
1 * I hairnet Inriuttries 
ig Kaiser 5ree'. 

* '{*ajr.I 

« Kerino.-i.iil., 

* 'hl«su UfUee. 

* KuUe W».iw.: 

* -KimbeneyClaiL.' 

4 Koppeni....... 

hiair„... 

| Killer Ui..._. 

,Levt auanu... 

ig 'LibtiyUw-Ki»x]...j 

a jLl/giett Group—j 
Lilly (EJii..._. j 

* Litton In-lost._; 

!(*x*hotfil Aircr'ft] 

4 'Lve dur loiii...! 

B 'Lone In Ian-' Lt-I.j 
8 .%Tirirtana Lan-i.... 

* Lubn&oi.....} 

g (Lucky atiiree.j 

L'kwiY'uauiH'wii' 
g MacMillan,... 

* 'Mmy 1% 

* .Min Hau-ver. 1 

IMapni^..: 

i Vtaralhuii UII-... 
g Mailue Mu!■an' 1 .; 

I ■ Uanliah Field...! 

1 'Mav Dept. Stares 

l MCA.. 

1 McDermott. 

I SI ■ th wine. • LV-n? 

I U Gran Hill. 

Menu ires.. 

j Meivk. 

I Slemii f-rnt-h.... 
Mei«a I*etraleutn. 

MGM^. 

I Slum JlmjfAMri:. 

I 'MoOi- Curp..w.__ 

1 Mooaaiiio-- 

I Morgan J. P__ 

1 M-Aon-m .. 

Murj-by U|i... n> . 

’XhIhu.'O..... .. 

I Xah'oCbeniii'ai.... 

1 -Xathina. Can. 

I Mu. Distlliera....' 

I .'XaL aarrue Ind. 

steel.... 

f Xatomiu.__ 

I JXUK... 

lXej.runr Imp..... 
(Sew hnjfiaorl El.' 

1 'Aew boaiaad Tei 
I -Magani Mohawk 
1 .Xiarpint ?bare... 
■X. I- Indonries.' 
Xomti kdr Western 
, .Xortb XaUCra*... 
Xuin btaua Par 
Xtiiwett Airlines 
.NltHMl ttinwp 
Veriiw ^imi-o_ 

iJcciitenuu Pwmi 
: >>Kllrv ,\lal I lor... 

Ohio Edison.. 

.Mlin. 

i 'i.iveneas 
•Mwen* com ms... I 

'.Mens IiIiium,_ ! 

. Ph. in- Gas. 1 ! 

Pkiribi'Lishrmu.. j 
Hl-. i'tr.A. U... ! 

PuiiAuilVorklAu 
.Parker Uanninn.. I 

'Fuinii Int.. I 

!PlH. PtrJL Ll. i 

| Penne-i J.C___ i 

Peuirfljt __- 1 

\ Peopiirs Drue.• 

Peoples era*_ 

JPepatco... ! 

1 Perkin Elmer_r 

! i^ei-..' j 

lpii*er _ 1 ! 

|PUel|a Lh>iee._.. i 
Plnla>iin|i>iK He.' J 
'itiiiip Utf-ns.,..: ! 
'rtiuiips Permi'm- i 

'■PIMairv __ J 

'Pmiet bones. 1 

1 PlIUt'KI...-.S 
\ Plessei U-i ADM. ] 


-PoMiwat_' 

Piaoioite Let.... 
;FFli ImliMiM.. 
irtr^.-rer itam>Hc_ 
: i"ub s%rre tiecr.. 

, PillimnJl.,. 

Ittina .....—. 

IDiakcr Mai*. 

. UapM AmertoUi- 

Kavtheon . 

RCA. 

iMepuhlic jtceL..., 


Pre^ lU/i-Tb TJ/i-ie 
vkms 1 Hi^li ' Uia- 


Spain UIDI — i 97J8, 100 . 00 . Blifl 
■ ; iil/12) 13/1/731 

Sweden f«| in 33LB3 I 416.W I ifift'61 

__ ! I 12,0) I tll.'M 

Bwilerl d!' II 298 J 239U) 3 UJU I 3:00 
_ j ! Itltt/iCi i3/3) 

Indices and base dates (ail Dase values 
100 exoepi NYSE All Common - aO 
Stand arris and Poors —10 and Toronto 
300-1,000, toe last named based on l9T3i 
r Excluding bands. MM Indasrnals 
{400 Inds.. 40 Utilities. 40 Flnanue and 
20 Transport >3) Sydney All Ord. 
till Belgian SE 31/12/63. (—i Copenhagen 

SE 1/1/73. itt) Pans Bourse 196 l 
id CommerebuiK Dec.. 1353. tSD Amsier- 
d am. indnstrui 1970. t(j) Hang Seng 
Bank 31/7/64. (||||i Mflan 2/1/73 tat Tokyo 
New SE 4/1/68. tbi Straits Times 1968 
fei Closed. <J> Madrid SE 31/12/77. fet 
Siockbnlm Lndasn-tal 1/1/SS. (]\ 6wtn 

Bank Corp. 31/12/58. (a) Unavailable. 


1977-78 I , t Jan. 

High Loir Stock 6 

46"g 861* j Kenan.. 41 

443 g i 48 % .Ueyouiiih Metal*. • 31% 
70S? i 58% Keyruild* K. J— 554* 
26% . 18% Uk-b'-tiu Alerrel'. 22 
.36%! 27r* KuckneU Inter... 2-’% 

51% | 28% lUabm A Has..,..' 89% 

61 ' 51% Itovui Uuk-b.—I 55 

15% 9lg RTE._.I ia% 

14ig I luig Kuts Law* .. 12 

18 187a ;Kyrter System....: 14-4j 

90% ; 391* .%le»a.t'atom...' 59% 
43%; 29 ML-foe Mlnmig.l aO% 
385s ' 28% pir. Krais Paper...- 297* 

42% ' 35 Santa Fe lm 1 a....J 37% 

& 3% Imu- lurtait_J 4% 

6 % ' 3% idaxou 4% 

18 i 10% IS -blit/ B rein nit. J 10b* 

74 t 56% iSehiumt-eraer_70% 

25 • 17 sC)L_..J 17 

20% ' 13 Is-txi Paper_J 13% 

23% ] 18% la.oniMrjt._.l 211* 

8 6 jS-intr' Duor Vesi| 6 % 

29% 12 % : »ea Crwiiainera^.! 23% 

24 : 19% TMgrain.21% 

13% 107* dearie iG.U.)._.. Id 

34 261* scare l(ner*icfc.„.i 26% 

41% , 2b SKDCM..^__ 37% 

361? ■ 29% 'She. t.ui.307a 

44% ; 30% Siie.-Tran«porL_i 39% 

341* , 24 iSuiiib .29% 

40 34% Muiireit-Caru—.. 17I| 

16% . 10 % Mini-ieitT rAL... 11 % 

29% 18% Singer..; 19% 

50% 52 snnib Kune_; 47% 

d% . 17a 2 

18% 15% > ■ 111111(1111 18% 

27 21% S-iiilii-.'Uii.'ai. K.L 26% 

18 157g awuliem C(k~—17Ss 

54 . 28 stbn. .\a;. Kra... 31% 

dH 31% >viilifru PncilicrJ 34% 

68 % 49 SouibernHaiiititvi 47 

271* : 20% ^'ultunn-!. 1 24 

27 201? S're'i £ 5 % 

2U% 15% b)-eir> Hindi_ i 16 

43 29% S(-err\- liind...... a55fl 

29 7g 21% .Mquili....• aZIg 

30% • 24 «s ^ lam lain ttrnnri<.. 29% 
SS. 1 3714 WLtiiiCaliinrBls* 37 
57% _ 45% 'Ti.l. Mi. In.iuui*. 46% 
91 69 Std. MU Ohio „... 7u 

497 S • al% .MiaufJ ben 1 leal. | 34% 
16ig 13% ■jlcilini; llnm ,.1 13% ! 
5u 1 49 diinletaki-i44la I 

48 J 39% -sun 1 v >. 41 

42% : 52 .Sunt1*ii*n>1...^.. ■ 52% 

24% j 167* St nle?.___ 2U 

12 % . 5i* le-.-iinii-.il .1 _‘ 103a 

40 | 20i* Tektmnis__ 36% 

73% ! 47% .leie-lyne_ 98% 

3”g - 2 'i'eiex. 3 

37% ; 28% : 1 ejieea..j 29% 

J2 ' 4 I - 7 ’ 3 lewre, Peiroieum| 77* 

30«e ; 26% ileam....• 26% 

31*6 17% reunguii -,_ j l-% 

99% | 684 b lc=ai Inmn.—...! 697* 
*412 I 22 5-g ; Ccsm- MliJtGlS—! *Ob* 
3 2 41 1 i?? a ‘I'ean* liiixtiea....! 215g 

49l? 31ij illmelni-. 37% 

25% 20 ! Timo M incov ..—1 24% 

=5% • 433* I'rm.i-u.. 483* 

Sli? • 31% ]I'rent- . id;* 

16 J '- Ul* -transanieriisi .- 141j 

23% 17 Iran-,... 31 % 

* 8 % d2U Iran- Cn:,>n_• 33i* 

'nui--..-, inl’rn - 23lg 

7 .g trai.- V..,i-i,i Air.. 9-* 

Sfit 28 Ira-..-iii.,.. 29 

22 % : 187 j lni..ini,n«mia-.... 20 1 

«3% 40% I.I..M • a oi 3 

Jc- i- *-“i".ir v Pox. 21 % | 

27*r. 167g ,1 \i_. ,i I93i 1 

22 % 18 l.liUiii .." """1 1 - 1 , 5 . 

25 % 17% u*i 22 2 

ia 13% 1 I'm I-. : 19 ^ 

13% 27% . L'liilvvor . | 91 

?£• ?T lj ;S n ! klur 33% 

fa * 2 • Jl-Mlnw bancrup...! Id 

O a I’« i' nw'ni.While.... 39% 

'• ant 1 J -“ ,OT1 ^'"'amerce 1 67g 
>9 | 901* .CttK-n Mi. C*Jll...j 90% 

| 44 .Iniun Pacific..-.! ^ 6 % 

111, l 77g L'rrimvin. . . : 7 t« 

Vi sS * 9 brant.7*g 

' i 2 » J-.nUb’ '.orp. 10 % 

! hnn.nrp-( dl% 

jf!* 7j’ s *-.»• v iraini-j 22 % 

!6]s 18 % la s/iiir..... __ ■ 23 m 

l** iV 3 ^-.^eei....; _j 30% 

%i. ii? i L ‘.-'P lj *' , —-ar»e«-! 34% 

I?- 'V' 187* 

l«r it mV""" L/l«1.....' 141* 

u ft * W-ni-.T ljimtetf.l 29% 

2- if,' 4 J' a-le-MaJi'meiui 18% 

:8.? 241* H6Ja 

i 3it a? . 

;7.:* }21* u. . 36 . 

!ai* if 4s I men-; 16% 

!2% 16s* W-iinJ.^hleni ^.Tda j 

‘3% .I 38 ! 

. i?n i!% 

!5% . 181* Anlmri.t... 18% 

2% , 27% |iVi.eoh»,a fikctj *° c 


116.0+1.2 


De Beers Deferred_ 

Bfyvoomltxlcht —__ 

East Rand Pty. _ 

Free State GeduM_ 

Pmldem Brand.. 

President Stem _- 

smfnnieln __- 

Wefkom ---- 

Wen Drlefomeln -1 

Western Holdings -i 

Western Deep . 

INDUSTRIALS 


Ansio-AiBer. Industrial _ 

Barlow Hand ... 

CNA ravesrmena __ 

Corns Finance . 0.57 

Edgars Consold. tnv. ...„ tl.55 

Edgars Stores . 2flJ3 

Ever Ready SA . t].T5 

Fed era le VoDcsbeleggmgs. +1 at 
_ | fl re a term ana Stores ... 3.45 

2.21 Guardian Assonance (SA) 1.75 
1.9 

McCarthy Rodway 
3 q Ned Bank . 

3 - 7 OK Bazaars __ 

an Premier Milting .. 

33 Pretoria' Cement _ 

4'g Protea Holdings . 

3 q Rand Mines Pronerties 
5 g Rembrandt Group ._. 

3.4 


Investment premium based on 

$2.60 per £ — 69% (70$%) 

„ IB"-™ I | Jan. 

High | Lire | sitnclf ] o 

265* j 18 iWtkuuiirtii.. 10 

57Sg 44% 1 Xerox. 455a 

17i* . 101* |/.*|*w_. 167* 

46.’g I 13ig /<moh KiwIhn..... 15% 

98,| 925b L4Ll'ms«ft iaa tfl4 
86 ; tBlSa ics.Treg««st7b.7 j t815« 

6.36*| 4.38*( ii.6. * Day Wiia.| 6.24* 


CANADA 


8% [AbtttM Paper™' 101* 

3.95 iVtruico Hsgte_ 6% 

83a* lAJaaaAJnmlniuin! 277 b 
13?* lAigomaStart..-.. 14% 

195* |Anbe«oe.. 38l* 

131g dank ol Montreal i 175a 
171* dank Nora ScoUaj 187* 

5 doaie ifesoorces.. 7 
435a | Beil Telephone... \ 53% 
16% !«ow Valiev Inria* 20% 

85* | 0 P Canada....; 161* 

lllg Hraaoin..„| 15 

1.68 jUntt-x-^..* t5-25 

511* ]Uugary Power—| 361* 
7% tCanada Cemeni.J 9% 

6 |Canada AW Luki] 11 r B 
213* CanlmpBiUtConij 24% 
17% |Canada In-lust—| 181* 

16% .Can. l%i-ifK_i 17 

16% iCan. Pm-il) Inv.j 18% 

303* jeen. Super Oh_( 96% 

2.31 ,(^nlox O'Keete..- 3^5 

55* [Caaeair Ast>efita«.| 9% 

8ia ic'bienam_: lggg 

86 -Lkremnixi...> Z7it 

18% |C<ioa Hathuret-..! 21% 
13<B Consumer Gaa....[ 165* 
4.1S<UiMeka Uevinrcrri 7% 

f6ig iCiraain ilieb.' 8% 

45% Oentaon Mines...- 52 
425* IDomeMinus. : 76 


?5 i Unn »* Peuinciinii 54% j mirm'so-lVjwa 


127* .Uuintar_14S* 

115* ;Dnponi.; 12ig 

165* Pucun'gi- N<cke[ 19 
7d |ro-»t Motoi lan..{ 805* 

22% Genstar26% 
5t? -UtauL Xei'wiiiiie. 12 % 

253* l(auirOi.Caiiaila_ 1 28% 

4.5U ilatvke- did. Can' 6% 

27% Hui.iagej_! 291 * 

26% : Hwi»Oi.-A.j 40% 

14 : Hudi(.*i Da*- Jinn, 165* 
141 g Uutlsnn Hiij _ f 17 Ij 


'HuilaunOi-AGat- 43 

,|^.c.- 17s* STOCKHOLM 

,lmaat<-- 30% ---- 

Imperil- Oil j 20% j-n & 

.low)--I 181a Jan-& 


I [lmiai„.. 8% 

rintaoi] NaLGas.. 10 la 
los'pr'vPif^Iisw 14 
Kaiaer Uesjur.-ea. 13% 
Dtumi'r Kin Con.! 7i* 
,L**h«™ coni. 'B'.] S.65 
jMv'miii'n 8 toed- 16 is 
- Ussaav Fen-umm IS % 
id im.rre IVirpnt' B43, 

JliWi-Wipii.| 29 lg 

|Nonn>la limcH-..] 23 
■Vweii Enerat... 17% 

Alhn. Teiwooi_261* 

,-Miiimi Oil A Car' 143; 
,-th«wimi Petr'ii.j 5.12 
1 ![*w.-iuc Copper li| 1.90 

iPadftcPetroletuiii 373, 

, ;3%u. Can. Cel'ii.; 35 

l%Uni.-. *16 

.Peoples Dej-r. S.4 4.50 
Pla«? Uaa j: OI*_j 1.01 
iPkper Deieiot-zutl 21 
iPonerCorpural'nl 9 .'n 

iPrLe>..ioaa 

jijuelieo diurjjeonl 1.49 

UtuirerUii-26T* 

'dead Sbare..[ 9 % 

EloAiKom-1 27Se 

| Uoyai HI*. 01 Can.,' 26*s 
IKovai I'nijit_; J 61 * 

|ScepcreK05Vdireea' Big 
jaeagnuiia 23 Ig 

isbell Lana-u._■ 16% 

]»berml U. Miner, 4.80 
iiuteiuU.b..^,, 23% 
Simpsons 4.6a 

steel o« Caiauia...i 24tg 

i steep Rock 2JO 

J rexaoilaiM-tii_, 37 

[rorantu ttum.lxi.' 165a 
'I’miraCaaPipeW 18 
-rrann Mount Oils 8 Tg 
_; flu 

ibnmoMiK...... 10 % 

,'M'alker Hiram....' 29% 
|W**» Coast Tra» ■ 33% 
■'Vwtoniia-.,...., 14 *b 


•Assented, t 
New stock. 


Bid. t Asked. 1 Traded. IJita. iMui-J 738 
1 Vieilte Monta ane 1.510 



























































































































































































































































OFFSHORE AND OVERSEAS FUNDS 


.AMtay Tfeit W.lftn. ud. (a)-(z\ - 

TT+KLGate boose Hi, Aylesbury. . 

Abbes Cartelrt.—B2.9 35.0]_J 3.77 

Abbcytocm*—B83 4071 I sx 

Abbey Gen. T*t„„_|#63 433 }_j yj 

Affled Bnabra Cra in p y (*} (gj 
Bmbiji.Hie'.H'itiw.' Bnaiggodi R»m 


Mis *W. 

« W 1( . 


’"■'•he v r , . 


■ ai -mb sail or nrc u t w Mi 
mlwrrfl Funds 
AUtcd to*+.._ 

Brit. IwL Fuad; 
Crib-tine..— 

Sen. & Ind. Dev 
Allied Capital. 

Hambro Fond. 

Hubn Ace. Ftt. 

Jbccbc FUndx 

High Yield FA_K6.4 

Equto income __ (3|,7 

Hieh laconic-ft! 4 

Hambro Inc. Fd. [54.4 

hUmattoual Fuads 

'vimerBKknjd BL3- 

'Sen. of 

Fadfie Ftedv.«;i_izM- 
SpacfadM Ends 
Suitor Co/sFd. 
ZBdSailr. Cd’xFA 


itwood IQ277) 211430 . 

na ...... £37 

US .... *22 

&s3 5(» 

1*3 ...... 497 

1MI- llH““ 5 M 

i»« ut3 i::: *S 


».« ...... 7M 

fj# —■ 6.70 

S 311 “: In 

.I 


- Britannia-Treat—Ctetln»d 

Pwtoaato gjJL-„t«47 JUUHJ 320 

7nmrStiM_nu 353 * 0 £ 2 .D 6 

gWiL-W7J 5li|*tL5 3.80 

»*>R»Chanie_M2 553 +03 4A9 

Uah’Energy- ^3 555| -03 2 jb 

.Ae British life Office Ud.tr (a) 

TWItow* Has.. Tunbridge Wolto. St 060223271 

BLBrlHihLife_M9.9 SZK +0.71 522 

BLBatoaeud*_ IfiAA 47JJ _... 5 AS 

BLDtvidead--&.§ *5.3 ..... 1 8 S3 

•Price* Jan 4 . Next dealing day Jan. U 

Brown Sliipley & Co. Ud.T 

Maces; Founders CL, EC 2 - 01-8008520 

BS Units Dec. 20 _ BUS 2Z73J 45B 

Do.tAcc.iJtec-3S^-Ki3 2793-1*28 

Ocaanle Trusts tai uu 

Financial..B5.0 3741 —‘4 *31 

Genena_UBi : 1«3_*39 

Growth Accra..—HU _ *7.7_497 

Growth Income_BU 3U .— 4.97 

High Income ..._6 t 5 31i 9.00 

LTVU-;-Eft* 23.0 158 

lad—---_B47 26.9 b-43A 

Osenaar-p 6 « - 77Aa “ 3CM 

gmc raan re_ m2. _&L 8 | ..... *77 

i U>M 

I_ 5.45 


Gartmore Fund Managers f fa«gl 

2 St Mary Axe. EQA8BP. 0I2833S3I 


tziAjhencanTSL. 
British Tst 1 An.). 

L om modi ty Share 
t*l Fax East. Trust- 
High incomeTitL 
Incoaie Fund 

Ins. Agenda._ 

Inti. Exempt Fd. 
(ziInlLTO.L4cc.i 


24 8c -02 LOS 
S64 -rO.7 334 

14430 ... 3.74 

243 +03 130 
hli -rD & 838 

_ 757 +L1 666 

a 1332< -HUE 3.79 
92.4 +07 551 

ZU +01 142 


-iidi-n.ii'. y 


Ennpt ftmlr . Co'#. _ 

Anderson Unit Tnut Managers Ltd. 

lg8Feacfau i c b SLBC3MgAA. 030331 

ArateroaU.T.-1463 014 .... { 4*7 

Andncher Unit Mgnrt. Co. Ud. 

1 Noble SL. EC3V7JA. aranfflt, 

Inc. Monthly Fund .{U5A 3^5A|;_...J US 

Arbuthnot Securities lid. (aKO 

37, Qnaen St London EOGtlBY 014383281 

+AJbthnt Cnmnd ■ B7 3 -3431 M2 

SiAecum Unita)— BJ 0.1 ;_ 402 

Withdrawal)-32*' 341 fl.dZ 

Pitr wti wwii. . im . im _ 2030 ■ 

High tyc. Unto—. 414 ' 44J '_433 

OacC.UtB.5-S43 583 .... *03 

ATbldhlDK Fret-252 273n ..... 12-14 

JaAccUra. UnttSS... 37.4 403a_ 1^14 

ArbnthnotCaa.*_14.4 21.0a _ — 

Artnthnt-Cmd^tt- 52n 563 _ j. ff 

lAramUalbri- 733 - . 793 _ 539 - 

JO%W'dlTOltt—46.9 506 „... 5.CB 

.Arbrimt.FtSp-TI 176 ' 243 .... 306 

ArbnthnotGlaa»_ WA 43.9a . 332 

LAccum. Unlt&l-47.1 - 51.On _ 5,32 

Growth Unita-543 36.9a +0J 322 

■Aaeom. Units)_402 415a +1.0 322 

Ionian Growth**—136.9 1400 +2.8 4 07 

JtetSetr.USts.n~ »J . . 30.0 ..... 179 

-Eaat AIntL Ace_H_1 221_ UO 

•>8% Withdrawal)... X72 . 186_ in 

Forat*n—-726 785 . 214 

tN. American Int.. 255 - 27.6 _ 100 


Wi g h Tin- TT wtN 

♦CAcdUtn.!_ 

Arbuthno: Fret_ 

HAnmza. Unttss... 
Ariarthnnt Can.- 

LAccum, TTnUaitt _■ 

HritWdriwaia- 

'■•Arbthnt. Fo. Prp-TI 
ArtathnotGlaatt- 
lAccum. Units) __ 

Growth UntU._ 

lAnenm. Units)_ 

Ionian Growth 
Jart Sctr. Ldrs.tt~ 

-EaatOlntLAee_ 

t8% Withdrawal)... 

EoraifB^- 

tN. American Int.. 


_ IbMl *Mt*. TttM. ttWad. more, 

Neat 22. •'Doc. 15. DaSy 

—^Archway Unit Tst. Mgs; lift Ojf (aXcl 

817. High Hotbom. WC1VTNL. 01^8818230 

Archway Fund_[776 825o|_{ 5.96 

i- •., + Prices at Jan. 4. Next sab. day Jan. 18. 

1 . Bardnys Unicorn Ltd. (aXgFKc) 

~~ - UnJcco-nBo-252R«antoridEd.E7. 014016544 
; ’. Uniconi America .428^ -• 38.J -021 Z34 

• .Do AuatAcc__ 55.1 59W+-L2 239 

Do, AnSLInt.-C7 475^+15 2.29 

M , Do.Capital-- S55 . W3+0A AM 

'Do.EaamptTae—10*0 213 3 +U 5JI 

. . - Do. Extra income . 28.4 30^+05 7.80 

.' !■ Do. Financial-602 6503+0.6 490 

"3 i'«Dft500_— 705 763+0.7 5 63 

IW ... Do. Genera]-30J 3*3 -rO_5 5.90 

- Do. Growth Ace.— 4L0 443 +0J 394 

L-- Income Tat—_ 802 M6) +13 5.71 

. ’ r«Do,Prf.A*ni.T*t.- 1349 14l3 -~4 3.99 

- '■ 1 (. -Prices at Dec. 30/Next nub.-day Jap. 31 . 

'.~f. -.Do-RocoMOV__ 40.7 44.01+06 5.65 

’• Do. Trustee Fund— U46 l2L9al+L5 465 

, Do. Wldwide Trust «.7 41ol+fl3 2.76 

BtriJn-FiLlac__ 0.7 . • 664) +0J • 432 

*'• Do.Accnm.—.[716 7U| +0-n *-52 

r Baring Brothers & Co. Ltd.? isMz) 

' '88L Leadenhsl) St, KC3. V. - 01-5882830 

. V Stratton Tst. D77.0 104.41 _J .365 

■•’ j - Do.Accnm-p66 225 IN 362 

■ Next sob. day Jan- 12. - 

' "i 1 Bisliopcgate Progressive MgmL CeJf 

'-0.BWmptgate.EC3. OKS8882B0 

1 B‘8StePr .~Dec-20 -U6L1 lTLfad—J 363 

. ^ Art^.“D*c20_ttM3 2H2d 3^ 

- VxtatwInt.Jan.4— 6583 1683) .268 

1 CAccnm.Uau.4-|S733 20661.4~J 262 

•: x. ■. . Neat sub. day Jan. IT. Itt ., 

: Bridge Fnnd ManagersfdKO 

' . ■■EneWUliamSt,BC4R»AR; - Ob82340Sl 

. v: -1 555 


Bridie Cap. InC-t_ 

" Bridie Cap. Actf- 
Bridie KnanpCt 
Bridge Infl.Int.t- 
Bridge Inti. Aec.T— 
Mem Jen. 4#5 


_ 336 

M 

__5A2 

..... 435 

...... — 4JS 

nat iWed. 


Britunis Trust Management^aKg) 

0 London Well Boil dings, t/mifcw Wall. - 
' T«<tmltf3M5QL . . 01-838047QJM7S 

74.41+L01 435 
563 +0 2 336 
59.5 +03 .607 
• 753 -OJ 3A1 
42J +06 3*5 

103.7 +0* 7JB 


173a —OA 3 02 
16.7a +01 434 

784 +U 664 
S5.( -03 337 
16.7a -03 .3.44 
384 2.49 

Ul +1.4 831 
H.4s +03 414 

19.7S -0.4 L0 



: Ine.fcOowth 
Inti Growth 
; Invest' 

- Itinera 
NatHfgh 
New tone 
-North American. 


Canada Life Unit TfL Mngrs. Ud.^ 
2^ High St, Putters Bar, Herts. P. Bar 51122 

Caa-Genlttst_p76 -.. 39J| .....J «08 

Do. Gen. Accnm K33 473] J J.oa 

Do. Inc Diet_M 

Do. Inc. Acc mo._pH.4 46J|+0.*i 7.49 

Cap ri (James) Mngt. Uif 

JOOOW Brand St. DC2N1BQ 01-388 00 ] 0 

Omits! -,_™»33 88fl 382 

Income_JIM 78.91-J 7*0 

Friees.oa Jan. 4. Next desllnc Jan. 18. 

Carlio) Unit Fd. Mgrs. JMX (aXc) 

Mllborn House. Neweasrie-nponTyne 21165 

Carlml-IMB 673)_I 4A8 

Do.Acenm.Units-1770 793 448 

Do.HlghYlaW._U&B 4)3 __ 7.77 

Do. Aecum. Units—149* 523]. J . 777 

Next dealing date Jan. 18 . 

Charterhouse JaphetV' 
l.PatanosterRow.EC4. 01-2+83089 

C7.Intemen_IZtO 2241 3.65 

Aerom-Unlti._ 144 26JH _ -3.65 

CJ. Income__ 560 )8« .„ 7.96 

CJ Euro. Fin_.240 25.6f.-i-. 4.00 

Accnm. Units_Z7 6 294)_ 4.00 

CJ. Ed.UH-.Tst_25 JJ 26»-352 

Acenm. Units ——&A M*j —J 3.52 

Prices Deo. 28. Next dealing Jan. I 

Chieftain Trust Managers UtLVtokXg) 
30^1 Queen St,EC4R1BBL 01-M82832 

American — kX&LO _ZL9 -0-3) *66 

High Income_kl3 443 +2-2* 9U7 

loteraailnnalTac_(ix£t9 24N -TZTI 

Basic -Jtesrce. Tffcpt* . 364] -031 *82 

Confederation Ftmds Mgt. Lt&? A) 
30Chancery Lane. WC2A1HE . - 01*3620282 
Growth Fund_(403 422) .—I 439 

Cosmopolttan Fond Managers. 
CopthiUAve, London EC2R33X C88B2 
Co«nKHw]n.Gth-Ftl. J173 1A5) 495 

Crescent Unit Tst Mgrs* Ltd. (aXg) 

4 MelvilleCres,EdlnblKtb3. -.0314284831 
Crescenttirowth _ 1275 .; 407 

Cres- Into mat!-m.9 49J8 ,, J : 050 

Cres. High. Wst_:|*5 0 *63 — [ 739 

Cres.Reserves.._|4L0 4401 —.J 436 

Discretionary Unit Tund Managers 
22.BlomneldSt,EC2X7AI, - 01-038.4685 
Disc Income_1156.7. 1*7-2) ......] 535 

K F. Winchester Fnnd Mngt 13d. 
Old-Jewry, EC2 01-8002157 

Great Winchester-07 7 19S 7J8 

GtWIneh'cr O’seas^B.7 , 20.fl. —f -535 

Enuon - dc Dudley Tst. Mngmut Ltd. 
20L Arlington St, S.W. I. - ■ 01-4897551 
Emsoa Dudley Tri_ |68 2 733) —4 530 

EquitaS Secs. 13d-V(a)(g) 
4lBiahopsgate.EC2 - OM082851 

Progressive_(64 2 . 67.71 —4 220 

Equity & Law Uu. Te. VUf (sifbKcj 
AmenhmaRd, High Wycombe. - 069633877 

Equity & Law_|65.6 MU] +05) 407 

Framlington Unit flfgt Ltd. fa) ; 

5-7. Ireland Yard, EC+B 5DH- . . 0f4tB0Srn 

Capital Tst._089J U66j J 382 

IneemeTix._(983 X046al.^~J -620 

lor. Growth Fd._l*. .mlw £R 

DQ.Accumr_(97.4 - 1 10O*p —i ZS2 

Friends’ PravdL Unit Tr. Mgrs-V 
HxhamKnd.Doridni{- - -08003055 

KsS5fc!5:(KI 

G.T- Unit. Managers Ud.f 
HHmtiiiyClinu BC2M7DW .. OIORIDl 

eafc=W aS|^t-i3 

-^“- 7 *44)^7.70 

C.Tl japaoJkG ; 

fG. Sc A. Trust (ll-tk) 

5, Rayleigh Rd, Brentyood 10277)227300 

G.iA-J?17 336) „.J 45* 


Gibbs (Antony) Unit Tst. Bigs. Ltd. 

23. BJomflold St, EO) 7NL. - OI-58S4L11 

;■> AG. Income*—HO 4 4251 j $20 

Gl‘A.«i.CroortliTT—B8.4 44*1_ 470 

la A. G. Far East*_39.7 2LM_J 030 

Dealing TUU. tfWei 

Covet* (Jebn)V 

77. London Wall, EC2. 015885020 

STildr. Jsn.6_11253 1323]-031 2.01 

Do.Accnm.Unit_0449 15a3--oI] 2JD 

Next dealing, day Jan. 20. 

Grieveson IHaMgrioent Co. Ltd. 

68 Gresham St,EC2P2DS. 01-8884433 


Bar’ctn. Jgn.4. 
(Acctnn Uoitsj- 
hlge. HYJan-S 
i Aoaun. Units) 
Endeai. Jztl.I 
(Accnm. Units., 
Erne hair. Jan. a 
iAcctun Unitsi— 
Ln &Brals.Jan.4 
(Acenm. Units' 


2X42_ 420 

2284 _ 420 

1826 —.. 767 

2053 - 707 

1587 242 

163.9 242 

835a —4.C 364 

066M -43 3.04 

7o.c :.... 0.S1 

725 _ OK 


Guardian Koval Ex. Unit Mgrs. Ltd. 
RonlEuhanw.£C3P20N- 01-82880U 

lag, CuardhlllTlZ_[89* 926) +0.9) 469 

Henderson Admi nistratjomaiv _ 

Premier C.T. Admin, Rayleigh R oad, 
Brentwood. Essex. 0277227300 

ODAustraliaa_kt(273 29-3 ...... . 064 

(gjCap. AccUM-„_UH2.0 45.2 . 358 

igjEuropesn_ 121)06 326 _ 1-45 

(OFarEaiJ_ix)53.1 56.8 _ 031 

laiFInanam.’ (rC46 2bJ _ 360 

igi High Income_izl565 60 S . 7.95 

UdiM.&A-aeto_12132-8 35-1 _ 557 

(fillntematltuml_U 1 ZS .1 267 ... 135 

igjNtb.American— (2)329 3S2 . 3-17 

SA Gross Jan.« 1042 709* -05 2J5 

Oil & Nat_ul245 261 . 167 

W WId Jan. B_ 765 81* -02 3-97 

(V Cabot___ ixjTSB 23.4 . 364 

Uibm Extra Inc . (.xfiLT 355=d . *55 

‘For uu exempt toads only 

Hill Samuel Unit Tst. Mgrs.t <aj 

45 Beech St. EC2P 2 LX 01-6388011 

(hi Brinsh Trust 11568 16761 +L7 4.93 

IRilntl Trust_33* 360-01 3*2 

(giDollarTriist_ 657 7DJ -16 2 n 

(DlCspualTnut_302 32.4 . 4-19 

lb. Financtal Trust. 949 3BL6 . 4J* 

Ifai Income Trust —275 295 -... 704 

Ibl Security Truat, 533 57.1 +05 4.78 

Ibi High Yield Tst,(28.6 30*4 ■■--•I 8.05 

InteLV (aKg) 

15. Christopher Street. EC 6 . - 01-2477243 

InteL lnv. Fund._(903 - 9694+06! 610 

Key Fund Managers Ltd. (aXg) 

2S. MUBSt.ECZVSJE. 01806T0TO. 

KeyEnergyImFd—l735~ 7*61+0*1 366 
Key Equity ft Gen-663 705 -0.9 4.92 

♦Kev^scniptFd _ 1355 1442a — 6.74 

Key Income Fund— 776 -82.1 + 0 * 118 

Key Fixed Int Fd.. 593 636 .... 12.43 

Key Small Co's Fd-^58 91^ +0.l] 669 

Klein wort Benson Unit Managers? 

20.FenchurchSt,EC3. 01-0338000 

KB. Unit Fd. Ine. —185.9 72»-1 432 

6 EB- UnitFdAc—|l&3 .313.71.... J — 

L A C Unit Trust Management Ltd.V 
The Slock Eebange. EC2S 1 HP 01-988 3800 

lACIncFd,._-_1U0* 1346)-1 7^ 

LACIotl tGenFd.pO* Tiq .\,j 357 
Lawson Secs. LtoL ViaXc) 

S3 George St, Edinburgh EH 22 JG. OBl^M 3871 

tRaw. Malenxi5_B3-1 361 -26} 7*8 

* Aecum. Unltsi_ 35 9 391 -2.7 7.68 

■Growth Fund_ 535 586 - 3.07 

u Acenm. Units)58.4 615 _ 367 

riClit* 2 *J Warrant J 6 | - Ct >6 ..... I SO 

tAiuerieanPd._2a9 22*_B67 

KAecum Dnltsi__ ZL7 25-5 —.. 427 

-High Yield_496 ' 53 + —. WAQ 

«(Aecum. Units)—- 66 * 7Z4 . 1440 


Perpetual •Uuii Trust HngmMf (a) 

48 Han SL, Henley on Thames ' 0(8120808 

PpetuaJGp.Cth-(383 ‘ 4170] ....-l 465 

Piccadilly Unit T. Mgrs. Ltd-V (agb) 
WsrrigtB HstL, SBa Loadoa Wall EC2 8380801 

ExOn In c ome_(343 3651+D 6) 8.00 

Small Co’s Fd._ 99.5 42.1 +03 362 

Capital Fund_ KA P6x +0B 333 

I&L Ems. fi: ASMS. 487 521c +16 4 80 

Private Fund-366 413 +06 3*0 

.\ccumltr, Fnnd—. 63* 683+05 4*0 

TechnologyFhad- 60.1 - 63 9 +03 356 

Fir East Fd_ 228 Z41 -0.1 300 

American Fnnd—1227 246) -0^ 360 

Practical Invest. Co. Lid-V (\Xc) 

44. Blooms Wiry Sq, WC1A2RA 0J8S38BB3 

PracticalDec.M..ft45.B 154.91.| 369 

Aecum. UniU...—(203.7 216 q ...-J 3.*9 

Provin ci al Life lnv. Co. Ltd.# 

222, BttbopAtfaD?, KCi 01-347OSS 

Prolific Units_pS.7 78.91-1 3.68 

High Income._.[168 2 115.9f 40.3i 756 

Prndl. Unit Tst. Mngrs.V (aXbXc) 

Hcdborn Bars, EC IN 2NH. 01-4059222 

Prudential_...... 233.0( +2.5] 464 

Quflter Management Co. Ltd.9 
Tbo Stk Exchangfe, EC2N’ 1HP. 014W4177 

Quadrant Gen. Fd. ,1103.9 IBS* .| 406 

QWdTSPt Income—[U73 120-jj —782 

Reliance Uni t Mgrs. LttLP 
RelianceHsc,TunbridgeWcQs,KL 089222271 

!^Sc^7?(A5c-irffli6 «:t| +o.*| iS 

SetfordeT.lne._|4L4 44j|+fl.4| 565 

RH^efldd Management Ltd. 

PQBQS41B, BanlcHse. Miuirhidr. O012308S21 

ffidgoGeldlctUT BlO 90 M 3** 

Ridgefield Income. (95.0 lo£o{_J 882 

Bthchid. & Lwnds. Mgrs. (a) 

St SwUhlnsLone, Ldn, EC4. 01-8204350 

NewCT. Exempt_tX196 1260(_l 3*0 

Price on Dec. 16 Next dealing Jen. IE 

Rowan Unit Trust Mngt. Ltd. 

OtrCxtense. Finsbury Sq,EC2. 01-0081008 

Rowan Am. Jan. L_.162.4 63.4] 280 

Rowan See. Jan. 4_ 1586 IfcS.ffl _.... 3H 

Rowan By. Jan.5_533 56ja-762 

(ACT.Units).. 73 2 76.9) —... 7.02 

RwnJfirin. Jan 2 — 733 7721 ._ 3.10 

(Aecum. Uniat_|87> 92S|_ 336 

Royal Tst. Can. Fd. Mgrs. Ltd. 

54, Jerayn Street, sw.l. 01-CSSS2 

Capital Fund_(674 71.1] .] 3*8 

Income Fund_[705 74.4| J 758 

Prices at Dec. 30. Neat dealing Jan. 13. 

Save & Prosper Group 

4, Great St. Helens. London BCSP SEP 
68-73 Queen St, Edlnbunch EH2 4NX 
Dealings to. 01-554 8899 or 031-220 7351 

Save & Prosper Securities Ud.V 
lateraatiaaal Fuadi 

B«L5!5=B| WrH 

Univ. Growth_|s9.9 64.4+03] 182 


LG- Index Umited 01-351 346& 

29 Laxoont Road, London SW10 OHS. 


.• May Cocoa 1581-1592 


*Raw.3taumal5._a33 361 -2A} 7*8 

*i Aecum. Unit*) 35 9 393-2-71 768 

■Growth Fund_ 535 582 J 3.07 

1 Acenm. Units) 58.4 635 _367 

riClit and Warrant 33 ■ Ct>2 } I SO 

tAiuerieanPd._ 20.9 22* J 827 

liAccum Dnltai__ 0-7 265 —4 0-27 

-High Yield_492 ' 53 * —,[1060 

“(Aecum. Units)—66* 72.4 .1 10.40 

Deal. Mon. Toes. ttWed. tTharx.--Frl. 

Legal & General Tyndall FundV 

16, Canynge Road, Bristol 027232241 

Dia.Dee.14-1542 ' 57fl 510 

(Aecum. Units)_[*76 716) ,..j - 530 

Next suh. day Jon. 12. 

Leonine Adnunistntleii Ltd 

2 Dote St,London W1M0JP. 01-4865991 

Leo Di&C_[732 773] -0.X] 534 

Leo Aecum.--(786 B26] -02) 483 

Lloyds Bk. Unit TsL Mngrs. Ltd.f l») 

Registrar's Dept, Goring-tV-Saa, - 
Worthing, West Sussex. 01-0231288 

FirstlBaincdi-512 55.01+02] 4*4 

Do. 1 Aecum.)_— ».4 7A6 +03 4.04 

Second.Cap <_403 5L9s . 34* 

Do. fAecum.)__*06 643 ...... 348 

Third (Income)-U.9 86? +02 585 

Do. (Accurn. I-1085 316* +03 585 

Fourth lExIncO—~ 57 9 622+03 7 « 

Do. (Accum.)-J64.2 696)+03] 7.05 

Lloyd’s Life Unit Tst Mngrs. Ltd. 

72-80, GatebouseRtL, Ariosbmy. UBS SMI 

Equity Accum.-p052 152.8)-| 3.99 

MAG GraupP (yXdfel 

Tbri* Qo^s. Ttemr HOT. EC3R0BQ 0182046*1 
See also Dolings, 

American_:_WA 4-0 £ Oftfc 

(Aecum. Unit.1-402 421 -0.7 0.86 

Austr-darian-598 428 -12 1W 

(Accum Units)— 40.1 433 —12 - 2.78 

Commodlnr-02 67.? -05 521 

lAccum. Unita)- 66.7 7L7 -fl.fi 5^ 

Compound Growth. 993 1065 +0* 3.72 

Carmuion Growth 47 3 988 —0-4 397 

, Dtridend-:—--Ul* U8.9u +L0 7.77 

i*cann.Uni3i_2869 220 J -Lf 777 

European--- 46fl 49.4n -02 


luc re—l ug lotwn Find 

High-Yield Lnils_JS5.9 1 

High )■«—* Fuad* 

Rich Return_(6*3 ( 

Inernna-(44.4 4 

IIX Funds 

UX Equity Fuad—(450 * 

Over,*** Funds**) 

Europe GtlLFd._.171* 1 

JapanGth. FtU__[722 1 

Ui.CtlLFd._[635 ' I 

fi ret or Fnnd* 

Commodity—_.|65l 1 

Energy—_too t 

Fln'gSsecx Fd._]«5 71 

BlgMIlittmp Full 

Select Interest_[2211 2 

Select Income_(538 S 

Scotbits Securities Ltd. 


<0J| +67] 636 

69*]+07) 745 
47.7) +0.4| 780 

4*3] +0.5[ 4 41 

7691_| 3 42 

77*1 -l.il L*0 
6*3-Lfl 2.90 


in* 769J | 3 42 

,|722 77.6] -l.U 1.60 

,[635 ' 6*3 “iOl 2.90 

,|65 ■ 70.71 +0.71 458 

Jufl 67.7],.. 2*6 

Jtt5 715 q +0*j 331 

X*B 

.12211 233J+05] 265 
(538 567j +05f 7.03 


Arbuthnet Securities ICX) Limited 
PXUB«mi.96 Heller. Jersey. 093472177 

Cnp.TB.u)erw^-,ltoAO 1180!-1 159 

Nett dealing dale Jan. 1L 

FMt6imi.Tsnai.mi6 iiaa | 33 * 

Next luh. Jaa. 12 

^nstraliin Selection Fund NV 

Harket Dppmturi«e(. cfo Irish Young A 
DuUnrir, 127. Kent Sc, Sydney. - 

USSlSharea-—-glSLH - t-O.O0j _ 

Net asset value Jan, 5 

Banqne Bruxelles Lambert 
2 . Rue A* to Begance B 1000 Brussels 
Bento FwulLF-tt.938 L998| -10] 832 

Bk. of London & S. Afaerfca Ltd. 
4088, Quean Victoria St. BC4. 01-9302313 

Alexander Fnnd-.'.] ' 5US632 j_..( — 

Net meet value Jaa. £ 

Barclays Unicom Int (Ch. Is.) Ltd. 

l, Charimt Cm**. St HeUer, Jwy. 053473741 

■Snbjert u> toe and. withholding taxes 

Barclays. Unicorn Int. (L O. Man) Ltd. 
1 Thomas St. Douglas, LoJO. 06244896 

UntoJrBAnri.Ett.S99 <3.01 2J0 

-O 253- 240 

Do. Grtr. Pacific— g.0 »2 ,— — 

Do.Inti. Income— 403 ©2 j.... 830 

DO LofMaaTR.—. 480 5LLo -16 8*0 

Do ; ManxSfntiUfl—&4 al.3| UO 

Biahopsgate'£omiDQdity Ser. Ltd. 
P.O.Ras42,Ito«l«.l. e ’M. 0634-23011 

ARMAO-Dec.5-1 SUS2581 I_[ — 

rANRHO~&)C.&- CLD4 - - 

C0IINT“Dec.6_.l £2378 J .—I — 
o riginal)y issued ai *310 and ■‘ SUW 

, Bridge Management Ltd. 

I P.O. Box 508. Grand Cayman. Cayman la. 

‘- 3341 - 

NippoaPa.toA^fc- pi DMd__I «L« 

Britannia Tst. Mngmt. (CT) Ltd. 

30 Bath St, StHeUer. Jersey. 053473114 

Growth Invest-[327 3S3ri| 240 

! IntnL Fd._»L9 66)3_ LOO 

JerseyEaetrorTxL.[149 5 161*3 ISO 

UnivsL DIt.tK-K5 41 5.69] __ 150 

UnlvsJ. STM. Scg- -(£2 42 2551 ...... — 

I Value Jan. 3. Next dealing Jan. 

Butterfield.Management Co. Ltd. 

P.O. Box IBS. Hamilton, Bermuda. 

Buttrea* Equity—G.0S L9« 1 26* 

Buttnesslnemno—JL98 • l.ffl ,17] 7 9» 

Price* at Dee. 12 Next suh. day Jan. 9. 

Capital Internationa] SA. 

37 roe Notre-Dame. Luxembourg. 

Capital Int Fund— | SUS15B1 I_4 — 

Charterfaodse Japhet 

L Paternoster Row, EC4. 01-34*3000 

Adlropa_[0)0970 XLH) 535 

Adi verba_DU4640 «M_ 55S 

Fondfll . —— DMH1B 533 . fc 22 

Foadis_DMam aiS *o* 

Emperor Fund— 5US2B2 2»3_— 

gSpteo-Sl«a _ 297 


FideUty Mgmt. & Bex. (Bda.1 Ltd. 
P.Q. Box 870. Hamilton. Bermuda. 

Fidelity Am Ass_I SUSS) 93 I .....J — 


Fidelity lm. Fund. 

FidelitjPac. Fd__ 

Fidelity WridKd.. 
F1deH6i.Ster.Fds_ 
Series A ilrunl.i — 
Series R( Pacific 1 _ 
Series D (AnAss. 1 


SUS1&46 

SUKS8I5 

5USJ231 


£3.09 -004 — 

1683 .... — 

£1344 _— 


First Viking Commodity Trust* 

RSI George sSL.Douglas, Lo Jt 

0©4 4082 Ido, Agta Dunbar A Co, Ltd . 

13, Pall Mall, London SW17SJH. - D1-BS0T8S7 

Frt.Vik.Cm.TiL_1408 ' «29i | 640 

FzLVk.DbLOpTnt.|s70 920o|_| 270 

Fleming Japan Fund SA. 

37. rue Nolre-Dame. Luxembourg 
F-lmg Jan 4 - 1 5CS3681 j_| — 

Free World Food Ltd. 

Butterfield Bldg.. Hamilton. Bermuda. 

NAVDec.30..( SU96495 [»-L39| — 

G.T. Management- Ltd. Ldn. Agts. 
Park Hse. 16 Finshnry Clreiu. Loadoa EC 2 
Tel: 0 I 8 QB 8131. TLX. 888100 

Hauaguaeat Iatematlenal lid. 
do Bk. of Bermuda Front St. HamlTn Bods. 
Anehor Gilt EdW-(00.98 1L04J+063) 11*0 

An char InJsy.TtL- <22-6 24id -0.4 313 

Anchor-B* UniU —HiTsL79 (LH .I L93 

Anchor InLFd-pCS3J8 4ils| :_I L96 

G.T. Bennada.lid. 

Bk. of Bermuda, Front St, Hamlin , Btada. 
BerwPeeF.-1 537AI }._..] 107 

G.T.tFd._(6*6 -065] toiy 0.75 

•G.T. Mgt (Asia) Ltd. 

Hutrhiaon Hse, Harconxt Bi, Hong Kong 

G.T. Aria F.-BHK725 754] —j 199 

G.T. Bond Fund.._| SUSliBSri |tOJ7| 530 


KrmpGee Management Jersey Ltd. 
Charing Cro&a. SL Hriier. Jersey'. QS34 93741 

Xemp+Tee Capitol .|B82 90.91 _I — 

Kemp4toelnraae.|661 6B2| _Tj 7.98 

Keysdex Mngt. Jersey Ltd. 

7*n Bm. 98.SL Heller.Jersey. (EnqQi^BB7070) 

Fanselev-FVJL3U 149)_1 3800 

K+S-SSl*x lnfl_E5.95 658 856 

Keycelev Europe— E3.71 469 4.03 

Japan Gth. Fund— 1927 2024 +053 ■— 
Keytetox Japan _ E784 7.9D -*40 — 

Cent. Assets Cap_ 029.82 ,ft(cj — 

King & Shaxsoia Mgr*. 

1 during Cross, si. Heller. Jersey. 

1 Thomas Street Dourja*. laic of Man 

C Hi Fund (Jersey)-0048 105Sel_1 1050 

GUt Triut iLoJLl_ 1118*0 121 7(3_J 1050 

InzL Govt Sees. Tst. 

Fust Sterling-ft652 1657?_I — 

Fim imj -Jkmmji u£a| — 


Kleinwort Benson Limited 

SO. Fonehnreh &u EC3 
Eurinrert- LUX. F. 1,013 +11 4.94 

Guernsey lac- 583 63 4 . 416 

Do. Aecum_ 713 773 _ -416 

KB Far East Fd.— 5US955 . 147 

KBIntlFtmg- STS18.99 182 

KB Japan FUnd— 5L .S24.64 _ 0.(6 

K-RUJ5.Gwih.FlL sum ...... — 

Si Diet Bermuda.... SUS438 -005 183 

•UnUbadsiDUi- 18.05 19501+05(8 695 

■KB act as London paying agents only. 
Lloyds Bk. (C.U U/T Mgrs. 

P.O. Box US. St Heller. Jersey. 053427581 

Lloyds Trt. 0*seas_ (523 53.« ....J 245 

Next ctealine date Jan. 17. 

Lloyds International Mgmnt. SA. 

7 Rue do Shone, P.D. Box 179.1211 Gesaro ll 
Uoyds tot Growth.fSTDta 3UM -f.01 180 
Lloyds Int Income. [SJWiO SUH! 640 

M & G Group 

Three (tom. TM« HOI EC3S OBQ. 01-038 4568 

Atlantic E<c-Jan. 3-BTS255 2T*f_I — 

auslEx Jan.4_tatiiK 21 61_I — 

GtddExJan-4.-UU51»X 10M . — 

island_D 1 L 2 118 w *0.7 4333 

(AecumUnits)—-|1553 1652] +0*| 3333 

Samuel Montagu Ldn. Agts. 

114.Old BroadSL.EC2. 01-5880464 

ApoUoFd.Dec.31..|SF47.55 SUOj ....J - 

J atrfett Dee. 31-[HIS 9(7 (S-OOH 180 

u. Group Dec. i4_lsrsi*» luil ...TJ 291 

117 Jersey »bc j-j-fM&s -52a/_I — 

llTJrsyO'seasDeM. [£10.70 12 SI_| — 

Murray. Johnstone ilnv. Adviser) 
10S.BopeSL.GlugOW.CS. 041-2216521 

'Hope SC FA-[ VLTB7D8 1+0331 — 

-Murray Fund- S1<S9.B8 +o2] — 

-NAV Dec. 31. 

Negit SlA. 

10a Boulevard Royal, Luxembourg 
NAY Doc30_( SUS9.91 | J — 

Negit Ltd, 

Bank of Bermuda Bldg* ■ Hamilton. Bnnda. 
NAV Dec. 16--] £335 | | — 

Old Court Fund Mngrs. Ltd. 

P.O. S& St. Juliana CL, Guernsey. 048120331 

SlJFr.DeeJO-J49* 52S .... | 258 

Inc. FA Jan. 3._-1595 —J 645 

IruL Fd. Dec. 15-bt7 87.(3 —Ij — 

Sm-CoJA Dec 30 _ [l425 15L5| 7Z] 333 

Old Court Commodity Fd. Mgrs. Ltd. 

PJ>. Bon 56. SL Julian‘s CL Guernsey 0481 20741 

O. C.ConuftyTri-— [1277 135 81 .] 2.68 

OjC.DUr.Cm.TXLT.l»4.73 2*3oj_.j — 

•Prices on Dee. 30? Next dealing Jan. 13 
■fPrice on Dee. 2L Next dealing t&to Jan. 9. 

Phoenix International 

PO Box T7, Sl Peter Port, Goernsey. 

Inter-Dollar Fund-[5C5227 245(_( — 

Property Growth Overseas Ltd. 

28 Irish Town. Gibraltar. (Gib) BIOS 

U5. Do liar Fund _| SU59036 | — 

Sterling Fond_I £129,U [_| — 

Royal Trust (Cl) Fd. MgL Ltd. 

P. O.Box IM.RoyalT*t_Hst, Jersey. 033427441 

RTJnTLFA-RUS926 9*B —..| 360 

R.T. IntT. U 0 J Fd.. Ik/ 92] | 32 

Prices kDr. 15. Next dealing Jan. 13. 


KRInU, Fund—- 

KB Japan Fund — 
K-B. L'-S. Gwlh. FlL 
Sipiet Bernnda .... 

'UnAondsiDUi- 

■KB act as Lond 


01023 WOO 

:“J 132 

_AO* 

MI 

r; &S 


G. T. Management (Jersey i Ltd. 

Royal Trt- Hse. Colomherie, SL Heticr.Jeney 

G.T. Aria Starling-. (QCLSS J242) 4 L7S 

Bank ef Benanda iGoermeyl Ltd. 

31-33, Le PolleL G u en u ey. 

BerryPaeStrig._(199.00 20964) __| L43 

Gartmore Invest. Ltd. Ldn. Agts. 

2. SL Mary Axe. London. EC3. 01-2833531 

Ganaor Food Mmd- 'Far East) Ltd. 

1503 Hutchison Use. 10 Uarcoart Rd. ILKoqc 
RKAP ae.U.TSt”tOTOJS lSWiiiSJ 2.40 

Japan FA_—fesun 11C1 +<ug — 

?4. American T«—STS?#5 l*5W^aad — 

Inti. Bond Fund_(rcaMl U«q-8^ — 

Garnaerr Investment MnL Ltd. 

P O Box 32 DouRlas. loM. . 003433911 

International Inc. _)Z1* 230) [ II 2 0 

Do. Growth___[MB 583*4 J 531 

Hambro Pacific Fund MgmL Ltd. 

2110. Con naught Centre. Hong Kong 

FarErotJan.4_W27 9 79) . J — 

Japan Fund_pi'SiO SJg-filQ — 

Hambros (Guernsey) LttL/ 

Hambro Fond Mgrs. (C.L) Ltd. 

P.O. Box 88. Guernsey OtBi.20521 

CAFUnd_0459 155JJ ._...] 3.90 

IntnL Bond-— KpSMli UtTTd J 800 

Int. Equity--.SUSMI MCT —J 250 

lot. Saringa'A'-BUSCW lid — J 800 

InLSartngs'B’-KU509B im( ....!] 230 

Prices on Jon. 4. Next dealing Jan. II. 


01-5880« 

,;| H a 

lLMi ;r«.l — 


SeeCMta-137.9 4a7^ +0.fl 338 

Scctyield_Sl2 55tH+0.U 650 

Scatthares-[H.9 fiOJrij +0.4| 448 

ScotE>.Gth-*._ PH? 2222*3 _I 248 

Scot Ex.Yld.-0_0664 17435) .... | 632 

■prices at Dec. 38 Next sub. day Jan. 1L 


Scot Ex. Gth'*. V\Ht 3222** | 248 

Scot Ex.Yld.-0_0664 1743ffi3 .. . | 632 

■prices at Dec. 38 Next nib. day Jan. 1L 

Schlrsinger Trust Mngrs. Ltd. (aKi) 
(loeorvsndaz Trident Trusts) 

140. South Street, Dorking. KDOffiftBMl 

Am. Exempt*_B9.7 20.71 227 

Am. Growth — ___ 25.7 27 6 2.98 

Exempt High Yld.* 24-7 260 1*7 

SaXsiSi ^ ::::: ^ 

Income Dirt._40.8 443a - 926 

Inc. 10% Wdnrl_SL4 J41xw ...... — 

IatuLGrowth_.,.. 42 1 454 320 

lnv.Tst Units_242 260 436 

Usrbut Leaders_ 290 3L2x — . 438 

-Nil Yield-- 281 30*- 021 

Property Share*— 272 294 283 

Special Stt Tst_24.6 265 - 283 

UjL Grth, Aecum 216 22* 548 

*UJi.GrthJ)Ut_P95 2L4 - 528 

‘Next sub. day Jan. JL 

J. Henry Schroder Wagg & Co. Ltd.0 

131. Cheapnide, EC2 01-240304 

Capital Jxn. 3_[97.6 1012a ...... 245 

(Accumj,—__—. 1273 • 1213-.245 

Income Jan. 8—_1753 131 Kc-- 694 

(Accum. Unilsl_2B5 2*42 - 694 

General Jan.*-788 SZ0C — 334 

lAccum. Unit*)-972 1*12 - 334 

'Europe DOC-29-274 294 - 138 

(Accum. Units)- 19 9 318 1_ 5 B 

-P-T.CbyDec.30—17X9 1772 3*5 

•SpecLEx.Dec.30.Z244 2XL0 - 337 

■Recorciy Dec.30.. [574 19£R ...... 462 

•Fbe tax exempt funds only 

Scottish Equitable Fnd. Mgrs. Ltif 
28 St Andrews Sq, Edinburgb 0313508101 

Income UniU__[589 5C3 —J 560 

•Accum. UqIb- Wl- ■ tiM .4 560 

Dealing day Wednesday. 

Sebag Unit TsL Managers.Ltd.? (a) 

PO Box SU. BcJdbcy. Hse, EC 4. 012303000 
SebagCayaUlFd. -B42 38«+02* 352 

SebegIncomeFd..p04 31j| +03) 696 

Security Selection Ltd. 

15-10.Unnolii's Zna Fields, WC2 O1-8310B306 

UnrlGtbTriAcc—B.1 24*1-] 363 

UnvlGthTstliie_P03 . 2L6^-1 363 

Stewart Unit TsL Managers Ltd. Im) 

45, Chari QttnSq, Edinburgh. 081-3983371 

Stewart A n re fa m Fund 

Standard Unita—1553 58ti-1 170 

Accum. Untc.-_r59* 04-- — 

Withdrawal UnUx-|4S3 • • —1 — 

Stewart British Capital Fund 

35«b= 3» i&ard ^ 

Sun Affiance Fund Mngt Ltd. 
SunAlllancQ Use, Horsham. 040806141 

1 s ? 3 


(Accnm. Units). 

Anstr.ilasisn— 

1 Aecum Units} 


' CLIVE INVESTMENTS LIMITED' 

1 Royal Exchange Ave„ London EC3V 3LU. TeJ.: 01-2S3 1101 
Index Guide .as-at 6th December, 1077 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital ...;.. 135.19 

Clive Fixed Interest Income ..... 128.03 

CORAL INDEX: Close 494499 2 

INSURANCE BASE RATES 

t Property Growth .. 

Cannon Assurance...-.4|% 

7 Addroas aboKU under Rmrance a erf Property Food Table. 


FINANCIAL TIMES STOCK INDICES 


LAeeum. Unita)- 

Compound Growthi. 
Courer^on Growth 

Dividend-:—-- 

jAccumU nltf)- 

MceumUnitBi— 

Extra YMd.- 

CAcamLUntol.— 

Far Eastern- 

(Accnm. Units)- 

Fund of tar..Tst*. — 

lAccum .Units)- 

General-- 

<Aeenm:Unttsi- 

Klgh InCTcnc-- 

[Accum. Units) —— 
Japan Income ■ —— 
CA ccum. U nits)- 

^Accnm. links)- 

(Accum. Units)- 

Heco+ er y- 

(Accum. Unit*] 
Second Got. 

f Am inn. TJnik)- 


’.as 


16 - 170.1 

L9 116' 

L2 . 


+Ld 2.77 
+L§ 777 
-0^ 375 
-03 3.75 
+«4 7.90 
+I« 7.98 
327 
367 
-031 463 
—031 A 88 
+a« 675 
+1-fl .5.75 
+1J 842 


Jaru i Jan. Jan. r Jan. i" ltoc. f Dm. i A year 

B | 6_ 4 9 j JO | SB' | agn 

OdveriuTKUt Sec*. ... te 77^8[ 78.09 7836'7a58j 7a09 77^3 61.59 

Fixed Intetret_..... 8163| Slj.9 81.J.7 81.03 | 80.72 80.60 - 61.98 

Industrial Ordinal? ’ 497^j 494.5 487.8 - 485.6j 485.4 49a6 365.8 

OaU Mltm.__ 136.6| 130J L58-3'132.7 133^ 139 j5 117.4 

Cird. Dir. YleW6.41)-. 6.42 - 5.50 ‘ 5.52 5.51 545) 6.18 

Earnings Vld%ifuliK*) 16.45 16.47 ' 16.73 . 16.78 16.74 16^7 .19.15 

PlE Batio (Uet) ft)-.... 8.62 8.61 8.48 8.4s| 8.47 8.56j 7.65 

Deallaga marked——.. 6,426 6,231 4,747 4,17s| 4^18 3^63! 7.884 
Equity nirnowfim... — • 7668 6934 49.101 62.58 BS-Ssj 85.91 

Equity torgaim total. —15,287) 14.715^12.097; H.949J 12,148115.008 

H un. fflSAi n ua.'<M.T. Noon 4966. 1 PJXL 498.8. 

3 pjn. v 4963 3 pm. 49*4. 

- Uteri imto SO*. 

•Based on S3 per crati corporarioo tax. tNQ=&58. 

Basis 108 Govt. Sect.' 15/18/55, Fixed Int- 1938. Ind. OnL 1/7/33. Grid 
Ulnec- 12/9/35. SB Activity -Jutr-Dec. 1M2. 2 Corrected. 

HIGHS AND LOWS S.E. ACTIVITY 

1 ■ vmm - [Since CronpriariiM . ' ■ 

_ —_— . •___-i- . Jan. Jan. 

High' ' Ixnv- High' Low 0 * 

^ ^ m 

Fixed Lnt_ BL23 '60.49 150.4- SOB3 Bpei-ubuive-. 46.4 46.3 

<-(6/1/18) [4/1). (S/U/fl) (3/1/IS) ilotois.-146.3 UU 

Ind. OnL...'. 649J .357:6 840^ 49.4 18 0A 164.6 

(MSI <i2/l> IWW fSSStZ’WM 159:s 

Gold Sfinea. 174A 35.1 443.3 48.5 ilp»-uauiva.J 4.34 39.7 

(18/10) (1/9 (2&6/7&H2Gjia/m | Total*- ~4 120,2 107.1 


113.7) -03 L39 
.mg-ca L39 
mn+ojl 4.0* 
23LM +03 4.0* 
a 6.97 
*97 

auto +UI 4*9 
BL9 +Iy 4*9 
170.4* +53 5 M 

254.7 +fl.«j 565 

157.7 +6J] *25 
395 4) +0^ *35 


Trortey™-0*1* 349.41+0.9] 632 

lAccum. Units]— 26** 28 LM +T.7] 532 

Charibood Jkl 3— 1207 J —Jl217 

CtourtM. J*n.3-143.0 IB 2! .] 7.47 

(Accum. Units)-1700 173.4) —J 7.47 

Pans. Ex.Jan. 3—]m3 13801 .__} 575 

ManuUfe BEsuogeanent Ltd. 

St Gmage's Way.Stcvauoge. 0*3888101 

Gsoivft Units-PL3. 54.0) +0-71 3.75 

Mayflower Managoneat Ca Ltd. 

14IU Greabara 8L. EC2V 7AU. 01 - 6009*0 

IncnmeDac.20-Do* 1092f J 800 

GonaralDec.30—70] .—1 3*0 

Mercuxy Fund Managere Ltd. 

30rQtehara St, EC2P2KB. 01*004553 

Uexc.Gea7au.4-_QM9 100.7) .— f59 

Ace Uts Jan. 4.-&B7 _23a- 4*9 

Mere, lnt, Jan. 4|58a ...~ 200 

Aeem.UtsJas.4_-|*20_ *6Jj_LOO 

MereJExjLDwc. 2B_iinL5 2»91-4.40 


Comhm lug. (Guernsey) Ltd. 

P.O. Bos 157. St Peter Port. Guernsey 
lntnI.Man.Fd.-11*3.0 177*] J — 

Delta Group 

P.O. Boa 3012, Nassau. Bahamas. 
DeJUlar.Jid.3_|$LM L4l| — 

Deufscher Inrestment-Tmst 

Pocttoch 3085 Biefaergaxse0*10 0000 FranlfaiL 

Concentre-|D1E029 . Zlto-ojq _ 

InLBentenfonds—|D2736t Sji(+o55| — 

Dreyfus Intercontinental lnv. Fd. - 

P.O. Bos N3712, Nassau. Bahamas. 

AV Jan. 5—,-151S2JJ SB) — 

Emson te. Dudley TsLMgtJrsyXtd. 

P.O. Bot 73, SL Heller Jersey. 0534205S1 

EDXC.T. —;-W7.2 124.71-1 — 

F. te C. MgmL Ltd. Inv. Advisers 

1-2. Laurence Pountuey Hill, EOfROB.*. 

0183 40*0 • 

'CenLFd.Dec.28.—| SU5430 ) J — 


Henderson Baring Fund Mgrs. Ltd. 

P.aiot N4723. Nassau. Bahamas 

Japan Fd-....BUSB78 MM) .J — 

Prices on Dec. 28. Nett drallng dale Jan. 11 

Hill-Samnel * Co. (Guernsey) Ltd. 

8 LePebtrc St, Peter Port Guernsey, CJ. 
Guernsey Trt. —_ (15*. B 1*7 8j +L7| 3*6 

Hill Samuel Overseas Fund S-4. 

37, Hue Notre-Dase, Lnxembourg 

(9L-S1U) 3723-61*1 — . 

International Pacific lnv. MngL Ltd. 

PO Box R237. 30. Pitt St, Sydney, A art. 

Javelin EoubyZtt.tSL89 26fc4.1 — 

JJE.T. Managers (Jersey! Ltd. 

PO Box IH. Boral Trt. Hae, JencyOSM 27441 
Jersey ExttnLTsU. 11130 190*1-2061 — 

As at Dee. 30 Next sub. day Jan. 3L 

Jardine- Fleming A Co. Ltd. 

40th Floor. Connaught Centre, Hong Kong , 

Jardine Ertn.Trt._l SHK2 1904-290 

Jerdlne J^L Fd SHK253L5X_L10 

Jardine S.KA.- SUK1L91 _ 2*0 

Jardine PUp.Tst_ SUS10A0 - 3.70 

Jardine FlemJaLt. 5 HK 8-90 — - 

NAV Dee. 15. •Equiraleiit SUS50L83. 


m I r 

155 S . ! - 


Save & Prosper International 
Deallnc to: 

3« Broad St. St. Hslit-r. Jerwv <034.0^51 
CX Daltor+lnamlnamd Fnnds 
Plr.FxiLltlft. .[935 992nt ... } 7 0S 

IntcfnaL Gr.“_<524 b 75 - 

Far Eastern*:--[3194 34531 ...* — 

North American *7 13 59 jbsJ — 

SWS,..~.,|HU299 .| -- 

Steriina-draamlnatre Fuad* 

ChuuelCnpital4_|5l92 30 -P- .130 

Chaimrildand!^..|l4h7 15C5d-J% 473 
Conunodil f * 1 „_]ia* 13DN . 

SL y*a. Int.— i. .PZ4 7 122 a . 10J3 

Prices nn "Jan 4. “Jan 4 —Jan. a 
JWeehii lieaiiRc. 

Schlesluger International Mngt. Ltd. 
41, Lu Mpttc SL, SL I Ivlier. Jei-«v-.- i'V‘4T.'l+te, 

SAI L-|£D SBJ ... I 3 fi 

k.uh ..n«n woe . I 42 s 

GiltKd. .. _ -25J 25.5 .1 1073 

InU.Fd Jersey - IMS 505 e . .. i 3 47 

iplnLFdUmbrg .. U.*9ti ISM . .. | - 

Schroder Life Group 

EDierjulre House, PnnMnuuih. ina LTTTJ 

luternartonal Funds 

£EqulD- —• |5M 2 108 7).. | - 

SaiUtD........W5J J2?« .... - 

£FKed InieresL 11439 153 P . I — 

SFited Interest _ (102 3 10£5i . I — 

LHanatod ..-tlzj.l 130.9 ... . ~ 

SManagtsl..flOBB 115.7| .. .j 

J. Henry Schroder Wagg & Co. Ud. 
rJO.Chejpsule.E.i.'i m .UW4U-G 

ChrapS Jan. D.I 51S1099 -007] 255 

Trnfmeal- N'ov. 3U , I SUM0J68 
.VrtnnFd Dec.08. KT-UM 1370 ... 3 55 

DarlineFud _ -.KU71 102 . 5 23 

Japanrd liee.!3>, |5la551 SSSl ... 

Singer & Friedlander Ldn. Agents 

30. Cannon Sl, EC4. oi-iWlKB 

DoknTondn—.II)!Q*31 27.7M-1:1!J| 7 94 

TofcyoTsL Dec. 13 .[ SL S7916 j . [ 20b 

Soriavest (Jerse>-> Lid. ixl 
P o. Boxes. St Relier. Jeraey. it .n r. j( 73 
American lnd.TsL..|£*90 TOSI^c:] 142 

Copper Trust-ItiaM 10 07 -0 12i - - 

Jap. indexT -l -|£B05 8 23|*OOoj -- 

Surlnrest Trust Managers Ud. ixl 
50. Athol Strert. LhniKlas, k.o.N og.^Z-J.4 

The Silver Tru.i— 198 4 1005| .1 ‘] - 

TSB Unit Trust Managers tC.I.i Ud. 
BagalclleRiI .St.Saitour.Jcr^ei if.r.47tl*l 

Jersey Fund .(45 0 47 41 i 4 <15 

Guernsey Fund — (45 0 47 4| . j 4C5 

Prices on Jon. 4 Next rtita. dov Jjr, 11. 

Tokyo Pacific Holdings N.V. 

InUmis Management Co N V.. i.'iirAt-do. 

NAV per shore Jon. 2. Si'Sfflt.'. 
Tok>o Pacific Hldgs. (Seaboard! N.V. 
I ml mis ManuBement Co X V.. Cerm-.u- 
NA\ per share Jan. Z sussafti 
Tyndall Group 8334 31331 

Hamilton. Bermuda, * si. Holier. Jcr o- 

OxersoasJan 4.ta'.-lri noof ... t CO 

lAccam. Units'_It'.<l59 ltd ,. 

TASOC Jaa 4_SISSM aSl .. 

3-wayInt Dee. 22- U7S41S 2t» . 

TOFXL.JBD 4-C6 70 715]. bCO 

itmiffl Sbare+i... CIO 05 107m .... 

T.\SDF Jaa 4 — 79 5 04d._.. 

(AccumShares* .. n 5 B40 .. 

Jersey Fd. Jon 4 .. 1045 19510 . 773 

lNoo-J.Acc.ULs i , So 2b7 2. . - 

Gilt Jan. 4__1174 119 bi .... 1003 

i.teeumSharesi— 1438 14541... 

Jrsy.MaaDec.22 .. 125.8 U2t[ .. — 


1.5. SIS1099 -0071 2! 

.’01.30, SUMBJga .... 
tee.28. tl'-UM U3! . .. 31 

d _ _. 3U71 1B2. 5: 

MV. 2f>, 115551 5 S31 .. 


l-suirj.rtCX.UL-. ■ -lOcU JD. L, . .1 

Gilt Jan. 4_.,,1117 4 119 3 .... I 10 03 

i.teeum Shareai_]l438 14541... I - 

Jray.Man.Dec.22 ..|125.8 I32t[ .. | — 

Utd. IntnL MngmnL (C.U Ltd. 

14. Mulcarter Street, m. Holier, Jei+cv, 

U.I B. Fund..1 SUS100 | . . J &2S 

United States Tst. Inll. Adv. Co. 

34, Rue Aldringer. Luxembourg 
U.ETrtlnv Fnd.. | SUS989 l-aOS| 099 

Net asset value Jan. a 

S. G. Warburg & Co. Ltd. 

30. Gresham Street EL3. 0! 0004 u3 

Cn.Bd.Jon5 _ [ SUS9J1 |-aoi| — 

Ency. lnt. Jan j— SUS15 72 -073 - 

Gr^LSJ-'d.DccJl.-l SUS558 | ...TT| - 

Warburg Invest Mngt Jrsy. Ltd. 

1. Charing Creos, SL Hrlier.J^y. Cl pxh 7J7-U 

CMFUi Dec.2B.-|HSaiU U« . — 

CMIUri.Dec.2B-.. UUS 1184 . — 

MetritTtt.Der.15. £12.20 12 50 .... — 

TMTDeC 8_.. 1FS932 936 . — 

TMTUd.Dee.8.— K90* 9X1 . — 

World Wide Growth Management^ 
10a, Boulevard Royal. Lex cm hum rc 
World wide Gth Fd| Sl'tOSll |+0J4| — 


I_J - RTJnrLFd._ISU5926 959 3*0 ” orlB " 

...___5US50L83. R.T. IntT. Ora J Fd..|B7 «] .| 3X 10a. Boulevard Royal. Luxe 

__ Next sub. Dec. 30l . Prices at Dec. 15. Next dealing Jan 13. Worldwide Gth Fd| SU.413 


INSURANCE, PROPERTY, BONDS 


rttisb Cmr lt ^ Fund 

®=8il 


Target Tst Mngrs. Ltd.?f (aXg) 

31, Gresham 8t, EC2. Dealings: 02B6SM1 Property. 

TargetCotnnrodiU-.pl* 340x0+0^ JB Managed 

Target Financial_ 61.9 67.7] + 0 A 4*1 

Target Equity-J7 2 404to+0* 5^ 

Target Bx- Jan. 4_205.4 - 717M . 6*7 

*DOlAcc.U nits- Z72J 2C3 --- 507 

Tarcat GfltPttnd_ 123JL 129-7] -D6 3*0 

Target Growth_1303 32*j +0J **3. 

Target Inti_225 2*3 -£L2 L2B 

Do.Relnv. Data—5^9 . 25^ -03j 12* J 

Target Inc 


Jan. Jan. 
d 6 


—Daily 
-Giit-Hdflerl- 
.imlustdcs. _. 
dpevulscive^. 

J. Totals. .. 

3-day Av‘rage 
Giit-KdRe.1-. 
ladunrtols... 


;S£iMti 174J 95.1 442.3 I 48.5; ilpevuiativfc.J 4.34 39 

j 00/10) {(1/9.1 (22*(75)^2Gjiam) | Total*--4 120,8 [107. 

FINANCIAL TIMES STOCK INDICES 


■Jan. | Jan. | Jan..I Dev, J Dec. | A Year 
&. 4 3 30 .1 ». ago 


Industrial Group—.J 218 .S 2 I Bll^el 208-65' 208.6?' B08.T4| 810.'- 

. fit» Shares_, - „.„ i l 2S4^zj 253.6BI 231.46 230.64 83L14j833J3 167. 

i DiT. Yield pc-.-.,_j 5.84 5^6 j B.30 S.33 S.3ll ' 6^8 6J 

' P/B Ratio (net) 8.98 .8R9[ 8^1 ■' 8.7B 8-79] 8.87 B. 


.75 145.61 
23 167.27 
28 629 

.87 S.B2 


Ai) Shares-.2J7.99'217^3! 218.10) 21420] 214^3! 216A3| 156.18 


Midland Bank Group 
Unit Trust Managers Lti.0 (a) 
Cpntpwd House, Silver Street. Head. 
SbvfftolASiaBD. Tel: 074279642 

Commodity&Gen.)SL3 59JB- s*4 

g^gzrr.^ 35% ~ SS 

gHI 

- az b* +o5 6*2 

Do.A cctjtv.. .55.9- 59* +0-2 6*2 

bteSal-39.4 «L2n -02 Z91 

DnArotim ... _BJ 44.7-0.2 2.91 

mgbYloW-602 64.C +02 7.rt_ 

Do. A rram- 622 66J +02 729 

BnattyExempf—107* 113.7- SM 

fiiAeeunL«I_-107* 111.7]. 5.01 

’Mm or Dec. 30 Next dealing Jon. 3L 

Mlwter Fond M an ag e r s Ltd. 

Mhmre&n, Arthur SL.KC.4. 010231050 

ES5£Zk=& ^l:dis 

ML*. Unit Trust Mgeant Ltd. 

tia4<tyMaSbcot.SWlH8JC. 01-8307333. 

HbAUnUg.___|381 «U) 403) 424 

Mutual Unit Trust M anagers? (*Kg> 

15. COptSaJJ Ave^ RCaR 7BC. - .-01*004003 

lArinaI Scc.T0uan.13fl 5*21402] MS 

in* 7La.+di| 7J4 

ltonalBlueaxln-KS.4 ■ 47*i+0*J 5« 

toutnaTHishTlri — |5t0 . 65*j +L0[ 8*0 

Jiattonal and Commercial. 

3L fit Andrew Square. Edinburgh 033-5568151 

- PB2 gg|H 

l Am^ uSsj y- pS o SI...J iiS 

National Provident lnv. Mngrs. Ltd.? 

4*0(*nctalKllSt,Be=P3HU 01*234200 


Growth Fd.-119.0 


128; 

__ 3*0" 

_ 422. 

+03 *34 1 
.— n*o 
+02 4*7 


Target Jst Mgrs. (Scotland) (aXb) 

19. Athol Crescent. Edin. 3. 031-2200821)2 

S&rg is* 

,Extra Income Fd- .-{tOA 64.91+02] 9.9U 

Trades Union Unit Tst. Managers? 
100. wood Street, E.CX 01-0388011 

TUUTJan.3,-[313 54.6] —.1 4.96 


Transatiantlc and 
91-90 New Lomtaa Rd. 
Barbican Jan. 5 
(Accnm Units. J 
RarbBnro. Dec. 28. 
Burton Jan 3 . 

Accum. Units] 


(Amnn.Unltsj 

Glen. Jan. 3 — 
(Accnm. Units 1 1 
ViHboroJin. 3 
LAccum. UniaS 
Van Gwth.Jan.3 


SINGAPORE 


[ndostnals 1 

Sbvi*.._| 0*6*4 StxaifxTrari’g 6*0 

. dantoki Co. 1 L4S Iun« Pd 6. • ■ 
BanaiadBbd 1 L49iI34 Berhad 3.W 
Unnkm. 3t83 D. fiagiiimi • • 1*6 

b«8«. __ 2*4 . u.ov’lvBkJ ass 

Praow Ncutc 3JS ■ , m3 

flaw Par_ 0*8^2[Tractor .iSI - 

Hume(a3_ 1*0 Chemical^-. 4JB 

•loctaipe._ 8.1A tVilbuJacks. L122* 

••mine_l*o Snbbsra 

Malay Brow. 94-78 BaiuUmitt LSI 
lialayCeniM t2*2 iDunTpErteiej 2.70 

6*0 3*0 

■ IS Em 

LSI UUstraUAm, — - 

2*8 BtojualeL.-.- l- 22 i B 

,3*4 Kudimt__ HU 

1*8 Kiumat—.— . — . 

3*8 KnrhalJ. aS5~ 

«M 8 tomgeJ 1*0 Cower Pernk. .. — 

. torilBkSteam -R3S- Fecal inn Tin. sE*0’ 
du«a?njiifla] ' Supreme Cp_ HX£i* 

_ t»«9Mrij7U6 {rangkahqa 2*2 

JBrke. — UmuctoL TSfiDet. fiTrwwu 


HONG KONG , 

Hnog tiuiigi pJen. 6 ["bee 30 


Qtivu liSon 1048 
- AiPalgamated Rutt»r_„ 

Bnivuens__: 

China U*bt A Poser J_. 

City Hotels...— 
CwnurpriHan Properttea- 

Cn>« Harbour Tuunel- 

X. JWplW-^ 
Hone Koop-Al remit—... 
Hntvr KnniWb m nenDocis 


Hoaa KngiWh mpeoDocks 
Hong Kwg Xlectrir^.... 
BrineKongRdwtoonwmzf 
Redg Hong laud Invert.. 
Hnag&dmtilmwgluti Himt 
lioogKaagnhangneJ Unit 
HotcblBOa lDKrnattoaul_ 
Inter. Fecifto eecnritiea... 
Jardine Mathawi:--i.—■ 
Jardine Secs 
'Rubber 

Slme Uarby-.....- 

bonlhil. Poo, Vrap..*Jmmm. ■ 

tiouthsca Textile 

Dtrire FariBc * 

Itetile AU»ari»_:—^-1 

TtestiiOUorp nt Hoag Haagi 

Wbcriock jJarden'-’ 

Wteekct Uaritime^.^.... 
Wtotu ludurirtel 

Wypcur .—J. 

■ .. 9 Buyer.•'1*ungimed, 
aNouirnaL 


. 1.665 1.84 

19*0 1980 

33.0 (33.00 

1.38 tl-41. 

10.60 10.80 
4.Z0 4.286 

67.005 feS-OO 


4.90 ' 5.Q0 
12.60 18.90 
6.45 6.60 

17.0-117^0 

12.50 W12L60 

~ *+ *77602 
u*0. 12-00 

+530 8.504 

1.80 1*0 
6*5 6*0 

034 030 

E*S 530 

2.15 .8*5 

3.20 330 

137. 11.89 


"ITKm on Dae. 30. Next deoUha Jan. 20L 
'» " Price* Jan. 4. Next dealing Jen. 18. 

NatiotiaZ Westminstetfia) 

ULCfaeapride. SC 2 V 8 EU. Ol«0 6060. ’ 

f||rJ 

Fhandri.,_i.- US 3fcig 5-S 

SSSEtoSr.'piu; M.9 7^7^ 

Si»K5!3fe 

NEX, Trust Maugers Ltd-V Wig) 

UOtoo Coart DorUng^Surrey. 5911 

Nalstsr_:_169.4 6&3J +031 427 

NatotanUg&HK.„i502 - 52jj+DjJ; 946 

New Court Fund Managers Ltd. te) 

71-ac, G atehouae Rd, Aylesbury. Q2H5041 

N.C.Eou^Pnnd_|159a 169.0)_U7 

N-CaSSesTBL.. 97 0 OO.ti . 2.94 

N.C InctaneFi— 143.9 B3 * —7-0* 

N.CImernsLlnc-, TLO. t53_ .IS 

N.C Internet. Aec. 71.a 7*3 .— 252 

NCSmlCs.Fd.rt, 1302 160.4)- 425 

Norwich Union Insurance Group (b> 

P.OTB(»c ^ Norwich, 3QU3NG. 0003 27700 

Group Trt. Fd._pSA7 3692) +0.7| 4.68 

Pearl Trnst Managers Ltd. (aHgHz)' 
ggRIgh Bclbom. WC1Y 7EB 01+056441 
Pearl Growth Fd_[a2 - 254+0* 4.4* 

AeemUuita_26.7, =?2 +0^ 4Q 

TtortUuc__ 3L7 341] +0i[ IS 

Peart Unit Trt.-K.4 38-lri +o3 4.79 

(Acetnn.'Ualta)_[«D ■ 48^+06) 470 

Pdkah Units Admin, lid. (glut) 

SlTomriaiB SL, Ejmch€g£r O8I-238S08S 

FeBcanltota_|8U *U| +03.4A2 


Von'BYJen.aM 
Vent Ttee Jan.4 
(Accum. Unttaj H 
widnaOTJah-Sj 

(Aecum. Uni tail 
WiclcDtr. J aa. I 

Se-AKUuM 


TyBdaU Managers LtdLf 
lACaayngeBead.BrletaL 
Income Jan. 4 ____ 197.4 KE 

(Acctnn. Units)-- 

Cap. Jan.4-- 

(Aecum. Cmt)0. 

(Accnm. Units) 

CauyngeJaa.4 
lAccum. Unita) 

Int. Earn. Jaa.4J 
(Accum. Units)- 
Scot Cap. Jan.4 
(Aecum. units). 

Scot Inc. Jaa, 4 
tendon Wall G 
Capital Growth 

Do. Aecum.- 

Extra Inc. Growth- 
Do, Accra. 


Gen. Secs. Cm? 
Qtrimshsd OM&01651 
cun_ 5.95 

mS 3A3 
-404 

553 ..... 404 

liaS +02 son 
3*3|_ 

573_ 62S 


632-1A 

7 31 _ 7.0. 

(AOs _ 533 

462 _ 633 

643_4.9* 

742_ 49* 

712 +0.9 7.92 

772 +LC 7.92 


0BS3SM1 

_• 7.4S 

- 7.0 

- 420 

_429 

_ 739 

-739 

_ 564 

“.is 

- 537 

- 481 

_4*1 

— 888 

+LG* 40* 
+13 40* 

■HU 9.72 
+0.4 .972 

^ & 

+03 *25 


TSB Unit Trusts (y) 

SLChanny Way. Andorra Hants. * 02810088 
DeaUncs to 0364 63432-3 

fb'iTSB General_».« f*-U +43 3* 

(b|Do. .tecum—— 562 . 6OH+03 345 

(b) TSB Income60.1 MM +08 730 

(b) Do. Accnm.-E* gS +0 7 7.00 

TSBScertlab-731 ■- 79^ **1 - tS 

(hiD p.A ccum...—[79.7 - *4Jl +07] 233 



««ar==K- aigin 

Oil DP. Accum...—(W7 - 84 J) +0.7] 233 

Ulster BankV t«) 

Waring Street, Balfart. 0333 35231 

Ibjtnatnr Growth — |3Z 6 413) I 4*3 

Unit Trust Account & MgmL Ltd. 

Kins william SL EC«H 8AR _ 01^334061 

FrtaraHaa.PuniLrt.Doa JSlM—J 4S0 

Wieleranh.Fnd._g12 . 308)_J 335 

Do-Acetun.. . „..,..jg2 3S,0j_J 33S 

Wider Growth Fund 
King Wifi tout SLET4K9AR 01-604*51 

BB. Hda-1 


































































































































































































































































































_*■ 32 


Financial Times Monday January 9 1978 't. 



FT SHAKE INFORMATION SERVICE 


HOTELS—Continued 


Henry Boot Construction Limited 
Sheffield Tel: 0246-4-1 011 1 


DMfcndS 

P*U 

ApJuOJa 
JuApJj O. 
[V F Mr An 
MJdlS D. 
Ja.OcJA. 


**BRITISH FUNDS 


Interest 

Dot 


Stock 


IT 


YieW 

Ibl i Bed 


ins 

14J 

26M 

SS 

17M 

28M 

1M 

1551 

3S 

14N 

15D 

15D 

25M 

15J 

15A 

10 

ISO 

4F 

21F 

17M 

23M 

15J 

15A 

16S 

5J 

22M 


21A 

ITS 

1BJ 

15J 

10J 

IN 

28J 

1J 

15A 

15J 

15D 

10J 

50 

22J 

21A 

25F 


141 

15M 

2351 

IS 

22F 

17M 

25Ju 

IV 

15M 

15S 

3N 

15N 

1A 

22J 

21A 

1M 

IN 

SOM 

15J 

19N 

14i 

5A 

iou 

28J 


‘“Shorts ” (lives ap to Five Years! 


15M[Treastin S 


14Jn 

265 

9M 


iltfBti— 


H i7!W2prTSS... 

pcTOTStt_ 

jylltacTBS- 

ry3pcTKi_ 

C4W 74-79_ 

!NlTreajBiyfc-7«;_ 

Electric 3bpc"i$-79_ 

3M Treasury gpc 1380tJ__ 

MMyTreasir, 3«ic '8Kt_ 

Treasury 3>jpe 7760.— 
Funding 5\ipc7»a(ttt_ 
Exchequer 13pe 10068) 
Treasury Hbpc lfflltt. 
TreasniySapc I9798L 


15N 


ISJ 
15J, 

25N 
151a 
I5F 

1A TreesmyS&c 10B1**_ 
121 ExdL 8Upc 1981 
4A Euh. 9>zPC 1SB1 
21A E*ck3nclCO 
17N Treas. VariabI&Wff_ 

23N Exch. tape ISBltt_ 

15Ja TztaiffipcW^S_ 

15F Treasury 3pc‘82^ 

16M Treasury I4pc 
Treas Variable 

51a 
22S 



lEttlLfcpc 

Five to Fifteen Years 

. 3.53 
ILrilOJES 


21F|Exch. 3pc "83-___ 

ITMhreMtny ISpc 1S82S- 
18) u (Treasury 8Wpc®__._ 

lflJa 

151 
26Ja 
Uu 

130 Treasury 
15Ja Treasury . 

15J Treasury 87 
101a Treasury H4pc UB1— 
Funding KipcVr-SlS- 



5A 
221a 

21F Treasury IDpelSEEL_ 

25A|&Ch. 121»pc 32, 


1212 9.35 

9.12 518 
512 8.84 

26.9 739 
2812 8.69 
2511 443 

8.9 6.82 
9121137 
811 937 
5.121115 

L9 7.83 

16.12 1143 
- 1036 
19.71139 


7‘ _ 

“S3 

122ia 

Over Fifteen Years 

am iiJ9 
. ... 90 839 
11918 1710111.72 

127\ 

133 
891. 

"fi 

123 



I4J n/Treasiny 13-pc TSt* _ 

I5S PnudiiiirfiDC 
23N Sh^ mjfcMSIBtf 
IM Treasury IftpcVtS — 

22A Exch. 12>2PCl894_ 

17N Treasury 9pc Vttf__ 

25Ja Treasury l2pc"W- 

lMGas3pcmvS 
15N Treasury 
15M Tresriny 
3M Treasury l£PUpe VStt— 

15M Exchequer 
10 EedKBpdoujpc 
22Ja Treasury I3UpcVTtt_ 

21F Exchequer lfiijpclWT. 

IS Treasury RrclBPTtt. 

IM Treasury lApc DWBtt*. 

30S Treas. 

15Ja Treasury Pjpe IS9Mt- 
19M Treas. Wtfc 90 fOSpdi 
14Ju Fccding3>2pcVWM_ 

SO Treasury BpcTKHMtt- 
ins Treasury 5*jpcVB- IS*. 
2fiJafTreasury7^e'lii«. 

Undated 



rm> 


267 3X83 

- 1148 
mo 1025 
19121131 

26.9 539 
KUO 1148 
9i 1036 
27A119S 
10101157 
258 615 
1332 1136 

- 10.97 
2571037 
265 9.61 
2481193 
9121037 

- 1100 

812 830 

191025 
41 9.85 
20121020 


504 

518 

538 

690 

531 

6.11 

727 

5.66 

733 

822 

5.73 

6.95 
9.13 

928 
671 

932 

933 
937 
6.89 
7.93 
944 
8.84 
698 
932 

7.95 
939 

929 


7.07 

9.45 

930 

7.84 

917 

8.79 

9.44 

731 

886 

1084 

994 

10.96 

935 

1111 

1087 

1118 


1117 

930 

1136 

HAS 

1131 

1036 

1119 

8.44 

1129 

10.64 

1133 

1135 
832 

1136 
1104 
10.66 

1027 
1163 
1022 
11.06 

932 

10.41 

10.12 

1028 


JJlJO 
F.MyAuN. 
S.DMrJu. 
MrJaJS D. 
Mr Je S D. 
MrJeADec 
(An N.F My- 
BaJuSeJJee 


Frt as As NotTmucco- 


._Do I8%USti9I«. 

p. Ap. Jy. 0 jTesoroPi V5S0JSi-| 
rTeucoMJS 
Tfcnelnc 


(June Dec 
I. Ap. Jy. O 
HtJclS-D. 
MrJn3.D. 
Ja_ApJu.O. 
MarJoSpDe 
MrJe-S-D. 
[May Aug. 
MrJtS-D. 
ApJy.OJ. 

(OJaJVpJy. 


SJE. list Premium 341256 (based oa JISL9I00 per £) 
Conversion factor 0.8038 (0.8057) 


Ma.SJJ). 

FJdyAuN. 


BlMontresd 52- 

Bk. Nova Scotia Sl- 
AJy.OJa. Bell Canada Sc— 

May Not Bra VaTkyfl.._ 

Oct BrascanJ- 

F.MyAuN. Cstt.lmpBk.S2- 

July Jan. Can.Parific 55- 

DQ.4pcDeb.000. 

GullOdCaaJ-, 

HrafcerSvdCaud- 

HollingerS5_- 

Hndaoo’s Bay 1- 


jury j 
July J 

m 


Jan 
, y.o 
AoJy.QJa. 
FJByAuN.. 
Apr. Oct) 


Jan. JulyfHnd. B.Oil C. S2*j _. 


MrJeihD. 
JauAgJ.O. 
FJiyAu.N. 
MrJe3Jl. 
Jose Dec. 

June Dec 
KJe.SD. 
SeDeMrJu 
FJJyAuN. 
JApJy.O. 


30Lal 1281211031 
3t\\2SW 9.62 


38% 

28U 

23M 

23% 


258 923 
15 10.92 
1121034 
B i 


^INTERNATIONAL BANK 

15F 15A.ppc Stock 7782_| 87l 2 | 87] 5.711 

^CORPORATION LOANS 


831 


IF. 

lMy 

Z5M 


1A.! 

IN; 

25N 


BirmlutnApc 7981.. 
Bristol T^pc 
{U.CUOapc’a 


10? lOAngJ Do. 12>jpc 1SB3- 

15My llNtalasgra«,-8082_ 


22M 2CN 
1AP 10ct| 
ISM 15N 
UAJ.O 
10F 10A| 

1A. 10. 

28F 28Au 
15M 
15J ISJ 
11J 
10J 10J| 

1MJ.S.D. 
ISM 15S| 
lOMr. 10S 
15M 15NI 



Daifcpc 
VuE|UC.C.6pc 76-T9__ 

153 DoS^pc 77-01- 

DoD^TBiM - 

' “ 8587- 

•83-90_ 

Do CpfOB Aft- 

Middx. ?4jpc 1890_ 

Nettcaitle 9t«pc 7880.. 
Warwick 1 S>i*j 1980^. 


11D( Da! 
Da 


10§ 

mh 

97 

925ad 

99 

lOUad 

Ss- 

? 

92 

84%al 


26*4)01 

93 

106^d 


171 937 
1410 828 
25101171 
1171174 
19.10 955 
2410 5j66 
19 5J0 
1710 9.73 
12.65 


s 

19 

20.7 

15i 

15.12 


650 
933 
625 
5.99 
631 

7Aal UU 739 
ISA 1212 063 
111 1172 
151 5.64 
HU 932 
14101171 


9.65 

9.81 

1033 

10.90 

10.04 

869 

711 

967 

M7 

9.78 

BJbS 

8.00 

8.68 

9.70 

931 

830 

936 

9.70 


COMMONWEALTH & AFRICAN LOANS 

[A. lOf^Aiat 5kpc 75-78_ 

[J UhDaSaic7780._ 

LA lOpDo.SjpcHl-ffi_ 

I1J 1 lDl”N24pc 1076-78- 

!8F S8a|**Do 6pc 7080_ 

15J 15D|**Da Aipc'B585_^ 

161 INjSih. Africa 9ijpc7S8L. 

LA 10Bth.Rhod.2Mic OO-TO. 

15J 15J| Da Qk 7681.- 

LOANS 

Public Hoard and Ind. 


wm 


7.13 

94xd[ 


886 

98 | 

3L8J 6.35 

9.41 

97*4*0 

U3H 432 

739 

% [ 

111*1 

938 

87xd; 

1531 806 

987 


Z7.( 1053 

13 71 

63 

T66 — 

— 

85 

1265 - 

— 


u 

30J 

1M 

30J 

3CJ 

50A 


U Ame.».5pc , 56«)_ 
SlDAfeaalO^pcmW — 

IS "Met.Wtr. 3pf B'_ 

31D US.M.C 9pc 1082- 

31D Da withoutWamats- 
3IDiUltnunar7pe7M8— 


64*2*d 

•S! 

Ill 

W 2 

99 



June Dec. 
ISM I3N 
June Dec. 
31 Mr 30 Sj 
31My 30 N 


[■Bl 


30 Jc 31 Dj 
3*Mr 30S| 
31Mr30S 
28F 31A| 


*FF11 

'Do. 14pc7B_ 

Do. Hue TO- 

;lCrVSiipcDeb. , »8:. 

'Da S<«pcDb TO8I- 

(Du 10‘>pcL , nsLn.'86.. 
Do llpeUns.lji.'M-- 
Da llJtpr Una La VO _ 
Do ■PipeADeb. ’80-B2-. 
Do TUpcADb ■91W_ 

DuSpr.VVI^ - 

DoSWU-TO^T _ 


Financial 

106xd 
109 
W 

r 

9£Aj«d 
r«d 


84% 

81 


3)12(1227 
17.19 1327 
ZL1I1Z71 
59 6.66 
3110 7.82 

- 1038 

- 1117 
- 1178 

14111024 
5.9 10.49 
5.5 1106 
1171131 


1036 

12.00 

1U2 

630 

10.90 

1020 


1066 
10.90 
1138 
1027 
10.44 
7T SB 

U25 

11 ® 

1120 

n.40 

1150 

1193 


FOREIGN BONDS & RAILS 


Intmn 

Doe 


II 

U 

1J 

IM 

IF 

1A 


16 

a 


May I , 
30J 3ID] 


10J 
IM 
1J 
30J 
1A 
301 

May 1 , 
15A ISO) 
1F.M.A.N. 


Stock 

Aslofagnsta Rly_ 

J Do 5pcFref_ 

(Chilean Hired — 
[German Yng.4>2PC. 

(Greek TpcAsf_ 

Do 6pc 35 Sab. Am —\ 
Do4pc Hired As.. 

Dung. "24 Am_ 

Icd^idffMK TO88 
treiand Tijpc 8183 

DoStpcVI-W_ 

Japan 4pe TO Ass.- 


IOJI 

ID 
31D 

10 Peru AssJpc_ 

31D SGlOjpr UH0_ 

Turin 9pe 1091- 

Turin (P.’pc 1864 _ 
Uraguj> Sjpc 


Price 

£ 


il'i 

50 

50 

44 

42 

74xd 

87af 

90»a 

265sl 

77al 

160 

75 

597%. 

DM8^ 


Lai 

d 

871 

Z33 

17 

U 

121 

L« 

3J® 

25 
28.11 
1212 
lie 
112 
30.6 
3 JO 
306 

26 
17 JO 

uij 


Wv*i 

Gnm 


Bed. 

YteW 


13.11 

1738 
16.15 
M38 
685 
ID 30 
1064 
1145 

9A0 

139 

867 

923 

9.90 

4.09 


U.S. 5 it DM prices exclude Luv. $ premium 


AMERICANS 


Diridnufc 

Prid 

Apr. Ost. 
September 
MaJu.Sj.Dc., 
MyjUi.H.F. 
Jan. Aug 

NoFeDaAu. 
MtJb. S. D. 
DSirJu.SP 
MJe.S.D. 
jAnpJv.O. 
Fj5Au N. 


SUcfc 

ASA- 

Ab75 a iCoax.'Bi- 

(AimxSl- 

Amcnctn Express, 
tuner. Kedk.lnt_ 
Asa no lac 


cm Si. 

Barecs Grp 5^!— 
fBeuduCrep »— 
,BcGl Sleet SB- 

iBrenm'gFer.clP]- 

___ ickCorpal 

ApJy.OJ a. iBumnwhsCWp S5 


MrJuSeDc 
JApJy.O. 
Mr.Ju6.D. 
FMvAilN. 
f!SLvAuN. 
MrJe.S D. 
Hr.Jn.S.D 
Mj'-Au.N.F. 
MyAa-N.F. 

My Au N.F. 

F My Ail N. 
Mala3e.De. 
MyA.NFb. 
MrJe3LD. 
AnJy.OJa. 
MJn.SD. 

F MAN. , 

F MyAftOt jEsmark 
KrJu3D lErumll 
JApJy.O. 
ApJy.0Ja , 

J. Ap Jy. 0( 
SlrJe.5D. 

rJn. 

_AnJi 

MrJu-S.D. 
MrJu3.D. 

MJSD , 
HrJe3epJJc. 

MrJu.SD 
S.D.MJ11. 

MrJe.S D. 
FMyAuN 


[CBS£150 
jC.PCBj- 

(CarfwruKtum S L50 

jCaterpiflanr_ 

Chase 6ThtnS115- 
Sl_ 

ChtysIerStti— 

Citicorp M- 

atylni.SUS- 

Do.CnPrf.BSl_ 

Cdgaie-P.SI- 

Colt bids. SI- 

Cant HU nois SIO— 

ConLOHSl- 

CrmtnZelLSS- 

OdJ er-Hammer S5. 
Eaton CrpSOJO— 


nrestoaeTIwk— 
nntChlcwoSS— 
PlnorCorp-ft-— 

rtnd Motor 52- 

MrJn.5.D' GATK__———- 
Ceri. ElecLS! 1 ;- 

Gillette SI- 

Honeywell SI3Q-— 

Home E.F- 

lB.MCbrp.SS- 

ilc®entdi-BSl- 

im$Kma4CaaSl 

L U. InicmationalJI 

ISnsa.AlPj— 


22U 



Cvr 


ru 

Gf'i 

8 

4.2 

3.5 

1.2 
0.0 
12 
3.9 

5.4 
4.0 

3.4 

3.8 
12 

3.6 

4.7 
17 
29 
6.6 
32 
67 

4.1 
69 

7.2 

4.2 

32 
42 
42 

4.9 

33 

4.8 
54 
56 
62 

4.5 
29 

6.3 
62 
29 

5.4 
3.7 
04 
33 
4.3 
16 
7.1 

3.9 


AMERICANS—Continued 


BUILDING INDUSTRY—Cont DRAPERY AND STORES—Con t. 


[MantEan.L'SS750 
Morgan JP1USS25 
.Norm Sonon Inc SL 
[On eus-IIi. S3 US. -. 
tiwOars CSSS. 

ianceSOTS- 

Rep. N.Y. Carp. S5. 
|RemordI5_ 

Ricbdsa-MrrllSlti 

Siul'B F.iSl_ 

Shell Oil SI_ 

SuigeriSlOi-- 

Speny Rand 5050. 

TOWIdc.su 


rTkanamericaSI— 
UtdTeeLSUS— 
U-S.aeelSl._~_ 

VeteoS030__ 

|Wuoi™(niteS3ii— 

Xerox Gorp SI- 

S«aicsInc.l0c — 
(Zapata Corp Sk¬ 


in 

■N 


22D 10tJ 


26 71 


Div. 

Gnu 

51 92 

52 36 
76c 


SUM 

15c 

5100 

80c 

90c 

bSL60| 

60c 

5122 

SI.60 

5200 

1896 

3100 

52 

5120 

80c 

5130 


2013 
V74 
1212 
10 UJ 
lo.n 

U74j 
161? 

16 lli 
29 llj 
7 Ilf 

23J1 
14.9 
211 
2311 

MX . 

29 JO S220 


20c 


22in 5L40 
2923 sL60 


710j 




1FU 

CvilOr'sl 

51 

41 

3.4 
4.1 
3.9 

36 
4.1 

3.5 

43 
26 
23 

44 
58 

172 
108 
63 
29 
4.7 
4.4 
62 
03 
67 
32 
0.9 
15 


Dradeodi 

FaU 


Jan. JulHFeb lull lOp 
Jan JuI>DnAl(^> 

Nov. MayiFcd. Land 6 Bid 
ricZaa-Jeha 

Mar. Sept FrannsPkr . 
October Fmat-GR ■ Op 

Jan. July French Brer_ 

Apr. Nov. GaMiford Br Sp_ 
MAY GibbsiDtbA 
July Feb. aefwn'HJ'IOpJ 
July Oct. GioMopBf &J. 
Feb. Aug. G'gfa Cooper20p 
Mar. Sept HAT Grp lOp . 

I Jan. Jane Hamms J )0p_ 

Feb. Sept. Helical Bar- 

Jan. July Hend'sn *A* 

Jan. July RcuierjiarJ 
Feb. June HewdeaSt 10p.. 
Jan. July Ba.7pcCooi — 
Wm Sip- 

Dee. JundHtaasAKSl_ 

[Jan. JBWHtpannghaa— 
Jan. Jnij-jDo. Rm Xlg. 1 . _ 
Mar. SeptlHoiianlSljntKp 
Apr. Dec. a DC 
Nov. Mayjfrislpck .... 

Apr. OcL [bn. Timber 
Jan. JuiyU-B HoWtagsSp. 

Apr OctUCEG._ 

April 5ept-Lfmru:J.(. 


CANADIANS 


Dividends 

Paid 


Stoefc 


[Imperial 001- 

In co 


ini NaLGosSl 



SeagnnziCo.CSl_ 
Tor. Dora. Dk SJ — 1 
nans. Can. Pip* 3Sjc 


Dir. YM 
Gnss I Or Gris 


28J0 gS106| 
2912 92c | 
14J2 54.08 
95 IDct 
3J SltW 
29J2 5144 
29.12 80c 
14J3 4%l 

29J2 5106 
MU 40c 
27J2 5194 
5.9 65c 
24JI S176 
265 86.4c 
At 5160 
1122 BOc 
2411 5100 
18 86.4c 

610 5108 
2110 5138 
28.11 92c 
3J 76c 
24 JO 95c 


52 
42 
63 
0.4 
5.7 
5.0 
4.0 

110.8 

32 

53 

5.7 
3.1 
2.9 

3.7 
7.4 
66 
53 


!jan. 

Apr. 

July 

[Jan. 

Jan. 

Dec. 

Ang. 

Mar. 

Feb. 


g-g- list Premium Z&Jfe (based on 52D895 per £) 


BANKS AND HIRE PURCHASE 


Dividends 

Paid 


Stoefc 


Jan. JuIylANZSAl_ 

Apr. July Alexanders D. U 
May Aug. AJieaene FLlOo 
OcL Apr. Alfen HarveyD- 

Dec, June Allied Irish- 

Jan. July ArbutimatLfl- 
Mar. Aug. BankAmer SL585. 

July Jan. Bt Ireland £1_ 

Mar. Sept. DalDpcConr_ 
5.5 . Bk. Leumi lO — 

Aug. Feb. BklenmiiUKiU 
Nov. July BtN.S.W SA2_ 
Nov. May Bank Scotland £1 
A. J. O. Ja Banters NY510- 
Apr.OcL Barclaysg..... ■ 
Nov. July BnwnShidey£l_ 
Jan. July Cater ^dng_ 
Mar. SepL Clive Du'nt2Pp_ 
Feb. Sept Cam! Ans.(SAD. 

May Cmn’ibfc DidW- 
Mnrch ChKnUbLErlOO 
July OcL Corinthian 10p_. 

June Cred. France F75 
Jan. Apr. Dawes(G.Rl— 
May DedsheBakOOBI. 

June Nov. F. C. Finance_ 

— First NaLlOp — 
— Do Writs. i58S. 
September FraserAnalOp- 
June Dec. Orrard N'atnL,. 

May Nov. Gibb* (A.)- 

Mar. Aug. Gfllett Bros. £1- 
March Goode DtHiyiP 

Nov. April Grindlays-— 

April OcL Guinness Peat- 
Dec. July Hambros—,— 

Dec. July Hill Samuel_ 

— Da Warrants _ 
Sept Mar. Hoag Shng3S50. 
June Not. Jestel Toynbec- 
Jun. Jan. Joseph iLmID-- 
Feb. Aug. Kcyser LUmann. 
June Dec. EngAShax20(). 
May Nov. EleiaxnntRL^. 

Aug. Apr. Lloyd* £1_ 

Jan. Sept Manstai Rn.2Dp. 

Sept Mercury Sew— 

Sept Apr. Midland £1- 

June Da 71/6 8383- 
Jane Dec DoJmBMB- 
JazL July Minster Assets.- 
June Dec. NatBLAustSAl 
Jan. July Nat Com. Grp— 
Aug. Mar. VaLWestEl— 
May Nov. SchrodersEl—.. 
Jan July SeccombeMCU. 
Nov. June Smith SLAob— 
Jan. Aug. StaufdChartQ. 

June Trade Dev. S1.50- 
Sept Mar, Union Disc El— 

Mar. Oct LLD.T- 

J. A. Jy. O. Wells Fargo 55 _ 
Nov. JunefffintnutSOp—- 


Price 

Z37 

288 

£93% 

52S 

165 

160 

£14% 

360 

05B 

a 

170 
400 
333 
£2212 
345 
200 
310 
83 

377ir 


134 

395 

£9tP 2 

£95*4 

63i 2 

180 

80 

295 

430 

250 

92 

422 

58*4 

465 

45 

V 


Q7tj% aoj J23j — 
QHft% a.ojellil - 


192 tQ62e 
3120 g4.03 
2821 tfi.01 
276 032 
14J3 t339 
310 T3.75 
257 W26 
56 Z79 
25.7 339 
86112.82 
1411 
1411 
1411 13.55 
1411 tQltMaC 
1212 263 
88 tlO.42 
199 10.40 
28.11 1236 
3UD 1435, 
1211 tl7.59^ 
315 
25.7 
267 
ZL6QS122 
19.9 333 


|YTd 
Cvr Gris PTE 


6.7 


3 


2.61 


6.9 


7lJ 


2.2 
2.8 a9[j 


Stack, 


Apr. Sept Jennings SAD 50 
Apr. AugJJssshScMs f 
July Dee. Tones EdwtL . 
May. Nov. KmtflO’JlOp— 
Dec. July LafcugeSAFlOO 

Nov. Aug. Lafarge Oig- 

Nov. June LaiuatJoiicl'A''. 
Jan. An g. Latham U.i£I _ 
July LawTenceiW.i_ 
Aug. Dec. Leech I WmJ 21^1. 
Apr. Sept Lr laod Paint _ 

Ntrv. June UlIcyFJC- 

Feb. Aug LinefC.SrrtJOp 
Jtilj London Bnck - 
Nov. Lorell fT. J i_ 
Nov. McNaD Group _ 
NovjMa&ne; ASthns- 
JUOL- - - 

July Manders iBUb '.- 
Apr. Jkr.rimeL. 

Mar. UaHey_ 

Oct yjixhails'Rfx'- 
Aug. Way & Hassell.- 


Mar. Aug. Mean Bros- 

IqLran. July)fcbi!leD.*W.- 
Teb. SepL JleyeriJtaitLi- 
Qct Feb. Hiibuiy 
Apr. Nov. [Miller i5Un) lOp. 


Nov. da? Mod. Engineers - 
jJaiL July UooklAi — 
pan. July MraleanfJL 

[Jan. June NewartUUEL_ 

IJan. July NcnrcstHofS— 
Aug. Feb. SoH Brick SOp. - 
Apr. Oct Orme Devs D>p- 
Nov. July ParkerTunher_ 
Vay Oct Phoenix Timber. 
Pan. July l 
Mar. Sept Rawlings Bras— 
[June Dec. OX — 

[Jan. Oct Redbud. 

Oct May ffeh'ds. Wall JOp 
July Dec. Roberts Adlard. 
Dec. July Kraliuson lDp}_ 
July Nor. Rayco Group.— 

Nov. May Ruberord—_ 

[Jon. Jane P-mtbyP Cement 
[June Oct SG 
Dec. July SabahTinfcer 10p-J 
Oct May Sharpe 4 Fisher. 
Dec. Juce SmaniJ.ilOp— 
Oct May Southern Can. 5p 
Nov. July Streeters lOp— 
Summers fttCi- 

July Nov. Tarmac SOp_ 

poly OcL TayiarWoodrra. 
May Oct TdbniyCigg— 
May OcL Traris 4 Arnold. 
Feb. Aug. Turmd E50p— 

Feb. Aug. UBMGnwp- 

Aug. Feb. VectisSlouelOp. 
Mar. Oct VTbroplanU.— 
Apr. Oct Ward HMga lOp 
Dec. July Warti 
[July Nov. Watts 
'an. July Westf*iekProds. 
[Jan. June Wettern Bros. 
June Sept Whatlings 
Nov. May Whit'Eh'm 

OcL WizgiasCoa . 
Julv KimmiComMuy) 
OcL Mmpey(Geo)._ 


Pri» 



Mv 1 -YH. 

Nrt SrxTiGrslPT 

I1UMMK ITlIg 8« 
jlAll tdl 59 Lrtllg 84 
199 t203 I T 7 7; 125 
474 - - -i- 

175 - 1 ’ 

, 51 d3.54 
28C JL5 
194 3.07 
. 2U 265 
1212 284 
11710 t349 
, 117 5.23 
11212 1145 
310412541 
194 2C3 
3LH 13 96 
2U1 734 
3LM gl29. 

12R °Q7 e «i24ti( 

3IK - 

inS 1312 

32R tl£9 
3210 1284 
221 256 
1718 d8.49 
311 1538 
. 221 1629 
MD m0.57 
M2 131 
m a 6o 
3J 

31 632 
. 27.6 0.92 
311C 236 
, 67 (Sirs* 

(2811 4203 
218 1236 


May Nos* > '-x \strz :£.i £19 
SepL Apr.rLiccccftSKp-; 57 
Nov. Apr'XFlVcocaeiap 

— )2a?!e3a- 

IJan. JcIy.jfnsAepetocr 

JFeb. Jjiy-aarreXra,- 

pan. Jj-yfJIe=CT«.J.. 

“ — tosaelJ ICn- 
Fcb. JaTyfMid EdacntSOp 
Jan. Julyi.'Xcrrj Hiaxrv __ 

July JaiJKSierarpUp- 

Jaly Feb'NSSNeavlfp_ 

401 3 3i* 9tlJane Dcc-D»vr •.'tee:- 

s* gI’ _ lJan. JUiviraradtsc 'B*Wp. 

Apr.l iPamoniWT..' _ 

Jan. Apr.-P«e3SMrexl0p 
Feb. ftek IJp— 

Feb. SepL Preed:-.AL'red.. 

Dec. Jcae|Bx=aeT»t5p . 

Mar Sept!Rataers W? - . 

Mar OcLSaytxfrt:^?— 

Dee. JulycHeaiLcutSp- 

Apr. D«i&eJIAas - Jc'A'_ 



2® 7 6j 7.0 
117! 3V 56 




1.9) 8 2- 9.7 
3ij 6.9j 63 

6li 2°] 86 

18j 9.4- 9.2 
ill 7.1H19 
3.5513 9} 26 
45 3 V 9 3 

Mj2\ 2fl l| 1 71 

2.2? 97| 76 
6 ' 3.9J * 
3.2* 8.9' 59 
41 5.CS 72 
•> 7 :j O 

33 5.8) &7 
8.4 



— . 94 

35! 7.6 60 
331 3.6123 

'“3 ai “ 

2.PJ S?. 6.7 
4.01 5jl 5.4 
3-lj E.g 53 
7H 69 
33) 7.4l 53 
53 42 73 
12 i 78 
LM 7.Sl26 
“J 6.3 
3.3 5.61 7.5 
5.™ 7^ 73 
91 3S 52 
43l 7 2} 4.6 
|b31 S3t 64 
4 7.2(12.9 
C 7 91 4.6 

2 2.3 21 
l S.G) 3.6 

3 5J - 
65 92 
3 51101 
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3.9j 44 

, 9S!1R0 
2j5) 5.61102 

- '^ 07 
65) 60] 32 


tjA 

* 10-3 4 
05112.7(218 
4 0(202 
S*38. 


7.B 


[CALS, PLASTICS 


May] 


[AKZO.. 


Apr. Sept 
July 


5-4| 


[July Nov. 

Nov. Jn5 
Mar. Sept 
Feb. Ant! 
Jan. JnM 


JBaMW.W.>_ 


4 4| 


Hire Purchase, etc. 


Feb. Aug 
May 

Aut .Jan 
Feb. June| 


OcL 

Jan. 


Cattle's iBdgsi lfti 

CieB’creFrlOO- 

CreditDatalOp.. 

E bfc5cat2Bp- 
ScaLFtaJflP 
Bhflgatellere.Hp 
Prov.FinaDciaL. 


April 


Mar. 

Nov.iStrit Credit 10p. 
SturutG.)10p._ 
Wagon Finance- 


36ai 

£3Wa 

84 

na 

37 

13 

100 

37 

12h 

93 


311 


155)Q12%) - 


M 


h2.03 


31 93.95 

311a 17 

873 

199 14.43 
SJ 132 


1412 




2.1 




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25) 73 7.7. 

, 233 
2.11 6.7 111 
2 31 7.5 i7J)l 


69 


i| Jan. MayMaUUB 
Dec. June) - ' 
Mar. Sept 
Mar. Sept 
Feb. Aug. 

Jan. July 
Jan. July 
Sept June 
Jan. 

Mar. 

IJan. Ang. 

[Jan. July 
Dec. July 
[Jan. July 
May No* 


Nov. April 
Feb. AugJ 


22,8 


BEERS, WINES AND SPIRITS 


Nov, 

Nov 


Sept. Mar.|AHiedBnraa. , 
Feb. Sept. AmaL Di9tPrJ0p-| 
Jan. July Bass Charigton— 
Dec. June Bell Arthur50p. 
JuL Jan. BclliswsBrewry 

May Dec. Bodifinstoos- 

Jan. July BorderfireWs__ 
■Aug. Feb. Brown iNatttewij 
Jan July Buckley's Brew . 
April Aug BulmertHJ’t— 

August Bnrtoowwd- 

Feb. Aug. City Urn. Dei—. 
Apr. Oct. Clart 1 Hcttbew 1 - 
Feb. Oet.lDWjUert.50p — 
OcL Elks 1 Mus'd 5p-j 

June Dec. Glenlivel- 

OcL Dec. Gordon rL 1 
Nov. July Goaeii Bros 
Aug Feb. GreenalJ Whitley 
Aug. Feb. Greene King-.— 

Aug. Feb. Guinness-- 

Jan. July HighrdDifl.20p 
Jan. Aug. Invergonion —— 
Aug. Fob Irish DWOIcn- 
Apni Nov. Mscall»n.Glea_ 

June Jan. MorfaadEl- 

Jan. June Sandemm- 

May Aug FcottiNewKip- 
Apr. rdtaBxbekC.Sjp- 
Apr. Tonutin— 

Aug. VasxEl_ 

Jnly Whitbread'A'— 
June) Writ. DuSey_ 


July 

OcL 

Mor. 

Jan. 

Jan. 

Dec. 


JuL 1 


Young Brew'.VSW 


S* 2 

32 

157 

226 

40 

140 

72 

106 

43 

136ul 

157 

63 

134 

177xd 

17 

500 

21 

43 

106<d 

223 

19Ld 

140- 

96 

132 

315 

385 

53 


104 

412roi 

96 

199 

350 


1212 Q4.75 
17 10 4.62 
1212 12.45 
3110 234 
257 3.10 
27 6+tU.lfl 
3M 272 
31 16.07 
HU t3.57 
1212 5.74 
2S.U 1209 


q2B 

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27 6| 3.93 
88 0 .25 
1212 4.B4 
1212 14.78 


MU 13.91 
2RU t319 
1212 3.92 
1212 t!64 
31 U66 
88 3.10 
BS 24 
399 521 
31 654 

59112 , _ 
17 ID ♦ffi.02| 5.7) 
376 — 

U 10 284 
31 262 
25.7 r6.53 
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3110 29 
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3.0 9.7 
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311 5.6 87 
ljqio.o 123 
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4.2 14.9 
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Feb. 

Apr. 

Apr. 

Nov. 

Apr. 


Oct! 

No* 


OcLi 


ffdaPacklOp.. 


BULBentoUOp. 
BriLTarPitLIOf 
!ftUT8lJ5p- 


iFWeratedCh.. 
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June SepL BoechaDUi..- 
uuse Dec. 


DaTOPtC. 


Feb. AngJLankroChem.. 
July Nov ‘ 

Nov. Mar. 

Feb. 

A| 


IZm 

5-73 

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221 

t4.19 

33 

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290 

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95 

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86 

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4.; 


£41 • 

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7 5 CINEMAS, THEATRES AND TV 


Feb. 

Mar. 

Moy 

Nov. 


-| May 


3fi * , 
4 5123 
5.6 * , 
31 20.91 


85 - 


July AnghaTV-A"_ 
Oct ass. Trie “A"— 
Dec. Grampian'A'10p 
Apr. Green Group lOp 
HVrdWj'd20p. 
Oet-JHTV !*r v- 

Tlwta 


Jan. 

Dec, . 

OCL April (Triin TV "A 1 lOp. 
Jan. Julyj0lsl« ,, ni'*A'— 

3.01 3.2jaib|Dec. JunelwetwardTYiOp^ 


^7 


July Redd TV ftvfllJ 
May Scott. TV'A" lOp 1 
iprif 


90 

119 

77.ath3.80 
at bfi-55 

361 64 
(&? 86 

67 

80 

34 

28JJ 12.0 

25 8.9 

7.4 

SS 

1076 Q423 

25 7.7 

7.9 

22la 

m - 

L- — 

86 

116 

191 SbJt 

25 86 

85 

103 

- 619 

25 9.D 

60 

73 xd 

3J 6.04 

190 125 

— 

63 

1UC t2_14 

55 52 

5.4 

5Wa 

a.; hi 79 

20 7.6 

/b 

58 

1*31 3.93 

4 10J 

t 

26lj 

23S 165 

17] 9,9] 

89 


4 9116 
61451 
69 112 


16.6 


DRAPERY AND STORES 


4.0(23.6 
|5«Hia.6 


I®3j 

117i 

13.9 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


June Nov.(.Aberdeen Ctmfi- 
July Aberthaw Cent — 
June OcU/j-iiyd Plant lOp- 
Feb. OcL ArmttageSfankS- 
OcL May AD.CementU _ 

OcL May BCAJOp-- 

Feb. Aug. BPB Inds. 93p— 
February BaueridgcBrfc.. 
May Dec. Boiley Ben tBp ... 
July Dec. Bain bridge lop- 
I Jan. SepL Bamberger*—- 
Mere Dec. Bamrtt Dev. Mp. 
Feb. Ang. Beechwuod 10p_ 
— BcnfiridALSDp 
y Oct. Bcnford Jt. 3 Op - 
Mar. Aug. BettBroaSOp— 
Ang. Oct tUockieyEajp— 
Apr. Nov. BlnndeO Perm— 
Jan. July Breedonlinie— 
June Dec. BriL Dredging- 
May Nov Brown Jkm. 20p 

Jan. July Brownlee- 

Dec. . May Bryant Hldgs.— 

Aug. Jan. Btuneit&H- 

OcL Apr. BnrtBoahonD- 
Jan. June C. Robey ’A’ I0p- 
Nov. July CaTnderiGJOail-J 

Jan. July CamJoiral- 

June Jan. Carroc —-- 

May Nov. Cement BoadcmF 
Mar. Sept rnnhenGp lOp ■ 

Nov. July Costain R-- 

May Dee. Ccamryade — 
May Oct Grosstey Bldg— 
Oct April Crouch (D.i2Qn~ 
May OcL Crouch (hmip_- 

Apr. Sept DewiGJ-- 

Apr Oct D0oglasR0W.lL 


Nov. May Erith—. 

Dec. June F.PACona'n.— 
Dec. JuuejFalirinoghCoiu. 


91 
150 
13 m 
72 
272 
130 
246 

TgrH 

11 

33 
46 

126 

25M 

12 

54 

67 

65 

64 

85 

24 

27 

S' 2 

39 
1 ts 

1B5 

24 

26 

90 

50 

128 

38 

270 

34 
7D 
96 
71 

164 

102 

220 

67 
90 

68 
18 
68 



0.7 5531 
93 0981 

5.6 H.i 
Si 8.4 

4.7 8.8 
4.6 6.0 
73 53 
9.0 4.2 
8 6165 

L7110.9 83 

, , L3 9.6 82, .. .. 

|l7J0}tb228l 3.7j 53 81 Dec. 


Mar. AugJAllled Retail iSp 
Apr. Oct AmiwrDay lto_ 
June AqUMCnlaia 5p.. 

June Da'A’Sp- 

Uuna Jan. ADdiotronic 10p_ 
Aug. Feb. BakerisStre. lOp. 
[June SepL BexnaefJrA'— 
May Sept-BrataUslflp— 
May Sept BftnaA0m.9p.. 
Feb. Sept Buardnon KOSp 
IJan. June BoDon TerL 5F- 

Dec. May Brenurer- 

Uan. July BriL Rome Sirs. . 
Apr. Oct Brows (NiaOp— 
OcL Apr. Barton Grp. SOp . 
OcL Apr. Da A'Nvajjj- 
May Nov. CfluttBs'A’SOp—. 
June Dec. Casket IS.) 10p— 

I OcL Apr. Church.- 

Nov. July Comb Eng UX& 
IJan. July Cope Sports 10p_ 
Apr. Oct Ccrndl Dress 5p. 

Nov. Courts’A"_ 

[June Sept Currys- 

July Jan. Cuflmoagic lOp-. 

Mar. Sept Debenhams- 

Jon. Nov. DewbirstlOp_ 

Mar. Oct Umts Photo lOp 
[Ang. Feb. DolaudlGeailOp 
[June Nov. Eiiie A Gdd 3p - 

Nov. Jand EmpLre Stares_ 

May Oct Execute SOp..— 
[Jan. July PaiidaleTecLEp 
Jan. July Do.'A'Sp — 
[Jan. Jure Fine Art Devs. 5p 
May Oct Ford fH-tinj I0p- 
Mar. SepL FttnniimerlOp.. 

Jan. JuiyfSsstflrBroi- 

June Dec. Freeman* ILmd. 
[Apr Oct Getter iAJ,)20p_ 

[July Feb. GoWbwgA- 

Dec. Jime&mtmanBr.5p. 

[June Nov. GrananWire_ 

Mar. Dec. GLUtuvasal_ 

Mar. Dec. Du'A'Onl—- 
Aug- Apr. Gre. MUlrtta lOp. 
SepL Feb. SaIl&Earl3p._ 
Jan. . Oct Hardy (Form— 

Jan. Oct Da.'A'NV,- 

SepL Helene Lea I0p_ 

[June Dec. Do.l2pcCat.Prf. 
Feb. Oct HeodmooKTSp^ 
May Nov. Betiriques A lOp 
[June Dec. BepwtvthU >10p.. 
Apr. Oct Home Charm lOp 
JuJyjHmuc riFiMer- 


188 

40 

39 

29 

92 

30 
19 

■as 

50 

229 

33xd 

123 

115 

28 

40 
196 

91 

85 

9»a 

102 

217 

14 
109 

58 

174 

25 

186 

3? 

15 
46 
34 

132m 

83 

292 

33 
62xd 

U 

146 

316 

312 

40 

11 

36 

34 
18* 

168 

85 

21 

64 

122 

136 


224 

19 W 
mil 
Kill 
251*3.3 


23.S h23fl 


254] LO0 
9H 1.04 
3.110.98 ■ 


8J1 15 I — 
86 15 -J 

330 2 04 ' 

3130 1.96 , 

19 ij X3.0T 
12 9< 


td0.77| 62l 4.1 


2.7\ 

28 7.4 
3-3 5.41 
3-3 55 


an 106 
2831 LOO , 
12J 2 #L81 
22i tZ.28 
. 31 td3.78] 
M.11 259 
31.10 t5.4 
m 257 
.33 13.8 , 

310 hO.75 
1730 15J 


KSttBJM 33| 4.1 


14541 16j 45|12.4 


115 


Drridrads ! 
Plod 1 


Stock 


l Price 


Nov. Jenc'HimseefLcrcw J 64 

— (Kcntrjfci:::? 10 

ChrL Apr. LaLes PrtJeJDp 1 43 

Ja=. J-.-lylLee deeper_ 118 

May NovjUbc:!._{ £19 

Nacelle 'J f a« 


[Apr. SepL itiui DAi [Of J 18 11 7.HK 
Ireb. July 2=«:2ap-1 m a | 


Apr Oct. SAL'StoresI£ip 
Mar Sept De IZ& 

Feb. JeVShsu! HA.. 

Dec. Jolj'jSriiiirouriSp— 

June ShenractSUb. 

Feb. Julri£maW.E A'5§i 
May Nov.i£Uelcy.\.G.5p_ 
iStauDrict Mp. 

OcL Apr.jStKrbecg IGp... 

Jan. Julriurzicna-f 28 

bh-iT^ePra& ffipj 118 
98 
ZS 
1X9 
64 
36 
97X* 
W; 


[Jan. Jalx-XmeFroib Hip. 
Feb. JuijU.DSGrcap.__ 


DccJl'f.tnS'.V. 
Mayjli'iScaa Sip- 
July)' 

Mari 

Nov. 

Nor. 

Jan. 

Nov, 


Vender Jii-Hp J 
[Wades 'A '2Cp _ 

Walker’Jas.!_ 

Da N.V. 


Apr. 

Oct 
Fed. 

Dec. 

!Iav 
[May 
[June 

Jlay. . _ 

Jan. JuneiW>j7*rl]5p — 
Jan. SeptfWharf JfillTopff. 
May NoviSlBcs! Warittn. 
Apr. OcLfWbotmzu- 


Wallis [Op_ 

WitrgSGi^ow. 


126 

15 

160 

244a) 

302 

11 

8DnI 

50 

200 

lllrd 

73 

20 

32 

36 

7 

78 

11 

93 

7D 

35 

88 


17 

18 
265 

26*2 

10 

265 

137 

129 

14 


89s 

a 1 

70 

64 


mo 

674 

as tbzj 


17J3I 
it a 

r i » 

if 

■il 

SI, 

:«u 

H i 

47u 

ail 

U13 
17 S 


27d 
11361 
28 III 

lirij 

253 

Izt|I 

jura 

■ss| 

ItaTti 

17W 

114 91 


M* 

Net 

tdi.92 


Hil 65 
1Z9L75 
t29.75, 

3.86 
66 
f 4L2& 

*424 

437 , 

ri(266) 

232 

t26 

*L07 

dl.DO 


1.43 

,063 

adib05ti 

19 W 303 
Hill tL44 
17.10} 126 
L19 


7.61 

bL2Z 

hL98 

td55 

164 

d0.87 

127 

1152 

*37 

223 

g468 

1279 

201 

<12.15 


19.g d235 

zvm 

23 III 

o 


251 

h323 

L44 

457 

4.01 


[CWi 

25! 


34 


98 21 
8 7 24 
87 24 
ZJ 93 


20| 4 8] 160 


5^ 

11 


06| 


29 

45 

44 

L6 

26 

LI 

B 

42 

29 

1 i 

4.6 

4.4 

3.0 

L5 

22 

L2 


95) 62 
1173 


If 

21j 

ifa 


2020.9 

29 « 
5.4 7. 


42Z77 


3714 a 


m 


PTE 


193 

6 

127 

75 

117 


<251 

9.4 

[125 

7.7 

9.1 


10.0te7> 


44(123 


53 


15(19.4 


1581 

30.9 

1451 

385 

189 


75114.1 

134 

62 
7.9 
52 
7.7 
7.4 
52 
8.6 
ZL3 
102 
69 
13.4 


ELECTRICAL AND RADIO 


June DecJ.'VE. Electronic - 134 
'tpr. OcLlAiDcatealaaca “ 
January |As£cF:driit:^p 
Nov. 3Hy}.A^or«JSer 10? 

July Jas.'3!CC!0p._ 

Apr. Nov *BSS 10p- 

Oct ManSes! AUaeUp.. 

Ian. JuEe;Braiitjroe U|l_ 

[Jun Nox'jBrorks T'J 

May NovjBol^b'A'So_ 

June [Cuapbell lsh»d 

July DeciThlOT-.ds Grp_ 

Nov. MsyK'ohro Bnii 19p. 

July Dec.bocR.Sare.5p_ 
April NovJCr^STtrnX Kp 

Apr. OctJCreKon lCp_ 

July Xov.lCroxsiamlSp. 

Dec. May DaieEkcLUp 

Apr. SeptjDecca- 

Apr. SepL) Do A'- 

Feb. JdlylDemiron tfip. 

Sept Apr brafairsfA' lOp 
Jan. J olyfDoitnas So. 20jL 

JuM DoW30p- 

DectoomfeiiMSp 
JunejDreamlaml I3p _ 

JulyiDnhiherSp- 

Jan. EMI r 


3U 5.07 
[28.11 155 
au d23 
3 JO 1152 


Jan. 

May 

OcL 

Jan. 

July 

'9Sk 

I April 
lar. 


Feb.l 9b%5si-V 


Oct Elaci comps Bp. 
Oct Rlerirosiclfaca. 
Aug Eire Bnuali lOp 
&KT3 ScRS KKl_ 
July Jan. Erer Reedy 
[June Nov. Fareril EatSOp 
July Jan. rtdehtj Rad. 10p 
Vav Nov. FonwdTetlLSOp. 
Mar. OctKLRC. 


Apr. 

Apr 

!Oct 

Feb. 

Mar. 


(JL18 1671 
199 F4.69 
223 2.74 
17.10 1L48 
310 g3,36 
11730 1121 
276 268 
12831 T4 67 

JJfl +12081 26) 60J.95 


ail d3.51 
|3L1D 153 

jsuo 

jjUDgTZ 


Janttaty Highland tl SOp. | 
Oct Apr Janes Stroud._| 
Jun. EfldeicL. 

Get LscrenceScorf-l 
OcLLecRe&ls— 
JulyttREIettric. 
Jciy H n . -rtw a d ... 
July Neuman Iads._ 
Oct Semnark Locis- 
Jan. NonnaadELSOp. 
Sept Feridc-Etaffir4jir_ 
Joly PethraKldg 10 
Dec. PhilipsRn-W , 
May Philips Lp PI 10. 
OcLPHcor 
Oct Da‘A’! 

J83. Plesseys 
NavJPretsacl 


|Jan. 

Mar. 

Apr- 
[Jan. 

Jan. 

Jan. 

Apr. 

[July 
Mar. 

[Jan. 

May 
Dm. 

Apr. 

Aar. 

July 
Apr. 

Apr. 

Feb. AugJRaral Se3ac&.> 

[Jan. July Reddfcacn- 

Jan. Oct Rotniiex G.P Wp 
May Nov. SchnteslGHi— 
July Feb. SoayCa VSB. 
June Sound KBsa.5p. 

Apr. Nov. TdfriHHarSp_ 

Apr. Nov. Do'.VN' V . 
Dec. June Tele Beauls— 

Mar. Oct Thera Elect- 

Dec. Tb'rpeF.W.lOp* 
July 1'iutech Up— 
Apr. Utd So w E ti fic. 



OctJPpeHldB.- J 332 

'Raral3reQK_[ 202 

91 


Oct Ward 4 Gold-( 

OcL Wcdmghoasc. 
December WhitxxtfaEl.SpI 
May Oct WblesaieRgffip J 
January lWielall(Rj_ 


4.6 32105 

23 9.1 63 
30 i 15-ffls 
26 68 8.7 
43 26 263 
35 33148 
35 3.314.1 

b3J 69 5.8 
13117 10.4 
18 6 7125 
18 7.1117 
20 75102 
U 85115 
17 8110.9 

24 75 7.0 
273120 

65 20(116 


2910.0 
75115 
4.8 4.8 

8615.9 
10195 

4.7 4.4 
4.4 (6.91 
45 (671 

6310.7 
25113 
18 75 
61125 
33 212 

5.9 7.1 
62 92 
55 7.9 

5.8 93 

4.9 (8.1) 


ENGINEERING 
MACHINE TOOLS 


April |A£E Machmerv_J 

OcL JuneAJV.SOp-7 

|Apr. SepL Arrow iBigra.).. 

Apr. Sept Da'A'- 

May Nov. Ath*estGrojp_ 
June Dec. AlcanSpcCov._ 
Nov. Feb.iAlleniESalfaur 
Oct Apr. Allen W.C-—_ 
Jan. July Anul Power— 
Feb. Aug Andsn.S'dyde_ 

May OcL Aaglo-Swiss_ 

Oct May t Ucx- 

AsaRndsa 12hp- 
Jan. July Assoc Toriug — 
Oct Apr. Astra Indl 10p _ 
Not July Aurora 316 — 
Mar. Sept Anarn 1 James}— 

[Jan. Apr. Arerys- 

Nov. May Babcock AW_ 

April Briley rCH.1—.. 
Feb. June Baker Pert SOp, 
Apn I Bsmfords 20p.._ 
May Nov. BaiuvCoas Z0p_ 
Nov. May Barton 6 Son»_ 
Apr. Sept BcacfordlOp— 
Berner lieoo 1 IflpJ 
Feb. Oct Bcsaa (D J] Sp_ 
Jan. JunejBincK3Qai>!rsst. 
Jan. July Emnshm.Mini_ 
Aug Feb. Wham Pallet l(^i 
June Dec. Blacbrid Eodge. 
October Blatej-s-_— 
Apr. Sejit Bonser Eng. Mp- 
Dec. EonftonWmlOp- 
Feb. SepL Brabam S£ill IQn. 
Jan. Oct Braithwaiie £1 _ 
Jan. July Bramy lOp— 
Jon. July Rnnu^Dnd lDp 
April Bristol Channel - 
— ' Briiirii Northrop 

Jan. Aug Brit Stem 20p- 

June Jan. BrockhoCse_ 

May Ncnr. Brom's Cast 5p*. 
Nov. May Bnwx Eng I0p_ 
Brooke Tori-—. 
Nov. Sept BrothBh'dP.5Bp_) 
[Apr. Aug BrowniTewse- 
Apr. SepL Brown John D— 
Sept Mar. BnllouRh 20p— 
I”, Dec. Burgess Prod - . 
Feb. Aug Butterfield Hvy_ 
[June Feb. CunfindEns. fflp_ 
Jan. Jane Cxpper-Neill JOp 

June Cartlo Eng_ 

May CartonghtH-JIb-j 
July Castings lta — 

July CbemnngSp_ 

ChriayBros — 
IJan. May Qa7tnuSan50p. 
Dec. May Clifford iChiDt. 

Aug Feb. CriieniAlSOp_ 

Aug Fob. CompAlr_ 

June Dee. Concentric lflp_ 
Fob. JuiyCoiAW!ai*(2!)!»_| 
Feb. July Cooper iFtilOp.. 
Alar. Sept Cooper lndalOp. 
Mar. Aug. CorcemoftSp- 
Aug Feb. Granite Group— 

July CracuHoae_ 

Jane Dec. Cummins 7Bl94_ 
SepL Apr. DanisGcnrertau. 
Apr. New. Darnntii Inv. 5p. 
Oct. Apr. Dvx.6 Met'A' 

Apr. OcL Daryint._ 

February Bcirajo I0p_ 
Jan. June Della KMsL— 
May Dec. DennixiJL 10p_ 
Kar. July Dsritead90p_ 
Oct May Desoutter—— 
DovnJebroell)p.( 
Jan. JuneDnctlieSteels_l 

June Dec. Duswrt_ 

Apr Oct Ednas fffldgsi_) 

Feb. July EUlotnBl_ 

[Jan. June Eng Card Cloth. j 
Jan. Aug Eva Indutnes 
May Oct Expmided Uecal. I 

Jan. OcL Fairo_ 

Aug Maj Fitted ':" Lire 

Mar. OdL Fbth'GW lOp_[ 

SepL Apr. flnidriveJDp—I 
Feb. Aug Folires Rfoui5p| 
Dec. June PTaarisIads.. 
jan. J upp yin tntni Mp [ 


105 

222 

114 

93 

272 

019 

57 

52 

123 

52xd 

32 

152 

6 

27 

21 

98 

99 
154 
119 

102 * 

43 
52 
47 

44 
22 

ff* 

60 

63 

86 

35 

24 

21 

39 

143 of 
31 
34 
Pi 
IM 
9Bsd 
SSijri 


Jan. 

Oct 

Feb. 

Feb. 


143(358 
530 h52 
17301228 
1733 228 
318 FlflD 
1431 Uh 
2B31 4.40 
19-9 h2S6 
SLID tS2 
3 1 IS! 
475 - 
DID td603| 
m B— 
22.1 23 
25.7 101 
17 JD 15.2 
5.9 5 3 
1710 t528 
19* 4525 
28 2 031 
1212 t3.91 
1212 a76 
199 H2.35 
19.9 t297 
3110 td3.03] 
2811 075 
88 1ZL 
257 14.05 
1212 4.42 
117 56 
3130 tlBfa 
1212 tL98 
H7 1151 
3UD 157 
1212 thl45| 
311h3.87i 
114 d032 
2831 +216 
1411 h026 
4*67 (60 
33 b467 
33 3.62 
2811 2.0 
DIO g!57 
8H — 

a 5.78 
458 
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257 g5.60 
1411 d233 
25.7 231 
136 b351, 
1411 thl92 
1212 g3.1Z 
110 t4.0 
1212 Tdl63 
3.1 129 
33 12.31 
2831 13.99 
1076 *2.03 
31 t4.9B 
117 3.62 
2311 259 
81 dl.55 
1232 iJ 
1212 cO-9 
&7 12.90 
S3 142 
31 b3.03 

2811 tO.8 
5.9 1120 
228 9.9 
31 Hz 
1411 4.56 
[2831 2.82 
23i 99J02 




M5.08 
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3^31569 
12j3f4.8 
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310 #3.67 
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226 *4.03 
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331 tdL24 
14U U3J7 
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4.4] 83 
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52 8.9 
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2.7 106 
23 9.4 . . 
0.9 112 14.7 
« 15.0 


39 

23 

33 

0.7 

4.4 

78 

3 ? 

3.6 


431 5.0| £4 


19 

23 

19 

35 

92 

b93 

25 

0.9 

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201 

4.61 

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5.a 

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i-Zl 

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9.7 69 

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5.7 5.9 
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85 4.4 
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5.0 58 
73 55 

9.5 * 
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9.7 96 
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2.3 95 67 

4.9 + 
7.4 5.7 
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5.8 4 
8.1 41 
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12.2 


4iJ 831 f.l 
ll 85ll03 
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3.0 6.2 85: 
35 8.9 4.9 
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Dhhlrwb 

Put 


ENGINEERING—Continued 

i'Ww| J 


Stock 


JVM 
Cvr | bis 


Not. JnncKilrtca Vng !Bp_ 
Jan. Aug Gen Eng8id.Ubi 

June Dec. uiinued--— 

July Feb. GoniaJriasai- 
Apr. Sept. Grah'mWoOTlSIp 
June CraafrsKlUO—. 

May Ocf GrecutmnklOp- 
Nov. June Green sEroa__. 
Mot Nov. G 6X.il... - 
Aug Jan. Kahn rnsoimi 9y 
Nov. June Hadentarner^. 
Apr. Oct Hail Eng 5dp__ 
Feb. July HrilMoUhew. 

Mar. Sept. liribresOp_ 

Apr. Sept Hmrpsrn.——_ 
Jan. Juiy Hjutfc Mxby.-. 

— lit*fcerSid_ 

OcL Apr. Hill*Snath — 
June Dee H wBswri h. 
Nov. Mar. Hroanl Jtachy .. 
May Oct lioodm Group.. 
Jan. May HuntH«crop5p 

May OctitMl- 

Dec. Mav ltd CombnaM- 
|Aug Mar JarkmJl 
Julv Jan umkskt 
Apr. OcL JevaasCptrlDp. 
Jan. June human JilbtiL 
Dcc. Jus^Jonc* Group Mp. 
May net fares Sfcipnma,. 
Apr Oct KtriKormMp—. 

June N«n . U:ni Group_ 

Ort Apr. LutetEBiot.._ 
Dec. May LanuftrryliOp 
July Feb. LeerAithsnI3b. 
Jan. July ley'lFoudriot. 

Apr Dee. Unread_ 

Dee. -4iig- UnwKFH 1 
Jan. July UKkretT»3p— 

Jan. Jub Do A - 9p_ 

Mar. Sept ba&Bil&ffd. 

July Jan. L«ndah>np)_ 

Apr Nov. \U. Holdings._ 

January UragunBraue. 
Jan. June Mamuirlto— 
June Jan. UfKrcbmeBrot 
OcL Apr. 

Oct Apr. MKrirox!. . _ 
Apr July SOdUndlMh-Sgl 

St'pleaibcr 
Mar. SepL! 

Nov. July JWeiSMOp—. 

Mav Nov. Jlriins_ 

July Jan. MtwxEnfg_) 

Apr. Oct Xwptend .( 
June Nov. NeilliJasil _ 
Jan. June NcwmuGr.l . 
May Nov. Nemnaa Tcnks. 
June sronrtmi. 
Mnr.NcfrtMiW.EJJ 

July Jan. OsboniSI.^_. 

Jaa. Augl ^hT-Haff oUy-l 

Jao. JunefParterCbidXp.} 

Apr. Aug. PrrtKFli- 

St-pt Mar. Priest (Ben 
July Dec. Procorl 
June Dec. R.CF 1 
Dec. Apr. Rainel 
July Jan. RHF-. 

May Nor. lTiacrraaSua.il ( 
Rxclrffelnds—[ 

Nov. May RKcliflsiGA?_1 

OcL Apr. Reeonif _ 

Apr OcL Rdmu Rats 10. 

Aug Feb. Recold £1_^ 

June Nov. Richards ri Lew. 
Feb. Aug. Rieh'Si;W«t50p, 
OcL May Robinson nta&) 
Nov JuneRMorkl 
July Jan. Sandenosl 
Mar OcL SarilleG.nifp4. 
Nov. June SentorEngtlOp) 

Feb. Aug. Serct-- 

Oct. Apr. Sbabap'reJ.5p. 
Jan. July SHa* FrjnusSpJ 
Jan. Aug. Sheeph ' "' 

Jan. June Simon Engg. 
Aug Jan. 

August SuritbfWlitt.)ty..| 
Nnv. May SnariJkckwn.) 
Mar. Spencer Ok. SOp 1 
July SfenccrGoesap _[ 
June rax-Satvo _ 

Feb. SpocHrlnds. 
Nov. 

Jan.Sta-eleybds.a 
Apr. Stcue-HaHL— 

May Sykes (Heauyj_[ 

Juft TacelOp- 

May raylorfeSiRer. 
July TeealeiaiU. 

Tex. Ainas.] 
Thj«enDmlQ-1 


! 17 IE) 15 7 , 
j!3h3.9T 
22 3 7 53 , 
43 +152 
1213+196 

llratdM 5?} 

17104 3071 

HUM3.5JU 


131112 


“■Jfl 


3.7)165 


npt. 

July 

July 

July 

Jan. 

Apr. 

Jan 


n 

Jan. 

Jan. 

Jan. 

Jan. 


HJ? 
I !■> 33 


9.5l __ 

31m 66 
11431 
. 19.9J _ 

.14311 +124 
3Uq3 64 , 
235| +2.721 
‘ 10621 
3.57 , 
g768 


July 
Jan 
Nov 
July 
| May 
July- 
Dee. 

OcL 
Jan. 

Jan. 

Jaa. 

Feb. Sep 

May . _ 

Apr. Oet Tomkins FH.S® 
Jan. Aug rtiidexFdria^ 
May Oct Tnbdnxests.fi-1 

June Turriff--1 

Apr. Nov. Track iW. A) 10. 

' • DecUldEau , 
Feb. UtiSpnnclipJ 
Jan. Hid WireGriJup | 
June VicteraEl ... 

Oct Victor PrcdccW.. 
Aug W.G.I. 

Nov. June Wa*in‘ _, 

Mar. OcL Wagon ta&isrr'Ll 
Dec. May Waike-(C6Wt 
Apr. July Ward U.W.i. 

Jan June WornoSn^UOa. 
Sept. Mar. W.raricfc Lag 3»p 
Jan. Apr. Weeks AwxMflp 

Nov May WrirGroup... 

Apr. Sept. Wdhnan Eng g. 
Jan. July W. Bran Sp'g »p„ 

Feb. Westland_ 

Aug Wrtl'n-Evans2p_ 

June Whesaoe_ 

Aug WhraayWlsn 5p 
July Whitehmue 50p. 


"il 

. 276J 

lil| 

17 j! 


July WillramsiWfl _ 
WlmsfcJ&ws— 
Kay Wolf El ecL Toots 

July Jan. W«M j Hughes- 
Apr. Nov. VTbxrell F<& (0p 
Apr. Aug WouiiS-Wiatp- 
OcL Apr. Wh'aeHjJtu U^p 
October Young A'sfntY 


M ! Stock 

. HP ChirtNtf WV 
Apr. Dec WyibRriuaSOp.. 
Apr l>cL X»‘ririit l ap?l’ . 
Dec, June SrethiM FilOp 

mav luannsidp- 

July- rtmteriwiile-. 
I Aug Dec Wuren »!ttBitt5p 
l July Met. RratpR Hmrin — 
May stoxro -y Kt'- 

(Xt. AxktS'RronOu. 
Mar swilftaalDiSp- 

I July tin. Tru*H Forte - 
Jim* Oct. K«rHsb V»f. 
Jan. AugJWbcckrs Wp - - 


AP* 1 ; 


Trice 

18>j. 

183 

25 

44 

« 

76 

30ij 

162 

66 

S3 

l»i 

197 

29 

235 


I Ltd | 


Div 
V< 

57S - 
ZKFbb 
72 1 *82 
): U kC 9 , 
14] MlU 
J7I 2.31 
.« MOltf 
W1 *5 7 
IJi 102 

W Rios. 

IIW 

1222 138 

UJfl 14.41 


W 

\\ii 

24 h B 

sj 47 3 

|U * " 
26 57 U 
28 61 | 
*5} UU 


INDUSTRIALS 

(Miscrf.) 


17-iflJ baas 

2Z15 2.64 


348 
tS 75 
1358 
h32 
205 
14.47 

1275 

SS 1 
S f 

, 23«h2U 

2S.i3l2E 

3lii 92.02 


S« 5.0 38 
1.710 5(691 
3.4 9.2 48 
23115 64 
4.0 7.1 54. 
7.7 25 65 
17 95 78, 
2.7113 55! 
28 70 75 
L9 9.1 87 
34 66 66 
24127 50 
24 80 99 
4.0 4 9 75 
3.1 7.9-61 
39 * - 

15120 74 
25105 

K 

1 a 82| 


mi 


117(217 
♦dl.ll 
33a , 
t2.77 
45 
10.B 
23 
101 
224 
L73 
670 
1.2 . 
d3.871 


228 Si 


07 


Apr. OrtlAAJt:.^!-. 
Jan. Juae- AGBRrararvh. , 
iVL Apr .UrorauRrex wpj 
Mar. net Abbey Ltd 
Dw. May AhcaklxeslariDp 
FMi. OcL Mrflx IwK 2Pp -1 
Fen. July Allied tore. 5p-. 
Julv Dec. AlbcdEWjiDMr 
July Dec ATptwltt, - , 
Aug Feb. AjaaLtodurita - 
OcL May Aoal.MeuIiH*- 
Jan. June .tot. Am Asptojl 
July 1W». ArewM'AtWp. 
Sept. Feb. Asi« UinrrSp 
Apr. Sept. tos.S|Msml8p. 
Apr Ncv. tafcnFiUy'HiBj, 
Julv Jan. .VxxmRobberU-1. 
Jan. July BRA Group.. 

Apr Sept BOCIntnL- 
May Nov. BTR,—•—I 
Dec. July BaudiWm'£! 

Dec. June RwAWA.T.'A 
Julv Dec BarrwHcpbora 
Aug. Mar BalbfclWlxnd 
Dec. May Bemwotlarfc..- 
Feb. AuK- Recckam.. -— 
Jan July Bcilxiri'rtx Np..! 

May Rnrtiiw.-1 

SepL Apr Bendiir*. 

May B«vickTirJpo~| 
May Bntubcll 
May Riddle HUr^ - 
May BlfureitcdEag.! 
July 3WlamiJ*Ste. _| 
Oct. QKk.krnnrwp l 
July Black Ll... 

Oet Blackimlldp- 
Nov. BodycotelntT— 
Oct ttopidlTl'A-Hp.. 
June RwseyAHwtfi. 
Not. MxHeuix'lSOb' 
July Boots.: 
FeUyAoNv Borg-W-l^SUB. 
July Nov. BoimrrU 
Jan.. Aug BrabjLeslie rep I 

Jan. Aug Brady lads.-j 

Oct. ilaj Pr5nunpnRjSp4 
BndtmiPra 5p- 
Nov. May Bruton 
Jan. July Brulport-G3)p-. 
Feb, SeptHB&EA'- 
Aug BriLClacT.EfjeJ 
Apr Brit [BtfllU^C] 
Brit Steel Const 
Jaa. JuuejBritsy 

June Nov. British Vita.-1 

Mav OcL Bnttalas- 
Nov. .May B H Prop IM-1 
Jaa. July Breaks!. Br 10p f 
Not. June Brooks WaLSttp 
October Brown Box. Real i 
Dec. Mar. BruntuusiRius 1 - 
May Nov. RuicoDran _.;..) 
Apr. Dec BurndcneBp 
May Not. Rnra.todsnl 
Nov. May Buy Mano l7i^P| 
June Feb. C H. torfb. tOp ■ [ 
Mar. Nox.K.'Bmp 

May Nw lQiinrexaOp- 
Dec. May CamudgiW.).-..; 
Jaa. May Cape Industrie.. 
Feb. June CoidtnlVri ID 
Mar. Dec, C*atmsIalT 

Jan. June Cariton lads.. 

Feb. Aug CawiMdi_-.—I 

August Ceicrtuxi [od^l 
Jan. Jnly i.'catratHI* 10p. 
Doc. July Cent Sheered 5pJ 
SepL Feb. 

Dec. Julv CbambcrLiral 
Jan. AugCtaobiian.1 
May Nov. 


66 

m xlJ«l. 


^ Wires IDp.J 

CaxPlMp] 


OctjCbnsiiel . 
Mayfctatsd«WL! 


6219.6 


2 
. 43 

5.4 80 
167 76 

7.4 5.7 
9.0 79 

7.5 33 
10.9 * 

96 61 
117 73 

6.4 57 
62 

6.7 

7.5 
103 

55 
79 
85 

2.8 
64 
55 
i.e 10.7 
55 84 
9.3 55 
12.7 5.0 
105 64 

75118 


FOOD, GROCERIES, ETC. 


Dec. July, 


Jan. June Ass. Bis-idt20p. 
Apr. Sept Ass.Brit Fdi 5p 

Feb. Oct. Ass Peine_ 

Apr. Oct Aw.Fished?s._ 
Feb. Sept Arena Group 5p_ 
Hay Nov. Ranks I Sldnev C1 
— Barker 4 D lOp _ 

Apr. Oct SarrlAG.'_ 

June Dec. Barrow Milling.. 
Jan. Aug Bassett 1 Geoi 
Feb. Sept Baileys York lOp 

Ort. April BejamlOp_ 

May Sept WbhyiJ.in__ 

Jan. July Bishop's Stores.. 
Jan. July Do _ A , 'N.'Vg_ 
Apr. Oct Bluebird Coni.. 

SepL Mar. BriLSusarEI_ 

May Nov. Brit Veudg lOp. 
Jan. June Brooke Bond.. _ 
Dec. June Cadbury Sch"ps. 
June Jan. Can's Milling . 
May * 

May 
Dec. 

Dec. 

Jan. 

Feb. 

Jan. 

Jon. 


del 



May 

Dec. 

OcL 

Apr. 


Jan. 

July 

May 


June Feb. 
Mar. Ang 
July 
Aug. Apr. 
OcL Apr. 
Dec. June) 
Jan. June): 


July 

Jan. July) 
Jau. June] 
Mar. June! 

ember 
Feb. June) 
OcL Apr 
Apr. Sept. 

Oct Apr- 


[AlpmeSaBDlOp-l 


Jan _ 

OcLKlinoniDai ms.. | 
Oct Da ’A" N, V_ _ 

MoyteuUensSOp_ 

Mart Dn-A“»p.._. 
[Danish BcnAVSl 
EtdcnodiJB;5p~ 
Sih-dsLon C «i. J 
JunejEngtmd tj. 615p 

OctJFJiC__ 

Apr. SeptjFlsbenA.i5p.__ 
Mar. S^uJnirt Lwril 30 P . 

• ^Pteshbakeop_ 

AprJGJiBGlover ap. 
JGpldrei Foaeaid. 
Malra'dsPZOp 
6J-50p— 

.... _^iop3T 
Jan. JiUylHinbaiAilita. 

MrJe5JD.- 

July Dee. 

Dec. AnglLennans 
Jan. Octr 
December 


sGp. lOp. 
Lintood Hides _ 

Lockwoods_ 

Lm-eRiG.Fl_ 

Ltnn'Wmi20p_. 

|Lyoa»(J 1 El_ 

Mattbewsitti._ 


NovJUeal Trade Sup.[ 


(6IU1.AJ1_ 

Meccan Eds ]Qp. 
Morrts’mW 1 lOp. 
Northern Foods. 
NuitUnPTLlOp.. 
PantoiP.iKbu... 
JPnrk Farms lOp.. 
pyfceiWJ.) Up .. 
[Rakuarn Grp IDp 

Jnn (RJI.M.. 

Robertson Foods 
Rowntree M.5(rp. 

SairabciyU.i_ 

Somoonts_ 

Sffllera___ 

EWiarifTiiUbP , 
K«HaiJoscph»_l 
Itmelc LvfeCl_| 


Sept ApriUTavener Rut 20p, 
““ Tesrofti_I 

ilislgate_[ 

United BireuiU._[ 



[1312] F6 5 
2811 thZ.72 

a# 12.1 

33 h678| 
221 +L27 
1431 10.91 
3UDd3.fi 

674 - 

257 646 
2831IQ13J 
1232 535 , 

33 td3 31 
JJfl hi .45 
, 228 t5.94 

330 AjM; 
25.7 b!871j 
. IM Tn0.4fl 
13138 276 
1431 276 
33 263 
19.9 L74 
19.9 3.74 
2811 457 
2811 457 
123218603 
2138 3.92 
4-74 - 

3L1C tl 29 
22i +160 
55 064 
fi£ £3.67 

675 +—- 
a? 1132 

. 31 td2 *33 
12811 £3.05 
2811 14.06 
88 4.41 
2811 12.62 | 
128 K» 

1431 t2 

■maa 

330*3.69 
774 - 
2811 55 
1212 t7« 

33(1 taas 

1710 d756 
13.6 +t3.05 

258 1.91 
338 fd2.05 
117 33 
195 Hi 1.68 

2811 tL56 
1431 triS 49 
1275 - 
1174 — 
1232 3 29 

SSftLi 

28U 279 
54 158 
59 352 
191 HL99 
19.9 1(1528 
275 tl.48 
t 133 
bSJ8 
, »7 t2 21 
2831 175 


5.1 


8.2 90 

4.4 10.3 
4.9 64 
0.4 180! 
32 60! 
45 74 
72 58 

60 * 
145 65 

5.1 rr.Oi 

72115 
31 88 

4.5 a 3! 
18 10.0 
21 8 5 


8.5 43 
72 18.4 
95 35 
62 7.1 
7.7 52 

7.4 13.0 

7.612.4 

7.3 25 
56|.29 

5.6) 3.7 
t 36 
84125 
8 3 8.9 

Ta 92 
75 7.7 
7.B ao 
105 52 
27 73 
45 83, 
45 93 

3.4 17.5 
65121 

7.5 i7.tf 
4.9 69 

67 65 
105 95 
84 4.1 
122 45 
47 72 

9.6 0113 
15 17.8 

3.7 + 
2415.8 

103 7.0 
33 90 


103 .80 

5.6 16.31 
2 7 1L2 
40225 
9 5 89 
13.0 6.8 

8B12.1 
33 72 

83 42 

6.7 77 

4.7 186 

84 79 
4.9 105 
5.0 U.0 

7.8 87 


HOTELS AND CATERERS 


September (Adda Int Up._] 


. BOKllJJFr.liU., 
J ulrtBrent Walker 5p. 
Jun-PtyHme' 

Dei'ere I 


Mir. Sept 


Mar. 

May 

May 


Oct 

Nov. 


July 
Dec. 

Dec. 

Dec. June) .. _ 

Apr. OctJGrandUeLS _ 



ft*. Upc Cav 


OrtJfvnreaal<3ri( c25 


lidbrose Up 
[leisure Gen. lOp. 


22Std051 
775 HJ12C 
liH 134 
17JC u3.9 
Mil 1d426j 
M £424 
22i 

5.9 cmrs 
5‘ 47.0 
195 +125 


-J 27 ■ 
MILO 
U.4 451 
28 62 
13 3.7 3 
.25 5.91 
(mi hi (85 

1.0 6.217.41 
3.0 50100: 
S3 621431 



Apr. 

Not. ___ _ 

Dec. Aug. Chubblto- 

Feb. June nerteidcmenU 

June Dcc.CrieiRH.)- 

July Dec. CmptnWebbUp 
MrJe&D. rantlGfgSl—, 
Apr. July- I'oolSlxlionVSP-j 
[June Feh. CapeADmaa3pM 
Nov. May Copj-dw Up.—- 
Ape. Not CoralLris.'“ 
[Jan. JubCftsalt 

Octaunde . . 
Jan. Cteao lI. 1 5Dp_.—| 
Nw. Crest racboiigp.l 
July CiMbyHnuwr 
Angus* Crosby Sp 
Jap. July Daria k 1 
Dec. July DawsoavJaai— 
Dec. 'Aug De La Rue 50p..~ 

Fob. Aug Denlffrtre- 

May -Not. IxrugljBreCrSlM 
Feb. SepL DLuwndSLtWp 
Jan. June DiakleHeel5P- 
Apr. Sept Diptffijm lure— 
Oct Apr. Dobson Park lOp. 
Jan. July Dam I _ 
MaJuSeDe Dow Carpi. , 
Jon. May luns SonTl Up] 
Drake fcSculL.r 

May Oct I_ 

Nov. Apr. Dmbce Cam. 10. 
June Dec [hradonianlSp- 
DasdcIntSp—> 

A, “-- Atr S3fc®: 

Feb. Jucel>rkesU.i— 

Apr. Oct Dream/-63)—] 
Apr. Oet Da'A*. 

Oct May e.(X Cases 1 
July Eaflura Prod i 
Mar. Sept. EteaHMgi 10P-I 
Apr. Aug EThur Inds.! 
April Not. Elbldl 
May Dec. Ekxo 10^ 

Jan. July Elect Led Sec— 
July Jau.EUioaFbtalBp- 
Jan. June EiEoaftRobbiu. 
Jan. JuneElKvicfcirperSp 
Mor. SepL EmhartCorp.51. 
Feb. SepL Empress Sere.lOp- 
— Eig 6 Over's lOp 
July Anri I Eng China Clays 
Mar. Nov. Ekperonra 
Aug Jan. Ettro Femes— 
Mar. SepL ErodeWdgs 20p 
Feb. Ang Erol 
Jan. JuL Extel. 

OcL June FantaJrn LmOB. 

Jan. June Feedex lOp- 

Aug Jaa. FemxriJ.ffj — 
Jan. July Ferguson Ind _ 
Jan. Sept. Fattomana^) — 


§7 |243 
lint 1272 
W.9 C9.«3 
, J9t 3607, 
llT.lt thUM 
jail 1296 
(2311 19.8 , 

|“a SP 

3U0 <1835 
j 24.11 1272 
19 4 Qtj.ao 

, W P-7 

2B11 |5.25 
(1212 569 
110 1+2 
257 - 
,191 t614 
(1431 t23 
3J 1248 
774 113 
IM 8.7 

, - 
JIM GO¬ 
BI Ibl 94 
, 5 J 1107 

(3LU Vn 

ll7.lt t7.0 
, nira 
3118 101 
310 145 
, 3K 431 
1232 t!28 
(1710 113 

. 19.1 
17 M 121 
1739 17.46 
134 456 
, 134 462 
(ZU1 14.98 
11 1142 

&VP 

« w 

UU +2-73 
121Z194 , 

a il M 



a 7 f 7 

.49| 53W. 

t:’ 


vi 


116 

J3.01 

(12131859 
1212M1664 
2811 “ ^ 


]u 4 , 

5W1.53J 
33Djfad5.07| 

1233 059 

nst3.n 

UN 

134 
8« 


May Not. Findlay (AR 
— FlntCasxlelOp. 

June Dec. Fittwiftas_— 

July Jon FVxrUoCJcW. 

Nov. JunePtvanytEj-- 

Dec. July FasMOXbuep— 
Jan. May FrtheiT|illHaj™!--| 
MaJgScJTe. FVanlals Biutfl,. 
Joe. Not. FYcnchThos. lOp 
OcL Apr. FHedlandDet — 
J uly Jan. Gil iHdgsiMp .. 
Apr. Sept Gestdncr'A' 
Now M«y Gibbons Dudley. 
Nov. Jane GibbcumSi.. 

Oct May Gieces Group— 
Jan. AugGiltiswriap.J... 

April EbUkltctri 10p-4 
July Jon. Glaxo 5 
October Gnome. _. .. . 
May Nov. CridmaiBllOp. 
Jan. July GDTmne HMs— 
Not. May Grampian (Mgs.. 

Apr. Oct Gmaiiis - A’_ 

April Oct 
Jan. June Grorebdl 
Jan. May HaHasSMi -. 

Feb. Aug Hahna lOp_ 

Jan. July Haaittoreel^jp.-J 
Dec. Apr. Hammex Cp 25c.j 
Feb. July Hainan Trust—-. 
Mar. SepL Doggpc Cnv®-83( 
Jan. Jnly HararcaiwSJp.- 
Jan. Aug. HarrisiPtL|2Dp.. 
May Nov. Kantsk Shtldoa J 
July Feb. Hntiin&llpaflJ 

— Haxniu^i. _ 1 

OcL June Hay (Norauj ttw 
Aug. J an. llssys Wharf il_ 
June Nov. HrprorthCrttC . 

Dec. June Hestair_ 

May R£-wtts£Jj5p.._. 
Dec. July IffKhsdrOpLHp.. 

July Not. HjlKCbasia_ 

Not-. Apr. HiixSKii'sanJBp- 

FCb. Sept HoJUs Bros_ 

Dec. Julv HahUoydlsUOP- 

• SepL Hoover'A'_ 

j OcL Harlan UdkSp 
July OcLBookfe&fcHSBp 

May Ort. Howard Touns. 
Nov. July Hnutiu Abioc. — 
July NOT.HtuUldghlOps- 
December HmeknuaLHSI.- 
JOW &Tnan It & J15p 

Ap,jy.OJs. ft; ImfauMafl -1 

Feb.iaa....^ - 

Pril SepL Imp. CftoL Om £1 
lay Nov. boll hfe up, 

Jan. Aug Initial Services.- 
Dee. June Intercity 8}p— 
Mar. Oct TamaiMiBL— 
June Jml huatt)b&&- 
Nov. June larttaeM. SffiSB. 

Apr. Dec. lendque.._ 

— InknmbBaraei 
Oct- Apr. lohitsdo Ginn 
Feb: Aug TriutsealCln £1 
Nov. June Joardaa(Tll0p- 
Uar Dec. KriamamnlOp 
June ..Jon. Krireytods.^.. 
Anr. Oct KnnedySm. lQp 
Nov. April Isr*ha»(AJ5p.- 

Dee.- Apr. Efeemmi_ 

Jan. Aug Ste&ZeHMEa 

Jan. Aug. LCP.HldJ_ 

Dec. Aug ULImflifl'a— 


7J oa© 
173® 02 
[1073 Z855 
276 355 
, 15.08 

14U 128 
8i d202 
676 121 
[28.11 t4.92 
19.4 i 
1411 a25 
3232 6.7 
98 28U #6Q 
32xd 33tdL27l 
" 3130 t!73 
6-66 — , 
143101354 
1232 876 I 
17.11 IhJ.l 
1431 t436 
3LM 5.65 
103 Q30i 
11730 125 
, 19.9 12.84 
3212 13.99 
257 13.59 
199th227 
, 330 f3-3 
14 JJ 14.47 
12232 12.64 
, 143 2-79 
I31M 10^7 
88 254 
189 Z0.2 
3L1D 802 
a? 3.99 

8J 194 
14.9 236 
59 11.81 
124 2826 

ar 
pusar 
ijyw 

K7 3.89 
3U 127 
3.1 3.99 


, 9-5 fril 86 
(2831 4.95 
. 193 5353 
HU T5.7 
124 0.93 , 
21 *dl.07 
(31.11 66 
81 1L65 
. 81 T4.03 
|17* t5.0S 
81 : 13.47 
19( 1208 
JR 14^5 
1211 11.71 
17JJ 1295 
19.9 t234 

2B.fi 1891 
|17^ L71 
33 14.11 
I1U1 ftH 

Ilia Sl5 

IlSSo 0 


371 


IJ»" 



3.4hB 


*7) Si 

43 ^ « 

13 83 M 
19 9i IS 

62 V 2-i 

02 9. TU 


U 3iw 

urn* 


U tl 


ai 

rSII 3.7 M. 
115 8-. 
8518. 
L4 -' 
96)^.-; 

4.9f f 
95 8 

IjSf 

*' O f; 

UVA 

53 53# 

22 










































































































































sunup,. - 

■ 8 \- 

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TDnes Monday January d 1978 

lNBusim^ 


• « - .-•;!», ;»• 

• r ; •. /;«.:!:• 

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$ £* !a£E « 

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SMt Mar. UtaWetejiQp 
AP* 1 * _ LetattHinil— 

M«. ^LejvGxWelOpl 
JulyUraeyPrtdaSp 
'.Feb. SepcLtinfatiOp^!. 

- —* ■ LWeaBJp_. 

..JV- July UwtorrtWmr^ 

Oct. Mar. Undattnes._ 

J«ly Fob. Um.tNaa.Gm_ 

Apr. OcttaugHmfily.Mp 
AW. Oct Ltn|taiTraEs_ 

Au* Apt. Loudalet'BVBl- 
Doc* JuueLdwiBonarSOp 
Jute Dee. ttY.Dart.10p_ 

Jan. July y>. 

May SeptMeWoPh.^ 

Oct Buy MacIjSaneGp - 
May Oct McBride RbLlOp 
Sept Apr-MeCteeiyL'A„ 

. Au*. Mar. MBej*ena»®). 

Oct. Apr. MmeTas'daSg. 

May Sept Magnolia Gro&j 
June Jan. Huoai.AtM.iC 
Oct ' Apr. Hss.SrfCtan'J 
Feb- Cfct UarUnjIod. lOp. 

' See Jan. Mm3hi3L'iT.‘A r _ 

Jan. July Har*sir,t’nH-_ 

Dec. May Martin -Kto-V 
— Mathoanne TW 
June Nov. Ifsy nanh ffi 
Jttjy * Dee. KcdnUutol 
Oct Apr. MentooreSu 

Jen. June MetalBull.__ 

Nov. June MoUIOosbrs—| 

Dec. June Ufttiij 
Apr- Nov. BSIn.ltatii.50p. | 

. ^r-. nK.PttX«mr 

Jan. July Hnaa 
Oct Apr. UnnAa 
Jan. JnneKaurart* 

— HnvifesU 
Jan. June HjsonGa. . 

Mar. Oct NBtt(lTFJSec&. 

Dee. June Nathan (&AL)_ 

Mar. Aog.NstOib'MUp 
May Nov. NX , JL«®Be. 

October NcgnttifcZrabn 
Apr- Aug, PiS/ASp'oea-nip 
Oct Apr. NernEqaipUpteJ 
Sept Mar. NoweyGroupriT 
Jan. Aug. Mnmw ~ 

Oct Apr. Northern Kng— 

Jan. Sept SvtUmfcWrtlOp. 

May Oct NorvlcSecaiDp. 

Oct April Nu-Svift5p^_L 
May «OV. OcefinanceCv_ 

Jan. June Office A Heet— 

Sept May QfrexZSp_. 

. Jan. June Oveartooe B&jc „ 

— ■ PJCAffloldtoni-I 
■ April Oct Parker Knoll'A'/ 

FA. An* PmilrtWhte_ 

. Dec. July Peerage Wp_L_ 

June Nov. Pentixnd tfp_ 

. July Oct PenSoaWp——. 

Jnno Dec. DaHafr.Ia.BH 
Jan. June Petrocon iabp_, 

— Pbillipe Patents. 

May. .Jan. PfaotmCLoaj_ 

May Dec. Ptato^leSOp_~ 

Feb. Aut raUn«»nBr-£t 
June Dee. FHny Bowes La... 

Sept April Plajac Coed. Mp_f 
Oct April Pteajurama5p_:/ 

Apr. Nov. PoiymarklOp_ 

Jan. July Portal*.—-- 

Jan. Sept Powell Dcfi.60p 

Jan.. Auc. Press(Wm)5p_ 

Aug. April PrMtigeGroo] 

Jam.' June PtitcbardSvs. 

Sept Nov. Pmv.Lamda. 

Apr. Oet PaHmaaRAL , 

Feb. Sept RF.D.GronplOp 
Dee. July KTDGx 

Mar. July Rjorurf_ 

Jun Randall Ji 

Jan. June Randalls 
Nov. Apr. Rank 
Jan. July RecktttCbLSOpLj 
-July Feb. Redfenm(3an_ 

Jan. June RaedEnx.Sp — 

Jan. Ang. R*edIntL£l._ 

'Oct June ReJjcnPBWS_: 

March Rcao«nInc.TOL 
Feb. Oct Randek Group 
Mar. Sept ' 

J^ApAu. 

July Jan. 

Nov. 

Dec. Aul 

Dee. Ant Da‘A*._ 

Jan. Jug Rotaprint ate- 
Mar Nov.RnwmkBoto 

“ysfeaa 

Jan. Sept Sanxen Grp- 

"eb. Jub _ 

Dec- June So* Herifahle 
Mar. -Oct ScotfcOuZnva-1 

June Dec Been_. 

Aug. Mar. Seeurkor 
Aug. Mar!) Da'A' 

Ang. Mar.__ 

Aug. Mar. DOi'A^N-V 
Apr. 1 Oct SharaaWneJOp. _ 
Apr. Sept Siebe Gorman _U76ri 
Dec June Slentniglai5>- 80 
Jan. June SUtouettBlA'” 

Jan. July SilVitlmnie 
July Jim IgmpamtS.rA 1 ^ 

Dee. J 
■Oct Mas Smi 
Jane Dec. SmiDwIndi.5Cip 
Oet May SoBc.Lmr2Dp_ 

Au*. Feb. Samic.. 

Sept Feb. SotbehyPA.— 

May Nov. anmvlG.'V.SOp 
Jan. An*, SpeariJ.W.l 
May Dec Stuffi Pnt tc ■ 

June Dec DaS%%Q>rJJi. 

Jan. An* StaOexInt. 

Oct StagPnmirure— 

Nov. Apr. Sterile?— —_ 

SMnJbriSKSq 

Apr- An*. StnfinfIndiShp. 

Apr- AutStmriuHHWga. 

June Nov. Sumner(FJ- 

Oet MvtsoaOgUSen.lOp.i 
Feb. An 

June (SverfWil 
November {Swire Pacific 80c| 

Mac Sept^tae. 


Net- 


WS|p?E 


INSURANCE—Continued 


htOPERTY—Continued 


INV. TRUSTS—Continued 


«a i 
Main 

3UD P37 
u.n KM 
M tt.65 
28L22 tU2 
2 12 *127. 
2BJ1 u3.63 
12J2lbA.«l 
3J til 
17JJ3td2.64 
U *2.83 
375 — 
3Ufl fLfll 
4t +t9.B 
13i «-0 
f28J3 

HL9 d3.46| 
Z7i tfl 21 
2811 bl0*9| 
[Mil au 
3.1 L80 
U 3.94 
-19.9 13.99 
19.9 19.46 
14j i 
2&7 J 
22.1 b+XM 

I® 4 

, af ifljal 
\UX dU.9zl 
, 110 1226 
3U0 «3 



Price 

686 

108 

7M 

165 

a* 5 * 

282 



MOTORS, AIRCRAFT TRADES 


Motors and Cycles 

- jMLLwlandSOp 
MeJcSD. GmiJm. Unite. 

Jan. July LMosOrUlp_ 

Aiuaut BettaniMtr.ap— 

SeptMay 9aB»to«lflr*_ 

May {VotvoIQSa- 


Nor. 

Feb % An 
!. August 
Jute Feb. 
jnn. 



Commercial Vdidcs 

MlIOiiI 99 ID. 

[FodeusSOpi— 

P»kIimS5.10p 



L7l 8Jrt 73 


17,4 


OctlYo* Trailer lOp. 

Components 



nnm 
ii “‘is 
U Si 


to 


Mar. Abbey Panali_! 

■ July Airito* Stream. 
May Nor. AnnawEq.mp 
July Jun AMotEart—J 
September Aa t oua t i re-.^ 
L\ug. Mat SiaaariBwt—l 
rOct June Brurtn Brea. IQp. 
Apr-’ Sei^. DoiRyM 

I iTn jnWnoiila 

Jan. . 

Jan. -I nn* H rmn Cmirtilfm I 
Mar. Dec. wmflWjtaip- 
May Dee. LacwTirii a . 
Jan. Jaly SBmGrtnplOpL 

July Feb nnerlOf._ 

Jan. July WBnot Breeden. 
Feb. Ang. ffoodheadO)— 
■May IZesifrA'SOp— 


25J) 264 

22 J 1A6 
313A7 
lit aD6 
222 421 
1411 <53 
3L10 m 
1411 Q25 
3110 40.71 
MU 822 
19.9 h0J7 
276 3.62 
3110 T23 
276 16.93 
12.41 4.0. 


51 “ 

3i SJL 
S.9 53, . . 

. 83 as 64 

kt 

3.9106 
8.9 

33_ 

43 316 
23 
4 A 


l 

IB 
33 

17 ... 

b3J 3.4 

2.9 53 

4.9 63 
53 4.9 
27 5.7 


lu 

OOjOI 

168 


15X1 

7.4 


22,0 

9.9 

4.9 
53 

9.9 


- Sept Aprill 


Garages and Distributors 



Nov. 

Feb. 

Jan. 

Ang. MarJ 
May NovjBritCar/ 



julytouOoeroabaw- 

■^■rlnvsLlOa 

■■octTC]- 

IDaKtoeCns._i 




Mar. 

Jan. 


Dec June 

Seprt. Mar,__ 

May Oet 9uki(H-6JJSp 
June ReynotdzWJ.Sp 


I June 


%or. 


SSSSSz 

iwafflamStrlOp. 


Dec JalyjWcfamMr_ 


61| 7-71 4.9 


3j§g 

9i 033 
3 It t22 
&B 2 JO 


2M 67 

53 

3.iJ 4.9 93 
1M 69123 
X«103 103 
2U 83 67 
53 8 J 1 
5.6 4.9 
6713.9 
83 69 
, 62 7.7 
34^ 64 2X9 
9.7 2A 5.4 
3J 5.9 68 
68 73 73 

28 7.7 93 

26 5310.4 
JD3 77.7 

62115 43| 
4 A 7 2 69. 
32 7J 7J| 

27 66 103 

42 75 43 
22113 66 
4J 3.6 73 

43 Ts 73 
12 7.1 205 
43 67 5.0 
43 4.917.0 

135 22] 57 

29 83U83 
53 MTS 


NEWSPAPERS, PUBLISHERS 


*s 




MV May Do. “A"__ 

Feb. Aug WQriMTt5to_ 
Jan. amASied^' 
Apr- Oct ardactflotci. 

Oet May Home Cnmdket- 
Oct Feb hukmndent«H 
Oct Apr. L>p!P0«5 
Nov.- 

Dec ATTg. Haym Grvmp_ 
iNov. Jnnc Seaa J ri-_-_- j 

1 ^^ Irae rboaKDo-—— 
Nov. June IM NewpK i ea 
Oct FehAbamMSp 
June Dec.|WUwpBnn.2Bo. 


2611115.23 

IP 

2 22 233 
59 4.46 

1222 153 
19! t434 
19.! t434 
3311161 
13A t333 
226 C264 
19.9 1535 

W 

1710 13.96 
228 4265 

I4U td221, 

223 11, 
5! tdlCBi 




Ttbbittl 

in*. Ibezmall 
uff Ib.TUna 



Nov. May rnflngTJfri— 

Jon. Aug. TortHniW—| 

Maw Tore. 

June Feb. Trail] 

MrJcSJ). Tranttn. 

Nov. May rramporlDev— 

Feb. July &auwoodGp5p 
July Jan. TtamerClMv.ELJ 
JWj. Sept Turner CnnsTMWkal 

F»b- An* UKOIolL—-j 167 

Dec. . May LWconitaifcst'c-J 
Feb. Ang. Uoiflex lOp 
-Dec. May Unilever— 

' Dec May I'nVN.VJlll- 
Jkl JtmeUtdCarrienMp 
..Jan. Sept United Geslnds.. 

■ — u. Guarantee 5(L 
Jan. Juh Unochrmaft—1 

Jan. July Valor_ 

, — vewsu. 

July Jan. VlueislOp——I 
Feb. Au* VTalm Grp.3)jJ_| 

July Dec. ‘W HIbbont lOp J 
Jan. • May WadePottiJO 
Nov. May Walker Hmr. 3 
Oct UayWtemOa&li 

May Nov. Waterford 3p_; 

Apr. Oct ffttbni*- 

Feb. Ah* BnamRiHW-; 

Joly Dec. ffndgeved,—— 

'Jan. An* WellwHU*s.5p. 

-Mar. Sept g wtn Boa r d Mm 
— rrtniB.*W 
May Nov. Wbetjuixsi. 

May Oct KlnliinRAncet 
Jan. May While?lG3ti— 

Oet Apr. wwteOifldfta; 

Feb. Av*Whtt«iufl: 

Dec. Jug RUtehoASABR. . 

Ort- MayWlfresOJ——. 

Dee. June VUMBslfitebelL 

Apr. Oct wamuiTtkn. 

June Dec DalfrteQw.^. 

July Feb. TOlfinraffl—- 
May Nov. Hlls^Geargri-^ 

June.Dec. mkoaVaftmUfeL 
June Nor. Klnnlndt 20 p— 

Apr. Ort. mRH-ntanuL 
N m ember Wood ± Sou Sp- 
May . Wcodirtiaril 
December WoodKall- 

Novetnber]ZeQen5p—■ 


228 

isei 

HD 13.27 
1232 dl^| 

SiisS 

ss 

S ill 6 

I 33 b825 
13101hl-96 

2831 *1381 
119-9 

1710 t43 
l»3 15.86 
O’® &4e 
127.6 1117 
Dix 6.0 
juo ho.nl 
1310 tl.Ml 
131 ■■■ 

”di 

1221 [■ 
2R11 027 
1574 — I 
111! 16D9J 
2ajltd03« 
1110 t431a 
716 

15*76 mmj 

133 5.16 I 
193 QS3.92 
19-9 1289 
ll*76. — 
Mil 1938- 
■31 dJ2 
U12 1832 
1212 14.93 
1676 d279 

fan 1113 

big 

■33 f333] 
475 — | 
■95 0.48 I 
2831 1X91] 
1270 — | 
2331 234 I 
k2SJ tX54J 
M.11U33 | 
2831 X29 
3130 dfl.9 
l «75 4—1 

tasfi* 

|1212 fd235 
I 2831 t 6 A 0 
12811 05 
j RJ <13-35 

475 — ■ 

I 25? K4. 

Rue 3 

19.9 3301 
I 33 tdOIi 
( S3 1«:37_ 

hm 




/ PAHER, PRINTING 
7 ADVERTISING 


Apr^July Ancc. Paper— 
Japf July Da 9m Cona- 
Mar. Oct AaBftvnbaig— 
} Bfcc May Beumae 
Jnne J, 



Nbv. Juno Bund Palp—_ 
Dec Juno Cipseais Sp—__ 
- • CamamrSirJ.L. 
An* CbajamBaL 50u_ 
Mv^&riL- 
June Nov. CoOettlTsonlOp 

Colter Guard_ 

5lB April DeW20p-- 

72 Nov. July DBS_ 

IZ- 

Apr. Nov. . 

Apr. Oct Ftnlw_ 

Jan. JuneGeeraanm . 
Dec. Mar Harrisra ASoas. 
Mar. Sept [PGlflCts. 

Apt Sept brawl Gt 

Melody 

November Hills A Allen 50p 
jSy Dec More OTeit Wp 
FJ3.D. MbyftMSL-. 
Sept Apr. (ffimP.M1120p 
. - MeyPriniap-. 

67|MA/Nov, May prf*Salflia)p- 

Mar. Saaichi lOp- 

Oct Smilb(I>roi]2Dp. 
Jan. July Smart! fJefimX. 
Jan. July TranspanmlPic. 
Feh. Au* Tridanl from.— 
Dec June Usher Walter lBp-] 
Jan. July WaceGnwp20p. 
Feb. An* WaddmgtonlJju 
Nov. May-£«Sgfe- 
WyitKvdrwi 3p_l 


7J| 66 July 

SM 9A|fS. 


33fe33 
A7l 9.8 

Iil26 


i7jaHriX4iU*g 


29165 
27175 
65 93 
53 53 
3 4 4.0 
68 105 

4.9 1X1 
251 73 

Zti 53j 73 
2S1X3 46 
4JJ X8 162 
131113(9.4) 
03 

22| 61 
rt f9.9 
35! 9.9 


2811 1333 
330 +254 
22J 1285 

VBt 

1411 4.84 
330 136 


271 6.9i 
2010.4 
20f9.a 



-1641- 


311 ■ 
Ira 0.0 


h 


7^43 

‘33 63] 75 

I 2 93 
26 73 
43 7.9 4.7 
3.8| 7.9 52. 

2B 73 27 j£ 

331 62 85 
10.4 

29] 69120 
Oj B.9£»| 

6jl 53 


PROPERTY 


July Dec. AD'd London 10s 
Jan. Sept AIlnaKLondon- 


93 


3.6UX7 


INSURANCE 


Nov. Jonef 
Ftt. J 


__Bdlflpj 


Nov. .MsyfOaamt'nkw—. 
Jan. Jute EuleSur——, 
- -. Bife.4teo.fot.HpJ 
Jons Dec. &maUKEiCm.J 
SspUanber BpitrftLawSp. 
Jan. July Gra.Acddent__ 
Jan. May Gmrdian Royal J 
July Dec HarabroLHe—i. 
Jan. July Heafli (CE.Uflp- 
Oct Mar. Hogs BoWmon- 
Oct Apr. BwdenWlOp: 
Dec June Legal 6 Gen. 5pu_ 
SepL June Lw.6GdanLl(M 
Nov. May UklAJ ta.5p~ 
Oct Ape LondonFnitnSpi. 
Nov. July Hsttbew Wr.2®. 
Nor. June Sfiart Eton 20a 
July HonsidnUiailp-: 
Oet June PenriSp——— 
Dec. June Pfeoenia— 

Den. May Preridenl-A"— 
gas. May Da*B’™ E —- 
Nov. May Pkuteabaifip— 
^t.May RrfnffSp— 
‘Jkl May P"r T - 
Fab. Oct Forbes Kfr. 
Oet Apr^tukMise- 


.1268 

138 

835 


HJfl tt3 
3130 1?2« 
3230 11323 

a a* 

M 15.08 

ja» 

"Slff 

117 3,62 
5.9 1X44 
1433 19.41 

i28Jl 7.42 
330 1604 
330 736 

"isw 

_ii 60S 


271 


,153 (AH* 


Feb. Sept AnSonlBdgs— 

is: 

August AvenneQsez^i 

- BaaktConlOp 
Sept Mar. Beromort Prwa j 
'Jan. Apr. BewTiCj-iWp-j 
Dec. June 
JtOy Dec 
Nov. July Bfton 
Dec An* Brad' 

Brit_ 

British Land 

Apr. Oct Dal2pcCnfJ00tJ 
July Nov. BriaooEsUte— 
MStr. Oct [Sp.iCoondeS- 

— ' DaWamnls— 
Feb. Ang. CmHnfi Group 
Jan; Sept CHrintfnBlw. 

(7dmincial20p 
Da “ 

A ”*._ Jan 'a^ u sr* 

.Dec June Ornn±Kiy&tJ 

r — OBJfrrtSeci' 

September CWy 4 Dwt 
Her. SeptDaejnIHMf 
DffesEssta 
Feb. Ab* Diiringeolflp- 
Jul May En* Proa 50p— 
(May S^t DaByhttv— 



JuneffiEtafcGen- . 
Apt Nov. t^s. Prop.Imr— 
Jnn ■ Ang- Emu Leeds—, 
Apr. Dec FjirriwBB.M9-] 
— GHntel(to— 
Apr. Dec GtanfieldSeei- 
Feb. Sept Gt Portland 50p- 
Jan. Apr.GieaiCB.lipit— 
Jan. July GreencoatSp-- 
June EsEffserson'A ^ 
Novenber Sidy 
Apr. Oct Easterner 
Sept Mar. HK Land. 
December inny Property— 
Apt SeptHMannopeulOp 
Aagu 

July Oet] 

Jan. J 
Mir. 5c. 

Mar. Sept 

liar. Sept_ 

July Nov. LwLandRfc)— 
Oet Mar. Leri Lea* ac- 
Dec Jnne LoaBwSbpWp 
Apr. Dec Loo. 

Apr.. Sept 

Dec June_ 

Harter QWes— 
Melaemeyiftj— 

p: -jft iaaa ti 




1113 IE4Z 
1 331 DJI 
3LM X01 , 
28311d235 
3130 S38 
11*73 - 
330 856 
12831 3.96 
dl36 
1775 — 

JU- 

11232 1297 

mJS' 

Sim 

•19.1 201 


Stack 


‘ B te W ra te 

Add 

Jan. 

July 
Jan. 

Jut 
Apr. 


April Oct 

April Oct _ 

Jan. Juneptash 6 T&pkted 


Iggflgtd|4 fari 347ri 


OCt! 



Da'A' 


_' SaasKlPngw^ 

Jan, Scot. Vtfrop.a!p 
—. SMOPdCUylOp. 


December 

Aug._ 

Mar. Oet 
Oct M._,._ _ 

June Dec Do.lOSCoflv.'SQ 
Apr. An* IStoHt Canrcga, 
April. Oet Seeley (B|In?_ 
— sSrt . 

December Torn mare_ 

Apr. Oct TownACbylOp. 
Apr. Nov. Trag crdlhrk --.. 

Nov. Aprfl U^RtsS^fpZ 
Jan. July WanaerBttte— 
Apr. Oct Wssteri ter, 2taJ 
April Sept WebbUoyip^r 

_ WmusterP.iBp, 

July Oct [Winston Eas__ 


Price 


70 

312 

156 

f 

85 

77 

111 

95 

ns 

43 

128 

£173 

266 

212 

33 

70 

16 

% 

24 

260 

145 

265 

20 

19 

30*2 



DMtends 

na 


SHIPBUILDERS, REP AIRERS 

June DecEawthcrn L fflp. 

Dec Jnne&naHanter&L 


Mgy Sept Vcsps 
Jan.' MayjTarrowSOp- 


75 

156 

154 

290 



m3 $r- a 

S3] 24 


SHIPPING 


Dec AugArit&Com. 
May Dec. ZonBcaBras. 
Oct MayRahw 
Dec May Fiunes* 
Jan. HmpiysGfljai. 


r ._ jGfl>m£l_] 

"“g&HSl: 



Oct RenAmaE-S^ 
Oct Da'A'SOp— 
JulyjRandiiHm(Wj_ 


IBS 

120 

339 

235 

37 

39 

145 

255 

22*2 

76 

137 

117 

135 

43 

107 


IX^fhUa 41 ! 



**$ 


_ U _ , 

63 33 60 
67 7j0 24 
45 7.6 45 
3J133 (22) 
34 4.7 60 
15 3.0 30.7 
- — 05 
43 5.4 60 
3.7 82 3.6 
26 7.7 (5.5) 

3.9 nm 

3.9 5J 4.8 
25115 S3 


SHOES AND LEATHER 


July Fcb.lADetajelto*— 
NOV. p ^ h pnhri i 
April Dec. Fbctwarlins.-, 
OcL Jane GsznsrScatblAxr 
jv _gnu Sp. 1 

Nov. May HQums 30p _ 
Mar. Sept KShoes—. 
Apr. Oet Laalwtfflii.Mp_J 
Apt Oct S’fvboJdtBJ^J 
Oct Anil 0fiverfG)’A'__ 
Jan. MayPHianJQu— 
Feb. Au* Stead &Sea‘A*_ 
Mar. Nov. Strma* Fisher. 
July Stylo Shoes 

Februaiy [WeamlOp. 


21 

63 

65 

104 

34 
68 
54M 

38 

39 
50 
65 

35 
70 

2 F 



.If 

24195! 


33 

- 7J 
63 4J 4.9 
45 5.6 

18 93 

» 64 

25116 
X5 9.9 10J 

19 52 
" 59 

84 
9 2 

5.2129 
87 
5.9 
62 


April 
Aral 

Jan. JulytKeetralnr.TSt.- 

Fak • Au*®etAGen_ 

Nov. JuIySgAizasraa!!., 
Aug. Apr.feT* JLT.TnirtJ 

Sept Mar. Ba* 6 Scot lnv_ 
Jan. Sept arity Const £1 
Sept DaDerd5h 
, 83 May Dec. E^dtyliHLsd 

* Sec June Estate Dudes_ 

1 I 18 October F.tC.EunxnoL 
May Nov. Funlylm.TSt- 
Sept Apr. Pint Scot. Am.— 

— ■ nmTBilsnan_ 

Oct Mar. Floras lav_ 

Nov. Apr. Foreign t-C<ri_ 

Jan. July P.DX2LTjRa25i. 
(May Nov. Ftmdinveslinc. 

[oct^Mar. cSt&ZZI 
Nov. Apr. GOLAronnn'cL 
‘ •. Sen. Qasaitttd. ^ 

•. GensalFnnds_I 

Do.C<mv. Mp_ 

Oct Apr. Gen-lnresans— 
Dec. June Gen. ScoUish—. 
Jan. Sept GlisiovSrtildrtJ 
Apr. Nov. (Sendertsilnv_ 

- Do.“B"_ 

June Feb. Gtenmuraylnv. 

— Do.'B’Oi 

June Dec Globe Inv._ 

July Goteu Europe_ 

Mar. sept Grange Trua_ 

■A [Sept Mar. GtNonh'n Inv__' 
$ March Green£narlnv_ 

5-3 Mar. Sep. fresbamlm-_ 

Mar. Sept Grenpteestora. 


Apr. Sept 

I KSZ 

May Nov 


SOUTH AFRICANS 

AbaeaaB&aL. 

Anglo Am In. Ta 
Ang.Trsind.50e 

RdvaksUe_ 

Gold Fids. P.Sjp 
Dec <ytmns , A , 50e_ 

HulttfsCpaSL 


Dec 

May 


4K 

March SeptlPrtiKQcslOeta.- 


July SA-Brews. 20c_ 

Nov. Tiger Oats HI_ 

Ncrv. Dmsec_ 


92 

fid OH* 

2U 

430 

1M Qtie 

24 

95 

27ijQ19e 

3.6 

28 

^in qa? 

29 

78 

7l8t Q8c 

12 

125 

L'-'n 

06 

112xd 

3J tQ31c 

14 

?98 

lxni&Bc 

X! 

47 


« 

150 


4r 

60 

|TT; 

71 

465 


34 

55 

jEiiSEfl 

X3| 



TEX TILES 


Sept Mar.lAlhed Textile _ 
Jan. An* Atkins Brea—_ 
Dec July BniadJ 20p^ 
May Nov. Beckman A 10p_ 
June Dec. Blackwood Mort 

dS: 

, £3 M^ 515 - 4 

A Apr. Sept Britlibhrir. 

fit ^SfcSSeeq 

ts iSSP^ 

October 
Dec June 
Oct 

Jan. __ 

. Da7%Deb8V7 
CrortberU.l— 

opt Dswsonlnll. 

j^^taaSridTZ 

«J41tWd 



An* In*rara^l0p_ 
May Jerome (SQdgi). 
Jan. July Leeds DjersI— 
November [^ Jiilub 

Dec 
_July 

May Dec__ , 

Apr. Oct M a ri rinnw _ 
Jan. July Martin (A) 20p_ 
Nov. June Miller (F.)10p— 
Apr. Morifort 
Dec Notts. 


!& 


Mar. 

Jan. 

Jan. 


Nova Jersey 
July ftridandVr.. 
July PiektestW.JftOa 
July Do -A'NVlOp^ 
Apr. SotL HiT. "‘ 

Apr. Jfly RadkvFaflnons 
An* Dec. HeedcWm.) 

Oct Relisrsce SnS 20p_ 

__ Feb. Richards lOp— 

Mar. Oct&£R230p_ 

Dec. Mar. Scott Robatsoo. 
Sept. Jan. 

Feb. An* ShawCHpets_ 

Sept SldlawlndsJOp. 

Jan. May Sinter- 

Oct May Snail tTVtaas 
Apr. An* SaVutoaLiaeJ 
Apr. An* DaPriv.LUOO.? 
Feb. Ort. Spencer (Geo.)— 
Apr. Nov. Stoddard‘A*—, 
Jan. July anradfO^Drd- 
Jan. May TemCttanlate- 
— IbxfrdJr^.lOp. 
February TooK 
Feb. July Tootal 


Apr. AneJpnrtCttpets 
Jan. JuMtecoriDelto— 
Aur. Nov.lp.IJ. Teita lOp— 

’ July HYotlaHiieW.S^. 
Oct MayfYwigial —— 


M5uj 

S 

a? 

r 

r 

r 

I 

64 

44 

36 

S- 

43 

72 

41 

22al 

63 

B 

24 

97 

56 

23 

21 

48 

30 

27 

27 

27 

46 


27 

33 

f 

59 


S3] 15.9 
12H 334 
Mil 1261 , 
3K b4.49 

m*; 

19! 23 


23 63 93 
2.7183 53 
S3 6.7 
20 93 ... 
i™ 

mA t . ^ 


Jnly 



Stack 


Prtee 


IcwlSslPS 


FINANCE, LAND—Continued 


33 ‘‘X 


June Dec.JCedarlnv__ 

May C)ia&llLlnc.Il 

— Do, LSI 

Ang. Mar.^tw- 

Mar. Sept 0& 6 cm Inc _ 

. — DaCto-iBi_ 

- CI&4FBr.tov_! 

May DecQtyAlnteuYL. 

Nov. Juae Gty of Oxford... 

Mar. Sept CUmrbotueoOp. 

— CfiftonluvslOp.. 

Jan. May(^®latelnv_ 

Aug.” May Colonial Sect M4. 

Feb. Au* Continenriilnd 
Dec June CoBtmanUmcm 

Mar. AU* Grcestriara_^_ 

January Cumin Inv__ 

Feb. Au* Daaaeilnc.npOpi 
— Da(Capil0p__ 

Au* .Mar. DAetflnreCmp.., . 
AU* Feb.DctwTsttec.5j 202 

— DaCap5Qp._1164 

Dee. July Doummn6Ge&. 

Feb. Au* Drajton Coin’d 

Msy Dec. Da. Cons._ 

Apr. Au* Da “arEastern 
Apr. Ang. DaPmnier. . 

Nov. Apr. Dnalvestlnc.50p 
Da Capita] £i_ 

Jan. JQi? DundwAL ojl- 
J Am-Tsd 


15.0 MB 

|?-fGSy 




Dec 


DecJHaminos. 
Jana)Harems Inv.: 


Apr. HriIPBlr6G.1i 

,_. Dee. HUliPhilipi_ 

Apr. Oct Hume HMs. "A"- 
— Do.“B'_ 

June IccfondS). 

June Do.iTi— 


|Mar. 


Dec Jime(Indnsmnl&Gea. 

Pkc-StHSM.. 

MarDmln.TsLJiyFJ 
Sept Apr. tev.inSoeces_l 
Unne Nov. Investors'Cap._[ 
Dec. July tawtmt.TBt.CrpJ 
May 3 inline JapanL_f 

r. Sept IndiseSecHESj 
— Jersey ExLPtlp 

Nov. June Jersey Gen. £1_ 
[May Oet JosHoMli 
lHay Nov. Jom1bu.Idc.10p 
1 _ DaCap.5p_ 

F <g 

*■" INov. Jun. Lake \ r lew Inv_ 

llarcb LaBf.4Ltm.Inv- 
Apr. Oct LawDebentmc- 
Feb4Leda Iw. IncDp 


An* 



■6 

Ip 

d3.94 
28JD14D8 
88 289 

a 1 * 

“ft 

ttl 88 
276 147 
ail d282 
3 4 4233 
IT7 — 
177 — , 

XOl. 
3Uftt>-63 

121a X75 


January iLe Vailbnel Inv. _ 

B LniA Abda.Pfciipj 

y I/i n AtlurViV 
LLoiAUStlnviAl! 

teM.4Cart.50p. 
y LadnfcHDlKtxxL 
L tem.4Lonm_ 

6 Montrose 

,___*Pww 

■Jt SK 

’pone Dec tea. Dt 

June Dec Lowland__ 

Sept Mar.M6GDulbie.igp 
DaCap.HJp— 

.••hHs 

Jan. Jena to.41on.50p. 
Mar. Sep. IfcJdnmilBV— 

f&fgSSSfSz 

Fee July Maftilmest-. 

wac- 

IfootoyatUi- 

(Jan. Sep. MoorpSelnv— 
An* Mar. BoaSdeTrost- 
- NefidSASDSI. 
FBbJty.Oc. Itew ^o ^lBC^ 

DcNew Writs." 
April N.Y.iGartmwe, 

AUfi. Dec. 1928 Invest- 

May Dec. NtiiAtiantieSec 
Jnne Dec. Nthn. American - 
Dec. July Northern Secs 
i nil a j Jan. Aug. OilAAaoclnv. 

iJlo'S Jone Nov. Ortwichlnv- 

22I1DA1 6-6l Apr . Au* Penfiandto_, 

Dec. Aug. Pro* Scs. to-. 50pj 
Mar. Sept ProrindalCStks 1 
Aug, FeblBaatan 

sk' 

Sept Mar.tRrrer Hate Dei 
Apr. Noi’.feotecotBr.)H50! 
Apr. Nov.LDo&AAIi’sFB 


86J 5.7 
1^ 52 


|1L4|XL4 
3.4| 63| 66 




325 
L67 
19ftQ876] 


H 7iaifl 
67 33 
5.7 53 
33 46 
397 

id 1 ™ fs 

Xffl.33 30J 
1302.0 69 
53] 52| 4.9 
63 

21]103[ 7.0 
S 6 ll 83 


TOBACCOS 


Apr. Sept {BAT Inds. 




DaDeJd. 

._JunelpnnhipfAJUJpL. 

Nov. Mar. Imperiai 
[Mar. Sept Rahmans 
(Jan. JiuytSxBseaHs. 


235 

370 

7V Z 

5tP? 

a 


BJIH1237]f32j 


1211 17.92 
19! 5X5 

1212 *204 
1211 t275 


6B 

32 

102 

bA 

66 



TRUSTS, FINANCE, LAND 

Investment Trusts 
Nov. J u aa U beri em liiWL- 
iTrast. 



Nov. 

& 

Oct" 


JulyjAiltewelnr— 
-- lAlliaoceTni' 
lAMmdJse. _ 
DaCkpitriSSp. 
iABtoseln.Iia^ 

. Da Cap-- 

MayiAmcricanTnnt. 

Da'S"- 

kfaJoAmSecs- 
te^o-IrtOr... 
Da Asset Shs._ 

tm- 

Inc. 

Da_ 
tar. 


Mar. 

Apr. 


13 

11 

16 

12 

17 



June Dee 
Au* Feb. 

Dec June 

Au* Mar._ 

January Atlanta Balt lOp. 
November AOanticAssets_ 

Nov. JuneAfiasSed- 

October AutfetaUSOp), 
Nov. July Baskos' Iik__ 
December 

Nov. Tune Bttupmien.] 1 
May DecSSSm^.: 

— DaCom._4_ 
June BazDFundWSl 
Jan. July BnafllntOSL. 


Jan.- A 
Apr. 

ApJyO_ 

Oct April 
Feb. An* 

Dec June 
Oct Apr. 

Au* Mar.- 
December Btraiun 
bone Deo.EXKPJnr 



Dec Ai 
Feb. 


a 


— I — 1— Jun. 

Nov. 
29] 7.7 Apr. 


(Caledonia bn_ 
Meatman Tst_ 

I Da "8“- 

_ DecCuafrimandSoL 
May CangH telng Idp.; 
v. June Can,&Ptra*n_ 
Nov, Capital i Nat _ 
n« —' Da *y*i——■ ■ 

ClSBept Mar. CariSaalKd— 
Au* — 



Au* Mar. 

Apr. Nov 

Sep. Dec. 

Dec. JuneSifeguardlnd— 
Ort. Apnl St AatfmrTtt.-, 
July Mar. ScotAator.Sdp 
December Scot id loci. Inv . 
Mar. Dec. Scot Ottos 1 A’— 
Apr. Oct Scot Eart. Inv— 
July ScotEmupeaih. 
July Jan. Scottish lav— 
June Dec. Scot.Mart. AIM 
June Dec Scot National— 
May Dec. Scot Northern- 
July Dec. Scot Ontario—_ 

Au* .llar.JScflt DULImr_ 

Apr. Aug. _ 

— Scot Warn. IT-, 
Apr. Oct Scc-MbneeTta— 
Jan. Sept Sec Greet NOm.. 

— Da“B"_ 

Dec. June Securities T.Se_ 
June Se4ed8Sttta.HS. 
Apr. Sept afawtav.50p- 
November StawelllOp— 
Dec June Sphere luv 
Dec June SPLCTIoc 

— sfur . 

Jan. Au* Stanhope 

September Technolo^—_ 

Mar. Oct Te m pl e Bar- 

April Nov. Itaut&na" 

— Da Cap. £1 

Mar. Au* . 

May Nov. Da_ 

Mar. OcL Tor.fnvttt.Ine— 
October Da.G 

Feh. M*yrr«L ._ 

Apr. AU* TribuneIntSC^i, 

IOct _ Apr ' ! ffiS®_-| 

Dec JuneTiuN_ 

Feb. Aug gttUaKCorp- 
Apr. Oct lynesideto— 

April Dpdasrnlm—. 
Feb. Aug UfiM. Sees- 
May Nor. UtrLCajitals_ 

March w.at-ATtaalfpj 
June Dec 
Au* Mar.Wnterbot 
Fete July ffittuitev^ 

July DaV-_ 

I Apr. Sept Yeonanlnv.._ 

I July Dec Yorfeilancs- 

— kflSSfeenlOp.. 
Dec JuneiYcragColIm-iL 


1411 25 

&4 Q125 , , 

368 - __il 
276 214 
19.9 tU 


I3116I 437 
3LU 13.05 
1325 

|3ii flA7 X0| 


|3US 


7.11 , 
15.84 
12391 

(332 

03 

12.87 

t279 

112.05 

635 
4.06 
4.7 
[0.B1 
609 , 
1438 


,226 4X55 
1730 163 
136 437 . 

i^fe ,s 

19.9 t23 
223223 , 

ufis" 

2811 838 , 
3LK 17.61 
HI 035 
19.5 t3.65 
22i 1239 
674 ' 


lit 131 
311 t4.92 

“3M 5 


XI' 


January lAttockJOp, 

Dec July BriL Borneo lOp. 
Nov. May Brit Pettol's.S 
Jan. July Da8^PLEl_ 

1 _ Bmmali£l_ 

- ,Feb - 


25J 


d *= I^Tvl«.U«n- 

Do.Ptt.lMJ0c- 
Da Cubans— 
[WoodSHteA50c,. 


3103.45 , 

I™ 

tX66 


17 


|3LM 1L4! 

228 §35 
19! Q3.5 
tX45 
1122 
163 
... 671 
22 t045c 
474 23 


i3.4 


3.9 

5j)2X4 
43 

3.8 

5.0 29.9 

8 “ 

4.9 

4.7 323 

5.7 261 
32462 

3.9 226 

5.9 25. 

7317.9 

13 
X4 
4.4 
20 

53 266 
3.6 189 

Li§* 

u 514 
7.4123 
29 

4.7183 
__ 63 225 
LrtlOJ 153 


UJltlLOl 


3.71393 

6.0123.7 

6M243 

8.ai80 

mi 

6K281 

5^18.0 

au 

ir, 

4.3 3L r 
43132.' 
4.4JB.', 

W1 

86(193 


3l( 153 I L0| 95 184 
53^ 

4.6 

23 


21 


204 



l.o: 


^ 1 27 7 ' 


235 


1.4 
5.7 266 

am 


Z H 


t7Jl| 


t239 
19.9 1336 

J 28 JI 538 
114X1 t3A 


. 5.9 5.67 
14X1 H79 

. 1M 

31X1 15.48 
26 

S3 17.47 

H L5 
1294 
1939 

31 1278 
. 136 14.72 
2811 235 
25.7 228 
226 863 
, 3X0 138 
1711 
276 436 , 

■WW* 

2M 0.43 
31 80 
2SJ 021 
310 t3.99 


_.„14J6 

8B 41374 
182 137 
31 h433 
3X1 10.91 
m 3.11 
Z76 4.94 
676 QlDe 
95 8.91 
282 031 

'mi* 3 

, 86 1693 
28X1135 
28X1 
114X1 1335 


X0 


4.6 23.4 
4.9 29.9 
3-7 29.7 
43333 
55 25.7 
7.9173 
4.4 323 
433X8 

64 286 

h 

64182 

lK§j 

48 26.6 
84173 
4.B 310 

3.8 426 
43 35.4 

6.8 262 
43 343 
6.1 712 

42 35X 
4 J 3X2 

3.7 369 
4.4 327 

43 343 
33 495 
35 434 

45 3X9 
3.6 43.4, 

4731.7 
48 
83173 
3.9; 


a hr 


m 


0.9(1X2(143 

i!7)lB3| 
f7M 

4Xt 

3.0b9X 
93T 


rl 47 I X £eb. AagJW. 


m 


14 
XI 

X0 33|44J| 


7^24:gM«y 

3mSJ’ 

m 

It 


62124.71 

7.1 ail 

ia| 68 Ks\ 


Finance, land, etc. 


1 3.7 

87.9 

ox 

172 

265 

292, 

86 

253 

34.9 

285 


I Fete July! 


Jan. JuL 


tfnrf&B&eo 

■Arrow. | 


Oct 

Mar. 


Mar. 

AU*, 



July Nov 
December 
August 
Oct 

October 


Fete Jtfly] 
July 


Feb. Aug 

June , 
Fete SepLj 
Feb. Sept 


rafrclH. 


2811 1205 
1274 
1775 
, 2U 
4W 
19.9 ( 

27.6:_-,, 
25.7 M5.6 
, B.9 1x76 
3X10 10 


* I13L2J * 


g % ii 

«5| 




ast 

Maroy lavMtj-. 

map. 
■■btraslr. 


_ nskfc«*i*»pj 


, _ to.991 
2813 X72 
228X01 , 
, 721 tfl.49 
28X1 14.49 
136 ' XO 
. 574 — 
1073 - 
86 X64. 


m 


- -J -JIM 


Stock 


y LzaraSecs . 
y tea. usd Grt>~ 
LoriMMcfcaitt— 
LM.iG.HIdgs.5p 
r ttrjedielinv ;0*_ 
L Manin iTLP.>5p_ 
. MassMrtAR% 
SXLCJmlSb 
SippcHirdSt*! 1 


May Dec' 
June Dec 
May 

Nov. J . 
July Dec, 
Nov. May 
March Oct 


J ftsrsamSifcSttiJ 
Preabl-S.FrOLl 
5LG^_ 


Jnqe 

April 

Apr. An*! 


_ 

sore ttus. — 

e Pac.RBOc 
riaNFlOO. 
BtTi 
SeJect 
Oetffieetcf 


Apr. An*|VDleC3no]0p— 


Price 

Lari 

ri 

Dir 

Net 

CtT 

22 

199 

165 

1.3 

14>7 

3X£ 

0.10 


30 

791 

4— 

_ 

17 

576 



93 

1212 

tl ?*> 

42 

107 

HA 

13.15 

32 

39 

14.11 

068 

22 

72 


5.90 

XI 

no 

31J 

USL16 


1712 


L3 

17 

210 




1flt ? 

674 


_ 

22i 2 

’710 

.10 

26 

202 

17X1! 

6,19 

i.l 

£43*4 

1A5 

W.4% 
10 44 

_ 

31 

1411 

09 

125 

2811 

3,0? 

17 

£50 

N9 

U4.S 


60 

88 

A47 

XX 

7»’ 

m— 

__ 

— 

f?71’ 

2ii 

Q22 1 ; 

_ 

925 

1?4 

543 05 

* 

26 

117 

2,m 

17 

37 

5.9 

138 

31 

77 

S.7 

tX24 

35| 


nd] 
GfslTC 


13.41 

11 


18 
4.5 
26 
126 
7 2 
1X3 


6.7 
46 
68 
60 

3.7 
8.5 

1X3 

103 

4.B 

11.7 
5.7; 
24 : 


10.4 


13.5 

2X3 

ZS7 

10.9 

188 


67 

87 

1290 

[242 

127 

35 


77 

8.7 

14X 


OILS 


Dec JucelC 


July 


,_J5p— 

toeFiPtaniaEj 
(nOnfl{hl£l — 
!We Petrol £t 

^ rSfc “ 

fECA 


— L4SMO.. 


Stay 


Feb. Aug.OASiOHMS81« 
[LASMG'tte" H5». 

ttlErpLK?)_ 

Premier Corn 5p 

Ranger Oil- 

“ oowsDK-.lc. 
DartFL20. 
Trans Re* 

, Da7%Pf.£l_ 

htS£bnsiU2.<a 
(Texaco^ 



Apr. OcLiTeiacoW^Cnv. I £57 
Dec JaWTricentroS——1176 


112 jj 
152 
842 
74 
54 , 
£60i2»d 

W 

30 

£13 

450 

138 

10 

36 

1B6 

£109 

410 

302 

«« 

g? 4 

527 


Z32 
154sd 
90 
90 
1- 
62 . 


D.7I426 


1411 


1613 


0.9 5.8) 
X6 6.1 

. __, 3.0 4 0, 

12X| 5A“^334D11_5 


5.9jt22X0j 


31 

28X3 

J76 

S.7 


576 

117 

1X4 


19.3 

3X 


Q8^^[ 

1Z43 

QlUfr 


zox 

Ql4%j 

X92 


tI428 

4.W 


4^ 

C15*r 


3« 74) 


X9 


13.0 


e!4M- 


13.6 


0.4; 

el39f 

XO 


M 

-1 

Vi 

d 

10.3, 


<38. 

161 

14.0 


, 42 
77.1 


63 


49.0 


5.6 


22.8 

7. 


OVERSEAS TRADERS 


May 


OrtJ 


| African Lakes— 
UnstAfiric50c_ 


Jute Booker McC9 
July terttnKtiTlK<5 
Jan. Bosnead [■■ 


_. _ _(lOp)— 

Nov. June RnlajUksiSOp. 
Dec Gm&DnRns—— 
y . Gt Nthn. £10.. _ 
An* Dec. fTrim.CnB.EX 
Apr. Sept HaffmmgtS.) 
Sep. Apr.I ^ c B^i eO. 

Jamaica Sognr._ 

Oct Apr. Lonrbo_ 

May Jan-MixcbeilCaia_ 

Apr. Nov. NlgerianHec- 
Feb. Aug. OceanWtaiS-SOp, 
Apr. Dec Par'am.ZodLlOp-l 
Apr. Dec Da -A 1 N,\ if 
Jan. Sept Sanger 1 
— SeuaS 

May Nov. dShne_ 

Jan. July Steel Bros., 

[ t an June Inzer gems. _ 
Apr. Oct DaBpcCnv. 
Dec. Apr. U.QryMerc. 
Mar. Sept] Dolfticln. 


JiSiW.U 222 
231 
73 
27 
309 
228 
£49 
350 
69 
375 
24 
13 
78 
411; 
223 
98 
230 
215 
54 

91 
362 
47 
£91 
53tt 
53 , 


285 

62 


-J 52.75 

s sir 

Htf 

3110 132 
31X0 £634 
14X1 6871, 
3J Ql2l*j 
3X10 mi56 
226 4X6 
88 t!5.0 
1212 t— 
791 L 
19.9 1645 
12X2 3.4 

17.10 11 37, 
23X1 hL25 
3L10 7.0 
31X0 7.0 

&f 4.43 
614 B— 

17.11 Q3.5 
31X010X5 
14X1 3.09 
3X0 08% 
14X1 hfi.75 

M Q10% 


1303] 


<j5Xj 5.8j 3.7 
T5| 4.61 9.7 


34 


X5] 




12.5 


18(12.41 


7.6 
35 

4.6 
4.9 

12.4 


mi 


125 
M2 
lixo 
3X2 


10.0 

19.1 

XI 

D.4 


23 


01* 

5.7 


75 

6 

7, 

61 

10X 

10 

3 

5.6 
il&l 

8.2 

4 2 
3.9 

9.7 

1X0 

5.4 

60 


RUBBERS AND SISALS 


DteHen* 

raid 

August 

Sept 

A “%b.| 


Stock 

I An ybfclmliHiM ' n 

IBertamCons. 10p_ 


Cons. Plants. 

OcL Gadek Malay ... 
Aug Grand Central lOp. 
July Guthrie £1_ 


an Jcuy tfKcltm 
October r “ 
Dec June 


November 1 

“S.T- 



Price 

78 

67 

170 

56 

98 

47 


69 

55 

43 

2V? 

80 

49 

30 

* 

£19 



TEAS . 

India and Bangladesh 


December Assam DooaraU _ 
Feb. Au* Asian Frontier £L 
Sept Assam b7vs.£l_—. 

Mar. Sept Empire Ptatts 10p_ 
November Jokai a__—__ 
January LongbourneEJ—_ 
November McLeodBussd El _ 
„jMay No\. IkranfX- 

September [SfilliaiasooO — 


180 


5.9 

8.0 

380 

bTkti fjlijJ 

J, 


105 

22fl 7.0 

3.7 

10-1 

231 2 

215 


X6 

35 

14.0 

8.5 

224 



68 

180 

rTr.FTn 

17 

84 

’ 400 

19.' 15.CB 

4.9 

5.7 

23 

SI 6F172 


113 

183 

.271 P13.0 

3.6 

10.B 

146 

121? 9.0 

4.7) 

93 


Apr. Sept[Lnnov*£X 


Sri Lanka 

-1 145 

Africa 


lt3|3.63 |X0|3.8 


July 
Fete 0<t|l 


MINES 

CENTRAL RAND 


AU* Feb. 
Aug Feb. 
Au* Fete, 


Durban Deep Rl_] 
East Rand Prp.Rl-[ 
RandfonfaEst! 
iWesi RaadRl. 


.85. 


254 

326 

£30% 

15ftu> 



EASTERN RAND 


Nov. Bracken Bl_ 

— EasDageaRl_ 

— Gcumnt. Areas 5c_ 

Aug. Feb. Grootvlei30c- 

May Nov. Kinross, R1- 

Oct Ms® Leslie 65c_ 

An* Feb JfarimJeMaX- 
An* Feb. S African Ld. 35c _ 
AU* Feb. VlakfonleioRi — 
May Nov. WinkelhaakRO— 
- (m Nigel 5c_ 


S 


025c 

ty20c 

15 

140 li 

— 


rare 

130st 

Z7A 

Q7 

0 

306 

19.! 

034c 

Xfl 

9x3 

19.9 

.31 

og 

12 

15 

Wi 

67t 

31 


10.7 

A 

554 

19! 

QRAi* 

17 

32i 2 

87? 

— 



FAR WEST RAND 


Feb. Aug,, 

Feb. Au*L__ 

— /Deelkrad Rft20_ 

Feb. Auc. DoomfonteinEI — 
Au* Feb. EsaDrieRl-, 

— ' El8mlaandGM.^_J 

Feb. Aug HsburgRl- 

Feb. Au* HartebeestRl- 

Feb. Aug. Ktocf Gold Rj_ 

Feb. Aug. LSbantm R1_ 

February SouthrailSOc—_ 

Au* Feb. StiMonlan 50c- 

Au* Feb. Vaal Recta 50c_ 

Fete Au* VememcBtRl— 


Feb. Aug. Western Areas Rl. 
Feb. Au* Western DeepBS_ 
Fete AugJZmdposRl_ 


296rt 
83 Id 

■zS 

600xd 

166 

108 

912hI 

«36rd 

456xd 

456nl 

Olted 
2743 
£17al 
166 
619 Hi 
173 a! 



231 


X«105 


268 


3 J .8 

29*4 

10.4 


10.4 


lH 9*9 


13 


4.6 


3^66 

65 
68 
X2 
1X0 


Is 


• 42 29S 

14.6 311 

5^28.9 M 

4.9 ^.'1 Sept Feb. 


OLF& 


Flee Sirie Dev. 50c 

FAGedold50c_ 

F^SaaiplaasHl- 
BanocwsOc—_ 

lflf 3ITU» l?l . 

Nov.[Pres. Brand 50c_— 
ftes.Sieyii50c— 
a. Helena Hi— 
Umsel 


Nov. 

Oct 


Nov. 

Nov. 


Nor.tWelkoaSOc- 

Nov.]W.HoIdings50c_ 


90 

£12* 

w, 


L4j 

X7 

107 

339 

\5 

tfiMc 

47 

114 

975j 


05 

847 

642 

31C 

%?0r 

Zt 

9.9 

765 

«.! 

Q115c 

15 

166 


_ 

202 

£14i 4 

3Jt 

iUc 

X9 

X5 


9.9 

35 

103 

21 

101 

116 

13.2 


FINANCE 


ii 


X9j 


Apr. Sept An* .An.Coal 50c_ 
May Nov .AngloAn»-. 10c_ 
Mar. Aug An* Am. Gold El - 

Feb. Au* Ang-Vaaisoa- 

Jan. Jute CbartttCaH._ 

May Dec. Ctns. Gaid Fields- 
July May Esa Rand Con. lOp 

Mar. Sept Gednldtav.Rl_ 

Oct May Gen. Mining R2— 
Mar. SeptGoUFWd3LL25e_ 
Jan: Oct Jo’bargCcHg. RX_ 
Au* FeteMi&OeWitSc- 
Mar. Oct MiBcarcSBDL40_- 

Mar. Sept New Wits*- 

October Patino NV Flt5 __ 
Rnri London 15e_ 
Jan. July Selection Trust— 
An* Feb. Sentnatioc.—» 
Dec. JulyaivewiDW^iP— 
July Jan rnalCaoJAiU. 

_ l£ar. SepLO-CtarastR]_ 

RiJ May Nor. UoknCcrpafiXSt 

linSepL Mar. Vogeisaije- 


43] 7.6] 44 Nov. 

July 


455 

260 


136 

185 

21 

2484 

£L4A* 

950 

£10lgri 

1M* 

128 

101 

900 

57 

400 

166 

37 

£11 If 
198 
242 
50 


121 tQ40c 
32X2 ♦«“ 
276 tO180c 

28X1 19.05 



28X1 1672 

ail Q95e 
88 Q30c 
19.9 

22811071^ 


43 
XO 
XI 
141X2 
XS 85 
16 7.4 


uSi 

% 

53 

9.9 

5.9 
64 
rui 

m 

mi; 

mo 

mo 


DIAMOND AND 3?LATBJUM 


. ...ira., 

Ja^^apsettKLlJjJ 

N£7.«Da3ei3D..be_ 

ag*| DaCtrn te. — 


£3tA« 

67 

‘Ip 

73 



xii 


ZB.4 

{4 


9J. 


i«l 77 1 


13.41 


Serving the world 
with 

financial expertise. 


SANWA 


BANK 

Tokyo, Japan 


MINES—Continued 
CENTRAL AFRICAN 

Stork 

[Fa!con Rh50c.... 


MvUmfe 
FaU 

Nor. May 
May 

— {HoanConsFl- 

Dec. July Tanganyika 50p_ 

Jan. July Do Prri 80p- 

Nor. May ffanibeCol. Rh.1 _ 
Znm.Cpr5BDa2X. 



|JHI 

Div 


\ld 

Price 

Si 

Net 

Cvr 

Gr'i 

170 

19.9 

050c 

f 

277 

20 

? 

0.S7 

43 

43 

52 

1774 

_ 



136 

1710 

QUO 

XI 

tel 

78 

17,1? 

SP 6 ” 

164 

92 

39 

1/10 

ar-* 

14 

164 

12 

1174 





AUSTRALIAN 

Acmei2Sc.. 


Nov. Apr, _ 

_ BH Strath 50c . 

Oct May ConrincRjotintoSOe 
- CJLHalftoorUeSl. 

September Ham^tn Areas5p.. 

Dec.~JuneMLM-Hld 1 s. 56 c~ 
— Moral LjeUSe.— 

— Neumelanoc— 

Juirt Nov NorthB.HiUWc-. 

— StbKalpirli_ 

June Nov. OokbrideeSAl__ 

— PorificCopper— 

— PanccntlSSe- 


Apr. Oetl 


Patinra M&Ex5p.. 
Peto-Wall send 50c. 


D’wedooCOc_ 

VnhanMia50c 


Oct May jWgba ^lDgSV. 


10 

70 

70 

167 

53 

81 

16 

134 

IS 

2 

84 

91j 

123 

30 

950 

12 

405 

u* 

91 

50 


15J]Q2Qc 

97? 


6'67| 

257 

ixoj 


31X0 

264 


2 M 


19.91 


Q9c 

L45 

Q9c 

Q8C 

-QUc 


QISc 


Q6c 


15] 9.1 


X4I 


33 

27 

Jl 

59 

66 


2.3 


4.1 


Nov. 

Apr. 

Apr. 

Jnn. 

Feb. 


Apr. Ama] 
Ort Ayer 

Oct! ‘ 

a 


[Ainal. Nigeria.— 
. ._kwHlta»5Ml— . 
OctlBerallTin- 


TINS 


Bet] aural SMI 

Geevtr___ 

GnldABasel 2 * 3 i_ 
July Dec. Gopeng Cons. 

— Hondamg ~_ 
Mar. Sept IdrtelQp — 

UamarC?* - 

luting SM0.50. 
Jaa. 


July 
Juu. 

Mar. 

Jbxl _ 

June Jan. SUmMalayanSMl. 

Snttgei Besi SMI _ 
Supreme Corp. SMI 

Mar. AD*|Tnn)iviEl^i._. 

Sept Mar. rroogtei Hrhr.au 
Apr. Oct|TnmobS31z_ 



30 

240 

45 

205id 
470 
10 
260 
130 
93 
10 
69 
450 
295 

S' 

185 
61M 
61 nJ 
16M 
2600 
142 
55 
100 
85 
153 



COPPER 

June Dec.]Me«b&ftL50-1 85 |U12| Q30c l X9123 6 

. MISCELLANEOUS 


Nov. Jul; 
October 


An* Fete 

— NHibGMBCn. 
Jan. JunelRTZ. 


|i’nkorCcBB-C$l. 


9 

575] — 


‘ 88 


_ 

250ri 

ll Q30c 

4 

270 

375 — 


186 

31X0 tfli 

c0X 

43*2 

rem — 


862 

_ rare 

_ 

45 

UJ1 X21 

25 

130 

1S9| Q7c 

* 


6.9 


41 

3.2 


NOTES 


Valet iefeerator hvOcaCnt, prices and net dkMota arr to 


pence nd tomtodm arc SSp. tohmud pricritontoas 
natoa and coven arc kaaed «b Meat aimal repseta nd acnaata 
nj. where p — ribl e. arc H p dalc daa k^T-yearly B|WW. W&«w 
calcnltccd mu ilic haato of bh dtatrilmilaa; hractotod firava 
Indicate 10 per cent, ar BMr* dHrmscc If calcalMcd an -nil' 
a riri b att on. Carers arc kurd oa “aadnaw" dtatribotton. 
Tlclds arc taacd aa ndddlc prices, an groaa, tototted la ACT af 
M per ccoL nd allow far nine af trdsri dtKrflmtlaaa nd 
ripbla. Sccaritlea with deMnUadoos oCbrr than tterBaa ara 
qntod torinatoe of the toi aaim c at Mia- prcnlua. 

Starlinc dciuniaatcd lecnritfca which Include brascmeul 

dollar premium. 

•Tip" Stock. 

Hl£hs and lm marked thus have been adjusted to allow 
for right* Issues for cash. 

Interim since increased or rammed. 

. Interim since reduced, passed or deferred. 
it Tax-free to non-residents on application. 

4 Figures or report awaited, 
ft Unlisted security. 

Price mi time of suspension. 

Indicated dividend after pending scrip and/or rights lasnat 
rover relate* to prcvbMu dividend or forecast. 

Free of Sump Duty. , 

Mercer bid or reor ganisa ti o n in pr ogre ss . I 

Not comparable. 

Same Interim; reduced Baal and/or reduced earnings 
indicated. 

Forecast dividend: cover on earnings updated fay latest 
interim statement. 

Cover allows for conversion of shires noi now raakLaft for 
dividends or rnnkins only lor restricted dividend. 

Cover does not allow far shores which may also rank for 
dividend at a future dale. No P.'S ratio usually prodded. 
Excluding a final dividend d e clara tion. 

Kectona! price. 

No par value. 

a Tax tree, b Figures based on prospectus or other official 
critomte. e Cents, d Dividend rate paid or payable on pm 
of capital; cover based on dividend on full capuaL 
e Redemption yield, f Flat yield, t Assumed dividend and 
yield, fa Assumed dividend and yield after scrip Issue. 

Payment (ran capital sources, k Konya, m Interim higher 
than morions total, n Rights issue pe nd i n g q Earnings 
bnuod on preli m i na ry (1 cures, r Australian c ur rency. 

Dividend and yield exclude a special payment, t Indicated 
dividend: cover relates to previous dividend. PT ratio bared 
on latest 1 mnn. 1 l earnings, u Forecast dividend: cover based 
on previous yew's earning*, v Tax free up to 30p In the L 
s Yield allows for currency clause, y Dividend and yield 
based an mer g er terns. 1 Dividend and yield Include a 
special payment: Cover does no* apply to special payment. 

A Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian D Cover and P/Erado exclude profits 
of U.K. aerospace subsidiaries. E Issue mire. P Dividend 
nod yield based on prospectus or other official estimates far 
1977-78. c Assumed dnidond and yield after pending scrip 
and/or rights issue. H Dividend and yield based on 
proapeetnc or other official estimates for 1975-77. K Figures, 
based on prospectus or ocher official estim a tes for IS7H. 
M Dividend and yield baaed on p r ospect u s or other aSlcial 
estimates for 197a N Dividend sad yield based on prospectus 
or other official estimates far 1P78. P Dividend snd yield 
bared on prospertns or other effidal e st im s fes tea 1977. 

Q Croos. T Figures nsremed- V No significant Corpoca n on 
Tax payable. Z Dividend total to date, ft Yield based on 
assumption Treasury Bill Rate stays unchanged until maturity 
of stock. 

Abbreviations: tier dividend; a re scrip issue; * ex rights; a ex 
all: & ex capital distribution. 


“ Recent Issues ” and “ Rights " Page 27 


This service is available to every Company dealt In on 
Stock Exchange* throughout the United Kington tor a 
fee of £488 per annum for eacb security 


REGIONAL MARKETS 

The following isn selection of London quotations of shares’ 
previously listed only in regional markets. Prices of Irish 
issues, most of which are not officially listed in London, 
are as quoted on the Irish exchange 


Albany inv. 20p 
Ash Spinning... 
Beruun. —, 

Bdg'wtr.EttSOP 

Clover CroIt„. 
Craig&Rose£l 
onfRJV-l—| 
s&McHdy.. 
Evans FftelOp- 

Evered.. 

fife Forge.- 

Finlay Ft* 5p.. 
Graig Ship. £i._ 
Hlcsons Brew.. 
LOJLStm.£l„ 
Holt (JOS. >2Sp... 

o. Goldsmith 
Pearce fC. H.te- 

Peel Mills. 

Sheffield Brick 


23 


41 


19 


28Z 

+4 " 

23 


380 


35 


65 


27 


17 


47 


X9K 

-*? 

250 


138 

+3 

143 


237 


39 


1X2 

+i 

17 


45 



Sbetf Refishmt 

Shiloh Snlnn_ 

Slndali twmTi.... 


SO 

20 

ft) 


IRISH 


Conv.fttt ‘80/82 
Alliance Gas— 

Arnott- 

CarroUiPJ.l—. 
Clondamn.— 
ConawPradsL. 
HeitonCHldgs.) 

InaCorp-., 

Irish Ropes_ 

Jacob.-- 

^Sunbeam_ 

TJf.G__— 

Unidare_ 


T 

305 

108ri 

85 

220 

48 

160 

235 

94 

.2* 

180 

70 


3 


+3 

i+5 

+10 


+9 f 


OPTIONS 

3-month Call Rates 


Industrials 

A. Brew-( 

A.P. cement. J 

’ .SJL.. -- 

Babcock-1 

Barclays Bank. 
Beecham...—| 
Boats Drug — 

Bo waters-1 16 


BJLT.- 

British Oxygen 
Brown (Ja^J 

Burtoh 'A'-1 

Cadbury*.-, , 
Cotutanlds 
Debonfiams—j 
Distillers.—.-' 
Da atop— 
EaRleStar. 

EJiJ-j.-—-, 

Gen. Accident, 
Gen. Electric. 
Gina 


Grand Mot. 

U.S. ’A'- 1 

Guardian 
GJC.N. 


Hawker SI dd-, 
Honse of Fraser. 


I.C.L._ 

-‘Imps" 

I.CJL.. 


Invcresk_ 

KCA 


Lsdbroke... 

Legal & Gen... 

Lex Sendee _.J 
TJoydsBank. 


London BriekJ 5 


Loerho.. 

Lucas In ds._ 

Lyons i J.)_ 

-Moms'* 


8ij iNat-VesL Bank- 
11 I Do. Warmnis 

P&ODfd_ 

Plessey__ 

RJLM_ 



Thorn'A’ 

Trust Houses. 


Tubelnvest.. 

Umicvcr.^^ 
Ltd, Drapery-; 
V ictors 
Wooftrarths. 


Brit. Land _ 

Counties, 


Intreuropean 

Land S ees_, 

MEPC-.-o—J: 



r* 

5 

5 

lft 

3212 

U 

XO 

2 


Oils 

Brit. Petroleum. 
BurmahOiX— 
ICharterhall—I 

Shell.. 

Ultramar. 

Mines 
Charter __ 
Cons. Cold 
RioT. 


wfejai 

■ Zinc _116 J 



































































































34 


| il LORRY 
1 IllfUl LOADER 

enn GEORGE COHEN MACHINERY LTC 
^1 II I 1S-IS Sunbeam kuAu i.OnUUN 
r NWta 6JP TELEPHONE 01-965 SSflfl 


FINANCIAL TIMES 


Monday January 9 1978 


BKC 

Specialists in Reinforced Concrete Design 
dtlSappfiers of Reinforcement 


French Government manifesto Murray 
promises two-year tax freeze firemen 


THE LEX COLUMN 


BY DAVID CURRY 


PARIS. Jan. 8 . 


THE FRENCH Government has ful. however, not to present him- ances and a minimum family extend the idea of the ombuds- 
promised to freeze all personal self as the supreme allied com- income are promised. Less pnvi- man to the departmental level, 

and company taxes, direct and mander of the Conservative leged families with at least three The law and order issue is not 

indirect, at their present level coalition. children will receive benefits nf forgotten, since M. Earre proni- 

for two years if it wins the His electoral role is hotly con- about £110 (Frs.1.000) a month ised m recruit an extra 10.000 

general election in March. It tesLed. in particular by the Gaul- from July. 1979 - police. 

will also maintain social security lists, who will go to the country An extra three months The main interest in the 

charges at their current level w ith their own programme. The maternity leave is promised for measures for the Stock Exchange 

over the same period. Government manifesto may mothers as part of the campaign lies in ineenUve schemes for 


firemen 
to return 

to work 


By Alan Pike, Labour 
Correspondent 


Storm warning for 
world shipping 

Sir Charles Hambro (all considerably more slowly than is .far from encouraging'. For 
285,700 d.w.L) is almost anticipated last year but the tankers the situation Is still 
certainly losing money and Sir basic problem continues to be WQ rse. A XOO.OOO rtw.L tanker 
Winston Churchill is laid up in *?* "built in the late 1980s was 

Bergen. Meanwhile most of the nrftrilirp th JZ. timac ao worth S30m. in 1973 but its cur- 


over the same period. Government manifesto mav mothers as part of lhe campaign lies in incentive schemes lor oergen. hutauw produce three times as many worui *" suin - ™ ai u Irs cur " 

But it is committed to investi- already be too detailed a policy to encourage higger families and share ownership and a move to MR. LEN MURRAY. TUC general other ships in the financially sh | ps ^ ^ nee d«j in. the fore- re nt is probably not much 
gate the possibility of introduc- statement to please the Gaullist reverse Lhe recent demographic bring lhe tax treatment of shares secretary, yesterday joined the (-rippled Reksten fleet are either seeable future As lone as it Tnore than 93m. Since many 

mg a wealth tax on big private official leadership, which is out- trend which has so preoccupied and fixed-interest bonds into line. 0 ff 0rt to persuade the striking , f rk or UD r or cai- in remains, it is hard to he onti- owners have been selling off ton- 

f ™ nes - side the Cabinet. politicians. particularly the Industry, apart from the tax firemen to call of their two- oul Of work or up tor sale, in mams,. U is hard to be opU- survive, the dramatic 

These, with promises to help The programme - and there Caullists. The linking of freeze designed to improve its month-long action. He urged the the first six months of last year m^c about the outlook for ^ P dramatic 

old-age pensioners and the lower js nu guarantee thal lhe present Inreased benefits primarily to financial resources, is.Promised Fire Brigades Union’s recalled Reksten lost around $ 30 m. and shiPPiog and soon it wiU not u, ‘£ 

paid to guarantee a minimum Government would be re- families with at least three a return to free pricing but COQ f e rence io “overwhelmingly ft nnt for ^ largesse Df be.tte Norwegians that are f®£** vaie “ wr “GUiairy proo- 

family income and lo improve appointed even after an election children betrays the same warned that subsidies to State endorse” a return to work. ... ~ considering nationalising part o£. lems - 

the position of women, are the victory-con tains Gaullist echoes, anxiety. and ornate enterprise must be , . . t - tbe Norwegian Guarantee instH their shippmg fleet. . . - . UQlejJS there ^ a substantial 

essentials of the election mani- f n particular the emphasis on An Increase from Frs.30 to ri,n down. firemen's efforts and sacrifices tute • Reksten s bulkers ... ' improvement in freight rales 

festo unveiled at the week-end encouraging bigger families and Frs.40 a day is promised for lhe The measures are a statement dS two raonfhl had (Hambros included), the group, , P e lD ternaUonal Maritime ^P^ment in freight rales 

by M. Raymond Barre. tbe the [reatment of the family as poorest category of old age pen- of President discard d'Estamg's over the past two months had (Hamorosmciuu , sxu p, lndustry Forum has estimated °\ er “5 " e *V, c . 0 . upIe . years 

Prime Minister. an ecoaomic unit. sioner from 1979 with free "advanced liberal society” ideals Laid rtl3whJ e gains * Mr along with a number nf other many of the smaller shipowners 

The programme. which medical care. tempered by economic restraints E .-nr„, famous Norwegian shipping vireTPAliwnhnsTSmoFRElfcHT could go busu Already there are 

5SS C 0 ^' nu ,h- V ar, -,mho-7j;,r- Insistence The Government will introduce «P«* Cellist .homes U() P n f companies, would already have ^TRaDIM^TS AMI FREIGHT signs , h financial crisis 

opposed to the upbeava n incentives lo encourage The general message is one of H?™ ♦__ — - --, is spreadmg.beyond the Scandi- 


--- _ . _ au vLVUuiuit, i 

The programme. which 

stresses continuity and reform as Incicfpncp 
opposed to the “upheaval” 

promised by the Left, is the The iniprov 


promised by the LoaTs.be The .mpro.emen, of the status SAX: h™n S g Ho. of <h. .njk m had .p rjKtec^ withon. trace. 

frf Giscar ‘ ffiS'oi bi c'.rs^. p t &^t.%rco«fr^ £ h tls 

™pr^ff^eSrvc-o,^ -ss ssss? km a^si-ss rsss 

personal interest of the Presi- over policies of immediate social down lo 38 hours for those in both the Government's own elec- U1 ®* ha * e been * forecast that 60 orwe^an 

dent, though tempered by the aD( j economic reform has the more unpleasant jobs. A tion campaign—which it is now The firemen, he said, were shipping companies—owning a 

need to limit promises because coloured the programme. continued effort to increase the favourite to win—and the Prime being offered a formula under- third of Norwegian tonnage— 

cf difficult economic circum- There are relatively few real value of the minimum wage Minister's final emergence as a written by the Government which wnu i d be in serious financial 

stances. promises that will bear on the is promised politician with more than a would mean a substantia) pay difficulties next year unless 

The Tact that the manifesto budget in the next two years A savings scheme will l.e purely economic dimension. rise this year and would, by substantial improve- 

was announced by the Pnme which. M. Barre has already said, devised specifically for young At the end of the month the Novmnber next year, put them 7n rhe deDressed freight 

Minister before a i. 000-strong will be taken up with completing peoole. President will embark on Lhe in the £100-a-week bracket, then men l in LQe oepresseu ireigm 

audience at Blcus with the entire the economic recovery pro- Under the general heading cf campaign trail when he visits keep them level wilb skilled markeL 

Cabinet ranged behind him indi- gramme. * creatine a more just societv'the Burgundy and will indicate in workers. There would also be a The Dicture in Sweden is no 


encourage 


VUJC TRADING COSTS AND FREIGHT 
RATES wau-wesr 


VOY&K COSTS * 
OPBUTWG COSTS 
:Ewktf»jCapnau 


VOYAGE COSTS , . 
IBUNXBg-PORT CHARGES I 


-Smala vonwilK for ttapx - 
d&jMOm and nws , 


The picture in Sweden is no 


Uouta up mfim 


cates the President’s desire to The family and the role of die Government is proposing to’a keyno'te speech “the right six-hour cut in their working better—over a third of its 13m.- 
see M Barre play the role of mother are singled out for the introduce Abe principle of habeas choice" the French people week later this year. inn fleet is idle and the Swedish 


electoral leader. most generous promises. A corpus into French law. to leg is- should make at the election. “These are very substantial ehVnn^nereAssociation recen’tlv 1 ----- J many of them-have been expen- 

The Pnme Mfa g care- regular mcrease in fam.ly a l l 0 w- late for .oral ref-renda and ,n Cmm.-.s. Pa S e 2 Murray. ^ fts ml^h era tfiut tauker oparariug laasas ^ bartered from Y.K. Pao's 

me that they wish they could could face a S270m. liquidity alone will amount to $& 8 bn. World-Wide shippirig^pmip^and 
Continued from Papp 1 • A XW -a tb-b get a deal like this one.” deficit by the end of this year, between - now and- 1980. At T 11 ^ 5 IS] aoa Navigation. 

^ ^/§ 1111w" d~)l 8 The Salen Group — Sweden’s current spot market rates Very Tf these.two. are forced 1° re- 

^ . IV lill S Si UTS I3.CG CS1HIB6HSI0 Uncertainty largest shipowner-lost dose to L^e Crude Carrier (VLCC.) " e f oti ?te charters with 

J." J-llllk/tiVl. kJB IMvv „ ,, . • , S20m. in the first half of 1977 are no t covering their ninirmg. ch * t Japanese, bankers will 

° d ica tes^^the^ncertahit v mo'ne without Government^ let alone their .reaU, start to worry. 

J "B • J A "B TUC leaders over whether the supporL ought have to sell off costs and it is reckoned Uiat „ ' - 

that his extreme views would be CJTPAl Itlfl HRlfV lAFTAFC FBO conaren^alBridliJstOT nearly half Its Beet The rates will have to rise from Mergers ahead 

more of a. liability than an asset 1B on Thursday will endorse tbe re- Brostrora group is expected to t beir current level of World-. • ... 

on a negotiating team. commendation of the union’s have lost well over $20m. last scale 25 to Worldscale 60 befnre Other shipping companies are 

The Israeli team for tbe executive to end the strike on year and other groups such as VLCCs start making money less exposed. National Bulk 

military’ committee, which wiil gy ruperT CORNWELL, LOBBY STAFF tbe bas ‘ s a twl>year Pb ased Malmrns and Granges Shipping again Carriers, owned, by D. K. 

start i is wnrk in Cairo vn pay formula. are being bailed out by the ' Ludwig, .who is reputedly the 

Wednesday, five days before the TOli . rri .. ....... 4 4 4 .. 4 , . . J . However, one of the deepest c wet *j-u Government The Position is- now little richest man in America, has the 

political ' committee, will be TOE GOVERNMENT is consider- high-banded treatment they repor£ are properly debated in causes of ^cer among the sink- 8 ' weoun ^ overnmenT - betler in the dry cat^o trades, bulk Of its tanker fleet on long¬ 
headed by the Defence Minister, in " how it will respond to an received from Whitehall and the House, 'nstead of being era is the TUC's refusal to sup- cnnalk ' ' In its latest report Matheson terin charter to Gulf Oil And 

Mr E« r Weizman. Stwbin »*««- CSS ^ '* ^ ! R ort their ^non and ,, Is ques- Fmancal Squalls -tStaSUSS SSFtm while Uraen Z Mart 

The political committee will tbe commons Committee on lnt0 BSC - culminating in the tiooable what eflW the views oF While the financial position of it cost *8,500 daily to operate s time lYansport Lines are 

an b m r»ol° S TH ^ Nationalised Industries will de- [« fu “ | b - v Sir Charles Villiers. J? b SnKriioo? °to'on them ” 1 ^ the Scandinavian owners is con- 55.00{W.w,L bulk carrier fcnot probably not making any money 

Foreign Minister. The only man man d confidential correspond- *he Corporations chairman, to \ .. . “ c °l° _ siderahlv worse than most other ennntinir denreelarion.. hti rf .t nnimf »in m *ho 


ton fleet is idle and tbe Swedish 


ibj r 
*76 


AK1JJ (HID 
1977 ’ - - V 


could gn bust. Already there are 
signs that the financial crisis 
is spreading, beyond the Scandi¬ 
navians. Just before Christmas 
Japan lines, which operates 262 
vessels totalling 20.3m. d.w.L, 
asked for a moratorium on Its 
debts and while the top two 
Japanese shipping companies, 
NYK and Mitsui OSK lines, seem 
well able to weather the crisis, 
bankers will be watching with 
concern what happens to Japan 
lines and also Saoko Steamship 
(315 ships totalling 25.2m. 
d.w.L). Both of them have a 
much larger exposure to tankers 
than Reksten. for example, and 
many of them-have been expen- 


Continued from Page 1 


Begin 


that his extreme views would be 
more of a liability than an asset 
on a negotiating team. 

The Israeli team for tbe 
military’ committee, which wiil 
start i Is wnrk in Cairo cn 
Wednesday, five days before the 


Ministers face challenge 
on steel industry letters 


BY RUPERT CORNWELL. LOBBY STAFF 


M^Sordeca^Tsipp^^^deputy SfSSHS ^’u^tr^uring,° f ^ ^ JTSSf te2fek% U |an« Through JlTSe cnnS&'a? meet SSpS?- SSSSlT SS^S SSS^chmSS^me” owiJSJ 

^ if — - , sans-ii%s^rssaffi ssmraii s ff.s.arr 

settlement was created to-day at The move has all-party sup- th c subcommittee of lettera car J whose f st ls , put - at fl nbn *; the strike. Those brigades financial strains are now being Meanwhile-.- the laid-up gas over the rough patches. 

Shilo on the West Bank. This pon'in^ SUmSlSe^n written to'years ‘n^ftffin ha^vJterfi as in the bulk cargo mar- carrier fleet has doubled in site ^ for the big UJC companies, 

was set up by the extreme BSC. which is due to report on between Sir Charles and Mr. slr ‘ P m . 1 ,, l \ ^ position hav(e voired much as ket At the be g,nning nf last during the past year and. with the liner ^es and container 

nationalists Gush Emunim move- Wednesday. In the absence of a Eric Varlcy, the Industry Seen- Unquestionably the demand senior ur Vn -!t the year ir was reckoned that it the LNG fleer expected to In- qD erations remain profitable 
ment 30 of whose members conciliatory gesture from the tary. It will be up lo the Govern- for evidence withheld from bear- Th J- ° n > (If™ ^ ^ m would be three years before crease by a ; third this year. K nwpvpi . nf nrivate 

moved on In the site to-day. pro- Government il u>uld command ment to decide its reply. in.ss last year will provide tbe s ((l al . Hncp conditions returned to nnraiaL ownerfs operating in this sector ■Kinnino’ mmn!ini» Pj 

tected bv 3 unit of the Israeli ihe hnrkino nf mainritv nf _ .. ... . . significant test case.. Tbo out- Thursday will be very close. r,.“ 7 __ r. " “ -L .Zll J ; . shipping • companies .could be 


umjk uuiuuuu wiuvc- weaneaaay. id me aosence oi a variey me inuusiry aecrc- . ... .. 1 “* 11 ^ m- nnoratinns remain nrontahle 

q 3 „° t.’ib.’lffuJKS SIS rlSSfd ^command SS’«'JSSfS “ S3SJ2 KnS oS^Atinfid K S 

IS? ^, bacliins ° f 3 mli ° ri,> ° f 1 J%SLFr££?l2S' of cMd'Kan^rr a, U,/ » “ ff— « iSiC Si.“olnVdSi™”" B,bby 

!£ ST , Mr«i. 0Blr ss £S £ sr^srofii» ssb s-™ vs? r s? 

Jurek ittanin reports from liament lo rc-assert its historic i ndl ! st rv AltemaUveTv he Mu d Servaots and induslrv ' 63 fir <* brigades. Much will de- over before the early 1980s at they are beginning to suffer Transport in terms of tonnage. 

Wasbinglon: Dr. Zbigniew control over the executive, and classif .. the correspondence as Un paper the Commons has pend on how the delegates from the earllesL from Soviet Tate CDttfng. has a heavy exposure to gas 

Brezezinski. the U.S. National ‘'omes barely a month after a Cabinet pape.s. ensuring confi- virtually unlimited powers, but the seven large metropolitan At lhe moment s per cen t, 0 f a good barometer of. the carriers and' the bulk trades. 
*if CUr . i u y Adviser, warned to-day inmdrv imn thn dentialily For 30 years. has been increasingly unwilling brigades vote. the world fleet is idle and a financial condition of. tbe ship- Indeed the next couple of years 

that the Israeli decision to ex- *® ri - e a pubhc inquiry into the to use them, with the result that The metropolitan areas have F fh o 10 j. eenL is egt i D h,o fhdnstrv Is the secondhand will orhhahlv sep mmp of thp 

pand existing agricultural settle- Crown Agents affair, against the Th e commons seems unlikely Setect committee recommend a- eiveu the strongest support for further »-iu per cenL is esu pmg mdnsiry is tne seconananq will propapiy see some of the 

meats in aorlheVn Sinai could wishes of the Cabinet and While- to be satisfied by any such ^ h™ b e t n filuenlly tne strike and delegates from mated to be running at less market, and tbe 30 To 40 per smaller U.K shipping companies 
turn out to be “poor judgment" h3!1 - gestures, since one purpose of disregarded I these seven brigades command than full capacity or speed, cent, drop in secondhand cargo merge Hito larger groups as 

and could complicate peace ne°o- The M . Ps are furi, >us at what the sub-committee’s stand is tn - between them almost half the Admittedly, world trade grew ship prices over the last year their cash flow problems mount. 


Washington: Dr. Zbigniew | control over the executive, and classify 5 the correspondence us 0n P a P p r the Commons has pend on how the 

Brezezinski. the U.S. Nalional ‘' omes barely a month after a Cabinet pape.s. ensuring confi- virtually unlimited powers, but the seven larg. 
Security Adviser, warned to-day successful rebellion by MPs to (jgufjjjj.y for 30 years. ° has been increasingly unwilling brigades vote, 

that the Israeli decision to ex- L orce a P ubl| c inquiry into the - ... , to use them, with the rcsuli that The metropoli 


turn out to be “ poor judgment" 
and could complicate peace nego¬ 
tiations. 

Dr. Brzezinski, however, choos¬ 
ing his words with care, sug¬ 
gested that such Israeli action 
should not necessarily be inter¬ 
preted 3 s a sign of “bad faith." 

Later, in a televised interview, 
he was effusive in his praise of 
the statesmanlike Dualities r.r 
Mr. Begin, indicating that the 


wisnes or me ^aomet ana wane- 10 sausneu uy any such (I(j| | S b ave been frequently 
hall. gestures, since one purpose of disregarded 

The MPs are furious at what the sub-committee’s stand is tn ’ ' 

they believe to have been the ensure that Select Committee Conservative strategy Page 3 


New call for Ulster withdrawal 


BY GILES MERRITT 


DUBLIN. Jan. S. 


conference voles. • 

London vote 

Probably tbe most significant 
single factor will be the way in |]K . mn . v 

which London delegates vote. 

Britain’s largest brigade voted RAIN BELT will move S.E. 
against strike action at the Nov- across England and Wales. | 


Mr. Begin, indicating that the I vmber conference which began London. S.E. England, E. Anglia 

U.S. certainly dues not want the MR. JACK LYNCH, the Irish government in Northern Ireland U.K. are “quite good.'" but madej^nocar^i^have fficreased'slnce Wind ^ or SW* ^Hehi^or 

? h 'SL t bl ss p L in,e , h l}r: ilnT - r.?*»«** p«p.* »*»« snum .nd«- t h p r?i” k ?,i h .nJd. ,n d MaJwcir!! or 


up into the sort of block that. affirmed his government's de- scribe. rated an interest in encouraging] . . ' . 

could stall what the U.S. still sees : mand that Britain should declare Mr. Lynch acknowledged lhal Irish unity there emild be little ; Y° najn _5 e J®^ s rr ?Y P^ 3< y 
as the considerable momentum a n intention to withdraw from in recent months Ulster's level fundamental .rjreemenL ( ronnuui on inuranay ine trans- 

towards a peace agreement. Ulster... of violence had dropped. He did llIIP r<irfwenAllH( . nl I fer , °L ,tS ^ !!L“ nc ! 

Dr. Brzezinski held out tbe pos- Mr. Lynch said on Ireland s not think it was possible to speak V“L 1 01,1 n ,h f VOt 5, S °vL^u j 

• « .1 . n m w ■ r.T'T* i- _ .I i l._ i: « . \ ■ WTlLBS. I fit* hr !Sh iiUPmnionV i smaller rnnntrr nripanpc uinmn 


sibility that Egypt and Israel RTE radio that he believed the of defeat or victory in the eon- 


t- . . _ _I Uitr 3UIAL’ MdllCU. IIIVUCLOtr. ITIBA. UU \T*»V I. 

H S H " London rejects the pesce CenU S.W E. E, E Und. Jlldltrads. 

fun da m-n’ a i Tre/mnf I fomiula on Thursday the irans- Channel Isles _ 

fundam.n.ai . .reemnL fcr of ils 6 000 votes wi n cancei Rain early, becoming brighter. 

Our BeHast Correspondent ] out lhe votes of a number of Wind S. or S.W., moderate. Max. 
writes: The British Government j smaller country brigades which 7 C (45F). 

is understood ;n regard Mr. > may now favour a return to NJL, N.W. England, Wales, Isle 
Lynch's remarks as untimely and i work. " of Wan 

unhelpful in view of the present! Ther e will be bitter argument , Rain early scattered showers 
jitU'mpi bv Mr. Mason lh6 • .|j conforcncp over ahoui l3lcr. Wind IV. or.S«vy M modersite 
Northern Ireland Secretary, to , 7.000 votes which are held by re- ° f I^ esh - 7C ^ 45F >- 
tiring the P r| Iincal parties to-, present.Hives of part-time re- ®? r ^ rSl Ertlebni^i, Dundee, 
gether to find agreement on some , [ame( j firemen Aherueen, S.W Scotland. Glas- 

;h n,, n r ? f vm n,cr,ni ccvo,ul,on for! Most or these men have not gow ’ Crnt ' ISI A W". 

tn^ province. I i„ ih.. oi.ii-. N. Ireland 


...the next step 

A general gui* * 0 *® . 

Social Security Pensions Act Wn 


Mr. Begin told Newsweek maga-1 within his lifetime there would did come his government would leffier m find L"ruonn-mon^om« P rtse "^ ,,ves of P art ' time Ah^d^'n S W Sroi'land nlt 
zine this week ihat he believed 1 be a form of administration, “naturally give careful con=idcra- [amed firemcn ' ew St ffi 2 hS 'A 

the only fair arrangement for north and south, thal would be ucm to some form of amnesty" l h .evututioo fur. aiost Qf lhese m ^ n hav . p nol 8 . L »T„hlands, Argyll, 

Palestinian autonomy was one aeceptahlc. Mr. Lynch said such ,, r iniiication nf ^entencr , s for ' * 1 taken part in the strike and some shower* m\vha n r> nnu , _ 

that did not threaten the security : a system might be an interim Prvisional IRA members serving Mr. James ?.lol; neaux. the; delegates froni brigades which j n f ( , rva i- ' winil vf L’Tw 

nf. Palestine .lews. “This is the . step towards re-unification. prison sentences in the Irish Unionist leader in the Commons.. want tn continue the stoppage f ^ ,, “tr raiFl & ' w ” 

only f 3 ir and positive solution.: In the meantime, he said. P.eoublic. said the remarks by tbe Irish; are expected in protest against (w orav Firth N F nw'cmii 

There is no other.” he said in 1 there was unlikely to be peace Mr. Lynch said the Fianna Fail Premier were bound to harden 1 the retained men’s votes being ° ■ n P‘ * 1 ™■««»iiand, 

an interview. .in Ulster until there was a Government's relations with the Unionist attiiudes. taken into account. Wintrv h S ' nei w™ a ^ w 


■O by tbe Irish; are expected in protest against MnKlv rirfh nf m w e^n ^ 
uunci lo harden 1 the retained men's votes being 0 - ^retland. 


taken into accnunt. 


Finn backing likely for share options market 


BY MARGARET REID 


Council 


STOCK EXCHANGE Assuming that the London pro- Sydney Stock Exchange in Aus- nf problem- which have delayed Accommodation 


plans jeet 


expected tralia has been closely followed the originally intended start of planned options market will be iv-tiasr 


Orkney. Shetland 
Wintry showers. Wind W. or 
SW . fresh or strong. Max. 4C 
(39F). 

BU SINESS CENTRES ' 

■Vday \-day 

I .Unsrdm. r 1 34 Madrlil C 7 45 

Aibens C B 43 MTanrhestr. C « « 

Bahrain S 24 73 Hrlhoonw r 20 « 

Rarrclnnn S II 7 Milan F C 43 

Rotla&r S 5 <1 Mum real Sn n ,t> 




Growth • 
. Pension 
' Fund 

Progress a*i l tiinrtnw 


°thep 




to-morrow to launch a London impetus to-morrow, there could in the present London plan. London option* trading m the provided on the Itoor of the £ “j 

market in traded share options be a tense raw to be first for the After prolonged preliminary modified rnrm .*. «ms to have present Stock Exchange in Lon- urmohm. c a 4ajN-w>-a«h> ^ 

under its own control in April, riff between the British options studies, the Stock Excnange reached lhe pomi where the time don through the adaptation of g rt ’‘ ,0, £ J «,N<«*Yort; r * '« 

The chances appear high that market and the Dutch project Tor Council cave ns backing in m:d- 1 * r:p? for th» 10 um.il to decide one of thc existing jobbing £ _lj Sip' 1 ", !! £ 

it will give its hacking in more a European Options Exchange. 197K to the principle i.f launch- v.h 'iher 10 civ,.. u final 20 -abead podiums for the purpfwe. prob- n. .\ ir « s m wlrvnh .n •» ™ 

Dosilive and unqualified form which is due lo begin in early iny an option; exchange ;r. ci- eoini:iu::n? lh.' F\< nange much ably with the Exchange itself Ca'rn s tj wIpt.ikh.’ 'c i ii 

Lhan hitherto to this tong- April. operation with Amsterdam <m more fui!> than '».?f.ire to the providing or assisting with the ^ ^ if r ^ m 

discussed project. The two oroiects were con- model of the ^5(*0i:i-3- OjT ,>ruject. cost. oiviino F 1 w Romp F 11 w 

discussea pruj ine rwo projects were cun Bftarf1 ftpl!oas ^char.^-. ^ , The Bank of England is now c«,w,h a «.. c 3 37 s.nuanore r » ^ 

A decision by the council to iJSjLtion The exlcn/ Considerations of co.s:—the Demand believed to be taking a favour- s ? S sS3K? n r i S 

give the scheme its active sup- a single operation The ext nL the London project There h, * been extensive dis- able view on one matter which J vrankfun f- i ra r a? to t 

port will mark a significant in- -; h _ con-^rns will oarlieb was then flm.-and control over eu^sion inside and outside the may be important in decisions F * r - *• « 

crease in «he _R_ec of progress JJl °g %. e “S LjJ”' JSSS. an. enterprise then envisaged as Stock Exchange about the de- as io the participation of British s J wIt!*™ 1 * £ '2 37 1 

towards making the development P at * , d ' u llracteii being separate from the Ex- crec of demand v.-nich exists for firms in the projected Amster- n Korw s n 75 totSSio r 5 4 ? 

a reality. The new market would no *.ijraHjajj change led some month? iater to a Traded share notions market, dam options exchange. | == ™ ^ nw E 3 ” 

allow investors not only to buy Portt Iron iand, France. shelvln , of lhe c , ri ,. nj] Lon . Xow . thy ^ formins that In response to Dutch requests c '! » % J. « 

options to purebass sbares in .P nrohlpinc nnt vet fullv ^ on scheme, while consideration only h> making a start—effee- that British investors should be Luxe mb’s c-i w 27 

future at pre-determmed prices. * ®. V J ■ of the Amsterdam project pro- lively announcing that an options allowed to buy options on the --- - 

as at present, but^ to trade in ™ ceeded. market is in business—can the Amsterdam options exchange HOLIDAY RESORTS 

the options themselves. C-norafp Early last year, however, the Exchange nm-.c forward in re- without paying the investment -F~ i 3 — r r - JZ —r— 

ir »v.p miin.’il of tbe Exch.-.ngc, 3 cparaie five jpadina London icbhers with <onn-^ in whoi oaoears to be premium the Bank is likely to Aiders s 17 S 3 L^stoms s ,0 S 


S M M | Prew C I 

C 7 43 Rnvt-lavilt F — 4 
C -6 21 mn j'o r 
F 2 an J Rome F n 


must be made 

-it fenow amatto crf.urgcncyfor all erapk^rers. 
Crusader’s experience oflhe Pensions field may well 
providethe solution you are seeking. 


Douglas W.ScottManager<5ioup Sales & Service 
Department, Crusader Insurance Co. Ltd. Vincula House, 
Tower Place, London EC3P 3BE. 


C 14 57 
£ K « 
R 5 41 
F 3 37 
C I 34 


tion only by nuking a start—effee- that British investors should be mxeoib'e c -3 w* 
pro- lively announcing that an options allowed to buy options on the 
market is in business—can the Amsterdam options exchange 


the options themselves. ^ 

If th*» coiin-’il of tbe Exch.-.ngc, five Madina London icbhers with oon*o i>> wool .^aoeara to b* 3 premium the Bank is likely tolsidorT s t? Sl Laa Mma 1 » m 

whose chairman is Mr. Nicholas . ... . , certain stockhroker? revived the a real tk-manU for tbe new agree to this—subject to bnai 12 Miiorarno r s - 

<SXK™ i™ tfi expected go- ^Uon* ff '»,£ nf .a modified scheme of ,e : vice scrutiny of the proposal.^ far 5SSS t ? WSS I il I 

ahead to-morrow, if will do so Sh nnilon rStSi has been lR,d,n " J- n -^re np ionn to ne *uperv!,io n b ythe Stock Ex- as acquisition of options by c 5 <1 Mali. s 1 ! « 

in the know led ce that to a large options niar ket hjs nee n riJn w ,lhrn ih^ Stuck Ever, mge change n.^sif .,v»r .in activity British investors of options nn t TO b s 53 77 Nanh* s n jj 

extent, the problems involved pmim^hroSb' option p"J !n b p kn ° nV"- S: ?«Fn! wh!vh w,n l "' '”' ,n ^ted within British securities In Amsterdam SKm s ? S km, r " ^ 

in Lhe scheme have been sorted JJ^ic ° P * * rough option E'^reire Pnre Option* rFEPuSi. 1 ;* r.v.n organic;ion is to be is r nn cerned Karo c 1 * s« rwh-ti, f {* ^ 

ou t aeais. The council endorsed this idea, relied r.n -j? - t ;*ro:...-rion ai’ainsi Where purchases or options h.v P I* ** Rtartes r n si 

The Government has been kept Originally envisaged as being which has been studied infer.- .ny ;.r,s.ir.i’,i ; .- „( ahuse n ( the Bri:ish people in Amsterdam on ? « Sited? p 2? 

informed of thc discussions and done by hand, with a computer sively since ny cnraraitv? kind which hav.. h.—n alleged foreign securities is in question. iniuhm.'ir p -? -?s T-n^rifp p 14 37 

seems content to allow decisions W be added later, the clearing under Mr. James Dundas Ham:!* :n certain U.S. markets and the same rules as apply for }«»«»■« |! * f Tanis f 19 » 

to be taken hv ihe Stock Ex- system is now to be computer- ton. a former deputy-chairman, which hav... minded the at ton- British residents’ investment in ijE£|U g S ^ f S 

change, which would itself super- run from the start. It appears Preparatory work which has iior, of :he .A:iierie.-n Securities overseas shares generally are F _ FatP R “ ” 

vise Lhe scheme. tbat the clearing system of the had to contend with a number and Exchange Commission. likely to apply. f^Fok. SKSteT sS-inw ' 


ceeded. 


.. « 

/ amJnterested in the following Crusader Booklets (J as required). I 

I 'j —1 Pensions _ r—iTha Bneritus 1 —iSrowth 1 —j Pension & other ! 

l_itfe next stqp.t 1 Fund -LJPKUBODRmd J J Benefits fw Executives | 


eparaie five ipadins London icbhers wi’Ji * 

„ „ .... . , . certain stockbroker? revived the a 

One factor which has delayed 1( j ca n p a modified ?cheme nf *. 


Early last year, however, the Exchange nuc.e forward in re- without paying the investment 


HOLIDAY RESORTS 


F 13 HIJpiwv 


Rouliwno C 5 41 Malla 
r>nnTiwn S S3 77 1 Nanh.^ 
Corfu S B 4*|Nin> 
HnhfTUTjlR S 7 n Nlrmla 


Address. 


(ioodison gives the expected go- fin ^ ’ of ? aw for the ! dc 2 nf - a ^ 

uhwsiri in-mnrrnw if will do so nnansauon ot puns tor un tmding in share optioni to nv *upe: 

in the knowledge'that, to a large f h " l {S, 0 °EfSriafiMW tfS "'S , wi, jJ in L ,h<% ch v , jn ^ 

extent rhe nrnblems involved ‘ ne . l »Tv oi clearing sysiera id w ;md tn be known a? . S:andar:?ed which : 

K scheme'havc^eciTsorted jjj, for P u,tin ? lhr ^ b ° bll ° n E-re,re Pnce Option* .SEPOS, it? nwr 

aeais. The council endorsed tm* idea. re!:eu r 


S IS SB 

r is a 

S 12 54 

5 la 38 

F 10 SO 
5 if a 

F 14 57 
R 11 5’ 
F | 34 
P 18 HI 
P 14 37 
F 19 SB 
C 13 55 
F 8 43 



INSURAfiCECOMPANY LIMITED » 

Established1899 I 

A manberDf flie Bowring Grotip'l 


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