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No. 27,508 


Monday March 13 1978 **I5p 


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Fl - Z -P» NORWAY Kt 3.5; PORTUGAL Enjfl; STAIN FBtW; SWEDEN Kr.3,2S;. SWITZERLAND Fn.U: EIRE ISp 



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NEWS SUMMARY 


GENERAL BUSINESS 

Smith 

to govern 

London state F 

talks industries 



1 


Chief CBlrau, one of the three 
Wack signatories to the internal 
Rhodesian settlement, announced 
that he is to fly to Tefl on to* 
day. . . 

The Chief told the Rhodesian 
News Agency that he hoped to 
meet Dr. David Owen, Foreign 
Secretary. He said he coo Id see 
no justifiable reason for Britain 
not recognising the Salisbury 
accord. 

Dr. Owen is due to hold talks 
in London today with Hr. 
■Joshua Nkomo and -Mr. Robert 
Mugabe,, the Patriotic Front 
leaders. 

Mr. Ian Smith. Rhodesian 
Prime Minister, in a radio and 
TV broadcast, said that any 
decision on attending ' - the 
planned Anglo-U.S. conference 
on Rhodesia’s future would have 
to be taken by the heads of the 
incoming interim Government 

In Washington, Mr. Andrew. 
Young U.S. Ambassador to the 
UN conceded that the .attempt 
to bring all black Rhodesian fac- 
tions together in a settlement 
conference was “a Teal, long 
shot" Page 2 

Somali guerillas 
to fight on 

Both wines ef the Somali guerilla 
movement operating inside 
Ethiopia said they- would fight 
on despite the withdrawal of 
Somali regulars, a development 
regarded in the U-S. as “very, 
dangerous.". Page 2. Editorial 
comment. Page 14 • . _ 


• POWERS for Ministers to 
instruct nationalised industries 
about how to conduet their busi- 
nesses are to be contained in a 
White Paper id be published by 
the Treasury next wcek-- 

The instructions wpuld have to 
be in the national ingerest and 
would be subject to .parliamen- 
tary approval Compensation for 
financial loss as a resriltof com- 
pliance with these instructions is 
expected to .he built- in to such 
legislation. Back. Page - 

• BARCLAYS ' BANK has 

dropped its plans to - -resume 
Saturday opening . because of 
opposition from bank staff 
unions. But proposals -under dis- 
cussion with NUBE . could, if 
accepted, allow more -flexibility 
in bank opening, bows. . Back 
Page • . 

-• CITICORP, the second largest 
U_s. commercial hank, has re- 
versed its policy. And will : no 
longer make loans ta.lhe South 
African. Government hr Govern- 
ment-owned enterprises: . Back 
Page v . - 

• DELOITTES, one 'of ; the eight 
largest UJC and -international 
accounting firms, hag terminated 
its associations with ail Arab 
accounting firm and wfla .be de- 
veloping its own business in the 
Middle East. Back Page 


Tokyo imports 
scheme 


Socialists win fewer votes than expected 

French Left heads 
for Initial victory 

BY ROBERT MAUTHNER and DAVID CURRY: PARIS, March 12 


THE SOCIAUTST-Coinmunist 
Opposition to-night built up a 
substantial lead in the first 
round of the French general 
election, but it was not clear 
whether it would be big enough 
to win a Parliamentary majority 
in next week's run-off. 

Computer predictions showed 
that the combined parties of 
the Left — estimated to have 
polled 50.2 per cent of total 
votes compared with the 
Government coalition's 45.3 per 
cent. — had done less well than 
expected. Pre-election polls had 
forecast that the Left would take 
51 to 52 pur cent of the popular 
vote. 

Under the. complicated French 
voting system, only candidates 
who obtain an absolute majority 
are elected outright in the first 
ballot. 

In constituencies where there 
is no clear winner, all candidates 
obtaining at least 125 per cent, 
of the registered votes have the 
right to go through to the run-off, 
which is decided by simple 
majority. 

The Government coalition 
Parties have already agreed that, 
in the second round, they will 
back joint candidates. But. on 
the Opposition side, only the 
Socialists have so far given an 
undertaking that they will stand 


down in favour of Communists 
in constituencies where the latter 
have emerged as the leading 
representatives of the Left. 

The final outcome of the elec- 
tion may well hinge on the con- 
clusion of such an electoral pact. 
But if the Left-wing vote is split 
again in the run-off, the public 
opinion polls have shown that 
ihe Government coalition could 
still win a National Assembly 

Voting goes quietly. Page 3 

UJSL investment in France. 

Page 28 . 

Lex, Back Page 

majority ia spile of Us lower 
popular vote in the first round. 

-Conditions in which negotia- 
tions between the parties of the 
Left will take place, have changed 
with the results of the first 
round. 

Convinced that the Socialists 
would emerge as by far the 
strongest party of the Left, M. 
Francois Mitterand,' their leader, 
has been adopting a tough stand 
in recent weeks. 

He refused to bow to Com- 
munist demands that an arrange- 
ment by the two parties to stand 
down in each other's favour in 
the second round should be ac- 


companied by a firm agreement 
on the common Government pro- 
gramme of the Left. Ho insisted 
that such an agreement would not 
be negotiated until after the elec- 
tion. 

The Socialists, however, now 
find themselves in a much weaker 
position than they had expected. 
Instead or polling 27 or 28 per 
cent of the popular vote, the 
computer projections give them 
and their Radical allies no more 
than 245 per cent, of the vote. 
The Socialists alone rake 23.4 per 
cent. . 

Their lead over the Com- 
munists who polled about 21 per 
cent. -of the vote to-day, is thus 
not nearly as great as was 
expected. 

The - Communists will try to 
strike a very hard bargain ‘at a 
Left dammit meeting due to 
take placet o-niorrov*. If a coin- 
mod Government programme of 
the Left ever sees the light of 
day, it is likely to go much 
further than *hu Socialists 
would -have liked. 

Agreement between the three 
parties of the Left will not be 
made atly asier by the short 
time at their disposal. 

Nominations for the second 
round of voting close by mid- 
night on Tuesday and cannot be 
withdrawn. 


To-nignt, Sf. Georges March a is. 
the Communist leader, indicated 
clearly what obstacles still had 
to be overcome before an agret- 
ment'could be reached. 

Confirming that be had invited 
the other Left-wing leaders to 
asummit - meeting to-morrow, he 
said that the object of the meet- 
ing should be to reach clear 
agreement on a Government pro- 
gramme and the composition oi 
a future Left-wing Government, 
in adidtion to making an elec- 
toral arrangement. 

M. Marehais anti >1. Mitter- 
rand both stressed that the 
results of the first rounr showed 
that there was now a Left-wing 
majority in France and that 
everything should be done to 
ensure a unified Left-wing front 
next week. 

On the Government side, the 
Gaul lists have again emerged as 
the strangest party, with 22 per 
cent, of the poll. This is less 
than their 24 per cent, in the 
first round of the March 1973 
election, but they benefited then 
from the' fact that the President, 
the late M. Georges Pompidou, 
was a Gaullist. 

However, President Gjscard 
d’Estaing's party, and the 
Centrists, who fought a joint 

Continued on Back Page 


.y. 


Twenty skiers 
feared Juried 


Vi 


Tilt 


U 
voi 


rcttf 1 


. • JAPAN adopted an emerg-. 
cue jV plan to speed up -injiurt* 
. —notably the A-SQO -European; 
Twenty skiers .were... feared :.Airbu&f-4tt „ order to alleviate 
buried in an avalanche near- problems of jfenew&l apprecia- 
Aigle, Switzerland. ' Rescue. tlon of. the Yen, the continuing 
squads, helicopters and Army henvy^sde surplus, and lack of 
units were last night searching progress ^.ih EEC -trade talks, 
for victims who may be udder Badi ; Eage^r Japan-EEC . trade 
15 to IS feet of snow across a ‘talks.Fdge C- 

front of 250 yards. . Twfc. sfciers-. . ^ - . . 

died in another avalanche near •- TRADE figures and money 
Annecy in France. • supply figures' for February wtU 

be-piiblished this week, and both 

Rome Cabinet' iare expected to generate keen 
rsome tiaBinei , market interest, after the gloomy 

The Italian Communist Painty,, showing last month. Page 6 
backing a - Government ior thp . ; : ^ , ■ 

first time for 30 years, criticised ♦ AVERAGE level of net income 
the reappearance of old fhceS in ' after 'tax appears to be recover 
Sig. Andreotti’s. new Cabinet Jng in real terms after the low 
which is to-be sworn 'in: to-day: levels recorded - last year, 

The criticism illustrates • the according to Treasury calcula- 
fragitity of Italy's new . Govern- tionsL .Page G- 
meat. Page 3 # TX MOTOR industry has 

RhaitFn saprc&ef-c tofld the Government it would 

Dnutto orrebis . pre f e r a neutral Budget on car 

Mrs Musrat : Bbutto, wife of taxation to any special measures 
Pakistan's former Prime Minister designed “to- expand the car 
was placed under bouse arrest market Page 5 

for 15 days. Three editors of" r , . . 

Musawat, organ of Mr. Bhutto's . ♦kCHRYSIBR-U.K. is hoping to 
Pakistan People’* Party were capture more than iff per cent, 
arrested after the daily nwysv fit: the British car market with 
paper published a statement in the launch of its new French 
which Mrs. Bhutto said that Wst built Horizon' saloon. Page 5 
week's mass detentions indicated 


.. *» thax. lhe verdict— expected 
t 1 [ LI' week—would go against her lAHUuK 


against 

husband at his trial. Page 3 -kv 


Birds Eye men 


1 (I Ulster P robe ‘ 

i An investigation is taking place • , «i 

into allegations that Third than puff S1T1K0 
£30,000 has been paid put in false ■ 
pay claims by tbe 10th battalion ♦ MAINTENANCE men at 
. of the mainly part-time Ulster Birds Eye factory at Jvirkby. 
. Defence Regiment, police con- Liverpool, have voted to call on 

the 14-week strike which resulted 
“ in the sacking of 1,200 workers. 
Back Page 


• BO) . to avert the threatened 



firmed -in Belfast 

Change of heart 

Three months I of .weightlessness 

has caused a slight change in the two-day engineering strike will 
position of tfar heart of one of made to-day' 'as unions and 
Salyut-6 cosmonauts. Another employers negotiate the imple- 
ebange was a minor shrinking of mentation of an agreement 
the calf muscles of both men in reached between them over new 
lhe orbital laboratory, a Soviet ra tes. Page 6- Britsh Leyland 
space &cientist_said-iu Moscow, unions are seeking a meeting 

with BL chairman Sir. Michael’ 

Briefly * * . - -Edwardes- to. discuss worker 

’•i. ' _ u . participation. Eage 6 • 

• Tolefaard Evans, -the composer of 
' Lady of Spain among more than • PAY TALKS ’get JWJder way. 
1.000 songs, has died, aged 77. this week on a- claim by 700,000 

A Labrador crippled with then- 

'unttisiKi has bgpn ciircd bv- workers. The employers 8 fi . 
weS f coS Sr -her ' ported. W -offer 10 percent, and 

Nottingham SSPjaHSl £ £J$ 

. . , introduced m the future. Page 6 

Lincolnshire starlings are being 

exported in thousands by a com' • US. MINERS are due to start 
pany whose head said: “Our a court-ordered return to work 
.-ut won't eat them, but they go this week, and there, are hopes of 
Jown well in Europe/* . • progress in negotiations to 

■Swansea holder- of Premium resolve the.'Bfrday dispute that 
ond No. EP453J77 has won the has shut down half the U.S. coal 
eekly £50,000 prize. - production. Page 2 


Arts page 13 

Leader page ; - “ 

1UJL companies 28 

International companies, ... 59 

Foreign Exchanges 29 

Mining Notebook 29 


CONTENTS OF TO-DAY'S ISSUE 

Overseas news- i -J2& 
World trade news.„. v .\„. 
Home news — generaL.,......5,fi 

— labour 5 

Technical, page 5 

Management page 10 


FEATURES 


JL desperate time for base 
- metals 14 




Ihfina Kates 

‘j Otari 

& TetnJcrs 



Eurobond quotations and yields - 


Why Canada most and can 

borrow. 27 

I&46 


hRMtalsmenettHldG 

•tuaDelSl- Plsry - 

wmkc 

Jitter* 

M - 


-6 

' 

an 

a 

12 

.13 

» 

» 

M 

38 


Lomtiua. 


12 


Hn abtJ Hauers w - -M 
Parliament Diary ... 

Slwne' littarmaUOH. .. 

Sport 

Vasaris Swears — 

TV. aad Radis 

Unit Tr art* 

WBatbsr ....■i—.. :■ 

W#TM S«W- OH- ... 


38 

36-31 

U 

■ n 

■ n 

3 S 
98 
at 


Base LcsdSa*. Rates. 29 
PROSPECTUS 
Saga Holidays .. XUS 
-(Comment Page »> ’ 
ANNUAL STATEMENTS 

Ren Bromen 3 

Peatlaod low. Traat 2 

Socurtcor ' * 

SlorOag. Tran ■ 30 


Fear of Israeli reprisals 
after worst terror raid 


New moves 
to steady 
currencies 


BY MICHAEL BLANDEN 

THE FOREIGN exchange m.ii^ 
keis will be unsettled ibis mom- 
mi: after the French elections 
and in anticiputiun of new moves 
to help the dollar expected to he 
announced later to-day. 

A determined effort to stabilise 
currency markets is expected 
after a round of international 
discussions over lhe past few 
days. 

These were completed at the 
week-end with the meeting in 
Bonn of Mr. .lames Callaghan 
with Herr Helmut Schmidt, West 
German Chancellor, anil tele- 
phone conversations between 
senior German and U.S. officials. 

Herr Schmidt promised yester- 
day that the U S. and West 
Germany were - setting new, 
major efforts in motion to norma- 
lise exchange rales," and indi- 
cated that they would be 
announced after the inarkeLs 
opened to-day. 

It is thought in the market 
that the measures could include 
a further extension of concerted 
support operations for the U.S. 
currency, making use of large 
central bank swap arrangements 
to provide necessary funds. 

There are hopes that agree- 
ment could be closer, at least 
within the EEC, on concerted 
action to boost economic 
recovery, with the possibility also 
(hat the week-end tulks might 
have helped to improve the 
recently strained relations 
between the U.S. and Germany. 

Last Thursday. Herr Schmidt 
spoke strongly in an effort to 
improve these relations, stating 


THE DOLLAR LAST WEEK. 
Friday Thursday 


DM2.0575 

Sw.Fr.1.95 

YZ35.75 


DM2.C3021 

Sw.Fr.U96 

Y235 


Pound against the dollar 
SI. 9025 SI. 9270 

I hat In* was mi it ih»- Garre r 
administration wonU rinavd in 
maintaining internal mu.: I 
ilencu in tin* titular 
This nunc hruiigU' mirli* t:u 
pritvemoni in tin* anitar «>n 
Fridas Iti general !> tit.r. >-\- 
vhaiigc market traumg. 

Further talks ivill hi* held 
among the tends .tg ve.ui.'.l 
bankers at the Basle i:uvt;n^ 
taking place user the next hso 
days. 1| is expected ihal the 
currency p ruble ms t»tll tu* among 
main topics fur iliM.-iij.bUm there, 
luge ther with Uie uiuvvh made 
last week b> tin* Sts inn 
authorities tu Mem syvcuUlhv 
icllous. 

Adrian Dicks writes from 
Boou: Herr Schmidt saut in a 
radio interview that although 
to-day’s move would lie "fur the 
present" a bilateral acliuu. it 
ha.s been prepared in consulta- 
tion with other countries includ- 
ing Britain and France- 
German officials still were 
declining to give details over tbe 
week-end of the new measures, 
beyond the general point that 
they would involve stronger, 
concerted intervention i»n 
foreign exchange markets. 

Eurobonds. Page 34 


- ‘ BY DAVID LENNON 

ISRAEL was to-night preparing 
:its response :.to. the worst ever 
Palestinian guerilla raid in the 
country's history which left 37 
dead and over SO injured. 

. As the biggest manhunt in tbe 
country's history’ ended night 
with the discovery that no 
guerilla had after all escaped 
Saturday's bloody battle, it 
seemed certain that Israel's stand 
in the current Middle East peace 
talks would harden. 

Massive retaliation - against 
guerilla concentrations in. south- 
ern’ Lebanon now seems almost 
inevitable further upsetting, the 
precarious balance in the area. 

MV. Menahem Begin, the Prime 
Minister, to-day- expressed the 
hope that this “bloody event.? 
would not prevent ' Egypt and 
Israel from' reaching a peace 
agreement. But be warned that 
the perpetrators of tbe terrorist 
attack, would be punished. 
Earlier, he bad postponed bis 
visit to Washington for crucial 
talks with President Carter 
which - were ' to have started 
to-day. 

Israel was also preparing to 


call^on, the U.S. tn drop its back- 
ing for the Egyptian insistence 
that there must be prior agree- 
ment on. establishing it Pales- 
tinian State before there could 
be any progress in the peace 
talks. 

Mr. Begins government al- 
ready refuses even to consider 
Israeli withdrawal from the 
occupied West Bank. This latest 
attack-— aimed St is thought at 
wrecking- the peace initiative, 
launched by Egypt's President 
Anwar Sadat — is bound to stiffen 
Israeli resistance to any form of 
independent Palestinian State in 
the occupied territories. 

A1 Fatah, the guerilla body of 
the Palestine -Liberation Organi- 
sation, has claimed responsibility 
for the raid. 

Mr. Begin made it clear at a 
Jerusalem Press conference that 
Israel was planning to retaliate 
when be declared: “ Those who 
kill Jews in our time cannot 
enjoy immunity. We shall elim- 
ate this constant threat We shall 
defend our people." 

The Prime Minister refused to 


. • » 

specify tbe nature-, or timing of 
Israeli reprisals on Palestinian 
bases in the Lebanon and 
possibly also iu Syria. 

Mr. Ezer YFeizmen. ■ Defence 
Minister, who cut- short his visit 
to the U.S., said on arrival at 
Ben Gurion Airport that 
responsibility for the attack lay 
with those places from which the 
killers set out. 

The Cabinet met in emergency 
session last night and reconvened 
for 90 minutes this morning. 

Later Mr. Begin said that Israel 
now expected greater Western 
understanding of Israel's opposi- 
tion to tbe creation of a Pale- 
stinian State on the West Bank 
and Gaza Strip. The- Israeli 
Foreign Ministry issued a call t'o 
all nations to withdraw recogni- 
tion and support from the PLO. 

Mr. Begin emphasised in a 
statement to-day that K was Abu 
Jihad, bead of the military 
branch of Fatah who gave the 
order for yesterday’s attack- Mr. 
Yasser Arafat, heads both Fatah, 
and the PLO. 

Papers found nn six dead 
guerillas, show that they bad 


TEL AVIV. March 12. 

intended to take hostages in the 
hotel area of Tel Aviv to obtain 
the release of five convicted 
terrorists 

As the country was burying 
the first victims of tbe attack, 
officials were preparing to use 
Saturday's killings to intensify 
IsraeTs argument that it is, in 
Mr. Eegin's words, "unthinkable" 
to permit the creation of a 
Palestinian State* which would 
inevitably be PLO dominated. 

It was stressed in Jerusalem 
that both the U.S. and Egypt will 
now have to. a iter their stance 
on Palestinian statehood: It was 
because Washington and Cairo 
had raised the Palestinian issue 
to the ton of priorities in the 
current peace negotiations that 
the terrorists had been forced to 
acL It was claimed. 

Israel is expecting more 
attacks both at home and on her 
representatives' offices abroad. 
.Aftermath of the raid. Page 2 


Vehicle imports up 


US. jets for Arabs in doubt 


BY JUREK. MARTIN, US. EQITOR 


THE CARTER Administration’s 
holms of being able to secure 
Congressional approval for its 
plan to sell fighter aircraft to 
Egypt: and Saudi Arabia^ may 
have been severely diminished 
by Saturday's guerilla" raid in 
IsraeL 

There is less certainty here 
over whether tbe raid will have 
the effect of consolidating Jewish 
American opinion behind tb«t 
Israeli. . Prime Minister’s clear 
determination to persevere with 
an interpretation of UN Reso- 
lution 242 that would obvi3je 
Israeli withdrawal from the 
West Bank.- But It is felt that 
the incident will increase support 
for the basic Israeli argument 
that its security must be 
properly guaranteed. 

3 Tro-lsraeII lobbyists- have been 


working hard here on Capitol 
Hill contending that the pro- 
posed arms sale to the two Arab 
nations — particularly the F-Z5 
jets . for Saudi Arabia — con-: 
stltute inherent: threats to that; 
security. 

Thus, late on Friday, night, a 
majority of the members of the 
House . International Relations. 
Committee published a letter 
urging President Carter to 
reconsider the Middle East arms 
sales package, which the Admini- 
stration has maintained must not 
be fragmented. . 

Tbe letter,. signed by 21 of the 
37-member committee, said that 
to provide Saudi Arabia with 
advanced olrdraft comparable to 
those being sold to Israel would 
“place Saudi Arabia on Israel’s 
strategic map, raising tensions 


WASHINGTON, March 12. 

and increasing the likelihood of 
Saudi involvement in any future 
Arab-Israeli conflict” 

Tbe Congressmen agreed that 
the U.S. did have an interest in 
promoting “ constructive rela- 
tionships " with Egypt and Saudi 
Arabia, but claim that much had 
been done already on behalf of 

those nations. . . 

Meanwhile an unaraed State 
Department official said after the 
U:S. Assistant Secretary of 

State's shuttle diplomacy in the 
Middle East, that Israeli unwil- 
lingness to withdraw, its troops 
from the West Bank was the 

major stumbling block to seitlin; 
the Palestinian question and to 
formulating an agreed declara- 
tion of principles with Egypt 
that would permit the deadlocked 
political talks to resume. 


Healey studies Liberal demands 


BY RUPERT CORNWELL, LOBBY STAFF 


MR.. DENIS HEALEY is ex- 
pected this week to give his con- 
sidered reply to the Liberals* 
Budget demands, centring on a 
£4bn. cut in direct taxes. 

The 'Liberal proposals, which 
have, been- exhaustively and- care- 
fully drawn .up by Mr. John 
Pardoe, the party’s economics 
spokesman, are due to-be form 1 
ally 'published on March' 21, three 
weeks before the Chancellor’s 
Budget statement in- the Com- 
mons. " 

Last night the Liberals were 
insisting that tbe Government 
would have to go a good way 
towards meeting their wishes, or 
face the alternative of seeing 
them vote with the Conservatives, 
with whose own fiscal . policies 
they have a. fair amount in com- 
mon. . - 

ft is generally expected that an 
accohunodatioh will be readied. 
But if one is noti-and the Liberals 
carry out their threat the Govern- 
ment would be " left vritli the 
chaotic 1 prospect of trying to 
cany, the Finance Bill, embody- 
ing the Budget proposals, with- 


out a Commons majority, and 
finding itself forced into an early 
Genera) Election. 

The Pardoe package calls for 
£4bn. income tax relief— made up 
of higher allowances and a cut' 
ia the basic rate from 34 to 
30- per cent— to be. partly offset 
by £2bn. of extra indirect taxes. 

These, it is understood, would 
comprise 4p on a packet of cigar- 
ettfis, higher >duty on alcohol, a 
uniform value-added tax rate of 
10 pet cent,, and a 15 per cent, 
payroll tax to be borne by in- 
dustry and costing some £lbn. 

When their 15 MPs meet to 
endorse the demands the point 
on which the Liberals above ail 
want satisfaction is the lower 
standard rate. They feel that 
while other measures could l>e 
attributed to: some, other pres- 
sure group, that cut would He 
seen . as the first step towards 
the party’s long-term goal of a 
basic income tax rate oi unly 
20p .in the pound. ‘ 

Ministers still doubt whether 
the liberals ,wUl press their case 
to »ii3 limit for . fear of furciag - 


an early election and rheir 
possible annihilation. They 
especially dislike the idea of a 
major indirect tax boost because 
of itK impact on the re*ji[ price 
index. And In the' ea:*e of a 
payroll tax. the risk is additional 
unemployment. 

Liberals last night- however, 
were adamant that lhe parly 
means business. Mr. Pardoe, it 
is claimed, has, secured wide 
support in industry ftr his view*, 
despite the payroll tax, and 
would be certain of. the backing 
of. hi$ colleagues. 

They were also letting it be 
known that if it came in lhe 
crunch the party would net mind 
precipitating an ekriy electron 
on the issue of economic policy, 
where Liberal views would be 
both popular and well under- 
stood ir. lhe country. " 

In ihe past, much of the 
Liberal's problem has stemmed 
from tbe fact that' the policies 
dear to their, hearts such as 
proportional representation and 
direct elections to Europe- have 
been oi scant electoral appeal. . 


BY TERRY DODSWORTH 

IMPORTED comnieiyiai vehicles, 
aided by strong k -e* of light 
Japanese vans and pickups, cap- 
tured a record *22.1 per cent, of 
the British market Iasi month. 
This was 2 per cent, higher than 
the previous record in .September 
last year, and compares With a 
level of 16-5 per coni, for the 
whole of last year and 14.1 per 
cent in 1976. 

The figures, published b> the 
Society of Motor Manufacturers 
and Traders yesterday, show im- 
porters' sales rose by 56 per cent, 
last month to 4,301 units com- 
pared with February last year. 

They also indicate that im- 
ports are set on a steadilj rising 
trend, as Continental and Japan- 
ese manufacturers drive a wedge 
into the British market by taking 
advantage of a rise in sales which 
has not been matched by pro- 
duction increases in the U.K. 

The improvement in the posi- 
tion of the Japanese importers 
has been particularly striking, 
and indicates why the British 


Govern men l has own -.}•.*? i-r- 
mim.il in hr in 3 commercial 
vehicles wilhin the scope of ihe 
now agreement with lhe Japanese 
Government on the* control or 
expuri shipments. 

In February sales of Japanese- 
produced light cummeictal 
vehicles— car-derived vans, pick- 
ups and light vans such as the 
small Honda — rose 1H5 per cent. 

In the first two month* of this 
year they rose 12S per cent. io 
3.483 units, as Japanese im- 
porters have sought to compen- 
sate for some of the loss in their 
ear sales caused by wiluntjry 
restrictions last year 

By contrast, overall iuipurts, 
including the Japanese share, 
rose 54 per cent, in the first two 
months or the year. Although 
the vast majority uf importers 
registered a gain in sales on lost 
year, none of them achieved the 
kind of expansion scored by 
Dalsurj, which increased i* sales 
Trum 489 units to 1.426. 

Continued on Back Pagr 


/ 

I 




aOPEQV/w, 


1967 


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10 years of growth 
as specialist 

in Eurocurrency financing 


Ui.cUv,yi-uo v ; 


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FINANCIAL TIMES MONDAY MARCH! 13 1978 


OVERSEAS NEWS 



Firemen al the gutted hus. 

THE AFTERMATH OF THE GUERILLA RAID 



BY DAVID LENNON 

THE BIGGEST manhunt in 
Israel's history was called off 
Tn-ni?ht when n was discovered 
that ni> guerilla h:td ■■sen pc d 
from Saturday night'.- bloody 
battle north of Tel Aviv. 

After more than 24 hours of 
intensive searches and the first 
ever curfew on .Ivtvisn residents 
of Israel, the army announced 
that it had identified three of the 
hadlv burnt bodies in the 
hijacked bus as those or 
guerillas. 

Thus ended the worst ever 
Palestinian attack on Israel in 
which 37 people were killed and 
S 2 injured. Among the dead 
were nine guerillas, including 
one woman. Two others, one of 
them also a woman, were cap- 
tured in last night's fierce fight. 

One Israeli policeman was 
killed and nine injured in the 
batlie. which also claimed the 
lives of many civilian Israeli 
men. women nr.d chidren. 

It was thought originally thal 
at least three members of the 
Fatah gang had escaped under 
cover of darkness. Because of 
this a massive search wa* 
launched and a curfew imposed 
on the area nf ihe attack. 

The raid from the sea by the 
11 Palestinians ended when the 
hus they had hi-jacked south of 
Haifa was left a charred wreck, 
with 25 severely burnt bodies 
inside. 

The A I Fatah group included 
Hvo women, one or whom was 
killed in the shoot-out beside a 
country dub just north of Tel 


Aviv. The dead woman and 
five other members of the group 
were taken to Tel Aviv hospitals 
last night, along with their 
Israeli victims. 

A curfew was imputed at 3 a.m. 
lhi< morning on a 400 square km. 
arva north-east or T^I Aviv. io 
nuke it easier in spn; the lor- 
rorists if they move about. 

Questions were being asked 
to-day about the security forces' 
reaction to the raid, and why 
they fired on the busload if 
civilian hostages without making 
.my at tempi to saw them. 
Recriminations were also being 
voiced over the fact that the 
guerillas were able to drive a 
hijacked bus over 30 miles down 
Israel's busiest highway before 
being stopped. 

The attack started about 4 p in. 
on Saturday, when the terrorist- 
group landed in two rubber 
dinghies near the kihhuu: 
Ma'agen Michael, 22 miles su.uh 
of Haifa. The group headed for 
the main highway, where they 
ambushed passing cars, and 
commando red a white Merced. i s. 

Later they attacked a bus 
carrying members of the F.ggod 
Bus Co-operative and iheir 
families on a day outing. Some 
of the passengers were hit when 
the bit- was fiivd nil. After 
boarding it. the guerillas 
ordered the Inis driver to h'.-d 
for Tel Aviv, some 27 miles to 
the south. On ihe way. they 
stopped anoiner hus. forced n? 
passengers on to ih" hijacked 
bus. and sd off with 70 hint- 


ages on a wild drive to the out- 
skirts of Tel Aviv. 

They also stopped a laxi and 
ordered us »ix passengers in 
board the bus. The taxi drive: 
managed to e-cape. 

Dunne ihe run snub, the 
heavily armed Palestinian- u-ed 
bazookas, hard grenades and 
■juiomalic weapons m burst 
through two hastily constructed 
roadblocks. They also tired 
indiscriminately on pairing 
vehicles. 

The deadly journey was hailed 
a I the country Hub jum.-Hon. jusr 
a few kilometres north of the 
city. Two police ears blocked 
the road al this point af’er hear- 
ing radio reports of the bus's 
progress. Seeing the roadblock, 
ihe bio. slewed in a halt and a 
firce battle developed as police 
and soldier- exchanged lire with 
• he terrorists for more than 10 
lmnulcs. 

Suddenly the guerillas and 
then ihe pa-senoer- hegan tn 
crawl fmm the hus as tt si a r led 
tn explode — apparent I v from 
bomb.- placed ihinuyhout the 
vehicle. While ;t burned 
liercc'y. the lun.-rillas continued 
io tight from the roadside. 

It was decided io impose 'he 
curfew to prevent ihe possibility 
of mure civilians being '.ikon 
hostage, and to make it easier to 
spot Ihe Pale-imians if i!u*> 
moved a b«.u;. Mr.*v than 300.000 
Israelis were confined to then 
homes in an area stretching from 
the northern suburb-, of Tel Aviv 
some *25. miles north and 5 miles 
east of the coast. This is- the 


TEL AVIV. Ma-xh 12. 

first time a curfew has ’ een 
imposed on Jewish an?** of 
Israel since the end ol the Briiun 
mandaic 30 yearn ago. It '■ as 
lifted for three hours this after- 
noon. 

Thi- roads >ni«i the occupied 
West Bank and Gaza Striji wore 
dlsii sealed off lo present the 
attackers reaching a sympathetic 
population who might *ide . h. m . 
The bridges on the Jordan •.♦■.re 
also closed to all traffic. 

The guards on over I.'jOU 
schools and public i milling? 
were intensified. Busin >-os. 
factories and farms were affrC.-.'d 
js some 40.000 Arabs from the 
occupied territories failed in 
turn up for work. The •■urfeiv 
jl'o prevented Israelis 'r** s n 
leaching their workplaces in i;.o 
Tel Aviv area. 

It wjs announced l«>d:-y tha; 
the Fatah group had intended 
to capture an hotel in Tel A\-v. 
take hostages and demand the 
release uf guerilla.- in l-Tacst 
jails The attackers were carr;- 
ing with them leatiets in Arauic 
and Hebrew. 

Tins i- Ihe third nvju 
aiuck launched against l-ra*?l 
from liic sea. The Iasi attack 
was three years ago. on Marcnti 
1»75. Eleven Israelis and so* on 
members of Fatah died after the 
guerilla- raptured ih<. S-ivuy 
Hotel in Tel Avi; yne ether 
attempt failed o% er V jhAr ago. 
when the attackers io>t their 
nerve and surrendered as soon as 
thev landed on Tel Aviv beach. 



BY IHSAN HIJAZ1 

PALESTINIAN guerillas in 
Southern Lebanon were in a -taie 
of “'red alert" to-day in anticipa- 
tion of what they expect to be a 
massive Israeli retaliation to 
yesterdays commando raid on 
two Israeli buses un the highway 
between Tel Aviv and Haifa. 

The main guerilla group. A I 
Fatah, which has claimed respon- 
sibility for the raid, declared last 
night that the guerillas had killed 
33 Israelis, mostly soldiers, and 
destroyed two lorries which were 
carrying ihe troops. Al Fatah 
insisted that the gunmen who 
earned out the operation 
he longed to units based inside 
Israel and the occupied Arab 
territory. The Israelis said 'hat 
the guerillas arrived from the 
sea by rubber boats. 

Despile concern over anlici- 
pated Israeli reprisals, an atmo- 
sphere of elation prevailed in 
Palestinian quarters here oxer 
Lhe successful commando pene- 
tration of Israel proper The view 
in the guerilla movement is that 
the success is bound Li have had 
an adverse effect on President 
Sadat’s Middle East initiative 
and on "efforts to exclude the 
Palestinians from a settlement.'' 

The raid was directed at the 
Sadat initiative. Israel and the 
l : .S . according vo Palestinian 


political sources They said thal 
the timing deliberately pm- 
ceded the talks Mr. Mcnahem 
Begin, the Israeli Premier, was 
lo have held in Washingiun this? 
week with President Jimmy 
Carter. 

The Palestinian.- did not rule 
out the possibility of Mr. Begin 
hardening his position un retain 
ing the West Bank and the Gaza 
Strip, but said lhat he had 'lexer 
intended to give them up anyway. 

In one of its coin ni uniques. A I 
Fatah S3 id that the raid was ihe 
beginning of escalating resistance 
inside “Occupied Palestine.” It 
lolluwed ’<* series of explosions m 
the occupied territory and the 
assassination of a number of 
Arabs accused of collaborating 
with the Israeli authorities. 

Informed sources attached a 
special importance to the fact 
that the new raid has been 
mounted by Al Fatah, the main- 
stream guerilla organisation 
which is often described as the 
most moderate of the Palestinian 
groups, lr is also headed by Mr. 
Yassir Arafat, the Chairman of 
the PLO. 

Mr. Arafat interrupted a visit 
to East Germany and returned lo 
Beirut last night to be close to 
the scene. He had gone to East 
Berlin after bolding talks in 



Twentiy-fivu-year-oLI Dalai ai 
Mughrabi who. according to 
the PLO. lend the raid and 
was killed in the fighting. 

Moscow with President Brezhnev 
aod'othcr Soviet leaders. 

Observers said that Soviet sup- 
port for the PLO has 
strengthened its position and 


BEIRUT. March 12. 

injected additional confidence in 
its rank*. 

A I Fatah is known Ki have a 
highly-trained unit of frogmen 
and women, who are said to be 
equipped with small Soviet-made 
armed boats. 

Tiie raid yesk-rday was carried 
out by three units, which in- 
cluded mi least rwn women. They 
belonged to the so-called " Deir 
Yassin group. ' named after the 
massacre of Palestinian Arabs al 
ihe village of Deir Yassin, near 
Jerusalem, in April. li*4$. Yester- 
day's raid itself was named after 
Kama! Advan. one of three 
guerilla l-aders killed in an 
Israeli raid in Beirut in April. 

Q “ l ho >■_• that will ca!- 

eu’a'f ii- further step* before 
taking any tv; I'm i hat may 
•ib«:rue» ;he peace efforts," Dr. 
Bniuroc Gli-ah. Egyptian Minister 
of Sin:" for r-.ivL-n Affairs, told 
Ri’u'er m Cairo. His view was 
'hat the binr.rfv n f 'v. - explosion of 
commando mi' nancy above all 
demons: rated ihe need for Mr. 
Sadat’s initiative to succeed, and 
to result in a Middip East settle- 
ment which would give the Pales- 
tinians The self-determination 
and homeland demanded for 
them by ihe Arabs. The latest 
violence " snows clearly the need 
to establish a homeland For the 
Palestinians." Dr. Ghali said. 



A triple 

shadow 

over 

peace 

efforts 

By Roger Matthews in Beirut 

THE ATTACK by Palestinian 
guerillas in Israel yesterday 
has cast a triple shadow over 
efforts to achieve a compre- 
hensive Middle East peace 
agreement. First. It poses The 
danger of a wider conflict, if 
Israel opts for heavy retalia- 
tion against Palestinians living 
in Lebanon. Syria now has an 
estimated 30,000 troops sta- 
tioned there as the major 
element of the Arab joint , 
peacekeeping force. Secondly.) 
it injects another potentially i 
explosive factor into the highly 
delicate Lebanese situation, 
where fighting is being only 
barely contained. Thirdly, it 
weakens the already enfeebled 
initiative launched by Presi-I 
dent Sadat of Egypt last 
November. 

The timing and the weight of 
the assault by Al Fatah, the 
backbone of the Palestine! 
Liberation Organisation fPLO) 
headed by Mr. Yassir Arafat, 
were clearly designed both as 
a slap in the race for Mr. Sadat 
and a sharp provocation for 
Mr. Menahem Begin, the Israeli 
Prime Minister, on the eve of, 
his now postponed visit to j 
'■V ash ing ton. i 

Dr. Boutros Ghaly. Egypt's I 
Minister of State for Foreign i 
.Affairs, offered the hope last I 
night that the guerilla action, 
would not be allowed to j 
influence the peace process,: 
but there can be little doubt 
in Cairo that Mr. Begin wilt 
use the killings to reinforce 
hi ? arguments against permit- 
ting any form of Palestinian 
self-determination on the 
occupied West Bank of the * 
River Jordan and the Gaza 
area. 

Thus, the issue which already 
has proved the most intract- 
able of those separating Israel 
and Egypt appears likely to 
offer even less chance of solu- 
tion. It also seems to demon- 
strate That the more moderate 
elements within the PLO. per- 
haps including Mr. Arafat him- 
self. have lost ground to those 
who insisted lhat only through 
ihe armed revolutionary 
struggle could there be any 
eh j nee of realising their 
ambitions. 

The tragedy from Mr. Sadat's 
point of view is that although 
hi? p»ace efforts were in deep 
trouble they had succeeded in 
demonstrating the inflexibility 
or the Israeli leadership and 
were beginning to push a 
widening wedge between 
Jerusalem and Washington. 
Despite the strains and 
stresses within Mr. Begin's 
Cabinet, especially over the 
<1 tie >t ion of the Jewish settle- 
ments. Israel may now be able 
to rake the initiative and can 
perhaps start winning back 
<oiiie of the ground 'it was 
forced to concede to 
Mr Sadat in the battle for 
U.S. public opinion. 

That may be a longer-term 
threat to Mr Sadat’s domestic 
position but does not begin to 
compare with the tension in 
Lebanon to day. Extra Syrian 
troops are out patrolling the 
streets of Beirut; there was 
considerable military activity 
rhi*; morning around the main 
Palestinian camp on the route 
from the airport to the centre 
of the town. 

The question being asked to-day 
is whether the Syrians would 
come to the aid of the Pale- 
-ttnians in the south if Israel 
Lunched a massive incursion, 
and whether their fighter air- 
• rai> or missiles would 
attempt to defend Palestinian 
camps further north. 

In such a situation, the more 
extremist right-wing Christian 
forces who are itching to do 
battle v.tih all or any of the 
country's “ unwelcome -guests” 
night seize the opportunity to 
launch a fre?h assault on the 
Palestinians in the capital- 
For President Hafez ai-Assad of 
Syria, celebrating eight years 
in power, the moment is 
fraught with diiTicuIti os. These 
can nnlv increase should Mr. 
Begin decide that the Pale- 
stinian i<sue can be solved 
only hv force and not by nego- 
tian He is clearly ill-prepared 
for a serious clash with the 
Israelis, if only because with- 
out Egyptian support, the 
result would not long be in 
doubt. 


Somali irregulars will 
fight on in the Ogaden 


BY JAMES BUXTON 

BOTH WINGS of the Somali- 
guerilla movement operating in 
Ethiopia say they will continue- 
fighting, in spite of the with- 
drawal of regular Somali troops. 

The Western Somali Liberation 
Frriot. which operates in the 
Ogaden region, said yesterday 
there had been “hundreds of 
thousands of civilian casualties"- 
at the hands of the advancing 
forces and “thousands" bad -to 
flee. Refugees were pouring into 
Somalia. 

These claims could not be 
verified with official or other 
sources here in the capitaL Dip- 
lomatic sources with, access to 
military information think the 
Ethiopian forces, believed to be 
spearheaded by Cuban troops, 
are advancing rapidly along the 
roads of the Ogaden. meeting 
little opposition. 

In some areas, however, isola- 
ted pockets of Somali troops are 
having to fight to get out, the 
sources believe. Somali troops 
had penetrated far into the 
Ethiopian provinces of Bale 
and Sidarno to the south of Addis 
Ababa and bave hundreds of 
miles to retreat 

Somalia has so far made no 
public response to Ethiopia’s 
reported demands that it should 
renounce its territorial claims on 
Ethiopia. Kenya and Djibouti 
and withdraw all its regular 
troops before there can be a 
ceasefire. 


Renter reports from Nairobi 
that according to Addis Ababa 
Radio Ethiopian forces have 
recaptured nearly the whole of. 
the vita! railyway between Addis 
Ababa and the Red Sea republic 
of - Djibouti. The Ethiopians 
moved about 66 per cent of their 
exports and imports on .the 600 - 
mile line before it was cut in 
several places by Somali 
guerillas. 

Reuter adds from Moscow: The 
Soviet Union signalled to-day it 
would not agree to withdrawal 
of its own and Cuban forces 
from Ethiopia as urged by the 
U.S in return for the departure 
of Somali forces from the 
Ogaden desert 

it also indicated that it would 
not support another U.S. proposal 
for observers to be sent from 
neutral countries to monitor a 
ceasefire between Ethiopian and 
Somali forces in the contested 
region. 

A report by the official Tass 
news agency quoted the Ethio- 
pian Foreign Ministry as reject- 
ing both proposals, which official 
sources in Washington; have said 
were being accepted by the 
Russians. 

The report said Ethiopia “is 
resolutely rejecting the attempts . 
by the U.S. Government and: its 
allies to interfere in the solution 
of matters which fall within 
Ethiopia’s sovereignty.” 


MOGADISHU, March 12. ~ZZ 

Foreign observers said tW£ 
publication of the -statement itr ? 
this form by the official agency. - 
was a clear sign that- ihe .Soviet-* 
Union itself was in full agree- •’ 
ment with the Ethiopian view-'' 
point. "! 

Jurek Martin adds from Wap6-L 
Ington: The U.S. ' believes that” 
any Somali attempt to. continue'" 
fighting in the Ogaden desert . 
using guerilla forces in place of', 
regular troops would be a “veijtl 
dangerous " development.’ . 

It is felt here’ ’-tEfat-'. with- 
Ethiopian troops poised on thtsT 
Somali border, this would' test'- 
the -Ethiopian and' Russian com-J 
mitraent not to cross into Somali--; 
territory and would make muchT.’ 
more difficult the withdrawal of-; 
a substantial portion--- : nf v ther 
foreign forces now -assisting- 
Government in Addis Ababa. ’“ IW 

Yesterday Mr.' Cyrus Vance, 
the Secretary - of State, met Mr. 
Dobrynin, the Russian Ambassa- 
dor in the U.S. in the wake of 
the Russian message thal there 
would be a significant reduction 
in the 12,000 Cuban irnnp 
strength in Ethiopia if fighting 
stopped in the Ogaden. The 
Soviet Union has also told the 
U.S. that it would agree tn lhe 
stationing of * .Internationa] 
observers in the Ogaden to 
ensure that the peace was kept. 

Editorial comment Page 14 


Smith refuses to reopen talks 
on conditions of settlement 


BY TONY HAWKINS 

ANY DECISION to attend the 
new Rhodesian constitutional 
conference suggested last week 
by Dr. Owen and President Car- 
ter would have to be taken 
jointly by all four leaders who 
signed the Salisbury agreement, 
Mr. Ln Smith, the Rhodesian 
Premier, said to-night. 

In a nationwide radio and TV 
address, in which he strongly 
attacked the British Government, 
he said “ 1 believe that the four 
of us would have to be satisfied 
that the purpose would not be 
lo reopen discussion on matters 
on which we had already reached 
agreement. 

“That would be a fruitless 
waste of valuable time which we 
would prefer to devote to imple- 
menting our agreement,” he 
added. 

Mr. Smith said that the prime 
task of the transitional govern- 
ment which he hoped would be 
established in the next week or 
two would be to bring about a 
de-escalation in the war leading 
to a ceasefire. 

The country must expect 
another effort to intensify the 
“terrorist war.” he said. “Let no 
one be in any doubt that our 
security forces are perfectly cap- 


able of dealing with such intensi- 
fication and that they will con- 
tinue to hit back at the aggres- 
sors as effetively as they have 
done in the past." 

- This comment is taken to mean 
that Rhodesia will continue to 
use the policy of hot pursuit 
into Mozambique. Botswana and 
Zambia when and if. necessary 
despite the presence of a black 
majority in the interim govern- 
ment. 

Mr. Smith warned Rhodesians 
not to expect anything from 
Britain and the U.S. — which had 
learned nothing from Geneva 
and Malta — in the short term at 
any rate. 

Jurek Marlin adds from Wash- 
ington: Mr. Andrew Young. U.S. 
Ambassador to the United 
Nations, conceded to-day that the 
attempt to bring all black 
Rhodesian- Tactions together in 
a settlement conference was “a 
real long shot." 

But in a television interview 
he argued that such efforts had 
to be made, both as a- means of 
keeping, fighting under control 
and to avoid the intrusion of 
other foreign presences (pre-. 
sumably Cuban and- Russian) iti 
the arena. - 


SALISBURY. March 12. __ 

Mr, Young also said that the- 
U-S. would probably have no- 
alternative hot - to veto - any". 
United Nations Security Council -. 
resolution that amounted to. "a 
strong condemnation " of the . 
internal settlement reached in 
Salisbury ten days ago. Such an 
action would be necessary, he.- 
maintained. if for no other, 
reason than that the 'U.S. did. 
not want to prejudge the ulti- 
mate form of a Rhodesian- 
settlement. <.- 

He also repeated his concern 
that the emergence of race as a ■■ 
hot political issue in Britain 
might make the. British Govern- 
ment espouse policies far Africa 
that were not in the long-term; 
interests of either Britain or the 
U.S. 

He asserted that he thought-, 
that the British Government - is • 
standing with us“ over : ctirrent 
policv, but was disturbed that,, 
with the U.K. economy now ies$ .. 
a cause of domestic debate, that 
the attention now being given to 
race might prompt a new surge 
in British isolationism. " It is 
very diffi-Mlt.” he said, “to have 
jm intelligent discussion of Rho- 
desia in Britain in an atmosphere 
who re' race is a volatile issue." 


Militants 
stone Zulu 
chief at funeral 

By Quentin Peel 

JOHANNESBURG. March 12. 
CHIEF GATSHA Buthelezi. 
leader of the only legal mass 
movement of blacks in South 
Africa, suffered a serious poli- 
tical setback at the week-end in 
his bid to forge a major anti- 
apartheid alliance, when he was 
stoned by black militants at the 
| funeral of Mr. Robert Sobukwe. 
former leader of the Pan Afri- 
canists Congress. 

The incident happened only 
two days before the congress in 
Cape Town of Chief Butheiezi's 
predominantly Zulu lnkatha 
movement, the Coloured Labour 
Party, and the Indian Reform 
Parly takes place. Its aim is to 
cement the alliance between the 
three ethnically based groups 
into the- most significant extra- 
parliamentary and non-white 
opposition within South Africa to 
the Government. 

The stoning of Chief Buthe- 
lezi. which forced him to leave 
the funeral, along with Mr. 
Sonny Leon and the Rev. Alan 
Hendrickse. leaders of the CLP. 
is seen as a vivid public demon- 
stration of the opposition among 
young urban blacks to any 
leader who works within the | 
system of apartheid. 


Peace hopes in coal strike 


BY STEWART FLEMING 


rT 


NEW YORK, March 12. 


STRIKING U.S. coal miners are because -of a -multiplicity of 
due to start a court-ordered threats to -their own interests 
return to work this week, amid -fo the event of another failure. 

SrS ™ s couM ,ead » lc«. bar Bain - 
resolving the 96-day dispute that l PS which, union ana manoge- 
bas shut down half the nation's .ment agree could be both chaotic 


■ coal production. 


and expensive. It would a Iso 


I Members of both the United probably signal the end of a 
i Mine Workers lUMW) union and naponal wage contract in the 
the Bituminous Coal Operators unionised sector of the industry 
Association’s (BCOA) bargaining and perhaps bring about a fatal 
teams are reporting movement wreakewng of the union, 
towards a new agreement in the While the pressures are heavy, 
contract talks in Washington, however, a -major problem facing 

j According to union spokesmen. w ‘ 11 b ®. l ° 

: one reason for ' the better .‘J’™®.®* /*n agreement which 
! atmosphere at the bargaining of . 

table is that the .man who .is . Risers 

I now heading the companies’ when they vote on it. The miners 
i bargaining team. Mr. Nicholas already rejected one setile- 
Camicia. is being " more endorsed by negotiators 

realistic.”’: . for bolh s,des - 

It is clear from remarks that JS in 2£.' leade 5 

they are making that union ^ lth c ,° urt 

representatives fed that Mr. H°5 er the coohng- 

Camacia. himself a rormer miner Pjovic.^c ~ *k- 

ami iim’nn • mpmhpr nnrf now riainey ACL. 


provisions of the 

and union - member and now Act ' ■ U j lder ^ 

chairman of one of the largest - i?, ocd ® r 

companies, has a better under- ' ^®. rk wbl1 * r . he 

standing of the miners’ stance renewe « negotiations begin. 

than some other management . . 

representatives. „ 

_ . Fi-iancim. liKca. published OlUv- excsoi s,. 

Both sides, however, are under ay» iroi'Sws us «rhKrint.on isnffm 
pressure to resolve the dispute \ W."B , v: 



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.TITLE. 


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times .mondat march u 1 ^ 5 . 


OVERSEAS NEWS 






■o* 


3%A" 


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ok 


Andreotti switches 
key ministers in 
new administration 


Bonn 
considers 
aid for EEC 
applicants 


BY PAUL BETTS 


ROME, March 12. 


By Reginald Dale 


First round votes: Communist Party leader Georges Marchais (left) and Jacques Chirac, 
Mayor «f Paris arid leader of the Gaol list Rassemfcfeinent pour la Republic (RPR) cast 

their baUo4& 


quietly 
in the centre of Paris 


__ NEW Christian Democrat -Vito Lattanzio. Defence Minister 
minority Government was formed at the time of the controversial 
here this week-end. the first in escape-. last summer of the Nazi 
30 years to be supported directly war criminal, and Herbert 
in ‘parliament by the powerful Happier* and the former Health 
Italian Communist Party. Minister. Sig. Dal Falco. 

The new Government—Italy's Although he did not reduce 
40th since the. fall of Fascism — is the numbers of Ministers, nor 
the fourth led by the Christian appoint some technocrats 
Democrat- leader. Sig. Giuiio sympathetic to the Left to 
Andreotti, whcr submitted his list cabinet _ posts, as he originally 

of ministers to ■ President had intended, the Premier 
Giovanni Leone last night, so effected ja significant reshuffle 
ending the country's ' two-month- in a number of hey ministeries. 
old political crisis. Sig. Filippo Pandolfi. in 'what 

Sig. AndreottTs new a dm inis- is widely regarded us a “ promo- 
tration is substantially similar to ti on, " moves from Finances to 
his previous one. the Treasury, while the former 

The Prime Minister has in- Treasury Minister. Sig. Gaetano 
eluded only two new ministers in Stamina 6. goes to Public Works, 
his 21-man Cabinet They are To make way for Sig. Scotti. 
Sig. Vincenzo Scotti, Under- Signora Tina Anselmi, the only 
Secretary for the Budget in his woman In the' Cabinet, takes over 
previous governments who will the Health portfolio, while the 
take over the Labour portfolio, former Minister of Cultural 
and Sig. Carlo Pastorino. also a Affairs, Sig. Mario Pedini, moves 
forroer-Unrer-Secrelary. who be- f to the' difficult Education 
comes Minister of Tourism. Ministry* replacing Sig. Franco 
Two Ministers in the previous Malfatti, the new Finance 
cabinet have been dropped: Sig. Minister. 


BY DAYM) WHITE 


PARIS. March 12. 


Last effort to halt 
W. German metal strike 


BY ADRIAN DICK5 


BONN. March 12. 


“ELECTIONS — this sword of number no fewer than. 17. ‘Even on the ready-made voting flips 

Damocles . This- cryptic the Latin Quarter's intellectual which line the tables of the poli- 

hanff-vrltten ~ message occupies} resources cannot 4rpm. up. more ing station in. separate .piles. 

one of the . specially-built 'cam- than a dozen at a.tuffe: 6ftt Kerb ready for the' voters, somewhat ! WEST German engineering em- compromise on wages provided 

paign hoardings outside a Parrs one can understand = why the unsecretly. to pick up and tben^ payers and leaders of lG-Metall, the employers are preDared to 

polling station to-day— to be French need two rouafls-of. elec- place secretly in the ballot box. ; ; representing some Un, workers bndee {* the “final offer- 
precise, a girls school gym slap- tions to sor tit ali:ouL:There are The Homosexuals are the oxcep-!j fl tj, e industry were still meet- 0 se , , “ Dai oner . 0I 

in the middle of Pigalle. V i>: Right-wing Ga ullisfe, '' Left-Wing tion, recommending their sup- 1 ing in Frankfurt to-nivhr in a 3 per cent they have been insist- 

The passing inale tourist could Gaullists, feminists, ecologists, porters to make their own voting 1 - - — 

be forgiven for missing the Communists, the National Front, slips— “it's more fun, and it's 

drama of the occasion. Never. Workers' Struggle, the- Com- cheaper." 

The Homosexuals, whose propa- 


THE WEST GERMAN Govern- 
ment is actively considering 
plans for a new EEC aid fund 

for the three Mediterranean 
countries that have applied to 
join the Community— Greece, 
Portugal and Spain. The aim 
would be to prepare the three 
candidates for EEC entry by 


Government election 
victory in 
Malaysian state 


BY WONG SULONG 


KUALA. LUMPUR. March I" 


MALAYSIA'S ruling United Uintm’* gamble *.f exploiting 
Malay's national organisation, the split in Party Islam. 

UMNO, to-day won an aver- ing emergency ruio in ,kc Ionian, 
whelming victory in the Kelantan .-rnd encuuragmg Party lslar.j 
elections, ending IS years of dissidents lu lurin Errja^a to 
opposition rulo ’ in this north- split the votes*, paid off hand- 
eastern State, bordering on somelj. 

Thailand. Party Islam received 7S.514 

The extent of (he party's votes, representing almost a 

helping them to narrow the j sweep, surprised even UMNO third of the votes cast, but won 

wide gap between their i leaders, and they arc now likely only two seats, 

economies and those of the j to call for national elections soon. On the other hand. Uni no and 

existing .member states. although they arc not due until NCA won lheir seills WW h 

The proposal has the August next year. 8S.671 votes, and Berjasa took 

personal P barking of Herr j j 1 ?? 0 Be ?j2. a 11 soals wilh W - 6S0 vofes - 

Helurnt- Schmidt. th, West ! The no- KcIm eh.er 
German Chancellor, but there 


is still considerable debate in 
Bonn as to how it should be 
launched. -Those members of 
the Social Democratic Party 
(SPD) who still have reserva- 
tions about Individual West 
German foreign policy initia- 
tives would prefer the proposal 
lo emerge as a broader Com- 


and the Malaysian Chinese Asso- 
ciation, captured all but two of _ . * .... 

the 36 seats in the stale, iniiict- SJ'k 1 *. 

ing a devastating blow to its Mohammed \jacuh. who 
arch-rival, the Party Islam, in Its rosisned as federal .mn.Mor .o 
own home ground. Umnn itself. ! f r' 

won 22 of the 23 seats it n ‘ ,rrm n,jr k ,n of lNs * 1,,t ' '• 
contested. Umtio leaders to day promisee! 

To-day's victory is ns dramatic they would implement i!u- 
and as significant as the 1959 massive economic develiinmeni 
elections in which the Party programme winch they -pelt Hit 


m unitv scheme nerhaiK nnder • Islam suddenly emerged on the in their manifesto, to Ki-IjiijI.ui. 
the SDoShS S ihl national scene l»y capturing all which i- one uf the po-irot 
ILs— but two seats in KHanian. Malaysian states. 


European Commission. 

.As things now stand, a sum 
of DM300m. (£77m.) has been 
earmarked for aid to the three 
Mediterranean candidates in 
this year's West German devel- 
opment budget. These funds 
COOld provide the basis for a 
new Community fund to which 
ail the other members wonld 
be invited lo contribute. 

One idea under discussion in ' THE Begum Ntisral Bhutto, the appc-uivd 
Bonn is the creation of a 12- 1 wife of Pakistan's detained column- 


Mrs. Bhutto placed under 
house arrest in Lahore 


BY SIMON HENDERSON 


ISLAMABAD. March 12. 


with sew rat blank 


even on other Sundays, is- -Paris 
so quiet as on election. daysL 
Some early-morning voters have 
had to queue,. up. but the Itev'el 
of excitement Is roughly that of 
a church at collection time. ' 

. This particular seat — for a 
constituency covering the area 
between Pigalle'and Place Clichy 
—Is the object of a needle match 
between M. Cliude Es tier.- one of 
the leading lights of the Socialist 
Party, and M. Roger Chinaud, the munjst 


ganda takes the form of light- 
hearted strip cartoons, share the 
honours with the Ecologists for 
Lhe best election posters. Paris 
Ecology 78, which taas strong 
backing in the Latin Quarter, 
displays colourful pictures of a 
Paris running on windmill- 
generated electricity. A figure 
in the bottom of the picture is 
proposing that the Left’s “ Com- 


„ a to-night in a 

last-ditch attempt to head off the “ the most the industry can 
series of strikes called by the afford;., 
union for next Wednesday in. In North Wuerttemberg-North 
support of its 8 per cent, pay Baden, where IG-Metall has 
claim. called selected strikes From next 

After a “summit" meetihg of Wednesday, the two sides' start- 
the top leaders of the two sides ing .figures for wages are much 
on Saturday, separate sessions the same, but the position is 
for each' of the two largest wage- complicated by the union's deter- 
bargainiug regions were set up. mination to win guarantees for 
In the bigger. of 'tbe two. North the security of members' jobs 
Rhine-Westphalia, it may prove and job classifications in cases 
relatively easier to arrive at a of shop floor rationalisation. 


nation ** solidarity tunl" to be 
jointly administered by the 
Nine and the three candidates 
—without waiting for them to 
become full members. 

Initial British reactions lo 
the scheme are not so far 
considered very encouraging. 
Commission officials see some 
merits in the plan's objectives. 

They would want to be sore, 
however, that (he funds were 
not used for Investment in 
sensitive areas (hat would com- 
pound industrial problems in 
tbe present member states. 


, former Prime Minister. Mr 2. A. ^ Bhutto will haw l«» May 

:K°-i n w uC ssrvis v u :r ot 

1 after having been accused by the L ? l,or1, r °^ la ***?*■ Unl,ke pre ' 
military authorities of making vious periuds ot house arrest 
provocative statements and since the military government of 
instigating street demonstrations. General Zia ul-Haq took over 
She has been leading the last July, .she will not be 
former governing People's Party allowed visitors without pormis- 
since her husband was arrested si on. Her 24-year-old daughter, 
last September and yesterday Benazir, who has been named as 
issued pleas to world opinion to People's Parly leader if her 
protest against injustices towards mother is disqualified from 
her husband. A party newspaper politics, iias been under rcstric- 
which. tried to print the story lion in Karachi for the past 
! was raided by police and only two weeks. 


14-23 April 1978 


- . Revolutionary League, mm Programme ” and .President 

Giscardian who narrowly beat the' Workers’ and Peasant’s Uniun j ca ,[S, s w ork of political wis- 
him five years ago. It is a signi- for Proletarian Democracy, the d 0 }” Deniocratoe Francaise be 
fieant fight in a city with ho European Workers* Party team- collected up.- and recycled, i 
incumbent Socialist deputies— a paigning on “ an ecommiy based sentiment which a lot of Pan 
city which, in spite of its revolu- on thermonuclear fusion the sia J? s , “1*®“* sflare - . . , 

lionary tradition, in spite of the, New Forces Party the Union for . rv,0 . l ^ hat ,n ^*® se 

Commune, in spite of May l96S tbe Presidential Majority, tte “ a - vs - Ws ra uch Jieed to 
and all that, and in spite of a Rally" for Public Service Usefl^tne miles of election posters. It 
Communist foothold on its outer -and- Taxpayers and, in an area; ^!, 1 tb,s , ass [ff np 5 1 °“ V?** 1 . a 
edges, iraditiohally votes to the devoted to- the rites: of ~hetdor»? ; y. ut * en ] spo ke to at the begni- 
Bight ■ • sexuality. -Jhe “- Cay” ; Party. 5110 ? the campaign was putting 

It is -also; to many a bewilder Difference Homosexuelle. U P posters : for the Gaullist RPp 
ing one. Contesting parties, each Each, candidate has his name w . a 5 a „^ rd ‘^ r> ’ 1 C® 

one allocated its hoarding space, and that of his. back-up printed Communist, be said, but the 

Gaul lists paid for people lo stick 
posters and the Comnumi.*ts 
didn't. So he would advertise 
the Gaullists during the day, go 
to get his pay, and come back 
and advertise the Communists in 
the evening. 

In Pigalie, one of .the propa- 
ganda spaces is occupied by a 
notice asking people If, should 
tiiey wish to relieve themselves, 
they would mind doing so Against 
the trees on the boulevard and 
not -.there. •. 

To-day's Election Part One in 
fact. only narrowly managed to 
keep its audiences’ attend on.. The 
President's appeal to the French 
people's “ good sense ’’ was 
heavily rivalled in the Sunday 
papers by the death of singer 
Claude Francois, one of the 
darlings- of French womanhood, 
who on the eve of -the election 
was -electrocuted while trying to 
change a bathroom light bulb. 

Threat to 
Turkey- 
Greece links 

By David Tonge 

MONTREUX, March 12. 

A SERIOUS crisis in Turkish- 
American' relations threatens to 
obstruct development of the 
detente between Greece and 
Turkey, the first signs of which 
were appearing at toe end of the 
two-day summit here between -the 
countries’ Prime Ministers. 

•' Tbeir seven hours- of private 
talks, were described by both 
sides as extremely successful 
within the limited framework set 
—namely, to allow the two 
leaders to meet and assess each 
other. - 

Mr. Bulent Ecevit, Turkey's 
Prime* Minister, says -that in the 
next two or three weeks high- 
level delegations from the two 
countries will meet. These will 
talce up the issues of the Aegean 
and 'both countries’ minorities 
which were discussed in general 
tines by Mr. Ecevit and his Greek 
counterpart, Mr. Constantine 
Karamaulifi. 

■1 Mr: Ecevit said his. meetings 
had been successful “ despite the 
United States." He described 
lhe attitude of the United States 
as “ far from constructive," 
explaining that he has told the 
|U.S. administration that be may 
have; to revise many of his jmli- 
cfes Js - her no longer believes 
that the U.S. Congress alone is 
responsible for the deterioration 
of Turkigh-American relations. ' 

. His anger followed a statement 
last week by Mr. Cyrus Vance, 
the U-S. Secretary of State, that 
the. administration would wait 
to. see the results of the Mon- 
treux summit and the proposals 
on -Cyprus doe. to. be .tabled- by 
the Turkish side before present- 
ing ■ the U.S.-Turitisb defence 
cooperation agreement to Con- 
gress for. ratification. - 
This apparently innocent 
statement is seen by Mr. Ecevjt 1 
as encouraging tbe Greek lobby's 
attempts to bring pressure" on 
Turkey and as making the Greek 
Cypriots liable to reject any pro- 
posals':, by the .Turin sh Cypriots, 
however reasonable.; He thus 
believes this will obstruct nego- 
tiations between the 'two com- 
munities. 


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business, 

FOr detailed information, also ; 
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Milan Fair Representative: 

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FTP19 











r V - * 



WORLD TRADE NEWS 


EEC delegation leaves 
for Tokyo trade talks 


Russia seeks easier 
terms for U.K. plant 


VENEZUELAN TRADE 


*“ ■ • ‘ ' Atiuinn 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


BY KENNETH GOODINS. INDUSTRIAL CORRESPONDENT 


BY GUY DE JONQU 1 ERES. COMMON MARKET CORRESPONDENT 


BRUSSELS,, March 12 . u.K. COATRACTORS 'wishing to Mr. Korn pointed out that: the INTERNATIONAL group Head TVrlghtson “i/jS 

' wnrife* eorfinle*^ irafr 


-ffD 

■M* ‘ 


J 


I participate ift the multi-billion barter trade between Eastern ? headed by Britain's Davy Ash- 

• _i n‘ . . . I ahn lliririln ¥.au Aik . - -■ i l: jj:.. 


A NEW high-level EEC delega- Ushiba, Japan's Minister for Japanese arguments that such: dollar petrochemical complexes Europe and the Middle East oil m ©te International bidding for 


, — ° ^ J. . Ta '-~ “ ■ .~ r — — * — | uu»«u Hcuututunicai M -■ _ more uuern«uuuai mu um# nu u&vy »u«« - 

tlon leaves Brussels for Tokyo External Economic Affairs. questions should be dealt with ( planned by the -Soviet Union countries is set to increase m ^ £>fc n Zulu steelwork* own- Whessoe. Redpath Dorman M)nE 


w!^^ Eii a» pkrt"of thiworki complex m 

CSS international group, - 

iSS*. ‘S^irtath Dorman Lode coming c«L Through the Brfa*, 


uyn icavca biumws iw-iwyw piaonea ny me -soviet union tuuuw.es 1* iw ^ tne 92cn. SU1U »eeiwon» Wffl‘ wnessoe. Reai»M« J «„ tlfl ,Vi IWMBldlaliiir* 

to-morrow in a further effort to If f“ch. a statement can be « multi-lateral trade nego- must be able to offer credit and the exchange of machinery for plM io Venezuela has made h (the British Steel offshoati. and councij. 

persuade the Japanese Govern- agreed upon it will be presented nations in Geneva, because the iqq per cent, buy-back arrange- oil. significant innovation in Inter-.. GEC would get contracts as well, f JJ® 

ment to take measures which to EEC Heads of Government, ments to cover aU costs including Hp warDP1 j ibat compensation : national contracting. For “the Of the other members of 

will bring about a rapid reduc- who bag cafied 0 n Japan to taitewflnot start to Take interest ^charge* ,„ de between East and West first time a Japanese compmgr .group which has tendered with ™ «erl 

tlon in its trade surplus with the P™* 1 ** tanmble evidence that it *®5* until 1M0. According to Mr. Frank Korn, - wherefav Western con- !tu is moved outside a Purely Davy for the Zulu * r Qn the face of iL Si fetm. 

Community, estimated at more » taking effective measures to There is i undisguised srepticism marketing director of Construe- Europe. . .. r-JLxW national consortium when Md-Jtpanese could expect ortiersfor QnW rare the 
than S5bn. last year. correct its trade surplus by the In Brussels that the stimulative tors John Brown, the Soviet tractors bu.ld pnuu* xa Comeom ^ fwr ^ g^lworks. -«S»m. to ESBin. of engineering \* d *ro«P Mould gei %3*i*M* 

The mission will be led hv 55!»?.5f9i“je i, 5Z?: be towrds plsci..3 eoumnes end ore gg-JE; (m,d U «s. ? nd the G«mM* .1* »*£*»* ***$£& 


. , . . uuic lucv uvuu until iiciL £iuro* uieoaujca juuiuuutGQ »v ihjt wiu trend will t>e towards oiaci'»s -ms- - i — ■ — . hr»n«e nrMMM tatm Atniliipts anu me vjci —— - — — - — 7- 

sJ he Rol’ SS1 Denman h direct?? pean Council " summit ~ meeting produce the 7 per rent real very large contracts with values Jurt, could very , e ^‘> c the^orm o^Mflsubishi Corpora- French flOOm. to XlSOm. each, ta °^-. co ^gy- 

s i r ,lr ,! Dra rrr ^ Copenhagen on April 7 and£ growth rate forecast by the of several hundred million Western markets and cause addi-;]Bfr xtL„hi«w Runic Tbw This would still leave a gt>04 ZUlW project TWS COWflL 

general of the EEC Cornmis- This week’s EEC mission is Japanese Government for this poundL leavinEifto the sup- tional unemployment, if it is n«f‘Km to tw anmed rtaur lay-out and fielectiim 

fra Mnnut « had »r rnoF ap fkef fhd fTraifiarMinranP* Urfll w v. - — *_*. r^rpfl/Hv faSOciCu. 


S improve access for European But the chances of being able chemical Industry he said Korn, with the exception u 
nater-Ramp. tne txiernai Anairs exp0 rt s 0 n the Japanese market to persuade Japan to take any that for the Tomsk project the Yugoslavia and to a smalle 


^jF^ssr-sssjELss rsts- *» *««»- ss&ssr** '***& 
assi w"* tur,h " ,or t,, ' , jpafc’jasafiWB 

itioa 01,1 th nroiect tut autunjn and the main point oucumcnis, . ineae exputm ™ 

JS aI Ei When negotiations started two J* that Jt .»* not » consortiuui. 


rnmmiceirtnflr ujaiWL «# ^ uuic lor me loinsK project, tuc * uKuaid'io j When negotiations siBnea rwo is mar h »» 1,01 * * « w 

Commissioner. and for refiationary policies large-scale additional measures ussr h** g^en orl i y lhe oil extbnt Romania. However, he anc i ^ajf vears ago. Davy and Each member of the group has vanous «roup^bot *0 w 

The Commission hopes that which. will ensure a sustained in the near future to boost tNeir specification and overall ton- predicted that :he smaller coun-r financial partner. Mortao some expertise to offer or is quote any prices: 

Japan will agree to publish a high level of economic growth, economy are not very promising. nages for intermediate raw tries of Eastern Europe wih. - renfeU maintained they eouid Drorfdins financial support. In W the two other major 

joint statement scttlnsr out the The EEC will insist that Japan The EEC is therefore expected materials and downstream pro- follow the example of * uwslavia ““““SJ? involved. Srelworks projects this kind uf naUoiuilsmupinfiff, one to.tt tfi 


main points of contention with act immediately to dismantle to place much of the emphasis duct plants. The size and exact because 0 

the EEC. similar to the one non-tariff barriers to European in the talks on trying to get capacities of plants has been left security 

issued last January hv Mr. exports like the Airbus, pro- Japan to agree to establish a f 0 the contractors to snecifv. facilities. 

Robert Strauss. President cessed foods and phannaceuti- joint system for regular monitor- 

Carter’s Special Trade Repre- cals. ing of progress made is reduc- 1 • 

sentative. and Mr. Nobuhiko The EEC is not satisfied by ing its trade surplus. lVTrawwT nnAAACC /llni 


creusot-Lnlre 


Paris et dea 


Entetprip* 


Steel contract likely at Leipzig 


New process claimed 


COU1Q nna UK* UKimx. uary -Hirct ue worw^u ti-jn. ^ 

it could locate all the materials thing did so wrot»K with pan V«« nFSSLtfft 

and even labour required. “We’ of the plant it Is a simple matter other The aftrengJa 


BY OUR CHEMICALS CORRESPONDENT 


tana even lanuur miuuw. oi iue iium »• : Wmnn v-nK. eLTT 

{would have been witling to. air, to identify the supplier KmScnc Franc? andT wSmrtfSff 

S.OO*’ petiole from Europe for Davy has joined up with CEC branre and TedmtMfewi 

t the inb •* said Mr. Arthur Enterprise, part of the French of veneiucia. The. rethalDaj 
1 Whiting. Davy's managing; equivalent of the National Coal hopefuls *t the prequaliflcatim 

Slrt and which has already *Jase wjm Nippon Kukw 
: But the scale of the project Is carried out some detailed work ' * nd IWodflr, .. C 


CdF CHMIE. the French Stale- density polyethylene from fte- fct the scale ofi real SSTwK 
controlled chemicals concern, same plane such that it makes more sense In Venezuela wma ««« — -1 


BY LESLIE COUTT LEIPZIG, March IX process for the manufacture of that it Is possible to use, ge; financi 

. ___ - . nnivprhvienp Kime catalysts to nroduce HDPE severs 

THE SPRING East-West trade German and 2.100 are said to eneip and raw materials from p ™ P oJw«U will nw»d s^v-ral as those used ia the classic high the cm 

fair which has just opened here eome now the West. the Soviet Union and the West o^d^lSpmenfm prove pressure process for LDPE. ha re . 

and runs for a week could see the Nearly 100 British companies Herr Honecker said: “In- it commercially viable, but if this CdF still appears, however, to severa 
signing of another major con- are represented with 2G taking creases in stocks of products work is successful the process be several years away from using, and M 

tract between East and West part in a joint venture by the which are diffirelt to sell are ro advance could have important the process for commercial pro- so«eiy 

Germany. East Gennanv prefers British Overseas Trade Board, help to us. More than anythine consequences for lowering costs duction. and :t is unlikely that' If ih 

to finalise important deals at the Birmingham Chamber of else were need more final pro- for pJa.itks materials manu- material could he produced in togethi 

this fair to indicate how vital Industry and Commerce and the ducts for investment, consump- facturers worldwide." this way on an economic scale; will in 

it regards regular participation Scientific Instrument Rlanu- tlon and export. What we Plastics Industry Europe, the before well into the 19SGs £250m. 

by Western companies. facturers .Association. urgently need are' more saleable London-based publication, reports By then it could face strong orders 

r,. j hf. -rtinf. 9 mn Tk® spring Leipzig fair con- export products and products to -, n Its latest issug that the way competion from Die major pro- would 

ert r^i.rrn S u:hi h w iln nonniiat’ centrates on metallurgy, heavy substitue for imports than arc has been opened for the produc- cess advance announced late last plant 

to- with Fact R*»rmanv to h.Vnd engineering, agricultural mac- provided for by the plan tion of both low density' and high year by Union Carbide. railing 

. Lm. 7-?,\ ™! D si “1.!.“"° hinery and consumer goods, targets.” • trical : 

f.”. 1 S! n ?It UntonrallenbSrn ^ A1 though no other East European -'Vn East German economics .would 

steel plant at umerweiienborn. j^g fa j r attract a0 many institute has blamed the West a • ■» n . A g j Com 

The value of the project is> _r .Li e«, *».« hkrmiih<» v*>et A i/t t/\»« I in tam AvtiArrAi^c *«» 


has 'evolved ^‘'hMwkthroiirii The CdF discovery has shown, for the load — engineering and source is excellent. 

Sroces hr U.e mSrtureff that K Is poBibte to «*>. ■? JS22L j* StfflS a*?’ 5 ' 


Skterbraa of 


taai II IS UQS&iOK W 4 tor hum ru wvircru .-v 12. w lit ft— »■ — , -ntonnii' i-.J. -■ — 

same catalysts to produce HDPE several countries. Tn any case, part of the Manuesmaon of Wret cornpan. . bade. • . 

as those used ia the classic high die cash and the hardware would Germany and a company with jn *he ZoJia rail 


If the group Davy has gathered Deutsche Bank. 


Once the contract has beer 


for the CX BritAin mann and Nippon have the autumn ofthls year and the plan 


•SnM .. well over DMSOOm. ““PR'S »« - SJSU*^ SBP'ftJS 


£125nU 


indiisfri" anomalies of Leipzig is that it Germany and other Comecon 
, is also the most difficult place for countries are having. 

I IS Ptlll* ■ m .... mV. Mnl.n'Hn WJU A 


Aid for Dutch exporters 


ton„rrvne p.j-, r«™j n « r*\r\ is aisu U1C iauai.UtlUkUIL DliKe IUI ““"“Si. 

S !Lo ?nri western businesmen to get to the The institute sura 40 per cent. 
.l!w h «. g toto^o 0 to2 East German “end-user” of his oF the “potential exports” of 


BY CHARLES BATCHELOR 


AMSTERDAM. March 12. 


trical' and mechanical equlpmeot from that, the International recent work In Brazil and the 
. would also be required members of the Davy grouping fact that last year. wRh a simlUi 

: Companies which would bene- employ 250.000 people, so they swop of international partner* 
I fit from this "spin-off" would have no problems about offering It brought on stream on timet 
include Davy’s own sister com* training to lhe Venezuelans..: 2m.-tom»M-year ateetworks foi 
naniea. Davy" Loewy in Sheffield, And this training would not Aco Minas tend* (Acmnifiasl. * 


special steels and is interested f—'s .if 
in paying for as much of the p 
project as possible with products , 


■oducL Comecon to the European . Com- HOLLAND will spend more than _ Mr. Reyen. who was appointed 

East Germany's Communist iminlty are subject to quotas and FlSL30m. (x7m.) helping ex- in January to step un Ho': and s 

■ _ n.i.. n * _ ne .rr r<*. — nnHo r*c hut nrflcnaiih Fn, *Vl a nOV* ovnn-l f*fVr>v’ .*T ; «i»Si£'B7 :?I ' 


‘-Contracts 


Electrical exports rise 


. ,! BY MAX WtUtifcttON 

• Shannhig International of 

Hemel Hetnpsivad. Hertfordshire, F.XPuRTS OF eluetromc and by 29. .per cent, la the samr 


is 'Tn°ihe past is the biggest have' ‘ undegone V'basfc chinge" duties" of up to 14 per cent, bn Holland must count .itself Juity exportors a: trade fair? and has won a contract w “ rt *! ^ ,25 ^Tte' total 7 value 

'oreiun exhibitor. Nearly half because of the higher prices Comecon machinery and up- to if overseas markets do not shrink exhibit.nns. Evp.ara.ov> ' is.s to to provide a complete package L.k. rose hi Jfl per cent, ut l**7 ^ re; at»n. compared wttk 

ir the exhibitors .are East East Germany has to pay for 16 per cent, on consumer goods, any further in The near future. new markets will <u«o n? «*:‘M medical equipment and 'over the previous year to more fo 7h n imntirre in tofe. imnovK _ 
~ ' “ “ — ' ~ ” " furni^hms fw a new hospiuMn . than £3hn. . - 7 ' ■ were -'£Ufbh, I^Vfl»Votu«Wef^ 

C 351 " 0 - . Th»* increiie rejircscBtji Jjk twf bahuiceld trade fif tfac -wsior. ; : 

The 300-bcd As^SaUam ..,^. , n 



SST H TOIKH WITH OS. 


S, 


The 300-bcd As^iImbi »n resL -tenu wltof-ydia- bus -therefore 

BS 5 WSS W ! 1 33 — «« % '*«***- M*«<* 

equipped to the world's highest Ftgnrts isauad by- ftu tt'wr 

specifications. Electrical and Allied Manufac- cent.„of the total and the share 

tun-rs' Association ' (BEAMAV of exports to oil exporting couq- 
• Fuel Ga.«; and Engineering :«!■» that imports increased tries rose to 2» per cent. 

Services part of BoC inter- j ' — — — ■ 


K 2; 


k* i 


w-ri-j. . 

- • ' 


aalional's gases division, has 
been awarded a £1.56m. con- 
tract to supply oxygen and , 
acetylene plant to the new OKPO , 
shipyard being built in the; 


Dell for talks In India 


FINANCIAL, TIMES REPORTER 


. .‘t v- 


S e *Mrt' of°a sSm' MckuS* 11 won MR EDMUND DrtJ, Ac Se^re- end components, which India 
IKS SdSS loiei State fur Trade, leaves Intends to buy. 

Sattorol comproy; agaiwt con-- tf ^ a > . f °r. a six-day risit.on The biatnessmen aeretepMSb 


<idprnhto ccmnetiiion from oiher which he will he aerofflpaftied by ing Mr. Dell are Sir Cyril Pitts 

Euroaean ^Muntries and the U S thrcP wniQr British businewmen. of 1CL who will be representing 
European. countries ana me w.o. . Discussions duri Mr. Dell’s the Confederation of British 


•ii'. j •.• 

•: .to. • '9i; :■ .*• 

,/ ~n :A-. t r- 

- i 

• 'l . 

7 - 




, Discussions during Mr. Dell’s the Confederation of British 

visit are expected la centre art industry. Sir Michael parsons 

• NEI Power Engineering' the “shopping list" of products or. Inchcape and Mr. . Michael 
< Parallel a sector of the which India put forward for McWilliams . of Standard 

recently formed NEI Projects possible purchase during Mr.- Chartered Bank, 

has started work on a contract ; Callaghan's visit in January. On a political level, talk* 
for the supply of electrical j u is intended that the talks, with senior Indian Government 

AAiilhifiiiiit folimrl nr H Tint i. _ l.u .u. a bij 3 .i^ ...ih ' fk* MiilfE. 


equipment valued at £3.74m. for: to lie held largely within the officials will cover the multi* 
the Ras Abu Fontas power ; framework of tbe Indo-Britlth lateral trade negotiations in 
station in Qatar. This contract 1 Economic Committee, will Geneva, the UNCTAD talks on 
- is an extension of earlier con- ; further clarify the types of the common fund and India's 
tracts, valued at approximately » goods, both capital equipment relations with the. EEC. 

£10m.. secured under the organi-| •--.•■• 

sation's former name of Parolle.. •• ' " l 1 *■ 


• Turner and Newall is to spend! 
a further £l-8m. in addition to 
the £6m. expansion announced 
in 1977, on new plant for pipe 
manufacture in Nigeria. The 
new investment will finance' a 
diversification project at Turners 
Building Products (Emene) to 
build a plant for the manufacture 
of UP VC pipes. 


Pulp plant for Argentina 


BY OUR OWN CORRESPONDENT MONTREAL, March C. 


• A £350,000 marine contract to 
supply electro hydraulic control , 
equipment to tbe Japanese ship- 
builder NKK (Nippon-Kokan KK. 
Tokyo) for installation on a ! 
chemical carrier to be built at 
NKK TSU shipyard, has been 
won by the precision hydraulics 
division of Automotive Products. 


LOANS- totalling $57m. by the 
Federal- Canadian Export Deve- 
lopment Corporation and several 
Canadian banks. will support title, 
sale of Canadian equipment and 
engineering services worth SBTra. 
for two pulp and paper projects 
in. Argentina. . 

SNC-RUsL a joint venture of 


the SKFC Group, Montreal, *a& 
Rust Engineering of the U.S.! 
will provide engineering, design, 
and project management, for 
construction of a sulphate rota 
and industrial . paper- mill is IM 
province of Misiones. A loan ot 
S34m. by EDC and the Bank, of 
Montreal will back this contract* 


World Economic Indicators 


RETAIL PRICE INDICES 


• Shropshire based structural 
engineers W. H. Smith (Whit-! 
church) has announced its suc- 
cess in winning a £322,000 
Middle East steelwork contract 
for the supply and delivery of 
760 tonnes of steelwork and floor 
decking which will be going into 
the 12 storey Samir Almana 
Development at Doha, Qatar. 


Jan. Vfi Dec. TT Nov. *77 
W. Germany 143.4 142.3 1423 

Italy 125.9 7243 124 .? 

Holland 117*4 1173 117.9 

UJL. 1 U 93 188.4 187.4 

Franc*.. 1903 189.4 188.9 

U 3 . 1873 184.1 185.4 

Dec. *77 Nov.T 7 Occ.T 7 
Belgium 1253 S 124 . 7 * 12431 

Nov. 77 Oct. T 7 Sept. *77 
Japan 1193 1203 1203 


Belgium 


Jan. 77 

1393 
108.4 
1123 
1714 
1743 
1753 
Dec. *76 
117.8 
Nov. 76 
112A 


% Change (ndtx ; 
over. bat* 
earlier . year • 
+ 23 1970 ^ 180 : 

+ 16.1 , 1976 --HW: 
+ 45 1975=100 

+ 9.9 W 74 -= MO' 

+ 93 1970 = WMl 

+ 48 ' 194 T»M 0 - 


+ 63 J 97 $~- 1 T»: 


4 42 1975' 


WORLD TANKER MARKETS 


BANCO DO BRASIL 
ANNOUNCES THE OPENING 
OF ITS NEW BRANCH IN BRUSSELS. 


Some Mediterranean deals 


OIL TANKER chartering pros- 
pects Iasi week continued the 
established dull trend noted by 
London brokers since January 
! The exception was a slight im- 
provement in special deals in the 
Mediterranean, brokers said at 
the week-end. 


LYNTON McLAIN. INDUSTRIAL STAFF 



Hi f|fO iAIIfW uw wne«»7 * rw ikmi rvv arv«»*vi 

what goes on in such a martetflace, unless we're there. 


Boulevard Bischoffsheim 7-10 


MssrsiQAM • aswiciom Bogota. • Brussels • buenosaires • Chicago • cochabamba * colon.* fraiwurt * cere/A * granocayman. * hamoirg • lagos * laraz 

UMA • US80N ■ LONDON • LDS ANGBSS • MADRID • MANAMA •MEXICO CITY ■ MIAN « MONTEVIDEO *’ NEW YD^ • WWWA • PARS'* PAYSWWf ^PUWro.P-STROSNER •.QU110 • RIVcRA 
• RONE • ROTTE&WM • SWl FRANCISCO • SANTA CRUZ M LA SIERRA • SANTIAGO • STOCKHOLM • SIDNEY •■IBRAN • TdKYO • TORONTO • WASHWGTON-* WR1 000 BRANCH CffWCB IN BRAZIL 


Last week’s poor performance 
came after worsening prospects 
in February. Many tanker 
owners felt pressure from declin- 
ing second-hand prices as lay- 
ups increased and as Interest in 
scrapping accelerated. 

Tanker tonnage idle' for two 
months increased by almost 3m 
tons last month to 37.4m. tons[ 
or 444m-. tons . including com- 
bined carriers, brokers H. p. 
DreWry said last week. Brokers 
H. Clarkson and' Company said 
there, was how 'so much excess 
tonrugfr seeking cargoes that 
charterers were “picking and 
choosing ships with care and 
taking .their., time . dofXL<i so,’’ 

By. last Thursday the Carlb- 



1 


bean had been the busiest sector, 

with 21 fixtures, an improvement 
on the previous week when 
demand was patchy. The Persian 
Gulf had 16 fixtures and the 
Mediterranean had six. ' 

Supertanker charters from the 
Gulr were up on the previous 
week, with six very large crude 
carriers (VLCCs) over 200.000 
tons. Rates varied from World- 
scale 19.fi to 20, down from 20 
to 22.25. 

Ultra . large crude carriers 
featured lor the first time for 
six' weeks, with two loadings on 
ships over .300,000 tom. But 
rates for both fell from World- 
scale 193 the previous week to 
17376. 

The largest Gulf charter was 
Wind ‘Escort, 345,000 tons, set for 
the Caribbean March 10 at World- 
scale 17373. 

Inactive tonnage in the dry 
cargo sector rbse half a million 
tonnes . id 'February , tq % 157m. 
tons. Any ‘ short" term ’recovery 

l ■ 


was hampered by « continued 
lack of loadings for U.S. gram 
and coni. ' - 

' Dry curgo tunoase scrapped in 
February reached $00,000 loiw, 
out orders were reported for two _ 
vessels totalling over * 
200,000 tons, fnr delivery from - 
Japanese yards In 1979. . 

pie. average Far East scrap ; 
price last week was 888 per tun. 
in Europe it remuined below' iho * 
S50 mark, at S49. . . !: 

In the tanker market, ordering : 

was In balance, at ';. 
8Q0,(KM) tons in each case, with 15 • 
small vessels on order . 

Total tonnage of all types of i 
vessel idle at. January 31, WJS •* 
was 4B 6 deadweight tons, with an - 
overall of 7 per eont, or ships 1 
jam up, flgn/es from lhe General 
Council ot British. Shipping ; 
showed last week. Denmark was 
the worst hit nation, with 36. per ' 

cent, of its fleet -idle, compared V 

with 6 per cent, of. the British ; 

fleet* . 

1 

v: 









•'ijrr 




Hixtcr 


■ t , 

r ‘ \ ,% ii 




-■ '•• i ••. . 

.. , > f J- 


;>orfs rise 


1 1n 


\ru< 


over 


Mmnn 


CHRISTIAN TYLER, LABOUR EDITOR 


Better deal Motor industry wants 
CSS '"«W Budget 

3 * BY TERRY DO D 5 WORTH 

victims [THE BRITISH motor industry the I50-a*vcar vehicle excise tat 

has told the Uuvcrnmcnl that by higher taxes un fuel, which 
1 Financial Times ReourtFr 11 wou,d !» refl *r a neutral Budget at present stand al ‘JOp a saliaa 

j on car LaxaTion to any special on petrol and 35p on diesel. 

etrrnmirvnATinvc n „ '; measures designed to expand The Department of Transport 
S the market. Bui. U would like has argued fur this change on 


TRADE UNION success in main-' 
taining high manning levels and- 
Labour’s subsidy of redundant' 
jobs were blamed for Britain's 

mgh . unemployment by Mrs. 
Margaret .Thatcher, ’Leader of 
the Opposition. 

She said that even ' the £520m. 
needed to cover British Steel’s 
. expected loss this -year would 
not save jobs. Some of the 
money coming from successful 
‘industries would prevent ' them 
. taking on more workers. . 

She cited the closure or GEC’s 
domestic cooker, plant in Liver- 
pool *as an example of -high.- 
taxation reducing workers’. :j>ur-t 
chasing power : and depressing; 
demand for the product-. - 

Overmanning' created unem- 
ployment, she ..told Conservative 
trade unionists in Bradford. It 
brought- companies to the point 
where they had to shut- whole 
factories to get out of trouble 

A. Conservative government 
would do nothing to help firms 
faced with closure because of 
overmanning or failure to resist 
large pay . claims. • 

-- Conservatives believe that the 
motor companies and the rail- 
ways are - examples . of over- 
manned industries. ' 

Mrs. Thatcher said that sub- 
sidies could be used Wisely to 
mitigate hardship and to; *' case 
the process of change from old 
industries into new.” ..'However, 
she did not identify these new 
industries. 


Conservative leaders are put- 
ting considerable- faith in the 
rerival of small - businesses, 
arguing .that lower taxation, 
better incentives, and some 
amendments of. the-Employment 
Protection Act will' encourage 
large-scale recruitment 
..Mr. James Prior, :emplov7nen't 
sopkesman, told .tie „audience 
that the Tory policy of restoring 
u responsible collective bargtin- 
•Jng.'* without government Inter- 
vention was an Integral part of 
the recipe for beating unemploy- 
ment- - 

But he warned: must 

; ensure that the results of 
collective bargaining can be more 
effectively matched to our growth 
in nroductirity.** . . . 7. 

The Conservatives; propose a 
forum at which the '.TOC. the 
CB1 and other interested groups 
would discuss (but not^negotiatc) 
What -the country 'could afford. 

That - forum — art- expanded 
National Ecoaom ic De velopment 
Council, 'if the TUC. and CBi 
agree — would report, to a power- 
ful Commons' select committee 
under a chairmap ; of- Cabinet 
rank; -which fa- :tnSn;-: would 
rcDort to "Parliament,. 7 

The Tories ■ emphasise that 
there will be no. “guidelines ” 
and that workers in profitable 
businesses -would be- able to 
achieve substantial pay.rlses. 

- Others would have to be satis- 
fied with much less — or find 
themselves in tbedolequene. 


Bow Group Chrysler seeks 10% Better deal Motor industry wants 

oneketion share of car marktt forinTuJ ‘ neUtra1 ’ Bud § et 

By Rupert Cornwell BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT # * BY TERRY DO DS WORTH 

A MODERATE Toiy pressure CHRYSLER U.K. plans to take -In the U.K.. Chrysler aims to VIPfllTOS! tub- ddi-ptcu j i-,. ; „ 

group to-day expresses renewed more than 10 per cent of the fit the Horizon, offered with tIvIiHIS THE BRITISH motor industry the iaO-a-ycar \ehule^ cxx.se 

fears about the electoral threat U.K. car market— a figure last either 1100 cc or 1300 ce engines., 'irerer ^iSutiSf Budcet at urgent ifund 

posed to the party by Mr. James achieved in 1974— with the addi- into the price gap between the • financial Times Reporter 1 L neutral Budget at prisunt siand ji J0p a O ailjo 

Callaghan’s skilful seizure of the tion to its range later this year recently launched Sunbeam I on car an y spetla i 0l \ I , pctr ,“ l and ” Sp °° 

political middle ground, and his of the new French-built Horizon, model and the Alpine. ; RECOMMENDATIONS on auto- : ““S* e^Buf'’^ » would P Uke hawrifu^^irr^L^chan^^on 

— .. TUI target *. been «U»- n, car has a ; t '^“, M It !E XL SSST £ 

uve usage. ilished following the aimeh nt h>r ctmrm -i.. ,1 : acciaem vicuius dna unrve.jai . , ir ..itiiinn hi.n-.ii..,. i 


U Thpwarriin p rmn™ f rnT r. tHe. i 1 [ sbed following the launch of siniilstT shape and size 10 the i siJua tion again in the autumn, penalise?. u*e jnd would en- 

measures have enuragu mn ton. ■sis to switch to 

its Crwsbow a£ l * e Ja5t h has sh <> WD body of about 13 fee t, but the f Sjj’jJ* SmmiSni rnnart^’.k • had li,ne to work through. smaller and more economical 

Jfi? £ nc °un»BiiiS of puiIin E company believes that its extra ? ”u* al Commiss,nn r eport Thest- rewmimcmlaiiuns. pas- curs. 

bh ■*.£ s b >» ^ * 


un. set upunder ^- ^iely uf j MaVuin^ ,»« . ,l1 ' “ f 

>'e years ago. was nape -.nj Tmiii-rs have been j ndUst i> opposes the scheme 

irief to consider ' ;v a n ^i,.« V thnT b ?hi because it beliefs that a switch 


in poblic ^ &,^c&fUmr drr KMW -» a 

«o“5f J5S?S£f &£ 2 £ S- - 2 **“ “ ' . j J“ s"> ljs .” f JESSK !Ki"“Af u l5S!» ?, 7iSf n !2iu n .'n= ESSSIKiSi 


10 his stand aganit u.e poto! »•>=“' “lyder begins importing end iisuu. he ' The gilVT iTselfar“un- the Treasury is mcllned tn ,cwpl 

workers and the firemen, and “ e " on2 °? ^ Br,u i? “ FoUowJn- the Horizons launch Sal^ vS at lnhiliiv : for^ sulBlanlial ueraonal tia cuts Ih e Ulll 's views because of :1s 

established a bond with the fe'" between 30,000 and in October. Chrysler will he S^s .n e.vii eaws sbiuW be as a me a ns or S"dn-. more n “ n o'er possible in- 

public as the best conservative 40 ^?° # , un ‘? s a „ - bringing another front-wheel c h a need into a no-fault ba«ii i incentive and better’ pro- cr0ai, . es in . import* °f nunufae- 

Prime Minister of recent his- - at fimca's Po.ssy drive car^-an Alpine with a ™ s has wide-rn^ Lmica- uS , It believes tiiat turi ‘ J ^od*. 

tory” says the editorial. plant near Paris, u; already run- bootr-into production at l» £1 fti ifcTK; SffilM rft.fi WnT^U dve a “ 

“Thg Tnrv I^arfgrshin hv onn. ning at the rate of about 190.000 Reran nlant in r.nvpntrv nnvi .. 10 , n . s ,. ‘° r V e .. a ' v ° n P... UC J ' i.'M .T. ...., 


------ — | nin<i ,t the r-.tn nt uhm.t ion Ann . r : — ■“ nans ior ine taw on proQUCt > BUrea 01 who niiiii wuuau - The SMMT has arpued against 

troJ 1 * 7 0r y feadership by ^ J 7ear anfi £ 5iU huSd’^ ^ P l?* ,n , Coventry next UabUit> .. as well as tbc slalus of considerable stimulus to the car the switch in the past because 
trast. obseased with covering Wf a ,«T«iSSJSl 1,-1° “ p y^T-:; wh * re 11 ,s currenU y motor insurance and inedical •’ market, withuut any additional of fears that motunsts would be 
internal divisions and with the b - v 2?f y “ unit i; » ,W. achieving better quality tiiau at Wabilitv i moves to alter the present hire hard hit by yet another Mib- 


M^edT »MS “C " mioo TZTSZ . I pjfe X 

sss&'ZxhsPM ss'Sis rsssisras k c 7Tl 

S slauTtf ae concept wss leken up bv »“h »e help or the £162m. consuming. Under so .ulumjt’ie : M,nl5UV of Tra " s ''“ r ' •» veplsco lute new leak Ihe -itnaunn. 

Bow "’“roup 'insiMd. sne is Chio-sler Cotporation in the*U.S. Uosetninienl grants and loans system victims would be cum- ' = 

advised to P “ formalise her pro- to form the basis of the JTfSJSS ^ compuny pensated whether they were at . , . , , 

nouncements t in . a series of Omni/Honzon range, which looks colu P red m 19 ' 5 ‘ , fault or not. SCrBD lilUUStrV Wamed Oil 6UDhOria 

mainr anX pnnciitar like the French-built ear thnu^h Its 1 introduction will dearlv u rr» HiviHi-rl nn • » H 


j moves to alter the present hire hard hit by yet another ?ub- 


nouncementsr j n -a series of On»ui/Horizon range, which looks C01,a P rea In 18 ' 3 ‘ fault or not. NCrftD lllQIlStrV \VS 

major speeches — and to consider! bke the French-buitt car though Its - introduction will clearly Experts are divided on * 

a replacement for Mr.- James I it has many different components. leave Chrysler U.K. with a much whether the cost or a revision. BRITAIN'S FERROUS wrap 

.. CU 9 I I 'TV. .sViisls ie llm T> C Mnnn si nnj..a«s Iks. 1 l.L. 1 _ = I ... ...ki.L I I I . _ r 


Mr. Cross said that 


Prior as Shadow employment The vehicle is the first U.S.- wider range of products than i which might have to be paid inr - industry whirb has had to face parts nf the enuntry thi're ■vjs 

spokesman. built, mass-production car to three years ago. though these i out of a new petrol tax, would ; more lhan two > ears of recession evidence that the induct:;. ■<? 

This need not revive' specula- utilise front-wheel Irive and a cars all cater to the middle or j be loo high to gain widespread must not react wnh “ euphoria ” major custouier. t hi- British Steel 

tion on a Conservative split over transverse engine. Chrysler will the market. It should also add ; support Some believe that ary to some signs n[ slight rises in Corporation, had raised its *er: t p 

industrial relations. A promotion | use it to attempt L o win back significantly to Chrysler’s U.K. | increase in expenditure would be ! demand and price, says Mr. Erie purchases. With such a depressed 

for Mr. Prior would express (ground in the expanding U.S. sales. -which sank last month to balanced by a decline in the i Cross, president r>r the British market this vnuld push prices 
appreciation of his achievements. I small car market. only 8 2' per cent, of the market. I handling costs attached to cla ms. Scrap Federation. upwards. 


Rules sought on pay sanctions 


SAFEGUARDS against Govern- 
ment sanctions' to curb excessive 
wage demands are. being sought 
by the London Chamber of Com- 
merce and Industry. The. cham- 
ber said to-day that while it 
agreed that the fight against in- 
flation is of the greates import- 
ance, its 8,600 national members 
had mixed reactions to recent 
Government measures to tighten 
sanctions. 

The chamber believes that the 
Government define targets for 


individual pay. sefSiements in- 
stead of ah overalt -Aarget tor 
wage rises. Parliamentary - ap- 
proval should be stiugftt for use 
of sanctions. * ‘ v^ 

’ The publication dt^Jiiacklist 
of firms, is objected to. and the 
chamber suggests that two. con- 
ditions should be met: companies 
should be notified iiyJIviduaUy 
before publication; , and they 
should have the chanbe-ld. justify 
any wage in creases befora an. in- 
dependent tribunal. %' 



Description 


1972 DECOIL, FLATTEN and CUT-TO-LENGTH; 
line complete .with automatic sheet stacking v 
unit and. coll reservoir. Max. capacity 1525 mm: 
wide x 325 mm gauge x IS tonne steel coil. • 

8 BLOCK (400 mm) IN LINE, NONSUP^WlRE V 
. DRAWING MACHINE in excellent condition' 

0/200ft./min va^obie speed 70 hpper block ~ ' 
11968). . . j 

24" DIAMETER HORIZONTAL BULL BLOCK . 

By Farmer.Norwn (1972).' 

ROTARY SWAGING' MACHINE 
by Farmer Norton (1972)'.' ^; . r 

SLITTING LINE 500 , min x Inim'x 3 ton capacity. 
TWO VARIABLE SPEED. FOUR HIGH ROLLING : 
MILLS Ex. 6 JO" wide razor blade srtip. 
production. . 

MODERN USED ROLLING MILLS, wire rod 
and tube drawing plant----rolI i forming' machine*— 
slitting — flattening arid cuc-to-length lines— ^ " 
cold saws-^presses — guillotines, etc. 

1974 FULLY AUTOMATED COLD SAW- ; 

by Noble & Lund with batch control. 

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

1965 TREBLE DRAFT GRAVITY WIREDRAWING 
machine -by Farmer Norton 27”— 29"— 31" 
diameter, drawbacks. 

STRIP FLATTEN AND CUT-TO-LENGTH -LINE 
by A R. M. Max' capadty 750" mm x 3 mm. 

9 BLOCK WIREDRAWING MACHINE and 
1000. Ib s pool er-^non slip cumulative .type with 
double tiered 22"'drai. x25 hp draw blocks. 

2 15 DIE MS* WIRE DRAWING MACHINES 
5XO0Ft./Min. with spoolers by Marshall Richards. 

3 CWT MASSEY FORGING HAMMER 
— pneumatic single blow.' 

9 ROLL. FLATTENING MACHINE . 

" 1700 mm wide. 

7 ROLL. FLATTENING MACHINE 
-965 mm wide...' ; . : 

XXiUS MOBILE. YARDy.RANE 
't , 6 L torr ■capacity lattice jib- 

RWF TWO STAND WIRE FLATTENING AND • 
STRIP ROLLING LINE. 10" x 8" rolls x 75 HP 
' per roll stand. Complete with edging rolls, 
turks head flaking and fixed recoiler. air 
gauglne. etc. Variable line speed 0/7 50ft ,/min. .- 
and 0/1500 ft./min. . r 

Narrow strip straightening and 
CUT-TO-LENGTH .MACHINE <797>) . by . 

■■ Thompson and Munroe'. ■ ~~~ \ - 


YODER ROLL FORMING MACHINE. 30" width, ‘ 
7-stind. . fixcelfent. , .'. 

HERBERT fcPRE-OPTIVE TURRET LATHE 

20" dia. x 56". 14-1000 rpm. REBUILT; 

54" Dia. COLD SAW, NOBLE & LUND. • 

Max. capacity. 40" x Iff'.. EXCELLENT. 
AUTOMATED TURRET DR ILL — HER BERT 
6 station. 2 M.T- Plugboard control. Co-ordinate • 
table. New 1974. Almost new.. 

MACHINING CENTRE. Capacity**, x 4fc. x 
3ft. 5 Axes, continuous, path 51 automatic tool. 

. changes'. 5 torts main table load.. Mainmotor 
- 27 hp,.- Had Ins chan‘oneyw f ‘ s use -and. in >. 
almost new condition. For sale at one third ■- 
of new price. 

CONOMATIC 6 5PINDLE AUTOMATIC _ ; 
Fully Reconditioned, will turn and-index to 

ACME GRIDLEY (BSA) 6 SPINDLE AUTOMATIC. ; 
2s". rebuilt and not used since. Will turn 
and'index to maker s limits. ’• • 

WICKMAN 31 SINGLE SPINDLE AUTOMATIC 
Extensive equipment! EXCELLENT CONDITION 
WICKMAN VT «P AUTOMATICS 1961 and 1963. 

EXCELLENT CONDITION. 

CINCINNATI CENTRELESS GRINDERS.. 

Sizes 2 and 3i EXCELLENT-. • ; 

4.0d0 TON HYDRAUUC PRESS. -Upstroke . 
mliiinnt 92" X 52" daylight 51 . 


Between columns 92" x 52" daylight 51 

H EE NAN FROUDE DYNAMOMETB*. 

- model RFA 13. Test capability: 20.000. hp. 
at 450 rpm- £*0-000 ex works. 


MODERN USED ROLLING MILLS, wire rod- 
- Tiftd.xube drawing plant— roll fanning machin* 
slitting— -flattening and cut-to-length lines-7-- 
coW saw&— presses—gutHotines, etc.; 


SI". a' . '■ C ~ . 


V . ^Telephone ■. 


0902 4254T/2/3 
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t 






T - it 




(National has a 95% on-time record 
across the Atlantia) 
And appreciate our 
personal, sunn^touch^ 

■From M&mj, we have 
excellent connecfons to 
the Caribbean an 




Central andSouth America. 

- Its little wonder three out of four of 
our passengers have caughtthe sun before. 

Americais sunshine 


and onwards 

By-passing congested New York; is 
only one of the joys of flying with the sunshine 
airline. '* - 

Because only National. flies to Miami 
andTampa seven days a week-and onwards 
seven days a week, too. 



SAN FRANCISCO 

NEW 

OBUANS 


LOSAWJ1ES 


O AttANTA • 

4' JACKSamULE 




DALLAS 

HOUSTON « 


/ \v>>0 NASSAU 


CENTRAL AMERICA 
FNIMAAQ 


\ ;• V •• '■'rAiriSBEAft 
K D CARACAS 

SOU m AMERICA 



Whether it be to Houston, New ■ 
Orleans or.ahy other major city in the south 
and south-wed. 

National also flies.non : stops 
from Paris and from 2nd May, subject to 
Government approval, Frankfurt and . 
Amsterdam too. 

Relax in wide-cabin DQO comfort 
Rely on our businesslike Service; 
speedy, streamlined and supremely.reliable 

* One^lops toTainpa otiectiueMay 2nd- ' 





I 


I 


is iacorporaied in ihe state of Florida, U.S, A. 









FINANCIAL TIMES MONDAY MARCH1319T8 


labour news 



Key economic figures 
iwaited this week I 


‘Too few 


women 


5Y DAVID FREUD 


RKET INTEREST will con- expected 'o show a «lackening in , 
trate on. the trade and money growth after the sharp rise 
ply figures published in the registered m January. However, 
die of this week. trey an* ukely to renia.R -Ml' 

oth sets of statistics showed above the Governments target, 

larked turn for the worse last level. | 

nth and the new figures will i 

vide strong evidence as to tylnnpv ctocfc i 

3ther they were part of an MOnej 51ULK j 

ierlylng trend or a temporary The --rerlins money stick i'll 1 
rration. the wider definition " i ?!S r — Ihsl 

'he January trade figures jj ev figure for official monetary 
ealed the first current account pojjcy— rose by -,‘i per eenu in J 
icit — of £J79m. — since the .i a nui>rv. 

inner. This was in stark con- ’ _ i„ ih- ! 


take up 
law’ 


Unions seek 
talks with 


Whitehall 
‘should 
lead way 


Wages policy faces 


Edwardes 


on pay 


further tests 
in talks this week 


THE Equal Opportunities Com- 
mission believes .that there are 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


; By Kenneth Gooding, 

• Industrial Correspondent 

' GOVERNMENT must lead the I 
-way on pay next year to ensure! 
that average wages rise hy no I 


VX CHRISTIAN TYLER. LABOUR EDITOR 




en ^f re ci u^ a total surplus nualised equivalent of 14.75 per 


nparlV £1 bn " .. • . „. Irt ft io uiisaiun un bcxai ^enrices ■■■ * - ••• “ ‘T'V'” uivut a mat unuiu; iuu.k Me iu 

cent- well abo\c the offic.al +». li5 | 1€( i i^av. [Edwardes. the British Leyland concern. In :ae original t\ m-ern- oat the rate of inflation to 5 per 

arget level per ** ent 'J J ' UCla J aW r !! se * The commission found that 26 ! Chairman. But Mr. Derek Ron in- mem rescue scheme stress vras cent. or leas m 1979. 

ICVCI Other figures due are the pro- e _ t f , graduates arel 500 * xhe semor trade union placed or wc need to er.l:*: the Ttk .... . 

Mfi’cials were able to find no visional retail sales statisUes for WQmen nt bm they “forced on f y | spokesman. Said last night itoH co-opera Hun of the workforce. ^ *1^,;^ whS 

3Cial factors to account for February, to-day: the provisional g.2 per cent of practisinj? bar-| firin assurances would Efforts are ueir.a mace to con- ™ ™ niiiSMiIed mkSuT 

. deterioration. However, index of industrial production (or rtet Jg ^ ^ per cent of prac- nquired from the management v one a meeting of senior Leyiaad ™-£ SSStSSS. !uch as 

ire had been an ominous drop January, on Wednesday: the tisin „ SO Hcltors. I 'bat it was prepared to honour stewards :o review ne progress nSSSJ? ..S 

the December surplus- which. January earnings figur-2;.ais<. on . Refenin „ barristers the ho * h tf,e Ietter and the «pirii of of worker involvement. Caifs 10 '.-SSSs ana te?h i*hn-»v 5 aims" 
£74m„ was less than a third Wednesday: and the retail prices; TO 1 r *' rD £5 the original worker participation scrap the present si-stem of par- t , 5 P 

the previous month’s Thu index ;-ir February, -in f nday. , ****■ X JL ; agreement. ' licipaiion are fikely. la addition, jo proposals for next months 

ibruarv figures will be pub- The Bank of England Quar- ! wiucn Qaso^nrramiiona.y , ^ union ^ of , he Cirs tu stewards disillusioned by the Budget, tne Council has bucked 

bed to-morrow. terly Bulletin is publisued 00 allowed womM to P nter in 1919 1 counciI suspended meetings in present operation of Foe scheme- . fiMands from Labour MPs for 

The nionev supply figures— Thursday, which will contain the i «. • _ thos __ d tradition* are i-tiii ' P rotest at announcement of important plants such as Rover the aoohtion of one of the two 
iblisbed on Thursday — are usual banking sector s-itistics. JJLlSHfv „ aSillne a nd ihis :tfl0SU re of the Speke assembly ef Solihull, and Triumph attain profit safeguards written 

I prejudice' shows itself by aener- ! *}“«• J*> e s „ h °P stewards corn- Coventry, have refused to take .{«“ 

: — ~ i ally only allowing women places P 1 ™*! that Speke was tne third part meat must «nend legislation 

-a m • 11 i to deal with matrimonial law or! 


arget level 


in evidence to the Royal Com- fresh talks by calling for urgent discuss the future of industrial cisaaceilor thi 

mission on Legal Services pub- discussions with Mr. Micruel democracy in the State-owned meat's s rs ; p ri< 

lished to-day Edwardes. the British Ley land concern. In the original <*overn- cut the ?a;e of 


that the Govern- 
pnoriD must be to 
of inflation to 5 per 


THREE IMPORTANT sets nf pay a fourth week > J 0 ,tda J- ‘h- 
talks for manual workers will be traduced m stteral years, 
held this week as the Govern- Most of the pressure on build, 
mem looks forward with growing ms employers ih& bw eomes 
confidence to a modest success front the Transport and General 
for. its 10 r»er cent incomes Workers Union, which is mainly 
pQi.- ey respnn st ble fora claim esHmatefi 

Over half-wav through the by the employers a tiki ween 40 
policy's life— hut with only about and 50 per com. including fringe 
a Hurd of workers having seated »>*•£? •>**■ / ■ 

so far— there is some conldniK The Tliwu, sveOhd to the 
' Puitthc n.V*onal inw" -n *mrn- Union of Conslruction .Allied 
Inn. fucludine productivity deals Trade!* and Teehnicians in terms 
can be held bciou 15 pt'r cent, of mendwrs covered by the 
bv the end of July. agreement, is going all out for 

T<w!av enginvrrlnfi union!* a cut in tue work.ng work rmm 
meet the cmyloyers for what 40 w »o hours 


u-Ould he a final attempt fo settle Only last week the onion's gen. 
the dispute about the way the cm! Mcvutiw.* TejfBrrpwj rhe 
incomes policy affects a rcb- pulley n* making a shorter week 


incomes pane* ■■ **- - wi-cis 

tively small rrnmher of low- witbm:? lota of pay- a lop priority 
Paying firms. The unions, with in peg on at ions. ; . 

Jim. member.* involved in a tm* is a bid to Increase cm- 


i;m. meni'K’”* •»» - 4111* is u « iuvrease cm- 

national acreenient wttjng mini- pioymcnt: tbu ccmstrucilon ui< 
mum rates, have threatened a dustry ts one of the worst hit. 


Decline in world 

vvaaiav ujk v f capable of dealing with commer- 1 TTT • • 

: cial or chancery matters." H .flOFlFI 1 

trade forecast . . * 

! lish where problems exist. 

FINANCIAL TIMES REPORTER i The commiswlon savs: “It SlfilW III Ml 

. seems improbable that the prob-j 

GLOOMY VIEW or the world inflation, and output over the lem? of discrimination can he 1 w 

ade prospects in the next five next five yeare compared with . areura’elv identified by seeking gy KENNETH GOODING. INI 

ears is taken by the Henley the previous five. _ Infarmation frnro thn«e’ who have* 

enrre for Forecasung in its A worsening of Britain's non- nirceeded in obtaining tenancies. METRICATION is making very 


FINANCIAL TIMES REPORTER 


Engineering groups 
slow to go metric 


meat must amend legislation 
. to prevent companies’ being 
' aifowed any interim price ib- 
. creases while they are investi- 
gated by the Price Commission., 

The Council wants companies 
: to limit pnee increases 10 once 
•every 12 month*. Increases at 
more frequent intervals should 
' be pnir.e candidate* fur invest!* 
’fatten b;> the Commission. 


BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT 


Extra scrutiny 


Rise* notified by companies 


enrre for Forecasting in its 
[arch framework forecasts. 


oil trading position is forecast . whM matters is the experience: slow progress in Britain's small cation const* ii a 2; 


The report, produced by mew • hav« c a acceded uareason- 


hf Eft pay 


should 


actures is expected 10 drop to However, the recent success i commendations are: 


ill average of 5.5 per cent, a j n 


29 per cent, of hvv machines the week-end 


it- enough rate of wage settlement 


curbing wage inflation indi- ’ .0 The ”Tims"of Court and the I bought by the companies Invest)- surveys revealed 3 very different to ensure that inflation was 
!s there are prospects of a Bar and the Law Society regis- 1 gated were metric and only 20 picture in iar^e engineering .reduced tonve percent. To get 


Shop stewards back plan 
for drivers’ stoppage 


rease. lower rate of pay increase ter as training Institutions under per cent, of those already in- companies where 

However, in spite of its during Phase Four compared the Sex Discrimination Act. stalled were metric. of products pre 

tesslmisnt over world prospects with an expected 14 per cent. 9 Heads of Chambers should Some 77 per cent, of engineer- metric sizes, 
he Centre forecasts a better rise in the total pay bill under be reminded of their obligations Ing drawings are still produced nearly all r.ev- 

J.K. performance in spending. Phase Threr - unrfer rhe Act. with Imperial dimensions. metric 


companies v.here o v er two-thjrds ’- mflatiaa down to this poinL 
nf products produced were in earnings would have to go up by 


BY PHILIP BASSETT. LABOUR STAFF 


Roadline 


'lore 'TJ09r*arr. -no more than S to 9 per cent 
designs were This implies a rise in basic wage 
ra;es of about five per cent. 

.. . — The council concludes that 

1: is unlikeK that ibis 
would conic about through The 
rc-»n: reduction of free collective 
bargain: n > there is no alter- 
.-afire -o j some kind of “Govern- 
meni-Icd policy on pay." 


%ur direct route to the 


Net incomes 
trend shows 


High Street 


recovery 


Financial Times Reporter 



AVERAGE after-lull incuuic 
-Pi-eata to be reeove.-iuy in rra! 
term* after the' low levels 
reached earlier list year Huw- 
ever, ac; income is »zill well 
ie;ow the record figures set in 
1974. 


^HOP STEWARDS representing 
lorry drivers in haulage com- 
panies throughout London %nd 
the south-east voted yesterday to 
recommend strike action in Nip- 
pon nf a pay claim. 

Official backing lor the strike 
Will ho apnlnnl for. hut :ny 
action will hi* suspended for four 

weeks v.-hili.- I lie dispute _ is 
reicm'd tu rhe Advisory, Gwi- 
cilhmou and Arbitration Service. 

The di«-p::te uWfflVBS- a Rwd 
Hauiazc A's t »e:atiini pay offer 10 
driver* af itWO pnrate haulage 

ci "ii; tames in London and lhe. 
souibi^fit * The pay package 
onglnailv tnchided a 23;> ilai-v 
; me.il ‘ aii-iW-mcr which ' wa- 
dropped aftoi pressure fnmi- 
oth»w ru::inn.-. 

Yes: ••-day the Luntten wiup 
stewards turned down hie 
employers’ replacement imrjl- 
elcment of per week and 
decided unanimously on strike 
actum in sup purl of the restora- 
tion uf the 25p per day allowance. 

If the dispute is not settled 
at AC. 45 S.(K» hire and reward 
drivers working for haulage 


Water workers 


to accept 10% 


Accord-ng to a Parliamentary 
written answer by Mr Ruoert 
m Saeidur.. Financial Secretary to 
the Treasury, average weekly net 


income in December. 1977. was 
•65 GU. Weekly net income was 
defined as gross earnings plus 
a.:n!v allowances and <iur 1 m 77 
only 1 child henefits, less income 
tax and national insurance con- 
tributions. The figures are 
ia: nn 3 married mat. with two 

children under 11. 


Teachers step up action 
to press pay demand 


BY OUR LABOUR STAFF 


The December figure was 
Ci.7U above the level recorded 
in March, when the average 
income — at December. 1977. 
prices — was lower than at any 
time in the 1970s at £52.90. It 
'was also an improvement on 
figures for the two other months 
recorded in the quarterly senes, 
which showed the June figure at; 
£64 and the September at £63.S0. 

Taking a longer terra view, 
however, the December figure 
was still below the level that had 1 
been reached six years earlier, 
sn September. 1971. 1 

The December figure was alsm 
'well below the peak level 
recorded in December. 1974. 1 
when the real weekly net Income 
—again ar December. 1977. 
prices — Was £71.90 


INDUSTRIAL ACTION by 
teachers' will bo' stepped up 
to-day when the National Arcu- 
L'iatlon of Schoolmasters anJ 
Union of Women Teachers joins 
the National Union or Teachers 
in sanctions in support of their 
pay claim. 

A total of 346,000 teachers have 
been asked by the two unions, 
the largest of Britain's teachers’ 
unions, to refuse to supervise 
mid-day meals and perform other 
voluntary activities. 

The two unions are furious at 
the refusal of the local authority 
employers to negotiate on their 
S per cent pay offer to each 
teacher, with another 1 per cent 
to cover promotional and incre- 
mental increases. 

The teachers want a 12* per 
cent, pay rise from April, with at 
least 10 per cent, for each in- 
dividual teacher. They say it is 
unfair to expect all teachers to 


pay for the Increases- -of the 
minority who would get the pro- 
motional increases^ _ - 


Scargill attacks 


incentive plan 


THE NATIONAL Coal" Board 
faces serious problems • ■ over 
operation of *he jnt productivity 
scheme in Yorkshire. Mr. Arthur 
Scargill. leader of .the region's 
miners, warned yesterday. 

At a third of tne 66 Yorkshire 
pits, clerical workers were earn- 
ing more than colliery surface 
men. he said At 20 per cent of 
the pits, the office staff auid 
typists .were earning mure than 
both surface workers and men 
who worked underground away 
from the coal face. ■ \ 


APPOINTMENTS 


Changes at Borg-Warner 



Roadline is industry's direct link between factory 
and shop. Our drivers know the quickest routes. Know 

where and when lo call. 

Out experience si retches to every H igh Street in 
the land. You can rely on us to collect ana deliver daily. 
Or take care of final deliveries, by linking our Relay 
Expr ess Service lo your own. trunking schedule ' 

Each week we handle over I million packages. 
Each day we operate some 1,400 scheduled trunking 
services. ■ ' 

With 75 depots and over 6.000 vehicles no 
wonder were as familiar a sight in the High Street as 
the postman. 

Ring Roadline on 01 -586 2210, day or night. We’ll 
be with you directly. 

. Wherever Ihere's a road, there’s Roadline. 


A major reorganisation an- 
nounced for the transportation 
equipment group ' of BORG- 
WARNER CORPORATION in- 
cludes the appointment of Mr. 
Peter G. IV. Whybrow to marram- 
mg director, transmission divj. 
•ilon of Borg-Warner Limited. Hr. 
Whybrow. formerly deputy man- 
lefng direcior. joined the trans- 
mission division w hen It 
established at Letchworch in 
19oB In addition to docrstlons at 
I.eichu orlh. Hertfordshire, and 
Kenfin. West Glamorgan, his 
responsibilities include Bor-j- 
Warner service centres located in 
the U K., Sweden. Germany and 
New Jersey. U.S.A. He is also 
responsible for Toolworks, a sub- 
sidiary of the division. 

* 

Hr. T. M. Greer has been 
appointed to the Board of JOHN- 
SON GROUP MANAGEMENT 
SERVICES. a subsidiary of 
Johnson Group Cleaners. 


41 years service with the former 
LCC and tbe Authority. 


roadline 

moving Britain’s goods 


GOMPAGNTG MONEGASQUE DE 
BASQUE °F MONACO has made 
Mr. ' Pierrc-Paul SHnwiber a 
d ; rector and chairman of the 
Board. Mr. Scfiweftrer, who was 
managing director and chairman 
of the executive Board of the 
IMF. is also an advisory director 
of I'nf/erer S.V. Rotterdam and 
a member of the siiperrisorv 
Bnard of the Robeeo Group 
Rotterdam. 


a:.!-.- -rj ..fir.-, .ji^ra 


MHs Jessica Jenkins has been 
appointed by the ILEA as assis- 
tant education officer respon.dbie 
for primary education. She >11^ 
eeeds Miss Pntrlcla Burgess who 
retired recently alter more than 


Mr. Keith' Bean and Mr. Peter 
N. Sillars are to join the Board 
of GEEST INDUSTRIAL GROUP 
as executive directors. Mr. Bean 
continues as group accountant 
whilst Mr. Sillars becomes general 
manager of the w. Groom 
Division. He will be succeeded a\ 
eencraf manascr of ihp F \v, 
Pettit division by Mr. Peter W. 
Buckev. presently divisional 
manufacturing manager. 

* 

From April 1 AVERY LABEL 
SYSTEMS UJs-. part of Avery 
International Corporation, will be 
incorporated' as a limited com- 
pany. Mr. -Michael J. Smith, chief 
executive since January 1077. 
has been appointed managing 
director and is joined on ihv 
management. Board by Mr. W. R. 
Ch aimer* as director of finance 
—previously' financial controller. 
Mr. a. C. Kerr as manufacturing 
director— previously Cumbernauld 
plant manager. Mr. T. fi. Hankitia, 
markrUns and sale*, director and 
Mr. ft. j.. Travis, personnel and 
training director. 

* 

Mr. Simon Davis has joined 
SUTCLIFFE CATERING GROUP 
■is marketing and >alos director 
and a member of the Group man- 
ajjemenl Board. Mr. Davii w;t.- 
prcviously sales director of 
Gardner Merchant Food Services 
>lr. Michael Warrior has been 
appointed mawiging director of 
Sutcliffe .Catering Company 1 Scot- 
land j from regional director with 
the Sutcliffe Midlands company. 
Mr. Hugh Richardson, formerly 


managing director of Sutcliffe 
Catering Company (Scotland) has 
beep made managing director of 
Sutcliffe Catering . Company 
(North) and Mr. Brian Appleton, 
formerly managing director of 
Sutcliffe Catering Company 
(South) hns hern made director 
responsible (or now develop- 
ments. 


Dr. D. O. Kilts has been 
appointed a dim-ior ot SOFT- 
WARE .SCIENCES INTER- 
NATIONAL -uith spreille respon 
sibilits for all major new develop- 
ments in Group aetivuies. lie wa- 

previoustv managing Uirei-ior nf 
B. H. ..UhtekwlL Mr. Kills al«o 
becomes chairman iff luo Group 
subsidiaries— Soli ware Svn-nees 
Micrologic rfuj Sodwarc Scicnivs 
Engineering- 


The Council of tho Federation 
or Manufacturer* of Construction 
Equipment and Cranes has 
approved the appointment iff Mr. 
Dn\id R. Barrel), as director — 
eons truct ion equipment, and of 
Mr. Alan C. Skipper a> the direc- 
tor responsible for the Cram* 
Grouo within the Federation. 
"fr- P. S. Lane continues in sene 
■1* director goner::) ami Mr. H. H, 
Reeders i-ominues us ihe Fedora- 
lion’s tcvhnira! dinvtor. 

■* 

Southern Region's now chuff 
passenger manager u Mr. Bober! 
Pprks who has come to the 
Southern after ju years on the 
Scottish Rett tun toircecds Mr. 
Peter Haydrm, who l* now 
pri’-senaer manager (sales) at 
Rrittsh Railways Hoard’s Marylc- 
bone h cl quarters. 


sic 


,V - ' 

i bi % 

\V> ^ f - ; J: 1 

n* ■ . 




RiDin races. a us cry ts auv nr un> worst ait, 

two-dav general stoppage for W ith about 2U3.000 mea out of 
next Monday and Tuesday if the uftrki 


talks fail. Thin part of the chum will be 

To-momra- PJj . r : u ^> strongly resisted by the building 
unions are expe> ted to ca i t r an£j civH engineering employers, 
national ^IgS^JESL 1 ^memberJ w the grounds that the only re- 
iy*£? 12L 1 wid^the Secw^ esuiT W1 ! 1 be overtime paid 
?Sv a couSril te roSisi 5f Ifl Zr ^ premium rates. ■ 

cent on earnin'-*. p»us another Present mmunum eanfings for 
T wr ren* o- " o for teif-Bnancing 40 hcuirs-whieh hreanse of the 
aredurt'riiY recession are thought 10 be much 

On Thursdav necoiiatinns jet closer to actudi site earnings than 
under wav nn a pay claim, due »n some ;.:i*t years— are £34.60 
for - settlement .it tlw end of for er:i:tsmon and t4i.70 for 
kjune for 7UO.OOO huihhnc md labourers;. Thr, includes snp- 
civil enqineermu wfirkcra. plemwtls and guaranteed mini- 

TTie eiiinJiM »-r* are expected ti» mum h»nus. 
move fairlv quickly towards sn The industry is vulnerable to 
offer of 10 per cPht— or abmir the threat of Government sane- 
£7.50 a week extra on averoce tions »i .« she-s a bow tho guioe- 
earmnes. They nw> also promise nws . 


m 




„ - * f- i.' 

r 


firms will be the first to coma 
out on . strike., though the 
stewards warned yesterday that 
drivers working for private com- 
panies’ own haulage fleets could 
be called out after them. 


•\V X. V ’* 


TWELVE THOUSAND water 
worker* wlD scale iot a: ID per 
cent, pay offer this, week Ihe 
result -nf -a- bailor vf itiiimbers of 
Die Natiunal Union of Public 
Employ w-.s 'will me.in that the 
nuplo>«r^ -pay otter will lie 
acrepteil throughout the water 
industry . 

Transport and General Workers' 
Union watcr-wurkers have voted 
to accept the offer Because 
acceptance of-u pay offer in the 
water industry by tWo w of the 
three main unions is all that is 
needed, the offer now will apply 
to a« 33,000 water- supply 
workers. 




./ 



, 6 *'- 




<>' 


FINANCIAL TIMES MONDAY MARCH IS lifSE 



i)l:L'lsi p; 

'PiW se 


A'.iiiT «iirkfi' 
ti !i). 


un notion 


j . ■. fc i * • * * 


..... 


Saab-deveioped to beat some 
of the toughest driving 
conditions in the world 

J Some of todays toughest driving conditions exist - 
?ri Swederf. So it is not surprising that we were one of the 
ffrst (^manufacturers to builiifa car that could cope. 

. Not just a car that gave thedriver control in the 
most difficult situations, but a cafJsuperbly engineered 
to help protect the driver against other vehicles less 
suitably designed - . 




MERC 


% 


m. 


fk 


The Saab Turbo has indeed achieved universal 
press acclaim. 

A unique valve in the Turbo system gives the 
perfect blend of performance and economy. 

And even our 99L at just £4,1 50 will cruise all 
day at 100 mph — quietly. 

And yet return over 30 mpg* under normal touring 
conditions. 

Once again, we have led the field. 




Every Saab is built with a passenger safety cage. 

More attention to comfort 
&safety 


. Front wheel drive g ivesyqir. unpa r a I leled co nt r ol in 
the worst conditions and our bf^idhg^system is diagonally 
split so you'll . always stop safely in.^straight line— even 
wrtha front tvre burst. • ■ r 

. Our headlamps have. 
built-inwash/wipe 
mechanisms asstandairl. 


And pur demisting system/.’ ' 

coversfront, rear and even th ^frontside windows. After 
all we believe there is little pomt in having a lot of glass 
unless you canape through it. 

Inertia safety, belts cbme as standard and on some 
Saabs youll even find Individual seat belts for the three 
rear passengers; . _ 

. . Because-we thought you might care as much for 
those in tHe back asfor those in front. 

_ Of course, you are-always at the mercy of other 
road users. 

1 ) Oursafety bumper is one of 

J few that really deserves the name. 

y/rJS ISiext time you visit a Saab showroom, 

jump up and down bn them— hard as you like. 

Try that in a competitor's showroom. 

jgpr If by chance; you do make contact with something 
V solid, ypull be reassured that at up td ;5. mph impact 
they simply flex back into shape: . : 

Knock a little harder and for a few pounds you 
simpfy replace only the damaged section. : 

; Areal plus is the fact that both front and rear 


.Exten.ding.our unique safety feat ures all round. 




The Saab seat has an. integrated headrest/restraint, 
and the drivers seat is heated. 

The ultimate in reliability 

Safety of course is not much use if your car suffers 
from high repairbills and niggling problems. 

Today Ft's become fashionable to show such 
problems as minimal. 

We believe they should be non-existent. 

Ahead ofthe field in many ways, we're proud to 
refer to a 1 976 report in Motor magazine that said, 

"We chose a Saabas a best buy for at least one very good 
reason: reliability. We ran a 99 as a staff car for over a 
year, covering some 20,000 miles, and in that time 
literally nothing went wrong — it Was the least troublesome 
car Motor had ever had onf hefle^t'.o ' \ . . 

Open bp the bonnet of a Saab bnd youll probably 
understand why. . 

First it hinges forward— an extra safety feature, 
at the same time giving 1 better access. - ■ 

And then feel the metal. 

The complete body work of a Saab is that much 
thicker than our competitors. So our other safety features 
are-real— not just a last resort. \ 

Leaders in technology- 
turbocharging for today s 
motorist 

If all this mention of safety, reliability and quality 
makes you think Saabs are stodgy, then we've a dignified 
surprise — especially if you own a Jag, Merc or BMW. 

Of our new Saab Turbo, Motor magazine wrote — 

"If the maximum speed of nearly 1 20 mph Isn't 
Impressive enougivthen you need to look no further 
than the remarkable top gear acceleration to put the 
Turbo in perspective, between 40 and TOO mph the Saab 
accelerates faster in this gear than just about any four- 
seater saloon in the world. Arid that makes overtaking 
and cross-country ability off he sort hitherto the preservd 
of expensive exotica." 





The exhaust gases drive the turbine (a) which in turn increases gas 
flow (U) through the engine (C). The unique valve (d) ensures that the charging 
pressure will be maintained at the required level throughout the speed and load 
range. 

Servicing by enthusiasts 

If you're fed up with impersonal servicing you'll be 
delighted by the Saab method— quite literally by 
enthusiasts. 

Most Saab dealers (about 200 nationwide) are 
small garages who stand or fall by the service they offer. 

So you'll get the type of attention you thought 
was the preserve of the elite.; 

A range to suit every need 


99GL2DR 



99GL4DR 


: ' V' •' % t / , 'w. 

~ ® * 



EMS3DR TURBO — 

At Saab we don't just deliver an image — we 
deliver reality. If you are the same kind of motorist, with 
a mature sense of judgement, we've a lotto deliver. 

And for most models, we'll deliver in about 2 weeks. 



One of the worlds finer cars 

SAAB (Gt Britain) Ltd. Saab House, Fieldhouse Lane, 
Marlow, Bucks. SL7 1LY. Telephone: Marlow 6977 



The99GLE5DR 


ML £4W«GL20R«OT WGI-‘SUP« , 4 P R 0,618 S9GL ' St4 P 0r Automatfcj4DR E483S99GL Combi Coup* 3DRIB78S MOL Super Automatic Combi Coup* 3 DR£517&99GL Super Comb). Coupe $ OR £5155 99CJL Super. Automatic Combi Co UQ „ err rwio EMS 3 on 

' •••' ... I - £M£2DRfitfeptioMHW99GV£ 5-dRfB22S99GLE 4 DR£6696TyRBOf7S5DPnces-inc)udecar lax, VATand seatbelts. Number ptsiesandduhvery charges extra, 'fuel economy— M mot * P 5DR ** R mjecUon 









tjFXSaXL TTME5 WrWPAT.WAHCH WHS* ... 



fTHI BY ARTHUR BENNETT AND TED SCHOETBBS 



COMMUNICATIONS 


• INSTRUMENTS • DATA PROCESSING 


Tests lines remotely 


Measures Boost for pipework suite 


PERIPHERALS 


ok jet can draw 


aany characters 


UNIQUE ink-jet system for 
atfng characters on moving 
order charts has been ialro- 
:ed by Gould Instruments 
ision. The ink-jet annotation 
'ice. available as an option od 
irtd Mk. 2000 Series and Mk. 
i oscillographic recorders, 
nts uniform, highly readable 
ibanumeric characters in a 
; 7 dot matrix along the edge 
the chart over many' chart 
:eds. 

vVfth the new ink-jet annota- 
n system, the user no longer 
s- to stop the recorder (and 
ssibly lose valuable analogue 
tal to make manual notations, 
inting and analogue recording 
cur simultaneously, so that 
notations are closely assu- 
med with the analogue traces to 
uch they refer. 

The device also facilitates use 
the recorder on ao “excep- 
m” basis, rather than consum- 
g chart paper whether or not 
i important signal is coming in- 
Anting and recording can be 
jerator-. event- or computer- 

itiated in either attended or un- 
tended service, and the device 
ises the incorporation of 
orders into automated com- 


puter-controlled test systems. 

In medical monitoring or 
transient recording, for example, 
only anomalies,. need to be 
recorded, and these can" auto- 
matically be identified in ink-jet 
characters on the chart edge by 
time, date, patient name, experi- 
ment number etc. 

Important measurement para- 
meters such as instrument sensi- 
tivity settings and chart speed 
can also be entered on the key- 
board and automatically noted 
on the chart along with the 
analogue traces to become a part 
of the permanent record. 

The patented Gould- ink-jet 

mechanism is a capillary “drop- 
on-demand ” system which forms 
and ejects an individual droplet 
of fluid only when its piezo- 
electric transducer is pulsed by 
the drive electronics. Unlike con- 
tinuous-stream systems, which 
require a catcher to collect drops 
not required for character forma- 
tion. the Gould system eliminates 
the need for ink pumping, filter- 
ing and recirculating. 

Ink consumption is very low. 
One 10 cubic centimetre cartridge 
will print over 2m. characters, 
and is easily replaced. 

Further details from Gould 
Instruments Division. Roebuck 
Road: Hainault. Essex. IG6 3UE. 
01-500 1000. 


AIMED by Standard Telephones 
and Cables at the world’s. FTT 
authorities is a microprocessor- 
driven test equipment which 
enables engineers to check sub- 
scribers’, complaints about faults 
from a central remote site,- 
cuning back on local- manual 
maintenance. 

The Post Office in the U.K, is 
said to be ** interested " in the 
system; overseas, STC has sold 
systems to two undisclosed 
authorities in the Middle and 
Far East. 

Main advantage oF the remote 
line tester <RLT1 is that it does 
not require the use of dedicated 
lines but operates solely over the 
public switched telephone net- 
work. 

The system consists of a 
central operating console with 
keyboard and small display, 
together with a number of 
remote units placed in local 
exchanges in the area that is to 
be monitored. Fault complaints 
are routed to the exchange where 
the console is situated. The test 
operator then dials the access 
code of the remote unit in the 
exchange to which the faulty line 
is connected, followed by the 
subscriber’s directory number. 

Remote unit Is how connected 


dlrecti? to the troubled Use; 
measurements and tests can be 
made from the console which 
receives the digitised results 
frov the remote unit and dis- 
plays them. It necessary the 
tester can talk to the operator 
to check, for example, the dial- 
ling unit. 

If required. PTTs can employ- 
less skilled staff to carry out 
initial fault investigation by 
using the pre-programmed auto- 
test facility. This uses built-in 
standards that distinguish auto- 
matically between acceptable and 
unacceptable results, which are 
simply shown as M pass ” or 
•‘fail” on the display. 

There is no limitation on the 
distance between the test con- 
sole and the exchanges with re- 
mote units, and each console can 
handle any number of remote 
units. 

The system will probably first 
be used by authorities with 
island groups connected to the 
mainland: the RLT can identify 
faults with certainty from a cen- 
tral point to eliminate unneces- 
sary journeys. But advantages 
will be found wherever access 
to -subscribers’ lines is difficult 
and expensive. More from Gak- 
leigh Road. New Southgate. Lon- 
don Nil 1HB (01-388 1234). 


heat with 


accuracy 


• MACHINE TOOLS 


Hefty miller from Italy 


LOW COST, fast and accurate 
measurement of temperature 
over the range -150 io -1730 
degrees centigrade is offered 
with 12 basic models is the SCOT 
scries of digital thermometer. 
These can be used with a rarietjr 
of thermocouple. platinum 
resistance or nickel resistance 
sensors. Each instrument is 
calibrated to the relevant British 
Standard bat may also be sup- 
plied to meet DIN. NBS and \T 
specifications. - 

Housed m a robust, injection 
moulded case, each instrument 
provides a three or four digit, 
seven segment LED readout uf 
10.2 mm height. 

Modular circuit design and the 
use of a purpose made driver chin 
ensures fons-tersi reliability 
coupled with low power consump- 
tion of less than 45m. V. 

Using standard HPT batteries 
the 8000 series permits more than 
12 hours of continual use. 
Alternatively, MN 1500 
(manganese alkaline) cel is en- 
able as much as 45 hours con- 
tinuous or 100 hours intermittent 
use. 

A battery recharge? complete 
with five type AA rechargeable 
cells is available on option. 

Channel Electronics . (Sussex). 
P.O. Box 58, Sea ford, B3CS5 3JB, 
Sussex. 0323 884961. 


COMPED A. the; technology Soft 
ware marketing company set up 
by XRDC 14 months ago with 
a £2m. initial injection, is to 
market PDMS (pipework design 
management system) lanaehed. 
by the Computer Aided Design - 
Centre fCADO about this time 
last year. 

To dale the. only “ live " pipe- 
work resulting from PDMS 
appears to have bees engineered 
at George Whitpey and at Har- 
well. and the object of the new 
exercise :s to bring wore acute 
marketing effort to bear both 
in the U.K. and overseas. 

Compeda. with a slogan of 
“ Computer systems for tech- 
nology.’’ is a wholly-owned sub*, 
sickary of NT! DC -and has been 
formed to market systems based 
on the results of university and 
Government sponsored research. 
The object is to bridge the gup 
between research workers and 
:ndustr.a[ users by _ ensuring that 
products are specified to meet 
their requirements. 

Apart from the pipework 
design system, which resulted 
Frew, work at CADC. Isopipe of 
Nottingham and Akzo Engineer- 
ing in Holland, the new company 
has looked at dome 53 university 
projects and has so far chosen 
four for exploration. 

These include Gaelic, a system 
for the design of integrated cir- 


cuits iiid printed 
which ’ originates at Edmbu.-.n i 
University, and others Mljed 
Automat, - Nulfop and Comptiti 
which provide work 
engineers with comprehensive 
facilities for cstiitwiinp «orks 
costs and producing up'. muni . 
production tine balances. 

Aka to be olio red » a 
from Manchester U \ r,J ^ • ***** 
will enable engine desr-tni-rs 
ir; effect run a “ paper cost he ■ 
all -the basic parameters of the 
design can be i«d »" -J* u l 
software will determine .1*? per- 
formance. 

‘ ~Compcda is about «o **® t 
offices in both New, J«ng> and 
California in the u*. 

(The Hague) and in t.erman> 

( Munich I! The company expects 
- to do some 60 per cent. ti. its 
bnsiness overseas. 

It. is ako laying, much em- 
phasis on the idea lh»t rt will 
“still be around" m the years 
■ lo come and will go on supplj- 
ing regular technical support. 
Regular contact will be made 
with customers by back-up teams 
who will provide program 
modifications and maintenance 
support for up to ten years after 
the initial installation. 

' Says managing director fcci»n 
Trickett: "As a subsidiary «f 
NRDC Compeda has the 
resources and the will to make 
a major impact." 



# ■ 


sU 


Norwesi 

Holst 1 

total capability | 



L OT-235 995? 


* COMPONENTS 


Filter for 


hydraulic 


systems 


World bank network 


) QUALITY CONTROL 


Components sorted fast 


ELEDICTOR. makers of eddy 
urrent and magnetic non- 
ertructive testing equipment. 
Jairas an advance is test-coil 
esign which overcomes the rela- 
ively low throughput In the 
utomatic sorting of small -ferro- 
nagnetic components in com pari - 
on to the output achieved with 
imllar products of intermediate 
iizes. 

In practice, the sorting of small 
:omponents - For quality variat- 
ions due to changes in chemlcaT 
imposition, -heat-treated condi- 
tion. metallurgical structure, 
hardness, case depth, dimensions, 
and so forth, has resulted in the 
slowing down of mechanical 
feeds and continuous bells con- 
veying the products to the test- 
coil. This has been necessary to 
allow the product sufficient time 
in the optimum part of the coil 


for the signal response to be 
monitored consistently. 

The new Teledlctor coil design 
removes the need for a motor- 
driven conveyor belt. for 
when coupled to higher-speed 2 
or 3-way sorting gaTes. the new 
Type 1136 Ferrous Segregattrr 
forms a complete testing system 
which can increase throughput 
from- the 1500/2060 an hour 
achieved by ' "belt .! -conveyor 
systems, to as high as 7.000 per 
hoar.- • • --.•■•■■■*• ' • 

: In addition to -a faster operat- 
ing, speed. this new equipment 
has a number' of other advant- 
ages-- It is smaller, .lighter in 
weight and. depending on-' - coil, 
aperture requirements, can show 
a cost saving of up to 10 per 
cent, for a complete sorting 
equipment 

Further from Teiedictor. 
Coneyayre Industrial Estate. 
Tioton. West Midlands. DY4 
SYB.. 021 557 3056. 


LATEST IN the range of milling 
machines made by Indiana, Italy, 
is a horizontal spindle machine, 
designed so that all three axes 
are contained in separate 
structures. 

Each axis is powered by a 5 bp 
dc motor with infinitely variable 
feeds -from 3 to 8000 rnra/min., 
driving through re-circulating 
hall screws. Drive and feed is 
aimed at high accuracy and gain- 
ing full potential from coated 
carbide tools. 

TheTc are two models differing 
only in the vertical travel and 
main spindle motor power — one 
with a 700 mm Y axis has a 15 hp 
motor, the other a 10 hp motor 
and 1000 mm Y axis. On both 


machines 18 spindle speeds from 
35 to 1500 rpm are available. The 
X axis is 12500 mm and Z axis 
600 mm, with Z axis options of 
§00 and 1000 mm. 

Flexibility is added to the 
machine by an over-arm mounted 
above the spindle. This can be 
used as an arbor support for 
heavy duty horizontal milling, or 
to mount a 3 hp turret bead with 
double knuckle joint and 140 mm 
quill feed. To give two-plane 
milling, a motorised over-arm can 
be supplied with a 5J> hp motor 
and 100 mm quill. 

Marketing in the U.K. is by 
RK International Machine Tools. 
Europa Trading Estate. Fraser 
Road. Erith, Kent {01-304 8411). 


PROCESSING 


Vacuum 


recovery 


Deep drawn engine sump 


EXPERTISE, .in deep drawing 
has enabled Talle.tit Engineering 
to design. took that will. produce 
engine sumps for Chrysler UK as ' 
one-piece ■ pressings. This 'has 
achieved. -.reductions in tooling 
costs, assembly, metal loss from 
trimming the. two parts, and the 
need to pressure-test each sump 
— for an overall saving of about 
40p per sump, representing an 
annual saving of some £60,000 to 
the engine manufacturer. 

The steel used is 1.2 mm thick 


CR1 ‘ e>:ira-deep-draving-qu3l"y. 
and the press is a:‘600-tpnne l-r^e 
.bed area Cow! is haw-Walker. The 
finished sump weighs - under 3 kg- 
and is" basically . rigid. A- simple 
reinforcement „ strip . is .wot- 
welded below the bolt flance. 
Followed by welding the drain- 
plug and two baffles lo complete 
the unit. 

More from Tailent Engineer- 
ing- Ayciiffc Trading Estate. 
Newton Aycliffe. Darlington, Co. 
Durham. DL5 6EY (0325 3IS232). 


HEAVY SLUDGES, contaminated 
liquids, and solids such 'as 
cement, foundry sand, cfistin; 
grit. miSi scale, heavy aggre- 
gates, can a!! be collected with 
a portable pneumatic vacuum 
recovery machine. 

Using compressed a:r as the 
motive power, the unit can 
achieve a vacuum capable of 
conveying materials over 300 fee: 
horizomaJIy and 100 fee! vertic- 
ally. Pick-up hose diameter is 
3 or 4 inches 

There are two models. Or.e Itas 
a shigie cyclone collection 
hopper with a capacity af 94 
cubic feet. -Abie-) operates an 
an automatic, batch discharge 
cycle. The other is intended 
for continuous operation, hand- 
ling large quantities of maierials. 
It bas twin cyclones, allowing 
one to discharge while the other 
is still collecting. 

Details from the maker. 
Pneumatic Vacuum Conveying 
Equipment. Unit 27. Halfpenny 
Green Airfield. Bohbir.aton. Nr. 
Stourbridge. West Midi arm's 
L03S4BS 4471. 


CITICORP International Bank, 
part of the merchant banking 
group of Citicorp, has signed a 
S50O.000 con tract with ACS 
lApolied Computing and Soft- 
uaret for the computerisation 
ot bank services. 

This contract forms> part .of 
a larger worldwide contract with; 
ACS tc computerise the activities 
of Citicorp International Group 
ic the three major centres, 
London. New York and Hong 
Kong, and provide interactive 


links between cacb centre. 

The contract is on-line mini- 
computer based using a Prime 
400 Mini at e.ieh location. The 
automated merchant banking 
functions incorporate Funds 
transfer, general ledger; Word 
processing and message switch- 
ing. 

The development in London 
.will take 12 months and the 
worldwide system about tun 


LATEST IX The ' range or 
livdrauLc systems eqiuptnem 
from Tell-Tale Kilters is « duplex 

1 1 win chamber i unit for mount- 
ing in lines working at pressure*" 
up to 1,500 put. ‘ * 

Various models nre available 
For Huw rates, up to IQCL gpm. 
providing filtration- 'down \<t. 
S microns Clcanable or div 
po«KiMv elements arc ; avaiUbl*. 
and are intorctiaugcablft. Rctable* 
electrical ludKatkm of filter 
cmqging is an option, - V 
Main advantage of the unit j s 7 
its ability tu filter cdnUnadttsk- r r 
While one chamber is working^ 
the other w on standby, and 
changeover between elements is - 
by a pressure-balanced lever. T 
The filter has an external; 
pointer which indicates * c deaB 1 ’’ - - 
11 needs cleaning." and " by-pass," 
to mdleate the state of the filter 
element. It continues. to work 
in ‘’by-pass” with » minimal 
.imntinr nf liquid being passed 

unfiiti'Tvd u> hold pressure differ- 

ent.-a! uith;:i ai-ceptable linuta 
and prevent element rupture. . 

More from the maker at Peel 
Street, Money. Leeds LS27 SEL 
t05:e KiTPsi » 


WELDING 


years. 

More on 01-637 0105. 


Advanced in 


Dialling a U.S. base 


processes 


DIRECT dial-up access lo one of 
the Untied Slate's ten largest 
computer service bureaux is 
a’.'ojiabto to U.K. and Conti- 
acetal European cmnpanies. 

Aar.our.ccd by the London 
bureau. LUCS is the opening of a 
dedicated telecommunications 
tick to (he Kansas City data 
centre of its parent company. 
United Computing Systems lac. 

i no direct line provides dial-up 
fariiities For users nf remote job 
entry termnuls. and augments 
the LUCS United Computing PO 
Tymnet link opened ia*t Septem- 
ber for timesharing users. 

In autumn, a Cray 1. the most 
powerful computer in the world. 


will be added fo tlw nine tarse 
machines UC in running. At the 
same time with the help of Ibi* 
Unmet netwurk. I : C. provides Uu- 
opportunity for conipanu"> 
operating in the United State,. 
Canada and F.iiroin* to store, and 
une at writ identical business 
information 

Further front LUC'S on 01-353 
1174 


• H;i (igreciiivaf between rhe 
Kj tinnvui! I‘.'»u?s and the HKi.’. 
iitMrtipitioK trout Ike Trrhuirtil 
Pi.-pe t.-i uiiiitbU' hit nxe b-j the 
i..Wpnrntiuits Kfternv.1 Sonre^ 
.wurCe mater ml lor its oi-c.t- 
seas brtvuirrt.ita. 


E\'E»V FOUR y can the WeWng r 
Institute holds a conference on 
T!u* latest - advances In weld in:; 
provc.sses aart tpchnology. This 
year :he euhfc-rence wilt be ax 
tiw Royal I In If. Harrogate. May 
5« in 1L coinciding Wth the 
Ofijarenl - Weldine En^ocenny 
rvhibtlintt. 

.’At the conference, speaker* 
frt*i;i nine countries will present 
40 uapers. These will be ip six 
session*, covering. - . Solids. phase, 
.mining: flux shielded processes; 
gas shiridt-’d arc processes; resis- 
tance weldtng and allied pm- 
wws; .hiyb power density f union; 
and applications k heavy sretion 
tahrieutioa... _ • 

Details (mm the Institute, 
AbmeiiiR Hall. Cumbrldce f.B.l 
fi.Vl. 10223 S32 3R2)^-delegaie‘s 

fc*i‘ is ms; . 


CONTRACTS AND TENDERS 


GOVERNMENT OF MAURITIUS 

Ministry of Agriculture and Natural Resources 


and the Environment 


MINISTRY OF PUBLIC WORKS 
AND MUNICIPALITIES 

TENDER NOTICE 




Bulk Sugar Terminal 
— Port Louis 


Tandcn i-t turreby invited op be tun di the Ministry d( Puftltf WWts 
•nd MonjupiuMs of tlw Vesnen dibb Recudhc loe cbeSv? 3| r ot fcqjipnnrm 
end Metenii lor Sttu's ke<nw COLLECTION AND DISPOSAL P^OJEut. 


'Tender documents irfenj lorrra ttobnuAl reojir.-ioena and iSkctihCAOOM 
ini dnenpuon o> go&di i*n ie W-rturt on cny work in j| day between 
18.2.1974 to 30 i . 'njin. 




BBSS; 




/ x itrV 1 




m 


r ei 



Ring Mains, Hydrants & Sprinklers 


CONTRACT NO. 21 


Tenders dosing a, 1.30 p;rr.. on Wednesday ’0th May.- 1*78 are 
invited for the following works for die Bulk Sugar Terminal at Pen 
Lmm. Mauritius, 10 accordance . who :1m SpeciScauon and General Con- 
ditions of Contract for Contract No. 21 . 

The- Contract is for the supply and installation funder Briasfi Code) of 
Ring Kairu and Fire Services for cwo la-ge mgar storage sheds, each 
364<n long by 4&m wide and includes for tome 40 hydrants. 28 hose 
reels and four sprinkler control assemblies carrying approx. 3,600 

S rinklera. 

rawing*, Spaciika&on and General Condioons of Contract may be 
examined ax the offices of. the Consulting Engineers. Macdonald Wagner 
and P riddl* Pcy. Ltd,. . -at- Port Louis. Mauritius and U North Sjnlney. 
N.5.W. Australia, and a»a at the Mauritius High Gxnnviitiorf. 32/33 
Elvaaton Place. Loodon. S.W.7; England, and the Mauritius Embassy. 6B 
Bouievard de Coureel'es, 7S017, Paris. France. 

Sets ' of Drawings Specification and General Conditions of Contract tor 


The En*i room jit*' Health D^paneitSt, Mmittry of Public Works 
-and Municipai<t<v-s and/cr 

— Howard Humph-cy's ana Sens Canij'c-ng Enginee*s. Tbo-nerofi 
Manor. Dorting Road. U:tlu-'iutii itr.r*. England. 

The price of the document •* 25!) iTwu ft»ndred fifty r.afs) or 

eguiyaient. 

Tenders In seated covert *h*ii be -Wired by the D, recto* of Environ- 
meftui Health Dcpa>tmen: u? to i 1 o\* *ck Thurtdaj 30 Ma*ch H^B. The 
tenderer thould asta n a rece p: it* to>.n o.' having submitted the iei!rd 
envefopt W Cho off.er ra.-nt-o ned jw'ri-. reiKfers/antondotcnt* received 
after tin tine knd date mentioned abc>*- ibai'. not be accepted 


' AU tender papers shall be signed by tenderer. His signature at the 
end of (he quo can on must he witnessed. 


companies registered in Mauritius may be obtained from Macdonald Wagner 
& Priddle Pty. Ltd.. Rogers Automotive Building. Cnr. Edith Cavell & 
Mere .Birtteltmy Streets. Port Louis, and for com pint** registered -n all 
other countries they may be obtained only from Macdonald Wagner & 
Priddfe ■ Pay. Usd.. 100 KHfe.- Street. North Sydney. N.S.W. 2060. 
Australia — Telex No. 20836. The non.ryfundabM charge for each set of 
documents obtained in Mauritius it 5B0 Maun nan Rupees and 80 Australian 
Dollars in Auscraiia. 

Envelopes endorsed “ Tender for Contract 21. Rmg Mmns. Hydrants and 
Sprlnklert,- Bulk Sugar Terminal— Port Louis-’ and containing a Tender 
accompanied by a Tender- defiant are to be addressed to the Chairman. 
Tender Board. Ministry of Finance. Port Louis. Mauritius and' lodged in 

chft Tcildpr flesv ir rhn Dilnl r »eki»v , < nffipA ArfA.inMKS rfo n .,.ulV 


Tenderer shall quoM hn rates in figures and m words without any 
overwritings and corrections. r _ 

Scaled tenders win be opened bv the committee at the Ministry of 
Public Works and Municipalities on Saturday 8 April 1978 M the office 
of cte Deputy Kinotur of Public Works (Municipality Sector). Tfw 
Tenderer is requested to be present at the opening ol tendon/ quomiOM. 


Workforce 

Peterborough is a New Town.. Its rapid growth guarantees 
a large pool of labour - particularly women. 


S' ' " - BRIEF DESCRfP’fOM OF GOODS /EQUIPMENT - - 

Part I : Refuse collection vehicles Lid qf Vi-toui capacities ^container.. . 
.. cleanung. vehicle (I) -container transporter v*hjc}q -{XV. W' 
refuse containers ( 16B0 of vanout sisttf - ■» ' : , 


f«rt.2’ C.Srnail refuse container pickup vch&lei (13), -and.- u'Pp^r.; 
lorries' 12). ’ 


che Tender Scot, at the Chief Cashier's Office. Accountant tSeneral’s 
Division. Treasury Building. Otaussec. Port. Louis. Mauritius or posted 
from oversees to reach the Chairman. Tender Beard. Ministry of Finance. 
Port Lou.s. Mauritius on or before the closing bmo and date. 

The Tender Board does not bind itself to accept the lo*v«t or any 
tender and will not assign any reason for the rejection of a under. 


Pjrt 3 * Refute loading ihanrtrls |2).' ’ 

Part 4 : Bin* and ordv'lies. > . _ , 

Above equipment to be supplied GIF Node id* wltlnn. 25 week* trim (!»-"- 


dace of iccepcanse ol tender. 


The tender should be a«im*>panied by bond /security Foe.dM.jqm of. 
YR (350.000) Th-ce hundred and fifty thousand and -valid .foe h months. . 

. . Sng. Abdullah H. Korshgmi 

Minister of PubUe Work i onrf rtunfefpo/iMi 


Factories 

Units of 3,000 Sq ft, 10,000 sq ft; 20,000 sq ft (singly & in 
multiples), available immediately. Detached 41000 sq ft factory 
in 2Y 2 acres available later this year. Factories in Peterborough 
come complete with offices, all services, car park and 
storage bays- "... 


Ministry of Agriculture & 
Natural Resources -& The Environment 


SUDAN RAILWAYS 
STORES DEPARTMENT 


GOVERNMENT OF MAURITIUS 


Ministry of Agriculture and Natural Resources 
and the Environment 


CONTRACT NO. 50S4 
SUPPLY OF 7 (SEYEN) TRACTORS 


Communications 

Beside the Al. On the main road links between the Midlands 
and the East Coast ports. A major rati centre with connections 
to London and the South EasLihe Midlands, East Anglia, 
North.East and Scotland. 


Bulk Sugar Terminal 
— Port Louis 


CONTRACT NO. S0SS 
SUPPLY OF 2 (TWO) SAND PLOUGHS 


CONTRACT NO. 50S6 . . 

SUPPLY OF 10 (TEN) DIESEL DRIVEN INSPECTION CARS 


Fire Pumps 


f. CmwsHuv o! Stores. Sudan Railways, Aeba-i invites trridert fa- lUPbfy of 
7 (Seven) Tnctorc. 2 (Twe\ Sand Ploughs and !0 i T,-n ) D«*aJ tM.vdft 
inspection Oft. 


CONTRACT NO. 22 


Tenders closing at 1.30 p.ra. on Wednesday 10th May 197*. are invited 
for the following works for the Bulk Sugar Terminal it Port Louu. 
Mauritius in icconfinte with the Specification and General Conditions of 
Contract for Contract No. 22. 


2. Tenderan should ^uote for each tender trpei-aiely and n*<h offer should 
be put »n a separate envelope. , • 


RING JOHN CASE 

CHIEF ESTATESrSURVEYOR ‘ 

0733^931" 

Peterbo^'gUDpvelopment-Gpr^^ 
Peterborough PEI llii • - , 


The Contract is for the supply, installation and testing on sue Tor auto- 
matic operation of two fresh water horizontal fire pumps electrically 
driven, each approx. 200 HP. and one salt water verticil ipindle diesel 
electric pump Ipprox. 400 HP. ■ 


3. DbHi. Specification and drawing, c lfl be obtained f-om the offiie ol 
Controller •< Stores P.O. Box 65 Atbjrj or from cftc office of Store! ftfpne- 
Mnutiw at Rhartaum Tei on submitting a wriuen application bor-Mi 1 

S p °«** amp f“ W irA Pil '"p nt L » *000 % for e^h COM of dflt.” 
specification for contract No. 50B4. Ls 5.000 , fa- eu* £ of dcurti. 
spec.flnuati and drawn* for Cont-act No. .SOBS Ls 3.000 tvr oifit 
copy of derails and apDCificaeien far ca«i tract No. 508n 


Drawings, Specification and Generil Condicions of Contract may bv 
examined ax the offices of the Consulting Engineers, Macdonald Wagner 
£ Priddfe Pqr- Ltd., a Part Louis. Mauritius and at North Sydney, 


fixed hr ot tenders in this offiis are « 


•* 'nwi, ■ -i- i-w.. m rwi bwii. ritunniu ■ anu at moren ayoncy. 
N.S.W. AustraJia. and also at the Mauritius High Commission, 32/33 
Ehrunn Place. London. S.W.7. England, and tin Mauritius Embassy, 
48 Bouievard de Cotmw/fM. 75017. Pari*. France. 


us©» 

STAND 

5333 AT 

IE A 28 


Hie 



k3mTTETF)ri 


h«s of; Drawings. Spedficstion .and General Conditions of Contract tat 
companies ragisnered in Maorious may be obtained fron Maedonafd 
W**nir * Prl 2 dl *, Pcr ‘ Re®sr* Automotive Building, Cnr. Ed, th 

Cavell & Mere Barchelemy Streets. Port Louis, and for companies regiitered 
in all other countries they may be obtained only from Mvdonild Wagner 
A Priddle Pw. Ltd-. "1D0 MiUcr Street. North Sydney, N-S.W, 206Q. 
Australia— Telex No. 2B836. The mw-refuudatH*- charge fo* each tee of 
tfoeamtms obreuoed in Mauritius is 3W NaufjtiH}. Rupees and SO 
Auscrufan Detlsra In Anstraha. - . ; 


Contract No. 50B4 SamnJay 22nd Ap n l, l 9 y„ „ , 2 , w noon 

Contract No- SOBS Saturday 2*th April. 19?8 h 12 00 hou-, „o 0 „ 

Contract No.- 5086 Saturday 6th May. »9?a at ll.dO oou rJ nauu ~ . 

N.B.: DOCUMENTS AM ALSO SOLO at™" " CCM " l0 '- US 5TORB 

ssair™* « ent ' 

ST. JAMES'S. LONDON SW1. 

IN STERLING AT RATE OF £1.000 M/M EQUALS £1.50. 


Connection 


Erwetepo* endorsed “ Tender for. C*n*n«. 22, Fire Pump*. Bulk Sugar 
Tentiruf— Port Louis and containing a 'Tender iecumpanied by ». Tend*, 
deposit art to be addressed ft the Chakon *n k Tender Board, Ministry of 
Finance. Port Louis. Mauritius • and lodged- In- th*: Tender. Sox. a* the 
Chief Cashier's Office. Accountant General's Divitibn. ' Treasury BoUdlne 
Chau nee. Port Louis, Mauritius or posted, 'from ‘ overseas to rei-h the 
Chairman. Tender Board, Ministry of Finance..-- Port Louis. Mauritius an 
or before the doting time and date. 0 


The Tender Board does not bind, itself to accept -the Iqmcs: or any tender 
and will not assign any reason for the rejection of a rfnder. ■ 


Ministry of Agriculture & 
Natural Resources & The Environment 


CONTRACTS AND 1 
. . TENDERS'. . —-i 

APPELAR EVERY MQSTiAY, ^ 

For further detaiUi eon tael: 

FRANCIS PHITaUPS on AI-24S 8000 Ext. 436. 


■Sstr. 


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WELDING 

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ineerino 


Work in ftoe Midlands Tiles made 


Sudan road project 


Cot. a ^ 

C x 

'• l: i«r 

‘stems 


AS AGENT of the Sudanese 
Government, the Rahad Cor- 
pora boa" "of Khartoum, in con- 
junction" with the Roads and 
Bridges Public Corporation, has 
awarded a contract worth about 
£1 ® m - to Sir Alfred McAJpine 
and Son AG. If is for -con- 
struction of the Rahad road 
system to afford access to land 
covered by the Rahad irrigation 
project. This is the develop- 
ment of irrigated agriculture in 
an area of about 138,000 hectares 
of semi-desert on the east bank 
of the Rahad river. 

The road network will consist 


of SO km of spine road and 
SO km of feed roads, with the 
spine road leaving the Wad 
Medani to Ggdaref road about 
14 km from Wad Medani. These 
roads will consist of an embank- 
ment about one-metre high of 
granular material laid on com- 
pacted black cotton soli and 
paved with 280 mm of crushed 
stone. 

Structures will include an 84- 
metres-iong, five-span, reinforced 

concrete bridge, with piled 
foundations for the .piers and 
abutments, over the Rahad river, 
and there sax to be about 30 

other structures varying in size 


from a 27-metres-loDg, reinforced 
concrete, two-span bridge, to 
1.2-aietre-diameter culverts. 
About 200 smaller culverts arc 
also included -in the works. 

Work is due to commence in 
June, but a camp,, administra- 
tion offices and plant depot will 
be established near Wad Medani 
prior to that. Plant and materials 
will be transported in a specially 
chartered ship' from the U.K. to 
Port Sudan, and most of the 

plant will then be driven !n 

convoy to the site. A quarry 
will be set up to provide the 
necessary road construe lion 
materials. 


Developing 
a trading 
estate 

PROPOSALS- for 260.000 square 
feet of light industrial ware- 
housing within an 18-acre parti- 
ally completed . site on the A8 
Edinburgh, road at Bail! lee ton. 
Glasgow,. are to be prepared by 
Scott. Brownrigg and Turner 
(Glasgow) "for the Municipal 
Mutual Insurance Co. 

Five, warehousing units on the 
estate, one of the largest in’ the 
Strathclyde region, are already 
occupied, and planning consent 
has now been obtained to develop 
the remaining 14J. acres of land. 
Tenders are expected to be 
invited soon. 

It is expected that 15 units will 
be bujit for letting. Building 
cosLs are estimated at £3m. 

Upgrading 

flats 

MODERNISATION OF flats on 
two estates owned by the Sutton 
Housing Trust is to be carried 
out by Corral! Construction under 
a contract worth nearly £2m. 

At Upper Street Islington. 198 
flats are to be converted over a 
two-year programme into 158 
modern flats, while at Cale 
Street, Chelsea. 158 flats will 
have kitchens and bathrooms 
mpdernlsed. heating installed, 
re-wired and decorated in 40 
weeks. . 


Factories to be built 


BIGGEST CONTRACT in recent 
awards to companies in the 
Douglas Group is for the con- 
struction of seven factories at 
£1.9m. for Telford Development 
Corporation at Stafford Park, 
providing a total area of 21.004 
square metres production space 
and 2,253 square metres offices. 

The factories are" steel framed 
on strip footings - with concrete 
floors and the offiees will have 
load-bearing brick walls.. Work 
is now starting and the factories 
wilt be handed .over progres- 
sively from November this year 


to July next year. 

The company is demolishing 
the La r den Road works of CAV 
at Acton and replacing it with 
a steel-framed single storey build- 
ing measuring 100 x 53 metres 
under a £05m. contract. 

Other large contracts are for 
a factory extension at Skelmers- 
dale for Richardsoji-Merrel! for 
£0.6m.. and a building for 
Associated Tyre Specialists 
(North West) at Altrincham 
valued at £0.4m. 

Altogether the group has won 
contracts totalling £7-5m. 


£2m. awards 
to Scott 
Hale 

CIVIL engineering contracts 
worth over £2m. have been 
awarded 10 Scott Hale (Con- 
tractors). 

The- biggest contract is- from 
the London Borough of Newham 
and is -for a new main access 
road to Beckton to serve the 
development planned- in rhe area 
of the Royal Group of Docks. 

Costing £1-2 m. it calls for 2.61 
kilometres of 73 metre wide 
carriageway, including three 
roundabouts. "There will also- be 
1.6 kilometres of. surface water 
drainage' in open cut requiring 
the use of dewatering techniques 
and special trench linings. 

Other awards include improve- 
ments to the A12 junction with 
Mawne; Road (£185,000) and' 
surface water sewers at Upmins- 
■ter Road South (£47,000) for the 
London Borough of Havering, a 
junction improvement at Seisdon 
Park. Road (£154,000) for the 
London Borough of Croydon, 
roads and sewers at Storrington. 
Sussex (£134,000) and foot- 
bridges at Twickenham- and Sun- 
bury (£105,000) for the Greater 
London CounciL 

£2.3m. Hull 


COMPANIES IN the Se arson 
Group have won contracts worth 
over £fira. for work in the 
Midlands 

Largest, job' is for 164 dwellings 
ai £1.4m. for East Staffordshire 
District Council .at Mona - Road. 
"Burton-on-Trent. For the City 
of Birmingham. 70 dwellings are 
lo be built ui Oscott College for 
£0.Sm., and 4S dwellings are id 
be built at Beeston. Notts., for 
the Royal British Legion Housing 
Association at £0.4m. 

Under a joint venture scheme 
with . Nottingham city Council, 


83fhwfles,aHre to-be*bwKifor:«le 
at The Meadows under a £0.7m. 
contract. At Countesthorpe. 
Leicester. for the County 
Council, a high school is to he 
built ai £0.4m.. and at Bat ley 42 
dwellings on two sites for Kirk- 
lees Metropolitan Borough 
Council, also a! fO.-?*n. 

The Group report's that il ha* 
obtained planning permission on 
214 housing plots on five sites. 

with a created value of over 
£2m.. and expects to sign con- 
tracts for two further schemes 
worth £l*m. 


Pipe-making in Nigeria 


TURNER AND NEWALL is to 
spend a further il.Sm., in 

addition to tin? £6m. expansion 
announced in. 1977, on new plant 
for pipe manufacture in Nigeria. 
The latest investment will 
finance a diversification project 
at Turners Building Products 
(Emene) to build a plant for the 
manufacturc-of'plastic pipes. 


The pipes will be made in the 
75-200 mm. diameter range, 

allowing the company's existing 
asbestos-cement pipe plant to be 
used increasingly for the larger 
diameter pipes required for 
water distribution, sewerage and 
drainage. They will be sold 
through the existing Nigerian 
pipe distribution network. 


on building 
site 

A MOBILE concrete roof tilr 
plant has .been devekmetPhy’Rcd- 
ia’nd Roof Ti'c?. 

The complete unit can be Iran*, 
ported on not more than SIN -*ft- 
tonne lorries and no single piece 
of equipment i> more than 20 
feet in length. Site requirement?, 
are a simple t\.nopv, a concrete 
apron, water and fuel oil for the 
concrete curmi: system. Electric 
power can be provided - b) a skid- 
mounted generator. 

Production is based on an out- 
put of 5.000 uies per eigrrt-hour 
day. The plant which produces 
smooth-surfaced plain or througli- 
coloured interlocking tiles is 
designed for relatively labour- 
intensive operation but «5in he 
successfully manned by a mini- 
mum of tune people, says Red- 
land. 



.of industry 

CRENDON 

precast concrete '• 
'structures 

C RLNftQN CpAlCRfT HCC Lip. 

Thame Rct^lxa^CfeOttor. 
yAytesw ty; Buck's? WW8 3BS' 

rr - . .LongOeotJofi; 20S4£ \ 


construction project- In 
case* the nut n contractor is 
Cementation In to man ana! 

For the LOT Polish Airiino* 
complex in control Warsaw. 
Cleveland Bridge i.- tn supply 
3.000 tonne- ot .‘an nested .‘•tee;- 
wnrk fnr the four storey podium 
of ,i 43 storey hut Id in.; Fnr she 
i.ialaduri Cormehi- prnjeel in 
Dubai, ihc company is supplying 
and erecting some 2.000 vnne- 
of steelwork for the tower 
columns and beam and i-.Mima 

framework to the podium 


ss * r, ™ pir - Ws RDd - Flats in 
Motel in Durban 


Controls the sun blinds Syria 


£1 .3m. homes project 


AN’ AUTOMATIC control system 
for . the operation of sun blinds 
and. - awnings mounted on the 
exteriors of buildings has been 
put on the market by Solar Pro- 
tection Equipment. 

The equipment .has been de- 
vised to operate at pre-set levels 
of sunlight and wind speed but 
at the same time allow' for short 
cloudy periods when it would 
bo unnecessary to withdraw the 
blinds. 

Light intensity range for 


operation is 3.000 lo 30400 lux 
and wind speeds from Force 2 
to 12. There is only a delay of 
15 seconds when the wind speed 
threshold is exceeded: there is 
a manual override facility for 
the solar function of the unu. 

The system can be used with 
any installation where biinds are 
powered by electric motors. De- 
tails of the equipment can be 
obtained from the company at 
Station Road. Alresford. Hants. 
(A Ires ford 3014). 


ACCOMMODATION for elderly 
and disabled pieople; with easy 
wheelchair access to. the nearby 
shops, is included. 3n a £1.3m. 
housing association project in 
Cleveland. - • 

The contract, for 127 homes 
in Cass House Road, Hem ling- 
ton. near Middleshrough, has 
been awarded to ' John Laing 
Construction by Habinteg Hous- 


ing Association. Work has just 
started and completion is due 
by the autumn of 1979. 

The development will com- 
prise bungalows and two- and 
three-storey houses, flats and 
maisonettes. They will be of 
traditional construction and 
arranged in small blocks in 
courtyard configurations to 
engender a neighbourhood 
atmosphere. 


Rail and bus interchange 


GEORGE WIMPEY has won two 
contracts valued at £2.3m. for 
the construction of 314 dwellings 
at Bransholme North for the City 
of Kingston upon Hull. 

Both -schemes, which are 
designed by the Hull City Archi- 
tect. are -to be huilt in Wimpey’s 
No-fines concrete technique. 

Homes for well over ' 1,000 
people will be provided in 236 
two-storey bouses, 26 two-storey 
flats and 45 bungalows. There 
will be a further seven one 
person link flats to be built in 
traditional brick construction. 


Cranes for Hong Kong 


RICHARDS and Wallington 
Industries and the Sime Darby 
Group have formed a joint crane 
hire company in Hong Kong. 

Trading as Crane Rental and 
Rigging (HKj the venture is in 
equal partnership. The new 
company will operate a fleet of 
lorry-mounted cranes up to 125 
loos capacity. 


Crane Rental and Ringing win 
also offer for hire rough terrain 
telescopic jib cranes and a com- 
prehensive heavy lifting and 
rigging consultancy service. 

Sime Darby is one of Richards 
and Wailington - s *wo partners in 
the crane and plant hire activity, 
P.T. First Indonesian Plant Hire, 
set up in Indoneria three years 
ago. 


AT HAMA, near Da crrascus,, Syria, 
a 110-bedrooni motel is heinq 
supplied by th>- Lesser Group 
under a conirjci worth £im. The 
10,000 square metres biilldinu 
will accommodate sonic '.'£xi 
people. 

Included in iiio contract .ire 
buildings and services, and the 
supply of kitchen equipment and 
furnishings for the restaurants, 
lounges and bedrooms. Started 
in January. ih»- work will be 
completed hy May. 

Initially the mold will house 
personnel nf the Czechoslovakian 
company Techno Export which 
Is buiidin; a pneumatic lyre 
factory at Ham:.. 

£3m. steel 


order 


CLEVELAND Bridge and Engi- 
neering Company has won 
structural steelwork orders worth 
£3m. for two major overseas 


LTA CONSTRUCTION i N-ataSl 
has been awarded .■ R4.5m ■■on- 
traet fnr lb** i-onM ruction of a 
3S«ilnrc> block of tlaii (or the 
.Mei a I Industries Group I.: ft- an-J 
Provident Fund in Durban 

on the site of l he old YMV.A 
hmldinu <ui the Vietorii Em- 
bankment. t» will .id join the 
Durban Club anq !Vi«n«hi:e 
Uoiirt and Devonshire Parkins 
Garage. 

The htoek. on piled I'ounua 
lions, will he the uI'.i-h! reside')- 
tut htnlrimg tn Durkin «'!i the 
lower let els there will ire four 
floors of parkins ijciliucs. '.wo 
-.quash num-. .* pool lie. k 
which will mi orpor.it.- i <wi.r.- 
mina pout ..ml ihan;r r> mitts, 
outdoor and indoor nlay rent re- 
for thildren. and .< nursery 
-i bool. The upper level* will 
ton tain I2!> rials. 

© The Overseas 1H vi-io:i ,»f GKN 
Milk But Id in:: Sen ice- has 
secured an order wort!) £150.060 
to supply the company's imonc 
soflii and wall form work s; -.tern. 
Milifnnn 31 H). for the const rue! :on 
of a low-cost housing pro, eel in 
:«l-.Tahra. 35k in north of Kuw.-u.vt 
city. 


ROBERT WATSON " AND CO. 
(Constructional Engineers) have 
been awarded a contract worth 
about £im. for a bus and rail- 
way station interchange at Bury 
for Greater Manchester Passen- 
ger Transport Executive. 


• William Moss (Construction) 
has been awarded a £5m. contract 
for alterations and additions to 
factory premises at Braunstone. 
Leicester, where Metal Box is 
setting' up a new £27m. can- 
making plant. 

• A £150,000 contract for the 
design and supply of steelwork 
and exterior .cladding for storage 
buildings at a new sugar factory 
in Juba in Somalia, has been 
awarded tn Fainnile Engineering 
of Poole. Dorset. 

• Construction of 48 senior 
citizens flats for the Royal 
British Legion Housing Associa- 
tion is to be undertaken by 
Robert Marriott (French Kier 
Groupi. -Value of the contract, 
is £366.000. 


IN BRIEF 

• Wimpey Laboratories and 
Polytechnic Marine have formed 
a joint venture ' company 
registered as Wimpey-Polytecb- 
nic Offshore and trading under, 

• the name “WIMPOL. r The hew' 
company, which is 50 per cent, 
owned by Wimpey. and 50 per 
cent, by Polytechnic Marine, will 
"specialise in offshore survey" and 
inspection. WimpoTs business 
premises are for tfie time being 
located at Wintpey Laboratories, 
Hayes, Middlesex. 

• Thomas •W«|flheraM is*to -build 

a 685 square- metre factory for 
Furness Footwear, of Dalton in 
Furness, Cumbria- at a cost of 
£90,000. - 

• Quoting some “dire wamrogs 
of’ the : losses that can be caused 


Two crescent-shaped roofs wtH 
be constructed over the bus ; 
station which will include an 
office block. A canopy is also 
10 be built over the raflway 
station platform. The bu6 station 
win cover an area of about. 
70 metres x 160 metres. 


by fires starting in temporary 
buildings on construction sites, 
British Engine Boiler and Elec- 
trical Insurance Company, has 
published a 12-page “ Guide to 
Good Practice ” concerning the 
scope, siting, preferred construc- 
tion. etc., of hurts and site offices. 
Copies are available from British 
Engine on 061-833 9282. 

• An international conference, 
symposium and exhibition on 
dredging and tunnelling is to be 
held at the RM Complex. Amster- 
dam, November M^IB. organised 
by- the Royal Institution of 
Engineers, Netherlands, in co- 
operation with the Buroport 
Organisation, from whom further 
details can be obtained at Want- 
haven ZZ44. 3088H.T Rotterdam. 


A iruck working on a con-^tructioii site.; \ truck ''crossing a- continent. A bus earn ing tourists, or- 
workers, or schoolchildren. \ eh i cits named .Fiat. ,OM Lancia. Unie. Magirus-Deutz. This is the 
world of! voce. - w • 


Iveco: a world of experience. 


Our latest 

accommodation range will 

takeyou well into 
the eighties. 


BB 


mm 




Our Mk. 8. range is new and 
different It’s been carefully designed to 
exactly suit the instant accommodation 
needs of almost every industry* - 
The visual differences are obvious. 
Others are less obvious. - 
* Reduced maintenance and running costs. 
^Improved external and internal 
finishes. 

sHlnstant availability from our . 
nationwide depot network. __ 

*Long term cost / SSfea 

effectiveness- r jTFra 

^Choice of sale, hire 
or lease facilities. 


in fact, justice accommodation 
you’ve been looking for. 

j_ To: The Sales Director, 
t. Austin-Hall Limited, Gnosvenor Works, 
j Leeds Road, Huddersfield, HD2 1YR. 

Please send me further details of your 
Total Acrommodacion range. 

I Name : — 

[ Company/Authority - — — 

1 Address 


A Pentos Germany 

Total Accommodation 


FT13i3 | 


GUARDS INVESTMENT ^ 

in Caterpillar lift. trucks. - ■ +(rjsx\\4 

engines & construction equipment loins* • 1 

H L EVE RT.ON .C'.CG.,LTD -W-i N.DSOR oSCC. Ijl ■■ — 1 



y \ 








10 


ytXANCIAL TIMES MONDAY MMtCR 33 1WB 



The Executive’s and Office World 


EDITED BY CHRISTOPHER LORENZ 


beware your programmer! 


aiPUTER-AlDED fraud and cation of progJBumners means higher level programming much more tedious. It specifies 
prevention has become a that the amounts of money in- languages — which resemble not merely every movemeni or 
idy-sophisticated battle of volved may be high. everyday English— rattier than every Iirah during the journey 

3 in which many managers An analysis of known losses the much more detailed machine but every one of the thuusiinN 
;e only the haziest idea of the in 65 cases of all types of fraud rode which may be employed to nl computer operations needed 
>und rules. involving information held on commit the fraud. to define each moremont. Tm> 

fhe clever Dro*-raminer «n computers between 1964 and To appreciate the danger, “executable programme* would 

sm*m 2 ***”** 1oss ,o ie™ ,£ 5S bSn, h ,„ a !D 

IvSnohi an £££ Nataliy data process.n; « J- a .•umpntrrpn.ctant rn.d.lnr at. tar 

JS’ftsrres"**: ssst^j- rsEstssrs ■■ : ha ‘ ;ntc i 

al Retires securitv checks to make fraudu- r « brj t from St. Pauls Cathedral This laborious ffaiislart'm 

TakP for' pvamnip th P man lent interference with the to Kings Cross in London. can usually be done au*"- 

to reprogrammed a machine to vntnau as difficult as possible. FIRST: The systems analyst 

* fau.- fro™ ovonr a standard pro*ram. ent i. i 


lion 

lTHIEFI 


1 Mffl *—: 


Company benefits 
are moving 
beyond the fringe 


THE' PROLONGED pay restraint tive further increase to £7,500 
vpars and the high m April this year. In spite of 
of rocm, jews this, , he muv* wjrw tlul until 

level of taxation lu»* rtsuiiw i-«ta »r* 


level ot taxation mnro iwax levels are reduced, 

in a continuing expansion ni » niB | OOT , rH will continue lo dm- 


al figures. 

lake, for example, the man 
10 reprogrammed a machine to 

rs w i tr ss; 

n S. t S y h .? 8 * “ LIUS — , . „ __ r . which, to continue the analogy. f vcloped. plnyec himnfirs has been in pen- 

™ mt tr^A «« P !Sfv Last month two former ICI employees . might make the robor deliver : The?* are *** of * he m * m sum*. with toper cent- of tlm 

Swered heeausp it wa* too received heavv ini! sentences for stealing an unauthori^d document. en Chicago ran he used -niy :i alter program* Furrhermore ; tp emerge from a new >unv yed companies reportm* 
Sr S? LI WjS received Heavy jail sentences IOf Stealing roUte . on lh p lar:;er ibM 360 and an alterations lo. and ti>a«e of. • ln -. n tme of Manage- mam additions ur improve. 

lartm sums he keV Computer tapes. Max Wilkinson H j S within ihe labyrinthine 370 machines. 1: ;s claimed to program* recorded and filed * raBftt * urvCV on employee merits since 1973. There were 
is embezzling ' and real ised rennrts on the risks of comnuter fraud complexities of machine ended be Ihe first system of its kind attinmaucally ; benefits.- also major improvements in the 

at if he Stopped the fraud rc P ortS on the nSkS ° f Computer traud. instructions that security i* so cope with surveillance and Tha? means, for example, that ; So roe 4S per rent- of the 400 ■P« ww on < of holiday entitle, 

ere would be a suspicious in- s most difficult to enforce, For management of program.* at the an exwltI ve could make a LcomMnies sun-eyed had made ,naur ' 

ease in the company profits. - ■ — ■ ■ - ■ ■ the manager can have no cer- machine-language iC'elL a!»o ?irapIe check , 0 find oUt how lfl ™ ven , eJ1{ s or added lo their and eorapanj tar*. 

j he confessed. tainty that tne source program does a senes of roai.ne fi:e many , i;nes the payroll pro-- eB J| OVec heneflt package d«tr- Hie survey did not find that 

\ simDler method used bv For example, program libraries defines the problem igetting checked by hunsclf or tne managemem cnores related to srani heen run m a 1 me the Ia*t rhree years af pay ihe decision In improve heneflts 

ne orocram me r was to instruct and data stored in the computer robot from St. Pauls to Kings accountant has been accurately ihe updating o. proarenis and =svea week. If more than once, restraint, according -to the re- was related to company size, hut 

ie conrouterto pay him extra can be protected by secret Cross) and outlines the basic translated or once translated, relocating those ^ he migiu become suspicrous and ppr ,-em were com- It did note that certain sectors 

darv cheques. He was dis- codes known only to senior strategy (“Walk down Ludgate has been kepi inviolate. been superseded ;o >hc archrccs. up w discover whether any : mUtc a to improvnig hcnefilx nf industry had .made greater 

ivered when Ihe surplus SI afT. Unless the computer is Hill and catch the bus ). This difficulty is accentuated Bui from the general r.iana- alterations had been written in an( j W lien pay restraints arc advances: in particular wern 

leaues were seen pilin" up on the relerant code, it will .SL'CO.VXJ: The "source pro- by the frequent need to update ger’s point of view perhaps *Jie r hat week. Furthermore, if the>|j^ C( j mpd. drink and tobacco com* 

jedpst while he wa< on halt- noT aIlow 1110 program or data ^rammer" works out in a high programs, for example, to most interesting point is that extern detects that someone iv nartinilarlv <uemlt. thutrument and eledri* 

av In neither ca*e could th* to be altered. level general language ail the accommodate fa.v changes or it includes a series of codes and attempting to break a code h ? ' ' , , * Pf ., nE *he survev -c«t engineennif, printing and. 

Sd ha?e Le/n de\ecfed by m However, the fraudulent evolutions needed to execute the nC w procedures. safeguards whkh Pansophic Tryin? P QHt number-, it V publishing find holdm* 'rom. 

Sum tho “iloSratkm of P™Srammer can break down analysts grand design (Whitih H ow can the manager be -:ire *oaM ^ **«* ^pos- automatically «mt down and in- » ^ JSKSSJtalJSl SS P^^- 

ae Mmnuter °P erauon this bamer quite easily, and s .d e of the pavement to walk. lhaf on3y rbe specifi ? d , fjan , e > Mbl (; for a ben: programmer tn j 0ITO the managemem. It would 

ae computer. sometimes hp lakes a keen how many steps, how many left have beGn made and thal crack. he ;mpo«ib!e to make such ■ "■* uSTinular f 

i S ^nv!red hCn romDanies d of?M |? teUectu ^ J e,i S br ,n d0,ns ,? a toms lo the bus stop every or mcorapeteri re has not been Mr. Bill Dana. ?uc company? checks. Mr. Dun n says, on any; ^cy m 1973 Hi J i* pan of SUrpHSUlg 

Si How 0ne me h0d J S se ! 'u* at Tion needed to cross the road allowcd w interfere with Hie U-K. manager explained tha! the IBM machine which did lUiK ^Jp* ^ • 

Zl -Jl * ? iSSTSSTht^hTt compu, 7 11 il t0 TCak the safety, how to recognise the No. routinPS », P wan ts m he pre- security lock-; were incorpnr- use hi? new system --sTaws divisten?* ?o the particularly surprwmif 

wet. i there is little doubt . that password. The programmer j 7 hus. what to do if it is full setTed ? 3 reri into The program as PAXEXEC. However. IBM . s "" ls a,^ in Ihe report is that 

he losses involved are fairly cm ,W for example instruct the and *o on). This detailed list ' revealed onlv ” irreversible algorithm*.” «ay« that some of its latest LunLl and mwin2 only about a fifth of rompamc* 

ir ^ e - computer to run through every „f instructions cannot, however. n r! T ? , EL*?* which means thev an- runmnmv ooerafin- mtvmf mrorporate .“*2555 recutarLv calculate the cost of 


in a continuing expansion m cmp j 0 yj. P , will continue lo de* 

fringe benefits. But tne-ctwi* vrtop benefits for the highly 
sdderable increase in employee taxed *' tt ran often he cheaper 
expectations has not b*eii ro provide a benefit than »» 

matched hv a change in corn* would he m provide the..«*me 
nwivucn . . n *t tiereatip in salary — er»n 


, " That ' iatoM Wt ,fl >ater >‘ “ 1 

pany poline.*-. so that pourew inamn u v ^l-.wcd " 

of dissatisfarljon have rtv* 


Last month two former ICI employees 
received heavy jail sentences for stealing 
key computer tapes. Max Wilkinson 
reports on the risks of computer fraud. 


i ^ ' The greatest g re will in i»m. 

vciqpea. plnyec benefits has been in pen- 

Thc>e are two of the mam s , nnSi with AS 'per .cent- of tlm 


used .*nly n alter programs. Furrhermore ; pomts to emerge from a new .surveyed companies - repo mil* 
3M360 and all alteration* in. and u>a«e of. ; British Institute of Manage- mam addition* or improve- 


;rc incorpnr- :i*e ni? new ouw* j,,.,.. ritvitiAnc" m *v> M One parttculkrly EOrprismif 

program as PAXEXEC. However. IBM . 8 levels of raanaeetnenT ,n report ts that 

algorithm*.” «ay* that some of its latest Lnnl ^mnlLn Hilly about a fifth of cOlttpamc* 


An inquirv by the Sianford number from zero tn im.. which be understood by the robot's -- -- - * - : - -. . t , nnr naTprf im in*. 

le«arrt ri.sti.ure. ot -Cali- it n n do in 10 seconds. ™ m purer. because the computer d " el .°£‘L£ 1 ,he oroi 

■ r- V, „«lv- nnrl.rttanH rvtarh.np mg A men can software house* ‘ O' Ulc Ki"- 


month, is a special program which means they 


ey an- cunmagTy operating <y*temf incorporate comnarable benefits calculate Uie cast uf 

be ■cm.! stRic* some of ih. «»«» checks ^3,},“”^“ .he beneUt, thy .j ftS .1 

program Anyone offered by PANEXti. h point* out In 9»3 benefit 


, this proc«*> is "by no means P 01 "*' nu ' ™ 

package i> expensive ai complete or accepted is tnevit- rwW ? 

a year for each machine able there are stttl consider- *** crnt - 1 *** 10,al WTpll costs 


ornia. indicated that only about Every number is nm through nan only understand machine l "rT “* n " ' ” ™ ™ *<• ™ tried w Tamper with them ^ pa ' cka?e „ ^„ e n*ive ai Smnfcff nr accented^ Vs fn*«T- ***** r^prewBittid less thin 2n 

th ^ B n pa ,K SLS SSJIS" ro^Ta^ r no**ZT"«>r« r?»« fiod *** each machine SS^Theie "are^shfl wnSder* *** erat .J 1 w,a! co?,s 

irammprs Rui this i* not are- comnuter will automatically- THIRD Translation of thp over ail the tapes and discs fell apart and the computer which uses :t hut Pansophic a bi,* arn a> where entitlements |n a . * , S | ^ r ® n .t co ™* 

Sm£ re NoI onlv cfn Si seSet fi?e :Sed “ gram me -here machine language pro- would stop running f to the is more rhan ; , r , sn „ nuunly manorial. 

direct interference with pro- A more serious limitation of languagP into the machine code snm* are anT’iocjThu^*' in ’^‘hT ^J^aJd'mamtenance ^pro-' In addition, the RIM says that c££|»w». fS«n vtti n «x2« 

grams he. extremely difficult to most security systems, however, used by the partirular rom- dwdoped at a ai^ck< to... ra.n .^ weptn^and maintenance 01 pi». af top management level the or 30 per vent, are not 

detect, but the relative sophisti- is that they operate on Ihe puter. This is more detailed and cost of Sim. by Pansophw of allows only d.-u na.ed pwp> ,.am range of benefits {* Itkely to m- u!wnmmon* , 


From Hcwlett-Packa it! 


i* nacka^e develooed at a and lock* hull: into the system keeping and maintenance of pro- in anuixmn. uir says in*t rnmpame.*. ngurrs weu m excess 
WWS' Of on, d?-isnired P«pio ..S^. WXZ,^\oZ *" 

r re 

1 winch employed remunwiuon 

DllcinflCC ICUl,,,1R * P * r ° i ' sp»o*l. k t 5 m«l» resuUr eh.cta 

Business 


The one computer 


Most 

during 


for the one computer 


company 


KllCinACC l£S££ Unh ^ made resular checks 

flliSlllcSS • *x u . id 0» cn*I.\ ni employee bwir- 

^uumvuvy | fit* The survey predicts that 

t Tmnrnvpmpnf a* the rostH of tienefifa rise row- 

| niirg^g ' u,l r , ' MCIUCUl panics wHl become more 

V>UUI * Most of the improved benefits “ ^ ,,r 

during the first tw> years of ant * thnr i.ilur 

Strategy and Tactics for pav policv were ol little ur nn ™ri*fully m attracting, re- 
Effective Takeovers. The Sh*ra- ,. a ' b va j u “ e hut the latest raund ,a,mn * * nd wl0,wa,M| R fm 9 ln y. 

Park Tower Hotel. Londwt. ha> spawned a wave of claims ***•" 

Apni -4---V Fee : £140. plus. f or benefit, “ 3 UM a.* prnmi- * BIM Nonmment Stiirfp X'». 

!;J n T a . p ^ n a t ‘ 1 L ne 1 1 Uy a ! the barpatmne table .tr, Employee Beordf*. Knrjyh 
Management Development Ser as pav ; !m ,j, af .vhop floor and t fnBnnPilir „ f Ptlh 

vice. 92. Hee» sireel. London non-manual lei-el*" Institute ot Mantiflemnn Fun- 

EC4. non-raan ui iweis. imltons. Miredflemear Him*. 

. . 0n< ‘ thansc m tmtion which p ftr k. P street w i: ■» /to m 

Internationa] T« Conference. has helped rfte middle manager. J J” 

The Atlanus Hotel. Zurich, the BIM notes, is the raising of £ -° fl> w,,u 

Switzerlatfl. Apni IMl. Fee *, ,he threshold .iho\^ which hene- rnfmber.t, 

B.Frs.25.900. Detafls from are taxable. Iwmi £2^00 tn \ r • 

Management C-entfe Europe. £3,000 in 1976, with a prospcc- jaSOil VnSp 

avenue des Arts 4. B-1040' . 

Brussels. Telephone 219 03 90. - -- — - - — - — --- - 


Employee Bencfir.*, Rrirrsh 
Institute ot Mnnrtfjnurrn Fu i»- 

Itrrtfmv. Mflnutflemfur Jlou>>\ 
Porker Street. lVl'i. £10 to 
members. £20 n> now 
members. 


Jason Crisp 


Business Strategies in the 
Middle East Grosvenor House. 
London. April 6-7. Fee: S525. 
Details from AMR International, 
R-10. Frederick Close, Stanhope 


A system that only handles batch 
processing is only half a system. Your 
present small business computer probably 
wasn't designed lo do your accounting and 
give you immediate access to management 
information. But our computer was. 

The HP 3000 will run your payroll, 
process invoices, print out receivables and 
take care of general ledger work. At the 
same time, you can turn to a video terminal 
or printer and get up-to-the-minute sales 
figures, inventory data, cost breakouts, 
projections and updates of accounts due 
or parable. 

No wonder so many companies, 
ranging from manufacturers and distribu- 
tors to retailers and publishers, hate 
changed their batch computers and are 
using HP 3000*5. Contact your nearest 
Hewlett-Packard office and we'll show 
you exactly why they made the change. 



Place. London \Y2. 


Personnel Management Center 
for Education International 
Management. Geneva. Switzer- 
land. April 17-21. Fee : Sw.Frs. 
2.500. Details from the Admis- 
sions Secretary. Centre d'Etude.* 
Industrielles. 4. chemin de 
r ouches. CH-J231 Conches- 
Geneva. Switzerland. Telephone 
(022) 47 1133. 


Nowone telephone number 
puts you in touch with over 
iOOO venues for your 
next meeting or function 


Recent Developments In 
Economics, Brunei University. 
Middlesex. April 25-28. Fee: 
£175. Details from Brunei 
University. Uxbridge. Middlesex. 


Lin t 


01-567 

Mtctin&Fant Trust Houses Forte Ltd 71/75 L xbndRC Road London \V3 3SL 





ARAB BANK LIMITED 


1 'netjw lit* HP UfVf 5tr->I tmluUe. f<ptnt mg wtf.'/i mul ail equ ipntnl tha wt abai e tan: jmier asA u&attOK ha”\fvntr a hkh ■» auuitblea! a&'JaKil mL 


THE BANK TOUCAN TRUST 


. Most people 
think that 
only big 

give you the up-to-date information you 
need for “right now” decisions. Not any 
more. The HP 3000, with its full-scale Data 
Base Management capability can give you 
the specific facts you need. You can get 
immediate reports on a CRT rather than 
waiting for an unwieldy printout Ournciv 
graphics terminal (t) will even put your 
data in chart form. And. while you re 
interacting with the computer it can be 
doing your high-speed batch printing. 


Since we make virtually eveiything 
in our HP 3000 systems, its ea sy to tailo r 
one that fits your company's 
exact needs, adding 
refinements like printing 
terminals (2) for 


For further information fill in the coupon. 
After all. why should you put up with a 
computer that only does half your work, when 
vou can have one that does it all? 


IN MILLION JP 


1975 I 1976 I 1977 


inventory control. 


! HP3000 


CAWTAt A RESERVES 

DEPOSITS 

TOTAL ASSETS 


20 

472 

853.5 


38.25 

861.5 

1522 




To; HeuleU-f adcard Ud.AVinnersh, 
Wokingham, Berks RGlI 5AR. 


iJDaUSS iiruffflOX.) 




\Z Please send me further information on 
Ihe HP 3000 System. 

□ I want a sales representative to contact me. 


ESTABLISHED 1930 IN JERUSALEM 


GENERAL MANAGEMENT: AMMAN, JORDAN 


■,* -as? 


Position 


Company 


ri — 


SMSCffES /v- 

ARL- DHabt, AJMAN, BAHRAIN'. DURAL ICYPT. GAZA, JORDAN. 
SAUDI ARABIA. SHARJAH, VMM A LQ AIWA IN, FUJAIRAH. TUNISIA. 
LEBANON, OMAN, <|ATAR. R.4S AWHAIMAH* 

YEMEN ARAB REPUBLIC, GT. BRITAIN 


HEWLETT JID1 PACKARD 


m 


Address 


Sister IastitnUons: 


AH AB BANK (OVERSEAS) LIMITED 

ZbMCiLHNtVA 


Postcode 


Winnwsfr. WaMngham. Berk-; RGtl SAR.Tel: Wbk'mgham 784774. 


PTI3.-3 J 


ARAB BANK MAROC 

CAriUU>CA.IAXM 


UNION DE BASQUES ARABES 
IT EUROPEENNES (U.BAEJ 

uxKMxcu^rxAVKniir 

ARAB BANK (NIGERIA) LIMITED 

LMR&, KAMA AWA, ttOUS 


he! 


\ S Ki 

52° o whii 
compan; 


The 
spends i] 

2 nd mati 
Hie 

actually 

i For 

industry 

Was pavi: 

WL 

ttiade hv 
^led i : 
^ T 8 t 


i 

da 




*av 

34i 









rr s 




ry\j2- 

POINT £$ 
* *z~'~ a tm 

14 . 44 ^ 

®5 y- *• 


ulU' 


. -I’ 

* T i i 


,.n0 

• »tv< 


• ■rr.v .■'>,£>* 


As calmly as you can, consider the 


company’s profits. 

Now, just as calmly, consider this: 

The average industrial company 
spends the same amount on its storage 
and materials handling. 

The difference is that you can 
actually do something to reduce it 

For a survey by the Department of 
Industry showed that every company 
was paying more than it need. 

Which helps to explain the savings 
made by these four companies who 
called in Dexion to look at the problem. 

1. Storage rental down neariy 


Stock damage down 30%. Payback , 9 to 
12 months. 

2. Storage rental down £12,000 a 
year. Payback, 7 months. 

3. Storage capacity up 30%, worth 
£10,000. Picking times down 50%. 
Payback, 12 months. 


4. Storage capacity up 20%. 
Stockholding levels down 15%. Labour 
costs down £10,000. Payback, 12 to 18 
months. 

You can read how they did it by 
sending for our ‘Book of 100 Answers’, 
which describes 100 of our case histories 
in detail. 

And we can tell you how your own 
storage and materials handling system 
can be improved, whether yours is a 
large company or a small one. 

Of course, we’re not entirely 
disinterested in all this. 

For we make and sell awider range 
of storage equipment than any other 
company in the world. 

But we won’t recommend any of it 
unless it provides the best solution. 

And even if the taxman takes what 
he regards as his share, there’s still 
more profit for you. 

We’ll help you make money out of thin air. 


DEXION LtMni2\MAYI^NDS AVENUE 1IEMEL HEMPSTEAD HERTFORDSHIRE. TELEPHONE HEMEL HEMPSTEAD (0442) 4226L TELEX82242. 


i 



MBARD 


ory economics 


FINANCIAL TIMES MONDAY MAKCHTS-TKa 

T ™' NT " EC . 0U ' !TS Albion’s team effort 

Wider view of Closed Shop ^ Forest dream 


nd the City 


BY JUSTINIAN 


PETER RIDDELL 


E CONSERVATIVES appear 
be overcoming some of their 
dibility problems on economic 
icy, at least in their natural 
lstitnency of the City. The 
we Rudd survey of fund 
nagers indicates a more 
Durable market response to a 
ry election win than a year 
3 when the Lib-Lab pact was 
reed. There is less talk now- 
out bow Mrs. Thatcher would 
t on with the unions though I 
3pect there is still a pretty 
cable group in the City which, 
least privately, would be cou- 
nt with a continuation of a 
Uaghan/Healey administration. 


Worrying 


The improvement in the Ccra- 
rvaiive standing in the City is 
) doubt in part associated witb 
ie approach of the election and 
ars of a possible leftward shift 
: Labour post-Caliaghan. And 
ie Tory leadership has been 
orking hard to answer any 
uestlons about the nature of its 
ranorny policy with speecbes by 
Irs. Thatcher in the City, a 
rag policy document ( The Right 
reproach to the Economy), a 
iear commitment on lax cuts in 
ie recent Commons debate and. 
ist Thursday, a major speech on 
lonetary policy by Sir Geoffrey 
fowe. But the statements have 
ertain worrying features. 

Sir Geoffrey left no one in any 
oubt that he is the rising hope 
f the stem and unbending 
lonetarists f(o . misquote 
lacaulay on the young Glad- 
tone). His discussion of die 
rosent position— the difficulty of 
ecuring a significant reduction 
n either price inflation or un- 
employment on present policies 
-would certainly receive wide 
support, as would his view of 
aonetary policy as providing the 
leeessary framework for the 
liability essential to the achieve- 
ment of other objectives. 

The objections arise over Sir 
Geoffrey's interpretation of 
monetarism and his suggested 
accompanying institutional re- 
forms. He is less than completely 
fair to the recent speech on eco: 
ootnic management from Sir 
Douglas Wass, the Permanent 
Secretary to the Treasury. While 
Sir Douglas was certainly scep- 
tical about the exact relation- 
ship between monetary policy 
and prices and output, he basic- 
ally argued for a balanced 
approach with a monetary target 
consistent with a fiscal stance. 
Indeed in view of Sir Geoffrey’s 
critidsmB I wonder how dis- 
cussions between ministers and 


officials on monetary policy 
would go if he became Chan- 
cellor after the election; perhaps 
Harold Pinter ought to provide a 
scrlpl- 

Slr Geoffrey has few doubts 
that monetary policy should be 
accorded primacy over fiscal 
policy and he stresses the need 
for a gradual reduction in the 
rate of growth of money supply 
in line with firm targets. This 
de-escalation has proved to be 
beyond even some of the more 
successful economies, though it 
is certainly a desirable long-term 
objective. Sir Geoffrey rightly 
warns about the dangers of a 
rolling target as merely a pre- 
sentational device to conceal a 
relaxation of control but he 
underrates the need for 
flexibility. 

There m3y be a need for alert- 
ness in face of " neo-Keynesian 
scepticism and political 
expedier cy within the Treasury 
but tbert is surely a middle way 
between his and Sir Geoffrey's 1 
brand o! monetarism witb its 
incidental belief that public! 
spending saould not be increased. 

But where I find Sir Geoffrey's 1 
speech both most stimulating, 
and, in pans, least plausible is' 
the section on spreading, 
monetary understanding. His ! 
ideas for establishing some kind | 
of forum — possibly a broadened 
Neddy Council, including the! 
Bank of England— so that the j 
major participants in tbei 
economy could consider together! 
the Government’s fiscal andi 
monetary policy is sensible. | 


THE CLOSED shop, that political 
football of industrial relations, 
has bounced on to the inter- 
national legal scene. The 
European Commission of Human 
Rights has admitted an applica- 
tion by two workers who claim 
that the Trade Union and Labour 
Relations Act 1974 is a violation 
of the European Convention on 
Homan Rights, in so far as it 
imposes the closed shop. 

Article 11 of that convention 
guarantees the right of freedom 
of association with others. But 
does that include the freedom 
not to join an association? On 
the face of it, the article does 
not prohibit the closed shop 
system, whereby a man cannot 
be employed (•'pre-entry") or 
cannot remain in employment 
("post-entry ') unless he is a 
member of a particular trade 
union. 

In many countries the free- 
dom not to organise is put on 
a par with the freedom to 
organise. It is argued that if 
people have the fundamental 
j right to join a union, they have 
(the equally fundamental right 
not to do so. The law should 
not prevent anyone from being 
a union member, nor should it 
compel him to enter a union. 


Attractive 


Independence 


Sir Geoffrey is right to call for 
greater Parliamentary involve- 
ment in monetary policy via 
closer public contact with the 
Bank hut quite wrong to arcuc 
that this should be linked with 
greater Independence for the 
Bank. There are, of course, 
many drawbacks in the present 
system where monetary policy is 
subject to short-term political 
and electoral influences. 


But there is no way in which j 
decisions on monetary targets 
and interest rates can, or should,! 
be taken away from the respon- 
sibility of central government. 1 
to be given either to some special 
currency Board or a more' 
independent Bank of England. 
The Bank is an integral though 
clearly special part of the, 
administration and attempts' 
“greatly to strengthen the power 
of the Bank to resist interference 
from government " would be mis- 
guided. We do. after all. elect 
a government to be responsible 
for monetary policy. 


But this is not enough. Just 
as the law must see that people 
can effectively exercise their 
freedom of association, and 
must take positive steps to 
ensure this, so it is not enough 
to reject the principle of legally 
compulsory unionism. The law 
must also protect people from 
being pressed to join. No one 
must he faced with the choice 
between joining a union be does 
not want to join, and not obtain- 
ing or holding a job he wants 
to obtain or to hold. This is 
as obnoxious as exposing him 
to the dilemma between getting 
Or holding a job and joining or 
remaining in the union of hts 
choice. 

For many people this reason- 
ing apnears to be Intellectually 
attractive. Its symmetry is 
superficially satisfying— satisfy- 
ing enough for it to negotiate 
the first hurdle in the legal 
procedures at Strasbourg. But 
there is a long way to go before 
the European Commission and/ 
or the European Court of Human 
Rights finally determines the 
issue. 

The legislative saga of the 
closed shop in U.K. started with 
the Industrial Relations Act. 
1971. Under that legislation the 
employer could not act on a 
closed shop agreement or prac- 
tise without the risk of being 
sued for the equivalent of dam- 
ages by a non-union member who 
suffered from this. 

I The employer might have wel- 
comed it If a worker joined a 
[union the employer had recog- 
nised. though this involved dis- 
couraging workers from joining 


another union. But apart from 
that he might neither prevent 
□or deter a worker from staying 
outside any, or a particular 
organisation. If he insisted on 
doing so. the employer might 
not for that reason dismiss the 
worker or penalise him. or dis- 
criminate against him, or refuse 
him any benefit he gave to union 
members. 

If the employer, under the 1971 
Act did any of those things the 
worker could go to the Indus- 
trial Tribunal and get an order 
against the employer for dam- 
ages up to 104 weeks’ pay. or 
£4JL60. The union might have 
to contribute to that award if the 
worker acted under pressure. 

The Trade Union and Labour 
Relations Act, 1974, swept away 
that ill-fated piece of legislation. 
Under the present law an em- 
ployee who is dismissed from 
his employment on the ground 
that he refuses to join a union 
in a closed shop employment 
cannot for that reason claim that 
bis dismissal Is unfair. In effect, 
the law sanctions the closed shop 
to the point that the workman 
who declines to join the union 
in the closed shop system has no 
remedy for refusing to accept 
union membership. 

Paragraph 6(5) of Schedule l 
to the 1974 Act provides that dis- 
missal of an employee by an 
employer shall be regarded as 
fair if the reason for the dis- 
missal is that the employee was 
not a member of the specified 
union, or bad refused or pro- 
posed to refuse' to become or 
remain a member of that union. 

The only exception is where 
the employee genuinely objects 
on grounds of religious belief to 
being a member of any trade 
union whatsoever, or on any 
reasonable ground to being a 
member of a particular trade 
union, in which case the dismis- 
sal is regarded as unfair. 

The question which the Euro- 
pean Commission on Human 
Rights will have to decide is 
whether that provision does 
contravene the convention. The 
preparatory work on the framing 
of the convention, way back in 
1950, shows that the authors 


were alive to the issue of lhe : 
closed shop. It was on account 
of the rival -views about the 
closed shop that it was though! 
undesirable to include specific- 
ally the principle which bad 
been set out in Article 20(2) of 
the Universal Declaration of 
Human Rights, to the effect that 
no-one may be compelled to 
belong to an association. 

The Universal Declaration of 
Human Rights deals with the 
right that no one shall be com- 
pelled to belong to an association 
as distinct from the right of 
association in general. 


Provision 


The two applicants before the 
European Commission are argu- 
ing that the freedom not to 
associate is simply the reverse 
side of the provision which pro- 
tects the right to associate, and 
that there is no significance in 
the omission from the Euro- 
pean convention of the freedom 
not to associate. But the British 
Government points, with force, 
to the fact that the authors of 
the European convention 
deliberately did not replicate the 
provision, in the first modern 
instrument on human rights. 

There is perhaps nothing very 
extraordinary in the 1974 Act 
aimed at -upholding and enforc- 
ing the dosed strap. In practice 
in the industrial countries of 
Western Europe the law has 
never been very effective in 
shaping or reshaping industrial 
relations. Workers seeking 
employment are not likely to 
obtain work without a union 
card. And if they happen to he 
in -an industry where hitherto 
there has not been a closed shop, 
the attempts to enforce 100 per 
cent, membership will not unduly 
perturb the vast majority of 
workers. The deprivation of the 
right not to join a union has only 
symbolic effect. Whether that 
pragmatic approach wisi persuade 
the European Commission to 
decide the legal question in the 
case of two workers who do 
object to the closed shop remaias 
to be seen. 


NOTTINGHAM Forest’s remark- 
able run of 22 matches without 
defeat and dreams Of that never- 
attained treble were abruptly 
shattered at The Hawthorns qn 
Saturday. West Bromwich Albion 
swept them our of the sixth 
round of the FA Cup with a most 
impressive 2-0 victory in a splen- 
did game packed with positive, 
entertaining football. 

The first goal came io the 16th 
minute,- when the ball was 
flicked to Martin. He lobbed over 
the bead of Shilton, who was 
caught in no man's land. The 
second, immediately after the 
interval, -was reminiscent of 
goals by British centre forwards' 
of the paw. A long first-rime 
clearance, combined with an awk- 
ward bounce, caught the defence 
square. Regis, who had caused 
many problems for Needham 
with bis strength, balance and 
tinting, raced through the gap 
to hit the perfect ground shot 
from outside the box into t he 
far corner of the net. 


was. just not their day. There 
can he no doubt that a total ). 
Committed Albion deserved to 
win, : 


' -The match provided an oppor- 

a to compare those two 

rig * Scottish left'uiogws. 


SOCCER 


BY TREYOR BAILEY 


Forest, never at their itiost 
fluent, tried desperately io re- 
duce the arrears They wedt 
dose on several occasions; but' It. 


WllUe' Johnston and John Robert- 
son. The former finished ahead 
on points, but was fortunate to 
be up against a makeshift right- 
back. Jn this form, .» should be 
an -integral' part of Scotland s 
Worid Cup side. He possesses 
superb control, two Rood feet, 
arrogance and confident-*-. 

; His one weakness is a hair- 
trigger temper, which _ brought 
h»m a. warranted booking, and 

could prove fatal in' South 
America. 

. Because tt was essentially a 
team effort, it .is perhaps in- 


vtdious in single out Individuals 
in the West Bromwich side, who 
must now stand a fine chance of 
carrying off the C.itp. Rut, on 
this showing Statham must he a 
seriuui* candidate fur the (eft- 
back iwsuiun in the England XI, 
Tony Brown’s forward running 
constituted a perpetual . .threat. 
Wile and Alistair Robertson 
defended resolutely. Trewlck is 
a much hotter wing-naif than is 
generally realised outside ihe 

Midlands. 

The Forest rearguard, without 
their regular full-backs, lacked 
some of" their usual pmse. The 
attacking Hair rrf Anderson was 
also missed After tfiiR setback, 
can they heat the experienced 
and eHnically. efficient Liverpool 
at WeinWcy next week, when 
they will lie without the services 
of Shilton. Needham and Gen- 
mill, all Cup-tied? - 

Having seen the Mersey n& 
machine, defeat VfBA recently, 
my money must, he oil them. Biff 
Wnfttienck is u splendid taker of 
half-rhances and capable of 
scoring • against any defence. 
Whatever the result, tt promise* 
tu be a memorable League Cup 
Final. 


Racecourse finish for Wrexham 


Call to change mining 


rights procedure 


A CHANGE in the procedure for 
opencast mining applications is 
being called for by Greater 
Manchester which claims that at 
present the Energy Secretary can 
act as judge and jury. 

The council is askin? that 
future applications for opencast 
coal mining be determined hy 
local authorities. 

The council's planning com- 


mittee says that under present 
rules the Energy Minister deter- 
mines coal extraction farreU and 
opencast mining applications, 
creating a potential conflict. 

It is calling on the Energy 
Department to giro a dear state- 
ment of what opencast opera- 
tions are envisaged for Greater 
Manchester over the nest 10 
years. 


THE HEROICS are over. Having 
[previously beaten First Division 
dabs Bristol City and Newcastle 
[at home alter drawing away, 
Wrexham made a glorious sixth- 
round FA Cup exit when they 
; lost 2—3 at the Racecourse 
Ground to Arsenal’s renaissance 
side bn Saturday. Now they must, 
buckle down to the bread-and- 
butter job of clinching promo- 
tion — a task in which they were 
pipnod at the post last season. 

When that is accomplished, 
[.Wrexham will truly be the 
I soccer capital of Wales — and not 
;just because the Welsh FA has 
1 sis headquarters there, away 
from the Rugby-saturated south.' 

Arsenal’s players were full of. 
[praise for their highly skilled 
'rivals after an excellent game, 
fought in a fine spirit. There is 
a consensus that Wrexham have 
■ the talent to thrive in the Second 
[Division. I believe that provided 
i McNeil is given a stronger fellow 
striker to assist in coining the 
I many chances Wrexham create, 
they could make a strong chal- 
lenge for promotion from 
Division II next season. 

McNeil kept up bis splendid 
record of scoring in each tie. and 
totalled li' goals in 10 Cup games. 

Off the field, too. Wrexham 
arc thriving. The accommodation 
has been improved, a social club 
—part of the new grandstand— 

I generates a good cash flow, and 
: 1 understand that the fund- 
I raising competition is bringing 


In- about £45.000 n year. 

The brightest player In a 
game crammed with attraction 
was Arsenal's young Dubliner. 
Liam Brady, who will surely' soon 
gain Full recognition as the mast 
valuable player in British foot- 
ball. He has hern reported as 
saying that when his contract 
bas ended he would like to play 
on the Continent. 

His departure following *00*0 
of England players Keegan to 
West Germany and Tuvan to the 
United Slates, would be a sad 
thing for British football. Then- 
can never hi* too many genuinely 
creative players for our 
and there are signs that. ali»n;: 
with the advent of the C.roim- 
Wood era, ilit? el:ma1e for these 
players l«» nourish is definitely 
Improving. 

Bradv. comparatively vlitfoT 
leans over the bait studiously 
and caressingly, shielding il 
shrewdly Blotsed with peri- 
pheral visum and ex ira-scnsory 
perception, he can both glide 


Bid to ban Cup Final price rise 


MR. DENIS HOWELL, Spoils 
Minister, will be asked tn Parlia- 
ment in ban the Football Associa- 
tion from raising prices hy 30 
per cent for Ilie Wembley Cup 
Final on May fi- 
Mr Walter Johnson, Labour 
MP for Derby South, has tabled 


a question urging Mi*. Howell to 
Intervene tn stop ** this blatant 
profiteering." 

Mr. Johnson said: "These ore 
exorbitant increases, particularly 
hearing tn mind that prices went 
up by almost 40 per cent, for the 
1975 Cup Final. 


Wasps’ sting fails to penetrate 



t Indicates programme in 
black and while 


BBC 1 


6.40-7.55 a-m. Open University. 
9.38 For Schools, Colleges. 10.45 
You and Me. 11.22 For Schools, 
Colleges. 12-45 pjn. News. 1.00 
Pebble Mill. 1.43 Bod. 2.01 For 
Schools, Colleges. 3.15 Songs of 
Praise from Aberystwyth, Dyfed. 
&53 Regional News for England 
(except London). 3.55 Play School 
(as BBC-2 11.00 a.m.). 4.20 Deputy 
Dawg. 425 Jackanory. 4.40 
Hunter’s Gold. 5J»5 John Craven’s 
Newsround. 5-10 Blue Peter. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

RIO Nationwide. 

6.50 Ask the Family. 

7.15 Blake's Seven. 


8.10 Panorama. 

9.00 News. 

9.25 The Monday Film: 0 Sun- 
day, Bloody Sunday," star- 
ring Glenda Jackson and 
Peter Finch. 


1L10 Tonight. 

11 .50 Weather/Regi Dnal News. 

AD Regions as BBC-1 except at 
the folk) wing times:— 

Wales— 1.43-2.00 p.m. Pili Pa la. 
5.55-00 Wales Today. 6.50-7.15 
Hcddiw. IL50 News and Weather 
for Wales. 

Scotland— 1 0.00-1 0.20 a.m. For 
Schools (Around Scotland). 5.55- 
6.20 P-m. Reporting Scotland. 
11.10 Public Account. 11.45 News 
and Weather for Scotland. 

Northern Ireland— 3-53-3.55 p.m. 
Northern Ireland News.. 5-55-6.20 
Scene Around Six. 11.50 News and 
Weather for Northern Ireland. 


England— -5.55-6.20 p.m. Look 
East (Norwich): Look North 
(Leeds, Manchester, Newcastle); 
Midlands Today (Birmingham): 
Points West (Bristol): South 
Today (Southampton); Spotlight 
South West - (Plymouth). 


BBC 2 


12.55 a.m. Close: Geoffrey Hins- 
liffe reads a poem. 

All IBA Regions as London 
except at the following times: — 

ANGLIA 

XJ5 p.m. A nali a N'lw*. 3-00 Hotnc- 
nany. 2-25 Family. 3 Jo TTv Entertainers 
-=Cenry Ford.- 5.15 linj vers try coaRense- 
6-00 ‘About Anglia. ll.lS Mystery Movie: 
CMimbo. Z 2M a.m. Reflection. 


Xi-jryddjan 7 DrSfi. 10-125 HaKiivz. 
ft.O0-6.2Z V D}<U. SJM.CS IT WftfcHfr 
HTV West- Vs MTV w^r.rai S.;rt:?e 
cxi-rp: ■ 130-139 p.m. Won Head- 

lines. 6-22-6.5$ X.’Oon Vr\:l. 


SCOTTISH 


F.T. CROSSWORD PUZZLE No. 3,616 



6.40-7.55 a.m. Open University. 
11.00 Play School. 

3.00 p.m. Wordpower. 

3.30 Children Growing Up. 

4.00 Parents and School. 

4.55 Open University. . 

7.00 News on 2 Headlines with 
sub-titles. 

7.05 Children’s Wardrobe- 

7.30 Newsday. 

8.10 Drama 2. 

9.00 Owain • Arwei Hughes' 
. World of Music- 

950 Americans. 

10.40 Just a Nimmo. 

11.10 Open Door. 

11.35 Late News on 2. 

1L45 Tele-Journal. 


A TV 

XU55 ».m- Belli- Bow 12-30 p-m. 
George - Hamilmn IV. L20 ATV Vews- 
dwK. 2.25 Movies to Ri-memter: “ A 
Summer without Boys." 5J5 University 
Cluflcnae. 52)0 ATV Today. U-2S Angling 
Today. 145 Something Different. 

BORDER 

UJO p.m. The Fllnmooes. tl.ZS Sorter 
Ntrvre. ZOO no aseparcr 2-25 sfactoee: 
■■ Playmates." 5-15 Gamock Way. 640 
Lookaround Monday. tJ5 University 
Challenge. 1U5 Late Film: "Assassin" 
starring; tan Hendry and Frinft: Windsor. 
tZ2_30 a jo. Border News Summary, 


X2J0 p.m. Indoor League. L25 Xew* 
and Road Ri-par: t£2S Monday Slatihec: 
"0 Planes" sumr-g Laaresce 01 : 1 .. z 
and Valeric Hchua. 5 15 L'n \crs.:r 
Chailc.xtc. tea Sco::asd Teds? 5J3 
CnracdL-sk. 1U5 Maswr Go'.:. UL15 
Late CaiL 11.50 The Odd Coj?.*. 


SOUTHERN 

12.30 o.m. Farm Progress. 1-20 
Southern Xc<s. 2.00 Hoavpj rj\ 2J5 
Monday MaUnec: "Rorfer River" pa-ms 
Joel McCrea. 5-15 XIr. ass Mrs. 6.00 
Day by Da.---. 1105 Southern News 

Extra. 1L25 Bill Braad. 


LONDON 


CHANNEL 

U3 p.m. Channel Lunchtime Mews and 
what's On Where. 2-25 The Monday 
MafiDee: "The Elevator." 5.15 Untnerstiy 
Challenge. 6J3 Channel Xewa. 6J0 
C a noontime. 10.28 Channel Late News. 
1U5 Laic Night Movie: "The Spin." 
12.45 ajn. Channel Gazette faHowed by 
News and Weather io French. . 


TYNE TEES 

4-20 a.m_ The Good Word utlcr*ea by 
North East N'cu-s Headlines. 1-23 p.m. 
North East News and Lookaround. 225 
Power Without Glory. SJO Generation 
Scene. JJS The Little. Rascals. 505 
University ChaUcnsc. 6JK Northern Life 
6.40 Police Call. 1U5 Monday Nigh; 
Movie: '-LIMa" Btarnng Stella Slovens. 
LL40 a,tn. Epilogue. 


9.30 a.m. Schools Programmes. 
12.00 Noddy. 12.10 pan. Rainbow. 
1&30 Indoor League. 1.00 News 
plus FT index. 1-20 Help! 1-30 
Abour Britain. 2.00 After Noon. 

I t*A5 Monday Matinee: ‘Dilemma." 
£50 Couples. 4JS0 Clapperboard. 
4Jt5 Warrior Queen. 5.15 Survival. 

5.45 News. 

6.00 Thames at 6. 

I 6.40 Help: 

6.45 Opportunity Knocks. 

7.30 Coronation Street. 

8.00 A Sharp Intake of Breath. ■ 
8.20 This Week. 

9.00 Hazel!. 

10.00 News. 

10.30 Royal Film Performance. 
11.15 The Big Film: “ Straight on 
till Morning," starring Rita 
Tushingbam. 


GRAMPIAN 

9.23 a-m. First Thing. 1230 pjn. First 
Act. UO Grampian News Headlines. 
2-25 Monday Mallow : -tinda" starring 
Stella Stevens. 535 University Challenge. 
6JM Grampian Today, bjg The Mary 
Tyler Moore Show 6.43 Helpf 11.15 
Reflections. LL20 Dan. Angus*. 

GRANADA 

1230 p.m. How To Stay Alive- UO 
This is Your Right, 2-S The Amazing 
World of KreskLn. 23B The GCOlopUte 
Gounn<-L Harrk-i ji Sea. 505 

University CtuOt-os.... 6.08 
Reports. 12.15 Reports Pntlri<i.- U.45 
Celebrity .Concert.: Leslie pBijians. 

HTV 

1230 p.m. GardvQina nly Way. 1J» 
Report West Headlines. US-. Report 
Wales Headlines. 2.09 Kauseparty. 

The Monday MatJnee. ■'Non-StOP New 
York." 535 Mr. ami Mrs. UH .Roport 
West. 6-22 Kc-porr Wales. 1U5 The 
Ujiiday Film; ■■ GarBoj-les." - ' 

MTV Cymru /Wales — .As HTV .General 
Service except. I.a-l-B p.m. Pena w da a 


ULSTER 

130 pjn. Lunch Uste. 2-00 See Von 
Monday. t!30 Monday Matinee— S ran 
Laurel and OUrer Hardy in “Bonnie 
Scotland.” US Ussrer News Headlines. 
5.15 Unlverao 1 Chaftense. 6.06 Ulster 
Television News. Ck05 Upsouares and 
Down. 630 Reports. 1135 Two at 11.15: 
The Rev. David Burke talks with Dr. 
Helen Roseveare. IL9 Thomas Hardy— 
A Man Who Noticed Thinscx. 

WESTWARD 

12-2 7 p.m. Cos Honeybuo's Birthdays. 
120 Westward News Headlines. 22$ The 
Monday Mazlmsr: -The E leva lor" iTV 
movie ■ . 535 Univenlly Chalbmgc. 6JR1 
Westward Diary. 630 Sports Desk. 
1029 West wart Laic News: ti-is Late 
h'litht Movie "The Spur' storrlns 
Don aid Suihvrtand. Jim Brown son 
Diahann Cairo 71, 12.45 fc.m. Faith for 
Life. 


THE WASPS orpanised every- 
thin;; impeccably for their John 
Player quarter-final- against 
Gloucester on Saturday. A 
perfect day. a pitch in marvellous 
condition, and a well-prepared 
team. But they could not arrange 
the result, and Gloucester won 
13-3. 

II was a courageous perform- 
ance by Wasps, epitomised hy 
captain and right-wing. Richards. 
He chose to play against the 
breeze and the sun. presumably 
seeking the elements as allies 
iater 

tn the end his side finished the 
! came at a higher pace and with 
I mere imagination, 
j They ran from short penalties 
i deep ;n their half, trying to tire 
j the heavy Gloucester packs. But 
although Waibyoff and Graham 
made handsome breaks, such was 
the urgency to get the hail to 
: Richards and the aggressive Bell 
that the passing was too often 
inaccurate. 

Their fly-half Bail also gave 
some eccentric passes, but never- 
theless had a bright game. 

Wasps Inst Bonner early and 
Lecgett came on as No. S and 
with Coop a r and Smith per- 
formed prodigies in defence. 

Wasps matched Gloucester in 
sueed to the ball. But when 
Bonner leEt the field; Gloucester’s 
Simonett exploited the gap and 
Woolley scored a try, converted- 


by Butler. 

Ball kicked a penalty Tor 
Wasps and trailed 3 — ti at half- 
time. which, was respectable and 
surprising. * • ' ' 

Like other wdes which have 
clayed Gloucester. Wasps could 
nnt gain possession to pursue 
tte ir running policy. • ' 
They also lost Dawe. but 


RUGBY UNION 


BY 'PETER ROBBINS 


Waldron came on with equal 
enthusiasm. Scrum-half Conner 
played intelligently, showing a 
quick spin pass and a good eye 
for the gap. 

Wasps looked prepared men- 
ially and physically, but how- 
ever adequately Isichei and 
Lewis -played backed hy Smith 
and CoWeil. Gloucester’s hulk 
and efficient techniques made 
the result inevitable. 

One Gloucester committeeman 
said it-has been some time Mnce 
the team have played as had. but 
perhaps they could not arouse 
the same enthusiasm as Wasps." 

Theyr Began confidently, sw ing- 
ing the ball to the wings, ihanks 
mainly 7 to Fidler, at the lino-out, 
who leapt and caught like a 


Stay-Bell first back to stable ? 


YORKSHIRE 

12 JO p.m. Row To Slay Alive. L2o 
Calendar News. +225 Monday Film 
Hauncc: "0 PI Mas" srarrtns Laurence 
niiciur and Ralpb RliAardsan 535 
University Chalk-use. &.I0 Calendar 
'Eratoy Moor and Belmom liIiiimiii. 
U35 "Prlsh:" sianiB Honor Blackman 
and Susan Ceonw. 


ACROSS 

1 Surplus rum is due to be 
reallocated (S) 

5 City female in Cockney head- 
gear (6) 

9 Find some French deputy to 
commit (S) 

ID Wool gets to Ireland in a 
short time <fi) 

11 One sitting on the fence 
makes Una alert (L 7) 


DOWN 

1 policeman gives the com- 
munist cover (6) 

3 Army type without one to 
patch things up (6) 

3 Figures lodgings must Include 
It (6) 

4 Exceeding authority, as 
Caesar might have said f5, 5) 

6 The lesson to be drawn is to 
them an exam (3, 5) 

7 Prevalent half in a type of 


RADIO 1 

(S) Stereophonic brudeftst 
620 a.m. as Radio i ■ 73)2 Pipe) 

Edmonds. 4.03 Stuon Bates. 1331 Paul 
Burned from Kjrklntmodi. Indudlua 
lii.a pjn. iVewfAeat. 233 Tonjr Black, 
bum from Glasgow. 431 Dave Lee 
Travis from the University w Strathclyde, 
including 5.30 Ncwsbeai. 7Jffl BBC 
NQrUierp Radio Orchestra (Si i Joins 
Radio 2/. 1 0.82 John Peel. 2229- 

12. OS a-m. As Radio 3. 


VMF Radios i and 2 —hJ» a.m. With 
Radio S. Including 135 pjn. Good ListeD- 
IB8- 10-83 with Radio i. UJ50-12.05 ton. 
With Radio s. 


poem (8) ' 

12 The company finds the fellow g Hard at work, keeping off the 
convincing ^6) «« » *.»— 


flies, we hear f8) 


Ultra, Utai (Of I 

14 I’d turn half-a-dozen people to 13 To reach the royal road is 

prophecy (101 something you can’t do{ 

15 Cleaners discourage men (10) (3, 4. 3) 

22 In America this evening may 15 She has done her job when 

be explosive (8) she has 24 (8) , 

23 Peak order for the married 16 Position in society does not 

man (8) get a seat ( S ) 

24 Revised some French course 17 Dissipates the sweets (S) 

going back (6) 19 People have to get on in the 

25 Rebuke a town for greed (8) household (0) 

28 Different stages In the super- 20 Notes a thousand in small 
latively wise (6) cars (6) 

27 Church dignitaries get on 21 Don’t go out— it might be a 
with the first-born (5, 3) strike (4. 2) 


The solution of last Saturd ay’s prize puzzle will be published 
with names of winners next Saturday. 


RADIO 2 L500m and VHF 

fi-H> aum. News Summary. 6-82 Ray 
Moore with TUft Early Show 1S1 Inclod- 
ms 5.15 Pause (or Thought. 132 Terry 
Wogan including 8-27 Racing Bulletin 
and 8.45 PaiRD for Thoogftt. .1842 Jfaunr 
Yoons (Si. 1235 o-m. Waggoners' Walk. 
LL30 Pete Murray's Onen Bouse (S) 
including I"J3 Fa Cup Draw lor Uu 
somi-Snate and l.« Swrt3 Desk. 236 
David Hamilton r5> IndodUK 2.45 and 
3.45 Sports Desk. 4JQ WaggoMrs 1 Walk. 
4.C Sport* Desk, 447 Nick Page fSi 
mclodiitg 3.45 Spans Desk. 6-45 Sports 
Desk. 7-tQ ESC Northern Radio 
Orchestra rsj. 730 Abut Dofl: 7.30 Tte 
Dance Band Days. S.OS The Big Band 
Sound (SI. 9JK Humphrey Lrtielton 
with The Best o£ Jan on records iS». 
9J5 Sports Desk. UMD The Monday 
Morie quiz, ULW Star Sound. IIjM 
I Brian Matthew with The Late Show, 
j 124154246 a_m. Kuht. 

RADIO 3 464m, Stereo & VHF 

ZMedlum Wave only 

tfcJS a-m- Weather. 7,00 News. 74B 
Or mm* <S>, ajffl Sms. BOS' Morning 
Concert <S>. 5J0 News. OJB Ttrts Week's 
Composer: John Bull' (S’. 433 Hungarian 
Cello Sonatas (Sj. laJa Tatting About 


Music (Si, IB 30 Flute and Piano recital 
iSi. U30 BBC Welsh Symphony 
Orchestra, pan t. Beethoven 'Si. 
12,29 p.m. In Short Mattf. 1 23B BBC 
Welsh SO. part 2: Elgar > S > . 300 News. 
LBS BBC Lunchtime Concert (S’- ■ 2JS 
Mat low Muoteale iS). 3 OS Southern 
Cathedrals Fcatival 1977 iS 1 )' 3-4Q Sooth- 

West Human Radio Snaphniy Orchestra 
tsi. 4.10 New Records >s>. 535 Band- 
stand (Si. 545 Homeward Bound, ttjs 
News. 4530 Nome ward Bound (can- 
tinned i. 4630 Lifelines: Home and 
Family. 7 JO Concert tram Laocaxer 
U at ve ratty, pan 1; Schnmaon ($1. . UO 
Battle For the Slums, part 3. 9M Con- 
cert from Lancaster University, pair 2: 
Brahma <5). 435 Tse Judicial Campaign' 
An American Mode of Politics natt by 
J. H. Polci. 1Q3B Music Fw.T wo 
Pianos by Bartok. Debussy. BaCh (Si. 
KUO Ptalnflong and ihe Rise of Raropuan 
Mtnlc iSi. IZ2S News. 1UB-IU5 And 
Tonight's Schubert Sons (Sj 


Usiun Wwh Mother. XB5 News. MS 
Artornoon Theatre 'Si. 135 Story Time. 
540 Pll Reports. 5A9 Serendiplis. <*.!;; 
H’esthvr. Droarjimnc nen-s iVHFi 
RtKioiuI News. 6JM News. 6341 .The 
Enchantins World of Hinse and Brackw. 

7 - ns Tb® Archers. 733 From 
Our Own Corespondent. Ms The Monday 
Play iS i. ft-dB (ntamrs of God 930 
Katetdoscope. 9-M Weather. UAH The 
World Tonight. IS 30 Profile, mo a 
B ook at BcdUmc: "Esther Wsters" by 
George Moore, part t. it.tt The Plnan- 
dal World Tonight. UJO Today in ParUa. 
Blent. HAS News. 

For School, (VHF only) 4AS4L40 un. 
And ZMS36 p.m. 


THREE course winners — Sea 
Count, Stay-Bell and Fiddler on 
the Hoof — meet Tumbeleena in 
a four-cornered contest at to- 
day’s Ayr Sundrum Chase. This 
2J-mile event could well provide 
the most intriguing race on the 
Scottish track. 

Although a ease can he marie 
out for each of the four. I shall 
be surprised if the prize does 
not go to either Stay-Belt or 
Fiddler on the Hoof. The first- 
named, a strong bay son or 
Khalkis. found his best Form this 
term when accounting for The 
Last Light over this course and 
distance on his most rerent 


either the Gold Cup or Champion. 
Hurdle. While at least seven 
intended Irish challengers, 
against a likely figure of four 


RACING 


BY DOMINIC WIGAN 


Radio 3 VHF only: 640-7-00 (Lin. and 
635-739 pun, open UuJrersiiy. 


RADIO 4 

434m, 330m, 283m and VHF 
635 un- ■ News, 6.17 Farmlqy Week. 
635 UP to the Hour. 6-52 iVBF.l ReSKHul 
News. TJP Ncwv 7.1Q Today. 7-S Up 
to the Hour (cantlmtcdl. 732 . <VHFi 
Regional News. SJQ News. 130 Today 
Includlna news headlines, weptber, pawrs. 
sport. MS Ray Cosiurn «rttb tiw BBC 
Sound Archives, 430 News. SJB5 Start 
the Wectc with Rkhard Rafter ft Prom 
9. Mi. ftO-IM News. tULOS Wildlife. " 1030 

Daily Senicc- juas Monuns Story. 
W130 News. U1JH stilnwrech. U-50 
Aotumiicvnieus. 12JS9 News. VLB? P-m. 
Voa and Yoors. 1 13r Brain of Attain 
197?. Tl?.55 Weather, programme news 
VHF (except Lend on and SE) Hesdoaal 
News. MO The World At OM. ,130 The 
Archers. L45 Woman's Hour u from 
2.«i iacludjas 2.00-M2 News. *2A5 


BBC Radio London • ! 

. 206m and 94J) VHF 

6JOO a.m. .As Radio 2. 630 jtasb H our. 
9.03 Weekly Echo. «0 London Live. 
U.D3 In Town.. 12JB pjn. Call to. 2JD 
266 Showcase. 433 Home Ruu. 630 LooF. 
Stop. Listen. 730 In Town. 830 Break- 
through. UJ3 Lata Sight Leaden. T 2 M — 
Close: Aa Radio S. 

Loadoa Broadcasting 

261 m and 97,3 VHF 
too a.m. arornlng itnslc. 6-03 A.M.: 
non-smp news, travel, upon, reviews, 
in forma Hon. 1030 Brian flay vs. 3.06 p-m. 
LBC Re ports InriutlmK Qvotrv Gale’s 
s O'rtock CalL UO ,\Iter tf-wnb (an 
GilchrlM. 939 SiqhUmc. 140-540 ajw. 
Night-Extra with Adrian Scott. 

Capital Radio 

194m and 953? VBF 
640 a.m. Graham Dene's Breakfast 
Show tSi. 4.00 Uichacl As Del (Si. 1240 
Dare cash <Sr. 3M mi. Roger Scott 
iSi. 749 London Today *S»: T30 Adrian 
Love’s Open Low (Si. 943 Nicky Horae's 
Mummy’s w>«!kly isi. zun Tony Finn's 
Late Show isi. 240 ami. Peter Toncs's 
Sight Plight (Si. 


AYR 

2.15 — Sandyke 

2.45— Stay-Bell* 

3.15 — Sbirpferbeds 4 ** 

3.45 — Leap Well 
4J5— Salkeld** 

4.45— Man of Steel 


for the chasing and hurdling 
crowns, it is. perhaps, not too 
surprising. 

At present, by far the most 
popular medium for the Irish 
money in the Triumph Hurdle 
is tho Paddy Prenderpast junior- 
trained Corrib Chieftain. A 
close look at this gelding’s 
credentials will quickly tell any- 
one why this bay son of the 
Eclipse Stakes third. Appiani II. 
could well be a live threat tn 


England’s favourite. Rodman* * 
After finishing a respect*®* 
fourth behind the -talented 5® 
Freishf in a novices event' JR 
Naas more than two months. a^. 
where his need of an nutiiu: 
reflected In a 1W starting pnsft. 
CorriL Chieftain then w9® 
sharpened up ln a bumpers' raf 6 
in which he disposed of the 
sion in summary fashion. ^ 
Reported to -.be -»H the he ttij^ . 
for those two runs, forreh 
Chiertaln already , is down to 1 28. 
for the Daily Express race, 
judged hy the number # 
inquiries from Ireland- he coujfi 
well go tn pust at ConsidvratH^ 
shorter odds. j 

Latest Triumph Hurdle odt»: 
2«l Rodman, 10- 1 Malor Thomp- 
son and Bourbon Street YM 
Atlantic Bridge and Ccurrft 
chieftain, 18-1 Fast Score in 
Ragabash. 20-1 bar. . ' 


appearance. Fiddler on the 
Hoof has been maintaining some 
useful form without catching tho 
judge's eye. 

Although Fiddler on the Hoof 
prohably would win to-day's 
event if producing his best, he 
Still seems to be some wav short 
of the smart form he produced 
before a long lay-off, which look 
in the whole of last season, and 
I slightly prefer Stay-Bell, who 
bids for his third’ victory here 

Looking ahead, Thursday’* 
Daily Express Triumph Hurdle 
continues to attract an excep- 
tional amount of' interest. Ail 
the leading layers report that 
there has never been a stronger 
ante-post market on the Triumph 
and many have taken Tar more 
money on the race than on 


England cricketers hack 


ENGLAND cricketers Derek 
Randall, Geoff Miller, Geoff Cope. 
Graham Roope. Chris Old and 
Brian Rose, and manager Ken 
Barrington arrived home front 
their tour of Pakistan and New 
Zealand yesterday. The other 
players are holidaying, and will 
rcMim separately. 

Barrington said that the tour 


Raleigh wins Paris-Nice race 


TI RALEIGH'S Gcrrio Kncttc- 
liian confirmed his weck-Imig 
lead in the 1.200 kms. Paris tn 
Nice French cycling classic by 
winning the final stage tn Nice, 
to gain overall victory hy io 




away from a lunging tackle add 
spot a free. ' distant col league: 
without (teeming to look. AH this 
is hacked with on accuracy of 
kick in the Haynes class— 
maybe belter. 

Two failures! hy Roberts tn 
dear Brady corners brought 
deadly crosses from Brady- that 
quickly took Arsenal from 1-1 
to 3-1. 

My idea of the seeond best 
player wan WrexhauPs No. fi 
Thomas, a highly creative mid- 
field dynamo. Not far behind was 
tricky winter Shimon, who 
helped m both his ride's goals, 
and right-hack HiU. Price and 
Sunderland were alao prominent 
for Arsenal. 

Amid all the thrills and the 
glory, mu 1 had the fooling that 
Arsenal were playbill with a 
little >n hand, ready tu engage 
super-drive had it been needed 
Indeed, sharper Wrexham obno!- 
ing on two or three wcarions 
would have forced them tn >t 

JAMES FRENCH 


Harlem Globetrotter. 

Burton and Sargent proved 
immovable objectu la »he scrum, 
where Reed replaced Mills after 
20 minutes. 

Gloucester wheeled the. Wasps 
and took five strikes against the 
head - to prove their forward 
power. = ' 

Wasps could not find the 
chinks, especially against tiw 
vigilant Woolley and Simonett. 

Gloucester had problems. '«t 
half-back, and Howells at acrom- 
half had a mixed game. ' Fly- 
half Williams did not kick won. 
and with the wealth of .posses- 
sion oupht to have been getting 
the hall away as quickly as 
possible. - . • 

Apart from Morc, Glouccsters 
talented left-winger Vine also 
looked full of ideas. 

After Suiter had kicked an 
early refund half penalty—' the 
first time Williams let the tmH 
pti with any speed from Fid J^s 
linfront— Vine dummied throa®i 
and Mobs? scored an excel!* t 
tr>’' in the corner. 

That was the one spark of#® 
second .half from GlbucewV 
whose ideas seemed to he faiuntin 
on Wasps’ sharpness. Fortunwigy 
for Gloucester, Butler . kiew 
well . against the wind ttBs 
retrieving some dangwoos sit#* 
tions for his side. That ip 
could do so was also a tribute*® 
a very efficient forward unit.* 


.'4 *kS- 

- . <} ■■ 


was disappointing, an dour hlti^ 
men never really so tin form-> 
"But l think we have arvpifT 
flood future, lun Botham is one 
of the most cveitipfl cricketer* 
(o play for England, Spinntt 
Phil Edmonds proart'sxcrl' well, 
and Geoff Miller showed great 
haiiinu iraTcuri.tl, The whole 
aide fielded magnificently*. 


s«eftnds from Frances Bernard 
mnuiilr The T! Ralciph JttiAi 
•snatched victory Truro . Feimcttb .. 
with 5‘upporttnfl rides in the BOm 
stage— a 9,5 km‘. mountain tiro> 


trial— h. v Kcntite Kuitrar and- 
Henk Utbbcrdltm. ‘ . . ' z - : 



a 




rfffANcsAL tikes Monday march is iots 

Berlin Film Festival . 


13 


A soft centre 


by . N I GE LAN D R E W S 


Berth? homosexual loverArmin j s tin- and/or earnest experiineatalism, Them political themes. The 

from late June - to 1 lata SK fhJf??? J 011 ^ ^ sb °ws avowed two lively and scabrous results are fascinating— even if, 

man' and <2Sn. 1° that one cannot glibly separate entries through this year. One as., in a juggling actfthe com- 

Cannes a ?Ht42rtJ 3 a mans poUtical beliefs from was Ronald Chase’s Loti* an ponents are nev£ quite airborne 

the° unen5Se rt fob hl ^i? r v?5 ® rtlonfi *° d Persona, adaptation ‘of the play by Wede- all at the same time, 

up after the world’s ^ The .best German film on view, bind (and opera by Alban Berg) Finally, nostalgia. This year’s 

festival (rnkinB nlLe^^innth sh< S5P °£ ltslde ,? h V :onip<?ti ' which cunningly invokes the Retrospective was devoted to 
earlier in Mavfahd of S Serpent s Egg only conventions of silent cinema to Marlene Dietrich: part two of a 

compensate for jS 10 i“? qualifies Jar the epithet re-create an age of arch and mammoth review of the German 

with as rich an ami Ik KfihS r Ueman ' i. Though made in tremulously- elaborate eroticism, siren’s career begun in Berlin 

of native product. 7 lr T>^? ed by . a Tbe other was Vfie Safe last year. Among the treasures 

product goes Germanic i J 1 ™**- f wed f*. Ba'SF 1311 , with Hiatoire by Jean Eustache on offer were Desire, Manpoaer. 

in facrfiie best in?he wLm Swedish ^and^AmencMi stars .(director of La Maman et La Kismet. Touch of Evil and The 
present, with directors 0 * 1 frlv Allman a, J d jP av1d P.arra- Putahi) which regales us— not Garden of Allah. The latter has 
Fassbinder Herzoe xunwiT 6 ' aDd Itaba “ Producer once but twice— with the remini- Dietrich finding love in' the 
and Syberbere on hand ^ (D ‘$V. de * I * urei f Co * seences of a public-toilet peeping desert with ex-Trappist moDk 
film feSvSl murtalto boaS- ihS ‘ .** , at tom. Two different, acotrs Charles Boyer,- Sh^alsc finds 

best in foreign film? a Skiers a great director can repeat the identical 25-mintrtB such un-desert-like commodities 

should have ^en the ^ 5I ? e ^ ni£5 t®*® a mi Skty tumble, speech to two . different gather- as champagne and evening 

which Berlin oreot^cmt y n? Vi! Bergman s account of life logs of fascinated ladies. The gowns. Has High Kitsch ever 

from under HhaAnL **5 Berli n m the 1820s--the taste film . asks the simple but intrigu- reached a higher altitude than in 

Cannes aniSroiSS 011 e™* 0 ** ® ing question-does the shock Dietrich’s films? 

national excellence ^ oWn 1118 t b ® ady . aroma of Nazism power of a story diminish or It comes close to doing so in 
ience. scented from afai>-is a increase on a second hearing? X Sextette, drown outside the eom- 

s»ad to say, it did not happen, marvellous piece of imaginative shall reveal nothing: with luck petition. This is the latest, and 
Ana the chief culprit was mi- cinema. "Imaginative because you may be able to find out for one hopes not the last, fil m star- 
doubtedly the Main Competition. ' 

With its rich kaleidoscope -of 
fringe events— from the Young 
.cilm-makers Forum- to the 
annual Retrospective— the Berlin 
festival looks to the competition 
as its solid centre. Blit this year, 
not for the first time, the centre 
fell apart In. the absence of 
name ” directors' — John Cas» 
vetes and Satyajit Ray . honour- 
ably excepted — festival pro- 
grammer Wolf Donner stacked, 
the competition with unknown 
hopefuls ;wbom he assured us 
would spring surprises. But this 
oddly blighted event — even 
under Donner's Tecent predeces- 
sor Alfred Bauer It never quite 
blossomed into richness — 
remained blighted. Of Ray’s 
The Chess Flowers 1 have, written 
before: it is witty, but slight, a 
minor work in the- master's 
canon. Cassavetes* Opening 
Xight was chosen for -the open- 
ing night, but apart from its 
titular appropriateness Cassa- 
vetes' story of an ageing actress 
(Gena Rowlands! having ~ her 
last Broadway fling was thought 
to have few redeeming assets — 
and at- 2} hours was judged far 
too long for . its material. 

Eisewehere the ' competition 
films, though they ran the gamut 
•>f subjects from proletarian 
: con lent in Rio de Janeiro 
ii’iy Guerra's ■ The Fall) to 
l Mp-cI-m murder an the 
nL j.iui Express’ . (Niklaus 
. .:l::ri^*s Ithcir.gold). displayed 
.iM tin; narrow a range of 
» : i ! r i y and lmaginstton. . The 
Coiden Bear was shared equally 
among the Spanish entries; ;of 
which the best was Jose 
Sanchez’ stylish farce The 

*» £ ., « * Bergman has forsworn • docu- yourselves when the film comes ring Mae .West The octo- 
r”L mentary realism , to give, us a to London. ’ eenarian Srac svmhnl here 


Nottingham Playhouse 


Deeds 


by MICHAEL 1 COVENEY 


Over the past few years the powering heartache, demands venge impulse. Now be Will learn Dead baby? A grain of sand is 
Nottingham Playhouse under more material help. He has to climb walls. Six- months the desert of capitalist in justices. 
Richard Byre has premiered im- stopped working and needs served, he arrives in London, ^ interlude unmistakablv 
portent new work by Howard money. nursing his anger against a back- from ffie of ’ Ken Cam pbe11. 

Brenton, David .Hare, Trevor The stage opens up. cavernous ground of irrelevant activity: a e-a- Hvde Papt . u „ tea{n , 
Griffiths and Ken Campbell, and black, to reveal Ken .at a TV crew discuss what language t _ a s0aD _ b0x ]( L n dia^nosino the 
These four writers have now bus stop outside the hospital, of violence will be stomached at ,.. or M- s th p t u p 

collaborated on a piece to mark ready, for war. He is wound up. peak-viewing time; a man with a frjumQ v 1 r n i_-ti e /‘‘\Wre nni 
Mr. Eyre’s departure to the embarked . on a mission of walkie-talkie reports on m r !? 

BBC as Producer of Play For revenge that takes him straight Queen’s progress from walkabout wpar j 7 .“ „. p rp- r. ' . 
Today. Although the piece to the lair of the perpetrators of to bed-time: a hippy policeman e ^ 0u '„i hut in no wav 




coiiaooraxion, BrasmecK Dy ana a rennea sense oi expenene- spray ner surname ovei a vwj> = _ n ,i ... 

Hare and Brenton. it Is nonethe- ing large injustice in allusively long brick wall. m h ■ x'ht^Ip r-»nk-or 

less a compelb'ng theafHcal defined time and space announces In the scond half, with scenes _ BOn a ? nf joht . 
event “Spot the author" may the arrival of Howard Brenton. at the House of Commons lobby, 

be. a futile game to play, but Ken commits a minor but theatri- in the Nuzzle boardroom and the D0 ,|, C ] ere( i Tniit- Marv is heai ih- 

the opening scenes, in which a cally vivid outrage in a sleepy Savoy Hotel bathroom of an PJl fl n e « a “g: S a f SfVS* 

Manchester labourer learns of supermarket by pouring a packet /ynencan director, the contnbu- p nevi . 'chijH out of bricks and 

his baby’s cot-death, bear the of Nuzzle powdered milk o Q the tion of David Hare k apparent. “ew cmid out of bncks and 

unmistakable Griffiths stamp: floor. The Indian proprietor pro- You realise, suddenly, that Ken Jg™ /RnnifiSini ^ liti ' 

direct naturalistic- and un- claims the dignity of shop- Deed is another way of, writing ^ ^oadireal wll be armed, 

settling. The child was suffer- keeping and its place in British 9 andld *: But . tois . heros quea ^ S' 

ing from severe dehydration, life; .these sentiments are f° r truth, springs from personal . K, ^“ ar « nas done an_ an- 

later explained as resulting fa aughd I v echoed by a sentencing grievance, nor philosophical dis- J 10 *-, 0 ! 

-from an incorrect preparation judge, suspended with appro- position. Because no one can 5 0r ) . an “ . !* Ilc *' a f 

of powdered milk. A priest priate irony high above the definitely say why the baby died, sustains his passion thrmisn 
Visits to offer prayers; Ken action at ground level. Ken’s view of the world is thick and thm. It is good to see 

Deed, in the grip of an over- Prison only hardens Ken’s re- ■ changed. And that view is then stalwarts of this fine compan>— 

y corroborated by the behaviour of Ralph Kossek. Amia Dobson. 

those representatives of establish- David Beanies, Louise Breslsn. 

Greenwich ment society whom he Roger Sloman— giving hard- 

approaches. He only squeezes a edged life to a gallery of rogues, 

-j— ^ ■ sympathetic declaration of com- con-men and creditors. If the 

1 |An hintl -rv * _ __ _ mitment from a female Health resultant play is stronger for 

1 A t 111 J II (1 1 1 by B. A. YOUNG Minister by disguising himself the sum of its parts than for 

wvv -*--*- J . . as a lift attendant and pressing parts of its sum. that may bo 

- - . _ - , a button between floors. Even the put down as the price of an 

Moliere s version of the tale demonstrations of their uses. Labour MP priding himself on imaginative experiment. No!- 
since familiarised by sundry Previously much of the most 20 years down the pits, is a drib- Lingham will be much poorer 
other bands looks an elegant pointed talk has come from bling drunk who deflects talk of for Mr. Eyre’s exit and I hope 
P«« “Li 11 ' 5 production under Sganarelle, his servant, though personal complaints with a bland it is not just London critics who 
David Thompson, though I can't there is a discussion between and hackneyed Socialist apology, say so. 
use the samfe adjective of bis Don Carlos and Don AJonso 
translation, which lacks any can- (Elvira’s brothers) on the sub- 
sistent. style. Broadly, the play ject of honour that is worthy of 


Scene from ‘ Immoral Nuns * 


« int h ^ 

sssssb ssajss* 01 ^ 3 as- e£& !f»§a-!s? ss to u n s 

t,,r m.ci f Ge J inan , ^PresslonistCinema Mehrjui and seen at last year’s (Timothy Dalton). The screen- 

t«F early ■ Nan -. propag anda. London Film Festival. Though play is no more than a vehicle 
ull 9 anan ^^ Ta ^ eau *^°*^ rb it’s a good film, I thought two for Miss West and it groans a 
ca ^x- Uiy otber Forum entries more little under the weight of this 
ufih^nt P °J tT ^ri^ f m ^L VDr ^ e ' of h if tory deserving: Jon Jost's Angel City dressed-to-the-nines super-star, 

uthout a cause see-sawed he- cabaret singer, he ^a n .- u u~ and Thomas Koerfcr's Alzire. The double entendres come tnir- 


SSh 5 s i?r ‘to p r i^te* Eye genre!'^"'nie Vecond ftVfi1m K har*the formality* of a 

^ ^ 3 decapitate “ - ad3, show his new film outside the & about a Swiss theatrical religious liturgy. Dorn DeLuise 
motonsT. competition ■ was v \Valenan groups attempt to stage lends some much needed comic 

Germany also_ -us Borowczyck. The Qalisb dmector Voltaire’s controversial play brio as Miss West’s secretary- 

Deutschimtd wi Herbst (Ger- has given us « sqguaJ arabesque Abire. Koerfer juggles cleverly cum-factotum. bnt the film stands 
many m Autumn), a report on on the. fauult^rlj' voluptuous here with ideas about im- or falls by your devotion to the 
the stale of the nation by nine lines of Story jof Sin and The nerialism, colonialism, artistic lady herself.' Give or take a few 
leading film-makers. This Beast Immoyal Nuns is based- patronage nnfl other Us- versus- creaks, I would say that it stands, 
portmanteau.. film, was received on. a story tgf Stendhal, but all 
with a mixture. of. noisy appro- other traces of cultural respect- 
bation (by the very young and ability are purely coincidental. Coveilt Garden 
the very Left) and incredulous The film .'Is a set of delirously 
dismay (by everyone , else), abandoned variations, at once 
Among other dubious coups, 
counterpoints the . fnneratl 
murdered industrialist Hanna lent. 

Martin Schleyer with "the lignt-years clear of its naughty 
funerals of Andreas Baader and nub competitors by Borowczyckfs 
his fellow suicides from" Stamm- impressionist’s eye for colour 
beim prison in such a: way as and design, and by bis irresistibly 
to leave us in na, .4qubt whom witty play with the props of The Sleeping Beauty, as created seized the spindle?— and they 
the film-makers are rooting for. sesnal fetishism. -by Petipa and' Chaikovsky, had need neither added charm nor 

tNnt Herr Schleyer.)- The -only Decadence and salacity are something very close to perfee- added virtuosity.' 
glimmer of humanity, and of .items one expects to find in tion ,of- form. Each act was Jennifer Penney has so many 
redeeming humility, in the film Borowczyck but seldom in cartful .in structure, beautifully gifts that suit the role of Aurora 

comes from Rainer Werner Berlin’s' Young Film-Makers judged .in placing of incident, that it was disconcerting on 

Fassbinder, whose 'half -hour vig* Forum. This event traditionally The ■ interplay of dance and Friday night to see her tricking 

nottc of his ^ home life;- with a bastion of political commitment mimetic scenes, the balance of out the part with an uneasy win- 

ensemble and solo, the gradual someness, and taking -quite 

dramatic momentum of each act: unnecessary liberties with its 


is divided into two parts. In the Falstaff. Sganarelle is enchant- m; u-»ii 

first Jialf It deals with the Don’s ingly played by Peter O’Farrell, ■wig more nail 

Fou Ts’ong 


by DAVID MURRAY 


misdeeds: in the second, with who since the day when be was 
the accounting for them. the best crocodile ever in Peter 

■When we first see him. resplen- g““J ia , s b ®?. n at Y , oung Vi 5‘ 
dentin a silver-laced white suit, ?» ob ' 

Frank Barrie doing his romantic Hn, his loyalty to the Don due 
bit, Lord Goring in fancy dress, ifSlffr «? £« ar * of t ?2 nis ^ n lf n * l ‘ 
he has already killed the Com- vln 113 ®^ 

madder and seduced and S^d sends Don Juan to 'hell, . all 
abandoned Elvira Foiled in an Sganarelle has to say is “ Who 
off-stage attempt to snatch w S or 5S to pay my wages?" The Schubert half of Fou but the rhythmic freedom he 

another girl from the arms of her . 1 **; Thonipson is wrong Ts’ong’s recital on Saturday was graced them with, which would 

lover. In a boat, be dallies ? put the fatal moment in .the ^ Joving j^creatjon, a marvel- havc seemed daring had it not 
simultaneously with two peasant J® 1 *- tt starts “ ' w * u . ]ous JsZc lS( . „ ™ Da thv and 5eer0ed 50 unerly natural- ^ as 
girls before turning more ^ characters advancing l0 ™ ex 5 cise “ sym J a “f i> “ a really beyond praise. Every 
seriously to argue bis case with through every door like Murga- style. The mam work was the dance was full of unpredictable 
Elytra’s brothers, pausing only to troyds in Ruddigore; the statue Fantasy-Sonata in G; conven* life, and there was not an inflated 
bribe a beggar light-heartedly to “ten** Ws ■ hand; Don Juan takes tional wisdom suggests that its detail. 

commit a mortal sin. The £ : af6e I aQas " darkness discursive Molto moderate needs The second half of the recital 

interval comes as the statue. he d ^ d and the room is some discreet pushing along— but woe merely interesting Weber’s 

notional ly situated at the back |“Pty but f or the whittenng ^ performance needed no J£f r p ® sontf fs £e ctossI? 
of the auditorinm, nods his agree- Sganarelle- Mostly, though, the recourse to conventional wisdom, under-oiaved. and the athletic 
ment to dine that eveoio* P™ dn ^ 1 , i r S d d! » e “ e w 0 tll s 2! m-\l™Pi'i Promise of the op»- wetom' 

The rest of the play is spent {SrSblfSSnS that ^Sn^anae ^8 b“», w as entirely fUged by ^rity. Here, though, the manner 
in Don Juan’s dining-room, a scene anda mood at once- Peter f ° U ^ we l' ‘? eep , y f e ^ ctl 3K’ that bad been magical in 
where he is called on by his jy te ^ the designer and' David ^b u . med . and singularly beairti- Schubert sounded perversely 
father Don Luiz, in a gold-laced Adams does the sensitive light- “i, P iano , t 0Qe - Dramatic wayward: Fou Ts’ong may well 
suit even more magnificent than j™ i reemnraen d lt .vami v ? tre ° gth lts P r °P er P lac ® be right about the dramatic 

Juan’s silver, and with John AboutthetiansJationTMuch of ™ lddIe movemen ^ “ d content of the sonata, but he pre- 

Amatt’s gold-lared voice to j t j s current-conversational but the Rondo wore an enigmatic sented it in a drastic translation, 
match; by a moneylender (Neil {J, e ^ aremomoifa too of hteh- “S? which ^ «*g- The effect was provisional and 

Boorman) whom he flatters into flying romance to keep up with gestl7eness 10 ^ end - noticeably untidy, in just those 

a moratorium: by Elvira (Anna Moli&re. There are other I have not heard a lovelier places where Weber clearly ex- 
Carteret)) now a nun; by her moments of unnecessarv pom- performance of the sonata, and it pec ted well-honed brightness and 
brothers; and of course by the pos ity (“Let me tell you byway could not have been more dispatch. Again, Fou Ts’oog’s 
statue, unusually, and effectively, 0 f warning") and. worst of all, happily followed than by account of Chopin’s F minor 
made, from bronze rather than phrases for Don Juan that make Schubert’s chain of a dozen Ballade brimmed over with 
marble. him sound like a second-class Lflndier, D. ?60. Playing them as feeling, but its magnificently 

It. is in this half that the best company director— “How do you exquisitely as Fou Ts'ong did is long lines broke up into fraught 
of Moliexe’s philosophy comes, read the situation?*' and. for not a matter of inventing subtle- little events. Intense, but forget- 
some splendid defences of flat* God’s sake, “Gentle pressuring ties for simple dances, for there table; his Schubert made an 
texyand hypocrisy, with practical some young heart” is a wealth of invention in them; indelible mark. ... 


isej. aoanoonea vanaaons. ouce j fi ~V f . /"I'i • ‘T^ A 

'2 S1S5K The Sleeping Beauty 

by CLEMENT CRISP 


THEPENTLAND 
INVESTMENT TRUST 
LIMITED 

A member ftf the Assoetatrm of InraJmenl Tnol Compafoa. 


RESULTS FOR THE YEAR TO 31 *t DECEMBER 1977 


Gross Revenue . ■ 

Earned per Ordinary Share 
Divid«id prir Oidiaaty Stare 
Nti And Value per Ordiaary Stare 


1977 1976 

£1^54^39 £1,188^92 
4.1 lp 3.46p 

4.05p 3.40p 

- 149p 129p 


EXTRACT FROM STATEMENT BY THE CHAIRMAN 
REVENUE— Earauqts pee Ordinary Stare tare risen from 3. 4 bp to 
4.llp, an inervaMof 18.8 per cent, as comp a red s>-idi a 19.3 per cent, 
tncrease ita pmiooi year. Y oar Directors arr frcomnwrtdmg an increasu 
in ihr Final Dividend from 2.523p In 3. 1 75p. making a tola] of 4. 05p- 
aeagainsl 3.40p. Since 197l d«- Wn increased bj no less 

itan 65.3 per cmi n in spile of dividend restrain! being in operaboa for 
much rf this lime. ‘ ' ' . . 

. hi order lo reduce the disparity wl^een the Inlenm and Final 
Dividends, it is yoor Board's present intention to increase the In! aim 
Dividend payable in August lo 1 .5Pp per *harr and ro recommend a 
Final Dividend m April l q " q Jl W«l 2.55p pet start, nwluns * 
■■ ■ iii ln . i mi total of 4.05jp pci share, ihe same as m 197?. - 
CAPITAL— The Net A*wt Value of raeh Ordmary Stare tasTHni 
from ]29p (a ThB reptwrtiis an mucirf ol l5.5 per cem. «a 
og.UMtiuiilKrr.ivJ 41.2 per cent, uilhe F T. Actuarial All Shaie 
Index and a decline n{ 28.b pn irnl. in ita Slandard and Foul ! JW> 
Share Index, adjusted fw the in»e»lniait niirency pterraurn ami the rate 

i*l ewhamte. ■ , , . . 

The almlftinn of the 2i per cent . surrender ol the inwtoifllt 
ucirnci' prnnrum «i ihc 'ale pntiuum htw^inu-nls “ta 1' 

we h,ise tarn advocating Inr many years, n mmi welciunra-.il r*in."« 
a :e>trainl mi effuienl nunacjoiienl .4 pwltrik*'. and ta.iu.c it 

W.»s a tah*r Ml the di«cvumi* •«« Ml “ yarv uu Itivertmcul 
Irnst shares. -j..- 

OUTLOOK— The rise m (he L-.K. market diire ihe smmd.uy 
bonking tuBaprr irf JW4 continued in ll* r«h’ Uuw but in 

the pail few monthi we have seen eonsiderable c.imina a> the 
Gavoumenl tries to enfmee wage lellJcinart*, par ikjriac t m the public 
Breton within ihe .10 per cent, guide!**, lit ita next Jew nuwlh' « have. 
sliU to ewer<nme a few major wage settlement^ bert . tf Hiesecan be kept 
- wnhm the pumefines. then wt can are ihrMU t»f inflaflon b^ifi ' 

maintaiped below 10 percent, at leasi f.v a period. VTufe ih« be 
a sobnanlul improwmenl compared win si year ago. we u-ottW stw 
haw n-highw rale of mllalton itauour iodwirial eompsiion. 

thtf efciw «ota» wry taulinus of the U.K^ otinty nurket- 

• Tta ptrl’iwinanor <rf ihe U.S. HKUffc« over the parti *|®y wrt 
and in partfenlw Ons Iasi yMr. tas-tawi wry dHappointwg^Tta 
wealnen of the dollar, the balance of payments defraud* reluctance to 
tackle the «enO probWa «d, finally, the apparent tick of leadership, 
have coainbutol nach towards the decline in tta nurta this year. 
Howevn; we expect dial some leginlation on energy w be passed by 
Corsrers in dr ^uing and ihi- . odd, « ft f«U ™» e - 1 R»«! * al 0, 1 
the unttniamly awToamtag WM Srret at ita pmem tnw*. L fi’*™** 
are cheap, w* onK-liy hj-lmual sUndmib. tal i4n»ive »p L--K- ***'_•_ 


Cofik* »f the . Auoantt we uivn&Bi; tw h-<pwi. ■ 

The AW Cmciffif .Vfrttoe ioE ta MJ JA . J Pjw. 

-£k£fi fwfh KH2 4:VQ, on Tuodoj; 4th Apm, Lh\>. ul fO.^c m.- - 

past OF SCOTLAND INV'ESTMENV MANAGERS LTD. 
i ALB YN PLf\CE. I- DIN BU RGH EHJ 4.\‘U 


these explain why it is so truly virtuosity. There is nothing to 
a- classical work of art in its be gained artistically in prolong- 
h arm any and exquisite ordering ing the balances in the Rose 
of proportion. The Royal Ballet's adagio if this also means little 
recent staging is at its best and waggles of the head and 'teeter- 
most satisfying when it obeys ings of the 'leg in attitude, how- 
Petipa’s blue-print: that is, In the ever much the audience may roar 
first two acts which— given the afterwards. The tragedy is that 
inevitable depredations of the none of the Royal Ballet's 
years— still reflect the progress Auroras has had the chance to 
of ■ the dance action as Petipa see the Kirov approach to the 
intended it. role, and most essential, how 

The . later cuts, elisions, and Irina Kolpakova's supreme, ideal 
accretions all harm the ballet interpretation matched style and 
The full stretch of the hunt content in what is surely the 
dances in Act 2 is needed to greatest piece of cimwp va] danc- 
alluw ns to accept the passing of ing in several decades. If anta 
100 years, and also to prepare Penney purged her interpretation 
us for the return of the Lilac of every, frill and furbelow of 
Fairy’s magic: the present pano- spirit and technique (qualities 
rama* is far too short and we that may have been caught, tike 
have to endure what seems an ’flu, from . the deltferious 
eternity of gazing at a dull front costumes), she would prove a 
doth while the Opera House beautiful Aurora. She has the 
orchestra takes its charmless : lightness, the easy placing and 
way through some of the ■ accomplishment- to. be an 
Chaikovsky's grandest, theatre exceptional interpreter of the 
music. 1 have spoken before role. - 

s “ d dr ?w®tic The Prince of -the evening was 

unsuitability of the Ashton David Wall, and most princely in 
awakening duet and I would manner. If the 'shadow tfMayer- 
urge that the ballet be presented iin^ s R Q d 0 lf lies over him Sin, 
SJJF-W** to> st ? ad of three: it meant that FlcSmnShad a 
there is sound theatrepsycbology sharper edge of character in the 
^ the audience back Hunting scene and that hf« 

refreshed, for the culminating dancing in Act’ 3 was brawt« 

BSSSaEtt" ^ WKI ^ £&??£££ 

JsMjpi- - w 

dowde ttertspe when she has restored to Aurora and hS 
riean m the planning of Aurora’s Prince, and that the Ivans are 
and V ? ^5 be in banished to'tte gteppes^?afi 

teelr exposition by a balienna. now plead for a re-workinfVr 
The steps themselves are CaraboSe’s entn- ^nd 
wondertUii.v expressive — what tearing of Catslahuhe's hair 

mi than Auroras act 1 solo; or costume for XT'" 

more dramatically apt than torSifSSttWE 
danse ,de vertlge when she has near, perfect ^ - 1(111 - 


York .Early Music 
- Festival 

Claimed to be. the- biggest 
Festival of its kind to -be held in 


Jazz Brunch at the 
Portman Hotel 

The foBowtag jazz artists will 


this country, the York Earty ' ^ appearing at the New Orleans 
Music. Festival in 1978 will run l2? n $y j _: n,a S sessions held at 
from July J-23 providing overiJ? e ? ortman Hotel, W4, during 
40 -events 'for the public and i fortneoming • weeks.- Jim 
some courses for early music I Usllovray and the Benny. Simp-, 
enthusiasts. , jkms Quartet (March 19); Dick-] 

The success of the York Early •,“" ar ^S 5V0 . Quintet ( 26 ); the 

Music .Week in April 1977 (spon- Jwr Russell Band April 2: and 
sored by Pernod of France with | „ Hefty Jazz,” featuring Keith 
further -financial aid from the Smith, Dick Wellstood . and Ian 
Yorkshire Arts Association) has j Wheelerbn April 9. 
given tile- festival committee the. 1 Brunch starts at 1L0(] a.m. 
confidence to expand activities, {last orders sire 4.00 pan. 



C.C. — These theatre* accept certain credit 
carts fry telephone or at 


OPERA & B 

COLISEUM. Credit £*rd« 

Reservations 01-836 311 
ENGLISH NATIONAL OP 
Tomor. & fri. 730 Don 
& Sat. 7-00 Force ot OraUtwi 
SJJO. fttiil pert, of Taira. 104 
seat* always available day of 



COVENT GARDEN. CC 240 1d66. 

(Ganiencharse credit cart* 836 GBOBJ 
THE ROYAL OPERA \ 

Tomor.. Thur. and Sat. ..7.30 P-m. 

Idomcneo. Fri. 730 pan. It trovatsrdk 
THE ROYAL BALLET \ 

Wed. 730 p.m. The Sleepino Beauty.' 

Set. 2.00 pjh. La Fllle mai partCc. 

E5 Am phi" seats for all perf*. on sale j 

Irom 10 a.m. on day of pert. I OARRICK THEATRE. 


THEATRES 


DUCHESS. 836 8243. Mon. to Thurs. 
Eva*. 8.00. FrL. Sat. 6.15 and 9.00. 
OH1 CALCUTTA! 


1 The 


Nudity 1* BtunnfnB.’V. Daily Tel. 
8th SENSATIONAL YEAR 


DUKE OF YORK'S. ... ^ 01-836 5122. 

Evo*. 8. Mat*. Wed. and Sat. at 3. 
JOHN GIELGUD 
la Julian Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
■■ Brilliantly witty ... no one should 
miss It." Harold Hobson (Drama). Instant 
credit card reswnratkms. Dinner and too 
price seat £7 J)0. 


FORTUNE. 836 223IL EyS*. 8- Thun. 3. 

Saturday* Bjoo and 8.00 

MURDER, AT THE VICARAGE 
Third Great Year 


SADLER'S WELLS THEATRE, Rosebery 
A vc.. ELI. 837 1 672. Last week 
BALLET RAMBERT 
Evs. 7 JO TonJoht, Tomor. A Wed.' 
Sleeping Birds. Enlsode 1, Smiling 
Immortal, Praeludium. Thurs.. Fri. and 
Sat-: Cruel. Garden. Mar. 20 to April 
1. PiLOBOLUS Dance Theatre. 


01-B3B 4601. 

Evs. 8.0. Wed. Mat. 3.0. Sat. 5-T5. 8.30. 
JILL MARTIN. JULIA SUTTON 
ERIC FLYNN and ROBIN RAY 
in tne 

"BRILLIANT MUSICAL 
ENTERTAINMENT." People. . 

SIDE BY SIDE BY SONDHEIM 
"GO TWICE-” S. Morley. Fuuch. 
GO THREE TIMES." C. Baynes. NYT. 


THEATRES 


OPEN SPACE. 01-387 6369. _ From 
Tuesday 7-0. Subs- Tues.-S«n. 8JJ. Mat. 
S»t- 3.0. STEPS NOTES & SQUEAKS 
Beaumont, Berlosova. Gielgud. Kelly. 

Louther. Sleep. 




01-437 6B34. 

lon^Thore. B.OO. Frl. at 6.00 and B AO. 

JESUS CHRIST SUPERSTAR 
GOOD FRIDAY 2 Prlfc. 6.0 and 8.40 


PHOENIX. . _ 01-B36 B611. 

EVB*- 8. Mat. Wed. _3.0. Sot*. 5.0 A 8-0. 
_ FRANK FINLAY in , 

The Leslie Brtcusse Musical 
KINGS AND CLOWNS 
Directed »Y. Mel Shapiro.. „ „ 
" Succesaiul. Slick. Entertaininp.” P. MalL 


PICCADILLY. 


jY. 437 4506. Credit card bkos. 
B 1071. Eve*. 8. Sat*. 4.4S and 8.1 S. 
Wid. Mat. 3.00. 

BEST COMEDY OF THE YEAR 

Award 


THEATRES 


836 9988. Eva*, at 8. 




VAUDEVILLE. 

Mats. Tries. 

Dinan SHERI CAN L Dnicie 
Eleanor SUMMERFIELD. James GROUT 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT HIT 
by AGATHA CHRISTIE. 
‘■Re-enter Aoatha With another who- 
dunnit hit. Aoatha Christie Is staOcirm 
the West End yet asain* with another 
of- her bendishhr inneWous murder 
i.” Fell* Bj ' ” 


mrstene 


Barker. Ev. News. 


WAREHOUSE. Donmar. Covent Garten. 
836 6808. Book now for new fiSC 
season from 10 April. Strindberg's THE 
DANCE OF DEATH. John Ford's TI5 
PITY SHE’S A WHORE. Paul Thompson's 
THE LORENZACCIO STORY in reper- 
toire. Adv. Bko*. Aldwych. All seats 
• £1.80. 


Evs. Standard Award and SWET 
RPVa. Snauesnaar* Company 


in 


01-|3D 66 92-776 S. 


iPerij 1 

EXT 


PRIVATES ON PARADE 
by Peter Nichols. 


xtrAVaGANZa," S. Times 


renl 
Times. 


WHITEHALL. 

Eons. 8.30. Sat. 6.45 and 9 00. 

Pael Ravmcuid presents the Sensational 
Sen Revue ol the Century 
DEEP THROAT 

Now live on Stage. Limited. Season. 
12-weck season prior to World Tour. 


1 GLOBE. 01-437 1592. 
Mats. Wedn 


BARRY FOSTEr”?LIVe‘ 


THEATRES __ 

ADELPH1 THEATRE. CC. 01-836 7611 
Evgs. 7.30 Mat*. Thurs. 3.0. Sats. 4.D. 
GOOD FRIDAY— -One Port, at 7 SO. 
"LONDON’S BEST NIGHT OUT ’’ 

. IRENE 

THE MUSICAL MUSICAL 
** SPECTACLE. CAPTIVATING TUNES 
AND RACY COMEDY,” S. People. 

, IRENE 

CREDIT CARO BOOKINGS 836 7611. 


ALBCRY. 836 3878.' Credit cart bfcgi. 
836 1071 lewzept Sat.) MoiJ~ Tuts.. Wed. 
and Fri. 7.45- Thur. and Sat. «.30 and 
8. Extra Caster mat. Wed. 22 March at 
4 JO. ’’ A THOUSAND TIMES WELCOME 
IS LIONEL BART’S 
MIRACULOUS MUSICAL." Pin. Time*. 
OLIVER 

with ROY HUDD and JOAN TURNER. 
” CONSIDER YOURSELF^ LUCKY TO BE 
ABLE TO SEE IT ASA I N.“ Daily Mirror. 
APPLY BOX OFFICE FOR SPECIAL 
PARTY RATES. 


ALDWYCH. 836 6404. Htfd. B36 5332. 

.ROYAL SHAKESPEARE COMPANY 
Nfa pert*, until 4 April but POSTAL 
BOOKING now open Ear new London 
season ol Shakespeare's HENRY V and 
HENRY VI plays from Stratford. Box 
Olllce open 10-00 ldl to 6.00 e.m. 
Persona r J*oofclrn. fro,tl 20 March. RSCs 
new WAREHOUSE season at the Donmar 
Thestrn Open* 10 April. Book now In 
person, by post or telephone (61-836 
6808). 


Evening* 8.0. j PRINCE OF WALES.. 

FRANCIS 

DONALD GEE. JEREMY IRONS and 
SIMON WARD In . 

THE REAR COLUMN 
SIMON GRAY’S line oiay. Rarely have 
seen a show a*- perfectly caSL 'Times. 

Directed by HAROLD PINTER. 


GREENWICH THEATRE. • 01-858 7755. 

Evening 7.30. Mat- Sats. 230. DON 
JUAN. A Comedy by Moliere- ■" I recom- 
mend n warmly. F. Times. 


, CC. 01-930 8681. 

.Monday to Friday at 9 Am- 
Sat. 5.30 and 8.45. Mat. Thurs. S.00 
GOOD, FRIDAY ONE PERF. AT B.O 


’ THE STAGE IS AGLOW." 

Dally Trteorapti. 

RICHARD BECK1NSALE 


HAY MARKET. 01-930 9832. Em*. 8.00. 
Mat. Weds. .2-30- Sat*. 4.30 and 8.0. 
Easter Perl*. Goon Frl.. Easter Mon. B.O. 
INGRID BERGMAN 
WENDY HILLER 
DEREK DORIS FRANCES 

GODFREY I^ARE CUKA 

WATERS OF THE MOON 
“Ingrid Bergman makes the 
radiate — unassailable charisma.’’ D. Mall. 
“Wendy Hiller Is superb." S- Mirror. 


HER MAJESTY'S. 


Ooenlnp March SS ' 


CC. 01-930 6606. 
March 2f 

FORSYTH 

In Leslie Brlowse and Anthony Newley’a 
TRAVELLING MUSIC SHOW 
with DEREK GRIFFITHS 
Directed by BURT SHE VE LOVE 
Previews from March 16. 


KING’S ROAD THEATRE. _ 352 7488 


Mon. to Thur. B.o. Frt.. Sa*. 


THE ROCKY HORROR SHOW 

_ OW IN 

THE GREAT 


9 JO 


TBb. 


EvgS. 


w . 01-BS6 1171. 

Mat.- Toe*. 3.00. 

QUENTIN CRISP 
Tickets E3jS0 and fiz.30 Inc. glass ol 
wine. “This is without doubt the most 
•xtraordiiurv MiterUInmetit in London” 
Evening News. Ends March 78. No 
Performance Monday 13th 


NOW IN ITS Sth ROCK I NG YEAR 

ROCK ’N’ ROLL MUSICAL 


LONDON PALLADIUM. 01-437 7373. 
MARCH 20th FOR TWO WEEKS 

GINGER ROGERS 

and Suedal Guest Star 

DONALD O’CONNOR 

and CHARLIE SM TIMERS 

A GREAT EVENING'S ENTERTAIN MET 
WITH HOLLYWOOD'S FOREMOST 
MUSICAL COMEDY STARS. 

BOOK NOW— Seats £2-£S 


I LOVE MY WIFE 

“ W7X U 5MJ., N,CE WITH A LOT 
OF LAUGHS." News of the World. 
CREDIT CARD BOOKINGS 01-930 0836. 


WINDMILL THEATRE. _ CC. 4S7 6312. 
Twice Nightly 8.0 ann 10.00. 

OPEN SUNDAYS 6.00 and 8 00. 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 

• • MODERN ERA - 

“Takes to unprecedented limits what ■» 
permissible on our stflCes ’’ Evg. News. 
You mav drink and smoke in the 
Auditorium, 


QUEEN'S THEATRE. 01-734 1166. 

Evs. BJJ. Hats. S.0.-IL3Q. Mara. Wed. 3.0. 
- ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
Variety Club Ot GB Award In 
TIIE OLD COUNTRY 
A New Play. ay ALAN BENNETT 
Directed fry. CLIFFORD WILLIAMS 
BBT PLAY OF THE YEAR 
Plavs and Players London critics award. 


RAYMOND REVUE8AR. CC. 01-734 1 593 
At 7 wn.. 9 am. 11 p.m. (Oku Suns-' 
PAUL RAYMOND presents 
THE FESTIVAL OF 
EROTICA 

. Fully Air Conditioned. You maf 
drink and smoke In the auditorium. 


ROUND HOUSE. 267 2564. 

Eve*. 8. LAST WEE '. 

. THE LIVERPOOL. PLAYHOUSE CO. 
with ..James AUBREY & Don WARRING- 
TON (n A red- hot production." Gdn, 
, STREAMERS 
, fry David Rsoe 
One ot the three best plavt m London 
■ ■ ■ awesome strength." Obs. 


ROYAL COURT, 
from Tomor. Eves. 8 


730 1745. 
Sat. 5 5 8.30. 
HULL TRUCK In 
A BED OF HOSES 
■' Made me feel glad to be alive.” 

D e*p. see a bo Theatre upstairs- 


WYNDHAM’S. ass 3028. Credit Card 
booking 836 3692 lex. Sat. I Mon- 
Thurs. B Fri. and Sat. 5. IS and !L3a. 
" ENORMOUSLY RICH; 

VERY .FUNNY.’’ Evening News. 

Mary O'Malley’s smash-hit Comedy 
ONCE' A CATHOLIC 

“ Sure fire comedy on sex and religion,” 
Daily Telegraph. 

"MAKES fOU SHAKE WITH 
LAUGHTER." Guardian. 


YOUNG VIC IlNr Old Vic). 928 G3F3. 
Today 2 and 7.45: TWELFTH NIGHT. 


CINEMAS 

ABC 1 SI, Shaftesbury Avc. 836 8861. 
Scp. Perb. "ALL SEATS BKBLE. 

1: SILVER BEARS CA). Wk. and SuK4 
IAS. 5,00. B.OO. 

2: THE BOYS IN COMPANY C <X>. 
Wk. and Sun.: 2.00. 5.15. 8.15. 


CAMDEN PLAZA (opp- Camden Town 
Tube). 48S 2443. Robert BriHson s 
masterpiece _ THE DEVIL. PROBABLY 
tXI. 4 45. 6.50. 9.00. 


i LOND °^ ''™e"wnn?u !7 737S * 


Jrt m a® Mar, . -m . right 29th at 
7 p.m Ergs. Mats Tuts. 3.0. 

LET THE GOOD STONES ROLL 
The Retting Stones Story - 


FROV MAY 2S to AUG. 19. 


APOLLO. 01-437 2863. . E*gs. 8.00. 
Mats. Tinrt. 3.00.. Sots, 5iOO * fl.ao- 
DONALD SINDEN 

<”. i KS #r -?L'i!£JS ,r i' 6- Standard) 

IS SUPERB." N Ot world, 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
••WICKEDLY FUNNY.'’ Times. 


LYRIC THEATRE. OT-457 3686. Ev*. 8D 
Mats. Tours, _ Sats. 5.0 and 8.30. 
JOAN PLOWRIGHT - 
COLIN BLAKELEY- 
and PATRICIA HAYES jn 
FILUMENA 

by Eduardo de FUinpo 
Directed fry FRANCO ZEFFIRELLI. 
"TOTAL TRIUMPH," E. News: 
"AN EVENT TO TREASURE." D. Mirror. 
"MAY IT TILL THE LYRIC FOR A 
HUNDRED YEARS," Sunday Timas. 


ROYALTY. CC. , , . 

Mo nday-Thnrsday ' EveilTngs 8.0. Friday 
5 30 and 8.4S. Saturdays 3.0 and 8-0 

I mvlnRY FfIeItw 


01-405 8004: 
- - FrK 


H.ianom . see it." Sunday Times. I 
Monday to Thurxgy a JO. Friday and! 
Saturday n 7.00 and 9.15. 


ARTDRIA THEATRE, Cltarlnu Cross Road. 
01.734 4291- Nearest ^Tnbe: Totimnam 

Cou, V eS^iJw*'. 8 -°° PiRL 

Friday and S«^6J)o and 8-«. 

Tiemts Si.50-C5.50. i nai o nt Credit Card 
Reservatiwu. In oar fnlhr-Dcensed 

Restaurant or _BtdTet .8ar lunchtime and 
before or arter^ mw — bookable In 

BEST MUSICAL OF T»E YEAR 
EVENING STANDARD AWARD 


”■ PULSATING fM USgAL: ^ftenlnB News. 

BBjftffsagjasg.,. 


COMEDY- 01-930 2578. 

Entnme 3 0. TT WL. 3-O Slt. 5,30. BJ0. 
MOIRA WSpRi TWIY BRITTON 

Maraarrt MURTENAT^Depnot walsh 
THE hit comedy 'Thriller 

MURDtR AMONG FRIENDS 


CC- 629 3036, 

Man. to Frl. 8.0, Sat. SJO and 8^45. 
GORDON CHATER “ BrtllWutt." E-N. in 
THE ELOCUTION Of 
BENJAMIN PRANKUN 
by 5CCTC J. Spears. 

'J* « BmD*ssl OMW- fti nny . bare* I y eloooent 
play.- Gdn. "Hilarious." E.Std. ■‘WStatHy 
amusing.'’ t. News. "Spellbindlna." Obc. 


MERMAID. 248, 7856, Rest. 248 2835. 
Tom CONTI •' A Supe rl a ti ve Partorm- 
pen. Asher hi 

..-.Wttptt LIFE IS IT AWYWAY7 
"Caught me up in a welter of exclte- 
matrt." F.T. - Adsorbing, gum. Witty, 
moving— a play to be proud or.” Eva. 
News- A momentous ofay— I urge 
yoo to it." Gdn. 

Ew». 8.15. fri. and Sat. 5.15 

cjawa.'vsvui 


NATIONAL -THEATRE. 028 2252. 

OUVICR (open stage): Tont 7.30 .THE 
COUNTRY WIFE bv William WYOierfav. 
Tomor- _7. 30 The Ptongk end tit* Stare. 
LYTTOLTON (proscenium stage): Ton’s, 
and Tomor. 7^5 BEDROOM FARCE bv 
Al an A yckBonre. 

Comstdi (small a udito rinm); Fri. ae 
8. Sat. 2.30 LOVE LETTERS ON BLUE 
PAPER hv Arnold firtskerT 


’■ Blackman, robbery, double bluff I Many exu>n«p* enoap seats an 3 theatre* 

ana rTn ' rd * r -, "A good deal; *■«■«•« 92B 

or fun. E. News. 2033. Credit cart bkgc. 928 3032 • 


CRITERION. CC. . 01-930 3216. I OLD VIC 

Evenings a «’ 

" impM cable ■ ^ ■waa er." Sun. Times. 

HILARIOUSLY FUNNY.^N. of world. 


928 7616. 


PROSPECT AT THE OLD VIC 
Spring season to March 2J> 


in reo.: 

7 JO 


DRURY LANE. OlrtM B10B. Every Nloht j 
6 . 00 . Mitinre vw« ajg Sat 3.00. J 
A CHORUS UNt j 

" A'rart- dowmlailiw JbrtwL astanlsurng i 
stur.imr Sunday . Timas * i 


ANTONY A CLEOPATRA - 
Fri. 7.30. Sat._2.30 and 7^30 
•ALL FOR LOVE mums March. 23 


London's critics vote 
BILLY DANIELS in 
BUBBLING BROWN SUGAR 
Best Musical Of 1977 
Bookings accented. Maior credit cards. 

taster Perts. Good Friday 8.45. 
Bank Holiday Monday B.O. 


CLASSIC 1.2, 3. 4, Oxford St. (One. 
Tottenham Court Rd. Tube). 656 0310. 

1. ABBA THE MOVIE (li). Stereophonic 
Sound. Proas. 1.50. 3 AO. 6.10. 8.30. 

2. THE HIDING PLACE (*.)■ Sen. Ports. 
2.00. 5.00. 8.00. 

3. LOOKING FOR MR. GOODBAR (XI. 
Props. • 2-30. 5.05. 7.50 

4. HOLOCAUST 2000 (X>. Progs. 1.20. 
5-40. 6.0S. 155. 


SAVOY. 01-836 - 1 

Nightly st 9-00. Mol Wrt 2.3C 

Sat. 5.00 and 8.00. . 

PATRICK CARGILL & TONY ANHOLT ( JUBILEE (X). 


CUR2QN. Curzon Street. W.l. 499 3737. 
PARDON MON AFFAIRD iRI (English 
sub-titles). " A soar Ming New French 
Comedy. Directed with finesse by Yves 
Robert." Sunday Express. Proas it 150 
inot Sun.l. 3-35. 6.10. 8.30, 

GATE TWO CINEMA. 837 1177 5403" 
(Formerly E.M.l. International.) Russell 
Sauare Tube. 


in 

SLEtlTH 

The World Famous Thriller 
fry ANTHONY SHAFFER 
SLEUTH 

.. r!! ISf, wgiSM of Intrigue " 
Cargill Is- titoranoh and utterly 
professional." Gdn. 

SLEUTH 

’-Blend of ramedy ... umesmanshlB and 

,, dtSBuHe,*’^ Times. 

Eves £1 to £4. Mats. £1 to £3- 


_ DEREK JARMAN-5 
Sen. Pcrh. 1.00. 3.00. 


I 5.00. 7,00. 9.10. PLAY IT AGAIN 
SAM (A). 11.15. 

LEICESTER SQUARE THEATRE (930 5252) 
OLIVER REED. SUSAN GEORGE and 
many other stars. TOMORROW NEVER 
COMES (X). Seo- prage. Mon.-Sat. 1:35, 
4.50. 8.1Q. • Seats bkbln. for 8.10 
prog." Mon.-Fri. - and all progs. Sat. anti- 
Sun. exceot late shows. 


SHAFTESBURY; 836 6596. 

. .. _.°P«i* Match 21 
John Reardon and j«*h Dfener In 

KISMET 

*®P* nd *'Y musical. Previews from 
Wednesday B p.m. jat 3.00 and 8-00. 


2660. Evenings 8.00. 
■Mat. Thur. 3.00. Sat*. 5.30 art B-30. 
NO SEX PLEASE — 

WE’RE -BRITISH 
THE WORLD’S GREATEST 
LAUGHTER MAKER 1 


ST. MARTIN'S. CC. BSA 1443. En. 8-00. 
Mat. Tues. 2 45 tot i cSSd Fn?5 A a: 
AGATHA CHRISTIE 
THE MOUSETRAP 
WORLD'S LONGEST- EVER RUN 
26th YEAR 


OOEON. HavmartcoL (930 • 2738-2771.1 
Jane Fonda. Vanessa Redgrave in a Fred- 
Zirmemami film JUUA (A). Sep. ptom. 
Dlv. 2.30. 5^45. 845. Feature Dly. 2A5. 
6.00. 9.00. All seat$. bfcble. 


OOEON, Leicester Square. (930 6m.) 
Theatre Closed . today lor Royal Finn 
Pertormance UnlgM of CLOSE ENCOUN- 
TERS OF THE THIRD KIND (A).' 
(Separate .dly. performances from 
Tomorrow- March 14: Mons.-Sats. doors 
own at 10.OO, 1.05. ,4.15, 7 jIS. Sun£ 
1-05. 4.15. 7^5. Late peris. Tues., 
Weds., Thun.. Fris. and Sats. doors ouch - 
11.15 P.m. All scats may t^bootrt 
except 10 a-m. shows. Bex Office open 
every d*v Mens.-Sats. lO^O.a nan. Sura.. 
1 p.m.-B pan. 


ODEON. Martile Arch. (723 201 112 -I 
STAR WARS (U). Doors OBCfl DIv l fd;- 
w?f .' wit?' A ' bllWfr 1.30 


Sunday... Marsh 26. at 7 SO 
oTH AT *? , 5 4 S V K5ART 
with Barbara J effort dr. John Turner. 


PRINCE CMARLESi Lrtc. So . 437 818 V 

T onS ,OWN v ce ’ 7W S051-: (Ira. sta.w2.io. 2 . 45 ; 

8.00. Dining- Oancing. 9.30 Super Revue , 9.00. Late Shaw Nightly ti 55 .. 

RA22XE DAZZLE I heats Bfcfrle. Llfd Bar. . 

' S ?HS¥' 3. Leic. So: (Wardo'ur St.). 439 
' ArSiu Vtn ml ¥ K PANTHER STRIKES 
1 o *£*** j Sun. -Thur. 1 . 30 . 535. 
9J5 F(1. dud Sli, t2.40. n 4 c 

l Fri. art sat 2 bag. "oJ4©.' ‘ 7J0, 


and at ti a.m. 

JACKIE TRENT AND TONY HATCH 


THEATRE UPSTAIRS. 730 2S54. 

Eres. 7.38. Sar. *.6o. 

CLASS ENEMY 
by Nisei William 



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FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET. LONDON EC4P 4BV 
Telegrams: Flnauiimo. London PS4. Telex: 886341/2, S83S97 
Telephone: Ot-248 SOW 


Monday March 13 197S 



ivals to the 


Desperate times 


FINANCIAL TIMES MONDAY MARCH 13 1978- 




base 




!---■? 



THE CLEARING banks, in their 
recent joint complaint of unfair 
competition from the building 
society movement in the mar- 
ket for small deposits, will raise 
only limited sympathy on their 
own behalf. Their recent profit 
announcements do not portray 
3 group being driven to the wall: 
their hours or business do not 
speak of any enormous concern 
for the convenience of the cus- 
tomer : and if they are now being 
driven to close some branches 
and reduce the activities of 
others, it is a rationalisation 
which seems overdue. They 
might muii over the recent 
admission hy Mr. Michael 
Edwardes on behalf of Leyland: 
“We have probably had the 
business we deserve.” 


Rapid growth 

However, the issue they have 
raised is of general public im- 
portance. and deserves close 
attention of a more general kind 
than it has yet had from the 
Government. which is concerned 
only with smoothing the flow 
of funds to the housing market 
to prevent a price explosion. 
The growth of the movement in 
recent years has been quite 
extraordinary. The tax privileges 
of which the banks complain are 
only a part of the explanation. 
The fact is that over a period 
of the most stringent credit con- 
trols in living memory, the 
authorities have allowed and 
even encouraged the growth of 
what amounts to a virtually un- 
regulated cartel, with near- 
monopoly access to what has 
proved one of the Safest of all 
outlets for credit. The result, 
that the building societies now 
hold larger deposits than the 
clearing banks themselves, is 
scarcely surprising. 

If it were true that the 
societies — like, for example, 

the life insurance companies — 
based their activities entirely on 
genuine long-term savings, in- 
vested on a broadly similar time 
scale, then it would be logical to 
leave them entirely out of 
account in any question of 
monetary policy ; but this is be- 
coming marc and more of a 
caricature of the facts. Not 
enough is known about the turn- 
over and destination of building 

society deposit 4 :, but certainly 

their numerous brandies are 


widely used lor what are 
essentially banking purposes 
While their lending remains 
specialised, a proportion at any 
rate of their deposits are part 
of the ordinary store of liquidity 
— not only of shoppers who 
appreciate Saturday opening 
but of srock market investors 
out or the market for the time 
being. 

The societies not only contn 
bute an unmeasured addition to 
the effective money supply, but 
their operations distort the 
growth of the money supply 
which the authorities do try to 
control. When interest rates 
fall, the movement attracts 
deposits away from the banking 
system : but it is commonly 
some months before these funds 
are lent on in the housing mar- 
ket. A proportion of this rise 
in deposits is normally invested 
in public sector debt, and so a 
large potential rise m rh»* money 
supply is concealed. The rise in 
mortgage lending may we I 
therefore have something to < 1 o 
with the recent rise in the money 
supply. While the authorities no 
doubt analyse these changes 'and 
try to offset them, no direct con 
trol is applied. It is only the 
banks which have to make 
special deposits with the Bank 
of England, or submit to a limit 
on the growth of their liabilities 


Unregulated 

It is much easier to state the 
privileges of the building 
society movement tban to 
measure their effects or to 
suggest remedies. Until more is 
known, the safest recommen- 
dation is the usual safe anti- 
climax — a call for further 
study. This should also extend 
to the monetary significance of 
other savings media — the 
Trustee Savings Banks, which 
now offer cheque-clearing 
facilities, for example. The tax 
privileges of the societies with 
regard to depositors are prob 
ably now an anomaly as the 

clearing banks suggest : and 
their practice of demanding 
deposits as a condition of future 
mortgage lendine is also 
questionable. The biaaesi 
question, though. i« how far so 
large a financial force can be 
left essentially unregulated. The 
sacred cow begins to look at 
times like a rogue elephant- 
an enormity to be avoided. 


Drawing the line 
in the Horn 


THE WAR between Ethiopia 
and Somalia in the Horn of 
Africa has caused considerable 
embarrassment for the Western 
powers. The world has been 
treated to the spectacle of mas- 
sive Soviet and Cuban inter- 
vention to crush a Somali 
“liberation” campaign which has 
won a great deal of sympathy in 
Western public opinion — not 
least because of the oppressive 
nature of the present regime in 
Addis Ababa. 

Yet the Somalis have been 

seemingly left to their fate, des- 
pite the moral capital that 
they clearly beiieved they had 
earned by their collaboration in 
last year's West German anti- 
hijacking operation at Moga- 
dishu Airport. The West has 
been made to look ineffectual 
against Russian expansionism in 
a key strategic area. 

There has never been any 
question of the West in gen- 
eral. or the U.S. in particular, 
sending troops to Somalia to 
counter-balance the Soviei- 
Cuban forces on the Ethiopian 
side. There would be no broad 
basis of support for such action 
in public opinion, and it would 
almost certainly lead to a super- 
power confrontation that could 
go rapidly out of control. Nor 
are the rights and wrongs of the 
conflict all that clear-cut. 

It is equally obvious, however, 
that the West cannot afford to 
remain totally inactive. At some 
point a line has to be drawn, 
and President Carter has tried 
to dn so by insisting that the 
successful Ethiopian counter- 
offensive must stop short at the 
Somali frontier. Moscow's appar- 
ent acceptance of this would 
seem to radical e recognition 
that there are still rules to the 
game and thresholds that would 
be dangerous to cross. 

Factors at work 


the issue can be solved so 
easily. In the first place, the 
Ethiopians are now in a posi- 
tion to impose stiff precondi- 
tions. They have already staled, 
for instance, that there can be 
no peace until Somalia aban- 
dons all territorial claims to the 
area — a demand that looks 
extremely difficult for the 
Somalis to accept. In the second, 
it seems that ihe West Somalia 
Liberation Front plans to carry 
on the fight with guerilla action, 
and undoubtedly it has the 
means to do so. 


It if not yet clear how far 
last week's Somali decision to 
withdraw regular forces from 
ihe disputed Qgaden was the 
product of American diplomatic 
pressure or military disaster. 
Both factors wore probably at 
work. Yet the decision should 
help to gei the \Ve.*i off the 
hook, at least for the time 
bcinc. At least it opens ihe 
possibility of exploring ihe 
“negotiated solution 1 that 
Western Governments have said 
they are seeking. 

But it is far from certain that 


Many uncertainties 

There are many other un- 
certainties. The Ethiopian 
Government would probably 
now like to use its Cuban allies 
to consolidate its territory by 
crushing the Eritrean separatist 
movement in the north and 
assuring its outlet to the sea. 
As far as Cuban intentions -ire 
known, it would seem that they 
arc unwilling to go along. But 
it is not at all clear whether 
the Soviet-Cunan forces will 
now agree to withdraw from 
Ethiopia, or where they might 
go if they did. The Cubans' 
next move could easily be 
southwards towards Rhodesia. 

Whatever the outcome. Wes- 
tern Governments will have 
little real say i n it. The Soviet 
Union has again shown that it 
has the military power and the 
political will to intervene openly 
in an African war and swing the 
balance as it chooses. President 
Tito of Yugoslavia, on his cur- 
rent tour of she West, will not 
be unaware of the possible im- 
plications. 

However the Ogaden war is 
settled, it is no use. Western 
Governments thinking that the 
wider problem will somehow go 
away. The Soviet Union will 
continue to go as far as it dares 
in promoting its interests 
around the world. It is up to the 
West to make it quite clear 
that there must be a limit. 

It is not a question of match- 
ing force with force, but rather 
of bringing home the East 
bloc’s dependence on Western 
credit and technology and its 
ultimate vulnerability in a new 
arms race. Moscow has a habit 
of testing new American Presi- 
dents to see how far it can 30 . 
It has also, in the past, backed 
away from confrontation when 
the U.S. has clearly defined 
where the line must be drawn. 


By JOHN EDWARDS, Commodities Editor 


T HESE ARE desperate 
times for copper and mosi 
other base metal pro- 
ducers. On Friday the 
Zambian Finance Minister gave 
a warning that the country 
faced economic collapse unless 
a source of outside funds was 
found within the next few 
weeks. Because Zambia relies 
on copper exports for over 
90 per cent, of its foreign ex- 
change earnings, it is not un- 
reasonable to blame the pro- 
longed depression in the world 
copper market ff>r the country s 
financial problems. 

In fact last week world enpper 
prices rallied on the London 
Metal Exchange— partly reflect- 
ing the transport problems that 
threaten to cut back Zambian 
copper exports severely, and the 
possible repercussions of the 
brief “invasion” of Zambia by 
Rhodesian security forces. Also 
boosting the market was the 
recent agreement initiated by 
Zambia, between three of the 
world’s leading copper export- 
ing countries to reduce produc- 
tion by 15 per cent. 

But the production agreement 
is a sign of desperation. The 
three countries which are partie.* 
l0 n— Peru. Zaire and Zambia— 
arc dependent on copper for the 
bulk of their export earnings, 
and for an important source of 
employment. 

Any cut-back in their copper 
production. therefore. has 
serious domestic repercussions. 
However, the situation has be- 
come so serious for producers 
that there seems to be little 
alternative to a cut-back iri view 
of the heavy losses being 
suffered at present price levels. 

Hopes of a recovery in 
demand for copper and other 
base metals as world industrial 
activity picks up have hem 
dashed" so far this year. The 
U.S. coal strike threatens 10 
make matters c v en worse. So 

instead of a gradual recovery 
from the depressed markets of 
the past four years, base metal 

producers face a further period 
of struggling for survival in ihe 

longest recession to hit the 
mining industry since the 1930s. 

Indeed some forecasters are 
predicting that the worst is yet 
to come. They argue that in 
the coming crisis, prices will be 
driven down to levels where 
production will have to be re- 
duced even more drastically 10 
remove the huee surplus stocks 
now overhanging the market. 

The situation in copper re- 
flects what has been happening 
throughout the base metals 
industry, with one or two excep- 
tions. Tin prices, for example, 
rose steeply last year as a result 
of a shortfall in supplies, al- 
though this year values have 
fallen sharply. Lead too was 
buoyant, but here too prices 
have collapsed recently. 

Aluminium has also recovered 
rom a bad period of low prices 


aooo 

6.000 


E KR I0NT.F 


LONDON METAL EXCHANGE 
Cash Prices 



All-time Highs 


1 , 000 } — 


500 


250 — 


125 



50 




1970 


1971 


1972 


1973 


1974 


1975 


1976 


1977 


1978 


and heavy surplus stocks, as a 
result of producers cutting back. 
Some specialised metals, such 
as molybdenum and wolfram, 
have moved up rather than down 
i.i price, boosted by firm demand 
for the special steels used in 
oil pipelines. 

But for the rest of the metals, 
the picture is one of unremitting 
gloom. On the -London Metal 
Exchange copper last month fell 
rn the lowest level for two years 
at £612 a tonne — a far cry from 
the all-time peak of £1.400 

reached in early 1974. 

Copper production costs vary 

widely, according to the type of 
mine deposit as well as local 
infrastructure, taxes and wages. 
However, it is estimated that 
*nme 70 per cent, of the world’s 
copper mines cannot operate 
profitably at present price levels. 
Many mines need higher prices 
just to meet operating costs, let 
alone service bank debts and 
new investment. This is particu- 
larly the case in Zambia, which 
as a high-cost producer needs 
a price closer to £750 to meet 
average operaltng costs. Robert 
Perlman, of the Commodities 
Research Unit, in a recent 
speech to the Society of Min- 
ing Analysis, pointed out that 
the Luanshva mine, for ex- 
ample. actually cost Zambia 
more in foreign exchange spent 
on imports of materials to keep 
output going than was earned 
from the export of the copper 
produced. 

Cutbacks In production have 
been urged as the only way in 
the long run of bringing copper 
prices back to economic levels. 


However,. it is likely to .be a There will also be a much 
long haul] The expansion in longer period before it has any 
copper production— encouraged impact on the world market 
by the commodity boom in Japan and France already have 
1973/74 and the renewed in- non-ferrous metal stockpile 
terest in raw materials following schemes, ' hut so far - the 
the oil crisis — brought a surge ambitious programme of the 
in output at a time when de- UN Conference on Trade and 
raand for metals was drastically Development (UNCTAD) to 
reduced by the world-wide in- back an international copper 
dustrial recession. agreement with its controversial 

By the end of 1977 world common buffer stock fund has 
copper stocks are estimated to come to nothing, 
have risen to well over 2m. Meanwhile there is consider- 
tounes. This compares with an able competition among pro- 
annual Western world consump* ducers to capture a larger share' 
tion of around 6.5m. tonnes, of sales. Chile, which has now 
There are nearly 600,000 tonnes become the world’s leading 
alone in London. Meta] Ex- copper exporter, has refused to 
change warehouses in Britain agree to the 15 per cent cut- 
and on the Continent which act back despite being a fellow 
as a constant depressant to the member of the Inter govern- 
market mental Council for Copper 

It will take a long time for Exporters (known as Cipec) — 
these heavy surplus stocks to be the producers 1 organisation that 
cleared. Last week there were has been singularly unsuccess- 
renewed proposals, backed by ful in its efforts to stabilise the 
the Carter Administration, to a world copper market because of 
U.S. Congress sub-committee for disagreement among its : mem- 
copper supplies to be purchased hers. 

for the strategic stockpile and The selling pressure has been 
financed by the sale of surplus so strong that U.S. copper pro- 
tin. Under the new stockpile ducers, who lifted; their prices 
policy, based on the materials in December to begin 1878 on- 
needed for a major three-year ( a hopeful note, have how cut 
war, it was calculated that cop- prices back again and appealed' 
per held should be raised by to the . Administration for 
over Im. tons and tin holdings measures to restrict imports 
cut from 200,000 to 30.000 tons, damaging the domestic indus- 
But this new policy has yet to try. 

be endorsed by Congress and so Similar import restrictions 
too has the concept of providing are also being sought by U.S. 
financial support for a domestic zinc producers. And the EEC 
industry by the use of taxpayer- Commission is currently study- 
financed stockpiles. ing a report from one of its sub- 

Any action is therefore likely committees urging that import 
to be some time in coming, curbs should be considered as a 


means of bolstering the 
beleaguered European . zinc 
smelting industry.' 

If anything, the situation is 
even worse in zinc than copper. 
Stocks are estimated to be well 
over 1 m. tonnes and prices 
have fallen to the lowest level 
for over four years on the Metal 
-Exchange. The European pro- 
ducer price has been cut from 
$795 to $550 a tonne and reports 
of discounting suggest that the 
real price being charged to most 
consumers is closer to $500. 

A further severe blow is the 
recent fall in lead prices. Many 
companies, producing the 
" sister " metals lead and zinc, 
have so far managed to offset 
their heavy losses in zinc by 
profits from the previously 
buoyant lead -market 

But now the special circum- 
stances which boosted the lead 
market In 1977 have ended. A 
very cold spell in the U.S. early 
that year brought a surge in 
demand for batteries* which wfll 
not need.' to be replaced this 
year. 'Demand from the Soviet 
Union, reportedly bit by smelter 
production problems, has- dried 
UP*~ - . 

App&ep -disaster area is 
nickel — the .former “wonder 

metal. ” International Nickel of 
Canada justified a reduction fn 
its workforce of 3,500 em- 
ployees; following big produc- 
tion cutbacks, by saying it was 
the only way of avoiding bank- 
ruptcy! ; 

• As a. result of demand failing 
to live up to expectations, Inco 
stocks at the - end of 1977 
reached 34flm.lhs — estimated to 


equal some seven months' con-. -. 
sumption — -and this millstone'.” 
around the company's neck wllf" 
take a long time to shed in the. 1 
highly competitive nicked 
market. Other nickel producers^ 
are equally hard pressed. They..; 
have tried to declare a truce ia^- 
the price war, sparked off by- 
the entry of new producers such/ j 
as Amax, attempting to get aT;; 
foothold at a time when demand^ 
has been hit by the recession ra- 
the steel industry. * 

Copper,- nickel, arid _zinc afe‘ . 
the most spectacular examples 
of the troubles affecting the 
base metal industry. But a 
whole host of other lesser 
known metals, like” -bismuth', ' : 
cadmium, selenium, are also - 
badly hit and -so is- the scrap ' 
industry. 

There are many theories why 
the depression has lasted for '. 
so long and been so severe. One > 
argument is that in the case 
of copper, the trends towards .' 
Government . ownership of 
mines ba s meant that they often 
do not react commercially to 
adjust production to market 
conditions. However, this does - 
not explain why nickel and * 
zinc, which . are primarily pro- •; 
duced by private companies, 
have been hit . by a .similar 
build-up in surpluses. 

Another explanation is that 
there has been a fundamental - 
shift in demand for' metals, 
partly as a result o£ the! energy 
crisis, that has .resulted in a 
reduction in the previous 
annual \ growth • rates. Pro- 
ducers, it is said, based their 
production plans on over- 
optimistic targets and have 
been too slow in adjusting out- 
put to reality. Forecasts of a 
shortage of raw materials deve- 
loping in the years ahead, and 
moves for artificial stabilisa- ; 
tion of the markets, have en- 
couraged producers to maintain 
output at too high, a level and 

also enable them to borrow the 
money., required to finance 
stocks. " 

This year, however, the ' 
crunch is likely- to come. The 
present situation cannot con- 
tinue. much longer without a 
sizeable cutback in production. 

Already there Is virtually no j 
new investment in Ihe expan- 
sion of production capacity that 
will be required;, ih the years 7 
ahead.- Prices in most cases 7 
would need to be double the .7 
present levels to justify new 
mines and e^Jloration on eco- ,. 
nomlc grounds. For the moment 
the -World -is living on the 
expansion *in capacity triggered 
Ip- the -better times in the late =.' 
-3960s and earty 1979ss^But once - 
the results of this have 1 come 
through, there will be a long 
gap that could bring very 
severe shortages of the vital 
raw materials needed, by Indus- : 
try. But this is' little solace to " 
these companies facing bank- 
ruptcy, and to countries suffer- 
ing the hardships of reduced 
export .earnings and lower • 
employment. 



Cuban leads 
them a dance 


News that the Federal Bureau 
of Investigation is holding a 
Cuban in Miami on a charge of 
trying to usu a false passport 
has sent a quiver through a 
pojy and tiny Gulf emirate 
called Ajman. It has also caught 
the attention of staff in a City 
office in Dominion Street, at the 
top end of Moorgate. 

The Cuban in question is a 
banker. Guillermo Hernandez- 
Cartaya. whose international 
WFC Group is being investiga- 
ted by the CIA and — amung 
others — a Congress select com- 
mittee- on narcotic abuse and 
control. The Ajman emirate is 
interested because its police 
would dearly like to lay hand* 
on Hernandcz-Cartaya. They 
were questioning him last July 
about S35m. that had heen mis- 
appropriated from the Aiman 
Arab Bank — for which WFC 
had a management contract — 
and had confiscated his passport 
Despite this handicap. Hernan- 
dez-Cartaya managed to leave 
Ajman: before departing he 
handed over a Slam. letter of 
credit an a Panamanian bank 
he controls land which i .? now in 
receivership 

The offices in Dominion Street 
are paying close attention to the 
tangled fortunes of Hemandez- 
Cartaya because they include 
the recently closed London 
headquarters of WFC and the 
City representation o? the 
Ajman Arab Bank. WFC has a 
22 per cent, stake in the bank, 
although to pm it mildly ihe 
two parties are now at arm's 
ength. Dr. Horst Tiofenthaler, 
the Austrian banker who is 
chief representative for the 
AAB in London, was at some 
pains to assure mo at the week- 
end that he resigned frnm a 
like portion with WFC before 

ihe end of 1977. 

I called Henry Coryat. the 
American manager of the Arab 
bank out in Ajman. He said 
that WFC had “clearly abused 
its management mandate ” and 


although there were many 
questions in be asked of 

Hernandcz-Cartaya -there whs 
" no chance that he would show 
up in the emirate." 

The AAB ceased operations 
after a run on deposits last 
May. not long before Hemandez- 
Cartaya made his sudden exit 
—allegedly on a false passport 
Coryat says he still has bis staff 
intact: it is trying to collect 
debts and the bank still retains 
a licence. He said that reopen- 
ing depended on acquiring 
funds from Abu Dhabi — ■“ and 
things were starting to click." 
But the London office might he 

shut soon as an economy 
measure. 

Meanwhile, over in Miami, 
allegations against the WFC— 
bur net Hemandez-Cartaya — 
concern drugs transactions, em- 
bezzlement and involvement 
with the Mafia. For the suavely 
handsome Cuban exile himself, 
the latest spell in custody is no 
novelty: he was two years in a 
Castro jail after taking part in 
the Bay of Pigs invasion. 



longer be able to- identify the 
products of these pernicious 
regfmes— and so might risk 
buying them. 


Giant In Monaco 


“And now cough!' 


From the global view of the 
managing director’s chair at the 
IMF, it is a long leap to the 
chairmanship of a new invest- 
ment bank in tiny Monaco. Of 
course, it is a few years since 
Pierre-Paul Schweitzer . held 
sway in Washington — and he 
still retains an advisory direc- 
torship with the Unilever giant 
in Rotterdam. But why is he 
interested in the little-known 
Compagnie Monegasque de 
Banqne? “ I think there V quite 
a lot of potential here.” 
Schweitzer says. “What’s more, 
some very decent hotels.” He 
will not be living in Monaco, 
which is the lot of the managing 
director, Bernard Kelly. An 
erstwhile Warburg director, 
Kelly declares there is “a lot of 
natural business in Monaco.” 


Talking Turkey 


Sedate and well-ordered in 
normal times. Montreux sud- 
denly found itself pitchforked 
into a flurry of activity this 
v.eek-end when Greece and 
Turkey arrived in force with 
their Prime Ministers, diplo- 
mats. security guards, and 
journalists. ■■ a meeting for 
the benefit of world peace,” 
Bulcnt Ecevit said, though one 
minute later 100 photographers 
and the like had virtually 
declared war. scrambling on to 
the yellow baize of the confer- 
ence table to snatch a shot. 

The propaganda war con- 
tinued throughout the confer- 
ence. Round one went to 
Greece. Athens said it did 
not want much Press corerage, 
so Ankara made Turkish 
journalists pav for their trips. 
But 'hen The Greeks brought 
the full Athens Press contin- 
gent free. Round two. too: the 
bill hoards round the hotel were 
■filled with “ Visit Greece ” 


posters. 

But the final round was defi- 
nitely the Turks’. Constantine 
Karamanlis's perennial distrust 
of the Press meant that his team 
was saying nothing. But Ecevit, 
an ex-journalist. likes open 
government and full briefings. — — — — — — 

So the poor Greek reporters 
had to ask their Turkish col- Bottle battle 
leagues what had been happen- 
ing. “ I have never been 50 
ashamed." one Athens Press 
man told me. 


Stinking fish 


Britain's mightiest union, the 
Transport and General Workers, 
is worried about pilchards, and 
complaining to Agriculture 
Minister. John SiUrin. 

It seems that Brussels, for 
some purpose of harmonisation, 
wants Chilean pilchards to be SdfG bet 
relabelled “Pacific Pilchards” 
and South African pilchards to 
he called “ South Atlantic.” 

That, says the TGWU, would 
help two political regimes with 
which it has less than no sym- 
pathy. According to Jack Jones, 
it would mean that good trade 
unionists everywhere would no 


There was some clearing up to 
do at the Metal Box glass factory 
in Nigeria recently. Two bus- 
loads of bandits armed with 
axes and cutlasses attacked the 
building at dawn, their apparent 
goal being the safes in the 
accounts department The work- 
force fought back from the pro- 
duction line — 5,000 bottles being 
flung at the invaders before they 
retired empty-handed. 


Did you hear about the book- 
maker who was asked if his baby 
daughter could walk yet? ** No." 
he said, “ and as long as there's 
racing she’ll never hare to:” - 


Observer 


LOTHIAN 


WEW AI0T TOOFFBt 

YOU'VE A LOT TO GAIN. 


The Lothian Region, with Edinburgh at its heart, already 
has a-formidable roll call of satisfied industrial customers. On 

industrial.^ estates owned by the Lothian Regional Council there- 

are now 147 thriving companies with 11,000 employees. 

; Outstanding among the reasons for the success of the 
Region’s industrial estates Is the quality of Lothian Labour. The 
playback we-teceWe from employers leaves us in ho ddubt th aC“-~-~" . 
Lothian labour is very highly regarded, indeed. 

Our access to good road, air, rail and sea communications - - 
is rivalled only by our access to commercial money. Edinburgh jv 
fs one of Europe's foremost funding and investment centres. ^ 
. .. For the businessman who can’t wait we‘ have immediately 1 

•availabii 22fuNy-*erviced industrial sites, 10 modem factories .Y 
and 16 of the latest warehouses. All ready for occupation -now. 

Hy up and see us sometime. Soon. 

If you want to know more before you take off, call us. ^ 
Orwriteto: • ' . . . ; - 

R. I. Shanks, Industrial Development Manager, 

Lothian Region Development Authority, 

18 St Giles Street, Edinburgh EH1 1PT. 



DIAL 031-229 9292 EXT 3432. 

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FINANCIAL HUES MONDAY MARCH 13 1978 



In this edition of the AIBD Quotations & Yields additional 
information relating to the call features' has been introduced. 

Included now are the number of days notice to be given by the 
borrower and also the yield to next caU, where it is not more than 
100 basis points above the higher of the average life and maturity 
yields. There is also an indication as to whether the issue may be 
called at any time, on any coupon date dr annually (in the ease of 
issues with semi-annual coupons). . ■ 

Yields on Unit of Account issues are how computed by adjusting 
the investment proceeds for the changes in relative parities of the 
currencies comprising the new and old unit of account formulae. 

We now also show the date at whiehT sinking funds commence 
on convertible issues. It is intended that we will also show the 
amounts at a later date. 

The indicator mentioned under section 8 of the notes (relating 
fo yield to next call for convertibles) kazoo t yet been implimented . 


CONTENTS 




GROUP HEADINGS ■ • 

PAGE 

GROUP HEADINGS 

PAGE 

US Dollars — Algeria 

16 . 

Euro Units of Account 

22 ' 

.. — Australia 

16 

FtoKh Francs 

22 • 

— Austria . ... 
— Belgium 

• 16 

16- 

Hong Kong Dollars 

22 

—Bolivia 

16 

...Japanese Yen 

22 

— Brazil 

16 . 

. Kuwait Dinars - 

22 

US Dollars— Canada . 

. 16 

Kroner -(Denmark) 

22 . 

—Colombia 
— Denmark 

. 16 

16 

. Kroner (Norway) 

22 

— Finland 

16 - 

Luxembourg Francs 

22 

US Dollars — France 

16-17 

t Saudi Biyals 

22 

— Gabon 

17 

Sterilqg/DM . 

22 

— Germany 
— Greece 

17 
' 17 

- Australian DdH&r/DM 

22 

US Dollars — Hong- Kong 

. ' 17 

■Exterrial Sterling Issues 

22 

— Hungary 

17 

Special Drawing Rights 

22 

—Iceland — 

17-'-: 

Con verifeies— Fran ce •. * 

23 

- • T-Iran/- 

17 

; - — ^HongKong . 

23 

US Dollars — Ireland ' 

•*; 1? 

* — Japan 

23. 

— Israel 

17 

—Luxembourg 

23 

— Italy . 

■ 17 

• >■' — Netherlands 

23 

— Jamaiea 

17 - 

Convertibles— Singapore • 

23 

US Dollars — Japan 

17-18 

>. • — S. Africa 

23 

— Korea 

18 

$ — Sweden 

23 

— Luxembourg 

18." 

£ — Switzerland 

23 

—Mexico _ - 

18 

, * — UJv. 

23 

. — Netherlands 

18 

* Convertibles — -U.S. 

23 

U8 Dollar*— New Zealand 

18 






• —Korns ' IS . 

—Panama - . . IS 

— -Papua IS 

—Philippines IS 

-^Portigd: ^rl8 • 

US Dollars— Singapore .18 

—South Airies • 18 

— Spain 18 

—Swedes • 18 

US Dollars— Switzerland : . 18 . 

— Venezuela 18 

— Ustted Kingdom 18*19 

■ —United States 13-20 

USDoUuw-^tbutUraa] 20 , 

. ‘V j / —Supranational 20 

T£polbn^oat^ 20-21 

Australian Dollars 21 

Austria Schillings ^ . 21 

C wwpTO jPoPsrs 21 

EdngtiUdezs • 21-22 

Composite Unit* 22 

Eurocurrency Units • •' 22 


The table of quotations and yields 
gives the latest rates available on 
28th February, 1978. . 

This information is from reports 
from official . and ; other sources 
which the Association of Inter- 
national Bond Dealers considers to 
be reliable, but adequate means of 
checking its accuracy are not avail- 
able and the Association does not 
guarantee that the information it 
contains is accurate or complete. 

A11 rates quoted are for indication 
purposes only and are uot based oa,. 
nor' are they intended to be used 
as a basis for, ■ particular trans- 
actions. In quoting the rates the 
Association does not undertake that 
its' members .will trade in all the 
listed Eurobonds and the Associa- 
tion. -its members and tile Financial 
Times. Limited do not accept any 
responsibility- for errors in the 
table. ■ 




"We are now making markets in 



Euro-* 

of US. Corporations 


Salomon Brothers 


Market Makers and Inv^tmentBankers. 


NEW YORK: Salomon Brothers, One New York Plaza, New TfoxfcIO: ItXHfi 

Telephone: 212-747-7550 .... 

■ Teles: 222428 SALBRO, Cable: SALBRO NEW YORK ' 

LONDON: Salomon Brothers International Limited ■ 

One Mooigate, London EC2X6AB, Telephone: 0I-6Q0-6M1 or 4131 
Telex: SS6441 SALBRO G, Cable: SALOMONBRO LONDON 

SrtVG KOVG: Salomon Brothers. 2907 Alexandra House; 16:20 Cbater Rd., H.K. 

Telephone: S-SSOOeLTelex: 7S495SALHK.HX, Cable: SALBROASA 

Members of Major Securities Exdiaugcs. Offices: New YoifcAtlaat^ Boston, Chicago 
Cleveland, Dai 


• Hie Association of International 
Bond Dealers. (AIBD) compiles 
current market quotations mid yields 
for Eurobond issues. These 
quotations and yields are published 
monthly by the Financial Times. 
The Association’s- prices and yields 


are compiled from quotations obtained 
from market-makers on the last 
working day of each month: there 
is no single stock exchange for 
Eurobonds in the usually recognised 
sense— secondary market trading 
business is done on the telephone 


between dealers scattered across the 
world’s major financial centres. 
Membership of the AIBD, which was 
established in 1969, comprises over 
450 institutions from about 27 
countries. 

A key to the tables is published 
opposite. 


Eurobonds in February 

BY- MARY CAMPBELL, Euromarket Editor - 


February was a mixed mouth for the 
bond markets. By and large, the dollar, 
secondary market continued to bmp 
along sadly despite the record low 
volume of new issues for any month 
in recent years and despite a trend 
of stable, and if anything falling, 
interest Tates. Meanwhile, yields in the 
D-mark sector continued to fall sharply, 
as also did yields on Swiss franc foreign 
bonds. 

At the same time, there were periods 
when the dollar secondary -market 
seemed to be more stable than for some 
months. This did uot marie a detraction 
of demand from “strong” _ currency 
bonds, but merely a lack of selling pres- 
sure In the dollar sector. 

At the very end of the month the 
whole picture was thrown into confu- 
sion by the introduction by the Swiss 
National Bank of stringent measures to 
stem flows of funds into Swiss francs. 


The first announcements — -which 
affected only . bank deposits (rather 
than the capital markets) — were 
announced [after trading closed in 
Switzerland on Friday, February 24. 
However after' -flows started to switch 
into Swiss franc denominated shares 
and bonds, the Swiss authorities 
announced on the following Monday 
that barriers would be'put up there too. 

This turned the last day of February 
into what baa become known in Switzer- 
land as “black ' Tuesday”: prices of 
shares and bonds slumped- It is still 
too early to say whether the measures- 
Introduced win provoke effective 
evasive measures— for example the 
development of a full-blooded black 
market in Swiss franc denominated 
securities outside Switzerland. ‘But. so 
far. the indications are that the Swiss 
measures are achieving their intended 
effect of cutting back inflows into the 


Swiss franc, and even probably, provok- 
ing outflows as deposits are reduced 
in order to avoid payment of the 40 
per cent, per annum negative interest 
rate. From April I this will be levied 
on a much wider range of deposits than 
hitherto (notably on central bank 
deposits). 

Until these measures were intro* 
duced. however, the two main factors 
in the market continued to-be the weak- 
ness of the dollar on the foreign ex- 
change markets combined with the lack 
of '■"’tar denominated new issues. 
0 * 1 -’"7 PpH-n a ry the dollar fell f*-nm 
C V T?- 107-0 to SwFrs. 1.R27* and 
f-nn TV T Vr''>'> to D'*2 0170 Its d«*»-e- 
ciation on a trndo-w«*iottted Vwis 
(according to Morgan Guaranty cap- 
tations) widened from 4.65 to 5.55 by 
comparison with December 1971, levels. 

On the other band, the volume of 
fixed rate new issues which came on 
offer during February in the dollar 
sector barely topped SI 00m. — dealers 
were at a loss to remember when tho 
figure was last as low as this- A sub- 
stantial volume of floating rate notes 
was launched, but these were being 


bought on the basis that they would 
provide a hedge against the expected 
rise in U.S. dollar interest rates later 
this year. 

The fall in yields in the D-mark 
sector accelerated issue by Issue— and 
indeed within the offering period of 
each issue. The most significant changes 
were those made in an issue for the 
European Investment Bank. When 
launched, this offered an indicated 51 
per cent., a quarter point less than had 
been paid by the World Bank in an 
iu«nm which was only three weeks old; 
the EIB closed at a yield a half point 
lower than the World Bank Issue. 

Tn the Swiss franc sector, the coupon 
level on prime quality foreign bonds 
came down from 4 per cent to 3| per 
cent during February. 

Sterling denominated bonds did not 
perform well in February and this 
second disappointing attempt at 
creating a market makes it more doubt- 
ful than ever that sterling has any- 
thing more than a marginal 
contribution to make in the foreseeable 
future. 


I. ■ • 

• ■■ 




! ...in the finest roval tradition 





“Royal treatment" That may sound 
a little strong today. But at Hypo-Bank 
we take it quite seriously. We are 
Germany's oldest publicly-owned 
bank, established in Munich 
royal prodamate in1835. it started a tradition: 

. Royal service to our customers and their financial 
needs is basicto our banking philosophy. 

; And as one of Germany's largest banks with 
, 480 brandies, including decisive centers such as 
. Rankfurt and Hamburg,and consolidated total 
assets of DM 53 billion, HypoBank is appreciated 
as a leader in modem, responsive banking. 

Situated in the heart of Southern Germany, 
we ar© ideally placed to introduce you to the 
. G6rman market The Bank offers the full range of 
: cofruhercial and investment banking services. ' 
Rom ex-im financing to interbank money dealing. 
.Ffdmsyndicated loans and major project financing 
. .operates with direct access to the multicurrency 
Rjromarket via our Luxembourg subsidiary to ■ 

. portfolio management 

Through our network of subsidiaries, a branch 
in New York, affiliates, representative offices and our 
. . partnership in ABECOR, Europe’s largest inter- 
• rational banking group, we offer services world-wide, 
• ; Forthe royal treatment your business deserves, 
just get intoudh with HypoBank: 

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D-8000 Munich 2 
tet:ff)89> 2366-1 
Telex: 052346a 


nroni 

BAYERSSOC HYPOTHEKQa- W8CHSS.-BANK 


o((ocletoi0km&inyintfiefitieU ffloya/fficu/MSm 



BORROWER# 
COUPON MATURITY 


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27.80 300.00 9.M 1/ 3/1933 '4-3S 

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1975 JU3U1K UIUHX emtr 
■»9.0' 9.15 15/ 2/1 Mv 

1472 . nansB KoneatL tour 
59.90 8.25 I3/,)A987. 

i°r* jrtoren sssicmL ims 
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im autumn 
9S.D0 7.50 1/ SA979 


'lOrtA 7.97 


97 1/4. 9.04 
3.61 

7-9* 
9ft V* *93 


9-14 8.53 

m-n 

8. 4S 

1C.0 
8J7 9.62 

102.0 

7.36- 


» 0» 4a 103 520 as PIT 

1579 XX 713 753 7*5 *27 

„ MO 935 960 975 

30 a n» eg 

190 -IS - 

TO . -73. CS Sff iU *** ■ 

: 990 991973 LE 

JK -3S CGZS 4S0 on 
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0 0 Ml Ite 115 30 7D3 
L* 713 7X5 74f «i 

WO 915 


1978 CREDIT S4JW4 L 
99-0 8.30 13/L:/19U 

WTO XJUA.T. 

99-» 9.00 15/ 2/1902 

MTS EA4.T. 

59,49 imii ^ 1/1985 
iw arauetn w tubs 
95.75 6.30 13/ V1979 

1971 EUORIQS JC FUKCE 

99-00 7.75 j/ srtMg 

1971 DBBiaa BE IMRE 
99.0 8- SO J/ 5/15*6 

1977* KUCmCQS DC niASCK 
»•» 8.30 it 

iSTi, wanGtos BE 

100.0 8-873 15/ 1/1 993 

****?=?“ « taaacu 
10C-M 8.90 15/ 9/1986 

1)77* Elf AQBIfun: 

100-0 g.25 15/ 4A98J 

1977 Elf axes 
«■» 7.50 IS/ 2/15Q2 

D6S SMK4ISE IRS PEIMlsB 
98-J 8.0 19/10/1985 

1*79 ntoKMSE'VES TZItotrK 

100.00 9.0 

MO.0 ,.oo WAV1M5 


97-5, tr 

mu* 

mu* 

58 1/4 


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8.0 8.43 90 6.0 

100-0 19J9 1973 


CG TO 1S» i 
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W> « 2U TO 1M 205 2TO 


8.0 9-47 30 *8 

103.00 WS Ifn 

8.99 9.39 30 

100.0 UM 


8»9ft- 8.78 to 

100.00 1982 

9.U l.n so 

30.00 WM 


UK SIT 530 80S 944 
PI 

CC TO 92 IDS 283 SIO 219 
« 320 9U 979 

CO 80 91 55 103 203 SM 
LX 219 330 9M W 

« at *45 26 12 33 U 

n ao m mi «s 

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feik !. 

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8.98 8.57 9-48- Jrtfi 

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8-57 7.77 


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7.03 6.40 £« j.jj5 

7.71 WI.3 19W aniM 

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I. 995ft 


KP 0 93 IDS JW 310 713 

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98 w*. J5 ^ t« m ,!£. ***■ ® W1171BS 385 a# SI* 
4.05 J.S 182-00 1SW jsn Xt“ ■ 320530 548 535 

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30.00 lth itBBfli 
JS*00 100.00 9-00 35/5/U8C 

58*00 1973 inwinpfr 

JMO 7.30 iSiZiU» ’ 

1978 umbim 

7M# MS-98 9-2? ,25/3/lMff 

«o-oo, -U76 wjnitfTu o*sais " 

IMS % ua 15/ 9/1529 ; 

60.00 ' 1976 KBCkBuairsxu 
W-«> 59.25 9,25. 15/9/193 

WOO. 3573 nZSKBSUvaSUXB- 

S8.I3 9.23 W4/UB 

3S*S 7 37 1/4 8-72 8.96 *«.» 

30.00 HKKOO MO 15/U/USfi 6.72 9-05 - 

75 '“ > ' .ITJU ***““**» *“««» »•«■'«. » *••*. *•«' » 1>» 6BZD 352 M* '■ .•*■ 

.,100*00 9*00' 7/5/1586 -1U.OO 19S1 771973 t.t 

38y»- Utn*9lsnMUXTMS AUBSSBCES. 98 1/J 3M* -9.3* #s» 9.33 30 3.30 OC D «1 M 93 « W 

5*43 3-125 15/3/(997 8 12.11-9.90 : - -MLfil 1989 DPI 9^ S' “ OffiWBJ 

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5.0» CC ST 3£!«M .' 

1082 ir .. 

J® 1 *®- »» MUMUaBStSOBDOfil 97 1/a 4.6« 7-49 6J5: 30 

lfc» XU0. ! • C.73 l/llfisaz 2,60 7-91 -.-.■ WfiO»- 1S78 


MO 3ft- ‘ 7.06 US *.93 3.50 » i. M W Hl' 

3.56- 3-76 102.00 Ua«»|» U- 

» Ml 9.35 9*18 ■ AS 1.50 '■nzn 

*.Jl MS ’ 101.10 1979 IPI974 xx 

M7JB 9.97 9.04 -M2 ‘ *». 2,00 S? TO 

8.09 9.29 102.00 MSOBMm Tyn> 

200 3/8 8.06 5.18 9.22 3.37 6n iyj m «*• - 

Ml 9.18 ' ■' 101*00 1981BP1977 as ' “ . 

953/4 345 8.34 *42. . W HI ii****' ' - 

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101 1/2 10.53 9.01 5.11 9.0* 30 4.00 tPTO 112 it* - - 

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Ml lft 7.17 *43 >ai 8.17 90 1.0 esZB 

101.00 1930*11970 LX 


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35.00' ^'%tenSBBEB8Tl8aM • n 9/8- 9.n *.7/ 8*30 -" 
23.50 100.00 7*75 1/ 2/1908' ' 4-23- J.2p - 102*00 

23.00 1977* stmt, isr ns via 0*59 ms £*s «•'« 

100.00 7.50 1/ift/lM* Joj.ro 

1969 ECKBS B1FT5XF 7T7 «W 128 3/4 2.28 4*27 

99-23 . 5.50 1/6/1979 

1969 SEOESS BESOTS ITS 37 M 3/6 1.28 8.28 Mt 
39-25 5-50 1/ 4/1979 

J970 f caaB-s atlm TIC 103 3/4 7*78 7*97.3*31. 6*98 


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40.00 

40.00 
30.60 

23.00 10800 9.00 1/ 12/1965 

15M0 1977* TCQS&G3B O'SEAB 7ET 

‘ 100.50 7.73 15/^/1987 

‘ - ' BS HBU2S-0B2B3 . 


4-41 7M 


101.00 


52 1/2 9-21 6rf7 «*M -9-71 
96* 


*5 I.I5 to *8 
lSSl'aM977 U 

TC St' 

1342 XX 

rcsn 

xx 

. re w 

ix 

nc 2.00 7C BT 
1973 U 

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1943 IX 


359 105 335 520 540 
969 979 

M3 305 MO 973 

143 103 210 305 3G8 
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163 ID MS no 305 
306 S*0 975 
U3 MS 300 305 975 

US*** 


.91’ 


6-00 GC re 4S 205 318 3i5 330 


1902 LX 




sum 

2*2 ,«»■ WOCreaaBiDBSBBSS 99 7/813.53 9-25 9^26 fM 30 
SOjp imM .MS. if 9/1591 8.03 'Sfc» . ■ 1M.25 1981 



10800 


609 13/XA9M 8 


99 17S 638 6U -; ■ 

» 1/2 8-01 M& M2 "'i . 45 

4.01 846' •104.00 1979 

94 . 11^9 9.1a fioo 

9-43 9-22 _ M2.00 1944 

100 3/5 LM 8-93 940^*89. 50 

1982 


73.08 as mMiBM Miawt 2fil 5/8 2.04 8.0 94* 
99-58 J-ES 13/XA9SO X 

5a-fl6’M78- 
StMKK UU» 


’ - *r ■’ • 



1916 - 8HB m — l' 

9UI0 13/11/1991 


-93U» 6.75- 1/8/1982 

23.00 ij» anmatJttBortmx 

100.08 *.73 «/ 6/19*1 

HMD «n if Tnrnrrr ' ; . 

- lOO-OO; . 8.75 3/ 9/1983 

SW» 1967 8JLO.T. ■ 

26.00 »U» •; 6J0 43/ 6/1965 


A08 1977*«JLC8'. 

_10a.ro •'«.» 

ioo.ro wre 


23/12/1964 


SMI 8.0 W 4/1969 * 


2-n eem 117 10 ms 20210 
isn. 1MJ ' . 215 520 540 803 
941975 

esor 44S 20 32 33 35 
or 60 90 205 «S 

. __ ■ 92T 931040 973 

2.W com S3 ICS SOS 210 215 
1977 IX ■■ 520 975 

7.50 sere 165M». 

1964 Xt 

core 4(5 20 32 33 35 
XT 60 90 20 805 

927 951 9U 973 
cent 4*5-20 32 33 33 

HZ 60 90 205-863 

, 927 521010 975 

99 3/8 18.76 9.59 9438- 5.77 30 3*30 OS XT 445 20 32 33 35 

B 11.89 9.0Z ... . 202.74 1908 BB982 ST 60 90 205 005 

• '■»' • * «»t mt ala tn 

99 2/2 7.80 9.08 -MIS Ml 45 1.7S »n 112 IBS 205 210 215 - 

4.93 9.12- ,110.00 1580DHS71 l_x 320 960973 

261 3/4 2-63 8.93 9*38 7M 30 ICta 112 105 205 218 Z15 

' ; am xx 220 30520540 

‘ ' 935 960 975 ■ 

• 98 TJX 13.72 9.19 9.1* U.60 90 4-00 GC re 92 *m ' 

9.22 9^4 1B2-3 1981 1942 LX 

97 3/8 7.38 Ml '' 30 2.00 »■ TS 92 1052® HO 215 

- 2-42 '7*83.' - -102J» 4678 1388 SXPHX -520 340-929 

180 1A 3.30 *04 8.71 ' TBZ3 482***' 

XX 

V. 93 7/a 5.51 10-23 9^2 TO BT 488 935 

... ■*' • WJ 

98 7.30 6l*S .6*83*' ■■• ■- » 2-tD cc Bf IB 105 205 210215 

3.80 J7.ll-- .- .--109.00 1978 1971 LX 520 5*0 805 941 

■ • - •' - l - - • 975 

» 1/8 CU60 8.41 8^32* 8.47- 30 Sore 210 m* 

.10B^0 1982 IX' 

100 2/S 5*12 841 8-90 .8.78 30 


29.90 Utt TQUCrot&aSNUBflE 95 S/4 6*89 9.10 *42 10*27 *5 1.00 »ZB *12 913 92? 3*0 975 

13.00 99.30 -0.25 M/I2H 964 4-60 9.40 ' lat.OO I960 TOO 71 Ut 

’ - 'w-BCMBSwac sac' ' 

2&S0 1943 . StSQSBB U8B 8* 95 5/8 18.59 B.tl 8*39 ID 2.50 *p ZB 289 MO «3 

47.90- lfiOvOO 7.75 1/M/16B&. J.27 ■- ’ 166*50 1960JTX976 LX 

30.00 1973 BCBCJSSS U8) 2R 87 Z/B 18*39 9*74 >49 10 2.50 TC 78 141 *15 960 975 

47.90 100-00 • 7.75 1/U/UM 7.27 »K58 - UXkSO 1980 TF1976 XX 

15.00 im arena Haas® isr. » 1302/4 a-n a.es M3 <o so i.eo ku 490940975 

12.00 100.00 2.75 15/11/1666 3.30 k*» 100.50 1979 

15.00 1571 JjUBzxzs joretaro m. re w ift s.n 9.x s*X so 

12.00 100.00 J.79 15/U/1SB6 5.30 10.70 ;■ 100*30 1379 

M BdMfrimitmtT 


ss nmma-aittt <uro iumiq 

30.00 2X9 10>:> 99 1/2 7,39 7,16 38 3-67 

13.34 97.30 7.00 3/10/1901 S 1.84 7.43 10U0O 1978 1970 

50.00 1977 Z.S.T. 84 1/4 9.K8 &.8J 7.93 » 3.00 

45.00 98.25 7.00 13/1/158S 7.«B 9.2V 101.58 1981 1914 

25.ro m;i jmonsmio^tm 99 an 7.93 a . 79 a .77 s .is m 1.25 

13.75 100-00 $.75 1/ 2/1586 5.06 3-81 1(0.00 3941 891972 

25.00 1970 xaEn*2MT 97 3/4 6.S4 8745 8*13 

17.20 97 M 7-75 .1/ 1/1945 * 3.67 S-F3 

30.00 1969 IJLZ. H 3/6 3.76 7.38 7.43 

14.00 OS. eo 7-25 1/12/1961 S 2.25 7.70 

13*74 M ii IJU Z.' W 97 112 1.1* ■?.» 3.9* 

5.50 100.ro 3.75 .39/ G/U79 S 9,05 

10 . bo 19» renecum 94 l.io m.82 5.94 

1.70 300.0Q 5.30 19/ 6.1979 8 JO Ji.cS 100*00 

15.00 1917 ig.iwrf wwwwwftT. 97 9/t *-S» 7.57 7.05 

7.12 94.30 6*73 ' LSO/1982 S 2.59 4.04 IK. 00 

X5.00 197ft KRBI aSBUXItaUL n W 3.72 9,34 0.42 

»-S0 •-» 15/11/1941 

4o.'ro 3977* Bunn resfmrniui . m i/s 

99-30 9.23 1/ 6/1384 


bt re 
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IS53SS1 

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IX 

30C 1*60 TOUT 

109.00 1974 1970 

28 1.00 
10US0 1973 DPI 970 


1973. XX 
2-00 re re 456 MO 975 
1973 LX 


9.68 8*68 *.» 9.29 fide 

• ■ ■ 102.00 1981 


Stun ^ 1972 TUTTOIAT. UC TO'shK OX L '99 

UBIfXr ■* 8.50- 1/11/1X7 UB.no 19*1 Ul 

25.00 1971 MaoanL ant of mnirr » 3-3* 9.ro-8*8»- roe 5.00 to: 

20.00 99-00 a. 7* 30/ 6/1981 LU KO 101.50 1978 1977 re 

MMTmjBPim 


. 6.75 1/10/1 982 


34.00 1987 

9-08 M-50 

13*00 1972 

1>«P 99*00 ' MO- 0/2/1987 

loloo 1971 -281806 07 rrrr Mcn 

J7.63 99-00 8.75 15/ 1/2988 

20.00 ■ 1977 re g ai n: or i *»’i*** 

20.00 99.50 9*00 15/ 2/1987 


98 1/4 4.59 7.20 6J7 30 L.S0 BCD 

2.59 7*49 101*50 1978 1973 XT 

0.93 8.66 8*93 30 JO TO SB 

5.93 8*89 ; - • lOfcCO 1930 321975 XX • 

3/6 IM 8.79 8.77 *.16 30 .80 TO XZT 

4-36 8.82 - r - 1K.00 1941 021972 IX 

•so to re 
1940 XX 


9C 


*9 3 A 0.97 9-04 9.ts' 

7*43 sua- -rU2.ro 2981 




S36 9X5*360 973 
'354 *15-940 97* 

485 105-520 80 *X 

*11 105 520 *55 *75 

411 10 520 955 *73 

-413 .33-105 115 219 
320 713 040 935 
973 


15.00 1970 0 XH 8BX Twmwmr. 100 7/8 

3-OT 39.56 0.58 15/11/1385 ' 

50.00 1970 BJ.X.C. 96 

26.90 97.00 7.73 1/5A963 8 

40.00 1 977*8 J-T.E. » 1/2 

40.00 160.00 9-25 15/ 7/1B3 

15.00 1965 SO sxt-asc BSH2S>- S» 01 

5-40 . 99-50 6-50 51/32/1980 9 

sun i*«\ (aro.{BBams) re st 
1.80 99-50 . 6.30 31/12/1980 • 

BS WtEire-3UUC4 


4.26 9.64 9-43 9-» 

' 100.30 

7.72 9.32 9.42 
4.22 9,24 103.ro 

7.17 8.64 8.24 
3.74 9.23 102.00 

5.38 g.95 MQ 9.33 
3.BB 9.40 100.30 

2.M35U8 8.19 
2.B4 20.10 M2.W 

2.84 15.48 8-19 

1.84 20,10 102.00 


2-X 
1975 
30 .85 

1978 1964 
m ms 

1979 1970 
5.00 

781976 
30C 4.00 

19?: EF1977 

30C M3 
1978 1971 

30C 3.30 

1978 1971 

30 4.00 

1961 1978 

90 2.80 

1978 1967 

90 - ' .SO 
1976 1967 


TO TO 
KXLXX 
cere 
ram 

TOST 

BJ 

TC TO 
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re re 
xx 

re m 
xx 

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xx 

re re 

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-U* 405 
425 

IBS 435 
425 
485 405 
459 
196 405 
975 
186 40 
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3X6 405 

405 

186105 

429 

186 10 
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16510 
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186 10 
420 
196 10 
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su ros 

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320 
359 40 


40*415 420 
975 

W 415 420 
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4M 615 420 
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409 415 423 

499 413 43 

409 423 973 

425 975 

A» *09 413 
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405 409 425 
941 960 979 
305 40 409' 
425 5a 670 
941 960 975 
405 409 415 
425 975 
405 409 415 
975 

119 as 230 

409 415 425 
940 941 975 
41? 425 


re TO 359 405 415 425 


7.59 

3.80 

nun 

5.00 


1966 C0B5BBBE <W HX4XC4. 92 1ft 2.941S.42 7.43 M 

96-80 6-75 1/ 1/1981 B 1.39 12.88 100.50 1978 

1972 t MMUU CT JUUB4. 98 7/0 2.76 8.93 8.34 30 

99.00 8-23 2/12/197* 1.26 9,3 JOD.OO 2975 

nvBauui 


-W TO PS 441971 
1966 IT 

2.50 TO TO 327 313 930 
1976 XX 


46.00 

BUB 


95jo - M»::sjtt/iasi * 

190 fJkCJ. 

100.W 9.125 '13/ 40380 


14.76 9.33 9*30 MI. 30 
1XL2S 906 ; astro isn 

in 1/2 2*13 8*51 M9 


HMD MTS IXXK 
'38.M ue.ro 9*25 

30.00. ISIS'- law. 
27.40 UB.00 . 10.00 


13/ 3/un 

1/11/1985 


roar 44i xo 32 sa » 

BT 00 .90 30 80 

_ 927 931 940 979 

5.00 6BBZ 441 20 33 M ?3 . 
1983 BX 60 2^5 885-927 

*31 910 979- 

«»re 441 20 .32 33 35 
XT 60 -90 20 80 

„ . 527 331 940 975 

]*oo ce re to-Mk - 

1976 EC • , ■ 


3CJ10 

30.00 


20.00 

12.50 

25-00 

18 M) 
15.00 
0.70 


i5.ro 

6*90 


1976 XXD MUEBDRIZiK 1Q11/8 4*94.8*0 *.13 - 9*32. • 75 3.00 to SI 117 10 *15 *41 «* 

*9.00 . 9.23 .3/2/1383 . - . 3.54 8,8* -. MUM 1*80 1979 XI - -975 

OS SQEL4BSJ8B20B 


1969 4ZXXDEQS, *w»«n 
97J5 ' 8^25 15/11/1981 


99 1/2 3.72. 8.59 8.29 . 80 

3.00 8U4 102-00 1977 


2»7t .smnxe.TO nflav • *6-3/411x97 sji 8»7l io*os 43c 

97-50 8.25 15/2/156* S 6.30 9.24 . .1040 1981 

1870 

0.00 


100 - 7.01 9-20 9-29 45C 

9-00 -1/ 3/1983 8 4.11 9J1 .103*00 IS SO 


1.50 6030 32£ 105 115 3TO 510 
1970 rent 960-965 97* . 

1.50 TO SB 35910500960*65 
1973 Ut 975 

•90 TO EO 339 MS 930 *60 965 

1371 LB 9/* 


20.00 

sa.ro 

3s.ro 

20.80 

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sure 


1975 4S6XXTSBXC1L ■ 105 1ft 

*8JD 2DJ5 13/ 2/1980 

1976 IBEDBKB 111 

SMI MS 15/8/1981 

197 * UK V BD>‘ 101 1/4 

100.00 9-23 15J 6/19*9 

19JJ4 sne w ronoftroiEiD) *5 7ft 

100*00 7-OS u 3/1384 
1978 aXOMLGUaSCOU* 100 5/8 

280.00 9-50 13/ 3/1981 

1973 mien m nmn 98 1/4 

98J0 . 8.625 1/12/1989 

1974 CSUCftO TOCO BOTOIBC 102 

99.39 10.25 15/11/1981 


3.00 

291976 


1*97 7.15 9.72 

3.30 8.12 8.42 7.98 38 

100*50 1979 USX 

2*30 Ml 9.14 6U0 90 TO re 

100.50 1978 XX 

1.17 8.50 7.B 9.31 50 K18 

100*50 1991 USE 

3.04 9.3 9.44 KB7 

TO 

10.78 8.17 8.7* 9.53 30 .15 7617 

8.29 8.9? 201.50 1931 BW 974 XX 

3.72 9.5510.05 7.96 30 3.00 TG BO 

2*49 9-29 200.50 19 ft BT1575 XX 


1567 X94BL no acre.stfc 
96.00 7.00 28/11/1982 

89 IWMM TtTT 


■ *7-1/4 4*75 745 7-33 ■ 9GC XS are 359*41 975 

2.79 8.26 302-00 197a 1B1972 XI 


15.00 

U3 


15-00 


1967 SllfCi . 

97*50 7*00 15/12/1982 


101 lft 3.04 XU MU' ■- - t; ' 

xu xu r v 

102 3/8 7.68 9.33 XJT ’tif 45 1,20 » re 4S6 10 20 2U 215 

6-46 9~48 - X00J75 1981 TO1976 IX 220 570 960 97S 

58 1/8 4.00 7.47 7.13 . .1 4 ' 45 1-25 HP re 11710 20 210 *15 

2.00 7*25 i " 200.02 1978 . 1971 UZK 520 540 941' 975 


1975 mrouBarrora 
99M BUS W 7/1980 


*5 


3*36 -12*75 10.19 


HP so 117 105 
IX 


hob i960 usramsro , w 973ft 3.7s 7*os «.is 9oe 

. 100.00 6.00 1/12/1940 . .10X00 1978 

KMJO - - 1969 WSrWOOT 9 94 3 A 2.76. 8.11 6*33 '* . ' -' 90. 

100.00 6*00 . 1/12/1980' UXLM U7* 

73.00 uc8> urantiu . nr 96 3.68 7js s.23 

99*50 6.0a 1/U/19U 100.00 1979* 

33.00 1969 uan4M*nr » 931/2 s.« xh 6.42 " ' « ' 

99JD 6.00 1/1UUD lOOJD 2975 

•MO 1973* inn reexor a 971/4 6.17 bjb t.» *• 
nun . 7*50 .1/ 5/1584 


143*210 30 306 870 
975 


143 10 210 
307 540 


30 30 6 
870 973 


143 210 30 306X70 
975 


123.«a 1977* CBM CT 1MK8 C K K 8*108 MS 3447 4J7 2.71, 900 

100.00 4J0 1/&/1S87 101. DO 1SJC-- - 

1294)0 1937* coreira a gte sa g TO l* 741/8 SJ6 8.C7 6.07 : roc - 

. . UM» . am xrenm — — , - - - -^inuoo im 


re kb 

pp 

pc re 
IF 

pc m 
tr 

PG EB 
XX 

HP EB 

TO 

TOOT 
IX 

TOre 243 210 50 870 969 

-975 - - - 


143 105 £10 
507 540 
456.10 300 
550 ?40 
941 975 
143 210 30 870 975 


30 306 
870 97? 
30 520 
80 935 


28.00 

10.20 

15.00 
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9.50 

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01.88 

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1930 *22X8009 


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97-08 7.79 

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6 - 

3*48 12X44 

SH.75 

1978 

190 ftwni»nnin 

15 / 7/1978 


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5*64 0-36 

2BB 

99*0 9*90 

•38 1206 

20000 

1978 

S5S5 CU42B! 

BiVBO0Q 

an 523ft 

7.01 

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6.B-' 


97.90 SJCD 

1/ 3/00 

s 

3*47 

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5*99 

806 

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2978 

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re 93 

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07.50 6.73 

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190 cnxar HUi» 

88 7ft 

04 

905 

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30 

96.75 5-50 

i/7/i m 

fl 

03 

3.17 

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1978 

1971 CXZX OHTSmr 

M 5ft 13.17 

3.0* 

9*0 903 

30 

100.0. sun 

usnm 


6-67 

9.0 

102-50 

1981 

190 em.as.ams ttmmrmn so JM LI-84 

900 

806 

SOT 

95M 7*50' 

1/1/1390 

8 

6.34 

9.Z5 

us.ro 

1932 

1870 ZSO. 


’’ 54 1ft 

7.01 

8.74 

8.09* 

301 

94.00 7*30 

1/3/190 

6 

3-36 

9.0 

12000 

1979 

1986 Z-B.Z. 

11 2/1361 

»lft 

2-93 

6.23 

602 


35-35 6-00 

S 

loo 

6.39 

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1MU.X 

X/9A96L 

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3.51 

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109 

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20000 

1978 

1967 XXI. 

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2- 31 
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PC OJ 186 40 489425420 
XX 429-029 

rear 35940425*75- -• 


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913 930 975 
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337 35 215 913 920 

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1981 

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418 105 8G5 975 

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1.90 

8.39 

1QU00 

1978 

1949 

XX 


1973 uawm 

101 

2.17 

8.70 

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acre 518 KB SU 941 SOS 

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396 105 913 930 935 

99.75 800 1/ 7/1981 




100.50 

1979 


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456 105 305 520 915 

10.0 905 15/12/1980 




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1978 


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920 927 930 933 
Ml 950 960 975 

1975 T»'""TT" iw*-nwii ' 

in aft 

4.13 

8.71 

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30 

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acre 

456 “* 


100.00 9.3 at 4/1982 

1977* zmroioremBre. 

1ML0D 7.73 15/ 4/1982 

1976 ™i«u»TTIi nir"’ * 
100.00 9-00 1/ 3/1981 

1977* C DOB t,’ CO CBD Era 
99*0 8.125 1/12/1984 

1976 C HOB 


3.U 8.68 100-50 

96 1ft 4*13 8*90 8.06 9.21 
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8.88 8-23 

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8-49 9.74 

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100.50 


zooun 


1979 BP 1976 IT 

sore 

IX 


30 

1981 


412' 


101 3/8 5.0 8.46 
0 5/4 6*76 8.99 


1011/4 3.42 8.29 



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1/ 8/1981 





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8.25 

15/7/1981 S 





50.00 

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1977* JAE1X.6TBB. V0C8 

95 

6.21 

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IX 

PC A3 
ehx 

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XX 


100.75 


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101.0 1981 


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1980 

30 2.00 

1981 ZP197B 
30 

1979 

30 -74 C CEO 

1978 1966 XT 

30 .75 GC1Z 

19ft 1967 XT 

EC HZ 
XT 

GOTO 

XT 

BC S3 

IX 


3.73 

1981 


41210 913 920927 
930 941 960 975 

396 913 927 S30 947 
975 

93*4* 

411 10 105 520 Ml 
975 

43X 10 80 941 975 


4U 32 33 35 60 
90 805 927 501 
940 975 

4a 32 33 0 60 
0 80 927 931 
975 

46310 80 913 920 
930" SU 950 960 
975 


/ 


“Whether tong, 
or syndicated, NCB cary 
design a Joan packagefto 
precisely fit year needs” 

( ^Backed by $17 billion 
, / in assets and a strong 
... growth record, NCB 
- : offers exceptional 
reliability as a project 
. partner in overseas 
development ” 


“Their long list of top clients , 
in Japan makes them the bank 
to contact when yoifre doing 
business there ” 


“NCBPs long experience 
in foreign exchange 
and considerable size 
are reassuring, Ifs nice 
to deal with a leader” 



People talk about NCB for some very good reasons 


... • ;*• 



Formerly Nippon Fodosan Bank 


..-j niBf.- 13-10 gndwi- Kwr l- cho nw. CMwdi-ta. Tokyo 102. htna Telr 03-263-1 111 Tetae 326921, J28S8 NCBiOK 

Ly4n EoSm.UJL Td: 01^234685/8 Tdwr S84963 NCBLDN 
27 «it-i* -p Wall Sirpgt. New York, N.Y. 10005 Toll 212-2S5-8757- 

Nnr York Brttdc -W J29229NCTOJYK; a«cnadOMl) 223496 NCBN UR, 423621 NCBNUI - • 

^ v. emSstejSSSS^rf, Saits M60, Los Angeles, Califbrma90017 Tel: 2l3-629-5566Tdec 674377NCBLAX 

smMain, FJl. Germany TeL* €611-72564112 Tekst: 413387 NCBFM 
O^V^a^, Etauant St-- BciniL Lebanon Tel: 341474/5 Telex: 22194 NCBBRT 

iSKiooin 519. ConnaagtCcaba. Hong Kong Tel: 5-264341 Te&6SW4NOHK 
uBiMwp 'v«il Zurich. Hcrotata, Jakarta, S3o Paolo - ■ 



Austrian Quotes 

otations andMelds of Austrian Eurobonds 


ISSUE 




D-MARK BONDS \ 

6}% Brenner Ajitobahn 1968 (G) .... 

6% Donaukraftwerke 1959 (G) - 

6?% Donaukraftwerke IB7S (G) 

7% Girozentrale Wien 1976 .... 

7i% Girozentrale Wen 1976 — 

SJ% IAKW 1975 (G) 

6 J% Kelag 1973 (S) ; - 

83% Oester. Draukraftwerke 1975 (G) ......... 

7% Oester: HeWrizItaetswirt 1967 (G) 

7% Rep. Oesterreich 1968 

61% Rep: Oesterreich 1969 — — . 

9% Rep. Oesterreich 1975 

8*% Rep. Oesterreich 1975 

7?% Rep. Oesterreich 1976 

63% Rep. Oesterreich 1977 

6J% T^iuernkraftwerke 1968 (G) 

7% Tauernkraftwerke l^8 fG) .... 

9j% Taaernautobalm 1974 tG) 

Voest 1973 

SJ% Voest W75 - 

6f% Voest 1977 — : 

7% Wien 1968 

81% Wlea 3975. — 

U&8 BONDS 

6% Rep. Anstria 1964 

63% Rep. Austria 1067 

S{% Rep. Austria 1976 

6C% Aust, Electricity 1966 (G) 

63% AosL Electricity 1967 (G) 

53% Alpine Montan 1965 CG> 

■8i% Taaemautobahn 1977 lG) ..... 

5}% Voest 1968 fG) - .... 

61% Transalpine Pin- Hldg. J966 

63 % Transalpine Pin. Hldg. 1966 - 

63% Transalpine Fin. Hld& 1967. 

6J% Transalpine Pin. Hldg. 1967 

73% Trans^AtHtria Gasline 1973 ....... 

AUSTRIAN SCHILLING BONDS 
9i% Kontrotlhaak 1974 (G) 


ut*i8lmiumi4i 


DOMESTIC ISSUES 

S% Bondesahlfiihe 1966 

s% Isvestitionsaideihe 1967 

S% lnnestitionsanleihe 1967/H - 

8% Investltlonsanleihe 1971/ni/B 

S% Investitionsahleihe 1972/B — 

8% In^esiitlonsanleihe 1972/I1/B 

8% Investib'onsanlelbe 1972/HI/B 

8% ImrestxtionsanJelhe 1973/B - 

S% Investidonsanleihe 197S/1I/B 

8% Investitionsanleihe 1973/D1/B 

S% Investitionsanleihe 1974/B 

8i% Io vestitionsanleibe 1974/U/B 

8i%.BnergseanIeihe 1B74/S fG) 

Si% Eneigleanleiiie 1975/B (Gl 

8i% Kelag Anleihe 1974 (S) 

Sl% Vorariberger Kraftwerke 1074 fS) 

R% Wiener, Stadtahleihe 1965 

8% Wiener Stadtanleihe 1966 .... 

8% Wiener Stadtanieihe 1967 

8% wiener stadtanleihe 197S 

Si% Wiener- Stadtanleihe 1975/B 


4 IK1 
\ to ; 


fR) Purchase for redemption purposes by issuer possible. The bonds so purchased may be use 

to plan. (...) Repayment at a premium. fG) Government guarantee. (SI Local Government Guarantee. 

tions are based on the middle price. 


may be used far repayment according 
• Vield calcula- 


Anstniftjecmte arejp aifea bd y 

Austnan HWiingbbaseSnHybe'aKisklgedmodrisahe/g 

maTfcetfflq]pwtiscmicemed.C?Min«e reao nlbriqny m m m comanagii^ ajnjost all donies& issues ami having 

mvesttffi to tmyAusinm brads. GiiTweniraIeVieona.is'B tr Jl imdeiwilaen more than 200 isocs on the EortKinM^ ■ 

Markctin 1976 atone. GirozEChale Vienna i. one cf^ 

securities itkxfeaflcxforogaamipaiii^onlheVicnnaB6TO leading Ansfeian inaftmioDS uamUmgsemp fi^ . 

Girozentrale Vienna 

Maj^M^ermAnsfrianEorobonds 

, P q S^gS5^SS^£*^ iI £5?* ^T«fa (^* Deprek&g ftB;Eaii*onaPefeM«tfiwdI3IX.Tcl;72M77g. 



REPAYMENT 

SINKING 

FUND 

(STARTING) 

PRICE 

m 

rA 

OJSBENT \ 
YIELD TO \ 
MATURI7Y 

COUPON 

JUTES 

BID 

ASKED 

IBS 

12-L8 

L8 .74-83 

L8.73 

1031 

104 

6.51% 

526% i 

L2-L8 

-L2.65-84 ■ 

. - — • 

103 

103} 

5.81% 

5 A5% 

L3. - 

3-3.73-87 

1.12.77 

105* 

106 

629% 

5.94% • 

1.11 

1.UB1 

•— 

108 

108} 

6-47% 

423% 

1J1 

LU.83 



108 

108} 

6.71% 

526% : 

1.5 

3-5^0-85 

— 

111 

111} 

757% 

0.74% t 

3-5 

1^.79-88 

12.78 

1052 

106} 

6.37% 

025% i 

1^ 

U^l^SS 

. — . 

112J 

113 

7.77% 

6-17% { 

1^-1R 

12.73-87 

— - . 

106 

106} 

6.60% 

620% [ 

1A-1-10 

1.4.73-82 

1.4.72 

105S 

106} 

6.60% 

5.44% ! 

L4-L10 

. 1.4.75-83 

3-1.74 

1045 

105} 

620% 

I 

12 

1.233 

— 

1105 

1114 

8-11% 

6.36% ■ 

1.5. 

15.78-87 

J.2.77 

109 

109} 

7.78% 

.7.11% 1 

25 

25^66 

. 1282 

UOfc 

111 

7.00% 

62S% 1 

1.4 

1.-L83-85 

2X82 

106J 

107i 

621% 

a 24% 

12-1& 

18.74-83 

1-9.73 

105i 

1051 

626% 

524% / 

12-12 

. 3-2.74-S3 

_ 

1051 

1053 

6.64% 

5-70% 

1.7. 

. 1.751 

— 

113 

113} 

839% 

5.13% | 

JJO 

1.10.79-88 

1.6:78 

10Si 

309 

722% 

720% ; 

1.6 

3.6Bl-8» 


10Bi 

109} 

7.77% 

624% f 

• 1.6 

1.6^4-89 



105 

105} 

6.42% 

6-10% j 

1.5-1.12 

1.6.74-83 

. 3-6.73 

104} 

105 

6.68% 

523% 

L8 

L8.79-84 


1084 

109 

7 29% 

628% 

SL 1-31.7 

31.1.71-84 

3.L70 

98$ 

985 

6.08% 

628% 

15^-15^ 

353.72-82 

15^.71 

99 

99} 

6.80% 

7.06% i 

153 ‘ 

15^.78-90 

152.77 

9S| 

99 

sse% 

822% ; 

11-1:7 

1.7.70-86 . 

1.7.69 

964 

97 

625% 

727% l 

L4-L10 

L10.7I-S2 

LI 0.70 

99A 

995 

6.79% 

7.03% } 

15.6 

15.6.72-85 

15.6.71 ‘ 

93} 

94} 

6.12% 

621% 

15^ 

15-353-87 

15^-82 

96 1 

97f 

8.49% 

8.72% ( 

23.10 - 

23.10.70-78 

69'OTTC 

98} 


5^2% 

7.74% ; 

31.10 

3L10.70-83 

69'orsz 

97* 

98 

6.65% 

628% 

31.7 • 

33.7.70-85 

13.7.69 

97 J 

98 

621% 

7.14% 

31.1 

3LL73-82 

33.L72 

BS) 

99 

6^4% 

7.12% 

30 A- 

30.4.74-83 

30.4.73 

97? 

98} 

089% 

729% 

15a 

15.1.77^88 

15X78 

S9i 

892 

828% ' 

9.12% j 

US 

'145.79 

■ — 

101 


9.41% 

8-75% j 

50.4 '■ 

30-4.70-81 


97.73 


820% 

1 

8.46% ( 

23 

2.5,6 &S (103) 

R . 

) 00.75 


7.94% 

&40% : 

— 

102.69-79 (103) 

— 

101.75 


726% 

821% . ) 

15-11 

15JL75-79 (101) 

R 

100 



8-53% ’ 

153 

15A7B-80 (101) 

R 

99.19 



B.fi2% j 

1.7 

L7.77-82 

R 

98JiO 


8.12% 

8-41% f 

L10 

1J0.76-81 

R 

99.40 



8.18% ; 

15^ 

15^.77-81 (101) 

R 

ion 



821% 

3.7 

3.7.78-81 (102) . 

— 

100 



822% ; 

20.11 

20.11.74-82 (10150) 


W2i 


7.98% 

827% ! 

L4 

X.4.76-S2 (10450) 

R 

102 


724% 

827% 

22.10 ' 

- 22.10.75-82 


99.75 


S-52% 

825% ; 

15.11. 

13.11.77-80(100.50) 

— 

100 1 



S.64% 

1K2 

182.78-81 1101) 



100 ->5 ! 


8.48% 

8.70% : 

29.11 

29.11*77-80 (100-50) 

__ 

10025 


8.48% 

8.53% 

20J2. . 

20.12.77-80 (100-50) 

— . 

10025 


S.4SSS 

824% ! 

J2-LS 

• 12.70-SD 

*w 

99 


1 1.1* 

8.76% 

L6. 

• 1.6.70*81 

— . 

98.50 


8.12% 

823% ! 

15.6 

15^.68-83 (103) 


100.50 


726% 

8.45 % 1 

1&5 . 

152-74*88 (10L50) 

. — ; 

9725 


823% 

821% 1 

29.4 

29A76-83 


101 


.842% 

8.60% [ 

1 











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15.00 1977 B*AMI «R ' 3 

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30.00 1970 MRS TOR OtonMOE 

100.00 8.79 1/ 5/1901 

25.00 1973 LOSS TSBE GE8DZX ID* 

99.30 9.00 15/ 6/1960 

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8.93 8.0 9.35 
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. 9.1* 8.89 X0.1B 
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1 9.04 9.U 9.17 

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MARKET 

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100.0. 7.75 1/2/1 M2 

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10 


****&NUIAX/ TIKES MONDAY MARCH 18 197S 


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1969 

yai 

935 941 930 960 
979 

483 105 510 805 935 

'15.-00 

»ss ntxmnsyiff 

.0*5/8. 

2.09 

7.95 

145 


30 

2.00 

trort 

0*33 

98.00 7.2S 1/ 4/1980 


1.17 

8.53 


100.00 

1979 snari 

VtLZ 

941 950 960 975 

33-CO 

i9«2 AjaiAsa cm sja ■ 

98 3/8 

9-80 

5.25 


■ i*w 

so 

2.30 

re nr 

399*40 


95-23 8-<a 15/ ft/1957 


400 

8.42 

101*00 

2900 

1970 

XX 


25.00 

1978* ran ojs or 

95 3/4 

7.01 

9-50 

M7 

9.« 

SO 

1.5D 

resi 

488 425 935.910 HI 


13WO s^» 0/3/1363 


MOJO 

198391940 IX 

947 955 

5.M. 

1949 Avne- rinwTS s? 

95 3/5 

3.7S 

8.ST 

74B 


30 

*75 

re or 

437 105 9l5 541 


100-00 7.7S, • 3J13/1980 


1.86 

8.71 


IDOkSO 

1978 on 972 

xz 


13. BD 

JLWS o/s cn» 

» 

2-93 

6.74 

6.41 


30 

1.50 

re 3? 

438 10 105 520 805 

«*SI 

97-50 • 4.25 ij “i\m 

S 

3.93 

6.92 


100*00 

1970 891972 

STS 

935 941 950 979 

15.00 

1979 -BEOISE HODS 0/5 

103 

7.« 

8.17. 

«.» 

<0 ■■ 

30 

1.00 

rc ni 

437 105 933 960 975 

7.0ft 

100-00 9.0a. - 15/ 3/1980 



8.14 


101.00 

1978 991973 

IX 


15-CO 

I960 MBSHfU* SIS 

mils 

1*54 

7.84 

7.9B 

• 6.95 

30 

2.50 

war 

456 10S 520 9)5 941 

b-SO 

97.00 8.80 • If 7/1979 

. * . « 

,96 

7.8b 


ioa.ro 

1*78 VS 19 70 

XX 

950 960 975 

20.00 

1973 KEBStU is? nr. . 

92 5/8 

9*63 

8.91 

am 


30 

.80 

re sr 

411 IDS 927 935 960 

Z0.00 

99-0 o 7-75 15/10/1387 


6*33 

9.!« 


102,39 

1978 971973 

15 

975 

15-00 

i%0 Ktc^riaatt o,*s eat. 

100 ui 

1.51 

7.SS 748 

1.93 

3D 

2.5D 

rear 

418 105 320 810 105 

5.50 

97.23 8. CO u 9/1979 


1.21 

7-54 


ibo,m 

1978 991970 

IX " 

941 960 9M 975 

eft-ta 

1972 KBCDKSHH 0/5 C tf 

91 3/8 

9-09 

8.17 

7^6 


30 

1.00 

rear 

437 35 1® 305 520 

15.00 

35.00 7.73 ■ -1/ 4/1987 


3*77 

8.34 


100.25 

1979 B91977 

IX 

735 870 975 940 


. 









Oil 950 960 975 

15.00 

1970 cwarnnciK- 
99-00 3.50 : IS/ 9/1980 

103 

?.5S 

9.25 

9.63 

7.74 

30 

1-00 

re nr 

449 105 935 941 975 

8-00 

8 

2.26 

9.21 

ioo.ro 

1970 

1971 

IX 


25.00 

jqj* pnrrrri tkj 

- 96 • 

9-90 

8.63 

8.33 


30- 

.75 

re ar 

454 35 105 206 505 

25.00 

99.00 8.00 15/ 6/1957 


6.89 

8.79 


102-00 

1978 971970 

u 

520 870 915 !UO 










9SO «* J»0 975 

20-00 

• 1967 exuass ner«a • 

» . 

4.34 

7.01 

6-82 


30 

2.00 

76 ZB 

411 105 520 605 870 

JO. 00 

' 98.00 4.75 1/ 7/1982 


=^4 

7.20 


101.34 

1978 

1973 

XX 

935 941 960 960 
975 

238 105 520 805 070 

25-00 

1965 OBBSB ta& 0/8 

99 1A 

1.93 

7.42 

7.05 


30. 

3-50 

rear 

7-30 

98-50 . 7.00 1/ 2/1980 


L45 

7*59 


100. 00 

1979 971974* IX 

935 941 95D 980 
975 

359 105 335 941 060 

25.00 

1969 CmSLlSO/B OF 

571/3 

5-97 

9.33 

7.X5 

101*30 

SOC 

2.00 

rear 

15-50 

97-00 7.00- 13/2/1381 

3.63 

7.83 


3979 BN972 

LB 

973 

300.00 

1977* cmneff o/s ns 

471/4 

2-65 

9.32 

6.94 




rear 

sn •** 

100.00 6.75 ' U/m/1980 








u 


200.00 

1977* cmmyp o/s ns 

971/5 

3.63 

7.92 

7.2Z 




Tear 

517 *** 


-99.75 7-00 X3/U/1981 








IK 


30.00 

1077* cm S983Z15B TO " 

*7 5/5 

C.B 

9.26 

8.9S 

9.W 

30 

1.59 

rexn 

235 105 218 230 625 


ICO. DO ■ 8.75 1/ 5/1964 





1U.00 

1982 X91977 

LX 

' 520 935 960 975 

15.00 

i»b 6 ammunsnsro/c '' 

51 

3.01 

8.07 

34 OX 


30 

!JO 

re*? 

458 105 

3.00 

100.00 • -4.50 1/ 3/1981 

8" ■ 

2.76 

8.27 


ZOtbW 

1978 B71976 

KU 


50-00 

1VI flrew) -wr*rrwm>m " 

99 5/8 

7.97 

B.Q2 

8.01 

8.39 

10 

4.00 

re xu 

456 **•* 

41.CO 

99.23 fe.ro 15/ 2/1986 


4.98 

6.03 


100.25 

1979 971976 

IX 


<0.00 

1973 OBOLtnus voces ■ 

95 2J* 12,88 

8.04 

7.83 


3D? 

i.n> 

re ar 

456 35 105 520 735 

*7-00 

53.50 ’ 3.SO 15/ 1/1991 


9.15 

S.U 


100.375 1980 BT1P76 

IX 

870 *>35 *10 *il 











*1 7 9S0 940 9-5 

20.00 

i9» camcmL m is: 

99 1/4 

1193 

7.42 

7.W 


20 

3.00 

pc nr 

456 1 05 320 80S S70 

7.90 

98.00 * 7.00 .1/2/1980 


2.50 

7-57 


100.00 

1078 

WSJ 

ur? 

935 941 960 9»0 
975 

456 105 5?0 870 941 

25.00 

19^0 on. 3 sr 

103 3/4 

7.3* • 

.8 .77 

9.15 

tirs 

30 

z.to 

re so 

13.75 

98.00 9.53 -1/ 7/19*3 


4.84 +.44 


100.25 

1980 071971. 

IX 

950 975 

20.00 

1971 wiiMttnmto 

*91/3 7.97 

8-34 

8.29 


SO 

':.m 

re ar 

38 105 870 S05 950 

17.00 

IK}. 00 3.25 15/2/1986 


4.47 

8-53 

- 

109.00 

1978 991976 

XX 

975 

29-.0P 

1070 emiBmtir.-TBigfcBB 

100 7/S 

3*93 

8.72 

8.92 

7.96 

30 

1.70 

re ta 

38 105 520 870 941 

10.10 

99.73 3.00 V 2/1902 


2.92 

8.64 


100.00 

1979 991972 

.w 

975- 


20.00 

17.00 

loloo 1968' 
5.00 100.00 

15.00 
13*90 


1471 CC&TZ&XB8-' 

100.00 8.50 13/3/1986 


7.50 1/ 9/1980 


1972' 

9948) 


8.06 13/ 6/1987 


1015/8 8.04 8.22 
6.71 8-08 

99.3/8 2-51 7.75 
1471 7.B8 
971/8 9.38 
5-93 


8.45 

8.63 


8J6 8.70 
• 102.00 
7J5 

100.30 
8.26 9*51 

100.25 


30 1.00 PC Ell 

1979 BP1976 IX 


1.00 nor 

1972 IX 


30 
1978 
30 .30 rc TO 

1980 071973 IX 


204)0 19(9 p* F ii * , m » ' 

7 JO 98.2$ - 5.75 '■!/ 9/1980 

20.00 i» »2 mw- ’•’ 

19 JO 99.90 8. DO 1/3/19(7 

120.00 1976 DOB CaBOCtL-OA CiP 

' l6o:oo ’ 84)0 15/12/1986 


20.00 1971 BOD 0CB9IBD-OA CAP 

UJO 99.00 ' £50 15/ 6/1988 

50.00 1971 ESSO 0/8 730 

41.00 9749 8.00 15/. 3/1986 

50.09 .(971 S980D/SZTO 

38-88 10049 ' . 8.00' 15/11/1936 
20-00 1970 ESSO 0/S 7X8 

14.30 100.00 9.00' 15/ 9/1983 

50.00 1973 mSX CSSUCO 0/8 TIB 

' 100. OD - - 7,00 15/ 1/1980 

10.00 1922 BXTOC TOESSraSK 1X7 

104)0 100.00 7J25 13/11/1904 _ 

20.60 19% bbebadp TOzszandUL" 

89.20 9.00 19/ 3/1383 

25.00 1977 OXBJnBXUBTXASqvaZ? 

23.90 100.50 8.25 .. 1/ 6/1987 

25.00 I4J3 <Z2S2EAL CAE?. «/S . - 

24.00 . £23 - 15/ 5/1997 


*8 3/8 2.51 6.57 
8- ■■ 1.3S 7.26 

'971/4 9.0l 8.45 
- 6.01 8.60 
96 7/8 8.(8 8- Si 

201 3/8 8J0 4.25 
• 4.96 8.15 
100 3/6 £Q( 7.87 
4.73 7.81 
100 7/8 E.73 7.83 
. . 6-29 7-82 

1M 7/8 7.59 8.10 
. 4.-6S 7-70 

98 5/8 1.88 7.80 

91 1/4 fi.72 9.13 
■ 4-87 8.97 
105 1/8 3-04 8.96 

95 3/8 9.26 (.90 
. , , 6.06 8. £0 
■97 1/8 9JI 8.21 
6,07 4-88 


3. 94 30 1.25 PC TO 

101.00 1978 1969 -VC - 

B-‘23 30 -30 re TO 

- 101.00 1*79 BP1976 LX 

MTO 
IX 


628 105 
Ml 
656 108 
980 
656 105 
870 
950 
500 10 
933 
434 *** 


80S 870 935 
930 960 975 

5±0 935 941 
975 

305 520 735 
935 940 Ml 
9(0 970 975 
105 520 DCS 
960 975 


843 9.28 45 

. 101.25 1981 


848 £79 30 1.00 TO TO 

' TO2.DD 1979 091976 IX 
7«9< 7.45 30 3-00 re TO 

100-25 1979BH976 LX 
7.93 7.34 30 2-80 PC EO 

. 100.29 1979 9P1973 IX 

8,38. 6-91 SO 2-50 PC TO 
100.25 1 930 DPUTl U 
7.10 ?fi TO 

IS 

8.26 20 . 50 PC TO 

■ lfl-’-CD 1978 BJI926 IX 
1.99 9.CW 30 , .S3 Ti TO 

IQS. SO 19BX-»l*r7- -SX 
8J9 - 9.15 60 ' ' S.tO PJ TO 


1C0.25 1980 371377 IT 


408 105 305 530 530 
80S 870 925 935 
941 970 975 

316 105 805 870 935 
9U 930 960 975 

456 *wi 

436 *M 

456 lit 870 935 Ml 
950 P75 

361 IQS 305 Sa 73S 
80S 923 940 *42 
9i7 950 960 975 

488 935 975 

4£5 JOS 295 310 939 
“SO 975 

337 *** 


8.19 


45 


100.25 19f9 8P1976 U 


‘-0 Pr. Of 359 35 1 05 305 520 
MO 965 975 


SUMITOMO FINANCE 
IN TERNATION AL 
Market Makers 

1 ' : Specialising in 

- Japanese Straight and Convertible Knrobonds 


STRAIGHT BONDS 


(U^. Dollar) 
Asahl Chem. ". I0i 
Bank of ToSya? 7f 


'I960 


C. Itoli 

Denki Kagaldu 
Hitachi -Sosea 

i.h.i. 

Kajima 
Kumagi Gunn 
Marubeai 
Mitsui Eng* 
Mitsui 0-S-K. 


81 

71 

■:.8 

7| 

7} 

i 


Mitsui Petrochem S 
MOL,- ’ - ' - 73 

Nippon Mining , 7} 
Nippon Steal: 9i 
N.Y.K. • 83 

Orient Leasing • 8} 
Shows Line S 
Sumitomo Heavy 73 
To ray 73 

Toyo Kanetsu 73 
Tnyo MenKa 7J 
YA Line 7| 


.19811 

1982 

19S4 

19821 

1982 
19821 
19S2 

1983 
1980 

1984 
1984 

1983 

1980 

1981 
.1984 
19Sll 

1984 
19841 

1982 
1982 
1984 


: Deutsche Marks) 
n Dev.-Bank 7- 1985 
i City - 6} 1987 

ton Kofcan 9 1982 


Telephone; BUT TO 
Telex; 88U043 SUMFIN G 


r raisaa 

Current 

Yield 

-Bid 

Offer 

105 

106 

9.72 

954 

96} 

• 7.94 

C3I 

102* 

&5S 

S5i 

961 

S.65 

‘ft 

95* 

8.36 

961 

97 

SJS1 


95* 

8.01 

B&3 

95J 

8J4 

»E3l 

102| 

- 9.49 

•99} 

100 

837 

SMI 

1011 

■ 9^8 

96 

96* 

8429 

94* 

951 

. 8.36 


96* 


'TV/ rill 



itvjTa 


8.64 

95J 

96* 

R57 

1 



943 

95* 

814 

949 

95* 

7B1 

'Eli 

96* 


951 

ftffl 

j 


95} 

CU.S 

m 

jHJ 

6^1 

1061 

Emil 

j 

ts* 

106| 

8.47 -.J 


Yield 

Maturity 


8.92 

S.3S 

8^3 

8.83 

8.S6 

8.77 

8.99 

9-24 

8-90 

$.79 

8-75 

8.79 

S-75 

SB3 

8.65 

S26 

8L94 

SJ3S 

8-74 

8.72 

8.91 

891 

8-S2 


5.69 

5.48 

7.15 


CONVERTIBLE BONDS 


(DB. Dollars) 

Asahl Chemical 6} 1990 


Asahi Optical 
Dai’ei " -. '- 

Uo-Yokado 
Jusco • . . . 
.Kao Soap . .. 
Komatsu r 
-Kubota ■ 

Marui 
Matsushita 


1992 

1991 

1992 
1992 
1992 

73 1990 
63 1991 
64- 1991 
63 1990 


Mitsubishi Corp* 63 1991 
Mitsubishi Heavy 6j 1991 
Mitsui *; Co: 7f 1990 

Mitsui Rea) Est 6 1992 
Ricoh-:'. 53 1991 

Sanyo .63 1991 

Sumitomo Elec. .'6 .1992 
Tofcyu Dept. 6 1992 
Toshiba ' 63 1990 

Toshiba: ■ . .63 1992 

(Deutsche. Marks) 
Asahi Glass .6) 1986 
Canon . "43 1980 

Jujo Paper 5} 1987 
Komatsu:' •* . 6 . 1991 

Minolta. Camera 53 .1987 
Sekisur Prefab. 63 1987 
ToKyo Sanyo . 4} 1983 


| 


Parity . 



132 

123 

126.9 

5.10 

-.38. 

104* 

EEil 

112J . 

... 5.71 

-68 - 

111} 

112* 

. 113.4 

6.37. . 


IKJ 


93.7 

5.71 

12.1 


BT^sl 

97.3 

- 5.74 - 

7.4' : 

1U} 

112* 

115# 

5.35 

-38 . 

113*. 

114* 

ms 

6B6 




110£ 

. 6.28 

. -28 ' ■ 

f&M 

tea 

125 

5.02 

" 3.6 

132 

133 

133B 

■ 5.09 

-1.1 

1EZS 

EEH 

ms 

- 6.21 

-38 

115 

116 

119A ‘ 

5.63 

SE2 

IT ■ 


109^ 

- 681 

' -2.7 

123* 

134* 

■ 123 J. 

•484 

w$w 

154 

155 

1S.7 

4.05 


106* 

107* - 

108U7 

584 

' — L6 - 

FT7 1 

141* 

1453 

486 ' 

r — 3_L 

115* 

116* 

116.7 

5.17 


126 

12T 

1319 

5.34 

-4.1 

106 

107 

hob 

- 587 

. -3.7 • 

109J 


1105 

5.67 

-08 : ■' 

109 

ernm 

• 82.0 1 

484 

•' 338. - 

fEU 

|l fl !•/ B 

94-8 

587 

12-9 

107* 


795 

• 587 

. 358 * . 

108* 


102.5 

581 

5.7 

113 

113 

102: 

. 5L56’. 

MlilHi 

im 

ESI 

306.8 

A35 . 

28 . 


66 Gresham Street, London EC2 7EL 


Keuters Monltor=SFBA-B 
AIBiy . Market Maker No. 962 


DILLON, READ 
OVERSEAS CORPORATION 

10. Chesterfield Street London; W.1. 

'cl: 01-493 1239 or 61-491 4774 Telex 8811055 
APANESE DOLLAR DEFOSITARY RECEIPTS 

Names Qose at 10/2/78 
DAIWA SEIKO $1.79 

HONDA $24$ 

IFO YOKADO $48| 

JUSCO s Hli ' 

KOMATSU FORKUJT $2.59 

K0NISH3K0KU $1.9$ 

KUBQTA $^3i 

- MAKTTA $23! 

BURAIA:- : $3-3$ ‘ ■ ' 

NICHII 

: NIPPON MEAT $2.68 

* * "NIPPON CHEM. CON. . $2.82 

"... Q J. CORPORATION $2^0 

RENOWN $2.45 

RHYTHM WATCH . $2.18 

STANLEY ELECTRIC $2:27 

TAISEtO MARINE $10.63 

TJD1C $$?$$ : 

TOKYO SANYO . $M7 

TRIO . . • . $31.10 

WACOAL $1656 


The next Quotations and 
Yields list will be 
published April 10, 1978 


LL: YIELD CALCULATIONS 

All -Yields are calculated on annual rates- e^g. a 105& bond standing 

at par, paying interest once pa vill have a correht and maturity 

.yield of 19% . A 10% bond paying .semi-annually would yield 1653%. 
Market practice demands that the current yield m 3 floating rate 
bonds is calculated as coupon/price. ....... 

12. MARKET MAKER COLUMN / 

~ THt<i denotes ‘that more than the -maaimnm number -of : market 
: nudcezs 'have- provided, prices (12. for the straight bonds arid 9 for 
the convertibies). . ‘ ‘ ‘ . 

li. OTHER NOTES ; * 

Ttaa amounts shown as remaining outstanding are estimated by 
applying the scheduled sinking fund instalments. These are further 
adjusted where a' non -cumulative option to double sinking fund 
payments has been exercised. ;; •' 

Yields are calculated in accordance with Rule 803 of Statutes. 
By-Laws, Rules and Recommendations of the A2BD using compound 
interest throughout. Negative yields are not shown. 

The maturity, average life and 'first call yields are adjusted to a 
360 day annual rate. 

Yields to next call is shown on. the basis that the borrower gives 
notice that he -wishes -to caH tb* bojsA a*9 ^oon as possible after the 
dtte of pi^iHca^bu of this list. ; 

Yields on Unit of Account' bonds are computed by adjusting the 
investment proceeds for the tittups in relative parities of the. 
currencies comprising the tow and ola unzt of account formulae. ! 


LISTINGS. 

AN 
AM 
AS 


BR 

BT 

DB 

DD 

PR 

HK 

KL 

LN 

LX. 


Antwerp ■ • » 
Amsterdam • 
American' Stock 
Exchange ' 
Brussels' 

Beirut ‘ 
Dublin- • • 
Dusgeldorf 
FrapkfjHt . . 

Hong Kong. 
Kuala Lumpur 
London . 
Luxembourg - 


EXPLANATORY 

V 

V 

V 

: \ 


NOTES AND ABBREVIATIONS 


ML 

■ 

Milan . . 

. NY 

TO 

New York 

PR 

tz 

Paris 

RM 

rz 

Rome 

SI 

TO 

Singapore - 

UQ 

TO 

Unquoted " 

VN 

— 

Vienne 

ZR 

“ 

Zurich & other Swiss 



Exchan g es r 

• DEUVERY 

. EU 

zz 

Europe • 

EN 

TO 

Europe/New York . 

NY 

s 

New York. '. 

EA 

= 

Europe/Asia 


TYPE OF GUARANTEE OR SECURITY 


2. OTHER SECURITY 


GG = 
SG — ' 

PG TO 

BG = 

VW TO 


CL 

FM 

NP 

PS 

SC 

SU 

UL 

TA 


Collateral Cover-’ 
First Mortgage 
Negative Pledge 
Subordinated-^ ' 
Parent Guarantee 
Special Clause . 
Subordinated 
Unsecured • 
Unsecured Loan 
Throughout 
Agreement • 


GUARANTEES 

Goveriunent . 

Guarantee - . 

State or Local Govt 
Guarantee 
Parent Guarantee 
Baifc .Guarantee 
These borrowers 
have Public Works 
Loans Board as 
lender of last; 
resort * •• 

SPECIAL REFERENCES r ... •’ 

Tl. GENERAL^— ATTACHED TO NAffi: OF BORROWER 
= Domestitf Management group 
=: Bondholders option to' redeem loan prior to maturity 
= Private or semi-private placement • 

Principal/Interest payable in more than two currencies - 
Withholding taxes (with percentage rate 56) 

With warrants 
Ex warrants 

£ £/DM issues'. ; 

The figures shown lare the fixed £/DM parities which prevail 'ov£r 
-the lives of the issues.-. ' 

r FLOATING RATE ISSUES * 

The figures given -are the minimum coupon rate: 

.% mar gin above LIBOR. • . 

4. ATTACHED TO MATURITY DESCRIPTION ; 

5 Semi-annual payments 

a. ATTACHED TO NEXT S/Y AMOUNT 

PF - to Purchase fund — the amount shown is the annual total 
for total -to the next coupon date), which may be' applied. 
The year associated with the amount shown relates to 
the end o£ the purchase period. 

= NoD-cum ulative option to double sinking fond payments. 


D 

L - 
P 
ME 
W 

ww 

xw 


DP 


6. ATTACHED TO CALL NOTICE (DAYS) 

C = Callabli onjy 'on coupon dates . ; 

Y' ' ■ to Callable -only at annual'intervals 
Othmwise callable at any time 

7. '-YIELD TO NEXT CALL 

^■q i= Yield iff negative ■ 

AT ATTACHED TO' YIELD TO NEST CALL j ■ 

(CONVERTIBLE ISSUES ONLY) 

■R' to Call is Subject to a restriction governed by a fixed' re- 
lationship between the share price and the conversion 
price. ' v- ,- ■ 

•-CONVERTIBLE ISSUES 

The share price Is always denominated in the same currency as the 
conversion price: .Please note that ’Where the premium . exceeds 
200% no figure is -Shown in the prenrium/dlscount column. 

The fbllowing'convertJble bonds are subject to convertibility 
into-the indicated stocks. ‘ - ■ .. r. 


NAME OF BOND' 
American Tobacco Iht- 
Asia Navigation Int . 
■Bankers Int. .(Lux) * 
Broadway— Hale Stores:. 
Bnrmah OH . ^ 

Chevron Oil O/S: • 

Dart Industries 

inter-Continental Hotels 
Int Standard Elea/ 

n * ” ^ 

1SE Finance Holdings 
Kfiuiey 

Leasco World Trade . 
Leasfco'-IiiL ' : . ' 

Levin-Tbwnsend. tat Ffn. 
Norwidi OS * ■ *. 

Owens-Illinois * 

Plywood Cbaapioo JnL_ 


Si 

6i 

-5 ■ 


5 

4! 

7. 

5 

5i 

6i 

44 

BJ 

5 

« 

3 ■ 
4* 


CONVERTIBLE WTO 
1988- AmeriCan.'Btendh Inc. - - 
1989 East Asia Navigation -Co. • 

1986 Bankers Trust New York ■ 
1887- Carter Hawley Hale 

1988 Shell Transport A Trading 
1988 Standard OU of California 

1987 Minnesota Mining & ' 

Manufacturing 
Pan -Am World Airways ■ 
International Tel & Tel . 


1986 

1988 

1988 

1989 
1986 

1990 


Warner Communications 


1988 Reliance Group Inc. 
I9fS 


Rockwood Computer . 
1SS3 Horton-Norwieb Products : 
T9S7 - Owens Corning Ptbrigiass' 
198S Champion int . ■ _*j_ . . 


-*nie following International convertible issues have fixed rates of 
currency conversion: 


COUNTRY 
FRANCE 

HONG KONG 

ISRAEL 

JAPAN 


ISSUE/COUPON/MATURITY EXCHANGE RATE 


Michelin Int Dev. 

6 

19S5 

F.Fr.5854 

= S1 

. Suez et rUnion Paris 

7 

1985 

F.Fr. 5.554 

=S1 

Asia. Navigation Int 

6* 

1989 

SHK 5.07 

=31 

Leumi Int Inv. 

7 

1984 

£1 10.1026 

=$1 

Asahi Chemical 

6* 

1990 

Yen 803.0 

=S1 

Asahi Optical ■ 

6 

1992 

Yen 282.0 

=$1 

Dai Nippon Printing 

6j 

1986 

Yen 360.0 

=S1 

-Daiei Inc. 

6 

1991 

Yen 300.0 

=51 

Da)wa House Ind.' 

7* 

1991 

Yen 301.0 

=$1 

Hitachi Ltd. 

6* 

1979 

Yen 360.0 

=31 

Hitachi Ltd. 

6) 

19S4 

Yen 360.0 

=S1 

Hokustain Electric 

«3 

1992 

Yen 248.0 

=si 

Iro-Yokado 

6 

1992 

Yen 273.0 

=31 

Jusco 

6 

1992 

Yen 277.4 

=31 

Kao Soap 

B 

1992 

Yen 266.0 

=31 

Komatsu ManL 

B* 

1984 

Yen 360.0 

=$1 

Komatsu Ltd. 

T* 

1990 

Yen 294.2 

=31 

Kubota 

61 

1991 

Yen 303.0 

=31 

Marui • 

&* 

1991 

Yen 299.0 

=81 

Matsushita Elec. 

6j 

1990 

Yen 303.0 

=31 

Mitsubishi Elec. 

7 

1985 

Yen 360.0 

=S1 

Mitsubishi Elec. 

74' 

1981 

Yen 305.5 

= Sl 


Mitsubishi Gas Chem. 6 
'- - ’• Mitsubishi Hvy. Ind. Bi- 

Mitsubishi Corp. 6 ’ 

’ -Mitsubishi Corp. 7* 

Mitsubishi Corp. 6| 

Mitsui & Co. 7) 

• Mitsui & Co. SJ 

- Mitsui Real Estate 6 

- Nitto Elec. Ind. 6 

Pioneer Electric 64 • 

.. -Ricoh ■ 64 

Sanyo Electric 61 

Sanyo Electric 7* 

■ Settsu Paperboard 6j 

Sumitomo Elec. 6 

1 .- Sumitomo Metal 6 

Takeda Chemical 6 

Tokyo Dept Store 6 

’ Toshiba 64 

■ ■•• • . ' ■ Toshiba" 64 

NETHERLANDS Ennla 74 

' _. u ■ . AIL other issues 

SINGAPORE Dev. Bk. of Singapore 6} 

United Overseas Bank 6| 

.§. AFWCA ' ' Rand Selection Corp. 64. 

SWEDEN . , Sandvik 64 

UJC. Babcock Nederland 7 

Beech am Fim 
Bunhah OU 
■ ' Burton B.V. 5J 

: . Comnair (UJC) 84 

IGT &L Fin. 6J 

. . Inchape (Bermuda) 6| 

Rank Organisation 4J 

Slater Walker 

Union- Bank of Switzerland (Lux.) 5 1 


■M 


1992 Yen 272.0 =S1 

1991 Yen 305.55 =S1 

1992 Yen 297.0 -SI 

1990 Yen 294.0 ' =S1 

1991 Yen 301.0 -SI 

1990 Yen 29S.0 =S1 

1989 Yen 299.0 =S1 

1992 Yen 267.S =S1 

3992 Yen 264.13 =Sl 
19S9 Yen 280.0 =S1 

1991 Yen 295.0 =Sl 
J991 Yen 293.55 =S1 

1990 Yen 302.17 =S1 

1992 Yen 243.0 =S! 

1992 Yen 267.0 =S1 

1992 Yen 287.5 ■ =*1 
3984 Yen 360 0 =S1 

1992 Yen 2B6.0 =Sl 
1992 Yen 254.0 =Sl 

1990 Yen 295.8 =81 

1992 D.F1. 2.4565 to*i 

D.FI. 3.60 =SI 

1991 SS 2.44 =81 

1988 SS 2.32 =si 
3086 RD 0 7143 =S3 

1088 5?M-.Kr. 4.7825=81 

1992 £0.574 =Sl 

1992 £0.574 =$1 

1988 £0.417 =si 
1992 F Fr. 11.88225 = n 
1987 £0.582 =31 

1997 £ =51 

1992 £0.582 =81 

1993 £0.425 • =S1 

1987 £0^85 =Sl 
1981 differs from other 



MATURITY 

CONVERSION 

RIGHTS 


- 

EXPIRE 

61 

30/9/1900 

15/9/1990 

6 ? 

31/5/1986 

30/4/1986 

30/9/1984 

31/8/1984 

7 

31/3/1885 

28/2/1985 

6* . 

1/8/1986 

31/1/1986 

6 

31/3/1984 

28/2/1984 

64 

30/9/1990 

13/9/1900 


convertibles w tbit the bonds. are denominated US$1350 and each 
bond is convertible into r Bearer share of SJTs^Ofl nominal value 
Of UBS. ' 

* Credit Suisse (Bahamas) 4)% 1991 differs from other con- 
vertibles ta that the bond is denominated USS1Q0D and each bond 
is convertible into 1 Bearer Share of SJV.500 nominal value of 
Credit Snisse;.. ■ 

The following convertible issues have conversion rights which 
■expire prior to maturity: 

NAME OF BOND 


Asahi Chemi cal - 
Dai Nippon P re. ' 
Hitachi ^ ’ 

aDtsubisn|.El. , . 
Rand Selection 
Takeda Chem. - 
Toshiba " 


Euzu-gnilders— all denominated' 
French Fr^qes— aD denominated 

with the' exceptinn'inf 
Aerospatiale . 

European - Coal ' & Steel 7% 1980 
European Coal & Steel 75% 1991 
Francaise de Petroles — BP 

Kg^ss IOi% 1880 

SOPAD •••-■■ 

STERUNG-DEUTSCHE MARKS 
Enso Gutzeit B£% 0880 
IQ 8% 1988 
Ireland 7% 1981 - 
Ireland 7% loss 
Met. Estates 1957 ■ 

New Zealand 61% 1982 
New Zealand 1978 
Rothmans Int 


Sira Kvina 74%- IMS - 
Slater Walker' 7i % 1987 
Swedish 5f%- 1880 

Turin- 6*% 1984- 

1 TC i TtnhlMm.ME mm 


FI. 10,000 
Ffr. 5,000 

FFr. ID, OOP 
Ffr. 10,000 
Ffr. 10.000 
Ffr. 10.000 
Ffr. 50,000 
Ffr. 10,000 
Ffr. 50.000 

£100: £500 
£500 

£100: £500 

£500 

£500 

. £90: £450 
£100: £500 
£500 

£100: £500 
£500 

£100: £500 
£100: £500 



























££ 

BORROWER/ 

oS 

eg 

gl 

coupon uaturry 


id -v 

i I: 
£ - f ! 




ro Msuss-ransa si*3E (u6ia»J 


WO CBtBiT. aacaac q/g *3 2/4 7-78 7J* * » 

100.00 4.25 1/12/19S3 8 W fcft 20*03 

190 HHBMfrHttg SIS S3 1/0 i« Ut 34$ . 

36*30 7.00 1/11/1930 3 *>08 Oa fflUB 

1971 BOOUKIESSn ICO 478 8.01 7.98 7-33 
S3. 75 6-C3 ZfS/IStS *S7 748 10Z-09 


1971 caagg. BBBBS 0/S PIS JC3 S/S B-*€ S^| M4 6-21 


SftJO «-» 25/ S/1935 

1975 GDELD XET 

99.75 9.73 lV 0/1583 


s*a« Mi lows 

IBS VS 5-30 kgs 3.43 : 8.59 
«s M3 mo-oo 


1971 amr.TF> 753 53 MO 3*ar an . 

97.00. 8-75 isranm s - 35 24 . 7 s nun 

1971 can? 99 7/e 8-72 sai «4S 

99.00 e.=s is/ii/1988 5-23 «-28 naan 

USB CDS a WESXE8S 757 VS 91 1/2 2-76 2040 7*10 

100.00 6-50 1/12/1980 201.00 


i96a ou a ram* nr sr 90 3/4 3-36 ma 7«u 


1977 BBUMOBaB! 
100.00 8.2S 13/ 2/1984 


1976 fflM a WKBMUf 3» 
100.00 9.23 1/ 6/1962 

1973 GUI a Rtm W 
100.00 9.75 15/ 6/1980 

1971 BUS O/S CO 
90-00 8.75 1/ 6/1986 


UH-sa 

98 1/4 5-97 2M4 600 8.90 

100-50 

U1U2 44f <JJ Ml 


1091/8 MO U7 903 


1017/8 8-26 801 to59 7.2» 
5.10 6» 100.3 


1972 HUM m 
97.30 - 7.75 


1/11/1387 


» 1/8 9.68 UZ 802 

5.84 Ml 102.00 


19(6 Bffisu nr ns . 

96.00 6.00 13/ 2/1981 S 


96 7/8 6S7 toSt 60* 

1-71 6-82 20003 


1970 X.CA IK 72 10-76 3306 1303 

100.00 9-30 1/0/1988 S 706 MJ) 20.90 

1977* IC TBCnSTSES Tin CBXP 961/4 9-30 906 MB 9.86 

240.00 8.75 15/6/1987 200*00 

1966 rat BUMBO* 0/S 763/8 MS Mi 6-0 - 

100.00 5-00 1/4/3986 8 6.33 10-43 . ' 3M0 

1946 XHC SU8UD 8UC3ZC 96 3/8 Mil to*) 6-32 

97.50 6.00 If 3/1986 S *-05 7-16 1 01 - 75 

1967 ™ crasiwm gtjw-rgrc 95 3/8 9-21 6-S3 6*33 

99.00 6.00 13/ S/1937 4-34 6-96 M M S 

1971 BZ OTraT>JWT Tinan c 101 3/4 7*93 7.S4 8. XX 

100-00 8-25 1/ 3/1936 4.74 7f*0 JXOJSa 

1970 1ST sTjwftpm 101 VS 7.0 8.73 8.88 J.U 

100. PO 9.00 If 4/1985 4-W 8-38 102-00 

1971 333 dUMSD-BaKSOS Id 2/4 8-59 *.77 8-89 6-66 

100.00 9.00 Z/1Q/1936 5*68 8.70 101-00 

1977* 2.T. ORSBSm PTS 95 S/S 9-54 MO 9-15 lto3L 

100.00 8.75 It 7/1987 5*27 9*83 301-30 

1968 ax aroxms o/s w 993/8 -r? mb mb 9*<b 

99.30 6.75 30/ 4/1978 S -17 MS 100.03 

196& monmmo/s xr 99 7/8 -17 7-54 6.7 84# 
99.30 6.75 30/ 4/1978 8 ' -17 7-34 - 100-00 

1972 ltt OnUSXEB 0/5 991/8 4.3 6« 6-3S - 

99.50 8-25 15/ 5/19S2 3.13 8^S6 104.00 

1976 X8T ormiXS 0/S 1001/8 5.80 8-96 8.99 9.17 

100.00 9.00 13/12/1963 5.08 8-S7 Id. 00 

1971 XOBOLMUKIST. TO. MB 1/8 8.13 8-13 8.32 6-18. 
100.00 to30 U/4/1966 4.81 7-96 UM» 


96 V4 9-30 906 MB 9.S* 
■ 200*00 


763/8 MB Mi 6-68 ■ 

6.20 1043 . lfll-00 


963/8 Ml US 8» 

4-06 7-16 102-25 

95 3/8 9-71 643 643 

4-54 USB 1H2-3 


1013/4 7-93 7.94 toU 

4.74 7, r*a ItSM 


Id 3/8 7.0 8.73 8.88 9*40 

4-w to5* 102-00 


so .93 sees sao iosjoa «s m 
1978 1969 a S- 935 9tt 930 980 

, 975 

38 .60 PCX* 2^0 808 
JS7*rS1979 IX 

39 1.3 J0.ro 3ix IB 230 309 937 

1932 £7297? XX 309 940 960 975 

30 .8 MIt 43B 800 -80S 915 

1978 IMS 77 JB1 

39 .48 *e * t 327 105 520 M3 941 


1978201971 US 950 960 925 

so 2.S4 ear snusssoassa 

Z9782C19» sms 950 960 975 
30 2-23 VFSB 327 1(B 520 805870 

1578201976 IX 941960 975 

30 2.25 i? BB 327 US 520 BOS 870 

1979821972 8XEX 935 9*1960 975 


Id 2/4 8-59 8-77 8.89 MS 
5-68 8*70 SOhOO 


20 1-53 HF ST 327 103 530 80S 8» 

1979101974 IX . 933 941 960 973 


95 S/8 9-34 9*48 9-15 1*31 
5-27 9-8S ld-30 


.77 MB MB 9.05 
.17 MS 100.03 
.17 7*54 6.7 8*39 
•17 7*54 - - lOa-OO 


1976 Bociuiiaug.ni 
99.25 9 JW 13/ 9/1981 
197S Hgninnna. lioogas o/5 
99.00 9*73 13/11/ 1981 


4.81 7*96 1IM» 
180 3/S 3.55 8*76 8.94 


3.71 8>43 US 


2929 taamtofs 

99-50 9.75 13/ 6/1962 

Ian nnzso/scu 
lOO.to 9-25 1/5/1990 


202 2/4 4.30 9-07 3.54 
3J4 >41 


Ida fB 2.17 8-SI 9-12 8.33 
HW-M 


1968 Ban. OIL SB XX* 

98.30 7.00 13/ 8/1966 8 


98 3/8 8.46 7.39 7*24 

5.84 7-48 102-30 


1970 BOBSiBODT 
98-30 8.75 15/ 5/198S 


1021/2 7.21 8.27 8.34 2.54 
■4-20 8.01 102-00 


1967 unaneni 

98.50 6.S0 1/10/1982 


99 2/2 4.39 6*62 6-33 

2-72 6.69 10040 


1977* SunOS IK COTP 92 1/8 6.99 9.65 8.SS 1800 

99.30 8.00 1/10/1964 5.59 9-88 100JO 

1972 SOBS nakwaaeu. on 993/8 2.17 8.29 7.80 
99.30 7.75 1/ 3/1979 • .86 8.57 


fee saj PC U 515 •*• 

2782981978 fS 

30C 3-CO ye ns 539 880 SOS 943 
1578' 1574 XStX 
SO MW 2C-HO 359 800 985 

1978 1974 XXX 

45 2.73 xear su xos szo 4ss so 

157800973 X* 940 975 

4se * 2-00 PS to 339 •*• 

1981SF1977 IX 

30 1.20 ran 456 MS 870 435 911 

1979 BOSK XX 990 960 975 

9S» 218103 320 935 941 
IX 946 960473 

W to 496 MS 309 320 870 

1980 XX .935 940 941 960 

' 975. . 

4,00 P6B7 408 105 923 975 
1980 IX . 

30 fear M7 105 520 803 933 

1919 -XT ■ 975 

30C 2-00 PC 80 359 IDS 520 870 935 
1978 3972 IX 9*1 930 960 965 

973 

30 1-40 POST 399 MB 870 941 980 

1978 BP1973 iX ■ 973 

31lf 1-30 TO XZ 445 205 520 80 870 
1978 8P1970 8HX 935 941 930 960 
973 

43 10-00 KBI 399*M 

ISC 1982 IX 


U72 namim mosm o/s 
99-50 8-25 1/ 5/1987 


9-17 #-S7 
3.79 8-70 


30 3-73 PC to 32710 305 520 735 

1978 1977 IX 805 870 933 9U 

990 960 975 

30 -50 PC«0 327*** 

1986 SHOT XX 


1969 OCOSESMt 0/9 C*P 
98.00 :.50 1/ 3/1984 

1969 oocnasrji, o/s up 
96-00 8.75 2/10/1919 

lwe* occnramii nr rrx 

99-00 8-50 15/ 1/1983 


97 1/8 6.71 8.12 
3.61 8-47 
99 1.59 6.89 

US* MB 


96 3/4 US 9.35 


19/7 IULVU.K/Z onasos 
100- 00 8-73 1/ 2J1987 


97 V8 8.S3 9-i3 


9.02 9.88 
191.00 


1970 u ccm a ar. o/s cc* 
100.00 5-25 25/ 3/1932 


IDS 5/8 i.K 8-75 
2-*S 8.51 


5.30 8.39 
100.00 


33 UOD 3C5S 447 105 935 975 
ISIS OK 9 73 IX 

39 2-CO to to 447 UB 935 975 
29 78 DPI 972 IX 

■ fe to 708 109 US 238730' 
IX *a 933 9W 935 

975 

35 3.90 P&to 489 35 MS 218425 

1982 271978 IX 330 330 910 335 

■ 940 9*1973 
30 2J2 WW 447105 995975 

1380 201973 IX 



BORROWER/ 
COUPON MATUWIY 



h I. 


Si «tS 5 
S s SsS 


Id sd!H 

■g lis 
1 1 



os ooum-muMuouL (oaotomm 


15.00 

1966 

EDBOtEO CBS. 4 SOIL 


95 V8 

8.30 

7.29 

tod 


lie 

1.00 

win 

186 IU 405 (09 415 

9.00 

99-50 

6-50 IS/ 6/1986 



4-30 

7.79 


100.50 

1978 

1972 

UUP‘ 425 9U 973 

20.00 

1966 

XOBSEAB ™ t BTE2L 


96 1/4 

8.76 

7.88 

to 55 


' 4SC 

1*35 

BP W 

166 105 AOS (09 413 

11.90 

98-30 

6-50 1/13/1986 



4.67 

7-47 


ui. oa 

1978 

1972 

tSLDa 

425 Ml 97S 

25.00 

1987 

EUBFElH C0U 6 9XEEL 


9*7/* 

9-01 

7.30 

toBS 


*90 

1.70 

few 

1W 109 403 409 413 

16-50 

Sto 50 

6. SO 1/ 3A9B7 



4.V 

7.94 


10.00 

1979 

1973 

nuu 

423 Ml 973 

20.00 

1967 

EO0P&18 fyiMi ^ 


«V» 

9.59 

7.U 

to* 


ns 

is 

re as 

3J9 103 405 409 *15 
429 9*1 975 

U.2S 

Sto SO 

6.63 1/ IQ/198/ 



5-01 

7.45 


1OUD0 

3978 

1973 

BtSEW 

30.00 

1973 

EBIffW COB. 6 STEEL 


89 3/4 

9.88 

8.S7 

7*80 


60P 

1.00 fePBB 

339105 405 425 9® 

29.00 

93-50 

7*08 15/ 1/1988 



6.73 

9.10 

- 

102.30 

1981 8*1978 

u 


50.00 

X?«7 

HB0R1S BUL 4 STEEL 


96 1/2 

to97 

tod 

7.51 




feeo 

359 4M. 


99.00 

7.35 13/ 3/1983 









¥ 


30.00 

3977* naoms coil c steel 


35 7/8 

LB 

8.49 

7.95 




SP EB 

21ftU5 2US» 


99.00 

7.625 13/ S/1984 









IX 


20.00 

197! 

HBOPtAH COIL & STEEL 


U0 3/4 

8.51 

6.09 

7.00 

<0 

sue 

2.00 

B»E0 

250 975 

itooa 

98-50 

7.73 1/ 9/1886 



4-51 

tod 


101*25 

1978 

1977 LX 


50.00 

1974 

EBMBEA8 COIL 6 ETKEL 


U9 7/8 10.93 

5.21 

6.47 

<0 

Sf» 

4.00 

BP E0 

lfe MS <07 409 423 

AtoOO 

100.00 

7.73 V 2/1909 


< 

5.96 

3.95 


101*50 

1979 BF1977 

tw. 

423 

30.00 

1976 

B8DRU DEL 6 STEEL 


99. V* 

3-63 

8.10 

7-83 




•psd 

9*M4 


99.30 

7.875 13/1U1M1 








LX • 


30.00 

1976 

BBURU9 COIL & ETEEL 


97 3/4 

5*76 

8.61 

8.33 




fett 

WWW 


99-50 

to 00 1/13/1989 









U 

' • •. 

2to« 

19774 BBKn CUL 4 STEEL 

V 

97 3W 

8.51 

8.37* 8.16 

9.<7 

60 

9.00 hPBO U7 109 925 

25-00 

100.00 

8.00 1/ 9/1986 



4.19 

0.65 


101.25 

IBM 

1978 XX 


75.00 

1976 

Boanun ecu. a steel 


SB 3/8 

6.72 

8.62 

8-43 

8-66 

30 


no 

Ut’ 20 32 33 S3 


99.96 

to US 1VU/19B4 

8 





100*00 

1983 


ST 

60 90 805 927 
, SRNO-tn 

aoan 

197* 

nonu cau. « pool 


100 

1-04 

8.23 

8.25 




BP 88 

339103 405 423 520 


99.00 

8.23 IV 3/1979 









lr . 

. 968 

10.00 

1977 

iarowm cau. • gxzel 

P 

95 

8.97 

toM 

to68 




win 

399 103 405 965 


100.00 

8-35 IV 2/1987 






9*±1 



UK 

30.00 

1977* E0BK8MI CUL l STEEL 


98 7/8 11.99 

8.82 

8.80 

60C 

tom 

lisn 

3&M* 

50.00 

1AM 

to 25 1/10/1989 



9.41 

8-90 


101.00 

lSMBtisa 

XX 


130.00 

1975 

noams cau • steel 


991/3 

4.97 

8.68 

8-39 

B.7Z 

30 


trkr 

UI 30 32.33 35 


99-30 

8.375 U/ 2/1983 

8 





100- CO 

1982 


R 

219103 927 

30.00 

Wt* EOUPEU CUL * STEEL 


96 

6.47 

8.77 

to 55 




wta 


99.ro 

8.375 XV 2/1985 







, 


LX 

23. DO 

1976 

8888 COIL 6 SUB. 

P 

98 V* 

tofe 

B.70 

tod 



2-48 

feio 

3B9 UB 425 90796S 

23.00 

99-25 

toSO V 8/1986 



4.93 

8.82 




1979 

VC 

. 




^ANCIW. TWES HO?rnAY XASCB 


00AH 0 WDU 
COUPON HWURIW 




30 1» BK 466185 BOO 805 *29 

1978U1976 BS2X ' 025. 

20 6-67 '»XO 359 ICS Sffl S20X35 

297S W3B ZS 941 9(0 973 

SO 1-00 PQ SC 2to 103 303 BOS BM 
X979 0H973 XT - 720 335 9*1 960 

1 975 

SO S-13 Sfln 4S6 205 80S 870 S3S 
jsamsn a susnsn 
m .65 fear as ss ibsjssso 

W8XISU76 £x '733935 940 941 

930 960 975 

30 X -00 PS to 483 « 0 Q 915 9 U 975 

1979 SSlST* IS 

80 .90 90 to -as-lfls 870 975 

3S79BBS34.UI 

30 50 « 800' 

1978 U 

30 JO. 50 400975 

1978 IX 

30 MB W» IB 218 520 M3 

1982 IX 870933 935 

PB to 498 105520 870 989 

IX 973 

MB 488 105 520 933 973 

. ** 

30 IM TO tO 496 MS 80S 870 995 
1979281974. « 5*1 9M-9ZS 

30 1.00 to B 399 103 Sto 980373 

19785*1577 XX 


Q 3QI£tHfrfilQ9 tWt| 

00CSEB3L 0/8 93 IB 2*0 


08 BBBS^SBD 8XD58 


- ms OBCUBBBB. 0/8 93 

ICO-C0 U75 if 3/un 


9*36 ton 
UtoS) 


7976 CBBEQ&toto 
taw» 9*75 2/7/1989 

1935 Qcezixsi&o/s im 
MS IflaM V 7/1981 

flyTK P3PfM IT? 

SS-SO 8.73 1/ 3/1963 _ 

1971 BBKtBBanad 
10CU» MB 1/80968 

. UTS mattzzBtsaeaiAn 

SS-SO USD 15/ 4/3988 


x»v* *-» 


ton 

KXWO 


^gg 
***3 3 


Ml toes 

3B0.07 


toss 7*82 
210.00 
Mt 8.9* 
2B2XS0 

MT 

280.575 


30 

1» 

SI 1*20 
IS&SUM 
39 WO 
UMBX9K 
23 2*59 

179 BUS 

n 1X0 

2979827979 

37 -85 

19U2R976 


MB 488 StottW 


(eggsrz?) 

M UD» ** SS 




4H 35 398 SS 940 
9W “ ■ 

4<B 205 90*25 


38X0 2974 9UXI2CUt8RB8ffBr 
38*30 9-U 15/6/U8L 


13-so i97i 2BBUBsa/em 
12.80 97-30 8.00 1/3/087 

33*00 1971 luuitos xxr or 

13*20 98*30 6*50 V 6/1986 

25X10 1966 WnPPtoTigMtoaS Btt 

7*50 98^0 6-00 25/ 2/1981 


Jflti/S 3*39 Ml 

nv *t£i% 

*»«* 


f*Z5 tod r» 
400.30 2979 


411X85070935962 
920 Sto 975 

418 2SS O0 SB Ml 
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mr* gimm con. s nm '55 7/8 
100.75 8-75 1/10/1597 

1979 MBHW8 COM 6 Sim SB! 3/4 

100-00 8. 879 15/12/1980 S 


1S.59 toSB 8.0 9.95 
UJ4 9*3* SOS. 00 


3*80 6^s ton tom 

KJ0. 00 


SPW »' 
XX 

! 2-00 SP B0 9S< 

' 1575 IX 

!, MB 339' 

> tffUTB U 

B»sr 4*1 

I B* 


20 B.g 35 
00 90 80S 927 
591 940 975 
20 32 33 33 
M SO 805 927 
5U 948 975 


xsn mssunasazixaBBeuD - tod 8-49 

100.00 0.50 15/3/086 5.30 8-50 

1973 matlB lUiMuria g BASE 99 X/» IM 8.60 
SB. 50" ; W0 13/12/1988 MS. 8.61 


MO 5-0* 
IfiZ-OQ 

toss 

inuso 


«0T 1.00 

1981029*4 
SO '*50 

unevzm 


MB B8BBB t intJIlHB MR 568/8 MS MX 
53-50 to SO 2/ 2/1988 


tod MX 
100-75 


30C 3.00 

U34SR973 


BFBT 411 20 32 33 35 
HI 60 90 80S 927 

931 940 575 

97 HO 186 105 405 *15 425 
PM8T 975 
BP IQ 186 35105 *05 *09 
U8Ur 413 43S 935 Ml 
547975 

spxs ns***. 


1977 1180ft bo 18MXL 6.73-.1/8 98 
1004)0 TOTS 15/2/U62 8 


to 10 MS 
- 180.00 


StoOO 1978 BnUBBUBr eaSil-V* 58 3/8 9.2B 
xotooe s-25 in/ e/im s- . 

40.00 1975 Bfioeoptono SxI/4 Id V* 2.73 
• 100.00 to so 19/13/1980 e 


Ml- ItoSl 
unan 
7.50 2*43 

10Q-00 


StoOO W6 MKivim 6.731 1/4 ISO 1/4- 3-64 
100.00 7.875 20/10/1981 8 

60.00 1977* BUKCe-tEKn to 5x1/4 991/2 to 72 
100.00 7-813 1S/IV1SM 5 -- 


1976 888SH0W XB8BS8QBB 84MC 100 3/8 8. 09 8.72 
95.73 to«3 V 4/396! 8 


.1871 BBBg ailUlM gMBlMlW 7J» MI 

100.00 8.75 1/ 1/198* Sai« to*5 


e*a «2 

usaa 


MX 2*30 
a»WM» 


BPBS 4ZZ 20 32 33 35 
5t «0 90 803 527 

931 9*0 975 

SP MO 288105-405 415 425 
Tamar tm 


7-85 to 13 
100-00 


Dii.iaHBBaenBsiflKiNn Ui Ml 
97.30 to 75 IS/ 4/1986 to 78 8.48 

3576 Z8BEBU XBB9BCBT BOB 99 5/1 KWH 8*75 
39-23 to 73 V 9/1988 


HW TOtBBCBUian 97 
StoOO toS73 XV1V1996 8 


28.72 9.42 

11.72 tod 


9*0 KfMZ 441 
I 891982 St' 


8.72 9.63 

201-50 


28C 1.00 

2P79DP197S 


1977* moms affisoow sme 98 1/8 U4B 8.99 
100.00 8.75 1/ 4/19*3 


1*76 BBwenr coil 4 Baa r id 3/8 
lOtoOO 9-00 15/ 1/1983 


8. 86 8-38 

n*SB 


W 03 399 
ZX < 


1978* BSBBBBI SBfBaTKKT 5ffB 561/414.95 MI 
99-50 to 75, 1/ 2/199* 

1976 tamamoEam mat » ; iM> to *2 

55-30 B-873 13/12/1996 » 1U0O toSZ 


50.00 

50.00 

1937* BUIEII Qua. 4 STEEL 
100.00 to CD IV 6/1995 

98 1/2 17.39 
10*11 

tot? 

8.23 

tot* 

10MB 

lotooa 

1976 SBOFSfe COU 4 REEL 
99.00 9.00 1/ 5/1996 S 

98 1/4 18.17 
11.17 

tod 

9.47 

9-37 

75-00 

75-00 

1977« ESBOE0 COU 6 STEEL 
100,00 9.125 1/ 4/1997 8 

09 

19,09 

12*09 

tofe 

9,48 

tofe 

30.ro 

1975 BBBW OQU 6 TOsL 
100.00 9-25 1/11/1960 

Id 1/8 

3*68 

8*80 

9.06 

60.ro 

5S.ro 

1976 EOtoniH OOU 6 SZESL 
100,00 9.25 15/ 1/1986 

id 1/8 

7.88 

6.61 

tod 

9-W 

9*15 

500.00 

1976 HHiuwua anwwmmp 

99. SO 7. SO 1/12/1979 • 

99 

L» 

8.37 

tort 

200.00 

1977* tlMWI CmivulPK 

99.80 7-90 V 6/1992 

87 

4.36 

8.39 

7.71 

1A00 

1977* HDBJBUH C0U0BZCT 

100.00 7.639 V 7/1988 B 

97 3/4 

4*34 

tod 

7.93 

100.00 

1974 VOtBUB OCBBRUr 

100.00 7.73 l/lQ/iW • 

90 V4 

3-Si 

tott 

8.00 

sao.ro 

1977* Edomx enrramt 

99.CQ 7.75 V 4/1964 

96 1/4 

6.36 

MS 

tote 

300-00 

1976 nHKu enssam . 

99.00 8.25 1/ 4/1982 

99 5/8 

4-09 

tofe 

ton 

25-00 

W-67 

1964 nvssasr BUS 

99.50 5.90 15/15/1984 

94 7/S 

us 
3. B0 

6-45 

7.06 

SJO 

20.00 

10.66 

1W ctmpbc xs-BEsagr mbc 
99.59 6,00 IV t/1985 

96 3/8 

7.35 

to« 

tod 

7*09 

tote 

25.00 

15.00 

1967 EUS0EEIH mssnaar UK 
98.00 6.50 1/ 2/1902 

W 

3.93 

2.43 

6-79 

6.08 

6-57 

2S.CD 

19.75 

U67 "■"»**» 1MSWP MS 
9E.00 6.50 IV 9AW2 

99 1/6 

4*55 

2*33 

6*72 

6*86 

tofe 

X5-00 

9.09 

1996 XBBBEWJBWSnasXMt 
99*50 6,30 1/ V1S8& 

99 

Ml tofe 6-37 
ton 


X-7S up Ba » • 
1978 3X 


8.71 E.97 

id-00 

8.52 9-13 
Soi*do 
K09 9*41 

in.00 


98K 1-75 
150 221976 


5? HD 186 109 405 409 415 
ZZfOr *20 MS 975 

SPEH 1*5 «*• 

IX 


3WB 1976 BAX. (1/2 96 3/8 to«8 

300.00 8.313 20/ 8/1981 8 ‘ 

StoOO 1377- K53S acr D'AICE 7-75:3/4 5* 1/3 too 

10049 6-25 15/10/1982 8 

Stooo hk iUBTEda ' I/* feVe sjk 

XOtoQO 7.688 1/ 6/1901 S 


0*43 10.05 
190 Off 


4SC 1.00 000 98 805 280 009 W* . 

15XB8R973 IX 5U.5W ; 

30 pan *08 in sac «o» *1? 

1979 U yn turns* 

mam' 

20 COW 517*** . 

1480 XX . ’ L 

S00 GdW 317*** . 

1981 IX 

60 0W 323103 1X0 903 *K 

1915 IX. 5» 5» 

iff BP BB 52305 -310220 Ml 

19X8 IX R3 : .. >■ 

3CC BP W SOP 305 3X0 XBX'OT 

1978 IX fUOTffeOT 

9*0 S» 9*5 

sac BP 88 ns*** • 

1979 IX 

sec MSB 317 385 3M 90S It* 

UB 181 915 m 933 93* 

■ 5*0543 910 tu 

IK KMO Uf IKJ 220503 333 


mj ioaa 
108.00 


7.71 8.78 

no. oo 


MS 9*68 
102.40 


we tom 

1987 291977 
300. 5.00 
1986 Z71479 

SO SAX 

isnspisei 


75.0Q 1975 BAP. 

100.00 7-00 


7*i/* no 
3/ SOTO B 


C.67 HP HP 
1821982 a 


5.00 Bite 
IWJ983 « , 


BPfe 

u 

2.90 BP 98 
1977 

m'a 
i* ■ 
feko 


UI 30 » 13 35 
60 90 893 527 
’ 5319WSW 
Ui 20 32 ,33 33 
M .90 80S 927 
' »31 M0 W5 
21*105 4X9 370 


1999 Buuawtngnifetasi 3.0 so 
95-50 Sara XV 9/1980 


413 » 32 39 33 
60 90 80S S27 
931 MO 941 975 

163 **• 


50-« 1975 BAP. 7.V2/4 &0 3ft 3.39 

RXUHX 1.50 38/9/US1 S' ' 

70.1B 1977 BAT- 3.7S|l/4 ff 1/4 4-90 

few to 00 21/ 2/1983 5 


atwaiMM) 

5» 

436 2U 380 509 «* 

n0 333BW*U 
890 

93 703 2X6 1P0 409 

MOWMIfe 
WXH 310230 405 
914 5£3 138 9*S 


7S>00 1978- BAP. 


»75 BBcfep miiaiiua gnBtWOT *■« $*ss 
100.00 to 00 VU/198Z S 


. 1973 BBgm uHmiaBg due in *ara e*px 
'95*00 9.00 13/12/1982 

1*75 SBOTsRnsartnni/i 34> ton 

59.75- toOO 13/ 1/1982 


tod. tou 

lawo 


30C 9.90 

397822197* 


4*1 20 32 .33 3S 
6ff BO 90.BB3 
977 93J 933 
325 105 230 *03 409 

413 4S 96057S 
304 3939011(0960 

975 " ■ ■ 


8.00 Ilf 2/1999 S 


L 1/A 99 1/8 5.98 


8.07 8.43 

loo.ro 


so** im mw noon sob 1/4 wvs tn 

tOtoOO B.1B8 13/ 7/1 m 8 


to2S 3.33 
100*00 


“■ W .1TL ** «HrS^SBTPllB6.5'J/8 97 1/8 5.03 
WfeOO 6.939 9/ 3/190 8 


! 2W 320 VOS 
1 32* 930 W 
I MS *47 O'* 
l 310 405 914 

nans Uft 

i 3*7 *w 

IlMfWOT 
1 0*0 9*3 350 


7.1* 4.0 

100*00 


1977* aao»i8 snessasr us » 1/* 19*21 9.42 
lD0.ro tofe XV 4/1997 8 fed 9.47 


ton tod 
102.50 


30 5.00 

lOTsrus 


1975 BMRBBBRmwtiafe 6fl toBS 
feja 9.50 13/ 2/1985 . toff top* 


hit sax 
20*00 


SO 2r50 
lsaoifUTs 


30 1.87 

XOtoSZS 1978 B9U70 


30 1-33 

2W.79 U5S sun 
300 3.75 

100*58 maanns 


306- 3*75 

sumo me ama 


SCO l-os- 
Sd*0O 1978 1972 


kPBX 458 20 32 ’33 35 
M 60 80 90 803 

023 031 9*0 975 
SPBP 438 -20 3* 33 35 
BP • -60 90 60* 805 
927 931-948 919 

5 ? w *r 

B0 to 144 m* 

l» . 

8? iff , 327 ' IO IQS 60S 425 
ST 930 Mt 975 

mitt 317 105*03 613 423 
re ;• ww sxa • 

Brro 186 109 40S 415 425 
MU£L 520 925 
BP.B0 m 105408 419 429 
WS^Sl - 5JB475 ■ . 

I»B W1B«A4»«8 
mu -41 973 


1977* BBBXC BIBBBIUK J* 7/8 6J* 144 


10 0-00 7.73 V 6/1999 

WPRBSI8K 
lOtoOO 7.00 1/ 3/1982 8 

1977* BOBXD B4XX 
100.M 7.125 U 8/1962 « 

1977* «OBB US 


UI 20 32 33 35 
60 SO 80S 923 
SSI MO TO 
186 XOS 405 409 413 

423 530 870 MI 
947 960 975 
517 ••• 


35.00 W77* BOttaBSU B*aa 80*0 961/8 5.1* 
9to00 8.438 27/ 4/1OT 8 


30*fe 1976 CAT. jfl/9 99 5/8 S.S6 

100.00 toOO 0/ 7/1983 8 


W 103 205 BID 330 805 
UC 91* 923 930 9*9 

865 

BPW 336 330 |03 915 338 
IX 


8.03 M7 
looaa 


S* 1975 CAD 
100.00 


7.50/4 99 7/1 tortZ 
7.875 22/12/1981 8 


XU 8.27 30C 
fen 



,100.00 

7.6S 

V 5/1987 

8 

1977* 80BB B48C 




7.75 

1/8/1987 8 

1976 

wrung 

'1/12/1986 


99.80 

' 7.80 

a 

1975 

UttllSE 



100.28 

•tow 

V 1/1980 

f 

1976 

BOOT Bis 



100-00 

to do 

V 7/1931 

s' 

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8.13 ■ 

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Hi/i ui u( r<a 

M 9/8 9*17 8.68 to 23 
93 1/8 9.42 to® 8.91 
95 S/2 8*76 8.72 8.33 
100 1/8 to84 Bair 8.13 
in - .. to» ton tow 
991/9 ton tow am 
BsV8 24ar toso to I* 


49 60 927 S3! 
4S 69 SB? 931 


3S * fl0 *2? I 2! CAp ‘ *-3.-7/* »3/4 5*36 

100.00 . 7.75 8/ 7/1983 S 


»» to» 

00-00 


0aa ', G 5L MJfll ^ MV* M» 

5040 200.M 7.625 23/ 5/1564 8 9*26 


7.73 K» 
100.00 


4se Kara 
UTiffllTO 


457 55 60 927 931 
940 


30,00 GB ® a **XCaU 6JO/4 987/8 ton 

Ew.00 7.813 13/12/1M4 8 


7.30 8. *3 
100*00 


4U =0 S 60927 
911 940 


479 35 80 33L 


1 


XU 8PBT 479 40BZ7SS1 

BT • ' - . 

tow fexr 422 60 9Z7931 . 

n ■- 

tost EPBZ 479 55-00927 931-. 

*r w ' 

to*4 tots 30 ton few 457 33 GO 927 932. 

“M0 


*°- t ® «« arsmssun vt 7 afci/4 nq l/s s.30 
JOtofe 7-813 Uf 6/1981 s 

4B * 00 C m>Mflg t»Lr 8X3.75:1/4 99 1/4 6.22 

100.00 7-6X5 18/ 3/198* S 

**• . " ' 6-75:1/4 99 0/4 tofe 

“toOO 8*063 1/ ft/ua s 


7*80 7.46 
OtoCB 
7.68 tots 
■ 100.00 
8-a ton 
100-00 


mm. 307 205 510 220 W 
u B14«U9»9» 

940 9*5 930 
f 317 20 2ij) UQ M5 
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- - 9*3 9*7 

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XX R* 925 OTOT 
_ ■« 845 **75® 
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9459*7930 

urn an an 220 9U5 9)4 
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15.00 1977* <43 

100.00 . 8.125 2 / a/1582 S 

1 “**5 »» “®* ‘7.5*5/* 99 5/8 S.25 

M.W 100.00 8.13 JV9WI <« 

CttUJS-Ssl-^B-UO V* <4* 

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M »» MM 38 1/8 4.46 

-^■•5 200.00 8.73 15/ 8/1381 S 2.2# 

M-00 100.00 8.625 3V S/aa B £.81 

” ” * L “** 39 7/8 <38 

«».» 8-1*5 38/ 9/1380 S ZJ$ 

W76 OSOSSEN XBTUt 7(StI/4 loo yi 3 .** 

200.00 8.063 31/ 7/I9B1 S . 
Msn'zBous. 0 . 0 * 1 /* ’n i/» s.n 

7-75 #/ 4/MS3 3 


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1977* 1 
100.00 


100.00 


7.688 1/U/Z96Z * 


1977* SDsm 87 K <7*3/8 86 5/8 6113 

700.00 8-123 M/ 4/Un S. 

197D H8I1CO . 7*5:1. 0 fin Hz 

100.00 8435 31/ 7/1980 * 2J* 


<*1_ 7^5 96 
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1JS 9.7* 306 

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MS ftai-SOC 
■_ . 1000 «7s 

MZ 13-0 306 

100.90 ana 

•«* ■- 

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100.09 1978 
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100.00 mo 

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300.00 7-873 20/ 4/1982 fc. 

ssm M76 mmomasaos 7:1/*-’ js s/s 5 . 7 * 

200*00 - 7-625 24 /lUUn S 

£5.00 MTS tatJCMO SB*. 7>8Sil/4 37 1/S 3.81 
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30349 7.876 lVU/HSB. 5 

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7.0 «35 43 

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7.73 8.66 3« 
100-00 3979 

8. a XU37 SOS 
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29.09 tsmmoBsamaaaa 98 3/6 4.76 zoub main?® so 
10040 1040 1/12/1963 . UHM» 1981 

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1978 BOZOS mat nr 7.25: 1/4 100 3/S' 3-24 
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8.15 - 949 '30C 
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100.00 . 7-938. 27/ 7/1982 *... 

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100.00 840 15/ J/no £ . 

1978- UBUDD UK 7.VI/8 fin OT 4*98 
10040 8.053 18/2/1983 3 

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100.00 0-00 12/U/1S8Z S 

1977*10*1*10 mm 6:1/* 99- 9.22 

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1977* O unmtCJg ns Ubl/i S9 7/s 546 
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8.76 8-5? 
0-26 8-56 


» 


10-01 8.18 
.7.51 8.48 
1.97 9.57 


9.($ 1.40 

; . i 

9.03 9.34 

■ MI.5# 
8.99 9.22 

- ' 101.00 

8.67 ■ 8.70 
lai.oo 

>48 '8.75 
_ 101.00 
3.C9 ' 


66 ■.» 
19 SZ **1977 
to J-« 
IMS ni*?9 
60 . : ^9 

13*1171*77 

Me lb*7 
15T9 .1581 

«4; 1.17 
INI IMS 

1 


159' 9 9=5 


IX" 

tola 

to VB M 5 925 
LX. ; 

U9 ■ 3 ' 


6C9.M 

2CC-S0 


XT E8 

ts 


*in.0b 

8QM0 

•cjico 

M6.M 


&5B7 

EX 

OCS0 
IX ' 


1S9 S 925 
159 S 230 9=3 


190.00. ". ‘4.75’ W 8/19=7 
W5 TBsuas is: V:-J 
13*-G0 6-75 I;/ j /:94s 

197 j 
99.00 

ilr= . 

■9U0 

ugn iniiLs 


son TTOunisi; 
b.n - 10/ 4/=98T 


SUMS ViLEtt L.T ?m 

7-is ls/ia/tW7 


D Uj'5/8 
85 i/B' 
75 U2 


4-96 9-12 
7.21 8. =4 


102.25 
9-53 £.24 


W2-W 


. 4 SC 20.00 
1M0 1579 

tbc 80.00 
1561 I® 
?5 80.00 

1979 19)8 

•> 8ft. CO 
ais wo 
Me iea.co 

1«0 2019S1 


raw 

xx, * 

raw 
XX ■ 
tew 
is- 

ra W 

li- 
ra ED 


K=8 

1=' 


S* EO 
13 ' 
LPE3 
ia: 


TS ED 


9.f3 9-!4 
5-to 10. 7L 


7.93 


102.00 


6W EO.C0 
1979 IMS 


TC3C 

LE 


9-63 Il-W 
5.13 14.13 


102.3 


Sft 50.C0 
1978 1978 


FS SO 
XX " 


530 115 510 520 

savusHosn 

art MS 310 5M 
230 115 510 5=0 

ssDipsasso 
03510520 ' 
230 133 5ZQ 520 ' 
223 115 505 SZfl 330 
223 XSS 510 520 
143 115 510 EO 

222 U5 503 510 520 

223 LU 510 920 
232 115 505 5)0 520 
223 1X5 310 520 
=22 115 505 510 520 
223 115 506 5X0 530 
230 115 SOS 310 520 
223 115 510 520 
223 115 520 5=0 . 
22S 115 305 510 520 
230 115 510 53S ' 
223 US 509 SLO 530 
230 US 510 S=b 715 
230 115 510 520 
azt U5 313 sat 

=23115 540 520 
=W 115 510 520 
223 L15 510 5=3 ■ 

2=3 US 5!0 520 
S3 1U 310 £20 
223 510 5=0 


6-eo 

2.78 


8.00 


1968 SSIAHKlrt 9.(3 1U \ 

44-00 • 7.rs 1/ 3/19X1 * 

1972 OCR VUCI . 8-40 95 ; 
7.10 100-00 . 7. a IV 5/M » » 

.4- CO 1949 . SBESISR UHCO II- 14 100 

1.08 96-23 3.74 1/ 6/15*0 8 

5-cn 19*5 aromas*. ib%i ii.is uo : 

1.50 


97-00 6-00 31/ 7/1930 S 

JDSmvUAS SCSLU/Rf 


50-00 J£72 

30.00 100.00 


6-M IV 5/1927 S 
mma assssas zssvcs 


10.00 

B.73 

20.00 

20-00 


,20.00 

20.00 


1J)75 . JS7C0 1ST KCf 
98-00 8.0S 1/ 5/1927 

Utt* >o. n» enn . es &t nsr • 

98-00 9.7b IV 12/1939 

1977* nWBUa-COIL 6 STBEL 
WO.OO 9-6=5 1/12/1959 


97 


25-00 

25.00 


=5-00 


1*73* 5080333 ZSVESTEZTT 3MK I 
190.00 S-75 15/ 3/1S98 

1977* Hanrera tsT GM y jar use 
99. T5 9.75 -15/12/1992 


20.00 

20.00 


10-00 


20-00 


1MO 

18.00 


15-00 

25.00 


1977* 7TSXXE ME, ISJJCSTKf 
99-50 9-75 13/1=/ 1937 

M77* rXBOSS I5T FIS, 

100.00 10.25 15/12/1*87... 

1978* BEL- nm B0WDIC3 • 

LOO- 00 10.00 l/3/19£8 

1978* MHmii xAcxnnosa tst 
MO- rt la.a 15/ 2/1948 

1978* 5E43S VK1 FIS 
L00-00- 10. a 15/ 2/1988 

1*77* TOTAL OIL X*6tS5 
100-00 0.125 1/12/1984- 

MKtii Dwocsij snarrs 


56-00 

so.bft 


'1975 ALOSDIS^E rsr 
100.00 9-00 15/ 6/ mo 

1975. nacrticmi'wL rwn •. 

100.00 • 9-00 17/ 7/1983 

40.00. 1975 SBXD1SB lliVBVQU&T SAXE 

40.00 100.00 9.00 v 7 /l£r 


5-01 


7-25 LM 

SOC 

.44 

S3 to 

S.C3 

b.ift 

fCO.M 

n.’i 

nu 

uam 

9.21 

r.Q3 

7.72 

5» 

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raw 

S.CJ 

8.4ft 

1«.» 

X97* 

2975 

UI 

2.26 

S.S3 

5-0 

•»ct 

.54 

vpn 

=.» 

h/1 

101-00 

ui 

MM 

USX 


5.97 

407 (.67 

tot 

.TO 

ra w 

l.U 

hU 

100.33 

LVS 

1CL 

LSLX 

9.60 

6-28 

6.45 6-17 

90 

3-00 

sew 

4-86 

6-Ofi 

ULfi 

19Aft 

191 

XX 

9.17 

S-*S 

BPS 

TO 

.51 

MKT 

6-03 

8.6S 

109-15 

1W0EH9W 

XX . 

11-80 10.2* SUV 10.92 

MO 

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ran 

3.93 10- Bi 

u:.» 

19S2 J»133 

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11.76 

9.72 

9-30 ic-o> 


.65 

ran 

9-U 

hS 

101.50 - 

19.*2 DF1978 

LX 

9-97 

9-33 

J.74 9-SS 

W 

1.25 

raw 

7-93 

9.73 

101.00 

1W3 OF1979 

LX 

14.60 

9-99 

BWSft 10.11 

■ SO 

-9* 

ra n 



101-00 

1987 7719/8 

lx: 

9 .88 

9-98 

9-80 10- SS 

S3 

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raw 

7& 

UM9 

101.50 

i« nun 

rs - 

9-80 10.U 10.U Z0.U 

a 


ra w 



201.50 

195= 


n - 

10.01 10.23 10.15 10.69 

» 


K so 



201.00 

198= 


LX . 

9.97. 10-30 1M1 10.90 

45 


ra to 

S.Q7 10-54 

101. » 

1983 »1M0 

u 

9.97 10.43 Z0-X9 10.86 

A* 


ran 



louso 

1981 


IN 

6-36 

9.45 

MS 9-99 

u 

U 50 

rc nr 



101.50 

1982 nun 

u 

2.30 

B.77 

8.97 

TO 


raw 



102.00 

1978 


LX 

3.38 

9.23 

9.10 9.9* 

?5 


cc nr 



inx-co 

19 SO 


IX 

<-U 

9.S7 

9.15 

so 

10.00 

rase 

ft- W 

h57 

10=. CO 

1979 

»*» 

IX 


9) 


100.0$) 


102 .1/6 3*19 


US Si 
Li: : 


267 9Z5 ’ 


100.06 

lOOiM 


102 3/6 S.54 7.64 


!U53 •' 

104*00 

i r 


90 

1978 


te to 
vb 


267 5 729 025 


1I-O.CO 

uo-ob 


35.00 


.25.00 

196-M 


1972 CUT OF COHS5HACER- ■ 
94-50 6-15 1) 9/1987 

KKBHS nSBBMS) 


to 1/3 


9*31 6.31 
.5-22 6.30 


&2S ' < 

- lm.no 


Wft 19.79 to W LU 305 307 
1ST* Mrt 


I 06. 08 
100.00 


1975, AOWSISTlfi , . 

94:00 ; 6.25 7/ 5/1981 

1975 -xqEE-'sra omt - eras L iniafi s*si 
180.00 '6.50. 

1977* x« 'libsm uifcArus idb S/th 30 
loo-oo ■ -S-7S. u/ vim .. . 

.1977* nterwss (beextui 1M • ■ 
i«noqr . 9-00 uvutizs : 

1977* staawsMeco ■ ■ - fkji i/* 

jaflacw * 0.SO - 1/4/1983 - T.OJ 

''-asbuk/M-' . 


CSSB S25 2S3 
TO 


7*56 6.07' • ; 

10+- SO 1979 
8.DS SJ5 5-K 50 16.00 65 a 440 250 

7.96 • Jai.5D 1978 1973 C0' , *. 

£»6i 8-70 i'o 2S.C0 IS is 585 330 925 

8.BX. £32.60 1973 Utt B® . . 

9.20 8.2D 9.96' 20 2.53 S3 AS VIS 250 

VU.00 . 1«3 191977 li - 
ft. 16 8.41 -3.33 99 20.09 CC 1 585 230 <05 

- UL.00 UM IS£3 LO , . . 


220.00 

2=0-00 


1979 XQBCE5 ZBStSnUlSiS 
100-00 8.73 1/ 3/1937 

* uanaccccmsffl 


1D8J/2 9.K J.« 
4*96 4.68 


8.06. 5.(1 
103-00 


.■»c ii.«& ffu-ntsto' 
1380 Bfrt M * > 


ion. co 
MO. 00 


1°7S 

100.00 


A3SEO ns» sc? 

b-M IV 6/1987 


5-17 IU5S 
6.41 9.27 


640-00 


I«73 

98.00 


AMID FX51KL 

6.J3 13/ 9:1980 


IMF 

-93.30 


40C-00 

+ 00.00 

300.00 

£00.00 

«.30. ft® 


AUM rCMACE . 0 

6-25 20/10/ J 48 i 

A3 yj: . pct=lq K nrr 
-- 1-7 i 23/ 4/196) ‘ 

scssua ft el , . 

7.00 SO/ S.-IW 
BISS or BSHoiE 


93 


7/S 2.55 8.13 
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('* 

VS 
1/S 


9-1 6 7.6= 
4.00 8*61 



7.47 . .'906 110.00 Fv ZB 222 US 5£o St0*5£0 

. ITO.OO I9«X »« Pi 7:'.'' ' . < ■ 

'6.9/ b&=fl;&a Ussossutsao: 
101.00 is* • . ; sx.: 

8*ib S-S7, *(5 25*40 is SO- 522 1L5 VO 5=0 - 

101.00 14 1* MM7ft fi • 

7.35 . sac .4040 torn sso us no sso . 
ut!*ss i9«8 • ycs jS:', • ■ . i . 

7.92 . . 4Jr5 56& -toSS 223 115 AO 526 
102-25 •!•:* . i1» W f ' 

B.u "9.33 sea 'a-to aA.bb auiusia . 

ICI.73 dsi 1319 if,., .• t . . 


5.* 
2*¥ 
4*M 
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8.60 


1964 

98- CO 


)«5. 

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7.33 

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'7-00 


12.50 

IJJO 

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csb/Wnais iuo3 

'0-50 1S/I0/1W4 5 

zsAKsdrzBs?* 11.10 

6-iO y-2/lfcO 5 
1971 IC tl9TTa" 8.J047 

100* 00 ft-M 1/ S' IMS 

va tststos & rcof 7.753 

*■» 15/ 8/1987 
azzous 1 "rr-ii 

6-73 14/ 3/1983 6 

.TSSLIiD ’ll./* 

7*00 1/ 3/1331 

BE? 37 TOP, ATP ' 7.5303 

-7-00 - 13/ yiM8 - 

_ — isr- "’ 'r.a" 
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197= 

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97.70 


IM6 

92.75 

1973 

98.00 

tiro 

.lw.a 


•88 a/a 
1001/4 
20 5 1/4 
99 i/8 
102 

MI S/4 

100 3/4 
5*5/* 


■ fiO 9-05 
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i.99 

1.43 b.a 


z.49 . 


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19)0 


raw 359 305 423 565- 
uaarr 


8 **! 7 -io 
4-4= 7.10 


6- 39 6.65 

l0O.£O 

7- 75 3 -U 

101.60 


1319 


ISC 

1378 


447 

19oS 

J*» 

197? 


raw 339300713 96090 
is a 


KOI 359 «5 ffM 9S5 


9*1£ 6.(0 
5.68 6-83 


6.78 


103-00 


<TJ 

19T9. 


-M 

1915 


WW 346 207 960 90 

u . . . . 


4.04 6.23 
2.06 S-79 
S-Az 6.S4 
L.M 5-79 
9.80 3-99 
5.3T «•« 
W^Sa «'.*= 


6-73 t-2S 
. 101. SO 


90= 

1479 


■ -2A 
1470 


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Lf.MJ3 


6.88 .0.C : 
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101.75 
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tAi.fio 


19:9 

•i' 

1318 


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19M 

I^S 

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57 Sff =50 960 963 • 
UKOf 


to VO 359 5» 969 90 
IS 


« XS. 25 335 3cQ 
L3 


investment funds 

The following funds include Eurobond 
issues within their portfolios 

Quotations & Yields as at 
28th February, 1978 


SOC1ETE GENERAL De BANQUE 
BANQUE GENERALE Du LUXEMBOURG 


Futid . 
Rentinvest • 
Capleit Rtntanvest 


■ Price 
LuxFr 840 


LuxFr U94 


first 

Issue 

Price 


LuxFr 1000 
LuxFr 1000 


Yield 


8.42 


ok:- 

Dftte 


21 Nov. 
(F69.«> 


-4*. 


• • 

1977/78 ' 

High Low 

1975/78 ‘ 

High Lew > •* 

ftenrinvesc 

Rentinvest 

LuxFr 9\7 LuxFr 839 
LuxFr 1309 LuxFr 1168 

LuxFr 917 LuxFr 780 

LuxFr 1309 LuxFr 925 . :! ; ' 



f 


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** V 


FINANCIAL raffiS MONDAY MARCH IS 1975 



^ 3 

-_3j 




2§ 

UC 



1* 

X 

V- 

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§ £ 


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5= . 

si 

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8 | 


Pi 

5ot= 

25^ 

Qg 

1 

MARKET 

MAKffiS. 


«nut uaotx 


I DO. BO 1972 

100.03 100.00 3,00 ; JJ/S/IS87 

to-do - iTO* hems iv nr 

37.80 100.00 ■ 6.00 St 1/1*8 B 


30*00 J970 SRES STOSS 
30*00 5W0 , 7,»^a/3 


r so a/i 70« m» 

3*0 1/2 u*iq 105JP w* 
- 109 m lu -4.»-«0 r - CO 
UH0 3.99 108.00 1973 


UrTt- fl TX m 213 


• »5 ft 7i3l 8. SO '• ’*. » 

522 1/Z UJ1 103. DO MTS 


0 »m» rmao , 

960 975 

5.88- 7122 is . .■ his.i« au-aio-aa. - 

*9W 174/1970 LlftM 935 940 560 

*-io n» :- -oi area 20530215 - 
. . . W 6/1970 4WSIO 235 9M 973 


S’?? **** wpsiffl? 1 W£ • » ; u-te itn” , ■; 40 - 34.3 09 ■*-T -TO H iio.rs5 9M S73 - 

30*00190*00 ■ e*». M3AWI 3.05 03. SO clSo.XOiCSO . Wt , Zf S/1S74 ri ' ■ 

jawgna^tna . ' v' '' ’ •“ -v”'-- .' • f 


io*oa 1977* ox jar' 
io.no wo.no . 7.00 ' v 7hm 


m ft 

3.S1' 


7*u yj#‘ 1 ' ao ‘ ai* a . 3.671 roar st.stt 
1 OM 0 1*80 lAUUWia - 


30.00. lys MW CMUfl tti .. . i-115-l/l 

30.00 100-00 ■ 6.13 30/ 9(090 S ’ 134 

20.00 1977* «UK BKBTO ' - 18* Ift 

10.00 100-00 6.00 .31/ 3/1991 406 

13-00 "WI Att ntra BROlB . '4X3 3/1 

■ .32 100.00 6.75 31} 3/19*6 8 339 

m.» law auxzao • : . ua i/a- 

26.78 IDOJW. -. 6.00 -.31/ «/19n 8.970- 

*5-oo 1976 mzu *qobs manor- iui n 

«*45 JBJ0.C9 * 7.23 . . 31 / 3/19n . ft 426 ;. 


10.00 197* 
3.28 100.00 


IM 


730 30/ 6/J9W *'; 

10.00 1964 139 ■ ’ no 402 - “ 

1.00 WO- 00 *.25- 51/ y/1979- 8; 218 

30.06 1969 naatire ic* i/6 

8.20 200.00 . £25 ■■ 36/ »/Zf» *118 

10- oo i»7t* imn zurkxc van ims/t 

10.00 100,0 _ 0.573 38/ 9/1*82 8 2*0' . 

30.00 1977* UMdOM 103 

49.96 10M30-. - 6. to ' 31/ 8/19*2 8 2140 

*0.00 i?77*3iBco ' roaaft. 

4DJ0 OMlOO . 6.00 20/ 2/1992 -983 

20.00 2977* RC 8047 CD 208 l/2 

moo hmwjo; . £»-:ro/»A 9 to 8 6 * 8 . 

moo nirii' rmiB inwroti iti'i in - 210 1/8 

2.66 100.00 6.23 - - 38/ 6/1*8* * 325 


30.00 »» 
49.96 100-00 


7J5 


» - 2331/8 

3Q/C/UM- 8 325.- .7. 

- j . -106 

13/ 4/1991 » 279 


72.00 1OT J380I8 - 
74.94 -100.o8, ; > 6.73 

30.00 3976 Wmt - - 128 3/1 

30.00 100-00 6.90 28/ 1/1*91- 90S 

100.00 - J973 nmBBI m Bw m m 130 

88.20 208.00 6.73 L0A1A9M 8. 629 

15.00 1970 mTwm aaaMc 2521/2 

3.27 100.00 7.00 ‘ 31/ 3/1*85 8 172 

30.00 1973 -HUSUnSHTBlBUnU 179 7/8 

0.40 100*00 7.50 31/ 3/1991 8 172 

moo 6977* msoBisn gu asm -• 879 

18.BO JOO.OO 6.00 30/ MM2 .8 159 

moo - 1976 wrmsiTiifr-mir no ' 1111 /s 

30.00 100*00. 6.50 -31/ 3/1*0 8 133 

40.00 1977* nr ron rap cDmurni n 

*0.1)6 ioo.oa 6. DO si/ 3/1*92 8. 416 


5- Ml 
3.73 
5.87 
U48 
1.64 
1.70 

SJ7 

£« 

1*17 

7.6* 

/. 

1.56 

2.78 

£84 

2- W 
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1*04 
3.91 
W 
S~8S 
ISt 

3- B1 


£*• 

6.51 

2.77 

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2.68 

3.06 

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2.79 

£*4 

car 

1-45 

Mi 

U7 


sOfrt- 1*7$ mas rail c&somajt » 124 1 /* 

3 a. 6 OWJQ.fiO 7.W 30/ 9/1998' 8 *16- 


60.00 1976 w a wiwt tXKBjagJCS: " 

34.37 190.00 6.75 31/3/1991 * 

-MI.CO' 1975 JOXaiX 6 CO • 

CUM 100.00 .. 7.25 90/ 9/19,90 8 

20.00 1974 msnx S CO . - -■ 

2.72 100.00.. 8.2$ Si/ 9/1989 8 


M8 3/8 
414 

106 1/2 
3M 

15D3/* 

308 


20.00 1977* KRTOZniL ROOT ■* 

12.38 100.00 6*00 30/ 9A992 

13.00 19776 nxm just 

14.69,100-40 , . 6.00 3(y9 AjBl 

lO-oo i«74 nanueilon 

MJ.eO100.p0- 6.25 XJ 9/1988 

15.00 1976 ticca 

15.00 flxUJO 6-75- . W »AMt 

moo 1976 8*310 nie n tifc 
16.82 lUXUto 6.25 -30A1AM 

70.00 1973 843X0 BXfitttD 

3*09 100.00 . 30/U/ImO 

15.08 wrwiiwMwmmiwi] 

15.00 100.0ft 6.375 30/ 9/1992 

20.00 1977«.BaCTaK7 ZLXCTUC XK> 
.16.76 VKMJ0 6.00 30/ 9/1! 


- 118 
8 555 - 
1*3/8 
I. 590 
.■ 809 lit 
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' 1301i» 

8:437 

5 1061/* 

• n ... 

' 150 3/s 

. 

98- 

8 or 


r.w 

1.51 

6.33 

1.37 
6.95 

2.37 
5.15 
2.27 

5.15 

.» 

6.44 

n6*- 

2.9ft 

1*63 

MB 

157*1 

5.97 

2*88 

5.0* 

a** 

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982 8 


33.00 1976 8PHQ08B1J8XU 
S9.98 100-00 6.Q0 . 31? 3/1983 


1317/1, 

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MW 

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;U8i A '' ’so ' “3.78 no ico. 2 1 - sosrfigs.M* 

: 104.0ft -1*» 0 1/ 4/1976 L* ' 

3.78 8,65 » “5. 81.521 440 0 » 30UM4 ■ 

1C4.00 MO . i/ 3/1877 *a ■ 

' . j- '-<• “ *■» : . -4.1* na in. a 0 *f 3#t.!n5. m *ao 

IflSySO 197*. 1/ 5/1371 IX . 942 960 964' 

. .. . .. ... . ; 57J 

4,J* V '-A '* 3« TUB 162-4 0.0 Uj tM 

. tOMOft M79 > 1/ 9/lf7& LX .. 

6-d 5-61 45 - 7.70288 541 0 0 159 -50 913 933 ' 

. lBUM 19»; IStt 1/ 6/1978 LJt - . -, ■ 

4r '■■■ .30E. • 08 472.7 0 0 689^-942: 

r MEU5B l»»r 1979 1/ 8/1974 UC y 

" . -3.02 70 79.8 » 0 346 51^935 9*8 ' 

- . JA2/1964 taUT--- 960966 ' • 

"*® .'98.; ■4.BTBW.I ' ft'BMM • 

101-50 1W'-' *’*• '» 1A970 LX - . 

K9T’ £83 SB .“3^670 321 0 43 396 313 9« ' 

104.0ft 2880.-J ■: - If IA979X1 ‘ ■ 3.-.; 

£0' 6-48 »• 8JIW158 0 0 4Z8«m' • - 

104.30 100971985; 30/ 9A9A 42 ■ f- ‘ f . 
£0 £66 45- 8.0 70X188.7 0 0 SU 0 m" 

lfluoa toMr uuvm ix \ • • * 

sin 4jpft -.a*, I,£0 70 70ft 00396 

Mttpbr .380 • . 1AQA9771X 

■ <ft" ' - ~3ft -MU0.-20 06 m. 0 sso siif 92ft 833 

••• ISUOft 0tt ' 1972 1/ 9 ASM IX ? 94X 94390 

964-973 - 

•3*40 ■<«" -30 -UU SW 348.7 

1883. . 30/ 6/1975 48 

£27 - £04 U|O 0 326.4 to. BUS «* . 

MRU50 1984 15/ 2/1976 13 . : . 

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74 7ft 7.48 9.0 1 30 76.98 0 29 1/4 *C R 359 8D0 9(0 90 

12 3ft- £82 8.00 102*875 1978 01979 ZAO/1948 IX 975 

72 * 7-78 10.17 0 1*6.19 0 26 1/2 PC BJ 401 WO 935 9*0 

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90 975 

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8 n i/1 £85 7 JO tOl*Sr J9J8 SPIST? _1/8A*® or . *75 

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S 27 3ft 7*31 £0 110*00 1978 101977 

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1*79 B/UAM91X 577 


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16.99 100.00 4-SD '352XOA96 * 46 Ift 6.67 4.0 100^0 1978 1976 


5a.0fi 1972 'Jft* SSBERO/S Ct? ' 
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21.16 100-0 £73 25/ 8/1963 8 

50.00 1972 toon 

38.00 100.00 £75 15A4/1S87 

50.00 190 DXBROB 20SX81S CD " 

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1/ 5/1966 BT_ : 9*0 94790 

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• 38 Ift 2.77 20*00 10UTO 19» 1/.2A965 LftT .90-975 

«3» >» £33 T ■•-: - SO itt'TO 0172 to R 445 35 £20 80 
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« 7ft 1-97 8J0 10JJ0 BA -1/2/1973 IX .; 935-940 3S7. 

4— *-»/-•. 960 975 ' 

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S4 5ft 4-27 9 Jto 2Q3*S0- 1*78 ' .1/1/1930 « . 960 575 . , ; J 

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to Ift 7*90 20*24 - » - • R 50 ! » TO 485 00 9M 960 ■ 

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17 Xft C.42 £0 10.00 1978 1779 1/ 3/1969 LX 975 , 

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■ 40 1ft ’£ A 13-0 X02.M 1»78 


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401ft 21Z2 13.0 104.0 1978 


5-39 


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1/ 5/196* niX 80 870 99S 
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16 3/4 £9? 4JOOBJ5 Itffl WB ,1/ ~ 


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77 1ft 5JB 7.7/ . TO 
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77 1ft £92 7**1 - 
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/l/UTPDnx 975 
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190 t J/B*9SLX 

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a 1ft £71 7.00 102* ft 1178 U78 1/2/1969 El 975 

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14 ' 2J8. £0.Z8£0 2978 1/I3/Z9694I1 . 975 

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16 2ft -4-2X 12-0 264*00 29A 


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•70 935 9*0 

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' • ' Jfi) *73 

99 2ft £S7 4J SO Oft TO 29 XSR TOK.8WSS5 9(0 

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42 1ft 4J2 8*00202*58 1978 2/1A975Z8 •* 80S 870 935 

. , • -9TO909B 


■ V —* 




c-’.- 


you 

how to get 
% instead 
: of 10^, that’s 

"■ " .f j '■ ’• 

investment 
■ service 

British ponds-yieid approx. 10 per cent 
Den^h Domestic Bonds Will give you from 
k 15.06 to T6.58 per cent 

• To raise your interest look at this — 


l&%* Government I977/8S' 
1036. Government 1976/83 
10% Government 1976/81 
10%: Government 1981 
.10% Government 1979 


- . Price 

Redemption Aepiyment 

(March 3rd) 

Yield 


77i 

16-58 . 

1980-85 

. 85i 

16.49 

1979-83 

‘89J 

- 1635 

1978-81 

. 90* 

1532 

197841. 

. -. 95 

15.06 

1979 



. We alt dealing in alt kinds of Danish 

securities. ; 

Sor , , further Information and prices, 
picas* contact 



Investment Service 
.. Postal address: 

P.O.BoxiOOD 
' DK 2400 Copenhagen MV 
, Telex 16711 -Telephone +451 11 11 11 

■ . Market Maker 730 In Eurobonds " ■ 



INTERNATIONAL BOND MANUAL 

The basic terms of over 2,700 international 
issues in a single loose-leaf volume. 

The annual subscription of US. $ 760.00 
also covers fortnightly new issue sheets 
which are airmailed to you. 

Subscriptions and requests 
for further details to:- 

The Association of international Bond Dealers: 
Dept EBH, 2 Parkway, London NW1 7AA 
Telephone: 07-267 3823. Telex 885276 




ntfANOAIi TDm MONDAY MASKS 1KM) 


The following Tombstone announcements were published in the Financial Times 

during February 

BONDS 


Tombstone Publication 

date 

Jan. 1978 KINGDOM OF NORWAY 1/2/78 
$125,000,000 
SJ% Notes due 19S3 

Salomon Brothers and others 
1/2/78 EUROPEAN INVESTMENT 1/2/78 
BANK j 

USSIOO.000,000 8*_°o Bonds 1988 
USS100.000.000 Bonds 1893 
Union Bank of Switzerland 
(Securities) Limited a Q d others . 
1/2/78 SHELL INTERNATIONAL 1/2/78 
FINANCE N.V. 

USS500.000.000 
81% Guaranteed Notes 1990 
Union Bank of Switzerland 
(Securities) Limited and others 
1/2/78 INTERNATIONAL BANK 1/2/78 
FOR RECONSTRUCTION 
& DEVELOPMENT 
DM500,000.000 
53% DM Bonds due 1990 
Deutsche Bank AG and others 
2/2/78 ROWNTREE „ 2/2/78 

MACKINTOSH & 20/2/78 

INTERNATIONAL FINANCE B.V. 
£18,000,000 

10i% £ Foreign currency 
Bonds 1988 
J. Henry Schroder 
Wage & Co. Ltd. and others 
5/1/78 NACIONAL FINANCIERA 2/2/78 
- S-A. 

USS100 ,000.000 

Floating rates Notes doe 1985-1993 
Credit Commercial de France 
and others 

2/2/78 OCCIDENTAL 2/2/78 

INTERNATIONAL 
FINANCE N.V. 

US$50,000,000 

8}% Guaranteed Notes due 1983 
Dean Witter Reynolds 
International Inc. and others 
Jan. 78 REPUBLIC OF PANAMA 6/2/78 

KD5, 000.000 

9% Notes doe 19S3-19SS 
Kuwait Foreign Trading 
Contracting & Investment 
Co. SA.K. U.B.AF. and others 
Dec. 1977 EUROPEAN INVESTMENT 8/2/78 
BANK 

USS50.000.000 
84% Notes due 1985 
Bauque Arabe et Internationale 
d’Investissement and others 


Tombstone 

data 


Publication 

date 

L 9/2/78 


Tombstone Publication 

data a * te 

3/2/78 THE LONG-TERM 16/2/78 

' CREDIT BANK OF JAPAN 
FINANCE N.V. 

USS60.000.000 

Guaranteed floating rate Notes 
due 1983 

First Boston (Europe) Ltd. 
and others 

Jan. 1978 EUROPEAN COAL AND 20/2/78 
STEEL AND COMMUNITY 

USS3Q4HXKMW 

S|% Notes due 1985 
Kuwait Investment Co. 5-A.K. 
and others 

EUROPEAN 21/2/78 

INVESTMENT BANK 
£25.000,009 

9*% Steriing/USS Bonds 
due 1988 

S. G. Warburg & Co. Ltd. 

. and others 


1Q/2/7S 


10/2/78 


23/1/78 


31/1/78 


7/2/78 


25/1/78 


15/2/78 


15/2/78 


SEARS INTERNATIONAL 9/2/78 
FINANCE N.V. 

£15,000.000 

104% Sterling Foreign Currency 
Bonds 1988 

Hambros Bank Ltd. and others 

TEOLLISUUDEN VOEBA 10/2/78 
OY 1NDUSTRINS KRAFT AB 
DM30.000,000 

6% Bonds due 1988 
Westdeutscbe Landesbank 
Girozentraie and others 

CITICORP OVERSEAS 10/2/78 
FINANCE & 28/3/78 

CORPORATION N.V. 

A815.000.000 

10i % Guaranteed Notes due 1983 
First Boston (Europe) Ltd. 
and others 

KINGDOM OF DENMARK 10/2/78 
Y20, OOO.OOO, 000 

6.7% Yen Bonds Series 2 due 1990 
Nikko Securities Co- Ltd. 
and others 

DA3ICHI CHUO 13/2/78 

(CAYMAN) LTD. 

USS20.000,000 

84% Guaranteed Notes due IMS 
Sumitomo Finance International 
Daiichi Chno Kisen Kaischa * 
and others 

EUROFIMA 13/2/78 

$40,000,000 

8% $ Bonds due 1988 

Smith Barney, Harris XJpham 

& Co. and others 

i KOMMUNLANE- 13/2/78 

LYSTITUTET AK3TEBOLAG 
12,000,000 European Units ' 
of Account 
74% 1978-1993 Bonds 
Skandinaviska EnskUda Banken 
Kredietbank SA. 

Luxembourgeoise and others 
! ARGENTINE 15/2/7S 

REPUBLIC 
DM150,000.000 

64% DM Bearer Bonds 1978/19 85 
Deutsche Bank AG and others 

t EUROFIMA 15/2/78 

DH100.000.000 

5*% DM Bearer Bonds 1978/1988 
Deutsche Bank AG and others 


20/2/78 BANQUE NATION ALE 
' D’ALGERTE 


21/2/78 


DM100,000. 000 
74% Bearer Bonds 1978/83 
Dresdner Bank AG and others 
22/2/78 AKSJESELSKAFET 22/2/78 

NORCEM 
DM50,000 D00 
54 % DM Bonds 1978A985 
Deutsche Bank AG and others 
23/2/78 NEW ZEALAND 23/2/78 

DM250.000.000 

54% Bearer Bonds 1978/1986 
Commerzbank AG/Credit Lyonnais 
and others 

23/2/78 INA INTERNAT IONAL 27/2/78 

HOLDINGS, LIMITED 
£20.000.000 

10% Sterling Foreign Currency 
Notes due 1988 
Blyth Eastman Dillon & Co. 
and others 

21/2/78 B.A-T. INTER NATION AL 27/2/78 

FINANCE 1JM1T ED 

850.000. 000 

Floating rate Guaranteed Notes 
due 1988 Private Placement 
Morgan Stanley International 
Sumitomo Finance International 
23/2/78 GENERAL MOTORS 27/2/78 

ACCEPTANCE CORPORATION 

51 50 .000. 000 &20% Notes doe 1968 

5150.000. 000 S.65% Debs, due 2O0S 
. Morgan Stanley & Co, Inc. 

and others 


LOANS 


Tombstone- Publication 

date date 

8/9/77 ABDUL JALIL AL FAHIM 1/2/78 
AND SONS 
USS17, 000.000 

Secured Floating Rate Loan 
Abu Dhabi Investment Co. 
and others 

Jan. 1978 SVER1GES 2/2/7S 

SLAKTERIFORBUND 
FORENING UPA 
US$10,000,000 
Medium Term Loan 
Scandinavian Bank Ltd., 
and others 


Nov. 1977 


K/S FEARNLEY 
OFFSHORE A/S 


2/2/7S 


2/2/78 


OFFSHORE A/S 
US810.000.000 
US$21,000,000 
Loan facilities 
Den norske Creditbank 
Manufacturers Hanover Trust Co. 
and others 

16/12/77 TELECOMUNICACOES 2/2/78 

DO RIO DE JANEIRO S-A. 
US$30,000,000 
Medium term loan 
Chase Manhattan Bank Ltd. 
and others 

20/1/7 S KOMBINAT GORNICZO- 2/2/78 

HUTNICZY SUEDZI W 
LUBINIE 
USS250.000.000 
Multi-currency credit facility 
Chase Manhattan Bank Ltd. 
and others 

Dec. 1977 PHILIPPINE LONG 0/2/78 

DISTANCE TELEPHONE 
COMPANY 
USS105,000,000 
Term loan facility , 

European Asian Bank 
Banque Europeenne de Credit 
and others 

Oct. 1977 SAUDI ARABIAN 6/2/78 

AM LAN TIT CO. LIMITED 
Saudi Rlyal 50,000,000 
5 year floating rate loan 
Banque de lTndochine et de Suez . 
and others 

Dec. 1977 ADELA INTERNATIONAL 6/2/78 
FINANCING COMPANY SJL 
USS20,000,000 
5 year floating rate loan 
Union de Banqnes Arabes et 
Francaises and others 

Feb. 1978 SUOMEN PANKK2- 7/2/78 

FINLANDS BANK 
3200.000.000 

Medium Term credit facility 
Orion Bank Ltd., and others 
IN STOUT O BANCAJRIO 7/2/78 

SAN PAOLO DI TORINO 
USS10.000.000 
Medium term transaction 
Gulf International Bank 
Abu Dhabi Investment Company 


7/2/78 


7/2/78 


Tombstone Publication 

date date 

Jan. 1978 COMPANIA TELEFONICA 7/2/78 

NACIONAL DE ESPANA 
US8SO.OOO.OOO 
Medium term loan 

— Compagnie Finandere de la 

Deutsche Bank AG and others 
JUGOBANKA 7/2/78 

US840.000.000 
Medium term loan 
- Crocker National Bank 

and others 

Dec. 1977 CENTRALS ELECTRICAS 7/2/78 

BRASILEIRAS S-A— 

ELETROBRAS 
. . $54,000,000 

Term financing 

Bank America International Group - 
Dresdner Bank Ag and others 

Nov. 1977 CIMENTOS DE 9/2/78 

PORTUGAL E.P. 

US$12,000,000 

Medium term loan 
Amex Bank LtcL, and others 

Dec. 1977 REDEC PLAZA AN D 13/2/78 

. COMMERCIAL CENTER 
RIYADH 
US$14,000,000 
Medium term loan 
A1 Saudi Banque and others 

Dec. 1977 COMMONWEALTH OF 13/2/78 

THE BAHAMAS 
US810.000.000 
Medium term loan . 

Cisalpine Overseas Bank Ltd. 
and others . 

Feb. 1978 INSTITUTO NACIONAL 13/2/78 

DE INDUSTRIA — LNX 
USS75.000.000 
8 year loan 

Chemical Bank International Ltd. 
and others 

Jan. 1978 MATTHEY FINANCE 17/2/78 

L IMI TED 
US$85,000,000 
Medium term loan 
S. G. Warburg & Co- Ltd. 

Morgan Guaranty Trust Co. of 
New York and others 

Feb. 1978 ROMANIAN BANK FOR 20/2/78 
FOREIGN TRADE 
US$53,000,000 
Medium term loan 
First Chicago Limited and others 


Tombstone Publication 

date date 

Feb. 1978 FUERZAS ELECTRICAS 21/2/78 
DEL N'OROESTE, S-A. 

USS30.000.000 Term loan 
Chase Manhattan Ltd. 

European American Bank & 

Trust Company and others 

Feb. 1978 KENT COUNTY 21/2/78 

COUNCIL 
£15.000,000 
■ Medium term loan 
Kleinwort, Benson limited 
and others 

‘ 10/2/78 NATIONAL BANK OF 22/2/78 

HUNGARY 
US$100,000,000 
Medium term loan 
Abu Dhabi Investment Co. 
and others 

Feb. 1878 HERON CORPORATION 22/2/78 

LTD. 

£17.000.000 
8 year loan facility 
Barclays Merchant Bank 
limited and others 

’Dec. 1977 LEEDS CITY COUNCIL 22/2/78 

£7,500.000 
Medina term loan 
Hill Samuel & Co. Ltd. 

• and others 

18/1/78 THE FEDERAL 23/2/78 

REPUBLIC OF NIGERIA 
8LOOO.OOO.OOO 

7 year Multicurrency credit 
. facility 

Financial Adviser First Boston 
- (Europe) Ltd. 

Dec. 1977 THE GOVERNMENT 23/2/78 

HOUSING BANK OF 
. THAILAND 
Y8 *00,000,000 
: Medium term loan 
Mitsui Bank. Limited 
' Bank of Tokyo, Limited and others 


23/2/78 


21/2/78 


Tombstone Publication 

date date 

GEERS GROSS LIMITED 1/2/78 
has acquired 

RICHARD K. MAN OFF, INC, 

£700.000 5 year loan 
82.900,000 10 year Dual 
Currency Washable Loan 
Geers Gross financial fy advised 
by James Finlay corp. Limited 

2/2/78 NESTLE S.A. 3/2/78 

has acquired more than 97% of 
Alcon Laboratories. Inc. 

Financial advisor to Nestlg 
Lehman Brothers Kuhn Loeb 


2/2/78 INTERPACE 6/2/78 

CORPORATION ■ 
has acquired 

Allied Thermal Corporation 
Financially advised by 
Wm. Sword & Co. incorporated. 

31/1/7S 1CI NORTH AMERICA INC. 6/2/78 
8175,000,000 

S|% Guaranteed Sinking Fund 
Debentures due 2003 
Smith Barney. Harris Upham & Co, 
Goldman Sachs and others 

1/2/78 AGA AB has acquired 98% 7/2/78 

Of shares and stock of 
BURDOX, INC. Financially 
advised by Lehman Brothers Kuhn 
Loeb, and Joseph, Miller & 

Russell, Inc. 


Feb. 1978 MASS TRANSIT 

RAILWAY CORPORATION 
HONG KONG 
US$400,000,000 
10 year loan facility 
Manufacturers Hanover Ltd. 
and others 


OTHERS 


Tombstone Publication 

date date 

7/2/78 BRASILVEST S-A. 7/2/78 

Placing of 529 Depositary Shares 
Credit Suisse White Weld Ltd. 

Jan. 1978 THE REPUBLIC OF 8/2/78 

VENEZUELA 
USS178.000.000 

Private placement Promissory 
Notes 1980-1985 
Bank of Credit and Commerce 
International S-A. and others 

Jan.1078 Manufacturers Hanover 9/2/78 

Leasing Corporation 
Westfield Shipping Co. Ltd. 
S29.00Q.000 Financing 
Arranged by WJLB. Colegrave Ltd. 

SPAREKASSEN 10/2/78 

SYDJYLLAND 
DM50,000,000 
Credit Line 

Norddeutsche Landesbank 
Internationale S.A. and others 

i SCOTCROS LIMITED . . 13/2/78 
{ ■ has acquired 80% capital of 
- 5 The Remy Group of Companies 

in France. Financial advisers 
Compagnie Europeenne Poor.Le 
Developpement Industrie! et 
Financier S-A. 


Dec. 1977 THE CITY OF BELGRADE 
US$16,400,000 

Medium term loan due 1SS4 
■ Banque de la Societe 
... Financiers Europeeozze 
and others 


Jan. 1978 AGUA Y ENERGIA 27/2/78 

.ELECTRICA 
US$45,000,000 
Medium term loan 
' Banque Franchise et Itaiienne 
. . pour I’Amerique de Sad 
•* and others 


Tombstone ' Publication 

date date 

Nov. 1977 TH E SUM ITOMO BANK 14/2/78 
-.'LIMITED 
USS15.000.000 

Negotiable floating rate USS 
'Certificates of Deposit due 1980 
DBS-Daiwa Securities IntL Ltd. 
Sumitomo & East Asia Limited 
7/2/78 14/2/7$ 

■ A wholly owned subsidiary of 
Sptilers Limited has merged into 
. . : MODERN MAID FOOD 

PRODUCTS, INC. 

- SpiUers assisted by 
Lehman Brothers Kuhn Loeb. 

10/2/78 INDUSTRIAS. FENOLES, 14/2/78 

•. 'SJL de C.V. 

. $45,000,000 

Sinking Fund Debentures due 1993 
The First Boston Corporation 
1/2/78 AGA AB 15/2/78 

Has acqairedjfS% of stock of 
- Burdos, Inc. 

AGA advised by • 

' -White, Weld & Co. Inc. 

' - 21/2/78 

Sellers Limited were assisted 
■with their subsidiary's merger 
• into MODERN MAID FOOD 
* PRODUCTS, INC. 

by Irving Trust Company 
ASUAG has acquired 21/2/75 
Centre Engineering, Inc. 

. Asnag advised by 
: . Irving Trust Company 


WestLB Euro-Deutschmarkbond Quotations 



7% Siemens Europe 66/81 

7% Singapore 72/82 

6J% Singapore 77/83 

8 i% Singapore Airt. 76/83 (G) 

Sura Kvma ■ 

61% S.NF.C. 68/83 (G) 

7±% Soc. Dev. Reg. 76/86 (G) 

6i% Soc. Dev. Reg. 77/91? (G) 

9% Soc Mar. Fin. 7&83P 
64% South-Africa 69/84 whh <. WHH m : ; 
S\% South-Africa 70/85 

7-;% South-Africa 71/86 ~ 

7% South-Africa 72/87 

7y% South-Africa Railway 73/88 (G) 
9i% South-Africa Railway 75/80P (G) 
94% South-Africa Railway 75/80 (Gl 
8i% Soqrh-Africa Railway 77/8QP (G) 

7% South Scot. D. 73/88 <G) . 

6i% Spain 77/84 . 

64% Stand. Chart. Bank 78/88 . 

7% Satsfoereng 77/8S 

10% Steirmark 74/80P 

8i% Stockholm City 75/83 - 

8i% Stockholm County 75/87 MU — M 

74% Studeb Worth 69/79 ..~ 

84% Sumitomo Metal 75/82 
74% Sun Oil Int. Fin. 73/88 

74% Svenska Cell 73/88 

9% Svenska Taednst. 7S/8S 
6i% Sveriges Inv. Bk. 72/87 
7% Sveriges Inv, Bank 73/88 

84% Sveriges Inv. Bk. 75/83 

64% Sweden 77/84 

6% Sweden 77/89 — 

94% Taisei Corp- 75/80P * 

10% Tauamautobahn 74/79P (G) 

94% Tauemautohahn 75/82 (G) 

9% Tauemautobahn 75/82P (G) 

9% Tauemautobahn 75/83P {.G) 

7% Tauernfceafcwerfce 68/83 (6) — .. 
64% Tauemlcraftwerke 68/83 (G) 

74% Teledyne Inti. 73/88 

8% Tenpfinco 73/93 

94% Tenpfinco 75/82P ■■■■■ — 

84% Thyssen Car. Fin. 7S/82P . 

84% Thyssen Car. Fin. 75/82P ;^~.^. 

64% Thyssen fnv. 66/87 

7J% Tokyo El. Power 69/84 

94% Toray Ind. 75/80P * — - 

64% Traf. House Fin. 72/87 

6i% Tjondheim 68/83 — — — - — : 

84% Trondheim 70/85 

74% TRW Int. Fin. 69/84 

6% TVO Power 78/88 (G) 

91% Unilever 75/84P ......... 

84% Unilever 75/87 -u.- 

62% Unit. Arab Emirts. 77/82P 

7% Venezuela 68/83 

7% Vienna 69/83 / 

84% Vienna 75/84 

51% Vienna' 77/84P 

84% Voest-Alpine 73/88 ... 

84% Voest-Alpine 75/85 — — 

61% Voest-Alpine 77/89 ... 

64% Wdls-Fargo ex. w. 73/88 

54% Worldbank 65/85 

64% Woridbank 68/80 

64% Worldbank 69/84 

64% Woridbank 68/84P 

64% Worldbank 69/84P 

6% Worldbank 69/84P 

84% Woridbank 70/80 — 

8% Woridbank 70/86 

74% Woridbank 71 //86 I ^ 

74% Worldbank 71/86 II ... ....... 

6\% Woridbank 72/82 

b\% Woridbank 72/87 — 

61% Worldbank 73/83 

61% Woridbank 73/88 

84% Woridbank 75/82P 

8% Woridbank 75/82 

8i% Woridbank 75/83 

8% Woridbank 76/82P i : 


6.71 214 

678 278 
6J! S.I7 
827 2 AS 

8.11 3S7 

621 3.02 

7.01 S.33 

627 14.79 
827 326 

6.68 6M 

821 3.97 

773 4*1 
728 9.67 

7*7 1025 

9.11 122 

8.56 223 

8.17 2.42 
6.68 5.18 

6*0 6A2 
623 9*3 

6.60 5.47 

923 158 

8.12 3.94 

8.05 4.87 

7.12 - 1.42 
7.90 423 

7.06 5*7 


l.UJO— 8fS 
1.778-82S 
1. 5.83 
1. 279— 83D 
I, 6.76-85D 
1.1072—835 
1.480-86D 
16.1183—920 
1. 579— 83D 
1.473-845 
i:?I76-«S 
U177-86S 
1,1178 — 87S 
1, 67M8S 
1.6J8-80D 
1. 7J80 
1. 879-8QD 
1. 279—885 
h 8B4 - 
LI M 
1.322-85D 
uoao - 
15. 476— 83D 
l;47»-8ro 
1.879 
t t 7J82 
1. 879— 88S ; 


103*0 

7*4 

5.16 * 

634 

LX79rr88S 

112*0 

8*4 

4.42 

5*4 

1. 3*0-855 .. 

104.65 

6.45 

4*2 

5*2 

. 1. 3J8-87S 

105*0 

6.67 

5.27 

5*7 

1. 379-88$ 

104.40 

8.14 

3JI 

7*9 

L 6*0-835 ■_ 

106*0 

6.13 

5.17 

523 

. I. 5*4 

10220 

5*7 

UTS 

573 

1,12,83— WS 

106*0 

8.92 

204 

6*2 

16. 3.80 

107*0 

925 

138 

524 

• 1.1079 - . 

11325 

829 

333 

5.06 

1.7*1 

110.00 

8.18 

4.00 

6.11 

L3.B2 

110*0 

8.18 

5*0 

639 

1.383 

105*0 

6.64 

2*7 

4.98 

L274-83D 

105.00 

6.19 

2*3 

471 

. 1. 9J4—83S 

10220 

7.09 

0.08 


dld^J. 478 . 
1.11.82-^93$ 

107*5 

7.42 

977 

6*6 

10830 

876 

4.00 

6*9 

1. 3*2 - 

109*0 

7*0 

4*8 

5.9$ 

1.4*2 

10875 

739 

423 

5*9 

I. 7*2 ' . 

10425 

623 

1.99 

437 

1. 37MID 

704.70 

6*2 

3*4 

5*8 

1.1275— WD 

10630 

8*2 

1*4 

5*5 

10. 2*0 

100.10 

6.49 

4.83 

6.46 

1.1078— 87S . 

10330 

632 

3.17 

■5*0 

1.1272— 83S: : 

10100 

823 

025 

- — 

- cfld.p.f. 6785 

102.35 

723 

3.4S 

6*4 

1.1075-845 

100*0 

6.00 

7*6 

6*0 

1. 2*4—885 

112*0 

871 

375 

6*6 

1.12*1 

11225 

737 

633 

6.14 

L S*l— 87S 

10125 

6.67 

4.16 

629 

3a 4.82 

10625 

639 

3.01 

4.80 

. 1.1074—835 

10430 

670 

2*8 

524 

1, 674-T83S • 

108*5 

739 

3*4 

5.66 

1. 8J9-84D 1 

101*0 

5*5 

679 

5.42 

15.12*4 

108.90 

7*1 

627 

670 

1.10.79— «D . - 

10925 

7.77 

5.19 

622 

h 681— BSD ■ 


71% Worldbank 76/82P 
74% Woridbank 76/83 .. 


73% Woridbank 76/83 

61 % Worldbank 76/83P 

8% Woridbank 76/84 

54% Woridbank 77/82P — 

7% Woridbank 77/85P 

64% Woridbank 77/85P 

6% Woridbank 77/8S 

7% Worldbank 77/87 

64% Woridbank 77/87 — 

51% Woridbank 78/90 

61% Yokohama 68/83 (G) 

7% Yokohama 69/84 (G) 

8% Yokohama 71/86 (G) 

81 Yosida Kogyo 75/80P 

8% Yueosl. Inv. Bank 77/85P 


105.10 
104JD0 
10300 
104.95 

103.00 

104.10 
103D0 
101 2S 

109.10 

108.50 
106*0 
106.90 
10625 
10420 
107*5 
103*5 
10920 
JI120 

113.50 
10920 

108.00 
10975 
11070 

104.00 
112215 
103 DO 
10725 
10320 
105.15 

108.40 
105D0 

100.40 

105.00 
10675 
107*0 
10620 


6.42 8*7 

675 554 

524 327 

6.19 2.42 

621 326 

624 3.15 

621 326 

5.93 2.98. 

779 2.42 

737 4.19 

7.04 4.07 

7.02 426 

6.12 423 

6.46 428 

6.26 4.92 

6.IS S.44 
723 425 

7.1 7 4.75 

7.27 523 

721 4.42 

7.18 428 

6*3 5.17 

7J00 528 

6.49 575 

7.09 5.92 
5.34 454 

6.53 7D0 
628 7.17 

5.71 724 

6.46 8.83 

6.19 9.17 
5.73 1028 

6.43 2.93 

626 3.48 

7.42 4.42 

822 223 
779 4.17 


l.H.79— 885 . 
1. 471-flSD 
l. 8*0 

1. 67S~84Q 

2. 177— «4D 
2. 177-84D 
1.477-84D 
1. 8.80 

1. 177—860 
1. 6.77 — 86D 
1.12.77— 86D 
1.7*2 
1, 37B-87D 
1.2.83 
1. S.79-88D 
l.'.«*2 
M2, 82 
I. 7*4 
1. 8.82 
M0*2 
1. 5.82 
1.10*3 
1.12*3 
1.2*4 
IS. 9*2 
h 3*3 . 

1, 5*5 
15, 9*5 
I, 1*7 
!. S*7 
U 2*7-900 
L972-83S 
3a 973-WS 
I. 877—865 
1. 7.80 

15.12*!-«5D. 


8% Yugosl. Inv. Bank 77/85P 102*5 779 4.17 7.24 15.12*1-850 


“ Ufc ” and “ Maturity " appear in yean and decimals of years and are— m this Context- 
calculated as follows: 

—to final maturity in case of a lump-sum repayment 

US in ° f a j** ue * w t ,Mewep the quoted price is Wow WO 

. in «se of a wW"8 fund W. whenever the quoted price h above 100 
l,fe ,n ose the bond issue provides for mandatory drawing by lot at par only 
of^i"Vr ent the smalIe « «^enomIna^^oI , ma y be hrger than the usual DM 1*00 
G Government Guaranty - 














■IVJU.B 




FINA NCIAL TO ES MONDAY 13 1878 

28th FEBRUARY 1978 



WeStLB Enro-Deutschmarkbond Oaotations and Yields 


Advertisement 


MJddtaCmrant 
Pttoa I Yield I 


. Repayment 
iWdtO I Q-mandatoty drawing 
Maiuiliy 1 ii by lot at par 

(S-smW/jgfund 


74% AD^ 10730 7M sm 6. 

y%A0 {S2 ! -iS:35 

A‘ EG KKJ5 •’ S72' ' ] 9! 3 

n «.■ s -■*£. * 

Sll SSi-.tS J2 f 

S# AmX?F r HOZS. 7.4S 4.40 t 

%$ A P?L sSv'ft^r ™ 'JH* €46 6J8 £ 

SH^ZfBy. — -' . *03-50 - 7.49 5.67 

flo? J5£f? Fm r. C ^7 7 — 925 6J 

#9 Al?1“ nn ?!52i P 106 JO . 825 -3J3 • 6J 

ApdaNSnnndd.Wajp 103.00 6.55 7 27 ' 

7. ? Argentine 67/79 lOttf- 6.90 .124 5 A 

i# Argentine 68£6 ...... 104 JO . 670 020 ^ 

71# Argentine 69/79 ._;. .10325 772 U4 V? 

7 Argentine -77/84 ,104.00 721 628 fij 

70/ Ars^one 7B/B5 .10020. 22Q. 7.00 6* 

eiv }}**'!&£?&* 104 JO.- 670. ■ 3J9 5i 

8* aSZ* ru 7 ?^ ,0ft50 7J9B 221 5i 

7 Ji9 £fP n S^- 76/82 108J0 737' : .4 JO 52 

7°/ £ E eV ’b, t J. 6/?3P 107 JO 724. 5J8 61 

9** isfeRjcaJS 1 77/85 107J0 62T 7J8 5.6 

710? AS KO 5® 10630 .’■BJ2' 2018 fiJ 

9® £ "Ztl Sffif JS J -:■ 104.^5 • 720 ■ ' 5.15 6.6 

gg jSiSSw 'SSkJS- 2? |? 

S3 Australia 67/82 ~ iSjO -6.19 . Z62 44 

6 % Australia 68/83 . JO^O 634. 285 43 

7i% aESiE 2/iu ^ *°5-50 . 6J6 32S 4* 

7 S? - W20 675. \ 3-57 4.91 

10*? JSSE-S/S •” * —* -V- .'*0WO 6J5-' 434 sjj 

Austndla74/80 11325 823 258 J 4I 

_ 7 >9 Australia 75/82 ,... ; 11475 7 : S& : 392 -• V71 

olo? Australia 75/82 IP - ^ " 1O8J0 7-ii- ' 591 

*& isa 22? ,,p is 

51% Australia 77/82P ' TMJO ' txfr ■vfSt It 

AostllS 7 ? 89 r *04-00 ' 553 vJTA7 ‘ ‘ 523 

6 * '9 Aost. ind. Dev. Corp. 72fST\... 104.50 ■ f^4Sr ~4 94 c» 

8/0 Au«r. Ship. C^iTK 76/83P.( G )- i Z- «38J» 7-41 5 JO 622 

61% R^n* ^ Austria 68/82 106 JO ‘ 6^0 - 204 3.95 

9 »/ !,» 1 04-90 -620 - 3.04 . 4 JO 

Rep. Of Austria ^/79P 106J»- -«JS~ 1J3 :: 4.71 

ol & J ep - °J A««r;® 74/80P..-. ; _ . 109 jOO. . 8^ ^ 067 5 97 

l\£ n^ p ‘ °{ Austria 74/81 P 1 09 JO*. 8^ - 375'- 6.92 

1?6? f ep ‘ of . Austria 75/80P TO8J0 - 'BMOT; 1:92 - 5.01 

|3o9 J ep ‘ °£ Austria 75/81 P -1Q7J0 -- 7&f- 32j '5.BI 

9“ ? Ren' nf a^L"* I 07 - 00 _ 57 1 

BJO? D **• °£ Austria 75/83 1 H JO- - -8.11 .4.92 6.32 

81% Sen °f f a USt1 ? 1 7r S /«^ 3P • 10725 - 8.16 ’ . 3 J2 6.05 

yib f ep ‘ °t Austria 75/87 10825 7JB5 5.15 6.55 

S eP ' °£ * - TJWI 6.63 579 

7»' f '° - I07 -IP . «20, , 620 5.37 

7^ ? Rep. of Aysmi 77/87p - -106JQ : -usr ±6JB •'•' 5.81 

6i„ Rep. of Austria 77/87P- — ' lOfijO' fSt ' 6J6? $38 

76? i ep - ^ A »«™ 77/S7P -. IQ3 JO &S».::-.Z96 ' 5J5 

-9 Autqpistas Catalun 78/85P • 10075 6J5 6:87 6J5 

7 r 5 i Ut0pii ^!i?2Ji G) 102 ^° -705: '-32T 633 

JU Autoprstas-?VW-fG> - 105J0 -7J8’--43r 6.64 

6 L? ? Ut ° p, ^“ < ?? /87 ^ G) 100-75 670. : 4J2 6J5 

IS ® aj1co JJ- OJras 71/86 (G) „ 10425 t£7 4M 6.99 

9% Banco M. Obras 78/81 fG) 108 JO JJJ - 330 636 

J2 fcl* 0 N J ° bra * ?/jjj *G3 10130 630 638 670 


. 10730 7.46 5J8 

10325 ,7j02 . 429 
103L00 636 - 4.42 

104.85 572 1.91 

1Q2J0 637 3.42 

10675: .’ 8.47 ' 3.92 
1 05 JO - 738 525 
11075 7.45 4.40 

:;n»Jo ^.46 6 .os 

109 JO 9:17 222 
10350 - 7.49 5.67 

10150 -. -652 925 
106 JO . 825 -333 
.103.00 655 7 £7 

lorjo 6.90. -.124 
10450 . 670 058 
.103.65 772 124 

104.00 721 658 

.100DO- 650- -7.00 
10450:- 670.- 339 
10650 7.98 271 

10850 737-:. 4 JO 

107 JO 724. 5J8 
107J0 651' -7J8 
10650 >852' 208 
UHto 720 5.15 

10720. ' 8.4Q 333 
104JO-- 7.45 633 

105 JO -.6.19 .252 
10650 634. 235 
10550 , 6J6 - 33S 
107 JO 673. *. 357 
10650 655-' 454 

11325 -'8J3 .>58 ; 
11475 7M : 332 - 

W8J0 7M 4J3 8' ’ 
108 JO 754“-. -4. 17 
1 II 50- : t- -650- : - : 5JO- 
10350 : :SXBC.: ■ .458 .. 


630- 620 
-657' 4^78 
634 ' 636? 
5J3 736 ' 
655 . 6:87 
7J5;32T 
'758.' -'-437 
670 4J2 
757 4.44 

833 350 

650' 658 


i-W“- 554- 
531 6.04 

686 6.04 

8 85 5.64 


-H» JO - Tl tr SX T -7:49 ; 

~ 78/83 9925 730 5.00 . 7.44 ‘ 

n% rA^F, 65/80 7; ..;.. 104.00 ‘ 5.77 .157 333 

S EC f In " , r“ 7 £ / ! 3P KWm 721 557 6.62 

,nv BeechamFn^ 76/83 110.10 727' 557 5.84 

5*^*" ZVS. -• 10925 9.15 . J7S 4.37 

? CrEen ” /85 10950 - 759- '5.f0 6:49 

‘S/S 10970 '-732 -432 - ' S84- 

*7&- 1 !TO - 75 - • 7 -52 531 6.04 

m :. .•10525;. - 6.65 686 6.04 

SU? — 1007S 571. 885 5.64 

fiJ'^RNnc S£Sf T “'”- T ^ -W6J5— 7.98 ‘6 . 48" -7 730 — : 

« 3 ?-f- NDE 78/86 99.40 679 BJO 6 85 

S 8 J P * *0750 8.37 3,17 6.30 • 

6-.%_Wegaard 77/84P J02J0 637 658 - 6 11 

73/88 ^ - ,06 -^ ; 7.99. -625- 7.18 

7i o? SSf — ..... .10950 ' 7.99 58T ’ 6.65 

7 Jb S*^ VJXt ~»5 10580 738 6.17 6.73 

78/85 — -1003CT -672 632- 685 

6 \ Jj. f renner 68/83 { G } . 10325 654 . . 284 ' 557 

fie- S 1 ^ 5 ! 1 £** 6? /79P fG) .101 JO 6.68 1.68 SJ6 

6j°, British Gas 69/84.(6) ^ 10Z90- £56 '350' ' ?^nC- 

^HWeHes-Lambert 77/84P 102JO 584 629 In 

6 'S l umih 0,1 70/85 '• —4- - 105 JO - 8.10 389' 7 is ' 

P 7 £*P*rVKl't}?'7L. 7 7 / 871 * 102 -0° 588-; 975 572 

l AS- £ 5/85 i G *-* : 10950 -776* 5.02 623 

S’S'S‘I*2 /86 i 57 ,110.30 7JT 6.79 r-' 

ejo^-SfSa’ VJS, <G) - - 1(M ' 95 W 726 6.13 

-G|CA 64/79 ..,.-.5. ,v : .102.I0 - ^39 1.25 3.79 

5}*; C ECA 65/83 ^ , .10220 ,^38 3J4 470 

7 f-o CECA 71/86 .10775: 6.96 45? S5l - 

6i!«rS45.A 72/87..- ■ lOMO 631 * 4.60' 571 - 


6J6..:S5o;:.. 53Q{,. 
5w4l 174 4.4T ' 

,584 £79 . 5.39 J 

8.10 ,3.99 7.16 

588'-; 9 JS 572 

776* 5.02 623 


r- 102.10 -539 
.10220 {• 538 
.10775: 6.9£ 

7 £f J 72/88 .4-.- — :jpS Sii iiTl 577 

$|VsS£ A 73/88 104.00 6.25 536 581 

7 i % C £ C A 73/88 -132J0 5.87 6J8 2J9 

!0 «° 9 E c A 74/79 IP. «,i ; .108 JO 926 1.42 4.04 

!0^ C E C A 74/79 IIP . 108.00 926 150 434 

*0850 922 350 724 

9 I& S i£a —* U675 835 375 4.76 

CEC A7 5/80P.^.-. 708 JO 7.41 275- 4.81 

C-l- C A 75/82P ........... 109.00 - -780 4.00 5.91 

8% C Ej: A 75/82. 1 12.15 7.13 479 5.07 

8 ^' G8 * G A 75/85 I 108 JO 787 3.43 5.86 

8 ? 10825 - 739 379 552 

2S • — — — ■ in -°° 6l9B 558 5jf ° 

I?o* * ,,,J 00 698 653 5.68 

£!f GA 73/81P -102.00 6.37 3.08 577 

. 7 -S S ESP 77,87 ^ G * 101.00 6.93 7 07 6.81 

6 % Charter Cons. 68/83 101.90 6 3 8 3.47 5.97 

7% Chrysler 69/84 10350 6.76 322 5.87 

8;^;. CIBAtGEIGY ex. w. 75/85P 10825 624 758 539 

f,'n? S «;" A « or outes 69/84 fG) 10480 620 3.43 4.94. 

C-N. Autoroutes 7S/82 (G) ; 11050 8.60 3.87 635 

6 ‘ ? C-N Ene^ie 69/S4 (G) .10350 628 3.34 5.32 

SX .Telecom 68/83 (G) 104.75 621 3.10 480 

8.% C.N. Telecom 70/85 (G) 10775 789 3.92 634 

J« lecom ( , G > 108.40 8J7 4.00 631, 

9 ■% .CX Telecom 7S/83P fG)- 10775 858 486 733- 

WestLB Euro-DeutschmarkboncfYield index - 


627 1. 483 

635 . 16. 682 

6.45 ]. 882 

333 1. 272-8ID 

584 li 375— 84D 

6.96 . 1. 282 

658 1.6J3 

5.42 1. 881— 83D 

585 ' 1.484 

555 . 1.1277— 81D 
.6.97 1.1183 

624 • I. 683— 875 
■ 686 I. 781 

624 .1;. 782— 89D 

. 5-6?- 1.1270— 79S 

^■95 - l.f07l — 78S 
1.1272— 795 
6-72 1.1084 

6-50. 1. 385 . 

580 J. 975-845 

582 J 6. H80 

5- 57 - 1. 382 

6- *0 1. 4J3 

“■67 1. 485 

fi- 07 i.'4.eo 

6 64 t, 279— 88D 

6-50 15: 877—845 

6.94 1. 7J+ 

4-43 ' 1.1173— 82S 

<35 I. .8J4 — 835 

4.76 1. 275 — 84S 

4.90 • l.fJ75— 84S 

J5J7 1. 278—875 

4.44 1.1080 

47fr - 1. 182 

5.98 1. 482 

6JI I. 582 

4.62 1. 383 

■438 1.1082 

527 1.1185-895 

587 1.1178 — 87D 

622 1. 983 

3.95 1. 473 — B25 

480 1. 475— 83S 

4.71 1. 779 

5.97 1.1180 

6.92 1.1281 

5JI I. 280 

5.8! 1. 68! 

571 1. 4.79-82D 

632 1. 283 

6.05 1. 479 — 83D 

6-55 |. 578— 875 

579 2. 583 — 86S 

537 I. 483— 855 

581 U 183— 87D 

538 i. 283— 87D 

585 ]. 984— 87D 

685 16. 185 

6 33 . 1. 773-84S 

684 " 1.1077— 86D 

655 1.1078— 87D 

6 99 1.1177— 865 . 

636 I. 981 

670 1.1084 

7.'49 ; ^151138 1^8313 
7.44 I. 383 . 

333 1.1071— 80D 

6-62 1. 1183 

5.84 1.1183 

137 1.1279 

5:49 - I. -581—850 ; 

5.78 1. 28I-^89D 

584 - 1:781— *3S 

5.04 I. 782— 845 

1.04 1. 283— 87S 

>84 15. 186— 88S 

»30 — - "l :- 48 3t a23 7) 

>85 1. 386 

i.3Q •• 1. 58 1 : v- 
i.ll 1.1084 

.18 ].1079-r885 

36 1.1076t^ 87S . i 

65 1.10.82(80-86) 

73 I. 5.84 . 

85 1. 285 

J7 1. 87 4-83S ^ 

86. dldjj.l. 478 • 

.9Q»*. clld^jJ. 428..: : 
■4T •“ ,K 671— SOD' • 
.3? .' : 15.1284 . L - 

.16. J.1176-85D 

■72 1.1285—870 

23 1. 481— 85D 

J6 - J. 7J3-86D ", 

.13 -.1. 481-890.. 

79 . 1: 688— 79D 

70 L 471— 83D ” .• 
51. . 1. 577^-860 

75 • 1. 778^870 ' ’ 

77 . 2. 179^880 

61 '!- 4.79— 88D -. 

09 -. T.II79— 88D . - 

04. -1.879 

X 1..979 
14 1. 98T ' • ' 

16 1.1281 
SI. .1.1280 
. 1: 382 
> 7 15.1282 

*6 1. 4:78 — 85D ' 

52 15.1281 

W 1. 1083 
W 1.10.82— 86D - 
^ I . 481 . 

N ' . 1>1 183(82*87) ■ 

'7 1.1072^835 

t7 • .1-.. 775— 845 . . 

!9 ■ , I-.I085 - 
4.. 1t.3.75t-84D 

5 ' 16. 182 - 
1 i 1. 27S-84D . 

0 ' -1.11.74 — 83D . • 

4 - ,1.10.76 — 85S • 

1 .-. : 1*3.82 
3- -16.282 


Middle Cunemi 
Price I Yield I 


77/e 7 (G) 10125 6.91 

5i% Elf Norge 77/80P . JQ250 581 

6% ENEL 65/80 VC) ZTZ 10025 5.« 

8y% Enso-Gutzeit 70/85 10575 8JI 

64% Ericsson 72/87 10475 6.* 

Sig ESAB 76/81P 106 JO 823 

6i% ESCOM 65/80 (G) 100.45 6.4/ 

64% ESCOM 68/83 (G) 98.45 6.6C 

8jg ESCOM 70/85 (G) 105J0 8.IC 

8% ESCOM 71/86 (G) 10085 7.92 

6i«6 ESCOM 72/87 4G> 95 JO .658 

7% ESCOM .73/88 (G) 94.40 7:42 

9i% ESCOM 7?/8DlG) 106.00 873 

8% ESCOM .78/81 IP.(G) jooJd 7.96 

8% ESCOM 78/81 HP (G).. 10050- 7.9fc 

Sfr 0M 78/81 ^ P(G 10250, BJ5 

ESTEL 75/85 J09J0, 7.80 

84% ESTEL 76/83 P 10630- 832 

4% ESTEL 77/84P i ~ iro50 ; : 6.47 

5i% Euracom. 77/87 10Q.4D 5.73 

5^% Eurofima 64/79 101 OO ' 8.45- 

6% Eurofima 65/80 10575' . 537 

6*% Eurofima 67/83 1Q5JQ * 6.19 

7i% Eurofima 71/86 " 10650- 728 

6i% Eurofima 72/87 ' T0450 5.98 

6 4% Eurofima 73/88 ..u 104 65^ 62] 

£6 Eurofima- 73/88 10750- 7.44 

10%. Eurofima 74/79P — -10725 '- 9.32 

9% Eurofima 75/85 7097S 820 

8% Eurofima 76/83 . IJ2J0 .! 7.14 

f ure8n »a 77/87P -304.00- = 6.49 

5 i% Eurofima 78/88 1OO50 - 5.47 

61% EurojiL. Inv. Bank 68/78 10050: : 6.47 

6% Europ. inv: Bank 69/84 10530 ~S.71 

7% Europ. Inv. Bank 69/84 105J5V.r 6^ 

8% Europ, inv. Bank 70/80 UB50 -7.37 

7j% Europ. inv. Bank 71/86 ............ 10750 6.98 

7 X& furop- •"»* Batik 71/86_ v .^„.;. . l0ajft:r7 J 18 

6f% Euorp. Inv! Bank 72/87 -10450'- 622- 

6% Europ. Inv. Bank 72/87 lO350r ■■.5.80‘ 

6\% Europ. Inv. Bank 73/8B ' 10625' 6.35 

7% Europ. Inv. Ba,nk. 73/88 lOBJS - - 1 '^^ 

10% Europ. tnv. Bank 74/81 P : • -HJif t 8;97 

8% Europ. -Inv. Bank 75/80 .........l . : ' 109-.10 7733 1 

9f% Europ- Inv. Bank 75/83 ........ M425 : 8J2 

8% Europ. Inv.. Bank 76/83 

7)% Europ. Inv. Bank' 76/83 P .J . 10925.-. ;7j9 

6i% Europ.- inv.- Bank 76/84 106.40-^34 ■ 

6% Europ. Inv. Bank 77/89 10350 . ~ 580' 


IHM VWdtO 
Manuity* 


RepaymSrtt'’- 
D- mandatory crasraw 

. by tot at par 
S- sinking land 


Middle Cunemi 
Price Yield 1 


Repayment ' ■ 

Yield to D- mandatory drawing 
Maturity* by tot ot par 
S-anUr.g land 


• 10725 9.32 175 

1D97S • 820 4.85 

11230..: 7.14 4.92 

104.00 J 6.49 686 

10050 ::5.47 7.38 

10050. : 6.47- J75 
10530 -S.71 '2.92 
105J5'.-r63l 356 

U850 -7.37 2.17 

T0750 . 6.98 436 


7.43 

6.77 

1. 923(83-87) 

2.12 

4.48 

16. 420 

1.31 

528 

1. 729 — JHfD. . 

328 

725 

1.1076— 85D 

5J2 

5.64 

l. 378-87S 

2.92 

624 

1. 221 

126 

6.16 

I.I07I-20D 

2.98 

7J7 

1.1074— 83D 

3.95 

7.00 

1. 476— 85D _ . 

4.30 

7.09 ' 

1. 377 — 86D 

.470 

754 . 

.1. 978— 87D 

:.S.34 

8.33 ' 

lv 579— 80D 

,Z42 

6.46 

- .I.' 820 ‘ . . . 

Z36 

7J4- 

15, -1.80— SiD 

2.41 

7.75 

^1. 220— 81D ■ 

2.92 

726 

l. Z8I ' 

6.10 

62! 

1. 879— 88S ' 

529 

6.52 

1. 6.81—855 - 

5.00 

7J4 

1.323 

6.67 

6.40; 

• 1.1124 . 

927 

529 

1. 11.87- 

0.91 

4.32 

■1. 827— 79D 

1.74 

227 

1.1228 — SOD • 

2.93 

422 

1. 971 — 83D 

426 

SS7 

1. 275— 86D 

4.79 

5.16. 

1. 976-87D 

578 

5.46 : . 

L-377— 88D ' 

578 

677 . 

-T.10'77— 88D . 

175 

551 » 

1.1279 


M425 ^832 
108.6O---737 
10925... :7J9 
106.40-^34 
10350 . '580 ' 


8J% Europistas 71/86 I G) - 105.45 '-7.82 

8% Europistas 72/87. ^G1 10525- 7.60 

!0»% Fin. Inst. f. DwL Ind. 74/78 P ... 10fJ5 W32 

Rn. Inst. f. Dan. Ind.'. 76/8 IP ■ 10350. ; 725 

6j% Finland 64/79 I..:. .V_. 10225 - . 6.1? 

6% Finland 64/80 r.i.'.T.....:. 10225 '587 

7% Finland 63/83 ..; 10250 .6 83 

6i% Finland 68/83 10275 ! : 6'57 

7% Finland 69/84 ...... 102.90. v 680 

7?% Finland 69/84 10450 * 7.18 

84% Finland 70/85 i 1CS75 • .8J4 

7% Finland 72/87 103J0 . -675 

8% 1 Finland 76/84 1 10675 . ' 7j<9 ' 

5|% Finland 78/83P 301-50 5.42 

-54% . Finland 78/86 — .. s - 9975 : S76 

74% Rnn. KommunaL 69/8T <G) 10350' -725 

8% Rnn. Kommunai 71/83 (G) 10475 7:64 

84% Fors marks 75/83G 1 10.0Q-1L750 

5|% Fors marks 78/90 10025 574 

7}% Francetel 76/83 (G) 10850 6.91 


658 

'5.17 

6J2 

5.41 
4.48:- 
421' : 
528 ’ 
351 
5.62 
563: - 
530' . 
528 ' 
5.43 

5 36 
622 
4.40 
527; 

5.42 ; 
575 
5.31 

5.43 
686 .. 
6.77' . 
757 
5.99 

3.96 
428 
621 
587 
6J3 

6.13 

6.97 
6.11 
629 

5.14 
5.79 . . 
587 : 
638 ' 
577 
571 
5.68 


L 281— 85D 
V2.82 . - • ■ 
1-283— 87D 
15. 283— BSD 
r* ‘ T.-678-. -1 
: 1. 3J5-84D 
' • I.U75J-84D 
2. 580 - .£ 

1. 3.77— 8£D 
1.10J7— 86D 
. ’ 1. 378 — 87D 
' f. 9.80— 87D 
k'279— B8S 
L 7,79— 88S 
I. 9.8k • . 

1.1280' 

L 181— 83D 
7.7.80— 83D 
1.1083 -i- 

1.12i8I-r-84d 
1. 832^890* 

: 1. .277 — 86 D 
. d 1.-178— 87D . 
l.H75r-78I> 
1.1278— BIS 
1. 970— 79D 
2..171— 80D 
1. 672— 83D • 
1.1272— 83D 
; 2. 573^-840 - 
1.1073— 84D 
1.1276— 85S 
1. 478 — 87S 
I. 6 J 1—845 ' 
1, 283* *' ; . 

• r.2J6 • 

: 1.1272— BID 
' 2. 576 — 83D * ' 
1. 780-B3D -- 
16. 1.83-90D 
16.1083' 


Kobl ffl/83 /Cl® 5 ,05 - 50 806 3 ’ 91 

74% Kb! 71 /S r{ I 05 -® 6.40. 359 

64% Kb! Aw /r? l09 -°0 7 51 4.47 

,M - 65 6.45 4.98 

- -y? 78/83 G * 109.00 6.88 5.25 

5U? . 77/87 f«) 10725 6.06 925 

7 iS J ommunI - J"**. 76/83 10480 7.40 4J6 

8% KommunL Insc. 10375 7.71 4.47 

. 'j, 9 Korea Dev.: B ank 77/84 ...^.. : 99 5Q 729 6 75 

Sj% Kubo U ,lna;77/fi2P ZZ ' IPI^ 5 17 3af 

■ fe4‘ shE ’ S * rv| “*. 77/82 10675" 7.96 4.00 

70/85 '0525 8.07 3.99 

10^ Unza ini. 74/79 P 107 JO 9JS 1.67 

*U° -10625 7.76 2.21 

: * L 10225 6 - as 3 “ 

' fe? S a f ,7,,a J /8 f 9?-45 654 750' 

\ S tl 

tk { SS-'S Si? 

' 6 tv IlTVr 78/90 ,.10225 6.11 925 

K E - P 10075 6.95 2.40 

IS 1042)0 673 124 

yiS JJ' «]co£8/S4 102.00 6.86 325 

J?« M«ico 76/83 1085a 7.37 525 

7j% Mexico 77/B4 10555' 7 34 62S 

7j%' Mitsubishi Gas 76/81 P 10375 7 47 325 

^;a r s 7fi/a,p :: iSS -?jS 354 

.. 6% Montreal : 72/92 i 100.10 599 696 

6*% Montreal 73/93 : J0 2.00 652 720 

S' ° ntr “ UtIZ v~ 107 JO 7.94 4.12 

7% .Montreal. 77/87 10325 6 7B 4 

Its IJ brTg - ^ enm>r, f 69/84 /G > 10450 7.18 355 

7 ih Mortg. Denmark 71/86 (G) 1Q5.10 7J7 4 34 

• J.% Mortg. Denmark 73/B8 (G> 10350 6.76 s’S8 

7' « nn 'i 69/84 fG > 103. 1 0 6.55 2.97 

-7 S % Nan ^Mexico 69/79 (G) 101-75 7 13 1 ic 

84$o. Nafi. Mexico 76/83P (G)" T06.W 825 5.75 

101.00 6.93 
107 JO. . 8.18 

107.00 . 8.18 
10675 ' 7.73 


7 % Nafi. Mexico 77/82P {G) 

8:% Nafi. Mexico 77/84 fG! 


WestLB 

For current prices and further information call 


84% Nafi. Mexico 77/84 fG) -I07ix) 

8i% Nafi., Mexico 77/84P fG) 107.00. 

81*^- Natl. -Bk. Hungary 75/81 10675 

• 6i% Natl. Bk. Hungary 77/85 98J0 

6S% National Lead 67/79 100.50 

8% Natl. WestmLBk. 73/88 ....1 107.40 

6i% J4ew Brunswick 72/87 10475 

7i% Newfoundland 69/84 . 10550 

8% Newfoundland 71/86 ; 10825 

6}% Newfoundland 72/87 10525 

61% Newfoundland 73/88 ... 10550 

7%.- New Zealand 68/78 10075. 

•' 6J% New Zealand 69/84 107 JO • 

7\% New Zealand 71/86 1 08 JO 

7% New Zealand 72/87 .: 10650 

9i% New Zealand 75/80P 10758 

:9i[% New' Zealand 75/80P 107 JO 

8t% . New Zealand 75/80P : ‘ 107 JO 

9i% New Zealand 75/82 1 112.65 

71% New Zealand' 76/83 10875 

7 j?o New Zealand' 76/86 1 1 1 jo 

6i% New Zealand 77/84 10575 

.5^% New Zealand 78/86 100.30 

9% Nippon Kokan 75/82 106.25 

8J% Nippon T 4- T 75/82 (G) 108J0 


DQsseidorf 

Wesideutscbe Land as bank; 
Girozentrale. . 


Telephone 8263122 \ International Bond 
Telex 8581 882 / .Trading Depta _ 


?£-|9. x112s ‘ ■ ■ - -! *7eiephbhe : 8 2637 41-1 ■ 1 • . 6% Gorges 

4000D(isseldorf1/FRG ' Telex •- B5SJ882 J > ^Otutional Investors Dept • - 6% -Norges 
London •' 8i% Norpip 


wesiaeutscheLaqdesbanfc -Telephone 6386141 
Girozentrale . Telex . . 8879B4 

London Branch 

21. Austin Friars :. 

London EC2N2HB/UK 

Luxembourg - fj ont , 

VUtestLBlntpmatitma'SA Teieohone -^gB ‘ - r - ■ ^ 

aSK??^ 16 -■ Tei “- -■ 233J ; : , : V:;S1^ sonHou “ 

Westdeutsche Landesbank Girozentrale 
^Leading Marketmakers irt Eurobonds 


Telephone 25 9? OS 
Iei« 75142. ■ 


' • 8J% Nippon T 4- T 75/82 (G> 108.00 

\ 7{% Nippon T -I- T 76/83 (G) 10875 

- 5J% Norcem 78/85 101.30 

■/ .*87% Norges Komm. Bk. 70/85 (GJ ... 10775 

8% Nofges Komm. Bk. 75/80 (G) ... 106.80 

8% Norges Komm. Bk. 75/80P.CG).-. . .107 JO 
7% Norges Komm. Bit. 76/81 TG) ;.i‘ nofi.75 

.- . .. ?% Norges K^MliL Bk. 77/80 (G) 106.90 

. 6% : Norges Xomni. Bk. 77/8^1 IG). 10325 : 

ipt * . • : - $% Norges Komm..Bk. 77/89 II (G) 10325 

8}% Norpipe 76/84 10885 

8% Norpipe 76/88 10950 

6 p 6 Noiuipe 77/89 10250 

* 7^% Norsea Gas 76/88 108.00 

• 7% Norsea Gas 77/89 ; 107.6S 

.9% Norsk Hydro 75/87 ; 1 12.50 

8% Norsk Hydro 76/88 109.75 

• 6{% Norsk Hydro 77/89 105.75 


-8J/b Norway 75/80 10750 7 67 

- inz Cn’ - V-rn 


6\ A? Francetel 77/84P (G) 10450 - :6.46 6.08 

7°.a Fuji Heavy 76/BIP 104.00 *673 3J5 

Genl.limram. 68/Mr I0050----657* ■ V27 
9i% Gen. Zbk. Vienna 75/82P 11050 8J7 4.00'. 

8i% Gen. Zbk. Vienna 76/83P ' 107J0 " 7.91 4.4T 

6% Gen. Zbk. Vienna 77/87 ....i 102.60 ' 585 7J0 

9} % Gi rot Vienna 74/78P. J02J5 9:49 QJ5 

9i% Giroz Vienna 74/79 P • 107 JO 9.11 IJ5 

9i% GIroz Vienna 74/80P 1 09 JO ' 

7% GirotrVieniJa 76/81 ' • 107.00 

7i% Giroz. Vienna 76/83 ' 10850 

5|% Gi rot Vienna- 77/82 10250 

8% Glaxo Fin. 71/86 .105.15 

9j% Goeteborg 75/85 P W9J0 

6J?5 Goodyear Tire 72/87 104.00' 

7% Grand' Metrop. Fin. 77/84 10475 

7i% Guardian Inv. 73/83P : ;H)4J0 

8% Guest-Keen Nettl. 76/83 10925 

61% Hamersley Iron 72/87 • 1G335 

8% Hazama-Gumi 76/8 IP IO6J0 

7% Helsinki 68/83 ...^. 102 JO 

6i?J Highv. Steel ex w. 66/78 100 JO. 


10850 r-:6.6B 
10250 5.34 


Februaiy 28, 1978 : 5.95# (Jai 

9% C .N. .Telecom 75/83 P (G) 10825 82! 

71% OLTcIecom 76/83 (G)- 10775 6.7: 

7j% Com alco 71/86 1062S 72*. 

91% Comal co 75/82P 106J0 87: 

7% Com. Fed. Electr. 77/82 P- 10025 6.9* 

8% Com.Fed. Electr. 77/84 10475 7.6^ 

7J% Com. Fed. Electr. 77/85 10Z35 7JE 

81% Comp. Franc. Petr. 75/B5 10750 7.88 

6- ?^ Comp.- Franc. Petr. 77/84 103.90 626 

ConSorzio 70/91 (G) 10475 8.11 

8i%.-Coptlnentil Oil 70/85 107J0 7.71 

515.5 Copenhagen 64/84 — ..... J0050 572 

7% Copenhagen 68/83 - 104J5 6.68 

61% Copenhagen 69/84 ...i 10175' 6.63 

7- |% Copenhagen 71/86: — * * .10550 755 

9 % Copenhagen 75/85P — 107.00 8.64 

7<% Copenhagen 76/86 ^ ... ; 709.00 6.88 

61% Council of Europe 73/B1P -102J0 '6.37 

7 % CoupcH of Europe 73/88 ...... . 10650 - 657 

9i°, Council of Europe.-75/92P 108 JO ' ^JQ 

d‘% Council of Europe 76/83 ............ -106.85 7.96 

7-^ Council of Europe 76/83 ............ 106 00 7,31 

7% Cotuiitll of Europe 76/83 10555 6.6! 

6‘% Council of Eurooe. 77/87 102.90 6.07 

6’®; Cpiirjaulds Inti. '69/84 ..... 107.J0 6.61 

6-’ c - Coumulris Int'l. 72/87 10750 6 28 

7’ c - Courtanlds Inti. 73/88 P ifli.OO 7.04 

6°; Cri’dit National 77/87 (G) 101 JS 5.90 

9% CVRD 76/84 / 107.40 828 

85 °o CVRD 76/86 ?06JQ " 8.02 

8% Daimler-Benz 70/85 108 JO 7.41 

6 % Danish Export 77/82P I0FJ0 5.94 

10v% Danish Oil 74/78P (G) 102J0 10.49 

101% Danish OH 74/78P (G) 102JO - 10J0 

8J% Den Danske Bk. 76/86 J0880 -.' 7^8 

6{% Denmark' 68/80P I01J0 ' £.40 

7% Denmark. S9/B4 : T0350 676 

8i% Denmark 70/85 ........................ 10630 - 7.98 

7i% Denmark 71/86 * J05.00 . : 7J8 

61% Denmark 72/87 I03J50 6 J2_ 

9J% Denmark 74/89 1J0J0 &41 

8i% Denmark 76/82 _.... 10970 - 782 

8% Denmark 76/82 .......... 10975- 729 

6- 1% Denmark 77/83 ... 10625 6J5 ' 

Denmark 77/87 107.00 . 678 

5‘.% Denmark 78/84 ' J00J5 521 

6% Denmark 78/88 .10125 . 5.93' 

Der Norske Ind. 77/89 (G) 107.40 628 

6 °; Djstnct Paris 69./B4 (G) jj4J10 625 

8;%\DUnloo Fm.70/85 ... 10575,. 8.04. 

71V'EEC 76/83 HOJlf £59 

7J% Elect. Council 69/B4 (G> 10475. 7. 16 

7- Elect- Council 69/JMP (GV^*.w.. 10325, 774 

75%; Elect. Council 71/86 (G> 105.15 7.37 

8:%'. Elect, de France 70/85 (G) 10675 7.96 


(January 31, 1978: 6^1 89 b) 


I 4.96 
I 5.12 
> 4.25 

I 425 
I 4.50 
f 625 
I 6.13 

480 
. 623 

6.32. 

428 

388 

326 

3.13 

481 
.4.40 

6.59 
3.17 
. 581 
3.92 
2.86 
3 63 
5.75 
. 7.61 
008 
5.69 
516 
7.53 

4.89 
6.21 
4J2 
2.61 
087 
075 
680 
187 
3.30 
. 383 
'4.46 
5JI 
621 

3.92 
-480 

52! 

921 

5.92 

9.92 
6.54- . 
376 
3.74 
5JS 

3 38 
.3 37 . 

4.34 
4.00 - 


575 
6 94 
5.70 
7.15 
681 

582 v 
5.56 
687' ' 
£84 
655,- 
586. 

^5.90': 

6.41 v 
5.91 ; ■ 
726 v 
5ri3 - 
5.48 • 

5.34 
622 
s.ro 

583 

5.35 
529' . 

. £85..: 

.4.97 
682 ? 
682 ■ 
647 . 
6.66 


16. 283 
16. 483 
1. 677— S6S 
1. 6.82 • 
-1.9.82 
1. 6.84 
1.11.82— 85D 
1. 580— 85S 
1. 78.4 

. 1. 177 — 91E> 

1.1276— 85S 
15.1270 — 84D 
. : 2. 57i-83S 

- 1. 675— 84S 

• • I. 477— 86S 
.1. 380-85D 

./1 .1283^-865 

.1.5.81 .- 
•1* 779-^BD ■ 

- \1.- 282 - 

I. 279— 83D 
1. 5.80— 83D 
- • UX8i 
lriI83— 87D 
. dld.p.1. 4.78 
r. 7.80— 87S 
1. 2i79— 88D 
1.1083— 87S 
1- 28M82-84) 
1.12.82(83*86) 

' 1.1 176 — 85D 
1.I17B— 82D 
. U 178 . 
•1.1278 . 

. '1.1182— SOD ' 

. T .1072-B0D . 

-1. 8J5L-84S 

1. . 976—855 
.1-1 1,77r— «6S •’ 

"1. 1278 — 875 
1. 380-89S- 
. 1* 282 

1.9.82.. . 
16-583 . 

K. 587 

I. 284 ■ 

U 288 • 

; 1. 6.00— H9D ■ 

J- 4.75— 84D- 

• 1-876-^855 ‘ ■■ 
L 4 83 

J. 975^-845 . 

. 1; 97S-44D 

J.- 377 — 86S . 

■ Ul-JB-jSSS 


784; -4.42 


7% Hitachi Cable 77/82P 105J0 6.67 3.8 

8J% Hitachi Shipbldg. 76/81 10525 784: -38 

81% Hoogovens 70/85 -1Q5J0 . 8.10. " 38 

8i% IAKW Vienna 75/85 (G) ......... II 125 787 48 

7J% Iceland 69/84 - IQ3TJ50 7.00 3-5 

73% Iceland 77/87 10580- ‘ 7 J3 5.8 

81% I C l Inti. 70/85 — :: 10680 7.98 3.9 

8% I Cl Inti. 10580 .758 45 

61% 1C I Inti. 72/92 - 103.40' 629 72 

81?o ICI kill. 75/82 ■ 108.45 784; -4.4: 

7i% ICI ind. 76/B6 107.00 7.01 '77 

63% ICI Ind. 77/87. 106JS 622 ' 78 

8% i C I P U 71/91 fG) 105.00' ■ 782 6Ji 

8% imatran Voima 71/86 (G) 10450 7.66 4.01 

8% Imatran Voima 72/87 (G) 10525 -7.60 48; 

7% Industr. Bk. Japan 68/83". ' 104 J5- .688 3.15 

8}% Industr. Bk. Japan 70/85 I10J0 ■ 723 38< 

61% Industr. 'Bk. Japan 73/80P J0225 ■: 6 26 ’-’225 

6i% Industr. Bk. Japan 73/81P . 102J5 623 3.13 

7j% Ind. Min. Dev. Iran 73/85 104.25 7.19 4J5 

7j% Ind. Min. Dev. Iran 77/87 104.90 7.39 727 

6i% Ind. Mcgebk. Fin!.' 64/79 fG) 102 00 6.13 L17 

6J% Ind: Mtgebk. Frnl. 68/80 (G3 103 JO --6.55 185 

8% Ind. Mcgebk. Finl. 71/86 (G ) 10525 760 453 

7% Ind. Mtgebk. Finl.72/87 (G) 10350 ' 6.76* 459 

9% Ind. Mtgebk. Finl. 75/84 (G) 10725 8.39 3.49 

fnt. Am. Dev. Bank 64/79 100,60 5.47 0.83 

6i% Ini. Am. Dev. Bank 68/83 10325 654 225 

7% Int. Am, Dtev. Bank 69/84 105.10 6 6 6 3.31 

8|% Int- Am. Dev. Bank 70/85 10650 7.98 3J3 

61% Inc. Am. Dev. Bank 72/87 1 10350 652 4.97 

int. Am. Dev. Bank 72/87 I! 10350 652 528 

8% Int Am, Dev. Bank 76/83P 10625 753 " 4.96 

81% Int.Am. Dev.Bank76/83P...„ M .. 10750 7.67 • 5»33 

7% Int. Am. Dey. Bank -77/87 10625 659 -6S78 

6|% Int. Am. Dev Bank 78/08 i 10250 6.10- 9l83 

6?% Inti. Corn*!. Bank 73/83 10355 6.52 320 

ViA ! RAN 68/78 ; 102.00 7.11 0.75 

llS re !" d 69/84 - 10375 ' 6.99 3.38 

8 % Ireland 70/85 106.00 8 02 383 

If? Ireland 76/81 10850. 760 2.83 

5i?i 1 R I ex. wayr^ 64 f 79 (.G ) 100 00 5 75 1 33 

fi% ISCCR 71/86 (G) 9850 7.87 . 825 

7% ISCOR 72/87 (G) 9425 729 4.24 

JS l5CO * 73/88 '< G > 9425 '7.43 5.17 

8^% ISCOR 73/88 (G) T0L55.- 8.37 585 

8i% ISCOR 77/80P (G) — - I015O.' 8-13 254 

8\%- ISCOR 78/80 p 101 50: 8.13 223 

It# & P * n P e *‘ { G > IM-OO ■ ■ 671 5J8 

Japan Sync. -Rub. ^ 76/81 P ' J07JJ0' 771 3.33 

8% Johannesburg 71 /K (G^| — 101.90 7J5 426 

J° hann “ b «r6 72/87 (G) 92 JO ' 6.73 -488 

7i% JydskTelefon. 69/84 10275' 7J6- 3.41 

i\s \ rd Ji l!!*! 0 '’ UiE ,03 - 50 ?6Sl 472 

7 1S ) y ‘? 5k TeIefon 75 ,8 8 ' 10550 6J7 5.63 

As v dtk 75/B2P — ■ * 107 J0 - 841 423 

°;s lS ans *!'=. , * crr 7 c 69/84 10525 6.41 3.43 

7 ^-? 5 tmai • E J e S^ nc 7T/86 — 10550 725 451 

7S/ ? 2 -* 1WJS 820 3.23 

iii' W* 8 ; r • 105-90 6,37 5.45 

iiS 5.”? F L“ ne * J 72 - 87 1«-B5 6.44 4.99 

I'S K/oiren bavrts H. Bank 76/83P 104 JO 7J9 575 

7 ZS 5> 0 f* nl “ v « Te*. 72/87 ; ‘ 105J0 7.14 4.83 

7% .KxAenhavns Tel. 72/87 J045Q 6.70 4.98 


6.73 -468 
7J6“ 3.41 
652 472 


61% KHD Finance 72/87 

7 l% KJoben barns H. Bank 76/83P 

71% Kjobcnhavns Tel. 72/87 

7% .Kjobenhavns Tel. 72/87 
67 % Kjobenhavns Tel. 73/88 


103.75 ..627 


551 
6.28 
7.01 

* 5J7 
624 

652 
6J9 

653 
5.91 
624 
622 

* 553 
7.13 
623 
677 
5.42 
556 
5.40 

552 
6.27 
6.86 
45T 
4189 
675 
620 
6.60 
471 

553 
' 527 

656 
5.91 
5.96 
6.48 
' 623 
525 
5.90 
550 
454 
6.10 
6.81 
4.95 
523 
8.16 
8.6B 
8.42 
8;14 
755 . 
7:49 
336 
d.42 
Si 40 
5J6 
7/44 
8:15 
6.44 
528 ' 
6J6 
7.05 
5.13 
620 
6 3S - 
5.46 '. 
550' 
651. 
628 
5.92 
572 


5.85.: V - I. 424 ■' 
577 ' Vl.1181 ' 
658 \l. 671— 80S 

621 1. 3J2 

6.48 l\ 222— 83D 

5 57 1..KL83— 87D 

5.82- '1.1278 ... 
5.42 1.1279'-- 

6J8 1.1220 

4J6 1.1121 

5.46 1.1 IJ3 . . 

477 1.1022- 

656 1.777— 86S 

7.46 , i:2j|— 85D 

5.80 • 1.1278 — 87S 

524 1, 821— 84S 

559 1. 279— 83D 

5.87 2. 523 ' ' 

5.89 1. 7.78^-875 

5.90 ' 1. 478 - 

529 ;.'l. 7.72— 835- 

— 1. 479 

>51 I. 122 . 

i.28 1.32!'- 

r .01 1. 676 — 85D 

!27 ;• I.-520— 85D : 

1 24 ' X S.73 — 84S " 

,52 1. 420 — 87S 

,59 1.1076— 8SS 

,53 1.1077 — 86S 

.91 1. 378—92 S 

24 T. 8.82 ' 

22 1.1224— S6D 

53 ' ' 1. 524— 87D* 
.13 1. 177— 91D 

23 1. 477— 86S 

77 1. 1J8—87S 

.42 1.1272— 83S 

56 1. 974— 85S 

,40 'J.’fi’JO . 

52 1. 521 • 

27 1. S77 — 855' 

86 1. 7.83— 87S 

5T 2 570r^79D- 

89 1.1 173 — BOD 

75 1.1277— 86D' ; 

20 1. 778— STD 

SO I. 478— 84D 

71 I. 770-79D .. 

53 1. 772 — 835 


. i aL% :Ndrvwiy'7S/J0P L : 1 06.50' 

7J.% Norway 75/80 10750 

7% Norway 76/81 [....I.;:. 106.75 

7}% Norway 76/81 110.50 

6J% Norway 77/82 107.10 

6i%- Norway 77/82 106.40 

• - 5f%’No'rway 77/82 104.30 

■4i% .Norway^ 78/83. : IOIJ0 

■ 7J%Norw. Mo'rtgage 77/87 10625 

- 6% Norw. Mortgage 77/89 101.90 

• 7i% Nova -Scoria 71/86 TD5J0 

_ .7% Nova Scotia Power 72/87 10475 

. 6t% Occidental Overs. 6B/83 102.75 

'.6% Oester. DonaUkr. 59/84 (G) 10325 

6i% Oester. Donaukr. 73/88 (G) 105.75 

8i% Oester. Donaukr. 75/85 ( GT 1 1 2.40 

7% Oest. El. Wirtsch. 67/87 ( G ) 106.30 

7% Oest.EJ. Wirtsch. 76/B3P (G) ... 106.00 

10i% Oesi- Inv. Kredit 74/79P 107.00 

- 93% Oest.* Kontrollbank 74/78P (G) 102.00 

■ ' 9^% Oest- Kontroflbank 74/79 IP (G) I05.J0' 

-9J% Oest. Kont roll bank 74/79 IJP fG) 105.00 
7% Oest. Kontrollbank 76/83P' fG) 105 JO 
6}% Oest. k Kontrollbank 77/89 P fG) 10450- 
6i% Oest. Kontrollbank 77/84P (G) 103 JO 
■5Jr% Oest.' Kontrollbank 77/84P fG) 103.00 
6 Qest. . Kontroflbank 77/85P (G) 103 00 

51% Oest. Underbank 77/82 (G) 10275 

6i?C Ontario 69/84 105J5 

6% Ontario 72/87 10450 

7% Ontario Hydro 69/84 ; 106.15 

71% .Ontario Hydro. 7J/86 : 10650 

'6i%'-Gntari6 Hydro’ 72/87 10575 

6V%.;'Ori'tarto Hydro 73/88 I. - -10450 

6\% P"!?*: 64 / 79 ( G ) 1 10150 

_ Westi-B Schuldscheindarlehen 

4 year ma tor i jy: 4*75?o 

6i%- Osaka 65/80 (G) - 102 3n 

. 9% osio 75/87 ;;;;; ri- 75 

61% Tark'eriHannffin 77/87P “'iSno 

81% Pemex 76/83 Sa50 

?r? Pemex77 iS 10375 

' 7%-Petnibas 77/84 ' 

-n% "Philippine 77/84 "' jmm 

8}% Phillips 75/82 -nc ..... 

8J% PK-Banken 75/83 ". i.’; 

P ^ a ^ m " h^slmde 75/80P ...4 10550 

7 S % Privatbk. Copenh. 77/83P 10350 

6i% Pyhrn' - Autiobahn 77/89 (G) 103 2S 

71% Quebec 77/07": Jgfi? 

P ue bec Hydro El. 69/84 irta on 

71% Quebec Hydro El. 69/84 *10560 

8% Ouebec Hydro Ef. 71/86 ' lfU ac 

SJ% Ouebec Hydro El. 72/P7 *• 102 75 

5t5£ Quebec Hydro El. 73/88 102 05 

$]% Quebec Hydro El. 77/87 103 00 

it% Ouebec'Hydro EL 77/87 102 15- 

11% Qu«mslah^;.A!jii 70/85 IQ5.75 

r ^% Remand Inti. 69/04 103 90 

3%-Reed Paper 73/88.1 : 

t*%- Renfe 76/82 (G) JJ40 ' 

8% Renfe'77/84 (G) ' JJ ! 

1% sAAr 71/86 ..... ;;z K ■ 

4% Sanrik 72/87 KS? 

J% Sandyik .75/83 jSJ i 

4% Sanko Steamship 75/80 iruen t 

7% Sanfeo Steamship 77/84 10620 a 

9.% SAP i.- 75/80P (G) ;* 10850 g 

7% Sears -Int i. 68/83 1" .,g„ \ 

Shell lnt*l. 72/87 joIrc f 

‘% Shell Inti. 77/89 joJJo 6 

^ S 1 ! 0 - 5 0, N - Zealand 75/P0 P(G) loson 7 
l % fbip.Co. N. Zealand IP IG) 10650 7 

% Ship, Co. N. Zealand 75/82 IIP (G) 10650 7, 


9 6,75 

7 325 

6 4.00 

7 3.99 

5 1.67 

6 2.21 

5 3.66 

4 750' 

0 458 

3 3.46 

5 6.33 

♦ 451 

1 925 

5 5.40 

1 124 

1 325 

* 5.09 

) 423 
1 5 25 

t 625 
r 325 

> 354 
I 371 
I 5.79 

> 6.96 

1 7.10 

■ 4.12 

4.63 
f 355 
4.34 
5.58 
2.97 
125 
575 
4.50 
- 6.00 
6J0 
323 
7.67 
074 
523 

4.94 
321 
422 

4.95 
6.44 
023 
325 
453 
474 
1.92 

1.92 
2.33 
323 

5.00 
6.61 

6.17 

8.00 

3.06 

4.00 
4.25 
5.58 

7.00 

3.92 
225 
2.33 

3.17 
681 
723 
7.54 
426 
7.66 
9J8 

8.17 
1123 
524 
749 

8 04 

2.17 
225 
2.75 

3.17 
323 
3.83 
4.08 

4 42 
423 
7.15 
8.06 


6.99 

524 

5.12 

5.43 

5.65 

6.50 

5.47 

5.48 

627 
6.98 
7.34 
4.67 
-6.53 
7.06 
5.4S 

5.16 

628 
659 

6.17 
6.03 
4.94 
5.92 
5.92 
6.82 
329 
6.40 
6.02 
624 
6.05 
6.63 

6.42 

6.43 

7.16 
6.00 
5.97 
628 
6.49 

6.16 
6.16 
6.49 
623 
5.68 
525 

7.42 

6.72 
727 
727 
5.94 
6.84 
5.75 

6.42 
5.61 

5.45 
625 
550 

5.46 

4.73 
453 
555 
5.41 
527 
520 
4.98 
5.95 
5.45 
5.70 

5.13 
5.20 

627 

628 
6.05 
526 
5.52 
6 34 
473 

4.74 
425 

5.74 
5.44 
329 

6.13 
629 
523 
5.93 
6J4 
6.18 
622 
591 


9 1.10.76— 85D 

4 I. 672—835 

2 1. 5.73— 84S 

3 1. 2.77 — 86S 

5 I. 5.78— 87S 

) 1. 6.80 

' 1. 6 83 

1 1. 6.S7 

r 1.421— 83D 

I 15.10.77— 84D 

I 1.1224 

r 1.1221 — b:d 

1 1. 3.82 

> 1.11.76 — 85S 

► 1.11.79 

i 15. 5.80 

1 1. 6.75-B4D 

' . 1. 925 

' 1. 2.81— 34D 

1. 320— 83D 
1. 7.84 

1. 678— 87S 

2. 1 .85— 90S 
1. 5.79— 89D 

1. 671— BOS 

2. 173— 84S 
I. 179—885 
1. 7.82 

1. 6.83 
1. 624 
1. 6.81 

15. 921 

1. 6.80— B3D 
1. 4.70— 89D 
1. 9.73— 92D 
1. 674—935 
1. 777— 86S 

16. 778-875 
1.11.75 — 84S 
I. 3.77— 86D 
1. 7.79—885 

I. 4.73— £4S 

I. 6.72— 79S 
1.1223 
1. 9.82 
1. 3.84 
1. 3.84 
I. 7.81 
1.11.85 
1. 672— 7 C S 
1 10.79— 68S 
1.1176— 87S 
1. 875 — 845 
I. 877— B6S 
1.1178 — 87S 
I. 4.81— 80S 

!. 7.72— 78S 
I. 2.75— 84D 
1. 577— 86D 
I. 278— 87D : 
I. 2.80 
1. 2.80 
1. 720 
I. 122 
I. 323 

1.1122— B6D : 
I. 5.84 
1. 326 
1. 420— 82D 
I. 382 
1. 6.82 

1.10.83 : 

1. 325 
1.10.76— 85S 
1. 6.80 
1. 7.80 
1. 5.81 

1. 4.80— 89S 
16.10,80— 89S . 
1.1220— 89S ' 
I. 2.80—845 : 
I. 6.83— 88S ■ 
1.1 124 — 89D 
1.12.83— 88S •• 
1. 724— S9S ; 
1. 3.80— 87D - 
1. 423— 8es 
I. 622— 89S 
1. 5.80 
1. 620 
1. 12.80 
1. 5.81 
1. 7.81 
1. 1.82 

1. 422 : 

I. 822 • : 

l. 1.83 

15. 523— 87D 
16.11.82— 89D 

1.12.77 — 86D • 

1.12.78— 875 
l.in.72— 83S 

1. 2.65— 84D ‘ 

1. 379—835 
I. 3.81 — 85D 
I. 2.73 — 87D ^ 
16.12.63 ! 

16.10.79 
I. 9.78 
1. 679 
1. 7.79 

T. 12.83 : 

1. 224 : 

1. 724 
I. 8.84 

i.n.55 : 

1.12.82 

1.1170— 7°D - 
1. 275 — 84D 
1. 920— 87D ' 

l. 8.75— 84D - 

1.12.77— 86D ’ 

1. 6.80— 87D - 

1. 3.81— 88D ■ 

2. 1.70— 79D : - 


year maturity: 5.00 r c 


l! 778— 87D 8 2|? Pemwt JfS 3 

1. 478— 84D ,5? Pemex 77 \ (22 

i: 7>S=«s ■■ ■’ ■ 77/84 : 

1. 875-dB4S..^ i=Ss9-E15nL^ 1or, ^??/ 87 

!:£££!. - l 

. ill SSfe 

l-ya? ; 8J% PK-Banken 75/83' ' 

1 1 si_j7c 9 * '5 Platm.. Malmtie 75/8QP ...4 • 

1 m“ “ 5 7 Privatbk. Copenh. 77/83P 

I fi 79 83D 6 f°P Pyhrn' Autiobahn 77/89 (G) 

1 975ZLd 7 i% Qu«bec 77/87 ™ 

' wiZflSD 7 % Quebec 77/07 -J 

. ^ ,, 0uebe(; Hydw £J 69/g4 ■ 

, n ' ,,, ™ n 71% Quebec Hydro El. 69/04 

3 ?' 6 7xlSn 0,JBbec Hydro EI - 71/86 

' 47JZI7S 6 \S 2 uebw Hydre 5*- 72/P7 .■ 

J- • • • ■ 6*S£ Ouebec Hydro El. 73/88 

•' • <?Bebec Hydro E '- 77/87 

ia oXljKn 6 ** Ouebec'Hydro El. 77/87 

I6T2J9— BOD' ' -«i*-OuWSNfeAtoi 70/85 

: fiJoUSS . . 71% Remand ind. 69/84 

I ' * 7i%-R«d Paper 73/ffl 

‘ 4^ ' ' ’ 76/82 (G ) .1™ 

1 7ffl - ' '* 8% Renfe'77/84 (G) ' 

\9j7Sii d" 71% SAMT 71/86 

I 9JB— 27D ■ 10 i% SAFE: 74/79P 

' I ' 9 J% Sandyik 75/03 

* 77e^fiDc 8*.% Sanko Steamship 75/80 

7fn~-* . 7% Sanko Steamship 77/84 

1. jpLtflS Is *VV 75/8 0P (G) ;.* 

1 577. '_ fl / r 7 5ears -Int 1. 68/83 • 

, SheI1 72/87 ] 

' its shel1 ,nc1 - 77/89 : 

• 2" sja-Ss ES S!i B - N - 2M,6nd 75/W PfG) 1 

1 1283 ® t J %.Shu».Go.N.Zeaiand7 i ;f*'>IPfr,) 1 

2. 1 Jfl S7S 8 Jr£ Ship. Co. N. Zealand 75/82 IIP (G) 1 

1. 5-76h-87S_. 

K479^-SBS' ' 


6.1 T 

1.41 

420 

1. 2.71— 80D ; 

5.93 

0.58 

3.82 

1. 4.70— 79D - 

5.63 

1.49 

4.30 

1. 371— SOD - 

6.81 

1.00 

4.14 

1. 3.72— 79D 

7J6 

326 

5.61 

U1.75— 84Q 

7J6 

4.84 

6J6 

2. 1.78— 87S : 

6-51 

6.13 

5.99 

1. 7.76— 90S 

8 18 

470 

6.46 

1. 3.78— 87S 

6.97 

020 

6J6 

1. 9.72— 78D 

6.41 

6.06 

5.67 

1. 7.79— 885 

6.49 

7.19 

6J4 

1. 6.83— 87D 

8J6 

5.75 

6.90 

1.12.83 

6.75 

620 

627 

1. 924 

621 

723 

6.54 

1. 126 

6.91 

628 

675 

1.1024 

6.41 

4.95 

520 

1.1178— 87D - 

7.25 

6.67 

724 

1.1124 

8.10 

3J8 

523 

l. 4.81 

7.94 

3.12 

5.97 

15. 421 

7 97 

4.04 

.5.97 

15. 322 ■ 

8.14 

e tt 

327 

1 IT 

7.14 

1. 8.8Q-r83D : 


Continued on 


•4S 1. 5.80 

1. 423 

-77 1. 9.34— 89D 

23 1. 778 — 87D 

■50 1. 2.87 

l 7 1. 6 87 

■23 1. 275— S4S 

1. 975 — 84D 
29 I. 977— 86D 

83 1. 4.78 — 87D 

86 l. 3.79— 88D 

°7 16. 8.87 

95 1.12.87 

94' 1.1 1 .76— 85S 

— 1. 675-845 

*1 I. 179— 88S 

21 . 1. 7.82 

>4 1. 4.84 

28 1. 6.77— S6S 

i9 1.11.79 

10 I. 2.78—87D 

6 I. 223 

4 1.1220 

3 I. 224 

6 1. 320 

8 30. 673-835 

5 I. 4.78—375 

7 1. 225— 39D 

l 3. 620 

7 . 22. 5.82 

5 27. 522 

page 24 


56 


PTNANCIAL TIMES MONDAY MARCH 13 


Extel- 

the International Bond 
Dealer’s best friend. 

’Phone Sales Office: 01-253 3400 


MARKET MAKERS 


REGION 1 -BELGIUM 


LOS Bondlrade 
l'M> Dewsay, Sebille, Servafs 
■= •"* Van CampenhOQf & Cle 
115' Kredietbank N.V. 


REGION 2- FRANCE 


330vBanuqe Arabe et Internationale d’lnvestlssement 

235 Banque Louis-Dreyfus* 

205 Banque Nationale de Paris 

75009 Paris 16, Boulevard des Italiens " 
r ; ; P 2254700/523 5500 . 

T 650814/650810 

—it) Credit Commercial de France Paris 

215; Credit Lyonnais 

21S E. F. Hutton Services S.AJLL. 

22ft In ter union -Banque 


REGION 3 - GERMANY/AUSTRIA 


300 Commerzbank AG 

. 6000 Frankfurt Nene Ma Inzer Strasse 32-36 
' * P 13621 T 416111 ' 

T 416345 

305 Dentsrbe Bank AG 

6000 Frankfurt Grasse Gallasstrasse 10-14 - 

- • Junghofstrasse 5-11 

- I P 21 41 T411976 

306 Dresdner Bank AG 

. 6000 Frankfnrt GaUusanlage 7-8 
P 2831 T 414 901 
P 23 OS 21 T 41 220 

307 iVestdetitscfae Landes bank Girozentrale 
-4000 Dusseldorf Friedrichstrasse 56 

PS2631 22 T85SI8S2 


- 3QSK- Creditanstalt Bankverein 

- 1010 Vienna Scbottengasse 6 

P 63692540/1 T74324 
310 Girozentrale and Bank 

der fisferreicbischen Spartassen AG 
1011 Vienna Schnbertring 5 

P 72 94 272/72 94 772 T13195 


REGION 4 -ITALY 


405 Banca Commerclale ItaHana Milan 
407 Banco Amhrostano S.pA- 
400 Baneo di Roma 
415 Credito liailano 

- 20123 Milan Piazza Cordusio 2 

. P 87 1744/8882. T 35 617 
P 89 01 16 . . 

420 Istitntp Ban carlo I tali an o 

425 Isiitnto Bancario San Paolo di Torino 

430 Mote dei Paschl di Siena 


REGION 5- LUXEMBOURG 


505 Banque Generale du Luxembourg S.A. 

510 Basque Internationale a Luxembourg S.A. 
540 Baverische Landesbank International S-A. 
Luxembourg 25 Boulevard- Royal 

P 474021 T 1249 P 475911 
515 Dewaay Luxembourg S-A. 

520 Kredictbank SA- Lusembourgeolse 
Luxembourg 43. Boulevard Royal 

... P 26411 T 1451 

530 Swiss Bank Corporation (Luxembourg 


REGION 6- NETHERLANDS 


600 H. Albert de Bary & Co. N.V. 

601 Algemene Bank Nederland N.V. 

602 Amsterdam -Rotterdam Bank N.V. 

603 Bank Mees & Hope N.V. 

604 Barclays Kol & Co. N.V. 

Amsterdam Herengracht 500 

P 262209 T 12 130/12 193 
611 Cent rale Rabobank Utrecht 

St. Jacobsstraat-30 
Ceneral P 389111 T 40025 
Trading P 382410 T 70105 

605 Bank Morgan Laboudtere N.V. 

610 F. van Lanschot 

606 Nederlandscbe MIddenstandsbank N.V. 

607 Nerterlandse Crediethank N.V. 

608 Pierson, Hcldriog & Pierson 

609 Slavenburg, Oyens & Van Eeghen N.V. 


REGION 7-SCANDINAVIA 


705 Bank of Helsinki Ltd. 

(Helsingfors Aktiebknk) 
740 Deu norske Credi thank 


740 K Henriques Jr. Bank-Aktieselskab 
1200 Ha jbro Plads 9 

CqgeMufetn K P120052 T 19 162/19 952 
715 KaUsaffis-Osake-Pankkl , 

720 Rjffbenhavns Handelsbank 

1091 Bo linens Banal 2 

Copenhagen K p 12 86 00 T 19 177 
745 Posiipankki . . 

730 Pntaqmibm Aktieselskab 
735 Standinaviska EnsJdlda Ban ken 

10640 KuPgstradgdrdsgatan 8 

Stockholm p 763 50 00/24 28 30 Til 007 
725 Union Bank or Finland 

(Nordiska FSrenlngsbankea Ah) 


REGION 8- SWITZERLAND 


800 Bond partners S-A- 

805 Credit Snisse/Swiss Credit Bank 

T 55 212 Trading 

860 Swiss Bank- Corporation 

8022 Zurich Paradepiatz 6 

P 223 11 11 T 53 471 
S70 Union Bank of Switzerland 


REGION 9 - UNITED KINGDOM 


901 Akroyrt & S mi t hers Limited 

London 56/61 Mooigate 

EC2R 6EJ P 588-4535 T SS 12401/2 

950 Bankers Trust International Limited 

910 Banque Francaise de Credit International Ltd. 

911 Citicorp international Bank Limited 

London . 335 Strand 

WC2R1LS / P 836-1230 T 88 4933 . 

912 Continental Illinois Limited 

914 Credit Suisse White Weld Ltd. 

London 122 Leadenhail Street 

EC3V4QH P 2834200 T 88 3731 

913 Oaiwa Europe N.V. 

London S-14 St Martins-] e-Grand 

EC1A 4AJ . P 000-5676 T 88 4121 

915 DcUec Trading Company Limited 
920 Dillon, Read Overseas Corporation 

London 10 Chesterfield Street 

W1X7HF P493 1239 T 88 '11035 ' 

P 491 4774 Trading 
992 Dominion Securities limited 
925 European Banking Company Ltd. 

London . 150 Leadenhail Street 

EC3V4PP P 638-3654 TS8 11001 

927 The First Boston Corporation 
930 First Chicago Limited 
831 Goldman Sachs international Corp. 

London 40 Basinghall Street 

EC3V5DE P 6384155 TS8 7902 

P 638-9243 


932 United , 

London * - 41 Bisbppsgatu 

BOP2AA-: P3WM9B.;T.^. 

933 DM locernatioaal limited " . .. - 

London Bucklersbury House 

EC4N SEX 3 Queen Victoria. Street - 

. P Trading 236-0551 TSS3411 
P General 236-2756 

935 Kidder Peabodv Securities Limited 

- London 24th Floor' 

ECZPZL& 99 Bishopsgate 

P 6384272 T8846B4/3/6/7/S 
338 Leefc, Rhoades International limited 
London • 55 Grbsvenor. Street 

W1XSDB P 491 3381 T 25 432 ' 

936 Manufacturers Hanover Limited 

London 8 Princes Street 

ECZP2EN General P 6004585 T 88 4901 

Trading P606B4B1/4 T883716 

937 McLeod, Voung, Weir International Limited 
940 Merrill Lynch, Pierce, Fenner Ss Smith 

(Brokers & Dealers) Ltd. 

London 3-5 Newgate Street 

ECIA7DA R 236-1030 T 88 5337/88 11801 

541 Morgan Stanley International 
Londo n P.O. Box 132. 

EC3P 3HB Commercial Union Building, 

1 Undershaft, Leadenhail Street 
General P 626-flffil : T S8 12564 
Trading P 283-82&1 T8951621/2 - 

945 Nesbit, Thomson-limited 

942 The Nlkko Securities Co. (Europe) Ltd. 

L ondo n Royer House 

EC2V 7U Afdermanbtrry Square 

P 606-7171 T 884717 

943 Nomura Europe N.V. 

London Barber-Surgeons Hajr 

EC2Y 5BL Monkwell Square, 

London Wall' 

P 605-7482/6 TS81147S 

946 Orion Bank Limited 

London t London Wall 

EG2Y5JX P 600-6222 TS83498 

P 6008000 Trading 

947 Salomon Brothers International Ltd- 
950 Samuel Montagu & Co. Ltd. 

955 Scandinavian Bank limited 
960 Strauss. Turnbull & Co. - 

London 3 Moorgate Place , 

EC2R6HR P 638-5699 : T 883201 

962 Somltotno Finance International 
London 66 Gresham Street 

EC2B7EL P 6065645 T 88 11043 

964 Vickers, da Costa & Co. Ltd. . 

965 S. G. Warburg & Co. lid. 

London 30 Gresham Street 

EC2P 2EB P 6004555 TS8S476/S8 3195 


fora 


Extel 

really comprehensive . 
International Bond 
Sendee. 

EXTEL, 37 Paul Street, London EC2 


$70 Westdeutsehe landesbank Girozentrale 
London 21 Austin Friars 

EC2N2HB P 6384141 TSS7SS4/5 

975 White Weld Securities 

977 AL S. Wein & Co. Inc. 

8SS124. - 

980 Wood Gundy Ltd. 

990 Yamalchi International (Europe) Ltd. 
London St Alphage House 

EC2Y 5AA • 2 Fora Street 

P 628-2271 T 88 7414 


REGION 10 - UNITED STATES 


10 Arnhold & S. BWchroeder, Inc. 

20 Drexel Burnham & Co. Inc. 

30 Kidder. Peabody & Co. Incorporated 
New York 10 Hanover Square 

NY 10005 P 212.747 2000 T 233 496 

32 Lehman Bros. Kuhn, Loeb lac. 

New York 40 Wall Street 

NY 10003 P 7974220 T 420 107 

SS Lazard Freres & Co. __ 

T42030SUT 

35 Merrill Lynch, Pierce. Fenner & Smith Inc. 

. P 212 766 1212 T 420838 

60 Salomon Brothers 

New York One New York Plaza 

NY 10004 P 212 747 7000 T 222428 

70 Shields Model Boland Incorporated 
SO UBS DB Corporation 

T620 727WU 

90 White Weld & Co. Incorporated 

T 423 94S ITT 

005 The Arab Co. for Trading Securities SAJI 
Kuwait P.Q. Box 
22792 Safat Kuwait 
P41031S T 2791-ACTS 


LEAD MANAGERS 

: 1=-Creditanfitalt-Banbverein 

15— Butler Bank 

10r— Credit Suisse (Bahamas) Ltd. 

16— Gatzwiller Kurz Bungenur Securities 
254-Unlon Bank of Switzerland (U/Wj 
2S— -Bankleumi Le-lsrael 

32— -Banque de Bruxelles SJV. 

35— Banque Lambert S.C.S. 

38— Burnham & Co. 

43 — Kredietbank N.V. 

46— Socitfte Generale de Banque S.A. 

57— rNesbit, Thomson Ltd. 

'Si— Wood Gundy Ltd. 

72 — Privatbanker Aktieselskrab 
77— McLeod, Young Weir & Co. 

92t— B anque Nationale de Paris 

93— Banque de Paris et des Pays-Bas 

94 — Banque Rothschild 

96 — Banque de L Union Europeenne 
103— Credit Commercial de France 
1043-Credit Industrie! et Commercial 
105^-Credit Lyonnais 
112— Lazard Fr&res & Cie 


117— Society Generale 

122 — Western American Baok (Europe) 

138 — Commerzbank /Ban co di Roma/Credit 
Lyonnais 

140— Commerzbank AG 
143— Deutsche Bank AG. 

150 — Wardley Ltd. 

157— Pkbaukeo 

159 — Kuwait let. Inv. Co. SA..K. 

162 — Arab Financial Consultants 
165— Union Bank of Switzerland 
(Securities) Ltd. 

179 — Westdeutsehe Landesbank 
Girozentrale 

1S3— Jardine Fleming & Co. 

1S6 — Banca Commercial e Italiana 
1S9 — Banca Nazionale de Lavoro 
196 — Banco di Roma 
214— Williams Glyn & Co. 

218— Orion B3dk Ltd. 

219— Kuwait Inv. Co. S.A.K. 

221 — Banque Europeenne du Luxembourg 
5.A. 

222 — Banque G£n6raie du Luxembourg S.A. 


223 — Banque Internationale k Luxembourg 
SJL 

224 — Banque Lambert. Luxembourg. S.A. 

229— Investors Bank, Luxembourg. SA. 

230 — Kredietbank S.A. Luxembourgeoise 

234— UBS DB Corp. 

235 — Blyth, Eastman Dillon St Co. InL 

237— Alggmene Bank Nederland N.V. 

238 — Amsterdam-Rotterdam Bank N.V. 
245— Bank Mees & Hope N.V. 

247— Nederlandse Creaietbank N.V. 

248 — Nederlandsche Middenstandsbank N.V. 
254— Pierson. Heldring & Pierson 

256;— Royal Bank of Scotland 

272— Skandinaviska Enskilda Ban ken 

273 — Svenska Handelsbanken 

2S7— Kuwait Foreign Trading Contracting 
& Investment Co. 

292 — Bankers Trust International Ltd. 

297 — Barclays Bank International Limited 

298 — Baring Brothers & Co. 

315— Harabros Bank Ltd. 

316— Hill Samuel & Co. Ltd. 

321 — Investment Bank of Ireland 
323 — London Multinational Bank Ltd. 


326— Kleinwort Benson Ltd. 

327 — Kuhn Loeb 1st. 

32S — Lazard Brothers & Co. Ltd. 

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. it & Sons Ltd. 

350 — J. Henry Schroder Wage & Go. Ltd. 

352 — Caisse des Depots Consignations 

353 — Singer St Friedlander. Ltd. 

354— Sumitomo Finance International 
359— Warburg. S. G. & Co. Ltd. 

361— White Weld .6 Co. 

375 — Bank of America 
378 — Bear Sterns & Co. 

386— Brandt (Win.) Sons 3: Co. 

389 — Kuwait Financial Centre 

396 — Daiwa Securities & Co. Ltd. 

397— Dean Witter International Inc. 

399 — Dillon Read & Co-Ltd. 

401 — Dominick & Dominick 

402 — Citicorp InL Bank 


404 — Drexel Harrimaa Ripley 
408— European Banking Company 

411— First Boston Corp. 

412 — First Boston (Europe) Ltd. 

413— Merrill Lynch, Pierce, Fenner Sc 
Smith Inc. 

418— Goldman Sachs & Co. 

421 — American Express Middle East Devt, 
425— Hayden Stone Inc 
431 — Interunion-Banque 
437— Kidder. Peabody & Co. Inc. 

43S— 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 & Co. 

454 — Merrill Lynch, Pierce, Fenner & Smith 
456 — Morgan & Cic International 
458— Morgan Stanley-!; Co. 

463— Nomura Securities Co. 

479— Salomon Brothers 

480 — Banque Bruxelles, Lambert S.A. 

481— Postipankki 


485— Smith Barney & Co. 

4S7 — Barclays Merchant Bank -Ltd. 

488— Kidder, Peabody International Ltd. 

500— White Weld St Co. Inc. 

501— Yamaichi Securities 

510— Salomon Brothers International Ltd. 

511— Merrill Lynch Intnl. Bank Ltd. 

516— Union De Basques Arabes et 
Francoises (UBAF) 

517— -Credit Suisse-White Weld Ltd. 

518— Arab Finance Corp. 

525— Banque Arabe et Int D Invest 
536— Loeb, Rhoades International Ltd. 

555— Goldman Sachs & Co. Inc. 

556— Jardine Fleming International Inc. 
560— Jardine Fleming International Ltd. 

585— B-A.I.1. (M/E) me. 

586— Bank Hapoalim 

594 — Indo-Suez & Morgan Grenfell 
(Singapore) 

599— Swiss Bank Corp. (Lax.) 

606— First Boston AG 
630— Barclays Koll & Co. N.V. 

637 — National Bank of Kuwait 
639 — Morgan Grenfell (Asia) Ltd. 


COMPILED FOR THE ASSOCIATION OF INTERNATIONAL BOND DEALERS BY INTERBOND SERVICES LTD. 



BlI" • !!§E HHi 


All for one and one for all, 


«: Vfe don’t Relieve in having all our 
eggs in one basket. That’s why one 
advertisement was jnst not enough to 
give you an idea of the range of our ■ 
activities. It took six ads to tell you that 
we are out-and-out specialists in manu- 
facturing electronic materials and parts, 
and that we rank among the world’s top 
producers of ferrite cores. You also got 
the message, hopefully, that our 
magnetic technology is the powerhouse 
that supplies the energy and potential 
for new products and new applications, 
AH the above ads were run. in 1977, 
a tough year for companies in oar . 


business. We all had to put up with the 
recessionary conditions in Japan, and. 
there was-the soaring value of the' yen • 
for us to contend with, too. No wonder 
that others turned in losses. 

Ybt, even under adverse conditions, 
our total sales last year of Y 104,632 
million, up 14.8 per cent over the year 
before, and our profits of ¥ 1-1,112 
million, up 23.6 per cent. Like they- 
say, yon can always sort out the men 
from the boys when times are tough. 

What’s the secret? Our broad techno- 
logical base. R Sc D that creates ideas 
for our materials to give shape to.. 


A wide range of product lines like £emte 
magnets, ceramic capacitors, coils, 
transformers, mid magnetic recording 
tapes. Because electronics is so d ynamic, 
we go from strength to. strength. 

If ever one product line is in trouble, , 
the others rally round. That’s why our 
motto is "Ail for one and one for all’. 


OTDK 

TDK ELECTRONICS ca,Lra. 

14-6. 2-ebeae. Hririluh . CWyotWai, Tokyo lOl.hpn.. 


Creditaristalt-Bankverein -your partner in Austria 
for dealing in Austrian Schilling Bonds 
and International Bonds of Austrian issuers 


Selected Austrian Schilling Bonds 
of Austrian issuers - 
maturity up to 5 years 


8 % Osterreichi973/B/81 

8 % Osterreich 1 973f I ll/B/82 

81/2% Osferreich1974/ll/B/82 
81/2% Innsbmck1974/B/82 
81/2% Kamten 1975/B/81 ' 
81/2% NEWAG 1975/8/82 
81/2% STEWEAG 1975/B/fll 


Middle Average Yield to 

Price Life average life 


100,— 

'1,94 

8.49 

8.00 

100,25 

2,71 

875 


99,75 

2.63 . 

• 858 

8,52 

99^5 

270 

. 8,76 

8^2 

100^0 

2,00 

8,85 

8.46 

100^0 

225 

8,86 

8,46 

100^5 

2 , 03 

8,83 

8,48 


Current Redemption 

Yield (mandatory drawings by lot) 


15. 2J7-81 atlOty) 
20.117482 at 102,0 to102,5 
22.1 075-82 at100,0 . 
19.11.75-82 at100,5 

7. 37B81 at101,0fco1013- 
6. 678-82 atIGI ,5 
18. 378 p 81 at101,0 


maturity over 5 years 

81/2% 6st#rreichl975/$/83 
81/2% Osterreich 1 975/S/1 1 1/85 . . 

81/2% Csfcerreichl976/S/86 
81/2% Wien 1974/B/84 
81/2% CA-BV1 975/1 1/B/85 
81/2% Energie1975/II/B+$/85 
81/2% Semperit1975/B/84 
81/2% Steyr-Daimler-Puch1976/B/86 


100,25 

3.00 

8,71 

8.48 

101*25 

4,72 

8,78 

8.40 

100.75 

5,46 

875 

8,44 

99,25 

3.32 

8,75 

856 

100,75 

4.18 

8,54 

8,44 

10175 

4,65 

8,80 . 

8,40 

100,50 

3,28 

875 

8,46 

101^5 

5,50 

875 

8,40 


5. 3J&83 atlOO.O tolOIjO 
27.11 .79^5 at 103,0 to103,5 
20. 2.81-86 atlOl^ to104,0 
2-- 775-84 at100,0 
11.11J6-85 at101,0to101,5 
29.1079B5at103,S 
18. 6.76^4 atlOl.O tel03.0 
9. 3.81-86.at 103,0 to104,0 


Selected US® Bonds of Austrian issuers 

5 3/4% Voest 63/78 . 6 % Rep. of Austria 64/84 

53/4% Alpine Montan 65/85. 63/4% Rep. of Austria 67/82 

6 5/8% Austrian E [ectricjty 66/86 8 3/4% Rep. of Austria 76/90 

6 3/4% Austrian E lectricity 67/82 8 1/4% Tauemautobahn 77/87 

91/2% Osterreichische Kontrollbank74/79 'm Austrian Schilling (traded in U5-$ only} 


I nterest is payable withait deduction for or on account of Austrian taxes. 
• For currerrt price and further information please contacfc- 
For Austrian Schilling Bonds: Robert Jekl, Robert Wasinger 
(Telephone: 6622/1 701 or 1707, Telex: 74261-63) . 

For International Bonds: Walter Vogl fTelephone: 6622/2222, Telex: 76948} 
Code for Reuter Monitor Securities Program: CA DA, CA DB 



Creditaristalt-Bankverein 

Schottengasse 6, A lOia Vienna. 




T r'rtfnfiT^* J 














JWjTOKC Ifiofis MONDAY MARCS- 1? 1973 







must, and can, borrow 


27 


BY W- L* LUETKENS 


* . . .. 



PEMOC3RACY IS all ' very Trail 
but fgr the need to hold elec- 
tions; and floating exchan ge 
wtw would be all "very well,- 
but., for the.-, danger, that .the 
currency will actually float 
Thai might roughly be Ihe 
Canadian situation as viewed in 
a moment of self-irony from 
the sumptuous rooms- - of the 
Minister of Finance in the neo- 
Gothic pile that Is the House 
of Commons in Ottawa. 

Ever since the Canadian 
dollar went into a spin .at the 
end of 1976 following (hut 
not because of) the • victory 
of the Parti • Quebecoi* in 
the Quebec provincial elec* 
; lions, Ottawa has been parrot- 
^ng' that -the- Canadian donas' is 
allowed to float. In. principle 
that may be true, but the official 
reserves within that period 
have declined from ISAbn. to 
S 3-6bn. It seems a lot of money 
to spend on- merely lettmg the 
exchange rate float' '? 1 -• • 

The story changed -when gr, 
Jean Chretien, the Minister, of 
Finance, announced in Febrn- 
'{ftS , that.be. was drawing upon a 
line of -credit in- Euro-doll ars 
set up. last year. As ; a first step 
he took $200zm, following' up 
with the ...announcement-, that 
the federal Government .would 
borrow 6750m. by public 
flotation in the U.S. 

Does that portend a funda- 
mental change of poHcy? Win 
Canada, once the pioneer of a 
floating exdiange rate, now try 
to anchor it? Will, an attempt 
be made to hold the- exchange 
rate at almost any cost where 
ji is now, within sight of U-S. 
Qettts .902 WHl a high interest 
policy be adopted to shore up 
the external position** - . .. 

Almost: cferfainly The* answer 
to theSO' questions is ?*ndi’ ? . Bdt 
this is where the needs oferi 
electoral, .democracy come into 
the picftnrb-^aod democracy 
being the . sort of animal -it is, 


can easily be contradictory. 
Everyone in Ottawa thirds an 
election is imminent. Admit- 
tedly, a year ago they thought 
so too, only Mr. Pierre Trudeau, 
the Prime Minister, fooled 

them. But he will have to go 
to the polls before the autumn 
of 1979, and quite plainly 
higher interest rotes would not 
help him to win/ . . 

'Economic sense really is on 
his side in this -.matter. Mr. 
Chretien has beld out the hope 
of real growth of 5 per cent, 
this year- (which is barely above 
potential), but most economists 
think he will be .lucky to get 
close to 4 per ceijt ' Business 
confidence is low,; and invest- 
-meat plans - in the private 
sector are unglambroos. It is 
not the moment to' make money 
dearer, and an expansive budget 
-may be indicated. : ^ 

" The' implication is that the 
Canadian, dollar will . have to 
look .after itself. But- another 
decline would go 'down - badly 
-with the electorate -and the 
Progressive Conservatives — 
who have a good electoral issue 
In the state of the economy— are 
hinting that they would be 
ready to tighten interest rates 
and keep the dollar ' within a 
defined range. The laugh is on 
their side this thee: when the 
liberals came to power more 
than ten years ago; one of their 
campaign stunts was. to issue 
moth-eaten replicas of dollar 
bills to draw attention to a 
similar decline of the dollar 

then. They' called . them 
Diefenbacks in honour: of the 
then ‘Prime Minister/Mr. John 
DiefenbaJcer. 

The pattern then seems to 
be- reasonably ’ dear; take the 
route of foreign borrowing in 
the hope that the exchange rate 
Will' stabilise, and thereby try 
to avert- political damage. At 


200 

Manufactnrirrg Unit 
Labour Costs in 
i&o^ Canada and the US. 

1967-700 



CANADA'S BALANCE OF PAYMENTS 

(6(30.) 


«BI'B2te*87W7l'73*ffi’77 


Tfc e C. D. . Hence Ja st t t aJ*, Montreal, 
vramre a ttt | 0 Me M Ike as tamp Om 
o} an exOmoe rate tor the Q of f<u S8 
or fb * 90 OJ. «W- 


Mcrdxandise balance 
Service balancer 
Net transfers 
Current account 
Net long-term capital 
Net short-term capital 
Net capital flow 
Change to reserves 


1977 
+3.U 
—7.5 
+e.4 
-L2 
+4.3 
-1 .5 
+2.8 
-1.4 


•1978 

+43 

— 6.6 

+0.4 

-4.0 

+5JW.0 

SJL 

nju 


• Estimates. T includes Interest and' dividends 3.4bn. in 1977 
and 4Abn. In 1978. 

.. Source: Bank of Montreal. 


the same time bold interest rates 
as far as possible. But as a 
half point increase in the dis- 
count rate on March 9 shows, 
rates will have to be kept 
appreciably above those in the 
17A 

la the short run that policy 
will require luck and a slacken- 
ing of tiie pressures on the U.S. 
dollar. Given the structure of 
Canadian trade (more than two 
thirds of which is with the UA) 
the doilar-dollar rate is really 
the only one that matters. But 
when the US. dollar is in diffi- 
culties. suspicion will rapidly 
concentrate on its little brother, 
which may get a worse batter- 
ing as a result. 

But there are factors’ at work 
which should attract the good 
fortune required. First of these 
is that the devaluation- of the 
fiaimriian dollar from a hi gh 
point of around 6U.S.1.03 in 
November, 1970 has very visibly 
helped the trade account The 
merchandise • account, structur- 


ally in surplus, improved from 
a surplus of $Llbn. in .1976 
to $3bzt. in 1977. This year’s 
figure is confidently expected 
to be better. - The tourist 
account, long a severe problem, 
should have improved as the 
exchange rate worsened. But 
last year’s deficit of SLlbn. in 
the first three-quarter was. still 
very bad. 

Rather more encouragingly, 
the dull performance of the 
Canadian economy with growth 
rates of 1.1 per cent, in 1970 
and 4.9 per cent, in 1977, 
assisted by a system of wage 
and profit controls, has broken 
inflationary expectations. With, 
almost 1m. unemployed in the 
country, trade unions are 
putting jobs before wage rises. 
The result has been that the 
unit labour costs of Canadian 
manufacturers which shot up 
during the early 1970s have 
begun to decelerate- The gap 
opened up between them and 
unit costs in the U.S-, the main 
competitor, has closed because 


of that and the decline bf the 
Canadian oollar. . 

If . the UB. keeps on the road 
of . expansion, the prospect 
should be fair for a continued 
improvement of the merchan- 
dise account, and also of the 
tourist account But that alone 
will not put Canada into the 
black. The current account is 
seriously depressed by the 
growing payments of interest 
and dividends to Canada’s ex- 
ternal creditors. This year the 
bill is expected to be close to 
$5bn. gross. 

With figures of that order of 
magnitude, balance can be 
achieved only by a very long 
term and extremely painful re- 
structuring of just about every 
aspect bf the Canadian economy? 
or by further borrowing. The 
latter is the classic route and 
will no doubt be followed once 
again. Mr. Chretien’s $750m. 
flotation is only an episode in 
that scenario. 

The question therefore arises 
whether Canada is still a good 


risk. Canadian borrowers are 
given double or even triple A 
ratings in the U.S» Even 
Quebec with a Government that 
has been a bit hastily damned 
as “socialistic” can get the 
money it wants, though it 
has preferred to eschew public 
flotations. In any discussion of 
Canadian indebtedness it is 
worth noting that expressed as 
a proportion of €UJ P the gross 
externa] debt has dropped to 
about 50 per cent from a peak 
of almost 70 per cent in the 
early 1960s. 

Given the difficulties of some 
of the borrowers upon the inter- 
national scene it is reasonably 
safe to assume that Canada will 
get what it needs for years to 
come. The real question is 
whether it can be put to work 
constructively, since otherwise 
the day must come when the 
burden of interest will become 
too heavy. From that viewpoint, 
things do not look discouraging 
in the longer term. 

Canada really seemed to be on 
the crest of the wave in the 
early 1970s when it profited 
from the raw material price 
boom, specifically in base 
metals, which has since 
collapsed. One of the tilings 
that have gone wrong is that the 
proceeds of that boom went 
into personal incomes, and, as it 
ended, left deep inflationary 
scars. 

Something else that seemed 
to go wrong was the hope in the 
early 1970s that Canada’s 
resources of gas and oil would 
ensure riches for decades to 
come. Subsequently it became 
the accepted view that these 
resources were already declin- 
ing, and that the additiona l 
reserves to be found in the 
Arctic, off the Atlantic coast, 
and in the oil-bearing tar sands 
of Alberta were going to be too 
expensive to develop. 

Just as the initial euphoria 


can now be seen to have been 
overdone, so was the subsequent 
despondency. One significant 
item of news will illustrate that. 
Shell, which a few years ago 
pulled out of the Syncrude 
scheme to exploit the tar sands 
is now ready to take a look at 
the possibilities of a similar 
$4bn. plant in the Alberta tar 
sands .with new partners. 
Months and perhaps years will 
pass before there is a derision 
to go ahead. But thing s are 
moving again. 

The Syncrude plant itself will 
be coming on stream later this 
year, and given the present 
world price of oil should be at 
any rate on the threshold of 
p-y ing its way. These are not 
the only big energy schemes 
that will be producing jobs, em- 
ployment for borrowed funds, 
and. eventually energy. 

Commercial exploitation of the 
heavy oils in the Alberta- 

Saskatcbewan border region is 
jr2 around the corner; the giant 
James Bay hydroelectric scheme 
will be delivering 11,000 mega- 
watts of power by the mid- 
1990s: and the Alaska Highway 
pipeline to carry Alaskan gas to 
U.S. markets, is also coming 
closer. In the latter case, admit- 
tedly. there are certain admini- 
strative delays. Expectations 
that borrowing (with its impact 
on external payments) will 
'ifMrin within 12 months could 
prove to have been premature. 

Even the conventional gas 
and oil fields in Alberta have 
shown that there is life in the 
old dog yet. Oil has been found 
near Pembina in a new, deeper 
horizon, and the find could be 
big. In addition, Alberta actu- 
ally has a surplus of gas which 
could be sold to the ILS. until 
the Alaskan line comes on. 
Canada produces 70 per cent of 
its home oil needs, and already 
exports large amounts of gas. 


Moreover, unless the world has 
been veiy radically trans- 
formed. one must suppose that 
base metals will one day 
recover. 

In the long and medium 
term, therefore, Canada fcpJ 5 
very strong assets upon which 
to base an economy of resousgte 
based exports and capital 
imports. In the short term the 
problems are obvious. Will the 
dismantling of wage and profit 
controls this year, the infla- 
tionary effect of devaluation, 
and the electoral spirit cagaffi 
inflation to speed up again ?~A 
9 per cent rise of the consumer 
price index last year does give 
food for thought though a good 
deal of that increase must be 
blamed on cyclical patterns of 
form prices that have more to 
do with nature than with 
economics. '• 

These are the questions that 
have taken precedence in many' 
Canadian minds over the futotei 
of Quebec. Even Mr. Rene 
Levesque, the Premier of that 
province, has been giving m&& 
emphasis of late to the need for 
people to live within their 
means, than to his dream of a 
sovereign Quebec. It fits Into 
the pattern of a growing con- 
servatism in the public mood. 
Mr. Trudeau has been trying 
to cash in on It by describing 
his position as extremism of 
the centre. But there is no 
doubt that he has a fight on 
his hands: his party, though 
still ahead of the Progressive 
Conservatives, has slipped badly 
in the polls. So whatever the 
long terra assets, the next 
years will hare their share of 
unsettling uncertainties: . 4 
federal election, probably >ia 
1978; a referendum on the 
future of Quebec, probably in 
1970. Mr. Trudeau, Mr. 
Chretien, and the international 
banking fraternity, will haye 
plenty of risks to weigh. 


Letters to the Editor 


The price 
of tea 


LTD, 


From Mr. G. Kramer*. 

Sir.— Tlie letter from Professor 
Hague of the Manchester . Busi- .. - ' 

ne.is School (March 7) suggests T T T/~ miWiMhr 
that the Price Commission, of U»lV« D ll DJuCllj 
which he is a member, is 
motivated - more by. prejudice 
than by the facts placed before 

them. From Ike Deputy General 

The Monopolies Commission Secretary, Institution of . 


nor -toe Prices Secretary will this rente is of continuing im- 
show any interest fh their portance to those who cannot 
liquidity problems. " 

Q. H. Kramers. 

Partmgdale Lodge, 

Partingdale Lane. 


Mill Hill, N.W.7. 


oyerseas 


face the Underground crash with 
heavy baggage, as the young are 
doing! Uohappily, there is no 
sign of the imaginative reshap- 
ing of the bus service that is 
needed to make it more attrac- 
tive to passengers, and hence 
profitable to British Airways and 
London Transport. 

To maintain the vital ten- 
minute frequency of service, 
each bus should circulate round 
all three terminals at Heathrow, 
Ihus adding new traffic, from 
number three. To offer more 


investigated the tfta trade and Professional Civil Servanis, __ 

found .caBfifi-Jfor^coinplaint— — toe— .Gaseauneitf-4s- 3 t the- City end, the buses should 
but Professor Hague states quite really determined to use the call at. say, three “ airport 
categorically that there is no breathing space provided by oriented ”• hotels. People in a 
true competition between the tea North Sea oil to regenerate our hurry can and will use the 
blenders. Although the Price manufacturing Industry and. to Underground anyhow. This Is 
Commission did not seek' out attract the inward investment the system used in other cities, 
and publish evidence in support that can help to reduce our high notably Chicago, where one can 
or such a statement. Professor unemployment, .can anyone go directly to 15 hotels and a 
Hague’s letter will be seized explain why it also appears to station. I and others find the 
upon,by interested parties. In the be steering a course which Chicago service quite excellent, 
producmg^countries' to jnstify. a means that - progressively -less and its introduction in London 
bah on t*3 being sent/ to the resources are available to is long overdue. 

London 'auctions and the jrestat pubBcise British affairs over* a. J. Lucking. 

may well be that the consumer seas ? Flat 20, 37, Brood Court; 

in this country has to pay more. Over the yean there has been Bow Street, W.CJ2. 

Both toe big Menders add a steady erosion of' information 

smaller ' tea firms would then work undertaken by British 


icr in Ausi 

Bonds _ _ _ 

„ have to purchase all their sup- Embassies and missions. Between I no flpfiQfp An 

* Ift’llOK Plies in the market*, itt.vfodm, toe -Duncan Report of 1969 and - “ v vu 

If ISNUC1 3 Bangladesh, Sri Lanka and the end of 2975 there was a cut l| AnC /v nr ; A nn 
• * w Africa. of 46 per cent in information IltHaoiC [IHtto 


The big upsurge in world tea staff overseas. This trend has ^ Chairman. 
prices occurred in. March and continued and there council oft&TBuddino 

April, 1977, when housewives in S *58 Societies Association. 

ibis country and abroad warned officer* spread over nearly sir,— Under toe heading of 
in the media of price increases »»««*»• _ . He . “ King Canute strikes again " Mr. 

on toe way, stocked up and ■ Wo now learn that the British Joe g ennison (March 4> in an 
thereby aggravated toe situation, otherwise perceptive article on 

The Price Commission is now half- the current • debate on bouse 

talking toe market down so that New York should 1 cul “ y prices, makes a totally inaccurate 
housewives. •_ are . holding _ back, this to oar Mfgret ano most ^ ra isi ea( jj n g statement about 
. Producing countries Will not be competitive market. Meaownim, t h e Government loan to building 
pleased and all may now be Ministers are no societies In 1974.. In order to 

persuaded that they are on their tog what course of action tney avo ,<i a repetition and tor the 
own and that they must combine should adopt on the central ^ 0 f historical accuracy. I 
and restrict the quantities of Policy Review Staff report " would appreciate toe opportunity 
tea that may 'be exported. . recommended that information of, putting toe record straight 
Anyone with business expert- w °rk -should be cut by two- The facts were that early in 
enceknows that even if a firm toirds. . • 1974 toe Bank minimum leading 

tries to base /prices on higher Thus we have a sjtuation in rate had risen , to 13 per cent, 
replacement costs • there - is which at one end of toe pipeline whidh, at that time, was the 
alwav$ a time-lag- in putting toe Government is ready to highest ever. . Interest rates 
. through anHSrease. He would devote generally had risen and to toe 

also know that in a faffing mar- pounds to supporting indusby normal course of events building 
• <et somebody with no expensive and its -product development, society rates would have been to- 
ftiks to 1 mT willseS at *hUe toe other end it is pre- creased correspondingly.- The 
jrices based on toe lower market pared to contemplate savage Government however. was 
prices. If -prices rerwrtn*S5 cuts in -overseas information deeply concerned about toe rate 
Jwcrvone in the tradeTsooner work at an annual saving which of inflation in the economy and 
iSter will be obSSi io tower can only be* by comparison, pea- because of the Impact of mort- 
heir prices even if toey have nuts. Tbe total budget for over- gage interest on household 


dent’s recent public warning to 
pensioners not togo out at night. 
No doubt Mr. Hayward would 
casually dismiss this as one more 
example of the so-called politics 
of fear. A- pensioner in Islington 
might he justified in thinking 
differently. 

Mr. Hayward's views on Mrs. 
Thatcher’s supposed race scare 
are even more astonishing. . In 
the May borough elections our 
own immigrant candidates 
(selected on merit incidentaHy, 
not by quota) will outnumber 
the local Labour Party’s by a 
factor of three. This does dot 
alter our collective awareness 
of the public’s often-justified 
fears about toe level of immigra- 
tion. How could it be otherwise, 
when Inner London Education 
Authority statistics (report of 
November 8, 1977) show that In 
1973 no less than 49 per cent, 
of all live births in Islington 
were, to mothers whose birth- 
place was outside' toe .UJJL, 26 
per cent, being directly attribut- 
able to the New Commonwealth? 

Against this background. Mr. 
Hayward’s trite recital of toe 
proportion of coloured residents 
in toe UJL as a whole is both 
meaningless and unconstrncttve. 
I am only surprised that jt should 
be necessary to point this out 
to him. 

But then, Mr. Hayward wax 
all too obviously intent on 
vacuous party political point- 
scoring than on adding to our 
stock of wisdom about law and 
order or immigration. It is 
usually easy to sympathise with 
your columnist Mr. Joe. Rogaly 
as he painfully struggles to dost 
down in public bis fashionable 
“liberal ” Shibboleths of yester- 
year. I find tt less easy to 
forgive toe calculated pseudo- 
ignorance of Mr. Hayward. 

Neal Kerr. 

(Leader Islington Borough 
Conservatives). , 

18a. Furlong Root*. N.7. 


i.SliSL W75 fast enough.' In Jill conscience. to increase toe mortgage interest 

* n tX? fra’were During the continuing world rate, . The societies pointed out 

Iwf SE, aorttora St recession it remains of. para- that to agree to this would mean 

mount importance to continue ex- an inevitable, reduction in toe 
Sr i£3ta£es plaining British developments to availability of mortgage funds 
£?R4 ? fto toe world’s Press, radio and TV with an adverse effect on toe 
v? d lffrr^nearlv E against toe day when growth is house building industry 

T?S:ts L to2 resumed. -I am sure our com- ^/Ebe Government then - 
netitors will view with delight £500m. available by way of 


seas information is already tiny budgets, asked the societies not 


*ere 
md in 

rverage. 
■nd - of 


made 

loans 



sins that Wenders b*ve been fln ac J 0 f . folly for the Govern- largely repaid within 12 months, 
bio to make stock profits m e _- w MVe pennies if the There was no question, as 
977 by basing their selling 1§ a falHag oway 0 f wrongly, stated by Mr. Rennison, 

* '* Britain’s export of. building societies “begging 

future f° r a loan in April 1974 ^ — quite 
the reverse. 

R. C. Stow. 

34, Pork Street. 

Mayfair. W .1. 


Cyril Cooper. 

Northumberland Street. W.C.2. 


rices on tbe replacement cost support f or Britain’s 
ad that they .should now accept ^ m Qur 

lock losses by basing depends, 

riling prices on the current ro 
over market prices. 

In this connection one must 
pm ember that the Government 

itroduced stock relief to help I rdncnArt TO 
nns to finance stocks at. toe 1 

igher levels caused by inflation. ~ TT rt „ik». rt nr 
.s the tea blenders made stock JiGmuTOW - 
refits in 2977 they will have 


Law and 
order 

Froin toe Prospective 


eon able to claim , stock relief From Mr. A. Lading. ' . , riVBtwW¥1 . 

nd the deferred tax on stock Sir,— I*dy Burton has Trader- conservative Parliamentary 

’lief will now be' helping them Uped (March: 6) toe important candidate. Islington. North. 
j finance stocks at the higher problem of baggage transfer be- - Sir, — I don’t know whether 
«vels now obtaining. (An aver- between the Heathrow Under- ^ laogh or cry over the contri- 
G C BO far in 1978 of 123.68 ground and taxis. Surely it button (March S) of Mr. Ron 
?xnpar*d with 62.36 in 1975.) would not be difficult for Lon- Hayward, Labour Parly General 
‘ market prices continue to fall don Transport to mark on. all Secretary. However well or otoer- 
,ev will need less working its maps and posters the stations w is e bis -views may go down m 



rci ' 1 


runve Their stocks. It is dear, however, that toe tional f oner-city pocket boroughs 

it is natural therefore .that Underground serrire is very like Islington. 

,ey Should be cautious. If they popular The traffic o tv toe buses, To h is question: “How many 
cent Jtock tosses too soon and to the Cromwell Road terminal people are afraid of. opemng 

that Prices has fallen by more than a half, their doors at night? ** one need 

Mlatc wwim it is certain that and the service must he incur- took no further than the local 

=rthor toe Price Commission ring unacceptable losses. \et Divisional Chief Supenmen- 


Political 

points 

From the President. 

West Slirtmgshtre - 
Conservative Association. 

Sir. — May I beg the courtesy 
of . your columns to repudiate 
some of the wilder statements 
of Mr. Hayward in his letter of 
March 8. Each: time- Mrs. 
Thatcher lifts a corner of the 
Labour rug to reveal issues that 
Labour would prefer to be left 
undisturbed and unnoticed there 
are howls of anguish from Mr. 
Callaghan and his colleagues — 
now we have Mr. Hayward 
thirsting for Mrs. Thatcher's 
blood. 

Immigration? . If was Mr. 
Callaghan, who does not believe 
in toe “numbers game.!* who 
was able to tell toe Indian 
Parliament that there are to-day 
more from the Indian sub- 
continent dwelling in the U.K. 
than there were British dwelling 
in India at the height of the 
role of toe Raj. The point Is 
that Sirs. Thatcher has spoken 
on this issue only in the most 
conciliatory terms — all the 
emotive terms sneb as “ hatred.” 
“swamp, 1 * etc. have been used 
by her Labour critics in their 
attempts to villify her. The 
issue was never put to toe 
inhabitants of this country — 
and it Should have been since 
it is a matter that touches- every 
indigenous Briton. It Is not too 
late. Labour can, and feeling 
as they do, sbonld make the 
matter a plank of their electoral 
platform- 

Law and order? If Mr. Hayward 
claims more is being spent on 
combating rising crime it Is 
sorely because his Party's 
Government has created the need 
for increased spending— Shrews- 
bury and Grunwick, for example, 
are not places, but events where 
the rule of law was challenged. 
Thankfully, in toe end, the law 


was upheld, but for bow long? In 
an age where pilferage is 
regarded as “perks” in some 
circles, anything can happen. 

Inflation is not under control 
and will rise again with toe in- 
jection of all toe unearned sup- 
posedly counter inflation wage 
increases of recent months. Pro- 
duction is stagnant, if not falling. 
Unemployment is likely to rise. 

Only the balance of payments 
looks good and is due to Divine 
intervention in .the shape of 
North. Sea oil whoae temporary 
bounty is -open to whoever 
occupies No. 10, be it Mr. 
Callaghan, Mrs. Thatcher or even 
Mr.-SteeL 5- "/ 

No party has done more in 
four short years, to divide this 
country and to. reduce its 
standards in alnfost evexy direc- 
tion than has the. party of Which 
Mr. Hayward Is . General /Secre: 
tary. Previous Labour govern- 
ments by And large pave 
governed across toe -natibnal 
board. Not this one, and we hiye 
Mr. Joel Barnett’s word 1 for ft 
when he implied in. a recent 
broadcast that Labour governs 
for Labour only and that toe rest 
are also-rans. Though Labour 
may make it as difficult as they 
can for Mrs. Thatcher it is my 
guess that , she will' not desert 
Conservative . principles or 
standards, and that she would 
encourage the old virtues of 
thrift, honesty and hardwork in 
an? new administration. 

David R. Henderson,. 

Dunmore House , Fintry, 
Stirlingshire. 

Index-linked 

pensions 

% • 

From, the ttreoging Director, 
Harris Graham and Partners. 

Sir, — The continuing contro- 
versy concerning the indexation 
of civil servants' pensions, to 
which Mr. Gilley added his voice 
on March 7, is bedevilled by 
lack of suitable figures, an amaz- 
ing situation ter a subject of 
such an actuarial nature. 

The main figure being bandied 
about — the 1} per cent, of pay 
tn cover Indexation of civil ser- 
vants’ pensions — is, apparently, 
a net figure and reflects differ- 
ences in other areas apart from 
indexation. The - indexation 
element has not been identified 
as a separate item. 

Against this background it is 
surprising flat no referenc e 
seems to have been made in the 
Press Of tbe extremely interest- 
ing figures quoted in paragraph 
SO of tbe report by toe Govern- 
ment Actuary on toe draft of 
the Serial Security (Contribu- 
tions. Re-rating) (No; 2) Order 
1977 (Cmnd. 7036). 

This paragraph compares the 
Government Actuary’s estimates 
of toe co<i of providing a guaran- 
teed minimum pension through 
a funded pension plan for a 
contract -out employee (7 per 
cent per annum) with the corre- 
sponding cost for a self- 
employed person (12| per cent.). 
The main difference between 
these two situations is that in 
the former case the 7 per cent 
per. arm urn secures a fixed pen- 
sion (since the «ratracted-out 
member will, to fact, receive 
post - retirement . Indexation, 
financed through a State scheme 
os the guaranteed minimum pen- 
sion), whereas the 12f per. cent, 
per annum relates to' the cost 
of an inflation-proofed pension. 

Thus, on this basis, toe cost 
of indexation is . calculated as 
some 80 per cent, of the cost of 
providing toe main pension 
benefits. Taking the cost of toe 
benefits under a* typical private 
pension plan of. say, 18 per cent, 
of pay. the. cost of Indexation on 
the Government Actuary*® basis 
would seem to be around 14 per 
cent, of pay for such a plan. 

X. D. Eraiw. 

30. Oueen Anitas Gate, 

Westminster. , 


GENERAL 

Dr. David Owen, Foreign 
Secretary, meets Mr. Joshua 
Nkomo and Mr. Robert Mugabe, 
Rhodesian Patriotic Front 
leaders, in London. 

European Central Bankers begin 
two-day meeting In Basle. 

Negotiations resume on national 
engineering pay agreement. 

British Steel Corporation crafts- 
meat meet in Sheffield to consider 
agreement on closure of loss- 
making plants between BSC and 
Iron and Steel Trades Con- 
federation. 

New session of European 
Parliament opens, Strasbourg 
(until March 17). 


To-day’s Events 

Ttie Queen and Duke of 
Edinburg attend Commonwealth 
Day service in Westminster 
Abbey. 

Second in series of three Cantor 
Lectures on the theme The 
Creation Of Wealth is given hy 
Mr. R H. Grierson (General 
Electric Company), who speaks 
on **The Mirage of the State as 
Entrepreneur " at the Royal 
Society of Arts. John Adam 
Steet. W.C2. Sir Arthur Knignt, 
chairman, Courtaulds. presides. 

Manchester Chamber of Com- 
merce trade mission to Hungary 
begins (until March 17). 

Sir Peter Vanneck. Lord Mayor 
of London, and his Sheriffs attend 


Pewterers’ Company dinner* 
Goldsmiths’ Hall, E.C-2. ~~Z 

PARLIAMENTARY BUSINESS"-: 

House of Commons: Defence 
debate. Motion on tbe Fiduciary 
Note Issue (Extension of Period) 
Order. 

House of Lords: Suppression of 
Terrorism Bill, third reading;' 
Housing (Financial Provisions) 
(Scotland) Bill, second reading* 
Civi] Aviation Bill, committee.. 
OFFICIAL STATISTICS 
Retail sales (February, pro-’* 
visional). 

COMPANY RESULT 
Rolls-Royce Motor s (full year). 
COMPANY MEETINGS 
See Week’s Financial Diary on 
Page 30. 


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And we have a reputation for being one of the worlds 
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Securicor maintaining progress 


IN HOUSE returns for the fir*»l 
month* of (he current year at 
Securicor. indicate that progre-s 
has continued. Mr. Peter Smith, 
the chairman, says that there are 
grounds for optimism that pro--- 
porous growth will be maintained. 

, Five of the company's nine 
European subsidiaries are now 
consistently in prcitii. ho sa>s. 
Also improved trading is expected 
10 bring the French subsidiary 
into profit in 1977-TS. except for 
the new major branch at 
Courbevoie, Paris, which onl.\ be- 
gran trading on January 1. 

Negotiations to refinance 
Securicor's short-term European 
bank borrowings with a medium- 
term secured loan are at an 
advanced stage, reports Mr. 
Smith. 

Three recently-acquired 

businesses. Bedwas Bodyworks in 
South Wales, Richmond Hill 
Hotel and Chiswick Garage, the 
West London Ford main dealer, 
are all expected to contribute to 
profit in the current year, he says. 

-Taxable profit for the year to 
September 30. 1977. was up by 
32 per cent, at £4.5m. and turn- 
over was up 23 per cent, at 
£101 m. — as known. With fixed 
assets £7.5ni. up at £20.6m.. there 
was some reduction in net cash 
balances, but the Group stiff has 
adequate cash reserves for its 
continuing growth, the chairman 
comments. 

Securicor Parcels Service i.. 
currently the largest contributor 
to turnover, while Securicor 
Cleaning moved into trading 
profit during 1977. 

The J!47«-., a ci omits hy\e been 
delay ed. 


BOARD MEETINGS 


Tti-: fultoflns ™mpjn\s hare no: i re -1 
da:..* ci Bojrd nu-ciln^i io iti- Meek 
Eii-lni'!.-. Su-‘h ar_ 

In- Id lor >h-: purpose nr cuns.d,. rim dm. 
d-.-rid,. Orti i indication* arr no: j;al!> 
u-Ji.ilii.'r 'biidcnds cone. rxi-*»t .ire 


-.i-h.'.nt-r 'dividends cone. rxi-*»t re 
Ira* run.- or li-uia ann ih-.- tuMimon; 
shown 'oi- ar-.- has.s* mainly on !„si 


sho-.. - 

y-ar'j ::m- i:iijl 

TO -DAY 

Interims: It. Ur-az-.r. Dawnay Day 

S. r.iv .rt Pn»(»:.-iw. i. u, J0 ,./ s -. iKi-i.i,. 

Finals: !*»!• of Man Knierpnsis Rolia- 
Kiijii llolurs. 

FUTURE DATES 

Interims— 

BlUiBird LoOf-'iUTOJUT Mar. 17 

Rio*t<-h M« 'copolhao Prop.-rty . Apr. t 
S<.-vpd C» : Propenk-s .. . Mar. t4 

Souin- rn Malayan Tm Drcdslns 

B-re.id ... .ttar.Ir 

Traitor-1 Park Estates Mar. 13 

Finals— 

Bristol Stadium — _ Aar. !4 

Canwnsh: 'R.‘ ..... Mar. CO 

Cburch - Mar. 17 

Collins •tt'Utarm ... . Mar 16 

Guardian Royal Exchange Apr. 12 

MsMi*«>>ti.r Garages Mar. la 

Monitor: iKnmwfi Mills, Mar. 22 

Pear! ,\s?urince . jtor 29 

fHiorp- Jnd Fisher Mar i« 

tr.iiid Bi«cuir- Mar W 


changed its name to Spencer 
J axons. 

Since year-end new manage- 
ment has been introduced into 
Pinnacle Products in the L'.S.. 
which wilt in future trade a> 
Spencer America. This company 
has been relocated at Si. Louis. 
Missouri, and 33 per cent, of its 
.-.hares arc to be made available 
to its senior executives. 

Meeting. Dorking. Surrey, on 
April 3 at noon. 


Saga Holidays offer 
for sale at 105p 


by IDC 


il & 


sales grow 


Bntannic 
lifts bonus 


The Britannic Assurance Com- 
pany is iifnng its reversionary 
bonus for 1977 on Ordinary branch 
with-profit assurances to £4.40 per 
cem. of the sum assured from 
£4.20 per cent, in 1976. The bonus 
rate on with- profit annuities is 
improved to £5 per cent of the 
baric annuity from £4.50 per cent, 
previously. In addition, terminal 
bonuses will be paid on death 
or maturity claims on scales 
ransring from 10 per cent, to fifi 
per cent, for each year's premium 
paid before 1973. For deferred 
annuities the rate wili be 30 per 
cent, of the annuity including 
attaching bonuses. 

On industrial branch contracts, 
the rate is lifted to £3.60 per cent, 
of the sum assured fmm £3.50 
per cent. There will also be an 
additional bonus added on death 
or maturity provided not less than 
15 years’ premiums have been 
paid, so that total bonuses will 
be at least £52 per £100 sum 
assured. 


SALES FOR the first quarter of 
the current year at Neil and 
Spencer Holdings, show satK- 
f:i'-tor.i »>rogre«s anil following 
th ■ acquisition of Spencer Jaxons 
i he directors expert a consider- 
able increase for the full year. 

Provided margins can be main- 
tained and present economic con- 
ditions continue, the company 
will make good progress in 197$, 
Mr. .1. -1. Encx. the chairman, says 
ui his annua] statement. 

He also hopes for better per- 
formance overseas. Last year 
direct exports and sales by 
overseas subsidiaries totalled 
£5.14m. t£3.9Sra.) to again repre- 
sent 51 per cent, of group turn- 
over 

For the year to November 30. 
1977. s-.Ies advanced to £10m. 
t£7.7f»m.) and taxable earnings 
jumped to a record £716,921 
i £418.5371— as reported on 
March 7. The net dividend Is 
raised to lJ9965p tl.7S75p> per 
top share. 

Net liquid funds at year end 
were up £501,169 l £290,647 j with 
bank loans and overdrafts down 
at £32i*.SS4 (£647.3071. 

In December, the group, which 
makes machinery for the raundrv 
and dry •■.•leaning industries, 
acquired Baker Perkins Jasons, 
laundry machine maker, and ha.- 


SUBSTANTIAL losses have been 
incurred by IDC Group on a large 
project in the north wesL In- 
dustrial relations problems have 
resulted in considerable delays 
on the contract which should be 
completed by mid-137S. However, 
large provisions have been made 
in the 1976-77 accounts to ensure 
that the project will not be a 
drain on the group’s future 
financial resources. Mr. Howard 
Hicks, the chairman assure* mem- 
bers. 

The current year is progressing 
well for the company with 
enquiries at a high level and a 
satisfactory number of confirma- 
tions which he hopes will re suit 
in a substantial recovery towards 
p3-t levels of profiiabililv. 

Providing the improved 
economic situation holds, the 
future can be viewed with 
oprimism he says. 

For the year to ueioher 31. 
1977. on turnover iower at 
£21.73ni. (122.5mA taxable profit 
fell ro £426.959 t fl.02m.j— a.-i re- 
ported on February 1. The net 
dividend is raised to S.SSuln 
(S.3fil4p) per 20p share. 

Net liquid funds at year end 
were down £312.090 {up flOLOGOJ 
and the bank overdrafts stood 
lower at £1.65m. (£2.0Sm.). 

Mr. Hicks points out that the 
directors consider it would be 
wrong to change the company's 
accounting basis in rc‘p'.ct of its 
major activity, too design and 
construction of substantial 
projects. The proposals on 
accounting for long *erm con- 
tracts contained in SSAP number 
nine have, therefore, not been 
adopted. 

Activities abroad are continuing 
with further contracts secured in 
Holland. Belgium and the Middle 
East and Ihc directors bellv\e 
that these will become an ever 
increasing part of the group’s 
operations. 

Meeting. .Stratford-upon-Avon, 
on April 4 at 12.45 p.m. 


On Thursday the application 
Ii=.r opens for an olTer for ?ale 
by County Eank or 2.1m. 20p 
share- in Saga Holidays, the 
-pevijii-i off-sea -cm holiday tour 
operator. 

The olfir i> piK-hi-d a; 103p per 
-h3r>?. at which price the .-hare-' 
>iaed on 3 prospective p e ef <-) 
and yield of 9.74 per cent. 

'fhi- i< the fir- : offer for -'ale 
of a company coming to the mar- 
ker -inee last September ‘a hen 
South Crafty — the tin mining 
company — was floated off by saint 
Pi ran. 

Of the 2.1m. shares on oner. 
J. 525.000 shares are being -aid 
by existing family shareholders 
and 575.000 are new share.* 1 . After 
deducting the expenses of rho 
offer amounting to £230.000 a total 
of £373.750 will be raised for the 
company. 

Saga is unlike most tour 
operators in rba: it esters 
exclusively Tor people aged over 
60 and specialises in off-season 
holidays. 

The company was started by its 
p re-sent chairman Mr. Sidney 
de Haan. who devised it as a way 
of filling up his Folkestone Hotel 
during olT-se^on periods. By 1960 
Mr. do Haan’s hotel burine;-* was 
sold si that he could d?voie his 
rime to the fast growing travel 
operation. 

Though ii is one of the largest 
mur operators in the I'.K. i' does 
j large proportion of its bn-iner-i 
direct with its ‘-u^tonter- rather 
than through agent-. Approxi- 
mately 7ft per ceil!, of Us bo-iing? 
come direct Trout i-iyt enter-. 

1;- tv.nrkrting technique- :n*‘!ude 
adveriiring in the Fre-- and 
t'-uing brochure* but ad-ort >:n? 
v»-:- him never ante tin: .-d to 
more rh.m 3 opr cant, of turnover. 

I; rei:c« jo a larjp extent on 
contacts with clubs and organisa- 
tions as-o-giated with the elderlv, 
plus contact via the Saga Club. 
The club's newsletter hss a 
circulation of over 509.000. 

Since 1968 the company has 
developed into o'^rseas holidays 
and cruires. In 1973 UK. holiday 
turnover amounted to 72 ner cent, 
of the totM with oversea? account- 
ing fnr jus* 10 nor c?nt and 
cruises IS nep cent. In the year 
to June 1 n < i the U fv.'s pr^ooriion 
acpoun’eil for a third wi’h over- 
sen-5 rNing to 4" ner ccnL and 
cr"i-'es 2 ft ner cent. 

E-mansion at Sasa has been 
dramatic in recent venrs. Over the 
five years front June 1973 to June 
197 1 the number of holidavs taken 
has increased from Sft.fifiO to 
U'2.050. turno\er has risen from 
£1.-31 m. to £j3m. and pre-tax 


profits have increased from 
XS9.0DG to £1.316,000. 

Within that profit growth 
interest on deposit has played a 
significant part. In 1972-73 interest 
amounted to £24.000 and by 1976- 
1977 interest climbed to £633.000. 

In the half year to last Decem- 
ber turnover amounted to £S.9m. 
and pre-tax profits were £792.000. 

The directors are forecasting 
profits for the Cull year to next 
-rune of not less than £1.55m. On 
this basts they expect to pay a 
final dividend of 4.5p next 
November. Had the company 
been public £or a full year they 
would have paid a dividend of 
6.75p per share. On the basis of 
the above forecast the dividend 
cover is 2.19 times. 

The number of holidays taken 
with the group in the year to next 
June is expected to be 190,000. 
The year after the directors are 
expecting more than 250.000. 

The balance sheet dated last 
December 31 adjusted to show the 
effects of the issue show net 
tangible assets of £1.7Sm. How- 
ever this figure exdudes cash on 
deposit with local authorities 
amounting to £4-969ra. which 
covers advance bookings by 
customers. Saga has use of the 
customers money received for 
holidays For about four months 
on average. There is a total of 
£l.S5m. shown as. the company’s 
“own" cash. 


• comment 

Saga's recent record is certainly 
impressive and judging by the 
comments for prospects beyond 
the current year there is still 
plenty of room for growth. The 
company hs already talking in 
terms of an increase or at least 
a third in holidays taken in 1978- 
1979 and though profit* growth 
may not foHow suit it should 
continue to be impressive. Also 
as customers trade up— -and this 
is confirmed by the growing num- 
ber of overseas holidays— Saga's 
profits should improve if only by 
virtue of the higher interest 
received on deposits taken. Apart 
from the near £5m. it has from 
customers' deposits earning 
Interest, the company will have 
£2}m of its own cash aFter the 
offer. Any expansion of the holds 
will be limited and w-Hil be mainly 
Oaken up by tts own tours. So 
there is Littde fear of its increas- 
ing its vulnerability to any great 
extent on that count. Overall Saga 
seems a sound growth company, 
and with a p/e of 7.1 and yield 
of 9.7 per cent., there should be 
a good response to the offer. 

Offer for sale. Page 31 


FINANCIAL TIMES MONDAY MAhCH 13 1978 

• FRENCH INTERESTS 


Heavy going for U.K. companies 


FINANCIAL times reporter 


The outcome of the French 
elections will be of vital interest 
to a large number of U.K. com- 
panies. France Is the sixth 
largest area for investment by 
U.K. companies in the world, and 
the second biggest in Europe, 
after West Germany. Net assets 
attributable to the U.K. amounted 
to £460m. at the end of 1974, 
according to the census of over- 
seas assets. 

It is also one of the least profit- 
able areas for U.K. investment. 
The return on U.K--owoed net 
assets amounted to jusr S.8 per 
cent. In 1974, Jess than half the 
figure recorded in the Nether- 
lands, and. the position seems to 
have deteriorated considerably 
since then. 

In 1975. U.K. interests were in 
aggregate losing money in such 
diverse sectors as food, drink 
and tobacco, agriculture, con- 
struction and property. More 
recently, individual company 
reports have been almost 
uniformly gloomy about the per- 
formance of French subsidiaries, 
with price controls and a sluggish 
economy mainly to blame. 


Loss making 


In the oil business, for 
instance, BP has indicated that 
its French losses in 1977 could 
exceed Frs-lOOm. This was also 
Shell's most difficult market last 
year, along with Germany. 

Re-organisation and rationali- 
sation has been a common 
theme. In the foods industry, J. 
Lyons has been obliged to take 
"rigorous corrective action** in 
an attempt .to make an adequate 
return on its Reybler meat com- 
pany. Brooke Bond’s grocery 
operation, which has more often 
been in the red than not in 
recent years, has undergone a 
drastic re-organisation. 

Courtaulds shut down warp and 
weft knitting operations in 
France during 1976-77, and more 
recently announced that it was 
hoping to sell a loss making 
wool weaving and spinning com- 


pany. Hoover has slimmed down, 
its workforce in recent years, 
and so has G EC— the latter in 
response to the “ disarray of 
the French washing machine 
industry. . . 

Other examples in a seemingly 
endless list include Marley, which 
has merged its roof tile business 
with one of its main competitors 
after a period in which the 
French industry had been work- 
ing at less than SO per cent, of 
capacity. BeUway Holdings is 
closing its housebuilding opera- 
tions after seeing its overall 
profits in 1976-77 all but elemi- 
nated by losses in France of 
£L7m. 

All this marks a big change 
from the heady days of the early 
1970s, when the prospect of 
Common Market membership 
lured a stream of U.K. companies 
on to the continent for the first 
time Net direct investment in 
France by U.K. companies (ex- 
cluding oils) jumped from £ISm- 
in 1969 to a peak of £11 9m. in 
1973. 

This enthusiasm was not con- 
fined to the manufacturing sector. 
U.K. property developers were 
falling over themselves to get 
into France. They are still limp- 
ing sadly back: Intereuropean 
Property, for instance, bad bleak 
news Tor its shareholders earlier 
this year about the costs of its 
French venture. 

Some companies, of course, 
have a happier story to teQ. 
Although the Burton Group 
must regret the day it decided 
to cross the channel (it has con- 
sistently lost money in France) 
Marks and Spencer is pressing 
ahead with expansion in Paris 
even though losses at its Lyons 
store mean that its continental 
interests are still in the red. 
Maybe it is inspired by the 
example of Great Universal 
Stores, which has made good pro- 
gress in recent years, with its 
100,000 Chemises and Bnrberrys 
retail operations. 

‘ Other success stories include 
Sown tree Mackintosh with 


Chocolat Menier, or Reckitt and ' 
r piman which has been expand- 
ing in detergents and which now' 

generates an eighth of its profits' 
in the EEC excluding the U.K. ' 
But even here margins have 
been coming under pressure as 
a result of price controls, and ’ 
the same applies to BPB Indus- 
tries, which made a seventh of 
its overall profits, in France 
during - 1976-77. but saw a profits 
decline there of nearly two- 
fifths in the la'.est half-year 
period. 


Most successful 


Although Dunlop tost £2m. or 
more in France during the first 
half of 1377 — knocking its pre- 
tax total to £3L6m. two of the 
most consistently successful U.K, 
groups in France come from the 
motor components sector. This 
market has been e-'ctremely profit- 
able for Wilmot Breedon — it 
generated a return of over-. 36 
per cent, on Its total French 
funds in 1976 — and it forms a' 
major part of the company's 
overall business. Three-fifths of.' 
Wilmot’s profits came from the 
Continent in 1976, and the pro- 
portion may have been even 
higher last year. 1' 

On a much larger scale, Lucas' 
Industries has been expending, 
rapidly in France during recent- 
years. In January it announced' 
plans to increase its holding in 
Ducellier from 49 to 100 per cent. - 
at a cost of $26m. As a result, 
it will have a significant presence 
in the market for electrical com- 
ponents, as well as brakes and 
diesel injection equipment. Its 
sales in France now run at an 
annual rate of about E200m.. and 
it has approximately 15,000 
French employees. 

Currently working on plans, 
for further expansion of its 
diesel business, this is one group 
at least which does not appear 
to have been deterred by the 
current political and economic 
uncertainties in France. 


Greenfield Milletts expansion 


This Advertisement is issued in compliance with the requirements of the Council of 
The Stock Exchange 


GREENALL WHITLEY AND COMPANY LIMITED 


Capitalisation Issue of 4,845,125 8 per cent. 
Cumulative Preference Shares of £1 each 


The above securities have been admitted to the Official List and dealings 
in them wili beejin on 1 3th March 1 978. 

Particulars of the Preference Shares are contained on cards circulated 
by Extel Statistical Services Limited and copies may be obtained during 
normal business hours on any weekday (Saturdays and public holidays 
excepted) up to and including 28th March 1978 from:- 


KLEINW0RT, BENSON LIMITED, 

20 Fenchurch Street, London EC3P 3DB 


DENNIS MURPHY, CAMPBELL fr CO., 
Finsbury House. 

22 Blomfieid Street, 

London EC2M 7AS 


W. GREENWELL ft C0„ 
Bow Bells House, 
Bread Street. 

London EC4M 9EL 


HEILSON. HORNBY". CRICHTON 9 CO., 
P.0. Box 92. State House, 

11 Dale Street. 

Liverpool 169 200 


Strong £ may hit export 
profits at Abel Morrall 


During the current year the 
directors of Greenfield MWetts, 
the retail and wholesale leisure- 
wear group, have earmarked film, 
for further expansion and Mr. 
R. I. Greenfield, the chairman, 
says that with several new 
branches under negotiation and 
with ;ome existing ones to be 
considerably enlarged, titey plan 
to double the sdze of the company 
in the next five years. 

Members are told in his amnia] 
statement that growth is foreseen 
in the group's leisurewear and 
camping sector for years to come 
and the directors are making plans 


tion Service appearing in the 
Financial Times: — 

Cableform (Section: Electricals) 


Foreign & 
Colonial sees 


about SI 4m. and about $S.5m. of 
premium currency was sold for 
re-investment in the U.K. The 
result of these changes and the 
fall in dollar premium was that 
the premium content of the com-, 
patty's investment was cut from 1 
37p to 20p per share, Mr. Baring, 
says. 


accordingly. As part of this plan. 


THOUGH THE current year mu-t 
be •- ievvd vilh -j measure •>! 
caution Tor Abel Morrall, Mr. 
S. V Weber, the chairman, says 
he believes the company will 
produce satisfactory results. 

lie points out that the upwards 
revaluation of nerlina has 
reduced the profitability of the 
company's experts without pro- 
ducing a compensatory cut in raw 
material costs. These factors, 
which only influenced the results 
of the latter part of 1977. are 
likely to show their full effect 
this year. Exports last year were 
up fron £2.45m. to 13 12m. 



Rates of deposits 

of £1.000 

and upwards for \v/e 12.3.7S 

7-day Fund 

% p a- 

Tilon. 

5.frid 

Toe*. 

6. 'XU 

V.VJ. 

6.117 

Thur. 

6.068 

Frt./Sun. 

6.064 

::-M until Fund 


M’l.d. 

6. QUO 




cuncor 



SECURICOR GROUP LTD 
INCORPORATING 
SECURITY SERVICES LTD 
AND SECURICOR LTD 
(YEAR ENDED SEPT. 30. 1977) 


POINTS FROM THE CHAIRMAN'S REVIEW 


TAX: Securicor maintains a high level of investment in vehicles 3n-1 
equipment. For this reason, we have not fully provided for rax 
deferred because of major timing differences between taxation and 
depreciation allowances. 


Turnover 
£1 00.8m 


+ 23% 


FIXED ASSETS increased by £7.5m to £20.6m. This has been 
reflected in some reduction of net cash balances, but cash reserves 
are still adequate. 


FINANCE: We are negotiating a medium-term secured loan to 
refinance short-term European bank borrowings. 


Profit 


WAGES: Foffowing the Government announcement on oav and 
prices in July, we entered into pay negotiations wnich satisfied 
Government departments monitoring pay and prices. 


£4.5m +32% 


CRIME: in common with other operators, we -\perier.;ed an in- 
crease »n the frequency of criminal attacks on our cash escon 
operations. We are continually u c-grading technical rescur.-*^ . r 
vehicles, plant and equipment to mec-t the rieve'opsv: situation. 


Earnings per share 
14.9p +48% 


Dividends per share 
1.253p +m 


ACQUISITIONS: Bedwas Bodyworks, e v» r.icio rcidv b-i'tc-ng 
business with a modem facton, on a 3-acr-? s:;e a: Eodv.-ss. Scum 
W ales, was acquired rov-ards the end of :r* :ir.3;s: s : Scd.vas 

will build vehicle bodies for Secun'or's casn C3rr,n-. j and parc^ 
services, at the same rime coniirmir.g ani oev-'. , ’:pir.g '-j. so*. nslis- 
body building service for outside customers, i- x-*cec'ecl to ccr- 
tnbute to profits in t973. 7he Richmond Hill Hotel v. ss acau.red 
ro meet the accommodation and catering needs or Se ccr t, 
training activif, These do nor mnibi: the custom?-.- an:! r, 
ference trade which was alread-. r-.a-mg sjostartial prv'ifs, 
Chiswick Garage, the Wes: London Fo-.-* dealer ac-nnec! -n 
1976 made a substantial contribution io finance dr.-sion cr;-:“: 


SECURICOR SERVICES; The Securicor Pa'ceis Service 
further progress and is now marginally the larges: contributor to 
turnover. Securicor Cleaning has moved -nto pro;!:. The Aiari-.i 
Division has been reorganised in readiness ior oeveiopmer.ts in 
electronic surveillance. 


Assets per share 

85p +18% 


OVERSEAS: Control of Securicor’s Malawian business was sold 
to local interests for E580.000 cash payable in five 6-mon;h|v in- 
stalments- Of the nine subsidiary companies in Eurcoe. five are 
now consistently in profit. 


For a copy of the Report and 
Chairman's Review, write to the 
Secretan/. Securicor Group Lid.. 
Vtgiian t House. 24 GUlingham S treer. 
London SWfV 'HZ. 


PROMOTIONS: Since 1974. there have been 27 promo tic ns 
from ivithm Securicor to board level irj group companies. 


PROSPECTS: fn-house returns for the first months of 
the current year indicate that progress has continued, i 
feel there are grounds for optimism that prosperous 
growth will be maintained. 


il 


Peter Smith 
Chairman 



Taxable profit for 1977 improved 
to £709.736 (£1174.231) on sales 
ahead from £3.71 m. id £7-34m. — as 
repo-ted on March 7. The net 
dividend is raised to 2.4JPp 
<2 lecpi. 

Net liquid funds, represented 
by short-term borrowings, were 
down £688,157 (up £42.691) at 
year end and bank overdrafts 
were higher at fil.3m. (£860.684). 

A record amount of £476,864 
was invested in plant during the 
year to provide expansion and 
improvement in productivity, the 
ciiairman says. At year end 
contracts for future capita] spend- 
ing amounted to £35 395 (£41.833) 
and Further £147.200 (£162 000) 
had been authorised but not 
contracted. 

A new subsidiary Abelcraft, 
established to make and distribute 
a range of nroducts for (he handi- 
craft market, got under way 
during the year and is expected 
to show satisfactory results by 
the end of 1978. 

British Needle Company in- 
creased sales and profit 3nd made 
eood progress in the development 
of iL- organisation and technology. 
Because of a lack of space here 
and at Abel .Morrall additional 
premise- have been leased to 
provide for medium term growth 
and development. 

Aero Display Fittings achieved 
an advance and an extension to 
its premises is expected to be 
complete by the end of March 
early April. 

Meeting. Redditeh. on April 4 
at 3 p.m. 


boih the rerail and wholesale 
divisions have each doubled their 
warehouse capacities, one In 
Feliham and the other at 
Brentford. 

Mr. Greenfield feels that pros- 
pects are excellent and explains 
that as more leisure time, becomes 
available to tire general public. 
so the demand for the group’s 
leisurewear and camping goods 
becomes greater. 

He is optimistic that the cur- 
rent year will see another 12 
months of good progress. 

As reported on March 8, pre- 
tax profit expanded from £745.723 
to a record £954,S60 for the year 
to October 31, 1977, on turnover 
of £10.33m. (£7.72m.). The divi- 
dend total is lifted to 1.75p 
n.09725p) neL on capital increased 
hv ih<? May. 1977 rights issue. 

The chairman states that the 
retail di’ision bad an extremely 
successful year and all 50 
branches, including the nine new 
ones, are trading satisfactorily. 
The group has extended its range 
of tents and camping equipment, 
and has further widened its range 
of leisurewear, which includes 
anoraks, jeans, leather jackets, 
duffle coats, hiking boots and pro- 
tective clothing. 

Meeting. Abcrcorn Rooms, E.C.. 
April 4 at noon. 


revenue nse . . . 

THE PRESENT intention of the k 5J-< W IC31 
directors at Foreign and Colonial circfowc 

Investment Trust Company is to DcW MvUlj 
maintain and. at some stage, to p A m 

increase the company's stake in fnr 
the U.S. Despite the slowdown in wpuvuo 

economic recovery there invest- « v Lewis 
ments that are intrinsically cheap K *' tn _ . . ... 

can be found and American ex- The Stock Exchange is shortly 
ports are now very competitive, to carry out a ser' e -j of dummy 
Mr. H. C. Baring, the chairman runs to test the dealing and 
tells members. settlement systems of the 

A more cautious attitude has Proposed new London market in, 
been adopted towards Japanese traded options, 
investments since corporate levels The teste, which am, a 
are likely to be lower because of prelude to this market becoming 
consumer resistance and a slow- fully operational early next 
down in exports resulting from month, wfll be held in the hours 
the strength of the yen. after the Stock Exchange officially 

During 1977 some £L7Sm. was closes at 3-30 pan. and are 
taken out of equities In Japan, scheduled to start within the 
Half of this was invested in yen two to three weeks. - 
bonds and half retained on de- . Mr. Dundas Hamilton, head of 
posit pending reinvestment. the Options Committee and a 
The chairman expects a fnr- former deputy chairman of the 
ther increase in the company’s Stock Exchange, said yesterday 
revenue in the current year but that the purpose of the trials was 
he ' points out that it will be to highlight m advance “ the in- 
1979-80 before any income will evitable teething problems of any 
be received from London and n ®w system.” He denied that there 
Scottish Marine Oil, now the been any delay in getting 
company’s largest in v es tm ent. the options market under way, - 
An analysis of total net group hut emphasised that it was in. 
assets at - the end of last year everyone’s interests to develop an 
shows in percentages: UJC 5LS effective market before trading 
(36.7); UJ5. Z« (32J); Far East began, and not afterwards. 

135 (1923); Europe -L3 (5.3); Mr. Dundas Hamilton said that 
Africa 1A (L8); Australia 1.3 there was no reason to suspect : 
(L9); Canada 1.6 (same); and that the original target of early 
Brazil- 1 (1.3). - April would be missed, (bough 

Tlse net effect of changes in the Committee has throughout 
foreign . loans during .the year not given a specific date for the. . 
Mas to increase overseas loans by opening of the options market. 


FT Share 
information 


The following security 


FINANCE FOR INDUSTRY TERM DEPOSITS 


Deposits of £1.000-£25.000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Bates for deposits 
received not later than 17.3.78. 


Terms (years) 34 56789 10 

Interest % 9i 10 10i 103 11 Hi 111 113 

Rates for larger amounts Dn request. Deposits to and further 


mformatinn from The Chief Cashier. Finance for Industry 
Limited. 91 Waterloo Road. London RE1 SXP (01-928 7S22. 
Ext. 1771. Cheques payable to Bank of England, a/c FFl.” 
FF1 is the holding company for ICFC and FC1. 


LOCAL AUTHORITY 

BOND 

TABLE 


Annual 




Authority 

gross 

Znterest Minimum Life of | 

5 (telephone number in 

interest payable 

sum 

bond 

- parentheses) 


— 


. ■ 

' 

% 


£ 

Year 

Barnsley Metro. (0226 203232) 

9* 

4-year 

250 

4-7 

Kiridees (0484 22133) 

10 

4-year 

500 ' 

4-6 

Poole (02013 5151) 


4-year 

500 

4 

Poole (02013 5151) 

n 

4-year 

500 

5-7 

Reading (0734 592337) 

10 

4-year 

1.000 

5-7 

R db ridge (01478 3020) 

10 

4-year 

200 

5-7 

Southend (0702 49451) 

94 

4 -year 

250' 

3 

Thurrock (0375 5122) 

10 

4-year 

300 

4 

Thurrock (0375 5’ 22) 

10* 

4-year 

300 


Wrekin (0952 505051) ........... 

8 

Fyear 

500 

2 

Wrekin (0952 505051) 

10 

yearly 

1.000 

4 


Following the merger of Loeb Rhoades & Co. Inc, and Homblower, Weeks, 
Noyes & Trask Incorporated, Loeb Rhoades International Limited 
is pleased to announce that it has changed its name to 


Loeb Rhoades, Homblower International 

Limited 


55 Grosvenor Street, 
London Wi.X 9DB. 


Telephone: 01 -491 4482 Telex; 25432 LRINT 
Trading: 01 -491 3381 Trading: 299401 LOBINT 


New Issues * Underwriting * Corporate and Project Finance • Loan Syndication 
Mergersand Acquisitions • Portfolio Management * Secondary.Market Activities. 




\^ A .ii 


a—- 1 "' Aw-.-. 


ti 

fl 

sj 


s ... 

y ■ 

r u'. 

yv 

iir 

it 

a- : 

n 

S. : : 


b” 

rs ; 

:e 

ie 

: 

\& 

IP 

Ti- 
er 1 

to: ■ 

ml 

& 









• - 1 




XAKCH IS IJ7S 



For the convenience of reidtra the dates ‘when; Bo»e of the 
w*re. important company dividend statements may be expected in 
2* "«* few- reeks are given in tlve following-table. The dates 
a, £ year’s announcements, except where the 

Board meetings (indicated thus?) have been officiallv 
puoushed. lt raould be emphasised that the dividend® to be 
]!v n ? t nec ®«fiariferl «5 at the amounts or rates per cent 
!S?* lnthe coiuma headed “Announcement last year." Preliminary 
profit figures usually accompany final dividend announcements: 




?\par.sip 


Anmanae- 
meailut 
rear 

Fin«i a. or 

i«*. «w 
Final ana 

Int. 0,735 

final 6.77rt 

TOtallJMM 

Final Up 

Finale One 
Final 113 
Final axiKZ 
in. &.arra 

Final 2.15 '- 

Final doe 
Final LBfffi 
Final. 5 J 
Final «s. . . 

nnal 12.U4 
tot.-o.7KSS- 

nwJ u 

Final- MRS 

Ftajal 2.08*75 

final 4.707 ‘ 

mnal U 
Final M , . 
Final 1553 

Fhtal 1J37V . 
Final 3 
Final 4 .Wtt 
Final IPS 
Final 2.673 
tot. 1.753 

Pinal x* 

Final Z.T3S 
Final is 
Final 4.7 
Final 5 
Final 2 j*0t1 

Final 3. mi 

Flnci-CM cants 

Final 4 sis 
Final 1.15125 
Final 3.12 
Pinal 4375 
Final i 

Final 52515- 
FTttai 2278 


Ceramic- Jffnr. 2 S Pinal 1.1254 
■ Ann or 

.. Fraser.. .Mar. M Ptoal 2.75942 

•Kfehwon 

Benaoo.. .Mar. 14 Final 3.1788 . 

Ladbrokr Mar. Zz Final 4 forecaat 

n Lalns rJ.i Apr. >5 Final 2 .*7375 


Pare 

AmaL M*t*j .. Max. n 
•Awffo-AnKtican 

Coma. SA.. Aet.to 

API war. ii 

'AnwroM 

„ Etmto-.-Uar. 21 

AF Centant Mar. a 

Babcock and 

Bulk 

Ireland— M*y 8 
■Bartow Rand 

u Oroop .JUar. 16 
•BeH tArttwr) ..Mar. 35 

—Apr. M 

gf W- Ape. St 

Blarkwnwi 

a« dso..Aw. a 

■Soolur 

McCoonea Mar. 20 

Bcwrins CCT».>...Mar. 24 
-Opwatrr Apr. « 

ffi, - — **• 5 

. . Fetra)mn..J<ar.U 
•Brooke Bond ...Mar. 14 
Brook* WatjMn.-Apr. 25 

BSC m .Apr. 35 

- Cadbury 

flcbwmpea.. Mar. » 

■Cw . lads AW. 4 

'■ Cesnent 

BoadMow. Jf*r - 10 
OK"* Diaoumx Apr. 20 
Collins iWm.l Uts. u 
Combined Eng. - 

. Storen^anr. 31 
Coral Leisure ..Mar. 31 

Carres ~Af>r. 20 

WM3 ..Apr. IS 

Deha . Ural .Apr. » 

•Dncnle Stents ..Mar. 14 

Dortop -Apr. 31 

C«*te Star Ins.. Apr JO 

Snubs Stum ..Apr. is 

k EDITH Apr. T7 

“f alrclouBti Cns. Mar. 14 
Fo«eco Mtooep . Apr. 27 
Freemans iLond. 

S.W.«i..Msr. W 
■Gin. Mining 
. and Ptainee.. Jfar. 14 
Gcireid ad 
Wat. DlacoanC-Apr. a 

Gibbs (A.) Apr-13 

GUI .and Dnffon..Apr. a 

■Glyimd Apr. 12 

•GrtncSays -Mar . 14 

■GPOnBan KorP 

Exchange: . Apr. a 
•Hall Cng ng. ..MAT. 17 


aimminrw 
. Date znen)axt 
year 

x*v Lvut Mar. a Final 1317 

Lead tods Apr. W Final 3.2a 

, Legal and Gcol- 

Assce... Jiar. 30 Final 3.248 
•Urerpool 

DxUy FPSL.Mar. 2 * Final 4.0K 
London BrtcS .Mar. 31 nail L737S 
•Low and - ■' 

Btsw. Mar a Final W 

•look ia» Mar » lot s.m 

Unto wd 

Spencer.. .Apr. M Pinal 2.48 
Merchants 

mm...Mar.i 4 -F}A*j Ml 

Mottoy - Aoc. » • 

Mlltrt judge Anr. 2 t Fftul L419 

i Morgan 

Crocfide- Apr. 13 tehklfff 
•Pearl Anec. ..May.» Flaal 7:41771 
Peinon 

LodgxnaP.'.Apr: 20 ‘Ste- tot- 0-gli 
Ptafsoo (SO -Apr. 28 5ec. teL 4.IM36 
- "Prudential - 

Assre...Mar. 3*.’ FW*. S 
Fre tiUdsfc) -Mar 28- WBM3.0- - • 

Rrckkt w 29 Final SUE 

RctekwaiTTlSlikS MPiV"* 

TUffle-Rdyes 

Motors.. Mar. 13 
*w» -Apr. 20 

‘ 'Bngby Parti and 

Co-mem.. Apr. 14 

' Scbnxins .......Mar. 30 

■ScoUab Met 

Pnw . Apr. a 

Sear* -.Apr. 28- 

. senior ensng. ..Aw. u 
•Slme Darby —..Mar. 16 
Simon Erct's .... Apr-73 __ 

Skwab Estates.. MaT. 30 ■•.Flu** 

•Salft and - . ; : 

Nephew-Mar 16 Wn»l 1A«7 
SpOlws Apr- 27. 

-Stone Platt — Mar 30 -gSjJ/HL 

Tarmac .Aw. 21 £}nai 5^8 

Tele. Rentals -Apr. 27 Ejji 5-S^, 
Totef Kemlsry. Apr.2S 

Tuans rThMk)..Mar.l7: no " 

Tricentrol .........Apr. 18 

Trtplrreyt — Mar. 31 

■Tube Ittv Mar. 23 

IlnHOd BtactUtX-Mar. 14 

Vldmr* • Apr. 25 

“Walter (JaB> ... 

Golds.. -Mar 15 
■Weir Group — Mar. 21 
■WlUts Faber -Mar. 38 
WOmot- 

Brredon..A 8 r. . 1 *. 

Wbnpey (Qn.t.Apr. 5 

■“w° i,ele 1 Hn*J**a.Mar. ^ iojs 

"•““cmt.*,.. 

* Board meettag* Udmatod. .• t 
tame *inee mads, s Tax fnf*-. i Scdp 
lane since made rrom.'num*. 


FttalM 
Fiaaj NU 

FTflai-llte 

FtuL'7jM25 

ib£.fc9. 

Ftaal SJi 
Fto,»M30fenL 
tat. J.l 
Pinal 455*3 


: . Final 8.4875 

p£3»-mS? 

FmxLl.OfM 

FmslJMK 

int: i 
anal 308 
FinM> 

Frnjfl‘L73ew 
Final 0.6856$ 


Public Works Loan Board rates 


Effective from March 4 - -■ ■’ 

0as*« leans repaid NimhU MM S/C repaM 


Year* 

Vff to 5 

Dy «ar S, up to 10 
Over 10, up to 15 
lh«r 15. up to 25 
Ihcr 25 


hymn 

■dT 


tv'CRt 

ii 

58 

12 * 

«# 


at 

mitarity 

m 

55* 


53 


by Cm 
10* 
1 H 
III 
12 * 
12|. 


byERX: 
1« .. 
- 11* 
w 

■ 12f 

■■m 


» 

'■wttntcy 

Ml* 

:S 

SI 


b! : • 

• i ; \S 


* Non-ouota loans B arc 1 per cent hygher in 'each case than' non- 
quota loans A. t Equal instalments of principal, t Equal repayments. 


RECENT ISSUES 


EQUITIES 


fcsto 


' Wl* 


• "'“"■‘Ti- T T'sf 


— i — • — I — 1 —'.! 


mi 


• i — 





FIXED INTEREST STOCKS 


II 


!i| 

.dl 


^I~|s^hjIow 


1 *. . 

Stock 




F.P. 
r.p. 
K.P. 
F.P. 
K.P. 

r.p. 

F.P. 
£10 
an 
. F-P. 
HIM F.P. 
teucso 

- I F.P. 
iB £26 


£1 


»»* 

» 8 >: 

iuu 

too 


- 20 i 2 

124/8 

\ilfl 

I 3iS 


140 i 
IOGpj 

.109r 

V7i« 

Wl 


34/5J 10610. 
I bWU 
1 «V 
104 


(2Bf7 

120/4 

t — 


r£ 


•*<- 

1004 

60*6 

[Or 

W 5* 


M 04 

loot* 

10U 

12 

103 

886 


132 lAateoMted 8eo*. $% Cne. Cam..Pr*L. M ...-!i>A4 | + 1 

lOlpSeUey* of Torkthlre Wg Cam. Pref ...! lOOm .. 

»*ep[C«rtrwr»v llg Gum.' — - — 1064pi 

BTlilCWoorpOltaaFta l«Sui£0pt- UB4...J 97 ' 7 ) « 
•*. “ 88**1 .. 


Qiwmpwi Be*. 10J , 

lEonalngttaj A CbnUea U£K 8M7 - <101 , ... 

Letewter Variable 1868 IlOO I _ 

t>(ia*Sw*x Wntdr T% Bed. Ptf. 1985 121*1+1 

beaten m 10i*% Pty. Cot. Ux. UUJfc... 104 


— [SbeU latL Fin. ... 
981* fTamtaide VeriabU 
_*Ti 0 - - 


EoU» 19BO)»86is ., 

i — looi* - 

. ! no. unM-BA —J sou; . 

lnSwWbltrtuwre lO.) llg Cnm. Pref J l04p. + 

SGI* [York Water HgDeb. 1886 — | Z5l«L .. 


-‘RIGHTS” OFFERS 


3>rv 

r t i ; *• 




Wd 

C Oi 

ill 

Umr 

Hurtnnrt. . 

1B77j6 




•. 1 

Htefc 

| Low 


- 11 jl-. 



13|A 4f4 
flij lOf* 





>.‘5 

nil 

P.»'. 

6 pm 

7fl 

t' 

Dpuj 

ti- B. Indmtrtal*..^ 

Op®! 

HO ( 

l./a F.P. 

24/£ ID'S 
3/fl 31/3 

198 

ISO . 

Comm- hank m Amo-aila— 

198 1^5 
22 |-1S* 

. 




36 







24 1 

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347 ' 

34J 


345 !-rI 

j 

' nil 
f.P. 

27/3}-- 7/4j 

35pcn 

•f* 

ftdpni 
. ii* 

111 Ihotv 

Neill (J**-) — 

25pm 

• 86 | ..... 

! 

ml 


16pm 

14pm 

Watsungh*- — 

1 5pm, — .. 


KetMKUOea d«M anally tax day for deanna vren of xam* d«y. P FUrere * 
ca on nroapectm esumaw. a a— nw«*o omdend and mxM. r Ponrcaw ntTuena: 
er bared on nrevioua yrarta eandnua- - Dividrod and- mold -bared oe praspeetu* 
plbrr-offlnal etunatoa tar 187*. o Cron. T W gnrea aanaod. > Cover allow* 
w B r a il M Of share* sot now ranking for dividend of tanking only for c**iww 
dendo. • Piacmg prlo* to tmbtlc. pt Fenea mdeu otherwise tadlcaied. I if»w* 
lender, fl uifcrad to bolder* of Ordinary shares as a. “ rtglita.- *” Rum* 
way at cmpnaUutlOS. tt KM— tender nrto*. if Reintrod u ce d- fl bamed 
nnneeOon with reoisahtecfea (berser or t a keo v er. BB Tnxreducdoa. QJ iswed 
nrmer Pref Ore aeo Holders. ■ Allotment Mrer* <W rony-oard). • Ptovtawaal 
partly -paid allotment tetter*, -k Wtth warrant*. 4 Quoted price aaWect to 
emium for ILK. reakteme. 


BASE LENDING RATES 


, 1 v it 

2 • 1 ■ 


: 1 " 1 


A.B.N. Bonk 

Allied Irish Banks Ltd. e*% 
American Express Bk. 6*% 

Amro Bank 6j*3> 

A P Bank Ltd. 6i^ 

Henry Ansbacber -6*% 

Banco de Bilbao 6*% 

Bank of Credit te Cmee. 

Bank of Cyprus 

Bank of WAW. 6*% 

Banqne Belpe Ltd. . Q\% 
Banque du Rhone- ...« 7 

Barclays Bank — 6*% 

Barnett Christie Ltd — 
Bremar Holdings Ltd, 7*% 
Brit. Bank of HkL East 64% 

Brown Shipley 6*% 

Canada Permanent AFI 6*% 
Capitol C & C Fin- Ltd. 9 % 

Cayzer Ltd 7 % 

Cedar Holdings 8 ®& 

Charterhouse JapheL.. 6»95 

ChPUlartons 

C. E. Coates 7J% 

Consolidated Credit®... «W6 

Cooperative Bank 6*% 

Corinthian Secuiitiss... 6*% 
r.redit Lyonnais ......... 6}% 

The Cyprus Popular Bk. 6* % 

Flancan Lawric Z W*Sj 

E-agil TniRt S*®o 

Pnslish Transrnnt • K % 

First London Secs 63°Si 

First Nat Fin. Corpn. S**?> 
First Nat. Secs. Ltd. ... 8 

toiony Gibbs 

"reyhound Guaranty... - A* 4 ?! 

trindlays Bank 5..t fi*% 

Guinness Mahon 

lamhras Bank 5*% 


■ Hill' Samuel * 6} 96 

C. Hoare & Co t 6*% 

Julian S. Hodge 7f% 

Hongkong' & Shanghai ‘61% 
industrial Bk. of Scot 61% 

Keyser UBmxsn 6*% 

Know sic y & Co. Ltd. ... 9 % 

Lloyds Bask 6*% 

London & European ... 5 % 

London Mercantile 65% 

Midland Bank .... i fi*% 

■ Samuel Montagu. 6i% 

■ Morgan Grenfell ...... 6*°S 

■ National Westmanster 6*% 
Norwich General Trust - 6 

. P. S. Ref son & Co. ... 6*% 
Rossmlnster Accept’cs 0i% 
Royal Bk. Canada Trust 6*% 
Schlesinger Limited ... 6|% 

E. sTsSwab SJ*5 

Security Trust Co* Ltd. 74% 

Shexdey Trust 91% 

Standard Chartered ... 61% 

Trade Dev. Bank 6?% 

Trustee Savings Bank 
Twentieth Century Bk. 7J% 
United Bank of Kuwait Bl% 
Whi teaway Laitflaw ... 7 % 

Williams * Glyn’s ' 6*% 

Yorkshire Bank ......... 61% 

■ Mouse* Of OS ACMPtiW Smw 
C omnunre. 

“ 7-dv dewmtg at;. i-uMMh 

w.. 

t 7-d*y deD0*i(5 o want at £18.608 
*M Bbder 34. m. To £25.000 3lt» 
)M over SBJOO 4JS. 

3 ' Call dtptab over ' 0.008 M. 

f Ttomud <3flyo4ftf 4**. 

t tin stes *89be* <» SterUnc TnO. 
Sees. . ■ 


INTERNATIONAL COMPANY NEWS 


Setback at East Asiatic 


MINING NOTEBOOK 

hits the road 


29 



BY HILARY BARNES 


COPENHAGEN. March 12. 


to production 


BY LODESTAR 


THE EAST ASIATIC Company, influenced by a Kr.40m, increase group, consists of 183 companies 
the Danish based trading and In- in financing costs, which rose to of which 156 are domiciled out- 
dustriaj group, announced, a Ki\370m-, and net extraordinary side -Denmark, 
decline in group pre-tax profits expenditure of Kr.45m. compared The Board proposed, an in- 

from Kj,4S4m. to Kr.337m. with a net extraordinary income crease in share capital from 

f860m.) although sales rose from of.Kr.33m. in J976. This item in-Kr.aOOm. to Kr.7S5m. with a, 

oIuK bn 'JP. K { 23 ’ lbn - iS ^ l i nX J 977 included forei » exchange Kr.USm. one-for-four rights issue ONE HOT and dusty day early Which brings us back t« the Setectiim Trurt at 3 fiftp have' 

Prlfito after taxes were down losses. at 105 per cent., a Kr.125m. Iast month a truck left the question of .on irwi at awp nai* 

from kr.269.3m. * - — 

(329.1m.). 
mended i 

cent dividend. r ^ 

The decline in net profits was tions in exchange rates. The of last year was Kr.l.5bn ” ”"*** I a major new producer. Nickel plant in Louisiana for re- has plenty of other things goinw 

The load of ore it carried was fining. $0 the big American com- for it in the meantime and the 

bound for treatment at Western pany is shouldering the burden buying hell could be sounding 
v . 11*1 Mining's Kambalda concentrator, of finding a market for it which no a sain, if only softlv. The nine- 

Intercom nnlri^ This is being used prior to the doubt suits the Selection Trust- month results arc due this month. 

* u v * m/AUJ [commissioning of Agnew's own MR1 Holdings partnership " 



Gro wth at Bertelsmann 


KY DARRH4 DELAHAiDE 


GUETERSLOH, March 30. 


dividend 


BERTELSMANN AG, the Ger- the company's S20tn. issue on 
man publishing giant, reports the international capital market.. f W , TT1 
a -19.9 per cenL gain iri -turnover would be used lo finance the inrerw 
to DM2Bfi5bn. ($l:4bn.) for the Bantam acquisition, 
year- ended June 30, 1977. Profits The projected growth for this 
kept pace aud rose 2L8 per-cent, year would mean that Bertels- 
to DMSTm. ($33m.L- ttiano. which faas mtereste In book 

Management- Board- member & U u b h 1 j sbi ^ nH ^ k a n^ d m^n? 

Hermann Hoffmann. told a Press SSSiiiiiSo 2f.? i.fS? i E ^ 

rnnforon^ in tfao P“0 IShmg. WlU have J 


fine. They should be good. 

plant in a few weeks. The materia) Pull details of the Amax con- ' 1 

comes. from development work in tract are not known but it may . 

the decline which has passed be assumed in view of .the close Tanfalisill? ■ * 

through the orebody. relationship between ST and the , ^ 

Mining as such is not expected UJS. concern that if marketing ramaiue is one of me mlnwals 

•uj ibi r ucsuiLt an 10 start until around the end of problems did arise some mutually l " at 18 no ' bemc sucked down-far 

in capital last vear of the year. But it is reckoned that beneficial compromise would be J he present rneiaj market malaise. 

■ of a fifth The Wann in the period from raid-197fi to worked out to stop any embarrass- lM . ]t « «" strong demand; 
tn, ne group some 2 m t0DIJCfi of ingly high stocks build-up at Port "' 1, h nrice firmly on the tip> 

nickel contained in concentrates Nlrkcl. erade^ This explains why Ausra- 


Ftoancial Times Reporter 

is to maintain 
dividend for 1977 despite 
Increase 


the- order 01 a fifth. The group . . 
is the- largest company in the “Jil'i? 79 ®°^ De 

W could be produced" tUUl ^ ULi "" t0 The Amax deal 10 take up 10 ha’s Grcenbushes Tin is keen ib 
Dividends for 1977 are to be « sS isteri Droiect 15.000 tonnes per annum for 10 cet hold of Voltan — 

*e Fears is not due ,0 start until neighbouring Up- 


held .at B.Frs.I42 a share on 


■MineraW: 
lantalite leaves 


™«rea» ti.t turnover .In the hf',u™ U o«r7 n "“viSS ! B.F^ ™ ££w",fiSn " tal t iered which i. »„rk« under . iicedee 

ssswfflEarsa scjsssl- ar - w — — - — commmi3 ' ■ 

esa 18 a resu " 

-SSi- -S-Si-Egy 


cenL and Australia's MTM Hold- 
ings with 40 per cent, gives an 


production, .which that runs out in June, 
effectively mean* in 107P. By the It is reported from Perth That’" 


Hoffmann announced that the past few years. 


t of 1977 si i/onjc twist to the Western ." e11 Grepnbuihes i« bidding *A2SO.OW1' 

No figures j Australian nickel scene. Ir is be- **p a . n ‘ *,Sf fE,B6 000j phw a three-year: 

ginning to come on stream when JiJJf mi,5 r ff s 1 L p C, od,lcer ' f * pt ’ OT, to vubscnhc for up it*' 

production cuts and mine closures JJl 1 630.000 Green hushes 50-cent 
there are the order of the day in ° JjWte '» ‘ shares at par. The Vultan Board 

tt0r, d producuon capacity has accented the offer but it : K 

consent.' 

are announced by GlacerieS de and a price which is now down n JSrLir ™L,,m nnt°hLra h^ders arc In be faced with a dity 

Sl-Roch. one of the largest glass to about 5US2 a pound. ^ info Wndarea fn faeT Se of dec,,lon - 

makers in Belgium. Western Mining itself has re- oi1 g TOU p> g Australian rep resen Ta- But this time ihe tuo comnanies 

Net profits for 1977 are duced output. Windarra. which tive has P said that it w£TaWare hare a common Board and Greeh- 
reported at B.Frs.466m. (some fathered the great Poseidon boom, of lhe Mlte depression bushes is reckoned to hold .some 

S14m.l compared to BJrs.lSfim., Jf be 'P g „ clcse f l western Mining vhcn the deaI VTis dono bot 45 per cent, of the Vultan equity, 
and the dividend is 10 go up from *•** Shell as its partner in this long-term view was taken that thp rest is held in trie 

B.Frs.50 a share lo B.Frs.250. * AnacoDda i.« sduitjing lhe Windarra would eventually be a In such circumsiarices Green- 

★ Rednoss mine, unlike Windarra. “profitable and successful ven- hi'^hcs should surclv not use Its 


cent, share In Bantam Books of this he aak^thi* *»rnwth ■ week Intereom S^SortlS cuu awl mine dowes l h * mea J ns soln,! Greenhushcs sn-cehf 

the U.S. acquired. last year.. lifSifTif l proposed its second rights issue Sere are the orter of the dw in of " h i ,e 'P due course shares at par ^ Vultan ; 

■ ■ bt - at °” ,y half 1115 rate 01 ! in over 12 months. th« latest “m„IS Z uS m«.l Shtoh S S“ ^ J!* has scr "^’' > 1 ' 1 - " ff “ r »m 

funding to rais? some 5190m. plagued by poor demand, a re- l ° meel mcreas * subject to shareholders' cm 

. .Increased profits and dividend sultant build-up of world slocks s*«»ii «,.«» a i«« <ks^i- -« Ro yet again Yulian's he lea g 

Tnyssen-Bornemisza downturn 

BY CHARLES BATCHELOR .AMSTERDAM, March 12. 

THYSSEN - BORNEMISZA. the pared with Fls.2.6bn The.se 
large international industrial results reflect lower profit mar- 
holding company with headquar- gins in a number of sectors and 
tens in Monaco, reported an 8 currency fluctuations the com- 
per cent decline in its 1977 net pany said in the statement from i 
profit on turnover 19 per cent 
higher. The company, which has 
widespread interests in Holland, 

West Germany and the U.S., 
nevertheless described the. result 

as satisfactory; .of the concern's operations, were 

Net profit fell to Fls.lllJm. •‘excellent." But net profit was 



m raara ss zS&Ts? 

> an unchanged 10 oer cent, divi-lment of its nrp from ihp Xnnh i— r». -n rum i. i eases. . nd _ 

i 


ablation of the- 
Grccnhusli^s 
indication ,pt : 



Money and Exchanges 


,n . pr ^ nt . ci I cum - is more stimulating if a new seeker Rcvnolds Divprsifim4 _ roiCJ 
1 V?°' vin " ‘ Se,ect ion Trust, mine comes oft stream in a boom poration of which the present^ 
however, it can be assumed that time for the particular rnetaL But Vultan Board profess to have- 
this move would not have been disillusion can then follow, “lit lie • knowledge"! Vultan'^ 
made without some assurance AgueWs debut could be more London prire is llH-12p Greetv- 
that worthwhile sales outlets will appropriately timed in the long hushes stand in Australia ^t- 
t»e available. run. • around par. . .. 


Bank of England Minimum of Switzerland, showed signs of the yen which began on Wednes- 

Lending Rate of 6} per cent, baring the desired effect last day. . . 

(since January C r 1978) - week, and coupled with fears Any ideas that there was room| INSURANCE 

Fixed period interest rates, ab °ut the possible introduction of for a further appreciation of the 

having showed signs of coming sunfiw restrictions on the move- yen was quickly challenged by the 

off the boil at the end of the ™ent of funds into Germany, plus Japanese authorities. Heavy inter- 

previous week, continued to ease the determined intervention in vention by the central bank in 

in London last week. foreign exchange market by. Tokyo, was followed by action 

Any pressure for a rise in- Bank.- the ^aok of Japan, this finally led from commercial banks in Lon- 
of England Minimum Lending to a general recovery by the don to support the dollar, and by 
Rate, recently more illusory than dollar. the Federal Reserve in New York, 

real, finally evaporated towards ^ « also likely that some both acting as agents for the u 

the end of the week. Discount market operators are beginning Bank of Japan. ^ yvnivN one speaks of credit default indemnity, which pro- The guarantee protects tfa*. 

houses were prepared to pay a to won? about their positions ff The yen finished the week at insurance there is a considerable tects the owner of commercial landlord from loss due to tCTF 

little more for Treasury bills at there is a sharp turn in the Y235.fi5 compared with Y23o.OO on risk of being misunderstood, premises against loss sustained ant's default ** provided «uch loss ' 

the previous Friday. . . Most American-orientated when the tenant is in breach of shall haw been directly and' 


Covering tenants’ defanlt 


BY OUR INSURANCE CORRESPONDENT 


Friday's tender. leaving the aver- market - — 

bill rate further belo^ tha tal.„,„ti 0 n by European to“B' S imn.edla’ely tWnk of his lease, for Hmmpla by fullura n.turilllv suffered ” bv the Ini' 

trigger point for a rise in MLR. central banks to support the 10 L the kind of cover which finance to pay the rent, breach 0 f coven- lord. But the landlord cannot 

_ Conditions were generally dollar « !Se SSSeSSPrinKh iSSHlS " m * ° r f “ ,are t0 repair ' sit back ' do nothing a°nd iSJw 

liuiet, but there were fears that '««k. and it* trade-weighted dSth dfihSenr* uneK S - Jkere are three parties to^the bis cover if he. sees bis tenant 

the creation of a new Reserve S?S? depredation, a* . calculated by ° ent British and^ EuroSeSi ,ndemnif y- the insurers, the ten- setting into difficulty. By policy. 

Asset- in the shape of 11* per •VJL'S' Jft Morgan Guaranty, narrowed lo SSrers immeditTelv 3m “*■ and the landlord. The conditions he is obliged to take-* 

cent Treasury 1979, would cause J^?° at thtend o£ the previ0lls 4.r« p.c. from 5.41 p.c. Sat^fhe wimle*ran«e of com" ! ndemn, ' l y is arranged between "such action as is possible andi 

some problems. When this hap- fJJ' ^ T l t ^ ^ mark . t Sterling remained on the side- hnnds cuaranteeK [ nsurers and the tenant for the prudent t 0 require ihe tenant tor 

iMiSLSste'MSJ-f ?. w^’sasrWUSM s-JSjrt USL,*- JS =4^ £r*,£X* '?Er%£ "aS EL& 

i. ately to notify insurers. He must! 

landlord for his part also lake “ all reasonable and! 


bTr; TTSShS % •sr&z TS SpSSS'.SSS^SB ssbs 


iiuuuni ( c«ci ui hcdcl vc naacia, financial measures were ' air- w’"T "j ^1 thp other against financial dufanh ' ,,,r n»r nu> p-n di.-ii .iw an reaMmame ana. 

SEnST?- ]iwuM "Tf in ==“2 >«>». .. & TSSSf^XVS'SLS^ WtFLTZ JS,.E2^*. 


exorcise any right to amend the which may be suffered 
terms of the lease without the insurers reckon that ihi« enn^ 

me k"*!s. ■sssrus.-ff's *-"^, r r\r a Va h « 


tho-iend^ _ ♦ en ?il5?Ai2- ?US * 1,16 SL9020-L9030 against the dollar form and so on. 

Speculative funds, which have up to DM2.05 /a m terms fpgm S l. 9390-1^400 at the end of There arc two 

been fieemg from the dollar, and °f *ke D-Mark, from DM2.0220 on the previous week. specialist credit insurers in the Sn jvip 

QTing to find new homes in the previous Friday. Go ]d touched S19O-190I on Wed- British market Sroridfne this »rl“ L™n*Z interest 10 lhe thousands of small- 

Switreriand. Germany or japan. The fart that the Japanese yen nesday, and closed at S189H9&. Jatier t?M of P eover S Tr4de JS? thi tenant when UT Slkl businesses, some of whose finan-J 

may he running out of options has not been the subject of as the highest closing level since \**\* T m ? Jpe and “ e tenant - whe .? h . e seefcs cial positions mav not be all that 

at last. much speculative pressure as the Decemter 30. 7974. It finished the cover * T« P™duce the lease or attra ^ ive % ,a nd i“ d s' 

Recent. , severe measures de- Swiss franc and D-mark, was week at $]85J-18(lj. a rise of S2J 5’ l ^f/ an f e Insurance.^ Trade proposed lease for identification and lQ *hose P commercial land-' 

signed to keep foreign money out probably behind tbe assault on from the previous Friday. Indemnity is supported by the and incorporation. , h . .. ■ 

; ; : major composite offices, while the Each proposition is assessed 

sterling i i i«*i ilo<* 3 Amb.', Fhaiw* 1 • titenim i MnigiMo i • smaller and new organisation individually. Insurers lakp into Pf jP n “P. t5 ' an ‘ 

~ ^ ■ 1 ■ — ' **-- ' ~ 1 - - - CGI has four British and Euro- account ih» nnalitv «r the ten- indemnity and >ou can have 


JtorJO 

1978 


Ov*txJght 

8 d*y* notice. 
7 d«yr or 
7 day* notice.. 
.One month — 
twxnbUb.. 
Three month*. 
Six month*.... 
Nino month*- 

One year 

Ten yew* 


GertlflCtfa j TAtotauUc 
of depoeiu i 


5-B 

|£§ 

Stt 

7t*-7i* 

75*-7+* 

77i-8 


Authority ! ncROtUN* ; Hoo*e Company i m*rkec 1 Treemry 
depMUa f head* J Depwir* ! D «po*U* I deposil I Bill* 8 






6-01* 

aif-os* 

•«5 

73* -8 
83*-8 


61*-6U 

S‘s-0'* 

6 i»- 6 Je 

7-85* 

75,-73* 

77^7H 


6i«-SI* 

64*-7 

65 4 -7l4 

7a*-7J» 

8 

BU 


6a» 


6i* 

63* 


51*-6i* - 


6*3-65,1 — 

57, .6 j 5*-5* 

6 678.5ft 

61* Sri-ft 


_ I — 


TUnV 

Bill* * 








Local authorities and Usance homes seven days* notice, other* seven days fixed- Loos-term - local authority mortgage rate 
nominally three yean K-Jtt per cent: four yean 104-181 per ran.: Ore rears 181-11 per cent. 4> Bank bin rates io table are 
b u y fa s rate* for prune paper. Borins rate* for foor-nramb bank bins er^-n oer cent: fora -mom b trade bins vt per cent. 
Apprmdnute sell ms rates for ooe-tnomh Treasury bats 52552-3*732 per cenL: two-month fii3js-5l per cent, and tftrae-orontb 
is jj par cent. Apmroxlimue EeUtng rate for onemaoth baa* bins 61 u per cent- rwo-month per cenL: and three-mo mb 

63j4-»ts per cent. OoMnooth trade bins « per cent. ta’D-ammb « per cenL and also ihree-mocdi M per enn- 

Ffaaace Reuse Raw Rates rpublished by tba Finance Boases Assodetimii T pa- cent, from March L 1870. Cieartap Bank 
Bcpe*k Rate* tfor small asms u seven days* ooticei: 3 per cent Ocarina Bank Base Ram* for lending &4 per cent. Tj 
*IU*:.A«erase tender rate* of dlscoant 62139 par cenL 


Fine Trade CGI has four British and Euro- account the quality of the ten- , . . _ . 

biu»* pean companies as its share- ant’s management, the financial lease— and perhaps to the execu- : 
holders. To a considerable standing of the organisation, its ”\f s prospective tenants who, 
degree, these two companies' current and proposed activities, otherwise might be required toj 
activities are complementary — and the amount and the period S ,v * personal financial gu an tees,* 

Trade Indemnity concentrating of the liability, while the — 

cm the protection of the enter- re-letting potential of the pro- ’ m 

prise in respect of the whole of perty is another factor. Insurer* T _. _ 

its sales turnover on credit reckon on providing cover for \nir nKJnWSV* ' 

terms, CGI concentrating on the between three and five years. A ^ T x A1 b u TT “j 

provision of protection in respect initially, with the possibility nf . 

of the default of particular extension negotiable for 32 I OQP D1226F 
customers and suppliers. But, to months at a time at each 

some extent, and for particular anniversary date. Because each -r-7 ?F vftv Hi<*hwav fnrip nn 
propositions, the, two compete. proposition is Individm, ftore IVe^oi^row reDlares .h^o™ 

be no rating tariff, hut 


7 

.7 

7 

73* 


CGI, with what Is fair to can 
describe as its more individual 


sale to-morrow, replaces the out- 
dated edition, which is nine 


FOREIGN EXCHANGES 


Hu-, fa) 


lltenkL 

m 


X»cket Bste* 


OTHER MARKETS 


GOLD MARKET 

— Mar. 10 i" 


Hu. 0 


more individual insurers reckon that premium ““ 
approach to credit problems, will be in the range of 1 per Jtfars “* 
from time to time comes up with cent- to 4 _ per cent. * year The code — costing 25p corn- 
new types of contracL and. for calculated on insurers' maximum pared with the present lOp— is 
example, for ihe last few months financial liability, with a first- larger and contains changes and 
has been offering its tenant year minimum premium of £500. more advice. 


Day'* 

Spread 


Clow 


NwrXotfc...i 

Nontrea/-.-. 

Aananto 

BruwteJ-.., 

Fnokriui^. 


H*drid-....- 


Orio... 


«MrU J 

Aockboiia.^ 

v u miim ... — 


Aq*fltlhn 
AoutraJra 
Btoni 


Notw R«W" 


51.1M2R :Beicluai..i 63-B1* S”“ eounw ' , 


IlieiRiuai. 
7SJ-7M [Brasil ■ 


81* 

SM0 


Clow S 18534-1861* 

Opening ■? 187- 1871* 


6I*H.8986-U286l1JB2fl.l^WI 

=BSBgEB 

A Luxvmb'ri, B0J6-8UW -lireere— :.l 88-74 17 71 

4 !3^??fL' 1 2'f?:«;^,.M*-.«l»...4.**50-4J«ttll»ly Odd Own... ■ 

752.76-154^0,1*2.76-183.08 14B47.1MB4J*p*n...... <50466 «iom«*tic*lli 


IS1S81*.18S 

jS188-188A 4 

5187.95 

*£07.414) 

[8188.30 

1(£97.717) 


1U*| 7.637-1.648 


B 

81* 

8 

*U 

6i*| 

1 


IOJ4-TOS1 

8-2W.SB 

8J4JL82 

«4W58 

Z8.lB-a.45 


1.635-1.648 
18.24 HUB 
9JBfrSJI74 

8.B4-L8S* 

. 443-45! ' 
28.10^8 Jfi 


3.703.84 | 3.703.72 


SAudl Aral! 082-0.72 'J.eiberi'ofl: 415-425 Kru«rr*nd.. SlMi*-19a»4iS192i*-194Ii 

tfjacBpare-. 4.40304.4 18a.\or«ray ;iBJfl-.*0 .r£lpa-I01; (£100-101) 

ft. A7ria4....1.B557-1.6825>ei»iiB*I.H 7332 . . Now SoWgi^. > 5 7-58 j»57i s -Mii 

CJl-.:...... [StHin 15006 • jHMIl J -(tS0-31> 

-faite’iud ! 3.J03.M Cted SotW iJMU-MU |»59»*-61i* 

CSJ 4 UOx IIJO-IJS -(£3014-31 ft) !t£305,-515«i 

U^i. eenw.j BJ.MU.07 jVnso-laru, 35^-57 j ; — 


t Ratw ldvea art tor etraverttol* franc*. 
SloaaciBl franc ooJO-4100. 


Rate. steep tor Axsentiu la a tree rate. 


EXCHANGE CROSS-RATES 


Oouj Cowi.-i 
ilnteroat'ilvi • 

Knqtcrmod., 

,i£ 100 *- 1014 ) 

N'wtior'nm'’ S57-59 
(£30^1) 

Old Serr’gns S58l*-60i* 


819312-1951* 

(£10Oii.l0U* 

S571*-591a 

1<£50-31| 

559I4-8U* 




dgjfejlhl) |l£503*-315*j 
6297J0Q [S297-300 


Vmr. to [TVwxfnrt York] ftra r BnrawU j Lqodon [Anwt’d’ni ; Enrich 


FORWARD RATES 
One death 


Three month* 


Praplrfnri- 
SW Yk *• 



Bniwde^. 

bwtlnn 


4»Jora. 

3S-85B.41 4JB8MU 
1585« 3K.01-06 
&8Q»81* LSCSOSO 


ZMMO J4L87-42A2 1 

87.42-03 5.152^1450iL89»889» 4&5&70 


3-53 048 j 9U7-17 ilQiJ-lffij i:—, v™-L mr-0.10 c. iiin • n mji •jn 

1 W.IMM tf.rfi.tt l M yuil pJO-O-Wl 



Amri'dm-4t06-8^6C£ . . 

Earfch., ^»5&.60;T96Cua60 tMHOM 6-1H8-1S8 3.7278-74SSiM.73a.W - 


C.S. S la Tomato U.S. % — 112J088 Cwadtaeota. 
OtaJtdkn 5 iti 3it/W Y«k=Ba£B-10 rent*. UA t to Uilu, 864 JM50 £0 
Suritafia Ulkn 1646 jOO-I£47jOO. 


EURO-CURRENCY INTEREST RATES* 


ii3k 


T* frwm 70-180 c. tUa 

Madrid 50-120 C. dis 

Milan 13-19 lire Ms 

Uilo ‘5-7 wedi* 

ran*„... 6<*-7U c.dia 

Meubo'lm-li 4 - 2 J 4 ore dis 


da 

190-170 o.dia 
(29-36 lire dia 
15-17 ore dia 
1 15 i- 16) e. di* 
media 


'6**-6i* e 


dia 

pm 


Mmt .10 j Smites 


OmiUmT 

PcOlar 




Ttaco 
Guild tn 


’SwJj* 

{man 


. Earl 


6-6 >2 


I 


ftiborc ran* ... 

7 day* notiee! 64 b-6T4 

Vanm 5*4-71* 

Three mootba.1 7i 4 -7*g 
St* Boailw ! 7l|-8lg | 


; 65*-67* 
! 6S*-7 


61*-7«4 
65* .75* 

71,-71, 

. _ . 7i*-8U _ _ . . _ 

Sag ! *‘1-812 ! *rir* » I 150-7H 5lfr5 ft ■ Ift-lft i^iV 


{ 71,-73* 
I 7lj-7Je 
• 740-750 
750-7 l 


63* 6 
63*. 6 
K#-5 ft 
sia-65* 

51* -51, 


:ini 

■r* 

3«-*a 

tal 


f’H* 

Sds 

31,-34* 

3ri-3ft 


▼teana par - 10 podia J5- 

Zmoh.-„.;23f-lto PBi 

Sa-fnontb tofwanl dollar 0.47-6 JTc pm. 
12-moaa o.9SO-53e pm. 

CURRENCY RATES 

~ ” 8 pecST w" 

j Drawing Ook 0 ; 

. .. I Awonnt 

Mb reb 10 


.Rari’li d 


Merimg 

I 'A dollar .. 
Canadian 


Eme-Prcath deposit rateii twoday 11-12 per ceni.; smethday 17-1B per crm.T one' ** 

maBth tt-lSi Pff «SL! ihree-OHduh l«-14i Oer cent; aa-moolh 13M3I per eaa.: one 
yew U8-13 per cenL SSSt^u 

Loofriann. EurodoiUr d«K»t*T nm rear* S-S» ov.cad.; three yean SM* per Ihneh minder 
(J- tow sears Sl-M per «ot: fire yean 85^-8;^ p*r ttm- Fwb imn. . . 

- Thr nOaviPB pommal rate* were mood tor London dollar enfl 6 ea:ex of dnmlr: lianan lira . .. 
«*odHontB-S.»7.« per cenr.: ihred-oaoh 7JI0-7JB per cent.: sn-Honh "35-7.45 per .rarew ven. 
CttU WWnr 7.B0-7.7B p«r «PL Norvay k'r.»ne 

* Rates are .ncemml caUltBc rate*. t^»in pe**w. . 

tSbOri-toriB rales arc call for Rerltu, VS- doCats and ri a n ao ia w dfabtr* two ^fdtfhfcrniii* 
iltf atoa tor minimi «id *m!m frmr* ^*»** 


0.637458 

1.2205 4 
1.37030 
IShSTB 
39.1397 
,6.88993 
Z. 57246 
2 69007 
6.98673 

236.461 
6.53253 . 
97.9320 ; 
5.66147 
2.40S07 •! 


0.647780 

t. 24 968 

1.40489 - 

16,2765 

39-4773 . 

6-98948 

2.53630 

2.71016 

6.C4752 

1067.71 

292.425 ' 

6.64881 

100 .244 

3.76311 

2.41156 


This advertisement is issued in compliance with ihe requirements 
of the Council of The Stock Exchange . It is not an invitation to any 
person to subscribe for or purchase any ordinary shares . 


APL 


ATTOCK PETROLEUM 
LIMITED 


Authorised 

£850,000 


Share Capital 


Ordinary riiares of 20p each. 


Issued fully paid 
£695,400.20 


The Council of The Stock Exchange has granted permission for 
the restoration pf the listing of the Ordinary shares of Attock 
Petroleum Limited following the issue on Sth March 197S of a 
circular to the shareholders of the Company giving details of the 
acquisition of Oil and Gas Properties, Texas, U.S.A. Copies of the 
circular may he obtained during usual business hours on any 
weekday (Saturdays and public Kolidavs excepted, up to and 
including 2Sth. March. 1978, from.:- ; 

KLEINWORT, BENSON LIMITED 

20 Fenchurch Street, 

London EC3P 3DB. 


















30 


FXNAXCXAX. TIMES MONDAY MARCH 13 1979 



Dfls. 60,000.000.- 

6J% bearer Notes of 1972 due 1976/1979 
of 

NEW ZEALAND 


THIRD ANNUAL REDEMPTION 
INSTALMENT 


(Redemption Groups Nos. 2 and 4 
having fallen due before) 


Notes belonging to Redemption Group No. 2 
will.be redeemed on and after 


APRIL 15, 197S 

in accordance with drawing effected on 
February 28, 1978 pursuant to the Terms 
and Conditions. 

Paving Agents: 

Amsterdam-Rotterdam Bank N.V. 
Algemene Bank Nederland N.V. 

Bank IVlees & Hope NV 
Pierson, Hearing & Pierson N.V. 
in Amsterdam 
S.G. Warburg & Co. Ltd. 
in London 
C omm e rzbank 

in Frankfurt/Main 
and 

Banque Generals da Luxembourg SLA. 

in Luxembourg . 


March 13, 1978 


THE STERLING TRUST 
LIMITED 


Year ended 

Total 

For each 25p Share 1 

3 1 sc Dec. 

Asieti 

Net Asset 
Value 

Earned 

Faid 


£ 

0 

D 

D 

1974 

20. 1 19.818 

92 

4 25 

3 85 

1975 

32.850793 

175 

4 37 

4.10 

1976 

36.305.112 

198 

4 93 

4.65 

1977 

39J83J73 

219 

5.59 

5.30 


Distribution of Investments as at 31st December 1977 


United Kingdom & Commonwealth (excl. Canada) 
North America 
Other Countries 



T00.0? 


Secretary:— 

INVESTMENT TRUST SERVICES LTD., 11, Walbrook, London, EC4W BEQ 


COMPANY 

NOTICES 


INTERCOM 

SOCIETE INTERCOMMUNALE 
BELGE DE GAZ ET 
D’ELECTRICITE 
Soci£t6 anonym* 
Registered oitae 

Brussels. place du Trftne 1 /Belgium) 


The Board nl Directors Hav* rivclrted 
fro lunwiwi an ertraerdinarv >iennr*l 
mretiifro. o! Hie Aharptaalttera nn Arnl 
10 th next to deliberate on . prr^>«.i 
rt mrHM or Ihr capital for 40 Jimniint 
or BF 4.603.1 2B.OOO *» »o hrino 
W to BF 2 7. 374.56. S.10O hv rreatino 
and Iwilna S.42S.40P n.w (turn. 
Tfrwse new aharei Will tw niii~1 

at BF t.545 erth. clua » premium 
fro he ilvad frw ih» q.npr.i mr?rti m 
vi that th* imwrinhwi pnri> d<w 
not exceed BF 1 . 1*00 

Thr. will f* pF*w«H in |n,hllr tup. 

Knption in or'iwmle irem May 2 Vi, 
to June 7th, i°7fl >n the rrooartnjn 

>—3.366.400 ,h,r», fo "wn'r* «i 

old shun who win h» mIIIM ni 
* u Men be m of right (i> the nro por- 
tion of one net* share lor every 
e*o old share*: 

— 36.000 sham tn member, el staff. 

If Hie legal ouornm rt rmre* i« 
net reached on the g.nw.l mreHnp 
rt Aonl mth. a aecfoid meetmo wan'd 
be convened lor Tuesday 2nd May 
next. 

The praceedv of lh« c.Dffr.l lvi*r, 
will be devoted to ffnanr»ng a part rt 
the Investment orooramm. o* the 
Com 04 by. 


Curasao Depositary Receipts 

of 

PIONEER ELECTRONIC 
CORPORATION 


The undersigned, being the Agent 

mV.. 


Of Caribbean Depositary Company 
announces that Pioneer Electronic 
Corporation ha*e declared * c**h divi- 
dend of Yen 24 ner share lor the 
hiuncml veer covering the period 1st 
October. 1976.30th Sent ember. 1977. 
which will be payable as Iron, 16th 
March. l“7h a» Ihe omc« 0» the 
iindwvipmid This distribution, whith 
has been ro»*erfr»d infrn 11.1. dollars 
nursuant to ny-tien 4 nl the Deposit 
Agreement w,ri n« available r» holiteni 
m CDR's eovievt surrender rt conoon 


No, 14 leas 2b laoanes. withholding 


fray, rn the effort that B*r 

OVlHeermn 

3 Derovlt«r* Share. V 4 91 ,1 4.26* 
IP Denoslfr.r, Share. 1 « nj it a 521 
1 no Ifopovrtsrv Shares *50. ZD 1783.201 
is paid 

The amounts stated h,hp,n brackets 
represent the dividend l"fr* 15% 
Japanese tav These di*ideuit« will 
be paid until 3th Mav. 1978 fort 

Ml, nn rnnHIUnn that the rimpqiw 
10 be «urre„d«reH „>i| he arrpmpai'md 

by an "Alhdavii * ■ obtainable with 

tho undervgnedl evidencing that the 
beneficial holders of the CDR’s are 
residents of a country which has con- 
cluded a Tav Treaty with Janan. 

I" the Netherlands rililriaqifo will 
be naH tn PM,iient9 iu Netherlands 
currency at the dad, rote rt exchange 
unless otherwise instructed, 

PIERSON MELOR1NG & 
PIERSON NV. 

Amsterdam. 

7 Hi March. 1oT9. 



U.K. TRADE FAIRS AND EXHIBITIONS 


Title 


Date 

Current Daily Mail Ideal Home Exhibition (cl. Apr. 1) 

Mar. 14—16 Int Public Addnpa Equipment Exbn. 


Mar. 16—17 
Apr. x— 6 
Apr. 3—7 
Apr. 4 — 6 
Apr. 4—6 
Apr. 4 — 7 
Apr. 10—13 
Apr. in— H 
Apr. 11—14 


Vending Equipment. Refreshment Sendees Exbn. 
Environmental Pollution Control Equip. Exbn. 

Ini. Heating. Ventilating &' Air Conditioning Exbn. 
Electro-Optics Exhibition . 

Computerraarket 7S Exhibition 
Information Handling & Management Exhibition 
International Gas Turbine Exhibition & Conf. 
National Printing Machinery Ex bo. 

London Fashion Exhibition 


Vwie 

Olympia 

Cunard lot. Hotel, W 6 
Cumberland Hotel, w.l 
T’ S. Trade Center, wj 
Nat Exbn. Centre. B'bairi 
Mstrqpole Centre. Brighton 
Bloomsbury Centre HtL WCI 
West Centre Hotel. S.W',6 
Wembley Conf Centre 
Nat. Exbn. Centre, BTiam. 
Earls Court 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Mar. 14—15 Int. Printing & Paper Industry Fair 

Mar. 15—18 International Building Exhibition 

Mar. 15 — 19 International Trade & Industry Fair 

Mar. 31— Apr. R ... Int. Woodworking Machinery & Wood Ind. Exbn 
Mar. 31— Apr. - 5.'.. Supplies & Materials for the Furniture Ind. Exbn* 

Apr. 2—6 International Fashion Week 

Apr. 3 — S Electronic Components Exhibition 

Apr. 4 — 7 Total Transport ’78 Exhibition 

Apr. 11 — 15 Plastics & Rubber Technology Exhibition 

Apr. 11—16 5eoul Trade Fair 

Apr. II — 16 Building. Heating. Plumbing & Air Conditioning Ex. Helsinki 

Apr. 14 — 23 International Trade Fair Milan 


Zagreb • 

Singapore 

Jeddah 

Pans. 

Pans 

Munich 

Paris 

Rotterdam 
Tokyo 
Seoul 


BUSINESS AND MANAGEMENT CONFERENCES 

Building Advisory Service (BAS;; Arbitration of 


USSR— The 


Mar. 21 


Mar. 14 

Building Disputes 

Max. 14 Anthony Skinner: The Detection and. Prevention 

of Fraud 

Max. 14 — 16 ...... Computer-Aided Design: Computers in Engineering 

and Building Design 

Mar. J5 Institute of Credit Management National Conf. 

Mar. 15 Centre for Interfirm Comparison: Management 

Ratios and Interfirm Comparison 

Mar. 15 — 17 Keith Shipton Developments: Marine Risk 

Management 

Mar. 16 Investment & Property Studies: Corporate Credit 

Risk Assessment 

Mar. 16 Schlesingers: Outlook for Wall Street I97S/79 

Mar. 16 Offshore Centre: The Procurement Picture for the 

Offshore Supply Industry 1978/79 

Mar. 20 Confederation of British Industry: 

Outlook for British Business 

Mar. 20 — 22 Resources Policy: The Economics. Politics & 

Social Implications of Resource Use & 
Conservation 

British Council of Productivity -Associations: The 

Legal Implications of Interviewing — Selection 
and Promotion 

Mar. 21 Gresham Management Services: Employee. 

Participation in the Retail & Distributive 
Industries 

Mar. 21 Oyez/TBC: The Tax Consequences of Trusts 

To-day 

Mar. 22 ..• London Chamber of Commerce &* Industry: Pre- 

Shipment Finance for Small & Medium Sized 
Firms 

Mar. 29 London Chamber of Commerce & Industry: 

Practical Agency Problems in the Gulf States. 
Saudi Arabia and Iran 

Mar. 30 British Frozen Fond Federation Export Seminar 

Mar. 31 Management T raining Consultants: Current Trends 

in Management Sr .Supervisory Training 
Mar. 31 — -Apr. 3... Institute of Personnel Management; The Impart 
of Government on Company Pay Policies & 
Industrial Relatinn« 

Apr. 4 European Study Conferences: Fringe Benefits on 

the Shop Finer 

Apr. 5 Hawkins Publishers: Cash and Capital 

Apr. 6—7 Advanced Management Research (AMR): Business 

Strategies ir the Middle East 
.Brup°l University: Identifying Training Needs for 
Managers and Professionals 
Institution of Chemical Engineers: Production 
Congress 75 

Financial Times: The Meade Report and Tax 
Reform 

Industrial & Commercial Techniques: Developing 
Export Sales 

Financial Times: Business and the European 
Community Directives 

Apr. 10—12 Brihtex: Energy Utilisation and Conservation tn 

Industry 

Apr. J3 British rristituf* of Management (N.E. Region): 

Interpreting Accounts to the Non-Finannal 
Manager 


Cavendish Conf. Centre, W.l 


Piccadilly Hotel. W.l. 


Metropole Centre. Brighton 
Hilton Hotel, W.l 


Management House, W.C.2 


Royal Garden Hotel. W S 


Press Centre. E.C.4 
Great Eastern Hotel, E.C.3 


Connaught Rooms, W.C.2 


Quaglino's, S.W.l 


Oxford 


Metropole Hotel. W2 


Hyde Park Hotel. S.W.l 


Europa Hotel, W.l 


69, Cannon St, E.C.4 . 


69. Cannon St. E.C.4 
World Trade Centre, E.l 


Leicester 


Oxford 


Hilton Hotel. W 1 
Europa HoteL W.l 


Apr. 6 — 7 


Grosvenor House, W.l 


Apr. 6—7 


Uxbridge 


Apr. 6—7 


Birmingham 


Inter-Continental Hotel, W.l 


Apr. 6—7 


Penta Hotel. S.W.7 


Apr. 10—11 


Grosvenor House, W.l 


Royal. Lancaster Hotel. W.2 


Harrogate 


WEEK’S FINANCIAL DIARY 


HBnlvl. 385-567 Euston Hoad N.W . 12 
Macklnnon Cll V-Ortaml. CiMtbrldge. IT 
farmer (F.». Lelcntw. 3 
Pratt (F.l Engineering- Growmor HOMf. 
P*rk Lan*. 12 

Tat* and Lyle Diih- Street W.. 11.30 
Union Discount. Great Eastern Hotel. 
E.C.. 12 

Western Selection. 25-55. Crtr Road. 
EC.. 11.30 

BOARD MEETINGS — 

Final!: 


years timetable. 


TODAY 


The following is a record oF the principal business and financial 
engagements during the week. The Board meetings are, mainly 
for t&e purpose of considering dividends and official indications are 
not always available whether dividends concerned are inte rim s or 
finals. The sub-divisions shown below are based mainly on last 5525381? fiSSmiii* 

’. Clarke IT.) 

Flnfav Packaging 

DIVIDEND & INTEREST PAYMENTS — ta' e'i' 

Abftev Panel! i.34p __ MaXhAier -Garae-t 

A'nvfrick 8’*peBd!. Red. Z0I9I78 nwe Dnhin^i'^rnTM^i^' 

Bissetlaw fl'KKBds. Red. 20’9/78 £«*: {KHSSJd Of” 

Birmingham 6'iKBds. Rod. 2019 76 3 Jape Chnnmli 

Bnkofrer 8*>pcSd!. Red. 12.0,79 *H»pe 
Brrnl lIpcBdV Red. SIO'82 3>cnc [»| 

Cher-well 6>pc6d» Rod 20/9178 :Ti*>c F7Ll n v 
Che!for-lc-S1reet •>PcBd*. Rodi 20/9/76 f r f^, F4rtf 

cfwSSUnd ekocBd! Red. 12 9/79 4’»pc Wallwr «"<hmlth and S.1«nmrth 

^ Contmenfal Oil 35 <h. DIVIDEND A INTEREST PAYMENTS — 

Gafre-dfrMd 6'»KBdS. Red.^ 20*9/78 37 mW ASerteon. .11'iPCBd*. Rod. 15/3, '76 


2. Id 


COMPANY MEETING — 

Abbev Panel!. Haw. Mldd'esex. 12 
BOARD MEETING5— 

PI"P(W 

Isle oi Man Entfo-ori!*! 

Koll»-Rrwte Motor* 

I uteri niv 
Beaxer 1C H.J 
Dawnav Day 
Gr*fon iR.l Properties 
pielm (I. 0. and 5 1 

DIVIDEND 6 INTEREST PAYMENTS — Gerard 
Associated Bririah Foods O yP55d 
B ikers Household Stores 

0.4427400 

Brtt Bros. 1 01 Sr 
CG.W. 1 .024930 
Cardin Maluna Cci-Dimv p *n 
Ford Motor BDR! h'Zn 4 rts. 

; Idris Hydraulic Tw 4.5P 
; L**we fR. N.i * 0Z3o 
I Mill! (A. J I 1 767o 
I Time Inc. 32.5 *75. 

[Watson and Philip i 6B7?5i* 

| TOMORROW 

i COMPANY MEC1ING5-> 

I Inyeitori Capital trust Ed'nbufrg" 

I Norfolk Capital. Norfolk HoM. 5W 12 
; Pteasurama Park lane Hotel. W 12 
, S G.B.. Wildorl Ho*»l. W C. II 30 
I Smailshaw >R 1 iKirt*w«»r] Kmcfcir- H 
: Utd. ScientMle Hi*w»*d • Hotel. Temple 
Plate. W.C , 1 2 
l BOARD MEETINGS— 

Pinal*! 

Bristol Stadium 
Eart Lancashire Paee' 

Fairclouph Con«tniet'op 
Federated Land and Building 
Globe and Phoenr! Gold Mln'nfi 
General Mining *rv) Finance 
Gr>ndlirs Holdlnp! 

Kle*meofrt Bemon Lonsdale 
Lambert Howvth 
Feirtot 

Swedish Matrh 

United Biscuits 
Vower 
Interim! 

Brooke Bond Liable 
a untile Stf^i 
Feirvirw Estates 
Second Cite VrogotlM 
Stnthert and Pitt 


This week 
in 

Parliament 


COMPANY NOTICES 


TO OAT 

COMMONS— pRbp.to «m Dpfeune 
Eiumaic? Pmceefiinss on the 
Common wealth DwlnpmBnt’ 
Corporation Bill (I<ordst. the 
Northern Ireland (Emergency 
ProvistoRsI Rill (LnrdN), and tat 
the Refuse Dispowl < Amenity) 
Rill r Lords). Motion relating to. 

thR Fiduciary Note Issue (Exten- ; 

tinn of Period) Order. 

— Suppression of Terrorism ! 
Bill, third reading. Housing 

(Finanria; Provisions} f Scotland 

R.!H, krtrond readtnz. Cml Avia- i 

tion Bid commitlpp Mobility < 
NlEiwancE npratins Order. 
Debate on community service t 
orders and other alternatives to f 
orison. 

SELECT COMMTITEEfi— Expendi- 
ture. General subcommittee. 
Subject: Central Office of t 
Information. Witnesses: Sen tori. 
Officials of tin 3 COT. T4.I5 p.m. ; 
Room Si. Expenditure, educa- 
tion. arts and Home Office sub- 
committee. Subject: Reduction 
of Pressure on the Prison 
System. Witness 1 Baroness 
Woollen nf Abinzer. (4.15 p.m. 

. Room 1S>. Public Accounts. 
Subject: Appropriation Accounts. 
Witnesses: Department nf Em- 
ployment. Manpower Services 
rnmmiSKinn and Health and 
Safety Commissinn. (5 p.m. 
Room 16i 

TOMORROW 

COMMONS — Conclusion of Debate 
nn Defence Estimates. Motion 
on the Industrial Training Levy 
lEneinperinzt Order. 

LORDS — Scotland Rill, second 

reading. 

SELECT COMMITTEES— Expend L 
(tore. Social .serrices and em- 
ployment sub-committee. Sub- 
ject: Employment and Tran mg 

in the new unemployment 
situation- Witnesses: Man- 
power Sendees Commission. 
lU-Tfl a.m. County Hall. Lin- 
coln). European legislation 
Biibicommirree It, joint meeting 
with a snb-Cnmmiltee of the 
House of Lords Select Commit- 
tee on European Communities. 
Subject: Lmer Conferences. 
Witnesses: Department, nf 

Trade, fin.no a.m Rnrun 4V 
Nationalised InduBtrfes, Sub- 
committee A. Subject: British 
\irpnrl 5 Authority Report and 
Accounts. Witnesses: British 
Airport* Authority. (4 p.m. 
Room S). 

WEDNESDAY 

COMMONS — Trustee Savings 
Rank Bill, second reading. Re- 
maining stages of the Employ- 
ment Subsidies Bill and of the 
Loral' Government (Scotland) 
Rill (Lords). Motion on the 
Prevention of Terrorism (Tem- 
porary Provisions) Art 1976 
(Continuation) Order. 

LORDS — Scotland Bill, conclusion 
of second read ing d ebate. 

SELECT COMMITTEES— -Nationa- 
lised Industries. Sub-committee 
C. Subjert and Witnesses: 
The Independent Broadcasting 
Authority (4 p.m. Room 8):| 
Public Accounts. Subject: Appro- 
priation Accounts. .Witnesses: 
Department nf Transport, Scot- 
tish Development- Department 
(4 p.m. Room 16): Parliamentary 
Commissioners far Adminlstra- : 
tion. Subject: Reports of the j 
Parliamentary Commissioner tor 
Administration. Witness: Sir 
William Pile, chairman -of the 
Board of Inland Revenue, 
(a pm. Boom 7). 

THURSDAY , 

COMMONS — Debate on the White 
Paper on The Government's 
Expenditure Plans. 1978-79 to 
1981-82, and the second report 
bv the expenditure committee. 
Motion on EEC. 'documents onj 
Economic and Monetary Union! 
and National Economic Policies. 
LORDS— State • Immunity Bill, 
committee. . Shipbuilding (Re- 
dundancy Payments) Bill, re- 
-port. Import of Live Fish 
(.Scotland) Bill, second reading. 
Debate on support for the 
• United Nations University. 


Notice of Redemption 
MORTGAGE BANK OF FINLAND OT 
7\% 1967-197? 

' SU512JWQi0Oa .- 


HoW«n ot «»* »bare mh ObiwiI Imb m reretar utfarwu d__1gy dy ^eiiw tf 
imtalmwrt Bl 1US 1 080.000 IW I 5th Aprn. 1?78 8 m b*m «e*ciert W (NMlm 
for lot of 1.060 Comfo 0 * *051,000 tfrt*. 

• Th* fra Ihiw fog howls Iww* btew itnwi) o" avtfo- FtM»*rv. 19T* Is th* 
W»uuce of a nanry mwfo: 

8321 rg 8551. S3 JS to f S63. 636 T. >57?„fo5 B”3. S373 to aSTS. SS61 ha 6398, 


• uii «c«w | 0 *RM ( BATS to A6B5, 1(69 to 6690 ( (716 to 6730, 9723 to 8734. 

6793 to 8802. 8609. 8614, 6816 to 8*1*. 682Bt» 8832. BBM to 6836. 
*636 t« 8841 8M5. *982 to 8*»B4. 89*7 to 9000, 9004 to M1B toftOls. 

9019. 905 r 9121 to 91*0. 9151 to 9153. 9157 to 9T60. BTM *1?* 

to *2047 9207 to 9718. 9220 to 9223. 9225. 9731 ' to 92*0. 9271 to 9277. 
HliTVM M 9290. 9293 ID 9149. 9371 to **2*» Sill* SifI *0 *423. 
9427* *430 to 94M, 9454 to 9457. 94*7 to 9*56- ffij «" to 9514. 
951% to 9320. 9SS4 to 9570. 9601 to 9805. 950* to *50*. JWO to 9887. 
98*9 to *1*57 9701 to 9704. 9706 to *710. 9J14 to 9717. 971* to 9720. 
9733 fr» 9734. *741 to 97W. »7S1 to 9785. 9J72 ,N» J76», 9766 to. 9821, 
9625 m *626. 9631 to 9838. *641 to 9657. 9882 to Wt6. 9*31 to 9928. 
9931 te 9975. 9*77 fro 9993. 1*013 to IMIS. 10028 to 10038. 10054. 
10041 fra 111050. 10036 to 10083. 10070. 10078 to 1MS4. 10W9 to 10093. 
.10097 to 100*6. HUM. 10102 to 101Q5. 10128. 10139 to 10141. 10TM 
to 10179, 10215, 10218 to 10247. 10250 to 12036,. 

Tfonw boom win to ratfothuMs u ww m anrt ai w; ,15H i . Awii. isys 
with »II rnfoaturrO coupon* ottachw Thaf tt o *t frfo one** ol tfor WW* - 
BANQUE INTERNATIONALE A LUXEMBOURG S.A.. Lmmhoom 
KANOUE RBUXELLrS LAMBERT SJL.. Brvltof* 

PIFRWN. HCLDRINtt A eiCRSON A"ntonl4i* 

BANCA NA2KSNALS DEI LAVORO. Rom* . 

BERLINER HANDELS. UNO FRANKFURTER BANK. FfWrWurt 
CRfDIT LYONNAIS- Pam 

dSIsDNDE RANK AG. IfoanHiifr* IM1 _ 

MANUFACTURERS HANOVER TRUST COMPANY. Nw York 
N. M ROTHSCHILD * SONS LIMITED. Loan*" 

SKAND1NAVI5KA ENSKILDA BANKCN. StodDrahn 

TIM orlncnMl ampaut at hawta notstandlno aftor th* aimrttaattoa of 
15th Aorll. 1975 will M WS 1-200.000. 

BANQUE INTERNATIONA LB A LUXIM TOURS 
SocWto Anonym* 


and National Dlscovnfr Co. 8 k *5.9390 


New Zealand ZO-Yr. G'socBd*. due 
1 S 3 66 fBr.i 3'iDC 

Newport 1 1 i;pcB<H. Red. 1 5'3/78 *5.93*0 
Norfolk IHsPCBd*. Red. 1513 78 *5.9390 
North Aeon IlijOcBds. Red. 15/3/78 
£5.9390 

North Warwickshire lUrtxBds. Red. 
15 3 78 *5.9390 

Northern RhodMta 5oe 75-80 2':pe 


Red. 


Leedil Hamfoeton 6'tRcBds. Red. 2019.78 *5.9390 

Hlnckler and Bosworth 6"«pc8d*. Red. BICC Dto. JG and 3';Pt 
ZO'9'78 3'ifpc Barking 7:,r* Red. 76-78 *‘tec 

lfilm»m«V and Londsun B'lpcSdS, Red. Berwick upon Tweed 11’recBda. 

20-9 711 S'wpr 15H78 £5.93*0 

Kingston 'ipen Hell S'upcBde. Rad. 3019178 Blaenau Gieefrifr H^p-Bd*. Red 
A'l-oe • £9.9390 

N ewe «tle- under. Lrm* 6 "»dc®cSb. Red. Border and Southern Steckhnlden 

20'9i7B Vnut Dbs. 1L and Z<:k 

North Shropshire B-SkFiIs. fled. 13/979 Bnome and HcHlingswerth 

4>,« r 1.9Z5PC. Ln 3<aec 

N-frrti* Tvnesirfe B'jocBttt. Red. 20/9/78 Bradford Red. 15»3/73 *3.9390 

British Gulina 5oc 80-85 2tpi 

Pfossur,m« 1 .2730 _ Bitr* 11>VCBdS. Red. 15' 3 78 £5. 

Bhrnww Valler 8<nceBdfr. 

4'i«or 

Rochfnrd 1 1 prRifv Red. Br9RZ VjPK 
Sedgette'd SNocBdi. “ed. IZIRiTB.^iU* 

SNfor laiwcBds. Red- 919/81 WiK 

Snurh Tvneilde 9?*peBds. Red. 1 0/9/80 

4'?|«pr 

jrnwarfr Plastics I.MZfo 

Sv-*nse« 6'iprRHS Bed 20 978 37j«PC 
Tamworth R.’iprBds Red. 12.'9/79. 4Surc 

Tenneto Inc. 50 rts 

Thames Valiev Poike Aulhorltr EtoicBds. Cornwall 
Red. 20/9.78 3'udK • - . -£5.9390 


V,le >«■ 15 ' 3 ’ 78 iSSch liwS Red. 1S3I78 £5?M90 


Nvasaland 5oc 75-80 J'c»e 
Presell 1 1 'jpcBds- Red. 15.3/75 *5.9390 
Redfearn National Glass Ob. SUpc 
R elianre Group Inc. 15 cts. 
ia- 3-76 Sandrtk Akllebolagef Bl«pc Cmr. 8tfi. 
1&3.7A 15J.TB LU. 5.20.6 597 
TraM Seagram 23 ers. 


Sidfow IndS. 4.51*420 

5’jocPf. sar-iujt 


South K«mi 1ff;K8dt. Red. 15' 378 

*5.9390 

South Nor* ham pfron* h*r« 


12 


l1<;KBdS. Red. 

orniMi u'iin'ii um. ou-on 4*;i« * -o rt q-ran 

12.-9/TP Cmbrl * fmjr! 1553:75 


a rt - 7iiS De 2 jpi: Jpc 6»; n,iwBrts - Rlrt - 15-3/78 

‘'olS: StiikPATt 121 , 0 * Red. 1985 6iapc 

***• St re F hr I yd- 1 1 ’roeBds. Red. 15/3/78 


a 55m. 
2.275ft: 


Roe 78 /10 Joe 

Inc. 4o cts. 


Red. Pi 84-86 2.1 b* 

6 i-dO Red. pt. 82-84 
Red. PI. 1980 4.5nc 

Camden 6i 3 oc Red. 77-7? S'4« e.,,™* 

Card'S llbpcBds Red. «5 3 78 £5.9390 

C reOMn r 1 1 Red. 15/3 78 TaP.EI*' n iii70^Bdl‘"Red IS'JITB *5.9390 

CoRtOnmal Group S5 eto. U Red ’ 15lSJ7B 

IHfrPCEds. Red. SS 3T8 ■p.art's Sulphur and Copper rReg.l 4o. 

Waverlev B'sPCBd*. Red. 20.9/76 3-iype Cummins Engine 4J cts. 5^ I97B dinar 

Wear Valley UpcBds. Red. Bff.'BZ 5'ipe Cutler -Hammer Inc. 35 cts. T^asurr l»/o a‘ipr 

Wdwm Hetfleld 9>PCBtK. Red- 10/B/60 Cmpor 1i:mcBds. Red. 15/3/78 *5.9390 V ?S 3 ,, 0 B t £S93OT HjDCBcU. Red. 

AU “~ Dalgetr Db. 6Upc watoSiM lllSeBdn. Red 1S'3 7H 

»M. 7019.78 37 MtK Core. 31 Cts CSOMO -PrtHfo- Red. 15 3 78 

Dotoerrii, 11 /jpcBos. Red. 15 3<78 Midland Il'iPcHds. Red. 15’3.78 



ptirrERDAMSCH 
BELEC.GINGSCOSORTtUM N Vi 


Annual tipm-iMl Ueetuuc 
nl Sharnlw'MtW 


7- 


9. 


lo foe held ar fhe RiUnn HoM. Weesa. 
Ronerilani ™ ThpstLjt. 2SUt MartaL 
URS. at 2 30 pm 

AGENPA 

L To receive and adnpt Hi* Report 
nf rite Mmaelna Pirecion tor um 
financial rear t?77. 

Tn wciip and adopt the Annual 
Amninis (or the year ended 31st 
lircemforr. l°“. 

To dfodarc Ul« dirnfciwL 
Tn admit a pm^sal m chance 
the i-nmwwwimi of H» B*»rt m 
SnDemswr mrentom. 

Mr P. Ktnn r*HTre from Itfo 
Enact, haviiw readied rftnrnirat 

90JP 

it prmws«l tn re-f|ec! Mr. 
H. .t. F van ReumtiKen — ?■•*« 
r»tire« fov rotation— to th» Runt 
Fnrll|e^mnt■■. n w oroposrd to 
Alert Mr. E A. Brmnrer a mm- 
her of rh- SnprmwrT Boar d of 
Dir* cion with effect from Is 
July. 19JR. 

To adopt a proposal tn appoint 
Mr Th AT SchiHfon a JIauKUU 
Dim-tnr with effeat (ram IK Jotr. 
- IKS. 

8. Any other hoslnew. 

Copies of the aennria and pf th“ 
Anntral Reron for IR~ ran foe had 
from National WesimiAtrer Bank 
Umited. fin'd! ntBre Semcm. Mi 
Floor. 17 Draper* Cardens. Thnt- 
morion \ venue, l.nndnn. E C. 2. 

Brtiefiiial owners of Share Warraois 
to Pear^r de«iroos "T atteodins «w 
heinc r'-p resented at the MrettUB 
mug ohtgin a I'ertlficat- of deposit 
rnsned hv a Rank or other Authorised 
Depocitarv that such Aothnrtted 
Proncitat? fo fooMtne the Share 
Warriors This cemflrats onnt be 
Induwi BB.unrt rwlw with the 
National WnsunlRMer Bantc Limited. 
Srorl- nifi,-A Senlrea, Sth Floor, 
l! Praivre Cardens, Throcmocnra 
Avenue Londnn F..C 3, not Inter than 
Titesdar. the rist day of March, 1IET 
The receipt for me rertiflcato. of 
d-jinwlf mil iNMWHnre evidence nf 
» shareholdppl■ ontitlrnient in artrtwi 
and rote at the Meenna and shoaM 
foe presented at fl» door of the Med- 
ina Han. Tf a holder d«rr»s io 
iippnuu a proxy, who need not be 
a member of the Company, to attend 
and rnte m hl« «e«d a form of proxy 
mar he nbomed rrnm the Nanonal 
Weeuii'naw Rank Limited a* above 
.and this form of proxy roan -ho 
presented at the door r»r the Meetlns 
Hall together wMh th* receipt tor 
the certificate of deport. 

Reoefioal owner* of Snh-sbac** Cer- 
Hfiraiea p-anlerod tn the name of 
National TfoonnflK Bank ' Nominees ■ 
Limited deeirmn nf attending or being 
represented a» the Meeting mwt 
obtain a corflfieate of deposit In the 
same way as holders of Share 
Warrants to Beater. If They desire to 
atiend the MeeHnc In person or re 
■foe represented they tmisr obtain » 
form of proxy ftened* 1 for National 
Prrnlurtal Bank tNonroeesi Limited, 
frdnrti form mnst Ire prewnted at 
the dnor-pf (He Meetlns TTaH. together 
mm th« receipt tor the certificate 
of depont. 

Renefltial owners of Sub-shares 
registered tn any naijv other than 
ihar of Nahnnal Provincial Bank 
cvamtneesi Umtwj and hoMem of 
Registered Foil Share?, who wish to 
attend and note at th® Meeting or 
tn appoint a proxy to attend and vote 
in their Wead ranst Inform the Com- 
pany- in writing by Tuesday, the 71st 
day of March, JP7R of their tmenuon*. 

. By Order of the Board 
of Managing Directors, 
E. A. BROUWER 
A. B. BUNKER. 
Dated this t3th day of March. 197S. 
P.P. Box 073. Rotterdam. 


4UpUX 
W/vromfre R^kBii*. 


COMPANY 
CamforO 
Calonliil 
Street 


WEDNESDAY. MARCH .15 


MEETINGS — ’ 


*5.9390 


•a Englneennfli." Sfrevenas>- 77 S’TT-oetow 'oil -i>,xrr> rt Wlpaii llijpcBd*. Red. 15/3TB £5.9390 

J SKurltifrK Trust. 117. Old Broad iSw/ ?SJ- 1 1 Rrt ' ,5,3 ' 7B 

CoDcnfl 1 m 1 nniton Wall 11S;oeBdS. Rwl. 1S‘3.78 £5.9390 thUPSOAY. MARCH SR 

Gooeng coiwot Mated. 65. London wall. Ejlo PetrolwlT1 Dh , ai4Bt (74-781 

E.C.. zjd . Funding Ln. 6 pc mi *«■ 


*5.9390 


EUROPEAN BUSINESS CAPITAL 



»<* , i v m 


Barcelona (Spain) 

From April 29th to May 7th, 1978 

Montjuich Fair grounds 



International exhibition covering 
the industrial, technological 
and commercial aspects 
associated with the 
manufacture, use, maintainance 
and upkeep of all types of 
mechanical traction vehicles, 
as well as of transport. 


THURSDAY. MARCH 18 

COMPANY MEETINGS 

A C.E. Machinery. Westmore Street, S.E.. 


Smith Square. 
117, 


Old 


. _ 1993 3 oe 

Gartoro-Llllev ln«. n.i75n . . 

SSS^TSSS. ISS 1981 2!VK W: st Jo ' ,n,, 

H^four, 1 M h I ^Ms. R R^J. T 1 S'3T B a ^9390 Staert E Vc. rn iJIt?" 

ImMiUI Chemical l-M*. 6: : pcBd4. 1982 G^tmore ln»„ 

Mery Axe, E.C. 3 

Ranh OrganlMtlan. Raya] Lancaster 
Hotel. 12- 

BOARD MEETINGS — 

Floats; 


3fripc 

Intern nbllc Grow a t Camunlet 55 CR. 
InvercIvcK II^DQBdJ. Red. 15/3.78 
£5.9390 

Krrrlar H’jPCBds. Rm. 1 Si 3.78 £5.9390 


2. St. 


■SKSa "'sP'Bd*. Red. IS '375 BrmvT Petroleum 

Kursael l.' 2 S cts. cS^ins^cwj 

Llanelli ll'.-srtei. Red. 15/378 £5.9390 Gfobora Dodlev 
London Red. 15JS 78 £5.9390. HamSlny Mining 


S': DC 77-81 Z*pt 
Lucan finds.] Ln. Ihn 
Mackinnon at Scotland 1 B5 d 
M iddlesex 5 '.pc Red. 1980 2 'we 
Monks In*. Tit. 1 '"soe. Ob. I Upr 


nson Grow Cleaners 


Jfrihn*^. _ 

She roe amt Firtie 


B%% Convertible Bonds 
Due 1392 


Notice of 

Free Distribution of $&azes 
and 

Adjustment of Conversion Price 


Pursuant to Cloase 7 <B) of 
tile Trust Deed dated December 
32, 1977 tinder -which the above 
described Bonds were issued, you 
a re he reby notified that a. free 
distribution of Shares of onr 
Company at the rata of 1 share 
for each 10 shares held wUI be 
mode to shareholders of record 


as of March 3L 1978. 


_ As a result of such distribution, 
the conversion price at which 
shares are issuable upon conver- 
sion of said Bonds trill be 
adjusted pursuant to CcmditifHi 
5 fO of the Bonds from 498 Jap- 
anese Yen to 452.7 Japanese Yen 
effective Immediately after said 
record data 


Settsn Paperboard Mf*. Co* Ltd. 
Dated: March 13, 1378 


Small (John C.1 and 71dm— 
Smith and Nephew 
Scene er fG.) 

Wilkr, i Jan.} 


HTV 

Mlln Martlers 

Sfrmc D*rbr Holdings 

Wofoeler-Hughel 

DIVIDEND A INTEREST PAYMENTS — 
Agricultural Mtg- Coro. S<;pcDfo. 81-83 
4 J 4 JK. gi-KOb. 83-86 4 Lpc. gacOb. 
79-82 4’ipe. TVocDlJ. 91-93 S^pc 
Eaittnurm UJxncSdv Red. 14/3/79 5 7 sek 
H arlow m.pcBds. Red. 14/3/79 3*u>c 
Investors Cap. Tn»t I.OSp 
New Witwa tees rand Gold Exploration 
3i55Gs7d 

Ntw Zealand 3:.flC 81-84 1? 4 pr. 

Tiverton 11 'iKRl/l Red 14.-3 79 5'UX 
Treainrv i4oc 196Z 4/jpc 
Umgn Discount of London Units 12.533 b 
V ooelMwiitbult Metal 2.66741 b 
W nt Midland MLocfids. Red. 14/3/79 
Side 

FRIDAY. MARCH 17 
COMPANY MEETING — 

Wiggins Team, BftsIngsMln, 12.45 
BOARD MEETINGS— 

Fhutlu 

Church and Co. " Hill Erameerlng 
Noble »nd Lin'd 
Interim*; 

Banks (Sidney C » 

Blu* Biro Confectfonere 
. DIVIDEND & INTEREST PAYMENTS— 
Anglo American Gold I nr. B5 «*, 

Astra Ind. o.563o 

B-ai*s (jofifti ftnoc Ln. JVn 

Canterbury Il'tfltBdk Red. 15>3,7B 

Chester Waterworks 4.2*6 (fmly, fi K 
Ma».i Ord 2.1 oe T.lSec '!mlv. 41 -eci 
Pt. 1.575PC. 3.1 5or. (ftnlr. ai-pc] Red. 

P*. 79-84 1.57SpC. 3 B5« ffmly. Si-cc< 

RtK] Pf 83-88 1-925DC. 4.S5pe (frh|y. 
Gz-ncl Red. P* 63- PS 2 775rc 
Easrwoud ij. B] 2u 
Free State Development and tn*. 4 cts. 
Gold FWMa ol 5 Africa 29.53BMp 
Islington ll^ocSds. Red. 15)3 78 


^Rolincoj 


• . EXTRAORDINARY MEETING OF 
SHAREHOLDERS 

tn be held 41 the Hilton Hotel. Weepi. 
Rottardam. at 4.30 n m on Tuesday. 
- Z8U> March. 1978. 

AGENDA 

1. To apprtnr. two member* nfr the 
Supervisor* Board and a Managing 
Director. 

2. Any Other business 

Copias or the agenda and of the 
Annual . Report or 1077 can be had 
from - National Westminster Bank 
Limited Stack Often Services. 5th 
Floor.. 12 Drapers Gardens Throg- 
morton Avenue. London. E.C.2. 

Benafrciai owners of Share W a rr a n ts 
to Bearer desirous Ol attending or be- 
lli greoresanud at the Meeting must 
obtain a cortMcate ol deposit sighed 
by a Bank or other Authorised Deposi- 
tary . that such Authorised Depositary tat 
bo Id fog rhe Share Warrants, This car- 
mcne.iRpst be lodged against receipt 
wrth the National Westminster Bank 
Limited. Stock Office Services. 51b 
Floor- 1* ' Drapers Gardens, Throg- 
morton Avenue. London, ECZ. not later 
than Tuesday, the 21rt day of March. 
1978. The receipt .tor the certificate of 
Ilf consttai 


deposit will constitute evidence of a 

Shareholder's entitlement to attend and 

vote at the Meeting and should be Bra- 


sen ted -J?WE3?V*9 Meeting* HalL 
If a hoM*r desires to * pool it a proxy, 
who need not be a member ol the Cam- 
pan*. to attend and vote In his stead 
a form of nrox* may be obtained 
from Mm National Westminster Bank 
this term 


Limited as above and 


of 


proxy must be prasemed at the door 
of the Meeting Hill together with the 
receipt, tor toe certificate of deposit. 


Beneficial owner s of Sub-share Car. 
tHIcatcs registered In the name ol 
National , Provincial Bank {Nomin ees ! 
Limited desfoau* of attending or he! no 
repre se nted at me Meeting must obtain 
a ce rt HI cate of depo s i t In the same 
way as holders of Share Warrants to 
Bearer. If they desire lo attend the 
Meeting In person or to be represented 
they mast obtain a form of proxy 
signed fov National Provincial Sank 
( Nominees Y Limited, which form mnst 
be pre te x te d at the door of the Meet- 
ing Hall together with the receipt for 
the certificate of desosR. 

Bonrfdgl owner* Of Sub-share* 
regi s tered ip any name other than that- 
of National Provincial Bank (Nominees) 
Limited- afid holders of Registered Pull 
Shares, who wish te attend and vote 
at the Meeting or to appoint a Proxy 
to attend and vow In their mad mutt 
Inform -toe Company In sfrttlno by 
Tuesday, the aist day Of March. 1978 
of tMr Intentions. 


Bv Order of the Board 
Of Managing Directors 


E. A. BROUWER 
A. 8. BUNKER 

DMa^toiyjto (J * vo< M * rch ' !»»• 

Rotterdam. 


1 1 upesds. Red- 1512/78 


*5 S6S4 
Xestennp 
£5-5631 
Lamps Sea. 4 p 

Rourtedge and Kegan Paul 1.25 b 
T rfiatary Ln. t2oc 1983 32 cts. 
Treasury Joe 197* Dane 

SATURDAY. MARCH 16 
„ DIVIDEND * INTEREST PAYMENT— 
Spencer CGraroO 3-5ncPf. 1.75 pc 


RICOH COMPANY, LTD. 
(KABUSHiKI KAISHA 
' RICOH) 


Malden of the fiu ohr cent Convert! Me 
Bonds 1JM1 of the shore Company 
are hereby notified In areonton c* wfta 
the Trust Deed dated November 24, 
1976 MMt/tutfng the Bond* that the 
Conversion price will Ire adinated from 
Yen 399.1 to Yen 380.1 par share 
of Yen sa par value with effect from 
April 1. 1*78 01 a result ol the free 
share d Hon but ion to foie holders ol 
record w or. March 31. 1978 at too- 
rote of S-Q8 new ehare tor row share 
hate. 

- 1ST RICOH COMPANY LIMITED 
By The Chase Manhattan Bank, NA 
London (Principal faying sod 
After 


Coityereton 


anti 



T 


iKafonhikl *JtI2iSte* »Uta?iJ*lfit Saforrtol 

“ uniccursd 


iflttbank NA.. London. . ... 

S lyee notk* that Comon No. 27 from 
lock BOR'S may now fro presented tar 
payment of interest tor the m>w«r 
•ndino 31s* March. 1978. at any of Uts 
following . ow ciy— 
cirtbank N A. 
friars Hons*. 

3*-4l . New Broad SrraaC. 

Loocfon 6.C.2 

Banow International a Luxembourg S A. 


n«rt amount nayshle tgr U.6 C10B 
Nominal Amount of Stock BDR S is calce- 
iwted as toltewa;— 

■* »»» 

all earn *0-31*8- 


Pi Hante t to w to Levemheurg and 

United Klnadom Income Ta* win wt 
he -w te rtert where oresantsHon la made 

*" rscu ^ 

jssrtss AiWroSt&t 

■ecoreance with coortitiaws •'JiiEL n? 

toe Special Luting terma avaiUM* fo 
LfrHtHnn frrom Citibank NA. „ , ^ 

Urtfrss an eeeerfahfo aJMavll auom 
eapiH cminm prasanted in Londtm 
UMitf Klnmtam Income Tax SI r ate y 
z<t"i caieulateH on the Grow .amount » 
I ntaryn will tm merfu«»*-e 1 " ardm l«ov* Ow 

•teHurtlnq nf Japa nese fr firTth hpMfoo Tint 

The «m rt three wye iteaueted in ten 

situation will Unis foe 34 »■ 


STANLEY ELECTRIC 
CO„ LTD. 

Nonce to bnldere of eu*we«-' 
Ortmsllar* Rerelphi f" EDR« “> 
evkMBCinp 5harea nf Commnn 
Stock of the above-named 
Company 

THE CHASE MANHATTAN BANK 
N A., as Depository, give* oow ce that 
at ■ meeting c» the Board Ol Pirectom 
of Stanley Electric Co.. Lid. «h« 
“ Company "1 held on March 1 . .1978 
It was revolved that * tew dfotejbu- 
tlon be midi to hoklera of common 
Shares Y50 P.». of 0.05 new slmre 
tor each common »»“f» hold ii tf 
recent date March 31. 1878- "rth 
W Marcfo 28 .1*78 ton storre 
Win he trotted o» the Tokv* Stock 
Evchango r< molts lltattoti and also 
ex toe year end cash dfrrtdend which 
W intended to be paid for the Com pany 


nhlacr to sham holders a 00 royal and 
which will also bo paid « of 
March 31. 1*78. 


Coupon No. 2 to too EDRswIII bn 
used tor the purpose of clalm lho the 
Ire* distribution and wirr he dromod 
to metaro no March 26. 1978- Coupon 
No. 3 will ho used tor the Pwoow 
of claiming the veer ^jerohjlhd- 
dentf and will also ho dromed to 
mature on March -2B. J19W >■ 
mencino cm Myrrh 38 Coupon No- 
together with Coupon No 3 s hould 
brdetached from anr BDR Presented 
tor surrender and will not ho teooed 
with any new EQR. 

IDR holder* ore further fotonond 

that the registor, of . shar ehold ers of 
th» Company trill be r toted from 
Saturday. April -1. 1976 to .th e ctoae 
pf the 7 srt Regular General Maetteg 
of Shareholders to he held lato kj 

i une. During thlu per tod rt will n oc 
■ passible to register the tra wler ro 
Hharea withdrawn again** the aurtgmter 
of EDR*. 

A Wrthor nrttee w«| foe puhltahed 
as soon as proetkahto after AprU 1. 
I97H which la the sciteduted date 
for the issue of the oew shame, stating 
the actual svcurltte* or other property 
to be distributed in rsnpect nf reel* 
EDR and the date and method to be 
employed tor tho delivery or payment 
thereof. It ts only noon such noWre:^.- 
that jifrv payment or ditW button will 
be rtfortrd analmrt elttwr Coupon 
No. Z or Coupon No. 3- 

Th» new vharea vdlf rank for «ff»f- 
tend navment* bavins » record date 
in or after April 1. 1976 and will 
tank pari passu hi all other raspocts 
with the cm ltd no ordinary shares. 

THE CMA5E MANHATTAN BANK 
N.A.. London, as Donositerv. 


NICHU CO, LTD. 


Notir* » 
Depositary 
evidencing 
Stock of 


holders of Eur 
Receipts 1“ EDRa "» 
Shares of Common 
the above-named 
Company 


Further fro notice of February 22nd 
T976 THE CHASE MANHATTAN 
BANK N.A. London as DeooaKVY 
informs EDR holders that the fret 
distribution to be made on the boa 
of 100 common shares Y50 p.*. for 
every 1 EDR evidencing 1000 com- 
mon shares Y50 each held as of record 
February 28th. 1978 has now tww 
received in Tokyo- 

EDR holders should accordingly now 
rronent coupon No. 3 In order to 
claim the above entitlement at either 
the nlhre nf thy Depositary: 

The Chase Manhattan Bank NA. 

Wooigste House. 

Coleman Street. 

London EC2P 2HO. 
or at the office of the Daoosltervto - 
.Agent: 

Chase Manhattan Bank LuxembcuTO 
SA. 

47 Boulevard Ro*al. 

Ltnembourg. 

The ne*. sharre will he avial table 
tor delivery at the ofrhc* of the 
Custodian In Tokyo. The Dai icW 
Kangvo Bank Limited. 6-Z Maranoocfo 
1 -ebony. CMwtfr-ini. Tokyo, or a* 
the risk and expense of the EDR 
bolder at the office at the Depositary 
or Oepoaftary’s agent above. 

EDR holders should submit dal forty 
inst ru ctions covering their entitlement 
at new shares to the Depositary 01 
Depositary's Agent when present] no 
Cnnoen No. 2 . 

THE MANHATTAN WANK- 

N.A.. London, as Depositary. 


..CITY OP VALPARAISO 
5’;% WATERBOARO LOAN 1912 


NOTICE K HEREBY GIVEN that 
carrying out the operation of the Sink 
.Fund Of let April. 1978 In respect 
the above Loan. Bonds lor £900.00 hi 
bean purchased and the imder-mentlqrv 
tends am carting to £ 200.00 were t ~- 
H?I| ^ hy EDWIN BRU 

WALKER to* Maars. Da Pinna. SeorV 
* John Venn). Notary Public, for reo “ 
2SEL W .on the 1st Aprtl, 1*71 te 
which date all Interest thereon wM caa 

2 RSS* for i10 ° 

1778 2SSS 

_ _ . RECAM TULATICW 

2 Bonds for £100 each U 00.00 

„ Tire atwre-meijeiofriud Bends wtnrGour 
l~* .and_ w ibveo u en t coupons attact 
may be lodged lor reoavmont on or af 


3rd AprllO^ro at the 6«reirt‘ ^ 


SyhtBder W*?S- 4 . Co. Limited, ’ cour 
Departm ent. 120 . Cheaps toe. London. E» 
between the hours ol ten and two (Tclb 


London. 

,8th March, 1978. 


LEGAL 

NOTICES 


/T2S5IKK5U 0 ? JLRauo 

QNVbnilNn ACT 1966 
NOTKE IS HEREBY GIVEN t2?Wted 

* . Co - SL S5 ;^“i n £li!i St" Union EC 
3 EL. h as rU nquahed tba Pnnclna 
ifceiwe teved ourtuam to sec tio n 3 

dcatar under .5«ctto n ie) nanno trarotarr 
* «s» nwyuj 
^ d n.n*t, C m !3* fo«fo aoolkau 
the Departmeet of Trade p ursu ant 


Re gulation _ S ofthe, Proveotton of Fro 
In restei erta) Deem It Regulation 19 , 
!5 2. 1B 4t_ N «- ? 41 _' tar the roint 


« the One Thousand Pounds deorett 
In miigaanu of Section 4 of the Art 
Any nareons having a Claim . eh • t 
tahfrj*.; rapnawiHha . »«. denoslt shot 
sand their names and. add reto ea and Ma 


of their claim fro the Assistant Svcrrta- 

Cor — - - - - 


omnanles Dl*»tan. Depa rtm ent of Troi 
Sanerear* RuihUnos, Great Smith Stre 
Lptiden. 8-W.4. not later than tal 3 
AprH 1978- „ 

NOTE— f al Thhr date should not 
no* fou tlun 21 daw after the date 
the first Insertion of the odrerUsemam. 


CLUBS 




THE GREAT BRITISH STRIP 

Show at MtdMRht and 1 an, 
Mon.-Fri. ChMMd Satvrday*. 61-467 6 






^ --FWANGlAt TIKES MONDAY MARCH 13 1978 


. . ■.'■£. 


31 


AMlteAfisa list for ffli Ordinary shatas now offered for nig will erpan rtlO t. a. onThuWd^y, ISt'a March. 1375. and will cloaa at later tia» on the gam e day a* County 

. .... . Bank Limited may MWtfiriift. 

Aeolfcettn th*r*t<S the doarajmts *o6Cified **«»■ ha* been delivered to the Redstrer of Companies for racktrarieo. 

Dpeaa ” oeea ™«8 to the Connell of The Stock Lidchaa®* lor the whole of the «**u#JOfliia«r bharecapiul of Saca Monday* LmntadC'the Company"; to be ^ * -T * re d to 

e«lh>liance with the Rejrulaticni of thoCouacH of The Stock Exchange for the purpose of (riving information to the public with 
■ Jr ® 5 ^ a - to ■“* *PdMdMOr accent full re«ion^bUity ft»r theawwaey ofthe In forma don given and confirm, haring made aU reasonable 

eoquulea, tpat, to the beat of tim\i knowledge and billed (here axe no other beta the omission of which woold m»fc* any EtatAnent herein misleading. 


• r ; V 





in full on application 

; The shares ^dwpJfered rank iitfulL for all dividends.hereaffcer declared or paid oil the Ordinary share capital of ffie 'Company I 


-.' r i 


' *.• 


: . - Share.Capiial 


AuthorUe d 
£1 ',500,000 • 

in 7.500*000; '/• ; ’ 

. Ordinary shares. - 
of 20p each 


Issued and n aw 
being issued 
fully paid 


£ 1 , 200 , 000 . 


-- Indebtedness 

llie.Companyeruiits subsidiaries 

■ ("the Group’*) have outstanding con- 
tingent liabilities in respect of counter- 
indemnities in favour of their principal 

- hankers relating to guarantees of. the ' 
Group's liabilities, to & passenger 
Carrier ta.a maximum of £1,6,000 aqd 

.in respect. .of a bdpd issued to The 
■‘Association of British Travel Agents 
Limited to cover ama&Mfium liability q£ 
-.£715,700. Th£Se.*liabtE,ties, and other 
7 present ypr future. liabilities .of the 
Grow. -to- ife • principal bankers; <of 
. which,* there was none outstanding on 
- 24th ‘February, '197S). are secured- by 

■ mortgages on certain properties ‘of the. 

~ GrOflp. - .; . -V. " ■;;; ;. ' 

’ •*“*■ . Five ‘as aforesaid, and apart frbrti 

- intercompany . liabilities, bn- 24th. 
j.Februaryi l97fi the Group had no loan 
“ capital- outstanding ' or created hut.- 

unissued, and Mb, dutstandiirg 
’ gages, charges* borrowings or iridefet- 
'edriess in the nature .of hraTowingy 

* including . bank, overdrafts and 
liabilities ; under acceptances (other. 

-'than normal trad© bilU)' or acceptance 
credits. hire-purchase commitments,. 

• guarantees or • other- material, con^ 

■'tuigemt liabilities. ’ ' ; / r “.'2- ■ .■: 

-■«- — •: •• . ‘I 


Selected Information. 

--S-- ~ The Group’s business is principally that of an operator of off-season inclusive holidays for those over the age 
'"Ofsikty offering a wide range of U.K.. overseas and cruise holidays. . 

: . The Group’s management’ has over the past 35 years built up considerable expertise in devising, marketing and 
^ operating holidays for people aged Over sixty and the directors believe that, in terms of the number of holidays taken , 
the Group is not only amongst the largest tour operators based in the UJK., but is also the predominant such operator 
specialising in holidays for the over sixties. 

. The Group owns and operates three hotels ip the U.K., two of which are used almost exclusively for holidays 

: Operated by the Group. • • ” 

,V. r" Further information about the Group's business iB set out under "Business”. 

' 0 ■ The Group’s trading figures for the five years ended 30th June, 1977 are.as follows: — . 


.Teftr ended 

30th June 

Tumitcer 

£’000 

• Profit before 
taxation 
£•000 ■ 

Number of 
inclusive 
holidays ta/mri 

-J973 

3,309 

' 89" 

39,960 

1974 - 

1,939 

: 129.- 

.52,600 

•1975' ' •* 

4,296 

. . • .542, . ■ • 

84,830 

3976 

7,796 ■- - 

614 

121,600 

1977 

13,017 • • 

• 1,316 

' ■ 162,050 


. -Further financialinformatioh aboutthe Groupis set out in the .Accountants! Report. 

0 ;:' : - The directors forecast, on the basis of the assumptions set out under "Information relating to the profit 
.forecast” that in the absence of -unforeseen circumstances the Group’s profit before taxation and extraordinary items ■ 
for the year ending 30th June, 1978 will be not less than £1,850,000. 



year, reflecting both an increase in volume and, to some extent, earlier booking; 

• - The net tangible assets of the Group as shown by the audited consolidated balance sheet at 31st December, 1977,* 

■ adjusted tareflect the net proceeds of the issue, were £1.78 million-: 

- : V* : '-At 31sf December, 1977 the'Group held the following cash balances . 

- ' 7 • . ' ■ : row - 
s' -Amounts receivedfor holidays in advance 4,969 


Other balances 


1353 


6,822 


• ’ On the basis of the illustration set out -under *' ’Appropriation of profit’* the gross equivalent dividend yield of 

the shares pf the Company at the offer price would b© 9,74 per Cent, and the price earnings ratio would be 7.1 . ' 


Directors 

Sidney De Haan (Chairman) 

Enbrook House. Sandgate, Folkestone. Kent. 

Roger Michael De Haan (Managing Director) 
Enbrook House. Sandgate, Folkestone, Kent. 
Sydney John Moss 

Enbrook House. Sandgate. Folkestone, Kent. 

Roger Dudley Crick (Non-Executive) 

Enbrook House, Sandgate, Folkestone, Kent. 

Secretary and Registered Office 

Peter Charles De Haan, ACA 

Enbrook House. Sandgate, Folkestone, Kent. 

Principal Bankers * 

National Westminster Bank Limited, Europa House, 
49 Sandgate Road, Folkestone, Kent CT20 1RU, 

Brokers to the Company 

L. Messel & Co., P.O. Box 521. Winchester House, 

100 Old Broad Street, London EC2P 2HX. 

Solicitors to the Company 

Lovell, White & King, 21 Holbom Viaduct, 

London EC1A 2DY . 

Solicitors to the Offer . 

Travers Smith. Braithwaite & Co., 6 Snow Hill, 
London EC1A SAL. 

Auditors and Joint Reporting Accountants 
SaffexYs, Chartered Accountants, St. Martins House, 
16 St-. Martin Vle-Grand , London EC1A 4EP. 

Joint Reporting Accountants 

Whinney Murray & Co., Chartered Accountants, 

57 Chiswell Street, London EC1Y 4SY. 

Registrars and Transfer Office 
National Westminster Bank Limited , 

Registrar’s Department. P.O. Box 82, 

National Westminster Court, 37 Broad Street, 

Bristol BS997NH. 


• ■ * The following information concerning the Group has been received by County 
Bank limited from tfia directors ofthe Company;—. 

. HJSTOKY " ; 

j The activities ofthe Group have their origins in the hotel business started 

in 1550 by Mr. Sidney De Haan, the present Chairman. Mr. D£ Haan wished to 
till his 36-bed hotel in Folkestone- in the off season and recognised that retired 
-.people would be the group most able to take holidays during that period. - 

The .concept of marketing off-season holidays directly to retired people was 

- immediately successful and by 1958 the number of holidaymakers had reached 
■a sufficient size to warrant the chartering of special trains- This was the begin- 
ning ofthe close relationship still maintained with British Rail . ^ ■ 

In 1959 the Company was formed to acquire' Air. De Haan s. travel business. 
and : in 1960* in order .to concentrate on this business, he disposed of his hotel 
. interests. * r. • • .. ■ 1 '• 

; . During th©1960s the Company s pusioew and reputation grew steadily and 
contacts were increasingly developed With clubs and organisations concerned 
uTthtbe wetfsre'Of retired people. In.1966 for -the first time the'Group began to 
market its hqlidaj’s under the name of Saga. and promoted sales through its 
own regular publication. Saga Newe. . - 

" "As the. diapwahle- income of pensioner gradually increased through 
improved- passion - arrangements* the Group identified a demand for overseas 
■ holidays and accordingly cruise ahd overseas holiday's were added- to the pro- 
gramme in 1968-and 1970 respectively- •’ 

- .. ..The Group acquired two hotels in Scotland in 19 1 6 and one in Folkestone 

inJ977. ■ ■. . • •’•’■**'*■• 

BUSINESS ~ • •• 

The -Group’s bu«hess is priJfci^ally that of an operator of off-season 
’ incIuSivt) holidays for those over the age of sixty offering a wide range of U.K., 
-. rv'erbeas and‘£a*uise holidays. It also owns and operate* three notelijft the U.K., 
iwo of which- srensed almost exclusively for ho3ida,va operated by the Group. 

: i ■ ’- the Group's- management has Over the past 25 years built up consider 
marketinK and oneratana holidays for people agid 


- , .... r , . considerable 

hxoeftise id devising , marketing and operating hohdays for people axid over 
rixty and the directors believe that, in terms, of the number of holidays taken, the 
Grempris not only amongst the larg^t tour operators based in the U.K., but is 
'risa the predominant such operator Specialising 5n holiday* for the over sixties. 

- The tabled below shows the number of inclusive holidays taken With the 


■ . - ■/-. . . }jj5ur,«nif6d 33th June 

. Number of -holidays 

-^.1973 r-f 
r;.l974'. ■ • 

"*■ '3976 ■ ".V s - 

--‘-1976 •' ■ 

' .-1977 

' . :*;•.••: d9,96o' - - 

.' * ' " •' 52^600 

-84,830*.. 

. 121,600 . .' 

■ 163,050 


limited. . ‘ 

. concept 6f the Group’s business is- based upon the -ability of retired 

.<?ople to take holidays outside the peak Period aipjtidis to benefit from the cost 
^unxTdttiibufable to the mass av4ila,bility, of transport aftd accQifiJhodation.at 

- hat time. The strength of the Group’s purchasing power; couptod with its high 
^nutation, enables, it to acquire Iaree amounts of transport and accommodation 
t low rate*. Bv speeialififtSr in off-season holithiys the directors Believe that, 
/hilstrminteimng adequate trading mai^ins, the Group’s prices are genefaJIv. 

wer and 'iii- some cases substantially lower, than. -those of comparable off- 
r «iscd bolide opereted other cumjmmes, ;» ■_ 

• • « . «rij C di rc-clb rs havo iriade a corppanson qs. at 1st March, IS /$ or the Group s 

■ vcimof twoUiedc holidays witb.thote diown mjhe late§tj>rincipsl 

‘iimmer Brochinw of the other tour-operator members of The. Association of 
JSftth^rrnVfii Agents Lknited with a turnover not less than that of the Group. 
•hft.Wwmarisoh shows that-ih respect of the 36 daytime flights using London 
a^fttg'on hotidaysTor wfueli- these other tour operators use the ssm§ hotel 
:urirritbe*<uu i ‘ w ® e ^ eaa ' t .^ e- ^? ,0 HP : r" ■’ , “ + 'i ar ■ ■ . 

r *-s-thc*average price 4 including th© amount charged for airport taxes) 
.7;. : : f 0r the $6 departures is £142.11 per hpbday being 12.3^0 more than 

• . . ^heGroup's average price of £12fi.30;and . . - . 

» i£/, n ' & \\ cases the: Group offere-the.aami itemft in the package price as 

- fc . the'orher operators but also indudes return rail fare within the L“.K.. 

" ^transport ; acro&n London and holiday insurance; none of these items 

is stated to be included by the other oparawre- ; . 

- THffGroup normally reserves the nght to amend the pncas ofhoiidayE in 
1*- licht or exchange rate movements or increaseain-fuM costs. The directors 
Lc3««vcr. i areiv found it necessary to increase prices for thert reason?, and 
if t he^Doli cv.to r educ e the effect of currgncy.ffiqvemen ta by makin g use of .the 
f jn to tour operators topurchweiOreign cuixencj^orwardt 


Services included in holidays . 

It has always been part of ihe Group's polity to create holidays which are' 
fully iftclusive and which take into account fie needs add prefcarencea of people 
over sixty. In addition to the services generally included in package holidays, the 
following extra items are included in the price of holidays operated by the 
Group; — _ 

— return rail' .travel between the hdlidaymaier’s local station and the 
U.K. resort, or the point of departure from the UJK. in the case of 
overseas and cruise holidays; 1 

. • — transport across London with' courier assistance; 

— all tourist, port and purport taxes; and .. ... 

- — comprehensive holiday insurance • for overseas and cruise holiday- 

. . makers. . t 

The directors consider it important that; as far as possible, the prospective 
holidaymaker knows from the outset wh&i his basic outlay will be and the Group 
..therefore includes in its holiday price the items listed.above^ which- are normally - 
chargedas extras byotflertour operators. 

Marketing 

•The Group markets its holidays directly -to the customer and as a result 
generally expects to. receive approximately 70 per cent, of-its bookings direct. In 
this way the Group avoids much of the cost. associated with marketing holidays 
through travel agents, bookings through which have never exceeded 35 per cent, 
of the total holidays taken in any year- 

The Group advertise* in national and’ local newspapers and issues bro- 
chures and other literature tb people on. its mailing list. Advertising and pro- 
mdtional costs have never been more than ,3 per cent, of turnover and in the 
Group's financial year ended 30th June, 1977 amounted to only 1 .9 per cent . 

■ New links are being continually established wit h organisations with a view 
to arranging group travel. Amongst those organisations whose members have 
made party bookings for 1978. are The' .Civil Service Retirement Fellowship, 
Unilever Pensioners' Club; North Thames Gas Retirement Fellowship and.-tne 
. Post Office Retired Staff Association. - > . ' - 

A significant part of th6 Group’s business is derived, from the large number 
of fi]m shove and lectures about its holidays which are given throughout the year 
by thg Group’s representatives. In addition, the Group's literature is displayed 
in ntehy public libraries , Citizen*’ Advice Bureaux, Tourist Information Centres 
and certain offices of Age Cohcttn.'- ... 

Saga Club and Saga News 

Asa means of establishing and maintaining contact with those over the age . 
of sixty, a scheme was introduced in 1966 for people in this age grdirp-to subscribe 

a. it. l 


,es. ... - .. . 

Saga News, which has a circulation in. eweess of 500, ODO copies,. contains 
within its 16 pages articles of general interest to . retired people,, up-to-date 
holiday information and articles bn -legal, financial, medical and other matters. 
A feature of the magazine is its ’'Matchmaker” semce whiebputs lonely people 
in touch wjrh others in a similar situation. - 

As many subscribers receiyetije. magazine in theircapaeity as representa- 
tives of assoaatibht, the directors believe that through Saga News the Group is 
i n touch with more than 1 ,000,000 peopleaged over sixty .“ . 

Range of Holidays 

The table hefowshowatne dmeioti of turnover between the Group’s U.K., 
.Overseas and Cruise holidays in the five years ended 30th June, 19i 1 : — 


"Yenr ended - 
SOthJune 

- • 

U.K: 

Oceneas 

Cruise 

Total 



£'000 % 

£'000 

£'000 % . 

£000 

1973 


94S 72 

124 20 

237 l* 

1.309 

197 4 ' 


1.2o4 64 

343 19 

.- 342 - IS- 

1.939 

!?76- 

• 

1.784 43- - 

1.437 33 

1 .075 26 

4.296 

3976-- 

. . * 

2.813- 3S 

0.154 40 

1-829 24 

7.7W 

3977 . 

• . ■ • 

'4,4X7 34 

5,934 4b 

2,666 20 

• 13,017 


turn over for the ftrtrttiKe fiittirfc - 


_ . 197? ■» , as n<3t pisnificam and i* 
proportion -hotel. mmwor which 
msijniScaat in relation to total 


•The Group granges holidays -in the U.K. throughout the year. The main j 
programme comprises one and two week holidays during the spring and autumn. ■/* 
to 36 different locations using mainly hotels, although guest houses and holiday^*-'' 
camps are also used. Holidays are also arranged in the Channel Islands, the Isle 
of Man and the Republic of Ireland. . 

During the summer period the Group arranges a large number of one week ’ : 
holidays utilising university accommodation in touring centres in some of which 
a choice of frill board or self-catering is available. The Group’s hotels at Aberfoyle 
and Melrose in Scotland are also used extensively. .. 

The Group operates a wide range of overseas holidays. In Spain, the Canary ' " 
Islands, Portugal. Malta, Southern Yugoslavia and Southern Italy a continuous 
programme is operated from September until May. In Northern Yugoslavia and *v; 
Northern Italy the periods of operation are from September to November and - *; 
from March until June. Coach tours with a cultural emphasis are operated in 
Spain, Italy, Yugoslavia and Rumania. . * . 

The Group's range of higher-cost overseas holida ys includes three and four' ;* : 
week holidays to the Far East 'using scheduled flights and luxury hotels in ,;j 
Bangkok, Singapore and Hong Kong. - . 

The Group arranges a world-wide programme of cruise holidays with a 
number of international shipping companies. In most cases the Group secures an ..y- 
allocation of cabins, but for certain cruises it takes over all the accommodation ; 
for a particular sailing. The areas mainly . served are the Canary Islands and the - 
Mediterranean. Other destinations include the Caribbean. North America, . _ 
.Northern Europe, and Africa. Holidays "are also offered which combine a cruise 
with a hotel stay in the Canary Islands; the Mediterranean, the Far East or ’ ~ 
South America i. 

The Group ha* for several years marketed world cruises and in 1977, for the " . 
first time, arranged its own world cruise with Costa Line Cruises Limited. In _‘ r v . 
view of its succees.the Group intends to repeat this venture i n 1973. 

# In recent years the Group has identified an important market amongst those 
wishing to combine .their holiday with the pursuit of a hobby or interest. Ac- 
cordingly, a diverse programme of holiday* offering a choice of fifteen different 
activities such as bowls, dancing, bridge and golf is operated both in the U.K. 
and overseas. 

Hotels ■* * _ 

The Group owns the following folly licensed hotels,- all of which are 
freehold: — 

The Burlington Hotel, Folkestone 

The Burlington Hotel, which was acquired in 1977, is situated on The Leas 
at Folkestone overlooking the English Channel . It is the only 4 star (AA) hotel in 
Folkestone^ 

The hotel has 56 bedr°°nis, each with a private bathroom, television, 
radio and telephone. The total number of beds available is 91 . 

The Covenanters' Inn, Aberfoyle 

The Covenanter*’ Inn is situated in. the Trossach? on thfe edge of tha 
Southern Highlands of Scotland. It stands in approximately 3 acres of grounds 
overlooking the town of Aberfoyle and the Forth Valley. 

The hotel, which was acquired in. 1976. has just been refurbished and is 
expected to reopen at the end of March 1978. It has 49 bedrooms, 38 of which have 
private bathrooms or showers, and the total number ofbeds available is 95. 

Waiter ley Castle Hotel, Melrose . 

Waver] ey Castle Hotel-, which was built. in 1869, is situated in ’the Tweed 
Valley and stands in approximately 6 acres of grounds. 

After its acquisition in 1976 . the hotel was extensively refurbished and was 
reopened in April 1977. It has 104. bedrooms (38 having private bathrooms or 
showers) and the total number ofbeds available is 296. 

The Covenanters* Inn. -and Waverloy ’Castle Hotel were purchased in 
order to provide suitable accommodation, for holidays which the Group wished 
to offer in Scotland. These hotels will therefore be used primarily for holidays 
operated by the Group. A limited number of the Group's holidays will also be 
operated to the Burlington Hotel in the off season . 

The directors will continue to follow, a poliev of acquiring hotels in areas 
where the Group has difficulty in obtaining suitable accommodation but wishes 
to offer holidays. Although the existing hotels have not been operated by the 
Group for a sufficient length of time to have made a contribution to profitability, 
the Group's ability tc. achieve high occupancy levels by the hotels’ inclusion in 
the holiday programme is likely to ensure a batisfactory return on such invest- 
ments^ 

Cash Balances 

• The Group has found over the last five year* tha t customers * re tending to 
book hohdays earlier each year to ensure that they obtain their . first choice of 
holiday destination. In addition . the Group offers a discount , known as the '‘i^aca 
Saver* , to customer* who wish to pay for their holidays in advance of the 
-r wnE^feq ug efla e n te of tfae-Group g boofcing'conditlOfls. 


m 

|i 


ES 

M-*. 








*»*» 


FINANCIAL' 'TIMES MONDAY MARCH 33 1978 


SAGA. HCUMS HMIIED 

Continued 


Although the total amount of cash held, by the Group is subject to seasonal 
fluctuations, the amount which is effectively under its control on a continmnsr 
basis has increased in each year for the last five years. This has enabled the 
Group to place a large proportion of its total funds on term deposit with local 
authorities as a result of which, when budgets are prepared, the directors can- 
forecast relatively accurately the Group’s interest income for the coming year - . 
This enables margins on holidays to be ad justed to compensate for any substant ial 
changes from year to year in forecast interest income which the directors believe 
is an important factor in maintaining steady profits growth. Such adjustments in 
trading margins have never been of a sufficient size to affect the Group’s competi- 
tive position. 

It is the Group’s policy to maintain its deposits with local authorities until 
maturity, although prior realisation would be possible at any time. Maturities of 
the deposits with, local authorities at 31st December, 19 / 1 are set out in the 
Accountants’ Report. 

MANAGEMENT 

Directors 

Mr. S . De Haan, aged 59, is the founder of the business and has been Chair- 
man of the Company since its incorporation in 1959. He has had over thirty years’ 
experience' in the hotel and travel industry and maintains overall control of 
Group finance together with responsibility for the Group's, three hotels . 

Mr. R. M. De Haan. aged 119, a son of the Chairman, joined the Group from 
school in 1965. He was appointed a director in 1969 with responsibility for market- 
ing and suppliers’ contracts and became joint Managing Director in 3974 and 
Managing Director in 1976. He has responsibility for day-to-day management of 
the Group. 

Mr. S. J. Moss, aged 57, was senior partner of a firm of solicitors in Folke- 
stone when he retired, from practice in March 1977. He was formerly a non- 
executive director of the Company ibr 12 years and is' now an executive director 
with overall responsibility for legal work and administration. 

Mr. R. D. Crick, BA(Cantab'). aged 55. a brother-in-law of the Chairman, 
has been a non-executive director of the Company for IS years. 

Senior Management. 

Mr. F. J. M. Frost, aged 53, joined the Group in 1967 as Office Manager. In 
1970 he was appointed General Manager with responsibility far the running of the 
head office in Folkestone . 

Mr. A. C. Doyle, aged 42, joined the Group in 1967. He was responsible for 
administration from 1971 until 1976 when he assumed his present responsibility 
for the Group's cruising programme . 

Mr. J. A. Le Masurier, BA, aged 30, joined the Group in 1969 from Exeter 
University. He was appointed advertising manager in 1971 and assumed overall 
responsibility for marketing in 1977. 

Mr. J. W. H. Graham, FCA. aged 36, joined the Group in 1977 as Group 
Accountant, having had six years' experience in the holiday industry. lie has' 
overall responsibility for the Group’s accounting function. 

Mr. I. M. Vincent, BA, aged 29, joined the Group in 1969 from Exeter 
University. Having left to gain experience in overseas holidays, he rejoined the 
Group after two years in 1974. He is now responsible for overseas operations . 

Mr. J. H. Bishop,. aged 33. joined the Group in 1974 as editor of Saga News 
and public relations officer, having Epent 9 years in travel jou rnalism : He is now 
responsible for all Group publications and public relations. 

Staff and Administration 

At 31st December, 1977 the Group had 352 full time and 101 part time 
employees. 

Departmental managers, in conjunction with the personnel department, are 
individually responsible for the welfare of the staff under their control and the 
Group has always enjoyed good staff relations. Terms of employment include a 
' non-contributory pension and life assurance scheme, and the Group also provides 
a social club and sporting facilities . 

For a number of years it has been the directors* policy to engage graduate 
management trainees and currently eleven such trainees are employed. Younger 
staff are actively encouraged to undertake further training. The directors believe 
that the senior management potential within the Group is a considerable strength. 

Administration is the responsibility of ten departmental managers under 
the direction of an operating board consisting of the executive directors of the 
Company together with Mr. Frost, Mr. Doyle and Mr. Le Masurier. 

In 1977 the Group computerised certain accounting, administrative and 
management information functions. The output required of the system is not 
highly sophisticated and since the computer became operational in. September 
-1977 no major difficulties have been encountered. 

PROPERTIES - •’ ~ 

The following are the principal properties owned by the Group:— 

Enbrook House, Folkestone 

Enbrook House is the Group’s freehold head office situated one mile from 
the centre of Folkestone. The Group currently has consent for office use for 30,000 
sq. ft. of the total floor area of approximately 55.000 sq. ft. An application has 
recently been submitted to the Department of the Environment for consent to use 
the total floor area ibr office and ancillary purposes. The property includes 
approximately 27 acres of grounds in which there are sports facilities for the 
Group’s staff including a gymnasium and a football pitch. 

Enbrook House is shown in the Group’s balance sheet at its 1977 acquisition 
cost of £202,000. The existing planning consent for use as an office Has been 
restricted to the Group.and a further application would benecessary for office use 
of the property by a purchaser. The directors believe that jf this restriction did 
not apply to the property its present value would be substantially in excess of the 
amount shown in the Group’s balance sheet. 

Hotels 

Details of the Group’s three hotels are shown under the heading "Hotels". 
These hotels with their trade furniture, furnishings and equipment are included in 
the Group's balance sheet at an aggregate book value of £754,000. 

Valuations 

Knight, Frank & Rutley, Surveyors and Valuers, have valued the above 
properties at open market value according to their existing use with the excep- 
tion of Enbrook House which, due to the planning restriction mentioned above, 
has been valued with the benefit of vacant possession as an institutional builduig. 
The three hotels have been valued as operating going concerns inclusive of the 
trade furniture, furnishings and equipment. The valuation dated 24th February, 
1978 places on the properties an aggregate value of £910,000 which compares with 
the expected book value of £1,056.000 after completion of renovations at the 
Covenanters* Inn. The'difference relates to the two hotels' in Scotland owned by 
the Group.lt is not intended to incorporate this valuation in the Group’s accounts 
because the directors consider that the value of these properties to the business 
of the Group is greater than open market value and exceeds the amount at which 
they are included in the accounts. 

Site of the Wampach Hotel , Folkestone 

Other properties owned by the Group include the site of the Wampach 
Hotel in the centre of Folkestone which was acquired in 1974 with a view to re- 
development. Shortly afterwards the existing building was extensively damaged 
by fire and demolished. In. view of the subsequent increase in construction costs 
the site comprising approximately 0.4 acres has -not been 'redeveloped. .The 
directors, however, intend to retain this freehold property as an investment,' 
having written it down in the Group’s accounts to their valuation of £30,000. 

PROCEEDS OF THE ISSUE 

The shares now being offered for sale include 1,525,000 shares being sold-by 
the existing shareholders of the Company. The balance of 575,000 shares are new 
shares which, after deducting the expenses of the. Offer for Sale estimated at 
£230, (XX), will raise £373,750 of additional finance for the Group. 

The new capital now being raised will strengthen the net asset position of 
the Group and will provide additional funds for the expansion of its holiday and 
hotel interests when suitable opportunities arise. 

WORKING CAPITAL 

The directors are. of the opinion that the Group has adequate working 
capital for its present requirements 

PROFITS 

The Accountants’ Report shows the profit of the Group before taxation 
and extraordinary items for the five years ended 30th June, 1977, and for the six 
months ended 31st December. 1977. During the five years ended 30th June. 1977 
the Group’s turnover increased from £1.3 million to £13.0 million and profit before 
taxation from £89,000 to £1.32 million. Turnover and profit before taxation for 
the six months ended 31st December, 1977 were £8.9 million, and £792,000 
■respectively. 

Having regard to the profit earned in the six months ended 31st December, 
1977, holidays taken since that date, and t he level of bookings for holidays to be 
taken in the remainder of the current half-year, and on the basis of the assump- 
tions set out under 'Hafonnation relating to the profit forecast", the directors 
forecast that in the absence of unforeseen, circumstances the consolidated profit 
of the Group before taxation and exm* ordinary items lor the year ending 30tli 
J unc, 197S will be not less than £IjS50, 000. 

DIVIDENDS 

On the basis of the directors forecast of profit for the year, ending 30th 
June. 1976 the directors intend to recommend for payment in November 197S a' 
final dividend of 4,op per share (6.82p with related tax credit ». This would be the 
first dividend payable by the Company subsequent to the Offer for Sale. 

In repppi’t of a full year in. which a similar level of profit was earned, the 
directors would expert to recommend dividends totalling 6.75p per share H0.23p 
v ith p-laHtl tax riedir i. It- is intended in future years to pay an interim dividend, 
iu Apri l ami a final dividend in November. 

If current legislation regarding dividends, which expires on 31st July, 197S, 
is renewed in its present form the Company will not be subject to any dividend 
jr-'striciions in respect of the two years ending 30lh June, 1979, but dividends 
thereafter would be subject to statutory control. 


APPROPRIATION OF PROFIT 

The following table Gets out, byway of illustration only jhow a profit beforet 
taxation of £1 £50,000 would be appropriated, assuming corporation, tax a c the 
race of 52 per cent, and total dividends oCd.Top per shore on the enlarg e d share 
capital of£i s 2OQ,Q0O: — 


£'000 

Profit before taxation 3..-S50 

Zees: taxation. ■ , 963 


Profit aftertaxation S53 

Lesar dividends to tenfn g'g.75n per share 405 


..Profit retained / ' 4S3 


On the basis of this illustration, the dividend wodldbo covered 2.29 times by 
the profit after taxation. The dividend together with the related tax credit would 
represent a gross equivalent dividend yield of 9.74 per cent- on. the offer price of 
the shares. At the offer price, the Company would be valued on a price earnings 
ratio of 7.1. 


PROSPECTS 

The directors consider that improvedretirement benefits in both State and 
private schemes will ensure continuing growth, in demand for holidays for the 
over sixties; a section of the U2C- population which totalled approximately 10.5 
million at the time of the last Census in 1 971. 

Although the Group is constantly developing the market for iis holidays, it 
has always exercised control over the annual increasemthe number of holidays 
operated. This policy-, which the directors intend to continue, has enabled the 
Group to achieve high utilisation of the transport and accommodation made 
available to it with the result than selling prices arc maintained at a competitive 
level and operating profits are maximised. In addition the relationship with 
suppliers which results from high utilisation of facilities ivill . in the opinion of the 
directors, ensure that sufficient addit tonal transporc and accommodation capacity 
will become available to the Group to ensure that planned future, eaqaansion can 
be achieved. The diversity of the Group’s range ofholidaysandofthe destinations 
to which it operates, coupled with controlled growth, is designed to ensure that 
the Group will avoid the problems which, in the past have had serious conse- 
quences within the travel industry - 

The number of holidays taken with the Group in the year ending &)£b June, 
1978 is expected to be approximately 190,000. The directors are planning to 
continue to increase the volume of holidays operated over the next few years and 
estimate that the Group will arrange more than a quarter of a million holidays in 
the year ending 30th June, 1979. 

At 24th February, 1978 the Group had received confirmed bookings for 
holidays with a total sales value of £6.3 million to be taken during the next 
financial year ending 30th June, 1979. This represents an increase of 55 per cent, 
over the comparable figure at 25th February, 1977 in respect of holidays to be 
taken, during the current financial year, reflecting both, an increase in volume 
and, to some extent, earlier booking. 


ACCOUNTANTS’ REPORT 

The following is a copy of ihe report of SsfTerys, Chartered Accountants, auditors of the 
Company and .Joint Reporting Accountants and ofWhinney Murray & Co., Chartered Accountants, 
Joint Reporting Accountant), to the directors of the Company and of Co;j7izy Bank Limited. * 

St. Martins Hou>e. 57 ChiswcH Street, 

Id St. Martin's-le-Grand, London ECYST 4SY. 

London ECIA 4EP. 9th March, lifts. 

The Director 0 , 

SAGA HOLIDAYS LIMITED and COUNTY BANE LIMITED 
G entlem en, 

1. We have examined tee audited accounts of Saga Holidays Limited fthe Co mpan y " ) and of 
its subsidiaries for the five years ended 30th June, 1977 and for the six months coded 31st December, 
1977. The Company and j ta subsidiaries are hereafter collectively referred to as "the Group’" 

All the subsidiaries have been -wholly owned throughout the relevant periods escsptfbr: — 

(a> The Wampach Hotel (Folkestone! Limited of which the Company purchased 100 pec cent, of 
the share capital on 22nd April, 1974 a£a cost of £142,000; and 

(b> The. Burlington Mansions Limited of which the Company purchased 100 per cent, of the share 
capital between 14th December, 1976 and 7th March, 1977 at a cost of £200,000. For acoo noting 
purposes these shares are Created as having been acquired on 31st January, 1977. 

Safferyahave been auditors of all the companies in the Group throughout the relevant accounting: 
periods. 

2 . The information .set ont below is based on. the audited accounts of the Group after m a king 
such adjustments as we consider appropriate. These accounts have been prepared on the historical 
cost convention save insofar as certain fixed Resets have been revalued at an amount-in excess of 
cost. In our opinion the information gives, on the basis of the accounting convention stated above, a 
true and lhir view of the profits and source and application of funds of the Group for the five years 
and six months ended 3 1st Deoember, 1977 and of the state of affairs of the Group at each 30th. June 
from 1972 to 1977, and at 31st December, 1977 and of the Company at 31st December, 1877. 


3. Accounting policies 

The following are thap rmcipaT gr >imntm g |mlirnm; mt np fet Wl forfhr. 

mntion set outin this Report: — . ' 

(a) Principles of consolidation . 

The an oual accounts of the Company and of its subsidiaries havebeenmade up to S0£& June 
in each year-. Audited accounts have also been, prepared for the six months to 31st December. 1977. 

The Group accounts include the results and assets and liabilities of the Company and nil its 
subsidiaries for the relevant periods since acquisition . Goodwill arising on consolidation is not being 
amortised. For the purposes of the Group accounts the Saga C lub h a s not been treated as a separata 
entity.. 

(b) Exed Assets 

Fixed assets are stated at costar at valuation except for the rite of tire Wampach Hotel which, 
has been written down. Depredation is provided on all fixed assets with the exception of freehold 
land and buildings. The provision for d^ireciation is calculated so as to write off the cost of the fixed 
assets over their expected useful lives. The rates of depredation used by the Group, applied on a 
straight line basis, are: — 

leasehold property — amortised equally over the remaimngperiod of the lease 

Furniture and equipment 

• Hotels — 15 per cent, per a n nu m . 

'Other — 10 per cent, per annum 

Motor vehicles — 20 per cent, per annum 

The principal properties of the Group were professionally” valued by Knight, Frank and 
Rutley, Surveyors and Valuers, on 24th February, 1978 on an open market basis. However, these 
valuations have not been incorporated in the Group's accounts because the directors consider that 
the value at these properties to the business. of the Group is greater than open maricet value and 
exceeds the a m ount at which they are included in the accounts. 

(c) Cash received for holidays in advance 

All cash received by the Group in an accounting period in respect of holidays with starting; 
dates in future accounting periods ia treated as a receipt m advance at.the balance sheet data and is 
separately disclosed in the balance sheet together with a corresponding amount representing the 
ctwomers’ payments deposited with banks or local authorities. ' 

-.(d) Brochure and advertising costs 

A proportion of the expenditure on advertising, indudjng. brochure an d p o stage costs incurred 
in an accounting period but in respect of holidays with starting dates m the next accounting period, 
is treated, as a prepayment at the balance sheet data and is written, off in a subsequent accounting 
period, 

(e) Rates of exchange 

Foreign currency balances have been expressed in sterling either at the rates subsequently 
realised, if known, or otherwise at the rates ruling at the balance sheet date. 

CO Deferred taxation 

Deferred taxation is calculated using the liability method on the excess of the book value of 
fixed assets qualifying for taxation allowances over the written down value of those assets for 
taxation purposes. Advance corporation tax available more than one year after the balance sheet 
date has bean deducted in arriving atttha liability for deferred taxation shown in the 


4. Profit and loss accounts 

The consolidated jesulla of the Group for the periods under review are as fallows : — 

5 B ooths 


Tssf emfsi JStft Jsee StstDeanbtr 



ffetes 

1272 - 

W4 

1375 

1373 

737/ 

197 7 



rmo 

row 

ODO 

.£-tm 

row 

csoa 

TdfWKf 

M 

i^oa 

1.933 

4.136 

7.7SS 

13.017 

£908 

kzurBSi on dspiidts 

W 

a* 

82 

:zo 

353 

633 

377 



• 1^33 

2421 

4.516 

3.149 

•13JJ50 

32G 

Coil sinks 

(4 

.U44 

1J32 

4.174 

7.515 

12J34 

8.493 

Pm fit before toraSaa 


. 33 

129 

3*1 

814 

uis 

792 

Tojjtum 

W 

»* 

69 

117 

320 

655 

432 

K, f . -# - 

rural, *ii*a uuauul 


so 

63 

isi 

254 

£51 

350 

EmTMfdiiiiiiy jrwti 

(4 

. — 

38 


(2B3J 



Pro Hi after ejBatmfiaary bnu 


SD 

191 

1S5 

SI 

G6I 

360 

Dmiacii 

10 

3 

— 


30 

30 

— 

Retained earangs 


• 42 

101 

165 

61 

t?1 

358 



m *m ■ 

1 

m 

n 

1 ■ 

- 

EoinnsspafebaAi 

M 

-IL3Jp 

l.asp 

2. 7Sp 

4J0p 

TLO^j 

6Mv 


Notes onprofit and Joss accounts . 

(a) Turnover 

Turnover of the tour operating business comprises the net sales value ofhoEflays with start* 
ing dates in the accounting period, the proceeds of insurance claims for passenger cancellation 5 . 
retained deposits and revenue from retail shop sales and from extra services such as organised 
excursions provided to its customers by the Group, and excludes value added tax. 

Turnover of the hotel husineps, which has not been signifies nt. represents the value of sales 
netof value added tax and excludes sales to the Group's tour operating business. 

lb) Interest on deposits 

Interest, on deposits represents income receivable on the Group's deposits in eluding cash 
received from customers in advance of their holidays. Any such interest which has arisen because 
customers have taken nrivuntago of the discount!, on holiday prices offered by the Group for early 


payment is included in tui-nuvur, 

(c) Cost of sales includes:— 


yuv ceded 20& Jam 



SOMXkt 

eofaf 

STstBsouater 


1973 

1973 

IKS 

IKS 

IS77 

jk/ 


£TW0 

moo 

ffl9B 

£'0DB 

rara 

rora 

DepreOBdcB 

. . <=» 


5 

8 

. 53 

30 

(MerHitutabit 


' 5 

3 

3 

14 

<2 

Reneuaasn U friteh 





_ 



155 


C*i53«l»f rtntil 4 Ml casts 

— 

— 

— 

— 

13 

60 


fa) Taxation 

Taxation w baaed or, the results oftho Group for each period and comprises:— 

SXB.irti 

‘ e.vrj 

YtarezM .’fti J.r.a 31aCe;c~ber 



1K3 

1 374 

. IKS 

IKS 

it; 

1377 


. £-000 

MIW 

roou 

row 

£Ki 

IflUU 

C'.'T- ’ ’mriiit 

33 

66 

177 

i:o 


■ 4JI 

De!: ■«. 

“ 

— 

“ 

— 

141 

1 


39 

6G 

177 

320 

B55 

432 


r 

• " 

* — - l% 

•— — ’ • 




(e) Eriraorflmaty- i tang 

Tlm.«x£raotdioasyitBtttfo2344l-^ , . „ . . 

‘ * &r^dtoirn.par^aph Efc> and. that in lSToreprosents aprovj«ottajmntii t 

thBrifoQfthaWantpa c hJ Hn e cl jFol l a Hrto ac- 


(0 Dividends 

TbadirideadpnSoit«aeh share®!: the Company in respect of the five years ended 30th Jana, 
lSITanri timattaberofriaaeaonwhich the diridends were paid were ai. : dHows;— 

NiiKbsrofshamt 


^ceresaed^OthJaat 

3l>73 
1374 • 

3975 
3978 ' 

aa;r 


Ji-fidt'Ksi 
per share: 

Sfi P 


20p 

dip 


No dividerulshavebeaa paid in respect cfany period sincaSOthJjirn^ 197 


cf£la£k 
16,170 


350.000 

lMUW 


(g) Eaminps per share - 


December, 1977- on the 64004)00 Ordinary «hari» which Will bo Ml iMH» immediately after the 
completion of the Offerfor Sale and on the consolidated profit after taxation but before cxtraordinaiy 
itemsfor each period. 


5 . 

The of the Group at each 50th June from 1972toI9;7andataisfcItecaafi»r,“ 

3j|?7aH<iofthaCaiiBp»T^y y< | !^ff f r T^K»mlv > r r T9T7areaaioUoW6!-^ 


Btfigrawr 

st%g 

WT Kata’ 

rs» 

519 Fuad asses (a) 

103 Irfetast in mbsnfiariri (fe) 

— lucres: id asraamdampaiy (e) 

1,128 


Tv Saw 


StMt 




SSPJias 




Otaaiar 


Hi 7 

:s.v 

IKS 

IKS 

73-7 

•377 

£-cea 

nw3 

£-PD!» 

£0011 

iW‘ 

£'0011 

oaa 

is 

it 

J.’S 

213 

187 

Lira 

1.143 


— 



— 


— 

63 

42 

— 


“ 

— 

— 

87 

63 

195 

213 

187 

1.UB 




Cmrent assets: 






30' 

20 

15 



— 

— p 

— 


S43 

Debws 

Bach batsixii, odi aad 

63 

SB 

:u7 

338 

343 

625 

852 


HppQQhnAInrjl 





1J23 

U18 

ija: 

1JE4S 

■HttUKIbCS (d) 

4 

154 

344 

819 

2J93 


61 

212 

451 

1J43 

1.565 

2.513 

2J»’ 


CnntnrBrfnWtii 





£23 

1.717 


1.5:4 


St 

132 

:» 

BBS 

w»- 

570 


1 

41 

i;s 

354 

401 

544 

692' 

62 


13 

:t 

2S 

183 

— 

144 

62 

— 


— 

s 

— 

■“ 

35 

33 

— 

2285 


114 

252 

454 

1.110 

1.354 

2.455 

2J34 

417 

bit current nuts {tuUEt'u} 

(50) 

ID 

ft 

M9 

lit 

43 

392 ■ 

4.969 

AmeanU retaiari br ba&lays 
badwRn.- 

84 

282 

7B4 

1J07 

3.032 

Mil 

4.983 

lest: arnnats n 3§po*it oritb 





(3.BW1 

154I1J 

(49691 

14 36S> 

tmriamdiacriaBtfaotitiu (4 

<S4) 

m 

(till 

(1.3071 










1.545 


37 

79 

Ml 

357 

413 

1.168 

1.541 

135 

OehEndunSan 

_ 

, 


m 


Via 

142 


1,410 Kattanghliaaila 


ReptsenfiBg; 
150 SiaM capital 
1.288 Baums 


1,410 


1.410 


Ius.'gnfriirw£ngMi 

conoEdatZn 

AtmtataMe to sbaaMUns of 
tiusCfnqmy 


18 

42 

58 

21 

37 


79 

13 

M 

Ira 

IT 

73 


132 

43 

152 

9 

"isi 


557 

O 

317 

le fi 

9 

li7 


418 1.C43 


150 

277 

H? 

S 

lis 


150 

303 

1J&S 

15 

1.843 


1.401 

T53 

USB 

MIS 

15 

1.403 


(a) Fired tmi flfv groafaded Bt fosft. Tyatjprrm»uiTntj>.1 ri<* pn priafinnnq fivlliwy w 


75>Caepw>r 

3Tst 

Deuater 

mt 

luoa 

/taSBVjjnpM&r 
EE2 AtcastlanuuBStlvritlaBBfl 
— Atvatuiha 
21 Addnxuu-atcnt 

,-atiitafln 28th 

— k 4aavr.l977 

— Disposals . 

— AwBOBwriHaaofl 


TttaGnap 


SRSJx-a 


£-000 


tm 


IT 


rcoo 

it 

155 


trs 

£OOQ 

1E5 

17 


7 jV S 

taco 

1S3 

S3 

m 

( 202 ) 


it/r 1 
£■000 

si 

558 

203 


nt t 
Ktat^nf 

W7 

1089 

fi!2 

:co 

21 


613 Batbnkatnwat 

- 

11 

InS 

m 

62 

812 

333 

Stmnhtta&MjxQpattm 
, 14 Atccit 
— AMdaosaimst 

tHspejals.- 
(7) AmfiariioB 

It 

1 

(SI 

0) 

7 

1 

ft 

8 

5 

ft 

14 

ft 

14 

ft 

M 

ft 

14 

. ft 

7 Katfiabamoaa: 

a 

7 

12 

18 

9 

S 

.7 

faratmocdempBoe 

363 At wn 

ia- 

17 

10 

IS 

25 

33 

319 

2B Additumatcast 

, l 

1 

s 

10 

12 

292 

23 

- Disposals 

— 

(SI 

— 

— 

— 


_ 

(78) Depreciation 

ft 

(Si 

IS) 

(«) 

(ft 

(SD 

ft) 

157 Net fcnfc amount 

3 

5 

>8 

13 

23 

269 

271' 

Motor re 6 icl«S 

42 Airen 

4 

B 

3 

11 

12 

18 

42 

13 Mfith&satcast 

1 

3 

7 

I 

3 

31 

13 

(Z) Dfipmais 

— 

ft 

ft 

— 

ft 

in 

ft 

(16) DeprasufiBa 

(2} 

ft 

ft 

ft 

(6) 

nu 

m 

42 HathmkaBBBH 

4 

4 

7 

7 

ID 

31 

42 

"""" Total 



B “ 

T • 

r " 

. 1 


957 AtcBrt.lanuumatsndltrauff 

31 

SB 

37 

207 

' 255 

132 

9» 

— Atrafsatun 

— 

— « 


— 



20B 

65 atnn: 

4 

IS 

114 

23 

IU 

873 

65 

— —at valuation 

— 

— 

— 




2W 


(2) Disposals 

. ft 

ft 

(*) 


(13) 

ft 

•ft 

— Amounnsinraaoff 

• — 

— 



(263) 



(101) Dapraswaan 

02) 

no) 

(ft 

(ft 

Cft 

(ft 

HB) 

919 Nat bank anmuat 

• 18 

37 

195 

213 

107 

"uza" 

' 1.153 


Tbe Group's investment of £233.000 iu the Kite of the Wampach TTnfal ban TOrCffcon rixnni 

to the directors' valuation oEgZOjQOO and has been restated at that amount fa f»r 

year ended 30th June, 1976. 


(b) Interests a£ thaCompany rngobridiaries at3M Dacemhar, i97yn» ms iff ft oft— 


Share s at cost . ... 

£'rm 

37 1 

■AmountarinAfwmt HnTwndiarMa 

SI 

Taaflj ftmmmteanHwi pjf 

432 

203 

ZeS8S amnimhi One +r? gnhnfigrie> 

349 

40 


309 


fc) Interim in associated company represents the Company's I 
capital of. and amounts -'duo from. Algarve Developments (Fort 
SARL and ean ha s ummaris ed ** fallows; — 


BO per cent, interest in the share 
ugai} Empr eendiinfiPto&Tuosoaie 

30th June 


Shares at cost 

Ammin t due f mm erm^pany 


1972 1973 

£■'000 £.'000 

1-1 13 

56 29 


69 


43 


This iuteirat wasjrald in Aisrat, 1973 and part of the .consideration, wan payable in. five 
last fb . ur fS!? 1 not been paid and the anudpalerimStbSnot 

been reflected in the accounts of the Group. These outstanding tranches. howevavrenrKmfTt^hc 
due to the Company of Swiss fraaos 5C8J03 v*ich, expressed in sterling at the mtoruUn? a t 31sE 
December. 1977 . amounts to &12SJX0. Thw debt has not beat, reflected intho th£ 


fd) TBunk balances, cash and deposits with local atrthoritie* atSlsfc December. lffTTamMmtSrw t® 

^ ma “ a “ ““ feUowins 


Year ended 
31 st December 

1978 

1979 
7 HSU 
19fil 


£.'000 

snoo 

a.wo 

1,850 

450 

6^00 


(e) Sharacapital 


Issued share capital at 30th June. 1972 
&np issue of shares dnriOth Febnurj - , 197-i 

Ordinary 
shares 
of £lenclt 
'tWO 

- is 

Ordinary 
non-voting shares 
of £1 each 
*IW 

33 

Total _ 
•m 

IB 

yu 

Scrip is6ue of shares on 39 th June, 1976 

is 

it 

:ts 

bT 

49 

101 

Issued share capital at 31itDecember. 1977 

50 

1CU 

. 150 • 


hi m. udmincd to the Otticia! lj« by the Council of The Sirvk Hxrhnmwln- nnt l.iter than 31 
March. ih- non -vp t j nc fhanss were c-ntranchiscdand the 1 .V) JbV) Ord in.mv.hu n-i. nf a; 1 »ac-htb> 

1 " vw suh-divi'lcri info Chdinarv shares of*JOp earh. On the **nio .i.ir*. n-a-rvea , 

w^Ci^^k Ul, ^ i i nd " 1 4 nhcr4,fi i'’ ,, ? 1,inn !ii‘ ;1 L y >hrr ** of -up each m-4ued.w tally pa 
_ vw °j«7 , putcd hv Wjy of scrip ix*ues and the issued share eopital of the iXtiMm 1 was tmei u 
.1° A1-0RWW0. Coder tho terms of a contract dated March. ip7R wjih'Gounf.v Bax 
i^mitwi L an Company- has agreed to allot sad iMUC a further 575,0)30 Ordmoiy shares of L“jp each. 





TOJLCCClAL TIMES XOXDAY MARCH IS 1978 


ss 





Continued 


■ n Mav‘VB*ats irv the reserves o£ the Group are summarised below; — 






jBUtJi/se 



StstBecssiiar 

• 



lit* 

. ws 

Hit 

W7 

wr 

Itienn and iwflirtnhutad piahif at 


. rm 

cm 

rm 

rm 

rm 

rm 

begimiagafstiiad . -. 

UUintd aarmriB* fw the p triad 

l««Mt capitpliMd brmTrisuia 

-- 

42 

• 84 
191 

:752 

16b 

- 317 - 

61 

237 1 
631 

‘ -■ - 90* 

3E8 

(tshatihtldait 



(»} 

r ' 

(101). 

' - 

- 

k . . 

• - • 

■- 

' 152- 


: ' 277 

- ' 90* - 



■The rion-'bftuififiral B&ldms'-ahown opposite tfj* name of Mr. S. *7. Moss represent s 2 46 .2 73 
sher« mre»^egtrpf.TTiw»ot which co-trustee with Mr. S. De Ha&n and' 270.30ft charts .'m 

respect- of ctusls. of which he in & co-txu&tta with Mr. 31. £. Hatch, a partner in Saffeh’s. and 
Mr. R. M.DeHaaa. " ■ V 

Immediately after the completion of this Offer for Sale. Rysaffe Trustee Company fC.I.l 
Limit od will own as rruatee for Mr. D. De Haan ta son of the Chairman), his wife and issue. S(7.947 
OrthnaryjshHre*. nepre»»enrmg 14.0 per cent, of the issued Ordinary nhare capital of the Company. 

. ' ,.® ave ** disclobed herein, the directors are not aware of any shareholdings which will 

immediately after completion of thus Offer for Sale represent Jive per cent, or more of the issued 
Ordinary share capital of 1 he Company. 

The names of the vendor shareholders and the numbers of - Ordinary charts- being -eoH by 
them under the Contract with County Bank referred to above are a* follow s:— 

Ordinary 
' ■ iharet 


S) The Gpdup had contingent liabilities at 31st December, 1B77 o? £605.000. 

!h) The Groi^p had proposed capital expenditure at 31st December, 1977 comprising _ : - 

C<ainciedbatiuitpra«Uc4briqtlwacniinti — ” 

^ AMtariud tat not cHuictid 

’• Source and application of funds 


. 125,87.1 

■ 235.577 

. 1 :-V .■. * -. --- 78.892 

.... 3u727 

. . " 111.784 

- - .219.776. 

:f 16.70ft 

»T ruate* of the D. De Haan Settlement! -257.687 

t Trustee* of the 6>. De Haan Settlement! 41,647. 

(Trustees oftheM. -J.&.De Haan Settlement) -4L647 
(Trustees of the R. M. De Haan Settlement) • '4*7.861 
CT*u<teew.of,6heP. DeHaBa,.S«tlementj.- ' .■ *37,861 


Nun* 

‘lelit befan tawtrtnraiii urtiwtJjrtio ft*mr 
Mf: foprectatai and anortbaiiao 
dttnrau (tterutaj in gmfwtll 


, ncreati [decrease) iaadvaact recpipli 
* '(Kicdx (ram salt of tamest in utpcialid 
tonpanr 

VwttSj capital:^ 

lecture tiocreuB) is — 

.Siodu 

iOtbun 

■i Anwar Aii fnn uuetiad m'apuiy 
nGfun (Ihiui) ia emfitsn - 
Ispsufl (inuvMi) in wubingupitiinqannnls 


icquitUiM illluiwta — 

injduuii paid 

'nation 


Linds 



' " . v : 

Tie Er aap 


- ' 


fur turiei JBtS Jtde 



f snath* 
ea4*d 
'JJstBcoHsttr 

.1973 

Wi 

1375 

1375 

' W7 • 

■ -1377 

rm 

rm 

rm.-. 

raw 

mo 

rm 

— 99“ 

T2S- 

- 39^-: 

614 

1.81 c 

791 


2 

5 

9 

53 

38 

— 

11 


— 

l«) 


■' ' 

!■ ' 

*- 

— ■ 

-... 1 

- - 

. 97 

143 

347-- 

822 

' 1.363 

822 

118 

. 5K 

_ 1.023 ^ . 

1,276 

"2,328 

' ’• (442) 

" — ' 

S3 

■i> 

. — 

— 

T“ 

— 

— 


— 

~ m~ 

— 

2 

■ m 

(142) 

02) 

(333) 

■ .{*») 

27 

29 

■ — - 

— 

-7 

• . — 

» 

1S1 

373 - • 

182 

. 91 B 

... ‘(67) 

67 

so 

. -ill; 

" iso 

586 

m- 

272 

839 

-- L 8 » 

2.049 

4,257 

145' 


a 

— - m ■ . '• 





Name of Vendor 
S.Deflafm 

fL&L DfcTTaari -*•' - T .-£' ■ ' . 

S.J.Moss ' . .. 

It. D. Crick .. 

Mrs. ILJ.S.De Haan 
P. DaHaan 
Mrs. S- J. Moss 

• Rysaffe Trustee CamjMmy (C-T-) Limited 
M. £. Hatch. R. M, DoHaan and S. J. Mow 
M. £. Hatch, R. MU De Haan and S. J. Moss 
S. De Haan and S.J. Moss 
S. De Haan an AS. Js Mems^ -r 

. Articles of Association; ' • . '. 

The Articles of Association of the Companv roniiin provision* tinier alia) to the following 
effect:— .... . . 

Voted of Meainbers'".-' ' '• - ■' " " • ■ 

Subject td any special rights or restrictions as. to voting attached to any shares by or in 

accordance with the Articles or their terms of issue, on a show of hands every Member personally 
present shall have one vote ajid on a poll every Mem bee- present either personally or by proxy . 
shall have one vote for every Ordinary share held by him. A corporation, being a Member, is 
deemed to be present personally if represented by a properly authorised representative. No member 
ahall be entitled ro vote or esercisO any right conferred- by "membership in relation Meetings of 
the Company if he. or any person appearing to be interested £n >here*. registered in his name in in 
default in supplying to the .Company within 21 days Lhfi- informal ion- required by a valid notice - 
served under section 27 of the Companies Act 1976, . 

Directors- - • ~‘ 

(i) The directors shall be entitled to receive by way of remuneration for their services 'as 
directors such sum as shall tram time to time be determined by t he -Company in Genera f Meeting. - 
Such sum (unless otherwise directed by the resolution, by which, it is voted) ahall be divided amongst 
the directors as the Board may by resolution determine or. in default of agreement, equally. The 
Board may safreti on the payment of reasonable travelling, hotel- and other expenses' incurred by a 
director in attending aiul. returning from meetings: of. iWTJwfd or commute**- of the. Board or 
General Meetings of tire Company or, which be may incur, iri pr-qboui the bu>ineaB of the Company". 

(ii) Any director appointed to tbe office of chairman, deputy chairman, -man agin g.di rector . 
or executive director or other executive office or who discharges 'any special duty or function' 
devoting. spec) Ed attention Jreyond t he . act entioa. necessary Jor the performance of-hia. ordinary 

. duties; as a director shall be paid such additional remuneration (whether by way. of salary, cpm-- 
..- misBion-or pamopatioa. in profirv&r otherwise) ajJ the Board may determine. 


dedncrion fraJrm the subscription price receivable by the Company. No part of the proceed* of such 
iseue is required to be provided (and none re intended at present to he applied! in respect of rh* 
purchase price of property, preliminary expenses, tbe repayment of moneys borrowed in respect of 
eithfrr oftheforegoinc. or working cupiial. 

Consents and Documents - - 

.Safleryil and Wbiniiey-Slurray & Co. have given, arid hare not withdrawn, their respective 
m ritten uoibrmy tu the issue of ibis Offer for >alc with the inclusion herein of their joint report - 
and their retier together with references thereto set out in the form and Context in which the same 
appear. Knight. Frank & Rutley have given, and have not withdrawn, tbeir written convent io the 
issue Of this Offer for Strle Wirh the inrlasion herein of references to their valuation in the form 
and context in which they appenr. County H-.ink has given, and hsr not withdrawn, its written -. 
consent to the i.«sue. of this Offer for Sale with the 'incluiiiOh herein of it* letter out in the form 
. andiv,nte.xlmw;hich it appears, . 

. Such conceals, together with the statement of adjustment* made by Saffcry* and Whinney 
Murray S: Co. in arriving at the figures shown in theivjoint report and giving their reasons therefor, 
and copies of the ubove-mentioried contract*, were attached' to the copy of this Offer for Sale- 
delivered w the Registrar Of Companies. 

Copies of the following documents will be available for inspection at ihe offices of Travers 
Smith- Bruit hwaite is Co.. 6 Snow Hill. London (-X.TA 2.4L, during normal business hours on any 
weekday (excluding Saturdays and public holiday*; for a period or J4 day* from, the date of publica- 
tion of this- Oder for Sale:— 

ta! The Memorandum and Articles of Association Of tbe Company, 

(b) The audited consolidated accounts of the Company and its aubrtidiaries for tbe two years 
ended 40rb dune. 1 977 and the six months ended 3I*t December, 1977. 

(ct The contracts referred to above. 

(dj The joint Accountants' Report and statement -of adjustments and their abovs- men tinned ’ 
consent*. • . .... 

ir) The valuation of Knight. Frank tRulIeyarid their above-mentioned consent. 

if) Tbe above-mentioned letters relating to the forecast of profit. 

i.g > The ataveMaeqiioned consent of County Bank- 


- - 7 _17B : 3X~ r. 


im 


l.DIS 


S3. 


ibhh Utauwl ia buk IhIhw, 
lull Bsihoriir 4apuin ud col 
Ituun (iatmui) inbMkmr^alu 



9 

. ■ 

s -5 

. 25 . 

- . 30 

ff) 

' . 2 

• .41-' 

;' 173 

397 - 

- -377 

' £ 

'in 

77. 

271:’ . 

1.478 

”470' 

~ 2 66 .’ 

' 672* 

MSI ’’ 7 

1.590 

2.323 

1407) 

' m 

(14) 

(155) 

iso 

(144) 

82 

. 272 

836 

-4.-620 

-2J4I 

4,257 

HS. 


“““T* 



Ota— a/ 



7. Accounts 

* No audit 

if any period subsequent to 31st Decent 


No audited accounts of the Company or any -of its subsidiaries have been made up in respect 
cember.1977 


SAFFERYS 
Ch art ami Accountants 


Yours faithfully, * 


WHINNBYMURRAT &CO. 
Chartered Accountants - 


Q^ORMAT^ON REIAT^&TO-'HIE PROFTFFORECAST ‘ - 

^ssmnptions 

T he fa PQca&t of profit ojf the. Group- .for -the year -.ending SQth .1 978, . in eluded uqder 
1 PCO FITS” has been conipiletf on a basis consistent with the accounting policies normally adopted 
ly the Group and includes results shown by the audited interim accounts for thn *ix months ended 
" list December. -1977; The principal arsumptiontron which Ahe directors bare based their forecast"' 
jret>at:— 

~1. restrict ions willnorbe pluci-d mm n-fareiy irti - avL ' l hy^ e bidenu i o f t he P.K.; ~r: 

2. exchange control regulations both in. the U.K: 'and abromi will remain substantially, 
unchanged; 

3. all necessary licences and bonds toenable the Group to trade nomaHy/teilfbe ^ renewed; , * 

■4. none of the Group's suppliers will cease .to trade or otherwise fail to folfil obligations entered 

inso with the Group; and - 

S. there will not be any major disruption of the Group's business either in the IT.K1 or overseas 
hy reason of industrial diapuu*, political or civil disturbances, natural disasters or out: 
hreaka of disease. ' * ' ■ '• ■' 

. -Letter from Auditors-and Joint Reporting Aecountanto - 

. The following is a copy of a latter from Saft'ery* and Whinney Murray & Co- conceming Ihe" 


irofit forecast-.— 

-"he Directors. 

iasa Holidays Limited. 


ui 


9th Maxch, 1978 


Gentlemen, ? 

• AW have reviewed tffe^ccountlTrJf bases' rthfl calcttTsrtidns for the profit .forecast, for ■which - ’ 
ou are solely responsible, of Saga Holidays Limited and its subsidiaries ("the Group'’) for the 
ear ending 30Ui June , 197S, wt out in the Offer for Sale dated 9th March, 1978. ' 

In our opinion the forecast, so far as the accounting bases and calculations are concerned, 
as been properly compiled on the footing of the assumptions runtfo by you sal out in the Offer for 
■ale document and is presented, on a bqsjs.conaisicnt with the.occounung policies normally adopted. 
y the Group. - •• . • • • : 

. — i oure. faithfully, .=■ _ _ 

SAW'ERYS WHINNEY MUR RAY &, CO.-. . 

Chartered Accountants Chanci-ed Accountants 

.after from Issuing: House. •* 

The following is a copjuif a letter from GoontyBank Limited concerning the profit forecast: 


9th March. 1978 

r. -. V- ; .* - - 


he Director*. • ... 

aga Holidays Lintiled. ' 

rntlemen, " 

We refor to. die forecast of profit of your Company and i« subsidiaries for the year'-ending 
ich June, 1976 contained in theOner for Sale dated 9lb March, 197S. . . - 

- We have discussed with officers of your Company the bases and assumptions on which the 
■oiit forecast wu» made. We hare also considered the letter dated 9th March. 1978 addressed to 
iu from S artery Bund Whinney Murray & Go. regarding the accounting bases ana calculations 

iderlying the proft-forvcoBt.-- . • — 

On the basis of the above; \ve consider that the profit forecast (for which yod 'are' solely 
sponsible) has bfcen made wiffi due care and attention. . , 

f r. ! " Yours foithfolfr.' • • < ■ 

.v .y ... z:.: -. 5 j: - i - - . : .i. -.for County Ifenk Limited • 


.. other i 

which'-' . _ . _ ... ._ 

_ for any remuneration or other benefits received hy him bl’ treason. -of auch other office; position,, 
employment or membership. ■ 

' ‘ («v)'Aiiy director mtn-hold iny - other office" or pIace - dT profit under 'Die - Company" in " 

: conjunction whh his office or director of the Company ou such terms .a* to tenure, ■recnuneraiion or 
otherwise as the Board shall determine and he or any firm .in -which he is- interested may act irra 
professional dapkeityfe^ the Company Tot her than.' a »- auditor j. and shall be enrided to receive and 
retain remuneration (by way of salary! fee. participation, iif^mfit or otherwise) for such services ' 
os if be were not a 'direct or 'o f the Company. • . 

(v) This Board may establish and maintain any pension, insurance or superanruntion funds 
and shall Havethe power to give or procure the giving of donations, gratuities, pension* or similar- 
payments to any persons, including directors, former directors tor wives, husbands, widows, 
widowers, families and dependants or such persons l who hold or have held at any time any salaried 
- employment or office in the Cothpa ny or afly of jtssujfeidiftry fiiAssOti a ted Ci/mpsnies- . 

(vi) No direct or shall be required to hold aiiv qualification shares. 

(vii) Section 1S3 of ibe Companies Act 1948 (relating to the appointment and retirement of 

directors who' have ananied the -of seven ty)applfos to' the Company. ' - ... 

' Cvili}" A airector may contract or. be interested jo au^y contract or arrangement- with tii* 
Company but the nature of his interest 'must 'be declared. 'A : director shall not however vote (nor 
bo counted in the Quorum) on any resohjtion : df the Board ifrreepect of any contract or arrangement ' 
or any proposal whatsoever -in wbich-.he bos a uaterialihlerfiskbat this prohibition shall not apply 
• to any of the foDowing matters namely: — . 

(a) .qpy proposal concerning an offer of shares or debenture or other securities of the. Company 

, - -.wapy. company .controlled by the Company m.whith tbe director is to he interested as . a 

participant in toe underwritrt^.or sul>under w ri t fa i g thrreof;. . ■ - -.; r .._ 

(b) - any contract for giving a qj'isccuriTy or indcmniiy to a. direct or in respect- of rooneyientby: 
him or any obligation or liability undertaken or to be undertaken by him for the benefit aC ■ 
tbe Company or any company controlled by tbe Company; 

(c) any ^rrangtmeot for EriTWg- anirjsecimty.br indrinfiiTy .Xp any other persop or cpmpqny for-. . 

■i ■ 1 any liability or obligation - ofThe Company dr.apy company controlled' by rtth "Companjcfoc 

- which' the director shaft he persfonaily liable in whole or j a part; " . 

(d) any proposaVconcernipg An.v other corporation in which isuch director ts interested (directly 
on indirectly) whether as . an officer, or shareholder or. otherwise provided that he- ik- not 
(directly qr jndirectly;.4be holder of pr beneficiaJli''iittCrffi>ted in I per reot-.or.more.of the .. 
issued shares of any class of such corporation or of any third corporation through which his 
interest is derived or of the voting rights available to members of the relevant corporation; 
and 

(e) .any proposal'coneerning the adoption, modification or operation of A superannuation; fond 
or retirement' benefit *eheme under which he may berrefit -and which has been approved by . . 

_ or is subject to and conditional upon approval by the Board of lnland'Revenfie'foif taxation . 

purposes'. 

■: ' '- ■ . .■j.rfiiS s • / -.' “J u : = \r. : • ~-'-T 

Borrowing Powers \ - W ' "' 

The Board shall restrict the borrowings of ibe. Company and exercise all voting and other 
rights or powers of control -exerrisable by the Company. in relation ro eachrOf the Eubaidianea (if 
any) so as to secure (»o far as such exercise can secure) that the aggregate amount for the time - 
being remaining undischarged of all moneys borrowed by the Group (exclusive of intra- Group loans) 
shall not withoot the previous sanction of an Ordinary Resolution of the Company exceed a-stuu 
equal to twice the. asgrvgaieof the- following.- -all -as sbowoun iheplexest published audited consoli- 
dated balance sheet olthcGroup^ namely.:-?.-. .. .. 

(a) fbe amduot poidjipdB-thi'iiwued sh’are-aapital of the Company (adjusted as may be necessary " 

'- in respein of share oa pita f of the Company issued or paid up, dtherwisrthan by a capitalien- ' 
lion or reserves, or redeemed since t he date of that balance sheet); and 

Cb) the amount standing to the credit of the ooo*£lidated capital and revenue reserves (including 
share premium account) adjusted »•> may be necessary by deducting — 

(il any amounts included therein attributable to goodwill or other intangible assets and 
(ii)any debit balance on profit and loss account: . 

and excluding (insofar a* they have not already bebn^ excluded) 

(i) any amounts attributable to tainori ty interests and: 

(ii) any sums representing.a provuhjo far taxation (other than deferred taxation). 

' FurthfEr Information on thfe Group 

The Company was incorporated in England under the Companies Act ]94S.on 6th October, 
1939 as a private company with the name of Inter City Ton™ Limited,: its nkme being changed to ihe 
present one-on -Tst March, I STS." Tbe Company was converted into a public company end' adopted 
new Articles of 'Association on 9th" March-.- 1976. -The following ii a list qf the' Company's ' 
subsidiaries--— •'• ‘ - 

• ■'' Dale of lesued Share 
Main Activity T 


PROCEDURE FOR APPLICATION 

Applications mult be for n minimum nf 200 shares and must be made on the forms 
provided, in accordance. with the terms thereof, and must be in the following multiples: — 
Applications for not Jerw than 200 shares and not 
more than 1.900 shares 


Application* for over 1.000 shares and not 
more than 10.000 shares 

Applications for over 10.000 shares and not 
more than 20.000 shares 
-AppiicationtU'or over 20,000 shares 


in multiples of 100 sha res 

in multiples of 300 shares 

in multiples ofl.iHXlsiiares 
in mulu pi e* of 3 .000 shares 


Each application mutd be accompanied by a .separate cheque for the full amount 
payable on application and be forwarded to County Bonk Limited . New Issue-* Department. 
P.O. Box 79. Drapers Gardens. 12 Tbrogmonon Avenue, London BC2P 2BD. m> aa lo arrive 
not later than Uiaju. on Thureday, 16th March. .1978. Cheques, which must ta- drawn on a 
bank, or branch thereof, in and be payable in England, Scotland or Wales, or ilrnwn on a 
-clearing bank branch in the Channel island*- or the Isle of Man. roin-t he made psiynble to 
County Bank Limited and crossed "Not Negotiable" 

: . County Bonk Limited reserves the right to present nil cheques for payment on receipt 
.and td retain Letters of Acceptance und excels application maneye pending clearance of 
applicants* cheques. Due t-ompletiou and delivery hi an Application Form, uccunipaiiivd hy 
the oecebaaiy cheque, shall constitute an undertaking that the cheque will he honoured on 
first pre»en lotion; a warranty to that effect is contained in the Application Form. County 
Bank Limited rese'rvei; the right to reject any application in whole or in pan and. in 
particular, to- reject applications which in its opinion are multiple or su.-pccuil multiple 
applications. 

Preferential consideration, will be given tup to a maximum of 75.000 shares i lo applica- 
tions made by eniployecs of (he Group, cither than tbe vendor directors, on the special pink 
forms available to them. 

Acceptance of applications will be conditional upon the whole of the issued Ordmarv 
share capital of the Company being admitted io the Official List by the Council of The Stock 
Exchange on or before- 31st March, 1978. Moneys paid in respect of applications will lie 
returned if such admission is not granted hy that dine and in ihe meantime will be retained in 
a separate bank account, if any application i& not accepted, or is accepted for fewer shares 
than the number applied for. the application moneys or the halunce (hereof, as the cose may 
be.vyill be returned by cheque through the posl at tbe applicant's risk. 

AjTangements have been made for the registration by the Company of the Ordinary 
shares now bemg offered for sale, free of stamp duty, in the names of the persons entitled 
thereto under the terms of the Letters of Acceptance, which wilt he renounceable up to and 
including 26th April, 1978. Share Certificates will be despatched on 26th May. I97h. 

Copies of this Offer for Sale with Forms of Application may be obtained from: — 

County Bank Limited. * 

II Old Broad Street, 


M King Street. 
Manchester M2 4NRL 


• I*. Mesael & Co. 
Winchester House. 
100 Old Broad Street. 
London EC2P2HX. 


London EC2N lBB. 

West Riding House. 

67 Albion Street. 
Leeds LSI 5AA. 

Kew. Issues Department, 
Drapers Gardens. 

-12 Throgmorton Avenue, 
London EC2P 2BD. 


1 Randolph Crercent. 
Edinburgh EHJ 7TH. 


Saga Holidays Limited 
Enhrook House, 
Sandgate. 
Folkestone, Kent. 


and from principal, branches of National Westminster Bank Limited. 

• Dated 9th March, 197S 


THE APPLlCATION'UST VmL OPENATlO a m; ON THURSDAY, 16th MARCH. 
1978 AND WILL CLOSE AT SUCH LATER TIME ON THE SAME DAY AS COUNTY 
BANK LIMITED MAT DETERMINE. 

SAGA HOLIDAYS UMTTED 

"Offer for Sale 

■ by 

County Bank Limi ted 

. of 2,100,000 Ordinary shares of 20p each at 
- “I05p per share payable in full on application. 
FORM OF APPLICATION 


To 

COUNTY BANK 
LIMITED 


*Wumbcf of sham 
for u hich 
application Is mode 

Amount of cheque 
enclosed 


X 


Name 

Algarve Developments Limit pd . 
Tbe Burlington Mansions Limited 


ANDREW DEACON- 
Director 


Dormant . 

~ Hotel operator 
Dormant-. • 
Dormant " 
Tour operator 
Dormant 


Incorporation 
15th August, 1962. 
14th June, (898 - 
,-19tb February. 1970 
9 th September. 1963 
26th January. >968 
6th" August * 1974- 


Cflpitof 
- £7.150 
£13,000 
£10U 
£1,000 
£2 
■ -£5tQ 

£ii0,iW4 


T ATXrTORY ANIX GENERAL INFORMATION 
apital Changes 


d been issued arid woro iWly paid. On that date the authoris»-d fhnre capital was i Pleased to 
50.000 by the crcnlion at on additional 30.000 £1 voting shares and an additional 60.000; £1 
n-votinc share* and 33.930 £1 voting share*- and 67.660 £1 non-voting -hares were issued credited 
fully paid bv wav of capita lisntinn nf n-m-rves. On 9th March. I97fl. suhicet .to the, whole of the 
ued'Ordinarj- share capital of the Company In-ing admitu'd io the Official Last by the- Comic d of 
e Stock Excnange not- later thnn (lisa M lurch. 1976:— 

1. ouch of LhiiJtl voting ahares was suh-divided into five Ordinary shares of30pesch f'Ordinary 
xhitm") and each of the £1 non- voting shares, won sub-divided into five Ontinary non-young 
shares of 30p each; 

3. ihe authorised tfoaxe capital of the. Company was inrrpnsed from £150.009 Id. £1,500 JXiO by 
(lie creation offfo. dddnfonal 6, 750, 0(H) Oroiniitj- bhares; “' 

3 The sum of £5.000 standing To the. credit of the Company's revenue- reserve* was ciptueUaed 
and 35.000 Ordinary shares were distributed,. credited as fully paid up. rateably amongst 
the holders of the Ordinary shares; * ' 

4. the 300.006 OlditiBiy niyMQting shares of 30p each were converted into 500,000 Ordinary 

shares; and ■' ' 1 

3. the forther sum of £939,000 standing to the credit pr the Cqmpany's revppui reserves w*« 
capitalised axwL4.630.Q0Q Ordinary shares weredutribufqd, credited as frilly paid up. rateably 
amongst tba holders of the Ordinary shares. 

iqtractvfith County BanJk limited . •-■ . ' '••• 

'Under Coni -met 5 below*: — ‘ ' "" 4 : • . ” "• 

1. Couriiv Barik Limiwd f ’ 'Coii nt> Bank ") hns aicreed ro-wAacribe. or procure subsenben; 
for, aiid tbe-Goriipanj - has agreed t« allot anil issue .015.000 Ordinary shares gt apriyv of 

• 1 per hhure.fo&B « commi»ionofl ^ perccut.(plti5 value nddt-d ta.'t): and .- _ 

2. County Bank ha< agreed tri purchase from We Ordinary shareholders a total of l.525.oOO 
Ordinary shares at .i Hfcp price, Uv* commission at the same rote (plus value added tax), 

jct i in both caiwft to tilt- whole of the i.wuud Ordinary share capital o[ the C-ompdiny being 
lilted nj-theOfficiiil List bs' the Council nf The. Stork. Exchange uai later than 3lst-March, i97$. 
h a vfow IpaUs.uvliy.lOU.l^shHreshcitig.'jKpi’Pd for sale tQlftepuhlic; ' ' ' • 

The Contract provides (inter alia I that the Company will pay the rortfr hnd citpftnse* of and 
idemal »o the applicaiion to (he Council nf The St ock. Exchange, all it* logai and accountancy 
• and other astpeilses in connection with the prepar.it inn. puKlir.ition. nrivcnising and circularioo 
his Oftcr for Suit, (he espem-e* of 'and incidental m the reorsunisodon of us authorised and 
led »b;irc capital (including capital duly h) tivpccl uflhcajlotimiil of the oft id 575^)00 Ordinarj- 
res) n'nrt (he adoption of new Anwlva of Associatkm. aft prmtms charges, a fee to the Broker?. 
i foe to Couniv Bunk rogcihcr with il*' expemu’S for acting as receiving banker- The total 
pJX p o-ahle bv ) ho l’«»mpaiiy are iwimaied to. amount in 4SIWRW lexcJudtQB value added ins i. 


id on the siilc oi' rcgifwred shares pursuant to the Offer 

station • • • . “ 

Th# director* are advised that imarfdiataly following completion the Offer for Sale the 
apanyehduld not be a'ofooe company as d*ffinro in the Income and Corporation Tomb Act 1970- 


Inter City Tours Liimved 
New VillasRen tala Limited - 

Saga (Senior Citizens) Holidays Limited 
Sbcpway International 

Lmsure and Conference Limited . ■ . , , . . 

The Wampach Hotel (Fotkestonc) Limited . ... _'Properl?'Tjol6inp ' 18th Moy r T948 

The above ora wholly-owned private companies and were incorporated in England, ... 

Contracts; . - 2- : L .J r- r .. •• ' - • . ■ ..••■/•it . • •. - 

The following contracts’ (hot hem* contracts in the ordinary epuwe"o(hu»ines#r have been' 
entered inter wit bin the perrod rtf two years immediately preceding the daw of this document and 
are or may bo material : — 

1. Dated 1st October. 1976, between the Receiver of Fontana Hotels -Limited H) and the 

Company (2i being an. agreement for the purchase uf Wavcrity Castle Hotel, Melriwe, . 
Scotland, fora ceneidemion of £'130,000. . • • 

2. Dated 19th October. )976. between the Receiver of FonLana Hole Is Limited (I) and (he 
Company (2) being an .igreeraent for the- purchase or the Convert an ters" inn. Aberfoyle. 
Scotland, for a consideration of £140.000., . 

3. .Dated between 14th December. 1976-aad Tin- March. 1977 (inclusive), between F. J. Ralph 
and .others rl) and ihe Company (2) being transfers whereby the Company acquired for a 
- consideration of £167,857 the whole of the issued share capital of Hie Burlington Mansions 
Limited which company owns the Burlington Hotel and the Manor House in Folkestone. ' 
A. Dated 1st April, 1977. between General Sir Charles Hears - Pepys Haringtoa and others til 
and the Company (2j being an agreement for the purchase of Enbrook House. Sandgate, 
Folkestone; Kent, for a consideration of £130,000. 

5. Dated 9th March, 1976,-beiween S.-De Haan and the other vendor shareholders listed above 
tl). the directors (2). the Company (3) and County Bunk «4> being the above-mentioned ' 
Contract relating to the subscription and purchase by County Bank of a total of 2,100,000 

Ordinary shares. 

Miscellaneous... 

3. Save as otherwise mentioned herein, during the two years immediately preceding the date 
ofthis Offer for Sale: — 

(a) no share or loan, capital of the Company, or any subsidiary has been issued for cash or for a 
consideration other than cash and no share. or loan capital of the Company or any suhsidary 
. is new proposed lobe so issued; _ . ■ ■ 

(h) no commisiaons. discounts, broberagt-s or aLher special tempi ha^e been granted by the 
Company or any subsidiary in connection with the Ho-ue or sale of any pare of their respective 
share or loan capitals: 

(c). no director has had .(or now ha^rany raterest.-dirett or indirect, iji'any nsg#ts which within 
the said period have been or aw proposed to be acquired or disponed of hy o? Lens-ed to' thfc , 
Companyoranysuhsidiary: " 

id) there hays -not been. 4 and there - are not now) any contracts subsisting with the Company 
or any of. its subsidiaries which are significant in relation to thfe husinere of the Company 
and its subsidiaries taken as a whole and in which any directin' is materially interested. 

2. No share or loan capital of ibe Company or any aubidian - n* under,opiioa orfias been agreed 

coodiuonrfllyortmcoivditwnsiRy tobvput uridevr»plion. '' " . _ 

3. Neitherihc Company nor «n>-r*il-*rd Ujlyhrtj-any liiigmion or claims of material impocLance 
pending or threatened agHin>i it. 

4. There is no existing or proposed service contract between any director of tbe Company and- 
the Company or say subsidiari - . 


'.\pplit-iiiioni mu>i be for a 
minimum of 20u rJian-. JnH 
I hereof! er in multiples, of IDO 
>haren up u V.POJ share*: 
ihereajier in mulliult-n of 50(1 
»hsrw up lo 10.U0U . 

i hereafier in multiple* or 1 .uOu 
»fmres. Appliranun* in encs^-* nr 
ZO.OOU miNi he in multiples of 5,000 
share*. 

Gentlemen. 

. . Having paid the* above-mentioned sum being the amount payable ou upplication for 
tbe-siaied number of Ordinary shares. I/we hereby apply topurebase ihnt number or shares'. 

l.lVe agree lo accept siuch shares or : ariy smaller number in resprwi of whirh this 
application may be accepted subject to.the Memorandum and Articles uf Asxociatiim of thi- 
Company. and iq the several terms and. conditions contained in the Offer for Sale dated 
9th March. 4079. . 

I/lYe request that you issue to me/up pTenouncaable Letter of Acceptance for that number 
of shares or such smaller number as aforesaid. l VVe authorise you to send such l^ro-r of 
Acoepufoce, together .with a cheque for any amount overpaid, by posi at my/our risk to the 
address (first j given beta w.- 

‘ lAVe warrant tbat ihe accompAnyfog cheque will be paid on first presentation. 

I/yX-e declare that i am/we axe not xesMent.ourside rhe Scheduled Tcrrltoriesi- 
ana am’are not applying for the above-mentioned shares as nominrels) of any 
personfs) resident outside those Territories. 

tlf this declaration cannot be made, it must Be deleted and reference must he made to 
an Authorised- Deposiuir>-J or to on Approved AgeqL io the Republic of Ireland; through 
whom this form must be lodged-) 

Deled: — ; 197g 

First or Sofe Applicant C> Ceual Signature 


I 5 


If 

3-. 


All CTirrstioa 
.Vn.-nes or 
Forenames 
Surname (Stair 
Air., Air*., .lines er 
Title) 

Address in full 

tineluding 

posicatfe) 


T 

I 

i: 

i 

i 

i- 

i; 

■ .■ 


A Corporation may cqoiplete under band.hy a duly authorised officer who should state his 
representative capacity,- All joint applicants most sign. 

JOINT APPLICANTS Of any) 

(2) Signature ‘ _ ' ... •_ ; 


All Christian Women or Forenames- 


Surname _ 

(Mr., Mrs-, Sliss dr Title) 

Address in full (including postcode! 


(3) Signature. 


All Christian Wajnes or Fbrenames 


Surname. 

(Mr.. Mrs., Minb or Title) - 


Address in fuli" (including postcode} 


(4) Siaadhnv7„. 


All Christian A ’times or Forenames . 



areholdings and Interests 

hm-idinrelv after mmph'riw* ofrhis Offer for Sola theinterens df the diretErtrs aitd their 
UieTm'foeahcre Capital of the Company, ae sbown in the .register mniptatnua pursuant to the 
i pan ire Act 1937. wifi be a» follow*: • • 

Satoc of Director - . . • Otdim,* share, . . . - 

. Benefimal . >fon-b*nefjcial 


s.DcHian- 
•R, M.DeHaan : 

S--J.Mo.4-: *• .*. 

3,D,Cmk 


77S.996 
T66.20n 
273;f(i>» • 
17,-iOU 


sreiTfi 

STO&M- 

5T?nrs-i 

Nfl 


to Mrs. 

shares ... 

for sale and the consideration receivable by Mr. Hutch from Mn-- for bis former shareholding 

will be increased to the amount reoliiied in respect of such shares pursunnt.to the Offer for Sale ; 
The remaining 5 per cent; of the shares rold to Mrs. Moss are included in the number of ahartb in 
which Mr. 5. 4. Moss is shown above to he beneficially- interested immediately after completion of 
this Offer for Sale and Mr. Hatch will hove no further beneficial inicreja in the »hare capital of the 
Company following ouch completion. 

iVhauiey Murray & Co. have notified the direciprs of ihe Company and or County Bank 
that, in view of his interest in the Offer for Sale. Mr. M. K. Hutch has not b«>n concerned with the 
preparation of the joint Accountants* Report, 

6. RyuaffeTrustic* Company iC.I.) Limit td i? whoJl>‘own«> by the partners of .Saffftrys. 

.7. The-emolumanis of the present directors of the Company amounted to £31.716 for thr> year 
ended dOth-June. 1977; Under che urrangaaavnts now in force ihv etnolumenLH of the directors are 
estimated to he £46.031 for Ihe year endins 30th June. 197K. 

,P. Without prior approval of the Company in general 'meeting no material issue of shares 
lothnr than shares first offered io nharehoidm- pro rata io existing holdings) will be made within 
one year from the dale of Ihu Offer for Safe* and no is»ue will he made which would effectively alter 
the control of the Company or the nature oiiL-bustner>. 

P. -The commij-stons of £P.!5, < including vs<Iue addrd taxi in T^pect bf the i^siw of S7“/n)’'i 
Ordihan,’ bhaces condiuonaliv agreed ib be *uh-< riht*d hy Couni) Bank will be payahle by way of 


Surname.*.:.. - .1 

(M r.. Mrs,. Miss or-Thlc) 

Address in full yinchuling postcode) . 


A separate cheque must accompany each application 

Jnsi ruction*— 

I. Cheque* (drawn on » bonk, or branch thereof, in and pflj-uhle in England. Scotland nr Wales or 
draan on a clearing bunk branch in iht Channel Islamls or ihe We of Msnimun he made payable to 
"Couniv Bank Limited, and crocked "Noi XegOtiobk-''. 

Thi» form should b»- completed and «at lo Couniv Bunk Limned. New IwuC" bnarimant. Pi) 
ftps <&. Drapers Ciordmu. IS Throgmorton Avenue, i^ndon EC3F 3BU IoecUht wi*h a rensittanre of 
IwP per shore on I he numbur of «h>fei applied for, -bwu reach ii nwl IhHt than IP a ja. on Thurwiav 
ISih March, 1976, ■ * 

3 - No ro»iB( will be irtruod far ihe mnoum paid on Huplicuiion Hui an achnoH-Udgemmi ivill be 
mrwiirded either by renounceable Letter of Acceptance iioginher. if applicable, nuh a ( htoue for 
*ny amuum merpanfi or by return through ihe pw-l ofa cheque fur i hr amouni paid on applicaiion. 
DcOnhUionii— EXCHANGE CONTROL \<T JiM' 

+Thp Scheduled Terriiorife oi prcjeni iwnpn-r ihe L’niied Kingdom, ihe Channel I -lands the 
I-le of Man. ihe Kcpoblir nf Ireland and nibrxllur, * ““ 




Si 


FINANCIAL TIMES MONDAY MARCH 13 1878 


OVERSEAS MARKETS 


EUROBONDS 



BY MARY CAMPBELL 


Markets await results of talks 


CURRENT INTERNATIONAL ROND ISSUES 


THE OUTLOOK as the markets 
oped this morning was summed 
up succinctly by a senior foreign 
exchange dealer last Friday 
night. “The dollar has ai last 
t|een successfully talked up." he 
raid. “ Now we have to see how 
good their words are.’' 

On Friday night the markets 
■were expecting: ' a joint U.S./ 
Herman announcement to result 
flrnm week-end talks and a 

corollary nr this expectation wan 
that in-day for the second ti;r*i» 
in three weeks, no one can be 
sure on Monday tnornin? where 
they may he on Tuesday 
rfim-ninc. 

Two weeks ago. the source of 
the confusion was the measures 
'announced, after-hours on. the 
previous Frida v by the Swiss to 
stop capital inflows. To-day. the 
point at issue is whether the 
Fhrn in the dollar tide provoked 
on Thursday and Friday by the 
expectations nf further joint 
fjcrman/U.S. action will prove to 
hp a mirage. 

.Then? is no doubt that the 
Eurobond market will be particu- 
larly hadly placed to take a 
further sharp collapse of tbe 
dollar. This is wit because of 
Tbe technical situation in the 
secondary market — although the 
fact that prices have moved up 
smartly is attributed mainly to 
ji'rnfecsionals buying bonds to 
cover shore positions in case any 


Setunidt-Carter deal were to pro- 
voke a sharp rise in the dollar. 

The reason is that issue mana- 
gers have decided to take advan- 
tage of the improvement in the 
market in recent days, coming us 
it does on top of a firmer under- 
time for a matter of weeks. A 
clanco at the $l.ifan. list of dollar 
bonds on offer — eight of ibem 
announced since Wednesday— 
sneaks for itself; 

Even if one excludes Canada's 
ST50ra.. the announcement of 
eight new issues worth nearly 
S400m. in two davs would have 
been worthy dr the dollar mar- 
ket at its Strongest. If the week- 
end telephone, talks between the 
U.S. and Germany — and the con- 
vocation of central bankers 
gathered in Basle to-day and to- 
morrow — do pot 'produce a pack- 
age which maintains the dollar's 
surge upwards, then, even assum- 
ing that the recent weeks' re- 
covery has onabled dealers to 
lighten their inventories of other 
bonds issued since last autumn, 
one may expect an unpleasant 
shake-out when the current- batch 
have to be paid for. 

If the dollar were to move in 
the right direction on the other 
hand, then the outlook is good. 
For although . other factors are 
insufficient by themselves lo 
attract funds positively into long- 
term investment- they are nor 
unfavourable. The. forecast of a 


further rise in U.S. interest r3tcs 
remains; but it has been shifted 
further into the future. Con- 
firmed yet again by the latest 
U.S. money supply figures, the 
immediate outlook is for stable 
rates! 

- Other things being equal, the 
yield- gap is such as to offer 
dealers a profit on holding bonds 
and investors a sufficient induce- 
ment .to place their money longer 
term. {The yield gap is not as. 
favourable as it was in the first 
half of last year or in 1976: but 

as lead managers do not cease to 
point out. that period was his- 
torically exceptional by previous 
standards. > 

Thus for example the new 
Norwegian issue offers about 
three-quarters of a point more 
tban the six month inter-bank 
rate, even before allowing for 
tbe selling group discount. 

.\s for the New York issues, 
the Xorgeg Konnumalbahk might 
be priced to yield about 9J in 
to-day's market conditions. No 
indications are yet available on 


the Canadian bonds, but the 
market expects yields of around 
S per cent., Sf-Sl, and SI-S.80 
for the short medium and long 
tranches respectively. (These 
yield expectations are non- 
compounded— on an AIBD basis 
they would be slightly higher.! 

Meanwhile, tbe D-mark sector, 
still going strong early in the' 
week, faces more uncertainty 
than for some time due to the 
fact that the markets appear to 
think u currency turn-round 
more likely now than for the 

last few months. 

However, although the oattook 
is clouded at presenL yields were 
suit showing a tendency to fall in 
the early part of last week. 

The Swiss franc market has 
now had its collapse — prices fell 
hack at one stage to six points 
nr so below their pre-measures 
levels. 

The performance of the ster- 
ling sector has also been particu- 
larly weak recently. The Citicorp 
issue was quoted by the lead 
manager at a rwo-point discount 


BONDTRADE INDEX AND YIELD 


Medium Unu 

Loot Cera 


Eurod nr 

Odd 


March II March 3 High 

Vf.54 7.17 «.« 7.11 WJl 

M.M S.3V 73.36 1.40 V3.M 

EUROBOND TURNOVER 


1171 


‘lift 


W.I5* p6Jl 
93.03 (T3.T) 


(nominal taint in Sm.) 

. US. dollar bead# Other bonds 

last week previous week lost week previous week 

I5UT 1.240.1 337.9 43*41 

271.1 49 1J 252-7 329.* 


from the 5 syje price in 
immediate after-market dealings 
(with the rest of :ne market 
somewhat loweri. This more 
than eliminated the seising 
group discount. This bond bad 
recovered slightly by the end of' 
last week; bui sterling bonds are 
tint flourishing. 

In the >ea sector, the main 
factor last week apart from the 
currency was the accelerated 
expectation of u discount rale 
cut. This has prevented potential 
yields being decided for the 
remaining issues and placements 
due this month. A discount rate 
cut of three-quarters of a point 
is now widely expected. 

Announcement of a unit of 
account issue for a Scandinavian 
borrower is expected this week 
with Kredietbanfc Luxembour- 
geoise as lead manager. Also due 
from this bank is a Lux_Frs-500m. 
ten-year issue for Copenhagen 
telephone- 

• Tbe Australian Government 
has agreed in principle for State 
Governments, local and somt- 

Govenunent bodies and market- 
ing authorities to borrow over- 
seas. Prune Minister Malcolm 
Fraser said. 

- Marketing authorities such as 
ihe Australian Woo] Corporation 
will be permitted in principle 
tq borrow overseas to fund stocks 
held abroad. 


. ' Borrower* 

Amount 

Tl*. 

Maturity 

A«. life 
years 

Coupon 

*1) 

Price 

UJL DOLLARS 

J Panama 

30 

1983/S 


n 

. TOO 

ITEL 

25 

1988 

e 

. 

■ 

tf Canada 

250 ' 

7983 

5 

* 


if Canada 

250 

1985 

71 

* 


ft Canada 

250 

1998 

20 

m 

• 

Norway 

700 

1983 

5 


• 

ItNorgcs Kommunalbank 
(fi*Ceed Norway) 

75 . 

7998 

13 

+ 

m 

EC5C 

25 

1993 

11.43 

9 

• 

EC5C 

25 

7798 

13.88 

7i 

4f 

fBereelHTunn 

20 

1985 

7 

*J 

100 

tSTET 

.50 , 

7985 

5 

8 

100 

+Co*ta Rica 

20 . 

1985 

si 

St 1 

100 

t Banco Union 

25 

. 1983 

s 

7i 

100 

MacMillan Biaedei 

50 

1993 

11} 

71 



Lead manager 


Offer 

’"S' 1 

...n 


Mcrrtl Lynch. Nomura 
Kidder Peabody 
Morgan Stanley 
Morgan Stanley 
Motgan Stanley - 
Hambrop 

Smith Barney 
Paribas 
Paribas 
Deutsche 

Kredfocbank Lux^ Orion 

BMP 

Morgan Stanley 
Morgan Stanley 


MO 

* 


&50 

*.14 

■73& 


D-MARKS 
{Venezuela 
Trinidad and Tobago 
{Taoemautobahn 

Philippines 
Com. Fed. dq 
Electriridad 
tECSC 

t^Kvaemer Ind. 
Elctrobraz 


250‘ 

1988 

8 

6 

101 

WcstLB 

537 

75 

1983 

5 

6 

100 

Deutsche 

• M» 

70 

’ 7993 

10} 

Si 

100 

WertLB 

SkSS 

ioa 

1985 

7 


* 

Dresdner 

•• 

I SO - 

1988 

8 


- 

Wert LB 

X 

750 

1990 

9.9 

S\ 

99j 

Dresdner 

5J8 

20 

1988 

8 

Si 

TOO 

Dresdner 

5JS 

150 

1986 

8 

*T 

+ 

Dresdner 

*■ 


SWISS FRANCS 

. - 




* UBS 


ASEA 

-100 

1993 

UA. 

3} 


STERLING 

J Citicorp 

20 

1993 

11.2 

10 

99J S. G. Warhurj? 

law 


GUILDERS 
^Norway- 
“ Not yet priced 


.100- .1903 5 99i ABN ■ ^ 

J Find terms ■*« placement T Ftwrttog me note " Min imum 5 ConrortWi 
tt RMBDerad Whh UJ. Securities and Exetonge Cwnmtaloa 1 FlirthM Fwd 

Note: Yield* we calculated on AIBO buii. 


Indices 


X.Y.8.& ALL UOKKOJT 


Roe* and Falls 

Mar. 10 : Mar. 9 31a r. c 


NEW YORK -BOW JOKES 


Mar. 

10 


Mar.. 


Mar. Mar. 

? . i 


Mjl- > Mar. 


S3TI-75 

titnoe compiutrt 

Hiqta J. Law 

! High | 1/)* 


Mar. Mar. 

Mar. 

Mar. ■■ 


limes trerteri 

1.841 

! 1.820 

If ; 9 

F ' 

7 

Rich 

1 Low 

Hues 

1,127 
; 331 

! 804 

515 

<!.4A 4a.94i 

48.87 

48.82 

57.0/ 

•4. 1 T/i 

43.57 
(5 51Ei 

(.'ocfaauqed 

\aw Hi^hs ( 

Sew Loni...._....i 

363 

SOI 

34 

34 


1.836 

876 

447 

513 

37 

38 


IndoMml.- 766.S8 750. 88 750.17 7«.7fl 742.72 747.E1 [ 742.12 IISUC 4 1_22 


MORTUAL 


R'meB'nda* 


•3-l,J7) E T3\ « 1 

H.» > a 


Mur. 

10 


Mar. 

B 


Mar. 

e 


Mar. 

7 


191 i-ii 


High 


U>« 


88.72 89.M 88.54 88.52 88.58 88.58 SMT ! sSJi 

■ 7-ii ■ .-»• 1 -iEh 

Tpuwprrt... 201.89 198.81 208-14 188.88 188.75 281.85 246.64 - 199-81 * 2N.BS 15.25 

•Idd) A?i3/TCi itJiSi69i toil 

L Mimes 105.12 105.82 185.41 104.55 105.72 105.55 114.87 ! IMLfit ; 18542 10.5* 

22.2.T7V;22.2/7?\-20 *.<9, <SZA42r, 


Irrduatnsl 

Combined 


168.00 IGOJfii 188415 16S.QI ld&47 tl/iSi : 
17B.5B 174J2- 175.29 174.70. 187.4 llM.tl. 


I5c.u2 (2c- 
165.90 fin-IJi 


Tnitlini; t«i 
■ TOO . : 


27.098 21.520 22,030 18.988 l/.SM 20,120 - - 


XOROHTO Oompoetw. 1050.2 1090.5 1025.8 1020.1 H»7 j 4 tlB.lj ! -rtM.u (Soldi 

JOHAJnfESBUKG • 

OnM | 205.8' 287.9 . 219.4 205.1 2187 I5S.4 =■ 

Indnatnal? 189.4- 188.0 199.4 1S8.6 314.4 ca.-lf<oi 169.1 «!•*. 


* K#at* ro in/lax ctmwai rrnro Aaaudl 14. 

; In i. dir. neid % 

Mar. 6 


Feb. 17 1. Yea; ae>9 fapnmx.. 

6.22 

' 6.14 

6.13 


4.43 

STANDARD AHD POORS 

Mar. Mar. 
10 . 9 ; 

Mar. Max. 

i i : 

Mar. Mar. 

6 3 } 

18T7-78 


pinoe (tompilat'n 

Hiqb ( Low 

' Higb Lm> 

; lndn»trta.» B7.7&, SG.fif 
IG"mpnaiW 80.881 87AB 

9E.&8 95.08 

67.94 81 AS 

96.52 9Ll£ 
88.89 S7-4E | 

IlS^S i' 95.62 : .134-04 SA2 
(4.1,7/. '.(B'dilBi -;ilil,lii 'A0.«.jei 
W7.« ' 8&9D . 125.B5 ' 4.40 
:-i U/i» ' fSartft ''11*1/73. iWi 


Mar. 8 

. Mar. I 

Feb. 28 

, Year ago 'appro*. 1 

In.i. dt+. ytaM » 

, 9.55 

| 6.57 

j 5.47 

! 4,17 ; 

Ind. P.'K Kauo 

8.46 

8.40 

1 8.46 

10.45 


Jtiur. 

10 


rz 

wui . Hush 


Mar. 

10 


Pen- 1977-16 : l9Vi-(t 
Hifih j !<j« 


1/m 


An*tralia f *i 
Belffiou '•> 
Denmark **' 96-55 
F ranee <<> 
(hnnuavO 


93.09 


bl.O 


803.7 

I) 7E.5 


44a.aS * I'lvM ! *le 43 
o. l;7fcjrUi.SLi( 
93 Xfl BU.U *:.« 

(IJi1i77(1R 1 ic 
07,46 107.32 ; m.Gu 
<r,e. *6 2, iai 
30.2 38.4 . 

•<7.!i77'- ilCl.Bl 
£tf.8 el3.5 :• iU* 
•(li.lli.rIf-e/77 
7e.3 *SJ£ : rt.o 
(4|3> • i!<9,W 


Spain ;dt 38.96 , 804)2 kUWJ 1 <£.96 
,‘AJ IS - . 'lO.i 'ioi 

Sweden -e ateJKz 6o2£5 aieAriu-.j 

-M1.3- >11. 

Swu/erl’di SEQ.4- OAA-i^a.1 ! 

' = ;»ai-->-'ii 

Indices and Base dales <ail base values 
100 except NYSE AD Common — 38 
Standards and Poors — 10 and Toforao 
300-1,000. the last named baaed on l!>i5i. 
t ExdodlDB Mods. £400 Tndnsiruts. 
S 400 Inds.. 40 Utilities. 40 Finance and 
SO Transport. Ci Sydney All OnL 


LmiC Govt. Bond yield 


8J80 


8.23 


8-27 


7.76 


Hong Kong, ,420.9 L 4(0.93 ;4te.ll -365.44 ( A Belsuin SE 3V»12<KJ. Copenhagen 
_ . Iw . ... KW.L ,C SE 1*1*73. ttri Pans Bourse 1961. 

Italy ifji 81.92 62.51 i5./l ! B4.90 i.n Comraerabank Dec.. 1833. itsi Ainsier- 

c.i.ln ii2iI2j dam. IndnsrrtaJ . 1871 f'L> Hans Sena 

Japan -a> 392.91 39022 ! ! 5ct.<R> Bank 31/7*64. ('i'll Mrtao S'! -73. mi Tokyo 

'tl03.iv ft* llj Now SE 4ri'5S. fbi Straits Times 1966. 

Suunpora 272.30 2ILS1; 972JJ0 , Jr id Close- . <d' Madrid SE 30.'1S*77 -«ik1i 

<4. ••103'iS ifi and tow (or 1979 only. ic> Stockholm 

1 — ■ i —.. . .ii - - industrial 1-1/38. <ji Swiss Bank Corn. 

<«■ Una callable 


GERMANY * 


Mar. K 

Prices + or 'Di*. 
Dm. — % 

mu. : 
% 1 

ALG 

86.4 - 0.2 

_ 



487 -I 

.18 

i.e ; 

HllTF 

226 -1 

2J 

4.3- 



17 

6.2' 

Haver 

136.3 +0.1 

16 


BavW Hypo 

285 

20 

3.5 

Haver V eretnsbk 

322 —2 

20 

3.1 : 

OihalDI.N«i.«i n- 

170 

— 

— ’ 

Crtmmerzhank.... 

232.1 -0.6 

IB 

3-9 

C-omlLuBiniL 

77.8— 1.0 

— 

— 

Dai mwr Bear 

309 -U* 

19 

3.1 

DefiuH _. 

276 -X 

17 

3.1 

Uunt)! 

161 +1 

14 

4.4 ' 

Deuocbe Bank-.. 

309.5 -0.5 

20 

62 

UrediKr Bank.... 

250.5 +0.2 

20 

4.0 

Dvekerh-iff Zrair. 

151.5 >7.5 

4 

1.3 . 

f*|]lCliafInilD^ mmm. 

204m 

12 

2J3‘ 

Hapu Lira <1 

112 

•12 

3.4 

Haruraor — ' 

270.5 -3 

rtt 

3.3 

Hcecbir 

128 -0.2 

16 

6.3 

Hi+a-b.. 

45.8 +0.4 

4 

4.4 

Hinten 

121 

10 

4.4, 

hall >md Sih... 

156.5-0.5 

9 

2.9 

Kuwult 

295.1-0.4 

20 

3.4- 

Katubfd 

201 —1.5 

20 

6.0' 

KtockaerDm ISO. 

92J5 

— 

— 

KHD - 

178.8 +0.8 

12 

3.3 • 

ICrufip — .. 

96J5.. 

-- 

— 

Luiir— ....... 

241.5 +0.3 

16 

3.3 

LuwonL'rati 100.... 

1.500 

dU 

1.3 

LulibauMi 

109.3 -0.3 

7 

32 

MAN 

194.5 -lJ 

12 

3.1 

lUuinermanii 

172 -1.7 

14 

4.1 

Metal Lite- 

216 -3 

10 

2-3 

llunch+ner lEmHL. 

510 —5 

18 . 

L8. 

XeekernBim 

109B -0.5 

— 

— 1 

Preu-xi^ DM IU*., 

109.2 -0.9 

— 

1 

Uiiem^etd.Kiect. 

lBS^tr 

16 

4-2 • 

■robermit 

248 —1 

2u 

4.u! 


296.3-1 

16 

2.7! 

duj Aucker. 

247 -4 

17 

5.51 

lUvsoeaA.L 

126 +0.8 

11 

4.3, 

Vart*. 

175 —1 

14; 

4.0; 

VKBA - 

117 -0.2 

12 

5-2 

VereinatAWe-iUk 

307 

18 

2.9; 

VoUn-waeen 

214.6-0.6 

10 

2JS 


< JOHANNESBURG 

MINES 

March w Raw! 

Xig'.o Amer.can Corpn. ... 4.7ft - 

K*si Dnefomein 11410 

Elsincrc ^ 1S3 

Harmony - -6.30 . 

Rctras* 6 23 ■ 

Ktoot 8.0<* . 

Rusenbum Platinum 1.47 

St. Helena - 13.70 

South Vaal s.20 

Go'd Kields SA SO.OO 

Uruon CorporanuR — 4 *0 

□o Brers Deterred ■VBi 

Blpmonnujch: *-i 20 

East Rand Pry ....... 6.2d 

Free State CMuld 27. no 

President Brand a*. 17-00 - 

President Sieyn 12.60 

SURnatem 4.10 . 

weUtom 4-30 

West Dnefontetn 29 90- 

Wmern Holdinss .70.25 

Western Deep .. - 12458 1 

INDUSTRIALS 

AEC1 MO 

T.ffl 
S.27. 
*1.10 
■tf.BO 
aw 

1.03 
r21.M 


+or- 


AUSTRALtA 


:park 


Mar. I-' 


'+ o»: 


Anst. S • — 


Mar. Id 


Price + ur j Ulv.jl 
Kn. — iFra., 


Aaato-Amer. industrial 


• -•.»] — ■ 

—a ay) 

_g jg - ACM I L i3t rent* 

.-aifl i Arrow lirinuu 

“ SJSO 1 Mm-lt'lu. Inilii' SI 

<-0.rai tuirol K\|4'-riifi-'tl 

\n>i«a 

-0 30 1 Awe. ihuemit- 

1 .—8.46 Axe. P»il|* Hs|<or Si 

—0.1a ! Awiw-C-Nt. liinm-trica. 

- 0_aj. Musi, iiuiuilatlnn ImnU 

-0 33 | A. AM - 

r4,!j . Aiiriin- | 

-1J5! Aim. (Ml A i*a> 

-SjW: HIir- .Mem I (ml 

-also : Uetn^alii' lili ■.■•ppor. — . 

—0.13 [ BrnLeii Hill I'lVfirlctAry.... 

■-8J50 BHisnii It 

— 1.68 , Carli»n l intr>1 Brmrery-..' 

— 1.10 ' L'.J.iixx - 

tsKiSli. . — 

itwAw'MMil Aw- - 

-DDJ- CPIltaiU/’riSI: 

Lini/iii-- lli-MIliU- 


' Benia 43....... ... u .| 

tQ.67 Airi.|tie<K-elil'i , 1e, 

t0-86 .. .. , Air iJtjutd. . 

i2.16 Aquitaine---- 

rl.ZS t-0.05 UIC 

r0.7V IVaipnt- , 

<0.77 +6.01 : Hji.A . Gitrala.- 

,1.14 +IL05 - liwwino l.dkO 

1160 - . C.U.k — - 2B6 

-O.MA -OJirAM.T. AfcMOl : 900 


CNA Inr— struents 

Come Plnance 

Do Beers Industrial ... 
Edzars romu>ld. invest. 
Edoare Smres 


—fl.® . uwihiii Ausinlla...-.— — ; . tt.iO 


-°- ai . 

.a.nt . v-n? lVnk-a>rr. M . 

n n? -' L'luti Mnliler ! 

* _ ' (Svillt C.*i Pr’i-r 

Vioi 1 CreuMil i/dnv....; 

•+0.B1 ; AJuiiw.- • 

i+jLW ’ Vr. PrTttJc*. 

'«.U8 1 Iran- lM-1-tofUak’ 

. -9.05 1 ImotH ; 

tl.&8 +0.01 ! Janiui-a UunpL,—' 

12.70 -485 ! [anij^ w ...;.fl... ! 

L'UmU — . 

Iwgnui.l - 1. 375 

UntMHw llienu.^ 770 


H.35 
TO.dO 
10.35 
tO.99 
11X17 
16.50 
10.79 
+ 1.80 


12. do 
12.10 
11.93 


OVERSEAS SHARE INFORMATION 

HEW YORK 


In\. S Prem. at S2.60 to £—32% (85 
Effective rale (at 1^025) 40i% (37J%) 


Fed+rale VnlKsfipleHsliwn* . 1-4S 

Ureatermans Stares .. l.fift 
Guardian Assurance 1M1 1.70 

Huletis . . 1-KV- 

LTA 

1.8. McCarthy Rodway 

irs 

Milling 

4.u! Pretoria Cement 

2.7 i Prorea HoWiogs - 

3.5 1 Rand Mines Properties ... 

Gronp .. 

w ■ 

5-2 : Sage Hold iocs — 

C. c. Smith Sugar 

Sorer .... — 

SA Breweries 

Tiger Oats and Xat. Mills. 

Unisec ...» ...... 

Securities Rand SUJSJL82}. 
(Discount of 28.5$i) 


-lSTi-7? 
High : Lew 


&t*VK 


Mar. 

Id 


1077 7^ 

Ru>b lx™ - 


Saoefc 


Mar. 

M 


A6I* 

A7 M 

38U 

.34-? 

.43;, 

449'. 

59'* 

36 i* 
22<« 
507, 
235* 
M’l 

59 'a 
■4(71* 

i*ie 

41 i* 
29'* 
-25 .'a 

4 It* 
31i* 
20 
S'a 
47 1* 

37 
J6U 
695* 
35 
ai’B 
30m 

JZj? 

32'* 
30 1? 
321? 
S3:* 
19-'* 

23 sb 
-A7 1 \ 

81-'i 

30’r 

121* 

20'j 

5A-’* 
39t* 
29 'j 
41 1* 
MU 
40'* 
28'; 
*Ol’ 

26. a 

-3 la 
39J« 
20'* 

A 3 a* 
35'* 
36' = 
35 5* 

XI ft 
14ft 
35S* 

18 S 

35ft 

17.* 

27 

34ft 

a ft 

52-* 

POft 

39 5r 
181; 
921; 
781; 
15 

21 1 
50* 
62 
52 ft 
17ii 
281* 
54 
54 ft 
47 
2&ft 

421? 

•171 E 

Sift 

■&-. 

Hie- 

34 

62ft 

80U 

27 lj 

13 

-36ft 

201; 

171; 

40 ft 
3.0 Ii 
52ft - 

Bar 
3J 
9 in 
251* 
25 ft 
36lg 
47 
25ft 
37ft 
34» 

-n * 

28 ft 
49 ft ; 


39 

10ft 

28ft 

211; 


Abbots lab* 1 

Addreotognph... 
Aetna life A Cat* 
Air Products 


54ft 

17S« 

341; 

267s 


26 ft 

•Amro...... 

39ft 

22 

'ALunAIrrmimnm 

Z3ft 

38ft 

'Alec# 

39ft 

17 

Allegheny l.uill.. 

lBft 

181# 

1 \lleeheny Power- 

18ft 

34 ft 

! Allied Ohemlcmt.. 

37t* 

IBft 

Allied titores 

20 ft 

221, 

• Mil* Chalmers... 

25 

31ft 

i-VMAX 

341 j 

22ftt 

Amends He»....- 

25 

ai# 

Amur. Airline.. 

9ft 

39 ft 

Amu. Brandi .. 

45ft 

34^3 

Amer. Broadcast . 

38 

34--, 

Amer. Can 

351* 

22ft 

Amer. Cyanamiil 

24 

Mn 

Amer. Klcd. Pom . 

23 

31ft 

Amei. Bxprew ... 

32., 

251# 

Amer. HrnrHfProrf 


lift 

Amer. Meuicai... 

20 

3« 

Amer. Uuuir# .... 

4ft 

3«>* 

Vdier. Mu. ftas.. 

40a# 

25 ft 

Amer. itamdanl-. 

34 ft 

27J 7 

Vmei. 'Kor*-... . 

301* 

57'ft 

Amer.Tei. A Tel. 

611* ' 

27 

VinrteW 

za; 8 

15VJ. 

AMK 

lbft 

24 ft 

VHP 

25 


7 >* 
25ft 
17ft 
19 ft 
171; 

a 


\iupex 

.\nch-.v Hocking. 
An beueer Beach.. 

Armoo steei.. 

A. 3. V. 

Atameni Oil 


15ft Am roc>. 

27 ft Aabmud Oil 

43ft ah. Richfield . .. 

2l>’ Auto Data Pro... 

8>* A VC 

15 .\w 

44 Avon Product*.... 

24 ft rial! Ga* Kim.... 

20ft UenL America.. . 

34 Banier* rr.N.Y. 

25 if BarlicrUu 

281; Baxter Travenot.. 

22 Heal rice Food.. 

25ft to.i iniD kJ, en*ion 

14 BelixHowcii 

33 Henalix 

lft Henguet Cous-B. 

183* Bethlehem steel. 

141* Alacli A DevVer . . 

19ft iJoeioir 

ZBSfl Boise Cascade.... 

25- .-+ Borden..- 

25<* Born Wernn 

73* BranlO Ini 

IQ -a BfinsU 'A'.. .. - 

28ft drislol Myers,.... 

13ufi BriL Pee. AUK . 

25ft -Biflckway Gia,».. 

lift 'Brunswick 

16+) |UuL-j'ru«£ne 

18-ft Budd 

5 Bulom Waich . . 

36k Binnngtuu Nthn 

55 ft Bur rough > 

3lS* Camol-eti >-.-up . 

14ft Canadian Pacific. 

8 -'.anal Uandoipb— 

36ft L amal ion . ... 

11*5 Camera (ienersj 
15ft i-arrer Ha* lev... 

48'* Laierpii'arJrauta 

43sfl CBS • 

36 leiaaeaeCutyu!... 

14.ft Central « t. IV .. 

IBaft ■-•eitjnuteed 

25 ft C8» na Airrrair .. 

87i; ChaMlUabattaD . 

37ft iCbemical Mk.NY. 

20 ft Cbewbipb Pond .. 

5I99 CbcMie System... 

42 Cb'raiso Bridge.... 

143* iChmmalknr......... 

10ft Cbrrsler...-. 

lft L-inemma.- 

1'5 Cine, Milacnm—. 

l9ft Ciiianp. — 

4Sft Clues dervice 

Ill* l_ ity Invesring 

35 ft "IVxsaCdi* 

19s* CcfgtPUjn, 

10ft Colins Aik min... 

I7.n Columbia Ga*-... ■ 28ft . | 

7ft Columbia Piet.... 14 
l3ag Coni.lnaO'-oCAm 

26 - a C-Mnboatlon Eng. 

15ft Combuatlon Eq... 

2b -r. iTm'a'Ui KdLvjn 

2ft Com'w’ch On Ke' 

38i* Comm. Sareilne., 

6ft ■ Joraputerijcleneci 
18 ft C* >now 

23 Cnn. Edison S.Y. 

22 Cmiboi Poods ' 

341; .'Ci'ni-’l .Vat. Gaa . 

21ft C-.-munser Power 
29 ft Continental r=n*. 

26ft Coul mental r, il- 
l«us Cent Ibeniai 1 e'e- 
19ft I'nnlml Uau .. . 

3fi=* jOmpar Indea. — 1 


12ft . 

26-g 

17ft > 
267* I 
2U j 
10ft j 

16-i* 

28ft 
46J* | 
26ft 

20 u ! 
45 ft 1 
20 1 3 I 
21ft ; 
38ft-: 
3*6 ft 1 
35 ft : 
22*4 : 
35ft • 
19ft 
35 
3 1» 
206s 
L5ft - 
J3ft 
24ft 

sat? ; 
261* 1 
107, , 
la.fi 
29ft i 
14 
26ft 
14i« • 
X8i» • 
ads* ! 
5ft . 
3bft • 
62a* * l 
33 

15ft : 
10ft - 
26-* ; 
lift . 
16ft ! 
46ft • 
47ft 
361; 


15ft 
20 
31ft 
B87 3 
37ft. 
23ls 
32 ft 
48>* 
16ft- 
11ft 
2ft 
21ft 
19ft 
46ft 
13ft 
d7ft 
I9n 

10ft 


15ft 
63 
15ft 
27ft 
2ft 
351* 
9ft 
19 ft 
25 ft 
233* 
39 
23 ft 
297* 
271* 
15ft 
25ft 
42ft 


70S* j 
847, ; 
35: a | 
29 1 

45 

58ft ' 
19ft . 
29 ft 
387a 
331* 
29ft 
7ft 
30ft 
177* 
38ft 
13ft 
52ft 
47 
433* 
42ft 
S3 
471* 
134ft 
141* 
22 
9*3 
85ft 
45ft 

Zlft 
19 'a. I 
51ft ■ 

36 
43 ft 

41 
41* 

IS* 

22ft ' 

55 
401* 
481; 
23ft , 
■30 

SOft - 
23 
341* 
43 

-22ft 

47 • 

19 

56 
29 ft 
30-.5- 
31ft 
12ft . 

15m 
40ft ; 
12 ft 
34 
l4a* 
61ft 
57ft 
36ft 
34ft • 

77 
21ft 
29ft 
33U 
29ft 

6ft 

J7ft 

211ft 

30ft 

33ft 

23ft 

34s* 

51ft 

14ft 

34ft 

15ft 

18'a 

30ft 

67 

64ft 

23ft 

48ft 

37ft 

42 ft 

86?a 

16 

43;* 

54ft 

15ft 

29T* 

551* 

17ft 

17 ft 

27 ft 

475* 

78 
52 
16ft 

13'* 

Z85i* 

23ft 

57 ft 
45ft 
23 ft 

34 
69m 
40ft 
10ft 
36ft 
2-a 
31< a 
141* 
341* 


45ft .Corning lx tan-.... 
48 ft [UPC Int'n'tionai 

245* 'Crane- 

227* Crocker Mat 

29 1* |CrownZeilerbarh; 
31ft vunoiai Engine.' 
13ft 1 .un-Wright 

19ft Hun,. 

30ft ,Uan, Induatries- 

83 'Deere 

325. ,Dei Monte. 

4ft -Deltona 

16 n .Denundy lixer.. 

15 ft Uerroll Kdi*>n. 

£5 'Diamond 5 ha urk- 

10 DicCaiihone 

38ft 'Digital Jioutr-.... 
32ft Uisne% - iTValtu.. 

35 Uoum* Corpn - 

22ft Don Chemical. ... 
23 15 Drava 

36 ft Dresser 

975* Du Ppm 

9ft Di-mu Industrie*, 
16ft bag ie Picher... . 
5ft Esat AlrunfB . .. 
41ft iUaaunau Kodak.. 
35 Ktuon 

16 : E. G. A O. 

145* Kl Paso Nat. (.=*« 
237s .Bltta 

29 ft | l*m eraon Btectnc 

33 [EmezyiUrPr'igbt. 
28ft 'Kmbart 

2ft ils.U.I 

225* JKngeltard. 

25ft UunaziL- 

18ft lEUiyL 

43ft IKaxoo 

£1*3 jKainJuid Camera 
331* I fed. DejR. Stores 
13 Flremofuj lire.... 
237* It'ak. Sab. Boaum. 

11 IFlexI Van 

17 ft !Fllntkoie 

2B iPlurula Poicer 

30 ft jt'luor. 

20ft [F.M-C-- 

401] , Ford Mnior- — .. 
15 -Poreminrti lick.... 

27. 'i [Fodwn, 

7ft : Franklin Mint. . 
17.5 Freeport llinetai 1 

24 jg Pruehatif 

7->i -Faeiualnd* 


9s* 

3Bft 

a. 8 

22** 

10ft 

37 ft 

44 ft 


18ft 

93ft 

281* 

28ft 

3ft 

Z3j* 

148 


G-\.f..: 

(.ianneu 

Uen. Amer. lor...- 

C..\-l_\ 

Cieu. Cable 

Uen. Dy uaram . . 
Gen. Electrics-.-.. 
26ft Y7ene>m toeda.... 
26ft beneiai Mil's— .. 
57 ft Ueuem Moton... 
Oen. Pul* Lul.... 

Urn. signal- 

Gaol 3'M. Elect.. ' 

l'«i. lyre 

iieneico 

Gn.4gla Psci be.... 
Gene On.'. ; 


23ft 
le.g 
15 - a 
25 
21 .* 
7 ft 
19 j* 


UilieiLe 

bouiriii K.F. 

Uouiieu Tire..... 

Gould 

limeW.li 

Cl. .Ulan Pselea 

.LT«_\orth Iron... 

IZi* iGreybvnuil 

lO'a '.Gulf k Vi eatern . . 
237* kin 1 1 Ou 

545* (Haj'bartou 

35 ft |U*an*Mimn2..- 
14»* lUarniKfalegrr.... 

88 Mania Corpn 

287g ' Heinz H.J .. 

22 [Heublem 

63 -Heniett Ifti-kartl 

Ilia Holiday In na ' 

31 [Hpmeuake- 

427* H-jiierweli - 

lift jH-vwei- 

21ft Hc*p Corp .Vmw. 
23ft I Houston J at. fta* 
to •HnntW'h.AiChm 
10ft : Hutton -K.F.i— . ,• 
21aj .LU. industries... 

34ft ;i.\ \ - ., 

52ft <lnger*»i Hand... 

33s* inland 6'ieei 

12ft linaito®......., 


46ft 

441* 

ss7'a 

255 * 

30ft 

34 
19ft 

20 7* 
36 
25ft 

25 ft 

6ft. 

165* 
It ft 
25ft 
13a* 
40ft 
aJjft 
40ft 

43 ft 
257* 
38ft 

102 

131* 

18 

6<n 

4Sft 

337* 

19ft 

15.1* 

27 ft 

30U 

39 

30ft 

2.8 

247* 

26 
18ft 
44V* 
25 -a 
351* 
15 
26ft 
17 ft 
21ft 
301* 
32 

21 

44 
17 ft 
29a* 

7ft 

19ft 

26 

9i* 

101 ; 

36ft 

9's 

24 
15 
43ft 
46ft 

28 a* 

27 ft 
69 1* 
19ft 
24'* 

■ 29ft 
243* 
3ft 
25- 
139-'* 

261* 
lMaa 
15- * 
25ft 
BSft 
8'* 
23v* 
15 

117, 

24ft 

35 n 
37b* 
14T, 
45U 
a 7-* 
261* 

64 ft 

lb ft 

55 ft 

445* 

121 , 

25 ** 

25 ft 
121 * 
11 
25 ft 
38ft 
93 ft 
*»■* 
13 


1977,13 
High Lew 


Swell 


J Mar. 
1 10 


38t* 

77ft 

30ft 

49 

40ft | 
395* • 
18v* ; 
35 

8ft ! 

SOI* I 

731* I 

301* 

48 

26 ; 
50ft . 
M* : 
31ft . 
36v* | 

35ft . 
'47 14 I 
16os 
18 ft ; 
234, , 
20ft . 
31ft 1 
37ft I 
16ft : 
13ft , 
ms ! 
SSK-* , 
41 
47 

58ft , 

14ft - 

341* ' 

Sift ' 1 
44 

29ft . 
27ft , 

191* : 

34ft ■ 

6 £ .- l 
4-7 
28ft 
67 - 

TOo# •• 
88ft . 
56 
56ft 
391* . 
537* 
34ft 
16ft I 

25'* • 

15ft 

46ft 

444, 

464* ,. 

21ft 

24ft 

361# '. 

171* 

13 

23ft 

36ft i 

481* . 

30V, 

30ft 

561* 

91ft 

31 

41ft 

an* , 

22 

331#. . 
731* : 
291* : 
25ft 
211 # 
24 : 

J!* ! 

28 e* - 
B7v# 1 
84ft 
525* 
35ft ' 
lift 
39ft ' 
26i* ; 


275* Johns Man ville.' 30ft 
63b* Johmon Johnson! 69a* 
21ft Jotuuon Lontrm, K6<* 
294, JcyManuiactur’c, dlU 

22ft hi. Mart, Carp. ! 24 ft 

274, KalserAliunini'm 291* 
41* 'Kaker intiuoLrie*, 2 

20ft Kai«ei Steel 23 ft 

4ft jKrjt ! eft 

18a* KenneooU.-... ; 237* 

40ft a err M.-Gee ■ 46ft 

231* Kldiie Wa-iei- 29 

371* -Kimbenv Clark..; -*21* 

-19ft tapper* 1 b 7* 

42 Krati, 44ft 

23 .viogwCic 27ft 

25 i-erl dtiaiMv 31ft 

25ft L*i)WUw.Poort... : Uol* 


19il-7a 

High tor 


Stock 


Mar. 

10 


26ft Liggett Group....- 

33 [Lilly lEfij 

lUiton Indust — 
'Lockheed Airor'n. 
I one bear IimG... 
[Long I aland Lid. 
.Louisians land-. 


lift 

9 

164, 
177* 
20 ft 


305* , Lubri'Ol.. 

13 'Luufcy Dtbrer 

5 .[.'Lev Vung&t'wn 

7<* MacMillan.. .— 

31ft Many k. H 

29 '.MlrvHanuter — 

31 U*pn ' 

40ft i Marathon Uii„. 
10ft : Marine MJd la n-l. 
17i, ; MarJ»u Field - 

20 V* -Mai Dept.rujrei; 

314, .MCA 

21ft MdJermoa 1 

19ft UcDunnen Dnie: 

137a \luCimw Hlu 

24 .Meraores 

50ft Merck 

13ft 1 Merrill Lynch-.., 
51 [Mena Petroieuni. 

16 MGM_ . 

44ft lUinnMingAMlg.. 

SBi, MiA-u Wrp_ 

44i# Uufuamn...— .. .. 

39ft UiV^an J . P. 

335* lUuUmNi . — 

23 Uarph% Uil-..-.,:, 

46 ..Nsbiwo..., 

24-s ->'alwi Chemical.. 
121* ..National Can.-.. 


201 , 
12ft 
99'* 
311* 
321* 
12'* 
21 U 
31ft 
14ft 


tXai. Diiiilieiv.. 

I Na*. Am vice Ind. 
Nariunai PLeel .... 

Nuotna* 

MU. :...•. 

Neptune Imp.. .. 
New Kngianil El.' 
-New hngtanrl lei. 
.Niagara Ml 


ohawk 
91* [Niagara Share — 
1SS# i\. L. Indus* rres . 
25'* NorrolkilVemei-O' 
34ft North -N»Ulm,, 
25' .Nibn huiei Pwr 
19 la Ntbo.«n .ilrllue* 
21ft Ntbeest Hancun-' 

161* Noiton a'lmun ... 
20 U.HO-leuia- Petrr.l 

31 Dgll'.t Mai be* ... 

IB lllilti thvj| 

131# fun 

20ft Urwwu irhif-.... 
'58 ft .OtveUkC'irmiag.. 

20 1# -Ontnik liimnw... 

22'i VunSrlito 

161* Pacific JLu* brum- 
20U I'ac. Pwr, A Li. . 
4 'Pan Am World An 

20ft Parker Hannidn. 

191* Peabody lul 

20 la .Pen.Pw.*U 

221, IPennyJ.C - 

26', ;Penn*oti 

7i* -Peoples Drug 

32 ft PwiplwGaa. 

221* .Pepaira. r 

16ft 'Perkin hlmer .....' 

29i a P« 

.24 *Prj,er.. 


_ 7 lnLercant tnargr 8 

341 IBM :. 2*2i« 

If ft IntL Flaruun 2gJ, 

26'* ilnti. Sintuet... 27 
351* llnii. Alin ACbem 38 
JTl a ;tnii, Mali. noods.. an* 

13 ft JInco,,. 

35ft 1 1 ml. Paper ... 

aaia :ipg. m 

6 I'lBBiftctilier 

27 Jlht. Ter. A Td..„ 

•5* 'lBT«r 

20 . Iowa Beer 

1 1 -ffj Inumationri. 

Sail Jim Wali^..,.... - 


15 
36W 
27 ft 
10ft 
871* 
It* 
30>* 
lift 
271* 


215* 

39ft 

. . 

391* 1 174* 'Pheipt Dudge... 
21 - 17ft IPhitaicipJria L'le- 

64ft | Sllg 'Philip Morris—.. 
68ft 1 27 [Philip*. Pelroi'ni, 

44 u J 35ft Plirthjfy 

211, • 151, Pitney B«wes 

36ft ; 211* [PiUsluu ' 

20ft! 10ft 'CtaMyr Ud ADR 

38ft 23ft • Ppuh in 1 
16ft ; 13ft Potomac Klee — 
38/* ' 23ft it'll* innuuries.. 
93 . 73'# Prmicr Gamble.. 

26 • Sift Pub tftrso Bird .. 

36ft 24 Pullman • 

19ft ; 16ft ‘I'uivx — 

26ft , 20ft J Quaker Oara.—— 1 
85* : 4ag torpid Ymerican... 

65ft S9 ' iBaytheiin 

321# 92ft HC.L ■ 

34 j* , 21 1* Btpubllc &leel...,| 


27i ? 

401* 

16a* 

19ft 

16ft 

left 

gift 

35V* 

14ft 

aft 
111* 
99 V* 

29ft 

94 ft 
42ft 
lift 
21 U 

22ft 
96 a* 
US 
7547* 
18 ft 
29J* 
d 5 ft 
lea* 

9&1* 

27 ft 
451* 
61ft 
46a* 
41ft 
96 
941* 
471* 

28 
14-ft 

an* 

12ft 
29ft 
06 ft 
411* 
14 
22ft 
941* 
141# 
*ft 
16 
26 
n&>4 

2bft 
25i* 
all# 
18 
22ft 
40 >A 
181* 
15ft 

22ft 

6U 

2Uft 

24ft 

20 1 # 

21ft 

211* 
2 lft 

alia 

35ft 
29ft 
r‘4 
34 ft 
25ft 

18ft 

37 

251, 

IB ft 

lbft 

=8ft 

29ft 
36 ft 
l«ft 
22ft 
17ft 

24 ft 

- 151* 

25 
751* 
22 
25ft 
16ft 
22 

7ft 
54 
24ft 
25 ft 


45 ft 
44ft 
70ft 
261* 
36ft 
51ft 

61 

15ft 

141* 

18 

i BOft 

I 431* 

1 58ft 
r 42ft 
1 3ft 
6ft 
18 
74 

25 
20ft 
231* 

8 

29ft 

24 
13ft 
34 

4 lft 
36ft 
441# 
341, 
40 
16ft 
26ft 
633* 
3ft 

26 
27 
18 
34 
38* 
623, 

271* 

27 
20ft 
43 

29?a 

303* 

45 

57 i* 

91 

49ft 

18ft 

51 

48 

421* 

B4U 

124, 

40 

74ft 

■3ft 

371* 

17L 
30ft 
31ft 
99ft 
34 ft 
229, 
391* 
254* 

55 ft 
41ft 
164, 
231* 
384* 
274* 
13 
36 ft 
22a* 

40 ft 
26 
27ft 
22ft 
251* 
20 
43i, 

56 ft 
131* 
82 

9 

59 * 
68 

HI* i 
10 
32i# 
36ft 
26ft 
49ft 

41 
391, 
15ft | 
19ft 
34 ■ 
31ft 
201 * 
281 * 
353, 
274, 
20ft 
28ft j 

33ft 1 

45Y* 

271* 

28 

25 ft 
32ft , 


361* Ketiou.. — ; 40'* 

251* Keynofda Meialb. x7ft 
52ft iteyiwWkK.J-1- **«•• 
18lg ;KicbVl^3I®^■eII.• 

27:* ;Uockn-Jl Inter— 

283* [KobmAHaa* 


13iJiE 
High Low 


M-Ck 


.Her. 

10 


56-- 

22ft 

30ft 

30ft 


17ft WVxuwanh -! 

ai s ’ w’v'y- - 

41 Acrux - 

IC* Iftpew 

lift ; 4cniih Usdio 1 


51ft M-Jdm. Dmd> ; 59 

91* LTE i 14 

101* lltuwi Logo : 134* 

12 ig Ryder System..... -14ft 
351* .daleway Store**.. *61* 
26 3L Joe Miners Ik- 25i? 
26ft tit. Kegis Paper...- *6ft 
531* "iamaPe Vnda— : .541# 
31* .Win Inrem— 5>? 
54, [saxon Inda.. -aft 

lOi* .Sen ilt* UrewtngJ 12v# 
56ft 'Schiuidbezev— ■! 65'/* 

16i* . . lbu* 

12ft Ndt Paper— 12l* 

18ft acOTli Mrg— — — 21ft 

6 xrod r' Duor Vest; : oft 

12ft w Contain ers..,f 23 1, 
191* beagram_. .—.... 22/g 

107* wnrleiG-D.I 12 

24 1* iSearo Koebock.— ; 241* 

28 3E1AX) 31 

281, -shell Oil-.—.— J 52 ■* 
301* :dbel I Transport. J - i8l# 

24 Signal - .887* 

30 1* dignodeOorp— 30v* 
10ft rslupliriiv Phi— ! ' 11>* 

18ft .^luger 16ft 

32 amuli-lfUwf 53ft 

lft SoUtroo "2l, 

131, :M»itliila<ni— 1 l iM4i 

214* >xi ihem CnJ.Kd^ 26>* 

151* -><urfaem Co. • lbft 

28 Sthn. .Nat. Kea...i 921* 
3H, , Sou them Phd fic.i 32ft 
451* I'StrtjUiemKailwayl 45 ft 


26ft > 

a ft 

57ft , 

18ft 
261* ' 

98. : . 92ft L'JS.T teas Lev 794^- 
86 1815a .L"5.Ir«w»iifc:Ii 181 ft 

6.54r e _ 4.33il T Ja.«) Day bills., 6.20; 


183, 
ft 
451* 
16 15 

u:* 


CANADA 


20 1* si-uLinam.,.— .1 

201* s'li'i Uanabam. 
15ft >peny Hutch—' 
29ft '■jperrv Hand-- 

21 fxiulb.— 

22 ft -icmtdsrd Blaiulvl 

Sid. Oil (.‘-ai it'onria I 
•■bid. Oil Indiana.^ 
vLd.Oll Obto-. ..- 
biauff Cbenmal-I 
■sterling Drug— i 
‘stud chatter. — ' 
-IUD C'u...— 

51ft .■suudstrajKT— . ■ 
16U Syntex 
5<* ■ I'ecbnicrdw— — 

28 U lek.Lr.jnir — . 

474* reledyne....... — ; 

Tele#.: 

lenecti..- — — ) 


34a* 

44 

691* 

31ft 

12V* 

37 

35ft 


2 

281* 


6 

251* 

16ft 

61ft 

22ft 

187* 

31ft 

20 

41ft 

ill# 

131* 

17 

32 U 

21 

J 1 ’ 2 

26ft 

181* 


lewiro Petrolwm. 
VeMco.... 
; l'«»*puif .... — — j 
Trxu Itufau.— — : 
Texas OU tc (H* J 
1 1'exait- Ldlities ...j 
I'imts Inc...— 
1'imes Mirror—; 

I i in ken I 

Trane....— —>—l 
Iransmeriea..— i • 
I'runiw, ...—[ 

I rani. L'nioeu— 
rraiiswav int'nui 
I raoa Wnrhl Air.- 

I'raieUera...*. 

L'ri L'uatinekttal ft 


24i* 
K4ft 
16 ft 

36 ft 
.23 ft 
-3 
38', 

e6ft 

591* 

97ft 

15 

49.* 

37 
oS 
24 

oft 

?5 V * 

52ft 
.9ft 
30 ft 

26 

163, 

66 

51ft 

19-8 

36ft 

tsdea 

42ft 

321* 

105* 

19ft 

iHft 

211 * 

lift 

*9ft 

16ft 


87 j* uu.w [ 

10 i-Hh Centnrv. F«o 

16v a LALc. 

18 L AKGO— 

17 ft L lil i, • 

13i, LOK — I 

271, tmlerer— I 

47ft LnlftterSV. 

H tnnn 8hnoorp<- 
37 j* .LnM Cd*Mdev..i a9i, 
6ft InioaLommere^ b 4 , 
45s* 'L niun Oi» C'hlif.. . 

41 iC'nion Paailic-. ■'■..[ 


951* 
23ft 
lee ft 
21ft 
22ft 
20 
06 ft 
oe ft 
lift 


49ft 

42ft 


7ft 'Ctilrooit 

63* 'CDiiedBnuldi,— 7ft 
25ft 'L'S HUudrp.». — . 5Bft 
31'* L u ypha (u~. — ' 29v* 
18ft '(.'ij.abge— : 1 US 

251* ji-ti.9tMl ...... 86ft 

32i* !L. Tedmoiosfta-; 56ft 
17ft ,LV Indiiitrfti-.- 19ft 
13ft tVir£in»Btod— 14 ft 
16 ."'aigreea.- 19ft 
25ft ‘H'arner-Uemwa-.J a lft 
24ft W*n»r-UHrt»»* ' a » 7 B 
131* Waate.Aba'Bwm; 20ft 
24J, . iv olis-Karira 25i, 
25ft iWectera B*neOft> ; “Tft 
141, UVeskevn N.Ameri 60ft 
16 ;WeMUre Cnlon,..| lbft 
16ft Wwtlogh SB Elect! 171* 

23ft 'Wentaycm. -! 84 j* 

204, Weywhnsaser.— 1 B3ft 

20 ft [Whirlpool I £2 

19ft JWbire Cod'. Ind-.- 21 
IBi, 'VlliiPTirCa'-.; — ! 17’» 
86ft Wfagnnam Bled | 86?* 


lift 

8 

50a* 

19 ft 
42ft 
183, 
22 ft 
10ft 
56ft 
847* 

17ft 

15a* 

: 5.0 

58 

171* 

10 

14ft 

264* 

20 ft 
19o* 
19ft 
59ft 
3.70 
93, 

215* 
58U 
29 U 
17ft 
BU 
9 

611* 
784, 
607* 
25 ft 
155* 
15ft 
59ft 
95 

274* 
Mag 
301, 
6ft 
33 1, 
47ft 
19a* 

19 
481* 
185* 
311, 
23ft 

34 ft 

10ft 

161* 

151* 

15ft 

8 

4.15 
25 
241# 
39 ft 

37 
33.s 

18 V 

35 

201 * 

6ft 

3.10 

43-H 

36 

20 
7'# 

1.43 

S" 

lift 

1.60 

31 

10 

38 
28ft 

18ft 

10i, 

253* 

17ft 

6sa 

32ft 

6ft 

2 Bl* 

3.0 

41ft 

193, 

16ft 

121a 

13L 

15v* 

8T* 

111 * 

55ft 

I6ft 


Bft.'Vbmta Paper—.’ 

'3.56 'Ignicu Eagle 

25ft 1 loan Aluminium 
13;* ; A lawn* 5 tee 
19ft ;Aabeaio».— ■ 

15ft-, Hank gl M-jUfrea: 

171* .Bank Nova -cutia! 
5 Basic Keiourcea.. 


lift 

5sg 

26ij 

18i 9 

a7ft 

lbl’ 

191* 


43ft [Beil Te>epbone_. l3»4 

.lift | Bow Valley Ind r., 237# 


BP Canada • 

Bmauan 

■tfnm-o- ) 

.-Juaaiy Puwer..., 

Camita Mine*. — 


84, 

111* 

1.68 
311* 

85 » 

7 ft -Canada Cement..' 
6 Canada MTLWi 
21ft iCanlmiibakCom' 
17 U | Canada 

161# .Can. Paiafi- i 

I61* Can. Piifiil ■ let. 
393* ’van. super Uli—i 
2.31 , Carting O’Kwre 
5ft [ Cassia r AsbeuosJ 

81# |ChieAaui— 

23i* iComlnw 

19ft iCona Hatbunt . 

137* I Consumer Gas... . 
4.1BJCoseta Kewune, 

16 ft iCosuiu Bich- 

45ft [Uenlaan Minn-.. I 

423* ! Dome Mlnea ! 

38 'Dome Petroleum! 

17 Dominion Brhlae, 

12 ft Domtar— 

lift Dupoat I 

16ft Pawan'ge Nickel J, 
691, .roru Meow Can.. 

22ft Geo star- - 

5ft 'Ulani l'ei.ui>niir 
23ft Liu it Ull Canada.. I 
4 JO Hawker 5 >kC Can.' 
27ft 'Honinger 
' 26ft IHumeOu ‘A'...— 1 

14 Hudson Hay Mng' 
141# .tiudaon Hay..— c. 1 
33ft Hudron U11A Gar. 

15 . I.A.C - 

24 . 1 marco — -.... ' 

18ft Imperial uil 

151* Inco 

61* lads 1 

B Inlaud Nat. Gas— 
12a* ius'pr'j PlpeLmr- 
124* KaiW Uesuuroes.' 

6ft LuirmTi-iuCuri 
2.65 Lebu* L'«ui. 'U.v 
15ft .Uc’mi.i'nHioed.. 
101# Ua*M>y k'er^iiMin 

20i* ! ueluiyr* '. 

26ft C'-crpu • 

19aa Nurands Ilian.. 
10'g jNuroen Laenn ... 

151* -Nlhn. 

10ft WmnavOn*. Da»' 
1.90 .Uskauod Peir'm.' 
0.95 ; Pbciir- Copper M . 

26ft |Phi-ihi.'PeUQftum: 
18i* iPan. Can Pw'in.; 

f 13 IPhiin-k 

4.00 .Peoples Dept. &..i 
0.40 [Place C'a- <k On.. 

' 17ft 'PlacerDevelop-mv 
- 7ft PoHerOjrpmt'oi 

8_ft \Vtw * — —i 

0.62 Quetieu^uirgenn; 

141* II (anger Oil- I 

64* Utead ^bntr 

226* Hko Aigotn, 

23', lUoyaLbb. ot Can.! 
144* I Koval Trust 


•Suepure K’fiouroet 


Mogams 


6 

204* 

13ft 

4.05 iSberrittU. Minds! 
13ft .Mebetw O. G— 

4.20 ‘duupsous — .. 

22ft , Steel 01 Canada-: 
1.75 nteepBcHk Iroa.j 
24ft Teiaeu Canada... 
16 | rnronto Dom.Mk.; 
131* • I'rensCan PipeLu 
81# linns Mount Oi»' 

91* ilrupc. 

8»* :UnionGaa.- 

5ft 1 L't-LSiscoe Mine*- 
22 Walker Hiram....- 
26ft Went lew Tra*. . 
96# 'Weston (Jen 1 


•A 

141, 

iBhfl 

t3J16 

*61* 

lo 

9t« 

10ft 

26ft 

,191* 

17ft 

1W* 

ai 

8ft 

19ft 
fe4 
24 1$ 
17ft 

b 3 , 

9ft 
60ls 
’/5ft 
61 
*5ft 
14ft 
12ft 
17 ft 
176 

257* 

13ft 

Coil 

61*. 

1 29 

a8ft 
lo ft 
I8I3 
45i* 

173, 

*01* 

19*i 

17 

101* ' 
10r a 
13 ~<j 
137* 

7 ft 

з. 65 

16 ft- 

I - ft 

23ft 

05ft 
23i„ 
-15 ft 
27 ft 
20># 
4.90 
2.10 

58i* 

534, 

16ft 

H.O j 

и. 82 
21ft 
ikj, 

II - a 

1.38 

28ft 

9 

25 

B7T# 

16.r* 

8 

251* 
-141* 
4.6o- 
297# 
4:70 
23ft 
2.61 
5812 
lift 
147 # 
9ft 
[ 10 ft 
10 ft 
71, 
Sift' 
32ft 
181# 


t Bid. i Asked. I Traded. •«?.■*> Smdc. 


1.62 


J9.92 


115 

-D.ib 

5.(4 

a.8a 

-%sn 

:.?i ■ 


IV. 98 
T.14 

+11.05 

3.M-- 

-0.05 

0.8A ' 
tl-dV ., 
6.0Q 

-o.so 

KK "■ 
1.13 • 

-e.oa 

K.tO 
IBT . 

1 . I 


Tl.56 

11.02 

1185 

11.70 
U.35 
(3.07 

10.71 
t2.08 
tO.ESK 
11.12 
( 1.0 
10.23 
:0.15 


-0.03. 

+0.01 


786.8 + 6.2 4»t' 

346.9 +5.7 21.16 

250 *4 16.&- 

317.8 +9.8 24 

500 . + 30 1275 
417 -1 -51.8b' 

347.8 + 12.5 57A 1 
v20 7b . 

i + 7 : 27.t 
* 17 58.V . 
358 + 8 12 ' 

353 + 5 6.5b 

110.&+0.B 12 i! 

53.8-1.4, 13 k 
449 -88 . 7 A 

99 - + 1.8 t4.tt< 
ISO -4.51*26, 

47 ;+0.1 1 S.A't 
85 : +0.8 i - 

149.8 -2.i:hcn:; 
564 -r 16 '<lb.«l< 

+ 25 31.9b 
. + 33 ! 39 j: 


AMSTERDAM 


Mai. 10 


t linniui-ltubberfSli... 

; EsCOK. — .... 

I Khlni irniih -•■■■ 

J fc.7. In-iiwUnr* • 

,«iL-n. Pn-|«-rtv Trust. 

; Haiiicn-U-t — 

. Hi»>kt-r. .... 

[ I.C'.I. Au-inilm. ' 

l I HI t-r - 4. ■ >| >pe> 

1 Jcuuioep [udueHiaa.— — - 
Jcmes 1 Uni id, — 1 

• Lciiunnt Ull — ... 

.Metal- Ksplirt^tiwu— 

1 M1M HaUmRn. L 

• Slyer Kinponum...'. 

i Af»« 

! .Nil-In itn- Infernal lattai 

I .Nielli Umkm HMlnp" 60 ■ 

■JMit-ri-Ute...:..— 

Oil ■Nsardu - 10.0B 

. Utter Lspliuatinn — - t0.16 

. Pumew Concrete. tl.39 

Ketkiir ,t Coftmui — t2.60 

H. 0. 8Mgli t0.74 

auiiUilaitd Mlumg. — 10.19 

l«xdh i~l» 11.70 

W.iliun* 10.B3 

Woiuxn > lining fdOeents).; 11.13 

- I 11.47 


Uhiielm “Ii"-. 1.070 '+40 \&iW , 
. — Mnct Hrnnessry. .! 379.3;+ 17 ;12.t 

+0.D2 ' Minline# 1 148 ; + 4.6) 3i- 

- Panliw 148 »+4 laJ»' 

-0.B5, IVrinnei 74 .+1.1 7.0 

: Pentad -KiuinL_... ' 198JS,+4.& 7^ 

-a.Wj 1 ’»hkv" 1 -Citroen- - 271 +10 15. 

-0.01 . hv-lBIU 

41.01 * Kadio Trehiuque. 

Uodnuie — 

+ il.ii? Uhouv Peulnn; .. 

r L03 1 5*. Ui'I'alO 

. . S'kii-H.'^tKiU’l.., 

ft ».'i : 


110.5+4 
366 ,+d 
648 +28 

5&J9+3 _ . 

123.b’>SLS!ii.O‘ 
1.345x1 - 20 1 39 


85* 

44 

9 


„ Tn ,... .MMW • 314 : + 2.5:aSA 

1 1.63 1+0.03 ] Teu-inwipjque... 641 '+ U jttX , 
(166 ' . 1 tls'iHM’ii L-raUiii.- 140.5 +7.5 lii. IS 

(ill ' Csiin.r. ...... ........ ai !+ a ! -; 

10.86 

IJ-iJt I VIENNA 

tL.78 +0.08 : — 


’rlee H- or . Dir.- YU 

Pis.' ! - s % ; * 


i ! , Mar. 10 

+0.01 1 

d.02 j Creditasstait— 


Price '-fur. Ulv.; 

^ - • % i 


Uo.oi 

,+O.OT 

1-0.03 


Perlinanser. 

sMeeta. 

6 Dm peril —I 

ate\T Daimler,...! 
Veit Mag pewt. 

'BRAZIL 


560 • : 

363 ; — , 

667 1+8 ! 

90 | 

182 +1 
833 • ».* 


*9 I . 

i 

14 . 


100.0 *31 ! 3.6 j 

23.4 - r 0.7 - - 

346.8 - 1.5 I.C2S.& 6.8 

81X7 -0.6 A«44 5.4 
74.7, +0.1 . 33.6. 6.1 
80 0.6 j 25 • 6.8 

108 -U.8 . 70 ; 6. a 

66.8 -0.1- 25 i 7.6 

279.7 +0.5 121 \ 1.3 

136.8 - 1.0 ' 38.0; 4.2 

62.5 94.6 5.6 

35.8 -rO.8 22 6.1 
104.0; — j.7 14 3.4 

25.1 * 1.3 '1*1.26 8.2 
224) -0.4 i 13 . 5.5 

13.4- 0.1 , 1U . 7.S 

136.5 -0.3 - - 

37.7 -0.3 ' 18 , 9.6 

35.2 +0.2 ' 10. 2.9 
108.1-0.3:46.2 4.3 

54.1 -0.1 ; 2U ■ 7.4 

188.0 +u.S I 32 5.9 


TOKYO * 


Mar. Id 


Price ' 1 Oir^i 
Cm* ! — Ur4r! 


ADuul 1 PI.2O1. — .. 

Aka«KlCSJ. _j 

.Vigen 1 BnkiFi.l&jf 

AUEV iFI.IO.-.J..' 

Amnrtank iFIJOli 
liijdokmi J 

dowTVwf'mCK.lOr 
Hurh nnTett erode 
m*eueriFr.301.-.' 

Ennui V.V.Beucn 
EuxeCofnTsxFi.lU! 

List HroairtewFlUi 
HeinekenfFiCffli..-, 

Hv-OKucetunFI JiO*i 
Hunter D.i Pi . iUCr*' 

I.H.C. Holland. .. 

K.L.M. 1P1.IOO,.... 

I nr Mullen l£0i 

Aurora ‘F1.IO1...: 

NmlNt’Xnn^Ki.k' 1 ! 

nS nSSlin!^ 1 wi Tu.'s i 53 scS j 

i iw.o-o.8 ; am:w:SS^:;i 637 

lan Ommeien..-; 156.5—1.0- 18 . 6.9 i Mitnihi«hlRs.i.-ri 
35.0 +2.7 31,12^ 

24.7 +0.1! 31 ; 6.5 

77 16 : - 

161.5 ;Aifi6 7.9 


Mat; 12 

■Prices 
; V« 

“tl' 1 ' 

Qiv. Yrt. 

% 1 % 

Aaabi (jkun..— .. 

,! 321 

+ 1 i 

14 : 2.5 

Canon 

] 460 

'+13 L 

12 . 1.2 

1 Chain 

1 630 

+ 5 

25 1 2.0 

! Cblnun. 

: 39o 


20 2.1 

1 Dal Mppon prim 

! 521 


18 ; 1.7 

| Fuji Photo 

! 563 

+ 17 

15 : 1.4 i 

Hlwdll 

! 22 h 


12 2.71 

1 Honda Mocore— .. 

i 573 

'—4 , 

ib 1 1.6; 

1 HcuiwTood 

11,240 

:+10 . 

35 1.4 

1 c. Iwb...- 

i 216 

Mm 

12 j 2.8 

. ito-Vakado 

1.800 

+ 30 . 

30 1.5' 

tdaco— 

669 

+ 9 ! 

13 • u: 

J.A.L. 

2.770 




Kau’«J hileri. Pw. 

1.090 

;+io ; 

10 . 4.6 1 

Kumabui 

• 322 

.+5 ■ 

18 ' 2.8 1 

; hiihots . 

879 

— 1 

lo 2.7 1 


AceaUn 


1.36 '-OjH i.U, 


Dels" Mineirs OP- 


2.18 i+O.md.l-e 
3.15 :... u.2t 


Snd.-at'ruzOP... ' 


3.60 id, 161' 

4.33 T-O.04dJiii ; 
, 6.98 i+0jD8:n.3v . 
W.i_Ibw PP^ 1.77 |+ M .13 . 
VnL CrMtS.Om. Shares MJRn. 
Source: Rto do Janeiro SE, . 


Pat hoed iKiA/l...: 
Philips (Fl.lOi^.. ; 
Kjns-JiVenFi.lQC 

KobecnfFI^Oi i 

KolmuafTixdi^..., 
Korento iPUCOC—i 
UoyalihnctaiPl^Oj 

slaveobm^ [ 

Sterin OrpiFlcSJi' 
L'oayo PatfJlidjuf ! 
LnlieseriFi^Ok_ ; 
Vi king Kea.Inl.(S 1 1 
Weetlan'du. Hanaj 


Mi(snblshiHe«vyi 
Mitsubishi Ccrp.. r 
Mitsui A-Cm.;:...-! 

MiUUhUkbl 

Nippon Den »... 


280 

145 

41u 

309 

602 

1.520 


+ 30 
i+15 
+ 1 
+4 


Hi'S ' r ^'« ! ,T ‘ c a ' MPP» Shuipen..! 066 
130 J +0^. 14 . 5.4 j A',«aertAIuwe«^... 797 

Pkeieer.. n 1.61U 

danyo Electric.... 316 

HbUmH 


- 1 

• + 2 
+ 60 
-4 


128.4 +1. S ' AsO- 7.8 
246.0 -OJ* : 19 f 7.7 
142-7 -UA : a7i- 3JB 


98 +0.6 60 . 0.71 

121.5 ■+ 1.5 Aaldi, 6.9 
37.8; +0.6- 20 ; 1J 
404 -as i 32 4.0 


COPENHAGEN * 


Mar. 10 


i Price +or Div. .Yld. 
■Kroner : — 


Auderabanken 145 - 11 

Burm'arr W. h».-. 44-lft — 1 ft j 15 

Uanabe' Bank 125 ft ■ 12 

East Amalk-C'o.. . 825ft.— 10 13 

Pinansbanken j 140 ■ + ft >15 

Far.-Hygasrier ; 340ft + ft ■ 12 

Far. ftpir- I 70 —3 • 8 

Handelabank .... ' 128tf : 12 

L.N'tij , nH.iKf«l! 268 1 13 

Nord hainri • ' 267 <— 4ft -' 12 

Oilefobrik C'.. 86 2 — 

Prltaihank 14JJ, +1, 11 

ProvlDstank. j 149ft 11 

Soph. Berendsen. 580 lft 12 

superto* - IBS': —lft 12 


7.6 

3.4 

9.6 

8.4 

9.4 

3.5 

11.4 

8.6 

4.1 
4.5 

£9 

7.4 

5.2 

6.4 


IPriSab....' 860 
Shuieido.. l,2k*o 

stony- 1JT7J 

Talsbo Marine — 858 
lakedaCWmlcaJJ 313 

CDK..._ -1,680 

leijiu 116 

I'oklo Marine..... ' 527 
foido Hlect Fow'r LlaO 

l'oayo Sanyo - 290 

rofcyfr3hltaun...| 155 

Coray .'..'.1 127 

Toyota Motor......! 946 


55 

30 { 1.6 
10 . 1^ 

12 4.1 

13 ! 1.7 

14 ; BJ3 

20 1 2.0 

13 . 0.7 
18 1.1 

1 16 1 1.3 

+ 110- 48 : 1.5 

' +b i lx ' 3.2 

>+ 18 . aU ! 1.7 

20 j OA 
40 ' 1.3 
11 , 2.1 
la 1 8.4 

no ; 0.9 

10 : 4 js 

11 ‘ 1.1 

a ; 4.4 

18 ( 2.1 
Id , 3.8 
10 ; 3.7 

20 1 l.l 


! + 20 
' + BO : 
1 + 5 
—2 \ 
+ 90 

1 + 2 

' + 14 i 

i+8 - ’; 

+ 3 ; 

i'rasl 




Price 

4- tar rDir-; 

Mm. 115 

Kroner 

! *" i 


Bfcpnai Hank 

90 


» ! 

Boneqaanl.. • 

66 

I-OJ6 

4 * 

Credit bunk 

104 x 


11 ! 

Koanuts 

287.1 

l+a.a. 

550 1 

Kreiliikasaeii 1 

103 


u : 

Xursfc HydroirriK; 

179 

[•—is 1 

12 1 

Burebnind 

82.fr + 3.6 j 

B 1 


Sonree NUtkn Securities. Tokyo. 


SWITZERLAND * 


Mar; \0 


Pnce 

Pia, 


+ or l Die. fEE 


STOCKHOLM 


Mm. 10 

Price 

krone 

+-or : Diw. l'u. 
- Kr. % 

A(iA Ad iKrjm.. 

179 

' 5.6 1 3.1 

Ails l*i ini WKrtCi 

157 

+ 1 5 ; 3 I 

(■aKA-iKr. aOl._ 

05.5+1.5 O ! &.fl 

Arls, Ci^»i?iKt26; 

113 

-1 . 6-5Jj 

Uillmid 

B2 

--1 ‘j6.8iO.b- 

Botnn..'. 

128 

+ 1 4 4.1, 

LaitUi, 

179si 

-1 10-5.6. 

Ociluliua 

913 

+ 2 • 10 . 4.7 1 

Nei I'lia *U'iK'(Ai : 

133 

5.5 4.3 i 

tricMon ■B'lKrW.. 

142 

+ 2 S . 4.5 r 

r.v+lll- "B" 

230 

.... | 8 - 3.4 ! 

tauet+ta 

102 

+ 2 | 4 3.9 1 

t/ian~e» .Ireci ... , 

47.6 

+ 0.3: - ; 

HamicIriMiilicn... 

298 

-4 ; lo ' 3.4 

Vlam'H-*!.. ......... 

13- 


UoIJrii Drwrelo.. 

56 

+ 1 '6.6.11.2: 

'an.lvik A.B 

2z7 

*5 1 3.03 2.2 

3-.K.K. 'H' Kin... ' 

67 

-0.5 4.6 , 6.o 

dtoiail Kn>itib1a.. - 

133 

+ 1 : 8 6.1 

Tamixiib ■B'KreC, 

83 

*0.5 5 6.0 

Lddebi.lm i 

43 

-1 - -. 1 

ViJvn fh>. rCi.... • 

67.5, — 0.5 6 . 9.0 ! 


Aiurmnrom — .... 1, 150 

UHC'.-A' U...- 1.695 

LlUOetorfFr.KDH, 120 

Da. Vt. Certs... 850 

(to. uej-. .......... 640 

Credit euisMs. 2.^20 

Kledrantt 1,630 

KhclwiGeftge)..' 635 


SPAIN * 

March to 

Astand 

Banco Bilbao 

Banco Allan tl co (l.BUO) 

Banco Central 

Banco Gsiertor 

Banco General 

Banco Granada (1,0001 

Banco Htspano 

Banco Ind. Cat. (1,006) 
B. Ind. Medlterraneo _ 

Banco Popular 

Banco Santander (Sail 
Banco Urondo 0.000) . 

Banco Vizcaya 

Banco Zaragozana „.... 
Bankaman 

Bonin Andalucla 

Babcock WUoax 

cic ; 

Dragunlos — 

tnmobanir .... 

E. -I. Araponesaa 

Eapanola Zinc 

Expi. Rto Tlmo 

Fees# u. WO) 

0 I Penoaa 41.0001 

I Gal. Preoadm 

2 s I Grepo Velazquez HOG) 

jj! Miarola 

g'y ; Iberduero 


i I b 

■LlO 1 1U 

'+.15 1 22 _.w — 

;+ ia i 23 1 a.6!2 ,arr , ,J «, M 

.— 1 H2 *4; Papelcraa Hcimidos 

■-3° : 16 ‘ a^jSJSSL,. “■ 

—10 i 1U "3jf rwrnieos 


HoOnuui Pit's rts.l 78.50D- 1, TBOiaSO 

Du. (Stuaili '7.775 

Intorfood b.; .5.260 


Da K«k ; 1L330 

OBritkoa UjF.2tl,1^55 
Pirelli srPtK.lOOi! 268 
bemhu (Fr.2&0i...|3,200 
Do. Hfiri Cert*.. 445 
dt-bKhlieiCUFiUi 500 
?'l|i*w ' F. 100, j 5 50 

IwImuriFM., 770 ... 
awls'. KnnkiF.lUP 346 
rinlw iKe.KJnli.. 4,100 
Union Bank 5.010 


RRUSSELS/LUXEMBOURG 



4 n t Samo VapaVeia 

37} Perrollber 

„ . u ' 7 SoBeflsa 

1— I26i 46 0.7 J Telelonica 

— ‘ *0 , 5.0jTumih ncKtrndv 

1— 6 1 80 ;.1,6 J Tubacex 

' -lSO'tttJ 3.0 1 Union E1«. 

’ + 25 1+56.8- 4.8! 

!*£ bia; SINGAPORE 

1-100' 26 • 2.U 

-8 1 26 j 3.0 1 • . 

— 6 ; 9 1 1.5 
; + 6 14 4.0 

:8.57 3.9 
1-13 1 10 • 2.9 
1—8001 40 2.4 
1-40 1 KU 3J 
1001 40 : 2.1 



Mar. 1U 


.Mat. 10 


Mar. IG 


Price 

Pm. 


— 

+ or ' Fib. Yld. 

- !>» i 



> Prico ■ +onDiv. Tin. 

Mar. 10 

, Idre l “ j Lire ; % I 


Industrials 1 

Bout,...., — O.bl ptmMTtadV 
Boustced Cd.> 2^5 ;Tlmc» PuLk 
HnuatceilBWl! tlJkl 

Duulwp. J.24 

town LbS 

Fraser Near*: 3.1*0 

Han l%r.. 1 0.9& 

Hume Ind— .1 1.53 

iitch+npc..— ; >l.W 

Janiine i I JW 

Malay- HrnwJ — 

• LVmi.l 2^50 


5. 


Alfred.. 8.390 , 

Ull. Urx. Iambi— 1 1.4 10 '+4 

Uekm“B" ,1.750 —10 113 

C.8.U. Cectezo.—! 1.176 

Cuckarii : 366 

BBKrt 2.355 

Rectrobel 6.060 

FabriqneXat. a. 393 

ti.B. Inno-Bm 1,860 

(iciaert 1.336 

BoouLen 2.USU 

Imenonn 1.640 

K rclleUMDlc 6.390 

la Bwale Helaa..6.520 

Pan Bolding 2, 580 

Petrol! na _5.800 

ctoc bra Hauque.J2.B4a 
w Bra BeJglque 1.955 

nudtui 3.080 

Suinp 2.470 

rmetien Elecr.— (2.520 

UC ft 92Q 

Un Mid. -.1,101— . • 700 
VletUe JfecMffne 1.344 


AMC— — , 127.25,-2-a - - 

UaetogJ 503 j-7 I - ! — 

FI^C 1.957 , — 13 i 150' 7,7 

— . — (Da Priv._ ^.il.600 -ID | 160; 9.4 

60 . 4.3 [ FinsHer __.jaa.75 !+0. 


Bci-lmd S. 
;u. Hucinectof 1 
L.OvV Bh.., * 2 . 

jitVamc. 1 2. 

iTntr»ar^...,_; 5, 
IChoinml *. 
.tj’lllin Jacks. i ;l. 
'fiubbers 
‘Hatu Liu(an*i L 

Iiiml'pKuotri 3. 



t^,|k-empaa„„.i «. 

JS.&i Tina 


54 

i+E — 

i+S 177 

430 

i — IS 170 
15U 

ao 

1 170 

142 

I.. 26o 

+ 40 >305 

• 'sa.a a.-, 

+ 40 ,174 4.G 
— 10 189 b.6 

14u 7.3 

+ 10 <J05 6.6 
- 10 A 200 & 1 
+ 30 16 2 6.4 
_a • - - 

; : 60 a.b 

■— 6- 1100 7.6' 


: 6 A '. luilcenwoi,".'.'.”'.?.. 10.789.-91 1 20a! — ' 

1 7.8 J ItaHrider I30j8.-4.7Bj - - .ninic dSSZ* 


lAu+tml. Am. 
|Berjutil*l__ 
.Btwiar*..,. 
ih'mumL._... 


13 

SL9 



6.6 snui Viscera. 

/. 4 ! { 

7.7 r 

3.U ' 


r Buyer. 3 Seller. —Unquoted, xd 
I dimflnd. {Traded. 


b.o 


- notes; uvereens prices e*aude 3 p remhm L BeUdm dividends -are 1 
wuhholdnis tax. 

-4 DU50 denom. unhns otherwise eated. V PtssZBO do mm. antosa after 
stated.- 4 Kr.100 aennia. unless otherwise naiad. 4 FrfcWO daoma. so. 
omervnsc Stated. 1 Yen 90 denom. unless otluegnrisa srausL jc Price at ran* » 
susoensMm. a Flnrlns. b SchiTUnss. eCentt aDtridend after Brawig ft 

and/or serin issue, c Per share. / Franca, o Gross <Uv. Tfc. b Amtoed dMe 
after scrip and/or nahis Imuo. k After local taxes, si « tax tree. nPn 
UicWlnfl Uniiac dli>. P Nora, q Share stdil. s DtY. end sdeld exdode « 

paymrat. J indiear&d dlr - u UaoiRdal tradlno. v Minority hoMfira only, sblw 

nendinsL. * a-joba t Bid. j Traded. (Seller. cassmonL xrXx risfttB. u 

dividend, xc 8s acrip issue. xeExaU. a ftterim lUa lumnd. 


TTtgf&WCTAL TnrES-MO?ro~Ay WARCH 1$ 197? 


»5 


N 


INSURANCE, PROPERTY, 

BONDS 


't**y Life Assurance Co. Ltd. 

fiL " Paul's Oiurchj-ard, EC4. 


altyrnmi 

Hhj-Acc ..... 

•potty Pd 

w«rtrA«.._ - 
« U%o Fund _ 
lN'trTiMr Fund., 
rare Fund 

*« Jnwnjf 

IK MlKhlf 

m Swarih- 

». Uanagirt 


■op f-CL&or .4. . 
an Frt Sfr 4 
joilvptf Srr.4.; 
•"•.Fd Sw.4. 
awyFri Sor.4 
mi ai Fell. 28. 


P7.0 

p.«l 

IU3.2 

P l 

pis 

047 5 

k»9 

ll«0 

Bus 

m 


n. 7 

a< 

150.1 
1570 
«4 
US 3 
12SB 
176.4 
81 .a 
iw.e 
1743 
1440 
129.9 
132.3 
1U 

USi 
1130 


nainu oi^8fi*-nv7 Sarwi * b Group 

P~pon>^*±fl6U 'am -IS - 

Htuabro Life Assurance V J^Swv'ifunff T“ 335 179. S T.^_l 

TOW Park Lane. London. W1 014990031 riVroi^fcd 1 - ' 3&S+0-7I 


Fixed InLDcp. ._. 

Kqnllj- * 

Property,,. 


Managed Cap. 

Managed Act . 

Overseas 

Gill Edged . 
rm.FI.il 


(HdRniilnnaiN wi. 

juitr Ftf.Aec. 164 0 

Mplpt. Arc 1307 

•■SdJftmwFd.Ae.. UM 
il >Imi Fdjvcm. 98 3 . 

Sfctav.Acc.l.T! lft'l" 

iiaFea.Fd.AN. 1910 
eoJ Pm .Are. . _ 1743 
ttteu .Pauuu . 12ft* 
J4a3*oFdAec ._ 183 9 


-a Ftp Ace 

ile tor Ken 


-Are.. *187 J 


=, Hep Cap. 

rrn.Fl.Dep Arc.. . 

Pen. Prop. Cap., 

1 ijin , Pea. Prop An. 

■aluwionf normally Tues. ££ gj ■- ~ 
P»0.Gih Kdg.Cap.. 
Pen. Gilt Edg. Are.: 
01-4S75902 E??‘£5 Cap.., 


taay Ufp Assurance Co. Ltd. 


Pen. B.S. act [137.9 


Pm. DA. F. ‘'■up.... 

Pen- DAP. Acc.— 


123 1 
.2 
£ 


fea.9 

0586 

tlM9 

122.0 

0265 

g§X 

U92.3 
P44.9 
023 1 


130.4 
167 71 
Ui| 
13S71 
167 H 

ns 7 

m 

153 bj 
,265$ 


1N.« 

1*97 


.235.® 
128 6j 
144 3 


Nor Lull Feb IS.'! 


UZ2 107:51 

mo 


Phoenix Assurance Co. Ltd. 

Kim William 5L. &C4P4HH 01-0959018 
Wealth Am .. ..- |U3« 108.91 ...I _ 

EbrPh.Au...—. MJ ^ 1 

Eb r rftiqX (69.8 73 


Prop. Equity ft Life Ass. Co.* 

119. Crawford Street, W1H2AS. 014860857 
K. Silk Prop Bd...._l 1729 

Do Equity Bd.. _ . 63 7 

Da Fx. May. Bd. Fd| 156.7 


U4-W7VO 

H - 


Hearts of Oak Benefit Society 
Easton Road. Loudon. NWl 
Heart* of <tak.—.pU 


Property Growth Assur. Co. Ltd.* 


01-3875020 Leon House, Croydon. CFffl 11 U 

36 1J I - ‘ - 


•EV Life Assurance Lld.9 
u H«e„ Alma Rd.. Rmgaie. Rngate 40101, 
“ — Bed. - IJ203 127 W 

8/7 “ 

EV Prop Fd 950 

BJiBto3CPen_Ftt 04 
F\ MgdPon.-B-nD 
xiplan 99.9 


BV M"ney Fd 


109.2 

1010 

>•10 

109.0 

mi 



Hill Samuel Life Axstzr. Ltd.* 
NLATwr. Addiscombe Rd. Cwr. 01-8881335 
♦Property Unite ....0474 15401 . 

Property Sene* A 98.5 10331 . 

Mooted Unit* 1521 iu| *0.7 

Managed Series A 19.4 -HJ +83 

Managed Series r, B8J5 932 +o3 

Money Unite 1180 1252 ..._. 

M««S*rl(lA...- 962 1013 .... 

Fi»M lut-Ser. A 94 6 990 +0-2] 

Pnj. Hgd. Cap 1357 1424 . 

Ppj> Med Arc 1410 1490 . 

Pns,Gtd Lap l, 1046 'Ml '. 

Fu*. Gtd. Arc. 0090 1151 . 


Property Fuad 

Property Fw 

Ann cultural 


relays Life Assur. Co. Ltd. 

, Rondord RA.E7. 01-634 5544 

■elaybou d*'. 014.9 

dry — . toil 


Imperial Life Am. Co. of Canada 

Imperial House, Guildford 
01-7480111 Growl Fd Mar. 10 „I6J 2 
Pea*. Fd. Mar. 10 „ (630 
„ . - Unit Linked p 

Manseed Food .^_|94.9 

Fixed Ins. PrJ ^WSJ. 

Sec ure Cap. Fd. KSZ 

Equity Fund: H52 


026-' 


All Wiber Ae. UU1 

9A11 W*aib*rC*p..h21 
71333 fine. Fri r ta. 

730141.71 — Pension Fd. Uta " 

690| 4lj) — Conv. Pen* Fd. 


^d*ed Ull 

. 97 J 

KO 

^ 9i& 

K- 

^ Pens. Arc... fnj 



lual 


120® 

I04.fi +0.9] 

as!» 

lH.i +xil 
1K.7 riU] 
1021 ' 
1007 


96.7 


103 « 
181 2 


Irish life Assurance Co. 

11. Finsbury Square. E£2. 

Bine Chip Feb. 3fi_fU0 

Managed Fond Pi?» . 

Prop-Mod Eeb.l„n622 1 

Prop. Mod. Gib hti-1 £ 

Eingtt Shaxsoh Ltd. 

S3.CornhiIl.EC3. 

Bond Kd. Exempt _ (12201 
Next 
GovlSqc-BcL 



&.JSaSfc 3 

SfeteStT:!? 

IVo p. Pena. C*p_ Uta. 
Bd«. See. Pen. UU 

Bdg.Soc. Cop. Ul_1 


'Rric. FundiAi 

* obey Not- Fund., 

Abbey Net Kd-iAi. 

ImestiMErt Fund.. 
lnrp*tmeiit Fd. (A)., 

Equiiy Fund 

Equity Fund IA). 

Money Fund 

Money Fund f A' 

Armorial Fund 

Cduedeed Fund 

Citi-Edgod pa. [Ai_ 

♦ Retire Annuity .... 
etmiMd Ann’ty 
Prop- Growth tadni A Auuittes Ltd 


1750 


173.9 


7145 - 

7D9J 


1500 


15fi0 


65.4 

+10 

650 

+10 

1614 - 

‘10 

3&B8 . 

ttt 

137.4 

1368 

-ox 

110.1 


1260 

H1111 

126.6 


774 6 


1380 

-.111 


i m 

1322 
1270 

1421 
UM 
WL3 
131.7 

1422 

& 

118.6- 


01-6800806 


01-6335433 


ProriBCui Life Asaurtmee Co. Ltd. 
122 BiKhOpsgaie. EX12 01-3478033 

Pton-. Matured Fd.niOJ 116JI [ . 

Pnw. Cwh Fi_ v p3.t UM I . 

Gilt Fuad 30 pS j 1520] +1.7] - 


■Current unit -ml ue Match 8. 

chive Life Assur. Co. lid.* ' 

ixieiituirdSt,EC3.'!. ' 01-dX 

ek Horae Mar. l.| 127.17 | ] 

n«ta Life Assurance Co- •'. 

High S». Potter* Bar. Hcrto P.Bar 51122 
h. Ed Mar I .. I 55.0 
onLFedFeb. 6..| . 1050 

pa «m Assurance U4L* - 

SSSffiT!^*! ******. VS**** MR 3 faa=i=BEi 


■fifriJS: 


1=1 = . 


Ijangham Life Anoiuee Co. .Ltd. 
Laaghaa Ha. Robahrooli Dr. NW4. 91-2033212 
Laagbazn 'A* Ploa—HdO 67J[ - 

•Prop. Bond B»0 M7| — 

Wiap IBP) Mon Fd{73.4 774 -- -1. — 

Legal Jk General (Unit Assur.} Ltd. 

Kingmood Bouse. 

Sam 


Prudential Pensions Limited* 

Holboro Bars. BClN 2NH 01-4030222 

EquILFd Feb J3-. (£23.06 23 771 4 - 

F*d Ini. Feb. 15 B9.O9 193d 

Prop. F Feb. 13 ^4.20 24.95L 


^ = 


.WJ 


ifMuty Unil*...L. 976 
Aity fcceid'ExN.. £1061 
f>. Btod Exec £3206 
, Bd.-Exec.Unit. 1204 
xmtBoad— 1097 
lHyAccum ._ — 160 
•pertvAcenm..- 02.11 
gd. Ac cum. __|L510 

i Equity ta53 

t Prope rt y toll 

t^d_ ra.s 

IBq: Fenny AccT! m 
.(proPcnafAcc.^ 103-2 
DSd. Fen*,' Acc 95 J 
f Dep-PraujAcc. 96.4 
FGUtPenJ/Aec. 92.1 
-C5AF 360. 


(0176 - 


rLzsj+tun _ 
iiS+aiH — 



DoLAccum. &112 

Fixed Initial ilfiS 

Da Accum. 1170 

Managed lattlal B33 

Da Accum. 114.4 

Properiy InMu-IZ |B0 

Do. Accum 


Exempt Cub IniL-|95.4 

Dn. Arcum 95.4 

&emptKqty. lnit__ 1014 

DaAccuu 1825 

Exempt Fboed Intt. 1027 

Do. Accum. 1833 

Knnnpt Mn»d Ialt 10X4 

DaAccNmTT 1025 

Exempt Prop, tott- . »A 
Da Accum. 45.9 


JS&LF-3 J255. 

, - Current value March 

pita! Life Assurance* 

iiatMHoiuw. Chapel Ash artan 000228511 

(.Invert. W | 9608 ~ \ .J - 

:Mialtortav.Fd..| 10103 I 4' - 

■arteriumse Jfagns Gp.* 

CbequOraSq. CxhrldgeUBSlNE 



Belianee Matos] 

Tun bn dye WeDjc, Kent. 

Hoi Prop. Bds. I 1422 


tt&rortb, Rothschild Asset Mansfr 
MtpattS SLSudthina Lane, London. BOA 


000222271 

.....J - 


01-6384396 

N.C. Prop. Dec. 30. (1141 12L*._...| - 

Next sub. day March 31. 

Rqyal Insorence Group 

New Hall Place, LlvetpooL 0612324423 

Royal Shield Fd. —.(1293 13*4 -~-l — 

Save A Prosper Group* ' 

4. GlSLH elan's, Lada, EC3P 3BP. ffit-OM 8800 


_ BaLInv.Fd 

■ Property FtL* 

~ GUtTU-— . 

_ Deposit Frft 



12U| 

j%jjian fi T RSn 1744 

tentFd.* togo 2Z74I 

GOfPeS^d-ZIfej ” 

Dn P nuPeo*W.^.7 1«A ■ 


+0-P ~ 


“lii _ 

-i&i — 


dim Energy . 
rthse- Money , 
xthue. Managed 
rthse Equity.,., 
giu, Bid. Sec 
gna Managed.^ 


»« ..... 


D3J 

1536 


52101 


Legal A Gcaoral Prop. Fd. Hgcsl Ltd 
IL Queen Victoria St, EC4J74TP - filJfilm ■ fhrnd . r tif, r.um.irt 
L0CPTOJ4 Mar. U90J WLH „ J — life Gguap* 

iS. d*y AprUl. Eulerpriro House. Partanoath. 

• Equity Mar. 7 2927 

Life Assur. Co. of Peansrlvaala ISSlSEiZI i»77 

3042 New. Bond SL. W170RQ. 01-00 0365 HieJtoL Mar. 7— 1397 

LACOPUnltL (1815 10fi« ;.,J . Fixed lat,3Mar.7..|U0.O 


Im.IT Mar. 7 133J 

Lbyds Bk. UaU TsL Bfagn. Uii 1§0 

?L Lombard SL. ECS 01-6331208 Maid FI*. Mar. 7.._ 1230 

Exempt — — (96A 1U.6] 7.96 ®JW-7 ....- Ig4 


ty of Westminster Assur. See. Ltd. 


'1-6MPM4. 

W:v].= 


,g»S®£’ W 
SS.'I'aur.Si 0 

ty of ff rt to lw ter: Ass. Ca Lid. ' 
' ikftrad House. & Whitt* or*o Head. 
bdoaCROUA. 01-604000*. 

at Proa Ftand.. .(57.1 

aagctiFuad . . 11649 . 

lity Fund. 155.1 560) +0.' 

■ml cad Fund — 1691 
cry Fund.. . ..[119.7 , M1 

:Fusd P .m 6T.9| +0JI . — 

La Fund |lJS0 176+ 

ts?uss a r!-“js'" 


Lloyds life Assannce 
20. amon St. EC2A4MX- 

MltGth. Mar. 6 12056 J ..... 

OpL5 Prop. Mar. V-. H27 1293 

OpLSEutyJlar. 8— 115 2 121 1 ... . 

OptH* Mar.B„ 150.0 166.4 -... 

Opt0 Moa Jfar0 .„ 134.4 HU ..... 

0pL5DepUlar.fi — |X»2 l£6( .... 

lA»doo fedunaKi' & Gul. las. Co. Ltd. POBax002.EdmbUrghEHifl5BD. 031-6096000 


Money Mar. 7 Uta 

Money 3 Mar 7 . .115.4 

Deproii uu 7 . _ 1124 

Property Mar 7... W4J 
Property 3 Mar 7 _ 147.1 
Ktfn.Cv Mar 7,.. 1186 
BSPH- An. Mar. 7, 127.7 

Mb. Fa Cp Stor.7 - 1850 - 14S5I 
MaPn Acc Mar 7. 7182 2240] 


0109217X3 


mi ... 

113-4 

147J _... 

1574 

119J 

154J 

JS5.: 

ffl •■:: 

1228 

118.4 

157J 

154J 

UU . ... 


r?r-- 


18-30. The POrbnry, R«uUnt{5835ll 
Men qr Manag er . — Q9.7 . 3L4j *0. 

M.M. PltotlWe ....W.8 27^+0: 

Fixed luetex (345 36.41. +0. 

The London * Manchester Ass. Gp.* 

The Leu, Folkestone. Kent. 


tovFl¥0«f«1-..- 95.4 
Inv. Senes 2 ... 90.7 
lav Cart Martha-. 96-7 
Ex. ULTr. Mar. 10 -128-5 
Mgd. Pea. March A 234 J, 



AUTHORISED UNIT TRUSTS 


Abbey Unit Tsl. Mgrs. Lid- fal fa) Garlnwre Fund Managers * fang) Perpetual Unit Tru« Msgmt.* fa) 

TI-69. Got chouse Rd.. A* lesbtm- oaWMMl "stMary Axr. EC3A8PP 01 383 3331 « lien Si. nenlo an Thaxwn 04312 6808 


Abbey Capitol 

Abbey Incqrtw, 

Abbey lnv Tm Fd. 
Abbey Gen TS 


Allied Hambro Group laMgf* 

Uambm Hm*. Horton. Brent wood V?l*x 
01-888 MSI or Oreniitood iOZ77< 21 1«# 
Baton ml Ft>ad» 

Allied 1st ,M3 

BriL lad* Fuad 59 8 

Gnh.frlpr _ ._. 34 7 
ElNt 0 tod Dev. 360 

Allied Capnal 661 

Ttambra Fund 47 0 

Hambro .Vet FA —{112.7 
lucerne Fuads 

High Yield FA 

Hich Income 

AH.Eq.Iuc... .... 

InhTnat*" 1 Fkudft 

Internati onal 

Sees. o{ America 

Pacific FOnd 

SpecfaUrt Fundi 
Smaller CO ‘sFd 4 
2nd Smlr ru’sFd. 

Rectn-eiySitg. 

Met. Min & Cdtj-..- 
Ovtneu Earnings 


5-U ixi.wwiMB Tm 
577 RnllMi1Bp.<*rr 
469" Comramiiiy Shore.. 
4 06 in Far Eapr Tran.. 
High Income TB . . 

income Fund 

ln*.Ag«wf«- — 
toll Exempt Fd . 
irilntl. Tri.(Art.i . 


1230 

404 

129 7 

267 

539 

65.0 

12 22 

BOB 

258 


248 

526 

1345 




58 Cd 
64 95 
1305 
S3 1 
27 7^ 


• 0 1 

-0 s 

*1 3 


0. 

*01 

-0 IT] 


0 06 

338 
3 61 
0.92 
9J3 
753 
402 
555 
1 37 


64 6id -0 5 88 Cibb ® (Antony I Unit Tst. Mgs. Ltd. j. 

hT3 -rOfl 501 23.Blom0ald5c.IX2M/NL 01-5884111 } 
37y *0j| 539 ibi AG. income-.. -136.6 394].. 0.90 f 



■at A G' GnFlhtt l‘mf 35 6l 

lalA G .FlMHur. 1204 ri? 

iN-allng Tuea. t*Wcd 


630 

030 


I' pctudliiptith .134 0 37 U - ( 

Piccadlib' Unit T. Mgrs. Lid.* taitbi 


Wordg leHae 56» I mdon Mali KC2 638 Wl 


Kiln- Income. 1296 
Small < 'n's Fd MO 
rapiul Fund . - - 49 5 
InL Eros f. A«*eLs.. 45 3 
Priralc Fund . 34 1 

.Arcum'lr. I- und _ 57 2 
TecbnoiuC! Fund.. 53 7 
Far Fori Pel . .231 

American Fund. . |2J 5 



Practical Invrsl. Co. Ltd.* IvHc) 

44. RloomaburySq nriASRA 01-6238BE 

Procilu] Mar. 0 [pl 6 139.9 I 4M 

01-4884828 Accum. La 10, [1838 1948] . | 460 

124 71 . 1 251 Provincial Life Inv. Co. 10<L* 
limdPaifnfi-day 251 ftJ-3frS533 


Govett (John!* 

77. London Wall. C/* 2 

K-Udr.Mar S [118.4 

Da AttUfl.l-nit . Jwi J 

Jins 

Grleresoa. Maaagement Co. Ltd. 


Proline units ...—Bill 

High income [101.8 


76 Bj -17) 
109.2 -1.9 


366 

7.9B 


no 

331 

♦0.3 

S83 

48.9U| 

+DJ 

820 

876 

+00 

366 

391 

*92 

*97 

»X 

+8.4 

196.1 

206.4 

+1.6 


3fi Gresham SL, EC2P2DS. 

.0033 
0W7 


Barictn- March 10.. 

'Accum. Uoi tsi 

B7gaHYMor.fi . 

fAeooBL Unite i — 

Endcav.Mar.7 162 3 

lAccnA UoHS) U7 7 

Gmchftr.Mar.nl.. 774 
1 Accum. Units'- . 798 

. , Ln.St3nls.Mar8 

Anderson Unit Trust Bfenagers Ltd. 1 Accum. units) . 
lea Fan church Sl KC33I BAA S23SSI Guardian Royal Ex. Unit Mars. Ltd. 

Andentm L’.T._ _|«3 3 46 01. ..] 510 


5 50 
507 
S8S 
5J7 
501 


Itt 3 


HI 


191 i -2.9 
207 6 -21 
1731 
1951 
1647 

”53 
81.1 *0.3 
835 *Q3 
694 
724 


DI-6004C3 PradL Portfolio Mngrs. Ltd.* (aHbKei 


456 

859 


f 58 Holbnro Bars, ET1N 2NH 0I-4Q5SC2T 

,5o rvudenilal . ..pL36 0 123 IK -05) 4 61 

L90 Qulher Management Co. Ud.*. 

f 4S TheSOt Exchange. EC2\ 1HP 01-6004177 
323 4a«4raaiGen.Fd..|969 99* 

323 Quadrant Income .(U35 217.1] 

Reliance Unit Mgrs. Lid..* 

Reliance Hk. Tun bruise Wells KL 0BB2 SSTTl 

Royal EvehaugB. EC3P3DN. ^8288011 sSBSro^T^Arti i .Sfl St-I -Oil 5 

Ansbacber Unit M&mt. Co. Ltd. ■apft«*uw-IB7 8464) -09 464 s<*torder me xijj -Oij 5.77 

l Vobte SL.EC2V7JA 014ESA37& Henderson Admin! strati An(aUzi Ridgefield Management Ltd. 

Ine Monthly Fond B5* 0 lUlhf .1 4 3 " Premier L’.T> Admla. R*j lei gh Hoad. PO Box 4 19. Bonk Rae . MoncbiUr 081236(162] 

BraoRrood. Esaw 0?77OI7=3a Ridgefield InL IT B10 87 IM I 782 

igiADStrolloiL 06.6 2851 fD 4l 270 Ridgefield Income (91 0 970] . I 906 

CapGnMthlae — 369 — 

Cap Growth Acc. _ 369 

igjEuropean 330 

IglFar 614 

UpFumJtlTtr 234 
If) High laeoow — 544 

Igllnc.* Aasrts 744 

igUntnrnatioaa] . _ 25 J 


Arbnthnot Securities Ltd. (aJ(c) 

37. Queen S£ London EC 4R 1 BY 01-2363281 


Extra Income Fd. 187.7 

High Inc. Fund 37 7 

♦TArreiiaL 500 

Wdrwl.UU.iM0 

Pr ef er en ce Fond_. Bi 

fArcum Unit*) 384 

wnmnwiq rvna — 50.7 

(Accum Lnitsi„ 7X6 

U0%Wdr»l U.». .. 45.8 
FlnAJropJd. - — 16 1 
Giants Fund 363 

lArcoin. Units) „ „ CL 4 

Growth Fund 300 

(Accum UntoO 363 

Ionian Gth. f a 1213 
Eastern 6 IntL FtL . 20.3 

iffu, WcfrwLUuj 101 

Foreign FtL 73.1 


N. Amcr. St Ini. Fd. 047 


1163 . 

4X0 +L0[ 

55.1 -till 

- 55J -13] 

Z7.6 +63 

M.< 01 

17.4 

- 54J .... 

773 

49.4 ... 
17J ...„, 
391 +0.T 

330 

384 *0% 
13X2 
219b 
17.4b 

784 ..... 

261 *03 


10.72 

9.63 

9.65 

403 

1200 

1200 


604 

LU 

604 

331 

307 

507 

3.43 

143 

816 

103 

103 

2X1 

100 


iglNtb Amorlcnn . 32 5 

NJL Gross Mar. HI.. 1826 

Oil* Nat Z3 » 

W.WId. March IB _ 78J 
MgJ jOt -.17X3 


BctxaIae._.|52J 

For tax exempt food* only 


285] -eO 

340 -0.4 
34 5 *0.4 
35.1 +02 
66.6 tIO 
253 +0.2 

58 2n +0.4 
3IJM r0.3 
264 +02 

341 eO.4 

1869 +02 
249m 

75 8 -0 2 
75.9 -1 2 
548S *02 


270 
423 
4.23 
543 
101 
446 
856 
6 61 
200 
130 
231 
250 
4.60 
318 
9J5 


Hill Sand Unit Tst. Mgn.t (ai 


Ridgefield Income |91 D 97 

Rothschild Assrt Management IgJ 
72-80. GatebouseRd . Ayieabur>' 02985M1 
N C Equity Fund.. U54 8 163M -tX0[ 331 

N.C. Engy.HN-Tst 910 46.3 +101 305 

Nr. Income Fund. 1309 147.71 -6 61 7.32 

.VC. Ini. Fd line 1 73 4 78 q +8 J 193 

N C. toll Fd lAec 1 73.4 78 M +03l 1 93 

N.C Smtlr Coys Fd]l34.5 14*9 +0.9j 468 

Rothschild It Lowndes MgxnC (a) 

EL SwIlhiiuLmne. Ldn. EC4. 01-8884358 

New CY Exempt... ttirsit 12001 t 3 73 
Price on Feb 15. Next dealing Mar. IS 

Rowan Unit Trust MngL Ltd. 


45 Beech SCSCZPZLX 


Archway Unit Tst. Mgs. Ltd.* (aXc) 

317. High Holboro. WC1 V-TNL. 01-6318233. 

(Archway Fund [743 790] | 6.17 

Prices at Mar 1. Next sab. day Mar. 15. 

Barclays Unicorn 'Ltd. fa)(g)fic> 

Unicorn Ho. 282 Romford Rd. £77. 01-534 5M4 


lb) British Trust. 
lH ton Trait. . 
in) Dollar TVtot — 
ID) Capital Triad — 
1 b) Financial Trust 
1 bi Income Trust.- 


1440 

320 

64.8 

Z75 

P0 , 

257 


iblSecurito Trart..|48« 

ibi High YTrt 


154.4 +14 
343 +01 
694 eOJ 
240m +02 
43.fi 400^ 
27.5 +02 
5X2 +00 
246 +0 2 


01-8288011 City-Gale Hm. Funhary Sq_ EC2. 01-806 10G8 


530 

321 

226 

408 

4.U 

IS 

806 


RomutAm, Mar 0 . 59.0 6X5 

Rowan Sec Mar. 7 1445 ' 1510M 

KowaaHy.Mor.fi.. 50.7 . 533 

( Arana. Calls' 646 731 

Hwn_MmJJor. 8. - 67.8 78 6 

(Accum. ImIUI 517 862 


115 

450 

7.75 

7.75 

484 

424 


Unicom America- 28 7 38.91 -OJ 

Do.Aart.AN 552 68. 

Do. Aortlnc..^ 438 47 

Do.C^>itnL 600 65X 

Da Exempt Trt .... U20 107. 

Da Extra Income _ 27 0 24. 

Do. Financial S50 60. 

Do-500 . 153 7UA 

Do. General 28.9 31. 

Da Growth An 370 48. 

Do. income Tst. . 76.2 SL9i 

Do. Pit A'ns-TsL. p2i.9 132. 

Prices at Fab. 28. Vest sub di 

Do. Recot oy. M3 41. 

Do. Truicw Fond _ 1186.9 113. 

Do. WTdwide Tro*M3.7 47 

BtsLiiLFiijne — r_?pB0 6X 

Do. Aocum H6.0 681 


Baring Brothers Sc C& Ltd.* (a)(xl 

88. leadeahall SL. EJCJ. 01-5862830 

Stroltno XsL D6O0 166« j 302 

Da- Accum. P480 2 fits. ( 302 

Next sub. dor Karcti28 


irtd ThU. (27.6 

tnteL* (a)(g) 

IS. Christopher fit reel. E.C 2 01-24773(3 lncomeFd.. 

lnUd.ltrt-.Pa nd„ I860 43 0] -40) 67# 

Key Fond Managers Ltd. (axg) . 

25, MUk SU ECZV 8JE 01-6087070. 

Key Eacrgyla-Fd ..|67 2 7X« +0.91 

Key Equity & Geo . (610 65 71 +D.M 

042 

620uf . 1 1255 


Royal Tut. Can. Fd. Mgrs. Ltd. 

54. Jennj'n Street. S W I 01-8288232 

Capital Fd- . %2 1 65 9 [3 99 

“■ ^ I&60 70S 8U 


104 
226 
226 
4.72 

lil Key Fixed lnt-Fd... to J 


KeySmaiiCaVFd |79 i 840^ +0 S 734 1 


Prices at Fab 38 Next dealing Mer IS. 
Save A Prosper Group 
4. Great St Helena. London EU3P 3FJ* 
djn -88-73 Queen S(. Edinburgh EH2 4.N.V 
5” Dealing!! to: 01-554 8890 or 001-226 7231 
605 Save A Prosper Securities Ltd.* 
International Foods 

I.W _L . |215 

Klein wort Benson Unit Managers* Und. Growth —to 5 

20, Fear bn rch St- BC3 01-8238000 Increasing lncrtnc Fond 

FLR.LnitPti.lhc. . [779 MM +121 4.77 High-Yield [52 4 56 81+05] 684 

0ELB UritWjCe... (47 3 U53| +14] 4 77 

L & C Unit Trust Management Ltd.* 

The Stock Eehange, EC2N I HP. 0I-S88 2800 

LACtoO t Gen'Fdijib^Z* -0^ zS IK Equity- —.™ 1404 43.9ri| +0.4] 495 

Lawson Secs. Ltd. *talic) 


34 91 +6 
Z3i +0. 
62 9 +0. 


. 

IU . 

",4 


-Growth Fond,. 

Bishopsgate Progressive MgmL Ca* |mnd l C»L 

B. BUbopsgaf c, E.C2. 0I-SB88280 tAm eric aBWL 



B’gatePr.— Uar. T_ 
]Acc.UU.**Mar. 7— 
B'gxtetaL Feb-2&. 
CAceumJ Feb. 2& _ 
Nad sub. day 


Bridge Fund HanagereffaKc) 

Kins WUMamSU EC4RBAR 

Bridge Inc.- _U40 4041 

Bridge Cap. Ibc.1 . - 903 3X3 

Bridge Cap. Act t_ 324 S3 

Bridge Eicemptt— 121 1200a -I 

Bridge IntL lac.f _ U.4 14J .. 

Bridge IntL Ace.*— 140 15.6 


5X7 

ui 210 

y Accum UnWqi 204 223 J 827 

“High Yield 48 7 Sl3 -Jj 10.90 

-^Accioa. CnBul _ (67. 1 7X4| J W.98 

Deal- XMOCL “Tiie*. TtWed. tThuro. "Fri, 



High Inner Finn 
High Return 

H 

1685 

Income 

W3 

UJE. Fund. 


UK Equity- 

1409 

Oiraeas Fundttzl 


Europe 

Vgatz-—: 

il 


65. M +0 5] 
M.4dj +0.4] 


4.42 

216 


Funds 

330. Commodity (I 

330 Energy h 

208 FfaMn rial Secs. |l 

027 


800] -fl.fi 284 
S12j +DjJ 100 

6794 +03 


3.08 


m 


+0J| 

*o.t| 


Prices March 9 A. 


623 
428 

431 

8 Dealing -The*. tWed. 


Hj gMOilBWIB Pttnda 

Select totenuu. — BH.9 231.6] +1.6] 

Select Income to0 53 A] +00] 

SeetUts Securities Ltd-* 

Legal & -General Tyndall Fund* scotbiu- Pfil 3801 *01 

18 Canynge Road, Bristol 027282341 

Dto Fob. 15 572] | 5.09 aeounor «» 

509 


01-6234081 tAccim. UnlU) !JSU 713 ' “"i 

7.42 Meet mb. day March 16 

]U Leonine Adminhdration Ltd. 

2 DokcSt-Loodoa WLMBJP 01-4665981 

Leo Dirt [69.4 ntt+061i42 

Leo Accum. 1736 777) +0 7] 508 



Scot-Ex-Gtlrt H99 9 2093 

Scot Ex yid.-*.,. . [106.9 153 i , 

-Prices at March 8 Next sab. 

Schleslsger Trust Mugrs. Ltd. iaKzT 

i Incorporating Trident Trusts i 


Britannia Trust Managementfcllg) 
Loo don Wall Buildings, London Wall. 


BUBCrcial Union Group 
Helen*, 1. Under* haft. Ed 
•AnAcUtMxrll] 4933 
Annuity Ut» - ( 16 71 . 


Cap. Growth Fund 
♦firnm* IwM 
r - CExamut Prop PM 
•ExpLlnv. Ttt. Fd. 
01-3837308 Flexible FUnd—.. . 
+074^ _ jav.TroitJtad 


Property Fund. 


ml 

BJ 

1354 

103.3 
■ 1187 
792 


afederatlan Life Inan ranee Ca WAG Group* 

Uaroccey Lane. WC2A IHE. _ 01-3*26388 Thro* Quays. Ttrov- WO EC3R 


MpFbDd 

msacdFUnd — 
wool Pen. Fd.. 
iri Pul Fund. 
sdlBt Pen. Fd 
mod Pen. Fd... 
leriy Pen- Fit. . 
Sorted In. Pol 



— I 




nbill Insurance Co. Ltd. 

tanhULECJ. Dl-8263410 

toIFeh IS B13 5 ‘ — 

Sh'Fd e Fcb?20 , |l54fi H7, 

dH A Commerce Insurance 
Regent Si- London W1B5FE 01-4394081 
MuguLFd -.(122.0- 132 0) | — 

sader Insurance Co. Ltd. 
a La House, rawer PL, DC3 01-6868031 

Prop Mar. 7... M 7 74*1 1 — 

I? Star Insor/lfidland Am. 

. reodneedle St- EC3, 

e/Mld UnlU-1492 5X0| +43-31 867 

itr * Law LUe Ass. Soc- Ud.* 

mboin Road. Sigh Wrecsube 049488377 

- 

. 1 luteerxi F. - .Q1X3 X17.ll *0.5 

eni PwtfoHo Life Infi- C Lid.* 

rtJhqloBinw Ct- Wahhajil Croca. WTCSHTl 

alto Fund.. .[ ■ 1293 i .1 — 

alio Capital _.|410 <L7] . +-| - 

than Life An. See. Ltd. 

nee at Wain Sd_ B ‘mouth 0303 767655 

'aafa-Fund -WSJ 1H3) — 

ipltr Fuad [44 4 44.0.... — 

iltt Fund 0140 1290) — - 

atl Fund .. .145.4 U0.4 ...— 
pry Fund. . . (453 5531 - .. - 

rih * Sec. LUe Ass-Soc. Ud.* 
Rank. Bray -on- Thorne*. Berks TeL 34384 

'EEBTLi %5o 

2S I* Aer-fUM, 139,' 

• Super Id - -1 £7.9693 


Per*. Penalan 

Canr-Deposft* 

Equity Bond**--.- 

Fondh-TDaP* 

Fatuity 81 -89**.. 

GUt Boo<F~- 

. lnteroatnL Bond** . 
Managed Bd”* 

Property Bd 1 " 

Ex. Yield Pd-Bd»„, 
Recaveij'Fd Bd.*.. 
American Fd.Bd* . 

— Japan FtL Bd*—_.M5.7 



030337333 Solar Life Afisonnco limited 

lir7Cbcapside.SC2V8DU. 01-6000471 

Solar Managed S— 0240 1311J +fl.4[ - 

Solar Property S._ 1090 U4.1 . 

SolorEqultyS;— . 1400 1585 *00 

Rotor PSd. lot &90 mM+62 

SatorCaahS l*T U5J- 

-Solar IntL0 . . — — - *44 UU 

Solar Managed P— 1243 ITO J +0.4 
Solar FTOpCityP—. 147 lliij _ . 

Solar Equity P. 14* 4 15631 +01 

Solar Fid InL P._„ U4.4 52£7} +0J 

Solar CxahP 990 105^ 

Solar toll P -—1994 1M3 .... 1 

San Alliance Pond Mangmf . Ltd. 

Sun AlRaace Houoe, Horafaaaa 0403 64 Ml 

ExpLFtUaLljar.8 .RJ5420 X640M . ...| - 
toLBn.Usr-7 1 OX»H - -I - 


Price# on ‘Mar. 8 —Mar. 8. —Mar. 

Merchant Investors Assn ranee* 
13. High Street. Croydon. 


Conv. Dctv Fd . 
Money MrkLFd. ' 
Mer. Inv. Man FttJ 
Mer. Inv.Pty.Fd.- . 

IS&Sr — 

nw- nok ■ 
Man-Pens.— 
Equitypras. . 


1273 

SI 

S3 

1541 

su 

157.4 

1382 


0I-8M9171 
+0.U - 
♦xt - 
+1J - 

+D.1 - 

+22 - 
vOX _ 
+X4 - 
+6.4 _ 

+0 2 - 

+24 - 


Sun Alliance United Life Ins. Ltd. 
Sun ADtoace Hcuxe. Honham . 040864141 

'Fto d^ _.M66 105.914X21 — 

TJX2 1CS7 e-eJl - 

JK.9 1872 . ... - 

De port! F and — “p5 10^6 - 

Managed Fund — pN0 - Xw3 +00] — 


Son Life. of Canada fUJDXtd. 
2.8.<CoekaparSt-SWlY5BH 01-0305400 

Maple LLGrth 1 1B2 

Mapl»IXK6uBd.- lfel 

Mjpic U.lWjr 135.4 

PeronLPnrPa— . 1WL6 


01-030541 

IeJe 


NEL Pensions Ltd. - 
. SUB on Court. Dorking; Saner 5911 

Nrtex E 4 Cap. [T22, .759 

Nalox Eq. Afcum ..CB26 107.1 + 

Tiel cx 3Cunej C™,.p 640 

Nairn Moo. Ac£Kj4 67 7 . 

Nalii Gth Inc Are.. MM 987 

-NetoxGthbK-Cai>..|953 466 

Next auh day March 

Par New Cam Pntwrty oee under 
1 Asset Mnugemtni 


XPI Pension* Management Ltd. 


Target Life Assurance Ca. Ltd. 
Tsrrrt Boom. Gatehottae Bd, Aylesbiur. 
Bucks. Aylesbury (02fiSi5fiil 

Man. Fond Inc-™. *2? 4BJ) 

Mon. Fuad Acc ulB0 1284 

Prop Fd. Inc. 007.2 1JJ0 +00] 

Prop. Fd. A**. 132.0 +l3 

Prop. Fd lav. [ 263.0 +X0| 

Fixed Int. Fd- Inc ROT J 1350 

Den. M. ACC. toe -1470 132.1 

ReLPIsn Ar-Pen. J645 78( +L« 

RetPlocCapFeti — B70 6ZJ +10] 

RcLPlnlljuuAcc. _ toJ.2 127. 

RaLPtonKacCap _ 011.8 110 

Gift Pen. ACC-- 036.4 144 


02«34»D Gib PJZc^.n _ .: 15x1 


rfc* T*L 3438 

3:“J = 


Far Kasl Fd 

Gill Edged [Fd— . 


M0.6 

1441 

I5.fi 

xaoa 

95.0 

18(10 

US- 

900 

92.9 

97.7 


1N0 

\7\M 







FINANCIAL TIMES STOCK INDICES 


Mar- 

10 


Mar. 
b ■ 


Mar.’ i Mar. 


Mm. 

i 


■ A >e»r 

i ««" 


Brunimi !>«•-■> j TO.66 ; . 

,+i I uteri* i.._ ....... J 77.S0 - 

>isma> Lte.liiniry,...- 959.0' 

Mmer... ia7.d‘ 

lln - . Vtehi J ...; B.B1 : 

nng* Y*-«1iiiiiJI- r r l?-* 7 

Kit in 'nd i l**i B 

in^>nuuhe>i S.40I 

ii •■■ll|.■ler Em.. - 

!i 'ar-mii- in*** -■ 


75.63. . 75^71 

77.63. 77.41 


450.5 

163.6 
6.01 

17.66 

7B4 

4.741 

B2.93 


74.09; 74.00 
77.58! 77.87: 
444.l! 443.0- 
165.0 163.2 


446.7 
168.& 

6.05J 
17.70: 

7.8ft. 

4.546 
75.07. 

14.VS7 14.770' 13.100' 11.1)98 

‘ 1 


e.00: 
17 .bo! 

7.B4 ; 

4.S2B. 

S1.2B 


6.10 

17.93, 

7.82 

4277 

48.30 


74.46 

77.17? 

4562 

163.9 : 

0.17! 

la.aft; 

7.m! 

4d7a’ 

57.77 : 


67^6 

66.55 

415.8 

120.0 

5.58 

16.31 

8.83 

8.236 

B0.S0 


:o" a.m- 4K.1 ll a.m- 956.1. I '<ono ffj-L 
3 uni 4jj-1 + pm 4.55.6 
kltret Index 41-246 8026. 
* Bay'd on 52 jn*r tisB. I'orporaiuui lax 
14<l Uflir Sect.. 15-10 38- buud loL IMS. 
^ 12 p Vi. SE Activity JUly-Oft.-. 1MX 

HIGHS AND LOWS 


D.m. 


0.9461 83,388 
953.4. - T 


7 S0=AM. 

Ind Ord. !• 


>35. Gold 


S.E. ACTIVITY 


Wf» to 


ISiu r i«uii|uutipn 


Hign • l+*» j High 1 Low 


Mar. 

-U) 


Mur. 

d 


. 78.83 

lint, ’-81 Jif {- W.49 

: 0>-l #n i i«:L 

Uni.... !. a40.2 | 

: , 


6j.4c 1 12 1 . 4 ! 4S.lu 

,J : I t ! ty-T.jb, 1 id-1 7&i 


Mini* 


174.0 

1. 


357.6 
• 15 Ii 
03.1 

S-2i 


I lau.a : au.»4 
ji*>il6i+r>: (0.1 74i 

: 04W.2 ! 1B.4 j 

.l«,d.i<S ;*t>rt»-«Cn 1 


448. c 


40.0 

-■ ir- 


j — Lhu> J 
1 Um-btofr'...! 16X7 < 175.1 
i lu-iu-iria..-| 183.0 ! Z6lJ 
; arwuutivr-.! 56.4 ] 50.6 
f fell. ......... I 182.0 T 107 J 

1 «-U> AvTngy* 

CHri-Blwrt‘ ... 167J ! 165.7 
In Vi TTi«. ... 151.7 1 144.3 
■pnai»|iT-,.- 40.4 - 46.6 
■ .. . 106.5 : 101.0 


FINANCIAL TIMES STOCK INDICES 


Mar. 

10 ' 


.Mar. 

9 


Mar. 

E- 


Mur. 


Mai. 

. e 


Mar. 

A. 


-r..i~Ti; 190.04 193.01. IB0.B3 188.7S 187.59 186.17 161 M 
815.91 2ia.se’ 210.66 20B.S4 207.36 806.79 106.62 

'fUtoW-*- - 6.75 S.84 S AS - 6.94 8.97- 6.02 8.76 

- »to.r,irti:. 7^93 7.85. 7.78 7.70! 7-66; 7-60 . 9-26. 

497.63 186. Pl 193.96 19^01 19X49 173.35 


4& Gnceehurcbifc. ECSP3HH. 

M ra i sbi 1 %dJC«to«s 

races naren *. »cw umuro* + T«n*iafef*aHonaI Life Ins. Co. Ltd 
New Zealand In*. Co. iU^.1 Ltd* a Br ea m sidgx- gctXYV. 0M0St4fi7 

Maitland House. Southend SSI SJS 0702B2S55 Tub p In+srt Fd, _.. ]X27J 
Kiwi Key inv. Plan 
ftortUOn'sFd — . 

Technology Fd — 
n rncru.— 

■ -..to.7 .w.g . -J - 

Tritoi LUe Assurance Co. Ltd* 

Ranitodu Buaae. Gtoueeatcr M523S541 

USM 
1591 
1590 

l»i +40) 

w 

131J 

3 ffi 

m 

in.9 

ms 

DBA 
1220 
37J 



toteytlona l— 


Growth Cap.t-._- 

GrtrothAcc 

Pcnx. Mngd.Cap. | 

*mi» WngtL ACC-1 




B 23 

UC0 

ProailWDepJiN.. 1M0 

Pena. Ppa. Cap..... 1UJ 

Pew-PfeTAcc. 1151 

TMCBcnd S5J 

TrdLGXBood 101 J 


*Caib roloe 


far U00 premium. 


Tyndall Amnnce/Fendons* 
l&Caaynge Read. Bristol oaasassu 

IwFrtS 

isfeifil:::: 

PwoertyFeb id,.. 

DraoaliFeb.-U 

3-Way Pol Feb. 16. 

(Poena to v. Feb. Id 
MnPaB-WMar. l_ 

DoPropMar. 1 

Vanbrugh Life. Auunoee 
91 -43 Maddox SL, Ida. W1R9LA- 01-9069023 


U9« 




1H6 


125.6 


ML0 


62.4 


JbL* 

...a. 

2J5L2 


1778 


02 



SBSS~ : 

Fixed tot era FB.. 

SSfSShzr 


Mftl = 

Wfl+OJ - 

101JU+BJ — 


Vtnbugk Pcudlni Timfiwi 

■U-43Madd«SXXdB.WlRNLA 01-40948* 
iteuiccd 

in; 

Property ; 19 5i M0. 

Gmruiead see 'Ins. Baae Rates table. 

Welfare Insurance Co. Ltd* 

The Lull FWftntcne. Keqr 0303 67333 

MuaormafcprFH . | 571 I -O0J — 

For other tends, please refer 10 The London & 
Mooriwawr Group 

Windsor 'Life Acme. Co- Ltd 
1 High Strea.' Kinder Windsor BS1M 

|Ltta Iw Plana.- - U! Mgj 
FUtureAEsd Gthiai.l -ITS 
Pwu*Aa*iL«hlb» - 400 

ita Asst. Pens 2-1 tan 

Flea, tor. Croath _ 110)4 Uft* 


500 +01 
53 7u +00 
72.0 +0.1 
380 +00 
900 +00 
4O0n +00 
170s 
67 2 +00 
100 -XI 
704 +0.6 
•792 +0.4 
553 -03 
418 t02 
4X4 -00 
781 +04 
35.2 +02 
200 +01 
46ZJ +2.4 
342r +03 
45.1n +0 3 
28.8s +00 
JXJ* +0.3 


444 

468 

503 

*3 

028 

985 

4U 

40 

177 

441 

721 

285 

4X3 

3X4 

070 

477 

2.10 

404 

200 

482 

525 

109 


London ECZM SQL 

Assets. 1&3.D 

Capital Are — 970 

ComjnA- (nd 500 

Commodity— 67.0 

Damectic 35.9 

Eiemm-. 93.4- 

Extra Income 37 6 

Far East.- 1*J. 

.Finan ci al Seea.— ■ 670 
[Gold A General — ... 964 

Growth. 730 

Inc. & Growth 69 0 

Inf 1 Growth 5X0 

Invert. Tsi-Shares ._ JS9 

Mineral «. 380 

Nat. High Inc- 717 

New Issue— 321 

North American 26 0 

Profevsiocial. 9900 

Property Share* ..132 

Shi eld 42 0 

Status Change — _ 26.5 

Cniv Energy .p0l 

& British Life Office Ud* la) 
an Hee- Tun bridge Write « 008222271 

BL Brltldi Ute (471 49* +0J] 572 

BL Balanced*. ..log 44.g . 1 5.79 

IBLDiridend* Jfl 0 4S.B 1.43 

1 ■Prices Mar 1 Nrjrt dealing day Mar. 8 

Brown Shipley & Co. Ltd* 

Mngnc Founders Ct. ECS 
BS Units FebXR — (2D42 
Do. I An 1 Frb.27 _ 

Oceanic Trim u) D 

Financial 53 0 

tereeraJ. 170 

[Growth Accum. 4X3 

(Growth Income — 33 3 
Steb Income 27.1 

TnJ |i7H 

Index 

Oversea* .. . ^.06.1 
Perinnnance _.. ..to 4 

Recflucvy CDS 

Exmp4.Fcb.10_. J59 2 

Canada Life Unit Tst. Mo«rs. Ltd* 

T-8HigbSt, froaers Bar, Herts. 

|C«a.Gea Dirt ... -.{34.9 36 _ ... . .. 

Da. Gen. Accum K3 040) -Oil 471 

Do. tec. Din. (33.6 35^+03 769 

Do. Inc. Accum —14310 45Jfl +03| 769 


01-638 0478- 04TB FlraiBoJaedl 
67.71+03] 5.44 Po'Areunu 


Uoydfi Bt Un(t Tst. MngTS. Ltd* UU 
Registrar's Depu Goring -by- Sea 
Worthing. West Sussex. 0I-6Z31B88 


See and 1 Cap.) 

Do lArettm.) — 
Third ilncoira-L. 

Do f A cm in. I 

Fourth 1 Etlnc >. 
Do lAreuiiLi-. . 



140. South Street. Dorking 

Am. Etempl* - |18J 

An. Gitnrth ...... 23 8 

Exempt High Yld.- 24.1 
Exempt MkL Ldn*.* 22 8 

Extra Ine Trt. 273 

Income Dirt 37.9 

Inc. 10% Wdrwl 293 

Intel Growth «.9 

Inv. Trt. Units... 22J2 
27.0 
269 


458 
408 

370 

Is 


Prof. 6 Gilt Trust.. 
Property Shams 




Lloytfs Ltfe-t+wt-Tsb MngrsrUd" ^ 

TS-80. Gatehouse RtL. Aylesbury 02865941 U.ltGrth Dirt. - IT73 
Equity Arc ora . _ (1370 1442] . f 434 

MAG Group* (yKcXZ) 

Three Quays, Tower HUL EC3H 8BQ 01028 4S66 
See slso Slock Exchange Droll nip 
American. -.■... {398 4Z4d| +04 109 

(Accum Unltsi 400 

Aortralssten 394 

- (Arena. t : mtxi 40X 

Commodity 603 

rAccum. Imtai — 64.9 
Compound Growth. 9X3 . 

CaavemoD Growth 44.4 
CDosenuon Inc. .- - SIX 

Dividend .1070 

’Accum Unite* ._ . 1W.5 

European- . - .. 45.7 

(Accum Uniui 963 

Extra Yield.. . .713 
<Aceunv Units*- .. 10X7 
Far Eastern— . ... 300 

(Accum Unity* 415 

Fund of Inv Tsu ... 53.0 


. 193] 

2504 +0X 
253 

24.1 
2944 

412 
317 
440 
239 

29.1 
29.1 
252 
274 
26B 
213 
1« 


'iO0Ofcl8M41 


+02 

+H| 

♦02 

+o3 

+oJ 

+0.4 

-mi 


107 

106 

9X4 

408 

18.43 

987 

338 

5.00 

472 

008 

1150 

223 

189 

685 

605 



0J4M08330 (Accum. Unftsi — 
General 


(Accum Unity. 
High too 


1480 

2266 

lRh Income . .938 

(Accum. tiulol 15X4 

Japan loconw - _ 1283 

(Accum. I hi its] 1265 

Magnum 1753 

lAccam. Unity' . . 218.6 

Mirtand . - 1469 

(Accum Units].. . _ 2581 

Recovery _. 7X0 

■ Accum. Units* — 72.7 
Second Gen. . .. 14X2 
fAcrum Unity) . . 2210 
Special _ IMX 

(Accum. L'nllsi [173.8 

Rpcdrilscd Funds 


K30 


433 +0 2 
. 424B +0 3 
431 -02 
65.44 +0.1 

70.4 +01 
90X +0.6 
S2.0+O3 

5554 +02 
1140 +00 
2115 +1X 
419 +0J 
490 +03 
833 +03 
194.3 +QA 
41.7a +0.1 
45.7 +DJ 
573 +03 
690 +03 
1612 +1.0 
2*5.5 +10 
99.0 +05 
MX2 +0.ff 
1373 +0.9 
.1370 +0 9 

*wsns 

•157.5 +0.3 
2561 +00 
760 +0.6 

77.4 +0.7 

JBto ;p 


Vest sub, March 22.' 

J. Henry Schroder Wagg & Co. Lid* 

lao.chrapilde. ECi 01-2403434 

Capita/ March 7 — [ 

1 Ac cum.* -| 

Income March 7 [ 

■ Accum. Unity] t 

General March 8- [ 

• Acrum. Uniui— - r 
Europe March B ..f 

'Accum. Uiulsi - I 

■FuVtaFeb.2I - f 
*Sfiect£x March T p 

■Recovery Mar 7 ..p . 

■For las exempt funds only 

££ Scottish Equitable Fnd Mgrs. Ltd* 
801 28 KL Andrews Sq. Edinburgh 031-5563101 
5-S Income VuiU. 40fi I SU 

3.09 Accum. Units...- J517 55.« . | 5.60 

+ *9 Dealing day Wednesday 

5.12 Setaf Unit Tst' Managers Ltd* (al 

fi- 2 * PDBoxSll, BcUbry. Hse.. EC.4. 01-3365000 

■Sebog Capital Fd -to- 9 33* +0J[ 307 

Sebag Income Fd. to 9 300] +0J[ BOO 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbuthnol Securities id.) Limited 
fO tort 384. SL llelier Jerscv. 0304 72177 
l ap Ta .Ji-rtej-- . |1170 m.O) I 3'U ' 
Next dealing rial? M+r+h 7 
Ea.rtftimnvi.ii.Ti [183 D U|0| .... i 341 
Sen sub March JO 

Australian Selection Fund NY 
MnrkM Opportumilcs. c o Irish ^oong A 
imihwaue 127, Kcm Sl. Srdnrv 
USS1 share* . .. [MlOJi . ' ] [ - 

Nn »aluu March 8 

Bank of America International SJL 

25 ftnulntrd Ketal. luixcmbourg GP 
indinics4 Income -BTilNU U971I-S 17! 641 
prices at March 0 Next Mih day March 16 

BnJc. of Lndn. & S. America Ltd 

4068 Quern Victoria Px ET4 
.Alexander Fund . BL'fSTl I 
Ne asMK value Mar D 

Banqne Brnxelles Ijmbert 

Z Rue De la Rcgcnre 8 low Brussel* 

Renta Fuad I J". ...11.942 .'0021 +6] 843 

Barclays Unicorn InL iCh. Is.) Ud 
1 ("hmcing Cross. St Holier Jr»y. 053473741 
IKv-rceaa Income . 1505 *3X1 +0 N 18X2 

I'nidollAT Trust.. .{TSUO 113 1 470* 

"Subject 10 lee and uilhholdlng to*?* 

Barclays Unicorn InL tl. O. Man) Ud. 

1 TbomaaSL. Dnuglav 1.0 M 06244650 


Key tel ex MngL Jersey Ltd 
PO Boxsasi H cilcr Jmry iFnrtOl-dOOWW 


Fonwlcx 

Kcyselex IM'l 

Koyselex Europe . 

Japan Glh Fund . [SZX57 
Keyseln Japan , *” 

Lent A&tetyfap 


Fri 278 

£570 

i£362 


a 


bJ 

4 ' 

23 211 
£9.09 9.94<-D2i; 

fXJXlB 


300 
472 
4 09 


King & Shaxson Mgrs. 

1 Chari ne Cross. Sr Hi-her. Jerwy i0534*T3?4j 
Valley Hee. St. Peter Port. Groav UMBI* 347M 


1 Thomas Sl reel. Douglas. 1.0 M 
Gill Fund 'Jersey 1 ruToz 1008 
Gill Trurtit.n M i— IllZSrt U5.4rt 
Gill Fnd Gueniae>|£U0O 112? 
toll Cert Sees. Trt 

First tnerUng |1742 17001 

Flirt IntL . .. 15X83.30 180 7*] 

01 0302313 Klein wort Benson limited 

..! - 


20.FenrhurohKt.EC3 
Earl meal Lua. F 
Guernsey Inc - 
Do. Accum. - ... 

KB FOr East Fd. 
KBtnlL Fund. .. 

KB Japan Fun d 
KA U.S Gwii. Fd 


1062^ 

1US 
1X25 


018236000- 


Signet Rcnaudn 

* Uniloi 


-5] 


-D0J 


309 

405 

4.55 

146 

X95 

008 


108 

IR 


394 

42.4 


238 

241 


540 

586 


N0 

19.6 


<39 

47X 


21.8 

226* 



2X0 

240 

880 
9 JO 
170 


Unicom Aurt Ext 

Do Aust Min 

Do Grtr Pacific. . 

Do lull Income _ 

Do I of Man Tn. . 

Do Maos Mutual 

Bishepsgate Commodity Ser. Lid. 

FO. Box42.Douglu.lo M 062423811 

ARMAC-Feb B.-..KI-jaUi SM . . . | - 
CANRHC***Mar 11 .{□.004 L069-MH] - 

COUNT-Jinr* .[£2X98 2S34IS1 X1S 

Originally luued bi *5)D ud •■CLOO- 

B ridge Management Ltd 

F O. Box 800 Grand Cayman. Qsymai) ti. 

Nippon Fri. Mar^ k rt piii lSM ( ...X 002 

Britannia Tst. Mngnrt ICI) Lid 
30 Bath St. Heller. Jersey. 0SM 73114 

Growth Invest ' 

Intel. Fd. 

Jersey Energy Trt 

Unlvsl Dir. >a 

l^nivsLSTrt Sg.--. , 

Value March 10. Next dealing 

Butterfield Management Co. Ltd 
FO Bos IDS. Hamilton. Bermuda 
Buttress Equity - 1X03 1971 . I 2 09 

Buttress Income . 1 199 1 92| . ( 7 09 

Price* at Feb 6 Nett sub day March 13 


974U 

.10! 

Sl-59 56 
5US10X3 
5US27.40 
510X4 

^ SLS4X6 . 

Tniltmtta-DMi ...[1836 14XO1-03SH 

■KB art as Loadoa paying agents only. 

Ueyds Bk. (C.LI U/T Mgrs. 

P 0 Box 185, SL Helier, Jersey 0534 27561 
UaydaTtt O'sras |48 0 5D5| . I 27X 

Ntrl defiling date March 15 

Lloyds International MgmnL SLA. ' 

7 Rue d-j RhoM. P O. Box 17*. 121 1 Genera 11 
IJoyds IntXSlh FdlsmLSS MAI | 1 80 

IXoydxlnL Income |ST3BJ# W5flj | 6.40 

M ft G Group 

Throe Quays. Tower Hill EC3R 6BQ 01-638 4S80 





Capital International S_A 
37 rue Notre-Dame. Luxembourg 
Capitol Ini. Fuad '..I 5US1555 

Charterhouse Japhet - 
1. Paternoster Row, Et'l 
Adi ropa — . J 

Adiverba 

Fondak. 

Fondls - . . 

Emperor Fund 1 


DM29 W 

SLM+eiM 

DK48JI 

si e . . . 

DM3L7I 

33« .. . 

D5SI9.® 

ZLN+01B 

SUS25C 

261 .. . 

sesen 

45 H -0.01 


I I - 


01-2488800 
571 
5J1 

IZ 


197 


Corn hill Ins. (Guernsey! Ltd 
P.0 Box 1ST. SL Peter Pan. Guernsey 
Intel Man. Fd (1568 171 .ty [ — 

Delta Group 

P.o. Box SOUL Nassau. nai*»ma« 

Delta I nr. Mar. fi_.|XX3fi 107) -.._[ — 

Deutocber Investment-Trait 

Pusttech 2SBS Blebcrgasse a-10 0000 FVanklarL 

Goa centra [turn J* 20M .....J — • 

InL Renten6u>(ts..-FEUU7I N9i|+0jij| — 

Dreyfus Intercontinental inv. Fd 
P.O. Box NS712. Nassau. Rahamaa 
SAV Msr 7 |^51L« U12I+0 37) - 

Emson ft Dudley TsLMgtJrsyJUd 

P.O. Baa 73. SL Heller. Jersey. 053420501 

EXJ.LCT. : inri ixsxj^ .j - 

F. ft C. MgmL Ltd Inv. Adriaen ' 

1-8 Laurence PounbuQ- Hill. EC4R OBA. 

□1-633 4680 

Cent Fd. March 1 -| SUS405 | | -X 

Fidelity MgmL ft Res. (Bda.1 Ud 

P.O. BOX 870. H xml Icon. Bermuda 


Fidelity Am. Ass —1 1---I — 

HdelrtrtoLFUnd.l : |+01X| - 

Fidelity P»c Fd..... 

Fidelity* Wrld Fd . 

Fidelity Ster Fds 

Sene* A rbunU _) |-0D3[ — 

Tie* B (Pacifies 
rie* D 'AmAxs 

First Viking Commodity Trusts 

& SI. George's St- Dourias. Lo.K. 

WW 4WE. Ldn Arm Dnnbor.fc Go . Ud. __ c_-^ „ x__ . 
sapail MjUirumdtmSWi7MH. 01-B507SST- Schroder Life Group 



Al lulieEsllar 7. BUa2.lt 
Ansi. Ex Mar 8. . filStn 
Gold Ex. Mar S . .jllSUM 
Island .... .... Hoaa 
■Areuni Units 

Samuel Montagu Ldn, 

114. Old Broad .S( .Kl'l 
ApolinFd. Uar B .IRF44.15 
Japfert Feb 28— .HRK917 
117Grp. Mar B 
I IT Jersey Feb. 22..|£404 
ItTJrsyO's Mar 1_ jilO.U 

Hurray. Johnstone (lav. Adviser) 

IS). Hope SL- Glasgow. C2. (*1-2213X1 

•Hope St. Fd | 5IS28J8 [ .[ ~ 

•Murray Fund . ... | SUM 17 I . .. [ — • 
•NAV February 28 

NegU S.A. 

10* Boulevard Rovil. lawsdinirf 
NAV Mar 3 I SI SJC 58 I .. 1 — 

NegU Ud 

Rank n( Brmuda Bldgs. HaaUhon, Rrmda. 
NAYMarohS . IE4 69 - I i 

Old Court Commodity Fd Mgr*. Ltd' 
PC* Box SB. st JulUn's LX Guernsey 0481 20141 
OC.Cm.Trt.Fet>.-.. [117 7 124 71 [ 514 

OC DllrCmTstt JS2534 26 9S| | - 

-Prices on Feb. 28 Next dealing Mar. 14 
T Price on March T. Nnt dealing dale Mxrrb 
21 

Phoenix International 

P0 Box 77. Sc. Peter Port. Guernsey 
inter- Dollar Fund .(Sl'9219 ZJ7] 

Propert y Growth Overseas Ltd 
38 Irish Town. Gibraltar lGiblSlOO 

U 5. Dollar Fund.. .[ Sl<SS8 27 [ . | _ • 
Sierllng Fund | £X2880 ( .[ - 

Bothochild Asset Management (C.L> 
PO Box SB. SL Julians CL Guernsey. (MSI 26S31 - 

BqJV.Feb.28 tot 4 

Inc. Fd. Mar. 1 f 

IntL Eri. Feb. 15- -.L_ 

Sm.Co.Fd Feb. 28 ^ [1319 

Boyal Trust (Cl) Fd HgL Ltd 

P.O. Box 10t Royal Trt Hse- Jersey. 0834 27441' 

RT.Iotl.rd. BCS9X6 935[ [ W»‘ 

R-T.IbI'L (Jw.i Fd. .to W .. ..j 3uZI 

Price* at Fob. 18 Nest dealing March 13. 

Save ft Prosper International ? 

Dealing to; 

37.Broad SL. SL Helier. Jersey 0534-20501 
U_6 DsUsrdnismiBated Fonda 
DlrFxdInr“Mar I..W39 9( 

laiemauGr.t ft 12 

Far Eastern U4.30 37.0 

North American*!) .636 . 3.6 

Sepro"*. p208 1J( 

MerUng+ie a sari noted Fonda 
Chonori Capitol*. -12083 219 J 

Channel Islands*... 139.6 147.1 

' 'ommodity Mar 3 ..115.6 1211 

Si Fxd. ILMar 3.-0214 128.4 

Price* on -Mar. 0**Mar. 8 “Mar! 8. 
tWeekly Deabngs 

Schleslnger International MngL Ltd 
41. La Matte Sl.SL Helier. Jersey 053473388.- 

SAIJ-._ 175 

S.AO.I to* 0 

Gilt FtL-. Sx 

tnd Fd-Jersey-.-.m 
InhU-Fd Lxmbrg. - f9.60 




109 
207 
207 
478 
4 7S 
422 
396 
10.02 
842 
8.42 
2.70 


0.0 

930 

. . 

206 

Oftl 

112.0 


206 

560 

1720 


715 

H0 

2500 


7X5 

)6 

-ui 


350 

16 

94 2 



350 

r.4 

291 


1X7 

1.9 

318 


1X7 

to 7 

159.4P 


407 

ftO 

2115 


4X9 

k72 

1723d 


548 


826 

9.16 

9X6 


P. Bar 51122 Trustee 

+001 4.71 iAeamCrity* - 
Chartbond Mar. . 
Cwrlfd. Mar 7 — 
(AcqaiL Unlu 


Si 


S3 +11 


1180 
9600 162.91 


Security Selection Ltd 
ora 15- IB, Lincoln's Inn Field*. WC2. 01-831 68360 
40B L' a cl Gth Ta Are ...121.9 23.4 J I 4.01 

744 UnvlGthTMInc.. [14 3 20.« I -4.01 

£03 Stewart Unit Tst. Managers Ltd (a) 
503 45. Ctaarloue Sq. Edinburgh. 031-2263271 
Stewart A m e ric an Fuad 
Standard Unity -- 155 2 
Accum Unlw .to 5 
Withdrawal Units n50 
Stewart BrIUsh CapHal Food 

-Standard- [1240 U53 | 362 

Accum Units 1141.4 


5.74 

456 

4.56 


Si . .1-1“ 


699 

699 

10.47 


Jg Sim Alliance Fund MngL Ltd 

PesjL^.'Mar. 6 ~ _ |U6 4 • 12201 ) "S Sun Alliance Mm- . Horsham. 040304141 

" - 1 *"’ 1 ExpJEteTrtIBarft ..EX840O 195.401 .. 1 

Manulife Management Ltd rrfieFamjJy Fft— to0 90*1 -oty 

MOTSmoi Target TsL Mngn. Ltd* (aKg) 

31. Gresham St- BI Pea I inga 02965041 


Cape! (James) MngL Ltd* 

100 cad Brood 3L. BC2N 1BQ 01-5880010 sl George s War. Stevamogc. 

FS2 SSI '.: -J a£ &"****- «■ 

Pneej. on March l Next dealing March 18 Mayflower Management Co. Ltd Target commodity'. 

Orfi.1 u.i. n. nro. ud.* <«« JSSSB," “TS? - 

aOlburn Hoaxe. NewcanJe-npoo-TTM 21105 General Feb. 21 ..[640 682* I 5.44 *&XreUniu 

Carllol - 

DO. Accum. Unit*-. 

Do. HiRh Ticld , _ 

DOLAecnm UnU* ~.p7.1 

Next dealing dote March 18 


4 77 
480 


Charterhouse Japhet* 

I, Paternoster Row. EC*. 

CJ. Internal 1 pa.Q 

Accum Unite (232 

CJ. Income — (S3 8 

CJ.Eoro. Pa.—. 

Accum. U nit* . ... 

CJ. Fd. bn 1 . Tht 

Accum L'nlls 

Price March 8 Next dealing Starch 



01-248 3SM 


IS 

706 

305 

305 

422 

422 

18. 


Mercury Fund Managers Ltd 
30. Gresham SL-EC2P2EB. 01-8004555 

Merc.CexLMarcb8 .0541 1U.W 420 

Acc. Uty March 8— MOB ' 2US 520 

Merc. Int March B 578 U0I ... 1 93 

Areml’tyJIarchtL BJ 66 « . — 1.90 

MerEj2xt Feb.23 - 157 7 205.« 409 

Accum Utt Feb 23 12389 2457j ... 409 

Hldtond Bank Group 
Unit Trust Managers Ltd* (a) 
Counwood Rouse. Silver Street Head. 
Sheffield. Sl 3RD 


□Ll 

W2 

361 

Q961 

p».® 


Tercrt Gill Fond 

Target Growth . _-(25.7 

Target tell B30 

Do. Reinv. Unity . B40 

Target Inv. |26 S 

TargrtPr Mar. B .. 

Tl t.lnf 

TgLPref 

Cos oe Growth Fd 


33.4| +0.5) 
620 +L3 
380 +0 3 
2032 
269.4 
1266 
27tri 
MJ 


142 9 

2BB 

-'K 


-021 

+oa 


26.7] +0^ 
2S« +021 

150.4) 

33 X 
U2 
100 




434 

4.47 

80S 

630 

6-38 

3.00 

5.88 

220 

220 

398 

464 

S06 


Chieftain Trust Managers Ltd*(aKg) 

30-31 Queen SL.EC4R I BR. 

American LT395B . __ 

High Income IJ4X 42ft +03 9.64 

Inleraolianal Trt — hzi22X> 23 7] +0Jl 335 
Baric Betree. Trt|2J* 7S2i 496 


Commodity ft Gen 

Do. Accum. 

Growtk_.. 

Bo. Accum 

Capital . . ... 

01-8482832 Do. Accum. ... 

ltj Income 

Do. Accum 

International 

Do.Accam- ..- 

High Yield 

Do Accum — _ 
Equity Exempt 


39 1 +L1) 


Confederation Funds MgL Ltd* (a) 

50 Chancery Lane. WiitA IHE 01-3420282 Do Accum.’ — ! - 

Growth Fund !»6 386] ,..J <94 



Target TsL Mgrs. (Scotland) (aKb> 

IB. AUiol Crescent Eitin. 3 031-238 8821-2 

Target Eagle . .122 3 24 7] +0.1] 107 

Ity.s +0X 5.93 

4 617s ‘ 


IS 62 


'Prices ai Feb. SB Next dealing March 3L 

Minster Fund Managers Ltd. 


Tel- 0742 78842 Target Tbiallc- 
6L4] — fl.i] 5 98 Exira Income Fd 

— 3^ Trades Union Unit TsL Managers* 

■" 334 100. Word Street. E.C2 01+B88011 

3« Tl'lTMar 1 M50 480ri -..] 507 

60S Transatlantic and Gen. Secs. Co.* 
608 Pl 09 N'pw London Rd. Chelmsford 0345 51851 
Barbican Mar 9 

1 Accum Ualty 1 

Barb. Kara. Feb. 22. 

Barfnn. .'tar 9 — , 
rAccum. Uarta* — .. 

iToleowi Mar 10 

1 Accum. l.'niui 

Cumld. Xar 8 

(Accum. Unity* 


^Tms8525_ WuatrHtf.. Arthur SL, E.C.4. Ol-gSS 1050 Sire' Wwra ' ll VI [5 .7 

g 2 SSSS^^ 5 SPS fiSN M.-B il IS SSSfet 

Crescent UnU TsL Mgrs. Ud taMg) MLA Unit Trast HgeranL Ltd vKJ85ife®K:' 

4 Melt ill c Cn?A- EdsDtaixh 3 031^22848X1 Old Queen Street. SW1H BJC. 01-8307333. (Arrinn. Uniui _ 

ttfisraal Growth ~.)S0 27-7] +O0J 4J3 MLA Unity 134-8 3S7J...I 4.76 yjS^SwL'n" 

Mutual Unit T»St Managers* (ajtfl 1 Accum l aits.! . 

IS. Copthal) Ave.. EC2R 7BL'. 010084803 Wick'rMBr.fi 

Mutual Sec. Plu*., -to- 3 50ft +O.0J 7.W 
Mutual lnr Trt . MS «.« +0.3 7.85 
Xfuinol Blue Chip. toX 004.(1 6.99 

Mutual High Md- p4J 5B5| .. | 9 0S Tyndall Managers Ltd.V 

National and Commercial iacxajngeRoad.fi"»(oi 


Cre*. IntcriMtl. ..m. 
era*. High. Dij*. ... 

Cres Heurtn . - 

Discretionaxy Unit Fund Managers 
S&Bkmncld&UEUSXI’AL 014136*489 

Pise Income-. ^ R403 15801 +2Xi 507 

E. F. Wincbe*ter Fund MngL Ud 

OWJewn.EUS 018082107 

Croat WtarbKter !170 ;9.4d . .1 629 

Gt W Inch'cr U'seOMtS 7 2044 . | 400 


548 

(Accum. I. nitel. ftS.l 
Wick Die. Mar 10 to.9 
Do. Accum IftlS 



31. sl Andrew Square. Edinburgh 031-358 9153 

Income Itor 1 - .[1X8 8 . ION .. .1 r-o'tS-a ‘ 

iu! ill. IS .Are^'unity.::.: 

«p* » jg| - I Exempt Feb 22 _ 


■Accum. Unity ■ - 


* Accum. Umui- 

Entfisn ft Dudley TsL Mngnmt Ltd. National Provident Inv. Mugrs. Ltd* unnynge Mar 8. 
2ft. Arliagtoa SL. S.W 1. 01-4MT351 « rracecharohSl . EOP3RH 010334300 ‘irtSiL rimB “ 

Emson Dudley Trt ]60.7 606; ' 


( 5X0 

EquIUs Secs- LtdViaHg) 

41 Blihopigate. ECS 01 S882851 

Pi4gm»re - )6ft5 638] rft4[ 4-46 

Faulty & Law Un. Tr. SL* (aVbxci 

Aujcrfhara Sd_ Ihgh wyettcbt 0*8433217 
Equity* Lou 168-9 64 1] +00] 4JI 

Fraud ington Unit MgL Ltd (a) 

>7. Ireland Yard. EC43 SDR 0!- 7486071 

Capital Trt-. ~RM4 306JM+L6] 418 

Inapt Trt_^.. WO UOfl+LM 6.49 

int- Growth Fd. — wo ui ;.($ 

DaAcpiOL Naz 990! +2 6] IIS 

Friends’ ProvdL Unit Tr. Mgrs.* 

Pixhem End. Darfcuig 0300 SOS 

Friends Pw. LU. 4*4.4 421] +0 *1 457 

DeANBBi. -.1502 . S36| rfli! 457 

G.T. Unh Managers Ud* 

10 FkWhury Orouj>EC21TT£«i 01-4B88131 

GT.Cap.tnc ..,77 I 820] -23] 389 

Do. Are— fe_7 48 £ +2.9 

G T. tec. Fd Uu . 3500 UOJri+2.5 
G T USA Gra.. .S130J 1386} +L2 

G.T. Japan ft Gen-fetf 253^ +28 

4GL PCnj- E* Fd. _ p9J US?} .. .1 
GT tell Fund . [U6.9 113 7a -0 9] 

GT FouTYdsFd. . <51.2 34« 


\.F L GUt I’n.Tst 104 4 47 J I 3.75 

( toman Units*' - Ig3 ,-Sftg - j 3 75 
NF*IG seas. Trust -RS8S 1152rf .. . J 3^1 

t.V'.-um Unity*** - *lt& l 1220) .( 3:20 

■•Prirei on Feb 23L >en dealing March 30 
-Prices Feb. 15 Nwt drsling March 3. 


Int Earn. Mar 8 
1 Accum. Unity* . — 
Scut. Cap. Mar. 8- 
1 Accum Unita). 
Scot Inc Uar 8 


National Westminster*!*) 

181. ClINptidf. BT7V SEX' 01-808 BOBO 
Capital- Act urn.* -jStfl 63 3 470 

ExStee. g.9 603+0.3 7.58 

Flnuctol BJ 35.-9J +00 523 

Growth 1 st — B.l 882} +05 329 

Income ... 345 Sa *®' 2 671 

Portfolio ini- Fd .. 66X 7B.S +4 9 5X9 

LnlreroalFdid* (409 52 6] +081 308 T5S Unit Trnfits (y) 

21. GwritiyWay, A adorer, ■Rant-*. 


London Wall Groan 

Capital Growth . .. 

Da Accum. .. 

Extra tee Grouth . 

Do Accum. 

Financial FVlty'.. — 

Do Accum 

High tat Priority-- p72 
international 1^2 

Spe+tal sit* (27 9 


330 

163 4 

1120 

155.4 

11056 

[1450 

M94 

pan 

3§i 

1474. 


73J 

74.7 
3SX 
591 

15.7 
39.0 


0K332241 
8.02 
a 02 
4 62 
462 

774 
774 

ft 

IJ 3 

506 
506 
■9 32 

7821+10 650 
791 +10 650 
37 7 +0.1 AO 02 
420 +02 1002 
160 +DX 008 
20.‘ +0J - “ 

615 +0.6 
2Li +02 
292 +02 


Frtl sk.Cin.Trt . 
FrtVk Dbl Op Ttt 


307tt 

88.6 


2.18 

180 


070927781 


Bk. of Bennudo. Front S 
Ber ropac F -. ..BUS48I 

G.T. SFd _ '....r SU 


Fleming Japan Fund S-A. 

37. rue Notre- Dome. Luxembourg 

FI ms Mar 7 ( SUS4X8S | . ...J — 

Free World Fund Ltd 
Butterfield Bldg.. Bond lion. Bermuda 
NAV Fob. 28... ,| SUS166 65 |. | - 

G-T. Management Ud Ldn. Agto. 
tort B»f. 10 FUMbury Circus, Loodon EC2. 
Tel: 01-828 8131. TLX: 888100^ 

G.T. PeetflcPd. 1 5USU.69 J-0D9( - 

gaaarort ■* teteraoUanal LOL 
c.« Bk at Bermuda Ftanl Sl, H.nmluv. Bmdx- 
Ancbor 'S' I'ltlts— BUS8 7I IM . . I 1.95 
Anchor InL Fd — |SUS3J1 404 .... | 199 

Su Hamltn- tantjjL 

SUS6.44 { ( 0 n 

G.T. MgL (Aaia) Ltd - 

Hutch! non Hse, ltercoun Rrt. Hong Kong 

g t Ski d Fuir.'r;i f^Su 1/ *1 -iW s5 

G.T. Management (Jersey) Ltd 
Royal T«, Hae.. Colomherie, SL HeUrr. Jeney 
G.T Aaia Slerhng— (£18.97 1109] | 1.73 

Bank of Bermuda (Gaerafcyi Ltd. 

31-33. Le Ppllrt Guerowy. (M8i-asHB 

" ... jjg 

1179 

124 


a: -33. ue nuioi. uomiwy, ossi-amaB 
Bear PficSlrig — .BZ3.B 2J4JI | 
Anchor Gift Ease .fM.72 38.771+8 05] 

Anchor In Jv.T(L_K2Z0 ZftiJ . 7| 

CntiMre TnvesL Ltd. Ldn. Agts. 

2. Sl Hmy Are. London- ECS. 01 2833531 
Outwore Priud ftp. iFrt KaO Lid. 

1-Va Hutchlare Hae. 10 Homan Hd. fLKoog 
HK ft Pfic. u. Trt krartl ZJH+U15I 3XB 

Japan Fd mm 775 VJ& ) - 

N. Amenna Ttt — HCStUS ...[- 

InU. Bond Fuad™. |k'SU7 Utog ... . J - 
Gnflam laroUial MuL Ltd. 

P.O. Box 32. DoubIoc. loH. 0024 ZWI 1 

International (no. [282 2151 .. J 120 

Do Grow*--- . [53 7 ' 57j] :..... | 5.41 

Hambro Pacific Fund MgmL Ltd 
2110. Connaught Centra. Hong Kong 

Far East Mar . 8 — HfflOlO lug | - 

Japan Fond (scan uq | - 

HambrM iGnerntey) Ltd / - 
Hambro Fond Mgrs. (CL) Ltd 
P.O. Box 80. Guernsey ' 0481-08521 


Enterprise House Portsmouth 

toternotlonal Funds 

f Equity.... .- 

I Equity’ _ 

I Ft* rd Interest. 

S Fixed Interest. 

£ Managed. .. . .. 

SManagMl...-. . -. 

J. Henry Schroder Wagg ft Co. Ltd • 

130, Cheapttde, B.C 2 . 01-5884000 


[1040 

118.6 | 

1120 

120 0 ... J 

1390 

148.4 * I 

102.7 

189J 1 

1219 

129 6 — • 

1079 

1147 - : 


(.'heap 5 Mar 0 



277 


UW . 

1B8 528 

621+0X2 ft. 16 


< ne>n . . 

TrafalgBr Jan 31.. 
AsuuiFdFefa.aO 
Darling Fnd 


_ ___.«9 L| 

Japan Fd.Mfir.9. ...tH'55K 

Sentry Assurance international Ltd 
PO Box 39ft Hamilton 5. Bermuda 
Managed Fond ....|irstw IIB) I — 

Singer ft Fricdlaader Ldn- Agent* 

a). Cannon St. EC4. 01-2480040 

[iekafoada IDH2SJ9 2658|+DX0I 6.42 

TolqroTn.Feb.28 I 51753100 I I 2M 

Stronghold Management Limited 

P.O Box315.SLHeIisr.Jernry. 0534-714^0 

Commodity Treat. -|B701 92 491 ( — 

Surinvest (Jersey) Ltd txl 

P.O. Box 9ft B. Helier. Jersey. C*534 73873 

American lnd.Tn...|£6 «6 7OO[+0.OU 143 

Cop per Trust H822 18.43+O0ffl 

Jap Index Trt .. -j£9J6 9 53+0 04] _ 

Surinreal Trust Managers Ltd. (x) 

4ft Athol Kirret. Dougin*. 1 pJ4 0024 23814 


The ^i leer Trust 
Richmond Bocd97 
Do Platinum Hd.... 


11065 
390.9 
013 0 


Do. Gold Bd. ... . — (103.4 


Do. Em B7fEBd 


172 5 



Cl. Fund 
IninL Bond 
InL Equity 

Ini V Sl'SjO.99 


SL'S 

US 


[1280 

10308 

<904 


£50 


Prices on Mar. 8 .Next dealing Mar. IS 
Henderson Baring Fund Mgrs. Ud 
P.O Box N47S3. Naesau. Bahamas 

Japan Fri. ..._ 115.62 16091 | - 

Wires OT Mar. 8 Next dealing date Mar 15. 

Hill -Samuel ft Co. (Guernsey) Ltd 
8 Le Prime Su Peter Pori Unerases-. C.I 
Guernsey Til. .. 11440 154.9J+15] 555 

Hill Same] Overseas Fuad S-A. 

37. Rue Nou+Diuw. [auaintir| 

U6J8 DiC+O03| 

International Pacific lav.' MngL Ltd K Rue Aidiinger. Luxembourg 

PO Bos R237. 5ft Pitt St. Sydney. Aurt ” ' ' * *"““ 

Jarelln Equity' Trt. (fl 05 1-9^+0021 - 

JJSLT. Managers (Jersey) Ltd 
POBmIM. Royal Trt Ftoe. JersorilSM 27441 
Jera« Brtj7iLTrt.H250 . 133.8j .. . .1 - 
A< at Feb. 29. Next Mb. dgy Mv. 31. 

Jardine Fleming ft Co. Ltd 

46th Floor. Connaught Centre. Hoag Kong 


TSB Unit Trost Managers (C.I.) Ltd 

BosatelleRd .St Sai-iour.Jerrov. 0534734M 

Jerxey Fund J4L1 43 S ..[ 444 

Guernsey Fund ....(411 43J| .. I 4 M 

Prices on Mar. ft Next sub. day Mar 10. 

Tokyo Pacific Holdings N.V. 

lot I mis Managnnenl Co N.V. Curacao. 

NAV per share March 8. 5US48 12. 
Tokyo Paciflc Hldgs. (Seaboard) N.T. 
Intunls Maaagemeni Co N.V. Curacao 
NAV per shore March ft SUS3362 

Tyndall Group 

P.O. Im 1254 Hand Um 5, Btnuada. IrTm' 
Overseas Mar 8. — gl'M 49 LSUf .. . [ 608 

1 Accum. Units) 

»Way lot. Feb. 10 . 

2 New SL. SL HcHer. Jersey 

TtiFSLltor 8 £6 38 

■ Anuul Shores) £9.75 

TASOFMor. 8. 76.0 

lAecnm. Shares) .. . 760 
Jersey Fd Mar B.._ 1852 
i.'.oo J Are UK l. 2540 
Cl h Fund Biar 8..... 111.4 
Accum. Sharcsi ... 1400 
Victory House. Douglas, blrof Man- *424 25828 
Managed Feb. 10—1123 6 132 4]. I — . 

Utd fatal. HngmbL (C.I.) Ud 

14. Mule otter Street. Sl Heller. Jersey. 

U I ft Fund 1 5VS1W | I 825 

Uni fed States Tsl. IntL Adv. Co. 



ymm 

600 

600 


?3 

1808 

1008 


Jardine Ean. Trt- SHK219.S9 .... I 340 

Jardine J re. Pdf SHK253.BS . . I no 
)artin*S.E.A- _ . SUSU09 } ? bd 
ardinc FlcmlnLt 5HXRM _.'"J -J 

NAV Feb 28. -Equhaieot SUS9I4Q 
Next sub. March IS. 

Kemp-Gee Bfanagement Jersey Ltd 

I. Charing Cron, Sl. Keller. Jersey. 0534 73741 

Kemp-Ln'«Caplial.|79-5 823] I — 

Kamp-Gee Income 1624 64.4] .. I 850 


U0 Trt In». Fnd.-_| SUS904 * ( ..—I 0.98 
Net auol March 8 

S- G. Warburg ft Co. Ltd .1 

30. Gresham Street. EC2 010004559 

Cnr BdFd.atar.fi . | 5US936 J -iJ — 

EnailnL Mar. 0 51*51522 -0(Cj — . 

Gra0Fd Feb. 2ft SUS601 — , 

Mer-EorFdMor ft(IC5HM H2») | — ^ 

Warburg invegL MngL Jrej. Ltd. . 

1. Charing Cross. Sl Heller, Jty CT 053473741 
CMFLld Feb. 23 - (SUSHIT UM . ... I 
CUT Ltd Fefa 23 .. &X62 1295| .. ..) — 

SteulsTrt Feb. 1G.E2Q93 llio | 

TJITFebft UUStXfi SJffl I — • 

TMTUdFebB. . »I3 9J7[ .. I — ' 

World Wide Growth Management^ 

10a. Roulerard Royal. Liuembourg- 
urorldnde uh Fd| 51 S12.B3 |-0J1| - 


NOTES 


Prices do im include S premium, except where indicated 9. and are in pence unless otherwise 
indicated, rieldc S ishmo hi Inai enluuml allow for all buying expenses, a Ottered ports 
include a[l expenses 6 Today's prices, c Yield based On offer price, d Estimated, g To-dre's 
opening price b Distribution free as n g ***** p Pe--i K?lc prenunm insurance plans. ■ SlngU 
Premram Insarance. a' Offered price includes all expense* except agent's commission. 
Offered price lndudt*. a]] expenses if bought through moose era. * Prerkma day's price 
Mei of lax on realised capital grim unless radicated by e 4 Guernsey gross f Suspended. 

* Meld before Jersey ux r Ex-subdh-uian. 


408 

80S 

903 

5-03 


Fo'jrYdsFd. 

*G. ft . ft. Tntaz.uu fgi 

Kayieiph Rd. Brent* cod 
B9J 


308 

8X0 

248 

118 

*M 

230 
7 SO 


NEL Trast Manager# Ltd.* ta)(gi 

MU: on Court. DoriUng, Surraj-. 5en 

Nelrtor - « 5 +0 g 509 

Nelitor High Inc. -H60 48.9^ +0j| 904 

For New Court Fond Hasagm Lid. 
see Rothschild Asset Management 

Norwich Union hrtnrwce Group fbl ine . 

7*0 Bo* 4. Norwich. NB1 3MG «S»ma» . BiUl *?.‘ W 

Group Trt Fd IHBl 32064—791 5S9 

Pearl Trust Managers U*L UHrhzi 


Prtlings. Ip «« 83422-3 


030482188 


iblTBBGreernl 
:b<Du Accubl. .. . 
ib* TSB Income. 

• hi Do Arctun ... 

TSBRconlsh . 

> h* Do Areum 


O'arine Street. Belfort 
'hft'WerGrowiH , |S51 


44 4] +0.6] 
56 2 +0.7 
60.7 +0.6 
618 +05 
76.3 Ml# 
U.V+L0 


308 

3B8 

7JI 

7X1 

283 

203 


S77«| 


02233X31 

•o.a 0M 


2S2 High HoHiom.BTlV 7FB 0 1-405 Bill ****•**• J^* 


PeariGrontbFB 
torura Units 
FO.-I IM - 
I*Mri Uni; TM 
•Areaa Uaiu. 

Pelican I'nita .ftrimio. Ltd. (gHx) 
•KWiBPsOO ®t Rpeiw»m*i • muirhrcer 
JL8;+D0» 4.87 PtJicsa Unity 1»X 


King A'lIhauiSl EC4RSAR 

Friarrll+c Fund . [US 0 
Wirier Gtth Fnd .BJJ 
DO ACCmn .. - |30 8.. 

Wider Growth Fund 

Ring Ml Uiora 5r CC4R BAR 
Inrome Units — 1272 . 

■18] +0.6) 554 Accm Unity . Ma ..|3l.g 




01023 0951 

15781 

1 496 

28 7| 

1 IM 

335] 

( 368 


01«B‘485I 

28 71 

.. | 368 

32 5] 

... .1,3.68 


CUV'B INVESXME+NTS limited 
I Royal Exchange Ave- London EC3V 3LU. Tei.: 01-2S3 1101 
Index* Guide as at 7th March. 1978 (Base 100 a! 14J-77.)- 

CUve Fixed Inierest Capital 135.01 •• 

Clive Fixed Interest Income 122.03 


CORAL INDEX: Close 455-160 


INSURANCE BASE BATES 

t Property Growth 7}^ 

t Vanbrugh Guaranteed 7.43 % 

• AddrtH. hHohu ucdtr Insurance and Properly Rond Table. 


LG. Index I.imited~ 01-351 3 MW. Three months Copper € 60 ^ 672 a 
2 fl Larmmt Road. London. SWlO OHS. 






38 



Henry Boot Construction Limited 
Sheffield Tel: 0246-4101 1 1 


Interest 

Dm 


**BRITISH FUNDS 


suck 


Price 

£ 


Last 

a 


Yield 

lot | Erd 


' 14J 
28M 
' OM 

" 17M 

■ aSM 
; im 

■ .ISM 
3M 
14M 
ISJ 
15J 

_25M 
- 45J 
J5F 
JA 
12J 
4F 
21 F 
. J7M 
23M 
_I5J 

■ -15F 
ISM 
ISJ 
5J 
22M 
5Ju 


‘Shorts (Lives np to Five Years) 


2LF21A 


l4Ju TYeasun ID!.p(- 73“ 
28S Exrh Spc Ttf Tsrt _ 
9S 7reasuiYlHrfr T%.. 
ITS Tmairvapc 73s 
26S Elrrtne ■Wipe 71-75 ... 
IS Treasury- Tfltt _ 

1SN Electric Sijpc TfrTS . 

3S|Treasnij&pclsa«i _ 
]4N Treasury sLpc'BOJt 

1SD T reasmy Hjpc 7T-3) 

I5D Fundi msSipr TB-Si^ 
25N Exchequer 13pc tafitttj 
lSJa Treasury- ili-pc IS? It* 
I5A Treason ISTS-Si.. 
10 IreasurviftiDc ISJIJL 

12DE«h SVpcl'mi 

4A Exon. 5>zpr 1981 

21 A Eirh.3pclML 

17.V Treas Variable 

23N Escfa. tUtf-r 1SS1«± . 

ISJa Treas.fl Z fff‘8M2if__' 

ISA Trwtsiny3pc VOt 

18S Treasury Mpc ESt 

15D Treas. Vanahie'82j}-_ 

SJu Treasury Ape 732 

— Excb.9>,pc ISS2 

Each-Sto ISffln 

Exch3pc ‘83 


22S| 

5J 



FT SHARE INFORMATION SERVICE 


FINANCIAL MONDAY MARCH 13 1978 

HOTELS— Continued 


DUtiends 

Md 


Suck I Frier 


(Apr. OcLi 
JiLir. Scpl 


Oct 

Nov 


IGraad Hri 3Djv| 100UI 

ifti MprC3rS! 96| £115 
KuTvai'Vnrair 90 


(Lai&reK* Sji 


AMERICANS— Continued 


Dhidanb 

Paid 


Stack 


593 

627 

6 94 

r fl^j 

5| 

7371 

5.7X1 

ail 

»a 

9.27 

921 

6S9i 

9.14 

9.21 

932 

707 

750 

9.60 

918 

7.87 

972 

7 59 
947 
957 
963 
7.07 


u$s& 

MrJa.S.D 
Apr. 
Mj-JulS.D. 

MrJn^ D 
1USD 
KrJeSepDc 
MrJuJI.D. 
S.DMJu 
MrJe.S.D. 
F.HyfttlN 
ApJbOJa 
Ju.Aph Ci 
N.F.HrAa 
UJn.S.D 
JuOcJ.A. 


17M 
18J 
15J 
10J 
•161 
' 2HJ 
. 1J 
ISA 
J5J 
19J 
. 10J 
SA 
22J 
• 21 F 
25F 


ITS 

18Ju 

l5Ja 

IOJu 

IN 

2SJa 

Uu 

ISC' 

!5Jai 

15» 

10 J.il 

SO 1 

’Si 

25A] 


Five to Fifteen Years 


Treasury 12pt 1983^__ 
Treasury 9>«pcTB .... 
Fundi eg Sjpc Ky&Ut, 
Treasu iy Ipjpc W-9Kt . 
Fundi ngffjpc ■ffi-jT#. 
Treasury T^pc f54Btt. 
Tranjprn 3pc7B43S._.. 
Treararv 5 pc 8&-3S _ 
Treasury lipc 1S9A4 .. 
Treasutyffl'gim+i. _ 

Treasury 1 0«pc ISfll . 
Fundin&Siipc Sl-SIri 
Treasury I?ipc 92tJ _ 
Treasury tape 1990.. _ 
Exch.Efcpc'92 


lD8t 7 id 

8 JUL 05 

Be 

12-12] 941 
9.12[ 6.34 

947 S 

5Ul 910 


ZuM 7 82 

86 v„ 

23 12* 902 

66 

555-' J 59 

69^ci 

55| 711 

lUl? 

4151177 

867j 

Sill 9.72 

103’j 

5— '*11 55 

69H*ui 

1?! S.23 

109% 

2o 12.85 

91% 

teiln 0 ? 

104% 

19 ij 11 75 


9.78 
9 67 
8.41 
966 
9.27 
1003 
7.99 
922 
11.36 
1046 
1147 


J.AJ.O. 
F_W>AilN. 
S.D.MrJu 
Mr JU.S.D 
MrJe SO 
UrJeSfer 
AuX F lly 
,KaJuS?Dw 
Feb Hj Au No-| 
June Dee 
I. Ap. Jy. O, 
MrJe.S.D. 


JaApJi 
SiarJnSpDc 


MrJeJ’o. 
May Aug 


ApJy.OJ. 


FluorCorp S^. — 


Fort Motor 

taATX 

OeLKten. EteeLSSj 

““ JGiUe&eSI 

Honeywell 5L50 

Hutton ELF. 

IBMCorp S5 — 
InjwnoU-BSa 

Lc. 5vs>an& Con. St 
L I. internal ion sla 

jKfr«rAL9i 

aanLilM.CS?: 90 

■JorEan ■ JP* L‘SS25 
Noror: Sana lac. 5L| 
|0««i<-lll S3LB-. 
WraserUatsl'SK- 
RelisnreSLS 

Sep V V Corp S3 - 

Be\DOrd53 

Rictidsa -MirlLSlit 

Saul. 3 F * SI 

Shell Oil SI 

ISincer S10> — 
SsirRvRandSaOO. 

(TRW Inc. SI U 

iTenncco 

3o ^USltBlfi 
, i-ero^USaiPj. 

Texaco S62S 

MrJu5 D. [Time Inc 

Ja_Ap Jq.O. |TranaiiJericaSL- 
it : ld T«cIl5L'S5_ 

ITS Steel St 

r 1*0)5050 


Mr Je.S D. ht'oolotirths53ij. 


Xerox Corp. SI 

Xoniuinc.lOr 

OJaApJy. IZapau Corp. 25c __ 


Lot 

d 


Dir. rid 
firm Cir fir’s 


22 H 
321, 
16 


733p 

178ul 

38S|,m 

13 

818p 

21L a nl 

2ium 

2V« 

127, 

*W 

201j*d 

23^8 tri 

HK 

3S3p 

22% 

131* 

2Staol 

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Apr. July 
flay Aug. 
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Dec. Jnne 
Jan. Jnly 
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July Jan 
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May Au; 
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Jan. Aug, 
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Nov. AndMrChem. _ 
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