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B 


Thwaites 

Alldrive 5 ton GiANT. 


y 

/i--- 

Thwanes - ^£TT 
Engineering Co Ltd,—, 

Leamineton Spa, 
TePOKfi-22-471 




No. 27,582 


Monday June 12 1978 


r<MNsrrRueTiONjJD 


m 


Building & Civil 
Engineering 


AMralitii oltlic Esjil-jy.Tvn* Croup of Cctnpan.es 
1*0 iioc C. f ori: H,.r!v S.ii«»rd P'ior*. LveotidfT*. 

'.VPtv»\s«vt«rn. TeV. tiCtert-or.-ivcn 
( 073 SMi 372 ’ IZO-IirtesI 


CONTINENTAL SELLING FMQtS: AUSTRIA Sch.lS; BELGIUM Fr. 25 ; DENMARK KrJ.S{ FRANCE Fr.J.Os GERMANY DMZ.O; ITALY 1 - 500 ; NETHERLANDS HAft • NORWAY KrJJi PORTUGAL BlcJO; SPAIN FtaxJO: SWBTSN KrJXSj SWITZERLAND IrJJfr HRS 



GENERAL 


BUSINESS 


London 
mob in 
street 
rampage 


Crucial 

EEC 



talks 


THE fate of the EEC's contro- 
versial common fisheries policy 
will probablv be decided today 

S33» , H£. , S2, ITS! 'o'- Lo Gt" 

yesterday alter a mob of about delach- ^ EEC Agricultural 
laO white youths stormed and jr, Series Cominfarsioner. and 
through a Bengali area of Mr John Sl , kin , the Minister or 
London s East End. Fighting Agriculture. Fisheries 'and Food 
broke nut and shop windows Back page 
were smashed as the youths ran 

through the streets hurling 9 .^TiSH parncipatinn is 

rt The -^VSfor about 15 SSffi 0 ? aircraft ' TZol°Ll 

Lsdp, Tovi er Hflmlcis-^3D &rcs uirmaet «, _***>» 

■ /it ... *i - _ i_ ■ „ west Germany s oiygest aero- 

MIUW »'dS «r?=rn Si; IT «*£ z° c ,l A spokesman 


for Bengalis. Scotland Yard said 


for the company said the British 

i „ S - K . ik - .< „ „ were needed for finance and their 

last night that three of those knr , w i imv Raek Pan . 

arrested— all of whom were Know ' riOW - BacK rA * e 
white — were charged with •THE COAL BOARD is discuss- 
Ihreatening behaviour. fag with Royal Dutch Shell its 

Labour MP Hr. Arthur Latham possible participation in a fl5m. 
last night urged Home Secretary seven-veax project iv convert 
Merlyn Rees to call for a Special coal into a liquid feedstock for 
Branch report on the rampage, the pelro-chenucal industry by 
• Back Page - the supercritical ?a? extraction 

. Scotland out process. Page 4 

• A f \A/ «-»»-! H f^nn • THE GOVERNMENT is being 

i. " or, U vUH accused of “ financial hijacking 

b Scotland finished their World because of the delay in payment 

\ Cup programme by beating Hoi- of compensation for the nationa- 
k.' .and. 1974 runners-up. 3-2 in lisation of the aircraft and 
‘ ^Mendoza. Argentina. But Holland shipbuilding industries. Page 4 
*• 0 trough from the group to u . 

™nnr l,h Peru ' 4-1 British Steel 

5 r . " razil beat Austria 1-0 and c f«rfc Icivrrkfic 
&y ..-in beat Sweden 1 - 0 . The last Mai 15> IdVUIl3 
Jt are: Argentina. Austria. T _ 

-4’d at Llanwern 

drew Claire, Page 10 • BRITISH STEEL started lay- 

'., _ ,. , . ing off men at the Llanwern 

\ d Jm Die Itl Ciasn works last night as a result of the 
Crwentv-two African tribes Deonle two-week strike by blastfurnace- 

were killed in a barUe between hrmiah^ln^^^f^^^rh* 

security forces and black nationa- ‘ . 11,6 

list guerrillas eight mile sfrom € ^ '' l 

Salkhurv Rhnrfpsin Pa«»i» *> nf 4,900 Steel workers 

Salisbury, Rhodesia. Fa 0 c - wi „ bt? laid off by tnmnr .,- lVV 

Namibia, taiks 


Hattersley sees 
inflation steady 
for rest of year 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

Pessimistic forecasts of inflation in the future were attacked yesterday by Mr. 
Roy Hattersley, Prices Secretary. The rate of increase would remain at about 
its present level for the rest of the year, he said. 

His remarks came on the eve 


rest of the 9.000 lafeiui Ford 
being kept on. Back Page 

The South West African People's .. . 

Organisation has announced its • MINE RESCUE men in York 
willingness to resume talks on a hlr . e accepted a pay regrading 
Namibia. Negotiations broke ^, ca ! • ves \f. rr J ay and called off a 
down arter a South .Africa raid ** ,k<! ? as du * t0 s ta « 

on a SWAPO camp in which u,cidJ ' Paee * 
several hundred died. Page 2 9 LEYLAND toolmakers are due 

_ . , . . lo stage a one-day strike today 

Swiss trial They are expected lo vote on 

. ... rail for their subscriptions to b 

5S25iiia d 'Vahri^fp K-rn, Jh W w,1hhf ' 1,{ »"til the executive of 
Sliann, of ^mdin? ^, n A ™fwmk« s Sru 

boUevodX E® S? 2SSi? SBSiSv 

Venezuelan 0 ^em)b °CaH« “ in <=*«■ ** 4 

goes on trial in Ba?ie. Switzer- o STRIKERS ended their occu 
land today. nation nf the Renault plant al 

, , , . Cleon, near Rouen peacefully 

LriUD “Q EJ lasted early on Saturday. They were 
Two bombs exploded at the ^ ^ *5 e alternative of 
Paris headquarters of the travel large ^? rce of 

company Club Mediterranee. in- !i of p ” f e which was waiting a 
jilting a watchman. Racist group “ ie sates- Page - 
Die French National Liberation e FORD hag yielded to U.S. pub- 
Front claimed responsihiliij. iic and government pressure lo 

Cpruccscu vicir rccan L5,n Pml ® C3rs for iDl 

WGauDcavM vi9iL provements to the fuel system 

Tight security will be main lained which is said to have safety 

in London today for the visit of defects. Page 2 

Romanian President Ceauseseu. _ _ 

Abandoned baby UieilCO seeks 

A new-born baby found aban- Tfll'Y/n fYTflpr 
doned in a plastic bag on waste 1 vn j v, VIUv .1 
ground at Seaford Sussex, was « URENCO, the Anglo-German 
last night making a good recovery Dutr;h enrichment company. 

"SUShiS iff , 2ȣ? ,,nued surts ^ in Tokyo today which 
tne search for its motlier. might lead to a substantial 

n . fi order. 

UrieTfy ■ ■ ■ A learn of executives led by 

Frenchmen Didier Pironi and ^ r - Peter -feianek-Fink. Urcnco's 
.Tean-Pierre JaiK&aud won the chairman, hopes to persuade the 
4fit!i Le Mans 24-hour endurance Japanese electricity supply in- 
race in a Renault Alpine Turbo, duslry to place a large order as 
\l least "0 people died and 50 an insurance against problems 
more were injured in a fivc-slorey 
hn, e l bl.7. in Burnaz. S.nden f ™ ce 

Sweden's Bjurn Borg and 

Romania's Virginia Ruzici won • ROMANIA and Nigeria are 
the singles titles a; the French said lo he considering an oil 
Open Tennis Championships in deal which could reduce 
Paris. Bucharest's dependence on ini- 

Two gunmen slipped through a &?*! t l s cr “de from the Middle 

tight police cordon in a Paris ta '' 1 ra " e J 
suburb after a bank raid. • ELECTRICAL contractors in 

£50.000 Premium Bond prize was Britain are showing a low return 
won by bond number 4ES 491449. and many arc losing money. 
The winner lives in the London according to Jordan Dataquest. 
horough of Harrow. the financial analysis. Page 4 


of a series of important market 
tests for last Thursday's fiscal 
and monel ary package. 

Several major economic indi- 
cators are published this week 
and City response will determine 
whether the initial favourable 
market reaction— sales of gilt- 
edged stock of more than £lbn — 
will he maintained. 

The trade figures on Wednes- 
day afternoon are of particular 
importance ahead of the offer on 
Thursday of the new Elba ultra- 
long-dated gilt-edged stock. 

Market expectations are gener- 
ally for a small surplus or deficit 
last month after the record 
£336m current account surplus 
m April, and favourably received 
figures might result ' in over- 
subscription for the new stock, 
of which only £15 per £100 is 
payable on application. 

The other main indicators due 
this week are for inflation, retail 
sales, the money supply and 
industrial production. 



Hr. llatlcrslcy : a fact 


counteracted by small reductions 
in the next 

The retail price index for mid- 
May. to be published on Friday, 
is expected to show a decline to 
between 7J and 7f per cent 

The underlying trend 0 ver a 
shorter period will be closely 
watched, although recent figures 
of Price Commiasion notifications 
are reassuring. The wholesale 
price indices, due this afternoon 
are expected to show that raw 
material costs have continued to 
be pushed up by the fall in 
sterling in the early ' spring, 
although prices charged at the 
factory-gate still have been 
rising at a moderate rate. 

The indices of retail sales 
volume, due today, and of indus- 
trial production, out on Thursday, 
will show whether the rate of 
economic activity has at last 
been accelerating, as is expected. 

Thu money- supply figures, to 
Pc published oh Thursday after- 
noon. -ire. now of less interest 
than they would have been before 
hursday'v measures. which 


Mr. Hattersley said at the the rest of this year there would were intended to cut back the 
National Exhibition Centre, be no significant change in this future growth of the money 
Birmingham, that people who trend. stock. 

claimed that the rate of price The 12-month rise in retail The figures are likely to show 
inflation would be in double prices was 7.9 per cent and. over a growth in the broadly defined 
figures again by the end of 197S the next month or two. there money supply of slightly over 1 
were wrong. would be further small reduc- per cent in the banking month 

It was fact, not a hope nr even tions in the rate. Then the rate to mid May following last week's 
a prediction, that the rate of would settle — although there figures indicating a L4 per cent 
inflation would settle and remain mighi be small increases one rise in the banks' eligible 
at or about its present level. For month, cancelled out and liabilities in the period. 

Liberals set to abstain 


CONTENTS OF TODAY’S ISSUE 

UK convpanirs 2fi 

International companies ... 29 

Fnrcifin exchanges 27 

Minius notebook 27 

Arts pace 11 

Leader pace 12 


Overseas uews 2 

World trade news 3 

Home news — ceocral 4 

— labour 4 

Technical page 5 

Management page 8 


FEATURES 


Italian farmim; 1Z 

The looming battle for EEC 

textiles 25 

Industrial democracy in 
Denmark 8 


Week in the courts 10 

Crisis in the French Elm 

induslry 28 

Eurobond quotations and 
yields 13-24 


apwibitmenu 

Building Notes 
BuslMitman'i DOT 
Contracts ft Tenders 

Crossword 

Entertainment Guide 
Financial Dlarjr 

insurance 

Letters 

Lc* 

Lombard 

Men and M*uem . . 
parliament Diary ... 
Share Information . 


30 

Sport - .. 

ID 

FBI 

30 

ft 

Today's Events 

2S 

Ind. Resources and 


U. 

TV and Radio 

IS 

Development Bank 

30 

M 

Unit Trusts 

33 



10 

Weather 

3ft 

PROSPECTUSES 


u 

World Eton. Ind. ... 

27 

AuiamouvQ Produtts 

27 

30 



Met. Boro, or SpiiUl 


zt 

Base Lending Rales 

Zt 


31 

25 



I. J. Oewhlrsi Hdga. 

32 

3ft 

10 

ANNUAL MEETINGS 

Smith St Aubyn and 
Co. (Midas.) 

» 

12 

Automotive Products 



2ft 

31 

Harlwclfc Groan 

28 

CrccnUchJ Mlllclts .. 

2a 

3*35 

Sanderson Kaysci'.. 

27 

Pairview Estates ... 

26 


For latest Share Index phone W-24G WJ/t 




BY RICHARD EVANS, LOBBY EDITOR 

LIBERAL MPs are likely lo threatened not m support the force the Liberals back into the 
abstain in the vote on Wedne*. Government. arms of tbe GovenBnent as pub- 

day's Commons resolution to Ministers are adopting a iicly as possible. 
reduce the salary or tbe Chancel- relaxed attitude to the vote. Thes believe such tAetics could 

Z h.SdliS'Wrili ^economy pa S Uy b ?, caU h se ,l,ey c ^ c i to win bring great electoral befits » 
te. h ^ iH S „n°/h.o th ?h rSn an , d parUy bec ™ s f they bel J e ™ th « Tories collect the major 
This should enable the Govern- 3 losl vote could be reversed b.v slice of the anti-Government 
nient to escape a humiliating tabling a motion of confidence in vote in constituencies which have 
Tvfo fi ru-croi Lin . a Government. This the a Liberal MP or whete the 

mi? TiL cnw^ativJ Liberals- wou Id certainly support. Liberal vote is high. \ 
censure move J ^ he mar 2'n iu the Govern- Mr. James Callaghan , and 

Th e v have no wish to gn to ment ‘s favour wil be greater than Mrs. Margaret Thatcher. the 
the Chancellor's rescue follow- ex P ecte d if the Scottish National Conservative leader, both made 
in n what they re°ard as his into- Parl . v and Plaid Cymru abstain major speeches at the weekend 
ganr behaviour. 3 but thev fear ra * h<?r than v ° te with the Con- laying down the battle lines : on 
That a Government defeat' could sedatives and if the Ulster which the election will largely 
affect international confidence Unionists split their vote or he fought. \ 

and undo much of the benefit abstain. All three groups at Mr. Callaghan accused the 1 , 

gained from last week’s economic Westminster have still to decide Tories of being extremist and 
measures. tactics. irresponsible- while Mrs 

Mr. David Steel, Liberal leader. There is no doubt that the Thatcher claimed the Govern- 
confirmed yesterday that hi.* Liberals will back the new clause ment . 'Jf asi . incompetent and 
advice to hist colleagues when to the Finance Bill implementin'- 1 Penalised the country s wealth 
they meet at Westminster on the 2j per cent increase in the pr ° du ®®”„ . , „ . 

Wednesday before the division employers' National Insurance At Nottingham Miners yaia 
wilt he to abstain surcharge. This will come before on . J Sa ^ rda ^ Pr A m ® ^ ^SES 

If they accept his reenmmen- the Commons at the end of fho said the Conservatives offered 
dal inn — probable but not cer- niomh or early in Tulv policies that would lead to con- 
tain— and if the other minority .. Cl . '' diet and confrontation. “They 

parties decide to support the R1 ; r r ' £??5.ilJ u . c ‘"j,® would drag us back to the 

Conservatives, the Government t ^ 0 ’, n erv troubles of the early 1970s.' 

■^huiiid v.-m by a handful of Lib-Lab pact would operate jfrs. Thatcher told the Welsh 
votes. t Jl er f f A ,C /? motlon 01 c ^ n - Conservatives at Llandudno that 

Labour's maximum vote, with ° fl ence in tm. Government, but ^e did not criticise the Govern- 
allies, should be around 30S. |j* underlined his parly s meD{ f or trying to restore inter- 
while the Tories. Nationalists “J ******* p . er_ national confidence. What she 

and Ulster Unionists can muster »»«**>• d S^at desire atta( * ed was the way that saeri 

about p . , m JU * of a u " ht Sees made last year to slow the 

Labour, however, has at fanst A Libera] abstention on Wed- Qai . p n f inflation had been 
une MP so seriously ill he will nesd<v will suit Tory tactics well. Sa®? ed ° 0 & 

probably be unable to vole and They have no high expectation ■ „ 

another. Mr. John Leo (Birniing- nf winning the vote but Conser- Mrs. Thatcher's speech, 

ham, Handsworthi who has vanve leaders are anxious to Page 4 


Revised 
accounting 
proposals 
in March 

BY MICHAEL LAFFER TY 


THE Accounting ‘ Standards 
Committee is planning to issue 
new inflation accounting pro- 
posals next March applicable to 
quoted and .. other large com- 
panies. 

This will he announced in a 
statement of intent in July, pro- 
viding the main accounting 
bodies give their approval, as 
expected. 

The statement of intent will 
say that the committee, tbe 
private rule-making body on 
accounting matters, intends to 
issue an inflation accounting 
exposure draft in March. This 
will then he open tor a six- 
month discussion period and will 
probably apply to accounts pub- 
lished from the end of next year. 

The intention is that the pro- 
posals will apply, to quoted com- 
panies ax welt as other com 
paivies with turnover exceeding 
£lm. 

Uncertainty 

The planned statement is 
designed to remove uncertainty 
over what should follow the 
interim inflation accounting 
guidelines worked out by a 
small group headed by Mr 
William Hyde of Oxford Univer- 
sity. These simply call for dis- 
closure in notes to major com- 
panies' accounts of the effect 
of inflation on reported profits. 

The guidelines were intro- 
duced by the committee last 
November, following the failure, 
of the more elaborate proposals 
published by the Inflation 
Accounting Steering Group, 
chaired by Mr. Douglas 
Morpeth. 

For the past year the Morpeth 
group has been analysing more 
than 700 submissions on Its pro- 
posals, and Is now expected to 
link up' with the Accounting 
Continued on Bade Page 
Lex, Back Page 



in U.S 


BY ANTHONY FOLSKY . 

PORTLAND, Jane 1L 

A MAJOR J mineral deposit, aerospace; petrochemicals and 
which could significantly relieve other high technology industries. 
U.S dependence on imports of . Open-cast mining of the 
nickel, cobalt and chrome, may Oreg bo-Calif ornia deposits could 
be developed on the western end start by 1930. depending on 
of the Oregon-California border, agreement between the: mining 
Tbe gross value of the interests. Federal- and State 
minerals, conservatively esti- agencies and environmental 
mated on the basis of. ore smups. , 
reserves of 100m tons, is S15.8bnJ Present plans call for the 
Last year tJi>. imports oF construction of two metallurgical 


Possibility 


claims in Curry and- Josepbibe per day would be processed at 
Counties, Oregon' and in the each, plant using a new tech- 
North-West Californian, awn tv nique developed by a metallur- 
of Del Norte- A key role in their gut in the ILS. Bureau of Mines, 
development has been played- by . The technique fo named after 
Inter American NfekeR-" a Richard Siemens and involves the 
private company backed.' '-'by' leaching of ore-vrith chemicals 
Canadian financial' interests, fa a solvent extraction method 
whose president is Mr..' Jatk- and a 'further process to extract 
White, of Vancouver; "V pure "nickel and" cobalt, and 
Mr. White estimates there are parti all v processed chrome. ’ 
between 100m and 200m tons 
of ore on the claims, contain- 
ing 1 per cent nickel 2 per cent 
chrome and from 1.6 to 4 lbs of 
cobalt for each ton:-' -. Inflb- . .Wot ■ 
pendent surveys' completed .by 
consultants have tended to con- 

Km. thp<u» ^ re “ Barrett- This was origin- 

The disclosure' that develop- .SSjJSf?' a up T1 > ame5 
menf of the deposit fa- planned POlhjtion. ' 

comes shortly - after a U.S. : Inter . American Nickel • is 
Government announcement that having negotiations 

it intended to rebuild depleted with Ni-Cal Development - a 
stockpiles of these metals: ft company-.qutrted^on the Vp* 
had been assumed that this cP u w Stock Eicchange, about a 
would be done from foreign merger of interests. Ni-Cal also 
sources - has mineral prospects in Del 

... Norte. CputrtjL 

. Mr.. VldlUam Carter, tbe. Ni-Cal 
president said the ne^otiationa 
Although tbere^s. no shortage rWched an advanced, stage. 

of nickel deposits around the * r *' W SS- 

world, about ^per cent of inter- *at <ie adverse envir^m«ital 
national chromium reserves aie ?®P?P , we. project would- be 


Onen-cast 


in Sooth Africa: and Rhodesia. 111 
Over half of the world’s cobalt 

in comes from Zaire, ® 
and recently prices have been 
I . ^parp]y - L due tq tbe e 
troubles fherA _ , ./■ 

The metals have ploying 
properties' whiolt are.^i^tal for bni^ifag 


machinery and- .tools nsed , in housing. 


L The area is tigjrtly 
a ted and' there is a ready- 
econom ic infrastructure . 
s should save additional 
associated with major -mih- 
veutnres imremoter parts of 
‘ ' ' woridj such ' as 

: airptHts and 


Record UK car 

BY TERRY DODSWORTH, MOTOR INDUSTRY COR 


FOLLOWING the extremely 
buoyant car sales in the first 
five months of the year, it to 
being predicted in some parts 
of the British motor industry 
that a 'record L7m vehicles wiU 
be sold this year. 

There is no doubt that this, 
figure could be achieved If 
sales continue at their present 
JeveL 

The market at present is 
running at an annualised rate 
of almost 1.77m units. But 
some manufacturers and com- 
ponent producers believe that 
tbere will be a downturn in 


- the. winter, and tt^^Coveru-' 

mentis latest financial- Treasures 
are also expected to «t«k ihe-- 
dpswjos. ■ ■ v : mV*.* 

•The Teeord For eat sales hr: 
Britain was achieved 'fim - years 

- ago, when the marfe^Beached: 
L66m units before^ we Wl- 
crisls hit further expwwfam. • 

Sales then dropped, to their ' 
Jow of Llfhn cars in 7 W75.slnce ' 
when they have pick^^p very ' 
gradually until the sjzsg* this 
year which has taked registra- 
tions 20 per cent: gfcyve the'- 
level reached In ijWE,' 

The most sangutee^of the " 



. ■irnmateMTs at present appears 
to. -.be- British Leyfand, which 
- has judged the expansion so. 
farKto year fairly accurately. • 
Ford,;, however, is not «►. 
hfflpefaL and is predicting an ' 
r-eventaal outcome nf- about. 

• LSflm. units for -the year, while ■ 

tine Society of Molar Mann-: 
facturers and Traders^, which L. 
' works out (ire official. Indnrtry ■ 
forecast is s®I basing Its fore- 
. cast on abptft Lfira -ferits. . 

'■' One prahtem. for 'the fore- ~ 
.casters Is that: tfa e market -has 
.become so volatile in : recent 
'Continued oh. Back Page : - - 


General Dynamics loses $359m 
in clash on submarine costs 


BY JOHN WYLES 


NEW YORK, June 11. 


GENERAL DYNAMICS Corpora- accented its responsibility for cent for labour costa and 6 per 
Lion is to absorb a SJa9m (nearly %125m of the extra costs and cent for materials 
E200m ) nesotialt-d or ’'fixed” agreed to meet half the remain ' u„ u ' . . ^ . 

loss this year, following a settle- mg ?71Sm extra cost rj- has been reminiscent 

ment ending d bitter cfasb with This means that General ?/• disputes hetween Britain's 
the U.S- Navy over responsibility Dynamics will have to absorb the Defeuco and . its 

for cost overruns on a building -3359m loss, which will amount n .^?. shjpouilders over respon 
programme for IS nuclear- fa SiSTm when offset against f ° r higher than antici- 

powered submarines. ,ax ' pated costx. 

The agreement, announced late Mr- David Lewis, the com- General Dynamics has com 
nn Friday, leaves the Navy -till P an -> 5 chairman, said at the plained that the first submarine 
dealing with claim-? for up to '■-cPKend lltal the loss would be- look 7:1m m.-:n-hours to build. 
31.9bn" fmm two other ship- lnimedtatoly after the instead of lh« 3.gni planned, 

builders, Litton Industries and seillciiiem became final, and that because of the Naiv's insistence 
Ten necu. 1 ? arI iL n ii s on design changes — which 

Gen 
pared 


General Dynamics was pre- 197 f- according m the company have 

tared to suspend work on the ?^- bC 3 overa]I fatwH-d about 35.000. 

-uhmannes from tomorrow an- . 1 Li ‘ . J .... ,« f ,|p mpnI Navy has admitted to 

less its claim for SS43m could wa J nwnful ‘but w£iS changes. 10 per cent of 

l« resolved. This is U» “ «•>«•>.. ?. S^*. w. «t. «h» 


overruns 


liven. inii is me com- ,h e afipimafive of "lonr and m, were «u u 

pany s estimate of ils probable pensive court action with unpra- 5.“*^ °f rn ^" era! Dynamire. 
osses by the time the Los dieiable results." . Fro .™ “ ni . t ‘ ll > tune the Navy 

Angeles class attack submarine The fixed loss is offset bv Uie 
are completed in \9S4. 

I 

lo 
me 


jec 



. i'.-cn persuaded i 0 ink e a share 

a major injection of 0 f ^ finanUai rSronsibilUy 


n 1971 to S2.13bn as a re>ult of This 

ihp settlement, has been under cash, which probably ’would be b,-caiise rMronsioiHiy 

vuy for more than two year,. used to reduce some debt hut !g£5i Dynam,S Th?l^ ?o 


Tbe company threatened to aljo possibly lo reinstate divj- 


naU work on the contract from demis which have nor been paid ^eveiL^e^nSS 

April 1 2. out at the last minute since 1970. missilo when iHp VnLum- mi ld 

gueed to post none its ultimatum The Navy has also agreed m n oi be certain of tb/ extent of 
Uir two months. Lnder the meet any oxa-a costs if the its losses cm the attack &ub- 
greemeot, the Navy has inflation rate rises above 7 per marines. 



Get your office 



Actually we told Mr Bloggs he didn't need td^bwg tiie office . with him. 
Since 1970 1 million sq ft of office development has faeeh-added to the 1.25 v 
mdiion sq ft previously occupied in Northamptori's town centre, and a further 
1 .5 million sq ft is still being developed. Campus sites are also available on the 

major industrial development at Moulton Park ■ • ' 

As well as Northampton's central location, affording ease of access and 
distribution to all parts of the country, there are substantial savings to bertnada 
Office concerns relocating from Central London can save' up 10*70% of their 
expenditure on rent and rates alone. . ; 

., . Northampton has tremendous advantages ip offer firms wishing tore/ocate 
ex * parV u° n of ,hls . h,sl °ric county town means excellent homes 
f0r t0 rent ? r b . u K' new shops, new. ed^d^iahd new opportunities for 

growth and success. Its labour relations record is amongst the ^tin the ' 
country. . . ..... w -. - -j 

detaif s : •' 

L Austin-Crowe^ Ghref Estate SwjtVeydr, 

2-3 Market Square, Northampton ifthTt 2ERL • ' 


/ 


\ 








OVERSEAS! .NEWS 


: " Financial Times Moada^rJmie |& : |978 • 



Rhodesia 
clash leaves 
22 dead 


SALISBURY, June 11. 
TWENTY-TWO black civilians 
.died in a clash between security 
forces and guerillas at a tribal 
village north of Salisbury yester- 
day, the Rhodesian military com- 
mand announced tonight. 

A communique said that early 
ycsierday afternoon a security 
force patrol spotted a group of 
armed guerillas together with 
civilians. “This group scattered 
on the approach of the security 
forces and fire was directed by 
the terrorists at the security 
forces." It said. 

“Terrorists were seen with 
others of the group to run Into 
■a near-by village. In the ensuing 
action, two males, nine women 
and two juveniles were killed." 
the communique said. 

“A hut caught fire and am- 
munition was heard to explode 
within the hut. Nine unidentified 
bodies were later recovered." 

The communique added that 
a search of the village led to 
the recovery of a Communist 
weapon, loaded magazines, a 
mortar bomb and a quantity of 
small arms ammunition of Com- 
munist origin. The tribal area 
where the incident occurred was 
not named in the bulletin. 

In another incident, nine blacks 
were injured, two of them 
seriously, when a Communist- 
made grenade was burled into 
the bar of a hotel in a tribal area 
north-west of Salisbury on Friday 
night. 

Meanwhile, a white woman was 
killed yesterday by guerillas 
■in an ambush near Cbipinga 
while her husband shot it out 
with their attackers 
Reuter 



to resume 
negotiations with West 


BY MICHAEL HOLMAN 


LUSAKA, June 11- 


SWAPO. tbe South West Africa 
People's Organisation, has an- 
nounced its willingness to 
resume negotiations on Namibia. 

In a cj;nmunique issued after 
the two-day meeting of the five 
African “front-line” Presidents 
in the Angolan capital of 
Luanda this weekend, SWAPO 
said it was Prepared to resume 
talks “to resolve the remaining 
unsettled issues in the proposals 
of the five Western powers." 

These issues are the future of 
Namibia's only deepwater port. 
Walris Bay. the location of the 
1,500 South African troops dur- 
ing the transition period before 
independence, and certain fea- 
tures of the transition admini- 
stration. , 

SWAPO broke off negotiations 
after a South African raid on a 


SWAPO camp in southern 
Angola on May 5, in which 
several hundred Namibians were 
killed. 

According to a SWAPO source 
tonight, the front-lines States, 
probably through their chairman. 
President Julius Nyerere of 
Tanzania, will brief the Western 
powers on the weekend summit, 
and a meeting between SWAPO 
and the five should follow soon 
after that. 

SWAPO's decision to reopen 
negotiations is seen by observers 
as the result of pressure from 
the front-line States, who were 
concerned at the apparent stale- 
mate. 

The front-line communique 
affirms continued moral, material 
and diplomatic support for the 


Ford agrees 
to recall 


Namibian people under the 
leadership of SWAPO, and calls- 
on the Security Council to take 
appropriate measures to ensure 
that South Africa- hands over 
Walvis Bay. 

Quentin Peel reports from 
Johannesburg: Sources in the 
South African Government are 
threatening once more to press 
ahead with the first moves in an 
election process in Namibia if 
there is no immediate positive! 
response from SWAPO lo rhej 
western proposals for a settle- 1 
merit. < 

Judge Marthinus Steyn, the 
South African-appointed Ad- 
ministrator-General in the terri- 
tory. said last week that action 
to start the election process must 
come soon. 


Oil ban ‘would mean collapse’ 


BY BRIDGET BLOOM 


AN OIL embargo of South 
Africa would be technically easy 
to achieve and would probably 
result in South Africa's economic 
collapse within two years. These 
are the main findings of a report 
commissioned by the United 
Nations Centre Against Apart- 
heid and wriiten by two British 
economists. Martin Bailey and 
Bernard Rivers. The report is 
to be published this week. 

The report's authors — who last 
year studied Rhodesian oil sanc- 
tions For the Commonwealth — 
conclude that South Africa's 


economy is much more vulner- 
able to a cessation of oil sup- 
plies than South African officials 
suggest. Though oil accounts for 
only 20 per cent, of total energy 
needs, oil products are vital for 
all forms of transport. 

At present South Africa im- 
ports 99 per cent, of all its oil, 
mostly (90 per cent) from Iran. 
Locally produced oil conies from 
an expensive oil-from-coal pro- 
cess. The report suggests that 
current investment or some £2bn 
in a second SASOL oil-from-coal 
plant will hardly keep up with 


rising demand. 1 

The report also maintains | 
that South Africa's stockpiles of 
oil, which are a closely guarded 
secret, may in fact be sufficient 
for only IS months at current 
rates of consumption. Even with 
reduced consumption (rationing 
is already in force) the report 
says: “ If all South Africa's im- 
ports were cut off the country 
could probably last for a maxi- 
mum of two years . . . during 
this time, however, there would 
be enormous economic and social 
disruption." 


By David Lascelles 

NEW YORK, June II. 
FORD HAS yielded to both 
public and Government 
pressure to- recall L3m of Us 
Pinto sub-compacts for im- 
provements to the fuel system, 
which is alleged to have serious 
safety defects. The recall in- 
cludes all Pintos except 
station-wagons made between 
1971 and 1976. 

The company's announce- 
ment came after months of 
wrangling over the Pinto's 
safety. Argument centred on 
the fuel lank, which is said to 
be liable to leak and explode 
in rear-end collisions. 

Ford has already faced 
numerous coart cases and has 
paid out millions of dollars 
in out-of-court settlements 
arising from accidents involv- 
ing the Pinto. But ft has 
•maintained that the design 
posed no unreasonable risks. 

Concern about the Pinto, 
which is one of the most 
successful sub-compacts pro- 
duced by the U.S. car in- 
dustry, reached national level 
last year, when Mr. Ralph 
Nader, the consumer advocate, 
called for action. 

Next came an ‘Initial 
determination" by the National 
Highway Traffic Safety 
Administration, a Government 
agency, that the car's fuel sys- 
tem did have a safety defect. 
Since 1975, the administration 
said, there had been 53 deaths 
associated with fuel-tank fires. 
Ford assembly suspensions. 
Page 3 


ISRAEL! WITHDRAWAL FROM LEBANON 




BY DAYID LENNON 


TEL AVTV, Jane 1L 


PALESTINIAN and Christian 
forces in southern Lebanon 
shelled . each other today as 
liaison officers of the United 
Nations interim force in 
Lebanon were due to move -into 
Beaufort castle, the Palestinian 
position closest to the Israeli 
border. 

Lieut. -General - Emmanuel 
Erskine of Ghana, the com- 
mander of the UN force, com-, 
plained yesterday that although 
Mr. Yasir Arafat,, the leader oE: 
the Palestine Liberation Organi- 
sation. had twice promised that 
UN liaison officers could take up 
positions at the castle, the UN 
officials had been blocked by 
Palestinian forces holding the. 
fortress. 

The UN spokesman in Jeru- 
salem was this afternoon unable, 
to confirm whether the -UN; 
officers had token up their posi- 
tions today. Beaufort is fre- 
quently used by the Palestinian 
forces north of the Litani River 
to shell the Israeli-backed 
Christian villages to the south. 

Gen. Erskine also complained 
that Israel was not co-operating 
with the UN in advance ' of 
Tuesday's final stage of the with- 
drawal of Israeli troops wh<r 
invaded south Lebanon three 
months ago. 

He said that Israel told him 1 
to talk with the Christian mOitia 
in the area about future deploy- 
ment. Gen. Erskine expressed 
surprise that after close, co- 
operation daring two earlier 
stages of withdrawal. Israel was 
now refusing to co-operate. 

Israel is pressing ahead with 
arrangements for withdrawal. 


but it appears that the army 
plans to hand over much of the 
evacuated area to the Christian 
forces which- it has- backed for 
over a year, rather than ,to the 
UN soldiers. 

A UN spokesman in Europe 
said that Gen. Er&kme's remarks 
were based on a misunderstand- 
ing and did . not represent the 
state of affairs as understood, at 
UN headquarters. - 

Mr. Menahem Begin, the 
Israeli Prime Minister, consulted 
senior Cabinet Ministers over 
the weekend in. an attempt to 
work out an agreed position on 
the future of the West Bank 
and Gaza Strip. 

The Cabinet meets tomorrow to 
continue a debate on' the issue. 
Winch started last week. 

.Th$an HIjazi reports from 


Beirut : Lebanese officials say 
that. Israel must hand' the terri- 
tory It is withdrawing from to 
UN troops , and not to Christian 
militias . They described General 
Erakine's statement as disturb- 
ing. 

About 1500 Christian fighters 
are entrenched in an eight-mile 
strip along, the Israeli border 
from the Mediterranean coast" to 
the foothills^ or Mount Hermon. 
They ra commanded by Major 
Saad Haddad,' an officer in the 
old Lebanese army, and. are sup- 
ported and armed -by Israel 
Their i weapons Include armoured 
cars, tanks and heavy artillery. 

\ Observer's said that placing the 
border area in the -hands of the 
Christian militias would enable 
Israel to dominate the -region by 
remote: con troL -. 


Strike outlook at Renault |fr r n 
plant remains confused 


BY DAYID CURRY 


PARIS, June It. 



STRIKERS at the Renault plant 
of Cleon near Rouen abandoned 
their occupation of the factory in 
the early hours of Saturday 
morning. They had been. -faced 
with the - choice of "leaving 
quietly, or being ejected "by a 
large force of riot policy which 
was waiting outside the gates. - 
'. The situation at the other 
Renault plant affected by strikes, 
remains confused. Workers in 
tiie . press shop at FILns near 
Paris, have already been ejected 
by police once from the factory 
but when it re-opened -on Thurs^ 
day after a three-day shut-down 
they immediately re-occured the 
press shop. ... 

The company is losing about 
a third of its production of 
vehicles at Flins and It has asked 
some 79 of the strikers, many: 
of them immigrant workers, to 
explain their actions on' Tuesday. 
The - unions are making 


fej&gg mm 


And timed to coincide withBritish 
Caledonian flights to and from Africa, 
Europe, South America and U.S.A. 

k * 

/ The journey costs only £12. Or £6 
for children. 

Free fares are available to those 
passengers connecting with certain 
arriving and departing international 
flights - check with your travel agent 
or airline. 


15 minutes. 

That’s all it takes now to get from 
Gatwick to Heathrow. 

On the new helicopter link 
service starting 9th June. 

Which virtually makes Heathrow 
and Gatwick one great international 


At both airports, there are special 
check-in facilities. 


Look for the helicopter sign. 


With all the facilities of two. 

It’s going to make your flight con- 
nections a whole lot simpler. 

There are ten flights every day in 
each direction, throughout the year. 




The Daily Times, wm 

;30cti97Si 


Departure 

Arrival 


Departure 

Arrival 

1 Flight No; e<-Gatwick Heathrow 

Flight No. ex-Heathrow Gatwick | 

BR071 

0645 

0700 

BR072 

0715 

0730 

bro;3 

0745 

0300 

BR074 

OS 15 

0830 

BR075 

0915 

0930 

BR076 

0945 

1000 1 

BR077 

1015 ; 

1030 

BR07S 

1045 

1100 

BROS L 

1115 . 

1130 

BR082 

1145 

1200 

BR087 

1600 : 

1615 

BR0S8 

1630 

1645 

BR091 

1700 

1715 

BR092 

1730 

1745 

BR093 

1830 

1845 

BR094 

1900 

1915 ‘ 

BR095 

1930 • 

3945 

BR096 

2000 

2015 

BR097 

2030 

2045 

BR09B 

2100 

2115 


The Gatwick-HeathrowAirlinkis 
a new service provided by British 
Airports in conjunction with British 
Caledonian Airways. 



British 


British 

Caledonian 


A' ■ OlHloll ■ 

Airports 



^th^Airlink 


belligerent noises over the police 
action but have not been able 
to provoke widespread sympathy 
action. - . I .' 

_ -For one . thing, the' two main 
unions are split over whether to 
treat the. strike action _as ‘the first 
way . of a general assault on the 
Govenun&tlV economic policy or 
as a rather unrepresentative and 
limited incident . 

None-the-Iess' the unions, led 
by the CGT Communist domi- 
nated. union, -are 'calling for 
widespread ' sympathy action 
tomorrow throughout the metal-, 
lnrgical industry. 

' John". Griffiths writes -from 
Lefflans: Regie Renault fashed 
with success from its first overall 
victory in- the Le, Mans. 24-hour 
race 'since it first entered , a car 
In 1950, is to expand its Formula 
A)ae; Grand- Prix tracing ' pro- 
gramme Into & full three-car 
team. *. . 


Australian warning to 
EEC over imports 


AUSTRALIA TODAY threatened 
to take action against lmports 
horn Europe unless the. Cpinmon 
Market breaks down barriers to 
Australian agricultural exports. 

: Mr. Doug Anthony. Deputy 
Prime Minister, accused the EEC 
of having ah insular and- self- 
centred approach to international 
trade.< negotiations.' He’ was 
appaUed and bitterly disap- 
pointfedtHaS^Sie Commoir Market 
MU ■ rejected ’Australian . pro- 
posals' to Improve trade, which 
was neariyU.S^lbn'inthe EEC's 
favour', In 1976-77. - 

The EEC Hai told Australia 
that Its *«omplaihts about T bar- 
riers against agricultural exports 
must be settled in international 
trade talks and not through bi- 
lateral negotiations. 

Mr. Anthony said: “The Com- 
munity approaches both bilateral 
and multilateral tradediscu*- 


CANBERRA, June 1L 
Sxons in a totally, insular and 
self-centred way, expecting tha 
rest of the world to play by the 
rules while they go their own 
way. 

.. "As - the . largest trading bloc 
in the world, they seem to con- 
sider themselves to be beyond 
the restraints and obligations 
accepted by - their trading part- 
ners."'- . • " . 

-He-added that unless the EEC 
was . prepared, to move- from its 
present position* Australia would 
have- no other: recourse, but to' 
examine the basis of its trading 
and economic policies in relation 
to the Community, including of 
course its purchasing policies. 

Mr. Anthony's attack comes 
after criticism of the EEC last 
week by Mr. Malcolm Fraser, the 
Australian Prime Minister, now 
in London for talks about inter-* 
national trade. 

Reuter ' 





Portugal still riot winning 
battle for confidence 


BY JIMMY BURNS 


.LISBON, June 10. 


FIGURES: JUST released by the 
Portuguese Instl tote of Foreign 
Investment show that thCGoverp-.' 
merit ds - yet to succeed in' 
generating the kind of confidence 
capable of attracting much 
needed foreign capital. 

The Institute, which was estab- 
lished this year to supervise 
direct foreign investment in 
Portugal and control all deeds 
concerning transfer of tech- 
nology, dealt with a total of 77 
requests ' to invest in Portugal 
during the first four months of 
this year. Fifteen projects were 
authorised by the Institute, rep- 
resenting a total investment 
(transfer of capital) of Escudos 
2I3bn (S5m>. 

Although no official statistics 
are available for last year’s 
foreign investment {the Institute 
has no comparative figures as it 


was only established in January) 
total investment for the first 
quarter of this year is .below 
,the average quarterly investment 
'for 1976. estimated . at Escudos 
320bn <$8m). 

According to Portugal’s "cur- 
rent foreign investment code; 
projects presented to. the Insti-- 
tute are only, approved once the 
companies involved have' suc- 
ceeded in convincing the Portu- 
guese authorities that the 
investment will be of overall 
value to the Portuguese economy. 
This is based on three essential 
criteria: a positive contribution 
towards the country's balance of 
payments, to the creation of jobs, 
and to the national .added value. 

Projects approved by the Insti- 
tute fall into three main sectors:. 1 
petrochemical, food processing, 
and metal manufacturing. 


Delhi heartened by West’s 
promise of $2.3bn aid 


By K. K. SHARMA 


NEW DELHI. Jane 12. 


THE PROMISE by the Aid India 
Consortium: of 10 Western coun- 
tries and Japan to give record 
assistance- of S2.3bn in -the cur- 
rent y'edr has been received with 
considerable satisfaction here. 
It is seetLto reflect the view that 
the Indian-' economy is basically, 
sound and capable of absorbing 
such enlarge amount of aid. - 
India's .foreign exchange re- 
serves have been' rising fast; and 
now stand at more, than S5.8bn. 
However, both -the World -Bank, 
and the Indian Government have 
pointed . oiit tbat just two bad 
monsoons could wipe, oat the 
accumulated reserves as well as 
the current food-grain stocks of 
about 29m tonnes. 

The- aid is mainly intended to. 
help the Government to carry 
out its strategy for rural develop- 
ment/. ‘Roth the World Bank; 


which will account for SL2b)L- 
and the consortium members 
have let if be known that they-, 
want the aid to benefit the ; 
poorest sections. This is to lias 
with Government policy and 
hence the bulk of the assistance * 
will go for mutually-agreed pto* • 
jeets. 

-Bilateral talks oh- identifying: 
the project^ will begin soon 
since the ' Government wants t°-v 
avoid tbe charge : levelled io to? . 

. past : that tardiness on its 'part 
has meant tbe lapsing of large v 
amounts of aid. The largest-, 
pledge of £150m has -come From, ' 
Britain, which gave £3.44m last. - 
year. The TXS: has pledged : 
S90taj thereby resamlng aid after - 
a gap of seven years <aid w* : . 
suspended, by Presidrat Ntepn 2 
during the 1971 war over Bang)* 
desh). ' .- •■ .. z 


U 


4 ft. 


•J z v 


)k I ; 

‘ *•-! 


. X 


Malaysian Premier calls election 

BYWONGSULONG 


- . 

- V 'C *'• 


DATUK HUSSEIN ONN* the 
Malaysian Prime Minister, today 
advised'- the King ‘ to '-dissolve 
Parliament tomorrow. > to allow 
for early .general elections. . --J 
Although the date lias-hot been 
announced; Malaysian news- 
papers,- 1 including the national- 
news agency, Beraama, are pre- 
dicting July. S as-pbUmg day; • 
Legislative, assemblies, in all 
the 13 states, except Kelantan; 
Sabah -and ' Sato wato wiil- also be. 


KUALA LUMPUR, June 

dissolved - tomorrow. / . smd, elc*: j 
ttons - wilt be - held, -sum ; , 
taneously •" with ' -the' " fade***-? ‘-Vs. 
elections. > . '. 

' Datuk . • . Hussein . . Onn ; 1 
leaders' of his JiHrarty. National. .1 SiV , 
Front, coalition Government over .*«. j.m 
the: weekend to complete :p^-, \.W.. 
for the' election.' - 


F(N*BClALTmES.roWWlM 
a.Y* and holidays. U.S. * 



any* aoa WtftffiSW. U.S. ^ 

C^frcdabtrt.BfiOiM ' 

.Twaiw CUu POKBSS — 






ir-V! 


" 5 5 k ' 

V -■•._• >'• " .. .... j •• .-. . -•.; s - 



dal .Tijnes Monday; : Jane i J. J^7S 




r.L «-t; .. 



:.!• -1 


RYCOLINA MacDOUGAU. 




^CHINA'S TRADE will soon see 
,- jnaior new growth, -according to- 
Mr:.Li Chiang, the Foreign Trade 
Minister, .who is auoted in the 
latest-issue of the official foreign 
‘trade . journal, China’s Foreign 
-Trade. Import-export business 
had; gone - yeiy well in the first 
half of this year; he said, foilow- 
t ing a. 12 per cent overall increase 
: last year, ‘ 


■atR„ 


• -Discussing China's import- 
export policy, and. practices, .Mr. 
Li . said" Chinese trading' ■ cor* 
p ora lions had become -more 
'flexible, and' had now restored 
or adopted international ' prac- 
tices'. Mr. Li gave a number of 
examples of- these. The trading 
corporations would now agreb to 
accept export orders made 

' -- .if ‘ 


according to buyers', designs and 
trade-marks, - wi& . buyers’ own 
materials, or in the case of 
maebinerj^ and spares, 1o fit the 
specifications oi the buyers’ own 
equipment; 

They "would also ' adopt dif- 
ferent forms' of payment, sell 
goods at Chinese, trade exhibi- 
tions abroad, make, consignment 
sales in other -'countries and 
adjust fibe pjoees of Chinese 
exports in; accordance with pre- 
vailing' International prices. 

Mr.. Li also* noted that China 
would continue. to' .buy complete 
plants, but this would depend on 
its ability to pay,' either' immedi- 
ately,. ' or, within . a ..specified 
period of time. ;.Fbrras of pay- 
ment would include cash, instal- 
ments, fairly long-term deferred 
payments, ex c ha n ges of pro- 


ducts, or ** other prevailing forms 
in international' trade." 

Speaking of his visits to 
Europe last autumn and the sign- 
ing of a trade agreement with the 
EEC. Mr. Li reiterated Peking's 
deside to learn from the ad- 
vanced technology and experi- 
ence of the West in industrial 
and agricultural production. 

He believed, he said, that 
economic ■ and. technical ex- 
changes would make steady 
headway betwen China and Wes- 
tern , Europe. On the long-term 
agreement with Japan, he noted 
that it had allowed the increase 
of some major import and export 
items from year to year. But il 
would only represent a part of 
SinchJapanese trade, which would 
be stimulated by other arrange- 
ments as well. 


Ford suspends production 
at small car plants 


BY TERRY DODSWORTH 


Call for more UK exports to Bulgaria 


Ford, the second largest U.S. 
car producer, is to close tempo- 
rarily its assembly operations at 
San Jose, California and Metu- 
chen, New Jersey, because of 
disappointingly low sales of its 
Pinto and Mercury Bobcat 
models- 

Production at the two plants 
will be suspended for one week 
from to-day, laying off some 
3,750 men. 

Mr. Henry Ford IT. the chair- 
man of Ford, said' in a recent 
interview, however, that these 

two models wore the only cars 
of which the company had ade- 
quate slocks. They are both small 
cars by American standards. 

Speaking to Automotive News, 
the Detroit-based weekly journal, 
he said that Americans were 
buying cars at present to hedge 
against inflation, and Ford was 
“sold nut of just about everything 
except Pintos and Bobcats." 

Mr. Ford went on to suggest 
that the U.S. producers will in- 
creasingly respond to inflationary 
pressures by increasing prices 


more than once a year, keeping 
them continually under review: 
os in Europe. 

He said that the company is | 
aiming to introduce r.ew and j 
smaller versions of its large i 
Mercury Marquis and Ford LTD ; 
models later this year. But he 
did not think that the fact that 
■ General Motors bad taken the 
lead in downsizing its vehicles 
had a detrimental effect on 
Ford's own sales. 

Ford has also announced it 
will -suspend car production at 
its Louisville. Kentucky, plant 
for one week and at its Dear- 
born. Michigan, plant for two 
weeks starting today to conduct 
training sessions to familiarise 
employee* with 1979 models due 
to be asscmbl-.-d at both facilities 
starting during the summer. 
However. Ford said that layoffs 
are not expected at either of the 
two facilities and production of 
1078 models will resume after 
the training sessions end. The 
plants will close during the 
summer for retooling for out- 
put of 1979 models. 


Olympic 
Airbus 
purchases 


Romania plans oil 
deal with Nigeria 



By Our Own Correspondent 
ATHENS, June 11» 

OLYMPIC AIRWAYS, Greece's 
state-owned national airline, has 
bought two A -300 Airbus Air- 
liners from the European Airbus 
Manufacturing Company. 

The agreement for the pur- 
chase was signed here yester- 
day. Under the agreement! 
a consortium of foreign banks' 
will provide a low-interest loan 
to cover the cost of the airliners, 
understood to be $50m. 

The wide-bodied 255-seat air- 
liners will he delivered to 
Olympic Airways in February. 
Olympic Airways has an option 
for three more such aircraft for 
delivery in 1981. 

Also competing for the sale of 
new aircraft to Olympic Airways! 
was Boeing, which has already] 
supplied the airline with ^25 j 
Boeing jets, two of them 74 1 : 
Jumbos. 1 


BY MARGARET HUGHES 




.'? •> "'' u - 


!• v t _ 

... . . vr 


a riling I 
ports 


BRITISH: INDUSTRY is not 
making, enough effort to export 
to the Bulgarian market and as 
a result is losing substantial busi- 
ness to its EEC partners, accord- 
ing- to Mr. Leopold Friedman, 
chairman of; the Bulgarian Sec- 
tion of the London Chamber of 
Commerce- 

Speaking at a Press conference 
in London to announce this 
year's Plovdiv ' International 
Fair, Mr. Friedman said the 
level of British interest is re- 
flected in a small number of 
companies which . have booked 
space in the British Pavilion at 
the fair, which . is to be .held 
from September 3 to 10. 

Only 17 companies are so far 
participating. This is one less 
than laid year when British par- 
ticipation was again disappoint- 
ing by comparison with that of 
other EEC countries—West Ger- 
many was represented by 150 
companines : while there were 
around, 100 French participants. 

As a result, the level of British 
exports to Bug aria trails well 
behind . West- Germany and 
France, is less than half the 
level of Italian exports and lower 
than Japan, Austria, Switzer- 


land and the Benelux countries 
Last year British- exports 
totalled 543.6m. tjp slightly from 
the previous year's level of 
S41.5m, while West. German 
exports totalled; S2$Jm- and 
French exports $123m. In the 
first four month*/ of this y ear 
there has. been some improve- 
ment with British-. exports total- 
ing £10.96m against £7.7Jm a 
year previously! ' 

Mr. Stoyar Mishey. deputy com- 
mercial counsellor -to Britain, 
urged British .companies to par- 
ticipate at the.. JJovdiv Fair, 
becasue, he.saic^'fiO per cent of 
all contracts awarded by Bulgaria 


are signed at the ; Fair and in any 
more negotiated. The 


„ total level 

of transactions at legit .year's fair 
was S3.6bn. \ • iJT" 

He singled out.-ieyerai sectors 
which offered British companies 
particular potential?, -'" 

• Offshore oil expiration— Bul- 
garia needs know-hqw and equip- 
ment for exp] oratidrf work in the 
Black Sea. 

• Metallurgy— Bulgaria is estab- 
lishing a major? £ifejy complex 
which includes a/'fbftndry. GKN 
is understood, to Aft-involved in 
negotiations for. fh» project, 

• Chemicals — several: projects 


HONGKONG (Selangor) RUBBER 

MR. MATHEWS* STATEME 


iongkong 
Jon, Mr. 


not ^ 
it I dence 


The Sixty-Sixth Annual General Meeting of 
(Selangor) .Rubber Limited wos held on: June 9 m 
D. R. Mathews, the Chairman, presiding. 

V The following is ait extract from his circulated 

, After, serving the company for 43.yeaj*.as a dtnciMjndpInf . 

34 years as Chairman, Mr. Jack Addinsefl. retired 

1978. = Sir Finlay Gilchrist. O.B.E., who joined the bofrd itM^,: 

also retired, last September. -Mr. F. T. Gunton, J-MAk and «r,«, 

H. Paylor have been appointed to frit, the vacanci«. .£oth gentlemen 
are well qualified, by their extensive experience m^he management 
of plantation companies, both having also serveft in the East for 
many years. Their confirmation at the annual general meeting is 
warmly recommended. Shareholders will wish to ackmsw ledge 
the outstanding services which the company has received from 
Mr. Addinsell and Sir Finlay Gilchrist. ■ / 

Rubbfer crop harvested during 1977 was 4 per cent below 
estimate but' at 307.084 kg. was!. considered satisfactory taking 
SST consideration, the effects oU protracted wintermg and rj 
subsequent dry spell. Net proceeds Yrom rubber Mies 
£128.30], down by the same percentage from tne iv/6 figure. 

Hongkong- Tin started mining again in the wmpuiJ* •!•**«' 
during the year. , and tribute income, received from Ju y l^r. 
tool led £53.715 for the financial year, in Januapr a ■andslide 
covered both gravel pumps in the mine hole and Tin ore p ' 
Sm has been affected while rehabilitation work proceeds. Pre«rrt 
indications ire that it should be possible to restore b « h "'HJJJ 
units by June and the Tin Company .mends to make up for the 
delay by installing additional mining units. Tribute income fo 
.current financial year to date is £15.900.. 

A recent speech by the Chief Minister of Selangor suggests 

that ihe State government intends that renewals of . ™"' n£ 
may In future be conditional upon some participation by a State 

“ P The ” -including dn .mb™. ™ ' 

mmmmrn 

«WB81te¥W ,,!,s * 

results wHi be as satisfactory as those for iw. 

The Report was adopted. mmitbd ' • 

AGENTS AND SECRETARIES: HARRISONS A CROSFIELD, LIMITED 


are being undertaken in small 
tonnage chemicals furfural 
alochol, polypropylene and phos- 
pho-gypsuui.- CJB and Simon 
Carves bave already undertaken 
contracts in Bulgaria and it is 
hoped that the visit here next 
month of Mr. Pankov, the Bul- 
garian Minister for the Chemical 
Industry, will result in further 
participation by British com- 
panies. 

• Machine building — plant capa- 
city is being doubled under the 
current Five Year Plan while a 
major project is being under- 
taken as a joint venture with 
Rumania on the Danube. Mr. 
Toncho Tchakarov. Bulgarian 
Minister for Machine building 
is to visit Britain before the end 
of the year. 

• Coal mining — ' feasibility 
studies arc being undertaken by 
the NCB with a view to develop- 
ing coal reserves in north 
eastern Bulgaria. If exploited 
Bulgaria is likely to look to 
Britain for - coal mining equip- 
ment. 

• A-grolndustry — although the 
main contract for the Silistra 
project was not in the end 
awarded to a British consortium 
the Bulgarians have indicated 
that there is still considerable 
scope for British participation 
both in this and other such pro- 
jects 

One of the problems of export- 
ing to Bulgaria is their prefer- 
ence for barter deals which are 
tied to the output of a particu- 
lar plant, though this does not 
appear to have deterred other 
European countries. Another, 
pointed out at the press confer- 
ence by Mr. R. Robson of Plessey 
(whose company has done a good 
deal of business in Bulgaria) is 
that it is often difficult to find 
oiif.. from Bulgarian ministers 
and ‘ industrialists just which 
projects are open to foreign par- 
ticipation. It is hoped that this 
will be One of the suhjects dis- 
cussed at the Sofia meeting later 
this montmof the joint British 
Bulgarian Commission. 


Renault may expand in Romania 


Regie Nationale des Usines 
Renault is negotiating with the 
Romanian authorities to increase 
its activity in the country. 

Romanian Vice-Prime Minister 
Gheorgbe Radulescu told the 
Franco-Romaman Co-operation 

Commission the aim of the 


PARIS, June 11. 

negotiations is in double the out- 
put •• capacity of the Pitesti 
factory at uhich Renault vehicles 
are produced at ihe rale of 
75.000 a year. 

Mr. Radiiie*! u added that 
Franco-Romanian trade should 
increase to Fr 2.6bn a year hy 
1980 from last year's Fr 2.2bn. 


BY ROGER BOYE5 

ROMANIA AND Nigeria are 
considering an oil deal winch 
could help to reduce substanti- 
ally Bucharest's dependence on 
imports of crude from the Middle 
East according to informed 
sources here. 

The move follows the state 
visit of General Olusegun 
Obasanjo Nigerian head of State, 
to Bucharest last week, ueneral 
Obasanjo and President Nicolae 
Ccausescu 0 r Romania capped a 
visit by signing an air traffic 
agreement but, in a final com- 
munique they also spelled out 
areas of future economic co- 
operation including fields ox 
energy and petrol wivica Is. 

Roman iu. although ft has for 
many years had considerable oil 
reserves, is now a net importer 
largely because of the demand of 
its petrochemical industry, one 
of itfi stronpest growth- sectors. 


BUCHAREST, June TL 


Although few details hav* 
emerged about the deal. Western 
diplomats believe that Nigeria 
may replace Kuwait in the lpng- 
mooted Constanza Oil Refifiery 
project on the Black' Sea.' Nego- 
tiations on this complex which 
would refine Kuwait oil fori **• 
port to the West hy Romania, 
are believed to he deadlocked 
over Kuwait's desire for a share 
in the profits. Romania anxi.ous 
to preserve its economic ^de- 
pendence would prefer a-' com- 
pensation or counter-trade agree- 
ment. According to : tne -sources 

such -a deal maybe reached 'with 
Nigeria 'which has an -interest 
in many Romanian ;export fields 
including tractors" •- -y. 

Romania has also approached 
Algeria. Tran. Greece and some 
South American countries .Tfi a 
hid to diversify its oil supply— 
and to avoid dependence 1 oil 
Soviet oil imports. 


SHIPPING REPORT 

Tanker charter rates in the doldrums 


BY LTNTON McLAIN, INDUSTRIAL STAFF 


World Econo mic Indicators 


W. Germany 

Holland 

U.S. 


UK 

Franco 

Italy 


Belgium 

Japan 


15 TRIAL PRODUCTION 1970 

= 100 

% change 

April *78 

March *78 

Feb. 78 

April 77 

on year 

115 

113 

113 

115 

0 

128 

125 

127 

132 

-3.0 

136.0 

134.6 

132.8 

130.1 

-r-43 

March ’78 

Feb. 78 

Jan. 73 

March 77 

-0.4 

103.7 

103.9 

103.2 

1033 

130 

127 

126 

128 

+ 1.6 

130.4 

119.8 

122.4 

138.7 

-6.9 

Feb. 78 

Jan. 78 

Dec. ’77 

Feb. 77 

-5.7 

109.1 

106.6 

105.5 

116.9 

Jan. *78 
132 J 

Dec. 77 

Nov. 77 

Jan. 77 


130.9 , 

129.8 

1283 

+2.7 


TANKER CARGO rates remained 
! almost unchanged last week, 

1 continuing on the lines noted by 
brokers for several months. 

There was a moderate increase 
in activity for very large crude 
carriers on behalf of U.S. oil 
companies. But even the entry 
cf major companies, including 
Exxon and Socal had little effect 
on the rate structure. World- 
scale 19 appeared firmly estab- 
lished. 

The week passed witn a better 
than expected number of fixtures 
! concluded, but there was no 
I major change in owners' fortunes. 
iThe Carribean Sea loading 
terminals absorbed a fair 
amount of black oil carriers m 
the small to medium range sizes. 
Towards the end of the week, in- 
quiries eased. particularly 
among U.S. charterers. 

Inquiries for tonnage in the 
medium size ship range from the 
Mediterranean and West African 
sectors remained steady. But 


even current rates may not be 
sustained. Galbraith Wrightson, 
brokers, said last week. 

In the clean cargo sector, the 
Medi terra nean again showed the 
best returns for owners, with a 
number of fixtures reported froni 
the refineries in the region. The 
main cargoes were unleaded pro- 
ducts, including naphtha and jet 
fuel, with most cargoes moved 
in smaller, older tonnage. 

iOne U.S oil company con- 
cluded long-term deals on VLCC 
tonnage. Up to five ships may 
have been fixed, three for 12 
months each, arid two Japanese 
relets for three years each. On the 
three-year deals, a rate of 
Worldscale 29 was . understood 
to. have been fixed. 

The Gulf was the tftiiin arcu 
last week still suffering from 
the malaise of business and the 
continuing over-capacity in 
world shipping. Only six new 
VLCC/ULCC orders were placed 
on the market. For medium 


sized units inquiry was sufficient 
to maintain existing rates.." A 
40.000-ton vessel closed a ,4,eal 
at Worldscale SO. 

Trade between Indonesia and 
the Gulf has been more buoyant 
than generally elsewhere. RajM 
rose slightly .with a . 130.00Q:lon 
vessel fixing to the West at 
Worldscale 40. 

On the sale and purchase 
markets, last week was reported 
by brokers to have been the 
quietest for -some. time. The 
main interest still lay with the 
bulk market, but there was very 
little attractive tonnage avail- 
able for sale. 

British Petroleum made a 
notable impact on the dry cargo 
market, with its requirement to 
ship 750.000 tons of coal annually 
from Richards Bay, South Africa, 
to Denmark from 1979 to. 19S3. 
In other trades.- grain -was. quiet. 
Panama vessels may, in '.the 
meditim term, still be abla.to 
obtain a premium. 


NEW CANADIAN 
DEVELOPMENT 
AND REAL ESTATE 
GUIDE 


Tht rut M*d*ui-Hun«/' RubUihinB 
network Is just bringing out ia ReAL 
ESTATE DEVELOPMENT ANNUAL 
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Anyone looking for sccess to that 
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Thi* year's edition provides two 
distinct servlcas. Fiat, government 
and industry oxpern offer *ol |d 
opinions on trends w the _ industry 
and a forecast for the coming year. 
.These are * supplemented with such 
aurveys as- Major Projects. Available 
Dffice Space and such useful sections 
as Foreign Investment Guidelines. 
Secondly, a large directory section 
provides over 12,000 names and 
addresses of . members of appropriate 
associations in Canada together with 
corporate and financial reports ot 
public and private companies in the 
field. 

To the newcomer considering eccess 
to rhe development market in Canada, 
THE ANNUAL i* an ideal acquisition- 
And at S2S. the prke is right. 

Copies can be onUred dlrectly fix™: 
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Llovds Bank Limited has increased its Base Rate 
from 9% to 10% pA with, effect from 
Monday 12th June 1978. 

The rate of interest on 7-day notice Deposit accounts 
and Savings Bank accounts ^ increased 
from 6% to 6/^% p-a. 

The change inBaseRate andDeposit accoimt 
: interest will also be applied from the same date 
by the United Kingdom branches of 

Lloyds Banklnterimtion^Limited 

The National Bank of New Zealand Limited 

and by. 

Lewis% Bank Limited 


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. ■financial Times’Mdn^ . rj. - ; - 


HOME '"NEWS 



Coal Board, Shell ! Tories 


discuss £15m. 



demand 


gas from coal plan 


for ‘broadcast code’ 


BY RICHARD EVAN5, LOBBY EDITOR 


BY DAVID F1SHLOCK, SCIENCE EDITOR 


THE NATIONAL Coal Board is 
discussing with Royal Dutch 
Shell its possible participation 
in a £15m seven-year project to 
convert coal into a liquid feed- 
stock for the petrochemical 
industry. 

The new process, called super- 
critical gas extraction, is one of 
three British coal conversion 
techniques which the Govern- 
ment announced last month it 
would help to fund. 

The Department of Energy is 
to provide £20m towards an esti- 
mated total cost of £43m to 
demonstrate each of the three, 
technologies on the scale of large 
pilot plants. 

The Coal Board believes the 
ideal site for a supercritical gas 
extraction pilot plant would be 
close to both an oil refinery and 
a coal mine. 


The plant i« envisaged as 
consuming up w> 24 tonnes of 
crushed coal daily, and as pro- 
ducing a hydrogen-rich extract 
at the rate of up to 10 tonnes 
a day. 

This extract dissolved nut of 


the coal by hot, high-pressure 
toluene vapour is Ereo from 
suipher and is readily converted 
into petrol-chemical products or 
liquid fuels. 

The residue of coal — char — 
would be converted to a gas. 
also suitable a> a feedstock for 
chemicals or liquid fuels. 

The Goal Board. u-bich 
believes it h>ads the world in 
developing this process, wants 
the next stco to demonstrate 
clear! v that it is do longer just 
a scientific idea, says Dr. Joe 
Gibson, the board's member for 
science. 

Experiments ;n recent months 
on a small Pilot plant at the 
Coal Board's Stoke Orchard 
laboratories has already shown 
that it is possible to obtain yields 
or 40 m 50 per cent nn coal 
extract — as high as the best 
laboratory experiments. 

Dr. Gibson hopes that Shell 
research will confirm the Coal 
Board's enthusiasm for the tech- 
nology with it? own feasibility 
studv'in parallel with the Board’s 
preliminary design study for the 
larger plant 


I LORD THORNEYCROFT. Con- 
servative party chairman, has 
i rejected Labour Party demands 
i {or a mutually agreed code of 
conduct on the content of party 
political broadcasts after com- 
plaints about the Tory broadcast 
I last week. 

Mr. Ron Hayward. Labour 
! party general secretary, had 
written criticising the party 
i political broadcast on the 
grounds that there was "a pos- 
sible deception of many viewers 
... by the admixture of actors 
and people photographed in tlie 
i street.” 


and genuine street interviews- 
l certainly do not believe that 
members of the public were 
misled,” Lord Thomcvcmft 
wrule. 

According to Conservative 
politicians, the row illustrates 
ihe anxiety of many ' Labour 
leaders at the increased profes- 
sionalism injected into Tory 
broadcasts recently by Saatcfti 
and Saatchi. the parti's adver- 
tising agents. 


their names had to be supplied 
( for what purpose you do not j 
specify) either prior to or after; 
undertaking work of this: 
nature." 


Australia 
and UK 
to discuss 
cheaper 
air fares 


may withhold 


union subscriptions 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


By Lynton McLain - 


The Conservative party chair- 
man replied yesterday that there 
was nothing new about the use 
of actors in party political broad- 
casts. He gave an assurance 
that all the street interviews in 
the broadcast were genuine. 

“lam surprised if. as you tell 
me. some Labour politicians were 
unable to make the distinction 
between ihe staged sequences 


Signatures 

The broadcast on Thursday 
was the second party political 
they had prepared. 

Lord Tborneycroft said thai 
he did not see the purpose of 
supplying Labour with the 
names of the actors. “The 
actors and the crew who made 
this film were professional men 
and women going about their 
lawful business. 

“ it micht well he a malt or 
of concern to some of them if 


“A signature of consent was 
obtained from all those members ; 
of the public filmed. This has 
always been our practice where i 
party political broadcasts are 
concerned.” 

On the question of a code of 
conduct. Lord Tborneycroft said 
that all parties operated within 
existing broadcasting regula- 
tions. 


*• in addition, it seems to us 
that two very simple principles , 
should apply. Facts given should j 
be correct. Opioions should be i 
given honestly. I 

■* I imagine you would agree ; 
with me that a party should 
express Its message with all the 
professionalism it can command. 
All the facts in our broadcast 
were correct.” 


BRITAIN and Australia are to 
start talks in London this week 
on cheaper air fares between 
the two countries. 

Sir. Peter Nixon, Australian 
Transport Minister, said that 
the negotiations were part of a 
wide-ranging review of Austra- 
lia's international air policy 
towards cheaper fares. 

The talks are expected to 
cover plans for excursion . 
fares, including a proposal by 
Sir Freddie Laker for a cnl- 
ratc service between Britain 
and Australia. 


Longest 


Sacrifices to slow inflation 


Many Europe hotels! wasted, says Mrs. Thatcher 


"Before we take any final 
decisions, Australia has de- 
cided to discuss them with the 
British Government. The UK 
Is at the end of our longest 
and most Important air route.” 
Mr. Nixon said In Canberra at 
the weekend. 

• Scheduled services- he-, 
tween Manchester and Mon- 
treal by Boeing 747 are being 
inaugurated by British Airways 
today. 


fire risks, says MP 


BY ROBIN REEVES 


BY DAVID CHURCHILL 


A CALL for a licensing system 
to improve safety in European 
hotels will be debated today by 
the European Parliament to 
Strasbourg. 

The system is proposed in a 
special report to the Parliament 
by a member. Mr. Jim Spicer, 
who is Conservative MP for West 
Dorset 

The report says that fire pre- 
cautions in many hotels are in- 
adequate- Last year 35 were 
killed in two hotel fires in 
Amsterdam and Brussels. 

At the week-end at least 22 
people were reported killed in a 
hotel fire at Boras, Sweden. 

Mr. Spicer said in his report 


that safely standards differed 

widely. 

Many British hotels had been 
"forced to close” because of 
their inability lo comply with 
safety standards under the 1971 
Fire * Precautions Act. 

But in other European coun- 
tries. hotels bad only to obtain 
a licence to operate, with few 
checks on safety. 

Mr. Spicer proposes that the 
European Parliament issue a 
directive to all member-countries 
urging them to ensure certain 
minimum safety precautions 
swiftly. They include fire safety 
instructions in every room, mark- 
ing of fire exits, and provision 
of extinguishers. 


MRS. MARGARET THATCHER 
told the Welsh Conservative 
Conference in Llandudno at the 
weekend that the Government's 
latest monetary package clearly 
demonstrated that the sacrifices 
last year to slow the pace of 
inflation had been wasted. 

"What an indictment of the 
Government that with output 
barely back to the level of four 
'years ago, when we were in 
office, with unemployment at 
levels unknown since the 193Ds. 
it has had to slap on another 
credit squeeze to try and avert 
yet another sterling crisis, of 
its own making,” she said. 

Mr. Callaghan wa* "whistling 
in the dark" and “living in a 
make-believe world of his own ” 
when he said he saw no reason 
why inflation should ever go 
back to double figures. 


extra 4p on income tax, though, 
of course, this effect won't come 
through until after October 

" Once again, it is the wealth- 
producing pari of the nation, 
mostly working in private 
industry, which has to carry ihe 
whole of the can for Labour's 
total failure to manage the 
economy properly.” 

This “cynical political man- 
oeuvre'' might be good socialism, 
but it was “the economics rf 
the mad-house.” 

Mrs. Thatcher defended her- 
self against the charge of 
“ extremism." 

If it was extremist to wan: to 
cut taxes, to be concerned about 
the declining standards in 
schools and hospitals, increasing 
lawlessness and violence, nr 
about the rundown of the armed 
farces then. yes. she was -»n 
extremist, and in good company. 



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TAYLOR AND CHALLEN AUTOMATIC single 
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ZZ" vercicaf collecting block and 1000 lb 
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8 BLOCK (400 mm) IN LINE, NONSUP WIRE 
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24" diameter horizontal bull slock 

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SLITTING LINE 500 mm x 3 mm x 3 ton capacity 

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1974 FULLY AUTOMATED COLD SAW 
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1970 CUT-TO-LENGTH LINE max. capacity 
1000 mm 2 mm x 7 tonne coil fully 
overhauled and in excellent condition. i 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
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STRIP FLATTEN AND CUT-TO-LENGTH LINE 
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6 BLOCK WIRE DRAWING MACHINE equipped 
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What else was ihe country to 
make of a Government which 
promised single-figure inflation 
“forever” on Tuesday and pro- 
duced a double-figure bank rate 
on Thursday and all but a 
double-figure mongage rate on 
Friday? 

Describing the increase in 
national insurance contributions 
as a "jobs tax,” Mrs. Thatcher 
.said that .the new measures 
would destroy 100.000 jobs and 
eventually add II per cent more 
to the cost of living. 

“It is the equivalent to an 


Sense of purpose 

There would he no “extrem- 
ism ” in the coming Conservative 
Government. 

“ A change of direction, a new 
and lively sense of purpose, a 
progressive putting of our bouse 
in order— yes. , 

"These things there wul be, 
and not a day too soon. 3ut 
extremism there will not be. .in 
either our policies or our party.” 

If Labour really wanted to 
know where the face of 
extremism was /to be found 


” they should tear off the mask 
of moderation and look in the 
mirror.” 

Mr. Nicholas Edwards. Shadow 
Secretary for Wales, disclosed 
that, in office, he proposed to 
reduce the size of the Welsh 
Office substantially “by stopping 
Us interference with local 
government.” This was “ what 
devolution should be all about” 

The Welsh Office has about 
2.300 civil servants. In the life 
of the present Government its 
responsibilities have been greatly 
increased— -the most recent be- 
ing the addition of agriculture, 
and most higher education, in 
Wales. 

The conference was the first 
by the Welsh Tories to cover 
two days, and was generally felt 
lo have been a considerable 
success. 

The party faithful were, sent 
away in good heart for the 
cxnerted Genera] Election cam- 
paign. 

The Tories hold eight of the 
36 Welsh seats Although faced 
with overwhelming Labour 
majorities in many areas they 
have high hopes or picking up 
some additional seats at the 
General Election, particularly if 
there is a sharp decline in the 
Liberal voteJ 

To)> of most Tory lists of hope- 
fuls are Brecon and Radnor and 
Swansea West. 


I Oil disaster 
j inquiry 
| awaits key 
I witness 


LEYLAND toolmakers, who have 
resolved on an unofficial, oneway 
strike . today. look set to present 
the national leadership of the 
Amalgamated Union of Engin- 
eering Workers with an. emb ar- 
ras log ultimatum. 

A mass meeting of toolmakers . 
at Birmingham Town Hall may 
vote on a call for union sub- 
scriptions to be withheld until 
the. national .executive of the. 
union supports a demand -for 
separate bargaining rights 

within BL Cars. 

- Such a move would underline . 
the fact that - the toolmakers' 
grievance largely concerns repre- 
sentation of the interests . of 
skilled men in the union as welt 
as- eroded differentials at. Ley- 
land- :'■■■■' 

~ A repetition of the damaging 
thonth-long strike which brought 
Ley land into serious trouble just 
15 months ago seems unlikely. 
The leadership of the unofficial 
committee, which claims sup- 
port from about half BL Cars' 
6.000 toolmakers, is conscious 
that ' conditions have changed 
dramatically. 

The prolonged reappraisal, of 
Leyland's operations has under- 
mined militancy, and Mr.-fib'chae/ 
Edwardes. the new. chairman,', 
has made h clear that the. com- 
pany faces a make-or-break year. 

On the positive side, the three 
big -toolrooms from which, the 
unofficial committee draws sup- 
port — Cowley. Longbridge . and 
Castle Bromwich — are among the 
lowest-paid and w/12 stand :to 
gain from the present moves to 


achieve parity - of earnings 
between plants-' ' 

Lump sum payments, -equiva- 
lent to between £1-50. and £5 A 
week, are being paid for the six 
months to May 1. 

Considerable . problems still 
have to be overcome in achieving 
an agreed five-grade pay , 
structure. 

But. at' least, the lower-paid 
plants are aware that the money, 
is coming, through, ' and . there 
are -prospects of an improvement 
in differentials.'. 

The response to today's call by . 
the unofficial body for a token 
stoppage will be an important 
test of the support upon which 
it can rely. . 

Mr. Terry Duffy, president-elect 
of -the AUEW, and ..the Midlands 
executive member, has urged 
toolmakers - to remain iq the 

plant and - work for their aims 
through ■. the - official union 
machinery. 

Of the range of .sanction*, 
short Of a total stoppage, con- 
sidered - by the toolmakers- , 
with bolding of union dues seems 
likely to -be the most .effective' 
politically. 

Mr: Roy -Fraset leader of the 
unofficial toolmaker*, is . also 
chairman of another unofficial 
grouping, the Engineering Craft 
Committee. , . 

This body, set up ip response 
to the alleged frustrations of 
skilled workers at the relative, 
decline in their position, claims, 
membership .across the car in- 
dustry and among the leading 
components suppliers. - • 


Yorkshire rescue men 


By Paul Taylor 


{THE OFFICIAL inquiry into the 
Amoco 'Cadiz disaster resumes 7 in 
London today but is unlikely to 
hear evidence from the key 
witness. Captain Pasquale Bar- 
da ri. the vessel's master,' until 
next week. ■ • 


call off strike 


BY NICK GARNETT, LABOUR 5TAFF 


0902 42541/2/3 
Telex 336414 


0902 42541/2/3 

Telex <36414 

0902 42541/2/3 
Telex 336414 


Government 
takeover 
cash delay 
attacked 


Worker directors plan 


Captain Bards ri has been held 
by the French authorities since 
the incident in March when the, 
vessel's steering gear failed and 
the Amoco Cadiz grounded .and 
broke up on the Brittany coast, 
spilling thousands of tons of oil. 

The Liberian Bureau of Mari- 
time Affairs in London says that 
it expects Captain Bar dart to be 
allowed to leave France lo give 
evidence to the inquiry this, 
week. He is expected to arrive 
in London on Wednesday .or 
Thursday and will probably, 
begin his evidence next Monday;. 

The board of inquiry began 
bearings last month under. the : 
chairmanship of Sir ' Gotdon , 
Willmer. a former High /Court 
Admiralty judge. Most of tbe| 
evidence presented lo the board 
j so far has centred on the techni-i 
Jca] aspects of the vessel's steep; 
ing gear and the events sur- 
rounding its failure. 


YORKSHIRE'S mine rescue men From 100 to 88, and an extra £14 
yesterdav accepted the national - a -week, in recognition of the 
f _ P rMW1 , viru specif nature of the job. and 
regrading deal for mw b compensation for loss of. earnings 
gades and called off their shrike, inVol * ea new rosier arrange* 
due to start today. . meats. : • 

The decision was taken: late * Mr. Lawrence Daly, general 
yesterday, following a meeting secretary ipf 'the -National Union 
between area officials. -including of Mi he workers, -has promised 
Mr. Arthur ScargilL the National continued co-operation with the 
Union of Mincworkers' Yorkshire Government — provided miners 
area president, and the rescue are rewarded. . 
workers who have been pressing in a -speech at the annual 
Ifor.a larger share in bonus pay- miners’ picnic in Bedlingtoo, 
Intents. -••'* Northumberland, he dealt with 

Scotland's only . mine rescue the “ economic contract " re- 
team, based Ln 'Lanarkshire, was ferred to recently by Mr. David 
due to lAeet NUM and Coal Board Basnetf GeneraT and Municipal 

■ _ i _■ k. rti’A.i'i* IlfnelfAwi T In (/tn InQllikY . . 


entitlement '• : ot . our . cooperation I am. in 

The re^radii^ deal includes a favour of co-operating wire a 
cut in duty and standby -hours Labour Government.” he said. 


worries managers 


Training 


Equity’s members urged 
to stop squabbling 


GRAVE CONCERN about the 


0902 42541/2/3 
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By Lynton McLain 


090242541/2/3 
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0902 42541 /2/3 
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090241541/2/3 
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0902 42541/2/3 
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0902 42541/2/3 
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AN ATTACK on the Government 
over compensation for nationali- 
sation of the aircraft and 
shipbuilding industries Is made 
this morning by Mr. Michael 
Grylls. MP for North West 
Surrey and vice-chairman of the 
Conservative industry Com- 
mittee. 

Only £28m. about 5 per cent of 
the £50Gm compensation had 
been paid 14 months after 
vesting day for British Aerospace 
and a year after vesting clay fur 
British Shipbuilders, says Mr. 
Grylls in a letter to Mr. Eric 
Varley. Industry Secretary. 

This is nothing short Of 
“scandalous financial hi-jacking" 
by the Government. 


090242541/2/3 
Telex J364I4 
0902 42541/2/3 
Telex 336414 
099242541/2/3 
Telex 336414 


Expansion 


0902 42541/2/3 
Triex 336414 


0902 42541/2/3 
Telex 336414 


BAR PEELER — 4 CENTRELESS, Reconditioned 


BENDING ROLLS 8' x J*. Excellent 


CONOMATIC 6 SPINDLE AUTOMATIC. Fully 
reconditioned, will turn and index co maker's 
limits. 

SCHULER 200 TON HIGH SPEED BLANKING 
PRESS. Bed 48" x 40“ 200 spn. Double roll 
feed stroke 35 mm. excellent condition 

TAYLOR & CHALLEN No. 6 DOUBLE ACTION 
DEEP DRAWING PRESS. Condition as new. 

VICKERS 200 TON POWER PRESS. Bed 40” x 
36". Stroke 8". NEW COND. 

MACHINE CENTRE. Capacity 5ft x 4ft * 

3fc 5 Axes continuous path 51 automatic root 
changes. 5 tons main table load. Main motor 
27 hp. Had less than one year's use and in 
almost new condition. For sale at one third 
of new price. 

WICKMAN 2} 6SP AUTOMATICS 1961 and 1963. 
EXCELLENT CONDITION 

4,000 TON HYDRAULIC PRESS. Upstroke 
between columns 92“ x 52” daylight 51". 
stroke 30”. 

COLD HEADERS BY NATIONAL 

4“ and I" DSSD EXCELLENT. 

ANKERWERK 400 TON INJECTION MOULDER, j 
Reconditioned. 


01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 


01-928 3131 
Telex 261771 


The Government had accused 
industry of failing to invest, yet 
Vickers had cut its investment ( 
programme by a third as a result i 
of the delay in payment. ‘ 

Lord Rubens, chairman of 
Vickers, said last month that 
Howson-Algraphy. its litho- 
graphic plate subsidiary, would 
not be able to expand on to a 
newly acquired site. 

Production at the company's 
works had absorbed .all available 
capacity, but there would be no 
expansion until compensation for 
nationalisation was received. 

Vickers had been paid only 
£3m for its 50 per cent share of 
the British Aircraft Corporation, 
valued at £150m. 


Government's proposals for 
employee participation was 
expressed yesterday by Sir 
Derek" Ezra, chairman of the 
British institute of Management 

Sir Derek, also chairman of 
the National Coal Board, has 
written to the Prime Minister 
and to Mr. Edmund Dell, the 
Secretary for Trade, asking for 
discussions on the Government's 
plans. 

Sir Derek says in his letter 
to Mr. Callaghan that he is con- 
cerned that managers will not. 
of right, be represented. 

" The British Institute of 
Management Fully supports the 
view pul forward in the White 
Paper that the potential benefits 
of industrial democracy can be 
achieved only through co-opera- 
tion between employers , and 
employees." • ) 

The Institute believes that 
their own policy statement— 
Employee Participation. The Way 
Ahead— would achieve that co- 
operation without the need for 
legislation. Copies of this docu- 
ment too have been sent to Mr. 
Callaghan and Mr. Dell. 


Sir Derek mentions in his letter 
to Mr. Dell points which he says 
the White Paper leaves un- 
resolved, in particular the estab- 
lishment of a joint representation 
committee, representing all inde- 
pendent recognised trade unions 
in a company. 

"Representatives of non-union 
groups, however, large, would 
have no right to membership of 
the joint representation commit- 
tee and could only he included 
in its discussions if the union 
agreed. 

"The power of veto over non- 
union groups, including middle- 
managers. which it is proposed 
in grant lo unions in the 
mechanism setting up joint 
representation committees, is 
unacceptable to BITtf. 

“To suggest that companies 
are free lo set up parallel dis- 
cusions is an inadequate sub- 
stitute." 

The institute's proposed alter- 
native was a broad-based 
employee participation commit- 
tee to represent ail groups of 
employees in companies,' both 
union and non-union. 


Experts are expected to be 
called this week to continue 
giving technical evidence, includ- 
ing the results of tests on the 
steering gear. 

Meanwhile, about 60 nations 
are expected to be represented 
at the Imer-Govemmental Mari- 
time Consultative Organisation 
conference on seamen’s training 
and certification which begins in 
London on Wednesday. 


The conference, open to all 
UN member states, is expected 
to discuss a new draft conven- 
tion and 12 recommendations 
covering international standards 
of crew training, watchkeeping 
and certification. 

Although it was arranged last 
year, the event will now be held 
against a background of increas- 
ing apprehension about shipping 
accidents such as the Amoco 
Cadiz disaster. 


MEMBERS OF the actors union 
Equity were told- yesterday to 
stop “squabbling ** between 
themselves and concentrate on 
getting a better deal for all 
actors. .. 

Mr. Peter Plouviez. general; 
secretary, told the union's annual 
conference in London that in- 
ternal squabbling had' reached 
new heights during the past year. 

Orte of the reactions to the 
, bickering, had been that mera- 
I hers had elected, a Right-wing 
I council In ■ represent them “I 
do not believe that this is a re- 
reflection of a fundamental 


conservatism or a decision that 
Equity .should not be militant. 
Members are saying they want a 
move away from these battles to- 
wards strong . and realistic aims 
and achievements.” .... 

• Mr. Milton . John, treasurer, 
itold members that Equity's 
iflaancial future was In doubt 
^Finances were down by £104,000 
to £201, 000. and spending would 
have to be cut drastically during; 
the coming year.. 

Members Toted to press for a 
minimum wage - of £75 a week ', 
and for. a return to Tree-collective , 
bargaining: '.' 


At the behest of the American 
Government, the conference has 
been brought forward from 
December because of its im- 
portance. It is expected to last 
34 weeks. 


Dfls. 60,000,000.- 
6%% Guaranteed Bearer Notes 1972 
due 1976/1979 


Fight to save London’s 
Upper Docks grows 


Electrical 
contractors 
‘show loss’ 


SLATER, WALKER 
INTERNATIONAL FINANCE 
LIMITED 






— 5 * 

f? 




1 


all 


ANY NOT! 


FINANCIAL TIMES REPORTER 


01-928 3131 
Telex 261771 
01-9283131 
Telex 261771 
01-928 3131 
Telex 261771 


Lutyens House 
office block 
sold for £10.2m 


Bjr John Brennan. 
Property Correspondent 


OPPOSITION in London's East 
End to the threatened closure of 
the Port of London Authority’s 
Upper Docks has gained 
momentum with the announce- 
ment of two protest meetings. 

The TUC's South East 
Regional Council and the Joint 
Docklands. Action Group are 
leading local opposition to any 
redundancies in the Upptfr 
Docks because of the impact they 
say this would have nn related 
industries and services. • v 

While representatives frotn 
the eight docks uni. ms a Mo 
oppose closure of one .ir both the 


Upper Docks groups, they appear 
in meetings with the authority 
to be moving towards a joint 
approach to Government on the 
dock's Future. 

Opponents of the closure 
plans hove begun a leaflet and 
poster campaign to present their 
arguments and have arranged a 
public meeting on June 29 and] 
a delegate meeting on July it.' 

It is possible that the authority 
and the unions will have pre- 
sented tbeir planned joint 
apprnach document to Mr. 
William Rodgers. Transport 
Secretary, before either meeting. 


By John Lloyd 


01-928 3131 

Telex 261771 
01-928 3131 
Telex 261771 


01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 26)771 


WANTED 


MODERN USED ROLLING MILLS, wire rod , 
and tube drawing plant — roll forming machines 
— slitting— flattening and cuc-to-length lines— ' 0902 42541/2/3 
.colrf saws— presses — guitiorinas. ere. 1 Telex 3364(4 



IS ONE OF the largest inter- 
fund property sales of the year. 
Electricity Supply Nominees has 
sold its freehold on the 166,000 
sq ft Lutyens House office block 
in Finsbury Square. London. 
EC2. to the National Water 
Council Superannuation Fundj 
for r 10.2m. ] 

ESN. the £lhn pension fund ; 
of the electricity supply industry.! 
=old the mid- 1 930s block as parij 
of its continuous property port- 
folio rationalisation programme. 
The fund, advised by investment 
survey or» Richard Ellis, holds 
about C33flnt-wnrth of properties 
including a substantial portfolio 
of more modern office accom- 
modation in the City. jj 


Margo MacDonald backs 
Labour on devolution 


THE Labour Party round an un- 
expected ally for its devolution 
proposals when it was backed 
at the weekend by Margo 
MacDonald, ffte Scottish National 
Parly candidate defiled at the 
recent Hamilton hy-e lection. . 

The ricmur vice-chairman', if 
(he SNIP said Scots would learn 
a lot shout self-government if 
plans for a Scottish assembly 
went ahead as propped. 

Mrs M.ioTlonald -a.k <peakin2 
at her party’s national council 


meeting st Dunblane. Perth- 1 
shire, in opposition to a resolu-t 
tion that the Natinaniists should! 
campaign for a “no" vote on! 
devolution and instead reaffirm 
the slogan “ independence — 
nothing else.” 

Tin' re'.ulutiiin was proposed 
bv Mr. Alex Swing, the party’s 
prospective Parliamentary candi- 
date for Glasgow Cathcart. who 
agreed to speak on behalf of 
mem here nf thp Glasgow Castle- 
milk branch who lodged iL 


ELECTRICAL contractors are 
showing a low rate of return 
and many lose money, accord- 
ing to a survey by Jordan Data- 
quest, financial analysts. 

The main reason for ” the 
depressed state OF the industry 
Is the tendency over the last 
three yeare for costs to' rise 
by about 30 per cent a year, 
while prices rise by about 20 
per cent. 

Nearly three-quarters of the 
486 companies surveyed have 
turnovers of less than Elm. while 
many are small, one- or two-man 
businesses. 

Extreme fragmentation of the 
industry, coupled with' highly 
competitive price-cutting. is 
thought to have been an im- 
portant contributory factor of 
contractors’ inability to raise 
prices in line with costs. . 

Some comDanies — 18 per cent 
of those surveyed—* were losinp 
money. Moil companies showed 
little sign of improvement last 
year over the previous year. 

However, indications from the 
first months of this year were 
that the Industry was experienc- 
ing a slight upturn- 


As provided in the Terms and Conditions of the 
above Notes Redemption Group No 1, amount- 
ing to, Ms. 15,000,000.- has been drawn for 
redemption on June 1 ^ .1978 and consequently the 
Note which bears consecutive number 1 and all 


a multiple of 4 higher than X are payable on 


,1978 


Pierson, Heidring & Pierson N.V. 
(Central Paying Agent) 


Algemene Bank NederiaadN.V. 


AmSterdam-R^toriamBa^c N.V. 


Bank Mees & Hope NV 
inArhsterddm 


EUvtrwMii ownii fora-' ncnlbiM? front I 
Jordan m id Sons. Jortinn HOHft, 47,1 
BrutuiVirfe Plnrc. L-jnrfdn. .VI. £14 I 
f northern edition-. £35 southern e&ittom/. 








v: ; - c'i'&'z&j&t'f'- T ff ?. 


■»ij - . ..>.•*, 'SK'# 2 &*!*si-* Jjr . -v 

kYlnW -" -T :7^ J .^BBBaiiiSiuvi 

ff4fe v fei 


June 12 W78 



• INSTRUMENTS * RESEARCH 


• DATA PROCESSING 




• transport 




l5 SH* 


goes on 




Easy on 
the eyes 


-• 






£SiS 


SNATCHING the company's con- 
tribution on a pound tor pound 
basis. National Research Deve- 
lopment Corporation made avail- 
able 21 months ago £40.000 to 
Vision Engineering of Woking 
k v:>, to develop a better stereoscopic 

!SSL e fSFLfL! 35*"<- tte 6,000 - sine »™*°»***t 


Major companies 
dominate technology 


Coral for many minis 


^&k~sivingjn fuel and wear and 197*> ■ 

tear mr TTsn»V 


lj~ > * J ‘ 


tear '«r track in remote 'disftSS "4*1 -t l._, new microscope has now 




•«S3.%5?SS , it , SSS s °°° ipt ° *»»'**■** «■>* 


„n .. 

fi..' -t 


si 


“ r = i-'l. *8» 

’is*." 






* -C ‘'I*' 

•r:; i* 


vehicle _ which begfiT thiT^onVh “ Result is a much more compact 

: prove -successful. °™ up to^ 80 mphr rPy , vehicle being design with zoom facilities and 

Derived from the Levlanri Sn SC,b3y J n ^ H ?ffi* T on T i *** , un ' provision for attachment to a 
-Nationai'-city bus, the nriltmfte S^ ed n^S??£s??L? ®J e|L nu “f €r of industrial assembly 
going on trial as parr nfsTS;^ !!* : The 12 metre prototype and Inspection machines such as 

evaluation by LevWAVehKf 1 * 15 ^tended tetvoam 80 pas- wire bonders in ihe setuicon- 
and British «ngers ani-thhte - hxg|age and ductor industry. The reduction 

DeveltSment D vision consists qf two tnmt* Pds of city in bulk is largely, attributable 
^cle corSh^^nn ™-^^- ^ 5“*”' J««d::*ogether so that to the use of a transmission 
possible Wt a^icatid^ e £ v i? B i.^P'SSKg ^ pr ?T father than a reflection arrange- 

Sstems ; ppuca P®° l 9 1411 vi 9ed at either sod of the rail raent in a rotating lenticular disc 
Thi» inbuilt - UQlt - : . used In Dynascopc to produce 

„ l“,S^A dv ?? ta * e of using Designs up to-15. metres In the image. 

Qrb^iPf>ff on V an a « D «™i.I Ba l? liBeS length are. & beyvalttated. Main point about the micro- 

lwe J s . This experimenM work should scope is the elimination of con- 
^^“plogy-can be be of interest in- many overseas ventionai dual microscope eye- 
of t course countries. partlcnJaily; - those Pieces. The resulting freedom 
e m • • * C ‘ ri0g costa stay wtiere track maintenance is such of viewing position greatly 

that standard heavy, trains have reduces eye fatigue and there is 


-v- C "' 5 ’ 

'■ k 


Most vl rhe components of the to proceed with cautfon. no need to remove spectacles 

SSL *** gorog into the rail- More from ‘Lejdand Vehicles while viewing, 
ouses which are thus backed by on Leyland 21400, at Leyland, At the moment there is very 

experience which has gone into Preston, PR5 ISN. t little competition in the world 

• . market for this kind of fnstru- 

• Cl rpTDAuane ment and orders have already 

| ICuNICS been taken for 400 in the U.S. 

X> ■■ j . • . . . : The microscope, which can be 

JtJOard tCStS OH Site * roamed from 3X to 100X magnifl- 


ALMOST 60 per cent of the 
money spent by private concerns 
in the U.S. during 1977 for 
research and development work 
was by companies in the ** Top 
SO* 1 group, amounting to S11.9bn 
out of a S2Qbn overall figure. 

** Inside B and D ", which has 
just released these figures, points 
out that they represent an 
average growth over fhc jvar of 
some 14 per cent and do not 
include the SlObn provided by 
U.S. Government sources for the 
research they are sponsoring. 

The ten largest companies in 
the U.S. spout some $6.6bn. or 
one^hird of all industrial funds 
and noteworthy in this group 
was the sharp increase of S245m 
in the Ford Motor Company’s 
spending, taking it into second 
place at Sl.l'hri. ahead of IBM 
with $L14bn. hut with General 
Motors still in the lead at 
$1.45bn. AT 3nd T trails hv 
more than a length at $71801, fol- 
lowed by GE at $463m. with 
United Technologies, DuPont, 


Eastman Kodak and Chrysler in 
the S300m bracket and ITT at 
$280m. 

R and D/sales dollar ratios 
showed that high technology 
companies were in the forefront 
as could be expected, with 
Hewlett-Packard again leading 
at 0-2 P er cent, followed bv 
Upjohn, Merck. Polaroid and EH 
Lilly- Oil companies, on the 
other hand, spent less than 1 per 
cent of sales dollars on research 
and development. 

One conclusion to be drawn is 
that in an area of industrial 
activity whero costs are rising 
very steeply, there is a tendency 
towards rapid con cent rati on of 
R and D expenditure, as evi- 


denced by the Retires for the ten 

r>nmn>minc UThit 


largest companies. What the 
moral must be for European 
Governments seeking to sustain 
a reasonable level of research 
in their respective countries is 
only too plain. 

Inside R nnd D. Box 1304. 
Fort f»ee. Xcw Jor coy 07024, 
U.S* for further details. 


RESIDENT CORAL compiler for 
the PDP-11 minicomputer is 
available from Systems 
Designers. The initial version 
runs on PDP-11/34 and_ 11/40 
machines under the RSX 11 M 
operating system. Future ver- 
sions will be available to run 
under RT11 and RSXll-D. 

Cross-compilers are available 
for most minicomputers in 
general use and for the Ferranti 
FZOOL, Texas Instruments 
990/9900 series and the Motorola 
M6800 microcomputers. 

The compiler is a version of 
the SDL portable CORAL 66 com- 
piler. It has all the desirable 
attributes of the portable com- 
piler including good error 
recovery and reporting, diagnos- 
tics and trace facilities. 

Altogether. 184 compilers and 
cross compilers for CORAL 66 
are now available from SDL. 
including versions for other 
Digital Equipment machines, the 
DEC-10. DEC-20, PDP9 and 

PDPJ5. 

Systems Designers. Systems 
House. 57 High Street, Frimtey, 
Surrey. 0276 63471. 


reflectance attachment allows 
examination of opaque speci- 
mens. 

High-level programming lan- 
guage “Wizard." based on simple 
English-language commands, has 
been developed for microdensito- 
meter 6. An operator with little 
or no computer experience can 
learn within minutes to program 
simple instructions such as 
"move to co-ordinates (x, y) aid 
from there perform a rectangular 
raster-scan measuring 250 mm x 
250 dud." More sophisticated 
programs can incorporate inter- 
active coupling between, com- 
puter and mi crodensitometer, 
whereby information derived 
from the specimen determines 
subsequent scanning movements. 

The Wizard software . also in- 
cludes standard routines for 
data-analysis. such as integra- 
tion of optical density °ver a 
specified area. 

Jnyce-Loebl, Marquisway, Team 
Valiev. Gateshead, NE11 OQw. 
0632 823111. 


TK NORflfiEN OLYMPIAN 
‘PUKrfif SYSTEM 

This system of Compressed Air 
Processing Equipmenthas ■ 
been extended and 
now provides for 

andl % inch piping 
installations- 



C4.JVORSff£V LTD. 



PACKAGING 


King size 
displays 


METALWORKING 


cation and produces a sharp. 


Welder kept quiet 


Speeds scan 
of words 


Talking to 


most micros 


PRINTED circuit board fault, nmuart, f&MT & . » *h£“l 


can be diagnosed in the .field digital voltmeter, ... . basic orice of £7SQ 
with the 2225- portable tester ^ useful advai^ege ir that industrial markets involving 


cuema 


introduced by GenRad of Bourne C pr inspection or assembly work are 

EQd - expected to account for a high 

board tester (GfflBiw, .Teradyue, nnjDOntian of ssIpk althntteh th« 
The company maintains that Comput er Automafloiy _ . Mirco method of image' presentation 
roe unit will reduce spare board ? nd , lnsroumen^on -Engineer- also offers advantages in teach- 
stockmg costs and. since the »«>•«» »ng. where the tutor and students 

instrument is a true functional boards in the itheJ225, can eacfj exan ,lrte the magnified 

tester, boards can confidently be eliminating new software -writing image without tbe need f ° r c00 . 

returned to use after repair. costs. There is ewi'.a^ built-in adjustment of the controls, 

fry.. * acoustic coupler ami modern that initial production rate will be 

Ifilft Scomputer w?th°5o| !^ le , test *» about 80 PnM?e7t«% m!i£ 

fiillv SroaSShle dSLlS re ?? Ived ^er telerfam e lines. and Vision Engineering says that 
sensors^ 5? Connection betwe^.faoard and this can be dtmb]ed ir nccessary 

nosthS test f r no without investment in new pro 

nosnes. six user power suppbes, costly device: adrotoix are duction facilities 

magnetic tape program storage, needed. a Iaauues - 

a paper strip printer, alpha- More on 0628526634- 


Touchless access 



More from the company at 
Send Road, Woking, Surrey 
GU23 7ER (0483 223417). 


Clutch of 


>• - <« 


THE. LATEST variant in door The "key’* contidu' .precision 
access control- claimed to be tuned passive eiectroiric circuits 
virtually vandal-proof since it which are energisedfwben pre- rPOnfflPrC 
has . neither card slots nor push sented to the seusfti&and send -I- V- V* v/X XI. wX k5 
buttons. 


of? 


with 


is a system from back a specific 
Schtage Electronics of Cali- tern, 
forma, marketed in the UK by Various level* 
Inertial Systems of Egham, are offered, fronr 
Surrey. door- operation ... 

Those desiring access simply, codes, to a compu 
present a "Command Key,”' able .to control 2 
similar to a credit card, a few with 5,000 differen 
inches away from a concealed Any attempt tn- 
sensor. When the internal throngh an. ... 
equipment . has established at a time or in a 
validity it will operate ah elec- which the card 
tronic lock and allow access to authorised produces 
a specified door, turnstile or a system display uni 
barrier. v - ■ . -..More .on 1)7843 4400 


hoi 


Agency pat- PUT 0N to ^ mar icet by EMI 
' *■,’*• Technology (SE Labs) are four 

implexlty versions of a six-inch ultra-violet 
e single oscillograph design which will 
*ee- -card cover most applications and start 
version a t a price Of £1.100. 
ctrances Two six channel models are 
t. codes, offered, with or without signal 
" access conditioning, and there are two 
or, or 12 channel types, one uncondi- 
for tioned and tbe other with six 
not channels of active conditioning 
:jn on and six channels connected 

t directly to the galvanometers. 

‘jTbe tange of signal amplifies 
tion or . attenuation employed in 

oIhwiaI nAviflifinniVirr ITtiitc 


- • r 




COMPANY NOTICES 


t.MVU-- 


iers \sf 
iins 


BANK HANDLGWY W 
WARSZAWIE SJL . 

. 5US 30,000,000 
. FLOATING RATE NOTES 
1976/81 

The rate of interest applicable 
for the 'six month period 
beginning June 12th 1978 and 
ending December 12th 1978 
and set by the reference 
Agent is 9ig% annually. 


CHILIAN GOVERNMENT LONG TERM 
DEBT LAW No. 8962 . 


CHILEAN' GOVERN iNT 4la%. SONUS 
W9X • 



. Midland Bank UmMod announce that 
rtie redemption InjMlfnctit Jor. THo— slnkJno 
fund of .1 July ■T97S >, 'Jias Twin met Or a 
ora#nno of donds la the nominal value- of 
£2:000. . t 

The OjtfnctlVe nuiiitjersiof tIMfr bond* 
drawn In the oresenca o^'a-Noxary Public 
■re, as fqllows:— • - ^ . 

Serial Number £SOO 

• • - 209 

Serial Numbers. ■ Cloo 
531 562 567 011 1030 2373 

2851 3368 3648 4030 4660 4743 

4B06 4996 SODS . . • _ . 

. The . above bonds should - be oresented sti 
tne New Issue. Department ol Midland Bank 
Limited listed oo the approoriats form and 
most bear alt coupons subsequent tb 1 July 
1978 otherwise the amount of the miss- 
ing coupons will* .be deducted from the 
prlnckwl moneys. 

.The usual Interval at- tour clear d art 
wlH be required for examination. 

Midland Bank Limited, 

New issue Denartment. 

'Mariner House. • 

Pepvs Street. 

London, EC3N ad a. . 


MOTORCARS 


rii ) 



-/»■ 


Mefcedes-SenzDeglers 
CLOVER LEAF.CARS 


280 EW 123. 19*7. Med. red. 
bamboo riedi. aim. pas, tinted. 
Radio-cassette one owner £9.250 
280 SE. 1970. Mid. blue, parch- 
ment cue,*. aura, pu, E-roof, low 
raileiga. Full history ' £3.295 


TetepticjneOavid Jacobs. - 


s; 


t. >' 


ART GALLERIES 


:j.:\ - ' - ‘J„v,r 

, . r- ' , » 

k. ' jv 


1ALL GALLERIES. The Mali. S.W.1. 
ROYAL SOCIETY OF BRITISH ARTISTS 
261st EXHIBITION. . Mon^Frl. Jp-S. 
Sate. 10-r . Until 1 301 June. Adm. 20 p- 


fAU. GALLERIES. The Mall. S.WJ . 

socierr of graphic -artists 

ANNUAL EXHIBITION. Mon^Frl. 10-5 
Sets. 10-1. Until 19th June. Adm. 1PP 




LONG TERM OCHT 


tth# ; signal conditioning units 
fiimans that one set 'of. galvano- 
metefs can be used over a. wide 
Tange \of sensitivity, cutting 
stodongU costs and improving 


CHI' EAN GOVERNMENT 4-1% GOLD 
LOAN 1869 FINAL REDEMPTION 


NOTICE JS HEREBY GIVEN that all 
, ponds oi the above Loan 


the outstanding . 
amounting -to El 


040 will be redcmmed at 

Oar on 1 Jul, 1976 after which date all 
Interest thereon will cease. Bonds presented 
lor repayment of capital must be listed on 
.the special form obtainable from New 
Issue. Department and- the usual interval 
01 lour cl ear- days will be required for 


examination. Kindly * ensure that coupons 
numbered - IT 


.. 79 and iso are attached to 

the bonds whlcA should be presented to: 
Midland Bank Limited. 

.New issue Dep a rtment. 

Mariner House. 

Peovs Street. 

London. GC3N 4 DA. 


THE .CONVERTIBLE BOND FUND N-V. 


0 PROCESSES 

(Protective 


N*-T"'€ 1C HERE**’ GIVEN that w<* have 
decided M dlscortlnue the printing and 
distribution . • of unaadited quarterly 
reports.-* • 

JhV-ited annual and semi-annual reports 
and accounts will continue to be a w«i I able. 

.The Board, of Management. 

Curacao. 

12th Juite.1978. 


THE-OtESKAM STREET 
DOLLAR FUND N.V 


NOTICE IS HEREBY GIVEN that we have 
decided ’to* discontinue the printing and 
distribution of unaudited quarterly reports: 

Audited annual and unaudited sent*-, 
inuef reports and accounts will continue 
to be .available. . . 

The Board of Management. 

Curacao. 

12tft June. 1978. 


PERSONAL 


SLA5S AND CRYSTAL for .the 
s’ Dining Room Is , on gleaming 
it The General Trading Company? 


superb glass, an 
D irectors’ 

display at me — i*t^** ii 

a hand-olckeo selection of all that » 
best In modem design •* "e* 1 » 
nnest traditional Sultes- Wrlta ter our 
general catalogue ts JK/G. The General 

Trading Company. - 144 Sloano Street. 

51 Dane Square. London 5W1X 9BL. 


BUYING ANTIQUES? The Highly ; f«cteal 
■no helpful annual Jiwestment ha.Jff._H 
.-the most Important -issue of I S rlt *J"* 
best monthly antiques msgaaine. now 
avallabla at 75p. £6.9S for eleven Issues. , 

- or write for detarU. Ontv trom: AntlgueJ 

Collectors** CHib. Wood bridge Suffolk. 1 


OWN AN .©RIGINALr— -Art. -enthusiast migt 

sell - hi* entire collection of 
Impressionists at a traction M t heir real 
value. .Oil paintings by_ one g Qf,|b> 
world's top forger*. Tel; 01-4B5 4B2B. 


PUBLIC 

NOTICES 


THE ROYAL BOROUGH OF 
KENSINGTON AND CHELSEA 


VARIABLE RATE 
REDEEMABLE 5YOCK 1982 
The Council ol The Rdval Boroua h ol 
Kensington and Chehoa ^ 

hall-yearly payment of Stock 

9th December 1978. on % ,£u 

will be .at- rbo- raft oi .65.71675 no* 


ncomc tfyj o*r‘«100 ol. Stock. 
12 th June. 


1978. 


1 Q"S 


GNEW GALLERY. 43; Old Bond ■ &-. 
N.l, fl 1-629 6176. MATTER 
NGS- Until 28 .July. Mon.-FrI. 9.30- 
5.30. . Thurs. until 7. 


30WSE & DARIV, 19. Cork. SL. W.1- 
: ORAIN. Mon.-FrI- 10-00-5.30. Safc 
1 0.00-1 2 JO. 


. 4 <f 

jS.»- 


AVID CARRITT LIMITED. IS. Duke 

?RENC^AII^^'S. DRAWINGS AND 

— ■ " PTUftE. Until . 7 Julv- Mon.-Frl. 

(Mfc 


EXHIBITIONS 






par** 


S> 


1O5VEN0R HOUSE ANTIQUSS_ FA1*; 
sric La*. W.1 . * 1 * 


... June. 5.00 p.m:- to 

130 including Illustrated handbook. 


&U 


,i£H 


,s>' 


CLUBS 


* - 






”c of Jofinnv Hawho sworth & Pricnos. 

> -9®aswa® ,w,, ‘ 

jsc sJsnatA Mt>m. 


classified 

advertisemcnt 


RATES 


Per 

One 

.. £ 


sow!*' 

coivna 

cm. 

£ * 


H.00 

8.00 

14.00 


5JS »■» 


Commercial k Jwliistrla! 

ProgertY ~~ 

Residential Ptweny 
ippolnnneutF 
Business fi lnveffBoeni 
Opportunities, Conwrailoa 
Loans. ProdacOon . 

Capad ».* BUSbttssw 
. For SaWW«nt«l 
•Education. Motors. 

Contracts * Traders, 

Personal. Gardening 
HDieli and Travel 

(Miflimwd *h* .» oaimn cn^ 
ei pgr ilnflle column cm e*tw 
- For jurtlier details virile to: 

' - Classified Advertisement 
- Manager, 

Financial Times. 

10, Cannon Street, EC4P 4BY 


425 

2.7S 


J.1.00 

10.00 

7.0ft 


operational convenience. ' 
Each" cHai 


innel 




its own 

sensitivity \controT providing 
trace, deflect ton rates from 10 
mV/cm to 10\ V/cm. Six high 
accuracy chart 'speeds from 0-2 
to 10 mm/sec OTe offered, and 
these can be increased by a 
factor of 100 by pukh button. 

‘ 1«7. 


More* on 01-890 


coatings 


NEW COATINGS for the latest 
generation of gas turbine 
engines are available from .Coat- 
ipgs .JService Division of Union 
Carbide UK Designated LCO-17 A 
and LC0-19A, these coatings are 
members of*a family designed to 
resist wear at elevated tern- 
|peratures in- an oxidising eo- 
Yironment.. • 

■; laboratory tests indicate that 
these two coatings, which axe 
cobalt based alloys containing 
dispersed aluminium oxide, will 
be used extensively in gas 
turbine engines, in .particular '-to 
Minimise, the wear of turbine 
Qtade shroud faces. These com- 
ponents operate at high tem- 
perature and stress levels. 

■ Excellent wear resistance in 
oxidising environ meats has been 
demonstrated with LCO-17A at 
temperatures between 870 
degrees C and higher than 
14)00 degrees C and with 
LCO-19A from 650, degrees C to 
980 degrees C- 

Both these coatings are 
applied by the Union Carbide 
development— the detonation 
gun. This fires the powdered 
bating materials at such high 
speed and temperature that 
cOating is evenly distributed and 
integrally bonded to the base 
material. 

■More on Swindon (0783) 28242. 


0 GRAPHICS 


High speed 
drawing 


IN ONE second, a graphics 
terminal based on an ultra-high 
speed printer can produce a 
drawing 3.3 inches high by 9 
inches long. Such a piece of 
work would contain about 150,0 00 
dots. ■ 

The SCI printer operates at 
2^00 characters per second, using 
a revolving print head containing 
three matrix brushes each of five 
.wires: The graphics unit is 
similar except that tbe brushes 
have seven instead of five wires. 
This 'means an improvement in 
resolution. The dots are -spaced 
70 to the inch horizontally and 72 
vertically. 

i Experimentally, this Printer 
has been used by ITT to produce 
high quality pictures from View- 
data receivers appropriately 
modified. 

More details from Peripheral 
Hardware. Link House, Pool 
Close. 1 West Molesley, Surrey 
KTS 0HW. -942 4806. ■ • * 


SOUNDPROOFED down to 85 
dbA at 1 metre is a diesel welder 
complying with proposed EEC 
noise legislation introduced by 
Petbow of Sandwich. Kent. 

Powered by a Perkins D3-152 
water cooled diesel engine, it 
provides welding current be- 
tween 60-400 amps dc at a 70 
per cent duty cycle. 

The low noise level has been 
achieved using sound-absorbent 
air inlet and outlet ducting. The 
outlet duc-t. a plenum chamber, 
incorporates a purpose-designed 
diamond-shaped exhaust silencer 
to reduce both the engine 
exhaust and mechanical noises. 
This is achieved by the silencer 
acting as a sound absorbing 
baffle without drastically reduc- 
ing the cooling air flow. 

Constructed throughout in 


heavy gauge plate the silencer 
also provides a longer life opera- 
tion compared with conventional 
sileocers. 

Stepless control of both volts 
and amps provides an infinitely 
variable output suitable for pre- 
cision pipeline or fabrication 
work. Long periods of con- 
tinuous welding is achieved by 
a “ true " brushless dc generator. 
Externally fitted operating con- 
trols ensure that noise levels are 
kept to a minimum. 

The engine aud generator are 
joined by 3 special Petbow 
coupling which ensures correct 
alignment of the two shafts 
throughout the life of the 
welder; either component can be 
dismantled by unskilled person- 
nel. 

Petbow is at Sandwicb, Kent, 
CT15 »i\*E. Sandwich 3311. 


FLAT-BED SCANNING micro- 
densitometer equipment with 
computer control of scanning 
movements and digital recording 
of results is announced by Joyi-e- 
Loebl. It can perform line-scaDS 
up to 250 mm long or two-dimen- 
sional raster-scans over any 
selected rectangular area up to 
250 mra by 250 mm. with X and 
Y directions interchangeable. It 
can make up to 1.000 measure- 
ments a second, with a maximum 
scanning velocity of 5mm/sec 
and a minimum distance between 
measurements of 2.5 micro- 
meters. 

Outstanding photometric pre- 
cision — better than 0.5 per cent 
throughout a range of optical 
densities extending from 0 to 4D 
— is claimed for the new instru- 
ment. The double-beam optical 
system employs solid-state detec- 
tors of highly linear output A 


MICROASSEMBLER which will 
aid in microprograms ing of all 
bipolar (bit-slico microproces- 
sors is available from Signetics 
as a software package that can 
be used for the complete cycle, 
including defining microinstruc- 
tions. writing and assembling 
programs and generating paper 
tape output for programming of 
read only memories by burning 
in or whatever. 

In addition, the assembler 
permits flexible editing to speed 
debugging and program altera- 
tions through iterated loops, up- 
dates and replacements, and a 
built-in test program to check 
system accuracy. 

It is written in ANSI Fortran 
IV and can be run on any 16 or 
32-bit computer with Fortran 
capability. The assembler can 
also be accessed throngh Tyrae- 
sbare, GE or NCSS timesharing 
services. 

"ore from Mullard on 01-580 
6633. 


PRINTING MACHINES with 
extra - capacity dimensions 
designed to assist manufacturers 
and packers to comply with 
legislation in the packing of 
certain commodities by ex- 
ternally identifying full pack 
contents were launched by the 
British maker. Lawtons of Liver- 
pool, last week at the Dusscldorf 
Interpack 78 exhibition. 

Because of its high maximum 
specifications and flexographic 
liquid ink system, the Lawcp 
Flexoverprint is said to cope 
specifically with large scale 
operations in terms of pack size, 
print area and continuous quality 
impressions from Lawco Riblok 
type and logotypes on extra long 
runs and difficult materials. It 
has a maximum pack acceptance 
specification of 112 cm wide by 
IS mm tbick and 1 metre long. ' 

Demonstrated also at Dussel- 
dorf was the Mk 111 model of 
the company’s Overprint 
Machine fLOM} which is able to 
handle paper sacks and board 
cartons up to 129.5 cm wide and 
IS mm thick in unlimited 
lengths. 

Tbe company also introduced 
five new models into its range 
of stencil cutting machines 
which, apart from stencil cutting 
being more crisp and clear, offer 
a larger variety in size — 3.2 mm. 
6.3 mm. 11 mm, 16 mm and 
25.4 mm. Now. between 12 to 
four lines of information can be 
cut on a standard sheet of stencil 
board depending on the machine 
size. 

Further from the company’s 
Coding and Marketing Division, 
60. Vauxhall Road. Liverpool. 
L69 3AU (051 227 1212). 


The Berlilz method is 
still as easy as the first time 

d ff. 


you use' 


’Vbu may riot remember the first 
time you learned a language. 

After all you were young at the 
time and lessons from mother were 
more like play than work. 

But you did use a method and a 
most effective one.- 

Nature’s method. No records, no 
headphones, no gimmicks. 

One hundred years ago, 
Maximilian D. Berlitz observed 


eople struggling through grammar 
>ks trying to learn a foreign 


>oo 


language -and realized how much 
better they had done just listening to 
mother 

He studied nature’s methods, 
refined them and turned them into 
a system. 

The Berlitz method has been 
the most successful language tuition 
system in the world ever since. 

Business executives who come 
to Berlitz are taught person to person 
by people whose native language is 
used-whotake onthefunctionof the 
mother in childhood. 

No other language is used. 

No mental translation slows 
down the process of learning. 

From die first word you begin 
to think in tbe new language. 

As international trade has devel- 
oped, so has the Berlitz method and 
the scope of its services.Translation 



services have been introduced as an 
aid to business, multi-media teachi n g 
methods have been developed and 
‘Total Immersion’^techniques devised 
to speed up the learning process. 

But at Berlitz the basic, face to 
face, person to person method has 
not changed in the hundred years of 
its existence. Because it works! 

If your business career could 
profit from our experience ling 
one of tbe numbers below for full 
information. 

We’ll prove it can work for you 
as it has for every child since the 
world began. 


iOOYLARSOr , 

BERLITZ 


- SINCE 'k 


Teaching the world to speak. 


LONDON 0I-4S6 1931 CROYDON 01-6S6 2862 MANCHESTER 061-228 3607 

BIRMINGHAM 021-643 4334 LEEDS 0532 35536/7 EDINBURGH 031-226 2677 






i^rr^ 







Enguieering 






£%m awards to Wimpey 





DURING THE past six weeks, 
Holland. Hannen and Cubitts 
has won contracts to a total 
value of £lTm. additional to 
the £10m announced at the 
start of that period. 

OF the total. £7jm of the 
work is in Scotland where the 
largest contract of the lot has 
been awarded. This is a £4.1m 
prestige office block job. For 
CIS (Pro perries), the company 
which handles investments For 
the miners' pension Fund, work- 
ing in this instance in partner- 
ship with Glasgow City Coun- 
cil. 

Elsewhere in the Glasgow 
area, at Cathcart. a two-storey 
■computer building costing 
£2Jm is to he erected for the 
South of Scotland Electricity 
Board. And under a third 
Scottish contract, just under 
£lm worth of houses <73 unitsj 


are to be built at Uddincstoa 
For Hamilton District Council. 

In England, the largest of the 
recent awards appears to he one 
worth around £2jra for the con- 
struction of an administrative 
centra at British Leyland's 
Charley Part* Division and there 
is a second Ijrge motor industry 
contract worth. £2m with Ford 
For a series of jobs at Halewood. 
These include £I.3m-worlh of 
work on extensions to the trans- 
mission plant. 

Another &-'Jm award covers 
work on three listed buildings 
at Lancaster Gate, London, to 
transform them into flats but 
with the amenities of a restau- 
rant medics! centre and swim- 
ming poul. This refurbishment 
contract has been placed by the 
Rum Corporation and a Saudi 
Arabian architect — -A. Al-Sayed — 
has been appointed, working with 


quantity surveyors Edmond Ship- 
way and Partners. 

Bank of Abu Dhhbi has let a 
£600.000 contract for work at its 
premises in Albert Gate, London, 
built by Thomas Cubitt, founder 
of the building company, some 
220 years ago. 

Another banking contract is 
From the Commonwealth Trading 
Bank of Australia and the work 
to be carried out at the premises 
is valued' at £360,000. 

A housing project at Yate, 
Bristol, colls for the construction 
of 65 dwellings for Nortbavon 
District Council at a cost of 
£720,000. In Lancashire, a sports 
h3li and a practice hall are to 
be erected fnr the extension of 
the Darwen Leisure Centre at a 
cost of £420.000. At Preston. 
£370,000 is to be spent on a 
kitchen and dining area exten- 
sion for the Tuson College. 


McAlpine’s 
butter plant 


WORTH ALMOST • £4} in. an 
award has gone to Sir Robert 
McAlpine and Sons from Empire 
Dairies for the construction at 
Swindon. Wilts, of a large 
butter packing plant. 

Six separate buildings will go 
to form the complex on an area 
of 47.000 square metres, the site 
being close to the M4 motorway 
at Blagrove Farm. 

The first operation, excavation 
of 75.000 cubic metres of spoil to 
a depth of four metres, begins 
immediately. 

Completion will take place in 
two phases, the first aimed at 
July next year and the second 
for some three months later. 

Architects and quantity sur- 
veyors are the Wyvern Partner- 
ship of Swindon. 


A MAJOR CONTRACT in a total lane wide, sewn miles kmg 

or SSSS? SU he JTtSSS 

George Wimpey Is a £4.5m Anothe - for xtxe Minis- 

petroleum development camp JB tr>' is for a part of Highway 402 
Oman. The company will con- (Wyoming to Sarin&l. Remain- 
stTuct a self-contained camp at ing contracts in Canada cover 
Marmul in the Sultanate of waterworks, sanitary and storm 
Oman ' for Petroleum Develop- sewage at Westloelr, Alberta, and 
ment. Situated in the centre of underground water storage at 
the oilfields the project com- Whitby. Ontario, 
prises housing units, central The Irvine Development 
mess facilities, laundry, bakery Corporation has awarded a cojo- 
and kitchens and will house tract 'in excess of £ln» to the 
company employees and their company's Glasgow regional 
contractors. Also provided will office for the construction of 86 
he recreational facilities and all bouses in Wimpey No-Fines 
ancillary services, technique, . This project com- 

Out of four contracts totalling prises 18 single-storey. 5S two- 
in excess of £4m won by the storey and 10 three-storey 
Toronto office one for £3ra for houses. Also included in the 
the Ontario Ministry of Trans- job are sewers, roads, parking 
portatioD and Communications is areas, footpaths, drainage and 
for the construction of a four- general sire works. 


Housing in 
South-East 


London 


S3 Am for Henry Boot 


UNDER a £3.7m.. contract,. John 
Laing is to start soon on a new 
bousing estate in Marvels Lane, 
Grove; ' Park. SE12, for the 
London Borough «f Lewisham. 

There will be 106 -two-bedroom 
houses, 63 three-bedipom houses 
plus 5e one-bedroom fiats. Also 
called for are 10. tvvo-bedroora 
and eight two-bedroom flats and 
two th fee-bed rbbns_ houses 
specially ' designed.*, for the 
disabled. " ‘ 

Two access roads are to be 
constructed from- ; nearby Duu- 
kery Road and part: of ; the site 
has been allocated for future 
development by the -Council ,to 
provide a community centre and 
children’s home. ■ 



for 


construction 

01-9951313 


These ■' protective layers are 
apfdfed; to' both sides of the 
panels. An epoxy primer is then 
addqd to provide a further bond 
between, the flexible base mat 
and the : coloured weather coat 
The. hew production facilities 
wttl enable Versacor to be made 
in sheets of greater widths than 
Galbeatos — 900 ram against 
730 nun. 


French Kier Hie answer is in the son Mowlem & 


gets by-pass 


ESSEX County Council has 
awarded a contract for £1.9m to 
French Kier Construction, a 
memher of the French Kier 
Group, for the construction of a 
by-pass at Great Du amour. 

Designed to relieve the centre 
of the town of east-west A120 
traffic by a new route along the 
old railway line south of Dunmow 
there will also be a wundnhnut 
to provide a connection to the 
A1 30 to the south. 

The work consists of about 
4.9 kilometres of single 7Jt metre 
carriageway in flexible const ruc- 
tion together with street lighiing 
and accommodation works. This 
will require excavation of around 
100.000 cubic metres of material 


MANY MOVES are being made 
to demonstrate that solar energy 
use is practicable for the average 
household. The latest and pos- 
sibly the most important one to 
date is that just announced by 
John Lsin? Research and 
Development and the Calor 
Group to iest various solar 
energy heating systems in a num- 
ber of new houses. 

Site of the project is at Great 
Linford. 11 1 : ton Keynes, where 
nine houses -vill he built, three 
of them to he monitored as con- 
trols. 

Construction starts tbis sum- 
mer and houses will have 
radian: jffil warm air systems 
jnd inc instrumentation needed 
to provide exhaustive data on 
the results. All the dwellings 
will be insulated to a much 
higher stnndird than at present 


required bv building regulations. 
Cal. " 


Structures will consist of one 
reinforced concrete road bridge, 
a reinforced concrete footbridge. 
490 metres of reinforced concrete 
retaining wall, a river bridge 
with prestressed concrete deck 
beams and reinforced concrete 
snhsrniciure. and one precast 
concrete culverL 


„!or Research Group, which 
to date ha? been very reticent 
about the solar project it has 
heen conducting at Fulmer Re- 
search Laboratories these last two 
years, will incorporate some of 
the tried .mil proven technical 
advance? from the experimental 
house there in the systems to so 
into Great r.tnford. 

It bas worked on all types of 


solar energy use for space and 
domestic hot water heating, with 
support from the Department of 
Energy. At the same time. John 
Laing Research has been carry- 
ing out an extended study of the 
solar panels on offer, covering 
both domestically-built and im- 
ported types. 

The latter company will pro- 
vide project management and 
contracting services for the pro- 
ject. as well as installing the 
solar heating systems themselves. 

Completed houses at Great 
Linford will be sold in the spring 
of 1979. Monitoring results will 
be available by the end of the 
following year. This feedback 
should provide important infer 
illation for the development of 
energy-saving domestic systems 
and give householders the con- 
fidence to spend what is required 
lo install well-desicned solar 
systems in their homes. 


share £4| m 


FIVE CONTRACTS worth almost 
£3.4m. have been recently 
awarded to Henry Boot Construc- 
tion, the largest, at £1.7m. being 
for the construction of 157 dwel- 
lings on the Iugol bousing 
development near Fulwood for 
the Central Lancashire Develop- 
ment Corporation. 

The company will build 14 
warehouse units for ,£670.000 on 
the AS Trading Estate at Ballie- 


ston, Glasgow for Municipal 
Mutual Insurance; the first phase 
of a new industrial development. 
Extensions to Hope Hospital,- 
Salford, for the North Western 
Regional Health Authority will 
cost £420.000 and the other jobs 
are -four warehouses in Binning 
ham for Slouch Estates Design 
and Construction and factory 
buildings on the Ordsail 14 Influx 
trial Estate. Salford, part of Sal- 
ford's Inner City Project, 


Better wall 
and roof ' 


Big cold 


store 
completed 



The Bel con service to industry offers the design, manufacture 
and erection of precast concrete, structural steel or composite 
frames in Single, Double and Three storey construction. 
Brochures and details of the Be icon, service from> 

BeU 3c Webster Limited, (Concrete Division I Belcon House, 
Essex Rd t Boddesdon, Herts. EN11 ODR. Tel 67141. Telex 24X42. 
Bell & Webster (Steel Structures) Limited, 

Salthouse Rd, Brackmilis Ind Este, Northampton NN4 OBD. 

Tel 0604 63211. Telex 311264. 


£ 


an Eleco Holdings Company hif 


In the meantime, the Copper 
Development Association, which 
ha? for several years provided a 
major stimulus to firms who arc 
seeking to develop solar beating 
for domestic applications, is 
organising a conference on the 
practical aspects of solar heating. 
It will take place on September 5 
during the September 4-15 exhibi- 
tion of solar heating equipment 
and ancillary services at the 
P-uilding Centre, Manchester, to 
which universities and colleges 
involved in this area of develop- 
ment have been invited to send 
displays of their work. 

CDA is naturally interested to 
see the red metal play a role in 
solar heating panels and circuit's 
which would he directly and 
immediately compatible with 
standard heating and water 
circuits in most homes. 

More from Copper Develop- 
ment Association, Orchard 
House. Mutton Lane, Potters Bar, 
Herts. E.N6 SAP. Potters Bar 
50711. 


IN WILLOUGHBY LANE. 
Tottenham. London, Nl7. a 
factory and warehouse space of 
over 172.000 sq ft are to be 
built following a partnership 
between John Mowlem and 
Dimsdale Developments (South 
East i who will construct the 
building under a £4lm contract. 

The project will start on 
September 3 and the first units, 
from 5.000 sq ft upwards, will 
he completed towards the end 
of next year. 

The development, situated 
within one mile of the North 
Circular Road, will be carried 
out in an established industrial 
area with good rail communica- 
tions and a large Labour pool. 
Both Angel Road and North- 
umberland Park Railway 
stations are within easy walk- 
ing distance. 


Taylor Woodrow-£5m 


THE FIRST stage of a corapre- £5m awarded to Taylor Wood- 
hensive development at Chelten- TO %- . „„„*„,** «„ 

ham Racecourse (the beadhuar- u S^7XatartS!? in ton- 
ters of National Hunt Racing) ley _ Staffordshire, where, at a 
calls for the construction of a eos t of £2.7m. a three-storey 
£1.4 q] members’ grandstand, building will be sited in Lamb 
scheduled for completion in Feb- Street 

ruary. 1979. This will include pri- The third contract is for hous- 
vate boxes, covered seating and ing development in the Manches- 
standing and all other modern ter area for the Northern Coun- 
amenities for racegoers. This is ties (Cromford) Housing 
among three contracts totalling Society. 


ONE OF the biggest cold storage 
chambers in Europe has just 
been completed close to London 
Heathrow airport, 

ABOUT £3m is to "be speijtr-cim It has been built at a cost of 
the next year or so by :H >; H. *2 Ini; by Smith and Partners for 
Robertson. oF Ellesmere ■-’-Port, Anglia Lockwood Holdings and 
Wirral, Cheshire, on plant, to »as a capacity of 2.8m cubic feet 
manufacture an improved Designed to serve the whole of 
version of its' Galbesto* wall uK It wffl store up to 25,000 
cladding and roofing sheet" ; toQ s of meat, dairy products and 
s The new preduct, from ■ which vegetables. 
asbestos is excluded, is " called 
Versacor and' has a. thick .epoxy 


/thermosetting reswl base coaL Middle East 


Sewage 


Accepts 


screws 


easily 


Any thing you want built, 
anywhere in Scotland 
contact 

Gilbert AslT'V 

PpnacjrcHnnW 


Pegasus House. & 
West George Sheet.Glasgow 

041-248 2511 


AVAILABLE in natural, dark 
oak, teak, mahogany, or walnut 
is a plastic " wood ” from Turn- 
bridges, London. S.W.17. which, 
the company says, will take 
screws as readily as real wood. 

Because cracks in floorboards 
are a common area for unneces- 
sary draughts, its Joy Plastic 
Wood should be used' to combat 
these defects by fillin’ in 
straight from the tube or tin. 
Painting with Its Joy Floor 
Stain, which, dries quickly giving 
a high gloss non-scratch sur- 
face. can then follow the filling 
operation. . r 

The company advises a build 
up of the plastic wood, using a 
layer at a time, when working 
with deep areas, and the product 
is also suggested for parquet 
floors which can be prone to 
chipping. Colours are available 
in tubes only. 

More on 01-672 6361. 


THE NORTH East Water 
Authority has awarded Taylor 
Woodrow Construction 
l Northern 1 a £1.06m contract 
for the construction of a pump- 
ing station and sewage treat- 
ment works at Millom, Cumbria. 

The project includes a 22 
metre diameter by 9-3 metres 
deep pumping station, rising 
main, inlet works, settling tanks 
and works pumping station, etc. 
Work has started and should be 
completed in 21 months. 


tores such as shear wails. 

Stress, deformation, and inter- 
nal forces in beams, columns^ 
slabs, frames and footings can 
be quicklv determined. 

More from LUCS on 01-387 4344 
at 39 Gordon Square, London, 
WC1H OPD. 


Kerbs laid 


cheaply 


Robertson says previous-attempts 
to use epoxy for primer coats In 
greater - thickness than ;'au Tirf|OT*PCC 
average of 7 microns had re- -g?*- 

sifted- in' the epoxy cracking F 7 NAL TOUCHES have Just 
during subsequent roll-forming bwn ap p lled to a 2* more? 
of the mbtal sheet to produce building core which has been 
the. profiles which give the panels . cast i? 28 days in Dubai-an 
their rigidity -indication, says resident 

.The company now has * engineer, Mr. John Castri of 
chemical additive which it cl a litas.- Conseco Internationa] (overseas 
enables the epoxy to remalnv arin of Pell Frischmann and 
flexible enough to allow * coat- Partners! that building tech- 
ing of about ten times the thick- tuques in the Middle East are 
ness of an ordinary primer to fast becoming more sophJsti- 
be used without risk of cracking, cated. 

Versacor. which is described The aim building has been 
as an adjunct to rather than a designed for Sheikh Mansoor Bin 
replacement for Galbestos, is Ahmed AJ Thani and contains 
based on a steel core -and: has shops and offices up to the fourth 
a hot-dipped alnc coating. After floor, air conditioning and 
it has been degreased the zinc. services on the fifth floor, and 
surface is coated with the epoxy. 220 flats in the 16 storeys above. 


Speeds up 


design 


MORE THAN 30 computer pro- 
grams written in the U.S. to 
handle the analysis, design and 
management functions of a 
modern structural engineering 
practice are available in a pro- 
gram library called “Systems 
Professional" available through 
London United Computing Ser- 
vices. 

Included are several programs 
which can be used to design 
many common types of steel, 
masonry, concrete and timber 
structures and others that wiil 
analyse more complex struc- 


A BEDDING compound which, 
hardens in 18 hours, shrugs off 
damp or frost condition and is 
said to develop greater strength 
than concrete, has been intro- 
duced by Protective Materials- of 
Chessington. . .V 

Suggested as a cost-saver in 
laying kerb stones, Epoxy 
Bedding Mortar, is also intended 
for use in bedding all types of 
machinery, bonding precast 
concrete assemblies, bedding 
crane rails, and as a general 
industrial grout . 

The three part pi*terial>-g 
base resin, hardener and fitipr^* 
is mixed either mechanically <fr 
by hand when used for fixing 
kerb stones. Laid as an inch 
wide strip, the kerbs are then 
placed into position upon it and, 
in contrast to conventional con- 
crete, there is no need to cut 
back the surface or haunch up 
the sides. The mortar does not 
shrink on curing and is said to 
be Impervious to water and frost 
damage. 


IN BRIEF 


• .-Pennutit-Boby, a member <rf 
the Portals Water Treatment 
group, has been awarded a 
£300,000 contract to supply and 
install a zinc, phosphate effluent 
treatment plant at the Ford 
Motor Company .. Escort car 
assembly plant at Halewood, 
Liverpool. 

• Lesser Building Systems 
(Export) bas woo a £350,000 
contract from CDCP Construc- 
tion and Development Corpora- 
tion, Af the Philippines for the 

_ _>jy of its Supacom accom- 
modation units in Mecca, Saudi 
Arabia. 

9 Vercon of Chertaey, Surrey, 
has won contracts worth £300.000 
for suspended ceiling materials. 
Materials are being supplied for 
Tripoli "West power station, 
Libya, for a textile mil! in 
Bolivia, an aluminium smelter 
in Dubai and for the British 
Bank of the Middle East, Doha. 

• Ventilation Equipment and 


Conditioning has won a £178,000 
contract from South Korean 
Contractor, Hyun-Dai Construc- 
tion, for supplying air handling 
equipment for buildings in the 
new port of Jubail, Saudi Arabia. 


9 The Court of the University 
of Edinburgh has awarded a 
contract worth over £Jm to 
Gilbert Ash Scotland for work 
to be carried out on the former 
George Watson's Ladies College 
in George Square, Edinburgh. 

9 West’s Piling and Construc- 
tion of Colnbrook, Slough, has 
received a £im sub-contract for 
the design and construction of 
piled foundations at an advanced 
Civil engineering contract Area 
8. of the Greater London Coun- 
cil's Thamesmead project. 

• Tesco Stores has awarded a 
contract worth around £300,00 0 
to Costain Construction for the 
building of a warehouse at Wins- 
ford Industrial Estate. Cheshire. 




Thg sinews of industry 


Industry needs its buildings quickly and 
cheaply- tt a * so wants them maintenance 
free and fire resistant. Crendon structures 
offer all this and more. The/ are engin- 
eered to b e adaptable and capable of 
almost any elevational treatment. This 
wa y Crendon structures fit the architects 
plans as well as the customers needs for 
factories, warehouses and offices. The 
Crendon 4 & frame for example, a thor- 


oughly flexible system allowing almost 
any combination of span sizes and roof 
levels to be achieved in a single structure. 
An important consideration where, as is 
frequently the case, factory or warehouse 
and say a two storey office block are to 
be combined. Our technical leaflet ex- 
plains some of the structural variations 
and the design freedom which the Cren- 
don system can always provide. 


CRENDON CONCRETE CO. LTD 

Thame Rd, Long Crendon, Aylesbury, Bucks. HP18 9BB Tel: Long Crendon 208481 
NORTHERN Rawctiffe Rd„ Goole, N. Humberside. Tel: Goole 4201. 

SCOTLAND Shorts, Lanarkshire ML7 5BP. Tel; Shorts 20261. 




INTERNATIONAL TENDER 
FOR THE PURCHASE OF ROAD CONSTRUCTION 
AND MAINTENANCE EQUIPMENT AND TOOLS 
Invitation No. T18/70 


The Provisional Military Government of Socialist Ethiopia, 
Ethiopian Roads Authority, announces the release of an 
international tender far the purchase of read construction and 
maintenance equipment and shop tools. 

The Procurement of the equipment wiil be financed by IBRD 
and interested bidders from member countries of the World 
Ennk and Switzerland are requested to coiled bid schedules 
and specificatiims during office hours from the Procurement 
Office. Room lGfi, of the Ethiopian Roads Authority against 
payment of Birr 10.00 for each set Df documents 
Bids will he opened in public in the Conference Room, 4th 
Floor, of tiie Ethiopian Roads Authority headquarters build- 
ing on Tuesday, July 25, 1978, at 10.00 hours Addis Ababa 
time. 


The Authority reserves the right to reject any or rJI bids that 
are not in conformity with all conditions and specifications 
mentioned in the tender. 

ETHIOPIAN ROADS AUTHORITY 


NOTICE INVITING TENDERS 
FOR MOBILE CLINICS 


Sealed Tenders on prescribed forms are invited, from reputed 
UK firms of established financial standing, up to 3 p.m. on 
7ch August. 1973. for supply of 318 mobile clinics fully fitted with 

medical accoutrements. AH supplies should be of British origin 
only. 

Tender forms are available from the undermentioned office on any 
working day on payment of CS (non-refundable) against a crossed 
bank draftfpostal Order payable to High Commission of India, 
London. 

Direcror General 
5upply Wing 

High Commission of India 
Aldwych, London WC2 
Telephone: 01-S36 B484/J29 A 332 


TURKISH STATE RAILWAYS (TCDD) 

The Chairmanship of Central 
Purchasing; and Sales Commission 
Ankara-Car/TURKEY 

Tenders are Invited for One Rail Defect Detecting Car of 

which the technical features are written in the specifications. 

1. The _ above material is to be purchased through bids 
received from countries who are members of ibe World 
Bank of Switzerland. 

2. The bidding documents prepared for this purpose in 
Turkish and English can he purchased from TCDD’s 
Central Cash Office in Ankara and Sirkeci Cash Office in 
Istanbul at a price of TL200.—. 

The bids shall be received by or handed in person to our 
commission not later than Monday. July 31, 1978 for a 
meeting at TCDD Supply Department on that date. 


3. 


INDEGO LIMITED 


LUSAKA ZAMBIA 

NPK raw materials tender for 
Nitrogen Chemicals of Zambia 


expansion project 
Tenders are invited for the 
supply of NPK raw materials 
for NCZ expansion project. 
Documents are now available on 
a payment of non refundable 
fee of £100 per document. 
From: 


I. 


The General Manager, 
Nitrogen Chemicals of 
Zambia Limited, 

P.O. Box 226, 

Kafue. Zambia 
The Controller of Group 
Management Services 
Division, 


lnd?co House, 

Cairo Road, 

P.O. Box 1935. 

Lusaka. Zambia 
3. Zimco Services Limited, 
Zimco House, 

129-139 Finsbury Pavement, 
London EC2A IN A. 

Closing date of this tender is 
6th July. 1978. 


NB. Those who purchased 
these tender documents for 
tender rhat closed on 31st 
March, 1978 will receive free 
copies of these documents on 
production of their receipts of 
previous purchases, 

INDECO MEANS BUSINESS 


CONTRACTS 
AND TENDERS 


Rate £13.00 per 
single column 
centimetre 


For further details contact: 

FRANCIS PHILLIPS 
on 01-248 8000 Ext. 456 


NOTICE OF INTENT TO SOLICIT 
WORLDWIDE COMPETITIVE TENDERS 


NATIONAL DEVELOPMENT 
CORPORATION 

DAR ES SALAAM, TANZANIA 


INTEGRATED PULP AND 
PAPERMILL 

-MUFINDI, TANZANIA 


The National Development Corporation (NDQ, an enterprise organised 
and existing under the taws ol Tanzania, wfl build an integrated pulp and 
paper mill near Muffndi,' Tanzania. The mill wi'fl produce kraft and 


groundtvood putp from pine, wattle and eucalyptus tot conversion to 
60,000 metri 


metric tons per annum ot industrial and cuHural papers on -two 
paper machines. The complex wU also include chemical recovery, power 
generation, water-supply, effluent treatment and the required site taoRfoes. 
Start-up te projectep to taka place in '1982.1983. Protect organisation has 
been established consisting ol NOC. AS Statens Skogsindustrter (ASSI) 
as general advisors, and SandweB and Company as project managers. 
NDG have applied to the World Bank, S1DA, KFW ahd the Kuwait Fund tor 
financing. 

The materials and equipment w M be purchased horn suppliers through 
International calls for tender.. NOC wffi prequalify prospective supptiers 
taking into account their proven ability to perform, and their financial 
soundness. Suppliers praqialMed by experience and capability from those 
who Show Interest In supplying materials and equipment for the min mil 
receive detailed inquiry specftications- 

K is die Mention to' purchase by International competitive bideting, the 
departments feted .below comprising all apedaf equipment wtibtn the 
department, lists ot electrical and procsss control requirements, layouts 
and piping designs, and installation supervision, but excluding the supply 
of standard electrical components, standard process controls, piping, 
valves, and other .standard equipment. items. The departments to be 
purchased on ibis baste are tentatively as follows: 

— wood preparation plant 

— batch cfgesterplanr • 

— kraft washing and screening plant and kraft bleach plant 

— stone grounowood plant corrpleta with screen in g 

— wet-lap machine 

— stock preparation plant with -additive systems and two-machine 
paper mfll up to and Including winders 

— paper finishing plant 

— black liquor evaporator plant and recovery boHer 

— Bme Win . . 

— coustidsmg plant • 

— power boiler plant 

— turbogenerator plant - 

— water supply intake and treatment, and effluent tresdmer? 

— cKesst generator emergency power plant . 

— bleach chemical preparation {tiaras . 

In addition prequafiflcatiorH are invited for .the supply of electric switchgear 
and distribution: standard electric motors; process controls: paring; valves; 
pumps; insulation; laboratory equipment; -machine tools; Jogging and log 
transport equipment and the Rke. 

Suppliers wtth proven ablMy in one or more of the above categories are 
kwi»d lo submit their prequaBfyfrig documentation noJarer then 
from the data ot purification o/ rhfe notice m envelopes marked "Pulp and 
Paper Project" to Netbnat Development Corporation, P.O. Box 2669, Dat 
Es Salaam, Tanzania. 


Wtth copies to: - 

P. R. Sand well arid Company (UK) Limited, 
Radsierck House, 

Sficdwrton Street, 

London, SWiW 9LY, 



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We're Britain’s biggest specialist truck builder. And we have a world-wide reputation for producing 


Last year alone, we built over 30,000 trucks, ‘buses and tractors. And we exported over half of them. 
You probably ’know us better as Leyland Track & Bus. But now we’re caUed Leyland Vehicles. 
We’ie investing over £ 130m in new research, development and manufacturing facilities. 

We’re planning a completely new range 
i.Wredoublingh^trackproduction ; 


service hetwork'will not only be 

But were doingit better than ever. @ Leyland Vehicles. Nothing can stop us now 




ISlt 




PS 















8 


Financial Ttew Monday Jane 12.1978 


Tilt* Executive's and Office World 


EDITED BY CHRISTOPHER LORENZ 


The recent Government White Paper on industrial democracy looked favourably on the flexible two-tier boards which operate 
companies. Hilary Barnes, in Copenhagen, explains how the system works and how employee directors have fared on them 


in 


Something flexible in the 
boardroom state of Denmark 


IF BRITISH companies are con- 
cerned at the prospect of two- 
tier boards they could do well 
to look to Denmark where they 
have long been part of the 
Danish tradition In fact they 
appear to run so smoothly and 
are so well established that 
businessmen are somewhat sur- 
prised if asked how well they 
think the system works. 

Two tier boards were em- 
bodied in Denmark's first Com- 
panies Act in 1917 and there 
was no thought of altering the 
system when the Act was re- 
vised in 1930 and again in 1973. 
Its advantage over the UK sys- 
tem. according to Ministry of 
Commerce officials here, is that 
it is regulated by statute while 
at the same time retaining the 
advantage of very considerable 
flexibility. 


The division of functions 
between the two boards is only 
loosely defined and therefore 
varies widely in practice. This 
is the major difference between 
Danish and German law. In 
Germany there is a rigid divi- 
sion of functions between the 
supervisory and management 
Boards, and there is no over- 
lapping membership. The 
German management board 
alone can bind the company in 
contracts with third parties and 
is also entirely responsible for 



meat shall be responsible for In practice the system func- 
the management of the com- tions very much like the unitary 
pamy. board system of the UK. The 

“The management shall be in cmapany is run by the board of ? owner which is f re- 
charge of the current manage- management, which at intervals sLSTr 

ment of the company and shall must take major matters to the ^ ^ me func . 


in this connection observe the ^rectors : for approval. Ttiis is tions ' of me board of directors 


instructions and orders issued much the same as the relation- ... w ^ -.-.i.,., 
by the board of directors. The ship between the executive ymi 01160 be iKHnlrm ' 
current management shall not directors of a UK company and Thra situation can of coarse 
include such transactions as are, the full board. “Mr. Steen Lange- also arise in large companies, 
in relation to the general cir- baek, managing director of In the Burmeister and Wain 
cumstances of the company, of Sophus Berendseu and a mem- shipbuilding and engineering 
an unusual class or importance, her of the board of Rentokfl. group. Mr. Jan Bonde Nielsen 
Such transactions shall not be and who therefore has expert- is the majority shareholder and 

managing director. He resigned 


Legal rights 


Under Danish law companies 
with share capital of over 
400.000 kroner <f 40,000) must 
have a board of directors, elec- 
ted by the shareholders, and a 
management board, appointed, 
by the directors. For companies 
with a smaller share capital 
the two-tier board is optional, 
but it has tn be introduced 
whenever employees wish to 
exercise their right to elect 
representatives to the board of 
directors — a right which exists 
in all companies with 50 or 
more employees. And it applies 
both to joint stock companies 
and to private companies 
(Anpartsselskaber, similar to 
the GmbH). 

There is no rigid division of 
function or personnel between 
the directors and management 
board. But the majority of the 
board of directors must consist 
of those who are not on the 
board of management The 
chairman of the directors can- 
not also be a member of the 
board of management although 
this does not mean he cannot 
be a working chairman. 
Management board members 
have the right to attend and 
address meetings of the board 
of directors. 



the post of chairman in order 
to be able to function as manag- 
ing director. 


Conflicts 


Pouf Svanholm, managing director 
of United Breweries, but not a 
member of the Board. 


Steen Langebaek, managing direc- 
tor of Sophui Berendsen and a 
member of the Rente kil board. 


jan Bonde Nielsen, majority 
shareholder and managing 
director of Burmeister and Wain. 


the day-to-day running of the 
company. The supervisory 
board's role is as its name 
suggests, to supervise and 
control. 

The Danish board of directors 
also has a supervisory and over- 
seeing function, while the man- 
agement board is responsible 
for day-to-day operations, but 
members of both boards can 
bind the company vis-a-vis third 
parties. 

The division of functions be- 
tween the two boards is laid 
down in the Companies Act as 
follows: 

“ The board of directors shall 
supervise the management of 
the company's affairs and shall 
secure a warrantable organis- 
ation of the company’s activi- 
ties. .Where a board of 
management . is appointed, the 
board of directors and manage- 


effecred by management unless once of both systems explains: 
the board of directors shall have “There are differences in the 
issued special authorisation, ex- systems, but they are not as 
cept in cases where the decision 


He is a member of both the 
board of management and board 
of directors, but overlapping 
membership is by no means 
always the case. Poul Svanholm. 
managing director of united 
breweries (Carlsberg, Tuborg) 
is not a member of the board 
of directors, -for example. A 
1973 surrey indicated that in 
V larger firms only about a third 
?) of the general managers ' were 
4 also members of the board of 
*' directors. In smaller firms the 
overlap is greater because the 
company’s owner or majority 
shareholder will naturally have 
a place on both boards. 

Conflicts between the manage- 
ment board and board of direc- 
tors arise from time to time, 


to be made by the board of 35 one niight think. but ^ reS oi ut j on conflicts 

directors can not be awaited He thought that the Danish is no more difficult than under 
without essential inconvenience system had some slight advan- a unitary system. In the final 
to the company's activities.” fages over that of the UK. It anaiyas the board of directors 
According to the leading was p rcfoably a good thing that will always win. In a recent 
expert on company, law, Profes- on major policy matters the case, for example, the board 
sor Bernhard Gomard, the management had to discuss mat- of Magasin da Nord, the Copen- 
internal division of powers tors with the board of directors; hagen store, sacked the manag- 
between the board of directors shareholders appreciate the ing director and a second mem- 
and management also depends safeguard that the managing ber of the management board 
on the circumstances of the director alone cannot change after disagreements over com- 





rouse so little passion 


DENMARK’S TWO-TIER system e iected to "the board system works wpiy jj; jjag 'um 

simplified the introduction .of by the shareholders. “If the proved the provision -bf.Worimi- 
workers on to company Boards^ employees are ‘ to be fully -tionboth to andTrom empIoyees. 
through a reform introduced Represented the^ white ^ collar ' The onions have three main 


-pi 


in 1974. Generally, it seems: to «nphjyees should, ago * P^ts of criticism. Worker 

-voice/’ said Mr. F. Brwcfc board, members are Subject "to 


have worked to everyone’s satis- T^ Kc f," .. . — ^m.cvc to 

faction, although qualified by $°S, eT ’ Sit r 016 roles of cofiadentfality 

the trade unions’ desire ’lor. ?^ fou hder of .th Cpmpany. ^ as an other board-members and 
more far-reaching reforms. '-Employees in about L800 they feel that ,tltis--sodretimes 

, o . . companies are eligible For. seats hinders Sorter directors froin 

The law gives the employees .TpiT "the board, bat they have telling -colleagues 
in companies with 50 or. more -^sen taken up in less than . feel they ousht^nrtrir^ kSOiZ. 
employees a right to elect two 


feel they ought^ihow Secb^- 
the system falls in-functionlfor 


members to ibe board of . . . . multi-national compame&wheri* 

Only employees of 6 > The main ClTtlCISm a board in LoadozvforS^^ 


directors, 
the 


the company are eligible for ; f twr> vear<? in 
election and they must have IS tfiat TWO years in 

worked with the company for \ office IS IlOt CHOUgh 
at least a year. All company > » • 

employees, except members . of - TOT employee . ^ 
the board of management, have -directors 9 4 

the right to vote and it is ; ' . 

impossible for outside bodies, 


can decide to shot "down;.* a- com- 
pany in Denmark 
suiting the Dand^Simjffayefcs. 
Bendix Bordrup fe6Js Jfaat-on- 
the whole the muItmatioBAlsaiB 
no less eager to WJpmte-with 
employees.. - - ■&. i -v-? 


such as the Danish TUC, ; .to • v - • - - .• 

appoint members to company J;*.. 

boards. • -rl^SHKccmpanies. It is almost 

m functipn propefly for. cob^any 

nsMUv^ reS tothe bluT exercised, said Mr. Bendix group: operations. The holding 1 
collar unions hiving a^omina^ expert company where the big dec? 


Evaluation 

Third, . .■&& ■ "system does-.^ot 


tinn^were held, blueurt white ^ er 18 alf° nmnagtng than ^employees and there’fore 

SSt ZS Sr t e ^ b * sao sisai ' *»«■ 

panfes agreed to share: the ^ , : • JSS* 0 * * 2 ls<n “S l B S an ." 

Board posts. But since then ir ‘ 111 cases ' employ ees can.kmendment which would enable 
seems that the blue collar ‘ a ®^ nre through- co- ; employees of danghter com- 

unions have taken more of the 0 ^^ 011 eommittees, on wlnch paities to^elect representatives - 
places Participation in elets management and employees to toe parent company’s board, ; 
Sons is hieh averarin -76 equally represented. Com-, but the fate of the amendment • 

ren^accordineTo Tjfemplojr^tf -l!^ 68 o ver 50 employees is as yet uncertain. . • i 

fedmntion survey in 1975. •- 861 up committees If either The main criticism from em- 

- management or workers recom- ployers is that the two-year . ,r 
mend it, according to a 1970 period 0 f office for , worker l 
agreement between the TUC directors is too short because It i 
.- jind the employers. - limits the amount. that employee V 

™ ^ •: ‘ '. In some cases workers have directors can do. _ t 

H the board feels thar the- declined to elect board repre^. \ Oil the plus side; emplorem 

SiJjSfiS seQtatives where ^ company point to the fact that evaluation 

represented even though they g In financial trouble, of an employee is always c<m- - 
have failed to obtain an elected Employees have preferred "to szdered by the board, that ! ’ 
representative, it can also co-opt jeave responsibility with the tinderstanding of - company 
a white-callar nominee tqjhe ; shareholders’ elected - repre- accounts amtTng employees^S 

die rSS} 2 nseIltatives - . . greatiy improved, and that the 

company in Swve. Jutland; The impression given by Iwth work of the boaid. has been 
asked the white-collar employees ^des of industry- is thit toe demystified. . , • •• 

to nominate a member and: he, .. . • . 

. - •- ' - - • ■ . 


When the fireTSS ? ** s ^\ ect & e ;sions ^ token may have fewer 


particular company, its line of company policy, 
business, its size and its tradi- It was also possible that in 
non of management cases of conflict the Danish 

Relations between the two board of directors would find it 
boards will in many cases be easier to dismiss a manager 
further ' defined either in the who was a board appointee and 
company's articles or in the not directly responsible to the 
rules of procedure which a shareholders, 
board of directors is bound by These comments do not apply 
law to establish. where the managing director is 


pany policy. 


Shareholders 





How to spot that 
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strategic assessment 


HOW CAN « general manager stone of a key Japanese^ xport 
tell in advance whether a industry” (consume'/ elec- 
technological innovation is a trenics) 
potential winner or loser for his 
company? This has become the- ^ , 

nightmare of many a top framework proposed by the 
businessman, as the need to authors for general managers is 
innovate has grown — and with based on their argument that 
it the cost of backing a “loser.” the main determinants of an 
Illustrating the question even innovation’s success — “techno- 
more painfully, an article in the i ogy potenty,” and " business 
latest Harvard Business Review a dvanta g e - to the company- 
asks "How did the manage- ^ J {QUT underlyiz^Ton- 
ments of such corporations 

as Addressograph-Muitigraph, ^rations, inventive - ment. 
Lockheed, Eastman Kodak and embodiment ment (tne emoodi- 
IBM all .fail to recognise in ment of the Innovative concept 
xerographic copying a major into a working product); opera- 
opportunity? ” tional merit (its impact on the 

Suggesting a framework company’s existing business 
within which general managers practices); and market merit 
can assess the strategic merit provided the reader is not 
of a potentially radical innoVa- deterred by these, and other- 
tioD, the article emphasises that examples of American business- 
it is no good delegating respon- education’ jargon, the article 
sibil ity for it to experts — provides a useful intellectual 
whether research and develop- framework for the general 
ment or marketing specialists, manager to assess technical 
Such delegation Is sensible innovations which might other- 
for products in the midst of wise daunt him or pass him by. 
their life cycles, when con- How to spot a technological 
tinuous evolutionary change “ is icirmer. Harvard Business 
the substance of business Review, March-April 1978. 
advance,” the authors state. Boston, Massachusetts 02163, 
Here, general managers can U.S. 



depend on established agencies 
and systems, and the appro- 
priate question for them to ask 
during their periodic reviews 
is “Are we doing the job 
right?” 

But the exploitation of basic 
new technical inventions for 
emerging markets poses a 
tough question that only the 
general manager himself can 
answer. Not “ Are we doing the 
job right? ” hut ** Are we doing 
the rifeht job?” Line manage- 
ment is ill-equipped to answer 
the second question, for 
several reasons, the authors 
argue. 

First, line managers cannot 
be aggressive advocates of 
their functional specialities and 
still make the objective assess- 
ments required for strategic 
judgment. Second, the very 
style that is most effective in 
managing continuing operations 
becomes a disadvantage in deal- 
ing with radical technical and 
market changes. 

Finally, “the wide range of 
possible outcomes and high 
level of uncertainties involved 
in a major innovation require 
that top management commit 
Itself firmly and explicitly." 

Illustrating their point about 
the need for general managers 
to become fully involved, the 
authors emphasise that although 
the transistor was an American 
invention, it was Japanese 
general managements which 
seized its advantages for an 
expansion market: initially, 
pocket radios. The .operations 
base and customer acceptance 
in the U.S. market that stemmed 
from this original technological 
coup have served as the coraer- 


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10 



BY SAMUEL BRITTAN 

“ WHAT IS prudence in the 
conduct of every private family, 
can scarce he folly in that of a 
great kingdom." It is this 
maxim of Adam Smith which 
lies behind the letters I receive 
from people who are shocked by 
budget deficits and ask how 
many years’ jail the directors of 
a joint stock company would 
receive who conducted them- 
selves in the same way. 

There is cm ihe other hand 
another, and cogently argued, 
school of thought which main- 
tains that the analogy between 
a family and a government is 
almost the opposite of the truth. 
The job of the Government 
hudget is. on this view, to act 
a£ a balancing wheel. In other 
v.'ords, there should he budget 
deficits when the private sector 
is not spending sufficiently tn 
promote Full employment and 
budget surpluses when private 
spending is excessive. Accord- 
ing to this view — known as 
“ functional finance " — even over 
a whole business cycle there 
might have to be a budget 
deficit 


the distinctly anti-Keynesian 
Wall Street .foumal believes that 
tax cuts, even without expendi- 
ture cuts will revitalise the U.S. 
economy. 

Thus we ate back, with what 
Keynes noied in his Preface to 
the" General Theory in 1935 as 
"deep divergences of opinion 
which have for the time being 
almost destroyed the practical 
in Hue nee of economic theory, and 
will, until they are resolved, con- 
tinue to do So perhaps 

readers will understand why it is 
impossible m give an intellec- 
tually honc?t response to tbeir 
anxieties about Government 
deficits, which is short, pungent 
3nd intellectually honest. In the 
meanwhile it would help if some 
of the more fervid budget 
balancers would at least refrain 
from impugning the motives of 
the Keynesian writers whom they 
have usually not even read. 


THE WEEK IN THE COURTS 


Fierce controversy 
over Bail Act 


Gladstone 


Ten or 15 years ago an up-to- 
date economic student would 
have had no hesitation in coming 
out with the second view and 
regarding the balanced budget 
doctrine as fuddy-duddy. Even 
when interest in controlling the 
money supply revived, the 
balanced budget doctrine did not. 

The monclarist prescription 
was for a hypothetical budget 
balance, based on revenue and 
spending at some hypothetical 
level of sustainable full or high 
employment. Bur no one now 
knows what a sustainable full 
employment level of national 
income really is. So this com- 
promise doctrine is of limited 
help. 

More recently, there has been 
a revival of interest in the idea 
of a balanced budget pure and 
smote. A distinguished U.S. 
authority on public finance. Pro- 
fessor James Buchanan, has 
recently written with two col- 
laborators a paper urging that 
the House of Commons adopts a 
new Standing Order, to be waived 
only by a two-thirds majority, 
laying down that Government 
expenditure must not exceed 
revenue. / The Consciences of 
Mr. Kvttr.es. Institute of 
Economic Affairs. 2. Lord North 
Street. SW11. £1.50. > The 

Shadow European Economic 
Policy committee headed by Pro- 
fessor Karl Brunner (from the 
University of Kernel has railed 
for a balanced budget to be 
achieved over five years. 

Does this mean that the old 
doctrine has heen re-established? 
By no means. The Bank for In- 
ternational Settlements regards 
a fiscal stimulus, combined with 
strict monetary guidelines, as the 
best way to holster flagging 
growth rates in the West. And 


Perhaps, however. I can point 
out a very practical difficulty to 
the budget-balancers. This is that 
it is far from clear which balance 
they have in mind. The Glad- 
stnriian budget covered all cen 
tral government expenditure, 
except that for which Parliament 
had explicit:-' sanctioned loan 
finance. The la; ter applied to cer- 
tain capital operations which fell 
"below the line.” The division 
was archaic and was dropped in 
the 19*50^: so that the Gladstonian 
balance- is not even calculated to- 
day. 

The current balance of the 
public sector as a whole is in fact 
expected to he in surplus by 
£3.7hn in 1975-79. After taking 
in capital expenditure the public 
sector is expected to run a 
£7.4hn deficit. The inclusion of 
financial transactions brings one 
to the famous " borrowing 
renuirement ” now reaffirmed at 
f-S 5hn. Should taxes be raised 
yet again to yield another £8.5bn 
"or E7.4hn or cut to make revenue 
fail hv £3.7hn. And these are 
only three out of dozens of 
balances given in the Financial 
Statement and National Income 
Blue Bonk. And you can be sure 
that whichever concept were to 
he chosen for a budget halancine 
exercise, ways would he found of 
channellinc expenditure to 
a'lenctes and artivitinc outside 

the official budget definition. 

In the meanwhile, the best 
advice one can give to Finance 
Ministers is to see in practice 
how larce a borrowing require- 
ment can he financed outside the 
hanking system at tolerable rates 
of interest and adjust accord- 
ingly. ' 

They may say “ I did not need 
an economist to tell me this.” 
But I can assure them that even 
this simple sounding message is 
far more controversial than it 
seems and raises many problems 
of interpretation and implemen- 
tation. 


BY JUSTINIAN 

WHATEVER ASPECT Of the 
administration of criminal 
justice one encounters nowadays, 
there is almost only one topic 
of abiding interest and discus- 
sion. Not even the revelations 
of the vast international banking 
fraud perpetrated by the “ Hun- 
garian Circle” or the conviction 
of a Bank of England official 
for a conspiracy to contravene 
the exchange control iaws. have 
been able to oust the subject of 
bail as the prime topic of 
lawyerly conversation. 

Two months ago the provisions 
of Ihe Bail Act 1976— a modest 
enough piece of reform designed 
to relieve the pressures on the 
remand population of our 
prisons— -were at last brought 
into force. 

Since then there has been a 
vertiable battery of argument 
about the wisdom of the reform 
that has brought out the troops 
on hoth sides of the unending 
battle between the "law-and- 
order ” lobby and the “ do- 
gooders.” 

This obsession with the ques- 
tion of an accused persons' 
liberty pending his trial, 
primarily an issue for the magis- 
tracy of the country, is exempli- 
fied hy the issue of this week's 
Justice of the Peace, the main 
organ of the magistracy. 

That journal devotes one of its 
three leaders to the subject. It 
publishes in full the judicial 
remarks of a circuit judge in 
South and East Yorkshire and 
four out of the six letters to the 
editor published are answering 
previous articles in the journal 
on the subject of the Bail Act. 

One letter from a London 
justices' clerk exemplifies the 
most irksome part of the new 
law. namely the administrative 
inconvenience of it The clerk 
writes to claim a place for his 
court in the legal Guinness Book 
of Records. 

A committal recently of eight 
defendants for trial to the Crown 
Court was a formality, lasting 
only six minutes while the 
documentation passed under the 
noses of the magistrates without 
them having to so much as give 
a cursory glance to the prosecu- 
tion witnesses' statements. 
Nearly two hours later the bad! 
applications were complete. 

The clerk writes: “Ironically, 
all conditions of bail were agreed 
hy hoth sides and not rne repre- 
sentative could have cared two- 
pence whether the Bail Act was 
complied with or noL" 

Burdensome 

The architects of the Act 
would observe that this was time 
well spent and that the detailed 
requirements upon the court in 
dealing with bail applications 
concentrates the magisterial 
mind wonderfully on the prin- 
ciple that bail must be granted 
unless the case falls within one 
of the stated exceptions. 


But there is little doubt that 
the much-pressed magistrates' 
courts are finding Hie -burden of 
form-filling, in order to comply 
with the Act, very heavy. Some 
complain that this is another 
example of bumbling bureau- 
cracy foisted on courts by Home 
Office officials remote from the 
exigences of court work. 

Whatever the truth of this 
perennial criticism, the court 
administrator's ire spills over 
into the area of heated discus- 
sion about the substantive 
provisions of the new law. 

Although the Bail Act 1976 did 
little more than confirm what 
had become the established prac- 
tice in the granting of bail ever 
since the Criminal Justice Act 
1967. the distaste for the new 
burdensome administrative prac- 
tices seems to bring out the 
hostility towards the long- 
established law. 

A stipendiary magistrate iu 
London wanted to remand in 
custody a young man of J9 who 
had admitted sending a cat's tail 
and a live frog through the post 
to a young lady— -not an offence 
which even carried the threat of 
imprisonment In remanding 
the man in custory “ for his own 
protection.” the magistrate said 
that he regretted that “ in order 
to do my duty as I see it, I hare 
tn defy the provisions of the 
Bail Act." 

But that was one isolated inci- 
dent. The Act has its fiercer 
and more widespread critics, 
although some of them are 
dressed up in the form of criti- 
cism of the way in which hail 
has been granted by magistrates 
in recent years. The new Act 
after all merely reinforces the 
context in which magisterial 
habits, good or bad, are said to 
have grown up in recent years. 

Thus the circuit judge in 
Sheffield, whose pronouncement 
on the subject is published in the 
current Justice of the Pence. 
claims that for some time bail 
has been granted too freely. 

It is thought that in a’ fair 
number of cases an accused has 
repeatedly committed offences 
while on bail, i The judge's re- 
mark may of course just he a 
case of hindsight). In any event 
bis criticism is strange, because 
long before the Bail Act the 
higher courts bad indicated in 
strong terms that it was wrong 
to grant bail to persons charged 
with burglary (the most common 
property offence) if there was 
any likelihood of similar offences 
being committed. 

The man who repeats b is crime 
while on bail may very well at 
the end of ihe day receive a 
longer sentence than the man 
who is stopped in his criminal 
activities by being caught and 
bailed. Both may return to 
crime as soon as they retain 
their liberty— the one earlier 
than the other. In the end. the 
community will suffer, either 
sooner nr later. 

The real issue is what the long- 


suffering public, who are the 
potential victims of crime, are 
prepared to tolerate. Thai 
society has to tolerate a vast 
amount of undetected and un- 
prosecuted crime is unhappily 
undeniable. How much more 
has to be tolerated in the shape 
of the few that are caught and 
prosecuted is hard to gauge. It 
is probably no more than a tiny 
percentage of the overall loss and 
damage that the public suffers 
willy-nilly from crime. 

And then there is the problem 
that any tighter application of 
the law may involve courts 
refusing bail to persons whom 
they think will commit further 
offences but may be halted 
their tracks by the threat 
prosecution, conviction and loss 
of liberty. 

Every year something 
approaching 50,000 people are 
sent to prisons or remand homes 
to await trial or sentence, 30.000 
of whom have not been con- 
victed. More than 2.000 are in 
fact not even found guilty at 
their trial and nearly 20,000 are 
not even given prison sentences 
when they are convicted. 

It was to remedy that situation 
that led reformers to urge greater 
restrictions on the courts 
remand in custody. 


to 


Tolerance 


To achieve that reform we may 
have to countenance that some 
repetitive offenders will escape 
custody pending their triaL 
Public tolerance of the few per- 
sistent thieves and burglars has 
to he weighed with the right both 
of the many to their liberty 
unless and until proved guilty 
and of those found guilty whom 
the courts do not think ought to 
suffer more than a fine or some 
other non-custodiai penalty. 

A more sinister aspect of the 
present controversy is that 
courts say that they apply the 
law on behalf of the public, and 
if that means larger numbers of 
accused being sent to prison the 
authorities must provide ade 
quate accommodation. 

It is better for the public that 
we keep in prison the small num- 
ber of dangerous prisoners in 
conditions that do not cause dis- 
ruption and rioting than that a 
number of petty criminals, whose 
activities are a nuisance rather 
than a menace, should &12 our 
prisons to overcrowding that 
points to inevitable disaster in 
the prison service. 

Again, the public tolerance 
may have to be stretched in 
order to obtain the higher good 
of the system. 

Crime may be increasing, and 
may continue to increase. But 
the provision of more space in 
prisons for the few that are 
caught and sent there as uncon 
victed prisoners -or , sentenced 
offenders for the crimes that ao 
not cause very serious harm will 
do nothing to control the ebb and 
flow of such criminal activity. 



t Indicates programme 
in black and white 

BBC 1 

6.40-7.55 am Open University. 
9.3S For Schools. Colleges. 10.45 
You and Me. 11.22 For Schools. 
Colleges. 1.30 pm Cambmvick 
Green. 1.45 News. 2.01 For 
Schools, Colleges. SJ3 Regional 
News for England (except London 
and SEi. 3.55 Play School (as 
BBC-2 11.00 am). 4.20 The Oddball 
Couple. 4.40 Chesaars Plays Pop. 
3.05 Blue Peter. 5.35 Roobarb. 

5.40 News. 


5.53 Nationwide (London and 
South-East only). 

6.20 Nationwide. 

6.50 World Cup Report. 

7.20 Angels. 

8.10 Panorama. 

9.00 News. 

9.25 The Monday Film: “Man 
In The Wilderness." star- 
ring Richard Harris and 
John Huston. 

11.05 Tonight 

11.43 Weather/Regional News. 
All Regions as BBC-1 except at 
the following times: — 

Wales — 1J0-1.45 pm Pili Pala. 


F.T. CROSSWORD PUZZLE No. 3,690 



ACROSS 

1 Homer for the dove (6) 

4 Avoid Egyptian Leader’s 
•tobacco (6) 

3 Porter spreading disease (7) 
9 House v-ilh a northern in- 
terior of distinctive flavour 
(7 » 

11 Difficult position to be in 
regarding rent offered to staff 
(3, 5) 

12 Test eastern vole before 
morning (4» 

23 The thanks one gets for letter 
from abroad 1 5 1 

14 Tax on gold swindler (S) 


26 A Frenchman ohjects to com- 
pensation (6) 

DOWN 

1 Finest example of something 
too good for pigs (5i 

2 Beast most likely to get it 
in the neck <7 ) 

3 Exaggerate president's posi- 
tion (9) 

5 Handy strike involving fish- 
ing boat (5) 

6 She may succeed by will 
power (7» 

7 Informal royal progress in 
March approximately (4. 5) 


16 Aggressive promotion for firm jq c am p kettle to bring ashore 
-la 5? u- ray ‘I’ 41 in tbe dce P s °uih (5-4) 

18 KBSW paper you 3re 13 fsssns prous ‘° 8 

so MjatTW* ,or “ int to 

21 Dishonest people going mad counterfeit t9i 


about playwright (3, 7) 

23 Fair prize for the shy custo- 
mer (7) 

24 'Racing car giving honoured 
companion a sensation |7) 

25 Householder authorised hy 
letter (6) 


17 Force doctor to join a clown 
(7) 

19 Encircle changeover with Inn 
(7) 

21 Bear taking soft lead to 
destruction (5) 

22 Applauds the new torso (5) 


.„ Thc ^ solution of last Saturday's prize puzzle will be published 
with names of winners next Saturday. 


5.55-6 JO Wales Today. 11.45 News 
and Weather for Wales. 

Scotland— 5.55-6.20 pm Report- 
ing Scotland. 11.05 Public 
Account. XL40 pm News and 
Weather for Scotland. 

Northern Ireland — 3-53-3.53 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 11.45 News and 
Weather for Northern Ireland. 

England — 5.55-630 pm Look 
East (Norwich); Look North 
(Leeds, Manchester. Newcastle): 
Midlands Today (Birmingham): 
Points West (Bristol): South 
Today (Southampton j; Spotlight 
South West (Plymouth). 

BBC 2 

6-10-7.55 am Open University. 

11.00 Play School. 

4.55 Open University. 

7.00 News On 2 Headlines with 
sub- titles. 

7,05 Taking Shape. 

7.30 Nowaday. 

8.15 The Two Ronnies. 

9.00 Play Of The Week: Kenneth 
More in “An Englishman's 
Cootie." part 2. 

9.50 -Talcs Of India. 

10.30 Sea Tales. 

11.00 Late News On 2. 

11.10-11.25 Music at Night. 

BBC-2 Wales Only— 7.05-7.30 pm 
Heddiw.l 1.10-1 1.35 Taking Shape. 

LONDON 

9.30 am Schools Programmes. 
12JtG Jamie And The Magic Torch. 
12.10 pm Daisy, .Daisy. 12.30 News 
plus FT index. 12 .55 Help.' 1.00 
World Cup '78. 2.00 Alter Noon. 
fJLZo Monday Matinee: "The Man 
In Grey," starring Margaret Lock- 
wood. James Mason, Phyllis 
Calvert and Stewart Granger. AM 
Clapperboard. 4.45 The Tomorrow 
People. 5J5 World Cup T8. 

5.45 News. 

6.00 Thames At 6. 

6.35 Help! 


6.40 Whodunnit? 

7.30 Coronation Street. 

8.00 You’re Only Young Twice. 

8.30 World In Action. 

9.00 The Strangers. 

10.00 News. 

10.30 The Savage West: “The 
‘Hunting Party." starring 
. Oliver Reed and Candice 
Bergen. 

12£0 am Close: A painting by 
Velasquez with music hy 
Rodrigo. 

AD tBA Regions as London 
except at the following times:— 

ANGLIA 

12-55 ?W Anglia News. ?-0C Rouse parry. 

2.25 Mystery Movie: McMillan and Wife. 
4.U Cartoon Time. 4.00 About Anglia. 

12.25 am RcBecuon. 

A TV 

12.50 pm ATV Newsdesk. 2.25 Movies 
•o Remember. “The Barfearian and the 
Geisha” starring John Wayne. 6.08 ATV 
Today. 10.30 Left. Right and Centre. 
11.00 The Savage West: “The Bunting 
Party" stamtus Oliver Reed, Candice 
Bergen and Gene Hackman. , 

BORDER 

t!2XQ pm- Border New s. 2X0 House- 
party. t22S Maimer. "Three Bits lor 
Lisa” starring Joe Brawn. 4X0 Cartoon. 
0.00 Loot? around Monday. 6-15 Rising 
□amp. 712XS am Border News summary. 

CHANNEL 

12.08 pm Gbanjiel Lunchtime News and 
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Headlmes. 

GRANADA 

12XO pm Dodo. 22S Monday VI art nee: 
Robert Voang In “My Darling Daughters? 
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Right- 10X0 Reports Politics. 11.00 The 


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HTV 

12X0 pm Report West Headlines- 1235 
Report Wales Headlines. 2X0 Job-Line. 
2J0 The Monday Maunee: "The Bobo" 
starriDg Peter Sellers, Britt EKIand and 
Rossano BrazaL 6X0 Report West, fc-20 
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HTV Cymru /Wales— As HTV General 
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6.00-4X0 Y Dydd. 8X8-9X0 Yf Wvthnos. 

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SCOTTISH 

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025 am Tbc Good Word followed by 
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ULSTER 

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London Broadcasting 

281m and 37-3 VTfF 
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onn-siop news. Informs Hon. rrarel. sport 
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L00 pm LBC Reports. 3.00 George Gale's 
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Capital Radio 

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Financial Times Monday June 22 197S 

WORLD CUP BY ANDREW O-AlRE 

Homebound Tunisians 
have the laugh on West 


THAT MERRY Parliamentary 
cry “ Who Goes Home ? '' has 
no sound of welcome relief for 
the team managers and the 
squads they lead whose 1S7S 
World Cup came to a distinct and 
depressed end here this week- 
end. 

For some the early dismissal 
was so much a matter of realistic 
schedule they already had flights 
to homeland reserved, even 
though hope would linger that 
they might be forced to miss' the 
aircraft 

For others the journey home 
will be miles of total misery 
leading to wrecked careers and 
ruined professional reputations. 
Some will not only have bad 
no premonition of disaster, they 
will equally never be able to look 
back and discover why it hap- 
pened. There is a chemistry 
about these tournaments . . . 
almost as though a team's first 
match, even the first minutes o£ 
its first match, acts as a catalyst 
And ihe reaction is a chain that 
nothing can reverse. 

France, played beautifully for 
30 minutes against Italy, scored, 
missed twice, and could not re- 
gain that impetus. They go 
home. Scotland scored first, 
swung into their ritual dance- of 
self-satisfied posing, were over- 
whelmed by Peru, and they go 
home. It would ' have been 
pleasant had they been able to 
return with dignity; but -.the 
matter of the mildly-drugged 
player , the revelations of schisms 
in the squad — revelations which, 
more sordidly still several 
players have been trying to sen 
—must render their return a 
retreat. 

Tunisia beat Mexico, hit the 
bar when playing Poland, the 
third best side of 1974, and drew 
with West Germany, but they 
too. go home. Every neutrar 
should stand and cheer them 
every metre of the way. 

Tunisia came to the tourna- 
ment having scraped a passage 
in a penalty shoot-out with 
Morocco as the “joke " team that 
all these tournaments are. be- 
cause of Third World politics, 
suppose to endure, some joke — 
and it was on us. 

Tunisia played some of the 
brightest and most imaginative 
football of the early tournament, 
with what some called innocence 
and they' insist was courage. 
Their manager Majid Cbetali 
said " We came to learn and- 
perhaps we have even taught 
From what we have observed we. 
can learn nothing of technique 
as individuals and nothing from' 
the tactics of fear that so many, 
employ. We must discover only 
how to play with more strength 
and endurance." 

Bold words, but his side had 
played the game to back them. 


Plenty of stirring speeches, too, 
from Brazil’s manager Coutinho.. 
but the sort of backing he got 
from his shatteringly disappoint- 
ing side was the kind that needs 
stitches. 

Bra z il's players loathed 
Con Lin bo's attempts to make 
them play with some semblance 
of European thrust and discip- 
line; he felt what we aJJ now 
know, that the present team are. 
totally inadequate to remain 
loyal to their old magical 
methods. If you cannot skate 
like Curry better to get down on 
your, backside and slide . . . but 
Coutinho's surly squad pre- 
ferred to fall with grace than 
make progress. 

The Brazilian players wbre not 
at least, selling their rancour for 
cash, nonetheless it is known 
that they talked an admiral into 
taking charge of ex-Army captain 
Continho’s side. Rio will rever- 
berate with such, bitterness when 
the players troop home: that 
Ronald Biggs might well decide 
be prefers the calm and 
amiability of ParkhursL 

Consolations 

Of those players who must go 
home, one. Michel of France, has 
two small consolations. J, as his 
squad flies on Concorde the re- 
treat" '-from -'defeat will pass 
rather more swiftly than. that of' 
Marshal Ney. 2. He leaves behind 
reputation enongh to win selec- 
tion by a panel of international 
journalists as a member of the 
best 11 of the first half of the 
tournament. 

It is a small enough mark of 
merit, perhaps, but the team 
itself is fascinating, as much in 
its omissions as inclusions. The 
choice was: Hellstrom (Sweden); 
Sara (Austria). Krol (Holland).- 
Pezzy (Austria), Tarantim 
(Argentina). Nawalka (Poland). 
Michel, Flohe (Germany), Kreuz 
(Austria), Luque (Argentina), 
Krankl (Austria). 

The first surprise is the four- 
strong Austrian ingredient Two 
weeks ago the only candidate for 
a world 11 to play Mars from 
that country would have been 
Krankl, whose standing has been 
confirmed this week by the 
announcement that Barcelona 
have just paid $300,000 to use 
him next season. Sara, Pezzey 
and Kreuz, however, had been 
rated no more than admirable 
workmen. Perhaps- ' the”- . con- 
stantly-heralded -second coming 
of the immortal "Austrian team 
of between the wars Is upon us 
at last. ;• 

~ As all goalkeepers are known 
to 'be daft any .man can do 
enough in two or three matches 
to soar to famous, heights: Hell- 
strom, who "wanders about in 


BUENOS AIRES. June IT. 

oversized shorts' . looking as 
though he has come for a kick- 
abouf with the kids on the beach, 
goes acrobatically beserk when 
threatened by a shot, and quite 
deserves his place. No man has 
been as omnipresent as the Pole 
Nawalka or -as omnipresent as 
the Argentine Luque: v 

On balance it is the omissions 
that surprise me most There 
is no Brazilian in this, selection 
after we had spent a year, telling 
ourselves .how -Rivelino would 
control the championship as his 
countrymen Gerson,. Zagatlo and 
Pele have manipulated earlier 
tournaments. 

. There Is no Italian in the 
side, and certainly though the 
entire team has balanced with 
fluent menace; Causio and 
-Bettega have not had the grip 
they used so cruelly on England’s 
throat. Yet had I been aroond 
when ballot boxes- appeared I 
would have put one. cross against 
the name of Paulo Rossi, . 

The only representatives' of 
the current champion nation was 
Flohe, as cool an Influence now 
as.- in Munich. But Boahoff, 
another of the, football generals 
In the .controlling junta of this 
global game, has been demoted 
by an apparent mood of playing 
pessimism, in which he holds 
hrieeheads in opposition terrain 
rather.; than- leads the panzer 
strikes. 

-. The list wfll. naturally, be 
amended again and again- m the 
nest two weeks. It is in the 
nature of these tournaments 
that we remember best those 
who do weti latest. Thus no one 
will foreet Hurst’s three goals in 
the 3966 final while few remem- 
ber the greater display or deadly 
artistry a few days earlier. It 
gave Eusebio four goals in a 
match that had stood so imnrnl* 
ably 3—1 in favour of North 
Korea. 

Many of those who do not earn 
a vote in these straw polls will 
go home differently rewarded 
.... perhaps as . new national 
heroes such as the much-hailed 
SWede Bo Larsson, as po-faced 
as a doomed hero of a Bergmand 
movie: : or as international 
mercenaries such as Tunisia’s 
Dhjab and Lahzaml who showed 
enough- to bring rival bids from 
St Gerinalno of Paris and 
Riyadh of Saudi Arabia. 

But none go home more 
hurt, surely, than Scotland’s 
Kenny Burns. Interviewed by' a 
group of Dutchmen sniping away 
with questions about the poor 
quality of the Scots; one British 
newspaperman was provoked 
into saying “ come on, they 
-weren't ail that bad. I mean 
Burn's -was England's footballer 
of the year.” “What” said a 
Dut chman, “you’ are surely 
pulling my trousers.” 


CRICKET BY TREVOR. BAuir {. t 
• ■■■ ■ ■ - - ' - 

A surfeit of bouncers 


IT WAS NOT surprising that 
Pakistan were msehsed when 
the unfortunate Iqbal Quasi m 
was felled by a Willis bouncer 
on the last day of the first Test 

The ball, which - had been 
bowled from round the wicket 
into the little bowler, hit him 
in the mouth, which had to be' 
stitched and forced him to 
retire. 

The manager of the tourists 
Mahmood Hussain protested to 
the TCCB on the grounds that 
the incident was a flagrant 
breach of the experimental law 
forbiding the use of bouncers 
against non-recognised batsmen, 
a category in which Tqbal roust 
surelv be placed. Earlier, he 
had demonstrated that he lacked 
the basic ability to cooe with 
a bouncer from Willis that went 
uncomfortably close to remov- 
ing his head 

Mike Brearley defended Wil- 
lis's bouncer on the logical, if 
hardly ethical grounds, that 
Tqbal hart for strategic reasons 
been employed as a night- 
watchman. sent In as No. 3. and 
by hanging arnand tor some 
time, had held up England's 
progress. This argument was 
supported bv the TCCB in a 
rather inadequate first statement 
which led to another one. a day 
later, stressing the need to 
observe the existing regulations 
and bitierlv regretting the 
Edcbaston incident 

Before the Lords Test, starting 
non Thursdav, the two captains 
will get together to discuss what 
constitutes a non-recognised 
batsman. It cannot be on posi- 
tion in the order, as Old and 
Edmonds though hattine at 8 and 
9 are both ca cable batsmen. 

I discussed the matter with 
Derek Underwood, who for so 
many years had been England's 
permanent nightwatchman, and 


at about 8 pm. woaTd automatic- 
ally put bn fata pads. When used 
in this role -Derek expected, and 
received^;- plenty -’ of fast; short 
deliveries from the likes of 
Lillee, Thomson, Hall, Griffith, 
Roberts, Holding, and Daniel on 
quicker wickets than Edgbaston, 
"and from faster bowlers -than 

wulis. •< •-.; - 

He. however. , was better 
equipped. to- defend himself titan 
Iqbal, who. should never have 
been given the job. Having saM 
this, I still- regret .the bouncers 
fired at him, because they were 
unnecessary. ■ Willis is. a fine: 
bowler, and should have been 
able to bowl him out. If this 
proved eventually impossible, 
then was the time to drop him 
one, not in the second -over of 
the day. 

There is nothing new about 
the bouncer, but there has been 
a marked increase in its use in 
recent years. It was intended to 
be a fast bowler’s shock bail, and 
it is rapidly becoming his stock 
ball. 

Profitable 

There are various reasons for 
this surfeit of bouncers. First, 
and most important, is that it 
is proving profitable-— a big 
wicket-taker, mainly because so 
many batsmen play it badly. In 
the Pakistan first innings of the 
first Test bouncers were respons- 
ible for both Willis wickets: 
Mosbirn Khan took his eye off 
one and Haroon Rashid failed to 
negotiate a horrid delivery that 
lifted sharply, shortly after bis 
arrival at the crease. 

Fast short bowling often 
undermines the confidence of the 
timid and once a player starts to 
think more about being hit than 
the ball , hitting his wicket any 
bowler must fancy his chances. 
The bouncer can also lead to a 


hurried . defensive shot and a 
resulting catch.- Even more com-, 
mon is for the 'batsman to be 
caught out mishooking. . The 
hook is a fine shot hut is-, 
attempted too frequently by 
players lacking the necessary ex- 
pertise. 

The safest way to negotiate a 
delivery that lifts about chest 
high is to move back into line 
and sway sideways to allow the 
.ball to pass. Bowlers tire 
quickly of sending them down if 
they achieve nothing! 

Secondly, there has seldom; if 
ever, been quite so many fast 
bowlers in our domestic cricket 
as at present This unfortunately 
does not mean that England have 
a rich crop of quickies— indeed, 
apart from Willis, there is no 
home product fast enough to 
worry a class batsman. — but is 
due to imports from overseas. 

Thirdly, although Croft has 
been warned this summer for in- 
timidatory bowling, umpires are 
not sufficiently strong about- 
interpreting that word, persist 1 
ent. and are allowing too many 
bouncers. One every two overs 
is plenty. 

A side effect of this surfeit 
of bouncers can be seen in the 
crash helmets and protective- 
head gear . some batsmen wear. . 
The great Gary Sobers nerer. 
worn a tbighpad and reckoned he 
ducked only once in his life 
purely as a gesture of courtesy 
to Wes- Hall. 

These helmets could, well lead* 
to an increase in the number of-, 
bouncers, because they will e en- 
courage a batsman to. hook; at 
bead-high balls that are best left 
alone, and provide a reasonable^ 
chance of holing out The sjfe^ 
hook is the one hit early in ; 
front of square along the ground 
— but this cannot be done with 
anything that lifts above shoulder 
height. 


RACING BY BEN WRIGHT 


Affirmed lands U.S. triple crowd 


AFFIRMED duly confirmed his 
greatness and superiority over 
bis great rival Alydar by win- 
ning the Belmont Stakes here 
yesterday over Ji miles to take 
America’s triple crown by a 
short bead in a photo-finish. 

Affirmed became the 12th 
horse in history to take the 
Triple Crown of Kentucky Derby, 
Preakness and Belmont and, for 
ibe first time tbe feat has been 
achieved in consecutive years — 
Seattle Stew having landed tbe 
treble in 1977. 

Tbe winner was ridden by the 
18-year-old Sieve Cauthen, who 
has yet to touch bis face with 
a razor. This incredible young- 
ster won a record 487 races and 
mare than $6m in purses in 
1977, 

Cauthen could not have ridden 
a more beautiful race, Alydar. 
who has now been beaten by his 
great rival hy seven races to 
two, is the first horse to have 


finished second In all three legs 
oE the Triple Crown, and the 
margin of victory, the shortest 
of short beads, was the shortest 
in Triple Crown history. - 
Affirmed set a slaw pace for 

DOJOPne WIGAN’S 
SELECTIONS TODAY 

LINGFIELD 
2.30 — Jubilee Lass 
3.09 — Amhuret 
3-30— KIntore** 

4.00 — Run Hard* 

,4.30. Aythorpe*** 

5.00— Rheinglow- . . , . 

the first half-mile, but. for once 
Jorge Velasquez on Alydar 
started to go for home early in 
tbe bope of galloping his rival 
into the dirt. The two pulled 
completely- clear of the other 
three horses , add raced head' tff 


NEW YORK June II ^ 
head for most of the last mile.': 

A furlpng-and-a-baLf frtinC 
home, Alydar got his nose io . 
front, which proved the stinm- \ 
lant Affirmed needed to switch' 
in to -overdrive. As the two battled . 
down the stretch; the brill i 
Cauthen coolly changed his 7 
from right to left hand, and 
son of Exclusive Native du 
hung on to the rails. 

The winning time was 2 mi 
26 4/5ths secs, the third fast' 
Belmont on record. Darby C 
was third. 13$ lengths be! 
Alydar. ... 

Affirmed has now. won 
victories' in T6 starts- and h 
earned Si;i3&807. the mast ft 
a . three-year-old at this stage 
the season. His purse V 
$110,580 on Saturday. - 
Affirmed :was tho"3-5 favourite;, 
Alydar started- at evens, * 
attendance ' was- 65;417. w 
roared, the two horse* .-botfg: 
the-' way “thrangfcr^tfce# 










11 




'yJtae 12 1978 

Christ Church, Spftalfields 




* >. 



by ANTHONY HICKS 


. b tf. 


i 

}tR 

1 A 

o : i-; 

*■•!? r s : 

. ■ 

5 1 * s' 


-t/V 


i 


Music, was well justified, as of course 
at- uuist Charcfi, ^ Spitalfieids waj ibe. removal fit ihe redund- 
aB *■*“•*.• *W H&Prjwfc^Tbe loss of 
and , thrilling • performance of JKiebalVta. air Q god like 
Handel B'^aio, under Festi- youth,". Lmportantfor establish- 
val director- Richard Hickox.- Ir^OTt^f. character) -was regret- 
was not comiMete.-'but .the cuts table, however. and Lparticularly 
were.sensible;. Theflrsi coilabbra- missed Jonathans fine noma 
tics of : .Handtfl and bis most u Oh -filial :piety” near the end 
. «®cbve . - oratorio . librettist of Act 1. In Act 2 the only sijnj- 
Cbarles Jenoeos betrays some Scant loss- was .MlchaVs “No, let 
of their: inexperience in dealing the guilty tremble 7 (we had 
with at entirely new musical most of the often omitted David- 
jorm. Jennens tried- to. put too. Jonathan. scene). ;ap<! Act 3 was 
.®ucn.m, especially ia Acti, and rightly gives complete. 
v?as / unable t6 develop: all the ■ in the '• absence of a satisf ac- 
maienal. Ini.the opening scenes, tory printed edition of Saul 
tor example, - the character of Hickox steered a cbmmea dably 
aaui 5 haughty- daughter Merab careful course between the made- 

JShrtSa? 1 ?? H_5 W ^ uacies of tboie that do exist: 
, tenderer sister . Miehal. ..Later the one not ab le- error was 

*?*" “^ on 2 tie' mbpster atheist 
“hlfebftn f 4 *h t0 r strode ” indicated in all editions 

« should 

•j • s ^ asa ®® jealousy;. -but. he a chorus, without sopranos 

: «SS^ : 5^SiJ552!5S 

months between Jl^oBJhtful 
positiOn-and -the -first perform- s f ei ? es 

:aace . in : '.-Janiiaiy, :1739, neither ffigh depend Qgt fe cumulative 
composer ^or • librettist ever »*« and 

winked it out properly. choruses were handled most im- 

' ■ : • . .. . . , pressively,- ’- the, ; . dramaiic 

lf ™s -Hickox' decision to drop momentum never flagging, i had 
“ ez ?": ^ fter “*r fifst two airs .some reservatibn 'about the plain 


recitative. This was accom- 
panied, correctly, by harpsichord 
and cello (double bass also on 
occasions), and the bass notes, 
again correctly, were not 
sustained for tfaelr full length. 

But final cadences were 
delayed until the voice had 
finished, a practice we now know 
to be the exception rather than 
the rule, and Hickox conducted 
the recitative throughout with 
the result that souse soloists paid 
too much attention to the written 
rhythms of the notes. There was 
no trace of stodginess elsewhere: 
even at slow tempos — the key 
test of a HandeJmo ! — Hickox 
kept the pulse firm. The hig 
sinfonias were strong and gutsy: 
written dynamic contrasts were 
nicely pointed, unwritten one 
were apt. 

There is some puzzle over what 
voice Handel had in mind for 
David; though sung at some early 
performances by a counter-tenor, 
it is more likely to have been in- 
tended for a female mezzo, if 
a counter-tenor is used, as bere, 
it is hard to imagine any im- 
provement on the excellent 
Charles Brett: he avoided strain 


on the higher notes by taking 
them very lightly, leaving him- 
self with plenty of tone fur the 
final lumen t, must movingly 
sung. David Thomas (Saul) 
occasionally ovorplawd the 
drama at the expense of the 
music, while aiariyn Hill 
(Jonathan) did the reverse: but 
both sang with corouiJlnieni and 
style. Margaret Marshall sang 
Merab's shortened role with fire 
and the airs in Ibe elegy with 
just the right intensity. Eliza- 
beth Lane was an acceptable 
Micbah but might have been a 
little more melting. 

The chorus were two of Hickox’ 
many vocal legions, the St. 
Maraget’s Westminster Singers 
and the Wooburn Singers, alert 
and tonally balanced, but per- 
haps too numerous (about BO for 
the acoustics of Hawksmoor's 
pile. At full stretch they 
swamped everything but the 
brass and sounded ton intense, 
even from 3 seat half-way back. 
On ibe other hand voices and 
instruments in the soloc pro- 
jected clearly, it should be 
worth trying a chorus of true 
Handelian size (16-20) on a 
future occasion — perhaps next 
year’s Festival at Christ Church? 



Bach Festival at Versailles 



Elizabeth Hall 


Beaux Arts Trio 

by DOMINIC GILL 


by NICHOLAS KENYON 


:.:v v 


* TV. 

*"'*v 

■T'.j-'i. 

‘v!/' 




- If she ever thought that New- 
castle lacked.. coal. Lina Lalandl 
would he -the first to organise a 
spectacular- -procession*. - -of 
. decorated;: trucks^ ..carrying :the 
stuff northwards as quickly as 
.possible:. But as she is in the 
music business and not the fuel 
trade. Miss Lalandl has done the 
nearest thing: she 'has: observed 
that France- does nof know how 
to stage French baroque opera, 
and she has exported. .her own, 
unique version iff /that genre, in, 
an. attempt to show [them what 
can be acme; \~Z. 

. If is a happy chance that, just 
as she was- beg inning to- explore 
this;, important ;and. neglected 
area. --of baroque '-music. Miss 
Lalandl _ established . a fruitful 
collaboration with the. Versailles 
Festival. . ‘This- may mean that 
England — and Oxford in particu- 
lar— will 5€e“ less\of Her enter- 
prising ventures in the future, 
hut it also means that she now 
has ■ at her disposal - one of the 
few theatres in - which French 
baroque- opera can' be convinc- 
taffy staled.. 

.Last" .Wednesday and- Thurs- 
day, the. English Bach Festival 
presented Rameau’s Tragddie 
1 vrique Hippotyte et Aricie in 
tire 1 Opera - Royal of the Chateau 
ifi- Versailles. This lavishly ela- 
borate ' mid-lSth-century theatre 
has some 'of those indispensable 
qualities associated with baroque 
opera: it. is small, but the staae 
is quite as big as the auditorium: 
no drapes Interrupt the flow of 
sound froin* stage to audience, 
and no balconies overhang any 
Of the auditorium: Thus the 
sound-quality is piercingly direct 
and. faithful; no undue projec- 
tion is needed on the part of the 
singers. The orchestra pit has 
been lowered slightly, so . the 
balance there is less satisfac- 
tory than it would have been-r 
still, there is no feeling of 
the accompaniments emerging 
from* the depths: the playing 
sound full-bodied, clear, and can 
co-ordinate directly 'with the 
singers. 

The mixture which Lina 
Lalandi concocted :m this 
Hippolyte was extraordinary. 
The ingredients included the 
French conductor -Jean-Claude 
MaXgoire, who has directed pire- 
vioos Rameau, revivals for the 
Festival, an&a bahd which com- 
bined English * -and French 
players of authentic instruments. 
The cast- was very strong, and 


did more than justice to 
Rameau’s tragic music: Carolyn 
Watkinson (who so impressed 
in ‘ Malgolre’s Rina Ido ) as 
Phidre conjured up a terrify log 
tumult of passion in her Act 4 
lamentation, while Ian Caddy’s 
nobly lyrical utterances as 
..Thdsde in Act 2 provided the 
evening’s most moving moments. 
In the slightly unrewarding 
name parts, Ian Calev and 
Marilyn Hill Smith both had an 
even, warm flow, and coped finely 
with the tessitura; in relatively 
minor roles, the splendid John 
Tomlinson and Eiddwen Harrhv- 
shone oul 

But though the singing was 
the most distinguished aspect of 
this performance, it was not the 
most unusual. Patrons of the 
London Festival will know that 
Miss Lalandi has recently been 
reviving, in collaboration with 
the experts (whom she always 
seems able to locate), the art of 
baroque dance. The formal move- 
ments and restrained, graceful 
hand gestures of Belinda 


Quirey’s young dancers have 
looked slightly strange in theJr 
splendid isolation, when sur- 
rounded by conventional acting 
on stage. For this Hippolyte 
Miss Lalandi not only employed 
Miss Quirey and her dancers 
but did something to bring the 
acting into line with what is 
known of baroque practice. The 
results, as directed by the Ameri- 
can scholar Dene Barnett, are 
fascinating. 

Gestures of fierce, small-scale 
rigidity dominate the action. A 
sudden hand gesture, an out- 
stretched palm, or (even more 
effective in this small space) a 
flash of the eyes is enough to 
convey the deepest emotions. At 
times puppet- like in their 
schematic symmetry. these 
actions have all the immense 
power of a ritual language: they 
typify the controlled passion 
which lies bubbling beneath 
every bar of Rameau's score. 

I do not know how much of 
all this will be visible on July 
2 when the English Bach Festival 


brings its Hippolyte to the vast 
auditorium of Covent Garden, a 
bouse which can soak up 3>l 
subtlety of voice, playing and 
action within three rows of the 
stage. Miss Lalandi will not be 
able there to rely on the per- 
manent baroque set of the 
Versailles theatre: 1 hope she 
provides some solid scenery 
(though authentic baroque 
machinery will have to wait for 
another year and a subvention 
from some millionaire with a 
Sun King fixation). 1 hope too 
tha' Malgoire tightens up the ex- 
pressive playing of bis orchestra 
and the lusty singing of his 
chorus. Given all this, ihe Covent 
Garden audience may expect a 
revelatory account of this mar- 
vellous opera; io particular, I am 
sure that Mr. Barnett's baroque 
gestures mark the first step along 
a very important new' path — as 
exciting a development as the 
revival of -old instruments- Little 
by little, we are moving closer 
to the true spirit of baroque 
opera. 



Rosalind Plowright and Charles Metcalfe 

Riverside Studios 

Cosi fan tutte 


Uvrumt Bart 


In an Oxford college garden, 
one summer morning during the 
First World War, two under- 
graduate*; sit discussing their 
essays with an elderly tutor. 
Two pretty girls walk by. ex- 
changing glances with the young 
mpn. The Mozart overture ends 
and Peter Knapp’s up-dated 
version or Cosi /an tutte. given 
two performances at the River- 
side Studios last week, gets 
under way. The 3 ims of the 
production are first, to entertain 
and second, to prove that opera 
can perfectly well fit on the open 
stages of unconventional 
theatres. Both alms, in my 
opinion. 3 re wholly successful. 

With the orchestra to one side 
of the acting area, the proxi- 
mity of singers and audience to 
each other forges a bond of 
sympathy between them.. From 
the outset relationships really 
matter. When the young men go 
off to the From clad in khaki 
greatcoats, our hearts bleed for 
the girls left behind. The suitors 
return as turbaned Indians, and 
Mr.- Knapp has made a new 
translation to accommodate the 
text. He has also made some 
cuts, mainly of arias, that speed 
up the action, but which leave 
one or two awkward musical 
gaps-*- 

Thomas- Lawlor, an urbane 


The Beaux Arts Trio are not 
merely .America s finest piano 
trio, but one of the great 
chamber ensembles of the world. 
It is no inflated praise lo com- 
pare them 10 the great ensembles 
of the past, to whom they are 
natural heirs— the trios of 
Thibaud-Casals-Cortot and Rubin- 
stein-Heifetz-Feuermann. The 
Beaux Arts’ appearances in Lon- 
don these days are far to® rare 
— but their recital yesterday 

was both confirmation and com- 
pensation of a kind: an evening 
of pure delight from start to 
finish. 

They began their programme 
with the late Haydn C major trio 
(No. 271, binding out in the 
first movement, with a fine, 
resilient spring, wanning the 
andante with gentle contrapun- 
tal conversation, throwing off 
the finale as a sparkling tour de 
force, brilliantly Jed and sus- 
tained by the p’ianist Menahem 
Pressler. The Haydn C major 
has always been one of the 
Beaux Arts’ special party-pieces: 
and they have long been ebarn- 

Festival Hall 


pions too nf the Mendelssohn 
trios, still both much-neglected. 
Their account of the D minor 
trio was a marvel of fire and- 
suppleness, of flexibility of 
phrasing and easy rebate: the 
andante touching above all for its 
simplicity and economy; the 
finale, taken very fast and light, 
an insistent, mesmerising play 
of light and shade. 

The Beaux Arts ended with 
Schubert’s B flat trio: a miracu- 
lously whole and coherent per- 
formance. illuminated on every 
page by flashes of dark and lov- 
ing poetry. The andante and: 
Rondo especially showed their 
greatest quality: a freedom to' 
indulge in quite extreme Indivi- 
dual as well as collective rubato 
— in this sense they are an “old- 
fashioned** ensemble — without 
any loss of clarity or the least 
hint of expressive strain. The' 
four movements emerged as. a 
single span, delivered without 
hesitation: cripping unanimous: 
argument, fresh and buoyant, 
not one gesture hollow, nor one 
essential note false. 


Pittsburgh Symphony 

by DOMINIC GILL 


Don Alfonso — his title becomes 
an appropriate pun— rules the 
stage with the practised mastery; 
of the pedagogue. Susan Varley, 
a figure straight out of Upstairs, 
Doipnslairs. makes a beguiling 
Despina. Her disguises, as a 
doctor addicted to electric gal-! 
vanitsm and as a plummy-voiced; 
Anglican chaplain, are adroitly 
done. Rosalind Plowright sings 
Fiordiligi with admirable firm- 
ness of tone. The only character 
allowed to retain more than one 
aria, she is also the one who 
benefits most from the period 
change. One can imagine her 
militant suffragette- chained to 
the House of Commons railings. 

The gentler, more malleable 
Dorabella smoothly played and 
sung by Einan James offers 
only token resistance before 
succumbing to her new lover. 
Charles Metcalfe, a prosaic 
Ferrando; seems happier in comic 
than in romantic situations. 
Robert Carpenter Turner, though 
left without any solo, makes a 
credible, serious Guglielmo. The 
standard of ensemble, despite an 
almost complete lack of contact 
between singers and conductor, 
is excellent and Stephen Barlow 
obtains stylish, if not always 
highly polished, playing from the 
New London Chamber Group. 

ELIZABETH FORBES 


Next week Andr6 Previn 
celebrates his tenth anniversary, 
as well as his penultimate season, 
before he hands over next year 
to Claudio Abbado as principal 
conductor of the London 
Symphony Orchestra. But the 
LSO is no longer Previn’s only 
band: two years ago he suc- 
ceeded William Steinberg as 
music director of the Pittsburgh 
Symphony Orchestra. It was an 
apt chance that brought Previn 
and his new orchestra to London 
last Friday for tbeir British 
debut on the last leg of a 
European tour. 

The Pittsburgh are a lively 
ensemble; the attack is quick 
and strong, the string-tone 
punchy, with plenty of reserve: 
the wind sections, both wood and 
brass, are at times more 
enthusiastic than fine-grained, 
but unfailingly responsive and 
warm. Their programme, under 


Previn, of Brahms' violin con- 
certo and Mahler’s fourth sym- 
phony made a remarkably satis- 
fying evening. The symphony 
above all: set by Previn in a 
firm, flexible frame of forward- 
moving tempi that kept the 
momentum of each movement 
alive, carefully detailed, sweetly 
lyrical, but never mannered — a ; 
reading of impressive directness, 
simplicity and authority. 

The soloist for the finale was 
Jill Gomez, in radiant voice, 
luminous in her closing pages. 
The violinist in the Brahms con- 
certo was Kyung-Wha Chung, on 
her most pungent form: a per- 
formance more fierce than noble, 
that spoke more of fire and 
violence than poise and elo- 
quence. but all the same of mar- 
vellous drive and clarity. Even 
her adaeio seemed tungsten- 
tipped; the finale, a fast and. 
robust giocoso. was spun off In 
high good humour, razor-sharp.. 
Splendid concert 


4 The Artists Eye ? — Richard Hamilton 


Richard Hamilton, the British 
painter, is organising an exhibi- 
tion at the National Gallery 
called The Artist’s Eye. It will 
open to the public on July 5 
and continue until August 3. 

It will include his painting/ 
collage Mu Marilyn (19651 which 
features Marilyn Monroe, and a 
personal selection of pirtures 
from the National Gallery Collec- 
tion. The Arts Council film 


Richard Hamilton will be shown, 
at 4 p.m., Monday to Friday,, 
throughout the exhibition. 

This is the second in the series 
of The Artist's Eye exhibitions - 
in which a modern artist is 
invited to make a choice oL 
Gallery paintings to be displayed 
with one of the artist's own 
works. The series was in-: 
augurated by the sculptor 
Anthony Caro in 1977. 


Costumes based on Wth-centney French designs by Boquet, recreated by Derek West for the English 
Bach Festival’s performance of Rameau’s ‘Hippolyte et Aricie’ 


Lyons Concert Hall, University, of York " 

Bussotti and Berio 


by NICHOLAS KENYON 


: 'The clinical atmosphere of the 
Lyons Concert Hall is softened 
by the * Insidious odour of joss 
sticks; in a pool of red light,, a 
Felliniesque cardinal pounds an 
electronic organ. A girl is led 
into the darkness. She strips. The 
stage is revealed as her boudoir, 
peopled by musicians. The girl, 
singing languorously, the while, 
submits to a beast-like percus- 
sionist on her bed. An aristo- 
cratic flautist seduces a wierd 
creature, centre stage;, the musi- 
cians join the orgy, one. of them 
establishing an unusually dose 
relationship' with his cello. 
Hysteria grows,. until a puritani- 
cal member of the 'audience (in 

Elizabeth Hall 


the pay of the National Viewers 
and Listeners Association?/ 
rushes- on stage, sweeping the 
whole farrago aside. The girl, 
subdued but not satisfied, listens 
as a wind trio play a short, 
sensual meditation. She joins in. 
and *the lights fade. 

‘ Such .is - an outline of tne 
sexual sensationalism of Sylvano 
Bussotti 's La Pa^on selon Soda, 
given a rare performance by tile 
York ’University group Anemone 
on Friday! I cannot say I felt 
overcome by eroticism: the open 
hilarity of : the Professor of 
Music during the cello sequence 
didn’t help and though Teresa 
Lister: (as the Justm/Juliette 


combination of Sade's fan- 
tasies) sang with delicious 
moodiness, the student musi- 
cians were inclined to camp up 
rather than Indulge in Bussotti’s 
baroque decadence. Real music 
reared its sober head only once 
; : or twice — the final trio was very 
well done — but otherwise Henry 
Brown’s role as conductor was 
firmly subordinated to his -role 
• as producer. His stage team 
'(Julia Hodgson, Stephan Brown, 
John Janies and Christopher 
Barton) succeeded in creating 
an effective spectacle of self- 
in dulgence, if not a convincing 
slice of sadism. 


There was more satisfaction 
if less amusement, in the con- 
cert’s first half. Berio’s uncom- 
monly coherent Ldborintus 2 
was given an assured perform- 
ance under Anthony Powers, 
with three white, Laura Ashleyd 
sopranos and a chorus of 
babblers commenting vigorously 
and. atmospherically on Steve 
Stanton’s somewhat unfdiomatic 
declamations from Dante. ^An 
evening which proved the con- 
tinued adventurousness of York 
University’s music department; 
accomplished music - making 
appreciated by a substantial 
audience. 




by DAVID MURRAY 


Mr. Eschenbach’s piano recital 
yesterday afternoon began and 
ended with well-loved Beethoven 
sonatas, 'framing early Schumann 
and Ber®. The Berg was of 
coufte his op,. I Sonata (sadly.-he 
((wrote nothing else . for solo 
ppiano), to ; .which Eschenbach's 
nervous' sensitivity is ideally 
. . suited. He , maintained a sense of 
shuddering development through 


cou 

CfOS 


all its fitful tempi and its 

exacerbated harmonies; .bis 
drained pianissimos were pecu- 
liarly intense, and -the power of 
the stabbing climaxes was judged 
to a nicety. The formal silhouette 
of the piece is not often P 
jected so clearly, nor «* {Jgg: 
inner voices so delicately 

separated. 


THE 

ARLINGTON 

bar and 

& 


‘ Where inner parts carry some 
ohytiunic energy ESchenbach 
seems content to give a general 
effect: he flicks at them,' or just 
Skitters. The Schumann pieces 
lost something by that, though 
their . confiding lyrical tone was 
confidently held. Schumann's 
-pp. 1, the “ Abesg " Variations, 
bounded wistful from start to 
. 'finish, with gossamer flurries in 
(.tiae ..quids variations; but its 
sturdy passage-work was devita- 
lised, and some of its neat tittle 
jokes were too limply turned to 
click. The rarely heard Atiegro 
in: B minor, op. 8, was given a 
firm overall shape — no easy 
matter, for despite its origin in 
an intended sonata its design is 
odd and elusive: a welcome 
resurrection. All the same, one 
could not banish the thought that 
Schumann’s piano writing was 
planned for tougher fingers. 

. Gerald Larners programme- 
notes have been a consistent 
pleasure in the current South 
Bank Piano Series, and this time 
;he drew .upon Rousseau for clari- 
fication of what Beethoven 
would have understood by 
pQth6ti(fU£ when he applied it 
to, his op. 13 Sonata: epically 
emotional, biit not necessarily 


grief-laden or slow. (There’s no 
reason to assume that it must 
have meant something different 
“to a Russian composer at the 
end of the 19th century," merely 
on account of Chaikovsky: when 
Skryabln wrote " patetico," as. he 
often did, it was rhetorical pas- 
sion he had in mind.) Eschen- 
bach's account of the 
“Patbetique" offered extremes of 
tempi, and an extreme rubato in 
the opening Grave; the Adagio 
eantabile was sweetly restrained, 
the Rondo was and ambiguous. 

Finally, the " Waldstein ** 
Sonata was less a business of 
relentless energy than of con- 
tinuous anxiety, less driving than 
driven: an interesting and con- 
sistent reading, with the second 
subject skilfully managed so as 
to emerge glowing from the 
nervous flow without breaking 
it. The preface to the Finale 
was explored in still suspense, 
aDti Eschenhach sustained the 
worried, provisional feeling far 
into the Rondo itself. Probably 
he aimed at scintillating confid- 
ence In the Prestissimo, but the 
uneven flicker of his semiquavers 
compromised any such effect. 
Not a misfire, exactly, but it made 
a strangely qualified conclusion, 
a tentative triumph. 


ENTERTAINMENT GLIDE 


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OPERA & BALLET 

ZOLISEUM. Credit «rd* 01 2*0-5248- 

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A wo man of Wo^ IMPO RT ANCE 

COMEDY 01-930 2578. 

For a >*d. ■M-gy-p.M » j ul y 16 

*»; MARK'S GOSPEL 
—An unnaraffelfd tour de force," S Tim. 
Tues. ® « s ap. Sun. at 4.30. 

No p«. Mondays. Tickets £1.25 to £3, 


COMEDY. 01.930 2578. 

Evening 8.0. Tltur. 3.0- Sal. 5.30. 8.30. 

MOIRA LISTER. TONY BRITTON 
Margaret COURTENAY. Dermot WALSH 
THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
•• Blackmail, armed robbery, double bluff 
and murder." Times. " A flood deal of 
fun." Evening News. Last Week 


CRITERION. 9 30 SZ 15. ‘CC 835 1071-3* 
Evenings 8.0. Sats. S.30. 8.30. Thun. 3.0. 

. NOW IN ITS SECOND YEAR 

LESLIE PHILLIPS 

In SIX OF ONE 

“HALF-A-DOZEN LAUGHS A MINUTE. 
VERY FUNNY." Sun. Tel. 

SECOND HILARIOUS YEAR 

DRURY LANE. 01-836 B108. Every 

bight 8.00. Matinee Wed. A Sat- 3.00. 
A CHORUS LINE 

“A rare, devastating, loyom. astonishing 
stunner." Sunday Times. 

DUCHESS. 856 824ft. Mon. lo Thurs. 
Evenings 8 . 00 . Frl.. SaL 6.15 ft 9.00. 
OHI CALCUTTA! 

The Nudity « Stunning." Dally Tel. 
8 th Sensational Year. 

DUKE OF YORK’S. 01-836 512Z. 

Evenings 8 . DO. Mac Wed.. Sat. 3.00. 
JOHN GIELGUD 
_ in Julian Mitchell’s 

A NATIONAL THEATRE PRODUCTION. 
HALF-LIFE 

" Brilliantly witty . . no one should 

rohs It. Harold Hobson 'Drama 1 . Instant 
Credit card reservations. Dinner and 

Top-price seat £7.00. 

FORTUNE. 836 2238. Ew 8.00. Thurs. 3. 
Sat. 5.00 and 8 . 00 . 

Murid Pavtow as MISS MARPLE In 
AGATHA CHRISTIE S 

MURDER AT THE VICARAGE 

Third Great Year 

Garrick theatre, cc. oi-836 6404. 
Evs. 8 . 0 . MaL Wed. 3.0. Sat. SJO. 8.30 
TIMOTHY WEST GEMMA JONES 
MICHAEL KITCHEN 

In HAROLD PINTER'S 

THE HOMECOMING 

BRILLIANT A TAUT AND EXCEL- 

LENTLY ACTED PRODUCTION." D. Tel. 
"AN . INEXHAUSTIBLY RICH WORK." 
Gdn. "NOT TO BE MISSED.'* Times. 

CLOSE THEATRE. 01-437 IS92. 

Eves. 8.15. Wed. 34). sat. 6 .Q. 8 . 0 , 
PAUL EDDINGTON. JULIA MCKENZIE 
BENJAMIN WKITROW In 

ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 

*■ This must be the ha Doles t lauohter- 
maker In London." D. Tel. "An Irresist- 
ibly enlovable evening." Sunday Times. 

GREENWICH THEATRE. 8S8 7755. 

THE GOLDEN CRADLE 
prev. Tomor. 7.30. Obens Wed. 7 . 0 . 
Sub. OVO*. 7.30 Mat Sal. Z-30. 

Plays bv Yeats Synge and Lady Gregory. 
Far 2 Weeks Only 

HAYMARKET. „ _ 930 9832. 

Evs. 8. .Wed- 2.30.. Sat. 4 JO. B. 
INGRID BERGMAN 

WENDY HILLER 

DEREK DORIS FRANCIS 

GODFREY HARE CUKA 

WATERS OF THE MOON 

Must dcOnlfetv close Jolv 1. Bo* office 
now Open for our new production. P»s 
July 4 and S^h.O. 6 at 7.0. 

Harry Andrews 

BRON ... _ PEACOCK 

and IRENE HANDL In 

A FAMILY 

HER MAJESTY'S. CC. 01-930 6606. 
Evertmfci 8-00. Mats. Wed, ft Sac. 3 . 0 O. 
BRUCE FORSYTH 

In LESLIE BRICUSSE and 
ANTHONY NEWLEYS 
TRAVELLING MUSIC SHOW 
with Derek Grlimn». 

Directed by BURT SHEVELOVE 
" II Is packed to bursting ocrint with the 
personality and sheer energy of Brace 
Forsyth," Sun. Express. " The audience 
cheered." Sunday Telegraph. 

ICING'S ROAD THEATRE. 352 7488. 
Mon. to Thurs. 9.0. Frl_ SaL 7.30. 9,30. 
THE ROCKY HORROR SHOW 

NOW IN ITS Srfr ROCKING YtAR 

Tlw GREAT ROCK ’N' ROLL MUSICAL 

LONDON PALLADIUM. CC. 01-437 7373. 
Mon- Tubs.. Thurs. and Frl. at 8. Wed. 
and Sats. at 0.10 and 8,50. 

THE TWO RONNIES _ 

In a Spertacuur Coroedv Raw 
ALSO SPECIAL SUNDAY PERFS. 
Sundays June 25 and JoW l6 at 5 A 8. 
Special Booking Hotline 01-437 2055. 

LYRIC THEATRE. CC 01-437 3586. 
E«, 8.0. Mai. Than. 3 0. SaL 5.0 A SJO 
JOAN PLOWRIGHT 

COLIN BLAKELEY 

FILUMENA 

MAY FAIR. „ CC 6Z9 3038. 

Eros. B. 00 . Sat. SJO and 8.45. Last 
Week. GORDON CHAT6R "Brilliant" EN. 
in THE ELOCUTION OF 
BENJAMIN FRANKLIN 
by Steve J. Spears 

■■ A compassionate funny fiercely eloouent 
olav. ' Gdn. 


MERMAID. 248 7656. Restaurant 248 
2835- Pre*. Tomor. Opens Wed. 7J0. 
sub. eras. 7 30 S 9.15 
nvERY GOOD BOY 
DESERVES FAVOUR 

A olcco for actors and orchestra try TOM 
STOPPARD ft ANDPE PREVIN. Seats £4. 
£3 ft £2. " A work d! true Uwairical 
genius." S. Times. - 


NATIONAL THEATRE. 928 22S2. 

OLIVIER Co pen stage): Ton't at 7 mote 
early start) BRAND By Ibsen ,n a version 
bv Geoffrey Hill. Tomorrow at 7.30 
Macbetfc- _ . 

LYTTELTON SHOsccnlum stage): Ton't A 
tomorrow - at 745 PLUNDER by Ben 
Travers. 

COTTESLOE (small auditorium!: Ton't at 
8 JEWS! ARABS Workshop production). 
Tomorrow a: 8 Lost Worlds. 

Man* excellent cheap seats all 3 theatres 
day ol pert. Car perk. Restaurant 928 
2033. Credit card ■ bkgs. 928 3052. Air 
Conditioning. 


OLD VIC. 928 7616. 

PROSPECT AT THE OLD VIC 
A Week of Sundays. June 11-17 
at 7.30 p.iu. 

Today. Frl.. Sat. Derek Jacob, as Byron, 
with Isia Blair. Julian Glover. Harold 
Innocent THE LUNATIC LOVER A..THE 
POET ("May It last a thousand years. The 
Stage'. 

Tues.. Wed., Thurs. Dercic jacool. Isla 
Blair. Julian Glover. Harold Innocent In a 
Selection ol Travellers' Tales THE GRAND 
TOUR «-* a lolly ahow." Guardian.) 
SUNDAY AT THE OLD VIC. JUNE 18th 
7.30 o.m. 

THE DAY OF THE DEAD. Graham Coff'Cr's 
las composition based on the writings Ol 
. MalcoVm Lowry 

Prasoect's TWELFTH NIGHT returns June 
19th r an outstanding revival." The Times., 
SAINT JOAN returns Jur* 22nd ■ 
great performance." The Times. 1 


ST. MARTIN'S. CC. 836 1443. E»s. B.OO. 
Matinee Tues. 2.4S. Saturdays S and 8. 
AGATHA CHRISTIES 
THE MOUSETRAP 
WORLD'S LONGEST RUN 
26th YEAR 


TALK OF THE TOWN. CC 734 5081. 
8.00. Dining. Dancing fBari open 7.15). 
9.30 Suoer Revue 
RAZZIA DAZZLE 
and at 1 1 p.m. 

LOS REALES DEL PARAGUAY 


VAUDEVILLE. 836 9983. CC. Evs. 8.00 
Mat. Tues. 2.4S. Sat. 5 and 8. 

Dinah SHERIDAN. DuWe GRAY 
Eleanor SUMMER FI ELD. Jam** GROUT 
A MURDER'S ANNOUNCED 
THE NEWEST WHODUNNIT : 
by AGATHA CHRISTIE 
" Re-enler Agatha with another who- T 
dunnlt hit. Asatlui Christie Is stalking the' 
West End vet again with another ot her - 
hendlthlv Ingenious murder mysteries. 
Fcff* Barker Evening News. 
AIR-CONDITIONED THEATRE. 


VICTORIA PALjKCE. 

j Book now 828 _«71S : B. _ e34 *31 T. 


PALACE. CC. 01-437 6834. 

Mon.-Ttiura. 8.0. Frl. ft Sal. 6 ft 8.40. 

JESUS CHRIST SUPERSTAR 
by Tim Rice ana Andrew Lloyd Webber. 


PHOENIX 01-836 2294. Evenings 8.15. 
Friday and Saturday 6.00 and 8.40. 
"TIM „ BROOKE - TAYLOR. GRAEME 
GARDEN make 05 laugh." O. Mail In 
THE UNVARNISHED TRUTH 
. The Hit Comedy by ROvCE R ytOn 
"LAUGH WHV f THOUGHT I WOULD 
HAVE DIED." Sunday Times. "SHEER 
DELIGHT." E. Standard. "GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Ergs. 7 . 30. Mats Wed, and 541. 2.45. 

WAREHOUSE. Donmar Theatre. Covent 
Carden. 836 6808. Royal Shakespeare 
Company Tomor. 8.00 premiere oroductn. 
□arid Edgar's THE JAIL DIARY OF AUHE 
SACHS. All seats £1.80. Adv. bkgs. 
AWwvrii. Student standoy £1. . 


WESTMINSTER. 01-834 UZ63. 

SENTENCED TO LIFE 
By MUGGERIDGE and THORNHILL 
-TRENCHANT HUMOUR." D. Telegraph.; 
"SHARPLY TOPICAL." Financial Times., 
" Tremendous Impact." Now. __ 
Evs. 7.4 S. Mat. Weds. 3 00. Sat. 4.30.- 


PICCADILLY. 437 4506. Credit Card Dkgs. 
- 83 %J 5 7 J‘ 3 - 8-^0 a.m.-B.SO P-m. 
Ergs. 7.30. Sat. 4ja & 8. Wed. mats. 5.0 
Royal Shakespeare company In 
THE OUTRAGEOUS ADULT COMEDY 

bjr Peter n.chdIs 

PRIVATES ON PARADE 

'Riproaring triumph." S. EaP«SS- 
_ BEST COMEDY OF THE YEAR. 

Ev. StcL Award and SWET Award. 
fully air-conditioned. 


PRINCE EDWARD. CC- (Formerly Casino). 
01-437 6877. Red. .price previews. Todar, 


■ June 20 
3.30. Open 


•as June 21. 

fiX JR and Andrew Lloyd Webber. 

With Dev Id Essex. Elaine Palsc and jc« 
Ackland. Directed by Harold Prince. 


PRINCE OF WALES. CC. 01-930 8681. 
Monday to Friday at 8 p.m. Saturdays 
S-30 end B.45. 

LONDON AND BROADWAY'S 
COMEDY MUSICAL HIT 

* LOVE MY WIFE 

starring robin askwjth 


-ALL JUST GOOD CLEAN FUN." 
Daily Express. 

CREDIT CARD BOOKINGS 930 0847. 


12ft 

FAITH B ROOK° mTcSaEl’w.D RIDGE 
and RACHEL KEMPSON 
In Alan Bennett s 
THE COUNTRY _ 

■ BEST PLAY OF THE YEAR 

Play and Players Louden Critics Award. 

D irected by CL I FFORD WILLIAMS. 

RAYMOND REVUEMR. CC 01-734 1S93 
At 7 p.m.. 9 p.m- 11 p.m. (Opens Suns.) 

PAU i- .R aymond presents 

THE FESTIVAL OF 
EROTICA 

fully afr-coodltionrcf. 

2 1st SENSATIONAL YEAR. 


WHITEHALL. . _ 01 -930 S 692-77 6S-. 

Ergs. 8.30. Frl. and SaL 6.45_and 9.00. 
Paul Raymond presents the Sensational 
See Revue ol the Century 
DEEP THROAT - 

WINDMILL THEATRE. CC. 01-437 _6JT2. 
Twice Nightly B.OO and 10.00. 
Sundays 6.00 and B.OO. 

PAUL RAYMOND presents 

THE EROTIC EXPERIENCE OF THE 

MODERN ERA ■ 

•" Takes to unprecedented limits what Is 
permissible on our tuat."_ Eva. News. 

3rd GREAT YEAR 


WYNDHAM'S. 01-836 3028, Credit Card 
Bkgs. 836 1071-2 from 8.30 a.m. to 
8.30 p.m. Mon.-Thurs. 8. Frl. and SaL 
5.1S and 8.30. 

•• ENORMOUSLY RICH 
VERY FUNNY." Evening News. 

Mary O'Malley's smash hit Comedy 
ONCE A CATHOLIC 
-' Supreme comedy on s& and religion. 
Dallv Telegraph. 

” MAKES YOU SHAKE WITH 

LAUGHTER." Guardian. 


YOUNG VIC Inear OW Ylc.) M8 6363. 
Preys, from Thu re. Eves. 7-45 Ben Jenson s 
BARTHOLOMEW FAIR 


CINEMAS 

ABC 1 ft 2. SHAFTESBURY AYE. a3 B 8861- , 
cpn prrfs. ALL SEATS BKBLE.i 
1? GRAY LADY DOWN lAl. Wk. & SulL. 
2 . 00 . 5 20 . 8 20 ilasi 3 days*. 

2: THE GOODBYE CIRL fA). Wk. it Sun. 
2.00. S.10. S.10; 


CAMDEN PLAZA lOpe. Camden Town 
Tube). 485 2443. Brigitte Fossey In 
LB ENFANTS DU PLACARD (ML 
3.05. S.OO. 7.00. 9.05 11.00. Final 

Week. Must End 15 June; . 


REGS NT THEATRE: 637 9863. 

Evu. 8.30. Frl. and SaL 7.0 and 9.0. 
"Elegant good-humoured engaging." Gdn. 
_ THE CLUB 
„ _ A New Musical. 

..^Cf'hrtk and. comic." Times. 

■■ 1 «#res In songs.” D- ToL 

Linda Thorsen ... a ravalatran. Times 
" WEL COME TO THE CLUB." E.N. 

ROYALTY. Credit Cards. 01-405 |55T. 
Mendav-THursflay event mn B.OO- Friday 
SJO and 8 AS. SaSrtay? 3.00 and 8.00, 
London critics vote 

.ubJJ^S^^gar 

soectal reduced rate for matinees lor a 

limited period only. 

SAV OY THEATRE. ” 01-836 8888. 


"A 


OPEN AIR. Regent's Park. Tel. 486 2431. 
A MIDSUMMER NIGHT'S DREAM 
Evgs. 7.4S. Mats. Wed.. Thurs. ft Sat. 
2.30 with RULA LENSKA. IAIN TALBOT 
ELIZABETH ESTENSEN. - DAVID 
WESTON, HELEN WEIR, ANTHONY 
SHARP- 


J:* ■"Kritnt. oi-B3*> 01 

Opening Tomorrow TOM rONTI In 
WH0M , y*E ,s IT ANYWAY? 

With JANE atHIR 
MOMENTOliS play? 6 | URGE YOU 

_E*OS. at 8.00. S Frf. ft "s«? n 5.4S ft 8.45. 
Shaftesbury!! re S3G 6596. 

Shall oi bu™ Ave WC2 (Hlah Hcrlboro endl 
Evg*. 8.0 Matt. TUES. ft Sat. 3 00. 
JOHN REARDON In 

“This musical ha?*2fLvth,no." 5. Mir- 
CREDIT CAR D 6597. 


CLASSIC 1, 2. 3. 4. Oxford Street ‘Opp. 1 

?rssxsrWiH»«® & 

|; 3 tthe godIatherpart II 1 XI, PiX9*. 
3 00. 6 JO feature 3JS. 7.15. 

S. Last J days! Walt Disney s JUNGLE 
BOOK an. WAHOO BOBCAT IUI. Progs. 

1 JO. 3.45. 6.00. 8.20. _ 

4. Bertolucci's 1900 Part 1 fXi. Progs. 
2.15. 5-15. 8.15. From Thurs. Bertolucci s 
1900 Part Z iX). 

cuctZON. cunxm Street. W.l. 499 3737- 
PARDON MON AFFAIRE i E nglish 
sub-titl«s). Proas. K 1.50. 3.S5. 6.10 
and SJO. fNo 1.50 ft 3.55 Prog, lomor.i 
LMT 3 DAYS. Fully Sir conditioned 
comfort. 


LEICESTER SQUARE THEATRE ®30 5252) 
COMING HOME GO. Sm. PWW- Mon - 
SaL 1-30. 4.45. 8.10. Sun. 3.30. 7.45. 
Seats mav be booked In advar®. loj 8.10 
prog. Mnn-Fri. ft all progs. Sat, ft Sun. 


.SHAW THEATWC - 01^388 1394. 

Opens Tonight at 7.00 Sub. evos. 7.30. 
| I'M TALKING ABoSt JERUSALEM 
j bY ARNOLD WESKER 


ARNOLD 

9 , '_ 8 J5 2660. Evenings 8.00. 
M4L Thur&. 3.6. Saturd^v^ 5 JO ind P-SO 
NO SEX PLEASE— 

{WTRE BRITISH __ 
WORLD'S GREATEST 
^ laughtep MAKER , 

GOOD SEATS SA.DO-Cl.SO. 


ODE ON HAYMARKET f9S0 2738127711 
Jane Fonda. Vanws# Redgrave In a 
Fred Zlnncmann him JULIA iAf. Sep. 
prom- Dlv. 2.30. 5 45. 8.45. Feature 
□w: 2.45. 6.00. 9.00. All seals bkble at 

theatre. 

ODEON LEICESTER SQUARE <930 6111). 
CLOSE ENCOUNTERS OF THE THIRD 
KINO <ai- sop orogt. Div. Doors ooen 
' 1.05. 4 IS. 7 .45 Laic show Fri. ft Sat. 
’ Doors open 11.15 o m. AH seats may be 
' bo ohed. 

! ODEON MARBLE ARCH <723 2011121 
THE BETSY ix i. Seo. drags. Mon.-Sat. 
, 1.30. 4 AS. 8.15. All seats Bkble except 

. 1 3 0 Pert. Mon.-Sat. 

PRINCE CHARLES. LriC. So. 4J7 3181. 
MEL BROOKS HIGH ANXIETY (Aj. Seo. 
Perfs. Diy. <*nc. Sun- 1 2.45, 6 . 15 . 9.00 
Law Show Nightly 11 . 45 . Sean Book- 
able Licensed Bar. 



- ■*» 


12 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4B\ 
Telegrams: Flnantlmo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 81HW 

Monday June V2. 



/THE REPORT on the retail 
'-footwear trade which the Price 
VGommission published before 
'.the week-end is a disappointing 
•document. For the only re- 
v commendation the commission 
j’saw fit to make was that the 
Government should control the 
mark-up of specialist Footwear 
multiples with ten or mure out- 
lets. a group which collectively 
have about 40 per cent, of the 
market. This conclusion not only 
illustrates the mistake of rely- 
ing upon ihe Price Commission 
to promote compel it ion policy 
bur brings ou» some of the other 
weaknesses in the range of 
policy instruments currently 
available. 

Climate 

The commission may be right 
when it says that competition is 
not the force that it could be in 
the footwear trade and that, in 
particular, the British Shoe 
Corporation, the largest and one 
of the most efficient and profit- 
able groups in the trade, does 
not deploy its potential strength 
to the full. There are. it is true, 
several factors which should 
favour a competitive climate. 
Most buyers are in the habit of 
shopping around, visiting up to 
four, five or more retailers, 
before deciding what they 
want. Small independent high- 
cosi font wear specialists have 
declined in number: and other 
non-specinlisi multiples such as 
Marks and Spencer and British 
Home Store*, nr? fast becoming 
a competitive. albeit still 
relatively •small, force. And Che 
rang'- of choice ha's been 
widened, a.- in must countries, 
by ill*- growth «»f imports. 

On the other hand, there are 
factors which constrain compe- 
tition. The market is highly 
segmented bv area, price range, 
and style, so that markei shares 
wh*<h are small in naiion.nl 
terms may be more significant 
in particular locations Seo- 
nndlv. resale price mainienance 
has been replaced by the prac- 
v tice of recommending resale 
■prices. These are almost uni- 
versally respected, save during 
.sales jn»rinrii. bo«h for UKbrajids 
(on which the independent 
specialist shops heavily concen- 
trate) and for imported brands 
(handled largely hv the mul- 
tiples). Thirdly, retailer brands 
are widely sold by multiples. 


variety stores and mail order 
firms with large buyer power. 
Fourthly, imports are now being 
restrained by both the Govern- 
ment directly in the form of 
quantitative controls on ship- 
ments from -certain countries 
and by the retail trade by their 
recent undertaking to support 
UK footwear manufacturers. 
Finally, by implication at least, 
the Price Commission believes 
that British Shoe may be 
inhibited from increasing its 20 
per cent market share for fear 
that it may cross the 25 per cent 
market share threshold for 
monopoly references. 

The commission based its con- 
c'ution* about thfr effectiveness 
of roniDciition on the evidence 
of the Trade's gross profit mar- 
gin". These have risen over the 
years far more rapidly than in 
most section* of retailing reach- 
ing levels averaging 47 per cent 
for mu'tlpifS and 35 per cent for 
independent footwear specialists 
in 1977— which, again, is higher 
than in most other trades. 

But. if tlie commission's study 
suggests anything, it suggests 
that because of retail brands 
and the prevalence of resale 
price recommendations shoe 
shops tend to compete on ser- 
vice or number of outlets rather 
than on price and that the 
bvn»'fi:«i of the buying power of 
the Jarocr srouos are not fully 
parsed on. The answer then 
would --eem to be to abolish re- 
<al?» price recommend a Linns. The 
Monopolies Commission said 
many year* ago (hat powers 
should he taken for this purpose, 
a proposal which was only- 
taken up— and then on'y parti- 
ally — in ‘a*: year’s Price Com- 
mis.'iou Act. 

:\W //I'll* 

Likewise, if groups like 
British Shue are wary of using 
iheir full competitive strength 
for fear of crossing the thres- 
hold for monopoly references, 
then a less rigid approach needs 
to be devised — another matter 
which is not altogether new to 
discussions of competition 
policy. To resort to price con- 
trols in a situation where compe- 
tition is not only not lacking but 
could still be promoted is a con- 
fession of failure. For it means 
tackling the symptoms rather 
than the causes of inadequate 
competition. 



.SEVEN MONTHS ago today 
Mr. Menahem Begin. Israel's 
•Prime Minister. Formally invited 
President Anwar Sadat of Egypt 
to visit Jerusalem. One Arab 
criticism out of many of this 
histone visit wa« that the only 
achievement ui such an initia- 
tive would be to cause irrepar- 
able disarray in the Arab 
ranks 

On the surface, this dismal 
analysis seems to be proving 
accurate. In Egypt. Sir. Sadat 
has come under increasing 
criticism For everything from 
bis economic tu his foreign 
policies. His response has been 
basically ?n two directions, both 
of them putting into reverse bis 
moves tu make Egypt more 
democratic. First, he held a 
referendum on proposed legis- 
lation which was deliberately 
aimed at excluding the two 
political parties which most 
faithfully reflect political trends 
with ; n the country — namely the 
New Wafd on the right, and 
the Unionist Progressive Party 
(NPP) on the left. The result 
of the referendum was predict- 
ably favourable. This leaves tvrtj 
parlies in operation — the maj- 
ority centrist party headed by 
thr Prime Minister and a small 
richt-wing party which usually 
supports the government. 

Investigation 

Mr. Sadat's second move was 
(o damp down again on those 
who have been critical of his 
policies, ordering five of Egypt’s 
most distinguished journalists 
to appear before the Prosecutor- 
General for investigation. On 
tpp nf this. Mr. Sadat twice last 
week in addresses to the Second 
and Third Armies referred for 
the first time since the visit in 
Jerusalem to the possibility of 
having to use force to regain 
land occupied by Israel. So 
much for Egypt itselr. 

'On the eastern Arab front, 
Syria and Jordan have fallen 
out because of King Hussein's 
tacit support Tor Mr. Sadat, fn 
addition, Syria is deeply em- 
broiled in Lebanon through its 
3d, 000 troops which make tip ihe 
Inilk uf the Arab Deterrent. 
Force. Lebanon itself now 
scarcely exists as a single in'ity 
with its politicians more deeply 
divided than beEore the civil 
war and wtth President Sarkis 
able to draw only on a tiny and 
impotent national army as an 


assertion of central authority. 

In the south, as the Israelis 
prepare to complete their with- 
drawal. scheduled for tomorrow, 
the UN is attempting to keep 
the Palestinians back and the 
Christians from counter-attack- 
ing. (Israel’s attack on a Pales- 
tinian base last week indicated 
that it would not hesitate to do 
ihe same again if there was 
more trouble.) Within the 
Palestine Liberation Organisa- 
tion. Mr. Yasser Arafat has said 
his men will not cause trouble, 
but his authority is beiug 
challenged both within his own 
organisation and by extreme 
Palestinian groups. 

Self-rule 

The Israeli cabinet meets to- 
day to discuss answers to ques- 
tions put by the U.S. The key 
ones concern Mr. Begin’s offer 
of administrative self-autonomy 
to the West Bank and the Gaza 
Strip. The first question seeks 
to establish what the Israelis 
believe will happen after the 
expiry of the proposed five years 
nf self-rule, and the second asks 
how thereafter the Palestinians 
themselves will participate in 
determining their future. 

In spite of the apparent Arab 
disarray, it would be in Israel’s 
long-term interest to give posi- 
tive answers to the American 
queries. First, for Washington 
a solution to the Arah-Israeli 
conflict is still a priority, and it 
has shown through the aircraft 
deal with ' Egypt and Sand: 
Arabia that it has important 
interests in the Middle East 
besides guaranteeing Israel’s 
security. Second, Mr. Sadat 
could eventually become des- 
perate enough to turn to arms — 
as he did in 1973— even if he 
stood no chance of winning. 
Third, an offer positive enough 
to interest King Hussein could 
transform the Egypt-Israel 
dialogue by strengthening Mr. 
Sadat's e!a ! m that he is capable 
of obtaining concessions on 
fronts other Ilian Sinai. 

Finally, it is an opportunity 
to revive the must imaginative 
initiative to mme out of ihe 
Middle Easi since ihe conflict 
began. Ufh»Twis<? the only fac- 
tions to caih would be - those 
cynical critics of Mr. Sadat who 
mainiain that the visit . in 
Jerusalem was an exercise 
which had never been worth 
taking in the first place. 


Italian 


'“Financial Times 'Mondays Jtme 12 ! 1$7S$ 


case 




By MARGARET van HATTEM in Brussels 


L ENIN LIKED southern 
Italy. He marked it down 
as a future paradise on 
earth for pensioned-off workers 
from the grimmer northern 
climes, a sort of Euro-Bourne- 
mouth. Instead it has turned 
into a bureaucrats’ purgatory- 
In Rome and Brussels alike, as 
they ponder the problems of 
Mediterranean development and 
EEC enlargement to include 
Greece. Spain and Portugal, they 
are beginning to wish that 
Garibaldi had never landed in 
Sicily to join the South to the 
rest of Italy. 

Southern Italian agriculture 1$ 
in a bad way and neither Rome 
nur Brussels appears competent 
to do much about it. The EEC 
Common Agricultural Policy re- 
wards those with the political 
weight to back their demands, 
which means that Italy has con- 
sistently got the worst deal of 
ail member states. But the 
Italians could do more to help 
themselves and far more to help 
the South- They import too many 
of the things they consume, they 
are inept at marketing the 
tilings they export, and their 
attempts over the past 30 years 
to develop the South have been 
costly but not particularly effec- 
tive. 

Intervention 

stockpiles 

The CAP was designed to pro- 
tect European farmens but was 
not tailored for those in the 
South. Northern producers of 
cereals, sugar, dairy products 
and beef are guaranteed prices 
double and triple world mar- 
ket prices, encouraging them to 
produce directly for the growing 
intervention stockpiles. The 
Commission in Brussels accepts 
the link between high prices and 
surpluses but cannot. It appears, 
do much more than curb the 
price rise. Southern producers 
get far less and often no sup- 
port for their fruit and veget- 
ables. olive oil, wine, and durum 
wheat. But the Commission can- 
not. it appears, devise much 
beyond token price supports, 
processing and marketing aids, 
irrigation and modernisation 
schemes which, while helping 
the South, barely begin to re- 
dress the balance. 

Under the CAP. Italy gets the 
worst of both worlds. Changing 
consumption patterns since the 
war, not matched by changing 
production patterns, have made 
it a major importer of northern 
products. It gets around 95 per 
cent of its butter, milk, cheese, 
and sugar from the Community 
and vast quantities of cereal 
(particularly animal feeds) — 
spending more on imports from 
the Community than any 
member except Germany. 

In return. Italy feels ii should 
have preference in EEC markets 
for its fruit and vegetables 
(which constitute about a quar- 
ter uf its agricultural output), 
its olive oil. and wine — with 
price supports and tariffs high 
enough to protect it from third 
country competition. Its failure 


over the years to. achieve this 
can be seen from the growth of 
its deficit on Farm trade after 
formation of the EEC. which 
speeded up after enlargement 
from six to nine. Without 
radical reforms to Italian pro- 
duction and mark etin g a fur- 
ther acceleration ijTaJmost cer- 
tain after enlargement from 
nine to 12. Italy currently 
earns less from its exports to 
the Community than do most 
other members-^! e&s even ihan 
the Belgo-Luxembourg Ert>n»* 
mic Union. This is mu so 
because it produces Jcs*. but 
largely because • northern 
importers prefer to deal with 
other Mediterranean countries 
such as Spain, Morocco. Israel. 
Greece, and Turkey whose pro- 
ducts are better packaged- more 
reliably marketed, and better 
adapted to northern palate*. 

A quick look at the Com- 
munity's support mechanisms 
shows the extent to which the 
North gets more help. -Must 
northern products are guaran- 
teed a fixed minimum nnce 
which political pressure nver (he 
years has raised far above world 
prices. The EEC support* ;his 
minimum price with interven- 
tion purchases and export 
rebates. Few southern products 
are guaranteed a minimum price 
(the exceptions .being olive oil. 
durum wheat, and 9ix types of 
fruit and vegetables; and EEC 
prices for these arc not signi- 
ficantly higher chan world 
prices. Moreover since they can 
be sold into intervention only by 
co-operatives, which cover little 
of the southern production 
except in the case of wine, the 
guarantee »s often ineffectual. 

Highly priced northern pro- 
ducts are sheltered from third 
country imports by high tariff 
walls around the Community: 
tariffs are levied on only a few 
southern products and are a less 
effective disincentive than in 
the North partly because the 
price differentials are less, 
partly because the products are 
more varied: milk powder is 
milk powder wherever it conies 
from, but Spanish orange* are 


very different from Italian ones. 
There is one more support for 
citrus producers, the so-called 
penetration premium which sub- 
sidises Italy's intra-community 
exports, but not, apparently, 
enough to make them competi- 
tive. 

As the Italians are fond of 
pointing out, support for the 
North costs far more than that 
for the South. Commission 
estimates of farm price support 
for this year indicate it will 
spend 2.7hn units of account 
(about Il.Sbnj cm dairy pro- 
ducts, 1.34bn on cereals and 
SlOm on sugar: it will spend 
267m on olive oil. 224m on wine 
and 139m on fruit and vege- 
tables (including those grown 
in the North). 

Liberally 

run 

Commission officials in 
Brussels pride themselves that 
the market for fruit and vege- 
tables is one of the more liberal, 
better-run in the Community. 
They see no reason why con- 
sumers should be forced to take 
Italian oranges and tomatoes if 
they prefer Moroccan. Israeli, 
or Spanish. But the Italians 
feci, with some justification, 
that the northerners have it all 
their way — and that Italy should 
either receive more protection, 
or be allowed to import its meat, 
dairy products, sugar and 
cereals from the much cheaper 
world markets, free of the high 
Community tariff walls. 

The Community’s price support 
measures, which eat up three- 
quarters nf its •griculiural 
budget, are clearly discrimina- 
tory. But the mistake lies in 
giving too much to the North, 
not too little to the South. If the 
CAP is to survive in a Com- 
munity of 12. the Commission 
will have to fight hard for 
reform in the right direction. 
The w'llincTmss of even such 
avowed supporters of a tighter 
prices policy as Mr. John Silkin, 
the British Minister of Agricul- 
ture, to compromise for short- 
term political gain, as instanced 
in the recent farm price review. 



SOUTHERN FRUIT AND VEGETABLES 

(thousand tonnes) 


- - Peaches 

Oranges 

demons 

Tomatoes 

EEC imports from 




• third countries 72 

1,900 

226 

353 

Italian produce taken 
off the market 325 

300 

55 

10 


EEC M.fc.BJtS’ IRABi IN FJoD ;.ND 
AGaICULiUR L PR DUCTS— 1976 

(million units of account) 


IMPORTS 


EXPORTS 



Intra-EEC 

Extra-EEC 

Intra-EEC 

Extra-EEC . 

Germany 

6.977 

8,039 

3.161 

1.556 

France - 

H V17 __ 

5.537 

5.716 

2.789 

Italy 

4,104 

5,003 

1,829 

913 

Netherlands 

2.434 

3,992 

6.997 

1,704 

Belghim-Uixcmbourg 

_ 2.985 

1.8S5 

2.681 

471 

Britain 

3,485 

7,180 

1.519 

1.793 

Ireland 

315 

294 

1,073 

237 

Denmark 

423 

117 

1.952 

1.103 


puts the onus on the Commis- 
sion to make much more radical 
proposals from the outset— and 
tu stick to them. 

In the meantime, support for 
the South must continue ia the 
direction of the recently agreed 
package of aids for Mediter- 
ranean producers, stressing: 
more efficient marketing and 
production, but on a scale big. 
enough to give it some chance 
of being effective. For southern 
Italy, marketing is without 
doubt at the heart of the 
problem. 

Northern importers have an 
endless list of complaints: the 
market structure is too frag- 
mented. forcing them to deal 
with small shippers who are 
unreliable, inefficient and under- 
represented abroad: the small 
southern farms produce far too 
man y varieties, shapes and sizes 
of fruit -and vegetables (more 
than 100 varieties of lemons 
alone) making it harder to 
secure a standard cargo: Italians 
will not grow what the 
northerners want — sticking to 
oranges and mandarines which 
have pips, rather than the bland, 
sweet, pipless navel oranges and 
satsumas; the peaches are too 
small, the tomatoes are a funny 
shape . . . Italian products are 
not necessarily of . lower quality, 
but they are often less attractive 
to the eye, less attractively 
packaged, and . less well-known. 
Unlike the Moroccans. Israelis 
and Californians, the Italians 
have few readily Identifiable 
brand names and have mounted 
ho major promotion- campaigns 
—they have nothin? to compare 
with the Israeli Citrus Board, 
for example. 

Production 

costs, 

. The importers also complain 
that Italian growers put the 
domestic market first so that in 
years of limited production, 
contacts fall away and they are 
forced to look elsewhere Cor 
supplies. But improved market- 
ing techniques alone will not 
get Kalian fruit and vegetables 
into British and German super- 


markets — production costs will 
have to come down in line with 
those of other Mediterranean 
countries. In spite of. massive 
public spending, the South re- 
mains backward and its pro- 
ducers inefficient. 

Over the past 30 years the 
Government has, through the 
Cassa per il Mezzogiornb and 
aided by the European Invest- 
ment Bank, pumped a Lot of 
money into the South, com- 
pared with which the Com- 
munity’s recent Mediterranean 
package fl.57bn units. Of 
account over five years) is a 
mere drop in the ocean. But 
post-war plans for development 
have been almost as short-term 
as the Governments- which 
dreamed them up — projects 
were often ill-chosen, un- 
co-ordinated and not particu- 
. larly effective la ■ raising 
efficiency and productivity. The 
problems of poverty, ignorance, 
and poor marketing remained, 
and few questions about - cost- 
effectiveness were -raised --in 
Rome. ' 

Development, in the South 
.has meant mainly public: works, 
a trend which the Mafia .was 
quick to spot. r It was the first 
'into the market in contracts 
ifor the beautiful and very 
expensive highways, bridges and 
dams proliferating throughout 
the southern' 0 provinces. But 
the choice oPprojects has- come 
via for strong criticism within 
Italy. •; Many tonnes of .fruit get 
caught -up, each year’ in the 
ferry bottleneck at the Straits 
of Messiqa and .are left rotting 
in the trucks; Plans for .a sus- 
pension bridge over the 3 km 
stretch of water have been 
lying in the drawersvfor years 
awaiting funds. 

It air; cries oat for'; a firm 
hand and co-ordinated ^plann- 
ing. something the Italians do 
not seem able to reconcile 
with "their- concept \ of 
democracy- The Italian G intern- 
ment is in the process \ of 
dissolving, the Ministry ;Of 
Agriculture - in . ' Rome ■ a ad/ 
handing over power to. lHp 
regional -administrations, 'which 
do ndf have close contact with 
each other and are not all of 


equal calibre. Moreover, the 
fact that a devolution law was 
passed in Rome in 1975 and has 
still not taken effect in many 
regions, though hardly surpris- 
ing in a country where many 
civil servants -are in their 
offices less -than four hours a 
day, does not spell firmness and 
co-ordination. 

Co-operative : 
groups : 

The picture is not ail in- 
efficiency. A greater govern- 
ment' emphasis during the past 
decade on marketing and - pro- 
duction has. left its mark. Small 
but scientifically run .farms in 
some of .the newly-irrigated 
coastal areas, backed by gener- 
ously low-rated government 
loans, are proving that there .Is 
a; market -for southern: products 
at good prices where the 
quality is very high. The old 
southern resistance to co- 
operative producer groups is 
slowly breaking down — moist 
wine is now sold to producer 
groups .. and citrus fruit 
cooperatives, are starting op. 
Their members say Their 
exports are expanding, their 
packing and marketing costs 
shrinking.; ■ 

.. Italian per capita farm 
incomes are about three 
quarters' Of the EEC average 
and vary widely from region 
to region,-' those -in ■ the south 
being about half the. national 
average. For southern farmers, 
probably the poorest in the com- 
munity, the CAP has. failed in 
its basic objectives. But the 
fundamental -reforms ;on - the 
Italian side which would make 
it -more effective cannot be 
imposed from Brussels. Should 
the Portuguese; Greeks and 
Spaniards ■■ eventually 'prove 
more efficient in using what 
the Community has to offer, 
Italy's share of the markets for 
Mediterranean products will fall 
away, even more sharply, ,- T The 
northern, member states axe^qoT 
going to reshape the, CA? /to 
suit' ItalyrHColumnSttS^j^^ 
require Italy to adapt M&tinwe 
.ft fit. ;■ ' ■. 


MEN AND 

Pro-nuclear 
lobby formed 

This week will see the first 
meeting of the board »»f the 
curiously- named pro-nuclear 
group, A Power for Good. 
Simon Rippon, the European 
editor of Nuclear News, who is 
one of Its founding fathers, says 
that it plans to lobby the Gov- 
ernment of the day but is very- 
keen to avoid accusations uf 
having any political bias or 
favouring one party rather 
than the .other. It started 
earlier this year when 150 
“ obviously interested ” people 
were approached. A hundred 
of these took up the idea. 
Rippon told me that he had 
been afraid that It would turn 
out to be backed only by indus- 
try but is pleased that that 
board which was eventually 
elected includes ProF. David 
Leslie of Queen Mary's College, 
London, a solicitor (Timothy 
Hale l and freelance consultants 
such as Duncan Bum and 
Geoffrey Greenhalgh. former 
Secretary General of the British 
Nuclear Forum. 

APG has already levered 
expenses out of ■ the EEC for 
three of its supporters to par- 
ticipate in hearings on nuclear 
energy. It argued that 55 of 
its opponents had had their 
expenses paid. 

Now Rippon says that it will 
launch a membership campaign, 
though it prefers issuing fact- 
sheets rather than enpyine the 
tactics nf opponents such as The 
Friends of the Earth. Rippon 
believes ihat no other industry 
has as impressive a safety record 
as the nuclear one. He accepts 
thal initially the anti-nuclear 
movement in the U.S. had ** very 

good efforts " in that it led to 
a lightening nr safety controls. 
When 1 asked him about re- 
ported losses uf fissile material 
he told me that he did mil wish 
to minimise (he seriousness of 
such matters but thal iJ .was the 
latest issue raised by opponents 



of nuclear power. He thought 
much of the trouble lay in 
the accounting system used fur 
metals such as plutonium. 

But the Friends of ihe Earth 
were not convinced. Their nu- 
clear expert, Czech Conroy, told 
me thar they believed that the 
establishment of the APG re- 
flected growing concern by ihe 
nuclear lobby about the actual 
implementation of nuclear pro- 
grammes. And he quoted me 
from a hearing before America’s 
Nuclear Regulator?- Commis- 
sion. One witness said that the 
question of whether uranium 
235 had been diverted (to 
Israel) had become academic 
for the CIA since plutonium 
from the Dituona reactor was 
believed to have become avail- 
able. 


Radical youth 

“ Frightening apathy - was one 
comment on the way that only 
160 of the 65,000 members of 
the Institute of Chartered 
Accountants turned up at this 
weekend's annual conference at 
Brighton. Where was the debate 
on such common-sense ideas as 
inflation accounting and where 


■'i'i 

emc.- 



Which (he Qtanci'llor, for 
one, doesn't practice ! ” 


(he young and lively spirits fo 
rejuvenate the profession? The 
answer in these questions which 
l passed on from a colleague 
was to be given a copy of ti>p 
latest issue nf On Account, the 
journal of the Young Chartered 
Accountants Group. Far from 
debating the Meade report this 
devotes iwo or its 16 pages to 
an article reorganising the 
Government's budget. 

It proposes doubling the share 
nf expenditure on defence and 
law’ and order, and slashing ex- 
penditure nn health, education 
and overseas aid. Capital gains 
tax and death duties arc to be 
abolished and income and cor- 
poration taxes are to be re- 
placed by a straight 10 per cent 
fax. Such is the stuff of The 
extreme right's dreams but On 
Account says that its inspiration 
is those well-known institutions, 
the Roman Catholic and Mor- 
mon Churches. So perhaps it is 
just as well that the young left 
Brighton alone. 

Non-smokers 

charter 

Jr has been a busy period for 
British Railways. A few weeks 
ago they were launching a 
125 mph High Speed Train 
which could at first Travel only 
at normal speeds. And last 
week they gave us their 
150 mph Advance Passenger 
Train which for the next decade 
will be travelling at 125 mph. 
But at least their pensioners' 
day was a success— marred only 
by news of a dangerous prece- 
dent in France. 

The story is one which will 
warm the hearts of all non- 
smokers. It started when y 
passenger in the first-class non- 
smoking compartment front 
Strasbourg to Lynn refused to 
pm out his cigar. T« protest. 
M. Denis Valet pulled the 
emergency brake ami the Train 
ground to a soreorhins halt. The . 
iMindurfnr immediately' stepped 
a 5(1 franc fine on M. Valet for 


abusing the brake and a similar 
tine on the smoker. 

Bui M. Valet was made of 
sterner meat He sued the 
French railways. SNCF, for 
failing to transport him accord 
ing to the terms of his ticket — 
the least that could be expected 
of a man who just happened to- 
be the Eounder of France’s 
League Against Smoking in 
Public Places. 

The SNCF argued that if M. 
Valet were indemnified for a 
’* passing inconvenience ” all the 
trains of France would be stop- 
ping and starting, the timetable 
would collapse and the cost of 
extra staff would have to be 
met. But the Court was not 
impressed. The SNCF had estab- 
lished its rules so it had to 
observe them and have its staff 
to do the same. As a result it 
awarded 1.000 franc damages 
tu ML Valet and the same to bis 
League. The SNCF are now 
gloomily awaiting the next pull 
on the emergency brake. And 
British Railways are crossing 
their finzers that such practices 
will not be crossing the 
Channel. 


Ins and outs 

There is a charming beginning 
to a note ray colleague Samuel 
Brittan has received from his 
hotel in Washington, regretting 
(bat he bad been unable to stay 
as planned at the hotel and 
adding: ’* We appreciate your 
consideration in calling to 
cancel your reservation.” 

But there is an iron claw in 
the velvet glove. The hotel com- 
puter had automatically checked 
him in as from 1.00 pm of the 
arrival date, so the letter goes 
on: " Since you had been 
'Checked-in ' the cancellation nf 
your reservation was really a 
* check-out.' '' Despite his having 
telephoned at 5 pm. the ferfer 
was in fact a bill fur half the 
normal room rate. 


Observer 




e we 



When one has known a certain vray of life, and rising 
costs look like taking it all away, who is there, for people 
like us to rum to ? - . • - - 

There is the Distressed Gentlefolk’s Aid Association. 
The DGAA is rati by people who mdersiand. They 
know that we want to stay in our own homes, surrounded 
by our possessions, and close to the friends of a lifetime. 
So, they help us with allowances and With clothing parcels. 
Only when we can no longer cope do the DGAA see if 
they can offer us a place in one of their 15 Residential and 
Nursing Homes. - 

The more, you can help the DGAA, the more the 
DGAA can do to help others. Donations are needed 
urgently. And please, do remember the DGAA when 
making out your Will. 

ft 


VICAR ACC GATE HOUSE * VICAR a0EQ ATT —• 
KENSINGTON LONDON V»84AQ • 

“Help them crow o!d.wi& 








$ JSJwriiay ^tne 12 ifiTB 



CONVENTS 

— 

■'■j - ' -'■•45L • 

— 

GRpUPHEAD! NGS 

PAGE 

GROUP HEADIIIG& PAGE 

US Dollars— Algeria 

14 

Euro Unitsof Accoont - 

19 

■ -^-Austraite -r. 

14 

French Francs 

19 

- . —Austria • ; 

14 

Hong Kong Dollar* 

19 

— Relginm . . 

• 14 

Japanese Yen 

19 

• . —Bolivia 

14 

Kuwait Dinars . . 

19 

— Brazil 

14 

Kroner (Dennurk) 

19 

US Dollars— Canada 

14 


19 

—Colombia 

14 

Luxembourg Franca 

19 

—Denmark-- 

14 

Saudi Rlyals u . ■ 

20 

—Finland : 

14 

Sterllng/DM 

20 

US Dollars— Franco 

14 

Australian DbUar/pM 

20 

—Gabon 

14 

External Sterting Issues 

20 

—Germany 

14-15 

Special DrawingRlghts 

20 

• — Greece 

15 

Convertibles— France 

20 

US Dollars — Hong Kong 

15 

—Hong Kong 

20 

-—Hangary . 

- 15 

—Japan ' ' "■ 

20 

^-Iceland - 

15 

—Luxembourg 

20 

— Iran. 

15 

— Netherlands 

20 

US Dollars — Ireland 

35 

Convertible— Slngapwe 

20 

— Israel 

1 15 

— S. Africa 

20 

-Vitaly. 

15 

— Sweden’-^, 

20 

—Jamaica . 

15 

— Switzerland: 

20 

US Dollars — Japan 

15 

— UJC ••'•■.O.;-.' ' 

20 

• —Korea' 

15 

Convertibles— U& 1 ; 

20 

- • —Luxembourg 

is 




—Mexico 15-16 

—Netherlands : 16 

US Dollars— New Zealand 16 
—Norway 16 

—.P anama X6 

—Papua 16 

— Philippines 16 

—Portugal 16 

TJS Dollars— Singapore 16 
—South Africa 16 

—Spain 16 

— Sweden ' . 16 

US DoUaro— Switzerland . 16 
f— ' Venezuela - 16 

—United Kingdom .16 
—United States ; . 16-17 
US Donars— Multinational 17 
— Supranational 17-18 
US Dollarsr— Floating Bate? 18. 
Australian Dollars "■ 18 

Bahraini Dinars - 18 

Austrian Schillings 18 

Canadian Dollars 18 

Euro guilders 18-19 

Euro. Composite Units 19 
Euro Currency Units 19 


BANKERS TRUST INTERNATIONAL LIMITED 

Market Makers in 
Floating Rate Note Issues 


The Interest rates per annum applicable to the following 
US$ Floating Rate Note Issues were announced during 
May. These rates are quoted for information purposes 
only,, and should be confirmed prior to . the execution of 
a specific transaction- The rates quoted, apply to the six- 
month periods shown. . _ ... 

I From To’ Rate 

IAJ. -1977/82 'I May 78 1 Nov. 78 81% 

C.C.F. - >rf ifl85 3 May 78 3 Nov. iS ■ 83% 


IJLJ. 

C C 'F 

United Overseas 
Bank 

Royal Bank of 
Scotland 
Vizcaya 

Dank of Tqjsyo ■ 
Midland 

Societe General© 
O.K.B. 

Creditanstalt -v 
Bankverein. ■ 
Midland IntV 
Finance 
Bank of Tokyo 
C.G.SLF. 

United-Overseas 
Bank . 


' To 
.3 Nov. 78 
. 3 Nov. 78 


4983 4 May 78 .4 Nov. 78 

19831 9 May 78 9 Nov, 78 

1981 12 May 78 13 Nov. 78 

- 1984 15 May 78 15 Nov. 7S 

1982 15 May 78 .I5Nov.7S 

1981 ’15 May 78 15 Nqv. 78 

1982 37!Mav7S 17NOV.78 

; : v 18 May .78 . 20 Nov. 78 

- 1984 • . ' - • i 

. 18 May 78 20 Nov. 78 

3987 : 

1980 22 May 78 • 22 Noy. «S 
.3984 ‘EWittTa. 25Nov.78 

=■- -25' May 78 '27 Nov. 78: 

1981 95 Nov. 78 
S/88 25 May 78 

1983 '31 May /S 30 Nov. 7S 

1984 31 May 73 30 Nov. 78 

19S2 SI May <8 30 Nov. 78 

1980 31 May “R 30 Nov. 78 

1981 31 May 78 . i 30 Nov. 78 


Bank Hahdkwy' 1983/88 25 May 75 

Lloyds Eurofinance 1983 '31 May ft 30 Nov. 7S 8g% 

Standard Chartered 1984 31 May ,3 30Nov.7S 

Ga |iti ,e d “ *” 10S2 SUbvra 30 Nov. 78 Ml 

ENEL* • 1980 3lMay.7R 30 Nov. 78 91% 

Popular Espanol 1981 31 May 78 . j 30 Nov. 78 8} % 

Interest rates applicable to the Issues listed below will 
be announced during June. 

Bayeriacbe Vereinsbank 1981 

Andelsbanken ' 

• UJBJLF. ’ Jgl 

SOFEE „ ■ ' 

■BJAF.nhL-il*. J9S2 

Paribas 

'• Bank Handlowy JJgi 

. Bangne Worms ■ 

JCKCA Si 

DG Bank 

" LTCi 

•Creditanstalt BankvereJn lffil 

National Westminster 

. gag* ill 

Hydrocarbons 

■ Credit LyonMisnnn. 6i% 



9 The Association of International 
Bond Dealers (AJBD) 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 May 

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 AJBD (which was 
established in 1969), comprises over 
450 institutions from about 27 
countries. 

A key to the table is published 
opposite. 


The table of qaod&fons and 
yields gives the latest rates 
available on 31st jytay. 1978. 
Th|s inforaation^TS from 
reports from offida^ahd other 
sources which the Association 
of International Bond. Dealers , 
considers to be retire, but 
adequate means ■ off&eclcutg 
its accuracy are notfaVailable 
and the Association^res not 
guarantee teat the ^forma- 
tion if contains is acqffiate. or 
complete. .. ’.-S . 

All ' rates quoted aor 
indication purposes ^niywtnd 
are - not based' on, :joor. j&re 
they Intended to Jw' tfeeifcfcs^ 
a basis for, particular trans- 
actions. In quirting the rates 
the - -Associatidn does not. 
undertake tka*t its members, 
•will" trade all the listed 
Eurobonds/ and the Associa- 
tion, its members and the 
Financial Times Limited do 
. not accept any responsibility 
for errors in the table. 


The rise in interest rates has been the 
dominant feature of the past month, in 
most of the major International credit 
markets. Three month Certificates of 
Deposit in the U.S. have moved up by 
about 25 basis points to 7.5 per cent. 
Sterling money market rates have in- 
creased by 100 to 150 basis points while 
Deutsche Mark rates are about 25 points 
higher. 

The uptrend in U.S. interest rates has 
been strengthened by the Federal 
Reserve's strict monetary policy and its 
repeated attempts to curb the rate of 
monetary expansion. The target rate for 
Federal funds has been raised from 63 
per cent to around 7j per cent since the 
beginning of April. Tempting investors 
into the bond market at a time when 
investment in shorter term instruments is 
more rewarding has proved difficult. 

The coupons for some issues were 
generous when the issues were first 
announced (Ontario Hydro and the 
straight for National Westminster) but 
they were overtaken by rising Interest 
rates during the offering period. Very 
few straight bonds have been offered and 


only a handful of floaters. These have 
met with a good reception in the market 
and in most cases inc reused in amount. 

The past week has witnessed two con- 
vertible issues: the first dollar denomi- 
nated one for a Japanese company since 
last autumn and one for a U.S. company. 
Both of which are meeting with a good 
reception in the market. 

The only straight issue in the dollar 
sector announced last week, for Quebec 
Hydro offers a coupon of 9t per cent for a 
35 year maturity, terms which seem to be 
in line with the market. 

In the secondary market prices see- 
sawed a fair amount but essentially the 
tone was weak. Yields in Eurobonds were 
coming more in line with those on Yankee 
bonds which had risen earlier. The latter 
sector of the market was very active. The 
last week of May witnessed a big volume 
of Yankee bonds — in three days $650m 
worth of new issues were absorbed, six 
times the previous weekly average. The 
explanation for this sudden burst of 
activity was the rush to beat the expected 
rise in interest rates and as a result some 
of the offerings proved a little sticky. 


The offerings for Canadian borrowers 
were no problem, so well known are they 
in the New York market, hut there were 
difficulties with the Australian and the 
Swedish issues, which had to be helped 
along with “ overtrading," the practice of 
buying up old bonds at artificially high 
prices in exchange for the new issue. 

While the Australians decided to 
restructure their offering, increasing the 
amount of the .short-term tranche and 
reducing the amount of the long term one, 
the Swedes offered only twenty year bonds. 
The result in the secondary' market was 
dramatic. After they were released from 
syndicate, the bonds fell to 971-4. Another 
borrower. Finland decided to take into 
consideration investors' current preference 
for shorter term paper and reduced the 
maturity of its Yankee bond offering from 
seven to five years. 

The weakness of the Deutsche Mark 
sector led to the closing of the market 
for new issues on 12 May. DM 340ra worth 
of new issues were floated in early May 
alone, a figure which increases threefold 
if the DM 600m for Canada is included, 
not a figure the market need be ashamed 
of. What caused the closure of the 
market according to a number of dealers 
was not so much the volume of new issues 
as the rather less good quality of some of 
the borrowers and the orgy of coupon 
cutting which had reached a climax. 


The new issue market will reopen on 
June 20 the Capital Markets Sub Com- 
mittee decided last week in Frankfurt. 
DM 330m worth of new issues, all for well 
accepted borrowers, will be floated in the 
three weeks to July 32. 

As In May before the market closed, the 
terms of any individual issue have to be 
agreed by the Sub Committee the day 
before each issue is due. While any banks 
can presumably override objections raised 
by the Sub Committee, this agreement 
among banks to consult does provide a 
greater assurance ot tidier marketing of 
issues. Activity in new issues continues 
meanwhile in the form of convertibles. 
The Japanese announced they would be 
floating nineteen convertibles in this 
section of the market between July 1 and 
tile end of September. While prices of 
straight Deutsche Mark denominated 
bonds were weak in May. prices for con- 
vertibles held up very well, thanks to the 
combined strong performance of the Yen 
and the Tokyo stock exchange. This 
situation is expected to persist for the 
time being. 

At the end of last week the secondary 
market was quiet, with relatively little 
trading. Initial reaction to the reopening 
of the new issue market was cautious but 
optimistic. 


BANKERS TRUST INTERNATIONAL LIMITED 

- . 56-60 New Broad Street, London EG- 
Dealers’ telephone: 588 630!-5.TeIex: 88304^ 


H 


- -V and its subsidiaries, includmg‘its : wh6iiy owned subsidiaries:- !*" } ;./• v "\. . - 

v.- -r 1 : - v' r: -= rsigg' ;• 

m iek-YRvA'IqiA- 1 Tn ^ Am hi a if1^TnTrAcficchniOiif/R 25 T. T \ 


Banque Arabe et Internationale d’Investissement (B JLLL) 

v'-vV^r- : ' V ' ' - ' . . •• • •. • /' ‘ 

■ -..V , ■ I* . . . ^ ... ■ .• •, : : i v - •' m 


j- - - •••• • . 


• • and- . 


B.A.IX (Middle East) ^ 




Group Consolidated Balance Sheet 


Assets 


Banks and Correspondents 

Loans and Discounts 

Shortterm 

Medium and long term 
Acceptances 

Other Accounts Receivable 
and Accruals 

Investments and 
Marketable Securities 

fixed Assets 


U.S. sooo 

1977 ‘ 1976 

555,692 446,786 


293,942 202,327 

277,659 164,358 


as at December 31, 1977 

Liabilities 


U.S. SOOO 


9,439 

65,631 

29,814 

1,961 


1,234,138 


75,681 

62,077 

47,427 

1,593 


990,249 


Banks and Correspondents 

Sight deposits 
Time deposits 

Customer Deposits 

Acceptances 

Provisions and Other 
Liabilities 


Capital and Reserves 
Share capital 
Share premium 
Revenue reserves 


49,855 

1,037,068 

40,114 

9,439 

30,095 


1,166,571 9S 

59,416 

50,000 £ 

50.000 

4,000 

Hoio] 

13,567 

6,833 

67,567 t 


1,234,138 9E 

10,249 


Commitments and Contingent Liabilities: 


U.S. $000 
1977 1970 


Guarantees and endorsements 
Undrawn credit commitments 


367,176 

192,020 


212,684 

111,192 




rearoanaa .• ■**?■»&■**; araaturi; 


Operating Expenses 


Consolidated Statement of Income 

ibx the year to December 31, 1977 

Operating Income 


U.s.?000 

1977 ; • 1976 


UJS.S000 




Personnel expenses . 
General expanses 
Depredation, provisions 
and taxes 
Net Profit 


/tv;*-... 


4,&TI 

3,802 

1,617 

2,038 


2,763 

3,160 

1,992 

4,333 


Net interest income 
Commitment commissions 
Management fees 
Other income 





1977 

1976 

10,784 

7,538 

3,234 

1,999 

2,855 

1,687 

561 

1,024 

17,434 12,248 














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10.25 1/I2/J99I 

AUSTRAL 1*5 KIR ft snn.ro 96 

9-25 15/ 6/1992 

AUSTRALIA* USOOTCES 

8.25 1/17/1982 
AUSTRALIA# MMDRCIS 

9.25 1/ 8/1980 
■ aesxulxak sesoobces 

9-H 1/ 3/ 198 3 

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8.25 1/ 9/1983 


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94-30 8.00 1/ 4/ 1918 


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99.00 B.25 1/ */l»89 


30.00 


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17.53 

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13.00 

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98.50 
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1958 

47.50 
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98.00 
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5.00 1/11/ 1478 5 

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5-00 1/ */ 1983 S 

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5-25 1/10/1990 S 

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5.50 15/ 9/1979 3 

CCDM0XHIAL1H - AUSTRALIA 
5.50 1/ 7/2981 S 

COWATtVCALTB - AUSTRALIA 
5-50 15/ 1/1982 5 

EOM0NVEU78 - AUSTRALIA 
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KWH35WEALTH - AUSTRALIA 

5- SO If 10/ 2982 S 

CUMDEVEALTB - AUSTRALIA 

5.50 1/ 5/1985 5 

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5.75 1/11/1985 3 

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6- 50 15/ 6/1902 

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7.50 1/ 9/198* 

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8-210 1/ 8/1987 


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98 1/A 5.34- 

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96.50 

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O '. jrt'rt ' 59* 330 860 912 9*9 

1986. Tf 1978 ‘ ‘ ‘947 975 980 

■OO , -l-M PC. re :uit 917 9*5 947 975 

4980 BP 1976'. tit • _ 9M ‘ -' ' 

‘30C 1-.00 HP-HY i'“ ; 975 ’*.• - •. 

197H 1 1980 KE 

lip re 

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1980TW1977. -LX . 

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. , - . 960 973 980, . 

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900 ■ 3.3(1 EC £D -1*3.305 303 510 970 
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50 . HP -re 

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.14 78 1970 LX- . .... 

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90- 1 J50 HP E0--344 W3 Wi 975-TlBO 

.19*1 1472 UC..- . . 

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1983 PF107B IX 

'Wf; " ' • *■. 13 TCP TO 103 •** * ' • 

1984 PPI979 LX 

40-. iiroo HP re '346 105 9is 975 980 
1971 LX . r; 

DL (It ' *79 . 60 805 931 ' 

'.■ w -'■■.%•• • 

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nt . - • . : 

■j'-OQ' HE ixr 354 35 IM 31*5 310. 
1976 LX i ’ -!B70 940 9*5 973 
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SMD 

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jo»to »0 ***-■ 

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66 »**" v -• 1 


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1976 

101.00 


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8-7J 1/ 0/1W6 


98 1/4 


20-00 


1969 

93.00 


QUEBEC RYDUL- ELECTRIC 
8.00 15/10/1979 


98 S/4 


20.00 
l*. *0 
23.00 
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197) 

97.00 


QUEBEC HXDRD-ELKTUC 
B.25 15/ S/1986 


(»?( 

100.00 


8.50 15/11/ 1986 


125-00 


30-00 

29.00 

123.00 


15.00 

10-20 

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15.00 

23-00 


60.00 


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98.5D 

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(jOEEcc (mr«»-c.Ecrtrc ur 95 7/8 
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QUEBEC BYOTC— F1ECTPIC 
6-50 1/ 2/1949 


QUEBEC HYDRO 

9.00 1/ 9/1*92 


QUEBEC H7M&-n.EimTC 
9.55 1/ 50/19! J 


*6 1/* 
95 3/8 
101 7/8 


QCT3EC UEB47J iTOSTI -JrTT 
*-50 15; *11*42 


10D 7/8 


HCSIWTN IWTFTPrP.T 
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100 7/a 


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10D.C0 8-25 1/ ’/l*98 

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97 1/8 


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101 1/8 

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1485 

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94 J/8 

6-00 

99.50 

6.00 16/11/L9B5 

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1967 

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94 1/2 

11-25 

99.00 

6.50 13/ 4/1787 


17.00 

1969 

tm op copxswcnt 

99 1/2 

7.15 

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0.00 15/ 9/1984 


15-nn 

1*70 

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100 7/8 

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98.00 

9 a«J I/LC/19B5 


JO .00 

1977* 

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95 1/4 

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1 "• -OD 

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95 1/8 

I—U0 

97.50 

7.75 15/ 2/J9B7 


23-00 

1977 

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8.0ft 1 el 1/1981 

96 7/8 

12.00 

(96-1 

caenmco! teepbmte 

97 

4.80 

99-50 

5.75 11/ 1/I9B4 

15.00 

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7. DO 

100.00 

5.75 1/ 7/1984 

10.00 

1*68 

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97 3/6 

- 5.00 

98.00 

6.75 IS/ 10/ 1982 


3D, DO 

1466 

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98 5/8 

5.35 

98.75 

6- 75 1/ *'1986 


25. DO 

197! 

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100 2/6 

ID. 50 

loo. ao 

8-50 1/ 2/1986 


JO. DO 

14TD 

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100 3/6 

6. 3D 

10D.0D 

9.DD 15 : A/I98S 


25.00 

1977* are uass« numrsAxmi 97 

100-00 «.2S 15/ 7/1982 


ir.oo 

8.5b 


1964 

99.23 


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5.75 30/ 9/19B4 


22.00 

5.35 


1966 BBPteU: - M7PKUCC B-UfK 
96.30 6-15 23/ 1/1986 


12.00 

4.00 


1967 OBQCAEB - WRTCACE MRS 
97-00 6.75 28/ 2/1982 


12.00 
3- BO 


1968 SBBtAXE - BBBTCACE UHK JOO 
97-73 7.25 1/ 3/1980 


29.00 
23. 50 

30-00 


1972 

97.50 

197b 

99-00 


10-00 

5-38 


9.00 1/ 4/1983 

1978* aSAH -JUXLABD PUVE3 B C 
99.38 9-00 15/ 1/1989 

196* JBQAHD-Pim® ELOOraiC 
98-75 5.75 13/ 9/1984 


20-00 

4-01 


1964 JUTLAND TELE’BOHE 
98.75 5.75 U 5/1984 


3J00 

2.00 

2s.no 

10.06 


1966 JCTUL-O mBPHDBX 
B6.00 5-75 1/ 5/1984 

C®64 H3GD0H OF DEWABK 
98.50 5.50 8/ A/198* 


9* 1/8 


9ft 


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10.67 


1*65 DnXX OF D730URK 
99-00 6.00 15/ 6/1985 


J5.00 

11.20 


106’ JM3WH DF 9EHKAM 

91.25 6.73 1/ 9/ 1482 


XWJ.OO 

96-00 
10 -DO 
10 J» 


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99-00 7.50 15/ 1/1*90 

1976 KUSCOOT or DBMUB 
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1970 xnccDcn or Dooure 

lofi.oo 0.00 1/ J/(9g2 


97 3/8 

98 3/4 
94 1/4 


1410 xorcaan or 9VRtu#t 

89.25 9-25 1/12/1983 


8-00 

1-60 


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99.00 J.7S 30/ 6/1979 

1972 PRY94I3AXXBC 
100.08 8.00 IS/ 4/IP 04 

1977 B4UXMSV «S3 
100.30 8.23 14/ 3/1982 


98 S/B 
Jftl 5/B 
101 1/2 
98 3/H 
J3 1/9 


a.m 

9-03 

8.91 

1.38 

8.94 

8.10 

7.79 

8.74 

8^8 

5.12 

8.13 


8.46 

9.07 

8410 

5-74 

9*27 


8.(2 

9.II 

8.87 

10.58 

9-05 

8-83 

8.10 

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9.08 

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8-67 

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7.84 

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8.63 

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8 .44 


7. *7 

6.89 

6.32 

J.S7 

7.54 


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7-90 


6.30 

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1.61 

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7.3* 

8.82 

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4. *8 

8.74 


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9.6 A. 

9-M 

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9-99 


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5.82 

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3.64 

9-02 

8.26 

3.71 

6.J9 

3.93 

3.21 

6-82 


6-09 

4.57 

5-99 

3.09 

7-24 


4-38 

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6.92 

2-30 

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7.M 

6.98 

6.86 

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7.13 


7.68 

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7.10 

6.31 

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3-7S 

7.21 

6.85 

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7.50 


1.75 

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1-25 

7.24 


12-59 

8.64 

8.21 

8-21 

9-OJ 


4.8* 

8.79 

8.93 

6.79 

9.71 

9-33 

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6.9J 

6.12 

3.29 

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5.92 

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5.92 

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7.8* 


5.16 

6.33 

5.73 

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6-B7 


7.04 

ft.47 

6.16 

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4.2ft 

7.09 

6.84 

2.20 

7.J? 


11.63 

a.rn 

7.46 

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8.60 


6.34 

8.73 

8.67 

5.79 

8.8 1 


3.75 

8.4ft 

8-86 

J.55 

8.27 


J.1I 

9.95 

9.11 

4-29 

sain 


1,08 

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5-84 

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8-76 


5.18 

9-57 

8-54 

3.79 

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8*48 


9.J3 

101-30 


9-72 

101-00 


9.92 
101 -00 


“■86 

101.60 

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■ -85 
101.00 


«5 

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30 

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1981 

1971 

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1.00 

1981 

1975 

30 

1*62 

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1982 

1977 

31 

4-00 


hp re 
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sc to 
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917 •*• 

361 10S 9N 


15.00 

10.00 


19U cm op mxstna 

99-30 8-73 J5/11/19M 


100 


361 105 520 870 9*9 
980 


30-00 

20.00 


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102.00 


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SC TO 
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SC TO 
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SC EB 
LS 

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339 95 (09 520 870 
9*0 9*1 9*5 963 
9(5 980 
359 *** 


197? RSSO-CUTZHT 
100.00 B.25 ■ 15/ 2/1984 

1975 ESSD-CTTTjfelT 
99 Ml ■ 9-731 3/ 5/1982 


96 7/8 
101 3/8 


4^1 8-94 

-5.72 8.96 8.52 


'3.93 8.23 8.59 


20.00 

17.50 


1972 raumf- EB K7CE BASE 
100.50 8.00 13/12/1987 


96 1/4 9.55 8.38 8.31 
6.80 8.73 


LX 


sp re 

LG 


361 IDS 310 945 975 
■80 
517 •»* 

359 105 9*5 980 
230 11 S 8*5 9E0 
6* /•* 

316 


25.00 

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25.00 

21.00 


12.00 

1-10 


1S.OO 
ID. 50 


1977* FXHuftD -- 1ST® 1C FUND 
100-00 #>25 LB/ 9/1987 

197b rUCLAjm - EWST FUND 
100.Q0 9-00 18/ 9,'l/8« 

1*6.’ TjkjtSO W'tTMEl BAJX 
■4-98 ■ 7.25 15/ A/1979 

|47l PIKUSD WPTCACE HARK 
91.00 P-M IV 2/1986 


16 1/4 9.30 8.85 8.57 
6.15 9-06 

100 1/8 6-30 8.96 8.99 
3.66 8.95 

99 3/3 .88 7.93 7-41 


58 7/8 7.72 6.89 8.78 
4-57 8.W 


30.30 1976 FINLAND »»W»T! SAJCC 

19.00 100-00 *.I? 1/ 4/1967 

lu.00 1*73 FINLAND HnitTr.*GP IAXK 

30.00 97-00 . *■;> 13,-10/ 1981 


iOn 7/2 
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3.68 

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2.HS 


9.10 
9.09 
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9.11 


9.20 


IS -00 


1975 riCCEISB EXTORT CTEOIT 
98.4ft 9-13 15/ 8/1980 


100 5 (8 2.U 8-89 9-19 


9 .59 
102.00 


M 

1983 


.50 HP HT 
1J7* SY 


399 913 920 873 


20-00 


(97* PIKSI79 EXPORT CSSOTT 
99-00 5-23 15/ 2/178T 


MC 1.00 
19* l DP1974 
*ftC I -no 


101.30 


100.00 


101.50 


1978 

1971 

90C 

1-25 

1979 

1968 

3T 

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1979 

1970 

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2.00 

i?8i 

1971 


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1980 

45C 

.50 

1961 

1977 

90 

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1978 

15 70 

30 

1.00 

1978 

1970 

30 

7.00 

1978 

15/3 

31 

.66 

1978 

1972 

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1980 

1973 

SO 

.70 

(980 

2P.’2 

360 


1980 


40C 

1.03 

1979 

1570 

90C 

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1978 

14.0 

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1979 

1989 

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raw 

1979 

1969 

» 

l.» 

1978 

1969 

31 

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1981 HF1976 

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-77 

1978 

1972 

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1970 

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1978 

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1.66 

1979 

1970 

30 

1.33 

1978 

1971 

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2. 30 

1978 

1972 


fP to 

IN 

sp re 

LKLX 


HP TO 
LHLX 


SS5 105 
750 
315 105 
735 
955 
313 US 
J15 
955 
485 105 
735 
975 
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270 7 » TU 
955 WO 975 
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950 9 K 941 
94D 975 
530 720 730 
750 931 9*1 
960 975 
170 520 730 
750 955 960 


ll.oa 

12.50 

15.00 
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20.00 


1*32 P ED-139 WETiCnP.il LOAS 
93.50 8-15 15/ 3/ 1987 

1174 PINKISH MUSIC IF AL UUN 
9S.W 8-75 U i'1589 

1972 OZWPUHPl! 

98.00 7-10 U 2/1979 


100 3-'i 
9b 5/5 


2.72 8.89 


8.79 8.81 
5.64 9-03 
97 Vg 10-68 9 M 
7.73 9.13 
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3.54 


99 l/i 


7.56 


J3.00 

10.90 


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98.30 8-15 


1/12/1186 


99 3/4 8-51 8.78 
3.07 8-80 


10.00 

1-70 


1984 PJUMA-RPPOLA 
98.25 6.50 7/10/1979 


98 3/8 J.16 7.93 
.97 8.65 


6.72 


750 


HP W 375 934 


520 730 733 
955 IbO 775 
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1*6* HAimwram or . 

.18.50 ft-lS U’ 6/1979 


OT CU 315 IQS 930 715 730 
Lfl 735 7 50 9 32 955 

<W0 975 
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15-00 

14.11 

15-00 

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1976 MUTAxonm or 
1 00 4X1 9.00 1/11/ 1983 

1964 nmUC OF IWA3D 
97.50 6.00 1/12/1979 


98 1.1 

99 7/B 

93 !/4 


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6.45 


5.12 4.01 
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9.47 

30C 1.00 

102.00 

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45 

101.50 

1981 

1.00 

m97ft 

SOC .50 

102.00 

1580 DP 1973 

60C 3.75 

101.00 

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31 1.00 

103.00 

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1.30 
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30 1.00 

102.00 

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9.4® 

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8.43 

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100.00 

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102.00 

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102-00 

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9.73 

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1980 1971 

(OT .83 

100 .25 

1978 1968 

1964 

“■27 

300 .71 

101. DO 

1981 1977 


TO IS 
UI 


GG IS 
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359 IOS'520 70? 715 
725 733 743 933 
960 975 
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100-4)0 8.873 19/ 1/1983 S 


1976 DJdXXCm DE FIANCE 99 3/8 8-30 9.21 
100.80 8.90 15/ 9/19B6 E ... 


LX 

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930 *» P60 175 
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723 715 745 950 
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73.00 

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20-00 

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100 JO 
1977 
91-30 
1965 
96-23 


KF 4QUXMR , 
8.23 13/ 4/ IMS 


ILF KOTOS 

7.50 15/ 2/1182 


96 7/B fi.M 8-87 
P M 3.72 8.71 


6*3 TO 32 33 : 35 
. . 60 203 803 927 

931 #3# 940 375 
443 20 . 32 33 .35 
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931 939 MO 97S 
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PI4ECAISS DD- PETIOLES , . M,U 5R» 1-0 8- .7.0* 
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735 953 910 973 
33 103 520 70S 715 
725 733 745 955 
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50-00 

33.00 


23-00 

25.00 


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LX 


cc re 
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313 IQS 520 70? 715 
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9J1 9» 9iD 975 
412 105 52C m3 T I5 
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21-00 
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30.00 

30-00 

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30-00 

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1973- 
100 >00 
1977* 
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1976 
99.75 

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91.30 

1971 

100.00 

1973 

98.50 

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100.50 

1976 

99.75 

1976 
99.23 
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15. CO 

30. EC 

20.30 

25.00 

25.00 


1*76 CX1R.T LtASinC (CAX.KT 
99.75 6-25 15/11/19(3 


1*77* 

99-1* 

1*76 

iro.oa 

197* 

130.33 

1494 

94.00 

1475 

94.33 

19-7 

99.25 

1915 

99.53 

1964 
99.50 

1965 
95.23 
1977" 
99.25 
1975 

lo:.bD 

1*77 

103-03 


mart msncc (caeiov 
£ .21 1’ 12/14(4 

DEIETT LEAFTA5 fCABVKT P 
9.50 *5/ 211921 S 

ES05A SSIPFITC 

9.00 15/ 5/ 1931 

SdHTCM COMICAL CO K10 
6-75 !/i:.‘1979 S 

S nczo*® CHEMICAL CO 
9-25 15/ a/1960 

Sck.uk:> siavt et 
7.75 15/ 1/198* 

SEHTT0*» BIATT 1KO 
9-50 1/12/1930 

EEE SWWS OP TOXIO 
3-75 15/ 4/197" S 

IEE HETTJPOLIS DP TORTO 
b.b? 15/ A.-mEa 5 

TCXAS L.U)GEXxr»S 

7. '5 If/ 10/1964 S 

17 RAT 1NMKTLE5 V 

9-75 1/12/ 1900 

TCTO LaSETSC 

7.75 1/ 3/1902 


1977 TOTO (CM XA12EA 
99-25 7.75 1/ A/1981 

1976 rcnra mesxa xaisha 

1JJ.33 9.:: 1/ A/196! 

1977 T.E. L7SC <CATKLM 

99 _i5 7-7" I4» 1/1 


'5 15/ 3/1964 


1413 T.S. LIST fCATFXSI 
99. a 9-5G IS '12/ 1*90 

FS Di-LVU-XOTXA 


25.C0 I* - * tOFS A OtVT BAIT 

Si. 75 9.50 15*12/1991 

25-50 14’? ZQSEA PtTT GAVK 

99-i3 9-M 1/ 3/1*92 

rS D'TLLASS-U.XEWOCtG 


35- 912 9(2 

£0? 10S 941 

*53 105 215 
93? 920 
110 *** 


975 


520 913 
975 


3(7 105 513 920 9S3 
962 975 
A63 *“ 


*20 930 
920 960 
913 

411 105 913 9A1 975 


219 I Q5 913 
4.*S 
140 340 913 
96-’ 97 i 
S30 860 


10.00 

2.10 

20.00 
20. CD 
3D.OO 


50.00 

20.00 

13-05 

25.00 

20-00 

£.60 

30.90 

20.00 

17.00 

75.00 

50.90 

29.00 
50.03 

35-00 

A.76 


1947 A42E3 rlSASCE 
»9.!0 6.50 1> 6/1979 

1972 3-P.I. LTOEMBOCtC 
103-00 7-50 15/10/1962 

1*76 S.T.E. UZQ30CUC 
104.00 9.DQ 15/ 2/1983 

US DOLLAR 5-MKXI CO 


1977* 

99.75 
1972 

97.50 
IS’7* 

99.50 
19(7 

96.75 
mi 

209.02 
l®72 
IOC. OO 
1977* 
200.K 
1975 
96 .no 
1977* 
1 Lie. co 
i*64 
S4.3S 


BANCO NAC1DSAL DE OEKAS 
9.25 1/11/1962 S 

C-F.E. - KE11CC 

3. ED 2/ 2/1907 
PBASA - rw A2TC 

9-00 1/U/19B3 


SACKWAL nswunu 

7.23 1/ 9/1992 ! 

MAC TONAL PLSANC'EXA 
10-00 1/ 7/1992 

PSJOUM xixicanq- 
S.50 1/ 9/19S7 

JETPOLttiS JlEXICANOT 
9-00 It U 1402 
PEIBOLEOS MEET CAWS 
10.25 15/ 4/1962 

ielefows or mice SA 
S-55 10/ 0/290* 

TCI TED !HXTCA.T STATES 
6.25 1/11/1979 ' 


97 1/4 
M 5/1 

101 3/1 
104 

97 1/4 

102 

99 

99 7/0 
97 I/A 

96 1/2 

SB 1/3 

97 1/* 
ICO 7/8 
101 1/2 
191 3/4 
10D 

99 
SI 

97 l/B 

101 3/4 

100 3/8 
90 7/6 

104 1/6 

95 L/2 

102 5/1 

98 5/8 
98 3/8 

96 

102 3/6 

97 3/4 

96 7/6 

101 5/8 
95 1/2 

101 1/2 

10D 1/6 

100 1/8 

95 5/8 

98 

10D 5/9 

98 3/4 
92 3/4 

97 3/6 
97 7/8 

103 3/8 
95 3/8 

99 3/6 
10A 1/S 

99 

97 1/2 


4>0I 8.58 

3>40 £.45 

2.68 9.(1 
1-63 7.49 
4.01 6.53 
2.21 9.19 

•U 11.0 

1.68 6 .49 
1.44 6.68 


7.97 4-52 

100- 50 

8- 11 9.32 

11)0-50 

4.12 8*43 

101 - 00 

9- 84 
7-97 
9-07 

5«8S 


SO 

1950 

30 

1919, 

(or 

1979 


5.90 


100.00 
IDO -DO 


3.75 

0.4P 

7.9* 

6.04 

B.(« 

8.19 6-M 


_ 4M-5P 

2 .92 

8.54 

8-H 

0.75 

8. 7S 

JJJ 8-16 


100.00 

2.30 

9.02 

9.6 7.84 


100.50 

2.17 


9.11 

2.68 

8.45 

9-09 

3.13 

8.73 

8.73 

3.16 

i.fr 

8.3 3 

5.55 

8-76. 

8-42 

4.05 

0.S5 


6.51 

8.8} 

8.49 9-93 

5.01 

8.48 

101-00 

*»ren 

*. *4 

9.55 

1.44 

(•37 


2.96 

8.75 

8.94 8.63 


100.00 

X-5! 

7.70 

6.94 

.76 

5.51 

100.50 

1.06 

6-74 

Ii7 

3.63 

E.78 

8.12 9.49 


101.M 

2.51 

3-25 

9-» 

.13 

7-53 

5.92 

■71 

7.90 

1C0-M 

2.04 

6.90 

6.19 

1.25 

7.50 

100.00 

6.30 

8.76 

l.M 9.(4 

4.LJ 

9.13 

101.00 

2-51 

6.50 

9.50 

3.75 

E.tS 

7.9S 

3.84 

8.73 

8.00 

2.64 

8.56 

9-10 

5.79 

8.76 

8.12 9.91 

4-«9 

9. 01 

101.00 

2.55 

6.77 

jj( B-25 



101.00 

3.55 

9.13 

9-49 

3-75 

9.43 

9.49 

1.01 

11.36 

6.89 

—1 

19.15 


4.30 

8.04 

7-05 

2-38 

8.>3 

101.50 

4.72 

8.B1 

8.94 

4.42 

6.83 

>.59 

8.69 

9.24 

8.63 

4.73 

9-98 

102.00 

4.42 

9.73 

.9-24 

4.2S 

8.00 

7.54 

2.27 

0.42 

103.00 

3.09 

8.60 

9.65 

9.26 

9.25 

B.91 10.27 

5.40 

9.62 

102.00 

4.09 

9.18 

9- 06 

2. S3 

8.81 

9-81 3.93 

!.?0 

8-47 

101-00 

6.20 

9.46 

9.34 


102.00 

1.52 

8-31 

6.51 

1.03 

9.05 

100-15 


1-50 

*71976 


20 3.16 

1975 1965 
3D -£A 

1976 . 1966 


30 

1911 


30 

1965 


30 

1978 


3.00 

I960 

45 5.00 

1900 1901 

2.5Q 
U7B 
30 
19(0 

3D .60 

1973 1967 


20 

1982 


kp rc 

ix 

kp rc 
LX 

kp ra 

LX 

sp rc 

LX 

bg rc 

LX 

ic rc 

LX 

Gfi HT 
W 

CC XT 

s: 

W ST 
51 

ce ti 
ET 

SG BT 

ST 

17 3T 
XT 

bg rc 

LX 

bg rc 

LX 

k a 

LX 

BG rc 
LX 

bc rc 

LX 

rc rc 

LZ 

pc ra 
1X51 
TC CD 
cq 

sg ra 

LX 

re rc 

AS LX 

SG ED 
LX 


156 •« 

456 **• 

219 105 913 920 960 

346 913 920 975 

917 913 920 939 933 
941 950 960 962 
315 

326 *U *20 930 9 41 

Sen 975 

399 105 805 141 
391 105 805 941 973 


399 


399 


3 » 20 
60 
939 
20 
*0 

939 
2D 
60 

919 
399 20 

60 

933 

436 33 

920 
962 

29B 105 
SAL 
199 105 
950 
326 105 
530 
975 
326 32D 

940 
396 35 

93D 
960 
396 *** 


K 33 35 
8* 927 931 
940 *:S 
32 33 33 
60S 927 951 
940 J7S 
32 33 15- 
805 917 931 
940 97S 
32 33 35 
SO! 927 931 
940 97S 
105 330 913 
930 940 960 
975 

9L3 920 930 
*60 .*75 
520 913 920 
942 900 97 5 
520 913 9U 

935 941 960 

913 920 930 
975 

913 910 977 

936 940 950 
975 


396 913 9 36 

412 913 920 927 930 
935 960 9(2 975 
361 105 805 941 975 

517 105 510 913 930 
962 975 


LX 


20 

1970 

30 

1970 

30 

1981 


1.07 

19(9 

1.10 

1)66 

3.00 

1900 


BG BT 359 **• 

159 105 913 975 
327 520 9*1 975 


SG ED 
LX 

CG ra 
SI 

GG HT 
ST 

eg ra 
LK 

BG ra 
LX 

rc ra 

LX 

bs ra 

LX 


1.0a 

WI977 
30 5.00 
1901 1981 

30 .75 

1978 PP1976 


re rc 

LX 


bg ra 

LXS1 


327 105 941 975 
359 *“ 

359 9(5 

359 913 920 927 9M 
935 941 950 960 
962 9(5 975 
337 •" 

337 IDS 913 920 930 
960 975 

337 35 913 920 927 
930 933 935 940 
950 960 962 975 
5 LB 913 960 


CC a 501 35 250 913 915 

LKRL 910 947 975 

CC a 179 230 913 913 970 

IS 915 


1-50 

1473 


sp ra 

LXBX 


66 25 105 305 505 
520 530 E05 870 
940 975 

375 105 205 520 975 


60 4.00 KP ra 

1978 DP1973 LX 

VP ED 490 105 £05 531 930 
LX 935 960 975 


3 20C 1.(5 

1980 1976 


90 

1973 


s90 

1971 


45C 1.25 

1962 091974 


30 6.Q0 
1)79 1980 
30 2.30 
1980 FT1978 
30 1-26 
1970 1966 


KP ST 
FT 

K? EU 
LI 

KP HE 
LB 

CC EU 
uu 
sp rc 

LV 

kp ra 

LX 

kp ra 
I&C 
KP ED 
LX 

» ro 

LX 

sp R 
KT 


413 33 
927 
103 103 

63? 3 

359 103 
975 
517 105 

315 105 
975 


35 60 915 
931 940 975 
115 915 975 

9(5 927 
405 915 941 
915 960 975 
915 932 960 


235 105 915 960 973 
230 *** 

327 105 915 941 975 


:/ 




’he story behind Market- 
maker 61 1 is the story of 

Rabobank After more . -=. 

than 80 yeans of steady growth, 
Rabobank occupies one of the 
most prominent positions 
amongst the leading bank 
organisations of Holland. . ,:v. 

.With a strong * ' n : . 
agricultural background, •. ; 
Centrale Rabobank heads a 
cooperative banking 
organisation with over 3100 
offices and a combined 
balance sheet total exceeding - 

61 bflGon Dutch guilders _ 1 
(in excess of CIS $ 26 billion) h i;* 

1977.. 

Rabobank ccntfiTiwusy 
defends ftsadivities also 


internationally, and is now 
■operating as Marketmaker 
61 1, in Dutch Domestic Bonds 
and Euroguilder notes. 

Considering the 
number of issues, in which 
Marketmaker 61 1 is quoted In 
the AJBD Quotations and 
Yields, it might be very worth- 
while to get in touch with the 
Dutch Masters in Banking^. 

: Rabobank is also 

contributor to the Reuter 
. Monitor System under page 
code RABA-B. 

Centrale Rabobank, Holland 
St Jaoobsstraat 3Q Utrecht, 
Trading Tel: (Q3CJ 36241ft 
Telex: 70105. 


s 

DufcchMasters in Banking 





member op unico banking group. 


Austrian Quotes 

Quotations and Yields of Austrian Eurobonds 


ISSUE 


D-MARK BONDS 
GJSj Brenner Autubahn 19G8 iG) 
<5% Donaukraftwerke IU59 »G) ... 
Donaukraftwcrke 1973 ( G 3 ... 

7*£ Girozenirale Wien 1076 

GirozentraJe lVien 1376 

8 i % IAKW 107.i iGi 

6J% Kelag 1073 (SG) 

SJ% Gester. Draukraft«erke 1975 
7% Ocster. Elektrfeitnelsv.irt 1967 

Rep. Oesterrcich l*ns 

Rep. Oeslerreich iufi9 

9Vo Rep. Oeslerreich 1975 

81% Rep. Oeslerreich 1075 

7J% Rep. Oeslerreich IU76 

62% Rep. Oeslerreich 1977 

6J% TauernkraftMcrkc 19ii3 iG) 
7% Tauernkraflwerfce 19HS iGl .. 
9i% Tauernautobahn 1U 74 (G/ .. 

S}% Vocsi 1073 

S? ?o Vocsi 1U75 

Bj% Voesi 1077 

7% Wien 1908 

82% Wien 1975 


(Gi 

(G) 


LLSJS BONDS 

B% Hep. Austria 1994 

6j% Rep. Austria L967 

S}% Rep. Austria 1076 

6i% Aust. Eleclriciiy 1966 <G1 ... 
6J% Aust. Eleclriciiy ]9i»7 tG) ... 

51% Alpine Montan 1965 iGl 

SJ% Tauernautobahn 19* * <G) ... 

53% Voest 1960 iG) 

64% Transalpine Fin. Hldg. 1066 
6f% Transalpine Fin. Hhfz. 1066 
6;% Transalpine Kin. Midi:. 1067 
Ri% Transalpine Fin. lild? 1967 
"i% Trans- Austria Gasline 1«T3 

AUSTRIAN SCHILLING BONDS 
»1% Kontrollbank 1074 CG) 


DOMESTIC ISSUES 

8% Invcstitionsanleihe 1073 'B .’. 

S% lnvesULionsanleihe lHTo. ll-B 

S% Investitionsanleihe 1074. B 

8i% lnvestirionsanleihc 1074 II -*B 

8j% Invest iiionsanleihe 1075/H/B 

Si%.InvestitionsanIeihe l!»73jS,il 

Jnvestitionsanleihe 1975. 'III. -B ......... 

Si% Inrestitionsanleihe 1975:S/H1 U.IV ... 

8J% Invcstitionsanleihe 1975 V B 

8*% Invesiitionsanleihe 1U7B.S 

S% Invest it inn sanlei he lOn.Sin B 

s% Investuionsanleihe 1077. JI B 

S% Invest i tinnsanicihe 1 977 .'I II.' B 

S% Wassenvirl&chaftsfondsnnl llDi 111 ... 

■Si% Enerpteanicihc I‘J7.j. IIP U.S 

Wiener Stadianleihe Jf*S B 

S% Wiener Stadtnnleihc I8T7/A 

«% Wiener Stadtanleihe 1977. B ....._ 

8% Europ. investitionsbank AnI. 19*6 ..»■■ 
S% Inter-Ara. EntivicklunRSuK. AnI. 13 * o 

S% Tig Finco Anleihe 1076 

S*% Sparkasscnanleihe 1973. /H B 

8% Sparkasscnanleihe 1977/S-B 

(R1 Purchase for redemption purposes by 
to ptan. (...) Repayment at a premium. 


COUPON 

DATES 

REPAYMENT 

• SINKING 
FUND 
(STARTING 1 

PRICE 


CURRE 

•YIELD 

MATLIR 

BID 

ASKED 

CURRENT 

YIELD 

1 .2-1.8 

1 .8.74-83 

1.S.73 

102) 

103 

6.5S% 

6.19% 

12-1 -S 

1.2.65-84 


101 

101} 

52)3% 

5.84% 

1.3 

1.3.73-87 

1.1277 

1034 

104 

6.51 % 

6.19% 

1.11 

1.11.81 


104} 

105} 

6.67% 

3.38% 

i.n 

1.11.83 



1061 

106} 

6.81% 

353% 

1.5 

1.5.80-85 

1 

107} 

10 s* 

8.10*4 

7.26‘r 0 

1.5 

1.3.79-88 

1.2.78 

1021 

1022 

6.59 % 

6.40% 

1.3 

1-3.S1-S5 



1101 

111 

7.90% 

6.74% 

1.2- 1. S 

1.2. 73-87 



t<K<i 

HMi 

6.76% 

6;55% 

1.4-1.10 

1.4.73-82 

1.4.72 

1031 

104] 

6 .72% 

3.88% 

1.4-1.10 

1.4.75-83 

1.1.74 

1023 

1031 

6.3 1*^ 

3.78% 

12 

1. 2.83 


307} 

lUSi 

S.33% 

6 .96% 

1.5 

1.3.7S-87 

1— .77 

106} 

107 

7.96% 

(.43% 

2.5 

2.5.83-86 

13.R* 

1084 

109} 

7.11% 

6.29% 

1.4 

1.4.83-83 

2.1.S2 

1031 

103} 

652% 

6.11% 

1 3 - i.n 

1 .9.74-83 

1.0.73 

103 J 

104 

6.27% 

5.69% 

1 .2-1.8 

1.2.T443 

— 

103} 

1041 

6.73% 

6.10% 

1.7 

1.751 



111} 

1 12 J 

8.43% 

5.11% 

1. 10 

1.10.79-88 

1.6.75 

J05} 

106} 

B.W% 

7.61% 

1.6 

1.6^1-85 

— 

107 

108 

7.9 L% 

7.12% 

1.6 

1.H.S4-80 

— 

1021 

102} 

6.5U% 

6.43% 

1.5-1.22 

J. 6.74-83 

J.6.73 

1035 

1041 


6.2S 1 n 

1.8 

1.8 78-84 - 

— 

105} 

1061 

7.79% 

7.06% 

31 1-31.7 

31.1.71-84 

3.1.70 

984 

99 

6.02% 

6 15% 

15.3-15.9 

15.3.72-82 

15^.71 

98} 

out 

6.Sl"u 

7.11% 

15.8 

15.8.7S-U0 

15.8.77 

99 

90 V 

8-82% 

S-85% 

J. 1-1.7 

2.7.70-56 

1.7.69 

97 

971 


720% 

1.4-1.10 

1.10.71-82 

1.10.70 

99 

99} 

6^0% 

7.05% 

13.6 

15.6.72-85 

15.6.71 

93] 

94} 

6. 12 Vo 

6.84% 

15.3 

15.3.S3-S7 

15.3.82 

98 

981 

8.40% 

S.53%i 

23.10 

23.10.70-78 

23.10.69 

yui 

100 

5.76% 

6.35% 

31.10 

31.10.70-85 

31.10.60 

9«i 

!)7i 

6.70% 

7.02% 

31.7 

31.7.70-85 

13.7.69 

07 

97} 

6.94% 

7^3% 

31.1 

SI. 1.73-82 

31.1.72 

98i 

99} 

6.82% 

7.06% 

30.4 

30.4 74-83 

30.4.73 

SSI 

90 

6.84% 

7.08% 

15.1 

15.1.77-88 

15.1.76 

SSi 

89} 

S-43% 

9215% 

14.S 

1 

14.S.79 

— 

1004 

101* 

9.41% 

S.59% 

15.2 

13.2.77 -Si <101) 


101 

1013 

7.90% 

7.89% 

3.i 

3.7.76-S1 (1021 



101 1 

lull 

7.SS% 

8.21% 

1.4 

J.4.76-S2 I1W.5U) 

R 

103} 

JU4 

7.71% 

8.09% 

22.1U 

22.10.75-82 


100} 

1011 

S.42% 

SJ0% 

11.6 

1 1.6.76-84 (1031 

_ _ 

102 

1(12 3 

S.‘J1% 

S.47% 

25.7 

25.7.7/J-S5 (103) 


I02< 

103 

8.27% 

SJt) ,r o 

2S.1D 

2S.10.76-S4 (103) 

_ 

101J 

102 

S.35% 

S..J4 “0 

1 27.12 

27.12.711-85 (103.50 > 

__ 

1034 

102} 

S.21 % 

S.15% 

72.22 

12.12.70-85 / 103.50) 

’ 

1IKU 

lU3i 

S*l% 

S.24% 

20.2 

20.281-80 (104) 


103 

1034 

SJ13% 

S.29% 

2.6 

2.6.82-87 


99 ] 

ions 

S.00% 

S.11% 

I5.U 

J.?.'J.S2«SS 

_ 

.WJ 

1091 

S.00% 

S.08% 

20.12 

20.12if2-86 




1091 

8.00% 

S 0T“fl 

3.6 

S.6.S2-S6 


■mi 

100} 

S.00% 

8.1)9% 

29.10 

29.10.79-85 1 103.50) 


103] 

104 

S.19% 

S.20% 

29.4 

2M 76-83 



UiOS 

101} 

843% 

8.15% 

10.5 

10.5.78-92 



uui 

10 UJL 

8-01% 

8.00% 

10.5 

1 0,5.78-02 

‘ 

pul 

100} 

S.00% 

S.08% 

20.10 

20.10.80-S6 


99 A 

100 

8.02 % 

S.03% 

17,12 

17.12.S1-86 


9Ili 

100 

8.02% 

s. 11 % 

19.11 

iy.ll.Sl -SB 



993 

100 • 

8.02% 

s. 11 % 

21.10 

21.10.77-83 (101) 

_ 

1011 

102 

3^3% 

8 . 2 s % 

28.7 

26.7.80-83 

_ 

9Ui 

100 

S-02% 



issuer possible. The bonds so 
(G ) Government Guarantee, 
lions are based on the middle 


purchased may be used for repayment according 
IS) Lora! Government Guarantee. V leld calcula- 
price. 


On international capital markets Austria ranks as Triple A, Tor knowledgeable investors, 

Austrian securities are particularly safe and attatetive investments. 

• Austrian issuing houses may he considered nwidcls where flBHHHBBM :ini ' >l acts as a dcpo«*iior> hank for investment Tunds. Leading 
market support is concerned. One nwwe reason (or mani M 1 y J «r m-maiwginc alntusi all donicsiic issues and hji inf 

investors to hu\ Austrian bonds. Giro/.cmmie Vieitn-i is ■ PpryB undcrv rihen more than 2il0 issues i»n Ihc fcuro-Cjpital- 
Austri.i'ssecunvILim^ibank Issuing a« it docs if sown Market in 1977 alone. Ginvcntralc Vienna is one of the 

securities t£ lixiks after foreign companies on the Sienna Brinitf WHBB leading Ausirum institutifiis kindling securities. 


Girozeritrale Vienna 

Market Maker in Austrian Eurobonds 


Minucr Satunlies Tnding P« junmen'. - Ktfl V OM %CK A. Tel "’’'Wh?!', Tckv |j|*5 ■ Deputy Minaret Lumbnfld Dtaisr Markfritd LILL.Tel. - 7! 94 772, 
TUex: [-3195 ■ Eurobond HertKrt STFINDOR. 1 FR. 7-1 ; r?*4ni<,tcte< MI**.*. Austrian 5ch illi mebond-s Dealer tierfieO PICRI/’CER, Tel.: 7294372, 
Teles lOWS 1 ManaefrNewIuu:S«dicauan PelefNOWAK.1el.-7294634.TeKs 1-.WI5 




! 













£ £ BORROWER/ 
oS COUPON MATURITY 


M g B P 


US W&XW-WP3M (iONTTKTED) 
S1TD ffi&OI RAXES 98 


IB1TS) NEtZCU STATES 
i 600 1/ l/IW 

TOTTED MEQCAF STATES 
6.30 1/11/ 1580 

TOTTED HEQCAK STATES 
6.73 13/ 7/1978 

TOTTED KTXXCAS STATES 
6.873 1/ 7/1961 

ranro rancix states 
7.00 13/ t/iwi 

TOTTED HZnCJU STATES 
7.13 15/11/ 1981 

TOTTED VEXXCA5 STATES 
8.50 U/ 3/1967 


*Bi 9.2* 
.60 17.30 
;.:j 8.34 
1.34 9.21 
.13 9 -98 


3.09 8.20 
J.*7 9-24 


_«S 1:8 


S.TO 9.36 
J.t9 9.41 


f 8.73 £3/12/1991 

TO TTED MEXICAK STATES 
I 9.00 1/ 3/1982 


13.35 9-51 
9.00 5*66 


a . 74 

100.00 

i« 

m. so 

6-89 

100.00 

7.22 

100.00 

700 

101.30 

7.56 

100.00 
944 »n.*3 
102.00 

9.33 

102.50 

9.26 


*F ST All 103 913 941 973 
n 

W FT 411 103 913 941 173 


2978 1969 

Sn .39 

1976 1967 

W 1-20 
1952 1976 

90 1.21 

1980 mat 4 


327 105 913 941 975 
327 103 913 941 915 
411 IDS 913 941 973 
317 IDS 913 960 975 


50.00 19*6 Bri T tn KSEZCiLV STATES 

1D0 .00 9.10 1/ 3/1991 

79.00 1973 BE UO > KBICAff STATES 

73.00 200.00 10.00 15/ 2/1990 


L 201 2/4 
6 

L 202 1/2 

S 


21.75 S-S4 


9.S0 9-71 

202.30 


22-72 10-02 

7.22 9.94 


102.30 
U.D9 10.23 
102-73 


30 7-30 
1986 TP197? 
30 7.30 
1983 1961 


413 32 33 
609 913 
939 9*0 
411 >85 9 IS 


TO D0LUW»mE8UKDS 


454 92 33 
9IS 927 
973 


DUTCH STATE WEFTS 

8-25 25/ 6/J9B7 


JHTTCB STATE HIKES 

8.75 1/ 0/1989 

SUICH STATE HIKES 

9-23 25/ 9/1960 

■CIST-BROCADES I5H. 

8.25 13/ 7/19*5 

CAT10KA1E KEDPELACTES S 

8. 00 20/ h 71984 

bh snot rrt cow to 

6.00 15/ 6/1988 
VAX BEDS Tin COUP HI 

8 .DO 15/ b/ 1968 
TAEBOS) BOUJFG F-V. 

9.00 13/ 2/ 1982 
ran. ITS TOT FIB 

6.30 30/ 6/1979 

VS VDUMS-ttB ZSA L*m 


96 1/8 
96 1/8 
99 1/4 
TOO 1/2 
93 3/4 
S 96 7/B 
TO 136 3/4 
xo 66 1/3 
93 1/8 
99 1/4 


9.17 8.H 
i.67 9.06 


9.0* 8-69 
6.13 3.9* 


10.17 S.»S 


2.20 8-96 


8-32 9-57 

102 .00 
8.38 9.61 

100-75 
8.82 9.17 

101. DO 

9.20 


30C A. 00 
1962 1978 
30- .90 
1982 DPI 97 8 
30 3.7S 
1982 DTI 901 


7.rt 9-W 
5.:3 9-M 
5-89 8-69 


8.62 9.85 

101.30 

8.28 


60 4. DO 

1982 1981 


238 103 920 6D6 960 
965 975 
138 • ** 


JO.Pl 3-38 
7.31 :.«0 
10.01 (.39 
7-i*» S-.'S 
3.72 11-34 
3.22 11.61 
1.98 7-23 
.3* 7.90 


6.53 7.23 

100.00 


3.00 
2983 
3.00 
1963 
10.00 
1981 
9 DC 3-50 
1973 1972 


243 IDS 606 927 
238 6 DO 606 930 973 


238 600 606 
238 103 606 97S 


346 IDS 520 80S 9U 
973 


I?6J COT* OP nil ZULUS 
91.50 3.75 1/ 7/1985 
1966 COT. Or DTO Z CALASH 
94.00 0-50 15/ 2/1986 


1967 GOT. OF FEB ISAIAH) 
97.73 6.75 IS / 7/1979 


1977* GOT* 07 FEB ZEALAND 
99.46 7-30 13/ 9/1984 


8.10 

101.75 

<->Z 

101.75 

6.89 

101.00 

8.05 8-88 

ICO .00 


437 105 9 U 965 973 


437 105 941 973 


427 105 941 975 


1976 COT- or MW reAUlffl 
190.25 8.25 1/12/7906 

1974 WVT. OP FEW ZEA1A5D 
lOO.-W 8.30 15/ 6/19(3 


8.32 9.36 

101.00 

!•» 


637 20 32 33 35 
60 803 927 931 
9-9 9*0 975 

488 •" 


1975 COT. DP FEB 2ZALAKJ 
99-50 9-00 13/ 8fl?B0 


1973 GOT- OT SEP 2 CALAIS 
94. SO 9-23 13/11/1081 

1973 GOVT- OF XIV 7EALASB 
99-50 9.25 15/ 8/1962 


9.12 8.51 

100.00 


30 1-60 

1980 3? 1978 


STB 2EALA5D PE7 TT9 COT? 95 3/3 
I 7.75 13/ 3/1984 

' FEB ZTALAFD DPT ns cow 96 1/8 
8.123 1/ 6/1983 

' FBI ZEALAXD DEV FIS CDS? 95 3/B 
I 8.373 1/ 6/I9BS 

' 1.3. n*£5T MOJiraS 99 7/3 

I 9 -00 13/ 3/L9B6 

orrsmrs amw co as 5/s 

I 8.25 13/12/1965 

VS B OtXATS- KOeSAT 


8-13 9-93 

laj.oa 
8.45 9-91 

100.00 
8.78 la.ns 
lDl.bO 

9.01 

103-00 
>•34 f.*4 

20 UO 


3D 1-15 
1981 Dfl?'8 
20 20.04 

1482 1982 

30 1-50 

1392 07 194 2 
AD 1.30 
1980 m93Q 
30 
1891 


109 305 520 
870 911 *’S 
9*! 917 975 
305 520 *05 
9» 9)5 9,1 
450 975 
520 905 X70 
9sl 917 975 
520 M3 P70 
4*0 9 35 941 
975 


1975 ARDAL DC SHUSH AL 
1CO-CO 9.50 1/11/19BQ 

197 L BOZPJXAARB 
100-00 8.73 1/ 2.' 1986 


101 2/8 2-42 3-10 


93 3/8 7.49 »-04 
4.37 9-LB 


715 735 870 
940 975 
520 713 733 
9SS 960 965 


1964 CITE OF BTXCW 
99.00 5.30 15/10/1934 


94 1/2 6.78 8.58 
J.S9 7-29 


520 725 740 
9*1 955 960 


7*73 cut or (near 
94-00 6.00 U 4/1987 

i9<4 art or osto 
98.81 5.30 -15/ 9/1984 S 


98 5/S 3-J-- 8-22 
-.84 S.JS 
95 6. JO 6-56 

3.11 7.33 


3.11 9.34 

101-00 


JOS 1.00 
1980 1973 


520 719 73S 
955 960 973 


520 7J9 740 
941 955 960 


1961 CUT OT OSLO 
99.00 5.75 13/ S/1979 

1963 CUT OP OSLO 
98.75 J.75 li 6/1985 

1971 CXIT OP 05LD 
98.90 8.23 1/ VMS 

1977* CUT OP OSLO 
99.00 B.7S -1/11/1997 


98 5/8 .72 7-91 


95 UK 7.01 4-72 

S 3.52 7.41 

99 3/8 7.73 8*31 

4.S0 0-14 
95 1/2 14. S3 ?.47 

S 12.49 9.39 


6.13 

101.25 

8.2B 

102.00 
9,37 9-T* 
1020 


WO 
19*9 
30 .93 

lire wo 

20 1.35 

I9.-9 sen : 5 
20 3.10 

1999 3P19SJ 


320 735 740 
955 960 975 


1970 CUT OF OSLO 
103.00 9 -00 1/ 5/1385 

1876 cm OP OSLO 
100.50 9.00 1/ 3/1488 

1964 mow or xowat 

98.23 3.30 13/ S/19B4 


Ml 3 18 8.92 9.TZ 
, 4.19 8.60 
99 1/2 9.73 4.07 
3.30 9.U 
94 3/8 3.95 6.67 
3.61 7-14 


8.88 

102.30 
9.05 9.37 

101.30 

5.83 

100.00 


30 1.60 
1979 DPH72 
3D 3 *60 
19*2 3?I 978 
"DC 2.1P 
1979 1973 


53) 735 740 
953 960 973 
530 715 7*0 
960 975 
32 33 S3 
805 927 931 
9«0 975 
735 953 973 


1965 X3FCD0H OT SD6SAT 
96-00 5.S0 U 4/ MBS 


9i 1/4 «•** 6.66 
S 4.0S 7-29 


1977 TZKDM otisonu 
100.23 7.25 13/ 5/1482 


95 1/4 3.9 6 8.72 


315 105 520 713 7*0 
■ 932 9*1 955 960 

975 

315 105 320 733 7*0 
9E 941 953 5*0 
973 
315 *** 


> K : C 1x1 


ROMO’.'-!*' 
COUPON MATURITY 


MARKET 

MAKERS 


< § I 2| l“S-S S 

ig "js* t * * ! 1 


C3 DD'JjWS-SVEDSt: .("V7::. , iJI 


1472 SCANUFF 
100.23 7-50 15/12/1990 


92 7/8 12.53 8. *3 3.08 30 T-W 

8.30 8.73 100.375 1’JQ WMrS 


1973 SCA.K»*Pr 

99.75 8-625 13/10/1988 


98 VS 10.38 8.40 9.75 «.»3 30 !.<*) 

7.71 8.95 !O0."5 1979 M1975 


1476 SKAU1IKA7ISKA ESSTILDA 

loo.no ?.oo 1 /iz/ti 9t 
19J* guwiyinvA D:&rr.r-A 
1C0.00 10.25 1/12/1961 


272 103 305 5M 715 
735 915 9 5 5 4 00 
•>i 

272 IDS 303 5’n 715 
7)4 735 955 9.') 
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7477 5KT- 

100.50 8-00 15/ 1/1987 

1974 5PDEA SPOGr-ACAFKA 
99.30 9.50 1! 712/ 1986 


1976 5PU1A.KX0.4AF BASF 
99-M 0-75 1/ 9/7993 


1977* MUUDNf BASK 
100.0D 8.75 13/ 1/1988 

19/7 STAISmrtTAC- 
100-50 7-73 1/ 2/1982 

1955 STATS FO'Cr AC 
99-00 9.23 15/ 9/1980 


1976 SEEK SKA fiAFDr-Sl'.-.'.W 100 1/4 
■94.00 9.25 1/ 3/19*6 

;*?* r-xpisn extoft r?m;T 7 98 3.a 
JOE -70 • 7.(75 13/10/198.7 s 

1*75 SaEOIfH EXPORT QUD’T 100 3/6 
99.00 9-00 13/ 4/1901 


SSSMSR rSTEKTHarr EISK 93 
7-50 15/ 1/ 1*56 

SITDCSB EETBTV&T 5.VK 57 1/8 
7-75 1/11/ 198 7 


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2.51 

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101.00 

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300 l.Fn 

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157 

965 




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30 3.!0 

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456 

101 

305 

570 

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94 

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197? 197* 

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775 

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9.43 

6. 

:s 7.59 


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359 

9*5 

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19 7.98 


450 .'0 

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31 9 

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305 

520 

715 

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965 


STORM FT 

9-25 13/ 9/1986 


8. VI 9-4* 
6.10 9- *9 


9.36 10-04 
101-50 


60 2.1)0 
1961 1981 


UDOEVALLAVABETT . V 97 1/2 
7-75 1/12/1963 S 

BDDSmiAWTET T 95 Si'S 

7-75 13/ 9/1984 

vox. to 95 

8.00 1/ 9/1987 

Ttn-ra 93 1/8 

0-00 1/ 3/1987 

rm.ro 101 7/8 

9.30 1/ 3/1483 


3.S1 8.50 
2.77 8-9<l 


6.30 0.67 
5.21 8.82 


9-26 8.00 
6.11 9.09 


9.50 1/ 3/1983 

US DCIXA35- SVT TZEPLAH) 


8.11 4.47 

101.00 
1.10 9.61 

191.00 

8.42 

101.50 

8.59 

101.50 
S-33 4.D7 

101.58 


3oc ;.?n 
19*0 J4/7 

jo ;.;d 
1931 1M0 

60 1.20 
19*0 DP 1977 
tO J.75 
1941 771478 
M 1.23 
1980 !F1976- 


9/5 

3 13 19? 520 713 7/5 
9 33 9J5 "55 9b0 
9/5 

157 9,7 960 965 


313 932 947 9 60- 


434 JDS 773 7JS S7p 
950 453 9*0 97S 


53.no T97T ALOStflSKE TST XV 39 3,'t 3-07 ?.no 7.02 

25.33 lPD.On 7.00 1/ 7/1981 1.39 7. ID 101.50 t«?B 

75.00 1477* TEAT FIS CO0P 9« 3/4 4.17 8 .75 t.ZT 9.36 JIW 

100-00 8.00 1/ 0/1982 100.50 1*61 

35-00 1472 SUSS AUSmiEM AOST LTD 99 '1/8 9.D9 5-14 g.9J S.92 


5.83 PC EB 16 835 975 
1976 2* . 

' PC Efl Ifis 99* 


98.50 8-00 1/ 7/1987 

' OS D0LLARS-VEKE2D El A 


9.92 30 

102.00 1761 


3.50 FC 817 166 105 305 520 80S 
1978 LX 670 973 


XEPGBUC OF VENEZUELA 
7-873 13/ 6/1982 8 


96 1.84 
1 . 2 # 

97 1/i 4-04 


6-62 30 -50 

100.373 1978 SV19U 

8.24 


KP FT 4IC30S 9TS 


8EFUBLTC or T55E20ELA 
8.00 15/ 1/(904 


8.00 15/ 1/(904 

urmuc op vesezhbla 
8.125 15/10/198* 


96 UK 5.72 
96 1/8 6.38 


8.31 3D, 

101.00 1981 
8.63 9.29 30 

100-00 1983 


»r Ft 430 32 33 35 60 
FT 80S 917 9JL3M 

9*0 9)3 

XT TO *12 


iconic of pssrarEU 
8.73 15/ LO/ 1492 


95 1/0 14-38 
9-M 


9.91 30 5.00 

191.91 1987 Df 1983 


TEBE3DHA TEL 

8.25 15/12/1917 

OS DOLLABS-rfD KCWDOK 


98 3/8 9-33 
8.13 


8.3* 9-4* 3D -33 

101 .00 1980 DF1973 


DP St *38 JD 32 33 35 

ST 40 805 ®27 931 

95* 940 975 

FP nr 4JB 20 J2 33 35 

K 6D 805 9ZT 931 

9W 940 575 
WTO 488 913 975 
LX 


3D. 00 1973 AIM. SALS 1ST FT* 

30-00 100-00 8.73 1/10/1988 


98 7/B 10.34 8.91 B-S5 

5.86 9.00 102-00 


SO 3.00 V. ED 
1980 DP 1979 L* 


AmCAsr nrr nt 

P.W7 1/ 8/ 19(6 
ASBLAED on. fr») 

/■SO 1/ 5/19(2 


8.17 8.86 
4.41 B-7* 


■93 9.27 

102.00 


«o i.m 
1961 DP19/5 


326 VOS *30 932 9JS 
9*1 950 9 93 9 60 
975 

326 105 930 415 4*1 
950 MS 9*0 979 


3-92 8.50 
;.<* 9.00 


a.i.c.c. ns 

7.75 1/ 2/190/ 


so is.no 
19/6 1979 
sue 1.35 

DP1973 


335 4W 915 9S0'959 
VeO 975 


8A8CLATE BAST. TST 

7.73. 1/12/1978 

8AKLATS Mr LTf 

a. 15 1/12/19(6 

8AKCLAT9 14SK tVT 
9.125 1/ 4/I98S 


8.91 8.28 
4.51 (.10 
6.8* .8.44 
5.84 0.94 


1976 

60 3.00 

1979 nPI977 
16.00 
1903 


316 105 531 9)0 950 
9JS 9*0 975 
326 105 930 935 950 
955 i»0 973 
630 960 


ME CUTS BASK 1ST 

9.25 U 7/19 82 


9.07 B.60 

101.00 


60 2.00 
I960 rrl977 


1977* MECLATS O' SMB TSVXSI 
100-00 6.50 15 T 9/1992 


95 3/V14JO 9 -OS 
92 7/1 3.1? 9.07 


mi >ESCaW2W 
100-00 8.13 1/ 2/1584 


2977 BOWIE* COT 
100-00 9.25 15/ 5/ 1992 

1910 sown* cost . 

100.no 4.75 is/ 7/1984- 


97 5/6 7-68 8.67 
3.26 BJJ 
97 S/B 11-44 9-5< 
10.72 9.62 
101 7/6 0.13 9>*0 


0.89 9-57 

101.25 

4.84 

102 .DO 

8.45 9.26 
100.90 

9.46 9.69 
101.50 

9.57 9 .1.8 

101.30 


*9 5.00 re to 

1984 FF197B LS 

30 rff w 

1976 BQ 

60 J.JO PC TO 
1981 1974 LX 

so 2.0a nr nr 

1985 DP 19(1 U) 


487 35 105 510 010 
910 930 9 3S 9 AO 
950 955 960 975 
297 •*• 


316 9SI 9S0 975 


31* 105 930 934 9 » 
933 860 975 


60 1.25 FF EU 

1982 JT1J77 LS 


1876 Bxrnsu GAS 
100.00 9-00 U 2/JtBl 

1972 nrnsK LAID 

W.OQ 8.00 1/11/ iw 

19<6 *sm a naaoumi 

W.73 o.7J 21/12/1778 

snmnDSis 

100.08 9-W 1/11/ 1992 


82 3/8 9.43 11.09 
6.92 13.06 


88 1/2 *34 7.58 


92 7/8 ll->2 9-04 

11.96 10.04 


CO EC 
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90 1.00 PC ED 

19M 1978 U 

5- DO EP HT 

nr* wuna 


S17 105 520 ISO 930 
935 fil 9« 950 
MS 1*0 915 
359 «* 


3*6 930 940 973 


10.00 Olp 81) 
1917 U 


321 105 520 863 941 
«)0 975 
313 932 960 



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COUPON MATURITY 


I §!l 

B i 
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5\3* 


MAR«T 

MAKERS 


f E BORROtVS?/ 

q “ coupon MAfjnrrY . 


Financial . Times ’ Monday- June 12 1?78 


■ if' ■ 3- I.V" • 

i || 1 h II Si sL I ■ ■ • 

,ia 5K « 


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all 


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1977 BSIZHK OF SflKBAt 96 a/« 

100.00 7,373 ■ U 2 / 1982 - 


US WELklS-SCUTE AMOCi 


ion* mend or torkat 

99-85 7*50 15/ 6/1982 


1976 EZKGDGH OF rQRSAT 
lOD.OO 7-75 1/11/ 1981 

1978* OKGPWl OP StDJAT 
99-SO 7.075 1/ 5/4983 

' 141E* jfcBSWM 0» JOTKAT 
99.43 8.125 15/ 1/13B3 


G 

P. 97 3/4 
94 3/4 
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' 32 33 J5 
805 927 9 31 
9*0 973 
32 33 SS 

I F55 9I> 531 
420 973 
1 9 32 


r%-fi 1 r COZT 

I 7-M .. li 3/1987 


niEBi ansKcos 
I 600 ' . -1/6/198 


8JB.. 1/12/1984 


8.71 8.1* 
8.81 BnS 


KSCDH 

1 9-35 * 1/ 3/1949 


1976 HFCTO OP HOUXAT 
100.00 8.25 15/ 3/1981 


1476 EBGUfW 0? BORKAT 
160.00 8.25 15/ 7/1581 


1978* ownra or sonux 
100-00 8.25 . It 4/1983 

1976 mcDan or eokbat 
103.50 .. 8.50 15/2/1981 


32 33 35 
EOS 927 931 
9 AD 575 
32 33 . 35 
803 927 931 
?LQ 975 
32 53 35 
80S 927 931 
5*0 97S 


10.(9 SO/ 6/1980 


13 ya a.75 10.13 0^1 - 

4.12 10.56 102-50 

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8.25 li" 6/1957 
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227 


4*7 105 935 075 


(0.00 

I960 

TUXSOCUS CDLF OH. 

98 1'* 

22.00 

98.50 

7-00 V 11/1980 


30.00 

19(9 

ZBAMOCZAB GULP OIL 

98 1/2 

17.00 

97.00 

7.00 1/ 3/1981 


(0*00 

1971 

txmsocxai oriz on. 

96 1/8 

33.70 

leo.ra 

7.50 1/1/ 1987 


30.00 

19(9 

BiBcaa sou on. 

loo 

30-00 

91-00 

8.00 1/12/1999 


30.00 

1971 

^KoiiTit otnr au. 

99 3/4 

24.60 

97.50 

8.00 1/ 3/198* 


20.00 

1970 

haksocxab gulp on. 

103 1/8 

14-30 

100.00 

9.00 15/10/1985 


20.00 

. 1968 

SB 0/S CAT 

90 

12.75 

99 U)0 

7.25 1/11/1983 


20-00 

1971 

3SBQ/5 IZB 

201 1/4 

17.00 

99.00 

8.73 15/10/1916 


30.00 

19(7 

d.s.iunm vbiboval 

91 3/1 

7-65 

99-50 

6.20 V 4/1902 t 


10-00 

1172 

Dtfu* on rat 

98 5/8 


. IDO.00 

7-00 1/ 2/1979 

50.00 

1972 

Tnac3 on. pip 

•71/0 

27-00 

100.00 

7.50 U 2/19*7 

15.00 

1970 

osna REIOARS 0/S 

85 

7.02 

99-00 

9.00 1/ 3/1982 


20-00 

1972 

Utah m in 

98 7/8 

100.50 

7.50 15/ 3/1979 

20.00 

1972 

ram net inc • • 

97 3/0 

19-20 

1S0-J0 

9.60- 13/ 3/1997 


20.00 

1965 

B.X. CIACZ 0/S , 

90 1/2 

4.25 

97-75 

5.75 15/11/19*0 S 

30.00 

U77* BALKS PJDDI O'CtAS rn 

9* 7/0 


100.00 

9.30 1/ 7/1985 


1.18 7.U 


7.0) 


100.25 


.’O 4.00 

197* 271559 


2.75 

2.21 


(.59 

6.25 


7.(0 

7.75 

8.13 

S.30 


6.51 

4.17 

7.75 

4.78 

7.38 
4.*B 
0.12 
3.07 

8.38 
2.29 


3.8* 

2.10 


M 


7.98 

7- 99 
Ml 
8.05 
8U0 
8.12 
7.70 

1.09 
1.51 
•a: 

8- 85 
7.22 

9.10 


7.11 

100.00 

700 

loo .a 
8.00 8.11 
100.25 
141 1.61 

100.25 
0.79 7.58 

loo. a 
740 
. 101.00 

044 0«(9 

101.00 

UI 

131-125 

7-10 

uo.oo 


70 2.00 

i>t* dp:970 
30 2.10 

1980 D519T6 
30 2-00 

1879 DP1971 
20 2.(0 
1979 DPI976 
30 1.-50 

IPSO DPI 971 
30 2.00 

1972 DP1969 

30 ) .00 

1973 DFI975 

20 .95 

19 :t 1972 

30 
19 It 


PC S? 456 10 105 530 805 
n 870 935 941 960 

975 

SS ZB 456 20 105 520 605 
V7 935 9(1 980 975 

PC D 456 *** 


K SB 
ST 

PC B 
LX 

PC IB 
LX 

PC ZB 
IX 

PC B 
IX 

re zb 

IX 

pc a 

LX 


4S6 105 320 935 941 
975 

456 **• 


456 US *70 9(1 975 


270 520 935 
960 970 


8.68 7.96 7.72 
5.58 8.18 • 100-25 


3.75 14.lt UL39 
2-62 16.49 100.00 

.a 8-96 749 

•s. 300.00 


20 2.00 
I960 3919J7 
30 1.39 

1S63 DP 1973 
30 
1978 


re id 

LX 

PC ED 
LX 

PC IB 
LX 


4BS 105 
9*1 

485 105 270 935 til 
975 
327 105 
9*! 

399 >05 
*05 
91! 

39* **• 


520 80S 935 
9(0 975 
WS !20 735 
870 9)0 935 
9(0 975 


4*7 800 960 975 


1.79 0.(3 1-22 
6-00 8. 57 203.00 


30 .40 

1979 301977 


206 6.52 5.U 
1-46 6-9* T 10U00 
7-09 9*11 8.X7 906 
v 101-00 


30 

1978 


1.25 

19o9 


30 

1982 


re ib 

XX 

re zb 

re 

re ib 
ix 


447 105 
870 
975 

4*7 *** 


305 570 805 
935 941 SoO 


500 105 
9(0 

411 *•* 


530 835 941 


100.09 

1976 

iSXlB DETELOTMEST BUS 


100 

=.63 

8.67 

8.68 




rr » 

441 32 33 60 BOS 

99-75 

‘ 8.50 

15/ 1/1981 

t 








ST 

927 931 939 975 

75.00 

1976 

ASUS DB'XLDTHDST BA9X 


99 3/8 

8,17 

1*92 

B-B7 




»T FT 

411 35 33 W 80S 

99.75 

8.625 

1/ 8/1986 

• 







ST 

927 931 939 975 

5.50 

1964 

cchsch srnwFE 


98 7/8 

•84 

7.28 

5-90 



.55 

CL TO 

35 105 110 

,95 

99-25 

3.75 

31/ 3/1379 

9 






2970 

BSIX 


. 7.50 

1965 

G00SSZL OP ZBIOPZ 


96 7/8 

1.93 

7-S4 

5.94 



.75 

CL ZB 

35 1D5 110 

1.10 

99.25 

5-75 

5/ 3/1980 



1-43 

8-19 




1971 

rare 


6.00 

19(6 

(KBCLL** EUK07Z 


99 5/8 

.08 

11.17 

.6.78 



1.B0 

CL EB 

35 105. HO 

2.80 

98-00 

6.75 

30/ 6/1978 






1972 

BILL 


ro-to 

197S 

casco, or zcmr 


100 5/8 

6.04 

9*1 1 

9 .19 

9.82 

60 

=.8S 

bp nr 

224 105 110 115 51ft 

20-to 

98.75 

9.25 

10/ 6/198* 



3.03 

9-00 


102.00 

1960 

1978 

LX 

330 

lt.OO 

1977* sauiau 

00/12/1992 


99 1/2 

K.59 

9.45 

5-24 



1.80 

RP ZD 

243 305 

1*-O0 

100-00 

8.75 



10.09 

9.62 




1983 

IX 


20-CO 

1967 

xsonri 

1/4/1982 


97 1/2 

3.94 

7.* 

6>67 



S.30 

BP ZB 

485 it>5 27(7 520 00 

ZC-C3 

98.00 

6.50 



2-3* 

7.72 




1973 

T7TAHET 

975 

20-00 

1977 

zanriKA 

U/ 4/1983 


94 1/2 

4.88 

8.93 

7.94 


30 


BP EB 

440 5 927 

IDS .00 

7.50 




101.00 

1981 


IX 


00-00 

1977 

XOBOmA. 

15/ 2/290* 


941/4 

5.63 

8.82 

7-36 


30 

25.00 

bp id 

485 *** 

30.00 

99.50 

7.50 



5-13 

0-54 


101.00 

1981 DPI 983 

IX 


=0-00 

1973 

zoiomi 



93 1/8 

9-72 

sd& 

7.88 


30 

1-D0 

BP ZB 

485 105 Z70 520 97S 

16.00 

59-50 

7.50 

15/ 2/ US* 


5.66 

8.61 


192-00 

1981 

1977 

LX 


00-00 

1976 

zesorsa 



9» 3/4 

4.72 

8-35 

8.52 

9-18 

30 

1.00 

xr nr 

495 109 270 305 520 

2S-30 

99.25 

8410 

15/ 2/1983 


4.14 

6.57 

101.00 

■1980 

1977 

LX 

930 935 947 960 
975 

485 *« 

40-10 

1978* HUDrSiA. 

is/ mm 


96 1/2 

9.63 

9M 

8.31 

9.33 

30 

1-00 

bp zn 

40-00 

100.00 

8.30 



8.33 

9-11 


101.00 

1985 

1981 

LX 


27.00 

1(74 

EDttrWA. 

13/ 1/1989 


97 1/2 

10.63 

8. 86 

8.7= 

9.81 

30 

1-25 

bp zn 

485 IDS 113 270 520 

=5.75 

98-50 

8.50 


6.2b 

9*03 


102.00 

1982 

19/8 

DC 

975 

SD.S0 

2975 

znonKA. 

15/ 3/1982 


101 

3.79 

8.87 

9*11 

0.76 

30 


rr sx 

485 3= 33 60 270 

100.C0 

9-00 

8 





100.00 

1981 


BT 

80S 927 931 939 
975 

327 IDS 425 520 941 

35^0 

1953 

ZCFOTtU COAL S STFtt 


99 5/6 

.09 

9*60 

;*ob 

9-75 

30 

2-90 

BP BT 

2.50 

97 -CO 

5.00 

1/ 7/1978 

8 


100.00 

1978 DP1964 

mux 

975 

SS.CO 

1962 

ZCBUPOUr COAL-6 S7 m. 


94 3/4 

3.(8 

6.93 

5-62 


30 

1-65 

rr ST 

327 105 =05 <25 529 

6-85 

99.00 

5.25 - 

15/ 4/1*82 

S 


2.43 

7.81 


100.25 

1978 191968 

5EBSXX 

911 975 

DO-DO 

1964 

ZPKOTZA.1 C0AI 6 STEEL 


93 7/8 

(.46 

6X3 

3.59 


4SC 

24)0 

BP SB 

359 105 405 425 941 

24-03 

99-00 

51Z5 

15/11/1984 



3.(6 

7.30 


100.50 

1978 DP1970 

LSLZ32 

975 

SS.CO 

19(0 

TBMOTUX COAL 6 SIETL 


96 S/8 

2.38 

7-06 

3.64 


30 

1.65 

Kr r 

327 105 403 425 320. 

5.20 

'97.00 

5.375 

15/10/J9&0 

S 


1-43 

8.08 


100.125 1978 UP1966 

Bronx 

941 975 

If .00 

1965 

ZDSOPEAS COAL 6 Sim 


93 1/4 

8.0* 

7.30 

6.82 


28C 

1.00 

BP ZB 

US 105 403 409 41S 

9.00 

99-30 

6-30 

IS/ 6/19 86 



4.04 

7-9= 


100.50 

1379 

197= 

ccnc 

425 941 979 

20.20 

1966 

ZRIOPEUI COAL * STEEL 


96 1/8 

8.51 

7-11 

6.76 


45C 

1.35 

BP EB 

106 IDS 40S 409 *U 

11.90 

93.10 

fi-30 

1/12/19*6 



4.42 

7-55 


1014)0 

1978 

1972 

IJBXHL 

425 941 S75 

=5.00 

19(7 

ZOBOEEAII COAL 1 STEEL 


94 1/2 

8.75 

7.37 

6.88 


43C 

1.70 

HP IB 

206 105 405 409 4U 

14.(0 

98 .50 

6.30 

1/ 3/1987 



4.62 

7.96 


101-00 

1979 

1973 

HTUU 

423 941 975 

20.00 

1967 

EDEOPEAB COAL 6 STEEL 


96 1/2 

9.34 

7.14 

6-87 


4SC 

1.35 

« BO 

339 105 405 409 4XS 

13.25 

96.50 

6.625 

1/10/1997 



4.75 

7*52 


101.00 

1978 

1973 

nn 

425 941 973 

30.80 

1973 

nun? EAT COAL 6 STTEIi 


90 1/8 

9.63 

8.53 

7,77 


«JT 

l.aa 

HP BT 

359 105 405 425 HI 

=9-00 

99.30 

7.60 

13/ 1/19ES 



6.47 

9.07 


102.50 

1981 BP1970 

IX 

50-00 

1977 

ZDEOTEAX C0AI 6 STEEL 


93 1/2 

3.72 

8.70 

7.39 




HP EB 

359<»* 


99-09 

7-23 

15/ 2/1961 









XX 


30-00 

1977 

HDUFEAK COAL 6 STEEL 


93 

3.96 

8-73 

8.03 




» EB 

=19 105 230 93* 

59-00 

7.(23 

IS/ 5/1964 









XX 


30.ro 

1974 

XODPXAS COAL 6 STEEL 


113 V* 

30.(8 

6.0= 

6.84 

<0 

2BT 

4.00 

SP VS 

106 403 *09 415 4=9 

4P.0O 

100.00 

7-75 

1/ 2/1959 


5.73 

5.0= 


101-50 

1979 BP1977 

T.TKI- 


30.00 

1*76 

mOFCAS COM. 6 STEEL 


98 3/8 

3.38 

8.33 

7.98 




*F KB 

93 *** 


99-30 

7-S7S 

15/10/1981 









XX 


30.00 

1974 

mwus COAL 6 STEEL 


97 3/4 

5.51 

ui 

8.18 




BP ZB 

=19 103 230 934 


99.30 

8.00 

1/12/1983 









ZX 


25.00 

1977* E0I0FSAS GOAL A STEEL 

r 

97 1/8 

8.26 

8.49 

8.2* 

101.23 

60 

S.W 

BP ZB 

117 103 925 

=5 -CO 

100.00 

9. 00 

1/ 9/J996 


3.9* 

8.89 

im 

1970 

IX 

75.00 

1976 

ETEOPEAX COAL 6 STEEL 


17 1/4 

6.46 

8.88 

1.53 

8.96 

30 


BP K 

4(1 SO 32 99 39 

99.56 

8.125 

13/11/1994 

• 




100.00 

1983 


XT 

60 60S 927 931 
939 9*0 975 


99 3/4 

20.00 

1«7A 

ZO80PEA* COAL 4 STEEL 


.79 

8.51 

8.27 




»ZB 

351 105 403 423 520 


99-00 

8-25 

15/ 3, (979 







XX 

965 



DEVELOPMENT FINANCE CORPORATION 

OF NEW ZEALAND 

. (A PATWOW COgFOILATrOirTO K iLaPOWlIXP MT mw Z» A T .A M» 


VS $20,000,000 NOTES DUE 1983 
US $20,000,000 8i^ NOTES DUE 1985 


: f € 


CITICORP INTERNATIONAL GROUP 


COMMRRZBANE ABOTENCaSSELMCHAFT 
ORION BANK LIMITED ' 


-«*8*V 

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Ma£r. 


UDDER, PEABODY XNTERNAHONAL UBu’iAD 
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“Whether long, medium , 
or syndicated,. NCB can 
design a loan package to 
precisely fit your needs," 


“ Their long list of top clients 
in Japan makes them the bank 
to contact when you're doing 
business there" 


“ Backed by $17 billion 
in assets and a strong 
growth record, NCB 
offers exceptional 
reliability as a project 
partner in overseas 
development. 


M 


“NCB’s long experience 
in foreign exchange 
and considerable size 
are reassuring, It 9 s nice 
to deal with a leader" 



People talk about NCB for some very good reasons 


Nippon Credit Bank 


Formerly Nippon Fmfosan Bank 


H**fl Office: 13-10, Kudaa-kiia 1-chome, CKyoda-ku, Tokyo 102, Japan Tel: 03-263-1111 Telex: J2ffl21, J28788 NQBTpK 
Loadon Branch: Winchester House. 77 London Wall. London EC2N 1BL, U.K. Tel: 01-628 4685/8 Telex: 884968 NCBLDN 
New York Brandi: 2 Wall Street, New York, N.Y. 10005 Tel: 212-285-8787 • 

- Telex: (Domestic) 129229 NCBNYK, (International) 232496 NCBN UR, 423621 NCBN UI 

Los Angeles Office: 800 WUsbire Boulevard, Suite 1460, Los Angeles, California 90017 Tel: 213-629-5566 Telex: 674 377 NCBLAX 
Frankfurt Office:' Niedenau 61-63, 6000 Frankfurt am Main, FJL Germany Tel: 0611-72 5641/2 Telex: 413387 NCBFM 
P»is Office: 23 rue de la Paix, 75002, Paris, Franco Tel: 073-0066/7 Telex: 212847 NCBPAR „ . „ 

Beirut Office: 10th Floor, Centre Verdun Bldg., Dnnant St., Beirut, Lebanon Tel: 341474/5 Telex: 22194 NCBBRT 
Sabriffiary: H^pu Credit IntsmitioBal (HK) ltd.. Room 519, Connaught Centre, Hong Kong Tel: 5-264341 Telex: 65744 NGHK HX 
Al mfafps: Paris, Zurich, Honolulu, Jakarta, Sao Paulo 


3L, 


■aaSB-.vA-r.-vy; • ?• 


iSSgSr 2 -' 


■a 





os TOLUgr-soriLurATTiK AL w<nt :nlt?> 

ETBOm-t CMS i S TfH. P 95 1/2 E*<- 


1977 ffunu CMS A STEE. 
109.00 8.23 15 / 2/1957 

1377 * ZUPJjPLVf CMS * STEEL, 
100 . SO S .25 I, * 10 / 1 M* 
1975 EUEOPUS CMS & SUET. 
99 . SO 8 .J 75 . 15 / IriMJ 


95 3 /fi M .14 
9.18 


8-65 9 ..b ('AX J .50 

201.59 I Hi trim 
s-W *.^a jo 

IOO.uO 1952 


5 F ED U 9 10 » -os 953 
IX 

ss in JSt “• 


IV 7 B* EUZ 0 FSA.'* COIL 4 STTEL 
99.00 8.375 13/ 2/1 Mi 
1976 EUROPEAN COAL 6 STET. 
99.25 B .50 2J 8 / 19*6 
1978 * SDB 07 CAN COAL S STEEL 
99.00 B .50 1 / 3/1990 
1976 BBE OltM COAL A ETTEL 
99 . SO 8.625 1 / 3 / 198 s 


4*1 30 32 33 35 
W> M 3 9 J 7 93 L 
939 9*0 *75 
219 105 130 927 934 


P 93 7 /B 3 -'“ 
1 . 6 * 




EDE 0 PEA 3 COAL * STEFS 
B .75 1 / 12/1979 

EE&JPEAS COAL 6 STEEL 
I 8.75 IS/ 1/ 1981 

BHOT'&ur COAL b STEEL 
I 8 . 7 S 1 / 7 / 19*2 

2 CE 07 EAH COAL 6 STEEL 
B. 7 S 1 / 10 / 19 *^ 
BCaOTEAS COAL * STEEL 
\ a . 875 15 / 12/2969 


99 3/5 5.32 8.93 

100 3/3 1.51 8- 66 
100 1/S 2-43 S-66 


8.60 3 . AS 

1*79 

9-04 10.25 2 W 2.50 
102.50 198 * 1943 

(.17 - 

100.00 1985 


339 105 425 937 985 
46 105 


a-sr (.33 30 

100.00 1979 

B.74 


441 20 32 33 35 
(8 BOS 927 931 
939 9*0 91 J 
441 33 JS 60 (05 
917 931 9*0 975 
339 **» 


100 1/4 4.09 
3 -s 3 


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101.00 
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103.00 
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1979 1 9 76 

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1984 OBI 91 S 
30 
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1976 EUE 0 TEA 3 COAL & STEEL 
9 /. CM 8 . 8/5 15 / 11/1996 


96 l/» lfl *-6 
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1974 EOTOrtkS COAL & STEEL 
J 10 .M 9 .M 15 / It 1981 


P <90 7/8 4.43 


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100.50 


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1 QO.DO 9.00 1 < 4/1493 
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lOC-OlJ 9 .C 0 15 / 6 / 19*5 
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99.00 9-00 1/ 5/1946 


98 3/4 14 . B 4 
11.17 


97 7/8 17 - 0 - 
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97 3/8 1 ’.« 
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9.11 9.58 

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9.20 9.69 

102.50 
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60 S 1.75 

1985 1*78 

30 6.«7 

1988 DP 1982 


441 20 32 
60 805 
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100.00 5.125 1/ 4/1957 5 


96 1/8 U-*i 
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9 . S 3 9 . 7 B 30 5-00 

102.68 1989 DP 19 U 


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loa.oa 9.25 1 / 11/1567 

1976 mOPSAK COAL 6 SI SB. 

100.00 3.25 IS/ 2 /l*S 4 

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19.50 "- 2 S 1 / 4/1998 

1*76 TOF.ClI'EAN COW, E; ITT 
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1977 ESnmAA' CJTO ITT 

99.00 7.50 1 / 6/1532 

1 977 * reWEAS ownrn 

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9.09 8.88 bOC - 2 . SO 

101.25 1981 1977 

9*33 9 . 9 ! *« >*5 

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441 20 32 33 35 
60 80 5 92 7 931 
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451 20 32 33 3 / 
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409 109 615 
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98 3/8 3.56 
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100 3.73 


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* 7.25 10.00 1 / 10/1963 

1077 * AUSTRAL LAS P'TulVCra 
110.00 10.00 1 / 1 . 7198 : 


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n;p« cnicoip o/s m 
100.00 10.50 15 / 7/1985 


1573 * T23S. 00 LESEA 3 BOLOIL '3 97 3/4 5>09 12.10 11.76 


100.00 11.50 1 / 7/1903 

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9 B .50 7.01 20 / 11/1983 S 

1976 EUROPEAN tMVCSTMEST BE 7 
97.25 3 . CO 2O/10H 98o 

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97.25 8.03 17 / 12 / 1 99 b 

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95.00 4.30 !«/ 9 / 19 ’J 

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98 3/4 S .54 7.41 7.21 
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100.40 B. 75 11 / 11/1967 

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97 3/4 9.17 9.11 6.75 
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197 T* AMERICAS MSFtTAL '.irTFLI 
99.10 8-75 ll,' 19 .'l 7 «a 

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99.75 8.25 15 / 2/1981 


S .33 9 -S 9 3.99 
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4.30 0-90 0.79 
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1978 BANQTE CASUlrSSE »*T 
100.00 9-15 15 / 4/1992 


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M .50 9.75 22 / 17 / 19(1 


3 .M 9*00 9.18 
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4.01 9.31 8.92 
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99 7/8 2*33 

93 1/6 21-17 

18 .*! 

97 I/O 8-19 


411 60 927 931 
457 33 60 931 940 


411 20 35 60 927 
931 940 


9.11 9.69 

102.50 

8.76 


10 8.00 
1969 DPI 990 


9.17 9 - 6 R 

101.50 

(.74 


30 10-00 

1990 0*1990 


9.21 9.70 

102.50 

8.64 


30 10.00 

1999 OPLS 89 


15 / 12/3000 S 
FLOATING BATE 


9.21 ME 
102.75 
9.37 9-40 

102.75 


3 D 10.00 
1969 WJ 9 S 9 
?Q 16.00 
1918 DF 19 ia 


479 60 MI 
429 60 Ml 
411 60 931 
479 60 931 

457 25 60 93 1 9*0 
411 60 931 

456 60 927 931 
41 L" 35 60 931 9*0 
411 35 60 991 940 
479 35 60 931 940 
411 35 60 931 940 

458 60 931 
411 60 931 
4 SB 60 931 


1975 ADELA lEVESTSEsr 8 :l- 3 /R 99 
100.00 9-125 8 / 1/1983 S 

1977 ALLIED IRISB BC 6 . 75 fl /4 99 
1 OQ.O 0 7.875 2 */ 3 / 198 * 5 


100.00 E.OO 20 / 4/1982 6 

19,-7 AOTELSPATEQ 7 . 0 : 1 /* 
100.00 7.688 2 / 6/1984 S 


197 * AZDL L 8 . 5 : 3/4 

100.00 8.625 8 / 10/1989 6 


2976 B.C. I. 7 . 75 : 1/4 100 

100.00 1 . 0(3 1 */ 4/1981 S 


B.f.C.K. 6-3:1/* 

I 4.25 27 / 10/1943 9 


8 .P.C.E. 8 . 373 sin 

8.125 23 / 8 / 198 * S 
BANCO DO BRASIL 6 . 73 : 1/4 
l 7.938 15 / 2/1942 S 

BANCO CHIOS 7 . 75 : 1/4 
i 3.063 1 / 4 / 194 J S 

BASE EANDLOWT B- 25 : 1 - 1/4 
I 4.25 10 / 6/1981 4 - 

RASX BAKDLO-T L 9 : 1 - 1/8 
I 9 . 5*3 25 / 5/1988 S 

base or xoero 8 :i/* 

I 8.563 19 / 11/1960 S 

BASE OF T 0 EI 0 6 . 75 : 1 /* 

I 8-00 20 / 10 / 1981 . S 

SAKE OF TOCO 6 . 5 : 1/4 
I 8.50 15 / 11/1942 S 


*■ 61 . 

5.22 

30 c 

1.50 3 ? TO 

3.12 

1 DB.D 0 

1979 

1979 LX 

5.52 

7.93 

100.00 

30 C 

1981 

KP TO 
LS 

3 . 9 ? 

6.02 

100 . DO 

30 

1980 

PC TO 
XX 

, (.01 

7.78 

LOO.OO 

3 MC 

1981 

W TO 
LX 

11.36 

7.62 

(■52 

45 G 

1.00 CC TO 

100.00 

1978 DP 197 S LX 

2.87 

8 . 0 b 

100.00 

-.30 

U 79 

PG TO 
LX 

5 .JI 

0.27 

100.00 

20 

1980 

CC TO 
LX 

6-23 

8 .U 

100.00 

20 C 

1981 . 

CC TO 
LX 

3-72 

8.10 

100.00 

*0 

1979 

KP TO 
IX 

. *.£* 

(.27 

100.00 

30 

1931 

VS TO 
LX 

, 3.03 

*' 31 101.00 

* 5 ? 

1979 

K? TO 
U 

1 9-99 

’• 77 101.00 

60 C 

1981 

SP ED 
U 

2- -7 

8.(8 

100.00 

BOC 

1979 

vp a 

IX 

3-29 

7 ' W 100.00 

SOC 
19 7 > 

SP TO 
LX 

6.15 


306 

1981 

PC RD 
USL 


408 995 914 9 U 


359 210 220 
914 925 
9*0 915 
96 205 319 
914 925 


408 210 215 
*25 905 ' 
930 935 
517 


323 203 210 220 213 
905 91 * 925 933 
456 210 230 905 914 
KL 5 530 

92 205 210 220 90 S 
925 

92 205 230 90 S 925 


SORROV.W* 
COUPON MATlrfinY 


ill | 

uj -.rf g 5 > 

E Sn ! e 

i: rO 5 : 

3 q" 5 

< JQ H 

u , j u 

> Hi 



CAN ABC AH DOltABS (COLT! '. 7 CM 


i*:; BR»rr>( coi'.MBM M.r.A 
9 :oo 9 .:i J't?ei 
:»-j snr. 3 B oh-::ela h.f-a 
•99-00 . ?— »•' AO. biIBBA 

IFTb CALQA 77 . 7 IM.L 2 
SJ.JO “.75 15 .’ 5/1552 


99 r.'S 2 -M 9.:9 9 -.28 10-16 

2-6 9 . 3 * KP.TS 

P 9 1/2 i.P» 9.19 9-30 5 -;.' 

110*75 

id: j;s 3.96 s .31 9.«2 


3 J 7.79 17 ZD 
1079 i '>80 LI 

;•) !.r,o lp ic 

1930 PT 1976 LI 

IF. GO FM SL' 
K 1977 L 2 


1?3 III 93 2 9*5 9S3 
55 > 

!'3 : 10 «s: *35 916 
9.7 9:0 HI 


C.OLOI PEW 'US 7 C 0 »? 


cavaDa nttiiuo ::i».T':'ie 
9-25 l/ll’HSL 


3.12 9.*5 
3.51 9.24 


si: ." :;i 5:1 bto 
“i' 93 * 9-3 
9- 3 3 *i 9-7 9*3 

239 


C 4 SAPIV 1 ACCEPTVTE 
J .375 15 / 10 .* 1962 


cwadils rar ba:l co 
S.S/ j 1/ 2/1987 
CAHADUlS PACIFIC secs 
9-25 J>/ 4/1963 

C MADIAS PACIFIC SK 5 

9.75 13,12/1981 
CHMiHF . CALnrr - ccada 

p.;5 !.=; 6/1902 

CRfri'-E* C 5 FHII - C.V.ITA 
1 . 50 . 5 , 10 ,' 198 * 

C 1 TT or LAVAL 

IO.OO 7 ,HM 

c:rv or orescc l 

10,03 12 / 11/1993 

cirr nr 9 W *■ 

10.75 15 / 10/1994 

cox: ■■si nit cn*p -:a- id a 
9 .;) 15 / S/ 1 V &1 

C.VTIFRC’AL CT.WW L 

11.2 5 !V i /1995 S 
C-jDST POKIER P-C.VS 

8.75 13/ 2/l?« 

CREDIT POKTCB T-C.V 1 

■ 9.75 15 / 2/1981 

C 1 BIT POKCTEA MAS 

9.75 15 / 7/1981 

DRESS* m ( CANADA 1 ? 

■ 4.30 15 / 3 /mz 


4.38 9.60 
8.75 9.10 


99 3/4 4.88 ’ 9-30 
103 3.55 8.70 

94 3/4 4.04 10.52 

9 5 7/6 4.36 I 0 . 7 tf 
J? ?'i 16.09 10-03 

17 . is 9.95 

n\j 15.38 10.11 

MO i /4 2.96 5.64 


9-16 9.99 

23!. 07 
J .27 w .33 
100.60 
■ 9-47 3.35 

110 . 0 ) 
9 : 7 « 11.33 
i)i. Qn 

9 . 9 J ll.*? 
•lOv.Jv? 

10.03 

10;.. '0 

9.98 

102.00 
10.39 10.19 

102.00 

9-73 


3 D 2.19 
25:3 251978 

39 

l«*!l 

30 

into 


596 »:z 9 aD 947 9 SD 
77 *** 


213 *** 

218 ■“ 

440 969 9 90 


: 219 8 TC 912 
1 5-5 960 9 M 
912 9*5 960 


.412 210 512 9*5 9 BQ 
103 210 912 9*5 9 fl 0 


912 935 937 

?bd 


16.63 11.28 
12.88 1 1.25 


08 POT Or C 4 IWU 
I 9.50 15 / 2/1981 


BSIOREAK COAL 6 STEEL 
9.00 15 / 3/1913 

KURD REAS COAL A STEEL 

9.00 15 / 4/1984 

7 EAST CJOAD 1 AS BTOI 
10.10 1 / 1 /IMI 

nto Home cakdikakada 
B .50 15 / 5 / 198 * 

mo kotoa credit -Canada 

8.75 157 5/1937 

roan hotor credit-cakam 

9.15 1 / 2/1981 

mo MOTOR CtEO IT -CANADA 
9-50 11 / 7/1982 

KM SOTOS eta rr-c ALUM. 

9.75 l,T 1/1960 

GREEK AS . 0 

■ 9.00 15 / 11/1981 

CEEELCAS D 

9. SO 1/12/1982 

BEBERAL FOODS LTD 

R. 5 Q 1 / 5 / IMA 
BBS HUTTOS ACCBTTASCS 
9.00 15 / 10/1981 

CBS HUTTOS ACCEPTANCE 
9.00 1 / 2 /I 9 B 2 

ges wmas acceptance 
9.24 1 / b/ltb) 

CEB MOTTOS ACCEPT AKC 2 

9.50 LS/ 10 /IbBL 
CBS WTOtS ACCEPT* SCE 

9 . 50 l l 2-1966 
GEt MOTTOS ACtePTAI-CE 

?-75 I 9 / 1 D/J 984 

WALTER E. HELLER (CAS l 

6.50 15 / 7 / 16 ** 
WALTER t. BELLI a (CAM 

1 9 . 7 ) IS/ 6 / 1 JBI 


ST a/ 1 ’ J .72 9-60 3.99 
ICQ 7/8 2-72 9-33 9.67 
100 3/4 3.13 9.44 9.68 
7 98 1/2 3.79 8-96 8.63 
102 1/8 2.72 8.33 9.38 
100 1/4 4-79 8.92 8.98 
100 3/8 S.M 8.91 f -97 
102 1/8 2-59 9.06 9-72 
14 96 1/2 3-96 9.29 8.61 
Ul 94 1/8 8.96 9 -*l 9.10 
14 99 7 /B 4.68 9-26 9 .Z 6 
14 *01 1/2 4.13 3*03 9.36 
M 101 7,8 2.42 8.64 5.37 
0 93 3.48 9*32 9.09 

D 110 1/2 4-31 - 9.33 9.*3 
95 3/4 5 . 9 S 9.46 8.88 
100 1/4 3.38 a.RI 8.98 

99 3/4 3 .M 9.03 9.02 

100 3/8 3.81 9*13 9-22 

101 1/3 3 . 3 8 8.93 9.36 

100 3 /* 7.68 9.34 9.43 

(.01 9.32 

101 1/2 10 - SB 9.50 9.61 

S-M 5.47 

91 3/4 6-13 9.77 9.62 
99 7 /B 3 . 0 * 9 . TV 9-76 


U. 2 J 11.65 
19 ). efl 

8.99 


520 370 912 
9.5 9*1 9 M 

5:0 B 7 Q «12 
9*5 5*0 9 M 


8.98 8.87 

100-00 
•■37 8-87 

100.00 

9-72 


8.61 9.60 

100.00 
9.10 ".63 

100-00 
9.26 9.26 

100.00 

9.36 (.91 

100.00 

9.37 


436 210 912 945 947 
960 
418 •** 


8.88 9 .SS 
100.00 

*.98 


7.68 9 . 3 * 
(.01 9.31 
10 . SB 9.50 
8-28 5.47 
6-13 9.77 


9.02 9-07 

. 100 . DO 
9.22 9 . ID 

100.00 
9.36 8.71 

100.00 
9.43 9.44 

101.50 

9.61 9.63 
102.30 

9.62 9 .R 7 
lOb.OD 

9-76 


30 3 . DO 
1981 DP 1982 
SO 

1962 


14,5 HTSSir.-S BAT 
101.50 10-23 15 / 11/1981 


3 > 4 < 9.37 10 . Dl 9.18 31 

100.01 I 960 


2-96 9.39 9. *8 


1977 EST BARRISTER. CBCOTT-CAJ 97 I/i 
110.00 9. 75 1 / 2(1981 


913 9*5 MO 9 iD 
431 35 210 , 425 520 
91 : 9 js 937 910 
9*5 J 60 9 M 

Its *" 


19 Tb 1 ST HAS TESTER CREDIT-CAS 99 7/6 
99.50 9.?5 15 / - 719 C 6 

1975 isr awvssas csarr-cij: :o; s. l o m 

100.50 10-25 U 9/1981 


4.68 9.41 8.97 4 .R 6 31 

loo.oa :?»2 

7.83 9.76 9.76 9 - 9 * 30 

(.09 9-78 100.50 1981 


218 35 211 521 91 ! 
91 ) 9 -U 4 fcS 116 
9.7 94(1 961 
*56 35 210 912 9 J J 
9 J 5 93 ? 9*11 9'5 
9*7 96 Q 980 
64 210 "12 935 *37 
945 9-7 360 »S 
980 
*56 ’■» 


3 « 2 f 9.34 10.01 V .10 30 

100-25 i 960 


2.00 s? nr 

1977 LZ 

SP 3 D 
LX 


im taz ctsADus f onset 

ltra .00 ■ 9 -SO 1 / *1 19*2 

197 b 1 ST CALM? IAS FUASCE 
110.00 10.10 1 / 8/1336 

1956 KOTOS S MOW. P 3 W 
99.50 9.15 15 / a /1982 


4 ,:r 9.22 9.42 9>25 30 

100 . M lopi 


(.17 9-51 9.74 9.09 30 

6.37 J .-3 lOD.IJJ I 9 «t 


4.04 >-=4 9 -U 9.14 20 

107.00 1981 


re *d 

LX 

1 . 2 ? PC ED 
197 R LX. 

K ZD 
U 


211 iZS 112 
■»)> ?-J ».} 
3 HD 9*1 
21 U 91 A 92 j 
?ii) » 4 j 3-7 
■HO 

2 LQ 912 923 
9-0 3*5 3«6 
MO 980 
211 405 911 

943 9*7 JM 


1977 * LAOvarmE rzs mpp 
IC iO.OO 9.50 121 6 / 19 EZ 


4.16 10.15 9-71 


1977 MAS aw LEASrai CATUA 
100.30 8-23 L 5 ,‘ 5/1962 

1975 M 6 ASM HUES 
99.50 9 . 7 J 1 / 11 / 19 M 


3.96 9.22 B .52 


1976 KB 4 BU XXSC 5 , 
lAG-OO 9, 75 15 / 7/1912 


2.42 9*23 - 9-67 
4.13 9 . 4 J 9 . 6 J 


210 429 320 
UT HO >41 
»47 m 


9.13 15 / 4 /Ufl 


4.18 *.21 9.58 




ts afexjus-Fiaaiiffi mu (cpgnrosc) 

*.k.e. ■ tiii 9 rw» 3-22 


1978 l.C.E. _ ■ . ■ < 1 / 2 . 9 T l/> 

10 C .90 6-313 20 / 8/1381 SI 

197 T* SOUL NAT 6 * ALTO 7 - 76 : 3/4 96 7 /B 
IN-H 8.823 15 / 10/1382 8 . 

W 76 BASES VEKISS ” 1/4103 1/2 

10 C.C 0 7 - 6 U . 1 / 6/ 1981 3 


B-90 • 600 

100.00 I 960 


7.63 60 - 

100.00 1978 


1976 H-S.P. • 7 : 1/4 100 5/8 

1 CD-C 0 8.063 1 / 3 A 983 $ 

J 9 T 9 JJ.P- . 7 .SiJ /4 IDO 7/8 

lOa-QQ 7-813 18 / 9 / 1 ML S 


100.00 1979 
100.00 1978 


1977 B-S.?- ’ 5 . 73 ; 1/4 99 7/8 

1 TO.DQ 8-08 21 / 1/1983 S . . 

1978 * B-M" ’VW 99 3/4 

100-00 8 - DO ■ 21 / 2/1984 5 

1976 bobs nmo BT SEES 1 / 4 . 100 
{ 09.00 8 .IB 8 19 / 7 /IMZ 8 


8.02 . ^ 30 

100.00 1902 


8-19 30 . 

400.00 1979 


1977 B 05 unns-OKErmeS- 5 : 3/8 ss 1/8 

100.00 x.i2s 9/ mass . s 

1977 * BB 0 G 8 ADSO, BAKU- 8 : 1.0 93 1/2 
99.00 ’ 8.938 27 / 4/1985 9 

1916 C.C.S- .Zli/* K» 

100.00 8.00 . 8 / 7 / 1983 . 5 

UTS C.GJ. __ 7 - 3 : 1 /* 100 5/8 
■ 100.00 7 -B 75 22 /U/im Jb 


1977 * C-C-T. 615 : 1/4 99 - 7/8 5.11 

100.00 7 . 7 S 9 / 7/1983 8 

1978 * C.C.T. . 5 - 15 : 1 /* 99 3/4 6 - 9 J 

100-00 6-375 * 3 / 571385 E 


1977 crop GBI HAS , 8 . 123 : 1/4 99 7/8 5.39 
100.00 8.688 25 / . 5/1984 8 5.01 


19 TB* air COSTA KLCA B. 5 : 1 - 1/4 - 98 7/8 6 .B 6 
100.00 . 9 . 12 S 10 / 4 / 198 S.S 4.87 

1977 * CBS) TP AEUCOCt 6 - 5 : 1 /* 99 7/8 6*55 
100.00 7^13 . 15 /L 2 /W* S 


1976 CWmi&SSTACr BK 7 - 0 : i/a- MD 1/4 

100-00 7.813 16 / 6/1981 8 

1977 ttacassna Rt 5 . 7 j:i/* 99 7/8 

1 C 0.00 8.50 18 / 5/1984 G 

1976 C.I.C. . 6 . 73 : 1/4 99 7/8 

130 -CD 8.063 1 /B/LM 1 S 


*.39 ISC . Brp CD. 179 2tO t13 220 JtO 

UM. 0 a I?a . . IX . 503 «5 9 S 0 

8.90 • 60 c - W RD 219-205 310 230 90 S 

100.00 I 960 IX • 925 

f .65 60 . 36 88 456 2)0 220 MS 925 

100.00 1978 LX 930 935 340 94 S 

. 950 

B.oi sp nr 92 *** 

ICO. 00 1979 LZ 

7,74 - SP-BH 346 205 210 215 230 

100.00 197 * - LX 905 914 915 930 

• 9*9 

ft. 01 BP BL 92 “* ' 

100.00 1980 IX • 

8.02 . 30 -vn 5 a ,<*4 

100.00 1902 -XT 

8-19 30 . , HP air 456 210 215 2 » 520 

400.00 1979 IX - -gas 9 ZS 930 940 

■■■■:-■-'■ BO ' 1 

0.28 - «e BP BD 103 203 2 U 220 905 

100*00 I 960 ■ XX - . 914 925 SOD 965 

9.36 3.50 BP ID ! 538-903 -915 

Ff 1978 IX 

B .00 30 C . . . BP SD 517 MW 

100.00 I 960 IX 

J.B 3 ' 30 C BP Sff 517 XIBXia 21 S 220 

100.00 1978 IX 520 905 914 925 

«S 0 935 945 947 

7.76 600 » SB .103 row • 

100.00 1980 LX 

fi.M 40 C . rf OB 103 203 220 215 520 

1 DO.OO 1981 ' LX 905 914 925 930 

935 - 9 * 5 " 560 

8.70 ’ «SC 16-00 OSES 96.205 210 215 220 

100 . 00 '3978 mam xx '• on 914 ns *m 

9*8 9 *S 9*7 9 S 0 

9.23 2.22 BP ZD 92 205 210 905 914 

719 a. LX 915 925 930 940 

7.82 - 50 C ms 359 M 210 215 '220 

100.00 1980 - ' ' LX . 90 S 914 923 930 

935 947 950 965 

7.79 30 C . KP 8 D. 4 TO.«!ro . 


0.28 - 600 
UHM» I 960 


B .00 _ 30 C 

100.00 I 960 


7-83 30 C 

100 . 00 - 1978 


7.78 600 ' 

100.00 1989 


9.40 SOC 

1 M.W 1981 


7.82 - ms 

100.00 1980 


7.79 - 30 C 

100.00 J 97 B . -IX . - , 

8.51 30 C ‘ BPW #»*** 

. 100-00 «w--. •. . LX • 

8.07 • 30 C 'BOB 656 209 210215 220 

100.00 1979 LX 520 90 S 91 * 9 » 

930 >35 940 950 

9.00 30 C • •• KP XD 1 * 0 ***. 

100.00 1979 LX - 

7 .B 9 30 HP RD 140 *** 

100.00 1989 IX .. 

8.02 30 PB 463 215 9 W 930 930 

100.00 1980 ram . .947 . 

7.79 30 C •’ K ID 339 *« 

100.00 1979 XX 

4 TO 925 94 S 

ZOO.OO 1980 DO . 

9 . 25 - 30 C 10.00 ' CC to -399 213 *03 409 413 

. 100.00 1978 1971 U .420 425 903 914 

x - 925 930 

9.03 300 5 JW » BT 408 SOS 914 1*5 

100.00 1978 . 1978 - & . 

8.94 - 30 C 1 . 75 -GOTO 4 TO 905 914.919 925 

100 . DO 1978 1975 - U. - 935 

Iff. IS 5.00 OS ID 596 22 * 915 920 925 

1978 -LB 

- 8,85 ’ SOD 5 ^. 00 - BO ZO 359 905:914 925 915 

100-00 197 *' ' 19/2 LX 940 965 

8 . 02 - . 3 « va'saro 


8.51 30 C 

. loo.oo un- 

8.07 - 30 C 

100.00 1979 


earner leosxais 6 . 75 ?i /4 loo 
I 8.00 6 / 2/1982 B 

csnjcr LTORBAIB 6 . 051/4 99 3/4 
I 7 -B 7 S 10 / 3 /t 9 « S 
I CBSC LTOWAIS- 6 . 3 : 1 /* 99 3/4 
I 8.00 24 / 4/1983 S 

DC BASK 7 E 9 _ 6 . 250 /* 100 1/4 
) 7-813 13/ 12/1982 5 

' Mil BABKZTO OOKT 6 . 5 H /4 » 1/4 
I 6.125 2 / 8 / 1982 .' 8 ' . 

BEL . 7 . 5 r"l /4 100 

> 9.25 3 l/' 5 /U 8 Q I 


*.00 .SOC 

100.00 1979 - 

7 -BS SO 

100.00 1980 

0.02 - "30 

100.00 1980 


7.79 30 C ■ 

100.00 1979 


1975 EHPETR 0 L ( 024 ) 8 - 5 : 1 - 3/8 : 
100.00 9.063 6 / 8/1982 S 


197 * ESCOK (. 9 : 1.0 

100.00 8.75 15 / 8/1982 8 . 

1977 . GU till SIRES 7 . 3 : 1 - 1/4 
LOQ-OQ 9 C 8 U 31 / 5/1982 9 , 
1970 OMZUL CABLE ' 7 - 5 : 1.0 i 
100.00 8.875 10 / 9/1960 S . 

1976 6 ZB 03 SX 3 2 BBH 4 L 7 . 5 : 1 /* . 

100-00 8.063 31 / 7 /UU ..8 

1977 GZBS 5 EB 13101 * 16 . 0 ; 1/4 

100.00 8.25 6 / 4/1983 S 

1977 * R 4 P 0 ALS! HXL- , 73 : 1/4 

103.00 5-063 0/ 9/1982 8 

1977 * ggHifiC*»HHB! ~RK r.J: 3/4 

100-00 - 8.375 22/12/1982 8 


0.02 - . 30 C 

100.00 1979 . 
*•26 ' . MC 

uo.TO urn 

B.13 ” . . T . > 


"LX 

BP to 359 *** 
tr 

Jpg TO 5S6 MSlt4 . 

-IX 


150051 BTOnlAPAB 6-Ojl/V 99 7/B 3-72 
8-00 35 / 2/1982 S 

ISDCST BBE-1APA9 6.5:1/* 99 7/8 *.*2 
I 8.25 X/11/U02. . S 

I3D 6 HXB DV BE 6.?5:3/8 97 l/B 5.B7 
I 8.188 ' 14/ 4/198* S 

X3BXLC0 “■ ’ - 7.5: 1. Q 100 1/4 2.17 
[ 8.B75 31/ 7/1380. | 1-97 

XST WESHEZTOIEE IX 8:1/4 99 3/8 5-89 
| 8.00 20/ 4/1984 6. 

- iSHUAiOJIKA-RAJiS. 7S: 1/4 99 1/4 6-91 
I 8.25 27/ A/ 1983 9 


B.M - 

300 

. . PG 

TO 

us no 

100.50 1980 

LX 


" 903 

ivm 

8.01 

■ * 30 

; 1 - TO 

TO 

•56 *•*! 

100. 

OO 1980. 

" -, 1 * 



B.M 

' 50 

PC 

ED 

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100. 

00 1978 ' 

LS 



8.43 

are- 

HP 

TO 

511 no 


as 1980 

.IX 


965 


8 .U ' Me. ,1700 - PG ED. 292 905 914 925 

ldO .00 1978 1571 LX - 


8.05 -6QC 

-lOO. TO 1981 


*.32. V , SOC 
100 . TO 1981 


I JDCDRAHKA. ’ 7 . 5 iUl 95 1/2 5.17 
I 8.875 1/ 8/1983 B 

i XUB 4 UXS- 0 SAIX 415 : 1/4 99 1/8 5.14 
I 8 -DO 20 /- 7/1963 « 

UffiHZ ZKZ vr 7 .J 0 il /4 99 3.30 


100.011 I 960 


wan 2 X 7 . Btr 7 - 30 : 1/4 99 3.30 

I 8.00 15 / 9/1981 8- ■ 

■ tam usx nv 6 . 75 : 1/4 99 6.30 

I B .00 15 / 9/1984 8 

uonK aura. 7 . 2511 / 4 100 1/2 4.99 

I 8.(88 26 / 5 / 19(3 S 

LOBS TZ 8 S 6 RD 6 . 25 : 1/4 10 O 3 <S 5 

> 7.813 15 / 42 / 1981 . .3 


8.64 30 C 

. 100.00- -1900 
7.81 , 30 C 

100.00 1579 


1977 * LOB TERM OO 6 . 375 : 1/4 100 4.16 

100.00 7.938 27 / 7/1982 S 

1978 * LOWS TOM CSSS ' ' 6 : V* 99 7/4 4-72 
150-00 8 . 00 .- 15 / 2/1983 3 

1976 HXDLAXD UHE \ -3&-.U* 100 5/8 4.72 . 

100-00 8-063 15 / 1 /nO’ S 

1975 KXDLAWD BABK 8 'UbU* 101 1/8 4.'45 
100.00 8-50 12 / 11/1932 8 . . ■ 

1977 SHILASD D 1 L TUI 6 : 1/6 99 3/4 . '><97 

100-00 7.608 18 / 3/1987 S 

. 1977 * B 4 GMS 4 L 7 TBABCUXA. l£? 1 98 1/2 14 .' 60 ' . 
lOO-OQ 8.563 3 / 1/1993 S 


7.94 . 30 C 

- lU.OO 1900 


e.oi - -■ 3 oc 

...- 100.00 19 BI 

■ 8-01 • ■ ■ 30 C 

' - 100-00 1980 


8.41 SOC 

• 100.00 1980 


7.n ■ 38C 

- 100.00 1983 


• 8.69 .’ 


60 c: . is H 7 218 *ro 

, 98i ' .• :!«•••■ 

SOC - ' - 00 TO 412 205715 90 S 914 

J 81 IX 925 930 940 5*3 

947 9 ML 

2.00 ’ RT TO . 538 90S 915 
PRISTS LX 

3 flp. __ ' iff SO *08 wro 
1980 .. IX 

JG TO 28 905 . 

- • -IX 

PC-TO. » 90 S 
Iff-’ - 

300 .'"WTO 517 row 

1980 -W. 

30 C BP TO 412 **• 

J 79 . JX ; 

)« PC W *12 **• 

.980 : . - USX 

30C FG TO 412 row 

,981 IXSX • : • 

30 C W TO 517 210 215 220 905 

980 ’ M 914 923 930 9)5 

... 940 945 9*7 9)0 

30 C - W TO 317 210 213 220.905 

980 ’ -13 914 925 9)0 935 

940 9 t 7 950 

38 C "PGTO 348 -row ■■ 

983 13 . . 

CC To 103 21 P m 220 903 
IX • 914 915 ' SIS’ 930 



Canadian tk-ujps trmmsrsp ) ■ 

SUVA SC0H4 POWER l. ioq 7/8 16.09 9.39 
9.50 1/ 7/199* 


PJWCA5ADIAS PETROL 
9.75 15 / 11 / 1983 . 


PROVINCE or TWKITl>BA 
. 9 .U 5 ' 30 / */U«S 


PROTIKTE OF SEWTHIQJLAHD 
».?0 IV 5.* 1*8) 


WorweroF SEurirNKASD 
10.:5 15/ 12/118) 


6.92 9-27 
6.9Z 3-27 
4-96 9-50 
4 .» 9.51 
7.55 9 -M 


9.42 9.43 

lOIiQO 
938 t-lp 
100.00 

9-26 \ 

102 . 00 : 

9-50 

101*00 


103 210.870 912 943 
*60 


10 .03 9.6< 

101.00 


1979 PFi976 . 
3ft 1.20 

1980 m9/6 


SJO 912.9)0 
Jib 9*7 92D 
912 9*5 9»S 
9B0 

912 9*3 980 


fjdtuke or ram scoii* 

i 9.00' 15/12/1983 ' 


Florae TAL BASK-CASAPA 

9.50 15/ 3/1*41 


PCIHIL- ATX- TREBLES 

9.75 18/ 7/14?: 


5.55 8.84 
3.72'9.*7- 
4.13 10.12 


.846 ... 

9*50 ^9^7- 

100. DO 


5.87 ID. US 
lfil .00 


815 870 937 
980 

945 980 


QUEBEC fin®}- ELECTRIC 
I 9.50 - 15,10/ 1961 


qcdw uaxw ownff 

9.50 3/ ;.'IM2 


3-38 9.20 9.6 4 
3.68 9.89 - 9-62 


(JUTS EC URBAN CrtMTilTT 
9-50 15 / 9 . 1 * 1 * 


Q 0 B 8 FC URBAN CffiWISITT 
«.TS 2 b/ 5 ' 1 «W) 


MS.***. 

408 923 900 
40 ft 925 980 . 
18 912 945 980 


QUEBEC OMAR C-IKMIITT 
10 . TS <)/U/l 4;4 


BANE OVHISEAS BCIDfSCS 
9-50 13/ b/1082 

BOIAL BANK Or CA.TACA 

8.00 15 / 2 /lig* 
RDTAL BALT OF CANADA 

8.75 1 / 4/1992 

30 IAL BARK Of CANADA 

9.00 15 / 2/1992 
GOTAL BABK Or CANADA 

9.50 1 / 4.' 1988 


l.« 10.55 10.74 
4.04 10.04 9 . 67 - 
5-71 9.77 8.47 


16 912 9 * 5.960 
346 *•* 


EOTAL 7 S 0 ST CO HPSTuACS 
i 9.50 IS/ 2/1981 


. 13-72 9-37 
11. *63 9-41 
9.84 9.08 
7-*4 9 -DO 
2.72 84 2 


8^7 I.Bl 
100.00 
B .64 8.22 

100-00 
9.27 . 9.38 
100.00 
a.jff n.n 
100-00 

9.36 


i 870 912 935 ' 
945 942 960 


1976 ROW. TRUST CO MTOTGACK 101 3/8 6.26 9.23 9.39 
100.00 3.75 1 / 9 / 1981 .. 


1975 BOmUKE LSASTBC 
100.00 9 .SC 15 / 10/1980 


197 * EtrawR 
100-50 9.75 


X 00 . 5 /B 2.38 905 - 9.44 
iOl ■ . 3.68 9. 38 9.65 


3.68 9.38 9*65 9-27 30 

100.00 1981 


1975 TOTSAI 

99-75 9-50 

1976 BUTBAZ 

99.50 9-50 


1 / 9/1960 
V 7/1981 


100 1/4 2-26 9.33 9.48 
WO 1/6 3 .M 9 J 4 3-49 


-SO SPED 
1 * 19*1 .XX 
.iff nr sn 
IF 1979 TO 


smraos - sears acc.co 
9-75 1 / P /1983 

TOASGUU CANADA 

9 .50 15 / 6 /L 9 F 2 

Ttusaur cjmm 
10.00 15 / 6/1986 

TOWWTO-DOmsWS BANK 
9-00 1 / 4 / 1982 . 

TURDjnU-OOmjnOH RANK 
b -.'5 1/LL/ (JSt 

torn or mmiu. east* 
9-75 18 / 7/1982 

mums gubf 

9-75 15 / 3/1992 


100 5/8 5.17 9.^8 9.69 9.49 30 .84 

... 100.00 1981 IT»7T 

101.1/2--67U 9-04 9.36 (.91 30 ' 

100-00. 1961 . 

102 3/0 0-0* .9.56 9-77 9-18 30 v - -2.23 

• *6-24 9.48 100.375 1181 W197B 

99 VB 3-84 9.10 9103'-' 9-1 J 30 J' 

' 100.00 1981 ' - 

101 1/4-3.142 9,27 9 M3 9-10 VT ' 

iflUrOO, IMfl 

97 3/6 4*13 10.35 10-01 • • - ' «G - ’ 

. . 101-00 19 MT , 

100 1/8 3. 79 9.68 9-7*‘ .7$ 

m977 


210 870 912 
937 9*0 9*3 
960 980 
zia 870 912 
937 940-9*5 
947 960 980 
21Q 870 912 
937 940 9*> 
960 9BO . 
B70 912 945. 
960 980 
210 070 912 
9)7 9*1 9*3 
. 947 9M SM 


-Ms-***' ■ • * 
630 *** ' 

■ 455 , ***•'■ , •' 

■« 6 .;ro< . 

’ ; J 8 9 I 3 949 9 BO 


1975 TR 40 S OTTO rn CCA 9 A 0 A) 100 5/8 2*51 10-28 10.46 ’ 

100-00 10-50 1 / 12/1980 

1976 0 S 1 OH C 4 SBZDB OF CAU 04 IDl l/s 3,92 ft jv 9.15 8.79 30 V 

100.00 9-25 1 / V 1982 100 . 00 - mi’- ., 

1976 DSTIOB CABBZDE OF CANADA 102 1 ft 7.92 9.31 ' 9 . 52 ’ 8.90 ;W . 1.50 

99.00 -. 9.23 1 / 5/2986 ' • 6^5 $.25 . 100 * 3/3 2981 021978 


- 77 .210 *H 912 93 

. 937 . 943 946 960 

scs ’180 ■ 

-326 210 912 9*5 947 

- - 965 9£0 • • 

436 WTO ■ ‘ 


ACS 

10.00 


, W-lrt- 6 J* 7.64 . 7-56 
■IBS'S/* 3 . 34 . 7-98 947 


ALCZMtVS BASK 

6.00 1 / 10/1979 


W 7 /*-. 1-34 
-84 


(.87 641 
6.16 


lltnBE MKK 

6 ."IN U 5 / 1980 . 


ibf -Vo M! 


3.89 *.21 
3 . BO 


23 BX 20 6 TOUL 606 
■ - ; (a* (or (aa an 

- MS -611 9 (D 

23 BMI 0.601 £ 0 * 60 S 
: 6 M 607 608 809 
610 611 . 910 . ' ■ 

. 237 «£T 6 « 604 603 
'606 607 (OB 609 
wra'di 919 . 
237 6 OH (01 604 SOt 
- .606 (07 wtm 


ALCWera SAVE 
I 6.23 15 / S/ 1 M 3 


4» V8 4.96 


*I 0 *UWP ’. 
•601 (03 ( 08 - - 


Axeronx bar 

7.25 1 / 2/1380 


102 V*. t.M 


3.69 7 .W 
5-03 


**w 

( 0.00 

53 no 870 912 

75.00 

9 X 5 9*0 941 9*7 
WO 980 


.*»• 

73 . DO 

AM 

73.08 

210 912 935 9)7 
?*J 94 7 960 M 3 

75-00 

9 *) 

Jj 115 210 *25 
?JU 412 9)5 4)7 

69.00 

9-1 4*5 961 4*0 

31.00 

:m Mi ?:o 912 

70 -11 

25 . 0 a 

b*! Ml Wi- 

60-00 

' 35 210 670 912 
MJ 917 NO 9i5 
JoD 9 B 0 

U .00 

US 210 *U HV 
912 932 *47 Ml 
M HO 


AUmWl BAR 

9.50 15/ -S/1979 


IBS . *96 


kusaarx uhx 

9.50 1 / 2/ 1980 


UGEKEHB MB 

10.00 1 / 12/1979 


ALGRBR I43BT 

10.50 1 / 10 / 1>79 


lqs.Va i*6B s>9* 9.02 

JO*' 1/8: 1.51. 6.95 9.6P 
IBS 1 78 1 (.52 9*99 


HMSOISSC UT 

' 8.23 15 / 3/1983 


- 

U 7 I /2 4-79 


5.37 . 7.(7 


AMO BANK 
6.25 


jbfaft 1-73 


*•82 6.11 
4.16 


*HM BANK 

7.25 


102 , 1/2 IAS 

. V* M 0 


3.61 7 mr 

s.oo 


AUTO 3 * 3 t 
1 9.50 


1 /- 6/1379 


tB* 7/5 J-W 


AMD |*HK 

(.75 15 / 12 / 1*79 


104-2/8 14 5 


;• ^ -V'.-t-Aj. -X . TsS. 



- 237 600 601 008-OB 
. 606 607 60B 609 
■r 6»:61l «0 ■ 

;■ 297 600- UI 60*. 60S 

606 *Q 7 B 08 -409 

- -- 6 BJ 61 L 910 ‘ 

237600*01 * 0*605 
.(I* w«m» 
.. - j 61 H- 6 U 9 m./_ 

• 23? see «1. (W.6» 

. 606 raw 608 609 
&Kr4119tfl-V 

. 237 wo «rt «* Us 

HtWW#! 
i.- • .*10-611 .«» 

237 600 SOI' W 603 
=*« 807 608 «; 

XM 600 wr HK .MJ 

MMW 6W 
■- ••■ MTlTa ’ ’ 
23B 6W bit 60S 603- 
•_ • (0(«W «*M<69 


-BP -W'-SW'SW 601.606 

. UQ.- ... .' 80 tAiTO. 0 TO. 4 P 9 

» HT. 2 »-< 0 O 601 - 60 *. W: 































J 4;*h 




■ ** S,; J ""s 


‘1* 

... ' , - s 

-r • /»» 

V * S * _ 

li- 4 ^ 




■ ' *" "Is h, 


: ” *'! 1:1 


. % • • ; ui 


Pin a pg ^ TOTes ,mgnday Ju n e .;12 1878 

O - " '■* ■'”•• '."• ■ ' ;-} • ;- — • - - -f -• or — 

• • •• ••••" •• • : • ; '-' : ' £='•• I ?™ 

'•SS f ll : 1 - • - r • in §•• si 

- couroNr.u.Tu'Bw ■ ' § •-•• £? *2 -£.- 

“3 p • •• •:. • •••• •=■' 

. B ;]■;': ^ f -V J;.*j 


’ ^*wniDas~ reonaiitc'v 


.50.00 : »7* JfBWjHK;: - 

, '-• IM ‘“ . ,*»•» l/U/1971 ‘ 

- 

. 59 ■« . »*a- .15/ i/issi 
,75.00 ...ms uno' UK 
• . : . -*-2S • i/ii/iwi 

. 70.00 MB* JUBB) uoa;' 

-100.00. 7.00 1/ 9/1913 

oo.ooi 197J am® nwace- 
3000 


W5 a/4 1.42 .6.43 10.17 . •; 

1M VI 3-30 (Ua 

,:w 3/4 Ur. *.*V C.(7 , - 

101 1/4. -4-73. (.17 -(,n^ 

M V* 1-Ji 5-6$ t*» - 

144 ; , .-,f 


.73.00 wi Va 

50.00 W5 itoV/i «.W.4^ 


• •«*.« ** ^ «•* 
»”o ‘ Sn » MJ/4 l ; S 1 ^ *■" ■ 

** 

*■" •'*** *■* 
nj *~£&. UK 7'5?\mnm .»***•_*■,*» 

W - M •«•**' **•«•» •** / 
- 40 ; M iSI5o“f 0 ^‘^ /W79 >•** U175 'ww;i4»^ ‘ 

1Wa/ * ^ ^ ^ - 
-«3/* i.» 

7S * tffl M75 CIXTOFoao UB */« * m l ti j « •■■ 

... 99.50 8.25 1/ 7/1332 "» »* .4.01 S.*l 7.81 . 

“*«•-«» r-u Mr. 

.ai? , Tap , oaw“-"»'»»' ** 

83S iSS , “" Eg ™,,™?!,,, «*>,„ fcjj ,M 

as jel “ «•'. «* jg; “ 

»So Iim: f.iT 1I u l 5/i H 2 .“ ,m w*» .«» 


IW 7/S l.»2 (40 «44“ 

. 1«*2 346. - 

Ul 3/8 1.04 5.10, 6.41. 

. .5* 4-12. . 

107 3/8 3-84 6.98 *.«!' 


12’22 JasT * van CBTffiT 

40.0D 99 JO 8.-30 15/ 4/ 1903 

90.00 ■ 1972 XSCGK 

15 -SO 100.00 4. SO 3/4/15 7* 


.1/4/397* 

30.00- ]'»72 totorco. ga 

■ 21' .00 99.75 5-75 V 9/1J79 

30.00. m2 momi . IM 

12-50 Uo'-OO 7.00 1/ 2/1973 

30.00 1973 mOFIXA ]» 

99.75 8.50 -1/ 5/UR 

60.00 1976 BDtOPUS COAL -6 5TKL 1(U 

99.73 . 8-00 13/ 2/1983 ' 

“fS'SS .i! 7 £, Bfconui mramsi sahc ioo 

50.00 100-00 fi.OO 15/ 9/la«' 


103 5/8 4.88 7.37 l-U 

. 3-38 3.26 • 

99T/8 • .84 7 J6 ' 6.34' 

99 3/8 1-76 644 S.77' 1 
.7* 6.a- 

100 3/4 .68 6 J4. !■» . 

106 1/S 3.92 6.67 6-01; 

104 4.72 6-96 7.M 


5o:66 iwLoo ■— *35 ‘"bTvi.'ar" 400 S:S aJS 
73.00 197( mortAs rsTOraarr use lot Vs a. as 6.91 7.*( 

. 99-73 1.00 '15/ 4/1933 


1977 HttOPEAH QnriBTKDtr USE 104 
100-00 8-00 15/ 2/19M 


3.72 7.11 7-69 


*•? ‘ w e *_ 

SlIJo 103 x - 01 9 21 


So -DO 1973 CflV ZRK MZST OF HALA75UL 
37-50 100.00 . 6-73 13/ S/U80 

3 f>-W W 2. com T fT-C.J 
1>.00 .200-00 6.:-0 1/11/1979 

60.00 1972 con. a r st» zzauvo 

U-00 100.00 6.23 IV 4/1479 

60.00 1971 -00T2. « VtB ZEiUSn 

15-30 . 99-30 .7-30 15/ 9/1976 

7S-DO 1977 eon ■ or stf zatuxo 
- . 99.75 . .8-00 1/ 3/19S3 

75.00 . 1975 non. or sa zealmd 

1DD.00 8.25 15/11/1981 

75.00 197S oo7x. or taa suiako 

93-00 9-00 U 3/1982 

(0-00 1972 EABEtSLZT XKW tTK 

U.00 99-50 - 6.75. V VL979 

40.00 -.1972 EOLZKAt ZRSS 

15100 100-00 . 6.30 3/ 5/1979 

30.00 1972 BOILAUD AlfflUCA LUH5 

15-00 100-00 6-25 15/ E/1979 

50.00 1972 I£QB 

25.00 100-00 ^.30. 15/10/1979 

30.00 1973 ZttZXAnLTSti-IMtbtt 

. ,99.75 . 9-25„ V S/r980 . 

75.00 .1972 -M.M* 

3T-50 ,99.25; . 6.00' 15/ V 1979 


K 103 1.01 6.32 f- 21 ’3 

98 5/S 2.04 7 JO 6-8* 

1-0* 8 J.7 . ■:yy : , 

89 5/S 1.42 6. 75 S-52 

-92 6.9j •; i£l~: 

- ICO 7/8 .86 3ilB 6.20 '^-yl 

'100 3/8 j-30 6.00 7-67 i if I.; 

' 101 3/4 4.75 6.79 7.64 

US V2. 3^6 6.41 . 7J2 

107 1/2 3.73 6.66-. 8.37 

101 Ift .73 5.14 6-67 '5^ 

IOO 3/8 412 6.05 6^8 * ‘.WR 

99 1/2 1.21 6.66 6.28 HI 

■ .71 7413 4* 

99 3/S 1.38 6.95 6.S4 ^ 

.88 7.26 « 

103 3/4 1.92 7.08 8-92 ^ 

. • • •• £ 
99 7/S 1.21 (-08 tf-OI - .5 
.71 6.U ' ' 


MARKET 

KMAcRS 


W D 238 600 601 604 605 

®Q HJA *dl cm nf9 

' *!" 411 410 

*6 nr £38 MO hOI b 5u 6IT5 

ro 606 (,T! CON 6f9 

Ain M! 910 

»7 20 US AM 401 *A4 b*7 
IQ *0* b07 hJW 6i>7 

4 19 nil 910 

ys EO US 600 401 6K 493 

tnj vQ» 637 608 nnO 

610 611 97n 410 
15.M *f HI 239 ins *.00 h01 ft'Ji 
‘3.7 CQ 1 c05 M* 6(1? 60S 
bM 610 611 «]■> 
97 ID 257 «u0 601 6Ua *01 

W aOA 40? itt* fc.rl 

MO 611 910 

oe nr ui coo toi am. 6ns 

WJ 606 607 608 h09 

„ 615 HI 9)0 

io.od nn 2s 5 »oo soi am. soj 

*9'4 CQ 60* 607 *08 609 

„ Bin 611 910 

1O.-10 9f so a« 600 6D1 604 i95 

1977 m ’ 80* 607 608 u09 

610 611 91fl 

_ *r xu ;is 6 do 605 dm (os 

TO (10 

vp nr zts too 6oz ttu to: 

OQ faflfl Mil b(U a 09 

610 bU 870 910 

VT XU 245 600 oOl bOo **1 

trsj *0* 507 o09 509 

610 bll 910 

EP SU 215 BOO 601 *IM 606 

U9 (K 6l>7 6Q8 *99 

__ *10 611 410 

vra 245 bM *01 604 tns 

nj 6 lD6 60/ *nfi 609 

- .. «. _ 610 *11 410 

25.0a 5* nr ut (oo *oi ut a ns 

• 1976 p.} 60* *07 ADS 609 

610 611 *10 

vr W 237 600 601 60* 60S 

cq *06 *07 *08 b09 

6)0 611 410 1 

VP «T 237 600 601 aM <05 
05 . 60* 607 6 OF M14 

610 Ml B7D 910 

VP tU 238 M® (.01 BO! *04 

‘ 606 607 608 609 

... 610 611 910 

20.00 PC l u 138 6np 601 ifli *05 

1*?7 Sq 606 B07 6 Cl Btfl 

- 610 611 910 

7-50 VP DJ 237 *00 bOl 604 605 

1*76 n 606 6 07 *W *09 

BIO Bll 910 

>P EC 238 BOO bD) 604 60S 

1!Q bQt> 607 604 60* 

. sm til 910 

M.no VP H1 «1S 601. SOA 

193(1 Lq 607 608 b«9 610 

.. *H *10 

22*50 OH TO 237 bOO BOl 604 605 

2976 1*3 BOB b07 bps b09 

. • 610 6)1 410 

22. so SP H7 2J8 600 601 604 605 

197* fa 06 607 60« bM 

_ Pi® S, 1 S3® 

12.50 VP EU 258 500 <01 604 603 

1976 pq (06 607 60S t09 

BIO fall 410 

HP G7 238 600 601 604 60S 
Cq * 606 607 608 *09 
610 bll 910 

NP a 238 600 601 *04 60S 

D Q 606 607 (08 609 

(10*11.9)0 

ID. 00 HP zo 238 600 601 604 60S 

.-1978 DQ 606 607 604 609 

*10 611 910 

VP EU 238 bOO 601 604 6 0S 

00 B« 407 60S 609 

410 Bll 910 

VP ED 238 600 601 604 (03 

OQ 606 607 608 609 

610 *11 919 

VP EU 238 600 601 bDA 603 

IK) 606 607 60S 609 

610 611 910 

SP EO 238 *00 (01 601 603- 
DQ BOB (0? (08 (OP 

610 611 910 

22.50 VP nr 237 BOO 601 60* 605 

1977 UQ (06 *07 (08 609 

610 611 910 

7.50 PC EU 245 600 bOl *(U 60S 

19J6 SQ 606 607 608 B09 

610 Alt 910 

15.00 VP ED 238 600 601 606 60$ 

1976 DQ 60* (07 (01 BOP 

610 611 910 

15.00 Vp ED 238 600 601 B04 60$ 

1575 DO 607 608 (09 *10 

611 910 

vp nr 238 boo 601 to* <os 

OtJ (04 (07 60S 409 

610 611 870 910 
HP EU 238 (00 (01 (0* (05 

- - »0( (07 60S 609 

610 611 910 

VP ED 238 600 60] 604 60S 

OQ MX «D7 (08 (09 

* MO 611 910 

25-00 PC EU 231 bOO (01 604 (0$ 

197* ffij MX 607 (08 (09- 

610 Ml 914 

„ . 25.00 PC EO 238 *00 (01 S44 60S 

f, 1976 WJ (06 40) (OB 609 

( • *10 fall 910 

•; - . 7.'0 VP EO 25$ 604 601 *"i 605 

r ,1976 Wi 60* 907 608 609 

610 611 910 

22.50 CC SU 237 600 6ul 604 60$ 

1976 Oq WW S07 *08 609 

: :sfc 6t0 Ml 910 

M W ED 237 600 601 604 60S 

Si rq - 6D( 607 (08 809 

«£ .. 610 611910 

. jaB-35. re.m 237 boo *oi to* 605 

s y !U9?(- TO 006 407 (08 609" 

... - ■ »** y *-. (10 611 910 



’ “£ I B0BB01VER/ 

I Oj { COL'POM MATURITY 


U !-u 

s is 

‘zS <S 


2 a z *7 

. “SSr 

= 3 it 5“ 

i§ 

£. 

is r i 


iiuicrTuini <cosTrv. rj: 


1 1171 C.L.K. . 201 3/8 

I 99.25 7.2S 15/ 11/1975 

2 9 76* mCMW 07 HSVAT 99 Ui 

99-25 6.5Q- 1/ 4/1151 

1977* XIVCW" OP sror.’AT 1M 1/S 

P9-40 . (.25 L;o,‘!l82 

IJ77 wwpnur or 50KAT 102 3/4 

99.00 7.73 1/ <•/ 1982 

1975 CtBBXH CT SPlft'Ar 203 3/4 

94 -25 8-M 15/ 1 1/1480 

!«76 EISGOOH (J XaCVAr 105 7/S 

,99.50 8.50 25/ 7/1981 

217; mewr-Dl 201 1/8 

99.50 6.50 23/ X 1979 

1974 1X0EE KCrcasrHDSlUrK 203 1/2 

99.00 9.50 1/ 7/117) 

1973 n&EPUWSE CBE01ITP6NT. 104 1/8 

99.50 9.50 13/ 2/ 1 983 

1974 HanUnSE CACOTTE 101 3/8 

99 >50 9-75 V 

1976 VOESHS mHDItVUlil 202 3/A 

99-25 7.71 11 -i.1981 

I97M OSTEBinCVE *<*fn<ttS*H* 98 1/8 
99.10 6.M IW 5/.’9«i 

i«77* oirmnni eovtiom-eahh 101 3/4 
99-50 7-21 1/ 8/ 1982 

1775 asrmnaa rotncLiuxt lei 7 la 

100. DO 9.25 1/ 2/1980 

197! ?m IP K8EI5 100 3/8 

100.00 7.50 1/11/2978 

1972 PHXL7P5 UWPS 99 7/8 

99.50 6.00 1/ 8/1979 

197b pmtrs 1M9S 204 1/A 

100.00 7.73 15/ 5/1981 

1973 HXUPS LAMPS 10A 5/8 

100.00 8.25 1/10/1981 

1974 PHILIPS LAMPS 104 7/8 

100.00 9.50 U 1/1980 

1*74 PHILIPS LAMPS IDS 5/8 

99.30 10.73 15/10/19 79 

1977 P1ZHCB KEUncVC PIEBSOS 101 3/6 

99.75 7.25 1/ */19J2 

1976 FIXES OH OELDErKC PIEPSOV 108 

H.25 10.00 1/10/H81 

1974 RAS08AVE 105 7/8 

99-30 10.75 25/12/3979 

1973 uxr max voldivrs i« i/a 

99.25 9-15 13/ J/KSl 

1*72 REGIOML DEV TUVD 99 3/4 

99.30 fa. 25 1/ 9.-1979 

1*77* ZEPUBLIC OT A0C7P.IA 101 S/8 
99.73 7-25 15/11/1994 

1973 EXPUBLIC OP A0ST1IA 204 S/S 

100.00 8-25 13/ 7/1982 

r»75 formic or austem lor t/t 

100.00 9-25 2/ 3/1992 

1974 moaiic or ixelami ioa 5/9 

99.00 1 0.15 15/1.71979 

1971 UrUBLlC Of 5OT7H AFPIC4 99 5/8 

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7.75 25/10/1*87 

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7.25 15/ 3/1987 

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10.35 JO/ 6/1960 • 
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10.00 10/11/1990 

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9-75 31/ 7/19M 

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S-00 15/ 6/1*88 

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8- 00 2/ 9/1976 

nctasn term itolxank ioo 
10.00 5/ 1/1982 

PBUesOT IDO 

10.00 10/ 2/M83 

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7.25 15/ 6/1987 
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Ml 303 210 215 320 
330 

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352 395 210 21S 220 
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100.00 7.25 1/ 6/ MBS 102-00 2912 

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100.00 6.875 15/ 6/1982 

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1 IX 530 

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300.00 8.75 1/12/1986 

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10D-DO 8-50 1/ 3/1988 

1978" SOHATPACH 1 

100.00 8-50 1/ 4/1990 

1975 SUDAN ALKCATS COFP 

96 -5U 9-00 15/ 2 / 1980 

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98- 00 6.7S 15/9/1980 

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100.03 (.73 25/ 6/1987 

1473 VSSBAB OIL 
100.00 7.W 30/ 6/1987 

1973 Cm OF RKRCBi 

99.25 7.50 10/ 4/199Z 

1973 CUT Or OSLO 

99-23 6.75 29/ 9/1987 

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99-75 • 7.00 15/ 9/1987 

1974 COtWCTL OF EUROPE 

99-75 10.00 20/12/1981 


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1980 PF1976 LX 310 

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1078 1975 IX 32Q 

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1979 i*78v « -• 520 

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1979 1978. IX .. 320 

900 2-50 VP Xtf '122 205 J10 213 220 

1979 M7fa LX J20 

fatfi 5-00: HP W ' 93 2KS HO 213 220 
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1)78 BPI977 LX* 520 

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1978 1974 Uf ; “ 5» - 

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1978 1969' TXiMt . 310 

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1979 im-ix ,aa> , - • 

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1978 197* LX 330 , 


!*77 AFRICAN DEVRLOPKEKI BANK 10 1 

100-00 8.73 15/ 5/1937 

1977 AFRICA* DEtBJOPMEVT RANK 101 1/8 
1QQ.O0 £-50 15/ 3/1987 

1975 AUnPIBTAS £ 102 1/2 

93.30 8.50 13/ 4/MSS 

1975 ADL0P1STAS - A2LANF1C0 L 102 5/8 

93.13 8.75 1/ 7/1943 

1978* B43CT VAC OKED RURAL £ 98 5/8 
100-00 8.25 15/ 6/1990 

1973* B4BCO BACTOfiAL SE QBM £ 99 3/8 i 
100.00 0.25 15/ 4/1990 

1976 BAKO WACIOtUL DC 08IA5 100 S/0 


1976 RISK BATSLOVr v BARS 
99-75 8.75 15/ 2/1*3* 
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99.00 $.00 1/ 4/1987 

1976 BEQC8ADSEA 1AKU 102 

99-75 0.00 15/ 8/ 1981 

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100.00 0.30 1/ 7/1983 . 


100 3/4 7.72 

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1978* TDnrrsn EXPOKf CkEOR IOO 1/2 
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100 JH) 6.30 24/11/1978 X 

1976 m P STRIAL EAMW2KAIT 102 1/A 

100.00 (.79 25/ 3/1981 6 

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1977* JWOBASlA . , - 100 3/4 

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99.75 . 8.73 1/11/1979 

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100-00 6.10 lb/ 8/ 1987 b-lfa a .26 

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98- 00 fa. 75 15/9/1980 

1*75 ARSED riNASCE D 103 3/8 5.39 7.45 

99 - 50 8.25 20 / 10/1983 

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100-93 (.73 25 t 6/1137 4-90 feu 

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100.00 7.00 30 / £/1987 (.56 8.33 

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99-25 7.50 10 / 4/1991 7.89 7.86 

1973 CUT Or OSLO 92 3/4 9-33 7,87 

99-25 6.75 29 / 9/1987 6.66 a. 20 

1972 COUNCIL Of ZUMPE 93 7/8 9.30 7.95 

99-75 • 7.00 15 / 9/1987 4.80 8.61 

1974 COUNCIL OP EUROPE 106 1/4 3.56 7-89 

99-75 10.00 20/12/1981 2.56 7-23 

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100-00 7 .S 0 1 / 7/1978 

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100.00 9.75 21 / 1/1983 3.50 J.*o 

1)72 ETSOPEU COAL 4 -SIEEL 97 1/6 9 - 5 S 7.17 

99-00 , 6.75 15 / 12/1987 3 . 0 $ 7 . 4 $ 

197 ? EStCP EAH COAL 4 STEEL 94 0.79 8.18 

99.00 7.00 15 / 3/1985 3 . 7 # 8.32 

1173 EUROPEAN COAL 4 STEEL 93 5/8 8-09 8-27 

98-35 . 7.00 U 7/1986 3.59 1.49 

1973 EUROPEAN COAL I STEEL 97 7/8 10 .SS 7.54 

98.50 7.23 20 / 12/1968 7.72 7.62 

1971 roUPSAS COAL 4 STEEL 100 5.22 7.74 

LOO.BO 7.73 18 / 8/1983 2-71 7.73 


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100-00 7.50 1/ 7/1978 

1975 ECUriMA D 106 1/2 4.6 5 8.00 

100.00 9.75 H/ 1/1983 3.50 }.(Q 

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$‘■00 , £-75 15/12/1987 3.0$ 7.4$ 

1973 EOCFEAX COAL 4 STEEL 94 0.7) 8.18 

99.00 7.00 15/ 3/1985 3.7) B.S2 

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98.3$ 7.00 U 7/198 6 5.59 8.4) 

1973 EUROPEAN COAL ( STEEL 97 7/8 10.5E 7.54 

95.50 7.23 20/12/1988 7.72 7.62 

1971 EOBOPEAS COAL ( STEEL 100 5.2} 7.74 

100-00 7.73 18/ 8/19B3 2-71 7.73 

1*75 OTOPEAN COAL * STEEL B 105 3/8 *.78 7.93 

99-2 S 9.00 12/ 3/1985 - (.38 7-52 

197* EUROPEAN COAL 4 STEEL D IDS 1/8 6.44 8.22 

100.00 9.50 5/11/1984 S.7* B.ll 

1974 EUROPEAN COAL fa STEEL 105 1/2 3-*2 8.M 

99.50 10.00 30/10/1981 1.92 6. $4 

1972 EUROPEAN ZNVESTH9IT RANK 97 1/4 9-SS 7.15 


£-75 15/12/1)67 


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1971 OROPEAV IWESTTMEST BASE 98 T/B 8-38 7-17 

98^30 7.00 15/10/1986 4.18 '7.29 

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1973 StJROPEAS TSVESTHBNT SAUL 98 3/8 10.01 7.99 
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1973 EUROPEAN IKVESTHXET RANK 96 3/4 10.17 7.4* 

99-50 7.00 1/ 8/1988 5.67 7.73 

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1972 XR STABU2D ELECTRIC 
99*00 $-50 1/ 9/1987 

1972 X3BCWH OP SSBWtK 

100.00 6.75 24/ 8/1987 

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100.00 8.75 13/ 3/1985 

1972 UB> XHTOtUnoKAL 

99.00 . 6.75 10/. 9/1987 
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99.00 7.25 15/10/19B7 
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NOTICE OF REDEMPTION 

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Honda Motor Co. r Ltd. 

7 V 2 % Guaranteed Sinking Fund Debentures Due 1981 

NOTICE IS HEREBY GIVEN, that One Million Two Hundred Eighteen 
Thousand Dollars ($1,218,000-00) principal amount of Honda Motor Co- 
Lid. Tl-j^ Guaranteed Sinking Fund Deoentures Due 19SI and bearing the 
following serial numbers, ba’-e been drawn Tor icdempUon for account ot tne 
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interest to ihai date. 


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12350 

12365 

12362 

12385 

12392 

12403 

12413 

12422 

12427 

12431 

12436 

12439 

12445 

12451 

12463 

12470 

12474 

1248* 

12481 

12498 

12602 

12506 

12803 

12983 

12993 

13011 

13060 

13206 

13238 

13288 

13361 

13403 

13481 

13508 

13637 

13600 

13614 

13667 

13711 

13769 

13968 

14184 

14273 

14489 

14510 

14550 

14630 

14765 

14856 

14984 

15241 

15540 

15715 

15856 

15919 

16050 

16208 

16267 

16339 

16388 

16423 

16469 

16108 

16716 

16783 

16857 

16993 

17159 

17356 

17421 

17499 

17598 

17716 

17845 

17956 

18051 

18117 

18284 

18368 

18417 

18471 

18548 

18599 

18629 

18682 

18731 

18851 

18962 

19035 

19148 


Holden of the afro?* debentures should present and surrender them for 
redemption on or after July IS, 1978 with the January 15, 1979 and subse- 
quent coupons attached at The Bank of Tokyo Tnut Company, 108 Broad- 
way, New Yoris, N. Y. 10805. or nt the offices of The Bank of Tokyo, Lid. 
in London, Brussels and Farfs. or the main offices of Mens & Hope la 
Amsterdam, Morgan Guaranty Tnut Company of New York !•» Ynmkfnrt, 
Banca Vonwffler & C. S. p.A. fai Milan or Basque Generate du Luxembourg 
to Luxembourg. Coupons payable July 15, 1978 should be cb»tarhwrf and 
collected in the usual manner. 

Interest on the debentures so called for redemption ndQ cease to accrue 
Cram and after the redemption date, to wit, July 15, 1978. 

THE BANK OF TOKYO TRUST COMPANY 

as Trusts*. 


June 12, 1978 


NOTIC 1 


The following coupon Bonds previously called for redemption have not 
as yet bees presented for payment. 



48 2260 
191 3280 
TOO 2283 
JW 2287 
748 2295 

isos asm 
1§71 2858 
1428 2870 
1438 2400 
16» 2427 
18SS 2447 
18*7 2878 


£582 4782 
4614 4794 
£633 4842 
2637 4848 
2731 4847 
3206 5094 
3982 5236 
S990 5426 
+180 5455 
4731 5765 

a si; 


687* 

8897 

6902 

6996 

8089 

6049 

6056 

6179 

6166 

8191 

6216 


6264 7808 
■263 768a 
6278 75*1 
*328 7620 
6591 7828 
6771 7700 
6888 7748 
7065 7766 
7249 7777 
7251 7783 
7290 7896 
786* 78*7 


8196 

8911 

8921 

9012 

9014 

9068 

9075 

9297 

9559 

972Z 

981Z 

•CIO 


9926 

10071 

10152 

10162 

10241 

10252 

10896 

10429 

1125* 

11388 

12888 

128M 


13414 15247 18400 
12421 15740 18418 
12424 17407 1844a 
12430 17409 19634 
12493 17417 
12440 17427 
12446 17478 
12468 17506 
13037 17788 
13670 17789 
11 


14688 

14619 18696 



lflO.CK) 1873 GBWAIS UXOR • n 
1OT -00 100.00 3-00 ’ 15/ 6/1917 

Si .00 IMS KICHEL U UT DW : 

37.60 100.00 b.OO 5/ 1/1985 

30-00 »Tf| sejz ET L* tun OX P«ls 

.30-00 96.50 J- 00 15/ 3/1S8J 

ctgvEH-iBUs-M ai; mse 

50.00 1974 AS LA KAVUVXOg 137 

50. 00 100.00 6.50 u 3/ 1989 

cwmTOus-raun, 

I0.no 1917* LEuai LIT XXV 

10.00 100-00 7.00 2/.7/19}* 

coBvnraus-jAPM 


6-8* 

6.88 


1-68 


72 S.'« 

;+•* 

J ■-,{ 

iiio 

10 s 3/4 6.W ••)* 


5.17 


104.50 
*0 

103.00 

«o 

102.50 


60 

197* 


30 

is; ■ 


ec T'g 9-72 15*17 81) 

*.« 60.:t *.90 133.50 1978 


81. 9 5 mjrt TP a 92 Si 5 329 215 

1978 15/ 9/1972 LX 9M 975 

_.*o mZl» PC ttt 92 75 20S 210 

I9» U lr'1970 UZE1S SIS 935 W 

940 97S 

22.32 PT 39* PL TO *5* 35 »S 210 

50/ 6/1970 4SUDD 215 935 9*0 

943 975 . . 


*3.60 EX* 9-7- PS U 150 925 960 97S 
V 9/177* IX 


■';// ‘ D 


30.00 

30.00 

10.00 
10.00 
15.00 

.32 
30-00 
29.78 
lj.oa 
12.65 
10. ao 
1.00 
M.aa 
8.30 
10.00 
10.00 

50.00 
49*94 
*0.00 
* 0.00 

20.00 
:o.M 

20.00 
1.66 

50-00 

*9.96 

75.00 
;-.<■* 

30.00 
30.00 

loo .00 

88. iO 

30.00 
£-*0 

2i.M 
18.80 
5ft. Wt 
50. Oft 

* 0.00 

ao-co 

50.00 
30-00 


1975 
100.00 

1977 

180.00 

1971 

100.00 

1976 
100.00 

197* 

100.00 

1 "B* 

100.00 

19e« 

100.00 

1977* 

100.00 

1977* 

100.00 

1 * 7 T » 

100-00 

1977* 

100-00 

1969 

100-00 

19') 

100-00 

19J* 

100-00 

1974. 
100.00 
!• 73 
100.00 
1975 
100.00 
I97-" 
■.00 .04 

19?4 
100.00 
J9-7R 
1 . 30. 04 
1975 

1 -XJ .09 


ASUI CHEMICAL t 

9.25 30/ 9/1 HO f 

ASA El OPTICAL 

6.00 31/ 3/1992 

DAI HIPPOS PetSTUK 

6. 75 31/ 5/1906 S 

DAI Cl I« . ■ 

6.00 31/ 8/ 1991 I 

DAIWA BOPSE UMSTIT 

7.25 31/ 3/1M1 s 

xxiACor ltd <no 

. 9.25 31/ 7/1J79 S 

RJTACgX LID 

6.25 30/ 9/ 19®* S 

BOEOSBQl ELECTRIC SCATS 

6.375 30/ 9/1992 S 

1TCK-TCCAOO 

6.00 51/ S/1992 ■ 

JOSCO 

6.00 20/ Z/199J 

LAO SOAP CO 

6.00 30/ 9/1992 S 

EOKA-SU XAXDFiCTDXtne 

6.25 30/ 6/19B* I 

XOUTSD LTD 

7.25 30/ 6/1990 S 

KUBOTA 

«.73 15/ A/199! S 

BAKE I 

6.50 31/ 1/1991 

XAT31ISHTIA tLEOVlt LSD 


S 20/11/1990 _ 
IT.TSLBloa: ELECTRIC 

7.50 31/ 3/1991 S 

xiTreswm oas rant 

«-00 301 9/1992 S 

jarsratssx seavt iso 

4.50 31/ J/199I S 

snsmsHi ampoRATCoK 

6.00 31/ 3/1992 S 

XI TV- *1561 COSPORATTOS 
7-30 30/ 9/1990 S 


17* 

1-7 

11' 

.0* 

*7* 

5J5 

it- 

9VJ 

J.17 

393 

il) 3/6 
>52 

19’ 1/2 
253 
111 
22* 

11.1 «/• 
1310 
112 1/2 
10 >9 
122 i/8 
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2.5 3 /* 

3-5 

i:» 

3-9 

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2*0 

;l2 :. i 

9?* 

i,.« 1 /* 

725 

TO- ?/« 
; •- 

•1 ; 2 


1:1 

:;* 


l:o 


60 -w :«7* xrrststsai cwcBATtos i»* 

3A-37 ltfC-90 6-7J n/ J/1991 t * 27 

50.M i«;j jcisn * co 1,0 :/2 

-1.39 ICO. 00 7.25 20/ 9/1990 S JX> 

2 ft..*<) is - - xjisvi * co :*2 :.‘i 

1.72 190.00 A -25 31/ 9/1989 $ 3-0 

20.00 XTT3VI REAL ESTATE DE7 IT* 

12.38 30(1.70 e-00 .30/ •.'1942 S 5V> 

1 '.m i»7?. jxrm vuerexc iedist h- :/l 
ii.->s :::-oo d-oo 30/ 9/1992 s tv 

;o.fto 16 '. sionef* ilectst.ic ! 2 ?. 1/2 

15.30 ll))-» 1.25 30/ 9/1989 l'*l 

13.00 i9;» kcoo 3 

15.00 100.00 6.25 30/ 9/1991 S i~ 

30.30 SASTCi tLICTXlO I, a 

la. *2 100-00 4.25 30. 1 11/1991 5 

20.00 !97T. SAJ.ro ELEC7T1C 7*2 

3.09 ICO. 00 7.50 30/11/1990 S L.) 

J5.09 19V* S£7T5r ?AJ>*RJOJL»J) MTC a? '..2 

15.00 100-10 4.375 30/ 9/19*2 T ».*2 

;a. w> it; '» SLicnwo ascnir. uz> in 
la. 76 VM.-iO b.OO 30/ 9/1992 S 2;-> 

39.90 J9.’6 SaCTOVO TOTAL »'• 3. i 

2».*9 130.00 4-50 31/ 3/1992 S 106 

15.0 1 993 3IUTA <*EOCil ttD Vjfl 35- : 2 

2.50 '.03.00 b .00 31/ 3/198* S 3 »■? 

if. oo an- Teen aur srotr is "J 

15.00 -90.00 6.00 

50.00 1477* TOSHIBA 

SO-W 100.00 6.25 

3f,.co 15-s rural BA 

25.i2 100.00 6.75 

cJiveariBLES-LcxEtBOUEc 


25.00 IP - ’ GC.OAL taMBS 
25.53 100. CO 3.25 1/ 9/1967 

coM'EP.noLZS-NTnrexUKa: 


*.65 

3.52 

>■2 

l.*6 

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1.61 

«.|R 

.78 

8.99 

1.27 

t.30 

2.38 

3.19 

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5.83 

1.09 

5.35 

1.15 

5.33 

1- *6 
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.56 

2.55 

1.30 

5.7* 

2- 58 


i.JS 
1.00 
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1-37 
3.70 

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6-1 »■ 
1-9 

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1.55 

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3.13 

3.5) 

(.11 

2.12 

1.11 

1.12 

*.;* 


••(I 7.0* 

103.00 


2-80 sO 
10* .00 
*.J2‘ X .00 

196.00 
<0 

105.00 


6.5* Ri.60 
105410 


30 

1980 


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2/11/ 1978 LX 


3n 

1979 
» 

1980 
30 

1*78 

30 

1979 

*5 

1979 


3.96 


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R3-33 
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30 

1978 

JO 

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30 

1980 

A5 

1980 

30 

1980 

30 

1975 

70 

1978 
33 

1979 


105.00 

>0 

105.25 


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39 

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—57 

—.8* 

-4.65 

-3*48 

9.2* 

1982 

-*.60 

-6.66 

7.12 

3.*2 

0FI985 

5.51 

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-3.72 

1972 

-2.47 

5-1981 
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-3.56 


515 9 2D 96D 
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ST ED 609 
LX 

S? SI SOI 
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SP B 399 
LX 

KF 73 *63 *** 

LX 

SP K 159 S15 913 97J 
443 964 975 
SIS 915 9*3 
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SIS 920 933 ' 
9*3 9*0 96* 
313 


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*5 13.65 

104.00 l** 1 ) 

2.04 
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104.00 

R6.2B 

104.00 


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19?0 


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2.70 

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4.96 <0 

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5.06 >0 

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101.00 

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70 
1951 
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TES 1*0-2 
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1/ 9/1976 
TO 5*1 
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TO 79-8 
1/12/ 196* 

TEC 19!. 1 
■J 1/ 1979 
TO 221 
-1/ V 1*78 
TO! 4*5 1/2 
30/ 9/1977 
TEH 198.7 
1/ 7/1977 
TO 708 
1/ 10/1977 
TO 216 
1/ 9/1969 
TBS 3i».7 
30/ 6/1975 
TO 316.* 
ti/ 2/1976 
SSS 847.0 
If 7/1976 
TO 599.8 
20: 11/1975 
TO 116 
If ./ 1976 
TIN 279 
1- 7? 1977 

T3« 15* 
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TBC 5(9 

8.''.977 

TO 387.4 
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re :67.« • 

31/ 3/1976 LX 
TCi 356.7 S?ST*fiS**4 
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XP EO 3*6 
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sr 

SP ST *18 
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KP ED 396 
LX 

DL a 350 
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KP ST *5* 
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SP EC *63 
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515 935 9*2 
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1965 CHESQADOCF-PCXD? IDT 
100-oa 4.35 3I/1X’1M3 

14*9’ CHOEMOOCB-Pnas E?T 
100.00 6.35 15/1 2/M* 

J968 CBEVEOB OO. O.'S 
100.00 . 3.00 1/ 2/1988 


77 V* 5.18 7.38 
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4* t/g 6.,S 6.86 
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131 7 f 8 3.79 f.:t <8 


20 t7.»7 
1971 SF1977 
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ба. ao 14(8 rare TUB 0/S CAP 

604)0 100.00 . 5.00 U 2/1983 

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(0-00 100.00 4.72 13/ V:«98 

12.00 196* C1C 1ST <21F . 

12.0Q 100.00 5.75 1/12/1938 

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15.09 29*3 C07T»CL OKA 757 
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2.00 100.00 3-00 1/ l.' 1?L3 

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20.00 1972 CASHS 

20.00 100.09 5-25 1/12/19*7 

zo.oo 19/2 oazt uaareuE* 

20.00 100.00 *.;s 15/ 8/1987 

13.00 1969 DB*T TKTBSAXIOSAL 

15-00 100.00 5.50 1/ 3/1989 

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8.*9 100.00 5.50 1/ 3/I9S8 

20.00 1968 DILL ISC IAS XST 

18.39 100.00 S-50 15/ 5/ IS SB 

70.00 1968 8ASBUH KSDAX nrr 

бб. 02 100.00 4.50 15/ 3/LH8 

25.00 1572 EASTS OS TO. 

254)0 100.00 5.00 U 5/1987 

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15.00 100.00 - 4.7S 15/12/1917 

13-H i960 nuanaiKic sbupjxb 

13.30 100.00 3*50 15/12/- 1988 

20.00 1976 anani unzustr.st 

20.00 H»4» 5-75 1/12/1591 

20.00 1965 ID DEFT STORE: in 

19-98 190.00 4-50 15/12/ J-J4S 

30.00 1972 ra>m CAP 

30.00 100.00 5.00 U 5/1992 

60.00 1968 PHXSTOEE OiS FBI 

59.02 200.00 - 5.00 1/ 3/2981 

60.00 1968 reu nr cap 

98.80 100.00 5-00 If S/1983 

re .00 1973 • ran m m . 

754)0 100-00 9.00 19/ 3/19*8 

50.00 197 1 rate nr cap 

50.00 100.00 6.00 15/ 3/1986 

30.00 1972 CSniiL ELECTRIC 0/9 

50-00 100.00 *.25 15/ W1987 

504)0 1367 aaSUU. P0QD9 0/8 

30.00 100.00 *-625 1/10/1982 

154)0 1968 00X800 WSLB APPAREL 
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95 1/1 5.78 6-13 
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81 3/8 6.87 8.50 


30 

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SO £6 3/t PS 0 4*7 800 935 96 0 
15/ P/19,0 1* 975 

SO 31.07 FC SB 238 35 5X800 
1/ 8/J94S LX 870 935 9*0 

9*7 960 *75 
» SU 62 TC EH 359 33 SM) *00 

1*74 BP 1979 15/ 8/1968 tXBT 870 935 9*0 

. 9*7 960 9JS 

JO «D 73 t/2 TC ED 361 35 520 800 

1978 DPI 979 1 5/72/19*8 *TL8 870 *J5 9+) 
9*7 940 975 
50 26 3/8 FT EC *01 35 S00 9*0 
15/ 7/18ei AS 960 975 

fU 21 7/8 P5 ED SU 800 977 
1/1111*69 LX 

(9 2b V* R PC 38 35 5 JO 800 
If 4/1949 STU 870 *35 9*0 
60 975 

*0 129.06 PC XV 361 35 9 W F25 
15/18/1968 ft 9*0 975 

X -1.63 >1' Je.)6 re ® ill 15 *00 9*0 
1978 DFI979 1/ 5/ 19»9 8TLS 960 9’5 

32.86 SB I* 7/2 PC HI *11 J5 *70 t’O 
M 4/1972 LX 931 M SbO 

975 

60 72 3/6 SU a 341 *5 S«r *J5 
U 7/1973 UC 9*0 960 975 

60 99+11 ST V 4(7 35 520 070 
1/ 9/1973 IX 935 9-0 9.7 

960 975 

23-12 10 40-97 PS CD +47 35 800 9)6 

1/10/1969 BTLX 9*0 9bB 9-S 
4D, 29- 1/4 K *B 359 95 SCO 915 
1 / 10/11 


20.00 l96t Jj.T. EHttiTD* Tit' 

20-00 100.00 6.50 IV 7/19*9 

25.00 1*68 JOUXBAH L0CU7 0/t ' 

24.00 100-00 . 4.75 ■ U 6/1383 .8 

30.00 i960 resa auk * cm.ta 
28 JO 100 +)0 • 5.00 V 2/1*88 3 

15.» i960 cbc lEsnaas cap - 

13.00 100.00 5-75 1/12/19*8 a 

20.00 Il«s LE4SC0 WBUD TRADE t 

12.66 100-00 5.00 15/ .6/19*8 

*0-00 1969 LXtSCO HIT 

15.26 100.00 5.00- 15/ 1/1*89 

15.00- 1968 LOTH-TOteSEDD OTTES 

14.00 100-00 5.00 U 8/19)8 'X 

60.00 1968 .UT UTKBMnOKU. 

39-95 100.00 3.go U 7/1998 , 

30+70 1968 7U11HE KZDLASD O/S .• 

30.00 100*00 5.00 13/ 5/1988 

15+M5 1971 Tuxirorr 
9.55 J0O-OO 3.00 15/10 / 1988 ' 

30.00 .1973 BAS 00 

30.00 400.00 *,50 31/ 1/19*8 

25.00 (J72 KASSMBTCAL VICE Rt+LXt 

27-00 100.00 6.tS 13/ 1/1987 

30. Oft 19)2 J.1AT BCDSICrr 

is j; 100.00 *.75 ls/ivrfir 


'88 5/8 7-» B+J* - 30 

31 US 6+5, 7.00 1D4.Q0 1578 

8*5/4 5.69 8 -T 8 ‘ 30 ' 

13 7/0 4 J1 9.00 101+H 1971 
86 ^ 5-ifl 7,K • -J 30 

32 3/6 4.89 (+» ID2J75 OT4 


K 53 rs re *41 35 520 Mi 

V 2/ 1570- IX 870 935 940 

... 960 975 

fD 54.79 PS ED 418 35 800 931 

13/12/1960 UK MO MO 973 
4» *9 1/8 78 6X01 35 520 900 

1 J S/1969 MX 935 9*0 9(0 

973 ’ „ 

40 26 Pt B 2*9 TOO 975 »7» 
197*7 15/11/1969 LX 

23.33 *D *0*8 PC ED 3(1 35 800 9*0 

15/ 1/1949 BTLX 975 

98 62 PC 0 3d 35 SOD 9*9 
If 9/1989 IX , , 975 
#D 40.92 PC ET 327 800 973 

V 2/1969 LIAS 

to 6602 PS HI 447 35-800 999 
1579- If 2/1969 MX 940 9(0 973 

BO ‘ 6.25 7.99 .' 30 103.17 *0 *0 '. . - H EO 4U 35 330 MO 

13 3/4 5.08 U+)0 Ml JO 1978BP1978 15/J2/19U MXSS 935 9*0 960 

973 

73 . 6.67 8-76 30 73.96 

12 3/4 .. .9* U'DO 102.625 197* 

30 30.17 

1578 


112 5 JO 4.36 <0 30 

103.125 1978 
90 5/8 5J3 6J9 30 

32 S/B 5.68 3.00 101.50 l»78 

80 3/4 6.19 7-7l -30 

32 5/8 3.88' 3+» 102+H) 1978 

41 UJ7-18J9 , 30 

102J5 1978 

62 7/8 7.95 U- 37 . ' 30 

81/8 loi+n 1318 


56-61 


29-33 

1978 


1979 

n+t 

2580 

1979 


83 3/4 5.37 6-83 .‘ 

» 3/ A 1.93 U.DO 1Q2JD 


86 1/8 
U 3/8 
176 1/8 
30 7/8 


7.84 9-0* . 30 102-00 

9.02 ll.M 1«8 4» 1379 : ' 


2.70 J - «.0__ 
3.24 3L20 1«J0 


to 29-91 ST re 4*7 35 800 935 
13/ 3/1.974. XX 940 9(0 975 

SB 32 1/4 SD to 485 35 270 800 
1/- 1/1973 U 935 940 94ff 

to ' 32 1/4 ED Hf 361 35 600 9*0 
15 / 3/1973 Ut 9 to 975 - 

si> ' - 4 . 4 ft to it vi sa re ass 35 270 sn 


15.00 )9b9 B) CAP 
15-00 1PO.O0 5.50 V VMM 8 .11 3/8 

15.00 )9b8 KCLEE DIT • . 

12.3) 100.00 4.75 IV 6/1913 

£0.00 1972 KC4ULCO 1ST 

20.00 TOO -00 5.0D 15/ 6/1987 

25.00 1965 tntSABTO 1ST 

IH.J9 100.00 4.50 15/10/1585 


66 5/8 8.43 11 -05 


18.00 102 JO 


83 VB S.76 6.57 


102.65 


50.(70 1972 JJ. WEC48 O/S OF' 
50+10 100+N) 4.25 15/ 6/1587 


.30.00 1968 . 

6.91 100-00 4 -SO -2/ 7/1983 -. 

30.00 llfiS IASI SCO OTTO. 

.28.01 100 TOO 5.25 U 3/1988 

7 TOO 1967 SATlaSAi CA8 O/S. • 

1J7 100.00 5.375 1/12/1367 f 

£9.00 19*8 B08NXCHQ/S 
6.93 100+10 4.73 !S/U/i983 8 

23.00 1972 OaaS-TLUBOTS ISC ' ■ 

16-00 100.00 4.50 U 7/1987 

30.00 1968 PiS AXEEIC48 O/S ' 

30.00 100.00 . 5-23 )/ 9/1988 

25.00 1969 JTO. PBBET 8DMPE ' 

12-00 100-00 6.00 1/12,1989' 

35.00 1972 JX. rms OT' tlB! ' - 

35.00 100.00 4.50 1/ S/1987 

10.00 t669 T1ASH1SC IKMM ZR - 

10.00 100.00 6.50 15/12/1984 

8.00 1968 FUWCJWSAXproa 1PT 
8+ID 100-00 .. s.tt is/ 2/I9B3. 

10-00 1971 BABUR CAP 
7TO0 100+78 6. 25 13/llf t3*6. . 

30.00 1968 ECA-OT. 

50.00 200.00 5.60 .1/3/1368 

26.00 1968 IXTLOT OTTO 

=1.16 100-00 - 4.75 15/ 6/H83 8\ 

50.00 J972 BEPLOD 5 - 

38.00 100 -N 4.75 IV 4/19*7 

90.00 . 1968 KtBOLDS KEXAL3 CAP. ' 

30.00 IDO TOO 5.00 1/ 6/U88- * 

12,50 1972 SAXOB XBDHSTRZBB 1 
12.90 100-00 5.75 31/10/1^97 * 

15.00 1949 SCK OTERSZA8 C4P+WEP. 

44.99 100 TOO .5.23 * . V 3/1989 

25.00 Lf 68 SSiiit Ot . 

15.00 100.00 4.75 15/ V 19*8 ■ 

30 TOO 1972 SODnure 

30.00 100.00 5-W) IV 7/1587 

60 -Oc 1975 aorere sire 

60.00 100.00 4.23 13/ 2/19*8 

30+fO 1972 80BX8S OTTO ' 

■30 -DO 180.00 4-25 IV 6/1SB . 

7S+BJ 196K TEX*» OPERAHOFft-naUP* 

75.00 100.00 - 4 -SO -1/ 7/lSta' 8 


79 3/4 8.27 8.?7 - 

1* 1/2 6-21 9* DO 102 JO 

93 ' 4.79 5 TOO 

SO 1/2 *6.54 7*00 300 TOO 

99 1/4 4TO8 *.35 

49 4-*9 9-00 102.50 

U4 , 3.95 1.61 <0 - 

- 45 7/8 3.18 13-00 101-3D 

101 3/S -3.17 3-03 


1978 2/ 5/1973 « 9JJ *40 9*0 

.975 . 

30 to 82 T* .B 346 M MO no 

1978 . U. 1/1*70 1* - 960 975 

30 -to, 63 ' PS re 361 35 800 9*0 

1978 DP1978 . 2/ 1/1969 TT 9M 975 

30 166.75 to *8 V2 TC «□ 85S 35 MO TO 
1978 - .15/ 3/1973 IX 9*0 960 975 

30 . 81.78 *0, 86 KIT 399 35 320 800 
1978 1976. . 1/ V1H6 HI 9 » MO. 9*7 

J*o 9)5. . _ 

90 . 3 J3 to 52 7/4 PC XT 456 3» 52D 800 
29TB 15/ 6/1973 LX 870 9» 9*8 

960 973 

X . -XJ9 to, 3.6*3 IC-re *U 35 800 9*0 
1978 U 2/1969 LOT .975- - 

30 -4TO7 to, 30 in Pd 8D 445 55 520 COD 


4* 1/8 3.62 10-60 101.25. 19TB WI97T. 15/ 9/1968 HU 


87 • 8 TOT 7-43 ' 90C -8.62 ■’ to. !»■». 

IS '• 5-56 11.00 1Q3TOX 1978 

87 . 5.53 74(2 * ' 38 (2TO0 

26 1/4 4 .37 9 TOO 101.75 2971 
113 5/8 3.96 2-79 «0 • 30 

X 3/9 2.43 2.60 103.00 1978 


870 935 940 
9*0 975 
PC KJ 378 35 MO 94* 


79 1/8 6TO4 8-35 


6 V9 


X -M.76 


6 TOO 103.00 ■ 1978 1X1978' 


3167 


7TOI 9-05 X 

.. 10.00 103.75 M78 *91977 


If 6/1969 IX - 975' 

CT 49 - . PC TB 4£8 800 975 
13/0/1963 IX 
1TO9 to 27*33 to HI 328 S 520 87® 
1/ 2/1373 IX 933 9*8 947 

960 975 _ 

to- 15-57 M ED 447 M 8» 735 
It 5/1949 IX 9*0 947 940 

- 973 ■ 

41-81 *0 5* 1/2*8 a 411 : 35 800 935 
U 7/1970 IX . -9*0 960 97* 

to ** re to' 411 -35 520 SOS 

1/ Stmt XX - 875 935 9W 

960 973 

80 50 PE ET 485 - 35 Z70 8H 

15/ 7/1970 BT 9*0 940 915 


93 5/8 6.27 6.35 30 

365/4 4.79 8-00 103.50 1378 

78 1/8 5.74 ,.7.95 30 

34 3/4 4-79 3-00 103.08 1978 

*7 3/4 
6 V4 

96 5TO7 6.25 30. 22.29 to 26 3/4 PC ED 235 809 960 575 

21 5 TO* 7TOO.IOO.00 1978 1979 1/ 1/1969 LX 

8* 1/2 7 TOD 8.93 30 133.90' to 15.57 pc XB 454 33 800 MO 

.5 5/8 C.13 17.00 IO3TO0 1978 0M980 15/ 7/1972 XX 960 973 . 

M 3/8 5-93 7.98 . - -.30 .' 67.99 to to PC V 447 33 3S 530 

27 5/6 5+77 I TOC 2fl2J0.-l*7a W 1379 V 5/19(13 TflX 80ft STD 


3.52: <0- 30 

2J3 14.00 101 JO J378 


116 1/8 6^9 SM <0 » 

’ «. 2.83 14.00 103JQ: 1978. 


940 MO 975- 

J8 to • 3* .to « 5*8 33 520, B7j 
2/ 1/1969 LX 935 9*0 9*7 

9*6 973 v 

*33 W -39 3/4 PS re 3*4 » 520 87® 
_it 1/1973 IX 935 -TW- 947 

86 3/8 145 6.97 • 30 - 23.27 « 44.76 >S TU 399 ' 35 370 000 

31 U2 *-»6 . 9TO0 I 01 .se- 1978 BPlBn 31/ VI369 nu -038 MO-947 

. . - ■ --9*0995'.' 

75 V* 7TO5 10-W 30 - 74-52 « IS, . HE ED 378 » SM 915 

■ 6.1/2 • 10-00 M5..73 »71 158> 30/ 4/1975 7X ,140 940-973 

« V 8 - fOi 7.60 ' 30 105TOO «D, 46JS P5 W 235 33 35 WO 

18 7/6 -3.30 STOp 102.35- 1978 DFI979 l/~ 1/1310 RU 9SS 9« 97* 

#4 S.OJ - 5TO3 .-' ’ 30 20*93 • SH : 18.933 K V 485 270 8 M 935 

M I/* 3-65 102 TOO 1978 1583 1/ 1/19*5 IX 973 

8 « 5/8 5TO4 S.W - 30 26.72 +0 40 V4 Eff 8ff'4S4 35 8W5» 

28 1/2 2-S3 12.00 TO JO 197* 1/ £71973 IX . . .940 960 975 

92 4Jx SOT 30 J4TO7 - SD 31 1/2 SO 28 £35 35 570 SW 


41-1/2 .2.70 8TO0 101 TOO 1978 

«0 V* S-H- 7TO9 30 A 6 TOD 

27 1/2 3-71 U-00 102 TOO . 1978 


isr V1374 ar 


7 TOO 
7 TOO 
10+H 
10-00 
25+H 
22.00 

50.00 
3BTO3 

38.00 
90.00- 

15 TOO 
15 +» 

ls+n 

1TOO 

30.00 
20 TOO 


19(9 
UOTOQ 
19U 
100 TOO 
1949 
100.00 
’1967 
100.00 


KwilD BXlUt OT 
7 -DO - V 7/198+ 


19(9 
LOO TOO 


STOP 1/ 2/1988 
re» nrr ra 
i 5.00 V 3/ IV* 

8100103X08 OT I 
4.73 1/ 7/1562-' 

IMS HOB ROOM 0/9 
100.00 9.75 . Ull/OMM 

UM nEEUBBBT 
IOC. 00 *TO5 v 3/1583 

1573 
100.00 

4D.'00 1992 TASKa-U XU>i 
49.09 100,00 *-50 It 6/13*7 

20 TOO 196* tUHttETOJJfflEtt , 

7.St UftTOO 4J0. -1/8/136? ■ 
79.00 1173 XBOX ctottASB . .... . _ 

73-00 100.00 5 TOO . 1/12/008. 


870 (It 9*tt 
960 973 

to sr re re 23s »5M» » 

I3J 3tl313 -CL r .-.'HBUSBU 

n.1/4 5TO9 2TO3 ' 30 44TO2- ST 4* i/4 IC a 4M S 5=0 •» 

24.5/8 8-12 8 TOD 102.00 U7T IV 4/1549 BE . 870 935 9*0 

2. 947 940 97* 

.88 1/2 8TO9-1D-D7 ' - '"30' tOTOX'.Off *5-22PS KB *47 800-975 .- 

21 5/8 - - 20-00 108*50 T 378 BT1977 15/ I/U 7 D-TX 
90 1/0 SJ5. (.40 ~ 


38 


4.7+ 8 JO 102-25 


26JX to, 52 1/2 PC SO 405 35 270 IOQ 
1ST* 1978- .1/ 2/29*9 LX - . 935 9*0 975 

7*5/8 •+! 10-29 - 30 . 147-18C to 61 t/Z EB BT 3*8 35 MB iSS 

19 .1/2- 2+a -STOP U2TO0 1978 - I/U/JH91B 940 975 

W 1/2 5.0* -SJ60 30 to-OT tB- ‘SS 1/2 Iff 0-456- •» SM f&J 

39 7/0 7TO2 7.0ff 300TO0 1970- ; V 3/048 BOX- 

*4 7/8 jj* 7TO6 30. _ .. 70 TOO 'to+3-1* EB HD A 8 S 35. 270 T~* ' J 


31. VO. 4.M «TO0 IM J® IftTSWUSD 


WBBBMTOItHlT 

I 4.25 - V 4/1988 - 


. 72 9/4 -7TO0 U+M 
la . 2ATO0 IDS. 73 

H5 :: 3TO3' <a - .. 

30 4TO0 UTOft WTOO* 1971 

77 7/8 5^* 7.51 ” 39 

30- 4 TOO 1ZTOD U3JS -1571. 




- 9*0 9* 


1/6/063 K 
30’ iWLJTrto, 47TO9. 'to-re 447 8® JJJ •. 

1978 BPU79 1/ 4/1965 TOT - MO 9*0 *7S. 
50 -4.17- fl- 28 ?V PC BD 431 JB ftp 90 


1/ 6/1967 sax . 940 568 9W 

39TO4 to 62 I/»reiff45* i35.i? “J . 

- If 8/1318 tt 


870 *»94® 
-■toons .. 

44 5.36 4+1 30 MTOO' to +B ' ~*P H7 451 39 5» «* 

to . *+» UTOO uajff 2*79 ..™ 7 r ’y:+/a& a 

102 1/4 U3 u iws ' so: 

X . *+» 12TO0 JT2+» .1970 . if : „ 

•sa -£ 8^8 

v ■ • •» •- » l .i • - 7 - ; -< 1 1H ra ,. «, 




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ThtiMunowcemait appears as a mailer of record only. 

: '• v :’ " ■ ■ •' ' ' 

^y^ioimoNWEAurH 

OF AUSTRALIA 

Dfls. 300,000,000 

JO year Fixed Rate Bankloan 

'* •' managedby. 

' AM^TEKDAM-ROTTERDAM BANK N.V. 

. ; provided by 

Airisterdani-Rotterdara Bank N.V. 

■ . Coopferatieve Cerifrale Raiffeisen-Boerenleenbank B:A. 
5; ’/ (Geritrale Rabobank) 

Jurie, J 97 $ - ■ 




*.* ... *-« 

■: -.3 




•;;* ;^K 

r.i ;« :* t » 

- t . 

\ " *1» 

r .. . 

.j tz s ; * " ' ■ ' 

•s’-.iS ? :j “ ’j ; 

t *■-*: < 

■ , t •. _ 

»-•« \ .* 

■ -? . ^ , “• *' 

. , • - 

■ ^ ■> ,i 


INVESTMENT FUNDS 

The following, funds include Eurobond 
issues within their portfolios 

Quotations & Yields as at 

31st May, 1978 


SOC1ETE GENERAL De BANQUE 
BANQUE GENERALE Du LUXEMBOURG 


Fund 


Rencinvest 
Capital Rtrntinvest 


Price 


LuxFr 872 
• LuxFr 13-49 



Yield 


827 


Div. 

Dace 


21 Nov. 
1 F69,-) 



V 1977/78 

1975/78 

1 " . • • 

Hig£ Low 

High Low 

Rentinvest 

LuxFr: 917 LuxFr 839 

LuxFr 917 LuxFr 818 

... Capital Rentinvest 

LuxFr 1350 LuxFr 1221 

/ LuxFr 1350 LuxFr 984 


’n. - 




EXPLANATORY NOTES AND ABBREVIATIONS 


Mi 

iis 

& 


i :v vr 

! : • 

i -r 

i ' 

i- •.<: - ^ 

r 


i .i : ' •' 


JGS 

: Antwerp 
■= Amsterdam ' 

- American. Stock 
Exchange V 
-i . BruspeLi 
: : Beirut 
Dublin. . 

r .- • Dusselciorf < ' > 

m . . 

^jne.Konft^. .... 
mala Lumpur 
’■London - 

Luxembourg 


ML 

NY 

PR 

Sf 

UQ 


Milan 
New York 
Paris 
Rome 
Singapore 
Unquoted 
Vienna 


I' 

&L, 




Zurich tc other ISvia. 

JExchances £' 

DELIVERY . .'e- J 

■ »EU ,=■• Europe . 

EN = Exuupe/New York . 

-NY ■■=’ New-- York" — 

EA 


Vw J 
G. 




1.5 i OF GUARANTEE OB SECURITY 


== Europe/ As ur 


r.ARANTEES 

Clavernment • ’■ *■ 

>: Guarantee - 

State or Local Govt 
Guarantee 
Parent Guarantee ' 
Bank Guarantee 
These borrowers •- 
have Public Works.: 
Loans Board -as . 
i-Iender of last 
[resort - 


■ A OTHER SE( 

CL — ' Collateral Cover 
-i FM. = First JuortRaEe 
■; ^fp =•. .Negative -Pledge 
- PS- =_' Subordinated-?. 

• . Parent Guarantee 
SC. " Special Clause • 

• SU. .= Subordinated 
. Unsecured 

... UL . = Unsecured Loan 
T.Y '■= Throughoui 
t ‘ • : Agreement • 

''AL. REFERENCES . • _ - * .. v 

^ MERAL— ATTACHED TO NASDE- OF BORROWER ■ 

- - .. Domestic Management group 

■ Bondholders option to redeem loan prior to maturity ■ 

; Private or semi-private placement 

. J- Principal /Interest payable in more than two currencies 
"» Withholding taxes Virith percentage rate %> 

With warrants 
’ Ex warrants .... 

; .'-M ISSUES : 

. ;ures shown are the fixed-i/DM parities, which prevail over 
es of the issues. ■ :• 

)ATING RATE ISSUES - 

•:ures given are the minimum coupon rate; 

■gin above LIBOR, -• 

^ TACHED TO MATURITY DESCRIPTION ‘ • ; 

•- Scmi-annuai- payments • 

T.AGHED TO NEXT S/F AMOUNT 

Purchase fund — the- amount shown is the annual total 
‘lor total to the next coupon date], which may be applied. 
■The year associated with:’ the. amount shown -relates to 
1 the end of the purchase period. 

s . No n-cum ulalive option to' double sinking fund payments. 

■' S .rAtiiED TO (CALL .'NOTICE <DAYS) ' 

Callable only onT coupon ' dates ■ • 

•■= Callable .only at annual intervals . 

Otherwise. callable at any time 

I- ' JLI> TO NEXT CALX ' ’ ■ 

= . Yield Is negative ' 7 - - . . 

: tached to yield to next call " 

'/ERTIBLE ISSUES ONLY) ‘ .... 

= C^ll is subject to a restrictlontEOvcmed by a fixed relation- 
shjp between the share- price and;- the -conversion price. , 

[ NVERITRLE ISSUES .- * 

lare price is always denominated in. the same currency as the 
•" -sion. price please note ;that -where the premium exceeds 
no figure is. shown In the premium /discount column. 

. -: ie foliowing convertible bonds' are .subject to Convertibility 
,ie indicated stocks. . . ' 


COUNTRY 


1SSUE/COUPON/.MATU1HTY EXCHANGE RATE 


Jubcro 
Kao Soap 
Komatsu Manf. 

Komatsu Ltd. ’ 

. Kubota 
Marui 

Matsushita Elec. 
•-.Mitsubishi Elec. - v 
Mitsubishi Elec. . . 7 

. Mitsubishi Gas Chera-.O 
Mitsubishi Hvy. In. &i 

Mitsubishi Corp. ■ 0 • 

Mitsubishi Corp. TV 

Mitsubishi Corp.- fij 

Mitsui & Co. 7} 

Mitsui fir Co. 81 

Mitsui Real Estate 6 

Nino Elec. Ind;. ■ 0 

Pioneer Electric .Cf 

Ricoh fii 


1902 
1992 

1984 

1990 

1991 

1991 

1990 

1985 
i 1981 

1992 

1991 
1092 
1090 

1991 
1990 
1989 

1992 
1992 
1989 
1901 


Yon 277.4 
Yen 366.0 
Yen 360 0 
Yen 294.2 
Yen 303.0 
Yen 299.0 
Yen 303 0 
Yen 360 0 
Yen 305 5 
Yen 2720 
Yen 305 55 
■Yen 2670 
Yen 294.0 
Yen 301.0 
Yen 298.0 
Yen 209.0 
Yen 267.B 
Yen 264.13 
Yen 2S0.0 
Yen 295.0 


= $1 
= $1 
=61 
-.si 
= S1 
= S1 
= S1 

—si 

=S1 
=31 
= S1 

-=si 

= S1 
= si 
=sv 
= SI 
= S1 
=81 
=61 
=S1 


Sanyo Electric fii 199 J • Yen 293.55 _. =S1 

Sanyo Electric 1090 Yen 302.17 =S1 


NETHERLANDS 

SINGAPORE 


S. AFRICA 

.SWEDEN 
OK. • 


64 

6* 

6 } 

5i 

5i- 

81 

61 

63 

41 

5i 


1992 

1992 

lff92 

1984 

1992 

1992 

1990 

1902 

3991 

19S8 

1988 

1986 
1088 
iuy2 
1902 
1988 
1992 
19S7 
1997 

1992 

1993 

1987 


=S1 
= S1 
= SI 
= S1 
= S1 
= 63 
=S1 
-SI 
=61 
= S1 
=$1 
= 81 
= S1 
=S1 
= S1 
=S1 


OF BOND 

, - can Tobacco Iht 
.Navigation Inc. 
rs Int. (Lux.) 

: ,way — Hale Stores 

-■ ih Oil 

'on Oil O/S ‘ 

.. • nd us tries 


■continental Hotels 
. ■ tandard. Elec. ; 

-. »» .*» 

I nance Holdings 
-■ -y.- ' - 

• j World Trade 

j Int. : 

. Townsend Int. Fin 

• ,ch OS 

• f-HUnoix 

" od Champion Int. 


CONVERTIBLE INTO 
.1988 American Brands Tnc. 

2969 East Ada Navigation Co. 
1980 Bankers Trust New York 
. 1987 - Carter Hawley Hale 
19SS Shell Transport «fc Trading 
1988 Standard Oil. of California 
1987 Minnesota Mining & 
Manufacturing 
Pan-Am World Airways 
International Tel & Tel. 


Wa/ner Communications- 
Reliance Group Inc. 


2986 
• 19SS 
19SS 
.1989 

1986 
1990 

3988 

3989 •••••- .* 

1988 ’ Rockwood Computer . 

1983 Mortoh-Ndiwich Products 

1987 Owens Coming Fibreglass 
I9S3 Champion Ini 

• ' oHowvng -International convertible issues- -have, fixed, rales ot 
' - : Vicy conversion; ‘ ^ ^ 

TRY ’ ISS1JE /COUPON/MATURITY KX CHANGE RATR 

-Michelin Int. Dev.V . 6 1M5 FJr.o^54 -51 


Setisu Paperboard fij 
Sumitomo Elec. • 6 
-Surairomo MeraJ 6 
Takeda Chemical _ 6 
Tokytt Dept. Store ' 6 
Toshiba 6) 

Toshiba 6} 

Ennia 

All -other issues 71 
Dev. Bk. of Singapore 61 
United Overseas Bank G$ 

Rand Selection Corp. 

Sandvik 

Babcock Nederland 
Beecham Fin. 

Burmah Oil 
Burton B.V. ■ 

Compair tU-K.). 

- . Id Int. Fin. 

Inchcape ( Bermuda! 

Bank Organisation 
‘ Slater Walker 

'i' Union Bank of Swit7erland (Lux.) S'. 1 ?, 1981 differs from other 
convertiWes in that the bonds are denominated Us513oO and each 
bond is convertible into 1 Bearer share of b.Frs.500 nominal value 
9t/UBS. 

; .- Credit Suisse (Bahamas) .1»M , d 1 '5ffi5. n I ri,,n J oth t r 
Vertlbles in that the bond is denominated UbSlOOO and each bond 
'.Is -convertible into 1 Bearer Share of S.Fr.500 nominal value of 
Credit Suisse. . 

The following convertible issues have conversion rights which 
expire prior to maturity: 


Yen 243.0 
Yen 267.0 
Yen 287 5 
Yen 360 0 
Yen 266.0 
Yen 254.0 
Yen 295.8 
D.F1. 2.4565 
SS2.44 
SS 232 
SS2.32 
RD 0.7143 
SwKr4.7825 
£0574 
£0574 
£0.417 
F.Fr.UBS25 =S1 
£0582 =S1 

£ =61 

£0.582 =S1 

£0.425 =S1 

£0.365 =SJ 


: NAME OF BOND 

S- rf- - 

. Asa hi Chemical 
'■£>ar Nippon Pig. 
-Hitachi _ 

- V Mitsubishi El. 

Raod Selection 
- r - - Takeda Chera. 

-■ -Toshiba 


MATURITY 


5* S0/9/2PSO 

61 31/5/1986 

fii 30/9/1984 

7 33/3/J9S5 

6} 1/3/1986 

6 31/3/1984 

6} 30/9/1990 

1ft DENOMINATION OF NON-DOLLAR BONDS 
Euro-guilders — all denominated 
-•- •Y- : fTenclr Francs — all denominated 
’■■■'• . with the exception of 
■ ' v Aerospaliale „ ■ . 

.-•-tr - European Coal & Steel < % 1980 
• European Coal -fit Steel 7J'o lU'JI 
• -Krancaise de Petrolcs — BP 
. - Philips Lamps 101® 19S0 
/-Roussel — Uclaf 

-f.:. .SO PAD 

tSTEJRLING -DEUTSCHE MARKS ' 

".‘.Enso Gutzeit Bi% l'JSO 

. ->iei s% 19S8 

land 79t 


CONVERSION 
RIGHTS 
EXPIRE 
15/9/1990 
30/4/ 1986 
31/8/1984 
28/2/1985 
■ 31/1/1986 
2S/2/1984 
15/9/1990 


FI. 

Ffr. 


10.000. 

5.000 


Ffr. 10.000 
Ffr. 10.000 
Ffr. 10.000 
Ffr. 10.000 
Ffr. 50.000 
Ffr. 10.000 
Ffr. 50.000 


:> v 

,? ; 

i? 4- •' 

5 

£ * 


f* . t * 

0 £■* 

'i 

* : ■ - 
& 


. t 
r- ■" 


CE 

•;- , jKONa 

■ v'-JL 

- m 




Suez et ITJnlon Paris 
-Asia Navigation Int 
Leumi Inf. Inv, . , 
Asa hi Chemical 
Asabt Ciptical ' - 

Dai Nippon Printing: 
paiei.jnc. 


1985 
.1989 
1984 
1990 
1992: 

1986 


FFr, 5.554 
SHK 5.07 
1£ 10.1026 
Yen 303.0 
Yen 282.0 
Ypn 360.0 


n-; - 

I' 




7 

9 

6i 
6 

6# 

uaiei jjw:. - .6 1991 Ygn 3Qft0 

Saiwa House Jnd. • ' 7|\. lggl- 
"FTifaeM Ltd • - v -61 : 1979.- Yen 360.0 
Hitachi Ltd. . S. . 4 19 Si Yen 360 ; 0 

HokushiU ; Electric^:, jjl. 

Ito-Ydkado - 8 : 1992. Yen 272.0 


“SI 

=S1 

=Sl 

=si 
==si 
=$i 
=61 
=*1 
= S1 
=51 
= S1 .. 
= 61 


£100: £500 
£500-. 

£100: £500 

£500 

£500 

£90: £450 
£100: £500 
£500 

£100: £500 
£500 

£100: £500 
£100: £500 
£100: £500 


. Ireland 7% 1981 
.- Ireland 7% 1988 
Met Estates 6J!£ 1937 
- • New Zealand 61% io»a • 

•. -.-New Zealand 7J% 1978 
Rothmans Inr. 6i% 1992 
.•.-• Sira Kvina 7‘% 1983 
Elater Walker 74% 1987 
- : : Swedish Lamco 53% 1980 
Turin 64% 1984 
- US Rubber 6% 1989 
13. YIELD CALCULATIONS 
-All Yields are calculated on annual rales pe, a 10% band standing 
at fear, -.paying interest once p.a. will have a* current and maturity 
yield of 10%. A 10% bond paying vmi-annualJy would yield 10.25%. 
Market practice demands that the . current yield- on $ fl&alins rate 
bonds is calculated as coupon/pricc. 

12, M^KET MAKER COLUMN*** 

This denotes that more than the aiarimum number of market 
maker? have provided prices (12 far the straight bonds and 9. for 
.the convertibles). 

li. OTHER NOTES . . ‘ . 

The amounts shown as remaining outstanding are estimated by 
applying the scheduled sinking fund -instalments. These are further 
adjusted where a no □-cumulative option to double sinking fund 
payments, has been exercised. 

Yields are calculated in accordance with Rule 803 of Statutes 
By>Laws Rules and Recommendations of the ATBD using compound 
Interest throughout. Negative yields are not shown. . 

The maturity, average life and first cal) yields are adjusted to a' 
. 360 day annual rate, . 

Yields, to nesf call is shown on the basis that the borrower gives 
-notice that he wishes to call the bond as soon as possible after the 
date of publication of this list. . 

Yields on Unit of -Account bonds- arfe. computed by adjusting the 
investment proceeds for the changes, m relative parities of the 
i currencies comprising the new and old unit of account formulae. 




21 


SUMITOMO FINANCE 
INTERNATIONAL 


MARKET MAKERS 

Specialising in 




\ _ 


Current 

•Yield 





Parity 




1 Bid 

Offer 

Yip Id 

.Maturity 

i UUNVISK jmStiE BUNDS 

Bid 

Offer 



(U.S- Dollars) 



“ 


MuiBMiiim 







A5abJ Lbem. 

S3 


flii* 

9.76 

7.25 

; Asahi Chemiwl 

6} 


136 

137 

33S.9 

4.5S 


Bank of Tokyo 

t 5 

19S4, 94i 

95 V 


S.40 

1 Asahi Optical 

6 

1992 

1134 

114$ 

415.5 

3216 

-1.3 

C. Itota' 

Si 

I9SI 995 

■Ml 

S.73 

S.55 

Dai'ei 

6 

1991 

nsv 

119V 

122. S 

5.04 

-3.1 

Denfci Kagaku 

7i 

19:*2l 965 

974 

7 97 

S.43 

'Ito-YukadO 

6 

1992 

116) 

ini 

114 S 

5.14 

1.6 

Hitachi Zuscn 


19S4I 95 i 

96t 

8.09 

S.59 

: Jusco 

6 

1992 

113 

114.- 

10S.S 

5.29 

4.3 

l.H.i. 


11 tell! 97 J 

9S 

7.93 

S.56 • 

Kao Soap 

6 

1992 

126 

■327 

126.4 . 

4.74 

01 

Kajima 

I M 

1982’ 965 

974 

7.S4 

8.45 

[Komatsu 

7} 

El 

127 i 

12S5 

129.S 


-1 - 1 

Kumagai Gumi 

u 

19o'j: 971 

98} 

7.91- 

s.;tB 

‘Kubota 

6} 

1991 

115 

116 

117 6 

■H 


Marubeni 

9i 

19SL*: 202 -» 

fjiXiB 

9.47 

S.86 

fSlarui 

SI 

1991 

154 


155.3 


Hi 

.Mitsui Eng. . 

$1 

1US3. 991 

T i l !■ 

S75 

8.70 

iMatsuShita 

61 

1090 

164 

165 

165.6 

4.10 

—0.7 

Mitsui G.S.K. 

9.- 


aulll 

938 

S.73 

|Mitsubishi Corp. 

-Mitsubishi Heavy 

6i 

1991 

120 

121 

123. S 

5.60 

-2.7 

Mitsui Peirochcm 

n 

1954 67 j 

sa 

95V 

s.zs 

S.fiO 

6’ 

1991 

il<5 

117 

114.1 


2.1 

MOL 


19S4; 94j 

S 14 


Mitsui & Co. 

71 


120}- 

121.4 


-14 

Nippon Mining 

’l i 

198:2 ! 97 

971 

7.95 

S.49 

Mitsui Real Est.- 

6 

1992 

12S 


131.6 

4.69 

•— ■> 7 

Nippon Steel 

a; 


1014 

93S 

S.73 

Ricnh 

61 

1991 

1S6 

„ i 

187.S 

3.36 


N.Y.K. 

sj 

19S1 99< 

ioo s 

S.75 

S.52 

1 Sanyo 

6: 

Iftftl 

13S 

139 

140.1 

4.51 • 

-l.i 

Orient Leasing 

S; 

1984: 96 J 

•971 

S 53 

S.91 

'Sumitomo Elec. 

6 

1992 

136 

137 

136 6 


-n.i 

Showa Line 

S 

19SU 100 

100 i 

S.96 

S.56 

(Tufeyu DepL 

6 

1992 

128 


125.3 


O 

Sumitomo Heavy 

75 

1984. 95} 

96 

S.09 

S.72 

iToshiba 

63 

1990 

150 

151 

151.9 

4.49 

-0.9 

Toray 

7 >> 

IfliW' 96 

963 

S.03 

8.92 

Toshiba 

6} 

1992 

126} 

127} 

127.4 


0.5 

Toyo Kaneisu 
Toyo Menka 

Y.S. Line 

75 

75 

7i 

1982' 981 
1982 P6i 
2955- 95} 

9Sj 

ft? 1 

96 

7.S7 

7.97 

8.09 

S.33 

S 56 
S.55 

1 (Deutsche Marfcsi 

-Asahi Glass 61 1986 

i Canon 4-J 19S0 

121 

111V 

121 J 
112V 

123.50 
96 99 

5 15 
4.24 

-1 7 
15.5 

fDeutsche Marks) j 

105V 

6.67 


iJujo Paper 
'Komatsu 

5} 

6 

19S7 

1991 


10S 

10-8} 

94.91 
SO. 50 

5.34 

5.54 

13 4 
34.6 

Asian Dev. Bank 

1 

1985: 1044 

6.11 

iMinolta Camera 

a? 

19S7 


123V 

125.90 

467 

— 2.30 

Kobe City 

61 

1987 1064 

lor?. 

6.07 

5.45 

ISekisui Prefab. 

6 j 

19S7 

115 V 

116} 

104.55 

5.59 

10. s 

Nippon Koii.in 

U 

1982: 104 > 

ins 1 

857 

7.51 

/Tokyo Sanyo 

j: 

2P93 

127} 

128? 

12915 

3.71 

—0.3 


Telephone: (11-606 5645 
Telex: RSI 1U43 SOI FIN G 


G6 Gresham Street, London EC2 7EL 


Reuters Monitor=SFEA-B 
AIRD Market Maker No. 9S2 


AH of these Securities have been sold. This announcement appears as a matter of record only. 


$250,000,000 



$1 75,000,009 Five Year 8.45 % Bonds Due 1983 
$ 75,000, 000 Fifteen Year 9Va% Bonds Due 1993 


Interest payable June 1 and December 1 


MORGAN STANLEY & CO* 

■ Interpolated 


THE FIRST BOSTON CORPORA TION 


GOLDMAN, SACHS & CO . 
SALOMON BROTHERS 


MERRILL LYNCH WHITE WELD CAPITAL MARKETS GROUP 

Her rift I. y nr h, 1‘ttrev, /■ t - n .1 cr .V SmiVi iai-u.-piiJm/ 

ATLANTIC CAPITAL BACHE HALSEY STUART SHIELDS BLYTH EASTMAN DILLON & CO. 

Corporation Incorporat'd incoi purotvd 

DILLON , READ «£ CO. INC . DREXEL BURNHAM LAMBERT E. F. HUTTON & COMPANY INC, 

Incotpvra'.ui 

KIDDER ; PEABODY & CO. LAZARD FRERES & CO. LEHMAN BROTHERS KUHN LOEB 


Incorporated 

LOEB RHOADES , HORNE LONER & CO. 

SMITH BARNEY, HA RRIS UP RAM & CO. 

Incorporated 

WERTHEm & CO., INC. 

ARNBOLD AND S. BLEICHROEDER, INC. 
SOGEX-SmSS INTERNATIONAL CORPORATION 
DAIWA SECURITIES AMERICA INC. 


Incorporate d 

PAINEyWEBBEIL JACKSON & CURTIS 

. ' Intorparulid 

; WARBURG PARIBAS BECKER 

Incorporated 

DEAN WITTER REYNOLDS INC. 
BASLE SECURITIES CORPORATION 
BANQUE NATION ALE DE PARIS 


ROBERT FLEMING HILL SAMUEL & CO. 

Incorporated Limited 

KLE INWORT, BENSON MORGAN GRENFELL & CO. NEW COURT SECURITIES CORPORATION 

•Incorporated Limited , 

THENIKKO SECURITIES CO. NOMURA SECURITIES INTERNATIONAL, INC. 'ORION BANK 

International, Inc. . Limited 

SCANDINAVIAN SECURITIES CORPORATION J. HENRY SCHRODER WAGG & CO. 

Limited 

SOCIETE GENERALE WESTDEUTSCHE IANDESBANK 

GIROZENTRALE 

YAMA1CHI INTERNATIONAL (AMERICA)* INC. THE BANK OF TOKYO (HOLLAND) N. V. 


BANQUE ARABS ET INTERNATIONALE D’lNWESTISSEMENT (BAJJ.) 

CAISSE DES DEPOTS ET CONSIGNATIONS 
KUWAIT INVESTMENT COMPANY (S.A.K.) 

CAZENOVE INCORPORATED ORD MIN NETT - POTTER PARTNERS RENOUF&CO. 
STRAUSS, TURNBULL & CO. J.Bi WERE & SON - BAER SECURITIES CORPORATION 

■ ' 'BERLINER HANDELS- USD FRANKFURTER BANK 


IBJ INTERNA TIONAL 

Limited 

AUSTRALIAN UNITED CORPORATION 

Limited 


BAYERISCHE VEEEINSBAKK 
CREDITANSTAUT-BANKYEKEIN 
MITSUBISHI BANK (EUROPE) SA. 


- LEPERCQ , DE NEUFLIZE & CO. 

Incorporated 

SUEZ AMERICAN CORPORATION 
NEW JAPAN SECURITIES INTERNATIONAL INC. 
NIPPON KAN GY O KAKUMARU INTERNATIONAL, INC. SANTO SECURITIES AMERICA INC. 

ULTRAF1N INTERNATIONAL CORPORATION 

Juner-LQrg .. • * 


VEREINS- UND WESTBANK 

AJctlenoaulLichafl 


l* **» <i -' 

si.l* 


a , ‘ 

' * . .» * 



■A 




















l ■ 


The following Tombstone announcements were published in the Financial Times during May 

~ Piihliratinrt I Tftrtih^tnrte 


BONDS 


TM."..™ PuhUwllMl 

May 78 BASF OVEBZEE N.V. 10/5/78 

USS50.000.000 
71% Notes due 18S2 
Deutsche Bank Ag 

Morgan Stanley Inti. Ltd. R 

11/5/78 DEN NOBSKE 11(5/78 

INDUSTRIBAPfK A/S 
DM. 125.000.000 
6% Bonds due 1990 
Wcsldeulscbe LaodesbanK 
Girozcntrale and others __ 

May 78 CONTINENTAL ILLINOIS 11/5/78 
CORPORATION 
S100.000.000 

S)% Notes due 1985 
Goldman Sachs Jfc lo. and others 
.. ir i-p DDficivrF OF QUEBEC 11/5.78 


Publication 

Tombstone date 

5/4/73 INDUSTRIAL BANK OF 3/5/78 

15 .to£toQ E uropean Units 

nf Account 1QQ » 

7% Guaranteed Bonds 19- J 

SS* -d ntfers 

14/4/7S L^ /,S 

S50.000.000 _ la 

Guaranteed Floating R<* e 
Notes due 19S5 T 

First Boston (Europe) Lta 
and others >.^*r ^ .c mo 

27/4/78 1C INDUSTRIES FINANCE 3/5/7S 

CORP. N.V. 

USS35.000.000 _ ..mb 

9% Guaranteed Notes due 1^- 
Merrill Lynch Inti- & go. 

3/5/7S POST°OCH M.EDITBAXKES 3/5/78 
DM 100,000.000 
5J% Bearer Bonds 19ao 
Dresdner Bank AG 
PK Banfcen and others 4 „ /7H 

WHITBREAD AND 4/5/78 

COMPANY, LIMITED 
£15.000.000 

10 1 *7, £ Foreign Currenej 
Bonds 1990 . 

Klein wort. Benson LintUei 
and others 

\pr.7S PROVINCE OF 4/5/7 * 

P SASKATCHEWAN 
USS 125.000.000 
9 '% Delientures due 209 * 

Salomon Brothers and others 


3/5/78 


11/5/78 


11/5/78 


11-5/78 


4/5/78 


4/5/79 


12/5/78 


5/5/7S ELF AQUlTAl'SE 5/5/78 

DM 100.000.000 
5‘% DM Bonds 19/S 88 
Deutsche Bank and others 0/ _„_ 

4/5 7S UNITED OVERSEAS 8/5// S 

BANK LTD. 

115525.000. 000 

Floating rale Notes due l- 9 '- 1 
Chase Manhattan Ltd. and « lbe ” __ 

4/5/7S ^^JS^PORATION " 

5200.000. 000 . . 

8;% Senior Subordinated Nines 

Mo rga*nS t;i n 1 cy & Co. and o\h?rs 
May 78 DORCHESTER GAS 9/5/ ' 8 

CORPORATION 

535.000. 000 

Senior Notes due 1993 
Private Placement 
Warburg Paribas Becker Inc. 

q/5/7S 1NST1TUTO PER LO 9/5/78 

' 7 SVILUPPO ECONOMIC*} 

DELLTTAL1A MERIDIONALS 

585.000. 000 

S'% Notes due 19b 1 
Dillon. Read Overseas Corn, 
and others 

10/5/7S TEOLLISUUDEN YOIMA 10/5/78 
1 / OY-1NDUSTR1NS KRAI T AB 
USS25.000.000 

Si% Guaranteed Bonds 19SS 
Abu Dhabi Investment Lo. 
and others 

10 5/78 SPAREBANKEN’ES 10/5/78 

7 KRED1TTSELSKAP A S 
DM 40,000.000 
6% Bondb due 1990 
Private Placement 
Wcstdeulsche Landesbank 
ijuoze titrate and others 


8/5/78 


9/5/78 


10/5/78 


11/5/7S PROVINCE OF QUEBEC 11/5-78 
DM 150,000.000 
6% Bonds due 1990 
Wesldeutscbe Landesbank 
Girozentraie and others 
11/5/78 UNITED KINGDOM 11/5/78 

S200.000.000 7 year 8i% . 

Bonds due 1985 15/5/. 8 

$150,000,000 15 year S*% 

Bonds due 1993 
Morgan Stanley & Co. Inc. 

RF d D°NAC10NAL DE LOS 11-5/78 
25/4/ ■ S ESPANOLES 

Y16.000.000.000 

Yen Bonds First Series due 1990 
The Nikko Securities Co. Ltd. 

vi/t/" 8 CAIS8E NAT! ON ALE DES 11/5/78 
n/ /,s "t E I . E C O M M U N I C AT l O N S 
USS75.000.000 1QQ _ 

9% USS Bearer Bonds 1993 
Union Bank of Switzerland 
(Securities) Ltd. “ nd °}]} ers y,/ 5 /?a 

M ' 5 78 

Nofes 5 dw'l9S8 private Placement 
Daiwa Europe N.V. and others 

25/4 78 KINGDOM U> SWEDEN 1-/5/.8 

.lap. Y4 0.000. 000.000 
6.3% Bonds due 1990 
The Nomura Securities Co Lta 

and others taiarra 

16/5/7S SAN-KYO ELECTRIC 16/5/78 

1 C.O. LTD. 

DM 4O.UOO.0OO 

31% Convertible Bonds 19.0/So 
Bayerischc Vereinsbank 

20/4.78 OTY ‘of COPENHAGEN 17/5/78 

' 30.000,000 European Units 

or Account 

kre^etba S nk 8 S-A. Luxembourgeoise 

Ma v 7S GESTETNER HOLDING 17 5 78 
' * B.V. 

£10.000.000 

11% £ /'Foreign Currency 
Bonds 19S8 . 

N M. Rothschild L Sons Ltd. 

»*»S» SSavssa-”"" 

— U.B.A.F. 

USS25.000.000 

Negotiable OoaUng rale USS 
Certificates of Deposit 9S1 
Merrill Lynch International 
& C.o. and others ic/3/78 

1 8/5/ 1 8 I n GSBAKKEN 

MLtj 

Credit Suisse White Weld Ltd. 
and others 


24 5/78 


18/3/78 


W < If"'- — 

Publication 

Tomhstone date 

?f t .5 / 7S KINGDOM of NORWAY 1S/5.7S 

18,5/8 v SS250-OOU.OOO 

--.r USS Bearer Notes 19(8/83 
Deutsche Bank AG and others 

11/5/7S OSTERREICHISCHE 1S/5/T8 

11/5/7S °g{, NTR o LL BANK 

aktiengesellschaft 

Bearer Notes 1985 
YurO Bank N.V. and others 

/5/7S 

6/4/75 Jt-^OM^ 00 s0& funds J 98 ®,™. 
$1*50.000.000 8 20% Bonds 198o 
<"50,000.000 81% Bonds 1998 
Morgan Stanley & Co. and others 
»«tr THE COUNCIL Oh 22/5- (8 

May (8 T g^ROPE RESETTLEMENT 
FUND 

DM100.000,000 ■ 

61% Bearer Bonds 1984/88 
Berliner Handels-und 
Frankfurter Bank and others 

S/H/7S BANK HANDLOWY 23/ 5/ (8 

5/5/78 BA- warszaW1E S .a. 

USS30.000.000 

Floating rate Notes due 1988 
Banque Nationale de Paris 

ACA 0t AKTlEBOLAG MW™ 

USS25.000.000 

S5% Bonds 1988 

Hambros Bank Ltd. 

24/5/78 RANK OVERSEAS 24 5/78 

24/5/iS ^ oldISGS LTD . 

Aus.812,000,000 
111% Guaranteed Notes 1983 
N M. Rothschild & Sons Ltd. 
and others 

16/4/78 NF.DERLANDSCHE w 24/5 18 

16/5/ ie \j i D D ENST AN DSB AN K NV 

mis 75.000.000 

61% Bearer Notes due 1983 

Nederlandsche 

Middcnstandsbank NV 

and others •ms/s/tr 

Mar.78SnNATRACH - 5/5/78 

Kuwait Dinars 12.000.TOU 
st% Guaranteed Bonds due 199U 
Kuwait Inti Investment Co. s.a.K. 

ADr 78 BWO^NACIONAL DE 25/5/78 

Apr - ,s OBRAS Y SERVICIOS 
PUBL1COS, S.A. 

5 % Notes due 1990 

Kuwait Inti. Investment Co. s.a k. 

26/5/78 THE 0 smU STORES. LTD. 26/5/78 

' S%cS'n°?e°rUble Bonds due 19S6 
Westdeutsche Landesbank 
Girozcntrale and others 

"KsajSsSr 

Y 40.000.000.000 

6 4% jap. Yen Bonds due 1990 
Yamaichi Securities Co. Ltd- 
and others 

Mav 78 THE CONTINENTAL ol/5/78 

GROUP. INC- 

sS'%°S^nking fund D ebs due 2TO8 
Goldman. Sachs & Co. and others 
31/5-78 ONTARIO HYDRO 31/5/78 

- 317 USS125.000.000 

S ; % USS Bearer Notes 19(8/85 
Deutsche Bank AG and others 

31/5/78 THE INDUSTRIAL BANK 31/5/78 
31/5/ib * ) » c j ApAN nNAN’CE 

COMPANY N.V. 

DM 100.000.000 

S":! DM Bonds 19iS/84 
D.-uische Bank Ag and others 


LOANS 


T,u.N.« P “ b K i '*" ’ 

Mar! *78 THE KINGDOM OF V2/5/7S 

DENMARK 
USS500.000.000 
Medium term loan 
Manufacturers Hanover Ltd. 
and others 

Apr. 7S PETROLEOS MEX1CANOS 16/5- 78 

51. 000. 000.000 

Term credit facility „wc 

BankAmerica Inti. Group and others 

Feb 78 BANCO NACIONAL DO 16 5/78 
e DESENVOLV1MENTO 

ECONOMICO BRAZIL 

5300.000. 000 

Term financing , 

BankAmerica International Group 
Libra Bank Ltd. 

ITAIPU BiNAClONAL 16/a/iS 

USS25.000.000 

Medium term loan due tW» 

European Brazilian Bank Lta. 

Mav 7S THE REPUBLIC OF Wop* 

BOTSWANA 

USS45.000.000 . „„ 

Medium term projcri financing 
First National Boston Ltd. _ 

Apr 7S CORREIOS E 17/5/ #8 

P TELECOMliNICACOES 

DE PORTUGAL tC.T.T.t 
USS50.000.000 
Medium term Euro-loan 
Krcdietbank S.A. Luxembourgcm >e 
and others 

Mar. 7S "^.^"oi-^AWAH SHEIKH " 
SULTAN BIN MOHAMED 
ALQASIMl 
liSS200.000.000 
S year Floating rate loan 
B.A.1.1. (Middle Easli Inc. 

17 5/7S S.S Brooks Range lS/a/«S 

$38,320,000 

Leveraged Lease f inancing 
Morgan Stanley & Co. acted as 
Financial Advisers 

17 5/7R S.S TONS1NA IS/5 ,5 

$70,900,000 

Leveraged Lease Financing 
Morgan Stanley & Co acted as 
Financial Advisors 

Apr. 7S FINS1DER _ . lS/5/,8 

^ INTERNATIONAL S.A. 

US$18,000,000 

Medium term loan _ . 

Socu 1 10 Eurnpeenne de Banque S.A. 
and others 

IBERIA IS/3/7S 

USS45.000.0flfl 

Medium term loan 

Society Generate 

Chase Manhattan Ud. 

Mar. 78 ALU FINANCE AND 19/5/*8 

TRADE LTD. 

$70,000,000 . 

Medium term revolving credit 
| S G. Warburg & Ln. Ltd. and other. 


Tumbslunc rub l,''? e lion 

dite “ Jie 

Mav 7S A/S FOLLUM FABR1KKER 2/5/7S 
DM 10.000.000 
53% DM loan 1990 
Private Placement 
Commerzbank AU 
Den Norske Crcdithank 

.Mar. 7S THE REPUBLIC OF “/ 3 ' ,S 

SENEGAL 
USS60.U00.000 
Project financing facility 
Citicurp International and others 
29/3 78 ROMANIAN BANK FOR o/a/'S 
FOREIGN TRADE 
USSIOO-OUO.OOO 
5 year Eurocurrency loan 
National West iiinster Bank Ltd. 

SOcfisTE* FIN AN Cl ERE 5/5/TS 

TELECU\fjlL5Nl CATIONS ET 
L' ELECTRON 1QUE S.A. 

U.SS20.000.000 
Medium term loan 
London & Continental Bankers Lid 
Apr. 7S FIEI.DCREST 3 

IRELAND LTD. 

I 'SS4I.OOO.UOO 

Term credit and leasing lacuiUe* 

Bank of Ireland 

Feb 7S P S.A. PEUGF-OT-CIThOEN 8, 3/. 5 
USS200.0U0.000 

Revolving credit and term man 
Morgan Guaranty Trust Co. of 
New York and nihers „ 

Mav 78 CA1XA ECONOMIC A S ^/.S 

FEDERAL 

dm loo.ooo. non 

Medium term loan 
W’estdeutbche Landesbank 
Girozcntrale and nihers . .. ._ s 

PREFEiTURA DO Wo/. 5 

MUNICIPIO DL SAG PAULO 
US$70,000,000 Medium teimi lo-in 
European Brazilian Bank Lta. 

29/11/77 1NST1TUTO DE CREDITO 10/5/7S 
OFICIAL 
L! SSI 00.000.000 

7 year loan v v 

Algcmenc Bank Nedorlaod • • 

and others ii/s -Tq 

M3> TS S~ F|NLAXDS bank "' 5 

US$100,000,000 

Medium term credo Ibumy 

Scandinavian Bank Ltd. and Mhvn 

Apr. 78 MOBIL OIL 
P INDONESIA INC. 

$:tOU.OOO.OOO 

Eurodollar Project Finance 
Morgan Guaranty 1 rust Lo. or 

Apr 78 REPUBLIC nf INDONESIA 12/5/7S 
’ US$45,408,000 

Medium term loan 

Manufacturers Hanover Tni.t -o. 


16/5- 78 


17/5/78 


10/5 /TS 


24/5 -7S 


26/5/78 


IS/3/7S 


19/5/78 


Tombstone F ^° D 

6 KOREA SHIPBUILDING 19/5/78 
AND ENGINEERING 
CORPORATION 
USS40.567.450 

Development Finance 
Lloyds Bank International Ltd 
POLYSAR LIMITED 23 5/78 

US$20,000,000 
10 year term loan 
Westdeutsche Landesbank 
Girozenlrale 

Mav 7S SVENSKA VARY AB 24/5-7S 

5200.000. 000 

7 vear loan , . „ 

Oiion Bank Lid and others 

May 78 ‘S& -6/a/l 

BANK of IRAN 

1555150.000. 000 
S year Floating rate loan 
Iran Overseas Investment Bank Lta. 

and others 

" ,S 

830.000. 000 
Revolving fac-ilijy 
Credit Suisse While Weld 
Limited 

CREUSOT-LOIRE 30/5/78 

USS6a.000.000 

Medium term loan ^ aonn „ ■ 
Banque de l'Umon Europe. an. 

and others ti/v/tr 

^/ 3 ,TS CORPORACIOX DE 31/j/T - 

formento de la 

PRODUCCION 
USS90.000.000 

Medium term c-redti fan.it. 

Chase Manhattan Bank and others^ 

Mav 7S COMPANH1A DE 3 1/a ' <8 

' CELULOSF. DA BAHLA 
USS 15.000.000 
Medium term loan 
United International Bank Lta. 

and others 

interessentskab 
USS 35.000.QOn 
Medium term loan 
Privathanken Aktieselskab 
and others 

Anr 7S A/s KONGSBERG 31/d/7S 

Ap s vapexfabrikk 

USS 10.000.000 
Term loon 

Andrcsens Bank Inti. S-A. 
and others 

' Mav 7$ A/S KONGSBERG 31/5/,! 

Max A (-apenFABRIKK 
in vear fixed rate 
Euro-currency luan equnalenr to 
Nbr 100.000.000 

Rcriiner Handels-und I-ranVrurt.r 
Bank and DO Rank 


31/5/78 


31/5/78 


OTHERS 


m Publication 

Tombstone date 

4/5/78 TEN AS EASTERN 4. 5/78 

CORPORATION 
Shares of Common Stock 
S. G. Warburg & Co. Ltd. 

Cazenovc 5: C.o. , 7R 

Apr. TS M b E o T rough of N rotherham 4/5 ' 

£10,000,000 
Advance facility 
Morgan Grenfell & Co- Ltd- 
May TS Domtar Inc 5/5/,S 

has acquired certain facilities 

of Kaiser Cement & Gypsum Lorp. 
Transaction Jntiated by 
Warburg Paribas Becker Inc. 

SOGEX . T __ 5/0/ 

INTERNATIONAL LTD. 

Saudi Rivals 376.800,000 
Syndicated Guarantee Facility 
Bank of America inti. Ltd 

MTleCTRONLCS 10/5/78 

LTD. 

has acquired 

The Vadic Corporation ’*'ho 
were advised by Warbur? Paribas 
Becker Inc. 


Tombstone Pub i‘ a C , a e ti0n 

dale LOCKHEED 10/5/78 

CORPORATION 

USS100.000.000 

Syndicated Guarantee Facility 
Banque Arabc el Internationale 
d'lnvestisaeinent and others 
Nacional Hoielera S.A. 11/5/78 

has acquired a majority interest 
in M:»lnd Palace Hotel S.A. 

Financial adviser to Nacional 
Hoielera— Banque Roth child 
Kaneb Services, Inc. 16/5 / * 8 

has acquired 
Diamond M Company 
Transaction initiated by 
Warburg Paribas Becker Inc. ■ 

10/5/7S Thvssen A.G. has acquired 17-5/78 
The Budd Company, who were • 
advised by Smith Barney, Harris 
Upham & Cu. 

10/9/78 FIRST PENNSYLVANIA 17/5/78 
CORP 

2.200,000 Shares of Common Stqck 
Kidder. Peabody i Co. Inc. 
and others 


Tomhsione 

date 


TOWN & CITY 
PRUPERT1ES LTD. 
26.297.984 7% Convertible 
Preference Shares 
Hambros Bank Lid. 
Panmurc (jordon & £-o. 

PS BANCO NACIONAL 

DE OBRAS Y SERMUOS 
publicos: S.A. 

Sxjdi Rials 100.000.000 

5 year Deposit 

BA-I.l. (Middle East) loc. 


Publication 

dale 

24/5/78 


24/5/78 


Mav 78 ALAHLI BANK OF 25/ 

- KUWAIT 

Kuwaiti Dinars 7.000.0W 
7% Ccrliflcales of Deposit 1981 
Kuwait International Investment 
Co. s.a.k. 


25/5/78 


Tlnascial' T^es^nS^ : 

BHJLON,BEAir r- 

OVEBSEtS CORPORATION' 

10 oiesterfield Street, Loadan, W,l. 

Tel: 01493 1239 or 01-491 4774 
- Telex 8811055 

JAPANESE DOLLAR QUOTED SECURITIK 
N'amrs QOSe 9 / 6/78 


Names 

DAIWA SEIKO 
HONDA 
ITO YOKADO 
JUSCO 

KOMATSU FORKLIFT . 

konishiroku PHOTO 

KUBOTA 

MAKITA 

MURAT A 

NICHU 

NIPPON CHEMICAL CONDENSER 
NIPPON MEAT 
Q.P. CORP 
RENOWN . • 

rhythm watch 

STANLEY ELECTRIC 
TA1SHO MARINE- 
-TDK 

TOYO SANYO . 

TWO 

WACOAL 


$2-10 
$251 
$601 
$46 
$25 0 
S&95 
$25100' 

$zw: 


WestLB Euro-Deutschmarkbond Quotations 


25/5/78 


Mar. 7S YUSUF A. ALGHANIM 25/5 
& SONS w.1.1. 

Kuwaiti Dinars 5.500.000 
Promissory Notes 19S0'1981/1982 
Kuwait mil. Investment Co. s.a.K. 
and others 



7 T r RKHYmwt ' 

■ . vwrfm . □ -mandBtoiYortvMna 

Middle Cunjftt uf B t .bv lot at par 


Quebec Hydro EL 72/87 - 

Quebec Hydro Et-73f^ 

Quebec Hydro El. 77/87 

Quebec Hydro EL 77/87 

Bj-r, Queensland Ahi._70/85 

Rauaruukki 78/88 {G) 

7i% Reed Paper 73/96 

8-?' Renfe 76/82 (Gj 

8‘o Renfe 77/84 \G) 

SAAB 71/86 • 

tCi% SAFE 74/79P — v- 

7,f, Sandvik 72/87 

9 3 Sanvik 75/83 

84% Sanko Steamship 75/80 - 

7 c : Sanko Steamship 77/84 

9 s ' 5". A. P L. 7S/80P 

7° 0 Sears Inti. 68/83 

64^ Shell Int’l. 72/87 

|m" £o} N / Zuland 75/80 P Tg j 

Ship. Co. N. Zealand 75/82 IP (G1 

Ship. Co. N. Zealand 75/B2 IIP fG) 

7-^ Siemens Europe 66/81 

7% Singapore 72/81 

64% Singapore 77/83 

Slngapdre AirL. 76/83 (G) 

Sura Kvina 

fit°: S.N.F.C, 68/83 (G) 

7; O' Soc. Dev. Reg. 76/86 (G) 

Soc. Dev. R?£-77/,HE- (G) 

9=i Soc. Mar. Fm.75/83P 

6i% Souch-Africa 69/84 

8i% South-AFrica 70/85. 

7i% South-Africa 71/86 

7v South-Africa 7 
8% South-Afr. Broadc. 78/8 I P < G) 

South-Africa Railway 73/88 G) 

9 s =b South-AFrica Railway 75 /BOP G 
9i% South-Africa Railway 75-80 G 
South-Africa Railway 7^/ 80P_(G) 
go- South-Afr. Railway 78/8IP * G) 
7J°: Cnurh-Afr. Railway 7B/82P tG) 


-102.00 ' 6.37 4.64 

102.25 6.36 5.01 

10iJ5 6.39 921 

10125 6.18 930 

105.00 . 8.10 3.74 

9575 '6.01 9:82 

102.75 7.06 4.82 

1067 5 7.96 4.08 

106.00 735 5£3. 

106.00 7.31 433 

' 107.00 9.58 ,1-42 

104.00 7.21 4.46 

11130 8.30 4.67 

10275 827 230 

104.00 6.73 5*7. 

10730., 827 ITS 

101.75 6.88 OflB 

104.00 6.25 4.61 

106.40 6.34 8.6 

105.50 7.82. 23 

105.00 8:10 35 

105D0 8.10 35 

10530 634 13 

10225 635 23 

102.00 6.37- . 4.9 

10435 836, 23 

10575 -. 834- 3.8 

103.00 6;3f. - 2.7 

105.00 7.14 S.D 

9925 630 14i 

107X0 8.4 r 3-1 

9825 ' 6.87 5.1 

10425 8:i5 3 j 

10030!' 775 . 8/ 
96.75, j 724 9.; 

100. SO ’■ 7,96 ,1. 
,' ■ -96j25i 7.79 10.1 
i .10230 9.02 0. 

I 103 00 8.98 2. 

I -': 101 00 8.17 . 2. 

■ ; 10030- 7.96 X 
I!.’. IOO.M' 7,75 ' 3. 

; 1037S- .675 4. 

101.35 .. 6.66 6 

.. 9537^.626V 9 

. 9825" 6.M 7 

10X00 6.37 9 

• 103.25 6.78 5 

1,108.75, 920 -2 

. ,10525 231 3 
10830. 8.10 4 

„ 1 01 30 7.14 1 

.. i0?J5 8.04 4 

.. 107.00 7 31 1C 

102.70 . 736 4 

.. 108.25 8.31 - 

. 102.50, 639 * 

.. - 102.75 «631 •! 

... 106.00 8.02 
... 10430 *25 j 

10030 5.97 1 

... 105.00- 9.05 • 

... 106.00 9.43 

... m.so 8.44 

... 11025 8.16' 

... 11025 8.16 • • 

.. ' 98.30 • 5.60 .1 

.. .104.25 671 

10375 627 

... 105.75 7.57 

... 1083 0 8.76 . 

... 9730 6.41 

.... 10930 7.76 

.... 107.50 7.67 

102.80 6.32 

.... 104.00 6 97 

.... 10630 8.92 

99.50 633 

96.00 625 

.... 102.00 6i62 

.... 97.62 5.89 

.... 10225 7.33 

9775 6.14 

..... 1 11.00 8.78 

111.00 7.66. 

100.25 6.73 

102.50 6 33 

97.87 6.13 

10430 673 

106 50 775 

10225 5.62 

106.50 7.98 

108.00 7.87 

103.25 6.54 

104.25 624 

101.80 5.40 

...... 104.00 625 

1022 5 6.36, 

1042S 624’ 

10225 6.36 

10030 537 

108.00 .. 7 37 

‘ 106.75 7.49 

105.25 7T3 

105.00 7.14 

106.50 6.10 

103.00 ■ 6.55 

105.8b 6.38 


9\% Tai 
10% Tai 
9*% Tai 
9% Tai 
9% Tai 
5t% Tai 
7% Tai 
V.% Ta 
8% Te 
9 % Te 
6i?V Th 
8i% Th 
B ; -\ Th 
6\% Th 
7'-.K Tc 
SI T( 
65°; Ti 

6°-; t. 
61% T. 
5J% Ti 
7:% TI 
6% T 
U 

a;% u 
6 i% u 

7% V 
6 % v 

7% V 
B-% V 
V 

8t-i \ 
81% ' 
6i% ' 
' 

St% ' 
> 

6!?-; ' 

6ie/ ' 

'• o 

61% ’ 
6% 1 
• 6\% ' 
8% ' 
71% 
7;% 
61% 
6 )% 
61% 
6?% 
B;% 
8% 

8% 

7* 0 -; 

71% 

7i°; 

6'(% 

8% 

5i% 

7°'- 

6i , ‘ 

6°; 

7% 


S-Afr^»7B/82Ptq).. t : « 

South Scot. El. 73/88 <C) r \*: 

Spam 77/84 ^ ^ 

Spain 78/88 *'.:r 91 

Sparbank Oslo 78/90 _ >Q . 

Stand. Chirr. Bank 73/88 1Q 

Statsfoereug 77/85 - JQ 

Sceirmirk 74/80^-..- \ , 0 

Stockholm Cuy 75 /8 3 ■ jg 

Stockholm County 75/87 - - 

Scudeb Worth 69/79 

Sumitomo Metal^75/82 ... ; 1Q 

, Sun Oil Int. Fin. 73/88 . 

, Svens ka Taednsr. 75/85 .. 

, Sverige* Inv. Bk. T2/87 
Sveriges Inv. Bk. 73/88 . 

, Sveriges Inv. Bk. 7S/83 

! Sweden 77/84 

; Sweden 77/89 

; Taisei Corp. 75/80P ., 

, Tauernautobahn 74/79P (G) 

; Tauernautobahn 75/82 . (G) •• 

1 Tauernaurobahn 75/82P (G) 

, Tauernaurobahn 75/83P (G) ^ 

’ Tauernaurobahn 78/93 lG) 

' Tauernkraftwerke 68/J3.(G) 

£ Tauernkraftwerke 68/83 fG) 1 

(, Tenpfinco 73/93 . 

„ Tenpfinco 75/B2P 

■1 Thailand 78/83 P 1 

/ Thyssen Car. Fin. 75/82P ’ 

: - n Thyssen Car. Fin. 75/82P 

■; Thyssen Inv. 66/81 ----- - 

Tokyo Ei. Power 69/84 

•i Toray Ind. 75/80P 1 

Traf. House Fin. 72/87 /.^.. 

*•; Trinidad &.Tobago 7B/83P 

% Trondheim 68/83 - 

5 .q Trondheim 78/88 - 

% TRW Int. Fin. 69/84 . v ..— 

TVO Power 78/88 (GJ 

% Unilever 75/8 IP " 

% Unilever 75/87 

% Unr. Arab Emirc. 77/82P 

% Venezuela 68/83 

,% Venezuela 78/88 

% Vienna 68/83 

% Vienna 75/84 

Vienna 77/84P 

,% Voest-Alpine 73/88 — 

1% Voest-Alpine 75/85 

Voest-Alpine 77/89 «*i”- 

L% Wells-Fargo ex. w. 7ifW 

i% WoHdbank 65/85 71* *•' 

i°: World bank 68/80 

!«: VVoridbank 69/84 

1.0/ Worldbank 68/84P 

1 or Worldbank 69./84P ...... — 

Worldbank 69/84P 

Worldbank 70/80 

8% Worldbank 70/86 

i':, Worldbank 71/86 I — 

<\~n Worldbank 71/86 II'. — 

Worldbank 72/02 

Worldbank 72/87 

Worldbank 73/83 ■;■*■■ T 

VVoridbank 73/88 ...... --V: 

Worldbank 75/82P ...■■•■•'• *• 

8°X Worldbank 75/82 ........... 

Worldbank 75/83 

8% Worldbank 76/82P 

75% Worldbank . 76/82P 

71% Worldbank 76/83 

7i°t Worldbank 76/83 — 

6i% Worldbank 76/83P — 

8% Worldbank 76/84 

Worldbank 77/82P " 

70/ Worldbank 77 /85P 

Worldbank 77/95P 

6°; Worldbank 77 /8S 

7% Worldbank 77/87 

Worldbank 77/87 

5j% Worldbank 78/90 

6i% Yokohama 68/83 (G) . 

7^: Yokohama 69/84 (G) 

Q% Yokohama 71/86 (GJ 
82% Yosida Kogyo 7S/80P: 

8% Yugosl. inv. Bank 77/85P .• 


101.50 -628 ' 

108 25 =7.62 
10875 7.36 

109.75 752 

107.25 7.46 
106.00 -7.31 

108.25 633 

108.75 7.13 

103.50 652 

10025 . 7.26 
101.75. 5.41 

106.00 6.60. 
10325 6.30 

101.60 5.9.1 

104.90 6,67- 

102.25 6-36 

98.50' 554 

10X75 657 

103 00 ' 6.80 
10550 758 

. 106.00 -8.25, 
10T.62 ' 7.87 


4.66 5, SC 

8.61 .5 n 
2XJ1 52? 
3.97 7.01 

3.99' 7ir: 
15? 3-9' 

255 6.L 

4.92 6D 
X60 671 

3.87- . .6.9 
■ 176 .52 

5.07 62 

1454 62 

3.1 r ;6.4 
5.83 ■■ 72 
373 7.3 

8.42 . 7.9 

9.42 74 

,275 . 7.1 

10.00 ax 
0.98 61 

X08' . 7.1 
X17 7; 

259 7.1 

3.92 7; 

•4.92 61 

6.17 6. 
•• 9.92 .. (L 

■ 7.21 ■'-• 6! 

9^58 -6. 

5.17 . 6, 

•223 5 

3.69 7 

4.62 . 6 

, 1:17 5 

4.08 6 

10.17 6 

4.90 6 

■ 4:r6 6 

i- 455 . fi 

5X0 6 

l 3.46 « 

i 5.92 * 

t 1150' I 
i T.79 < 

3 123 ! 

I 3.08 . .! 
S' 3.75 ■ 

6 4.75 ' •« 

0 14.83 '. ! 

1 2.62 

7 2.68 

7 951 . 

6 . 375 

1 4 f 83 . . 

6 3S3 - 

7 4.08 : 

12 173 

17 3.38- 

12 1.69: 

S3 9.33 
15 4.83 

S2 2.91. 

39 8.81 

33 3.20 

14 7.60 

78 350 ’ 

66 . 628 - 
73 3.91 

83 2.75. 

.13 9.75 • 

73 2.95 ^ 

75 3.58 

.62 654 

.98 6.01 . 

.87 , 4.94 
.54 '8.41 
24 5.69 

;.40 3.61 

,25 X17 ' 

>26, 3XJU 
>24' 3.43 

1.36 301 

>97 325 

1.87 .2.17 
7.49 3,93 

7.T3 X81 

7.14 420 

6.10 4.00 

655 456 

6.38 4.67.: 

628 VS.I8 
7.62 -4,00 

7.36 4 50 - 

752 ' 5 .08 
7.46 .. 4:17 
7.31 4 33 

693 4.92 

7.13 5.33 

652 - 5.50 
7.26 5.67 

5.41 ...429 
650 . 6.75 
6.30 6.92 

5-91 729 

6.67 858 

626 8.92 

594 10.13 
657 2.67. 

6.80 321 

758 459 

-8.25,-2.08 
7.87 3.93 


S^ginkinqfund' | •• 

- 1; 478—87D 
1, 3.79— 88D - . 

16. 8.87 
1.1X87 
1.U26—85S 
- 1.4.84— 88D . '. 

- 1. 1.79— 88S • 

' 1. 7.82 

1.484 . 

1'. 627—865 . 

•* 1.UJ9 

1.-X78— B7D 
1. 282 
1.1289 

t '.1.284 • ' 

r .1-380 . 

; dld.p. 

-. 30.628(1015) 
e'en 1.4:78 — 875 

IS I- X85-89D - 

' 529 ' 3. 680 - 

.701: ‘ ; 2X 5.82 
7 ni 27. S82 
391 K11.79-81S . 

:i ; >a l-'S- 825 .. 

!:SUb. 

tan I. 626— 85D . 

IS- T. 10.72— 83S J v . 

• iii 1. 480- — 86D 

623 16.JX83-92D . 

4 44 ” 1. 529^-830 • 

. 7'S . 1. 423 — 845 . 

73I '].!!. 76-^855 

. 7.90 ' .1.1127-86S . - 

748 1.11.78— J 87S 

7 77 1.3.81 

' a 06 1. 6J9-88S 

1^5 1: 6.78— BOD ., 

7.62 1.780 

7.71 1. 8.79— BOD 

725 X 1-81 . ’ •, 

7,74 - T. 5.82 

608 1.279^-885 

•6:47 1.8:84 . 

658 1. 5.88 . ' 

63T r . r .' 1 6.:58T-90D ’ * - 

. 6-21 - : 1; 188 

6.24 l. 3.82r— 85D 

585 1. 1080’ 

7.07 15. 426— 83D 

. 6.67 -'1.479— 87D 

5.98 ! ». 8.79 . 

683’ T. 7.82 

653 1. 879-8BS 

-- 6.5B i. 229— 88S 

6.65 1. 3.80— 85S ' 

6.10 1. 3.78— 87S ; 

' 623 1. 3.79— 8BS 

651 .1.680-835 

-'- 5.68 1. 584 ... 

• 5.93 1.1283-895 

6.43 16. 3.80 '• 

5.18 1=1079 

5.02 1- 781 

5.86 . . I. 382 

- 642 1. 383 • 

* 5.67 1. 4.84—935 

' 5.30 1. X74-83D 

.-5.04 . . T. 974— 835 

7.14 - 1,1182— 93S 

i .' 6.B4 1. 382 

f 6.87 ' 1. 4.83 • 

I --5.66 I. 4.82 
| ; 6.11 -1. 7.82 

1 4.76 . .1! 322-T-81D 

). 682 1.1275— 84D 

) 5.35 10.280 . 

} 657 • 1.1028—875 •' 

i 7.00 -1.483 

1 6.08 1.1X72-835 

I . 6.10 1: 4.86— 88D 

0 ’6.81 ltl075r-845 

0 6 28 1. X84—885 . 

0 - &14 1.1281 V - 

B . 6.32 ' 1; 581-875 

1 . 6.67 30. 4.82 . 

5 6.08 t J. 10.74— 83S - ~ 

'S'- : 6X9 1: 3.84— 88S . 

>5. 5.59' .1.674—835 

S 6.16 1. L7W4D 

i4 5.33 -T5.1284 , 

j] 712 ■ I.10.79-84D • 

J4 ' '655 1. 681^-840 . 

U 6.24 1. 684— 89D ; 

59 5.69 ' 1.1179^—885 

61 5 01 • . 1. 471—850 

17 4 51 . 1, 8.80’ .; 

nt - -5 64 1: 6.75— 84D 

?3 5X0. X 177— 84D 

01 5 64. 2. .1.77— 840 t'-.. 

25 5 82 L.477— 84D.._ , 

.17 ' 4.63 . 1. 8.80 - ; 

93 . 600- T. V77— 860 
!fll 5.92- •' V. 677-^86D. 

30 6.13 . t:I2.77-t-86P 

.08 4 71 •' 1.782 ■ .': ~ 

56 5.97 .: . 1 .-, 378— =870 ... 

.67 1 320 1- X.83 

.18 6.03 : ' 1. 5.79— 88D 

L00 - 5 88 T.’ 682. ... ' 

160 ' 5 73 .J.1282 

1.08 3.97 .1. 783 ' 

F;17 : 5.97 . t. 882 - 

133 . 6 12 .. 1:10.82 - 

L92 5.53 . . -V. 5.83 

5.33 5.79 - .1=1083 1 _;. v 

5.50 5.97 - . . 1.12.83 . '. 

S.67 . -5.8U . -1.284 . ■; 

«29 5.03 : 25, 982 ;. ■/ . 

675 5.89 -X.385, • 

6.92 5.91 '. LM5 .. ■’ 

72.9 .5.72 -. . 15. 9.85 

8.58 .*24-1-187::.. 

8.92 6.16 L 587 - 

0.13 '5.95 L'i-87-^JOD . , 

287. :.S70 .'. 2 ^72-r*35. . 

3X1 60S- 

489 659 . .1. 6T7— 861 *• 

2.08 55t -.- I. 780-..- * ; 

3.93 7.49 - 152287-850 _ 


8% Yugosl. mv. eantr ///— T • • ■ * .. 

••Life" and " Maturity " appear in years and decimafs of year, and an^. th »t*f****r :r , 
calculated as follow,: . 

to final maturity in case lump-sum repayment belo*v-i®‘ 

1 _ cinkine Fund issue, whenever- the quoted ^ 

a«rage'ml y in' n c«e of » sinkingfund' i^ie. whenever tht ' 

-to average life in case the bind Isioe provides for mandatory daYnn^ b/tet « 

-to average life in case ch« 'bond issue provldes_ for mandatory drawing by^t a _ 






■ 15 , r- - •. . 1 '. « .tV* Vi • 
w H U; . . ; r. . V - - .r.,«- • .• - 








Middle 

Current 

YbJla 

Life*: 

1 

Vild to 
Maiun^* 

v vaw Li— 1 

RepjVmi-nr 

D — -mandaiorv drawing 
byloi at oar 

3 - '.int 11*3 fund 


% 'ADELA'76/8 J : : 

7i% AOBLA 7711 1? - ;. *' w Viv** . 

7% ADELA 77/82P J. 


MMM t-H ■ 


AKZO 76/83P 

6% AK20 78/Q4P ........v 

81% Alusuisse incX 75/83 . 

64% AMEX !pt1.'77/8$P '* 

io% a.p.e.L; 74/81 <g Z 

7 M ARBEP Rmn< e r.76/83P 
64% ARBEDPinance 77/87 : 

8i % Ardal-SunndaJ. 75/81 P' “ 

64% ArtUI-SunndaJ 77/89P *"’*-*”' 

7% Argentine 67/78 ^L.Z..ZZZ* 
7% Argentine 68/78 T " - 
_8% Argentine 69/79 -^l.ZZZZZ:: 
7i% Argentine 77/84 •” . . , 

64% Argentine -7B/85 ■ w "' 

Asian -Dev. 69/84 " Z Z7.!Z' r 

SJ% Asian Dev. ; B*nk 7S/80? = 

AsfatiGey.. Bink ; 76/« ’•■ 

74% Asian Devi Bk: .76/83P .... 

7% ‘Asian DevBIC77/85 " 

5*% Asian -.Dev, Bk. 78/S ZZ'“ 

91% ASKO 75/BOP ' * 

74% Aumar 23/88 (G) 

9% Aumar 76/84.{G) 

71% Aumar 77/84 (G) ^.. 

61% Australia 67/82 

6i% Australia- 68/83 

64% Australia' 69/84 ...• 

■74% Australia 69/84 


1Q5A0 . 7.58 4.83 

10250 .4 7.07 • • '4.04 
-IQW0 .6.86 4.17 

10450 - 574 1-66 

J0U5O, 1.6.48. - 3J7 
1 107.00 8.41 . 347 

103.00. .. 752 . 5.00 

'.1QIJQ 5:9) 183 

10835 7X2 4.15 

10250 659 >553. 

10750 9 JO 1.96 

104.00 . 7.45 5.42 

M0130 '6.65--9.00- 
.10450 8 J7- 3.08 
102.25 640 7.42 

10050 6.97 0.99- 

10400 6.73 0J3’ 

10700 .7.77 0.9* 

10200 _ 755 653 


9850 ., 6.60k; 675 
— % 3,13 


lOt^S Austrafia 72/87 i:ZZ..:“ZZ"Z 




kl0?i Australia 1 74/80 

9% Australia 75/82 if:..-..;,..-..; * 

.84% Australia 75/62 IP 

Kt Sv 84% Australia 75/82 IIP ' 

. *>-,74% Australia 76/83 

.■.'.>‘54% Australia 77 /82P' [ 

■- — O’ 54% Australia .77/89 1.......'., 


* .* 
t 'i 


e •< 

a’: 
£ ". 

r! 

V 1 






} e 7 


e 2 


1 


6 


j t- 


t *.* 


? <: 
" 4 


H * •: 


6i% Aust. Inrif Dev. Corp. 72/87 ZZ 

^ ■ - fit*/ Alirr. CL':_ P. "J. ift.Tk 


’•'X 8% Austr, Ship. Com. 76/83P (G)’Z. 

. 1:, 7% Rep._ of- Austria,- 68/82 ....- 

’*•?%% Rep. of Austria 69/83 


* e P- Of Austria 75/79P 

" -;9j% 


: Rep. of Aunriz.-7*/aOP 

Rep. of Austria 74/81 P .' 

. a % Rep. of Austria 75/80P*..._ 

' Rep- of Austria 75/81 P.' 4 

: ,:8i% Rep., of Austria. 75/82P 

i- 9% Rep. of Austria 75/83 

. .-^84% R*p.. of Austria 75/83P .... 

Rfp. -of ’ Austria 75/87 ............ 

- '*7$% Rep. of Airscru 76/86 

^6J% Rep." of Austria 77/85 

’ :« 7% Rep. of Austria 77/87P .i,. 

, ^ 61% Rep. of Austria 77/87P : 

6% Rep. of Austria 77/87P ....V. 

7% Autopispis Catalun 78/85P 

*■ ~;7.V% Autopistas 69/84 (G> 

. \ * 8% Autopistas 71/86 (G) 

. *61% Aiftopistas 72/87. (G) ...J. 

.■;i 8% Banco N..Dbras 71/86 (G)' 

- i; 9% Banco iN. Obras 76/8! (G> 

-. 7% Banco N. Obras 77/84 (G) 

'•7\% BaniRue'Ext. Aigerie 77/83 

~'7{% Bsbqu'e Nat. Aigerie 78/83 

6% BASF. 65/80 ....„'■ 

-'■71,o BEC Finance 76/83P 

f- 8%.fieecfiam Rn. 76/83 J 

'.’•10% Bergen '74/79 

“'■84% Bergfit 75/85 

1 1S74% Bergen 77/B9 

•'■84% BFCE 75/83 fG) 

*^4% BFCE 76/84 (G) 

• % 7% BFCE .77/87 fG) 

-5i% RFCE 78/88 (G) 

->8V% BN.DE 77/87 • 

: 64 % BNDE 78/86 

9% Borregaard 75/81 P 

; ‘Ai% Borregaard 77/84P 


10250 “jfctt, 

1 0550 . .8.06 2.46 
1065Q-- ,751- 3.75" 
105.00^-738^ 4.83 
104J5' 6JJ =•’ 6283 

97.12 :. 5A6 . 952 
' 106.25 = 8.94' TJ3 

102.80 730:^4.89 

10670 8.43 6.J7 

104.12 7.44 -C6H8 

104.00 62S 1.17 

J0SJ30 ■ 6:43 3.12 

10350 678 3/19 • 

5W.50- -.6.94 .,300 
10450 6.70 *4.67 

1 IT J2S 8.99 138 
-U3.50 .7.93-3^7 
10850 750 -3.83 

10850 750 .3.92 

109J5 6:64 4.75 

101 JS 5.16 
101.65 '5^6 

103.80 650 
75f 
6.70 
6 JO 
.8.94 


106 50 
10450 
103J5 

106.25 
T 06.00 
108.00 

. 105.00 
105J5 
104 JS 

109.00 
104 J5 

107.00 

109.00 
106X10. 6,37 

104.50 

104.25 

100.00 
100.00 
102.40 
103.75 

100.50 
102.80 


433 

9-J7 

4.69 

5.25 

230 

278 

1X18 


9M3 . 2.42 
9.03 - 350 


9X15 
7.84 
8.39 
8J6 
839. 

7.94 

7.1 1- .*438 


1.67 

300 

239 

457 


5,95 


67T 652 
6.47 651 


107.25 8.39 , : v; '2; 


100.62 

101.00 

9950 



7 29 


650 

652 

6.43 

3.16 

5.95 

6.76 
7.02 
5.69 

5.94 
622 
5.8! 
633 
652 
7.07 
6J6 
6.41 
•6.80 
4.93" 
7.09 

6.78 
6.20 
6.00 
6.00 
6.50 
621 

5.89 

5.79 
6.93 
7.59 

6.89 

4.66 

5.06 

5.32 

5.82 

5.86 

4.77 
4.88 
5.71 
536 

5.0 1 

4.79 
5.52 - 

5.79 
6.49 
4.97 
5.29- 

- 351 
6J36 

7.06 
' 6.21 

6.28 

6.67 

6.68 
6.99 
677 

6.01 
553 
6.13 

5.95 

6.04 
6.99 
6.57 

7.05 
6.61 
7.34 

' 6.44 

6.86 
725 
7.37 


Brascon Inti. 73/88 ..... 


r.64% Brazil 72/87 
":8i% Brazil 76/86 .:......^.:;. 

-7J% Brazil 77/84 

:: .*i%_Brazil -78/85 .........1 

!.6i% BTennor 68/83 (G) 

..5|% Britis/i. Petrol 65/80 

;i 'Si% Bruxelies-Lambert 77/84P ^ 

;'8}% Burm^Oil 70/85 - 

: 4j% Canada 78/83 

6% Carlsberg-T uborg ■ 77/87 P ......... 


103^0 

SSO 

T23 

3.96 

103 JO 

725 

S.J»2 

670 

I07J5 

7.42 


626 

107.00 

925 

-3SX 

5.00 

11025 

.7.94 

4X6 

623 

105.75 

6.86 

6,47 

6.14 

1C8.Q0 

7.64 

•4X&-' 

5.97 

■ 108.50 

7.60 


624 

103.37. 

6.77 


• 6.35 

• - 98.62 

5.83 


5.95 

-1 05.00 

8.10 


7.46 

: 97.00 

6.96 

• jsBL 

. 726 

106.00 

8.49 


■6.66 

: 1022)0 . 

6.37 


.6.10 

105.60; 

8.05 


r • 7.30 

■ 101.15 

6.67 


: 6.44 

10625- 

-824 

5;^ 

478 

104.00 

7.45 


JL90 

1002)5 

675 


f?3 

. 10275 

627 

3.1F 

£.85 


102.00 5.39 


.10075 

10525 


. ■:*{% ; Cj:7c.E.* 75/85° (G) 


' 8i% C.C;C.E, 76/86 (G) U., 

7 % t:;c.c.£. 77/89 1 0 


5.71 
8.08 

98.37 483 ,-4.97 

10150 I 5.91/9.50 
7.8/ 4.77 


108.00 


io85o; •y.ea 654 


:'M% C E C > 64/79 ... 

, : 5;% C E C. A .65/83 
!.7i% CECA ' 

■m% .c ec a; 


"T0335. 


10235 -^525 


71/86 
f 72/87 


:i; 7% C | PA 72/88 ?; 


{'M% C^.C A.; 73/88 

7i% CECA. 73/88 - 

•■■]0% C E CA 74/79 IP ........ 

■' 10% GE.C-A 74/79 IIP. ; 

- : 10% C ECA 74/BIP t.- 

:.-9i% CECA 74/81 

,T 8% C E C A 75/80P 

81% CECA 75/82 P ^JL J 

: 8'.% ceca. 7S/B2 

;-.8i% CECA. 75/85 

8% C EC. A. 76/8 IP 

:'*72 CEC.A 76/83 

:Ji% CECA 76/86 

•51% CECA 78/90 ...... 

T6l% CERGA 73/81 P 

7%, CE5P 77/87 (G). 

.•6}% Gharter Cons. 68/83 -- : 

•: 7% Chrysler 69/84 

• ; .6i % CIBA-GE1GY . ex. w. 75/85P .... 
■\6\% C.’N; "Autoroutes 69/84 (G) .... 

. -. 9V% C,N. Autoroutes 75/82 (G) .... 
:-.6l% C>1. Energie 69/64 fG) 

6 J % C.N. Telecom 68/8? (G1 

•8i% .CN: .Telecom 70/85 (G) 

• 8 \°A CJ4.:Telecom 75/81 (G> 

r 9J% C5i: Telecom 7S/82P (G) 


101. 75-/5.41 
10550 * 7.11 
101:75- 6.39 
102.85 . 6.81 


M 02-40 
]22_00 
106.00 
106.00 

106.50 
} 13.50 
106.00 
108XX) 
- 110.00 
106.00 
10625 
10835 
10835 

95.50 

101.50 
101.00 
10150 
102.00 


6J5 

6J5 

9.43 

9.43 

9.39 

8.59 

7.55 

7.87 

7.27 

8.02 

753 

7.13 

7.13 


7X10 

1.00 

2.79 

4.26 
4 89 
4.84 
5.10 
5.78 
1.17 

1.25 

3.25 

3.50 

2.50 
3.75 

4.54 
3.71 

3.54 
5.33 

6.27 


5 50 11.83 
6.40 2.83 


6 93 
6.40 
6.86 


106.00. 6J7 

103.50 6 28 

109.25 8.70 

10235 6.36 

102.50. 6.34 

104.50 .. 8.13 

106.00 6.25 

10625 871 


6.82 

322 

3.49 

7.33 

3.18 

3.62 

3.09 

2.84 

3.65 

3.75 

4.71 


5.13 

538 
6.49. 
6-84, 
632 . 
231 
4.8 l, r . 
6.00 . 
6X17 
628 L 

■5.93 ' 
3.47 
457 • 

4.90 " ■ 
7.64 
5.39 ■ 
5.35 " 
6.04 
5.44 
6.61 
5.97 

539 . 
6.02 . 
5.78: 

5.90 ' 
6.B0 • - 
6 07- 
6.45.. 
5.72 . 
5.26-. 
6.53 : 
567 
5.51 
7.20 
6.86 ■ 
7.60'- 


l 4.83 
16. 6.82 
1. 8.82 
1. 2.72— BID 
I. 3.75— 84D 
1. 252 
1. 6.83 
1. 4.84 
I. 8.81— 83D 
1. 4.84 " 
1.1277— BID 
U1.83 

. I.i6.83 — 87S 

1.7.81 

I. 7.82— 89D 

J. 1270— 795 

1.10.71— 785 

1.12.72 — 79S 
1.10.84 

1. 3 JS - 
1. 975 — 84S 
16.11.80 
1. 3J2 
1. 4.83 
1. 4.8S 
1. 5.88 
1. 4.80 
l. 2.79— 88D 

15. 8.77—84S 
1. 7.84 

1.11.73— 82S 
l. 874—835 
1. 2.75— 84S 
I.M.75—84S 
1. 2J8 — B7S 
1.10.80 

1. 482 
1 2.82 " 

1. 5.82 
1. 3.83 
1.10.82 
1.11 .85 — 89S 
1 .1 1 38 — 87D 
I. 9.83 
|. 4.73— 82S 
1 . 4.75— 83S 
1. 7.79 
1.1 1 .80 

1.12.81 
1 . 2.80 
1 6.81 

1. 439-82D 
1. 2.83 
1. 439— 83D 

1. 5.78— 87S 

2. 5.83—865 
1. 4.83— 85S 
1. 1 J3 — 870 
1. 2.83— 87D 
1. 9.84— 87D 

16. 1.85 

1 . 7.73— 84 S. 

1.10.77— 86D 
1.1078— 87D 

1.11.77— 86S 
I. 9.81 
1.10.84 

15:10.81— 83D 
1. 3.83 
1.10.71— 80D 
1.11.83 

1.11.83 

1.12.79 

I. 5.81— 85D 
1. 2.81— 89D 
1. 7.81— 83S 
I. 7.82— 845 
1. 2J3 — 875 * 

15. 1.86—885 
1. 4.83(82-87) 
1. 3.86 

1. 5-flJ ’ 

1.10.84 

1 1079— 88S 
1.1076 — 87S 
1.10.82(80-86) 
1/5.84 ■" 

1. 2.85 
1 , 834—835 
f.-6.7J— 80D 
.15:11.84 -V- . 
' >.11.76-850 
20>.5J3 
T.1185— 87D 

• J.-4.81— 85D 
,1. 7J3— 86D 
1..4.8I— 89D 
I. 6.68— 75D 

", l: 431 t- 83D 
- 1. 5.77— 86D 
1. 7.78— 87D 
.2. 1.79— 88D 
1. 4.79— 88 D 
‘ 1.1139— 83D 
1. 8.79 
l. 9:79 
1. 9.81 
. 1. 12.81 

1.12.80 
1. 3.82 

1 5.12.82 
1. 4.78-r85D 
15.12.81 
.. .1 .10.83 

• 1.10 82— 86D 
1 ." 4.85 — 90D 

T 1. 4.81 
1.11.82(82.87) 
l .10,72 — 83S 
. 1. 775— 84S 
, 10.10 J5 
1. 3.75— 84D 

16. 1.82 

T. 2 75— 84D 
.1.11.74— 83D 
1.10.76— 8SS 
I. 3.82 
16. 2.83 


WestLB Euro-Deutschmarkbond Yield Index' 


May 3T r 1978: ^.19^ 


(April 28. 1978: 6.16£) 


; 9% C?N. Telecom 7S/83P (G) ... 

:‘7i%" C-N- Telecom 767.83. (G) 

:’7f% Comalco.71/86. 

."•9^% Cdmako 75/82 P •-*- 

-• 7% -Com. Fed. Electr, 77/82P - 

:• 8% Com;' Fed. Ejecrr. 77/84 

:'-7J% Com/ Fed. Eiectr. 77/85 

■6i% Com. Fed. Eiectr. 78/88. — 

•" 4i% Comp." F/ Deutsche Bk- 7B/83P ... 

i ; 8j% Comp.. Enanc. Petr. 75/85,.: 

: b)% Comp- "Franc. Petr. 7 7/84 

" 8j% .Consorzio 70/91" (G). 

■8i% "Continental Oil 70/85 

••5 i% Copenhagen 64/84 

j. 7% Copenhagen.' 68/83 .*..•■•■■•’■—— 

' 6i%Copenhagen .69/84 :.:1 v 

• 7}% Copenhagen 71/86 

: -9i%Cppenhagen 75/85P 

7] % Cdpenhagen 76/86 ............ 

■ 6j% Council of Europe 73/81 P ' 

; 7% Council of Europe 73/88 -1...'. 

: ^9i% Council of Europe' 75/82P 



/ ^ Ml UVI-P* ■ -1 

6i% Council of, Europe 77/87 ".... 

:• . E.. m — 7R/BR 


% Council of Europe 78/88 ............ 

% Courtaulds Incl. 72/87 ...'. 

t% Courtau/dff ftnl. 73/88P 

6% Credit National 77/87 fG) */ 

9% CVRD 76/84 - ------ 

/ 8j% CVRD -76/86 - 

8% Daimler-Benz 70/85 - ; 

; 6% Danish Export 77/82P 

; 51% Danish Export 78/83P 

■■ ?0j% Danish Oil 74/ 7SP G) 

10i%_DahisK Oil 74/78P (G) 

8J%' Den Danske Bk. 76/86 

:■ 61% Denmark 68/80P 

• 7% Denmark 69/84 

8;%. Denmark 70/85 


105.75 
106.65 
: 104.00 
106.00. 
100.12 

104.50 
10025 

96.75 
98.12 
10625 
103.40 

105.50/ 

104.00 

101:10 

10325 

103J0- 

104.00 

106.00 
105.70 

101.50 
10290. 
108 00" 
107.00" 
10625, 
106.00 : 
100.75. 
99.60 
101.30 
101.25 
9975 
108.00 

106.75 
1055a 
10050 

99.75 
102.00 
102X30 
108,00 

100.00 
103:00 

106.00 


8.51 

6.60 

7.45 
873 
6 99 
7.66 
722 
6.98 

4.46 
.8.00 

6.29 

9.06 

7.93 
5.69 

6.78 
652 
7.45 
' 8.73 
7.10 
6.40 
680 
' 8.80 

7.94 
729 
6.60 
620 

6.15 
'6 42 

7.16 
6.02 
8.33 

7.96 
. 7.58. 

5.97 
5.76 
1054 
1005 

7.64 

650 

6.80 

8.02 


4.71 

4.87 
4.52 

4.00 
4.25 

6.00 

5.87 
9.83 

4.92 
4.SS 
6.08 

-6 03 

4.01 
3.43 

3.01 

3.42 

4 35 
4.14 

6.33 

2.92 

5 33 
3.67 
261 
3.38 
5.50 
7.36 
9.96 

5.43 
4.89 

9.33 


4.64 
5.96 
3 75 
2.36 
5.00 
0.42 
0.50 
6.35 
1.3 J 
358 
0.25 


7.49 

5.65-. 

6.82 

7.46 

6.9S 

7.05 

7.16 
7.22 
4.8I; 
6.85;. 
5.82 
7.49 
7.05 

5.38 

5.91 
5 69 
628 
749 
6.37 

5.92 
6.34 

6.93 
553 
566 
5.69 
6.1 1 

6.17 
621.. 
6.93 
6.03 : 
6.92. 

6.39 

6.43 
5.75 
5.81, 

55*; 

5.92 

6.65. 

6.60 

6.14 

3.44 


71% 

6}% 

■9i% 

8L% 

8 % 

6i% 

7i% 

51% 

6% 

6*% 

6% 

, 6 . 1 % 


Denmark 71/86. 

Denmark 72/87 

Denmark 74/89 •••••* 

Denmark 76/82 

Denmark 76/82 

Denmark 77/83 

Denmark 77/B7 ^* 

Denmark 78/84 

Denmark 78/08 ■•‘•f;- a :rr ' 
Den Norske-lnd. 77/89 (G) 
Den No rake (nd.78,. 90 (G) 
Distcicc. Earis. 69784(G) .•;•■'-■ 


.10325 

101.50 

110.50.. 

109.00 

108.00 
10450 • 
106.00 
100.00 

9995 
102.50." 
99 IS 
IQ225 


751 

6.65 

8J7 

7.57 

7.41- 

6-46 

684 

5.25. 
6.00 
659 
6 05 ■ 
6J6 . 


4.20 

4.75 

5.97 

3.67 
4.25 

4 96 
8.96 

5 67 

9.67 

6 25 
1192 
350. 


6.82 
6.36 ’ 
7 . 02 -'. 
5.4 .6 ' 
5.61- • 
5.68. 
6.35 
524.- 
6.00 . 
6 25 " . 
6 10 
5>6> 


■ H. 2.83 
>16, 4.83 

1. 6:77— 86S 
7 I. 6.82 
1. 9.82 
I. 6.84 

1.11 82— 85D 
I. 4.84— 88D 
■r h 5.83 
Z.l. 5.80—855 
V/. r. 7.84 

1. 1 .77 — 91 □ 

.. 1,12.76— 85S 
15.1270— 84D 
C 2. 5.72 — 83S 
/ 1. 675—845 
- 1, 4.77 — 865 
' "i..3.80— 85D 
>■■/■! ;>2.8 1—865 
1. 5.81 

. .1. 7J9— 88D 
.1, 2.82 
“ h : 2.79— 83D 
." 1.5.80— 83D 
1.12.83 
1.M.83— r87D 
16. 5.84-rSSD 
7,80—875 

1. 279— 88D 
T.10.83 — 87S 
2.81(62-84) 
, -.1.2252(83-86) 

1.11.76— 85D 
1.11.78— 82D" 

: 1. 6J9-83D 
.1.11.78 
■1.12.78 
1.11.82— BOD 

1.10.77— BOD ' 
.. I.’ 8.75— 84S 

■ ' cJl.p. 

1. 9.76/103) 
...1.11,77-865 

1.12.78— 87S 
• k‘3 80 — B9S 
.1.2.82 

' -:l. 9.82 
■16. 5.83 . 

. .16; 5.87 
. l-.-2.84... 

I. 2.88 
1.6 80— 89D 
X 5 83-9CD 
> 1. 4.75 — 84D 


23 



Euro-Deutschmarkbond Quotations and Yields 


Advertisement 




_ 


Yield ro 

Maiyriiy- 


issue 

Middle 

Price 

Cuneni 

Yield 

Lile* : 

2 - r ur.ciiin* iawmg 

. t.iyvp * 






fl-f -ii r,p ‘.u'.i 


Dun/op Rn. 70/85 


7]% EEC 76/83 

7?% Elect. Council 69/84 (G) 


7\% Elect. Council 69/84P (G) 

7<% Elect. Council 71/86 (G) 

8j% Elect, de France 70/85 (G) 

7% Electrobas 77/87 (G) 

6;% Electrobas 78/86 (G) 

5j% Elf Aquitaine 7 8/88 

5i% Elf Norge 77/80P 

6% ENEL 65/80 (G) 

8;% Enso-Gutzeit 70/35 

§i!b Ericsson 72/87 

8J% ESAB 76/8JP 

6i% ESCOM 65/80 (G) ...*. 

6}% ESCOM 68/83 (G) : 

8<% ESCOM 70/85 (G) 

8% ESCOM 71/86 <G) 

6i% ESCOM 72/87 <G) 

7% ESCOM 73/88 <G) 

91% ESCOM 75/80 (G) 

8% ESCOM 78/81 IP (C) 

8% ESCOM 78/81 IIP t G ) 

8J% ESCOM 78/81 P (G) 

72% ESTEL 73/88 : 

8i% ESTEL 75/85 

8\% ESTEL 76/83 P ...‘ 

6i% ESTEL 77/84 P 

61% ESTEL 77/84P 

61% Euratom 77/87 

Eurof.ma 64/79 

6% Euroflma 65/80 

6‘% Eurofima 67/83 

7J% Euroflma 71/86 

6i% Euroflma 72/87 

61% Euroflma 73/88 

8% Euroflma 73/88 

10% Eurofima 74/79P 

9°: Eurofima 75/85 

8?o Euroflma 76/83 

6(‘ : o Eurofima 77/87P 

5{% Euroflma 78/68 

b% Europ. Inv. Bank 69/84 


7 

8 


Europ. Inv. Bank 69/84 

Europ- Inv. Bank 70/80 

Europ. Inv. Bank 71/86 


I>e 

7j% Europ. Inv. Bank 71 /&6 

6i% Europ. Inv. Bank 72/87 

6% Europ. Inv. Bank 72/87 

6i% Europ. Inv. Bank 73/88 

Europ. Inv. Bank 73/83 

Europ. Inv. Bank 74/81 P 


7\ 

10 % 


8% Europ. Inv. Bank 75/80 


9- ’ 
8?< 
7" 


Europ. Inv. Bank 75/83 

Europ. Inv. Bank. 76/83 

Europ. Inv. Bank 76/83P 

6i% Europ. Inv. Bank 76/84 

6% Europ, Inv. Bank 77/89 

5]% Europ. Inv. Bank 78/50 

8V% Europisras 71/86 (G) 

8?a Europistas 72/87 (G) 

I0j% Fin. Insc. f. Dan.’lnd. 74/78 P .. 

71% Fin. Inst. f. Dan. Ind. 76/8 IP 

6i% Finland 64/79 ? . 

6% Finland 64/80 

7% Finland 68/83 

Finland 68/83 


6/ 


7% Finland 69/84 


102,60 

838 

3.47 

7.77 

107.40 

6.75 

4.83 

5.46 

103.35 

736 

3.13 

6.40 

10300 

728 

3.12 

6.52 

104.00 

7.45 

4.08 

6 72 

106.50 

7.9B 

3.75 

6.62 

100.90 

6.94 

7.(8 

6.83 

96.87 

657 

7.83 

728 

9520 

553 

9.96 

5.93 

102X10 

5.64 

1.87 

4.60 

99.75 

6.01 

1 53 

6.26 

103,50 

821 

" 361 

7.89 

10325 

6.54 

476 

5.94 

106.00 

825 

367 

621 

100.25 

6.48 

1.31 

626 

97.75 

6.65 

2.73 

7.42 

103.10 

824 

369 

7.49 

101 50 

7.88 

4.06 

7.70 

9350 

6.68 

■500 

7.86 

96.7S 

724 

5.1! 

7.79 

104.50 

8.85 

2.17 

6.92 

100.50 ' 

7.96 

2.11 

7.70 

100.50 

7.96 

2.16 

7.71 

102.25 

8.07 

2.67 

726 

104.00 

7.45 

5.85 

689 

10850 

7.83 

5.34 

6.56 

105.50 

8.06 

4.75 

7.03 

100.00 

6.50 

-6.42 

6.49 

9925 

. 620 

5.48 

6.41 

98.25 

5.85 

9.42 

5.99 

100.00 

5.50 

1.17 

5.48 

106.50 

5.63 

1.49 

1.56 

105.75 

6.15 

321 

4.52 

105.75 

7.33 

4.01 

6.08 

101.00 

6.19. 

5.06 

601 

104.00 

6.25 

5.03 

5.56 

104.75 

7.64 

5.00 

6.E3 

106 25 

9.41 

I 50 

5.50 

108 50 

8 29 

4.60 

677 

111.00 

721 

4 67 

527 

102.50 

6.59 

6.61 

6.27 

100.75 

5.46 

7.13 

5.37 

>04.00 

577 

3 18 

4.68 

104.75 

6.68 

3.31 

5 48 

107.50 

7.44 

1.92 

3 94 

(0625 

7.06 

4.10 

SSS 

105.50 

7.35 

4.13 

6 19 

103.00 

6.31 

4.56 

5.73 

101.50 

5.91 

561 

S 67 

103.00 

6i5 

5.38 

6.07 

>05.00 

6.67 

5.80 

5.95 

111.00 

901 

325 

6.H 

107.00 

7.48 

• 2.50 

4.93 

111.60 

8.51 

3 54 

579 

106 50 

751 

3 55 

591 

108.00 

7.18 

5 33 

5.94 

107. SO 

628 

4 97 

5 00 

101.00 

5.94 

7 52 

5.83 

9520 

5.5! 

9 17 

5.94 

103.50 

7.97 

3 93 

7 35 

103.90 

7.70 

4 36 

7.07 

100.50 

10.45 

0 42 

8.95 

10325. 

726 

2.34 

5.95 

101.75 

6 14 

125 

4.84 

101.00 

5.94 

1 03 

5.09 

102.75 

6.8? 

2.94 

6 06 

102.00 

6.62 

2 4| 

608 

102.30 

654 

3.33 

6.32 

A/o< 


cH.p. 

1. 8.70002) 

I. 4.83 
dld.p. 

1. 9.78003) 

J. 9.75 — 84D 

I. 3.77— B6S 

J. M. 76-855 
1. 9.83(83-87) 
1. 4 .86 

15. 5.B6— 88D 

16. 4 .80 

1 . 7.69— SOD 
1.10.76— 85D 
1. 3.78-875 
1. 2.81 

1.1071— 80D 

1.10.74— 83D 
1. 4.76— 85D 
1. 3 77 86D 
1. 978— 87D 
1. 5.79— 88D 
1. 8.80 

15. T.80 — 81D 
1. 2.80— 8ID 
1. 2.81 
1. 879— 88S 
1. 6.81— 85S 
l. 3.83 

1.11.84 
1.12.82— 84D 
1.11.87 
1. 8.67— 79D 
1.12.68 — 80D 
1. 9.71— B3D 
1. 2.7S — 86D 
I. 9 76— 87D 
1. 3.77— 88D 
- 1.10.77— 88D 

1. 12.79 

1. 2 91— 85D 
I. 2.83 
I. 2.83— 87D 
IS. 2.83— 88D 

1. 375— 84D " 
1.11 75-84D 

2. 5.80 

1. 377 — 960 
1.1077— 86D 
1. 378— 87D 
1. 9.80— 87D 

I. 2.79— 88S 

J. 7.79— 88S 
1. 9.81 

1.12.80 

T. 1.81— 83D 
1. 7.80—83D 
1.10.83 
1. 12.81 — 84D 
1. 8 82— 89D 
I. 3.85— 90D 
1. 2.77— 86D 
1. 178— 87D 

1.11.75— 78D 
1.12.78 — BIS 

1. 970— 79D 

2. 171— BOD 

1. 6.72— 83D 
1 . 1 2.72 — 83D 

2. 573— 84D 


For current prices and further information call 




Telephone 

Telex 


Telephone 

Telex' 


Dusseldorf 

Westdeutsche Landesbank 
Girozenlrale 
P.O.Box 1128 
4000 Dusseldorf 1/FRG 
London 

"westoeutsche Landesbank Telephone 
Girozenlrale Telex 

London Branch 
21. Austin Friars 
London EC2N 2HB/UK 

Luxembourg 

. WesiLB international SA 
47. Boulevard Rovale 
Luxembourg 


8263722 ) 
8581882 j 


Jr.»ernar;onaI Bond 
Trading DepL 


8253741 \ 
8581882 i 


Institutional Investors Dept 


6386141 

887984 


Telephone 45493 
Tele* 22 at 


.. 12C1 Hutchison House 
. Hong hong 


Telephone 259203 
Telex 75142 


Westdeutsche Landesbank Girozentrale 
Leading Marketmakers. m Eurobonds 


71% Finland 69/B4 10330 

8; % Finland 70/35 105.00 

7% Finland 72/87 102.05 

8% Finland 76/84 105.15 

5*% Finland 78/83P 99.50 

5}% Finland 78/86 98.12 

7)% Finn. Kommunal 69/81 <G) 103.25 

8% Finn. Kommunil 72/83 (G> 102.75 

8i% Forsmarks 75/83 <G) ;... 106.35 

5f% Forsmarks 78/9Q (G) 98.12 

7)% Francctel 76/83 IG) 106.00 

61% Francetel 77/34P (G) 103.25 

7% Fuji Heavy 76/8 IP 102.50 

91% Gen.- Zbk. Vienna 75/82P ■ 110.00 

8l% Geri. Zbk. Vienna 76/83P 107.50 

6% Gen. Zbk. Vienna 77/87 ' 10? .00 

9;% Giroz. Vienna 74/7BP 1 00.75 

9J% Giroz. Vienna 74/79P 10S25 

9 j ,% Giroz. Vienna 74/80P 108.2S 

7% Giroz. Vienna 76/81 105.50 

71% Giroz. Vienna 76/83 :. 1C7.00 

5)% Giroz. Vienna 77/82 101.75 

6% GJ.S. 78/83P 98.00 

8% Glaxo Fin , 71/86 104.00 

91% Goeteborg 75/85P 108.25 

6i% Goodyear Tire 72/87 103.00 

7% Grand Metrop. Fin. 77 /JJ4 102.00 

7',% Guardian Inv. 73/83P 103.00 

8% Guest-Keen Nettl. 76/83 107.90 

6i-% Hamersley Iron 72/87 1Q2.90 

8% Hazama-Gumi 76/81 P 105.00 

7% Helsinki 68/8J 102.00 

7% Hitachi Cable 77/82P 103.00 

8{% Hitachi Shipbldg. 76/e I 103.75 

8\% Hoogovens 70/85 107X50 

8J% IAKW Vienna 75/85 (G) 10825 

74% Jceiand 69/84 10325 

71% Iceland 77/87 106X50 

8 % I Cl Irit’L 70/85 105.50 

8% 1C I Intnl. 71/86 103.80 

6!% 1C 1 Intn'I. 72/92 101.50 

8’% 1C l Inc'J. 75/82 105.75 

7'% ICI Int'l. 76/86 • 10575 

6i% ICI Int’l. 77/87 104.00 

8% 1CIPU 71/91 IG) 102.75 

8% Imatran Voima 71/86 (G) 103-50 

8% Imatran Voima 72/87 (G) 103.95 

7]% Ind. Dev. C. South-Afr.P (G) 9975 

7% Industr. Bk. Japan 68/83 105.40 

8?% industr. Bk. Japan 70/85 105.00 

6'% Industr. Bk. Japan 73/80P 101.00 

6£% Industr. Bk. Japan 73/8! P 101X50 

5% Industr. Bk. Japan 78/84 98.15 

7}% Ind. Min. Dev. Iran 73/85 101.50 

7j% Ind. Min. Dev. Iran 77/87 103.75 

61% Ind. Mtgebk. Finl. 64/79 <G) * 101.25 

62% Ind. Mtgebk. Finl. 68/80 (G) 1Q1.6Q 

8% Ind. Mtgebk. Finl. 71/86 (G) 102^5 

7% Ind. Mtgebk. Finl. 72/87 (G) 101.75 

9% Ind. Mtgebk. Finl. 75/84 (G) 10575 

51% Inc. Am. Dev. Bank 64/79 101.00 

61% Ins. Am. Dev. Bank 68/83 10225 

7% Int. Am. Dev. Bank 69/84 104.00 

8J% Int. Am. Dev. Bank 70/85 ..." UQ.70 

61% Int Am. Dev. Bank 72/37 I 102.75 

6\% Int. Am. Dev. Bank 72/87 II 102.00 

§?■£ Int Am. Dev. Bank 76/82P 105.50 

8j% Int. Am. Dev. Bank 76/83P 106'.0fl 

7% Int. Am. Dev. Bank 77/87 10525 

6{% Int. Am. Dev. Bank 78/88 100.75 

61% Int’l. Com'!. Bank 73/83 10225 

7% IRAN 68/78 100.00 

7l?£ Ireland 69/84 101.75 

■ 81% Ireland 70/85 103 50 

81% Ireland 76/81 106 50 

5i% I R I ex. war r. 64/79 (G) 99.00 

71% ISCOR 71/86 (G) 99.50 

7% ISCOR 72/87 (G) 96.50 

7% ISCOR 7378B (G) 9525 

8}% ISCO? 77/80 HP (G) - 101.80 

B.'% ISCOR 77/80 IIP IG) 101 .00 

8J% ISCOR 77 ( 80) 11 PP - 101.00 

7|%. ISCOR 78/82P (G) 99.75 

6% Japan 64/79 101.25 

7% Japan 68/83 105 50 

71% Japan Dev. Bk. 76/83 IG) 1(14 25 

8J% Japan Sync Rub 76/?JP inzpfl 

8% Johannesburg 71/86 (G) 100 85 

6i% Johannesburg 72/87 (G) - - 94X30 


725 
B.10 
6.96 
7.61 
5 53 
5 86 

726 
7.71 
7 76 

5 8b 
7 03 

6 54 

6 83 
8.41 

7 91 

5 94 
9 68 
9.18 
901 

6 64 
6 '3 

541 
6 12 

7 69 


901 
6 55 

6 8b 

7.04 

7.41 

6.56 
7.62 
6.86 
6 80 
7*5 

7 94 

8 0S 

7 02 
7.31 

8 06 
7.71 

6 40 
8 04 

7 0 q 

6 49 

7 79 
773 
7.70 
7 77 
6 64 
8. IQ 

6.44 
6 44 

5 09 

7.39 

7.47 

6 17 

6 64 
7.79 
6.9S 
851 

5.45 
6.60 
6.73 
7.68 

6.57 

6 67 

7 53 

7.78 

6 65 
6.20 
6.60 
7.25 

■ 713 
821 
7.75 
58! 

7.79 

7 25 
735 

8 35 
8 IT 
8 17 
7.77 
5.93 
6 64 

6 32 
771 

7 93 
6.65 


3.21 

■ 6.37 

1.10.73— 84D 

3.B2 

7.11 

1.12.76 — 85S 

4.62 

6.58 

1. 4.78— 87S 

4.46 

6.63 

1. 6.81— 84S 

4.67 

5.62 

1. 2.83 

7.67 

6X)6 

1 2.86 

1.96 

5.81 

1.12.72— BID 

2.86 

6 64 

2. 576— 83D 

3.55 

6.19 

1. 7.80— 83D 

7.97 

6.05 

16. 1.83— 90D 

S.37 

6.14 

16.1063 

5.83 

6.07 

1. 4.84 

350 

6 17 

1.12.31 

3.75 

6.17 

1. 3.62 

4 16 

6.37 

1. 2 82— 83D 

7.44 

5S2 

1.12 83-87D 

050 

7 96 

1.12.78 

1.50 

5 26 

1.12.79 

2 SO 

6 06 

1.12.30 

3 42 

5 

1.11.81 

5 42 

5 70 

1.11.83 

4 33 

5 02 

1.10 82 

475 

6 49 

1. 3.82— B3D 

0.08 

7 43 

. clld.p. 



I 7.78(104) 

4 59 

7 54 

1 2.81— 85D 

4 76 

S 99 

1.1278— 87S 

4.63 

• 6.48 

1. 8.81— 84S 

2.61 

5.95 

). 2.79— 83 D 

4.92* 

• 6.09 

2. 5.83 

4.89. 

-6.04 

1. 7.78— 87S 

3.00 

6 13 

1. 4.78 

3 02 

636 

1 7 72— 83S 

3.58 

6 03 

1. 1 82 

2.75 

6 69 

1 3.81 

3.87 ■ 

6 53 

1 6.76— 85D 

433 

6 50 

1. 5 B0— BSD 

3.33 

6 25 

1 5.73— 84 S 

5.61 

6 43 

1. 4 80— 8 7 S 

366 

689 

1 10 76— B5S 

431- 

6 93 

1 .10 77 — ass 

697 

6 22 

1. 3 78— 92S 

4 17 

6 86 

?. 8.82 

7.48 

6 49 

1.12.84— 86D 

7.38 

6 06 

1. 5 84— 87D 

6.08 

7.57 

1. 1 77— 9 ID 

4.34 

■7.17 

1. 4.77— 86S 

436 

7 05 

). 1.78— 87S 

3.92 

7 82 

.1 5 82 

2.93- 

5.06 

1.12 72 — 93S 

357 

701 

1. 9 74— 85S 

2.00 

■595 

1 - 6 80 - 

2.92 

6 11 

1. 5.81 

5. 58 

5.40 • 

1. 1 84 

378 

7.03 

1. 5.77-855 

7.02 

705 

1. 7.83— 87S 

0.92 • 

4.89 

2. 5.70— 79D 

1.40 

5 62 

1.11,73— 80D 

426 • 

7.34 

1. 12.77— 86D 

4.87 . 

6.68 

1. 7.76 — 87D 

334 

6 94 

1. 4 78— 84D 

l.QB 

4J2 

1 7.70— 79 D 

3.02 

6.01 

1. 7.72— 83S 

338 

5 83 

1. 8.75 — 84S 

3 62 .. 

528 

1. 9 76— 8SS 

5.00 

6.10 

1. 6 7£— P7$ 

5.12 

6 27 

1.11 78-B7S 

4.71 ' 

6.59 

16. 2.83 

5,08.- 

' 681 

I. 7.83 

633 ' 

5.99 

1. 3.83 — 87S 

9.58 ~ 

6.14 

I. 1.88 

294 

589 

1. 6.79 — 83D 

0.S0 

7.38 

1.12.71—785 


3.1-2 

3.56: 

2.S8- 

108: 

800 

4.58.. 

4.93' 

5 60 
229 
2.03 

3 33 -. 

1 QD 

2 70 

4 83 

3 08 

4 00 
4.44 ‘ 


6.72 
7.49 

5 46 

6 83 

7 99 
8.08 

8 20 
8.07 

7.73 
7.66* 
7.82 
4 76 

4 86 
573 

5 70 
773 
7.89 


1. 9.75— 84D 
1. 9.7fr— 85D 
1. 1.81 

30. 6.75— 79D 
1. 6.77— 86D 
1. 4.70— 87D 
1. 3.79-88D 
1.11.7*— 86D 

16. 9.79— 80D 


I. 4 8I-B2D 
• 1. 6 70— 79D 

I. 3.72— 33S 
I 4 83 

J. 7.SI 

1. 9.77— 86D 
1. 9.78-87D 



Middle 

Price 



Yield to 

Ropa-,7rent 

D - mandaiorv drawing 

Issue 

Yield 


Maturity* 

by 101 at par 

S - sin] in<J 'ir.d 


7J% Jydsk Telefan «9/84 : 

6i% Jydsk Teiefon 72/87 

7 Jydsk TeJefon 73/88 

5% Jydsk Teiefon 75/82P 

6J% Kar.sai Electric 69/84 

7\% Kansai Electric 71/85 

8j% Kawasaki Steel 75/82 

6j% KELAG 73/88 

6*% KHD Finance 72/87 

7J% Kjobenhavns H. Bank 76/83P 

7 j% Kjobenhavns Tel. 72/87 

7% Kjobenhavns Tel. 72/87 

6'-% KJobtnhavns Tel. 73/88 

ai'% KLM Finance 70/85 

KLM Royal Dutch Airl. 78/85P ... 

Kobe 68/83 (G) 

.. w Kobe 69/84 (G) 

7J% Kobe 71/86 (G) 

6i?o- Kobe 72/87 (G) 

8{% Kobe 75/80P IG) 

7*% Kobe 76.83 (G) 

6t% Kobe 77/87 - .... 

7J% Kommunl. Inst. 76/83 

8% Kommunl. Inst. 76/84 

7J% Korea Dev. Bank 77/84 

51% Kubota Inti. 77/02P 

S4% Kvaener Ind. 78/88P 

8i% Light-Servicos 77/82 (G) 

61% Ught-Servicos 78/8 6 

8 10 3 Longt. Cr. Bk. hnan 70/85 

10% Lonza Int'l. 74/79P 

8X% Lonza Inti. 75/80P 


7 

6i d 


7% 

7\ 

7"- 


71* 

6 


. _ Malaysia 72/84 

6j?o Malaysia 77/85 

9i% Malmoe 75/84 

8;% Malmoe 76/83 

6’*s Manitoba 77/84 

6*% Manic. Hydro EL 72/37 

6J% Megal. Fin. Comp. 7B/90 

ME PC 73/88 

Mexico 68/80 

. a Mexico 68/84 

7\'.o Mexico 73/88 

9% Mexico 75/82 

8% Mexico 76/83 

Mexico 77/84 

Mexico 78/85 

73?; Mitsubishi Gas- 76/B1P 

7J% Mitsui Toatsu 76/81 P 

9% MODO 75/83 

7% Montreal 69/89 

6% Montreal 72/92 

6i% Montreal 73/93 

87% Montreal 76/86 

7% Montreal 77/87 

7j% Mortg. Denmark 69/84 (G) 

7$% Mortg. Denmark 71/86 (G) 

7% Morrg. Denmark 73/38 (G) 

6j% Mortg. Bk. Finl. 69/84 (G) 

7i% Nail. Mexico 69/79 (G) 

8j% Nafl. Mexico 76/83P (G) 

7% Nan. Mexico 77/82P (G) 

8J % Nafi. Mexico 77/84 (G) 

8J% Nafl. Mexico 77/84P IG) 

8i% Natl. Bk. Hungary 75/81 

6-’% Narl. Bk. Hungary 77/85 

b4% National Lead 67/79 

8 s , Natl. Westm. Bk. 73/88 

61 New Brunswick 72/87 

7i% Newfoundland 69/84 

8% Newfoundland 71/86 

6j% Newfoundland 72/87 

6*% Newfoundland 73 /8B 

7% New Zealand 68/78 

6i?o New Zealand 69/84 

74% New Zealand 71/86 

7% New Zealand 72/87 

94% New Zealand 75/BOP 

9\% New Zealand 75/80P 

81% New Zealand 75/30P 

93% New Zealard 75/82 

74% New Zealand 76/83 

7i% New Zealand 76/86 

New Zealand 77/84 

New Zealand 78/85 


9% Nippon Kokan 75/82 
83% Nippon T 


8i7o Nippon 1 + T 75/82 fG 1 

84% Nippon T +T 75/82 (G) 

7 i% Nippon T + T 76/83 (G) 

5s% Norcem 78/85 ................... 

64% Norges Komm. Bk. 70/85 (G) ... 
8% Norges Komm. Bfc. 75/80 (G) ... 

Norges Komm. Bk.75/80P (G) ... 
7% Norges Komm. Bk. 76/81 (G) ...• 
7% Norges Komm. Bk. 77/80 (G) ... 
6% Norges Komm. Bk. 77/89 MG) 
6% Norjes Komm. Bk. 77/89 IMG) 

8'% Norpipe 76/84 

8% Norpipe 76/88 

6% Norpipe 77/89 

73% Norsea Gas 76/88 

Norsea Gas 77/89 

Norsk Hydro 75/87 ' 

Norsk Hydro 76/88 

Norsk Hydro 77/89 

81% Norway 75/80 

8'% Norway 75/80P 

73 Norway 75/80 

7% Norway 76/81 

7j? 0 Norway 76/BI 


7 C 

9® 

8 ®, 

63° 


fii°e Norway 77/82 
6i% Norway 77/82 


53% Norway 77/02 
4J% Norway 78/83 


4i° 
7' «■ 


Norway 78/83 

. . Norw. Mortgage 77/87 

6% Norw. Mortgage 77/39 

7i% Nova Scoria 71/86 

7' 3 Nova Scoria Power 72/87 

6j% Occidental Overs. 68/83 

6%Oester. Oonaukr. 59/84 'G1 .. 

Oester. Donaukr. 73/88 fG) .. 
8J% Oester. Donaukr. 75/85 (G> .. 
7% Oest. El. Wirtsch. 67/87 (G) 
7% Oest. El. Wirtsch. 76/83 P fG) 
!0i% Oesr. Inv. Kredir 74/79P 


9.! 


Oest. KontroUbank 74/78P (G) 
Oest. KontroUbank 74/79 IP (G) 
. ^ Oesc. Kontroifbznk 74/79 II PfG) 
7% Oest. KontroUbank 76/83P IG) 

6’% Oest. KontroUbank 77/B9P (G) 

64% Oest. KontroUbank 77/84P (G) 

6!% Oest. KontroUbank 77/84P (G) 

6% OerT. KontroUbank 77/85P (G) 

5‘- 3 i Oest. KontroUbank 78/86P 

5-' % Oest Landerbank 77/32 iG) 

6 °l OKO 69 '79 IG) 

0 ,r .' Onrario 69(84 


IG) 


1022S 

7.09 

3 16 

6.55 

1G2.00 

6.62 

4.75 

624 

102.90 

7.C5 

5.36 

6.58 

107.00 

8.41 

4.08 

6.96 

1C4XB 

6.49 

3.17 

5.43 

105.40 

735 

4.26 

6.26 

10620 

824 

2.98 

6.40 

102.85 

6.56 

5.17 

6.C9 

10325 

6J4 

4.73 

5.93 

103.00 

7.16 

5.50 

6.69 

102.75 

7.30 

4.56 

6.90 

101.50 

6.90 

4.70 

6.61 

100.75 

6.45 

5J4 

6.33 

102.75 

827 

3.64 

7.76 

9825 

509 

3.81 

5.52 

' 104.75 

6 68 

-2.95 

5 31 

10425 

6.47 

3.34 

5.41 

i 0675 

726 

421 

5.88 

103.15 

6J4 

4.72 

596 

10250 

8.05 

2.00 

6.87 

1 07.00 

7.01 

5, CO 

5.35 

10675 

6.09 

9.00 

5 53 

103.50 

7.49 

3.81 

6.67 

103.00 

7.77 

4.22 

7.13 

98.85 

7.33 

6 JO 

7.47 

100.00- 

5.25 

4.50 

524 

98.25 

5.85 

7.69 

6.04 

105.50 

8.06 

375 

677 

96.90 

6.97 

7.92 

728 

104.00 

8.17 

3.73 

7.39 

105.00 

9.52 

1.42 . 

6 15 

104.00 

7.93 

1.96 

6 02 

101.25 

6.91 

3.41 

6 58 

97.25 

6.68 

725 

699 

108.50 

8.53 

4.13 

6 80 

105.45 

7.82 

3.21 

6.31 

106.65 

6 09 

6.08 

5.19 

103.05 

6.55 

5.00 

6 03 

100.37 

6.23 

9.00 

6.19 

100.50 

6.97 

5.14 

6.83 

102.80 

6.81 

1.49 

5.09 

101-80 

6.88 

3.00 

6.42 

102.00 

7.11 

4.32 

6.74 

108.00 

8.33 

4.08 

6.69 

106.25 

7.53 

5.00 

6.50 

104.75 

7.40 

6.00 

6 76 

95.87 

6 26 

6 83 

677 

10325 

7.51 

3.00 

6J2 

103.00 

7.52 

3.29 

6.69 

105.00 

8.57 

3 46 

7.3) 

102.35 

6.84 

5.52 

6.47 

99 JO 

6.03 

6.70 

6.09 

fOIJS 

6.63 

7.42 

6.45 

105 JO 

8.06 

4.41 

7.00 

10X10 

6.86 

4 92 

6.48 

104.00 

721 

3.30 

6 23 

104.50 

7.42 

4.03 

653 

103 00 

6.60 

5.32 

6 32 

102.50 

6.59 

3.25 

5 98 

TOUOO 

7.18 

1.00 

6.30 

106.00 

8.25 

5.50 

7.3 7 

100 00 

7.00 

425 

6 99 

10ILS0 

8.22 

5 75 

731 

10625 

8.24 

575 

7 36 

106.75 

7.73 

3 09 

5 79 

9800 

6.63 

7.42 

6.84 

10025 

6.48 

1.00 

6.23 

106X10 

7.55 

5.57 

6 66 

103.40 

6.53 

4.68 

5 89 

105.00 

6 90 

3 5S 

577 

10525 

760 

4.50 

6.60 

101.50 

6.65 

4.66 

6.36 

102.00 

6.37 

6.18 

6.10 

100.00 

7.00 

0.08 

702 

104.50 

6.46 

3.09 

522 

104.50 

7.18 

425 

6.38 

104.00 

6.73 

4.47 

5.94 

106.50 

8.92 

1.67 

529 

106.25 

8.71 

1.67 

520 

106.75 

7.73 

209 

4.76 

109.85 

8.88 

3JS 

6J5 

107 JO 

6.98 

4.75 

5 65 

107 JO 

7.21 

6.36 

627 

104 JO 

5 98 

5.92 

5 34 

10127 

5.18 

775 

5 03 

104.75 

8.59 

2.81 

7.06 

107.00 

8.18 

3.75 

6.57 

105.75. 

7.80 

4 00 

657 

107 25 

7.23 

5 33 

6.11 

100 12 

574 

675 

•5 72 

105 50 

8.06 

3.66 

6 39 

105 25 

7.60 

2.00 

5.17 

105 50 

7.58 

2.08 

5.14 

105 00 

6.60 

2.92 

4.74 

104 50 

6.70 

6.54 

6 14 

100.75 

5 96 

7.06 

5.86 

101.00 

5.94 

11 50 

587 

107 00 

7.94 

4.01 

6 45 

108 25 

7 39 

7.41 

6 56 

100 60 

5 96 

9 36 

5 52 

105 00 

6.90 

7.91 

6 42 

104.25 

6.71 

9.20 

6.37 

109.50 

8.22 

5.08 

672 

111 so 

7.17 

725 

5 99 

10275 

6.57 

7.78 

629 

107 25 

7.69 

1.92 

4 23 

10525 

7 84 

2 00 

541 

107 25 

7.23 

2.50 

4.60 

106 25 

6.59 

2 92 

4.65 

109.10 

6 87 

3 08 

4 28 

104 50 

6.22 

3.58 

5 03 

104 00 

601 

3 93 

5 07 

102 90 

5 59 

4 17 

4 96 

99 95 

4.75 

453 

476 

97 60 

4.48 

4 83 

4 94 

105 00 

6.90 

6.90 

6 33 

no 15 

6 05 

1M6 

6 09 

105 50 

7 35 

4 2» 

6.37 

103 SO 

6 76 

4.76 

6 12 

102 40 

6 35 

2.75 

5.62 

101 50 

591 

309 

5 54 

103 15 

6 54 

5.46 

6 05 

111.00 

7 88 

4 69 

5 °3 

103 75 

6.7S 

447 

6 12 

105.00 

6.67 

5.54 

5 91 

106.00 

9 67 

1.37 

5.55 

101 00 

9.65 

0.25 

5 42 

104 00 

9.13 

1.00 

529 

104 00 

9.13 

1.08 

5J7 

103 00 

680 

5.50 

6.33 

103.50 

6.52 

5.67 

5.99 

10325 

6.30 

6.08 

5.85 

101.00 

6.19 

6.17 

6.05 

10225 

6.87 

7.42 

5.61 

100 75 

5.46 

7.67 

5 37 

10) 25 

5.43 

4.50 

5 17 

10000 

6.2S 

0.91 

6.34 

105 00 

6.19 

3.10 

4.80 


IS. 9.75— 845 
I. 3.78-87S 
1. 2.79— 88S 
1. 7.82 
1. 3.75 — 845 
j. 5,77—865 
1. 6.80 — 82D 

1 . 5.79— 88S 

2. 5.79-875 
1.12.83 

2. 1.78— 875 
1. 5.78— 87S 
1. 4.79-885 

1.10.76 — S5D 
1. 5.75— 8SD 
1. 6.72^-S3S 
i. 5.73r-84S 
1. 2.77— «6S 
1. 5.73 — 87$ 
1. 6.80 

1. 6.83 
1. 6.B7 
1. 4.81— 83D 
15.10.77— 84D 
I.12.B4 

1.12.81— 82D 
1. 3.84— 88D 
1. 3.82 

1. 5.86 

1.11.76- 855 

1.11.79 
IS. 5.80 

1. 6.75 — 84D 
1. 9.85. 

1. 2.B1 — 84D 
1. 3.80— 83D 
I. 7.84 

1. 6.78— 87S 

2. 1.85— 90S 
1. 5.79— 88D 

1. 6.71— 80S 

2, 1.73— 84S 
I. 1.79— 8SS 
I. 7.82 

I. 6.83 
I. 6 64 
1. 4.85 
1. 6.81 

15. 9.81 

1. 6-80— 83D 
1. 4.70— S9D 
1. 9.73— 92D 
I. 8,74— 93S 
1. 7.77— 86S 

16. 7.78— 87S 

1.11.75— 845 
I. 3.77— 8b D 
1. 7.79— 88S 
1. 4.73— 84S 
1. 6.72— 793 
1.12.83 

1. 9.82 
1. 3.64 
1. 3.B4 
1. 7.31 
1.11.85 
1. 6.72— 79S 

1.10.79— 80S 

1.1 1.78 — 87S 
1. 8.75— 84S 
1. 8.77— 86S 

1.1 1.78 — 87S. 
1. 4.81— BBS 
due 1. 7.78 
1. 2.75— 84D 
1. 5.77— 86D 
1. 2.78 — 87 D 
1. 2.60 

I. 2.80 
1. 7.80 
1. 1.82 
I. 3.83 

1.11.82— 86D 
1. 5.84 

1. 3.86 
1. 4.80— 82D 
?. 3.82 
1. 682 
1.10.33 • 

1. 3.85 

1.10.76— 85S 
1. 6.80 

1. 7.80 
1. 5.81 
1. 4.80— 89S 
16.10.80— 89S 

1.12.80— 89S 
1. 2.80— 84 S 
1. 6.83— 88S 
l.l 1.54 — -89D 

1.12.83— 8BS 
1. 7.34— 89S 
1. 3.80— 87D 
1. 4.83— 89S 
1. 6.82 — 89S 
1. 5 80 

1. 6 80 

1.12.80 
1. 581 
1. 781 
1. 1.82 
1. 4 82 
1. 8.82 
1. 1.83 
1. 4.83 

15. 5.83— 87D 

16.11.82— 89D 

1.12 77— 86D 
U2.78— S7S 
1.10.72— 33S 
I. 2.65 — 84 D 
1. 3.79— 83S 
1. 3.31—850 
f. 2 .73—870 
16.12.83 
16.10.79 
I. 9.78 
1. 6.79 
1. 7.79 
1.12.83 
1. 2.84 
I. 7.84 
1. 8.84 
1.11.85 
I. 2.86 
l.l 2.82 
1.1 1.70 — 79D 
1. 2.75— 34 D 


WestLB Schuldscheindarlehen 

4 year maturity: 5.25 


5 year maturity: 5.50 l o 


7°: 

7-% 

6 s : 


&.:o 
61 % 
6i% 
6% 
5,‘% 
7% 
7}% 
7 h% 
6i% 
9% 
7% 
6i% 
6 3 *: 
8 : a ; 
7% 
7°: 
7% 

71% 

e;% 

8 '% 

8i% 

O'S' 

to 


Ontario 72/87 

Ontario Hydro 69/84 ... 
Ontario Hydro 7 1 / B6 ... 
Ontario Hydro 72/87 ... 
Ontario Hydro 73/88 ... 

Osaka 64/79 (G) 

Osaka 65/80 (G) 

Oslo 64/79 

Oslo 65/80 

Oslo 67/79 i 

Oslo 69/84 

Oslo 71 /87 

Oslo 73/90 

Oslo 75/87 

Outokumpu 68/78 (G) 

Papua 73/88 

Parker-Haiwifin 77/87P 

Pemex 76 '83 

Pemex 77/84 ............... 

Pern ex 78/86 

Petrobas 77/84 

Philip Morris 72/87 

Philippine 77/84 

Philippine 78/85 

Phillips 75/8 IP 

Phillips 75/8 IP 

Phillips 75/82 

PK-Banken 75/83 


51% 

9!% 

7\% 

6 i0 f 

6i% 

71% 

7J% 

6 % 

61% 

71% 

8 -*: 


PK-Banken 78/88 

Placm. Malmoe 7J/80P 

Privarbk. Copenh 77 '83P .. 
Pyhrn Autohihn 77/89 (G) 

Ouebec 72/87 

Quebec 77/87 

Quebec 77/87 

Quebec 78/90 

Quebec Hydro Et. 69'‘84 

Quebec Hydro El. 69.'84 

Quebec Hydro El. 71/86 


101.50 

5.91 

5.61 

5 67 

104.00 

6.73 

3.50 

5.83 

106.00 

7.0B 

4.31 

5.87 

102.90 

6.32 

5.3S 

555 

103.50 

6 23 

6.10 

5.80 

101 00 

6.44 

0J9 

4.30 

101.00 

6.19 

1.16 

5.41 

100J0 

5.93 

0.83 

5.69 

100.50 

5 72 

124 

5 39 

101.65 

6.89 

075 

.4 67 

104.90 

7.15 

3.30 

5.93 

105.25 

7.13 

4.53 

6.26 

102.00 

6 62 

5.85 

633 

108 25 

B.31 

472 

6.88 

100 00 

7.00 

025 

7.06 

105 50 

6 40 

5.81 

5.61 

101.50 

6.65 

6 94 

6 47 

107 B0 

812 

S 50 

6.98 

102JQ 

6.83 

6 25 

6.49 

102 90 

6.80 

7.58 

6.49 

100 50 

6.97 

633 

6 89 

104.25 

6.47 

4 69 

5.68 

100.40 

722 

6.42 

7.16 

95.12 

7.10 

6.83 

7.69 

107.00 

S.18 

2.83 

5.98 

106.00 

802 

2.B7 

6.15 

108.00 

8 10 

3.79 

6.30 

102.50 

829 

0.17 

5.03 

95 50 

6 02 

7.85 

6J0 

104.50 

5 85 

1 *2 

666 

102 50 

7.07 

4.83 

6.62 

101 75 

6 17 

8.06 

6 06 

101 00 

644 

4.88 

6.25 

106 00 

7.08 

8.67 

6.56 

104.50 

6.94 

9.00 

6.57 

97.15 

6.13 

9.33 

6 4l 

102.50 

6.59 

3 03 

5.93 

103.75 

104.60 

6 99 
7.6S 

3.13 

4 03 

600 

6 79 


1. 9.80— 87D 
1 8.75— 84 D 

1.12.77— 86D 
I. 6.80 — 87D 

1. 3.81— 88D 

2. 1.70 — 79D 
1. 2.71— BOD 
1. 4.70—79D 
I. 3.71— 80D 

1. 3.72— 79D 
1 .1 1.75 — 84D 

2. 1.78— 87S 
1. 7.76— 90S 
I. 3.78 — 875 
I. 9.72— 78D 
1. 7.79—885 
1. 6.83— S7D 

1.12.83 
1. 9.84 
1 . 1.86 

1. 10.84 

1.11.78 — S7D 

1.11.84 
I. 4.85 
1. 4.81 
15. 4.81 
15. 3.82 

dld.p. 

I. 8.78002) 
1. 5.84— 88D 
I. 5.80 
1. 4.83 
1. 9.84— B9D 

I. 7.78-870 

J. 2.87 
1. 6.87 

I. 5.85— 90D 
1. 2.75 — 84 S 
I. 9.75-840 
1 . 9.77— 86D 


Continued on pugs ZZ 




5 




-.i. _ 


_A_ ... 




-V' 







Extel 


for a 


really comprehensive 
International Bond 
Service. 

EXTEL, 37 Paul Street, London EC2 


309 Creditanstalt Baokicrein 

3010 Vienna Slieoliengasse R 

P 63692540/1 T 74324 

310 Glrorontrale tmd Bank 

der dsierreichischen Sparkassen AG 
1011 Vienna Schuhertrinq 5 

P 72 W 272/72 94 772 T13195 


I REGION 4-irAtY 


MARKET MAKERS 


REGION 1- BELGIUM 


405 Banca Comraerriale Italians Milan 
407 Banco Anibrosiano S.p.A. 

409 Banco di Roma 
415 Credilo Dalian o 

20123 Milan Piazza Cordusio 2 

PS7 1744/8862 T 35617 
P S9 01 16 

420 Istituto Bancario Italiano 

425 Istimto Bancario San Paolo di Torino 

430 Monte del Pascbi di Siena 


730 Den Danske Bank of 1871 Aktleselskab . , 
j^uanske Hnlmens Kanal 12 

Copenhagen K 5J5JH T 19441/19068 

710 R. Henrtqnes jr. Bank-Akticselskab 
1200 Hnjbrn Plads 9 

Copenhagen K P 12 00 52 T 13 162/19 952 
715 KaasalliirOsakC'Paiikkl 
720 Kjdbenhatn? Handelsbanic 

1091 Holmens Kanal 2 

CopenhascnK P 12 86 00 T 19 177 
745 Postipankki 
730 Privatbanken Akiiwclskab 
735 SamUnaviska Enskilda Banken 

10640 KuoqstrSdgardsgatan 8 

Stockholm P 763 50 00/34 28 30 T 11 007 
735 Union Bank or Finland 

(Nordlska foreningsbanken Ab) 


105 Bondtrade 
120 Dewaay, SebiHe. ServaJs 
Van Campenhoat & Cle 
115 KredJetbank N.V. 


REGION 8 - SWITZERLAND 


REGION 5 - LUXEMBOURG 


REGION 2' FRANCE 


230 Basque Arabe et Internationale 
d'lnrestisseneot (B.AJ.I.) 

225 Banque Louls-Dreyfus 
205 Banqne Nationaie de Paris 

75009 Paris 18. Boulevard des I aliens 
P 2254700/523 5500 
T650814/650S19 

210 Credit Commercial de France Paris 

215 Credit Lyonnais 

218 E. F. Hutton Services SJLRX. 

220 Interunion-Banque 
270 Smith Barney Harris, Upbam & Co. Inc. 
75001 Paris 20 Place Vend orae 
P 260-3404 T6S060S 


505 Banqne Generaie du Luxembourg SJV. 

510 Banqne Internationale b Luxembourg SjL 
540 Bajerische Landes bank International SjL 
Luxembourg 25 Boulevard Royal 

P 474021 T 1249 P 475911 
515 Dewaay Luxembourg S.A. 

520 Kredietbank SJL Untembourgeolse 
Loxembourg 43. Boulevard Royal 
P 26411 T 1451 

530 Swiss Bank Corporation (Luxembourg) 


tHHJ Bondpartuers S.A. 

805 Credit Suisse/Swiss Credit Bank 
860 Swiss Bank Corporation 

8022 Zorich Paradeplatz 6 

P 223 11 II T 53 471 
870 Union Bank of Switzerland 


REGION 9- UNITED KINGDOM 


REGION 6 - NETHERLANDS 


REGION 3- GERM ANY/- AUSTRIA" 


300 Commerzbank AG 

6000 Frankfort Neue Mainzer Strasse 3--36 
P 13621 T 416111 
T 416345 

305 Deutsche Bank AG 

6000 Frankfurt Grosse Gallusstrasse 10* 14 
Junghof strasse 5-11 
P2141 T 4167314 

306 Dresdner Bank AG 

6000 Frankfurt Galiusanlage 7-S 
P 2631 T 414 901 
P 23 08 21 T 41 220 

307 Westdeutsche Landesbank Girozeniraie 
4090 Dusseldorf Fried ricbsLrasse 56 

P 826 31 22 T8381SS2 


6 00 JEL Albert de Bar? * Co. N.V. 

601 AJgemene Bank Nederland N.V. 

602 Amsterdam-Rotterdam Bank N.V. 

603 Bank IBees & Hope N.V. 

604 Barclays Kol <fic Co. N.V. 

Amsterdam Herengracht 500 

P 262 209 T 12 130/12 193 
611 Centrale Rabobank Utrecht 

SL Jacobsstraat 30 
General P 389111 T 40025 
Trading P 362410 T 70105 

605 Bank Morgan Labouchere' N.V. 

610 F. van LanscUot 

606 Nederiandscbe Mlddenstamtebank N.V. 

807 Nederlandse Credietbank N.V. 

608 Pierson, Heldring & Pierson 

609 SZavenburg, Oyens & Van Eeghen N.V. 


1 REGION .7- SCANDINAVIA ‘ 

nusB 

705 Bank of Helsinki Ltd. 


(Helsingfors Aktiebank) 


740 Den norske Creditbank 



901 Akroyd.& Smithero Limited 

950 Banken Trust international Limited 

9ZO Banque Fra a raise de Credit International Ltd. 

911 Citicorp international Bank Limited 

London. 335 Strand ' 

WC2R1LS P S36-1230 T884933 

912 Continental Illinois Limited 

914 Credit Suisse White Weld Ltd. 

London 122 Leadenhall Street 

EC3V 4QH P 2S3-4200 TS83731 

913 Daiwa Europe N.V. 

London 8-14 St. Martins-le-Graad 

EC1A 4AJ P 600-5676 T 88 4121 

915 Deltec Trading Company Limited 
920 Dillon, Read Overseas Corporation 

London 10 Chesterfield Street 

W1X-7HF P 493-1239 T 88 11065 

P 491 4774 Trading 
992 Dominion Securities Limited 
925 European Banking Company Ltd. 

London 150 LeadenbaJl Street 

EC3V4PP P 638-3654 TS951961 

927 The First Boston Corporation 

930 First Chicago Limited 

931 Goldman Sachs International Corp. 

London 40 Basinghall Street 

EC3V SDE P63S4155 T 88 7902 

P 638-9243 

932 Hambros Bank Limited 


933 I&J International Limited j.M'-./ 

London BttCklersbnryHouse - 

EC4N 4HR 3 Queen VTetoriaistr^et 

PTrading.23M55ar -TSS3411 
P General mn&yr 

934 HiH Samuel & Co. Ltd. '■ • • ' ; 

935 Kidder Peabody Securities Limited ■' 

London 24th Floor 

EC2P 2LA 99 Bfshopsgate - 

P63&6272 T S8 4694/5/6/7 /S 
933 Loeb. Rhoades, Homtalowei International Ltd. 
London 55 Grosvenor Street " . 

W1X 9DB P491-33S1 T 25432 

939 Kuhn Loeb Lehman Brothers lot. 

Loudon P-O. Box 15 

. E.C3. Commercial Union £idz . 

lUudershaft 
P 623-2904 T 887461 
P 283-7727 

936 Manufacturers Hanover Limited - - 

937 McLeod. Young, Weir International li mjtfi l 

940 Merrill Lynch, Pierce, Fenner & Smith 

(Brokers & Dealers) Ltd. ' * 

London 3-5 Newgate Street 

EC LA. 7DA P 236-1030 T88 5357/88 11801 

941 Morgan Stanley International . 

-London. P.O. Box 132, - 

EC3P 3HB Commercial Umon- Building, 

- 1 Undershaft, Leadenhall Street 
General P 6263221 T 88 12564 
Trading P 2S3-820I T S951621/2 

945 Nesblt, Thomson Limited 

942 The Nikko Securities Co. (Europe) Ltd. 

London Roy ex House . • . 

EC2TV 7LJ Aldermanbnry Sq uar e 

P 606-7171 T884717 

943 Nomura Europe N.V. 

Loudon Barber-SorgeoHS-HalL 

EC2Y 5BL Monkwell SquareT^ 

London WaU 
P 606-7482/6 T 8831473 

946 Orion Bank Limited 

London 1 London 

EC2Y 5JX P 600-6222 TS83496 

P 600-8000 Trading • 

947 Salomon Brothers International; Ltd. - ' 

950 Samuel Montagu & Co. Ltd. V . 

955 Scandinavian Bank Limited . 

960 Strauss, Turnbull & Co. 

London 3 Moorgate Place 

EC2R 6HR P 638-5699 T 88 8201 


1 1 fli \ 











967 Wedd Duriacher Mordaunt Ltd. 


970 Westdeutsche Laqdesbanfc Girozentrale 
London - 21 Austin Friars 


London - 21 Austin Friars 

ECZN2HB ;>63&614lTSS 7984/5 

975 White Weld Securities 
977 BL S. Wein dr Cn, InA - 

888124- 

980 Wood Gandy Ltd. : 

990 Yamaichi : International (Europe) Ltd. 
London St. Alphage House 

EC2 Y 5 AA - '2ForeStteel 

.. P 628-2271-. T 887414 


REGION 10- UNITED STATES 


EC2R 6HR P 638-5699 .^888881 

962 Sumitomo Finance International 
London 66 Gresham Street .- 

EC2B TEL P 6063045 T 88 11043 

964 Vickers, da Costa & Co. Ltd- 

965 S. G. Warburg & Co. Ltd. 

London 30 Gresham Street . 1. ' 

EC2P 2EB P 600-4555 T88 8476/88 3195 


10 Arnhold and S. Bltelcksweder, Inc. - 
NewYerk ; -“'SP Broad Street , - - 

NY 10004 . P 943-9200 T 82710 i 

; - • : P 94=^9214 -T 232250 RCA - ; 

20 Dre5c^Bnrnham Lamberi & .Co: Inc. - •.••• 

30 Kidder, Peabody & Co. Incorporated * 

New York . . . 10 Hanover Square 
NY 10005 P 212 747 2000 T 233 496 - c 

32 Lehman Bros. Kuhn. Loeb Inc. 

New York . ' 40 WaU Street 

NY 10605 : P797t4220 T.420107- - 

33 Lazard Freres & Co. - 

• ?• T420308I 

35 Merrill Lynrii, Pierce Fenner * Smith Inc. '. 

... P 212 766 1212 . T 420 838 O: 
60 Salomon Brothers - _ _v; 

New York - One New YorfcPlaxa • . v. 
NY 16004 P 212747 7000 "T 222428 : ' 
70 ShMds Model Roland lncarporated .- 
80 Atlantic Capital Corporation: 

T- 620727V 

90 White Weld & Co. Incorporated 

r ' ■ . T 4239481 

005 The Arab Co. for Treading Securities S^JBu ■ 
- Kuwait P.O. Box 
. 22792 Safat Kuwait 
: ■ . v P 410313 T 2791-ACTS. T ‘ 


LEAD MANAGERS 

1— Credi fanstai t-Bankvereia 

15 — Butler Bank 

16— Credit Suisse (Bahamas) Ltd. 

18 — Gulzwiller Kurz Bungenur Securities 
25 — Union Bank of Switzerland iU/Wj 
28— Bankleumi Le-Israel 
32 — Banque de Bruxelles S.A. 

35 — Banque Lambert S-C.S. 

38 — Burnham & Co. 

43 — Kredietbank N.V. 

46— -Societe Generate de Banque S-A. 

57 — Nesbit, Thomson Ltd. 

64 — Wood Gundy Ltd. 

72— Privatbanker Aktieselskab 
77 — McLeod. Young Weir & Co. 

92 — Banque Rationale de Paris 

93 — Banque de Paris et de$ Pays-Bas 

94 — Banque Rothschild 

96 — Banque de L’Union Europeenne 

103— Credit Commercial de France 

104 — Crddit fndustriei et Commercial 

105 — Credit Lyonnais 

112 — Lazar d Frfrres & Cie 


117 — Society Generaie 
122 — Western American Bank (Europe) 
13S— Coramerzbank/Banco di Koma/Credit 
Lyonnais 

140 — Commerzbank AG 
143 — Deutsche Bank AG 
150 — Wardley Ltd. 

157— Pkhanken 

159 — Kuwait InL Inv. Co. S.A.K. 

362— Arab Financial Consultants 
165— Union Bank of Switzerland 
(Securities) Ltd. 

179 — Westdeutsche Landesbank 
Gironzentrale 

383 — Jardine Fleming & Co. 

180 — Banca Commerciale Italiana 
288 — Banca Nazionale de Lavoro 
196 — Banco di Fotna 

214 — Williams GJyn & Co. 

218 — Orion Bank Ltd. 

219 — Kuwait Inv. Co. S.A.K. 

221 — Banque Europeenne da Luxembourg 

S-A. . 

222— Banque Generaie du Luxembourg S.A. 

223 — Banque Internationale 5 Luxembourg 
S.A. 


224—1 Banque Lambert Luxembourg, S-A. 

229— Investors Bank. Luxembourg, S.A. 

230 — Kredietbank S.A. Luxembourgeoise 

234— .UBS DB Coro. 

235— Blyth, Eastman Dillon & Co. lot. 

237 — Algemene Bank Nederland N.V. 

238 — Amsterdam-Rotterdam Bank N.V. 
245— Bank Mees & Hope N.V. 

047 — Nederlandse Credietbank N.V. 

249 — Nederiandscbe Middenstandsbaok N.V. 
254— Pierson. Heldring & Pierson 

256 — Royal Bank of Scotland 

272 — Skandinavlska Enskilda Banken 

273 — Sven ska Haodelsbanken 

257 — Kuwait Foreign Trading Contracting 
&■ Investment Co. 

292— Bankers Trust International Ltd. 

297 — Barclays Bank Internationa] Limited 

298— Baring Brothers St Co. 

315— Hambros Bank Ltd. ' 

316— Hill Samuel & Co. Ltd. 

321 — Investment Bank of Ireland 
323 — London Multinational Bank Ltd. 

326 — Kleinwort Benson Ltd. 

327 — Kuhn Loeb Int. 


32S — Lazard Brothers & Co. Lid. 

332 — Manufacturers Hanover Ltd. 

335 — Morgan Grenfell & Co. Ltd. 

336— National Westminster Bank Ltd. 

337 — Nikko Securities Co. (Europe) Ltd. 

338 — Kuwait International Finance Co. SAK 
343— Rabobank N.V. 

346— Rothschild N.M. & Sons Ltd- 
350 — J. Henry Schroder Wagg & Co. Ltd. 

352 — Caisse des Depots Consignations 

353 — Singer & Friedlander Ltd. 

354 — Sumitomo Finance International 
359— Warburg, S. G. & Co. Ltd. 

361— White Weld & Co. 

375 — -Bank of America 
378 — Bear Stems & Co. 

3S6 — Brandt (Wat.) Sons & Co. 

389 — Kuwait Financial Centre 

396— Daiwa Securities & Co. Ltd. 

397 — Dean Witter International Inc. 

399— Dillon Read 8= Co. Ltd. 

401— Dominick & Dominick 

402 — Citicorp Int. Bank 

404 — Drexel Harriman Ripley 
408 — European Banking Company 


411 — First Boston -Corp. 

413— First Boston (Europe) Ltd. 

413— Merrill Lyneh, Pierce, Fenner & 
Smith Inc. ” 

418 — Goldman Sachs -& Co. 

421— American Express Middle East Devt. 
425 — Hayden Stone Inc- 
431 — Interunion— Banque 

437 — Kidder, Peabody (fc Co. Inc. 

438 — Blyth. Eastman Dillon & Co. Inc, 

440 — National Commercial Bank Saudi ; 

Arabia ^ 

441 — Kuhn Loeb & Co. 

445— Lazard. Freres & Co. 

447— Lehman Brothers 
449 — Loeb Rhoades A Co. 

454 — 'Merrill Lynch, 'Pierce. Fenner Jk South 
456 — Morgan A Cle International 

458 — Morgan Stanley & Co. 

463 — Nomura Securities Co. 

479— Salomon Brothers 

480— Basque Bruxelles, Lambert S-A. 
4S1— Postipankki" • 

455 — Smith Barney & Co. 

487 — Barclays Merchant Bank Ltd. 


488— Kidder, Peabody International Ltd 
500-rWhite Weld & Co. Inc. . . .4 

.501 — Yamtft chi - Securities . . 1 . 

510— Salomon Brothers International: It 

511— Merrill Lynch Intnl. Bank Ltd. - ■ 

516 — Uniou De Ranques Arabes et - 7. 
Francaisea (UBAF) 

517— ^CrCdit Suisse-White Weld Ltd. f 

518— Arab Finance ' Corp. - ■ 

525— Banque Arabe et InL- Dlnvest : ^ 
536 — Loeb; Rhoades International Ltd. 
555— Goldman Sadia & Co. Ltd. Inc . . 
556^-JardIne , Fletnmg r In,ternati.onal Inc ' 
560— Jardine Fleming JntematioiiaL 
Bfe-KJUi’(M/E) Inc. 

586— Bank Hapoalim 

594— fcdo-Suez Sc Morgan Grenfell 
(Singapore) 

599r^SwiBs Bank Corp. (Lnx.) 

600— First Boston AG. : i . - 5 T 

.- 630^-Barclzyg KoB t- Co. N.V. - t 

637 — National Bank of Kuwait 
•638— Morgan Grenfell (Aria) Ltd. • -1“ 
'708— Dean Witter Reyndlcb Int Ine, 
715— Merrill Lynch Int (Asia) ' 


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^liPimoming battle fe EEC textiles 

-••• :'•■.•* BY RHYS DAVID, Textile Correspondent 

'^ d ^ ng *? s iscd ‘ lin « ud on innovation so MFA than did the EEC. a»<J has It is a message which the ? r Da vr^n nn^ inSLr^il^avaflab^^ia oufof fideotly.. Actk>n by the industry 

troops, ^e : J£iiroj3«TO Commls- tbatmarKfits. isolated from cheap managed to hold down import Industry will rot be reluctant to y»scou n hn weve^ ^ how so°rhat a compreheiSive picture countries. in several European countries 

Urt r^Indnsny, Viscount competitioa can be found. penetration to . a level accept, even though some eye- dep^s. mh ' h ™ of nroduct^Tcons^mption and A different threat to the pros- over recent years to rauonsdise 

rS: 5SSS^*2Si?“ ns?*'- The Other-' threat, however, around half that in the UK or brows have been raised by quick* JHh-^ ettors ar. irends P could be peers of creating a co-ordinated has been stopped by government 

y « wtuTSSIS SindS^h 15 comes from developed countries GTermany. - Viscount Davignon s *££* £ wn P re-shap^ny plan* and obtained. The objective would EEC industrial policy for tex- intervention. 

1 Tit 'fflrT and in particular the U.S. Where The -US. textile Industry has — ^uly noted by Hon 0 Kong . whul jJ er 3 rt^ em n n t can not be to tie the sectors to tiles comes from Italy, where Thus, while r he warning given 
ea ^^..heen told firmly, that the degree ^ ^ a i Cft ir= /tmno reoresentatives at the confer- mdeeu wnt. in er agree me nt can noi oe nmarnmnies rhP indnstnr is » «>rv substan- >>„ rmvifmnn is cer- 


rp. L- , y -• - •- ; apn m Damcuidi uie uu). wuere *uc -^4-0 - lcau ic auu.uoi.ajr uoo ■ r* — . ■ . .... iti/iapei wnyinpr a nr Yemeni can not oc in iur uic *«uni auuai wunc us " +*“*o o 

^^ro^o^n^w'eri^v^? P^ucenr bave long had the also expressed its very strong re P^^ atJves lh ® Jl™ £cr ' ^ reached between member specific targets or programmes the industry is a very substan- by viscount Davignnn is cer- 
£5 30y ;i S advantage of operating on a opposition to reductions -during ence— that the MIA is seen as of action, but merely to provide uai pari of the economy- and a lam!v being heeded there are 

^ m- it 1 GATT scale, : servlng a the present GATT Multi Lateral a five-year measure only. The . . information on which businesses major overseas currency earner. a number of producers who 

Arrangement signed 0 nitary market of more^than Tariff Negotiations (the Tokyo industry m Europe, despite the Tn ®^" , p - * could make their own decisions. Market forces might normally be believe his time ‘scale will in- 

^ hriiS fSwJre *5? year '- whl 5 h 2fflin/ EurtLin - nmducers Round) of the high tariff levels criticisms <£_dpwm ; , wh |^ £ej.adu The Germans are concerned, expected to deal with many of eV itably have to be extended. 

Vp-ia.' riJ Peiiu brings imports iff.. most textile 
and dothing .products either 

J.J'??! " nn^ar dirant. 'inflfnl 


European- - producers 


— — , cfates. 01 aciion, WUt ujgigjj w u<u K** 1 “*■ cuinimv - mini)' mciiii, iisvwii. - - 

Lateral a five-year measure only, inc ,. rnn . flnt information on which businesses major overseas currency earner. a number of producers who 

Tokyo industry in Europe, despite the w Th «S?v P k h L ?n could make their own decisions. Market forces might normally be believe bis time ‘JCale will m- 

f levels criticisms of slowness which the jnduslr is. d i .in Ubre .. to The Germans are concerned, expected to deal with many of eV itably have to be extended. 


s-^'i . ' under divert control dr- within °- s or scai * oy nuiHwiuing Unhurt Small nresident of the where it has co-ordinated its European 
-- T- S: * e Ojrblt ; oi possible controls, Lerlofn TWO. Ifuobc efforts, one impnn.m example dongtte I 


i 


LUI 

SkEB< 


.Luc utr yussuue coairois, ..nn^tuctivitir American Textile Manutac- enons, out- 

‘can only be temporary. The S U^re SlstihS. pointed out being the preparation of a ease 

I .EEC. is mafmi. . nA .» M .eu « they fail to do so. It could fiahtAr controls under the 


f " Si'S Americans who will Jointly mittheU.S. tedust^ tor tighter controls under the 


the; tonsil , bilateral, agreements ” J^rSeim^tiG™ envisaied a period of my sub- MFA. 

sta " tial 0Ter - tbe 


some individual sectors Viscount 


pointed 


T^.. in.:the.wake of r an 80 per cent Shrww Si!? ■ j; - 
Tiylincre^e in . textile imports tai ? lcs 10 Eu^P 6 - _ • 


nised. As a . result the Bve-year in « 5b Lancashire .by Carrington 
^(period of -the MFA:s existence V^a ofa £6m spinning mill 
5^ must : bev used by , the. textile whxch Wl!1 ® ve * threefftld 
~ 4 r industry to. put its- house in im P rnv ement. tn. . output per 
i ^^arder. employee compared^ .with two 

- : , .. " . older mills which are being shut 

^ -Structure However, American groups 




were sketched pnry m outliDe by iToirit' thrbugh direct exports iny a period of stability in piled up by ^ t np ^" and M ^6 i ‘' n -' 1 P* «»blem"s "in which Us federation, Coinstextil) has following a recent derision f n 

Twraooa Viscount Davignon who was or from new plants in Europe, tariffs to enable this to go over J he past t . ■ J* cloSures might lead, support for put before Viscount Davignon offer concessions to Ponu al. 


der employee compared, .with -two SUppi 

* - - older mills which are being shut 

Structure However, American groups 

_• j ' .with similar levels of efficiency next few- years in new plant 

r.F- \.-vr v^l ,, T"* 5 measures which the in- already have their «y«s on vari- aimed at greatly increasing out- 

flustry is supposed to adopt in - 0U s parts of the European text- pm ol yarn and fabric. The 
InrotC T ^ he ^ght of this blunt warning, ii** market and will seek to ex- U.S. industry would be demand- 


t If EEC producers fail to match these economies of scale it could 
be the Americans who will emerge as the most competitive 

suppliers of bulk yarns and fabrics to Europe’ 


ducers are closing down. . . more appropriate. 

There ‘is evidence, too. that 
InvPCthihnt the British Government believes 
Ail YCMlllcJJL ^ j^ nd 0 f stability now pro- 

Finally there are also areas vided by the MFA will need to 
where the industry in Europe be extended beyond 198— A 
would like to see' further cvi-. statement which amounted 
dence of the Commii'sion’slgood almost lo an assurance on this 
intention* before .aoing ahead point was given: by a senior 
with the investment ■ and Civil Servant at the London 
modernisation which is being conference. “1 venture, to pre- 
urged on it as pari of the diet that in five years time we 
restructuring process. Doubts shall see another negotiation 
have arisen over the Cpmmis- which may well- modify the 
sinn's willingness to enforce present arrangements but I do 
rigorously the agreements not believe it w - ill result in 
r-oni-hAri u-ifh inw met snrmliers. abrupt changes in she present 


““ua viscount Davignon who was or - from new plants Ln Europe, tariffs 
teen- Tjspeaking at , an .internariopal. Burlington, die biggest .textile ahead, 

conference on textiles In group m the world, has recently 
Tj^ondon. The ; .authorities in. completed a major eaepansion to 
^‘“^j^ri’jr.i^russela: are clearly anxious, ^ already sizeable Irish, plant 
S v 55 however, that- the industry designed to supply vhjwm fabric 


Challenge 


Viscount Davignon himself has 


*ould by the ,1980s -have t0 garments makers ^roughout The challenge thrown out by played a key role in . helpm ^ to 
itself with a structure Europe. Much or-'fhe large Viscoum Davignon, therefore, is draw up T, a |j an s P whose 

^ rM SA iii Vest- 


Action 


...v r--- , . * , closures nuyh; lead, support lor put beiore viscuuui — 

several months of discussi.ni clo jjr^ ^ technological a paper outlining a possible There are worries ton particu- MfiSSSSe 

! r . m h- a ic a Tn ime research projvcis. and assistance approach towards working out 3 arly in the UK, over the Com- to 

D b ^ Lk K ,n .!. , ” e v . ltJx ccu nnmic ana! v s is. an industrial policy for tex- missions readiness to acm ate The message which never the- 

mand by law. r * nJes it is thought to have been automatically the provisions in jess comes through from Vis- 
ion himself has . -eriouslv weakened in its impact the MFA bilareraU for bnr*sing count Davignon's remarks is 

ilc* in helping to l>\ the need to secure a com- products under control when tba t the industry must get 

e compromise nrami<c between the British they reach certain levels: over started towards restructuring 

Italians, whose The '.industry a first attempts and German positions. the effectiveness of the survr-Tl- an( j his warning is likely to 

er major invest- however. t» draw up a plan uf Herman altitude is l^ce system by which the Com- ]ead t o further pressure on 

ted the main action suggest thai a substantial . rf . . hv t i ie some . mission will monitor imports. t heir European partners from 

ducc capacity in difference ««t approach exists n l)S iii on in which and in the longer term over the the British and French. Both 

along with other between rhe ’.atious EE . German textile industry impact uf existing producers uf countries know that agreement 
will be allowed member countries The IK .nmnared with that enlargement of the Community, between the member States to 

increase their industry for example is i believed ^itself compa.ed that ^ ^ ^ {s e3£lend the MFA is More likely 

mpean market, to preying wh.rM.?ih« r.^rmam; have a conUnuine problem of low to be reached if some progress 


developing countries, is new a major rexme praowm -- - --- - - - ...-wive and The initiative 

suppliers join those already will not be ceding substantial Llpwnric fur simulated sinu 


..... neeu to counter tins uy vj.o. uidue iuut.ii 

\-j±Z iidncent rating on more special- use of the first ronnd of the l< ngc - e ^ 


industry 


wear, carpets, or cotton textiles chon: 
should undertake. been 


substantial shift of result in additions to the dole effort - has been made at all. 


Letters: to the Editor 


GENERAL T nf |, 

Annual meeting of European J[^ VrUl 

Central Bankers opens in Basle. 

One-day unofficial strike by uranium exports expected. 


Today’s Events 


■w — 1 . House of Lords: Scotland Bill, 

rLV6ntS report stase- 

„ . . _ . . -r- ,■ OFFICIAL STATISTICS 

Mohd Ibrahim Kamel. Egypt * Wholesale price index (May — 


- Training for „ 

: - • ■ . - while va-*! numbers nfi# 

*c engineers £w 

>i: ?nm Mr. R, F. G nines - ' are ^nnrious bousehbl! 

Sir,— -As an industrial training sioners, are contnouuoj 
_atfager i can only agree whole- at all to the local kn 

seartedly with' tbe .pro-vice- answer, of course, is 

ihancelior of Bradford Unlver- the local revenue with I 
ity. (June 8) when be criticises which would give evi 


LTD. 


cmmpr a number British Levland toolmakers seek- Statement expected from MAN, Foreign Minister, expected to provisional). Retail sales (May — 
tolerable hurdco ofiteWoi.na .il management, coujled wltb pro; my way one (imMy d lf° n’™aV" on™ Mil!™' a? S Mr Sdrew Peacock. Aoatra- P™"eio"ai). 

mm. ss^'doW?^ ««6««-jws <s: •SJ& *ss&£*t& rsss *«sa ^"Lrasff 


e and niques can do muen to im 
ig far our economic performance, 


or ihe quirter.so_ the, only eiec "J"-- 


lathing 


and Wolff the State-controlled delivers Focus lecture. Royal Associated British Foods (full 
Belfast shipyard * iaiM:0 Commonwealth Society. WC2. 6.30 yearj. Hill Samuel Group. 

National and Local Govern- Sir CoHn Woods. Cluef In«P«- compaji jy MEETINGS 
mem Officers Association con- tor of Constabulary, opens Thames COMr Am WLfc luvus 

Pnnfrrhnrb Ti»nire Vatlev Police truinlnc block. Sul- See W eek s Financial Diary on 


giS weather «j v«]r ^^The^.ll JKJJy Amoco ^ Q _, r .. 

ne a played down and Th « C, J ha .® min^manv^earsl^aifd in spile F.uronean Parliament in session to resume 10. Upper Belgrave IV 30. am. 
■hare, been fi»r greater invest ri TJL.2 “SSkrd. they I until Juno in Slra-hnura __ Str-et. London. , AMJMI 


ssssSr o7 th Br.^rd« K i^sie ^^ra^Th^^^ s'® >™asF3— , m session sts.s'vsss ~ H# ~ Juste Roo,n - 

^“onlw^t^mlife" Wane. T«Ah» Ag ^ ^efth'a7M» m co!lmln tofd'the Board Joy until " lBdtan S, SS^SS°S, (M* for- PMUAMENTABT BUSINESS lr"Lond.n Bo»lre Buro^an 

rould qualify for the four-year this would be * too comptag^L iS,SSSd Serfonnance can come asked to have the meter checked , v . 1chi ^. n ^„ ^ rglW wu ,hnrfH^- MMMne National sporting Club. 

uanagement .biased engineering ; l suggest they C0! ^2« n S fnunmj? listing knowledge and we were charged £2 and the in- — 

leSee grants. . • appalUngly costly, cu^bemo^e ‘Sided we grasp stallation and removal cost of 

Over and over again this and wasteful wa> . . m the opportunity by using them, the said test meter was £2 They 

ountrys education establish- revenue is collecte^under the Wgo insisted tbe bill was r, «»ht ana -a f -f f • 1 ® 

aent ignore established, coupes present -rating sysylm. A CecilCourt. Enfield, so we were let in for an ad - > T^Iiia'VA^ rMPlSTT dTktnif* A 7^31X7 Irf* f 

e pro£ote,>er - ses'vsse! tionai «. , . 1 n 0 Des only one way id raise vjieniiaaicn. 


• A...P promote : "new" iqeas. -. Any wormy - W4P W, V‘ M1 ^„ Mtddleier' 

rin teil yotitbat this Uveiy -points otttAoca revehue-jvnamesex 

s S# 1 ‘AM^ eails a i on g period of develop- dlriribuied by Central Govern- 


urpass iL in -tne codibs* um- consummauuu uc 

• bribed the sufferers, when ine.vit-: wished’. ' ; 

CCC! fPRhle failures -joccur, -are the very Bernard - Campion. 
|33vSVlJtudeat5 they are trying to help. tycd en'eopuc ( 


tudents they are trying to help. jr e0 erieugue Gardens, 
OF course 1 am not advo.catine Manadvh, Plimiouth. 

“no change* policy across the _ — 

oard. just, a reasonable degree . • . • 

f selection before the country T JTiffUlStlC 
pends my hard earned taxes on 
aft ideas. It is only daft because ,1 

he equivalent' aTready exists and CrUtCDeS . 
as been found, to be workable „ ^ M .. 


J™****- Recently there was a case of 

^ a man who was sure that his 

: 'IvA' flWJIV meter was running fast, and 

. j'-*" eight times the Electricity Board 

t.,,i tested the meter and said it was 

little H13I1 running in time. Well, after The 

eighth ■ go at this the man was 
'Ftom-Mr A. W. Furze beginning to feel, not un- 

Sir,— Your fascinating article na turally. a little peeved, and 
Whitehall v. MPs (June 5i s j nC e he was an electrical 
■recalls the most instructive engineer himself, he took the 
experience of negotiating with me ter to pieces and found that n 
the Treasury for funds to set up was running fast and had been 
"an apprentice training school in doing so. as far as he could work 
•the late . 19ROs. Government out f0P ei^ht years. At this, 
^brochures were available which Board admitted they nad 
slated quite clearly that funds for b eeQ wrong and paid him coni- 


pj " - ur jnln or h pc. ins mo-day Racial Equality on their guide- House of Commons: Debate on Junior cnompionsnips. 

and " n 

There’s only one way to take Glenfiddichl 


Seriously 


aa iireii muuu.w.-M- iu«'l Hmivir -Siaiea quiie cicuhj 1 * — uevu wiuuk aim i-«— - 

P , nd sound. Moreover, with some From -Mr. Dmmjieuuewa.. the purchasc of machinery were pen sation for the last six years 
, — -::0 years of* development behind Sir.— it appears uiai Yi: h l ““ avai]ab i eon a 10 -year loan basis they were not permitted to 
• •• • •' ■" 'Ll mean of course the four-year commas and ^vp and. for buildings on a 15-year pay compensation for a longer 

andwich course. ■_ almost disappeared. T . ■ li(in e' loan • basis, repayment being per i 0 d than this.” 

If the UGC argue that the f best dropped out of the conversaunns . jaJly t0 malU nty. The test meter is still mounted 

eople. will .not. attend these Q / thousands- of people .This was acceptable and id alongside our meter and has now 

ourses. just. see what; the avaiia- replaced by “you know. due course the draft loan docu- bee71 lb ere for several weeks: if 

. .. ility of tax-free, non-parental Just listen to television ana ^ nt a ed an d_f or ewarned wiU be interesting, if not pleas- 
; ” : • ,'ieans tested grants of a sensible radi0 interviews of people wnora __. it wa5 read with gre at care: in ingi t0 k now the result of this 
. . - . ize-for the best of tbe sandwich you migbi expect to know Deiier lhe UOTa] Treasury phrase test i n g. I do not doubt that the 

- . .. .*v nurses, will dm l would argue a nd you will be repelled b t u stat j ng that they *. . - reserved Electricity Board will insist they 

■ • ,-iat fhp Hpst ootential engineers. ..nn^tant reoetition of tne.e } -4U^. tn nhnin rpnavnent of n ra naht_9« usual. 


- : “• the best potential engineers, constant repetition of tnese iwq 

V those who know- where. -to get wor d 8 : 1 am almost teoipteo m 
.... *}'•: ie -money .to finance their latent cr _ a j ou fl : “No. I donr know. 
■/., -rge to create, would move into u ow -, rpfnrm movement 


1 1 , repet l t »« oted to'tiie right to obtain repayment of are right— as usuaL 
„l- ™No ““on™ now." thu whole of the loan or three Adrian T . LaDll) . 

“Siu.Trelo^ntovemen, months- notice. ... PorttandRoocl. . 


ree to create, woura ujwvc How aD0U i a reimui hib.-.— w ^ 

if sandwich courses, under tp . clean up ^ careless u*e of amended draft was btonevgute, Leicester . 


• ic onuunii-w : IU Llco» — ' — . . . 0 _e 

iese circumstances.. ... _ - s^ch conversational crutenes. 

. The one problem is tne seiec- p uncan Neil Dewar. 

^on of the group of universiues. - Femwood Avenue.- Sn Jo. 

- - r polytechnics to be given this — 

dvantage. May 1 suggest that p 

ractlsing engineers, through the DOllCV IOT 

istitute nf Production Engineers I-xV J 

ad other -learned engineering 
jstitutions. take up this point Snipping 

T*'- “"o’. - .^F.^Gain^*" u ; : : .. Front Mr. G. J. Bri* 1 ** , 


returned in due course wl th the 
offending phrase reinstated ana 
-the 1 unfortunate official explained 
that the phrase was essential ana 
that "it would not, of course, be 


Which are the 
real skills? 


• . ■ -Vi • > J. • ViaiutJi -i 

"... £-..7, Granby Avenue; ' ' 

I- • • orperiden, Herts.-: 

: ■ ?; Splitting up 


i i the rates 


rNO puiltv implemented.” ■ „ tvwi 

. iigventually, we had t« ' call a From ii r . Rolph Ronoitz 

cL inning 'meeting of the towl Sir,— in his interesting Lom- 

. -.Mlippiug board . and the c^man a ^ CC|lumn (June 6) 0D 

Ptowi Mr G. J- Boiiuurir 5 charming and senior director of American cbief executives 

^ Sir —In vour June 6 issue Mr. A^ocal fira— was asked whetiier aband0Qmg the | 0W profile tra- 
Geral’d Lancbln. Under becre- he ■ would accept /“ nd ®. °g ® dition of capitalist circumspec- 
tarv shipping policy division, 15-year mortgage for his firm Geoffrey 0wcn notes “ as 

'Department of Trade, was with a toree-month repayment m0J . e buB i ness decisions drift 

reported as sayioa that the danse. No. of course . towards ■Whitehall or Washing- 
US now has no coherent ship- came the reply. • s-dinum- lon ' the success of a company 

ping policy" lias the UK m -.-There was a depends increasingly - on its 

shiowng policy, “coherent or .mem— the phrase was i delctea, Job jjyj n g gjjjig . . . it is hardly 

otherwise ? If it has. v.-ll! Mr. pj e loans obtained on the official that the _ lobbyist 


..-v ty 
• ■ ' * * » ♦ * 

-yt£: 

VS; 

•> 


You can take it straight. 

Or with a little, plain water. 

But do remember that you’re 
tasting no ordinary Scotch. 

Glenfiddich is a pure, single malt. 
Distilled in the ancient way. in 
rradirional liandbcaren copper stills. 
The result is, perhaps the finest 
whisky the Highlands have ro offer. 
Take it slowly. Take it seriously. 

'Glenfiddich' in Gaelic means 
Talhy of iltc Deer' 


^ r . > . • . 

• 7 •’ r^: 

vlv ■" ¥ 


'ater AuthoriG' UU V» STSST.^lS. 

rSri Sf SSSS barges fo 


parationftete, inAead of So -7, Reader, te 1967 ,o on 

“f* 1 ; G ' J Bo^ick. 

mark the tf. chestnut Avenue. 

ne of its existence the water • , 

ithority’s charges have gone Inpr-pacpC III 
so rapidly that. their demand. 


to me again. wondering what happens to the 

A. W. Furze. . . old-fashioned skills of marketing 

HferxfUls. Mold, CUoyd. a ri d filing things, . if the chief 

— executives of the future are men 

€r*.wm who know little about the busi- 

'.CnarffGS IOl ness they are fn ,but are experts 

" in the corridors' of power and 

• Alapfripitv sood performers oo television." 

' CltfvUlLUj This is not of course a new 

rm™ «,r d r Ijimb development of operational 

Fjtoot Mr. A. i. management. It can be analysed 

Sir,— l write 10 draw attenl .on wiThi ® the stant j a rd theory’ of the 
tothe varying amounts of money firm as . extra-market power-thar 

changed to, .different people iy . ^ search for security or 

the Electricity Board during the JfmSStlSrbf uncertainty by 
lasLquarter.^^ ’ . mea ns other than competitive 

bill, came - to -iSL effectiveness. The last chapier. of 


™ — '.L.'Atlrar • — r-" " - aimiUULtUii . BIUWM.I-V wj 

11 soon be as bi^ as “ e other- ' ■ J..»f IvitV last; quarter. - means other than competitive 

We also realise it must merely pTOClU CH VII J .>My bill, came ro _£8i. ^ and effectivCDess . The last chapier oF 

a matter of tune before more D i rectoT a nd General ..people who have my forthcoming book on Entre- 

ipire-building whizz-kids Institute 1 V ■ ' have, received bills to a y eneurJaJ Management makes 

J the charges for various other StB&nwJMvm* far lower, value. I realise tiui suc h an attempt, 

al amenities— with the mon- Methods. fte' obvious answer to that ^ The si; , n j fic! , nce 0 f Lombard’s 

nous increase . admipi rtra- OnoMWKe gosmin makes a that we have been boiling elec- observations is . i believe, of 
e costs which this will.inevit- .Sir. J^ntri button to the dis- toe kettles or using 3 kW. fans. s ial re j eva nce to management 
ly entaiL Mr.. Coker must be va ^-^^^nroducUviiy with her but this is certainly not the case. 5tud j es procrammes. The key 
ceedingly optimistic If be cu3Sl0 J. 1 ^?r prters June S). Her We bad our house rewired le_->s d - 5C - pli7ies | re economics and 
agines'that all these additional rnear^b „ t e of output than a year ago. We^have “sed f^ P and there needs to be a 

d heavier . demands will, not diworcn . nat ^ Uj0 bst electricity, only for lighting,- the mgJor ghm Qf Bmp basis towards 

noticed" or that we Will whim- -growth nas ^ • deC ade very- occasional, half-hour for the bese areas P nd a wav from 

•ally regard, them’ a»""M -gecadj . her tanien-liiimerslon waterhe.itcr.used an ;.b„ ma n relations." If MBA and 






SSSS&ss ‘ 

.^.“we^re «». secKme only ab uut ««bW [ •' I. Business 

feSfeo *»•<»»« 

lfe?ed.-of- th«r unjust ano.-in-. trom . . .. 


rein 





1 ‘c . Vr- ' “ 

l 


- . - K-r- 




l 

V 






26 



Foster Bros, off to flying start 


WITH CONFIDENCE. Mr. Herbert ~ 

G. High, the chairman of Foster BOARD MEETINGS 

Brothers, multmle retailing zrnUD. 


Brothers, multiple retailing group. 

tel»s «thareholders, after making Tb? r<i!l Companies have nmifled Emrlnr*rlD« lavenmeM*. Wta Bmimv-tdi 
Hi ,0 fnr -ill rhe ernnn- f f B ,a J° Dweunss Uie Sinck Sprint 

fu *”* E?d«n^. *■» rnwunas ar? ..soatljr FUTURE PATES 

mjc uncertairme.i. that prospects "c pnrrwse nT eonsi-ierlTu: Interim*— 

have never been better. divided:- OtBoal indictUans an aat Roomer Trnst ...... JaJr 2# 

** We have got off to a flying aralloWe *ch-?iner dividends cnncvmed SuntvQO.se - July 3 fl 

mtar-t " h» sue anrf a HHi rhar in »?« ini*v»n' r «r finals and ih* sub- Final*— 

, qqS tn at _ ln divisions 'tm*a beltjw are based malnlj Baker Perkin* June 22 


■nee Company 8 7 per cent- 
Meeting. Three Quays EC. June 
28 at 2.30 pm. 


the absence of unforeseen cir- on ""ia>n year's timetable. Brown <john> June .3 n 

cumstances, he forecasts that the today Dnninmon investment June is 4-x\ 4 . (1 Sc^7 w%ro 

increase in the group’s trading Final*— An-.-l Industries. Associated Paterson (R.i Jnne 13 ■■■ T,ll A / J|| 

xarofit for the 1978-79 vear “ will Brllvdi Fo-ids- Hfll Samuel. Ocean wu-Petbow June Iff ■/ IIA 

h^Vh wLfcof. vSl fci Jli; mh. H- -u. Propertr and R eversion a rrSliaw- and Marvin June IS 

be the highest ever in the history In7esrnlc:i :. . alor. w.c.r.. Warwick WTuteemii juac:s • j 

of your business." miflnroiT 

As reported on May 17 Foster ** . - — _1 - _l - “ 1 IlllU IT 

came back from an interim short- » 

fall with second half pre-tax The company is now in the Europe while the overall proper- WITH SALES ahead at £8.91 m 

profits of £3.95m against £2. 45m to hands of a receiver but arrange- tion invested through offshore against IS.OSm. pre-tax profits of 

finish the February 28, 1978 year merits have been made for funds has further reduced from white Child and Benev a subsi- 

ahoad from £4.1m to a record another company to meet Bel- 13.S per cent to 12 per cent. diary nf Arthur GninWcs Son and 


WCB up 
to £0.87m 


vesnnenf. **tor, W.G.I., Wanru* WlMteewft JuacZS • f 

— midway ? 

The company is now in the Europe while the overall propor- WITH SALES ahead at £8.91 m 
inds of a receiver but arrange- tion invested through offshore against £S.06tn. pre-tax profits of 


£5.37m. Sales were up from gravia'« obligations under the 
£44. lm to £503m. including VAT. existing insurance contract. 


with a 25 per cent advance in the 
second half. The dividend is 
stened up to 2. 830025 p (2.37B2o). 

On August 31. 1977. the group 
acquired Discount Tor Beaufa, 
a privately-owned company trad- 
ing in toiletries and cosmetics. 
This concern has some IS shops, 
and seven further units have 
since been added. Mr. High says 
that the group is well pleased 
with the return cm its investment. 

The group’s plans provide for 
12 or more new shops, both for 


Upsurge 
for Anglo 
Indonesian 


Over the past year, profits from gb- **,??£!! 

investment sales have almost ft* 0 ®® the half-year to 

eliminated the allowable losses of , 

£495.000 with which the company J7/S V-T 3 hi nt 
began the year. At the year end. „™3i rch ^ w i th U hi»I 

capital losses offset tabic for tax 

purposes against future realised £3 - 9 ™ af jd since then they h* e 
gains amounted .to £7ti,000. 

Although the 25 per cent sur- " „ * e chairman, 

render rule no longer applies to that the groun * 




Financial Wiles Hoacjay. .Jfime 1£i$T8 

Coates Brothers better 
at four months 


d{ 
, V 

. I|l* 

V". 


Ml' 

T . 


Sir Richard Meyjes, .chairman arrears antf resume the payment* 
of Coates Brothers, said at the of preference dividends thb year 
AGM that for the first four and details will be given in ^ 
months trading in 1978, turnover Interim statement to be -published 
and profit for all divisions of In October. H present bumk 
domestic trading in the UK were continue' the board hopes r* 
marginal ly better than last year, rename ordinary dividend pay! 

. UK export sales were -still dtffi- merits when results . for 
cult, especially for the resin current year have been estab. 
division. though he . added that lisfaed. ' • 

they were now gaining some aid Mr. A. Allebone," the chaimum 
.from the fall in sterling. of Allehone #nfl Sons said at die 

Overseas turnover was about 12 AGM that results in the 
per cent ahead of last year, and quarter of the year were ahead 
as a result of competitive pres- of budget and that current trading 
sures, profits were less buoyant of both -manufacturing and retaS- 


FT Share 
information 

The following ' security bai 


the disposal of premium 'cur- successful companies ennrinu- 
ronov the directors have con- n ? tn pow. while the expenses 


Freddie UtaagfieU 

Sir Kenneth Keith, chairman of Hill Samuel Group, which is 
due to announce full-year results today. 


<Z \, ,n ic iV n c^cH ^ rency. the directors have, con- tne due to announce full-year results today. 

that the group is \.eii plea, .d tinued a ooliev of investins part incurred by BJTT and Extrusions 

with the return on its investment. T»i/]AnAriOn nf ihe oortfolio through back-to- are bein ^ reduced. Therefore. " 11 " B ^ 

The -roup’s plans provide for 1110011651311 back tow to obtS^wmelprete? ^77-78 is expected to be^ a - - 

12 or more new shops, both for .. 3 ^ a ; n , t s harj fluctuations in thoroughky satisfactory year. For ■» £% 1 

Adams Childrenswear and ^INCLUDING £495.400 against ^he value of the dollar premium, all the previous year, a record KOtll/ Xr ■ 0111111 P1"P1 Q I 

Discount for Beau tv in,, I he j^gggjS from an associate, tax- During the year, these dollar bor- . pre-tox profit Mas UdlliA Ob vyUlllIllvl 

current year. About 20 tvi l be a ^] e prollt of Angto-lndouesian rowings were renegotiated on a achieved. 

o pc nm? under the Foster Mens- ^ tjpn jumped {rom £694.700 j ^ UMJve basis Containers and plastics aearn ^ 

wear banner, he adds. io n oil ml for 1977 made the major contribution to 1 ^ J 

Mr. Hitrh says the ureup Afl ’“ r m WK 0 f £578295 (£173.732) However, with the emergence of first-half results land Clares im- ViP/llVIlV iKllSl 

vigorously tackled the problem of minorities £103257 (£9.601 >. a negative interest rate spread on proved substantially. BN1 also UVol T .U. T 1J 11 €M lv\I 

unprofitable shops and quite a atirihutablc profit was little dollar borrowings, arrangements made steady progress. Throughout «/ A. 

number were closed during the chinked at £S30 339 (£5I1267». were made in September to the group, expenses were Hell „ AfY * mTV « R3lT ,t nni | an d s Q «s has now been settled 

year, .including Stone-dri and the al £SS are 12A5p deposit a high yielding short- contained and .current assets were ACC01OTS of B»k -d >Dd Sons has now Jbeeu seWed. 


although up on last year. Ing divisions was satisfactory - 

To s ummar ise, he said that pro- '' 

egress was satisfactory so far, but, • 

trading conditions remained diffl- |4 W |' \horn 
cult against a background of con-. kJlMUl C 

tinning world, recession, increas- * p j» 

irutiy dubious prospects for the- UUOnUHtrOIl 
UK economy and currency in-. . .. . . . 

stability . . The following security fcai 

At the AGM of Maple and Co, added to the Share Informs- 
(Holdings) Mr. D. C. Keys, the tarn “f 1 ™. aPPeanag- in the 
chairman, said tbat orders -for the Financial Tutted-' 
first 18 weeks of the year were ■ ALCAN ALUMINIUM (UX.I 
.substantially in excess of those {Section; Engineering). 
taken last year and sales achieved 

showed a corresponding- increase. T'VRJTTCITkl? ICCTIt? 

He expected to he able to 1 IllMUifi IMUE : 
announce profits at the interim The. prospectus is pu blishe d 
stage for the first time for five to-day in connection with the 
years. issue of £7m of 12J per ceai 

He- said that fitting out the new . redeemable stock 19S6 .fay jC, 1 
store in Tottenham Court Road _ Metropolitan Borough of Tyneside 
was on schedule and it should The issue, priced at SB9 per 
open for trading on September U. cent, ie payable as to £10 per cent 
The board intends to pay the ou application next Wednesday.' 


This advertisement £ issued m compliance with Die. 
requirements of (he Council of the Stock Exchange. It does not 
constitute, aii invitation io arty person to subscribe for or 
purchase arty Debenture Stock. 


ladies* wear operation. 

The group continues to be ‘ 
expansionist minded, the chair- 
man states, and it has more than f *>7‘ 
adequate funds, both in hand and 


Fair view Estates Limited 

(Registered ia Ejigiand Na 1009194) 


on call, for any suitable oppor- - * provis i 0 ' n for lhe f u n appropriate to retain this holding Tax takes 

tunnies which may present them- ‘ a " c c ° tance ' D j the company’s offer of Government stock as deposit mg net 

selves. . Walter Sons and Co (UK I. against the back-to-back loan. (fiMi.0001. 

fir, lim, 7 10-C CrafT ,or " 3IKfr . anH ^ 1; u k- .L IA .K.,lr •• IkwmiHnoc T>i.> nfll 


£415.000 the company's state of affairs is 
siren. 


As reported on May 6, a 

selves. 'waiter' Sons and K C o "(UkT against the ** back-to-back ” loan. C£3«7.000t. ' given. revenue deficit of £190,000 was 

On June 1, 1978. Staff Facilities r..u 3C renrance of the Total “ back-to-back H borrowings The net interim dividend is Tbp _ express reserrarions on il? cur ® ci £ or .1*!® 19 nJonths to 

Group was purchased, a cosmetics asms iminsfSvbe flip’ i»cr««d USSi™ IWran Wf™ >1* X *P '!?/»» &v, tta 


and perfumo concern, and Mr, rr.mnararive fiei/res hare been anti - re pres 

High is confident the group can rc S ^ »n,y 1 to reflect an total asset: 

look r<jr an increasms eontribu- j ncreaW j n the group's share of per ce 
tmn from this acquisition m the an as >p dale’s profit as a result of ments in 

Somiul |. Jul , , » «h.»so jn lh*t rpmpany's secunues. 


if. ton'SSi nnii.' npprwnnting- 40* per'cent SKrtMifliSdi 7tiSM8» 1 •» «SSWK» I« 

™ " tnUI assets., remam. more. than -last dear's fins] was 2,6t., SSS5? Laai Co$&, “S ’‘W.!* ... 

increase in the group's share of j ,er ? eHt ®°*5?£ d by invest- liquidation) is carried is based . ' 


RIGHTS JSSUE OF £13.85 PER CENT 
FIRST MORTGAGE DEBENTURE 
STOCK 2000/2003 AT PAR 

The Council of the Stock Exchange has admitted the above 
Debenture Stock to the Official list. . 


future. 

Meetin 

noon. 


foreign 


ai method of 
deferred tax- 


accounting 


Restriction 

on Belgravia Shift of 

The Secretary of State for Cftlph^SiS 3t 
rade has exercised his power r 


for These borrowings were augmen- 
ted in November by the negotia- 
tion of a straight borrowing 


M ANSON FINANCE 
FORMATION 

M arson Finance Trust has 


on info rmation at Ma^h Sl. 1K7 SSJ-M »" ft Northern 


provided by the liquidator to 
which the directors have made 
substantial adjustments. In 
making these adjustments, the 


Hotel. X, on June 28 at 11 am. 


facility of USS4m in order Jor J2* JJ* |£|S? aI> Fa gK ^uditora stare, the directors bare 


the. company to be in a position JJg. ^ e 0 ffer ^^orirP ser- n ° r had acces^ to aU the relevant 
to introduce gearing should .be ^ ttwii aim In rec<>rd;i * nd hiforraation. 

management consider it appro- T,c ^ moustry. it win aim in , 

mate! So far. no drawings have panicuiar to assist the smaller Properties held by rnv 


Properties held by investment 


Rise in 
subscribers 
to PPP 

A net rise in the total number 


been made against thi* new a™1 medium-size company, with subsidiaries have been valued by A net rise in the' total number 

facility. The premium content of sa ‘ es ®* U P rhOO.UOi) per annum, the directors. In calculating these of subscribers last year is revealed 

Trade has exercised his power — »-• r*" ~ ’ " ” the fund now accounts for 20.1p cu . DC CT . v, cc values and the net realisable in the report and accounts of. 

under Section 29 of the Insurance TTvt/xr'rmnl TViir-L or P er ce °7 against 18.3p and aHAKt alAtvfcj value of the group’s properties Private Patients Plan, tire second 

Companies Act 1974 to require IT«I J lUjl 71.2 per cent respectively this Assam Trading (Holdings): held by dealing and development largest medical insurance agency 

Belgravia Optical Company to time last year. Trustees of J. M. Guthrie's 19B5 subsidiaries the directors have in the UK. Mr. J. F. Phillips, in 

cease taking on new business on Dunns the year ended March «.nnrt*>rt net revenue amoun- settlement — J. A. Driver and C. E. ^ade certain assumptions. The his chairman's statement reports 
or after June S. 1978 The re- 31. 197? External ,ttf to £26^ Free-on June 2 bought a further auditors say they have been 21.000 new subscribers, many 

qurrement also prohibits the Trust reduced the proportion of earnincs per share were 2.000 “B~ shares. J. M. Guthrie unable to verify these assump- coming through company medical 

variation of existing insurance the portfolio invested in North a . _ ^ ^, r - cj g2n) is a director. rions but have no reason to doubt schemes. But this was largely off- 

contracts. America from 4a.S per cent lo ^‘urnm^ run convei^on of the Lhenu set by individual subscribers 

The principal business of Bel- 3? » per cent while ! that m the f”“7 l ^ k r ASSOCIATE DEAL They point out that no provision dropping out mainiy as a result 

gran a Optical is the manufacture UK has been increased from 24. o u k. pn marie fnr rnrnnmtinn of heavy economic pressure. Over- 

cf contact lenses but the company per cent m 34.9 per cent. At May 17 funds managed hy Schavenen and Co. on June 7 “ SSeh may be SrabS in aU ^e number of Ambers rose 

A* thn ..mo »imn iliora Korn M ,n/i C T n vpcTmftnt Manawmurit ntirrhacMl fnr nn Actnpialo 1 n non * uk . 1U4 " ur yajavic iu . ... An . __ 


Particulars relating to t3ie Debenture Stock are avaflable in 
the Statistical Ser\'ke of£xtelStatistical Services Limited . 
and copies of such particulars may be obtained dining normal 
business hours on any weekday (Saturdays and public 
holidays excepted) up to and mdudmg28th]uly 1978 from: 

GREENE & CO. 

Finsbury House, 22Blomfieid Street, LondonEC2M7AL 
and The Stock Exchange 


■fc 


FINANCE FOR INDUSTRY TERM DEPOSITS 


also operates an insurance scheme At the same time there have M and G Investment Management purchased for an associate 10.000 r&SD __. of DreV inu<i vpare anri from 205.393 to 206,032 Mr. 

in respect of the loss or damage been small reductions in the per- held 72.68 per cent of the ordinary Mooloya Investments at average d ^ aftcn Hon to the fart that Philips say s that In the early 

of Ity lenses. cemace invested in Japan and shares and standard Life Ass-jr- price of to.6p. ™ LS L i ml? months of this year enrolment 


Today 





no provision has been made for months of this year enrolment 
any liability which may arise inquiries from individuals were 
under guarantees to bankers of running at record levels, 
subsidiaries. Subscription income during the? 

Acquisitions have been recorded J' 631 ’ ^6 by 38 per rant to a 
on the basis of the nominal value rec °ni £19.9m and investment 
of Bank and Commercial shares in f° r me by 39 per cent to £Llm, 
issued as purchase consideration, wdiile a further £lm was added for 
In the auditors' opinion, tire earn on realisation of investments 
acquisitions should have been investment depreciation pro- 
recorded on the basis of the tdsloa no longer required. The 
market value of the shares issued amount paid on benefits, also at 
at the date of acquisition. The ? record level, climbed 47 per cent 
•'ffect of this procedure would l? £lBJm — 81 per cent of subscrip- 
h,.-, to ehm t’nn income. PPP made two pay- 


Deposits of £l,000-£25 1 '000 accepted for fixed terms of 3-10 
years Interest paid gross, half-yearly. Bates for deposits’ 
received not later than 30.fi.78. 

Terms (years) 3 4 5 . & 7 „ 8 9 10 

Interest % - W| U 11*- :lli . 11* 12 ' 12J 12f 


Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier, Finance for Industry 


Limited. 91 Waterloo Road, London SE1 8XP (01-92S 7822, 
Ext 1777: Cheques payable ; td “ Bank of England, a/c FFL" 


FFI is/fhe holding company tor ICFC and FCL 


[Qij s“* 


LOCAL AUTHORITY BOND TABLE 




have been to increase share »*"" income. PPP made two pay- 
premium by £3^5W06 and the me ?£ n un6 !;S™'?J 1 l? ts - ast ^ ear_ ’ 
accumulated revenue deficit by ^.«W to Ntffleld Nursing Homes 
£3258 306 Trust and £6a,000 to Eynsham 

In ’his' statement with the TmSL Overall, there was an 
accounts Mr. E. Kenneth Martell. excess on inctmie over expenditure 
chairman, who will refine in June, of_£2.9m compared with £2.im in 
says that the immediate future 19J*- _ „ tl . ^ .. 

depends a great deal on the **Ir. Phlibps refers to the two 
successful roncluslon of the new schemes launched recently, 
arrangements about the com- The Premier Health Plan was 
nano's interest in Calgary and launched In June 1977 to provide 
Edmonton. At the same time dis- realistic benefit levels which would 
cussions are takins dace with rise automatically in line with 
regard - to the future business of hospital costs at the lowest sub- 
the company now that dpbts have scription rates economically 
been substantially cleared. possible. The Company Master 

He adds that he hopes the re- Plan was also redesigned to meet 
constituted board will now be able the requirements of employers 
to make real progress, particu- providing cover for private 
larly with the opportunity of medical treatment 
turning the Calgary assets to “ - " " ’ ’ ‘ 


AuthorfQ ■ 
(telephone nuntber in 
- parentheses? 


Annual 

gross Interest Minimum Life of 


interest payable 




Barking (01^92 4500 ) 

Barnsley Metro. (0226 203232) 


Poole (02013 5151) 


Sefton Met BC. (051 922 4040) 

Thurrock (0375 5122) 

Thurrock (0375 5122) — 

Wreldn (0952 505051) 

WreJrin <0952 505051) — .. — .. 


_ % 


£ 

year- 

10| 

fyear 

1,000 

44 

Hi 

i-year 

5,000 

4-6 

11 

4-year 

230 

5-7 • 

ut 

4-year 

1.000 

5-7 

iqj 

i-year 

- 500 

i~. 

ill 

4-year 

500 

6 -t ; 

11 ". 

1-year 

200 

5-7 *. 

1H . 

4-year 

- 2,000 

5-7 r . 

11 . 

1-year 

300 

,4 

ill 

4-year 

300 

5-8 • 

11 

yearly 

1.000 

5 - 

101 •• 

4-year 

1,000 

3 


No bank today can afford to stand 
still. At A P Bank we are taking this 
literally. We’re changing our 
address. From today you will find 
us at: 


2 1 Great Winchester Street, 
London, EC2N 2HH. 

(Our telephone and telex numbers 
remain unchanged.) 


In our new offices we will continue 
to provide all our customary services 
backed by the specialised expertise. - 
and high standards of personal 
attention which have been our 
trademark over the years. 


advantage, and relieved as they 
are or so much borrowing and 
heavy interest. 

Many of the properties have 
been .sold and borrowing reduced 
from approximately £3. 34 m to 
f 1.94m. This will probably be 
reduced in the next few months 
hy a further £0.9m at least. The 
Inan slock creditor has now con- 
verted all but £73.000 of his 
£375.000 Joan stock into share 
caoitai. which improves the 
balance-sheet substantially. 

The chairman says chat the 
directors placed what they, ** after 
conridertrur very carefully all the 
facts." deemed to be a reali'liic 
value on the 95 r>pr cent holding 
in Calgary and Edmonton It was 
not an easy assessment to make, 
he adds. 

Calgary has. the chairman 
believes, paid off aB its mort- 
gage monies, and the only 
creditor known to the directors 
apart from the company is the 
liquidator for bis fees and 
expenses. A provision of £225.000 
has been made for this: £250.000 
less (ban the liquidator’s 
estimated provision. The direc- 
tors point out that the provision 
will be subject to tax or approval 
of the Court. 

The litigation with former 
financial advisors Edward Bates 


This Advertisement is issued it compliance with tberaquirements of the Conned of 
The Stock Exchange 


s 1 ,**v 


CLIVE DISCOUNT HOLDINGS LIMITED 

(Registered in England No. 426363) 


Capitalisation Issue of 503,000 9a: per cent. 
Cumulative Preference Shares of £t each 


The above^securrties have been admitted to the Official List and 
dealings in them will beginoh 12th Junet.1 978. 

Particulars of the Preference Shares are contained on cards circulated 
by Extel Statistical Services Limited and copies may be pbtaihed-dunng 
norma) business hours on-ahy weekday (Saturdays ai^pubJicholid^ys 
excepted) up to and including 30th June, 1978 from 


H0ABE G0VE1T LIMITED ; 

Atlas House, 1 King Street London EC2V8DU. 


^civT 


SIMCO MONEY FUNDS 

. -Saturn Investment 
Management O*. Ltd., 

2t» CA.N.N Q.VSrR£ET EC4.M 6XD S 
- ■ T«lc|thonc:0.1-236 1425 ■ ^ . - -• 


Rates paid for W/E 11.678 


Cali 
% P-a- 
7.990 
7.951 
8.047 
7.915 


7 day 3 month 

% p j. % pj. 


Fri./Sun. 11.029 8-348 — 


Cumulative Second Preference Shares of £1 each 


A P Bank Limited 

A member of the Norwich Union Insurance Group 


'NORWICH 
UNION — 

1 *CUflAWX Gfcueffl 


21 Great Winchester Street, 

London, EC2N2MH. 

Telephone: 01-5S8 7575. Telex: 888218. 


BUILDING 

SOCIETY 

RATES 


Every Saturday the Financial 
Times publishes a table giving 
details of 

BUILDING SOCIETY RATES. 

on offer to the public. 

For further details please ring 
01-248 8090 Ezio. 424 


The Council of The Stock Exchange has admittedttifi above ; 

Preference Shares to the Official-hist Dividends will be payable in 1 . 
equal half-yearly instalments on 31st March and 30th September 'each 
year. The first payment, amounting to 2.993p per share (net ofrelated 
tax credit), will be made on30th September, 1978. ■, , _ .- • : : . 

- Particulars relating to the above Preference Shares^ ^ar^JavaBable 


12th June 1978. 




If’.l 





^tt&e 


tt 






vf ^ - Efcaacfal ; Times- Monday • Jnne 12 1978 



27 


&J& 



. V* tettments ffla^ e^(^d ^tbT^ a™®?* 

A. ..Vi , ^Mlo^aetabief'iS^ivSS?- • , ? next few weeks are .given in tie 
£»ite"]%5 H Vceptwiiere tie Si?hi^- ,re last year's announcements, 

ttf ?« (C kto?fflc2?iv “SSSES*' J**?’ meetings- (IMicated thus*) 
■ of 3t 5bould ** emphasised. that the 

MBTibSHh 5S-2? ase ®" , ?& ba at the amounts or 
“ headed 44 Announcement last 

,<fc *Sfi , Jj^^pnouncemente. ^ profit / fi 2 are£ usually accompany final, dividend 

.-'•■• Annwoce- 
; .Daw. went last 
.year ■ 

Final L78S3 



ZOC 43 

Int. 1.2S ' 


Final 4S79S 


tirUx Indfc Jtil j -ll 

iteuaflen- 

DBcaunL.Jnlr 4 
tilled Brews. ..June 30 
kdinatt London- ■■ 

)j Prou...Jaiy 23 

* uslo-Am«icaa 

... *&£&**£&*■?. **', ■ 

- FU ^ ,; ''” ■: 

•^ ,me 'S 3 - Ftaal *>*“ 

ui .-Foods June 13 Sec. lot. tJSsn 
issor. •••.••'"■. 

— . Kti N , ewswwent'.Jnhr..-4 

• *■ )e ?tcr^ ^ATv . :.. ....Jmwfc 
■ r 1 r.n-, ■ .tajrpr PerfcJn*. -June 22 

-, r-^ ‘■'^4r, lasseR fOeo.)' '..June 28 
'■' *■ at W||. «W • 

- ; --e -ts, ua w.^jubc is 


Da u 


Final 3 jib 

Final- 3 147 
Final J.WW 
Final 40338 


Portland.- July. 5 tar.- ijs 


Int. 3-5 


0£ 5, £ > r.- Qoalcan July IS lot 1.35 


lli'ilV:" 1 * J > - • Qnalcai _ 

.-a*. nri*. . June 28 Sec. lot 3.438 

* l -ifJjat snd Hnnun. - • " 

S ShlwrtnjK June 18. Final .4.3345 
iiwn ■ (JoUni:. June 23 Sec inr. 5.28 

'JTiknldo' June W S«- *M. 3-4 

UY.*-w> . Tbrtb June is Final SJB55 

'a t: r - ‘■■■ e ipiqmj>Alr ' ...:... June 14 

». . loejan' . ..;.... -July 14 




J aelon ........ July 14 

«■ , -..A 7 Mail and 

" 1 , Gen. -Tat. July 7 


■IHL-lJi 
Final 1.7875 



IxWeon Tnt. v. June 10 
JlUtiHors :.... July 14 
tobsm Park .. June 14 

lowty Gm- July 21 

Elec and 

Gen. Tnv... June 30 
'ngUsii China 

Clays June 13 
loW FleWa of- . 

SA Group -June 13 
ienenl 

Etenrlc ...July S 

estemer _...-... July 13 

linns^a - - ....June 84 

Portland * • 
Estnn^.. June 13 
Ontv“njal - 

Stores.. July n 
-tA.> . Jiinn 18 
: ' •’ainbra Tat . jm? n 

i J?trw «1 

‘ •— *»IJ Sazrrael Jnm» jj 

C.-Gas June Sfl 

mini' rial Grp... July 74 

- ■'■■■-.- — - /o'btnv 

. . ' Consolidated . Jane 0 


Final 7.572 
Final 1.3323 
Final 4.49389 
lot. 0J33 
Final 2j 


Final OB 
inr. .1.75 ■ 


3 -85PER(w 

°ebentw™ 
batraJ^ 


Di rt t. doe 


Final 7B03 
rm. 1.925 
Tm. 1.0848 


Final 2.9457 


Final 4755 
Tnt. 2.3804 
Final 7.12 
Pinal 38 75 
Final 2.7853 
Final S 27557 
lm, 2.25 


lot. doe 


*Yt* ■ 


jumoanw* 
;mn last 

.. ^ year 

■Johnson 

Katthey.' Jttw u : ;nnir 70928 
JotUtton-TU chard* 

.... .: Tilea .July yinai 2 JSS 

wmSSS?** — Jan *3l 

■ , “0™ .....^.JnSe J4 Final .SX07B 

I.RC lull. .—...; July 20 -Filial 2J70 
Lyons fJ.l ' Jane 29 ; ' Pinal . 5^35 

Uasnrr and' - r ' 

SoirUiemt..jmy 10 .'final' s' 
^*^57 SecK.:JnIy-2r \FUiat 3J894 
"IK Electric .. June 28 Final 2,89 
Nat Bamt ’ 

m ~£ us il? 1 * ts * v ** ** Hi c. .M cents 

flews lilt. -Tiny i. \ 

Paul# and . ' 

■Peater IS Ail ZM4 

Hattenley. Jnn* 15 "Ftoal 1031 

“WUdlKtDO : ; — 

Broa-.jime 18 -Sec. fnt. doe 

_ Jmwsa ter. B.49T0? 

•Poviell Dnffryp June » Final 5.13084 

Prop Hldg. and 

^ Inv. Tau. June 28 FhuUm 
"Raral 

Electronic. June 22 Final 1.754 

Rank Or# July is t nt . 2.115 

RcdlffusioQ June 24 Pint! 3.415 

Rcdfend .' ...July 31 . Final 3. M2 

RnUrniara 

ImemaUnnaL.Jiiiy 7 
BmhjcbJW jgv. J aly.lS 
*Scuua Grp. . . June S3 
Scot, and Nwr»& 

Brew.. July 73 
Scot, and Urdr. 

Inv- July 74 

SGB -June 28 

“Sbcepbridgn 

Enst. . June 22 

Staflex Inr. Jd*y 29 

Standard 

Chartered . June 38 
Steepler Inds. . JJay U 
•Stwhonafr Inly » 

Tesco June" 22 

Thorn Elec July 8. ocv. - 

•Triplex Fndrs— June 15 IlnaJ ,2-739 
Trust House* 

Forte -July 5 "Lit .US' 
Unlnate .July 21 Fatal 7.8872 

Union Discount July 20 int. 8J 
Vaat Brews. .June 24 sec. tot- 0.03 
•Woodhead 

Uonasi June 14 Final 4.8305 
• Board .meet ins* intimated. . _t nistrts 
issue since made, t Tax free. # Serin 
issue since made Irtuo reseryaa. 


Final 1.7815 
FlnaTSJ? 


Final 2.4558 
Final 1B5S23 


Final 2.87 
Int.' 2-5 


Final 2-17W 
Final I.6l 


Final 10-325 
IM. 4.4 
ITEL 1.85 
Final 0JSS7 
Sec lot. 4.3381 


mining notebook 


Gold mines paying Out 
‘windfall’ profits 


BY lodestar 


* « "72r' 


& CO. iPohfic Works Loan Board rates 


«. Yean 

Jp 1 to S 

hrei~5.-UptO 10 

. >rer 10. op to 15 

Tver.15, up to 25 

HM»r 25 


byEIFT 

Jit 

\l?i ' 

m 

13*. 
13* 


Effective from June 10 

Qmw loans repaid 
at 


AS 

lit 

12* 

23 

13* 

J3f 


matnrltyS 

m 

-13 

m 

13*- 
131 


N on^pwtm loan A* repaid 

- ■.? at 

AX .matarltyS 

12f 12| 

13-. - 13* 

13* V ’ 13* 
13* 121 

13* 13* 


by filPt 
121 
12J- 
13* 
13* 
13* 


V TERM 


■ ' 7 i'-;o 


TlFPno^ won-quota ioaiw B are 1 per cent higher in each case ti 
L Lr -^nota ioans.-Ai f Equal fnstahnents .of principal. 1 Repayment 
.early annuity (fixed equal half-yearly payments to include i, 
. ...ndintereit). * With' half-yearly payments of interest ■only.-' 




51 


RECENT ISSUES 


■s? 


- f 


EQUITIES 





V 


w 

N 


P,P. 

F.P. 


0 


an 


.MS 


High 


02 

161 


lorn 


i« 


Stook 




Bnunail (0J7-) — .. 
BunHlKirm 




91. 

154 




+ 7 



THE MID-YEAR dividend season cents was predicted here for 
tor the isouth African gold mines Libanon making 100 cents (63p) 
certainly got off to a swinging for ihe year to June, 
start last week. The 175 cents The shares were then 508p. That 
payment by Hartebeest was in they arc 5B?p now is an indication 
particular far above recent market that this is likely to be one case 
estimates which only ranged up to where there ia a pleasant surprise 
1 15 cents. It portends well for in store. 

the company’s June quarter profit Similarly, Harrebcest are £14 
due to be announced nest month, compared with £10* when ranked 
Calculations of the earnings here in April as one of the moi-e 
needed to cover the K2Sm pay- promising of the gold-uranium 
out represented by the year’s issues. .In this instance the divi- 
dividend total of 25D cents (157. 5p) dead estimate then given was 
look at first sight quite startling, indeed far below that actually 
but it seems that the Ri5m capital declared. 

expenditure estimated for 1B77-7S West Drlefontein is another 
wifi not afi be charged to profits candidate for a pood June pay- 
as the RU.Rm loan to be received ment of upwards of 215 cents 
as an adjunct to the mines new tJ35p) a share against only 145 
long-term uranium contract is cents a year ago. Last December's 
already being taken Into account, interim was unchanged at 135 
Even so, the June quarter cents. EiiSt Driefootein’s 1978 
surplus should be well above rhat interim could be 50 cents (31.5p), 
of RiCiJm in the March period. well up from last June's 35 cents 
Buffcls’ 170 cents (107p) divi- Which was followed by a final oi 
dend total means a distribution 43 cents. 

of R 18.7m. Capita) expenditure for The shares at 7&4p rank as a 
1977-7S is estimated at R17m. If "buy” on most brokers' lists, 
this is fully provided out of earn- This young producer has a life of 
ln3 S a final quarter profit of over 20 years ahead of it and the 
Rl2.7m would be needed to cover ore treatment rate has still to 
the dividend compared with only reach the full capacity of the milL 
RBJhn in the March quarter. It could do so during the current 
It is possible in both these quarter. 

Instances that extra current- Kloof, which has disappointed 
quarter revenue will bo coming many of its followers m its career 
from increased uranium sales. 10 date, should pay a final of at 
But a once-for-aU lift in cold least 25 cents t estimates ranee 
earnings for the South African up to 30 cents) which would make 
mines is in any case expected in a 1977-7S total of 40 cents i2op), 
the June quarter owing to the 10 cents more than for the pre- 
cbangc-over in the method of pay- vious year, 
ment for their product ion. Tim shares at 523p are stcll 

Instead of getting the old, and considered to have considerable 
now abolished, "official" price of long-term potential with a mill 
S42 an ounce for rhclr gold and tonnage buiJd-up expocled during 
receiving the difference between the current year. The life is put 
that and the actual price at which at over -0 years, 
it was sold about two or three Doomfontein should raise Its 
weeks later the full value is being final to 35 cents (22pj or more 
paid straight away. from only 10 cents a year ago. 

The catch-up in the time lag The December interim was 20 
will have its impact in the June cents. The life prospect is still 
quarter bringing in extra average sufficiently long (production 
revenue of around $20 an ounce started in 1953) to give the shares 
or more. at 319p some attractions for those 

There is also the Influence of who. are hopeful about the gold 
the ending of South Africa’s price. 

special agreement with Moaam- Traps has recovered well since 
bique which will benefit those the tremors caused by the IJ.S. 
mines which employ labour from Treasury’s announcement of its 
that country. Against this the monthly bullion sales. Then there 
Industry's total wage bill will be was a feeling that sold was un- 
inflated by the 6 per cent likely to do more than plod along 
increase granted to the white quietly in the S1G5-S175 bracket, 
miners including back pay for Now, with the first of such sales 
May and June. drawing bids far in excess of the 

Even so, there is little doubt modest 0.3m ounces offered, it 
that the June quarterly reports has recovered to over S180 and 
are going to make a very good seems to be well established in 
showing and, importantly from the $1S0-$1S5 range, 
the shareholders’ viewpoint, it is So, those who had been pre- 
already evident that the mining dieting that gold would knock on 
houses are not being* shy about the $200 door before the year is 

passing on the once-for-all wind- out are now beginning to get 

fall by way of dividends. some of their courage back. 

• Thus recent estimates of those. Finally on the dividend front 
remaining to be dodared are it should not be forgotten that, 

likely to be too low in most the June quarter's windfall pro- 

instances. In April a final of 60 fits will he reflected in the pay- 


ments by th e OFS and Evander 
area min^ due in the autumn. 
This could mean anticipatory 
rises In such shares as Winkeh 
haak (637p)-and Western Holdings 
(£181. T t 

When ■ ■ I last wrote about 
Canada's Musto Explorations in 
November the shares were 42p. 
On Friday dealings in -them were 
suspended in Vancouver, when the 
London , price was I50p, pending 
an announcement by the com- 
pany. 

Musto 5 Participation in the 
uranium rush in the Key Labe 
area of Saskatchewan has been 
boosting speculative interest in 
the Shares. In November I re- 
ported that a major partner was 
being sought to follow up what 
were described as “several poten- 
tial favourable anomalies." 

Now such a partner has been 
found in the shape of the Swiss 
Aluhinium Company fAlusuissel 

which Is entering info a joint 
venture agreement with Musto. 

AJusulsse’s ^Canadian subsidiary 
can earn a 50 per cent interest 
in Musto's claims covering 
117.000 acres by carrying out a 
50.8m 'exploration programme 
starting forthwith and making a 
cash payment of 350.000. I must 
nevertheless repeat my November 
opinion that Musto is the kind of 
share in which a good profit is 
always worth taking. 


Green £ 
value 
‘should be 
kept high’ 


Rise of 20% in 


company 

liquidity 

By Christine Moir 
COMPANY LIQUIDITY im- 
proved by 20 per cent between 
the end of last year and March 
this year, according to figures 
published by the Department 
of Industry. 

The ratio of current assets 
to current liabilities reached 
132 per cent by the end of 
March, compared with 111 per 
cent in December. 

Total current assets or the 
228 companies surveyed in 
March were £4,58 lm. more than 
1.5 times greater than for the 
211 companies surveyed two 
years ago. 

The March rise In liquidity 
reinforces the trend which 
began to appear In the first 
quarter of last year. 

Since then, the seasonajly- 
adjusted figures have shown a 
tendency to fluctuate and it Is 
only- this Jatwt figure which 
has Indicated % decisive 
upward movement 
Liquidity levels have risen 
well above the previous peak 
of early 1973. 


DEVALUING the 'green pound' 
—the Common Market exchange 
rate for converting EEC farm 
and food prices — could make the 
rich richer and the poor poorer 
according to a report published 
today by the Centre for Agricul- 
tural Strategy. 

The author. Dr. Alan Swin- 
baak, of Reading University, 
says that the ‘green pound 
provides a new policy tool for 
the UK Government and that its 
value should be kept as high as 
possible. 

When it Is devalued farmers 
get higher prices for their pro- 
duce but consumers pay more 
for food. But it should not 
simply be judged as a trade-off 
between farmers and consumers, 
says Dr. Swinbank. 

“A devaluation of the 'green 
pound * transfers from consumers 
to formers, and may result In 
the poor becoming poorer and 
the rich richer. 

“Rich farmers tend to pro- 
duce more farm products than 
do poor farmers. Therefore, a 
price change, while having the 
same percentage impact on both, 
will result in a greater absolute 
increase in revenue to the large 
fanner. 

“ Rich consumers tend to eat 
more than do .poor consumers 
and therefore a general price 
rise will result in a greater abso- 
lute increase in expenditure for 
the rich consumer. But the pro- 
portionate impact on the poor 
man's pocket will be greater 

Top mark 

“Thus the Government's atti 
tude to the ‘ green pound ' can- 
not depend solely’ on its over- 
all farm policy, but must come 
under the broader objectives of 
social and economic policy,” he 
s ays. 

The “ green ” currency sys- 
tem was first devised to maintain 
the concept of common farm 
prices throughout The Com- 
munity. But common prices 
were set too high at the start 
and are still too high. 

The high value German 
Deutsche Mark dominated the 
sysiem, and the Germans insisted 
that any revaluation of their 
green currency must be matched 
by increases in the common farm 
price level. 

The UK’s interest was to keep 
common price increases as low 
as possible. 

“If the common prices wanted 
by our EEC partners are so high 
as to be contrary to the interests 
of the British people, then the 
concept of common farm- prices 
must be jettisoned," he writes. 


INSURANCE 

Former thoughts are 
reinforced on 


drink and driving 


BY OUR INSURANCE CORRESPONDENT 


Currency, Money and Gold Markets 


‘-rrTV ■ 


FIXED INTEREST STOCKS 


)7 

is 

gTS . 

3%2 

.35 

1078 

Stock 

- 9 

or 



SiRh 

te* 



too 

?x. 

T.V. 

£10 

v.B: 

— 

: H0p 
11 
IMp 

6*1 ft* 

’Br 

loop 

100* 

10 1* 

«l s 

80 

mi* 

10* 

99 

.96 

73 t 


,59934 

1 ?I ,P 

102p 

100i 

..... 

Ssf 

22/9 



Sal. 

19 

f» • 

pop 

ffiieicf 

£50 

F.P. 

F.P. 

FJ. 

F.P. 

£10 

”P.P. 

28(7 

40/8' 

X1)B- 

23/6 

10U 
4a M 
.101- 
lUOp 
108 
102 
AO. 

10 

hmex Water HoJ. Frtrf. 1383 

Greenwich (luo. Hun,, of) lit% Kail. 1K>£, 

Ubcety A Co. B6X M.. ..... 

flltM'l.tttft CUTfl. PH.M-^re.re.- 

10 >4 

4B>4 

99/i 

97W,. 

10S 

+u' 

V » 
too 

7/7. 

26/6 

I/O' 


100 

86 

»»■ 

;v 



IDUspI 

IQOp 


Uredi 




“RIGHTS” OFFERS 


LIMITED 


per cent 

f £1 each 


iOp 

J6 r 

J24 

iOp 

K? 

j-Y 

73- 

15' 

73- 

!Op 


5s 

§■» 

iAie*i •: 
/taueffluj 

' iPW 

Stock 

01r«ln/r 

Price 

+ a 

<£ 

• 

' ■ 

High | Low 

p: 



23/6 

7/7 

'irrr 

Bhrnt ChetnkwJ® .. — - — , — 

166pm 



F,P: 

83/6 

23/6 

brown onven Kenz...™^ 

69 

44piii 

56 

— T'“ 






+ 4 

XII 

16/6 

81/7 

28 pail 23pm 

Dotwa ParJt loti* 

SB pm 
20pm 
22//U1 

-11* 

A’U 

Mil 

22J6 

19/7 

EDpm; lTpoiiKiazinarann broia inning 

13pm lOpiu !H estslr— 

^T~ 

F.P. 

Nil 

FJ\. 

H6i e 
16/6 
ol/S 

JS3I& iOS 1 93 ,H«n*on AlHlranrt-...-. — ~ — 

21/71 14pm[ Sum Upwchni (AJM*bdert. ... 

24/6'- *14 1 386i£ Kownirev Mu- umLoab 

10pm 

410 

174 

+ 1 * 

+ 2 

F.P. 

5 1* 

17l7i 251*1 231* Wei /on 

24 





Renuaciatioa .flaw usually last dar far dealing .free of stamp doty, b Figure* 
ised ob prospectus-- estimate, o Assumed dividend and yield, u Forecas t • dWat w 
■ ;«• ^jvw ■ based on previous year's earnings, f Dividend -and yield based on prospectus 
’ - other official estimates lor 7979 o Gross T Fumres awumed. s Cow -u lows 
r conversion of shares not now ranking tor dividend or ranking only for 
video da. s Piscina pneu to public, px Pence unless otherwise indicated, s jwuea 
t tender. H Offered to holders of Ordinary ahares as a '■ rights If f )' ™ 
>il t way of capitalisation: .tt WUnnuum.. tender Price. 51 Reintroduced. 

"* connection- with ^organisation merger or taiw-over. Ull Introduction. [J israen 
preference Holders. ■ Allotment letters lor tuUy-paldi. • Provisional 
allotment tetters,. * with, warrants. 




former Frefwei 
3, : -J j pjtrtly-patd allpi 


. . . rfiV£r: 

.j 



BASE LENDING RATES 

A.B.N. Bank 2& % -■ HIM Samuel — „«...S10 % 

Allied Irish Bank* Xtd, & % ' 0. Hoire & Co f 9 % 

American Express Bit 9 % Julian. S. Hodge 11 % 

■.it Amro Bank - 10 % .. Hongkong Shanghai 10 % 

-w- A. P'Baiik Lid'l 10. Industrial Bit- of Scot 9 % 

Henry Ansbaeher 10. % ~ Keyser UUmann J® 

Banco de Bilbao 20 % Kzwwsley.& Co. Ltd. ... 11 

Bank- of Credit &'Cmc& 10 Lloyds Bank-.. 10 % 

^ Bank of Cyprus 10 % London Mercantile ... » » 

Bank of N.S.W. 9 % Edward Manson & Co. ui% 

Banque. Beige Ltd-..-'.. 10 % . Midland Bank 10 % 

, . Banqiift d« . Rhone. Wl% B Samuel - Montagu 0 % 

Barclays Bank. ......... 10 % a Morgan Grenfell 10 % 

v -f IfflW Barnett Christie Ltd.... 91% National Westminster 10 % 

,/vCl I U*** Breraar. Holdings Ltd. 11 % 'Norwich General Trust 9% 

Brit Bank of Mid. East 10 p, g, R^fson & Co. ... 9 $ 

' ■ Brown Shipley Eossmlnster- Accepfcs 10 % 

* Canada Perro’t Trust 9% Royal Bk. Canada Trust 9% 

i Capitol C& C- Fin. Ltd. 9 %' schlesiriger Limited. — 10 % 

- i-eT-1’ . Cayzer Ltd. E. S. Schwab : 

y IDs?- v Cedar Holdings — Security Trust Go. Ltd. 10 % 

■ Charterhouse Japhet — 10 g shenley Trust 1* 2? 

0‘ Choulartons i.— ' ? %-• standard Chartered ... 10 n 

. C. E. Coates - a-.-... J 'Trade Dev. Bank ..... 0 % 

* Consolidated Credits.-- 10. % Trustee Savings Bank 10 % 

; : ..".r Co-operative Bank —.. *10 % Twentieth Century Bk. Zi J' 

"- v Corinthian Securities... 10 % United Bank of Kuwait 10 % 

-- \ Credit Lyonnais ••<■•••■ ^Whiteaway Laidlaw ... ■ 

- . . ■" " ■ ** The Cyprus Popular Bk. 19 % williams & Glyn’s JO % 

•- ,-i Duncan Lawrie /• ™ Yorkshire Bank--.—— JJ* 

,. V. Eaeil Trust - 10 % B Members of the'. Acwuthat How« 

s 8 v.jrr-iw — — » 

f* FhS Nat SeS lK.S | t 

•*- I Antony Gibbs : and over ns.ooo 6i%- 

- Grpyhpiind 'Guaranty.--- “ j Can ffeposlis over 

•' • Grindlays Bank- .....-■-■J O :% }. .Demaud dewdra 7ft. 

. 1 Guinness Ms bon 9 % j Ram also w suiting lsa» 

_ *Hambros Bank IP' % s retafUea. ...j — — - 

? w- ‘ - - 



outlook 


GOLD 


! JiueB 


BY COUN MILLHAM 


Gold Bullrau fe&Dvj 
mmoei 

CloM. 1*7811-782 I S7821-7B! 

Opening-...- :S78H-7B24 'S1f8-18Sl 

Morolnp ilxiiur 'S181.00 :S1B5.40 

lf£B9.6B8l 

Aft era two &ttaff.....S181.W 
.(,£39.272) 

Gold Coins M . n .j I 

rioir)McU.»Uy < 

Krugerrand S186J-188} ;S788i-7»* 

!|£IC21-I05n, : (£l08±-I041) 

New Sovereigns ;S58*-661 : .SB51-6f4 

;(£2hi-3Uil 

Old Sovereign* iS5S|-57i 

i(£50i-5H) 


June 8 


- . Many readers will have noticed 
fhat the Financial Times has 
revised' its coverage of money 
markets and foreign exchange. 
*We live in changing times where 
events across the Atlantic, in 
mainland "Europe, and the Far 
East are of increasing importance 
to the UK. A more international 
^approach is obviously also appro- 
priate to a newspaper wishing to 
t- Increase Its readership outside 
toe south east corner of England, 


CURRENCY MOVEMENTS 


-I CUM « 


Bank of Morgan 
Copland Guaranty 
Index changes 34 


BmltQg 
TT-S; dollar 


Canadian dollar 

■AostrUta tcbUUag _ 

Belgian franc 

Dtnlsh krone 

Deutsdie Mark 
Swiss franc — — _ 
Guilder „ — 

French franc — — 
Lira 


&L21 
B9J3 
86^5 
14Z-4S 
111. 46 
US-83 
141-62 
181.91 
1ZU5 
«.» 
56.62 
134.74 


—42.0 

- SJS 
-12JJ 
+W.4 

+m 

+ M 
+»3 
+744 
+U.9 . 

- 44 
-464 
+33J 


Ven 

Based on trade weighted chatum from 
WaahhiBton acreement December, um 
iBsmk at Satfand lnde*=100). 


and so without reducing our 
coverage of events in London, we 
are now looking much more to 
the other financial centres of the 
world. 

"What has happened to the 
Foreign Exchanges table," is the 
question most often, asked. The 
answer is that nothing has 
happened, except that it has been 
renamed CTre Pound Spot to dis- 
tinguish it from a new table of 
dollar rates. Forward rates are 
quoted for both currencies, with 
discounts or premiums also 
expressed in per cent per annum 
terms. 

Rates for the less major 
currencies have also been 
extended to include dollar quota- 
tions, under the heading of Other 
Markets. A currency movements 
table shows the Bank of England 
Index, and Morgan Guaranty 
calculations, of changes in major 
currencies since the Washington 
Currency Agreement of December 
1971. 

Euro-currency interest rates 
cover 10 currencies, including 
the addition of the Japanese yen, 
while the Exchange Cross-Rates 
table has been completely revised. 


It now includes the Canadian 
dollar, Italian lira, and Japanese 
yen, as well as the existing 
currencies, and the rates are 
taken at a uniform time to avoid 
the impression of " large arbitrage 
possibilities. These do not really 
exist, but a system of taking 
various rates, in different centres, 
at different times can give rise 
to that idea. Closing rates in 
London have therefore been 
chosen as the basis for this table. 

Money market rates in various 
centres are also provided along 
with the usual London interest 
rates. No change has been made 
to the coverage of the London 
money market, except that it is 
now presented on the same page 
as other relevant financial 
information. 

Also, the opportunity has been 
taken to quote rates in terms of 
currencies for the foreign 
exchange , tables, rather than 
using capital cities or financial 
centres. This is merely Intended 
to simplify matters, and makes 
no real difference. Anyone used 
to looking for rates for Frankfurt 
or Milan under the old Foreign 
Exchange table will find the same 


l (£100. S3 2) 
■5182.80 
(£100.000) 


Qnbl Coin* — ..... 

Interna Homily 
Krugerrand 


Old Sovereign* 


ifOM-HU 

|S6W-fi74 

|(£504-S14J 


SI 862- 190} ]8187J-1#9i 
l £1021 - 1051 1){£ 105- 104) 
SS24-64* 15521-64* 

— — {(£282-281) 


New Sovereign* — . — 

(£283-28}) 

fssaj-sr* 

,(£601-81*1 

520 EhrIm $278-279 

S!0 E»«lei ,.. 51324-167* 8161-164 

8ft Regie* - 'S^i-IM* :597*-10B* 




(£66*- . ... 
52764-278* 


rates quoted under the Pound- 
Spot table, but with the title of 
Deutsche Mark and lira. 

The changes in the presentation 
of some information may necessi- 
tate alteration of the wording of 
some contracts, which call for 
rates as quoted in the Financial 
Times. We hope, however, that 
toe new page will be seen as an 
Improvement, and as a further 
step in the development of our 
coverage of international markets. 


THE POUND SPOT 


FORWARD AGAfNST £ 


7iuu»B 


•U-S.;5 
Uuulu $ 
Guilder 
LBe&su Fr 

-Danish K" r 
D-Mark 
Fort. JBao. 

tSnf* ** a# " 
ftrttgn- It* 1 - 

Ftencb Fr, 

StiodJshErJ 
Yeo- 
taaMaSob! 

Svrt*»Pr. 


I£5H 


mteoj 

% 


7 

84: 

4 

5ia 

9 

6 

18 


tUj 

aij 

7 

81*1 

6ls 

7 


Dny'e 

Sprout 


1.8285. 1.8276 
|2.D4ia-2.D47B 
4.073-4.010 
S3. 50-68.88 
10.811-10.38 
fj.S0i-S.85 
86.0044.00 
146.45-145.86 
1,670-1,674. 
9.871J.8S 
8.384-8.41* 
8.44-0.48 
400-410 
27.60-27.6Q 
3.45-3.49 


Clore 


One month 1 % p*. (Three montbej % p*. 


1.8263-1.8273 
h-04B0-2J)476 
4.o8iB-4.aoia 
6B.EO-89JO 
10J2*- 10.851 
5.804-3.81* 
83.40-85.90 
145.75- >46.85 
1,6714-1.572* 
5.674-9.88* 
6.384-8.50* 
B.4 54-8.46* 
4021-404* 
27.60-27.48 
5.46* -5.49* 


0-77-0.67e.pin 
0.80-0.71] e. pm] 

SlB-aigc-pra 

38-28 c. pm 
2i<-4i« oroliaj 
5-2 p( pm 
16-185 e- dli 
30-710 die 
l*lll-Qpin-l*dl> 
l*r-2 urudie 

2- 1 c.pnj 
2 orv['rn-par 
nju 

18-8 jr in pm 
3ij-2ij c, pm 


4.79 
4.40 
7.7 T 
6.64 
-8.78 
7.87 
- 12.1 
-5.76 


I — 12.91(71 


- 1.8 

2*14 

1.42 


8.69 

10.41- 


|1.90-1JDc.pni 
j1.90-1.8Dc.pm 
plS-71* e-|an 

100-80 c.pm 

10-0 nredla 

Mfifl-7Sa pf pd 
75-476 cJl» 
170-UDr.dIa 

,1s -5* UrewUa 
lg-?l;«rtrita 
f4ii-Sla r.ptn 
M-BSiorecmj 


42-52" uro pm 
Ola-Slfl u.pm 


JBelglan rate Is lor ronvertiWe francs. 
Financial francs 59.75-59.95. 


THE douar-spot 


FORWARD AGAINST $ 


June* 


4.06 

5.62 

7.46 

B.37 

-2.70 

7.56 

-16.15 

-3.98 

-0.38 

-0.61 

(.90 

2.25 


Dwr’a 

spread 


Close 


On month 


% 


Threft months 


% 

p.a. 


6.40 

10.41 


Canad'n S* 
Guilder 
Belgian Fr 
Danish Kr 
D-Mark 
Port. Es 
Lira 

Nrwsn. Kr 
French Fr 
Swedish Kr 
Yen 

Austria Sch 

Swiss Fr 

• u.s. 


WJM9J0 

2-S7V2J4Q 

32.7032.7S 

5J40i»7» 

2J8WWJWQ 


SUJUJ6LW 

5JMMJ34S 

A6S9SJ.60B8 

C«KMJ35D 

aanjK jji.au 


^*™»V-140M 


89.27-89 JO 
2.2385-2 jaOO 
32.73-32-75 
5UUS-SM30 

2.0890-2-0930 

45.72-45.92 

ML4MU.R 

5-4289-5. «90 

4.6060-4. 6075 

x mtttii n« 

221.00-221-10 

15-03-15.015 

1 *>045.1.9060 


0.03-0. 01c dls -0-26 
0.65-0. 60c pm 3-3S 
8-7JSC pip 2.74 


0-07-0. 05c dls 
1.97-7.9ZC Pm 
21-19 Sc pm 


-DJ6 
J M 
2M 


OjO-O.TSpT ptn 4-33 
J.00-3 -3011 red U -4J9 
8AS4.7SC dls -102 
0.95-OJBy pm A 89 
US-LOtepm 6M 


2J2-2J7pf pm 
9JS-10 lire dls 
2J5-2.33C dls 
2-B5-2_70y Pm 
332-SJSC pm 


4.61 

-4JT 

—1-91 

4.92 

.639 


cants per rtanaHlan |. 


Slx-tnomh lorward donor a.46-3.4oc pm. 
12-tnopUi 6^0-fl.lOr ptn. 


EXCHANGE CROSS-RATES 


June 8 


Bound .Star llnff 
O.S. Dollar 


Deutsche Mark 
Japanese Ten 1,000 


French Prenc 10 
SviwFrase 


Dutch Guilder 
Its* tan Lira 1.000 


CausdUa Dollar 
Belgian Franc 100 


Pound Sterling! D.8. Dollar 


1. 

0.647 


0.262 

B.480 


1.192 

0.101 


0.246 

0.636 


0,489 

1.676 


1.827 

1. 


0.479 

4.630 


2.177 

0.185 


0.W7 

1.162 


0.891 

3.063 


pcntecheMaikj Japanese Yen 


3.610 

8.086 


1. 

9.448 


4.641 

0.386 


0.952 

2.424 


1.661 

6.387 


403.3 

220.7 


105 J) 
1000. 


480.6 

40.83 


98.88 

256.3 


197.0 

G76.0 


French Franc I Swiss Prana 


6.390 

4.593 


0.978 

8.407 


2.208 i 0-883 
B0.B1 *4;4B 


10 . 

0.849 


11.77 
. 1. 


8.053 

6.337 


2.417 

6.285 


4.099 

14.07 


4.826 

16.56 


Dutch Guilder! Italian Lira I Canada Dollar! Belgian Franc 


4.086 

2.227 


1.073 

10.13 


4.870 

0.414 


1. 

2.899 


1.990 

6.850 


1672. 

860.5 


412.6 

3898. 


1874. 

168.1 


384.7 

zooa. 


2.047 

1.120 


0.537 

5.076 


2.440 

0.207 


0.501 

1.302 


59.65 

52.65 


15.66 

147.9 


71.10 

6.039 


14.60 

37.95 


768.0 

2685. 


1. 

3.431 


29.14 

lOO. 


MONEY RATES 


LONDON MONEY RATES 


NEW YORK 


Prime Rale 

Fed. - Fuads — 

Treasury Bills na-wcek) 
Treasury Bills (26-vrecK) . 


U 

7J 

MB 

7J2 


June 9 
1878 


GERMANY 


Oremljrht... 


Dtscomn Bate 

Ovt-rniciir 

One mentis 


Three months 

Six month , n . 


2 

3J 

3JS 

3.65- 

3.75 


FRANCE 


Discount Bate 
Overnight . — 
■ nmmls 


Three month 
Six. moatiw — 


9J> 

7M2S 

7.7S 

7J75 

SJS 


7 days or 
7 days notloc-| 
One mnnth. 
Tb-o monthn... 
Three month n.| 
nix month*... 
Mme tnunthp. 
One year.*;;J 
Two yearf.^-.. 


Sterlinc 
CenifioU-tr 
of ileroatia 

inlertecJr 

10*40 

■WSf 

97 e .b> a 

lvss* 

10-96* 

3-18 

101*-111« 
IOI 4 -101* 
10la-10ifl 
10 10* 
10-1016 
10 - 10 * 
10-1014 


Loral [Irani Anth 
AHthortty nepoWftble 
deposits’ l«ui» 


9&4-10* 4 


91*10 

HBa-10 


9ifl0l« 

SlflDU 


10^-101] 

101a-U>B 


9S4.IOI4 

984-101* 

958-lQlg 

ais-io 

9w-ioi b 

BJfl-lO 


Finance 

Bouse 

Depnrite 


10ig.ll 

I0ig.ll 

luBe-iusg 

lost 

ZO*| 

lOii 

104 


Company 

Deposit- 


or 


Discount 

omrliet 

deposit 


5-10 


9>c-9T| 

S’ 1 

Bit 


TreMtny 
Bill* 9 


9*8-0* 

BSt-Stt 


EUMble 
Bunk 
Bills 9 




•101W 

9fs 

SiVOii 


Fine Trad? 
Bill.* 


103* 

10S* 

101 * 

201* 


authorities and finance houses seven days' notice; others seven days' fixed. Xonj;-tenn local authority mortgage rale 
1 lhree yean lia-12 per cent? four years “«i five years 124-121 per ceoL 9 Bank bill raies in table are 


JAPAN 


Discount Bate 
Can runccmdiiiomd) 
wtif mti w im Bata - 


S3 

« 

jura 


Local 

nominally —— — — ^ — — — - . ~ ■ — - <*-■■■ m. » . .... . i..m u. w.. u. 

buy ins rales (nr prime paper. Buying rates for lour-monm tank bills 9%au^ per cent; four-roonth trade bills 10* per rent 
Approximate selling rates for one-monlh Treasury ouni siss-e* per rent; two>month 91-85i6 per cent and Uiree-mtmtij 
9 H»r percent. ApnroiiinaiB selling raw for mils 07»-«i per cent; and nro-month BI-SI&ia P«7 eem; and 

three-month- W-0*ffi P«r cent One-month trade two-mcmh 10* per cent; and also three-month 104 per cent. 

Finance HaUMs Rates (published by d» Association) 8* per cent from June L 1B7S. Bearing Bank 

Deposit Rates i lor small sums at wen days' nou^L »«■ osu. aearina Bank Ban Rates for lending 10 per cent 
Treasury Bills: Avenge tender rates of discount 8-' a£S ® mte cent. 


JUST OVER two years aero a 
report was published on Drinking 
and Driving, This, by the Bfen- 
nerhasset Committee, was 
warmly welcomed by the in* 
surance business and by the 
then Minister of Transport, who 
said chat the Government had 
accepted the report "as a basis 
for new legislation to be intro- 
duced as soon as possible." 

Two years later such legisla- 
tion, even in embryo draft form, 
has not seen the light of day, 
and I doubt whether anywhere 
you will get good odds on its 
introduction in the next Parlia- 
mentary session, a sad commen- 
tary on the Government’s 
ordering of its priorities. 

One fact recorded by the 
Blennerhasset Report was that 
of the 7,000 deaths on the roads 
each year 1,000 involved motor- 
ists who had recently been 
drinking. 

Assuming ihe same proportion 
to be true of non-fatal injuries, 
then about 30,000 people a year 
suffer more than minor injury 

because motorists drink and 
drive. 

In 1976 values Blennerhasset 
reckoned the cost to the com- 
munity of road accidents involv- 
ing drinking motorists to be 
more than flOOm. which in 197S 
pounds must be £125m or more. 

Ministry of Transport annual 
statistics show that about 150,000 
motorists a year are given road- 
side breath tests by traffic police. 
The need for tougher rules and 
more effective application of law 
grows with each week that 
passes. 

These thoughts are provoked 
by a four-page survey in the 
June edition of Which? on drink- 
ing habits of 1,977 adults and 454 
teenagers. 

It says: ** We asked the drivers 
in our sample of adults whether 
they reckoned they had driven 
when over the limit in any time 
during the previous year. 

“Almost one in four admitted 
they had — people under 35, men 
and heavy drinkers were the 
worst offenders. 

“The average distance driven 
while over the limit was about 
21 miles, although several bad 
driven for 10 miles or more. 


Forty reckoned they drove when 
over the limit at least once a 
week." 

The survey admits that ti^se 
figures need to be treated with 
caution, but t«*<ne can disagree 
with this conclusion: "There can 
be little doubt that the drink- 
and-drive laws are being ivoken 
on a huge scale." 

Coincidentally this week came 
news from the Irish Republic of 
an about-turn by the Irish 
Government. The drinking 
motorist has always been a far 
greater problem in Ireland than 
here, and perhaps for • that 
reason been afforded far greater 
tolerance. 

The Irish had a breathalyser 
law. not as strict as our own. but 
this was allowed to lapse at the 
end of last year. 

Since then there has been a 
startling rise in the numher of 
road accidents and 200 people 
have been killed in the first three 
months of toe year. Now the 
Irish Government proposes lejrife 
lation stricter than that pre- 
viously in forc\ 

Here in Britain insurers have., 
watched accident Incidence rise 
since the beginning of 1977. 
Partly this is due to more 
vehicles on the roads, hut partly 
perhaps to increasing disregard 
for drinkina and driving laws. 

As the June Which ? records : 
"One-third of all drivers killed, 
in road accidents in this country 
have more than the legal amount 
of alcohol in their blood; and 
between 10 p.m. and 4 aju. the 
proportion is two-thirds.” 

Much time is being spent by - 
Government Departments and by 
insurers in studying the recom- 
mendations of toe Pearson Com- 
mission. 

But injury prevention is better 
than compensation cure, -and 
with a proper ordering of 
priorities Government and 
Department of Transport could 
bring in before Christmas a Bill, 
to be law by Easter, which could 
considerably reduce that £125m 
being spent by the State and by 
insurers, in other words by you 
and me in our capacities as tax- 
payers and policy-holders, in. 
consequence of our continued 
tolerance of motorists who drink 
and drive. 


This 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. 


AUTOMOTIVE PRODUCTS 
LIMITED 

(Incorporated in Engiand under the Companies Act 1 948) 

Capitalisation Issue 
. of 7.500,000 9 per cent. 

, Cumulative. Preference. She res of £1 each 


The-Councfi of The Stock Exchange has admitted the above- 
mentioned Preference Shares to the Official List. Particulars of the 
rights attaching to them are available in the Extel Statistical 
Service and copies of the statistical card may be obtained during 
usual business hours on any weekday (Saturdays excepted) for 
the next fourteen days from : 


S. G. Warburg St Co. Ltd- 
30, Gresham Street. 
London, EC2P 2EB 
or from 

Cazenove & Co., 

12, Tokenhouse Yard, 
London, EC2R 7 AN. 


12th Jurat 1078 


l.C.1. INTERNATIONAL FINANCE LIMITED 


8 per cent. Sterling/Deutsche Mark 
Guaranteed Bonds 1978/86 


NOTICE OF EARLY REDEMPTION 


On behalf of the above Company,S. G. Warburg & Co. Ltd, 
hereby gives notice to holders of the above mentioned 
Bondsof the Company's election to redeem on 1 st August; 

1 978 at 1014 percent, of the principal amount thereof all 
outstanding Bonds other than those to be redeemed at par 
to satisfythe mandatory redemption instalment of 
£1 ,500,000principat amount of Bonds due on that date and 
those drawn for redemption at paron 1 st August 1 977 and 
not yet presented for payment. 

Adrawing to ascertain the Bondsto be redeemed at parfo 
satisfythe mandatory redemption instalment will be made 
in London in the presence of a Notary Public on 1 9th June, 
1973.AlistoftheserialnumbersoftoeBondsso drawn will 
be publishedinthe"FinancialTimes"and “Frankfurter 
AJIgameineZeituns" on 28th June,1&73. 


Date : 12th June, 1 978 


S. G. WARBURG & CO. LTD. 
As Principal Paying Agent 


Sanderson 

Kayser 



1776-1973 


A Sheffield based company 
manufacturing special steels 
sold through its own warehouses 
in the UK and overseas, 
silver steel, shear blades, 
machine knives, slitting cuftos, 
saws and gears. 


**Yonr Company has substantial 
unutilised capacity and is well 
placed to take advantage of the 
now more favourable economic 
prospects as they arc realised. 
Sv’cJpok forward to the 
Opportunity to biaiefitfronionr 
steady and continuing 
investment programme.” 

From the circulated statement 
of the laic Chairman , 

Mr. N. C. Macdiarmid. 


Resolts at a Glance 


£'000 

1977 

1976 

Turnover 

;i3,722 

10JS7S 

Profit before Tax 

1,087 

894 

Profit after Tax 

520 

432 

Dividend 

438p 

3J3P 

Bamings per share 834 p 

d.SPp 


“Oar order orfake remains 8at» 
especially for certain 
departments. Likewise, current 
margins are being affected by 
additional Government levies. 

Id these rircamstances, it is 
difficult to make forecasts but 
I still look forward to another 
reasonable year.” 

Mr. N. Hanlon, Oldman, 
at the Annual General 
Meeting, 9th June , , 1978. 


Copies of the Armed Report and 

from the Scmtary, j fo? 3, Narhatl Hoad. Sheffield $$A5D.. 


C 








2 $ 



Interest Rate Changes 


Williams & Glyns Bank 
announces that with effect 
from 12 th June 1978 
itsBaseRate. for advances 
is increased from 9% 
to 10 " n perannum. { 


Interest on deposits at Tdays’ 
notice is increased from 
6"" to 7% perannum. 


lilt® § ELYS’S 6AN§C LTD & 



mm 


BAIMK 



Australia and New Zealand 
Banking Group Limited 
announces that on 
and after 

12th June 1978 


its base rate will be 

0 / 

I) 

perannum 



AUSTWAUA AND MEW ZEALAND 
BANKING GROUP UtVHTEO 

v-..- • ■ 1 ■“ i: • 

7 1 Co: ; Lo :• :: LC f ?: ' • . C 1 '-2 7 1 1 1 


This advertisement is issued in compliance with the 
requirements of the Coimcil of The Stock Exchange* J l 
does not constime an invitation to any person to subsenee 
for or purchase any Preference Shares. 


3Hir.X«BTTS 

(Registered In England No. 5s'- 1 90) 

Capitalisation Issue of 891.429 10 per cent. 
Cumuiutivc Preference Shares of SL each. 

The Council of The Slock Exchange has admitted the 
a bote Preference Shares to the Official List. Dividends 


will be payable in equal half-yearly instalments on the 
30ih April and 3 1 si October in each year.' The 
pavmcni. amuuulinu to 3.9452p per share (net of the 


pavnieni, amounting to 3»4Mp per ,„ wv V1 . i..w 

associated tax credit), w ill be made on 31st October 197S. 


Particulars relating to the Preference Shares are j 
available in the Exlel Statistical Service and copies of | 
such particulars max be obtained during normal buxine** 
hours on any. weekday (Saturdays excepted) up to and 
including 26th J unc ly?5 from: — 

L. MESSEL & CO.. HA ELI DAY SIMPSON’ & CO.. 

WINCH ESTER HOUSE, P.O. BOX 4 1 2. 

1 OQ OLD BROA D STREET, 98 KING STREET, 

LONDON EC2P 2HX. MANCHESTER M6fl 2HA. 

12th June 1978 


HARTWELLS GROUP 

L 

m 

Car and Commercial Vehicles 

Agricultural 

Equipment and Fuel Oil Distributors 


Y*>ar ended 2Sth February 

1978 


1977 



/ Restated' J) 


£000's 


SOW? 

Turmner 

64,642 


62.9P'.1 

Profit before Interest arid Taxation 

2.443 


1.566 

Profit before Taxation 

2.106 


1.232 


1.816 


l.f>30 

Dividends 

223 • 


1i'4 

Statistic* 

F-arnimts per Share 

34 .ftp 


20 ly 

Dividend per Share 

4Ap 


4 op 

Dividend Cover 

7.9 


5-: 

* Record Year 




Increase? over previous year: — 




Turnover 

34 "R 



Profits 

71 



Earninsjs per share 

73% 



1 Annual General Meeting — Oxford 14th July, 1&7S — Copie. 1 of I 

1 Report acid Accounts may be obtained 

from The Secret ry, 11 

j Hartwells Group Limited, Seaeourt Tower, West Way 

Oxford. 

OX2 0JP. 


— 

- 


J 


IS VEST IS 50.000 BETTER TOMORROWS' 


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

Wc need your don.il inn rn enable us to continue our »v»: rk 
for the CARE and WELFARE np MULTIPLE SCLEROSIS 
sufferers and to continue our commitment ,n And the »\*u-c 
ami cure of MULTIPLE SCLEROSIS through MEDl'.AL 
RESEARCH. 

a donation today 



to: 


Please help — Send. 

Room F.l. 

The Multiple Sclerosis Society of U.B. and N.l. 
4 Tacit brook Street, 

London SIVl 1SJ 


French film i 


TFlxznrfsX ISontiay TK^ £? T3VH 



help from the Government 



BY ALEXANDER PIERS 


V- 


HAVING TURNED out 222 
feature fibns last year, as 
agains-t Britain’s 59 (including 
12 made by U.S. major com- 
panies), for example, it may 
seen strange to hear the French 
producers crying “ crisis.” But 
they are. and for good reason. 

They are asking the Govern- 
ment to bring them salvation. 
This makes sense, tuo. for 
nobody else is likely to come to 
their aid. and the State exor- 
cises as close a control over Ihe 
mution picture business in 
France as one is likely to find 
iu any industry outside the 
nationalised sector. The rele- 
vant legislation, which dictates 
ho.v office prices and the rules 
a II the way back down the line 
from screen to script, was 
enacted by The Vichy Govern- 
ment in 1942. when there 
appeared to be good reasons 
for wrapping strong red tape 
around the people who made 
talking pictures. 

With nearly h3lf the year 
gone, and a nexv Minister of 
Culture — the fifth within The 31- 
years since President Valery 
Giscard d'Estaing took poxver 
— :n charge of film indus- 
rry matters, it is unlikely that 
any radical change in the 
structure of the business will 
materialise in 197S. 


Ticket tax 


The previous minister. M. 
Michel d'Ornano, tried a little 
tack in February in the face of 
a gale force campaign mounted 
by the industry to alert poli- 
ticians and the public to the 
sinking fortunes of French film- 
makers. He promised more 
money from film aid funds, a 
VAT cut in the technical sector, 
including studios and labora- 
tories. help for new talents and 
aid in pushing e-xports. There 
was also talk of asking parlia- 
ment to reduce the tax on 
admission tickets from 17.6 to 
7 per cem which would bring 
the cinema into line with other 
forms of entertainment, includ- 
ing circus and striptease par- 
lours. and of exlending to 
three years the waiting period 
for showing feature films on 
television. 

The new minister. M. Jean- 
Philippe Leeat. has television 
under his control as well 
as the cinema, ihe first time 
that i.me minister ha-s been given 
sway over the two main audio- 
visual media. 

M. Local made his bow at the 


Cannes film festival last month, 
full of resolve to stop the quar- 
rel between the cinema industry 
and the TV channels, which are 
accused of showing too many 
films (526 in 1977) at prime 
viewing hours and of paying too 
little for them. He has yet to 
say how. 

Whether TV is the culprit or 
nor, the French are going to 
the movies less often. The 
total audience fell from 441m 
in 1957 to I67m in I9n. Last 
years attendance drop was 4 
per cent, and French films took 
13 per cent less at their own 
national box office, netting less 
than half the total take for the 
first time in history. To make 
matters worse, they took 28 per 
cent less in export markets, 
including a substantial drop In 
North America. 

Yet 222 feature films were 
made in France last year, 
against 214 in 1976. An 
analysis of this production helps 
to show what Is wrong with the 
industry. Total investment in 
production was slightly more 
than £7Qni. of which £60m. came 
from French sources and the 
rest from abroad. Average cost 
per film was only £317,000. f 

However, about 100 of the 
films made were small budget 
porno, or quasi-pomo. pictures, 
made for less than S6Q.000 each, 
and many for considerably less. 
Porno films, in the X category, 
are a prospering section of pro- 
duction. Since their classifica- 
tion was created at the begin- 
ning of 1976. they have been 
subjected to a special high rate 
of VAT, at 33.3 per cent, dis- 
qualification for automatic aid 
from the film fund, and a 70 
per cent, profit tax. Imported 
titbits are hit with an extra 
£35,000 duty, which is contested 
by the EEC Commission in 
Brussels as contrary to Treaty 
of Rome regulations, as it dis- 
criminates against flesh flicks 
from other Common Market 
countries. 

France’s national box office 
gross last year was £243m. 
£213m was left after tax, and 
exhibitors took half under the 
1942 Vichy Government law. 

The exhibitors are criticised 
for taking too much of the box 
office receipts, and are also 
blamed for sacrificing neighbour- 
hood cinemas in favour of town 
centre multiple theatres. They, 
and the three mammoth distribu- 
tion firms, Gaumont, Parafrance 
3nd UGC. which virtually control 
the nation’s cinema program- 


ming, are accused justly at 
u jerking ” pictures that do not 
show immediate promise. Some 
films disappear from the screen 
within 24 hours of their opening. 

By the -time the distributor 
has had his cut the producer is 
likely to end up with between 
15 and 20 per cent of Che tax- 
paid gross. When he receives it 
is another matter. Exhibitors are 
said to be slow in passing money 
back along the line. 


Precarious 


Producers of non-pornn pic- 
tures in France are reckoned to 
be facing annual losses of up to 
£35m. which is half the. total 
investment in the feature .film 
industry. It has become a pre;'' 
carious profession The number 
of traditional production com- 
panies witling and able to ihyest 
their own funds in pictures can 
now be counted on the fingers 
of two hands. 

Beside them have appeared 
another breed of packagers and 
fixers, wbo form a different com- 
pany for each production. These 
“producers” raise money against 
presale contracts and an advance 
on receipts from the film fund. 
They pay themselves fat salaries! 
If the production collapses, they 
soon pop up again wearing a dif- 
ferent hat. 

If ihe serious producers can 
be counted on ihe finger of two 
hands, reserve the thumbs for 
a couple of companies with big 
influence. Gaumhot is France's 
big alirounder. turning over 
£23.5za and controlling some 10 
per cent of production, 12 per 
cent of distribution and 40 per 
cent of exhibition. It Daniel 
Tuscan du Plantier, the produc- 
tion chief, is applying a high 
leverage policy spreading his - 
£8 .25m production investment 
this year over pictures vriflh a. 
total production value of around 
£27. 5m. “For a film to break 
even on the French market is 
already a feat We must look 
for our profit e verse as,” he says. 

Gaumont has opened sub- 
sidiary distribution -companies 
in New York and Rio de janAero 
during die past year, and is- 
pushing in both the North and 
South American markets.. Last 
month they bought a half share 
in a cable TV operation in.- New 
York City, oa/Wtich they will 
show their feature films. 

■ ** French ,iflms have - a great 
reputatimy tmt they are tacking 
in presentation. Our problem 


Is to. get them up there on ft® 
screen, and that ix a tough job " 
be explains. 

Many leading film makers— 
Cbucke .Ghairol, Louis Madle, 
Oxude Lelouch. Yves Bodsset* 
Alain Resnais among them — 
have joined other Europeans 
during the past yeaxin abandon- 
ing.their native tongue to make 
films in -English,. 

. Jacques Flaud, filth depart- 
ment chief of theFR3 television 
channel, which specialises in 
screening feature films, and \ri 
investing in theatrical picture 
production, has evolved a co- 
financing scheme with other 
European TV networks to make 
middle budget films of a 
national character in the various 
countries taking part 

“Big budget films, using one 
or more of our handful of 
highly paid box office draws, can 
work in France”, he says. 
“Apart from these, only a low 
budget film can recoup its cost 
on the French-language market." 
It is medium cost pictures, in 
the £Im area, that are difficult, 
if not impossible, to produce. 
It is important to preserve this 
kind of film to sustain the cul- 
tures pf European nations." 

. Besides Gaumont, the other 
thumb- of the French production 
fists is the Socidte Franchise de 
Production, ihe TV and feature 
film production company set up 
over three years ago when the 
old ORTF broadcasting organisa- 
tion was taken ’apart and which 
is 100 per cent owned by the 
State. 


A 

.'V*' 


r ■- 



i tf/‘ 


/ / 

/> 


Cable network 


SFP Invests, either with cash 
or services, in some 25 co- 
productions a year; and could 
become a considerable force. . 
-It is headed by SL Jean Charles ‘ 
Edeline, a man. who has easy " 
access to President Giscard' 
dTSstaing, and who must be the 
individual with the biggest say 
in France’s television and- 
cinema, affairs. 

• It is M. Edeline who is 
championing VideotransmissioiC 
a big screen cable network that 
France is developing that will!. 
use mainly existing cinema 
theatres. 

"With the two big producers. 
Gaumont and SFP. so involved 
with the exhibition side of the 
business, jt appears unlikely 
that they will favour a total 
revision of the 1942 Vichj 
Government law. 




are making themselves at home 

inlelfoixL 



The selected location had to offer a 
choice of suitable warehouse premises: 
good homes in a pleasant environment 
were needed for their valued 
personnel; and the company required 


professional approach of the 
ntTe. 


organisational and financial aspectsof 
setting up their distribution centre. 
After a thorough look at what was 
offered in various parts of Britain they 
chose Telford. 

Mr. Keith Dumall, Welle'sU.K. 
Joint Managing Director,-says: 

"We chose Telford because it has 
such a good central location and 
excellent communications with all - 


Development Team. The whole 
operation, from initial contact with 
them to our moving in, has taken less 
than one month." 

Mr. Dumall is Just one of many 
industrialists who like what Telford has 
tooffer-and particularly its business- 
like approach, and fasfanswers.. So if 
you're thinking of moving, expanding ’ 
or just starting up, think Telford. It 
offers a great deal— and a great future. 
Post the coupon or contact us today. 


parts of the country. The 18 , 000 square 
root warehouse unit offered by Telford 


Develop men t Corporation was just 
what we needed. We also liked the 


Welle is an important company 
which had very specific requirements 
for the warehouse and headquarters of 
its distribution operation in the UK. As 
Europe's largest cabinet furniture 
makers, with manufacturing 
concentrated in West Germany, their 
UK location had to be within easy 
reach of Germany by road. Equally 
important, it had to be central to the 
UK, with good communications in all 
directions. 




The world’s first iron bridge, 
built 1779. 


l . • . 

| Position: lIa, 



I 


I 


Company- 


. i ' 


Tbrfronbrk^r Gocgc 
' Nfasetm . 
























'-Yf^v.r.A' 







« Monttey June £2 1973 

, v r , >*• '*- - ;■-: ***^» J i-'* 


'&.'y'.. -rc J 'S 

wliiflarid Bank Urnrteil ’ 
announces that with effect 
from Mon. June 12th:l,978, 
(ase Bate is i ncreased by 

1% to 10% per annwn,i: 
Deposit Accounts 
interest paid on accounts |teld 
j :atijrahches and subjectto 
7 days* notice of withdrawal 
is increased by 1% to 7 % 

.: per annum. V 





•••• 


Midland Bank 





' T ■: V • ■' i: 


Coutts & Co. announce^ 

■■ ’ . that their Base Rate *3 
: will be increased from'lJ 
9% to 10% per aim.um. fc 
balances in their books on S3 
after 12th- June, 1978 
and until further notice 

The Deposit Rate on 
monies subject te seven da 
notice of withdrawal will 
increase from 6%-to 6i% 
per annum. 


m ▼a ; Westminster 
mw Bank 

NatWest announces that 
with effect from Monday, 
12th June, 1978, 
its Base Rate is increased 
from 9% to 10% 
per annum. 

The basic Deposit and 
Savings Account rates 
will be increased from 
6% to 6|% 


LIMITED 


Year ended 30th December 

Turnover 
Profit before tax 

Profit aftertax and extraordinary items 
Ordinary dividend 


International Financial and Company News 

Pet moves to 
block IC bid 


DIRECTORS OP Pet Inc, the 
diversified food concern, have 
rejected the proposed S389m 
lender offer by IC Industries, 
the railroad holding company, as 
not in the best interest of Pet 
shareholders, and has taken legal 
action to block the offer. 

The IC- offer Is conditional on 
the proposed merger between 
Pet and Hardee's Food Systems 
not being approved by share- 
holders of Pet and Hardee’s. 

Mr. Schenk, the Pet chairman 
and president said that the board 
had confirmed its earlier decision 
to effect the merger with 
Hardee’s according to the exist- 
ing agreement 

In a lawsuit filed against 1C 
Industries to enjojn the company 
from proceeding with the tender 
offer, Per also asked that the 
defendants be prevented from 
interfering with, or attempting 
to impede in any way, the 
merger with Hardee's. 

Mr. Boyd F. Schenk said that 
the board bad concluded, based 
on advice received from its in- 
vestment banker, Morgan Stan- 
ley and Co., that the IC Indus- 
tries’ tender did not reflect the 
value of a controlling interest 
in Pet that should be obtainable. 

Pet's lawsuit against 1C Indus- 
tries alleges a number of viola- 
tions of the Securities Act. 

Besides IC Industries, other 
defendants include two IC sub- 
sidiaries-rCentigon and Iconcl — 
and Morgan Guaranty Trust 


ST. LOUIS, June 11. 

Company and Banque de Paris ef 
des Pays-Bas which are involved 
in financing the tender. 

The suit charges that the 
defendants made misleading and 
false statements and omitted 
material statements. 

Among other things, the law- 
suit charges that the defendants 
failed to disclose that the pro- 
posed tender offer is wholly 
dependent upon obtaining loans 
of $390iq. that the loans cannot 
be serviced or repaid without a 
sale of income-producing assets 
of IC, Its subsidiaries or Pet, 
and that Pet's assets and cash 
flow are necessarily being relied 
On directly or indirectly to 
finance die IC offer. 

The lawsuit filed by Pet 
against 1C Industries maintained 
that misleading statements and 
omissions by 1C Industries were 
intended to induce Pet share- 
holders, pending the commence- 
ment of the proposed offer, to 
sell their shares to arbitrageurs 
or other market professionals 
and to induce the arbitrageurs 
or market professionals to pur- 
chase the shares at prices related 
to the price of the proposed 
offer, thereby seeking to assure 
the success of the offer after it 
begins. 

Hardee's Food Systems 
declined to comment on the Pet 
suit against 1C Industries, but 
said that- it would continue with 
its merger plans with Pet 

AP-DJ 


East Germany borrows 
$300m at lower rate 


BY FRANCIS GHlUS 

EAST GERMANY'S Foreign 
Trade Bank is raising $300m for 
seven years on a spread over the 
, interbank rate of } per cent 
throughout Lead manager of 
this loan is Citicorp. 

These terms are finer than 
those obtained by East Germany 
on its previous loan, SlOOm for 
Iotrac Handelsgesellshaft (with 
a spread of 1 per cent for two 
years rising to 1{ per cent for 
the remainder) arranged earlier 
this year. Since that loan was 
completed, however, another 
East European horrnwer has 
obtained finer terms than those 
boasted hv the current East 
German one. 

Hungary raised S300m for 
seven years on a spread of 1 per 
cent for the first three years ris- 
ing to 1 per cent. for the remain- 


der. That loan did not meet 
with a good reception in the 
market and the East German 
negotiators may have been 
aware of this point 

Tunisia has just awarded a 
mandate to Bank of America to 
raise SlOOm for eight years on 
a spread of ? per cent through- 
out. The terms mark an improve- 
ment for this borrower, which 
raised S125m for seven years 
with a spread of 3i per cent at 
the end of last year. This im- 
provement is very much in line 
with current market conditions. 

Algeria's Society Natinnale de 
Materiel de Construction is rais- 
ing $25ro for seven year* on a 
spread of II per cent Lead 
manager is UBAF and the loan 
is guaranteed by the Banque 
Exterieure d'Algerie. 


• -■Y DAVID TONGS 

GREECE'S LARGEST cement 
manufacturer, Heracles General 
Cement Company, reports a 113 
per; . cent jump in profits to 
3>r^52m f SB-Sm) and a 61.8 per 
cent increase in turnover to 


1976 
£000's 
127,030 
' 8,966 
.4,615 
1.82907p 


SEME ra 


' K^higher-TS^may be regarded as a very succe^jlyear. 

* In addition to paying the maximum permitted o$fr|ji^<ftjidend a 
capitalisation issue is being made of two new 9%comajg|ye 
preference shares of £1. each andfive new 25p QK^ysiares for 
everv ten ordinary shares held on 2nd June 1 »/«..■ ££j-. ., 


towards the' replacement market 


^e'S^rd expect the current year to show a further worthwhile . 
improvement^. • J. B. Emrnott— Chairman. 



SSSBWSS^^ 


Dr 5,500m (5153.3m) in 1977. 
Exports rase' 80 per cent: to reach 
1.8m tonnes, making the com- 
pany Western Europe's largest 
single cement exporter, accord- 
ing to its chairman, Mr. Alex- 
ander G. Tsatsos. 

Speaking at the company's 
annual meeting. Mr. Tsatsos said 
that deliveries for domestic con- 
sumption and exports totalled 
4.3m tonnes last year and were 
equivalent to 41 per cent of total 
Greek deliveries. He said that 
the company plans a new plant 
on the island of Euboea with 
an annual capacity of- 1-Sm 
tonnes. However, he complained 
that for the past six years Greek 
governments have maintained 
prices at low levels so that the 
pre-tax selling price in Greece of 
unbagged cement in December 
1977 was only $22.8 per ton, 
whereas that in the EEC was 68.8 
per cent higher. 

Last year lar§e purchases by 
Saudi Arabia, Nigeria and Libya 
meant that Greece's cement ex- 
ports of 4.5m tons were higher 
than those of the other IS mem- 
bers of the European Association 
of Cement Manufacturers except 
Spain. Greek consumption, how- 
ever, is still just below the peak 
of 6.1m tons reached in 1973. 
Looking to the future Mr. 
Tsatsos questioned whether the 
“Crisis affecting economic 
activity all ■ over the world ’’ 
would hit Greece. 

The company has been re- 
organising vertically and in 1977 
its subsidiaries earned net profits 
of Dr 138m ($3.8m) on gross 
sales of Dr 1,465m ($40.8ra). The 
parent company is providing 
Dr 467m ($l3m) for depreciation 
last year and increasing its divi- 
dend per share from Dr 50 to 
Dr 75. It is working with a nega- 
tive working capital. At the end 
of last year it had total capital 
employed of Dr 5.893ra (SI 64.3m) 
and total .outstanding foreign 
currency loans of DM , 45m, of 
Slim, and FFr 16.8m, together 
with SwFr 5.3m, and Y5?6m. 


Notice of Redempfkn 

Santa Fe International Finance Corporation 

9ft% Guaranteed Bonds due 1986 

None* la Hereby Given that, pnnuant to the provisions of the Indenture dated as of July 15, 1976 among Santa Fe International Finance 
Corporation. Santa Fe International Corporation and The Chase Manhattan Bank (National Association), as Trustee, 53.000.000 in principal 
amount of the above Bonds will be redeemed through operation of the Sinking Fund on July 15, 1978 at the principal amount thereof together with 
accrued interest thereon Co said redemption 

Tbe serial "««*«« of the Definitive Bonds to be- rede em e d, all be ar ing the prefix M, tre «* follow* 


2843 4174 
2BSS 4178 
2868 4185 


• fW 

Holderbank sees upturn | 

'BY JOHN WICKS - ' ZURICH, June 11. gM 

FROETTABILITy of the Holder- SwFr 430.24m, and consolidated 
bank concern, one of the world's sales would have reached a level gee 

[top three .cement groups, is of SwFr 2.37bn. • !2l§ 

expected, to be sustained and Total installed capacity of 1034 

gradually improved in 197S and group plants rose to 27.7ra tons 1043 

cming. years, management chair- last year compared with sales 
ntan Dr. Erwin Maechler, said of some 23m tons. This reflected 1077 

here. ' a “not exactly satisfactory ’use 

L Last; year, holding company capacity use rate," said Dr ma 

^Holderbank Flnanciere Giarus Maechler, who attributed this to 
AG experienced a decline in net the recessionary trends in con- ^37 

profits from SwFr 22m to struction. use 

JtyFr 20,9m (Slim) but in view In 1977 , -Holderbank Fin an- 
!h£ its positive expectations is to ciere increased its stakes in U-S. ius 

[keep the dividend at SwFr 14 and West German cement com- i-57 

.pejr share. Consolidated net panics and acquired its first 1193 

profits for the Holderbank group Chilean participation, while a n« 

were .down to SwFr 72.08m Canadian affiliate bought up a 
(?88m) from SwFr 94.33ra. as closed-down cement works in 1233 

.part of. a slightly increased cash New York State. Major new J23S 

flow ■ of SwFr 376-lm capacities were completed in 12=0 

(SveFr. 387.55m), after a rise in South Africa end Ecuador. A i»2 

gremp turnover from SwFr l.SSbn new plant will open in the \t ^ 

to SwFr 1.96bn. Lebanon this August and the 1270 

•: The- 1977 consolidated figures Origny plant in France is being i-™ 

would have been much larger had expanded. ... 13,3 

exchange rate relationships . Dr. MaechAer also said that 1321 

remained ualtered. At 1976 rates, Holderbank was studying new 
group net profits would have possibilities in North America j 

shown ' a marked rise to and saw new opportunities in ofsai 

'SwFr 129.6m within cash flow of Mexico, Brazil and the Far East u j 

:*X pV-* . matin 

Heracles Cement advance 


2444 

3836 

5285 

6708 

€352 

2452 

3863 

5291 

6732 


2456 

3874 

5294 

6733 

■ tl 3 ? g g 

2457 

3879 

5323 

6735 


2492 

8894 

5334 

6737 


2E27 

3923 

5355 

6739 

B372 


8 11226 1 
7 11228 1 
11241 1 
11243 12562 
43 11265 12564. 
750 11267 1 
758 11268 12573 
9759 11269 12585 
9763 11273 12586 
11303 12595 
776 11322 12603 
7K 11325 12610 
9828 11328 12626 
9844 11334 1 '* 


13736 1 
13778 1 


18725 19989 
8728 19994 
8740 20000 
15768 20010 
18795 20012 
8606 20015 
8825 20024 
18829 20030 
8842 20047 
8857 20051 


27294 28429 29933 
27298 28490 29941 
27319 28501 29960 
27324 28506 29970 
27333 28516 299BO 

27339 28522 29965 e 

27340 28523 29994 ^ 


Interest on said Bands shell cease to accrue on the redemption date and on said date the redemption price will become due and payable on each 
of said Bonds cailed for redemption. ’ ' 

Payment of the Bonds to. be redeemed will be made upon presentation and surrender thereof, together with all coupons appurtenant thereto 
maturing subsequent to the redemption dale, at The Chase Manhattan Bank (National Association) in the Borough of Manhattan, The City of New 
York, or, at the option of the ho/dcr, at the offices of The Chase Manhattan Bank (National Association) in Frankfurt/Main. London and Paris, and 
at the offices of Nederlandsc Crcdieibank N.V„ in Amsterdam. Banque dc Commerce SA-, in Brussels. Swiss Bank Corporation, in Basel and 
Zurich, and Banque Internationale a Luxembourg S.A.. in Luxembourg. Such Bonds and coupons should be surrendered at the office of the Chase 
Manhattan Bank, N-A-, Corporate Bond Redemptions, 1 Sew York Plaza, 14th Floor New York, New York 10015 or, at the optical of the holder at 


The Chase Manhattan Bank, NA 
P.O. Box 440 

Wool gate House, Coleman Street 
London EC2P 2HD, England 

The Chase Manhattan Bank, NA 
Main Office 
41 Rue Cam bon 
Paris 1ER, France 

The Chase Manhattan Bank, N.A. 
Frankfurt Branch 
P.O. Box 4428 
Taunusanlage II 

Frankfurt/Mam I. Germany 6000 


Banque Internationale A Luxembourg SA 
2, Boulevard Royal 
Luxembourg, Luxembourg 

Nederlandsc Credielbank N.V. 
Herengracht 458 
P.O. Box 941 

Amsterdam, The Netherlands 

Swiss Bank Corporation 
1 Acschenvorstadt 
CH— 4051 
Basel, Switzerland 


r ran klurt/ Main I. uermany wro Swiss Bank Corporation 

Banque de Commerce SA. J*£®deplatz 6 „ . , , 

5 1 /52 Avenue de s Arts 8022, Zfinpb, Switzerland 

Brussels, Belgium 

Coupons which shall mature on said redemption date should be detached and surrendered for payment in the usual manner. 


Dated; Juris. 12, 1971 


SANTA FE INTERNATIONAL FINANCE CORPORATION 
By The Chase Manhattan Bank (National Association) 
as Trustee 


THE HONGKONGBANKGROUP 

BASE RATES 

The Hongkong and Shanghai Banking Corporation 

and 

The British Bank of the Middle East 

announce that their base rate for lending is being increased, 
with effect from 12th June, 1978, 

To 10% per annum from 9% per annum 









‘f’ 7 " ,, /v> 


3D 


WEEK'S FSNANCSAL DIARY 


The followin'’ is a record of the principjl business and financial engagements daring the week. 
Th ■ Boa-d meetings are mainlv for the purjiufc.- of considering dividends and official indica turns are 
not' a 1 - a i fable whether dividends concerned are interims or finals. The sub-divisions below are based 
iiiiiiniy on last year’s timetable. 


Interim*! 

f»»T &ild Mining 

Rt D“v(0£N3 W * IWfiMST MVMCNT5— 

Atr | pi. 175’ 

Ancn^r OvmitJl Z.087ZSB 
A&cburv And Made*ey Q.760D 
Gr»":an Ware-euvss 3.&C2 p 
H-ng Ko>n3 iSelanaprl Rubber 5.34» 
Lord on and D-Sq 

S* G'orso Assets 0.S308D 
renrSro »« S9-«*- 


wtowtfoftr. juwg 14 


COMPANY M6ETIN__ 

Britannia Arr->*r. Abort? nr Rooms. Great 
fanorn Hat el. B<*hoo*gate. E.C.. 12 
Burrell. Grral E-stern Hoici. Liverpool 
Street EC. 

Chan?? Ware* 

Bool Str-yo* 


TOOAV 

COMPANY MEtTINGS — 

Lcnsen and European Zii . Aldcrmansurv. 

S.tc'- Enaineorinn 8 rd Hall Lane, Chcadin 
Heath Siotaoar. ir 
EOAR3 MEETINGS — 

Finite 
A>-ici lads 

AMic>-:?d fl-nish Foam 

H *. Ss •** u?l 
C'ean Wil.uns 
•'tui 

P't>9?rt» md Pe«er»ion»rr tnr. 

Vp.jr 
W C - I 

'I EtiTiiC'i imj ln»»- 
Wes: Bfomerieh Sarins 

L-viC't'vD i imtREST PAYMENTS — 

C?.lr.U 3.-.WnMK Ptaitc Int. 1.712tp 
E-ciebu-r ^iPC 193! £4.05 

Hrj-.ernc'i Inc 47.5 tts. 

Mobil T05 (It. 

Mi. -salt-; S'J Hi 

pi - a - sr . i Loisman 4 .. JED 
P ' arij .- 'v i 4 . 5C9Z7o 

S' •■'i!l< Er eh 2 
Smiths Iras I 2CS3P 
7. me Ini 37 £ CL>. 

TOMORROW 

COMPANY MEETINGS — 

A. cns Smc»hu..rt Warfe,. West Mid- 
lands. 12.15 

[njir- Stare;. 'Bradlo'd) Victoria Haiti. 

Bradr:m 12 

Gi['.(r SC'-tbi.tir. The Grange Bermondsey 
S.E.. 2.20 

B. ighy P>r:lano Cement. Crown House. 

Rinhv. 12 

Rir*! and TsmVi rs Maricwe House Slation 

Hoa ■ Sidr.uc Kerl 2.30 

T-mt-. Metroonie B.rnungiuii. Country and New Town Props. 

H30 tii.Ki.ei *Ch l Fo.card 

Ui-it-e Nmaiseaoei » 2 3-27. Tudor street. London and 0>c r s*as Freighters 

•2 


g-'.pcBds. Red. 14/6/70 


Cmon Valley 

Dswntrr 7’apcBdS. R«d. 20 12i7B 
Dudley g-'.pcBdS- Red- 14/6.78 £S.0i53. 

7 JtoeBas Red. Z0f12/rH 3^PC 
Dundee 9'aOdWs. Red. 14-6 7B fcS-0353 
Edinburgh 7'apCBds. Red. 20112 70 !.Pt 
Empire Stores (Bradford) 2.604Sp 
Greater London Council 9 J« pcBdv Red. 
£5-0353 

Greater Manchester Passenger Transport 

Executive 9*,D£0«te Rod. 14.6J. 8 
ES.0353 

Havering ?A,pcBas- Red. 2Q|12|7B S’tPC 
Hounslow 7 ApcBtte Red- 20/1Z/7B 3l PC 
Ky(c and Carnck JO’speSd*. Red. 9(12/81 

Le^dfSvocBds. Red. 14IBI7B CS.03S3. 
7-VpCBdS- Red. 20 t2/7B 3 «PC 
Great Eastern Hotel. Liver- Liverpool 9'<oc3ds Red. 1 4.'6'78 £5.0353 
E>„ )2 Maids Iona 7'<ocBds. Red- 20M 2,7B 3 use 


New Street. 


Duport Mio'and Hotel. 

Birnnnchan' 1 — 3 0 

F.P.A. CdMtruelion. Hiilam Tower Hotel, 

F ''hifu'f 1 ? A nc;r W R.l. 1175. South Street. 

Haw^n 0 *Nt«’lrod--‘ :, r Holpl. Blackpool. 2.30 
Jtssel. To*. -ISC? 30. ComhiH. E.C.. 3.30 
Monient ’ J:' r > r *J*s* Bate House. Ealing 
Road B-ept!* r ’- 

Oiseo are Electronic Machines. Tdwer 
Ho:e(. St. Way E.. 12 

Sn-lon spin rets Holden Fold. Royton. 

1 BOARD M66T/NG5-— * 

Finals: 

Alliance ln*- 
Ained Rcsai'er- 

Brill*? Cn'ematcsraph Theatres 
Ccekscdoe 

frjnt-'icu* Stati'erv 


Tyne T-'apcBds- Rea. 


-.ocBdc. Red. 20'1 2:78 


BCAKO MEETINGS 

Finals: 

Brit'sh Tar Products 
ErgnilCC 

OeorMQi-lCin GblO Minini 
G£l lnt> 

Gr-« Partlano Estates 

£i0 3* Gila M.n,ng 

J.'ihvon r.:a>thcr 
Libanen Geld Miinrfl 
Fjrnjh |J. T.> 

pirt Wr. H St tTSloy 
r— ?-:*>■! Foods 
S ct r‘r« 

t-nic-'C-sst Gr'i Ml Tine 

r • CC'nl;li Cve M'lilrs 


Tr>d'ni GibuP Printers 
bli»ji V /arson 
Interims: 

ConiDAir 

Fier-rIM Cast in and Wheel* 

Nottingham Br:> 

US. and Gc*ci*' Tnj^t 
V/esSlin- Aircraif 

DIVIDEND 5 INTEREST PAYMENT 

Air :u.:-J-a. Mis. 1p-<PcDb- 92-93 5'.»c WilUtiiio 9‘iOcBdS. Red. 14,6.78 15.03S2 

4 0! • 8 Windsor anc 


Newcastle uoon 

ZO 12,70 3«PC 

Nonh Bedlordshlre 7 'upeBds. RM. 

20-1ZJ78 3~«pc 
Ncrth Cornwall 7 ■, 

3'. DC 

North Kdsteven 9*«pcBcte Red. 14:6I7B 
£5.0353 

Pearce |C. H.) 1.2950 
Poole 7 CccBds. ReJ. 20.12/78 3’ipc 
Portsmouth 1 QlsCcBdS. Red. 10M2-80 
5'nPc 

Rnorada 9>«PCBcte nee. 14 6 78 £5.0353 
Rhymner Valley lONPcBds. Rea. 1012180 

Sailor? 7-*pcBds. Red. 20.12/78 3’npc 
Solihull 9'iPcBdS. Red. 14i6l78 £S.03S3 
South Herefordshire 9JiSCBdS- Red. 
14 6TS £5.0353 

South Lakeland 9-»«PcBds. Rod. 1 4'S7S 
£5.0353 

Strathclyde 9N0CBIU. Red. 14 6178 
£5-0353 

Thames? own Var. Rato Bonos 8 i T2'B2 
£3.95 

Tmirock 7-uocBd*. Red. 20 12.78 3«sc 
Wansbeck 7VpcB<te Red- 20 12:78 3'apc 
Ward White i.7p 

Warwick 9 ! sOcB0i. Red. 14 6 78 £5.0353 
Wear Valley lOypcBds. Rod. 5-1 2B2 
S’upc 

Wostminster Var Rale Bonds Bi 12-82 
£3.95 


Beacn-she.d 9iSCfl<te Be?. 


£.5 0353 

Blaby V*r Ra'a 8ds. Red. E. 12-82 £3.95 
Br.iaviar 'f MS 1 Rubber Estates 1.7 0 
Corji-rr o -or BdS. Red 14 Gi7>! £5.0353 
Cvgrcr DosbartP Owy for 9‘aocSds. Red. 

:j 6 7 S.-.JIS7 


scr_ and _ Maidenhead 7 '-pcBds. Red. 


15 


Standard Chartered 


announce that on and 
after 12th june. 1978 


the following annual rales 
will apply : 


o 


(Increased from 9%i 


Deposit rate (bask) 6i% 

(Increased from 6% < 


Standard Chartered 

Bank Limited 



Base Rate 


BANK ( U- CKIJDiT WD COMMERCE 
INTERNATK1NAL.S.A. 

BANK OK CREDIT AND COMMERCE 
INTERNATIONAL l()\ ERSE AS) LID 
announce lhai from 9th June, 1978 
their base rate is changed * 


from 9% to 10% p.a. 



Inn I c./Jc/tt::/|] Slrcvl L»»nd< w l*L'.v\ 2 \D 


20.12 78 3*pc 

THURSDAY. JUNE 
COMPANY MEETINGS — 

Alomate inds.. Charing Crass Hotel, W.C-. 

8SG inti.. River Roams. Savov Hotel. 
W.C.. 12 

Bunjj Pulp and Paper. Abet corn Rooms 
Great Eastern Hotel BishoPsgate. E.C.. 
11.30 

Zomolned English Stores. Dorchester Park 
Lane W.. 12 

Cr-ea Inti. COnnaugbl Rooms. Great 
Queen Slmet WC.. 12 
Gramp.in Television. Television Studios 
Queen j Cross. Aberdeen. 12.30 
Lead Inds. 14 Gresham Street E.C. 12 
Msor house and Br.icA. Moorbreok Mills. 

Vow M ll HudJ'rsfletd 11.30 
Pdrter Chad burn. St. Georges Hotel. Lime 
Street Lvcraaal. 12.15 
usher-Waike--. Connaught Rooms. Great 
Queen street. W.C.. 12 

Finals: 

.sip:r.e Soft Drinks 
Cilcride 

Dmr.n.Ai: and General Trust 
C irrinoton Inv. 

Hargreaves 
Higngjto and Job 
Timber 

'.ccc* 'Wm.i Builders 
Piters on (R.i 
Tripic% Foundries 
Interims: 

3-r.s'ord -S. and W.J 
S>uemel Bros. 

;j$;Ief>efd 'Kiangi Rubber Esrare 
Dun ee and London inv. Trust 
China Clays 

A.-i|ingha'l (Rubber) Development 
Syndicate 

iaat-hi a i-d Saatchi 

DIVIDEND 4 INTEREST PAYMENTS — 
Alcan Booth Inns. Ob. 4oc 
Antigua 6« 77-80 3 pc 
Australia 'C'.mncn wealth o<> IS Yr. 6':rc 
Bds. due 1 5:6‘82 3'ipc 
Bradford H >^ x3ds . Red. 13/6/79 S-'tPt 
Croda Inti. 1.191 64 Bd 
C ummins Enoineering Ire. 42 Cts. 
Culler-Hammer Inc. 3S cts. 

Cana 32 cts. 

East *:rlca High Commission (Post and 
Tele'orr.mumcat'ons) S'aPC 77-33 2 *ipc. 
fRa-lwavs and Harboursi S’ipe 77-82 

2 «pc 

tlmoridge 12i,ncBds. Red. 11 6 00 6<<cx 
Eluitv and Law Assurant? Soc ety 6.6867 p 
F indlay (Andrew R.l f.1 7p 
.'i.nd/ng Ln S’lpc 78-90 2»,ne 
Gerrard and N atonal D/secunt 4.1 71 B 
G l.lrgham 11i 4 pcEds. Red. 13 6 79 S/ydc 
G uardian Inv. Trust Db 2 pc (73-83' 
ujaid.jn RoVal Eicnange Avwraoce Ln 

3 '.'PC 

Hall Bros. Steamship SP'Plg.Pl. I 7 Soc 
Hamerc Tret Sec PI 2.1 IK 
'lanngey 1 1 CotEds Red. 1 1 6-79 5'tnc 
'Z’.Bcn-v Red n 6'0O S'.ec 
Hull S int Red 7a-70 2 ‘.pc 
tnvesto-s Cap. Trust S'iPCPI. 1.1 ST So 
Jesse) Tav-iSc" 3 21 p 
ring and Sna»i.i« 5n.:2ndPl. 1.7 So 
Teal a Svl-r.ger Ru‘-bc, 6 op 
ritnhr.i* jn 12'jpcBdi. B-d 11680 6'ip: 
M and G M-di*no )M General Trust 
Fund |nr. 3.4D 

Mevco United Mr* .cm States) 8'*pc 
Bds. 1991 4 hi Pc 
Min Mrr'ters 3 3B19p 
National Bank 0 ( Australasia Ord. 7 cts. 

re»nnn 7 '-oc >83-&6i 3’*« 

Ranks Her Is MCDoagtll SpcJstA and B 
-n. 3'i»ec 

tardweu 13Pc R«d. 1982 6: : pc 
Scottish Northern Inv. Trust 2.4*0 
Srlhth Spimsrs 0.8C6P 
Miner 20 cts. 

Slough e .pc Red. 79-BO 4*oc 
5»:ns 0.81 p 

Sunderland I2W Red. 1984 b'jTC 
Swansea SJ.pcBds. Red. 13 12 79 4'»pc 
TPW Inc. 45 cts. 

Toter Kemsfey and M- if bourn 2.270ZP 
Treasury Ln. 8'aOC 37-90 4'anc 3»;pc 
77-80 1 ».pc 

United Eisc-lli Dbc. I* a an- 4oc 
M' Hat-' Treasury 1902 £3 25 
rr«*turv Var H .:- 1932 £3.25 
r.-.nn I'd* 1 6071P 

• • inltrb jtr lm Tni'.t 5p.-Pi 1 ,75nc _ 

r-:.-. Mi.j Isle bf Angles :v H ipc8d« 
Red. I : 6 79 5 .ac 

FRIDAY. JUNE It 
COMPANY MEETINGS — 

Duck H Itcn Hotel Park Lane W . 12 
M -11 -Matfnewf Winter Girder Hprel 
Pjsse/l R.I.-II Siua-e WC.. 12 
P.enyrtJ Ail ■ aril. IIS Pall Man. S.W.. 12 
BDARD MEETINGS — 

TinaJv 

C.ibyni 

:er9uS3n i n d- 
P.ikiniton 8. os. 

Wood 's id < Jonas) 

Interims: 

Guinness (Arthur) 

R a “burn Irv. Trust 

DIVIDEND & INTEREST PAYMENTS — 
Ausrrai/an 49r. 3.5 rts. 
p.entlma Inds. 1 714o 
Oewh/rst *1. J.l 1.16p 
-l>sh Electric Db. 2-\ae 
Hoverirgeam Grouo and R.V. 1-530 
lid. and Generrl Trust 1.1 5 p 
-. g and Sharon 2.309729. P*o.Pla. 
3 ISp 

Let Tiler Planing P*te 1932 £4 9*77 
‘.andon 3"»l Provincial Porter 6 7*4P 
Londun U riled |nvs 2.10298e 
SATURDAY. JUNE 17 
DIVIDPHD 5 INTEPE5T PAYMENT — 
tree's Cconimijer '.n. 4'-i.pc 




and Finance Bank S A, 


incorporated in Luxembourg 

(wholly ownetJ subsidiary ot ARAB INTERNATIONAL TRUST S.A.) 


Financial Highlights at April 30, 1978 


Subscribed capital 


Luxembourg Francs 
000 
700.000 


(US $ approx.) 

'000 

20.000 


Paid-up capital 

Depo5/fs by Banks and others exceed 
Cash and Ouelrom Banks exceed 
Loans, Advances etc. exceed 
Total Assets exceed 


350.000 

2.500.000 

1.700.000 

800.000 

2.700.000 


10.000 

78.000 

53.000 

26.000 

86,000 


NOTES 

(1 ) Facilities including stand-by lines from shareholders 
amount to US $65,000,000 

(2) From August 1 , 1978 the paid-up share capital will be 
increased to Lux. Frs. 700,000,000 (US $20,000,000 approx.) 


‘The bank has already extended medium term credit to 
borrowers in a number of countries in the Middle East and 
Africa and also to borrowers in some European and South 
American countries, in order to achieve a properly diversified 
loan portfolio. All such loans relate to important developmental 
projects. The bank is able to handle trade related financing in 
Euro and local currencies, and to arrange guarantees and 
performance bonds. On the project packaging side, we are 
conducting the appraisal of projects in a number of countries 
in the Middle East and Africa which promise substantial 
opportunities for our institution.* 


Shakirullah Durrani 
President 

on behalf of the Board of Directors. 


Luxembourg 
Head Office 
31 Grand Rue 
Luxembourg 
Telephone: 470-501 
Telex : 1814 IRFBK LU 

Cable ; RESFJNBANK 


United Kingdom 
18 Finsbury Circus 
London EC2M 7BP 
Telephone: 01-638 361 1 
Telex ; 888162 RESFIN G 
Cable ‘.RESFINBANK 


H you would t^e a copy of the annuar report for the period fo December 31st 1977 
please write to the Compiroller at either of the bank's offices 


«EBr ^ e 

' ■ ' |p| r W 


HOME CONTRACTS 


Capper-Neill wins 
£5.9m. order 


CAPPER- NEILL INTER- 
NATIONAL has won a £5. uni con- 
tract for storage tanks and 
-spheres for the fluid catalytic 
cracking unit project being con- 
structed by Pemiwoke Cracking 
Company at Pembroke, South 
Wales, where it will sene the 
Gulf and Texaco refineries. The 
order, awarded by Snampro'tctti. 
main contractor, is for 44 tanks 
with a total capacity of 285.000 
cubic metres. Capper-Neill is also 
undertaking tank design and 
supply of materials. Completion 
is planned for autumn next year. 


micxb -computers and associated 
components to Bar-crest, a maker 
of fruit machines. The contract 
is said w be the largest for 
microprocessors outside the U.S. 

Barcrpst is converting Its 
machines to microprocessor con- 
trol io give greater reliability and 
easier reprogramming when 
srakes and payouts have to be 
changed. II also hopes to adapt 
standard machines to differing 
export markets more easily. 


A contract valued at £2,3m has 
been awarded to CLUGFTON 
CONSTRUCTION,- Scunthorpe, by 
the Yorkshire Water Authority's 
Southern Division, for construc- 
tion of a major extension to the 
treated water storage facilities at 
Hoober Reservoir, -near Went- 
worth. South Yorkshire, jo pro- 
vide an additional capacity of Sim 
gallons. Completion is scheduled 
for late 1980. 

* ' 


HUMPHREYS AND GLASGOW 
SERVICES bas a £150,000 contract 
from the North Western Regional 
Health Authority for mechanical 
engineering services ai Oldham 
and Distract General Hospital. The 
contract, for afteracioas and 
additions to the kitchen and staff 
djtvHTg rooms, covers installation 
of ail water services. Including 
tow pressure hot water healing: 
gas; ventilation and catering 
equipment. 


An order has been received by 
KJEELAVITE HYDRAULICS. 

Coventry, from the' Properly Ser- 
vices Agency {DOE) for refurbish- 
ing a wave generating system in- 
stalled in the manoeuvring tank 
at the Admiralty, Marine Tech- 
nology Establishment, Haslar, 
near Gosport, Hants. 

The work includes- replacement 
of electronic control cquiDment 
and inspection of the hydraulic 
ind mechanical system with re- 
'daceraent of components whore 
necessarv. The contract is worth 
about £850.000. 


The master process shutdown 
system for the Nlnian Field 
Northern Platform is to be 
supplied by GP-ELLIOTT ELEC- 
TRONIC SYSTEMS under a con- 
tract awarded by Crest Engineer- 
ing (UK), Inc. on behalf ' of 
Chevron Petroleum (UK J. About 
30 alarm signals will -be fed Into 
the shutdown system to operate 
about 60 outputs. The associated 
matrix display and built-in test 
facilities with feed-forward fault 
monitoring permit on-line testing 
of the system without the use of 
test sets or manuals. The equip- 
ment coats about £30,000. 


Thermal insulation and protective 
cladding contracts' to pinework 
and vessels totalling over £500.000 
associated mainly with new chemi- 
cal plants in Britain have been 
-ecu red by McftILL INSULATION 
GROUP. Contracts include a 
nylon intermediates plant at Seal 
Sands. Teessidn. being comtrui-ted 
by Lunimiis for Monsanto where 
the ursency of the prn<ifvpime 
required work on site to be Fully 
in hand within JO days nf the 
-iv.-ard. Two contracts from 
Matthew Hall Engineering, a poly- 
ethylene compounding plint at 
Grangemouth for BXL and an 
ircanic chemicals plan* for 
Merck at Enfield: auxiliary s:p“ni 
hoile r epnerating plant at Littl"- 
bmok H Power Station - and l he 
*.»n°T.'»d;nr nf rrlstirsr in- 

-illation ai rhe T nnd«n prt’Ve oil* 
trac'innario" nlnnf of Coder- :mcf 
Vu<-#*Unr whip* in rniDinnous pro- 
duction. are oihr-r awards. 


nr BUSINESS SYSTEMS has 
received orders valued at £260,000 
from Wiggins Teape for a data 
communications system incor- 
porating a programmable com- 
munications controller and 64 
visual display units. Initially it 
will jink all sections in the souih 
ensl region of Wiggins Teape 
Paper, the company's sales divi- 
sion. and some ot its L'K paper 
mills, into the mainframe at its 
Basingstoke headquarters. Even- 
tually. other branches and mills 
throughout the country will be 
linked. 


APPOINTMENTS 


Sir Peter 
London 



PRODORITE, Wednesbury, has 
been awarded a £100.000 contract 
by The Clayton Aniline Co. 
for the prestressed corrosion- 
resistant tiie linings of 23 rubber- 
lined mild sleel process vessels, 
varying in volume from 10 to 50 
cubic metres. 


The in.’C'al pii rnf »*c vch'd. rfirf- 
Yion of SI I El. YOKE AND 

DR E WRY, Letch worth. ha< 
‘..y tired an nrdne fv 21 -h 
and rab un J N fnr Londo- Fire 
Brigade duaUpur*w>«e oump- 
escape vehicles. The order is 
worth a bo lit £400.000. She’voke 
and Drewry is a subsidiary t'f the 
Butterfield -Haney Group. 

* 


MOTOROLA has won contracts 
worth £360.000 for supplying 


Contract to supply all the fire 
pumping equipment. a;-#ociated 
control panels, and prefabricated 
pipework, for the part of Jubail 
Industrial Harbour. Saudi Arabia, 
has been awarded to MERRY- 
WEATHER .AND SONS. the 
Greenwich-based fire engineers. 
The ord.-r was placed by Hyundai 
Shipbuilding and Heavy Industries 
Co. Total value is 142.500 and the 
equipment includes "thr»e sub- 
mersible sea-water pumps. 


Sir Peter Tennant industrial packaging co-eitftnatftoa 
adviser to Barclays Bank Inter- special responsibilities tor jjackag- 
national. is to be the next presi- ing policy. Dr. Karl Pant Raderer, 
dent of the LONDON CH AMBE R previously managing- director of 
OF COMMERCE AND INDUSTRY. *p FoUe ForchheLm, the. group's 
Sir Peter, who will succeed Lord plastics films- subsidiary, -has 
Mats, is a former dirertor- succeeded Mr. Smith as corporate 
general of the British National development and marketing.. 
Export Council and deputy, director of the 4F Group board 
director-general of the CBJ. His ja Kezapten. 
directorships include Prudential ■ * 

.Assurance and C. Tennant and .Co. Mr. B. K. Jones has been . 
Sir Peter will be elected at the appointed operations director- of. 
chamber's annual meeting tomor- ‘ KYNOCH SERVICES, 
row-. BhmdRgham. His appointment « 

★ part of -a reorganisation of the 
Mr. dire Sommerbayc® has management structure, of -tlra 

been appointed chairman of SE Division, in «Wd» - Mt J." 
CHEMICA LS OF LEICESTER, a Marshall has been appointed 
member of the Halma Group. director, IMI Energy Systems,. and 

★ ‘ Mr. H. Prescott,’ director and 
Mr. G. P. Taylor, managing general manager, Kynoch 

director of the Guardian, has been Engineering. 
addirionaRv appointed deputy * ‘ 

chairman of the GUARDIAN AND BARCLAYS BANK INTER- 
MANCHESTER EVENING NEWS. NATIONAL announces that Mr. 

+ Peter Dodd, seconded from 

Mr. A_ D. MeDowafl has been .Barclays Bank, has been: 

appointed managing director of appointed an assistant general 
BRITISH SMELTER CONSTKUC- manager, head -office with re3- 
TIONS. • ’ ponsibH'ity for -the uiv. branch 

*■ . operations. He replaces Mr. W. X. 

Mr. Derek Lshenvood ha« been Jitter who has returned to 
Booomted to the board of BURCO Baccl^ys Bank as&Set inspector. 
DEAN. * ; > 

Mr. Barry Childs has been *’ ‘JND COOPE bas appointed Mr. 
apDointed marketinc director for Lionel Cooper as finance director. 
LEYLAXD \'EHJCLES. He joins Ind . Coope from the 

Lord Catto of Cairncatto has parent company, AHSed" Breweries 
succeeded the late Sir Harald- (UK). - Burton-on-Trent. where, 
Peake as chairman of the Council foe Hie post year, be has. been 
of the ROY.AL AIR FORCE BENE-, assistant chief accountant. 
VOLENT FUND. * 

★ • Mr. L R. D. Andrews,' an - 
Sir John Reiss Is to be presi- associated roembec of BREWEY, 

dent of ATMS FOR FREEDOM DOLPHIN AND CO., stockbrokers, 
AND ENTERPRISE frocp July 1 has become a full partner. " : - 

and be will b'' succeeded as chair- ■ * 

man bj’.Mr. John Lyle. Sir Frank Jlr. Andrew Rintoul is to retire 
Taylor will be a rice president as chairman of the Northern and 

★ Scottish Advisory Board or 

Mr. Trevor Fairhurst has been LEGAL AND GENERAL -ASSURr 

aonorntod tn the Board of P & O ANCE on June 30. He will be 
BULK SHIPPING and becomes succeeded by Mr. Trevor B. BalL 
general manager, oil and bulk. He * . - 

succeeds Mr. Stephen Carter, who Mr. C H. Jackson has retired 
was recently made managing from the Board of TELEPHONE 
director of that '•''mpany. RENTALS. 

★ . . ★ 

Mr. Y. X. Sergeev has been - Mr. Hugh Fish, THAMES 
annointed chairman of ANGLO- WATER’S director of' scientific 
SOVIET SHIPPING COMPANY services, has been appointed chief 
■»nd all companies in the groim. executive of the anthorify from 

He take's over from Mr. A. B July 1. He takes over Trom Mr. 

Posinikov. who is returning to .the Alex Morrison, who -has bees chief 
Soviet Union- executive since the.' authority was 

★ created in 1974. Mr. Morrison is 

GFVFP M EVnraEgRTN’O COM- retiring: 

P\NY rRADCLTFFF-i states that' * 

fo*- Hmilth re99on« Mr B. K. Bfjr- Elected president of the TNSTT- 
Innd ba« *"! , n"ui* l ipd his anno'nt- TUTE OF COST AND MANAGE- 
flnnte with tb*» mmnanv Mr" Bie- WENT ACCOUNTANTS fon 1278-79 
land was chairman nips erntip is the group chief -executive of 
rnna-rinc rfiiwtor end sp^cd the. The Charterhouse .Group, Mr. 
rnmnmv aP bi« wortrine life. The Geoffrey Rowetl. He takes office 
Hwi'- nh-vrmin Mr. R R immediately The following -were 

tfflten the rhsir. mrf the tw« elected vlce-pre«ident«- Mr.. Frank 
-is.-irhie rtiw’npy, Mr. 11. E. C. Hayhurst and Mr WUliam Hyde. 
rh<im3< and Mr. K. A fW/’f ★ 

K-*ve k«?*i ■'nminterl d s rt»rtnre. . ^lr. David Muleahy has ‘been 
Mr. J IL Holland ard Mr R. W appointed managing director 
Crhnfield. **\ccutivp d J r»*ctork. of MFRRYHILL . CLEANING 
become inint general manapers CONTRACTS and Mr. Andrew R. 
.and Mr. M. E. C. Thomas becomes. Vlning continues as chairniazL ' 
deputy chairman. 

* Mr. D. B. Vfoney-Coutta has been 
Unilever’s continental-based 4P appointed a director of PHOENIX 

GROUP of packaging companies . ASSURANCE. -dir. Maney-Coutts is 
has made changes to the main chairman apfi managing director 
Board. Mr. H. A. A. Smith, mar- or Contis /-ld Co. and a director 
ketini: director <ioce 1072^ has of National Restrain sier Bank, 
moved m I'niiever. London) as “ • •• ’ 

a member of paper' plastics- 'and BANK OP.^A ^1ERI C-> has made 



.vice-president ’in the London 
branch energy section: Hr. a. 
Kremllng, to vice-president in th e 
London branch durable goods and 
transportation section; and Mr. 
Malcotin'NorUii, to .vice-president 
jn the London -branch shipping 
section. ; 

★ . 


Mr. Clmton V. Silver, an alter- 
nate director of '' the company 
since '-1B74, has been appointed a 
director ■ of -MARKS AND 
SPENCER. Mr. Alan K. P. Smith 
has bedn appointed to the board. 


. Mr. R. J. P- Chappell has retired 
as director of purchasing for 
Impont Europe and South Africa, 
the group -that includes the UK 
companies Fish burn Printing Ink, 
Porv&lr and InmonL 
* 




' Mr: Bryan fUldrew. managing 
director of. Lloyd's Register of 
.Shipping, - bas been unani mousl y 
elected chairman of the INTER. 
NATIONAL ASSOCIATION- OF 
CLASSIFICATION SOCIETIES fox* 
the next biennial term (1979-80). 


- Mr. F. G- Paddle, administrative 
director of MAY- AND BAKER,' 
has retired. 

* . 

Mr. J. G. Beaumont has been 
appointed LLOYD'S REGISTER 
OF SHIPPING senior principal 
surveyor for West Germany, suc- 
ceeding Mr. E. F. Reid, who 'is 
returning to Britain at bis own 
request. . He. wfl] join Lloyd's 
Register's -industrial services 
headquarters in Croydon. 

_ . . * 


* ^ 


' Mr; W. A. Jack has. retired, front 
the board of STODDARD HOLES 
TNGS. Mr. Turner has 

„ joined the board. ' 

• • ' ’ ‘ .★ ’. •'=>'• 

Mr' Patrick Lloyd bas been 
appointed director - of the 
-CENTRE FOR INTERNATIONAL 
BRIEFING, Farnham Castle. ‘ 
•k 

. Mr. Norman Hanlon, managl% 
director or SANDERSON KAY- 
5ER, . Sheffield, fiss been elected 
chairman hi succession to the late 
Mr. NiaU C MacdiamkL Sir. Hap 
Iod win continue as managiiis 
director. . 

★ -- 

• lib:.- John Walkerdine, chairmai 
and managing director. Wo 
Walkerdine, Derby, is th e nrij 
president of the INSTITUTE 01 
BUILDING. 

★ ... 

Mr; G. G. Rice, a director o 
Charcon, has been elected presi 
dent -of the ASSOCIATION Of 
BUILDING COMPONENT -MANl} 
FACTURERS. Mr. Neill Newsan 
a director, of* Burmata Industria 
Products ■' becomes . president 
elect 

•' 

Mr. J. S. M. Jones and Mr. P. C 
Nicholson have resigned as dim 
i ora of CRAY ELECTRONICS 
These resignations were men 
cloned to . shareholders in rh' 
offer for Cray shares made b. 
Capital For Industry following th< ■ 
purchase by Capital For Industr 
nf the. shares of Cray that war 
held by Crest Nicholson^ 



BALANCE SHEET AS AT 3IST DECEMBER 1977 


Ordinary and Extra-Ordinary Annual 
General Meeting of 10 May 1978 



1STITUTO BANCARIO ITALIANO 


On 10 May 1978 the Members' Annual General Meeting, 
presided over by Civ. Lav. Dr. Ing. Carlo Pesenti. 
approved the Balance Sheet as at 31/12/1977 showing a 
nez profit cl Lit.4.730.462.1 18 and authorised the distribu- 
tion of a dividend of Lit-600 per share, assigning the 
remaining Lit. 1. 700m.. to reserves. 

Fol lowing its previously adopted policy the Bank was able 
to strengthen its position on the market both by its credit 
assistance and i a many Qualified services in the different 
sectors of production and economy. 

The Bank’s activities were notably extended, to the satis- 
faction of its clients. 

Total funds managed have now reached Lit.3. 135.000m. 
with in increase of Lit.503.000m. compared to 
Lit. 2.432.000m. in the previous financial year Cash invest- 
ments to Clients show, in che limits as provided by the 
credit expansion regulations, an increase of 181,000m.Lire 
totalling Ljt. 1. 320.000m. 

Particular attention was given to the Bank's foreign trade 
activities, achieving satisfactory results in spite of regula- 
tions limiting the activities of a number of departments. 
The issue of export permits showed an appreciable 
increase in value with respect to the previous year and 
monetary facilities increased significantly, 
in the month of June 1977 the Swift procedure was 
adopted for immediare transmission and reception of 
orders cf payment to and from abroad. 


In the Securities Sector, considering the persistence of che 
particular situation of- the Shares' Market, good results 
have been obtained with special -attention. t» the .BOT 
and bonds sector. ■ ' 

The Bank has continued to improve both its equipment and 
-methods of work; especially in its current accounts sector. 
In fact, 85 per cent of open - accounts are now real-time 
managed. 

The Extraordinary Meeting resolved to increase the Com- 
pany’s Capital from L/c.f 0.000m, to Lit._35.000m., of which 
Lit. 1 5. 000m. unpaid and Lii-10.000 paid Increase. 

The Bank's Capital and Reserves will amount, upon 
termination of this operation, to Lit 84.500.000,000. 

The Board of Directors in charge consists of the following; 
President: Cav. Lav. Dr. Ing. Carlo Pesenti. Vice-Presidents: 
'Dr. Carlo Aloisi and Dr, Francesca Mattel. Directors: 
Cav. lav. Dr. Vincenzo Cazzaniga. Dr. Arrigo Gasptrini.. 
Aw. Marcello Giovannini. Mr* Ernesto Jaeger. Dr. .Ing. 
Ercore Lolfi, Dr. Ing. Giampiero Pesenti. Cap. Pietro 
Ravano. Dr. Roberto . Rosso. Mse. Cav. Gr. Cf. 
Dr. Raffaele Travagiini di Santa Rica. Secretary of the Board: 
Dr. Franco Barlassina.- Managing Director ami' General 
Manager- Dr .Arrigo Gasparini. ' 

The Board of Auditors remains as follows: Chairman: 
Dr.- Tito Olivari. Standing auditors: -Dr.- Luigi Agnes. 
Dr. Luigi Aldrighetri. Dr. Pier Giorgio. Barlassina. Dr. . 
Antonio Barrezzstf! Substitute auditors: Dr. Giuseppe _ 
Apoljoni. Dr. Ettote Rossi. ■ 


ASSETS 


LIABILITIES 


Cash in hand, coupons and other 
demand items 

AVAILABLE BALANCES WITH BANKS 


79.786.974.01 1 

624225.471.775 


704.012.445.786 


CUSTOMERS* ACCOUNTS 
— Savings deposits 
—-Demand deposits . -■ 


750,189.064.368 
UI0.1 11,320705. 


2,040,300.385.073 


DEPOSITS WITH CENTRAL BANK 
INVESTMENTS 
— Ordinary treasury bonds 
— Other Government Securities 
— Bonds 
— Shares 
— Holdings 


327.914226.843 


230.608J34.000 
108.138.040.756 
366.476.160224 
804.799.463 
f. 837.272.331 


BANKING CORRESPONDENTS 
AND BANKS: 

— Italy - ' . 

— Abroad , - • 


743.622^679,889 

.351,488,431,200 


1,095 J1 1.111.089 


707,864.606274 


CREDITS TOWARDS CUSTOMERS: 
— Bills discounted 
— Currenc accounts and advances 
—Loans, and ocher operations 
— Contangos 


169J24.707.787 
eOJ.838 806.959 
339.043.7612121 
8.698716.669 


1 320.805.992.436 


CREDITS TOWARDS BANKS AND 
CORRESPONDENTS 
— Iraly 
— Abroad 


25 812.236.149 
202.894.203.44 1 


228706.439,590 


THIRD PARTIES FUNDS MANAGED 
DRAFTS ISSUED 

CUSTOMERS' BILLS - 4 FOR COLLECTION 
ACCOUNTS WITH BRANCH OFFICES 
SUNDRY CREDITORS 
-TAX CHARGED TO THIRD PARTIES 
ACCRUALS AND REPAYMENTS 
STAFF SEVERANCE ;FOND 
TAX FUND . 

DEPRECIATION FUNDS: 

— Premises -■ 

— Plants . 

— Equipment and furniture 


CREDIT5 TOWARDS CONTROLLED 
COMPANIES 

ACCOUNTS WITH BRANCH OFFICES 

TREASURY TAX CREDIT 

SUNDRY DEBTORS 

PREMISES 

PLANTS 

EQUIPMENT AND FURNITURE 
BILLS FOR COLLECTION 
STAFF SEVERANCE FUND INVESTMENT 
ACCRUALS AND REPAYMENTS 
LIABILITIES OF CUSTOMERS 
FOR ENGAGEMENTS 
—Bills rediscounted 
— Letters of credit, acceptances, 
guarantees, endorsements. 

-security deposits 

—Securities to ba received or delivered 
— Forward exchange bought and sold 


7,443714307 
14.1 12,866.487 
25346782.959 
51.839.424.967 
24.753.564.684 
3.433.764.996 
3379.688.54 S 
54.716.760.888 
382394357 
23.698,865366 


CAPITAL: : 

— Capital stock -;>'vV . 

— Statutory reserve'.'. 

— extraordinary reserve ’ 

— Credit risk fund 

art. 66 DPR 29/9/73 no.' 597 
— Taxed risk fund . A 
— Monetary revaluations reserve 
law no. 576 of 2/1.2/75 • 


20.411.000.000 


573565317561 

37551.369377 

697562.164.807 


1329.089.851.745 


UNDISTRIBUTED PROFIT 
BROUGHT FORWARD “ 

PROFIT FOR THE TEAR 
LIABILITIES FOR ENGAGEMENTS! 

— Bills rediscounted 

— Letters of credit, acceptances, guarantees, 
endorsements and security deposits 
— Securities to be received and delivered 
— .Forward exchange bought and sold - 


CONTINGENT ACCOUNTS: 
—Securities and assets on deposits 
— Third parties for securities deposited 
— Directors' surety bonds 


4327501.190330 


619.408,678360 

190374.086583 

2.400.000 


809385.164.843 


CONTINGENT ACCOUNTS: 

— Depositors of secufkies and asset* 
—Securities with third- parties 
— Directors' for surety .bonds 


TOTAL 


5.637386355.073 


TOTAL 



3,135,411.496,162 
343317.455 
• 39317.132333 
' 103.643.752397 
17.329538,066 
41,946.819,402 
' 26,621333.104 
- 22,974514,141 
.. 19.907.629, r 20 
4,454.-167,945 

- -3.952,999,063 ' 
2537388,421 .1 
2.515.140.645 . 

9.005528.129 

' - m.ooo.ooo.ooo 

2.741,177.989 
20.7S8322.0M . 


*. 7 20.900.000.000' 
'Mil 00.000.000 


- 73Qp.o66.6oO 

; ‘ 72;800.6b0.000 

.. 

■ f , 24^43.313 
' 4.730,462.118 

icUrijooaooo. 

1 / . ‘ 

..'573,565317561 
37551369.377 
697 562.1 64307 

1329X89551.745 

■ " ' 

V4JB2750 1 ,190230 

' 61 9,408. 678;260 - 
190374.086583 
-2,400.000 . 

■ h 

-809.785.1^^'- 








x 

, V -C7. ' 


• \ ;-v„ 


■‘Cr?v 


l^-J. 


rV 


CAPITAL AND RESERVES: Lit, 74,500,000,000 — REGIS'DEBIBr-HEAD: 




x s »: 

■v.-- y 




S *S' 





~ . >1 





Ifev 





’ ‘h\ Z- i ~ ■ ; - - : .»-j£- : ;L_ -. V : .L£±£l2 £ - ■•■.:' -' '. - >-* 3^- 



This week ill parliament 


'• ''.j-K 




exhibitions 


elf* 

t^ysssp* 7 

‘io n £dW?. 

t. * f S> . -Tain r»^ M 


*hfo43®P£‘*f»* V«ue 
JoSSESi ** V***-X»™ Ertn. Ajwten 

.Royal- BHdnd Show ^ ^ - Chel msfor d 


pe. 


Electronics' fi?hibitton;.. v 


t^tre 

otor trade 


Heathrow Hotel 
Olympia 

Wembley Conf. Centre 
Wembley Conf. Centre • . 
Metropole Centre, Brighton 
Leeds University 
Leicester 

Dome, Sbeepcote VUy, Breton. 
New Costessey 
Kenilworth 
Bristol 

Cardiff , . 

Earls Court 
Harrogate 

Grosv.enor House Hotel. W.l. 
Corn Exchange. . Brighton j 


TODAY 

COMMONS — Debate on 
Expenditure Committee report 
on preventive medicine, and 
Government reply to iL 

LORDS— Scotland Bill, report 
stage. 

SELECT COMMITTEE— Public 
Accounts. Subject: Appropria- 
tion Accounts for 1976-77. 
Witnesses: Property Services 
Agebcy. (5 p.m„ Room 16). 


TOMORROW 


■ -Great Yorkshire Amcultar^Ehtt^^ . - Harrogate 

: L~or* : ; July - . 21 — t 20? ...iv. Middle East JBhsniew TSxwx • ■ Grosv.enor House Hotel. Y 

f 4**^ J.Ti.'W ' : ® r U 5>?*oii J ^n<iq.iie» Bile' V- .- ffip M.'- Com Exchange. . Brighton 

" EXHIBITIONS 


COMMONS— Remaining stages 
of the State Immunity Bill 
f Lords) and of the Community 
Services by Offenders (Scotland) 
Bill. Proceedings on the Tuvalu 
BJJJ (Lords) and on the Export 
Guarantees and Overseas Invest- 
ment Bill (Lords), and oh the 
Oaths Bill (Lords). Morion on 
EEC documents on non-life 


Coni 
l Exbn. 


Genoa. 

Basle. 

Paris 


h-ena-t* Ju ?& ^7— 30 ..:.T. Offshore Brazil Exhibition. 

"1 j- Julyi.^rj-'S .......... International Rehabilitation at th^Kndicapped, 

r : i- ‘ - ' : .' Exbn- and Congress :-*«**■ 

July 4—6 - Third Int Conf. and Exbn, oa-Mindge -Transport 

. Ticino Pnlljin/TlnlLnfF 


GBtebort 
Rio de Janeiro 


July 10—14 


using. Roll-on/Roll-off Methods '• __ 

'First' International South Afrieatf*®»0«ng and 


1-mjy 


Education Symposium . an d : Exhibition 


Hamburg 

Johannesburg. 


assurance. 

LORDS — Films Bill (Lords). 
Third Reading. Scotland Bill, 
report stage. Independent Broad- 
casting Authority Bill. (Second 
Reading). 

SELECT COMMITTEES — 
Joint Committee on Statutory 
Instruments (4.15 p.m. Room 4). 
Overseas Development Subject: 
Renegotiation of the Lome Con- 
vention. Witness. Dr. David 
Owen, the Foreign Secretary. 
(4.30 pjn. room 6). 


WEDNESDAY 

COMMONS — Debate on 


Opposition motion on 'the 
economy. 

LORDS— Internationally Pro- 
tected Persons Bill (Third 
Reading) - Wales Bill, committee 
stage. Rating (Disabled Persons) 
Bill (Second Reading). Local 
Government (Amendment) Bill 
(Second Reading). 

SELECT . COMMITTEES — 
Expenditure. Trade and In- 
dustry . Sub-committee. Subject : 
Measures to prevent collisions 
and strandings of noxious cargo 
carriers ■ in waters around the 
UK. Witnesses: Oil Companies 
Internationa] Marine Forum, 
Internationa} Chamber of Ship- 
ping <10*0 a.m. Room 16). 
Nationalised Industries, Sub- 
committee “B." Subject: Future 
of the electricity supply industry. 
Witness. Mr. David Penhaligon, 
MP. . (10.45 a.m. Room 8). 
Unopposed Private Bill Commit- 
tee on the Tamar Bridge BiU 
(4 pjn. Room 9). Expenditure, 
Social Services and Employment 
SutKOmmiticc- Subject ; Em- 
ployment and Training. Wit- 
nesses. The Treasury, Dept, of 
Employment, Manpower Services 
Commsn. (4 p.m. Room 15). 
Public Accounts. Subject ; Appro- 
priation Accounts 1976-77. Wit- 
nesses: Dept, of the Environ- 
ment, Her Majesty’s Stationery 
Office (4 p.m. Room 16). Joint 
Committee on Consolidation etc. 
Bills. Further consideration or 
the Statute Law (Repeals) Bill 
(Lords)' (4.30 p.m. Room 4). Par- 
liamentary Commissioner for 


Administration (Ombudsman). 
Subject : Parliamentary Com- 
missioner for Administration 
(Review of Access and Adminis- 
tration). Witness : Sir Alan 
Mar re, Commissioner for Local 
Administration in England (5 
p.m. Room 7 j. 


Lbt or AppflntWi wffl ■* , » *n IWi jBn *- **« ■#*? 

cl tin at ■» y time thcru w ftnr «n the him W. 

TWO <uw ts mode m abidance trfth O General Consent given Iw the Jrtoimi 
under the Control Oi Borrourtnp Older. J95S. 

Application his boon madff io -flic Cowell of The Siock Exdtawta for to Stoefc • 
twins issued to be attained to the Official List. 


METROPOLITAN BOROUGH OF 
SOUTH TYNESIDE 


THURSDAY 

COMMONS— Debate on Fish- 
ing until about 7 pjn., followed 
by a debate on the Official 
Secrets Act. 

LORDS— Wales Bill, com- 
mittee stage. Co-operative 
Development Agency Bill 
(report). 


ISSUE OF 

£7,000,000 Metropolitan Borough of South Tyneside 
12} per cent Redeemable Stock 1986 


PRICE OF ISSUE £99 PER CENT 
Payable as follows; 

On Application £10 per cent 

On 19th July, 1978 £40 per cent 

On 23rd August, 1978 ... £49 per cent 


£99 per cent 


FRIDAY 


Inst of Purchasing and Supply? TjS^ Buyer, tne 
. . - SeKer and the Law - V^v 

.15 ' . European:” Society . for Opinion; anm Marketing 

^ Research: The Business ^ 


Grosvenor House, W1 


Barcelona 

Portm&n Hotel, W1 


CONFERENCES 

F.^ June lA ...;...'.!..: Uist. of Purchasing and Supplyr 'ttt^'Buyer, the ■ 

^ : ®BrBia7; . . r SeDer And the Law ' !: . Grosvenor House, W1 

. .. - c i> June 14 -15 . European ’ Society . for Opinion'; anm Marketing 

. rT“- ■' . Research: The Business oT.' Barcelona ' 

• - C\^\ jung i5 • “ ; ; Oyez:' For Senior Management— Audit Portman Hotel, W1 

* June 15 '"-‘‘’^“’' Charterhouse Japhet Finaiidal’ k S«ryices:- Tne 
il ■ A. Jart i.. - Impact of Financial Informatifl|i^g>: Sh°P floor _ , _ . 

--c . . , : . Employees . - TS? „ , Royal Garden Hotel WS 

Mr j June i« - ■ Oyez: . Property Development— Yfartffbuse/Ind us- 

-h ? bowd 16 ... trial Case Study . Hotel lnttr-Contlnental, W1 

Jurie 18—23 Scb001 of Production Studies: StMi»;.^Work Cranfleld Inst, of Tech. - 
R-^rick 1 1... jimp ib ■‘"" European Study Conf erences: I&ffpfcffce Con >- . « . w 
■ .£•,; v.jjw :• J V ne :_ munications . - . Soya 1 Garden Hotel, W8 


COMMONS— Debate on reports 
from the Select Committee on 
Violence 'in the Family, and on 
the Government's reply. 

LORDS — Inner Urban Areas 
Bill (Committee). Nuclear Safe- 
guards and Electricity (Finance) 
Bill (Second Reading). Motions 
to Approve Consular Relations 
(Privileges and Immunities) 
(Polish People's Republic Order 
1978). Supplementary Benefits 
(Determination of Require- 
ments) Regulations 197$. Child 
Benefit and Social Security 
(Fixing and Adjustment of 
Rates) Amendment Regulations, 
1978. and Social Security Benefits 
Up-rating Order 1978. Debate on 
international airport on Severn- 
side as- an alternative to expan- 
sion of London airports. 


INTEREST (LESS INCOME TAX) WILL BE PAYABLE HALF- 
YEARLY ON 31st MAY AND 30th NOVEMBER 
A FIRST INTEREST PAYMENT OF £4.0345 (LESS INCOME TAX) 
PER £100 STOCK WILL BE MADE ON 30th NOVEMBER, 1978. 


Authorised bu the Council o I to Metropolitan Bor ouch of South TVncdde and issued 
in accordance icith t he Local Government Act W2 and the Local Authority (Stocks 
and Bonds! KtfOitZanorU 1974. 

The Stock is an investment Jallina irttMn Part Hot the First Schedule to the Trustee 
Investments Act, J9S1. 


Impact of Financial Information jtj ih. ShOpfloor 


J *» M;™-- 


Royal Garden Hotel, WS 


Jmie IS— 23 
June. 19 


Hotel Inter-Continental, W1 
Cranfleld Inst, of Tech. - 


■- Fi .3 Tune IS— *>0 0RC - (UK) : Paying People Abroa 

th«*- ia_-on ' Oyez: Short Term Currency In vi 
-- June- L La jv ...... TT.^ m j. n . \r a t^v 


r- 2000 

ities for 


ference 


‘ r u . tSs l T oZ^ Pennsylvania University: Matrix’ Ms^gcment London 

Nonsmn,, jSI-19— m ■""* Center . for Education in Ihternattp^l Manag^ 

15 v-3° .. . .ment; Seminars on “ Corporate Pla^hg ” and 

•-••-t.-.. V‘ ,tc * .- ;•••:; ' . “Management of Research and D^ggopment ’’ Geneva 

, "V" l' 5 fc ' Tni. on ■ British Institute of Management: vEi^^y- 2000 Mount 
, r 1 riroi on ? V"/" V 1 CAM Foundation:. Creating New ties for 

■HC -La^.Jiine a) Business "■-SE-* * g™* ? 

v *■ r tiit<». 9A " Oyez: Selling to Consumers, and jh^^^r Royal ( 

* June 20 21 *’* ' Maryland University: International^^rier Trade 

Ji'Vn Seminar , *• *&!£[- ■ College 

‘ Juhe 20— 22 National Engineering LaboratnrT- 1 ®S mIereilce 

r- :: ■-■■■" on Computer Aided Manufai^ua^®.- East Ki 

• ,T- ■' jtrne 20 ' ■ InsL of Cost and Managementf^^bontants: 

H ••• ••.. .■..’*•■*“'■■'"*•• .... Financial and Management At^^mtihg for 

* i *- Non-Financial Managers v Manche 

»■ i; pv. . .. Jane 20—21 .L... Anthony Skinner ; Management: Foran-’ Pricing 

•. < >.- -iV.;* . - .- Policies - t ■ : '*^S§a-’ Cafe Rt 

Sine , Henley Centre for Forecasting: Forecgagrfor the 

... . .... ' Common 'Market : vSmSL-- Carlton 

v??.* 'h vnJuiie 21;......^;„ AgTaJSurope lLondori):‘PotatdFiitajre^^rference Baltic ] 

■' : ,— :Juno 22 . Centre for Interflrtii . Comparison: ^Cmagement 

..i’i :«::’•*= - • Ratios and Interim ComparisowwB.; Parker 

June 22 .... . Oyez: Profit Sharing Royal L 

* June 22—23 ...... AMR International: -Managiiig-U.S; ^^noiis Kensing 


Royal Garden Hotel, W8 
Shakespeare Htl n Strat-'-Avon 
Inn on the Park. W1 
London Hilton, W1 


Mount Royal Hotel, W1 


Kent House, SEl 
Royal Garden Hotel, W8 


College Park, Maryland, U.S. 


poentants: 
rating for 


East Kilbride 


B- Pricing 


Manchester 


:for the 


Cafe Royal WT 


Carlton Tower Hotel, SW1 
erence Baltic Exchange, EC3 


• 4 M.Jcr^ r::June^ 23 ....... 

■ -r:. June. 53 

. - f i.‘V ‘LvJuhe 26-30 .... 


Risk Research Group: Captive Insuranc 
Oyez: Executive Remuneration - 
British . Transport Staff College: 

- Jtelatlons Course ..t l -_ -n 
European £tady Conferences: Energy ( 
- . r • fir Distribution Operations ,T! 


Parker Street, WC2 
Royal Lancaster Hotel, W2 
as Kensington. Close Hotel, WS 
anies Tower Hotel,- El 

IntaL Press Centre, Ed 


This advertisement is issued in compliance with the requirements of 
the Counci/ of The Stock Exchange. It does not constitute an invitation 
to any person to subscribe for or purchase any Preference Shares. 


I. J. DEWHIRST HOLDINGS 
LIMITED 

(Incorporated in England under the Companies Act 1948) 


Issue of 503,393 9.75 per cent 
Cumulative Preference Shares 
of £1 each 


The Council of The Stock Exchange has admitted the above- 
mentioned Preference Shares to the Official List Particulars of the 
rights attaching to them are available in the Extel Statistical Service 
and copies of the statistical card may be obtained during business 
hours on any weekday (Saturdays excepted) up to and including 
23rd june, 1978 from:— , 


lustrial 


. Woking. ^ 


HilW Hotel, W1 


- . : ’Jun’e^ ^26^27 ?P5nandaL Times: Scottish Fluande smdPlnfjfctry- Edinburgh 

... *.Jujje 26^-28 Canadian Society of Petroleum GeolbgaiuvSptec-:-^ . _ .. .. 

-• .... ■'‘naftiotial Petroleum Geology’ WorkshB^/.^t^l^iry. Alberta . . 


Cazenove & Co., 

12 Tokenhouse Yard, 
London EC2R 7AN 


12th June, 1978 




.: ytf .. 

■-* I 


NEW ISSUB 


ll of these sea/t0esmvhzg been sold, this mnouniemem appears as 4 matter of record only . 

M ■ ^ 

■W : • - - • 


- Vv-T.' " v . 


■ , * - 
* , ; V--V . 


^67,875,000 


World Airways, Inc. 




1134% Equ||riient Trust Certificates Due April 15, 1994 


The Eqmpment TrusL^rtificates are being issued to finance approximately 59.5% (but not 
ixiare than 61%) of thb jiiirdiase price of three new McDonnell Douglas DC-10-30CF aircraft. 


MecffllLyncb WHte Weld Capital Markets Group 

' ‘ Lyndx, Pitre*, Fenn*r BC Smith Incorpozxzed . . 

. ■“ i JBL"’*..' • - 


Bacbe Halsey Stuart Shields 

Incofponttd 


TheFirstBoston Corporation 


Blyth Eastman Dillon SC Co. 

Inanponttd 


Dillon, Read SC Co. Inc. 


Drexel Burnham Lambert 

ItaoMpoeatcd.^ ' 


Goldman, Sachs 8C Co. 

■-•jfrwV. - 


E. F. Hutton SC Company Inc. 


Kidder, Peabody & Co. 


. I^h piam Brothers Kuhn Loeb- 

•• Incocp orated' 


Loeb Rhpades, Hombldwer SC Co. 


Paine, Webber, Jackson SC Curtis 

Inooiporatcd 


Salomon Brothers 


Smith Barney, 


• Wertheim SC Co., Inc. 


Dean Witter Reynolds Inc. 


Bear, Steams & Co. 


Incorporated 


- L.F.Kotibchild^ Uhterber& Xowbin 


Shearson Hayden Stone Inc. 


Warburg Paribas Becker 

Licerpocaxad 


Alex. Brown- SC Sons 


.Thomson McKinnon Securities Inc. 


Weeden Sc Co. 

Inawpotated 


Bateman Eichler, Mil Richards 

. ’lneo*p<to*td ; > 


WiHiam Biair SC Company 


Dain, Kalman 8C Quail 

laoupBriad 


Eppler, Guerin SC Turner, Inc. 


Lacfenburg, Thalmann 8C Co. Inc» 
Nomura Security International, Inc. 
The l^6insoh-Htun^ 


McDonald SC Company 


Moseleys Hallgarten 8C Estabrook Inc. 


Oppenheimer SC Go., Inc. ■ 


Piper, Jaffray SC Hopwood 

. . Incocpanicd 


Prescott, Ball SC Turben 


Rotan Mosfe Inc. 


Stuart Brothers 


Tucker, Anthony & R. L. Day, Inc. 






Nation^ Wcstmmsior Bank Uianod is authorised hr re rotation of the CouocB - 
of the Metropolitan Boroagb ot South Tmosidc to receive applications lor tfte 
above amount of Stock at U» New issues Department, P.0. Box 79, Drapers Gardens, 
i2 Throttmonon Avenue. London EC2P 2BD. 

V SECURITY. — Tht; SleA and inierest thereon -will he secured upon an tbe- 1 
revenues of the Council. Tbe SiocJc win rank van passu with an other securities 
issued or to Ik- isbu.-h by the Council. 

2. PROVISION FOR RBPAYMEHT OP LOAMS. — The COUncU Ls required by. 
Acts of PartianjfDi to make appropriate pronstoo towards redemption of loans 
raised (or capital expenditure- and to make such returns In connection therewith - 
as may be required by me Secretary or Stare far the Environment. 

3k PURPOSE hf ISSUE— The net proceeds of Iho present issue of Slock wlQ 
be applied ro replace marurinj: debt and to finance authorised capital expenditure. - 

4. REDEMPTION of STOCK.— Tbe Stock will be redeemed at par on 
31st May. 1886 unless previously cancelled by purchase in the open market or by 
agreement with, the holders. 

5. registration.— T he Stock when tally paid will be registered and 
transferable free of ebarsd -fn amounts and muirfpJos of one penny by Instrument 
In writing In accordance with tbe Stock Transfer Act 1963 at Co-operative Bank 
Umilcd. P.O. Box IAN. Blaadford Street. Newcastle upon Tj-nc NES9 LOI. 

6. INTEREST. — Iniorest (less income taxi will be paid hair-yearly on 31st May 
and 30th November by warrant which will be sent by post at the Stockholder's risk. 

In the case of a Joint account, the warrant will be rorwardod to Che person first 
named in tbe account unless instructions to the contrary are given in writing. 

The firm payment per £100 Slock of M.ttUS (less income tax) wDl be mad. ! 
on 30 tb November, lors by warrant in the usual way. 

T. APPLICATION AND GENERAL ARRANGEMENTS.:— Applications which tnxUK 
be on tbe prescribed forms and must be accompanied by o deposit of HO per cent, 
of tbe nominal amount applied far will be received at National Westminster Bank 
LlnUlcd, New Issues Department, P.0. Box TO. Drapers Gardens. 12 Throgmorton 
Avenue. Loudon ECTP 2ED. 

Applications must be f or a minimum of GOO Stock or In multiples of 000 fur 
applications Up io ELOOO Stock. 

Larger applications most be made In accordance with the following scale: — 

Applications above £1.000 Slock and not exceeding £5.000 Stock In multiples 
of £500. 

Applications above £5,000 Stock and not exceeding £20,000 Suck In multiple* 
of n,mo. 

Applications above £20,000 Stock In multiples Of £5,000. 

A separate chew drawn on a bank In and parable In the United Kingdom must 
accompany each application form. No application will be considered unless this 
condition Is fulfilled. 

In the event of partial allotment, the surplus from tbe amount paid as deposit 
will be refunded to the applicant by cbeaue. If no allotment is made, the deposit 
will be returned in full. No allotment will b* made for less than £100 of Stock. 

National Westminster Bank Limited reserves the tight to return surplus application 
moneys by means of a cheque drawn on a country- branch of National Westminster 
Bank Limited to any applicant whose application was not nipponed by a Bangor's 
Draft or by a cheque drawn on a Town Clearing Branch of a Bank in the City of 
London. 

Payment In full may be made at any time after allotment, bat no discount 
wlH be allowed. 

Default in the payment of 3DT Instalment by its due dare will render afl - 
previous payments liable to forfeiture and the allotment to cancellation. 

Each applicant io whom an allotment of Slock is made wUi be sent a 
renounceable Letter of Allotment, which must be produced when instalment payments 
are made.. Letters of Allotment which may be split up to " p m. on 6th September, 
TOTS will contain forms of renunciation which will be available up to 3 pan. on 
8th September, 19TS. On payment of the instalment* due on 19th July. 1979 and 
op 23rd August. 1973 the Letter of Allotment will be receipted and returned to the 
sender. When payment in full is made, the Letter of Allotment wtll be receipted 
and returned to the sender unless the registration application form has been 
completed. In which case pages 1 and 3 only of the Letter win be returned to the - 
sender. 

Partly paid Letters of Allotment may be split In multiples of £100 Stock, bat. _ 
fully p*M Lectors of AUotnumt may be split down to multiples of one penny of 
Stock. No Letters of Allotment will be spilt union all instalments then duo have 
been pakL There will be no charge for splitting Letters of Allotment. 

The Stack Ccnificaie will be despatched by ordinary post at tbe risk of there 
Stockholder without further request on Cch October. 1979 to the first-named regisiereffp 
bolder at his/her registered address. If between Stb September. 1978 and 2fltlLr-. 
September, 1078 the Letter of Allotment Is lodged at Co-opera Mve Bank Limited,-; 
P.O. Box 1AN. Blandfard Street- Newcastle upon Tyne NEW IAN with the lodeuw 
agent's name and address inserted in the space provided at die foot of page 
tbe Slock Certificate will be despatched to the lodging a cent oo fith October. TO7B. - 
Letters of Allotment will cease to he valid after 6th October, 1978. 

A commission of 12*o per riOO Stock wfil be allowed io reemmised bankers^- 
and stockbrokers on allotments made in respect of applications bearing their stamp ■ 
and value Added Tar registration number. If applicable: chls commission will not'i- 
however, be paid In respect of an allotment which arises oat of an underwriting.!-, 
commitment. . _ .. -I? 

8. STATlSTlC3LjLBj.fR ting to the Metro noli tan Borough of South, Tyneside:— 

Population : •' L — — ' 160.500..- 

Rateable . Value - - 05.339.96ir. . 

(at 1st April. 19TOi . 

Product of a Penny Rate 046.790 ; 

fBccludlng Bate Support Grant Resources Element 

Rate In the £ — 95.1p.. 

Total Rale Product £27.567.145.- 

ilncluttag Rata Support Grant Resources Element 03.620,7451- '■ 
Net Loan Debt: — 1 

fa) for Council purposes — 020477.150-^ 

fbi for transferred services : 0.1 73.643 -Jr. 

0. PROSPECTUSES. — Prospectuses and Application Forms may be obtained. -• 
from-.— - : 

NATIONAL WESTMINSTER BANK LIMITED, New Issues Department, P.O. Bax-':. 
TO. Drapers Gardens 12 Throgmorton Avenue, London ECSP 2BD and any <j 4 “ ' 
the principal brooches oi that Bank. 

CO-DPERATIVE BANK LIMITED, branches in Durham, Newcastle upon Tym ; -v 

and Sunderland. ___ X, 

PE ZOETE A SEVAN. 25 Finsbury Circus. Loudon EC2M TEE and THE STOCK -v 
EXCHANGE. . 

DIRECTOR OF FINANCE. Town Hall. South Shields. NEW 2RL. 

By Order of the CouncO. 

TOwn Rafi. F - THOMPSON. i*- 

South Shields, EwcattaA'A 

NE33 2RL. J- H. HEDLEY. V 

etb June. 1978. Director of Fwanea.^' 


Tbe List or AppHcatlMU prill open « U sum. an Wednesday, 14th June. UN and/-.: 

will dose at any dmn thereafter on the same day. > 

APPUCATION FORM for 


MEfROPOUTAN BOROUGH OF 

SOUTH TYNESIDE 
12} per cent Redeemable Stock 1986 
ksue.bf £7,000,000 Stock at £99 per cent 


To; NATIONAL WESTMINSTER BANK LIMITED. 

New Issues DeparQnem, P.O. Box TO. Drapers Gardens, 12 Throgmorton Avenue, 
Loudon EC2P 2BD,. . 


1/We hereby apply for 



'say — 


pounds' of Metropolitan Borouah 

ol South Tyneside IS ner cent. Redeemable SiocR I93C according to the condWtmn 
citaialned In the Prospecuw dated 9th June. 397S and undertake to accept ihe same 
or any less amount ihat mar be aUoued to me/ us and to pay for the same in 
conformity with the terms of the said Prospectus 7/We request that any Letter 
of Allotment In respect of Slock olioiterf to me us he sent to me 'its or Host at 
my/our risk to the first written address and that such Stock be registered in tny/our 
name'si. 

I'Ve enclose the required deposit of £ - -•> being 00 pe t ent 

on., the nominal amount applied for. and warrant that the cheque attached hereto 
will be honoured on -first presentation and agree that any allotment of stock la 
made strictly on this understanding. , . .. __ . , . 

tf/We dedare that 1 am noi no one of us la resident outside the SdwMrf 
Terrltorlos* within ihe meaning of the Exchange Control Act 1947. and that I/wo 
shall not be acquiring the Slock no behalf of or as nominee (s> of any pereon(s) 
resident outside those Territories. 


MTS. 

Pleat* uu Block Letters 


SIGNATURE 


ai 


Firm Name'll tin tain 


Surname and deslgnailon ... - — 

'Mr . Mrs.. Miss or Title) 

. Address 

(in full ffictadinsr postal code) 


(The spaces below are for use in the caw of Joint applications) 


Please mo Block Letters 

First Nttnwtai In foil — . 

Surname and DwfgmrtlOtt — 

i Mr.. Mrs.. Miss or Title! 

Address in Mi — — — 


Sltmawre ———<*> 


Plnase ore Block Letter* 
First Names i in full ... 


Surname and Desionatlon .... 

'Mr., Mrs.. Miss or TiUei 


Address m tail 


Applications must be tor a mJnimnm of OH Stock or In multiples Uwroof up - to 
0,000 Stock. 

Larger applications most bo made In accordance with to tallowing sate:— 
Applications above 0,000 Smek and not exceeding £5.000 Slock ia multiples of BDtt. 
AppUcallons above Elm §£ Sn*l «««**'"= ^ Stock in multiples of OOBl. 
Applications above £3U»g stock In mullipkw of £5.000. . .. 

tTf this dedaranon onnoi be made, U should be dueled and referenc e rtimtid 
be made ro an Auihortsed DemsilarT or. In the Republic of Irelawi, an Approved 
Agent, through whom JothBu^m should be eflocnrf. Aulh °rteed DeposttaWiti a» 
lifted in Iho Bank of Enin and' s‘ Notice E.C.I. and Include most Banks and stockbrokers • 
in and solicitors Dracnsius m the United Kingdom, the Channel Islands or the 
tale or linn. Approved Agents w the RfiPUbUc of Ireland are defined in Ihe Bank 
ol England's Notice E.C.1D, „ , J . . _ 

Tbe Scheduled Turrilones at present comprise: the Untied KlnpaJora. the OtanneS 
Islands, the Isle oi Man. the Republic of Ireland and G | W2 , I ar i»»v*» 1 e u, * 

A SEPARATE CHEQUE DRAWN 0« A BANK IN AMS PAYABLE IH THB 
UNITED KINGDOM MUST ACCOMPANY EACH APPLICATION FJJEM- * 

NO APPLICATION WILL BE CONSIDERED UNLESS THIS CONDITION IS 

FULFILLED- 

This Porm should he Rued up and sent to:— , „ _ 

NATIONAL WESTMmsrars BANK LIMITED. New Imumi Dei wrxment, ^ P.O. 

Be* 79. Drapers Cardens, u Throgmorton Avenue. London B gP -B D. with a diegao 
payable to National Wwantafter Fanlt LhnJ,c<S for 146 arnount ** to • 

Cheques mun be crossed " south TynMlde Loan-” 

No' rerolpi will he issued tar payment on tins application but an acknowtedmem , 
will be forwarded by post in due course, eitiwr hr Loiter of Afloonem. or by.' 
return of deposit 








Financial- \ ‘ 


INTERNATIONAL BONDS 


BY FRANCIS GHILES 


Cautious investors shift to convertibles by Philippines 


MOST OF the activity in the 
dollar sector of the market last 
week was professional, and 
prices moved up or down in what 
was often very thin trading. 
Earlier in the week the fear of 
further rises in interest rates by 
and large disappeared, the much 
larger Sian expected rise in the 
U.S. money supply figures last 
week led some to argue that the 
rise might not yet have peaked 
out. 

Caution remains the keynote of 
investors' attitudes and is well 
reflected in their preferences: 
shorter term paper, convertibles 
and floating rate notes. 

The two convertibles announ- 
ced last week both have their 
particular attraction. The con- 
vertible for ASICS is the first 
for a Japanese company in this 
sector of the market since last 
autumn. The strong perform- 
ance of the Tokyo Stock 
Exchange, and the link with the 
Yen quite apart from the quality 
of the borrower are reportedly 
proving strong enough to tempt 
even cautious investors. 

The Baker convertible. Is also 
said to be meeting wilh an 
enthusiastic reception, particu- 
larly because oF the strong per- 
formance nf U.S. share prices. 

The indicated terms for the 
straight issue fnr Quebec Hydro 
seemed to he in line with the 
market, dealers said, though not 
on the eenerous side. 

The Fuji Bank will make a 
further issue of $20m worth of 


certificates of deposit, a week 
after having announced an issue 
of similar size. This second 
issue, like the first one, carries 
a three-year maturity. 

Id tbe Deutsche Mark sector, 
the main feature of the week 
wus the decision to reopen the 
new issue market, which had 
been closed since May 12. The 
Capital Markets Subcommittee 
decided that the volume of new 
bonds to be floated between June 
20 and July 12 would be 
DM 330m. a figure which repre- 
sents less than a third of the 
monthly average of new issues 
in the year before the market 
was closed. 

As ha d been agreed last 
month, the terms of any indi- 
vidual issue will have to he 
approved by members of the 
Subcommittee one day before 
the issue is brought out. 

The market reacted well but 
observers will wait with interest 
for the indicated terms of the 
first issue. DM 100m for Kobe 
Citv. on June 20. 


Indeed the closing of the 
market was the result of a series 
of mispricings, especially where 
bonds for “ exotic " borrowers 
were concerned, and the result- 
ing weakness of the secondary 
market. The borrowers scheduled 
to float bonds after June 20 are 
Ricoh Company of Japan. Austria 
and Norges Kommunalbank. A 
key factor will be bow prices 
will move between now and 
June 20. 

Not only do investors not have, 
at least for the present, any pros- 
pect of a rising currency, but 
yields on. comparable domestic 
issues are ‘ higher. _Tbe 
announcement of a DM 750m 
domestic loan for German Rail- 
ways on Friday (the coupon is 
6 per cent for ten years and the 
issue is priced at 09, to yield 6.14 
per cent) underlines the point, 
though it did not dampen tbe 
market Many recent Deutsche 
Mark issues are currently being 
traded at prices which result in 
yields of below 6 per cent. This 
suggests that a readjustment 


might take place in the secondary borrowers seem unikely at the be found in the great mmw® 

d rices of J «f^Mtstahd- moment, though a flood was pre- which money can be raised at 

CS^SiPKSE 0f 0 dieted after the elections last present in the domestic mar- 

Any further bonds for French March. The main reasons are to keL . ; 


Medium term 
Lons term 


Euro clear 
Ccdei 


BOND TRADE INDEX AND YIELD 

1978 

Joe * Jne 2 High Low 

99.36 7.99 99.19 I.M 99.84 (».'« 99.15 (16/21 

9123 8. 65 92.99 8.69 94JI7 (19/4) 92.99 (1/6) 


Borrower^ 

Ui DOLLARS 
TtSlto-Yokado 
Tflto-Yokado 
ftCCCE (g’twd France) 
ttArab lot. Bank 
}**ECSC 

j** Norsk* Industribk. 
(Steed Norway) 
t So nat rack (g*teed 
Banque Alg. Dev.) 

§ ASICS Corp. . 

§ Baker Int. Fin. NV 

Hydro Quebec 

GUILDERS 

j*»New Zealand 

SWISS FRANCS 
O y Nokia 

tiC! 

i§Canon Inc. 


CURRENT INTERNATIONAL BOND ISSUES 
Amount Maturity Av. life Coupon 


Lead manager 


Goldman Sachs * 

Goldman Sachs . * 

Dillon Read * 

UBAF &6T 

Banca Comm. Italians - L7f 

UBS (Securities) 8.75" 

Credit Lyonnais ■ 1US 
Yamaichi lot, CSWW ' *- 

Biyth Eastman Dillon, • 
Goldman, Sadis, Warbutg 5J 
SjG. Warburg. CSWW ■ * 


100 AmRo 


Banque Seandinave 
«n Suisse 
UBS 

Swiss Bank Carp, Fuji 
(Schweiz) 


SAUDI RYALS 

BNDE (g’teed Morocco) TOO 


EUROBOND TURNOVER 
(nominal value in Sm) 
U-5. dollar bonds 
lest week previous week 
1,2962 1,413.9 

UBS&A 618.9 


Giber bonds 
last week previous i 
3352 ‘ 292-4 

200-8 2*15 


UNITS OF; ACCOUNT 
Soc. de Dev. Regional 
(gteed France) 


3er. Regional 22 1993 I0S 7 * Banned* Paris et del 

: ranee) Pay^-aas 

• Not vet priced. t Final Tenm. »» Placement. t Floatlag rate note. gMh ibraun . 5 Convertible 
ttReWred with ui SernrWe* and Ewhmse Commteton. « Purchase fund 
TT Note: Yield* are odd toted on AJBD baas 


-. . ‘ : . MANILA, Jens Vfc- ■ 

THE Finance Secretary- of the iir Philip pine exports and ssrar ■ 
Philippines. Mr. Ceasar Virata, iniimports. _ r_ .7^- 

.says bis country wants to con- “Ardent and repetitii^ 
tinue to lessen its ‘dependence -on criticisms of .foreign tam*S 
business ties with the- U.s. and- did not help the business riirnaj/ 
Japan. AP Dow Jones reports SCr. .Harrison sald. and migb^^ » 
from Manila- -. - plain in part why newjforgk 1 ' 

I Addressing the hew European ^vwtoeuts^registered wiffi-n \ 
Chamber, of Commerce tbe of Invests* 

Philippines, Mr. Virata -said Ms year-OMlmed to 846^2; 
country bad learned how to use.*84m the year, before.; . 

export credit of tbe t^pe offered Multinational corporaiiM[ 
bv public institutions' in TSurope. especially - phVrmareniicaff ns .•» 
"He said the Philippines/ usually ponies have come' .under th£' j 1 
had a European consortium each than usual criticism here^jfei-' 
time it raised funds for a major recent controversy over a fijg ' 
project, making sure there was -Philippine law that- rednee's w' ■■ 
a European tranche. Along with. : teenon for their patents. -Mg •' 
the two D-Mark-denomboated -foreign .businessmen ‘ 

bond issues already raised Jo angered last month whenr* - - 
West Germany, the Philippines Philippine.. delegation' edmpj» ; 
has " been considering** a note multinationals to criminals: ifr ' 
issue in the Netherlands and a- paper submitted to - a Ufljft,- 
bond issue in Switzerland,' he Nations 'meeting in Manila, a • 
said, and added that tax treaties crime prevention. »• 

were being negotiated with: a - A “major fear^ of ior^r \- 
number of European countries, busihessmen,- Mr. Harris 
These Included Finland, Sweden addedT was ^ “ destabi£S§&. ' 
and KoroaDia. • r -- . ; of government incentives infl •• 

Mr. V irata said trade between - ^hicii they planned their inyfr i' 
the Philippine 0 .and_ Europe mehts< and ^ ixnposttino'- v 
reached also SL2bn l^st yeat, « res trictions not existing at t- •' 
compared wim ^^bn _yrith i nvestraeirt was made' • 

U &• and Sl-Tbn with Japan.: ... • ■, .- gfe reference' to "•destahflj; >' 
The president of the Chamber, tion” -applied to. a. snrpti 4 
Derek Harrison, said the. Philipp decree by ,r President Mareife? 


Indices 

NEW YORK-now jomes 


H.7.S.E. ALL COMMON 


Rises and •'alto 

■ June 9 [ June £ June 7 


Trailing vol.l 
000\» 122.470 38.. 


June; June 

| ft ■ 5 

IT 

■J HikIi ! 

I ihfi.5 1 ! 86J.B5 847.54 865.51 ! 

; 37.011 aa.05 

87.36 9U.8B 

1 

i <J/ 1 / 

1 231.55' 228.55 

226.0A, 251.35 

i | 

1 nr/ljl 

' 106.65/ ID 6 . 0 ! 

106.05! 110.98 

1 

1 ii/ 1 / 

31.9701 53.580 

! 1 

51.860- — 


13W |.'5im i e«im|ili<r , n 
HikU | 1/1T7 I Hiirb ■ Liw 


(2d (21 rUil/Jij! (HiltaZi 
87A | - ■ | - 

.... 





I97F 

I wiuer traded— j 

1,89 5j' 1,912 

•) 

8 7 


High | G«r 









56,08. 

66.20, 56.11 

56.11/ 

56.20 UJ/ 
|8.6) | l6li* 

Sew Hi/rh». _J 

New L"W» j 

— 185 

- 1 17 


GE RMANY ♦ j JOHANNESBURG^ 

| Prteg (4- or DK. TkL j Tmu , s * 

June 9 Dm. > — ’ % S jAadO 


+ or — l. 
-025 1 


aUstraua 


PARIS. 

t-* a«oe» 


P5TS!v 


MONTREAL , j , I I , | 

June | June! June June j 

9[8 I 7 j - I Hitih 

I n<lu •'trial 18S.81 1 MM? 105.63, laa.c4{ 184.42 8 

Cmiibtne.1 192.03, 184.00 1S5.44< H4.4D 19420 ( 8 / 6 ) 

TORONTO Cunuor-itej 1143.il 1 H 6 .& 1145.4; 1144.0 1143.6 8 -n; 


JOHANNESBURG 

U,IH1 

Inilixtrim 


216.fi. 214.1 : 210.6 
226.1 224.9 I 225 J? 


210.7 (1/2) 
229.1 i2j6) 


161!. JU ' I«i2i 
170.52 tiO'lt 


IttiA' (20 4) 
1-4. I L* St 


'Hurl* UT ln-ie« ■•Uniii;e*l m-m Autfual 2fl 

' June 2 Mw •> 

I ml. div. vivid % *. 

5.50 5.59 


)l«y O Yeara«i> i«mito*.> 
3.48 4.81 


June : Pna- < 1®78 i 1W8 
9 I rlnua High Ln» 


STANDARD AND POORS 


■ — ' “ i 1 1 I • (Via ■Since*.V>mi'i lufn 

.lime June! Julie June ; June June ' 1 — — 

q U i 7 r I o I - I HilL L(*w • H‘gh l^>«« 

1 ' 1 - 

I/ndi/iiriai" 110.52 D 0 .S 7 ; 110 . 75 ! MO.S'SJIIO.fo 11 '-»3 Aa 2 154.^4 3 . B 2 

i j i 1 ' , i r- Ifi/i) (lU. 7 dl;i 50 .»:A 2 | 

((■-'mi-eiie i 99.23 100 . 21 . 100 . Wi 100 . 52 . 99.95 99 . 14 . 1 J 0.52 4 fi.s 0 12 S.J 6 4.40 

| I j • I ; j m-fii ] ( 6 / 3 1 |;ll»l/ 73 \ i!.^' 32 i 

j June 7 | May 3] [ May 17 | Tearaifn rap(ir«,.- 
Ind. iliv. eleld % | 4.86 • vni ' 4^85 | 4.65 


Australia** »*6 06 494 ^ 0 ItOlXo) 441. W 

• (ou t) I 1 1 , 3 ) 

Belgium I|V 96.66 06^2 Ml.!« *..43 

- i <0/51 i ilij,?l 

Denmrk . {*.19 9e.l3 94.00 

: I (9,1, I <6.2. 

France inj 704 , i{<8 ! 71.7 ■ 47.6 

• (3U-bl W.ii 

German vt::) 79 791.8 jdk.7 | JrS .4 
j ] <|i-v. ■. iii o , 

Holland <«>, t7.0 • oK 6 : 7.0 j < 6.0 

Hong Kone 517.04 505.28 ! 517.04 : 3 be. 4 ^ 

(•*.) I ; 9 ni ila.lj 

Italv (III 63.44 i 62.93: -.J 1 m .45 

I . tiSi.bl ■ llu.ll 

Japan fc» 411.07 4 U.W ; 416.11 5 M.W 

I ll5|4> • i4fl0r 

Singapore .513-29 310.77 . 90.0 

161 , , I ( 1 / 6 ) i ( 1 . 6 ) 


4*6 06 494 JO ! 
96.66 06.82 
6&.B7 . 96.19 
704 i K'.6 ! 
79,rJ. 791.6 j 


lnd. IMS Kano 

1 9.51 

, 9.29 

• 9-53 ' 

10.01 

IdiBR ijt-vL lltiiid \ leld 

, B.43 

1 B.bl 

■ 8-42 1 

7.65 


Fre- 

lOTe 1 

vtooa 

HlRh [ 

10«^5 

U'.'./c 1 


(y.-?i 

367.56 

367.* 



2 &L 2 . 

325.1 


H* ?• 1 


Holland ijf), t7.0 • o*-.6 \ 
Hona Kone 1 517.04 5(6.28 


Singapore .513.29 310.77 
<3l. i 


Indices sod base dales (all uus»- valu« 
100 except NYSE AO Common — 5» 
Standards and Poors — 10 and Tnrnnio 
300- LOW. tbe last named based on 1975'. 
t Excluding bonds. 1 400 1n<1'is>naK 
i 400 Inds.. 40 U mines. 40 Finance and 
!» Transport. r?i Sydney 4H Ora 
nii Belgiau SE S(/n/R3 (*-i Cnoenhaafii 

SE 1/1 -73 i*ti Parts Borrr,e (ftp 
nil Commencbanl; Dec- 1983 iti» .Muster 
dam. Industrial 1970. (*9i Huns Sena 

Bank 01 '7/64. - HU t Milan 2/1/73 ia> Tokvo 
New SE 4(1/89. <hi Stretis Tunes 1964 
id Closed. idi Madrid SE 30'12/T7 
id Stockholm Industrial I'1/aS (fi Swiss 
Bank Corn ■«) Unavailable. 





NEW YORK 


Hkb : Low j 


1976 

Hiffb j Low 


35l z . 
2*»5s I 
d i* • 
301- ’ 
50 
291- 
•18 

20 1) . 
204b 
44ij 
25^ : 

31 r a , 

38 4n 
33!* • 
131; 
515n 
52>.< 
41lg 
3144 
24 ig 

39 

32 1b 
26 ■< ; 

6 '» ; 
454a • 
47U ! 
5; I 
63J, • 
35Jj : 

zo*« 

33.a 
I7 Jb 
30U , 
2512 
31^4 : 

32 4 
13i 2 , 
2Qi a 
3U4 • 
6-tfl ; 
337a . 
10-8 ■ 
27L ! 
66i< 
26i: : 
25i» ; 
397 8 , 
29i 2 ! 
46 I 

asi, I 

407s 

21i« 

40 I 
4U 1 

254 j 
21 

63 I 
30'a 
31I B I 

33 I 
13 

I5L 1 
391- I 
16i* 

3* 't 
167„ 
21U 
7la 
4 1 14 
77* ! 
35't ' 
i7i 2 ; 
12 

29^8 ■ 
13 1 

20 Tg 

69 
68 (« 

43 ij 
I 6 S 3 I 
241* 

37 ■# ; 

3314 ; 

44S« ! 
27if 
36 in 
651a 
sets 
1344 
4»a 
303a 
86 ig 
54U 
167a 

44 to 
22*4 
IS 
28T« 
8Us 
19'a 
43U 
201: 
28ia 

2 to 
44 
121| 
507s 

25 Sj 
25lg 
25 la 
44 Sg 
23% 
357* ! 

31 ■« ; 

35Si 

58 


25 SMi-'ll Uin , 

13 7 3 -Aiiiliv-Mier-i/ib..., 

31 Ig Aetna Liie.kt.g»v ■ 

22 1* All Pm.lil.?!'. 

32 >4 Mr..-- 

2 2 AlcMnAlumuliuni 
38^j 'AIv-m ' 

17 .4 Allen. I.ii'tmm... 

17 la A lleaheiit K"*tr 

34.4 \llnM 1 . Iii-iiihui.. 1 1 

lB^x Allied 

22 ig \Hi- i.'liMinier-...- 

31 e A MAX 

22 ; a .Aineindn IL-fc ...; 

9 '.g Aun.r. Airlines... 
39ij .Amer. Brand-.... I 
34 ig |\uier. Unwdce-l. ! 

3434 |Amer. Lon 1 

23ig I \raer. Uvannmid 
21$g Amer. Kkr. . 
31ig |vmw. Kxpre-*...] 
2634 j \mer.Ui' , mePti,l| 
16sg I Amor. Helical...) , 
3Ag 1 Amer. llntur- ..... 
39U : Araer. Nst. tin.-..- 1 
323« Amer. sUtn.lKrd.' 1 

28<g Amer. 5tnri> 

57 ig . Amer. Tei.ii Tei J 1 

27 /g Anielek 1 , 

15; 0 ;A.MF. 

24lj [AMP 

10 iAm/ieii I 

255g .Anchor Hi». , knis. 
17i- AnhyiMr Hu«ch. ■ 

26 Arnn.-u Steel... 

19 5g ..V.5. \ 

8': ’ Aaamera i.ht 

13 ig Awn.v„ .... 

27lg AsblarM Oil 

4 3 in Ail. kioblieKi \ 

236g Auin Data Pro.... - 

6>a A VC. 

15 is ATCO I 

4414 'Avon 

E45g -Halt lias EI 0 -L.-.' 
20 lg 'bank .tmeru* I 

34 idatikara Tr. N.T.I 

255a JBsrtjer iJil...... | 

35 j Baxter Tmv«nol„{ 

22 Keatn.-e Fwi | 

313a Ue-ti-nUl-kenwiOj 

14 iBeil & Howell • 

33 Beoillx : 

Zlj luen«ue< U'D> 'B 1 . 

20 '< jBetlnefaein Oieei.l 
l+L Iuijv. k a Lw-ker .. 

25 lg jHneliiii 

222 s iloiae Caa-vle 1 

27 J 4 donlen. 

S5>2 |Bnrj( Warner 1 

9 idramn lut... j 

1273 1 Brasilia M" ; 

28lg l Bn,lui Myers ! 

137b Idnt. Pet. .U)K...| 

2534 Bnt'Ji my U liu» . 

13 Ig Brunswick....—. 

163g Buev run Kne I 

5 iiii|,,es Watvb .... 

36 >4 Burnn/^oD Nibn' 

5S'« 'Uarn.uiKln [ 

3H0 ]0iuiipt«li bi<ii/»... ; 
147g jCaUsitisli Pacilic, 
10 1 1 k/uim Kandoi/ib..: 

24 U Cdninuun 

HSg uirnei a. G eneral* 
1570 viu-ter Uawiov...! 
45ii IOtilervillarTrticu>' 
43 33 ;vU-> I 

36 i-->i»ue*ei litim 

15 [Central A a.'V.... 

18H |Lerrainiee*l ' 

29 ig juauji* Ainvwtt... 
27aa .Clmse UbdImiliui, 

37 (g li.'heniKai Vli.M! 
SOig Uhe^ebcpb Pnn<i.., 
29 La Oln»«iea.vl«ai...i 
42 Cbicatto Brtrtce...! 

141* CLutirualicy 

X03, o'tuysler— 

II 4 Cinerama. — 

18 >4 Umu. llllacrOQ 

19 ig Cleworp 

45i* Ulzie> Service—. 
1120 Ulty (nvesUnji— 

SB U UocaUoia 

102 g Colgate Palm... 
10>a Uotlma Alhnuui.. 
B 62 g UalniiiMtGu..... 
13H Columbia Plct.... 
147g Unm . I naCo.ul Am 
3 H 4 lUombtuLloi) bun. | 
13*4 Uoiohunloh Kq...' 
26Tg (C ra'w’tl] UriiMXii 
2i* .Com'w'th Mil Kei, 
89 U lOuum. satellite.. 

8lg UompiiterSeienee 
31t< jUmu. liire In*.... 1 

JB7h ,L<oiinK' ' 

217* jUini. hnliMin Jl.V. 
25 ig CnnvH Kiahls....,.; 

341* {<A>naii Nm. Ust.J 

2 1-, !LVra,unnjT p.mp- 
2B>« Lonnnencgr Urp. 1 
25 ‘t ConMueulaiOll,,.. 
14 Sr 'Cootlneotai 1 ele., 

231* ICoorrol LHu 

40*4 juoojHr Indna— j 


61 •' 

II s * j 

28 ! 

34 ]g ; 
42 14 
2 1 ig I 
£8i) , 

45 ’4 • 
33 '4 : - 

26 i 8 
13a, ' 
2314 
16 4 

29 
16u 

52S, 
44 Ig 
471* 

27 So 
33 
467b 

121Ag 
3Ua 
25 Ig 1 

12 1 8 I 
68 

40l a ! 

275a | 
174, 
35jg , 
38t- ' 
26 14 • 

381* ; 
53e 

27 I 
31*4 , 
335a ! 
49 Ig 1 
3739 . 

40 Se j 
16 

30 

B3J 4 ! 
27 Tg [ 
32lg ; 
38Ja I 
86 
Slta 
22ig 

395g 
10l 2 
231* 
32 
12 iB 


'CuraiDK Li lar-....! 1 
iUPI lui'a'ciona , 

Crane — .1 

Cn-.-ker Nat I 

Cma-'i /.eiietimcltl 
Lumrain- hnumei 1 
cum- Writ* lii.. 

Dana 

Uan hpiuninef.. 

Ucen* 

Del M-iulv 

Deln-iM 

l*eniM<iv luier... 
ueirmt Iviimiii... 
LUamnii.lSIismrk 
UlclaUimiC...— 
Li|"ila hquif»-~. 
Liianev < H'altt..... 

Hiiver lor/in 

Dow Cbeiniosl.... 

Uravo... ..... 

Ureaser. 

U 11 IAwii — 1 

L'ynu' loduscrtesj 

Kat/ie hdwr. • 

bast Alr/loea— ..j 
tuu'tzuao Kcrlait .4 

Eatoo „.l 

8. U. * G ; 

K1 I'aio N*t_ Gaa| 

fcllra 1 

Bmeraon bleetncj 
bmeryAirFr - ii;lu[ 

brubari 1 

B.M.1 j 

tone/ hard 

h'lmark 

lathy I 

hxxon 

KfirebiM Camera 
led. Uept. More* 

P' ire* I one Tire.... 
Km. Nat. UoncD. 

r’lexl Van 

Fliotkoie 

Florida POirer^.. 
Fluor 

F.M.C 

Ford Muter.—.. 
Fonernu-i Mck.... 

Foatoun 

Fnuiinm Mint.... 
Free/.rt Mineral 

Fruehaut..._ 

Faqiig lnd>-„. — _. 

|U.A> 

Lunin* 

Geu. Amer. Int... 

•GJL.T.A 

; .Geo. CsOle. 

, iGeo. Dyoamlos 

I Ueu. Uiectnut..... 
General Fooil«„.. 
Lreuenu Alilii.„.. 
General Motors,., 
i |Gen. Pub. Util.... 

Geo. 3 i*mi 

1 (real. Tel. Elect.-. 

I ‘>en.lype._«.. ... 

1 iinram j 

1 G’oirjjia PaelHe... 
Gwty Oil I 1 

1 (iilleiie 1 

'■•aatrt.-h B. F [ 

1 'Gixd vesr TlrBL...' 

1 Grailri I 

i Grai-eW. H. | 

l ;iji. Allan fticTe* 

: lGrt. Ncirtb Iroo..! 

! [GrevliouraL- 1 

jliulf j: W<*wni.; 

1 [Gull Ol 1 

l j Hall burton ......... 

I Harm* -Minina 

I Hantiw Irrtwer. 

, Ham* Uocrn.— J 
Hein* H. J. — J 

Hauh iuln. — 1 

1 Hewlett Packard. 

1 Holiday Inn» — — 

1 Uoraraiake— . 

I Honeywell. 

! Hoover 

t Ho fkCorpLAxoer. 

t Houston Nai.Ua- 
I HuutlPb-AiUbm 

< Hutton lfc-F^ 

I I.C. Indu-tiV 
t INA 

s lutferwii Itand— 

3 Inland Steel... 1 

1 ln»(ico_ .{ 

ji nrercoo t koenp"J 

1 ilntL Fla vi-ura....: 

I Hntl, Harvester ... 1 
v !lnu, Alin k them! 

I Jinn. 3Iuirittgkis..| 

I Huso I 

9 ItiU. Pawr 

» IMi 

I lut. Kei'Litier...... 

jinr. Tel. A fet....! 

dnvent : 

i lli'wa Heel.. ....... ..i 

llU IntematWirral.l 
■ Hun Walter^—.) 



284 ;-l* Jins UaiifliXr...j 
66 J>.lnw.<n Johnson 
24*4 J»lnWi*n Contn-,. 
29*4 J"\ UniiiilHviii' V 

23 Ig k. U *71 L htji. 

28 h*i*vi.V iinuni io 

1 *« k*lw?» I litlu-l m- 
21 U km*ei sigei 

5*4 has 

19Sg heiiuvtvll 

40 1 g ihtTT Mdjiv 

27 Jg h utile Wade 

58*« KiiiWien.v Ck-ik .. 

18ig K"t‘t«er*. 

42 brail 

25Ig inmuel Co 

27te ' Lea -eway Train,. 

all* I Lev* sirauia. 

25*, |Ub»'VOw.Fnt»l... 

2610 ILi<U{el Group 

36 7 S Lilly (Eli) 

14 U (Litton lnvlu>t ; 

13 iGnckbeeuAlnVnl 
17*s lUioestar Inda... 
1850 'Ljou l-irtiul Ltu.j 
20 14 'LouMarifl Land.. 
35*4 (Lutinsur 

13 jLuckv Stoie* 

Si- 'L’W Y'vupt'vn 
9*4 'Ms. UKlaii 

35** ’Maav H. H I 

291* [.till*. Haiiovei ...I 

31 9 

40 jUkintlKMiOt [ 

11*4 [llanne .lji.iinri'i.i 
I9lg ilUolMi FisM...i 

207g iMay Uepu stniw. 

32*8 -MCA. ! 

21*4 'AlcUemuu .3 

22*4 Al.ltooiieii Ifc-ucJ 
16*g *1 Gran Hiii 

26 Meniore* 

4B5g lUenk 

1359 I.Meinn L 1 iM.l 1 .. ..; 
32*8 l.Uraa Penwieiim.j 

25 U | MG 31 1 

43<« jlluin AIiukA Mil* 1 

58Sg jUiitiu C0T|h.., 

44 Sa [iliuraaitto. ! 

395g Aliirtian J.P 

54 7 g il'giatHt 

53 Murjabv Uli— . ■ 

2314 — «.• 

29*8 >alcrCbemi--a<...' 

14 ,\atlunii< 1 . on 

20U ibd. Until w*...1 
IB If oervi e Inn.; 

29*4 ksuinm ri<e..,.| 

33*4 N atoms, 

37*4 .ME 

13 Neptune lm< 

81*g (Aevr Ha«lan<i Hi. 
33*8 |Ne» Kn/jisud Tel | 
lalg Aiiun.ni Mobautl 
9Jg iNiacan Sintra — 1 
lb>< iN. L. IruiiiBtrifa.. 
23*0 ISnrWIlAlVlNimij 
34 j, ‘.NihIU Nat. U*....‘ 

24 j .Mini stHH-e t*»H 
2 u* 4 Mhwtal Airline,, 
21 U Alliuftrt fun.-tiTf.- 
lb *4 i.Vurli'ii siiiivu. .. 1 
20 lU.vi tenU. Fetig.i, 
37*4 U~llvy Slather .... 

17lg .Ohn. bl uum.. ...... 

13. ‘g lOlan 

20*4 lUreiaesd 

27 14 l-nilll: ... 

19 U*eu> 1 lliiuiit — ' 

25 U [l*iu.'in Ga» 

18*i Pa »n*r Ujlnluu. 
VUI 4 It's . Ll...' 

4 Pii»A m'V. ,ri. 1 An [ 

20 J/ Earner Htinnhi,' 

20lg 'KeUwy ini 1 

2 1 Ig Pen. Fw.Sli.._ 

35 14 Penny J- U 

27 Penn * 01 1 

7 P*LH«em Dnnt 

3840 Peoples Gaa 
84 6g PepsiCo-— _ 

17l« Perkin Klmer.,.., 
48i2 p« 

2obg i’Hze»._ 

17*0 l'lwi|» Uuirc 

17io Pbila-ieiiiila P ie.' 
Sb PHi>ij.Mofnn..„..f 
Z7ig PblillpePetnit'm . 

33 ig i'llslan v 

18*0 ■Pitiray Hrraes 

20*4 iPuiwnn • 

16*9 (Pieaaev Lf* .UUP 

23i; iPuiai.iM .* 

W*g 1‘nl'illlHC Kin' 

23 ig VPti lielu-li h-.j 
73 . IPnaln liomlne. \ 
ZlBa (Pun M-ue K (Hi j 

24 ii'uonisn 1 

lbig ; Pu ret 

SU'a .'V'hritei >M- ; 

5", (Ihid 1 Amen.*i 
29 U H'rikarai......,, . | 

32 iHepubiid Steel, .J 


58 'He* .n i 

25*4 INeVtmiile Mela**-.] 
52 Ig Jlteynnl i» k. J — J 
20 .'|itK*h'««n Meireh. 
28 7| Mira-Hweii G»iei...J 
28*2 iKnhm \ Hag-— I 


Itnva- |IIIU-II M ....J 

I'Th ] 

kin- L-*i!- 1 

Ity.ier jt-iwii-.. 
raie*rai - 1 . u-e... 
-I. J-u. 1 *lni*-nd». 
M. He.-!' I'd/dfT... 

■wnld Fe 1 1 1 . 1 *. 

nii lnve*.i..„— 

Sa xnn In- 1 , 

i.-hntr hiMruig.. 
schiuirtt-er.-er— 

SC-M 

Idnyt* Faiiyr, 

•icnvi* Mr-- 

JSoe Duo.lw....-.~ 


197g ISesLootaiuer-— I 

20 1 g |4e**:ram — 

llSa !sw ei«a».) l 

22*4 .'Sear (fad-n k_^ 

29*e 1 -KUt.u ' 

28*4 [KIMI'JII | 

37 . sue li»n-i«Tri— 

28 'Siann 

3U/8 [’i/suoie L.aj 
10*4 iSllll|-li.-«H Pal.—j 

18 Hu-.-ei j, 

46*4 tnnt’ih *i*»- — 

1*4 — 1 

18 ^ajliviowii 

23Sg j-fcdiUieni La., bet; 

151s Stall liem <_V , 

28 ig .^tliu. Nat. lie 

3 1 : nan J>e> n Pa iti •; 
44*4 |Snnthem):ai‘wgT' 

22*4 |y-«juiiaD. .j 

23*4 Ij'w'j Httt-tntrer 

15'g ist^rrv Huiun..— 

32*8 | 3 t<errv Ran. : 

2 isa 'si/uil- — | 

82*g [ilaounl Bnuri'.] 

24 5g ! svi.OuLdt.iiornis; 
44 I -vt. Oi. In- liana.. 

58*e .Tt*!. UiHitno 

34*4 I 'louR Cnennca -I 

127s ■ler.in-j L'ni'j I 

437a ■ ti» , e*wfc»-i j 

335a | iuii C*. 1 

31*8 I -nil Iran ■ ,...! 

18*4 !«nin 

&I 3 Jl«r«ii»'n* 

32bg rIeklnai-\ -} 

57*4 [lein'vii*. 1 

2 *i jte'e-a — 

28 *g , reflect. * 

7*4 Iteeun- Pei n>u.-umj 

24ij ireum 

17*4 j lexi-uiu; 

6 Ha 1 Texas liid.m.— 
29 *g 1 lexaa LUI A 1 laa.. 
19*g ! rpaiur Ulilil ips ... 

34*0 I I'ini** Ine 

22 *4 , 1 'lme* *1 li-rrir 

41ig I fi in kni 1 

3 Lag . L ratio 

13 Ig lifaiimienra. 

17*4 'lianas 

52*s :«ran- L'nn-n.— . 
21*4 ' friu-sav (ntr'n 
9 S 0 I Iran* W.s-|.l An. 

26*2 traveller. „. 

181a iTrl Cm 'lie ■••aln. 

27*4 rl.K.H ; 

2018 'AAII -^eiilmv |.,I» 

19*0 :U.A.U < 

18*4 lUAHIitJ..... ! 

80 1 LG I I 

14lg 

35*4 ;t>m*evei 

501 2 it/nuevei At | 

12 lg Itlniou beniA-rp.- 
375g jtiniua i.4JtiKit.... 

6*0 i union Ummem 
46Sfl onion Ui- U« II .. 
41 | Umon PhciA-- | 

7lg Unmiysi 

67g (Jliltal Unnli..,. 

2 678 U5 

2Hg usUtiMim....... 

21*8 l<j»>b--e. 

2 S ig |.3 aits*- 

32 *2 . u, lec'inrinigter . 
18ig I .V Indu-arhe....; 
13*0 1 ■ UallUa h'ei-l....] 

lb>B *V "unvii 

29ij • ■> unit- taifnniii.l 
2640 ..Vinm-lsinierlJ 
17lg ; A ■>> ■.-.<! . 11 ' iim*i j 
24G -Ve--v-rai 2 *- _ 

29.10 nc-*l*TTi 11*111 td|- 
lOh . iVolmi V. Ami i| 
I5*g , **wipm L'niim...' 

1 1*4 | *V -*l Ul.-l.- 4 . t'.IWH I 

227g ' A ora i- ! 

Zt>>i *Vn ..-rimeniei 

20 'g *V hlr ■(,*■.. _ 

20*1 A* till v (.an. In.i . | 
16'i .A •■*,.!. . .j 

815j [Wlirnn.in 


207* • X7s a 
55e ! i* 
55*8 t 41 
19G. I 14*. 
167^ I ll*g 
94»i 95* 

825g * 80*a 
6.67^ 6.07' 


I Vi', an wnrlfi 

|VVvi\ I . S 10 

1 \ems ! 55*8 

; 'eiima ... — 14*4 

j Zenith — lb *8 

jU.-.lr-w *% l*ft‘ t 94 l 4 

L>.lreaO*j; 7 o^ tBOSa 
^u-a .90 Uav hill-. 6.645 


CANADA 


tiutlhi Paper......! 

VitnL'i Faifie 1 

t'inn t-umiamni 

A.;iimaaiee j 

A-he*h* ( 

Bank ■>> U.Kiirra j 
Bank Suva bid la I 
Baal Ueennr«rJ 
Bei' Telephone — j 
B«7w Valiev I [•d...| 

(BHCmnarta. | 

Brsacan ... 

Br|nc» J t 

[Ca.Earv Power....' 
j JsniUoir Mines.. .1 
;«.Xonda Cenieul-I 

u'sitaiaSW' |jin..[ 

Jan I nip BukConij 
. awls irniiiHi — 1 1 
.111 Part lit-.... .....J 

usd. Pa Hit- lot 
.’an. '’ii/'ei Ui-....; 

JartiPR O’Keefe..' 
Jsaasir Ahesi<*...| 

li-bleltJiin I 

I '. Dm 1 aop I ' 

| Jtnn Bui bunt....' 

|C4jn4u met Iru ! 

:Jr«ek* Itesoureral 

;'.4nialD Rich I 

luaua Dev. mi ... 

jLietnemi Mind—' 
,‘Liiim Mi net ........1 

Utrme Petroretim. 
Onmimrrn Unil^t 

iTomlar .! 

t>u/aini. — .... j 

Fa'ijnn'ce kickie • 
r'unl Motor Can. -I 

jUeiiaUu .. — _j 

Giaiu tei'wkniiij 1 
ItiUll till laSOd U . 

I Hit w k er & i- 1 . l>n 
•Ho inner ; 

Jit. 'au Oil ’A I 

ttiuiwvi Bay tine I 

|Uu nail Usy 1 

|Hu.ism Oil & Gar | 

Jirnaeti. { 

'irtiLCTimi Uii._.... 
Unco 1 

|lniia>..... — 
iinlaO'i Nil. 0*4. -I 
>nt'|r.vPi|«Liii( .j 
daiaer Resource t 

f blurt Piu U«|-|%... 

i Udua" tvra.'b'.. 

ile'mm'n utneii. 
dsmey Fgvstnoh 

[dL-lutyre 

, ll,r<n i.giig ; 

j M ouaUiii5uteit>: 

1 ,.i,n .a Allure... | 
i.N.avem Hueray... 

I si bu. leieruni,..,!' 

! xuiiuu.- Oil A f id. 1 
1 >*4.uuuu Pet-'m ; 

I . ‘it.'inu Gopper XI 

! ir .rihuPeiirdeuml 
1 au. Laji, Pel'll' [ 

iTUirvi — 

I Peoples lieuub.. 

I Place Can £ Ol'.. 

p'acerDeveiot mi 
I Power Li rjinral 'n 

1 Prier 

! JueOeu 3l ureenn 

,(*u|(er Ol 

I .levl mm 

; 1 O 0 Alt prlrt 

1 itoyM Bk.ni Can. 

1 toyai lruat 

I j iw|iue k'nniranl 

! , cw" 1 "-. — I 

l 1 me- Laruuld 

1 ; Merrill G. Miner: 

I 1 marl i- O ii— .] 

1 , 

1 ] iee- ui VBibuk.- ' 
j ■ i»-e|< lba-h liun .' 

| • n»a.' uanx'la ...I 
j uiniiuiii Uvni.Bk.j 
1 )(<>ui>Ld»Pl|4rL*n 
1 itsiis M-iunl Ok; 

I . run- 

1 iiiitm Gar .........1 

* ,-laL 

1 <7| aer Hiram.... _ 

> at'ea* Li„l I'rgt.! 

( iV-i- ... I 


t Bid. *Aiked. | Traded, i New Suck. 















































- ftS -'- ’ ’ v >Z— e -'w-- - 


ra.QP F.itT v, i authorised unit trusts 


Sas 


n. 


S'- 1, 


EffUlljAft.ii— ■— 30 .4 

, ?JS5StyF<u+--. «M 

i F»prtyA«.~— . is ? $ 
■MeeUea^and-— . H.4> 

GanarttUeniad.UILl. 
^ r . ^tva-ir operty- — - WL7 

3s <■ , 2n 1 Jett. SaotritT;-. l- USA 

h ^WMSB 



Abbev Unit Trt., Mgrs. Ltd. M 
I TT-W, Oatehem'f (■ TM . A> leihunr no 

j Ahhry Capitol.. . |MJ MSI' 

AhtWlnriW - -fig* M'S • •• 

AMWflmTU Fd gi 2 7 5 0 

l AbhcyG«n.T*-- P<9 *7«-0 


SSSw&SSfi^^.&riit PRrtfo»D f IJfe to*. C. Ltd.? NPI talllM Ltd. , 

ZgnltyFPnrt.7-.. -.{562. mBartJK^r^CU WAJRrtmjCreW, WX31071 Aa.Grwwhurth SU.EC3P3KII 01-823 «00' 

*** ** 1 gMfi pLr 4, T «»^ --I r *ottf«IFh«l--,)M»* . J501I. I.- lAUIrd H«nbro Group? (>M_» 

Gresham Life An.. $oe. Ltd. 


4 14 
3 95 


cSdiwShn* 


Price* June 1 Se»i dcaliu July 3. 


New Zealand Ids. Co. (UJL) Ltd.? 


- MaHtaadHMlcSWtlWUlSSlMS 07M828M Brt«wri ffcmla 


Haml-re Hhc. Italian. Brentutt* gfjjg 
01 as r «l or Bronrvrood iCB77l 


1307 

33 lrf 

*0 2 

55 7 

59 6 

*01 

1580 

169 Sri 

*13! 

532 

357 

*0t 

K.6 

610 


71.2 

7b t 

-02 

O? 

l«8Sl 

-0 :a 

862 

93 51 

-03 

336 

36.0 

*0.6 


"-J Z CXsCush Fund .&6S . 





Cl. a. 

CL. toil Fund 

C-i-Ppty.Ftad.™! 

Growth Sc S«. XMo AM. Soc. Ud.? 


“ Ki»1K*ylav.Pion.B37J 
“ Small Col Fd. jULl 


.TcchnoincyFd [1065 

Extra lnc/Fd... n 




■tl g£ ** Ju» tt-Voluifiounurnallj Tu<5*d*y. . G. tsTsapSK!!^ 

; ■ 3 e.» , ‘ r >I liyUbany fife -A Bnumnce Co. ' Lid.' 

- e *3 hy>l#0MBa*HaghmSK;W4. : 


Amur) c»n nL.^.^liS'S 

Fftr&aitFiJ'. U119 

WeirB*mkW^-Tlwi«».Bcrfa.M28-3e« 

Flexible Kwwce..} QJ**V-k I - , 

Imn^ok Sees. ,r- JgJjj njjj '■■"'T ~ Norwich Union Insurance Group 


— i^runwrvifcSca. Aid 


OTA . ._ 
lM-03 
Z1S.H *0.2 
105.fl -0.lJ - 


J +l.fi - 
IBM +0.1 
10L* 


357 

TOO 

frbx 

1175 


FO Box 4. Norwich MU 3NG. 0003 

Muafwd Fund GOT 1 2205) +05] 


Equity Fuad. 



._. 1357 

■ mo 

■bh 

.Act,—. ism 
■ d-ACC. 212.1 
W^m 2710 

■■Muai 

MnPaFdAcg^ nai 


01-073903 
1901/ .. .. 

MU 

IlM .... 

.1093. 

11U . ... 

UU .... 

. 2241 

-»V ._.. 

135J ...... 

125J 

12*5 „. 

20M 


tea 

n27.i 


.-. lI i 1 PrOpJttA y . i— w h77 X 

-•'• ■ ^TCiSlm^saJMNUlSj 
4 L tfe Assurance Ltd.? 

c ia.o ^ Alma JUt, Reljsie. . 

\Z.p. *MEV Uaaaaed — BJ5J . 1S3.U “.... 

^>:;...’--AMEVfiidr% , ^L_ 115.0 - 122.fi ._. 
J ir -2: ; s ■‘■k.AMSvKaoyFd^ uw.7 noi^ .. M 

i..L - ;1 A2ffgVBml5rFd.;„ IBM U5S 

raid tot— n.C. - *»3 

- r SK|5| ir« 


Guardian Royal ExchanjXr „. - . — .-_ 

Ronl Quluuufe. E.C2T : 0MW7107 

Pnjpurty Bond* )X 7tl ‘\WM| ■■ -4 — DepcndtFniul—’.Z. 

Hamfero Life Asmxonce Limited f **»■ UnUHoy 15- 

7 Old Park Lne, Lnadoa. Wi '. 014000KR Phoenix Assurance Co. Ltd. 


m?4 

1 150.1 issol +i$ — 

■w - " 


Allied 1st . —If}? 
Bril. Inda. Fund. - -|*3 0 

Gnb-Aloc. 

E2Mt & Ind. Do 

Allied Capita! 

HambroFund •• 
HombroArc Fd.— 
IsMM Fond* 
niKh Yield Fd-- 

Hlch Income 

AJI. Eq Inc 

IWernMMoaJ Funds 

lrcomnUonai 

Seen ol America - 


M3] 
45 ‘M 
30 Z 

iiojS 


-02 
-0 2| 
+0 1 


-01 

- 0.1 


12551 -0-1 


l^SdeFund- ... 
lu Agror^#- - 
IntL , 

( j iiniL T5L lAst J - 

Gibbs (Antony) Unit Tst. Mjrs. Ud. 

23. BlonJOcld SI..EC2M TNI. 




24 

w 


Fixed luLDnp... 

Equity^ 


— fro perij 


MadwfohCspiZ „ Jmi 
Mssjssged Are.^JnEtZ7 


Orerwu. paox 

Gilt Edfed pi* 

Anutleaa Act nn.*' - 

ftsnJF. I. Don. Cap pTS 

Fen.FJJ3en.Acc.- 





Fea.Hsa.Can l 20 12 

Pen. Mac. tox 8455 

Feu, Gilt Eds. Cap.. 1203 
Pen. GUI Eds. Act. 124.4 
Fen- BS. Cop— ■ ■ 123.* 

Fru.B5.AU MBJ7 - 

Fan. DAJr.Cap. .1014 

Pen.DAJF.Acc. .UM 




lflSJj 



PteinrFund . 
Special Ul Fund* 
Smaller Co.'s Fd . 
2nd S«dr. Co's Fd..{ 
RtMvnyJilia. I 


+01, 

+05 


Cart mo re Tand Managers * laHg) Frrpctual Lnit Trust Mnsnt.¥ <a> 

^ . «»* KlA HHP 0130 3531 « Karl St, HerJo on Thames M3 . ia ?S? 

014 Fprnal>lpGiu.- P^» 42 ' 1 

2^5 Piccadilly Unit T. MgTS. UtL¥ (irfb) 

OIK U'aHKTr lire, 39a Inr.dtiB Walt ECS OSONI 

316 

41.0 
*45 
*7 6 
36a 
62.4 
577 

ttl 

(ai.uG.lnroW*;— R« -MS ... I 120 Amerlrsnf und...-.ft6fc 

Sat&nrff- •• J ■" Practical Invert. Co. L»d.¥ W« ^ 

labVC ' DMUnq Tut*. nWed. 44 BloemrburvSq WTiAZftA 01^38805 

Practical June 7 Ml Mf.|j ] 

SeOMSO Arcum Gull* — |2U.4 22- 5( I 

202 Provincial Life Inv. Co. Ltd.* 

2.K gee. Blshopacatt E.C 2. 
prolific Units - JBJ 5 
II1C& Income _ . - .11102 


557 
544 
5.03 
438 
S16 

Govetl CJohnlY 

n.lnnam^^J- _ 

402 c'hMr June 2-. _....|U4 7 142 (hd 

644 SrSsiTCmt- -11620 I7B.S. 

7 M DO. deahFls dj v Jun , lt 

Grieveson Management Co. Ltd. 


■ft Extra Income - 
6-S Small Co's Fd . - 

?S Capital Fund,- - . 

SS2 Jnt-Ema iAraets 
PmateFund — . 
_ Aceumlix. Fund- 

TSqS^ f “”“ 



OVERSEAS 



Arbnthnot Securities (C.I.) United King & Shnacson M#ra. 
FO Hot 3M X Heller. Jersey — '-"«ee , rw— -r— fit uollor. Jer 

Car Tst I Jersey I 1115 0 119 (hd. 

Seal dealing dare , 

East ilpUTM.'CIi Hilo 

Soil sab June : 

AuatralUn Selection Fend Sy mu. Govt. Sec*. Tat. 

Mark#* OppwtiuiUir*. e o In:.l Ynun* h FL~* Sus’linK— 




|6ulhwalle.’lM. Kent Si. Sidney - 

US51 Shares.- I 51 SI 51 I+8K1 “ 

Net Asset Value— 


First larL — _. .|1SSD 


jUelnnrt Benson limited 

■ EC3 

1041 


Pi^narao 


or: 


4 17 1 "ftSJs7at‘ JW» a'xe«’aub“day June J4 * fp Fuf EartFd. 

Bnk. of Lndn. & S. America Ud. vlmpwiFVmi -" 

0 l-WT OBI (40.88. Queen Victoria RuE-Tl 01^302313 }^g. l^Cwth, Fd_ 

403j +0.2J 306 AletaaderFond - IIUS726 - 1 1 — 

118JM +0 3] 751 j 7,oi asset value June 9- - 


Signet Bermuda — 

■irSifi 


ifondMDHi— 


- *-5, King William Si., ECU' «HR- OIJMWTO SS^SS.Srte.' 


Woulih Aat. 
OI.JIMu.. 
Eb r. PtLEq E. 


nu.i 

t“bs 1 


« U4JK 

777 7.J = 


OrencM Eamlogi 
ExpL Smlr. CD's - 


3741 . 

44 5 -01 
849 -05 
431 
6124 +IH 
2279 -Oil 


142 50 Gresham 

.u ssst»g* ; ii 
tl ass^”li 

Si? lAccunvLolwJ-— #S»4 

Gmchstr Juif'i#-’ 

SJ * LjiABffl*. Jm* 7—470.8 

lAceuBJ-Unlt*!— -I 75 - 4 


213 7] 

2316 
IBS 8 
2127 
140.7 

. .. . 1*7J .. 

1995 104.2a +4.4 

US 4 1082 

4.0 
767 


01-8084433 Portfolio Msgrs. LttL¥ (aKhMO Banquc BruxeUes Lambert 

it? Kolbaen Bar*. EC1N 2NH 2 Rue De la Regence B IMo BruaWl* 

Til pmdeniial |1235 3310! -0.5{ 452 RenuFundLF ..HM 19071 *21 787 

im Quilter Management Co. Ltd.¥ 

180 The Slk Exchange. ECSNIKT OI-fflXMl.t 

l %«fiS3SS-:ISi SSa-1‘“ 

i.« Reliance Unit Mgr*. Ltd-¥ 


m u 

51'SIO 62 
Sl.SH-75 
SUS3L24 


.IT 


330 

417 

4J7 

13t 

1.96 

0JB 

0.75 

160 

B.76 


KB net as London payiu *Jeoli only. . 

Lloyds Bt (CJ.) U/T Mgxv 


0534 27301 

. ,.| 221 

Next detling dale June 15, 


7.72 


Pwp- Equity 6 Ufe Asa. Co.¥ I .MF^hureh stEC3M8AA 

Sit E&SS inl Su m 

as u 


Ui-VOOVW 


— P wp ti’ly Growth Assur. Co. Ltd.V 


~ Leen Homo, Oeydaa. CRB 1LU 014800005 


:!■ 


Jkmrw life AssuzRnce • 

'90. Vabridga Road. W.12L 
KeJ JO-FACa Unt..t824 17. 


01-74B.M11 

."•"J “ 

Barclaya Ufe Assur. Co. Ltd 

92 Romford RjL, E.7. 


~ Barelxy bonds' [1225 

• r c*>i- ; &15 1 



124. Of 


^1+0 


. 3 „ , 05 

'-^f.Dp.IniUaJ J3.4 

• :- •' -GmEdxPentAcc.- 6.1 

f . , -p Do. tolffia 9B.6 

• - 1 

'Comet unit valua Jane’ 12. 


Hearts or Oak Benefit .Society 

lNlT. Ta v Lit oek Place. WC1H8GK ' 013*7 5020 

Hearts ol Oak J36 4 -383T - ■ I - 

Hill Soma el Lire Assar. LbL« 

NLA Twr. Add lacombc RtL, Csoy 

♦Property Units 1152* 

Property Seri m A. 1U8.4 ssm :>a 

ok»«« BBSEat*-^ '.fflUli 


10BL2 , 

114.7 +00] 
1015 
TDM 
«U 

^ ...... 

VA , 

U5J 

1023 


Mcnaaod Series C.. 
Honey Uufta 


Money Series 

Fima] " 


Ire life Asrar. Co. Ltdf 

71, Lombard St, EC3. . 014B31289 

t BHt Hone Josol...| 128.76 ! — :.| — 

■Canada Ufe Assurance Co. 

Hlgh St, FOUern Bar, Herts. P.Bar 5IU2 

^bS£f»SjS , 5!| . xwS , j -!!ii — 

jCaniMB Aaanrance Ltd¥ 

."Ldympic Tty, WcsnUey HAS0NB 01-802*878 


InLSer.A 

Pus. Managed. Cap.. 
Pna. Managed Aec_ 
Pu GTeeo. Cap—.. 
PBa. GteecL Acc ...... 

Peaa. Equity Cap- 
Pass. Edulty Acc-.. 
Pjj*F*AlBt Cap — 

ftxPrtW Acc 

Pens. Prop. Cap 

Pass. Prop. Acc 



Property Fund 

Property Fund (A)- 
Ajrncolhiml Fuad. 

® c, Fund (A) — 
ryNaLFuBd— 
Abb+y Nat FdriAl. 
lovnuneat Fund -. 
InvcumentFAlAJ. 
Equity Fund-- — 
Equity Fluid (A) ■ ... 

Money Fund— 

Money Fund I A1 

1H4HUU Actuarial Fund— _ 
Clll-edged Fund—. 
Gltt-Edged Fd. (A).. 
♦Ret in Annuity.— 
•lnsued. Annty _ — 


Prop. Growth Paul 
All Wther Ac I'ts 
♦All Weather Cap. . 

Vlnv. Fd L’tx 

Pension Fd. Ula.-. 
Cone. Pena. Pd. .. - 
Cnv Pni. Cap. lit 
Man Pen L Fd. 


1UJ 
17*J 

757.7 
7515 
153.4 
1512 
67 9 
677 
16BJ 
1M2 
13*6 
UM 
1122 
12L9 
321* 

1917 
1435 

IMS A AaaulU 
112*.* U5.W 
Il220 12**1 

137.0 

124.7 
1*62 


Man. Fen* Cap. Ut_ 


Prop. Pena 

Prop PensCap-Uts 
Bdsx. Soc. ran. Ut 
Bldg Soc.Cap.UU. 


ns.« 

1328 
145J 
132* 
130. S 
1201 


+.041 

+oi 


+ 0 . 1 , 

+0.11 


Anderson Unit Trust Miaagen Ud. Royal Ex. Unit 

I HoeaJExCh-n^E'^P^N'. 

J ^cXrfdhiRT* 1 -^ 7 91 *1 

Ansbacher Unit Mgnrt. Co. Ltd Henderson Administration* faXcXg) Ridgefield Management Ltd. 

I Noble SI.EC2V7IA. 01423SS7& UT Admn.a Rayleigh R o« l. HutMfh pnaM na.suui KoonedvSt..Manchc«af 

Inc. Monthly Fund. I3J650 1750] .... 1 *40 Brentwood. Essex- 239 081 238 8921 

Arbnthnot Securities Ud (ngc) ci^c S^htoc.-- |42j 

01-2389281 Cap. GrowlhAcc 


p o. Box 1». St Heller. Jenry. 

Barclays Unicorn InL (Cb. Ib. 1 Ud. Ltoyda T«. Oj ca * jjgA . . .*‘1 
l.CbartngCrosa.StHeiie.-.Jrar. IPf} 

SaSSHSUS&a Ud|% Uoyd. International MS«it. SJL 

L'nlbond TTUst- - [HS1KI7 196 
'Subject 10 fee and wubholi 


* M 7 Rue du Rhone, PD. Box 179. 1211 Gene»* 11 
*“ Hn.d»lnt- Growth isngio JjSrt ;;; J ^ 



High Inc. Fund -- 
mAccuul Ud1«i . 
r&2% WdrwLUYa 


(Accum Unitai— - 
Capital Fund- ..- . 

Commodity Fund- 


— [{10%Wdrwl.L'.l.. - 


:iS" 


— | lAcoun. Unini— 


lei Ltd. 


(Arcum Ualui — 

Smaller Co s Fd . 

Eastern A I all. Fd 
f8“>» wdrwLUU 1 — 
Foreign >'d 


jusn 

113 OH 

+01 

41.D 

*4.0 

-0.1 

55.0 

593 

-0.1 

530 

592 

-01 

S3 

273 

-01 

37.7 

40.6 


MB . 

205 


56-5 

61.0a 


813 

87 9X 


«3 

533d 


17.4. 

110 


m. • 

4JJ 

-03 

463 

491 

-0 3 

DO 

3S6 

-02 

IS 9 

420 

-02 

rrs 

29 Sri 


240 

25.9 


188 

203 


Ml- 

9LU 


l|32J1 

35 Jri 

+0.7 


11J1 

3i? 

414 

1227 

1227 


locowoA-Aaa^t — . 
Hlgb lacmac Fund. 


gaSSSE-Bi 


2 2? Financial A ITtl— -029 
— c>IIANat.1tM 1773 


Cabot .—y— 
ImenmtloMal — - 
WrldWIdoJm*** 
Oienoas Fnoda 
AuatraUan 



Ridgefield ltd. UT -BJ-O 
njdxeUeld Income. PJ0 


icnN 
301 « 
362.3 


287 

2*0 

63* 

166 

166 

416 


— m 


NAm.Gr*«Jaor8- 

CjbotAmer3m.Co 


Imperial Ufe Aj*. OJ. of Caaxs<U 

Imperial Moose. Guildford. ■ 71335 ^ JJ^u^FA-MSa 

IbI “ ^ CaahftL. --|l0*5 

: ed “ ' " 

1 


Provlnclsl Life Aunnmce Co. Ud. I umrom America 
01-247 0S33 1 Do Aul Acc 


Archway Unit Tst. Mgs. Ltd.¥ (aKc) 4b1 BrUi»hTm»:- . Ii«2 

317, Hljth Holbocn, WC1V 7N1, 01-831 8m u i i D rl Tmtf-- • gj 

Archway Fund -1829 *7*1 ..I 5 87 10 DdUarTnaU.— «0 

Iticos at Juac 8. Next sub. day Juno lb ibiCapJDdTrtgt- =47 

Barclays Unicorn Ltd. InHgWcl tSOSS^Sr. 5” 
Unicorn Ho. 232 RotniordRd E7. 01-5345344 l|l!uiSY^eldT«. P4.1 


American June 8 

_ Securities June fl_ 

Hill Samuel Unit Tst. Mgrc.t la) HlghVieidJuneS- 

43 Beech St,EC2F=UC O14C8B0I1 UfiSttiSIP— ' 


103 

RidieUeld Income. 193.0 99. 

IS Rothschild Asset Management <g) 

■72-80, GatoiKiuac Rd. . Aylcabuty. «CT8S«1 

NC. Income Fund- 1*57 
N C. IntL Fd. line ) 9S.B 
N.C. IntL Fd. lAcc 1 «0 
N C. p™ilr Coya Fd]1523 

iH Rothschild 4c Lowndes Xgmt. (a> 

*M sc Sanlhlna L*»e. Ldn..EC4 

Nee C*L Exempt— .JC1210 129 0| ... .1 3.61 

3SZ ^tec on MJO’ isTno* dealing June 15 

355 Rowan Unit Trust MxtgL LtdANa) 1 Fil 

City Gam Mae.. Ftn*bo--ySq.EC=. | 

1660 
531 
76.0 
•07 
9L5 



_ EC3B EBQ. 01-821 458* 

^lanycTune8_--.|agJ0 ■■■■■I “ 


AuslEi. June 


Gold Ex. June 7 hvsau 


Do. Gnr Pacific — felA 
Do. IntL Income — pa-5 
Do. 1. of Kan IV.- -1*63 
l72 | DO. Manx Mutual .. 126.1 

10.49 I Bishops gate Commodity ScT. Ltd. 

p.O. Bax <2. DougUs, uxM. O* 2 *^ 3911 Samuel Montagu Ldn. Agta. 


Island . 
lAcmmlnltai. — 


126.2 

173.4 



•^100. 


ARMAC-M«r3..— hraTjj 3 

CANRH0“JUBC3-&WS 12 

C0UNT*"June5.. -K2.512 til 
Originally issued at *S1D si 
Bridge Management Ltd. 
p.O Box 508. Grand Cayman. Carman lx. 

VbashlJuae2 ..--I 125.330 I 1 — 

• 071 

Britannia T*L Mngmt. 1 CI 1 Ltd. ' 

30 Bath St, SL Heller. Jeriey. . 0SS47311* 


114. Old Broad SL.ECA 
1.97 Apollo Fd. Maj' 31 ISFiTM 
JaDlert May 31- |S™5 

— 31 ISrSUTS 


3 17 Grp Mwll tra- 

il? Jerscv Slay 1 • — £5 J7 
. 021 


U 



11“ JrsyO's May 24 

Hurray. JohaBtonc fin*. Adviasr) 

183. Hopes*.. Glasgow. C2 041-221 5531, 

•Hope St Fd. - ...| SUS&2* I — 

•Muiruy Fund- _5L'al0 53 , .....4 ™- 


,,, Merlin June i — ~- 
557 (Accum- Units' 


41:::. 


».0> ._. 


if 

HI jh TnLSilp.Hst - 1 B . M 9 T 5 
3«5 US. Dollar DenSfnlHMriFdx. 

fwiwsi r Toi 151 SS 7? 



Negtt FLA. 

10a Boulevard Royal. Luxembcarf 
NAVJuneZ | 5L'Sia.«7 I 4 — 


Growth Fd, June &-.j7L| 


Pena.Fd.Jnne 0 
Unit 

Managed Fund 

Fixed IcLPd. |*S6 

" E®Sy ramL^.‘IIlSv.* XMjfl - — I Prudential Pensions Limited^ 

Irish Ufe Assanuce Co. Ltd- 



Gilt Fund 20 

Property Fund v -. 

Equity Fund — 

Fsd. Int Fuad-. . .. 


riuz 

11431 


1043 

11ft 1 

... 

1169 

1232 

+20 

95.4 

1003 


97.9 

2032 



953 

IMA 




35 4 

,719 

Do.Aual.lnc g66 

Da. Capital 15®?, 


[ Do. Exempt Tst.-. - 
1 Extra Income - 


Do 

Do. Financial — 

Do. 900 

Do General 

Do Growth Acc 


■SunayUplN „ IT36QS 

^ D001 

^ L. 01.4* 
, 03J.9 
_ jit. 024* 

1x0,7 

ua.mil 175 
r Accum. 0259 



-9JNI 


B -Ortt 
-5)46] 
-XI 


■a -oil 

iw.7] _ 

ii 

jSa+di] 

1M4 -03 
105.7 
9Ji 


Catrent ralue Jane B 

.Life AsmtnnceV 
‘Canlsun Haase, Chapel Ash. Wton 


^ 11, Finsbury Square. EC2 


Blue Clip, JuaeS. — f 
ced Fund.,.-]; 


Managed F 
Prop.Mnti, 


Holbom Bart, EC IN 2.VH. 
01 -8288253 Eqult. Fd. Stay 17_.K25.07 

WM.« SWffrAl 


O1400O222 


Jane 1_| 

Prop. Mod. Gth., 

Elug & Shaxson Ltd. - - U'. 

52 Con hill. EC3. ' ^"C* 03433 

Gort See r-> - 

ijmjham Life A MuriB ce C*- Ud. 


%eB« l liwsoj*fs»* sub 

- S 4 

Do Wldwide Triisnso.* 3: 
BtstJii.Fd.lnc — ..Jrtd 

08BS 22271 ) Do. Accum trlO 7* 

1 - 


Reliance Mutual 
Tunbridge Well*. Kent 
Rel.Prop.Bd* | X4L1 1 

Rothschild Asset Mansgement |B8.LeadenhaU&t,ECJ 

Sl S withlns Lane, London. BC4. 01-nzfl *338 1 Stratton Txi 11700 

N.C Prop. Mar. 31.. I114J ULW.-.-l 
Next Sun. Day Jon* 30 



et4rsTM^rin:55= 543-0011 -- 

IntMlgb lat.Tst .— |Sl Sf 65i 199|..- I 

Value June 2 Next dealing June 1— 


-0 

+o 3 2S2 Royal Trt- Can. Fd. Mgrs. Ltd. 

= j| Vk SSff 723, °-7ff(Bro^Shl^y WL Co. lierserij^ 

_ -«3 sg ^SSST «■ MS'srsUt de«jS« j™ 

» iasss fe-w^ ' « BsssbmB««s». 

Save & Pvoaper SccerM.. LUL* 


Neglt Lid. 

Bank of Renuada Bldgs., Hamillom. Binds, 
NAVJuneZ !£5.0X — 1*730] — 


Phoenls International 

PO Box 77. St. Frier Port. Guernsey. 

Iruer- Dollar Fuad .15234 2581 1 


023 77 


01-8067070. 

336 Iniematlaual Funds 

* J* Capital BJ-J 

6.48 | .IX K-i 

>28 Univ Growth 1662 

1 no-earing Income Fund 

High-Yield W25 

5.12 Kldnwort Benson Unit Manage «¥ m g, taatam Funds 

J-5 20 FeoelmmhSt-EC'J 0 1 4C3 8000 High Return |M * 

*5? tB«StPdJnc....B*9 4231. .. J 504 Income (420 

*ioiJ^iiiFdLAc_.. jlOfcO . ...J 5.04 UJt Pmia 



K^FJxedWL M;- 
Key Swmll Urt Fd 


S 3 ::: J 2 JS 

733|+02l 147 


S6*| -0-3 738 


70 ” 

451 


KB- Fd. llri.Tt** . 


Baring Brothers & Co. L«d.» Ub1( Trust Management Ltd.¥ oimMsi 


UX Equity KO* — l 


Sterling Fund..— 

Richmond Ufe Art. Ltd. 
48. Athol Street, Dougin*. L03L 
ixVThe Silver TrJrtJlM A 
Richmond Bond 97. 

Do. PlallnumBd.— 

Do. Gold Bd. 

01-2483800 Do.Em.ra02Bd.._ 

53. 

54* 


tGib'SiOS 
1-1 = 


1S24 

1124.9 

104.9 

167.9 



Ifn Rothschild Asset Management (C.I.) 

P.aBox£8.St JuUansCL Guernsey. 0481 3C31 






LangbmHa. HolmbronhPr.NWd' atap38211 logumtce Group 

PUn ~~^* lSjf dij — New Hall Place. Liverpool. 

wisp (SPTMan Fd|7t3 . — Royal Shield Fd. .... 11 3 3 3 l*Ltf i — 

Legal & General (Unit Asiar.) Ltd. Save & Gronp¥ 

JBngawood Hoaae. King— 4. GLStHelen'a Xmdn-v BC3P SEP. 01-354 8890 


427 ^isitev.^o 5 % 

Biahcpsgate Pnigresrive Mgmt.CoV Urnmm 


Surrey KTZ08EU. 
1 initial 


0002=8511 


&feSaSBid'.'.*a J::d = 


w^.'OaftexbMUMi Msgna Gp.f 

H; I8,<7bequers Sq, Uxfaridgo OB6 1NE 

"EhrUise Ennfgy P>-< 4D4I 

i+. Xhrthw. Jfcme*--- »•* 

'Chrfhse. Managed- 

rhrthxe. Equity. _. 54.4 

— WL6 
111 Kum Managed— . 150.0 


SG81 


m 


Cash fid tlal W2 

Do. Accum. *69 

Equity Inlflnl 1X7A 

Do. Accum. 114.7 

rated Initial UU 

Do. Accum. — - X1M 

IntL Initial 903 

Da Accum. 98.7 

Managed InitiaL — 1166 

Do. Aecum. UK6 . 

Property Init i a l . ■ Ei 
Da Accum. — ..—[**2 


Legal A 'General (Unit Pen il— s| 
Exempt Cash InK—M-O 
Do. Accradyi — • — Ki?, 

Exem pt Eq fT-lnlt., ni l 5 

tt^ of Westmlnster AHsnr- Co. Ltd. ^^grat^TtoitlxMA 

House. B WhltahorM Royd. Da Accum. 


- - -■ Wngstead Home. 

; i SoSaonCROMA 
WaotProaFund — 
ji -Matiaflea Fund — , [X73J 


LKtUi 



fSotomLCap— 

TW.Mngd.Acc.— 


-Pans. Honey Cap.— 

Pen*. l:-oey Acc. _ 

Pm Equity Cap.— 

Pam. Equity Acc. „ 

.Fund eurwmOji c&ed to new 
i Pm f otm Uni t s .. j . JM9 



And. ■ " uaivccnin. —. ..u. ■ 

014049064. Exempt MagdTlnlLllHA 

Do. Accum. . . . . .. . -My 

Exempt Prop. Init.Btfl 

Do. Accum — 1*73 

Legal Bo General Prop. Fd. 

IL Qo«*n Victoria St, EC4NCTP 

Life Ascar. Co. of PenuyleHilM 

3043 New Brad SL.W170RQ GM03 

zacop Units; 1«6 

Lloyds BL Unit 'Trt. 

71. Lombard St, EC2 _ .' 

Exempt — -~19B2 



001 227 443=1 ]>, Btahopagate. E.CJ. 

B'ExtePr." Jimr 6-US0.5 1« 

AtxJJU. —Jo no 8-.. ^5.0 279 

B , gatcInLMv3l...Q^-7 JgJ 

(Aecun1Mv3l>...|ifi-i 203.' 


Sector Fund* 

__ Commodity [75-4 

Sws BSUsa:r.:liB 

;a 




BaLInr. Fd P»6 

Property Fd" 1525 

Gilt Fd na* 


GUtFd. 

GUtPens.Pd W3 

DcpaaPeiiAFd.t_.l9R2 

Prices on, June 2 
t Weekly dealings. 


135.1] 


+LU 

16U . .. — 

1252 +15 — 
1293 ..... — 
209.7 .... — 

1903 +03 — 
230X .... - 
47.4 +21 - 
103.0 — 


Next sub. day ’June 13. —June SO. 


1.24 

124 


Growth Fund , 

-1 Accum. DnRtt ■■ -v-169-3 

nGiUarriWxrnmt, 

tAmertcan Fd. 

jt Accum Dattri— 


135 


Bridge Fond ManagenMsHci "Hlih Yield 

King William SUEC4R9AR 01^234051 ~i Accum .Unit* 

American JcGcat-|263 

Income’- M-2 5*7g 

totSS? Jne.T ” HU Jt| 

Da Acat » ..... - -...IHA 18. 


383 

422 

+0.11 

43.7 

473 

+0.1 

547 

602ri 

..W>. 

602 

6624 

s —J 

361 

<0 3 


249 

273 

•...I. 

259 

28.7 


482 

513 


67.6 

72.6 



EL6I +0.4j 

75J+0J 

7824 +0J| 


635 in» MMa— Fund* 

Jft Select Internal. — [254.6 
Jg Select Income. _...IS27 




o-w Scetfatts Securities Ltd-V 

* Amina USMMI ’ - - |W .w — — » - -’-I 1 1 < Cfrifahli rpe [565 W 7 fl | .. .4 

PeaL *Moa “Tun. TtWed. SThurs. Fd. s -_ tEk _ clb .* ..0413 252.7rf .1 

Legal ft General Tyndall Fund¥ i^a^vw^..-.^5 6 i«3 --J 

tKCnnyn««»*«‘" Brts,oL 027=32241. Prices at May 24 Next nib. day June 14. 


320 

320 

532 

335 

355 


P O. Box 583. St. Keller. Jersey ___ 053* 7*7 

Sieriing Bond Fd, - 1£9 91 9 WI I Property Growth OvereciB W- 

Butterfield Management Co. Ltd. sainshTown.Gihrniur 

P.O. Box 195. Hamilton, Bermuda. ' U 3. Dollar Fund- I SUSK39 

Buttress Equity — [233 Ig . — | X76 

Bunresx Income — P83 , 1 W ■■■■ I ‘ 

Price* at May 8. Next sub. day June 1— 

Capital International S.A. 

37 rue Notro-Dame. Luxembourg. 

Capital Uil Fund. _l SUS173S 1 ——I — 

Chart erbooBC Japfaet 

.. x,PatcruoalcrRou'.EC4 

„ I sa.r— .E! ga^iS 

3 -»'• J H gSr.:— Jfe i|:q 

CHve Investments (Jersey) Ltd. 

_ PO. Box 320. StL Heller. Jersey 053*3|rafll. O.C. Dlr.Con«ity.t._J' 

DJI Clive Gilt Fd. I CJL1.|*£8 4gj ..— | JUO 

|cilroGlUFd.iJay.V.l9.at 9J7] I 

3.91 1 Corn hill Ins. iGuernseyl Ltd. 

P.O. Box 157. SL Peier Port. Guernsey p o. Box 194. Royal Tat. Mac.. Jersey. 053477441: 

lnml.Mmt.Fd. \U»a X«3-«i I — r.t. Int’L Fd. |£ T S*2B 9 gtf J |-M 

Delia Grunp .... fi ^»5i5Wssrt dafi 3S*l ^ ' 

p.O. Box 3012. Nassau. Bahamaa. 

Delta Inv. JuneO ... JS1B3 Ufl — J — 

Deutscher Investment-Trust 

Poatfach 2889 Blebcrgassc* 10 8000 Frankfurt. 

SSSSSurBS nj -1 = 

Dreyfus Intercontlnent&l Inv. Fd. 

PO. Box N3712 Nassau: Bahamas. 


331 

032 


O.C .Go Ft. Me? 30 
OjC.Ihc Fd. June 1- 

O.CArtToFfertn 

O.C. ConuDOdl IT*- 


277 

731 

123 

3S 

438 


276 

297 


155 

lg.71 .. •• 

Wi£t*nBS ii 

r Prices on June 7. Next dealing Jime — - 

Royal Trust (Cl) Fd. Mgt. Ltd. 


225 

7.48 


3.85 

7.01 

441 

204 

727 


Save ft Prosper laternnHonal 

0534-20591 


Schroder Life Group? 

EnierpriM Hoose. Portsmouth. 
Equity May 18...— I 873 
Equity 2 June 8_ H7.8 
Equity 3 JuneS-— Ilf.* 
Fixed InL June 8. _ J33J 
Fixed InL JuneS — 10.4 
Int. PT June S — — lrt-4 
K AS Gilt JuneS— 1417 
K * S Sc. June 6 — - 119.7 
MngtL Fix. June B_|1383 


Dealing 'Tti«.!Wed.lThii«. Price* Juno 6/7/a j^nja* Administration Ltd. 


Du April 12 |Mi 6021 -| SK ScUesinger Trurt aingrs. Ltd. (a)U> NAVjunca ptSNM l — Sepro**l 

'~-‘ V GkJFi,sJA 4 AffiHS&Sg (0308i86*«i Em*m ft Dudley ,T.LMgUrvyXtd. f ^t- 


72* 


140. South Street, Dorians. 

Am. Exempt.. 


0706Z7733 


t ii Managed JhneB—M*3.6 

MoncyJmtaO + 


SAZti. 


“ OpL'3 Dept. Jtme8 .p2L4 


: -^aiT of. Wertnrinrtcr Awar- Soc. Ud. Utfyds UIt au^ 

rjtojftoMOl-OMMM ' , _ 20, CaiBon St, EC3A 

..™J — BHjGthJnncB— -- 

■■ -- Tropeny Uo a * P^=> a*-«t Ont SProc. JuneS . 123. 

’ Comnercial Union Group iw» 

n^^Wcn'dLUWexrii-aEa MjJMTMO OpLg^w^-- 

“ frAnAeUUmsolO. 54.98 • UM " - ‘ * * 

•»• • ^aAnauKy Ut*„ .( 17.86 

Satfcderatltm Life Insanne* Co. 

’■ T W.XtanceryLanaWe2AlHE. 01-»4a02*2 

KJH 

Ml 

183.8 
DIL6 
3743 



U7,t 

Money SJunoS— U7.J 
DeporitJunaB. — U3.4 
Proparty tone 6-- 

SK^SStt-gi 

. 'BSPaAcC-B JuneB. 1M-7 

' — Ltd: Fxd JnLPwjXap-B . *3.0 

Money PwuAcc. B:.|453 


224J 
1253 
140.6 
150.4 
1425 
1 1443 

5fvi 

1232 

1193 

1627 

1602 

1263 

1373 

.JBM 

2473 

983 

982 

ULO 

mu 

10020 

1012 


Trust Msn-gementUMg) 2D u S ,JR..l*md onwu.<MP 


3 London WriI_BuildIngA \g&SZZZ=Mi 


London EC2JJ SQL 

Assets - 710 

Capital Act_ 51* 

CommAXnd— ■ 55.9 

Commodity - - 792. 

Domeriic _>g B . 

Extralneome — — 393 

Far East 

Financial Sem— gA 

Gold A General 87.6 

Growth———.— 2-3 
Inc. A Growth 729. 


__ llntl Growth- 


bseSiB 

Nat-High Inc — 7M 

ffiKSasi-g. 

ProfeEriotml 505.7 

Property Share* — HL2 

SWrid.*:- 

Statna Change— — 

Univ Energy-.— — P+-* 


7631-03 
553 +02 

W.2 

85(h) .... 

420a +03 
118. Ba -Ojs 

421 

213 +02 
67.4o 

942* +02 
8*29 —03 
78.4a -0.1 
65.79 +02 
50.* +0.4 
393 +0-* 
843 +13 
37.7 -03 
S2x -0-1 
52L4 +0.4 
143 -02 
48.4 -0.1 
33.1 -02 
34.9J+03I 


85.61 +0 J| 423 iSonSiqa.ldrs.'-B| 

sS U^wTuiit'Trt. Mngrs. Ltd.¥ (ii 

R+gistrar”* Dept, Gonns-by-Sex, Xnc.I<»iWdrwL— .|2S.? 

Worthing. Wc*t Susbc x. 


*20 

4.45 

4.41 

6.90 

938 

333 

433 

3.05 

4.10 

7.03 


SO.* 


First (Balncd.1— 

Do. lAccumi 

Second iCafO PU 

Do.lAecnnO-^ 

Third (Incas)*]— 

Da f Accum) 

Fourth (Exlncj.— 
DatAcroml- 


» 

i.l 

1803 

UO.O 

58.4 

663 


Lloyd’s life Unit Trt. Mngrs. lid. 


IS TZflQ. CUichoaaeJUUAvkabm^ 

823 Equity Accum. 2.^(1575 

*■« M ft G Group? (yXOfe) 

iS Throe Quays. T <n~r ^ SI £J' e * 4585 ^SSiKrrjog 

2.M S«e also StM*gmto«i«eJ»dilW*- w cSSSunltxi U» 

44? Ameriraa. : - K5 S'S tS’fl t* EuropeJnnel »6 

LB* t Ac cum UniD )_- JJ8 
•PenACharFUApCS 1680 


01-433 1288 lntnl. Gfowih— 

jjj |J 

X09 *N11 Yield"— 

204 Prof. A GUI TTuat— 229 
6 35 Property Shares— 25-* 

6J5 Special Sit. Trt JJ'S 

800 v£. Grth. Accum a.4 
8.00 UX Grth. Dirt. — .|HW 

J. Henry Schroder tfagg ft Co. Ltd.? 


'733 —02 
553b -02 
70.C -03 
863 +03 
1UJ +03 
627b —02 
724 -02] 


2431 . 

322 . 

27 lx 
2659 . 

322 . 
4tt3« ... 

314xw -0J] 
542 -Oil 
Z73a , 
3079 —Oil 
29J +0.1] 
752 ... 
27 8 "5-H 

243 -OJj 
2309 -OJJ 
203 b -Oil 


Sl Fixed June 1 fl099 1 Ul4u3 ... I 119* 

L ftlm on 'June 8 —June 7. *** June 8. 

4 Weekly Dealings. 


434 

9.60 

947 


020850*1 jaO.ampade.W2, 

- j sasffiriizHM 

Income JtmeS — -[“£*-“ 

(Accnmymlst— >zmz 


2 ' Scocdoh TUdowh* Group 


: U' -3EquilyFh«L_; — 1 
■ j JMxnaeed Fund— 

ript PaoFdJ 


■i'sssr**’** 


- - JPnatectcd Jn. Po2 


London In dwnnB y ft GnL Ins. Co- lid. KxmincJune7^L^2 

I«.aO.TheFWwry.H*adii«*Dran. Mgd,P«aJuaelL_|2627 




- iflflgra 1 Maee hoodoo RdNBTT. OL2422O05 


— 7beLeu.FUiMiiHiite.Eca2 


wacaw 

[bleFund^H 


01-3*85*10 jur.TnutFUiMl 
■ ■ — I ( — Property Fund— I 

i .mJ 5 .+. •■*•*-!! 


2232 

1322 

8*7 

14*3 

1126 


0303 57333 
+L71 


+ 0.1 — 
♦05 — 
+12 — • 
+0.9 — 

+1.7 — 


+02] - 


Pol] 

>nun Innuraice Cou Ltd 

JCGornhULKCA 

r jL ^ -H T- qu^Ttowst mn rent «bq own* «« 

p.+^redlk ft Corawxce aumranoe ■ pompenaKm*-— P»5 — J ' 0 - 9 ' 

■&&?=** *• 

. .- : .,.>own LiTe Awnrwacft Co. 

... . • ~: ; r. Wwn Ufe H», W#**. GC^IXWWOKSOSS B^"d“T WJ1 

mat .. .» - SicXi— Fd Bdl*- 629 

“W » 5J£aS.w.Bd.*.l:i 

1M3 
1903 

1003 — 


H filxr —pWW— 

Solar Equity S— 139.0 

Solar 6„ U4*| 

SolxrCxrii S- 993 

Ewff lnd-& W52 

*25i£8S?— 

sS^F^LP— 1145 




+031 


3sa 

1289 

156.0 — J 
109J +D2II 
133.6 +03] 


+ 20 ] - 

lM^+021 - 


4.62 lAcCUir- UnlUM W-3 

233 Auatralasian 

(Accum. Units) g*5 

The British life Office Ltd.? ( a) commodity.- — g*9 

1106-1 

1632 
p7U 
too 

Brown Shipley ft Co. 13d-? • G^cw^Unlt*) — 

028008320 Extra Yield. -—[5*2 

2292] I «J» lAccum Umtsi IU24 

2053 ™ 



430 


Oceanic TrnxU 1*1'^ 

Financial p4.4 

General — gJ-5 ' 

Growth Accum — — Hj j 

Crowth iDcame — F 

High Income F 


I Overaeaa — 
Performance 




m 3 -Oil 
483 -0.1 

221 
26J 

sSx — 0-2| 

217a —02 
&03d +03] 


427 

Ml 

435 

433 

434 
337 
4J6 


Far Eastern —-P3-5 

lAccum Unlui. — W 
Fund of Ins TstJ — *23 

r Accum Units' PM 

General B67A 

(Accum. UaitSI J2K5A 

mph lnconw . --- Bg* 
(Accum Lmtfli..— n«73 
Japan Income _. 


4.41 

5.67 

439 




tailed Fd. In cm i- K . t 
SmtfdFd-lniL— &B24 
iTy FU Acr, — [953 
-Equity Fd- I nCTU— [ 
Vqplty Fd- Init. 


-luperty Fit. Acc.WJ 


Property Fd. JOepL.*^ 


*wlTst-Fd. toon. -M3 


l^y ^02] 


lOLl-gl 


1MJ 

1002 

304.2 

1042 




+23 

+ 2-0 

+ 1 ® 

+ 1.0 


1043+0-61 




056.1 

□St* 3324 +0.4J 
15*4 

1424 +L4[ 
1621 
82* 

662 
57.4 

54.7 ..-l _ 

7. Wane 2 ••June o 


B«5 


nffljmtim — 204^0 

(Accum. Unitsi 2544 

Midland i“2 

• . . (Accum. Unit*! g^4 

Bd> AIHnnce Ftmd M*ngmi. IXi CuuuU Ufc Vait T,t. Mngrs. IAL¥ gSSRinii*T^:ifi5 

SnaAlU8BcaHi»a*,anii6Cj. IHOaO* 1 *! Potters Bar, Herts. P. Bar SU22 second G«i 

ftBaeriwn =i = jn j s 

"o *53 -—4 73* Spoewued Fonda 


Prices on 

Merchant Investors Assurance 


1 Do. Gen. Accum ... 

SSfS IfSsz: 

_ 

H* 

Property FUnd _—II0H3 114^1 

Intenmniwial Fd- ~r 
DeporitFund.— . 

U^i i B f nrffflnM 

Son Ufe «# Canada (U£) Ltd- 



573 +02 

57.0 +29 
528 +20 

80-5 

*67 ...... 

11*2 -02 

672 +0J 

673 +03 
1246b -02 

2363 -19 

52.4 -02 
53.8 -02 
89.6 -0.J 

119.7 —0.6 
573 +0-2 
62J +03 
65.9a ...... 

803 -02 
3813 —13 
2773 -22 
10*5 -0.4 
3782 -9.&» 
158.9a +02 

1603 *02 

71X1 +I_4 
2722 +1.7 
174.0a -0.4 
' 2963 -0.6 

862 

872 ..... 
lrt.9 -U 

276.4 -15 

1716 

2253 -02 


1M _ 

435. -Spee.Ex.June7. 

4^ *RecoveryJnw7 -./1B95 
264 


01^403434 
123 
228 
6.93 
6.93 
3*7 
247 
221 
221 


Dealing ttr. 

S7 Broad SL. St Heller. Jcrrcy 
U2 DoUar-dcaecrtanbri Fu«h 
DirFxdlnt-JuneS.P^ 9.73 

InternaL Gr.*t |6K 72 

Far Eastern's —^...[3827 413 

North Anutrican-i.g.78 ** 

Sepro“t_ — P AM ^ 

i^tgmmiaaad Fund* „ 

I^O^TXSL Hellcr.JCTsey ' 05 ” 3 ^. 1 ChS^wS^-M| igS 5 M 
16* yTiic r — 11172 124.6( I 360 ComraCK). June 1 — rlT 7 0 «J.7I +«• 

,a *F. ft C. "ej—c Ltd. Inv. Advisers ’ 

1-1 Laurence Pountney Hill ECtR 0BA. 

01423 4880 

Cent Fd. May 31 — | SUS523 ( 1 - 

Fidelity Mgffit. ft Bet OBda.1 lid. 

P.O. Box *70. Ha miU on . Be ncuda- 
Fldelity Am Aas:....] I ■*• 

Fidelity Int. Fund ..I JLS21.47 +0 

Fidelity Pic. Fd.__| 5US44 97 I . . 

FldSltj WridFd _| SXJS14H2 [+0 
fidelity Mgnxt. Research (Jersey) Lid. 

Waterloo Hae. Deo St. SLHelier, Jersey. 

0534 27561 

Series'A (Inlnli ...-.[ g-g |+ OJJ l “ ' 

gSSK xifel SSL I 

pint VIMng Commodity Treats 


251 

428 

465 


lid* 

231 

260 

532 

532 


Schlesinger International Mngt Ltd. 

4i.LaMotteSL,SLKelier,Jei«cy. OSH 73588. 

S.A.L1 |»S .2 

SA.02 wra n" 5a in 11 

GillFd. (225 22.7*4 +0J| 


r S«: 




*06 

4N 

1222 

322 


1.0 


Schroder life Group . 
Enierpriso House. Porttmouth. 


C7ta 27T52 


lalematfeual FundB 


464 

323 

4*7 


LEquIty 

SEgnlar... 

RSLGwnve'aSL.DouriM.IoK IpSSdKSSuZ: 

sssss^- 

Frt.VlLDbLOp.Ttt_|7*0 ---I 

Fleming Japan Fluid S-A. 

37. rue Notre- Dame. Luxembourg 


220 

17* 


11173 

1260 

1343 

1G5.0 

133.4 

114.2 



J. Henry Schroder Wagg ft Oa Ltd. 

1 a.Chea pride. E-C2- 01-388 WOO 

ChcpS JuneS--. — | 


arMaySI— . 


Asian Fd. May 15- -|R512! 


DarlinaKoj 
Japan Fd Ji 


FDd 

"uwcl - 


SUS1202 
SUSU9-41 , 


l+fl-oa 




2 Cl 


32a 

52a 

0.15 


Sentry Assn ranee International lid. 


ffif *3 .= 




\V£*°* b Vg.0 
|M3 16J-3 . — 

P3* 4 Ml* .-. 


™ jensutiw ■ 

577 Target Tst. Mngrs. lid.? (»Xg> 

3L Grasbam SL. ECU. Dealings: 0296 SMI 


535 


1237 

438 


S 3 


>w.TXL FA InlL^- 

XlxedlnLFd. Arc., g-3 
lXd.IoLFd.Sncm.. B3 
sttert-Fd. Act. — 1W.7 
.itwT.Fd.lncm.™ W3 7 
'joney Pd. Ace. — . «6 
>«meyM.Xncm— . g* 

- iat PU. toco. 993, 
rrown Brt.Inv.'A -.{1596 

'rtuader Inaazance Co. 
•InculaHouimTJBW^Eira- 01 ' C j a ^ 31 
■,th. Prop. JunaBr-pS-- 7 *“ 

:’jtgle Star Imntrfffidland Aga 
; Thrttadneedlc St, EX3. 
i'agMMld. Units— 153-2 


. I2S. ffira Street. Croydoa_ 

JBSSss=l 

fif piity in 

Equity Fafl*-; 

Money Market ^ 

Money MW- Fens-. - 

Deparit 


573 

162.4 

140.9 

1*16 

1213 

1343 

101* 

“J 1 

1874 

1050 


Deposit Pens.. 

Moan ed .——I 

Managed Pens. 1 

IntLrauKy—. 

IntL Manas cd-. 1 

NHL Pextriona Lt d. 

MUtou CooxLDorring Surrey. ^ 

01-588 1203 EjSSm-P* " 

533] +021 JMel« MwwCao-glJ 
. -■ t m a Nelsrx _Mon. AttBH 


01-88* M71' -a ^ *, coetapor St. SWIY 5BB 


03 

+o3 

-oS 

+LH 

+2« 

+B.1| 

+0 a 


“ Mhpla XL Grth_ — 

— Matte it Manipl. ._ 

= WBSBEz 

- Target lib Amo ranee Ca Ltd. 


194B 

132.1 

1283 

1495 


+3.9 

+23 


_ Man. Ftmd Inc 0-5J-5 

- MBa. Fond Acc Q167 

Proa Fd. toe.. 

. Prop. M. Acc. 

5811 rSritotW toc^63 

D«P-Fd-Ace. Inc —1^-5 


md 

E&i 

Tmwmm 


-1.3] 


_ ‘ Rat Platt Ac. Pea J 

_ , Wj^P lTsTap WH> — 


onlty * Law Life A**. Sec.' Ltd.?, cth toe AK-Sfi 

. a. ant .^ka AAOft 9S3T“ 


; mmbam Road. High' Wy““52 

' juio* Fd~r — ^ — IHx't - m! 



Nel Mxd. FtLAec.— )442 


5*6 

m.* 

[1163 

130.1 

m 3 


sa 

71.2 

64.7 

'Ssj 


Cape) (Janies) WLngL Ltd.? llraw 

100 Old Brood SL.EC2N1BQ 01-8888010 amribond Juire7-.l 

g^SJ- -z=K U :::::] SfiMSp, 

^raSi'im'junc 7. Next dealing June ZL Pem-Ex-Junc 9 — 

'-Manulife Management Ltd. 

2JS3 &Georiie-9»»7.S , £W- T^grt MSaEL'BI' 

A22 Growth Unils. 1513 MW* Target Equity- *72_ _ft-£ 

*22 Mayflower Management Ca Ltd. ‘ftxetEuJiwT- — 

M/18 Gresham SU KW7AU. Sqd^Rlwf- g» 

_ _ imr.UniM— g* »•< +fl2 l 

0W»4SM T-rjctla-^^g^ ^ 


106391 

1781 . ... 

18964 

282.0 .... 

872 
107.6 
325b . .. 

35.4 .. 

1731 . .. 

2506 

1953] 

For tax exempt funds only 

Is Scottish Equitable Fad. Mgrs. Ltd.? rina haj— I 1 

tS? !*>?l A ndrew* sn. Edinburgh B8i-»80ioi pkee World Fund Kid. 

7® SwoSn?.M 533 1 |“ BooerflcldBWg,HamltoagTn.4dtt 

340 AccumUnlta— ■■■• p7-0 -I 510 NAV May 31 1 5US17935 I .... I 

3 *0 Dnnhni dv Wednesday. C .T. Mnnngement Ltd. 

834 Sebag Unit Tst. Managers Ltd.? fa) , a FuuUjnjy Circus. Loudon ECS. p.O. Box 358, HnmUtn A Betwid* 

239 POBox5Ll.Bcidbry. H bo.E.C. 4. 01-2385000 TcL 01-KM 813L TUt 886100 

a SES BBSM* M=a h » 

5.90 Security Selection Ltd. AnchortnLFd- — gj-^v7 UE 

5.90 ix.ro r irm Field*. WC2. 01431 (MM AbchwlaJfy.Trt.pSS ^^73 • 

254.M toSJC 
5HB828 672 

gt! A riaSrorilM- p%95 _ S 93 

G.T. Bond rand 1 SBSU.47 

G.T. Dollar Fd. 

G.TJ'aclflcFd — _| SUS12.76 

Gartnwre Invert. Ltd. Ldn- Agts. 

2. St. Mary Axe. London. EC3. 01-3833S1 

^w'HuUrh^ Ux^J^Sx^Srt, MJLXoag JnptodttTcL 1 

It TSB Unit Trust Managers (Cl.) Ltd. 

(520 Bagatelle Rd-SLSarioui. Jerwy. 0334 7K0* 


3-W# SCCIUUJ ocicvmva* AlKUOrUU. fU _ «l 

|S J5-1B. Lincoln's Inn FlcJd»,'WC2- 01-831 8IBW Anctorto- Jsy.Tri . 

H =sa~d » j|aB St= 


Stewart Unit Trt. Managers Ltd, (a) 

m <.a..0« riiohartwH (Q1-33B3S71 


SM 45.CbarlolieSQroSdiiib«rgh. 

TS»«w»rt American Fw»* 

55 standard Untta — (673 Vt 

Accum. Units . — —-[72.4 77 

JS Withdrawal Umta- (536 57. 

IS •Stewart Britiah Capital Ptand 

«o suad?^ afi — Jgjj ;;;: j 

p J ifin g tU "WskL 


jS.M! 

■^o.a 


-003 


Managed Fund —.JJCSU4I0 1M| I — 

jig Singer ft FWedlander ldn. Agrato 

L86 J20.CanttOtt5L.EC4. ... 


01-248984* 

m *ateacrTiiJn=i » 

In strcngbtdd Management limited 

34* P.O.Box 315. Sl Holier. Jersey. 053i-71«» 
Commodity Trust —192.96 97.851 ..--I — 


587 

C.70 

137 


Sari avert (Jcreey) Ltd. (*» 

Queens Hsc. Don. Hd. SL Heller, Jay. IWTilfl 

American IndTsL^lOLM _RSl|-nfi?| - 


4 30 Accum.' 


646 Son Alliance Ftmd Mngt. lid. 

5-S sun Alliance H*?, Hncriiam- 0«B*4141 

.fi+0.'6| 


440 

349 


01-880 8400 1 Miihum House. NeweaatlwiiPjnjftne ZU«3 ^ a J' ,sl J£ r ^ a * e ' 




Carilol — - — [**■{> 

Do. Accum. Uniu ~»15 

Next dealing date June 14. 

Charities Official Invest. Fd? 


- 0064 

General June 7 — .|705 

Mercury Fund M a n agers lid. 


— ' T.M.J. TTninn r^tahoiue Bd. AylerinnT, CMnnes vrnii^r • “+ Mercury 

- p5E? HOn * ft 55941 V hma ^ W .“J L . 0l ^ M- GrexhaniS'-ECK’Z^- 




jlDComr May 18 Bg2 - | ~ 4 ^ 

avaBB&le to Reg. Charidea. 


— Charterhouse Japhet? 


— [CJ. InternatT-— 


CJ. Income. — 

C J. Euro. Fin 

Accum. Unit* 

CJ. Fd.lnv.T3t— ... 
Accum. Units — 


t&reTsua Day May 3 _ _ Aj ^ r 
Pbr Nf 0?***™S£ZJ£L 


lanMan-Cxp.- 

tP«tt.Aca — 

GUPeaCap. 

Trenainternrtlonal Ufa Ina. Ca Ltd. 

> Bidgs. ecunv. ox-4058 *07 j CMrft|l | I1 Trust Managers Lld.¥laXg> SpSrtT--- 


[84.4 

260| 


28.4 

30.4 



562 


262 

28. C 



?2.fi 


Z7.7 

29X 


312 

332 


Next dealing 

UQf 


Kert. G*.1 Juna7„ 

Acc. UlS. June 7 — 

MeroJnL June i .— 

Accm. UtoJuimT- 
MeroExLMa> 25“ 

01-2483900 Aecum.ua A pr-OT 

?-S Midland Bank Group 
aj* Unit Trust Managers Ltd.? (a) 

a-oe — H eidi 





ft? 


-061 


313-03 

isa-oi| 


sin. 

436 

5.49 

536 

566 

3.00 

468 

153 

135 

352 

4.19 

834 

1134 

436 


2j« Coyne Growth Fd. -118.9 
*AZ Target Tst Mgrs. (Scotland) (aKb) 


io “ athn l CreseeuL Edta. 3 
Target Amer. 


031^2088210 

Tm^ t itoS ^T£IW| 42|7^ -Ddj 
18 Trades Union Unit Trt. Stavganff 

Commodity 6 'Jea 

3 73 Do. Accum . 

Growth. 

Da Accum 


’grtScfcUd Asset HI — grum nl 



HNANC^HSTOCKiNOIce 


rernonent deca....— j 

- Fixed Interest.! ■] 

r° durtlW CWinaiy.-j 

uOPJtf ^ ..Gold Minos.., — 

n t ;.t)rd. Div. Yield. i 

. : ' ">^'j{araingaY‘id«tIaH)nl 

.... - ' p/fc Ratio lueD(‘t»..:...j 

■* ‘'UeBiinpi tWJ-ed 

. ‘ ‘Equity turnover £» — j 


7.261' G9.6 
l.ioi 71.3 


60120: 


5.66! 3.6*J 


16.381 


5JB) 

16^21 

8.24| 


■Kqulrj- bacpiiu* W*j r‘_.Z 

■ ."-"’lo am .4693.. 



~ J une> r June 

AjW 

r 


2 


68-83 1 

68.79 

69.36 

68.61 

10.73 

70,82 

7133 

68.76 

*77.7 

' *74J5 

475.5 

449.4 

153.9 

154.0 

152.7 

112.5 

5.5S 

5158 

6.56 

5.19 

.16.13 

16.22 

16.17 

15.90 

8.26 

8.24 

■ 8.27 

9.12 

*.644 

; *.644 

4.99B 

4,830 

66.73 

.55-56 

67.96 

73.64 

13,076 

14.528! 13,595 

16,518 


UNawStECSM-rtP 
America n— — — -Kj]2*-2 

jeawsw w^= SS'# 

SSSEEZ2+ ■SUl- 

Growth Fund— ..«.~]47-4 .4331 — -I 


0I-2332S32 Da Accum 

1 _fl.ll im Income. - 
-oil 9.47 Do. Accum 
+03 
+03 


lit international—— 

4J9 Do. Arcum 

High Yield-- 



Growth Aeci^^ffi 
Fws.Hnid.Cax>.— 

PWna. lfagd.Acfc-. 

PtiuHB 


|TrdLBand«— ^ . 
l-rrotCLBond-—. 
*C*sh value 



£3 5S£3SK!bg 

(Accum. Uultal 9|6 

n.37 cotemo June 0— — 

5.44 (Accum. Units)- — 

S'Cma' 549 CumJd. June 7 — — S1.9 

437 May 3i- Heat dealing Juaa 30. umnOiM^ g» 

_ . , i „ p__j MinivHt Minster Food Man ag er s Ud. lAccum. unitsi. — w.4 

Cosmnpolitan FutWlMaMgere. MM-.ilrtbnr St, E.C*. 01-823 1090 Marlboro June 8— U3 

3a Pont Street. totodMSWUCBEJ. OKDfl MB8 JJJ^uwW MJ 37.7] J 847 (AccnmUnlts)---. »6 

CoBnojrtijLGtlLFd.117.9 Mil —4 4.75 9471 ---4 5A* Vaa.C»th- Jo»e B -l<46 



|g 100. Wood Street. E.CA 


01 

535 TUUTJuneX — .—1501 59-^1 1 

Transatlantic and Gen. Stcs.^Co.9 


8011 

530 


HRfc%.U.T*L_ 

Japan Fd..~-—-~gJ®JJ* 33 
N. American Trt. — ^MUtS 1L-—, ■ ■■ /—«-+* 
lull Bond Fund — JJESl«t MMOf I S- 73 

TM :U"8 

Bambro Pacific Fond Mgmt. LuL 
2110. ’Comwughc C entre. Hong Eons 

SS £SXS’^.=S$g fll ::::.] = 

Hambroe (Gwmefl UdJ 
Bambro Fund Mgxa (CX) Ltd. 

P.O. Bos 88, Guernsey 0WIMIK1 

CJ.Fund ._. 

■IntnL Bond 

InL am Ry 

int sv»l 'a; 

PrlcS*oo June"?. Next dealing Jcno 14. 

Bendereon Baring Fond Mgrs- lid. 
P.O. Box N4723, Nas sau, B ahamas 

pKSoob June T“. K^^JiUnB^aie June 14. 

milA mad ft Ca (Guernsey) Ltd. 

8 LePCbvre Su Petar Port Gneraacy. CJ. 
Guernsey Trt.™.— (1482 15S6ifl -0-51 335 
mil Samuel Oversea* Fond S-A. 

37. Roe Jiotre-Dame, Luxembourg 

[51950 2038(-^URl - 


Jersey Fnnd — - — 
Guernsey Food ... 
Prices on June 




Ji toll J:?? 

Next sub. day June 14 


Tokyo Pacific Holdings N.V. 
inrimi x Management Co. S.V. Curacao. 

NAV par share June 5. 5US9220. 

Tokyo Pacific Hid**. (Seaboard) N.V..* 

i„i i mi . Management Ca S.V. Curacaa 
NAV per share June 3. SU 338.04 • 



250 

850 

230 


Tyndall Group 

p.O. Box 1258 W— ' >*— 5, Beremda. 54390 


Oversew June 7... 
(Accum. Units)—— 

3-Way tot Slay 1B_ 

2 New St-, SL fWIerJesge 
TOFSL June B — ~.|£7_58 
1 Accu m. SnxresJ — 
Aracricfli: Jun«B._- 
lAccum*hares'.~ 

Jersey Fd. June 7. 

(Non-J. Acc. Itti.i..- 
Gill Fund June? — 
(Accum. Shares) — 


bO* 


7331)3 

6.09 


Victor 



Manag ed May 18- 

(Jtd. IntnL MngmnL (CJ.) lid. 
it Mill easier ScreeL Sl Heller. Jersey. 


3J4 oi-BBNowLoadiKiHd. (Ttieiirerioird oa« siMi I international Ihtclfic lnv. Mngt- Ltd. u.lb. Fumi pcsHA lnifi .... ] a.ii 


033 

117.4. 

191.9 

uaj 

112.9 
U73 
35-0 

tor aoo premium 


01-S3S892S. Minster Hw.. 

"4H BS5SSS=ri 

| Crescent Unit Trt. Mgr*. Ltd. (aMg) mt.a Unit Trnrt Mgenmt. lid. 

4 Melville Cr«L.Edtoburfih3. _ W«8J“ Old Queen Street, SW1HWG. OU»® 7£3t£EESi—l 
I Cresowi Growth-. [2M 075 MLAUnils wjekTJuneS [ 

To 4§| -4 in Mutual unit T^t Managdrtrji^ 

638 Da Accum. 


M 


nETm -Mai Noon «74. 
apm .«47-. 3 ora 4M- 1 - 
7'- Latest Index 01^46 8026-^ 

•; , ' - ■ d.-m} on 'S2 per wni corpondlO* twt 

■ a,., » 

; . ..Mines 12/B/S5. SS Activity. Jcty-DW. 


lyidill Attnmce/FtiulfiuV 

lSTCahynge Road, Bristol ■ . 027232341 1 etwinrh'er 

3>Vaj> JuneS-, — ' 


(Accum tfnltil »L0 

VanTtyJanc 8.-.. -.171 7 
Vann. Tee Jwne7— j** -7 

OroTinimatT..— - 

g£BH£= 6 B "W Z 3 ?s 3 SS^™s-^ BSa- 

Discretionary Unit Fund Managers sl 2« Tyndall Managers lid* 

aBJoBriieWSuECSnilAO- 0J-««4«I MittttalBlucnjiP-Wn ftfi SS laCanyngeBoad-Bnatol. 

S^tocome-.— P613 17334 -OS - M3 ^ Jg, 

660 (Accum- Units' J- 77 -® 

6 00 Exempt Jim® 7 1114 

3.47 (Accum UnlUL — 


84.4b 

1045 ..... 

1315 -131 
1547 -16] 
542 
60U 
».6rt 
72.7 
53* 

601 
52* 

W.4 
flS3 

471 
479 
640 

75.9 


if 


5.48 

5.48 

453 

452 

452 

5.79 

5.79 

695 

6.95 

5JE5 

£25 

236 

236 


SSSSlS? - United States Trt. IntLAdv. Co. 

J£.T. Managers (Jcreey)Iid. ^Sffffil^SSi^l4(uai »-« 

PO Box-IM, Royal TsL Hao, JerscyOBW 27441 DA . Jana s. 

"BSBSarflW^W^V- 


Jardlne Fleming ft Ca Ltd. 

48th Floor. Connaught Centre, Hang Kong 


S. G. Warburg ft Co. lid. 


I Jardlne Esm. TiL-.] 


“2 I Jardlne Tpn-Fd.’-] SHK319.04 
I Jardlne S JR A. 1 SUS1422 


332 

836 

634 

634 


Jardlne FlemlnL-i SHK9.70 
NAV Mav 28. 1 Fqn)vaWt SI 
Next sub. Jane 15. 


IS88.U. 


30. Gresham Street. BC2^ .ft? 045 ® 

Cnc^d-Fd. June 8.. j 6^9** . 

IN Enn. Int June 8 — SU®^J® +0JWI — 

0-W &&SPAAPT31-- SUS7.M J — ' 

220 HrJtor. June? 11035 iuw| 1 — 


T Nil =7.95. 
jrm. Ord. 1/7/30. 


Cold 


highs and lows 


S.E. ACTIVITY 


EqoSyJuheS.-M 
Bond JuneO...-.-—. I 
Property June 8—- 

(frau lav. June 
llaPa3-W June l.„ 
Ds ^yJ el ^ 

Da Prop. Jfay 2. 


161.4 

IMS 

1272 

1462 

75.4 

IMA 

261.1 

J7U 

M.4 


IP7U [Smre ComptWri™ 1 


a, Hb- )• Law High 


•Suvt- Seca— 


6A.79 
10/® . 


Fixed loii.-il 


70.75 


.127.^. 

(9/1^6] 

lSU.d- 


■W.1B 
50. Si 


(6j6i • «3p/lb47« l-*»l/Tf» . 


.-'ind.-Ord — 


Sold Mines. 


m 

130.J 
- (6,-Ai 


B49.Z , 
1 14/3.77 '; 
' 442.3 


4«.4 

43.6 


159.6 

162.1 

43.4 

103.9 


—Dal]?' 

Gili-54ged - 
Industries— 
apecoiative.. 

Totals. 

(MbyAv'nrtj 

Otii-K.I|£Od..J 
Indus trials— j 

'•'peaiiMive...} 40.4 ( 
PnrxiS 107-B 1 


156.7 


172-9 

1BL0 

53.4 

110.4 


Vanbrngb Ufe Assurance 

ssBssasniir" 

SRfc=K * 

ratoltoteatFa,- 164.9 

§3E?2^r:“te.i 


05|- 523 Mutual High _ 

a F. Wl»ch«w Fund M»*t u* *SS^t2S£i«.-sBH BSSfflS- 
Old Jewry. EC2 a v °T2S SSSw? 1 ' - 

g^Sr h o 5 S»!«:7 afi 

Emson ft Dudl^ Trt. Natfmial Provident Inv. Mngrs. Iiif LnLEarnJuneT . 

20, Aril n Cion SL.S VVL 01-ta87Ml ^ ^^.^^cmSL.EGSPSHH 01^234200 

Kmson Dudley TK_]M 8 H.71 1 3.80 ..wp 

1 ^ 

Equity ft Law Un. Tr. M-¥ (aKbMO jj-Ho-ai WeatminstertfU) Extra ton. cnwuv 

Anx^fid.Hi^bV^oeihfc 18L <***»% J *& Pfflf W’n* SffiflVm'::. 

Equity Law 1662 69.fi -«JS| Capita (Arciuu^K- 7 J fj %rt Do. Ac«*5: 


4.00 sene. Cap June 7. - 
400 (Accum Unitai- — 
2.60 Scot Inc. June? .. 
London WaU Gnwa 


1093 +v.4 - 

375.1 +22 — 

147.7 - 

124.* - 


PrimlingtoD Unit MgL LUL (a) “55- —S 2 ^ ^ »» Z&&S&S**- 

, v >.B|2 


S- 7. Ireland Yard. EC4B 5DH- 
Ameriran ]4?0, 


Cap! ml Trt — — 11J2 
Income Trt-— — - J®-* 
lot. Growth Fd. — 109-8 
Do. Accum. — — **** 


(1372 

P79.6 

123.6 

1247.0 
27*3 

141.0 

168.0 
1622 


104 2xf 
1906 
1336 
1864 

117.0 

1652 

1046 

1298 

259* 

2886 

1482 

1764 

170.4] 


0272323*1 

R09 


Warburg Invest Kagt JrW- 

1. Charms Oosa. St. Hriier.J By. CI 053473741 

528 [Keywler Mngt, Jersey Lid. SSH3 - 

I POBcot 08, St Heller, Jerany.. (Eng. 01-806 ™70i f&LsEi7lB I pLM 12.17 — 

S3* I- «„ ia.ire inn l 3.00 MM - ! 

- JSSStiwitzIm m-w - j 

l 77 World Wide Growth Management* i 

- 10a. Boulciard Royal, Luxembourg. 

• Worldwide Gth Fd| ^'514,98 |*P.iO| 


834 S»as!S5 


IFkaUft 

TlilKiS 


109 

4.03 
40 
769 
7.69 
530 
568 

5.04 
5.04 
5^ 
521 
B.70 


IM 

Boadsriex DtlHlS DS3 

Kcywlexlnll £628 7.03 

byseiex Europe .. 039 .CJKB -C Olj 

ji Pf ri f»th_ Pnod JTS377 215^ 

ffl«Ja«n .... QLW LLM-C/ 
Cent Assets Cap. ... £333 44 *0021 


NOTES 


I8L9 

1837 

WJ 

[43.0 

39.8 

too. 

006 


3761 *42 
89-5 -02 
40.1 +03 
463 +0.1 
174 -01 
212 .. 
672 -0.4 

349 +01 

32.9 


629 
MO* '( 
Te9 


Prices do n« include S premium. < 

indicated. Yields % (shown jn la . _ , 

rainfiffiTrtes-spssrasae 

ere. i Precious day s priefc 

* sraifiH 


include ill wpreres- b^ To-day's 
opening price, h Distribution fro 


. MHkIUUUW UVV rn —S\ . ■ -if H 

premiiaoi Itrrarancc. x Oficxvd price Snm^»inA8R 

y Offered price includes nlleai pcnsc«‘ f ca(S%- 69Guc 

resiiied cttutxl eains unless inu»™w»±,* a xj . 


7.93 

233 

5.01 


160.6 

166-7 

40.8 

10fl.4 


:J- fi:ss i Vunaf^ETC 

FT— actuaries indic es 

JuBu [ ■lime. [A ^ e * u " 


Vanbrugh pensions Limited 
<J43M»dd«St,UiaWlR8LA 01 UP 4K 8 1 jyiends' Frcrvdt. Unit Tr. Mgrs.? 

Kuaged * 7 

Equto— 

Fixed luierori. 

Property. 



l Jiin*-V Jnne-i June. 


'8- V 




73ESsu 5 jiiJB.iWsSf*”- 1 ; 

: • ox* el 935. OB' 254.60; 204.39 


Iqgustri&l Group...-, 208.7 : ^ ^ ^ 254 , 

* t «)«b*tra- r ..... : .-.: *?>•»., | -a.40. 5.38: 6.«| 6- 

' t)lv. Yldd P*- .— -I ' *‘2 ' ^ 


Guanpteed see ‘fim. Baw W* wbbL 

afeESss? 1 *^— 

gteSStiSi 

Kanchestor Group. , c T. Japan* Gen— 28L7 

wi.^ur.A-ur.c. U*^ 


“wgf ssaiii' -.-.gi ™j-o| j« gs“-- 

xw sSSSS»imS-4nA po3 -02I 5a TSB Untt Trnsis (>) 

7.0 Universal Fd(d)— tbla& . . .\ 2~22 2LChantry Wav. Andover. Hants. 028482IB8 
NEL Trn5* Managers lid.? (aHg) Dealings to 0284 RWg* , 

** MilianCouri. Doridag, Surrey. MU nuTSBGenertti. - *4.7 

— 1605 Ufi-611 *11 .bifil. AfCUgt 56.7 M.Tj -03 3» 

03MS055 »w>" s: sessr r a 

“jjasa SS JBSK2ar:.-BS ^ a 

- v w Norwich Vnlon Insurance Group (b> la > 

G.T. Unit Managers lid.? p n Box 4. Norwich. NRI3NG. O«32230O wartnii Street. Beliflrt 02323531 

SESSJSST-wi »•■«« 

MS -^+1 pjari Trust Managers Ud. (aHgVri 


Ptxhttm End . Doridng. 

Frt8ndsFrov.lft9.-14L* 

Do. Am urn. 153.9 


S3 -03] 222 


! 8.l5. 8.T0I' 


P?E-BaJio_'pet) 
Ml Share* 


r -:213 


i7tai4W,2»6.43' 216.71 218.54J816.il: 


186.34 



GX FmirYdiFd —153.4 

G. ft A- Trust (aKg) 


1052 -13 
1703 -05 
1394 +4.J 
2966 +33 
1467 ... 
120.8 -93 
568* 


780 -52HU31 UoJW^tlW^VTEB 

5-JS Hi 


„ Unit Trust Account ft Mgmt Ltd. 

oi-uswi Klw . WitUtBlSt& : 4R8A R 0l«34»l 

A96 FriaraHsa Stood- |15i0 W-W 

626 WloJerGnh.FDd-.B94 523 "'i Ija 

510 Do- Amin. -IM.0 joJR 

s- 10 Wider. Growth Fund 


ig .a 

7 W p-awi rnii T.tt pj S7,7i 
720 ni"'-- • « - - 

pelican L’rw Adana. lid. (gXx) KinfiWintam.SL eC4RSar 

mdMBmrt 81 Fowntoro*-"-*^ loromeUttn*-.., ^ 

PLO 3CW 4 




01-63 4M1 

« :::::! » 


September Codec 1759-1174 


l.G. index Limited 0X-o5l 
29 Lam out Road, London SW10 ,., roc 

1 Tax-free tradiii n on cooinoaity lotures. , 

2! The commoditv" 1 futures market for the smaller Investor- 


1 Royal X**Sff*^uS!!fOT| « IJi 

Index Guide as at 7lh Ju»«s 19lS (Btoe 10U at V&iV 

Clive Fixed Interest Capita 

Clive Fixed Interest Income 


126.93 

112.91 


CORAL INDEX: Close 465-470 


INSURANCE BASE RATES 


tProperty Growth -j q |a«? 

tVanbrugh Guaranteed ^ 

- Artdrew shown und^-r wmrxt Bond TahK 


•' -p-u. ;i»'?rrr 


J- 












FT 


HWi 




Dmdedds 


Henry Boot Construction Limited 
Sheffield Tel: 0246-41 0111 


SG-LSapclSOT — 


92fcn»| 

93i-.nl I °5i 5 61 

10U 
101 Ja 


16S 16.»I 


ID 9S lMrJoSeDc 
10.32 JJVpJy.O. 
ll.2llFJty.Aii.rf. 

IN. 

33IHrJe.S.D. 
19 
.01 
.20 
36 


F-MyAn.N. 


mm 



CINEMAS, theatres 


BEERS, 


26 |15JjtLM 





.srii 


M 


HigK'dPistaOp. 


30.V 30S 

SOM 30N 


14J 14Jti 


JuApJy.O. 



Jan. Jure 
Dec. JuL 



8 . 0 10-2 

■ 7.9 45 

3fllfl.fi 7 X 
ifl 65 10.4 





building industry, timber 

AND ROADS 


12 W 

1215 

1255 lujju^eliec 


M 


S5x.Ju.5-D, 

JaAD.Ja.0. 


ConvCTSiun lartor 0.6708 <ft«72S> 


33';l2?.12il2.47 


FJMfrAuX 


^ a feRSSr1S==:i ""20ia | 22.2jl2.49 I - 

^INTERNATIONAL BANK 

15F 15A-|opcSluck7r-ffi.. 1 84 1 ^1 5<M i ” ' 2 


WWW 



Eirmh > 

Bristol 
GLC.l 
10F WAuC. Do 12 
15My 11N GlaiRff 

22N Herts. 5liec.T&» 


L\p lOct 


Do.3DFclncd. 


Apr. Oct 


Iid-NuLGasSl 


Seagram Co.CSl 


Trl 


touch (D.)Kp- 


Apr. Oct 



July Feb. 
July Oct 


AlaandersD.il 


an. Julj 



July Oct 


Cred France 


F.C. Finance. 


sa* 

45 ti 
92 - 
6.1 - 

8.9 - 
2.7 - 
6.0 - 
£5.9 - 

2.9 - 
7.0143 
33l - 
5. 

5. 

5. 



IS DoSHtfcTH-K 


R’ch’da. Wall top 
Roberts Adi aid- 


FINANCIAL times 


BRACKEN HOUSE, 10, CANNON STREET, WNDON 

Telex: Edited 886341ft 883831. JlM^ ' *■*“ ^ 

Telephone 01-248 8000- 

For Share Index and Business News Summary hi Birmingham, 

Liverpool and Manchester, Tel: 246 8888 
INTERNATIONAL AND BRITISH OFFICES 


editorial offices 

Amsterdam: P.O. Box 1»6. AnwtanSamC. 
T55riai71 Tel: SM S55 

Birmingham: George 'JgSS'SgS*" 

Tele* 338890 Tel: 021-454 0932 
Bonn: Pressnau* iyi£J Henasallc* 2-10. 

Telex 8868542 Tel: 210039 
Brussels : 38 H ue, Ducelft 
Telex 23283 Tel: 512-9037 
Cain: P.O. Bo* 2040. 

TeL 938510 

Dublin: 8 FitzwiillBmaiaaie. 

Telex 5414 Tel: 7BS321 

Edinburgh: 37 George Street 

Telex: 73484 Tel: 031-228 4120 
Frankfort: Im Sacbaen locer 13. 

Telex: 416263 Tel: 5SS73D 
Johannesburg: P.O. Box 2128 
Telex 86257 Tel: 838-7545 
Lisbon: Praca da Alegrla 58- ID, Lisboa X 
Telex 12533 Tel: 362 308 
Madrid; Eoproneeda 32, Madrid 3. 

Tel: 441 8712 


advertisement offices 

Birmingham: George Hcnae. George Hoad. 

Telex 338690 Tel: 021-454 0822 
Edinburgh: 37 George Street- 
Telex 72484 Tel: G31-226 4130 
Frankfurt: 1m Sacheenloger 13. 

Telex 1KK3 Tel: 554667 
Leeds: Permanent House, The Headrow. 
Tel: 0932 454968 


Manchester: Queera House. Qg*«M stpe * 4 - 
T««c 0868l5Teir061-884 9381 
Moscow: Sadove-Samotectaiay* 12-24. ApL 15. 

Telex 7900 Tel: 294 3748 

New Yo rk: 75 PnckefeUCT NY - 10019 - 

Tolex 06390 Tel: C2121 541 4625 

Paris: 86 Rued uSentieT. 73002. 

Telex 220044 Tel: 236-57.43 
Rio de Janeiro: Acenida Free. Vargas 418-10. 

Tel: 3S3 <848 

Rome: via ddl* Merced* ». 

Telex 61032 Tel: 678 3314 

ctnokhaim: c/o Svenska DagbMdet, Raalambavagen 7 
Telex 17803 Tel: 50 60 88 
Tehran: P.O. Box U -187W-_ 

Telex 212634 Tel: 682608 

Tokyo: 8th ^ lb<m . 

Bofldtag, 1-8-5 O tem ac h u Ch iyoda- kn 
Telex J 27104 Tel: 341 2820 
Washington: 2nd Floor. 1325 E. Street, 
ffwTwashington D.C. 20004 
T^tex 440225 Tel: (202) 347 8676 


Manchester. Queens House, Queens Strert- 
Telex 666813 Tel: 061-834 8381 
New Vo ric 75 HockefeUer PUra^N-Y. 1Q01S 
Telex 433033 Tel; (2121 488 8300 
Parlr 36 Rue du SenUer. 76M&. 

Telex 220044 Tel: 230.6601 
Tokyo: Kasahifffl Buddr^. 1^-10 TJrhltaudB, 
duyoda-ku. Telex J 27104 Tel: 395 4050 




u5p 


& Arnold- 


0723 


DBM Group 

VecUE Stone lDp. 



ilWi 



Farm Feed 








m 

itX? 






l! 

Tif 

*1* 


ranifuff-n 

TSdigiAiC 


fti 




I 


nly Feb- 


“■*- t Z7. 

engineering 
machine TOO! 


m 


T; 


I 

£ 


52 

53 
53 
8.2 

4.7 
6.0 

7.7 
10 J. 

10 } 331331 

MB 8 
A !:! M 

7A 63 
7.8 * 


I. 

'*'! 

a 



rf-sttn 



m 

:Y;1 


£ 


FT! 



m 


m 





m 















































































































































































S3 


JT - “ -■ 


. ■— / 




% A. 



^%»bs 3Kmdiaar -iroM* J2«TO 

:• ; .' 

i ^ :*£.•■ .® \«m™ 

" : 1 : ." .^■■'l iwi a lTT w Wiu i > m \~lM ^ cc ImmiAfl i <tn n -.» nr 


INSURANCE 


IHrUesdi 

Paid 


Stock 


Mx 


Tl 


Nr 

Net 


I ™» 

| Or fir'll M 




r , ... -BNBtajfo 

^ -Wj? ^Skj 

■■c ' SOT-', 'Apr HftsnpramaSpJ 

; Uusf An®. H®Mbd(A1_ ;•' 

.. t. -. . pc&- Sftpt ttftsBros ,., 

tf? :--‘t -. -July Holt UeydluLlOpJ 

•• - •■■■ tec. Sept. Boover'A'— 

i % ‘ii-Sk 

* ! *?iSPwlWTiiS. 

_ . -=•“ ■$*.- July HuoUnsAffloe.., 
■■4 :• ■?««?, Nov. aaWJoifih lOp^. 
'"'December MckWtenaJKra 

*• *■- SsSbs 





\Caoc.; 


.'■Hbc .Dec-lljaneaflcfo. 

, je- .--'.June- Jan. hB*sOt]htati_ 

■ :.■ >"• -'-iNoo. June Jartiae.lt SHsfi. 

-' ; .■;••? Apr.- Bee. leriHpie-; 

-,a> .?•:«. ■.- — Johnson fiBirnes 

**• -t ; *t ! > u Oct; • Apr, fotawoo Qnre. *. 

- — .'• ~ • ; • 'i-Fcb. Aug. Johnson Why. £Z ; 
•-- ...: > ' Vs- Oct. June tamtam (T.UOp. 
-V.- ! 5® ; ; Dtt KalanaroolOfU 

i; ~j ii ' r-.JonS Ian. Kelsey lack— 

■>■■: '■ :Apr. Dec, Kennedy Sm lOp 
“•“fiotf. April KerdawtAlSpJ 
2 Jan. Aufi Kfeeo-E-ZeHldgsJ 

8 *vm pk»“- Aug. LCp.mds-™ 1 
... U Mffltec. Anf.lrlK.lRd1.tos_ 


Wsv. JaadSowHagfC.T,). 


I Feb. JalyjSKntaiUBdlQp. 


Britannic 5n 
Cesatod AaSL-| 
Cotr.tn. Ubwh— 
EagleStar^ 
zhnk(fiXiF3pA 
■1(4.711 June Dw.jfiLtiiVKBVwJ 


iSov. May!' 


122 Jan. 


S3 1 Jan. JvmdEfluto&UwSp. 

fea-Aeowm— . 



July CJei . ... 

Mav Guardian Royal.. 
Dec. Eaffltolile™. 

• July Heath fCEjatp- 

Mar. BsKgRflbinSW- 

I . Apr. BmrtralAJlOp- 
Dec. tone Legal A Geo. Sp- 
SapL June Lej.fcf5dwn.1up 
Nov. May Ltm. & Han. ap — 
Oct. Apr. Loo*® United Sp 
Nov. July Matthew Wr.Zftp. 
AfllNov, June Mine* HMgs.3)p 
114.9 Mar. Aug. SfoauflainilZOp-] 
7.6 (Oct- June PeariSp 
103 j Dec. Juno Phoenix. 

7.4 [Dec. May PRn4AK* a A — 
May to IT. 


M2 

40 

16 a 

£16 

145 

136m! 

21 

£124 

160 

210 

216 

325 

257ri 

131 

15S« 

153 

98 

234rf 
175 k 
165 xd 
184 
E9 

238m 


56 Dec. 
5.7] — Nov, 
145 Nov. 
110.9 Jan. 

! — Feb. 
5.6 Oct. 
68 Wan. 


Ma^PradeiitMSp — 

Mai-pdageSp. 


OrtJ5edf Fortes ICp 
ISUmhCKlse 


AprJSUmh 


m 


. July Sun Alliance D_ 

42 j June Dec. Bra life 
8.7 April TririoMar.nm 
38lNw. . May frada Indemnity 
. 92 fsiaJnSeiJe- Trattta*S50_ 

[ti&ftlDec. JuneJWflluWw 

83 


242 

128 

128 

145 

138 

353 

405 

97 

508 

100 

876 

170 

£30£a 

250 


15.5 295 
3 1 128 
S3 9.18 
25 IQS1JU 1 
3.8 7.65 
305 6.13 


21 


155 09*1 

17 . 1 6.69 
15.5 8.10 
17 fi 1017 

17.1 203 
Mi 4.83 

13.2 IS* 
113 (7,0 

3.4 5.77 
25 dU7 
335 16.48 

2i h3.77 
305 919 
25 333 
301 3.tt 
30J 1259 
155 1035 
25 B.17 
25 837 

17.4 6.65 
13l3 8.1 
3.4 16.45 
113 959 
Z72 4.05 
155 2005 
25 C3.42 

2SQS1.68 
13 9.0 


4.4 
48 
83 
35 
-,8 □ 
681 


251 


a- 


PROPERTY— Continued 


DfrUnds 

PaM 


Sock 


Price 


Lari 

d 


W* 

NH 


irw 

CcrlGrt HE 


INV. TRUSTS— Continued ] FINANCE. LAND-Continned 


M«Mnd* 

paid 


Stock 


Price 


\TU 

Or|Gris PfE 


Dtctdeodi 

paid 


Sock 


5.8 


7.11 — \s~. JuuvLwPrw.'V'plOp 
9 31— Apr. Dw. Lcn . Shop Prop . 


Mar. Sept. InuyPiepcrtP'** 
Apr. Sent lnlertiirtpMaWp 
August Jcm'tttoert.- 
July Oct Undto-W.-— 
Jan. July UndSew 50n_ 
Mar. Sopt 

Mar. Sc |il. iJr.&.V'onv » 
.Mar. ScpL to HFxCiinv Sb 

— uuly Nu«. UwlwdSOp-- 

- [OcL Mar. Lend LcmpSOp . 


2g JJApr. Sept 1 , 

tTB^ Junp| 

5.? 

6.9 10.7 Mar. Oct| 
73 — Apr. N<jv, 

A P ril Au f , 

S - 5 Jan * J - U ' y ! 

27 11.3 Apr. 

93 65 May 
Jan. 

July 
Jan. 

Jan. 

Apr. 


LraU>&UdS&-£)p 

JiKPC 

Maricr Estates — 
JUdMTiUp lttP- 
[McKjj SCCJ-TOP. 
UidtnmviLit^-] 
MOUBtTKaSa — 
MncUoviAAJJ 
Noltan 


Oct. . 

Nov. Peachey, — . 
JbIf Prop.IIldp.ilov. 
OcL. I'rp.lnv.tfio.UJ 
Aup. Prop.fanihtp^ 
July Ptfpite-.’A^ 
Oct rnr Sec-inva^J 


— ptifi lan Prop. 5p 
Rreallan 


C.iBL 10 p_ 


; i - ■•....; J 
. .^5 : :7an. 

':'-jan.J 


. ■* r-t-Jan.' Aj 
■ M»r. ; 


Inds.5Dn_ 
~ l»t1 Owfmc 

fEdJ 

FohdlOp 
Hanis_ 
LexgblnUSp 


7.7 4.0 1 


62 


MOTORS, AIRCRAFT TRADES 
IKotors and Cycles 


30i 


61 _ 


13J 


lio; 


^ , . . _ [Brit Ley land SOp 
, 5.6 MrJtSJ). Gflt-JtoUsto- 
lililjan. July LoOisCarLOp— 
4(3-9}] - August [MUntMtt!fr_ 


[LeiiarsCar.lOp. 
CnHiplOpi_ 

Freds. 

itlOp 

lOp 

NorJLiDdsay&Wms- 


* 


33 


^ .Sept' May 

ti' ^ 


24 
250 
58 

11 

lHoHs.Rorcfiah._l 94 

[VoboXrifl 


Oils 


Q34c 


£5 

£5 

M^M526 


3051 Q12%] 


3.6 13.0 April Oct Resionnl Prop- 
63 7.4 April Oct to. ‘A' 

6 0 — Jnn. June Rush It Tnnpkjn 3 | 
52 December Samuel Props .— 
0.6 — Aug. Jan. Scot MttropSJp 

7 6 — Mur. Oct Second City ]0p- 
3.1 — Oct Mav SlonghEas.--- 

24j 55111.4 June Dec. toFSCoW* 
Apr. AuR. Muck CHnwrai .1 
April. Oct SunleciBilav - 
— S«oro Pro pert iw 

December TiwnCcnm - 
Apr. Oft Town !l Cihr lup- 

Apr. Nov. 




1.7 


7.71 


6.1 


Commercial Vehicles 


Not. April 
Mar. Sept 
,203 1 Apr. Oft , 
83 93 April Strpt| 

6 July” Oct 


TraUom Park — 
iU.t Property — 
Real Prop— 
IWanuTEstaie... 
Himtofd lnr.ajp 
IVfebblJoS'Sp— 
WmuiaerP.ajp 

[Winston EsU-.« 


300 

W 

J 
£160 
£140 
£140 
40nJ 
246 
90 
59 
112 
Ittrt 
28 

45 
220 
■42»j 
57 

118 

46 

77 
302 

no 

118 

292 

147 

# 

76 

65t 2 

U7 

78 
105 

36 

U71j 

063 

250 

215 

57 

59 

12lj 

104 

19 

248 

129 

267 

ISJj 

37 2 


33!|bl.6 
tO.l 
1.60 


M9lth0.67 


ZB 11 


im 


27 Z 


303 

i4 a 


532 

I 0 %] 

0 . 
025%^ 
155 40.81 
133 t300 

132 t228 
305 a? 
r?4 f- 
674 — 

133 fl-41 
475 

132 L32 
155 tb222l 
132 2.0 
155 L2.00 

33 fi654 
1232 +T4.0 
2831 +159 
123Z d4.69 
301 tl 88 
374 - 
474 

272 gLO 
272 gl.O 
15,5 62.87 
3130 J623 
D30 0.94 
3.4 71.73 

34 227 
1431 Q1W 
132 h2.0 
y. 33.95 


of 

7.H 
2.6 
j.o! 

a- 


fq m 


W3\ 


23111 0.82 
220 0.01 
34 73.65 
674 

27 3| 5.17 
15H 7266 
133 6.95 
272ind0.48 

a» 


1872 j 


Doc. !**®**rJZ- i 

235 1 Feb! 0«.< 


edcr.U Invs... 
ledaniuitTil.. 

DO 'B 1 

_ Jun. Dcc-JCanfi^y-d'^- 

n -j _ May |Canc.!ulr.u ]>>■ 

3 8 1302 I>cc. SUBffpa . 4 ■ 

HI; 

77 ^ 4 , Sort Mar.k5rf» M,Dil1 — 
31 19.6 W *E» rt 1 , “ 

37 8 June DecJCWarlnv -■ — -- 

353 -'tw 


12 | 


2.1 


[Cfcanl Is. Inc.il. 
DO. Cap 

10136.6 1 AW. Mar.!QtanerTrj«— 


Z4 


_ Mi?: ScpLCily^oottee- 
»ti * — DaCBpitli^ 

5 8 M 6 - Citr&Fo:.lEv.- 

6.34715 Mo? 

iqj — Nov. JuueCn?o«p».nd— 
33 391 Mar. Sept Cbvertouse5^i. 
I’lSii — Oi&MlflvslO?- 

SBsM Jan. May CWMd* to. 
417 


101- AU C *&££*& 


iSSS Mar. Aug-jCTTOlMp— 

37 flfy. January CsmnlMLir— . . 

i SI Feb. Aug. waae/toc.! W- 
2.8 46.9 Do.fCapilOiL*. 


Finally Kfg® 




12 ! — , 

25 - Apr: 
4 J 9 May 
23 59.0 Apr. 
— - Apr. 

5.419.7 Nor. 



X I — J _■ 7* 

Hi] 3 85 
155 t35 


-I 


5.7 26.2 
5 4 22.2' 
4 M26.9 
4.71261 
2.7]45.4 

F^ 8 


Feb. 


— [GriaBhwdSp- 

L AuR'HjnhroTnS— 

— axaptosTstSp. 

June Ho-wSSl— 

OcL Mar.bt Tofi. D 
Feb. Sept.-toi*t=«!:ta- 
iFcb. sept Kawsrf*.— 


SiKDilasIorlfl? 
SepI ember |S«su TJ 1 ? — — 
August iUmm: r-rii ..*?? 
■ _lJan. MayLca-Epo.n^. 
5.^2621} an, Nov.lLoE.yeroliaist- 


223 
...19.4 
691.217 


7167 11 


1131 8.1 


— iFeS. Aue.ftmbn«U'I!sind 
Z Ltet June Continent'! lolw -I 
CrwHtJapsaaOpJ 


331 15.84 


15i| 55 | 11 ! 


13.32 

0.8 

1237 


hl «0 

13.43 


X0.I 


LiNflmGrp— 5 
$Habty.U^. 
mTtms— 
deDnlvrsl- 
i&BonerSOp 


Feb. 

. ;>• 3 

~ . ri • ••. . Anr 

f 1 * ‘fi'Ang. Apr.' 

‘ ".' Dec. Jure^ . 

CV *• '.June Dec. M.Y. Dart lto—, 
Ji 'i -Jan. July Marania lAn. lDp J 
:> :^lday M'c'ittoPii.SOp 
"'Oct May ItKfananeGp.^ 
May Oct McBride RbtlOp 
~ Sept Apr licdewy L*A__ 

jg. Mar. MacphenontDJ. 


30f 


lio.c 


12.4 


19.9 


W 


H' Feb. AugJ2LHJ.(Kdg&t- 
A AagUStHFodensiWP'— 

73 June • KebJ?«ak Invests. 10p 
A May J an IP}**®?* ~ — -- - 

32 July OcLjVorfcTrliler 10p 

|| Components 


107 I 
57 

77,5 

66 



S3 


SHIPBUILDERS, REPAIRERS 


6 « 331 53 
5 7l a 6 (13t 
2.9] 1 5.9|jnne Dec.lHawtboni L SOp \J2 

3.317.7 &21DCC. JuaqSuM Honter£i-| 128 


4.9[ 


{June Dec.lVosper.~-- 
[Jan. JlayjYnrrowalp- 


164 

270 


1 1 73d| 6 A& 


17.10, 

34(4.65 I 
15^146l| 


?■? Mar. SepUMbejFwel* — l 
5 J |Feb. July AldJwSbeam- 
NoT- Anafl'^Eq.lOp j 
[July Jan-jAsso&Mg'g- 


Wsrs®** 6 


. . SOcC 

*• 1 ■ f June J: 

: * ' Oct Ai 
, J? ••.*; Feb. C 
,:Z j .'.Bec. Juo. 
-;;-V Jan. Jr ,j 
r --\ J .Dee- 


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5.2 9.7 j n |y Dec. Small ft Ti dm! - 

3.9 135 Apr. Aug.Sn.ViicouL12DO- 
5-5 2-f Apr. Aug.Do.Friv.U200- 
66 i* peb. Oct Spencer iGea) — 

4.0 11-2 Apr. Nov. Stoddard 'A' 

*6 5-7 Jit July Stroud RilerOrid. 

5.7 10.1 jan, May Tern-CoiuuDlo-l 
ilL4 ' ft jjar. Sept Tcxfrd Jrsy. I0p-| 
10.1 51 February romkuaons- 

8.0 56 veb. July Tooial..— 

6.9 ft _ TcrayYSO. 

7.7 El April Oct. Tratford Carpets 
6.9] 6.6 jii. July TnwiiielOp — 

— Mar. Sept Vitn-XeaSSto.—. 
Mar. OcL Y«ta.Fbieff.a)l>. 
OeL MayiYWghal — 


29 

90 

68 

29*d 

70 

46 

45 

28 

33 

55 

22 

58 

5?2 


26 2mum JaiLill tG.Hldgs.SJ 


November lus<i» to?- ’■ 

fesps, 

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|May Dec.EWPtoeeiK- 
Juce NoWPewwtSiftScnJ 
May Preab’l-SF!s2SLf 

— .Nov. Julyfc-CepTTClO?- 

— Ijuiy Dec.! Scot, ft Merc. A_ 

n 7 'Nov. May S.cl i^pe 

March Oa-lSnii'lBw— - 


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5.«rf235 
95 


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19.0 

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25-9 May Dee J Bat Boroen 10p . 

24 4 Nov MayWPrtJoriE.il' 

39.7 _ jBsnazfcw— — 

265 Feb. Aug. to>:LaJiP5- 
ft — ttd? N:\Ssad-! 

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26.6 |Cnar.erbailpp— 

86.9 j„]y ]cierrFrtro!es3- 

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5.11 ?4J] _ 


7.4jl8.1| 


May 


Apr. 


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C | 1 Jamies Sd£3T_: 



Serving the world 
with 

financial expertise. 


SANWA 


Tokyo, Jap3n 


jflNES-Continued 
CENTRAL AFRICAN 


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162 
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M.LJL Hides 50c _ 
•Mount Lyell 23c — 
jNewzneuil 10c..— 
;XorthB.HiU50c — 
Sth.Kilgurll— — 
lOakhr.dgeSAL 
pacific Copcer. 
ipancoctl Sac... — 
IParinca MAEs 5s._ 
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230 

54 
131 

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264 

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OVERSEAS TRADERS 

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Oct LcELftLocand 
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ft Sot. Jure Lot. ftFrov— j 

7.7 Dee. July LoaProdOTtial 
jdUl May Dec. Lm-tf *de- 

4.0 June Dec. Urn-Tst-Ehi — 

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4.7 July Jan- I&S&&5 

— ° Jan.^JaneJtojSon.^' 
1(961 Mar. Sep. Mddramto- 
{(,431 Apr. Sep. Stecantile lav 


Jan-ibCicteilCoU* — 
Nov. Nigerian Elet- 
Jul40cean Wlsns. SOp 
Dec.lParsc" 2 och.l 0 pJ 
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3.1447 _T HseriSoiarSOp-, 
4.0 ft May Nov.LiSime Darty 1M 
L01K4 jSJ. Julv]st«l Eros.50p_ 
43 223 jan. June TmerK«ns.2ap 
- — Apr. Oct Do BpcCnv.^l 
55 ft Dec. Apriu. City Merc. lOp. 
66 22.0 wa r . Sept) Du.l0pcln.18p 
111.8 ft 




Mnr. Sept; 
June. JanJ 
Mar. Oct' 
February 

Jnn. July 
June Jan. 



7.2] 

£.9 

3_2 

55 

132 

63 

— 

45 

23 

180 

rail 

3.7 

12.4 

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35 

4.0 

7.9 

75 

6.7 

3.0 

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6.9 

29 

13 


52 

33 

3A 

192 

4.4 

4.8 

7.0 

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8.0 

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103 

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75 


Dividends 

Prid 


RUBBERS AND SISALS 


Stock 


1123 


25dl5 

1 500 To 

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19.9 3.60 
3Ui 2.5 
32 10.42 
27 2 24, 
132 15.25 
19.9 3.40 
305 285 
3.4 +138 
303 025 
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ft j June Bradiral! lOp 

Apr. Nor, Castlelield I0p— 
7.6l ft NOT. June Chersonese 10n_- 

S:fe3£ %S£TcSSJi 

4.4 34.0 jan July l+KulnnM50c-_- 
4.8! # October Ldn.5nra^ral0p 


5.9i^ft_ Dec. JunelMalakcftMSl 
>12 November 


4.931 


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ArerHiumJVn — 

BeraliTin 

BetyunUlSMl — 
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TENS 

25 

350 


Slay Nov 
Sept Mar. 
Apr. Oct! 


Gold ft Base UiP- 
[GopengCons.- 

Hoagtong 

ildnsltip— — 
j3narl?j> — _ 
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pangkalenlOp— . 
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54 

280 

135 

10 

290 

365 


21 
68 
490 
385 
70 
60 
210 
54 
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200 
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75 
92 
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joua Dec. [Messina HD 50 [ 93 |1212|jQ30c| 19] % 


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Aug. Feb 
November! 
Jan. June] 


Burma Mines l^cp. 
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October 


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9.9 Aug. Dec 
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Jan. Aug. 
June Nov, 
Apr. Aug 
Dec. AUfrl 
Mar. Sept' 
Aug. Feb. 
Fab. Sept 
Apr. OcL 
OcL Mar. 
SepL Mar.] 
Apr. Nov, 
Apr. Nov. 


Aug. Mar. 
Apr. Not. 


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301 602 
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461 


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Nov. Mar. 
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Dec. June| 
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July 
December 
Mnr. Dec 
Apr. Oct 1 
[Dec. July 
July Jan 
[June P« 
June Dev 
May Dec- 
July Dec 
Aug Mar 
Apr. Aug. 


Apr. Octi 
Jan. Sept 


Dee. June] 
June | 
Apr. Sept 
November 
Dec. June 
Dec. June! 


MwchantsTst. 
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Do.W.it».EL_ 
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Moonade Trust 
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5.4 27.4 March 


61 3^688 


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3J +3.07 
272 44.75 
375 Qllc 
132 1.54 


22J562 Max. Sept 1 
— November 
. *— January 
5.7 265 November 
7.7 193 May Nov. 
0.81412 jan. June 
1126] ft Apr. 

— September 


Assam Frontier £1- 

'Assamlnrat! 

[Empire Plants I0p- 

ftokaia 


377 0.40 
155 3.75 

174 27 
305 2.85 
28J1 +3.M 
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51*d 305 153 
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272 B.13 
272 6.25 
293 0252 
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1075 
27 2 265 
133 438 


30 9 Apr. Sept[Lonura£l 
33.0 


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Jan. Aug 
I Aug. Apr. 
June Jan-| 

September 

[Mar. Oct 
April Nov. 


Mar. 

May 

Mar. 


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Nov 


2251 558 
25 3.6 
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73i 3 17.10 3-2 
162 13 3 60 

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TRUSTS, FINANCE, LAND 

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June 

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Aberdeen Trua. 

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LO ft, Ang. Mar. 

4.9 20.6 Sept Apr. 
4i]l9.7 

— June Dec. 
18 29.9 Aug. Feb 

3.9 - — 

1.4 (31ft Dee. June] 
4.8 102 Aug. Mar. 
45 ft January 
8.2 115 November, 
8.2 12W Dec. June]. 
16.5 — October 


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to. Cap- 

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December 


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255 Nor, JunelEuhowneTa- 


15363 May' Dec 
7.0|fb4ll. June 
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4.8ft9.3 

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551 103 1 Apr. Septj 


J_4 615] May Nov, 
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BarderiSUuLSOp 
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118 

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58 

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6 *76 05044, 
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43 032 


7.1 28.7 
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5.9 242 
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Voik£.i lanes 
_ Vorkgreeldp. 
bee. junriYoanfCtfslmll 


Dec. June 
Feb. AuC- 1 
Apr. Oct! 

April 
Feb. Aug 
May Not 
A pr. AuC 
Mgr. July| 
Jure 
Jul;-’ 
March 
(June D*®! 
Aog. Mar 
Feb. July | 


JApr. Sept 
[July Dec. 


4.7 198 
4.9 30.9 
11 752 
0.6 545 
5.0 29.2 
4.2 345 
75 ft 
22 665 


5.7 26.1 
4.1 33.2 
45 3.7 
45 22.9 

3.0 33.9 
6.9 202 
6.4 22.9 

4.0 332 

8.7 152 
53 25.9 
45 ft 


U 521292 


23.6 


5 28.2 


11 


461 


Long bourne tl 

McLeod RussdEl. 
MoraaEl 



NOTES 


IMM etbenrtfi* Indicate price* and w* fflrid pidl ge to 
— ” .WASSandMUl«i« are CSp. Euttoa^ai Pri« ft»nta g 


calculi led 6a ihe b«*i» of 
Indicate 10 per cent or more dlCerc ace If ca l rfl lo U d ^ 
SSritetloo. Cover* are based on 

SSjnS. m middle Dries*, are urwa. ndjuatod 10 ACT of 


yield* are bused 03 middle pricso. a. j y— . __ j 

reeL aad aUow for value of declared MhuOmm 


pooled i Delusive nl the Invest meat doUar premtmn. 

Sterling denominated securities whlcb indnde InveMment 
dollar premium. 


irichs m?Low* marbed thus hove been adjusted to allow 


TEAS 

India and Bangladesh 


iSinrioHMes-lOP- 

jaldWarren Planti — 

* Williamson £1 



3120 *951 
D2h3655l 
22J 7.0 
1710 +L98 
MJlftHOOl 
3uc +io.ra 
1730 035 
25 15.08 
2831 49172] 
132 P03.0 
228 9.0 


55 69 
4.5 81 

3.7 86 
16 11.1 
35 5.9 

6.8 46 
27 88 

4.9 5.9 
82112 
86 84 
4.7 81 


for rights Issue* for cash. 

Interim since increased "rresmae a. 
i Interim since reduced, passed or cexerreo* 

C* Tax-free to non-resideau on application. 

0 Figures or report awaited, 
tt Unlisted security. 

5 toUca^^dOTd^crpffldlngKripw^brrt<Msfcan« 

cover relates to previous dividend or torecaai. > 

■* Free of Stamp Duty- 
4 Merge? hid or reorganisation In pvocreaa. 

1 ^cTn^^redticed final andior reduced earatagft 
Ftoccaefdiiidend; cover on ea ra t n ga updated by West 


iaterim .tatement.^^^ ^ ^ ^ tor 


Sri Lanka 

| 180 1 1331 55 I 151 A6 

Africa 


May 


Feb. 


Nov.pl ictyre 3. 
Ocl]Ruo Estates. 


550 

180 


17450.0 

2721 13.0 


113.8 

10-9 


7.9 175 
29.4 
325 


MINES 

CENTRAL RAND 


Cover does not allow for Eharwwhich mjdw 
dividend at a future date. No P/E rauo usually provided. 
Excluding a final dividend declarauon- 
. Regional price 

a Tax free.' ^b Figures based cm prospectus or ether 

CenssT d Dividend rate paid or Wrtte« PJ* 
capital: cover based on dividend on foU 
ruedEmminn yield, f Flat jiald. g Aasvuned dividend and. 
yield, h Assumed dividend and yield alter aerip toe 
J Payment from capital souitcs. ^ 

{ban previous total. » Rights issue penUuf I ft Earmnga 
based on prelimirary Ugurw. r Ans^an currenw 

s jssrsnss.' wnssSfissa 



EASTERN BAND 


„ n ,May Nor.lSracken R1 
?S «[ February 


7.7110.8 1 


K27.6 


434.4 


Aug. 


MV 


445.7 


OcL 


Aug. 


Feb. 

Nov. 

Matf 

Feb 


♦. Aug. Feb. 
372 1 May Nov. 


45^34.1 **“*_- 


IcroerJeiJOc 
KtarosrRl 
Leslie SS:. 
ManKBleRu.aO — 
8 African Ld.35e_ 


WiL Nigel 25e. 


80 

27 

3.41 

31 


364 

— 

N25c 

114 

32 

Q1 9c 

343 

3.4 


46 

3.4 

tQ3c 

102 

M 

Q46c 

49 

676 

— 

£0 

32 

Q25c 

637 

3.4 

1086 c 

5012 

874 



Jf 3 - 7 


17] 


42 

10.0 

89 

3.9 

26.9 


0.4124.9 


81 


4.^335 


32i‘ 


155 6.10 
226 Q25c 
272 846 
310 15 
385 33 
153 19.19 


33 t278 | 

UJM.75I 
272 188 


46.7 

35 457 Feb. Aug.fBJyvtnrJS 

Feb. Aug. aitfels--. 

4 6 321 — Drelkraal ROJO- 

S' 43.8 Feb. Aug. Dooralcnieia R1 — 

— — Aug. Feb. East One Ri ... 

4 9 300 — Eilandsrantl Gld. 3Jc_] 

35 - Feb. Aug. QshureRJ 
96ft Feb. Aug. Hanchwii !U — 
3.2 38 3 Feb. Aug. Kloof Gold RI 

4.6 307 Feb. Aug. Lebanon RI 

9.7 183 February Soupuaa! age 

— — Aug- Feb. StillontetnSJc 

4.0 26.7 Aug. Feb. Vaal Reefs 50c — 
4 8 302 Feb. Aug \entersposi HI 

3.8 46.8 Feb. Aug-W.Imehl 

3.7 39.9 Feb. Aug. Western Areas 81- 


FAR WEST RAND 


7!7|J84|Feb. Aug-frestero DeepIC - 
J 12.7! 12. 7 1 Feb. AU£.|ZandpuRl 


* 1 ? fold aDow7 for currency cbu«v y D ‘ rt „ d . c “? gfl-tf 1 * 

based on mercer terms. 1 Dividend and yield ,taclnd*_ ? 


Cov'er does not apply ^ Bwelfil paymMC 
/rNrt thrideod and yield. B Preference diridend pasted or . 


iiSSTaSUro C^^dPErmtoevclu^p^ 

i- sr aemiosce subsidianes. E Issue price. F Dividend 
and yield bS'cd on pro' pectu* or other ofDelal «UMXM|or 
.S2-™ r. dividend anti yield alter opdinfiscrip 

yield based 


and or nghls issue. H DivMenfl ano yic^a 
^geews or other oIDcjal esUmat^ lor 


MpfridendllSS^ffid ho^don P 

ssB?J#s-M?SSS5SaSff‘ 


bared on prospectus or other official esumat« tarJJOZ 


StosTrngures assumed. V No significant Corporation 
fa^pavahlc Z Dividend total to dale. 

STuropUoo Treasury BLU Bale Buys unchanged until maturity 
of stock. 


Abbreriotlons: ole* dividend: =« scrip lsaae;«-M righto; «« 
all; £ e* capital dlstnbunon. 


•• Recent Issues ” aad “Rights" Page 2? 



This service is available to every Company dealt toon 
Exchanges ihroufiboot the United K ingdo m for » 
fee of £480 per annum for each security 


£^:ESS?S£5£SrsE 

arc as quoted on the Irish 


14.95 


303 4.3 
25Q8 1 ? 
27A’.'“ 
19^849 
133] 55 
-hl5 
17.4 459 


. 9.4(162 
1 18.1 

oH^lsept Feb-IFroeSafo^Ste 


0.F5. 


4.6]3UlJun. Dec. r.8GeduU60e__ 
_ F8T 


12 


30i 3.4 
JI t4.06 
305 3.85 
30.1 U25 
33 h4.D3 
25 0.94 
133 3.5Z 
303 5 94 

.172 0.75 , . 

155 10.81 U.1 
M3 4.6 i 1.0] 
305 23 
305 056 
272 759 
30rt| 505 fil-5 
36 1075 - 
74xd| 305] 3.65 



F5.SaaiplaasRI- 

Oct HaammysOc 

Loraine RI 

27.7 Jen. Dee. Pres. Brand 50c — 
4.7130.4 Jun. Dec. Pres. S»m50e — 

265 May Nor. St Helena RI 

_ 180.7 — Linlsel 

LO] 4.9)30.9 Jun. Doc. WelhmaOe. 

“ " ^ Jun. DecJwjioldiagiiSOc — 

4 . 9127:4 


80 

£X5» 2 

232 

15 

Qllc 

10240c 

80 

975 

— 

319 

3.4 

Q55c 

88 

899 

975 

75 

A 

695 

25 

tO20c 

■ 817 

14 

*|Q]15c 

170 

— 

— 

262 

£3B 

25 

25 

ri»5c 

tQZBOe 


Lg 82 
Zl) 95 


4.7105 
05 42 
25 
9.9 L7 
25 84 


Albany Inv. 20p 
Ash Spinning ... 
Bert am. — ~ ■ 

BdR’rtlr.EstSOp 

Clover Croft ..... 
Craig it Rose £1 

iugi&Ai? 

Evered , 

Fife Fore^-r-i 
Finlay Pi?8-5P 
GraigSkip-ti 
Hig.wnsBreu. 
I.O.M. him- £1 — 
HoHtJos'fSp . 
M^hn. Gold smith 
Pearce iC-K-J- 1 


id 80 
Id 95 


ft I 42 


L0] 7.0] 
10 


,68.4 

J® J Apr. Sept 1 
,25fi Jon. June 
4L0 Mar. Aug.1 
ft Feb. Aug. 
- Jan. July 
a.9 May Dec, 


FINANCE 


[Aflg.An.Cb3l XtL. 
AngloAMr.lOc— 
AagAnGoIdRI- 
Ang-Vaal 50c.— 
Charter Cons.--— 
Cons Gold Fidds 


ft 1 7-Sj ft 


Finance, Land, etc. 


Feb. JnfrjAkrojft&fillim 


__ lArouwrTiLlOp., 

_ ]AJtlKiriiyto , .a)pJ 

__ iSritaimu Arrow. 
,Lhaddfsley__ 
[Ctiaiienw CrpAl 
CharterfiaueG? 

ComnOTSfitLlp. 
DalgeyQ.. ! 


|Oct Mar. 
[Mar. AUg 

September 
■Jufr Nov. 
Apr. Gct-| 


Aligns 
OctoMf 
Dec. Jug 
[Oct J** 1 ! 
October 

Dec. July 
July 


ttltoi 

Edln.ladLlSra. 
SOroSEricElfiJ 
Enklne House-. 
& Linds 10p_ _ 
Eqdnrajfaa&Si 
iFasaafl6Ca.5pJ 


LW 18 


(Fitroytoat—, 


222 

I0t 2 

472 

16 

18rf 

143 

64 

£3212 

260 

40 
29 
16 
58 

41 
14 
27 


155(20-0 
127*) 

1775 
479 
4'Uj 
273 


125* 


25.71025.6 
155 tll.76 
34 tl.O 


677 
ZLS d0.99 
2811 L72 

225 122 

226 dD.49 
Si .4.94 


4.71 


L3 


6.921.9 jjuiv May E2s: Rand Con. lOp 
OcL May Gen. Mining M — 
Mar. SepL GoM Fields SA Sc _j 
Feb. Oct JoTrarg 
Aug Feb. Middle Wit 2re. 

•IDacOfp I 2 * 2 p-— — ■ 
Jlar. Oct MlBOTt»S3DL40— 
Mar. SepL NewWilffle-- 

2.4 Patino NVJlS.5, 

2.9 November Rano Lot doc 15c— 
55 Jan. July Selection JrJSt 
— Aug Fcb.SentnialOc 


u: 


— I — May Ocl Sllrranicespa- 
4.9 6.8 July Jan. T'raal CoisJaHI 
8.11L7 Mar. SepLLXtoesiRl— - 
2.1 a May Not.liiuooCorpB.82iS. 
6.4 (91) Sept Mar.VojebSjc 
3.8 7.8 


550 

320 

£17 

750 

144 

175 


£I27fl 

£3312 

IBS 

29 

190 

110 

£LDj 

S3 

410 

217 

58 

a4! 4 

220 

258 

60 


272 

17-12 


3.4 

ft 

65 

7J1 

132 

0165c 

U 

5.8 

31 

OUSc 

4 

95 

781.1 

83 

qL4 

9.1 

17.< 

t9.05 

Zb 

7JJ 

25 

Lift 

15 

9.1 

3.4 

3225c 

22 

8.0 

132 

jllOc 

L2 

5J 

3J 

?170c 

2.2 

7.6 

3J 

Q25fi 

ft 

82 

mm 

r\.K 

I? 

65 

m 

13,7 

Q12c 

015c 

L4 

0.6 

3.6 

fl.l 

1.179 

?C50c 

ft 

2.6 

DJI 

tQlOc 

3.S 

11.3 

73 

14.0 

Lfi 

5.2 

1222 

030c 

ft 

8.5 

34 

2.5 

U 

6.5 

155 

272 

tQ95c 

oSic 

3.4 

L2 

4.0 

81 

3' 

Q38c 

1.6 

8i 

132 

QD zC 

LO 

75 


26 

6.4 

122 

28 


LM 8.4] 


20.7 
89 

.112 Not. -MA; 
-Apr. 
ZiMay 


DIAMOND AND PLATINUM 


6.2(19.6] jaa. 


881 Nov. 
— 1 Nov. 


Nov, 

AugJ 

May 

May 


E«Bee?Dt 
to *0pePf R5— 
iLpdenhnslSijc 
BuaHatlOe— 


£37?. 

3.41 

83mi 

305 

356 

3.4 

OU2 

31 

64 

1710 

64 

477 



regional markets . 


Ptel Mills ..j--- 
Sheffield Brick 


25 
45 
22 
270 
24 
450 
37 
62 
18 
50 
231; 
154 
80 
150 
265 
54 
158 
20 
45 al 


i->a 


-2 


IRISH 


Conv.WBWffi, 

Alliance Gas — | 
Anott 


CarroUCPJ .) — \ 
ClondaUdn--— 
Concrete Prods.. 
Heiron iTCdgsJ 
Ins. Corp — 
Irish Ropes 
Jacob- 


Sunbeam- 
T.M.G.. 


Uni dare 


’W 

345 

92 

96 

335 

4® 

148 

132 

68 

33 

H8 


+* 


+2 


3 -manth Call Rates 


In^istriel* 


A. Brew 

A. P. Cement. - 

B SJt... 

Babcock-—- 
Barela^ Bank. 

Beecham 

Boots Drug — 
BowStCK 

B. A T - 

British Oxygen 
Brown ; — 
Burton A 
Cartbur^-.— 
Courtnuld* - 
DeK'nhaxrxs- 

Disullero — 
Dunlop. . . . 

Si«as*MU 

40 


2BCL =— 1 

Live resit— — 


Con Electric 
Glasn . ...«•■ 
Grand Met.— - 

g.u.s’a - — 

Guardian-— | 

HavcterSldd. 1 
House of ftcMT 


KCA 

Lad broke. — . 
Legal ft Gen. J 
LesServtw— 
Lloyds Bank-. 

“Lola" 

London Brick. 

Lo&rho — 

Lucas Indfi — 
Lyons fJ.L — -j 

"Mams".— 

Mrks. ti Spner 
Midland Bank 

N.E.J ... 

Nat. Wes. Bank- 
Do Warrants 
p a Ci Did 
Fleascy — ■— 
FLH.M. 


RankCTg ;.V. 
Reed I nuil — 

SpiUers,— j 

Tesco— , 

Thom 

Trust Houses- 


[Tube Invest J[ 

Unilever 

Utd. Drapery-' 
Vickers-. 


Woolwortha — [ 5 


Property 

Brit Laud—' 
C^t. Cound efc| 


Ifltreuropaen 

Land Secs 1 

MEPC 

Peachey— —, 
Sanmel Props.., _ 
Town & City -4 W» 


Oils 

BriLPBtrolenaL. 

BunnahOll 

Chanerhall.J 
Shell. 


UUnuaar- 


Mines 

Charter Cotu_] 12 

Coos. Gold 1 14 

Rio T. Zinc— ! 16 



-4 •• 




-- Vjr" 


36 


r ' . , ■' ~r • irV ;Vvil 


-V: 


ffijir Reall y Disceroiiig Drifligsrsj 

HIGH&DRYi 

Really Dry Gin ** 



FINANCIAL TIMES 


Monday June 12 1978 


CONTRACTORS 
WHO CARE 

EK Rush &Torsipksn$ 

SUl Builders & Civil Engineer 



Urenco 

seeks 

Japanese 

contract 


Crucial talks today 
on EEC fish policy 


BY MARGARET VAN HATTEM 


BRUSSELS. -Tune 1L 

r'THE FATE of the EEC’s contra- that Mr, Cundelacb will have But if Britain is to be forced 
1 versial common fisheries policy anything new to offer the UK. to climb down; Mr. Silkin is 
! will probably bp- decided in Faced with an election later certainly not going to do so just 
: crucial talks in London tomorrow this year. Mr. Silkin is believed before an election, particularly 
■ between Mr. Finn Olav Gun- to be ready to conclude an as Britain has not much to gain 
Bv David Fishiock Science Editor i delach. the EEC Agricultural agreement that could he presen- i Q the short term from any 
y ' , and Fisheries Commissioner, and led lo fishing constituencies, agreement, however good. 

•Mr. John Silkin, the Minister of which include a number of \ 0 r would he he likely to 
A GROUP of executives from] AaripuJture Fisheries and Fond, marginal seats, as a vindication attempt a deal not virtually 
Urenco the A Agio-German- Dutch i Silkin emerges from of his intransigence tJj] now. assured of passage through the 

uranium enrichment company. : (he ta ij- s convinced that the Since most of Britain’s de- Commons, whose Expenditure 
open a week oi discussions witn ; n[ fj er e igbt member-states are mands on fisting quotas and Committee recommended among 
industry and Government officials , prepared to agree on a deal suf- conservation measures have other things that Britain con- 
in Japan today winch may lead ; f3 C j en |iy in Britain's favour to already been met and incorpor- tinue to go it alone, making 
to a substantial order tor en-j h( , p re! ; C nied to UK voters as a ated in the Berlin Agreement, bilateral deals with Norway and 

pre-election triumph, detailed the main outstanding problem resurrecting old demands for 
negotiations may resume in seems to be that of finding an exclusive rights in a 50-mile 
Luxembourg next" week, in time acceptable formula to give zone. 

for a iettiement before Septem- Britain permanent rights to roost Much depends on how keen 
her. stocks in the 1-- to 50-rruIe belt, the other States are to get an 

Otherwise, the chances of a specifically in the North Sea. agreement this year. since in 


Cigarette 

sales 

drop 

5 . 8 % 


•m 


nchmeni. 

The group, led by Dr. Peter 
Jelanek-Fink. Urenco's chair- 
man. is hoping to persuade the 
Japanese electricity supply in-, 
dusiry to place a large order with { 


present suppliers. 

At present it is committed V» 
US. and French enrichment 
concerns for its requirements 
until the end of the 19K0s. 

Tbe tougher U.S. policy on 
nuclear proliferation introduced 
a year ago. has caused serious 
concern in Japan which is rely- 
ing heavily on nuclear power. 


Technology 


the company, as insurance i selt i,Y IUC ru this year are virtu- _ , . , the long term Britain has most 

a2ainsi any problems which a j| t - nl j m Mr. Gundelach. who has 1 OUgher attitude to lose From an undisciplined 

might interrupt supplies Erom its! v i S 'i ied most other EEC capitals Brit [ sh - ideas on not vet internal policy. 

in riyvi! weeks to discuss the b lirted formallv ineJude" a The raa10 Pressure on the other 

issue, k believed tn be deeply J"™ t UK share of the catch ei § ht relates to fishing arrange- 
pessimfcitc about the talks. * that inrluded in tbis merits with third countries such 

Little apparent progress has ^ ea % Quotas with about a » Sweden. Faroe Islands and 

been made since the unofficial ouarter 0 f anv increase iD fish Norway which cannot be 

meetim or Fisheries Ministers in r °suitine from consent formalised in the absence of an 

Berlin last January, boycotted by cortserva ioternal regime an d have 

Britain, at which the other eteht llon me, 3 surej »- recently been extended on a 

reached a " gentleman’s agree- Despite recent signs or a semi-official basis for yet another 
merit " on fishing police. tougher attilude id Britain, as month. 

Thev still appear determined instanced in the recent Commons The outcome of tomorrow’s 
not to lei Britain bend the Treatv Expenditure Committee's report talks may not be made clear 

.of Rome again, this time on the on the fishing Industry, there are until Wednesday, when Mr. 

Urenco believe 1 ! that it may bp i question of preferential rights in indications that this formula Gundelach is expected to make 

able to persuade' the Federation I the 12- to 50-mile coastal zone, would be acceptable to British a statement to the European 

of Japanese Utilities in absorb! Consequently. it seems uniikely fishermen. Parliament in btrasbourg. 

some of Japan's balance nf pay-i 
men ts surplus with West Europe 1 
by investing in a stockpile of 
enrichment from a new source. 

But Urenco is emphasising 
that there can be no question 
nf offering Japan its gas centri- 
fuge technology itself — only 
“ separative work ” as the process 
of enrichment is called. The 
enrichment would be carried out 
in England and Holland. 

Exporting any of tbe so-called- 
“sensitive technologies”— enrich- 
ment. reprocessing and heavy- 
water manufacture — is diplo- 
matically highly sensitive while 
the U.S.-inspired International 


Concern at small number 
of calls for regional aid 


BY GUY DE jONQUIERES, COMMON MARKET CORRESPONDENT BRUSSELS, June 21. 

and service sectors (12ra units 
for 5S projects), 
it was doubly important to 

Nuclear^Fuer'rvr-lp^'DevaTiiaHiTn • applications' for aid submitted ally “finance only “part of an encourage Regional Fund sup- 
IlnHmL fUe U>C G uevaiuaTlon , this year to the regional fund- investment project, and applies- port for industrial investment at 
continues. i l{ - g fe j t this ^ due [„ the tions must he formally ' “ " ’ 


SERIOUS CONCERN is being amounts to Germany and Den- 
voiced within the European Cora- mark. 

mission at the small number of Regional Fund grants gener- 


tional problem that its own laws 
prevent the Government 
providing the guarantees Urenco 
would require. It lays down 
thar details of its highly classified 
gas centrifuge technology would. 
if transferred, be kept secret. 

If Japan, as has been sug 


suh- a time of weak economic activity. 


With Japan there is an addi 1 general weakness of new invest- milled "by"na tional' Hove rn merits, since the investment being made 


went throughout the Community, which may pass the money on was concentrated primarily in 
i Late last week, Sig. Antonio to the investor or use it as a the more highly developed 
. . j Giolitti, commissioner respons- partial reinburseraent for their re Si on * th ? EEC. 


The Commission believes that 
»ii governments should take a more 
case, au me ac y vc approach to solving 


. partial 

ibie for regional affairs, disclosed own expenditure, 
that disbursements approved . Britain’s 
during the first four months of „ n intD thp central 

this year totalled only 10"m monc * o0es R ,m ° . central reg[0na j imbalances. 

„ k European^ Unlti of Account sovernmen, finances % lu b«t.nttal transfer. of 

ge-sted. were to become partners (a h 0l V. £7*? ra > although the Sig. Giofitti also said he was resources from richer to poorer 
with Urenco and Australia in a . fund - s quota f or 1975 as a whole disturbed by the fact that a high regions of the Community is 
Far East enrichment plant, it 1 is mare ^an 5$(, ra units. proportion of tbe grants made considered essential before any 

could be only on the basis of no j Nothing has been disbursed was for infrastructure (95m units serious move towards economic 
access by Japan to the isotope l0 Franre lhe Benelux coun- of account for 201 projects), and and monetary union can be 
separation technology itself. This! tr j es or Ireland and only minute relatively little for the industrial made. 

is the lactic the French have 1 : 

adopted. 


Nearly 5,000 layoffs at 
Llanwern by tomorrow 


BY NICK GARNETT, LABOUR STAFF 


Continued from Page 1 

Accounting 
proposals 

Standards Committee in drafting 
rhe new exposure draft. ft 
might then be wound up. 

So far. two of the six main! 
accounting bodies — the Scottish 
Chartered Accountants and the 
Cost and Management Accoun- 
tants — have approved lhe state- 
ment of intent. 

The final hurdle is likely to 
be the dominant English Insti- 
tute of Chartered Accountants, j ""Yf' ‘sTeerpruduction^has been nace, are not due to meet again day number three 


BRITISH STEEL Corporation engaged in safety work and those other customers, 
began laying off men last night manning the coke-producing Imports are likely to continue 
at Llanwern steelworks, south ovens which are still in opera- at up to 20,000 tonnes a week 
Wales, because of the two-week lion — are being kept on. w ^L e j- e ,1 „ Jff 13 !!,, 

blastfumacemen's strike. The blastfurnacemen. in dis- The diapute ,n 

Finishing work at the plant pule with management over an ^ “JJJ 1 r f“ l . nFihe 

was brought t«. a complete halt £S-a-week claim for carrying out wotk to rule in SU PP®JJ 9[ 

at the weekend with the ex- new working arrangements on clatm resulted tn m a nagement 5 

! hausnon uf steel stocks. Iron Llanwern’s number three fur- shutting down the 5.000 tonnes-a 

whose three dav conference pnri 1 ! steel pruduc 

in Brighton today. The n ^’|“ l ig h | SlandSl,l! ^ ° early 3 ^ “"The^CMpliration expects to walked out in sympathy. , 

couifcu'appi-ov a 1 Dulv 5 P A total of 4.900 steeelworkers spend £3 w Mm weekly on steel The corporation has It Uj MaxJSC (64F). 

By exemmTng perhaps "^95 per^-iU be laid off by tomorrow.The imports to offset^ the Llanwern not prepared to OBJ, ^more than 


A 


By Stuart Alexander 

SALES OF cigarettes in tbe 12 
months to April 30 this year 
dropped 5.8 per cent on -the pre- 
vious 12 mouths, according to 
preliminary figures drawn up by 
Che manufacturers. 

Part of the cause was the 
switcb to king-size brands since 
smokers tend to buy fewer of 
them than tbe smaller varieties. 
But cigarette sales have been 
declining for three years. 

The slump comes at a time 
when the tobacco industry is in 
the midst of a fiercely competi- 
tive price war. British-American 
Tobacco is offering heavy dis- 
counts on its newly-launched 
Stale Express 555 brand to boost 
its entry into the UK market. 

Many other king-size brands 
are also available at reduced 
prices, although last week 
Carreras Rothmans announced 
small price rises on most of its 
brands. 

The biggest drop In the 
smoking habit has been among 
men over 25 in the higher 
income and social brackets while 
overall some estimates show that 
there are now more women than 
men smokers. 

This has been helped by a 
continued increase in smoking 
among women at die lower end 
of the wages scale, thougb there 
are now signs that the growth 
in smoking among women 
overall has been halted. 

Since harmonisation with the 
EEC tax system from the start 
of this year, which narrowed the 
price differentials on large and 
small brands, there has also bees 
a change in the market shape. 

King-size brands are now- 
thought to account for over 50 
per cent of the market and tbe 
UK is moving quickly to the 
pattern in the rest of Europe 
where there are only king size 
and standard size brands. 

In March last year, king size 
held only 22 per cent of the 
market At that time, tbe 
smallest filter cigarettes such as 
Players No. 10 had 14 per cent, 
small filter such as No. 6, 21 
per cent intermediate and 
standard such as Embassy Regal 
and Embassy Filter jointly bad 
32 per cent, and all plain 
cigarettes accounted for just 11 
per cent 

By March this year, king size 
had pushed up to 4S per cent 
while the share of the smallest 
had fallen to 7 per cent, the No. 
6 size had 12 per cent most 
of that sector actually held by 
Player No 6 while intermediate 
and standard had 23.5 per cent 
and all plain 9.5 per cent 

The continuing marketing 
efforts of the manufacturers In 
the king size sector should ensure 
there will be no falling away 
in tbe domination of those 
brands, but it is also likely that 
there will be some move to the 
intermediate brands by those 
still smoking the small 
cigarettes. 



UK TODAY 
SUN. showers. 

London. SE, Cen s S and N 
England, W Midlands 
Dry, cloudy, sunny intervals. 


«m .nra? 1 j«S « "fe w»rte- 9.000 labour grsAuetlin "hfc£ to an e«ra £1 for oparating tte 


the new proposals, the ASC hopes 
that it will prevent opposition 
building up from small com- 
panies and smaller accounting 
firms. 


force — white-collar staff, men Ebbw Vale tinplate works, among new work schedule. 


Continued from Page X 

Car sales 


yrars that some of the tradi- 
tional met hurts of judging 
growth have been discredited. 
Sates hase also been dis- 


Britain needed for airbus 
successor, say W. Germans 


BY LESLIE COLITT 


1 THERE IS no way to proceed 
• without Britain in building a 


MUNICH. June II. 
for the planned 


The British company, now part the company 
or British Aerospace, built the B-10. 

, family of aircraft as a follow-up wings for the airbus but was not Because of the inmdag 
I or ted by the delays in replac- j l0 European airbus. Messer- in tbe West German-French petition ^ between Airbus Indus-} 


Channel Is., SW England, 

S Wales 

Dry. sun. Max. ISC (64F). 

E. Anglia, E and NE England, 
Borders. Edinburgh, Dundee 
Sun. showers. Max 16C (61F). 
N Wales. NW England. Lakes, 
Is. or Man, SW Scotland. 
Glasgow. On. Highlands, N. 
Ireland 

Dry. cloudy. Max. 16C (6 IF). 
Aberdeen. Moray Firth. NE 
Scoria nd. Orkney. Shetland 
Showers, sunny intervals. Max. 
14C /57F>. 

Argvll. NW Scotland 
Cloud. ‘ Max 13C C55F). 
Outlook: dry. sun. 


ing vehicles which 


the rise in petro! and other 
prices in 1974 and 1975. 

This year the difficulty Is in 
judging how far registrations 
have risen so far in expectation 
of tax cuts, and what the 
ultimate effect or new selling 
methods, such as cheap hire 
purchase finance and leasing, 
will be. 

Nevertheless, all the manu- 
facturers arc trying to stock up 
Tor the critical sales month of 
August, whpn registrations 
usually reach their high point 
for the year. 


_ the West 

followed 1 schm it t-Bo Ikow-Blobm, West Ger- consortium. 


BUSINESS CENTRES 


enm- The British Government is said likely, the American company 
to be close to deciding whether has told the West Germans that 


many's largest aerospace 

pany. said. \q Jink with’ the U S., 'especially it is selling its B per cent 

If British Aerospace decided Boeing, and the West Germans interest in the West German 
to co-operate with America jr renC h are thought to company which traces its 

instead of with the joint West be near deciding whether to go ancestry to Junkers, Deutsche 
German and French Airbus g^ead with the B-10, a 200- Flugzeugwerke and Messer- 
Industrie on future projects, it passen ger, shortened version schmidt, all founded before the 
would “ neither be good for our* West German research first world war. 

selves nor the British.” and development centre at The West Germans would like 

The company added that we Ottobrunn, outside Munich, there to make private more shares of 
need the British to help finance is no hint of over confidence which the city state of Hamburg 
future projects and For their after the recent success Airbus holds 20 per cent the state of 
technological level. Hawker Industrie had in. selling 23 of Bavaria 25 per cent. Herr Willy 
Siddeley has the know-how in the aircraft to Eastern Airlines Mbsserschmidt 12 per cent, and 
wing construction.” and picking up nine options from Aerospatiale 9 per cenL 


Statement sought on London race riot 


BY RICHARD EVANS 

MPs WERE EXPECTED to seek 
a statement from Mr. Merlyn 
Rees, the Home Secretary, in the 
Commons today after disturb- 
ances last night in an area of 
London’s East End heavily popu- 
lated by Bengalis. 

Mr. Arthur Latham, Labour 
MP for Paddington, urged Mr. 
Rees to call immediately for a 
Special Branch report on the 
events leading up to the vio- 
lence. 

Police arrested 20 people after 
a mob of about 150 white youths 
stormed through an area centred 
on Brick Lane. Stepney, in the 
London Borough of Tower Ham- 


lets. where Greater London 
Council is considering setting 
aside blocks of flats specifically 
for Bengalis, who have com- 
plained about intimidation from 
wbite youths. 

The attack, mounted from 
three sides, lasted about 15 
minutes. Fighting broke out, 
cars wore damaged and dozens 
of shop windows smashed as 
youths ran through tbe streets 
hurling stones. 

Mr. Harry Fishman, a Brick 
Lane newsagent, said: "There 
were about ISO of them— tike an 
army. They were shouting ’Kill 
the black bastards.' 


“ They really went berserk. 
Every Sunday they come down 
here, looking for trouble. 

••The coloured people can 
look after themselves when there 
Is 10 or 20 of them, but this time 
it was 150. 

"The coloured people came 
out of their fiats and faced the 
attackers. Then the police came 

along. 

■* l was born here 69 years ago, 
hut it has never been as bad ay 
this, never." 

A Scotland Yard spokesman 
described the incident as a 
*’ serious disturbance." Extra 
police bad been drafted into tbe 


area, now reported quiet 

The 20 youths arrested, aif 
white, were helping police at 
Bethnal Green Police Station. 

A man was taken to hospital 
for stitches in the mouth after 
being hit by a stone. 

Mr. Abdul Monam. 55, said he 
was serving customers in bis 
grocer’s shop in Brick Lane 
when the stone smashed through 
tbe window. 

A National Front weekly 
meeting was held nearby earlier, 
but passed off peacefully. A 
police spokesman said: “There 
is no evidence to connect this 
with the National Front.” . 




Y’day 1 



Vday 


midday i 


midday, 



■c 

•P 



•c 

"F 

Alorndria. 

F 

2B 

79 1 

London 

S 

'20 

6S 

Amsirftn. 

F 

M 

j" 

L axemb'e 

r 

12 

3J 

Atli-ns 

S 

■19 

sz\ 

Madrid 

F 

24 

73 

Bahrain * 

5 

33 

BllMaochstr. 

c 

13 

39 

Barcelona 

C 

U 

, ji 

Melbourne 

c 

S 

46 

Belrur 

R 

a 

S4; 

[Milan 

F 

2S 

S2 

Bolfav 

F 

IB 

B\ 

Montreal 

S 

23 

73 

Be lira tic 

C 

19 

AS [ Munrc-b 

F 

13 

59 

Berlin 

B 

13 

jj 

■ Newcastle 

C 

19 

ffi 

Brmchm. 

S 

IB 

6fi 

New York 

S 

23 

77 

Bristol 

s 

IS 

w 

Oslo 

c 

IF 

64 

Brossrts 

F 

15 

58 

■ Pari* 

F 

18 

64 

Eirianosi 

F 

21 

70' Perth 

F 

16 

61 

B Aires 

S 

14 

37 

[Praaoe 

C 

14 

37 

Cairo 

s 

34 

04 

Rertdav* 

C 

IS 

at 

Cardiff 

s 

IK 

fit 

iRome 

c 

27 

81 

Cltlcasn 

5 

?« 

70/Stmrapore 

r 

29 

63 

Cologne 

C 

H 

37 1 RtocUliolm 

R 

12 

34 

Copnhasn 

F 

Hi 

At 

Straabrs. 

F 

IB 

64 

Dablrn 

r 

16 

61 

. Sydney 

C 

11 

52 

Edlnhurch 

c 

M 

57 

iTrbran 

S 

21 

86 

Krankfon 

c 

15 

38|Tel Aviv 

s 

27 

B1 

Geneva 

F 

Ifl 

Wt Tokyo 

c 

SO 

09 

Glasttmr 

c 

13 

55 

[Toronto 

s 

23 

77 

Helsinki 

s 

17 

K3 Vienna 

c 

IB 

68 

H. Knmi 

s 

3ft 

STt Warsaw 

c 

14 

37 

JoDuns 

s 

28 

09 Zurich 

F 

IF 

64 

Lisbon 

c 

19 

06 






HOLIDAY RESORTS 


Ajaccio 

Algiers 

Biarritz 

Blackpool 

BorrienaT 

S Boulogne 
i Casablnca. 

I Capo Town 
Corfu 
Dubrovnik 
Faro 
Florence 
Funchal 
nihralur 
Guernsey 
Innsbruck 
Inverness 
Isle nf Mu C 
l&rarjhnl S 
C — Cloud. 


Vtfay 
middav 
‘C -F 
H 77 
54 
.18 
13 
21 


Jersey 
Las Plots. 
Locarno 
3j J Luxor 
n i Majorca 


Si 


Malaga 

20 68 Maild 
IE OT Nairobi 
27 St Nantes 
■JS S! I Nice 

19 ftd i Nicosia 
0 j 7 T|opono 
19 ns j Rhodes 

21 70. Salzburg 
14 57 Tanker 


Y-day 
midday 
•C «K 
to ei 
22 72 
47 sr 
39 m 


Teas rtf c 
Toms . 
Valencia 
Vcnlra? 


— i» 

27 -SI 

20 SI 

21 70 
.It 88 
23 73 

28 S 3 
20 68 

27 81 
13 » 

. 20 S8 
C IS 61 
F 24 73 
r 24 W 

28 7 * 


F— Fair. R — Ttalo. S— Stitt. 


THE LEX COLUMN 




(.4 ar. 


An intriguing 




There are a number of intri- ’ Meanwhile^ito raaifl weakness ;' U.S. beireiwers have r 

guing points about Standard of Standard, which has unduly:; clear nf tbis tnarket fbr the^ n - 1, 
Chartered’s ambitious bid for depressed- its share price-in the: four, vearsl The re jaiaflo r^ / If) 
Union Bancorp., not the least ofpastvhasbeen its heavy reliance ILS. .exchange Controls- inek: tlU 
which is tbe question of how.it' on’ South African earni ngs. The that- American tompanieK/ j v 
is to be financed. Last-yea^s beauty of the- Union . Bancorp longer had to 
abortive offer for . BanCal move is that it will' significantly get- their foreign, 

Tristate could have been reduce the dependence pa this .against the ba<*groiSul-b£ 

digested without too- ; 'ma<fc sensitive area and at tbe T Sime. deptessed^ XU.S. .abckiTjuE^ - 
troubLe but if it is sik&ssfui time give Standard the biggest companies w^ . reluctMt^. 
this latest deal is going to.upset dplto base of any issue 

the balance sheet ratios. f* hanking r .. 

SC - t0 Midland Bank has emphasised^gg '-§1 

- roughly three tunes the price ^ the past the value itpufe.on;^^ 0 -^ ?^-^^' 
ot BanCal — and is saddfing:^.« close r understanding dnd thiiS serioi^ 

seif with £100m -or so of-gobd-- operation** with SC -and tfiereSSKTS 
will into the bargain. Until now would seem to be a case -forwea 

SC’s balance sheet has looked greater .- cooperation if .the -jc yeaT moniBy ' dbinesti 
fairiy h^Uhy Ai fte e^d Union deal goes through..; •. • •Vf^r-.wbuldpr&^h^ 

March had shareholder? ~ ' - : tb pay, around ’ 8} ppr"^ - 

funds of poOm and .virtually no Company liquidity ;v ; diven ’that theahares^n^ 
debt. Since then rt has raised ^ * togc . ^ 



£oreSsn panies hardly ev» teen significant V 


around £60tn of 

currency debt and still .has KSSieSo'SK biTsumy *r.the company QB&jB. 
S “P® { Z of 200 big ia ( converted into 

stock, bin not another £200nu . Department of Industry., meanwhile Eimipemi funima 
This wouid send its gearwg way Ej . aQart€r of 1978 are ; being^dfiefed,-a * - 

out of iiae even assuming $har^ f i^uid^sets r^ ihto Wazi 
holders’ funds are now around sented 132 per cent of their averageimtial yleli, ,-.:^ 
f400m. . : current liabilities^ which' is the ’ • , . w ' v • -."^V 

As a rough guide banks like highest figure this decade and Replacing Hyde - ^ 
to keep the ratio of debt to compares with under 100 per ; ; - 

equity to below 30 per cent At cent a year earlier. , . ' 

tiie end of last year Midland So last week's tightening: ot [ bitif by • 

Bank’s gearing was up around the credit screws may pose few fade of 

Lhe 40 per cent mark and it had immediate worries. A point to which fallowed the last Httrir- 
a rights issue to restore the watch, however, is that 1 the S '' 

balance. It is hard to see how liquidity ratio of companies — oa accnimtine. ThaAIi 

SC can avoid doing 4the same if this sample, af least— has tended -replace the very 
this deal goes through. Tt might to move closely in line ‘with the guidelines ^ - <whid» w'- 

have more to say about its stock market cycle, , touching ^ ^ panies need hot folioW) -^ 
financing plans when it .r^orts bottom in the early part of l97l aa at!C0UIllin g standard Wpli 
its annual results later tfikis and. late in X974, and peaks ;in a ^ le to ‘ accounting perigir : 
month. 1972-73. Given rising spending: on or-after detobw' 

Much more interesting, how- “ 1 -5 7B; ^ exposure 

ever, is the impact that this ca P ,tal together witii last ween. tZiis is likely fb-fdUbw the m* 
move might have on SC’s rela- e c° , ' <>mic Hues ©£ Uyde.but the infota 



In SC, consolidates the earnings rj ^inAUikLm - - - ^Pss account-. There will pro _ 

and Is represented on the. Board dollar conyertl pies ably be..a; main, binding, stat 

“■ •* — ^ "ihairman it is vtfry rare to see;a prime ®ehf— tbe accoimang stand» 

’ jts two U.S. coj&rate borrower tapping- —setting hut several geag, 

" the codvlrtible Eurobond rriar- principles, and- subsidiary stab 

• _ a!-. ^ * ‘ ’ • ‘ *on«J. vrianfc mtrfnn tniirfanPh rut Rift - 


by the senior deputy chairman 
as well as by one of 
chief general managers 


domestic market,’ undercutting ‘ ^ - -r- - — ^r. • 

its rivals in order to increase a harbinger ttf.tMngs^o cpme* and_geanng._ 
its market share: However, its If the issuers any guide, there Ia .By issuing its statement^ 
overseas 

European DP banks cent-.coupoir and a: possible l5 m^jor 
through the Ebic banking dub per -cent converaon . i>renuum. tunity to ' make 
do not offer tbe same profit the offer will probably, not be. known. At ifie.aame time® 
potential as do Barclays’ or Priced until Wednesday in chances of another grass 






M C ALPINE 

Big Fleet Means Business 

^Welcome aboard. This is one of the magnificent 


Jr* ¥