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No. 27.606 


Monday July 10 1978 


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CONTINENTAL SELLING PRICES: AUSTRIA Sch BELGIUM F r 25; DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANY DM 2.0; ITALY L SBO. NETHER LANDS F| 3.0; NORWAY Kr 3.5; PORTUGAL to 20; 5FAIN Pu *0i SW EDEW K r 335; SWITZERLAND Fr 2.0; EIRE I5p 



GENERAL 

Heath 



take on 
Premier 


Tlip Ti»r>’ election campaign 
will concentrate on undermining 
the vote-winning qualities nf 
Mr. Callaghan. Conservative 
strategists hope that Ms. Eduard 
Heath wilt lead the attack on 
the Prime Minister. 

Mr. William White law. the Con- 
servative deputy leader, said Mr. 
Heath was "uniquely qualified, 
rs a former Prune Minister. io 
eximso l he somewhat arrogant 
enmplficency with which Mr. 
Callaghan presides over a most 
incompetent Labour Govern- 
ment.” 

lie j:.Md Mr. Callaghan was “a 
weak leader at moments of 
decision and a very petulant per- 
vinjliiy under pressure.” Back 
Pace 

Secrecy complaint 

The White Paper on official 
«i:er.'i> is expected to provoke a 
L'*i , 'uir Party row. Left-wing 
VP? are criticising the Govern- 
men; lor lulling to accept h 
- tiMiimy riviil of access to official 
informal urn. Back Page 

Singles plea 

PfT.nia vlio suspend their careers 
:•* cure for the elderly or infirm 
;lm!i|«l he entitled 10 protection 
< r rmploynient for a specified 
period . >.iy> a report from the 
N.iiouvl Council for ihe Single 
Woman and Her Dependents. 
Pag.- 3 

SWAPO talks 

l : v-i u> Nnlioln and Mr. Frans 
;\.d.uii:iiiu have been released 
fi.im detention to take part in 
i mi.* v '* t.iJk> in Luanda hot ween 
'Vestorn envoys and ‘SWAPO 
n'oie>cniatives. Page 2 

Basque riots 

\; iPiSt one demonstrator died 
.nd hundreds of iwnpl** were in- 
jured in riots between Basque 
nj:i<in.ilisis and Spanish police. 
l'i’m;iiis»r.itor> calling for an 
.iinncrty ;or political prisoners 
in* :: ded Pamplona* bullring after 
i h»- .tmiu.il bullfight. 

Body sighted 

\ body has been lighted inside 
iriv l Istcr farmhouse where IRA 
Pr.*vi*son.ils say they dumped 
RIT CoilttabK* William TurbitiV 
body. In liaruve prison, eight 
It; A men spent 52 hours demon- 
•-I rating on the root, calling for 
ve«- -ignition a.s pnlilii-ii! prisoners. 

Front victory 

i he National From or Prune 
W niV.vr Uniuk Hus-eiii Onn has 
>.u*|tt hack u> power in the 
Mai.i' -lan gcnent elections. 
Page 2 

Kill and coo 

Too French men have been 
(■barred with hunting at night 
in a public building They were 
,.,.,;«ht m Notre Dante basilica. 
Sain) Outer, wuh air rifle.- and 
|.,-g of -hi dead pigeons. 

Briefly » . - 

L'jO.fNin wrcklv premium bond 
pri/.r v on by Roxburghshire 
ImUier of bond 5FF 43 1826. 

\i basi 16 people died in a 
tt inifa cmcni.i fire. 

J lie desirnyed fm per cent nf 
ibr Rio d*’ Janeiro Museum of 
Modern \ri cut I cell on. 

Mr. John Orion. 1«C. ami hi» wife 

H. irru-l. Uhl. celehralcd Iheif 
7 'njii wedding .mm versa r\ yeMcr- 

Mr. Nicholas Fairtoairn, Tory 
Ml’. people who wear un- 
pnii>hcd shoes are " dimwits and 

-iuiihcriU’suRions. 1 

The hud> of scientist Profcwor 
i.C'.ree Kenner was found lyusior- 
,I; (V on the Ciwvdian Hills, near 
Mm id North WyU“t- 

\ Intel Ra/vak A I- Naif, a former 

I. M.-ii premier. i> in hospital after 
Iviflc «hni oulsiri.- the Hyde Park 
jiiiiMriinuncnlal Hotel. 


BUSINESS 

Further 
drop in 
inflation 
expected 

9 ENCOURAGING news on infla- 
tion and possiblj money snpplj 
rantrol is anticipated in this 
wcek’s new statistics. Banking 
figures due tomorrow will indi- 
cate the initial impact of last 
monihs control package, ihc 
main factor being substantial 
gilts sales. 

City forecasts on money stipp);. 
growth have varied widely, from 
a 1 per cent growth of M3 in a 
1 per cent decline. 

Friday** Retail Prices Index is 
expected to show a further drop 
in the inflation rate to possibly 
7.1 per cent. Back Page 

• BRITAIN’S reservations, evi- 
dent at last week's Bremen EEC 
summit, about, proposals for a 
new European monetary system, 
will make it difficult for Europe 
to present a unified view at the 
Bonn summit this week. Back 
Page 

• REACTION to Bribin'* 
decision to press ahead with 
plans for an international opera- 
tion for reprocessing spent 
nuclear fuel al VVindscale wilt 
he discussed by senior U.S. State 
Department official Dr. Joseph 
Nyc. in London this week. Page 
30 

• OIL COMPANIES are seeing a 
shift in petrol sales to the four 
star grade. Institute of Petro- 
leum figures show -four si.ir 
petrol deliveries in Ihe fir.-i 
quarter of this year rose by 17 s 
per cent, compared with Ism 
year. Back Page ‘ 

• LONDON POST OFFICE 
engineers will hold a half-dj> 
strike and mass rally mmorrov.* 
in suppori of their claim for a 05- 
hour working week. Page 3 

UK car sales 
rise by 34% * 

• I K CAR SALES increased by. 
3-1 per cent Inst month compared 
with ihr same period last year. 
But importers captured 4S per 
cent of total registrations. P31 

• NATIONAL UNION of 
Teachers decided tn press the 
TUC for an entitlement in day 
release from work for 16 to 19- 
year-olds and the right to six 
weeks' paid lc-avc a > ear to 
attend job courses. Page 3 

• UK AEROSPACE industrialists 
hope that lodw’s Commons de- 
bate cm aerospace will spell out 
i he I'lOifjmmeni's plans for the 
industry's future. The debate 
takes place amid growing frustra- 
tion- and unemployment fears in 
the industry. Page 3 

• ASSOCIATION »>r British 
Chambers of Commerce calls for 
wider powers for the Bank of 
England's Governor in enforce 
in one i a r> policy. Page .1 

• FEDERATION iff Master 
Builders calls for more Govern- 
ment aid to improve insulation 
standards in the domestic sector. 
Page 3 

• BRITISH PROPERTY Federa- 
tion has called for ihc abolition 
of Industrial Development Certi- 
ficates. a] least for a i rial period, 
in a hid to simplify planning 
matters. Page 3 

COMPANIES 

• BPB INDUSTRIES pre-tax 
prnfit for the year io March 31 
was £27 25m. c< mi pa red • with 
127. 15m m the previous year. 
Page 28 

• JAMES FINLAY '’orporation 
i* In buy all llw capital of 
t'harierhousc Jjphel unit 
Management and the four unit 
trusts uuder ih»i company s 
control, lor an undisclosed sum. 
Page 28 

• HEN ALLY. 1 1 w French 
vehicle manufacturer, k spend? 

injs £lm on eMvindins its 
Reading parts distribution 
centre. Page 3 1 

• BOOKER Mc«WNEU*jme 
of the country's leading mining 
equipment manufacturers. Is buy- 
ing a private company. Pitcraft 
Summit. Tor £945.000. The NEB 
has a 20.4 per cent slake in 
Pitcrafl. Page 3 



oviet bid to curb 
reports as dissident 
trials open today 

BY DAVID SATTERj Moscow, July 9 

Mr. Anatoly Shcharansky, the Jewish dissident, goes on trial tomorrow in a! 
Moscow People’s Court in what promises to become the most important Soviet • 
show trial since the end of the Stalin era. He will be charged with high 
treason in the form of espionage. 

With international attention pasi 17 months on charges of high stakes. They are the culm i- i 
Focused on the case, which anti-Soviet agitation. nation m! an unprecedentedly , 

could lead to the death penally Mr. Ginzburg has already thorough crackdown on dissent 
for Mr. Shcharansky, the Soviet served a five-year sentence for and fbe trial of Mr. Shcharansky 
authorities have taken a number anli-Soviel agitation and as a can rightly be seen as the 
of stops to control the way in recidivist.. He now faces a mBXi- capstone of Soviet determination 
which news of what happens mum sentence of 10 years* to crush di^eni. end President 
reaches the West. prison and five years’ exile. Cartel- s human rights campaign. 

Mrs Idarailerom Mr Shcha- Both Mr. Shcharansky and Mr. and make it clear that only the 
ranskv's mother said over the Ginzburg were founding-members Soviet Union will decide on what 
SSSri that she lhad ST been of the "now all but stressed » it will enter the world 
officially informed of the trial of dissident committee which sought comniunit... 
her son who has been held to monitor Soviet observance of The only countervailing 
incommunicado since March the Helsinki accords. influence is the Soviet desire to 

1977 Mr. Shcharansky oecanie an maintain relations with the West 

active dissident after being and to avoid appearing brutal 
C* refused permission to emigrate . and primitive in the eyes of the 

Ot-CFCl _ to Israel in 1973. and emerged outside world. 

This means that the trial will as th ? pr ! nc [ p3 , 1 M «‘ w _ 1 s P° kes ' Mr- Carters personal inter- 
be with no family ma ? fo i- ho ! h ' ewish and dem0 ‘ ventinn on behalf of Mr. 

w*Lii. ?h. “ImSSm cratlc dissidents. Shcharanskv. who was accused 

35? to "ive ai h indeSem , J> ] r ' f V ,? l0 /fl p . e,ku ^ . in the Soviet Press of gathering 
accouni of whai takes Xce ,eader of t ?, c Lithuanian Helsinki information Tor the CIA, may 
dccount of what takes place. ?roup . wlM rep0 rtedly aiso go mitigate Mr. Shcharansky’s 

At Uie bame lime the Soviet 0fl tnal tomorrow charged with ultimate fate: but the pattern 
Foreign Ministry, in a highly anti-Soviet agitation, which for 0 f pas i trials indicates that with 
unusual move, has fixed twice- a fi rst offender carries* a maxir the Soviet authorities in a trucu- 
daily briefings for foreign mum sentence of seven years’ i^it mood and Soviet-American 
correspondents at a place far prison and five years’ exile. relations at a low point, the 
away from the courtroom. T h e trials in all cases are possibility ot a death sentence 

As Mr. Shcharansky is tried in expected to last at least three f or Mr. Shcharanskv cannot be 
Moscow. Mr. Alexander Ginzburg, days . but the verdicts and n^d ou t 
another prominent dissident, will sentences have probably already Tass < a] r| today that some U S 
go on trial in Kaluga, a small city been decided. ‘ ' _ , „ 

100 miles south-west of Moscow in these trials the Soviet Continued on Back Page 
where he has been held for the authorities are playing, for very Editorial comment. Page 14 

Building society receipts 
fall to 18 -month low 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


BUILDING SOCIETY receipts in 
,\lunc felj to their Jnv.esl Je\ei; 
since January 1977 and the move- 
ment expocts an even worse 
result this month. 

Provisional estimates suggest 
that (he societies managed to 
attract only between £140m and 
E150m in net receipts last month, 
against £212ni in May, itself the 
lowest monthly total recorded 
Tor over a year. 

All the indications are that 
this un i nth will show a further 
deterioration, despite the recent 
increase in investors' rates, and 
that July net receipts will fall 
below £lU0in. At one stage late 
in 1977 they reached nearly 
i'dOOm a monrh. 

Some societies are reported to 
have had a temporary net out- 
flow of investors' funds. The 
movement generally believes, 
however, that this month will 
represent the low point in its 
fortunes, with the autumn pro- 
viding some improvement. 

This month societies expect to 


CONTENTS OF TODAY’S ISSUE 


Oume*- new* * 

World trade news - “ 

Home nr** 1 — general ... oV f *1 
—labour -j 

Technical page * 

Management page 


Arts page 

Leader page " 

ILK. companies ~ 

International cninpan ,es 29 

Foroifiu Exchanges " 

Mining Notebook 


FEATURES 


lug o'er 
policy • 
ned trine for 


Week in Ihe courts ■■ 
Eurobond quotation* 
FT SUft' 

Bahamas 


6 

15,36 
.... 7-11 


a 

3? 

SO 

ft 

It 

32 


Insurance 

LWICI-* 

Lc* 

Lombard 
ten and Mailers 
Parliament OUr* 

Snare iMormalta" 


21 

X 

• 

19 

32 

54-37 


Today's Evrnts 

TV and Rad*" ■ ■— 

Uuil Trust* 

Weather . ■ 

World Ecoii 


Base Lending !*«**■ 23 


E >nar«: 

nicst Share index 


lose heavily to competition from 
the JatesL fnghlj attractive, issue 
of National Savings Certificates, 
and to continue to experience a 
high level of withdrawals io 
finance holidays. 

The movement does not expect 
a return in subsequent months 
to the levels of inflow law last 
year, but it is confidently 
expected that net receipts will 
climb back over £200m from 
August onwards. 

But despite the disappointing 
figures, further interest rate 
increases are not considered very- 
likely in the next few months, 
and mortgages are expected to 
become more, rather than les^ 
easily available. 

The societies believe that their 
new rate structure will soon 
begin in pay dividends, and they 
are in any case aware that it 
might he politically awkward to 
contemplate further changes as 
a possible election date 
approaches. 

They know titat the last 
increase in rales was condoned 


' fcVnu :.'rs only because it was 
far JhousK away from a General 
Election not to be regarded as 
an electoral liabitiiy. - 

The out look for mortgages is 
brighter because of the recent 
Government decision to end the 
building society lending restric- 
tions imposed in April, when 
concern over rising bouse prices 
was at its height. ■ 

Societies have been lending | 
about £610m a month for house | 
purchase, and this Mill now 
almost immediately rise back to; 
about £640m. 

On lop -of this, societies look 
set m continue to lend a figure' 
approaching ElOOm a month forj 
peripheral activities such aS| 
home improvement. 

There .is no question that 
average bouse prices have risen 
so far this year at a much faster 
rate than recorded since 1972- 
1973, and over the year as a whole 
.-iverage increases may reach 
.ihouf 15 per cent, almost twice 
ta->l year's rise. 


Chrysler 
strike 
ends at 
Coventry 

By Philip Bassett and 

Arthur Smith 

CHRYSLER STILL faces senous 
industrial relations problems in 
spite of h return-lo-work vote 
yesterday at Coventry. 

The likelihood of a resump- 
tion of production at Linwood. 
in Scotland, where a dispute 
involving 550 workers over rest 
breaks has halted the plant for 
10 days, receded. No vote was 
taken on new management 
proposals. 

The 550 paint-shop workers 
were due to hear details of the 
proposals for determining tem- 
peratures in hot areas or the 
shop, but only about 80 attended 
the meeting. The dispute is over 
attempts to speed production by 
cutting rest breaks in the hot 
areas. 

Mr. James Livingstone. Trans- 
port and General Workers' 
Union convenor at the plant, said 
that the attendance did not 
justify a vote being taken. The 
shop stewards would be asking 
management for its assistance in 
sending oat telegrams calling the 
men to a meeting tomorrow. 

The proposals are unlikely to 
be accepted. Resumption or pro- 
duction is now unlikely before 
the middle of August, as the fac- 
tory's annual three-week holiday 
begins on Thursday. 

More than 8.000 Chrysler 
workers arc laid off- Production 
losses over the past ten days 
exceed £10nt at showroom prices. 

The Coventry toolmakers 
agreed to call off the week-long 
strike which has halted all 
Chrsyler car assembly in the 
Midlands but set an August 30 
deadline for negotiating a self- 
financing productivity deal to 
give them improved differentials. 

The idea of a productivity deal 
was thrashed out at talks on 
Friday between the toolmakers’ 
leader. Mr. Terry Duffy, 
president-elect of the Amal- 
gamated Union of Engineering 
Workers, and Mr. George Lacy, 
managing director of Chrysler 
UK. 

Earlier Mr. Alan Williams, 
Industry Minister, and Mr. 
Harold Walker, • Employment 
Minister, had told the toolmakers 
that it was impossible for thc-ru 
to he treated as a special case 
outside the 10' per -cent pay 
guidelines. 

Negotiating a productivity deal 
specific to the toolmakers will 
be complicated by the fact that 
workers at the Coventry plants 
already have a self-financing 
incentive scheme. 

There are risks of resentment 
by other groups of workers if 
they consider that the toolmakers 
are getting special treatment. 
The 6.000 manual workers at 
Coventry voted to accept. ;# 
straight ten per cent wage award 
from the beginning of this 
month. 

Chrysler light truck. Page 31 


More shelling 
as Lebanon 
crisis deepens 


BY IHSAN HIJAZ1 

THE LEBANESE crisis worsened 
percept ibt; today as President 
Elia* S.irkis maintained his 
refusal tn withdraw his threat 
of resignation. Therp were 
further ceasefire violations l»o. 
amid reports of Israeli military 
manoeuvre* .nisi across the 
country's .soui hern border. 

Both the command of the 
mainly Syrian peace-keeping 
force and the Voice of Lebanon 
radio station of the Phalangists. 
the largest of the Lebanon 
Christian groups. reported 
occasional sheJIing in East Beirut 
last night. 

According to local Press re- 
ports here, there were also 
artillery duels between the 
Israeli-hacked Christian positions 
along the Israeli border and 
Palestinian guerrillas. 

Bin report’s nf an Israeli incur- 
sion at Ain Ala. about four miles 
from ihc Syrian border in the 
south-easi of the country, were 
denied by the Lebanese Army 
and by Israel. 

The latest hid tn persuade Mr. 
Sarkis in lift his threat came 
front Kuwait whose Foreign 
Minister. Sheikh Sabah al Ahmed, 
arrived here tn hand the Presi- 
dent a message from the ruler 
of Kuwait. Sheikh Jaber al 
Ahmed al Sahab. 

The Kuwaiti Foreign Minister 
had talks in Damascus yesterday 
with President Hafez Assad of 
Syria. According to diplomats, 
Kuwait has urged restraint by 
Syria and may seek to convene 
a high-level inter-Arab meeting 
to discuss the possible repercus- 
sions of developments in 
Lebanon. 

An announcement may be made 
tomorrow about Mr. Sarkis's 
future afier an emergency meet- 
ing of the Cabinet. Contacts 
were under way to find a formula 
which would ease the tension 
and strengthen his ability to act. 

Conflagration 

Mr. Sarkis first threatened to 
resign on Thursday after five 
days of fighting between the pan- 
Arab peace-keeping force and 
Right-wing Chri-tian militias in 
which about- .209 people were 
killed and many mure wounded. 

The President, who took office 
in September 1P76 after Syria 
had intervened decisively to end 
the civil war. is demanding full 
authority — not least over the 
peace-keeping force, which is 
technically under his command. 

His resignation would probably 
result In the Right-wing 
Christian leadership declaring 
partition and a resumption of 
outright civil war — with the 
even greater danger of Israeli 
intervention and a Middle East 
conflagration. 

Israel has said it will not 
stand by and see the Christians 
here “ annihilated." The Soviet 
Union, however, has assured 
Syria that it would take action if 


BEIRUT, July 9. 

Israel attacked Syrian forces, 
according to reports here. 

Mr. Ahincd Iskander, Syrian 
Minister of lnfomiaiinn, yester- 
day told correspondents in 
Damascus that Israeli interven- 
tion would mean war with Syria t 
The Right-wing militias would 
have either to respect the 
authority of the Lebanese 
Government or face destruction. 

In a bid te prevent Mr. 
Sarkis's resignation, mediators 
here have proposed giving the 
Lebanese Army more security 
duties in Beirut, so reducing the 
role of the pan-Arab peace- 
keeping force. 

Another proposal is for the 
expulsion of Christian officers 
who have been co-operating with 
Israel in the border region. 

However, Mr. Camille 
Chainuun. a top Right-wing 
leader, was reported to have 

The Israel Cabinet in Tel 
Aviv yesterday rejected the 
latest Egyptian peace pro- 
posals as unacceptable, hut 
agreed to send Mr IVloshe 
Dayan, the Foreign Minister, 
to London Tor a two-day meet- 
ing next week with his 
Egyptian counterpart. In 
Vienna, President Anwar 
Satkti of Egypt met Mr. 
Shimon Peres. leader of the. 
Israel Labour Party. 

Page 2 


asked that Syrian troops end 
their siege of the Christian 
sectors of East Beirut before 
any political discussions are held. 

One important Christian 
group, meanwhile, has moved to 
reject Israel's offer of protec- 
tion. The Maronites of the 
north, under former President 
Suleiman Franjieh, yesterday 
joined the Moslems led by ex- 
Prime Minister Rashid Karami 
in a plan to head off partition. 

Patriarch itfaximos Hakim, the 
spiritual head of tbe Greek 
Catholic community, also declared 
that *‘we Christians do not want 
Israeli protection," while Patri- 
arch Elias of the Greek Orthodox 
seel came out in support of Syria 
and its role in Lebanon after a 
meeting in Damascus with Mr. 
Assad. 

David Lennon reports frnm Tel 
Aviv: Mr. Ezer Weizman. the 
Israeli Defence Minister, today 
reviewed the situation in Lebanon 
for the Israeli Cabinet. No details 
of his report were released, but 
military officials expresesd the 
hope that Israel would not have 
to take any Further steps to dis- 
suade the Syrians from destroy- 
ing the Christian forces in Beirut 

Israel is anxious that the situa- 
tion should not escalate, even 
though it has little to fear mili- 
tarily from a head-on conflict 
with Syria. 


Mitsubishi talks on truck plant 


BY TERRY DOOSWORTH, MOTOR INDUSTRY CORRESPONDENT 


MITSUBISHI MOTORS, one Of 
the largest Japanese -commercial 
vehicle manufacturers, has begun 
talks with the Department of 
Industry on a project to assemble 
its trucks in the UK. 

The proposals follow the 
recent intergovernmental agree- 
ment which effectively vetoed the 
direct shipment of Japanese 
heavy vehicles to Britain. 

Since this came into effect in 
March. Coll Cars, the car 
importer in which Mitsubishi has 
a 49 per rent slake, has carried 
out a detailed study of invest- 
ment possibilities, and is thought 
la have conic down in favour of 
a site which would attract 
(lovpmiiien! development grants 
in South Wales. 

Colt is known to be pleased 
with its labour relations at its 
importing site in -Newport, and 
there is an ideal factory location 

on the outskirts of Cardiff at 

Wentloog. 

The site is near to road and 
rail communications, and could 
provide employment for redun- 
dant steelworkers in the area. 

The Department of Industry 
at present saying very little 
about the scheme. But the plan, 
if pressed forward by .Colt and 


Mitsubishi, wilj undoubtedly 
present the Government with a 
delicate policy decision because 
of the furore about rising 
Japanese car imports during the 
last three years. 

The British motor industry has 
already begun to make a stand 
against a similar incursion on 
the commercial vehicle side. 

Ley land Vehicles the BL truck 
subsidiary which has received 
£imm worth ri government 
funds under the BL rescue 
scheme, has recently indicated 
its anxieties about plans hy J. 
Harris, a Dublin-based company, 
in set up an assembly operation 

for Japanese Hino trucks in 

Manchester. 

Partly to overcome these objec- 
tion?. Colt is believed to have 
revised its plans recently tn 
include a much greater percent- 
age of British-produced parts in 
the vehicles. 

A local content level of about 
60 per cent is now being dis- 
cussed with an employment 
potential in the factory of be- 
tween 600 and 700 men over four 
years. 

The vehicles to be built would 
probably start with the 5.5 tonne 
Canter range, with larger models 


io follow, and Colt has already- 
lined up about 50 commercial 
vehicle dealers to sell them if 
they become available. 

The new project would be 
feasible under the terms of the 
present agreement on limiting 
Japanese vehicle exports. 

Tbe deal is that no heavy 
commercial vehicles of over 
:>.? tonnes would be " shipped 
directly from Japan to the UK." 
ricarly leaving open the loophole 
of a local assembly operation. 

At the same time, a strong body 
•if opinion, particularly in the 
r.onservative Party, has been 
Miilding up in favour of en- 
couraging Japanese investment in 
ihe UK, particularly ir the right 
cujrantees about local content 
jn- obtained. 

The Japanese company could 
al-o point to the Continental 
export potential for its trucks, 
regarded as among the highest 
■ juiility vehicles in Japan, if the 
pl.int yere established in Britain. 

Mr. Michael Orr. managing 
director of Colt Cars, refused to 
comment at length on the project 
But be added: "We arc looking 
ilt ® c ^ eme - and the vehicles 
ciiuid be built here with .con- 
■udcratioE for export to other 
EEC countries." 


Dockers urged not to strike 


BY PHILIP BASSETT. LABOUR STAFF 


OFFICIAL REPRESENTATIVES 
of nine London dock unions 
esterday appealed to dockers and 
shop stewards -not to strike yet 
against the proposed closure of 
London‘6 Royal s rou P of docks 
by the Port of London 
Authority. 

Mr. Brian Nicholson, chairman 
of the port joint union commit- 
tee, asked dockers to wait for the 
outcome of Government studies 
of joint umon proposals for the 
future nf the docks. 

The unofficial National Port 
Shop Stewards Committee 
pledged support at the weekend 
to the call for an official national 
dock strike from the Transport 
and General Workers' Union. 


A one-day token strike of 
Britain’s dockers will be called 
hy the committee to show the 
strength of .feeling. The date of 
the strike is to be decided at the 
committee's nest meeting, on 
July 22. 

Mr. Nicholson said yesterday 
that the joint unions had put for- 
ward a realistic alternative pro- 
gramme to keep the docks open, 
the Government was studying it. 

“There may be a need for a 
strike in support of our 
approach. However, at this time, 
when the plan is still being con- 
sidered. we are committed to co- 
ordinate the work nf the join: 
unions in support of the alter- 
native approach." 


He asked dockers all over the 
country to respect the work the 
juiot union committee was doing 

t° aave toe Royal docks 

i or the dockers and for the com- 
munity of East London. 

Feeling for a prolonged fight 
the Royal docks will be 
tested this week at two major 
dock meetings. 

The Royal group dockers are 
to meet today and the Tilbury 
deckers tomorrow. Industrial 
action hy dockers at Tilbury. 

much of the London dock 
niii’K has shifted, could seriously 
impair shipping. 

Britain's port policy . Page 14 



The business refresher 
course to Bahrain. 

Concorde’s regular Wednesday and Friday 
flights to Bahrain take just 4 hours, non-stop. Other . 
Concorde flights whisk you to Washington in 3 hours 

50 minutes, and New York in 34. Rrtficln 

Less time in the air means much DllllMl 
less stress for you. And isn’t drat the ^ IT WflVS 
best business refresher course of all? *V 

feoncorde 





Financial Times Monday July 10 197S 


OVERSEAS NEWS 


Israel rejects Sadat plan 


Cautious 

but Dayan will attend talks support 8 ” 


BY DAVID LENNON 


TEL AVIV, July 9. 


for Cairo 


ISRAEL'S Cabinet today re- 
jected thp peace plan presented 
by Egypt last week but agreed 
to send Mr. Moshe Dayan, the 
Foreign Minister, to London for 
a two-day meeting next week 
with bis Egyptian counterpart. 

Mr. Menahem Begin, the 
Prime Minister, said after the 
Cabinet meeting that the 
Egyptian proposals were com- 
pletely unacceptable and could 
not form the basis .for peace 
negotiations. 

The Foreign Ministers’ meet- 
ing, which was proposed by 
Washington and at which Mr. 
Cyrus Vance, the U.S. Secretary 
of State, will be chairman, is to 
take place on July 18 and 19. 

The Cabinet decision to accept 
the American invitation was 
reached after nearly five hours 
of discussion. Ail the ministers 
were highly critical of Egypt's 
plait. 

Despite serious reservations 
about the usefulnes of the Lon- 
don meeting and fears that the 
U.S. might present or even try 
to impose their own proposals, 
the Cabinet felt that a refusal 
to participate would have harmed 
the country's image abroad. 

The official communique after 
the Cabinet meeting said: “ Mr. 
Dayan will present Israel’s peace 
plan to the London conference 
with a view to resuming the work 
of the Egypt-Israel political com- 
mittee.'’ Egyptian representatives 
at the political committee meet- 
ing in Jerusalem In January 
were recalled by President 
Anwar Sadat on the second day. 

One of the main tasks which 
the Cabinet is expecting Mr. 
Dayan to perform in London is to 
dissuade The U.S. from putting 
forward its own compromise 
proposals. 

Israel differs sharply with 


Washington’s concept of the 
terms for a peace settlement and 
is anxious to avoid deepening the 
rift with the Carter Administra- 
tion which would inevitably 
follow an Israeli rejection of CJ.S. 
ideas. 

Israels rejection of the 
Egyptian plan for the future of 
the West Bank and the Gaza 
Strip concentrates on Egyptian 
demands for a return to 196? 
borders, the return of eastern 
Jerusalem to Arab sovereignty 
and the redlvlsion of the City, 
and the repatriation of the 1948 
Palestinian refugees. The Gov- 
ernment views all these 
propositions as totally un- 
realistic. 

Jerusalem regards the 
Egyptian document as being only 
a proposal ,for Israeli with- 
drawal from the occupied 
to cri tories and not a peace plan. 
Officials here have described it 
as a hardening of Cairo's position 
especially on the Palestinian 


Issue. 

Reuter reports from Vienna: 
President Sadat and Mr. Shimon 
Peres, the Israeli Opposition 
leader, met here today for three 
and a-half hours of what they 
called constructive talks. Both 
added that major differences 
remained. 


By Rami G. Khouri 


The two men met -first with 
Dr. Bruno Kreisky. the Austrian 
Chancellor, and Herr Willy 
Brandt, the former West German 
Chancellor. Mr. Sadat said after- 
wards; “It was a very happy 
meeting, which does not mean 
we agreed on everything.” 

Mr. Sadat said failure cf the 
London conference might lead to 
a dangerous situation, but he did 
not favour an accord forced by 
Washington on both sides. “I 
do not want tbe U.S. to force 
anything on us or Israel. But it 
should act as a full partner so 
that- whenever an impasse is 
reached the Americans could 
ease tbe situation." 


Caradon plan for peace 


BY OUR OWN CORRESPONDENT 


AMMAN, July- 9. 

LORD CARADON has proposed 'harriers between it and tbe 
a new olan for peace in the Israeli sector; Palestinian self- 
Midrtle East which he says will determination within two vears 
slowly win the apnrnvnl of all with a decision on a form of gov- 
thp parties ro the conflict. emm«nt and relations wfth 

Tn an interview with Jordanian neighbouring states; maximum 
television. Lord Caradon. a international guarantees For 
fnmip’ - Br?f*«H nr*™iarv*nt renre- Israel’s securitv and all nfber 
sen tan ve at the UN. called for: concerned state* with domilitar- 
cewnt'nn n* all violence; a halt f*ed zones and international 
to all Israeli settlements on Arab forces to supervise the borders. 

l?mf; two rears of UN trustee- T _ _ . . , 

chin nre- the r.m strin Sod the ^ C*™don._ who stressed 
Jordan West Bank: » houndarv that he wa * speaking as a private 
rnmmi«lnn to settle lesal citizen, said his seven points 
hord*-*: tho return of extern would be in addition to UN’s 
Jerusalem to Jordan without resolution 242 


AMMAN, July 9. 
IN ITS first official reaction 
to President Anwar Sadat of 
Egypt’s peace plan which calls 
fOC Jordanian administration 
of the West Bank for a five- 
year period, Jordan today 
called the plan “ realistic 
balanced and flexible ” and 
implicitly supported fre 

Egyptian appspath to peace. 

In a careful? worded state- 
ment issued to Egypt's official 
Middle East News Agency, 
Mr. Ad nan Abu t’deh. 
Jordanian Minister or Informa- 
tion, described the Sadat peace 
plan as “a plan which 
realistically takes into run 
si deration the various elements 
of dispute In the Middle Eart 
conflict," particularly in the 
plan’s approach to the 
Palestinian question, 

Tbe altitude as expressed in 
today's statement reflects 
Jordan's fundamental agree- 
ment with Mr Sadat’s pro- 
posals, but carefully avoids an 
outright endorsement that 
would make it appear as if 
Jordan wished, to rush to 
regain control of the West 
Bank which It lost in 196?. 


Several senior Jordanian 
officials who wished to remain 
anonymous today said that the 
problem or reconciling Mr 
Sadat’s proposals with the 
resolutions taken by the arab 
summit meeting in Rabat in 
1974 — making the PLO sole 
legitimate representative of 
West Bank Palestinians — would 
become smaller and less 
significant If Israel were to 
accept the principles embodied 
in the Sadat plan. 


Prime Minister’s party voted 
back in Malaysian election 


BY WONG SULONG 


KUALA LUMPUR. July 9. 


THE NATIONAL FRONT of 
Prime Minister Datuk Hussein 
Gan has swept back to power in 
Malaysia’s fifth general election, 
retaining firm control in the 
federal parliament, and all the 
10 Malaysian states. 

With results uf 118 our of the 
154 federal seats declared, the 
multi-racial From has v.on 98 
seats, with the opposition taking 
only 20. 

The results of the remaining 
36 seats in East Malaysia will 
only be known in another two 
weeks because of staggered 


polling, but the Front is expected 
lo win most of them, as hardly 
any opposition candidates are 
running there. 

AH federal ministers, led by 
Daiuk Hussein, were returned 
with huge majorities. 


At the state level, the Front 
improved its position in ail the 
slate legislatures. including 
scoring a lufl per cent victory in 
Pahang, Trengganu and Perlis. 

The biggest ' loser was the 
Party Islam— the Front's long 
time arch rival, which scraped 


through with only five parliamen- 
tary seats, although it put up 88 
candidates. In the last Parlia- 
ment it held 13 seats. 

The rout of the Party Islam 
was highlighted by the defeat 
of its president. Daiuk Asri, who 
is now expected to quit rhe 
party’s leadership which he has 
held for 14 years. 

The Democratic Action Party 
has emerged as the strongest 
opposition party, putting up a 
suprisingiy strong performance 
by increasing its parliamentary 
representation from eight to 15. 


Mitterrand 
buys a 
little time 


By Robert Mauthner 


Move towards 


compromise 
in Janata 


By K. K. Sharma 

NEW DELHI. July 9. 
THERE ARE now signs that the 
differences which hove threif- 
ened to split India's ruling 
Janata Party apart may after all 
be patched up. 

Mr. Charan Singh, who has 
been sacked as Home Minister 
bv rhe Prime Minister. Mr. 
Morarji Desai. yesterday evening 
called off the nw-slve “farmers' 
rally” he had planned to hold 
in the capital on July 17 to 
demonsrniie b:« political hold. 

Meanwhile. Mr. Rahj Ray. a 
genera! secretary nf the Janata 
Party who ri a supporter of Mr. 
Charan Sinch. withdrew an 
earlier resignation. 

The withdrawal of the rally 
has paved the way for the peace- 
makers tn booin working on an 
arrangement that will facilitate 
the smooih functioning of the 
five -par tv coalition which the 
Janata Party is. 

Meanwhile. Mrs. Indira Gandhi 
tonight broke the silence she has 
been observing during tbe crisis 
in the ruling party and called 
Tor a Save India Day protest 
against Janata inefficiency on 
August 9. 


Davies says Salisbury 
settlement could work 


PARIS. July 9. 
.THE FRENCH Socialist Party 
,thi«i weekend temporarily 
• papered over internal quarrels 
about strategy, whick have 
undermined the position of 31. 
j Francois Mitterrand as leader. 

The executive agreed that the 
next national congress, at which 
M. Mitterrand is expected to 
come under strong prepare 
should not be brought SfiJrard 
! hut should be held as planned in 
May next year.' M. Pierre 
' Mauroy.' mayor of Lille and one 
of the most powerful figures in 
the party, had earlier suggested 
that the congress should be held 
this autumn so that a clear dec! 
'>ion on party policy could be 
taken. 


FINANCIAL TIMES REPORTER 


MR. JOHN DAVIES. Shadow 
Foreign Secretary, said yester- 
day that the Rhodesian internal 
settlement might just work. He 
J was speaking at Heathrow air- 
port. London after returning 
from a- seven-day visit to 
southern Africa. 

During his tour he met Mr. 
Ian Smith, the Rhodesian Prime 
Minister. President Kenneth 
i Kaunda of Zambia and the 
Patriotic Front leader % Mr. 
Joshua Nkomo. Mr. Davies said: 
" I now have to make a decision 
on whether the internal settle- 
ment is nossible. 

“Judging by what I have 
heard over the past week I think 
it just might be possible. It is 
going to be a very difficult job 
but if they are determined to 
convince people in and out of 
Rhodesia that the internal settle- 
ment can work then it just 
might." 


Asked if a Conservative 
Government would recognise a 
Rhodesian Government based on 
the internal settlement, Mr. 
Davies said : “Once free 
elections have been beid we will 
have no option but to recognise 
the elected Government." 


Bangladesh -Burma 
refugee accord 


DACCA. July 9. ’ 
BANGLADESH and Burma today 
reached agreement on the 
repatriation of all Burmese 
refugees from Bangladesh, start- 
ing before tbe end of August. 

The. estimated 200.000 refugees 
who have flooded Into the latter 
country over the past four 
month? were allegedly driven 
from their homes at gunpoint by 
Burmese troops in a concerted 
ramnaign against- the country’s 
Moslem minority. 

Reuter 


Mr. Davies attacked Dr. David 
Owen, the Foreign Secretary, for 
his attempts to continue with the 
Anglo-American proposals. “ I 
am sure Dr. Owen has got it 
wrong. The Anglo -U.S. pro- 
posals cannot now be imple- 
mented. i think Dr. Owen would 
have been right to try to per- 
suade the Patriotic Front to join 
the interna] settlement” 


Although M. Mitterrand 
managed to avert an explosion 
within the party, by appealing 
fqr unity and for a compromise 
agreement between different 
'.factions, no one believes that 
he has done more -than buy a 
little time. 

The main opposition to M. 
Mitterrand's policies comes from 
M. Mauroy, until recently one 
of his closest lieutenants, and 
from M. Michel Rocard. Both 
oppose any new pact with the 
Communists and want the party 
to adopt a more Social Demo- 
cratic line. 


Mr. Davies added that during 
his talks with Mr, Nkomo he 
found that there was consider- 
able Russian and Cuban backing 
for bis movement. 


SWAPO in Luanda talks 


BY JOHN STEWART 
The Western sponsors of the 
Namibian settlement proposals 
meet leaders of the South West 
Africa People’s Organisation in 
the Angolan capital. Luanda, 
tomorrow in what Western diplo- 
mats hope will be the final stages 
of 15 months of difficult diplo- 
macy. 

In contrast with the last occa- 
slon. In early May. when SWAPO 
appeared close to acceptance of 
Western settlement proposals 
but broke off New York talks 
when South African troops raided 
SWAPO camps in Angola, condi- 
tions for tomorrow's meeting, 
appear promising. 

in response to Western re- 
quests two members of SWAPO's 


CAPE TOWN. July 9. 


“ internal ” executive. Mr. Festus 
Naholo and Mr. Frans Kampun- 
gula. were released From deten- 
tion in Windhoek at the weekend 
to allow them to accompany other 
members of the executive to 
Luanda for the- talks. 

Western diplomats take this 
as a sign of goodwill on the part 
of the South Africans, whose 
Foreign Miinster. Mr. R. F. Botha, 
was In Windhoek this weekend 
for talks with Judge M. T. 
Stern, the Pretoria-appointed 
Administrator-General. Mr. Steyn 
announced that another SWAPO 
leader Mr. HendricK Wltboot had 
been relieved of the restrictions 
placed on him after his recent 
release from detention. 


Pertini sworn 


in as Italy’s 
President 


BOLIVIAN PRESIDENTIAL ELECTION 


Opposition claim irregularities 


TWO MILLION Bolivians began 
voting today in tbe country's first 
general election for 12 years to 
choose a successor to the mili- 
tary government of General Hugo 
Boozer, 

Voting is taking place after a 
series of allegations by the 
opposition of electoral irregu- 
larities, 

Queues began forming at poll- 
ing stations m the capital ion? 
he fore the Atari of the vote at 
S a.m. Polling stations were due. 
to dose at 4 pm. and thP first 
results should be known two 
hours later, 

Final computed results will not 
be announced until -the end of 
the month. 


Voters have’ seven presiden- 
tial candidates to choose from, 
ranging from tbe far left to the 
far right and including an 
Indian nationalist. 

The latest opinion polls gave 
the largest vote lo the armed 
Turces-backed candidate Sr. Juan 
Pereda Asbun. who appeared 
likely to rop the poll with or 
without the use of the alleged 
electoral fraud of which the 
opposition has arcused him. 

The country was at a standstill 
today with all internal and inter- 
national travel suspended. 

Earlier today opposition party 
officials said that troops had 
occupied rurai areas of southern 
Tarija province. 

The allegations came from 


LA PAZ, July 9. 

regional officials of the opposi- 
tion centrist Revolutionary 
Nationalist Movement tJSNR), 
which backs former president 
Dr. Victor Paz Estenssoro. 

The oiliuialj asked their party 
headquarters in La Paz for an 
international observer to be sent 
urgently tn Tarija. M.YR sources 
said that under electoral Jaw all 
troops should be confined to 

barracks. 

The ruling military goi em- 
inent has denied all charges of 
electoral irregularities, saying 
that left-wingers planned to use 
violence to disrupt tie voting, 
which is compuisroy for all 
adults between 21 and 60. 

Reuter 


By Dominick j. Coyle 

ROME. July 9. 

SrGNOR SANDRO PERTINI. 81, 
was sworn into office in a colour- 
ful ceremony before tbe Italian 
Electoral College- today finally 
becoming an almost unanimous 
choice _ for President of the 
Republic after IS inconclusive 
ballots 

The veteran Socialist, a former 
Speaker of the Chamber of 
Deputies, became virtually an 
automatic choice for the presi- 
dency when both the ruling 
Christian Democrats (DO and 
the powerful Communists (PTT) 
signalled that Sig. Pertini would 
be acceptable as a compromise 
candidate, after tbe main parties 
had successfully dropped each 
other’s favourite choices. 

The near unanimity behind 
Slg. Pertini — he was elected 
finally yesterday morning with 
the backing of more than four- 
fifths of the Electoral Colteee — 
reflected the existing Government 
alliance 


Firestone tyre 
recall sought 


WASHINGTON, July 9. 
THE U.S. Department of Trans- 
portation has called on the Fire- 
stone Tire and Rubber Company 
to recall voluntarily up to 15m 
steel-belted radial tyres because 
of safety defects. 

The recall, requested yester- 
I day. if ordered by the Department 
[would probably be the largest 
'of its kind ever. A spokesman for 
; Firestone said: “We do not 
believe the proposed recall is 
I justified." 

The Department of Transport- 
ation said preliminary findings 
i showed that a safety-related 
! defect existed in Firestone 500 
[ steel-belted radial tyres. Reports 
from consumers alleged more 
.than 14.000 tyre failures. 28 
j deaths, more than 50 injuries 
.and hundreds of accidents. 

I Reuter 


WORLD TRADE NEWS 




hints at alternative ^azii 

, . . , , Poland 

of increasing trade 


m 


agreement 



CHINA WILL find means to trade was heins examined. ‘Sr. panics. They would have to j 
expand iu fureiro trade besides Ch» said, and now was the time adapt if they were to help • 

direct import and evparr. Mr. to put ideas into practice. The implement Chinese plan*. [ TANfTRrt T „h- o 

Chu Chtyiun. Charge d‘ Affaires Chinese would welcome ideas .and h c f eare d that the trade) mu it* jarjuku, juij 

at tho Chinese Embassy, has suggestions from the British agreement already si S. n *^ AFTER A year of negotiations, a 

told the Forty Eighth Group, side. berween Japan and China wight ! . f tr-uiin - 

British com- It is cigar that at this point i eave little room fur European • consornuBJ of Brazilinu traiim* 


make product* 

provided fc-- foreign buyers and 
would process products 
foreign importers. 

China would also imy some 


Brazil's 


the TVadc boroU g b the* Japanese agree-! major advance • in 
for Secretary, Mr, Edmund Doll. raf . nt provide 1 : for continuous j attempts to diversify its «-xp«n t 
lakes up fat* invitation to visit niQnj ; 0 5 n ., e f trade performance i markets, and increase trade mill 
Chino in the second week of secretariat. :mdi.thc ComecMi ewuiitrirv-.mvi.lws 

for Brotil — 


the second week m -t , - 

he -aid This form of trod.’- ^ dlsruSsiny ^hinaVrelalions li> •[" . 

would in cu way hamper [he v .. uh thc EEC pointed out that The EEC s-houid do all it wuld materials 
sovereignty and Mtognty of the PcMns's drive for modernisation i»> help community companies in, industry 

People's Ropubiic. would require unique arrange- their pffnrts fn establish con tacts The jtfreenieni h.is M?m-d ilu. 

Every possibility of extending ments with Community com- with the Chinese. 


le? tiles— and 
Polish £oo*i- 
lertilisaTR drill rj-v 
fur iho chiwnal 


Swedish ship subsidies refused 


ing rhe vivu rn Warsaw t»f * 
• Brazilian mission led by tho 
Minister Trad* and tn«lu->r«* 
Bank and Export officials 
private businessmen. 

' o The Minas Ger.tfc state 
-tricity company (CEMIG) ha- 
! now inaugurated its SflSInr. s.i-» 
, Siiiuii hMiroehttfinc plar.i. itu>. 


BY WILLIAM DULLFORCS STOCKHOLM, July 9. 

SVENSKA VARV, the Swedish orders valued at over SKr lbn Two of these vessels will br*; a j‘,jj n g j.^Sni kW lo thi- rosr 
:ate shipbuilding company, has from going to Swedish yards, dohvereu next inonth^ from tliei p 3n j' s ^ cu 
3t a SKr 350m f$76ni) order Norway is bavins to reduce its Arendal yard in uothenhurq r capacity of l 


and and the third during the second j 


current gor.»*ratin^ 
SlmkW. 


State 
lost 

because of a Government refusal own shipbuilding capacity ^ “'V Thtt ant j p i am hn.i» 

ro provide subsidies and credit ihe labour Government in Oslo half of 1979 from the Ueresundj ^.-.n.nrrmia^nf the Brazil! -.n 
guarantees. But it has sue- is nut prepared to licence Nor- yard. I »» J co n^or 1 1 u m ot in, Kra.iti. 

ceeded in selling for about wegian shipov\tiers io import Charles Batchelor writes from 


weueu in scums ror aoouu wegian mipownm .... Charles Batchelor Writes from ; imptrsim of italv — the -roin. 

SKr 200m three of the ships it ships built abroad with the help Amsterdam: The now vessels for. th;it t; u ,| t t f, e Kariha Dani on lh- 
has been building on its own of subsidies, trlucli it considers Van Ommeren will operate under ■ Rhode^ia-Zambia border as »pii 

break tJie OECD limits. s u t C h flag and will replace : maior dams it 

two Mr- Bengt Fink. dirMtor of older conventional bulk camera, i Sud ^ n J j; iseri ^ a , 
mid the Oeresund yard, said its posi- This is part of Van Dmmeren’s ‘” scr “ 31 


Dr « K director of Dutch tla ^ re P ,ace !as major dams in Iran. Ghana. 

The lost order concerns two klr. Bengt rinK. airecror or older conventional bulk carriers, i Sudan Nieeri^ and Turkey 
product carriers, which would the Oeresund yard, said its post- This is part of Van Ommercn’s ’ . . * 

hare been built at the Oeresund tion v.as now critical. But fleet modernisation which has Financing for the S:<n sim.in 

yard in Landskrona for a new Oeresund has already been ear- been going on for several years. • scheme came from CEMIG 

shipoing company to be owned marked by thc Ministry of , I resources, as well as a ShOni loan 

joinily by SvelSta Yarv nnd the Industry as one of the yards The vessels will hate lar„e ; f rpm the World Bank and >np- 
NorwegiM Schroeder company, which will slop building ships batches to enabie them p || erS ’ credits from rhe U.S. 

support and try to convert to other heavy containers, forestry products. we>t Victmany. Canada, France. 

- “- 1 — construction j Switzerland and Japan. 


In declining financial support. m *" — — — — - — ■> 

the Swedish Government said the engineering products. P»P™S ana 

risk was too heavy for thc state. In Rotterdam today Svcnska materials. 

In facr the Government has Van- signed a contract with the Their shallow draught nod 
been pressed strong! v to reject Dutch shipping company Phs. large hold capacity means they 
the request bv the ‘Norwegian Van Ommeren (Nederland) BV can also carry conventional bulk 
Government, which has argued For the sale of three 44.500-ton cargoes such as grain, coal and 
that the subsidies and guarantees bulk carriers which it has been ore from smaller ports. Cargo 
conflicted with OECD rules. building on its own account. The capacity is 60.000 cu metres. The 
The Norwegian attitude is total price is reported to be about service speed is just above 15 
estimated to have blocked so far SKr 200m. knots. 


CONTRACTS 


Esmil, the environmental 
technology division of the Dutch 
German steelmaker Estel.-said it 
received a FI 2-ira (SlQ.Sm) order 
from the State contracting com- 
pany for water and sewarage 
projects of Iraq to extend the 
punrication *y<iem in Bagtiuri. 
Esmil International will design 
and assemble ibe mechanical and 
electrical equipment for an 
independent purification plant to 
treat waste water from 750.000 
in hjDi tants. Tbe work is due 
vu.be completed in 19SL 

Davy Powergas of West 
Germany* a member of Davy 
International, has won contracts 
valued at about DM. 25m for two 
sulphuric acid plants in Egypt- 
Located on fertiliser complexes 
at Kafr-el-Zayaat and Assiut each 
plant will produce 100,000 tons 
per year of sulphuric acid from 
sulphur. The contracts have been 
awarded by GOFI of Egypt, the* 


Norwegian car imports 
show fall in half-year 


BY FAY G JESTER 


OSLO. July 9. 


SHIPPING 

REPORT 


Fortunes 
mixed for 
charterers 


By Lynton McLain 

MIXED FORTUNES greeted 
tanker and dry caTso ship 
charterers last week, with rates 
i In the dry caj£u sector failing 


NORWEGIAN car imoorts have DatsunNKr 100m. Saab NKr 75m. 
slumped steeply this year from Volvo NKr 60m. Renault 
the record levels attained in 1977, NKr 6Sm. Fiat NKr 57m, 
saving the country hundreds of Mercedes NKr 50m, and Peugeot 
millions of kroner in import NKr 35m. 

e p^rft ltUre ® rst The same companies give j more than those in ml trades. In 

or these figures for units sold to • thc tanker market there was con- 

The fall reflects Government dealers in the period, compared I fldence that the verv large crude 
moves aimed at restricting with the first half of 1977: Opel ! carrier market could show a 
foreign exchange expenditure on 6.500 (S,900), Toyota 2.29S ’ 

new cars. The first step was a f5.239). Volkswagen 3,195 


— 1 — — r — — — — iw.MMi'f, vviAeira^ui u, XJi 

drastic tightening of hire pqr- (tf'm Datsun 2.287 (4.3091 
chase rules, effective February 1. Volvo 3,800 (5.400), Saab 2.00( 
This was followed,, early in May, <3,5001, Renault 


1.700 


,000 

(3.500). 


moderate increase in rates in the 
immediate future. 

The; lull expected in the .oil 
tanker market for the. early part 
of the week, a result 0 f American 


by the imposition of a special Fiat 1.621 (2.914). Merced 436 i S’ Stebri™ 

luvtirv tav nn hn?h-nrini>rt rars. i Ann i i-i. w ieuirtimua 


iuxur>- tax on high-priced cars. (1.0761, and Peugeot 1.430 i waVSffaet'byViling a'ctiVify 'from 


New vehicle registrations in (2JJ16). . u urDpcan charterers, 

the first five months of this year Actual sales from dealers to 1 m.- u j ... „ , . 

totalled only 44,511. against the public may hare fallen even 1 0118 bad 0,8 e fcct u ‘ mm 

General Ofgan isation fo7 ‘ Indus- 1 t0 T f harp5y than 

trialisation and ihe plants-com- mdjcate - 

plete with all off-sites— will he mrlndJ 

built for Societe Financifere et P eSe also delude vans. 


IndiLstrielle d'Egypte (SFIE). buses and lorries, however. 

9 Siemens said its Brazilian; . ^ le |? ™ tbat J!fnV 3 
subsidiary Siemens obtained an! m five mouths of th is 

order worth DM 50m to supply I ^ar were down 40 A per cent on 
four penprators for a.hvdroolec- January tn May I9i/ and sales in 


Sugar project 


four generators for a. hydroelec- 
tric power station on the 
Parana] ba river. 

Reliance-Mercury, the indus- 
trial tractor and airtug manu- 
facturer of Halifax, has received 
orders from Greece totalling 
£340,000 for heavy duty tractors 
from the Port of Pireus. and for 
baggage tractors for Olympic 
Airways at Athens Airport 


KUALA LUMPUR, July 9. 

June alone were 60 per cent THE SABAH Stale Govern-] proveraent in Inquiries, but this 
below the total for June last year, meat’s Economic Development ! has not been reflected in rates 


tainim; the improved trading 
conditions in the buoyant very 
large crude carrier market at 
Worldscale 25.73 for cargoes 
from thc Gulf to the west. 

Elsewhere the Hcditerrane.ro. 
j market continued to show poor 
f returns for charterers. The week 
ended with reports uf some im- 


The motor trade has been Corporation subsidiary, Sabah, 
farced to cut its orders to Sugar Industries, will establish 
foreign suppliers, and in same a Sfim sugar refinery in the next 
cases to re-export new cars which few years, the Government said, 
dealers were unwilling to take a 10-acre site has been 
from importers. . approved for the refinery in 

A survey of the main import- Barn Sapi, in Sandakan Resi- 


A reported fixture for a 70.IW0 
ton cargo from the Mediter- 
ranean to the U.S. Gulf was 
marked at Worldscale 42.5. 


Weighted monthly averages 
for spot oil trade fixtures in June 
showed some improvement 


fng companies showed the dency, it said, adding that the ! compared with May, John 1. 


8) Lafarge of France said its! following decline in their sales refinery would first use imported! Jacobs and Company, London 


Latin American engineerin'; sub- j to dealers -in January to June raw sugar to produce 50 tons 
sidiaxy, Lafarge Consultoria a! this year, compared with a year daily. After four years some 
Esiudos. has received a contract i earlier: Opel NKr 132m, Toyota local sugar cane is expected to 
valued at the equivalent of about) NKr 130m, Volkswagen NKr 117m, be available. 


S^m from Bolivian authorities 
for the construction of a cement 
factory at Vacuses. Chiquitos 
province 

Marubeni . Corporation, 
together with JGC Corporation, 
has won a Y25bo order from 
China to build an ethylene plant 
at Taching, north-east China, by 
mid-1981. Marubeni said the 
yen denominated contract will 
be paid in cash, in Japanese and 
US currency. The 300,000 tonne jyjr 
ethylene plant will be tbe central j FranCe 

. u ! — ’ V! -~ ' Italy 


World Economic Indicators 


INDUSTRIAL PRODUCTION 1970=100 


W. Germany' 

Holland 

UA. 


part of a petrochemical combine 
in the Taching oil field, now’ 
under construction by the China 
National Technical Import 
Corporation. . 


Belgium 

Japan 


May 78 April 78 March 78 
U0.9* 1113 1153 

U43 1293 126-0 

137.1 136.4 134.4 

April 78 ’March 78 Feb. 78 
1043* 1033 1033 

131-0 129.0 1254) 

131.7 130.4 119.8 

.133.4 119A 1093 

1353 1353 132.4 

• provisional 


May 77 
1133 

127.0 
1307 

April 77 
1033 

125.0 

124.0 
122.7 
127.9 


% change 
on year 
+23 
-2.4 
+4.9 


+L6 

+43 

-23 

+03 

+53 


charterers said at the week-end. 

Worldscale rates from the Gulf 
to thc Far East rose from 35.7 in 
May to 4S.1 in June. There were 
fall's m Ihe average spot rate on 
cargoes between the Gulf and 
the UK, down from Worldscale 
19.S to 19.4 and between tbu 
Mediterranean and the U.S. 
Atlantic Coast, where rates fell 
from 51 to 45.9. 

In the dry cargo market, 
conditions were described as 
drab. Rates fell throughout the 
week, in a way expected during 
mid-summer, but owners gave 
ground only reluctantly. There 
wa? continued congestion in the 
River Plate area, Lagos, Bombay, 
Alexandria and New Orleans. 
This helped lo absorb surplus 
tonnage, but did not raise rates 
to any great extent 


SCOTCH WHISKY EXPORTS 


Seagram seen as key to US markets 


BY KENNETH GOODING 


SCOTTISH STOCKBROKERS 
Wood Mackenzie have just pro- 
duced a major report on the 
prospects for Scotch in the U.S. 
They have arrived at the 
Following conclusions: 

* Scotch whisky sales in the 
U.S. will grow by only 1 to 2 per 
cent a year for the next five 
years compared with the 10 per 
cent seen until tbe early 1970s. 

On average the four best- 
selling standard Scotches, 
namely .T and B Rare, Cutty 
Sark. Dewar's and Johnnie 
Walker Red. will experience a 
per cent a year decline over 
the five-year Derind. 

Premium " Scotches, such as 
Cliivas Regal and Haig “Pinch" 
Dimple in orher market?'!. »:an 
spect a 5 tn 6 per cent growth 
The decline in sales of Incsi 
.S. whiskies. . which has been 
per e*nt a year for some time, 
will continue at more nr less ihe 
S3nie pace 

The brokers point out that the 
prospects fnr Scotch are »ery 
much bound up with the new 
management and policies at 
Seagram Corporation, the worlds 
bi.cswst drinks croup. 

By coincidence. Mr. Philip 
Beckman, the ex-Colzate Palm- 


olive executive who is Seagram’s 
new president, is in London 
while oh a European business 
tour. He said : “I wouldn't dis- 
agree with any of that." when 1 
told him about tbe brokers' fore- 
casts. 

Seagram is. of course, heavily 
involved in all whisky sectors but 
most heavily in U.S. whiskies. 
Mr. Beekman believes Seas ram 
can find new drinks products lo 
help fill the gap helm? created 
by the drop in sales of U.S, 
whiskies. 

Prices of some leadinc 
Seagram brands will be lifted 
5 to 6 per cent this financial year 
and the policy continued longer 
term to help finance tbe search 
and launch of new products. 
This compares with an increase 
in U.S. spirit prices of onlv 
lb percent in the past ten years 

Sir. Bcekman told me. " In the 
paM Seagram did not give new 
products enough time to prove 
themselves." Harking back i<« 
his days with Colgate he 
recalled: "Crest toothpaste lost 
money for 12 years before it 
broke through and recouped all 
the losses in one year." 

He added: K T believe we can 
make our new policies stick. But 


we won’t be able to judge for 
two or three years whether they 
have been successful." 

Seagram’s pricing policy “can 
only be to Scotch's advantage," 
according to Mr. Ian McBean 
who spent some time visiting 
American drinks companies pre- 
paring the Wood Mackenzie 
report. 

And they will certainly have a 
proround, and beneficial, in- 
fluence on the prospects for the 
Distillers Company, the biggest 
Scotch whisky producer, in the 
U.S. 

Mr. McBean points out that 
Distillers' new chairman. Mr. 
Robin Cater, is also more in- 
terested m profit than in volume. 
“Mr. Cater and the DCL will 
not hesitate to price Scotch up 
if the market conditions so 
justify." 

Sea £ ram will u.-* ,<onie of its 
extra income in double to S40m 
the advertfeins and promotion oF 
*onie of its hiq brands such as 
7 Crown whiskey, Seagram VO 
Canadian whiskey. Crown Koval 
Canadian whiskey. Spasrara Gin 
and Wnlfschmldt Vodka. 

Mr. McBean is “not unduly 
concerned*’ that sales of Scotch 
will be affected. 


The U.S. is by far the largest 
market la the world for Scotch 
accounting last year for more 
than 30 per cent of world sales. 

Distillers Company (DCL) has 
pushed up its share of the total 
U.S, Scotch business from JS 
per cent to around 40. pur cent 
since 1975 and it “ should be 
capable of holding that," savs 
Mr. McBean. 

He adds- that DCL can also be 
expected to maintain its 47 per 
cent of world Scotch whisky 
sales. 

He is bound to stir up con- 
troversy in the industry with his 
comments an the four best-sett- 
ing, money-spinning brand? 
which so far have dominated the 
American market. "They ivprr 
the star performers of the I960-; 
but they have run (heir course." 
he maintains. 

More specifically, he suggest* 
that .Iohnnic Walker Red, a DCL 
hrand, and J and B Rare, owned 
ultimately by the Grand Metro- 
politan group, face a better 
future than Dewar’s, another 
DCL product, and Cutty Sark, 
the brand in which Hidfund 
Distillers and the private!*, 
owned Berry Bros, and Rudd 
share an interest 



S- ,* 




;*«r 


^i 









V V 

• li '*!• 


"O-^t 


\ ; \v . 

’ “ ■ • *• 


» * . . .. 


i’Sp r*t- 



Financial Times Monday' July 10 1978 


HOME NEWS 


Aerospace industry 
hopes plans will 
be clarified today 

RY M,CHAH - “NW, aerospace correspondent 

aS',S ! n 1 * vt ai ;;r *er mild 1 The Governor position should 3P5“ e ~.* 1 1 »“i' d '"S Correspondent 



powers urged 
Bank Governor 


ST MICHAEL BLANDEN 


Industrial 
development 
certificate 
‘should be 
abolished’ 


: STRONGER POWERS for the straiats necessary for long-term On financial controls the paper I 
con- • -p .s-- -«■ said that it was impossible to ; By Michael Cassell, 


h« ^ w money supply and exchange 

strengthened by strictly MfegL it pointed to certain clear INDUSTRIAL DEVELOPMENT 

abolished, 
trial period, 
British Pro 


■ , 10 auppun uiia rule cunauiu- uevaiuation of the pound wasi ** 

a number «=••'“ ‘i,.— 1 w ' able { Jne paper. Return to Finaricuzl tmnaJ reforms should be intro- inflationary-. Britain should i Paign to 

new Prosrammes, to sell the Dash o35— an engine ■ Siobiltijf, has been produced by duted t o safeguard the agree with her EEC partners to of the 


tinning cam- 
achieve simplification 
planning system and 


memorandum tu Mr. Pelcr 
Shore, Secretary for the 

Environment, set tine out its pro- 
posals. 

Il expresses disappointment 


More Home News 
on Pages 30, 31 


ec * s ’ 0ns outeta ndjng on that eventually It will be able 
rnnciwlJ-r. of aew programmes, to sell the Dash 535— an engine e uuucu iu 

reran. >11. ?i e pressure is likely of 33,000 lb thrust in the RB-211 ! the association's economic and Governor's position. ™erate~"her“‘ ^0^1* “‘noliiw 1 Panning procedures. the Fcdera- 

iarS end Sf S rhI?™ H - 0us 5 foi ‘ an ? ml,y of ^ngines-it says that; mdustrial committee under the He could be made answerable along non-inflationary guidelinei.i Hon has sent a 4.000 word 

J 11 ?'*"," 1 .! b T me , l lere5l ! d !Mnhr a P ° f N ‘ sel 10 a Commons select committee ..An approach involving main- 

fears of rLn« d ^rIimni nd t0 ** 2n!n n lf - they £?*"', ^ , the ' Mobbs - headed, like the Public Accounts taming the pound within a range 

While unemp ^°Vtncnt. engine is committed to deielop-' it sa j d mat “one of the major Committee, by a senior member determined by tfie value of other 

maior 11111 1,16 m £2 1 - _ . , -problems racing Britain today of the Opposition. He should oot European currencies was feasible 

riMN«inn ‘ on --“ r ® strategic The Governnient, on the other . i 5 the absence of an automatic be dismissed without consent of and desirable , - 

SSS ISk? whether or not to hand, has tended to say that the ] control on Government which both Houses of Parliament. -This would have the bene-^ w . ,th lhe rec * nl whlIe T' Ap ^- on 

i™ *ho h r,5™K," “I' " S - on , Lt rl IS Si ! f °™“ “ mainoiii a stable Any Government with a Scml result „r r„rc.n S the : UK I I ’ la "" mS! proc<,dure5 and 

Jet Droersmmpc r ftr «-k* ia , l iod» C,V ^ Rnl looTtnvi-*' r-nuntprs hv 1 curreDtir ‘ majority in the Commons would to adopt standards nearer to 

^UII P some™ wav f froS e i 9 , 80 , 5, JS out that \ he aeroengine business 11 There were lw0 Problems to then still be able to pursue its those of Germany and the other 

feel in v ,*-» a3 L fr f, m solu tion, that the aero< R business be so ] ved the financial problem policies, but "all these measures strong currency countries.” 

the nfher 11141 r*? 1116 . 0l i of determining the policy to arc suggested la ensure that if Return to Financial Stability; 

easiiv kT ^ € ® iS10ns could quite _ al , ; adopt and the political problem the Government breaches finan- ABCC. 6-14 Dean Farm r Street. 

Clear tiuf JJSf 11 e nOW * , so 35 t0 iS “iq rSS,?» J™! ! oF ensuring that governments did dal restraints, then uproar will London SWIH ODX; 70p includ-, 

‘S Sk £ ta S Mliner con ' SS i ran ? t e not break the financial con- ensue." ing postage. 

sideratuon of the bigger issue 3ets costing about fl40m for its 
These other matters include immediate replacement of ageing 
a start on the HS-146 feeder- Tricots and One-Elevens. 

Hner, a decision on either Boero* 11 1,15 11181 lhc 737 1S 3 

737 or British One-Eleven ieis raop e profitable aircrafi tn h> 
for British Airways and a llian ,lie One-Eleven 

limited authorisation to Rolls offered b >' British Aerospace, hut 
Royee to spend more develoo" 11,8 ,atter faai5 co unlere d M i' lb 
ment cash on the Dash 535 ver that ita P pn P«wals if 

won of the RB-211 engine implemented will give the State | 

A decision on the £MGm HS- airl5nt ’ a bette «‘ aircraft than 
146 feeder-liner programme is lhe T37- 
becoming a matter of great r* • ■ 

urgency to British Aerospace, Compromise 

™ 0n? r he i iew 0f meetin e Tt seems likeTy that either a 

mreign airline demand for such compromise decision will even- 1 f . min j nn - nmw! tn A av m u is Booners secona acquisi- 
omion« m RTI ? I » he p ma,nlain tually be reached, with British r orc ° a [° unin *» come ® l0 “ a>m tion in this area in three months, 
employment levels at factories Airways being allowed tn huyi a £945.000 purchase b> Booker f n ApriL it spent S5m on a third 


Booker McConnell takes over 
Pitcraft Summit for £lm 


BY CHRISTINE MOIR 


such as Hatfield, where the civil some 737s and One-Elevens, or 
worn-load b as been running that it will he allowed to have 
down fast. all 19 7375. w ith British Aero-. 

This point is believed to have space getting the HS-146 to com- ! 


FURTHER PROOF of the strong supports, for which Booker is a shares, for £4S6.700 and supplied 
revival of interest in the future ma in supplier. the company with a short-term 

It is Booker's second acquisi- loan facility. 

The effect was a doubling of 

McConnell, one kf Britain* lead- a^^VcBSiSKia miring £d“l.ri P “ ^Sa/'ric ta | 


several areas where it believes 
improvement must be made- 

While many changes in lhe 
development control system 
were necessary, said lhe Federa- 
tion. the training, professional 
outlook, organisation and mana- 
gerial ability of those who 
operated the system formed the 
most crucial factor in determin- 
ing the success und quality of 
planning decisions at local 
authority level. 

Need for speed 

Planning delays formed the 
Single biggest obstacle in :ho 
development process. and 
methods of ensuring smooth :ind 
[speedy planning machinery were 


ing mining equipment manufac- engineering manufacturer. Good- ]Ua k e progress on new develop- 
turers. man Equipment Corporation. ments. ° 


iu Have space getnng tnc hs-im in com- i Honker iK tabinv over thp /-« EiJ 

Beswick chaiS ^nf^British ^ nMt€ fnr t l0SS ° f 0ne ' J whole of a private company. Pit- Confidence 
tseswicK. coairman of British Eleven work. 'r»o c...nmit u-hi^v, The later du 


been made 


Now the Enterprise Board will 


Too often minor applications 
were subjected to an excessive 
degree of consultation and tr.o 


Aerospace, to a top-level meeting 
of civH sen-ants last Friday. 


None of these decisions ' 


; whole of a private company, pit- nnPf .h aKP not nnlv set £570,000 plus repayment of I much time was taken to resolve 

craft Summit, which designs and The later purchase not only *> . Booker wilt absorb manv appeals 

, j manufactures underground miff- underlines Booker s confidence p itcra r. mlf) jts Flpteher Trie responsibilities of each 
direcflv affects the loneer-term ina enuiDraent and in which the iQ the potential of the coal In- '?\° Flet F? e J l 

strategic issue of whether the I NationalEnterprfse Boardha^a dually, but highlights the role f“^ aWlld subsidiary, which 
UK rejoins Airbus Industrie and 1 20 4 per staice. of the Enterprise Board in assist- 18 . arye ? 1 SI ?P P ^ °. f °I inin S 


helps to develop the new B-tO . The deal comes at a time when ing Pitcraft Summit to this . tD t lbe rr ^° al Board - 

\V hile some w-ork on the aircraft, formally announced last i]j e National Coal Board is point in its development whUe Keeping tiie f“7Tn er owner, 

HS-146 has been undertaken on week with orders from several j studying a £200m investment The role has been a model of - K - u - Penutn, as chair- 
Govemuicnt cash aid in the past European airlines, or whether pmgVamme for the late ISSOs in the Boards new philosophy of 
few years, since the project was Britain acceptH an offer tn help new collieries and when it has investing in companies with a 
pur ‘ 


man. 


Fletcher Sutcliffe Wild had 


responsibilities 
tier of local government should 
be clarified, thus removing "the 
overlapping, friction and de- 
marcation disputes which add 
to delays. 

The federation questions the 
relevance of industrial develop- 
ment certification and office 


“on ice" in 1974, the view with development of the pro- already announced its intention real future. In July last year sales of £18.5ra last year and ; ri „ V pi nnmpnt Dpnil jt s . n view of 
the industry is now that a posed npw Boeing 75i jet nr| Vo spead £20m to £30m on new it bought a 20.4 per cent stake employs 8S0 people. Pitcraft liVL ir ,!mduptinn of structure and 
go-ahead can and should he joins a venture with McDonnell i large hydraulic power roof in Pitcraft, as well as preference employs ISO. local plans, and says that local 


in 
lull 

authorised, without in any way Douglas of the U.S. 
interfering with other project It is recognised in the industry) 
decisions. that this is a decision of extreme 1 

Especially at Hatfield, where complexity and political delicacy, 
final assembly and flight test of which cannot be hurried, 
the HS-146 would be undertaken. Most people in the industry. 

1 here is an urgent need for new both in management and nn the 
ventures. The big assembly haJJ shop, floor do not see why ih^ : 
where Trident jets have been other decisions should be held j 
built for years is now empty, back while the Government con-' 
with the last Trident for China sider the bigger Isfiyo. when [ 
out on the airfield for flight test favourable decisions c*uU> dnT 
prior to delivery. much to boost the industry's ! 

So far as the £25Dm Dasb 535 flagging morale on the civil side. J 


Employment laws 
c not restrictive’ 


Further 
aid urged 
for home 
insulation 


By Michael Cassell. 
Building Correspondent 


Call for election 
pledge to scrap 
private education 


authorities should be able :o 
consider any application renui 
ing these certificates before they 
are granted. 


Jay accused 
of Labour 
propaganda 
bid in U.S. 


A TORY MP yesterday accused 
Mr. Feier Jay. British Am ha s«a 


action. 


not mean that the employer was helped put paid lo the myths 
- automatically taken to the about the effects of employment 
cleaners for compensation." Mr. legislation on larger manufacture 
Harold Walker. Minister of Stale jng. concerns— those employing 

l!!7i S«d^ ( r'Uii week, the Association of 
non™'" talked Soot "Up Wta Manufacturers of 

STM 

recruiting: ‘'peop'le^eilhe™ '23 

“.Si/TSES ease** ** there was UtUe s ‘ sn that jt was 

an industrial tribunal ease. inhibiting industrial recovery. 

“Let us get this in Perspective. "Contrary to what a s mall 
Thcchaneesofasnial empojer nlinQriI , would have us beUere, 
racm„ a case of unfair dismissal jnosl British managers are nol 

,n .??- v *'**' “ jSSL' ‘ J too worried by employment legis- 

,i 100. TTie chances of bi iff being aipomK. m.mv nuerate 


THE LABOUR Party was urged the removal of selection within 
at the weekend to commit itself schools ^ as well as between 
lo scrapping private education schools." 

in its forthcoming General Elec- Mr. Fathers’ later criticised the 
-MORE GOVERNMENT aid to i tion manifesto. Government for its often *' half- 

; improve insulation standards mi T he demand came from Mr. torjj l and at best lukewarm | ^ ff^ a gfi 8 5STr KTE 
homes is urged in a document p a t Faihers. chairman of the iSJJUJjjL U co lp,ehen? e transform the British Information 

• : submmed to Muusters by the Socialist EducationaJ Association. ed \? a S«h' K»m Mr r*hn«innhr<r I Service office -in New York into 
'Federation of Master Builders aV lLs an0 ual conference ^ K^ hMdmSiier nf 'S Labour Paf U propag^ndj unit 

The federauor , has weleoieed Wok.ngh.m. Berkshire. hSS. ^ S!SS-ta. XOStSS. «»l»n Adley. MP for 

Christchurch and Lym ingltm. is 
in question Dr. David Owen. 
Foreign Secretary. *n the Com- 
mons about the announcement 

' ™em tu'abriish'private* schoolin'; S JKrjSTbTW V 'fie j 


i A lie icuriduuu udb wciLumcu , 

G7^7\ T G SOMEONE tiip did recently published research had the recent Homes Insulation ! " House, 

- BUI. which will provide grants _ Mr. Fathers, deputy heart of tional 


a lee-paying co-educa 
preparatory school. 


for certain types of insulation ' Barnsley Comprehensive School demanded that children of Fee-I - 
work, but say’s that the Govern- ■ Yorkshire, said that the mani- paying parents should be entitled : 
ment must consider further festo should include a commit- to subsidised school milk. They. 


Mineral Insulating Fibres said 
that better insulation in houses 
would lead to “ massive " energy 


Labour Government. 


as State school children. 


The final abolition of selection - y^y should pdrenls have to 


half-way through what was 
expected to be a four-year term. 

There have been growing 
differences between him and Mr 
Jay about the role and scope of 


-«u.u .«.u * - pJISSSK pay twice for education?" he 

savings and that it should be , towar ds establishing a fully com- a3 Ued during a speech-day 

considered as “a fifth indigenous prehensive schooling. -address. R - it . i nfirn , a .:„ n 

fuel." ! “This means more than whip- Parents who paid for private '® nl ?. , « s ^formation effoit in 

Insulation standards, it said. 1 pin? a few recalcitrant authori- education should also be able to U - Js - 
were last reviewed for domestic i ties into line. It means the make their contributions tax 
dwellings in 1B75 and it sugges- . ending of private schooling and deductible, as in the U.S. 

ted proposals which could save ; 

the nation more than £70m a i # m _ 

^According to lhe taring j PenSlOn Sg6 IS IHHalT 


the Homes Insulation Bill will : 


Z^hUUSTS j“ fjgyfts* ,huiC sel oa,i "' .. . . 

d,z^u ffii - W-!? t0 men ’ says peeress 

issJs jsr-rss?«£ 

monsense and practise good pertaps ,f a fav i thermal insulation work, 
industrial relations do not end doom would do us >* 113 tavour. rori n «tinn »<v< t 

up in industrial tribunals." a " H r 


— - v j, ‘ The federation says that the i 

and concentrate their inventive*; ( , £|vernmenJ env i sages initial! 


Ulr" Walker, speaking in his ness o„ putting Britain back on. 


FINANCIAL TIMES REPORTER 


Mr. Adley S aid at New Milton : 
“The arrogant Mr. Jay is seek- 
ing to turn the office of the 
British .Information Service in 
New York into a unit of Labour 
Party propaganda bj trying to 
get the staff at the office to be 
all people who share his political 
views." 

“He is seeking to censor news 
rrom Britain. Having failed, he 
turns his venom on the head nf 


THE DIFFERENCE in pension common age between BO and 651 of the office. He must be made 


ages discriminates against men. must be found. 

Baroness Lockwood, chairman of “ Many people would favour 


Doncaster constituency, said that top 


Motor caravan market 
20% up this year 

FINANCIAL TIMES REPORTER 

THE MOTOR caravan market in formance. Bonwinir 

Int.n has risen by more than Devon part of the Remrak 

iSS? 5 ~ ^ 

* m •2i r lA 

According to Devon Conver- an ? lh t . ' linic> ihc company 
sions. one of the. main companies ■ DrODOa i nE l0 expand, its work- 
in the field. May and June uta it builds 

1973 w i-hc? the British 1 motor iu^-iator^Ss. if sales continue 

industry achieved it* best per- lo grow. 


annual expenditure of flam to (the Equal ' Opportunities Corn- .-nmething like the French 
cover the cost of grants for mission, said at a weekend flexible age, between say 60 and 

insulating roof spaces and lag - i conference in Sheffield. which gives individuals a 

ging tanks. It would, therefore.' She told delegates to the right of choice and a pension 

take more than 10 years to carry ' British Federation of University rate according to the chosen 

out the loft insulation pro- Women's annual conference that retirement age, but here again 
gramme alone. her commission was campaigning complexity is the barrier." 

The document asks: “ If lhe for a full public debate on what The Government last week 
conservation of energy stocks is, constituted the correct retire- published a consultative doeu- 
a matter of urgency, is this con- j ment age fur all people. mem entitled A Happier Ulrt 

sidered an adequate response.: The commission believed that Age which tackled the problem 

particularly in view or the equality of retirement and ,<f pensions. 

Government’s own view that pension rights was part of the It claimed that a common 

enemy costs might rise, by 50 sex discrimination and equal retirement age of 60 involved 

per cent in real terms over that -pay package of reforms and prohibitive costs while nl 65'tiir 


aware of the Employment Pro- 
tection Act.’’ 


Labour picks 
barrister 
at Anglesey 

By Robin Reeves. 

Welsh Correspondent 

MR. ELYSTAN MORGAN, a 
barrister and former Junior 
Minister at the Home Office, was 


period-? " |“ nothing except tradition '* extra burden oo women near i adopted this weekend as pros- 

Thc federation calls for a ; supported the different ages retirement age and the worsen- ' pective La hour Parliamentary 
speedier loft insulation pro-; involved. ing of unemployment would be j cand,dall? for Anglesey at the 

gramme, additional aid for[ “The commission believes a ■■undesirable." - j ne ^. “Cneral election, 

premises where loft work has 
been done and- other insulation 
is required, and incentives as 
an alternative to granls. 

Building societies should also 


‘No rain’ holiday offer 


Flow of tourists boosted 

THE NU.MBER Of foreign national cerS*. 1 * 16 ! 

entering the * n _ ^ a ” f h l ,i jjj? X The only EEC country io show a | 

5WJS Ai * s?S£ - Fran 



Patients Plan 
computer 


His nomination came atier the 
decision of Mr. Cledwyn Hughes, 
chairman of the Parliamentary 
Labour Party, not tn contest the 

next election after 27 years as 

, he*required to top up a mortgage 1 A "NO RAIN " guarantee is being rains more than 1 nun — the Anglesey's MP. 

'where the buyer specified high! offered by John Hill Travel, nf amount of an average shower— Mr Mo re an represented Carrii- 

j thermal insulation standards. (London, on its foreign holidays, in daylight hours. san for eight years before losing 

In a bid to attracT customers 'So many people have been the seat tn the Liherals in 
disillusioned by ihe British caught by the appalling weather February 1A74. 

weather, it is offering cash pay- in Britain that we thought this At lhe last General Election 


- jrf* * * i wcauier. ii is nnering casn pa>- i" mat we inuugiu me wsi >.wnei>ii e.k-l-u<ih 

InU-rOOIH hotel intents to holidaymakers in the "i»uld make them more con-; in October 1974. Mr. Cleriwvn 
* [even of a heavy shower. fident about booking holidays." ; Hushes had a. majority of 5.972 

for airport 


Under lhe scheme, visitors M r - Tony Ward, director of John nr 17.R per cent over the Con- 
will be paid £10 for' each day it Hill Travel, said. serrative candidate. 


has been an overall Increase in the 


PRIVATE FATIENJ5 -Plan, 


number of visitor* ^'uml orivato 

Tlic Hawes. 1 [l lc B a ^uhTouJa < t Insurance company.' ^ has | facilities, including pool, sauna after 

TJtaSw'S IJStaTA- .m %£*££ ofanew m ! a»0 symaasmm. , parei 

arrivals for the «rsi quarter of the , CL 0950 computer at its Tun- 

vear totalled V***-SiS5E& brid ® e Wc l ls hea ? of lCL’s 
nf 1 percent o*er the corres»pono is the second of icls 

mg period of last jw. rec enUy - introduced nMwje 

Arrivals from the BBC 2950 computers to he delivered 

4nj,UOU. up 14 Per cent on Jtarch lu a cus iomer. 

1377 and a marked contrast to the. ^ slouch bead office_ of Berlei 
figures for the preceding four Tbe next eight are 

months The lamest wcrMseswcw \e du j e d for export. 
from Germany iup 44 per cent), seneou. 


COMMO NWEATH Holiday Inns 
of Canada is to build a 160-room _ 
hotel at Aberdeen airport. Con-. 

Btruction will start this month' 
and the hotel is expected to open 
in late 1979. 

Commonwealth already oper- : FINANCIAL TIMES REPORTER 

ates six Holiday Inns in the-, T n c pt iruT il. ^nnnnn 
UK. The Aberdeen hotel will' PLIGHT of the 300,000 

be fully air-conditioned and have, «“sle women who may sacrifice 
extensive conference and leisure' their own ambitions to look 

elderly and infirm 
parents is dealt with today in 
a report from the National 
Council for the Single Woman 
and Her Dependants. 

The report, marking the 
beginning of National 


Sacrifices ‘bring poverty’ 


Cheaper coffee 

SAINSBURY’S is again reducing 
the price of Vendona instant 
coffee in its supermarkets. From, Dependence Week, claims that 
today a 4 oi jar will cost 69a 1 many single women who 
—down 5p. ‘ j remain at home to care for 


elderly relatives live below the 
poverty line and grow so lonely 
and cut «ir that they eventually 
become su. 

" it is also a world In which 
most of these devoted women 
would . sooner suffer than 
admit to uielr problems or seek 
financial and other help.” 

The research shows that 
more than half the women In 
the sample studied conid not 
J 10 ® ul .to work because of their 
caring rofe at home, leading 
to financial hardship, as well as 


isolation and inability to 
pursue a career of their own. 

The report says that there 
should be protection of 
employment for a specified 
period Tor people who have to 
suspend tbeir career to look 
after the elderly or infirm. 

The invalid care allowance 
should be increased from 
£10.59 a week to at least the 
level of unemployment bene- 
fit, and continued for “ an 
adjustment period *’ a tier the 
death of the dependant. 




‘Co-operate in pay 
negotiations,’ 
civil servants told 


BY PHILIP BASSETT. LABOUR STAFF 


CIVIL SERVICE unions should 
co-operate closely in formulating 
and negoriaiing pay claims in 
the nexT round. Mr. Bill McCall, 
general secretary of the insti- 
tution of Professional Civil 
Servants, said Yesterday. 

Any policy the Government 
might draw up which made no 
provision for rurrectins anoma- 
lies buili up »n lhe last three 
years of wage restraint would he 
■‘quite unacceptable" to the 
majority’ of trade unions, he said. 
The Civil Service unions form 

a targe group of workers which 
could make trouble for the 
Government in the next round. 

Rc-senlment 15 high about the 
10 per cent settlement under 
Phase Three, when claims of be- 
iwcen 14 and 24 per cent were 
presented, and hi the Iasi-minute 
refusal of the , Government to 
pay the settlement tn workers 
in ■’ fringe ” bodies whose p.iy 
is usually associated with the 
Civil Service 

Mr. McCall, writing in hi< 
union journal, made a pica to 
uihur Civil Service unions to face 
ihc “ fu rm 1 da trie difficulties' of 
the next p.i> review Tor ihe 
service together. Co-operation 


this year, wept fnr the fin**! 
stages nf the settlement was 
** noticeably ai Us worst." - 

The fringe bodies at rhe centre 
of the hitch to lhe 197$ setlle- 
menl should, if their pay. and 
grading arrangements wctc in 
line with those in the Civil, Ser- 
vice. cnitie formally under' ihc 
National Wlmely Council, the 
joint hotly of employers and 
unions for the service. 

The anniiutiies tolerated for 
three years under incomes 
policies must nour ijp corrected. 
The differentials claims for" the 
Professional and Technology 
Category of ihc Institution of 
Professional Civil .Servants mem- 
bers should be acted upon u- soon 
us possible. If not. the union 
would co in aihilratwn or take 
industrial action. 

9 Members of- ihc largest Cr. il 
Sen-ice union, the Civil and 
Public Services Association, will 
hold ;i strike today ai some 
unemployment bencfii offices in 
protest ;it the Government pifnr 
scheme 10 pay unemployment 
benefit fortnightly instead of 
weekly. The union believes th.it 
lortnightly payments would mean 
the !ns.s of 1.000 jobs 


Make a right of day 
release, say teachers 


BY OUR LABOUR STAFF 

TflE National Union of Teachers 
yesterday decided tn press the 
TUC. to call fnr legal entitle- 
ment to day release from work 
for all young people aged 
between 16 and 19 and lhe right 
lo six weeks' paid leave a year to 
attend job courses for workers 
between 16 and 30 l 

The union's executive/ meet- 
ing in London, decided to sub- 
mit two morions to the TUC Cun- 
gress in September — welcoming 
the Government's attempts; to 
minimise youth unemployment 
but calling for a cn-nrdmalcd 
approach to education and train- 
ing ; and criticising the Govern- 
ment for nni making money 
available for full implementation 
of the Health and Safety at Work 
Ac 1 in the public sector. 

The union suggests the 
phasing in of a legal entitlement 


to diy ralrase fur vnune penple 
ami stipulates I hat the vocational 
courses for which workers aged 
ti>oP should get six weeks' paid 
leaves must be recognised. 

Educational grams, and social 
secuniy and tin employ mem 
hen should b*' structured tn 
ensure that young people are 
encouraged to lake advantage nf 
training. 

Mr. Fred Jarvis, general secre- 
tary of the union, said that thp 
co-ordinated approach to educa- 
tion and training should apply tn 
young people whether in employ- 
ment. full-time schooling nr 
further education, or unem- 
ployed 

As to implementation nf the 
Health and Safety at Work Act. 
ihe union will press for full 
provisions without compensatory 
savings in the services concerned. 


hold half-day strike 


BY OUR LABOUR STAFF 

POST OFFICE engineers in 
London will hold a half-day strike 
and a mass rally tomorrow in 
support or then claim for a 35- 
hruir working week. 

The 30.000 engineers are mem- 
bers of the Posi 1 Itlice Engineer- 
ing Workers' Union, which has 
been involved in a dispute over 
shorter hours since November. 

Television coverage nf the 
Open Golf championships starting 
at St. Andrews, Scotland, this 


week is likely 10 he affected by 
ihc dispute. 

The engineers are banning 
overtime and the installation nf 
new equipment. Cables . for 
transmitting or the golf event 
will not lie laid by the engineers 

Broadcasting of ihe champion- 
ship.-: will also ‘ be affected hv 
whether members of the Associa- 
tion of Broadcasting Staffs con- 
tinue tn give their support to lhe 
dispute. 


Power plant goes hack 
to work after 18 weeks 

A STRIKE over bonuses at the 
I nee power plant near Ellesmere 
Port in Cheshire, ends thw morn- 
ing after IS week.- when 1*30 men 
from the coniraiiors. C. "A. 

Parsons, return lo work. 

The. project — fur the Central 
Electricity Gem- rating Board— 
is already \hvcc years behind 
schedule. The initial estimate of 
its cost has inn-rased by X13f)m 
to £230m 

The peace formula was reached 
by officials of the various unions 
and the shop stewards so that 
negotiations ever The bonus 
issue could be reopened. 

The plan; has been plagued 


with other strikes, too. 

Talks are also taking ptar e 
this week at the Inland Bevpinj* 
oifise al Bootle, where a slrita 
has been in progress for si: 
weeks over pay. . 


Steel jobs cut 

THE BRITISH Steel Corporatlni 
is in make 150 redundant al it 
Con sett. On. Durham, work* 
because nf a drop in wort- 
demand. The men make hcai 
resistant materials Tor linin 
blasl furnaces. 


accelerate to 



motoring page 


- SSMWS . 



ITS FOR PEOPLE INA HURRY - 
SO WHY WAIT? 

New cars, road tests, 
maintenance checks, 
by Stuart Marshall - every 
Saturday. 

Advertisement rate: • • ■ • 

£14.00 per single column centimetre. 

Contact Simon Hicks at the 
Financial Times, Bracken House, 

10 Cannon Street, London EC4P 4BY 
Tel: 01-248 5115 

FINANCIAL TIMES 

ON SATURDAY- 
THE F?£5 . 3F7HE SUNDAYS 




Financial Times Monday July 10 1978 



ll \ m for 
Bovis in 

Trollope & Colls on home ground Crown the South 

House 


A ‘MULTI-MILLION pound con- caled construction. ihe work and reinforced coocrtW compu- 

tract for the reconst rued on of 24 email? the retention of most of sue frame, and one section of the 

Lombard Street in the Citv of lh* exist in? facade part uf which rile is to be excavated 1 9 provide nnntrQofp 

London ha* keen iP?nr«atArt hv ,s hP lJ isniamied, stored and a sub-basement overall VUIIII fti-LS 

h ’ . J ? b ? replaced. A OO-year-nld infill The fully air-cooditioned office* ° 

Tyollnpe and Lolls- which 1 * .0 hutldiflS '■•■ili shn be dismantled w-jll moude a new banking hall BIIlPING- services comr***' 

develop the site for the iloyai and rebuilt a- part of the contract 'dining facilities, kitchen and ,n,al *. mg £44m hare been wen n;- 

Bank of Scotland. which. overall, is scheduled for exeniiivn *uue Cro'^'n House Engineering. 

WHen '■orapleted a *o-al cra« completion in February utS2 Pan of ihe existing building .. forthe second phase of T**> 

*T** o' Itonn smsara metre? at Wi:il r:,e P ’ c,:epl . ion of represent one of ’he earliest 

--,11 • q jaf - ™* lres of outer a h ; I =. t.ie existing build- examples of steel frame censtruc- 

ofsces y. ill .ie provided on ten . iD g ^ 10 he demolished and tion and wax on? in ally built by 

levels. rebuilt on small and large bore Trollope and Colls which fhi? 

Said to be a technically compli- piles to support a complex steel year is celebrating Us bicentenary 



wh" need to r.oov the logic si on covering an erfa «l 5&I 1 
behind the clauses tn order to square metres -md * square 

saterpret them intelligently for metre extension f o f he pres? 
a particular application. 855400 shop Th«> cmitr.ii” 1 - scheduled 
-*-11 hi* published in ten parts to be completed by nud-fr corn ary 
n combine, eiido*. of practice with ISTS. 

precise specification* aovermne The consul tine engineer? are 
loads, materials and workman- Mr*?«rs Pell Fnschm-inn and 
ship Partner? of L-?i?d»G. Wl. 

fcnVSS CIVIL Engineering ha? It is said to be undouhtedlv 
a contract worth £l_2m — complex*- but. «n is modern 
a- L'.'w*: Earle:, near Heading design— and ihere seems little DynrlllAfc fAF 
R»rk?n;re where a now com- prospect or *cer achieving a X 1 UllULld iUI 
■n in::y for i& 00 o people is he!n.g ” simple" standard in this field. 

Tne company 15 already although many attempts have it j ■ 

-.orftsns on four other contract's been marie | Kip r| - Ofjp 

T.J* ->«c auon Part' l. 2. 4. 7 and S already t-MV- 4.A 

A , tried r !“?■ I E. ™ "* E w 


World leaders 
in steel framed 
industrial 
buildings 

Conder Internation al Ltd 

Winchester. T*t; (0w£2) 982222 

. CoC’ptfit#’ London. 

on T*vn. t 

CgrtlngtfSV Cum6*nA»vW.' 

• flSrrdMrniMeCjIfl*^, ;• 


tile 
concrete 
available 
lude 


design and const ruction of p . . nwr 5': 

retc hririgp. other earl, !>*"».. !,a ' ri /™ p n d ,0 enUl 

«•>* •«« «».. >«r trv h ' t TL'*d!?i ' «.rnn, I... 
- section* on ihe enrip -,f n . A h„i 7 riin.. 


Cubitts tops 
£5m in New 
Zealand 


£13m glass 
fibre plant 


each will be of reinforced con- vital to 
crete framework with block work of the Sunsan 
infilling. Also included !c the Project, the largest, 
contract arc mechanical 
electrical Lcnaiiations. 



£6m w orks 
to Gleeson 



The company, a *ub?idiar'v of beanne 1 * 

‘trders and inquiries ! n BST 
Sales DeparlmeTit. int Penion- 
ille Road. London M AND 


flS.OOO hectares in Nepal's »-« ro he installed "a’t a 'ro«r~o: B^kshiri; County Council 
Eastern Terai. a plain below rhe £2.2m at the New Hospital Tfc’ 4 r,n,! J- oa d3n Borough or 

Himalayan foothills, but since j* heme constructed in th.-p*- 1 - ,;Tlrten has awarded a contract 

th« project was commissioned in hinrks. Tb“ architects a-e Ton- : * r3U . na -| *>m ff>r ^ 9-?tore> 

the early '”CTs the o.ana< and ils and Partners and • top ; '* , ‘ It, entia. o.ock to he built off 


is DereK 


CEMENTATION Projects l» to 
act as managing contractor for 
the design and construction of 
Project Fenix. a flffni factory, 
warehouse and office complex on 
a 22-acre greenfield site at Run- 
corn. Cheshire, for BPS LARGEST AMONG the five con- structure have deteriorated and mam contractor 

Industries. tracts worth a total of fiJm won remedial measures are urgently Crouch. 

.'.Work is to start next month rvy Gleeson Civil Engineering is required, 
and be completed at the end of one awarded by the National The assignment. financed 
next year. Plant will he com- Coat Board Opencast Executive under an agreement with the 
missioned eariy in I PSP. and will to the tune of £:Jin and covering International Development 

have an annual production ihe Ellerbeck site near Association of ihe World Bank, 
capacity of 14.000 tons of glass Arilinetnn. Chnrley. Lancs. comprises- survey, investigation, 

fibre insulation. Some CW .000 tonnes of coal detailed design and the prepare- 

Preliminary work of moving are to be extracted over 24 years tion of cnntract dncumenls. OXF. of Britain 5 ' 

overhead electricity pylon? has 2 nd the site restored after Lhe Work has already started and academic libraries, rh" .John 

been completed and a permanent seam ha? been exhausted i? due for completion early next R V -|ands l' Diversity Llbrarv of 

Touodahout road avce*=s \< Northern Counties Housing year The cost of the restoration }fanch ester. 1 ? m have a five- 
currently being built by Run- Asocial ion has k-t a job worth work will not be know n until ctnr{ .' v Extension built under - 
corn Deveiopment f’orporatinn £l.?m for llfi fiats in Her = 1 ,! ‘ _J 


£5m w orth 
to Laing 


:.ie Tottenham Court Road 
rfrsocjatien with the new EMI 
ventre development. The build- 


Hong Kong 
traffic study 

THE HONG KONG Public Work* 


• n?. v. men Wii: have a 5- storey Department ha« commissioned ?u 
iZ* provide non:** for Halcr-jw Fox ami V-.-nciaics tn or 

n*»op.e :n to* form of S* f’-vn- at j lJ?ie rtn a coiiiprehensiv* ce 

rersmi a^is and o tnree-peraon for inlegrating the city's Internarinnal 


jn;:* 


o , - Hemes the engineers have finalised ;- 4m \vnlr 3 c 1 awarded to .inns 

which has leaded th* life to BPB Road. .Sheffield with a contract fh*ir mvesligatinns. ou» tne Lamp Construction. Xortn V. e* ! 


Industries. The BPR nper.iring period of 91 weeks, starting I D A . has already granted B P ,jQ n 

1 f^Om loan for rh* tv, p ' 


company af rh-: plant wu T h* sh»>rt.l> 

Gynroc GL-s? Fibre Insulation At Elf Mill. Stockport. 


Nepal 

'90 restoration and development 


i "£s Standards 
are raised 
for bridges 


public transport »bu« and cros« 
harbour femes 1 wiih the new 
Mas? Transit Railway . due to 
open in September 1979 and the 
electrified Kowloon tn Canton 
Railway*. 

The initial nli.i«* »f file Mas* 
Transit Railway -i< •■Xpected fi» 
c»rr over int pj-senger* daily 
hy 1981. Ha I itu w Fox and 


described . 1 ? •* Hexiole self- Auckland Tin* imoiporate- 1 

textunn#; tiv.itment t»r nenovat- prerjs: concreic 

ing and riecnrating internal local s>tmc facing a- .1 :*Mrure 
walls and cRtlingi- and a dnub'c *Purt* li.di Intuit t i m It .»• 

glazing ^ Mem ’ which w til oe t.i-t under Jjfl 7 .ihi 0 mi: 
available m pits horituniai preca>r i«iiuiun, with !i!r-u^ 

caserne n l and vi-rsicfl *a*b prevrf-t w.il! paucls .md »• nl !•>•- 

window* Glas? 1 - nut supplied the first sit.igr- of .1 new sport* 
with the system whii-li i= niarii- cnmplcv ai Pjr.i para. Tin Onllc;»-. 
up from rigid ;ur track* and near Wellington The acc<>m;n--> 
glass t-arrier.s plus wall plugs, ri.ttjnn includes .1 gjmn.i-, u. 11 .i~d 
screws and handles. changing facilities 

Both product* w.-.G ^ he Voder a third conlra-:! com 
ipplied tftrnitgn g.ass. Guilders' fenced duiinc th»- pj-i fe^■. 
or decorator*' mperhante I*' 1 !) week?, tiic company wili hmld 
cell is a -uosidiary -if Reed i ,300 square iitcirc* »■: lich* 

:ndii?trial fai-torv a- Bavtrr? 
Grant for the I a;nn,e Tim*:. 
Man cere. 


Architect* for 'hi? nmjerf are dwelling* are to be erected for the Chatra Main Canal and its 


Hubbard Ford and Partners. 

£3|m task 
in Cyprus 
for Costain 


Metropolitan Borough of project area. 
Stockport undpr a 7S week con- 
tract worth over £900 009. 

Alfrclnn. Derbyshire, i.s the 
site of the next operation on the 
lift — an advance factory worth 

£400.000. Land and Hou*e 
Property Corporation i* Uie 
client. Work has started and the 


The project, phase one of a 

p rug ram me to extend the ex;.*:- 

iM 3 main library -building ;r. standard* Institution, i-orfcm 


FOLLOWING TEN year? 
in:ens:r*» effort !•; :he Rrftisb 


Link in 

Saudi Arabia Woods gets 

two jobs in 

4 Hastings 


A JOINT . ..iii-mii 


McAlpine to 
build jetty 


in !»t> known 

nf A*s»<«cvatcs' taslft -xili he •».« produce *' J bc Xi^utao Aero Sun e* 
a plan 10 merge the new rail Lompanv ha* been formed 
faci lilies into the public rr.'iii.-r» , "i 1 Hunting Supvj.* ,n *j i»e 

Llci yd Slreet. ’rill trebieThe* u-e- cKv7J"«iih ,, »mp“' , Mn leadina *>‘ s,em v : ' h appmprntv inter- 1 r ; ' 

able space in the library, increase engineers, resoarch workers and ch ?, n 7 e mtvhs^ links -'eddah. Saudi Aram-, 

the book cepxmty- by 14m and j.c»demics from -'he UK and Haicrow Fn\ ha? also been 
provide an additional 1.887 ^ 
reader seat*. When all phase 

are complete, the complex w-j; 1 , v , < .,. 11-1 w , 

he one of the largest single Th> v-ek sees tbs. publication benefits of new feeder roads in 
university itbran-- buildings in of a major document' BS54DO — s * rea5i stricken h 


TWO MAJOR -irri^r* n ex.-.- - *? -f 
The new conipj.T.' -’ill offer by fim h*re .ire:i gained hv Wood* 


in the 

r 


contract period i* six month*. CONSTRUCTION of a ISO-metres- th ^ United Kingdom. S'eei. Concrete and Composite ?S221#.«« ,n 

A road contract comes at the long jetty at the Kyle of Lochalsh Improvements to asewaee dis Bridges— which represents a. \ohe* participation in 


am (.canemic? from ;ne Lh and ■■ ■ ■>« " n >«., ns fl » ,u. ,.„r, nrcrafi .in air Gon>iiuctirni t«-»r nroje ■ t* in r 

.86 7 ii.road. Britain -.nil h-ve one of appointed 10 undertake a World ! nfr on7v »n comiMnvV Sussex hume-i.v 

^ tne most advanced fridge- in pper "hr^ihuuf th" Hastmg*. 

r_VJ !,u i , * n * riandard^ denied _ n^ fP X r Sub ’in Arab w ' orlri h ,|n r ’ l5 ° 5IVfi a ' Jl T t nA * , 

■ riv<m->h« A m»t her ^ range ■•f mapping surv;ce? on SI fiats -t FiKh.nn R'»ad. S* 
J" F»v !mwf in aimed at de« ei.'pnwnt projects Le.inards «m S».i for Orl-t 
i in these markets Gen-r-l Hmjsmv A**u. :;-ti«.n 


AN IRRIGATION 
the province of 
south wesr.i 

been planned by the Minisirj of completed ‘ i n“january 197»7' 
Agriculture and Natural 
Resources, Republic of Cjpru*. 
which has awarded a £.15m con- 4 t • 

BT^aWjS"' En;i,:e "- Kestoration 

Thp wriri: involves ihe cnnstnic- g I 

tion of 14 pumping station? and OT H 1151 1 

layiiig 21 kilometre* nf pipeline w V4*.4I<41 

varying in diameier from 400 10 
900 ram, together with a remote 
monitoring system which will _ 

ensure a constant water supply THE GOVERNMENT of Nona 
for- specific agricultural needs ' 

Tne average sire of the pump- 
ng stations will be 18 nitres 
10 metre? by B metres hieh and 


The uftke* v-iil ue .a Rix«dh. VaUutl \K around iTCfl.iWO. '.hr 

wnrk wiil xip in f h-* torm «.»f 2 :ind 
3 stojey Iiiov-k? 'ii resident >.x I 
flar* to be cumpivtPd within 7.^ 
week* 

A nc-A- uni*, fai.t'ivy. worth 
.-RiH*.;, T, - .'. on Hie «-x>lieh im In-m*- 
'rial Estate will be f.hf thud 
huili hy the company on t hi* 

W ork- iri;i starr within :.i.* i- 1 '" 

mouih rttul w.li bp »i>r.v.'*iSed 
■vithtn a. vr-ar. 


the 

and 


in Nepal 


handling ships of 6.000 tons for These involve building a new “limit state” principle, and its «la«h-and-burn cuiuvatiou 00 
the* British Underwater Test and ?ludgp pumping station and primp aim :s to establish that a forested * ,,J Pe* 

EvaJuation Centre. It wii I con r purapm? main, repairing and ex-- f Truc?un* continue? to meet its 
sis: in part of straight v-eb-plled lending the existing jetty on the design requirements throughout 
cofferdam? filled with concrete, river front and dredgina and i»* planned life span—i.e that it 

and gravel. The remainder will constructing a loading berth *0 -•* 1 i ! not reach the *eiected jn .Tt Ffrf IlVll IfiK 

take the form of an in-si»u derk enable a new sludge disposal critical limit state. This, in itself, 

carried nn steel tubular piles ship 10 dock alongside • •* i« a fundamental departure from 
grouted into rock under the ?ea Under a third contract, worth the earlier standard which was 

bed. £470.000. Lamg t? io build limited to *fpel bridge? with 

W».rk is now starting anri is factory units in Manchester simply supported jpans nnt ex- TM.Bl'RV CONSTRUCTION Jt^* method? in toe F*jre*t of Dear.- 1 ? b.»?vd in Falkirk, will build 

due for completion in tnid-lPFo Thrac of • the unit? '*ijl he ceedtng 9nn feet, whereas the been awarded a contract worth Glos. »n pxtpnsmn lo Seofar Hon*?. 

Architectural design is by the sPuated at Dyche Street, and new . recommendations cover over £300.000 b> Ford of Europe The w L irk " ill c, immsr.ee h ter Cumhcrnauir/. th»- residential 


for Ford 


AN AGREEMENT with 
Ministry «f Asirp-utiure 
Fisberie* « ill enjnle Northern 
Strip Minin-:. .1 *ubsidiari of 
Burnett and H.ill.iri:«hire. to work 
300.000 ton* -.-r yri;, 1 hv npenra*; 


IN BRIEF 

Wuhf Constrtjrri.ir. wb,.-‘ 




EDITED BY ABTHUB BEKMETT Agio TED SCHPETEBS 

3 PROCESSES 

Magnetic separation 
f minerals 


• MATERIALS 

Internal linings for cars 


5 


CRYOGENIC magnet develop- 35 
ig 25.000 gauss is being used J'eparators. 

Eae Ruyal School of Mines 
mperia] College> sn a joint 
-ugrainmc with Cryogenic Ctm 
•;tan:s of A.-:on :i> dt-^eiup a 
*w kind of megnr..: separator. 

a ill!.- fr»i tm:i or»-i 

The sarce ail.ignet •on.,lrii.'r--d 


fabricated round a cylinder con- 
taining the cryogenic magneL a 
reverse pair of coils able to pro- 
duce a gradient of 5.000 to 7.000 
gauss/cm within the slurry 

The slurry moves through the CHALLENGING TRADITIONAL and dour linings— it is up to 
helix at high speed. buT the -field <rubberised internal linings for 80 per cent lighter than comen- 
is strong enough to pull the- motor vehicles, is an ultra light- Uonal rubber. For example, the 
majority of the. magnetic ore weight therraofoniied fuarned Granada, bout mat in the new 
particles to the inside surface of polyethylene which is being 
the helix so that the flow from Introduced- to the British motor with .37-4.0 kg 
the bottom end is in two streams, industry by Dynamit Nobel, the boot mat material. 


0 TEXTILES 

A stitch in 
quick time 


materia) weighs 0.7 kg compared bead automatic fl*e 
ultb.^.x-4.0 kg for a traditional change embroidery equipment. 


° r f„ Wit ^, wat ; r 3nd * rernamin 8 5 erm *“ company which will pro- Major advantage? are its its mark in the industry, 

solids with water. duce the product, TTOcellen, in riziditv and extreme fr.rmahtlifv c- ,. . . - _ ^ ,, 

Humphrey mn) s „, lt , *j^ Konta »"« , "»- -it be for„^ fp.o™nuaUy ,he 

rators. but with run-' ^aCTetir ^ nara to? is The ™,!® rlal h « h , een ' n an - ? hspc { 11 P roduc ^ ‘ n 8 Barudan :» opened by S*4 mm 

nine cost and the ability to deal **tA dpction and service fur the #ast number of colours vuh ‘ 

v.ith ihe 
25 per ■ - en 
in*’ more 
aii:i id mu* 

In comp.irNnn «im •-ncitucal ^treaiii' ' n " 1,1 Uie ' lUM ' ha»e been imported direcfl} 
tl.ataii'in lechniqim*. tiu- nuic- The u« of *upern<ndJictine frum ,,enr,anv 

neiu <y«:*'in ha- n>- -.nh-ren? equipmeni in tn*- past .in an-, intended primarily fur ’he ptndurtmn .*t 
n-cntuinwi ni-'tnuri? on id .env-ji>nni»nt-<l hazard- indi«*tri.-»l applicaiion has been tniern.il trim marker — it ran n - demand gn-v * 

I rn..-v.s> . ^j. jfuljes ( :r ^x-pe r -..-*d. prevented hy the need fur used for car floor, bonnet roof Inquiries tn 01-6,17 2251. 

ip tn ."ft tonne.---h.iiir for refrigeration with liquid helium 


or renew*! i* f-asilv achieved 
while the platform is operating 
in situ. 

The company i.< supplying this 
anude r'jstem to t«o oil cum- 
f*anies experiencing corrosion 
problems on’ deep water plat- 
forms. Further contracts are 
being considered 
ImpaJIov i AM &■ 8 Europe i 

can he reached at 23 St. James's 

the Barudan BEH-UF. fiT making Street. London SWlA IHG. 


ADVANCED electronic 


multi- 

colour 



turn mil about im un.ts and the 
coin pan* 


(8 track) tape and produces at 
Sop stitches per 
jump stitch and 
tnderthreafl slop- 
as standard 
Thp ejqhrnirien 


;ind 
■tit -■■ 


I'li.ue 2 MM' <»f pieoiii.-i'; 

■old b»« phy*i 

. pram ral. 

•'n-igenir t'-’Psutiant?. vhirh 
s constructed noih the magnet 
d a-sncialed heinim g.t- 

fnperatoT. believe.- that single turn helix of obo,,: is More rrom Cryogenic Consult 
?nrat'<on p'jnr i.i»uid be built mche< diameter m^de nf m, ^ n ts. 231 Thp Vale, London 
• about the same capital .;n<i inch diameter glas« fiore t-jbe W3 7QS i PI -74 3 6049’i. 


to be 

■■ich unit separator dyp*»ndine frnm a large pyfernaJ refriaer- 
;»n I hi* m.tieriai -in-! tvpe ..f ^tor. The- new machine is moled 
irp.itineni req Hired hv t;« e>sn self-contained 

The separator con-i-u 3 refrigeutnr 


.. r -— field on fh» 

ha? spare ,f.r further djy.hearl mndeK ( s 40 j |0 .-m*. 
Nmihain piun as vr iih tfip option on s 1 1 o r u 
Head? Colour change take* luo 
second?. 



JUILDIN6 EXPERTISE AS WIDE AS MANS IMAGINATION 

VVifi i 5 fi L ! rr,rPti.MHCf)Grr' 55^ Mitc^icr C-ovtiO" CRN SAP 
; ' ■> "L.vp-?2ti6 Tel^v ti.: -iS65tt 

!- ^'SWi&r-^.ui-dfct 

— \ 


Laminate withstands 
fertilisers 


BEH-l : F 'he prudurt of 
many years nf trials and develop 
menta and rbe result i? a raacbm* 
capable of producina a five 
colour design ol tOO.TJOO mtches 
at 800 stitche? per mimtie. with 


a_ maxtnuim stitch len 2 th 
5 3 mm. in only 12? minute- 


Telephone 01-839 6151. 

• POLLUTION 

Watch for 
a subtle 
poison 

WAGON ha c developed an 
ambient air mom tonne «y?t*m 
of inleresi 'o manufacturers and 
u^er* nf acrylonitrile. It com- 
prises a process chromato-graph 
analyser unit. muitistream 
*:ampie aspiration system and a 
of stand-alone microcomputer enn- 


THEIC 0 R@{ENCHLY 2 ffPIANl 
< PUiG- 9 T SYSTEM 

This system of Compressed Air 
Processing Equipment has 
been extended and 
now providesfor- 
li.'i.’.i.L. i.: " 

2nd1 ’• inch piping 
installations | [^ ( 

G.A. rvOfJBftlSnf LTCT. 


An l!*v 4 fin Hr po**er *upp!v 
is required and the hluwer power 
v-dtmK ts 4 waits. 

Ferranti. Thororbaak Trading 
Estate. Dalkeith. Midic-thiin 
EH22 2 NO. 03! K«? 


• PACKAGING 

New barrels 
for old 

DAMAGED ALlTMrNItru 
«od kegs from breweries tilroutrb 


troller md roresior Levels of l>U " "-^ P ar<1 hem#? sear io a 
LfNIE van Kunstmesifabneken 200 mms water column . If i« An autninutic -peed control aeryloniinJe concentration »re ui" 1 ( uunsc'*^ ' ?,- n 
BV. of Utrecht. Holland, has unaffected^ b^^rhe^nsred'ems ftmn tape reduce; the speed for computed and_ displayed on a W ber»* three ' " 

commissioned five large vane usecI ,n * u ~ * J '** ~ r u ~ 

Toagereo cyclones fabricated • ‘"TAm” ^ni,^ ^ ™ 5Ulcttes per "men. ™™., clean the inside surfaces'*?' 

The software package supplied rels preparalorv 
report* of 


vane *" the Production of the stitches over H3 mm'VmT iiV'n. HTlier/termlnal together «ith cleaning 4 " machines' 11 ' "^.rasii-vti 
fabricated 'derived ‘ SSShoi7 5 “° 5,UCbes date and time of measurement. c | eao - lhm l(]&lde IU rf.cS of ,.tr- 

from Celmar I British Celanese V-hiV 01,0 It- The software package supplied pels preparatory ii. iheir repair 

polvpropvTene she^/WaS fabnc chemiS* ^ A An «»«»*"« pantograph and provides summary reports of asd recondition mg. 

Fr™ fsru. rr r ass®; rras 

laminar, „ r^or^ 5SS„S* TKS. SJSt » SSS*.«“« '#£»' 

Bb ,a sr?«^H ta ^*s§ssi MdS/™ 

ruined structural streu^. b S/“of Uuflon "“,‘"*,5.™^? ~ ■ - ■ • ’ CrDa ' n ™°* m6 

Celrnar was chosen because its the Inner walls of the cyclones m stitob anli.fJ implement 
polypropylene surface withstands British Celanese, 22. Hanov 8r q ^nmnnnnrfe , C4nrnlp j 

the operating temperature of Square London W1A IBS. ^ Macpherson. Nottingham NG2 • ??.??“/}“/; assort, eo 

110 degrees C at a pres :ure of 01 -829 800b. 6 AD. 0602 S6S701. acrylonitrile 


The 

externally with . glas* 
reinforced resin to achieve the 


RESEARCH 

Aid to iron analysis 


• NORTH SEA OIL 

Extending 


'quip- 


THE British Cast iron R*. fe arch publicatiori descnhias principles VICf 1 ifp 

Association has published a of operation, iq*- “ range of * **-*.%- 

manual nf reconiinended prr»- elements and material? rnat can *s 4 /'*rikii-iai .wfinF 
cedure? for thi- analysis of cast he anal;.-e<|. sampling pro- J n ' Pn ', of a ' new Tv up intended .-. 

ipe«ra!l?lleri eCt redtiine x ' 4Culjm ^ ir r; r ,h • preparation »f extend mrixieiuit ^prmii mn ,m 

P rh.T w hn? nilPfl de,cnhed m,-T * n *'i**- »hc anai>- ptl pfASoivts. haf iwei. developed 

The let.hnuiues described nre tical procedures and -he py impaUoy it supersede* nr*- 

B 'I fu - - *•**"* Bir - 


..n.jMf. 

The system is easily expanded water pressure test: external 
u> include monitoring nf other cleaning, welding. */rai.rhremng 

with and rie-denttne. internal clejn- 
manufacrure -?r j n p; tnfernal pre-trejimeol . jr'- 
prncesstn^ eg. styrene, "uta- m p and pre-bealing «?»«. 
diene and hydrogen cyanide internal' and evtern.«l lacqurrmc. 

Prlnciples'nf analysis ensure lacquer striving; hninc inspee- 
freedom from inierfcrence frnm non. rapacity resting ind i*r®--. 
niher component? possibly sure testing and. finally, dr mg 
pre*ep: ap.| number' nc 

Annc>>n t InsTrumenl* • St. The empany 
Peter? Rnad. Maidenhead. Berk- - 


sill re Sffi 
Ma.rlcn:iea«| 


7QA. T**lHvhune- 
HMtfi -Wll. 


non when 
protection 


lone term 
required 


cathodic 


Noise hazards discussed 

THE PRODUCTION Engineering canned by using sand knock-out 
Research Association fias been ;»tems. 

involved for .*ome time with th*/ The project may also h? 

investigation into noi«e problem^ expanded ip investigate other Car ) *hen he rttiach«»ri u> extend 
vr-nich a fieri the foundry work, noise problem? m foundries and fh '’ I He nf thp rathndir pmi*r- 
Force and mu-ip nuisance to the Association -van*? to hear t« n n *y't'*n t«* it.< full re 
o.-rupier? o. neis-hbcmrlps iortu>- from companies who are ment 
trial and private property Jmere*rerUn supporting the pro- Impjlloi-V design tue^n? 


'*;«» ^yelop this work, ject and whu may Wish to extending the life nf a platform 
i lm j- e»uoli«hins x group oarticma' 


estaolishing x group participa'e. • becomes 

] n wnjunctlw with Innuine? »o .PF.RA. ileltim economical 
>ei*»ra. ■jundne-f t»hKn *:i. Mnwbra-. f.*'ice5fe J -sbire 
investigate ways Jo reduce noise 0PB (0664 413 jj, 


0 COWPONENTS 

Tough little 
blower 

FERRAYT I industrial roqtpo 
The idea it to fit lightweight m*m» group ha.* a tnimattire 
bracelet anodes durlne fnbnca- oro**-(li<'. blower u hose principal 
tion of the platform, to provide application is to provide ctjnlins 
pan of tbe required cathodic air in t-u*cironic sisseniblie? 
protection life. Once the plat- "'hert- space is al a premium 
form ib established and m pro- Mo(] „, lJD 7:i7 blower supplies 
duction. supplementary anode* q. S nib|r fT ■ , lf air pPr miniJte 

against fi •• ins water gauge 
p re.*? lire u onl> measures 

30 mm % :tfi mm x 26 mm and 
weighs no am l» operate.*, con- 
Mnunusl> within rti <-■ ipiiH>eiaiu re 
range - 4u decrees C to 
dcgree> i" ;«r ambient pre*?ure> 
PXTPoiJin ; Fro . ii pea levrl io 
23.f)rin '■ ha« been tested to 


h-*? w»*ts .’ !f*7s 
Design Gmincn Award 'he fir-- 
of its L -mri marie within the 
brewer.' indu-try. for it? It--. 
Ranse Beverage Dispense Sv^tein 
which allow* pub cellarmen :~ 
change one beer keg fiver to in- 
other m second? 

Alum.isc. Rurton Latimer, 
Keiierinc Oo-tfi 72 2 in 


require 


that 


LE13 mstallatifn 


a practical and 
p-w.rihiltiy Initial 

of ihe «V«*m I? 


simplified aod in-iervice aack up caaform »o MIL-STD SlOB. 



Anything 
you want 
built, 
lere 

Gotland 
contact 

Gilbert 

Ash;.^ 

"T 


Ppqa^u Housr 
West Georqe Street 
Gla^iii.iv 

041-248 2511 





c! 







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HEAD UN-ivt ASSETSEXCEED £1,300,000,000. MEMBER OFTHE BUILDING SOCiETiES ASSOCIATION. 


Financial limes Monday My 10 1Q7S 





LOMBARD 


THE WEEK IN THE COURTS 


_ ' Financial Times Monday July 10 1978 

WIMBLEDON VERDICT BY JOHN BARRETT 


for Sir Kei 


BY GEOFFREY OWEN 


Lords 1893 ruling 
tested by Cyprus 


For those who dislike the answered is why the company- 
principle of Government inter- in this case BSA — went inti* 
mention in industry, the history decline in the first place. The 
of the British motor-cycle indus- most interesting and least 
try -from 1973 onwards provides documented part of the motor 
an admirahle case study. First cycle saga is what happened 
the Tories under Mr. Peter before 1973. Why did a company 
Walker and Mr. Christopher which had a dominant world 
Chat a way. then the Labour position in its market allow its 
Government with Mr. Anthony lead to slip away 7 What did 
Wedgwood Benn, tried to rescue the shareholders, especially the 
a declining industry and made institutions, do to arrest the 
a thorough mess oF it. What decline 7 Defenders of the mar- 
started as a commitment from k« economy like Sir Keith 
puhlic funds of just under £5m Joseph mishi reply that in a com- 
rose to some EJam, and there petitive system some companies 
may be more to come. will lose and others win; the fact 

The Merida n co-operative Is thal ® S A was one of the steam 
still going and it would nor he can hardly he Mamed ®" JJ® 
surprising if it obtained further s f ock u m , a J?« 

Government support. shareholders. In any case the 

. ..... . . . rise of Japan as a great export- 

• ^eith Joseph sa ? s .u fl ing nation was bound to hit some 

a foreword to a study of the e , ta hlishcd industries in the 
affair published today by the West 3nd B SA happened to be 
Centre for Policy studies, it is on of t he victims. 

a cautionary tale to all those .... ■ . . . 

who believe that politicians and This line of argument would 

civil servants should 'play God be easier to accept if for every 

in the marketplace It is not BSA that bites the dust there 
the metier of politicians or. of were half-a-dozen Racals or BSRs 
civil servants, and it is not their rising to take its place. But the 
money which- is at risk. One of f act ls l ?*at the number of British 
the few benefits to emerge from companies which have 
the Merida n saga may perhaps consciously aimed for, achieved 
be the re-learning of this lesson." and maintained a dominant 
Yet is that really the only wor,d position in their markets 
lesson of the Meridan story? It ls extremely small, and those 
is undoubtedly true thai.'as a thal did have such a position, 
rescue operation, it was a disaster BSA. Alfred Herbert or 
from start to finish. Every British Motor Corporation, nave 
mistake that could be made. lar S el . v losf ^eiln. Sir Keith 
both strategic and tactical, was mi Gbt explain this by pointing to 
made; it is almost too easy a *he unfavourable climate for 
target for the anti-interven- entrepreneurs — high taxation, 
tioiiists. Government Minister excessive government spending 
used and abused their legislative and a Jl 'hi' rest. This is true 
powers to support a very shaky enough, but apolies less strongly 
enterprise, often evading proper t0 the ^Os and ear ^ 60s. when 
scrutiny by the House of the decline was setting in. 
Commons. The paper highlights. 

in particular, the us** of the AvftiftamP 
Expert Credit Guarantees Act. /w v UIIlwUlC 

It appears that in 1975 the whether it is the fault of 
accounting officer for the Export managers, workers or share- 
Credit Guarantees Depatment hfl | ders . t00 many once-great 
S?.-.!. .i- ac ^ ep ‘ responsi- companies have been allowed to 

J! nr r- ^ transaction in decline and not enough new 
t ^ ie government mstri'ctod world-beaters have emerged. In 
EC.GD. under Section - of the al j^ast some oF these cases the 
Act, m make facilities available decline could have been avoided 
to support Meriden . i exports. if ^ Tnarket system in which 
The main conclusion of the §ir Keith and his colleagues 
paper, not surprisingly. i s that belicvc had worked better. 
Ministers .should not try to ■ 

second-guess the market. Pick- H is easy to castigate Ministers 
ing winners and saving losers is and e * v 'l servants because their 
not the Government’s business, errors are tn a larce extent open 
Commercially viable projects — to public inspection, but it is 
even ones with a long lead time only fair that businessmen, 
and high risk, like North Sea hankers and fund managers, 
exploration— will always obiain whose errors of commission ar 
the necessarv funds from the omission have contributed to the 
market. The' implication is that decline of several industries, 
if a companv u declining and *h*uild also he put under the 
appears to be heading for bank- microscope. The fault is not all 
ruptcy. it should he left to go on one side, 
bankrupt; any salvageable pieces * Meriden: Odyssey of a Lame 
can be bought from the Receiver. Duck, bj / Jnrk Bnice-Cnrdi/ne. 
The question which is left uu- Centre for Policy Studies, £2J15. 


A total victory for 
mind and method 


BY JUSTINIAN 


IT HAS Jong been an established 
rule of English law that our 
courts cannot entertain proceed- 
ings to determine the title to, or 
possession of foreign, land. As 
a corollary to that rule, the 
English courts cannot award 
damages against any trespasser 
on such foreign land. 

But last week the House of 
Lords, while making a minor 
inroad upon the rule by bolding 
that the courts are prepared to 
hear a claim for the recovery of 
property on the land, turned 
down a sustained attack upon 
the nile itself*. 

The case arose in this way. 
Two companies registered under 
the law of Cyprus owned two 
hotels in Cyprus- Before July. 
1974, when Turkey invaded 
Cyprus and took possession of 
areas in the north of Cyprus, 
these two companies were 
owners of two hotels in Kyrenia 
in that part of the war-torn 
island. 


possession of the foreign land — 
which is precisely what the 
House of Lords in 1593" said 
that the English courts could not 
do. 

The two companies were thus 
driven to inviting the House of 
Lords to reverse one of Us own 
decisions given 85 years ago. 
Until 1966 that would have been 
impossible; but in that year the 
Lord Chancellor, in consultation 
with the Law Lords, unshackled 
the Lords from that strict 
doctrine of precedent; 


Special? 


Turks step in 


After the Turkish invasion, 
those who controlled the two 
companies left Kyrenia and went 
to Limassol on the southern 
coast in the Greek Cypriot part 
of the island. 

Shortly afterwards, informa- 
tion leaked out that efforts were 
being made in London to 
organise holiday tours to the 
hotels. A body calling itself the 
Turkish Federated State of 
Cyprus was issuing brochures; a 
travel agency called Aegean 
Turkish Holidays handled the 
brochures and apparently was 
accepting bookings in England 
for the hotels by intending 
holiday-makers. 

The Turkish Federated State 
of Cyprus had its representative 
in London, Mr. Muftizade. 
against whom the two companies 
issued a writ in London in 
February. 1977. They claimed 
against Mr. Muftizade and the 
travel agency, damages, in effect 
for conspiracy, an account of 
profits and an injunction 
restraining them from con- 
spiring to procure acts of 
trespass to the two companies* 
hotels. 

Although the two companies 
alleged conspiracy to trespass, 
instead of trespass, that did not 
avail them. The agreement said 
to constitute the tort of con- 
spiracy would be unlawful only 
if there had been an intention 
to effect a trespass upon foreign 
land. Unless thar could be shown 
there was nothing unlawful. 

And that could be established 
only if the court were prepared 
to adjudicate upon the right to 


Their Lordships since then, 
however, have exercised their 
new found power to change the 
law with circumspection. And 
the present case has indicated 
no departure from that conser- 
vatism. 

The proponents for change 
could point to an impressive 
array of academic opinion, some 
of it bordering on outright 
hostility to the established rule. 
The critics have conceded that 
there is ample justification for 
the refusal of English judges to 
adjudicate upon the title to. or 
the right of possession of foreign 
land, simply because such 
adjudication might prove ineffec- 
tive. But no such justification 
could exist for not awarding 
damages as compensation for 
injuries to foreign land. 

What is so special about land 
that sbould deny the English 
courts the right to award com- 
pensation for those inj'ured by 
damage to their property? 

Supposing there are no local 
courts in the place where the 
land is situated competent to 
adjudicate? Or supposing the 
trespasser is not personally 
present in the country where the 
land is. and has no assets there 

to make suing him worthwhile? 
Logic and justice point in favour 
of a different rule. 

As Lord Wilberforce observed, 
if the courts were writing on a 
clean slate, the argument against 
the rule would be impressive. 
But he went on to list the con- 
siderations that weighed heavily 
and decisively in favour of an 
old-established rule. 

First, almost all the other 
jurisdictions of' the common law 
world — the United States. 
Australia and Canada — have 
accepted the rule, with differing 
degrees of force and emphasis. 
It would be bizarre if the English 
courts were now to step out of 
line, having set the trend at the 
end of the' last century, if not 
much earlier. At least there 
would have tn be compelling 
reasons for going it alone. 

A more compelling reason for 


following the well trodden path 
of earlier decisions was the con- 
sideration that any change 
would produce conflict with 
foreign jurisdiction and poten- 
tial involvement in political 
questions of some delicacy. 

Courts are always hesitant at 
passing judgment upon matters 
of foreign public policy. Some- 
times they are compelled by the 
legislature to do so; but unless 
instructed to do so they tend to 
duck the problem best left to 
diplomacy. 

There might also be conse- 
quential changes in the law 
resulting from a change in the 
rule that the courts could not 
envisage. If change were desir- 
ab*». Parliament is able to con- 
sider all the eventualities; a 
court can only deal with the 1 
problems raised in the instant! 
case. 

The assault upon the rule thusi 
failed. The only crumb of 
comfort to the two companies 
was that they are being allowed 
to pursue their claim to 
damages for trespass to persona) 
property- as opposed to land 

The alleged interference to 
contents of the two hotels in 
Cyprus was not justified by any 
rule or the local (Cyprus! law. 
and there was no reason to 
strike out the writ in respect of 
that claim. 

* Hesperides Hotels Limited 
and others v Muftizade [1978] 
Q.B. 203. 

t British South Africa Com- 
pany c Cumpannia de Mocam 
bique [1393] A.C. 602- 


IT IS amusing now to recall of the game’s great shots. Also is another C3se of maturnc 
that many experts used to say he is even faster about the court talent. When we first >aw Ji- r 

he would never win Wimbledon, —and after last year I never six years ago in the Bl < w;>. 

After that first French title in thought I would find myself we recognised her mulnnb:.^ 
1974 and the subsequent third- writing that. ability. The natur.il tiuunc * is 

round collapse as No 5 seed at w- haa a lwavs been good in “ere. so was a:: tmu-u.i! 
Wimbledon against Ismail El a cr i« s but his' total composure Penchant for the v*»Uc>. i"*- 

Shafei -on Court One, we dis- RQW ]g remarkable, bearing in left-handed scree, ton, wjs -il 


missed Bjorn Borg's way of m j n( j t hat he is barely 22. Win- ready outstanding, 
hitting the ball as freakish. n j 0 jT th® Italian, French, and Since then, she has ••vpi-rs- 
“All that top spin might be Wimbledon titles in succession, enred the iraunt.i of leaving b«r 
all right for the high slow bounce as r oc j Laver did in his first country and family lo further ln-r 
of clay, but on Wimbledon’s fast Grand Slam year of 19ft: stamps career from the US. She in* 
grass with its low skidding Bore already as a truly great experienced and overcome Hi- 
bounce it will never work,” W player. problems of alffuene-. -dm. 

said. In Laver’s day the game was follounna a move from ihe W**'i 

Had we given proper credit an iateur. and the numher Coasl to Dallas, she lus lin.ilti. 

for his success two years before of outstanding players was rela- conquered her iwn 

in the junior event and his small. Today there are lenipefsuneni. thanks largely so 

excellent quarter-final per- dozens of highly motivated and the help and advice of S:iii<I:*.i 
formance in losing to Roger totally competent professionals, Hayniu. a former U.S. No. I 
Taylor in the boycott year or one of whom is capable of golfer. This more relaxed aiii- 
1973, perhaps we would not have W1 nnlng tournaments or upset- tilde and greatly inerr,i>fd inmi- 
been so dogmatic. tine seeded players. donee hel|*orl her in the crij.es nf 

But even as astute a judge sheer weight' of numbers and the semi-final against Evn'H* 
as Joha Newcombe had said after tjj e « pressure of competition Cawley and in the final agamr-i 
heating the then _ 1 '2i£ a «‘° , could have been expected to Chris Evert. 

Swede in the Dallas WCT final prevent anyone from dominating Still only 21, Miss Navmtilui i. 
earlier in 1974: " Hitting the pail the rest as Laver had done. But Jike Borg, still has years of cuu- 
the way he does ne is likely to jjpyg has done exactly that. It is petitive achievement ahead "f 
face physical problems. There a total victory of mind and her so lortg as the will remain-, 
is no way he'll last the pace. method, for which his cnaeh With her there arc fewer cim-s 
How wrong we all were. Lennart Bergelin must share the t 0 ultimate ambition. 1 suspect 

As he has now proved beyond credit. that the one Thing she wcmM 


S’ w^y Barring Injuries there seems like above all else would be u. 

is the most eneciive Known way Koai Him Evert imam in ihi- lm il 


is the most enecuve Known way reason w hv he should not heal Miss Evert iiyain in the fi'i il 

the W tMchtaii m!nuils SlftaJe ““Plete the ‘Grand Slam by ol tl* U.S. upen. at its new Hume 
n bi rewTiften Tffie fierce toi£ add ing the U.S. Open (which he in Flushing Meadow, on :m 
Di J' JSS inSreuaa t!?2arSn has - vet 10 win > and the Ausrm- asphalt surface, and to end Mi.< 

lian boon, in which he has never Evert's sequence nf more th in 


Third World 
Wind ‘could 
grow five-fold’ 


THERE WERE 40m blind people 
in the world, most blindness was 
preventable and much curable, 
delegates from 44 countries to 
the first general assembly of the 
International Agency for the 
Prevention of Blindness were 
told in Oxford at the weekend. 
It was the largest gathering held 
of blindness experts. 

Unless decisive action was 
taken, the number of blind in 
developing countries could well 
increase fivefold in less than 50 
years, added the president's 
statement at the end of the 
assembly. This was because 
blinding diseases were age- 
related and could be expected to 
multiply faster than the popula- 
tion as a whole. 


for error, besides being difficult Open.^ which he has never avert s . sequence n more in n 
tb play against, both at the base- Wimbledon s records. ™ 'VJ-T 6 Thif wou ! d c Irar v 

line and at the net It also aids too. are at his mercy. In the 33 her astie^orid’sN.il 

disguise so that lobs can be hit mens singles finals since the cstahlisn ner as ine worlds n <• 
with the same action as drives war 12 Americans, a Frenchman.. Despite the wettest, coldesi 

But 1 technique is ^nly^ half the a Spaniard, three Australians and most miserable fortmghi at 
story. Borg’s greatest asset is and two Czechs have each won Wimbledon in living mo tnorj 
his indomitable courage, which the title once, and 11 0 the r ^ ^ d T J?!!? “nf- 1 . !! 
was apparent even at the age of championships were won by four throng. A total of 3-i5.5Js cu.-i 
15. when he came back from two other Australians. including mers h "; 

sets to love- down to win the Laver, whose, four victories some thousand fewer than .ir 
Davies Cup match against New <1961. 1962. 1968, 1969] are a Iwj *«■* «mei»ijr mvi ' ; 
Zealand. modern record. and only fewer than v.v* 

.«« If Bors rt ca ? T “f 1 " n ni "wSn 5 Sf5i™'c 

awkward Hrst hurdle two weeks j^r (ant j a j t jj e champions : . , v _i.». er WJil ycar lir 

AmaV! 5 That same courace mten b 011 ’■ he W1 LmS? 13 l !! e broken. However, what the .Ml 
hJfp^hlmW Arrive from a^S records of Anthony Wilding who En{ , land Club must ask ils-lf 
nei pea nim to survive rrom a ser won f 0ur consecutive titles from u , h _ thpI . iv, P h as to 

vice break down in the final set iq 10 iqn 3n n Dnhnrtv J wn .?V lef in ,t “ ,!,t a K ,m ‘ 

a ca in st Vitas Gerulaitis in last v t0 J and KC «*£ ie build another more modern 

y5?s eoic Sn S S rescued ^°n Se * ln# from 1 P 7 c to Centre Court to take the chain- 

him S L thS «n?l Beyond them., are the five pionlll ipi int0 lh „ ir 

SJ 1 K successive victories of Reggie a . ** 

SsturdUv’s 108-minute win in When the present Centre Court 


Saturday’s 108-minute win in Wllcn ^ P^smt centre coin 

ie final acainst Connors. 6—2. b .! tween l90 “ , an ^ and was built in 1922 sceptics cor- 


the final against Connors, 6—2. iL+r . JTn was bu,lt m 1W ~ replies cor- 

6-2. 6—3, revealed just hnw.^JflS* r £” r l »“crw». a 


much Borg has matured mentallj'^S! 1 * 3 ? Ren fScr' tJ' h iqM 011 -.Sf With tbe ?ame honn, ' ne in1, ’ r ' 
and physically in a year. He is "V? 5 . fro ™ __^V_ ■’ nd nationally as never before, there 


stronger now. so that he serves 


added a seventh in 1889. 


seems Utile danger that anyone 


harder for longer. Though often The triumph of the self- would take the same view this 
overlooked this has become one exiled Czech Martina Navratilova time. 


CRICKET TREVOR BAILEY’S HALF-TERM REPORT 




Tv Radio 


Kent rule now— but best 




t Indicates programmes in 11.30 The Spinners at the Today (Southampton); Spotlight w The Practice, ui atv xwv SCOTTISH 

black and white Crucible 'Hieatre. Sheffield South West (Plymouth). £■£,- n n , ■ 


black and ui 

BBC 1 


640-7-53 am Open University the following times:— 
(Ultra High Frequency). L3fi pm Wales— 1J0-1A5 pm Pili 

Mr. Benn. 1.45 News. 3.40 Your 5.55-6-20 Wales Today. 


Crucible Theatre. Sheffield South West (Plymouth). 
12.00 Weather /Regional News 
All Regions as BBC-1 except at BBC 2 


- sc^ — county do not always win 

21 am Junior MjIiupp: "Abbott and 1 

no in The Foreign Legion" lus FOOTBALL’S MOST demanding the title they were rather the admirable Botham and plenty 
^“Tjk competition is the First Division fortunate to share last summer, of support plus competent re- 


Pala. 6.40-7.55 am Open University 

Mr. Benn. 1.45 News. 3.40 Your 5.55-6.20 Wales Today. 6.45 11.06 Play School 

Songs of Praise Choice. 4.18 Cracked Ice (cartoon). 6.50-7.20 4.S5 Open University 

Regional News for England Heddiw. 1UHM1-3D Ar Glawr. 7.30 News on 2 with sub-titles 
(except London). 4-20 Play ij.no News and Weather for 7-45 Crapevine 
School t as BBC-2 11.00 am). 4.43 Wales. - • 8.1S The Two Ronnies 

Great Grape Ape and Bailey s Scotland— 10.00 am Paddington. ».60 Play of the Week 
Comets. 5.03 Blue Peter Flics 10.05 Jackanory. 10.20 Grange S- 55 Hospital 
the World. 5.35 The Wombles. Hill. . 10.40-11.00 The Islanders. 16-46 Elo at Wembley 
• 5.40 News 5.55-6.20 pm Reporting Scotland. M-40 Late News on 2 

5.35 Nationwide l London and 12.00 News and Weather for Scot- H-50 Closedown (reading) 
South-East only) land 

6-20 Nationwide Northern Ireland — 4. 18-4 JO pm LONDON 

6-46 Come Back Mrs Noah Northern Ireland News. 5.55-6.20 n _ ... . 

i JO The World of Jacques Scene Around Six. 12.00 Weather. 9 « * 

Cocteau 12.01 am Night Cla«. 12.21 News £ , I a ™ y - Pa ' nt 


LONDON videjitheir b.'ting with ctoand tor 

ocs* ■ portc Ch0 » > nju-" Ais w .,_ play a vital pan. and can prevent PlckS Up es P^'a |! y as some of tho*? 


desk. 2JS Monei la Remember: "Queen __ w 

of die Stardust BsUroom." 5-XS University flOJS am Junior Malmee: "Abbott and _ _ ___ . v , 

challenge. 6.00 atv Today. K.M Lett. Costed m The Foreisn Legion.- ms FOOTBALL S MOST demanding the title they were rather the admirable Botham and plenty 
n£W *nd «mrc- UJQ Mone d Today. TowmtowVi J ^3a i P m Cvdening competition is the First Division fortunate to share last summer, of support plus competent re- 

• K.U 61, UYcuCau.- ^mVuo^ ^SrSr^arS of cricket’s A major reason is thal Under serves. 

RAPncP C||MW Ford and An b»w ovale, xso equivalent is the Schweppes wood and Woolmer, because of Essex have a superior srm 

, „ „ n ?S ,l l. n ^ s ^ 1 T njv 't t ^ y SIS' County Championship. The club their Packer connections, are section; their Smith African 

mIS, .X iSienf ^uo MJB worm wonh^feremg. iSSTlS winning either title needs more available for all matches. This McEwan. is having anolh.-r 

Tnmomrw'e People. i2Jo pm Gardening Can. ius The Pnsoner. than ability — is also requires makes an enormous difference, exceptional halting season; and 

Today n.® Border News. UK Boase- stamina, balance, character and as well as camouflaging a certain their new recruit from ihe Wen 

Rarnng Sn'SSl.^S SOUTHERN reserve cover. lack of e^erience in the side ; Indies. Phillip, is proving a 

way. t>J» Looks round Monday. *4s “■* The Football League cham- and an .attack rather short uf perfect replacement for Boyce, 

unjverstiy challenge, uijo McMUian and “SLUT F VS oions can iustifiablv claim tn hp Penetration on an easy wicket. Middlesex have suffered from 

wue. 1115 am Border New* summary. SS?^ g?tS ,Uto “«! ffi «.»n °bS Underwood is a matchuinner Test calls, but. under B rear ley 

rHAMTSJPT 5«S 1 ?»2S“" r this does not necessarily apply best “ e ^ or ' d on wet they are the best balanced side, 

i ip mm rh.nn .1 I V.,.— Day. llUO Talking Bikwt.' JXJO Tbe^Law I to thecounftr champion. Pl?c P h P es ; SffdEiKS 


iln 1 "am l N i gh t^D a ^!””i' 2 . 2 1 " Ne ws .H5 2 '2? TYNE TEES the' mosT 'aceompliahedT "team S? ' *5?' ton i« nUn c ™ Dt >' wickets "at" Lord’s hVv. 

*m Ss ran “ a * aa * r for NDr,her " ^ £ s « a.TS»°*aa tarw ss? ^SSSS °* thc clI * mpion - S’&'S SSinTSw'Sk, 

** 2s na v n,d sta rrm." 1 ^ ichard gMSSSf" uSF « ^ ^ KrtSTUX? SSf 4 nto* the pitch ip g^TZk'S. 

— ^ PC, -a i Bristol): - cMftsffasr 

FT. CROSSWORD PUZZLE No. 3.714 ^ ^ “ 3fiE*S? , S Verve and conviction 3 

board. 4.45 Enid Blytob's Famous R'nn^mbvr." s.is umvemiy Chau«n*e. tti ctcd V !?u ^ ertec * examples. These m0SI convincing cricket for 

Five 515 Batman *- 00 Gr 3n>p'a° Today, kio Top Club. UJL2»I tJK pitches emasculated bowlers to In second and third positions several years, and it is hcgin- 

5.45 News “f“ f R ^ u ? 1 n ; v l°k M-wRwont such a degree that third-rate are the only two counties who ning to look as if at lonq la.-t 

6.00 Thames at 6 JLpiw ii., ^c o^n ^r ia" col i ld f 30 * 1 have never won any Honour, some of their young players are 

6.40 Help! Monday Matin**: -Boy on a Dolphin- first-class bowlers. This pro- Somerset and Essex. Both are about to produce the figures to 

6.45 The Kenny Everett Video fjRAfVAriA starring .Man Ladd and sopWi Loren, duces the draws a champion playing with sufficient verve and support their obvious potential. 

Shnu.- ’ r\Xs r\ aig Ulster News Headlines. £.15 nnnntn iunnnt ' ■ . _ . , ,i__» it i , 


F.T. CROSSWORD PUZZLE No. 3.714 


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Show 

7 TO Coronation Street 


10^5 an so same street, ix^o sKppy. SjS'uSkr Te“ c0 “ nt f »®onL conviction to suggest they are ^ow that Hadlee has joined 

11,45 Song Book. 12J9 pm Thc rtpen Air. rision News. U5 The Beverley HiH- A Club would, ID fact, be more capable Of rectifying this matter. Uie Zeahmd totHHAtt, 


o nft YmiVo rinlv rev, ouiiit D4JUK. I4. w pm i nc Air. toiwu wra toe ocvpncy Itin-I • • Lilly AC Lapauic Ui ici.uijuis luio uidiici . lwinwn, 

S World in Artift? 8 TWC * Jr 2D J , 2 Jo Mradny Maboce: The biuiM. LX Beppnr ulm Duke Box likely to win the title if all their It is interesting to note, in Nottinghamshire are likely to 

3 «£!?.,!£, ActK,n Sr f£*i*; 0 S2S;, "'“ L “ “ Pl»“ ■>" m- View of the present shortage of drop hack in the race. Leicester- 

• - - ‘different pitches which guaran- potential English skippers, that shire are capable of staging a 


78.00 News 

10-30 Appointment with Fear; 

' Countess Drncula ' 

1230 am Close: One of Shake- 
spear’s sonnets read by Sir 
John Gielgud 


6.00 Granada Reports. 6X This Is Your 


WESTWARD - 


Encounwr 1 & C, = »» - - iMi mi'wml ^ ,0Bl ^ re well led by players with tatebursL a liriou^ the dropping 

a uaie Might Maw” “- 30 Tomorrow's p«wio. I2JT pm cos a “U rd of them. international expenence. Rose of Illingworth was probably a 

” 0 ^hi^e N e^ Rain, especially this summer, has yet to establish himself at psychological error. 


HTV 


of Tblruis 7 WtffWArtl V PWJC Hparilmpi coptwiui; UIIO juihhici, bu woiiow.t.Ni Miiuwwu a K 

tax Tbe Monday Maitnce: "pork chop P la y s an important part often a the highest level, but he could Without any doubt the most 
my Stamm Gregory Peck. 5.15 decisive one. in the outcome of weH develop into as good a player disappointing team so far have 


ANGLIA La Resort Wales Bcadiiore • ix uie- G, - “- 00 '™‘ P ,ons ^P- » » raws at urst-ciass cncKec oian anyooay Although they have been un- 

10X am Friood, of Man! u b«« gje- : » .*«%}£■ Thc „ SSffiSrt.ruT'ux'SSI fSuT ft" uft ~ 3 teara in the England XI af Headingley. lucky with injuries, considering 

rafters. ux Tomorrow# Ppoow. JF qrMBn tmnpio. 5.15 w has exploited good batting con- A very shrewd tactician, the the number of good players on 

?fSwnT"lt5 Monday* (Il a u n^" i3™S5i» MX nT«X YORKSHIRE woSrf^T llti“ Q ^ nJ V SSL oh * ^ ^ ^ haVe niit ^0 

iviona Tar Grra:” damns Ann# FU "J : p** ,nr * J^oo Tire 1 war" starruu iox am Power wiihour ciorr. il. u wonderful all>. naturally quiet character, who approached their true potential. 


ATV 

10X am Survival. 


LD.fi Georg? except 


Crawrard snd John L.-nnon. chotrs of ihc world, ius Friends or Man. The loss of key players on would need a flamboyant, out- I expect a revival from rhpm 
SC^ SE-SSIS? : TV PtS international duty., which the going manager to bring out the before th/en? of' the simmer. 

Newyddion y Dydd. 2x-2x Himddun. ujo Betyi'i Loi. 5A5 uniyersicy clubs themselves would never best in him . as well ay a much-needed ini- 

MKtrJL n, S d - YrWitoi"*. CJiaiiriigc. u» calendar -ErnkT Moor permit in football, frequently Somerset possess the greatest provement from Worcestershiro 

e^S:TSi^p^R eSr&XZ S^fSTSs^*- “ LU -“ We - affects.the outcome of the cham- modern batsman in Vivian also wiSiut . vff JS for 


RADIO 1 

(S) Stereophonic broad cost 


Hamilton tv. mu toudr Ramsay. Une«. 6X-&A5 Report West. RADto i pionship and is illustrated by Richards. He showed last week the wooden spoon to rest between 

■■ position of Kent in the table in the Gillette Cup he is capable Northants and Glamorgan with 

at the half-way stage. They are of winning any limited-overs the former firm favourites for 
J47m Aboo^ Music <Su ^ lax^Efigiuth song spa Brfriii«T ^Man ix currently top, firm favourite^ for game’ on his own. They also have this unwanted distinction. 


Erwcroblc iS». L3.0* Rollerdiin Phil- pondcni. 7,« The Mondaj Plaj i'S 9Jjl 


ACROSS DOWN , ***wM»m Wave harmonic Orchestra «Si. 2 .D 0 pm News. Chapter wd Verve reviews reileioui DA Alllf^ 

. - . , (»W) Vtri Hljli FrcqoflacT LK BBC Lunchtime Concert ist 2J0 books and music. OX Today in Synod KAwl IMvi OOMINIC WIGAN . CHANGES HIS MIND 

1 Cause an explosion with an- 1 Back tn the beSinnuie in the 5 - (w «m -Vs Radio - 7.02 Dave Lee Matinee Musical* is». 3X Frum-h mh«.- Rn.irtmnuw tn hm 

pnintmcni round the college score t2. 4) I c n a ^' s - *0 **™™. ttwn Wwresiw ^iwni 'S‘. ax new The world Tonight. »x ongins. u.oo “ ■■ • 

(C, n mi, inMnrln , n . ,■ Bortierf iRcIudins 12.30 wu Neursbeat. Records <Si. 5.15 Bandstand «S*. 1SJB A Book at Bedtime. IX- 15 The Financial 

. ^ . * They include an alternative Tony Blackburn. 4JI Kid Jenson Homeward Bound. 26.05 News. ttJO world Tonishi nm Today in Parlia 

o Not an upright type lb; hypothesis (6 J incUOmt 5X Wnn*Ht. TX I ton Romewarxt Bound .comma*!.. UX mem. 12 J 0 Ne«. U J 1 MM w-v-m T> 

9 Something produced by the 3 It rises in midday— that’s the amasSKJ «!*£*£* “^obppw'.s.. uiciimk Homr and lan.iiy tjo I ¥|fl|l|iPr ■■ HriBVPv f|lC C* I 

true race iSi idea ( 6 1 v^iMte’L^Sd 2 -ojk am win, BBC R ^° UIUIVl MJ tJ ▼ Cj UlS 

16 Eve and hubhand return to 4 Treat actor differently— it’s pa ’ ll ° = ' n ^. ud ’"* L 55 f" 1 ?, 0 £?,y. sle ”- Orchestra .s«. sx A Parliament lot the 206m and 94.9 YHF t-uncc’ nc 

fateful wood ui) what Ihe potter wants HO) !?*’», ^'5? 1141110 L u - 00mZSi am ewik by Anthony Bart nr., 9x 5.M am as Radio 2 . sx Rush Hour. iHUbri Ur us — myself included Balmenno appeared to bethc one picked 


RACING DOMINIC WIGAN CHANGES HIS MIND 


Gunner B proves Ms class 


lateiui wona |t» wiui me potter wants HO) ;n rh R a ;, n " ‘ ua.k ny Amnony Barren. VM s-w am « Kamo 2 *x Rush Hour. , , * . »«menno appearea to oe iflc One picked up .another suspens-mn 

11 “I kn»w no - «u.,c to spurn « Eird-sons tnnke. ynu 5ick i„ *"* „ 25?J8S£? SS.'i&ftiflif “ *??"" «“• f° m nS' ?> te ' m *£ f™* his rt*MOR of Bodttand 

ai him” iJ.C.) IS) Hertfordshire town (Si KAD1U 2 ** “ a by John w» mm. jax Aifrod Rrdndd. Slop. u«m. 7X Black Londoner* . »x toughness alone would not carry ground with Impressive smooth- half-an-hour after the big race. 


7 What the bride does for one ,.sj» am xm smnmjtj s.« Riebard »n = •»•- . , “f 5 uie wwii Lomtoa. Gunner B to his first group one ness frorn . ,he b ? ck 6f the nine- The suspension will run from 

who is no «cirlnr iRi Vaughan with The Early Show iS i mclud- U^5 N?ws. 1L56-1LS5 Tonight’s Schntarrt Lt-M As Radio 2. 124)5 am Question . „ . . „ runner field earlv in the hnma Tulv m «1 ne j. - hm. V . 

u c»ui S /°r <a nP ' i , tag 6.13 Pause for Thought. 7J2 Terry Song no reconl tiMti. Time from ih? Rouse of Gooumms. UU- SUCCesS IQ Saturday's Eclipse straloht “°? e 15 1° -5- inclusive. The fnl- 

8 Soldier of special unit after w«an is. indudinc 8.ri- Racine Buiknn 3 vhf only— 4JU-7.D0 ant. sjs - a*c; As Radio 2 . «» a irp« nnu , tv.- sira, ?«»« crumpled rather did- lowing day Mercer returns io 


12 He picked up a fallen mantle ‘ ^bat the bride does for one »«■ s-m Riebard = *»•- ./tg. 4KJ" ‘ S 1 Nisht 

nrJacp hue pU-,r«t<iA .'Gi u-hn is nn r Ini* ( C > Vaughan with The Early Show iSi incM> U^5 N?ws. UX-1LS5 Tonight’s Schuhrrt LE-M As Radio 2. 12D5 am 

priesi has Clunked 1 6 > w no IS no sailor (bl lBS e .15 PaUw for Thought. 7X Terry Song no record flMti. Time from Uu? Rouse of Conunoa 

14 Coach 3 re.’ldv quartet l-J-’Ml ® oOldler Of Special unit after WOMfl f s ■ Indudinc 8.?T Racing Bulk-no _ Radio 3 VHF only— L 00 - 7 .D 0 ant. Ut Close; As Radio 2. 

■11 vi.,,,,.- n _,, ,,,' J a short oause uosetc thn et" 1 Pause lor Tbousbl. 10 JQ Jimmy <X ont Open Uoiversliy. _ , _ _ 

,S Filing equipment abroad— 11 P aus « Up ‘ els Vonn* -S-. 12.15 pm Waggoners' Walk. a London Broadcasting 

reason logically (5. 2, 31 „ ££! I0H , an M Murray's Oacu House .s. RADIO 4 


f'-f V™’ "7 *«'<“ iKd ■ ‘for‘1 Sr Gunner B in So 

“ K M 1 Gun ? er horse final effort inside the last furlong. Stakes, which will be the New- 


!2 RevulAinn caused bv un- 13 There may be 3 catch with mdadims 1.15 spons r«fc 2X%avi,i 434m, 330m, 2S5m and YHF c«. . 261m and 97.3 VHF Probably has no superior over a I now believe that both John market horse’s only race before 

ninnn.m i ‘ this earthy a t tract inn rK-ii AH 3 " «S'_ inchidin* :.i3 and 3.« Sporu im am Nows Brteflne. fc.m s -®° am Moniing Music. 6x am: non- mile and a quarter in Europe. Dunlop, his trainer, and Grevilla the Bensnn and Herippe r.nin rim 


Firm- r.nr r , ouimpvu vcm 1 9.M Humphrey Lniriton wim Thu Beci U fe. ux Daily Srrvice M.fi MnmiM Ellra * rt,h AU “ K,n *- . ,, • .v a ! Aseoi, , couianow he recon- my select ions today, and ant nnt 

• „i, V m ,hn Cn i il or a aboard f«>r the masters I ^ *527^5 lSl - V s Spom D S slt - storr. ux Hews, lijns m* s«wS Canital Carlin whose- Wollow won id 19i6, sidering their opinion. giving a two-star or one-star 

place m the eleven i-M> (S , l2Si aSTaLSS SELSZ Tmtrwwa^ ux ' Armouno-m-ms. £oo KatUo Gunner B conquered through I hope that connections will selection one Mar 

* -PVSVJS; S “S 1- sheer determination. _ _ . t,ow g 7e Balmerino a rest and 


■S The doctor has nn remedy— 19 Smoking jacket (6) Round Midmchr. meM.™ iim n^ Em’ or Slum \kh u w ^ 194m and 95.$ VHF sheer determination. now give Balmerino a rest and 

us a knotty problem ifii 20 Scold anise in Spanish town 2-*2 jh am summary. P n> m mmt nw lm nSSn ? It £' rs. ^w dZ Dr,ven lnto the lead a fUrlon e * he time to restore any lost 

t nC"m wnh tnc best tipster ifii RADIO 3 464m. Stereo & VHF J- 31 ! 7** ,*J? ers - x -® womans Hour cash rsi 3x pm rospp son «s». from home as he finally took Uie enthusiasm (if that is the case). 


• 15. 3) ,,W ,0C ,,| " W 2i Henry’s turbulent priest (fit *& D £? *' StSSaS STtiX tX,S.. » 

The solution of last Saturday's prize puzzle will be published tF*'” ixra M^^wo^vhi-r l^^itTs. 

rith names of w, oxters next Saturday.- -- . - ~ &g £ " ISTSS K&j£%'Sg. * 


EDINBURGH 
3UI0— Double Bloom*** 

WINDSOR 
8J)5 — Shiny Decade 


well for Balmenno. However, Joe Mercer, Gunner B’s rider. 


WOLVERHAMPTON 
&Q5— KalimLr - 







-'I. « 


Financial Times Monday July 10 1978 

FINANCIAL TIMES SURVEY 

Monday July 10 1978 



s 


■ *r 


r>* r \rv 


31 


Problems 

are 

little 

ones 

By John McCaughey 

BAHAMIAN PRIME MINISTER 
Lyndon O. Pindling had his 
■JSth birthday earlier this year. 
A former junior sprint cham- 
pion of the Bahamas, he is still 
a keep-fit enthusiast who jogs 
and swims every morning before 
breakfast. It is not inconceiv- 
able therefore that, as well as 
presiding today over the cere- 
monies which will mark the 
Bahamas’ fifth year of inde- 
pendence. he will dismay his 
opponents by still being, in 
charge when the time comes to 
celebrate the 25 th anniversary 
nf independence. 

Certainly lie has never been 
more in the national driving seat 
than he is at the moment. Last 
.Inly he led his Progessive 
Liberal Parly (PLP) to a 
decisive general election win. 
that left hiui with 30 out of 38 
seats in the Bahamas House of 
Assembly and left the opposi- 
tion divided and ineffectual. 

He presides over an economy 
whose principal component — 
tourism — has this year shown 
a surprising upturn after five 
xears of stagnation. Even 
foreign investors ta great deal 
more cynical about the Bahamas 
Ilian the easy-going electorate! 


The Bahamas celebrates its fifth year of independence with Prime Minister Lynden 
Pindling firmly ensconced in power. The economy has shown a marked upturn and 
the nation’s stability contrasts sharply with other countries in the region. However, 
problems of excessive population growth and of unemployment remain. 


hare displayed noticeable signs 
of renewed Interest and confi- 
dence in bis country. “ If* better 
in the Bahamas," says the 
Tourist Board slogan on posters 
and teeshirls, and for once the 
copywriters may have bit upon 
the truth. 

The country — an archipelago 
of 700 islands and some 2.000 
rocks and cays — has a land area 
of 5.400 square miles, which 
makes it a bit bigger than 
Hawaii It stretches in a 760- 
mile-long arc from near Palm 
Beach, Florida, in the north- 
west to within 40 miles of Haiti 
in the South-east. Its current 
estimated population is 226.000 
— 60 per cent of it under the 
age of 24. And it is the latter, 
seemingly - harmless statistic 
that is most likely to mar 
Prime Minister Pindling’s en- 
joyment of the independence 
anniversary and the factor 
which poses the biggest threat 
to his political longevity. 

The Bahamas annual popula- 
tion growth rate of 3.7 per cent 
is the second highest in the 
Western Hemisphere and will 
need to be halved at least to 
allow the country's resources 
any chance of keeping yp with 
its needs. It is a country, how- 
ever. in which the church 
(Baptists form the biggest de- 
nomination) is still very power- 
ful and ecclesiastical opposition 
to birth control continues to 
prevent any national family 
planning scheme. The popula- 
tion growth . problem is wors- 
ened by an especially high birth 
rate among Haitian immigrants 
—many of whom are economic 
refugees who come to the 
Bahamas illegally in search of 
work. 

This population growth has im- 
posed severe demands on edu- 
cation, health-care and uiher 
social services and fed incvii- 


ably to a serious unemployment 
problem. There are no reliable 
statistics on the subject, but the 
jobless rate is probably around 
21 per cent and may be twice 
that among the under-25-y ear- 
olds. Like most other develop- 
ing countries (or, for that mat- 
ter, developed ones) the 
Bahamas has met with little 
enough success in its search for 
a way out of the difficultv. 

Tourism, which is labour- 
intensive, continues to offer the 
best hope of a solution. After 
some years of benign neglect, 
the Pindling Government is 
now giving it the support that 
it needs in order to continue to 
grow and the results have been 
gratifyingly prompt. This year 
will probably be the country's 
best-ever in the sector, with the 
exception of the economically 
unimportant cruise ship traffic, 
which has fallen sharply as a 
result of a number of shipping 
lines’ decisions to by-pass -the 
Bahamas in favour of longer 
and more profitable runs. 

Stimulating 

Total visitor expenditure last 
year was estimated at 5412.4m. 
and the money has had a 
stimulating effect upon the 
economy. Hotels have been 
hiring more workers or re- 
hiring Iaid-off ones, and as the 
tourist dollars have filtered 
down through the rest of the 
economy businessmen have 
been permitting themselves 
thin smiles of satisfaction. The 
atmosphere at a Rotary Club 
luncheon I attended In Nassau 
was even more jovial than is 
usual at such gatherings. 

As . tourism rebounds 
healthily, the country’s other- 
major industry, offshore bank- 
ing and finance — although not 
nearly so significant an em- 


ployer — continues to thrive. 
The Bahamas is now a major 
centre for Eurocurrency de- 
posits. Of tbe 273 financial 
institutions doing business in or 
from the Bahamas. 97 are Euro- 
currency branches of foreign 
banks. Last September, one- 
third of the assets of aid foreign 
branches of U.S. banks (or some 
S67bn) were held by branches 
in the Bahamas or Caymans, 
against $64 bn in London. 
Bankers still complain about in- 
creases m company registration 
and other fees. But they are 
happy that the Government 
shows no sign of altering the 
country’s tax-free base, and the 
nervousness about political 
stability which some of them 
displayed when the country 
w ent independent has long since 
vanished. 

While the growth of trust 
company business bas slowed 
somewhat, it is still a significant 
part of the financial sector. 
Meanwhile, the Government is 
encouraging tbe growth of cap- 
tive insurance companies, and 
there are hopes that, with its 
superior hanking and other 
facilities, the Bahamas can 
eventual iv rival Bermuda m this 
field. 

Finance is now the most im- 
portant industry after tourism, 
employing more than 2.000 
people and contributing some 
S30m to the economy annually. 

But as the sun beats down 
on the tourists and the air- 
conditioners chill the bankers, 
the search goes on in the 
Bahamas for foreign invest- 
ment. Since coming to power 
in 1967. the PLP Government 
has displayed a rather tortured 
ambivalence on this topic. 
While wooing investors with 
the one hand, the Government 


has often seemed to by trying 
to push them away with the 
other. 

Work permits for expatriates 
have been difficult to obtain as 
the goal of Bahamiaoisation of 
tbe economy (majority 
Bahamian ownership of com- 
panies! was pursued, ami appli- 
cations to set up new industries 
had to be hawked around a 
bewildering number of Govern- 
ment departments for approval 
— often vanishing into one 
limbo or another for a year or 
more, by which time the 
average investor had lost both 
interest and patience. 


Reduced 


Work permit delays are now 
reported to be reduced to with- 
in the bounds of ordinary 
bureaucratic slothfulness, but 
industry applications still take 
unconscionable time. One pro- 
minent cabinet minister in- 
volved in such matters is 
reputed to have a " Bubblegum 
File," so named because appli- 
cations stick there and rarely 
re-emerge. 

In a seemingly sincere bid 
to end this M bubblegum syn- 
drome,’’ the Prime Minister 
earlier this year announced a 
reorganisation of cabinet and 
civil service responsibilities. 
All major economic proposals 
and property development plans 
arc now evaluated by a five-man 
cabinet sub-committee headed 
by Mr. Pindling. 

Ann i her body, the Bahamas 
Economic Committee, is made 
up of live senior public officials, 
including the extremely capable 
Governor of the Central Bank. 
Mr. T. B. Donaldson. The com- 
mittee's job is to advise the 
cabinet sub-committee on the 
technical Feasibility of pro- 


posals and the best way of 
implementing them. This means 
that a potential investor has 
to deal with only one official 
body, rather than a dozen or 
more as in the past. 

It is rather early io say how 
well this plan will work but it 
can hardly fail to improve 
matters. The high cost of 
labour and training in the 
Bahamas has sharply reduced 
proposals for labour-intensive 
industries, but these have been 
replaced by capital-intensive 
schemes. 

Reassured at any rate by five 
years of post-independence 
peace and stability, foreigners 
are now actively seeking busi- 
ness and property investments 
in the country. Property prices 
are booming again and some 
major residential building 
programmes are underway. 

The present confidence is 
infectious. Businessmen talk 
almost fondly of the Pindling 
Government's new tendency to 
encourage the private sector in 
any direction that is likely to 
stimulate the economy and 
increase employment. It is 
almost as if the PLP had trans- 
mogrified into a sort of black 
United Bahamian Party (the so- 
called “Bay Street Boys”) 
•which was tossed from power 
in Mr. Pindlins's “Oilier Revo- 
lution " more than a decade ago. 
In fact it is difficult to recall 
that Prime Minister Pindling 
once made a point in the House 
nf Assembly — in a dramatic but 
somewhat unparliamentary man- 
ner— hv tossing th'’ mace out 
through a window. Those heady 
days have gone and decorum 
has replaced defenestration in 
the chamber. 

Strictly speaking the Bahamas 
is not a Caribbean country" (it 
is in the Atlantic) and the 


distinction is reflected in 
Bahamians. They are nut. fur 
example. as excitable as 
Jamaicans or as hard-working as 
Barbadians. Phlegmatic and- un- 
impassiuned, they offer scant 
encouragement -to the socialist 
Vanguard vtnmp in Nassau, with 
its goal of achieving power via 
“a pour people’s party."* Small 
as Vanguard is. however, it is 
very vocal and eager to turn to 
its advantage tbe tensions 
caused by ever- increasing un- 
employment among the coun- 
try's young people. 

Education in the last decade 
has done little to help young 
people. While the Government 
has pursued growth in the area 
energetically enough. more 
effort has been put into acade- 
mic results than into more 
practical goals. This has re- 
sulted in the country being 
easi'y the most literate in the 
region — but has left it short of 
agriculturalists. motor car 
mechanics or people who can 
fix an air conditioner. 

Pressing 

The achievements in educa- 
tion have by no means been 
wasted (the country's financial 
sector requires a sophisticated 
and highly-trained middle 
class), but the pressing needs of 
the country in its present state 
of development are now lead- 
ing to a redirection of education 
towards more purposeful goals 
than building up the "graduate 
seraph cap." 

Other areas as well as educa- 
tion will need the O.uvemmenfs 
attention. The Bahamas in 
recent years has beemne a more 
important cross roads for drug 
smuggling From Columbia and 
.lamaicd into the U.S. The 
once-nugust portals oF the 


BASIC STATISTICS 
Land area 5.380 sq miles 

Population (esL) 

226.000 

Trade (1976) 


Imports 

S3.41>n 

Exports 

52.71m 

Imports from UK 

£7.8m 

Exports tu UK 

£15. tin 

Trade (1977) 


Imports from UK 

£22. Om 

Exports to UK 

£ 14.0m 

Currency Bahamas S = US$ 


Sheraiun British Colonial hotel 
in Nassau nuw contain pushers 
selling marijuana to eager 
young Americans, and some idea 
of the sums of money involved 
in the business can be gleaned 
from a recent seizure by the 
police of a cocaine shipment 
with an estimated street value 
of more titan £45m. Unchecked, 
the rising crime rate that has 
accompanied this drug traffick- 
ing could some day damage the 
fickle tourism market. 

However, the problems of a 
soaring population, rising un- 
employment and maintaining 
tourism growth are in the 
future. At the moment, 
Bahamians can congratulate 
themselves on the country's 
stability and relative prosperity. 
Last year, the 3.1 per cent 
inflation was the lowest in the 
region, and even this year’s 8-9 
per cent is better than almost 
all Caribbean countries. Short 
uf the opposition hitting him 
over the head with the mace in 
Parliament. Prime Minister 
Pindling need not have too many 
worries about his own employ- 
ment prospect?. 


: t * a- 



-V -T, 


Message from The Rt. Hon. L.G. Pindling, MP, LLB LLD 
Prime Minister of The Commonwealth of The Bahamas 
on the occasion of the Fifth Anniversary of 
Independence for The Bahamas 


On July 10th 197S, The Bahamas celebrate? its fifth anniversary 
since it gained its independence from Britain in 1973. I believe 
that all Bahamians feel justly proud of our accomplishments over 
ihe past five vears. It would be true to say that in five years 
we have not ’completely solved all of the various social and 
economic problems that face our country, but it would also be 
true to sav that we have made significant progress. In this respect. 
1 feel that we. as a developing country, have provided the world 
with a fine model of political maturity and sound management in 
«ur social and ecouomic affairs. 

During the 1960s the Bahamian economy experienced a very high 
rate growth, which unfortunately slackened in the 1970s as 
changing world economic conditions led to a decline in tourist 
arrivals and a decline in construction activities. However, the 
development of large scale international banking and other off- 
shore financial services helped to support Hie economy during 
those critical vears. In fact The Bahamas has now become an 
important international financial centre and tax haven, with 
banking and insurance, oil refining, manufacturing, agriculture 
and fishing, government services and mining constituting the 
other important economic activities in the country. 

In order to combat the harmful effects Mused by the decline in 
economic growth, the government decided to expand the role of 
the public sector in the economy, and consequently Bahamiams- 
ation of the economy and the theme of self-reliance evolved as 
important policy objectives. Consequently, the government 
started to participate rather actively in cert am key areas of the 
economy bv establishing new enterprises and by purchasing of 
equity in a few business ventures. The government now owns 
throuab a public corporation known as the Hotel Corporation of 
The BbhanSas six hotels, three in New Providence and three in 
Grand Bahama and the three casinos which operate in The 
Bahamas. The hotels and the casinos are under private manage- 
ment. however, on contract with the Hotel Corporation of The 

Bahamas. ' .. . 

ThP Rihamas Development Bank has now been establised to 

7dentif? promote and P finance light industrial ventures, fishing 

and agriSe In addition the government has set up an 


agricultural corporation as well as a co-operative and planning 
department and built five packing houses in the family islands. 

On the financial side, the implementation of the national insur- 
ance fund scheme has provided a constant source of funds for 
public investment. Actually in 1977 the fund subscribed approxi- 
mately 75 per cent of the 40 IB Dollars) million stock that were 
issued, the remaining 25 per cent came from offshore commercial 
banks. That is to say the creditworthiness of the economy has 
enabled the government to successfully tap the resources of the 
foreign banks which operate in The Bahamas as an important 
source for the financing of the investment programme. Since 
independence. The Bahamas has been able to finance most of its 
capital needs from foreign banks operating in the country and 
from domestic savings. 

The economic situation became more serious in 1975 when tourist 
arrivals declined to near the 1970 level, foreign exchange receipts 
fell and fixed capital formation also dropped as a result of the 
fall off in economic activity thereby aggravating the existing 
unemployment situation. However, in 1976 the government 
initiated more positive fiscal policies and almost doubled its 
investment in the public sector. These efforts combined with 
improved world economic conditions tended to stimulate 
economic growth so as to partially relieve the unemployment 
situation. Foreign exchange receipts also increased and real 
GDP grew by approximately 5 per cent 

As I see it, the economic development of The Bahamas has been 
based and will continue to depend on the performance of export 
oriented sendees, namely tourism and banking, but these would 
be increasingly fortified by a developing agricultural and fishing 
industry. Tbe basic development issues facing the government 
are to: 

111 generate the additional economic activity which is 
necessary to provide jobs for the unemployed and new 
entrants into the labour force 

(2) undertake an import substitution programme with 
appropriate linkages to the tourist sector 

(3) develop sufficient economic activities in other family 


islands so as to reduce the migration trend to the cities 
and 

(4) identify areas of new growth through export-oriented 
activities. 

There is no doubt that sustained economic growth will increas- 
ingly become the single major development issue which the 
country will face in the future. The Bahamas tourism industry 
still possesses enough potential to produce additional growth ancl 
investment and to this end we will have to step-up our pro- 
motional efforts in tbe North American and European markets 
as well as try to tap possible new market areas. I am also 
convinced that a further expansion of the financial centre is still 
possible in insurance by the development of captive insurance, 
re- insurance activities and the investment of insurance funds, in 
offshore banking, through increased syndication in The Bahamas 
of Eurodollar loans and bond issues presently handled in other 
major financial centres, and in stock operations by initiating large 
scale syndication of stock issues handled in other financial 
markets. In this connection we would have to carry out a com- 
prehensive review of the educational system with a view to adapt- 
ing the educational system more closely to existing labour market 
conditions. 

Owing to the proximity of The Bahamas to the main shipping 
lines and to the major ports and markets in the hemisphere, its 
major oil refinery and oO trans-shipment facilities, as well as deep 
sea harbours and existing infrastructure makes it an ideal 
location for major dry dock operations. This would complement 
the Merchant Shipping Act of 1976 which provides for the regis- 
tration of ships in The Bahamas. 

The existence of a stable investment climate, adequate fiscal 
incentives, a good pool' of labour and the proximity to financial 
resources and facilities offer excellent opportunity for investment 
by foreign investors, and provide prime conditions for future 
economic development. Moreover the government will continue 
to invest in transportation, communications and other related 
infrastructure so as to provide additional investment opportuni- 
ties in the family islands and assist in the overall social and 
economic development of the country. 


For further information rate to: The Office of the Prime Minister, Nassau, Bahamas. 




Financial Times Monday July 10 1978 


REPUBLIC NATIONAL BANK OF 


BAHAMAS II 




NEW YORK 


<toemationa!) LIMITED 


UNITED STATES 


’ * A' wholly burned subsidiary of - 


*■** • REPUBLIC NATIONAL BANK OF NEW YORK 
'433 FIFTH AVENUE, NEW YORK CITY, N.V* USA 

'Address: ; P.O. Box N3001. 

j; . Beaumont House, 

y. m Nassau. N.P. 

- - . Bahamas. 

^Telephone: : (32) 2-756S or (32 ) 2-75B9 

?Tc!ex: - ' NS. 20154 & 20157 

■'Gable Address: • BLICBANK 



iffsaiic Ocean 


^Freeport u : ? 

Grand Bahama:; 




.i^inwnaM- 


on 




In association with: TRADE DEVELOPMENT BANK 


TRADE DEVELOPMENT BANK 
NASSAU BRANCH 


tourism 



NASSAU 


iFleuthera 


Providence- 

ndraslown *; 


Andros'S 



nuors Harbour , 

I . 

*J w,TiWB i Pacific 

%CatlE- 


Caribbraa Sea 






San Salvador 


Godtburn Town 


GtBxumaTf 


Head Office 


Gtwenca 
3» 

NO COUNTRY In the Caribbean economy. Seventy-five per cent used tn generate other economic « 

— with the exception of oil-rich of tourists to the Bahamas come activities, particularly accele- v 

Trinidad — weathered the buffet- from the U.S. and the .close rated production in agriculture, ^TTl© 9 J±, 

ing of the 1973-75 recession as integration of the economies of fisheries, agro-industry and re- 

well as the Bahamas. For this the developing country and its lated occupations. TD A XT A TV/T A V * 

remarkable survival, the prosperous Continental neigh- in November last year, the 

country can thank its sophist!- hour has been instrumental in Government expanded on these Tnlo-nHc 

cated and resilient tourism averting the economic or poll- p i ans j n 197s budget And ioldllUo 

industry and the fact that — tical instability that often j 0 a rather sharp tumround 

however gloomy things seem — a ™ cts developing countries. fr0m iLs em phasis — before the - - - , 

Americans will give up much This, combined of course with j u j y> 1977^ election — on self- b bo w ■ w 

before they abandon their advantages of climate, geo- supported development, it dwelt 

vacations in the Caribbean JJ? mwS thecontimfed ° n the need t0 attract £ “ rther Europeans and Canadians want- Developments, 



Lons 


Crooked 


TRADE DEVELOPMENT BANK, 


BAHAMA 


' 1 , PLACE DU LAC, GENEVA SWITZERLAND 


-Address: 


• ; - • - 
‘Telephone: 

Telex: 

Cable Address: 


P.O. Box N3Q01, 
Beaumont House. 

Nassau, N.P.. - . 

Bahamas. 

(32) 2-7568 or (32) 2-5769 
NS 20154 & 20157 
SUDFIN 


Acklinsy^A^ 


Mayaguana 


' Gtlna^u? 


KattTwwTomt 


wholly- limited production of agriciri- 


sunshine. ^s e rff S theVa h hamaJ U wonr? UC foreis ° investment “It is my 5ng either tn buy winter homes Bahamian owned company. Also tunal ami industrial sn«ds. 

Tourism— as is discussed in ress of the Bahamas secondary V1PW thaT «.-« «.-o,iid Ka , m >hio mg e . ; „„ =, i^naRian. mh» riuM.ni Rank. 


[detail elsewhere in this survey ro,e as a financ,aI sector. t0 ma j nta i n a reasonable growth p ‘ ro duci r ne ^properties. Water- Bahamian group Is building 14 Donaldson said, was kmated by 
r ‘ — is the country's primary However, the proximity to the rate solely through our own property in New Prnvi- new two-storey condominiums, jaw in the amount of money it 

(industry and the key to its U.S, has its drawbacks as national savings efforts," dence is no longer available and with a total market value of could makp available for finarrc- 
leconmnic development A well. The open nature of the Finance Minister Arthur Hanna demand b y Bahamians and 8750,000. Despite this and other ing economic dcvetapmL-rrt 


view that we would be unable or t0 purchase income- on West Bay Street, a Canadian- The Central Bank, Mr. 
to maintain a reasonable growth producing properties. Water- Bahamian group Is building 14 Donaldson said, was kmated by 


The Bahamas’ oldest and most extensive 
Real Estate Service 
in Nassau and the Out Islands 


Government-sponsored survey Bahamian economy makes it said. The Government, he went f ore i<» ners for homes up to new construction, real estate because a Uuse part of the 
18 months ago underlined this P artl ® ular, y vu _ a _ le J° infla " on - wnuld _ therefore make S100 o 00 f ar exceeds supply, agents say that demand for foreign exchange brought into 


by showing that 64 per cent of tionary and recessionary mov^ greater efforts to attract ~ rentals in Bay Street (Nassau's ^r^i^ bv toun^s lcaked 

Government revenue and two- ™ nts outside ^ie country. This approved foreign investments The growth of the j>anWng shopping street) far out ap Jb T\. ‘foreign currency 

thirds OF household income w especmHy the case with Die throughout the major capitals sector has put smaar pre^re S 

could be attributed to the U.S.— the Bahamas mam trading 0 f the world, usina a newly on the availability of office However, despite the con- 

sector. Given .the necessary ~ • buoyant he went 


investment, industry sources to*'™™*™?*™*' the bnd y as the prime mover ‘ banking sector and real estate 


- . A ;-g , v«Wfc>{.»apT 







investment, mousny sources B h raQ ea silv catch a cold 7 l T / * islands too: foreign investment dankms u • 2 Government stimulation of 

say ’ £5* 15 n °/ e f nn V hy Nevertheless, the latest report ^ the bu ? get ' 1 the fa#v ™ has picked in Grand ntarket an ? ^ rmmipreserrt the . ^nomy would reduce the 

.f 4 } - ” of toe Central Bank (for the Son ^ Eleuthera. Extima, Abaco and ts twjniOT e reserves, and the options avail- 

years 1.4m visitors coiiid nm | t quarter 0 f 2977^ paints M S2u°.9m in I9i8, S32.4m of th p Berry Islands. foreign investment is still neces- ab}e {nr Sf ,i V j ng thr unemploy- 

be doubled by the early 1980s. 0 ^ iIlic pictuIe ^ toe which would go for capital *1 * sary to stimulate the economy. mpnl pr „ blera were therefore 

In employment terms the Thanks to buoyant ^'? piIlen i; O'tieeemamms Arsbmoneyhesalsninarte limited. The Government culd 

tounsm industry represents the f . 7 . . si68.om, just under d 0 per cent its first appearance in the p rn klpm C pifhpr borrow -lh FnrPisrn p»r 

nmhsKiv th P noiv reign exenange earnings irom a u nPaT Prt , n Bahamas. Thrnneh a Luvem- 1 iUUlCIlla either Borrow m foreign cur- 


ROSE ISLAND 


m n^uinsnem 

3 ' ■■ . —5 REAL £STAT£ 


in employ mem econom y. Thanks to buoyant -A ir Vr« »Hp « i v limited. The Government emild 

tounsm industry represents the f nrei(Tn pvehanee earnines from just under d 0 per cent its first appearance in the p rn k|om C p; . hpr borrow -in Fnreisrn cur 

best and probably the only « 5 n tiH was abated to the Ministries Bahamas. Through a Luxem- rrUUieillS eilher barrow in foreign cur- 

hope that the Bahamas has of J fo n g”tera fSds the of Education, Health, Tourism bnurg-based concern, Arab In a speech io Nassau ™^ a " d/or attract fore,sri 

generating the 10.000 new ba “ ance 1 p 0S j^ n on and the Police Department. No interests rwently bought the recentay> Bahamian Central In 1 economy like the 

jobs it will need to create in b th ^ current and capital new mes were announced in $75m U.S. Steel-owned cement B arik Governor T . Baswen Bih “ P the Sral Bank 

the next decade in order to ° “ e 27722 1 “ , “ p "“ the budgeL Total revenue for plant in Freeport. Grand nfWwM<nn ^ _ th f Cen, 5 a ‘„ Ba " k 


the next decade in order to accounts showed 


stem the rising tide of u, was estimated at Bahama which stopped opera- ^ 55 2^ STEZ 

employment — especially among uw iqtv 8W^Sm. an increase of nearly Dons last June because of in- - . .. n _ ppnTnpn , t Pai#t . flora esuc linancing could lean 


the budget Total revenue for plant 


Donaldson emphasised this and Governor said, any large-scale 


employment — especially among _ pr f nrmanp p ti>nr 1Q77 $16’i.om, an increase UI ueany nuns iasi June ucrauae UI in- .Up r.Aniipnmfint Pa«t- 7 T ; *~ e ’, " ’V 

young people. The manufactur- J h f ^ overall balance Site? over 1977 estimates. 1‘he sufficient revenue to meet high - - - Bahamas he ? R * b J*J ce °f. payments 

mg sector of the economy, by a ? a additional revenue will come operating costs. The new defiat, which would not neces- 


“CASCADILLA,*' MILLARS COURT. P.O. BOX NSl'64, 
* ' NASSAU, BAHAMAS 

Phone- (S09) 322-1041 Q. Cables: CHR1STLAND 


has served 


buttress its 



the Royal bank of Canada 


INTERNATIONAL LIMITED 


TT<ii7S>ii*"ahla current e.xpenditure compared the Middle East sent economic situation in the - For this reason.” he said. 

IP itVUUl aUIt; to S4m in 1977. The S32.4ra for Construction has begun to Kvuntry: high unemployment “ foreign investment must only 

The Bahamas’ ahilitv to main- capital development was revive as a response to the acute a™* a high inflow of young be used for very worthwhile 
tain a favourable balance of expected to come from addi- shortage nf houses, apartments people into the labour market projects; that is, projects which 

payments despite the quad- tional borrowing. and business premises. A $2m every year. At the same time, will, by and large, generate 

rupling nf oil prices is indica- The Bahamas is also expected town house complex is currently the country was suffering from foreign income.” 
five of th* essential soundness to benefit shortly from a new heing built on West Bay Street ite-high exposure to imported . , , . ^ , 

of the ttTSS World Bank policy of making in Nassau by Shore Crest inMon as a, -result of its John McCaughey 


$"Wtrally owned subsidiary of The Royal Bank of Canada) 
Total assets in excess of half billion U.S. dollars 


EUROCiiRREHGY L 10 IN 0 TO PUBLIC AND PRIVATE SECTORS 
HfTERBAM PLACEMENTS EURODOLLAR DEPOSITS 


tight control 


Beaumont House, Bay Street, P.O. Box N-3024, -Nassau, Bahamas 
Telephone: (809) 322-4980 Cables: INTEROYAL 


Telex: NS-182. NS-184 


Branch at Grand Cayman, Cayman islands, B.W.I. 


; June 16/73 



try will face considerable prob- more funds available to middle- ...... 

lems in maintaining that income developing countries, ; •'* -• 

position in the 'years ahead.’ which have - until now had to- * ~ ' " ~ 

Prime Minister Lynden depend upon private lending. _ , 

Pindling has warned that the Like a number of other 

annual population growth rate Commonwealth countries, the ■ •% • . • 

of 3.6 per cent (the second Bahamas has been ineligible for LJ O 1 r C< 

highest in the hemisphere) will assistance because of its per | ^ /I I I K Sk' I V I I I 1 I I I I 

have to be halved at least if the capita income — put at $2,000 by .1 -X JjLA CrV.K.JLJL Ix’tX'JLA A 

country’s limited resources are the World Bank. Total GNP is 

to keep pace with the nation's estimated at around S400m. m 

development Equally, the food Bahamian government minis- J J _ _ _ | 

import bill (at present 80 per ters have frequently criticised J 1 IT flT / *|lTl | T g \ I 

cent of foodstuffs are imported) this policy on the grounds that If GIL X I. I 1.1 \ 9 I 

will have to be reduced. it is unrealistic to apply it to 

At the opening of the the Bahamas unless the “ high . . 

Bahamian Parliament in Octo- expatriate element were ex- A BUOYANT tourist industry issues have provided the prin- Bahamian business. If. how- 
ber last year, the Pindling cl ■ ■ « n t and the non-existence of any cipal outlets for the investment ever, land holdings are dis- 

Government outlmed its plans • th« foreign - ™rtment substanti v e industrial or agri- of surplus funds. There has regarded, a large part of the- 

for the country's mmomic is * » cultural activity poses special been a marked decline in wealth of Bahamians is kept in 

development The economy foe Bahamas again — after a pro5Jems for banks doin g busi . Treasury Bill rates over the past the form of deposits with finan- 
must grow, it sa|d. on foe basis fi\e->ear lull - have also neJS Jn the Babaraas today . The few yearSt bowevei . f as business ciaJ institJItiocs P 

of P™v* n industrial capability, appe ed ece _ tly. te iag xs di 2 emina ^ finding productive demand for bank , credit. A Bahamian tendency, more- 
To that end, tounsm, banking, a 0 ree that there ! has ee a investment for the high level of slackened and liquidity in- over, to use savings accounts 
insurance and shipping would recent and considerable^ Uqtlidity in ^ syste ^ without creased. By the end of April in the same way as checking 
be extended and diversified in swing in foreign P fuelling inflation and adversely free cash balances of commer- accounts has made it difficult 

?rJ d rhe t0 rnu^r i frni? e f> 1 b p e -p e ^n S nnMmM;tfo U ones are ^ balance of pay- cial banks amounted to. 932m for banks to extend longer-term 

visihlp mS, : 2LK" p 3 * real Lt^e compared with $27m a year credit without ’■ jeopardising 

from those industries wou ld be boom." forer est is mainly from These pressures notwith- in^S^w^dS^imed 

— - ... , .,, r . — — t fTtaoding, the Bah am ian iGnuer in May was discounted Bank is now trying to arhiere 3 

economy remains something of at per cen f- ratio for housing loans of 8 

a marvel for the Caribbean T • per cent of total deposits, ex-, 

region. The inflation rate of LilQUItutY • eluding demand deposits. Banks • 

3.1 per cent last year was the ' ^ J J would, within this rtUo. set up 

lowest for the area. There was Government borrowing to limits for the size of a loan, 
a ?19.7m balance of payments p 13 " 06 capital works has to a position of the cornmer- 

surplus and foreign reserves lars ®. exlen * helped solve the c | a j and savings banks as 
were up 46.4 per cent to $67.2m. P ro .° Iera «cing the commercial custodians of the public savings 
Thanks to an excellent winter £ an v’?' But firo , wt ^. ^ has. been recognised by the 
tourist season and • renewed . *? ®JJSS® sts a lack, of Government But- it is also 
capital inflows, the Central mitia i lve hanking com- aW are of the need for sound. 

Bank’s external assets increased SL* long-term finaheing to aid new 

to a record $87m by the end of f° r .. 1 ° 1 ^ tin ® l,t °f commercial and industrial 

April. in the private sector anc la lack ven tures • .that would not 

The country's strong reserves SrWuf ordinarfly qualify for loans 

position was reflected in foe from the more traditional insti- 

recent re-allocation of Interna- }* SSl tutions. - The Bahamas Develop- 

tional Monetary - Fund quotas. !JL anS j j ve t , je mair ?cd un- men t Bank, established in 1974, 
Tbe^ wlilcb has *jSt to chanEed ?“ p ?l ,he «' s ! e J ce of was put into operation (his year 
djaw on Ihe facilities ef the Mg™ loSe’ ' 
LMLF, was granted a 65 per cent banks Sap. 

increase, raising its Special The Bank has been capital- 

Drawing Rights on foe Fund 11,6 commercial banks have lsed with $3m from the 
from $25m to $3Sm. frequently been criticised for Bahamas Gny'eminent. and a 







from $25m to $3Sm. frequently been criticised for Bahamas Gny'eminent. and a 

A number of factors have con- faiIin § to -participate more further $3ra has been made 
tributed to economic activel y in the promotion- of available through the Caribbean 

eouilibrium. The Central Rank CONTINUED ON NEXT. PAGE 



RoyWest Banking Corporation Headquarters, Nassau,. Bahamas 

Ro)Westbanking corporation ltd. 

Nassau, Bahamas 


The Managing Director. 

RoyWest Banking Corporation Ltd. 
P.O. Box .N.4889 
- Nassau.' ’Bahamas. 


Offers a range of financial services, including : — . 
Attractive rates of interest for deposits in 


^ .1 am interested in your services. 
- ’Please send me : 


A D Your, latest schedule of interest rates 


® U.S. Dollars 0 Sterling ® Deutsche Marks 
® Swiss Francs 9 Canadian Dollars 

Finance for development. 

Management of offshore banks and branches. 


% D Deta'ris of development finance available 
i □ Offshore financial se.rvices 


For further details write to the. Managing Director at 
P.O. Box N-4889, Nassau. Bahamas, or send coupon 




RoyWest's principal shareholders are:— 

The Royal Bank of Canada Group 
National Westminster Bank Ltd. 


equilibrium. The Central Bank 
has sought to keep the interest 
rate at a level that would en- 
courage savings by both the 
public and private sectors and 
ensure that projects undertaken 
were viable. Price controls 
have kept rein on inflation, and 
Government pay increases to 
the public -sector have been 
modest 

Due largely ' to . such tight 
fiscal and monetary policies, the 
growth in the money supply has 
been moderate. At the end of 
April foe broad money supply. 
M3 stood at 5275m, showing an 
increase of 59ra or 3.4 per cent 
during the first four months of 
1978 and $14m (5.4 per cent) 
over the previous 12 months. 

Zn the absence of a capital 
or money market to effect its 
policies, the Central Bank- has 
successfully used moral suasion 
to convince foe banking sector 
of the need for loan restraint, 
particularly in the area of con- 
sumer credit. 

Tn date short' term Treasury 
Bills and periodic Issues of 
longer-term Government stock 


Nassau’s Financiers are close 
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The busiest Bahamian financiers— with world-wide -financial 
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SUMMCr wmter 

■l/W78-g/S/78 12/W/7EM/28/79 

DAILY ROOM RATES Stngk, Oo uMp ~Sfngfe Doufate 

S3&00 **1.00 S55.00 361.00 

MiiufttaHiVtoW} S4G.K1 SSI ,00 SG9.ro STSGO 

D«Hix«ie.surM ; seam *120.00 

Taxes, ‘sanrica'Gh.'uge wB ba added Id rates. MAP: add 515 SO per poreon cfoHw plus i&n 
Snaitxlyc Thm). loyfltustutt In raom.adrfSlO each. 

- 


DAILY ROOM RATES 
Standard 

Daluxo<Oc*wi VtoM) 
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S' 



Slow industrial growth 



A NUMBER of factors have 
conspired over the past ten 
years to defeat attempts by the 
governing Progressive Liberal 
Party to develop an industrial 
base for the ' Bahamian 
economy. Higher fuel costs 
nave played a part. But more 
crucial has been the Govern- 
ment's own ambivalence 
towards foreign investors, 
protracted delays in processing 
investment applications and a 
general reluctance to move 
swiftly in taking advantage of 
industrial opportunities. 

The picture is changing, how- 
ever. largely as a result of the 
excessively high unemployment 
rate — now over 20 per cent — 
and pressure from an increas- 
ingly sophisticated group of 
young black businessmen who 
view foreign investment not as 
a threat to Bahamianisation but 
as an essential ingredient for 
economic growth. 

Voicing the Government's 
polio- reversal in his 197S 
budget address, the Minister of 
Finance. Mr. Arthur Hanna, 
conceded that national savings 
alone u;ere insufficient to main- 
tain a reasonable growth rate 
and stressed the need for 
further foreign investment TTie 
Government he said, was estab- 
lishing a new Trade and Indus- 
try unit to analyse development 
potential, identify development 
strategy and specify individual 
projects. 

Since then- the Prime 
Minister. Mr. Lynden Pindling. 
has announced a major 
reorganisation of Cabinet and 
civil sen-ice responsibilities to 
eliminate what he called the 
" frustrating bottlenecks " that 
had previously impeded foreign 
and Bahamian investors. 


Changes 


The effect of the changes has 
been to bring all economic 
matters, including economic 
policy, social and economic 
planning and trade and indus- 
trial promotion, directly under 
Mr. Pindling. as Minister of 
Economic Affairs, and the 
Deputy Prime Minister, Mr. 
Hanna, as Minister of Finance. 

All major economic proposals 
and property developments are 
to be evaluated by a five- 
member Cabinet sub-committee 
headed by the Prime Minister. 
A second body, the Bahamas 
Economic Committee, compris- 
ing five senior public officials 


from major sectors of the 
economy, has been established 
to advise the Council on the 
technical feasibility of new 
public and private economic 
projects and means for emple- 
menting them most efficiently. 

Although it is still too early 
to assess the impact on foreign 
investors. Bahamian business- 
men say they are experiencing 
increased co-operation in their 
dealings with the Pindlin? 
administration. White 

Bahamians in ^articular. re- 
assured by the country's 
continued political and economic 
stability, have made heavy 
commercial investments over 
the past year. 

Until the 1973 energy crisis 
aborted its plans, the Govern- 
ment had hoped to develop a 
number of oil-related industries 
an Grand Bahama, starting 
with the Bahamas Oil Refining 
Company and the Burmah Oil 
trans-shipment terminal. The 
emphasis has now shifted to 
encouraging the manufacture 
of exportable goods that can 
qualify for preferential tariff 
treatment under the U.S. 
Generalised System of Prefer- 
ences i'GSPI. the European 
Community's Lome Convention 
and the preferential duties 
system established by Canada 
and Japan. 

Unfortunately, little if any 
research has - been done to 
determine bow the Bahamas, 
with its limited resources, can 
benefit from the concessions. 
Nor has the Government made 
much effort to inform the public 
of the types of products 
eligible for duty-free treatment. 
The only comprehensive study- 
made to date was commissioned 
by Intercontinental Diversified 
Corporation (IDC), whose 
Grand Bahama Port Authority- 
group of companies pioneered 
the development of Freeport, 
Grand Bahama 

Grand Bahama, with its 3.000- 
acre Government-owned indus- 
trial estate, two deepwater 
ports plentiful supply of water 
and excellent infrastructure of 
roads, utilities and communica- 
tions, is still regarded as the 
logical site-, for any future 
industrial growth 

Freeport, which was origin- 
ally conceived by its developer 
as an offshore manufacturing 
centre, offers investors l lie 
further advantage of no income, 
capital gains, real estate and 
personal property tastes until 
1990 or customs duties, excise 


and stamp taxes until 2054. In 
the rest uf Grand Bahama and 
elsewhere in the Bahamas, 
earnings, dividends, machinery, 
raw materials and equipment 
for plants certified under the 
Industries Encouragement Act 
are tax free for 15 years 
Preliminary inquiries by IDC 
indicate there is strong German 
interest in a Bahamian base for 
tapping ihe American market. 
The company plans to use the 
findings of its industrial feasi- 
bility study as the springboard 
for an aggressive overseas cam- 
paign to woo European manu- 
facturers; to Freeport 


Training 


.Three problems remain, how- 
ever. These are the high cost of 
labour and training, the un- 
certainties that still surround 
the Government's immigration 
policy and the lengthy de,ays in 
processing industry applications. 
The first has been circumvented 
by the introduction of capital — 
rather than labour-intensive 
industry. On the immigration 
question, business firms alrendy 
established in Freeport say it 
is more a matter of bureaucratic 
delay in dealing with work per- 
mits than of refusing them. The 
third problem is the most 
crucial, in as much as industry 
applications are known to have 
been held up a year or more or 
to the point where the investor 
has lost interest 
A number of industries are 
presently operating in Grand 
Bahama with varying degrees 
of success. The $55m Burmah 
Oil trans-shipment terminal, 
built to handle Saudi crude 
destined for the huge American 
market, was one of the first to 
suffer from price and supply 
changes effected by the 
Organisation of Petroleum 
Exporting Countries. The con- 
sequent loss of business has 
Involved the company in pro- 
tracted renegotiations with the 
Government over the contrac- 
tual terms on which the 
terminal was built. 

Competitive developments 
elsewhere also indicate that the 
terminal’s future may be limited 
to no' more than 10 years. 
Panama is already bui’ding an 
oil terminal cn the Pacific Coast 
to trans-ship Alaskan oil through 
the canal to ports on the U.S. 
east coast. And start of the $lhn 
Louisiana Offshore Port (LOOP) 
in 1980 will enable supertankers 


too large for U.S. ports to off- 
load directly into storage facili- 
ties ashore.* 

Burmah was last year awarded 
the trans-shipment contracts for 
the American Straiegic Oil 
Reserves being shipped from 
the North Sea to the U.S. east 
coast They are expected to keep 
the terminal going for at least 
two or three years. 

Freeport’s S300m Bahamas Oil 
Refining Company tBORCO) has 
also experienced difficulties 
resulting from changes in the 
oil market Although wholly 
owned by New England Pelro-. 
leum and Standard Oil of Cali- 
fornia, BORCO has been classi- 
fied by the American Govern- 
ment as a Bahamian company. 
Thus it is liable to the oil sur- 
charge while small U.S. com- 
panies supplying the domestic 
market from American overseas 
territories remain exempt. 

BORCO was established eight 
years ago to meet U.S. demand 
for less polluting low sulphur 
fuel oil. A relaxation of environ- 
mental controls to permit the 
use of cheaper fuels has affected 
demand for the company's 
product. 

The first major manufacturer 
to set up operations in Freeport 
was the Bahamas Cement Com- 
pany. a subsidiary of U.S. Steel 
Corporation. Last year the com- 
pany, which had once supplied 
Florida’s booming construction 
industry- announced that it was 
closing because of insufficient 
revenues to meet higher operat- 
ing costs. 

Early this year U.S. Steel sold 
the $75m cement operation to 
the Arab-owned International 
Development Corporation of 
Luxembourg. The plant has 
resumed production and expects 
in the long term to convert from 
the high energy-consuming wet 
process to dry production, which 
should result in considerable 
savings. 

Other industries at Grand 
Bahama have fared better. The 
Syntex Corporation was one of 
the first companies to take 
advantage of the preferential 
tariffs. Syntex’s $2lm Freeport 
plant produces chemical in- 
gredients for pharmaceutical 
plants and is an important 
manufacturer of steroid hor- 
mones. used in the manufacture 
of birth control pills, and 
Naproxen, used for treating 
arthritis. Almost all its exports 
now go to Europe. Japan and 
Canada. 


The smaller Cooper Labora- 
tories manufactures Protamide, 
an anti-virus drug used in the 
treatment of herpes. The com- 
pany produces 2.000 litres of 
the drug a year fpr export to 
European and South American 
markets. 

The T^dhunter Mitchell 
blending and bottling plant- has 
already expanded once and 
plans to do so again within a 
year. The company produces 
40.000 cases of liquor a year. 
20 per cent of which is exported 
to Canada. Germany. Australia, 
the Philippines and the U.S. 
The bulk of its sales however, 
are made in Grand Bahama. 
Principal brands are Ron 
Ricardo rum. Balalaika vodka, 
Calcutta gin and Todhunter 
scotch. 

Grand Bahama's $3ru Steel 
and Pipe Company is the most 
recent firm to become estab- 
lished in Freeport under the 
special lax concessionary terms 


Banks 


of the 1955 Hawksbill Creek 
Agreement. 

Although the company has 
felt the effects of a depressed 
steel' market, it produces a 
highly abrasive- resistant steel 
pipe in demand in the U.S. for 
use in Florida's phosphate 
mine?. 

Bacardi is another Bahamian- 
based company that has 
benefited from tariff conces- 
sions accorded the Bahamas, Its 
$6m Nassau plant is the largest 
exporter of light rums in the 
Caribbean, shipping 6U per cent 
uf its production to the United 
Kingdom, Germany and the 
Benelux countries. Exports to 
Europe increased by 10 per cent 
last year. In Germany alone. 
Bacardi accounted for 250.000 
of the quota of 600,000 cases 
allowed all the African. Carib- 
bean and Pacific (AGP) states 
under Lome. 

Nonetheless the company, 
like other rum producers, has 


had almost continuous problems 
with the European Community. 
The machinery for implement- 
ing import quotas is said to be 
so complicated that it is defeat- 
ing the purpose of Lomd. The 
most troublesome countries are 
Ireland, Italy and specifically 
France, which has never com- 
plied with the terms of the 
convention and has sought 
through various means to dis- 
qualify ail Bahamian and 
Caribbean rums other than 
those from French Martinique. 

The most recent French pro- 
posal calls fur rum entering the 
EEC to be distilled in the same 
country in which Ihe molasses 
is produced, to qualify for 
preferential treatment. A 
counter-proposal from certain 
ACP quarters. which the 
European Commission seems 
inclined to accept, is that the 
molasses should come from 
ACP countries. 

The Bahamas is the only 
country in the Caribbean rum- 
predueing bloc that does not 
manufacture its own molasses, 
and Guyana is the only one of 
the Caribbean ACP countries 
that produces a sufficient enough 
quantity for export. Bacardis 
Bahamian operations could he 
wiped out, therefore, if the 


molasses restrictions are 
imposed. 

In addition to the Industrial 
Estate at Grand Bahama, the 
Government owns a smaller 
47-acre Industrial Park in 
Nassau, designed chiefly for 
the development of Bahamian- 
owned enterprises. Under the 
Industries Act, manufacturers 
producing for the local market 
are given The same long-term 
exemption advantages afforded 
those producing for export. The 
difficulty, however, has been in 
finding long-term, low-interest 
funding to finance such enter- 
prises. since most black 
Bahamians, as first-generation 
entrepreneurs, lack the neces- 
sary capital. 

.After considerable delay the 
Bahamas Development Bank 
was capitalised last year with 
S3m from the Government. A 
further S3ra has been loaned 
hy the Caribbean Development 
Bank. The Bahamian bank is 
intended to provide long-term 
loans to Bahamians wishing to 
become involved in the agricul- 
ture and fishing industries, the 
local manufacture of goods and 
tourist-related facilities and 
industries. 


Nicki Kellv 


CONTINUED FROM PREVIOUS PAGE 


Development Bank. The 
managing director, Mr. Warren 
Rolle. has said the Development 
Bank will be primarily inter- 
ested in projects that con- 
tribute significantly to 
employment generation, the 
conservation of foreign ex- 
change and increased economic 
activity in the Out Islands. 
Agricultural, industrial and 
tourist-related businesses will 
be given priority. 

Operating within the narrow 
limits of the Bahamian market 
offers the banking sector little 
scope for profit making. What, 
however, the banks are losing 
on their domestic operations is 
compensated for by the size of 
their Eurocurrency activities. 

The Bahamas is now a very 
large Eurocurrency centre. The 
initial Hurry of anxiety that 
preceded independence in 1973 
has long dissipated. Other than 
increase company registration 
and work permit fees, the 
Government has taken a con- 
scious decision not to tamper 
with the country's tax free base. 

The Bahamas' rapid develop- 
ment as the main offshore 
centre in the Caribbean is due 
mainly to efforts by the major 


U.S. banks to expand their 
international operations as a 
buffer against stagnating domes- 
tic profits. In the past five 
years, in particular, growth has 
been fuelled by the massive 
borrowing of many countries tn 
cover their nil-induced deficits. 

The attraction of a Bahamian 
location has been the absence 
of taxes, lower operating costs 
and a well-developed financial 
infrastructure capable of hand- 
ling the volume of business. 
Between 1973 and 1977 the 
Eurocurrency market world- 
wide increased from $3I7bn. 
to $614bn. But it is estimated 
'that London’s share of the total 
fell from 40 to 36 per cent 
while that of the Bahamas and 
Cayman Islands alone rose from 
&8 to 13.3 per cent. The bulk 
of the increase was recorded in 
the Bahamas. 

Of the 273 financial institu-' 
tlons doing business in or from 
the Bahamas. 97 are Euro- 
currency branches of foreign 
banks. The presence here of 
79 American Eurocurrency 
branches reflects the extent of 
the activity of U.S. banks, 
which have tripled their foreign 
lending in the past four years. 

Business growth was some- 
what restricted last year, how- 


ever, due to narrowing interest 
rate margins on foreign loans, 
tougher competition and the 
continued effects nf the world 
recession. A recent study noted 
that ihe top 10 U.S. hanks 
increased earnings on .their 
international business by only 
8 per cent in 1977. compared 
with an annual growth rate of 
22.8 per cent between 1972 and 
1977. Even so, 49 per cent of 
their income came from foreign 
operations by the end of 19< i. 

The explosive growth of this 
overseas lending has long con- 
cerned American federal regu- 
latory agencies because of the 
possible exposure of the larger 
U.S. banks. As a result 
Americans banks are likely to 
face closer scrutiny with the 
introduction of a new monitor- 
ing system for measuring their 
overall international exposure 
on an individual basis. 

Finance is now the most im- 
portant industry after tourism, 
contributing some $30m to the 
economy annually. Iti April 
the Government provided fur- 
ther impetus for growth by 
amending its nine-year-old 
insurance Act to encourage the 
formation of captive insurance 
companies. 

The changes' specifically ex- 


clude companies insuring 
foreign risks from paying the 
required 1 per cent premium 
tax and from haring to publish 
their accounts. It is hoped that 
they will open the way for the 
operation in the Bahamas of 
professional reinsurers as well 
as management companies, risk 
management consultants and 
the usual type of offshore in- 
surance captive. Industry rep- 
resentatives are optimistic that 
the islands, with their superior 
banking facilities, better com- 
munications and greater poli- 
tical stability could eventually 
rival Bermuda's prominence in 
the field. 

A source of concern, how- 
ever, is the proposal to create 
a monetary free trade zone in 
New York to recapture the in- 
ternational business lost to 
centres like the Bahamas. The 
likelihood of such a plan within 
the immediate future seems re- 
mote because of the changes 
that would be required of the 
Federal Reserve Board. Never- 
theless hankers agree that 
should it happen it must inevit- 
ably lead to a contraction in 
the level of offshore banking 
business done In the Bahamas. 


Nicki Kelly 


A background to Investment Opportunities in The Bahamas 


Introduction: 

In 1972. the vear prior to independence, 
an official statement declared that the 
Bahamas was irrevocably committed 
t*» the principles uf democracy and 
that nationalisation would not be an 
instrument of economic policy. Theee. 
tosether with government’s oflicial 
views on maintaining the tax ha\en 
status of tbc Bahamas as well as 
ensuring that the fundamental rights 
and freedoms of the individual under 
the law would be upheld, are embodied 
in the 1972 ‘White Paper on 
Independence’. 

Geographical advantage 
The opportunities for investment in 
the Bahamas and consequently, above 
average return on investments in the 
Bahamas should be evaluated against 
the backer ound oF the objective condi- 
tion- that presently persist in the 
cnuntrv. It is only necessary to cun- 
si dor that the country is approximately 
half an hour b> air from the largest 
(in terms of ability to pay» market 
m tbc world, the U.S.A. Moreover it 
sits as a gateway to the canboean 
and Latin America which places it 
directly in the path of the major 
commercial sea and air routes that 
link the European community to the 
Americas. And. the nme zone is the 
some as New York and the major L.5. 
eastern sea-hoard capitals. 


Labour: 

The population, presently a little more 
than 200.000. is entirely English speak- 
ing predominantly Christian and 
possess a high literacy rale of approxi- 
mately 97 per cent. It is a relative y 
Youthful and therefore trainable 
population. Indeed. demographic 
statistics indicate that over aO per cent 
of the population is under the age of 
"5 Tbe^e few facts should demonstrate 
the potential for an efficient labour 
force. 

Capital: 

The presence of sophisticated inter- 
national banks and quasi-banks tU S 
Canadian. European j which ha^e th 
1 -anabllitv of effectively managing 
funds and offering the transfer of 
fund< from 3 ny country in the world. 
In addition to thesesemc^. the banks 
have become quite adept in Euro 
dollar operations, so ^ {£* 

Bahamas is referred to as the 

'Switzerland of the West- 

Infrastructure 

firicre*'' of infrastructural develop- 
lint in the Bahamas is compara.ne 
vTth that of any modern economy. 
Electric?! power generauon on 
p-ovidcnfP is provided bj a »0' erT1 

mont -owned corporation whmb o^rs^ 

60 c'de AC single or three paas- 


rlectrical service between 120 and 480 
volts. 


Adequate water for both residential 
and industrial use is available in the 
Bahamas principally from underground 
reservoirs augmented by desalination 
and reverse osmosis plants. 

T e 1 ecommunication;: 
Telecommunication services cover a 
broad spectrum which includes efficient 
telegraph, Telex, Jong-dist3nce and 
overseas telephones. An underwater 
cable connect.* the Bahamas to the 
mainland U.S.A. and consequently 
affords direct distance dialing iDDDi 
between the Bahamas and the U.S. 
And. because of this, access to Europe 
via the trans-Atlantic cable is 
facilitated. 

Air/Sea transportation: 

In addition to the national airline 
iBahamasair) most of the major air- 
lines in the western world land at the 
international airports In Nassau and 
Fre<.r-ort, These include: British Air- 
ways, Air Canada, Eastern. Delta, 
LuHhansa, Sabena Belgian. Inter- 
national Air Bahama, ct a l. Modern 
ships, both conventional and container 
types representing over seventeen 
shipping lines connect the Bahamas 
with major American, Canadian, South 
American, Caribbean. European and 
Asian ports. The necessity for adequate 
infrastructural facilities has always 
held a priority with the Bahamian 
Government and in keeping with this 
policy, the government has recently 
committed over $30 million for capital 
projects development with particular 
emphasis on road construction and 
repairs, renovation of airports, exten- 
sion of runways and improvement in 
water supply capacity throughout the 
country. 

Legislation — Tax Free status: 

The Bahamas has over the years, 
systematically developed a series of 
legislative instruments with the 
express purpose of encouraging com- 
merce and industry. When these are 
viewed against the background of the 
tax structure, or more precisely, the 
absence of direct forms of taxation on 
income (individual or corporate) 
capital gains, in heri ranee and other 
gift taxes, the real benefits la com- 
panies locating in the Bahamas become 
clear. 


Business Incentive Acts: 

By way of example, the Industries 
Encouragement Act allows a registrant 
tn import Into the Bahamas, free of 
duty- all raw materials, equipment and 
nv.'.-hiuery necessary to the production 
process for the statu tor> period of 
fifteen years from the date of com- 
mencement. ■ 


Tn similar manner, the Hotel? 
Encouragement Art. allows for custom? 
duly refund .ia respect of imports of 
ail building supplies, furnishing and 
equipment. 

The Hawsk-biil Creek Amendment 
which is •<«eratire only in Freeport. 
Grand Bahama, offers exemption from 
taxes on income, capital gains, real 
estate and personal property until the 
year 1990 while simultaneously, per- 
mitting freedom from customs duties, 
excise and stamp taxes up to 2054. 

Ship Registration. 

Legislation has already been enacted 
to allow international shipping to be 
regi-rered in the Bahamas. This move 
is expected to encourage major -hip 
owners to avail themselves Df the 
favourable conditions that already 
exist in the Bahamas such as 
geographic*! location, political stab- 
ility. iniernafiuoai financial facilities 
and lax exemption?. 

Moreover, in the course of time ship 
registration is expected to foster con- 
nected activities, e.g. re-insurance, ship 
repair and bunkering. 

While offering the normal advantage 
of a flag of convenience, shipping 
standards have been based on the 
United Kingdom Merchant Shipping 
Act 1S94 in order to overcome the 
undesirable aspects normally associ- 
ated with flags of convenience. 

There are other Acts designed to 
stimulate activities in the agricultural, 
mining and manufacturing sectors 
which provide similar incentives and 
are all components of a well-thought 
out economic policy which, if it were 
to be summed up in a phrase, is, ‘a 
serious attempt to expand the local 
economic base via diversification'. 
Economic Policy: 

Bahamian economic policies have 
changed little over the years insofar 
as the majority or policies were aimed 
at reducing the over-dependence on 
-tourism. Yet the tourist sector has 
persistently been the greatest con- 
tributor to G.X.P. and this year has 
been the most successful yet. Never- 
theless. the principles of self-reliance 
and self-sufficiency are the axioms 
underlying all major economic policies. 
Recent government declarations have 
reaffirmed the national commitment to 
increase economic activity and employ- 
ment through programmes which will 
further exploit the non-tax status of 
the country such as ; 

(a) Agro Industrial development 

(b) The provision uf low cost hous- 
ing to low-income carings. 

(O Exploitation nf agricultural and 
marine resources with the long- 
term goal of seif-suffi'^iency in 
^food and ronsequentiy a reduc- 
tion in the importation of food- 
stuffs 

(d'l Increissd isve.-tmenti in family 
island infrastructural develop- 
ment 


(e) Extension of services in the 
banking, insurance and shipping 
industries and 

(if Concentrated efforts in youth 
development programmes. 

These policy areas have all been 
designed within the framework of a 
Bahamianisation programme, i.e. 
wherever possible Bahamian? are 
urged to be" active members of the 
lcwal economy and in some cases, ihe 
public service administrative 
machinery has been geared to ensure 
that this objective is meL 

Trade and Industry Agency: 

The recent creation of a trade and 
industry section with assistance Trom 
ihe E.E.C.. within the Ministry of 
Finance has the dual role of tai 
centralising the process of economic 
d-velopment bv speeding up the pro- 
dures for dealing with industrial and 
o-mmercial projects and. (bi ensuring 
shat certain economic activities (agri- 
culture, fisheries, simple service indus- 
tries: restaurants, pharmacies, etc.) 
are reserved for Bahamians. 

The Economic Council and the 
Economic Committee: 

In its effort to accelerate the process 
for dealing with investment proposals, 
both local and foreign, the govern- 
ment bas instituted two bodies: an 
Economic Council which is constituted 
by Cabinet Ministers who review 
special projects selected for it by the 
Economic Committee {a body com- 
prised of top civil servants in the 
country). Id this way, an investor 
desirous of a quick high-level response 
to an investment proposal need only 
have it placed before the committee. 

Tn vestment Regulations: 

The areas open to Investment in the 
Bahamas could be placed ' into three 
zenerai categories: 

ia) Those activities less than 82 
million in value which are 
reserved for Bahamians, for 
example. Ihe distributive trades, 
real estate, public transporta- 
tion, public relations, farming, 
fishing, handicrafts and other 
services (hair styling, appliance 
■ repair, etc.) 

(b) Those activities more than $2 
million in value which are 
reserved for majority Bahamian 
Ownership such as some of the 
categories listed above. It should 
be noted that the definition uf 
■Majority Bahamian ownership 
simply means that at lea?’ sixty 
per cent of the voting shares of 
J be concern are beneficially 

owned by Bahamian citizens and 

sixty per rent of the member? 
of the hoard of directors are 
Bahamian citir^n? 


(c) The non-reserved categories, i e. 
those not listed above in which 
foreign investment is welcome 
and encouraged so long as it 
recognises and accepts that 
Bahamian economic principles 
of development. 

Government Corporations: 

In keeping with the principles of 
orderly economic development and at 
the same time recognising the modern 
need for joint ventures between private 
and public capital, the government has 
established hotel, agricultural and 
development corporations which have 
charters that permit them to join 
directly with private conrprnR in joint 
ventures in an -effort to develop ihe 
country. , 

Immigration: 

Immigration policy is essentially simi- 
lar to that of most Western countries 
in that the primary objective Is to 
ensure that Bahamians play the major 
role in the development of the 
Bahamian economy. To this end. work 
permits to foreigners are issued in 
those areas where there is a shortage 
of suitable Bahamians. Additionally, 
the Bahamas Government recognise 
the need not to separate a bona-fide 
investor from bis investment and has 
made allowances for the grant of per- 
manent residence certificates to per- 
■sons of good character who may have 
outside sources of income and have 
invested a minimum of $50,000 in the 
economy In approved .investments 
l this includes the purchase of a home). 

Foreign Exchange Regulations: 

The countries of the world for. 
exchange control purposes have been 
divided into two categories, the 
Bahamas and Uie rest of the world. 
The Central Bank has the authority 
to determine residential status of 
individuals and companies. Persons 
and companies are designated by the 
central bank as being resident or non- 
resident. With the permission of the 
central bank non-resident individuals 
and companies are permitted to invest 
in the Bahamas. Permission of the 
Central Bank may be obtained for the 
Bahamian incorporated company to be 
designated as resident or non-resident. 

Resident Company: 

Is defined as one whose operation is 
within the Bahamas. Its shares may 
be wholly, or in part owned by a hxm- 
resident of the Bahamas. If the non- 
resident investment in the company 
is made in foreign currency which is 
converted to Bahamian dollars he is 
accorded "approved investment" 

. status. Approved status facilitates the 
investor in repatriating profits and- 
dividends accruing from his invest- 
ment. 

Nun-resident Company: 

I? defined as one whose operations 


are outside the Bahamas. The shares 
are wholly owned by non-residents of 
the Bahamas. These companies are 
allowed to conduct transactions in any 
foreign currency. 

The Bahamas Development Bank: 

Jn the very near future the Bahamas 
Development Bank will officially open 
its doors. This new institution is part 
of Government's programme to directly 
asst?! Bahamians to participate as 
entrepreneurs tn the local economy. The 
bank is designated to fill the vacuum 
m the commercial banking sector to 
finance small industrial ventures, 
agricultural and fishing projects or 
generally, higher than normal ri?k 
ventures. 

The establishment of the Development 
Bank heralds a significant threshold 
in tbe agro-industrial development 
programme for the Bahamas. 

Agro-Industrial Development: 

When it is considered that in 1973 
the estimated level of food imports 
which was in the region of $60m. 
rei ^resenting some SO per cent of total 
national food bill, the Bank is expected 
id play a major role in the further 
development of agro-industry. In 
addition the Government has taken 
the initiative lo= 

(a) Clear farmlands 

ih» Construct farm roads 

(ci Improve inter-isiand shipping 

( d ) Establish packing bouses 

(e ) Introduce a co-operative develop- 
ment 'programme 

(fi Start an agricultural census 
(gj Create an agricultural loan 
guarantee fund as well as intro- 
duce a farm supplier credit 
scheme. 

petroleum Exploration: 

Another recent development which has 
occurred in the Bahamian economy 
involves the initiation of a programme 
which is geared to stimulate offshore 
oil exploration activities in Bahamian 
territorial waters. In early 1978. the 
financial amendment to the petroleum 
legislation was passed by the Bahamian 
parliament and as soon as the appara- 
tus for receiving bids is established, 
il is expected that new revenues will 
b<? added to the country's national 
budget 

WHY THE BAHAMAS IS AN 
ATTRACTIVE BUSINESS AND 

investment centre 

All the major economic Indicators in 
the Bahamas tourist arrivals, building 
starts, foreign reserve levels and the 
like together give reason for optimism 
in that each one has shown definite 
increases over the corresponding 1877 
period. 

jt is fair to predict that economic 
growth in the Bahamas over tbe next 
few years should progress at mild 
but deliberate pace notwithstanding 
any unforseen disruptions the overall 
investment climate in the Bahamas is 
good. 


For further information write to: >fr. ftodney Bain. Secretary to Cabinet, Cabinet Office, Nassau, Bahamas. 




Financial Times Monday July 10 1978 


E. H. MUNDY & CO. 


(BAHAMAS & GRAND BAHAMA) LTD. 


Tanker Agents at: 

BAHAMAS OIL REFINING TERMINAL 


BURMAH TRANSSHIPMENT 
TERMINAL 


SHIPPING AND 
TANKSHIP AGENTS. 
CUSTOMS BROKERS 


TRAVEL AGENTS: MUNDYTOURS 
AIR £- SEA FREIGHT FORWARDERS 



P.O. BOX F 2492, FREEPORT, 
GRAND BAHAMA ISLAND. 
BAHAMAS 


CABLES: MUNDICO 

TELEPHONE NUMBERS: 
SHIPPING' AGENCY, HARBOUR AREA 
AIR FREIGHT, FREEPORT AIRPORT 
MUNDYTOURS. KIPLING BLDG. 


Telex: 30008 


(808) 552-6991 
(8091 352-8151 
(809; 352-6641 







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INSIGHT 
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BAHAMAS IV 




Better year for Freeport 


iv 


IN MAY 1976. the new manage- 
ment of Intercontinental Diver- 
sified Corporation (IDCi. Pana- 
manian parent of the Grand 
Bahama Port Authority Group, 
announced that IDC planned to 
dispose of all Us non-Bahamian 
assets to concentrate fully on 
the development and revitahsa- 
tino of Freeport. Grand 
Bahama. Two years later, 
there are positive signs that 
the economy of Freeport/ 
Lucaya is beginning to grow 
once' more. 

Tourism has made .a spec- 
tacular comeback. Foreigners 
are again making property in- 
vestments and IDC is planning 
an intensive overseas campaign 
to woo European industry to 
the island. Mr. Jack Hayward, 
chairman of the Port Authority's 
Development Company (Devco), 
who with M.r. Edward St. 
George, chairman and president 
of IDC, is largely responsible 
for the company's new policy, 
admits frankly that IDC's re- 
commitment to the Bahamas 
was motivated by business con- 
siderations. “ All other attempts 
to re-creaic the Freeport 
miracle' proved to be losers, - ' 
he says. 

Carved 20 years ago from 
140,000 acres of Grand Bahama 
pine barren, Freeport was a 
product of the high-flying 
1960s when almost any scheme 
seemed assured of success. As 
originally conceived by 
American financier Wallace 
Groves, it was to be an indus- 
trial free port whose situation 
along the western hemisphere's 
shipping lanes would put it in 
dose proximity to Ihe North 
American. Caribbean and Latin 
American markets. 

The port idea never really 
caught on, however. Nor did 
later attempts to transform - 
Freeport ito a tourist resort 
meet with much success until 
casino gambling was introduced 
in 1964. In the following five 
years Freeport's population 
grew to an esti mated 23,000 
as foreign settlers took advan- 
tage of the open door immigra- 
tion policy made possible by 
the Port Authority’s agreement 


apartments were taken over by 
vandals and there was serious 
concern for the city's future. 

A number of reasons nave 
been advanced for Freeport's 
near collapse. The purpose here 
is not to point blame. Suffice 
it to say that the deep mutual 
suspicion that was engendered 
between the Government and 
the Port only exacerbated the 
situation. Relations have im- 
proved noticeably over the part 
two years, however, with IDC's 
increased financial involvement 
in Grand Bahama. 

Besides quadrupling its finan- 
cial support to the Freeport/ 
Lucaya tourist hoard, the com- 
pany has carried out a number 
of physical improvements aimed 
at expanding the tourist in- 
dustry. The airport runway has 
been extended to 11.000 feet 
so as to handle fully-loaded, 
non-stop transatlantic flights 
from Europe. Canada, the west- 
ern U.S. and South America. 
A new 6.000 sq ft addition to 
the airport terminal accom- 
modates 500 charter passengers, 
and U.S. pre-clearance facilities 
introduced in January now 
make possible charter flights to 
Freeport from previously in- 
accessible areas of the Ameri- 
can travel market. In all." IDC 
has pumped $l2m into tourist 
promotion and capital develop- 
ment for'Freeport over the past 
two years. 

The economic effects have 
already been felt. The past 
winter season was the best for 
Freeport since 1969. with about 
70 per cent of the business 
coming from charters. Air 


arrivals rose ‘,<>35.970 in Febru- 
ary — a 2iA per cent increase 
over the same month last year. 
In March 26 additional charters 
brought a;r visitors to 41.4SQ 
—a 40.2 per cent jump over 
March. 1977. The cumulative 
air total for the first three 
month-’ was 105.150. up 21.7 
per cent over . the correspond- 
ing period a year before. Half 
nf March's air visitors were pre- 
cleared at Freeport. Hoteliers 
believe that ihe Mimmer’* heavy 
hookings portend 3n even better 
1978*79 winter season. 


Distinct 


A mixture of eastern and 
western architecture. Freeport 
has developed a totally distinct 
character from rhe rest of the 
Bahamas. Indian domes and 
minarets stand alongside Japan- 
ese tiled roofs and Spanish- 
wailed villas. To thp newcomer 
it seems surprisingly like the 
set for the popular American 
television senes " Fantasy 
Island.'’ 

Freeport, however, is a 
spacious, well-planned garden 
city supported by a modem 
infrastructure of roads and 
utilities. The rough edges of 
the early frontier years having 
worked oft. it has become a 
highly-attractive place in which 
to live and work. The most 
famous of its 20.000 residents, 
billionaire recluse Howard 
Hughes, made Freeport his 
home until shortly before his 
death. 

Drawn by the climate, the 
absence of taxes and harcain- 
priced real estate, sn increasing 


number of Europeans and 
American.** have also invested 
there over the past year. More 
than half of the better apart- 
ment buildings have been sold 
as have all the available con- 
dominiums- 

Devcu's completion last year 
of the $2Sm Grand Lucayan 
Waterway, a 7i-mile channel 
of branching waterways cutting 

across Grand 'Bahama, has 
opened up a new region for 
properly investment. Land 
adjacent to the waterway, fully 
developed, could, according to 
the company, support a popula- 
tion of more than I50.0P0. 

In addition to its proximity. 

good communications, deep- 
water port and other physical 
assets, Freeport offers a num- 
ber of trade advantages for 
foreign companies wanting to 
expand ilieir U.S. exports. 
Under the 1974 General 
System of Preferences tGSPi 
the Bahamas has been granted 
duty-free treatment on a wide 
range of goods that could be 
manufactured locally fur expurt 
to the U.S The lisL includes 
many types of must dutiable 
manu factures a nd semi 
manufactures as well as 
selected agricultural, fisheries 
and primary industrial products 
not. otherwise duty-free. 

Freeport itself. Ui rough the 
Ilawksbill Creek Agreement, 
provides further incentives by 
exempting investors from per- 
sonal income, corporate profits, 
capital gains and personal and 
real property taxes until 1990 
and from customs duties, excise 
and stamp taxes until 2U54 


The Massachusetts- firm of 
Arthur D. Little recently com- 
pleted an industrial feasibility 
study for IDC l» identify the 
types of industries that would 
benefit most from a Freeport 
location. The report found that 
capital-intensive industries with 
high profit margins, high pro- 
duct volume to low raw material 
volume and high value to low 
bulk volume stood to gain from 
the favourable tax structure 
and freigiU sarings. 

Most uf the half dozen inter- 
national companies already 
located in Freeport have done 
well. These are discussed else- 
where in this survey. What 
problems there are have 
resulted from world market 
conditions over which the 
Bahamas has no control 


Imnusration is no longer the 
big issue, although companies 
continue to complain about the 
delays in processing work per- 
mits for key personnel. Of more 
serious concern is Govern- 
ment procrastination in reach- 
ing a decision on new industry 
applications 

Several months ago the Prime. 
Minister, Mr. Lvnden Findling. 
announced furm.iuuii of a 
National Economic Cutincii io 
evaluate all major economic 
proposals and property develop- 
ments so as to eliminate the 
'■ frustrating bottlenecks " that 

have previously impeded both 
foreign and Bahamian investors. 
It is still too early in tell how 
effective the Council will be 

N.K. 


s, 


The Bahamas 
Cocktail 



ML 



Moves to boost 


-#|h llM 

Business and Pleasure 

[who said they don't mix?) 

Take your next business trip to the Americas. 

Add d week’s relaxation A do>h of snort — with 

among the Minny coral is-dnris golf. tennis, sailing, tishmc, 
of the Bahamas, off the ecus: acutw, 
of Florida .>n scheduled The taste of freedom •— in 


food production 


1980. 


Breakneck 


with the former United .. . . , 

Bahamian Party Government. THE REASONS for agricul- in the country to become more the problem of gettinr tourists 
The construction boom pre- ture's long-standing lack of productive and therefore more into and out of the Out Islands 
clpitated bv casino gambling success In the Bahamas are part mechanised. — progress is more imaginary 

also attracted thousands of geographical and part sooolngi- This popular distaste for than real. It is a regrettable 
Bahamians from the other cal. Hie soil— compared to other agriculture ("Bahamians view irony that when the tourist in 
islands It was anticipated that Caribbean islands such as farming a? occupational Nassau or Freeport tucks into 
if the present trend continued Jamaica or the Windward and therapy." complains one official) his first Caribbean meal lie eals 
Freeport's population would’ Leeward Islands— is poor, is reflected as well in the food imported from Miami 
reach more than 150.000 by occurring sporadically amid, the Department or Agriculture’s because there, is no effective 

limestone plateau which makes lack of qualified and es- way of. getting Bahamian pro- 
up most of the islands. And perienced Bahamian* to dure to the hole! tables. 
Bahamians— except in an easy- employ for training purposes. The adventurous B 3 hamfan 
going and inefficient manner— The manpower shortage has w j, 0 ignores the advice of hi* 
Inevitably such breakneck **e not by tradition farmers or meant that local farmers have elders and the poverty of the 
growth could not be sustained, fishermen. gone largely without the so j| and g 0ei: ] nJo agriculture 

There were changes taking Just after World War IL more adrls °fy marketing faces another stumbling block 

place at home as well as than 30 per cent of the e xP ertl!, ®‘ that tney need. Lack — that of financing. The com- 
abroad. In 1967 the Progres- Bahamian labour force was °: a conlro1 system has mercial banks, despite their 

sive Liberal Party, the Bahamas’ engaged in agriculture or fish- also made export contracts more current high liquidity, are 
first black government, toolring. Then came the develop- t0 obtaLn * _ , frosty places for the farmer, 

office. In 1969 the PLP brought ment of tourism — principally on , M F**ic as the Bahamas are They will make loans for agri- 
the responsibility for Freeport the islands of New Providence f ? r tnumts ' islands of cultural purposes, but only to 

immigration under the control and Grand Bahama — which im- , e are not blessed established farmers with* an 

of the central government. mediately attracted many of the w *“* fertile soil. A land adequate credit rating. 

The ensuing controversy be- country's young men away from r ^ sour 5 es surwj " conducted by The Government provides 

tween the Port Authority and the farming communities of the Government^ found that slightly more encouragement, 

its licensees on the one hand. Out Islands and into the 00iy about 150.000 acres Farmers can buy- their supplies, 
and the Government ' on the tourism jobs in Nassau and J° cate d ln three suc h as sw d and fertiliser, 

other, focused a great deal of Freeport. By 1975. only 7 per islands) had high agricultural through a Government supply 
unfavourable publicity on the cent of the labour force P resen L some store which imports the 

Bahamas. That, together with remained in agriculture, and 40 - (WU ^ cres ^ under cultiva- materials duty-free and sells 
the inflationary recession then today much of the labour on t*®?* them at cost. The store provides 

underway in the U2S.. com- farms is performed by Haitian The Department of Agricul- farmers with twelve-month 
bined to cut off development immigrants. Many of the Out ture sees 85 one of its pressing credit of up to 8300 per acre, 
capital to Freeport. Many busi- Islands were stripped of a tasks, therefore, the need to Farmers are also able to import 
nesses collapsed and hundreds generation — left only with brifl g in heavy machinery to machinery and production re- 
of residents left. Devon's sub- children and old people— and Pulverise the limestone of which quirements themselves duty- 
sequent derision to invest in if * 3 only in recent years that c, f tbe country is made up free — a concession that cost the 
land development in Florida. any serious attempt has been and with soil in order to Treasury 83.4m in lost duties 
California and the Canary made to reverse this trend. create a growing medium. The in 1975. 

Islands was widely interpreted It js a difficult task nowadavs 2Jt ernat i ve is simply to employ The l-.S. Government also 

as a lade of confidence in the to convince sceptical Bahamians ,ho ^ 8,1688 where there are recenJy made available 
Bahamas and its Government that agriculture can provide as P° c ^ et ^ but these are 8800, 000 to start an agricul* 

. The Port Authority put no good a livelihood as jobs in dis-conunuous and make lural loan guarantee fund. It js 

further funds into Freeport for tourism or other trades in the jl. cxlrenj?!)’ difficult to get any designed to compensate banks 
the next five years. Hotels cities. To bring about the klnd o£ h, S h >‘ eJd P e r * cre of for , aD - v J° an * made to farmers 
closed, abandoned homes and change will require agriculture cr ?P* , on uie advice of tne Department 

Even if. however. the of Agriculture that subse- 
Bahamian soil was fertile and qucnily go bad. The recently 


flight* horn maio: ciltvrof 
the mainland 
Ycn.il! detent -erne exotic 
flat our? 

A meaiure ef jawin' — in 
modem, superbly equipped 
hotels. n?siauia:its and" 
nightclubs. 

The Bahamas. Go there shaken. 
Come home stirred. 


itw! delightfully relaxed pac£ 
of these beautiful. islands. 

■And that pleasant 
aftertaste — with vour 
business airfare paid, you Ye 
p.v.ing much less titan you 
could be. 


Please send for your full colour list of ingredients 
to: 

Bahamas Tourist Office. 23 Old Bond Street WIN 4PQ 

Bahamas Hotel Reservation Service 01*491 4800 



ARTOC BANK AND TRUST LIMITED 


.i . 




XT* 



tv. ■ 1) 

IV: \ 


m) 

vy\\ 

77# 




Artec Bank and Trust Limited is a fully licensed international Arab 
Merchant Bank incorporated in the Bahamas. Its associations 
with the Middle East enable the bank to offer its customer a com- 
plete service in the financing of goods, particularly in the oil and 
commodity sectors, as well as providing expert advice on trade with 
the Arab countries. The bank provides all international banking 
facilities and its trust organisation specialises in investment in 

Western countries. 

Head Office Charlotte House Charlotte Street P.O. Box N8319 Nassau, Bahamas 
Tel: (609) 32-5IIS3 Telex; 20270 ARTOC BANK 


Scotiatrust 



HAVE YOU CONSIDERED THE MANY ADVAN- 
TAGES AVAILABLE IN THE BAHAMAS AS A BASE 
FOR YOUR OFF-SHORE BUSINESS OPERATIONS? 


THERE ARE NO TAXES ON PERSONAL OR 
CORPORATE INCOMES AND PROFITS 


THERE ARE NO WITHHOLDING TAXES OR CAPITAL 
GAINS TAXES 


THERE A1IE NO INHERITANCE TAXES, ESTATE 
TAXES. GIFT TAXES OR DEATH DUTIES 

THERE AR C GOOD TRANSPORTATION AND 
COMMUNICATION FACILITIES 


THE SANK OF NOVA SCOTIA TRUST COMPANY 
IN THE BAHAMAS OFFERS A WIDE RANGE OF TRUST. 
CORPORATE AND RELATED SERVICES. 

TO RECEIVE A COPY OF OUR BUSINESS GUIDE ON 
THE BAHAMAS AND FURTHER INFORMATION ON 
ANY OF OUR SERVICES PLEASE WRITE TO. 


plentiful and there were farmer* established Bahamas Develop 1 
available to work it. the merit Bauk, which has a work- 
geography of the country throws ing capital of Sam. will also, ?t 
another major obstacle in the is visualised, play a part m 
path of the h aid-pressed agricul- financing large-scale agricul- 
tural planners. A nation of 700 wrol development. It will 
islands poses great problems of provide funds lur fisheries 
transportation. development as fishermen have 

As the tourist planners have * supply store scheme similar [fi 
found with Bahamasair nhc farmers but do not qualify 
national airline), it is extra- ^ r,r the U.S. loan guarantee 
ordinarily difficult to create a fund, 
cogent transport system in the 
archipelagic necklace of islands X f OOI6H15 
that make up the country. 

Although the land area of the The Government's plans for 
Bahamas is larger than country to become self- 
Jamaica, it has only one-tenth sufficient in food production are 
of the population and the farm- encountering problems along 
ing community is widely l ue way. however. A privately- 
dispersed among the islands, owned daily (the country's only 
Many of the islands too have fres . h m,lk one) was sold at the 
very shallow harbours which beginning of this year Tor Sim 
means that only small vessels a / ler ' 0 ^> n § rather more than 
can enter, and brings about high 1 1at arnoun t over the past four 
freight rates and a complex and 

costly marketing operation. Thenew owners a group or 
-rh= _ r Ganadian and Bahamian bust- 

distributive whrei fnr the Lmm -“Sp2f*S W ta ^S 
therefore. ve°^ ’rarelf 0 "- invM1 * ft,rlhet s,m »» >' ear 


Tlie Manager 

■ The Bank of Nova Scotia Trust 
Company 1 Bahamas) Limited 
P.O. Box N 8015 Nassau. Bahamas. 
Telephone: 322-1025 (Area Code SOflt 
l iable Address: *' Scotia lru<t "' Nassau 
Telex: NS2-I7 


Branch Offi r 

P.O. Bov F .247.1. Freeport. Grand Bahama. 


Bank of Montreal 
International Limited 


too 


Head Office, Harrison Building, Nassau, Bahamas 
P.O. Box N7118 - (809) 322-1690.7 - Talex No. NS 141 


SreShr »« , I thJ-iciJrf 10 the «n«*rc Profitable, 
straight to and from the island ti,p r. nv.m. IM i 


. . . „ .. . The Government has indicated 

concerned but pass through th3t „ M h , ■ 

7* E h- protective tortBs on milk ii| 

handling and - pushing up the florls 

rost of such things as imported " jjeanwl 
fertiliser. 


Meanwhile, another agncul- 
.. tural venture- has run into 

Various ways of overcoming ^tiuus difficulties. The Hatchet 
the transportation problem have Bay poultry farm on Elcuthera 
hcen discussed {including one wu bought by the Govern- 
ingenious scheme Tor using mem's Bahamas Agriculture 
vessels like D-Day tank-landiuc Corporation in 197.5 tor S3m. In 
craft in ship palletised produce the years since then, it has had 
from small islands), but — like a history uf heavy losses, had 

CONTINUED ON NEXT PAGE 



A wholly owned subsidiary of: 

The First Canadian Bank 


Bank of Montreal 




Assets exceed CAN. S25 Billion 



f . 











6°'^^ 


«$L 


^*tsure 






^ j«sa i i |y 


Jgl Trough 

mp 



Financial- Times Monday July 10 1973- 

BAHAMAS V 


Revival in tourism 
is welcome news 


resemhlpe yEaT !L egsnt old headquarters of the the clash between impossible and (given suitable connec- 

hppatfac. K amC ?? American Tourism Ministry*— has had a demands and insufficient means tons), Scandanavia, infonned 
pricninw i n !k. e P 1 ^ r ° 11 j P s i’cho logical boost with the to meet them has inevitably guesses in Nassau are that the 

fnr harnn k,,vLf UQ ^^btuted appointment of Baltron Bethel resulted in a measure of chaos. Government will shortly take a 
nriii An under the as Director General of Tourism: However, things are getting majority shareholding iD Inter- 

rhar'iQTs Jin J ,L Catl0ns ar ® ***? ^ rst Bahamian to hold the hetter. Last July the Govern- national Air Bahama, before 
t , 111 ? c l ” c ^ 0U ntry s job and a civil servant noted for ment signed a two-year manage- handing over the new routes 
Th* 61 >eaf l0r l0UT 8m ‘ his and efficiency. ment contract with Aer Lingus. to it. 

The revival is long-awaited Spending on tourism (already the Tri sh airline (thankfully The goal of a doubling of 
ana welcome. Bahamian tourism per capita the world's highest) the Bahamians do not under- tourism arrivals in the next ten 
j in llie 19 ^® s and is budgeted to rise by nearly stand Irish jokes) and the new. years or so is not all being 
jawjs and entered the 1970s 12 per cent this year to SI 1.7m. rix-man management team, to- hypothesised on a growth in 
with considerable growth This nearly doubles the 1977 either with ten electronics, traffic to the Out Islands. 
momentum, but by 1972 that percentage increase. and avionics and engineering staff, Bahamian tourism has always 
momeniura had halted, and tourism officials are optimistic has inade considerable progress been seasonal (with Christmas 
rrom then until the middle of that the Government will put in rationalising the service. to Easter the high point of the 
last year growth in the sector further money jnto roads, air- The airline is now flying year), and there is plenty of 
was negligible. ports and other infrastructural direct from Miami to eight of accommodation, especially in 

Last winter, however, things development. Advertising ex- ttie Out Islands and from Fort Freeport, which could be filled 
began to improve. Stopover penrliture (currently running at Lauderdale in Florida to Nassau if more visitors can be attracted 
visitors for 1977 were up by 87m a year, excluding staff and and Freenort The manaeement daring the off-season. 


visitors for 1977 were up by 37m a year, excluding staff and and Freenort The manaeement during the off-season, 

nearly 3 per cent on 19T6 and sale* office costs) has been ex- has a,so beeD attempting to get Efforts are now being made 

hotel days (the total number panded. with aggressive new around the difficulties of the to expand Canadian, American 
nr day/ spent by visitors in television and magazine cam- archipelago nature of the coun- and European summer business 
commercial accommodation) paigns and other promotional ,J 7 ^y building up other focal — mores that have been helped 
rose by 10.6 per cent. In the schemes points in the islands. by the recent establishment of 

first four months of this year. Nnt < uro HsinBlv the Industry How * v * r ' ” iXs t urba " e . " ev ( ? 13m Club Mediteranee. accom- 
total visitor arrivals rose by 18 sti]| Stems Tourism ™ na?,ns . direct0 J- Michael modating 600 people, on New 

per cent and tourism planners nfflcialsTav? a eoTl or a in o?r Haves ' ? oinx * " ut * there “ htt ! e Providence. Club Med iterant 
are hoping for a 15 p.*r cent cent expansion in the Held eve rv m . p [* **“* Baha ?" asa ' r 1 ca l n .‘ , ° plans to open another resort of 

r. - - r SSSS s»-^-£r252S 

ss scar morc nmps 00 

ners and statisticians. Tourism accn?nmodate? W * * 6 Vj . ll ? e Government seek, J g a Other efforts are being made 

-now more than eve, 4s the pTZareafont for an add! 744 an,0UDt ° f *> improve “the product," as 

engine that drives the Bahamian t ; nna ^ =«£ f LSJL d ?T “ pital - 'the Bahamas is called in Nassau 

economy. It is the basic in- hv Court Some 63 per cent of all 

dustry. employing 44 per cent lisO but no neT hotels are TrrifjltlOn TWftors *5 W" 1 ** «° t0 a 

of the work force and indirectly I*,,’., ». . new noteis are lrriMIHHl casino and a third one has now 

affecting the jobs of anothel* N^au* orFnepm. the "the? ^ addition to new fleet, the been opened on Nassau's Cable 

— P er cent - Close lo 60 per maj cenfre Tb c country's 7D0 Bahamasair development plan Beach (run by the Playboy 

cent of foreign exchange earn- l)( therefor? nffw the will call for considerable invest- organisation, it presents for the 

ings arc derived from it. and mnst i™ d iate and attract ? ment in airport maintenance and first time i the alluring spectacle 
the tourist dollar provides every J^u and a way upgrading. A peculiar irritation of West Indian bonny girls), 

second schoolroom and hospital coiinte?aoS the Sncenlre- or travelling by air within the The casinos are hefty money- 
bed in the country. Visitors last ^ f tour jsts g intn New Provi- Bahamas is to arrive half an makers, In 1976, the existing 

><N.r spent an average of &41u den % a?d Grand Bahama hour early for a flight to find two (on Paradise Island and 

ca. h per week during their slay. J* . , ^ ann ^ . . ^ar i t has already gone. Freeport) reported combined 

and for the forseeablc future The islands are in many u a? « Th - by the fact gross winnings of* $47m, of 

tourism therefore is likely to [ ar m ™" e attractive tn tourists most Qut Island landing which $9m was paid in taxes to 
remain the principal agent lor i!™ 0 1bt> country s tvn «’Uies. * untended and unlit the Government and another 

increasing employment, pro- have nn mant hotels. X D tike S semie $2.1m in immigration fees for 

openly, and development in the popping i-entres or casinnv it P scheduled staff and various operating 

Bahamas - . a-rs „ de „ „ 

'T' wrv .1 rrl. . , , hp 8 f.2£l5j* f( daSSJI? ht b7 ’ Pandins business — remarkably 




1 vvwu MVMHit UUi 1 H I --.IT 1 1 I Ml ..-ill -.vfAmnfiMUtr ctAO/lalv 

has often been brushed aside or hack in the same spot) of 80 per Bahamasair to get tourists in ^ **522.’ 

taken for granted. The (rough cent niiM he one of the and out is obviously vital to- But the CanbDean is an aover- 

vhivh the industry went through hichesf in the wnrld and con- the development The Govern- hataeground of desh^- 

l rum 1972-76 can be explained rrasis 7 with the ever-chancing ' mcm announced the allocation *] ons V5 ' mg "' K * 1 eacd f° r 

by a host nf extraneous factors hubbub of ’ Nassau and Free- of $2m to Out Island airport the same custo mers (even Luba. 

— llie oil crisis and recession in port. development in the last budget where Fidel Castro’s victory in 

the U.S.. lo select the most However, transport to The -md the airline has high hopes 1959 gave the Bahamas an un- 

uov inns — but a iiioiv fuiula- ^amls is the key in expanding that it will get the money it expected fillip, is now txyang to 
mental cause was probably their share of tnlmsni and that needs. It will probably never attract tourists). A considerably 
suvcrnmenial neglect of this touchy suhiect has for years make a profir. however. less lethargic commitment to 

particular golden goo>c. rilled the cherished portion in In the international, long- the industry by the Pmdting 

“The instinct of llie Pindhng ihc unaeinaUon nf Bahamians haul sector, the Bahamas dnes Government wiU be needed 

Govciumcnl when it gained that Irish inkr* ucriipy in the not have a national airline, therefore to mainwin the 

puwer in 1957 was mil to rely minds uf the British. International Air Bahama, revival in growth, 

mi the lhinking of the previous Bahamasair tor " Bananasair" which, using just one stretched Sketching the rudimentary 

Govern men t. which I, ad placed as the sarcastic local newspaper DC-8, has run a successful, economy of the country in 

so much emphasis on tourism.” cartoonist calls in is the cheap. non-IATA service “ The Story of the West Indies ” 
explained a senior official in the national airline charged with between Nassau and Lusem- (published at Is. fid. in 1898 
Ministry of Tourism. “The new getting people to and from the bourg, is principally owned by as part of “The Story of the 
Government wanted to keep islands. Started in J973. some Icelandic Airlines. Empire - series)* a Mr. Arnold 

tourism going, hut lo develop S7 per cent of ii^ shares are The lack of Bahamian equity Kennedy wrote, that most 

The economy in other ways, held by the Government and it in the company has meant that Bahamians lived Py growing 
However, after a number of has been losing money since its the Pindling Government has citrus fruit or diving for 
years, there were still very few first flight. A private company, never pressed for it to be given sponges. 

iubs that were being created profit and loss account^ are not other international routes. “ However,” he went on. “ the 
outside of tourism. Inter- laid hefore Parliament, but the However. negotiations have American invalids who flee to 
nominal banking is_very strong Government is estimated to have recently been successfully con- the Bahamas every winter in 
here, but it’s not labour inten- funded it to the time of $18m eluded with the British and search of health form a source 
si vc. i in nihling ts a great source over the past five years, mostly West Germans for Bahamian of wealth by no means to be 
or money, hut not ur employ- via a Kim per annr^i operating routes into London and Frank- despised." The Bahamas has 
nivni. In con I nisi, there are subsidy. furt and the Government now progressed a lot since those 

iminiiuTable ways that tourism The losses are n»-t all attn- has tn designate a carrier for balmy, imperial days. But the 
permeates the economy and t .mah!c to the airline s manage- those routes. __ tourists still arrive and they 

creates jobs.'* merit. Running an airline in As both the UK and West still form a source of wealth 

There ire now interesting a sprawling archipelago, with Germany wish the carrier to be by no means whatsoever to be 
„m, caii.4 however, that llie inadequate funding and equip- ^hamiarKiwned and as tourism despised. .. . 

1 "sc,, lairc philosophy lias had men!, might defeat the abilities officials see considerable growth 

its day. Nassau Court— llie uf even Freddie Laker and potential in the two countries J. IMCC. 


TAX FREE 
FREEPORT 

What A Climate To Do Business 




I £ I 

> .■ r . ? ' V '_ 




a-’-:* ‘ Atlantic Ocean 





■■ t ■ Northwest eroyttienoe Channel' ■ 

*.V ■ 


Everyone in the know knows that Grand Bahama is one of the most 
popular sub-tropical resort islands in the world. No great wonder! Six . 
great championship golf courses, big game fishing, tennis everywhere, 
the largest marina in the Bahamas, fabulous El Casino, superb restau- 
rants, luxury hotels , beautiful apartments, homes and condominiums 
are available. Did we forget to mention 80 miles of glorious sand beaches. . 
great ocean bathing and the most glorious weather? An altogether ideal 
setting for work and play. 

Now ask Syntex, New England Petroleum, Standard Oif of Cali- 
fornia, Barclays Bank International, Royal Bank of Canada, First National 
City Bank and Chase Manhattan Bank (among other major international 
companies) about some other friendly, foreign, Freeport facts like: 

• Tax advantages that provide exceptional incentives for commercial and 
industrial development • No income tax • No personal property tax * A stable 
government • Sound economy * Facilities to. operate under bond with no 
customs and excise duties • Duty free entry to the U.S.A., Canada, Japan 
and E.E.C. countries for a large range of goods manufactured in the Bahamas. 

Or, ask us for aH the facts on why 

ITS A PLEASURE TO DO BUSINESS IN FREEPORT 


SS9 

liib 


THE GRAND BAHAMA PORT AUTHORITY, LIMITED 

A Subsidiary of InterContinental Diversified Corp. 

Freeport. Grand Bahama Island • Cable: Portauth • (809) 352-6711 


Group 


ill 


Food production 


CONTINUED PROM PREVIOUS PAGE 


management and inability to 
obtain credit from U.S. sup- 
pliers. Thousands of chickens m 
thr farm died from disease ami 

overcrowding. anil Nassau 

Mifiered from a severe shortage 
„f rgg.s X'»r many months last 
\e.ir. Onec rashly described by 
Prime Minister I.ynden Find- 
line a* "the greater success 
si„rv in llw history or 
Balnman aarwuliure." lhc 
venture i** nob 1 under Die con- 
trol in' Lite Bahamas Attorney- 
v.eueral. 

If agriculture is backward in 
the Bahamas, the fishing indus- 
try is even more so. At hrs-t 
glance it would seem lu have 
eun.viderably itmw potential 
than farming, but it in fact 
remains a neglected, mostly 
Mib sislc nee-level oreu pan nn 

with Wfli* gmern mental plan- 
ning or control. 

Traditional]? *liullim-waji*r 
imtuMry. it ji present unable 
viipply fish of sufficient 

<iii.«nniy «’*r .|iiaJjty w nwet Hie 
nl el l her the iminst 
ilunie-'tn iiKirket A >uhsian- 
; : jl Amount "I wained therein «' 
uielinhnc ailable 

speeies— :s inipiirted. 


The industry is badly in need 
of revitalisation, however, as 
well as accurate assess 11 wtfs of 
stock, on efficient system of fish 
inspection and quality control, 
holding and prncesing -facili- 
ties for catches. a training 
scheme for young people and a 
financing plan For new vessels 
ami equipment. 

unt* particular illegality 
which fisheries officials are also 
trying lo halt is "bleachffishing*’ 
for crawfish. ' Some Bahamian 
fishermen, who have tradi- 
tionally caught crawfish by 
diving in shallow water.- have 
discovered that dumping large 
quantities of bleach in the sea, 
or diving and squirting it into 
coral reefs from plastic bottles, 
drives the crawfish much closer 
lu the surface where they are 
more easily eaughL 
The bleach, in fact, destroys 
the coral reefs where the craw- 
ti<lt live and sharply diminishes 
i heir numbers 5 , bin possession 
of bleach by fishermen is n «J in 
ilseir illegal and caiehing them 
in the act uf iwstitf « 
i- nearly impossible. The prau- 
i„v bceaiiw commonplace 

la<t year ilwt a WmHi- 

jnanufaciunng conijwiiiy took 


considerable newspaper adver- 
tising space to try to dissuade 
fishermen from misusing its 
product. 

Assuming that the extremely 
palatable crustaceans survive 
onslaughts like this, the present 
landings of 5.5m lbs could .be 
doubled or trebled, according 
to senior fisheries officer 
Ronald Thompson, and the pre- 
sently untapped resources of 
deep-water snapper and grouper 
could yield another 5-10m lbs. 
The fishing industry in the 
Bahamas, Mr. Thompson esti- 
mates, could be worth as much 
as 825m a year. 

However, prejudices are hard 
to overcome and agriculture and 
fishing in the Bahamas have 
always been considered an older 
person’s way of life rather than 
a potentially profitable business. 

Nevertheless, the Depart- 
ment of Agriculture has 
pushed on at the task— helped 
by a number of organisations 
including the Commonwealth 
Fund for Technical Co-opera- 
lion. Ihc FAO. EEC and Inter- 
American Development Bank 
(IDBl. A four-year. $H)m I S. 
Agency for Inter national Devel- 
opment i AID i scheme on U.UOO 


acres of farmland on Andros has 
shown considerable success so 
far. Different grasses and crops, 
fertilisers, livestock and irriga- 
tion techniques were studied 
during the project, and satellite 
farms, were established to give 
Bahamians practical experience 
under The guidance of American 
experts. Andrns. the Bahamas' 
largest, must fertile island, with 
the best sources of fresh water, 
proved to be admirably suited 
to the scheme. 

In the lobby of the Agricul- 
ture Department, a notice 
invites visitors to help the 
national goal of self-sufficiency 
in food by I9Sp. The target is 
impossibly optimistic - (apart 
from anything else the country 
imports considerable quantities 
of rice and wheat flour, neither 
of which can "be grown in the 
islands successfully) hut the 
intention is laudable. 

Optimistic Bahamian agri- 
cultural experts believe that the 
annual food import bijl of 575m 
could he reduced hv some S4fim. 
whereas ai present only 1 5--f 
per rent uf the national food 
bill is produced locally. 

J. McC. 


the Bahamas 

, The Bank of London & Montreal, a 

subsidiary of Lloyds Bank International, offers 
a full range of services appropriate to an 
international banking and trust operation: 

Eurocurrency loans. Acceptance of Trusteeships. 

Fixed Deposits. Company management 
Notice Accounts. Nominee and Agency Work. 
Saving Accounts. Portfolio management 

For further information please contact: 

Bank of London & Montreal Limited, 

Bolam House, King and George Streets, Nassau. 

- P.O. Box N1262. Telephone: 287H 


A JI LLOYDS BANK 

international 

40/66 Queen Victoria Sl London EC4P 4£L Teh 01-248 9822 
a A memberof the Lloyds BankGrqup . 

LBLthe Bank of London & South America and their subsidiaries have offices in : Argentina. Australia, Bahamas, 
Bahrain, Belgium, Brazil. Canada, Cayman Islands, Chile, Colombia, Costa Rica. Ecuador, EgypL El Salvador, France 
Federal Republic of Germany. Guatemala, Guernsey, Honduras, Hong Kong. Iran. Japan. Jersey. Malaysia, - 
Mexico, Miami Monaco. Netherlands. Nicaragua, Panama, Paraguay pen). Philippines. Portugal Republic of Korea, 
Singapore, Spain, Switzerland, United Arab Emirates, United Kingdom. U.SA, U.S.S.R., Uruguay. Yenezuaela. 


v 





FTnancTa! Times Monday July TO I97S 


12 


The. E\ecutiu*'s and; Office World 


EDITED BY CHRISTOPHER LORENZ 


\ : 


THE NETHERLANDS has a 
mass of legislation and volun- 
tary codes defining the work- 
force's right to consultation over 
takeovers and other important 
developments affecting their 
company. But despite these 
overlapping controls there are 
weaknesses in the system that 
allow some big fish to swim 
through the net. More legisla- 
tion is on the way, but its 
impact is likely to be so far- 
reaching that lengthy studies 
will be necessary before it gets 
as far as the statute book. 

The Dutch merger code Is 
the first, if imperfect, line of 
defence against undesired take- 
overs. It came into effect in 
1970 and has since been twice 
modified, in 1971 and 1975. 
It is administered by the 
mergers commission of the 
Social Economic Council (SER), 
a government advisory body on 
which the employers, the unions 
and government nominees all 
sit. The code raj's down that the 
unions should be informed at 
an early stage of merger talks. 
The unions have the right to 
know the reasons for a merger, 
the likely social, economic and 
legal consequences and the 
measures which wil] he taken 
to alleviate any adverse effects. 

Before any merger agreement 
is finally signed the unions must 
be allowed to give their views 
on the likely impact of the 
move on employees' interests. 
This applies to all companies 
which employ 100 people or 
more, including those sub- 
sidiaries of foreign companies 
with a workforce of at least 100 
in the Netherlands. 

The number of mergers 
reported to the commission 
remains fairly constant — 112 
were dealt with last year. But 
the number of breaches of the 
rules has been declining— to 10 
in 19 1 1 from 24 the year hefore. 
This partly reflects a change in 
the nature of mergers. Com- 
panies are now hieing forced to 
undergo restructure because of 
the unfavourable business 
climate and the unions are 
involved in the talks from an 
early stage. The weakness of the 
merger code is that the only 
remedy for breaches open to 
the Commission is a public 
reprimand nr simply making 
public the infringement. The 
ineffectiveness of this is shown 
by the fact that most of the 
mergers criticired by th<» Com- 
mission nevertheless still go 
through. 

The SER itself advised last 
year that this voluntary code 
should be replaced by a legal 
framework, possibly with fines 
for erring companies. This 
suggestion is now being studied 
but the changes it would 


AT THE WEEKEND the national execu- 
tive of the Association of Scientific, 
Technical and Managerial Staffs was 
considering ways to ensure that unions 
have a right to consultation in a take- 
over bid. The move follows the recent 
bid for Albright and Wilson by the 
American company Tenneco, to which 
the union was at first hostile. / 
A national organiser of ASTMS, 
Roger Lyons, who wants unions to be 
consulted before a bid is accepted, says: 


“We want to be at least in an equal 
position with the shareholders. At 
present Boards say they cannot consult 
us because it would infringe Stock 
Exchange insider dealing rules- We 
want to extend the collective barg lining 
with a legislated right to consultation 
in a takeover.” 

Consultation with unions is already 
required during takeovers in the Nether- 
lands and West Germany. CHARLES 
BATCHELOR, in Amsterdam, explains 
how the Dutch system works. 


EXECUTIVE HEALTH 


Dutch workers have 
say in mergers 


merger with the German com- 
pany. - Although tbs employee 
representatives of Philips 
Duphar do ant have the power 
ni veto, sphering cannot 50 
ahead with plans for the take- 
over against their will," the 
company aid at the time. 

An extension of works coun-j HAVING dealt with those 
cils to firms employing fewer diseases for which certification 
than 100 is now under considera- 1 0 f immunity is compulsory fr»r 

tien. The social economic coun- 1 overseas travellers (this page. 

oil brought nut a report in 1 June IP). we now turn to other 
February which showed that it j maladies which can he just as 
u '*f in favour, although . dangerous but where no corn- 

opinions within the council jpuistnn exists for safeguarding 
differed on precisely how it; health 

shnuld he done. The employers j ^ cfrtam and 
fat our a basic set of rcniure- ! „ Mic disMMSi 5llch a5 p |. n5 „ e 
meets which cauirt neccm'lnert;,.,, rocky mounta , n 
either in a new piece of le 3 isla- |fev „ r wh|rh „ d , hc cn „. 

■JH’i 1 ”'”" , ”J’ f sidcred if their hreedme 
policed he the SER it-elf. The |!rrounds arc he ri51tcd Far 

representatives are in 


BY OR. DAVID CARRICK 


Protection against pestilences 


Poliomyelitis was. until a few- malaria, each caused by dif- 
years ago. one o( the most feared ferent parasites carried hy our 
diseases afflicting children and friend anopheles, the female of 
young adults— I well remember which injects the parasites into 
the horrible summers when I man while drawing blood for 
was banned from the cinema by reproductive purposes, 
justifiably anxious parents. Two varieties cause a minl- 
Death is not very common but mum of trouble, but both other 
paralysis occurs "in a few or types can prove fatal. The most 
many muscles, so that the victim common, that caused hy plus- 
may be reduced to a totally morfmiM virttx. is found in 
helpless life spent in a respirator, abundance in must trnpiral 
Immunity is ..btained by the dimes. Even if not fatal the 
administration of three sugar- «s exwe^ngb- de ihtai- 


require in existing company law 
mean that it will take some 
time for new legislation to 
reach the statute book. 

A more important weakness 
of the merger code is that it 
only applies to public bids for 
companies. Where one company 
acquires another by the gradual 
purchase of shares on the stock 
exchange both shareholders and 
employees can be caught un- 
awares since there is no rule 
governing the disclosure of 
shareholdings. This is in con- 
trast to the UK where any 
shareholding of more than 5 per 
cent in a public company must 
be disclosed- 

The first the outside world 
knew of Pieter HeeremH’s 
interest in ccmstrucoon com- 
panies was when he announced 
that he held about 40 per cent 
of the Stevin Group and more 
than 50 per cent of Ballast- 
Nedam. 

Mr. Heerema, a Dutch 
businessman with a network of 
offshore engineering com- 
panies. had built up these hold- 
ings over the past two to three 
years. The management of 
Ballast-Nedam reacted by plac- 
ing preference shares which 
reduced the Heerema holding to 
37 per cent: and the unions 
began talks to set firm guaran- 
tees that the new shareholder 
would not interfere in the run- 
ning of the business. But the 
effectiveness of these guaran- 
tees depends entirely on the 
good will of Mr. Heerema. 

Under Dutch law as it now 
stands company works councils 
must be consulted about 
mergers and any other signifi- 
cant economic developments. A 
draft Bill has just been pre- 
sented to Parliament aimed at 
extending the works councils' 
say in their company's affairs. 


but it will do nothing to alter 
the fact that the law only allows 
them to be consulted — they 
have -no right of veto. Holland's 
works council legislation dates 
back to 1950 and was 
strengthened in 1971 when 
penalties were included for the 
first time- 

Works councils — onderne- 
mingsraden— must be set up in 
organisations employing at least 
100 people who are covered by 
labour agreements. Large firms 
may have a central works 
council, group works councils 
for major divisions and local 
councils for individual plant, 
research centres and sales 
offices. Employees are eligible 
for election after they have 
been with a company for three 
years under a formula which 
allows representation of both 
union and non-union workers. 


Deadlock 


The main function of the 
works councils is to advise on 
major business developments 
before they are finally decided 
by management. This covers 
mergers. factory closures, 
major cut-backs, expansion nr 
alterations to the company's 
activities, substantial reorgan- 
isations, transfers of work 
between different locations and 
long-term co-operation agree- 
ments with other companies. 

The previous centre-left 
Government had already pre- 
sented to Parliament legislation 
for strengthening works coun- 
cil law when the coalition 
collapsed earl 7 last year and 
the subsequent prolonged poli- 
tical deadlock halted progress. 
The new right of centre govern- 
ment has nnw placed its pro- 
posals before Parliament. 
Basically they follow the pre- 


vious line with some modifica- 
tions. 

While the works council’s role 
remains a consultative one, two 
important loopholes have been 
plugged. Managements can. 
under present legislation, ex- 
clude works councils from 
discussions if the “substantial 
interests " of the company, or 
of the parties engaged in the 
talks, are involved. This escape 
clause will be deleted under the 
new proposals, which are ex- 
pected to become law by the 
first half of 1979. Under the 
new legislation works, councils 
will also get the right of 
appeal — to the business court 
in Amsterdam — against man- 
agement decisions which un- 
reasonably ignore the works 
cminril's opinions. The most 
fundamental proposed change, 
that a director of the company 
may no longer be a member of 
the council, will of course 
strengthen its independent. 

The radical restructuring 
which many sectors of Dutch 
industry are now undergoing 
has frequently brought man. 
asements into conflict with it? 
workforce. The works council is 
often prepared to fake a softer 
line than are the unions. 

The Dutch/Gennan chemicals 
group Akzo secured the support 
of the cenrial works council of 
its Enka Fibres division when 
it presented plans for radical 
cuts in 1975. while some of 
the unions were still hostile. 
But works councils have 
opposed mergers and other 
major chances in the past, and 
won. The West German pharma- 
ceuticals group. Schering. 
pulled out of talks with the 
Dutch electrical group. Philip;, 
last year wh*n the group works 
council at Philips' Duphar sub- 
sidiary rejected plans for a 


union representatives are 
favour of an extension of the 
present works council legisla- 
tion to the smaller companies. 

The unions' effort in the 197S 
wage round to secure job 
security agreements as part of 
the general agreements will also 
increase their involvement in 
Ion?- terra company planning. 
But it will not give them any 
greater control over unexpected 
bids for companies. The job 
agreements — or arbeidsplaat- 
senovereenkomsten (apos for 
shorn — are meant to increase 
consultation between companies 
and unions over any develop- 
ments which might affect the 
workforce. 

Mr. Wim Kok, leader of the 
largest trade union federation, 
the FNV, admits it might take 
years for effective apos to be- 
come widespread. 

The fear lying behind many 
a management's- desire for 
secrecy is that confidential in- 
formation would be leaked by 


more important arc tetanus, 
typhoid. poliomyelitis and 
malaria. In my view immunisa- 
tion against these pestilences 
should be compulsory. 

Tetanus has a world-wide 
distribution, bur is a far 
greater risk in cultivated lands 
than in and areas. Thus it was 
that, during the First World 
War. many thousands of soldiers 
fighting in the rich lands of 
Belgium and France fell victim 
to the disease: whereas, in the 
Second World War. particularly 
in the Western Desert, cases 
were few. This was not simply 
because of superior methods of 
prophylaxis, but rather because 
of scarcity of the causal 
organisms. 

The organism responsible, 
Clostridium tetam, is an anaero- 
bic saprophyte, i.e., it is 
happiest devouring rotten 
material in the absence of air. 
Although it has no wish to 
attack man. it will do so if en- 
couraged. If the Clostridia find 



the unions, either deliberately 1 their way into a deep, airless 


or unintentionally. Either way 
the competitive position of the 
company could be harmed. The 
unions are sworn to secrecy 
under the merger code and this 
seems sufficient to allow a 
reasonable degree of openness 
with the SER's merger commis- 
sion Recent trouble at NEHEM, 
the Dutch restructuring com- 
pany. which had attempted to 
reorganise entire sectors in 
trouble, reveals the limits of 
*hi? policy. The unions have 
been refusing to co-operate in 
NEHEM’ s activities because of 
the unwillingness of employers 
to eive information about their 


cut, or a puncrure-wound which 
seals itself behind the pene- 
trator, then there is a good 
chance that they will thrive 
upon the flesh that has been 
destroyed during fhe injury. 
Although the organism causes 
very little bother where it 
strikes, it unfortunately releases 
a deadly toxin which invades 
the central nervous system. 
This, apart from causing appall- 
ing and exhausting muscle 
spasms, may go further and kill. 

Apart from injections to pro- 
vide immediate active immunity 
whereby the organism's toxin 
may be attacked ir. situ if inter- 


activities for fear it would leak I tion exists, long-term immunity 
out to competitors. j can b e obtained from three 

In spite of the many-tiered ! injections of vaccine, the second 


system of constraints the loop- 
holes still exist No Govern- 
ment has yet been willing to 
give the unions, or works coun- 
cils. the ultimate sanction— a 
veto on unwelpome mergers. 


given some six weeks after the 
first, and the third about six 
months after the second. Pro- 
tection is good, but it is vise to 
ask for a boosrer in the event of 
a wound. 


X^JZ P xL n haV \^ en fSueW O" the same day two weeks 
£Sd !£ RCOB ?se. bur ton fP^m^«.ntmurng 

Inv ri«e ke T^e thi ouree £ Luffi wearier relSmag If malaru 
anj time. The couree should be develnpSi Jt can be trea ted by 

repeated after three years, thjs and many other drugs m 

TVphoid fever is common in mu ch higher doses for a few 
many countries bordering the days . 

Mediterranean — the most pol- p ar more dangerous a para- 
luted sea in the world. Obtained S j le j s pinsmodium falciparum, 
through contaminated milk. a y so transported by anopheles 
water, shell-fish and water- and a i so found in many of the 
cress, etc., the resulting disease other m nlarial areas. It is 
is dangerous, debilitating over extremely dangerous and can 
a long period and in some cases i Pad to the so-called malignant 
may remain, rendering the host malaria which is not 
a dangerous carrier. infrequently fatal. Recently a 

variety of this parasite has 

Cn/amn ff»VPr<C appeared in pans of the Far 

OW dill (I 1C V Cl 3 Eafit CentTaI South Arn enca and 

Immunisation is obtained from Bangladesh. Resistant to the 
two injections at 4-fi weekly in- usual anti-malarial drugs, tt 
tervals. TAB protects against poses a deadly menace- One 
typhoid and. m a lesser degree Swiss firm has produced a drug 
against paratyphoid A and B. which, according to the manu- 
This combination not infre- facturers. is highly efficacious: 
quently produces unenjoyable unfortunately, it is not yet avail- 
malaise in some people which able in the UK. Other methods 
lasts several days. The mono- exist and for anyone comemplat- 
valent typhoid injection (i.e. ing journeys to falciparum 
the same without' the A and B areas, the question of prefer- 
elements) is preferred by many Hon should bi? posed to thPir 
as it is far less troublesome to G.Ps, who will know which 
the recipient Immunity lasts specialist authorities can help, 
for some three years. Mosquitoes breed in stagnant 

Malaria— or the malarias— is water and most have a very 
increasing rapidly and widen- limited flight range. Any 
ing its scope. Carried bv the stagnant water should be 
Anopheline-type mosquito, it treated with paraffin, which 
was very common in Britain up hills the larvae or nymphs, 
to 100 years ago. Many of the Mosquito nets are still of value 
old agues, low and swamp fevers and insect-repellants are useful, 
and the palsies were in fact But the traveller's greatest risk 
malaria. The disease was prac- is at some airport in transit, 
tically banished by two acci- Famished female mnsquilnrs 
dents. In 1S07. the Fens, which know no barriers, nor can they 
were badly afflicted, were read. It only needs one to fly in 
drained: and some 60 years later and with one tiny sting despatch 
rhe building of the Thames the unhappy victim to hospital 
Embankment was completed, tar best) or to his long rest at 
also draining away stagnant the worst, 
water, wherein mosquitoes May I urge you, therefore, not 
breed. to treat this terrible disease 

There are four main types of lightly, as it will not reciprocate. 




Adamson Butterley, 
200 years inlelford and 
still growing. 



Adamson Butterley’s Telford 
plant was founded in 1775, in the same 
century that the Industrial Revolution 
began dose by in Coalbrookdale. At the 
time the plant's location was simply 
described as Horsehay, Shropshire, and 
for many years the company was 
known as The Horsehay Company. 

Much of the world's fi rst iron 
fabrication and construction was 
carried out in the Telford area. 

Adamson Butteriey's predecessors cast 
sections for the world's first iron bridge, 
situated nearby in the Ironbridge 
Gorge, so it is hardly surprising that for 
many years The Horsehay Company 
specialised in the manufacture of bridges 
and heavy fabricated structures. 

Now the company, part of the 
powerful Norcros Group, is world 
renowned for the design and 
manufacture of specialised heavy cranes, 
ship unloaders, material handling 
equipment, bridges, mining equipment, 
and water control equipment. The steady 
growth in Telford over the years has 



The world's first iron bridge, built 1779. 


been particularly strong since 1967 
when considerable expansion and 
investment began. The company- 
recently renamed Adamson Butterley— 
now employs the most advanced 
techniques and a large skilled workforce 
at Telford to maintain its lead in its 
various product markets. 

Telford Development Corporation 
can hardly claim to have tempted 
Adamson Butterley to Telford— but the 
company's continued expansion and 
investment in the area underlines 
Telford's viability as a place to do 
business successfully. 

Joe Matthews, Commercial 
Director of Adamson Butterley, says 
*We’ve plenty of confidence in the 
future— both in our own business and in 
Telford. "We re well situated, both for the 
U.K. and our many overseas markets. 
There's an excellent workforce, and 
plenty of room for expansion. And 
people seem to enjoy living in Telford. 

I'd certainly recommend anyone thinking 
about a business move to look more 
closely at Telford." 

Telford's advantages are easy to 



summarise-the right factories, the right 
people, at the right time and in the right 
place If you're thinking of moving, 
expanding, or just 
opening-think 
Telford. 

It offers a 
great deal- and 
a great future. 

Post the coupon, 
or contact us today 

Die Iroofcdcfge Gorge 
Mmemn 







Telford 


{ An Industrial Heritage, j 
I An Industrial Opportunity} 


BobTilmouth, Coirm 
TaI n 1. i 



j rnorsiee nail, «eiror 
I Phone: Telford (095J 
Telex: 35359 

j Name 

| Position 

1 Company-^ 

1 Address 


L. 


Corporation 


.J 













1 • 

j Prt 



icnees 


' 4I ' 

- • —~*f£ 

jf 



TT' „■ - „ 

Fliiaiicta Times Monday July 10 1978 

St- Bartholomew-the-Great 

Phelps/Edward 

n^5/^ a I.‘IL F f i ifv cve,lin S' liraber tenures were clear, not 
music 20lh t centu J>' as well-ventilated as one knows 

x> _ _ i festival at Si. thev should be. 

to£l pSkll’n^S™ “ IM,ei ? k * n Mriier. Miss Plheips and Mr. 
avm hv™,n, • P ^ York bad played Martinu’s first 
bad raarfp D lSu S1 f 1 ?P 6 w ^° Cello Sonata, an ingenious and 

or d other worked "essay in a 

Young Artists sHw in P Ji G kind «* lyrical neo-classicism. 
Purcell Room. Thf MghliSt (W ^ 1 « Martimt 

was a strong and searching was '?‘ ? ere Lj,^ j e ^ ect was 
performance by an adSbW Pf^rently blurred - either 

gitted young cellist, Melissa w t i2? p - !oyl1 !? t 100 

Phelps, and her pianist John pe^ f or the ptece " lay " 

York, of Elliott Carter's Cello for performance in the 

Sonata. rburcto. The recital was shared 

This austere, always exhilarat- *?’ **• cJunneitist Philip 

log work Semands a thoroughly who. with bis pianist i 

stocked technique from the B 2 wyn. gave impressively 
cellist and then freedom of mercurial and wide-ranging 
expression, boldness of utter- accounts of Maxwell Davies' wild 
ante, a plastic sense of phrasing and brill Han t Hjmimw and 
beyond the demands of the Birtwistle's dreamily fantastic 
notes: from the pianist, for- Verses, and a sympathetic one of 
wardly propelled rhythms, a Bax's cloudy, tedious Clarinet 
glancing touch and an ability to Sona-ta; and who, on hJs erwn. 
change gears from one kind of showed himself a lhoroughiy 
rhythm figuration into another schooled (df not always very 
Without jibbing! Friday’s was a characterful) player in Richard 
we.l-practised _ performance. Rodney Bennett's typically fluent, 
forceful and vigorous. If there well-made Scena Ilf for clarinet 
ln second and fourth S0 j 0 Latecomers should not have 
if ’ , waj 11 of been allowed to find their seats 
that 1 . PJ J ds the so nodsHy during flhe first item, 

have been tto e Rea if Ser £%. *** “» douhle fi 5 ures - 

berant acoustics — Carter's lean, MAX LOR PERT 

Vega Wind Quintet , 

There are concerts even at until it appeared triumphantly 
lunchtime on Saturdays during in the horn over a babble of 
the current, relentlessly intense figurations from the other 
Si. ' Bartholomew's Festival of instruments. 

20th-century music. Fortunately, As in Augustyn Bloch's 
problems or digestion (Ipr both Clarlnetto Dwertente, a solo 
mu sir and lunch) were avoided piece of which Charles Hine 
this weekend by a strictly calory gave the British prcmic-re, the 
controlled diet: a light pro- effect of the music was consider- 
programme of music for wind ably less than the sum of its 



Janacek in PragM yf 

by WILLIAM WEAVER 

. For Western music-lovers the of this piece is the well-known Supraphon recording of' *Osud 
Prague Spring has long been. a group of Lachicni Dancers. which will soon be available "also 
vital; closely-followed festival. It Janficek had already begun to abroad (with an English' tfans- 
■ was in Prague, just after the war. write in 1SS9 '(the time of' lation of the : libretti*! ?“ no 
that the great Soviet per- Sarkn), but it also includes some Janarekians will bfi/abtoiniffiidy 
formers — the' Qistrakbs and numbers fur .chorus, and fur solo it more easily and ThoreugWy. 
■Richters— were discovered by the tennr. The Ostrava version of Karel \ ; osck conducted with 
outside world; and the great in- the story i» apparently consider- v and intcnviiv. building 

j ternationa! interest in the music ably simpler than the ISU1 lhn Crania from the quifkMi 
jof Janacek also had its origin in original, hut it is pleasant to Ijf , h|I mining tthi* scene 

I the Czech capital land. equally, look at and— under the vigorous ^ a spn in summer Tlo the long, 
jin the composer's own city, baton of Vaclav I^avrat— shifting tenor monologue of. vfir> 
jBmo). For the Czechs themselves exhiliraUtig lo hear. • eni j (Vmu> with pnmplete maslcry 

the festival is an occasion for After ihv Ostrava company, it und welconie r< . slr; ,jj U hv -Josef 
hearing foreign perfonners. in- was the turn of UK SriUl '* n.-una* Ylift»nir:i ‘Enba^oxa 

(V... U'ori u-hn Rnhpmian firvorn pmnDsnv from ' .. . < 


most, fa sc 
formances 


fascinating of these per- one e^^d^S'lunnnaries $ Ka«5y* i" V&-'> 
lopVr^as 3 the" Smetana. Thellre plot). But in the theatre-or «>enl> of 


-the .symbiiliSfi'ple- 
tfie' story. But: 1 be 
belief 'hT ihe ' n?'’r:i. 


Samira Saidi and Mark Wetford 


Leonard Burt } in 1983 j presented guest produc- 


Covent Garden 


SoSof Soraritid- Sur£a and plot cannot be related brie.ly: il - So much for rare JanacekpTV 
Qsud (Fate) is the *l*»rv of a composer who cunipiiser s other opera — tUa- >« 

First composed in 1S8S. Sarfca marries a young S«rl he has the ones fr.iui Jcunfn .»n— arc 


Royal Ballet School 

by CLEMENT CRISP 


The Royal Ballet School's per- jump, fine line, and she has performance justified the choice: At times, ‘the idiom of - the 


—nannnt reallv lie considered opwa. 'hf.uch sim wunwu a «:ucin»n smceo i.y iivmiH.Am 
T,™ t ., nnP ra It u finale, is to b»' performed. To a and designed by old rich Sinurcck 

Tanacek's first ooera with after- sroup of smdenls and musicians. A handsome, largely rcafis'n 
5?uehts naiit " a the composer describes Die story. >,Uine (with imaginative iiy n 
2 SSL aii en 4 sino n ice muses on the difficulty of projections 1 and a e..wm. lnrif ti 
nSdod iSPr? three lets it P con- resolving it. and— during an off- staging. Buhumil rirfgor. w-.li 
v. rill 40 anbmir nf' music stage storm— dies, leaving the known from his many Jii'hnrvl 
ice: T. SfS? 3 ° h0 . U ,T Tr US u. q nation suspended. recordings, cnndnrted sinomhlv 


Charles Hine. A-tmost -too skilful There was ai; 
a piece, this juxtaposed in its "ermuionortt 
ten variation sections all the and harmless 
possible permutations of timbre voting as 01 


composer’s nnble 


s sj&is.a-'a ss,wyr=:!s«rt wiS- Ssw, i a«3E ' - ■ Eastera «* of Chns,iam *y.s 

clarinet then flute and clarinet must have succeeded, since 10 ,r" cate qualify very hard to define event, the piece contains many 

durtted (punctuated bv little several of the audience laughed. Sjjj e ?«rbt ^hnnc^wH^m ink' whlch save an immediate and beautiful pages, such as the pen- An exhibition. The Chrirlian conlnbuiinus uf the. Orient: 

flourishes from the lower in*tm- Us Patterson before the ^ V . m >slcnous appeal to her account RedbraSS in London sive mnnoiogue of Ctirad. the Orient, mounted by the British and African,. F-yv: mime ;^n 

mcntslTinthe slowerseriinS Hornpipe isn’t the funniest ("JJ* J.°T n °In nnStten ".If « f r «n° st en.otionaUy difficult ^cuordSb in LODQOn te nor hero (passionately sun? Library-, presents the ancient ^om Uadi Hons can he 

horn and clarinet, and later horn P an ^‘ IfHST 1 ! v L h - cnn L‘iand one to be deplored, was an 0 S0 t)S ' Fedbrass. the ten-piece band- by" Michael Kazelsky), the tenor- Christian Churches or the East pared. ' 

and flute were worked together ^ the Smooeby El u« • injured , “store" k of nS-ttin?' dances. The revival of D. Version* after which combines jazz, rock and '^prsnnjvet (Ev* Klnelova was; through J «*m p !eH nf their art The Churchy represented ■ H 
ro -Treat effect while in Quicker delightfully incon-mous 1 u, , iih _,_i_ ... : n more than n decade in hihema- nikn, .■ , . , the convincing Sarka), and the and literature. clmb.* the 'Greek and olht 

sections deftly altered rhythmic imace* ot the Pink Panther ! g3 ^' s . 3 h l ?ookrnT like tinri wa^sound It is a taxing 0 her musical styles, is giving a | 3n , en t of Premysl (the sober. It runs until Sepleuiher 24 in Orthodox Churches' (ff EaTftcr 
patterns were tossed 0 around— wandering the aisles of SI. glfiwon idS of ^1910 bar- wo-k In which the rom^ned rare Lr ' ndon concert on Sunday, imposing Miloslav Pndskalsky) the British Library's galleries at Europe, as weU-as the ticorgia; 
SSSSSSmTTt ?ll the Shoe's Bart's. 'SaaTe aSd lhe louneTn^ ralwl. of BeriosJva £1* uS *>\y 16, at the Younfg Vic in the last act. Jiri F» okas con- the, British Museum. thuae nf the Syriac tradtfm 

opening melody was reworked NICHOLAS KENYON J J^ ere ’ subjected tn the Burnt v Learv^ Marvon Lane and Graham Theatre. ' . ducted, effectively, am] there Illuminated manuscripts i n .- both Nwtonan and: Jacnhitegtt 

Hug the Kangaroo Hop. and Usher used to ring splendidly The concert is -designed to was . a . s,ra P le un \ X /et. with eluding scriptures and lives of Armenian; and from.. nnrtbjpa 
Festival Hail other items combining archness our. Once again extra coaching give London audiences a chance £, d, !HP W T*rt5 SmJS S PP ™! 21? d ,!2[ FthSnic PbC * ' Nubiaa * aE 


SinTrtften* 1 SS C ? n d Thrinet muShave since | m»IHy very, hard to define 

riur>»to»r* 1 minr-in-»toH hv littio several of the audience laughed J cxcellentl. drilled, which gave an immediate and 

SShJESS&S ^^SSHS « Redbrass J 

horn and clarinet, and later horn P arod > tha t t, S e lxe h - rnn L*land one to be deplored, was an 0 SO flS ‘ Bedbrass. the 

and flute were worked together but 1 outbreak of rag-time dances. The revival of D.Yersiow; after which combines 


throughout it all. the oboe’s Bart’s, 
opening melody was reworked 

Festival Hail 


Menuhin School 


rAiipc thpv seemed like dwarfish Julie Rose and Roland Price did centres ana colleges see from i-uuipauy aiw ureKuira, grapns 01 enuren arcnneciure. oeiwecn eyzamme ana wm 

adults, unhealthily precocious, well. It was a pleasure to see this group. Redbrass consists of SmiS^nH^ror^thli sraee^thf £2" 2 ricntal hE hris 5i n srtiatic ‘. 

But this was a brief fall from Philip Prowse’s haunting archl- seven men Instrumentalists plus £S?im 22 ?.?JS5L Ch IS ^°" s ' ' v .^. r T l M rc __ were 


greet t 
orchestra 
Bank i 


Bank appearance, and no band or strings 1 ip was anal1 ; I insteps of Michael Clark in a In Graham Usher's role he looks 
wonder. The quality of the string prog ram mej in. yiipthfu! , swcxi^iance.— • very young, with long, coltish 

playing never fails to astonish Mozart was moving: there. is al fniinwpd the Unner le ?s- and a style which, like his 

and to delight by reason of its halcyon innocence in the mus.c| JJJJ* ^ree Sfficuft ballet" bod - v - is slUI takin ? s ha P e - But 

combination of accomplishments, that moro mature, weightier School jn three ^thcult ballet how h)? dances . He has a big. 

The pupils have been admirably players rarely comprehend tor : broad jump; his legs flash up in cc-Ti» e the.tr» «cent certain credit 

schooled in the art of playing realise. (In one sense, however. J 1 ™ 1 ™” well JJhfeved seems to an exceptionally -high extension: *• '«*>'*>'* or « th« b«« ob^ 

together (almost all of the time, Mr. Norris had fa;l ed ui his ped^!^" “ ’JJ 1 ' - the he has s P eed ’ and a mercuriai OPERA & BALLET 

.save fora few bars of slithering gogical duties: for the corrertjme a » n ute not onb t° the flow 0 f movement At the moment coliseum, cnau an* 01 - 2*0 szsa. 

semiquavers in the opening way of performing the piece is jJ t )on bv their teachers ^ there is something, touchingly R«r> a . to rj oi-bm jiei . u!WT6t 

Monart D major Divertimento. t«» separate the first and [ second g L mT natl,ral about his dancing-he _ -ih, 



CC — -These theatres accent certain credit 
unis bv telephone or at the box otlk*. 

OPERA & BALLET 


semiquavers in the openmc 
Monart D major Diverliracnto 


THEATRES , THEATRES 

CRmRION. 930 3216. CC. B35 1071-3. PALACE. CC. 01-437 6834. 

Evas. 8- Sab. 5.30. 8.30. Thure. 3.00. Mon.-Thurs. B.o frl. a Sat. 6 & 8.40. 
NOW IN ITS SECOND YEAR . „ JtSUi CHRIST SUPERSTAR 

LESLIE PHILLIPS bY Tim Rice ana A nd rew Uortf WcOber. 

HALF-A-DOZEN X LAUGHS E A MINUTE ntA3* 2294 EveHingj 8.15. 

SECOND HILARIOUS YEAR .. w * v **** Sfllurday 6.00 and 0.40 

" VERY FUNNY. " Sun. Tel. < *? A . ER * E 

— — — — — GARDEN nxafce us laugh. D. Marl, in 

DfUIRY_ LANE. 01-836 8108. Even? _ THE UNVARNISHED TRUTH 


THEATRES j THEATRES 

„ CC 01-457 6834. ! WESTMINSTER. £ 

9.0 Frl. 3 Sat. S & 8.40. { SENTENCED TO 

CHRIST SUPERSTAR “ MUGGtRIDGE’S trench; 


. vnoiui jwrL>ui«n ■ mutmcKiuuLa I re nr h a nt Hume 

br Tim Rice ana A nd rew Uorir Webber. ■ THORNHILL'S dramatic art." D . 

PHOENIX. 01-836 2294. Evenings 8.15. i T"-I,m^l| V 0 .K Un, .' i j;;. C , a . r !P a S’JK?*". 7 P 
Friday and Saturday 6.00 and B.40 I 4 h 2 VlS 2 US «,oiS 5 i ,L ' 

■TIM 8 ROOK L lAtLUli, GnAEI/.E j r,„ 7 j’S' u.k'W'im T t!S l(, i 

GARD 5"-1SSf us | 4«a h -" D M»'l- I" E 7 ' MUST END M iuilY 0 7^“' 4 ' 

_ THE UNVARNISHED TRUTH I MUST LND JULY 22 


night 8.00. Matinee Wed. and Sat. 3.00 mm The Hit Comedy b, ROTCE RVTON. [ WHITEHALL. 


anccs are also expressive— quality did 11 
nothin*.! seems mechanically Barber B i 
undertaken, or learned by rote, strings fro 
and the naturalness that is emotionalism 


^ A CHORUS LINE 

A rare, devastating. Joyous, astonish I no 
stunner." 5undar Times. 


HAVE G DIED^ ,V Su'n ( , T av 0 Tim^ ' -^EER | V °V S 30 ? J' an[> ^ VSs*JSd ?.' 

DELIGHT ■■ F ti™*,,] Paul UTyjMnis the Scnialic 

CON^IhKioul* i. A^UG HTEP.” T^' 0 ^ ^ °±»'&*.? ntUrr 

PICCAWLLV^i^ WMM bk 0 ». | WINDMIU. THEATRE CC 01-437 63 
I Eva*. 7.30- Sat. 4.30 and 8. Wed. mats. 3 Su«u« fi nn°?Rrt YnA 0,00 * 

RlHMl rr.mn,n>. In _ ®.-00 PI'S 8.00 


concert procramine was K „ H „, Iy-J»-S O . .. = ’--- uniwiii rise at 5.30 sharp; There is no. 

lose inventively nut together -tlfenro won troppo wants a more ballet, and bringing “jck a challenge of the seven tailor- nosswutv oi admittance iw late-comera. 

10 -.J. iniemitcij mui . nu .ii; i.e vhri>. n .<> blnnm to the choroocraohv that h^i 0 rrn 9 in sanLn« SSi i « « iSTSS o^r. 


work specialty presented for Vbc single double pass 
occasion. Even so. Mozart, ballast for five cel^s. 
Barber. Bartok and Vivaldi MAi 


a \vua TonW.' WedTi Srt. S»V gSi 5 ™iT stick Murfef Pxvtow as MISS MARPLE in 
Nenna. Figure*. StHte trom Sanctum. To mar. HiiBiSm Jue virioiir-r 

,. 1 .™, TrTnle Duet from Grotto. Gallery Styv. MURDER ATTHE tnCARAGE 

ICkSOn I Thur, Me.; Trlole Duct Irom Grotto. Styx. . Third Great Year. 

neither g*™-_ w- A..Sat- juats.l Triple Duet GARRICK THEATRE. CC. 01-836 aBOl. 


Eva*. 7.30. Sac. 4.30 and 6 . Wed. mats. 3 1 
■_ ,_ R 2 val Shaiwesiwire Companr In 

DURE OP YORK-5. 01-B36 5122. THE OUTRAGEOUS ADULT COMEDY ! 

Evenings 8 . 00 . Mat. Wed.. Sat. 3.00. ■■iSl-fte n u dam nr ! 

Limits Sewn must end August 26. Egress. 

In Julian MIKhell-s BEST COM ED V OF THE YEAR 

in Julian Minnei 1 s Ev st(t Awar „ and svVET Award 1 

A NATIONAL THEATRE PRODUCTION FULLY A I R-CONDITIONED 1 

" Brilliantly witty. ... no one Simula PRINCE EDWARD. CC. tFormerlv Casino.) 
mis* it. Harold Hobson iDranui. Instant 01*437 6877. Mondav-Friday eves. B. 00- 
credit card reservations. Dinner andj Mai. Thur. J.bo. Sat. 5.30 and 8.40. 
T oo price Seats £7.00. 1 CVITA 

FORTUNE. 836 2238. EOT. 8.00. Thurs. 3. Emvte" ChInK? iSmS! L L°„ r o«^! , *55SL 
Sat. 5.00 and 8 . DO. 7 l r[ 1 3 **!■ Ye.Kn. From 


PAUL RAYMOND presents 

RIP OFF 

THE EROTIC EXPERIENCE OF THI 
MODERN ERA 

Tales to unarm edentec limits whai 
permissible on our staoe." vg. Ne 
3rd GREAT YEAR 


.PRINCE EDWARD. CC. ^Formerly Casino.) ; v 'ET? l , c, l^t , ?L-P 1 1 \ B 36 2038. Credit C 
01-437 6877. Mondav-Friday evgs. B.DO. fij*- fj 36 -!, 0 , 1^3 l I®"' O-^O J -"V- M' 
I Mai. Thur. 3 bo. 5ai. 5.30 and 8.40. Thur ' 8 ‘ -^MnltueJhri B " 


los? In the Nocturne and Mazurka the School lacked neither KU*-**- C *" R K? theatre, cc. . di-b 36 «oi 

MAX LOPPERT Fiona Chadwick revealed an airy audacity nor confidence. Tbe “sneS^SiiS^ . : ? an experience not ^’'tIMOTHY^WEV GEMMA JONe | J0 


Haymarket 


tobo missed/' E. News. " Utterly. 1 
utterly basutlhil . . <Trladl Guardian, j 
Jniy 31-Aog 26 MARCEL MARCEAU. 


A Family 


MICHAEL KITCHEN Warvino nnniiii atCWITH 

ki HAROLD PINTER’S 1 S Sh2fSJ , S? r««f 

Tur unMPrnMlprr. f wirecTed hv •jtflt bAr»b 

M BRILLIANT — A TAUT AND EXCEL- | CREDIT CARD EOO* j : <NG 95 0 08-16. 

LE-ITLY acted PRODUCTIL-N.” D. Tel. OUECN'S THEATRE. CC. 01-734 1166. 
“AN INEXHAUSTIBLY RICH WORK.”! Ergs. 8.0. Wcri 3.00 Sat. 5.00. 8.30. 


JULY 27 Sal*. 5.0 & 5 JO- From Aug. 5 1 
Sals. 3.0 & 8.40. and From SEPT. 2 I 
Snta. 3,0 A 6 -0. I 

prince of wales, cc. 01-930 sesi. 

Evgs. 8.0. Saturday 5 30 and B 45. 

THE HILARIOUS 

BROADWAY COMEDY MUSICAL 
I LOVE Al Y WIFE 
Starring ROBIN A5KWITH 
Directed hv GENE SAKS I 

CREDIT CAPD BOOKING ?50 0846. t 


” ENORMOUSLY RICH 
VERY FUNNY.-- Evening News. 
Mary O'Malley's smash hit earned 
ONCE A CATHOLIC 
Supreme romedv on sev ana rrliglc 
□ ally Telegraph. 
"MAKES YOU SHAKE WITH 
LAUGHTER.” Guardian. 


.YOUNG VIC. 01 -926 6 - 

cir al 1 Ben Jonsen's 

BARTHOLOMEW FAIR 

rH Ivns. 7.4 5 >No Pert Mon next' 

5 | riproanng production.” Sun. Tn 

P 0B4G. i v O“" , l Vic Festival until Julv 23. Pr 

~ ’ _ I Bor Olllcc lor lea' lei. 


bv B. A. YOUNG 


THEATRES " a n inexhaustibly rich work." Erg*, s.o. wed :.oo sat. s.oo. a .30 

Gfln. -NOT TO BE MISSED.” Times; ANTHONY OUAYLE 

V&H . 7 Vl- GLoSTtHEATRe: OlIaT? 1592" FA,TH BROOK- MICHAEL Al DRIDGE 

mSJb 7 -^ 0 - * - “S«a , F- 30 - ^ 8-”! w|-d. 3.0. sa?.’ I” ill 1 and RACHEL KEMPSON 

- THEBE^!| E USICAL ,R,!N£ PAUL EOOING.ON^UL^A MCKENZIE., THE "old COUNTRY 

!rE« ^ * 9 ' IRENE ALAJ^^U^ra Comedv j ^ 

LONOONlSSfeSr^NIGHT OUT.” - ««?? V 5? i£5S5l laughter- Ducted by CLI FFOPO WILLIAM S " 

CREDIT CARD BOOKINGS 836 7611 D ~ T* 1 - " An ureS'I- | RAYMOND REVUEBAR. CC. 01-734 1593 


ANTHONY QUAYLE 
FAITH BROOK. MICHAEL Al DRIDGE 
and RACHEL KEMPSON 
in Alan P«nnrtt'» 

THE OLD COUNTRY 


CINEMAS 


ABC 1 A 2. SHAFTESBURY AVE. 
3S61 SCO. Perfs. ALL SEATS SKf 


Play and piavnr-. Lenden C«Nr* Award 1' 200T: A SPACE ODYSSEY >U». 70 


_ BEST PLAY OF THE YEAR 
Directed bv CLIFFORD WILLIAMS 


him. Wfc. a Sun.- Z.C5. 7.55. 

2: B I LITIS iXi. Wi,. S Sun.: 2 00. 5 
8.35 (last 3 davs>. 


inlip nf his i.iwn that ho has Freddie, an occeniric whose mind prixe. which turns out to be a Scofield cannot impart any great ,. AB 


CORIOLANUS 

evening al true theatrKal glory.” 1 


t.iipiu'v Uiai assembles them, as opera ^r lo Usten'"in Only' laier. when Paula sud- out the sel fronfthe MaSchesler A Jonfof.^ E b'v £££ wfiwn. L Sis^ 

...<■■ hI\- jt aimiiL in a mule- I mmfirp ay th» Hunlv thrpatpns tn slash hpr flnvnl 'Rsp.hanpp's PirPitlny ergpp i.15 pm. Suns. 3.00 and 5.00 pm. No 


1 van, iir ibuS 45 years oJd ^nd 
,,n)v a captain »n lue KAaL. 

-.nmehyw ^ mJ h^dauarteiS 
the partisans’ bwdnuartcrs, 

n.irachutcd down to them and 
reclaimed his son. Bui Freddie 
-' as about to marry an Halian 
cir!. and the rescue has ior- 

SmA him in his head ever 
since. He knows what Fanias 
problems arc and how lu treat 
them. 

1 hate sympathy with the 
theme, and the appalling weight 
at famJIv loyalties, is con- 

vnr;ngly displayed hindlltg lhe 
mumfiers «*f ,h e family 
an unstable eituilihnum. 
;'U.p all DTlTidC disputes mu‘ 
to 1 »taf*Ul«d t" tbe 0Veral1 


The trresisublc 



^ In SLEUTH ntiiMENA 

ANTHO F NY t SHAFFER r wtth Elias^lwBth Archer 8, Trtvor GrllMlis 

Z*Z»* VW N .UTn R tact f .n Dlrett SS by^N d c e o 2&ELL1 
Utt« 4 M UUI IBV,-' Punch. s«t Prim - TOTAL TrYuMPH,”^ Ev, i 


inevitably hs atoms in a mule- hls mi , ld to s „nfire or the denly threatens to slash her Royal Exchange's circular stage *i££s p J& lll Sl,ns - 300 5,00 pm - No nowuSITlauguctiV 7373 

c:i if. mill his prescribed pattern, entreaties nf his lo»t Adela, only wrists with broken glass and to the Haymarket^stra^ht one. iEiSSrp uZ iti 8224 . T S S SSSn i Z h l 

... l ...wifl.-i nr the nluv is the son* through lh** motions of then runs into the street m her are the work of Peter Bennfon. s "Ptoyer piano.- by j amg i the two ronnies 

^ ^ , ^ sranddaushter to $Sm the game, and when he nightdress, does action siir and who has sensibly confined him- MT"- T — a DD ^ No M t^ b SM^hSKStk c r eT*th,i 
t v'".h hPTwpirrrve Sf»cs hig chance nf setting Paula the hints or Ivans improbable self to the minimum of necessary ambassadors. oi-bse 1171 . 

mcHLh hrrFcir rrte. ™ b : J rt , cndin g i 0 believe in mililary exploit solidify inlo a flimiture and no more. Nl,,,,a ’ , -* JVgSl Tues - “ - — ,lnc 437 zos * — 

Panin i Celia i.u^ory > » the tree - preicn a Patrick an holt lY 5&^ ^K ra |* o 0, t^ A® 

it.ingliliT or Margarcd. the middle — — mMM— ^ —ygM T6ie '» ■ ThrlI(er r filumena 5 ' 0 a ' 30 ' 

ban's three children by his anthony shaffer w«b tj^p, GrUMh. 

kiiwlly wife Emma, a dropper of iXy. ? ' M pu r ^ .. ^^ n %^P^t ZE ^ EL V- At , 

malaprnpJMUT bke rh'dupenic UJK> *° ^-oo- ana To °- D ™ event to treasure. ■■p.' r Mi^'” may 

• •i'-inn- ” and natiirally played ™ »att7.so. it fill tw Lv.ie n» * m»m» h 

}.. ’lrrne Handl. We <eo l»«le 
,i: Paula until the last quarter- 
»i.,:ir nl the play, for she w 
shamming ill. slaymit in bco, 
refu'jng food, declining contact, 
i nriv KnKiilir <p™i SCOKelai. 

.1 doctor. 15 the one who sets 
•Iiroii-Ji to her- During tile war hu 
craned from an Ua I |.in prisoner- 
„r-war camp ami joined a band 


A new May by RONALD HARWOOD “AUDACIOUS COMEDY.” Times. * MEDUSA TOUCH iA1. Progs. 1.10. 3 

Oi.r-c|*d bv CASPER WREDE — : — — ~ I 6-00- 6-Z5 

A richly satlstvino pLa v. could All RpYALlY. Crete' cards. 01-^05 5 DO 4 * - ■ 

the Haynurket lor a war.” B. Lewi. S.T. Monday-TborHIay Evcnmgs 8. OD. Friday t CURZON. Curron Street. WI. 499 Z 

• — — — — — — 5.30 and 8-45, Saturdays 3.00 and 8 00. iFultv Air Conditioned comiom DC 

KING’S ROAD THEATRE. 35? 7488. London's allies no: 0 BILLY DANIELS in | UZALA iUi. M 70 mm 'English 

Mon. ro Tw. 9 0. Frl.. Sat. 7.30. 9.30. BUBBLING BROWN SUGAR | lillei*. A him bv AKIRA KUR0S4 

THE ROCKY HORROR SHOW „ Best Musical Ol 1977 --A MASTERPIECE.' The Timm. "M4! 

DON'T DREAM IT. 5EE IT! Sortings aaceoied. Malor credit cards. WORK. The Observer. 'SPECTACU 

- . — ; — — Special reduced rales Iw matinees ifor ADVENTURE." Sunday Times. "V 

LONDON PALLADIUM. CC. 01-437 7373. limited period only). BEAUTIFUL.” The Guardian. “HAL 

NOW UNTIL AUGUST 19 savqv tu.at» STTG ~£ aaa <NG ADVENTURE ’■ Sunday Exp 

Mon.. Tues.. Thurv and Frl at 8. SAVOY THEATRE. 01-836 8688 "MASTERPIECE.’ Evcnlnn News. 

Wld - as. SatB. aee.10 and B.5Q. h?,,*iivwaY i da,lw at 2 00 l"° l 5un ->- 5 00 3fttl 1 

THE TWO RONNIES 'S e ,T AV ‘ — — 


BUBBLING BROWN 5UGAR | t.UeiL A him, by AKIRA KUROSA 

_ .. Best Musical Ol 1977 "A MASTERPIECE/ The Timm. ’ M A! 

Bortlngs accented. Malor credit cards. WORK. The Observer. 'SPECTACU 
Special reduced rales lor matinees ilor ADVENTURE." Sunday Times. "V 
limited pc nod only). BEAUTIFUL.” The Guardian. “HAL 

SAVOY THEATRE. 01-BS6 8688. ■'■^ASTiRP^^Eyenl^^N^*''’ 

WHOSE LIFE “ll ANYWAY 7 . dally « 2 . 00 Cnnt Sun.). 5.00 and 1 
. .... ."'**!» JANE LEICESTER SQUARE THEATRE 1930 5. 


• in a Spectacular Comedy Revue I j ane asher ■ Leicester souare theatre issd 5. 

TWO EXTRA PERFORMANCES THIS A MOME Jl T 9y5 , P T L !?^ URCr VDU Richard Burton. Roger Moore. RK 


f JO SEE IT.' - Gan. Hams. Hardy Kruger in THE W 

Evas, at B.O.-Fn. and Sal- 5.45 and B.45. geese -AAi. Sen. nrog&. Wks. 
SHAPTESBUrv rr Ot-836 6596. a -30. B.10. Late shows Weds.. Tb 

ShittMwry Aw WC2 *< High Haiborn end) Frls- A Sats. 11.45 ».m. Seals ma 
FroETjUIp 14 ter a lpHl.Tl Suminw 8. to omg v 

Season, a New Production ol lib .... 

oGODSPELL ODEON HAYhflARKET. >930 2735)77 

g H > -«ii',Cu . .1 rV S (1 !. hnur ' j* na Fonda. Vjnmia Red-jra-e in .■> 

Bt bnrS? U ShiL Ihn^Bnx 0 Oihce r Slnnemann film JULIA iA). Sen. bi 

oeipro snow tram .ne no* omce. i Bl , , 0 . e , , a .«■ 


ann total iov. punen. aeni oners -TOTAL triumph ■■ Iw n,* — - v M pcjc avaunoir s*.« a; „„ ™ ur 

E2.00 to £4.00. Dinner and Ton-priee event to treasure " d mJ?’ - may Bo,ore slow *■0"’ bo* omce. 

7 = 7 7 . - — IT FILL THE LYRIC FOR A HUNDRED STRAND. Ot-ase 26fi0. Evening* B.00. 

APOLLO. Dl-457 2663. Evenings 0.00.: YEARS.” Sunday Times. Mat Thur*. 3.00. 5Jf. S.30 and 8.JD. 

M«S. Th.rs3.OT. Sat 5. DO and B.OO. . MAY FAIR. 629 3036, Eves. 8.. Sat. 5.30 


„ DONALD 5IHDEN 

"FFnr gf the Year.” Evening Standard. 
”15 SUPERB.” N.O.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 

” Wlcfcedly lunnv." Timm . 

ARTS THEATRE. 01 -636 21 32. 

TOM STOPPARD'S 
- u„„ DIRTY LINEN 
NHartau* . . sm Sunday Times. 


and 8.30. Wed. Mat. at 3. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 


HO 5EX PLEAS6— 
WE'RE BRITISH 
THE WORLD'S GREATEST 
_ LAUGHTER MAKER 

GOOD SEATS £4.00-61-00- 


ODEON HAYMARKET. i930 2735/77 
Jang Fonda. Vanmij Rednra-e in .■> 
l Zinnemann Hm JULIA iA). Sen. 91 
Dly. 2.30 iNot Sun.). 5.45 8.45 
I Dly. 2 45 <Nor Sun 1 . 6.00. 9 00. 
teata GkPie. jt tncairc. 

ODEON LEICESTER SQUARE. i9S0 tit 
CLOSE ENCOUNTERS OF THE 17 
KIND 1 Ai. Sea. pregc. Olv. Do on 
1.05. 4 15. 7.45 laic show Fr». 
Doors ooen 11.15 pm. AH seals Ilk! 


,.7n »u"?ese ^777, ' 'r.„ ] ST. MARTIN S. CC. 638 1443. EWL 8.00 1 

2835 E«2ln« 7 S M 2S?9 15 1 MB “aHnee Tubs 345. Saturdays 5 and 8. 1 ODEON MARBLE ARCH. (723 ;0i 
EVMy 9 CM3 MY 9,15 ' AGATHA CHRISTIE S 1 CLOSE ENCOUNTERS OF THE TF 

Drcrpvri rAvoiiff THE MOUSETRAP I KIND iA>. Sea. progs. Mon.-Frl. C 

A May lor actors and orefimrra by TQM 1 WORLD'S LnNGEST-EVER RUM I Open 2. IS. 7.30. All seats bfcblc 


AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LOMGEST-EVER RUM 
26tn year 


'Thur^y "h^Tr&aV'^ f&sW 26tnY EAR 

ySMBJVLW T f. L o5. SJEVZsr-tJSfe oiwn I PR,NCE «-at Jfitafr 437 £ 

‘Efrm'&xz raflt ^ yyr&SEV j sea. Pcrf S H, g 1 H Y . A 1 ^. iE sVn.5 A i'. 45 . . 


MISS THIS PLAY.” 5. Times. 


** S«. 6.00 Md I MS. IBOITK food national THEATRE. 


avalbblej 

ELVIS 


OLIVIER (open 


>; Ton't. A Tomor. 7 


and al 1*1 o*m. 

LOS RCaifc del PARAGUAY 


Sep. Pcrfs. Dly. line. Sun.l 2.45. ' 
9.00. Late snow Frl. and Sat. 1 
Sean Bkaic. Lie d Bar, 


0 2554. 
n«i at) 


F™ Oerl. Only. 

■tST MUSICAL OP THE YEAR 
EVENING STANDARD AWARD 


* TonX 6 Niue. Ba.dwln 

&Mfm« AMCR,CAN BUFFAl ° V * UD |a U ^«f.4| 9 ¥,t. C 5 C 4^ 


CLUBS 


aiAnwnu D^vio M a met. ’ 1 

C B 1 HP ,, i D <®- 036 6056. Mon. tn Thors. I Many excellent cheap seats all 3 theatres I 
8.00. Friday, Saturday 5.45 and 8 JO. I day of perf Car park. Restaurant 
■ PI TOMB I ! 928 2033. Credit card B«H. 92B 3052. 

.. Blade AirMan Musical, I old vic.- — o5oT 

^W^c^ r U00-L5''50 M ' rfOr ' 1 PROSPECT AT THE OLD^C 76 ’ 6 ' 

i J83.isr®Bft 

WfiEHEaTER. 0243 81312. Eileen Alleins as SAINT JOAN "a great 


AMUR^ 1 ^ ANNOUNCED’' ! EVE ' ,B9 ' Re 9 Wt S,rc «' 754 D5&7 ' 
THF MfStET whoOUNMIT i Carte or Alt-in Menu. Three Sued? 

WHOD U N N I T Figer Siwws 10 45. 12.45 and 1.4S 

•’ Re.ente? ? A JUn * anniher ntt-o- music of Johnny HawkKWOdh A Frl 

dun» hil A^£ ,h ^h,?--^ u 'ftadilno the 6ARGOYIJE. 69 Dean Street. London, 
wm End » ^ ano-ife- o? he? NEW STRIPTEASE FLOOR5HQVS 

JiSr-.hh? SS! W?!" .THE GREAT BRITISH STRIP 


hend'shiv Hieenicnis murder mvslgrlg*, 
. Felix BarVni-. Evening Mew* 

AIR-CONDITIONED THEATRE. 


Tonlflht at 7.00. July 11. 1Z. 14 8- performance.'" The Time*. Wed.. TK,,r ^ -^ULCUNPITIONEP the at 
11 A . 7-00- July 13 at 2.00. THE 1 . 7.30. » ^ _ 1 VICTORIA PALACE. 

TfrMIN -PAPERS. Jii.v 13 al 7.00 I Ellwn Atkins. Brenda Bruce. Mlciuel 1 Book Now. aa; 473S--i ?3 

tOUPLB a * tHE INCONSTANT I DMNMI. Deret Jacobi In THE LADY'S I STRATFORO JOHNS 

, NOT FOR BURNING "iresii and buoyant.” shbii' - iiawmcK 

cOMEPy - "'"* 1 ». ! PJ* 1 * Telegraph. Sat. 2.30 a. 7.30 « . _ aNNIF 


STRATFOSt? JOHNS 
SHEIlt I'ANCOCH 

ANNIF 


OMEDY. nr n-n 7l7fl : T ,CICT<r * pn - * '-*u 1 . , annif 

^ ■ Homed engagement uot>l July 16" ' OPEN AIR. Regenl'i Parh. Tel; 486 243iT ~ 7 30 - M j l '- w<yl 


THE GREAT BRITISH STRIP 
Show nl M.dniahl ml 1 a m 
Mon -Fri. Ck-iea Saturdays. 01-437 1 


EXHIBITIONS 


ALEC McCOWEN 5 
ST. MARK'S GOSPEL 


> A MID5UMMER NIGHT'S DREAM - WAREMOU5ir~D. jn.-nar Iliwl r *. 

EL,Z Sm-Zmaim E «p d b«K«» cston f 2SSS1 THF..COMPLEAT • 


Paul Scofield and Harry Andrew* 


Seat* C t . 25 . £ 2 . 25 . £ 2 - 50.1 „ Sh*r-'* MAN OF DESTINY j WHOLE EABTm" CATALOGUE. All %-nt . I.crrio-. KC .2 V .'.^d7 n ‘‘ i ..u PS ' w ^ , 

Latecomer* not admitted. tunesum* Today. Tamor. a Fri. 1 15 . I 50o. n I ;0 .5 Fm. J l, » Ml »' 



14 


FINANCIAL TIMES 

BRACKEN HOUSE. CANNON STREET. LONDON ECtP 4BT 
Tdesraos: FDuadmo, London PSi. Telex: 888341/2, 833897 
. Telephone: 01-248 8000 


Monday July 10 1978 


The case for 
competition 


- TWO MONTHS tovem- 

r ment published the results of 
ran interdepartmental study on 

- monopoly policy which re- 
■ commended a somewhat tougher 
‘ approach towards mergers. 

Although the authors saw no 
need for drastic changes m 
present policies and procedures, 
they argued that more weight 
should -be placed on com- 
petition: "the implication was 
that too many' mergers with 
potential anti-competitive con- 
sequences had been allowed 
through. 

Co-operation 

The contrary argument 
emerged in a paper prepared by 
the National Economic Develop- 
ment Office. According to this 
view, the 'strict application of 
competition policy must nut be 
allowed to conflict with the 
requirements of the Govern- 
ment's industrial strategy. In 
some sectors, the NEDO paper 
suggests, there is a need for 
larger ;grou pings, for rationali- 
sation or for other forms of 
co-operative action between 
companies if industrial efficiency 
is to be improved. Existing 
rules on mergers and restrictive 
practices may be preventing 
some desirable co-operation from 
taking place. Far from making 
the rules stricter, the Govern- 
ment should consider relaxing 
them in certain respects. 

Neither the Green Paper nor 
the NEDO study want to change 
the pragmatic, case-by-case 
approach to mergers. Both 
accept ' that a judgment has 
to be made between the anti- 
competitive effects of a merger 
proposal and the efficiency gains 
which may arise from iL The 
authors of the Green Paper 
were impressed by evidence 
which showed rhai in sevitil 
mergers, especially large-scale 
ones, the forecast gains - in 
efficiency had nut materialised: 
in some cases, the merger had 
seriously weakened the com- 
: panics --involved. But it is- 
eoually possible to point, as the 
NEDO paper does, to successful 
•mergers which have led to an 
improvement in competitive- 
ness. 

The evidence, in short, is in- 
conclusive. But the experience 
of the past decade does 
justify a certain scepticism 
about industrial restructuring. 


Neither Government-inspired 
rationalisation nor planning by 
sector working parties can re- 
place competition as the spur 
to efficiency. The weakness of 
present policy is that too many 
mergers with potentially serious 
effects on competition have 
been let through on flimsy 
grounds. Where a company 
with. say. a 25 per cent share 
nf the relevant market proposes 
to acquire a rival with a 20 per 
cent Share, the offsetting indus- 
trial arguments need to be very 
compelling indeed. The Green 
Paper is surely right to re 
commend a slight tilting of the 
balance sn that mergers of This 
kind are subjected to more 
rigor mis scrutiny. 

Whether the Government 
accepts this is not clear. The 
pressure Tor a change In merger 
policy has come largely from 
Mr. Roy Hattersley. Secretary 
for Prices: on several occasions 
the Prime Minister has Indicated 
his support. But other Ministers 
think that the industrial strategy 
must come first. While this 
confusion persists, decisions on 
merger references to the 
Monopolies Commission are 
more unpredictable than ever. A 
Government statement on the 
matter is needed soon. Beyond 
that. Ministers should accept 
NEDO suggestion that when 
merger is referred or not 
referred the reasons should be 
published. This has been 
resisted in the past because it 
would involve the use of con 
fidential information, 

A ‘strategy ’ 

As for restrictive agreements, 
the NEDO paper suggests that 
several proposals for Inter-firm 
co-operation are being impeded 
by the legislation and that the 
exemption which the Act pro 
vides for “national interest 
projects should be widened, or 
at least more broadly inter- 
preted. There may be a need for 
the Government tu clarify the 
circumstances- under which' this 
exemption can be used, but 
Ministers should be extremely 
wary about widening it The 
Restrictive Trade Practices Act 
is the cornerstone of industrial 
policy and it would be a great 
mistake to weaken it in the 
interests of a “ strategy " whose 
value to the economy has yet to 
be demonstrated. 


Russians test 
Carter 


PRESIDENT CARTER faces 
another stern test of his mettle 
following Moscow's decision to 
start the trials of two of the 
most prominent Soviet dissi- 
dents. Mr. Anatoly Shcharansky 
and Mr. Alexander Ginzburg, 
this week. It is bard, in the 
circumstances, to interpret the 
Soviet decision as anything 
ather than a calculated act. 
In the first place, the Soviet 
luthorities have charged Mr. 
shcharansky with espionage. 

1 is pite President Carter's 
>ersonaI denial that he ever 
vorked for American intelli- 
gence. In the second, they 
me chosen to stage the trials 
n the very week in which Mr. 
'ynis Vance, the U.S. Secretary 
•f State, is due to meet Mr. 
Vndrei Gromyko, his Soviet 
■ounterpart, for Important talks 
n Geneva. 

Moderate 

The hope had been that the 
leneva meeting would not only 
iclp to rcsulve outstanding 
vues In the negotiations for a 
:ew. and lung overdue, strategic 
rms limitation agreement 
SALT III but also set the tone 
or an improvement in the 
enerally strained relations 
etween the two super-powers- 
lecent weeks have seen sharp 
iplomatic exchanges. In which 
ach side has made serious 
spionage allegations against 
ie other and two American 
mmalists in Moscow have 
een accused of libelling the 
ovier Union — to say nothing 
T the tensions that have arisen 
rer Soviet-Cuban in t erven- 
on ism in Africa. 

Washington’s response to the 
ews of the trials, though angi-y. 
as 5tiU su far been more in 
ne with the moderate approach 
f Mr Vance than that of the 
ore hawkish Dr Zbigniew 
rzezinski. President Carter’s 
ational Security Adviser. True, 
r Vance has issued a lough 
atement ■ condemning the 
»viet action, and two ufficial 
merican visits w Moscow have 
•en called off. Mr Vance will 
so deliver a protect nuie frum 
'Ciidem Carter lu President 
rezhnev, when he meets, Mr 
romyko. But there appears to 


have been no suggestion that 
the Geneva meeting should be 
cancelled or postponed. 

It is quite dear, however, that 
this is not going to be the end 
of the matter. Even Mr. Vance 
has been pushed closer to 
"linkage” by the trials, which, 
he said at the. week-end. 
“ inevitably affect the climate of 
our relations and impose 
obstacles to the building of con- 
fidence and co-operation." The 
impact on the important body 
of congressional opinion that 
favours calling off the SALT 
negotiations altogether is likely 
to be even greater. There are 
plenty of people in Congress 
who believe that any SALT 
agreement likely to emerge 
front the current talks is likely 
to be detrimental to American 
security. If -the alternative is a 
new arms race, they are, justifi- 
ably. confident that the U.S. 
would win it. 

Why. then, is Moscow going 
so close to the brink? The 
Russians are undoubtedly 
irritated by Washington's recent 
revelation of their espionage 
activities and concerned that 
the U.S. is about to "play the 
China card " by giving military 
support to the Peking regime. 

implications 

At the same time. Moscow 
is re-emphasising its own inter- 
pretation of detente. The end 
of the cold war. In the Russian 
view, does not mean an end to 
ideological confrontation. Still 
less does it mean that Washing- 
ton is entitled to " interfere ” 
in internal Soviet affairs by- 
means of human rights cam- 
paigns. At the end of the 
Belgrade security and co-opera- 
tion conference earlier this 
year, Mr. Arthur Goldberg, the 
chief U.S. delegate, said that if 
Moscow put Orlov and 
Shcharansky on trial, it would 
be “ making a mnckeiy ” nf the 
human rights provisions of the 
East-West Helsinki Agreement 
of 1973, Now that it is hap- 
pening. Presideni Carier can- 
not avoid assessing the 
implications Tor His policies 
inwards the Soviet Uni.m and 
his human rights offensive. 


The shadow boxing 


Financial Times Monday Jnlv 10 1973 


over 



ports policy 


BY IAN HARGREAVES, Shipping Correspondent 


THE VIRTUAL bankruptcy of Labour Ministers for the docks slumped from 25.1 per cent to 
London, Britain's largest port, lies the enduring commitment 11.8 per cent in seven years with 
has been accepted with a compla- of Labour Party manifestoes, the imports share down from 
eeney partly explained — but not including the last one. 19.1 per cent to 10.S per cent 
justified — by the reasonable nationalising' them. No doubt in the same period. Its reserves 
financial performance of the the same conviction will feature Have evaporated from £54m to 
national ports industry in recent briefly in the next manifesto, £2m in five years as the port's 
years, and by the fact that the too, in spite of the lukewarm land-bank has run out of funds, 
industry employs fewer than attitude of Mr. Rodgers to any and Sir .lohn Cuckney, its chair- 

67,000 workers, compared, say, extension of the public sector, man, reckons it is capable of it has still proved difficult and vestment in new, and uisioiest- 


SELECTED PORTS: PERFORMANCE INDICATORS 


BRITSH TRANSPORT DOCKS 

(19 Ports) traffic (m tonnes) 
Net. pre-tax surplus/! deficit) £m 
* Return on capital % 

1970 

57.5 

AS 

33 

1971 

80J 

7.6 

5.6 

1972 

83.6 

8^ 

6.1 

1973 

89.7 

11.7 

7.6 

1974 

845 

12.1 

7^ 

1975 

773 

12.5 

8.0 

1974 

835 

255 

15.5 

1977 

77 J. 
29.0 
16.8 

DOVER 

Traffic (m tonnes) 

Surplus/ (deficit) £m 

Return on capital % 

IS 

0.6 

KL7 

2.1 

0.7 

105 

2A 

1.0 

12.7 

23 

0.9 

1U0 

3.3 

0.9 

11.4 

3-4 

1.4 

14.2 

4.0 

1.9 

14.0 

5.0 

21 

129 

LIVERPOOL 

Traffic (m tonnes) 

Surpfus/C deficit) £m 

Return on capital % 

273 

(3-0) 

1.8 

303 

1.3 

S3 

2S3 

1.7 

25.9 

(2J) 

0.8 

26.4 

(0.9) 

0.0 

225 

(8.0) 

45 

215 

4.4 

105 

18.5 

4.1 

9.0 

FELIXSTOWE 

Traffic (m tonnes) 

Surpktt/( deficit ) £m 

Return on capital % 

Z2 

0 3 

4J» 

23 

OS 

6.7 

2.7 

0.7 

8.1 

3.4 

1.0 

s- 2 

3.7 

05 

33 

4.1 4.4 

0* 0J> f/09t 
nifif/ 
33 5.24J 

4.7 

15 

9.5 

LONDON 

Traffic (m tonnes) 

5urplus/( deficit) £m 

Return on capital % 

57.0 

(18) 

1J 

53.0 

5.7 

3.4 

48 JO 

3 JO 

4.1 

51.0 

10J 

13 

46 JI 
G-9) 
2.4 

41.0 

(355) 

0.0 

44.0 

(6.7) 

4.0 

51.0 

(8.9) 

24 

BRISTOL (EXCLUDING PORTRURY) 

Traffic m tonnes 4.2 

Surplus/fdefidt) £m (0-2) 

Return on capital % 3.7 

3.7 

0.0 

6.1 

U> 

0.1 

5.6 

3.4 

0.0 

65 

3.4 

(0.1) 

5.9 

2.6 

0.0 

85 

- 28 

05 

13.9 

2.6 

(24) 

75 

■ * Return on capital « calculated before interest charges. .. .. 

t July mS-April 1974. t April 1976-Dec. 1976. 


with the 240,000 
ways. 


on the rail- 


The consequences of this 
shadow boxing are hard to 


Sir Humphrey is «:u* of the 
iiul it* try's most ardent oppo- 
nent!* uf further cMniuir public 
ownership. A tree-market hum. 
he has demonstrated that Hie 


losing more than £70ni In the in some cases impossible to get men* «ui «F old, facilities, 
next four years if nothing is men to muve tu the area of a At present, the Ports Coun- 
Butit is the deeply held view assess. Some sav that the British du J.?' * ... port w ^ere there are jobs and c il fillers all investment pro- 
of some in the industry that the ceunomv has been funda- J he financial picture at the to work flexibly once they ha\u jecis over £lm and makes sure , ^ 

docks, having emerged shaken mentally harmed by failure to otJ ! er _ Iar r e ' lrad,Uo ° a] p ? rt * ls * rr,ved - that rates of return acceptable Boards ports. h, -. h 

but still largely intact from a plan, finance centrally, and if s °u 00r ^ 03 *** M? n ‘ The most important point lo the Treasury are in prospect, degree nfi operational aiitorumi. . 
decade of dramatic change, are necessary subsidise, a handful do [*-' - but cause For abuut the ports’ manpower The Council has. however, can compete wall Lhe best m 

again facing a period of new 0 f key ports and associated S*™'™?**** P osition « n0 ‘- however, the never gone in for summary the private sector aod pre. ua- 

challenges. The.se. they say. industrial hinterlands as has ta cust uf SUf P ,us ,abour Jud « *«. capacity' credtlablc -.if nu hn uni - 

can be tackled not bv local been done in France, birf also in R , , « 7 . h eNten!,ujn - efficiency. There i» no doubt question— although its forth- rales of return. Only NU people 
solutions bur only by the erea- Belgium. Holland and Germanv. L” Jl *“1 ._?_™ J* that the strike record or conun* report will touch upon arc employer! in BTDB s central, 

tinn of a central 
the ports. 


This thinking looks 
put to the test 
Government is now under pres- 
sure to decide the future of 
London's Upper Doeks before 
the summer recess. It has been 
told that the Port of London 
Authority must close the Royal 
Docks early next year. This 
closure would mean the loss of 
over 2,000 jobs and even then 
the .Authority says ir will 
require immediate Government 
assistance of £60m to 


reply: “ Pruve it.” 


requirement 


the 


Harbour having been rescued v : ear ' In iy75 . lhL - figure was down 

b> the Government wiih iailm • ^ d 197 -j \\ was 3.273. NPC to produce regular stra- 

nf loans, made its second con- 1,1 * r<ir rhp { m iu*trv 

secutive profit last vear. but its Shipowners, however, com- tejc P lans for the lm,Us,r >- 

chairman has warned that 1978 plain that UK ports seldom The council says such a 
will be more difficult. work round the clock central planning function is 

But at the moment, the shifts, unlike many Con- impossible on present data and 

financial picture is probably not unental ports, and that poor would be unjust when 
Three major changes have Had enough in itself to convince time-kccning continues to be a industry is divided into 

taken place in the last 10 years! any government that wide- drain, la short, the argument numerous, small, autonomous 

The labour force has halved spread changes are necessary, in that the ports have bought units. If may be possible to u 

there has been a switch in When world trade picks up. out much excess manpower identify the fact that the 20m couuls 

cover mel hod 5 of cargo handling some uf the financial pressures without buying better produc- tonnes per annum of conven- 

tivlty. tional general car-jn predicted Bnslol - s £32m Rnya , Pnrtbury 

No official figures exist, hut Dock, which was eventually 


Three major 
changes 


however, 
and cu-1- 
have f 1 ii* 

power or the mandate to do any- 
thing ahk’ul the national otor- 
capacity. 

There Is no stated Govern- 
ment or NPC pul icy on this 
V'" matter, but it is interesting to 

. LvM. V t! I I.’ 


severance pay and lossev over towan j s un j t j Qa ds (containers, should get easier, 
the next five years followed by yoii^n roll-off or One of the main reasons why 


note that hath bodies have b-.-vn 
prepared to consider adding to 
capacity or preventing capacity 
from disappearing on a number 
By. far the biggest 
investment permitted was 


■•SSL"* ro ’ r0 Iorries > ® nd the UK’s trade ports have found it su hard ■<» j ast year t h e National Ports after , 19S0 i? far l>elow rhe total allowed thruu.qh after a succes- 

of between £lm and ~4m a hac«» cu.-TtohcMi-tnr>rao«inoiu control costs durine oertods uf council, the British Ports Asso- paP ac, ty available, but tt is S j nn 0 j pi^ns. mainly 

ciatlon and the General Council im f’ ossi . bie J* predict 0,1 l ^ e grounds 0 / undercapacity 

of British Shipping produced a £ nrts ulo '' e thri,u " h at Bristol’s other docks. 


flows have switch ed increasingly control costs durin 
y6a ^‘ , „ towards Europe rather than 

Sir John Cuckney. the America and the Commonwealth 

Authority's chairman, has made f or general traffic and. more 
it clear to the Government that recently, towards the North Sea 
the only way to ensure the j or f ue i traffic 
future viability nf the port is , ’ 

to close both Upper Dock com- . ThtM fundamental trends 
plexes end tket if the Govern- , havf c f ated nnorntous edvan- 
moot cannot accept th e social ! J , 

and environmentaf effects, which ? nn -J Ie lhe , b « f or ? of 

a double closure would email. , L ir el S“? "ft* 0 * 

it must pav. for its political 'baser eatenl. Hull. Br stol and 
decision F P Manchester, were struggling 


Successive 

plans 


PRODUCTIVITY 

COMPARISONS 

Tons of cargo moved per: 


Net man 

Net gang 


hour 

Hour 

Antwerp 

2.4 

29 

Rotterdam 

25 

21 

Bremen 

25 

18 

Grangemouth 

1.9 

18 

Tees 

15 

16 

Hamburg 

15 

IS 

Avonmouth 

1.2 

12 

Glasgow 

1.1 

n 

Hull 

1 

11 

Liverpool 

0.9 

10 . 

London 

0.9 

10 

Source: Unpublished study by 

NeUonal 


secret report, parts of which 
have since become public. This 
backs the shipowners' case and 
shows some British ports in a ... 
deplorable position, with cargo S^ptocal positions, 
unloading rates three times 
worse than Antwerp. The 
figures in the table, taken Trout 
the report, are adjusted to 
allow for anomalies in load 
types. Another section nf the 
report showed that no UK port 
in the study loses less than 25 


because that depends upon eus- „ , , , 

turners’ decisions, which in turn _ Mure recently both the 
deoend on purls' efficiency. Government and NPC have s..p- 

pricing structures a nd ceo- l !* e °f.. a nu ' v 

facility in Pembrokeshire fur 


Bell Lines of Ireland on the 
grounds that the port wa» com- 
mercially essential fur the user. 
Mr. Rudgurs also agreed to pot 
£2m into Preston in order l<» 
dissuade the Inca] authority 
from closing this port down. 
This approach infuriates those This was a clearly political de- 
cision. with nu apparent 


Nationalisation 

ooptjrovprsv 


Ports CosiKil. General Council of 


cent. 
Port 


authorities have 


in favour nf nationalisation and 

per cent of time for bad those wlm feel a central plan is national benefits in terms of 
weather and poor time-keeping, essential for strategic reasons. P‘' rt facilities, and one which 
The figure for Antwerp is 7 per it ^ brings vilification from will no doubt cost more tax- 

others— not instincti veto grand payers' money in the long run. 
dis- planners — who simniv feel that All of these decisions can be 
Jnissed the fi2l,res a* meaning- the ports are drifting in a defended from some standpoint. 
set anmffeT m arga and wtiMriDn. ' less, arguing that they compare fiercely competitive market. But they illustrate belter than 
' like with unlike and omit price-cutting to win business any other single piece uf 
crucial considerations such as from each other, bin 1101 c«ni- evidence the random nature of 
the Dosirinn of ports in a ship’s sidering the strategic invest- Government’s approach to port 
discharging run fit is easief to ments which will prevent planning. Probably it is ion 


with labour resistance to new 
methods, the smaller ports were 
able to move into highly 
specialised trade flows with the 
right kind of investment at 
precisely the right moment. 

The result has been that the 
Politically, ports- policy is the share of non-fuel trade through 
late evening shadow of Labour whar the I9€2 Rochdale Report 
Transport Ministers. It emerges categorised as the major 
long and sharp towards the end ports ” has fallen from SU per 
of an incumbent’s period of cent in IMP to 62 per cent last 
office, when more important year. Meanwhile ports like 

matters have been duly disposed Felixstowe have more than recession when revenue iit IO tl „ w . „ Ia ..... 

of. only to vanish in the next quadrupled their traffic and the ““d* 1 * pressure and thus to un|oad ca ^ g0 from ^ t of Britain hemming an offshore late now to start with grand 

re-shuffle or change of admini- ro-rn port of Dover has reached avoid slipping into deficit is the ^ 1 ^). lransh«mnent point from main- designs for the industry. The 

stration. the point where the value of its inflexibility of the Dock Labour CoQtinental portjJ are more land Eurepe. reads are built, for ilie mn«r 

In this way, the industry has and exports almost Scheme. expensive than British ports The National Ports Council pjrl - and the railways are 

had successively the Castle, rivals that of London. At the Last year. 9 per cent of all but this, shipowners assert, is is under attack from another rI °sed— again with not much 

Marsh and Mulley plans,, which sa me &m « oil traffic is moving registered dockworkers were mainly the result of relative side ton from the state-owned evidcrt(, c of a ports infraslnic- 

were ruminated upon but not new P orts - such as Sullom surplus to requirement and fur currency strengths. It Is un- British Transport Docks Board lure P lan - 
quite cast into a firm shape by Voe, or ^re-vamped ones, such as ports such as London, where likely, however, that produc- which runs, hlghlv successfully. At present, the Govornmenfs 
the subsequent minister. Dr. Grangemouth This ™Nows the average surplus 15 m excess tivlty problems require about one third of the Industry, thinking about the PLA is that 

John Gilbert Now, it is the ttp-n f^eaj>_ s f'era blows to many of 2u per cent, the financial nationalisation or even re- Sir Humphrey Browne, the an entirely convenrinii.il solu- 

tion is possible: a solution based 
on guaranteed loans tu residve 

nnlv^Tc cirnh ac \TilFnfrl V ' =■. •'■n— ■ /huv.i »tui uio vu poiaipm niiU 111*5 M'MCiii* the ca&h crisis and l«i back 

from the National Poru Council, cnar^e points suen as mi if ora Governments £30m voluntary career possibilities would menl and believes the best jmhi- further voluntary mlnndancic.- 

a quasi-Govemment body with- ana - more recenuj. severance scheme in 1972 and attracl better manaenraent. The tinn won Id he simplv to return If as expected the Government 

out much power set up by the Anglesey. subsequent .schemes financed key issue on which the re- the technical, statistical- and does opt for the conventional 

Conservative Government in . So it Is not difficult in see why by the ports with the help of organisation / nationalisation research functions of the cmin- solution it will mean that its 

1964. London is in trouble. Its share Government loans have helped argument turns is that of port cil to the Department of Trans- piecemeal approach will enn- 

Behind all these designs of of UK exports by value has to reduce unwanted manpower, capacity and the ouestinn of in- port. tinue. 



MEN AND MAHERS 


Vaduz 

scrapes through 


ducer of false teeth and sausage Needham, who is in Alaska of Brian Chapman aged 31. He 
skins can breathe again. After for two weeks, has been a cun- tells me that his company's rate 
considerable heart search iag the tmversial figure ever since he ,o» turnover has risen from £lin 
Council's mini -session voted in became the first full-time chair- a year last December to nearly 
In the midst of its debates on favour of Liechtenstein becom- man uf the New York Stock JElOm now. Chapman has just 
such stirring matters as Enro- rag its 21st member. This Exchange in 1972. begun challenging Cadbury's 

pean driving licences, the recommendation Is to be taken The NYSE was under outside with his own brand of drinking 
depletion of the ozone stocks In U P a* ministerial - level in attack fur not considering the chocolate, but his breakthrough 
the ozonosphere and the organic September. broader interests of the country depends primarily upon instant 

treatment of sewage, the I later leamt that the main and for being a club to protect coffee. When prices were at 
Council of Europe’s mini-session political concern about admit- only stockbrokers. During their peak. Chapman burst upon 
in London last week suddenly ting the principality is because Needham's time, its self- the market with a brand named 
found itself seized by contra- it will have” the same voting disciplinary regulations were Vendona and undercut Nescafe 
versy. Should it. the world’s rights in Council affairs as the tightened and its commissions and the other leading brands by 
haven of parliamentary demo- major states in Europe. Furtlier, reduced in a way which lias 20 per cent or more, 
cracy. clasp Liechtenstein to its there is the fear that San clramaticaUy altered rhe struc- A former advertising man 
bosom? Merino, Andorra and the lure uI Uie security market. with a boyishly insouciant air. 

Passions raged, and speakers Vatican might seek to follow, Bul he was an abrasive initially Chapman looked like 

rose. Sir John Rodgers, presi- making havoc of die present character who failed to placate someone who had struck a 
dent of the Political Affairs voting balance. either the members of the bright idea but would quickly 

Commission of the Council. i asked Gerard Baliinef of NYSE or 113086 u “t si de pressing vanish without trace. It has not 
said later that ’some had com- the principality's Bourgeois Pm- ( or , 6 ]} an8e - Moves t0 ™*ke the happened, 
plained that the principality was gressive Party wthy Lt was only "” S ^ m,,re of a nation-wide A rtiance meeting with a rival 

* tax haven: it seems to have 30 years c ouac ji ,uarket continue, bur Needham in the supply of instant coffee 

company .headquarters started, that Liechtenstein was seetllJ \ l0 . J? ref ? r m,t 10 be con ’ for vending machines was the 
1 than residents (22.000). pressing for entry BatUner After lea . v,I ! ? h *s job in germ of Chapman’s success: The 


more 
25.0001 


Its claims to being democratic who is Sneaker oMhe 15-mem her 1976, lw ? > ? a f 5 ijefore his con_ rival was Paul Daniels and 
are also challenged as women 1 ,^. „ rh uartiamem in l ” ct exp re , d< he ^’! as offe r ed the Daniels’ company now has a 
do not have the vote: Sir John vHuTHrtd itat Ste coun-tt? SSSS re D of of the stake in the Vendona operation 

explained that “male chauvi- y 2 ? YSE ‘ , He It - seems and l6oks after its adiinistra- 

nirt pigs “had opposed this in 5^ Caesar has a better empire. ^ tton. It provided a crucial 

two referendums. t™ “ _ introduction to Sainsbury’s, 


But the world's largest pro- 


1965 and now bad observer 


status. Focusing his eyes on the fimp 

distance, he told me “It is aJi rai<ier l,me 



on organic process.’ 


Fresh gamble 


Why are alnajs the last 
tu knon?” 


whose supermarkets were Chap- 
man’s springboard. 

_ . „ . , Sudden success has not 

Back at home, our own Stock marred Chapman with an air of 

^ 56611 ih C i aDge ' tyroonery. When I asked him 
w*th the 9S-year-oId Ernest what his next plans were he 
Boxali succeeding to the title of JSJr “ I’ve -o? a lot of 
_ . . Fath er of the House. He entered carpentry to do on my house in 

Stock exchanges like to present the floor in 1908 and told me Richmond ” “v nouse m 

themselves as homes for inves- that naturally only a few of his 
tors rather than punters, so a clients remain. 

□umber of eyebrows were raised Though blind for 20 years he 
last week in New York where “i" 8 he still Stays in contact SliDflV Snell 
James Needham, former chair- with his old clients “ to keep 7 ^ 

man of the city's stock exchange. acti ve and keep my brain alive." Given the unpredictability of 
accepted a directorship uf 1,116 stock Exchange’s oldest Europe’s summer so far, the 
Caesar's World. This is one uf (Partially) active member does confidence shown by the latest 
the largest gambling operators h,s work by telephone. He has report of the Cijmpagnie 
anywhere. 7 1 lias 3 neon-flooded nwr been 3n the new building Francaise du Sucre deserves 
emporium of green baize and °P enetl ten years ago. applause. It starts:. Cbnfiden- 

slut machines in Las Vegas, it — rially and for restricted use: We 

is planning lu grab some uf the predict that no drought will 

action in Atlantic City. >;ew UlilCn l^6at affect the European beet crop 

-Jersey: the state's authorities The most remarkable success tfils year ' 
have just decided lu emulate «ory or 1978 in the retail 
Nevada, grocery business must be that 


Observer 


The Royal JYarr 
Thu .1 fcrciiani Nary 
The Royal Marines 
Our Fishermen 



Their disabled 
Their pensioners 
Their widows 
Their children 


King George’s Fund 
for Sailors 
looks after them all 


In this Country’ of ours, there is rio-one who is 
not connected with the sea. 

Half the food we eat comes from across the sea. 
Many thousands of us, our relatives or friends are 
past or present members of one of the sea-faring 
services, or of an industry dependent on them. 

There are many charities for seafarers and their 
families. One, only one, however, is the central charitv. 
charged with collecting and providing funds for all 
other seafarers’ charities, and with making sure that 
lhe money is distributed where it can be of most use. 

That central charity is King George’s Fund for 
Sailors. Launched in 19J7 at His Majesty's personal 
wish, KGFS distributes funds without distinction of 
service, of rank or of creed. The sole criterion is 10 
distribute the money to the areas of greatest need. 

When you want to remember our seafarers who 
are in need, remember King Georges Fund for 
Sailors. Well see to it thut not one penny of your 
money goes to waste. 

Please send your donation to 



A7/ie George’s Fund Jor Sailors 
1 Chesham Sr., London SWJX SNF 
the FUND FOR CHARITTlS THAi SUPPCIiF SEAFAFIfRS IK K£[0 AND TlfEIR FAMILIES 



e> 






Financial Times Monday July 10 1978 



CONTENTS 

GROUP HEADINGS PAGE 

US Dollars — Algeria 16 

— Australia 16 

— Austria 16 

—Belgium ig 

— Bolivia {I 

— Brazil 16 

US Dollars— Canada 16 

— Colombia 16 

—Denmark 16 

— Finland 16 

US Dollars — France 16 

— Gabon 16 

—Germany 16-17 

— Greece 17 

US Dollars — Hong Kong 17 

— Hungary 17 

— Iceland 17 

— Iran 17 

US Dollars— Ireland 17 

— Israel 17 

—Italy 17 

—Jamaica 17 

US Dollars — Japan 17 

— Korea 17 

— Luxembourg 17 

— Mexico 1748 

—Netherlands 18 

US Dollars — New Zealand 18 

— Norway 18 

—Panama 18 

—Papua 18 

—Philippines 18 

—Portugal 18 

US Dollars — Singapore 18 

—South Africa 18 

— Spain 18 

—Sweden IS 

US Dollars — Switzerland 18 

— Venezuela IS 

— United Kingdom 18 

—United Stales 18-19 

US Dollars — Multinational 19 

—Supranational 19-20 

US Dollars — Floating Rate 20 

Australian Dollars 20 

Bahraini Dinars 20 

Austrian Schillings 20 

Canadian Dollars 20 

Euroguilders 20-21 

Euro Composite Units 21 

Euro Currency Units 21 

Euro Units of Account 21-22 


IE GROUP HEADINGS PAGE 
16 French Francs 22 

16 Hong Kong Dollars 22 

16 Japanese Yen 22 

16 Kuwait Dinars 2 3 

16 Kroner (Denmark) 22 

16 Kroner (Norway) 22 

16 Luxembourg Francs 22 

16 Saudi Riyals 22 

16 Steriing/DM 22 

16 Australian Dollar/DM 22 
16 External Sterling Issues 22 

16 Special Drawing Rights 22 

17 Convertibles — France 22 

17 — Hong Kong 22 

17 —Japan 22 

17 — Luxembourg 22 

17 — Netherlands 22 

17 Convertibles— Singapore 22 
17 — S. Africa 22 

17 — Sweden 22 

17 —Switzerland 22 

17 — UJL 22 

17 Convertibles— U.S. 22-23 

17 

17 The table of quotations and 

18 yields gives the latest rates 
18 available on 30tb June, 197S. 
L8 This information is from 
18 reports from official and other 
18 sources which the Association 
18 of International Bond Dealers 
18 considers to be reliable, but 
18 adequate means of checking 
18 its accuracy are not available 
18 and the Association does not 
18 guarantee that the informa- 
18 tion it contains is accurate or 
18 complete. 

IS All rates quoted are for 

18 indication purposes only and 

19 are not based on, nor are 

19 they intended to be used as 

20 a basis for, particular trans- 
20 actions. In quoting the rates 
!0 the Association does not 
!0 undertake that its members 
10 will trade in all the listed 
!0 Eurobonds and the Assorts* 
SI tion. its members and the 
SI Financial Times Limited dn 
Si not accept any responsibility 
12 for errors in the table. 


WestLB Euro-Dentschemarkbond Pages 24-25 


\&nishingin 
7 seconds. 


The Association of International 
Bond Dealers (A1BD) compiles 
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 


Eurobonds in June 

BY MARY CAMPBELL, Euromarkets Editor 


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 table is published 
opposite. 


The focus in the international bond 
markets bas moved sharply in Lite last 
couple of months away from the 
traditional fixed interest rate dollar and 
D-mark bonds. Several kinds of issue 
which were of hardly more than marginal 
interest previously are now dominating 
activity. 

-During June the main areas of activity 
moved to the floating rate notes and 
convertibles— particularly convertible 

bonds for Japanese companies. There 
were also flurries of activity in a few 
lesser currencies. 

This was despite far from dismal 
secondary market performances both in 
U.S. dnilar bonds and D-mark bonds. As 
U.S. dollar interest rates moved ever 
higher, and the currency fell ever 
further, a constant refrain was the way 
prices were bolding up in the dollar 
secondary market. 

Eurodollar inter-bank interest rates 
rose by H per cent during the month 
while U.S. prime rales rose three-quarters 
of a point The trade-weighted deprecia- 
tion figure for the dollar (as calculated 


by Morgan Guaranty from a 1971 base) 
widened from 5.62 per cent to 7.2 per 
cent Against the yen the dollar's 
performance was really spectacular — the 
number of yen to the dollar fell from 
over 221 to under 204 marking an 
appreciation of some eight per cent. 

Although dealers reported some 
seasoned bonds beginning to come out 
of the woodwork for the first time in 
several years, the movement of the Bond- 
trade indices was slow and stately: yields 
on medinm term bonds rose only about 
ten basis points and yields on long term 
bonds by under 20. At the beginning of 
June the yields on the Bondtrade index 
were well ahead of the six month Euro- 
dollar rate; by the end they were well 
below it 

The failure of the bond market to fall 
as short term rates rose precluded 
significant fixed rate issuing activity. 

The D-mark sector was bedevilled by 
weakness in the domestic German capital 
market Aeain. the reaction among the 
foreign bonds was muted by comparison. 
But this, together with the overhang from 


May's closure of tbe market, also meant 
many fewer new issues than customary 
in recent years. 

Given the shortage of traditional new 
issue opportunities, the expansion of the 
convertible and floating rate note sectors 
was perhaps a logical development. 
Nonetheless, by the standards of past 
periods of high interest rates it was by 
no means predictable. The FRN was 
after all introduced many years ago — by 
ENEL in 1970: it is only in the last few 
weeks that it has proved its capacity to 
replace tbe traditional fixed rate market. 

Developments during June were 
notable in two big respects. One was 
that the range of issuers widened con- 
siderably — to take in several sovereign 
credits on top of a big increase in hank 
Issuing activity, though not — yet — non- 
banking companies. 

Also significant was the extension of 
maturities in this sector to fifteen years 
by Midland's issue. Maturities have gone 
out to twenty years since then. 

For corporate credits, the route to 
capital-raising has been the convertible. 
The U.S. stock market has this year been 
surprisingly ebullient for an era of rising 
interest rates while the Japanese stock 


market has moved only upwards in recent 
weeks. Japanese companies have dropped 
straight bond issues almost entirely and 
turned to convertibles on a very large- 
scale — particularly in D-marks. 

Given the rising yen and rising Tokyo- 
Dow Jones index, demand for Japanese 
convertibles has been running at very 
high levels. The coupon level on D-mark 
denominated convertibles has been 
brought down to 3* per cent while all 
the issues have moved to hig premiums 
in after-market trading. lto-Vokado's New 
York convertible issue also moved to a 
big premium. 

The effect of the appreciation of the 
currency on the yen fixed rate bonds has 
however not been so favourable. For the 
first time in months, the element . of 
currency speculation which had main- 
tained the constant demand for yen bonds 
began to die down, as the currency rate 
approached the psychological Yen 200 
figure. 

Among the lesser currencies, the 
Luxembourg franc consolidated its niche 
during the last month. It is symptomatic 
of today's market that at one stage there 
were three fixed rate issues on offer in 
Luxembourg Francs— more than were on 
offer in the dollar sector. 


That thick black line represents 
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1.79 8 .b 9 9.10 
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99 : 6 5 . 1 - 8.99 8.81 


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127.70 19-31 J-OsC 


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u a’Lirj^sajQ 

50 . CO 1977 * 3 A 120 M CHmA: 32 03113 43 2 2 
9 ?.:s 9 -xi :/:i/i 9 *s a 

LQ.CO ISIS C-r. 1 . - XliluC 9 X i £ 

l/.cs 94-iO a. co :■• .•■‘M? 

LaOO is::* pisali - fl: w: :/s 

94.53 4 . JO s'lT'ili: 

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e.bj i 9 t :mj s 

£ 0.23 ! 97 r 11 , 50 . iSK 3 /. ’ US ; 2 

ICt.iO 10 . C 3 '.’Mil 

ta.CO 74 'S U7LJ..OS .IT .-. 1 .. 4 LL I 4 ! 7 - » 

1 ?.CC Sit.iO 3 .» 7 . 4 :667 

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112.71 .' i.'ib. 

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..'a 44.15 P.:.. : : :• •'* t 

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If. -’7 

a .:3 7 .:o *3 *..o 5? j £.5 ui itj ::o 97 J 

—* 8 - 3 I 0 :.£B 1978 

-. 4 * i. 9 , £.33 551 -62 : >; -O’. 510 4*0 

XL 9-5 362 iii 


*.;£ 9.66 9.52 

£.14 9.'. 7 B.pi 
-.o* IC.Ii 

9 - 6 : f. 7. 7 

a.o: 7 ..J 

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4 . 7 ' 9.74 s.«: 
5 . .5 9 .s- 

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;.or 4.77 
5 .-" 

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r.’LT 173 7 J i: sO 975 

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I 02 .CD :s 33 ^.'o ’.:: 

:■? 50 4 j 7 97 m 9:7 

•'< - 43 . Cl ‘S skS -71 415 Sal 

751.50 15.8 * ' 

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...» . * ../ .£:• 575 91J "'3 

..i .11 !'■* . -s 77 

.}■- : ’ :.'l *.l 715 9.5 9-: 975 
79 i 5/ 


The story behind 
marketmaker nr. 611 


T he story behind 

.Marketmaker oil is the 
story of Rabobank. 
After more than 80 years . 
of steady growth. Rabobank 
occupies one of the 
most prominent positions 
amongst the leading ' 

bank organisations of H dlana 

With a strong 
agricultural background. 
Centrale Rabobank heads a 
cooperative banking 
organisation with over 31 00 
offices and a combined 
balance sheet total 
exceeding 6 1 biHion Dutch 
guilders (in excess of__ 

US 5 26 billion) in 1 9 / 7. 

Rabobank continuously 
extends its activities also 


. internationally, and is now 
operating as Marketmaker 
611 . in Dutch Domestic Bonds 
and Euroguilder notes. 

Considering the 
number of issues, in which 
Marketmaker 6 1 1 is quoted in 
the A1BD Quotations and 
Yields, it might be very worth- 
while to get in touch with the 
Tliilch Masters in Banking' 7 . 

Rabobank is also 
contributor to the Reuter 
Monitor System under page 
code RABA-B. 

Centrale RabobankHolland 
Keizersgradit 604. Amsterdam. 
Tel. Central (020) 25205L 
Trading (020) 262313 
Telexnr. 10161. 


Rabobank S 

Dutch Masters in Banking 


Austrian Quotes 

otations and Yields of Austrian Eurobonds 



COUPON 

DATES 


D-MARK ROADS' 

61% Brenner AutobaJjn 1968 fG) J.2-L8 

6 Vo Donaukrefnverke 1959 (G) 1/2-L8 

6}% Donaukraftwerke 1973 <G) 15 

7% Girozentnrie VV’ien 1976 Lit 

•71% Gfrozentrale Wien 1976 1.11 

S’% L\KW 1973 (G) 1.5 

• 6i%.Ke!ag 1973 (SG) 1.5 

85% Oester. Draukraftwerke 1973 (G> 1^ 

7% Oester. Eiektrtzitaetsw'irt 1967 (G) J/f-lR 

.7% Rep. Oesierreich 196S 1.4-1.10 

6i% Rep. Oesierreich 1969 1.4-1.10 

9% Rep. Oesterreich J975 ]2 

Si% Rep. Oesterreich 1973 1.5 

71% Rep. Oeinerreich 1976 2.3 

63% Rep. Oesterreich 1977 ..: 1.4 

84% TauemkrafTHerke 1988 fGY 1R-1.9 

7% Tauerokrafnkerke 196S (G) 1^-1. 8 

91% Tauemautobahn 1974 fG) 1.7 

S*% Voest 1973 1.10 

Si% Voest 1973 1.6 

63% Voest 1977 1.6 

7% Wien 1968 1.6-U2 

81% Wien 1973 LS 

U5A BONDS 

«% Rep. Austria 1964 31.1-31.7 

61% Rep. Austria 1967 - 1 5.3-15 J 

8$% Rep. Austria 1976 15-8 

6J% Aust Electricity 1966 fG) 1.1-1.7 

61% Aust Electricity 1967 (G) 1.4-L10 

’53% Alpine .Montan 1965 fG) 15.6 

8i% Tauernautobahn 1977 (G) 15^ 

8f% Transalpine Fin. Hldg. 1966 31.10 

% Transalpine Fin. Hldg. 1966 31.7 

63% Transalpine Fin. HMg. 19r? 81.1 

63% Transalpine Fin. Bldg. 1967 30.4 

74% Trans-Austria Gasllne 1978 15 J. 

AUSTRIAN SCHILLING BONDS 

94% Kontrollbank 1974 (G) U£ 


REPAYMENT 


3R.74-S3 

1.2.65-84 

15.7367 

1.1L81 

1-IIjSS 

1.5.80-85 

1.5.79S8 

L3JB1-85 

1^.73-87 

3.4.73- S2 
1.4.75-83 

IASS 

I.5.iS-8i 

2.583-86 

1.4.83-85 

1.0.74-85 

1-2.74-83 

1.7.81 

1.1 0.79 -SS 
1.SB1-85 

1.6-5*4-89 

1.6.74- 83 
LS.79-84 


31.1.71- 84 

15.3.72- 82 
15.8.78-90 

1.7.70-86 

1.10.71- 82 

15.6.72- 85 
15.3.83-87 

SM 0.70-85 
31.7.70-85 

31.1.73- 82 
304.74-83 

15.L77-S8 


SINKING 

FUND 

(STARTING! 



3.1.70 

15.3.71 
15577 

1.7.69 

1.10.70 

15.6.T1 

15.3.82 

31.10.69 

13.7.69 

31.1.72 
30.473 
15.1.76 


OF UWCO MJbWS esou.*. 


DOMESTIC ISSUES 

S% Investitionsanleibe 1973/B 15^ 15.2.77-SI (101) 

8% Invest) tionsanleihe 1973/U/B ../. S.7 3.7.76-81 (102) 

8% Invest! tionsanleihe 1974 -B 1.4 M.76-S2 (104^0) 

Si%- Investitionsanleihe 1974/11/ B 22 10 22.10.75-82 

Si% Invest' tionsanleihe 1975/11/B 11.6 11.6.76-84 (103) 

8£% Investiiionsanleihe 1975/S/1I 25.7 25.7.76-S5 (103) 

8»% Investitionsanieihe 1975/01 /B 2S.10 28.10.76-84 (1(B) 

S|% Investitionsanieihe 1979/S/ID L’JV i 27.12 27.12 79-85 ( 103.50) 

81% Investitionsanieihe 1975/VYB 12.12 I2.I2.79-S5 (102.50) 

Si% Investitionsanieihe 1976/S ! 20.2 20551-86 (104) 

S% Tmesti tionsanleihe 1977/S/IH/B | 2.6 2.6.82-S7 . 

8% Investitionsanieihe 1977/ fl 'B ] 15 £ 15RlS2-S6 

8% Investitionsanieihe 1977/Dl 'B | 20.12 20.12.82-86 

8% Wasseruirtschafisfondsanl 1977/IH 1 3.6 | • 3.6^246 

8A% Enersieanleihe 1975/HB U.S 29.10 29.10.79-So ( 103.50) 

Sl% Wiener Stadtanleibe. 1975/B 29.4 . 29.4.78-83 

-8% .wiener Stadtanleihe 1977/A 7... 10.5 10-5.78-92 

8% Wiener Stadtanleibe 1977/B 10.5 10.5.78-92 

8% Europ. Inve^titionsbanh Arrl. 1976 20.10 20.10.80-88 

8% Inter-Am. Entwicklungsbk. AnL 1976 ... 17.12 17.12.81 -SB 

8% Tag Finco -\nleibe 1976 ; l.... 19.11 19.11^1-86 

Si% Sparkassenanleihe 19 10 ffl/B 21.10 21.10.77-83 f 101) 

8% Sparkassenanleihe 1977/S./B 26.7 26.7S0-83 

(R) Purchase for redemption purposes by issuer possible. The bonds so 
to plah. (...) Repayment at a premium^ fG) Government Guarantee. 

tions are based on the middle 


— 101J 1021 7.S5% 7.36% 

— 102 1021 7.82% 7.84% 

R 1041 I04J 7.66% 7 79% 

— 101* [ 1034 834% 7.91% 

_ !03i 103} 821% 8.14% 

_ 103} 103* j $.21% S.l«% 

_ 1025 I 103 8.27% 8iH% 

_ 104 j 1044 | S.15% 8 04% 

_ 104 1 041 I 8.13% S.U8% 

_ | 104J 104-J S.13% “99% 

_ I 1002 10H 793% 7.84% 

I 10U* | 101 i 7 93% 7Jtl% 

I I00S 101i 7.93% 7.86% 

_ | 100J 101} 7.53% 7.95% 

— j 104} !U4* , 8.14% 7.93% 

._ ! 10W 101 i I 8.36% s.as% 

_ j 100S 1011 | 7.98% 7X7% 

• _ J 100? 10U 1 7313% 7.91% 

— 100? lOOi ! 7.95% 7.91% 

_ 1001 100J 7.93% 7 95% 

— 1002 1002 7.95% 7.90% 

_ 102 192? 8.31% 8.16% 

_ 100J 101}' 7.92% 7.76% 

purchased may be used for repayment according 
(S) Local Government Guarantee. Yield calcula- 
Price. 


CURRENT 
YIELD TO 
MATURITY 


100i loii 9.34% 7.83% 


On mteniatioiiaf capit al mar kets Austria ranks as Triple A. For knowledgeable investors, 

Anstraa seennties are particularly safe and attractive investments. 

= 1 1005 ” "lay be considered models where and a deposnon- bank forimeslmcn! funds. Leadinjt 

nurket support is concerned. One more rsuon lor many W — A - M orco^nanugnigalmo.Tall domesik i^wand 
inveapre 10 Spy A ih&m iborute, GiKorennate Vienna lb ■ nTj undent riaS mom ihan 230 issues on ihc tun>Capiul- 

fcowtfcs it iooksafer foreign compaitiSon thtfVienna B ook l^Ld^np ^ 

GrogMitrale Vienna 

Market Maker in Austrian Eurobonds 

V -• • I-3W Mvufcr. t urobond Duto Miritned L1LL. T«! 











18 


Financial Times Monday July JO 1978, 



27.50 

IW3 

mm MEOEAK STATES 


*.sl 

95-75 

5.!0 

1/1 1/1 9H 

S 

15.01 

19*6 

TOTED REnCAB STATES 


4. PL 

90.50 

(.875 

1/ 7,1*61 

s 

25-ao 

1967 

C*ma> sboccaji states 


7.(3 

9?« 00 

7. 03 

12/ 4/1962 

3 

10.00 

1*66 

SULK) nznc« STATES 


I*n 

St-50 

7.25 

13/11/1981 

3 

AO. 00 

1977- 

PETTED KEQCAK SL'.IES 


29.0 

100.00 

(.30 

15/ 3/1997 

E 

11.00 

1*7J 

SUITED HBXCAS STATES 



S7Z7E9 TOXKJUC STATES 
J.« II 3/191 L 


Li.sz iu.no e.75 u;::-:»u 

tft.OQ 1W OSilM USSKAS STATES 

139.07 9.00 1/ sum 

S3. CO IK* 

1C>’. 13 

73.00 1?:s SSZ7EP HESTCAB STATES 

75. 03 106.00 10.00 IS/ 

BS 30LLA3S'VTTB£* USDS 

11. CO 1977* AUKS’ 

(n.CO- 100.00 8.00 2/ 8/1967 

iU.OO 1977 9CIC3 STATE K58S 

39.33 10J-00 8.25 15/ s/1587 

JO. 00 1976 DETCK 37432 HZHES 

50. 00 100-00 6.73 1/ 8/1989 

40.00 1 975 rrtL'H STATE JOTES 

100-00 9-15 13/ 9/1980 

30.00 1977 HSMSOOBSS 2STL 

70.00 100.30 8.23 15/ 7/1985 

JO. 00 197; UI2DKA1S BE3GRLASDK! 9 

100-00 8.00 30/ 4/1984 

30.00 1976 KAZ 58m TO COUP TO 

2C-0Q 99.00 8.00 15/ 6/1988 

30.00 1976 nr mount nw cos? zr 

20.00 93- CD 8.00 15/ 6/1988 

25.00 1 976 ZATOOED HOLD ISC 5.V. 

:s.oa loo.oo ’ 9.00 15 / 2 / 193 * 

30.03 i*67 igara ist ns 

5.50 98-00 6.50 JO/ 6/2979 

89 D0LLSB5-3BJ ZEALAND 


96 3/8 

97 

96 

97 m 

95.1/4 

951/8 

s 

98 7/8 
S 

1 i» 1/4 
s 

L 101 1/4 
S 


23.9*1 2965 C07T. OF R7 ZZAZA5D 

6.W 97.50 5.75 1/ 7/1985 

15.00 196% car:, or m zeaiard 

6.70 96.00 6.30 13/ 3/1986 

50.00 .1967 C07T. 09 BEK SEALAZP 

2- tO 97.75 6.75 .15/ 7/1379 

ioo.oo 1977* corr. or too zxalasd 
,99.46 7.50 13/ 9/1964 


100.00 

50.00 

60.00 
so.oa 

tn.ro 

33.00 

25.00 
22.75 

20.00 
20.00 
20.00 
20.ra 

23.00 

30.00 


L0.no 

5.(o 


1976 OQTT. OP 
100.23 8.25 

1976 cora- ar 
100.00 8.30 

1975 con. OF 
99.50 '9.00 

1975 con. OF : 
99.50 9.25 

ms con. of : 

99.50 9.25 


m alum 
1/12/1956 
BS ZZAUXD 
15/ 6/1983 
BBT gKtTAgn 
15/ 8/1580 

KB THT1<T 

i 3/11/1981 
EB 7»T>»n 
15/ 8/1982 


33 1/4 
93 3/8 
38 1/2 

ZOO 7/8 

34 7/6 
95 1/8 

ISO 
93 3/8 
98 3/8 
39 

95 3/8 

r 

96 3/4 
t 

( 391/4 
. 33 3/8 

33 2/2 
39 3/8 
ZOO 7/8 
101 1/4 

m 


2.3* l.« 

6.86 

1.43 9-3* 


3.00 8,10 

7.» 

1.51 


3.79 0-41 

7-42 

2.05 5-39 


3.18 F.A1 

7,60 

1.88 9*1“ 


■S.71 ?,52 

9,12 

3.61 ?.M 


I9.A6 *.*2 

9,41 

8.91 ?.«0 


3,M r-S? 

9.31 

12.67 $.69 

9-70 

11.83 10-03 

20.22 

7.13 9-99 


$.0? f "rt 

3.40 

(.59 9.23 


S.“6 9.02 

8.65 

F.15 9.C9 


10.09 0.90 

8.U 

7. *9 9-02 


2.21 '(.76 

9.27 

7.0* $.27 

8.70 

5.0* 9.57 


5.81 6.87 

8,» 

9.96 0.2* 

6,15 

7. 46 3.*0 


9.96 8.71 

009 

7.46 8.88 


3.63 11.66 

9,74 

3.23 11.97 


1.00 7*5 s 

6,57 

7.00 0.69 

6.12 

3.SL 7.0 


7-71 7.18 

6.85 

4.24 7.54 


1.04 7.65 

6,52 

.37 8-30 


6.21 9.« 

8,17 

S.4X 9.01 

8.64 

4.96 8.39 

8^3 

£.23 8.51 

8.92 

3.38 8.77 

9,14 

4.13 S.M 

9,16 _ 

3.68 8.93 



109.30 
100.00 

101.30 

100.00 

fO.BQ 

102.00 

103.50 

9.91 

102.30 

10.79 

.102.JS 

9.98 

107.00 

9.83 

.100-75 


101.50 


30 

1976 

30 

1978 

30 

1978 


1.00 
196 1 
.57 
19(7 
.92 
1969 
.18 
19(7 

1.20 
1976 
90 1.23 

I960 E?i>7* 


30 

1978 

30 

1982. 


ff ST 

m 

stn 

ST 

SPOT 

ST 

W ST 

5T 

SFOT 

ST 

ST TO 
JJi 

St K 
« 


411 105 915 

327 105 915 

327 105 913 

411 105 915 

327 105 915 

346 105 915 

4 13 33 33 
911 940 


9*1 975 

941 975 

941 973 

9*1 975 

560 975 

HO 975 

915 937 
975 


30 S.fQ 
1»» ??19T? 

30 7.50 

1S« 1»1 


30c 4.00 
1963 19:8 
30 .54 
1982 3PIS7B 
30 3.75 
1982 KU81 


JP SC 
84 


411 915 

454 33 35 913 94a 


<0 

2.982 


4.00 


1977 SET ZEAUB) DOT FIR CP3P 94 1/2 
1 Oil. 00 7.73 15/ 5/1984 

1 »73* ITS ZZALABD DTO FIS COS? 95 3/8 
9?. 25 8.123 1/ 6/1983 

1 rf* SEP ZEUA5D BTV Fit! COHP 94 7/8 
9?. DO 8.175 1/ 6/1985 

;*'** s.s. roBEsr Trousers 59 5/8 
100. .-a 9.M 13/ 3/I9B6 

1 9,-d 077S U 7X SBIK CO “5 1/4 

1AQ.DO 6-25 1 S/12/1985 

OS pollaks-sdkkat 


5.87 

4.40 

4.92 
4.42 

6.92 

7.71 


8.99 
9.34 
9.33 
9.. 6 
9.*! 
9.5L 
9.05 


7.46 9.14 


1475 jw oc saraiL 181 

100.00 9.50 1/11/1980 

1/ 2/1916 

196* OR OF BOEER 
•3.0(1 3.50 15/10/1984 


2.34 8.96 


12.00 1972 cm or HERQ2T 

9.1.0 95.00 6.00 1/ 4/1987 

IS. CO 196* CUT OF OSLO 

9.55 93.81 3.30 15/ 9/1534 3 

it. oo ;*j* crrrorosco 

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C G PB 
L9L2 

CD C 
LX 

GC tO 
LX 

cs a 

IX 

<x m 


413 ?5 33 

W «J 

*->1 9.9 
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9.0 S.’a 
143 US 333 

B’<) 91! 
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250 ; ji >za 

9.1 KJ 
2» 105 510 

'9,1 955 
161 105 320 
;ti 941 
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515 !0S 519 
7.0 941 
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454 IDS 305 
r.5 735 
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454 »»■ 

179 *« 

J79 *** 


S3 «0 

FT 7 931 

’ll 33 

931 9'9 

S’fl 735 
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9*0 *7 i 
710 733 
9*4 973 
7I0 735 

9» >75 
710 733 
953 960 

no 733 
953 9oO 

520 710 
740 *11 

960 9/a 


95 


10.71 

8.J1 


6.99 45 2.40 

101.30 1592 B?:9£0 


100 3/8 7*75 
5.46 


1*67 sots* BTcao-ctasmsr 98 3/4 8.29 
97.50 6.875 15/10/19AZ M ' 3.34 

93 3/4 4.42 5.06 8.22 


9.74 
9.33 

9.17 9.22 9.47 49 2.00 

5.:5 101.23 1981 uris/s 

7.54 7.08 9CT 1-63 

7.£0 102.00 1878 1971 


cs tS 485 20 32 S3 3* 
XT fa MS 927 931 

939 940 973 
TAW 317 —• 


1977* 

99.50 

1977 

99.50 

1976 

99-50 

1976 

103.19 

1973 

101.00 

19(7 

91.13 

JS64 

93.13 


HJ&SE uwO 

7.873 1/12A982 
unit anjjto 
^8.50 1/ 3/1992 

VOBSX Brno 

9.00 15/ 9/1991 

KBSXVtBa 

9.50 1/ 2/1966. 

JCSSX dao 

8.75 1/ 8/1985 

maims um kills 

6.75 1/ 9/1982 

aoaxiL-snsAL 

5.73 10/11/1934 


« 3 '*&£ lii! 

98 3/4 13-21 9.K 

mi/A ?:I r ?:L* 

10L3/4 6.92 9.39 
5.39 9.32 

. » 3rt i:r5 ?:.u 

94 6.’( 7.C5 

8 3.26 7-96 


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102.00 

9.11 10.01 
102.00 
» *38 »'« 
101. 10 
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102.ro 
6.9s 

101.30 

(A 

100.50 


45 3.00 

2981 R1982 
45 1.50 

1991 TTWTt 
49 2.M 

ZS61 MUH 
49 2.03 

1960 sri9:9 
■KT .42 
2*79 1968 

9CT 1.00 
1978 1970 


1*65 30LHAL-SK3AL . 

98. SO 6.25 26/10/1915 


84 1/2 T.32 7.?6 6.72 9CT 1.00 

* 3.£i 6.10 IG.n 1978 1971 

1565 8IXA-X7ISA ’ 92 1/2 6.56 7-35 6*31 90T 1.71 

97.75 5.75 29/ 1/1985 8 5.78 8.25 lT0.ro 1979 1971 ‘ LRU 

1970 SUA-XFUA 101 sn 6.63 8.13 9.04 SOT 

93.50 9.09 15/ 2/1985 C - 3.72 8.(2 102.50 1979 


1914 ZaS7.AL9ZS5 
99.ro 6-aa £5/ 3/11(4 

D5 D0LLA»S-?151. W A 


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1971 

99 7/1 9.71 6.89 6.28 93C .73 

s.t) 7.42 10L.C) 1979 1970 


TAB «U*M 

13 

KP EB SIS 305 520 
15933 740 941 

975 

SB 313 *F* 

U 

KFJtr S15 8TO 
IS 

nnr m«* 

LZ 

R? ZD 313 
LS 

S? W 313 **$ 

LS 

CS SD 313 105 520 
LSLX • 7*0 955 

n b 313 las s:o 
UC-JC 7*0 941 
975 

TS EB 315 IC5 520 
LSLX 7-1 94 l 

975 

SC 3D 315 ICS 526 
740 941 955.J60 

SC SO 361 10) 740 
LX 975 

PH BC 328 165 320 
VOX 740 941 


Tin -93 
935 960 


710 7)3 
960 975 
710 735 
935 *60 

710 735 
955 9(0 

710 733 


933 960 


710 733 
955 9(0 


23.00 1177* EZ7C3LIC 07 PATAKA 

200.03 9.25 1/11/1982 

*0.00 1979* Emr. or fisaha 

103.30 9.U IS/ 2/1987 

CS cnLLAF5-U?CA 5.8. 


X 99 1/8 4.34 9.72 9.55 
S 


(.00 RF SO 663 35 115 2!5 2L8 
9F1578 LS 915 930 9«0 9i0 

L 99 1/1 8.72 5.64 9.38 9.98 (0 2.00 S? SB 723 35 9U 915 930 

101.33 29 £3 771979 5=4 940 


23.00 1*77 BuTCAPHILLS COFFER ?3 

23.83 2)0. CO 8.75 1/ >/19ii 

vs p'.zLirs-TSiLirrxzs 


93 5/8 3-Fl in.:4 9.35 

5-C& 23.43 100.50 


*0 1.28 FC SC 456 103 A;i 22ft 913 

1322 0P1?”3 IX 941 975 


15.00 '“tS vcv.’.e 07 F>n7“7TC£S 97 1/2 I-J5 8.A3 6.7F 31 .£3 R? ST 327 913 971 

Z.,0 92.10 (.10 23/ I'HBO S .79 23.22 100.25 2)73 X 


CS V— ■J’t-Ta-TCS.'L 

20.00 19*4 BUCOLIC 0? £r2re«L»L 

8.5) >7.*1 >.;s J.’ 6 .!«♦ 

23.60 TUS XT* SLIC OF maTTCAL 
9.Ji 97.20 3.75 1/.S/19U 

CS !W?LLAlfi-SPKA»1E 


54 7/8 S.92 6.93 6.13 ? _ 5 

8 3.^ 7.62 202.C-2 2J7J 

94 1/1 6.5* 6.19 6. 13 33 

5 3.53 7.33 1C2.C0 2973 


pn 

2): T L..2X 


205 105 311 915 920 
941 973 


:.3J T? BT 399 105 ::0 913 020 
2*71 K 942 973 


28.00 

17.20- 

15.00 

25-00 

12.00 
12.00 
12.00 
12. uO 
ia.ro 

7.(0 


2?F2 CO^l'TCU 0? 53CAM2S 99 3/8 9.34 7-fl 7.93 8.S3 


1J3.C3 7.75 1/11/1M7 

!977» SSPTZL SHUT AID 
99.50 8.125 13.’ 10/1934 

19T6 ZHPF5L I’EZTAPD 
93.63 S.'.a 15/ 8/1923 

1975 SEJTSt SEDlABO 

100.00‘ 9-20 1/ 7/1562 

1976 m 57' TATO’Z . 

99.50 li/1 1/1933 

1071 szscjjc~x xir 8 a :3 

103.00 6.20 15/ 1/1932 


:.:s 7 .f j 
97 1/8 6.29 9.2J 


132.C3 

8.58 0.93 


6) 

1??3 

23 


1-50 

2$74 

.23 


200 3/8 5.23 8.90 8.57 S.22 

1C. .03 


2* :-50 

i:« 552977 


ICO S/B 4.D 9.V. 

2.13 9.25 
3 98 1/8 3..;f ?.?3 

93 1/S 3. 5 :-77 
2.0 •■(& 


?*r» 


7? ZD 396 913 930 973 
ETC. 

5P SZ 396.911 913 930 947 
Uei jrisra snwuc 

R7.ED 396 911 913 930 947 

GC ZA 396 913 930 

SZ 

re AS 639 913 930 

SJ2L 

2.2) C- ZX 396 913 930 
2)7e S^j. 


$.44 9.52 

:::.ro 

8.66 


70 

2579 


2.03 

1679 

1‘.5) 

2371 


ici.ro 


33 

1978 


I 

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Ci . s -j- — 

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U". LJ 

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IC': 


: 

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COUPON MATVfflTY 

H 

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MAKERS 


— • 'roSIT'-.*** » 


2J-M 11*6 BUTT 50 PI3DLECK 
3.00 91- ;5 6.73 11 .‘1 1/1970 


63.60 
61.03 
jn.ro 
30.00 
30 M 


£5.01 
50. » 
10.03- 
25.09 

25 JO 

20. M 


1«::*KR(SK 5ETF4CILSEFS 

250.00 9-00 1/11/1992 

1171 BBITISH S^TL C07P 
99.00 8-6-5 IS/ 1/1989 

1*72 CAD31T? SCK'FFIi 0‘S 

;>» 10C..0 DL-. . t.'s . iwioniw 

15.00 l*/3 CAPITAL 4 COF.TUS TKCS 

98. f) 9.00 1/12/118! 

2177* CATnfliAK XTuL 87 
91.50 $.5 1) L3/J 2/L9S7 

J973 CUT A COFTTT OF SrTJIOL 

131.00 ■ 8.25 19/ 4/1379 

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roi.ee .3.25 i/ j/i 9*a 

1*74 cur or snenr . 

“8.75 . 9.875 II 2j 1381 

ii73 cur or natm 

103.00 • • 9-29 15/10/1933 


91 3/8 .4* 7.23 6.7* S--3 P P 32! 105 330 941 960 

2‘. * IV ITS 9. 5 

92 24-74 :r.05 9.78 43 IT-’i ■:.? ED 313 *32 9 io 

li.ij :i. .a :»i: ;?«: *-•; 

96 7/3 17.? 5 9-08 8.95 t:i t-M O', ed 319 105 910 HI 955 

6.71 5.2a 132.C9 2?*2 :M79 25 960 MS 915 

87 in 12.:$ 9-26 l.S-l tj ;.5) M ET 326 105 *30 935 $55 

!.1* 2C.2J 172.20 1»I5 ??.)*» L” HO 975 

92 3/4 2n.74 10.: 5 9.70 M S.'.-l 7- ED 350 930 915 H0‘ 975 

,-.B. li.'l 222.?) 17»: ??.? » Z< 

105 


94 J.’S »..( !!.*! 27.57 11.52 J) 

9,70 -:.7) ui. ‘.j 

99 .71 9.5t (.31 


25.00 

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1*73 CUT OF mSBtCP'Z 
100.00 , 1.S0- It J 1/1981 

72-00 2073 CUT OF nLA'wT >•«' 

99.00 9.25 15/ 9/I9M 

40.00 1173 CUT OF UTVPOO!. 

99.73 9*875 *31/ 8.1979 

5-7.01 1172 CLTT OT KK9 

5C.M 19.50 c-25 5. 1151 

25.03 !*73 CUT OT ROTTLVIiAT 

310.10 8-6)5 15. i ” 17f 

15.00 2171 CSHHOCIAL r.UN- 

ICO.jO 7. C3 15< 1 2/1971 

3F.ro ;i:i 3V it 

22.6) 100. JO S.1-0 11. 1T/1986 

2C. '0 1**0 C9RTV.K SBI F71 

4-Pi 100.30 9.00 1/ 2,1962 

20.ro 1*70 XOaiAFLM TS? nt 

1.. 50 (A.uO 9-75 1/10/1935 

30.50 2176 EUCfflCEt COCSCU 

79.50 6.75 13/ 3/1381 

is.rn tin? ec 

. r.Iu “5.31 6.75 15/11/1982 

5':..ro !«:» an rsuxz 3T . 
5.-.-0-) 230.00 9.;s 15/.4/1989 

L7.nj 2*7» ri507S ■ ^ _ 

:1.7J 10.7-0 8.15 1/7/1987 

z r -’'n ’.977, rise ss rer ra 
-1.C0 :00.0) U5 1/. 8/1992 

L5.ro 1)71 G.r.S. L KT U KATLOtAL 
19.M 1)0.00 8.5D . 4/ J/198S 

35. W 1974; C.B.S. msmvioSAL 

1.. M 100.00 ‘9.50 • 9/ 4/L989 


9E3/4 !.« 8.99 (.23 

99 3/8 2.59 9.11 8.93 

99 7/8 . !.:» 9.26 9.25 
2.19 9.3J 

99 3;4r 2.34 9.C6 9-02 

9S S/S 3.57 9.06 8.S7 

ICO 3/4 1.17 9.30 13.04 

99 1/2 2.97 E.B5 B.3S 
1.59 9.13 
.96 9.61 1.79 


99 1/8 
99 1/2 
971/2 
131 1/4 


.46 8.BS 7.91 


60 

I0C.50 2“ 78 

K.4C 8.92 8.72 

5.79 9.06 1QZ.OO 

3.79 8.77 9-09 6.58 "0 

£.« (.30 100.« 19.1 


l.ca re EB 

J?.*3 LZ ' 

7TB JU 225 930 935 955 

LS 9(3 

r.’ EB 323 115 930 935 935 

IK MO 

*.'* 30 SC ED 454 115.930 935 *55 

:?«a ls 9*o 

4. til TO ® 386 930-935 9SS 960 . 

1978 LS ■ 9*S‘ 

T) EO ' 256 1 15 930 935.953' 
LS 9(0 

re ED 122 115 530 93J 953 

L5 . 960 . . 

re EB. 291 53e’$60- 
IX 

l«.t* re EB 059 115 930 935 955- 

1979 LS 9(0 9(5 

TO EB 214 215 >30 955 >60 

IS 

5? ZB 326 105 *30 Ml 953 

LS S«Q "75 

6) .70 KP EB 326 ICA 9jn pjs Ml 

2179 -mi To LS MS Mi> 973 


t.:5 ?: eb 
IX 


326 ICJ *30 934 935 
MO 975 


101 3/( 1.25 6-$7 9.12 . *-72 « 

■ ut •-« 13040 2989 


2.36 8.64 
99 1/2 2471 8.93 


8.79 


1.30 re SB 3‘.s in; “10 934 9i5 

1971 IX Ml 975 

r--. EB 216 *** 


57 7/8 4.J* 7.3D. 6.90 

• 2.34 7.74 100.75 

98 10.79 9.54 9.44 9.82 

9.09 9.13 101.10 

92 1/1 9.10. 9.5) 8.96 

5.»J :0.17 201. 00 

91 1/4 11.09 9.9J 9.59 10. 67 

11-11 10-11 
95 7/8 7.(7 -9.T6 
*.t>3 9.4J 


31 


:vj 

t* 4,00 
1*85 np;?aj 
roc -.Ji 
I960 DP»:j 
i. on 


)-T nr 328 105 *33 941 960 
LSLXIZ 97i 
FS ZC 328 »«» 


IC1.LB IMS DPI98T 
8.87 iS 1.70 

202.00 1*51 1}76 


100 1/4 10.76 9.45 9.48 9.70 

6.4S 9.1i 102.0) 


45 

1121 


T'.OI 1*75 OOEB FTCLB5 fBEKJWAI 


rs.on 

23.00 
z;.oo 

17.40 
20. pO 

20.00 

SO. 00 
i?.0O 
30.10 
2,.1D 
50. Oil 
4(.75 


102 1/8 7.04 9.81 10.04 9.G4 31 1.10 

5.31 9.7 • 1CC.L5. L3»: £?:«'6 

1172 CBA3ro rcrrsoF&tmi rott. 88 5/S 9.i( ».JS 8.46 
9«.vo 7 .m u/::-;i*7 5.7s iv-i? 

t“TI3 cats) KFTFOFOLITAK B'-BEL 99 1/2 7.51 

IOC. 00 9-25 1<‘ l/:9!4 

1*12 OIAUILiK 2STAL EX-iSO tea 
J*-73 J.IO 1/ 7/1947 

1“7£ EtHESOC 

101.30 7.-5 1/10/1587 

1970 UZBRK 

100.00- 9.50 15/12/1985 


92 

90 3/4 
' Z01 


4.26 

9,00 
6.-1 
*.25 
6.65 
7.4 ( 
4.5) 


70 EU 335 931 RS! Ml MB 
i-Y 9J5 9(1 9/5 

Pi EC 335 "** 

IS 

re EB 105 1 05 210 2*5 *11 
IS 930 935 3S0 955 

MO 971 

re ED so; 105 TI4r 215 911 
LS 910 *JS 951 955- 

9»0 *73 

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LS 9w) 9 ' 5 

.50 1>F E3 35* 5)0 *J) 95) 955 
:?75 LS 9u0 1)5 915 

l.M »P ar 
I*T, IS 


2.00 

1978 


*■33 

9.72 

S.27 


1*70 DHL 5MK OiOOF I 
93.10 7.00 31/ 3/1962 

I97B 8 EX 5AHTO. CHOP? 

35.50 7.00 3!/ 3:'1?62 

1171 blit: st-tru. nncp 
104.08 8.*0 15/11,: 966 

I"o7 ICT LTD 

5F.S0 - 1 (.50 15/ 3/1982 

.1972 1C1 IKT m . 

100.10 7.5S 1/ 2/1992 


101.00 iua 

9.30 ?.« in: 

L00.00 ;?i-i 

8.70 ro l.’O BP EO 328*34935950955 

201.00 2FST E?!?73 IS 9(0 975 

8.54 31 1-00 SP EB 313 H»5 930 932 9» 

“•TO 1CI.50 lit) 571* 7( LS 953 MO 9.*5 

9.29 9.41 9.36 CM 2.13 Sr EB 335 105 930 932 950 

F.TO 101.00 1930 1971 IT! 

98 3/4 3.75. 7.58 7.09 30 KP EB 

100.00 1978 LS 

93 1/8 3.75 5.23 7.52 . 30 

100.00 1973 

96 3/4 >■» 9-55 8.79 3) I.F-0 

4..*( 9.37 100.23 1979 PF.9*i 


»0 973 
456 9(0 975 

IS 

SF EB 456 934 960 


9$ 1/8 3,71 7.0S 6. 67 

2.21 7*46 201.50 

S* 1/3 23.5*- 1.33 7.97 

£..) £.72 100.75 


Mr 6.00 S? EB 330 : 0J 942 950 950 
1579 1978 LMXAS 9(3 975 

LJC 3.15 TO EB 323 105 MO WO *SS 
1979 1“?8 L5 


lM.no 1977 TCI ES FIS 

inn. 00 101.00 S.2S 1/ 1/1937 

26.00 1971 Jir»S5 

20.10 100.00 :.;S a 3/1986 

25.00 1972 TLEV.’S-r? SSS309 

2. .Cl inj.M 4-LS HI S/I9S7 

rn.ro IJ-J iAscAtrAE c.c. ‘ 

;e.iO 101.0) • Si -9/1981 

:“7J LEGAL 1 rZHEEAL A5SCZ 
100.90 7.5^ 1; 2/1 9iJ 

i" ? :- krr a fpcf 

190. LS *.<M 1/ 2/1991 

J ?*! set rarAtES t no? 
If). DO S. 75 1/1:, l’S6 


33.0J 

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75.00 


96. 8.51 S.?3 3.59 9.64 

7.SI ?.DJ 101. HI 

88 3/4 7.«V 10-97 9.86 

4,17 12-35 10J.00 

92-5/8 8.6F 9-51 8.91 
6.12 9.91 
99 7/8 3.L1 P.5L 9.51 
4-74 9.(3 

8$ 7/8 9.T? $.27 2.48 

6.32‘ S.Si" 1ST. 03 

85 12.59. 1). IS 9.41 

Si!) J).*D 205.00 

9S 3/; 8.42 ?-49 9.14 

4.77 ?«.»o iQ3.ro 


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p.‘ ro 


1 97b SIBLVa 2>IL 77! SEPUZS 97 Irt 8-42 9.77 8.97- 0.S1 
39.10 3.7* :/l2>';4J( 5,(2 9.33 100.33 


90c :c.ai 

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35.0a 100^1 8.7s :/*;:«« io.i? 9.62 101.50 im; 

15.00 :*70 HtHKACT TSCST. . ICO :/S 7,2? 9.19 0,2" ■>:„ 

95-00 9. 45 15. 10/1983 ' V.l" 9.12 202.00 jo;: 

1972 38Z10ML A dlSMJ/n IS* M 3/3 9. IP 9.32 fl.5( 

130.50 7.75 !>.ll;:U7 

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1976 SAItvuL CfUL &UZD 
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3*73 XAtWSiL CPU. Ml" 

93.00 o.)23 U;';i/l«3 


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33.09 

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361 -103 *11 030 935 
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339 F«* 


98 7/3 3.C4 2.35 £.71 


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95 3/4 10.29 9.11 8.?! 

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1)76 janetu. vu'anr j TP! bk icd 

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8.00 9.20 9.00 9.00 61 7.C1 .5? EE 217 m2 f* 3 9,5 

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34.00 8.50 13/ 6/1936 4,46 3,95 XJB.&tf 1381 BF19;* LA 960 Sa5 9/3 






313 330 9R 947 
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1972 . 
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1967 
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'*&**$ $5*7 

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6.50 1/ 8/1982 


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1972 XZFBBL1C Of 9002 ATKCA 63 7/8 
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3J.HJ fi.01 1/ 2i'! 987 

1976 9JFB2LT1? 07 SODTC 1TVJ7J. ICO 1/2 
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EUROFILE 


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covers the Markets' activities and developments, and — a unique feature — includes 
the reproduction of all tombstone advertisements which have been published in 
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To: Tfo S B fnl& P B°acken n House. 10 Cannon Street London EC4P 4BY. England 

Name 


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Business Publishing ^'^^^^y^o^RaQistered office: Bracken House. Cannon Street. London EC4P 4BY 
in Lonoo « 


„ Slavenburg 
Oyens& 

vanEeghennv 

We make net markets for 
Dutch International and Local 
Shares as well as all Euro- 
guilder and domestic bonds. 

If you need any prices or 
information or if you would like 
to receive our monthly bond 
letter please contact : 

International Dealing Dept. 

Keizersoracht 279-283, 

Amsterdam. 

Tel : Amsterdam 263363 

Telez: 12146 


Market Maker 609 in Eurobonds. 

The following are mid-market Quotations 
& Yields in Recent Guilder issues 

6th July. 1978 


H% Ned. 78/79/98 

Average 

We 

10.4 

Price 

96.10 

Yield 

7J0 

7i% Ned. 78/79/93 

7.7 

100.80 

7J3 

Ned. 78/84/88 

7.8 

100.90 

7J3 

7j% BNG. 78/84/98 

12.9 

98.10 

7.49 

81% BNG. 78/79/2003 

12J 

T03.90 

7J3 

71% ENNIA 78/79/88 

5.4 

98.90 

7A7 

71% EIB 78/84/93 

10.4 

98.10 

7A9 

7|% CECA 78/84/93 

70.0 

98.00 

754 

7i% Sbvenburs 78/79/88 

Si 

98J0 

7M 

Exp. Rn. Cy. 78/82/85 

5.0 

99.00 

7JJ0 


BANKERS TRUST INTERNATIONAL LIMITED 

Market Makers in 
Floating Rate Note Issues 


The Interest rales per annum applicable m ihe following 
USS Floating Rate Note Issues were announced during 
June. These rales are quoted fur information purposes 
only, and should he confirmed prior to the execution of 
a specific transaction. The rales quoted apply to the six- 
month periods shown. 


From 

Bayerisuhe 

To 

Kale 

Verfiinsiiank 

19S1 1 June 7S 

1 Dec. 78 

s;% 

Andelsbanken 

1BS4 ‘iJirnt-TS 

4 Dec. 7S 

s 

U.B.A_F. 

19SI 5 June 78 

5 Dec. 7S 

Sl.'0-r, 

SOFTE 

1984 TJuneTS 

7 Dec. 78 

9C«7, 

U.BA.F. into. IflS* 7June7S 

7 Dec. 7S 

81:% 

Paribas 

IPSO 9 June 7S 

1! Dec. 78 


Bank Handlowy 

1981 12 June 78 

12 Dec. 78 

si- 10 :, 

C.N.C.A. 

1984 15 June 7S 

15 Dec. 7N 

9 °r. 

D.G. Bank 

1982 15 June 7S 

15 Dec.TS 

9 

L-T.C.B. 

19S1 15 June 78 

15 Dec. 7S 

9 "n 

Banque Wurms 

19S5 15 June 78 

15 Dec. TS 

p *T» 

Creditanstalt 

1981 16 June 78 

IS Dec. 78 

p ‘T, 

Urquijo 

1981 21 June 78 

21 Dec. 7S 

9 ,r rt 

Nat. West 

1990 21 June 7S 

21 Dec. 78 

9i«% 

C.C.F. 

1981 22 June 7S 

22 Dec. TS 

9J*V. 

Hydrocarbons 19S2 22June7S 

Credit Lxonnais 

22 Dec. 7S 

9;% 

6J% min. 

1983 24 June <8 

24 Dec. 78 

9. 7f 7. 


Interest rales applicable lo the issues listed below will he 
announced during July. 


Nafinsa 

Privedna Banka 
C.CF 61% min. 

O.K.B. 

Adela 

C.C.F. 7°i mm. 

Credit National 
B.I.A.O. 

In do -Suez 

Ljubljanskn Banka 
Offshore Mining 

K. G.P. 

BNP ram. 

L. T.C.B. 

G.Z.B. 

Insiico 

Banco de la N'acion Argentina 
Arab International Bank 

Midland 

]ndo*5uez 


19S5/SW 
19815 
1977 /KJ 
19S3 
i»sa 
I976/S3 
J9S8 
19RIJ 
19SI 

1985 

1986 
Jflfcl 
19JW 
1982 
19S1 
i9sn 
1PS3 
1088 
1993 
19S5 


BTI 


BANKERS TRUST INTERNATIONAL LIMITEI 

.So-nl > New Bmnd .Srreei. Lt>nd< >n EC2. 

Dealers' Telephone: S'LS 63ui-5.Tek*x:8\?fH2. 


i 











20 


Financial Times Monday July 10 197S 


, 5 i'b 

“ 2 i £ CZ 

o=! 

— if ^ 

s ££ 


e!S§! s 


a 

5l !S< 


3? < ■ 


GOP 1 

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1 = 



MAKERS 


ns Mirj.’i-£i??A'.#r:nK«. (arcra-iC'* 


lc. TO 

50-00 
50. DO 

150.00 

30.00 

21.00 
21.00 
20.00 
20.00 

75.00 

lM.t» 

65.0D 

50.00 
*i.ca 
so. so 

JOT. 00 
200.00 
225.00 


75.00 
75. SO 

50.00 

ss.u 

35-00 

ro.ro 

48. =5 

100.00 
icc.ao 

75.00 

75.00 

50.00 

.60.00 

51. 00 


1977 KHDPEIS COil A STiU. 2 S3 3/4 8.f J **'5 f-fc 
lOT.OT 3.15 !?/ 2/2957 

1977* EDHOPE**! C342 1 B7TS, S3 7/E 12 .25 

ICO. 39 6.25 2<’10C?f3 ?-09 

3975 iUHCFEAN COAL t 57TC, 57 7/8 A.43 

99.30 8.575 25/ 2/29E2 3 

1979* rowvur coal & mn. S3 5/3 «.J3 
?9.W 8.275 lft 5; 2113 

wjs mcros caii i steel p ss s.ro 

??.rs s.50 tfi.im i.:9 

297** BJ20?EA.7 COAL & STCEt, J4 1/6 H-( 7 
95.00 S.30 i i 3 -.510 t.!7 

3976 HMPtW CMS S OTTTL 33 Sit S-84 

39.30 8.825 1,"5. !9s, 3 

1974. Sderrir CMS 8 57r?. ICQ lft 1.11 

53.25 3.75 1/12.1979 S 


9.13 S.79 9.7J (v: 3.91J 

6.-7 111.00 I«- Zlrijll 


sr sd 

IS 

n> jo 
lx 


9.05 
9-3 j 


99 3/4 


i?76 moms co/s s 
160.30 S-75 15/ 2/1981 

1*75 SEECPC/j; rail 8 STfSi 
97.00 8.75 2/ 7/1962 

1976* km.-sax coal t steel 

99.75 8.75 !5/6'l9*7 

1977* rcLumr: coal & stiez. 

230.75 6.75 1/10.1997 

1975 Z0K09EAT COIL'S 57EEL 
lea. 00 _ 3. £75 15/22/1980 

1975 SISCPEAC COAL 8 STEEL 98 2/2 19.38 
99-00 8.875 15/i:/19» S 11.33 

1F76 zooms coal s erra ? im 1/2 4.53 

10C.5Q 9-30 US’ 1/1553 


S3 7/8 t.flO 

2.-4 

97 3/4 8.98 
93 7/B 19-T5 
100.1/4 2-iS 


25 S.S2 
8.74 

s- : : 


9.65' 


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9. 

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3P 


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441 

20 

32 

102, 

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1*82 


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60 

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139 

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9.33 

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46 

103 

525 

102. 

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1924 

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<;i 

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1= 

107. 

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1983 


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359 

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93 

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201. 

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1979 

19,0 

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9. 

1-6 

28C 


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Z8E 

35 

ICi 

101. 

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195* 


IX 

5ft 

9-0 

3.22 

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ADC 

2.J9 

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339 

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102. 

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1984 E?19JS 

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9.13 

8. 

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35 


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MX 

20 

32 

100. 

00 

19(0 


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P05 


353 205 425 9i5 975 

339 *** 

13 35 
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917 91* 

317 9S5 

917 

23 IS 
SftS 477 
jin cn 
11 33 
FOJ 927 
SiO 975 


405 SIB 


1975* EUPOPEA5 COil S !7=-EL 
ICC.OO 9.00 1/ 4. 2951 

1977 SaOPLW COAL 5 17*EL 
JCQ.DO 9.00 25/ t.i*9S 

1*76 TTEOrCVl CCTU & 77*12, 
95.00 9 .00 2/2.1?$$ 

1?7J. SttOPEAV COAL 6 flTEEL 
;P3.C0 5.125 2/ 4/1997 


99 1/9 I'-.TS 
xi-:* 
97 1/4 lt-94 
10.13 

97 1/4 S7.£i 

5 iO.Si 

98 1/8 18.75 

S 21.75 


9.29 9.41 9."77 

*.M 201.32 

S.E4 £.96 8.91 

IDO. 50 

9 .70 9-08 9.fO 
9.12 103.25 

9-33 5.25 9.83 

9.-1 102.50 

F.ri 9.47' 9.E1 
?.s3 IS 2. 35 

9.53 9.22 9.78 

5.61 IG2.63 


35 

727 9JL 
939 9-0 *’3 

SO 5.OT *■ ST 441 20 32 33 33 

•1988 r?ija: r.r *1 bos »:? 931 

939 9i9 975 

4 DC VP IB 359 35 103 if>5 am 

1781 LX *IS 44S SIO 477 

. 940 9il 965 5/5 

.too .95 m>n i 93*** 

29*» 1779 IS 

«*C 1.75 Nf SO S3 *** 

2933 1978 IS 

3.3 $.6? KF 5T 

1P6S3FIM2 BE 


SO 5.00 
2319 DP19E3 


593.00 

200.00 

190.00 

ieo.ro 

390.00 

300.00 

“5-00 
71.67 
:n.oo 
1D.66 
25. CO 

75.00 

25.00 
JB.75 

13.00 
9.00 

15.00 

is.ro 

25.00 

17.00 
7j.r0 
63.15 

50.00 
*.:.09 

75.00 

65.00 

25.ro 

22. CO 
io.ro 
45.00 ' 

50.00 

75.00 

75*30 

60.00 
75-00 
3C.OO 
53.00 
30-00 

53.00 

£0.00 

rs.OO 

1C3.CU 

25.00 
13.40 


1475 
ICO. CO 
197$ 
100.00 
1978* 
99-50 
3976 
99.20 
2977 
.99.00 
1977* 
100.00 


V moms COAL s STEEL in 1/4 2.34 8.55 5.!* 
9.25 1/11 'I960 

TODPEA?: COAL 6 57FTL 300 7/8 7.55 
9-25 15/ 3/1*86 £.27 

TOZOPEJLd COAL S STEEL 53 3/8 14.75 
9.15 1/ 4/1998 11.67 

TOS07EAV CKKCflTT S3 5/S 2.42 

7.53 2/12/ 1979 t 


9.DT 9.17 9.7fi 
9. CS 101.25 

9.22 9.31 9.M 

5.33 1C. 50 

E.72 7.73 


M2 
29 3L 
6^C 
1984 


S.M 

1977 

.69 

1579 


SJJW9EAS CCUfflTr 
T.JO 1/ 6/1933 
J3SOPEAX caansirr. 
7.625 1/ 7/1993 


3976 SOS07ELV CCestnnTT 97 1/4 3 .23 

100.03 7.75 1,10/1981 S 


97.00 
1776 

99.00 
1961 

99.50 
1969 

99.50 
3*67 

95.00 
2967 

98.00 
1946 

99.50 

1967 
99-75 

1968 
95.W 
1973 
59.10 

2972 

*3.50 

107; 

58.20 

3469 

55.50 
1*7’ 

97.50 
1976 
S3.73 
’*77* 
JJ.75 

197T 

103.25 

1973 

54.50 
1978 

59.50 
1976 

100.00 
J977* 
ICO. 00 
1977* 
59.75 


BHD PEAS 
7.75 
S3EDPEA9 
£.25 
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5.20 
XF1OTEAX 
6.00 
EES 0? UK 
6. SO 

DBDPE.UI 

6-20 

zmEjopu. 1 : 

6.:o 

rnmpus 

£.50 

XQST-PEA.V 

fi.TS 

CDU9U!C 

7-00 


ansainnr 

1/ 6/1994 
CGHKFSTIT 
1/ 4/19E2 
TSTESWSn 91OT 
If '12/1*84 
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15/ 9.1485 
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li 2/1952 

g ra rf ra r bask 

25.' *. 1?52 
utete'et: 3A3S 
1/ 8 ''1986 
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1/ 571957 
TSTCTStgT Baas 
’.! 7/1680 
ISTTiiT'crr bass 
: 5/227 US 7 


9SS/8 3.9: 8.85 7.24 
SS 1/S 4.00 8.99 3.08 

S.9S 8.13 
S.C7 2.23 
8.K 8.53 
f.«l 3.90 


94 I/B 

97 in 
93 3/4 

93 3/E 

98 3/8 

98 1/2 
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94 7/8 

99 

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3 . 92 
2.73 


■ppjrr 

1.T 

BP 80 
LX 

BP BT 
LX 

jrp nr 
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IX 

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XSLZ 

BP SX 
IT 

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441 rn 72 33 35 
60 P"T- 927 951 
91* 9-11 975 
441 20 $2 J3 35 
fcO VI APS 977 
9.’1 *3* 9-3 97S 
219 105 220 415 070 
934 
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93 «* 

M3*** 

143 *** 

458 20 22 23 25 
M 895 927 971 
919 9Jn *75 
458 70 32 15 £0 
M5 927 932 539 
9-0 $75 
113 *** 


jrsoPEAff snirraxr bass: 92 

7.23 • 5710/1937 

ISEOPSU ETEf WD.T MBS 88 5/8 
7.25 IS/ 2/19S8 


srsprus 

7.50 
X25 mis 
7.50 
EflEOrfB 
7.75 
SJBOPE.U! 
7.75 


aTxsatrr sake 97 1/3 

2/11/1984 S 
ETTLTC'TIT BASH 94 3/8 
75/ 2/1990 

trrESTTTT ax n 96 3/8 
15/i!/lWl 

JX7ETMEKT SAKE S4 5 /B 
l/10.:99i S 


6.46 

3.46 
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2.71 
3.5* 
£.09 

4.21 

2.21 
£.34 
4.09 

8.92 

4.92 
2.67 
1.11 
?.»6 
7-71 

9.29 
6.59 
9.62 
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b. 24 
4.19 
21.*1 
7.27 
3.23 

6.25 


K1S0PEAS ISTESWE.-r BASS 97 3/4 5.75 
3.00 1/ 4/1924 

EDMPfcW ' CV E f e s a BA3C 128 1/4 10.29 
£.00 If '10/1985 

BBOPEA.B nnESIUEBT LASS 97 1/2 5.17 
8.25 1/ 9/1933 

ECBOPEAK 3STE5TWC-T 3GSX 97 3/3 5.34 
8.25 1/11/1913 

xcanpEAB av m m r aiss ss 7/8 6-53 
8-M 10/ 1/1515 

ZCMPUR-imSTSBrt SAKS 98 3/4 9.29 
E.25 1S/1C/19S7 


1*77 moron T5VE5TWTT nua: 96 3/4 8.75 

99.75 S-23 1/ *':9»7 

19-p* EROPEAS rronyoT iasc 97 3/4 7.93 

99.75 fl.jTS 1/ 6 :?Sb 

i* 77» ma?UB wvtrdinrr base 93 1/4 11.23 

99 JO 3.375 1/10/! 992 S 9.75 

1571 XCIOrClB X CT - TC 'PJCT E.VSC 93 5/3 7.37 
IM.00 s.ru ::■/ s':$S6 l.;; 


105.625 

r.:o 6.43 
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T.P1 6.61 
7.35 100.50 

ft.*! 6.50 
7.2* 101.00 

7.3$ 6-85- 
B.Ci 102. M 

7. JO 6.S5 
7.;$ 1 30.875 

7.;t 6.32 8.25 

I .' i A 1W.M 

8.72 7.S5 
9. Cl 132.00 

8.52 7-S3 

r.s* iqs.oo 

9-0$ s.:b 

3-'i 102.00 

P.’S 7.s7 
£.50 102.00 

£.;4 7.S5 
£.55 102. CO 

9.02 8.04 

9-08 8.36 9.26 

100.00 

S.61 3-23 

4.53 6-24 <0 

101.53 

8.86 8.46 

8.87 8.47 

3.10 8.60 9.59 

loi.co 
8.76 8.53 9.13 

101 .53 

8.79 8.53 9.93 

100.50 
8.79 8.J7 9.74 

100.75 
9.45 9 .19 9.15 

S.ST 1C1.62 

S.T6 8.53 9.29 

S.:9 :?:.00 


20 1.67 

1973 272970 
30 1.33 

1978 DPISTi 
30C 2.75 

2979 DPI 973 
3W 3.73 
1*74 Br!973 
300 2.00 

1*2S 1972 

30 1.P5 

1978 aPIP.’l 
29C F.SO 
19T9 02 1971 

s*7 :.r 

1934 Sri*73 
£CC 2.00 

!.«; sours 

--AT r.r.rr 
u«j asisri 
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2)29 3P1P72 
15 :.'i 

19£0 DP2577 


1X3 **» 

r.PBE 327 
sr 

BP 57 327 
BP Ed 186 


:o 

:?33 


B? Ed 184 
K1UML 

sr rr 186 

BTL3HL 
SP5T 327 
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2.TCLL3L 

i" 1 m im 

L!KL!.T 

S* ET IK 
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lwutt 
! P E? IPS 
I.’.UJE, 

BP EC 327 
LETT 

S? EC 325 
IX 

BP SY 411 

ST 

SPEC 1*3 


IPS SOS 

?il 9-5 

IDS 405 
520 941 

1G5 AOS 

320 *75 
105 405 
520 975 
105 AC5 
9«! 975 
105 405 
5Z0 94 l 
405 415 
975 

1?5 *05 
410 425 
9 '5 

Ills 405 
420 415 
IC3 405 
CO *-25 
!05 455 
975 

IOS'405 
470 425 
105 230 
947.975 
20 22 
£05 927 
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123 520 

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413 *25 

413 *25 

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409 415 
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525 6*5 
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409 415 
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510 523 

33 69 
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2092 771376 USI 


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327 405 1ST 4C9 415 
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M MS *27 931 
539 949 975 

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7C-C0 

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1*75 JfIDlASD BASE p.0:i/a 
lw.00 s.10 1 2/1 1/1*52 S 


!0t 4.3? 

99 5-6 E-1S 


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1977 M1B1ABP ISTL 7L‘» E: 2 
loO.Ol 7-lia !•*.' r. 1*47 

1*77- SACIOHAl ELSAidlU Id:! 99 1.1 14. S2 
100.00 #.Sli 5, :/l99J S 


7.74 

8.64 


IK .90 13:3 


130.00 

1»78* NATIONAL VTST 5.5:1ft 99 3/8 11.18 
1B0.M 1.313 =1/ 6/1990 

9.37 

100.. 00 

45 

1982 

20.00 

1)78* NIPPON CREDIT 8tl.JS:l/i 99 1/8 4.71 

1OT. OO 7.930 11/ 3/ 1983 S 

8.0: 

100.50 

50 

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100.00 

197C* OFFSHORE MINING CO Jft 99 lib B.C5 

a.00 

toe 

100.00 

100.00 0. DO 19/ ;/I9Sa..S T.flB 

100.00 

3! 79 

40.00 

1976 05TER&ETCBE KMTT 6.5:1ft XU 3ft 4.38 
100.00 8. *21 17/11/1382 5 

8.59 

ICO. 03 

3tK 

1979 

40.00 

19T7 OSTlOUFf.rHE KONT 6.5:1ft IU lft 5.02 
100.00 7.75 7/ 7/1963 C 

7.73 

100.00 

TO 

■DM 

2s.u 

1975 PARIBAS 7.25:1ft !0O I ft =.£4 

100.00 8.75 9 '12/1*90 5 

8.73 

100.00 

30C 

1*78 

=5.00 

is:* Fortr-AK ::r int ;.:5i!/i *s jft 3.12 
100-00 6.75 30 'll, 1911 <■ 

8.S6 

130.00 

70C 

1*79 


25.00 

1985 


25.00 

25.00 
3D. DO 

jp.ro 

!0.H 

r.’.oD 

ui.ro 

so. on 

75.00 

60.00 

50.00 

15.00 

25.00 

25.00 
23.03 

23.00 

50.00 

25.00 
IS. CO 
25.00 

25.00 

48.00 

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100:00 9.75 1/11/1981 

1976 CABADA TWSTCO TOKTCASE 99 3/8 

100.00 -9.25 I/1Z/19IL 

1977* CANADIAN ACCEPTANCE P 98 7/8 
100.TO 9.375 13/10/1982 

1977 CABADIAK SAX RAIL CO 97 

99.25 8.8.5 1/ 3/1987 

lift CAHADUS PACIFIC SECS ISO 

100.00 9.25 15/ i/19B3 

1973 CANADIAN PACinC fBCS 102 3/9 

<00-30 9.73 13/12/1981 

1*77 CBH79LEB CrfDCI - CANADA 93 1/2 
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" 1*76 CBSTSLS CTJD1T - CAMDA 97 
99-00 9.50 15710/1982 

1976 C1TI OP LAVAL 99 9/9 

59.00 10.00 1/ 7/1596 

1*73 CUT OP QUEBEC X IDO 1/2 

100-00 10.00 15/11/1993 

1*7* era OP QUEBEC • X 103 1/4 

100.00 10.75 13/10/199* 

1*76 CONK CSBDQ COST -CAIUDA 100 1/2 
100.00 9.75 15/ 5/1981 

1977 CUD IT rosea® F-CAH 96 7ft 

100.00 8.75 15/ 2/1982 

1976 CUBIT FOHCItt F-C45 100 1/2 

IDO.OO 9.75 15/ 2/1981 

1976 CREDIT POKIER F-CAM 100 3ft 
100.00 9.75 15/ 7/1981 

1477 DRESSER TSD ( CANADA > t 98 1/2 

LQQ.ro 8.50 13/ 3/1982 

1976 BO FONT OP CANADA 101 3/8 

100-00 9.30 15/ 2/1981 

1976 EUROPEAN COAL 6 STEEL 99 5ft 

100. H 9.00 15/ 3/1983 

1977 EUROPEAN COAL * STEEL 99 3/9 

100.50 9.00 15/ 4/J994 

1975 JUST CAS AD LAB INVEST 101 3/4 

100-00 10.00 1/ l.'IRl 

1*77 TOED KOTO* CKXBCr-CAMSA 96 3/9 
100.00 £.50 IS/ 3/1 48* 

1177 JOED MOTTO CREDIT- CANADA 96 1/2 
99.50 6.75 15/ 5/1M7 

1976 EORD KOTOR CROIT-CAXADA 100 1/2 

99.50 J.25 1/ 2/198J 

1976 »RD HTTOS CIEDIT-CASAIIA 1 00 3/4 
100-00 9.50 15/ 7/1982 

1975 FORD BOTTO CREBTT -CANADA 101 7ft 

100.00 9.75 I/1I/IM0 

1976 GEHELCAH 

Laa.ro 9.00 is/11/im 

1975 GESELCA9 

100.00 9.30 1/12/19B2 

1977 GtXTOUI. FOODS LID 

100.00 8.90 1/ 5/1984 

1976 cn HC-TOAS A'ICEFTASCE 

100.50 9.00 15,10/1 Ml 

1*76 CIS KOTOiS ACCEPTANCE 
ICC.OO 4.00 1/ 2 , 9? ’ 

1976 CEJ MOTORS ACC2PI*N.^S 
100.00 9.7: 1/ o/upj 


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9.58 
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440 930 


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:ss: l.i 


35.00 

1977* 

39 re. ed 

*11 33 21* F-1 9!2 


99.00 

l*Si LX 

9.C 94 5 98C 

13.00 

1*7, 

>P Ed 

412 115 210 912 945 


9?-30 

LSS6 LX 

9S0 

10.00 

1*74 

SP ED 

412 210 91= 9-3 3S0 


lftn.tii) 

1995 L\ 

20.00 

1*77 

UG EP Ed 

103 210 912 925 180 


100.00 

19U LX 

40.CD 

1977 

PC Ed 

317 210 1J2 935 937 


ICP.OO 

IX 

9-3 960 980 

35-00 

1176 

V? TO 

49 


IDO.OO 

LX 


40-00 

1977 

KP Ed 

49 210 VTO 1!2 937 

40-00 

100.00 

LX 

913 9bO ??1 

3J.00 

(978 

'.T EU 

49 210 S’O 112 937 

35.00 

100.00 

~ V 

9*5 9i0 990 

20-IW 

»*76 : 

r. ru 

599 980 


iro.no 

TO 


20.00 

1976 : 

V TO 

4 56 


100. 00 


HOT* &3!TIA WVCT L 100 1ft 
9. to 1/ 7.-110L 

pancasadias rrr*oi 101 1/2 

9.7J li.-il/inRJ 

province or HAsrroRA 99 1/4 

9.7i 30/ i/I Mi 

PSOTlRrc OF BO'PKCNllUlD 99 5fl 
?.50 15.- i'l*n> 

roomcc or ntsfkit.i'iand im 1/4 
:a..>5 :5.'i;'i*ii 


2.34 9.33 9.68 
4.04 9.44 9.65 
4.7* 9.49 9.67 
MtoB 9.44 5.45 


xi* re 

u; 

i.r Ed 
Li 

nr su 

LX 


64 Tin r-fl 9<: 
*-!• »in 


*37 


ROVIiXE or KOVA r-CDTIA 
fl.aa U/I2/1M3 


80.00 

30.00 

19.00 
so.ao 

20.00 
£5.00 

25.00 
23.75 

50.00 

35.00 
5.00 

25.00 
15.M 

30.00 

30.00 

24.10 


9. SO li- 2?I982 
P0S.TE-ArX-Tr.E1BI FN 

9.75 1.1/ 7/1912 
qOLBK HVD9n-Ej ECTBIil 

9. 50 13/ 10/1961 

qCEBK CREAK CWMIINITT 

9.50 .v :<i«a: 

qdEEEiI URBAN OMl'SHT 

5.50 13, *.'198* 

OOEErA' 7R3AS cww.:rr 

9.73 26/ 5/1*63 

Q0EREC TOE AN OWnilTT 
10.73 

EABK OVERSEAS BCLPCir.S 

9.50 15/ D/IM2 
TCJEAL BANK OP CANADA 

3.00 15/ 2/1984 
B0UX. BANE OF CANADA 

8.75 1/ 4/1)82 
SOUL BASK OF CANADA 

1.00 15/ 5/1992 
■DIAL BASK OF CANADA 

9.50 1/ 4/1963 

I0TAL TRUST 00 MTOTUG5 
9.50 15/ 2/1)81 


9.73 1/ 9/1962 

1)75 EMHABm UASTXfl 
100.00 9.50 15/10/1980 

1)76 ROBJDfi , , 

I0U.50 9.75 1/ 2/1182 

1975 unw.r 

99.71 9- SO 1/ 9/1930 

1F7A SffOUT 

91.S0 9.50 1/ 7/1)81 


. 1976 
99.30 
1976 
100.00 
1978 
99.25 
19)6 
100.30 
1915 
100.50 
197) 
W.JO 
1*76 
100.00 


STBPBOE-SZARN ACC. CD 

9.75 1/ 8/1983 
TEWSCCLF CANADA 

9.50 15/ 6/1982 

TESA SCULP CAIUDA 
10.00 15/ 6/1966 

iDEorrc-DONrrns babc 

9.00 1/ 4/1982 

TOBOtiTD-DOnSTOH BAIT. 

9.75 I/M/IH1 
TOWS OF MONTREAL EATT 

9.75 16/ 7/1982 
TRADERS CROCP 

9.75 15/ 3/1982 


99 Sft 
99 1/8 

97 1/8 
in lft 

98 

97 3/4 

99 5/6 
100 1/8 

98 1/8 
94 1/4 

100 1/2 
97 3/4 
102 3/4 
1D1 Xft 
ZOI 1/2 

100 1/4 
1W 1/4 
100 
ioa 

101 

101 3/8 

102 7/8 
99 3/8 

101 1/8 
97 1/8 
99 1/4 


*.'; *.-. 

101.00 I*'i 

5.38 9.36 9.61 9.19 

100.00 

6.93 9.39 9.3! 

4.93 *.-i 102.00 

4. *7 *,5* 9-54 

4.78 9.*I 101.00 1974 PFI*:* LS 

7.46 9.79 10.02 9-«X 

101.00 

5.46 9-07 9.03 


64 31 :u *25 ft-n 
412 ")i *.a -1.5 

• -i«5 

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*12 "J! *37 9.S 

ifc.il 1FO 

10S Tin 4lS 912 1-5 
9*0 


l*sl 

Oil 

1310 


:i8 *« 


m 35 Tir wo 
9*5 990 


3.63 9.76 9.38 9-85 10 

IDO.OO 1961 . 
4.03 10.65 10.04 ' • 8<W’ 

101.00 I960 

3.29 9.38 9.4$ 

3.60 10. IS 9.69 

6.21 9.99 9.72 

4.90 9.64 9.79 

1.38 10.54 10.74 

3-96 10.09 9.68 

3.83 9.34 8.4* 9.94 30 

100. CO 1982 

3.73 8.S7 8.71 8.51 to 

ion. oo up i 

13.63 9.28 9.21 9.45 3D 

11.57 9.31 100. TO 1*85 

9.75 9. OS 9.23 R.A3 - 30 

7.JS 6.97 I CO. DO 1984 

2.63 


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IS 

iv re 
LX 

s.no sn eu 
1MI uc 

■to r? Ed 103 210 911 9-S 9-7 

m 

3n l.:o NP Ed 203 210 912 955 900 
1350 PPD.'O LX 

• ■ • • BP Ed 64 35 105 210 03* 
W P70 512 ?3‘ »J’ 

0-0 4- A «.* a 4jl 
KP m 77 210 res *70 Oil 

lx 9-5 990 

NP Ed 18 912 9*5 >180 


SO Ed 165 35 210 475 520 
LX 810 912 9/5 *J? 

HO ?ii 947 930 
CT TO 404 115 915 980 
LA 


18 912 945 910 
16 912 9-5 960 


8.90 9.38 

4.17 9.28 9-61 
:•» 9-33 9.48 
3.39 9.63 9.73 

2.17 9.17 9.50 


vr ca iai iu 925 mo 

LX 

T.P ED 
LX 

SP ED 
LX 

PC Ed 346 **• 

Lfl 

» Ed 218 «*• 

LX 

VP EO 218 
LX 

!■» VP CD 218 **• 

1982 LX 

3.00 VP EU 218 •** 

1981 IX 
W Ed 
LN 


9.59 30 

100.00 1)81 


64 210 870 912 939 
937 M3 947 960 
960 

■VP Ed 64 35 210 912 )3) 

IV 937 WO 9*3 947 

960 984 

W ED 111 35 210 870 912 

LX 935 )J7 9A0 9*5 

946 9*1 WO 

BP Ed 218 35 2ia BIO III 

IX 935 )}’ **a HJ 

946 1-7 980 

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PPI077 U( 9.5 946 9*0 9K0 

3.00 S.M 9 JO .40 SF ED <* 35 510 870 915 

PPI979 13 933 937 940 945 

5.09 9.48 9-65 9.33 30 .U PC Ed 6* «» 3 " *“ 

ICC.OO 1*81 W19J7 LX 

3.96 8.99 9.33 B.85 30 PC ED 456 •*■ 

100.00 1 9R1 LX 

7.96 9. *7 9.72 6.96 30 1-53 PC Ed 456 mm * 

6.49 9.40 ICO. 375 1 961 EPIJ.’B LX 

3.75 9.18 9-06 9.24 30 

100.00 1981 

3.34 9.31 9.64 9.T! 30 

IOC .00 two 

4.03 10.63 10.04 WIN 

101.00 1510 

3.71 9.97 9.C 


VP ED 456 *** 

LX 

SO ED 456 *** 

LX 

VP n 18 912 94S 910 


1975 TRANS UNION 7TV (CAV'ADA) IDO S/8 
100.00 10. to i/12/I«eo 

1)76 CNIPK CARBIPC OP CANADA 100 3/4 
100.00 ».:j 1/ s/I W2 

l*:6 ONTO 5 CAMIK op flMPH J02 1/4 
SS.flO ).7S | ( - 5/1966 

ETPOCillUOS 


2.42 10.14 10.43 
3.84 8.99 9.11 


8. *2 Vi 

133.00 :*ai 

7.84 9.32 9.51 8.*T 1" |.»o fr. nr 435 m* 

6.J6 9.i7 '10a.3.’3 15S! nrL573 LX 


■75 BP Ed 77 =10 425 912 *5* 

Wl«7 LX 937 945 946 US 

W0 

re ED 3=6 110 913 9,3 947 

LS MO 

re W 456 *•* 

IX 


1*76 15E CANADIAN FINANCE 
100.00 9,10 1/ 6/1582 

1976 1SE ■: ANASTAS FIS ANTE 
100-40 10.00 3 / 1986 

EECFOSS HflJT.roup 
9-45 11/ e/19o2 

UrPELTIDS nv CORP 

9.10 let 

HAS EJW LSA5TN0 CANADA 
8.21 15/ 5/1982 


to. DO 

1*16 


99.J0 

:o.ro 

1*77 


ICJ.C'J 

u.co 

(9'F 


lac.50 


100 5ft 
1U 

99 5/B 


3,87 9-48 9.50 

4.59 9.38 $.96 «-53 

100.00 

7.79 9.69 9.73 9.78 

6-W 9-<9 100. SO 

3.17 9.JJ 10.C1 9.D7 

100.25 

4.09 9.30 9.44 9.75 

IflD.ao 

8.09 9.45 9.71 8-94 

6.39 9.35 IU . VS 

3.96 9.36 9-38 *.:•« 

109.60 


:is 35 t;i r :.i a-0 

La 9!2 *15 «,« -»-i 

9-0 *.7 9*0 WD 

N7 ec *:6 3> ;<n »i< *is 

LX 5J5 ■>}’ *40 ?-3 

9-' 

”r eu 64 :;o ; *:5 *37 

L5 1-5 54i Ml MO 

Nr 2D 458 *»• 


60.00 1*71* ARZO 

99.50 7.50 1/10/1984 

*0.00 !*74 A TZA 

94.50 lO.TO 1/1D.’1*31 

•TiVjn |*TJ AlCtMa.F BA.VK 

iC.i"? 1*0.00 S.iW L/10/1979 

75.00 1*7? AIOEHCSC BJ3C 

37.50 llu.ao 6.25 1/ 5/1580 

: J-DO 1 978* ATOEHCNE 8 ASP. 

99.M b.li 15/ 5/1983 
75.00 1573 AWESENE BANK 

37.50 1C0.M 7.:: 1/ 2/1980 


30 

1761 

•n 

in 

30 

:»H 

30 

1951 


l. p 0 

1?’7 


?8 1/A 4.00 1-7.05 9.67 


N? EU *56 •** 

s? :u Aj6 ss :io s - n «n 

LX *J? *37 940 9-i 

9-7 )uj 9iO 
re Ed 3=7 *** 

LX 

J.73 *.7 C3 327 *« 

!».-£ IS 

ES S3 359 210 273 535 

Li 93? 945 9*0 ?1J 

sir 

V? 2d 103 J 4 115 .’19 425 
is 5ft fl:: *3? 

*-•! i-3 3oC Si- 
re 80 <4 *** 

LS 


< 0.00 

75.U 

75.00 

75.00 
75. CO 

60.00 
20.00 
70.C7 

25.00 

60.00 


1974 
99.30 
H7S 
99. JO 
;*7« 
IM .00 
1*74 
99.50 
!*,ft 
99.75 
1973 
19.10 
1973 
iro.oa 
J9J4 
99.50 


ALGESESE SANT 

P.JO 11/ 3/1979 
ALCIKES3 BASE 

9-M 1/ 2/19S0 

ALtPTEfE AAKf 

I®-*) 1/I2/1979 

ALPSC.E BANC 

ID. So 1/10/1979 
AL0SI-ISTE IT.T 

f.Ii 15/ 3/1983 
AWO BAKE 
6.75 
JC320 SANK 
..25 

AISO BANK 
9*50 


15/ 3/1*10 
1/ 2/19*0 
V 0/1919 


101 Jft 
105 3/8 
99 7/8 
K’O 3/8 
n l/i 

in 3/8 

iro 

M4 7/8 
104 5/f 
164 7/9 
IM 5/8 
Ml 5ti 

102 1/4 

103 


6.23 

3.35 

I. 25 

J. M 

l.M 

4.87 

1.59 

l.M 

.87 

1.59 

1.42 

4.71 

1.71 
1.17 

l.«* 

l.ro 


7-13 7.37 

8.03 9.49 

6.«W 6.BL 
6.11 

6,01 6.23 
i.ft 

6.37 6-!S 

5.(2 . 7.M 
4. 16 

5.55 9.71 
6-13 
6.45 9.36 
6.28 IQ.ai 

6.56 7.74 

5.21 6.13 
4.79 

5.19 7.09 
S.07 

6.03 9.21 


18.75 

1977 


18.73 

1971 


06 


14. M 
1*?7 
ir.ift 
d;t 


nr 

0Q 

w re 

i'Q 

SP VO 

UQ 

BP 80 
00 

Hr nr 
TO 

BP ED 

BQ 

VP Ed 

TO 

vr sn 
TO 

FT «J 
EQ 

n? ed 
rr 

pc ED 

10 

SP EU 

ta 

W U 
DO 

n w 
TO 


238 SOD (PI «n: SPA 

Ml MF'IMX MW 

no on 6;o ?:o 

231 *** - 

237 **• 

537 *** 

237 MV 

237 60S 601 603 604 
603 606 607 MIX 
(09 610 tilt 910 
237 •** 

237 •** 

237 . 

=37 

237 *** 

238*** 

238 ***. .. 

238 «* 



y 







Financial Times Monday July 10 197S 


Eo 

-jo 


21 


rs'j 

ii i 

5:2 

»• 


BORROlVfR/ 
COUPON MATURITY 


* C **XOT-JgE5 (CORnuo} 


Eg! 

it 


1= 

Stc 

< IAl 

SI 

i-CJ 

So 

u _j 

5=^ 



5 2 r„ 


JJ 

2c 

32 

2S 




borrower/ 

COUPON MATURITy 


M.B3 

50.00 

03.00 
7 5. CO 

70.00 

*o.en 

3>-.00 

71.00 

In. 00 

ift.W 

-n.no 

in.no 

;j.oo 

73.00 
75.08 

60.00 
40.00 

40.00 

60.00 

90.00 

75.00 

75.00 

100.00 

40.00 

so.oo 

30.00 

7.50 

60.00 

40.00 

4Q.no 

».oo 

ir-M 

50.00 

75.00 

50.00 
mo 

50.00 

60.00 

50.00 

3(1. QO 

75.00 

75.00 


50. CO 


•.ft.no 

15.00 


.Jgw 4rao rmk 
3ro.no 5.75 

,'£'L **" 

JC0.00 10.75 

1?'?- **“ B «K 
w..’0 a.:s 

liro JH0 bakc 
**-*0 «*_25 

,’® r 5* AJteO MVE 

roo.ro 7.00 


15/I7/I97J 

1/11/197} 

15/ 5/1981 

1/11/1381 

1/ 3/1983 
1973 AUtO mates 

i/ inwo 

1976 ASUB Dcmowar 8 ASS 
39-5 8.33 1/ 3/1553 

1975 AQSTtlAS EUC3ZCITT 

w --5 ?.?5 13/ 5/1982 

■9' 7 8 ASX SEES L sot: 

»-j0 5.75 1/10/1979 

lUK taa 8 B0PE 

99.50 o.oo 1/ 5/198# 

-19'8* Mss BB L WW 

100.00 r.oo i/ 4/1963 

.197? 8m -sss 6 non: 

100-00 7.75 15/ 5/: 983 

1973 Base kees 8 hops 

59.73 0.25 15/ 12/1981 

WS 8AK ms 4 BOPS 

100.00 JD.CO If 8/1979 

1974 uss sm i wfe" 

200.00 10.00 1/12/1779 

1972 BRITISH FS301HM 

100.00 6.00 If 9/1979 

1»5 cm OP OSLO 

59.50 8.25 If 7/1982 

1978 CUT Or MW, . 

100.00 8.25 If I/19M 

me cookhkmech: - adsoulu 

100.06 a.oo If 6/1983 

1773 COtEaUBUfeO FOODS 
100.00 6.50 1/ 5/1980 

1772. COCSCIE OF Tilton 
2M.00 6.50 . 15/ 6/1979 

1973 BOTCB STAn HINES 

99.50 9.15 1/ 4/1982 

177® SHlBTB HZBZE CKXZXT 
99.50 8 JO 15/ 4/1983 

17+2 KWH 

100.00 6.30 If 4/1979 

1772 UlUFIMA 

99.73 3.7S 1/ 9/1979 

1972 tnui i Li MA 

100.00 7.00 If 2/1979 

I«7J JEDROriM 

99-75 8.50 If 5/1982 

1976 raOl-UK COAL C STEEL 

99-75 6.00 25/ 2/19S3 

1972 STOOP EAV OPlTSTHEpr B15X 

103.00 6. 00 15 / 9/1982 

1976 SmOPEAX Dirr^TMEKT »W 7 
99.75 6 .D 0 15 / 4/1963 

:77/ eusopeas irvubctt sask 

jOO.OO a.OO lit 2/1984 
1775 BTBOrWi TSTESTHEirr BASK 

100.00 9.00 1/ 3/1952 

1771 BB0FXAK 3STT5TK9>T BASK 
*>■50 9.50 ;/ 6/1P79 

:7'3 gotkrm>ot of halatsta 

1W-00 6-75 15/ 6/1960 


ir.ro 

Iro.oo 

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*1/11/197# 

tc.oo 

If 2 

GOVT. OF KI« 2EALAW* 

:r.oo 

IPl’.OO 

6.25 

15/ 4/1919 

;:-.co 

!»’S« 

corr. of srw — alv:d 


l«?.eo 

8.75 

If 7 ‘ 1944 

6.->.nn 

17'! 

CD7T. OF SC.' CULANft 

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1.-M3 

15/ 9' 19:8 

71. DO 

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C3TT. OF S» CtALAI® 


9". 75 

3.00 

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SP* TIAUUSp 


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6.25 

15/1 1/H#1 

75.03 

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COVT. <* c VS> :CAI4I3> 


5*. 00 

9.00 

!• 3.19*2 

(■■■'. rc 


BiMzpiin 

: is.™ ns 

11. CD 

5V.S0 

b.rs 

1/ 3/1979 

11’. 03 

; -1-; 

WLlfAT TV\5 


130.09 

b.50 

1/ 5/1979 

•ft. TO 

!f : 

BQ12JS7 AKBICJ, 1T515 

js.ro 

153.30 

6.Z5 

15/ '8/1979 

•f*..’p 


I3CCF 

l'*:0/19'9 


lte.03 

«.!D 

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:>.\s 

lSil'i i i-'Ao UU-<iA>n« 


9:‘.r5 

9.25 

1/ 5.1 950 

:: .2ft 

Jft'2 

C.L.". 



FO.Ci 

>..00 

15/ 8/1979 

•i .“'ll 

.... 





.-.25 

1«/12'19?B 

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; .*t« 

Xlir» « >' 

iF 



ft. SO 

:• .. U33 

'1.00 

l»**« 

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(SAW OF 5"* - - AT 


J3 


l.’ -.’:982 


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r.M ?« or KOFWtT 




1 .11.1980 

rr-.ro 


xz.c:n'‘ 


??•.• 0 

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;«■; 

interns 

r/ 3/P.-9 

i ...m 


f*SJ 


304 5/8 
103 S/8 
IDS S/B 
107 

101 If 2 
99 5/8 
1W 1/8 

103 3/4 
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10 # 1/6 
ICO 7/0 

102 7/8 

ik s/a 

IK 3/8 
IK 3/8 
99 5/B 
IK 7/8 
IK 3/4 

105 5/8 

101 1/B 
100 5/8 
107 1/8 

102 7/8 

99 3/4 
99 3/8 

100 9/1 

106 3/8 
IK 1/2 

99 5/8 
IV 1/2 

104 1/8 
IQS 1/4 
202 7/8 

98 1/2 

99 5/8 
100 1/2 

99 1/2 
100 5/8 

105 

ids i/a 

106 3/4 
100 5/8 
100 1/4 

99 3/8 
99 3/4 
123 3/8 


1>4C «4S 

1*34 6.U 
3-a 3.91 

3.34 6.51 

4.67 6.68 

1.75 6.(6 
1-25 6.58 

4.67 7.16 

3.87 7.0# 

2.25 6.K 
.75 6.29 
1-84 5.41 
1-M 5.91 

4.73 6,77 

3.87 6.87 

5. (6 C.77 

1.09 5.71 

1.42 6.61 

1.17' 6.33 
•67 6.62 
4.00 6.82 

S.51 7.16 

4.92 6.62 

1.8» 5.82 

1.34 5.61 
.96 5.80 

3.73 7.01 

4.79 7.73 

3.29 7.49 

.75 6.80 

1.17 6.90 
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•59 6.24 

3.84 f.36 

4.63 6.82 

4.U 6.10 
2.21 6.17 
4.79 6.06 

5.63 7.07 

3.67 6.99 

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1.96 7.60 
1.46 7.88- 

2.34 6.76 
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6. DO 6.85 
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4.67 6.70 
3.38 6.49 

3.67 6.84 

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1.13 6.82 
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1.29 6.67 
-TP 6.84 
!•» 7.20 


99 3/4 1.13 6.22 
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191 1/4 .46 4.35 

99 1/S 4.75 6.71 
ICO 1/6 4.25 6.70 
102 3/4 2.75 6.98 
193 1/6 2.38 6-51 
125 3/4 3.K 6.36 
120 3.M .71 5.34 


9.31 
10.18 
7.74 
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6.27 
7.92 

8.27 

5.77 
5.99 

6.94 
7.53 
7.90 
9.58 
9.58 
6.02 
7-87 

7.88 
7J7 

6- 43 

U1 

8.63 

8.26 

6.51 
5.79 
6.97 
7.99. 
7.66 
6.02 
7.66 
7.68 

8.47 
9.23 

6.88 

6.52 

6.22 

6.78 

7.45 
7.82 

7- 85 
8.43 
6.71 

6.48 
6.29 
6.52 

8.95 
6.02 
7.16 
6.56 
6.74 
7.5* 
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6.45 


»n jm*m 

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l?76 rq 

30.TO vr Ed -45 M. 

1577 VtJ 

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30 

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15.CC V? nr 238 6*8 
1976 rq 

HP or 237 •** 

DO 

FPB 237 **• 

V# 

VP ED 238 **• 

=0 

10. TO PC SB 238 *** 

4iJ7 CtS 

7.M VP nr 237 *** 

1916 05 

!3*n as*** 

tq 

20.8ft Ttt 601 (02 E?3 604 

15«Q DO 605 676 607 608 

... 639 610 611 919 

12.53 GG SO 237 *** 

1976 DQ 

17.50 ST ST 239 **• 

2976 

12.50 VP 8# 238 **• 

1976 CQ 

CTW 238*** 

OQ 

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Cq 

10-10 VP W 238 *•* 
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KP TO 238 *** 
rq 

VP nr 238***' 

rq 

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to 

w nr 238 *** 

D# 

22.50 VP EV 237 600 60! M4 60S 

1977 L'q 607 608 609 610 

61! 910 

7.so ?c nr 245 »*« 

1976 cq 

17.00 SP XO 238 *** 

1676 vq 

VP nr 238 601 605 608 
rn 

15. TO SP to 238 **• 

1973 rq 

e? nr 238 *** 
t-q 

XP *r 23£ *** 
v? tar 238 *** 

cq 

15-CP P4 so 238 **• 

!9’6 tq 

15-00 re ZB 238 *** 

1976 uq 

7.50 : peo 245 *** 
i?-6 ro 

c<: EO 237 *** 

1576 :q 

Si SO 237 603 631 6C2 «03 
CQ 6P4 605 607 6P* 

. fn» 610 611 913 

i-.r. te ro 237 *** 

:o:» ci' 

i: W 237 *** 

l?:i rq 

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'.q 

T.P tS 2iJ *** 

ro 

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tq 

r-.ro 7i R- 237 •** 

1976 Uj 


75.00 

35.00 
< 0.00 
3D. PC 
75.20 

75.00 

75.00 
ao.Do 

50.00 
75. DO 

100.00 
29-DO 
75 .00 

75.00 

73.00 
90-00 
60.00- 
40. N 

50.00 

60.00 

30.00 

11.00 

75.00 

70.80 

75.00 

75.00 

50.00 

A5.00 

11.25 

.75.00 

60.00 

60.00 

*5.00 

50.00 

60.00 

40.00 

60.00 
20. DO 

50.00 

25.00 

60.00 

15.00 

59.00 

25.00 

30.00 


1978* 

99.30 

1974 
59.99 

1975 
R 9 .MJ 
1974 
PS -50 

1974 
99.25 
1«7»* 
59-50 
'.Vi* 
99.30 

1975 
100-90 

2*7! 

100.00 

1972 

99.30 

**76 

100-00 

1975 

100.00 

1974 

100.00 

1974 

99-50 

1977 

99-73 

1976 
99.25 

1974 
99.50 

1975 
99.25 
1972 
99.50 
1977* 
99. 7S 
1975 

100.00 

!9?J 

100.00 

2978* 

99.50 

1974 

99.00 

1971 

99-25 


raOGMJEKS ( COl.-rc.TiII I 

SIDES HnnnXSTAKKUSK 

6.30 1/ 6/1983 

nan neoBsuppsiAVK 

9.30 1/ 7M979 
SOIM-ASSSE CimiT»«* 

9.50 15/ 2.':«6(i 
sntoUUSGE caswie 

9.75 1/ 7/1979 

30PTO.7 rawruALBAn: 

7-73 1/ 4/198! 

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6.50 ‘ 15/ 5fl?8S 
osnssrtcir eovtpollila 

r.rs 1/ ;.T<d: 

osTEWsrese fovthoi.ua 
9.75 1/ 2/1980 

WHIP V0MI5 

7.50 1/11/1978 
PHILIPS HOSTS, 

6.00 If 8/1373 
PTOJ7S LAMPS, , 

7.73 15/ 5/1991 

PHILIP? UHPS 

8.25 1/10/1981 
PHILIPS LASTS 

9.50 If 1/1980 
mun laws 

10.73 15/10/1379 

TOSSOII 8PT.DCTVG PUDS 

7.25 1/ 6/1981 
PUKsost mesne mstsoK 

10.00 1/1D/1JS1 

HAM BASK 

10.75 15/11/1979 

HASK KMC BOUrSC? 

9.23 15/ 3/1981 
1EB0VUL BET PQBD 

6.25 U 9/1979 
HHTOBLIC OP ACSTB1A 

7.25 -J4/1 1/1984 
1HFEBL1C DP AtmaiA 

8.23 13/ 7/1982 
REPUBLIC DP AUSTRIA. 

9.23 It 3/1582 

RtniSUC 0? BRAZIL 

7.50 ' 1/ 7/1983 
RSDBLTC or TULM 

20-L3 15/12/1979 

REPUBLIC OB SOUTH AFRICA 

7.30 15/ 3/1578 


1976 8.3. C-T. 

100.00 7.7S 25/ 6/1581 

1973 5XC.F. 

100.00 9.00 £5/ 4/1581 

1573 SCSCEP7AAR7 UETE 
100.00 6-73 15/ 7/1)10 1 

1977 semmARX ram 

100.00 8.23 1/ 4/1582 

1975 SCBTEPVAASS USTE 
100.00 8.73 1/ b/1981 

1975 SRF 

99.50 9.50 V 3/1980 

1)72 SLAXQC 7£m 
100. CO 6.25 15/ 7/1979 

1973 80318 EDHOPTAS PIPELINE 
99.50 7.23 15/ 2/1930 

1972* span HARD 
100.00 6-50 If A/1 979 

1972 82AVDAXD SHARDS 

100.00 6.50 1/11/1575 

19)6 S7EXISH EZTORT CREDIT 
99.75 0.23 l! 4/1963 

1973 S0RD15R TSHESTVt R ’ f BACK 

1Q0.09 9.25 U 4/1982 


60-00 

30.00 

30.00 

15.00 

60.00 

100.00 

75.00 

30 .cn 

13.00 

30.00 

100.00 


60. CO 
30.03 


20.00 


*972 

99.75 

1972 

100.00 

1975 

99.50 

1974 
99.ro 
1977 
99.50 
1972 

100.00 

1971 

99.50 

1975 
100.03 


1ELOTIZ 

b.25 If 8/1579 
ZEzrujs ail; .H ie 

6.75 )5.‘l 1/1979 

37SSIR UTrirOT 
8.M 15/ 5/L582 

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10.30 15/ E/1579 

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8.25 :•/ 7;:»«2 

tat a-cias 

6.25 1/10/1979 
*is treazzs 

10.75 1/ 9/1979 

rosu> BASK 

5.00 1/ 2/15E3 

mi CTTOsm c:ns 


197A 

130.30 


s.o-i n; i;i9*9 


99.10 A.j'5 lit itliiS 

3*75 “El T STATES ■ DOP 
58.03 S.75 15. 11 1968 

Erse cto'cht mia 


60.M 1971 nai. ^ 

42.50 f?.53 7.13 If 211915 

10.00 !?71 ISL'7!‘ I A 

3.C0 JW.30 7.75 1-7 1/1S81 

10-0-3 i*rr rsnrm-j , 

7.51 99.50 7.50 12/3/1955 

3C.M T97? 11223 

9S.53 ?.25 1/1 71 CEO 


mice 

K 

Si 

s 

1 

f 

£ 

i 

99 

4.92 

6.74 

6.57 

103 3/i 

1.00 

3.93 

9.19 

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1.63 

6.61 

9.11 

in 1/2 

i.oo 

6.05 

■9.43 

1 B2 2/4 

2.79 

6.61 

7.54 

98 1/8 

6.87 

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6.62 

101 5/8 

4.09 

6.78 

7.13 

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1.59 

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9.32 

1001/2 

<34 

5.81 

7.16 

190 

1419 

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3.99 

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6.00 

103 7/8 

2.87 

6.25 

7.46 

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3.25 

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7J7 

104 1/4 

1,5 1 

6.39 

9.11 

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1.29 

6.23 10J0 

101 3/8 

3.9Z 

6.83 

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107 1/2 

3.25 

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9.30 

US 7/8 

1.38 

6.11 U»-1S 

105 7/8 

2171 

6.78 M.n 

99 7/8 

1.17 

J7 

6.34 

6.48 

6 .2fi 

102 1/4 

6.38 

6.79 

7.09 

IK 7/8 

4-04 

6.83 

7J7 

107 1/8 

3.67 

6.96 

1.69 

98 2/2 

5.00 

7J& 

7.61 

105 

2.46 

fM 

9.76 

100 

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7^28 

7 JO 

102 7/8 

2.96 

6-64 

7.53 

107 

2.79 

6.18 

801 

100 

S.K 

1.04 

6.78 

6.7* 

6.75 

102 

3.75 

7.60 

8.09 

103 

2.92 

7.96 

8.50 

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2.67. 

6 J2 

9-ro 

100 

1 .0* 

J4 

6.24 

6.33 

6.23 

101 3/4 

2.63 

1.13 

6.05 

5.61 

7.13 

100 5/8 

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6.46 

99 3/4 

1.34 

.44 

6.(6 

6.12 

6.52 

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4.7S 

7.03 

7.88 

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3.73 

6.97 

8.68 

99 1/4 

1 .0V 

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6.97 

7.(8 

6 JO 

100 1/8 

1.28 

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(.61 

6.60 

6.74 

205 1/2 

3.87 

6J3 

8 .0S 

IDS 1/8 

1.23 

3.64 

9.99 

101 

4.04 

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8.17 

99 1/2 

1.15 

.75 

6.(5 

6.97 

6.28. 

103 1/2 

1.17 

7.46 

111.39 

1C* 1/2 

4.99 

6.81 

7.66 

119 1/4 10.35 

5.54 

6.71 

110 1/4 10.2* 

5.70 

6-96 

95 3 Ik 

10.38 

9.39 

9.14 

103 7/8 

7.P6 

i.:-3 

7.09 

7.01 

7.19 

103 1/3 

2.55 

4.91 

6.3S 

6.00 

7.52 

101 

7.T.J 
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7.:i 

6.09 

7J5 

103 3/4 

2.42 

7.45 

8.92 



MARKET 

MAKERS 


So 
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25 


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echo e arner tea cuwisuo) 


35, TO 
IS. TO 

1»ID 


7.50 

19-6 


11.59 

1975 


IS. TO 
1977 


15.30 

1916 

12.50 
1977 

15.00 

l»:k 

17.50 

19:6 


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SP TO 
05 

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nr 

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19.09 

1916 

7.50 

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7.53 

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249 **• 
269*« 

247 •** 

237 *** 

238 *** 

231 *** 

238 *** 

238 *M 

237 *•* 

238 •** 

238 *** 

238 **• 

238 **■ 

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254 **• 

543 **• 

237 •** 

245 *** 

238 **• 

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237 601 M 2 
60 S 606 
<04 610 
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237 *** 

238 COO 601 

604 605 

60 5 609 
245 •** 

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257 *** 

238 800 60 ! 
604 60 $ 
609 610 

245 «*t 

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254 *** 

237 **• 

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£37 6 DO 601 
604 605 
608 610 
£38 600 601 
6M MS 
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£37 601 604 

238 **• 

£37 *** 

238 *** 

237 *** 

£38 **• 

238 *** 

£37 **• 


603 6 M 
607 608 
611 910 


603 <03 
Mb 607 
611 91 # 


603 613 
606 £07 
611 910 


SO -BO 
19.50 
25.TO 
id. 00 


12.09 

li.CS 


10.10 

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30.00 


I5.P3 
3 3 .au 
30-00 
11-55 
15.00 

I. 50 
20. DO 

£.00 

5.00 
Z*1r 

16.00 

J. 60 

10.00 

5.33 
30. CO 

20.00 


13.00 

16.00 

10.00 

6.10 

33.00 
20.40 

15.00 

25.00 
£ 5.00 
23.50 

27.00 


1972 


203 3/4 

5.(7 

7.16 

7.71 



3.00 

99.50 

fl.CG 1 I 3/1984 


2-35 

(.71 




1973 


2KTO5I.7C OT 50771 JJUCi 

99 1/4 

7.7* 


8.06 

8.96 

68 

£-00 

100.03 

3.00 1/ */19B6 


4. £5 

8.19 


102.00 

1951 

1975 


rpjo nrrs or tccoovT 








1975 


105 5/S 

6.45 


9.03 

4.96 

30 

2.50 

irc.ra 

9.50 21/ 2/19B5 


3.90 

7.90 

102.53 

1979 

29/9 

:*;4 

iGMCT.TTOJ. C6TO1T COUP 103 3/4 


7-03 

9.68 




9?. 53 

lb. 00 20' 9/1979 







J963 

F WO DB rOM&le X*C. 

142 1/4 

.39 

17.98 

5.7S 



1.00 

97.1-9 

5.50 19/11-2978 







!«73 

HASS CP43HSGT0K 

in ?/s 

12.(7 

6.K 

6.97 


60 

1.05 


7.90 2/ 3/1991 


9.07 

6-93 


102.25 

2979 DJI974 

3*71 

3Eai^imVr5TXCV.S 

10* 2/4 10.61 

8.12 

8.39 

6.99 

30 

I -DO 

93.C3 

£.73 e.’ :/isa» 


6-14 

7.84 


102.00 




C.F.E. - SET CO 

139 

7.75 

7.7 ft 

7.M 



1.20 

97-iO 

b.SO 1/ 4/lSSfi 5 


4.57 

8.42 


100.50 

1970 

1570 

1965 

C.F.r. - MKCO 

1*2 1/4 

.34 

22.33 

7.72 



J.50 

M.M 

7.25 2 W ID/1978 S 






1969 



1*1 L'8 

1.27 

13.39 

9.16 


30T 

1.00 

9t. DO 

S.50- B/ 10/1979 S 


.77 16.37 


100.25 

1978 

1973 


C.F.R. r»3BTGSM.l 

139 1/4 

1.95 


7.48 


120C 

.55 

9S.00 

7.00 17/ 6/1980 


1.49 11.94 


100.25 

1979 

1969 

1963 

CASK PER H NE-35GI0CT 

92 

■34217.57 

8.0 



l.fO 

99.25 

5.50 31/20/2976 







1969 

2970 

«3KRIST( S .9.X.-7XVUTQ 

140 1/2 

7.39 

9.83 

9J5 

102.00 

90S 

-66 

9S.25 

8.75 £0/11/19*5 


3-Jo 

10.53 




1973* CE! Or COPEHtAfiFS 

1D0.15 7.00 £/ 5/1993 

98 

14.84 

7.47 

7,17 

7-B9 

103.00 

75 £.25 

4JB5 >71961 



108 1/8 

7.96 

7.44 

8.13 

6.60 

75 

1.00 

99.00 

8.73 15/ 6/1586 



uc.ro 

l?Bl PF1977 

397S 

a» 07 conmeEK 

110 1/4 

7.24 

7 M 

>.*3 

5.34 

75 

l.f6 

99.50 

9-15 211 9/19B5. 




102 JO 

1980 7719,9 

J97i 

W.25 

cur or Cttpooucra 

10 .03 14/11/1979 

103 1/2 

1.38 

7.31 

9.70 





!975 cur of sosiraa in 

1M.0B 10.00 31/ 1/1983 

u;i cm op nasct ' l«o i/< 

55.00 8.90 15/ 9/1985 

3974 CUT OP OSLO 109 1/4 

99.50 8.575 1/ 4/2992 

1974 Cm OF OSLO . 105 1/B 

100.00 10.00 5/12/1981 

1975 Cm OP OSLO 105 3/8 

99.50 9.25 *15/10/1995 

1974 CP r iMPm 103 5/8 


4.59 7 JO- 9*05 
jB.W 


8.21 

•<-57 

JJ.75 

8.12 

3-lJ 

2.99 

7.39 


9.00 

9.66 

8.27 

B.M 

8.34 

7.31 

8.31 
7.96 


102.00 
HU 7 7.92 

102.50 

9.35 

8.82 7. 93 

202.50 
B .56 3.16 


5.70 
WI 9 T 8 
QP 3 .65 
1979 1972 


90 

1 H 2 


75 

I 960 

75 


.40 

1975 
3.75 

1976 
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1976 

.34 


60 ! 60 ) 
606 607 
611 910 
602 602 
Mb 607 
bU 910 


15.64 

99.50 

9.00 

12/ 3/2999 


7.-4 

8-05 


104.00 

1978 DPI 975 

Z5.0D 

1971 

CfSfflMVEALTB - AVPT7JZ31 2*0 1/4 

8.09 

9.02 

8.48 


SO 

.80 

22.ro 

99.75 

8.00 

1/ 8/1996 


4.95 

9.50 


102.50 

1979 

1973 

12.50 

1971 

casmsAnss qrbmves 

140 

t.ti 

9.06 

0,50 


9CC 

.73 

9.12 

58.75 

8.00 

15/ 7/1986 


4.55 

9.6? 


102.00 

1979 

1972 

10.00 

2968 

COFZESASS CCW7T ADTB 

139 1/2 

1.90 

10.64 

7.33 


*50 

1.30 

2.(0 

96.25 

6.875 

£4/ 5/1969 


l.TO i£.02 


100.25 

1979 

1969 

15.00 

1969 

carrsEMB cotxrr attb 

139 5/4 

5. «6 

8.34 

7.45 


450 

1.25 

. 8.25 

98.50 

7.00 

91 5/1964 


3.49 

9.10 


101.25 

1979 

1970 

17.00 

1971 

CQPCGIMZS COKTT AUTH 

140 1/4 

7.62 

9.06 

8.48 


1200 

.50 

8.29 

m.ao 

P.PO 

10.' 2/1976 


4.45 

9.60 


101.50 

19£0 

1972 

39.00 

1975 

COKSB.*raS CftSTT ADIU 

111 

7.32 

7.33 

‘a.37 

5.32 

45 

1.25 


99.50 

9-25 

£3/10/:965 





102.50 

1950 

??1979 

20.00 

1975 

COFEBSACC9 TTOTOTUJSG 

110 1/4 

6.91 

7-62 

8.65 

5.26 

30 

1.35 


9? .50 

9.50 

28/ 5/1995 





102.50 

29»0 

FFI979 

zs.oa 

2971 

CREDIT '.UTZOSiL 

240 1/4 

8.09 

9.02 

(.48 


9« 

1.00 

9.00 

59.25 

B.OD 

30/ 7/1986 


4.03 

9.75 


102.00 

1979 

1972 

25.00 

1971 

KLECIF-JCUT S0Fn.T-l.Ra 

140 

7.95 

9.33 

8.77 


45G 

2.00 

£.00 

290.00 

2.25 

71 5/1986 


4.25 

9.99 


101.50 

1960 

1972 

25.00 

1976 

B9MRSIT 

109 7/8 

5.62 

7.14 

8.45 



.95 


100.09 

9.25 

10/ 2/1984 





102.00 

197 B JT1977 

20.00 

1971 

ZSCSK 


139 3/4 

7.95 

9.36 

8.78 


450 

1.33 

10.69 

99.75 

8.25 

11/ 6/1956 


4.46 10.00 


201.50 

I960 

1972 

12.00 

1970 . 

ES cal 


140 1/2 

1.99 

12.57 

9.79 


120C 

1.20 

2.40 

IOC. DO 

9.35 

26/ 5/1950 


1.-9 13.67 


100.50 

2.079 

J971 

20-30 

1966 

EDROFEA S COAL 6 57X0. 

139 3/4 

7.5* 

6.79 

6.12 


2BC 

1.30 

10.50 

99 .38 

5.75 

1/ 2/1966 


H.1S 

7.46 


201.00 

1979 

1972 


15.00 1975 nVLASP - 3 Vt> SCO BANK 

15 . TO 99.00 9.53 7 / 11/1963 

10.00 1)76 FUSES TELEFBOte CO 

99.00 9.00 15 / 9 / 19 B* 

15 .C 3 ) 1975 C.X.S. 

12 JO 99.75 9.75 11 / 4 / 19 S 3 

20.00 1964 CKCUTR OWTJ.KAJCJ 

5.00 S 3 . GO 5.625 15 / 4/1914 

25.90 3977 3 XATLAS TOKA 

ID 0.25 8.50 23 / 6/1987 

£ 0.00 1975 T 3 UIFJV 701 KA 

99 .H 9.75 25 / 3/1995 


109 

105 5/8 


!07 3/8 


5.36 

3.9b 

6.21 

4. 78 
3. La 

5.79 
3.-5 
8.97 


7.71 

7.24 

7.23 

8.37 
8- CO 
7103 
7.64 
7.3B 


8.83 

8.29 6.39 
101.10 
9-27 2.55 

1K.Q3 

6.02 

100.00 

7.93 


75 


!.50 

1979 

.50 


115 1/8 (.73 6.94 8.51 


29S1 PTJ977 
60 1.50 

1978 1)76 

lire .12 

1579 1910 

1.25 
IPJ 981 
1.09 


93 115-520 


co sir 105 1U 205 315 

lri 

GG EU £30 113 520 
LX 

CC ED 35 115 52# 

U 

HP EO 103 115 210 520 
LXLS 

CC EU 103 US 215 520 
LX 

sp nr 103 us 520 

LIBRAS 

SPED 109 US 520 
UAH 

5? nr 230 US 520 
OCX 

57 a £30 115 320 
LIAS 

ccm 35 115 520 
IS 

CC EU 117 119 520 
IX 

SP E3 230 113 210 520 
IX 

HP HD £30 115 520 
XK 

HP nr 230 115 520 
LX 

VP nr 330*215 320 

sx 

HP 191 230 115 320 7*5 
XX 

SC BO 117 115 520 
LX 

VP-EU £30 115 520 
LX 

S? nr £» 115 520 
IX 

ST EG 230 115 520 
LX 

GE EU 103.115 205 213 
LX 

SPED 35 115 520 

LX 

'EG CD 93 115 520 
LX 

VP EO 220 113 520 

ZfCX 

HP EO 230 115 520 
A9LX 

SP EO 130 115 520 
1XAM 

SP TO £30 115 520 
LX 

SP CD £30 113 520 
LX 

HP HJ 95 US 520 
LX 

GG ED 230 1U 52# 

LX 

cg nr 230 us sis ::o 

LX 

GO ED 230 US 520 
LX 

CG HD IDS 115 520 
XX 

SP nr 230 115 510 
AHEKLX 

CG 20 230 115 SO 743 
LX 

VP ED 230 115 SM 
LX 

PC ED 117 115 205 2!5 
LX 

SP Etr 230 US 520 
BS1X 

GOTO 290 115 5:0 745 


520 


Ci 


::o 


iz 


<o? 


39 


'.13 n 
-V.J 1691 
4.72 31? 


2.10 Sp 23 246 A 05 *07 409 415 

21975 LX *25 

1.00 S? ED 346 405 407 409 *15 

7)97* LX 425 

.-5 PC TO 346 115 307 530 


5.50 CS ZB 351 115 60S 409 420 
1976 « 425 SCO 

1.00 r? ED 115 520 
197* Tq 

.M NT- a 4 56 115 210 520 
1974 tq 

CC *5 179 US 307 510 
K> 


15.00 

1978* mgsrmx sact-ftoasd 

98 7/8 

14.76 

7-17 

7.11 

7.53 

90 

1.50 

15.03 

100.00 

7.00 

5/ 4/1993 


1C.26 

7.22 


102.00 

2365 

1964 

25.00 

1971 

EOraXH OF VESKAFX 

140 

7.99 

9.07 

8.50 


90c 

2.00 

17.00 

99.50 

8.00 

25/ 611983 


4.6b 

9.64 


101.7S 

19/9 

1975 

12.00 

1978* RZlCJr3U]£2K£TrnrTE? 

101 7/8 11.57 

7.58 

7.64 

7.02 

70 

.SO 

12.00 

100-03 

7.75 

25/ 1/19*3 


7.57 

7.A8 


102.50 

19P3 

1979 

12.00 

1963 

SQSCES KDH3A1SAVK 

138 1/2 

4.55 

7.33 

5.91 


1TOC 

.85 

.4.72 

99.00 

3.50 

15/ 1/1983 

2-65 

8.50 


100.00 

1979 

1967 

15.00 

1971 

FORCES nBCarKALZAFK 

139 1/2 

7.71 

4.41 

8.89 

8.26 


120C 

1.10 

29.70 

96.75 

7.75 

15/ 3/1986 


9J4 


102.00 

2979 

1374 

:o.m 

297* 

PKCH1R12 OGQK UTElrJZS 

IK 3/4 10.65 

8.12 

8.39 

6.64 

60 

.70 

16.50 

96.00 

8.75 

22/ 2/1969 


7.31 

7.95 


IK .00 

1978 

1975 

25.00 

1969 

PROTiscr or Fjcrrost 

140 

10.96 

7.82 

7.44 


90 

.75 

9.75 

97.00 

7.00 

!7/ 6/2969 


6.35 

8.23 


102.25 

10(3 

1970 

12.00 

1970 

FR077IICS OF I IASI TOT A 

140 1/4 

3.71 10.92 

9.55 


9TO 

.60 

7.20 

100.00 

9.00 

15/ 3/1982 


2.33 11.45 


100.75 

•1979 

1971 

30.00 

19T5 

FSOmtE OF.RCTTOfA 

110 7/8 

7.44 

7.37 

8.38 

5.5? 

•30 

1.90 

26.70 

I 00. 00 

9.a 

t/12'1965 


5.30 

6.83 


102.50 

19S0 ?F19:6 

8-50 

1946 

TFiintSrs smOTarr 

J39 1/2 

2.66 10.43 

6.50 


!JK 

.71 

,1.40 

96.00 

6.00 

£5/ 2/5980 S 


1.15 12.29 


103.50 

2979 

1969 

12.00 

29cS 

iron paper nr ne? 

139 1/2 

5.29 

8.23 

7.20 


90C 

1.00 

6-00 

98.50 

6.75 

25/10/1983 

2.79 

9-38 


102.00 

1979 

19c9 

13.00 

1973 

8sren.TC of zceuto 

103 3/4 10.22 

8-01 

8.23 

7.2? 

75 

.20 

10.30 

100.00 

8.50 

24/10/1988 


7.82 

:.9i 


102.00 

JS79 

1974 


CG ED 230 115 520 7*5 
LX 

CC CD 230 115 520 715 
IX 

S? ED 230 115 520 
IX 

VFES 272 113 520 
LX 

CC IB £30 115 520 

T.T1M 

CG ZB £30 US 520 

L2 

PC ED 103 115 MS 213 
LX 

SPED 230 115 520 

1 XW* 

SP ED 230 US 520 
JUC.I 

SP EB 230 115 520 
LZZ 

SC ID 230 115 520 
LTEE 

BF EU £30 115 530 
A*1S 

SP ED 103 US 520 
L2 


520 


YEN-DENOMINATED 
FOREIGN BOND 


(SAMURAI BONDS) 


QUOTATIONS AT 
LAST TRADED DAY IN JUNE 


Issues 

Trice . 
(Yen) 

Issues 

Price 

(Yen) 

AD.B. 1-3) .Tune 28 

101.20 

FINLAND (1) 

107.90 

A.D.B. (4) 

107.00 

FINLAND (2) 

102.90 

E.I.B. 12) 

104.05 

FINLAND (3) 

99.40 

I.B.R.D. U» 

104-00 

IRELAND 

99.60 

I.B.R.D. 112) 

101.35 

MANITOBA (1) June 29 

106.40 

I.B.R.D. (3) 

103.75 

MANITOBA (2) 

99.90 

I.B.R.D. (4> June 29 

1(10.70 

MALAYSIA 

94.00 

I.B.R.D. (5) 

100.60 

MEXICO (1) June 28 

101.75 

I.B.R.D. (6) 

101.55 

MEXICO (2) 

106.05 

I.B.R.D. (7) 

100.40 

MEXICO (3) 

99.35 

I.B.R.D. <SI 

inn .so 

NEW BRUNSWICK 

99.60 

R.F.C.E. Ii) 

103.15 ■ 

NEW ZEALAND (1) 

10S.80 

K.D.B. 

95,60 

NEW ZEALAND (2) 

101.20 

AUSTRALIA (1» June 29 

103.00 

NORWAY 

100.90 

AUSTRALIA (21 

101.30 . 

PHILIPPINE 

97.55 

BRAZIL (1) 

102.45 

QUEBEC . 

99.60 

BRAZIL 12) 

106.50 

SINGAPORE (1) 

105.S0 

BRAZIL (3) 

99.40 

SINGAPORE (2) 

99.50 

DENMARK (1) 

107.35’ 

SPAIN June 24 

98.30 

DENMARK (2) June 29 

101.60 

VENEZUELA (1) June 24 

99.00 


UNQUOTED ISSUES 
ON TOKYO STOCK EXCHANGE 


Issues 


No. 2 A.D.B. 

No. 2 QUEBEC 
No. 1 E.F.B. 

N n. 1 VENEZUELA 
No. 1 OSLO 


Price 

(Yen) 

100.20 

06.70 

iur.oo 

97.00 

99.75 


Issues 


No. 

No. 

No. 

No. 

No. 


S.N.C.F. 

ARGENTINA 

R.E.N.F.E. 

SWEDEN 

B.N.D.E. 


Price 

(Yen) 

99.S5 

96.50 

96.50 
9S.75 

97.50 


These Securities here been sold outside the United States of America and Japan. 
This announcement appears as a matter of record aniy. 


New Issue 


Gift July, 2978 


ASICS CORPORATION 

(Kabushiki Kaisha ASICS) 

a$K5 

U.S. $15 ,000,000 

5 -f- per cent. Convertible Bonds 1993 

Interest payable 20th January 
Listing: Luxembourg 

Yamaichi International (Europe) Limited Credit Suisse White Weld Limited 

Abu Dhabi Investment Company 
AlgemeneBank Nederland N.V. 

Banque Bruxelles Lambert S.A. 

Commerzbank Aktiengesellschaft 
Credit Lyonnais 

Robert Fleming S* Co. Limited 
Kleinwort, Benson Limited 

Taiyo Kobe Finance Hongkong Limited 

A. E. Ames 5- Co. Limited Amsterdam-HoUerdam Banh N.V. Banco Commerdale llab'ana Banco del Gottardo 

Banco NazionalB del Lavoro Banco di Roma Btink Julius Baer International Limited Bank Wees & Hope NV 

Bankers Trust international limited The Bank of Tokyo [Holland) N.V. Banque Prangaise du Commerce Extbrienr 

Banque GenSrale du Luxembourg S.A. Banque del’Indochineetde Suez ’ Banque Internationale a Luxembourg S^A. 

Banque de Neoflixe. Schlum bergs r. Mallet Banque de Paris ?t des Pays-Bas Banque Notion aie de Para 

Banque Populaire Suisse SA. Luxembourg Banque Rothschild Banque de i'Unian Eurnpeenne Banque IVorms 

Barclays Bank International United Baring Brothers 6- Go., limited Bayerische Vereznsbank Bergen Bank 

Berliner Handels- und Frankfurter Bank Blyth Eastman Dillon fr Co. btenatnial Limited Caisse des Depcits et Consignations 
Cazenove& Co. (Overseas) Chase Manhattan Limited Christiania Bank og Kreditkassa . Citicorp International Group 
Qariden Bank CantinentaJ Winds Limited County Bank Limited Creditanstalt-Bankuerein 

Cr&litCbmmercidJdeFrance Credit industriei et Commercial Dai-Ichj Kangva Panbus Limited Dama Europe N.V. 
DenNarskeCreditbank Deutsche Bank Aktiengesellschaft Deutsche Girazentrale The Development Bank of Singapore Limited 

— Deuiscog Xggunimalhonfc— 

Dewaay &■ Assoties International SodeteAnonymQ DUlan, Read Overseastinporation Dresdner Bank Aktiengesellschaft 
European Banking Cranpany Limited F!rstBostan|EuropeJLimited First Chicago Limited Fuji International Finance Limited 

Groupement des Banquiers HivfesGenePois Hambros Bank Limited 

H31 Samuel & Co. Limited IBJ International Limited Ihterailianz Bank Zurich AC 

Jardine Fleming & Company Limited Kidder, Peabody Internationa] Limited 

Kuhn Loeb Lehman Brothers Asia 
Kuwait Foreign Trading. Contracting & Investment Co. JS.AJCJ Kuwait International Investment Ca SA.K. 

Kuwait Investment Company [SA.K.J Kuwait Pacific Finance Company Limited hazard Brothers Sr Co.. Limited 

Lazard Fr&res et Ci& Lloyds Bank international Limited Loeb Rhoades. Hamblower International Limited 

McLeod Young. Weir International Limited Manufacturers Hanover Igni ted Marine Midland Limited 

Merrill Lynch International & Cd Samuel Montagu & Co. Limited Mitsubishi Bank (EurepeJS A Mitsui Finance Europe Limited 
Morgan Stanley International Limited Rational Bank of Abu Dhabi New Japan Securities Europe Limited 

The Nikka Securities Co., (Europe) Ltd The Nippon Kangyo Kahanara Securities Go. Ltd Nomura Europe N.V. 

Ncrddeutsche Landes bank GirazentraJe . Okasan Securities Go.. Ltd. Orion Bank limited Pierson. Heldringfr Pierson N:V. 

N. ML Bothschild& Sans Limited Sa/aman Brothers International Limited 

J. Henry Schroder Wagg & Co. Limited Singapore-Japan Merchant Bank Limited 

Smith Barney, Harris Upham 6* Go. Incorporated Soc&tS Generate 

Svenska Handels banian Siviss Bank Corporation [Overseas! Limited 

Trinkaus & Barkhardt Union Bank of Switzerland [Securilies] limited 

Vickers, da Gosta International Limited 
&G. Warburg & Go. Ltd - Wardley Limited 

Wood Gundy Limited Yamatane Securities Co., Ltd. 


Goldman Sachs international Carp. 
Hesslsehe Landesbank-Girozentraie- 
Japcm International Bank Limited 
Kredietbajii SA. Luxembourgeaise 


PKbanken Rothschild Bank AG 

Saruvn Bank [Underwriters] limited 
Skandinaviskq Enskilda Barden 
Socieie Generate de Banque S A 
Tokai Kyonra Morgan Gren/ell Limited 
Ver eins- und Westbank AJrtiengeseDschaft 
Wako Securities Company Limited 
Wostdeutschn Landesbaztk Girozentrala 


22 


Financial Times Monday Toly 10 197a 


A 

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£ o ’ •£ £ 

f.2 

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£ <3i 


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13? 

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s.r.:.". 

■i.-.o -.r:, ;./ • :?so 

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luo.aa e.oi ;i , iP. - :«s 

1 1::. bTiTjftu cz&c. ;;i £ 

**-oa ».rv .«■ :: .955 

■+: r . * ?= si:^risu ? :is 

;>j.yJ n.:0 ‘ ' " .96= 

*■■#9 -IT'.t’S “AJN ”7 [, i;. 1-0 

9o.i0 '.00 * ■' 9 

rts..;i! srAic; 


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205. uJ 
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23.00 

ik-:o 

9C-S3 

1C3.V3 

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120.03 

53-50 

Lli.Gfl 

ICl.lj 

<0.00 

102.00 

40. CO 
10.03 

iv.l-o 

50.00 
ii.uo 

::o.oa 

1j:.uii 

110. to 
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111. H 

1‘j.dO 

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113.00 

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85 1 4 

1' -■ 3iiT -WiA-'l/i". '■:■ 5- 1 « 

;2o. sc :.-.i 

:3:= MJS -.tASS^wTO:: :? 1 - 

llii.CO '.iC> .■ 8 IK? 

;*> :■ IZTiJiO 107 ce 75 i 

130. jC '.10 .1 •* . V 

:* :■ C5AUuVAAi.es DC -rri'is l:i l.i 
H’. •; :9.io :‘;i i»M 

;•*: dAsu:.5!>.e: or rs>.v:s :oi 7 3 
.oi.co ■'..t-, i-..' - i«: 

19.: ctiifrat M5iouu?2a c.a : 3 

95.35 .-.10 IrJJ 

147? 23!HJ -AT AS 53 I, 1! 

1C0.« ‘.}0 7 1957 

1977 C.r: 09 0510 *7 1.5 

9».io 7.;; : ■ 5. 

1 4: 5 c «0’7 -0SC1CT. Of 7'.‘J0E 1C1 
ISO. CD !5.jr 2-; i.':9*2 

i»r: rs3.-o?--02t: ::0 ; i 

1.Y.7C .;. ;C :9i3 

— :«73 EMO - esr - Ei ' 8 - 7-5 

M-va 8.10 11.' ' .488 

19‘ ! EfSorttA 94 1 9 

:jo.c 3 a— •; r 8 >rs 

:».3 Mil ’ ll '. CCA - 6 ITEn . 82 . - 

KO.Od • “.SC :■ 7/TWO 
:i'l ttiiKLS CAli • <78 hi. 8- 7 8 

93- DS ?..3 . ■ - 79i' _ 

19'; IL50PSA’. LOA'- i STi'l." '? 

49-10 ?- JO . “ "1941 

:971 SL1C8U7. COAL 9 5'.1*L 143 j.A 

.33.10 li.« .1 «‘WK 

:97-’ E72i3?uv a-.T-'aiB; u:.r. n : - 
3 ‘.J4 1’ S‘144' 

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171.30 

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uc.co 

10.03 

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48.C5 -.55 1/ j/1967 

14.1 ;a7:ovuc d« i.tojou’rca :oo ; 

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!972 liriOSAL2 D£J :°L£uX& 99 

loo.io -..‘j i. -1912 

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*.P TO ftJO 225 tftfl 

?• 22 

I Cl. 20 JB?l 297} 

LA 

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126 115 525 


I02.U 1978 1"71 

LX 

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INVESTMENT FENDS 

The following funds include Eurobond 
issues within their portfolios 

Quotations & Yields as at 
30th June, 1978 

EUROBOND HOLDINGS N.V, 

HANDEL5KADE 24 WILLEMSTAD. CURACAO 
London A genu; Intel IS Christopher St. EC2 
Tel: 01-247 7243 Telex: 8814408 

NAV JUNE 30 SU5J0.25 

SOC1ETE GENERAL De BANQUE 
BANQUE GENERALE Du LUXEMBOURG 


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870 935 940 
HP «5 

35 MO 9(0 



- .'- ['(rp "'•tt?;' 

r. 

r/a 

4.11 


10 

M. 7 I 

t~ . 

*6 ?'( PC tt 327 

.tlil* 


i«.'S 

r.i 

1 /S 

4 ..-S 

7 . 0 D 102.25 

! 979 ^ 



k|l *44 LX 

HO *75 . 

• ■ - n -. 

*■•■*» 

::t '.rwn urctPi'* 


...j 

■-’* 

T. 2 i 

JD ' 

82 . ’i 

SC 

M T- HJ 441 

35 ;ra MO 

*i 

'■'-PO 

*.;•> 1 . 1 :. i\‘H 

20 

i’s 


7 .U 0 103.75 

1 U 9 UiL'L 

LS.’ 

5 .M 97 Q LIST 

82 a. 4 r. 9 re 
9 t-n *75 


EXPLANATORY NOTES AND ABBREVIATIONS 


W 


Ml 

VU 
1 ST 
I 'IS 
i»n 
i r 

I IK 
Kl. 
I.\ 
l\ 


Antwerp 
Anisicrdum 
American Slock 
l'xch.mce 
Brussels 
Ik-irui 
Dublin . 
Du-sscldurf 
Frank furl 

Hnnp Kons 
Kuala Lumpur 
London 
Luxembourg 


ML - Mfliin 
NY = New York 
PR = Paris 
RM = Home 
SI = Singapore 
I'O = L^nquoied 
VN = Vienna 
2 R = Zurich * other Swiss 
Exchanges 

DELIVERY 

Kir = Europe 

LW = Europe/ A’eu- York 

NY = New York 

EA = Europc.'Asia 


COUNTRY 

FRANCE 

HONG KONG 

ISRAEL 

JAPAN 


JSSVE/COUPON/XLATUKrrr EXCHANGE RATE 


Michelin InL Dev. 

6 

1985 

F-Fr. 5 .ot 4 

=st ' :l 

Suez et 1 ’Union Paris 

7 

1985 

FFr. 5.554 

=Si ; 1 

Asia Navigation lnt 

6 \ 

1989 

SHK 5.07 

= SI 

Leumi lnt. Inv. 

7 

1984 

l£ 10.1 020 

=S 1 

Asahi Chemical 

6 j 

1990 

Yen 303.0 

=si ! 

Asahi Optical 

6 

1992 

Yen 282.0 

-SI ! 

Dai Nippon Printing 

63 

1986 

Yen 360.0 

=SI , 

Daiei Inc. 

B 

1991 

Yen 300.0 

=si ! 

Daiw-a House lnd. 

7 i 

1991 

Yen 301.0 

= S 1 

Hitachi Ltd. 

BJ 

1979 

YenSBO.O 

• =S 1 . • 

Hitachi Ltd. 

6 i 

3984 

Yen 360.9 

-si ■ 

Hokiishin Electric 

62 

1992 

Yen 248.0 

=$1 i< 

Ito-Yokado 

6 

1992 

Yen 272.0 

=sl i !! ! 


All these notes having been sold, this announcement appears as a matter of record only. 


NE 1 :/ ISSUE 


Wry 3, 1978 



CREDIT COMMERCIAL DE FRANCE 


45,000,000 United States Dollars 
Floating Rate Notes due 1985 


TYPE OF GUARANTEE OR SECURITY 
I. ( 

(.<; 


COUNTRY 


ISSUE/C 0 UP 0 N 7 MATURITY EXCHANGE RATE 


GUARANTEES 
— Government 
Guarantee 

M.i — State or Local Govt. 
Guarantee 

Pi; “ Pareut Guaraniee 

I‘.«. Bank Guarantee 

HV -= Tiie-e borrower*! 

have Public Works 
Limn*, Board as 
lender of last 
resort 

SPECIAL REFERENCES 


2 . OTHER SECURITY 
CL = Collateral Cover 
FM = First Mortgage 
NP = Negative Pledge 
PS = .Subordinated- 

Parent Guarantee 
SC = Special Clause 
SU = Subordinared 
Unsecured 

UL = Unsecured Loan 
TA — Throughout 
Agreement 


dusco 

6 

1992 

Yen 277.4 

-SI' 

Kao Soap 

6 

1992 

Yen 266.0 

=S 1 , , 

Komatsu Manf. • 

Bi 

1984 

Yen 360.0 

=S 1 . 

Komatsu Ltd. 

7 i 

1990 

Yen 2945 

=81 s 1 

Kubota 

63 

1991 

Yen 303.0 

-SI' I 

Marui 

fil 

1991 

Yen 299.0 

=81 1 

Mubnishita Elec. 

5 J 

1990 

Yen 303.0 

= S 1 ! i! 

Rlilsubishi Elec. 

7 

I 9 S 5 

Yen 360.0 

=SJ L 


n - 

P - 
MC - 
W - 
W W - 
XW 


GENERAL— ATTACHED TO NAME OF BORROWER 

Domestic Management group 
Bondholders option to redeem loan prior to matunir 
Private or .semi-private placement 
Principal Interest payable in more than two currencies 
Withholding taxes twith percentage rate r*T. i 
With warrants 
Ex v jr ranis 


2 . S DM ISSUES 

Mic tigurrs *hown are the fixed X DM parities which prevail over 
i he lives of l he issues. 

3 . FLOATING RATE ISSUES 

The figures given are the minimum coupon rate: 

“n margin above Llfh-iR 

I. ATI ACHED TO MATURITY DESCRIPTION 
S = Semi-annual payments 

r. ATTACHED TO NEXT S. F AMOUNT 

PK = Purcha>e fund— ihe amount shown i« ilie aiinurtltotal 
inr total to the next coupon date ». which may be 
The vear a.ssuciaied wUh the amount shown relates to 
/hr end »»f the purchase period 

ur 3 Null-ell mu lalive nption to double sinking fund pa.' men”- 


Mitsubishi EHec. 7 * 1981 Yen 305.5 =Sl! 

Mitsubishi Gas Chera fi 1902 Yen 272.0 =S 1 i 

Mitsubishi Hvy. In. 6 } 1981 Yen 305.55 = 51 1 

Mitsubishi Corp. 6 1992 Yen 267.0 =S 1 i 

Mitsubishi Corp. 7 J 1990 Yen 294.0 =S 1 

Mitsubishi Corp. fii 1991 Yen 301.0 =51 1 

Mitsui & Co. 7 i 1990 Yen 298.0 =Sli 

Mitsui & Co. Si IASS* -Yen 299.0 =Sl| 

Mitsui Real Estate 6 1992 Yen 2675 


CREDIT COMMERCIAL DE FRANCE CREDIT SUISSE WHITE WELD LIMITED' • 

KREDIETBANK S.A. LUXEMBOURGEOISE 

A. E. AMES & CO. LIMITED BANKERS TRUST INTERNATIONAL LIMITED 

BERLINER HANDELS- UND FRANKFURTER BANK CA1SSE DES DEPOTS ET CONSIGNATIONS 

CONTINENTAL ILLINOIS LIMITED COUNTY BANK LIMITED 

UNION BANK OF SWITZERLAND (SECURITIES) LIMITED ' UNION DE BANQUES ARABES ET FRAN RAISES - U.B.A.F. 

WESTDEUTSCHE UNDESBANK GIROZENTRALE 


NETHERLANDS 

SEVG.VPORE 


s. AFRICA 
FltTUDEN 

ILK. 


Y 


ATTACHED TO CALL NOTICE (DAYS) 

=: Callable only on coupon dates 
= Callable only at annual intervals 
Olherw im* callable ai any ume 


7 . YIELD TO NEXT CALL 
it Yield is negative 
s ATTACHED to yield to next call 

CONVERTIBLE ISSUES ONLY) 
u e Cali i< subject to a restriction governed by a fixed 
R tlup between the share price and the cotwenuon price. 

9 CONVERTIBLE ISSUES ^ 

!?m" .i fisu ”:* <!>""" i» premium diamml eulumn. 

■ :, h0 fullouinu cumerlible bunds are subject to comcilib'bUr 

Into the indicated sincks. 


Nitto Elec. Ind. 

6 

1992 

Yen 264 J 3 

=$!} 

Pioneer Electric 

IS* 

1989 

Yen 280.0 

= S 1 i 

Ricoh 

Bi 

1991 

Yen 295.0 

= S 1 i 

Sanyo Electric 

61 

1991 

Yen 29355 

= S 1 , 

Sanyo Electric 

74 

1990 

Yen 302 J 7 

=81 , 

Seltsu Paperboard 


1992 

Yen 243.0 

=81 ! 1 

Sumitomo Elec. 

6 

1992 

Yen 267.0 

=si : ! 

Sumitomo Metal 

6 

1992 

Yen 2 S 75 

=81 i 

Takeda Chemical 

6 

1984 

Yen 360.0 

=81 • ,, 

Tokyu Dept. Siore 

6 

1992 

Yen 266.0 

=si: r 


1992 

Y on 254.0 

=S 1 . 

Toshiba 

« 

1990 

Yen 295.8 

= Sl! 
=Sl[ 

Enniu 


1992 

D FI. 2.4505 

All other issues 

7 j 

1991 

SS 2.44 

= S 1 ; i 

Dev. Bk of Singapore 
United Overseas Bank 

61 

6 *- 

19 S 8 

SS 2.32 

SS 252 

= S 1 , 

= 81 ! 

Rand Selection Corp. 

tit 

1980 

HD 0.7143 

=si 1 

Sandvik 

61 

198 S 

SwKr 4.7825 

= 81 : 

Babcock Nederland 

7 

1992 

£0574 

=S 1 1 

Bee chain Fin. 

63 

1992 

£ 0.574 

=S 1 ■ 

Burin ah OH 

a* 

1988 

£ 0.417 

=*1 j 

Burton B.V. 

bi 

1092 

F.Fr.ll£S 25 

=S 1 

Com pair tU:K.) 

Hi 

1087 

£ 0.582 

=S 1 ! l! 

la lnt. Fin. 

Bi 

1097 

£ 

= S 1 , il 

Inchcape f Bermuda) 

Bi 

1992 

£ 0.582 

=S 1 - il 

Rank Organisation 

4 i 

1993 

£ 0.425 


Slater Walker 

ai 

19 S 7 

£ 0.385 

=«: !l 


ALAHLl BANK OF KUWAIT (KS.CJ 
ARAB IWANCE CORPORATION SJI.L 


ALCEUENE BANK NEDERLAND N.V. 


AL SAUDI BANQUE 


AMSTERDAM-ROTTERPAU BANK N.V. 
' BANCA CDMfJEPCIALE ITALIANA 


AMEX BANK. 

. - II nr,(»a 

THE ARAB AND MORGAN GRENFELL FINANCE COMPANY BACHE HALSEY STUART INC. 

Lmiltti 

BANCA DEL COTTARDO BANCO AUBROS1ANO BANK OF AMERICA INTERNATIONAL BANK JUUUS BAER INTERNATIONAL BANK FOR GE11EINWIRTSCHAFT 

LimiM L.-. :-3 " . 

BANK GUT2W1LLER. KURZ. BUNGENER {OVERSEAS} BANK OF HELSINKI LTD. . .THE BANK OF TOKYO (HOLLAND) N.V. BANKHAUS HERMANN LAMPS 

Linked - Kr.nrnanii:QCS#a*c!a‘: 

BANQUE ARABE ET mTERKATIONALE DTNVESTSSEMENT (B ALLJ BANQUE BRUXELLES LAMBERT SJL dANQUE CONTINENT ALE DU LUXEMBOURG SJL . 


BANOUE FRANCA) SE DU COMMERCE EXTERIEUR 
BANQUE DE LTNDOCHINE ET DE SUEZ 
BANQUE DE PARIS ET DES PAYS-BAS 


BANQUE FRANQA1SE DE CREDIT INTERNATIONAL 

L.miicj 

BANQUE INTERNATIONALE k LUXEMBOURG’S A. BANQUE LOUIS-DREYFUS 


BANOUE DE PARIS ET DES PAY5-BA5 

pour t* Grap9-Sjc7w d* Luae.T.Pciujg 

BANOUE DE LA SOCI0TE FI NANCI ERE EUROPEENNE BANOUE DE LtlNION EUROPEENNE 


BANQUE GeNERALE DU LUXEMBOURG SJL 
BANQUE NATIONALS DE PARIS 
BANQUE POPUUURE SUISSE 5JL LUXEMBOURG BANQUE ROTHSCHILD 

BANQUE WORMS 


BAYEMSCHE UNDESBANK GIROZENTRALE 
CAISSE OEMTRALE DES BANOUES POPULA1RES 


BAYEMSCHE YEREIN9BANK 
CAISSE NAT10NALE Dll CREDIT AGRICOLE 


name of bond 

American Tobacco InL 
Amr Navigation in». 
Bankers Int tLus.» 
Bread way— Hale Mores 
liiirmah Oil 
Ghevron Oil O ’S 
Part Imherfricff 

Inter Continental Hotels 
lnt. Standard Elec. 


1 SK Finance Uoldings 
Kmnr> . . . 

i ...i-asi World 1 radf 
l.i-.iH'rt I" 7 - , . 

1 V 4 m-Tow iL<enu *nt rin 
NuiAvich 
< iwtm' 10 iit-tW 
nywood Champion inr 
e in* fniimving international 
currency, conversion: 


5 ) 

6 * 

.7 

4 } 

.14 

3 

42 


4 : 

44 

31 

com 


19 SS 

1 SW 9 

1 US 6 

1987 

19 55 
39 SS 
J9S7 

19 5 6 

IfiSS 

1988 
19 S 0 

19 5 6 
itHin 

1988 

1989 
1988 

ws:j 

19 5 7 

l 9 s:i 

(•ruble 


CO.W'ERTIBLE INTO - 

American Brands Joe. 

East Asia Navigation lo. 
Bankers Trust New' » orK 
Carter Hawley H«e 
Shell Transport & Tradir* 
Standard Oil. of California 
Minnesota Mining & 

Manufaeturi/K 
Pan-Arm World Airways 
International Tel Si Tei 


Warner Communications 
Reliance Group Inc. 

KtH’kuood Cnnipuwr 
MorlOU-Nonvich . 
riw-ens comins Fibreptass 
Champion lot 
issues have fixed rates ox 


Union Bank of Switzerland tLux.) 5 % 1981 differs from other, 
convertibles in that the bonds are denominated US $1350 and each ■ 
bond is convertible into 1 Bearer share of S.Frs.aOO nominal value I 
Of UBS. 

Credit Suisse (Bahamas) 1091 differs from other con-, 

vertibles in that the bond is denominated USSJ 000 and each bond : 
is convertible into 1 Bearer Share of S.Fr 500 nominal value of j 
Credit Suisse. ; 

The following convertible issues have conversion rights which ; 
expire prior io maturity: 

NAME OF BOND 


Asahi Chemical 
Dai Nippon Ptj:. 

Hitachi 
Mitsubishi EL 
Rand Selection 
Takeda Chem. 

Toshiba 

Iff. DENOMINATION OF NON-DOLLAR BONDS 
Euro- guilders— ail denominated 
French' Francs— all denominated 
with the exception of . . 

Aerospatiale 

European Coal & Steel 7*5 1980 
European Coal & Steel 1991 
Francaise de Peiroles — BP 
Philips Lamps 101% 1980 
Roussel— Uclaf 
SOPAD 

STERLING-DEUTSCHE MARKS 
Enso Gutzeit 6$% 1980 


BARCLAYS KOL ft CO. N.V. . . . BARING BROTHERS & CO, 

. • • . • Lurried 

BERGEN BANK ' BLYTK EASTMAN DILLON ft CO. 

!M*reaM*ri il Lin.lca 

cazenove a ea chase Manhattan chemcal bank international 

Limiifd ' Lbuixcij 

CITICORP. INTERNATIONAL GROUP COMMERZBANK CREDIT COMMERCIAL DE FRANCE (SUISSE) SUL CREDIT INDUSTRIEC. DTttSACE ET DE LORRAINE ' 

Anli6<^44*1l*eliAE LujTOBOUrS 

CREDIT DIDUSTRIEL ET COMMERCIAL CREDIT LYONNAIS CREDIT DU NORD CflEOITANSTALT-BANKVERHN CREDITO ITALIANO 

DAI-ICHI KANGYO BANK NEDERLAND ILV. DAIWA EUROPE H.V. DEN OANSKE BANK DEN NORSKE CREDITBANK DEUTSCHE GIROZENTRALE - DEUTSCHE KOMUUNALBANK- 

■I 1 ST! Aan«skU . - ■— ! • 

- DG BANK DRESDNERBANK DREXEL BURNHAM LAMBERT EUROPEAN BANKING COMPANY HNACOR . RRST BOSTON (EUROPE) 

/.•utKll* Gaa«Mi:ic>nnsb«>6 Irct rpara:rd Urmtrd ■ “ XJm.i.'d 

FIRST CHICAGO GENOESE NGCH4FTLICHE ZENTRALBANK AG- VIENNA ANTONY GIBBS HOLDINGS LTD. GIROZENTRALE UND BANK DER OSTER REICH) SCHEN S PARKAS SEN 

• - AMlBBC.J-lhlcnBfl 


IftnlMS 

GOLDMAN SACHS INTERNATIONAL CORP. 


hill Samuel x co. 

LintL'M 

kansallmlosake PANKKI 


EE. HUTTON ft CO. N.V. 


GftEEHSHIELDS 

lnccrp^:«!ni r 


HAMBROs 8AMC 
Umiied 

INTERALPHA ASIA (SINGAPORE) LTD. 

KREDIETBANK N.V. 


HESSSCHe LANDESBAHK GIROZENTRALE 
ISTITUTQ BANCiUllO SAN PAOLO 01 TORINO 



MATURITY 

CONVERSION 

RIGHTS 

EXPIRE 

6i 

30/9/1990 

15/9.-1990 

61 

31.‘5.'19Sfi 

30/4. 1986 

6| 

30/9/1084 

31S8/1SS4 

7 

31/3/1085 

28/2/1985 

61 

1 -3/1986 

31/1T986 

6 

S1/3/19S4 

28/2/1984 

6J 

30 9 1090 

15/9/1090 


FI. 10,000 
Ffr. 5.000 

Ffr 10.000 
Ffr. 10.000 
Ffr. 10.000 
Ffr. 10.000 
Ffr. 50.000 
Ffr. 10.000 
Ffr. 50,000 


KIDDER, PEABODY INTERNATIONAL KLBNWORT. BENSON KREDIETBANK N.V. KUHKI LOEB LEHMAN BROTHERS INTERNATIONAL 

Limilrt U.TI'M . 

KUWAIT FOREIGN TRADING CONTRACTING ft INVESTMENT CO. (SJLKL) KUWAff INTERNATIONAL INVEST MBIT CO. SJUC. LAZARD BROTHERS A CO. LAZARO FRERES ET CiE 

Limits . 

LLOYDS BANK INTERNATIONAL MANUFACTURERS HANOVER MERRILL- LYNCH INTERNATIONAL ft CO. / SAMUEL MONTAGU A CO. ’ : MORGAN GRENFELL X CO. 

LiirfilM Lwu:re . ' Limllrd • Lim'ileiJ 

MORGAN STANLEY INTERNATIONAL NATIONAL BANK OP ABU DHABI NEDERLANDSCHE MIDDENSTANDSBANK 7LV. THE yJKXO SECURITIES CO„ (EUROPE) LTD. 

Lirr.lod . * > . • j, 

NOMURA EUROPE N.V. NORDDEUTSCHE LANDESSANK GIROZENTRALE NORDIC BANK - ORION BANK O&TERREtCHISCHE UNDERBANK 

' LnnilM L.ir.n«ti AW>*«9«*!lsc6**l 

peTERBROECK, VAN CAMPENHOUT, KEMPEN SJL PRIVATBANKEN N.M. ROTHSCHtt.0 ft SONS SALOMON BROTHERS INTERNATIONAL SCANDINAVIAN BANK 

AMiCMHI'to United , Xtfppd L>mt!4d 

J. HENRY SCHRODER WAGG ft CO. SKANDINAVTBKA ENSKILDA BANKEN SMITH BARNEY, HARRTS UPham ft CO. SOCJET6 BANCAIRE BARCLAYS (SUIS5E) SJL 
LmdiM ■'KOrponud 

SOCICTE CEttTRALE DE BANQUE B0CI6TE GENERALE SOCIETE GEN6RALE ALSACIENNE DE BANQUE SOCICTE GENERALE DE BANQUE SA. 


SDCiene SSQUANAIBE DE BANQUE 


SVENS KA HANDEL5BANKEH 


.SWISS BANK CORPORATION (OVERSEAS) TRADE DEVELOPMENT BANK, 

- Lm.lted ’ * London 

UNION BANK OF FINLAND LTD. UNION DE BANOUES ARABES ETEUROPftENNES -U.HJLE. UNITED INTERNATIONAL BANK VEREINS- UND WESTS ANK J. YONTOBEL ft CO. 

See*te Anonym# Lm-teo 4.i.t-Tjpjti^r,s;r 

S C- WARBURG A CO. LTD. WILLIAMS, CLVN A QQ, DEAN WITItft REYNOLDS INTERNATIONAL . ■ WOOD GUNDY . YAMAICHI INTERNATIONAL (NEDERLAND) ALV. 

Lm.lcd . ! 


IC 1 &% 19 S 6 
Ireland 7 % 1981 
Ireland 7 % 19 SS 
Jlei Estates 6 }% 19 S 7 
Mew Zealand ci “0 1982 
New Zealand 71 % 1978 
Rothmans Ini GJ*S 1992 
Sira Kvina ?i% 1 &S 3 
Slater Walker 7 »% 3987 
Swedish L-amco 5 i n i I 9 S(T 
Turin fiJ^ .lSSi 
US Rubber 6 % 1938 


£100: 

£500 

£ 100 : 

£500 

£500 

£90: 

£ 100 : 

£500 

£100: 

£500 

£ 100 : 

£ 100 : 

£ 100 : 


£500 

£500 


£450 

£500 

£500 

£500 

£500 

£500 


J il YIELD CALCULATIONS 

I All Yields are calculated on annua! rates e.g. a 10 % bond standing 
at par Paring Interest once p.a. v.-ill have a current and maturity 
; yield of 19 %.. A 10 % bond paying semi -annually would yield 10 . 25 % 
Market, practice demands that ine current yield on $ Boating rate 
1 bonds <s calculated as coupon/price. 

| J2. MARKET MAKER COLUMN*** 

i This denotes that more than Lhe maximum number of- market 
; makers have provided prices (12 for the straight bonds and 9 for 
; the conVm^bles). 

' j2 OTHER NOTES 

i The. amounts shown as remaining outstanding are estimated by 
applying toe scheduled sinking fund instalments. These are further 


adjusted where a non-cumulative option to, double^ sinking fund 

payments has been exercised. — ■ 

Yields are calculated m accordance with Rule S0.1 of Statutes 
j By-Laws. Rules -and Recommendations of the A1BD using compound 
interest throughout. Negative yields are not shown?. 
j The maturity, average life and first call yields are adjusted to a 
j 360 day annual rfete. 

: Yields to nest call' is shown on the' basis that the borrower gives 
< notice that he wishes to call the bond as soon as possible after th« 
J fiat* of publication of this list. . 

- Yields on L-nit of Account bonds are computed by adjusting the 
investment proceeds for the chanses in relative parities o? the 
currencies comprising the new and old unit of account formulae 





■ ‘jfc Financial Times , Mond ay July 

m'-ft -. J.&S. r£. * 


The following Tombstone 


Tombstone Publication 1 

date date. 

May .75 VOLKSWAGEN . 1®3. 

INTERNATIONAL FINANCE JEV. 

- USS35.000.000 

Bonds 197ST9S5 
Private Placement 
Commerzbank AG 

1/6/7B NIPPON SHINFAN CO. LTD. 1/6/78 
DM 50.000,000 

Convertible Bearer Bonds tSTS/SS 1 -. • 
Berliner Handers-und Frankfurter; -. 
Bank and others 

NORDISKA 5/6*78 

IN\ r ESTERINGSBAN'KEN‘ 
US$10fXXM)Q0 ' 

Private Placement 

8}5i Notes due 1988 - : - 

Daiwa Europe N.V. and others 

■May 78 FINNISH EXPORT 5/6/78 

CREDIT LTD. 

Kuwaiti Dinars 7.000.000 
7i% Guaranteed Notes 1983 
Kuwait Investment Co. (S.A.K.) . 
and others 

May 7S CANADA 5/6/78 , 

DM 600.000.000 .. ' 

4;»5 DM Notes 197S/S3 
Deutsche Bank AG and others 
6. 6/73 OCCIDENTAL 7/6/78 

INTERNATIONAL FINANCE N.V. 
USS73.000.000 

S£‘£ Guaranteed N'ntes 19S5 
Dean Whitter Reynolds Inti. Inc., ■ 
and others i‘'- v 

May 7S THE ROYAL BANK 7/6/78 

OF CANADA 
S60.000.000 

9{^ Debentures IHSfi 

Wood Ciundy Limited and others ‘ 

May 78 HOUSEHOLD FINANCE 7/6/78 

CORPORATION 
SI 00,000,000 

31% Debentures, Series 5B 19S3 
Goldman Sachs & Co. and others 
Jun. 78 BANCO NACIONAL DE 8/6/78 

CREDITO RURAL. S.A. 

Kuwaiti Dinars 10,000,000 

8i% Notes due 1990 

Merrill Lynch IntL & Co. and others-- 

7/6/78 CANADAIR LIMITED 8/ 6/78 

USS70.000.000 

Notes due 1983 

Merrill Lynch Inti. & Co. and others 
S/6/78 DANSK . . S/6/7 8 

EKSPORTFINANSIERINGSFOND 
DM 100.000,000 
51% Bonds 1983 
Private Placement 
Westdeutsche Landesbank 
GirozentraJe and others 


announcements were published in the Finahcftp^ries during June 

■ BONDS I 


Tombstone Publication 

date ' *• date 

. 7/6/78 COMMONWEALTH OF 12,6/78 

AUSTRALIA 

$175,000,000 5 year S.45% Bunds 
due 1983 

$75,000,000 15 years 9i Bonds 1993 
Morgan Stanley. £ Co. and others 

May 78 DEVELOPMENT FINANCE 12/6/78 

CORPORATION OF 
NEW ZEALAND 
US$20,000,000 Notes 1983 
USmOOO.OQO 8i% Notes 1985 
Citicorp International Group 
and others 


Jun- '78 KINGDOM OF SWEDEN 
$125,000,000 
9i % Bonds due 1993 
Salomon Brothers and others 


13/6/78 


Tombstone Publication 

dale date 

Jun. 78 DUBAI ALUMINIUM 2 6/7S 

COMPANY LTD. 

USS25.000.000 
Allied Arab Bank Limited 
and others 

May 78 BOC INTERNATIONAL LTD. 1/6/78 
US$500,000,000 
Medium term loan 
Bank of America NY & SA 
and others 

May 78 E.N. HIDROELETRICA DEL 3/6/78 
RIBAGORZANA S.A. 

USS30.000.000 
Eurocurrency Loan 
Chemical Bank Inti.. Ltd. 
and others 

Mar. 78 CADBURY SCHWEPPES LIMITED 
USS90.000.000 2/6/78 

Medium term loan 
Klienwort Benson Ltd. and others 
May 78 EMPRESA LINE AS MARITiMAS 

ARGENT1NAS S.A. . 2/6/78 

USS50.000.000 

Medium term financing \ 

First National Boston Ltd. ■ 

and others 

.May 78 NATIONAL BANK OF HUNGARY 

USS300.000.000 . , JT/&/7S 

Medium term loan ... . . V. 

Continental Illinois Limited 
and others 

May 78 THE KINGDOM OF DENMARK. 

■ DM 400.000.000 ‘ 2/ 6/73 

S year loan 

Compagnle Financiere de la 
Deutsche Bank AG and otbers 1 
BAKER INTERNATIONAL 
CORPORATION 5/6/78 

USS20.000.000 

Eurodollar revolving credit facility 
J. Henry Schroder Wagg & Co. Ltd. 
and others : •**■ 

25/5/78 SAGA PETROKJEMI A.S. & CO. 

US$75,000,000 6/6/78 

Medium term loan facility 
Chase Manhattan Ltd. . 

Den norske Creditbank 
Mar. 78 MALAYSIAN INTERNATIONAL 

SHIPPING CORP. BERHAD' 6/6/78 
US$18,350,000 
Medium term loan 
Chemical Bank Inti. Ltd. 

MUSAAD AL-SALEH REAL V .. 

ESTATE LTD. KUWAIT . 6/6/78 
. KD 5.000,000 
Medium terra loan 
International Financial Advisers 
and others 

Jun. 78 CORPORA CION VENEZOLANA DE 
FOMENTO 7/6/7S 

U.S.S equivalent of 
Bulivares 250.000 000 
2 year loan facility • * 

Orion Bank Limited and others 
UNITED HOTEL (BAHRAIN) - 
COMPANY W.LL 7/6/78 

FF 118.740.000 
French Export Credit 
USS20.500.flOO 

Secured Medium Term floating rate 
loan 

Banque Worms and others 
Mar. 78 JUGUSLOVENSK1 

AEROTRANSPORT 7/6 ,78 

.USS36.2S3.477 
Aircraft Financing Loan . 

Amex Bank Limited and others 
6/6/7S QATAR STEEL COMPANY 

LIMITED 8/6/7S 

USS1 00,000.000 
Long term credit facility 
Chase Manhattan Bank N.A. 
and others 

Jun. 78 GOVERNMENT OF BARB. ADOS 
. - USSlQ.QOO.OOa S/6/7S 

7 year loan 

Orion Bank Limiied and otbers 
KASHA M INDUSTRIES 
CORPORATION 7/6/7S 

15515.000. 00fl 

Bayeris che Vereinshank and others 

Tombstone Publication 

date date 

7, 6/.7S Cadbury Schucppcs USA. Inc. 
ha* acquired Peter Paul, Inc. 
transaction initialed by 
Goldman. Sachs & Co 
WORLD AIRWAYS, Inc. 12/6/78 
$67,875,000 

11 Equipment Trust Certificates 

due 1994 

Merrill Lynch White Weld Capital 
Markets Group and otbers 
Jun. 78 PROVINCE OF ONTARIO 14/6/7S 
USS200.000.000 
30 year 9J?o Debs, due 20(18 
Salomon Brothers and others 
PROVINCE OF SASKATCHEWAN 
Can .875.000.000 14/6/7S 

9 ]. °T, Debentures due 2003 
Dominion Securities Ltd. and others 
Jun. 78 SEAFIRST CORPORATION 20/6/78 
1.500.000 Shares of Common Stock 
Salomon Brothers and others 

280.000. 000 Mexican pifsos . 20/6/78 

Ralston Purina Company has pur- 
chased 23.000.000 Series A Shares of 
industries Purina S A de C.V. 
Financial Adviser Goldman Sachs 
Thorn Electrical Industries Limited 
has acquired - 20/6/7? 

James G. Biddle Co- 

Financial Adviser lo Thorn 
Morgan Guaranty Trust Co., of New 
York 


18/5/78 AKTIEBOLAGET VOLVO 15/8/78 

Flux 250.000,000 1078-1986 

Private Placement 
Krediethank S.A. Luxcmbourgeoise 
and others 

24/5/78 MUNICIPAL TELEPHONE 15/6/78 

COMPANY OF FUNEN 
Flux 200,000.000 197S-19SS 
Private Placement 

Krediethank S.A. Luxembourgeoise 
Privatbanken Aktieseiskab 

16/6/78 BANQUE WORMS 16.6/78 

USS30.000.000 

Floating Rate Notes due 1985 > 
Credit Suisse White Weld Limited 
and others 

26/5/7S EURO Flit A 19/6/78 

Yl0.000.000 t 000 

First Series Yen Bonds due 1990 
The Nikko Securities Co. LtiL 
and others 

Jun. 78 DOMINION BRIDGE 20/6/78 

COMPANY LIMITED 
US$25,000,000 
9% Debentures due 1986 
Orion Bank Limited and others 

KOREA EXCHANGE BANK 20/6/78 
SR50.000.000 
7i°6 Notes due 1983 
- The National Commercial Bank 
and others 

Jun. 7S AGA AKTIEBOLAG 20/6/7S 

US$25,000,000 
91% Bonds 19SS 

Hambros Bank Limited and others 

LOANS 


27/6/78 


of Japan 
15/6/78 


14/6/78 


Tombstone Publication 

date date 

Jun. 78 LANDS VrRK JUN S/6/7S 

.US$60.000, 000 
10 year floating rate loan 
Hambros Bank Ltd. and others 
24/5/78 MASS TRANSIT RAILWAY ■ 

CORPORATION 9/6/78 

HKS204.000.000 
Medium term loan 
Schroder** Chartered Limited 
US$25,000,000 bridging facility 
Standard Chartered Bank Limited 
Jun. 7S COMMONWEALTH OF AUSTRALIA 
Dfls. 300.000.000 I2/B/78 

10 year fixed rate loan 
/AMRO Bank N.V. 

13/6/J8 CENTRAL AMERICAN BANK FOR 
• / ECONOMIC INTEGRATION 13/6/78 
/ USSI 0.000.000 

’ > ■_ Y2.500.000.000 

Term loans due 1985 and 1988 
-The Industrial Bank of Japan Ltd. 

- and others 

EMPRESS A DEL ESTADO 1 3/6/78 
• CONSTRUCCION DE V1VIENDA 
PARA LA ARMADA ' 

• ' US$14,000,000 

Medium terxri loan 
Banco de la Nation Argentina- 
New York • y 

May 78 LONDON BOROUGH OF CAMDEN/ 
£7.500.000 • 14/6/tS 

Medium term loan / 

Kleinworl. Benson Limited / 

Mar. 78 AUTO PI STAS DEL ATLANTICO 

C.E.S.A. 35/6/78 

Jap. Y 10,000.000.000 / 

1J year loan / 

. The Long-Term Credit Bank of Japan 
Limited, and others / 

Jun. 78 ZAGREBACKA BANK/y 15/6/78 
USS4.500.000 / 

Medium term project Joan 
The Riggs National Bulk of 
Washington D.C. 

Jun. 78 THE HOUSING CORPORATION 

FINANCE CO. LIMITED 15/6/78 
£15,000.000 
Advance Facility 
Morgan Grenfell & Co. Limited 
RUDNIK ZA BAKAR BUC1M 19/8/78 
USS18.000.000 

7 year Project related financing 
BankAmerica Inti. Group and others 
MAR. 78 THE MINISTRY OF FINANCE OF 
THE KINGDOM OF THAILAND 
USS7.500.000 19/6/78 

Medium term loan 

The Long-Term Credit Bank of Japan 
' Limited 

Jun. 7S SANDV1K AKTIEBOLAG 19/6/78 
USS25.000.000 

2 - + 7 year Multicurrency Credit 
Facility 

Svenska HandeUbanken 

June. 78 TELEFONAKT1 EBOLA GET 19/6/78 
L.M. ERICSSON 
US$45,000,000 
Multicurrency loan 
Svenska HandeUbanken 
Skandinaviska Enskilda Banken 
Jun. 78 REPUBLIC OF FINLAND 20/6/78 
SI 00.000.000 

External Loan Notes due 1983 
Salomon Brothers and o I hers 
May 78 COMPANH1A VALE DO RIO DOCE 
SI 00.000.000 20/6/78 

10 year loan 

BankAmerica International Group 
SAUDI RESEARCH AND 20/6'78 
DEVELOPMENT CORP. LIMITED 
Saudi Riyals 300.000.000 
5 year loan 

Banque Arabe el Internationale 
lnvestlssement and others 
Apr. 78 AEROPUERTO DE CARACAS. CA. 
USSI 5.000.000 21/6/78 

Medium term loan 
Morgan Grenfell & Co. Limited 
ana others 

OTHERS 

Tombstone Publication 

date date 

15/S/7S Friedrich Flick Industrievervaltung 
KGaA has purchased 22/6/78 

4.350.000 shares uf Convertible 
Preference Stock of 

United States Filter Corporatnra ■ 
Financial Adviser to the former 
Arnbold and S. Bieichroeder Inc. 

15/6/7S Friedrich Flick Industrieverwaltung 
KGaA has purchased 22/6/78 

4.350.000 shares of 

United States Filter Corporation 
Financial Adviser 
Goldman. Sachs & Co. 

15/6/78 $100,050,000 22/6/78 

United Stales Filter Corporation 
Convertible Preference Slock has 
been sold to Friedrich Flick 
Industrieverwaltung KGaA 
Financial Adviser to the former 
The First Boston Corporation. 

Mar. 7S EMIRATES AIR SERVICE 26/6/78 
US$6,000,000 . 

Secured Aircraft Financing 
Khalij Commercial Bank LLd. 

'WardJey Middle East Inc. 

Jun. 78 THE MITSUBISHI BANK LIMITED 
S40.000.000 28/6/78 


Publication 

date 

Miy*&in.KEM- 21/6/78 

:. SPIGERVERKET A/S 
J '2.4ST1* DM 40.000-000 - 

V' !>i% Loan 1978/19*8 
£>riiaie Piacemcnt 
-Commerzbank At; and other* 

. 1S/4££&IC1 AMERICAS INC. 21/6/78 
■ S9.810.000 

J£- '*>*<£, Bonds due 1397 and 1393 
’ -irSEff E.F Hatton & Co. Iflc. 

Juai-;?Z8 NATIONAL WESTMINSTER 22/6/78 
■ BANK LIMITED 

US$75,000,000 9% " p " Capititi 

• Bonffc, 19S6 

- US3I50.000.000 Floating Rate 
* ife 1 "Capital Notes 1990 

•aSA. Credit Sms so White Weld and others 
Juntas "EUROPEAN COAL AND 23/6/78 

•S? - STEEL COMMUNITY 
=. ■ US$50,000,000 

-Sf<5 Bonds due 1987 
i. Banca Commerciale Iialiana 

- — X * nd ntf,,?rs M _ 

?7/6/78 IBERDUERO 27/6/78 

82S.oon.ooo 

flUJj, Senior Dollar Notes due 1993 
■ “*;5i Direct placement arranged by 

Smith Barney. Harris Upham St Gn. 
anil others 

27&/%BaKF.F INTERNATIONAL 28/6/78 

S • FINANCE N.V. 

• .USS40.nOO.OOO 

/ Convertible Subordinated 

T >• ‘.^-Debentures due 1993 
^Dlyth Eastman Dillon & Co. Inti. Ltd.. 
■*?. and others 

2S/6/78 SECURITY PACIFIC 28/6/7S 

^ - CORPORATION 
$100,000,000 

• ./.‘J is. 80°^ Notes due 19R5 

"The First Boston Corporation 
-and others 

May .7S JR.RO PE. A.N INVESTMENT. 29/6/78 
: BANK 
vf jtJSS0O.OOO.QOO 

Bonds 19S6 

'Instituti Banearin San Paolo 
di Torino and orhers 

Jun. 78 OSTERREtCHISCHE 29/6/78 

: KONTROLLBANK 

AKTIENGESELLSCHAFT 
. . ' -.80.000.000 Swiss Francs 
4% Bonds 1978-1993 
Bank Von Ernst & Cie AG 
V. and others 

29/6/78 OFFSHORE MINING CO. 2S-6/7S 

LDIITED 
USS100.000.000 
Guaranteed floating rate 
Notes due 1986 
S-G. Warburg & Co. Ltd. 

"]* and othera 

Tombstone Publication 

date date 

Apr. 78 BlANCO CENTRAL DE CHILE 

S2l0.000.000 2I/6/7S 

Medium term fairo -dollar loan 
Morsan Guaranty Tnist Company of 
^ Jicw York and others 

• JPETROLEO BRASILEIRO S.A. 

US835.000.000 22/6/78 

Credit facility 

■ ^JtLloyds Banks International Limited 

Jun. 78 FONDO ESPECIAL PARA 22/6/78 
■ • FINANCLAMIENTOS 
AGROPECUARIOS 
; USS50.000.000 
Medium term loan 
-Chase Manhattan Bank N.A 

• .'BANCO CREFISUL DE 22/6/78 

INVESTIMENTO S^A. • 

USS20.000.000 
Medium term loan 
Grind lay Brandts Limited 
and others 

21/4/78- UNION EXPLOSIVOS RIO 23/6/78 
•TINTU S.A. 

-USS 70,000.000 
''Medium terra loan 
.’ ‘ Cnmpaanie Financiere de la 
; Deutsche; Bank AG and others . . 
19/5/78 RANCA POPOLARE DI BERGAMO 
US815.000.000 23/6/7 8 

Medium term loan 
Citicorp Internationa! Group 
Trade development Bank— London 
THE GOVERNMENT OF 27/6/78 
THE REPUBUC OF INDONESIA 
USS8.473.777 
Buyer Credit 

Lloyds Bank International Limited 

JBERDUERO 27/6/78 

USSI 00.000.000 

Medium term loan 

Banco de Vizcaya and others 

STATE OF ESPIRiTO SA.NTO 
USSIO.OOO.OOO 28/6/78 

Medium-term loan 
European Brazilian Bank Limited 
5/6/78 SONATRACH 2S/6/7S 

US8218.000.000 loan 
Citicorp International Group 
r and others 

27/6/78 COMMUNAUTE URBAJNE 28/6/78 
DE MONTREAL 
USS250.000.000 
10 year term loan 
Cha$e Manhattan Limited 
and orhers 

Jun. 78 YACIM1ENTOS 29/6/78 

PETROLIFEROS F (SCALES 
USfi.iS.000.000 
5 year loan 

Nocddeutsche Landesbank IntL S-.A. 
and others 

AUTOPISTAS DEL MAilE ‘ 

NOSTRUM. S.A. ' 2976/78 

DMil00.000.000 
Temi loan * 

Bamtue Arabe et Internationale 
d’^ivestissement (B.A.1I.) ' 

Jun. 78 SOStATRACH 29/6/78 

US2i50.000.000 
Prefect finance 

European Banking Co. Limited 
and others 

Jun. 7S THE COUNCIL FOR 30/6/78 

DEVELOPMENT AND 
RECONSTR UCTJON 
USSI 50.000,000 
Medium term loan 
BankAmerica f nil. Group and others 

Apr. 78 ELECTROBRAS 30 6/78 

US$250. 000.000 
Pwjject loan - 

Manufacturers Hanover Ltd. 
atm others 

Jun. 7S UMVETTI INTER NATIONAL S A. 

USS20.000.000 30/6/7S - 

Medium, term loan 
AMRO Bank XV 

Tomhstone >•' Publication 

date ». date 

Negotiable Floating Rare 
Certificates of Deposit due 19S1 
Orion Bank- Limited 
22/6/78 The Seven-Up Company 

has been acquired by 29/6/78 

Philip Morris Incorporated 
Financial Adviser to Seven-Up 
The First Boston Carp. 

22/6/7S Philip Morris Inc. 29/6/78 

has acquired 
The Seven-Up Company 
Fihacial Adviser lo the Former 
Lehman Brothers Kuhn Loeb 
29/6/78 THE FUJI BANK LIMITED 
US820.000.000 
Floating rate S Certificates 
of Depusit due 19S1 
Fuji inti. Finance LitL 
and otbers 

CHRYSLER CORPORATION 29/6/78 
£160, 000.000 

10.000.000 Shares Cumulative 

• Preferred Stock 

Warrants to purchase 5,000.000 
shares of Common Stock 
Merrill Lynch White Weld & others 
W. Wethull AB and AB Cardo ' 
has acquired 30/6/7S 

Sattons Seeds Limited 
Financial Adviser 
Scandinavian Bank Limited 


‘ 0 ' 


A 





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UtLON, BEAD 


_ . TvjT- .T -tT 3 ; 

” : jgi^e^erfitid tflrrct London. W.l. 

' . •L.^; 01-493 1239 or 01491 4774 
Tel« 8611065. 

JAPifi^E DOLLAR QUOTKU SElX’BITI^ 
- * cl05e Rt 7/7/7? 

FORKLIFT S3,® 

KO aSF AOKli PHOTO 

SSS 54215 

niciSH^ • s 4 * 83 

K MIC.\L CONDENSER 54,02 
T suo 

TCH S* 8 * 

ECTRIC S 3 - 81 

-BAtyW Mtm NE Sll| 

TDK.iVf • Sill 

TOYOmNYO sl -62 

: 536JtO 

• 521| 




I'mBpW ‘forklift 
PHOTO 

■ 

jfl^ ^^[1 EMiC.lL CONDENSER 


•mm.' 

TOYD^NIYO 

Mi* 


4VATCH 
1 ELECTRIC 
dAiUNE 


Wes 


bsui'vlr--' 

?k? ; 


6% Quebec . 78/90 

6i% Quebec Hydro B t '69/84 

7t * Quebec Hydro EI k §9^94 

8?o Quebec Hydrt EL'?W86 ..... 

Quebec Hydro EI..73/87 ............ 

6i% Quebec Hydro £1.-73/88 


Queensland Alu-.- 170/85 

5i°t Rautaruukki. 7£/88 -.tG) 

7i% Reed Paper 7S/8* ;._ 

Renfe 76/82 (G> ^ 

8% Renfe 77/84 (G).^V. 

7i% SAAB 71/86 ii.l 

101% SAFE 74/79P 


9% SA.P.L 75/80P IG>' ; 

61% Shell Inil. 72/87 

6i% Shell Int i. 77/89 

81% Ship. Co. N. Zealand 75/80 P (G) 
81% Ship. Co. N. Zeal*# 75/82 IP (G> 
81% Ship. Co. N. Zealand 75/82 |!P(G) 
7% Siemens Europe 6fr/81 


".fiddle . 
Puce : 

Currem 

tieid 

Life*: 

9725 

6.17 

9.24 

103.00 

6.55 

3.00 

10425 

6.95 

3.58 

106.50 

7.51 

4.50 

101.75 

6.39 

435 

102.00 

6.37 

4.93 

101.90 

6.38 

9.12 

10IJ00 

6.19 

9.42 

104.50 

8.13 

3.65 

95.12 

6 04 

7.69 

104.75 

6.92 

4.76 

107.00 

7.94 

4.00 

10625 

7.53 

5.75 

106.25 

7.29 

4.45 

106.00 

9.67 

1.33 

103,50 

7.25 

6.93 

10375 

723 

4 37 

11150 

823 

438 

102.60 

8.28 

2.42 

103.40 

6.77 

5.58 

107.50 

8.37 

1.67 

103.75 

627 

437 

107.40 

62B 

8S* 

104.75 

7.88 

J.92- 

10475 

8.11 

3,89- 

10475 

8JI 

- *91 

105.25 

6.65 

l*\. 

103.50 

676 

:• 147 

101.80 

639 

4583 


R*M> , n*n| 

Yield to 

WAUHity- bv'Watpw- 
S - lund 


8>% Singapore Airl. 76/83 (G) I04.2S 839 

Sura Kvina 105.90 8J03 

6’% S.N.F.C. 68/83 (61. 102.35 63S 

71% Soc. Dev. Reg. 76/86 (G) 105 00, 7.14 

6*% Soc. Dev. Reg. 77/92P (G> 99.85 

9% Soc. Mar. Fin. 75/83P 106d» . 8^49 

6i% South -Africa 69*84 98J» ,6.89 


839 . v 3.52 
8Bf^3.78 
635" 2.67 


81% South-Africa 70/85 10375 , 8.19 

7?% South-Africa. 71/86 *0^80 . 7.67 

7% South-Africa 72/87 99.4<r 7.04 

8% South-Africa Broadc 78/81 (G) ... 4 10030- 7.96 

7’% South-Africa -Railway 73/88 IG) 98^5 7.63 

9’,% South-Africa m*nT 75/80P tG 3 ! 10?!S0 9 02 

9f% Sourh-Africa RaHWay 75/80 (GY 10510 8.80 

8 ! % South-Africa RaflfcaV. 77/80P <G) 101.00 8.17 

8% Souch-Afr. RailwayTA'Sip/G) 10KS0 ■ 7.88 

71% South- Afr. Railways Cl »0i,00 7.67 

7% South Scot. H. 73/88 (GK. ^ I03J5- 6.7S 

6 !% Spain 77/84/. \! 01:40, 6.66 ' 

6% Spain 78/88%...... V 6.27 ’ 

6i% Stand. -Cb&rt. Bank 73/88 10L0CLV 6.37 

7% Satsfoerrog 77/85 103:00 6.80 

10% Steirmafk 74/80P 108J5 920 

81% Stockholm Ciry 75/83 I0S.00' 833 

8-4% Stodcnolm County 75/87 • 108.50 8.06 

71% Stiwleb Worth 69/79 10225 7.09 


County 7S/87 - — . 


6.40 

573 

600 

6.42 

6.04 

6^f 

622 

6.10 

720 

6.57 

606 

6.46 

MS 

622 

5L42 

6.85 

,6A7‘, 

70S 
6.25 
422 
534 
5.63 
597 
, 7v0S 
. '7.06 
‘ 3.92 • 
5.54 
605 
6.82 
6.82 
5.52 
629 
626 
6.73 
7.31 

7.44 
7.61 
7.08 
7.76 
7.76 
7.30 

6.45 
7.70 
729 
7:43 
6.07 

6.46 
660. 
6.21 
629 
5.72 
7.11 
631 


. Ji. 

•-*1. 5.8M0D 
i~}. 275— 84 S 
.% J. 975— 84D 
' :.r. I. 977— 86D 
- 478— 87D 

' K 379— 88D 
^16. 8.07 
-V 1.12.87 
' ->■ T.I176— 85S 

:. 1. 4.84— 88D 

1. 179— MS 
1. 7.82 

- 1. 4^4 

“ I: 677—865 
1.1179 
I*. 7,83—875 
■ • 1. 2J8— 87D 

r: 2:82 

T. 12.80 

- 1, 2.84 
>■ 1. 360 

■k 1. 478—875 
'« 1. 2.85— 89D 
3. 6.B0 
■22. S.82 

27. 5.82 
1.1170— 81S 
1. 7.78—825 
■ 1. 5.83 
1. 279— 83D 
1. 676— 85D 
M0.72— 835 
1. 4.80— 86D 
16.12.83— 92D 
1. 5.79— 83D 
I. 4.73-845 
1. 11 76-855 
- 1.11.77— 865 
1.11.78— 875 
1. 3.81 
1. 679—885 
1. 6.78-BOO 
I. 7.80 
1. 8.79— 800 
>■ 2,181 -r 
•• 1. 562 
1. 2.79—885 
■r 1. 8.84 . 

I. 5 88 
I! 168 
I. 3.82 — 85D 
• 1.10.80 
IS. 4.76— 83D 
; 1. 4.79—870 


6% Sweden 77/89 


9% Tauemautobahn 75/82P (G) L-- 


54% Tauemautobahn 78/93 tG) . 


9’% Tenofinco 75/82P 10830 

6'.% Thailand 78/B3P ■ 9775 

Thynen Car. Fin. 75/82P 109 00 

8’°' Thv^en Car. Fin 75/82P 108 00 

&A% Thyssen Inv. 66/81 107 00 

7' % Tokyo El. Power .69/84 105 00 

94% Tony Ind. 75/80P 106.25 

6'% T raf HoiKe rin 72/87 100 00 

6% Trinidad & Toh^oo 78/B3P 95 75 

61% Trondheim 68^83 104 00 

5d% Trondheim 78/8S 9650 

7j% TRW Int. Fin. 69/84 102.35 

6% TVO Power 78/88 IG) 97.50 

9i% Unilever 75/81 P 111.00 

9\% Unilever 75/87 114 00 

62% Unt Arab Emirt. 77/82P 100.00 

7% Venezuela 68/83 103.50 

6% Venezuela 78/88 9725 

7% Vienna 68/83 104.40 

84% Vienna 75/84 10675 

51% Vienna 77/84P 102.00 

84% Voest-Alpine 73/88 10825 

84% Voest-Alpine 75/85 :... 109.50 

62% Voest-Alpine 77/89 103.00 

6J% Wells-Farao e* w. 73/88 1035Q 

54 Worfdbank 65/85 ........ 10200 

64% Worldbank 68/80 .U. 104.60 

61% Worldbank 69/84 102.25 

6?%' Worldbank 68/84P ^ 102.75 

61% Worldbank 69/84P -.L.. 1 10225 

6% Worldbank 69/84P 10050 

84 % Worldbank 70/80 107.90 

8% -Worldbank 70/86 107.25 

7'-% Worldbank 71/86 I 105 50 

74% Worldbank 71/86 II U 105.00 

6(% Worldbank 72/82 10550 

6»% Worldbank 72/87 : 103 00 

61% Worldbank 73/83 T — 105.75 

6j% Worldbank 73 88 102 15 

81% Worldbank 75/82P 109.00 

8% Woridbank 75/82 .. . 1 10.00 

8!% Worldbank 75/83 1 11.25 

8% Worldbank 76/82P 108 00 

7j% Worldbank 76/82P i.. 107.00 

7)% Worldbank 76/83 ‘...i 107.35 

7J% Worldbank 76/83 — 109.00' 

6!% Worldbank 76/S3P 10325 

8% Worfdbank 76/84, 109.00 

51% Worldbank 77/82P '£ 101.50 

7°i Worldbank 77/85P 10525 

61% Worldbank 77/R5P I02J7 

6% Worldbank 77/05 101.10 

7% Worldbank 77/87 - J0525 

6i,% Worldbank 77/87 IQIgS 

5i% Worldbank 78/90 97.90 

6 1% Yokohama 68/83 (G) ............... 104.00 

7% Yokohama 69/84 (G) I-. 103.00 

8% Yokohama 7I/B6 1G.1 10625 

8J% Yosida Kojjyo 75/80P 10550 

8% Yugoal. Inv. Bank 77/84P 101.50 


10225 

7.09 

1.08 

5.15 

I. 879 

10625 

■8.00 

4.00 

6.67 

1. 732 

10575 

7.09 

534 

6.10 

- 1. 879—885 

102 50 

7.07 

. -4 82 

6.61 

1. 2.79— 80S 

10775 

8.35 

4.07 

6.74 

1. 3.80— 85S 

102.75 

637 

4.47 

6.02 

1. 378— 87S 

103.10 

6.79 

4.92 

6.24 

1. 379— 88S 

106.75 

7.96 

3.38 

6 22 

1. 6 JO— 835 

103 90 

6.26 

5 83 

5 69 

1. 534 

100 15 

5.99 

1 1:42 . 

598 

i. 1.1233— 89S 

105 00 

9.05 

1.71 

628 

16. 330 

106.25 

9.41 

125 

4 70 

1.1079 

111 50 

832 

3.00 

5 76 

- 1. 7.8 1 

110 00 

8.18 

3.67 

587 

1. 3.82 

10925" 

8.20 

4.67 

630 

J. 3.83 

98.30 

5.60 

14.75 

5 67 

1. 434—935 

104.00 

6.73 

2.53 

5 36 

. -1, 2.74— 83D 

102.50 

6.34 

3.11 

5 69 

1. 9.74—835 

107.25 

7.46 

944 

692 

1.1132— 93S 

10830 

8.76 

3 67 

6.78 • 

1. 332 - 

9775 

6.39 

4 75 

681 

■1. 433 


730 

3.75 

5.75 

: 1. 4.82 

7.64 

400 

5 94 

. I. 732 

6.37 

1-65 

5 18 

1. 3.72— SID 

6 90 

3.31 

565 . 

1.12.75— 84D 

8 94 ' 

1.6! 

• 5 30 ' 

10.180 

650 

9.25 

649 

1.10,78-875 

6 27 

. 4 .75 

707 

. . 1 • '4.83 

6.49 

2 84 

5 28 

:J.I2.72— 83S 

5.96 

873 

6 28 

». 4.86— S8D 

’ 7.33 

3.65 

637 

T.1075— 84S 

6.15 

9.58 

6.35 

- 1. 2.84 — 88S 

8.78 

' 3.42 

6.07 

1.1231 - 

7.46 

62Q 

575 

1. S31— 875 

6.75 

3.83 

674 

30. 432. 

676 

2.67 

5 64 

; 1.10.74— 83S 

6.17 

957 

' 6.38 

1.7.84— 88S 

6.70 

236 

579 

I- 674J-83S 

773 

3.50 . 

'6.05 . 

I. 879— 84D 

5.64. 

6.46 

577 

15.1234 

735 

5.94 ' 

6.76 

T. 10.79— 84D 

776 

436 

6.17 

L 6.81—840 

6.55 

8.33 

6.27 

1. 634— 89D 

6.28 

5.60 

5.74 

T.1179 — 88S 

5J9 

353 

4.93 

1. 4.71— 85D 

671 

7.08 

4 14 

7. 8. 80 

6.36 

2.92 

5.62 

1. 6.75— 84D 

6.33 

3J4 

5.66 

2. 177— B4D 

6 36 

2.92 

5.62 

X 1.77— 84D 

5.97 

•3.17 

531 . 

1. -4.77— 84D 

7.88 

2.08 

4.53 

J.^SO 

7.46 

335 

533 

I. 1.77—860 

7 11 

476 

6.00 

1. 677— 86D 

7.14 

4.22 

6.1 1 

1. 12.77— 860 

6.16 

4.00 

4.95 

1. 732 

655 

4 47 

5.96 ‘ 

1. 3.78 — 87D 

6.38 

458 

5.29 

1. 2.83 

6.24 

5.10 

5.87 

1. 579— 88D 

7.57 

3.92 

5.62 

1. 6.82 

777 

4.42 

538 

1.1232 

7;42 

5.00 

5.6 r 

1. 733 

7.41 

438 

5.74 

1. 882 


1.10.82: 

1. 553 

1.I083 

1.12.83 
I.. 2.84 
15,952 
1. 355 . 

1. 555 
15. 9.85 ‘ 

• h 157 
1. 557 

. I. 287— 90 D 
T. 972— 835 
30. 923— 84 S 
1. B27— 86S 
I. 7.80 

-15.1271^-545 


'■* Life * r and. J1 Maturity " appear in years and decimals of years and are— in thii context- 
calculated as Follows: 

—to final maturity in case of a lump-sum repayment - 

— to final maturity in case of a.-sj.ivkinB fund issue, whenever the quoted price is below 1QQ. 
— to average life in case of a. sinking fund issue, whenever the quoted price Is above. 1Q0 
— to average life in case the bond issue, provides for mandatory drawingrby-fot at-paroniy- 
— to average life irj case the bottd isiue' provides for mandatory drawing by tot st par only 
P Private Placement (the smallest denomination may be bi*er ‘than, die usual DJft’.UJOD 
of public issue) ' .. i-o ' V 

G Government Guaranty ... 




Financial Times Monday July 10 1978 

30th JUNE 1978 


v v 

L J 

Issue . 

Middle 

Pr.ce 

Current 

Y*ei«J 

Lite* 

v i“'c 

r.cuavT r"i 

0 - r-.*n<teu»*ydM-.'*:'.3 

by lo: a: oar 
? - 'inti "3 tu-.d 



WestLB Euro-Deutschmarkbond Quotations and Yields 

^ r.sitovT c"i j j ~~ 


25 


Advertisement 


8% ADELA 76/83 

7\° n ADELA 77/82P 2?' 

7% ADELA 77/82P !$*' 

6 f o AEG 66/8! ! ! 

6 ’!> {jrgoft Paris *9/8'4 p’ VgV ' 


6% AKZO 78/8*1 P 

!‘I n a 1 "™”* j«i. 75.^3' ".;:.;;;;;:;;: 


6 « u AMEX lnt‘1. 77/84p , " # 

"* A.P.E.L. 74/81 iG) 


r ,n ane« 76/83 P 

ft •" ARBED Finance 77/87 

bi a Ardal-Sunndal 75/8 IP 

ArdaUSunnda! 77/89P .. . 

Argentine 67/79" 

'% Argentine 68/78 

B o Argentine 69/79 


6i 

7' 


% O Argentine 78/85 

7 o Asian Dev. Bk. 69/84 !"" 

on" Asiln Dev. Bank 75/80 P 

® * Asian Dev. Bank 76/82 .... 

7s o Asian Dev. Bk. 76/83P ... 

7°; Asian Dev. Bk. 77/85 

Asian Dev. Bk. 78/88 
ASKO 75/80P " 


10* 

9'. 
81 s 
8V 
7 V 


Aumar 77/84 (G) ” 


Australia 


SJ% Australia 77/82P 

51?* Australia 77/89 !.!!” 

6i% Ausc. Ind. Dev. Corp. 72/87'!! 
8% Austr. Ship Com. 76/83P (G) 


7 . 

6t% Rep. of Austria 69/83 .. 
?j% Rep. of Austria 75/79P 
9J% Rep. of Austria 74/80P 

9 ,c - - - 

9 . 0 
8'- 
s:° 

9 r 


Rep. of Austria 75/80P 
Rep. of Austria 75/8 IP 
Rep. of Austria 7S/82P 


Rep. of Austria 75/B3P 


6J% Rep. of Austria 77/85 

7% Rea. of Austria 77/87P 

6-’% Rep. of Austria 77/87P 

6*?, Rep. of Austria 77/87P 

7% Auceni»tas Cara 1 tm 78/8SP 

7i% Aucopistas 69/84 (Gl 

8' 

6 ,: 

8' 

9* 

7' 


Autonistas 71/R6 <G) 
Atifo'itstas 72/87 l/i) 


7J% Banoue Nat. / 
6% BASF 65/80 
7'Va BEC Finance ' 
8% Beecham Fin. 
10% Bergen 74/79 


8;' 
7-' 
5; 4 
S'-' 
6i* 
o-’ 


BFCE 78/88 (G) 


BNDE 78/86 

Borregaard 75/81 P 
6*% Borregaard 77/84P 
8)% Brascon Int'l. 73/88 


er- 

7i % 

6V: 

6»% 

5**. 

s;% 

8-°; 


Brazil 76/86 


Brazil 78/85 

Brenner 68/83 lG) 

British Petrol 65/80 

Bruxelles- Lambert 77 1 3<P ' 

Burmah Oil 70/85 


81 % C.C.C.E. 76/86 <G) 

7% C.C.C.E. 77/89 (C-) 

51% CECA 64/79 100.75 

5*% C E C A 65/83 

CECA 71/86 

CECA 72/87 

CECA 72/88 * 10150 


7-:\ 

bj:, 

7% 


CECA 


10% CECA 74/79 IP 
1C", CECA 74/79 IIP 
10% CECA 74/81 P .. 

9j% CECA 74/81 

6% CECA 75/80P 106.00 

31 .. CECA 75/82P 108.00 

8 7. CECA 75/82 111.75 

8J ' CECA 


8 ‘ .. CECA 76/8 IP 

7;-., CECA 76/83 

7'"\ CECA 76 86 

Si% CECA 78/90 

6 CERGA 73-81P 

7 C . : CESP 77/87 iG) 

6' .. Charter Cons. 68/83 

7'. Chrysler 6?-JM 

ClBA-GEIGY c*. w 75,‘85P 
C N. AutoroutvS 69*54 (G? 
C N Autoroutes 75?82 lG? 
C.N Energie 69' - 84 (O' ... • 

C.N Telecom 68 . 83 < G ) 

CN Telecom 70/85 ( G ) 

C N. Telecom 75*92 * G) .... 


b. 

b 

9\' 

t 1 ! 

6- 

B‘ 

8. 

9. 


106.25 

753 

475 

6 42 

101.50 

7.14 

3.96 

t.Su 

101.00 

6.93 

4.C6 

6.71 

104.50 

5 74 

1 57 

301 

10130 

6.40 

308 

5.94 

107.00 

8.41 

358 

671 

10430 

7.42 

4.92 

6.64 

10225 

5.87 

575 

5.53 

108.25 

7.62 

4.06 

5 90 

102.50 

6.59 

575 

621 

107.25 

9.32 

15B 

5.73 

10330 

7.49 

5.33 

6.93 

101.75 

6.63 

8.92 

6.48 

104.50 

8.37 

•3.00 

7.03 

102.25 

6.60 

7.34 

6.36 

10050 

6.97 

0.91 

626 

103.75 

6.75 

075 

7.B0 

102.75 

7.79 

0.91 

4.93 

10325 

7.26 

6.25 

6.83 

99.30 

655 

6.67 

6.62 

103.40 

6.77 

3.05 

5.85 

105.50 

8.06 

2.37 

5.92 

105.60 

758 

3.67 

623 

105.00 

7.38 

'4.75 

6 48 

104.00 

673 

6.75 

675 

9655 

570 

9.83 

5.97 

106.25 

8.94 

1.75 

5.62 

102.50 

7.32 

4.81 

7.00 

107.90 

8.34 

3.53 

6.42 

104.12 

7.44 

6.00 

6.89 

104.50 

6.22 

279 

4.3B 

105.00 

6.43 

3.03 

5.01 

HJ3.75 

677 

3.01 

520 

106.00 

6.84 

373 

5.27 

1 05 JO 

6.6S 

4.60 

5.67 

111.50 

8.97 

275 

4.49 

11275 

7.98 

3.58 

5.01 

109.75 

752 

3.75 

5.30 

10975 

752 

3.83 

5 36 

109.50 

6.62 

4.67 

4.91 

101.75 

5.16 

4.25 

4.78 

10175 

5.68 

9.68 

5.57 

103X10 

655 

4.59 

5.97 

106.00 

755 

5.17 

6.58 

10450 

6.70 

2.22 

4.89 

105.90 

6.14 

2.71 

421 

104X10 

9.13 

1.00 

5.29 

109.00 

8.94 

273 

5.51 

109.00 

8.94 

3.42 

6.69 

105.00 

9.05 

1.58 

6.05 

105.00 

7.86 

2.92 

6.31 

105.00 

873 

221 

6.24 

108.50 

879 

4.5S 

6.76 

105.00 

873 

2.69 

6.63 

10950 

776 

4.83 

6.16 

110.50 

7.0V 

6.30 

571 

104.85 

6.44 

5.87 

5 75 

105.00 

6.67 

6.44 

6.03 

104.00 

6.49 

6.53 

5.98 

101.00 

5.94 

9.17 

5.89 

100.00 

7.00 

674 

6 99 

102.40 

7.08 

3.41 

6.56 

103.00 

777 

4.02 

7.25 

100.35 

6.73 

4 49 

6 65 

103.10 

7.76 

4.10 

7.24 

107.50 

8.37. 

3.17 

6.30 

100.85 

6.94 . 

6.25 

6 82 

100 75 

7.44 

529 

7.31 

99 75 

7 27 

4.67 

7 30 

10350 

550 

175 

3.87 

10350 

775 

573 

6.69 

109X10 

7.34 

5.33 

5.97 

107.00 

975 

142 

4.73 

109.75 

7.97 . 

4.77 

6.31 

10550 

6.87 

6.38 

6.17 

109.00 

757 

3.98 

5.66 

11075 

7.48 

4.98 

5.82 

105.00 

6.67 

672 

6.04 

99.25 

5.79 

872 

576 

105.70 

8.04 

6.15 

7.30 

9770 

6.94 

7.67 

7.23 

106.00 

8.49 

2.83 

6.59 

102.00 

677 

6.25 

6 10 

105.90 

8.03 

5.92 

7.23 

1D075 

6.73 

-4.48 

6.67 

108.00 

8.10 

578 

6.88 

103.80 

7.47 

5.83 

6.93 

10055 

671 

678 

6.63 

10350 

652 

3.03 

5.55 

101.65 

5.41 

1.41 • 

4.26 

101.00 

559 

6.46 

535 

106.00 

8.02 

3.66 

673 \ 

98.20 

4.84 

4.89 

5.17 

101.50 

5.91 

9.42 

5.78 

10875 

7.85 

4.69 

6.40 

11050 

7.69 

6.46 

6.46 

105.00 

6.67 

6.93 

6.09 

100.75 

5.46 

0.92 

4.70' 

100.40 

5.48 

170 

5.33 

10456 

7.18 

4.17 

673 

101.90 

6.38 

4.81 

6.03 

10250 

6 83 

4.75 

6.36 

101.75 

679 

5.01 

6.08 

122X10 

675 

5.69 

3.43 

10550 

9.48 

1.08 

4.66 

105.50 

9.48 

1.17 

5XJ0 

10850 

972 

3.17 

6.90 

113.00 

8.63 

3.42 

5.46 

106X10 

755 

2.42 

527 

108.00 

7.87 

3.67 

539 

111.75 

7.16 

4.46 

4.98 

10675 

8.00 

362 

6.49 

106.25 

7.53 

346 

5.93 

109.00 

7.11 

5 25 

5.71 

1 09 .00 

7.11 

6.19 

5.96 

9455 

5.55 

9.58 

6.0? 

101.50 

6.40 

2 75 

5.88 

10*3.65 

6.95 

6.74 

6.87 

100.70 

6 45 

3.13 

6.34 

102.40 

684 

3.41 

6J0 

107.00 

•6 31 

7.25 

535 

10350 

6.28 

3.09 

523 

110.00 

8 64 

3 54 

6.24 

102.12 

676 

3.00 

579 

10275 

6.33 

2.76 

5.38 

104.75 

B.l 1 

377 

7.09 

1 06.25 

8.24 

3.67 

6.75 

105.00 

851 

4.62 

7.90 


I 4.83 
16. 6.82 
1. 8.32 
I. 2.72— SID 
I. 3.75— B4D. 

1 282 
1. 6.63 
1. 4.84 
I S.81 — 83D 
I. 4 84 

1.12.77— 81 D 

1.11.83 

1. 6.83— 87S 
1. 7.81 

1. 7.82— 89D 
1.12.70— 79S 
due 1.10781. 104) 
1.12 72— 795 

1.10.84 
I. 3.85 

1. 975-84S 
16.11.80 
1. 3.82 
1. 4.83 
I. 4.35 
I. 5.88 
1. 4.80 
1. 2.79— 88D 

15. 8.77—845 
I. 7.84 
I.M.73 — B2S 
1. 8.74— 83S 
1. 275— 84S 
1.11.75— S4S 
1. 278 — 87S 
1.10.80 

1. 4.82 
I. 2.82 
1. 5.82 
I. 3.83 
1.10.82 

1.11.85— 89S 
1.1178— 87D 
1 . 9.83 

1 4 73— 82S 
I. 475— 83S 
1. 779 
1.11.80 
1.12.8) 

1. 2.80 
1. 6.81 

1. 4.79— 82D 
I. 2.83 
I. 4.79— 83D 

1. 578— 87S 

2. 5.83 — 86S 
I. 4.83— 85S 
1. 1.83— S7D 
1. 2.83 — 87D 
). 9 84— 87D 

16. 1.85 

I. 7.73— 84S 

1.10.77— 86D 
1.1078— 87D 

1.11.77— 86S 
1. 981 
1.10.84 

15.i0.81— 83D 
I. 3.83 
1.1071— SOD 
1.11.83 

1. 1 1.83 

1.12.79 

I. 5.81— 85D 
I. 2.81— 89D 
I. 7JI— 83S 
1. 7.82— 84S 
I. 2.83 — 87S 

15. 1.86— 88S 
I. 4.83182-87) 

1. 3.86 

1. 5.81 

1.10.84 

1.10.79— 8BS 
1.1076— 87S 
1.10.82180-36) 

1. 5.84 

1. 2.85 
1. 8.74 — S3S 
1. 671— 80D - 
15.12J4 
1.1176— 85D 
20. 5.83 

1.12.85— 87D 
I. 4.81— 85D 
1. 7.84— 86D 
I. 4.BI— 89D 
1. 6.68— 79D 
I. 4.71— 83D 
1. 5.77— S6D 

1. 7.78— 87D 

2. 179— 8BD 
I. 4.79— 88 D 

1.11.79— 88D 
I. 8.79 

1. 979 
I. 9.81 
1.12.81 

1.12.80 
I. 3.82 

15.12.82 
I. 4.78— BSD 
15.12.81 
1.10.83 
1.10.82— BSD 
1. 4.85—900 
1. 4.8) 

1.1 1 .83(87-87) 

1.10.72— 83S 
1. 7.75— 84S 
10.10.85 
1. 3.75— 84D 

16. 1.82 

1 2.75— 84D 
U 1.74 — 83D 
1.10.76—855 ■ 

1. 3.82 
16. 2.83 


WestLB Euro-Deutschmarkbond Yield Index 


June 30. 1978: 6.14‘> 


{May 31. 1978: 6.19 r i) 


7% 
8% 
7, . 

6i \ 

4 ’ 

SJ . 
6. 
a-'- 1 

8x% 

5;., 

7% 

6j 

9' • 


Q- , 
0 % 

r;- 

7‘ 

tr".. 

6i% 

7 % 
6 \ 

9 . 

8 ; 

8\. 

6", 

5I-'c 

10 i\ 

10 . 

6 - % 


7'V 

6 ]'- 

9 

8. 

8 : - 

6 ." 

$*' 
h - 

6 -: 

t>‘ 

6i.o 


. Telecom 75 -’B3 P(G) 

T elccom 76/83 ( G ) 

u-Jco 71/86 

alco 75/82P 

1. Fed. Electr. 77/62P 

1. Fed. Electr. 77/84 

1. Fed. Electr. 77/85 

1. Fed. Electr. 78/88 

p. F. Deutsche Bk. 78/B3P 

p. Franc. Petr. 75/85 

p. Franc. Petr. 77/84 

,orzio 70 '9 1 iGl 

linental Oil 70f85 

enhagen W.84 

»nha^cn 60, *83 

tnharen b 9 ’!® 4 

;nh3£cn 7 ’ 1 *'86 

rnhagen /5.85P 

inh»ii*’n 76 86 

icit cf Europe 73 SI r 
ic il o» Europe 73/88 

\t,i of Europe 75- 8, P 

icil of Europe 70*83 

icil of Europe 76/83 

tc>l of Eutope 76 

tc 1 1 of Europe 77. 87 

tci 1 of Europe 7B 'S8 

-tauids Inc I. 72 87 

■t.tulds \nO 73;B8P ' 

lit National 77*37 IGl 

D 76*84 

D 76. 86 

tler-Benz 70/85 

sh Export 77/J2P 

<h Export 7B- 83P 

iish Oil 74.*7BP iG) 

iish Oil 74/78P (G I 

Danske Bk. 76/86 

nark 68/BOP 

nark 69/84 

nark 


7! fib 

72.87 

7-1 *39 

76 82 

76. 82 

77/83 

77.87 

78 S- .. 

78-88 

ske Ind. 77-89 
«.fce Ind 7S ,Q 0 
’arts 69; 84 (G) 


CO 
£j 1 


104.75 

105.90 

105.25 

105.00 
100A2 
10500 

101.30 
97.40 
93.30 

107.90 

102.75 

106.50 

104.75 
10015 
10425 

103.25 

104.30 

106.00 

106.75 

101.50 

104.50 
108 00 
106.00 

105.50 

104 60 
101 .00 
100.60 
101.60 

101.00 
101.15 

108.00 

105.60 

106.50 
100.37 

99.60 
101.00 
101.00 
10805 

100.50 

103.50 

103.50 

103.60 

101.75 

1 10.25 

105 50 

109.00 

104.25 

105.50 

99.60 
d9 60 

103 15 
ICC 20 

103.00 


8.59 
6.85 
7.36 
881 
6.96 
7.62 
7.16 

6.93 
4.45 
7. SB 

6.33 
7.9B 
7.88 
5.74 
6.71 
6 54 
7.43 
8.73 
703 
6 40 
6 70 
8.80 
8.02 
7.35 
6.6? 
6.19 
6 09 
6 40 
7. IB 

5.93 

8.33 
8.05 
7.51 
558 
5.77 

10.64 

10.15 

7.62 

6.47 
6.76 
8.21 

7.48 

6.63 
8.39 

7.60 
7.41 
647 
6.87 

5 27 

6 02 
6.54 
509 

6-31 


4.62 

4.79 

4.45 

3.92 
4.17 

5.92 
579 
7.68 


7.72 
5.8Q 
6.47 
771 
6.81 
6.94 
6.96 
7 19 


16. 2.83 
16. 4.83 
1. 6.77— 86 S 
I. 6.82 
1 9.82 
1. 6 .84 
111. 82— 85D 
I. 4.84— 89D 


3.34 

4.27 
4.06 

6.25 

2 83 

5.26 
3.58 
2.53 

3 30 
5 42 
7.2? 
7.82 
5 34 
4.81 
7 19 

4.56 

5.56 
3.68 

2.28 
2B6 
0.33 
0.42 

6.27 
1.74 
3 50 
0.17 


5.74 

6.68 

7.46 

616 

5.90 

5.98 

6.88 

5.85 

5.86 

5.97 
6.07 
6X12 
6.14 

6.98 
579 
6.88 
6.59 
63)9 
5.80 
5.90 
7.34 
7_5G 
6.59 
628 
5.96 
528 


6.75— 84S 
1. 4.77— 86S 
1. 3.80 — BSD 

1.12.81— 865 
I. 5.81 

1. 7.79— 88D 
I. 2.82 
4. 279— 83D 
I. 5.80 — 83D 
1. 12.83 
t.H.83 — 87D 
16. 5.84— 88D 
I. 7.80— 87S 
1. 2.79— 88D 
L10.83— 875 
I. 2.81(62-84) 
1.12821 83-86) 
l.l 1.76 — 65D 
1 .1178—82D 
I. 6.79— 83D 
due U 1.78 
due 1.12.78 

1.11.82— SOD 
1.1072— BOD 
I. 8.75— 84S 
clld.p. 

1. 9.78(103) 


lii-e 

p.-ice 

C*jr*en: 

V'Bid 

Life*: 

f/au.iity*' 

3 - .Trv.aaMry dra.-.'.ng 
b-'ie: t: tar 

3 - vr.i ; r,c ‘■■•r.i 

8;% Dunlop Fin. 70/85 

10275 

8.31 

0.06 

532 

cll.p 

1. 8.70.? 102) 

7:% EEC 76/83 

10730 

6.74 

475 

5.41 

1. 4.83 

7 1 % Elect. Council 69/84 « G J 

103.50 

725 

0.17 

4.32 

dld.p. 

1. 9.78(103) 

7J% Elect. Council 69/84P r C) 

103U0 

7.28 

0.17 

7.32 

dld.p. 

1. 9.781 103) 

7i% Elect. Council 7|/66lGl 

104.60 

7.41 

4 00 

633 

?. 3.77 — 865 

8; % Elea, de France 70/85 t G ) 

10675 

8.00 

3.66 

6.66 

1.1176— 85S 

7-/ 0 Electrobas 77/87 (G) 

10030 

6.97 

7.10 

630 

1. 983183-87) 

6j% Electrobas 78/06 (Gj 

9775 

6.94 

7.75 

722 

I. 4.86 

55% Elf Aquitaine 78/BB 

94.90 

533 

8.85 

6.01 

15. 5.86— 88D 

5i% Elf Norge 77/80? 

IOf.75 

5.65 

1.79 

4.70 

16. 4.80 

6% ENEL 65/80 (G) I 

100X10 

6.00 

1 49 

6.09 

1. 7.69 — 80D 

8;? 0 Enso'Gutzeir 70/85 

104.00 

8.17 

0.2S 

4.31 

clld.p. 

1.10381 103) 

6J% Ericsson 72/87 

10375 

634 

4.67 

5.92 

1 378—875 

81% ESAB 76/8 IP 

6[% ESCOM 65/80 iGl 

106.00 

8.25 

2.58 

6.H 

1. 281 

99.75 

632 

1.74 

663 

1.10.71— 80D 

6J% ESCOM 68/83 (G) 

9875 

6.62 

3.18 

7.12 

1.1074 — 83D 

8i% ESCOM 70/85 (G) 

103.00 

675 

3.61 

7.50 

1. 476— 85D 

8% ESCOM 71/86 (G) 

10130 

7.88 

3.97 

7.69 

1. 3.77— 86D 

6 \*i - ESCOM 72/87 IG) 

94 X» 

. 635 

4.92 

7.76 

?. 9.78— 87D 

7% ESCOM 73/88 (Gl 

97.0S 

721 

5.03 

7.72 

1. 5.79— 8BD 

91% ESCOM 75/80 (G) 

10675 

871 

208 

5 96 

1. 8.80 

8% ESCOM 78/81 IP (G) 

101.00 

7.92 

2 03 

7.41 

15. 1.60— 8ID 

8% ESCOM 78/81 IIP iG) /. 

101.00 

7.92 

2.07 

7.42 

1. 2.80— 8ID 

81% ESCOM 78/8 IP (G) 

10275 

8.07 

238 

723 

• 1. 281 

71% ESTEL 73/88 10375 

731 

5.76 

7.04 

1. B.79— 88S 

81% ESTEL 75/85 

6i% ESTEL 76/83P 

10775 

7.93 

5.26 

6 81 

1. 6 81— 85S 

106X10 

8.02 

4.67 

6.94 

I. 3.83 

6*% ESTEL 77/84P 

100X10 

630 

633 

6.49 

1.11.84 

6i?i. ESTEL 77/84P, 

9930 


5.*?0 

6.35 

1.1282— 84D 

6»®o Euratom 77/87 

9830 

534 

933 

5.96 

1.1187 

5J% Eurofima 64/79 

10075 

5.46 

1.08 

4.76 

1. 8.67— 79D 

6% Eurofima 65/GO 

10175 

5.93 

1.40 

5.03 

1.12.68— SOD 

61% Eurofima 67/83 

10575 

6.18 

3.12 

4.65 

1. 9.71— 83D 

71% Eurofima 71/86 

105X10 

7:38 

3.92 

626 

1. 2.75— S6D 

63% Eurofima 72/87 

10430 

5.98 

5.00 

5.20 

1. 9.76— 87D 

6'%. Eurofima 73/88 

10375 

630 

4.94 

5.72 

1. 3.77 — p n n 

8% Eurofima 73/88 

108.00 

7.41 

530 

6.23 

1.10.77— 88D 

10% Eurofima 74/79P 

10675 

9.41 

1.42 

526 

1.12.79 

9% Eurofima 75/85 

110X10 

8.18 

4.52 

6.37 

1. 281— 85D 

8% Eurofima 76/83 

112.00 

7.14 

4.58 

A99 

1. 283 

6i J -. Eurofima 77/87P 

10100 

632 

632 

6.36 

1. 2.83— B7D 

5^% Eurofima 78/88 

10030 

5.47 

7.05 

5.4! 

15. 2.83— 8SD 

6% Europ. Inv. Bank 69/84 

103X10 

533 

3.10 

5.00 

1. 335— 84D 

7% Europ. Inv. Bank 69/84 

103.00 

630 

3.22 

6.C5 

1.11.75— 84D 

8% Europ. Inv. Bank 70/80 

10535 

7.57 

134 

4 80 

2. 5 80 

7 Vo Europ. Inv. Bank 71/86 

105.75 

789 

4.02 

5.95 

1. 3.77—860 

7.% Europ. Inv. Bank 71/86 

10675 

729 

439 

6.14 

1.10.77— 86D 

65 % Europ. Inv. Bank 72/87 

10230 

6.34 

4.48 

584 

1. 378— 87D 

6% Europ. Inv. Bank 72/87 

101.60 

5.91 

5.52 

5.65 

1. 9.80— 37D 

Europ. Inv. Bank 73/88 

10175 

637 

5.29 

6.12 

1. 2.79— 88S 

7% Europ. Inv. Bank 73/88 

10430 

6.69 

5.71 

6.02 

1. 779— 88S 

10% Europ. Inv. Bank 74/8 IP 

111.00 

981 

3.17 

6.06 

1. 9.81 

8% Europ. Inv. Bank 75/80 

10730 

7.44 

2.42 

4.63 

1.1280 

91% Europ. Inv. Bank 75/83 

11175 

854 

3.48 

5.82 

1. 181— 83D 

8% Europ. Inv. Bank 76/83 

107.80 

7.42 

3.47 

5.47 

1. 7.80— 83D 

7i% Europ. Inv. Bank 76/B3P 

10830 

7.14 

5.25 

582 

1.10.83 

6}?2 Europ. Inv. Bank 76/84 

10675 

635 

488 

526 

1. 12.81— 84D 

6% Europ. Inv. Bank 77/89 

10130 

5.92 

7.44 

5.78 

1. 8.82— 89D 

51% Europ. Inv. Bank 78/90 

9430 

5.55 

9.08 

6.03 

1. 385— 90D 

8J% Europistas 71/86 (G) 

10425 

7.91 

3.90 

7.11 

1. 2.77— 86D 

8% Europistas 72/87 (G) 

0330 

7.73 

4.27 

7.16 

1. 178—871) 

10 ' % Fin. Inst f. Dan. Ind. 74/78P ... 

10075 

10.47 

0.33 

9.37 

due 1.1 1.78 

71% Fin. Inst. f. Dan. Ind. 76/8 IP 

103.37 

726 

226 

5 84 

J.12.7&-*'' 

6’% Finland 64/79 

01.00 

6.19 

1.17 

5.42 

1. 9.70— 79D 

6% Finland 64/80 

01.75 

5.90 

1.00 

423 

2. 1.71— SOD 

7% Finland 68/83 

103.10 

6.79 

2.86 

5.89 

1. 6.72— 83D 



VtestLB 


For current prices and further information call 




Dusseldorf Telephone 8263122 

Westdeutsche Landesbank Telex 8581882 

Girozentrele 

P O.Box 112S TpJephone 8263741 

4000 Dusseldorf 1/FRG Telex 8581882 

London . 

Westdeujsehe Landesbank 
Girozentidle 
London Branch 
21. Austin Friars 
London EC2N 2HB.TJK 

Luxembourg 

WestLB ■rivinxenti :A 

47. Boulavarg nj-,al *»!‘chcte 4 54 93 

Lu»«mbourg T« -331 


Intemaiional Bond 
Trading Dept 


lijitituuonal Investors Dept 


Telephone 8386141 
887984 


Te 


liv% 


Hone Kong 
Wes. .B 1* Limited 
‘Tjitrisor- House 
Hong Long 


TeieoLone T5P206 
Telex 75144 


Westdeutsche Landesbank Girozentrale 
.Leading Marketmakers in Eurobonds 


6j?i 

7 V;* 

• \ o 

8 1 o- 
7 .0 

8% 

5"'o 

C ••• 
D .0 

7 

8% 

81 % 
5 i% 
7^o 
6]% 
7% 

9W 

87 °o 
6% 

9 Vo 

91% 
7 " e 
7:^ 

5*.% 

6% 

9:=\ 

6V, 

T3-- 
# 3 

7i e o 

s-\ 

6 

8% 

7% 

7% 

Sl 3 o 

8L% 

7 Vo 

n*> 




Finland 68/83 I02DO 

Finland 69/C4 102.75 

Finland 69/84 104.00 

Finland 70/ S5 104.75 

Finland 72/87 102.00 

Finland 76/54 105.50 

Finland 73/S3P 99.50 

Finland 78/86 97.50 

Finn. Kommuna) 69/81 (G) 102.75 

Finn. Kommunal 72/83 (G) 104.25 

Forsmarks 75/83 (G) 106.75 

Forsmarks 78/90 (G1 98 00 

Francete! 76/83 lG) 106.75 

Francete) 77/84P <G) 10362 

Fuji Heavy 76 ,’8 IP 10150 

Gen. Zbk. Vienna 75/B2P 110.00 

Gen. Zbk. Vienna 76/83P 107.50 

Gen. Zbk. Vienna 77/87 100.90 

Giroz. Vienna 74/73P 100.25 

Giroz. Vienna 74/79P 106.25 

Giroz. Vienna 74/BOP 108.25 

Giroz Vienna 76*81 105.00 

Giroz. Vienna 76/83 107.00 

Giroz. Vienna 77;82 1 0 1 .60 

G.I5. 78/83P 97.50 

Goetebcrv 75/85P 108.50 

Goodyear Tire 72/87 TQ2.03 

Grand Mecrop Fin. 77/84 102.75 

Guardian Inv. 73/83P 10230 

Guest-Keen Nettl. 76/83 107.40 

Hamersley Iron 72/87 103.00 

Hazama-Gumi 76/81 P 105.00 

Helsinki 68/83 102.00 

Hitachi Cable 77/B2P 10275 

Hitachi Shrpbldg. 76/81 10475 

Hoogovens 70/85 


105/10 

IAKW Vienna 75/85 <G) 10830 

10375 
10575 
103.00 


Iceland 69/04 

Iceland 77* 87 

1C I lnt‘1. 70/85 .... 


8°, 1C Mrnl. 71/86 103.00 


b; : : 


!C I In'tl. 72/92 

I C I Inti. 75/82 


4 S3 

4.77 

1. 583 

7 l % 

1 C 1 Int'l. 76/86 

< 47 

640 

1. 5.80—855 

6i% 

1 C I Int'l. 77/87 

6.00 

5.94 

1. 7.84 

3% 

I C 1 P U 71/91 (G) 

6.01 

7.28 

L 1.77 — 9ID 

8% 

1 matron Voima 71/86 (G) 

3 94 

6.B1 

1.1276— OSS 

8% 

i mat ran Voima 72/87 (G) 

3 35 

5.69 

15.1270 — 84 D 

71% 

Ind. Dev. C. South-Afr.P (G) 

2.93 

5.50 

2. 572—835 

7% 

Industr. Bk. japan 6B/83 


8,° 0 Industr. Bk. Japan 70/85 


6j?-a Industr. Bk. Japan 73/80P .... 
61*5 Industr. Bk. Japan 73/8 IP .... 

5 : c Industr. 6k. japan 78/84 

7'V^ Ind. Min. Dev. Iran 73/85 

7J rj ; Ind. Min. Dev. Iran 77/87 

6 Ind. Mtgebk. Finl. 64/79 IG) . 
6-S Ind. Mtgebk. Finl. 68/80 /G) . 
8 J i Ind. Mtgebk. Finl. 71/86 (G) . 
7% Ind. Mtgebk. Finl, 72/87 (G) . 
9°l Ind. Mtgebk. Finl. 75/84 IG) . 
57°i Int. Am. Dev. Bank 64/79 .... 
61 °n lnt - Am - Dev. Bank 68/83 .... 
7% Int. Am. Dev. Bank 69/84 .... 
85 f o Int. Am. Dev. Bank 70/85 .... 
6i^ Int. Am. Dev. Bank 72/87 | .... 
6j'°3 int. Am. Dev. Bank 72/87 II . 

8 3 o Int. Am. Dev. Bank 76/82P 

81% Int. Am. Dev. Bank 76/83P .... 
7% Int. Am. Dev. Bank 77/87 .... 
6\% Int. Am. Dev. Bank 78/88 .... 

Int'l. Coml. Bank 73/83 

7% IRAN 68/78 

71% Ireland 69/84 


103.25 

10630 

1C565 

104.90 
104D0 
10330 
104 DO 

10030 

10525 

10230 

10130 

10130 

9835 

10130 

103.25 
10125 
10130 

104.00 
102.15 
IO6D0 
10130 
104.75 
103.50 
106X10 
10215 

102.25 
10530 

106.00 
105.00 

100.90 
102.15 

100.25 

102.90 


4.12 

670 

1.11.77— 865 


467 

629 

1.1278—875 

8'Vc 

58* 

705 

1. 3.80—895 

5-.% 

3.53 

5.55 

1. 2.82 

71% 

4.17 

5.78 

1. 98? 

7% 

4.87 

5.72 

16. 5 83 

7% 

8.87 

6.41 

16. 5.87 

8,% 

5 56 

5.33 

1. 2.84 

Si% 

0 58 

6.05 

1 2.83 

8:% 

6 17 

612 

1. 680 — 8**D 

71% 

s is 

5.96 

1. 583— 9PD 

6% 

3.42 

5.50 

I. 4.75— 84D 

7% 


8;% Ireland 70/85 103.75 


Ireland 76/81 10615 

I R I ex. warr. 64/79 (G ) 100.75 

ISCOR 71/86 |G) 100.00 

ISCOR72'87!Gl 96.75 

ISCOR 73/ SB f G ) 96.25 

ISCOR 77/80 IIP (G) 101.45 

ISCOR 77/80 IIP 1 Gl lOi.CC 


ISCOR 77 180) il PP 


101. GO 


ISCOR 78/82P lG) ICO. 25 


Japan 64/79 .... 


f 


10090 


japan 68/83 106.00 


6.62 

2.83 

6.06 

681 

375 

6.14 

7.21 

3.66 

635 

8.11 

- 3.74 

7.15 

6.86 

4.54 

639 

7-5B 

4.38 

631 

583 

4.58 

582 

5.50 

7J58 

6.17 

7.30 

189 

6.02 

787 

2.77 

6.39 

7.73 

3.46 

6.03 

5.87 

7.89 

687 

7.03 

529 

5.96 

6.51 

5.75 

5.98 

683 

3.42 

6.15 

8.41 

3.67 

6.11 

7.91 

' 4.08 

6.34 

5.95. 

7.36 

5.84 

9.73 

0.42 

886 

9.18 

1.42 

5.03 

9.01 

2 42 . 

5.95 

6.67 

3.33 

5.31 

6.78 

5.33 ' 

588 

5.41- 

425 

5 07 

6.15 

487 

6.63 

8 99 

431 ■ 

7.44 

6 62 

•4.67 . 

623 

6.81 

4-55. 

6.28 

7.07. 

2.52 

6.13 

7.45 

484 

6.18 

6.55 

481 

6.01 

7.62 

2.92 

6.07 

686 

2.94 

6.34 

681 

330 

6.09 

7.91 

2.67 

6.44 

8.10 

378 

7.09 

8.06 

424 

639 

782 

3.25 

6 22 

773 

533 

6.47 

8.25 

075 

4.35 

7.77 

025 

487 

630 

6.91 

5.91 

7.98 

4.C8 

683 

7.10 

7.40' 

6.50 

6.43 

7.30 

5.90 

7.69 

681 

7.30 

773 

4!26 

7.15 

7.69 

427 

7.02 

7.71 

3.83 

758 

665 

284 

506 

829 

0.17 

3.86 

6.40 

1.92 

5.64 

6.40 

283 

5.90 

5.07 

530 

532 

7 39 

3.70 

7.01 

7.51 

6.93 

7.14 

5 17 

083 

4.75 

6.65 

1.32. 

5.62 

7.69 

4.19 

7.00 

6.85 

4.79 

6.58 

8.49 

3.15 

680 

5.42 

180 

3.94 

644 

2.95 

5j0£ 

6.76 

330 

5.96 

S.02 

4.03 

6.89 

6.60 

4.91 

6.20 

6.60 

584 

621 

7.58 

482 

6.57 

7.78 

5X10 

6.79 

6.67 

6.44 

6.03 

619 

930 

6.12 

6.61 

286 

5.91 

7 23 

0.42 

672 

7.35 

0.17 

4.70 

5.19 

0.17 

3.81 

7-76 

230 

5.48 

5.71 

0.49 

473 

7.75 

7.92 

7.90 

7 24 

4.49 

8 02 

7.27 

485 

7.95 

8 38 

5.51 

8.15 

8.17. 

221 

771 

8-17 

1 4*5 

7 64 

7 73 

324 

784 

5 95 

0.92. 

504 

6.60 

282 

439 - 


1.12.72 — SiD 
2. 5.73— 84D 

1.10.73— 84D 
1.12.76— 85S 
1. 4.78— 87S 
1. 6.81—845 
1. 2.S3 

1. 2.B6 

1.12.72— 81 D 

2. 5J6 — 83D 
1. 7.80— 83D 

16. 133 — 90D 
16.10.83 
1. 434 
■ 1.12.81 
I. 3.82 
1. 2.82— B3D 
1.12.83 — 87D 
due 1.12.78 

1.12.79 

1.12.80 
I.M.81 
1.11.83 
1.10.82 

1. 3.82— 83D 
1. 2.81— BSD 
1.12.78— 37S 
1. 8.81—845 
1 . 2J9 — 83D 
1 5.83 
1. 7.78— 87S 
1 . 478 
1. 7.72— 83S 
1. 182 
1. 3.8? 

, 1. 676— 85D 
I. 5.80— 85D 
I. 5.73— 84S 
1. 4.80— 87S 
• clld.p. 

1.1078(102) 

clld.p. 

1.1078(102.25) 
1. 3.78— 92S 
I. 8.82 

1.I2J4-MD 
1. 5.84— 87D 
I. 177— 9ID 
1. 4.77 — 865 
1. 178—875 
I. 532 

1.12.72— 83S 
clld.p. 

1. 9.78(101.75) 
I. 630 
I. 5.81 
1. 1.84 

1. 577 — 85S 
■ I. 733— 87S 

2. 5.70-79D 

1.1 1.73 — SOD 
1.1277— 86D 
1. 7.78— 87D 
1. 4.78— 84D 
1. 770— 79D 
I. 7.72— 83S 
1. 8.75— 845 
1. 9.76— 85S 
1. 6.78 — 87S 
1.M7B— 87S 

16. 2.83 
I. 7.83 
1. 1 .83 — 87S 
1. 1.86 
1. 6.79 — 83D 
due 1.1278 
clld.p. 

1. 978( 102,50) 

clld.p. 

1. 978(103) 

1 1.81 

30.6 .75— 79D 
1. 6.77— B6D 
1. 4.78— 87D 
I. 3.79— BSD 
1.1179— S8D 
16 9.79— 80D 

1. 4.81— 82D 
I. 6.70— 79D 
1. 3.72 — 83S 


lesue 


Middle 

Pnra 


Curran: 

Yield 


Lift 


Yield to 
Maturity’ 


Resavmer.t 
D - mandaiorvdrairr 
bvlct at ear 


1 

7 Japan Dev. Bk. 76/83 tG) .... 

_i i 

106 SO 

■ 

681 

■ 

4.75 

L_ 

5.64 

1. 4.83 

8a*?«> lawn Srnt. Rub. 76/81 P 

106.00 

7 75 

3.00 

6.01 

1 7 8! 

8?* Johannesburg 71/86 (G) 

101.60 

7.87 

4.48 

7 55 

1 9.77— 86D 

6/% Johannesburg 72/87 iG) 

94.00 

6.65 

4.92 

7.76 

1. 9.78— 87D 

7.% Johannesburg 78/82P iG) 

101.00 

7.67 

3.83 

7.43 

30. 4.62 

7. Jydsk Telefon 69/84 

102.35 

7.08 

3.61 

6.61 

15. 975— 84S 

6i c -.-. jydsk Telefon 72/87 

102.35 

6.60 

4.67 

6.14 

1. 378—875 

?■* % jydsk Telefon 73/88 

102.75 

706 

528 

6.60 

1. 2.79— 8SS 

9% Jydsk Teleion 75/82? 

107.00 

3.41 

4.00 

6.94 

1. 7.82 

6 ! % Kansai Electric 69/84 

103-80 

6J0 

3.09 

5.43 

1. 375-84S 

7:-- Kansai Electric 71/86 

105X10 

7.38 

4.17 

6.31 

l. 5.77—865 

8i% Kawasaki Steel 75/82 

105.35 

8.31 

2.90 

6.65 

1. 6.80 — B2D 

6i\, KELAG 73/88 

103.25 

6.54 

5.09 

5 98 

1. 5.79— 8SS 

6i% KHD Finance 72-67 

103.10 

6.55 

4.64 

5.96 

2. 5.78-875 

7}% Kiobenhavns H. Bank 76/83P .. .. 

103.00 

7.16 

5.42 

6.6S 

1.12X23 

75% Kjobhenhsvns Tel. 72*'fi7 

103.25 

7.26 

4.48 

676 

2. I./B — 87S 

7% Kjobenhavns Tel. 72/87 

102.25 

6.85 

4.63 

641 

1. 5.78—875 

6 Kjobenhavns Tel. 73/88 

101.50 

6.40 

5.46 

6.16 

I. 479— 88S 

8J% KLM Finance 70/85 

102.75 

827 

0.25 

5.35 

clld.p. 

1.10.78(102) 

5% KLM Royal Dutch Airl 78/85P ... 

98.50 

5.08 

3.73 

5.45 

1. 5.79— 85D 

7% Kobe 68/83 (G> 

104.00 

6.73 

2.86 

5.54 

1. 6.72 — 635 

61% Kobe 69,54 (G) 

10425 

6.47 

3.26 

5.38 

1. 5 73— 84S 

7;% 'Kobe 71/86 «G) 

105.75 

7.33 

4.12 

6.1! 

1. 277— S65 

6i% Kobe 72/87 ?G) 

10350 

6.52 

4.64 

5.86 

1. 5.78— 87S 

8J% Kobe 75/SOP lG) 

103.00 

8.0! 

1.92 

6J2 

1. 6 JO 

7J% Kobe 76/83 (G) 

106-50 

7.04 

4.92 

5.93 

1. 6.83 

6*,% Kobe 77/87 

10475 

6.21 

8 92 

5.80 

1. 6.87 

7j% Korn muni. Inst. 76/83 

104.25 

7.43 

3.73 

6.42 

1. 4.81— 83D 

8% Kommunl. Inst. 76/84 

102.75 

7.79 

4.M 

7.19 

15.10.77— 04D 

7h% Korea Dev. Bank 77/64 

98.90 

7.33 

6.42 

7.46 

1.12.84 

5; % Kubota Int’l. 77/32P 

100.05 

5.25 

3.51 

5.07 

1.12.81— 82D 

5J% Kvaener Ind. 78/88 P 

9725 

5.91 

7.61 

621 

1. 3.B4— S8D 

S4% Lighc-Servicos 77/82 (G) 

106.00 

802 

3.67 

659 

1. 3.82 

6 j % Light-Servicos 78/86 

97.25 

6.94 

7.83 

722 

I. 5.86 

8-% Longt. Cr. Bk. Japan 70/85 

103.00 

025 

3.64 

7.68 

1.11.76—855 

10% Lonza Uni. 74/79 P 

105.00 

9J2 

1.33 

5.94 

1.11.79 

81% Lcnza ItnT 75/80P 

104.00 

7.93 

1.87 

5.92 

15. 5.80 

7% Malaysia 72/84 

10125 

6.91 

3.32 

6J6 

1. 675 — B4D 

Malaysia 77/85 

97.35 

6.68 

7.17 

6.98 

1. 9.85 

9f% Malmoe 75/84 

108.50 

8.53 

4.04 

6.76 

1. 2 81— 84D 

Malmoe 76/83 

105.00 

7.86 

3.13 

6.41 

1. 3.80— 83D 

6 l % Maniroba 77/84 

105.00 

6.19 

•6.00 

5.50 

1. 7 8J 

6/% Manit. Hydro El. 72fP7 

103.70 

651 

4 92 

5.86 

1. 6.78— 87S 

6i% Megal. Fin. Comp. 78/90 

-100.25 

6.23 

8.92 

6.21 

2. 1. 85— 90S 

7% M E P C 73/88 

100.75 

6.95 

5.06 

681 

1. 579— 8?D 

7% Mexico 68/tt0 

10225 

6.85 

1.4) 

5.39 

1. 6.71— SOS 

7% Mexico 68/84 

10175 

6.88 

2.91 

6.43 

2. 1.73— 84S 

7\% Mexico 73/88 

10225 

7.09 

473 

6.67 

1. 1.79— 885 

9% Mexico 75/82 

107-50 

8.37 

4.00 

6.80 

1. 7.82 

8 ., Mexico 76/83 

10300 

7.41 

4.92 

6.07 

1. 6.83 

7j ^ Mexico 77/84 

104.75 

7.40 

5.92 

6.75 

1. 6.84 

6% Mexico 78/85 

96.25 

623 

6.75 

6.70 

1. 4.85 

7>% Mitsubishi Gas 76/8 IP 

103 50 

7.49 

2.92 

6J9 

1. 6.81 

7j% Mitsui Toatsu 76/8 IP 

103.00 

7.52 

3.21 

6.67 

15. 9.81 

9% MODO 75/83 

10525 

BJ5 

3.37 

7. IB 

1. 6.80— 83D 

7?c Mpntreal 69/89 

101.75 

6.88 

5.43 

6.60 

1. 470— 89D 

6% Montreal 72/92 

99.40 

6.04 

7.19 

6.10 

L 9.73— 92D 

6$% Montreal 73/93 

100.75 

6.70 

7.32 

6.61 

j. 6.74—935 

81% Montreal 76/86 

10675 

7.96 

4.33 

6.66 

1. 7.77— 86S 

7% Montreal 77/87 

-102.40 

6.84 

4.84 

6.41 

16. 7.78— B7S 

7.'% Mortg. Denmark 69/84 (G) 

104.00 

721 

3.21 

6.20 

1.11.75— 84S 

7;% Mortg. Denmark 71/86 (G) 

10425 

7.43 

4.00 

663 

1. 3.77— 86D 

7% Mortg. Denmark 73/88 (G) 

61% Mortg. Bk. Finl. 69/84 (G> 

102 JO 

6.83 

5.24 

6 42 

1. 7.79— 8SS 

102-50 

6 59 

3.17 

5.96 

1. 4.73— 84S 

7\% Nafi. Mexico 69/79 (G) 

103.50 

7.00 

0.92 

3.35 

1. 672—795 

8i% Nafi. Mexico 76/83 PIG) 

106 50 

8.22 

5 42 

724 

1.12.33 

7% Nafi. Mexico 77/82P (G) 

100.00 

7X10 

4.17 

6 99 

1. 9.82 

8 ? % Nafi. Mexico 77/84 lG) 

106.50 

822 

5.67 

7 29 

1. 3 84 

8 ! % Nafi. Mexico 77/84P «G) 

10625 

824 

5 67 

7 75 

1. 3.64 

8i % Natl. Bk. Hungary 75/81 

10675 

7J3 

3.D0 

5.74 

1. 7.81 

6s % Nad. Bk. Hungary 77/85 

97 JO 

6.67 

7.33 

6.94 

1.11.85 

6j?i National Lead 67/79 

10175 

6.39 

0.92 

4 50 

1. 6.72— 79S 

8% Natl. Westm. Bk. 73/B8 

10575 

7.57 

5.48 

6.70 

1.10.79 — 8(15 

6?% New Brunswick 72/87 

103 25 

6J4 

4.60 

5.91 

1.1 1.78 — B7S 

71% Newfoundland 69/84 

10425 

6.95 

3J0 

5.97 

1. 8.75—845 

8% Newfoundland 71 •’36 

10575 

7.49 

4.43 

620 

1. 8.77— 86S 

6 !% Newfoundland 72/87 

104 00 

6.49 

4.60 

5.73 

1.1 1.78 — 87S 

6!?;i Newfoundland 73/88 

103 60 

627 

6.10 

5.78 

1 . 4.81— 88S 

6i% New Zealand 69/84 

10325 

6 54 

3.00 

5 63 

1. 275— B4D 

7f% New Zealand 71/86 

105.75 

7.09 

4.13 

601 

1. 577— 86D 

7% New Zealand 72/87 

10425 

6.71 

4.39 

5.86 

1. 278— 87 D 

91% New Zealand 75/80P 

106.25 

8.94 

1.58 

5 24 

1. 2.80 

9i% New Zealand 7S/80P 

8j\ New Zealand 75/80P 

106.00 

8.73 

1.58 

5 17 

1. 2 80 

106 00 

7.78 

2.P0 

5.02 

1. 7.80 

9J% New Zealand 75/32 • 

110 00 

896 

3.50 

6 44 

1 1 82 

71% New Zealand 76/83 

IP.-. 10 

7 00 

4.6* 

5.71 

1. 3.83 

7J% New Zealand 76/86 

103.00 

7 18 

a 27 

5 16 

1 1 1 82— 8SD 

6J% New Zealand 77/84 

103.70 

6.03 

5 £3 

5.49 

1. 5.84 

5-;% New Zealand 78*36 

100 35 

5 23 

7.67 

S 19 

1. 3.86 

9% Nippon Kokan 75/82 

104 50 

8.61 

2.73 

7.10 

1. 4.80— 82D 

8i% Nippon T + T 75/82 lG) 

106.00 

825 

3.67 

683 

1. 3.82 

8i?i Nippon T 7 T 75/82 (G) 

106.25 

7.76 

3.92 

6.29 

1. 6.92 

7J% Nippon T + T 76/83 (G) 

108.00 

7.18 

5.25 

5.92 

1.10.83 

1. 3.85 

5)% Norcem 78/85 

100.05 

5.75 

6.67 

5 73 

8J% Norge* Komm. Bk. 70/85 (G) ... 

105.50 

8.06 

3.58 

6 85 

1.10.76— 8SS 

B% Norges Komm. Bk. 75/80 f G > ... 

108.75 

7.36 

1.92 

321 

1. 6.80 

1. 7.80 

8% Norges Komm. Bk 75/80P (G) ... 

105.25 

7.60 

2.00 

5.17 

7% Norges Komm. Bk. 76/81 (G) ... 

106.25 

6J9 

2.83 

4.59 

I. 5.81 

7% Norges Komm. Bk. 77/80 (G) ... 

106.10 

• 6.60 

6.47 

5.83 

1. 4.80—895 

6% Norges Komm. Bk. 77/89 1(G)... 

100.50 

5 97 

6.98 

5.90 

16.10 80— 8SS 

6% Norges Komm. Bk. 77/89 H fG) 

100.50 

5.97 

11.42 

5.93 

1.12.80— 89S 

8'% Norpipe 76/34 

106.85 

7.96 

3.93 

6.45 

1. 2 JO— 84S 

8% Norpipe 76/88 

108.00 

7.41 

7.32 

6.58 

1. 6 J3 — 80S 

6% Norpipe 77/89 

100.80 

5.95 

9.28 

5.48 

1.11J4— 89D 

7J% Norsea Gas 76/80 

10525 

6.89 

7.83 

6.37 

1.12.83 — 80S 

7% Norsea Gas 77/89 

104.00 

r.73 

9.11 

6 41 

1. 7.84— 89S 

9% Norsk Hydro 75/87 

109.75 

820 

5.00 

6.63 

1. 3.80— 87D 

8% Norks Hydro 76/88 

11025 

726 

7.16 

6 18 

1. 4J3 — 88S 

67% Norsk Hydro 77/89 

103.85 

6.50 

7.70 

6.11 

1. 6.82— 89S 

8i% Norway 75/80 

107.00 

7.71 

1.83 

4.19 

1. 5.80 

8'% Norway 75 , 80P 

105 00 

7J6 

1.92 

5.42 

1. 6.60 

7J% Norway 75/80 

10625 

729 

2.42 

4.92 

1.12.80 

7% Norway 76/81 

106.60 

6.57 

2.83 

4.46 

1. 5.81 

7>io Norway 76/81 

107.00 

7.01 

3.00 

4.93 

1. 7.8] 

6 : % Norway 77/82 

10425 

624 

JJ0 

5.13 . 

1. 1.82 

6i% Norway 77/82 

103.75 

6.02 

3.75 

5.12 • 

l. 4.82 ■ 

5-% Norway 77/82 

102.30 

S.62 

4 08 

5.1? 

1. 8.B2 

4 • % Norway 78/63 

99.00 

4.80 

4.50 

5 00 

1. 183 

4*% Norway 78/83 

9725 

4.50 

4 75 

5.04 

1. 4.63 

7 J . Norw. Mortgage 77/87 

10575 

6 86 

6 82 

6 19 

15. 5.83— B7D 

6% Norw. Mortgage 77 /S9 

100.35 

5 98 

772 

5.94 

16.11.82— B9D 

7‘ % Nova Scotia 71/66 

104 10 

744 

4.20 

672 

1.12.77— B6D 

7°: Nova Scotia Power 72/87 

103 00 

6.80 

4 67 

6.23 

1.12.78— 875 

6-, % Occidental Overs. 68/83 

102.00 

6.37 

2.67 

5.76 

1.10.72— 83S 

6% Oester. Donaukr. 59/84 (G) 

102.25 

5.87 

3.01 

5.25 

1. 2.65— 84D 

64% Oester. Donaukr. 73/86 IG) 

102 JO 

6J9 

5.38 

6.18 

1. 3.79— 88S 

8i% Oester. Donaukr. 75/85 (G) 

109.25 

8X11 

4.61 

6.36 

1. 3.81— 05D 

7% Oest. El. Wirtsch. 67 '87 lG) 

103.75 

6.75 

4.39 

6.10 

1. 2.73 — 87D 

7% Oest. El. Wirtsch. 76/B3P (G) ... 

105.00 

6.67 

5.46 

5.89 

16.12.83 

101% Oest. Inv. Kredic 74/79 P 

106.00 

9.67 

129 

528 

I6.I0J9 

94% Oest. Kontrollbank 74/78P (G) 

101X10 

9.65 

0.17 

3.49 

due 1. 9.78 

94% Oesc. Kontrollbank 74/79 IP (G) 

103JO 

9.18 

0.92 

5.46 

1. 679 

94% Oest. Kontrollbank 74/79 IIP (G) 

103J0 

9.18 

1.00 

5.80 

1. 779 

7% Oest. Kontrollbank 76/03P (G) 

103X10 

6.80 

5.42 

6J2 

1.12.83 

64% Oest. Kontrollbank 77/89P (G) 

103JO 

6J2 

5.58 

5.9 B 

1. 2.B4 

6i % Oest. Kontrollbank 77/84 P (G) 

102.50 

6.34 

6X10 

5.99 

1. 7.84 

6*% Oest. Kontrollbank 77/84P ?G) 

101.00 

6.19 

6.08 

6.05 

1. 8.B4 

•6% Oest. Kontrollbank 77/85P (G) 

102.50 

5.85 

7J3 

5J7 

1.11.85 

54% Oest. Kontrollbank 78/86P (G) 

99 JO 

5J3 

7J8 

5.58 

r. 2.86 

5?% Oest. Landerbank 77/82 ?G) 

101.25 

5.43 

4.42 

5.17 

1.082 

64% O K O 69/79 (G) 

100.75 

620 

0.83 

5.37 

1.1170— ' 79D 

rWarin 69 '*4 

10325 

6.30 

3X11 

5.38 

1. 2.75— 84D 

WestLB SD Certificates (Schuldschein-lndex) 


4 years maturity: 5-75 % 


5 years 

maturity; 6.00fo 


6% Ontario 72/87 

7% Ontario Hydro 69/84 

74% Ontario Hydro 71/86 

6% Ontario Hydro 72/87 

61% Ontario Hydro 73/88 

61% Osaka 64/79 (G) 

Osaka 65/80 (G) 

6% Oslo 64/79 

5J% Oslo 65/80 

7% Oslo 67/79 

7}% Oslo 69/84 

71% Oslo 71/87 

Oslo 73/90 

9% Oslo 75/87 

7% Outokumpu 68/78 (G) 

6*% Papua 73/88 

Parker-Hannifln 77/B7P 

8\% Pemex 76/83 

7% Pemex 77/84 

7% Pemex 78/86 

7% Petrobas 77/84 

61% Philip Morris 72/87 

7\% Philippine 77/84 

61% Philippine 78/85 

8j% Phillips 75/81 P 

Phillips 75/81 P 

81% Phillips 75/82 

8^% PK-Banken 75/83 


5»% PK-Banken 78/83 

9i% Platm. Malmoe 75/80P 

7'% Privatbk. Copenh. 77/83P ! 

6. 0 .-. Pyhrn Autobahn 77/89 IG) 

6 Quebec 72/87 

7‘°. Quebec 77/87 " 

7;% Quebec 77/87 ,■ ’ 


1G2J0 

5J5 

5J3 

5.46 

1. 9.80 — 87 D 

10375 

6.75 

3.50 

5.88 

1. 875— 84D 

105.00 

7.14 

422 

6.11 

1.1277— B6D 

10475 

621 

5.28 

5.44 

1. 6.80— 87D 

103.75 

627 

. 6.02 

5.74 

I. 3.81— 88D 

100.75 

6.45 

0J0 

5.03 

2. 170— 79D 

104.25 

6.00 

1.08 

226 

1. 2.71— BOD 

100 JO 

5.97 

0.75 

537 

1 . 4,70— 79D 

100.50 

5.72 

1.16 

5.36 

1. 3.71— 80D 

102.00 

6J6 

0.67 

3.86 

1. 3.72— 7SD 

105.00 

7.14 

322 

5.86 

1.11.75— 04D 

106.00 

7.08 

4.50 

6.05 

2. 1.78— 87S 

102.75 

6J7 

578 

6.17 

1. 7.76— 90S 

108.50 

829 

4.64 

679 

1. 378 — 87S 

100 00 

7.00 

0.17 

7X14 

due 1. 978 

104.70 

6.45 

5.72 

5.76 

1. 779— 885 

101.50 

6.65 

6.85 

6.47 

I. 6.B3 — 87D 

108.65 

B.05 

5.42 

6.77 

1.12.83 

10220 

6.85 

6.17 

6J5 

1. 9.84 

101.50 

6.90 

7.50 

6.73 

1. 1.86 

10025 

6.98 

625 

6.94 

1.10.84 

103-75 

6.51 

4.60 

5.79 

1.1 1.78— 87D 

99 90 

726 

623 

726 

1.11.84 

104 87 

6.44 

6.75 

5.85 

1. 4.85 

107.00 

8 IB 

275 

5.90 

1. 4.81 

106.00 

8.02 

279 

6.08 

15. 4.81 

108.65 

805 

3.71 

6X16 

15. 3J2 

10225 

831 

0.08 

5.11 

clld.p. 

1. 8.78(102) 

96.00 

5.99 

7.77 

6.42 

1. 5.84 — BED 

104 50 

8.85 

1.83 

6J4 

1. 5 JO 

103 00 

7.04 

4 75 

6 49 

1. 4.83 

101.50 

6.1 S 

8.58 

6 02 

1. 9.84— 89D 

102 JO 

6 34 

4.81 

5.89 

1. 778 — 87D 

106.50 

7P4 

8 58 

6.43 

1. 2 87 

105 10 

6.90 

8.92 

6.48 

1. 6.37 


Continued on page 24 



26 


Financial Times Monday July 10 1978 


: A 


Intel's 

Internationar Bonds Service. 
Up-dated every week. 

How up to date is the 
service you use? 


MARKET MAKERS 


REGION T "-BELGIUM- •-' • - *- - ■ 


105 Botidtrade 
110 Dewaay, Sehllle, Spirals 
Van CampenhOQt & Cie 
115 Rredifitbank N.V. 


230 Banque Arabe et Internationale 
d'lnrestissemeot (BJLLL) 

225 Banqne Lonis-Dreyfus 
205 Banque Na donate de Paris 

75009 Paris 16, Boulevard des llalien* 

P 225-4700/523 5500 
T 650814/650819 

210 Credit Commercial de France Paris 

215 Credit Lyonnais 

21S E. F. Hatton Services S.A.RX. 

220 Interun Ion-Ban q ue 
270 Smith Barney Harris. Upham & Co. Inc. 
75001 Paris 20 Place Vendome 

P 260-3404 T6S060S 


msEssmsmm 


300 Commerzhnnk AG 

6000 Frankfurt Neue Mainzer Strasse 32-36 
P 13321 T416111 
T 416345 

305 Deutsche Bank AG 

6000 Frankfurt Grosse Gallusstrasse 10-14 
Jung hofs trass e 5-11 
P2141 T 416731-4 

306 Drcsdner Bank AG 

6000 Frankfurt Gall usanl age 7-8 
P2631 T 414 901 
P 23 08 21 T 41 220 

307 H'e«trieuferhe Landesbank Glrozcntrale 
4000 Dusseldorf Fried richstrasse 56 

P 326 31 22 TS5S1S82 


309 Creditanstalt Baukvereln 

1010 Vienna Schrjttenzasse 6 

P 63692540/1 T 74324 

310 Girozcntrale und Bank 

dcr Osterreldiischen Sparfcassen AG 

1011 Vicuna Scbubertring 5 

P 72 94 272/72 B4 772 T 13 195 


REGION 4- ITALY- 


405 Banca ConunerriaJc Ita liana Milan 
407 Banco Ambroslano S.p.A. 

400 Banco d> Roma 
415 Creriilo ltaliano 

20123 Milan PiaZ 2 a Cortiusio 2 

P S7 1744/5S62 T 35 617 
P89 01 16 

420 istilufo Baneario ltaliano 

425 Istitnio Baneario San Paolo di Torino 

430 Monte del Pascfii di Siena 


REGIONS- LUXEMBOURG 


505 Bauque Generate du Luxembourg S.A. 

510 Banqne Internationale a Luxembourg S.A. 
540 Bayeri«che Landesbauk International SJL 
Luxembourg 25 Boulevard fio v al 

P 474021 T 1249 P 475911 
515 Dewaay Luxembourg S.A. 

520 Krcdicrbank S.A. Luzcmboargeoise 
Luxembourg 43. Boulevard Royal 
P 26411 T 1451 

530 Swiss Bank Corporation (Luxembourg) 


REGION 6- NETHERLANDS 


600 H. Albert de Bary & Co. N.V. 

601 Algeinene Bank Nederland N.V. 

602 Amsterdam- Rotterdam Bank N.V. 

603 Bank Moes & Hope N.V. 

604 Barclay* Kol & Co. N.V. 

Amsterdam Herengracht 500 

P 262 209 T L2 130/12 193 
611 Centralc Rabobank Utrecht 

St. Jacobsstraat 30 
General P 389111 T 40025 
Trading P 362410 T 70105 

605 Bank Morgan Labouchere N.V. 

610 F. van Lanscltol 

606 Nederlandscbe Middeustandsbank N.V. 

607 Nederlandse Credlctbauk N.V. 

608 Pierson. Sfeldring & Pierson 

609 Slaveuburg, Oyens & Van Eeghen N.V. 


REGION/.- SCANDINAVIA /.#. 


'05 Bank of Helsinki Ltd. 

(Helsingfors Aktiebank) 
740 Den norske Credit bank 




750 Den Deu$ke Bank of W~ l AfcfiesebfaA 
1092 Holiuens Kauai 12 

Copenhagen K P 151SS8 T 19441/19065 
P 156505 

710 R. Henriques ir. Baflk-Aktieselskab 
1200 Hfljbro Piads 9 

Copenhagen K P 12 00 52 T 19 162/19 932 

715 Kansaliis-Osake-Pankki 
720 Klobenhavns Ilandelsbank 

J09I Hoimens Kanal 2 

Copenhagen K P12S600 TI9 177 
745 Poslipankki 
730 Privatbauken Aktiesdskab 
735 Skandinaviska Einkilda Banker? 

10640 Kunsstradzardsgaian 8 

Stockholm p 763 50 00/24 SS 30 T 1 1 007 

725 Union Bank of Finland 

(Nor disk a F 5 rening!>banken Ab) 


REGION 8- SWITZERLAND 


SQQ Bondpa rimers S.A. 

SOS Credit Suisse/Swiss Credit Bank 
S60 Swiss Bank Corporation 

8022 Zurich paradeplat;6 

P2231111 T 53471 
S70 Union Bank or Switzerland 


REGION 9- UNITED KINGDOM 


901 Akroyd & Smithers Limited 
903 Julius Baer International Ltd. 

950 Bankers Trust International Limited 

910 Banqne Fran cal sc de Credit International Ltd. 

911 Citicorp International Bank Limited 

Loudon 335 Strand 

WC2B1LS PS36-1230 TSS 4933 

912 Continental Illinois Limited 

914 Credit Suisse White Weld Ltd. 

London ' 122 Leadenhall Street 
EC3V4QH p 2834200 TSS3731 

913 Daiva Europe N.V. 

London S-14 SL Marti ns-le-G rand 

ECJLA4AJ P 600-5676 T 88 4121 

915 Dellec Trading Company Limited 
920 fHIlon. Read Overseas Corporation 

London 10 Chesterfield Street 

W1X 7HF I- '•'S-P239 TS8 11055 

p 491 4774 Trading 

992 Dominion Seenrilies Limited 
925 European Banking Company Ltd. 

London 1 50 Leadenha 11 St reet 

EC3V4PP P63S-3654 TS95196S1 

927 The First Boston CorporaUon 

930 First Chicago Limited 

931 Goldman Sachs Iniemationai Corp. 

London 40 Basinqhall Street 

EC3V5DE p 638-4155 TSS7902 

p 63 $-9243 

932 Hambros Bank Limited 


933 IBJ Int e r nat ional Limited 

London Bueklersbury House • 

EC4N4BB 3 Queen Victoria Street 

P Trading 23641551 TSS3411 
P General 236-2756 

934 Hill Samuel St Co. Ltd. 

935 Kidder Peabody Securities Limited 

London 24th Floor 

EC2P 2LA 99 Bishapsgate 

P 638-6272 T SS 4694,'5/6/7/S 

938 Loeb. Rhoades. Uurnblowcr International Ltd. 

London 55 Grysvuuor Street 

WLX 9DB P491-33SI T 25 432 

939 Kultn Loeb Lehman Brothers Inf. 

London P.O. Box 15 

E.C3. Commercial Union Bldg, 

1 Undcrshaft 
P 623-2904 TSS7461 
P 283-7727 

936 Manufacturers Hanover Limited 

937 McLeod. Young. Weir International Limited 

940 Merrill Lynch. Pierce, Fenner 4 Smith 
(Brokers & Dealers) Ltd. 

London 3*5 Newgate Street 

EC1A 7DA P 236-1030 T SS 5357/SS 11S01 

941 Morgan Stanley International 

London P.U. Box 132, 

EC3P3HB Commercial Union Building 

1 Undcrshaft. Leadenhall Street 
General P 626-922 1 T S8 12564 
Trading P 2S3-S201 T 8951621/2 

945 VesbiL Thomson Limited 

942 The Nlkko Securities Co. (Europe) Ltd. 

London Royex House 

ECZV 7LJ Aidermanbury Square 

P 606-7171 TSS 4717 

943 Nomura Europe N.V. 

London Barber-Surgeons Hall, 

EC2Y 5BL Monkwell Square. 

London Wall 
P 606-7482/6 TSS 11473 

946 Orion Bank Limited 

London 1 London Wall 

EC2Y 5JX ""2 T 88 3496 

P 60O-SOOO Trading 

947 Salomon Brothers International Ltd. 

950 Samuel Montagu & Co. Ltd. 

955 Scandinavian Bank Limited 
960 StransK. Turnbull & Co. 

London 3 Moorgate Place 

EC2R6HR P63S-5699 TSS 3201 

962 Sumitomo Finance International 
London 66 Gresham Street 

EC2B TEL P 606-5645 T SS 11043 

964 Vickers, da Costa & Co. Ltd. 

965 S. G. Warburg & Co. Ltd. 

London 30 Gresham Street 

EC2P 2EB P 600-4555 T SS 8476/SS 3195 


Extel- 

the International Bond 
Dealer’s best friend. 

'Phone Sales Offices: 01-2S3 3400 
or Telex: 263437 


967 Wrdd Duriacher Mordannt Ltd. 

970 WVstdeuische Landesbauk Glrozcntrale 
London - 21 Austin Friars 

KC2N2HB P63S-6141 TSS 7984/5 

975 White Weld Securities 
977 M. S. We In & Co. Inc. 

SSS124 

9 S0 Wood Gundy Lid. 

990 Yamaithi International (Europe) Ltd. 
London St Alphas* House 

EC2Y 3 A.V 2 Fore Street 

P 628-2271 TSS 7414 


REGION 10- UNITED STATES 


10 Arnhold and S. Blelchroeder. Inc. 

Now York 30 Broad Street 

NY-10004 P 943-9200 T 82710 

P 943-9214 T 232250 RCA 
202 Drexel Burnham Lambert & Co. Inc. 

30 Kidder. Peabody & Co. Incorporated 
New York 10 HanoveT Square 

NY 20065 P 212 747 2000 T 233 496 

32 Lehman Bros, Kahn, Loeb Inc. 

New York 40 Wall Street 

NY 10003 P 797-4220 T 420 107 

33 Lazard Frwes & Co. 

T42030S ITT 

35 Merrill Lynch, Pierce Fenner & Smith Inc. 

P 212 766 1212 T42093S 
60 Salomon Brothers 

New York One New York Plaza 

NY 10004 P 212 747 7000 T 222 423 

70 Shields Model Roland Incorporated 
SO Atlantic Capital Corporation 

T 620 727 WU 

90 White Weld & Co. Incorporated 

T 423 948 ITT 

005 The Arab Co. for Trading Securities SJl.K. 

Kuwait P.O. Box 
22792 Safat Kuwait 
P 410 318 T 2791-ACTS 


LEAD MANAGERS 

1 — Creditanstalt-Bankverein 

15 — Butler Bank 

16 — Credit Suisse (Bahamas) Ltd. 

18 — Gutzwiller Kurz Bungenur Securities 
25 — Union Bank of Switzerland lU/W » 
28— Bankleumi Le-Ismel 
32— Banque de Bruxelles S.A. 

35 — Banque Lambert S.C.S. 

38— Burnham A- Co. 

43 — Kredietbank N.V. 

46— Society General e de Banque SJL 
57 — Nesbii, Thomson Ltd. 

64 — Wood Gundy Ltd. 

72— Privatbanker Aktieselskab 
77 — McLeod. Young Weir & Co. 

92— Banque Nationale de Paris 

93 — Banque de Paris ct des Pays-Bas 

94 — Banque Rothschild 

06 — Banque de L’Uninn Europeenne 
103 — Credit Commercial de France 
JO-* — Credit Industriel et Commercial 
105 — Credit Lyonnais 
112 — Lazard Frfcres & Cie 


117 Soci4te Generate 
112 — Western American Bank (Europe) 
IDS — Commerzbank, 'Ban co di Roina/Credit 
Lyonnais 

140 — Commerzbank AG 
143— Deutsche Bank AG 
ISO — Wardley Ltd. 

157 — Pkbanken 

159 — Kuwait Int. Inv. Co. S.A.K. 

162 — Arab Financial Consultants 
165 — Union Bank of Switzerland 
(Securities) Ltd. 

179 — Westdeutsche Landesbank 
Glrozentrale 

183— Jardine Fleming & Co. 

189 — Banca Commerciale ltnliana 
1S9 — Banca Nazionale de Lavoro 
196— Banco di Rmua 
214 — Williams Giya & Co. 

218— Orion Bank Ltd- 

219— Kuwait Inv. Co. S.A.K. 

221— Banque Europeenne du Luxembourg 
S JL 

222 — Banque Generate du Luxembourg S.A. 

223— Banque Internationale a Luxembourg 
SJL 


224 — Banque Lambert. Luxembourg. S.A. 

229 — Investors Bank, Luxembourg. S-A. 

230— Kredietbank S.A. Luxembourgeoise 

234 — UBS DB Corp. 

235 — Blyth Eastman Dillon & Co. Int. 

237— Algemene Bank Nederland N.V. 

238 — Amsterdam-Rolterdam Bank N.V. 

245 — Bank Mees & Hope N.V. 

247 — Nederlandse Credietbank N.V. 

249 — Nederlandscbe Middens tan dsbank XV 
254 — Pierson. Heldring & Pierson 
256 — Royal Bank of Scotland 

272 — Skandinaviska Enskilda Banken 

273— Svenska Handelsbanken 

287— Kuwait Foreign Trading Contracting 
& Investment Co. 

292 — Bankers Trust international Ltd. 

297 — Barclays Bank International Limited 
29S— Baring Brothers & Co. 

315— Hambros Bank Ltd. 

316— Hill Samuel & Co. Ltd. 

321— Investment Bank of Ireland 
323 — London Multinational Bank Ltd. 

326 — Klein wort Benson Ltd. 

327— Kuhn Loeb Int 


32S — Lazard Brothers & Co. Ltd. 

332— Manfacturers Hanover Ltd. 

335 — Morgan Grenfell & Co. Ltd. 

336 — National Westminster Bank Ltd. 

337 — Xikko Securities Co. (Europe) Ltd. 

338 — Kuwait International Finance Co. SAK 
343— Rabobank N.V. 

346 — Rothschild N.M. & Sons Ltd. 

350 — J. Henry Schroder Wagg & Co. Ltd. 

352 — Caisse des Depots Consignations 

353 — Singer & Friedlandor Ltd. 

354 — Sumitomo Finance International 
359 — Warburg. S. G & Co. Ltd. 

361— White Weld & Co. 

375 — Bank of America 
378 — Bear Sterns & Co. 

3S6 — Brandt (Wm.) Sons & Co. 

3S9 — Kuwait Financial Centre 
396 — Daiwa Securities & Co. Ltd. 

337 — Dean Witter International Inc. 

399— Dillon Read & Co. Ltd. 

401— Dominick & Dominick 

402 — Citicorp Int. Bank 

404 — Drexel Harriman Ripley 
408— European Banking Company 


411 — Pint Boston Corp. 

412 — First Boston (Europe) Ltd. 

413 — Merrill Lynch. Pierce. Fenner & 

Smith Inc. 

41S — Goldman Sachs & Co. 

421 — American Express Middle East Devt. 
425 — Hayden Stone Inc. 

431 — Interunion — Banque 
437 — Kidder, Peabodv & Co. Inc. 

43S — Blyth. Eastman Dillon & Co. Inc. 

440 — National Commercial Bank Saudi 
Arabia 

441 — Kuhn Loeb & Co. 

445— Lazard F re res & Co. 

447— Lehman Brothers 
449 — Loeb Rhoades & Co. 

454— Merrill Lynch, Pierce. Fenner & Smith 
456 — Morgan & Cie International 
458 — Morgan Stanley & Co. 

463 — Nomura Securities Go. 

479 — Salomon Brothers 

480 — Bannue Bruxelles. Lambert S.A. 

481 — Post i pan kki 

485— Smith Barney & Co. 

487— Barclays Merchant Bank Ltd. 


4SS — Kidder. Peabodv International Ltd. 

500— White Weld & Co. Inc. 

501 — Yamaichi Secuirties 

510— Salomon Brothers International Ltd. 

511— Merrill Lynch Intnl. Bank Ltd. 

516 — Union De Banques Arabes et 
Francoises (UBAF) 

517— Credit Suisse- White Weld Ltd. 

5lS — Arab Finance Corp. 

525 — Banque Arabe et Int. D'Invest 
536— Loeb. Rhoades International Ltd. 

555— Goldman Sachs & Co. Ltd. Inc. 

556 — Jardioe Fleming International Inc. 
560 — Jardine Fleming International Ltd. 

555- BJU.I. (M/E) Inc. 

556 — Bank Hapoalim 

594— Indo-Suez & Morgan Grenfell 
(Singapore) 

599— Swiss Bank Corp. (Lux.) 

600 — First Boston AG 

630— Barclays Koll & Co. N.V. 

637— National Bank of Kuwait 
639— Morgan Grenfell (Asia) Ltd. 

708— Dean Witter Reynolds Int. Inc. 

715 — Merrill Lynch Int. (Asia) 


COMPILED FOR THE ASSOCIATION OF INTERNATIONAL BOND DEALERS BY INTERBOND SERVICES LTD. 


...V v 


iperinteiidencia Nacional 
da Marinha Mercante 

- __ - ; / (SUNAftlAM ) 1 - r- ' - -> " 

U.S, $300,000,000 - 

Medium Term Financing 

\ r;.- ’ guaranteed by - '■ ■' V..*: ■- 

e Federative Republic of Brazil 


; managed in’-’ . _ . 


•' v.. 


The Bank of Tokyo, Ltd. 


AL-UBAF Group_M. Axn^tecdam'Rotterdairn. Bank N.V. '• The Bank ot Novti Scoria Group 
European American Batik and Trust Gompany^ . . The Fuji Bank Limited 

National Westrhirister Bank Lirmte^ The N ipporii- Gredi t Bank, Ltdi 

The Royal Bank of Canada The Sanwa Bank, Limited. : .The Tokai Bank, Limited 

;■ • ‘^V. y : i / '■ * L-T ’• -? ■, '< . . jind'codmiaag«l By V.' ; • ' ;\v. ' ‘ ^ 

Ban c o“d oB r as iiS. A. ; . ; t The HorigKpVig and SKanghai Banking Corporation . , .. Girard-Barik 
Marhie MitLarui B^rnk ^ Merrill Lynch lnterriational Bank Limited . Sociere Generale de Banque S.A. 




Amsterdam-Rotterdam Bank N.V 
Banco do Estado de Sao Paulo S.A. 
The Bank of Tokyo, Ltd. 


provided by 

Arab Latin American Bank Banco do Brasil S.A. 

The Bank of Nova Scotia International Limited 
The Bank of Yokohama, Ltd. Bankers Trust Company 


The Mitsui Trust and Banking Co., Ltd. 

Ncu Yuri. Brxnth 


European American Bank and Trust Company 
The Hokkaido Takushoku Bank Limited 
Internationale Gcnossenschaftsbank AG 
Kymva Finance (Hong Kong) Limited 
Nferrill Ls’nch International Bank Limited 
The Mitsui Bank Limited 
The Nippon Credit Bank, Ltd. 

The Nippon Trust and Banking Co-, Ltd- 

N'fl‘VlU 

The Royal BankofCanada The Saitama Bank, Ltd. The SanwaBank, Limited Societe Generalede Banque S.A. 
The Sumitomo Trust ami Banking Co. . Lid. The Tokai Bank, Li mited Tokai Bank Nederla nd N.V. 

Toronto Domi nion Ba nk Tovo Trust a nd Bank i ng Uban Arab Japanese Fi nance Ltd. 

Union des Banques Arabes et Francoises The Yasuda Trust and Banking Company, Limited 

Agent 

Bankers Trust Company 


The Fuji Bank Limited Girard Bank 

Ni-w tMfk AgrtKt 

The HongKong and Shanghai Banking Corporation 
International Westminster Bank Limited 
Libra Bank Limited Marine Midland Bank 

The Mitsubishi Trust and Banking Corporation 
New England Merchants National Bank 
Nippon Credit International (HK) Ltd. 
Provincial Bank of Canada (International) Limited 


June. 197S 



Creditanstalt-Bankverein - your partner in Austria 
for dealing in Austrian Schilling Bonds 
and International Bonds of Austrian issuers 


Selected Austrian Schilling Bonds 
of Austrian issuers 
maturity up to 5 years 


8 % Osterreich 1 973/R'81 

8 % Osterreich 1973/1 IV B/82 . 

81/296 Osterreich 1975/S/83 
81/2% Innsbruck 1974/B/82 
8 1 12% Steyr- Daim ler- Puch 1 974/ B/81 
73/4% VOEST- Alpine 1 973/ B/82 


Middle Average Yield to 


Current Redemption 


Price 

Life 

average life 

Yield 

(mandatory drawings by lot) 

101.75 

1,62 

7,37 

7.86 

15. 2.77-81 at 101.0 

102.25 

2.38 

7,89 

7,82 

20 1 1 .74-82 at 102,0 to 102.5 

102,75 

2.67 

7.62 

8.27 

5. 3.76-83 a 1 1 00.0 to 101 .0 

102,— 

2,38 

7.69 

8J3 • 

19.11 75-82 at 100.5 

101.50 

1.82 

7.79 

8.37 

29.10.75-81 at 100,5 

101/5 

2,50 

8,09 

7,62 

4. 7.77-82 at 1 02,0 to103,0 


maturity over 5 years 


81/2% Osterreich 1975/5/ 1 11/85 
8 % Osterreich 1976/S/l I l/B/86 

8 % Osterreich1977/S/B/87 

8 % ArlbergStra8enkmneIT977/B/85 

81/2% Wien1974/B/84 
8 % CA-BV 1 976/ W A/91 

81/2% E nergie 1 975/1 l/B-f- S/85 
8 % E nergie 1 977/5/ 1 l/B/86 

6 % Semperit 1973/88 


104,25 

4,40 

7 $7 

8.15 

27.11.79-85 at 103,6 to 103,5 

100,50 

6,89 

7,89 

7.96 

22.11.83-86 at 100.0 

10050 

6,12 

7,89 

7,96 

15. 2.82-87 at 100,0 

100,50 

4.57 

7,86 

7.96 

29. 7.80-85 at 100,0 

102,50 

3,50 

7,64 

879 

2. 7.75-84 at100,0 

10075 

6,76 

7. 93 

7,98 

7.10.77-91 atlOO.O 

10475 

4.32 

7,98 

8,15 

29.10.79-65 at103,5 

10050 

6.25 

7,88 

7.96 

4.10.82-86 atlOO.O 

102,— 

574 

8.00 

7,84 

30. 374-88 at 103,0 


Selected US-S Bonds of Austrian issuen 

5 3/4% Voest 63/78 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 

6 3/4% Austrian Electricity 67/82 8 1/4% Tauemautobahn 77/87 

9 1/2% Osterreichische Kontrollbank 74,79 in Austrian Schilling (traded in US-S only) 


Interest is payable without deduction for or on account of Austrian taxes. 
For current prices and further information piease contact- 
For Austrian Schilling Bonds: Robert Jekf, Robert Wasinger 
(Telephone: 6622/1701 or 1707, Telex 74261 -63J 
For International Bonds; Walter Vogl (Telephone: 6622/2222, Telex 76948) 

Code for Reuter Monitor Securities Program: GA DA CA DB 


@ 


Creditanstalt-Bankverein 

Schottengasse 6, A 1010, Vienna. 










Financial Times Monday July 10 1978 


A big dose of medicine for Oxford 


27 


By DAVID FISHLOCK, Science Editor 


IN THE basement of what looks 
like a typical redbrick Victorian 
liiuiae near the centre of Oxford 
ts a cage containing a sheep 
which is living contentedly with 
rhe aid of an artificial kidney. 
If the experiment proves a 
success the cost of keeping 
so nit-one alive this way— put at 
an average of £5,500 a year in 
Britain today— could be greatly 
reduced. 

At Headington on the out- 
skirts of Oxford, of the 4,500 
babies born each year at the 
John Radcliffe Hospital, about 
50 arc very sickly premature 
babies. But the ingenuity of a 
dozen physicists and engineers 
in providing them with novel 
life-support systems offers 'them 
an excellent chance of pulling 
through with their brains 
unimpaired. 

The connection between these 
very disparate activities in 
different parts of Oxford is no 
stronger at present than that 
they are both good examples of 
innovative bin-engineering — the 
application of engineering to 
. health problems. Soon, how- 
ever. they will become part of 
the activities or a new Oxford 
University . college devoted to 
medical problems, and not least 
to the problems of bringing 
university medicine much 
closer to industry and the 
National Health Service. 

“Oxford has never seen any- 
;thing like it,” a don remarked 
of the speed with which Green 
College is taking shape. It takes 
its name from Dr. Cecil H. 
Green, the British-born former 
chairman of the U.S. electronics 
group, Texas Instruments. Dr. 
Green has donated £lm of the 
£2m Oxford believes it needs 
for its fourth new college since 
I960. Building began early this 
year and the first medical 
students will start next autumn. 

There was a time when an 
Oxford medical degree did not 
permit the holder to practise 


within seven miles of London. 
But a few years ago the Univer- 
sity Grants Committee in 
London asked Oxford to double 
its number of medical students 
and provide a complete medical 
education for 100 student?, a 
year. The university concluded 
that, rather than build new 
facilities and hire many new 
tutors, the way to comply was 
to establish a new college. One 
reason was that a famous build- 


Green College’s 
■first students . 

will start 
next autumn 


ing ia Oxford, the Old Radcliffe 
Observatory, was about io 
become vacant It was believed 
that around the Observatory a 
new college might very grace- 
fully be built. Another was that 
a college devoted to medirine 
might bring the many NHS staff 
in Oxford more fully into 
university- life. 

Many first-class' people doing 
medical research 'in Oxford but 
unattached to the university will 
be brought into university life 
by Green College, says Professor 
Sir Richard Doll, Warden-elect 
oF the new college. Sir Richard, 
Regius Professor of Medicine at 
Oxford, is the scientist whose 
research established the link 
between cigarette smoking and 
lung disease. He cites the NHS 
Orthopaedic Engineering Centre, 
headed by Mr. John Harris, a 
former Lucas director, and the 
Neo-Natal Unit under Dr. Peter 
Rolphe at the John Radcliffe 
Hospital as examples of the 
research units he wants to see 
under rhe wing of Green College. 


Sir Richard is looking for 300 
medical students — of whom he 
expects half to become GPs — 25 
post-graduate research students, 
and 50 fellows of Green College. 
The college will also be offering 
companies the chance, of 
nominating staff for fellowships 
for limited periods as part of 
its efftirts to bring medicine 
closer to the engineering and 
electronics industries. 

What then, has Oxford to 
offer that might induce com- 
panies to let employees become 
dons for a year or two? Dr. Don 
Schuitze, acting head of the 
University's Department • of 
Engineering Science, sets the 
scene when he estimates that, 
in cash terms, about one-fifth 
of the research of his depart- 
ment — one of the most 
respected engineering depart- 
ments in Britain — is in bio- 
engineering. Work began in the 
late 1960s, taking its cue from 
the speciality of the department, 
namely fluid mechanics — how 
fluids behave. Today rhe 
engineers recognise that living 
tissues are just as necessary as 
testbeds for bio-engineering 
experiments on blood, flow as 
gas turbines are for their. aero- 
dynamic experiments. 

Dr. Schuitze is trying to raise 
cash— around £20,000^-to 5Rt 
up a remarkable testbed for the 
living heart, in order to observe 
its mechanical performance 
mure closely. The idea comes 
from Leyden University in Hol- 
land where over many years, 
and with help from ' Oxford, 
Dutch scientists have perfected 
a way of removing an animal's 
heart and lungs and keeping 
them alive in a box, just as if 
they were simply parts of a 
pump. It is tricky and expen- 
sive, admits Dr. Schuitze, but it 
promises to be a better way of 
comparing the efficacy of dif- 
ferent ways of treating heart 
disease. Accurate measure of 
blood flow patterns throughout 


the system under, the influence 
of different heart-drug regimes 
could be made without the com- 
plications of distressing a 
patient 

"No artificial valve can yet 
support the 4pm natural heart 
beats -a year as efficiently as a 
healthy natural one,'* asserted 
the British Medical Journal in 
an editorial recently. For a 
decade it has been the ambition 
of Dr. Schultze's most inventive 
researchers to develop a heart 
valve that worked as well as a 
natural one without damaging 
the blood, and without , needing 
anti-coagulant drugs to* prevent 
"silting up" of the system. 

Dr. Brian Bellhouse first 
made his name at Oxford with 
a microminiaturised flow gauge 
which has proved no less cap- 
able of measuring blood flows 
than gas flows in gas turbines. 
Now be believes his team has 
come up with a heart valve 
which combines the- best 
features of two different types 
of valve surgeons are implant- 
ing at present. What is more; 
it will probably have been 
tested more thoroughly than 
any other valve design before 
being tried on a human heart. 

A natural heart valve, which 
is shaped like a mitre, would 
be an extremely difficult one 
to try to copy. Instead. Dr. 
Bplihuuse has gone to the other 
extreme and designed a very 
simple leaflet (flap) valve, light 
and quick to respond to the 
natural changes in the blood 
flow, while offering very little 
resistance to the inrush of 
blood to the heart. He has 
meticulously fatigue-tested its 
hinge; in one case through 650m 
cycles, equivalent to about 16 
years in the heart, without 
failure. Most recently he has 
been frying if in goafs, in one 
case for more than a year. With 
fresh support from the Medical 
Research Council, he is just 
planning another three years of 


painstaking testing in animals 
to show that his valve can be 
used safely in nian without 
needing anti-coagulant drugs. 

■ Equally novel are Dr. Bell- 
house's ideas for a new kind 
of artificial kidney,, very much 
.smaller than those used by the 
4.000 people kept alive in this 
way in Britain today. Blood is 
a delicate fluid; a Irving sub- 
stance. easily damaged. Artificial 
kidneys employ very large areas 


It will be 
Oxford’s fourth 
new college 
. since 1960 


of flat plastic membrane through 
.which the impurities pass, and 
very slow rates of pumping to 
minimise damage to blood cells. 
Dr. Bcllhuiise has shown how, 
by introducing gentle vortices 
— whirls — into rhe blood flow by 
furrowing the membrane he can 
triple efficiency and closely 
approach its ideal performance. 
For the last few weeks, with 
the help of a U.S. surgeon, he 
has been testing his book-size 
artificial kidney in his base- 
ment on a series of sheep with 
kidney failure. 

At the John Radcliffe Hos- 
pital Professor J. P. M. Tizard. 
head of the Department of 
Paediatrics, has long preached 
that advance* in neo-natal care 
— care of newborn babies — must 
come from advances in tech- 
nology. But two-thirds of his 
technology is imported today. 
His neo-natal unit under Dr. 
Peter RnJphe has already pro- 
duced inventions which are 
attracting the interest of such 
companies as Vickers Medical 
and Cambridge Medical. One is 


an instrument which warns the 
nurses when a premature baby 
is having trouble in breathing 
— a common problem. Another 
is a more accurate way of 
measunng how much oxygen a 
newborn baby is receiving; too 
little and it can suffer brain 
damage, too much and it can 
easily he blinded. 

At the Orthopaedic Engineer- 
ing Centre, Mr. John Harris 
speaks eloquently of low back 
pain as a big industrial prob- 
lem, with 20m working days 
lost in Britain each year and 
about 200,000 patients a year 
requiring orthoses (special 
supports). But he admits that 
the problem is an unrewarding 
one for the surgeon simply 
because “ there's no end to it." 
His centre was set up three 
years ago to try to bring the 
engineer and ilie orthopaedic 
surgeon together in Oxford to 
specify more precisely the 
mechanical aid ideally suited to 
a particular patient's problem, 
instead of what is essentially the 
“ cui and try " approach u&ed 
to-day. 

His newly commissioned 
laboratories have been fitted 
with some remarkable apparatus 
for automatically monitoring 
patients as they stand, sit or 
walk. In one. fur example, as 
many as seven TV cameras can 
be focused on the patient while 
walking, to record his move- 
ments in three dimensions. The 
figures are fed straight Lu a 
computer from which the 
surgeon can obtain a print-nut 
of every idiosyncrasy of his 
patient's gait. In another, used 
to try to pinpoint the source of 
low back pain, the engineers are 
using techniques very similar to 
those used to inspect precision 
components — known as Moire 
fringe methods of measurement 
— to try tu detect aberrations 
and any slight changes in pos- 
ture over a period of time. Their 


sS , S2 / '-. j ;-..- 

&V "l»." "• V •" • ■ 



The 18th-century OIil Radcliffe Observatory 


method is quick, cheap and 
causes little inconvenience to 
the patient. 

This centre is a joint venture 
between the Department of 
Engineering Science and the 
Nuffield Department of Ortho- 
paedic Surgery ar Oxford. It 
was born of a long-standing but 


two departments. As a first step, 
the NHS recognised the 
potentially tremendous value of 
investigating such “unfashion- 
able " complaints as low hack 
pain mure systematically. Now 
■the founding of Green College 
will bring its researchers into 
the mainstream of Oxford's 
academic life. 


Letters to the Editor 


What managers 
are paid 

'mm Mr. Ft. Griffith it 
Sir.— You report 6) that 

In- F.dmund-Davies report is 
ciicvcd in recommend that a 
olive constable with 15 years* 
xpci ionce should have bis salary 
.iiv-ti to f5.700 p.a. 

In tb»- Jobs Column (same 
•suet there is a report on mana- 
i-rial salaries. .The. report shows, 
liter alia, the median salaries 
f managers aged 'J3-37 in 35 
ilTvrvm categories. In only four 
f flm.v- categories is ihc median 
alar* as much as £5.7QU p.a. 
i one makes allowance for the 
aiue of an index-linked police 
»i»inn as compared with the 
lie a\ erase mamiger'i,- pension, 
ic constahle with 15 years' 
xperience stands to be better off 
>.i n the median manager m 
very category save that of 
i- nerri! manager. 

\ cun* table with la years' c\- 
eriem-e is a man who, for what- 
v. r rcu‘-nu. has failed to gain 
:i\ p'-unmtion in his job. Can 
?/* country afford io rale iii 
i..n:igi>rs so low? 

. M H. Griffiths, 
in. Uc »i>ri House. 

rrfiuiiiie J-'irtjjN. 

ivcrpool. 


I write as the current presi- 
dent of the Institution of 
Nuclear Engineers and as a mem- 
ber of the University of London. 
Although these opinions are. of 
course, entirely uiy own, they 
reflect my personal experience 
of the capabilities of both organ- 
isations. 

J. Lewins. 

l. Penerley Road. SE6. 


Registration of 
engineers 

loin if if President, 

In- lii.sdlutiuu uj .\ ucf ear 
iif/iN.vr.% 

Sir. Most of ihe professional 

ngiiiccriug institutions have m- 
icatvii. m (heir submissions to 
il- Finnnffuii Committee, that 
ii*j fyM'ur the statutory rcgi- 
; i- j Liim of engineers. They 
is agree a> tu whether ibis regi- 
iraiiun alioiilii be with a separ- 

i c i-udv »r with the Council of 
InsincvTing Inslitutinns (CEl>. 
i tin- meant i iiu'- as, the cun- 
i-r-y following the Windseale 
jquirv has demonstrated, the 
.■urr.il pul’ll r bos ;» real need 
•r exurri advice on issues «ff 
lv.nu.-ed leetinnliigj lhal Is U(*l 
, piled with any suspicion of 
■If m iciest. This public need 
I- j hea rum on the question uf 
I,- regulation l,f lhc ‘'ngineer- 
1.1 ..region: u would be best 

.{-vi-,1 b\ registration through 

UK l ' 

The legtslcrui;-: authorities for 
n- ; ,nii fur medicine ha\e not 
imvtnccd . .the public Ural 
l.iiiti.irclv based on rylaiionsnips 
■1 h individual clients are 
Sways lit the best interest of the 
mi m unity as a whole. 1 trust 
e-refxrc that the Kinnistun 
i.iuiitittec will not recommend 
regulatory system which 
m;ffv imitates Uwm pvofes- 
inns’ Not* do I think that a 
-ulaloty body appointed by 
Govern men t or b> industry 
ould inspire public confidence; 

engineer whose livelihood 
trended on such registration 
iiu'd nut he trusted to express 
idfiwndcnt opinions on matters 
r national nr c mn inerei a 1 policy. 
The engineering institutions 
Liwcver. and through them the 
Ft. owe allegiance in no one 
Hi V r than to the professions 
ial they represent 
..n In the t-M would be 
■stricted only bi tW 
vginrer* judeed eiini.n knt ln 

H-rr fellow- J’rolWxiomiK High 
.uiffa/d- would be guaranteed 
i tin- i-xi»tiiig links between lhc 
i tiur.iiius and i hi- universities. 
•irl i!ii- universities, in tncir 
up. have .. long i trad i. ion oT 
-ad cm I v freedom; they are the 
!<■.,; organisations fur ensuring, 
■.it the naliutt’s corpus of iww- 
L -.ii i;|if.w Lodge includes un- 
ir.iud <ccil roiisidcratiuo oi 

aiety'i real needs- 


Minister for 
watenvays 

From the Director General 
The Chartered Institute oj 
Transport 

Sir.— air. P. B. Scott (July 5) 
emu menu on certain matters 
concerning the British Water- 
ways' Board and our inland 
waterways. 

Sir Frank Price, chairman of 
the Board, has mounted a 
spirited defence iff the part 
which, in hi* view, an in- 
vigorated inland waterways 
rfY^iem could and s-lmuld play in 
an integrated transport system 
for the country. Hi- beliefs in 
this respect are strongly and 
sincerely held and l wonder 
what else we would expect of 
him in the position to which he 
has been appointed. 

Of approximately L'.OOO miles 

«f inland watenvays some 350 
miles only are at present used 
for freight and the remainder 
for leisure purposes. Use for 
leisure is highly commendable 
and brings much pleasure and 
benefit to many — and such use 
should continue. Presumably this 
U why the Minister r»r Sport — 
Mr. Denis Hu well — has 
.Ministerial responsibility. 

The Minister is reported as 
having drawn attention to the 
“dramatic drop sn fregiht 
tonnage un the canals and the 
increasing- share of ihe Board’s 
income which comes from 
Government subsidy." -With 
respect. Sir. 1 .submit ihat this 
I/c-gs- this question. Either the 
Government accept-- that inland 
waterways can and >Uould play 
an increasing, useful part, in 
both economic and emironraen- 
tally acceptable term*, m the 
carriage or freight. » ,r ■* doe? 
nui. If the former if the ca-W 
(which I hope i-» ^1 then 
vigorous and our'y action to 
stimulate and -increase bitch 
l riffle should be taken. 

in ThU case I would argue 
strongly that inland waterways, 
as a mode of transport, should 
without delay he mode part of 
Uic remit of the Secretary or 
Slate for Transport. 

(Brigadier) D. N. Locke, 

SO Portland Place. Wl. 


three and a-balf years have 
chosen the GTC ■ route. The 
existence of the “equity gap'' 
for smaller and medium sized 
companies in the UK has been 
recognised for over 40 years and 
the creation of various institu- 
tions. not least of which being 
the National Enterprise Board, 
has still not fully filled Ibis gup, 
so successfully covered in the 
U.S. by the OTC market. 

OTC markets In the U.S. have 
traditionally been the main 
source of equity capital for 
smaller companies and U.S. 
industry as a whole. The OTC 
market in the U.S. is a proven 
success as a half way bouse 
between privacy and broad 
public listing. Industry and 
companies would benefit in. 
Britain from the greater freedom 
of choice which now exists in 
the U.S.. as well as the more 
specific advantages of OTC for 
some companies in comparison 
with listing. The OTC market has 
operated successfully in the U.S. 
under the National Association of 
Security Dealers and indepen- 
dently of the Stock Exchange. 
Independence has been and wilt 
be equally Important in Britain. 

We look forward to the final 
recommendations of the Wilson 
Committee on this subject and 
welcome the conclusions of your 
'sister journal The Economist 
(August 6. 1977) that "those 
keen to nourish British small 
business once again, would do 
no barm to examine the 
American over - the - counter 
system. 

C. H. Nicholas Moy. 

M. J. H. Nightingale & Co.. 

G2-d3 TrhendneetUe Street, £C2. 


the longer term, then it runs the 
risk of being able only to respond 
to- the debate being dictated by 
others. That is why the Tory 
Reform Group is exam in? some 
of the strategic and structural 

f roblems the UK will face in the 
uture. such as the country's 
industrial structure, its constitu- 
tional make-up and the develop- 
ment- of. oiir Community io 
Europe. And it is Why we are 
attracting a growing number of 
members from the universities, 
politics, business and other sec- 
tors keen on producing ideas that 
will assist the Conservative Party 
to dictate the debate about the 
future of the UK. 

This rule, however, does not 
conflict in any way with our 
desire to see a Conservative Gov- 
ernment, led by Mrs. Thatcher, 
returned to office at the next 
General Election and that iswhai 
our members will be seeking in 
achieve in their local associa- 
tions. 

Gerry Wade. 

9. Poland Street, IVI. 


In favour of 
Cypriots 

Front Mr. Ci/ril Townsend. MP. 

Sir, — You wrongly describe 
(July 5) Friends of Cyprus as an 
organisation supporting the 
Greek Cypriots. We arc not pro- 
Greek Cjpriui: w« are not 
pro Turkish-Cypriot. We are 
pro-Cypriot. 

I for one ai-rept that prior to 
their invasion of northern 
Cyprus the Turks had exercised 
patience and restraint in the 
fac? of provocation. Their con- 
tinued occupation of 40 per cent 
of the island by force of arms, 
however, must he unacceptable, 
particularly to Britain which is. 
after all. one of the original 
guarantor powers. 

Cyril D. Townsend. 

House of Commons, 

S \V1. 


Practical 

education 

From .Hr. H. Saint. 

Sir. — 1 think the - view 
expressed by Mr. J. ft. Walker 
(July 5j is generally recognised. 
What is noi so commonly appre- 
ciated is Lhat the self per- 
petuating aspect of further 
education, for example, a degree 
in history just to teach history 
would seem to be unhindered for 
political motives. 

With the poor employment 
prospects experienced over 
recent years— let’s face it many 
would prefer five years 
economics at a leisurely pace tu 
even longer dole queues. 

In order to prevent further 
wastage of our educational 
resources it is essential that far 
greater emphasis should be 
placed upon education in poly- 
technics rather than universities 
that is. the practical rather than 
purely academic. 

R. C. Saint. 

51, Sandhurst Ron d. 

Orpington, Kent. 


Candidates for 


the top 


OTC share 
trading 

F at of medium 

and long term finance iJUiy i) 
was notable in . lutal : Of 
discussion on OTC **]*jfi£ 
counter) market "Pi'^iunitiej 
(ii-cimt’ a number of .iiucies you 
have published reccijiiy drawing 
your readers' aUcnmm to the 

>U Among the many nnjnj for 

iuTirw* ^•f n |onilTo h 5 

r i ^ ,,c ss^lK 

Sma? <!«* «■ «; ffpaX 

mitial offerings over me pasi 


Tory policy 
studies 

From the \atiouat Chairman. 
Tory Rejorm Group 
Sir. — 1 was interested to read 
Malcolm Rutherford’s article 
about the Tory Reform Group 
(June 30), especially as he 
accurately captured the interest 
of the group in considering 
policies from a strategic rather 
than a tactical viewpoint. • 

Our belief is that If the Con- 
servative Party concentrates all 
its resources on tactical or short- 
term matters, then it could lose 
the long-term battle. This has 
nothing to do with the present 
Leader of the Parly but is the 
understandable practice tradi- 
tionally followed by the party 
when seeking to win a General 
Election, 

The Labour Party. TUC and 
others have their ••blueprints-*' 
and if I'm Conservative Party 
does not focus some attention on 


Front Mr. J Bath 

Sir. — On reading Mr. Walker’s 
letter (July 5) concerning the. 
relative merits of graduates and 
school leavers for industrial and 
eommerpisJ careers, part of me 
was prompted to wonder what 
motivated Mr. Walker to write 
in such a vein. 1 imagine one 
must assume that his sixth form 
daughter is one of those who are 
“impatient tu get started on their 
careers and begin earning money 
of their own." 

Of course this is an attitude 
which one can only applaud. Mr. 
Walker’s enthusiasm for the 
potential of a well motivated 
school leaver, which 1 whole- 
heartedly share, cannot be the 
basis for saying that those who 
opt for further education at 
university are any the less moti- 
vated towards a career in indus- 
try or commerce. On the con- 
trary, it could be argued that it 
requires far more discipline to 
trade immediate financial wclS 
being for three years’ hard work 
with minima) resources. 

1 have worked in industry since 
I graduated in 1973 and nave 
participated to a greater or lesser 
extent !n the recruitmenr of 
graduates into our company ever 
since that time. Il (s of course 
true that there are many under- 
graduates whose ideas ' about 
their .future careers are just a* 
vague at graduation as they were 


after A levels. There are many 
others, however, who have taken 
full advantage of their spe»i at 
university not only to mature as 
individuals but also to consoli- 
date their thinking about how 
they are to spend the rest of 
their wurking lives. In addition 
of course they have qualifications 

It is especially remarkable lhai 
for many graduates the fact that 
they win shortly be., "earning 
money of their own" is or 
diminished importance. Of 
course they appreciate that they 
must-cam money to live, but far 
more important than actual 
salary level are considerations! 
such as job satisfaction, intellec- 
tual challenge, and social respon 
sibility. 

There is undoubtedly room for 
Improvement in the relationship 
that exists between industry and 
the universities, since many 
undergraduates in their final 
year still have lirtie idea or what 
they can expect from an indus- 
trial career. School-leavers loo 
are often equally badly, in 
formed. The blame for this lies 
.is much with industry itself as 
with. the career advisers in our 
schools and universities. Recent 
: cars, however, have seen fine 
examples of an increased aware 
ne-4 in both the educational and 
industrial sectors of the com- 
munity.' ' 

h is wrong to say that those 
who have sought farther educa- 
tion are less well suited than 
school leavers to an industrial 
career. It is equally wrong to say 
mat only graduates' should he 
filling the top management jobs. 
In our company, as in a host uf 
others, progress is strictly oo 
merit and the opportunity for 
ifjf-jdvancement is exacliy ihe 
same for the bright and well 
motivated school leaver as it is 
fur the bright and well motivated 
graduate. 

.tiffin R. Bath. 

; Ifurtey Court. 
l.i7 Wiamore Road,. 

Bromley, Kent. 


China’s foreign 
bonds 

Fmiu Commander R. D. Ross, Ri\ 

Sir.— In his -letter nf July 5. 
Mr Alan R. Morris* drew alien 
tt..n to China's default on her 
fill --i go bunds. ' The amount in 
q'lt-Niion has been calculated at 
ft: Ini. 

Cliina's-presenl desire io obtain 
o; ericas currency nukes this an 
opportune time for bondholders 
ii. pursue their right to repay - 

int-m. Mr. Morriss and others 

vtiiiicmed should press the 
Council of the Corporation of 
Foreign Bondholders for an 
accnint of what action ir is tak- 
icg i n this matter. Constituted 
by Aft of Parliament, the coun 
eiJ charged with the task of 
protecting the interest uf foreign 
bondholders, its recent annual 
reports have been reticent about 
the steps, if any. which it is 
taking- 

As ad aside, Mr, Morriss might 
like i° know that— even at worst 
— a I- not be lost. There is 

widening interest in the collec- 
tion uT these old bonds which 
have value in their own right as 
cn! lectors’ items. This interest 
ntuvi m part at least be respon- 
sible Tor the increase— for 
example — in Chinese 5 per cent 
Gnit-romem. Gold Loan 19)2 
from t'61 to £Lis since January 
of ihw . year. ,\ few specially 
rare issues, such ae the Chinese 
« Internment Gold Loan 190S 
i r-jo issue drawn on the Hung 
Kun- and Shanghai Banki and 
5 ;ifi* cent Hukuang 1911 Loan 
£*-'» !■*«« drawn by J. P. Morgan, 
arc s*o w quoted in dealers’ cata- 
Imiu •» values in excess of the 

issue Price. 
f ; n Ross. 

Heath erdnve. BmcKwR lane. 
Seienoaks, Kerat. 


provisional i. 

European Central Bankers 
hesin two-day monthly meeting. 
Basle. 

Trials expected to open in 
Moscow of Mr. Anatoli 
Rhcharan&ky and Mr. Alexander 
Ginsburg, prominent Soriet dissi- 
dents. 

Mr. Michael Foot. Leader of the 
House of Common*, addresses 
Moss Side hy-eFeciion meettnes. 
and Mr. John Si I kin. Minister of 
.Agriculture, speaks at Penistone 
meetings. 

National Union of Raihvaynien' f « 
annual conference opens. Llan- 
dudno t until July M). 

Proposals for future ot Glen- 
garnocb steelworks. Strathclyde. 


Today’s Events 

presented to TGC Steel Industries 
Committee. 

Trial due to begin al Old 
Bailey of Mr. Graham Bnrion. a 
former British Leyland employee, 
in "slush-fund” letter case. 

Financial Times/City University 
two-week course on Financial 
Management for the Non-Flnan- 
clal Executive opens at City 
University. Si. John Street. E.C.i. 

London Chamber of Commerce 
half-day business forum on 
Advertising Strategy in the 
Middle East. G9, Cannon - Street, 
E.C.4. 10 a.m. 

PARLIAMENTARY BUSINESS 
House of Commons: Private 


Member's motion on future aero- 
.-pace production policy. Debate on 
EEC preliminary draft budget. 

House or Lurds: Third readings 
or Inner Urban Areas Bill, Local 
Government Bill. Rating (Dis» 
abied Persons) Bill, and Consum 
Safety Bill. Debate on EEC ship- 
building industry. 

OFFICIAL STATISTICS 
Appropriation account of in- 
dustrial and commercial com- 
panies t first quarter i . 

COMPANY RESULTS 
Final dividends: Crown House; 
Danac Investment: May and 
Hassell: Henry M’lgrall. Interim 
dividend: Wearra Group. 
COMPANY MEETINGS 
See Week's Financial Diary on 
page 32. 


AFINANCIALTIMES SURVEY 

AGRICULTUR 

Now to be published on 
Monday, August 21 1978 

The Financial Times proposes to publish a survey on Ajrricuiinre 
which will now be published on Monday, August 21 3978. The 
provisional editorial synopsis is set out below. 

STATE OF THE INDUSTRY With the second of the EEC Coimtiission’s 
“ austerity ” price reviews recently approved by the Council uf Ministers.' 
farmers are now beginning to feel the effects of the squeeze " between 
rising costs and relatively static prices. 

THE PRICE OF FARM LAND Now 50 “h higher lhan a year ago. it has 
risen 15% since the stall of the year while the amount coming on to. the 
market has faiien 25% below normal levels. 

FUTURE MARKETS Given that the cyclical crises which regularly strike 
the British pig industry are apparently unaffected by all other palliatives, 
could a futures market help here? 

GRATNS An examination of the " formulae ” used increasingly in 
Europe to push cereal yields up to the maximum. Farmers ‘in Britain are 
beginning to show an interest, prompted by commercial companies. 

MATERIALS HANDLING The special problems of moving, stacking, 
storing, pumping and preserving farm produce and stock with an 
especially close look at innovations. 

MUCK The storage, handling, processing and environmental problems 
of muck. Effluent from intensive livestock units, piggeries, for example, 
is highly polluting, a danger to health, a nuisance and costly to process. 
HORTICULTURE An examination of how the glasshouse industry; has 
ridden out the energy crisis and the problems caused by EEC insistence- 
that national fuel subsidies should be scrapped. 

THE PIG INDUSTRY Although the worst of last year’s crisis appears 
to be over. UK pig farmers are being unusually slow in regaining their 
confidence. 

DAIRY FARMING The branch nf the industry regarded by many as the 
one offering the best long-term prospecis outside the regions best suited 
to arable crops. 

CONSUMPTION The consumption of most supposedly •* staple " funds 
is falling steadily, the decline accelerating in some sectors. Home 
production is increasing, while Common Market exporters are. also 
increasing their sales here, 

FARMING’S POLITICS At one stage last year Sir Henry Plumb and 
Mr. John Silkin spoke to one another at formal meetings through 
intermediaries., The Minister on one celebrated occasion accused the 
NFU of being “ unpatriotic.” The Union, on the other hand, has been 
attempting to brighten up its public relations, taking on new senior staff 
over the past year or so. 

FISH FARMING A growing fringe industry which has now expanded 
well beyond the original idea of growing trout in ponds. 

FARMING AND LEISURE The place and value of leisure, pursuits in the 
countryside. A survey of angling and the increasing value of river fishing 
rights, shooting and overall developments in rural activities in rheir 
widest -sense. • 

For further details on advertising rates in this Survey please contact: 

Nicholas Whitehead 
Financial Times. Bracken House 
10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 Est. 7112 

FINANCIALTIMES 

EUROPES BUSNESS NEWSPAPER 

The content and publication dates of Surveys in thn Financi^: Times • 
are subject tu chance at the discretion of the Editor... 



BPB expects some advance overseas 

UK DEMAND for the products term borrowing at March 31 was recent years. This n ill continue a surplus after closure costs and 
and systems of BPB Industries in slightly down at 25 per cent (29 in the current year with expend i- attributable tax v.hieh has been 
the current year is expected to per cent) of capital employed, lure 'spread evenly throughout the treated as an extraordinary item- 
remain at the same level as last’ Capital commitments at- year end group but there will he a levelling The taxable loss was’^ru^ 


Barrow, the chairman. group has adequate resources f!2.4m was for expansion. £4ra There wa* a tax cr«T:r of 


2224m f £503.000) 
packaging tn . ti 
profit from the 
sidiaries in lflu- 
S27m to £3.62 IE. 


tfTmto £3 62m 8EEMIC. the Building Material! (120.3ml of which £6.03m 1 -,‘^Lr^ 

Also fte Jon--temi projects Producers information agency in tt ' as “™* er contracts. * systems. 

Also UIC iun e term _ P'WMCLU j-S j Tavahlo nmfit for Ihe mar tn 


group manufacturer build- 


overseas are SJod Mrtiralariv in its current campaign designed to ..***** fn r ihe g* r n J° 

sur tss&»^sr7St2*. ,n * mn p as? s-ste 

SSIJJS product! Meeting. Ferguson House, MVi <E*0mJ and the net_ dividend is 

KSttEl S?UK but con- on July 2S at noon. *‘e? P 1 5 p UP XJ^s* 'HESS* 

tinues. to grow, he tells members. j^ e j^ P snare — 35 sported 

The review by the Price Com- 1 nM] « 1 Adjusted to a current cost basis 

mission of the company s present V^fllOFIQ 6 111 along the Hyde guidelines, profit 

elaim to increase tne prices o. i s TOt to £ig.g m after additional 

its gypsum product will not be | 1 £ depreciation of £42m and cost of 

known until late «n July. |00£1 T(jr sales of £3.5m. less gearing ad just- 

Tbe directors hare agreed pre- IVaU *V1 men is pf J 

Hnunary expenditure to secure j .. (Meeting. London Hilton. \V. on 

cestershire where they it new battery August 3 at 11.30 am. 

?o mlje DESPITE THE heavily {wM j, ,, f 

and erect a plant in the area but American and European pro- Ol 

delays in obtaining the necessary grammes tne directors of Quoride 

permissions may lead to shortages Group believe that their com- i\ sift] non am 
of plasterboard in the IWOs. pany 9 research and development 1 lUlUllguam 
For the year to March 31. 1978. has given it a leading position in i. 

pre-tax profit was held at £27J25m. the race Tor a successful sodium CUlb IOSS 
f£27.15m> on sa^es up. from sulphur For 1977 Hallam Gronn of 


UK growth 

stepped up to 5.1377p i4.E523p) £ t* /r 

is. r p s, ' are - 3s rcpor,e<i tor Massey 

Adjusted to a current cost basis — * 

along the Hyde guidelines, profit fj AffTlicr\n 
is cut to £l9.9m after additional X 1 CX U II N il 1 1 
depreciation of £42m and cost of _ . O . 
sales of £3.5m. less gearing adjust- PBE'TAX. EARNINGS of Masvey- 
ments of Cam. Ferguson Holdings, UK >ub- 

ftfeeting. London Hilton. W, on ?l? iar y . o{ ,. . Massey -Ferguson 
August 3 at 11.30 am. (Canada), climbed from a ex- 

pressed £5b9m to £9, 53m for the 
half year to April 30. 1078 Sales 
UnlloTYi rfvf by the company, which makes 

Xla.Ua U1 U1 agricultural and industrial 

.. . , machinery, were up £64. 7m at 

Nottingham a BS P -p. a ^ twMrt 

Aiifr lncc 31 ®°- 7 P ra* -Sp* and again there 

LUlo 1U33 is. no dividend. After tax of 



financial" Times Monday JnTy HT ISTS 1 

ft NEWS ANALYSIS- 
POWER TRANSMISSION 

Fluidrive is 
the key 


Ml 

l!iv 


BY TERRY OGG 




For the year to March 31. 1978. has given it a leading position in x at 60.7p (32.3 p) and again there 

pre-tax profit was held at £2725m. the race for a successful sodium CUlb IOSS is. no dividend. After tax of 

(£27. 15ml on sa4es up from sulphur battery. The joint pro- — H attnn i ot £4.6Sm ( 13.41m) the net balance 

£243 .2m to I274.6m and the net ject witn the Electricity Council 'wj p came out at f-L85m (£2.5Smi. 

dividend * raised to 7.624p on this revolutionary high energy SjJJjJjXJTl \Sr and S and 197S ' 77 - P roRt - which totalled 
(fi.S79pi per oOp share — as battery continues towards target, **£*.,„ £29.1 ra. was severely curtailed due 

reported June 29. Mr. John Ray, chief executive, »«* to loss of production arising from 


reported June 29. Mr. John Kay, chief executive, ^77^, to loss of Production arising from 

On a current con basis along says. > f nAam compared with ^ industriaI dispute, 

the Hyde guidelines, profit was Most of the basic research and M -- m . 

£I8.Sm (£1 7.8m I after additional production engineering problems . At midway when reporpng a T,” I ' 


Mr. Frank Morrell, chairman of Henry Wlgfall and Son. 
whose preliminary figures Tor 19*7-78 are due to be 
announced today. 

Encouraging start for 
Stead & Simpson 


i industrial dispute. Footwear sales at Stead and 

uic njuc KumciuKs. k>vill ku -v.. - .m» . ., . Simpson were up 2" per c«nt tnd rm/t pft nr FPTIRIfiCl 

£!S.Sm (£1 7.8m I after additional production engineering problems At mi dw ay when reporting a TTTP CL-,.. its motor trading S3les were 27 DUHoM l(lMlinua 

depreciation of £7.9m (£5. 9ml and have been overcome and field bench reduction, from Cm to X? X (JilalC per cent better for the first ten The toHmnnrf compgnics davc nonilL-d 

extra cost of sales of Xl.Sm (£5m) trials of such a battery fitted to a £0-»4na the directors said that T » . weeks of the cun-ent year. l>\r. *&£* J. h,! 

less a gearing adjustment of £1. 3m road vehicle are scheduled to start ?P« r ^S <°fes «--ere silB being information Harr >' Gee - chairman, says u^ pui^^ ^f ^nsS,-rfnK 

(£1 6m). before the end of 1978. The deve- incurred but on a steadily re- JLUJ.^1 OiaitUII these figures are encouraging but dindcriSs. umcSti^^iioas ari- nor 

It is proposed rhat the pre- lopment of this type of batterv ductng scale. The following security has it is loo early to make any profit available. wbcUwr dividends concern'd 

ference share capital amounting would open up a vast new market Turnover for the year down been added to the Share In form a- forecast. «“SlLd"mJSt 

to 303.664 5.6 per cent cumlatire Tor battery power road vehicles, from £12- 8m to £3 .98m reflects the tion Service appearing in the y n r the vear to March 51. 1978 on last years umlnabtc 
£1 shares be cancelled and holders Mr. Ray points out. closure of the cabinet division. Financial Times: taxable earnings from footwear tojday 

: j #•— i r--_ .L- Tho eiihraniiAnt /1 h>hap<i 1 rtf »U #1 w -- » * . a 5 - l umHu t UT«4rr 


FT Share 
Information 


Pa rhie°io P some repayments long- pany^has been at\ hJgh level” in factory in March 1077 resulted in (Section: Overseas— New *Vork). (Il^ra) on^ssles oi iTj^m E^m^rinB^cSlc Umfcmwn 

(£12.07m"i and motor trading Daoac lim-snn'-m Trus>. jjmes latlun. 

— — turned in £ 395.475 t £ 339244 ) nn Macdonokl M — ?— Usy and 

cqlpc nr re w-n ( re Jim) , -'^u. Oil and Aflsocurcd inroUacU 

BIDS AND DEALS wt®*!' *> *5 net dM- JSm wwaf- * 

DlUv Hill/ UUHLti dcnrl i* effectively raised to 2.132p future dates 

ll.$8S4Spi oer 25 p share on record „ F*n»is— 

total profit or 1223m lilAtlmi. 1* 

-w- -w - ■ • -a -m ^ 9 mm. Bank overdrafts had been re- Stnamrts Enrinci-nns July u 

James Finlay buymg umt trusts SF 4SS Eroxsts^ f 

d mounted lo H'jfliOO (£249.346) three more were opened and two 

With effect Trom July 12 James rental it self. For this reason it its bid for IV. Henshall and Sons cent to 42.5 per cent bv the ° r * vil ivb £14i).f.i00 t£134.S40) had relocated. Plans are in hand to 

Finlay Corporation is to buy all was decided io close the shop (Addlestone) despite the control- acquisition of 17 064 chare* vi i,eeri autkor!5cd hut not con- onen a further six branches this 

the capital of Charterhouse and take advantage of a buoyant llnz stake already held by Bov- Cranes. The consideration ^u'lc-i lr i c;ed - , year. 

Japhet Unit Management together property market in setting Uie bourne, is extending the closing £67201 satisfied by £18 141 .-a-h Poor weather in the first half The proposed sales of the com- 

wiih the four unit trusts under freehold. date for its offer to July 14. and bv the fc*<Tie of 12291X1 Hr-- h:,ci ahec, . e d °f summer pany s former headquarters at 

that company's control, for an The «ftatemem containinc the Cactle' nrdjn^rv ' ‘ “ <h 9 ?s resulting in greater price Leicester, did not proceed owing 


Capital spending by the com- The subsequent disposal of the Resorts International Inc. A retailing wore uo at £133m ^ , 

my has been at.h high level in factory in March 1077 resulted in (Section: Overseas— New York). <£i..55m) on sslei of £ 1 3.95m u^cSi 


BIDS AND DEALS 


Associated Engineering is pay- 
ing almost 16 rim*s Fluidnvc 
Engineering's 19“ earnings f° r 
tho chancr io prove that it pro- 
vides the best 'chide through 
which to build an intcmationJlly 
competitive power transmissions 
company. 

Its ELVn share and cash oiler, 
announced on Friday. topt»cd a 

previous £. - »m shore offer from 
Thomfis TiilinC « hich the 
Fldidrivc Board had rejeoteil on 
grounds that ii «i»riiinrsti.% 
deahttird to wl lio’d of Fluidrive 
at the cheap^J pnn%ible price, and 
did not roller! tho oncierljing 
asset value of t!»p diares*. 

Tilling, like AE. hail Intended 
to use Fluidrive as a vehicle for 
expansion in the power trcnv;- 
misvinn fie id. It hud •in 
advantage io that it already 
had a presence in the sector 
through its Antwerp-based 
Hansen Transmission subsidiary. 
This designed, manufactured and 
sold gear-speed reducers, sear- 
motors and hydro-flow hydraulic 
couplings. 

AE is not operating in the in- 
dustry at the moment and in- 
tends to use its '‘.skills, and ex- 
perience in the research, manu- 
facture and worldwide marketing 
of precision engineering products" 
to build around Fluidrive. both 
by further acquisition and product 
developments. a iransmission 
group capable of becoming a 
maior force in world markets 

It’s not the first time that people 
have had design*- on Fluidrive. In 
1971 it succesMullv beat off a bid 
from Wellman Engineering and 
although it fell into a profit hole 
Shortly afterwards (from which it 
is still recovering! oilier engineer- 
ing companies have hart a close 
look at it from time to time. 

A specialist company, with a 


turnover of £4.Gm and pre-Li^ 
profit of £329.000 in the sue month-? 
to March 31. it U hard to see at 
a glance why it kairSHb such 
attention. Us two most recent 
suitors both concede that the in- 
dustry doe* not offer exciting 
growth prospects and Tluulrivp 
also adds that the growth will 
only come from rationalisation 
within tin* Industry and growth 
in the world economy. 

The one area that does offer 

clear growth nrnspecls is tb« 
minim sector, whore, for safety 
n-asnns, fluid couplings are In de- 
mand. With an a min pated ::iwili 
or underground coal mining, par- 
ticularly in the United Slates, the 
Fhudrivi* produ«*ts have guod 

potential in the I'.fv markcLs. 

Tilling, having failed with its 
offer for Fluidrive, n now- looking 
at possible complementary power 
transmission acquisitions in the 
T.S. It has drawn up a list of 
possible companies and has a 
short list of six. 

AE sees the acquisition as' a 
strategic diversification albeit only 
a sideline at this stage to its 
major business of manufactiirinr 
and rti'drihuting components for 
the motor vehicle and tractor In- 
dustries. It dors not have any 
immediate plans to build up the 
Fluidrive group but does expect 
to encourage it to grow over the 
next three to Gyp years. 

Even that mav he a hit 
optimistic for rluidrirc has yol to 
complete its own consolidation 
dto gramme. The chairman. Mr. 
David Donne, has indicated that 
it will be 1979 before it starts in 
show the benefits of the current 
moves in bring all mamifactiiring 
to one .site anfl tn artinst the 
product mix to prevailing con- 
ditions: 


James Finlay buying unit trusts 


New low cost mortgage 
from Standard Life 


undiscinsed sum, The trusts have MEIRION DROPS 
a value of around £3.5m. PflTHTV'C nr A t 

The news came within hours n V?. n3 j CAL , . 


date for its offer to July 14. and bv rhe issue of 122 91X1 Fir-: n /° at,ec, f3 ' a . les Df sUin,ncr P»ny's former headquarters at 

The statement containing the Cactle" ordinary shares. <h ^ s resulting ,n greater price Leicester, did not proceed owing 

new* of the extension also su?- The statement of accoutre for eduction on this footwear. How- to planning problems and cur- 

gests that Petford may -make Cranes for 1976 shewed n»i a«e:s e -' er 1P *-.? second six months renriy negotiations are taking 

another extension in its attemot of £769.758 and a nmiir nf ,n - P 0 -'- 1 . 0 " . 'tnprov^d _ and place, with a prospective pur- 


Tr usts: Charterhouse Japhet P^hins recognising that the ^ i^SOP h.d (BmtKUnme soffer (Tvrt ^ „ d Exhansts) unwind _ -- ■ 

European Financial Units: successor failure of the business H * * representing a 9^ per cent stake jnniir- lirilin 

Charterhouse Japhet Income ?*",!*/*« tar «*ly '«n the 'whole- ba* 1L32 per cent. . has been disposed of by Midland I CClIC W C\MQ 

Units: Charterhouse Japhet he ^ ted . co-operation of both c* IPTT l MPV RI!V« Montague Industrial Finance. iOOUL llUlYO 

International Units. parties have agreed to accept the S ALE T1LNEY BJuY S Kwik-Fit’s share price closed a 

It is intended that their names withdrawal. 350/ Qp CULROSE'. half penny down last night ai 51p ^ 

and the name of the management ,-oniVTTir nirv c Sale TUnev and Co is to meree 7‘ jlls i mar S 1 °a 11 y below 4ts high -pw . A . A • . • 

co E7h Ti! be „p ch h!!f ed 10 SSffSS Tv^rr rv th^SiEs ss^SaSR rortheyear - * r ' • CrR tw^o-tier scno ■ 

reflect the new ownership- W ALKER Ti SELE^ subsidiary George and John ROM A T TCt VJ X V L * U IIVX oLI ip 

irvv a c tvnnnUP 1 n Cronite Group, the Midlands- Nickson and Co. with that of r.V.i. li-im, n.. ■. «»,.• j (».H. (Holdings) proposes to 50p and the 2,487.500 cumn- 

JO^AS VNOODHEAD based nickel, alloy and engineering culrose Foods, at the same lime 'V c U, TS. n h ? s T acq rlf d mcrea-e the authoriied capital la live preference stock nnits of 

A further 10 000 ordinary shares specialists, is to acquire the ex- buying 36.8 per cent of Culrose s 0 L R f, 5il 1 -, Te ? f S? from £H5n.OOO to £>m. to ^ub-diride £1 he converted into 2.4S7.100 

have been allotted by Jonas Mood- porting and imporung concern of equity in a deal worth £460.000. «« executors of Mr. 0. J Roy each 0rdinar ,. sharc of imo cumulative preference sltares of 
head and bons as final consider:.- W alker Tyseley t Electrical). It Tilne.r has also acquired an option deceased, a former member o« two Q ri i,: n5 ^- (,f jop and to £1, carrving as from April I 1978. 
tion ot the purchase of DBT also proposes to make all Ittv sub- t o purchase the balance of the Geo^te MTUiamson Partner- capj . a |- rie r2. 7ni 0 ; reserves to be the right 10 a fixed dividend at 
(Motor Factors). sid lanes " holly- ow ned by ration- share capital of Culrose in certain ?4*p and sh i re * from allied in navinz ud 1.55m lQi the rate of 4.1 per cent. 


A NEW low cost mortmicc repay- 
mcni plan is being introduced by 
Standard Life Assnrancc. Called 
the IX Plan, it i« designed tn 
enable the hnuse-buyer (o pay off 
his mortgage on an economical 
basis and at the same lime pro- 
vide him with flexibility on taking 
out a new mortgage. 

The basic contract Is the usual 
low-cost format, namely a with- 
profits endowment assurance 
combined with temporary assur- 
ance. The estimated maturity 
value, on a conservative bonus 
assumption, pays off the mortgage 
at the end of the period, while 
the temporary assurance makes 
ilp for the shortr.dl before 
maturity. The plan has a 
minimum guaranteed death 
benefit to ensure that full repay- 1 
ment of fhe mortgage in the 
event of death at auy time during : 
the loan period. 

The plan contain.- two valuable | 
options designed tn rope with 1 
the problem* when the policy- ! 
holder changes house and effects 


a new m coinage. He can first 
extend the term of the exisiiMg 
plan so 1 hat it coincides with tfio 
new loan period. Then he can 
lake out a further plan, within 
certain limits, to cover the addi- 
tional amount of the mortgage." 

The plan is also axailahlc on 
the joint lives of both husband 
and wife, so that the loan can he 
repaid should cither die durin-? 
The loan period. Where both arc 
contributing lo paying the mort- 
gage, the company advises that 
the contract should be on joint 
lives. 


WORLDWIDE FUND 
LIMITED 

.4 commoditu futures trading 
fund 

Net Asset Value pe- SI share 
as at 30th June 107S Si 0.36 




nm-riiii « i-uuaw»v». *• T-wi hnr I'^irni r-7r--7i.„M per cent second Lumuianie me l.ozo.uw unissued and 

BFJNTIMA 19 5*;. . , j G .^ roo- h ^ Preference Shsre* of £1 (ranking unclassified shares of 50p each 

Rentlma Industries has com- T* 1 * 1 !l as 10 f ,ur ' Production at present carried ^ J° MS-41S shar» per afIer . Jll? ^ s j <t j n2 5 pjjoo 4.2 per are to be consolidated into and 

pie ted the acquisition of Standard " alb ® r T J55*SL by ® sha r e out at the Nickson Factory is to cent). Rmsuaitt to the announce- Cumulative Preferenre designated a* 5)2,500 cumulative 

Industrial Fluid I n S , by the allot- ^'ntforMeK Alto b, bf Jronsferrrd t» tho Colro* «" S last Sos Of “”«chl and S no” prelSrenre ^rrs of £[an,I ll.e 

ment of 1.14m ordinary shares, share allotments it u» to bus 300 piauu the. Panel on Takeovers and onJ : narv chares of 25p each remainin ' 3 645 235 unissued 

listing Tor which has been * «h™ ofCrouite Steels, for- By allotting its shares and with Mergers has confirmed Lbat GV. j-"£- w ill JS “lloted 10 and unctal fled ^Swree of50n 

granted. merly Yorkshire (Tool bteels), cash TUne.v will acquire 12.000 of -is not required to make an offer . . A*’ Julv 14 n are tn lwriiS^natori V» ^rdina-v 

Following the acquisition and for £61.379 and 1.334 £J redeem- Culrose ordinary from certain for the balance of the capital cf t . ie nr,j 10 rtron of one and a shares of 50p Each ordinary 

foe es^cise of the conversion ^LSSS^lJS^ fS SSiS aSS ^ ROmai - ' & proteSS and r.v! KTof MpItuedTr u£S£2 

aftta c.aplan profile .tss sSrsar 1 jnl ° i "° 

capital of Bentima is £1.101,499 per cent of Cromte s equity, transfer from Nickson to Culrose Haring received approval from Tho new ordinary -riare* vrill rank " P 

in ordinary shares or 33p. of . . , ._ rr4C . of certain fixed assets with an both The Bank of England and ari iTjlSli S l( , rnrilTr * , o 

which 52.31 per cent are held /NC.ALL I (NOS agreed ralue of £97^02 and the t bc Foreign investment Review P rft :, ia p v <[, are « as <ub-divided ” ASSOCIATE DEALS 

by 1970 Trust and its associates. Ingail Inds. offer for Thompsons balance in cash. Agency of Canada. Ca plan Profile \ ,.=' rL . u lar corrtainbi« detail* Peniber and Boyle has bought 

(FuneraJ Furnishers) has been The directors consider that the Group has completed the pur- ,«nven in« an Exrraortinarv ]80 ’ 000 invest Trnst Corporation 

HILTONS FOOTWEAR accepted In respect of 121,000 mer-jer wQJ lead to improved chase of the outstanding 50 

With regard to the sale of ihe ordinary shares and 12.100 profitability and . a position of ceal of Profile Expanded Plastics, h^der? within the next Tew da vs shares at 9SP as principals to 

freehold property in Guildford, preference shares, representing greater strength in the industry. (Canada). noiaer, imm tne nesi ic» aa. s. ^,^5, Bank, 

ihe directors of Hiltons Footwear the entire capital in each cash. r; T r» c r|- r- k cn sr The shares which were held by WHfTECROFT Fielding, • \evson-Smirh, broker 

stale that tlie contribution to nrTrnn n rvirvim- r I Ko I LAblLt' Gesco Distributing were acquired VVhitceroft proposes that the to Newman-Tonks. purchased I on 

profit (before charging market rtlrUKL) t.\ I til Uo First Castle Securities has for a cash consideration of issued 9.354.764 ordinary stock behalf of. Lourtaiuds C1F. 

rental! from this branch was sub- Petford. the prfivate company increased Hy sba-reboWing In 05420.000. equal to CS1.399 per units of 50p each be reconrorted Nominees -r»0.000 ordinary shares 

fitam tatty lower than the market w hich refuses lo 'accept defeat in Crane and Sons from 25-44 per share.- into 3-334-764 ordinary shares of <»•» per cenn of Econa at 9lp. 


LOCAL AUTHORITY BOND TABLE 


Annual 


half preference --hanf> and r.vo share of 3Qp (issued or uniss*ued) 
new ordinary *hare« for each is to be sub-divided into two 
ordinary’ share of 39o then held, shares of 23p each. 

The new ordinary •«hares vrill rank 


of certain fixed assets with an both The Bank of England and ' :h e exinin" . . -r«- rvr * 1 

agreed ralue of £9i^02 and the the Foreign Investment Review ordinarv *bare< a* *ub-dlvided ” ASSOCIATE DEALS 

Thompsons balance in cash. Agency of Canada. Ca plan Profile v rireular contain hi" detail* Peniber and Boyle has bought 

has heen The directors consider that the G ronp has completed the pur- an J L «nvenlne an Extraortinarv ,SQ ' 000 kte5t T ™ st Corporation 

°, r ,e f d t0 , ®P roved f chase of the outitanding 30 per m ee tb?" w "tt bc S0-1 41 per cent cumulative preference 

nd . 12.100 profitability and . a position of C enl of Profile Expanded Plastics. h^der-Twirhin the next few davs shares at 08P as principals to 

pnre^pntinr* fTMfpr strength in the indiiKTrv ni^iaer, wiuim me nw s. D.,--i nve R nn k 


Authority 

gross 

Interest Minimum Life nf 

(telephone number in 

interest 

payable 

sum 

bond 


‘7. 


£ 

Year 

Barking fOl-392 45UU) 

3«J 

4-year 

1.000 

*!-« 

Barkine (01-5P2 4500) 

Hi 

4 -year 

5.000 

-1-6 

Barnsley Metro.' (0226 20:1232) 

11 

J-year 

250 

.i-i 

Knowsley iflol 5486555) 

Hi 

4-year 

1.000 

5-7 

Poole (02013 513U 

10J 

4-vear 

500 

5 1 

Poole (02013 5151) 

HI 

4 -year 

500 

(1.7 

Redbridge (01-47S 3020) 

u 

4 -year 

200 

5-7- -i 

Thurrock (0375 5122) 


4-year 

SOU 

■1 

Thurrock (0375 5122) 

113 

i-year 

300 

5-8 


slam tatty lower than the market w hich refuses lo 'accept defeat in Crane and Sons from 25.44 per share.- 


This advertisement is issued in comehanee wnh the rscunements ot die 
Council ot The Stock Svchangc. It does not constitute an invitation 
to any person to subscribe tor or purchase env Preference Shares. 

ALLIED RETAILERS 
LIMITED 

(Incorporated in England under [he Companies Acts 1943 to 1967) 

Capitalisation Issue 
of 1.738.164 9% percent. 
Cumulative Preference Shares of £1 each 

The Council of The Stock Exchange has admitted the above- 
mentioned Preference Shares to the Official List. Particulars ol the 
rights attaching to them are available in the E.-.tel Statistical 
Service and copies of the statistical card may be obtained during 
usual business hours on any weekday (Saturdays c-Acepted) for 
the next fourteen days from : 

S. G. Warburg 6 Co. Ltd.. 

30. Gresham Street, 

London, EC2P 2EB 
or from 

J. Er A. Scrimgeour Ltd.. 

The Stock Exchange. 

London, EC2N 1 HD. 

1?I 1 ' Ji.lv IS’E 


RESULTS AND ACCOUNTS IN BRIEF 



CREDIT COMMERCIAL DE FRANCE 

U.S. $35,000,000 Floating Rate 
Notes 1977-1983 

For the six months 

1 0th July. 1 978 to 1 0th January. 1 979 
the Notes will carry an 
interest rate of 9 7 s% per annum. 

Listsc on *hs Luxembourg Sto: 1 : Evr^aise. 

By: Morgan Guaranty Trust Company of New tor*. London 
Agsnr Bank 


AMBROSE INVESTMENT TRUST— 

Result* icr. >ear to liareft 31. -isr*. 
reported May 24. iDTestmenca £7.3 lm 
iCi."Bm-. net current liabilities It. 606 

* £30.502 • a&scuV Hume Hold lues ov.Tre 
5.3S per ecu’ or income. 12 .22 per cent 
of capital shares. Meebna. Moorgaxe 
Place. EC Julj- .r at 12.30 pm. 

A. COHEN & COMPANY 'metal refiner 
and ooD-forrous alloy makers) — Results 
Tor 1977 reported Juoc 16. Pv»i*d asseut. 
£t2Rm r£4.43iR*<. \er current assets 
£5 75m iPJUni, Chatrraan feels H v.tll be 
difficult to better 1977 unless some Im- 
proiettiem io vorld trade. Mcctlns. S. 
WaiarToo Place. R.w.. July 27. ai noon. 

DUNOQNIAN ■Trunin^. pobUc MTircs. 
snersj uinacrrailon— RcmuIu. for year 
(a Marck 31. 137S. reported June -9. anti 
i-omnienis on oro*mee:s anil, tneJMaa 
wlp. FfxeO as»-:s Jl.Sfl? >iUQni>. f.« 
current ***.*-■ £41».WS ■nt>l.%52>. MIL 
Securities hol«Js rs.L 1 pur cent of capital. 
Meet Ins. Moorsaic Place. EC. July 5L 
at noon. 

GLOBE INVESTMENT TRUST— Rewlts 
:o Mareli 31 1979. reponed June 22. 

lnveatm-.-nis EW.ISra -SHnih 1 . cmrent 
assca '£23j3m>. current UaM.’:- 

nes £i4.7im <£13.3601'. Ml-ccIiu. Temple 
Place London. Jolr ai 11.3ft bjjj. 

GLOBE INVESTMENT TRUST — Result* 
h>r iliiv-n 31 . :?rs year already knowa. 
CK IrtWinnnH a: market valise £-»Sl.fi7rn 
' £157.34 it>' abroa<t £KL?Sm 1 £73.31 m‘. 
VnllfUd at directors- valuauon i£2.Sim 

■ £I7.2onr. Current asset* COSJtn 

• £2 113m'. liabilities £ 14.74m i£i.2JEm . 
MeeUna. Elect ra Rouse. WC. July 33. 
a: ".'.in am. 

INTERNATIONAL TIMBER CORPORA- 
TION— RoMillo ;o April 1 . 137' ar-J 

prosp-cts retwneil Jnm 16 . ’>) current 
>*iers fff.TOrn <£32 P-.ni -. feceil assets 
i.tt 1 d.t)?m • In. Tea so in re; Unird 

Iroh. CSni .‘14 56m-. c.iuTvnr coat 
profit £ 3 . 7 . fm afli-r cennna iT».'.W. drpre- 
‘.'iasion tn.Psm cos: or * -.l..'S £ 0 . 77m ^ddl- 
non Meertcn- Tower RM,-1. E-. .'.utmsi 
It »■ rniir.. 

INTER NATIONAL PAINT COMPANY 

■ sulHirtiarr of Conr»*aJ1>'— Rwafe for 

March - 1 . 197S yoir aJrcidi- ■ hiur.<n. 
Group Ssod asseie £2ft.7viP '£7.Unn, net 
current axseis £42.®*c fi.TS.ftiTn' Xot 
■ash retaorco* increaseJ by C..5Cm 
f£»S2=: iJe.Ti.-a4c.. ireenns. 9. Reurletra 
Plarv. V. Julv 17 at nnor,. 

LENDU RUBBER ESTATES— Profit Tor 
19- rtl.l7.-7 .£41732. before tax flSJMM 
■CC.tMi. Eamuus 9?..p td.sjp' and divi- 
dend O.To 1 same ■ 

LONDON CREMATION COMPANY— \ef 

profit for year 10 Mar>Ji 51. rt7S. r,?.ii«2 
1 £?)1. 7VJ’ r util dii'4'.-nd : 7 jp per .yip 
-Ante xnbbis 7>» >same-. 

MINING INVESTMENT CORPORATION 
— i"m:m sai j s ior ta:"f rear in March 3i. 
:pr--. z'.x : .-t> oni pmiii £!‘n:>i in.-ror.' 

l-d fas tTL”’. Earning per 
?, i f.'.lv. Tin a-etniifi.'iip of RJrjs 

1 Ml'Ur^ hj< bji.n '.iim-jlL-.ctl. This 
' .-"■qtusTt'n roUtr.«-? .fir. .mr tic: I a red 
1 mIi-t cf' dire-.t ::w«lvi.nKnl in the 
I .miural rtsoure^s field nu-J in narucnljr 
! tslnlns ami min-ml avlirUm boih 
; :fi? UK and fn-Me** \ eonlirwea! 

I 4 b.-.::.- la nw.- or a ntxioial ueselop- 
j -ner: Gran: or. p'.ar.: cold bi Shir l and 
; ri.-eclB:^ has ieen resolrel ?-n pay. 
=irn;s neve h*»a *nad- by iu« company 
an- -n liahliir.v ^n-. «■»■! 4 cl^ur. of 

1 SM W aawle by Ghiiuafi Firiciaji tin 


be-rn satlsfi-tonJi resolved and an atnouni 
close to this -((sure all b>: r.-cejvcd bv 
Uie comoanj . 

MONKS INVESTMENT TR UST— Results 
to AprH 30. 19.73 1 at read}, reported). ln- 
• ttflineDts fJS.Sni <£j9.97nji. cirneur an*e<* 
£2. 41m f£Q3Poi)«.. current UabiUt'.efi £2i5m 
ifi.lefli 1 . Ueeiitu. Urea: Eastern HoicL 
C.C- . Job 29 at 18.15 a.m 

H0UNTVIEW ESTATES— RcyalU 10 
March Si. 197S. rnported June 2. Current 
assets £20J4m i£23.93m.. vorresr Uftbiti- 
£0.6m )'£0.49m>. Good profiis especred 
for me year. • sucrlos. RosseD Hotel. 
W C.. July 26 at noon. 

NEW THROGMORTON TRUST— R^ultl. 
Tor March 31. 137#. year reported 7Jaj- 2». 
tovesunems £1 2. 6m >£M.4Sm>. net curren: 
assets I'O.Toin fffl.7'2oi.-. Workua capxel 
uicrea.*cd ro.63m - '£n..'-ini .. Directors 
evpeet rurthcr pr&press. MeeriM. 'ii. 
Milk Street. EC on Julr -is at tsja om. 
5 pro. 

NORTHERN GOLDSMITHS COMPANY 

— Result!) u> February is. ists. reported 
June ?ft. Fixed aarets !4.Voi isamc-. 
Net current a*serj £1.49m '£l.27m'. M^c:- 
uii. V«rt.-aMl;. Jnfc- 23 a: ll 42 a .to. 

THE NORTHERN SECURITIES TRUST 
— Results for period 10 March 31. 137* 
already knout). lovesim..ni 5 £S.I9u> 
f£3.U37U) net current aaa-.ta -aj45.j«: 
(0*3.906'. Balan-jes ai banCers and 
foreign currency fl.llra >£ 2 * 079 .. haul 
overdraft oil iC&.eZT . LknjidJL v 
incroefcd by £A>g.j34 decrease- ■. 

Londoc and Mauchester .UMirtnoe Cum- 
puny Golds 21.3 per r-j-n n f eoniu. 
Ueviioz Park- Rouse. 5*1. July 19. at 

QQQQ, 

NORWEST HOLST— R-.su iLs to .’JiTcIl 21 
197?. renortnd Juiu 4. l"i^d -t» u: Tim 
'£S.33fc. nci curicr.i jt.svs I2.6m 
■ *:i«7ni A. .t. I_ik-y a,d r. si.-ner. 
directors, and Dm'iam 'Ii.urr Holdtnes 
own 3*.7 ocr cent of shares. <JonipaiiS bus 
begin the rear ■• lib impro' ed ).rdcr bonh. 
-Iccllius. Carlton Touer HoteL SW. 
July 23 U.34 am. 

NOYAPARA TEA HOLDING5— Re*UHs 
for IP., reported June 2«. Group toed 
£2ri.7.ir3 n t t current 

i‘.SeU> « £69.726'. V-.ar'eod n-.-t 

liqnid mn.ls up n2t.V37 • £fe.){6l ». Mr. 
R. ,*Ii hold* 27.23 per cent. James Ftnlay 
OM Co., ll j pir cent. Mr. l. Ntlwo 
ti.29 per ccnf and Brlnsh Borneo 
Petnlcirsn Srod)ca:c s tr? per ant. 
A'ldliors C!»rc P tiler rof io sock re- 
daction. Althouah cn* is rfo-.ro so r->r 
in current year, current p respects for 
season v-eni =.*?d. Mcecoc. Uiassow-- uu 

jut- c?. p am . 

FRAH CIS. PARKER ‘toncreie products, 
saiat and knr»l -nippiiMr omniums, 
beatne. etc. — Rcsulis fer mrr report ed 
Juue IP. Fisod assets "uni rn2.iniui. 
'■‘■■I mirruni liabilliics £4 Tftni f £32140 
■Jh.iirmui) says h-’ rcnia ms i-onfident nf 
cnnenuins proovKs toward-; tuU nn.n-a- 
b'litr. Mvctioe. Connau^bi Rt>ouis. »v. 

-Ini’- -v .i> lfljM nm. 

PETROW HOLDINGS •eeueriima 
equipment Rtinlts for March .71. I97i. 
year reoortcil June Jd In preHmlnery 
statement wrU prt»tr«.;s if.-onp Ktcd 
assets in 'fe.tMTf net <->irrent -**).•<; 
O.S?tn 'i?.52H'. *7^t l, quid f'in.i* 

Itirreased ri Q'in) «n IflrnV Fre-tax profit 
ft3im f3.irm. adjusted on CCA hsuu* 
l*» £2 29m - CLJetn ■ tfter deoreelatJor 
iP.lWi i£n.ioi) ccs? or sa|i*s re :"m 
«£ 1 ^ 2 m> and lunoi factor B7,S» 


■£S9i*nO > 1 ***Jn*. Sandwich, KenL 
•luty IS n noon. 

PHILLIPS PATENTS (HOLOINGSk— 

Tumor.: r lur >eor io f ebruary 2-j I ft TV, , 
rt.lTSut'O £2 4T2.0M>. .umbuiablc profit 
£30 2*6 • Q2 01J i alter all chaw* Includ- 
<nu taa of SaL-iSS >£26 249-. Eamlnus per 
2ip she re OJp -U.Jpi. No dividend 

■ samel 

PLV5U ■ nlesie com a liters and domes- 
Me -rjnj. 1 — Results for year in aton-h 
21 ins. with directors' remarts on 
owpws report'd Jun>- 12. Pre-tax 
pruflr adjured io £4<*0 nou -‘.*ilW)i afi-r 
dearntiatiuii. £ 2 W.wift- cos' or salts 
.•jn.mHi wid coarlnu. LJLOwi Msed 
asscis L'-.'-ftn f£2.:<7m.. r»e: lUrrent 

.lHvt*. £.-.12 -*!0 '£347. ftOO-. Me-Unq. Win. 
Ul-‘icr House. F.C July 27 at II a.m 

REMBIA RUBBER— Prow tor 1777 
£jfi.n>-. . * 42.22<7' before lav £2J.iAI 

•CJ229-. Eareuva* <1.7 Ip -«.49o- 
dt-idend uhi isame '. 

H. SAMUEL muttlBle remU iiv-.-Uer — 
Results for j car to t.nuary ft. iftTv. 
ntporiod Jure 1 wub ehilnnan * nbfcraa- 
:iu.is on prospects. Croon fixed assi-is 
flu.Tni ■ S44.tf.in ■. Ne' eOTTPiit ays-, is 
itj.77.ti .£13.1101) Meeting. BtrminBbain. 
on July S -it noon 

SKETCHLEY— R.^alt* for March 3! 
JS7S rear, reporied on .luiw ll in full 
preliminary statement with orospe-ns. 
Croup fixed asseW 4>72ro i£32i<mi net 
current avsots £3. 74m -I3.slmi Wivkinp 
capital doer* used £ft.3Uo *£P.Wni ■. Chair- 
man expects cum-fii year '--ill mnunue 
un-art tr->nd. Medina HtnfcW July 22 
3 Dm. 

SMITH BULKER AHD CO. -wholly 
owned subsidiary ol Porl’iind “-xtii-a 

■ Holdings i .—Results Inr Msn-h S. 197S. 
rear already Vint>u tiad assets £1 l.'.in 
iriJCm.. net cunvnl jvrfl £0.4.rin 

■ £4j*ni. ">r liqu:d funds 1.'r£r- a ^ d I*!' 
ruhim .£A.42iii itwr-a* 01 . .Medina. Brad- 
ford f-ils 17. .it noun 

SOUTHEND STADIUM— K. -siUts for 1017 
Tenor. .d May i|. vwe-l i - •e'.y id. 7m 
<i".C2m . curn.-u! assets £4 MM >nU.-K7-, 
curw'di liabilities I2U.W7 lilfti w-l 
:tiP 4Mih.'"d.oi V., 1 , Jiftv 57 s r ! 1.30 am. 

STEWART AND WIGHT— Final dirM-n-t 
per share, nukins 17p <2! 7Tp> for 
rear end-.d ytarcfi 22. 1S7s Tumi>» er 
23M.2T2) f£ 2 «. 2 Jj'. Croup profit 
iri3.2't;. afl-.r ail charges including tax 
of ft i. is r )£: 1 ,?I 61 . EamlnxJ per share 
Jj.stp 'ttfl.Bjp-. Bonrd state* that reduc- 
tion in dividend -cas to assKf prevision nf 
extra liquid aswis to purchase freehold 
of property held on short 

SUMRIE CLOTHES— Rc-tiI ’ i for yoar 
!>' April : repr-rrd June ? v-iih cotninonr- 
un pr«%ncct*> . Gruuo tix.ej a.-set, £4 7'i.S** 
iCV49.tl t ?.i. nci curr-.m a.v.l* * 1 .\jm 
■£l.!4ui". fi'diMius !n o*rrnnrli|.:> 
L’lR.HO fgS0J<.-... Mcctiiu. Lee-i- . on 
Jul: 19 Jl ri'.on. 

WARWICK ENGINEERING INVEST- 
MENTS — it-- suiis [or rear to Itar.-b .ll 
;n:< reported Jun- Fiti .J u.-te’s £i.7lm 
•rtllni' snd r.>r current aMe»s n.-ijm 
n'u. lim>. comuanv K e'.i>'. VJrmiaie 
parent i* Cid-.o.- S-mrttlos. Mvenns. 
tJirmi--sViin R-nwiilrr 14 ot nonn. 

WHEWAY WATSON HOLDINGS— 
Results for l .'ar to \pr:I f. 197V w-ilh 
cap'tal tx-trease details and rhairnWs 
comments or. prnepcefs r*port~l Jum l.‘ 
Fis*d 4-.*e'» F?.n?ir, Vet eurretit 

arsnt* ft 53 m -fj .mn. Meeuci. Ciasaow 
July ST. 


SIMGOtMOJN'EY funds 

-. -yi.'-v Satu ni-.Ih v«> tipebt 
- 'ManagKjnent Co. Ltd. 
^jlJ-C.VVNGN STREET ECMNl USD 
: •' ; ; Tclepbduc:0t : 336 1425’ 


Rates paid for W/E 7.7.78 



Call 

7. day 3 month 


°r.P-a 

foP-a. fop*- 

Mon 

9 575 

9.818 — 

Tues. 

9.569 

9.790 — 

Wed. 

9.525 

9.761 — 

Thurs. 

9.104 

9753 — 

: ri./Sun. 

9.105 

9 696 — 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1.000-125.000 accepted for fixed t>»nns of 3- Iff 
years. 1 merest paid gross, half-yearly. Rales for deposits 
received not laler tiian 21.7.73. 

Terms 1 years i 3 -I 5 H 7 8 Pin 

Interest % IUi 1J II* Hi I1J 12 12i 12t 

Bates for larger a in minis nn request. Deposits io and further 
information from The Chief Cashier. Finance for Industry. 
Limited. 9] Waterloo Road. London SE1 SXP (01-92S 7822, 
ExL J77). Cheque* payable to “Bank of England, a/c FKI.” ’ 
FFI is Uie holding company for ICFC and FCI. 


Thh advertisement is issued in compliance with the requirements of the 
Council of The Stock Exchange. It does not constitute an invitation to 
any person to subscribe for or purchase any Preference shares. 

More O’Ferrall Ltd 

(Registered in England No. 309019) 

Capitalisation Issue of 256,200 10 per cent. 
Second Cumulative Preference Shares of £1 each 

The Council of The Stock Exchange has admitted the above 
Preference Shares to the Official List. Dividends will be payable in equal 
half-yearly instalments on 30th June and 31 st December each year. 

The first payment, amounting to 5.0p per share (net of related tax credit), 
will be made on 31 st December. 1 978. 

Particulars relating to the Second Cumulative Preference Shares are 
available in the Statistical Service of Extei Statistical Services Limited 
and copies of such particulars may be obtained during normal business 
hours on any weekday (Saturdays excepted) up to and including 
24th July, 1 978, from > 

COUNTY BANK LIMITED 
1 1 r Old Broad Street, London EC2N 1 BB. 

CAPEL-CURE MYERS LIMITED 
Bath House, Holborn Viaduct, London ECt A 2EU. 











VSis^ ^ 

■ Ss 5i!0^ 

e is 


1 1 k :' • •'»'ji; l 

* * 


t . ' 

e ’ ' t i 

k 


•wv^ Y, ;i 


„ Lancia! Times Monday July 10 1978 

Pending dividends 
timetable 

S«m Swi% u?Z S"® are those of last year's announcement 
h.v/i«wn I* mi 0rl ^?™ ln 8 board meetings (indicated thus*) 
pub,, shed. it should be emphasised that the I 
StM oer SnF.ESl** S 11 n ? necessarily be at the amounts or 
shown 18 the column headed '‘Announcement last I 

announcements 0117 profit S ^ ures UGUaiJ y accompany final dividend j 


INTERNATIONAL COMPANY NEWS 


MINING NOTEBOOK 


US TAKEOVER SCENE 


Time for Tyco to think again 


AAR 

Aaromum ........ 

A«*nw 

•Airtbt Ind*. ... 
Alhnaht and 

Wilson .. 
Allnatt London 

Pn>p . 

•Anslo- American 
Corpn Grp- 
Auti and 

Wthorn .. 
Automotive 

Prodi. 
“Birr lays Bank 
Bibby u.i 
•Birmid 

Qualcut 

CarrUunon 

Vlyella... 

Commercial 

Union... 

Corah 

Cwn dr Rroot 
"Crown House 

*Dae|an 

Davy mt 

•Distinct* 

- DiTorte Photo. ... 

■Dowry Grp 

Fitch Lot* II 
Gen Accident ... 
Cesretner 

•Gillen* 

Bros Disc 

Clynwed 

Cnndlnra 
Ct. Universal 

Stores .. 
Hambroi Tat. . 

Hoover 

Hse. of Fraser , 
■lUniSwonh 

Mordi , 
■Imperial Grp- 

•Inches pe 

Junes (John) 


Announce- 
■ncni'lu* 
7tar 
Final s 
Ini. ft 81 
Final l.ftis 
Final 1.7SH 


IDT. 2 5M 
Int. 0.8 
Final 1.178 
Pinal 2.638 
Final 1.7875 
Final S.a 
Final « 49388 
Final i 34 
Final 2.2 
Final 2818 
lnt. 3.75 

Int. 1825 

lnL S.a 
Int. 2.45 
lot. 0 5 

Final 4.155 
Final 1.12 
Int. 5.81 
lot. 1.68934 

Final 0.47 
Int. 2 25 
Final 5 45 
Final 1.4835 


Johnson- Richards 

Tiles. July 19 
Letraset Int. ..auk 2 
•Lloyds Bank ... July 21 
Luc inti. ... July 28 
•Majmei and 

southesu July 19 

Mercury Sees. ..Ji > ty 21 
■Mem 

i Mont. L.t..Jrt!y 17 
■Midland Bank ..July 29 
•NatWest Bank July 25 
Neepcend . ...July 19 
Nottingham 

Mao... AUK IS 

Premise .. ..JU& 28 

Prop. Security 

IPV....AUJI. B 
Pye Hldga juw. 19 

■Rank orn July 12 

•Redland July 27 

■Rorhmans 

International.. July 14 
Rothschild Inv... July 18 
Royal Insce. .. AUB- IS 

Secttricor Ana- IS 

Smith and 

Nephew APS- 9 

■Stenbotme Job 1 tt 

Bile Conversion 

and Inv. . AUB. 2 
5 on ley iB. ■ ...Ann. 4 

Taylor Wdrw. Jute 20 
■Tube tiraesnma A UK. 18 

Uitaate -July *1 

■Union Discount. Job 19 
Vnus Brews. . June 24 
Wacon Finance Atuc- 15 
•Wmfali fH.i ..Jub M 

Witter fT) AM- 5 

Woohronh 

rp. W.1..AUB. W 


• Board meetings Intimated. T Rljchts 
Issue since made. 2 Tax free. S Scrip 
Issue since made from reserves. 


Announce- 
ment last 

year 

Final 3Jf?9 
Final 2.011 
at. 3.715 
■Final 2.178 

Final 5 
Final 3.3884 

Final 2.625 
Ini. 5.75 
Int. 5.165 
Pinal 2.0937 

Inu 0.912 
lnt. 1.75 

Fmal 1.4300 
Int.-l.2S5 
lot. 2.115 
Final ! 043 

Final 1. 1815 
Pinal 9.37 
Int. 8.512 
lnt. 0.2985 

Int. 0.781 
lnt. 1.85 

Final 0.89 
Final 2 295 
Int. 1-9S 
lnt 9.829 
Final 1.887? 
Int 8 5 
Sec. Int. S.D3 
Int. 1.35 
Fmal 4 9423 
IOL 0-68 


fiY STEWART FLEMING 

ONE OF THE LONGEST and 
most complex takeover battles 
in recent U.S. financial history 
appears to be coming to a close, 
with the instigator, Tyco 
Laboratories, left with dealing 
profits but without control of 
its target company. 

It is SO months since Tyco, 
which manufacturers precision 
computer and electrical equip- 
ment. began acquiring stock in 
Leeds and Northrup, a precision 
instrument and automation 
control producer with sai.es of 
S184m in its latest financial year. 
Tyco’s Fries revenues in 1977 
were SI 64m, 


On Friday, however, Leeds 
announced that it’ has reached 
agreement with General' Signal, 
another electrical -controls pro- 
ducer, on a S160m merger. In 
the intervening period, three 
other companies, Eaton Corpora* 
tion, Cutler-Hammer and 
Koppers. have all been engaged 
in the swapping of- share stakes 
in Leeds or Cutler-Hammer. 

At one point Tyco sold a 32 
per cent stake in Cutler-Hammer, 
which in 1977 had sales revenues 
of S517ra. to Eaton Corporation 
on the understanding that if 
Eaton took control of Cutler 


.Hammer it would sell Cutler 
Hammer’s 33 per cent stake in 
Leeds and Northrup to Tyco. 

Cutler-Hammer and Leeds 
defeated this ploy when Culler 
sold the 33 per cent of Leeds to 
.General Signal — hence the 
merger agreement with Leeds. 
General Signal is a leading pro- 
ducer of electronic, electrical 
and hydraulic equipment, and 
one of the larger companies to 
become involved — with sales 
revenues in 1977 of 9975m. 

But the ' largest of' the. six 
concerns in the imbroglio is 
Eaton Corporation, a multi- 
national company with interests 


NEW YOKEL July 9. 

around the world in construc- 
tion, truck components and 
power transmission. Eaton's sales 
revenues in 1977 were $2.1 bn. 
Having bought 32 per cent 
of Cutler-Hammer. Eaton has 
secured an agreement to merge 
with C-H, giving it an important 
base in electrical components, 
power control and automation 
fields. Eaton's agreement with 

Cutler-Hammer puts . a $336m 
value on the' target company. 

Brokers estimate that Tyco has 
made dealing profits of abound 
$14m on the transactions and are 
wondering where the company 
-will now look for an acquisition. 


Agnico-Eagle 
is winging 
out of the red 


Profits forecast from Ricoh 


Public Works Loan Board rates 


Effective from July 8 
Quota loans repaid 


NafMtiMta bam A- repaid 


Yun 

b?ETPt 

At 

at 

RiatarU?fl 

by EIP7 

AS 

at 

maturity^ 

Up to 5 .... 

m 

111 

12{ 

12* 

Ml 

121 

Over S, up 

to 10 12} 

121 

121 

Uf 

m 

Mi 

Over 10. up 

to 15 12^ 

m 

12i - 

13 

M* 

Ml 

Over 15, up 

to 25 12{ 

13 

13 

IS» 

is* 

Mi 

Over 25 .... 

13 

131 

13* 

. Ml 

13| 

Ml 


BY DONALD MACLEAN 

RICOH, the. Japanese office 
equipment manufacturer, expects 
its consolidated net profits to rise 
by 15 per cent in the current 
year, ending next March, after 
the increase of 82 per cent to 
YS.Sbn ($42.6m) last year. Sales 
are also expected to rise by 15 
per cent, following last year's 
gain of 24 per cent to Y196bn 
(8970m). 

These forecasts were made in 
London by Mr- Takeshe On ye, 
Ricoh's president, at a briefing 
to mark (be company's two 
Deutsche Mark bond issues, set 
-for July 29. 

Although the company made a 
relatively late entry into the 
plain paper copier l PPC) field, 
in 1973, Ohos helped it to record 
growth last year in spite of the 
sharp rise rin Ihe yen in the 
| foreign exchange market and the 
slump in the Japanese economy. 


“Frankly speaking." said Mr.' 
Ouye, “ we were behind other 
PPC manufacturers for several 
years because of the unex- 
pectedly Jong-lasting favourable 
sales of out electrostatic copier." 

Hie company's plans call for It 
to maintain sales growth at an 
annual rate of 15 per cent in the 
-next three yeans, to bring sales 
by 19SO-81 to S1.5bn. 

Soles In the U3. are seen by 
the company as a major factor 
in the gains looked for this year. 
The parent company is expected 
to show increases an sales and 
net profits of 10 per cent. - 
. The proceeds of the bond 
issues — which consist of 
DM7 Om of convertible bonds, 
1986, and DM30m of straight 
bonds. 1983 — will be applied 
to expansion overseas, as well as 
to modernisation and rationalisa- 
tion of production facilities in 
Japan, where it sees tbe need to 


reduce production costs to meet 
the upsurge in the yen. 

The PPC share of copier sales 
rose from 22.7 per cent in 1973- 
1974 to 82.4 per cent in 1977-78. 
while the share of electrostatic 
copiers fell from 50.9 per cent 
to 7.9 per cent. PPC production 
is currently 18.000 units a 
month (15.000 in Japan and 3,000 
in the U.S.) against average 
sales of 500 a month in 1974-75. 

Although copiers remained 
tbe most important sector oF 
Ricoh prnducts, the company 
said, it forecast that “sophisti- 
cated copiers, such as intelligent 
copiers and digital copiers, will 
capture 50 per cent of the total 
market demand in five to seven 
years." At the same time, it .fore- 
sees substantial growth in fac- 
simile equipment, as a means of 
data communication, and plans 
soon to "make a full entry" into 
the word processor market 


IRI explains its operating losses 


•Non-quota loans B are 1 per cent higher in each case than non- 
quota loans A. t Equal instalments of principal, t Repayment by half- 
yearly annuity ifised equal half-yearly payments to include principal 
and interest). §With half-yearly payments of interest only. 


RECENT ISSUES 


EQUITIES 


BY DOMINICK J. COYLE , 
SUBSTANTIAL OPERATING 
losses on the shipbuilding, steel 
and motor divisions were 
largely responsible for' the 
deficit of L722bu f£456m) suf- 
fered last year by the vast 
Italian state conglomerate, the 
Istituto per la Ricostruzione 
Industriale (IRI), disclosed tn 
its annual report. This confirms 
the trend reported in the 
Financial Times on June 15. 

Turnover last year amounted 


to more than L14,000bn, an 
increase of 6ome 17 per cent, 
which resulted almost exclusively 
from price rises. The export 
ratio to total LRI sales declined 
marginally to 30 per cent 
Basically, the group's banking, 
telecommunications and airline 
(Alitalia) activities were in profit 
In 1977. but these surpluses were 
inadequate to cover the now 
almost perennial lossmaking 


ROME, July 9. 

divisions, and the group as a 
whole is seeking to direct gov- 
ernment financial assistance by 
way of recapitalisation and funds 
for new investments. 

Total IRI employment at 
the end of last year amounted 
to just over 524.000. a reduction 
over tbe previous year of some 
2.000. Overall labour costs for 
the year increased by more than 
II per cent. 


Another U.S. 

accounting 

merger 

By Our Own Correspondent 
NEW YORK, July 9. 
ERNST AND ERNST, one of the 
big eight accounting firms and a 
leading . New York accounting 
partnership. S D. Leidesdo.rf and 
company, have announced that 
they are to combine their part- 
nerships. 

Ernst and Ernst is one of the 
smaller of the so-called “hip 
eight" accountancy practices 
which dominate the auditing busi- 
ness around the world. It is based 
in Cleveland and was recently 
reported by Fortune Magazine to 
have revenues of $3S5ro a year. 
Fortune put Peat Marwick 
Mitchell and Co. as the targes! 
with worldwide revenues of 
$51 6m. 

There have been a number of 
mergers in the accounting pro- 
fession in recent years. The most 
recent of any size was last August 
when Touche Ross, another of the 
big eight, merged with J. K. 
Lasse r. Intensifying competitoin 
for clients, plus advantages of 
scale in developing world-wide 
services are amongst tbe factors 
at work. 

Occidental unit signs 
syndication agreement 

CONTINENTAL Illinois National 
Bank and Trust Company said 
it signed a S35ro international 
loan syndication agreement with 
Occidental BoLivkma Inc., a unit 
of Occidental Petroleum Coorp., 
Reuter reports from Chicago. 


: £- . t e * 

te Is? 3 la 


;?? ’ la-S IlI lsL'-s 

Stock 


— “l 

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1 ■ 

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Branmll (C JJ.) 

—..I 85 j 

I l4.9 

3.1 

8.0 4.6 

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3.< 

a A 15.9 

A* i 


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1)72,0 

a.J 

8.9 7.4 


FIXED INTEREST STOCKS 


Smoothing the MLR path 


GOLD 


July 7 I July 6 


s? !f= 



4 F 

-- • 


• • F.P. 

26/7 

f«- £50 
C99.4 F.P. 

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*»1 ! >«t» lAliMri Leather Frol 

Wit l i,l Binning b» in V*r Rate 83-65 • -v- 

22 I Rl«.. i % i miii i'n-i 1973 -RS K*P-" 

£lflT e ! flOVEaii Anglin WatwT* Bod. Pref. 19K — 
U«i|. j hi],. 'Ki-c-e-n I'm InMtiltolUtltol mwl *imFr 

UH'Vi, #<Sl'»wrt»nhiitEb 'ins' mi 

HKijI 97 *i ih—e* Wwer Hw1 - Fret. 1985 

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t&p ; 97 ji )J H Bmriinc* 10J. Pref 

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lifcn I I- h, jKoMnimiirao 11% Prw - 

K*y 995»;.''oft«>n V»r. Hare Bert. 1993 - 

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lurii 9 1*411 h. I inw*nte lSlt Beil. 

njig! *7 Vi viio » V* ,«i lift dm, in** 

'c-y\ P« ;F« Konf Fnw IE$ Peh. IPS * 

“RIGHTS" OFFERS 


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17.-7. 2S-6 1 2>|ini' 12|.nr-HCMntV '■wrico-..— 
17 7 26 8 ?4pnr 13pm IV. A. Xrt 


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12pm!— 1 
; 12 pm;— 1 


\ BY COUN MILLHAM 

At the end of May a decision 
was taken to terminate the link 
between the weekly Treasury MH 
tender in London and Bank of 
England Minimum Lending Rate, 
This news gained a generally 
favourable reception, since it was 
Teh that it would help to reduce 
some of the uncertainty surround- 
ing interest rates, and would lead 
to a more normal relationship 
between Treasury bills and other 
market rates. Immediately* follow- 
ing the announcement Treasury 
bill rates rose quite sharply, but 
settled back at the following 
tender, to leave MLR unchanged. 

CURRENCY MOVEMENTS 

Bank «F Morgan 
Joly 7 England Guaranty 

In dex change* % 

Sterling ILM — 4U 


Sterling ILM - ®L* 

U.5. dollar M.7Z - 7A 

Canadian dollar MM —13.8 

Austrian BchtOlnji ... 158.48 +112 

Belgian franc 119.00 +11.7 

Danish krone 113.M + 5.8 

Deutsche Mark JL40.U +55.4 

Swiss franc 18SJ8 +7tA 

Guilder 128-06 +17.7 

French franc 100J5 - 3J 

Lira 56J7 -«J 

Yen 145.45 +4W 

Baaed on trade weighted changes from 
WnMuBion agreemem December. 1571 
iBank of England lndex=]00i. 


THE POUND SPOT 


even under the abandoned 
formula. ' 

The following week, on June 2, 
tie dscount houses looked for a 
higher return on their bills, and 
although MLR remained at 9 ocr 
cent it would have been 9} per 
cent under the old system. On 
the next Thursday MLR was 
lifted a further point to 10 per 
cent and has remained there ever 
since, although the rate would 
have fallen to 8| per cent on a 
market related basis on June 16. 

Apart from this. MLR would 
have remained at 10 per cent and 
still be at that level under the 
old formula. Immediately follow- 
ing the termination of tbe 
formula the differential between 
three-month Treasury bills and 
eligible hank bills felT to { per 
cent, while last Friday the 
differentia] was around i oer 
cent, and so it can be seen that 
the rise of Treasury brHs into line 
with other rates has been only 
partial. 

At times of stability in interest 
rates some differential between 
Treasury bills and bank bills 
can be expected. 

In recent weeks the return on 
Treasury bills bas not been as 
high as some houses may wish, 

FORWARD AGAINST £ 


at a time when rising interest 
rates have made trading difficult, 
but over the last six weeks, 
including this coming Friday, 
only £300m have been issued 
weekly. 

These relatively small issues 
have helped to maintain demand 
fnr the bills, and held down the 
discount rale, even though the 
bills are still probably attractive 
only to the discount houses. 

Over the seven weeks since the 
MLR formula was abandoned the 
numher of Treasury bills issued 
at £2.400ra, bas been slightly 
lower than in the same period 
last year. 

THE DOLLAR-SPOT 


GoM Bunion to ftnrj 
onn-iw 

Core jSttaVIM 

Opening jsi»|l«-t44 

Morning Fixing IS 1 5.15 

'(C-b.5/1) 

AfMmnrn fixing....; $ I 1.85 

OokI Coin 11 I 

•tarnwriraliy I 

Rrngcrranrt 1 5190- 192 

Now sovem+ED* SsO* -961, 

i<££9i-Jl 1> 
Olrt Sovereign* m ....!S555 4 45^4 
l£2B<-29Ji 

Golrt C<4tU ^....1 

internal wmlir I 

Krugermno ]S189t-18U 

j(£l01-IDS) 

Sew sov PiK-lann S t>4-66 

(CWi-asii 

Old SoTeretena_...;5i>83«-5534 

S2P Eagle*.... <875-8754 

SU> Kaglre *14 1-1*5 

«- Fa r- 'SHU-115 


JSlf-25- 18B 
|I1 5 185} 
|81 5.45 
(£S*.DB0- 
|S1 2.75 
(£97.552) 


IS 1555 l'B5 
,l£l> 1 152) 
1*545 585 
(£2: 5-3851 
:«65| 5* 


1 S IBB- IPG 
't£IOej-t01! 

M i' 
'Saif :5J 

If 276i-l/8 
SU0- 1*5 
ISS9-I04 


BY LODESTAR 

A CANADIAN gold-mining stock 
that has attracted attention on 
this side nf the Atlantic from tune 
to time is Agnlco-Eagte. 
Speculative interest has been 
stimulated on occasions by new- 

silver finds In CanRdn's Cobalt 
area, an historic region for this 
particular meial. one of the few 
in Ihe world in fact where it 
occurs on Its own rather Lhan as 
a hy-prnrtuci nf hnsc-metal ores. 

Ironically, although it is silver 
which has brought in the share- 
buyers, mining of it has been a 
loss-maker fnr ihe company, out- 
weighing earnines from the 
Joutel gold operation in. Qu,ebec. 

Now. however. Agnico-Ragle ha* 
begun to pull itself out or the 
red thanks to the higher gold 
nrire and the weakness of the 
Canadian dollar. Thus an 
'oneratinc profit of CS2 5m is ex- 
pected for rhe first hrlf of ihe 
current year and’ over CS5m 
f£2.37m) for Ihe full year. Tax 
is nn prnhlem at present, in view 
of larce arnj mutated wrile-ofTs. 

In the meantime.' fhp financial 
position has improved con- 
siderably. The company Is now- 
free of debt and working ranital 
is beginning tn be nceumulated. 

This is an important factor in 
Agnico-F.agle's future as it is still 
very much on Ihe exploration 
trail, with "cautious ontimism" 
being expressed for opening new 
silver denosits in the Cobalt area 
and its .Teufel sold nrphndv stiH 
looks ranable nf further esnansinn 

at depth, both in tonnage and 
grade. ' 

. At the moment reserve* average 
about five dwts a ton and' repre- 
sent about five years’ sunnlv for 
the 1.000 ton® a dav m»lt. 1 jsl vear 
it cost only CSIOfi tn.nroriuee each 
ounce of gold making the mine 
one nf the lowest cost Canadian 
producers. 

Tt seem* fairjv evident .that most 
»f tbe profits expected tn flow thht 
r«ar “ill he nlnuehpd hack jn*n 
the search fnr more cold and 
silver and. possibly, the acquisition 
of further properties. 

As a gold price speculation, how- 
ever. Agnico-Eagle are not without 
merit And there is always the 
chance of some further excite- 
ment on the silver side. 

The latest drill core pulled 
showed a rich 2.231 ounces silver 
a ton and, admitted -president and 
managing director Paul Penna. 
came just in time .because the 
company was iust about ready to 
pack un this three-vear CS2m ex- 
ploration programme. Now follow- 
up drilling is planned and a drive 
tn the site of the new find is to 
be started. 

The shares shot up from CS4.7D 
tn CS6.12 in Toronto recently 
inter a Canadian investment 
firms "speculative recommenda- 
tion. Ironically, they started to 
come back after the annual meet- 
ing when, in answerto a question. 
Mr. Penna hinted at a possible 
dividend payment later this year. 
Even so, Acnico are not for the 
investor seeking income. Friday's 
Toronto price was C$55. 

Carr Boyd 

Suggestions for the Australian 
“ Whatever happened to ? " series 
continue to flow in. One Irish cry 
from the heart asks about Carr 
Boyd Minerals, the shares of 
which attracted much attention 
on this side of the world when 
the company was hoi on the 
nickel trail. Well, at least it is 
one of the persistent survivors, 
still looking and hopine. 

The latest information I have 
is that Carr Boyd has joined in 
the great Western Australian 


INSURANCE 


diamond hunt with a joint 
venture in which it has 40 per 
conL The other partners are 
Alkane Exploration, Hill Minerals 
and Crusader Oil. . 

Bui it should be realised that 
the chances of a viable diamond 
find are generally raied to be 
much smaller than those for 
nickel were in the rnaring days 
at the beginning of the decode. 
And those chances proved slender 
enough. 

Shareholders in Carr Boyd who 
have clung nn over the years can 
at the moment take most heart 
Trom the fact that the company 
has not entirely disappeared from 
view as have so many of its con- 
temporaries. The shares are , 
quoted in London at a nominal 
10p to I5p. 

Holders of Australia's Pacific 
Copper should not be loo 
depressed that tendon's Hampton 
Areas has withdrawn from (he 
Torringlon wolfram venture jn 
New South Wales. According to 
H ampton’s chairman. .Mr. Jim 
Lev. it has done «n *' with some 
regret." The company's conditions 
fnr proreerling to .1 30 per cent 
stake ucro re-iarderi as “ too 
restrictive " by Pacific, hence the 
wit hdraval. 

Remarkably. Hnmpion actually 
got nul of its holding in the un- 
fortunate Silver Valley Minerals 
nl a profit. Meanwhile, although 
Mr. 1-oy recognises that " in the 
nature of rhis business n«t many 
swans are found among the 
geese."'his company is still busily 
examining other Australian pro- 
jects which mnv develop into 
su'*:iblp nrnnosiiions. 

He snvs that it has ahvnvs been 
his ambition that Hnmnmn should 
have iis o\»n Australian mine 
either through exploration or hy 
investment. The company con- 
lines to cxolorr on a rnmlest scale. 

Meanwhile, its background of 
coal in the UK. North Sea 01J 
exploration and nickel royalties 
from Western Mining, which at 
least cannot be eroded by cost 
inflation, make Hampton shares 
at 133p a reasonable holding with 
that tana nr speculative apnea] 
which- can nush them ahead from 
time to time. 

A dividend of 3 5p net has been 
forecast for 1978-79 on the capital 
as Increased by the proposed 
acquisition of the Wuliex Machine 
Company. 

* ★ ■+ 

A reader asks for guidance 
about Endeavour Retirees 
(Formerly Endeavour Oil), the 
shares of which he boughr after 
references in this column last 
year. They are now 2-1 )p. 

Things seem to be going quite 
well for the company, with an 
expanding cash flow and a lively 
oil search programme including 
an exploration well in Papua-New 
Guinea with Esso as the operator. 

In the present improving 
climate for the Australian mining 
market thp shares look worth 
retaining. Perth properly person- 
ality Mr. Alan Bond is reported 
to he quite happy about Bond 
Corporation’s recently acquired 
23 per cent stake in Endeavour. 

+ + + 

Another inquiry relates to tho 
uranium-inspirerl Nnrthgate croup 
company Anglo United, the shares 
of which arp now 21 tp compared 
with only 108n In April, when 
attention was first drawn here to 
its Donegal uranium search. 

A respected Dublin opinion is 
that at the present stage of that 
search the share market" tanks 
to be " way ahead " of the action. 
The next crucial phase should be 
coming along in the autumn, 
when drilling of the prospect 
could be starting." 


FORWARD AGAINST $ 


Cansd’n % 
Guilder 
Bciman Fr 
Pa rush Kr 
P-Mai+ 

Pori. Es 
"Lira 

Nrw pn. Kr 
French Fr 
Sirwiiih Kr. 
Yen 

Ausnna Sch 

Swiss Fr 

•U.S. 


ausei.m bumum 

UMfrZZSO 2J1W-U2U 

XUW-3&54) 3249-32.53] 

5W75-5.437S 5.434545378 

2JB59B-&MS8 2A9M4.M09 

— 45-70-45 JK) 

14*. 10-854 JO M* W-550 JO 

5X155-54350 54155-54175 

4. WM4 6M 44545-4.4550 

4-38544730 445554.5570 

1P.SHDUI lDJHD.il 

— 14484-14 VH 

14217-1.8329 1407-14232 

rente per Canadian S. 


0.82-8 44c pm 8-3* 

8.724.67c pm 3.W 

Me pm 248 


Three months p-m. 

fUB-O-Mc tun 520 

L 92-1 47c pm 3J8 

24-Z2c pm 248 


e.ftMJBpf pm 5.28 2J0-U5pf pm 4.95 
2J52.60Hn-cfl3 -347 7J5MJSIIre4fct -134 
B3B43SC dla -U4 1-25-1- 45c rib -L25 
140-0.40? pm 5.43 2.75-240? pm 5J5 
1451411c pm 547 335348c pm - 540 


Growth of private 
security forces 


BY OUR INSURANCE CORRESPONDENT 


ss i sttsmtssj '^,0*1**-* -a— .wj- 

or Alltel .im.ia rfnn.arei lor 1B» wGrore 1 i*wur« *»u ^ raf restricted 

s srz razgsg* n-sss ^ 

^ • pw “ too ^ 

or parth-puri auooarni lenera. * »TUi warranto. 


BASE LENDING RATES - 

a. r v Rank 10 % ■ Hambros Bank J® ™ 

AHiPd Irish Banks Ltd. 10 % BHill Samuel J 

American Express Bk. 10 % C. Hoare & Co « 

Amro Bank 10 J Julian S. Hodge % 

A P Bank Ltd 10 % Hongkong & Shanghai 10 % 

Henry Anshacher 10 % Industrial Bk. of Scot- ijj j 

Banco de Bilbao 10 % Keyser Ullmann ■ J” » 


July 7 [m!m[ Ihiy'i 

t j Spreed 

U.S. g 7i«| 1.5675 1.8758 

Cmartma S 8 ^(2.8560- 2. 1080 
Qntlrter 4 4. 14^4.17* 

Belgian Tr.< 6lj B0.55-e0.Ba 
DanUb Kr. S 10.51-1047 
MUni 3 3.544-3.87 

Pon. Etc. 18 ! 85.10-55.50 
Span. Bn. 5 ’146.18-146.50 
lira 1Hs| 1.GB51.591 

SnrgB. Kr. 7 \ 10.15-10.16* 
French Fr. 91-1 1.31*447 
SwertlahKr. 7 i 8.52-8.56 
Yen 5 is I 374-35* 

Anatrta Sch, 41 z i 27.75-27.90 
Swim Fr, | [ 3.40-3.42* 


One month 1 % p-a. fThree monrttl % po. OTHER MARKETS 


D-IUth 
Pon. Buc. 
Span. Pc*, 
lira 

Nrwpt. Kr. 
French Fr. 
SwecUahKr.' 
Yen ! 
Anttrta Sch! 
Swlwi Pr. I 


1.1710-14650 
!2. 1085-2. 1875 
4.15-4-16 
60.80-60.70 
10.55*- 10.55* 
3.85-5.65 
85.204 5. SO 
146.20-148.30 
1.591-1492 
10.14*- 10. 15* 
8.34*4.35* 
B.5S*-5.5*i 
I 378*-5M* 
27.75-27.85 
1 3.48*4.41* 


0.374.27c. pm 
0484.40 c.pm 
238-130 c.pm 
30-20 c. pm 
2i-4i ore di» 

2t b - 17 E pf pm 

35 155 e. di* 
par-80 e. rti* 
lg-2* lire di* 
1-3 ore di* 

1 r. pro-par 
*ore pm-I*dia 
2. 55-2. Wy- pm 
15-6 (jro pm ! 
2a- 1» P™ 


2.06 ! US- 1.13c. pm! 2.52 
246 -1-40.14te.pni; 246 
5.42 j Bae-5sec.pm 5.66 
4.95 60-70c.pin 445 

—8.88 4*4*' ore dla U2.B4 
7.BS 71 b-ST 8 id pm, 7.65 
-11.24, IKMOBc-iffin-lUl 
— 3.28 ! 10.110c.du I— 144 
-1.13 3.6 lire dis Ufl.lS 
-2.35 l2Ii-ilgc«re rti*— 1. SB 
0.7! Jlg-21g tpm ■ 1.44 
—0.70 219-la ore pmi 0.70 
7.86 i7.te-7.48y.pm! 743 
4.31 42.32 ora pm ; 5.32 
7.68 m -71* c-pm ! 9.06 


Belgian rale ts fnr convertible francs. Sls-monih forward dollar 3. 58-2. 40c pm. 
Ftnandai franc 614841.40. 12-monUi 4 .95-4 .83c pm. 


Argentina Pe*o_.... 
Australia Dollar.—. 
Finliort Maalcka.^. 

Brazil Crnzetre 

Greece Drachma.„.l 
Sony Kcmg Dollar. 

Iran Bid — 

Enmi Dinar (KD) 
LnaciuNraTf Franc 
Mala. rtiS Dollar.... 
KV Zmlaori Dollar] 

Saudi 4r«Wa 

Siocap^re Dollar... 
South African Rand 


1,462-1.486 
1.6240-1.6340 
7. 89 50-7. B ISO 
35.11-S4.il 
67.795-69.469 1 
8,68-8.701* 

. 126 134 
0.50641.516 
60.75-60.86 
4.40 1j -4.42 
1^050 1.8150! 

6.39-6.49 I 
4.31-4.321* 
14177-1.6346! 


791.03-793.18 Anrtrla— 

0. 87 13-0.0724 Belgium 

4.83 10-4.2230 Denmark 

17.67-18.00 Pnnee 

36.19-37.08 Germany 

4.6465-4.8485 Italy 

68.32-71.52 iJapan 

0.2700-0.2754 Xerheriand 

32.37JI2.40 Norway 

2.3615 2.3625 Portugal 

0.3673-0.9692 Spam : 

3.41-3.46 ISwiuerland. 
2.3 120-2.31 30iOn (ted Ruta_ 
0. 863 5-0-57 25>YDgrciaviR. 


e 

Notea Rate 

2714-881* 
61 621* 
10.45-10.60 
8.25-8.40 
3.80-390 
] 56& 1590 

3 BO- 390 
4.05-4.20 
10.05-10.20 
7993 

1.435-1.465 

3.35-5.45 

I.86I3I.88 

34-36 


Rata gtven for Argentina (a free rata. 


EXCHANGE CROSS-RATES 


AS THE country's police forces 
have run down, partly in conse- 
quence of deliberate wages 
policy, go the privately organised 
security forces have grown, so 
that perhaps nowadays some 
150,000 people are employed in 
the private sector as guards of 
static property, or goods and 
money in transit 

Even those who do not like 
these private armies might 
perhaps accept that these present 
arrangements are fair from the 
cost aspect; with all of us paying 
for. the general maintenance of 
law and order, and those in need 
of particular extra protection 
paying for the "Topping up" 
services provided by the private 
sector. 

Insurers have a substantial 
interest in the continuing effi- 
ciency of both sections o£ the 
security forces; indeed in the 


Rank nf Credit A- Cmce. 10 % 

Rank of Cyprus 10 0 

R.mk or N S W 10 £ 

Rjitqtie Bdcc Ltd. ... 10 a, 

Ran quo du Rhone *» 

Barclays Bank JJ £ 

Barnett Christie Ltd ... 11 * 
Brcmar Holdings Ltd. }1 % 
Bril. Bank or Mid- East 10 % 

Brown Shipley -••■*■*•■ }{} J 
Canada Pcrm'i, Trust 10 % 
Capital C & C Fin. Ltd. W % 

Cedar Holding* l n *J 

Charterhouse Japhet... 10 


Chnularions 


viomw — ■ 1 A ew 

Knowsley & Co- Ltd-.. ^ % 

Lloyds Bank }° -J 

London Mercantile ■■■ ™ 

Edward Manson & Co. 

Midland Bank ^ ® 

Samuel Montagu ™ % 

Morgan Grenfell % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. .- JO %- 
Rossminster Ltd. ^ ™ 

Royal Bk. Canada Trust i0 ^ 

Schlesinger Limited ... jo % 
E. S. Schwab 

Security Trust Co.Ltd. H % 
Shenley Trust 2 

Standard Chartered ... JO ^ 


• F Qbw 11 ^ Standard Chartered ... ^ 

CaSrifib U Credits... 10 % Trade Dev. Bank -^-. JO % 

roioerative Bank % Trustee Savings Bank % 

corinihiin Securities... 10 ^ Twentieth Century Bk U % 

rS l vonniS 10 % United Bank of Kuwait 10 % 

lb,?* Pnnular Bk. 10 % Whiteaway Laid aw ... 10.% 


%Axr.= v ^ ? * 

English Transcont. ... It J ■ M-mbpra of thf AcefpUnK “"** 

First Na*. Fm. Cypn. j- £ . r;i. i-roonrh draoita 

First Nat Fees. Ltd. ... 1- A TJ .,„ £W .o» 

i Antony Gibbs 10 5 T ** 


Antony Ginns jj » T 

Greyhound Guaranty... jjj j am j over H3 -“ fl, L 7i A‘'( W o r*. 

Grind) ays Bank J x c»n 

J . ' 10 % i newaiui 4ci»e« »’ - 

Guinness Mannn - 


Ppnxt.1 SlPrlinji 
UX IMior 

ilMit-tlie Murk 

lapaiiere Yen I .C00 

French tmne 10 
■win Franc 

Ihncli Uullnfr 
■Uluin Lira I .CO 

Turanian IVinar 
fhan Fra nr 100 


MONEY RATES 

NEW YORK 

Prime Rale \ 

Fed Funds 

Treasury Bills OS-wteki 
Treasury Bills 126-week} 

GERMANY 

Dlscoum Rat* ........ 

OvcrnisM - 

One month 

Three months 

Six monihs 

FRANCE 

Discouni ftaie ........... 

Oiernishi 

One month 

Three, months . — 

Stc menrhs 

|APAN 

Discount Rate 

Call lUnconditlonal) 

Bills .Discoaat fiats ...... 


Doteb Goilrtw 

Italian Lin 

Ouuutn Dollar 

Belffiu Franr c 

4.165 

i?92. 

2.107 

60.65 f 

3.218 

849.3 

1.126 

52.57 

1.078 

412.8 

0.547 

16.73 C 

10.95 

4194. 

5.069 

159.8 h 

4.976 

1906. 

9.623 

79.63 9 

LB1B 

466.7 

0.618 

17.79 0 

1 . 

3B3.0 

0.607 

14.60 _ 

9.61! 

lOuO. 

1.584 

■ 5811 5 

1.979 

756.3 

1. 

28.79 a 

6.651 

F6B4. 

3.474 

100 . s 


more likely to he used for tho 
protection of the uninsured risk, 
because insurers are reluctant to 
agree to policyholders employing 
Anna who are not members of 
the association. 

Security employment does not 
have a wide appeal, partly 
because of the unsocial hours 
(which bedevil police recruit- 
ment and retention), and partly 
because the price customers are 
prepared to pay keeps employ- 
ment rates too low to attract 
sufficient numbers erf men (and 
we are talking of men rather 
than of women) of the right 
physical and mental attributes. 

In Us deliberations it seems 
that while the Home Office must 
be concerned more with the 
fringe firms than with the 
present association membership, 
the degree of self-regulation that 
the association bas established 
must also be examined to see 
how its rules can be improved 
for the greater protection of its 
customers. 


Integrity 


LONDON MONEY RATES 


July 7 

Utr i 

Strehnc 
Certrttem 
nl ftepiwn* 

| K&ttrtmnk 

' Loral 

Auihontjr • 
1 .ippranrn ; 

Local- A nth. 

neentiahip 

nnarta 

Future 

Hfju-fl 

l/epmlta 

Compuv 

Dlaeount 

uurkM 

rtdprwtt 

rrawurn 
. Burnt 

• Bll/fihle 
Sank 
Btlut 

Fln*Ti»h 
Si list 

D*«rnii;hu 1 



9-10 


— . 



919 

84-95* 

— 

— - 

— 

1* lav- nMw 

— 



, 9i«-9S8 | 


— 

— 

— 

— 


— 

7 A«y- nr 






\ 



®*4 

— 

— 

— 

— 

7 rtay- iww.. 



B3*95 4 

! 93#-9J* 1 

-• 

99* -10 


94 94 

— 

— 

— 

Ore month 

07 # 9S, 

»raD^ 

j 96* 978 1 

JP5*! 7 * 

IO-IOI 4 

10 

till 

B.V94 

95* 

. 104 

Ivn mnDih--.; 



J | 

mf?' 93 ® 

loig-iosg 



94 

»4-9£ 

9R-«« 

101, 

Thrre mnnu»*.t 

»ra»ri 

97j- iu 

l 97*10 | 


IOU-XOIb 

104 

94 



105« 

an month-...! 

KU-lUlg 

It >4- 10H 

10-10U 


10lj-107| 

— 

— 


iO-io* 

10J* 

Kim month* 


lOfig 10lj 

' 

1 l 0»s-6*». 

11 


— 

— 

— 

— 

OlW 

10SH-10U 

lOlR-IOSj 

JOlt-lOLl 

IOIj-10^ 

111, 

— 

— 

— 

— 

— 

1*0 T««r- { 

— 

—4 

1078-1 1 

** 

— 

— 

“ ■ 1 

“ 




Local wdwn? aM finance house* eereu days' other* fixed- Lowr-tem meal anttorft? monsan 

rale nomtnall? dm rears 11+112 per rent; four r«n UMi* p«r cent; 6«e rears I2f-U* per rent. ® Bank bJO rales In table 
are bums rate for orhme paper. Burina rate* for ' 00 T™® ,r th ban* bills 92-629J1 per cent: four-month cratfe blBs 10i per rem. 

ApproxtmaTe seUtne rates for one-month 9iu<H per cem; two-month 9+05,52 per' cem: awl three-month 

9032*9737 per cens. AnornriHiate uluo^ rate for J M *2J»i|ta uai* bins 91 per cent: and two-moatti 9U« per cent: hnfl 
three-momb Of per raw. nn#. month trade Mils vent;- two-month IM per rent; and also Ihree-month iu per' cent. 

Finance House Base Rams fpoblirted hr rhe Fin»«y Awses Anoaaaom 10 per cent from July 1. WK. OearfH Bin* 
Deposit Rata (for small » seven day*’ ISSri "*: 7 per cant. Oearlnp Baflk ‘Base Rates for lendlM 10 per, dcm. 
Treasury Averase under rates of dweoiut BJw car fieot. 


■ _ pi imunuLe, 

So Insurers, as well as the 


is engaged. 

Some years back, in an attempt 
to establish standards of com- 
petence and conduct, a number 
of security firms decided to set 
up;, a trade association— the 
British Security .Industry Asso- 
ciation. This now has 67 mem- 
bers, of which many, but not ail, 
are concerned with the four main 
aspects of security, as defined by 
the association — guard and 
patrol, transport, safe and lock 
and alarm. 

These 67 firms undertake the 
lion’s share of private security, 
but up and down the country 
there are some hundreds of 
others outside the association, 
some ephemeral, some more 
permanent, whose services may 
be purchased; these firms are 


Away from the Home Office 
there is a fairly vocal licensing 
lobby, which holds that self- 
regulation is no longer a proposi- 
tion and governmental control 
will, have to be established— to 
ensure among other things that 
both the proprietors and 
employees of security firms are 
persons of proved .integrity, on 
whom it is reasonable to rely. 

It is virtually impossible for 
any firm completely to prevent 
the determined criminal from 
infiltrating its ranks for his own 
ends. Many firms do their very 
best to vet applicants by petting 
full references, explanations of 
periods of unemployment and so 
On, and then when there remains 
a shadow of doubt rejecting the 
applicant What the security 
firms need as of right (as a quid 
pro quo of licensing?) is access 
to police records, so that 
customers can expect and enjoy 
the same standards of integrity 
From employees in the privat9 
security sector as we ail get from 
the country's policemen. 



30 


financial Times Monday July fti 197 ST 


Df Is. 75 JMUJX»l— 
Guaranteed Bearer Notes 1972. 
due 1976/1979 
of 

ELM INTERNATIONAL 
FINANCE COMPANY N.V. 

Amstelveen 


Third annual redemption instalment 
f Redemption Group Sc. S and So. 4JHI due 
on August 15. 1976 and August A?. /07/ rap.) 


As provided ui the Terms and Landitioits 
Redemption Group No. 2. amounting to 
Dfls. 18.750.ij00.—. has been drawn for 
redemption on August 15. 197S and 
consequently the Note which bears number 2 
and all Notes bearing * number ^hich is .4 
or a multiple of 4, plus 2 arc pavable as from 


August 15. 197$ 


at 


A^emene Bank Nederland >’-V. 

< Central Paying Agent.) 

Pierson. HeMring 4 Pierson N.V. 
Amsterdani-Rotferdani Bank N.V. 
Bank Mecs & Hope > V 
in Amsterdam: . 

.V^aDene Bank Nederland (Genere) SLA, 

. . in Genet a: 

AJgemene Bank Nederland in der Schweiz AG 

w Zuricn: 

Kredietbank S.A. Luxembowgeoiw 

in Luxembourg. 


June 2S. f97S 


HOME NEWS 



‘Coercive’: New ] oan highlights 

ACAS 
tactics 
attacked 


Nigeria’s problems 


BY MARY CAMPBELL 


State Department 
man to give U.S. 
view on Windscale 


i* 


iii" 




ii;i 


BY DAVID FISHLOCK, SCIENCE EDITOR 


announcement that possioie.^repraMnted ^**2* banks^n %neraTln mi* : Britain’* recent decision to press world » known uranium reserve*. 

“ rii> '-.^nkm-c aiJti to-laip August with sunning i ahead with plana fur an interna* have been mhioited from joining 



FRIDAY'S announcement tint posmble. nsnanud a no ten iiirown open ra put.c.p.t.cmlB.a, COVHKSIBKT tecum to .MiwnIWteVwin 
(Nigeria is to raise its second from 

LEADERS OF professional and ^ SI bn loan this year comes a i a investments, 
managerial unions representing 
SCO'. 000 people yesterday accused 
the Arbitration. Conciliation 
Advisory Service of **steamroI 

lering'^ managerial and • profes- 1 - b-en DU biisheiL rh.. uumt - - ...... 

sional people into industrial Bac?s -? dcs ° r crude oiI published by ontf . 

unions agai n st their wishes- reserve holdings together ’.litii 

suggest — 

fourth under construi-tiuii. 
lo 12 the number of 
nations represented in the 
nsi itute. 

i. „i a .. understood that the ; ” The considerable interns! n f 

front end fees will be more . The P ,an |» include ,i -6Wim u.S. nuclear organise rions in the 
attractive/ ■ mvcsirnent m a neiv- rep™** at . tivlti£ , s of , ht . Uran , lim 


-tifl 


. ltMl i figure in formulating American But Florida Power and Light. 

... _ MF fei! rrom 123 ia«f n|ar „, tn he paid over i 3® lic 5' °, a preventing proliferation an electricity aiipjil) company 

They said that ACAS would -other information suggest that 5 ec . cn :™ 10 Apni iad inter hank rate — l percent for : -hI’ Kitil three nuclear stations, and 

have to decide in the neat few i Nigeria's external finances have , '® ,a equals I00i- first four vest's and li furjejudesa moral on tun on domestic a Four'*' 

days whether to take a profes* ; recently been under considerai/.e The Naira value of exports of lhe lasI four _1 LS higher tban.u.S. reprocessing. will “e ques* i, r j n gs 

- J - _ ■■ seven I traaea on wnewicr me i.a. mhi nutiuns 


sional union to the Court of 1 strain. 


crude oil seems lo have risen rg- { U er «mt for the full seven I tioaed on wneiacr me t .a. vrui r 
Appeal over a ' recognition d is- fbe latest figurej t 0 be au^- somewhat frora^a Jow pointer years on the Iasi loan. 1 wtndsc3o iPer Br * wmi plani ‘° r 1 


aute. but to do this would be itched by the IMF show that total X37S.5xn in February to X42S.3m 
xmrrary to original conciliation ; reserve holdings fell from S3 San April, while rhe I.UF volume 
lims of the service. j in April to S2-8bn in Jlav a nd of exporu stood ai y4 

. . . _.ii . i • * In Innl nn from Q| in Fthninr. 1 


pute. 
contrary 
aims 

Mr. John Havard. secretary of: that the foreign exchange uoro- 
the Managerial, professional and'punent fell h;» Sl.Ubn 
Staff Liaison Group said: “ We i the .hvo. months, 
welcome the High Court judg-J ft is thought that . . 
menf of Mr. Justice May on June j ;«vh:ch_stood as high as S5bn-S6bn 
SO in favour of the UK As»;ocia-; in 1973-7B, were buoyed earlier 
tiDn of Professional Engineers. ; this year by drawings on toe 

■The judge ruled that the; fir ^ t ®^ n * oan ’ 
report of ACAS. which failed to i . lt , *. cle * r fr ? in , report? oy 
recommend recognition of the . international bankers that 
professional engineers' associa- ; -jJ3* r, a. wa* a heavy seLer «.*.i 
tion at the engineering works of:* 36 , international securities 
W. R Allen at Bedford, was null j market tn the spring, 
and void because ACAS bad ' It is thought that u has -o'J 


in April, up from Si in February 
between but from 106 in December. 

Bankers also say that Nigeria's 
reserves, imports have jumped drama- 
tically in recent months 


rr-ipii<'(> • 1 «'unuf» «** u«t* urauiiiiu In- 

, r-.ci th-.t vhe 7 lant aw l ,mport5S v { 11 '? as Mttute is shown by report* that 

In spue of the fie -that the 300 tonnes of spent nuclear fuel L ;. s . electrical utilities will w t 

S nnd aiear - »p iomy 2 temporary head- 


Timetable 


The timetable for the loan, 
for which a mandate was 
a '-arded to six oanks on Fnday. 


suggests that Nigeria should be margin after a 


last — - - . . 

v?H??H rk w Fa^ rrU froiu' over - ' Aqsiiranrc< quarters close tu the rnbrermce 

% JS -enJSllv ffcll! ASSUranCCS 10 m,,nilor 1110 P^ceedin- this 

do r rowed, it was generally iui Th<? (j flrern:ncnt has already week. - - 

S/hf r U |oan \vere wa tight for": slaled lhat « believes a Anti-trust regulailons have 

lhf« CrB ..successful policy Tor control ling hecn a major preoccupation «.f 

ui.s u«r*o« c .. proliferation "must go band-in- the institute since i« was funn.-d 

Nonetheless, the increase, in hand with a viable energy jwo years ago. Earlier this \c*r 


abTc to draw the money late next margins generally 
autumn. fulling led some 

The -sis lead managers ha 


period 
have 
bankers 


''^ en ( Rtr3ieg>." with the implication it m*i up three cnnimiitei^ in 
De011 ; that what may lie a viable energy mvesticate main areas of intere.-t. 
.V?' strategy for the U.S. may nut b? The Kr „_ „ nder , hl . c hairman- 


'mlsdirected itself in lav;* by . at least $1 bn -worth of locj-tcrj; aaderwniien just over SoOOm of 

ra- 1 securities while some bankers the Slbn total between them and 


giving priority to tbc preserv. . 

Uon of the Confederation of Snip- ! suggest a higher figure. 


ve argue" nn Friday night that this t or countries lacking indigenous W" Jean Veroa* - rtirertnr 

oj ™y.Xi ESSE K« or nuclear n,cl re?0,,rcc< * rf%^u£^ndTS™!5fSI 

nd tne syndicated lendin, market. Dr x>c will address the third *-*th Eleciricile dc France, is ir- 


Mo=\ it take them several weeks ^ i S wurth noting that several annual conference of the vp<tigatins uranium uippty 


nd 


building aud Engineering Unions' i of the sales' were Ui. dollar to gel together the full manage- other smaller loans recently — Uranium Institute on nuclca r domanri tak ing accuun t id faciurn 

' ment/under.vrrting grouo and to a Tbci( also involving sor 


monopoly in the engineering domestic and international fixed rnen:/under.vri:ing group and to 9 iboii also involving some , proliferation and the latent U.S. ni ' M inchidcd in priwem esiimat 

industry over their duty to! interest rale issues and D-mark ^rvparc the p.ac.nj memoran- circumstances — have [assurances for nuclear fuel based on Government furpeasrs 

encourage the extension of col-: bonds. dum and ora.l ioan agreemenL marked increases in margins. ; supplies to nations prepared to its estimates will probably in* 

lecttve representation. • Some of the sales, l! :s The loan 15 expected to he There has been one recent 1 accept iti- anti-proliferation published tbunch not before the 

further: police. 


if you think you know 
all you need to know* 
about the business you're in, 
you can forget about this ad. 


Tiie ccmRiercial standing or vour customers ana suppliers 

YE5/ivC 

Houvandvi/hatvourccmpetitorsaredcingandpiannirig 

YES/KC) 

How veu r performance compares with the competition 

VES/i'.'b 

Aiivouroptionsforinvestmentpianningormanagemenr 

YES/i\0 

N cur oppoitunities for growth by acquisition or merger 

YES 'M0 

The new markets you could be in. here or abroad 

YES/NO 


*Just some of the things you have to know 


’-vejean c.uf'Co'!"iar;o or veuf ."i£ 2 rt a r d 

& ' '/•' c amines ‘ ;-;s»Ti * i r e« : 

c;cda*:tri5/i! =.er : ;-:-: ,v^ d tea-. .'Civg the ri.'-t 
;:congracjiat5v:-ij. 

V.ec'3iiCfce:ur,:!>;=d 

C cjr in;f6ai:.-!3iv it-CifficJ:togethddcf 
t;‘.® ccrr.piexnia: i or inroniistion you nave to 


r':3ve.. robes j;g to nts'se tiie key sectors 
affeco'-.s-.c-ircusioess. 

Look fiSSir, st olt checklist and vou’i! 5* g 
v.l'ctwe mean. And that':- cniytr.e mrz of one 
trvngs vo j have to know. 

B»j: there is a sduden 10 vour problem. 

Our company infonnacicn seivi :e. 


Fast, accurate data 

Cur systems g-.e'.cj accurate ir.fo r matio."i- 


TiSt 


1 n^Gsh procedjfes v.-eVeoeveionecf 
aaori.fc s- dir.ee.' 1 ur,:coo ..it- American 
0 2:t! : c:-. . •: u can 'la - . = uo-to-r^-nv'riuta ft 05:*: riai 
information cn the ; OCO-oco OuJilciv auos&c 
.■:mpa:kcS!hSr;U!n t'.-o i VXO-GCiC 
•-•oircanici registerc'-i :.im le-cmipe: * ':d 
r -.cr s r i3f" COfTiTi ssiC’i 

• c j car get this tnronmeoon v.itr m ?Ae r i - 
TC'iji' l‘. l Of iodine :or ~r:^ . 


r-o r example the wealth cf information 
ccntsirets in a-.vScC report can be out page fc 7 
ria c'c cjTo a micrcnche. each page no b.gger 
ts'ai’ic costage stamp 

‘tra u"iS secret or our _^-!tOLir service, sne a 
rnae-nneent saver of space. An entire microfiche 
‘■Cc'*age system neec take up nc n c-re roos n ti wn 
ha»f the space eaten -c eve cea- 

- itsmatively. d‘.e r'fcmad m > oj need can 
ce suppi'.ecl ai i'laro ccpv- 


An insight into American business 


i: ‘- dii'sv.sntrg c: .5L»::*.eis h*. cu.fi 
" ,4 r: :a 1 -. 3 $ re- !:no ciie-; re tal -.ir 5 si: : „-*■ 

"r; e % .:iuaiv.e •co^t'act :. r - ye recvi'iy signed 
■.Vitr- j iC'-CSuPcincc-rporateoc .-es ,-ju 
imnvsa.'atr access to raw. nfermaron 
'* c .c"r 5 tne /vi'icic spectiv:- C“ -r.'.encan 
::.ji:ne«. .v>p inauscr --cv. : 0 :-:rr. ; a a::p ! e 
g t c- •: Y.iri ii'ie : ZiG: r.-i r .1 r: i m 


I0-K:the insight source 

“'■■arc. ai recon: ..ivon r.jsc ce A.ed o-.-eve.'’ 
omcai’ii rccisteieo -.'.icn trie jt. ; ecjnc.es ar j 
L : \cl'.arge Com^sscn. • r.ac means ever/ 

•■•c-moany quoted on tne : is* vo r '< Stco-- 
H’-ohange Amen can Stock S-chansecr Over 
Counter' -a^er j 

ivA*- are exhouscvsiv comprensrdi >» 2. j 

Ti’s* -ccntsm farmers infof 'rare' than 
vci/ci get from snv American comoan*- s res j' 2- 
A:ii‘ua I freoort to stoc ^-.olders 

T'*; ccvere-.eivchuig rrjria cornpan. : 
opera dens their croaerti?.:. tin-e number cr tde r 
scuif.'sc-curiTy ricicc'v -currenriegei procescr’Oi. 
sales and income to the name* caTanes and 
soecin c resMnsipiiins-i of e.er. ; cne efth? 
dire L r-: : arid rhe rnr-ee highest paid officer • 

Lk e-.vise. e .50, non- Amenpan cornpan 1 .' 

1 eg;stere.i v.itn the SEC has tofiie snularty 
derailed reports containing far it ye mf cii r/ax:: 
man an'.' henrs-Brrducsd dc union 
" p*sc fe disc dVdiiatie U'.rDk'Sb cur • 


The basicfacts of British business 

•f \ojVe .-iotaot*o!u:eiv sure nc.vco go scout 
it gathering Britten cjs.n«£ reformation ::-;n 0- 
■ et dms-consjmirg and costly a; unarrstanoing 
! .-msn.:s'5iricijsrne:. 

Our usive V. A a 1 .-«v:e i? dee answer. 3 

iv.'c ohchec erharo occv •.•.hc-iv.-ho and whats 
■; r-fff of ai: rt:? 3.C3C Ur.'o jplici' quoted 
CGrricar : fiE rscrcduced-rom their annual reports. 

t’.s constehtik uC-Citeo. And more. I'-goss. 
baCrc cc iSo3. '. .tT'ci ; i; !;v. - i'ualC:c' cp anvone VV*T- j 
ar. enq -• ". sz cut terr.-::- --, ; car: oerfemten 
0* e - 5” • c: m : ; a-. . ssregense - tlijmT/- 
b- -dedust!' acair.sr dc “mei zz :y 


Prciprctuica rights issue and cf^er 
documents, press cu^ngs -including 
international press coverage cf non-quote} 
ccmoanie? activities- are kect and up-dated. 

We aisc cover Channe’ ! ra:ids and isle cf i/an 
, encsncfiict in cne same ■.'. ay. Pi - ing you a 
compisK c.'ctu 'e of their opercDcns. • 


■ What it costs 

ininafiy. the minimum subscription tc t te 
entire company irfbrrnacon se-'vioe is £150 ■ 
The a Jtrage user wii find this aiiov.s fer a 
fiovv of enquiries over abour six month:- 
After that, tiieros: vjii be deterrr.msc by 
veur individual usage of rh= ser.Tce 

In seme circumstance; so hoc enquiries can 
be hanoled if pts information you need re aces to 
one of. die MIPA.C or DISCLOSUPE listed 
companies 


J 


tsd-urr. 0. 


Companies House on your doorstep 

*: ou n -a - v.sn: :: soiViStrang about cne 

or more of c e >. s ; .miKd ■: emcaaes beyond 

ore 7.030 covered c .■ ’.'S.K. 

'.Vs :a'- f.-c-'p. 

~ : 'rcugn a direct ' "■< .vch Zon-par.les Souse. 

oro. ide an mm-oace informancn -^rvice on 

a cf tr e iimirec : c^'canie-r. r&pisrered 

i:i the ; jr*. 

-.gi'n. r’ir sen/;-: c-'ves , ou m.crcfched cr 
l.arq ccc-y reports. 


60,000 companies on fBe 




Microfiche or hard copy 

chcrjc - 1 '0 1 evoiJuCi:; 1 ‘ cccesi - . 
v.e ■. - erne icveq c :? gr?ar a : , shtase. 


• u et^iiec _i .OL-gi - the-/ n ce compeniet' 

i'-' Vjtf! rsoorc me.', r.ct ts': , : j ■. cj ne^cl to 


’0 Suppiinier -.OJ r V-?A C. 01SCL0S 5P *J 
•: c:r rcs-Vs: -oust crr.oe 'tefocomoivc.ie:*:- 
-c;’—: os • :-re f'r."- ? 2 W'S. .. r c?q r.z-.:. yrr 
2 - for*! 3.-. rr. ; :: ;f cherr v.ereees 


Judge the service for yourself 


^ vc j :s5 thir.:- '-c.. • .5*.: £■' ■.on r^e d :o c.v 
?c :jc rjaneEvcu's • ■ .. = ir ,n= • qj “ z-jZ -ar 

h'.c.uedge esthetes*. 

arc v * c.-.rr ~r c.f br. b b"d 

v.5':l i*nd \ :-u a f r&= h.;v reccrt c-r w - c' 

^ :amcerc of \ vyr c" y. cowered by our 
.r l -.t.c .y.thciji wOidaO 

':Ci>J.tZTi I cr iCOacaTv Z-'b y- : -.COj-ClA 

A ai this reocn »Tt :c- ,-c-j "y/rstum or 

ccsc W'li oks vou a dear insight ''nco cne cf fastest 

" cvflettng tc V^c. / al : vet.* r. eed to ’* nar.v siscuc 

tr 1= CJS-ir. ,3ur?ir- Arc \ f >H~ of ;>rr =rr 


Sffitri’. 3Uten."h9Sua'.S5 nfcrmaDcrJ Ser-.ice 

ct csic ‘-"Tin; ijl :ra©i Cad HCiiiS. 

iO rir ncr, A r=£Z .c-r.-dori £CA” I£X 
I .iii'-:e'.:pu : ,‘Oui' loni-jri,- rearrsanvo rn ma *ag* 
ftasS sand n •• rst-m c- nost n/ free I0 / or 

'•■’• a AC rr-.i'rr-izf-ie-j r-f . Inieit the cmnoonv -:f 

Vjjr ‘.licit e. 


mI 


THE BUSINESS INFORMATION SERVICE OF THE FINANCIAL TIMES LIMITED 


graCNen nduas. ij ^armpn ^b'seb London eCSP A £/ 


Ta'epl'iwr®: C j- jAB c CvO 


Registered in London, nc*. 22'jbbii 






noiahlr example nf a 
narrowing of margins. 
France. 


spring. 


by He ip the author or a well- _ , 

! pubiiciheii letter tn the Foreign Conservation move 


nr the six lead managers | Office after flip UrndsMlr The second eo mm ittec. under 


mandated to organise lhe new j inquiry ended last au'uran alle;- »},e ehairmanshsn of Mr Vnth.inv 
loan i* is understond that I ins that the Rriti.sh Guveminent rrpv ehairman of Paneontlnnnl 
Dresdner and Nat West have : appeared inadequately informed meSSi 


well 


national Hade in uranium with 
the intentiun of providing 
Governments with advice nn hmr 

♦Vir» ituliuVe.i ’Ejllavm. Vrinlut 


agreed ».n underwrite more than [on the nuances of U.S. prolifera 
the oibers. ition policy. 

Each bank has hecn awarded j . The furmal LK reply was that 
its own role in arranging theijl believed it was very 
loan. Dresdner 
arrangements 
NatWest uill 
Manhattan Ltd 

of the loan agreement and Citi- 1 uranium suppliers and users to thp chairmanship nf Mr. 
enrp International cf preparing j forecast supply and demand for t vg r j cn vice-president 
the placing memorandum. [nuclear fuel services coincides m j no r;iIs and market in? 

First Chicaoo Lid will run the i !' r ^ announceinent of lhe fjenisun Mines nf Cattad: 


vi# N: 



No- 1 
for 

VI 111 
V III 


hook and Midland will he inj^tU-Utes hr^ Li. member. undertake 3 broad study nf 
charae of publicity arrange- ■ U.S. companies, particularly nuclear power and the environ- 
ments. the U.S uranium supp'ierc. ment. 



K •T' 

','r ' 4 

Xd 

m 

8 


las li 

j * . j " 1 ‘ • * ■ 

•ary; 


U.K. TRADE FAIRS AND EXHIBITIONS 


Date . 
Current— Julv 28 
Current— July 15. 

July H—13 

fitly 11—14 

July 12—29 

July IS— 20 

July 18—20 

July 19 — 20 


July 19—30 

July 21 — 29 ..... 

July 24—29 

July 25-27 

Aug. 2 

Aug. 13—17 

Aug. 22—24 

Aug. 26— Sep. 2- 

Sep. 3—7 

Sep. 5—7 

Sep. !7— 20 .... 

Sep. 19—21 

Sep. *24 — 27 

Sep. 24—27 


_Title ..I.... 

lmemational Wool Secretarial'* "Wool Interiors'* 

British Open Coir Championship Exhibition 

Ureal Yurkshire Agricultural Show 

BMA Annual Pharmaceutical L'xhihiUun 

Royal Tournament 

Harrogate c'Jift Fair 

Easi of England Show 

British Association for Commercial and Industrial 
Education: Training Exhibition 
World Wine Fair 
Middle East Business Expo 7S 
Brighton Antioues Fair 
Royal Wel*h Show 
Third National Sheep Demonstration 
International Gifts Fair 

Education and Communication Technology Evhit. 
International Motor Cycle Show 
International Watch and Jewellery Trade Fair 
Electronic Displays Exhibition 
Autumn Meoswear Fair 
Firefighting and Prevention Exhibition 
Men swear Association Exhibition 
International Garden and Leisure Ebdubition 


Venue 

riarltun Garden?. S'W.l 

St. Andrews 

Harrogate 

Cardiff 

Earls Court 

Harrogate 

Alwailon 


Imperial College. 5.W7 
Bristol 

Grusvenor Ht*u>e Hotel. W I 

Corn Exchange. Brighton 

Uanelwt J 

Kenilworth 

Olympia 

Holland Park School. W.S 
Karls Court 
Earls Court 

Mount Royal Hotel London 

Earls Court 

Eastbourne 

Harrogate 

Nat. Extra. Centre, Birm. 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


July IS— 26 '.. 
July 25— Aug. 
Aug. 30 — Sept. 
Sept. 5— S 


20 


Sep. 


Sep. 9 — 15 . 
Sep. II — 15 
Sep. 11—15 
Sep. 13—17 
Sep. 19—22 


Photographic anti Audio Visual Exhioitioo 

International Fair 

l«th Overseas Import Fair 

Third International Offshore North Sea Technology 
Conference :«nd Exhibition 
Int. Hardware. Tools. Household Goods and Gift- 
ware Exbn. 

International Leather Week 
International Electra and Mining Exbn. 
International Mining Exhibition 
InL Trade Exbn. fur Home Improvements 
Coffee Symposium aod Trade Fair 


Tokyo 

Damascus 

Berlin 


Stavanger 


EJisle 

Paris 

Johannesburg 

Belgrade 

Stuttgart 

Montrcaux 


BUSINESS AND MANAGEMENT CONFERENCES 


July lu ... 

July in . . 
Juiy 10—1;; 
July 10—21 

July m .... 

July 11—12 
July ti .... 


July H— 12 
■July It— l-j 


July li— 12 


July 11—12 

July ... 


July 13 
July 13— H 


July 14 


itiy 14—16 
July 17 .... 


July 17— is 

July 17—18 


July IS 
July IS 


July IS— 19 
July IS— IS 


July IS— 20 
July 19 


July 19—20 
July 20 . . 
July 23—2$ 
fuly 24—23 
July 24— 2S 


IN 24 — 25 
tUC* 2 fi . . 


fuly 27—2$ 


P-E Manufacturing & Personnel: One week's course 
on the Art of Management 
London Chamber of Commerce: Business Forum — 
Advertising -Strategy in the Middle East 
Govt, of Ontario: World Conference of Future 
Sources of Organic Raw Materials 
Financial Times: Financial Management for the 
Non-Finaneial Executive 

Anthony Skinner Management: The Lrgal Aspects 
uf Buyins 

.AMR international: Sucr&aaful Negotiating. 

Strategies and Performance 
AGB Conference Services: Taxation and the 
Higher Paid — n workshop on Fringe Benefits 
lienor fern: Cost Effective Pnnf in Marketing 
European Study Conference*: Corporate Liability 
for Defective Products (Pearson Report) 
Aathnny Skinner Management: Improving 
Einployee/Manaaement Communications. Im- 
proving Negotiating and Bargaining Skills in 
Industrial Relations 

Local Authorities Management Services: Computers 
and the Fire Service 

Ojm: Employee Relations— Unfair Dismissal and 
Redundancy 

Inst, of Marketing: Telephone Selling 
European Study Conferences: Direct Investment 
in UK 

Inst, of Marketing: A. New Approach 10 Export 
Finance 

Soc. of Indexers: 1st International Conference 
lost, of Measurement and Control: Symposium on 
Education 

Local Authorities Management Services: 
Negotiating Skills 

Bril. Inst, of Management: Effective Speaking — 
Practice and CqachSug Using Closed Circuit TV 
Inst, of Marketing: Customer Relations 
CAM Foundation: The Future Isn’t Wliat it Used 
To Be 

Oyer: EEC Freight Movement 
Anthony Skinner Management: Practical Budgetary 
Control 

BAC1E: On-thc-job Instructor Training 
Brit Inst, of Management: Negotiating With 
Unions— Techniques and Skills 
Anthony Skinner Management: Financial Aipects 
of Management for the Marketing Man 
European Study Conferences: The Consumer 
■Safety Bill/Acl 

Royal Society of Medicine: Advances in Medicine— 
Conference and Exhibition 
Brit, Inst, of Management: Management Acruununp 
fur Noo-Financia! Managers 
IUPAC: Fourth international Congress nf Pestiride 
Chemistry 

RAC1E: Training for the 'iflire 
Iradft Research Publications.. Resea rcPmc UK 
Impon Markets 

Middle East Transport. Arab Ports Conference 


Egham, Surrey- 
Cannon Street. E.C.4 
Toronto 

City University. London E.C.l 
Piccadilly Hotel. W.J 
Royal Garden Hotel, W.S 


InsL of Direelorn, S.W.l 
Mark Lane. E.C.3 


Kensington Palace Hotel. W.J, 


Cafe Royal W.J. 
Birmingham 


Royal Lancaster Hotel. W2 
London Penta Hotel, S.W.7 



London Hilton. W.l 


Cafe Royal. W.l 

Digby Stuart Coll. London 


Queen Mary Coll., London 
Leicester 


Parker Street. W.C 2t 
Londun Penta Hotel, S.W-7 


Daily Mirror. E.C.l 
lan-on-the-Park, W.J 


Caf6 Royal, W.l 
Park Crescent- W.l 


Parker Street. W.C.2 
Caff 1 Rojal. W.l 
Cavendish Centre. W 1 
Wembley Uunf. Centre 
Parker .Street. W C. 2 


W, 


Zurich 

SackvHle Hotel. Hove 


1'uvier Hotel. E f 
Gnisvcnor Houce. W.l 


St v 

ill 

»«!, 


J .? 







Financial Times Monday July 10 1$7S 



31 


home news 


i** 

f’-i * 


id i ili'v 


Renault 
spends 
£lm more 


Car sales rise 34% 
as boom continues 


BY. TERRY DODSWORTH, MOTOR INDUSTRY-CORRESPONDENT 


flTI TI/ImC CAR SALES continued at a 
R/vj buoyant level last month, up r.4 
• per cent on the same period last 
year. But importers once a sain 
rook a very high proportion of 
the rise in demand, capturing -& 

per cent of total registrations. 

The June figures, issued yes- 
terday by the Society of Motor 
. t-t ■ d tiupb » Manufacturers and Traders, show 

* * v « ER , fl . m ls being that the boom in car demand 
spent ny Renault, the French ear experienced so far this year is 
manuracturer, on expanding its not yet running out of steam. 

Keadinc onh^tw^year^after the * Althou ? h some companies feel 
£2A^£$£ «r?pSS to* »■« «-Ul dip in the latter 
, 7 ; part or the year, -they are at 

j leading importers present well on the way towards 

developing their replace-, achieving a record of -about 1 . 7 m 


Ford, with the help W its tied 


Chrysler expected 
to launch light 
truck next year 

BY TERRY DODSWORTH AND ARTHUR SMITH 


centre 

IY TERRY DODSWORTH 


Lower down the range. 


-■365. against '2.SQ6. 

S2S S as Ford Traasit ■* ■“ “““■ 

of 8.206 cars, ... 

$.342 last 

"jin comnared wilh " oii ITi ny uDvcriument mods maae avail- continue to impor 

PT - P r-v, abl * under Lhe 1976 rescue 1100 vehicle as its representative 

E. L 9 a ,? Ch P‘* ler vere 1? * Ch , fl71 e 115 besl p ° smoD since agreement in the car-derived van sector. The 

both well ahead of last year. “ a > 18ii. The vehi 

which means that the UK car 


■are cothnared with V»u*h»u ' JhiX ‘IS Zeil ear,y nm ' ear *fter a £9m Chrysler has -Is PB range of 
vear and Vauxhall development programme backed smaller panel vans. It will also 

»™« »■"■ w?"lb C <n«t« by Govemraem funds msde avail- continue to import the Simca 


vehicle, known as the 30 company apparently bas no plans 
Chrysler also increased unit Series, win be a crucial element m develop vans based on its 
°“ l P u t of 5WJ0B units in sales (from 5.937 to 9.6S1) to. in Chrysler 6 plans to redevelop present range of cars, 

tnp first Eve months is. ahead Df achieve 7.3 per cent of the its van and truck operations. Higher up the range the corn- 
iest year f 584 .000). BL Is up inarkeL These involve much greater in te- pany will continue to import 

V) li average of 13.546 Among the importers there sr 3 ^ 0 ®. ' ls production and heavier trucks made at the 
i^iHn ove I Ik ^. ve .months to was a significant decline ia the mariteung mteresie Ln Europe. Chrysler Barrel ros plant in 

14.110 and Chrysler from 3.473 j^efe ^rket Sara which The aOj,er ies alreai iy been Madrid. 

dropped from 11 per cent a year r ‘F.' vld ?_ sca ^_ e ?_ por J!: . The investment in the 50 Series 


to 3.968 Japanese market 

nient parts services to cope" with un7ts.'~° " *“ werfSSS setback tore *55? weeks* Jg **!! 2lS£ Cbrjder^ °^r eIUiSS?* coS spent^^^s^t ; i^Sfn5abS 

wereasins demand. Volkswagen. At the half-vearly stage, total *'•(& average weekly production toiaJ sales of .apanee models pan j es i n France and Spain. truck niant during ihp iotr-ioso 

SJ.S;®?* 6 - wnl1 . so °” be conceit- sales have 'already reached in M »>' dropping to 13,633 units. TOSe £?2L abn0i * 1 11 ' 000 t0 weJ1 Chryeler’s plans for the new peri od ? covered bv the Govern- 

II* 1 . "' J5f 0 v ‘ areh ? u,, "e in one S6S.957 units. Including 132.62S against 17.6SS in 1B77. °'*L. *««.» thm vehicJe eavis age two basic con- cent's rescue plan* 

c^nire after a mvesi- in June. This figure will This indicates that the figurations, giving customers the Darin- the last iwo-and-a-haU 

ment mi a new building. undoubtedly receive a consider- Taiwf Japanese com panoes are probably choice of a large panel van or a --ears ihc company's performance 

Datsun and Fiat, the other two able boost next month, which is ar g et exercising “ft 1 S“ c]t ' , Has been ratbe P r le'ss buoya™ than 

leading importers, have opened usually by far the best month of Partly because of these prob- r f? rai ^; *5? . s *' ies aJreaa 3 r * Similar products in the present predicted in the agreement with 
new centres within the past two the year. ' " ‘ " * ” ™’ ’’ 

years. The British industry so far 

this year has been unable 

if me marKPi .tor forecast 9.S00. 

ihe category just Th e CDm p anv , s a ,njine to m- 
catered for by the ' - 

Cll , . only about 500 more cars last 

E htc° P iI2fI? t month than a year ago. in spire 


Sales of Renault cars this year 



FI NANCI ALT! MES 

OVERSEAS SUBSCRIPTION RATES 

Tbe FT can be sent by. post to any address throughout 
the world. Subscribers may like icT receive ;« daily ropy. 
or one or more issues each week, for any period up fa 
one year. 

Specimen costs, m -sending a daily copy ah- a\ f^l'.o 
EUROPE (LETTER RATE! ' '' UQO.tO-jitV Jiimiin 

MIDDLE EAST. (AIR' MAIL/ • : 1151.47 pit auuum 

(Egypt. Iraq. Saadi Arabia, etc > ' 

FAR EAST I AIR MAIL) ‘ ilOdt l per .mnum 

l Australia. Japan, etc.l 

REST OF WORLD (AIR MAIL) fls'0.54 per annuns 

i U.S.A.. Canada. South Africa.' India. Singapore. Hr.i 
By surface' mail 'throughout the world an .80 pur annum 

ORDER FORM 

To ruticripLor. Meager. Fsnaaoia: Tun** 

BracVer, H«wv lu. Cannon L^rflor. z<'.ip ipv 

FiiisC adviv: «umcriD3on cos in\olv«l tcr.'in? lus.s* :<* rr-“ »• e - .* 
a4dr«u d?!o--4-: 1 

Please en:er 9:7 suOKnnuoa 10 a daii lssoc for or.-: 1: iM-Ji-sr.iji 


i tntioce my rpnuutKc far — 

Naan a ^ - 

pH.iion — 

A< 11 .- 4 M — . 


(BLOCK LETTERS PLEASE) 

P!»a'.‘ make droBUps •payable »• T:a:c- 1 ‘iJ 

P.esworea Office: Eracfrrn Hou« 10. Ca.'.-i«n s:r-.i Lond.i- LC*P <FV 
ReElBf-ml fa England No .’JT V>i 


LEGAL NOTICES 


COMPANY NOTICE 


are expected to reach about rai,!e Production to match tbe monthly total of about 23 per also be besinnfrtg to cause im- position it 

70.0fH) unit-, compared with ra P*d increase in demand. cent, compared with a target of porters xo slow dojvn their sales vehicles in 

57.00n last vear. BL Gars, for example, sold 27 per cent. drive. above that 


division has been prompted by 
the expansion in the total stock 
of the company's vehicles now on 
the roads in Britain. This has 
now reached about 500.000. 


of a growth xn the market of 
about 34.000 units. 

Similarly, a large proportion 
of Ford's extra sales tup from 
27.652 a year ago to 37.945) was 
made up of imports. Reg/.i- 
trations of home-produced Ford 

' rru~ .1. u-.i models accounted for about 

The growth of vehit.ie im- 4.000 additional units last month, 
porters representation in tne when its imports from Germany, 
spare parts industry is one ot Spain and Belgium totalled 

11.865 units. 

According to separate figures 
published by the society yester- 
day. neither Ford nor Vauxnall 
has “0 far this year managed to 
reach production levels achieved 


UK bid 


the factors behind the rapid 
expansion in component imports 
in the past two years. 

The. e e went up by we!! over 60 
per cent in value terms last year, 
and have led io a big attempt bv 


UK manufacturers to design in 1977. 
parts to capture some of the re- In May. Ford's average weekly 
placement business on foreign output was 9.456 units, against 
vehicles. 9.632 a year ago. and Vauxhall's 




CONFERENCES 


Two-day Conference on 
THE HAMBURG RULES (1978) 

ON THE CARRIAGE OF GOODS BY SEA 
to be held in LONDON on the T2th & 13th September, 1978 
On rhe 3 lit March. !97S the United Nationi Convention on the 
Cirriajte of Goodi by Sea was adopted with 68 States voting for. 
none afainsx. and Canada. Greece and Switzerland abstaining. This 
Convention would replace The Hague Rules on Bilis-of Lading.. The 
legal and insuranre implications of the new Convention are indeed 
momentous in this two-day conference experts in shipping and 
commercial law will explain the provisions, of the new Convention 
and identify the legal problems and the • implications on. the 
insurance market. 

f$r foil ait* ilj writ* w The Diretto-, 5:hccl e* Buj-r.fii * Industrial Manage- 
raenr .’I. Monrafu Suect. Po.cwan Square, londen W|H IT*. T«l; 01-242.127! 
ft 01.2*2 7448. Tel»»: 2TS7* LONPAC G Tdegnni: LONFAC LONDON ^ I 


- UK. CAR REGISTRATIONS 



June 


Five months ended June - 


1978 

% 

1077 

% 

1978 

% 

1977 

°i 

Ford'' 

37.945 

28.61 

27.652 

27.96 

239.118 

27.52 

189.830 

27.10 

BL Cars'* 

23.369 

17.62 

22.827 

23.08 

197.209 

22.69 

172.810 

24.67 

Vauxha!l K 

15,868 

1L96 

9.146 

9.52 

75.761 

8.72 

66,630 

9^1 

Chrysler* 

9.681 

7.30 

5.937 

6.00 

5S.715 

6.76 

40.960 

5.85 

Total British 

68,530 

5 1.67 

56.031 

-56.66 

460 JOS 

52.96 

397.661 

56.77 

Datsun 

-7.362 

5.55 

6,696 

6.77 

56.993 

6.56 

39.590 

5.65 

Fiat 

6,406 

4.83 

4.744 

4.80 

37.298 

■U9 

31.994 

4-57 

YTV/Audi 

6.141 

4-63 

2.722 

2.75 

32347 

3.75 

23.537 

3.36 

Renault 

4.647 

3.50 

3.787 

3.83 

36^54 

4.18 

30.352 

4J33 

Total imports 4. 

64.098 

48.33 

42.860 

43.34 

408.754 

47.04 

302.7S4 

43L23 

Grand total 

132.628 

100.00 

9SU59I 

100.00 

868.957 

100.00 

700.445 

100.00- 

- Includes cars from companies’ contiaentai associates which 
figure. T Includes imports from all sources, including ears 

companies. 

are not included 
from continental 

in tlie total UK 
associates of UK 


crease exports with ihe introduc- 
tion of the 50 Scries. 


Air shuttles earn record 


Labour clash 
likely over 
Reid selection 

A CLASH is expected at today’s 
meeting nf the Labour Party's 
organisation sub-committee over 
the selection of former Com- 
munist Mr. Jimmy Reid as 
prospective Labour candidate 
Tor Dundee East. 

Opponent? argue thai if- Mr. 
Reid's. selection is endorsed, the 
rule/, that a prospective candi- 
date must be a member of- the 
party for at least two years is 
dead-. 

-.Normally the two-year rule is 
breached- only in. “exceptional 
circumstances." such as select- 
ing a candidate for a hopeless 
seat where no others are 
• available. 

Mr. Reid; however, i? felt by 
critics tn he ■■ not sufficiently 
exceptional " ro justify a breach.. 
. - 4 - special meetine of the 

party's influential home policy 
committee has- been called for 
July 1" 10 clear up outitanriins 
15 minu.-s o* b U jj net5 before the summer 
holidays. 

, _ . J , This includes proposals for 

introduced this month ha* Civil Sen ice reform which, if 
proved ^ 013 .irrr action, espec.- adopted, would give 3 Minister 
lS "V 60 . . . • ally on the Belfast route. A total the right to remove senior civil 


BRITISH AIRWAYS earned a routes. Mr. John N cried, con- leaving v-.tbao 
record £l-3ra in revenue in one trolier UK and Ireland Division schedule. 

week from It's Glasgow.. Edia- for the airline, said. The iov .are Standby ucket 

burgh and Belfast . Shuttle The network, operated by 
sendee.- ■ '• Trident jets 

fli the week ended July 2. it f.gbtiy ib time schedule, with of ’ 842 pessengers travelled 00 servants who 'were felt to be 
carried 42.622 passengers on the about 90 per cent of departures the Ulster route during the week “obstructive." 


No. mew: u f. U7-. r . . 

In :l» HIGH CCIL'RT DF .U-STlCE 
OuuicerT DUIjic-i fomoaniM Court, ir. 
:bp *.t»tier of GIXT MABlXC TLN.VNCE 
LIXT1TED and in iht- XMrcr-' of Thr 
Cunuuaics ,\ci 

NOTICE IS HEHF.EV Gn"E\. ift.ii - 
Ferl non tor tin. W:nd:iu: up 01 ifi» it-uu- 
named Lompjn>- 'ihe Hlsh umn of 
Jusacr «'to on in- sisi dj) ->I Jun< 
19TS. prfHcrr.ed :u -hi said Lour by 
SPOTLIGHT PL'BLK. \TtONS UJIITEP 
»i-ho*c KcsiBi^r<-«i oflK-. r is siniaic- .it 
?" Caldrrwowl Sirfi-:. Loclon. S.E.I» 
ftnd that the jaid pnuion is direciod 
'0 be heard -before the Courr s-.silrw ji 
: h» Rorai Courts of Jnsili-c. Sirar.d. 
London WC3A . 2U_ on. ihe .Ulsi day .Ot 

Jnlr 19 TS. and an)- orcditor or cnn;nbii:nr) 
p! the Da Id Com pan)- dealrous to buppori 
or oppose the matnj oJ" an urder on 
the said PclfUon mai aapoar ar rhi ■. jhc 
ot hrjrmc. in person or by lus lou-id/I. 
for tlui nurpmse: and a >od) :-f the 
PeililDD «ai bo nirrJibcd by ih'- under- 
flsneff :o any creditor or contrhu'ory 
of. Mi* said nquIME; wch. oppj; 

on p^imenr lor ibO n-gulateg- charts -tor 
the samr. 

POLLARDS. 

.'•5-39 uxford STuot. 

London V.'IH ird. 

Sol njors for Jif P*i;:»vr 
• NC-TE^-ftny person who. 
appear' oii the heanns'cftmc Mid PfLtien 
must serve on. or seitd'4s post" to. .Sie 
aboie-naiTihd nuiiro m '■_yrtnns ,£>f hi: 
liueAuon »o io'da. The nitlce niusT 1UK 
the name and addrc&n of the person, or. 
if a firm the :nmc and .fttHresa or Hi-.- 
firm and mifsi he stenedVbj^UA^^rson 
or Arm. or hi-, or'-rhetr s^ildvii'. -H anyi 
and must be scneS. nr. if pO*teffT; niui: 
be sent - by-..-Hposr "-n mfBc^nr- mat ro 
reach ihe aDuie-r anted nor laier than 
four o’clock jit th- afternoon of the 
2Sth day. of jJpD-.nsTV. , ’ , 




STANLEY ELECTRIC 
CO, LTD. 

NOTiwt iei holders Vof mr?rt a -< 

DtroSITiBV rtCElhl-* (DR*. 
EVIDENCING SHARES Of COMMON 
S TOCM^ 

NOTICE IS HE RE B t ■ '<■ 

the vegr eoa :a,n 0i'>nc>’0 O* Vim S .->0 

per mar* Oiiiii to snqmns iso's * o ! 
-■e;Dtd oa«r Mjrtn 31. i9TE- hj, seen 
(omenee to ll.S S .1 ro ,mou->t> to 
US. SI7 5: n-osi 0-. EDP 

Fiirttie- -o Notice Ol Mi m ' '. 
T 9 re EOR nolari s -.sauui a.II-tt '-Ri- 
"O" 0<cicnt Cojaon NO J 1" OW- 
10 ihu joo.e d .i.icen a: e.ihei 

"the tuft.e ol ihe Dcoo-.ua’- - 

The Cha.-t Manlatur Ban- *. A . 
Woo m 4 1 c Ho»»t 
Coiemnn S:-ec: 

London ECiP wn 

or 41 ihe om;r e* i-<- Once'-tv ■ « 
Agent 

Cit..%p v.i.ib,:i «. E, i* Lj*ert- 
hOii'<» S A 

a? BojierJi-a Ro>i. 

.-TUi -smbPLfB . Cs 

I. -eme:: o* s.,."n i«i-i?iNi.:-" 

J.lD.nnOse wi-Mholdinp t4. 4t me r4te 
oi 20-., will he denuiind trgr-' tnr 
oro-.; amouni ol tne dividend unie»s i 
'orm ol afnd4.il miid> 4 ::o r - to :"r 
□CDOD.irfiv li re.ri.ed i-.ideri'rs r<*i, 
ticket 11 . f cot/nji 1 - ivi;a tsOieP J-iOitt 

has :Qnei-jded a lax i-ra:* O' 4a. , e'-. 

menl nrpfidino tor 4 IO<“E'' rate C' 

w :nhs|d.nn 14, i» Mitn eases i«' 
lower rale 01 t4, wo J id then nr ) 

aopiiea 

m :e»pc(.: -»» .n(,rii:ji.a 4 - me 
office pi me DeooVUr, in Loroon 
Um:ed Kingdom Ta* e- me acoi o- 
P-Mte late Will Ce penui-.e-l nnlw 
alhdavif.-. in me usual fp-n, rr'dFf'i'rnw 
non. -evidence <n :hc IJnilen K.ppaom 
arc longed with me DcPovt.tr> 

THE CHASE MANMA7TAM 
BANK N A 
as Oeposnar. J 

Edhu; n J 11. 1TT3 




MOTOR CARS 


' XHRIS HUMBERStONE LTD. 

offtr a rertana! of £M:h r-uH- 

ing. teightn;. r-wiyimg and 'a:a:ing 
vehicle^ to maei mdHduai rgqji-s- 
“H-nu. We a Isa offer a specialist ni-u 
wvite tor homo and export, msl-jdmj 
the supply o-' torwersion tompamenn 
him dtt Banse Rover «jft»r ki- 
WOKING !048&2) 7l#4Rf6BZB3 
TELEX B5°<S2 



X 


tuovER Leaf "cars 
• 

71*0 E W173. Kahe-a vei.« v. 
tdha... ; ia*.*i E - -epw» E- e-l. 
-ip'-n ,3io. .,»» IdACA nu -1 
n-. LI0.7P5 

230 1075 Blue f4”Vn,-i- n*l» 

C aimim: nunaa- . tJ.sSS 

■-.-‘L-:- -.n‘V.“* “"''a*. 


\ : ; ^ 


» N 

L 


Distinguished for the quality of senice it provides and distinctively marked by the 
engine that si veeps cleanly through the tail, our DC-10 is the crowning achievement of 
nearly 50 years of continuous airliner production. 

So widely used, and useable, it now I lies to more places, more often, than any other 
wide-cabin jet. 

Airlines like the remarkable reliability and fuel efficiency of the DC-10. Pa ssengers— 
more than 100,000 each day— appreciate its smooth flight, big windows, high ceilinj 
attractive lighting- and the uncommon quiet -of the cabin. 

DC-lOs serve loO cities on six continents. Take one on your next trip. You'll be 
pleased— and so will we. 




Building jetliners jnd spacecraft and 
tip.i-.ter planes occupies much of our 
* •-r.it. put it also erc.itcs .1 
healthy climate for creativity that 
c.m i icid iurpriMnp ichiills. For 
c- ample, the updcc age fedinology 
j •-. .-jf jriMiiatcd ami contained li*^uid 
l.vJiojccn on Sal urn moon iockcIs :s 
hirii applied in an improved 
hod tor cu-an >hipment of supet- 
v.«".:id liccsid natural ga? -LN’Gi.Thc 
.i si-.liiiion pcitj: produced Hy «’ s m' 



.Astronautics Company provides 
added safety tor the shipment of the 
fuel. -otters increased ca rpo loads tor 
existing .-hip designs. or ppimits 
gfcaitf idpacity in new small ships. 
\Yc can't do it alone..Our in.-ul.u ion 
materia! n'.ii?i he joined i\ith a metal 
barrier designed by Ga^-lransrort *>t" 
France, and .-l course, :? ship to carry 
it. Put it \ «>u have tanker^, or build 
them, ask u ; about insulation. 

\Yr !i know what you mean. 

Ocr rroir.^f rs. once concerned v. ith 
thp health oi a-tronauls.wcre 
r ik ou rased Jo turn their wits to 
broader problems of health care. 

The result — -m automatic system for 
idcniityins infectious organism^ in 
patier: san- pics, such as urine. 1 he 
pvstrm a:?o -.dcntiticF.tor attend:;'* 
ply.-ij^ar.r- *‘~c ar.!:bio!!cs rnoit 
likeiv io counter the malady. 



eliminate? many repetitive tasks now 
performed marnaliy. treemr techni- 
cians for rno:e u.-erul wot r- 

1 . e disposar.’e .‘est ki:.- that nyO. e 
the patient sample^ tor ana!\s> are 
1 : ! led wit r. nr o w ! h -si i m u la t i rp 
nutrient.-. Crowtl: in lhe-c hi:.- :■= 
a ltom.rjcally monitored .md n'-i.h? 

displayed to hospital person n*.-- 
ar.o printed out a - teports. The 
•• .stem has beer, awarded i D.\ 
?pprova! or its F. coli .mtibioti*. m-vde. 

Fjcj conservation is ppcomir.j a 
: ocesbity to airlines wuii soaring :<<ci 
. -■•-!<. Our Elccrronios dn i*;br u-t-s • 
.i.cital computers to crr.iif >c rni-s 
through the •.-.•iudshie/d for 
!* .lining si mu l.i tiiri.Tiu-'y re >o reaiislic 
t...?t Fedora! regulators now permit 


ground training for a dcren pilot 
training maneuvers that once 
required costiy training t lights One 
airline, using several oi our VITAL 
sv-.n m- . iaim-tue! savings ot l 
million uall**nc .* \e.ir. Systems are 










■ w being 

;Urodu*.vd tor mililaiy 


• 

1 • 

[«■>! - :•> i<-: 

liu*nt u air. tor lonnation 

Tv'.™5 

, 1. 

. 1 , 

ing .-.inn 

•r l.indingx. ,ur refuelling. 


rv 

Cl) liy ..on 

:b.it ,iil w illmul lejving 

Wf// 

t!. 

i ground. 

M.»n»:y -.i\ ed. lime i'i 



-. to. .-md - 

.Uely i* emiuni-td.I-dilv- 

n 




t.rsi!.- permitted ni^ht training only, 
p.o. li^hl systems are now being 
tin:: "n -Hal* J. For tho-r who arc 
piiois or;v!i.' Siam piiois.it'samaL'Irg. 
} ihe M-I »■*; us, sue in el sdiC-d is a 
godsend. 

Someday \ our h cl low V asr« may 

list among set - , u es. "biilar Mirror 




channeied ;o a:: .> !■. heal -S •"»: . ;ge • 
?-. -item v, nere *! 's ,i. .iil.;bii- *.-» 
g- net arc -ir.nii .m«; » Iccirj- ;!y. i-' < :'.g £ 
oiler, the Mtu i:.is 


Working !--i'.^ .iiier iiic ^ur. !■*.*.- --<'t 


This Au!o?.i;crob:c’ S;. .-icm, 
designed and but h by. 
McDonnell Douglas with test 
distr ib uted by Fisher Scienlifii 


kits 



L. 

loaners Should they do so. recall 


ot uni oiii 

nioii. M 

l.il 

mu :;■.*: 

Lh 

,il :! Ntjrted with Ihe Department 


k .ltfl'1 -1 

in-i.-l 

So 

wiu n ■. 

or 

1 nergv - •then FKI.'Ai announce- 

tin;- 

Ik o, MJ 

’oiincli 

P.i 

'ligl.i'. tin 

:ncnt Aupu-t "4. 1 ^rr of the nation's 

<•1 i 

1*. ,1- .HI 1 : : 

iiininnii 

!■:: 

. .-PT| 

ti: 

>1 solar electric generating pkint. 

I'r.i 

ommo:-.!;, 

sue* e- 

-.1 1; 

1. N\*t on 

'li 

lie design >v lee li d iva< created by a 

;i 

-p-i. i- hu 

: in tl'.c 

*>P 

pluMtion 


team ied by our Astion.uitics 
Comp-ny. Sieid ot computer- 
driven helio?:atc mirrors folkwvs the 
sun across ihe sky. reflecting its 
energy onto a tower-mounted boiler 
to generate steam. The slcam passes 
through a conventional turbine— 
presto— elec tr-Icify. E.\ces5'heatis 


ii Lhn«*lc-cy l«> tin- im -.1- «-t pc- -pie. 

] i-r nit »rr; •'im.it i«»n about ihe . 
surprising appl:i_..tions ot tcclv,-,r--o-y ■' 
taking place at McDonnell Douglas, & 
write: .McDonnell Douglas, 

Box 14516, St. Louis, MO d517S. 


YoaH expect McDonnell Douglas 
to build the reliable and popular DOIO 

...bat would you expect us tokeep 
natural gas super-cold, help train pilots 
and make electricity fawn the sun? 







52 . 


Financial Times Monday July 10 10 7 S 


Do you have 

vacancies for 

young people? 

You could find just the people you need 
through the Careers Service. 


APPOINTMENTS 


Deputy-chairman post 
at Arthur Lee & Sons 


Mr- reter 
'oeen appointed 


As an employer, you know the 
problems of recruiting young people 
to suit your needs. It can be time- 
consuming and costly. Fortunately, 
professional help could be, 
literally, just around the comer. 

Simply call your Local Careers 
Service office. 

Our staff know a good 
deal about the abilities of 
local school leavers who 
are looking for jobs. In fact, 
we were in contact with 
many of them before they 
even left school. 

With our experience and 
specialised skills, we can use 
this knowledge to identify the most suitable 
candidates. Which means you only 



have to spend a little time selecting 
from a short list 

As well as saving time. you could 
also save money. You see, there's no 
fee for this service. 

Incidentally, being part of the 
’ local education authority, we can 
also advise you on academic 
standards, apprenticeship 
schemes, day release and other 
further education, as well as on 
Government schemes to help 
unemployed youngsters. . 

So get the help of our 
experienced profession 
staff in filling vacancies fi 
young people. 

• Call your local Careers Sendee office. 

Or fill ill the coupon. 


'liter W. Ler. vho has ment changes to take place on Sons vhere he was international 
.pointed deputy chairman July 39. Managing director director of sales and martwiins 
uf ARTHUR LEE A.\D SONS. Mr. Noel Quibell retires on that to become managing director of 
continue as managing director date, but remains as non- STEINER CO lUKl. a subsidiary 
cf that company and o' the Lee executive chairman. TVo joint of the Steiner Carp, of America 
Group. managing directors nave been * 

* appointed from within the com- RACAL -RED AC announces the 

Mr. John \. Simpson, a pany. They are Mr. John appointment of Mr. David \t 
manager of Nordic Band, has Wormull. v ho \*i|l have respnn- Tarrant as marketing director 
been appointed managing direc- sibility for wholesale and retail He has a special responsibility 
tor of NORDIC ASIA, its Hong trading operations, and Mr. Peter for the operations of the company 
Kong subsidiary, from Novero- Owen, who will have responsibility fn France where a sales office is 
per l. Until that date. Mr. fur distribution, administration shortly to be established near 
Kenneth H. Atkinson will con- accounting and computer opera- Paris 
itnue as director and general uoos . * 

manager of Nordic Asia- and + Sir. Graham Tardif. mnnrcins 

■,viij then take up an appointment Mr. Danrfn Herbert Templeton director of Norman FrureU l‘K. 
ii 11 " .» “ i,n " :n London. Mr. {, as be en appointed to the Board has been appointed to the main 

Donald B. McLennan ha; resigned 0 f BRITISH EXKALOX as a non- Board of the FRIZZELL GROUP, 
.rom Nordic .Asia. executive director. Mr. Templeton ■* 

_ _ * , it, the -enior partner of Price Mr. Derrick E, Hair, who joined 

Mr. Robert Malpas. who Is Waterhouse and Cn. in Northern DARLINGTON AND -SIMPSON 

leaving the mam Board of Ireland. He is a director of a ROLLING MILLS in 15*72 as chief 
imperial Ccmicai Industries, will num her of other companies and accountant, has been appointed to 
ml the position left by Mr. a p asl president of the Institute the Board as financial director. 
Arthur 1. Mendolia. former prrsi- of chartered Accountants in Mr. John Whlnaker. secretary to 
de nt of New York based HALCON i re iand the company. i F retiring due to 

INTERNATIONAL. who ha; ill health, and Mr. John Morphy 

assumed duties as chairman and S E R V I S DOMESTIC presently’ assistant secretary, be 
chief executive officer of the APPLIANCES ia Wilkins and. comes secretary from August 1. 

Oxirane Group The appointment ^1 irrholl Group company j has * 

t« from September 1 Mr. Mendolia appointed Mr. Henry Wilkin* as Mr. I. E. Bull has been elected 
elected deputy chairman c i, a ,rman The former chtlrnimi. to the Boards of HAWKER 

Of Haicon. and Will continue to Mr Alfr0ll rhorley. will e.-.tlnue SIDPELEY CANADA. CAN ADI \X 

~t r > e *“■ mn 1,5 m a part-time capacity as deputy GENERAL TRANSIT COMPANY. 

Ih ^ chairman, and be resoonsiblc and HAWKER .INDUSTRIES as 


a vl W*l Hldlk. <f|iU t'lll UP 

Haicon R The rtd ci?ound!r f<>r thc Service subsidiary in vice-president, .finance. 


He *uc 

Hat^nr. nr r* a t„h i nmian ic Australia as well as for general cecris Mr. -V. A. Buibe. who has 
Haicon. Dr. Ralph Lands n. Is to lrade a;iM>c j a tjon relations in thc reiired Mr. G M. RyUnd lias 

UK. Mr. John Maxwell-Smith been appointed to the Board of 


be both chairman and 
executive or thc company 


chief 

Mr. 


__ ., _ - and Xlr John Moore are appointed HAWKER DE HAY1LLAND .VUS* 

; 5SJ5SS WfiSTS V. ™UA m. . finance direc, or. 

Dr. Alta, Suffer, no- preden, "SSgSj Mr. to* A F.llln, h as been 

elected p^rrident and chief exeeu 



Mr. w. Tresadcrn has been 
appointed a director of STEWART 
WRIGHTS ON UK GROUP. 



Please ask my local Careers Service office to contact me. 
Name : 


[FT 10. 7GJ 


Service L 


I 

Return to: Roger Murphy. Careers Sen ice Branch .Department of Employment. ■ 
97 Tottenham Court Rd.. London UTPOER. ' jj 


'Compuny_ 
Address 

County. 


JTel No. 


elected execut c v^presidem of as sales director and basis. is currently General 

Haicon International P M.. Charles Wilkins as marketin' manager-finance, of Lenzinc Rio- 

dii v*ctor unio of Australia. 

* 

JAMES CLARK AND EATON Mr. Simon Kornhy has sue 
announce the appointment of Mr. fwded Mr. D. A. Acland as eroup 
Dennis Clarke as manaatng chief exe*utne of W. H. SMITH 

Mr. Cyril Larkin has b^en director of its eastern division in AND SDN. Mr. Acland remains a 

appointed manufacturing director succession to Mr. Frank Miller * director 
g-.E.gqrrc* » h ° " nn « - Mr. 

for thc company'* four UK and Mr. Derrick Gould and Mr. a ppointed n on witiie ^'ha 1 rma n 
one Dutch mamffactunns plant, *Z2£ 

The Socreiarv ef ^tate for PRODUCTS (Subsidiary of the ».?.? remains a director. Sir. Alan 

Employment has appointed Mr. Walter Lawrence Group). Mr. minagin^rii.Slor^of "camrex 
Tom Jenkins, general secretary of Alan Cox has Joined the company JgJJf"-; .. ^% ma ?n 5 of, JhJ 
the Transport Salaried Staffs’ as accountant and company » ■„ ei ecuS?? dire Sir 

Association, to be an employe ^creVary. foKwIn* Use retire- »°a r d as .in e\ecuj\e director. 

Mr ‘ *'" r - *.•*. Hopkins *, b«„ 

ING BOARD He replaces * Mr. Mr. Xaokl Yamamoto ha; been ’ E SSf f IRELAND 

David MacKenrie. a former appointed a director of Toshiba npiTmmffVT .RFvrv 
general secretary of the assocra- .Dkl the Frimley-bared Britirh ? r Ski^ haTbeen^ taJSuS'in 
tion. who has resigned from the marketing .subsidiary of the develnnmMr^* 

. Toriub. Corporation, Japan. 

I. EVERSHED AND SON. Mr. Peter Kent leaves the th^DipaSnt^fciS- 

Shorehara-by-Sea food d is- branded consumer products ' m/ < C Harte. who has 

iributors. has announced manage- division of Arthur Guinness and Joined ' t j ie ' p CJ . as j, vVioniil 

— — ■ — — — — — — — — head of ime’sunent monitoring. 

was prenously financial director 

WEEK S FINANCIAL DIARY 


Parliament 
this week 

TODAY 

COMMONS — Debale on Private 
Member's motion nn future aero, 
space production pulicv. Debate 
nn preliminary draft rnmmunity 
budget and related F.VX doci. 
ments. Proceedings nr. Aiinption 
(Scotland! Rill (Lords*. National 
Health Service (Scotland 1 Bill 
and Interpretation Bill (Lordm 
LORDS— Employment Pnn»*c- 
lion Bill 1 Lords!, second rcad- 
inc. Local Government 1 Amend 
menn BUI. third reading. Inner 
Urban Areas Bill. Third readme 
SELECT COMMITTEE: Puhlir 
Accounts. Subject: The Prnpert.- 

Stirvlees Agencv. ' Witness; S\r 
Robert Cnv. fS nm. Room 1 >i *• 
TOMORROW 

COMMONS — Finance Fall. 
LORDS — Trim .md S(>'c) 

f Amendment! SUL second ivad. 
fng. House of Comninns Arinntn. 
«*ration Bill. . .second rcadm- 
Motion m anprnve I.and Drain- 
age i Scotland! Amendment 
Ordpr lS'P*. Curnnunitv Semen 
hv Offenders (Scotland 1 Bill, 
nnmmittre slasn. Tran«p<irt 
Bill, reoort it.iee. Tieh:ttn ..n 
upi« (nu, niam^pmenT. 

SFI.rCT UOMMITTKE— J.iim 
rnmniiltr" on Statutory Insiru- 
ments. ( A t»«». Ronoj 41 

wrnNGsn.w 

COMMON’S — Finance Rill, rn- 
nntninn stage" 

LOROS — Parli.'nmnt-.ry Pen- 
sions Rill, second reelin'*. Theft 
Rd! (Lords). Consider.! t>o n ,<f 
Commons nmondnteni* Hmuns 

Insulation Rill, second re-idn-? 

EniDlo,-nicnt 1 Continental Shi-Ifi 
BiH. second reading 
SELECT COMMITTEES — 
Science and Technology. Gcn-'r.il 
Furposes SuIvCom miner. Sub- 
iert: The Elcni V. Witnesse-,- 
East Anglian Lncal Authoniiet 
(10. TO am. Rnnin 11 » F.xpendi- 
(ure. Trade and ln>bisiry Sub- 
Commit tee. Subject ; Mc.i:-'iP*x to 
prevent collisions and sstrandir.-:-? 
of noxious cargo carriers n 
waters around UK. Witnesses 
British Petroleum. Shell and 
Essn. (Kl.SO am.- Room ISi. ( n 
opposed Fricaie Rill Cnnimuiee 
Tyne and Wear Pasarnger 1 ran-- 
poll Rill (4 pm, Ktn*?»i Si. Joint 
Commit lev nn Consol id a It on i’tv 
Rills. Eniployment rro>'-‘ V»n 
Bill (Lords'*. 14.^0 pm. Rovin 4i 
THURSDAY 

COMMON’S— Fin.inre Rill, rmn- 
pletion of remaining 
LORDS— Wales Bill, third read- 
ing. Motions to approve Euro- 
pean Communities (Definition i.f 
Treaties) (Joint Euro [lean Toms* 
Order 197S and European Com- 
munities 1 Privileges of lh** .limit 
European Tonis 1 Order I9TS. 

SELECT COMMITTEES — Bar* 
Relations and ln*migral:«n. Sub- 
ject: Effects nf the UK member- 
ship of the F.EC. nn Ruce Rv\a- 
tinns and Immigration Wit- 
nesses: Mr. David Lane and 
officials from Commission for 
Racial Eoualitv. (4 pm. Room 6'. 

FRIDAY 

COMMONS — Private Members' 
Rills. 


CONTRACTS AND TENDERS 


The following is a record of the principal business and ficanrial 
engagements during the week. Thc Board meetings are mainly 
for the purpose of con-iderin? dividends and official indications 2irc 
nut always available whether dividends concerned are interims or, 
final;. Tbe suh-dirisions shown below are based mainly on last 
• ear's timetable. 

TODAY D'VIDtND A INTEREST F*YM|NTS^- 

COMPANT MEETINGS— iMn Slc-ii -1 OM and A 

i*-,. T-,i* f.t-,!.* S e.u-nf-1 a .ptPd* Bed. i::T5 ISO' 


ITALY 


PROVINCIAL ADMINISTRATION 
OF LECCE 

CONTRACT BY TENDER FOR THE CARRYING OUT AND THE 
OPERATION OF A PLANT FOR THE ELIMINATION OF SOLID 
URBAN WASTE OF ALL THE MUNICIPALITIES OF THE 
PROVINCE. THE WORKS ARE FINANCED BY THE CASSA PER 
IL MEZZOGIORNO 

PROJECT 877S ESTIMATED COST: Lie. 4.150.000.000 

The present extract From thc cul for bid for the aba-c men- 
tioned works represents an inriucion to Italian and foreign com- 
panies. single or in group, wishing to participate. 

The contract cavers a complete plant, the operational start, 
the operation and the initial msimenance of the system for rhs 
elimination of solid urban wasre of all the MunicipAlitn; of :.ie 
province of Lecce and is open to any project for waste elimination 
of proven reliability and economic convenience 

Any Italian company participating singly or >n group should 
be entered in thj National Building Register for the amount of 
Civil works, while as regards the installations, lacking rhe 0 ?rr». 
spending category, rhe company’s participation mi/ be ’cccpred 
without its entry in the said Register. 

The tender? will have to be sent te Segrcrer.^ deli'A mpnni'- 
rrazione Provincial? dr Lecce, no IJ Via Umberto 1 "-’IPO LEC4E 
• Italy), to arrive not later than 12 noon on 20th February l?7n 
Upon request, the Provincial Administration v>i(l supply r^e 
companies, wirhout delay, wirh « complete copy of rhe <»|l for 
bid the contract programme ?s w ? li as 4 copy o f chc«"i W (. 
physical analyses and the composition of the w?s?e product* 

All the reqtijsts by companies will have to be written in 
Italian and sent to the address indicated abo«e 

An integral copy of rhe call for b ! d ha« been sem on 22nd 
June 1978 to the Official Publications Office of European 
Communities. 

THE SECRETARY GENERAL THE PRESIDENT 

(Dott. Pasqualc Mignone) (Prof. Pietro Licchetta) 


P 


o»-.ne evitf 
»'a-- 


Oeiiiocraiic and Popular Republic of Algeria 


MINISTRY FOR INDUSTRY AND 
ENERGY 

SOCIETE RATIONALE DE L’ELECTRICITE 
ET DU GAZ ’ 

‘ SONELGAZ ' 

DIRECTION DE LENGINEERINC 
Iniernational Invitation to Tender 

A tender has been launched by Sonelga? for the supply 
of 2001X10 (t ; .»o hundred thousand » high-’ oitage 

insulators. 

In 1 erected companies should apply to Son^igsy Bi.resu 
do Paris. 14S. Boulevard Kau^smann - 75008 - Paris - 
Franco. 

Tendera should bo sent nor i^toi than 31st Ju!: 197S 
the postmark being taken 'as evidence of the date of 
posting. 


r-.' 


Hi:i 


l., -burs'' *:.JO 
E*s; M-e-<*e 4i.:j '-v! 

Pa- -rtJtrj-ici : .1 1- 

vy.l:.j-s -A-.i R;m' H-j’w 
s.--e: Ca-a M i.SO 

Vc-.nn Brewry. V. J-|- 

S * . 1 • Jtf 

BOARP WEfl'I'iS- 
Hulls- 

3. !. = -• D Ki.'C 

v- t.-e-'-Mri-y 

CrUc 

Cro**.- H’a-- 
Utr.it “ jft 
ijiT-es- 

M.rt » O-iM-'cm 
Mar .• 1 W*S5!H 

Oil s d Asscc ims lr*er. Trj't 
j;. usorjr’i LJu--drv -Worcaits* • 

.•!;(«» 'Hei.rif- 
Irteruns! 

"dividend A IN'ERESr PAYMENTS — 


C«P*wd«e 
tc.3993 
•l .oo»i Hgill 
Cirr • John'. 


9 Rrd 


l aidto 
■'Dor-civTer- 


0 .-3o 


Dr.inij rjjrwj H.i 141J25P 

f Chi 


4-ld Mtrrlett iW|»r*» 



REPUBLIQUE DE COTE D’IVOIRE 

MINISTER E DES POSTES ET 
TELECOaiMUMCATIO-XS 



Telecommunications InternationaJes de la Cote d'Ivoire 

INTERNATIONAL INVITATION TO TENDER 

IXTELCI if launching an international Invitation to tender 
for the construction of a " Standard A INTELSAT " aerial at 
the land-based station of AKAKRO. 

Tender documents may be obtained from: Building IXTEL0I- 
CENTER— Avenue Thomasset— ABIDJAN-PLATEAU. against 
a payment of Frs. CFA SO.QOO (for t*'0 copies!. 

Tenders should not be sent later than September 2. 1&7S — 
12 a m. 


INTERVENTION BOARD FOR AGRICULTURAL PRODUCE 

INVITATION TO' LENDER 

t*Y?*S tm *.•*•& lor ..—son- - .nd J»ir». ti! Jr?"’ >t- EEC port 

o' 5 30? b*r 9«> *waf "w:-n*o »i Un.tsi Kiosrioni N>:- 5 n»i Food 

Air .5 rr« Os.fmintK o' MriH-o-i.j. ; # :n go-d ^u<:ii- sei:ond lur* 

fcia «ha:. tri.-ffi ia morv l!-»n so *. 9 ; of and 0 * m»ri*i in .-.ft«roctp/a 

pr ip lesj tr*n ■>.* centimr-rM m hi.jc.r • fosd aid g.(; of so?: *hoa; from 
t .18 Klioifoni 

The who*: is to u* 'o»*co <e e-’e. s« o ?nd ds'i.ereu witnou? dr*. ; a tn* 
Diirt r. Nfua'sCliOtT. 



Hem.? Grourn CeretM 
Himlvn House 
mg->ga?e Hill 
Loneoo NI9 SCR 


SYRIAN ARAB REPUBLIC 
GENERAL ADMINISTRATION TOR 
THE DEVELOPMENT OF THE 
EUPHRATES BASIN 
CALL FOR OFF EPS 
For The Purchase ef SO Jeans 
The General MnliHSIrdlloii ‘cr It- 


De>*l?prnsnt O' Hi# E-jphrjrrs 5as>n 
"Mina W purehas* -SO' fit? .■ jeep Yetuciss • 
■ in ar '_c.ro a nee *tf.h tf>* taliorrlnq terms' 
and iiwmcitiara: ( 

— .aoi ion* je*o :.p« utii'f* •■efiicies 1 
for transport a! <S-S. pusena?.** P.uf ] 
d-irsr. asa. 

— 10- ten j-*p r--pe ut.'lt* veYir.ies for 
Sraespirt o- t(J. 12 . sassenaers plus 1 
ir -r. 

Speelhcallom are the same tor Both typos: I 

stroi n " 1 th lor- ■ 


CONTRACTS 
AND TENDERS 

Rate: £13.00 
per single column 
centimetre 

For further details 
contact: 

FRANCIS PHILLIPS 
on 01-248 8000 
Ext. 43G 


i. oTUiPpod "iih Malar an 

3. Gear ha. l-nrsnirS a*& " Hi pass 
Yi’ltr :o cna.'ge t .2 an. mg 

* Veh icles «r»|i n* duiv •qjipped 

With hoa. in Irgn; and rj|f heav* •■“"■■“"■“efiBnPBiiooB* 
dJtv Bumpers spare —neei aim t-:c ".th . 
each unit sbo-ua be furnished to--. I 

■.sn.ctui* aocdibie in a suiU-Ole carrier. ■ ’ ■ ■■ 

io-.j ART GALLERIES 

of cost IS to h? lubmirtad i _ 

wparateis. One shop repair manual l 
■•l.h esery h*r vehicles. 

0 


-un every n.r venic.es. ■ ACHIM MOELLER GALLERY, f. Gros- 

. Ofere.1 vehicles should Us or 1978 , >=nsr Street Of! Bond Slrsst W.i. TcL: 
oroouct'on [ *93 761 T . Selection o 1 Mtcen balpllnas 

Jj. ■ MDIHSKY a«d 30th CtHTURY 

1975 alter v,hnh ‘ mSS?- 5, arMl,e 

for (cur RIoriM. . {SSJj " July. ” fKMBa * ° 


General Terms: 

1. Deadline on 31-3 
otters seal; 0 ? valid 


INTERVENTION BOARD FOR AGRICULTURAL PRODUCE 
INVITATION TO tender 

fereers j-r ten ?e- !hr iirges: juaplv antf iie'MBr * ' ’_'?*■ *- F 5C ner- 

5 300 tonne* ni,:i; -ics'.inee as Uni tea Kma*”? *'<■ » ' r r 

OUjvernmra: of Cane v-xnr. Ti-e inai.** i« oe loaded in o.e sn-o ana re>i.*red 
■niiiN'tit'* to she P:.-: Mina*:o 

The »:;oiwaiLC -a- :n* iunniv ann :»*nipsr:arie-' 1 lostr •?« sra,.n *. 
B* deiarmined si' e*»m *»tion »' »t ieiK.e-r. 


Del'Wru (arm. *me-;d| C a 


*Bt>M o» m. Italian re tender nn C n»- auin t-ndermT , « r . n ” i"f' n« onti-nen 
*r ? ri Hrann* fl Cereals-. Intern t r Mj:H pi.-rsion . oomrn i-.. 

Aqncu ^jr- 1 7 vy-sr Man Readme T-id Read t T-ng-r. 


nusr e* ?ui>xi!i*5 S-- 12 noon Tuesdiv IF jui» w 

Mjm» C,-i)wn C* va S Fuln! , i’ 1 
Ha.-nl - 
H.ijhaal* H.:i 
London N19 pen 


3. OBe-ees shn'i underrate » FuOm-t soar* 
smj as io ‘o o* the ■ aiue of the 
Offered vehreros 

* OB*rc-a shall en;K»* a MSI ol Uiclr 
eurrsn? spare parts p'.CrS vr.tfi :r.e dis- 
ceu-n n? oe onnieo oe*.-;a. 


; BROWSE A DARBY. J9. Cart 5t_. w 1. 
1 RoUi.i Phlllpsan — - We men OMervcd. 

Mon.-Fn, IQ DO- jpg, sa?. IQ .PQ.1 2.3D. 

i CHANCRE GALLERY. 5-G CorL u w.1. 
01. 7M 4626. E, hlh.il no PaiiKJno* b* 
' Mbn.pri. 10-SJO 


GREGORY FINK' 
SaM. 10-1. 


lari* r Charles) 

6“ rr. 2 icc 

F O-.ler (jonni J.5 d 

Gla^o- 9'iDcBds- Red 1 2.7'7B SS.9993 
Guinness Mahan Ln. 30C 
r.wvncdd 9'iPCBd*. Red. 12 7 78 £5.0993 

9'mcHHs. Red- 1* " ~ 

£5.0993 

Hvrro" ?'iTCBds. Red- 12 7.7B £5 0993 
Kcr.tane (nr. 1.7Sp 
K;r>;.I 0 n upon Had 9'«0vFds Rea. 12 7 
£3.0993 

Lothian 9'aocB.s. Red 1 Z 7 78 E5.0993 
Hortt; West LeKCStershirr 9'rpcBds Re; 
12 7 7B E5 3993 

pocle 9,pcBds. Red. I2 7?a £5 3993 
K A Ban stead 9 ,rr8ds. Red 
12 77a CS.0993 

S'unthortMt 9‘spcBls. Ren 1.7 
C3.099S 

St-lford 9 ipcBds Red. 12 7 73 Cn.on? 
S-iRolir 9‘iDcflds. OeiL 12 7 73 15 0993 
TenarmB 9 racBdS. Red »2 7 73 £5 093 
. Thames'd* Var. Rat* Red. 19BS £3 537- 

Beard 3 .PC RoJ. 77 -79 

THURSDAY. JULY 1J 
COMPANY MEETINGL — 

Br u* o. C ' a 72 ?,a 9TS Lo*v-r Be nit 
Street Hmtlrlev. 12 

t ShSii ,n ft w-rmci'e H*:i Wlernvce 
Hambnj- In*. Tr*si M Gisnnpsgat 


9; t-«s» l.*3 
I ajrtnYics 'T'oiras' 2.4o 
9rojks Tool Engrperir.g 1.1a 
Euan Fulp a.ed Paper : 04an 
Canadian and Foreign |nv. Tr’jjt . 33 b 
C jrat-Ra-.pjip.'i IS cts 
Dwi! iG. R.'. _ 25o 
3 "er[ v.aler 
7 rt 

ln.per.af C B rir.ical Inds 3- ocLr. ape 
LCBBOn C.Vl v 5 >Pe 53-90 3 ac-l 
Min—» Assets 2o 

Nir-teen r»e»f r-e gnf |r«, TfjSt Oi-d 
6b 

Oia S»-tp Hetn' ■ Harregafei O.^Oa’p 
S* Bit s Pestauran 1 936 p 
toll Fed RoBe-tsoe I .Bid 
Thon-van T-Lir.e Ca-F*anv 1 55 p 
/Fi Mans -yv.- Ord. O.bZSo 
TOMORRv.r 
COMPANY MEETINGS— 


E.C. II 
LCCfcer 


V E« ' Vis ' r Rcf1,e5,v Terwe 


^'Thomas'* Ch'irth *ir*e». Warring 


Arsnue Close. 1"0 Braid 5"«**. EC. 12 . ^-•ovos' Ho>ise Waiuerley .Road 

r.,WI' . d he.?isivn.rr. Mi a,IUo> y W'lmslov* 12 


MEBTiNGC — 


eOARO 
Finals: 

Brjlmh Building *ng Erg Appliances 
tl* Jncs. 

OJtlan 

Di™onJ Sfy'j. 

. Distillers 
Mtxticii <«m*r3 
S .**'•■. r a . E >‘ne?r **9 
United Gas irus. 

inlerlu’s: 
ln-p :r*pl Group 
VVrlasu *-n Ph I n 

DIVIDEND 5 INTEREST PAYMENTS — 
Agr cultural Mtg Var. Rate Has 7 1 P3 
£8-438 

Brownlee 1.76981a. 5ocP». 1.7SPC 
fv Re»dr 1 Dk P f. 3 3pc _ 

Grauibien 1 1 ’aacB&s. Red. 117“ 

i-'i-.pc __ 

Ha-nmersnutn 1 1 ‘.pcBds. Rea 117 7 

5 ,, .»dc 


leP seS ol 


2 UnSertaif* :<* pnliver 
foals fro* o' Charge. 

6 i« :»ie o' sifwi-irt a !p*trsc- n 

u» ’.CPiraii -auc snail Be pan 

S* tee SVlrw as s!*np r*i»lw 

7 A n«n. quaranc-p m rnr ineun; ol 
23003 S. P 'MuM IN'tiilli [Vr Com- 
mer;'*; Bant of 5rr-a is la he t'lPmltled 
wiln e»;n a Per rriic ouara-t-* sha'I 
Pr lubstiluled nr a guarantee or good 

t-H'l* or PI|||»I 13"- gl aaiud.C4tlQr 

■ ai.ip ii :a;.* o; Signing a :o;'t*acl 
* OBr-s a.p :g ne suh.n.^ep to ihe Ccor»i 
Afi-T.,'iisira;ian ijr ;pe D-veloP-nen; e* 

•he E-mnri;.* Rv-.a ;>*- op-lod soeCi- 
"rd aaive with an rrcnmtai au*clFca- 
>*’■*•■»» ""A .ala'ggues if'ft' e 

?Np ->^b m? . 

D -ei-.e- Ge vs!. 


V ty H vn H r # h!u £ L* C ? '^. N J' OUB ' LTD- 

5I; T0 .iw# lk F -^ n ' R f n w l. i«.- ni. 

DALE FURNITURE 6 ' T, ?"s °JniS: HI Cm” 


EXHIBITIONS 


SCULPTURE IN TIME a* A ?P1 *. 

1‘On ,1 Ai'ucmirs /on 11 Sir Irion ^alchc 
f-J a J-'- Mpn.-Fn. u,S0 a.ip.-S.jo a.m. 
Salurca., -» jo , m go o.m Aaern- 
* _ c J 6? ’ 6? N>» R-nr Stm«*. Lon- 
■*.P. « l. Tei- 31-433 


Hihist 5 .i 12 

Stree-eis of Gcdafniing. Caie Ro.ai W 

U.U.5 C-tgrch'll Hs»e» W.- II 
»jeSy n-.iilfiiu — 

Finals: 

■>wrii.-g Irds 
-:pwra«te m*»»- 
nair.ers r J.' mijh' 
lesrgred J«fs-vr 
- lu arit...-i Seu. TiaF . 

■ratvpn » it. fifihni 
..i.i.r.sjr Maun 
..r B" 1 -n !».• . 

Interims: _ . 

O. :rai Consd. I west Ts*. 

Jackson -J. H. B.i 
hvaccnerssn . Dor-aid. 

Nell *r^ Spencer 

DIVIDEND 4 INTEREST PAYMENTS — 

Arton s .pcBdi Red- 5 102 4 -‘i»pc 

8 e*a U rds£}?V.Fi:Bd£ Red 17 1 79 3:,os SL Heltns 1 1 •jotBos- Red- 11 7 79 5‘'f*oe 
Bournemouth b-tPcBds Red 17.1 79 S-.pc Soup forlrshire JISPtBds Red. 11 7 .9 

Cauebr'ejd Robe* Cra ar-d A 1.3SP V:est Oslordshire (I’uxBds. Red. 1I.TJ79 

Central Var- Rate Bds Red. 5.183 S‘'*«pc 

Churn vifrt 6 -«ceSd'.. Red. 17 179 J-’ape FRIDAY- JULY 1 * 

Cnesh.re 9pc5ds Red. 7 1.31 4 :oc COMPANY MEETINGS — 

C*i»t-r 3o;8 -i. Red. 7 t 81 d-:K Associate 1 British Poods. Connaught 

Cretn .Jamas' 3.087Sp Rooms. Great Queen Street. W.C.. 11 

Cumberland and Klisvth 10 '.p<:Bds. Red. B talus Uohm Assoc-atid. Peverll Street. 

J I 33 Sispr. Nottingham. 12 

Dtrb* Var. Bite Bds Red. 7 l SI £3.5588 DePtsply. 40. BroadwleS Street. W.. 12.95 
Dervren-vde 9tv.na-.. Red. 7 1 31 4'>dc English ana int). Trust. 117. Old Broad 

sist Midland Allied Press Ora. and A 5;reet J 30 

7 00805? M»<a me iLomfoni. 22. Hanorer Sauare, 

Sdlnburoh 5‘MKBdv Bed 17 <79 J-Vpc. W.. S 

Forest Heath 8 --ja:Gds. Rep. 17 I 79 3'»oc Y.'esfbritk Prods.. Rougemgnt Hotel. 

Gr.ndie> of Stcse iCer»m.-si 9oeP». E 2 MEETINGS — 

Marti irdshl.-e ALplBOs. Red. 17 1 79 3 .Dt Fln*1y_ _ _ 

id. and Commercial F narte D&. Ln* Elliott ■Grouo o# Peterborough 

5 ( i 5-’ a/id S *»p< Rcftiffidns inti- 

Kernet bi.neBdv. Fed. 1 7 » 7? T'-dc . 

Liverpool o-vcrBBs. B*o 17 1.79 3’apc W a*n» F asailor 
Ma.ren Hills b ipcBos Re*l 17 I 29 

3VP ( '. D?»»hursi anfl 

Noiwoart R’ pcBds. Rra 17 1 79 3 '.pc Vn> Catto 

Nor-h Cernuail 6 -.pcBds. Red. 17. 1 79 O'VIOENO A INTEREST PAYMENTS 

Altf'und I nr. 5.80 Can 0.265a 

North Twna, de 6-tPt6a«. R5d. IT I 79 Anglo- Amer-can Sec* 41 -pcPf. 1 57ipe 

J ter Associatea FiDrr ir.as. Ln 4'jpc 

iouih-varb- Z'&Bas. Rea iyi 79 3-Twe Albius Bros. iHasmrri ?.432o 
ipce-i»r inds- In H-ales -Johni Aiw* C«i. I.633£p 

Streeters pf GBOalmlrg D86P Dev“nwh ij. A' 2-125P 

surr?T Var Rate Ms. Rfd. 6 1 SB Dulton-Forshaw 1 BOSo 

C3.S63S. B-'.OCBss R«. 17 1 79 SVdc EjqI* Star !ns. 3 lZS2ee 

Tar.dridge B'. PcBds. Red. 17 1 79 3-'«pc Edinburgh Inv. Tmsl Obs. 1.. ana 2 «pc 

Taunton Deane fi-'aKBds. Rsa. 17 179 Funding S :cc 1999-2004 1 ip*. 

_3'«De _ Union i Amos' t.aa7£p 

Inceddtle 9'-Pv8ds. Red. S I R! 4i:»pc Kcl<e> Inds. i.ZSd 

_WEONE5DAY JULY 12 Lander Atlantic Inv Truit 1 TlD 

COMPANY MEETINGS-— Lucas Inds. Ln i'lac 

Piuijos Stores, Stonetteid War. Ruislip. Mai*s and Spencer ].5443p 
* _ , Morgan IJ. P.i SS cts. 

p ? ) ? n Shio.e*. FDundnrj court. Lotlbarr. Moss Engineering 0,850 
E.C. 13 SO _ Mui'heao 2 p 

Broamlee c-t"- Saw Mills Glasgo-v 12 North Midland Con*tr. q iSb 

Midland Hotel. Manchester Occidental • Petroleum 31 '« cis. 

■1-1® Pretoria Portland Cement 9 -ct». 

□erltend Stamping st. Richarc's House, Prlttharfl Serrices 0 50B5 d 
O roitw ch Worts 12.30 Ranks Hpvis McDougall 1 4S2» 

L»er Read*. H.gh Road. N. 12 Royal Worcester Lh. A-.Pt 

Foiler 'John- W*‘dor( Hole!. WC. 12 30 5-o«»Sh European ln» 1.2p 
Furness Wlthv 14.20 St Marv A»c Stockholders Ir.v Trust Id 
_ E C - 12 W-ft» 'Goorgei 0 7292p 

g«f|bmd (V/.» 7 8 Market Place W 4 Witan ln». 4. : pcPf. » 575ac 
12 30 ' V,00,i NTOk Mills Acer ng-c.i 

Hiji tPhilifi irv Tern. 

Souare S W. 2.45 

'J** 1 ■ Ltovds Hius- Aider)* 

. «aad 'iViltnslG* i 

Tf*? “* rrWSt ' B '- ,clie,sbt,, ’ v Hourg. E r 
Trujt 

1.30 


19 S*. Jarre's 


SATURDAY JULY 15 
DIVIDEND & INTEREST PAYMENTS— 

AOerdnn Trust Db. 1 'ipe 

Agricultural Mtg. 5-:PCDb. 80-85 2 vDt 
b'cPCDb 92-94 S‘»pe. S'.-pcDb. 93-95 
Z ■ pc 

----- _ A nglu- American Se'a '4 i;cLn, 2pc 

J'fsev Gen nr* 1 l--.. Tru« 2 1. Rrnad Scl1 Canada 10& cts 
Street J vt.-» 11.30 Ciiv Of-tes a jp-pi. 1.o7Soc 

P"lfl*«svijp_ Sec ir. Tijjf 1 M-n, a , 1 . cosalf Ln. 5nc 
•P.ac- E.C. 12 ' - Out Ic Inti. 0 33p 

Rwloit Hotels. Ldrogn p, r v Hot-' s r EdinBurph and Dundee I"- 5ccl*f 1 “3ei 

, * 2 , , ' ■ ‘ ■ Funflirq 5 :Pt 82-84 2-lPC 

T-piti%n European In. 4 5 CTaristle &ene r e' F u"ds Inv. Trust apcPf. ' 1.7fBC. 


te 1 


5 

Saiiar. 

Tft'.nlocw 
„ BOARD 
Finals: 

Hellas 

rie-nan -v- r. • 

Jacir-onr I 

Weed fS w . 
Inlorirns. 

Bin;., j Pfl 

Lajiirv'iae r-aii 


Edinburgh ? 


Obv 2’» ann sec 


100 aroas Street. EC.. 1 1 J 9 -""L Na»ipnat Ln. 1907 ‘A;sg 

MEETINGS — accept cen » 2 -ce 

Imperial Ch.;m cal inds S-.ocBtU. 1?bh 


7 idf 

Lemon County S ;oc E2-B4 2 ‘.o; 

m. G. Dividend F-iitfl I.7o 
Mxmtt Trust Dh I ■*« 

NptPwn Rhodesia Ape 78- Si 
MvjsalarrI Roe 78-31 IRC 
Sn’tiw-f Her Fee 1935 S- oc 
Sc-'lfSh Wuwtr. 4 -kP*. 1 *7'bi 

Oh 


PLANT & MACHINERY 
SALES • 


Description 


Telephcne 


100 TON CAPACITY COINING PRESS by 
Taylor and Challen— virtually unused — fully 
automatic— 160 s.pjn x 24 mm stroke. 

IN LINE MACHINE for simultaneous surface 
miMinj: both sides of continuous and semi- 
contint-ous cast non-ferrous stnp up to 16 " wide. 

9 DIE. 1750 FT/MIN SLIP TYPE ROD 
DRAWING MACHINE equipped with 3 speed 
203 hp drive. 2Q~ horizontal draw blocks. 

22" vertical collecting block and 1000 lb 
spooler. (Max, mict 9 mm finishing down 
to 1.6 mm capper and aluminium.) 

8 BLOCK (400 mm) IN LINE. NON5LIP WIRE 
DRAWING MACHINE In excc lent condition. 
0:?™KKi/min. variable speed IQ hp per block 
11968). 

24 l-aMETER HORIZONTAL BULL BLOCK 
By Farmer Norton I 1972). 

SLITTING LINE 500 mm x 3 mm % 3 ton capacity 

TWO VARIABLE SPEED FOUR HIGH ROLLING 
MILLS F* 6.50" wide razor blade strip 

production. 

MODERN USED ROLLING MILLS, wire ed a’d 
tube drawing plant — roll forming machines — 
slitting — flattening and cut-to-length lines — 
cold saws — presses — guillotines, etc. 

1974 FULLY AUTOMATED COLD 5AW 
by Noble S Lund with batch control. 

1970 CUT-TO-LENGTH LINE ma>. capacity 

1000 mm 2 mm x 7 tonne coil fully - j 
overhauled and in excellent condition 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
MACHINE by Farmer Norton 27"— 29”— 31” 
diameter drawbacks. 

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

6 BLOCK WIRE DRAWING MACHINE equipped j 

with 22" dia x 25 hp Drawbacks ! 

2 IS DIE MS4 WIRE DRAWING MACHINES ! 
S.OOOft/Min. with spoolers by Marshal Richards ! 

3 CWT MASSEY FORGING HAMMER 

—pneumatic single blow ! 

9 ROLL FLATTENING MACHINE i 

1.700 mm wide. 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARD-CRANE 
6-ron capacity lattice jib. ' 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLLING LINE 10" x g” rolls x 75 hp 
per roll stand. Complete with edging rolls, 
turks head flaking and fixed retailer, air 
gauging, etc. Variable tine speed -0/750 Ft/ min. 
and 0/1500 ft/min. 

NARROW STRIP 5TRAIGHTENING AND 
CUT-TO-LENGTH MACHINE (1973) by 
Thompson and Munroe. 


0?P2 -»2541 '2 3 
Teiex 336414 

0902 425** '2 '3 
Telex 536414 


090: 42541 j 2- 3 
Tele* 3364 14 


0902 42541. -'2 J 
Tele< «364l4 
0902 42541/2/3 
Telex 336414 


0902 4254! '2/3 
Telex 336414 


0902 42541- '2. 3 
Telex 336414 
0902 4254 1/2- 3 
Telex 336414 

0902 4254 1 -2/3 
Telex 336414 

0902 42541 2 3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 4254 1'2..’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 


SCHULER 200 TON HIGH SPEED BLANKING 
PRESS. Bed 48” x 40” 200 spn. Double roll 
feed stroke 35 mm. excellent condition 

TAYLOR & CHALLEN No. « DOUBLE ACTION 
DEEP DRAWING PRESS Condition as new. 

VICKERS 200 TON POWER PRESS. Bed 40" x 
36". Stroke 8 1 '. NEW COND. 

MACHINING CENTRE. Capacity Sft x 4ft. x 
3fl 5 Axes continuous path SI automatic root, 
changes. 5 tons main cable load. Main motor" 
27 hp. Had less chan one year’s use and In 
almost new comStion. For sale at one third 
of new price. 

WICKMA/4 2* ESP AUTOMATICS 196) end 1963.! 
EXCELLENT CONDITION. 

4.000 TON HYDRAULIC PRESS/ Upstroke 
between columns 92” x 52" daylight 51". 
stroke 30". 

ANKERWERK 400 TON INJECTION MOULDER. 

Reconditioned. 

UPSET FORGING MACHINE 
4” 750 tons upset pressure 

200 TON PRESS. Double action bed area 
132". x 84". 

2.000 TON PRESS. Double action bed area 

-WICKMAN lj“ Automatics 6 Spindle 


0902 42541/2/3 
Telex 3364 H 

0902 42541/2/3 
Telex 3364H 

01-928 3(31 
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 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3)31 
Telex 261771 
01-928 3131 

Telex 26 177 J 


WANTED 


MODERN USED ROLLING MILLS, wire rod j 
and tub? drawing plant— roll forming. machines ; 
—slitting— flattening and cut: to- length lines— 
cold s»ws_ presses— guillotines, etc.. 


0902 4 254 1 2'3 
Telex 336414 
















■ .'K : 






v. % 




Death by boredom can take 

several forms. 

It can strike you. as you grapple with 
a term in a life assurance brodbure. 

It can happen as you nght your way 

through the policy jargon. „ 

Even a straightforward natter with a 

salesman can be fatal. 

Relief , however; is at hand. 

After 138 years in the business we ve 

decided to make things simple, _ 

In plain and entertaining English 
we’ve produced an illustrated 96 page > 

book called “Safely in Numbers. / 

It tells you everything y° u 


should ever have to know about the 
complicated business of life assurance. 

It will be published during July by 
Hutchiosons, and will be available throu g h 
leading booksellers at £L95 . b 

At present we have a limited 
number of advance copies at a special 
pre- publication price of £1.00. It will be 


our pleasure to send, you one. 

Just send £1.00 (which includes 
packing and postage) together with your 
name and address to Provident Mutual 
(Marketing Department), at the address 
below. In the meantime, if there’s anything 
else we can do to help, call us. 

. We won't call you. 

You’ll find us approachable, friendly, 
and remarkably unstuffy. 

Provident mimiRLfi 

We falkyour language. 






Provident Mutual life Assurance Association - Founded 1840. 25-31 Moozgate, London EC2R 6BA. Teh 01-628 3332,- 




34 


OVEHSEASMARKETS 


EUROBONDS 


BY MARY CAMPBELL 


More questions than answers 


AS DEALERS a Availed the uni- 
efiiuc The Ere men EEC rued- 
in? and the Bonn summit. Hit* 
iniemaiiunai bond market scenic 
to he even closer than ever In 
some kind of iTo-ss-roadi. Bui as 
vet, there are many more ques- 
tion* than answers, and views 
on prospects for any individual 
sector of the market — as fnr ihe 
market as a whole — have seldom 
been mnre divided. 

Briefly. last week's markets 
saw a rally in straight dollar 
bonds, sparked off by the back- 
slidinc in doltar interest rates. 
At the same time, demand Tor 
dollar Hosting rate notes 
{ER\'sj remain high. One 
dealer said on Friday evpnino 
that there was no sign of an end 
To The "chronic shortage'' 

despite the heavy new issue 
• alendar. though others ques- 
tioned how long the buorn could 
la-:. 

Meanwhile, there was no sign 
nf a significant pick-up to demand 
for traditional strong currency 
bonds. 

Foreign demand for Swiss 
franc bonds was heavy enough 
easily t« absorb a rare example 
of an issue wbrch enuid be fully 
sold lo foreigners. This was the 
U'nrld Bank's SwFrs 3Wim 41 
per cent placement which was 
exempted from current restric- 
tions because the borrower is a 
development bank. Foreign 
demand fnr the current EIB 
SwFrs 100m 4i per cent issue, 
also exempted, is expected to be 
heavy too. But these issues 
represent food for a starving 

man. 


Th*- D-mark sector was hardly 
sparkling with’ the striking 

ii'rter-uijrke;. performance by 
Kobe Eily regarded as being out 
of Inc with the market 

generally. 

For the pnrposes,of the major 
discussion at The end of last 

week, these traditions; strong 
currency sectors were by- 

s(and*T>. Talk centred on Ihe 
intor-linked future for dollar 
straight and floating rale bonds, 
and on .Japanese related issues. 

Japanese . convertible issues 
arc discussed in Lex (back 
panel. 

Comments by non-Japanese 
dealers suggest that ihe gloss 
has definite!:- wum thin on yen 
foreign bonds, despite indica- 
tions of further falls in'dmnestic 
yen intere-t rates The prices 
quoted by Nomura Securities in 
its blest weekly newsletter 
(prices on which Nomura was 
apparent prepared lo trade! 
indicate only small fall* and no 
widening "f spreads between 
bid and offer prices. However, 
dealers' generally say that there 
is cniniderr-ble difficulty trying 
to sell yen bonds. 

Developments m the FRN r 
secondary market last week 
hardly indicated saturation. 


Lower quality new issues sank 
to quite big discounts. But so 
they always have. 

The less than sparking per- 
formance from the Credit 
National issue— and it did not 
perform ton badly — wax 
attributed to the lighter than 
usual terms. Other issues', offer- 
ing the traditional quarler point 
over LIBOR, were in heavy 
demand, and two which have not 
yet started trading were 
increased in size on Friday— 
Midland's from SlOOrn in SV25m 
and lndo-Suez from SSOnj to 
$40m. 

The simultaneous launching by 
Citicorp and Chase of FRN'f 
over Thursday nisht sparked off 
widespread ’ discussion. The 
issues raised three major ques- 
tions for FR.Vs: first whether 
they are the first of many U.S. 
Bank FRN issues: secondly, and 
if .so. whether U.S. Ranks will 
cho.se to follow- thp Citicorp 
route nf an issue on the domes- 
tic market which, partly for 
yield buns idem t ions and partly 
for .with-bolding tax considera- 
tions. would not be attractive for 
□dcALS. investors: and finally, 
wbeftw they mark the peak of 
tbp FRN's success. 

On the first question, few in 


BONDTKADE INDEX AND YIELD 

Ml* 

July 7 June 30 High Law 

W.OS 8.0* W-H LOS KM (M.'fl W.96 (29.6) 

KM SJU 9252 LTV SLOT (19/4) 92JB (29/6) 

EURO SOHO TURNOVER 
(nominal value in Sm.) 

U.S. dollar bond* Otter bend* . 

last week previous week hw week previous week 

931.9 U71J 227.0 18S.7 

56M 377 J) 295A ITUI 


Medium term 
Lang term 


Enroclcar 

Cedel 


London or the U.S yesterday 
doubled that other U.S. Banks 
wmild he tapping- these markets. 
First Boston, which is managing 
Citicorp's U.S. issue, said on 
• Friday that it bad already had 
conversations with several other 
financial institutions, though it 
did not know of many imminent 
issuers. 

Strictly speaking, the.-* :vo 
-are not The first of their kind — 
American Express has already 
preceded Chase as the- first U.S. 
bank- to issue Eurodollar FRN’s 
while a number were issued on 
The U.S. market in 1974. With one 
exception, however, the iatter 
all contained put options allow- 
ing investor*! to gel their bonds 
redeemed at six monthly inter- 
vaK The big differences for 
Citicorp between its new issue 
and the one it made in 1974 is 
that in the current case it is 
getting an average of 15.6-year 
money (20-year final maturity) 
while in the previous cast- it was 
getting money which i; con- 
sidered as having at six months 
maturity. 

Comparisons between the 
Chase and Cllicovp alternatives 
are tricky and probably impos- 
sible. The Chase issue is part of 
a move to diversify sources of 
capital which will also include 
a D-mark and Swiss Franc issue 
soon. The lower than usual 
spread .over LIBOR -and mini- 
mum rates are explained on the 
grounds that unlike other bank 
issuers of FRN’s. Chase is do liar- 
based. One banker involved in 
the issue claimed that for this 
reason Chase would have offered 


Financial Times Monday July 10 197$ 

CURRENT INTERNATIONAL BOND ISSUES 


Borrowers 


Amount 

; m. 


Maturity 


tighter teras than other 
borrowers, whatever the timing 
of the issue. - 

Apart from this, however, the 
Chjse iisue is a standard Euro- 
dollar FR.\\ 

Citicorp, by contrast, h aiming 
ai long-term investors inside the 
I'.S. and its issue is much closer 
to a fixed rate bond. The terms 
Citicorp will offer for the first 
ten years of the final 20 year 
maturity are not yet fixed— the 
indications are of the least 
generous possibility. However, 
should UJS. Treasury Bill rates 
never fail io the level of the 
minimum rate set then the 
Citicorp issue will be less 
generous titan the Chase issue 
unless, the relationship between 
the L'-S. Treasury Bill rate and 
LIBOR changes markedly. 

This is despite the fact that 
(he terms of the Citcorp issue 
are in facT less tight than a 
first glance suggests: the margin 
of at least I per cent will be 
fixed over the interest yield 
equivalent of six months treasury 
Bills which is currently some .10 
basis points above rhe apparent 
interest rate on T-bills which are 
issued at a discount This is the 
same as the 1974 issues except 
that then it was the three-months 
T-Bill rale which was used. 

By offering a higher minimum 
than Chase — of 6 to 7 per cent — 
Cityicorp hopes to attract 
institutional investors who want 
to include some kind of hedge 
against rising rates In their 
portfolios without sacrificing too 
much if- inflation eases and rates 
fall back. 


US. DOLLARS 
ttCredit Nat. 

{g'teed France) 
StBJJLO. 
jtArab Inc. Bank 
±t Banco de fa Nation 
‘Jtlndo-Su« 

§ Boots 
t Midi and 
ft Hydro Quebec 

I EIB 

t Chase Manhattan 

§Thom Electrical 
tCCCE ({’teed France) 
tBank Hapoalim 
tAfriean Dev. Bank 

~~ D-MARKS 
{Kobe ({‘teed japan) 
t" ’Austria 
§lzumiya 

* ‘ Daishowo Paper 
({'teed IBJ) 

5 Ricoh Co. 

Ricoh Co. 

(g’ncd Mitsubishi Bk.) 
“‘ECSC 

Corp. for Earn. Dev. 
({'teed 5. Africa) 


75 

» 

25 

30 

30 

30 

125 

100 

100 

150 

25 

50 

50 

40 

100 

100 

50 

20 

70 

30 

70 

25 


1788 

1783 

1983 

1783 

ms 

1773 

1773 

2008 

1773 

WJ 

1788 

1978 

1983 

1783 

1786 

1988 

1986 

1983 
1786 

1783 

1990 

1984 


At. life 

year* 

Coupon 

Prict 

Lead manager 

Offer 

yield 

S 

5V» 

100 

BNP 

5,32 

s 

6! , 

100 

BNP 

6.61 

5 

dj ' 

100 

UBAF, Ub. Ar. For. Bk. 

d.dl 

5 

S 

100 

ESC 

8.16 

7 

5. 

10Q 

[ndo-Suri 

5-58 . 



- 

Schroder Wagj 


IS 

Si: 

100 

ESC, C$WW, Montagu 

5.W 



w 

F. Boiton, Bache, Merrill 
Lynch' 

m 

10.5 

91 

99 

Society Generate 

9.2S 

15 

si: 

100 

Chase Man. Ltd.. 

CSWW, Orion 

5.32 


a 

- 

Hambro* 

■ 

13 

s; 

100 

Dillon Read Over. 5.32 


YEN 

''Indonesia 


lObfl 


1988 


nJ. 


SWISS FRANCS 
Accsa (g’teed Spain) 

G enosf ensdu ftfiche 
ZencraJbank 
LUXEMBOURG FRANCS 


Renault 
‘rind. Fund of Fin. 

(g'teed Finland) 
‘•BAT Int. fin. 

~ bahraIni dinars’ 

Sonatrach 


500 

250 

Z50 


1788 

1988 

1988 


A; 

7 


CSWW. Rrst Bolton 


Si 

mi 

Deutsche Bank 

5 71 

Si 

1 00 

DG-Bank 

5.75 

J5 

V 

Bay. Vcrcimbank 

“ 

5} 

99J 

Dresdner Bank 

* 

31 

100 

Commenbank 

3.535 

5J 

99 

Commerzbank 

5.43 

6 


Deutsche Bank 

6.06 


?S 


Bay. Hypotheken und 
Wechelbk. HiH Samuel 




991 


Nomura Sec. 


7.659 


40 

1988 

n-a. 

Si 

•94 

Soditic 

5-317 

100 

1993 

nJu 

41 

- 

UBS 

- 


7j 

10 


7} 

8 

8 


100 


99 


So c Gen- Alsac. B. 

Banq. Gen. du tux. 
Kredietbank Lux. 


7.75 

8.15 


1983-88 — 


81 


Gulf Int. Bank 


KUWAITI DINARS 
Kuwaiti Real Est. Bk 10 
Credit Immobilier 
(g'teed Morocco) 10 

• Net yee priori. tfSd term. 


1783-86 — 

7.9 


7i 

*1 


KUC, fin. Group of Kuw. 
KIIC, ADIC 


* Placement. -rRoatini rate note. 

ft R effete red wtk U-S. Securities and Exchange Gommitoton. 

Note Yields are calculated on A11D tests. 


C Mbihntun. § Convertible, 
f Pindnisc fund. 


Indices 


V.Y.S.A ALL COMMON 


Bit 


NEW YORK —DOW JONES 


197? 


. Jll'iV 

. 7 


ii'lv July I Jifiy !> 


, ■ I 

July i J nly ! July | July 1 • — . 

7 1 S I 5 ' a i High l !• « 

,. I_ — _r L — — 1 

S8.it B5.09 1 ; Si.W 64.40! +*.2b 


Jii 


33 


H k ■ ! Lust ' Hi;li I Iiw 


■tAi 


16 6 } 



tJuly7 

July o 

Jt.lT & 

Lftauu* intdeil 

1,869 

1.886 

1.864 

Kttet 

' 964 

59- 

369 

K,ii<i 

.... 451 

855 

1.119 

On ■h'Mfftfl .. 

.... 454 

4 35 

376 

New Hi2h»... 

— 

15 

19 

Sm t'lfti..,. 

_..i — 

45 

59 


MONTREAL 


ln- M.rn. ...i B12.tfi 80 MI 405.79 il2.8-.S18.'5 -21.64. StC.si M2.lv' iO&l./Lj 41.22 

1 . , '0<?i • Ml, | i>-[±-IIS2 ] 

R me 87.19 8 7 JO 07.20 87.22 i7.44 87.80 *'.M 07.13 . — I — 

.Vi, i (i.Tj ; ] 

Tmntpnn....' 210.25 215.50 2IE.50 2ls.42 219.86. 2K42 «!.«■ . , ..I 1 2 /j.H: . 14.24 

1 ■ iizttt-t j UriiXei 

l'n "lie- ; 1 06.46 105.07 105.28 lOS.dS- 104.94 !U4.»0 110,8- . 102.44 , I«.a2 ; 10.8b 

i ■ ■ .s,l< , i icii> ,'fwiV "i lAMlWi 

Trviint im . ! I 

■ t 34.480 24,970 24.750 11.560; lfl.100- 21.660. — 1 — I — — 

: i I 


i July ! I- lv J July ; July - — ■ — 

1 7 S' ' n ' A I • Hi- 

i.. ! ■ 


Imhiftirml 

Onnhtn^l 

100.96 10S.12 1Ja.5nre.i4 
188.70' 149. IK 18?. 75 18a.11 

najiT ilcrt. 

1 T4.8U |r H 

lp<. «. 1»- V 
»/ .-; v i 

TORONTO iA-mwii. 

1 125. S] M21J111U .1,123.6; 

l|4-.i< ilC/f 

•-'e.t 1 

JUHAJ1N£SBUJltx 

i ; i i 



ti.. |1 

224. D ! 272.0 I22J) \ 1 

,r *4. 1 

18i.Il & ft. 


tiaji- i-l lu.lejc .HrnnKwi from Au-ini 24 



Juu+aO 

JunrJS | 

Juue 15 • iYeu- ago «p} icv *-' 


5.71 

5.68 

5.58 

4.84 


STANDARD AifD POORS 




Julr .f«lv 

7 - 1 

J.iIt Ji«lv 

S 6 , 

June June ■ 

. 70 -Jj» 

tsrii 

imrt Lumpliki'n 

Rii;h i L«iw 

' Bizi, : ti.w 

Clndiiitrikl* 104.78 104.06 

ICnm|>.*li«- 04.49 81.42 

104.02. 104.9n09.iiS 105.67 

94.27 96.0? 95.53 96.67 

110.99 j 95.52 

1 ib'ii 
100.32 , 86.90 

.-..j, 

134.94 3.62 

.« IL I iii .ji e 32+ 
125. «5 k.40 

1 1 1.1 Tii -I'd 32« 


.ii.lt :• 

.Him- + 

J.iin +1 ( ' 

leai .ii,.. ■appiua.t 

ln-t. -in. ttel.l % 

■ 5- 18 

fl.ll i 

5.07 j 

4.42 

Inn. P k Katin 

8.93 

j 9.04 ! 

fl.ii j 

10.14 

Lone Oort . Pond yield 

! 8.62 

! 8.37 j 

8.32 ; 

7.60 


July • Pre 
7 . nnu; 


L372 

H'Ck 


197? 
I jm 


1 July I Pre f Mta 
I 7 - rioub | H.^u 


197: 

tn* 


AoAialni!) 484.16 

Belgium 1 n 

Demtuirkr’i flt.w 
France .tn ea.s 
GermanyCIi 795.2 
Eolland i»»i M -2 
Hoag Koag a6L42 
Ilaiv '.':i 1 

Japan • wi 45J-IS 
Singapore — 


43V tO 
9iil 
98.00 
fir .4 
194.6 
-2.7 
582.87 
F2.46 

42LU4 

SM.67 


O0lj4 
[15%! I 
lLtl.lt? ! 

'c/c i ! 

98 LS 
(9.1» I 
MA. 

/dual 
-L..7 
■ 10 j; 
r 7.0 
>9 ► 

Bi£.lSJ *J-44 
»> a * flail 
•54.24 =0.<6 
‘ lll l, 
W.l* itAXA 
ii M.lUr 

toi-67: atc.u 

6 it 1 Il-*I 


441.19 
i (#4) 
-40.44 
(Ui3> 
MM 
i6.5n 
47^ 
M2 - 

759.4 

<17.0. 
7 «r-0 

V4 t 


Spain idt, 104^5 104A4, iiv.«: r-7.cz 
I J (9.-0. f!7 i, 

Sweden -ej 579.90 a77.-»- 4a/i: a^./s 
(6.Z! li I 

8wit?erl‘dt "i 291.1 290.9 -iiu.o 

. i (*: " . •= 4. 


Indices and base deles not bate values 
100 excepi .VYSE AD Common - y> 
S'endards and Poors — 10 and Toronto 
300-1.000- (he Usi aamed bawd «n ;«t»i 

♦ Excluding bonds. =400 lit-Tkocnaj 
{400 Inds.. 40 L' unties. 40 Finance 

M Tnuupon. »9t Sydney aj’ nrd 

* I; * Be loan SE 31/ 12/M »•-! Cupetuia£-n 

SE 1/1/73. •♦+) Part* Bourse 1961. 

ntt-Commenbaiik Dec.. 1953 ist ■ \rrw:er. 
dam. industrial 1970. Cfi Rang Sent 
Bank 31/7/84. i|||[t Milan wn <ai Tokyo 
New SE 4/1/68. ibi Straits Tunes 19M 
(cl Closed. (di Madrid SE $0/12/77 
let Stockholm Industrial 1/1/5$. (ft Swtas 
Bank Corp. (ay Ummulable. 


GERMANY * 


Jn-.y : 


Pnoe 

Dai. 


or Lhl'. t Id. 


AtU i9 2*1.1 - 1 - 

Aiiiatnz I'crsicn... 47S.Sai -U.S 3L2, 3.3 


iIMW 

UA.SP_ 

d»ier 

ilH\es-U\w>.. 

4»vw Ysain-ia 
citelaO.ril.Mit 
Uommer7lBU>k.... 

I'-siiGireiim 

t>aim<ei Ori'4... 






210*1 - 1 2U.0-; 3.6 

T3i.au. -o.5 ia./t' j.i 

135.5a - i.a Id. 751 7.0 
ddl -2 28.12 4.8 

321.5. - 2.0 . IB | 2.8 

itoa - - — 

335.5 t- 0.5 2856 5.7 
77.5 f0.5 - I - 

503. b*o -2.0 '48.12' 0.6 
1453 - t L7 ' 4^ 

1.9* ~4. 14 i 4.5 


JOHANNESBURG 

MINES 


n./3 7.0 j 


LteuL-i he Bank... 30&.9u. - 1 41 28 121 4.6 
UrirdrwrK*n„. .. «4-t -2 AU. 12 3.7 

Ujckerti'jS Zerat. lBa«t -7 . . 3^6! 2.5 
lUlehodnuR.-.^.. 204.5^-0.3, 12 [■ a.f 

dniv Und ; 1233' 4-0.7 H4.B41 5./ 

Uan«ne.- 28 «4l >16^215.6 

:liv her ; la B.4 + 0.5 ; Id 

H>.«*ch...> 44.6 +0.3 : 

H unen 1S4.0 >8.3 1 9.d6; oj 

Kj i nn-i -air—.. 145.5 +2.5 14.04 4.8 

lvsrala-:t ! 317.9 a. + 1.0 25.44 S.< 

KauItxJ 286.5 k. — 1,5 ; lflJ«| 4.1 

h •> kner UM luti. 31.U -0.5 , — ■ — 

KHLt . 163.5H1 + X.5 18.761 6.1 

arut.p ’ 94 — 3 i | 

: 86s +7 25 4.7 

l.iaeatenu 100.... 1.410- 25 ! 8.9 

UtiibMM...— — 103.2 id -0.2 S-56‘ *».S 

\iA.s 206 -l • 12 j 2.9 

Muin^msnn 159.8 el +1.5 ,17.181 3.4 

UebiU^er - 227.0 rl5 10 . 2.2 

Vluncaenet l.tiuk 561 +1 18 j 1,6 

.'evaermann I4o.2+2.7 — , - 

I’witMi- HV ICv 123.3 + 2.3 — I - 

Uhi+u West, tifct / lc9.U+Q.2 25 i 6.6 

-x-bennK 269id +4 128-12: 3 2 

-i+iunif I 291.0— 0.8 i 10(2.6 

u ./aieker ! 247.8-0.2 Itt-Ste; 5.3 

(litwi .VC — J 117.3 +j.5 l/.W 7.n 

Vesu ? V77«d + 1 14U.0 

VKBA 122.7 +1.7 12 • 4.9 

t OWIH.1 W+M bw: 292 -/ 18 ; 3.1 

V+Iwmml 22 i.O -3.9; 25 6.7 


NEW YORK 


1975 

Rush tat* 


SWek 


J tilt 


36H 

24a< 

4.4* 

30ia 

as >= ; 

48 

aoi 9 

SUt* 

441, 
25 a 
34.» 
Mta ; 
35 - 

13 lg 
51a* 

52 13 

43 
51+i 
339* 
24i : 

39 
521* 
27ss 

61* 
45« 
47 4* 
it 

635* 
36+, 
20 > H ' 
341, I 
17J* • 
30 U 
251; j 
31 j, - 

*■*■« , 
17 i 

201* 
53 
5 -■ *a 
33 j 

lOT: 

27U 
56), 
26 1 L - • 

25 It. 

39'a 

29 ij 
46 t 
25", 
40T, 
21i.. 

40 
4I« 

25', 

21 
53 1; 

30 <i 
31«, 
33 
13 
15 - j 
39'.- 

16 V 
34/4 : 
167a 
21'. • 

7U 
4 I >4 
7SV 
35/4 
17 1 ? 

12 : 

29; 3 
IS 

20:-. 

59 
SS:. 

4 sl: 
!«>.■>; 
24 1 
3t 
33>i 
44 j- 

27 .- 
5S': 
58 
15-! 

30' t 
261 : 
541, 

17 
44 1» 

23 t 

13 
ra. s 
SI*; 
19 i 3 
43'. 
ZOi- 

28 ; 
2', 

44 
124* 
50 
23 >- 
25ij 

26 
44 V 
S5r, 
35-* 
M’» 
16*. 
35 « 

60 


25 

J3T a 

51U 

22i a 

23 
38 ■'* 
17'* 
17 1 = 
54 U 
1814 
23;* 
31'« 
22-a 

9'* 
39 1 ; 
34.* 
34J4 
23<g 
23^i 
21i* 
51k* 
26t, 

16 s* 

3S« 

39U 

32J* 

28'a 

571* 

277* 

13m 

241* 

10 

25s* 

17l» 

So 

19V 

8J* 

15*, 

27i* 

43i : 

23*3 

a:» 

IS Jr 
441, 

24 
201* 
34 
2Si* 
33 
22 
31.V 

14 
33 

Mi- 
20 1, 
14’., 
251; 
32Js 
Blit 

25i_. 

9 

12:: 

28i, 

13- ; 
25J, 
131- 
I6»a 

5 

38U 

5B>, 

3Uh 

14- ; 
10 '* 
241, 

1 1-J 

13., 
45/ : 
43i B 
36 

15 

18., 

29 U 
27 r; 
37> « 
20 -. 
29 L 

42 

10:; 

1-, 

18!i 

191: 

43 
Ills 

19 ii 
10 k: 
26', 
13z 
14.* 
31'< 
131, 
26 ■: 

2L 

291. 

8'; 

31<4 

18m 

Cl, 

23>; 

341; 

21 -* 

20:« 

2b 

14- 

23V 

40m 


..Abbort Lai* 

• \.iiirwo«nipb .. 
'Aetna Ldle-kCu.- 

•Air Pru-Iuctii ' 

' .AhamA ■ uni mm in 

;.ai«* - 

A :.ra. Lu.ilum ... 
Ailealieny Ponei 
jAtlinl Ibeiuivai.. 

lAiliH atonm 

:\'Ii« 1 li»'iner+ ... 
.A.MA.V. 

■ \ni>.ni»* U+HS...I 

AiiiW. V:llrtte'...j 

Aim*r. BhihI*... . I 
A nicr. Unuili-iu.1.! 

Amer. 

Amer. Cyajumblj 
A met. 1*1 At. ll'I.. 1 
Amer. Klee. IW 
A met. Exikw... J 
Amer.Unnie P^»l 
Amer. Meiliml.. ‘ 

Amer. Untur... . 

Amer. .\al. r«a.-..| 
Amer muiuImpi.., 
Amei. Mure- . .. 
Amer- lei. T«H.’ 

AoKteh 1 

.AMK 

All I- 

Al>l|**r 

.Aneluir H>x-t.in c . 
AnliMi'er Un-el... 

AmuMt Steel 

A.S.A • 

AwiU'i* 4-til 

l»n.” 

AsIiImCkIOiI 

All. K while 1. 1.. .. 
AilJo LVUt Pi'... . 

A VC 

tie. .' 

Mull I'n'lnrt* . 
.Kali (in* I! Ur 1 . 
Uank Anu+im. . 

llnllkt-J, Ti . \.V. 

Uarlrr »'il . 
Hfivlef Tnneu.'l . 
I'e-uru.-i- 1 

He-..|i.|llli>'h<il*vll 

Ui-ll* Hmvell.. . 

Iletl>li.\ 

BcnjiuiH L.jii“ -U" 
UelhleliCni Slirl. 
VVUt.-k A IV* ker. 

Ikriiij* 

Ca~Tule.. 

Htnleii 

U..IS Wariwr .... 
Mranlit Ini . 
■|Jn,«.*tt‘.V. 
bit I Myer,.. 

,Brit. Pet. AUK . 

■ Biin'li « «v ('lav. 

,llrnn-,i‘ K-k 

'liu.;rru^ krl«. . - 

niii.jm Wnli-ij. . 
UiirIlU4l...|i.MI>ll. 
Hnrn.uuli' . . .. 

Caiii|>l-HI Si«i|. . 

taim.llAU Knell u.- 
*.Bna' Kawv’ViAi.. 

■1 a IHR(|. .11. 

■. ami ex l i.-iii ial 

L arler Ha -i i,-, 
i aU-ri,illai rmi-l- 
(.!*■». ■ 
S.el*ite- , ':l'.>rt>it . 

kl-lltlHl A S.V; 

...Tin 1 it! /"«?■>.. . 
;c"in Stnnnii 

i.lm.i: Manual lau 

Un-idloll bi. '1 

•.jim-Jirpli K-'-l". 

•« in— -ii; >\ -I tan. 

*. Iiim;' 1 Urt.iai- 

■ nil '!tff 

CsHtima*. 

•- iu--. MlUiP.II 
■. ilnort 1 -.-. 

.Ulnw Ten tie.. 
i.iiv lii'e-itiia 

L-.n t --la 

■.'■luai,; 

CuUuia Atkiuatl.. 

II<I<IIIII<W I Ml' . 

■/'•■■iliiUM I’ii-i. . 



tj.itttlai'1 i"ii Kii-_. 
v - .<iiK>ii«in'n bi. 
I.’wiM.'IIi hi.(l.->.||. 

i.:'tu‘».'rliyil lln. 

1 . ••■■ini. .-Mii-liiu. 
•iii|nir. , l , 5.-ii.|i..-e 
Uiu* lu“_ 

1 .: 111 a.. .. 

' Vli.lj‘l««i 
I'lll-'ll fi«l. 

Ci li.'.l N»l. t.,n^. 

I vn.'illiliT l\mer' 

■i ■■ .ni iqijiitnl lira. 
t_V.nl l<u:ni at 
1 . ■+lti>14<ilnl lei^ 
li.nin.i IHtu, . 

Cupper Indu* .... 


Ma 

Hlph ; U)w 


Muck 


July 


a2 

.ao:* 

59Sfl 

27U 

*6.'-, 

40'g 

17!j 

161* 

35a* 

23 

n3l* 

33J, 

Z/l, 

12l 2 

50 

477* 

42 
28i* 

23U 
3b: B 
285, 
27 
5m 
411, 
411* 
aS:* 
68 m 
all, 
17.* 
a2Ja 

14 
291, 

2. 3* 

29), 

2m 

17 

141, 
33 
481* 
29 1, 
y 

341; 

641.. 
23*1 
221; 
35.V 

37 

43 
25 
36->* 
IBJ, 
38l| 

22 ip 

IBS, 
52 3h 
25I-; 
231 1 
28^ 
13 
141, 
C6I, 

155* 
33s* 
14.', 
17. » 
61, 

371.. 
72 J, 
53', 
101 . 
111;. 
27 '» 

15 
17.* 
56M 
W-.* 
4L 
Ifci? 

20M 

■a6*« 

3vj'i 

58M 

Hit 

29. j 
ai 

10->i 

j v 
Z9-', 
25 
49 In 
151-J 
4IJq 

sou 

liu 

s8i* 

I9ls 

lfaj« 

59 

IS-', 

27!* 

at.. 

401* 

iu..i 

38 <i 
2U 
231* 
24 1 j 
3t j.i 

c3M 

38m 

feS’, 

15M 

32 

b4;> 


61 U ; 464 
53 4 424 
33S« 245, 

28>, I 224 
34V 29«s 


424 

211, 

28i; 

453, 

34 

26 4 

IS-, 

241, 

16*, 

29 

164 

521, 

44S* 

471* 

275* 

35 
467* 

12lJa 

314 

251, 

124 

58 

401, 

274* 
17i, 
35ia 
581; - 
26i, : 
401, 
si* ; 

27 
32 J* 
23.y, , 

49 i h : 
37 Sy . 
40 Bh • 
16 

50 

33J, ; 

27:* 

32'.? 

26i, - 
6H;. . 
221* , 
39'w ■ 
101. ■ 
24M 
32w ; 
121* , 

14l ( . 1 
44-, ; 
1U+, , 
30>, . 

7^| 
54 .V \ 
i2J« I 


;l>miB)t Miav...., 56 
if PC Inl'n’tiuna] 47,?s 

'Crane ! 271: 

lCrwikeO .Nat .. 25', 
:Ctn\t'nXeueii<aei,- 31i, 
;Ci,mmiu- Kcu-me' 375, 
,Ctmt" MVnsht..., ItoJa 


, 331a 
I 18ts 

193, 

34 
25 
225, 

91 8 
161, 

151# 

23 
ili« 

505* 

315* 

50 
223« 

25 
56*8 
971* 

12«a 
164 
6 

411, 

55 

105, 

1456 
255* 

295* 

185* 

27Sh 
2la 
215, 

2b >■ 

10 
43>t 

23 
34 

15 

24 

16 
10/B 
ZB.', 

30*8 

201- K-.M.i 

405a K-.'i-l M\.l v- 

X7 e.-u-mnt Mck. . . 

2758 

7^ FrankI:,. llmi, 
181* jf**a:|a».i Mineral 
24 1, I'rneliaiil . . .. 

81) ;l ei,ui. In.lh 


Wit 

Hizh Low 


Slock 




Dana. 

. Uart ImlUKirlenJ 

,l«eere ' 

Del 3li>«e — : 

lUettuna 

iUeni'pl* Inter... I 
jUeln.it KiliMiii....; 
,Uuinii..ni! •'hanirki 

UlL-tauhnne j 

(Difiila Ivjiiiiu J 

Dime., 'Hull 

'Ilxt'er, 4<r|<i|.. ... 
IIAih Ciienibwi....! 

T»«S, ! 

IDlX-rapr 

.Dn|a<al. 

:U\m.< |n.|,i+iriMl 

|mk'v Kadiei ' 

;2a«l Airliner 

;Kaetman Ki.Uk.J 
’Baton ! 

K. G. X 

'HI 1'afti .\»l. (i,.| 

Klim 1 

Knierw® Kkviric' 
Kotvi^'AIrlVi^tit 

Kuiliart 

(K.M.i 

iKncuiliHH ! 

Irtumri. 

Kill., I , 

ifcwull ■ 

;t Anvil IWJ ntnent. 
jKi.t, IVpi. More- 
it’ll f4»ni.. Tiir 
K*l. Aat. tkMion.- 

•Fl.’ii \'*n 

'Finn koto 

'Klorwtai r>wiM .. 

1 F1,i.t 


32 

661 + 

20'«* 

32 

31 

37., 
H'S 

281, 

45 

29'.'« 

22 ., 
17m 
3 0;. 
28-1 

91* 

3l*r. 

14i, 

26 i.i 
b3.'* 
67i* 
3B= 1 
17m 
61 », 

40 
29>i 

85 m 

19'. 
59 'a 
59 
13V 
34-* 

27 + 
J2'a 
I7i, 
2b'* 
42 m 
63M 

41 J* 
161 

273‘- 
26 V 
39* 
431/ 
as 
18 
44 1, 

37 

id/, 

32V 

IV 

30>u 

IS 1 , 

33!* 


101 , 

343, 

8.6 

221 , 

ins 

3758 

44IH 

36m 

26*, 

37ia 

181* 

24 

283fl 

22*8 

3<J 

23i, 

351, 

251, 

19 

I5n 

2«-a 

23m 

B« 

22': 

121n 

11 

23 
S4:g 

32 
14’* 

33 m 
54 

24 

61-* 
14 1, 

SOS.- 

43.4 

111/ 

22,/ 

23-, 

101. 

10-, 

20m 

34M 

50'.; 

33.; 

12:, 

, 2351; 
20/, 
261: 
56't 
- Sum 
131; 

35a; 
26 1, 
6j, 
27 
I 

37m 

10/, 

; 27i, 


fi.x.y : 

’iiaunri, 

lii’ii. \ mer. Int. 

'..A.l.A 

t i •••ii. 1 ‘ahle . . 
•Mini. Jlyna'i’U".. 

I jell. Kl.wlrll’s. .. 

jl.ien. It ■ <lr _ 

iMon^iHi Mill' 

fienerai .IN.,' .. 
'tn. 11 . l*nl.. 1. HI...' 

iU'JI. blurnil 

•'•an. Tel. blevi..^ 

tieli. TviV- 

(ll’llw.’. 

'(■p'lsiii rtiriiii'. ■ 

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28 Kai*vi Alnrnini'mt 
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195* iKenneouCL 

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334 I'ft'.’iftr I'eticieuaj' 
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.47; 


424, 

34 jleaaur. 

403, 

201 ? , 

16+a .lurvulo OoinJJfc. 

laS, 

16 

133a llnm- ton 1'ipr till 

i-ia 

luM 

' l ntn ■ UuunLUn-' 

y 

14lt! 

10 ■ 

114 

153* 

1U -luiunUfi' 

• li-t 

81; 

7 l Li. — i'€*jv.U iiit-t 1 


33.1 • 

ZB®® Biran»„. 1 

a-- 


UiJ 

1B4 


101 } 

134 


AVer I L\« r I ran 

Itfcp i.nlihj.. . . 


r Bid : Ajkcd f Traded. I Kew 


!■ 
l M 

Sun*.. 


July V 

Rand 

+or- 

Amcio American Oorpn. ._ 

3.70 

+■0.03 

Charter CoiwoMurd ..... 

3 56 


East Ortcfontcin 

12.13 


Elsbmv 

1 S8 

-+Q.82 

Harmony 

b.-ll 

— U.82 

Klnnus 


+ U.03 

KlooF 

9.;li 

+0.20 

Rnfienbura PUiumuh 

1.43 

-OK 

Si. Heli-na 

(15.20 

-OJ0 

Soathraai 

h.S5 

-tela 

Gold l-ields S.3 

323.30 


Union Corporation 

4 in 

T*IIS 

De Beer* Deferred 

« ;n 

-e.w 

SLrvooraimcfit 

5110 


East Hand Ply. 

4. .10 

-0.10 

Free Stale Geduld 

S>.ail 

■c Ban 

Presidetii Brand 

llt+eo 


President Stem 

12.211 

- n.oo, 

Sriirontein 

4 93 

i-d.iW 

Welkom 

■4 Ml 

-II. ba 

West Drlefonteln 

3U.73 

4 0J3 

Western Boldines 

:M.un 

+ 040 

Western Deep 

14 00 


INDUSTRIALS 


AKCI 

2.T3 

+0.83 

Anglo- Amer. Industrial ... 

IU.25 


Barlou- Rand 

4.15 

-8.U2 

CNA Invosiments 

1.7S 


■.^irric Finance 

II Ml 


Dr Beers Industrial 

1 10.SU 


I'daai-ft Consolidated Ini' 

,1.211 


£dsus Stores 

127.00 


^terKeady SA 

tt.711 


frderalc Volksbelesslns . 

i.:o 

+aoj 

(ireal'.-rmans Siores 



Guardian Assuranee (SAi 

2.00 

— OJB 

ffuirit* 

ISO 

-IBS 

LTA 

215 


Mi-Oulh » Rod way ........... 

OSS 

+0.83 

N'edBaoJt . 

S..-3 

'.“0.02 

uK Baaaar* 

730 

+0 03 

Premier MiUms 

19.00 


Pteluru Cement 

13.53 


Protea HoldliiKs ... — 

128 

-km 

Rand Mines Properties ... 

2J0 


nrrnftrxndr Group . . — 

x-a 

+0.13 

SAPPI 

2.12 

+0.02 

r. G Smith Sugar 

s.uo 

“0.05 

SA Breweries 

1.44 

+0.02 

Unisec 

1.13 

-Oil 

Securities Rand SU.S.0.69J . 


AUSTRALIA 


J HlV 


- _ . I 

.+■ 


PARK 


And. c — 


July 7 


At. MIL ter >+<iV. 

Irtun \u irj ia ' 

A'ual Slue, trie- ln-l»- v l 

\|D|W . 

Am)** Pdmni'u ' 

l.+r. Ummi 

A— uc. l*u-|. ISin *1 '. 

A— or?. i.<m. In ii.-i.rie- _ 

Au-rJ'iain.taiiMii Jrireai..,.- 

A. N.l 

Aii’liuicn. 

Vu-t. nil ,t liv- ............ • 

Uainloi Cr.- t. litml.... 


AMSTERDAM 

July 7 


;• Price | + ue 1 Uiv.-Yln. 
J Fifc | — ! % i J 


Vi mi in i.Fi.eUi 104.3+0.6 ■ >38/6.4 

AknjIPiJJOL I 28.3—0.4 - ■ ~ 

X um HnktF .J0Q( 364.8, +U.1 23.S 8.41 

\MkV (K.-lOi ] 81.7 m: a„ I 6.1 TOKTO J 

Vmruliank ,K>.L0)j 75.5:-. i JA.bj 5.9 

li'jtmkun j 94.6 x 1.5 . 26 ' 5.H 

HkihnW*'t*aiiF<0)| 110.6 +2.0 1 82^ 7.0 
itubjiu reuerade 71.5— U.5; 2o . 7.3 

LlaevtarV ,F ^u>.| 278.0 / 'ili'i 2.0 

131.8. I 37.SI 5.7 

68.7t— 4J.1 . 94.* 5.0 
37.5; I 1 n * 

ioai— 0.2 


Biuken Km Pn^-netflrv... 1 

SR -Ctitb 

torkon L'ntbftt Bivcrerv.... 

L. J. Ui. t - 

OlKSh 

Cockhuin to'dieni 

Uiu - . Citfci(i’’.i» Imt... . 

Cootauter ibh 

umeiiie 

IShtam A.irtraa-t 1 

Utuiriip KuN+i All 

KmUR j 

Kuier-stuiiii 

t.iS. Irhiu-ine- 

Vi erl. Prtipcnv lru*t t 

damn-iet 

Hunker 

U.T Aurinlui. 

lmer-c>'p)ftn 

Jenniiu;. liiitu'lnM.. 

Julies life, 1 . 1 . : 

Lr-IIIMlii 

Mela I a Kxi.l.ir® | i>.n 

UIU HiiMmua.,... 

Myei fcaiporinia. ! 

Nev« 

Miah..h* IntenutiuMial. 1 

AurtU Uinkenfl'dintta ibChtj 

UaJtbri.lat — 

Oil senreh 

'.*uer K+plL+atw a._ • tO.37 

I'htaeer Uini-i+rrv.....^ ' ll.=2 

lievLiu A toloian J2.90 

U. t . aleifib JU./U 

-KHilblaxpl M:iwM' - t0.31 

3)or^en Uiptnnfctlnn • t0.35 

l.iuflb fSi tl.83 

Walton} rO.8? 

IVesi+tn Alt nine dOeastl* #1.55 
IV.mi n ttrth*- - 1 1 .92 


tkl.e4 
rO.t-6 
id. 10 

to 79 
i 1.1J 
rl.24 
1 1.63 
II. 5 
1 1 4a 
1 J.4i/ 
tU.50 
lU.. 5 
Tl 5 

1 1.25 
M.iO 
r7.26 
tl 20 
ti.75 
T'd.O 
T2J99 
TI.8S 
14.10 
T2.V0 
t2.50 
tl.iO 
11.36 
10.92 

12.25 
12.48. 
1 1.0b 
W.10 
10 .73 
12.12 
,10.27 
11.18 
tl. 17 
10.2 f 
10.1,8 
13.. 8 
tl.72 
U!.30 
tO.B5 
11.28 
Tl.72 
tO. 13 


'fl.Ol'- Bente ,4 — 

... ■ All*|«ll-I|A*.M<'| f | 

• All I.igiihi 

AmU.Ihiiw ‘ 

I'll 

tftli.VBliift 

' .v. Oeivt,.... ■ 

1 1 'snreint 11 . 
v .li.lt 

1 .i.L .1 mic . ... 

' Vli’Miimii,’..,,, 

t 'ti!* .lledid-i i 

.1101 A r *' ,rt Fr’i 1 
j' .Vn-wiI Lure..... 

” . I'lllUcV 

J '* • Ft. Putl.it. s 

.’""j' Gen. U t-kietiiA . ! 


r - I Itil. V.’l. 

- ti- 

745 1 -0.9 41; 0.6 

a 72.0 -5.a ji.ir- j.7 
311 1-9 IOJ 3 3 


■t'J,i S 

-o.u} : 


-■A ■ 


24 


14 


•'o.2r 
500 r' . 17 U. t 
899 -2 4U 
54b 
1.600 
552 
1..45 
324.C 
4 15.5 
127 


23 

5 

1 

r 5.5 
■ 12.5 
• 5 




31.: 

IO.M> 


s.n 

4.8 

4 .; 
(A 
4. . 
B.9 
..a 
.1.7 
L’ I 
4 


758 I 
t;B- j 
IBs. j 


l.ds 
I-J 
2.2 - 
3 1S./3 -»4 

5 14. 1C lu T 

. . 8..*; 4.a 


■ 1* yum.ii.reL.^.. 

1*9 “ i6.i 




lf9«f j- b-0 

ib.:; 

8.8 

. '.LUw. 

810 ! +^5 

la.-* 

i.O 

• ti-eranrt 

l.cAJ | - 30 

ab.i* 


ttin .int Ptienix. 

485...- a 

19.- 

ti J 

^ .Vi Uidw-Hn "If - .. , 

l.lie.7 , - 7 

32.ai 


; -Uu.-t Hennr««ei 

500.0 - 4.8 

12.® 

2.3 

j M.a. iuei 

153.2 * 2.7 

3 

1.9 


lb6.8 -SB 

l..:9 12 0 


63 : 1. 1 

7.b 

9.0 

IV, ii.»l-|f|. 

258.0- + 10.2 

7.5 

2.9 


4*2.4.-, 3.4 

li.li 

4 i 

— P-..iftiii 

217.0, + U.1 




419. S + 14,5 

30 ' 

6.4 


318 ,-B 

50 , 

D 7 


-0.01 


( itlHNir lAitllete ..., 

1 SI. 

| -hi* Uii-ftisn..' ....' 

I -»ie* • ■ 

j leirnir>«iuqne-.... 
1 iln>nt*.>ii Hntni.i. 

‘ V-llhS ’ 


-B.ol ' VIENNA 


100.K- 0.8 5 . SMI 

142.2 j Z 5 . H.bS IO. S 
1.630 . ... Ay ' 3.A 
267.51 a 5.5 Ub.rr 9.5 
720 <-3 2t».b 3.S 

21 1.9, c li.U lb. 15 7.J 
24.0] y 2.4 - j - 


^ [ July 7 . 

Puce 
i * 


uu. 

t 

A*i. 

•L 

^ . v' red uaitftwd. ...... 

342 

• 

10 

2 a 


s&a 


w* 

A.A 

‘ soft* 

^ “ riei.ii+nt .... -... 

605 

1 

38 

7.9 

90 

T I 

-- 



201 

Ti 

ft. 

4 0 

brazil' 

.Ifl' 2 

;% , j»'.v r 

• 235 


10 

4.X 

Price - 


Vru- 

rn: 

Crus 


Uit. 



! Aeeails OP 1.00 +0.03 0.12 It.M 


hnnia.N.V. 
EuiuComl'>i(Fi 
G ifttUnxMiieat FhjiI 
rleineken •Fi.ftiJ 
B< M>gu ren, . KlJtOiJ 
U timer U,.FI,UX)iJ 
K.UU. 1 H.ILL 11....1 
ini. ilulier'ldJi.J 
Naanlcii 'Fl.lOi.-.J 
S»f..V«-l/n*.i FMvu 
.WLrei BAiFl-aj.) 
.SuUJdbl Uk iPLSu.f 

VAMtVi. ; 

)«■ t/nunereH-...] 
IWhued .Pi. MUi. 
Pbitil* 1 FI. 

Kjosch V enFLW0)| 

itubeuu PL 3 U 1 ; 

iluiinco iPj. oOi...; 
Uureati.iFi. ad... 


SSJh ; 

24.9i+t- 4 I 
154.2-2.8 
47.5-0.1 1 


34.0 -- .6 
99 . 61 * 1-8 | 48 
52.71-0.3 t 21 
195.8; ” 1.5 I ti 

151.5- 1.1 

140.5- 0.5 
38.3-1.1 
26.5 +0.4 
81.8 + 1.8 

171.8 *-i.4 ;A2dt 
131.8-0.3 i - 
123.0 + u.l' ,9.31 


20 ! 9.5 
14 ' 3.5 

ii&l 4.8 
6 | 6.2 
19 1 bu 
12.5 3.7 

4.8 

7.9 

5.6 

4.7 

5.7 


Jo 

8 


17 


ib.yaiOntcfatF'LrtJ lJl!fl +04 la-./a 


■IftVOllftll* , 

fttertulirv iFM9Ul| 

l'ok,v«EV.-. Hl.ik.3i 
Unilever (FIjlSJi., 


20 


6.5 

7.4 

3.8 

8.1 

8.4 
4.0 


237 

136.0, — 1.3 jlJA. 

130 1-2 90^0 0.6 

122.5 -1.4 +i. J 7.0 
Viking Be*. Iiiveii! 40.7 tc +0.2 90.26 1.2 
Weatlan'dii.. Bsak | 403. B - 3.8 33 ! 4.0 


July B 


—0X10.17 4.45 

, O.A7::®.0i 

— sr - r Trt P7- BelEn Minelta 2.13 +0.080.081.75 

ttroea +ar;Drt-..Ym. j OP _. ( 3.32 * 0 .07 0.20 s .02 


Banco do BraxU... 
Osnco I Uu - 


2.01 

1.38 


- ; % 


332 

477 

725 

445 

560 

543 

254 

573 


COPENHAGEN + ■ 

• Price -for , tfiV. YU. 
July 7 1 Kn.nrr ; — 


An.iei?<tnnkcu 

154 


11 > 8.2 

Berm nei W 

434 

' + i 

15 : 3.5 

Uap'keBsui. 

1224, 


' 12 , 9.8 

IWtAmn C>. .... 

lb4L 


i 12 1 7.5 

PiruuubiuiAen 

1291, + I* 

; 13 il0.2 

a>jj;jerier . 

37J 

........ 

12 ; 5.2 




j __ 

U&ntJe^bHuL . .. 

IZdAt 


12 i 8.9 

e.-Vtli'n H.tKrtkj' 

263 


i IS i 4.1 

A\»M Kah*®. 

l*.4I 3 ^-l9 

12 1 6-2 

UMefabnk 

7B 

^■lk 

1 





— ' 8.5 

Prana eba.uk ' 

1361ft 


11 . 8.1 

efupb. Berunadaen. 

403 


12 • 3.0 

luperlOB 1 

180 

-s. 

IB 1 6.7 

1 

STOCKHOLM 




TTfG *- 


Dtr. i Tc ■ 

July 7 J 

Knme 


Kr. | % 

AtiA At-iMr^jOi-j 

213 

+ 1 

6.6 1 B.e 

Aid Lav®. Bi hrS-l 

1-2 

+ l 

5 J 3.S 

\aEA i Kr^cTfe ..( 

81 

+ l 

6 [ 6.2 

Alto- CapuutKift: 

126 

- J 

6 i 4.4. 

Ullierud 

68 c: 

— l 

4 | 5.- 


115 

-3 

V 4 ! 3.5 

uanle. — 

197 

-1 

6.7ft c.'b 

.«Hul>>*t 

tiffl 

10 4.2 


142 

-.1 

6.3 1 4.4 | 


141 



Kfb+ite ■■B" 

500 


8 2 .V 

r'liaerat®..^ ; 

97 


4 : 4.1 1 

iintfcin ureei — | 

34.0 

+ 0.5 

— : — i 

d«D><ientnnken.. i 

S45 

+ 3 

16 > 4. i 1 

Xl«i*Luti 

lo* 


S ' 14.0 | 


■'2 

. . 


jaulvik A.,. 

258 


5.7bl 2.2! 

ft.K.l'. *6’ feis., ■ 

o+.o-a.s 

4.3 : 7.. ! 

JklU'l bust Hits.. 

153 


8 5.3 J 

(nOdtAlk ‘U‘ KrtAi' 

70.3 

t2.5 

5 7/3 

(.'dilc^.'iru 

7 



% olv*? (Jir. 

68.0 

-0.5 

6 i 8.8 1 

BRUSSELS /LUXEMBOURG 

; 



fliv.r 

July 7 

PHL-e 

+ «■ 

to®. ;Yto. 

i 

Fra. 




Aiaht Glut, ; 

l anno 

■.mu 

VbinoB 

tlai >i|,nn Pruni- 

+ 11 d Photo- • 

Ritai'hi j 

U. -uili M<iturs.....i 

HuuMl'iSd 1 1.240 

V . Itub _...! 237 

It.-Y.-kaAt ! 1.480 

Jaeo 710 

J.A.L. 2.630 

haiivti Elect Pit 1 I.I 8 Q 
k.'inftiftD 1 342 

hnl>jla,.„ < 280 

Kyubi-C'waink: ... 4,180 
Matcuablta Hal...) 758 
.Uiraubiobi UankJ 
MiUubiabi Henry: 
Mitsubishi Uurp^i 

Mll«ui & Co.. 

Uivwikuebi 

XipprtD Den*? 1.S30 

■Nlupto Sbmpan.^ 709 
Nissan UoUH > — ' 790 

I'iftnwr • 1,830 

■ou.vu Blectric .... 1 262 
, ?elii*iii Prant?.... S 1 O 0 

IliiheiilD. - 1.220 

-•■nv '1.700 

(3uho Manne.....! 234 
taker's. Chemical: 417 

IUK -..2,350 

leijio .... - .... .. 123 

F.iklu Meeine 486 

InkwlSleciPon 'r-1,110 

r--»y.? onnyr> 335 

iVikyi? sbibaiira 142 

I'-'iay..-- I 155 

C.«\rjia Motor - 916 


— i 14 

>7 


Petmtw PI*— 
ivi ?'2' ( ni, <TP ... - 

22 M; Vale ««•» Uocc PI 


'+18 

1—5 

1+13 

l-’i 

i—2 

:+ io 

i:io 

l + B 

bo- 
1-4 1 


2 ,9 
li6 
428 
3^1 
606 


-00 I 36 
~ . 20 
. 10 

i 18 
! 16 

'I M 

I 20 

la 
12 
: lb 
48 
12 
<50 
•I 30 

J 40 
11 
' 15 
: 30 
1 10 
! 11 
.- 8 
. 12 ; 
10 
10 
I 20 


20 , 1.8 
U» ' 1.6! 
lo jr 1.4 

12 r 2.4 

18 j 1.6 
3o 1.4 

12 I 1.7 
30 j 1.0 

13 I 0.9 
- I 1.3 
10 I 4.2 
18 i 8.6 
lo : 2.7 


Turnover 


3.23 
1.52 
2.87 
5.35 
L30 
Crl±?.Sm.' 


-0.07 0.15 4.0?. 
+ 0.05 0.16 10.01 
+0.040.23 a.0» 
-0.060.25 4 6 7 
— O.OaO.IO i j.W 
Vnium.- M Ami 


Source : 

OSLO 


Rio de Janeiro SE. 


•—3 

11 1 

, + l 

r* 


— .1 

1*2 

1-30 

.^1 


!— 1 

2 

.-10 


1-3 

•—3 


1.3 


1.6 

2.2 

1.7 
0.6 
0.8 
1.3 

1.3 

2.7 

1.7 
0.8 
1.2 

2.4 

1.8 


July 7 

knurl j j 

% 

| % 

Uerueti Itoua^.... 

as • 

y 

, 9.8 

ik-rre^KUM 

65.0- +0.6 ' 

— f — 

oremifttn® 

106.5 • 

ii 

> fl.4 


220 |+5 i 

EU 

y.b 

iftre>n(kit'-eu 

103.0- +0.B 1 

11 

! 10.8 

■W-L Hv'lvAto 

181 ; + 2 ! 

12 

5.5 



84.00|+0.75j 

7 

110.8 

SPAIN * 

July i 

A&land 

Per cent 

121 

+ 1 

Hojuhj BlUwo .... 

3M 

+ * 

Banco: Atlaniico 

ILWO) H3 

+ 1 

B.'in-ff Ckural . 

312 

+ b 



+ 4 

Banco General .. 

2W 

— 


• 1.0001 
ii. mini 


Source Nikfeo Secuntw*. Tokyo 

SWITZERLAND • 


Ban vo Granada 
Banco Hlepnno . 

Rancu Ind. Cat. 

B. ind. McdUtrraneo... 

Banco Popular 

Banco SamaihJer ri50> 
Banco Urqmfo ii.ooo.... 

n - . hauco Vikvaya 

Banuu Zaranuzano 

3-3 Bankuniun 

1.1 Bonus Anita !u via 

4. 5 1 Babcock WJIco* 

l.BiCIC 

3.5 1 Drafiadot .... 

2.9 1 tiuuobanll 

1,3 [E. l. Araaotwiia* 

Esuanoia Zinc 

I EspL Rki Tintu 

j H+raa iLOOO* ... ... 

1 Fenosa ■ 1,0001 

^ _ 1 GaL RrvviadtK 


July 7 


i:i s 

i-r 


Aiuiuiniutn~..~- '1.240 

HBC-A'- 1-636 

Cil« U<uccy(Fr.ltXifl.l06 
lfc\ L'en.| 835 

Uu, [tea I 587 

(Jivitt 'bW ,2,165 

Kiectntmtt .; .. .. i 1-736 
ri-ctier (Uenruei- 1 696 . _ 

H.'ffiusnPk tort-J 78,250 -360 

Ui». 7.175 : -50 

Ituericwl B— 3,900 

Jeuuo'WFr. lull. >1.425 
Nestle (Fi*. iu.ij....' 3.495 

Uo. Uck- 2.230 

• •o-iik<»S.lK.J»3-2.576 
Plrwb alH(P lOih 288 
Ssn-lus (Fr^a£ r i....;a.900 
Do. Hut Cen>.. 402 
avUiihlier U* l'li»! 300 
u.awCuPr. IiXh, 1 352 
«i*aAtr tb'eWi-.-i 814 


Price 1 + nr : Div.Tld. 1 Grtjpn Vdaounz- 

Pre. 1 — 1 i , % I Hldrola 

1 ■' 1 1 1 be rd uero 

I Ularra 


8 • 5.2 
lu ; 3.U 
22 2.0 
22 ! 1. 1 
22 ! 3.8 
16 , 5.7 
10 . 2.M 
6 ‘ 3.6 

550 i aa 
>56 1 o.a 
i-ae I 21 J 2.71 

t-5 ! 21 I I.i i 

■-35 i.i46.S[ 2.6 1 
i+IO iai 6 ./l 0 . 8 1 


Patwleras Reunidas ... 

Petroliber 

Petrulev, 

Sarrto Papal era 

Suiaco 

SoRefiua 

Telefonica 

Torran Hostencb 

Tubacex 

Union Elec. 


1S3 

236 

172 

m 

SO 

4BS 

2W 

ZU 

272 

LSI 

205 

29 

*2 

2*7 

70 

5M5 

1A2 

92.75 

M 

7S 

70 

US 

7A50 

B5.2S 

120 

7J 

322 

205 

57 

52J0 

120 

*7 

T7 

.10450 

1050 


> 

1-10 


-*■ b 

4 

+ b 


+ S 
— 1 


- 1.2S 

- 1 


- 150 
+ 0.25 


+ 1 
- 0 JS 
+ 0.15 


HONi* HONG 


-a- 

- 

1-5 

• + 2 


n m fh+iFra*)„. 4.775 
!‘nK<n Atnk . 3,045 


j 

iv» 


16 1 1« 
15 e.a 
26 1.6 
Zb < 2. • 
13 ' 4.0 
14 ; 4.0 
U><4.3 
10 I 2.7 
40 


Hnruf Kudv S 


Julv 1 I Jinn* JJ 


1 Ii’vr. Ludn 1 ME 

A nut.btsmeieil Kui.lur- 
B->wslen. 

t-'hlna [juiii a Power.... ‘ 26.40 

Pity Hi-icK 

t ibiiii-iiii'tan l*n.|+itic+ 1.90 
. L iu» HsrUsir Tunnel.. 11.50 

m ‘ ? - ! ! *'■ •''I* Savluaihm 1 4.40 

00 ; 3-3) U.tiiK Koni! A Item I I — 


! 3.156 2.975 
. 19.50 ■ 

26.10 


1 I. 8 J 

11.60 

4.50 


Zurich lu *.. ........ *10,700 ■ + IOOI 44 1 3.1 H*i|i^ Kvilg Clitliu 1 ... ... 6.45 • 6.00 

1 fl'>rurK"naKnn U.«iu Wharf. 24.30 .22.70 

— — — .. + I , , «n nn tn nrt 


\rbnl._ 2.330 ,-r 10 — 'j — 

tlq. Ur* tit mli..,. 1.530 ~5 1 72 1 4.7 

tiekert “V .. 2.010 .^10 illfa J 5.7 

aU.lL Cement ' 1.1 10 <-24 >100 9.1 

0 *tckcrlll 470 +1B | — 1 - 

h'UUa 2.240 ! — 10 ,177 7.4 

Kihdriei ’6.540 ' .430 ,..6 

Fabnque Xxt......!2.68S - ;1 70 o.4 

GJUnnit- Bn 1 2.210 '—5 (lOu f.b 

liataeri 1.300 j+a t 66 f.5 

H’Jfttkcn £,350 Ir4/-17u 7.4 

iiiletvuni 1.760 I- -S |142 | 8-1 

kmiwiienb— ...6.770 I «40 \cfi u ) 4.3 

U L'uva 1 - Bebie.. 5.750 ! - 160 .325) 5.8 

ton HoUliite MAM 1 1 LS 6 ; 3.1 

Prtn.'hna._ 3.6B0 e 10 il rt 4.7 

^.v (icn 5unitit I .’2.960 1—30 iJtla • 6-9 
twGmi Beu.nuue l.940 + IB 14u ! 1JS 

btliw 3,135 ! 2X6 j 65 

>2,305 | ‘ 15 Uml &8 

I’ra.^ion tie- , - la 170 : 8.7 

Ll.B 918 i - I 

1 lnU 1 t 1 .fi hr .. 714 10 , 50 I 6.9 

\ lam Moatogne' 1.440 ; + 30 — I — I 


MILAN 


July 7 


tine j — tire . 


Mom; Kurt}; touil lure®. ■ 10.70 
; HuugKiiii|i;r<liiiJij;h!ilH*iikl 19.50 

J Hoii+K.iiuf Shau^lu) i HutL.’ 15.60 

Price ; jbiv. t HuIHiInok Wluunt*®! ! 6.60 

Mirer. Hid tie -Sf euni ip®.. 

•Istdiiip ItilluMun. ....... ... 

J online Si+> 

IluUier I 

SlUle LhiH't — I 

5»utli|i. P«.-. J'lft-t". ....... j 

SmitiiM-A j'eatik. 

fjtvln? IV'tlir A .| 

Trtlilc Alliaur-e. 

1'L-ft I IluL urv lioiiK hvnir, 
"'Ucvl-.ft’k JlnrJcti., ( 

"luvlirl; Itintimi- 

IVin-Htr llnliatrial .,„„.i 


150 6,2 
ISjj 9.9 

800' 5.2 


AX 1C — . 1 99.75. + 2.26, 

■iMtnei • 466 i + 7 

KUt ll.B15tc.v-5 

Uu. Fnfc [1.519'. - 4 

Flukltler J 128.761- 7.00! 

liaiwment 11.850-150] 

iLaiiiider 245 1+5 j 

MedUi-«tnr®~ 33.160] h,2Wi j.b 

llontteWKi - 165.00] + 4 JtE 

lliiretd 171* 081.0,-8.5 

Pirelli X Cm 1.854 l—l 

Pirt-m 968 ]-9 

Snta V'tftcue® 730 


10.00 
18 10 

15.60 
6.30 

15.80 

7.90 

4.20 

16.60 
•'‘-I-- 


9.45 8.40 


16.50 

8.43 

4.20 

6.20 




lloi 7.0 

B0| &3 | M ; jraw. 

en K* Htivar 

Sti»D Snsprinlert 


3.525' 
3.70 
3.00 ; 


3.35 

3.80 

3.U& 


alter 


price* cftd'wiM f premium. Bclcun divkHama are 

9 Pras.Hfl deihiiti. tinid* oUuthih* 


NOTES: Overseas 
whiibuhliiuc. Ml. 

4 our-fi denom. unless mftcnvtse stated. . ... 

sratul. 4»Kr.iQ0 denmn. unless orticntnac naiud. hr*t..'/i* , i denuiii. unless 
nthcrwi/e staled. Ven M denmn, unlcw oiUerulse slated. ? Prtn 1 at tune »'f 
DueptmiOii- u Fkxinb. b svijIUlncs. c Cents, a Dividend j«er pemuio: rt^bi . 
and 'or senp itawe. c Per share. 1 Pranw. piinu-s div. r *. b Assumed duuK-iuf 
atier -uaip aud/ur nghts iwaic. KAft+r l<wa,l v-tset . n't la* »c« u l-'r+u-s. 
uiehid(nu LiniUn* die. nAout. 4 Share .-pin. * Die and yi«4d- nclode "prn. , i 
paymeriL « Indicated dir. u I’noBldal tntdntK. t- ftlinnrirr bnltWra unljr a Mer. or 
predina * ft>bnt • Hid ? Traded. ; Seller atminirtf. ir E» rudns. *d L', 

diudend- sells scrip i^rnv. »Ex alL « inicnin :>lnve uuTfrfftwi. 





[% 




Ftna "Cfel Monday TQTy 10 1978 


35 


insurance, property, 

BONDS 


Abbey Lite Axsiirant» Ca I ut - 

ssazs-s. st;™ c ;. ^ »» «■—. 


EUtiiM-und ...... 

Rijn ii v- \(s- _ “ 

. Property Fd _ "” 
- Property \r,- 
Soforflt* VUnit . 
Cro-.rcrtrt.In Fund" 
Klimt.. 

I'pb* Pm|icR« „, 


®5 

146 6 
254 T 
JM 5 
U09 
121 3 
174 b 


rrnr Soliftive"' . "fej t. 
Pi n*. Srcurm . 
t'l'riv M.mr.rnt .. 

Pent E>iuit> " 
¥Pnn M m.t. 4. ” 
47M*h K>1 Srr.4 
VF+tuitvK.i Sei 4. 

9t "in\ Kit Si<r -i 
VM-Wt Kit Kpr 4 . 


UhS 
174 b 
1S5 3 
127 3 
U1 5 
33 7 
mi 

109 3 


iTIrrt at Jnlj * Valuation 


387 

319 

156 5 
lb3 9 

933 
137 B 

157 7 
183 0 

88 I 
14J7 
283 3 
163 S 
134 1 
2385 
355 
1177 
115.1 
i norma 


n **”' 1 43. Craeerhurrh EL. EC3PSHH. 


Poritoh.i Fund 

~ " I |43.9 


mo 

Pontolio Capital ._'|43_9 44 o[ 

Gresham Life Ass. Soc. Ltd. 


, 01-6234300 

““ “ “’"^rdFund .1148 5 15471 ._ ..} - 

“ Pnccc July 1 Sett dealing August L 


New Zealand Ins. Co: (V.K.) Ltd.? 


Z Prince rf Wales Rd, B'moulh «»2 Tmr&S 1. . " a,BBa 

■GL.i'ash Fund. ..(968 10191... | __ House. Southend SSI 2JS ‘ <730282855 


Up Tuesday. 


G.L. Equity Fund- 105 5 1U 0 __ K»*1 Krv Inr Plan 11423 

C. 1. RiUKund.., 109.1. I34.fi __ Small c»> Kd J7.I 

UL lull. Fund 1184 124b .... _ Tcchnufocy Fd. 925 

C.I. Ppiy. Fund. 196 & 101 7| | _ L*lnt Inr Fd. 06 5 

Growth & Sec. Life Ass. Soc. Ltd.? f^e!”^ Sjo 

Weir Honk. Br&r-on-Tbaine*. Berks. 062K-S42S4 1*11 Edccd Fd 103 6 

PinrtHi^ vu. — I aw I .... I _ '■ on Ueposit Fd |96.7 

|U4.4 M,,7 ii7.4j “ Norwich Union Insurance Group 

£7804 1 .^.j _ P*J Brrx 4. Nonrieh NR 1 3NG. 0A032Z2ODI 


FI part He Finance^ 

Land hank *i;cs. 
L.iiull*onkSct Ace. 
*i. L S Super Fd . . 


146 9 ..;... _ 
91.7 ..... — 
974 -04 _ 
911 -0.8 — 

103.7 — 

1133 +0 4 _ 

lost +0.1 — 
101J +0.1 - 


Albany Life .Assurance Co Ltd 
31.i tfi1 kiirlincirm s) . w , 


•Foully Kd Arc 
•Kurd In! ■Ice. 
•till! MphpvF,* Ai" 
•mil Mm K.i Ami 
WTo|. K.l 

Iw Are." 


1171.8 
137 9 
.124 4 
,1054 
.108 9 

1 V« Kii Arr.blO ? 


•« pi 

Vqmt 


Kiwi I IVii Ace 

Gill Won IVn Acr 

Ini) Mu I'nhilAfc.. 
fron |vii An- . . 
M'piv 1m l , en_\cc. 


1738 

129: 

ms 
,123 4 
197.1 


1887 
1451 
120 4 
110.8 
1246 
170.0 
221 3 
H2.9 
1359 
1173 
1298 
207.5 


Guardian Royal Exchange 

_. R°yal Exchance. E C5. 

OMJ7H4E Pruperty Bends ..... [176. 8 184 2| .. ...| _ 

Hambro Life Assurance Limited y 

“ Old Park Lane, London, W1 PH® 0Q31 


Maaaced Fun*.. 

EquiU Fund . 

01-2037107 Property Fu nd 


.pon 

.□30.7 


AMEV Life Assurance Ltd.? 

Alma Hr * . Alma Rd., Reicaie. 

EN -■■■■ 133 8 138.91 

AMU HkJ. ft'.. 110 5 17b 4 

<>MK\ HlmlvFd.... TO# 1127 
«£»: £»«! ImTJ 90 3 KZ 

AMEX Prop. FtL 97.2 1024 

AMRYMjJt Pen.Fd 96 7 101 9 

AWEV Mild Prn.-B- 9».4 102.6 

Flail plan [%R 102.0 


FUMlnLFuwl 

Deposu Fund 

Nor. Unit June 15_ 


2190 
148 1 

ISSiSl +0.51 


^ ~ 


Fixed mt Dcp.. 

Equity 

Property.. 


Managed Cap.j 

M a noted Are 
.O' er»eas 


— Cih Edged.. 


1375 

U698 

0180 


American Acc„.._ 
Pen F LDrp.Cap_ 
Pen FiDepAct- 

Jen. Prop. Cap. 

Rdlgaic 40101. Pen. Prop. Ace. .... 

Pen Man.Cbn. 

Pen Mon. Ace 

Pen cm Ede. Cap.. 
Pen Lilt Ed t Arc.. 
Pml RS Cap,^_.,„ 

Pea. B.S. Acc 

Pen. DAF. Cap. _ 
Pen D AJF. Acc 


225.4 

172.9 

1523 


1235 


96.ll 
1+7.7 
149.1 

Has 

ML4 
ML6 
25 9 7 
12L1 
1275 
12<U 

14X4 ■ 
H 102.0 

1035 


mof 
1820 
170.9 
X44J 
1784 
124.3 
1301 
X01.2 
234 5 
157.0 
2X31 
2752 
2123 
Z73.4 
1275 
1343 
1307 
1489 


Arrow Life Assurance 
N>. Uxbridge Road. W.I2. 

Sel.Mk Fd Cp llnL.{82 9 87 

Sri Mk Fit St.l'nt Kg J04 

Pen. Med Fd. Eq. _[il6.7 120 

Pen5twUFiL— F.L_tuL4 lS.' 


— Hearts of Oak Benefit Society 


I +1-4 


-0.71 — 

Barclays Life Assnr. Co. Ltd. 

252 hom lord Rd.,E.7. 


Barclay ho nils* 

Equity 


(iiil-edrcd 

Property 

Managed 

Momw 

Man rena Arcura... 

Do Initial 

Gill Edg Peru. Acc... 

I»o Initial... 

Money Pen*. Arc. _ 
Do. Initial 


11225 
11121 
109.4 
104 0 

I96 0 
193 8 
«.a 
fo.2 
100.6 
(97 4 


Sill 

10L1 

iSf 

JR 

1026 


Abbey Nal.Fd.tAj. 

15-17. TacUtoek Place. WdB 8SM 01-3875020 lSI!!S£E£[ Fd.’^T 

01-749 Bill HearuotCtek 1363 38.61 1 — Equity Fund_ 

• — Hill Samuel Ufe Assnr. Ltd.y — 

"" NLATwr., Addi»corabeRtL,Croy. 01^1804355 Money F^ndfA)“ 

Actuarial Fund. 

Gilt-edged Fund 

Gilt-Edged Fd.iAj. 

•Retire Annuity 

Olmmed. Ann*tjr.._J 
Prop. Growth Teal 
All Wlher Ac. Ota. 
•AJ1 Weather Cap. . 

•lav. Fd. Vis 

Pcaainn F<£ life. 

<• wit. Pens. Fd 

Cl", pnj. Cap. Ut 


(18BJ 
150.7 
|105J 
2081 

Phoenix Assn ranee Co. Ltd. 

4-S, King William 5L.EC4P4HR. 018268070 

S^allh Am.., 1 11 20 

EbY.Pt, ak. r 77.4 

LbY. PtLEqJEL f7lii 

Prop. Equity & Life Abb. Co.y 

IIP. Crawford Street, W1H2AS. 01 -480 0857. 

ft. Silk Flop. Bd I 1824 

JV> Equity Bd J 73J 

Flea Money Sd. [ 149.0 

Property Growth Assnr. Co. LULV 

Loan House. Crojdrm. CRS 1LU 01-680 0606 

Ptopcxty Fund — _ 

Properly Fund fAj_ 

Agricultural Fuad. 

Acrtc. Fuad 1 Ai_^_ 

'obey Nat. Fanil— 


15861 +0.7I 
11X3 


Co.V 

01-486 0G 

m = 


•Property Units 11546 

Property Series A _hin.9 
Manaced Unity _^_(U0.4 

0,^5^ JSSESiasJ:^ 

128 (4 

118 0) -0.1 


+ojd 

+41 


•Current unit value July 


10. 


Money UniLs 1206 

Money Series A 975 

Filed InLScr.A 9L5 

Pn*. Managed Cap- U73 
Pna M.+nogod Acc.. 144,9 

Pns. deed. Cap 1053 

Pn* triced. Acc.— 1115 
rena. Equity Cap— 955 

Pens Equity Acc 96.0 

PnsJxd.Iot.Cap— 94J 

Pi»Fad InuVrc 94.9 

Pens. Prop Cap 95A 

Pens. Prop. Ace— [960 

Imperial Life Ass. Go. of Canada 

71255 

76^+03| — 



1825 

180.4 


762 9 


7564 


154J 


1539 


668 

-02 

668 

1664 

-02 

1658 


1404 

1397 


1215 

+0.1 

1215 

+0.1 

1E3JI 


1435 




Beehive Life Assnr. Ca. Ltd.f 

71. Lombard SL.ECX. 01-623 1288 Imperial House, Guildford. 

Blk. Hone July J| 12757 I I — Grt.FdJa]v7 1705 . 

Canada Life Assuraoee Co. Peni.Fd.ful^T-jlj iked Portfol^ . ^ 

2-0 High St, Potters Bar, Herts. F.Bar 511=! Managed Fund 1945 99.41 +0 1 

Eqty.GUi.FdJul+3 1595 -t 11 1 _ Fixed tut F<L^_»b.O 1B1M+0 1 

HrM. Fed. Jidyf liTjf— _ _ A Securr Cup^U — 101^ +0X 

„ . Equity Fund— .[965 • UX2| +0J 

? A ^ nOB . ^f sarance 1/41 Irish Life Assurance Co. LttL 

X Olympic wy. Wembley HAflONB 01-9028876 11. Finsbury Square. BC2. 

0JJ2J — TKltrcChp. July 7, 169.9 

Managed Fund (220.0 




Man. Pens. Cap. Ut. 

Prop. pen*. p<£ 

Prop_Penx.Cap.Uta. 
BdftSoe.PemULl 


129.7 136.6 


1ZL9 U»i 


1349 

«... 

130.6 


. 347.7 


: 1330 


1435 


131.7 

— — 

1475 

M 

1336 


1317 


1206 

— 


Ig- Soc. Cap U t _ 

Provincial Life A s sur a nce Co. Ltd. 
222. BEshopsgote. RCA 01-347 6S3S 

Prov. Managed Fd.. [113.1 • 1193 ... 

Pror. Cash Fd ,„1H4.9 1111 a _ , 

1153 12LW+6J 


Equity Units. ,106.67 

Property Units E10.13 

Equity BonrlT-xec.. 01.17 
Prop Bondi Escc. _ nt H 
Bal. Bd JEiec/Linil £12.98 

IVpoj.il Rond !1L2 

Equity Accum 171 

I’roperty Accum 02.73 

Mnrd. Accum. 1577 

2nd Equity 90 8 

2nd Property 104 7 

2nd Managed 96 3 

2nd Deposit—. 969 
2nd Gill ... ... 884 
2mt k'4|. reus < Arc. 926 
2nd Tit. Pens, 1 \cc. _ 1DR3 
2nd .'Egil FViu.-Acr 98 6 

. 2nd Jk-p IVd'.;.\cc 9SB 
2nd G,ll Pens, Ate. 83 7 

L&EP1.F. 375 

LJiESLF.2 |265 

Current value July 6 

_ Capital Life Assurance^ 

■ Vmiatnn ilnuse.Chaprl Ash Wton 

Rry Invri-L Fd I 10121 I 

Parcmakcrinv.FtL . 102.03 


1182 -o mi — 

1411 . 

13.74 . 

117.7 . 


96.1, 
11C.U 
101 « 
10251 
935, 

9B 0j -0.1 
1146 
10451 
104.6, 

93 9 
40.0 
2B5 


mil -L7 


_ GiIL Fund 20 

' PropcrtyFund B5.9 

_ Equity Fund 1975 

Fad. lot. Fond J9»2 

Prudential PensionB Limited^ 
01-0288253 Holboru Bara, EC1N1N1L 014091 


450 


Equit. Fd. June 21. 

Fad. luL June 21 

Prop. F. June 21 


EvcmpL Man. Fd. _ [10U 

Prop Mod. July 1 [180.0 189 4] — ,. 

Prop. Mod. Gth.. |297.7 208Ji ..—4 — Reliance Mutual 

Ring & Sbaxson Ltd. Tunbridge Wells, Kent. 088222271 

92.Cornbill.EC2. DT -6235133 ReLPro P-Bd*. 1 396.9 I 1 — 

RothschUd A»et Management 

Govt. Sec. Bd 1 119.40 12SJ IH J * SL S within* Lane, Loudon, EC4. 01-880 4398 

Langbam Life Assurance Co. Lt«L N CProp |U7 - 5 — * “ 

Langhom H*. Holmbrook Dr, NW4. 01-203 sell Royal Insurance Granp 
Lancham 'A' PI an. _ (65. 1 67.11 _.,.J — New Hall Place. LiverpooL 0512274422 

3 m :::::]= 4 

Legal & General (Unit Assnr.) Ltd. Save & Prosper GronpV 
Kings wood House, Klnsswood. Tad worth. 4 - «-SLBelen's, Lndn- EC3P 3RP. 01-856 
Surrey KT208EU. Outhr 

Cash fuitiol .1914 lOdSI 


Bisbopsgate Progressive MgmL Co.? L&cinU&cenFd. W Wl a 


Cbarterhonse Magna Gp.? 

18. Chequers 5q, Uxbndge UBfl 1NE 
Chrthre Kneivy .... (36 6 38 61 

‘ ‘ .. .{29.4 3lS 

39.M 
! 36. Q 

1336 
150.6 


Do Accum. 975 

EquID' Initial 1155 

080228511 Do. Accum. 117,6 

.._| — Fived1nl l.nl U55 

1 — Do Accum. 1176 

Inti Initial 96.4 

Do. At- rum. 96,8 



Property i"»i-+i [98.9 

tin. Accum. .1100.9 

Legal & General (IUI 
Exempt Cash IniL ..{96.4 
Do Accum RID 

City of Westminster Assnr. Col Ltd. Do*AcromL^ 
iSllt'.'.tcoil Hcu*e. 6 Whitehorse Road, Exempt Fixed lnlt.|l09 6 


92181 Managed JnlhaX-.: [U55 
Do Accum. hl7A 


•:roiH»ii<Tt"2J.V 
West Pr-p Fund. ... 
M.ini.'rrt !• und 
r.C'li!' I'uiid 
l -nul.- r.»l Fund 
M'ini y Eiinit 


IMS 

1717 

{739 
*121 2 


01-6849604. Do Acmm. _ „. 


till! I- und 1645 


PI l.\ Fuiul 
1\-if V :i|-rl i Jap .. 
r.-ii- 'lii/il .\tr 

i^-nr M"iu'v rap. _K6 7 
P. n-. F.'nci Aiv . [48 5 
! rm F'|Ui«> Tap .. 

1’i-n-. C-IUitr Arc ... 


ft 69 7 
117.1 

1=17 


S29 

W9 


636 .... 
1S0.7 .... 
58 9 .... 
777 .... 
1275 ... 

1235 ._ 
I2E1 ..„ 
49 1 .... 
515 .... 

556 

577 -0J 


Exempt UflCd. ImL 119.9 

tv. Accum. Il215 

Exempt Prop. ImL . g6 4 
Do. Accum J98.0 


h Heath S34S0 Bat Inv. Fd. ^ 
Property Fd.* 


1025 — 

1213 — 

1231 +0.1 — 

121.6 +0.7 — 

124.1 +0.7 — 

1015 -07 — 

101.9 -0.8 — 

1214 +02 — 
1218 +0.2 — 

104.2 — 

1063 — 

Tial 
1015) «... 

1032 

128.4 

1305 

1154 

1173 -... 

1263 _... 

128.3 
1015 
1032 


Gilt Pd.. 


1267 

153.4 

1294 

1233 


Si ,10611 _.J - 
on July A. 


Deposit FdT 

Cotnp.PensJUr {2012 

EquilvP+na-Fd .1178.0 

Prop Pens.F«L* i 

Gill runs. Ed 

DepoxPBnsJd-t 

•Pric 

, , IWeekiy dexllngx. 

Schroder Life Gronp? 

Enterprise House. Furtsmeuth. 

Equity June 27 I 2219 

Equity 2 July 4 Q13.6 

Equilv3 July 4 (lXb.b 


aa^ - 

+0j1 — 


125.7 

2294 
2115 
187.4 
234.6 
■ 97.6 


^3 


070527233 


- . Fixed InL July 4_ ft34.7 

ii«i . - FixedlnL3 July 4. .{144.7 

111.4 U73| — .| — Ini Ut July 4 

- K 1 S Gilt July 4- 
K*Sc.July4^__ 

- Mngd Flx.July4_ 
Managed July 4. 

Legal & General Prep. Fd. Mgrs. Ltd 

1 1. Queen Virions SL.EC4N4TP 01-348 W7S Property July 4-.— 

lAGPrp.Fd. July 3. |96.5 10171 S — Property 3 July 4 — 

Next *ub. day August E BS Pu CpB JuJy4_ 

life Assnr. Co. of Pennsyhfania S£S^ B j®fc 
39M2 New Bond SL.WI70RQ. 01-4.908385 MnPnArrB July 4 .bS4.0 

lACnp’Unitx J9S7 1836 | % 7 2 

Lloyds 8t Unit TsL Mngiy. Ltd. 

, . ... _ . 71. Lombard St-, EC3. ", 01-KU T2M TTop Pen. Arc. B 96.4 

t ity of Westminster Assnr. Soc. Ltd.- Exempt |S8J 383J) — 1 MrvSSUSSSrfSS - i'E« 

Triephtme I'tosi WM Lloyds life Assnrance 

'it, i Un.l* .... |Wt ^ J] -""j — 2". Oiilou St. EC2.V 4»IX 


1 .<h.l .-nrmiily closed to new invesuncnL 
Pvrtorni Uu>t% | 2010 | | — 


\Modcj Pe«£ Acc B_i960 
Overseas 4 {973 


po.0 

1425 

,107.4 

117.6 

1555 

I 

196.8 


224.9 

122.7 

1419 

1523 

1436 

143 8 
1255 _... 

1365 

1501 .... 
1132 

123.7 

163.7 ..... 
1613 

1273 

1364 

2073 

246.4 

99J ...... 

1MJ ..... 

urn 

1016 ■ 

1007 .... 

1012 

1825 .... 


ITT ft 


_ . — . mm .... Nejtl iub - d *r July 12 Am Exempt 

Britannia Trust Ma n ag emen t (a) (g) Leonine Administration Ltd. Am. c (26A 

uaasafi-*-* *^assu» sstzzsr* w«arB.EfflE?t S 

;-g loo Accum - (868 8531 +0.2| 465 Imromo DIsL.IZ— 376 

Jao Lloyds BL. Unit TsL Slngrs. Ltd.? (a) ioc to% wdrwL__ 285 
5 00 RegWruFs Dcpi, Gonng-tay-Sea, ' Intnl Gr ?* lh nA 


Bit . G(h June 0... ... 
Dpt 5 Prop July d_ 
rtptSBqty J ulf 6.. 
t'pt-Hv. Juli 8.._. 
Opt 5 Man JuIxS — 
Opt-DDcpL July8... 


1- 132458 1 

llglM 

1240 

130.6 



126.0 

132 7 

.SMS 

153.8 

1619 

|(I|M 

1453 

153 9 


121.6 

1231 



Scoltish Widows’ Group 
POBox 902. Edinburgh EH18 5BU. 031-8558000 


ITM|wrt> Units .....{567 
rotr.merciai Union Group 
M Helen ■. 1. Undcrsboft, BPS. 01-28375 
\ r.\r>.\i-t *1 J.ilv B_.l 52.91 |-0J2J - 

IH> Aiti.uifyUls J 17 75 I . .H — 

l onfedr-rJiioo life In^nrance Co. London Indemnity & Gnl. Ins. Co. Ltd. juoc30_lao.J 

vTuncerv Lane. WCL\ 1HE. 01-2420282 163). The Forbury. Beading 58351 L 


l«r*Jly .Series 1 — -p033 
.Inr. Ply Scries 2... 1973 

■Inr. Cash July 3 197® 

ExUlAcc Jun-21... 


1033 

103.1 


973 

im 4 


979 

183.1 


136.4 

1425 


1310 

1387 


260.1 

260.1 



efqnily Fund ..R526 1M21 

VV..T...iAviKund 177,7 )B63| 

91-IP 1.U..1 - W54 

IVnal f en Mngd. . 72.6 76g 

Sl.illr.t Mngd I'll... 726 7b2| 

■ JrmpMnj-il IVo .. 184 8 

l'|ie:Inl I'm ... 199 7 

Vntulv Pmsion ... 224 0 

ITi'F'rt) Crnunn .. 139 4 

I'ornbiil Insurance Co. Ltd. 

32. i'ornh-11. E C.3. 

Cap Fell June 13 . 1123.5 
June I „ 

MnrttliKilJ uni-31.- 11690 178 


m= 


_ Solar Life Assurance limited 


Monty Manager— .132 8 
M.M flexible. Q92 

Fixed Interest |33.9 « n —.4 — Solar Managed S. . 

The London & Manchester Ass. Gp.? Solar property s 


lOl 12 Ely Place London EC.IN 8TT. 01542 


- >. .4. 

c 13 . 1123.5 — | I — 

JJi “'ftM 0 17801!.".'! — 


The Lens. Folkestone. hcn»- 
i'np Growth Fund 
•Flex. Exempt Fd.. 

•Exempt Prop. Fd 
•ExpL Inv. TsL Fd 

Flexible FUnd 

01 -KM 5410 Inv. TTiml FUnd 

Property Fund— ... 

M & G Group? 

Three Quay*, Tower Hill EC3R 6BQ 01-628 4988 


2216 


130 3 ■ 

...... 

892 


147 7 



1112 


1348 


825 

— 


QH337333 S®!** — 
Solar Fxd.lnl.S 


Solar Cashs 

Solar InU. S 

Solar Managed P__ 
Solar Property p..„ 
Solar Equity P 


1125.7 
111.8 

157.7 
1149 
100.0 
978 
1254 
111 5 
'157 4 


— SoJ or Pxd.lnL P M46 


132 4) +02 

117.7 

1660 -0.1 
1210 *05 
1063 .... 
103.9 +0.3 
132.1 -02 

117.4 

1657 -0.1 

120.7 +0.4 
10* 1 

103.9 +03 


Credit & Commerce Insnrance Per* Pension— __ 

tin. Ili-gent St . Ix'iuloflWlRSFE. 01-4397081 Coor D+po,!'- 

t'f. i.' Mm.d. I-U — P22 0 152-Df „... | — ^'.1 “ J 

Crown Life Assurance Co. Ltd.? Fami!y8l-86"!!1.. 

row nl.ilc Use. Woking. GU2I IXW 041*2:9033 

7 05 
679 


W° 6 

104.5 

+0.8) 

996 

104 ■ 

+0 8 

93.9 

1041 

+09 

976 

102 7 

+0 5 

976 

102 7 

+0 5 

973 

102.4 

+05 

957 

100 

+0.1 

957 

100.7 

+0 1 

952 

100 2 

+01 

984 

1035 

+1 3 

9C4 

1035 

♦ 13 

979 

1038 

+13 

966 

1016 

+0 6 

966 

1C16 

+ 05 

107 3 

1124 

+0 5 

107 i 

2129 

+05 

960 

1010 


960 

1010 


986 

103.7 

+0.5 

159 6 

— 

_... 


5.00 


jjj 125. ]Hgh SI rort. Croydon. 


M in.i'.l Fund 4er 
••'.lnc'il 1 .1 Inem. 

M in. -«»*1 Imt 
' ’|U1I» Fit Irr 
••■■111 ll Kil Ini'fL 
■ in. I- I'd Inlt 
P.-.-|» rtl I'll Arr 
Fi.-j. r!> t-'il Inrm [95 7 
IT"j--rt} I'd IniL [952 
In. TL+ 1.! W. 

Ini T*l 1 ■* la-'m 
lu. f-i J- ■! Inn - 
V mV I'd 
I i . L J Jni'Di 
I i.i. r I I d A.v 

ll:la-r I Kd In™ 

M..n. ■ IM \rr . 

M-'nr- l ’,| (ni in 
'vi l.i Ini in 
'."lUwnllrt ln» ' l 

Crusader Insnrance Co. 

Vliu-ulfl H.mim TnwerPt.ECJ 

■.:h ITi'p July 4 ..|7D9 804J . ..J *- 

Tagle Star Insnr/Midland Ass. Nei+xFq Cnp 

I Tt.rr jdriOi+lle SL FlT 01-5381-1-. Nclex Fq Arrura. . 

VaUrMldimt* l»6 

Kqnlly & Law Life Ass. Sor. Lt«L? Nrk-xGiblncCop.. 
Ammh..ai n.»a<t. High Wyenmhn 


226 9 



♦L9 

21B1 

174.1 


136 0 

1419 


1545 

— 


1795 

— 


1060 

12L4 

+0.4 

103 5 

108.7 


1373 

144 2 

+07 

1588 

1668 


73.9 

83 0i 


615 

64 5 


525 

552, 


565 

S —Il 

595| 
1r fi. - 

-ju! 


Son Alliance Fund MangmL Ltd. 
Sun Alliance Houae. Horsham 0403 W 141 

Exp FdJnLJune 14. 105030 160501 .... I — 
InL Bb. July 4 1 04.10 I — J — 

Sun Alliance Linked Life Ins. Ltd. 
Sun Alliance House, Hunham 040384141 
Equity Fund 


Intenuitnl. Bond*'. 

Managed Bd"** — 

Property M**.. 

E\ Yield Kd. Rd * - 
Rcriwcrv Fd Bd * . 

American F<1 Bd.* 

J span Fd. Bd." . — 

Prices un "July o. — +ui? ». -»*j 

Merchant Investors Assurance .. 

PI -888 9171 —.3.4. Cockspur SL. SWlY 5BH 01-9305400 


- -0X5.4 

FixedlnterestFd — 104.7 

Property Fund 108.9 

1 nlern mi o oal Fd — 107.7. 

Deposit Fund 968 

Managed Fund — ftOU 

Sun Ufe of Canada (UJK-I Ltd. 



1215 

41b 


8 75 
9.19 


Ltd. 


Vquslv IM - . - .|J«5 
IT-.r.i*. 1-1 .. .06 4 

► im Ii>li-rt-«i F U7 Z 
■.ill IV^hmiI I'd . !°9 l_ 


Prop»>rt» 1 

Property Pens 

Equity. 

Equity Penn. 

Money Market 

Money MkL Pens — 

Deposit - — — 

Deposit Pens 

Managed 

Tkiunoced Pens. 

_ Inti. Equity- — 

01-8288031 If<| 

NEL Pensions Ltd. 
Milton Court. Dorking, Surrey 
1781 

ioa3 

, MB 


153.9 

1609 

561 

1606 

1403 
X812 
1239 

1404 
1033 
1347 
1040 
102.6 


+ 0.1 — 
+ 01 — 
-02 — 
-D.6 — 


+02 
+0J 
-0 3 
-0.1 


Maple U.Gnb 

Maple Lf Nansd 

Maple U.Eqty 

Persnl. PtL Fd. 


1922 

132.1 

1260 

1964 




^ - 


31 


109.0 


Nel Mxd. Fd i\c+. |4S 6 

Next Sub day July 25. 

For New Court Property aev ' ""Ow 

Bathaehfld Management 


FtNANCIAL TIMES STOCK INDICES 


Target Ufe Assurance Co. Ltd. 
Target House. Gatehouse Rd- Aylesb ox y. 

— Bucks. Aylesbury tOBSOi 5941 

— Man. Fund Inc J93.4 .9X31 . 

— Man. Fund Arc 1153 121.6- 

— Prop. Fd Joe. 107.8 1M2 .. 

— Prop. Fd Acc. 1383 

Prop. Fd. Inv. 108 - 

• . Fixed InL Fd. Inc 797 105.4 .. 

WU Dep.FdATC.Inr... 952 100.4 .. 

— Ref Plan Af . Pen. .. 7tL5 76.6 —0.6] — 

— KeLPlanCnp Pen — 583 633 -O.g — 

— HetPlanMaiuArc.- 1242 130.7 

— Ret PtanManX-jp... 11* 1 120.1 

— Gilt pen. Acc. 128.6 135J 

-T> . Gilt Pen. Cap ftS.4 1282J 

— " TransLnternatfonaJ Life Ins. Co. Ltd. 

2 Bream Bl+g»- EC4) NV. 01-4058487 

KM ;»1 - 

114 5 120. 

1173 123. 

[1243 131. 

Trident Life Assurance Co. Ltd.? 
Renslado House. Gloucester 045236541 


i ,,.i .*i a .ii iiwii -pro j 

I'ixf-I lltletml ; 

Iii.-.ii-Iim tWJIlmr\..-.| 

li.ii-i Miliiw | 

■ 'ni. Pit, >«r-rt j 

I Rniiiir*.i""«4«JI | i |, li’ i 

l* i: liati'i iiiolli't)..— ■ -| 

I'enliiijB nixrkrtl I 

. I 

Ill v liiribUiT 

ig.xlip I'tW.. 


JiilV i 

r • 

69.71' 

71.271 

455.6 

157.2. 

fi.BS 

17.64^ 

7.54 1 

4.24fl 


July . 

r 

69.44; 

71.28, 

452.1 

159.5. 

5.85 

17.74 

7.49 

4.195; 

60.91' 


Juiv 


J uly 


J nlw 


Jnlu- 

A' 


4 yeor 
a«i< 


69.02; 

70.98 

452.0; 

161.2; 

5.84'| 

17.72. 

7.50 ( 

4.578 

57.81 


69.30' 
71.55] 
4 55. li 
160.4; 
5.93; 
17.69 
Ml! 
4,890; 


69.50| 

71.47 


468. l! 
168.4| 
5.781 
17.54! 
7.58j 
3,017! 
47.97' 48,63' 


69.52. 

71.*»! 

460.8] 

158.9j 

5.76, 

17.46i 
7.6 lj 
4,3141 
54.93! 


67.41 

68.07 

443.7 

523 

15.86 

9.18 

4.994 

61.42 


.in:; i 


Fi'-*- 
M.m-a 1- 


12.948 11.948: 11. NW 1».6?9 : 12.563: 15.302 
1 pm 152.3. 


'itf am 4jl.7. 11 am W6. Not" 4H-4. 

2 pm 432.3. 3 pm 6. 
Laiesl Index 01-216 *026- 
-HaSM "" ^ ver tym tnn»ral:on W*. 
w Uiivi. S-ro 15 in :t. tlXiil InL UBS 
\ ST. Axil v»i}' July-Dcc. 1N2. 


t Ml =7.37, 
Ind. Old. 


| T.'SS. Grid 


highs and lows 

- 1,0' rxiiiiv l* -ni pits' i™ I 


S.E. ACTIVITY 


July 


livtxi lot.... 


HqJ* | 

78.68 i 
u.h 1 
81.-7 , 


l-w 


High ; ^ 


68.79 

.b«-i 

70+ ' ! 


127.4 j 49.18 
It 1.3M | 

150.4 I 50.53 


—Umv ; 

11 HI- bilged ...| 145.3 
Imluiiiri+f .... 145.4 
•peetiliittvr.. ! 20.7 


IlM. >.»nl 49 V 3 

; «>• li 


in 75 ! 150.4 I 50.53 ! hpe-iimitve.. ! 

,vi II. *71. <5.1,10* I r.4.1. 

i „ . ■Mitf AVmaci 

155.4 549.2_i 49 J 4 .., ! 


96.7 


July 

6 


140.2 

140.4 

44.5 

96.5 


li,- .1 Mini-. J 61 ® 6 


455 

150.3 


»WJ 

442.3 


■ 149.7 1 146.4 

I ln.i.,(^..-! 149.5 | 130.6 
43.5 I -^u^.vc.. | || | | ||5 


FT— ACTUARIES indices 



lirl'llp. 


. .Nimri’i 

p;v. Yli’M i»‘ .. 

T K Knt m .net I 
a:: 


"05 95. M3.20 303.17. 203.84 Z05-72 aa6.aD| 

, “"6 B3 225.64' 226-00 226.66; 228.29 229-08 205.33 
‘"a.66' 5.68 5.67- 5.66 M 5-5 

--a 7 75- 7.77- 7.79 7.B5 7.B 

^ sows; «B.W. MM>. mw »««» I86 ' 94 


5.58 

B.B3 


Tulip Maned Fd_._ 

Man. BondFd- - 

I Man. Pen. Fd Cep.. 
Matt Fen. Fd. Arc. . 


Managed.. 

Gld Mgd.~~. 

Eqruty/AmertcBn 
U.K. Equity Fund — 

Money 


11210 


International.. 

Fiscal 

GnmhCap — 

Growth am., 

Pena. Nngd Cap- 
Pens. Mngd. Acc. ... 
Pens-GidJOep-Cap.. 
Pena-GId. Dep. Arc . 
Pens- Ppty. Cap. — 

Pent. Ply Acc 

Trdt. Bond ..... 


ft452 

MU 

1031 

1361 

ess 


993 

124.1 

1219 

125.7 

1119 

1U.6 

|102J 

10b3 

113.0 

. 117.7 
, JS.S 



■TrdLCJ. Bond f*6 — 

•Cash value for C100 premium. 

Tyndall Assnrancc/Pensions? 
lRCamnge Rood. Bristol. 027232211 

M'mJbItII ' 

iffl'5®! — 

Property July 6 .... 

Deposit Julv fl 

3- way Pm July 6 ... 

Cscjj Inv. July «.. . 

Kn Pn J-W July 3 — 

PoEquityJuIyS 

Do. Bond July 3 — - 
Do. Prop. July 3 

Vanbrugh Life Assurance 


Si' 


1646 


U5A 

■OSS*. 

127.7 


146.9 


ns 

MM.. 

M2 


257 0 


1770 


865 



41-43 Maddox SL. Ldn. W1RBLA. 

iManaged Fd : — 043 .9 

'Equity Fd 22S4 

Into!. Fund 99.9 

Fixed intent FA— 1649 

Propony ra 141.7 

CaxfiFund |lUJ 

[Vanbragh Pensions Limited 

Maddox Sl, ldn. W1R8LA 01-U94S2S 

Manaced .1936 UD 


01-4MV9 

15131 — 

234J -05 — 
105.2 -0.4 — 
1735 *0.9 — 

1492 — 

125.1 +02 — 


Fixed Interest 

Proppity n7.0 

Guaranteed see 'lux. Base Rales' t abl e . 
Welfare Insurance Co. Ltd.? 

Tbc Leus. Folkestone, KeuL 0303 37333 

Moneymaker Fd_ I 1024 I . ...| — 
Fur ot her lands, plodse refer to The London A 
Manchester Group. 

Windsor Ufe Assnr. Co. Ltd. 

Royal Albert Htfc. Sheet Sl_ Windsor 83144 

Ufe [»-. Plans IU9 7Z3] 

Fataie Assd.r.Uua 1. 1 20 » 

FshirtAeodGlhlbU 4300 
ReLAsed. Pens. —I £2104 _ 

.Flex. lav. Growth-. lS0S,4 20S.fi 


AUTHORISED UNIT TRUSTS 


Abbey Unit TsL. Mgr*. Ltd. (a) 

72-80. Gatehouse Rd . Aylesbury <12983041 

Abbey Capitol 131 7 33 : 

Abbey Income- - J38.2 40 J 

Abbey ln+. T*L Fd .06,0 33: 

Abbey Gen. Tst jA3B 46.1 

Allied Hambro Group? 1*1 (g> 
Hambro Hk. HuHon. Brentwood, Es«hl 
01-588 2851 or Brentwood, 111277) 211450 

Balanced Funds 

Allied 1st 

Brit. Inda. Fund—. 

Grth. & Inr. 

Elect. & Ind 
Allied Cap 


Gaitmore Fund Managers ? (aXgl 
2. SL Mary Axe. ECIA 8BP. 


Allied Lamlal 

Hambro Fuad 

Hambro Acc. Fd 

lacaBM Funds 
High Yield FtL 
High Income 
A_H.Eq.lnc.. 
luiBumteal Fnm 

Iniernatioul 

Pacific Fund W* 

Secs. Of America— 52 B 

U.SJL Exempt® [95.7 

Specialist Funds ' 
Smaller Co.'s Fd._ 135.0 
SndSmlr Co'iFA. *JJ 

Recovery 51ls. 82J 

MeLMiu. JcCdty— 402 
rtxrrseasRarnJnBs. 553 
ExpL Smlr. Cos _o|H?.4 



tji.AmcricBnTH 

■British Tst. 1 Arc i_ 
Ctutunodily Shsrc .. 
ExU2 Income Tsi. _ 
i«FsrEart.Tni!L.. 
High Income T»i — 
luromcFund — — 
Ins. Acencif .. 

InIl.E*4 m P !p, l 

(xilulLTit 1 Acc.1 


Perpetual Unit Trust Mngmt.? (a) 
012833531 4B Hart SL. Henley on Thames 04#t2e8Cflj 

29 U -021 0.10 FpetuaJCp.Cth. [391 42.fi | 350 

58 2 79 Piccadilly Unit T. Mprs. Ltd.? (aMb) 

91« WarrigTe Hae.SBa London Wall EC2 638080) 


172.7a: -0 1 
2ST +0J 
M2 -yDJ 
61 9 .. 

2A304 ' S3® fiTKinrS 

90 6 -0.1 6J3 

35 5 -02 122 


iJS Extra Income 

Small Co> Pd. 

InL Eras & Assets . 
Prirolc Fund-. 
Acennitr. Fund. — 


-02I 5 i? Gibbs (Antony) Unit TsL Mgs. Ltd. Technology Fund." 


23. Blooifleld St _ EC2M 7 NX. 

(at A.G. Income- —.141 4 U 

i»t AG. Orwthtt.. .[37.7 4051 

(ajA.G.F^rEwf...i25.1 27. 

Dealmc *Tnrc tTW«_ 

Govett (John)? 

77. London Wall. EC2. 01-988583) 

S'hldr. Junc3n — 1138.0 245.9 L73 

Do.Accum.UBit .165.9 174.51 | 1.93 

Next dealing day July 14 

Grieveson Managemeat Co. Ltd. 


Pro rclral July 5_ 


283 

302 

-02 

365 

393 


41 1 

44 am 

^02 

447 

47 90 


335 

36.3 

-0.3 

587 

628 

-0 2 

535 

57 L 

-02 

276 

29 bd 


23.0 

24 8* 



4.90 

540 

420 

294 

456 

3b2 

3.60 

1.00 

270 


Mjuvsissnfi 

-- g w Practical Invest. Co. Ltd.? (.vKcl 

- 30 44. Bloomsbury Sq WT1A2RA 01«S8893| 
1503 159.7] 4 00 

M 1 4.40 


Accum. Units 1 212.6 225 

Provincial Life Inv. Co. Ltd.? 

222. BishnpSgate.E.C2. 01-2476533 

182 1 0791-011 

ftOS-5 2162) +0.l| 


prolific UniCu^V 
High Income 


321 

757 


S9 Greshdm SL. EC2P 2DS. 


Barriogtoa JulyS_. 

lAcram. UqiUl. 

Blng-aVd-JulyO. 

(Aecum UntUi 

Eudea+JuJyJ 

(Accum. Umtsi..—. 
Grochrtr. JulyT — 

(Accum Uuiisi 

LoARmU. Julv 3._ 


ZOO B 

217.6 
1719 

197.6 
2025 
M97 
192 B 
K4 
685 
72.1 


21031 

227.91 ._... 

180 3 ...... 

207 01 ...... 

a) ri ...... 

21921 
9723 
10LM 
717m 
753 


di-8004433 prndL Portfolio Mngrs. Ltd.? (aHb)iei 


- 12 ] 


478 
4.78 
8.10 
830 
165 
X65 
2 95 
295 
427 


Holboru Bars. EC IN "NH Ol-SOSRrS 

PziidenUal |12II5 128.fi J 450 

Qn liter Management Co. LUL? 

The Slk. Exchange. EC3N 1HP. 01-800 41 7! 

S uadrant Gen. Fd. . 149 2 1023] I 4.90 

Iiadram Income ..ft221 1259^ 4 827 


427 Reliance Unit Mgrs. Ltd.? 


Anderson Unit Trust Managers Ltd. {Accum- Umw> 

1S8 Feochureh sl EC3M8AA S30231 Gnardian Royal Ex. Unit Mgrs. Ltd. RelUoceK*e-TuobridKcWeii«.Kc. c*822227i 

Anderson U.T, )«a.6 525) ._..J 4-® Rqy»l Exchange, EC3P 3DS. - 0]-BSBBO}l I6S.7 -i-j 544 

Ansbacher Unit Mgmt. CO. Ltd. Guxrrrhiu Tst., |u 7 wm -oji 4 - n J^SordeTIncl — <u 3 + 0^ 574 

l Noble sl, KQV 7JA. OlJSZSKrm. HcndervODAdmlllStration? (>Hcl(g) Ridgefield Management Ltd. 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbnthnot Serariiies (C.I.) Limited King & Sbaxson Mgrc. 

P.o. Broc 284. SL liehor. Jew. “31 77177 1 l.lmri nfi l'TOv«. St Holier, Jcrsco tffi5Wl7T , 41 

Peter pun. I'.rqiy. >04HU 24708 


Cap. Tsi i J erocyi -,|116 0 120 0J ..._ J 437 Valley Hw. M 

N>\i dealing dale July )B- . „„ 

East Jrlui|.TsL.fj‘_!118 0 125.fi 3-00 

New suh. July 30. _ 

Anstralian Select ion Fund NV 
Mnrkvt Oppartumilo. c a Irish Young 8» 
itaihuaiir. 127. Kent St Sydney. 

L«1 Share* \ SlsVSS I -™4 — 

Net As«et Value July 6 


1 nwim.ivStri' 

Gill Fund ..18 92 

flillT.Ti'l'l M i- 1041 
Gill Fnd. GucriiM.-' 1933 
I nil. ftiit Sees. Ttl 
First Sterling— _ ]1B 49 
Klr-.l Inti 185.92 


I.D"i'l'1.u. L" M 
8 95 
JttT 
936 


.0rtZ4'435S 

n] 12 DO 

.-3] 12 00 

16 12.00 


186fi 

in 


Klein wort Benson Limited 


Bank of America International SA. M hvnehurrh st. fo 
R nulemrd Rmil, Iji-.cmheurg CD 

Ml din vest I nrn me IH'laj? lD*«d 1 7 B0 

Prices at Jane 29. Next sub. •lay July 5. 

Bnk. of Lndn. & S, America Ltd. 

40-68. Queen Victoria SI . EC4. 


EurimvW Lux. F. 
«'•>!* rme\ Inc .. .. 
Arcnw. 


KR F;.rEj-l Kd. 

Klilntl t uriI 

01-93UZ313 KP Japan I'jiuI ... 


.Alexander Fund |51 .'.sb 75 — . 

Nd asset toluc Juno . 


I - 


K R i'S i ,M i h Fd.. 
Sienel Remurii 


1.065 


M5 68 fl 


795 3J.9 


SI '411 55 


St'Ml 33 

a-r 

5US35 n 


5 U 511.77 


SUM 75 


tlSBS 19 90 



Banqne Bruxelles Lambert 

2. Rue De la Regenre R 1000 Brussels Bb , r , , „ 

Renta Fund I.F pass 3946) -1| 7.75 LlOtllK Bk. IC.I.) U/T Mgr*. 

Barclays Unicorn InL (Ch. Is.) Ltd. 

i. Channg CSws. Sl Helier.Jrsy. iKH 73741 
•.■H-eroea* 1 nrome . . 145 9 483i< -251 12 01 

L'nidollarTnw KJ ■3091 1149 ...— { 4.20* 

L'nibond Trust.. |ii -nrejs uon) .] 8 00 

■Subject to lee and tnth hoi ding taxes 

Barclays Unicom InL il. O. Mam Lid. 

I Thomas SU Douglas. I <xM 0824 4B56 


P.O Pt>\ iw . sl liclier. Jersey. 

*L*'*‘«eax |584 6_ . 

Nc\l dealing date July 


01^23 nvxi 
329 
4T3 
4 08 
121 
203 
0.70 
0.76 
1C9 
B 54 


0r>34 27581 


Uovds TsL <'«cax |58 4 614| . -1 12* 

( 17. 


Lloyds Iniemational MgmnL SJL 

7 Kuo du Rnr'ite. P.O R.ix 179. 121 1 Geneva 11 
Unydsjnl Growth jsFTAa JjaEfi | 1.70 


Lloyd' InL Ihrcme.|snoasa 3l220j 


6.40 


Inc. Monthly Fund .[166.0 1760) -—I 9*1 

Arbnthnot Securities Ltd. (aXC) . 

37. QueenS. Loodon EC4R 1BV 01-2385281 


PrentferUT Admla. 5 Rayleigh Road. Hutton. 


Extra Income Fd IDS 1 

High Inr. Fund S45 

•(Accum Units*..— 54 4 
ifett WdrwLUlo-i 54.4 

Preference Fund 23 9 

Accum. Units) J7.2 

Capital Fund 185 

Commodity Fund 60.7 

i Accum. Uoitai 173 

WnfaWdnelU.} 531 

Fin.4PropFd. __ 16.7 

Giants Fund 37.5 

(Accum. Umtsl— 44.8 

Growth Fund 333 

r Accum Units' 40. i 

Smaller Co's Fd — 265 
Eastern It Inti. Fd. . Z66 

(8% WdrwLUlaj 215 

Foreign Fd. 873 

N. Axner. & InL Fd. 51.0 


1125) +03) 1156 


435 
58.fi 
58.fi 
2SM 
■raidl 
2n . X 
655 
9371 
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Hleb Income |59 1 

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Inlenrstional B36 

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Australian BV9 

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North Amer 384 

N-Am-CresJulyd-.. 117 4 
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