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JeReviens 

The essence 'L 
' of feminine $2 
:> . elegance 




JrESPA RF UMS ■ 

WORTH 


No. 27,553 


Monday May 8 1978 





, Drummonds 

B Freedom ■ 

L Suitings 


CONTINENTAL SELLING PRICES: AUSTRIA Sdi.lS; tafilUM FrJS; DENMARK KrJ.S; FRANCE FrJ.Dr GERMANY DM2.0; ITALY LSWr NETHERLANDS Fl.2.0; NORWAY Kr34; PORTUGAL Esc.2D; SPAIN Ptw^Oi SWEDEN Kr.2.15; SWUZBtlAND FrJ.D: EIRE ISp 


NEWS SUMMARY 





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GENERAL 


CBI renew attack I Stateaid ! U.S. aircraft 


BUSINESS 


Moro OPEC 
sends sets up 
farewell oil price 
letter study 


on Budget in bid 
for more tax cuts 

BY PHILIP RAWSTORNE AND DAVID FREUD 

The Confederation of British Industry yesterday renewed its attack on the 
Government’s Budget in an attempt to reinforce the Opposition parties’ votes 
for further tax cuts in the Commons this week. 


Former Italian Premier Alda • MEETING of oil-exporting 
Moro said in a farewell letter countries in Saudi Arabia, has 
to bis wife that his Red Brigade epded inconclusively, with a de- 
raptors were going to kill him cision to set up a commlti.ee to 
“in a little while” II Tempo e ”™ n « Jong-term pricing and 
rpnrt rfprf W Production strategy. The com- 

reponea. mittee will meet before an OPEC 

Rn D U L c ' th f ministerial conference in Geneva 

Brigades’ latest message threat- nest month 

erring to carry out their “death ' 

sentence,” Italian political ..Z* 1 ®, countries found it 

leaders were stilt optimistic that difficult to reach agreement on 
Sis. Moro might still be alive. ° u P««s because of demands 
Police and army units intensi- -Y some countries for action to 
fied Their search for Sig. Moro con *pensate for the loss in oil 
at Lbe week-end and arrested 23 revenues through the decline in 
people in a mass round-up of * . .dollar. Iran and Saudi 
Left-wing suspects Page 2 Arabia claimed that anything 

more than a token price nse 

Vaccine oavments ““W , not be justified by market 
vaubiiicpajiiiciiui condltlons Back Page ] 

£10,000 ex-gratia payments to ] 

each of Britain's whooping • DATS l' N and Toyota, the two 

cough vaccine-damaged children leading Japanese car importers) 

are to be announced by the in Britain, expect to cut sbip-i 

Government this week. Mr. ments to SO per cent, pf last 

David Ennals, Social Services year's total under the Japanese 

Secretary.' will also announce export restraint policy. But 

creation of an advisory panel smaller importers, which have 

lu decide which brain-damaged not yet had time to establish 

children qualify. themselves in the UJL, are 

aa . being given larger allocations. 

Tanker collision Back page 

Chemical-spraying ships were a 

trying last night to slop a 300- [Vpwf PYIHirflllP’ 
yard oil slick from polluting A1|CW CA JJU I till 

Norfolk beaches. The slick was * j 

released after the Greek tanker FOlC Dl&IIOCQ 
Elem V was cut in half in a r 

collision with a French mer- 

chant ship. Back Page lUf lOM UUltT 


With the Government facing 
close and critical divisions on 
the Finance Bill to-night and on 
Wednesday, the CBI warned 
MPs that the general level of 
business confidence had shown 
no improvement since the 
Budget. 

Expecting gloomy results from 
its industrial trends survey 
to-morrow, it urged an additional 
£900m, cut in taxation, including 
a 2p reduction in the standard 
rate of income-tax. to be 
financed by economies in Govern- 
ment spending, concentrating on 
current rather than capita] 
expenditure. 

A brief designed to bring the 
minority parties solidly behind 
the Conservative and Liberal 
lax-cutting amendments, was 
I sent to MPs yesterday after a 
meeting of the CBI's economic 
situation committee, its first 
since The Budget. 

Sir John - Methven, CBI 
director-general, said that mem- 
bers of tbe committee, made up 
of leading industrialists bad 
been concerned about, the 
Budgets lack of incentives for 
managers and skilled workers. 

The committee, which has 
direct oversight of the industrial 
trends survey, confirmed that the 
low level of confidence in the 
business outlook over the pre- 
vious quarter had shown no 
improvement. 


“The export market is becom- 
ing stilt more difficult with the 
downturn in world prospects." 
Sir John said. 

To-morrow’s CBI survey is the 
organisation’s main quarterly 
publication, which is updated on 
a monthly basis. 

The last quarterly results 
showed a grave lack of business 
confidence — a position which has 
not improved over tbe interven- 
ing months. 

Government resistance la ihe 
pressures for further tax cuts 
will be led in the Commons to- 
day by Mr. Denis Healey, Chan- 
cellor. 


Tied vote 


Mr. Healey, in a rare inter- 
vention in the Finance Bill's 
committee stage, will .attempt 10 
swing, in the Government’s 
favour, a finely-balanced vole to- 
night on a lp reduction in in- 
come tax. 

He may also respond to the 
CBI's attack by threatening to 
recoup any loss of revenue from 
income tax by imposing a new 
payroll tax in the form of in- 
creased National Insurance con- 
tributions on employers. 

Tbe Government's chances of 
avoiding defeat depend on the 
seven Ulster Unionist MPs who 
will decide thpir tactics at a 


Angola raids 

South African military sources 
have, produced new evidence lo 
defend raids on SWAPO bases 
in Angola. South Africa said 
that further raids would be 
launched- if “ harder violations " 
continued. Page 2 

Cabinet reshuffle 

Two Deputy Premiers have been 
dropped in an Egyptian Cabinet 
reshuffle. Dr. Abdel-Moneim 
KauNouns. Deputy Premier for 
Financial Affairs, is believed to 
have submitted his resignation 
over a draft Bill to increase civil 
service salaries. Dr. Mohammed 
Hafez Ghanem. Deputy Premier 
far Social Development, has 
also been dropped. 

Israeli warning 

Israelis have been warned about 
possible Terrorist attacks during 
This week’s 30th anniversary 
releh rations. Moshc Dayan. 
Foreign Minister, arrived in 
London yesterday for talks with 
the Prime Minister and Dr. Owen 
Foreign Secretary. 

Cuban toll 

Somali 'guerrillas said yesterday 
that they bad killed 262 Cuban 
soldiers in Ethiopia’s Ogaden 
region since the end of the war 
in March. The Western Somalia 
Liberation Front claimed that 
there were now 37,000 Cuban 
tmops in Ethiopia. U.S. esti- 
mates pul the figure at 17.000. 

Nuclear protest 

More than SJM0 people occu- 
pied the proposed site or 
Britain's next nuclear power 
station at Torness. East Lothian. 

Briefly - - - 

Ipswich Labour RIP Ken Weetch 
i* to table a Commons motion 
congratulating Ipswich Town on 
i« ’“magnificent " 1-0 FA cup 
victory over Arsenal . 

Premium Bond weekly £50.000 
pri 74 * was won by number 
10 WT 214109 or Dorset. 

Fifteen Pukb»tani journalists and 
newspaper workers have been 
fined and jailed for trying Jo 
lake part in a hunger strike to 
protest at Government inter- 
ference with the Press. 

Woherhampton immigrant 

leaders said that self-protection 
croups for coloureds could be on 
the streets “ within hours after 
ihe shooting of two West Indians 
bv three white men. Police said 
that the firing was “completely 
unprovoked." 


• POST OFFICE is expected to 
start intense debate in the tele- 
communications industry about 
new proposals under which it 
would take a key role in over- 
seas marketing. Back Page 

9 ujs. businesses expect v 
increase their domestic capital 
spending by per cent, in real 
terms lhi» year. Although this 
indicates an improvement in 
business confidence, companies 
are htiil anxious about inflation. 
Page 2 

• SAUDI ARABIAN company is 
negotiating for a slake in the 
Marseilles ship repair yard, 
Terrio. which filed for bank- 
ruptcy just over a week ago. 
Page 2 

• INDUSTRY has only another 
few weeks to apply for Govern- 
ment grants under the Selective 
Investment Scheme, designed to 
help companies carry out a wide 
range oF manufacturing invest- 
ment projects. Page 4 

• TOUGHER Government views 
on company mergers are 
expected to be outlined on 
Wednesday. Page 6 

Banks consider 


Britain may be 
offered extra 
North Sea gas 

BY RAY DAFTER, ENERGY CORRESPONDENT 


meeting shortly before the vote. 

If they vole with ihe other 
Opposition parties, the Govern- 
ment will be defeated. 

Mr. James Afoiyneuux. the 
group's leader and Mr. Enoch 
Powell, its cronomics spokes- j 
mac. have told Conservative 
whips that they cannot count on I 
the group’s votes. j 

Abstention by the Ulsler; 
Unionists would put the result 
oa a knife's edge. 

Mr. James Kilfedder. another 
Ulster MP. is expected to be 
ehsent because of illness — 
making even a lied vote possible. 
In such an event, the committee 
cb airman would cast his vote for 
tbe Government. 

Similar unetrtaimy surrounds 
the votes on Wednesday on 
reductions in the higher tax, 
rates. 

The Ulster Unionists are more 
likely to vote ugainst the Govern- 
ment then. Bui the Nationalist 
MPs may come to the Chin- 
celior’s rescue^ 

Ministers have made it dear, 
however, that any defeats in the 
Finance Bill will not lead to the 
Government's resignation. 

It is unlikely that Conserva- 
tive leaders would press a vote 
of confidence, because they 
believe that neither the Liberals 
nor the Nationalists would sup- 
port it. 


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rise in cost 
of overdrafts 

• BANKS this week will consider 
a further increase in the cost 
nf overdrafts after the nse in 
the Bank of England’s Minimum 
Lending Bate on Friday- B*** 
Page 

• TURKISH central bank has 
readjusted the value of tbe 
Turkish lira. It loses value m 
terms of some European curren- 
des. but its rate is unchanged 
against the U.S. dollar aod ster- 
ling. Page 2 

• EEC AGRICULTURE Ministers 
will meet in Brussels to-day to 
try to agree on farm prices alter 
months of wrangling. Back Page 

• TRADING STAMPS influence 
onlv 2 per cent, of housewives in 
their choice of a grocery store, 
compared with & P er cent - f ? u I 
years ago. according to a market 
survey. Page 4 

• SCOTTISH and Universal 
Investments directors are ex- 
pected, to-day to issue a further 
document rejecting the Lonrno 
hid— in reply to claims made ny 
Mr. tiny Rowland at the week- 
end. Page 28 


BRITAIN may be offered addi- 
tional supplies of natural gas 
from two new Norwegian reser- 
voirs after tbe exploitation of the 
big Frigg field. 

Franeo-Norwegian partners in 
the Frigg development are con- 
sidering tapping nearby fields 
which could add significant sup- 
plies to the British Gas 
I Corporation. 

Frigg, the biggest offshore gas 
field is due lo be inaugurated 
to-day bv King Olav of Norway. 
All tbe Frigg reserves are being 
sold to British Gas. . 

To-morrow, the Queen will in- 
augurate the St. Fergus gas 
terminal in Scotland, which has 
been huilt to handle new supplies 
from the northern sector or the 
North Sea. 

Total cost of developing tne 
field, the transportation system 
and the terminal, is put at 
almost £2.5bn. .. 

When Elf Aquitaine, the 
field’s operator, and its French 
and Norwegian partners, l oral, 
Norsk Hydro and Stated. were 
evaluating the size of .l"®’ 
they found at least three other 
associated reservoirs. 

Two of these “satellites. East 
Vying and North East Fri~g. may 
well be developed 
few vears. They could add at 

deliveries of, fas from the Frigg 
area. ' " 


Frigg. which straddles the 
U.K -Norwegian median line, 
contains about 20Qbn cubic 
metres of eas 

’! is a measure of its produc- 
tion potential ihai deliveries of 
Frigg gas should reach a level 
of 43m. cubic metres a day by 
the end uf next year— -the equiva- 
lent of one-third of British Gas 
Corporation’s present supplies. 

Eas! Frigg is thought to con- 
tain recoverable reserves of 
about 6bn. cubic metres, while 
North East Frigg. which spills 
over into an Esso block, contains 
about lObn. cubic metres. 


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Problem 


Speculation goes on as to 
whether East Frigg is a separate 
field. The Norwegian Govern- 
ment is concerned that exploita- 
tion of Frigg might be draining 
gas from East Frigg. 

The partners in the venture 
have agreed to report oo the geo- 
logical and economic prospects 
in the Frigg block bv the end of 
this year. 

They may well decide to drill a 
further well to ascertain whether 
or not Frigg aod East Frigg are 
joined. 

The partners are not. con- 
vinced that the two . smaller 
fields are economic prospects. 


UMIS 

_ • • \ 


in view of the Norwegian I 
Government’s desire not to seei 
reserves wasted it is almost 
certain that the Frigg partners! 
will be obliged to implement 
a development plan at some 
time. 

This poses a problem for 
British Gas. With new supplies 
building up Erom Frigg and 
more promised From the Brent 
eld. tbe Piper field and the 
Tartan field— among others — in 
the U.K. sector of the North 
Sea. British Gas may feel that 
it has sufficient supplies to meet 
its future demand for at least 
the next few years. 

If tbe Frigg partners decide 
to exploit the satellites, they 
may be asked to cut the level 
of production from tbe main 
reservoir. 

They would . need some finan- 
cial incentive to. do this. They 
are already being paid a higher 
rate to produce gas from the 
north eiii sector of Frigg — gas 
which could be sold anywhere — 
than from the U.K. sector, 
where all gas reserves must be 
sold to British Gas. 


Last big BP shares line finds 
‘permanent home 9 in Britain 


CONTENTS OF TO-DAV’S ISSUE 

9 naJic 

Overseas news « TjJL conpsnics ® 

^ Euromarkets !=SL= g 

KxccuIi^V 1 & e Ofiicr World 11 SSSST ESS? 31 

Arts page h 


features 


«... 14 FT REPORTS 

saS’sKfi — - 


Appgint imM ^ 


Building W»CS • 

feHinctunan's Olnnf » 

.CMIl'MtS ftTewlM 9 

cmaww* • ?! 

EniMBlmncBt Guide ... w 
FtanMial Di*ry ■ g 

liuvroMc ... 27 

Utters 

For latest 


Lex - — S 

Lombard " 

Men md Matter* ... — » 
Parliament Diary ... Sj 
PcmMng DIvhlMds..- * 
Share Information... M-W 
Snort .... - ” 

TMttri eww* ... « 

TV afld RwHo 

Unit Trwns » 


40 Weatber .... 
is Wend Econ. In “- — 


pbh p LCBtUss Ralaa ® 

.4MNUAL STATEMENTS 

Kambro Life ” 

S. Poar»n '5 

Weeks Assoe 


Share Index 'phone 01-246 S026 


BY CHRISTINE MOW 

THE LAST of the big lines of 
British Petroleum shares over- 
hanging the market since Ameri- 
can investors turned to selling 
their allocations of last sum- 
mer's Government issues of 
66Sm. shares has been placed. 

Joseph Sebag, the London 
stockbrokers, has confirmed that 
It has been involved in the 
placing of 3m. 'or a 41m. line 
of "shares from a U.S. institution 
known for some months to be on 
the market. 

The shares have taken three 
months to place. The last 
tranche oE the total order was 
negotiated . only late last week. 
In the next day or so Allen and 
Co., a New York broker, will 
announce that it has brought 
together the seller and a buyer 
for the last 14m. shares. 

The identity of the seller has 
not' been disclosed, but it Ls 
widely believed to be tbe trust 
department of a major U.S. bank- 
Most of the shares have been 
placed back in the UJL Sebag 
confirmed that 90 per cent, had 
found “permanent homes." 

Probably only about Jm. 
shares are still in the market, 
it said. 

It is thought that the absorp- 
tion by the U.K. market of these 
last 4jm. shares means that 
nearly all the BP stock which 


entered the U.S. as a result of 
last summer’s issue has returned. 

American investors were allo- 
cated 13.4m. -shares by the 
Government, and picked up a 
further 4in. or so immediately 
after the issue. Burmah sold a 
further 2ui. to Salomon Bros* 
a . New York Investment bank. 
Americans already held 25m. or 
so shares. 

By the autumn American 
enthusiasm for BP -had begun 
lo evaporate, and ever since the 
market has been depressed by, 
among other factors, continual 


rumours of large tines of stock 
travelling back across the 
Atlantic. 

From the 935p the Americans 
had to pay last June for their 
new shares, the market price 
slumped to 720p at one stage 
this year, and has never 
breached S64p. since the yeai> 
end. 

On Friday, the shares jumped 
ahead by 20p to end at S24p and 
analysts suggested ’ one reason 
for the improvement was that 
the market was beginning to 
sense an end to the overhang. 


Compromise move to-day 
on Labour candidates 


BY PHIUP RAWSTORNE 

THE LABOUR PARTY’S Organi- 
sation Committee will be asked 
to-day to approve a compromise 
agreement on tbe controversial 
issue of re-selection of Labour 
MPs- 

Left-wing attempts to impose 
greater local party control, over 
MPs by requiring them to under- 
go frequent re-selection as Party 
candidates have been rejected 
by a sub-committee inquiry. 

The subcommittee, represent- 


ing all sections of the party, is 
understood to have recom- 
mended procedures for improv- 
ing MPs’ accountability to their 
local parties without being sub- 
jected to the threat of constant 
challenges to their position. 

The plan, passed by a sub- 
stantial majority in the sub- 
committee. will go before the 
party’s National Executive this 
month, if approved by the 
Organisation Committee to-day. 


for Ford 
likely 
to total 
£150m. 

By Terry Dadsworth, 

Motor Industry Correspondent 


THE BRITISH GOVERNMENT 
Is expected to provide grams 
worth about £150m. towards 
Ford UK’s new £lbn. invest- 
ment programme over (he 
next four years. 

- Tbe figure, which compares 
with the £180m. Ford plans to 
spend on its uew engine plant 
at Bridgend. South Wales^ has 
been given lo employee repre- 
sematites by Mr. Terry 
Beckett, the company's chair- 
man and chief executive. 

Mr. Beckett said that the 
company hoped to provide the 
rest or Ihe finance from 
Internally -generated funds, 
which would Ik- possible assum- 
ing the company made profits 
similar to last year’s £2 46m. 

“lYe don't want to have to 
borrow with interest rates as 
they have been. That is an 
expensive switchback to get 
on." 

Ford's analysis or the large 
Government contribution to its 
capital expenditure will 
depend to some extent ou the 
way the investment plan 
develops. 

Safeguard 

Not all the projects in Ihe 
plan have been approved, 
although the company is 
telling employees on a plani- 
by-plant basis what the impact 
or the investment will be o\er 
the next year or so. 

Mr. Beckett said that the 
programme would safeguard 
rather than create employ- 
ment. “We are not planning 
to provide any more jobs 
during ibis period. 

“Last year, we increased our 
head count by 3.0IKI jobs in the 
U.K.— a year in which British 
Ley-land was cutting back. 

“With this investment we 
are doing our bcsl to safeguard 
the future of all our em- 
ployees." 

More than hair the machine 
tools used in the programme 
would be supplied by British 
manufacturers. 

Rejecting criticism that tbe 
company was buying heavy 
presses from overseas, air. 
Beckett said that no British 
company had a design which 
matched Ford’s needs. 

“Our criteria In purchasing 
equipment is as always— price, 
specification, reliability and 
delivery. When British sup- 
pliers meet ibose criteria we 
buy British." 

Japanese cars. Back Page 
Selective aid scheme. Page 4 
Tory plans. Page B 


chiefs will 
meet Varley 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


MR. ERIC VARLEY. Secretary 
for Industry, ihis week starts a 
series of fact-finding talks with 
the presidents of the three big 
1 U.S. mrcrart manufacturers 
I which have offered collaborative 
j programmes to Ihe U.K. aero- 
space industry. 

First lo visil Mr. Varley will 
be Mr. E. H. Boutiioun. president 
of Boeing's Commercial Airplane 
Company. He is due at the 
Department of Industry lo- 
j morrow with a leant of advisers. 

I It is expected Mr. Sandy 
' McDonnell. president of 
! McDonnell Douglas, and Mr. Roy 
Anderson, president of Lock- 
I heed, will meet Mr. Varley 
towards the end of this week or 
| early next week. 

The a ini of ihe talks is lo 
enable Mr. Varley and senior 
Whitehall officials from various 
departments lo obtain roll 
details iff what the U.S. com- 
panies have to offer the U.K. 
in terms of work-sharing od pro- 
grammes for the future. 

Preliminary indications are 
that Boeing is offering Britain at 
least 40 per cent, of the airframe 
work on the proposed Boeing 
757 short-range jet airliner, 
which wmild also use the RB-211 
Dash 535 jet engine being 
developed by Rol Is-Ro vrc. 

Lockheed has offered the U.K. 
work-sharing un new develop- 
ments nf the TriStar airliner, 
which already uses ltolls-Royeo 
!rB-21Is. 


is discussing :i jw-sible aircraft 
programme 'with (he Omitr.L-fU.il 
companies, built mu ml (he Air- 
bus Industrie -JUU-M-at B-iu 
aircrafi and ihe ;in>pused -X««vivl 
European Transpnrl series iff 
aii'ei'.ifi. sealing between 130 and 
163 passengers. 

31 r. Var ley's long-l erm aim 
must he to draw up a Fist iff 
options, including the U.S. and 
European offers, and Iroin the-.i 
decide whal i> hesi for ihe 
A recommendation is likely then 
to go in ihe Gab I riel fur j iiii.il 
decision. 


Artificial 


Package 


McDonnell Douglas is under- 
stood to he offering a package 
deal which could include work 
on a possible Advanced Tech- 
nology Medium Ransc airliner, 
its bigger 200-seai DC-X-200. and 
help on marketing the U.K. 
HS-146 Teeder-liner in ihe U.S. 
with perhaps some, military and 
guided weapons collaboration. 

Mr. Varley and- his advisers 
want to find mil how firm these 
ideas arc. whal the i- 1 s»k invest- 
ment is for the U.K.. whal (he 
employment potential is for the 
U.K. industry and what ihe 
nrnfilabililv might be. 

The U.S. companies would 
like assurances that IT tbe U.K. 
entered such programmes it 
would be ahlo to sustain deli- 
veries at the rates l ho U.S. 
cum panics would require, while 
beeping to the prices and speci- 
fications laid down. 

it hus been stressed in (he 
U.S. industry that collaboration 
must be two-way, that while the 
U.S companies would like (o 
work with (he U.K. industry, 
therp is no obligation for them 
to do so and they- can find 
partners elsewhere. 

Similarly, it is well under- 
stood in the U.S. that the U.K. 


it is empliastncd in ihe L 
Iliat while tin* :in:ilys>i\ nf -r,s:!i 
options can mil be nthmed tii 
drag un tin* Jong, llu-re i> n>i 
perale hurry lu reach a iIl-cimou. 
Senior management m British 
Aerospace u ln-liL-\od lu ti.-el tii..t 
recent “ deadlines " winch 
been mentioned arc niiuu-i.ff 
and lhat ihe world market i.- rnff 
likely (« move so fast ih.it if 
decisions were nut taken tins 
summer Britain could he util uf 
the market fur a now generation 
of airliners. 

These people lend to believe 
that the autumn might he early 
enough for such decisions, li js 
Ihis type uf thinking which Mi. 
Varley and h>» team must clarify. 

The pressures which have 
heron gcneraicd m favour oi a 
link with Bucing have been 
strengthened recently by ihe 
National Enterprise Board's open 
espousal of collaboration with 
Boeing on ihe 757 with Ihe Dash 
535 engine. 

Al the week-end Boeing demon- 
strated its predominance in 
world jet markets by annmmci.ig 
that it would steadily raise tit- 
rate uf production on all its te'- 
line'-s from the pre-em i4 air- 
craft a month to L’tV by trie er.d 
uf next year. 

Tne rate will rise lu lb a 
month by UiuLuniincr. then in -'2 
a month by early next year. The 
full 2tfi jets a month will include 
twelve 727s, seven 747 jumbos, 
seven 737s. and hair a 7l»7. 

This will be the highest pro- 
duction rate Boeing has achieved 
since IMS. when it was building 
32 jets a month. 

The planned increases sicm 
from rising world demand, as the 
air transport industry moves out 
nf recession, and as many air- 
lines find the need lu replace 
ageing jets. 

A study by Boeing has shown 
that of the world ileer of all 
kinds oT jets. 471 are 14-lfl years 
n|d. 731 are 11-13 years old. 
1.707 are eiehl-ten years old. 
1.047 are four-seven years old. 

Continued ou Back Page 




^OPEE/V/y 



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OVERSEAS NEWS 



U“ ce rtainty Saudi bid for French shipyard stakei 


over Moro 

^(iGSilf'h SAUDI ARABL4N business Switzerland, confirmed on 

tycoon, Mr. Akram Ojjeh said French television that he was 
, • ; to-day he was negotiating for a considering taking a stake in 

CfkB'ITOTIftO >stake in the leading Marseilles Terri n, but denied he was neces- 

o^AUfV'AlV-V- [Ship repair yard, Terrin, which sariiy out for control. The 

- d i d.u_ filed for bankruptcy just over Socialist major of Marseilles, 

uy paui Berts a week ago. M. Gaston Defferre. has been 

tiuwr,, »a> i. i The sozuewhat dramatic entry pressing the Government for the 
SOME 4S HOURS after the Red. of Mr. Ojjch’s company. Tech- Frs.64m. (FLSm.) which he says 
Brigades' latest message threat- niques d'Avanl-Garde (TAG), is needed to pay for an early 
eniog to execute Sig. AJdo Moro. has raised hopes for the rescue retirement scheme and to pump 
the former Prime Minister, there of the yard. Receivers appointed in extra working capital, 
was still no evidence that the: by a Marseille court have mean- The case is something of a 
terrorists had carried out their while announced plans to sack test for the new economic poii- 
su-callod "death sentence.'* 750 or more of the yard’s 4.000 cies of the Barre Government, 
Despite the silence of the left-, employees, who are threatening which is against keeping lame 
wing terrorists, political party ! to take the whole of Marseilles ducks afloat. On the other band, 
leaders were expressing to-day a I port, the biggest in France and the Government faces the threat 
measure of qualified optimism I the second biggest in Europe, of. strong labour pressure, par- 
that Sig. Moro might be alirc.Jout on strike. ticularly a strike in a port 

This followed reports of a newi Mr. Ojjeh, who is currently in which is key to France's oil 
letter appurenty addressed by! 

the 61-year-old Christian Demo- j-g-^ • • ■ 1 

"a'iSSs sjMyffikr pur ! Eurocommunism criticised 

portedly written by the prisoner! 

has so far not been officially: BY JIMMY BURNS LISBON, May 7. 

released, the Rome newspaper 5 

11 Tempo, claimed today that it, 1 SR. ALVARO CUNHAL. the supporters represents the first 
contained a farewell message secretary-general of the Portu- open attack by a West European 
from Sig. Moro to his family. „ uese Communist Parlv. this Communist Party ou the prag- 
However. it has also been wf.atj.nrt rwir.-irt »,ic 'nnrtv'c niaLic ideological approach 


BY DAVID WHITE 


By Paul Betts 


imports. 

The ship repair business in 
Marseilles employs about 10.000 
people, and its difficulties have 
been aggravated bv the collapse 
of Terrin. Other yards have lost 
orders because of the strike risk. 

Mr. Ojjeh could bring the yard 
not only a financial injection but 
also a big Tepair contract tor the 
luxury liner “ France.'* which he 
bought for Frs.lOOm. last year 
with the aim of turning the loss- 
making flagship of the French 
passenger fleet into a leisure 
centre. 

News of Mr. Ojjeh's interest 
comes a few days after disclosure 
that the Syrian-born businessman 
had bought a stake of around 5 


PARIS, May 7. 

per cent, in the big private com- 
mercial bank. Credit Commercial 
de France. Because of the 
bank's policy of having diverse 
shareholdings, about 30 per cent, 
of which are foreign, this makes 
him one of the leading share- 
holders. 

.Mr. Ojjeh recently bought a 
10 per cent, stake in a leading 
civil engineering group. Dumez. 
with which he plans to operate 
jointly in Saudi Arabia. He also 
holds a 44 per cenL share in 
Air AIpjj and smaller sharehold- 
ings in other regional airlines. 
His air Interests were reinforced 
with the purchase of -60 Falcon 
aircraft from Dassault-Breguet. a 
deal worth over Frs.lbn. 


Strike hits Malaga tourists 


BY JIMMY BURNS 


LISBON. May 7. 


However, it has also been wee fc^ n( i declared his ’party’s niaLic ideological approach 
pointed out here that this is not unsw erving allegiance to the adopted by the Spanish Corn- 
the first time the Bed Bridages Soviet Union and delivered a munist Party in Madrid last 
have threatened to kill Sig. Moro ibjnly-veiied attack on the month, when Leninism was offici- 
since he was kidnapped on independent line adopted by ally dropped from official party 
March lb , other West European Communist dogma. It reaffirms the Pnrtu- 

following the latest Red parties 1 , guese Communist Party's oppnsi- 

Brigades' threats, police, backed ~ m tion to the position adopted bv 

by Army units, intensified lhis the Eurocommunists at the 

week-end their search Tor Sig.! summit attepded last year by the 

Moro s whereabouts, and arres- lu 001 cl^ a , Ce ? r ^? Secretary - Generals of the 

ted some 23 people—mainly stu- So J iet c y ni °° s Communist SpaDi5h> ItaJian and French 

dents— In a mass round-up of ***%%.' ...SSfJ* 1 Communist Parties. 

Left-win™ suspects s support for orthodox 

Political partv leaders re- Mancist-Leninist principles add- The address was an implicit 
affirmed to-day their support of in 3 . i. hat “those who abandon attack on the speech delivered 
the Government's hard-line “no Denmlsm also abandon Marxism.'* last month by Sr. Santiago 
surrender to the terrorists” The speech made before an Carrillo, the General Secretary 
stand. audiences of over 30.000 party of the Spanish Communist Party. 


BY ROBERT GRAHAM 

A 48-HOUR STRIKE by hotel 
I and restaurant workers para- 
l lysed the tourist industry on rhe 
Costa del Sol at the- week-end. 
Further serious disruption seems 
certain as there is no sign of 
agreement over a pay dispute 
between the workers and the 
hotel managers association which 
is threatening to begin an 
indefinite lock-out to-morrow. 

A strike by food suppliers, 
now in its fifth day. has com- 
plicated the plight of thousands 
of tourists. Because of picketing 
of supermarkets and cither 
shops. Food has K-en difficult lo 
obtain outside the hotels, only 
some of which :irt* providing 
cold meals. Visitors are 
obliged to make their own beds 
and generally help to look after 
themselves. 

As new tourist groups arrive. 


MADRID. May 7. 

the Malaga authorities are 
diverting them to Almeria. 
Algeciras and Seville. 

The pay dispute has been 
dragging on for almost a month 
with sporadic strikes. The pre-j 
sent stoppage is the first co- 1 
ordinated attempt by the trade 
unions to put pressure on ibp 
hotel owners. Hotel and res- 
taurant staff arc demanding 
parity with wages on the Costa 
Brava and a series of improve- 
raenls in pay structure. The 
hotel owners say this would 
mean breaching the Govern- 
ment's 22 per cent wage ceiling. 

In London. Cosmos Air Holi- 
days said they had arranged 
alternative accommodation at 
Rognetas near AJmeria for about 
400 holidaymakers due to fly 
from, Luton. Gatwick and Man- 
chester. 


Turkey 
changes 
cross rates 
for lira 

By Metm Munir' 

ANKARA, May 7. 

TURKEY’S Central Bank to-day 
announced a realignment of the 
Turkish lira with nine major 
currencies as a result of fluctua- 
tions in the value of the U.$. 
dollar. 

The lira loses value by between 
1.93 per cent, and 4 J95 per cent, 
against eight currencies and 
gains value in relation to the 
Canadian dollar which is depre- 
ciated by 2.02 per cent Bankers 
describe the readjustments as a 
first step towards correcting cross 
rates after the devaluation of 
March. 

The Austrian Schilling gains 
by 3.16 per cenu the D-mark 
by 2 per cent., the Belgian franc 
by 4 per cent, the Danish Kroner 
by 2.85 per cent., the French 
Trane by 4.95 per cent, the Dutch 
guilder by 3.96 per cent, the 
Swedish kroner by 1.93 per cent 
and the Swiss franc by 2.95 per 
cent. 

The parities of the U.S. dollar 
and the pound sterling remain 
unchanged. 

The move comes after devalua- 
tion of 30 per cent, in March and 
is bound to have domestic reper- 
cussions. 

Our Nicosia correspondent re- 
ports: Security forces in Cyprus, 
have been placed on Increased 
alert after information that an 
Arab group may try to free two 
Arabs under sentence of death 
for the murder in February of 
Yousef el-Sibai, an Egyptian 
newspaper editor. 


Increase of 8.5% 
predicted in U.S. 
capital spending 


BY DAVID LASCEUJES 

DOMESTIC CAPITAL spending 
by U.S businesses will increase 
by about 5.5 per cent, in real 
terms this year according lo a 
survey of business intentions 
carried ou t by McGraw Hill. But 
although this indicates a higher 
level of business confidence since 
the last survey in the autumn. 
UR. companies are also shown to 
be wary of inflation: they expect 
the price of investment goods to 
rise about S per cent., and pre- 
dict that they will have to raise 
their own prices by as average 
of 5 per cent 

McGraw Hill calculates on the 
I basis of its sample, which it 
says represents 62 per cent, of 
business investment, ibat capital 
spending will reach Sl59bn. this 
year, with the biggest increases 
coming ‘ n the aerospace and 


NEW YORK, May 7. 

automobile industries. Invest- 
ment in the chemical and engin- 
eering industries will be ahum 
average while spending in Mu- 
iron and steel Industrie* win 
probably drop. 

The survey also suggests grow- 
ing business confidence in that 
more than half of in vest mom 
will oe for expansion as oppiK?d 
to replacement and modernUn- 
tion. Last year the figure turned 
out to be 48 per cent 

In value terms, the metal uni 
engineering industries expect 
the strongest growth in sales tio 
lo 14 per cent.), though in terms 
of volume the automobile indus- 
try expect a drop Df 2 per cent. 
Business employment during ih<? 
year is predicted to rise 4 per 
cent., mainly in the durable 
manufacturing industi>. 


Brezhnev completes 
Bonn discussions 


Heathrow 
The new approach to 

ftyingthe 



We’re clearing things 
up at last. 

Now Heathrow Airport 
has a new approach to flying. 

And it means flying your 
family is much easier. 

Because we take care of the 
little things as well as the big things 

Each terminal has a free 
nursery (or nursing mothers’ room) 
for travelling children and parents. 

Take the new one at Terminal 2. 
A large play area has been specially 
designed for toddlers. 

And there’s almost everything 
you’ll need for babies. From feeding 


hi*. , ■- ' 




and changing facilities 
to a cot area and even a 


washing machine 


There are trained 


nursery nurses, too. You can 
leave your children in their care. 

it’s all part of Heathrow airports 
new approach to flying. 

Find out more about how we can 
make your flying easier. Send for our 
free booklet, now. 

Or talk to us at our Heathrow 
Information Desks. 


To: British Airports Authorin' Publications, Brochure Department, Wellington J^dCkeriton, Folkestone, Kent. 
Please seed me a free copy of the Airport Information Handbook. 

Name • ____ . 

Address _____ 


m • British B 

Airports 


Heathrow 


BY ADRIAN DICKS 

MR. LEONID BREZHNEV, the 
Soviet President and Communist 
Party leader, flew home to 
Moscow from Hamburg this after- 
noon at the end of a four-day 
visit to West Germany which 
appears to have left both Govern- 
ments at least officially satisfied, 
even though relatively little pro- 
gress has been made on specific 
issues. 

The Soviet leader's last day 
was spent in Hamburg as Chan- 
cellor Helmut Schmidt's guest at 
bis private home. The Chancellor 
himself said at the end bf their 
talks that a much “ higher level ” 
of discussion had been reached 
io the “open, constructive and 
mutually trusting " talks with the 
Russian visitor than during pre- 
vious summit meetings. 

A joint communique issued 
here stressed (be two Govern- 
ments' commitment to continuing 
detente, and also emphasised 
again the Four-Power Agree- 
ment on (be status of Berlin. 

Herr Schmidt said be would 


BONN. May 7. 

Inform President Carter by toln~ 
phone of tile burden of his talks 
with Mr. Bre 2 bnev — though from 
what has become publicly known 
here during the past few days, 
there has been little change in 
the Soviet leader's previously 
stated views on cither the 
□euiroD weapon or on broader 
questions of anus control. 

On the question of West Ber- 
lin, always regarded here as a 
“touchstone’’ of the Easi-West 
relationship. Bonn has been dis- 
appointed. yet scarcely surprised 
at a total lack of flexibility on 
the Russian side. Three long- 
pending agreements therefore 
remain held up over Soviet 
objections to dealing with West 
German official bodies located 
in West Berlin. 

The most tangible result of 
the visit is the long-term 
economic agreement between 
the two governments, which aims 
to double bilateral trade during 
the period 1976-8U compared to 
the previous five years. 



South African warning of 
further Angolan raids 


BY QUENTIN PEEL 

NEW EVIDENCE was produced 
this week-end by South African 
military sources to. defend the 
country's raid on bases of the 
South West Africa People's 
Organisation (SWAPO) in 
Angola, while a defence spokes- 
man warned that further raids 
would be launched if “border 
violations " continued. 

The South African Government 
has maintained that the raid was 
aimed at exclusively military 
bases in southern Angola, but 
military spokesmen admitted yes- 
terday that botb women and 
children were found in the camps 
— the women wearing military 
uniforms. 

South Africa has said that five 
soldiers died in the raids, while 
SWAPO sources were quoted 
here to-day as saying that at least 
LQOO SWAPO refugees were 
(tilled. 

! Joining a concerted defence of 
the South African operation, Mr. 
Fife Botha, the Foreign Minister, 
sharply criticised the UN 
Security Council for condemning 
his country. The Security Coun- 
cil’s censure, he said, “constitutes 
a reflection on the integrity of 
the organisation." 

While South Africa had 
accepted Western proposals for 


Hua calls for 
Korean unity 

PEKING, May 7. 
THE CHINESE LEADER Mr. 
Hua Kuo-fcug, on his first visit 
abroad, called for Korean unifica- 
tion when speaking at a banquet 
on the North Korean capital of 
Pyongyang. The UN Command 
should be promptly disbanded, 
and tbe U.S. must withdraw from 
South Korea all of its aggressive 
troops, arms and equipment,” he 
said last night. 

The UN Command was formed 
during the Korean War in the 
early 1950s of troops of the 
various countries which taught 
on the South Korean side. U.S. 
troops in South Korea remain 
under this command. 

Reuter 


JOHANNESBURG. May 7. 

a peaceful settlement in Namibia 
— and the UN was supposed ti« 
be dedicated tn the cause «if 
peace— “SWAPO is delaying the 
implementation of these propw- 
sals and is apparently demanding 
the right to murder innocent 
people.” Mr. Botha said. 

Documents produced by the 
South African military command 
in Namibia were said to luie 
been seized at the SWAPO baw. 
They included plans for a 
guerrilla campaign 3nd claimed 
responsibility for two recent 
assassinations of prominent 
Namibian conservative leaders. 

• Our United Nations Corres- 
pondent adds: Critical talks on 
the Western plan for a Namibia 
settlement will resume in the 
U.S. mission to the UN on Mon- 
day, following the Security 
Council's unanimous condemna- 
tion of the South African raid 
into Angola. 

Delegates of Britain. France, 
the U.S., West Germany and 
Canada will confer with Mr. Sam 
Nujoma, president of SWAPO. 
and members of his Central 
Committee, who have come from 
Lusaka, on the Namibia settle- 
ment proposals already accepted 
by South Africa. 


Singapore 
exchange move 

By Our Own Correspondent 

SINGAPORE'S Finance Minister, 
Mr. Hon Sui Sen has announced 
the dismantling of all foreign 
exchange control regulations in 
the republic. The move, which 
will take effect from June 1. 
means that all Singapore resi- 
dents, both corporate and indi- 
vidual. will enjoy complete freo 
dom from exchange control for 
any form of investment or pay- 
ment 

No exchange control approvals 
or formalities will be required 
for any payment, remittance or 
capital transfer in any currency 
to any country. 


Economic overlord drops 
out of Cairo Cabinet 


BY ROGER MATTHEWS 

EGYPT’S economic overlord for 
the past IS months has been 
dropped from the Cabinet. The 
departure of Dr. Abdel Moneim 
el-Kaissouny. the vice-president 
in charge of economic affairs, is 
the only notable change in a 
strictly limited reshuffle an- 
nounced by Mr. Maradoub Salem, 
the Prime Minister, to-day. 

The changes were ordered by 
President Anwar Sadat la6T week 
and result from increasing 
domestic criticism of the Govern- 
ment's performance. Dr. Kais- 
souny offered bis resignation 
more than a fortnight ago before 
leaving for medical treatment in 
the U.S. 

His resignation was the culmi- 
nation of repeated Cabinet 
clashes over economic policy with 
Dr. Kaissouny complaining pri- 
vately that decisions were being 
taken behind his hack and were 
undermining efforts to curb infla- 
tion and reduce the Budget 
deficit 

No replacement has been 


CAIRO, May 7. 

announced for Dr. Kaissouny 
who unjoyed considerable re- 
spect among Western bankers 
and credit institutions. The 
Prime Minister has been able 
to persuade ihe other members 
of his economic team lo remain 
and has brought back to his 
former job as Minister of Plan- 
ning Mr. Abdel Ruvzak Abdel* 
Meguid. 

Reuter reports from Beirut: 
An outbreak of fighting between 
right-wing gunmen and Syrian 
peace-keeping forces on Saturday 
has undermined efforts by Mr* 
Selim al-Hoss to form a new 
Lebanese Government. 

According to right-wing source 5 
three people were killed and 17 
injured whop 300 shells hit the 
Christian area of Ain Rummanuh* 
The peacekeeping force says »t 
intervened to stop fighting 
between Ain Kummaneh and the 
Moslem sector of Sh iyah. 

H-nsrn*. Tim**. put-Urocti itiily eseciM Smi- 
dan anil hnlldai-v U.S. wihwTipiion S3W >"»■ 
•■If Ireijihn S.kHt.Otl itflr mnfll DC* 

.econd clay pon»*e row u( Ne* V«m*. 


tcJrSJIO" 




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pletes 

>ns 




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i?3iS 


Financial Times Monday May 8 1978 


WORLD TRADE NEWS 


S. U.K. imports of car 

components up 31% 


BY TERRY DODSWQRTHp MOTOR INDUSTRY CORRESPONDENT 

rS° th? U C i? M !S NEN I imports P*** are required. This has led 
etow raoidhr continuing to to higher Imports of replacement 
grow rapidly this year and are parts. 

half Saif 6 C ° Untry - Eritish manufacturers are now 

esDortf -, as 18 ^ ariJed by leaking increasing attempts to 
exports of similar products. . capture more of this replacement 
According to figures for the first mar ^ p t for themselves by 
quarter, imports have risen by making parts which are suitable 
31 per cent, from £l72m. to for imported vehicles. They are 
£225m. t compared with a 19 per also expanding their distribu- 
cent rise in exports from £391m. ti0 . n networks to get a tighter 
to £466m. grip on this area of the market. 

The trend will give no 1 comfort . At the same time, they are con- 
lo the British industiy, which tinning to enjoy a steady im- 
bad to cope with a 66 per cent Pavement in exports, with the 19 
increase in component imports P er cent - rise in the first three 
last year. Although the rate of months of this year well above 
this rapid expansion has been 1116 overall rate of inflation, 
cut back, it seems as though the In this period they improved 
flow of parts from, overseas is balance of trade on corn- 
consolidating at a fairly high P°nents — the difference between 
level. what the industry earns and sells 

Two main reasons are given for overseas — by £22 a rise of 1 
the increasing Impact being made V** cenL 

by foreign companies in the 0 Qe factor which appears to 
British market be helping the UJC. industry is 

™n£3231- vehicle y inJnuf^ m0re 0ftheir 

“e pSoy^euse of the 
romnnnpnte bnnging compe titj ve prices caused by 

SEEK JSf, S^ch’^iant 0 / Britain’s low wage rates, and 
assembly in their British plants, partly because- they see this as 

At the same time, the number one way of taking some of the 
of foreign cars on British roads political string put of the large 
is growing rapidly, with many increases of car imports from 
moving into the older age the Continent in the last two 
brackets when more replacement years. 

Gulf still good market 
for building materials 

BY OUR FOREIGN STAFF 

THERE ABE opportunities for 
selling more British building 
materials to ' the Gulf states 
because of a desire for higher 
quality materials and construc- 
tion methods than have been 
used there in the building boom 
of the past four years. This is 
the conclusion of a trade mission 
to the region organised by the 
Building Materials Export Group. 

.The mission says that though 
the explosion of construction 
activity of two to three years 
ago has died down there will still 
be a high level of construction 
work in most Gulf states for 
several years to come. But the 
large amount or bad building 
using cheap materials and un- 
tested techniques has led to a 
desire for higher quality 
materials “with possibly better 
opportunities for British build- 
ing materials 'which are highly 
regarded In this respect," the 
mission says. 

But the region required high 
quality and persistent marketing 
and reliable delivery. There was 
still criticism of delays in 
delivery of British materials 


The mission's report is a con- 
cise guide to the construction 
outlook and materials market in 
Kuwait, Bahrain, Qatar. Abu 
Dubai and Oman, and lists 
British companies, the develop- 
ment projects in which they are 
Involved and importer* of build- 
ing materials. 

The report is available for £25 
from the Building Materials 
Export Group, 26 Store Street. 
London WC1-- 


‘Kenya Week 5 in U.S. 

In a courageous bid to sell 
exports and promote investment. 
Kenya is launching a trade fair 
in New York this month, the 
first show of its kind ever 
attempted by a developing 
country. The- mayor of New 
York will open "Kenya ‘Week," 
which will run from May 9 to 13. 
Our Nairobi Correspondent 
reports. The main aim is to 
attract American investors to 
Kenya in such fields as agro- 
chemicals, electrical goods and 
textiles. 


Contracts 
reawarded 
by Saudi 
Arabia 

By James Buchan 

JEDDAH. May 7. 
CONTRACTS worth 5211m. for 
three provincial hospitals in 
Saudi Arabia were re-awarded 
last week amid renewed Saudi 
Government criticism of bid 
over-pricing- 

Saudi Health Minister Dr. 
Hussein al-Jaza-irt signing the 

contracts with the Italian com- 
pany, FEAL of Milan, said that 
original quotations for 200-bed 
hospitals in Hail, Tabuk and 
Najran had been double the 
FEAL tenders. Ministry officials 
had examined the original 
“ exorbitant rates " and after 
careful costing the contracts had 
been cancelled. Final contract 
prices were Hail $69m. against 
S 135.7m.; Najran 572. 3m. against 
S133.4m.; and Tabuk S69.Sm. 
against $160.9m. 

The companies overbidding 
were not named in the report, 
carried by the official Saudi 
Press agency, but the Minister 
was quoted as saying that the 
price difference was not the 
result of any scaling down of 
the projects but “ of the exces- 
sive profiteering of certain firms 
compared to the reasoned evalua- 
tions of others.” The prices of 
the present projects would act 
as a guideline for future Minis- 
try contracts. 


Greece plans incentives 
for scrapping old ships 


BY OUR OWN CORRESPONDENT 


ATHENS. May 7. 


THE GREEK Ministry of Mer- 
chant Marine is considering a 
series of incentives to induce 
Greek shipowners to scrap old 
vessels and modernise their vast 
fleet. 

Shipping sources said no defi- 
nite plans have as yet been 
drawn up on the form of Gov- 
ernment aid to the shipowners. 
They said Mr. Emmanuel 
Kefaloyannis, the Minister of 
Merchant Marine, plans to reduce 

the maximum age at which ships 
can hoist the Greek flag to 15 
years. 

Af the end of March this year, 
the Greek merchant fleet totalled 
3,966 ships aggregating 34.5m. 
gross tons. About 41 per cent, of 
G reek-flag tonnage was under 10 
years old. A further 39 per cent, 
was between 10 and 20 years old 
and the remaining 20 per cent, 
was over 20 years of age. 

The shipping sources said the 
matter was a complex one since 
the scrapping of old ships and- 
their replacement wiih new ones 
was bound to reduce Greek ton- 


Finance for 
nuclear plant 

WASHINGTON, May 7. 
THE U.S. Export-Import Bank 
has tentatively approved 
S 829. 7m. in financing for two 
South Korean nuclear power 
plants. 

At the same time, the UB. ex- 
port credit agency notified con- 
gresssional leaden that it has 
agreed to provide nearly S43.8m. 
in supplemental direct credits 
for a steel mill and related pro- 
jects in Trinidad and Tobago. 

In South Korea. Westing- 
house Electric Corporation and 
Overseas Bechtel, a subsidiary 
of Bechtel Corporation of San 
Francisco, will be major sup- 
pliers of equipment and services 
for the two 994,000-kW nuclear 
power plants to be built at 
Ko-Ri. near Pusan. The bor- 
rowers. Korean. Electric Com- 
pany. had. obtained Exirahank 
financial assistance for the con- 
struction. of two other nuclear 
power plants in 1969 and 1975. 

The Eximbank said that. 'sub- 
ject to Congressional approval, 
it will provide 5732.1m. in direct 
loans and will guarantee S97.6m. 
in private - credits to build the 
two nuclear power plants,.whieh 
have an estimated total cost: of 
about $2.2bn. ■ 

AP-DJ - w 


nage in favour af other maritime 
countries. The Greek Ministry of 
Merchant Marine was therefore 
trying to reach some agreement 
with other _ countries for the 

implementation of a more 

general plan. Further complicat- 
ing the issue was the fact that 
several old Greek flag ships were 
under long-term charter. 

Charles Batchelor adds from 
Amsterdam: A major Dutch 
shipping finance bank has urged 
that Government and shipowners 
should be linked lo agreements 
to scrap old vessels. The bank 
said that under the present 

system obsolete tonnage is not 

scrapped but is sold to ship- 
owners operating under a cheap 
flag who put the vessel back in 
service, bringing further pres- 
sure on freight tariffs. 

An “ old for new " arrangement 
such as applies in Holland in the 
fishing, coastal and inland water- 
way sectors is one possibility 
proposed by Mr. Paul Wilde, a 
director of the Nederlandse 
Scheepsbypotheekbank. 


Large British team for 
offshore conference 


BY BRUCE ANDREWS 

BRITAIN’S offshore oil industry 
is fielding its largest-ever team 
at the Offshore Technology Con- 
ference which opens at Houston, 
Texas, to-raorrow. 

At least 1,000 delegates from 
the U.K. are present, and about 
90 oil-related companies have 
stands at the exhibition held in 
conjunction with the conference. 

The Department of Energy has 
sent a delegation of 10 civil 
servants, headed by Mr. John 
Liverman, Deputy Secretary for 
Energy, and Mr- Alan Blackshaw, 
director of the Offshore Supplies 
Office (OSO). 

The British presence, however, 
muse be seen in the perspective 
of the country as a whole. The 
largest even in the Houston con- 
ference calendar, it expects to 


HOUSTON, Texas. May 7. 

attract at least 70.000 business 
visitors this year. 

“ Our purpose here is lo pro- 
ject the totality of British off- 
shore capability." said Mr. Black- 
shaw. “TIouston is a Tocal point 
of worldwide offshore sales, 
which we estimate now exceeds 
£6bn." 

The OSO is particularly in- 
terested in promoting joint 
ventures between British and 
American companies. It believes 
that the exploration and de- 
velopment of the U.S. offshore 
eastern seaboard, which has -an 
environment akin that of the 
North Sea. will provide an 
opportunity for British industry 
to link with American companies 
with North Sea roles reversed; 
British technology wkh U.S. 
industrial capability. 


World Economic Indicators 


RETAIL PRICES 


U.K. 

Holland 

Italy 

Japan 

France 

Belgium 

US. 

W. Germany 






, Change 

Index 




over earlier 

base 

Mar. 78 

Feb. 78 

Jan. 78 

Mar. 77 

year 

year 

191.8 

190 A 

. 189=5 ’ 

•1753 

+ 9.1 

1974=100 

1183 

117.9 

117.4 

•113.6 

+ 4.6 

1975=100 

1285 

127.2 

125.9 

• 1169 

+ 123 

1976=100 

121.2 

120.1 

119J6 

116.0 

+ 4.5 

1975=100 

193.4 

191.7 

1903 

177.1 

+ 93 

1970=100 

126.7 

12638 

12538 

119.8 

+ 6.0 

1975=100 

189.2 

188/f 

1873 

1783 

+ 63 

1967=100 

Feb. *78 

Jan. 78 

Dec. 77 

Feb. 77 



144.2 

143.4 

1423 

1403 

+ 23 

1970=100 


How Japan helps U.K. exports 


BY GEOFFREY OWEN 

EXPORTING INDUSTRIAL pro- 
ducts ' to Japan, as everyone 
knows, is not easy. Even if the 
business is bandied by one of the 
big Japanese trading companies 
like Mitsui or Mitsubishi, the 
ultimate customer has to be per- 
suaded to switch from his reli- 
able loaJ source 10 a far-off sup- 
tier, with inevitable uncertain- 
ties over delivery and higher in- 
ventory costs. Yet there is 
another way in which Japanese 
trading companies can help 
British exports, and one which 
is becoming increasingly im- 
portant This is the sale of 
British products to third coun- 
tries. 

In the last few years Japanese 
industrial groups have stepped 
up their efforts to win turnkey 
contracts for power stations, oil 

refineries, petrochemical plants 
and the like, particularly in the 
Middle East, Africa and other 
developing countries. In the 
past virtually all the machinery 
and equipment needed for these 
projects would have come from 
Japan, but Japanese groups 
have found that a good many 
items can more conveniently be 
procured in the UJ\. or other 
parts of Europe. This is not 
just a matter of price, though 
the appreciation of the yen has 
obviously been an important 
factor; quality and technical per- 
formance is at least as import- 
ant 

For example. Mitsui, in asso- 
ciation with Tushiba. won a 
contract to build a hydroelectric 
power station in Ghana. Toshiba 
supplied the generators from 
Japan., but a British company. 
Bovin g, was brought in to make 
the water turbines. 

Other projects in which Mitsui 
has been involved have used 


stand-by diesel generating equip- 
ment from Dale Electric, PVC 
piping from British industrial 
Plastics (part of Turner tnd 
Newalli and steel piling from 
the British Steel Corporation- 

Mitsui's total exports from the 
U.K. amounted to nearly JE20xn. 
in the year ending March, 1977. 
and more than half went to 
countries other than Japan. 

Mitsui is perhaps unusual 
among Japanese trading com- 
panies in that its overseas offices 
are allowed a high degree of 
autonomy; there have been cases 
where two or three branches in 
different parts of the world have 
competed for the same business. 
But because of its dose links 
with Japanese process plant 
contractors. Mitsui provides a 
potential source of business for 
British exporters of capital 
goods. 

Mitsubishi Corporation and its 
various associates have been 
active in the same field. One 
of the biggest orders was for 
Ruston gas turbines (together 
with GEC alternators) in connec- 
tion with the big NGL (natural 
gas liquids) project in Qatar 
handled by Mitsubishi Heavy 
Industries. For a power station 
in Dubai. British building 
materials are being used. 

Sometimes the business is 
handled by the London office of 
the trading company itseir, 
sometimes it is placed directly 
by the contractor. For example. 
Chiyoda Chemical Engineering 
and Construction, a member of 
the Mitsubishi family, has its 
own office in London and is ex- 
pected to use a good deal of 
British equipment for oil 
refinery contracts which it has 
won in Africa and the Middle 
East. 

Other trading companies with 
active London offices, such as 


Marubeni and Nissholwai. ex- 
pect third-country export busi- 
ness to grow rapidly, though 
they point out that British manu- 
facturers must be willing to 
meet the stringent delivery con- 
ditions imposed, particularly by, 
clients in the Middle East. 

British Government officials 
concerned with the trade im- 
balance with Japan are keen to 
encourage this third-country 
business, though it does not. in 
their view, absolve the Japanese 
trading companies from their 
obligation to promote British 
exports lo Japan itself. (Some of 
the products destined for third 
countries are initially sent to 
Japan Tor assembly, then 
shipped on tu the client.) 

Although there are soma 
examples where Japanese trad- 
ing companies are switching 
from Japanese lo British sources 
of supply simply for reasons of 
price (for instance, in petro- 
chemical products where 
Japanese manufacturers have 
become uncompetitive), the most 
promising developments arc in 
those sectors where tbe British 
product is technically superior. 
Add lo this the tact that in some 
parts of the world British sup- 
pliers have a better knowledge 
or the local market, and it is 
clear that the scope for fruitful 
collaboration is considerable. 

Ways in which co-opera lion of 
this kind can be increased are 
lo be discussed at a conference 
in London in July. This is 
organised jointly by the Japan 
Task Force (the body sol up 
at the end of 1976 after meet- 
ings between the Con federation 
of British Industry and its 
Japanese counterpart. Keidun- 
ren) and CBM PE. a trade asso- 
ciation representing manufac- 
turers of petroleum, energy and 
process plant equipment. 


SHIPPING REPORT 


Pooling scheme gathers pace 


BY -LYNTON McLAIN, INDUSTRIAL STAFF 


MOVES TO stabilise the oil 
tanker market gathered pace last 
week with reports that Japanese 
owners may join the* Scan- 
dinavian International Tanker 
Service pooling scheme to 
remove vessels from use. 

The pool is thought to have 
almost 30m. dwt committed 
towards the initial target of 
40m. dwt. But even this falls 
short of the suggested lOOnu dwt 
thought necessary by Terminal 
Operators, the research arm of 
Eggar Forrester shipbrokers, m 
a report last week. 

More first generation very 
large crude carriers (VLCCs) 
were put on the market for sale, 
with some owners confident that 
they will be sold for scrap. 

Quiet trading prevailed out of 


the Arabian Gulf. Rates have 
shown no major change for 
large units with VLCCs again 
closing at Worldscale 38.125. A 
ULCC accepted a role of 17.375. 

Loadings out of Indonesia have 
shown fractional improvements 
with a 150.000-tonne vessel 
obtaining Worldscale 33.75 for. a 
voyage to the Caribbean. A 
118,000-tonne ship obtained 
Worldscale 40 for a part -cargo 
to the U.S. west coast. 

In the Mediterranean owners 
have been able to seek higher 
rates. Worldscale 60 was paid 
for a part cargo of 7S.000 tonnes 
for discharge on the U.S. Atlantic 
coast. 

These moderate Improvements 
have done nothing, however, to 
ease the medium-term prospects. 


Howard Houlder. shipbrokers. 
said last week that the rise in 
total oil ship tonnage has con- 
tinued last month. Over 44.9m. 
'd.w.t. of tanker and combination 
'carriers were laid up. idle or 
repairing at May 1. up from 
4.27m. d.w.t. on April 1 and 
36.3m. d.w.t. in January. 

On the dry cargo markets trad- 
ing- has improved mainly as a 
resnlt of rising grain shipments. 
But on the Atlantic there were 
signs of a moderate fall in rates 
on voyages from the U.S. Gulf 
to The Netherlands. 

In tbe Far East trading is im- 
proving, with demand spear- 
headed by grain demand. The 
Chinese are now active in this 
market. Activity is also now 
spreading to forward positions. 




ean 


can 

pas you 



please 

■Mi rintbine backward abot 




There's nothing backward about' 
Welsh communications links with the 
rest of the UK and Europe. 

Bring your business here and you’ll 
find you can stay very firmly in touch 
with the world. 

And the same goesforyour 
employees,your goods, your suppliers 
and your customers* 

And remember, at the Welsh 
Development Agency, we’ll be happy .to 
giveyou much more informatics about 
the ins and outs of Wales* 

Call us on Treforest (044 385) 

-“WHLES 

moving mm* * ■ 1 Br r 

riS^*Tffi(MCDDinBr 




ROADS 

Road links in and out of North, 
Mid and South Wales are very. good. 
The M4, for instance, takes you and 
your products speedily to London 
and the South East from South West 
Wales. 

You can reach the Midlands, 
Manchester and the North just as 
easily. 

RAIL 

Thirty-three Inter City 125 trains 
run to and from London every day. 
The journey takes a mere 105 minutes 
from Cardiff. 

The North Coast line connects 
with tbe Midlands, Manchester, the 
North and London. 

FREIGHTLINER 

There are regular services to 
London and tbe Co nt i n e n t. 

AIR 

The world is your oyster from 
Cardiff (Wales) Airport, the new 
regional airport to serve South Wales 
and the South West of England. And 
there are regular domestic flights, toa 

Cardiff (Wales) Airport has the 
only Interport Removal Centre in the 
UK. Essential for speeding customs- 
clearance on your goods. 

SEA 

Wales has ports that can handle 
'ships of any size. In fact, a substantial 
volume of the UK's exports aheady- 
pass through' Welsh Ports. 


Welsh Development Agency 

Trefbrestlndusfml Estat^PontyprWMid Glamorgan CF37 5UXTelephone: Trddrest (044 385) 2666JTelexr4975Ifv 


I 

j 


V 


1 




•So 

t 








A 



HOME NEWS 


Financial Times Monday May S 197S 




breakfast 
course 


BY PAUL TAYLOR. INDUSTRIAL STAFF 


ANNUAL MEAT CONSUMPTION PER PERSON IN BRITAIN 

(In kilograms) 


Pre-war 

1947 

1955 

1970 

1977 

Beef and veal 

24.9 

19.2 

21.2 

2X2 

20.2 

Mutton and lamb 

11.4 

11.0 

iT.i 

9.6 

72 

Pork 

5.6 

0.5 

8.1 

17.1 

1U 

Bacon 

12.0 

4.6 

11.2 

11.4 

82) 

Poultry 

23 

2-2 

2.9 

10.7 

11.6 

Edible weight of 






ail meat 

53.9 

40.9 

53.4 

59.9 

5SJ 


BRITONS ARE eating fewer 
cooked breakfasts and less roast 
beef and fresh fish, and drinking 
more alcohol but less tea than 40 
years ago. according to a report 
out to-day. 

The report— The Nation's 
Food: 40 Years of Change — has 
been compiled by tv.o Ministry 
of Agriculture statisticians and 
is published in the latest issue 
of Economic Trends. 

It says that the U.K. now pro- 
duces 54 per cent, of its food re- 
quirements. cumpared with about 
a (bird before the war, and that 
U.K. agriculture now provides 

about two-thirds of the kinds of , , __ 

food that can bo grown in con - J:ume L5 kilograms per head Potatoes: There was a steady 

Britain, compared with’ a half 40 per >*ar of cream— twice as much fall in potato consumption until 
\ears ago. -,L5 ^ - ears ago. 1972. when higher sales of 

its findings include the fact iWoal: Consumption fell from potato* made into crisps or 
that the average British diet is 539 ^ pcr P ers0D per year in frozen, canned, dehydrated or 
far less -sturchv’' tcarbohvdrate- 1938 10 40 9 k S in 1947 - then otherwise prepared, halted this 
based! than it was 30 yea re agu. r os J- 19 " earl >' 00 k 2 in 1970 falL 
In addition vegetable protein has beFore falling back to 53.5 kg last 
been replaced by animal protein year - , A ‘tiiough beef consump- More nee 
and food consumption, in gen- t? 00 ,las declined, beef is still r . p nnnini „H fln „r ..u. . 
erai. has become more con- the niost Popular meat, account- ®™ n - Consumption of wheat 
venience oriented. " ins f° r a bout 37 per cent of an ^ hour has fallen from 88 kg. 

total meat consumption P er person per year to 65kg. over 

Energy vhIhp Bacon. mutton and lamb con- f ? ur decades, but home produc- 

. l oJ / d,uc sumpuon ha s also fallen but tl0a for hwrae consumption has 

uyerai i housebdd expenditure por k consumption has doubled risen from 23 per cent to 56 per 
n food bus fallen from 2< per ant | aoultry suDDlies have cent.— equivalent to 3.5m. tonnes. 


CHRISTOPHER PARSES REPORTS ON THE SAUSAGE AND WATER PHENOMENON AT RADSTOCK, AVON 

Champagne at the meat works 


THE TEMPTATION of profits 
to be made from increasing' 
the weight of meat by adding 
water, and from producing 
sausages made of vegetable 
prole in, water, fat, skin and 
cereal, drew more than 100 
potential customers to the 
F- Holroyd meat machinery 
works at Radslock. Avon, 
yesterday morning. 

Modern technology Is rapidly 
expanding the potential of Lhc 
butcher’s art and go-ahead 
meat processors are keen to 
keep up-to-date. 

Mr. Fred Holroyd. olio runs 
the company with ‘his son John, 
said recently his turnover was 
fl.am. a year. 

About 50 ears and vans line 
the quiet country laue outside 


the factory'* Most eye-catching 
was tile Holroyd Rolls — big and 
blue, emblazoned with the com* 
any’s logo. 

But. mingling with the 
Lotuses, the Lancias, the racy 
custom-bulk sports Jaguars and 
Voices were the workaday 
estates, back seats down and 
marked with the unmistakable 
traces and odour of the 
hatcher’s trade. 

Many visitors brought their 
wives and children, dressed up 
in their Sunday suits on this 
busmen's holiday. Most were 
from nearby counties: Bark- 
shire, Wiltshire and Hauls. 

But one company van was the 
properly of a well-known 
bacon, pie. sausage and cooked 
meals company in Nottingham. 


And there was another from a 
renowned sausage maker In 
Sussex. 

Main attraction inside the 
factory was a demonstration of 
Continental machines. re- 
conditioned and sold by the 
Holroyds. It is claimed* that 
some of these machines cad 
increase the weight of eooketf 
hams by' 22 per cent. 

These machines bounce the 
meat around in a mixture of 
water, seasonings and chemi- 
cals, rupture the fibrous strnc* 
lure and turn the ham into- a 
sort of edible but highly absor- 
bent sponge. 

Holroyd's recent advertising 
featured a M golden water 
tap" and won notoriety for 
the company with the pro- 


clamation: “ Why sell meat 
when vou can soli water?" 

The 'price of sausages made 
to the company recipe has 
gone up from I2p a lb. to 
I3!p (content cost— the latest 
advert says). The retail price 
of sausages usually starts at 
about 40p a lb-* ranging up to 
80n 

.Asked what he had thonght 
of the demonstration, a Sussex 
visitor said that Mr. Holroyd 
would not like It if he gave 
his opinion. 

Another visitor, a food pro* 

cessing company man from 
Taunton, said the demonstra- 
tion wase a ** normal " show of 
meat machinery* He hadn't 
bought any equipment for bis 
com pure. 

And what did he think of 


Mr* Holroyds sausage recipe? 
-Not much." he commented. 

Demand for tickets for this 
dcmonsl ration far outstripped 
.supply and the company has 
announced il i** In lay on 
another exhibition for poten- 
tial customers on May 21. 

Through lunchtime . the 
guests drunk champagne and 
nibbled caviar on toast. A 
request to see Sir. Holroyd 
proved fruilleas- 
Tbc visitors at the works 
had been assured: “ Neither 
demonstration wilt be reported 
by the media." 

1 remained outside, tiekei* 
less, close to a paddock luius- 
ins a family of six Ultie 
black-faced pigs, trotters in 
ibe trough. 


, , , , - and poultry supplies ....... 

tent, uf total consumer expendt- increased five-fold Rice consumption has risen in 

tup f J!! 1 ®** lo a ‘ ,oul 19 P u ‘ r . ceni - Fish: The report savs that fish recent years, but the most signifi- 
in 19/ 1. although actual expend)- can n „ longer be regarded as cant increase is in breakfast 

rrom u boul n -“ ha - a Cheap source of protein, cereals, where consumption has 

tu Ub.Jhu during the period. Britons now eat only two-thirds nsen fr - om °- s k 3- before the war 
A reduction in physical as llluc f, fi sh as thev au , before t0 3 - 9 K 'S- !ast >' ear - Cereals have 

iifhnn in «.i - u... . l:. ", l % in npnf-ral hoon substituted for 


Spectacular’ decline 
by trading stamps 


BY STUART ALEXANDER 


Controls 
forced 
Spillers 
to quit’ 


TRADING STAMPS influence • Most car fleet managers arc 
only 2 per cent of women in prepared to buy British, given 
their choice of grocery store, reasonable availability, accortting 
according to a survey published to a second Mintel survey, 
to-day by Mintel, the market The survey, on car buying 

intelligence and survey com- habits in the U.K., will be pub 

paoy. lished this month. It detects a j booklet published to-day. 

, This compares with 22 per ^ ca ^ l mai 'j Dr. Duncan Reekie, lecturer 

1 cent, at the time of the last h_..? I C 5i n ‘ t in Business Economics at the 


By David Fraud 
SPILLERS’ withdrawal from 
breadmaking was the inevitable 
consequence of Government 
controls, it is argued in an Insti- 
tute df Economic Affairs 


— • ■ vvu vrn Ml »>M- mn v. Ui tuv mat *k«*».*U _• . .. ' I LI uvvuuiuua 111? 

alcohoirTea con-[ iiUrve - v in 1974 - The " rpeciacu- r0Us " lbL rest oi lne { University of Edinburgh, says 

insn L-.ii-.r*., ■ „ . - was convenience fish such as frozen sumption” fell from -L2 kg. per lar ” de(:Iine »n interest follows aecaau - ! the industry vras squeezed 

^_ r _*i rs ™ fillets and fish fingers. head in 193S to 3.7 kg. last year. 

Eggs: Eritain is now virtually Coffee 


day. This rose to a peak of 3.130 
kilocalories in 1954 before dc- 

ciforirs lU "■ 9a0 kll °' ,ion has r,scn from 201 eggs P? r exceptionally high prices brought 

• rhl , . K head nrr ycur 40 *’ cars a 3° t0 this down to 1.7 kg. in 1977. 

.h,fi - 3 - ^ ,n 197T - Beer 1- * 


consumption rose front 
seir-suHicient in eggs. Consump- 0.3 kg. to 2.1 kg. in 1976, but 
kilo- |j on has risen from 201 c 


the decision by Tesco to aoandon c 
Green Shield stamps and switch JllTVCy 
iu price-cutting. . .. , _ nn , 

According to the survey of 500 ! 


*■ between the millstones of 
overnment. union and bureau- 


^ J*?* ^ivepj ra S n ' 0 ” , Cuc*ranJ imXif 

. nuinev ar? a nnin^in-.i ^in’ “5 on ' ,,,, > j 15 * the most bureaucratic encouragement to 


.. ra n^.'. tvi .* — • — - “-*• — per cent, but spirits consumption has in-. 

non hi n<Si rrn, , er 1 pnH, '* r ,evels ' Mar ‘ " eaaed 10 O per cent, to 6.3 lures I Needs 

air hlS l r 9 l ganne consumpuon increased per person and annual wine con-i 

rn T^o d l “ e war untl1 195a - but has s,nce slipped sumption has trebled to «.3l Convenience seems to be 

to io9.9 in lSii. Bn tons now back. 


litres a head. 


Leonard Kaye to leave Carrington 


BY RHYS DAVID. TEXTILES CORRESPONDENT 

CARRINGTON V1YELLA, the Willium Baird grouD, to succeed Mr. Kaye 
textile group, is to lose one of Mr. Kaye as head of the group's Vive I la 
as tap directors. Mr. Leonard garment division. 

Kate, who is leaving at hia own 
request at the end of June. 


hygiene in third place. 

S? P ^"L h ““”° r P C ?^ Se f 0pe T ia the 35-44 group there 

tnnn 1 e II ? t port : had been an increase in car 

a nce. Parkm faab ties jnattered ownership from 66 per cent to 
mainly to the well-to-do .VB 75 npp .. nf i _ 

'socio-economic groups. increase of about 10 per cent, in 

More than half those ques- the over-55s. 
joined Carrington 1 u'oned said they visited a Apart from economy and 
10 years ago after the grocery store only one or twice reliability exchanging places 
. group s acquisition of the { a week, wiih 34 per cent, saying there were few changes in the 

Mr. Kaye says he intends tu successful Gaunson trouser- 1 lhat they went three or more order of priorities. Safety andi 

An -«iinrin nPMmpnt .c mo i* time „ ,0 I'CTsonHl making business which he and -tunes. The old often said they speed are still at the bottom of 

untl? Uit^cncTuMh] 1 , month hu*t ^ “hlf’rau'y "“bj ha/’ hum™' p™ WS I vta, * cd . ^ f“ r « the I, at with 

infUlS S&JS? ha Ii e * b ?w n a - n u^V s 10 , dro n Btiard respon- Carrington Viyella's £6m. spin- 
the e n antl °T l u e f lb,lute * within a big group ning null is to be opened at 

appointment of Dr. John for a closer direct involvement Atherton. Lancs, to-day fay Mr. 

formerly of the in textile manufacturing. Eric Varlev. Industrv Secretary 


concentrate manufacture oh 
mass-produced standard loaves 
was the lower stone. 

The largest fall in consumer 
demand was taking place for 
rbese loaves and it was id this 
area . that union power was 
strongest 

The booklet attacks the con- 


Camerun. 


been a fall m the proportion of 
under-24s who own cars, 31 per 
cent now compared with 36 per 

, . < . tne cent, , n November 1974. 

™ it . L ' h0Q H was also a tall in the 

S?, C i?. a ?' ,ne L " n a ”? ^ use btuup. from 74 per 

" cent, to 6b per cent. istraints under which the bread 

industry has operated. 

-All Government price con- 
trols. subsidies and recom- 
mended discount structures-! 
should be removed. They have 
distorted the structure, conduct 
and performance of the indus- 
try." 

Trade unions should also “be 
subject to the provisions of 
. the Government’s competition 
space, good [ policy." 

as their needs were small. handling smartness and style ! “ Give us ibis dau " Dr 
Of those housewives with holding the middle ground. j w , Duncm Reekie. Hobart Paper 
tJ»v '"•■i n »L? ep »f! s :., JA ^wtinorerl-i). Institute of Economic Affairs. 

every 


Selective Investment 
aid closes in June 

BY MICHAEL CASSELL 

INDUSTRY has only a few are under consideration, 
weeks left to apply for Govern- Beneficiaries have included 
ment grants under the Selective Thames Board Mills (£10.5m.); 
investment Scheme, designed to Albright Jfc Wilson (£l.o7m.); 
help companies implement a and Vickers (Il.lin.i. 
wide ranee of manufacturing Mr. Chapman says lhat of the 
investment projects. 27S applications received by the 

Requests for assistance must e,,d January. 48 have been 

be lodged before the end of approved , and l_r aie under 

June. The Department of Indus- consideration. Approved pi u- 
trv expects “ many more appli- involve outlays of £-3t»m. 

cations " before then. «“» haVe attracled Slants of 

, . Lw4ni . 

The scheme was introduced These should lead to a primary 
at the end of 19ib to follow the balance-of-pay uit-nis benefit of 
Accelerated Projects Scheme. about £ 150in _ a yeur f rom iggrj. 

intended to stimulate counter- ^ further 2.500 jobs should be 

cyclical investment at a time provided 

when the economy was in deep National Westminster Bank 
recession. . , Quarterly Review. 4J Lathbury, 

A lutnl uf 350 companies a$kou l- p ■) 
for help under the Accelerated ' 

Projects and over £84 m. was 
given in 113 cases, bringing for- 
ward projects valued at £640ra. 

The selective investment was 
designed principally to provide 
balance-of-payments benefits. THREE NEW railway statiuns 
Appraisal reports have sag- in the West Midlands will be 
gested that it might lead to an opened to-day by Mr. William 
annual import saving of £500>u. Rodgers. Traisspurl Secretary, 
a* year from i960 . The three are on the new 

The scheme is expected to pro- 17-mile cross-city line to the west 
vide nearly 13.000 more per- of Birmingham* Jt runs from 
raanenr jobs in industry from Longbridge. site of Loylund 
I960. Cars' biggest assembly plant, to 

Selective Investment has Sutton Coldfield, 
drawn a strong response from The new rail link, the first in 
industry, according lo an article the Midlands for 6 Oyears. coat 
in the National Westminster nearly £Sm. It gives 175.000 
Bank Quarterly Review to-day. people access to factories, Bir- 
Mr. John Chapman, a member mingham University and the 
of the Department of Industry’s adjoining hospital complex, the 
Industrial Development Unit business centre round Five 
which administers the Selective Ways, and factories and coni- 


New stations 
open to-day 


; visaed their VrtkserV- St laud Road Bramlev K*«t ' V-m o /' ^ v t L “SS™* S 1 > 7 Dlca aa ' n listers tne beiecuve ways, and factories and com- 
rv dav ■ ' minthiv SmSilv *■ ^ SireeU ^^o^llaveStmenL saj-s that projects muter areas between tin* dty 

ry - day ' monthly, £130 annually. [S.W.I. £1.20. with potential outlays of £Ubn. centre and Sutton Goldfle Id. 



layoff versus the accident dlenma. 



Accident dilemmas remain. 
But our commitment is to solve 
them. We have been thinking and 
operating this way for over 40 
years since the first Toyotas 
rolled off the assembly line. This 
is because Toyota's philosophy is 
to build a car from your point of 
view. And this policy will never 
change as long as Toyota 
makes cars. 


COROLLA 


TOYOTA 

People who care building for people who care 


life-saving value in head-on and 
rear-end collisions, side-swipes 
and roll-overs. This research has 
contributed immeasurably to the 
overall safety of all Toyotas now 
on the road. Nevertheless, 
accident prevention is still far 
preferable to collision resilience. 

A prime example of this kind of 
thinking is Toyota's Electro Sensor 
Panel, an information system 
which monitors, detects and 
warns of any malfunction in the 
lighting, braking and fuel systems. 


frame and bumper system of the 
ESV's can. withstand the impact of 
a frontal collision up to 80 
km/h. Occupants are protected 
by a gas bag which is triggered by 
a Radar Sensor Computer to 
inflate prior to collision. To assist 
the driver in emergency braking 1 ' 
situations, an Electronic Skid 1 
Control Systerrprevents lateral ! 
drift on slippery or unstable road 
surfaces. 

Road tests continued and the 
ESV's have proved their 


As long as there are cars on 
the road there will be accidents. 
It's unfortunate, but true. And 
while we cannot prevent 
accidents entirely, there is much 
that we can do. Building cars 
which maximize passenger safety 
and minimize potential vehicle 
damage are the on-going 
objectives at T oyota for all 
Toyota automobiles. 

Some five years ago we 
initiated our Experimental Safety 
Vehicle program specifically to 


help engineers continue their 
research on traffic safety. So far, 
S6 million has been invested in 
the project and over a hundred 
ESV's have been produced.. 

The Energy Absorption body. 


Toyota ESV rollover test 







Financial Times Monday May 8 1978 


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Today, Inter-City 125, British Rail’s high speed 
train, starts regular service between King’s Cross and 
Edinburgh- Opening a new era in rail travel on one of 
the great routes North from London. 

Shorterjoumeys 

’ Inter-City 125 is the Journey Shrinker. Cruising, 
at 125 mph means dramatically shorter j ouroey times 
between d ties. N ewcastle no w a mere 3 hours 4 min 
from King’s Cross, Edinburgh under 5 hours. 

Nextyearcapital to capital will be down to just 
over4ihours. 

Newcastle, Darlington and York are all now 
■closer to London. And to each other, 

Comfortable and Quiet 

Inter-Gty 125 is built to do acomfortable 125 mph. 
The coaches are air-conditioned throughout. 

Theseatsareroomy and people-shaped. 

' The entrance doors are wide. Interior doors open 
automatically to help you with awkward luggage. 

The revolutionary air-sprung suspension keeps 
thetrainridingliterally oncushions of air. 

Sound insulation is so.efficient tbatlnter-Gty 125 
is quie ter at 125 mph than a conventional train 
atlOOinph. ■ 

• •• The smoothest and quietest ride on rails. 

BrandNewCatering 

. Cateringaboard Inter-Gtv 125 is revdutionised. 
Tfienew-lookBuffetBar 125 serves newhot snacks and 


Journey Shrinking in action ! 


Fastest Journey 

London-Edinburgh 

London-Newcastle 

London-Darlingtoa 

London-York 


Bynormal 

Inter-Gtv 

5hr27min i 

3 hr 33 min 

2hr59min 

2 hr 31 min 


By Inter- 
Gty 125 

4hr52min 

3hr4min 

2 hr 38 min 

2 hr 10 min 


Shorter 

by 

35min 
29min 
21 min 
21min 



•a EDINBURGH 

p^ttl NEWCASTLE 
Sdarungton 


Inter-Gty 125 also runs between London, Bristol and South ^iXales. 


CARDIFF I 

J^j^TQL LONDON 


Interiwdoois ppcnand cioscautauatically 


L ... - V-. ^ «■ ■ v -• 

You can get draugte beer and lager in iheEuffet Ear 12 5 


draughtbeer and lager. The Restaurant service 
includes thenew Gold Star menu on some trains. 

AtNoExtraCost 

Thecost of your ticket on Inter-Gty 125 is 
predsdy the sameas that for any other train on 
theroute. 

You canbuv Awayda\> Weekend , Monthly and 
Economy Returns just thesame too. 

Italladds up to anenvironmentin whichyou can 
read, talk, work, think, eat, drink, relax- and save time. 

Inter-Gty 125not only shortensyour journey. 
Itmakesit seem shorter stilL 


v 














Financial Times Monday May 8 1978 


HOME NEWS 



merger 



Thatcher promises 
check 


Oil tanker 
market 


BY CHRISTINE MOIR 
THE GOVERNMENT ii 

'‘xpecleil to publish iLs tougher 
approach tu company mergers 
on Wednesday. Ministers hate 
rvveiird the recommendations 
of an interdepartmental com- 
mittee which reviewed Govern- 
ment policy on commercial 
com petit ion — for the lir.st time 
sine* 1948. 

The 14-ma n committee, 
under the chairmanship of Ulr. 

I la us Leisner. chief ec u nonlie 
ndvi-er to the Departments or 
Trade, Industry and Prices anti 
Consumer Protection, studied 
whether the onus should he on 
(he bidder 10 prove that a 
merger would be in the public 
interest. 


BY PHILIP RAWSTTORNE 

A CONSERVATIVE Govern- David Basnott, general secretary 
merit would militate Ihe effects of the General and Municipal 
J of trade union closed shops by Workers. Electors would want 
| providing a right of appeal for to know whether the Tory 
; nun-unionists and the payment loader and her party really 
jot compensation if they tost wanted to work with the trade 
iilieir jobs. Mrs. Margaret unions or to seek confrontation. 


assistance’ 


unions. When she had nothin;,-; B, L/nton McLain. Indus trial Stall 
constructive to say. were poten- INTERVENTION bv govern- 
tially harmful to our society, [merits in the free market for oil 
Mr. Norman Atkinson, Labour | tankers may’ be the only way of 
Party treasurer, accused the j sustaining an accelerated scrap- 
Tory leader of seeking The i ping programme to absorb 
breakdown of organised trade | surplus capacitv into the '19S0s. 
unionism. Her attitude could jsnys a report on world oil 

demand and the tanker markets. 
Even a major scrapping pn> 


he said. 

The Labour Government was cause industrial anarchy. The 
working to establish a consensus unions had said they would be 

with the unions and others to prepared to co-operate with ajgramme would not absorb' all 
develop its industrial strategy. Conservative Government but|tfa e surplus world shipbuilding 
improve industrial performance that co-operation would not be[cap aC j tv the report from Ter- 
anri raise living standards. encouraged by the Tories iminal Operators said, although 

it would alleviate redundancies. 

Changes in market forces and 
their effect on owners' willing- 


Mrs. Thatcher's attacks on the " political expedients." 

Tories ‘could modify 
regional incentives’ 

BY RAY PERMAN, SCOTTISH CORRESPONDENT 


More Home News 
on Page 30 


Green Paper 


Oiuler present rules the 
Depart me nl vf Trade must 
prove that u merger would he 
against the public interest for 
if rn he p relented. 

The Government's new alti- 
tudes are likely to he presented 
in a Green Paper, though they 
misfit lake the form of an 
inter-departmental consulta- 
tive document. 

Lombard. Page 10 


[Thatcher said yesterday. 

] Government finance would be 
I provided for postal ballots, she 

said in a BBC radio programme. 

The Turv leader, expanding on 
; :i week-end speech in which she 
said trade union power was 
eroding the rule of law. stressed 
that the unions' proper role was 
to represent and negotiate for 
their members in industry. II 
wa* not u political role. 

I Earlier, to a sharp at lack on 
: trade union practices she told a 
. Bnw Group meeting in London: 

’"Men and women can bo 
; ounished even lo Hie extent of 

l losing their livelihoods, by A FUTURE Conservative Govern- could form a basis for the party's 
! kangaroo courts set up under ment would consider modifying General Election manifesto. 

‘ tho-se same unions or by other the system of regional incentives Much space is devoted to 

actions undertaken !>y those for industry to make it more economic policies, particularly 

unions. selective, a report published proposals to cut tax levels, con- 

" Some would freely admit to-day suggests. trol public spending; .encourage 

that they have joined uninns not Onward to Victory. A Slate- small businesses, and reform 
i out oF conviction but of self- ment nf the Conservative regional policy. 

.protection. Others fear Hying Approach in Scotland is written The document asserts 
pickets and similar manifest;!- by Mrs. Margaret Thatchers Scotland has received a large 

tiuns of the power of the unions Shadow Scottish team. It is proportion of regional assistance 

m«'r« than they fear the law.” described as a guide to the way designed to encourage the tran-! unless V finance "was”' "available 

.She extended her attack ..n a Tory Government would act, Sition from old declining indus- from the industrv or public 

the unions to the great illusion rather than a dogmatic policy tries to new ones. 'funds 

of t^cialism" ■ m general, and blueprint. Conservative regional policy! World Oil D&nond and Tankei 

warned ihjt the next general Its timing— just before the should he aimed at companies) markets I97S-I9SI. Terminal 

•Her. inn would he a watershed Scottish Gonservativc- conference with reasonable prospects of a Operators, consultancii arm of 

in r.ritiun s history. m — — m* — - — * ■ ■ • - * — — -■ J 

The speech roused an 
re;uiirhrt last night From 


ness to retain or dispense with 
tonnage were too complex and 
uncertain to provide a sustained 
incentive to speed scrapping. 

One factor militating against 
scrap-and-build policies was the 
high level of new building prices 
compared with the sale value of 
that I second-hand tonnages. 

High rates of scrappage would 
j probably not be maintained 

finance was 

or public 


which begins in Perth on Thurs- secure future, but which might lEggar Forrester shipbrokers. 
angiv day— and the electioneering tone need temporary help to re-equip, I Middlesex Street London EJ 
i Mr. of tlie pamphlet indicate that ir expand or become established. '£65. 


LABOUR SEW® 


• NEWS ANALYSIS— CIVIL SERVICE PAY 

‘Whipping boys’ could 
turn militant 

BY PH1UP BASSETT, LABOUR STAFF 

LOOMING over the two biggest For all that, their Phase Three any incomes policy then i in tojwj 
civil service unions as they hold deal, though markedly less than If, as some c il •’ 

their annual conferences this some unions' claims, was not bad it must, the unit u - ll * s 
week will be Mr. Callaghan's for some individuals. n 5 s .°* " 5 fw" c ?,' ''L,"! 0 ^ 

promise of a “new understand- it was unusual in that it gave ™hich on; 1 b'-h ' J? .'J 

mg' with the unions on pay — a full consolidation of the £6 Phase favour of a • pci cent, pu he 

fourth round of wage restraint one and 5 per cenL Phase Two sector niaxiuiuin. pay rest arch ax 
which civil servants feel will supplements. This was a sub- a racans determining i.tu! 


H0W1O NT TOdifHER THE PERFECT 
BUSINESS PARTNERSHIP IN IRVINE. 

A lot of companies have gone into partnership with Irvine 
New Town. And the list is growing all the time. 

So there most he some powerful attractions. 



3S rrjrr r 1 jz sssrsi ,««. 

-rcivi, w*. Sa”**” ~ ° f - . 

Services’ Association opens its civil Service Union staff, for pul)lic FWtor union forum 

WWSEK3 

Sstboure" anlS F ° ll0WS Smt W up \ 0 0 p £2 0 ? e t r h e e -neral Sf 9 5 t pcV SSScipa* Workers Union, haxc 

r£^m,YSP±; frm ; 

though payment is being held up So ^ t> * me lHP£ rs doin '* A further suea of possible cmi- 

by a dispute over its application worth of overtime a .tear. frontation with flic fSovernuipm 

to fringe areas- the va fo® consolidation is ( S issue uf London ueightinc 

ir Phase Three went down about £2 - 40 per wock - ° r . abDUt Present Civil Service rates ai«* 
badly. Phase Four could produce a notb ® r 3 per cent, on their pay. £ 4^5 tor within five miles of tin* 
a real confrontation, because the Again, for tbose 5.000 members centre, and £275 for five 10 13 
unions see their formal Telativi- earning more than £S.500 a year miles. 

ties with the private sector slip- tbe deaI cou,d be wort ' 1 as rauch The Association. for example, 
ping even further. as H* per ceQ L on top of the wants the issue to be lakeii nut 

Tbe private sector, they fieneral rise. of the national pay agreement 

believe, has - done very much rninnrnmim and bargained for vparau-lj — 

better than the guidelines die- uiuise possibly as a way round a strictly 

tale. Some evidence of their The source of grievance is that applied pay policy, 
disenchantment is provided by the Pay Research Unit which This new militancy over pay 
the fact that last year 35.632 staff examines private sector salaries could emerge lhi.« week. o» 
left the service over pay. ■- and fringe benefits, then pro- Wednesday the Society will 
The fourth round of pay duces a report for negotiators, consider an emergency uioimn 
policy after July 31 would pro b- was suspended in 1975 with the from the union's ojcecimvo call 
ablv be rigidly applied to the introduction of Labour's pay ins for industrial action if pay 
public sector, as Pbase Three policy. research findings -ire denied 

has been, in the expectation that t t should have been brought 1hein b >‘ > n >‘ Government wane 
the private sector would follow back with the proposed “return pa, «‘>- _. . 

suit. t0 ^ ree C 0 ]j eC (j ve bar gain in 2 ” of When the Phase Thu e oiler 

Phase Tliree. but as Lord ‘Peart, put v " ball ‘* v . 
the Lord Privy Seal, said last So . clef >' ‘ bc ' ri ’ »»»•, •* .»til«MatiMjl 
November, there was “the prob- tntpnnty, especially nt the h;g 
lera of reconciling the outcome cities, for rejecting it and enn 
of a pay research settlement Umnoc to press for a holler deal 
with the* guidelines of round " ,orp ' n ^ inc with private f-**ctur 
yj ree _- settlements. 

Before putting their claims But how effective that militancy 
this year, hnih the association will he is in doubt. Many may 
and the Society did their own simply leave the service instead 
research which, they say. con- of staying to fight. After the 
firmed that even Phase Two had Phase Two rise in May last year, 
■been greatly exceeded in the resignations were 35 per cenf. 
private sector. higher than for the same month 

The net result, they believe, the year before, 
will be that the Pay Research After the Government refused 
Unit, re-nclivated for April. 1979. to restore pay research for 197S 
will have little option but to in November last year, resigna- 
reporl in November I hat rises tions were 29 per cent. 'up. 
of at least 25 per cent, will be The Civil Service Department 
needed to restore eomparihility. announced two weeks ago (hut 
The Government has said that it was faring severe difficulties 
the findings of the Pay Research in filling executive and specialist 
Unit this year will subject to jobs. 


.... 


Nlaybe it’s accessibility. With two major airports close by. 
And unrivalled shipping facilities. 

Maybe it’s the financial and administrative assistance you 
get when you move to Irvine. Li kepossibie rent free periods and 
maximum government grants. 

Or the availability of factory space. With plenty of room for 
expansion when you need it. 

But one of the main attractions is the place itself. 

With golf courses a few minutes away and three miles of 
lovely sandy beaches right on your doorstep, Irvine is a beautiful 
place to make money. 

As Beecham, Volvo and others all discovered when they went 
into partnership with the highly professional staff of Irvine 
Development Corporation. 

over a hundred and twenty firms 
Irvine on something more substantial than 




Printers’ leaders 
to discuss 
Times ulti] 


latum 


BY OUR LABOUR EDITOR 

PRINT UNION leaders this week 
will consider in detail an 
ultimatum from Times News- 
papers that unless industrial 
relations problems were solved 
by November, publication of 
The Times and Sunday Times 
would be indefinitely suspended. 

General secretaries of at least 
three main unions are taking tbe 
threat seriously. They said at the 
week-end they saw it as an 
opportunity to tackle the prob- 
lem of unofficial stoppages. 

Mr. Les Dixon, general presi- 
dent of the National Graphical 
Association, said last night: 

It’s a serious letter, very 
serious, and obviously we shall 
be giving it serious considera- 
tion." But, he added, if the com- 
pany proved to be “crying 
wolf” that would do a lot of 
harm to future negotiations. 

Executive committees of the 
National Society of Operative 
Printers, Graphical and Media 
Personnel and the National 
Graphical Association will dis- 
cuss the Times letter this week. 
It was sent 10 days ago and dis- 
closed at the week-end. 

The.company said in the letter 
that the two newspapers had 
lost 20 per cent, of their output 
in tbe first quarter, and £1.75m. 
profit equivalent to the whole 
profit for last year. The reputa - 1 
tion and authority of the two 


papers was being damaged and 
they faced defection of both 
readers and advertisers. 

The management wanted to 
ensure continuity of production: 
bring an end to unofficial action 
and arbitrary restrictions: in 
negotiate a fast-aclina and e!Tei> 
live disputes procedure: and con- 
clude a wages deal based on the 
introduction of new technology 
and efficient manning, which 
could mean “considerable im- 
provement '* in earnings and 
conditions. 

There would he a guarantee 
of no compulsory redundancy 
arising out of new technology. 
All the negotiations were to be 
concluded by November. 

• Talks berween the National 
Union of Journalists and Thom- 
son Regional Newspapers to-day 
or to-morrow could determine 
whether the union calls about 
3.000 members in ihe group out 
on 24-bour strike. 

Plans for a country-wide strike 
were made because of a produc- 
tivity pay dispute at Henlri 
Hempstead, Herts, and the sub- 
sequent sacking of 77 journalists 
for working to rule. Since then 
about 300 other journalists have 
been dismissed for taking action 
in support of their Hertfordshire 
colleagues. 


we can put together for 
get m teisch with ©is r Commercial Director, Mike Thomson. 

!i¥SNE NEWTOWNss 


YOU CAN CONTACT MIKE THOMSON AT PERCETON HOUSE, IRVINE, AYRSHIRE Kflll 2 AL TELEPHONE: IRVINE (02 94 J 74 100. OR THONE JACK BECKETT, OUR LONDON 


See uson 




nmCF DIRECTOR. AT 01 -930 2631. 






-12 May. 


Speke workers 
may press 
for State aid 

By Our Labour Staff 

UNIONS may press British Ley 
land to join then? in an approach 
to the Government for a special 
redundancy grant to the 3.000 
workers at its Speke assembly 
plant on Merseyside. 

Shop stewards will be report- 
ing back to national union 
officials after the confused mass 
meeting on Saturday when, ac- 
cording to the stewards, better 
terms were demanded for the 
closure, due in three weeks. 

Revised terms put to ihe 
unions last week were the com- 
pany's final offer, according lo 
Mr. Pat Lowry, Ley! and person- 
nel director. But a company 
official on Merseyside said yester- 
day that it was prepared to ex- 
plore the possibility of a joint 
approach to ihe Government. 

Mr. Grenville Hawley, a 
national secretary of the Trans- 
port and General Workers 
Unioa, said that there was a 
strong feeling that Leyland 
should 30 further towards ex- 
tending the kind of payments 
achieved in shipbuilding, the 
British Stel Corporation and the 
docks. He proposed a joint 
approach at the last meeting. 

Average payments in steel re- 
cently have been around £?.onn. 
Leylands offer is worth between 
£1.300 and Efi.500. with an 
average of £2,500 per man. 


Y> 



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nature, with diamonds and. 
diamond jewellery at except- 
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Contact us I or full inform- 
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V 





financial Times Monday- May 8 1978 


How do you want your Rover? 

With the new Rover 2300 coming into fall production, you now have a choice of three outstanding Rovers. 

To help you choose we offer a summary guide to the new Rover rangeThe three new Rovers share the elegant, aerodynamic body 
made famous by the award-winning Rover 3500. But each Rover has characteristics and features that are all its own, 

distinguishing them from each other and the Rover range from the rest... 


Rover 2300 



Powered by one of the new, 6-cylinder in-line 
Rover engines (2350 cc) with aluminium head, 
developing a healthy 123 bhp.The-crisp gearbox is 
4-speed manual with 5th speed and automatic options. 

'Rover safety: 
the sure stopping 
power of dual-circuit 
servo-assisted brakes 

Rover safety: 
in case of accident, 
fuel supply, auto- 
matically shuts- off. 

Comprehensive 
weather and grit . 
protection: the cars 
paintwork is electro- 
phoretically primed and thermoplastically finished. 

There's full- underbody protection, zinc sills 
and stainless steel bumpers. 

More safety: 
high intensity rear 
foglamps,twin 
■reversing lights, 
hazard lights and 
front door-open 
warning reflectors. 
Inside, an energy- 
absorbing fascia and 
adjustable, telescopic 
steeling column; 

And on all Rover 

.models, a Triplex Ten Twenty Super Laminated screen, 
the safest production windscreen in the world. 

The 2300 doesn't skimp on contort: reclining, 
front seats have head restraints, there's cut pile 1 \ 
carpeting and an easy-to-clean rubber boot surface, 
a push-button radio, cigar lighter, twin glove lockers 
and a driver's door mirror adjustable from inside. 

With all that safety and comfort goes high 
performance: a top speed of 1 14 mph and 0-60 
acceleration of 1 1 .5 seconds! 

All for £5645.25* 





Rover 2600 

The six-cylinder engine is modified to deliver 
136 bhp and, like the 2300 engine, features the Design 
Council Award-winning Air Temperature Control unit. 
Together with a belt-driven camshaft, it contributes 
to efficient fuel consumption and quiet running. 

The 2600 introduces a self-levelling suspension 

system that ensures 

that the car is the 
correct height above 
the road whatever 
the load and how- 
ever it may be 
distributed-The 
system also keeps 
the 4 beam halogen 
headlamps correctly 
aligned. 

In addition to l- -*-■■■•• 

the 2300 specification you'll findmap andglove locker 
lights, a carpeted boot, colour keyed fascia, more 
comprehensive instrumentation, extra comfort with 
box pleated seats, and extra refinement like front 
door-open warning lights. 

The gearbox is 5-speed manual with an 
automatic option: the car reaches 60 mph from 
standing start in 10.7 seconds and has a top speed 
ofil9mphT 




In spite of its additional specification, the 
Rover 2600 costs just £5991 .57* A price level with 
considerable tax advantages to the business car user 


Rover 3500 

The magnificent Rover 3500 obviously has 
everything the 2300 and 2600 often And more. 

The famous Rover V8, 155 bhp engine is fitted 
with electronic ignition, which assists fuel economy, 
reliability and perfoimance.The car goes from 0-60 in 
8.9 seconds and has a 
top speed of 123 mph! 

The 3500 adds 

power-assisted 
steering.The all- 
round tinted windows^ s 
are electrically 
operated. All five 
doors can be secured 
from a central 
locking device in ^ 

the driver's door. 

With luxury features like the quad speaker push 
button radio and stereo cassette player, the 3500 is 
unmistakeably the range leader. 

The award-winning Rover 3500 will cost you or 
your company £7 1 74.44* (A price which now has 
considerable business car tax advantages). 




Before you decide, you'll want to know a lot more 
about the Rover range than we have space to tell. 

A visit to your Rover showroom will provide 
all the details and the opportunity of a test drive, 
which is usually the decisive experience. 











8 

Building and Cnrii bninGeHng 


Financial 'Times Monday May 8-197 8* 


BOC’s £2.5m. oilfield plan 


Miller in U.K. and Laing at £7tm. 
Saudi Arabia 

being built under a £5m. ci 

WORK IN THE north east of solid and troughed floors and awarded by Emberbrook 
England and Saudi Arabia, at a roof slabs, and the elevations will nePr ine rho Milk Mn 


PETERHEAD (BOC) Base, part Oy Lohja. contractor and manu- with a special exhibition of new 
of Oilfield Services Division of facturer of building materials, products and machines as wen as 
'TM BOC. has announced a £2.5m. de- and Jastanian Corporation, of the introduction or, and a 

! veiopment in the Peterhead area Saudi Arabia, will set -up dialogue on. modern techniques 

to support the offshore oil ser- the production of prefabricated and constructions from different 
iwinfx T»iiir simniv nroduc- vice base which the company concrete and stone materials in countries. Its prime amonioo is 
iTSnSSd to ii^ase by operates on Keith Inch, Peter- Yiddah, starting in the autumn, for the exchange and transfer 
sffiTKw ^25 to bead. The company is also building 28 know-how wlhm the industry. 


THE SHOWPIECE butter-making a growing milk supply, produc- vice Case which the company concreie ana stone materials in — -j 

creamery at Stonehouse, near tion is expected to increase by operates on Keith Inch, Peter- ^iddah, starting in the autumn, for the esc S !«iii,etTV i 

Stroud In GhSSe li ?ome to bead. The company is also building 28 know-how within the industry, 

being built under a £5m. contract about 3 loom 83 «ullons "by " the The company has acquired a vocational schools throughout The venue of i 

awarded by Emberbrook Enri- early lSSOa^^As'abaut a fifth Of *0 acre sit ® and tbe phased de- Iraq, together with Finnish Vise the beautiful state 

oS th e E Mtik Marketing Hie^coimtry's milk is produced in velopment includes, "additional Kv and^COpf Iraq . 

Board's engmaorirg subsidiary. tbe_ West Cwmry. Stonehouse »&. _ sccommodanon. ware- cor.flmtnon o[ 16 apart- ™ter res !OA U lie 


of industry 

CRENDON 

precast concrete 
structures 


CRENDON CONCRETE CO LTD 
• ' Thame Rd., Iona Crendor. 

' Aylesbury Sucks. hpts 98B 

Tel. Long Crendor;20B4&i. 


and a housing scheme for senior drainage installations 
citizens' flats m Seaton Sluice. 

have been awarded by .Newcastle rip j • f* 

Corporation and local housing g PClltlfl fYl 
associations. -* ”1 

The creation of homes in Saudi • 

^sjssc up £lffl - 01 u>e a major 

pipeline 


nouses m :xeweasue aau aouro v.ruen nas already begun. are 0 F the most up to date in Europe, milk and, when fullv operational, The new site, which Ues m a irerusynuna. icese *ui y. 

Slue Ids. a housing and shopping healing. ventilating. should bring Britain one step will employ about : JOO staff. strategic position about two be of stalled semi-prefabncatcd Hff 

development in Northumberland, cnnditioiung. lift, electrical and nearer to becoming self-sufficient The Midland Re-ioo of John miles south of Peterhead on the elements and are part of the A 1 
and a bousing scheme for senior drainage installations. in dairy products. Lainu will Work soon on main Aberdeen road, is adjacent housing programme of the p 

citizens flats m Seaton Sluice. Tho mJSoroy building should Selling Ibe oW Leicester- to the Peterhead bypass, is de- Nigerian anny - - Q|| vf Of>AC 

have been awarded ny Newcastle np .m p he comn feted later this vear and Cmb ^ inwii new signed to provide long-term A new hotel lo be built in 

Corporation '«md local nousing I PCflTlO ftT finishing murhes am hpine nut ?»nn» in Hsrhnrmi 2 h storage and an administrative Baghdad. Iraq, will be furnished tatutt t? ih P r» nm a 


Developers 
at the 


Cement hull 

repair 

material 

A MORTAR specially formulated 
■for ferro cement boats has been 


„ _ eqiuMmeiii, tue uunuiugs ue uiuer nign street stores aruuuu inn-A™ — V;tC i» situations wnare a toauug w nprfnrmance the 

mnolino handed back to the company for Britain will be reconstructed . o fumiture^^dnn^T 1 severely abraded, they arc “Jg™ c u produced loUowin" 

BiDeilOC decoration. under a £2m. contract covering L lofc tOF “5SS *“* easily removed from the surface and ?mdinc of sharS 

A" From 1979 onwards, when the areas in Croydon, Carlisle, Ply- X? AU1 panels, curtains and lighting and anti-corrosive properties are too make? 

BIX (U.K.) has been awarded a MUk Marketing Board anticipates mouth and Reading. , ■SSKSr' 2°^ udms their in- lo! £. S^SEhSftv i the Smrtar 

contract for the provision of Dnit-yin^r stallabons. Asko was competing ■, order to combat this oro- S 00 ^ workabilil> of tuc uiurtar 

non-destructive testing equip- f , X UmCy vrith. Italian and Spanish ihr- bl £» “SLiiolS iSSwST at lhe iow . water cement ratios 

ment for the Russian section of HritlfTSlQ 7J TTIQfl CPilOttlP Tire i n^nv vnuoTTrn n,ture manufacturers. The hotel ■wtS’ V nr kshir e P has a new eon vs’ necessary in ferro cement work- 

thc IGAT II pipeline in Iran. The DtllJilldAl iUdll THE LONDON BOROUGH of is being designed by the Spanish jSSn-wSm knnwn The sand * rad l neB J meet , JL be 

nj-ieiine will supply gas across morBiTw™ * u-.- . j . , ... - Wandsworth has awarded a con- jrelia hotel chain. coating system kno nas Quen requirements of Lluyds and Bet 

fran and the tot?? length of the FORERUNNER to an ambitious tenders to be called . this tract of over £LSn. for the build- The f innish contracting com- *** Norske Verilas and the 1,1 iv uscs 

.mu-io road scheme for the outskirts of autumn. _ ms D f an eicht-storev structure. rw. n abrasion ana corrosion. _ di... rir»ir> iirHinnrv Portland 


sj B ■ Bar- no»' u v*urui;uvB icauiug cnuiy- ^ 1 • 1 1 

'rocnt for the Russian secUon of Kpi|(ThQ71 rnOff CPnAlYlA 
TB1U > wr the IGAT II pipeline in Iran. The lUdU jtllCUlC , 

rlieasantry 1 %' 1, a° n 'd’Se^ P M,ni* onS FORERUNNER to,n ^bilious .e„de^ b, -lied .Ibis, 

SHOPS, offices, fiats and car section to he tested is 303 miles, road scheme for the outsorts of a ummn^ , 

parkins are to be provided under The project is being supervised Benghazi in Libya is a £200,000 JftJfi’S. 1 ns the ! 

a £3m. development by C. H. by Neftecbimpromexport of design contract won by the use garish Cor len ^teel ‘ 

s^.rtivSe“V.? , » !ww«- — « szsjsttX* rrt ss-s ss , 

m it ?S intended J to retain 1 and of intense international competi- conjunction with companies C °™£ e 4 ghSft ■ al P rkman 1 

refurbish the French style lion and the total value of the from the U.b.. Italy and Ward Ashcroft and P^kman 


in i he Kin o ? Road Chelsea have been specified in the face warQ Asncrpu ana i ' arKman in ,n in ? to counteract the site and should be completed r 

l! i, intended ?o rctafn and Sf intense intlrSnal competi- conjunction with companies corrosive effects in October next year. 

z s , h ns L he ,vss. v * , .‘r2L tt i us - 1,a,y ,nd BIM held 

skim «« -r r r rr ^ sematsS' sj in vipnna 

re for rhe^ hSJdS^nf ««ir ping to Iran within 12 weeks of constrocUon of eight flyovers completed a .study- of he Hume Tottenham and Bennett HI V 160113 


Years a-u was converted into u lutjl project be ready for ship- . ,, ” “ , ‘ ’ iw.wu ann me arm nas just me consulting engineers are 

■ ^n ro rhi rf pin- to Iran within 12 weeks of construction of eight flyovers completed a study OF the Hume Tottenham and Bennett 

venire far the breeding of exotic of r?rdcr 3nd the tolal cost of construe- environmental impact of the of London W.l. 

birds. The f^ade itself is about * £ package will be used in t5on is P ut at abcrUt ^ISm., with North Sea Beatrice field. 

1UO jears old. . .r 1 ' 1 of the precast concrete industry anti-corrosive oronerties It msi ^«i*uii. i^ir^est tmuiiiit is 

While Young and Partners the double joiatin, yards, where 1 £ C 1 PP 1 l* - n» • will be held in the Caosiess mav be used above ground or ^ 0T industrial buildings at Peri- 

Stt ffCaa sSsSS Panels for Scaffolding Finns in iSSS s 

freezers is straight Middle East S3ra u Sw'a i «S33 

City offices S'. .HdullSfnS w INSULATED PANELS in » CHOW HAMILTON has in new 1 -yj. • the world repmseStag .the pre. f'nrmnrfmt ^ Marel > 1979 ' 

J and National Iran gas s P ecla ™ a Z e oi s , ^ s feet - straightening machine designed Qf|Q j\|OPJ*|Q .cast concrete industries as a UltlX <HIl 

IL«r standards. suitable for frozen food storage to cope with the increasing - 1 - whole. 1?rifTinAArc< 

OV V^CISESIfln A special feature of the con- construction, have been intro- range of systems scaffolding now THREE FINNISH construction Formed in 1954, with 24 nln4‘r/'kY«m JullfcHJCvI iJ 

■z tract is the provision of fullv duced by Thames Plywood on the market companies will be in charge of members to date, the concern of UlAllUlili " 

A SIX-STOREY office block with equipped, mobile test facilities Manufacturers, of Barking, This new unit the Crowpack, is the building of the water and BIBM has been to organise con- * ^AnA^nAv* 

basement, in St. Mary Axe in the w j,ich have skid-mounted dark- Essex. fitted with .a 220/240 volt 2 HP sewerage network and of the grosses every three years and to r\n 4TlA ennf lUUt/lIlCl 

i-.ity of London, will be built by rot .ni processing laboratories. The panels can be supplied in TEFC motor which powers a hy- ground construction of a new promote contacts between manu- |Jg| 1.1 BC jjUUl 

Costain Cnnstnictinn for Great mcial sampling and polishing structural or nou-struvtural form draulic gear pump .and is capable residential zone of 1,450 dwell- facturers and international . HIGHWAv ENGINEEhb will 

Portland Estates at a cost of equipment, microscopes, tensile, with infilling and hygienic of delivering a maximum thrust ings to be built near Baghdad, associations. It has organised AFTER an uneventful journey have the opportunity of exchang- 

impact testing and hardness finished to customer require- of 9.5 tons. Iraq, in a contract worth over worldwide study travels, mutnal J IS utUng-out point at mg views- and discussing perti- 

The design includes reinforced checking equipment together meats, and also come as light- Crow Hamilton. 24S Seaward FMklOOm. The contractors are factory tours and brought manu- Stord in Norway, the Cormorant nent issues arising from tho 
concrete frame on a reinforced with machining equipment for weight constructional compo- Street- Glasgow G41 1NH. 041-429 Lem min kainen. Polar, and Palm- faemrers together to discuss A .gravity platform, a 380,000-ton Report of the Advisory Com- 


includes the supply of pipeline _ , § ^ 

inspection equipment, spare TFPD70FC 1C? cfrQUTtlf 

parts and consumables to Ul CCl C i Id Jll fllzil B L 

S'fi“,* l d r ' h uu™?ni« ^ AP°i INSULATED PANELS in a CHOW HAMILTON has a. new 

1104 and National Iran <*as special range c*f S by S feet, straightening machine designed 

standards. suitable for frozen food storage to cope with the increasing 


Finns in 
Middle East 


pany Vesto Oy in Hodeidah Port the system is designed Blue Circlc 0rdinary Porl,and 

SSSiSS r: nL 

General Grain Corporation. “ ^TSSSTSSTT'I^ £3m. Work 

ferrous metals, concrete, brick- ~ , ■« 11 

BIM held is Crat ^ to Smdall 

• fT"* then ®3oJ5| B Sv S ftw ,< ?oate S of CONTRACTS lotalllns ovqr £3m. 

m Vienna j-ra~jrj£- SjauMss-a 

THE 9th international congress resistant coating with excellent S 0 !!' * ,n -ii^ e London area and 
of the precast concrete industry anti-corrosive properties. it East JU^ta. Largest contract is 
will be held in the Congress may be used above ground or v!.^' T 'J 

Center Hofburg. Vienna from underwater. It is resistant to r-.^ £ a.ntfSrfT' J 

October 8-13. Tbe congress is solvents, acids and alkalis. ti? nE 

sponsored by BIBM (the Bureau Boston Spa S433S8. trustees, for the Post Office Siaff 

International du Beton Manufao- Superannuation iund. \Vorth 

ture) the only organisation in c0JJ, Pl c l ed 

the world representing the pre- PnrmAPQIlf by ilarcb 19<9 ' 
cast concrete industries as a V>IIB BBB lffB dBBB. 

WhOie. _ _ FMntMAAHTI 


aph v and ultrasonics to API ISOLATED panels in a CROW HAMILTON has a new 1 the world representing the pre- I nrmArQnl 

04 and National Iran <"as special range c*f S by S feet, straightening machine designed QrlfJ \ JpPrlQ cast concrete industries as a V^Ul iliUl U-fil 
andards. ” suitable for frozen food storage to cope with the increasing ***-*w*. , * 5 V * 114 whole. 

A special feature of the con- construction, have been intro- range of sy steals scaffolding now THREE FINNISH construction Formed in 1954, with 24 yilnffAmi 

act is tbe provision of fullv duced by Thames Plywood on the market companies will be in charge of members to date, the concern of BJldlXIJX 111 

uipped. mobile test facilities Manufacturers, of Barking, This new unit the CrowpacK, is the building of the water and BIBM has been to organise con- * 

lich have skid-mounted dark- Essex. fitted with .a 220/240 volt 2 HP sewerage- network and of tbe grosses every three years and to fl«A CVhrh 1 ! 

cun processing laboratories. The panels can be supplied in TEFC motor which powers a hy- ground construction of a new promote contacts between manu- If BB IBBC oUUl 

i-.nl cf, mnllnn unW nnltchino rtir til r;i I nr riii>Tiir:i I fnrin riranlir "Mr mimn and ic mnahlp rp.ciHpntial ?nnp nf 1 4Sn riuipll- faetUKrS and international AT 


Engineers 

together 


concrete raft foundation with the preparation of test pieces. 



questions of technology, economy giant built by Sir Robert xnittee on Trunk Road Assess- 

and marketing. McAlpine/Sea Tank, is now on moot in one of the first formal 

This year’s congress will offer sit *- It was built at Ardoyne in meetings organised hy the West 
further opportunities for the and then towed to Stord for Midland Branch of the Jnstitu- 
industry to meet its customers as the addition of all its equipment tion of Highway Engineers, 
it will be attended by architects except the rig. The meeting, on May 15, will 

and engineers as well as pro- Ic is to serve as a booster/ he held at the Royal Spa Centre, 
ducers of precast concrete. There gathering station for the north Leamington Spa, Warwickshire, 
will be no special theme, as such, fields of the U.K. sector including commencing at 9.30 ami., and 
yet special emphasis will be given Brent Hutton and Dunlin. will examine reactions to the 
to marketing and promoting the Final foundation work will be Leitch Report from the view- 
image of concrete, presenters and grouting under the base of the point of the Department of 
participants communicating in structure, followed by connec- Transport, a consulting engineer, 
English, French and German, tion of risers to pipelines an academic and a county stir- 
simultaneously translated. already installed and setting up veyor. Sir George Leilch, KC.B, 

The congress comes in concert of the drilling derrick. OBE. the Report chairman, to- 


IN BRIEF 


irt of the drilling derrick. OBE. the Report chairman, to- 

. .. - .... gether with three members of 

. his committee, will comment on 
: contract from Carl Schenk (U.K.1 ^ pmerai response. 


• The University of Wales Insti- - - - 

tute of Science and Technology, °nf I J "" : ■ ■ 

Cardiff, has placed a contract rh^ 1 Anything VOU Want built, 

with t « ccpr Ri.il Hina SvsrpniR for the ventilation system and piped I J r“'r u y 1 ' 


| with Lesser Building Systems for 


.the construction of a budding ® ni S?iK P 

utilising the company's Low . near 

Maintenance PB4 Budding • building contracts for 

System, at a cost of £203.000. a warehouse extension and office 
The budding will house part of E^£ l lsa J 10n together worth 
the Department of Civil «20.000, have been awarded to 
Engineering and Building Tech- Special Works Department 

oology and should be completed of 

bv Christmas forth. Leeds. Work has started 

_ . , „ on an extension to a carpet 

® A f r 00,000 contract for the warehouse in Leeds and, also in 
thermal insulation of an under- that city, the company has begun 
ground fuel-oil pipeline from the modernising offices due for com- 
isle of Gram to Kingsnorth pietion this summer. The refur-' 
power station has been com- bishment of the former National 
pleted for the CEG8 by Cape Westminster Bank premises in 
Group company and Dick’s Insu- James Street, Harrogate, is under 
lations (Pipelines), a division of way and should be finished in 
the McGill Insulation Group. September. 

• The United Asphalt Company’s - 

tender of £950.000 for resurfac- 
ing work on the Lancaster-Carn- 
forth section of the M6 motor- 
way. between junctions 34 and 
35, has been accepted by the 
, Department of Transport 

• A contract worth more than 
£800,000 has been awarded to 
Haden Young for providing 
mechanical services in the new 
fully air-conditioned head- 
quarters of Yorkshire Bank, now ELECTRICAL CONTRACTING 

,n Mcrr,on W. E. CHIVERS & SONS I 

•HonXthe Dd Lo?d U o^U n iS: 

rices engineers, has a £250.000 Branches at LONDON, READING 


Yes. if you buy a building in the 
traditional way. 

No. if you buy it from Lesser 
Design and Build. 

Traditionally, buildings arc- 
bough l in a straight line. First the 
architects and planners, then the 
engineers, then the quantity 
surveyors, then the contractors, 
then the subcontractors . . . 

A solemn, stately ritual. 
Trouble is. if you want to speed it 
up. or alter it, orpuli it about a bit. 


you usually have to go back to the 
beginning. Do it often enough, and 
you newrpass 'Go’. (And you 
certainly never collect £200.) 

At Lesser, it's different. The 
only straight lines we have are 
lines of communication. Because 
at Lesser, architects, engineers 
and builders are all part of a team, 
not a procession. 

. We can clear a site while our 
architects are designing . . . put in 
foundations while our engineers 


are workingout acoustic finishes... 
get in the bricks.6e/brethe colour 
of the tiles in the loo is established 

We can slash the pre-contract 
period, and usually take months 
off the tinier pent actually 
building. Not surprisingly, when all 
the benefits are considered, we 
tend to endup about 10% cheaper. 

Becatise at Lesser, yourproject 
5s indeed handled by first-class 
engineers and practical 
professionals. But it’s controlled 


on your behalf by a hard-headed 
businessman, whose job it is to . 
treat you not as a client - but as 
a customer. 

Now. which would you rather be? 

Tbf building* shown here area 
handruJ of those we've built (or 
dozens of satisfied ruaLomrrs - 
ail equally important, equally 
■valuable to us. For detailed ca>e- 
histories, or facts and figures on 
the sa vines yon make with Lesser 
Desien & Build, phone Mike 
Barracloush on (11-570 7755. 



anywhere in Scotland 

contact + 

Gilbert Ash 1 
Pegasus House. / v 
West George Street. Glasgow 
041*248 2511 j. 



Founded 1884 

BUILDING & CIVIL ENGINEERING CONTRACTORS 

JOINERY MANUFACTURERS 
TEAM PROJECTS 
ELECTRICAL CONTRACTING 

W. E. CHIVERS & SONS LTD. 

HEAD OFFICE: DEVIZES 2127 

Branches at LONDON, READING. ROMSEY & CHELTENHAM 



Plessey Rad nr 

Production building. Cowes, Isle of Wight. 


Dunlop 

Social Centre, Coventry. 


Arthur Cuinnev* Son & Co. United Biscuits 

Office building at Park Royal Brewery. Offices at-Osteriey. Middlesex. 








gn » n n ^ 

Swallow Hotels j [. Snoiuel 

220 bedroom extension to Yam's Royal Jeweller.- store. Liverpool 




1978 


Scot Hotel, Edinbur gh. 


( Under etmiructionj 


Lesser Construction Lim i ted, 
The Lesser Building, 
Staines Road. Hounslow T\Y3 IIJB. 

Telephone: 01-570 7755. 


CHOOSE 



And at: 

Birmingham (021-705 0111) 
Glasgow (041-221 0124) 
Manchester (021-705 0111 ) 
Newcastle (0632 612992) 
Nottingham (0602 56557) 


DESIGN & BUILD 



The Queen’s Award for Industry 1978 
has been granted to Flogates Limited 
( a member of the Hinckley Group of Companies). 

The directors and employees wish to express 
their appreciation to all the customers and 
suppliers who have helped to make this honour 

possible. 



FLOGATES LIMITED 
Sandison House, Beaucliief, Sheffield S7 2RA 
Telephone: 0742 369011/369021 Telex: 54496/547126 


and feel at home 









i'inanciaT Times Monday May g 197§ 


9 



3HTH)BYARTHUR BENNETT AND TEJ) SCHOETERS 
MATERIALS 

igid sheet is low 
in vinyl monomer 



OVER THE last few years, there 
has been increasing pressure on 
manufacturers to reduce the 
residual content of VCM (vinyl 
chloride monomer) in vacuum- 
formed pvt items destined for 
packaging all types of foodstuffs, 
from chocolates and cakes to con- 
fectionery, fruit and vegetables. 
This has made it essential that 
calendered pvc sheet is produced 
with very low residual vcm levels 
to enable its use in such 
important applications to be 
continued. 

It now appears likely that new 
legislation requiring an upper 
limit of ippm (Imp per kg) for 
sheet material will be introduced 
in the near future, bringing the 
-U-K. into line with current EEC 
specifications; Alkor Plastics 
(U.K.t. actively promoting the 
development of safe' materials 
for foodstuffs packaging, has 


announced that til material 
currently being supplied by it 
for vacuum-formed food packag- 
ing already meets the expected 
new lowered limit 

In fact homopolyraer trans- 
parent films produced by Alkor — 
including newly - introduced 
neutral tinted materials with 
high blocking resistance and easy 
■denestiug characteristics— have a 
residual vcm content which is 
not detectable with normal equip- 
ment; in addition, Alkor Venipak 
AP coloured sheet, mainly used 
in production of nests for choco- 
lates, confectionery and cakes, 
contains a maximum residual 
vcm level of Ippm. well below 
the present 5 ppm limit for co- 
polymer films. 

Further information is avail- 
able from Alkor Plastics (U.K-l. 
Grey caine Road. Watford, Herts 
WD2 4FB. Watford 49511. 


Textile antifoam agent 
has other functions 


ALTHOUGH developed primarily 
as an anti foam agent for the tex- 
tile industry, a new formulation 
from T, Goldschmidt of East- 
cote, has applications in many 
other industries. 

Polvmekon 710 is a polysilox- 
ane based non-ionic emulsion 
that will destroy foam and pre- 
vent foam formation. It can be 
used during such processes as 
precipitation spinning of viscose, 
dyeing in the winch vat, degreas- 
ing. desizing, as well as many 
others. 

It can also be used in other 
industries where acid media 
needs to be de foamed. 

The new emulsion quickly 
destroys the foam in neutral and 
slightly alkaline aqueons media, 
as well as those that are highly 


acidic. Tt can be mixed into foam- 
ing media in either the “ as sup- 
plied ” condition or pre-diluted. 

Polymekon 710 is easily 
diluted with water in any pro- 
portion and the dilutions will 
remain stable for several days. 
For pre-dilution it is necessary 
to stir softened or distilled water 
into tbe antifoam in several lots 
until the desired dilation ratio 
is obtained. 

The material which is a 30 per 
cent, active matter oil/water 
emulsion, will keep for up to six 
months in closed containers 
when stored without dilution or 
freezing. 

The company is at Initial 
House. 150. Field End Road, 
Eastcote, Middlesex, HA5 ISA. 
01-86S mi. 


• AUTOMATION 

System 
for plant 
control 

INTRODUCED by GEC-EMott 
Process Automation is a control 
and sequencing package called 
Marcus 16, based on the com* 
pany’s March 4 range of plant 
interface equipment (which in- 
cludes a microprocessor from 
the Intel range). 

The company is aiming at 
those applications which are 
more complex than can be 
catered for - by a programmable 
controller but on the other 
hand do not justify the use of a 
minicomputer. 

A single Marcus 16 can be 
used for applications requiring 
the control -of eight to 12 loops 
and a number of associated se- 
quencing actions. It can be 
used for continuous control, 
logic and sequencing, alarm 
monitoring (digital or analogue), 
data acquisition and recording. 

Tbe system can be used singly, 
but is designed so that a basic 
package itself can be enlarged, 
or additional Marcus 16s can be 
added to a plant at any time to 
form a hierarchical arrangement. 

Firmware is such that control 
routines can be mixed with logic 
and sequence functions exactiy 
as the engineer requires during 
design. 

Communications between plant 
and operator can be carried out 
via monochrome or colour visual 
display units, teletypewriters or 
a control panel. 

Modules in the March 4 range 
used in the package are based 
on 16 channels; inputs can be 
from plant contacts or from 
electronic origins in the digital 
input units. Analogue inputs 
can range from 50 mV to 10 V 
while analogue outputs are 
±10 V. 

More from the company at 
New Parks. Leicester LE3 1UF 
(0533 87 1331). 





This artist's impression shows how a novel pipeline 
protection system, to be presented this week at 
the Offshore Technology Conference in Houston, 
Texas, will be applied. Evolved by Norwegian 
Contractors of Oslo it is intended to protect 
pipelines from erosion. It relies on semi-flexible 
slabs of partially prestressed concrete articulated 
together to form a continuous mat. The slabs 
measure 26 x 4 feet and are 1} inches thick. 
The mat is lowered from a converted semi- 
submersible lay vessel fitted with thrusters for 
propulsion. 


ICI Linear Composites is talking with the 
company about a modified version of its anti-scour 
device for use with the slabs. Reported on 
Technical Page recently, this looks like seaweed 
and has the effect of building up a mound of sand 
over whatever it is protecting. The combined 
system is expected to be competitive with pro- 
tection by layers of gravel at $1,000 per yard 
at normal pipeline depths, and to be far superior 
in performance because it will be virtually 
permanent. 



• ELECTRONICS • IN THE OFFICE 

Diodes in Miniature dictator 
glass 


COMMUNICATIONS 


Outdoor 

microphone 

SPECIALLY protected micro- 
phone equipmeot introduced by 
Computer Engineering is de- 
signed for use where a perma- 
nent pick-up point is needed out 
of doors in noise measurement 
and other audio work. 

Basically it is an electret mea- 
surement microphone enclosed 
in a protective sphere of about 
seven inches in diameter and 
would normally be mounted at 
the lop of a mast or fixed to a 
building. 

The sphere — a windshield — is 
a nylon mesh covering a stain- 
less steel wire cage and is 
designed to reduce the amount 
of wind-induced noise. Anti-bird 
spikes are mounled od its top 
surface tn prevent birds using it 
as a perching place and soiling 
the covering. In rainy conditions 
the covering does not become 
waterlogged and any rain leaking 
through during a heavy down- 
pour is diverted from the micro- 
phone by a small plastic um- 
brella mounted inside the 
sphere. 

The “handle of the instru- 
ment contains a pre-amplifier 
housed in a transparent cylinder 
which contains coloured desic- 
cant visible from the ground as 
a check on water ingress. 

To prevent condensation prob- 
lems, a heater keeps the instru- 


ment at a higher temperature 
than its surroundings. More from 
Wallace Way, Hitchin, Herts 
SG4 0SE (0462 52731). 


Makes TV 

seta 

terminal 

USING a printed circuit board 
of electronics developed by 
Motorola, any standard produc- 
tion television receiver can be 
converted into a full 16 line 
alpha-numeric video terminal. 

The hoard, which includes a 
12S ASCII character generator 
and a one page memory, is 
offered in three versions. Two 
of them are for direct connection 
into the aerial sockets of either 
UHF or VHF receivers 
(M6SDIM1 and 2) and can 
display 16 lines of 32 characters. 
The other module M6SDIM6 can 
display 25 to 64 character per 
line on the full screen width by 
means of an internal “ horizontal 
magnifier" adjusted by an ex- 
ternal 10k ohm potentiometer. 

Page memory is accessed auto- 
matically by the character 
generator hut can alternatively 
be addressed by a computer for 
reading or writing exactly as a 
RAM would be "addressed. 
Display refresh is fully automatic 
and independent. Additional 


Dfls. 30,000.000.— 

61% Bearer Notes 1972 due 1976/1979 
of 

THE COUNCIL OF EUROPE 
RESETTLEMENT FUND 
FOR NATIONAL REFUGEES 
AND OVER-POPULATION 
IN EUROPE 
Strasbourg 

(Head office: 

55. avenue Klebcr, 757S4 Paris Cedes: 16) 


Third annual redemption instalment 
( fit’ll eruption Group No. 2 attd No. 4 fell due 
on June 15, 1976 and June 15. 1977 resp.) 


As provided in the Terms and Conditions 
Redemption Group No. 3. amounting to 
Dfls. 7.500,000. — . has been drawn for 
redemption on June 15. 1978 and 
consequently the Note which bears number 3 
and all Notes bearing a number which is 4. 
or a multiple of 4. plus 3 arc payable as from 

June 15, 197S 

at 

Algemcne Bank Nederland N.V. 

(Central Paying Agent) 

Pierson. HeJdring & Pfereon N.V. 

A mja erdam-Rotterdam Bank N.V. 
Bank Mees& Hope NV 

in Amsterdam; 

Basque Bruxelles Lambert SLA. 

in Brussels: 

Basque Internationale h Luxembourg SLA. 

in Luxembourg: 

AJgenene Bank Nederland (Geneve) SA 
in Geneva: 

Algemcne Bank Nederland in derSdmeiz AG 

in Zurich. 

‘April 26. 197S 


Facilities include a top of the 
page pointer and a black-on-white 
or reverse display. The boards 
are fully compatible with the 
company's M6800 microprocessor 
bus structure. 

More on 01-820 8836. 

Emits over 
wide band 

A VERTICALLY polarised in- 
verted cone aerial that will 
operate on any frequency be- 
tween 1.6 and 32 MHz. handling 
powers -up to 160 kW peak has 
been put on the market by 
Technology for Communications. 

Thus the aerial provides 
coverage of all the maritime 
mobile service frequencies in the 
HF band and the makers say 
that it is one of the very few 
optimised for this service. 

The aerial cobsists of a number 
of conductors lying in the curved 
surface of a cone which has its 
apex at the base of a guyed 
metal lattice tower. Periphery 
of the cone is supported about 
half way down the guy ropes. The 
large diameter to height ratio 
results in good efficiency over a 
20:1 frequency range. 1 . The aerial 
uses no resistors, terminators or 
tuning units. 

The structure experiences very 
little mechanical deflection or 
oscillation and will withstand 100 
mpb winds. No glass fibre, plastic 
guy materials or dissimilar metal 
contacts are used. 

More from 5a Gregory Place, 
London W 8 4NG (01-837 2796). 

Precision 

monitor 

PREVIOUSLY unobtainable 
degree of optical clarity s 
obtained in a high-resolution 
colour television picture monitor 
put on the market by Crow, of 
Reading. 

Made in the U.S. by Barco. the 
unit makes use of "a special 14 
inch shadow-mask tube with a 
triad colour dot spacing of only 
0.34 mm, giving nearly four 
times as many dots per unit 
area as a standard high quality 
monitor tube- "Coupled with 
suitable precision in its deflec- 
tion assembly, the tube is cap- 
able of resolving 3000 to 1500 
lines per picture width, about 
twice normal. 

Suitable for European 625 or 
U.S. 525 line standards without 
modification, it will accept 
signals encoded in NTSC, PAL, 
PAL M or SECAM at the cus- 
tomer’s option. 

More from P.O. Box -38, Read- 
ing RG1 2NB (0734 595025). 

• TRANSPORT 

Cuts down 
overhauls 

AN AUTOMOTIVE diesel engine 
which is said to offer extended 
durability (average life to major 
overhaul 150,000 miles)! im- 
proved efficiency, allowing the 
company to increase the rating 
without attendant problems of 
smoke or loss of performance; 
and a 2dB(A) engine noise level 
reduction, is the latest develop- 
ment from Perkins Engines, 
Peterborough PEI 5NA (0733 
76474). , 

The engine is available In 
naturally aspirated and turbo- 
charged charge-coded form with 
the addition of a turbo-charged 
variant, altitude compensated, f or 
specific applications in such areas 
as Latin America. New features 
include all steel, quiet, helical 
timing gears, integral tappet 
chambers and stem seals on both 
inlet and exhaust valves. 


DOUBLE-diffused two amp 
rectifiers are now available from 
Mullard in a new style of glass 
bead construction. 

The silicon material forming 
the diode is effectively passivated 
(that is. protected from oxidation 
etc.) by the glass layers which are 
then increased in thickness to 
provide an inexpensive, highly 
reliable hermetic encapsulation. 
The company says that life tests 
conducted so far indicate a zero 
failure rate. 

Thus, the passivation forms the 
complete encapsulation and no 
further protection is needed. 

Type numbers — there are 
versions for 600, 800 and 1,000 V 
— are printed on the circum- 
ference of the glass and the 
diodes are supplied bandoliered. 

By bevelling the silicon crystal 
Mullard has also achieved a 1 kW 
reverse avalanche capability, 
giving the diodes protection 
against mains spikes and induc- 
tive transients. 

More from Mullard House. 
Torrington Place, London WC1E 
7KD (01-580 6633). 

• HAND TOOLS 

Hole saws 
are strong 

THE LATEST addition to Sandi- 
vik's range of hand tools, is a 
hole saw available in some 39 
different diameters from inch 
to 6 inches, able to cut precision 
boles in sawable materials up 
to H inches thick. 

The saws have heat treated 
bodies for maximum strength 
and a welded edge of high 
pressed steel to give cutting 
teeth of extreme hardness, and 
can be used in all types of 
portable and industrial power 
tools and accessories including 
arbors, drills, extension spindles 
for cutting through several 
layers, and morse taper adaptors. 

More on 021-550 4700. 


ALTHOUGH there are a number 
of tape recorders on the market 
that can reasonably be described 
as pocket machines (making use 
of the Philips miniature cassette 
or something similar), few if 
any of them can be used in a 
true dictation/transcription 
mode without buying additional 
transcription units. 

A new UJ\. company called 
Bonnington Enterprises has 
been set up recently and is to 
market a self-contained unit it is 
having made in Japan. Measur- 
ing about 135 by 31 by 70 mm 
and weighing 280 gms without 
batteries, tbe unit is equipped 


to accept a number of plug-in 
optional extras including typist's 
lightweight headphones, a foot- 
switch, conference microphone 
and telephone pick-up coil. 

The recorder normally operates 
from two 1.5 V dry cells, but u 
mains adaptor is available- It 
will accept most of the miniature 
cassettes that have came on to 
the market, some of which can 
record 30 minutes per side. The 
unit is also equipped with high 
speed erase. 

The company is at the moment 
in the process of setting up a 
dealer chain and all enquiries 
should be made on 030382 2453. 


• PROCESSING 

Versatile 
filter 

A COMBINED dual valve break 
tank unit and water filter meet- 
ing tbe requirements of all water 
authorities in Europe and the 
U.K.. is introduced by Appliance 
Components, Cordwallis Street, 

Maidenhead. Berks SL6 7BQ. 

Tel: Maidenhead 32323. 

Developed specifically for both 
hot and cold beverage dispensing 
systems which are supplied with 
water directly from the mains, 
the 3F Universal Filter is said 
to provide a filtration efficiency 
and facilities hitherto unavail- 
able in such a compact water 
control system. 

The system comprises, in the 
standard form, two main com- 
ponents (the filter and break 
tank» together with u flow- 
control diaphragm and two sole- 

0 INSTRUMENTS 

Modular recorders 

SELECTION of the optimum 
combination of chart speed, 
drive, response time and input 
amplifier to suit the measuring 
problem, is promised by the 
modular design or the Norma- 
cord range of recorders from 
Norma Messtechnik of Austria. 

Offered with these instruments 
is a full range of measuring 

• HANDLING 

Belts along smoothly 


noid operated water valves. A 
fine mesh screen, and a dispos- 
able and easily replaceable acti- 
vated carbon cartridge, are 
included in order to achieve a 
very high degree of filtration. 

Where lime scaling occurs in 
hard water-areas filters can he 
fitted with a volumetric meterin'," 
device to Teed controlled 
amounts of polyphospate com- 
pounds in to the water to prevent 
scaling. Resin cartridges to 
remove hardness in w.tlcr an* 
a!su available and the tank 
assembly and various fillers can 
be supplied separately. 


amplifiers anil iransducers for 
measuring temperature, puwer, 
frequency, etc., in addition to 
the more conventional current 
and voltage ranges. Also avail- 
able in the range arc event 
marker recorders. 

The units can be supplied in 
a rugged pun able case or fur 
rack mourning. 

More on U1-6S4 4025. 


THE TRANSFER nf bulk 
materials from bags to silo or 
hopper with the mobile pneu- 
matic conveyor from Neu 
Engineering can lie effected 
cheaply, says the company, when 
used in conjunction with one of 
Neu’s two models: type SLR is 
said to be ideal for free flowing 
granular materials and type 
SLV designed for powders and 
dusty or fibrous materials. 

The system features a centri- 


fugal fan complete with ?• nr 10 
hp motor or siarler, rut ary lock 
with ‘ bp electric motor ur 
Venturi Feeder Unit, rulled 
steel chassis support frame with 
rubber lyred castors and handle, 
air inlet filter and feed hopper 
and a 3 metre flexible rubber 
hose fitted with 10 cm Unicone 
coupling. 

More from Desniicnn House, 
Newby Road, Hazel Grove, Stock- 
port. Cheshire. 061 456 4041. 


Get the facts 
on all of Canada 

Free from. CN. If your business is growing and you’re contemplating expansion, let us help you 
investigate Canada's prime North American locations. 

Get the facts... and CN’s help. As the industrial development function of the only Canadian 
transportation network that covers alt 10 provinces, we’re at your service. 

We consider your needs first Then we can provide the right connections with government sources 
(federal, provincial, municipal), banks, or other industrial associations. We know them well because we work 
with them all the time ourselves. 

Our advice is confidential and objective, and it's free. Just ask us. Find out why Canada is right for you. 

1 



Lawrence Madsaac 

General Manager, Industrial Development PJ6 

Canadian National Railways, P.O. Box 8100 
Montreal, Que., Canada H3C3N4 

n Send the tacts on Canada plus information on CN’s complete, confidential site 
selection service. 


NAME. 


.TITLE. 


COMPANY. 


ADDRESS. 


CN 


Canadian National site-seekers 


seekers jj 


CONTRACTS AND TENDERS 


T^Snim 

y 


S0GIETE NATIONALE INDUSTRIELLE ET MINIERE 
Mauritanian Islamic Republic 

GALL FOR TENDERS 


The SOCIETE NATIONALE INDUSTRIELLE ET MINIERE (SNIM) invites enquiries 
for the supply and erection of: 


TWO SEMI-AUTOGENOUS MILLS (AERO FAIL type) 
Output: 1800 MT/h of iron ore per unit 
Diameter: 346 Feet 
With peripheral discharge 


Only experienced firms with a successful record in the construction of this type and 
size of equipment need apply. 

These mills are required in connection with the " Guelbs Project'* about which 
negotiations for international financing are now in process. 

Prospective bidders should send background information (1977 annual report and 
balance sheet, list of similar machines in operation or in the course of construction) 
before May 31, 197S to 

SOCIETE DE COOPERATION MINIERE ET INDUSTRIELLE (SOCOMDiE) . 

30, rue Cambronne - 75015 PARIS - (France) 

Telephone: 578 61 94 - Telex address; 200 559 F 

Notification of prequalification will be sent after 10 June, and copies of tbd Tender 
Documents will be available against payment (non-returnable) of US$ 1000 (One 
Thousand US Dollars) by cheque made out to.SNIM. 


Labour organization “ Vinoprodukt Cemovsko polje,” 
in foundation, Titograd 

INVITES 

Competitive Bidding for Complete 
Construction of the Cold Store with Packing 
Plant, Under "Turnkey'' System 

The works will be partly financed by International Bank for 
Reconstruction and Development from Washington, which 
means that all Yugoslav enterprises, as well as the linns from 
member countries of IBRD and Switzerland may take part id 
the bidding. 

The storing capacity of the cold store with packing plant will 
be 3,000 tons of fruits and vegetables at u time. The facility 
will be located on Cemovsko polje near Titograd, SR uf 
Montenegro. Yugoslavia. 

Bids ore to be in accordance with conditions staled in 
bidding documents, that can be provided on May 15. 197S or 
after that date, at Labour organization * v Vinoprodukt 
Cemovsko polje,'’ in foundation, S1000 Titograd. Tuski put 10. 
after paying of the amount of Din 3.000 by local bidders, on 
giro-account No. 20100-601-13997 with SDK Titograd, or the 
amount of US$170 paid by foreign bidders on foreign 
exchange account of Agrokombinat “July 13,” Titograd. No. 
20100-620-37-7100-000-51 with lnvesticiona banka (Head Office) 
Titograd. 

It is envisaged that the works are to be completed in the 
course of 15 months from Contract signing. 

Bids will be received by Labour organization M Vinoprodukr 
Cemovsko poJje" in foundation up to July 14, 1978, till 10 
o'clock. 

Bid opening will be performed on the same day, at 11 o'clock, 
in the offices of Employer. 

All necessary information may be obtained from Labour 
organization “Vinoprodukt Cemovsko polje ’■ in foundation. 
Titograd, telephone number 081 22-332, or by telex. No. 61165 
YU AGRO. 


COMPANY 

NOTICES 


APPOINTMENTS 


LIMITED 

NOTICE IS HEREBY GIVEN that Mic 
Registers oi the 4.72% Cumulative First 
Preference Share, the Zi.7"„ Cumula- 
tive Pntierence shares, the 3% First 
Mortgage Debenture Stack, the 6*,% 
First Mortgage Debenture Stock, ana the 
Unsecured Loan Stock of the Com- 
pany will be dosed lor one day only 
on Friday. 19th May. 1979. lor the 
prcoaratlon ot Dividend and Interest 
Warrants to be paid on Friday. 30tb 
Juflf, 1978. 

By Order oi the Board. 

"4. St raH 0 rd M A KN,GHT - 
London W1A 4YG. 

Mm. 1078 


PERSONAL 


HEIR SAVE OUR EX-SERVICEMEN 
FROM FURTHER SUFFERING 
Wars nsht wp until Kaniuru 
Ireland loday tir-mi Out hundreds 
or thousands of war Mentis still 
exist. Es-Gorviei.' men . widows, 
orphans dcsiMraieb* need homes, 
job*. food, fuel and other essen- 
tials. P lease send (lonauons to: 
The Royal British Legion Bene- 
volent Fuad. Maidstone, Kent, 
ME20 7NX. 


COMMODITY APPOINTMENTS LTD. 
International Recruitment specialists (or 
the Commodity Markets. Tel. Graham 
Stewart. 01-439 1701. 


PUBLIC NOTICES 

Bills Issued 10 May 1978 Ed 7m. at 
3'»:% maturing 9 August 1978. Applica- 
tions totalled £50 m. Bills outstanding 
£8. 7m. 


CENTRAL RE GIONAL CO UNCIL BILLS 

Issue date lOtft May. 1973 maturing 
8th November 1978 at BVo- Applica- 
tions totalled £0.000.000 and there ara 
£5,000,000 bills outstanding. 


CLUBS 


EVE. IBS, Regent Str«. 734 0S57. A la 
Carte or All-in Menu. Three Spectacular 
Flour Shows 10. JS, 12.45 and 1.48 and 
music 01 johnny Hawiy. worth & Friends. 


GARGOYLE. 89 Dean Street. London. W.t. 
NEW STRIP-TEASE FLOoSsHQW 
the GREAT BRITISH STRIP 
Show at midnight and 1 a.m. 
Mon.-Fri. closed Saturdays. OI -437 645s 


4 





10 • 

LOMBARD 


Confusions of 
merger policy 


BY GEOFFREY OWEN 

The Governments review of 
merger policy has been accom- 
panied by exaggerated claims 
about the virtues of small com- 
panies and equally exaggerated 
attacks on the evils of large-scale 
take-overs. Hence it is useful to 
have a re-statement from the 
Monopolies Commission of just 
what merger policy should bo 
about. 

Jn the report on two proposed 
mergers in the glass container 
industry (Red [earn /Roekware 
and Itedfearn/Uniled Glass) tbe 
Commission comes down un- 
equivocally on the side of 
competition, rejecting arguments 
put forward by the would-be 
acquirers about the need for 
ecooomies of scale and for larger 
British companies to meet world 
competition. Interestingly, these 
arguments did not convince the 
Department of Industry either; 
the Department told the Com- 
mission that although there 
might eventually be a need for 
larger groupings, " arguably the 
present structure of the industry 
seemed about right." 

Less competition 

The three companies involved 
in the merger proposals account 
lor two- thirds of the market be- 
tween them. A reduction from 
three to two in the number of 
main producers would cause, the 
Commission concluded, a " signifi- 
cant reduction in competitive 
pressure there would be a 
real risk of adverse effects on 
reliability uf supply, on service 
io customers and on prices. The 
Commission did not take 
seriously the suggestion that 
import? from the Continent 
would maintain competitive con- 
ditions. 

The anti-competitive impact of 

these mergers was plain. 
Although the Monopolies Com- 
mission lias not always been con- 
sistent in situations of this kind. 
Ilockware and United Glass can 
hardly have been surprised at the 
verdict. There can be cases where 
the industrial arguments for a 
merger are so strong as to over- 
ride competitive considerations, 
but they are rare. The latest 
p eport, together with last year's 
report on Pilkington/UKO, sug- 
gests that the Commission is 
Taking a sceptical view of “in- 
dustrial logic," and this is all to 
tbe good. 

If the Monopolies Commission 
and the Office of Fair Trading 
only had to bother about com- 
petition. their life would be 

much easier and merger policy 
loss unpredictable. But the 
criteria laid down in the Fair 
Trading Act are much broader 
than that. Among other things, 
the Commission has to take into 
account the “ desirability of 
maintaining the balanced distri- 
bution of industry and employ- 
ment in the U.K." It is under 


this heading, presumably, that 
the opponents Of the Lonrho bid 
for Scottish and Universal 
Investments (SUITS) are basing 
their case for a reference to the 
Commission. 

The political controversy over 
this deal underlines the need for 
much clearer guidelines to the 
OFT. How is the balanced dis- 
tribution of employment to be 
judged ? It is one thing to object 
to a merger which will lead to 
factory closures on Merseyside 
and a transfer of production to 
the South East. But does It mat- 
ter if. say. Loughborough 
“ loses " control over one of its 
few substantial local companies 
(Herbert Morris) to a London- 
based company like Babcock and 
Wilcox or Davy International ? 
The answer which the OFT and 
the Commission would normally 
give is that it does not matter 
very much; taken in isolation, it 
would certainly not be enough to 
overturn a merger. But what if 
the acquired company is in 
Scotland ? 

The three directors of SUITS 
who are opposing tbe Lonrho 
offer have referred to the ten- 
dency for too many Scottish 
companies to fall under English 
control: they want SUITS to 
remain an independent company. 
“ playing its part in Scotland’s 
economy and managed In Scot- 
land." One may question 
whether the increase in Lonrho’s 
share from its present 29 per 
cent, to 100 per cent, would 
make all that much difference to 
the “ Scottishness " of SUITS, 
but in any case, is Scottish con- 
trol really an issue which should 
figure in merger policy ? 

Newspapers 

Because the criterion laid 
down in the Act is so vague, it 
opens the way for political pres, 
sure to be brought to bear on 
the Government and for highly 
irrational decisions on whether 
or noi a particular merger should 
be referred. When Dunford and 
Elliott, a large Sheffield steel- 
maker. was taken over by 
Lonrho there was a much 
stronger industrial case for a 
reference, quite apart from the 
question of local control, but the 
Government let it through. If 
the Government is happy to see 
a large part of the Sheffield steel 
industry controlled by Lonrho. 
why should it object to the same 
company controlling, among 
other things, a number of Scot- 
tish newspapers? 

If Lonrbo/SUITS is referred, 
the Government must explain in 
detail why the decision was 
reached and how it relates to the 
Dunford case and to merger 
policy as a whole. The next task, 
presumably for the next Govern- 
ment. is to sort out the con- 
fusions of merger policy and to 
re-establish its proper objective, 
which is to maintain and promote 
competition. 


THE WEEK IN THE COURTS 


Social perspective lacking 


BY JUSTINIAN 

LANDLORD AND tenant prob- 
lems seem to come to the courts 
□ot singly but in a cluster. 
While the House of Lords was 
unravelling the complexities of 
rent review clauses in business 
leases (referred to in this 
column last week) the Court of 
Appeal wrestled in two cases 
with the problems of statutory 
protection granted to tenants. 
In one case the court had been 
asked to determine who is In- 
cluded as a “member of the 
tenant's family* 1 : in the second, 
tiie issue was: when does 
accommodation occupied by 
employees in the business of the 

employer-tenant become a 
business tenancy ? e 

In 1966 a single woman 
became a tenant of a flat in St 
John's Wood and when that ten- 
ancy expired in 1969 she became 
a statutory tenant Three years 
later she was joined by a male 

companion who resided with her 
until she died five years later. 
On her death the paramour 
claimed that he was entitled to 
succeed as the statutory tenant. 
The law provides that on the 
death of a statutory tenant, not 
leaving a widow. “ a person who 
was a member of the original 
tenant's family” and who had 
been residing with the tenant 
for six months immediately pre- 
ceding the death “ shall he the 
statutory tenant, if and so long 
as he occupies the dwelling 
house as his residence.” 


that are known in these days of 
a high rate of marriage break- 
down to be anything but stable. 

Lord Justice Stamp concluded 
that since tbe deceased had deli- 
berately chosen to avoid any 
permanence in the relationship 
and wanted freedom to withdraw 
from the relationship with the 
minimum of fng$ and without 
legal formalities, the court was 
precluded from granting statutory 
protection to the male survivor 
of the partnership. The key to 
the court’s approach seems to be 
that there must be a degree of 
permanence in the relationship. 
While tbe family is not restricted 
to blood relationships or those 
created by matrimony, the rela- 
tionship bad to be more than just 
casual or intermittent. 


Formality 


Trappings 


The two bad lived together for 
five years. sharing their 
expenses. Although she always 
used her maiden name and 
□ever adopted his or called her- 
self “Mrs..” their lives were 
bound up together. They were 
nearly always seen together on 
social occasions and invariably 
went shopping together. When 
she fell ill, he looked after her 
with all the loving tenderness of 
a devoted husband. Throughout 
tbe relationship, though sbe 
vigorously maintained her 
independence and stoutly pro- 
claimed her female liberation. 

There was no preteace. They 
lived together as man and wife, 
but without the formal trappings 
of matrimony. One may be 
astonished, therefore, to learn 
that the Court of Appeal unani- 
mously held that he did not 
qualify as a member of the 
deceased's family and therefore 
was not entitled to remain in 
the flat over the landlord’s 
claim to possession. 

The County Court judge had 
declared that while marriage 
was essentially a public status, 
there was no evidence of any 
public recognition of such an 
association. Is this right ? One 
would have suspected that in 
many areas of the law dealing 
with social relationships there 
has grown up in recent years 
the need to support by legal 
sanctions stable illicit unions 
(particularly where there were 
children whose illegitimate 
status is now of decreasing im- 
portance to the law) as much as, 
if not more than, licit unions 


But is permanence the right 
test? While Christian marriage 
is tbe union of one man and one 
woman for life, dissolution of 
the marriage tie has become so 
dominant a feature of modern 
society (one in fonr marriages 
end in divorce) that some test 
other than the publicly osten- 
sible permanence of tbe rela- 
tionsbip should be adopted by 
lawyers. Sociologists have long 
since regarded the legal tie of 
matrimony as not necessarily 
representing any index of per- 
manence. Rather thev have 
viewed relationships, whether 
licit or illicit, as either stable or 
unstable. And even instability 
may exhibit a degree of per- 
manence sufficient for its partici- 
pants to be regarded as mem- 
bers of the family. 

In this day and age of wide- 
spread desire to take the bene- 
fits of close personal relationship 
without the formality of matri- 
mony. the courts would do well 
to adopt a much broader 
approach to the problem of what 
is, and who constitutes the 
family. 

Tbe second case also con- 
cerned the domestic rather than 
the commercial aspects of house 
tenancies. Some years ago the 
owner of a small residential 
hotel in Cornwall had taken tbe 
tenancy of a neighbouring c ou- 
tage for use as a residence for 
hotel staff. In January, 1977, the 
woman who owned the cottage 
died and the estate sought to 
regain possession from the 
tenant-— the hotel owner. 

The tenant claimed that the 
letting came within Parr n of 
the Landlord and Tenant Act 


1954. as a business tenancy. A 
business tenancy is defined in 
the Act as including premises 
“ Which are occupied by the 
tenant aud are so occupied for 
Die purposes Of a business carried 
on by him or for those and other 
purposes.” It was conceded 
that the tenant (the hotel 
owner did occupy the cottage 
because be had his staff living 
there. (At the time of the liti- 
gation it was occupied by the 
head barman, his wife and 
children.) But was it occupied 
for the purpose of the hotel 
business ? 

The test the Court of Appeal 
applied was whether it was 
necessary for the individual 
resident of the cottage to live 
there in order to perform his 
duties in relation to tbe busi- 
ness of hotelier. Tbe mere fact 
that the cottage was nearby 
appeared not to affect tbe issue 
Since the court had no evidence 
that it was necessary for any 
member of the staff to live in 
the cottage so that he could 
carry out his duties, that 
answered the question against 
the tenancy being a business 
tenancy. Doubtless it was con 
venient for tbe staff to be 
housed nearby, but that was not 
enough. 


CRICKET BT TREVOR BAILEY 


Financial Times Monday May 8 1978. 


Time to face facts 


Proximity 


While it might be going too 
far to say that every house in 
which the owner of a business 
boused his staff was let on a 
business tenancy, the court’s 
approach seems a little too 
narrow. If staff are housed in 
an annex to the hotel, so that 
they are, in. effect, always on 
easy call, it would be right to 
regard such an annex as acquired 
under a business tenancy. Hence 
proximity to the business is an 
important factor. It adds colour 
to the nature of the employment 
Living on top of the shop is 
quite different from residing 
some miles away and having to 
travel some distance to work. 

Both these cases indicate* that 
the courts seem more at. ease 
coping with problems tradition 
ally within the professional 
experience of lawyers — for 
example, dealing with commer- 
cial and property problems — 
than with issues that require a 
wider perspective of the social 
scene in which all of us, includ- 
ing judges, live to-day. 

* Helby v. Rafferty, and Chapman 
r. Freeman: Times Law ReparU 
May 5, 1978. 


Children’s deaf aid ‘muddle’ 


A SMALL FORTUNE is wasted 
by tbe National Health Service 
and education authorities on 
hearing aids for children because 
of “mess and muddle," it was 
claimed yesterday. Parents have 
launched a campaign for a better 
deal. 

A special report by the 
National Deaf Children’s Society 
said: “Far too many children 
are not obtaining the maximum 
benefit from their aids and this 


has grave consequences for their 
educational and social develop- 
ment." 

The report at the start of 
National Deaf Children's Week, 
added: “The hearing aid is a 
vital lifeline for children who 
have, literally, to struggle 
throughout their developing 
years for something everybody 
else takes for granted — language 
and tbe ability to communicate 
with their fellow human beings. 



t Indicates programmes in 
black and white 

BBC 1 

6.40-7.55 a.m. Open University. 
S.3S For Schools. Colleges. 10.45 
You and Me. 11.22 For Schools, 
Colleges. 12.43 p.m. Mid-clay News. 
1.0U Pebble Mill. 1.45 Camber- 
wick Green. 2.01 For Schools, 
Colleges. 3.15 Songs of Praise. 
3.53 Regional News for England 
(except London). £55 Play 
School. 4.20 Tarzan. 4.40 Cheggers 
Plays Pop. 5.05 John Craven’s 
Newsround. 5.10 Blue Peter. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 


6.20 Nationwide. 

6.50 Taste lor Adventure. 

7.20 Angels. 

8. 10 Panorama. 

9.00 News. 

9.25 The Monday Film: “Pete 
’n 1 TUlie." starring Walter 
Matthau. Carol Burnett 
11.05 To-night 

11.45 Weather.'Regional News. 

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

Wales — 1.45-2.00 p.m. Pill Pala. 
5.53-6.20 Wales To-day. &50-7.20 
Heddiw. 11.45 News and Weather 
for Wales. 

Scotland— 5.554L30 p.m. Report- 
ing Scotland. 11.05 Public 
Account 11.40 News and Weather 
for Scotland. 


F.T. CROSSWORD PUZZLE No. 3,661 



ACROSS 

1 Be strongly advised to get on 

4 Railways get every* opening 

{ qj 

8 Gold found in river during 
Hood (7> 

9 Insult given to a French 
leader’s face <71 

11 Intelligence foundry worker 
needs to become announcer 
1 101 

12 Love to employ river ... (4) 

13 . . . to grow plant for your 
old-fashioned first person <5) 

14 Part of chemistry of extreme 
conservatism (Si 

16 Almost the cheapest possible 
amount for writer going to 
Pole tS) 

15 Giant painter leaves one out 
(5 1 

20 Inspect self-starter put on tin 
<4) 

21 Menu presented for settle- 
ment by cabbie 14. 2, 4) 

23 He entrances spectators at 
Highbury (7) 

24 Back for example never gets 
own back (?> 

25 Occupier allowed in by letter 
1 6) 


26 A ship takes trouble to attack 
(6) 

DOWN 

1 Valve one would upset with 
poetry (5) 

2 Operate with cast, that's lazy 
(4-3) 

3 Listen to Antony (4, 2, 3) 

5 Pass the buck each way (5) 

6 Let wine breathe at Heathrow 

for instance (7) 

7 Passes to the next generation 
easily (5. 4> 

10 Front source of illumination 
giving top-liners a terrible 
time (4. 51 
13 Ditch worker for being forth- 
right (9) 

15 Prospective female book- 
maker (9i 
17 Cotton material to make girl 
enthusiastic (7) 

19 Silky stuff put in Welsh river 
o»er tea break (7) 

21 Female supporter gets two 
points for muscle 15) 

22 Upset drink fit for a king (5) 
Tbe solution of last Saturday’s 

prize puzzle will he published 
with names of winners next 
Saturday. 


Northern Ireland— 3.53-155 p.m. 
Northern Ireland News. 5.55-&20 
Scene Around Six. 11.45 News and 
Weather for Northern Ireland. 

England — 5.55-6.20 p.m. Look 
East (Norwich); Look North 
(Leeds, Manchester. Newcastle): 
Midlands To-day (Birmingham); 
Nationwide (London and South- 
East); Points West (Bristol); 
South To-day (Southampton); 
Spotlight South-West (Plymouth). 

BBC 2 

6.40 -753 ajn. Open University. 
11.00 Play SchooL 
4-55 -7.00 pan. Open University. 
7M News on 2 Headlines. 

7.05 Taking Shape: 

7.20 Newsday. 

8J0 An Evening with Glen 
Campbell. 

850 Piccolo. 

9.00 PickersgiH People. 

9.50 Tales of. India. 

10.30 Open Door. 

11.00 Late News on 2. 

1L10 The World Championship 
of Tennis. 

12. 00-12.16 am. Closedown. 

Ronald Pickup reads 
“ Song " by Ted Hughes. 

LOIVDON 

9.30 aon. Schools Programmes. 

12.00 Jamie and the Magic Torch. 
12.10 pan. Daisy. Daisy. 1220 
Drive-In, 1.00 News and FT Index. 
L20 Help! 1.30 About Britain. 

2.00 After Noon. f£25 Monday 
Matinee: “Come to the Stable.” 
•L20 Clapperboard. 4.45 The 
Feathered Serpent 533 Batman. 

545 News. 

6.00 Thames at 6. 

640 Help! 

&45 Whodunnit? 

7.30 Coronation Street. 

8.00 Devenish. 

630 World In Action. 

!M)0 Rum pole of the Bailey. 
10.00 News. 

10.30 The Big Film: Vanessa 
Redgrave, David Hemmlngs 
in “ Blow-Up.” 


12-30 a.m. Close. Jo Maxwell 
reads poetry by Laurie 
Lee. 

All IBA Regions as London 
except at the following times: — 

ANGLIA 

2 -25 p.ib. Asalia News. 240 House 
party. 235 Family. 3.20 The Ceoree 
Hamilton IV Show. 336 is Search of , . . 
5J5 University dullesse. IX About 
Anglia. 3930 Lifestyle 1130 TV Movie: 
1 The Strange and Deadly Occurance.'’ 
123S a-m. Reflection. 

A TV 

U39 pun. Cartoning To-day. UO A TV 
Nevrsdesk. 22S Movies To Remember: 
" Sons and- Lovers.” SJ5 University 
Challenge 690 A TV Today, 1930 Left. 
Right and Centre. 11.00 McCloud: Con- 
crete Jangle. 1225 aun. Something 
DIBerenL 

BORDER 

1230 pun. Gardening Today. tl-ZJ 
Border New*. ZOO Hoascparty. tZ2S 
Matinee: Gllda. 545 Carnocfc Way. *.00 
Loo lr a no and Monday. 6.15 University 
Challenge. 1039 An Audience with 
Jasper Carton. 1LOO McCloud. 1240 
a-m- Border Nows. 

CHANNEL 

13* pun. Channel Nows. «25 The 
Monday .Matinee *' Broihers-In Law.” 
430 Canoonumc. 535 University 
Challenge. A. 00 Channel News. 630 
LloK Up. LM Ristrt; Damp. 1020 
Channel Late News. 11032 Late Night 
Movie: •' Saturday Nlghi Ool" ra.m a-m. 
News and Weather In French followed 
by Channel Gazette. 

GRAMPIAN 

9J9 sun. First Tblac. UO p.m. 
Grampian News Headlines. 235 Simply 
Sewing. 233 Monday Matinee: "All for 
Mary.” 535 Uoirorslly Challenge. SUM 
Grampian Today. 6J0 Tbe Electric 
Theatre Show. 1930 Reflections 1035 
Feature Film: ” Bob and Garni and Ted 
and Alice." starring Natalie Wood and 
EUton Gould. 1230 a. in. Grampian Head- 
lines. 

GRANADA 

1239 pun. How To Si ay Alive. US 
Uodo. 225 Monday Matinee: Oliver 
Rccd in The Brigand of Kandahar." 
350 Beryl’s Lot. 545 University chal- 
lenge. 6.80 Granada Reports. 630 This 
Ja VW Right- 1030 Reports Politics. 
UJB Monday Film Premiere: Burt Rey- 
nolds In "Operati on CI A." 

HTV 

„ 1 *38 P.m. Landscape, US Report West 
Headlines. 23S Report Wales Headlines. 


2J0 House party. 235 The Monday 
Maunee: Dons Day and Rod Taylor tn 
“ The Glass Bottom Boat" 535 University 
Challenge. 6 00 Report West. 632 Report 
Wales. 11035 The Monday Film. »« 
a-m. Weather. 

HTV Cymnt/Wales— As UTV General 
Service except: 130-135 Peoawdau 
Ncwyddlon y Dydd. 2.00435 Haradden. 
6.004 22 Y Dydd. 836990 Yr Wythnos. 

HTV West— As HTV General Service 
except: — 10 09 Looking at Television. 
1039-U3L Interlude. 130130 Repon West 
Headlines. 632-695 Report West. 

SCOTTISH 

1230 Pun. Gardening Today 135 News 
and Road Report. 1235 Monday Matinee 
“ Young Wive* Tale." UO Beryl’s Lot. 
535 university Challenge. 690 Scotland 
Today. 630 Cnmedcstc. 1930 Tbe Andy 
Williams Show. 1190 From The Top. 
1130 Late Call. U3S The Prisoner. 

SOUTHERN 

1230 P.m. Farm Progress. 1-20 Southern 
News. 290 House party. 235 Genera) 
Hospital. 330 Quick On The Draw. 330 
Bend’s Lot. 5.15 Mr. and Mrs. 6JM Day 
By Day. 1030 Man and Woman. 1190 
Southern News Extra. 1136 Late Night 
Movie: “The Red Badge of Courage.'* 
1235 a.m. Weather followed by The Rock 
of Doubt. 

TYNE TEES 

935 aun. The Good Word. 139 pun. 
North East News. 235 Power Without 
Glory. 330 Generation Scene. 335 Little 
Rascals. 330 Beryl's Lot. 535 University 
Challenge. 690 Northern Life. 690 Police 
Call. 1030 Lifestyle, u_nn Danger la 
Paradise. 1290 Epilogue. 

ULSTER 

130 pun. Lunchtime. 290 See You 
Monday. 230 Monday Matinee: ■■ Crooks 
and Coronets.” 436 Ulster News Head- 
lines. 535 University Challenge. 6.00 
Ulster Tole vision News. 695 The 
Partners. 630 Reports. 1030 Two At 
10.30 UUD Monday Movie: ” McMillan 
and Wife.” 1235 a.m. Bedtime. 

WESTWARD 

130 p.m. Westward News. +235 Tbe 
Monday Matinee: ” Brothers- In- Law. 430 
Corioontirao. 5.15 University Challenge. 
630 Westward Diary. 635 Sports Desk. 
■90 Rising Damp 1030 Westward News. 
11930 Late Night Movie: “Saturday Night 
Out.” 1230 aun. Fatih for Life. 

YORKSHIRE 

1230 p.m. How To Stay Alive. 130 
Calendar News. 235 Love Story. 3 20 
Music at Parc wood. 330 Beryl’s Lot. 
535 University CaUeoco. 6.00 Calendar 
fEmeriey Moor and Belmont editions) 
1930 Lifestyle. 1L90 Police Woman. 


RADIO 1 

(5) StcrcptiMic b ro ad cast . 

5.00 aun. As Radio i 732 Dare Lee 
Travis. 990 Simon Bales. 1231 Paul 
Burnett, including 1230 NewsbeaL 296 
p.m. Tony Blackburn. 431 Kid Jensen, 
including 530 JfcwflbeaL 636 Kid's Mail- 
bag.’ 730 Sports Desk (Joins Radio 2). 
t ons John Peel (St. 1290-2.02 aun. as 
R adio 2. 

VHP Radios l and 2-390 aun. With 
Radio 2. Including 135 pun. Good Listen- 
ing 10.00 pun. With Radio L 1290392 
aun. With Radio — 

[JAJDIO 2 IrSOOm and VHP 

590 aun. News Summary. 592 Ray 
Moore (Si with The Early Show, tnrfad- 
Ing 635 Pause for Thought. 732 Terry 
Wosaa «Si. Including 837 Racing Bulletin 
295 Pause for Though l 1092 Jimmy 
Yount: (Si. 1235 p.m. Waggoners' Walk. 
I?a Pete Murray’s Open Bouse <S>. 
indudins 195 Spurts Desk. 230 David 
H amil ton (Si. including 245 and 345 
Snorts Desk. 430 Waggoners’ Walk. 
445 Sports Desk. 430 John Dunn (Si. 
Including 5.45 Sporta Desk 6.45 Soorta 
Desk. 792 BBC Northern Radio Orchestra 
iSi. 736 Sports Desk. 733 Alan Den. 
730 The Dance Bond Days. 6-02 The Bis 
Band Sound iS>. 4.B2 Humphrey Lyttelton 
(Si. 935 Sports Desk. 10.02 The Monday 
Movie Quiz. 1030 Star Sound. 1192 
Brian Matthew, including 1298 News. 

00-292 a-m. News. 

RADIO 3 -*64m. Stereo &VHF 

I Medium Wave only. 

±635 a.m. Weather. 790 News. 795 
Overture ■Si Rossini. .Moran. Sc&jjDert- 
B.00 News. 8.05 Morn Inc Coocnrt (St 
Sibelius. HoddinaiL Stravinsky. 9.00 


News. 495 This Week's Composer 
Purcell fSL 935 Talking About Music 
(S'- Belgrade Plano Trio (S’. 

1L1S Piute and Harp isi. 1295 pun. 
CharnMtler fS). 190 News. 195 BBC 
Ltmcbutiie Concert 45 1 jauacek- 2 M 
AUttoeo Was kale 1S1. x&Q ft*** , Brahma 
l®* 5 ,, flrgaa recital (SS. 330 

Violin Rectal (Si. 435 New Records 
of mnsic by Mozart, Tchaikovsky (S’. 
545 Bandstand <S). zs4S Homeward 
Bound, ttlis News. Homeward 

Bound. J630 Lifelines.- Home and 
Family. 730 'Bruno Waller' Concert: 
Dvorak on record >Si. 395 CaUwUcfsffl 
between Lather and Voir a Ire. *3# EBU 
Concert from London— part U Haydn 
(S) 4-20 Updating the Geneva Conven- 

tions. 940 EBP Concert— Part 3: Haydn 
IS 1 ). 1930 Plalnsons and (he Rise of 

European Movie -Si. jjjs News. U40 
Tonights Schubert Song (SL 
_ Raft?® 3 V HF only— 690-796 aun. and 
54a-7J0 pud. Open University. 

RADIO 4 

424m. 330m, 285 rt and VHF 

635 a-m. News. 637 Farming Week. 
6.35 Up To The Hour 790 News. 730 
Today. 735 Up Tn The Hour (condnnedi. 
896 News. 830 Today, including 835 
News. 845 John Ehdott will) the BBC 
Sound Archives. 990 News. 995 Start 
Tbe Week With Richard Baker. 1690 
News. 2095 Wildlife. 1938 Dan? 
Service. 2945 Morning Story. 1 1 . 9 6 
Nows. 1195 The Welsh laB Festfral. 
1136 Announcements. 1296 News. 1292 
pun. YOU and Yours. 2237 Brain of 
Rrltaln 1978. 1235 Weather- 290 The 

World at One: News. 130 The Archers, 
145 Woman’s Hoar. Including 230 News. 
3.05 Afternoon Thoarr.. (3). 435 Story 
Time. 540 PM Reports. 540 Down The 


Garden Path. 535 Weather. 690 News. 
630 Hinge and Bracket. 796 News. 
795 The Archers. 730 From Our Own 
Correspondent 745 The Monday Play 
935 A Sideways Look At ... 938 

Kaleidoscope. 939 Weather. 1090 The 
World Tonight. 1030 Profile. 1290 A Book 
At Bedtime. 1145 The Financial World 
Tonight. 1130 Today m Parliament 
12.06 News. 1220 aun. inshore Forecast. 

BBC Radio London 

206m and 94^ VHF 
590 a.m. As Radio — 630 Rush Hour. 
990 London Live. 1293 pun. Call tn. 293 
100 Showcase, 443 Home Run. 630 Look. 
Stop. Listen. 730 Black Londoners. 838 
Breakthrough, including 930 The Alterna- 
tive London News. 1893 Late Nicht 
London 1290 As Radio 2. 1205 pun. 
Question Time from the Boose of 
Commons. 195-CloaB Aa Radio 2. 

London Broadcasting 

261 m and 973 VHF 
590 a. in. Morning Music. 6.00 A-M- 
non-slop news, information, travel , sport 
and reviews. 1090 Brian Hayes Show 
1911 nun. LBC Reports. 3.00 George Gale 
4.00 LBC Reports continues. 890 After 
Eight with Ian Gilchrist. 9.oo Klgtullne 
with Monty Modlyn. L DO-5. 90 Night Extra 
with Alan King 


Capital Radio 


194m and 95.8 VHF 
690 *.m. Breakfast Show (Si. 990 
Michael Aspet (Si. 1290 Dave Cash isi. 
390 bum. Roger Scott fSi 790 London 
Today iSf. 730 Bryan Wolfe’s Open Line 
'Si. 9.00 Nicky Horae (S>. 2190 Tony 
Myatt (Si. 290 a.m. Night Flight fS>. 


RECENT EVENTS suggest that 
cricket administrators should 
carefully review three aspects 
of the game — how and when 
the season starts, whether a 
touring side should arrive as 
early as unlucky Pakistan, and 
bow best to handle tbe annual 
threat posed by the FA. Cup 
Final. 

Unlike professional football, 
which heralds the start of a 
new season with a fanfare of 
trumpets and a complete bill of 
fixtures, the start of the first- 
class cricket season is an unsatis- 
factory. stuttering affair that is 
apt to take even real supporters 
b? surprise. How many of them, 
for example, realise or remem- 
ber that the first three-day 
match took place more - than 
two-and-a-half weeks ago. when 
Ian Botham emphasised his 
claim to being our best all- 
rounder with a hat-trick? 

Since then, the County cham- 
pionships, sponsored for the 
second year by Schweppes, has 
made a stammering start, the 
John Player League is under 
way, and there have been three 
rounds in the zonal section of 
the Benson and Hedges Cup— 
where, because of the weather, 
several matches, despite a three- 
day allocation for a one-day. 
fixture, have achieved no result 

Admittedly this year’s mon- 
soons have been unusually 
severe, but there is no good 
reason for starting the first- 
class season in mid-April in front 
of a sprinkling of hardy specta- 
tors on what are usually wet, 
damp, chilly grounds. The right 
time must surely be at the end 
of the month or the beginning 
ot May, when this year, with 
the introduction of a new public 
holiday on May 1, there was a 
marvellous opportunity to have 
staged a combined opening of 
importance with eight first-class 
matches, including one against 
the tourists. 

Although such an innovation 
would not have been a success 
oo this occasion because of rain, 
in the years ahead it must make 
sense to capitalise on tbe bank 
holiday aud aim at a more im- 
pressive start than is provided 
by oil e-day Benson and Hedges 
games. These include matches 
against two minor counties 
teams and tbe Combined Univer- 
sities XI which have negligible 
appeal and occur only because 
there are 17 rather than 16 first- 
class counties. 

The Pakistan tourists, who 
arrived early in April have yet 
to complete a full day’s play. 
So far their visit has produced 
little cricket and has cost much 
money. This is a pity, as in good 



weather and on hard pitches our 
visitors should prove to be a 
most attractive side — indeed, if 
they had included their 
Packerites. with their practical 
knowledge of English conditions, 
they could well have beaten 

England. , , . 

Just as professional club 
soccer has a well organised be- 
ginning to its domestic season, 
it also ends on a high note with 
the Cup Final, which over the 
years has been built into some- 
thing far more important than 
a football match. It is probably 
the major sporting occasion of 
tbe year, receiving so much pub- 
licity in the Press and on TV 
that it would be difficult to live 
here without knowing that 
Ipswich deservedly beat Arsenal 
on Saturday. 

The football administrators 
appreciated how fatal it would 
be to stage league matches on 
Cup Final day. as it would deci- 
mate attendances at all other 
games, but cricket has bravely — 
or perhaps foolishly — ignored the 
facts and tried to compete with 
tiie Cup Final, even though the 
television coverage has a disa- 
strous effect on gates with the 
box claiming some 20m. viewers. 

One cricket club solved the 
problem by starting their match 
in the morning on Cup Final day. 
This allowed them two hours off 
in the afternoon to watch the 
soccer. At one time. Essex regu- 
larly found themselves playing 
Cambridge University at Fenners 
on Final day. If we were batting, 
tbe two men in the middle had 
the strictest instructions to stay 
there for the duration of the 
match; when stupid enough to 
have lost the toss, 1 would depart 


to third man, suitably prepared 
with a transistor radio in mv 
pocket. 

On Saturday. 1 decided to go 
to the Oval, where Surrey were 
meeting Kent, boih on my way 
to and returning from Wembley, 
in order to compare the respec- 
tive supporters. The plan was 
thwarted by the weather, which 
prevented cricket, so that in a 
deserted, water-logged Oval. L 
encountered the Surrey chair- 
man, former England cricketer 
Hainan Subba Row. and the new 
secretarv ruefully contemplating 
the scene. Their total receipts 
so far this season amount to 
£51.50 — considerably less than 
tbe takings at the numerous 
stalls outside Wembley and well 
below the asking price of a good 
seat at what proved to he- the 
tno« f exhilarating Cup Final for 
years. 

Surrey's basic casts sa far this 
season, not including expenses or 
salaries, already amuunt to well 
over £1,000. and their climated 
loss is al present well in excess 
of £5.000. Figures like these 
seem to indicate that a later 
start makes economic sense. 

1 would like to see. first, the 
cricket season opening later with 
a full programme of first-class 
matches and continuing further 
into September, with the Gillette 
final put back a week. Second, 1 
believe the tourists shnuld not 
arrive before May and that the 
zonal section of the Benson and 
Hedges competition which costs 
money and achieves little, should 
be revamped. Finally, cricket 
should continue to he staged on 
Cup Final day, despite the 
economic loss, as It is almost in- 
variably sunny. 


SOCCER BY ROBERT LINDLEY 


The junta stakes 



THE CAMPAIGN in Europe for 
the boycotting of the World Cup 
games to be played in six stadia 
in five Argentine cities next 
month is at its most graphic in 
Paris, where street posters show- 
ing footballs casting shadows in 
the shape of human skulls 
admonish: “ Argentine: Terreur 
et Repression The London- 
based Amnesty International, 
backed by the British Profes- 
sional Footballers - Association, 
has not joined the boycott drive. 
“ We want to be sure.” Susanna 
Hoe, an Amnesty International 
spokeswoman, has said “ that 
when people watch the matches 
they are conscious of the other 
Ai^entina: the torture and the 
prison camps.” 

The organisers of the World 
Cup. of course, welcome the 
world attention that will be 
focused on Argentina during 
June. “How much does it cost,” 
asks Carlos Lacoste, an 
admiral who is< also vice- 
president of the organising com- 
mittee for the Cup games, “ to 
have 5.000 journalists tell the 
world about the true Argentina, 
once they have seen it?" 

Admiral Lacoste's comment 
was prompted by a fierce and 
totally unexpected attack by 
Treasury Secretary Juan 
Alemann on the decision of the 
military junta, when it took over 
in March, 1976. to ratify the 
order of the Peronist Govern- 
ment which tbe armed forces 
had just deposed that Agentina 
would be the host for tbe 197S 
World Cup. In 1974, Juan Peron 
himself had declared these 
games to be of national interest 
to show that Argentina was “a 
world power," bur according to 
the junta's Treasury Secretary 
now: “ The World Cup never 
should have been staged (in 
Argentina) . . . when the deci- 
sion was taken, there was no 


clear knowledge of what it was 
going to cost ... the cost was 
calculated at between 570m. and 
5100m.. with the probability that 
the lower figure was nearest to 
the right one. Now the cost is 
S700m." 

Antonio Merlo, a retired army, 
general and president of the Cup 
organising committee, immedi- 
ately scoffed at Secretary 
Alemann’s figure. The outlay 
for the World Cup, said Gen. 
Merlo, “will not be more than 
S500m., so I don't know how he 
comes up with those S700m.” 
The Treasury Secretary had an 
answer: “ It could have been 
done for SlOOra.” It could have 
been done so cheaply, he argues, 
by avoiding the building of 
three new stadia, in Mendoza 
and Cordoba Cities and in Mar 
del Plata, and the costly refur- 
bishing of tbe stadium in the 
other provincial Cup venue. 
Rosario City. "This would have 
made It unnecessary to con- 
struct new hotels and airports 
in the provinces” 

Treasury Secretary Alemann's 
figure of S700m. is one-seventh 
of Argentina's foreign exchange 
holdings. According to Maximo 
Vasquez Dona, Secretary of 
Urban Development, it would 
pay for 98.000 economic dwell- 
ings, which the country badly 
needs. It would also buy 14 
Jumbo jets or 50 Boeing 727s 
for Argentine Airlines, the 
national carrier, or would cover 
the 1978 highway-building bud- 
get. But the junta is going ahead 
with the World Cup, unguided 
by “financial criteria.” 

Argentina is so peaceful to-day 
that the regime's original plan to 
assign 5.000 troops and police — 
in Buenos Aires only, where it is 
thought that any serious trouble 
might develop — has been cur- 
tailed. and onlv 1.000 are now 
tagged For the job. Conscripts are 
being trained to cope with riots. 


BUENOS AIRES. May 7. 

One reason for the reduction, 
according to Gen. Merlo. is to 
avoid giving spectators world- 
wide corroboration of Argen- 
tina’s image as a police state. 

The British Embassy expects 
about 500 Scottish fans, and will 
open temporary consulates in the 
Hotel Sierras m Alta Gracia. 
Cordoba Province, where the 
Scottish team will be staying; in 
the Plaze Hotel, Mendoza City, 
there will be a whisky festival 
aimed primarily at the Scottish 
fans. 

Supporters should be prepared 
to spend a lot of money. A third- 
class hotel, like the Rnmanelli 
in Buenos Aires, will be charg- 
ing S60 a day for a single room 
with no breakfast. Sparse meals 
plus tips— SS for breakfast. S5 
for lunch and ?10 for dinner — 
will add up to another S30 a day. 

A five-mile taxi ride in Buenos 
Aires is a bargain at 82.50. but 
the metres are unreadable 
exceDt for the eagle-eyed, a 
circumstance on which most 
cabbies capitalise. 

Visiting fans should come pre- 
pared for an obstacle race, begin- 
ning with Buenos Aires' Ezeiza 
International Airport, which is 
being remodelled, and con- 
tinuing, if they persevere, with 
the Buenos Aires pavements, 
which suggest a bombed city. 
But all may be made right by 
the girls, for a great many 
senoritas are hoping io catch 
husbands among the visiting 
fans. 

The Argentine ranchers, on 
the other band, are exodioq 
to their estancias or to Europe, 
while Argentine's eminent! v pro- 
British great man of letters, 
Jorge Luis Bcrues. said the 
other day the English were 
culltv of much evil in the 
world: “For examnlp. they have 
introduced stupidities such as 
football.” 


RACING BY DOMINIC WIGAN 


Nothing like his best 


THE MANY ADVERSE rumours 
surrounding tbe well-being of 
Try My Best bad. It seems, more 
than a grain of truth in them. 
Certainly the Vincent O’Brten- 
trained colt was never going at 
any stage in Saturday's 2.000 
Guineas at Newmarket and those 
bookmakers who. for weeks past, 
have been prepared to lay, and 
keep on laying, the U.S.-bred 
colt to lose exceptionally large 
sums of money bad virtually no 
worries from the four-furlong 
stage. 

At that point, Tiy My Best 
was a completely spent force, 
and tbe pragmatic Piggott (who 
with O’Brien, did not to my eye 
appear too shocked on the colt’s 
return) wisely eased the bay 
who then trailed io last of the 
19 runners. 

Although It may be premature 
at this stage to guess at the 
likely future of Try My Best, 
my own opinion is that the 
Northern Dancer colt could well 
now go straight to stud or have 
just one more race. Apalachee, 
former inmate of O'Brien’s 
Cashel stable, failed to re-appear 
on a race course after going 
down at 11-4 on in the Guineas 


four years ago, and the tempta- 
tion not to further jeopardise 
Try My Best’s value must be a 
strong one. 

The deserved winner, Roland 
Gardens (“ the laziest horse I 
have trained.” according to 
Duncan Sasse), went to tbe front 
li furlongs out as Tumbledown- 
wind came to the end of his 


WINDSOR 

6.05 — Darkness Visible** 

6J55 — Bamstar 
7.25— Foul Fella*** 

&25— i During Lass* 

tether in possible the most hold- 
ing ground ever seen at New- 
market. and will now he aimed 
at the Derby. 

Although Roland Gardens is 
dearly a smart colt whose re- 
laxed style of racing augers well 
for Epsom, his breeding suggests 
that 3 mile could well be his 
optimum trip and that a mile 
and a quarter is probably the 
most that connections can 
reasonably expect 
By Derring-Do, a specialist 
mfler, out of Katricia a youth- 
ful sprinter who is by Be 


Friendly's sire, Skyuiaster. 
Roland Gardens appears to have 
done extremely well io cel a 
mile in such testing conditions 
and I, for one, shall he more 
than surprised tf he stuvs the 
extra half-mile on June 7. 

As a result of both Try My 
Best and the strongly fancied 
Dick Hem colt. Admirals 
Launch, being out of contention 
so early in the proceedings, Mr. 
Daniel Wildenstein’s Leonardo 
da Vinci has hardened in most 
lists to head the re- arranged 
Derby market aT 7-2. nr. in some 
cases. 4-1. With the news that 
Mr. Wildcnstcin has decided t<> 
ron his infinitely oromisntg 
Brigadier Gerard colt next at 
York in the Dante rather rhan 
going for the higher prize of 
the Lupin on Sun da v. the possi- 
bility of the French Derbv heinc 
preferred to Epsom Ur 
Leonardo da Vinci now appears 
extremely remote. 

The usually extremely enjoy- 
able night racing at Windsor 
resumes this evening and race- 
goers could probably do worse 
than hack Foul Fella to follow 
up hig Brighton victory' of a few 
days ago. 








I: Tg* , 

•,3v 


T-m 






ui£> 


Financial Times Monday May 8 1978 




THE POST OFFICE fa in for 
a hard time from j ts telephone 
customers. If the confident pre- 
dictions of a brand new com- 
pany called Monitel are correct, 
people will soon be spending 
less time on the phone, and thus 
cutting their bills. Even worse, 
perhaps, there will almost cer- 
tainly be a sharp increase in 
the number of bills which are 
queried— by people who say 
they Know better than the Post 
Office how much their phone 
calls have cost 

Monitel was specially formed 
last year to manufacture and 
market a product of the same 
name: an ingenious litlle device 
which gives electronic form to 
the adage that time is money. 

Programme 

The Monitel has an electronic 
clock mounted into its front and 
the whole thing fits neatly under 
the standard telephone. The 
clock is “ programmed ” by a 
punched card, which contains 
information about current tele- 
phone tariff rates. Beneath the 
clock is a series of buttons 
which correspond to the local 
(L> and trunk (a and b) rates: 
the international version has the 
European and North' American 
rates as well. 

The telephone user presses 
the button for the appropriate 
rate for his call, dials his num- 
ber, and, as soon as a connec- 
tion is made, cresses the “on- 
off” switch. The clock is then 
transformed into a money 
counter, showing the cumulative 
cost of the call, and even adding 
in VAT while doing so. This 
latest example of microelectro- 
nic wizardry costs £29.95 for the 
U.K. version and £39.95 for the 
international one. 

The deterrent effect to tele- 


How you can cut down 
on those phone bills 


BY JOHN LLOYD 


phone users is beyond doubt 
especially on a call to the U.S., 
where the digits change as if 
on an absurdly speeded-up 
taximeter. Monitel reckons 
that in the first year of produc- 
tion. it can cut phone bills by 
£10m. 

The company forecasts that it 
will sell at least 250.000 Moni- 
tels in a year, mainly to those 
who have fairly high phone 
hills— say of £100 a year. They 
claim that Monitel will save 
around 35 per cent, of the bill. 
A quarter of a million sub. 
scrihers saving 35 per cent of 
a £100 bill would cost the Post 
Office just under £10m. 

The Post Office says it is 
unconcerned about the device, 
pointing out in an offhand way 
that £10m. represented less than 
1 per cent of last year’s tele- 
phone revenue t£1.250m.). The 
corporation has doubts about 
the accuracy of the device in 
use — not about the machine 
itself, but about tbe care with 
which the subscriber will 
match the counter to his con- 
nections. 

The man who cannot afford 
to have doubts js Mr. Geoffrey 
Smith, the chairman of G. H. 
Smith, which set up Monitel late 
in 1977. G. H. Smith was enjoy- 
ing a comparatively staid and 
secure existence as a distributor 


jf yrrr- T s y 



Mr. Geoffrey Smith, the father* 
of Monitel 

of office equipment, though in 
the last few years it was beam- 
ning to branch out into manu- 
facture. and maintains a tech- 
nical service for calculators and 
typewriters. 

Mr. Smith had the idea for a 
telephone counter in 1975, when 
the tariff went up twice. He 
went to the PA management 
consultancy group with the idea 
and. in the course of the next 


year and a half, designer David 
Brickwood came up with the 
Monitel. Smith has put £125,000 
of his own money- into the ven- 
ture, and raised another 
£650.000 from his local branch 
nf Barclays, on an ordinary 
overdraft. 

But he does have competi- 
tion, which may mean that 
Monitel will tend to sell more 
to private subscribers than to 
business users. The much .more 

sophisticated competition 1 b 
aptly known as TIGER. 

TIGER stands for Telephone 
Information Gathering for 
Evaluation and Review. Using a 
DEC PDP-8 mini-computer, it 
locks into a private branch ex- 
change and records details of 
outgoing calls, such as where 
they come from, where they are 
going to and how long they last. 
As the handout puts it, TIGER 
has the effect of spreading “a 
general knowledge of a con- 
tinuous monitoring and account- 
ing (which) will reduce the 
number and duration of staff 
persona] calls.” TIGER is 
watching you. 

The system was launched by 
Minster Automation in 1974, 
originally as a means of deter- 
mining how telephones were 
being used within a company. 
But. as with Monitel, the tariff 
increases of 1975 gave it a 


boost, and persuaded its manu- 
facturers to modify it to become 
more of an accounting system. 
Unlike Monitel, it is an integral 
part of tbe phone system, and 
is on the Post Office’s list of 
approved attachments. It now 
costs ‘ somewhere between 
£11,000 and £50.000. depending 
on the size of the switchboard. 

For some users— hotels are 
an obvious example — TIGER 
forms part of an internal bill- 
ing system.. But most use it 
as a deterrent to unnecessary 
calls: TIGER’s marketing people 
claim that the savings range 
from 10 per cenL to 24 per cent. 
Not tthey hasten 10 add) 
because the managements of the 
companies go round checking up 
on people — but simply because 
once people know there is a 
check on who they're calling, 
they tend to become “ more 
responsible." 

In fact, with TIGER, manage- 
ments would have to go to some 
lengths to take effective sanc- 
tions. The record they get 
from TIGER is of extensions 
making a cail and of ibe num- 
bers dialled. The only way to 
check on whether the call is for 
business or pleasure is to ring 
the, number and ask. One can- 
not imagine that practice going 
down well. 

S till, the advantage of TIGER 
is that it is automatic. Offend- 
ing employees issued with 
individual Moniiels are scarcely 
likely to record their own 
offences consistently. 

On the other hand, they may 
be rather more keen to log 
their home phone bills. Thus 
lines of demarcation are likely 
to emerge — -TIGER is what your 
boss does to you, Monitel is 
what you do to yourself. 


EXECUTIVE HEALTH 


BY DR. DAVID CARRSCK 


The importance of getting 
the light right at work 


IF ONE glances into any 
office-block, by day and often by 
night, the first things to catch 
tbe eye are ceiling strip-lights. 
For years this method of 
illumination has taken the place 
of any other: indeed, in many 
buildings still under construc- 
tion. provision for lilting strip- 
lights has been made long 
before any human office-worker 
has even been recruited. 

Now, these lights arc excel- 
lent so long as a number of 
criteria are fulfilled. First, they 
have to be properly situated so 
that they really illuminate 
adequately the work the clerk 
or executive is tackling. Unfor- 
tunately. this is a rarity. Usually 
the light is set behind or to one 
side of the desk, so that the 
worker receives less than half of 
the light adequate In his needs 
— and by adequate I mean 
between 400-500 lux as opposed 
to the lowest levels required by 
Act of Parliament, that is. 161.5 
lux. which is so dim as tu 
approach orgy-level. 



n 










i 


Position 


INDUSTRY HAS participated. rT11 

with varying degrees of I fa A g 

enthusiasm, in the recurrent ■ . II RT I 

attempts made since the last 
war, to plan the British 

economy. But has business A. 

performance been improved as III #-*8 I 1 

a result and have the uncer- 
taihties with which managers . . 

have to grapple been reduced? must be bad = a P ollc y !? reverse 
According to a stimulating new i* ntust be desirable. The quest 
book by Alan Budd. now at the f° r industries with high growth 
London Business School and Potential seems pragmatic and 
former! v a Treasury economist, refreshingly non-doctnnaire. 
the answer is dearly “no” on The combination of company 
both counts. planning and improved indus- 

Dr. Budd discusses the experi- trial relations seems highly 
nients of the past 30 years— attractive. The general feeling 


The dubious virtues 
of economic planning 


and the need to boost invest- 
mem. He questions whether the 
BOOK REVIEW BY Government should be con- 
_____ cemed about trying to maintain 

PETER RIDDELL or even expand manufacturing 

industry in the face of market 
‘ " . " forces and also in spite of exist- 

ing generous subsidies and tax 
The author notes sceptically concessions. He argues that 


from Cripps through thy of goodwill could be rapidly that ” one can also predict fairly there is nothing in either econo- 
National Plan to the Industrial dissipated in the face of confidently that experiments in Iri j c theory or history which sug- 
Strategy— : and the changing serious policy proposals.” planning will be muddled S ests that prosperity need be 
altitudes of both major parties. Dr. Budd is most stimulating fai,urcs ; The reason is that based on manufacturing in- 

This is familiar ground though when he goes on to discuss Ihe economic planning in Britain dustry, even though it is im- 

there are a number of new links between the various ex- tsnores lne role of market portant to reduce the hardship 

insights, notably on the develop- perimeuts and why they have f ° rccs bolh in . iX ? diagnosis of resulting from changes in the 

ment of Labour theory and failed, and will continue to fail. problem and in iispropo^ed pattern of output. Similarly, 
practice during the 1970s. He argues that the future of solutions. At least this is con- high investment is regarded as 
The bosk is particularly planning will be much the same Sistent, but it is consistently a - Good Thing, and must be 
scathing about the current as in the past since it “will wrong. encouraged. But as with 

attempt — " so far the Industrial occasionally swing into favour, “ The -Government could make deindustrialisation the Govem- 
Strategy has been a slogan not because of any virtues it has planning:effective if it were pre- moot does not arm itself with 
rather than a set of practical or is believed to have but pared to\ introduce adequate the weapons to oppose market 
measures. One suspects that because it can be presented as controls, but this too is coutrary forces on such a large scale.” 
the value of the strategy is its better than whatever is the cur- to the British tradition. The This is really the heart of the 
vers* vagueness: people feel that rent experiment in demand Government has to rely heavily debate. Dr. Budd maintains 
the decline in British industry management.” on such methods as indicative that in order to make planning 

■■ — - nlanninu and moral exhortation effective, politicians, officials - 

when major changes in stnic- and unions would have to sacri- 
ture arc required.” Dr. Budd fice their short-term hopes and 
\ r earlier cites the ambitious fore- measures to longer-term objec- 

easts of tbe National p,an and ti\»es. In other words they 
IffT T f ' ffi feeble accompanying policies, would have to reverse their 

Dr. Budd examines this present priorities. , 

• dilemma in the light of the cur- Dr. Budd cites C. E. Lind- 

rent concern about the reversal biom’s attempt to contrast a 
nf deindustrialisation, an objec- conventional planner who is i 
Dfls 50 000 000 livc ui[ lbc IndustriaJ Strategy, willing directly to tackle the 1 


task of resource allocation for 
an entire community with a 
strategic planner who seeks to 
respond to and improve the 
efficiency of market forces, 
rather than to try to control 
them. i 

The latter approach would 
involve the distribution, of in- 1 
formation, and the current In- 
dustrial Strategy can perhaps 1 
be defended isofar as it im- 
proves communications between 
Government. industry and 
unions — as it appears to have 
done — and identifies possible 
problem areas. This modest' 
aspiration is some way away, 
of course, from where Mr. 
Wedgwood Benn started as In- 
dustry Secretary in 1974. 

•Dr. Budd concludes with the 
impression that “ in the history 
of attitudes to planning, the 
political solutions have achieved 
the current compromise not 
because the case for the market 
has been defeated but because 
twilit honourable exceptions) it 
has rarely been put.” 

The Polities of Economic Plan- 
ning. by Alan Budd. published 
by Fontana Paperbacks (£j.25> 
and Manchester University 
Press (£4.50). 


Even if, by chance, a desk is 
exactly in the right spot to suit 
the light, it is unlikely to remain 
there long, thanks to a sort of 
Mad Hatters Tea-Party syn- 
drome whereby desks are never 
left in one place very long. 

Second, even if the strip- 
lights are in the right position 
and are fitted with the best 
diffusers, in time the twin-tubes 
begin to lose their virtue: they 
get dimmer and start to dicker. 
Dust and grime, coupled with 
the long-dead bodies of moths, 
etc., also combine to reduce the 
lux value. In a year or so, esti- 
mations taken with a light 
meter will reveal that, because 
the desk has been moved, the 
tubes are slowly dying and the 
diffuser is dirty and acting as a 
graveyard, the light provided 
may well be down 10 200 lux or 
lower by day, and far less by 
nigliL 

If you look around your 
building, be sure that some- 
where you will find an excellent 
strip-light blazing down on some 
dusty, unloved corner which 
once served a purpose long for- 
gotten; the wasteful beacon is 
of use to nobody, not even 
spiders. 

Whatever its cause, inade- 
quate lighting can produce 
headaches, visual defects and 
an insidious lowering of morale, 
which leads to reduced working 
efficiency and conlributes to 


. . . desks are never left in one place very long . . . 

poor labour relations, all of one twin 5 foot. 41HJ watt ceiling 
which are most undesirable. light costs roughly i!>.2p jilt 
I n my opinion, by far the huur: whereas one 60 watt bulh 
best method for producing costs U.flp per hour. Thu*. 10tn» 
adequate light is by means of strip-lights, burning for 24 
individual, movable desk-lights, hours cost about illUO. whereas 
Then the worker can adjust the a similar number of i>i> wait 
light to the position ur greatest bulbs cost a mere I2y over a 
comfort. If his desk is moved, similar period: quite a di (Tor- 
so can the lamp be moved. If, enee. Even if vuu were to use 
on bright days, no artificial double the number of i?u watt 
light is required, he can switch bulbs, there would still be a 
off the lamp, something quite dramatic saving, 
impossible with strip-lights. . ... 

which are usually wired in . 1 am n,,t knocking st tip- 
banks of four |o eight so that, lighting. It is of very great u>-e 
whereas the person by the win- *n work-places and corridors, 
dow has adequate light, the and far superior to single bulbs 
poor soul in some dark corner fur lighting wide areas. I am 
has not, making it necessary to suggesting only that, in offices 
burn large numbers of lights, where constant close work is 
A further advantage lies with performed, desk-lights can be 
the terminal stages of bulbs as fa r more adequate and very 
opposed to strip-lights. The much cheaper. Jt seems to me, 
former do not linger but cease therefore, that even during a 
completely; the latter are long time of financial hardship 
a’dying and frequently continue (which is always), any argument 
in their maddening, aggravat- in favour of waste of inuney. 
ing. flickering death-throes for plus discontent in workers, can 
many months. only be advanced by those with 

Ah, someone will be saying, questionable motives. 
but many desk-lights mean many 
power-points, which are expen- . 

sive. Unquestionably, but set AJlSCOHlCIll 

such cost against the expense 

involved in moving a fixed ceil- The budget has nut helped 
ing light, and the outlay for the the businessman and the NHS is 
sockets soon falls below (hat hardly at its best. But. by eon- 
occasioned by the labour costs sidering the puints above, not 
of the other operation. But only may a large negative-profit 
what of the price of desk- ( U r saving) be gained, but 
lights? Latlle more than £10 better and happier work should 
each as against the twin. 5-foot be achieved. So far, there is no 
diffuser at around £24. tax on reducing expenditure, nor 

Lastly, there is the question on good eyesight — and I only 
of electricity consumed and the hope that I have not given new 
cost thereof. According to notions tu those who lake 
information I have obtained, almost all that we earn. 


3 


branch office 


Today’s 


6i% Bearer Notes 1973 due 1977/1980 
of 

MALAYSIA 


Second annual redemption instalment 
( Redemption Croup No. 2 
fell due on June 15, 1977) 

As provided in the Terms and Conditions 
Redemption Group No. 1. amounting to 
Dfls. 12,500.000 .— . has been drawn Tor 
redemption on June 15, 1978 and 
coMCiiucnilv the Note which bears number I 
and all Notes bearing a number winch is 4. or 
a multiple of 4. plus 1 are payable as from 

June 15. 1978 

at 

Algernon Bank Nederland NA . 
(Central Paying Agent) 

Amsterdam-Rotterdam Bank NA • 
Bank Mees& Hope NV 
Pierson, Heldring & Pierson NA'. 

in Amsterdam: 

N. M. Rothschild & Sons, limited 

in London ; 

K rediet bank S.A. Luxembonrgeoise 
in Luxembourg; 

Ateomene Bank Nederland (Geneve) S.A. 

in (Jeiicni; 

Algemene Bank Nederland in dcr Schweiz AG 

in Zurich. 

April 26. im 


— CRANFIELD 

STRESS AT WORK 

ONE WEEK RESIDENTIAL SHORT COURSE 
W-2J JUNE 1979 «50 

Th.i «u«# l« intended tor l»j£ bTwKw* and 
tte ■•IMMMK'rf f*° p ' c nJctkj lor *»* removal of the 

ihe theme of the counc will be Praam „ In org4niMt ,oi»i. tbe 

causes of m she «***£■ and the teshnmH 

removal ot «■»* « 1“ * ^ an Vpporiunitr tor each ««ne member 

SSL JF ■ weekend 

»to« .»..»■•« «; « 

fghvsa sa,th.n ~ - 

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12 



skateboarding 


Financial Times Monday May S 1978 

on thin ice 


BY ARNOLD KRANSDORFF 





QUITE A few people are 301113 adjoining ao ice rink, and in 
lo be holding their breaths over Kelvingrove, Glasgow, 
ihe next couple of months as - But since Christmas, sales of 
the weather warms up. Then, skateboards throughout the 
Britain's skateboarders are country have dropped dramatic- 
expected to take tu the streets sUy and there has been a 
again en masse. decline in the popularity of the 

1} they do, local authorities the skateparks which already 
are going to have to make exist. Although it is suggested 
hurried derisions to provide that the severe winter weather 
skateboarding facilities; in is responsible, the apparent fall- 
addition, hospital authorities off in interest by 9-1 6-year-olds 
will be gearing themselves up has raised doubts about the 
for the inevitable traffic of sore future of the industry, 
heads and broken limbs. This lower level of demand 

If they don't . then the skate- is confirmed by Alpine Sports, 
hoard industry's worst fears probably Britain's largest whole- 
will be borne out — that the saler/ retailer. One of its 
t-raze is over and. in the words London shops, which sells only 
nf an anxious skateboard manu- skateboards, is now selling 
facturer: "A lot of people are 13,000 a week, compared with 
going to lose a lot of money.” 20,000 a week before Christmas. 

Also Britain's largest skate- 
board manufacturer, Mr. Morris 
Vulcan, said that bulk sales had 
The skateboard phenomenon dropped off dramatically corn- 
hit the U.K. last summer and pared with the pre-Christmas 
peaked over the Christmas level. 

period. Then, it was estimated Much of this was due to over- 
— mainly by manufacturers and stocking by retailers and the 
retailers — that up to 2m. had fact that the market was already 
been said, by which time a new fairly well saturated, especially 
industry had been spawned to by foreign boards. However. 


Summer peak 


reinforced by news of two ing to 1977 Government stalls- 

casualties in the London area, tics, this figure could be around the weather to rm _ up and for 
Wheelies Skate Space, a skate- 2.Sm. Raadom investigations at someone lu gne Utem some- 
park in Putney, closed its doors schools suggested that about one where tu w ork off their excess 
and the country’s biggest skate- in eight pupils were practising energies. Already their freedom 
pajfc—Sfcatecity, in Southwark, skateboarders. Riving a country- 0 f movement is being restricted 
South London— changed bands, wide total of about 500.000 or —many public walkways, such as 
In both cases the ' parks Had almost 1 per cent, of tbctotal railway concourses, have been 
become unprofitable. population. Even assuming that banned to them. 

At Skateeity. the number of some y o u rs harf mo whiic thc demand for skate. 

skateboarder using the sped- oneskalebearf thecMimatffiof bMrds may bc , nterBt 

ally-designed park had slumped t0,al , s , ales * e ™, „ S in thc pastime appears to have 

from a peak 600 a day at-the S e j[ atod : s , a,d + - K . been maintained. The market is 

height of last year’s boom, to supporting three publications 

100 a day. At 75p a session. h ! d J'SSE Jv cil if in the which aro generating adver- 
there was insufficient income to ^ One of thoc was York twins revenue* or around 
cover, expenses such as staff, °?* d of averaze-size i‘250.000 a year. Skateboard 
rent at £20.000 a year, and a nnn .,i af j nn fl r a h, )U i in^noo If Special, thought to be the pub- 
rate assessment of £19-000. f° P p U ^ U ° c " n f pmffiii «^uon with The largest c.rcula- 

With the future of skat* ^ teboarrtere< t heu 938 youths lion, is currently printing 80.000 
boarding apparently resting on were polentia i ska tepark users, copies fortnightly, compared 
of , skateboard S katecity’s experience was that with 1OO.DO0 copies before 
■ the industry's death knell ^ average skateboarder made Christmas when it was pub- 
seems to have been sounded by 15 tri ps a year which, if dupli- lished as a monthly. 

“opemuS". °Skat«?t™ cuted in Vovk. v>ould giv.14.000 According ... Mr. Fred 


A lone skateboarder at Skateeity — Britain's biggest skatepark- It was sold recently after a 
drop in attendance had made the park unprofitable. 


Newman, publisher of Skate- 

no future for commercial skate- . Brltish - voull,s ^r e each hoard Special, there was mi 

board parks in the UJK" ' S JV * n an average 1 - a week evidence in terms uf sales tn 

He said tiie industiVs poten- S22»T^«^ i*SS Supp " rt ^cor.v Lha, imerest 

tial had been mmnletelv estimated tnat tnc niauest was diminishing. Mr. Newman. 

estimated and wild statements SSanre wff who is alSQ secnMary " r ,hc 

— 1— u.. .v- “ entrance wa- ii. un tnar oasis, Brilish Skateboarding Trades 


nd the ing demand after the Easier to -80,000 worth a month to had adopted a short-sighted ing facilities. In association “^usi a sUc resPo«S He £14 ’X°° wi - th * n 

rks. period, he said. Production was Be, 3 ium and Germany. policy of not replacing their un- with Wetenhall Cooper, part of ^ved faar skateboard saL £K f ro 2 D 2 Uterine would be * joint Arrangement 

* huve now being diverted into Euro- The coraptuty's British market wlth up-market the .Cooper last year totalled only about and st 'cker sai e s"nd Sfe between local authorities and 

600.000. hardly enough tn nroreeds from a nro-shon He private developers. He thought 
tSKL.’ 2255? the excitement that . there would have to be some 


the decks, trucks. \\ heels, there were now si 0 ns of ipereas- ^ can nnn *u k.a 1 "r— had prodAwd ^ an hG n^ “. s A r ^‘ ' n .^ me ._ w3 ”L d J :..- t -°. t f! Counril. said that the best 

safely equipment, and 
specially-constructed parks. 

argued that the continued pean markets, where demand had fallen off sharply, from Products. they have become Britain s onnnnn *- bad„e and sticker sales and the 

popularity or skateboarding— picking up sign ificaatly. It 10,000 units a week before But while manufacturers largest . . . u. E ; 

and its development as a sport appeared that the skateboard Christmas to about 1.000 a week, asree that the boom is over through their joint company. had been generated. Skatecity's S^ element of sub^idv—** most kids 

-would depend on ihe avail- craze was now moving across However, it was now beginning and that demand Tor skate- Skateopia. They have three own raa rket research had pn> “g" trc " 1 ’ st 5' eI{ *: S affo?d the isn-TOn cntrance 

ability of skateboard parks. So the Channel, just as it moved to pick up again. He added: boards will settle down to a parks in operation— at Wolver- vided evidence that skateparks, Me^nii «?»,, w 5 VIf. « raniv! TIip r-iipna^nrf mv Tnr 

far. about 50 have been built across the Atlantic from the U.S. "Apart from the weather one lower level, there is also haraptno, Rnebwonh House, 0 n a commercial basis, were ZT S r w r f ♦**- w,uuo , iees ‘- P , ers 

throughout the country, mo*t last year. of the big contributory factors concern that if facilities are not Hertfordshire, and Wandsworth unprofitable, he added. Entrance 11311,113 P l0ht before tax. tennis courts, etc., wnj not 

of them providing only primi- This development is enn- for the drop in . sates since provided, the industry will die (jointly with Granada in a fees of up to £3 a head were ■ # , . S ’c . M 

live outdoor facilities. The firmed by another manufac- Christmas is that many of thc an unnatural- death. converted cinema! — with others necessary for an investment to f-Tjoh thC Roya boaely fur the Pre- 
majority have been funded by turcr. Skateboard Systems, of big stores stockpiled cheap In the home market. Morris on the planning board. give a reasonable return. AXI & II vUol venlion of Accidents says, it 

the private sector with local Staines. Middlesex. Mr. John plastic boards and the market Vulcan has been in the fore- But doubts about the future The potential skateboard Development costs of a tv pica) 0001,4 cosl counlry IBm - 

authorities building only three Harding, chairman, said that the demand is now slanted towards fmnl in advocating that the of the' skateboard industry market consists of youths aged skatepark would amounL to year lu treat skateboard m- 

— at Lewisham, at S outhsea compa ny was pa rticularly active a high-quality type skateboard.” only way ro keep the industry persist. These have been between 0 and 16 years. Accord, around £70,000 which would juries, that £6m. would go a 

represent a gross return on in- H-ay toward the provision 
vestment of less than 5 per skateparks." 
cent, a year — “ a figure which That may be so. but local 
just does not make economic authorities are not going to be 
I'scnsc." persuaded by that type of argu- 

Mr. Tcgg said towns would ment— whatever its merits. Each 
have to have a population of at park is still going to cosl them 
least 300.000 for any reasonable at j cast £70.000 and that type of 
[return on investment assuming expenditure has to be justified 
that there was no competition t0 thc ratepayers 
to reduce the number uf visits. True> troin ^ pilbIic safety 


The Norwich way is to meet your problems 

face to face. 


In the U.K. there were IS such 
one 


Hector; the bull, is an 
important asset of Easton Farm, 
Bishop's Cannings, Wiltshire. 

He is also a potential liability 
whose life and productivity are 
individual risks in the overall 
insurance cover of the farmer; 
John Horton. J 

John Horton 
comes from a farming 
family and, like his father before him, 
he chose Norwich Union to insure 
his house, cars, livestock, produce, 
machinery and the people he employs-. 

He likes the reassurance of a 
long-established world-wide insurance 
company behind him. 


And because his 
problems are complex 
he needs to discuss 
them with someone 
with athorough under- 
standing of farming, like 
Alan Pitcher of the local Norwich Union office. 

Norwich Union believe in friendly 
personal contact with clients. 

Call them and you will enjoy the same 
sympathetic understanding; the 
same expertise. Whatever your 
problems, 


■ ... . . . point of view, ratepayers have 

c.t‘ e ? . a "d 1-very one had most gain from keepinj skatc- 
i™ al ' ed , “ 'f ast a iazm ?»?'- boarders off the streets, hoi they 

rv;r ,v v o pv " r t 

competition would kill any "i d P l, ^ llc Lash « scaac m 
| venture," Mr. Tegg said. Skate- these hard llllies - 
city had consequently decided . . 

[against any farther investment XLF1 L tlOS13.St 
in the U.K. and was looking 

abroad— to Switzerland, France, However, if one skateboard 
Germany. New Zealand and enthusiast has his way. these 
Australia. problems could bc overcome. 

This sort uf advice should Mr. Ronald Ross-Stanion. a Lon- 
make other skateboard park in- don businessman, is waiting for 
yeslors think again about their word from the Charity Conums- 
investment, in particular the sinners about an application for 
new owners of Skateeity in registration of Thc Society for 
Southwark— Skateway s, a joint the Provision nr Recreational 
venture between National Car Facilities for Young People. The 
Parks and Tate and Lyle. But intention is lo use tl»e charitable 
Skateways believes that its ex- society as a viilicle tn raise 
penence in handling vasii fauds for local authorities to 
W,. ‘_ s -. Ca . r park !" teresls provide skatebnard park,. 


should help it to succeed. 


rni,_ _ . . . Funds would be raised bv way 

Tlic same advice could apply f i 0Itc «- a nd the Gamin’ 
to businessman Mr. Jon Panne II. ^ . c . ^ “'"J: 

who hopes to convert an auction B ^? t s appro%al 1S beinB 
site at Alexandra Palace in S0 Vf n „ , e , s . 

North London into a skateboard .. Mr. Ross-Stanton said that Sir 

park. His backers arc putting ^, revillo T J . ann , er “ p ^ 

up an initial £30.000 and the West Leicester, had already 
intention is to charge a 25p a ° r ? tjd t0 be „ tht ' society s hrst 
entrance fee chairman. If registration 

If Skateeity is right, that S^nled. he envisages that offices 
1 commercial skateparks in the ? ou,d be established in about 
jfitable. then a Rve major centres. Each office 

problem of a political nature ^. ould W) ^ duc f t ,ts °l n '° ner ?Z 
arises. The Minister for Sport. ? he P ro, - ecds f^ni which would 

Mr. Dennis Howell, has publicly * lni '* 1 

o n rSvld?f e .t.m?« aUU,0ritiei “ beneved thaf focal an“ orilie' 
p s e r . would bc very receptive to the 

anfh-.Hti^'hs.v^h 6 ' 6 ^ i ? Ca p,an - ^ would lake them off the 
authorities have been reluctant hook far initial finance. Skate- 

t0 an Tv.^ r !P comm| t m ®nt to boarders, would then pay a 
satisfying the demand for skate- nominal fee to contribute 

1 P i rks ’ ar S u ^3 that they have towards maintenance cos's, he 
! other priorities for the rate- added. 

payers' money. If the private a final word from Mr. Tege: 
sector cannot or will not — "Mr. Ross-Stanton s scheme is 
respond, then pressure is going indeed laudable. But to give 
1,1 build up on local authorities money to local authorities 
somehow to solve Lhe problem Immediately they’ll find ten 
and keep the kids off the people to administer it- 

streets. Impractical I ” 


the Norwich 
way is to 
meet them, 
face to face. 


NORWICH 
UNION 

INSURANCE 


APOLLO 


Edited by Denys Sutton 


The world’s leading 
magazine of 
Arts and Antiques 


Published Monthly price £2.00 Annual Subscription £25.00 i Inland) 
Overseas Subscription aB.00. USA & Canada Air assisted $56 
Apollo Magazine. Bracken House. 10. Cannon Street, London. 
EC1P 4BY. Tel; 01-2-18 8000 






Financial Times Monday May 8 197S 


0 



Rubens 


by DENYS SUTTON, Editor of Apollo 


the New f Y^k Sring *n season i . nf,ue ? c>e of photography. It in our own time. Sacheverell for 1815 is based on the Hours 


is a haunting painting that could Sitwell. The exhibition confirms of Anne of Britanny. The 
tne serve as toe illustration to a Bazille's position in the art of student of. the development of 
? ove “y. Flaubert or Daudet- his time. the writing of the bistory of 

by J. Patrice Marandel. who Sitwell would certainly enjoy architecture will- find much to 
ny organised the show, deserves the fascinating exhibition “ Color excite him in the colour plates 



Peter Paul Rubens: Self-portrait with Helena Fourment and their diild 


.is the exhibition at 
Metropolitan Museum of 
of the grand paintings 
Rubens recently acauirori 

Mr. and Mrs Ch»ri« "fgamseu me snow, deserves the fasci 

man. it is a »lf ^,7, C 0 n 8 ratulation for the Printing in England, 1846-1870 - of H. C. Knights The ecclesmstir 

Helena Fourment and their cWld skl ful way m * blch he has whictl has organised by cal ordiitecture of Italy Jrom the 
and enjoys a distinguished his- 
iorj\ it js traditionally supposed 
to have been presented to the 
first Duke of Marlborough by the 
eity of Brussels after the Battle 
of Blenheim. It remained ■ at 
Blenheim Palace until 1884 when 
it was sold to Baron Alphonse- 
de Rothschild with another self- 
portrait now in the Louvre. 

The exhibition of the Wrights- 
man painting comes at an appro 
priale time for the role of 
Rubens has recently been under 
considerable discussion. He is 
An artist of such richness and 
even complexity that interpreta- 
tions of his work vary consider- 
ably and much debate occurs 
about his chronology and the 
canon of his oeuvre. Indeed, 
debate can be so sharp that the 
definition of Rubens's artistic 
personality is apt to be over- 
looked. Few writers have been 
able to rival the essay oh hi™ 
by Jacob Bnrckhardt, which 
appeared as long ago as 1S98: it 
is even quoted in the handout 
issued by the Metropolitan 
Museum on the occasion of the 
presentation of the picture in the 
newly hung Flemish gallery. 

• The Wrigbtsman portrait is so 
important because it brings out 
the way in which Rubens re- 
tained bis rich and powerful 
style even in later years. His 
life had been spent not only as 
an artist but as a diplomat; his 
charm and eloquence had ever 
been at the service of peace- He 
had amassed a considerable for- 
tune and formed a large collec- 
tion. His friends were men of 
learning whose classical tastes 
accorded with his awn. He was 
also a man for whom domestic 
felicity was of gTeat importance, 
and this magnificent painting, 
with its bold colours and subtle 
rhythms, is a poem in praise of 
his married happiness. 

This is a painting ' that 
possesses an autobiographical 
quality- It suggests the memory 
of pleasure and a continued 
delight in the stimulus of beauty, 
and its ** melody” has a touch 
nf that final rejoicing that marks 
the late songs of Richard Strauss. 

Rubens contemplates with pride 
and tenderness his young wife — 

she was a mere 16 when they so many works by the Joan M. Friedman at the Yale time of Constantine to the 15th 

married alter tne death of art ist an( j f or his subtle hanging. Center for British Art at New century, which came out as early 

Isabella Brant. The sense of . . . . . Haven. She is also responsible as 1843. This show deserves to 

family unity is heightened by the The inclusion of pictures b> j-,, r ,h e excellent catalogue which be widely circulated, not least in 

presence of one of their Casieinau and Guigou brings out Ruk( . s a va i ua h| e reference book. England. 

chtidren. probably p eter PauL that Bazille was a painteror the Tho , how is interesting from dif- Is there a historian of bread? 

The setting of a baroque loggra South. The Fortune Teller, of fe poinli - ol view— for those If so. such a one may be m- 
wilh a herro represent! tie about lSb9, is a particular^ kwn rin lup 0 g ra phy. animal and teres ted in the titles of various 

Fertility recalls that of the interesting work; Hie treatment lljr{] hf amJ lbe of , asle . ] oaV es 1 noticed at Blooming- 

artist’s liouse m Antwerp. The of the figure and even the colour Tbtf worJts of 0wpn Jimes are dale's in New York— sandwich 

wall fountain, which is a superb seem to anticipate &wme. Du»* in-blv important and such pro- hero, round Neapolitan, sour 
passage of free painting, is an this suggest that historians o, dtu . ti ons as Longman's Illimin- French, long Sicilian and twisted 
echo of the sort of. work that the period should pay more , d 0liemtar a „d Hnme Diary Ualian. 

would have caunht his eye as a attention to the local elemenis aita ^ lu,nuiT anu n 

young, man in Rome. This master- in the work of some of the stars? 

piece shows that an artist of the In the 17th century, for instance, eg ..s 

Baroque could also be a poet the Toulouse school had a very orftgntUH resiivui 
with a romantic mood. definite character. 

A critic who spends some time Thit RaTiiip had a delicate eve 
in the US. requires seven league iB ^own to the thr^ Painlings 
boots in order to visit the shows JJ [ di H |£ 0 P a rifted 
^.e-ePtionalioterest that are S^^fpaimerTs ‘isinVcLl^ 
neld iq numy psrts or iu£ . tHp* Dnrfrsit of Edmond 
country. I managed to reach Ma ( ta j a about whom Francois 

hiWlffi “ St Art" "inM “ a t “!’ , “ e rl '' ! a S „ l J' <! 't'hat nS 0f ' pLul 

that affords a major contribution SLrfalne ' Edward Covie’s Gesangbuch ployed as concert halls, yet St. 

to the history of nineteenth- yc * for 24 solo voices and 12 instru- Paul's Church in West Street 

century French painting. This Whether Baztile would have ments started life as a single perhaps did noi provide the 

is devoted to Frtdtric Bazille. a followed an Impressionist line is piece stmuntraosbild: Heat Bank, right amount of space for 

gifted painter from Montpellier a matter of debate. He couia gj ven ti, ree years ago by the Cowie's myriad sounds, soft and 

who was born in 1841 and killed prove a remarkable genre jjjj£ Hest Bank then became delicate though they often are, 

in the Franco-Prussian war. painter, as is indicated by the lhe of a | 0DRer wor k in to make their full effect. 

He is generally remembered Little Mahan J- four sections which Cowie . 

for the Family Reunion of 1867 which is the sort promptly re-composed in a ver- * 

in tbc Louvre, which is a would have appealed art only sion for solo voices, performed on Mnr< , wa ter-Tnu«iP the follow, 

conversati on piece that shows Baudelaire but to Dickens and^ Fn - dav u part Qf the BrlRbton sSquettog 

Festival by the BBC Singers and r ooeq a t the Pavilion, under the 
toe Brighton Philharmonic gjided dragons, eagles, stylised 
Ensemble,- John Poole conduct i otufl am j palm leaves, where 
ing. The term solo voices Sarah Walker and Peter Knapp 
means in this case that there is gave a recital called “ The Sea. 

vo *9 e t0 ea ®b part — the devised* by Roger Vignoles. who 
writing _ is not sohstic jo toe acc 0 mpanied- Though this was a 
conventional oratorio or cantala good example of toe kind, one 
sense. In effect the Gesangbuch can't avoid misgivings about 
is a chamber choral work with tj, ese - theme." recitals. If they 
instruments. bring in people who would shy 

The four sections, avowedly away from a more conventional 
nature-music, are concerned Lieder recital, so much the 
with toe seasons, starting with better. But the small audience 
autumn, ending with winter, on Saturday made me wonder if 
Each has a double, German- the title may not also have put 
English title, reflecting the com- off some who did not realise that 
poser's admiration for Goethe as well as maritime light relief 
and the dedication to another and an old favourite or two they 
musical Goethe-Iover, ' Michael would bear Faurd’s L'Horizon 
Tippett. The division Into four chrmdriqu* and unfamiliar, well- 
suggests a roughly symphonic choseD things by composers as 
framework, Tiut at least at a diverse as Bizet, Borodin and 
first bearing there is, in spite Ives, 
of the different instrumental Sanh Walkei . with her 
colouring for each piece, more ~^yj e anH musicianship, is a most 

* e SeCtl0DS Somp^erSSSlift Bertioz 
than between them. t -*LTl e inconnue "1 and Faurf 

Of the four It was Hest Bank (“ Les Berceaux ” and “ Au 
that made the strongest impres- cimeti&re ") suit her a treat, 
sion. High summer is shown not an d though in the last-named and 
among heavy trees, gardens tr aga i n ^ Debussy’s u De grtve," 
cornfields but at night on the sbe substituted a thread pf 
sands at Morecambe with lights p ^rkeim n for a real raezza-voce, 
in toe distance and the tide ^ room it worked. 

ruDning In, disturbing flocks of Schninann's “Abends am 
sea-birds and waders. The ever- g^nde” was specially welcome, 
renewed excitement of coming Peter Knapp excel ] ed iQ decla . 
tide in an estuary as toe sea ma tory songs like Borodin's “The 
gently but Sea” and an excerpt from Ives's 

over the tus»)cks and pools ^ Swimmers." Where sus- 
where the birds feed, is sKii- singing was needed, 

futiy caught tit the ^ebs of vjKal tbou?h he survived the acid test 
and instrumental sound. Here . w-,,-*.- “Diane Sflfnf” 

the ticklings and superimposed * 5 ^ , here W ome 

2 Sh 5?S« flaneninc BoVr 

S SH ?e e i p<™ ss as 

SP ° rad, Vrane d "™inons t f e b^ 


Elizabeth Hall 


Aleph 


by MAX LOPPERT 


Friday's concert by the 
London Sinfonietta was shrewdly 
mixed: the provision of John 
Williams w .bring in a large 
audience; two Messiaen scores as 
a nod. towards his 70th birthday;, 
aiid. in between, the first London 
performance of Martin Datby’s 
Aleph (given its premiere by the 
Sinfonietta at the 1974 Royan 
Festival).' 

In his programme note Dalby 
invokes Shakespeare, Borges, 
Tailin' the- Hebrew alphabet (of 
which his title-word is, of course, 
the first letter), Jewish mysti- 
cism. and -eternity, among other 
things. So it was curious, to say 
the least, that at a first bearing 
the score -should seem to be 
attractively light and scherzo-ish, 
full of flourish and fast-moving 
detail, nuite empty of inner 
“content” or metaphysical sug- 
ges riven ess. Scored for seven 
ins truments — grouped as a 
quartet (two flutes, two double 
basses); a trio (trumpet, horn, 
trombone), and a “continuo” in 

the form of a cimbalom— the 
music is bowled along particu- 
larly by the frilly, chattery, in- 
creasingly convoluted flute- 
writing. punctuated, opposed, 
and punctured by toe brass. The 
most awesome, eternity-summon- 
ing sound — the conjunction of 

Upstream 


high flute and low trombone at 
the start— was a brief, sharp 
reminder of the Berlioz Gronde 
Hesse des marts. 

Aleph was played by the! 
Sinfonietta seven and conducted 
by Simon -Rattle with whar, in 
the absence of a score. I can 
only guess was confidence and 
dexterity. These were certainly 
the words for the account of 
Oiseaux exotigues that dosed 
the evening; also great bril- 
liance, precision, and In Jean- 
Rodolphe Kars’ handling of the 
piano solo an amount of poetic 
feeling and characterisation 
greater than any other I have 
beard. This seemed the most 
intoxicating, most beguiling of 
Messiaen’s scores. Less was 
made of Couleixrs de la citi 
■celeste, the more commanding 
achievement, because at the start 
of the evening ensemble had 
been sometimes loose— piano 
and its accompanying cencerros 
were often out of step. Con- 
fidence and dexterity were, as 
ever, paramount in John 
Williams’s playing, along with 
sufficient virtuosity and slow- 
movement eloquence to persuade 
one, against one's better judg- 
ment that Malcolm Arnold's 
1959 Guitar Concerto merits Mr. 
Williams’s championing of it 


Faustus’ Last Supper 



Diana Ross 


ANTONY THORNCROFT 


At first one might have 
thought that Marlowe's blasphe- 
mous extravaganza would prove 
an odd choice of play for this 
bleak church hal) in Sbort Street, 
just opposite the Young Vic. But, 
as it turns out the production 
by Antony Tuckey, imported 
from the Coventry Belgrade 
studio theatre, is a dull and suit- 
ably sanctimonious account of 
the learned doctor’s final fling 
before yielding himself, as 
agreed, to the torment of hell 
fire. 

The audience is arranged 
around a long table, shaped like 
a crucifix. We are guests at 
FaustUB’ last supper, in toe 
course of which the previous 24 
years of travel and debauchery 
are revisited in a series of flash- 
backs. Our host is the servant 
Wagner, doubled in a perform- 
ance of mind-numbing porten- 
tousness by David Goodland with 
Lucifer's representative, Mephi- 
stopheles. Paul Alexander plays 
Faustus on a single note of 
ponderous befuddlement, de- 
prived even of his great final 
speech which is democratically 
shared among toe company of 
four. 

The other playera — Angela 
Barlow (gaunt and boney like an 
undernourished David Bowie) 
and Catherine Terriss (plump 
and homely like a junior Peggy 
Mount) — lake the other roles, re- 
placing the farcical interlude of 
toe feasting Pope and Cardinal 
of Lorraine with a tediously 
over-emphatic double act for a 
pair of naughty nuns. The text. 


in the main, is drawn from toe 
commonly performed 1604 ver- 
sion, but there are some jarring 
“ improvements Lechery, for 
instance, is one “that loves six 
inches of raw mutton” rather 
than the statutory “ one." 

The idea. I suppose, is to give 
an added, salacious poke to the 
masque, irat toe overall staging 
of the section is so coy and 
studied that toe point is lost I 
yearned ail evening, in fact, for 
someone to ’let rip and make big 
with the poetry and toe imaees. 
It never happened, and things 
are not helped by irregular 
bursts of recorded music that 
sound as if emanating from a 
neighbouring room. You almost 
wonder what on earth toe Girl 
Guides could be up to along 
the corridor. 

MICHAEL COYENEY 

Sponsorship 
for chorus 

A new sponsorship agreement 
between toe Scottish National 
Orchestra Chorus and Stewart 
and Son. of Dundee, whisky pro- 
ducers. will realise £17.500 for 
the chorus through concert and 
recording fees and royalties by 
1981. 

The first product of this agree- 
ment will be a recording on the 
Enigma label. Great Songs of 
Scotland, with John Currie con- 
ducting the chorus and the BBC 
Scottish Symphony Orchestra 
with Moira Anderson as soloist. 


, It might seem excessive to 
I charge £20 for a stalls seat for 
' 90 minutes of Diana Ross at the 
Palladium over the week-end — 
let’s face it, it was excessive — 
but there can be Tow complaints 
that Miss Ross stinted herself. 
We had Diana Ross the philo- 
sopher: Diana Ross the mother; 
Diana Ross the humanitarian. 
We plotted her life from school 
to Hollywood and were encour- 
aged to discuss her re-marriage 
prospects. Her weight was 
thrown in— 94 lbs, but not her 
age. About the only thing miss- 
ing was Diana Ross, the singer. 

Actually when singing en- 
croached on her career — her per- 
! formance as Billie Holiday in 
“Lady Sings the Blues.” for ex- 
ample — we had a snatch of 
“ God Bless the Child she 
threw in a few Supremes’ 
choruses when covering the late 
sixties; but there was hardly a 
song that was allowed its full 
throttle. 

Diana Ross has become a 
personality, so convinced that 
the audience has come to tee 
her rather than to hear her that 
toe show is devoted to group 
therapy, a joyful tribute to 
egoism and hero worship. The 
amazing thing is that by the end 
you quite like her. There is an 
innocence about this mutual love 
affair that overcomes the artifi- 
ciality and the mannerisms. 
And above all it is a show. 

From the start when pictures 
of Miss Ross are screened on to 
the extended train of her white 
dress, to the end when, stripped 


down to pink tiuhis amt little 
else, she contentedly milks lhe 
ovation, there has been a succes- 
sion of bewildering and quite 
unusual eamco scenes. Siiiue are 
absolutely appalling, as when 
Diana Ross, aided hy ihreu 
mimes, condenses that boring 
musical “ The Point ” iulo ion 
minutes (a t\uvminute synopsis 
would be more acceptable). The 
excuse for this episode i> tiiat 
her three daughters will not 
allow her to tour without per- 
forming their favourite fairy 
story'. 

Then tho action quickens with 
a brief disco medley which 
brings the more active uu-nibe.-s 
of the stalls on to the stage to 
gyrate with the star. Then there 
is the w tnder around the 
audience for the ceremonial 
laving on of hands and the 
Press conference when Miss Ross 
considers seriously all the simple 
questions she must answer every 
three hours. She controls it all 
beautifully, giving herself freely, 
but only up to the alloted time- 
span of the performance. 

You can warm to the apparent 
naivety anud the gloss: toe 
friendliness in the formai set- 
ting; and especially the voice 
which, when it is used, is better 
than ever. It is only later tout 
you remember that Diana Ross 
performed virtually the identical 
act on her last London visit just 
over two years ago. and that she 
will presumably be doing it 
again tonight With her smile, 
her looks, and her charm. Diana 
Boss guts away with murder, at 
£20 a time. 


Cowie’s Gesangbuch 

by .RONALD CRICHTON 


CSS 







Appeal President: 

lie Rfc. Hun. the Lord Mayor of London 


Please 

Donations maybe sent to: 

Mental Health Appeal Office 
4th Root, 161 Cheapside, London, EC2V 6EU 


iPunrij of motmtinx this appeal are NmwmI 

WestnriiiKtor Bonk so that all contributions "31 B» directly to tte note- 




*-aaassss3=&»- 

Juuch 1 x 00 * 03.00 pro. dinner 6.00 10 uo® 

Dine v i(h"i>* hurrying after the theatre. 


coction with discreet relish. 


into a 

tide epilogue. 

The texts are multilingual, 

chosen for their suggestive pro- EleCtTO-aCOUStlC TUUS1C 

perties to the composer and for peenriaf-inn 

their possibilities as sound- dbbULldUUU 

material for the singers— in per- , . . . 

form Lice toe effect of the actual An assodatioc to promote and 
words is slight- The music needs encourage activities in toe field 
(and received) explanatory notes of electro-acoustic music is to be 
from the composer, and it must set up. Tins was agreed at a 
be said that, toe finale apart, recent meeting convent by the 
the danger inherent in music Arts Council of Great Britain at 
with a literary basis of being York University and attended b> 
more interesting to read about composers and representatives of 
than to listen to has not entirely electro-acoustic music studios in 
been avoided- Britain. 

There mav have been other Simon Emmerson has agreed 
factors. The* BBC Singers were to act as temporary secretary 
showing the expertise that has He is a lecturer with respon 
won them an increasing follow- sibil ity for the electronic music 
ins during recent seasons, yet studio at the City University, 
neither the finish nor the London. For further information 
balance between voices and contact: Simon Emmerson. 71 
instruments were totally con- Ladbroke Grove. London. Wll 
vincing. Festival promoters are (221 4085) or at toe City 

perfectly right to make use of University. St John’s Street 
local buildings not normally an- London, E.CJ (01-253 4399). 


ENTERTAINMENT 

GUIDE 

CC — Tftwe theatre* accent certain credit 
cards bv telephone or at the box o»ce. 

OPERA it BALLET 

COLISEUM. Create cants 01-240 S258. 
Reservations 01-856 3161. 

. ENGLISH NATIONAL OPERA 
To/nor. a Frl. next 7.30 The Two 
Foscarl: Wed. 7.30 La TravleU (final 
port.) Thar. A Sat. next 7 JO Count Ory. 
104 balcony seats always available day 
ol periormance. , 


COVINI GARDEN- CC. 240 1066. 
( Garden du roe credit cards 836 6903) 
THE ROYAL OPERA 
Tonight & FrL 7 JO Peter Grime*. Wed. 
& Sat. 7.00 Otallo. Thurs. 7.00 Le 
nozae dl Figaro. 65 Amphl' seats avail, 
lor all peris, from 10 a.m. on day 
of pert. 


SADLER'S WELLS THEATRE, Rosebery 
Ave-. E.C.1. 837 1672. Until Sat. 

SADLER'S WELLS ROYAL BALLET 
Eras. 7J0. Sat Mat*. 2 JO. Ton't. La 
Fllle mal Barbee. Tom or.. Wed. A Thur.: 
Concerto Barocco, Reshomoa. The Dream. 
Fri. & Sat. Brmililards, New Ballet! 
Thorpe, la Bouthwe Fantasqoe. 

May 15-27 KATHAKALI 
Dancers from Kerala. India. 


THEATRES 

AD EL PHI THEATRE. CC 01-836 7611. 
Evgs. 7.30. Mats. Thurs. 3.00. Sat. 4.00 

IRENE 

THE BEST MUSICAL OF 
1976. 1977 and 1978' 

IRENE 

” LONDON'S BEST NIGHT OUT." 
Sunday People 

ALREADY SEEN BY NEARLY ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARD BOOKINGS 836 7611. 


ALBERY. 836 3878. Party Rates. Credit 
card bkgv 036 1071-2 (from g a.m. to 
6 P.m..L Mon~ Tues., Wed. and Frl. 
7-45 P-m. Thurs. and Sat. 4.30 and 8.00 
-A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOUS MUSICAL.” Fin. Times. 

wttil ROY HUDD and JOAN TURNER 
” CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN Dally Mirror. 


ALDWYCH. 836 6404. Into. 836 S332. 
ROYAL SHAKESPEARE COMPANY in 
rapenoinr. Tonight. Toroor. 7.30 HENRY 

V. — Glorious piece of wart." Times. 
With: HENRY VI Pvt 1 (Wed.). Pert 2 
(Thurs.). Part Z (Frl.). RSC also at 
THE WAREHOUSE (see under W) and 
at the Piccadilly. Theatre In Peter Nichols' 
PRIVATES ON PARADE. 


AMBASSADORS* 01-836 1171. 

Nlphtiy at 8^0.' Mats. Weds. 2-45. 

Sats. 3,00 *nd B.OO. 

PATRICK CARGILL and TONY ANHOLT 
In 

The World-famous Thriller, 
by ANTHONY SHAFFER. 

Seeing the play again is in tact an 
utter and total joy/' Punch 
Commences Tomorrow. 


APOLLO. 01-437 2B6S. Enmings 8.00. 
Mats. Thurs. 3.00. Sat. 5-00 and 8.06. 
DONALD SINDEN 
Actor of the Year, E 5 id 
■' IS SUPERB." fcULW 
.SHUT YOUR EYES AND 
THINK OF ENGLAND 
“WICKEDLY FUN NY." Times. 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

Hilarious .■■ see it* Sunday Times. 
Mooday to TtnPSOay B.3oTprifl»y and 
SaturtlaY_**7,0 and 9.15. 


ASTORIA THEATRE. Charing X Rd. (with 
fully licensed RBtawintl. 01-734 4291. 
!£*[** tube Tottenham cl Rd Mon.- 
Thurs. 8.00 P-m. Frl, amf Sat. 6.00 
and B.4S. IrtsTint^crrdit card booking 

" '"“Si ■"» 

he«rt-i mi mpi ml Observer. 

Saar prices d-SC-is^o. Dinner -T op 
once seat £8.50 Half hour Mm show 
any available Mp-prtae tkdrets £2.50. 
Mon. -Thurs. and Frl. EGO a.m. nerf. only. 
BEST MUSICAL OF tVe YEAR 
EVENING STANDARD AWARD 


DUKE OF YORK'S. 01-836 5122 

Eras. 8.0. MaL Wed and Sat. at 3.00 
JOHN GIELGUD 
In Julian Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
- Brilliantly witty . . .no we 
miss if Harold Hobson (Drama) Instant 
credit card reservations. Dinner and toP- 
prlce seat £7.00. 


FORTUNE. 836 2238. Eras- 8.0. Thurs- 3. 
Sat. 5.00 and 8 00. 

Muriel Pavlow as MISS MARPLE m> 

AGATHA CHRISTIE'S 

MURDER AT THE VICARAGE 
Th ird Great Yea r 

GARRICK THEATRE- ,01-81* 4601 
Eras 6.Q. Mat. Wed. 3.0. Sat. S.30. 8.30 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
In HAROLD PINTERS 
THE HOMECOMING 
“ BRILLIANT— A TAUT AND EXCEL 
LENTLY ACTED PRODUCTION. D. Tel 
"AN INEXHAUSTIBLY RICH WORK. 
Gdn. " NOT TO BE MISSED. Times. 


aim THEATRE. Ol - 437 1592 

e£T JisTwS. 3.0. Sat. M. B.40 
PAUL EDDINGTON. JULIA McKENZIE 
BENIAMIN WHIT ROW In 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 

" Tins must be the haoplest laughter 
maker In London." D. Tel. " An in-esH 
tlbly enjoyable craning.” Sunday Times. 


GREENWICH THEATRE. 85B 7755. Eras 
7 JO. Mat. Sat. 2 JO. AMS AND THE 
MAN. A Comedy by George Bernard 
Shaw. " Felicity Kendal in her best 
periormance to date-" Observer. 


HAYMARKET. 01-930 9832. Brat 8.00 
Mats. Weds. 2J0. Sat. 4.30 and 8.00. 
INGRID BERGMAN 
WENDY HILLER 

DEREK DORIS FRANCES 
GODFREY HARE CUKA 

WATERS OF THE MOON' 

“ Ingrid Bergman makes the stage radiate 
— unassailable charisma." Dally Mail. 
"Wendy Hiller Is superb." Sun. Mirror. 


HER MAJESTY'S. CC. 01-930 6606 
Evenings a.OO. Mats. Wed. A SaL 3-00 
BRUCE FORSYTH 
In LESLIE BRICUSSE and 
ANTHONY NEWYEY'S 
TRAVELLING MUSIC SHOW 
With Derek GrifltCM. 

Directed by BURT shevelove. 

'■ it is packed to bursting point with the 
personality and sheer energy ot Bruce 
Forsyth." Sun. Express. "The audience 
cheered." Sunday Telegraph. 


KINGS ROAD THEATRE. 452 748 S. 
Mon. to Thurs. 9.0. Frl.. Sat 7.30. 9.30. 
THE ROCKY HORROR SHOW _ 
NOW IN ITS Sth ROCKING YEAR 
THE GREAT ROCK ‘N ROLL MUSIC Ay 


LONDON PALLADIUM. CC Ot-437 7ST3. 
Opening Thursday, Mar 25 at 7 tor tho 
Summer Season (to August 19 only). 
Sobs. Mon.. Tues~ Thurs. ft Frl. at 8. 
Weds, and Sats. at 6.10 and 0-50. 
RO NNIE RONNIE 

CORBETT _ BARKER 

the two Ronnies 
I n a spectacular 
COMEDY REVUE 
with great international company 
ALL SEATS BOOKABLE NOW 
£4.50. £3.75. £3,00. £2.50. £1.50 
Special Booking Hotline 437 ZQ5S- 


1.YRIC THEATRE. CC. 01-437 S68B. Eve. 
S.O. Mat. Thurs. 3.0. Sat, 5.0 and 8 JO, 
JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA HAYES In 
FILUMENA 

By EDUARDO FILIPPO 
Directed by FRANCO ZEFFIRELLI 
"TOTAL TRIUMPH.’ 4 O Mirror. 

“ MAY IT FILL THE LYRIC FOR A 
HUNORED YEARS." Sunday Times. 


CAM | R ' DG *~ 836 BOSb Mon. * 

B.00. Fn- and BJO. 

Exciting Black African Music* 

"It's a foot-ftom^rw, oid sating. JCttoo- 

Pinner and top-PHce get £8.75 mcl. 


CHICHESTER. .,02*3 81312- 

Prtjr. Tonight at 7.00. May 9. 10 . 12 
at 7.00. May lift 13 at 2-00 ft 7-00 
A WOMAN OF NO IMPORTANCE 


COMEDY. 01-9S0 2578 

Evening B.0. Thurs. S4L Sat S.30. B JO. 

MOIRA LISTER, TONY BRITTON 

‘SV'cdIESv ^rtWALSH 

THE HIT C&MEDY THPlLLFR 
MURDER AMONG FRIENDS 
" Blackmail armetT robbery, double bid* 
and murder, nma*. •• a good deal of 
fun.-- E vening 

CRITERION. Credit Cants 130 3216. 
Evenings 64). sats S.30, 8.30. Tbur7 3.0 
LESLIE PHILLIPS 
in SIX OF ONE 

SECOND HILARIOUS y&R 


DRURY LANE- 01-836 Bioft Every 
night 8.00 IM. 3*53! 

” A rare, deww**"*- Jcvous astonishing 


stunner." Sunday Times. 


DUCHESS. 836 B2«. Mon. to Tburs. 
Eras B and 9.00 


MAY FAIR. , CC _ 6M M36. 
Mon. to Fri. 84). Sat. 5 JO and 8.4S. 
GORDON CHATER "Brilliant ' E.N In 
THE ELOCUTION OF . 

benjamin franklin 

by Steve J. Spears 

“A compassionate tunny, fiercely okwuefrt 
play." Gdn. "Hilarious." E-Std. ' W Otedly 
amuyng” E- News. ~ SPeHblnfltng. ObS. 


MERMAID. 248 7656. Restaurant 248 
2835. TOM CONTI. JANE ASHER In 
WHOSE LIFE 15 IT ANYWAY T 
The Smash hit acclaimed bv every critic 
Evgs. 8.15. Matinees FrL and SaL 5.13 
From May 17 Wed -Sat. B.30. Mats. 

Wed- Fri. and Sat 5.45. 

ALEC MeCOWEN'S ST. MARK'S aSPU. 
Suns. 7 JO. Mens, and Tues. 6.15 from 
May 15 th 


NATIONAL THEATRE. 92B ZZS2 . 

OLIVIER (Open stage): TonJL S Tpmor. 
7 (ngte early start) BRAND by Ibsen 
In a version by GeoRrev Hill. 
LYTTELTON CpcowCTlgm stage): Ton t 
ft Tomdr. 7 AS PLENTY a new pUv 
by David Hare. 

COTTEttrOE (ana 1 1 audHorlum): Ton't 8 
DON JUAN COMES BACK FROM THE 
WAR by Hor*atb irons, by Christopher 
Hampton. Fri. 8 Lost Worlds. 

Maw excellent cheap acet* all 3 ttieeNM 
day of nerf. Car Bark. Retaurant 92B 
2033. Credit card bkgs. 928 3052. 


OLD VIC. 928 7616. 

PROSPECT AT THE OLD VIC 
New season to Mav 20tti 
Eileen Atkins as 
SAINT JOAN 

“A stunning production." Sunday Tel. 
Today. T WL Wad.. Thors. 7.30. 
TWELFTH NIGHT „ 

••An outstanding revival. The Times 
Fri. 7 JO. Sat. 2 JO ft 7 JO 
Sunday at The Old Vic. May 14 
Timothy West. Prunella Scales In 
SMITH OF SMITHS 
■ ntunutmnal season 
Lila Kedrova, lean Marais In 

' A 5g? T !aliF , “ BL£5 

THE TURKISH CLOGS 
May 29- Jude 3 _ 

La Karca restaurant opposite The OM 
Vic open fanfare or after the show. 


OPEN AIR. Regent's Park. 486 2411 
A MIDSUMMER NIGHTS DREAM from 
29th May. Bernard Shaw's THE MAN 
OF DESTINY and THE DARK LADY OF 
THE SONNETS loins repertoire July 17. 


PHOENIX. 01-836 2294. Evenings 8.1 S 
Friday and Saturday 6.0 andS.40. _ 
"TIM BROOK E-TAYLOR. GRAEME 
BARDEN makes us laugh." D. Mall >n 
THE UNVARNISHED TRUTH „ 
The Hit Comedy by ROYCE RYTON. 
•' LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED." Sun Times. _ "SHEER 
DELIGHT." E. Stand " GLORIOUS 
CONTINUOUS LAUGHTER.'* Imes. 


PICCADILLY. 437 4506. Credit card bkgv 
836 1071-3 from 9 a.m.-G a.m. Eros. 8 
Sat. 4.45 ft 8.16. Wed mat. 3 
Roval Shakespeare Company n 
AN OUTRAGEOUS ADULT COMEDY 
bv Peter Nichols 
PRIVATES ON PARADE 
" Rlaroarlng triumph." S. Express 
BEST COMEDY OF THE YEAR 
Ev. Sid. Aftward and S-W.E.T Award 
RSC also at the Aldwyth and Warehouse 
‘Theatres. 


PRINCE EDWARD. CC. (formerly Casmol 
437 6B77. Previews from June 12. 
Open June 21 EVITA. 


PRINCE OF WALES. CC 01-930 B6B1. 
Monday 10 Friday at 8 p.m. 

Sat. 5.30 and 6.45. Mat. Thurs 3.00. 
" HILARIOUS COMEDY MUSICAL." 
The Sun. 

ROBIN ASKWITH 
In 

I LOVE MY WIFE 

" NAUGHTY BUT NICE WITH A LOT 
OF LAUGHS." News of lhe World. 
CREDIT CARD BOOKINGS 01-930 0846. 


QUEEN'S THEATRE. CC 01-734 1166. 
Evenings at 8.00. Sat., at 5.0 eng 8.30. 
ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
Variety Cluh ot BG Award 
THE OLD COUNTRY 
A New Pfav ey ALAN BENNETT 
Directed bv Clifford will Ams 
BEST PLAY OF THE YEAR 
PJays and Players London critics award- 


RAYMOND REVUEBAR. CC. 01-734 1S93. 
At 7 p.m.. 9 p.m.. 11 p.m. open Sun.j. 
PAUL RAYMOND preie.itS 
THE FESTIVAL OF 
EROTICA 

Fully Air Cono tioned. You may 
drink and smoke In the auditorium. 


REGENT THEATRE. 01-637 9863. Oecns 
May 15. Red. price preys, from Mav 11- 
THE CLUB. A musical diversion. 
ROYAL COURT. 730 1745. Prcvs. Ton': 
Torn or.. Mon.. Tue ft Wed. at 8 Onens 
Thur. at 7. 

THE GLAD HAND 
by Snoo Wlhan. World Premiere. 


ROYALTY. Credit Cards. 01-406 8004 
Mondav-Thursdar Evenings 8.00 Friday 
5.30 and 8.45 Saturdays S.oo ana 8.00 
London critics vote 
BILLY DANHEC5 In 
BUBBLING BROWN SUGAR 
Best Musical of 1977 
Bookings accepted. Malor credit cards 
Special reduced rates for matinees 'for 
a limited period only). 


VAUDEVILLE. 836 9988. CC. Evs. at 8.00. 

Mat. Tues. 2.45. Sat. 5 and 8. 

Dinah SHERIDAN. DulCie GRAY 
Eleanor SUMMERFIELD. James GROUT 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT 
by AGATHA CHRISTIE 
'■ Re-enter Agatha with another who- 
dunnit Agatna Christie is sulking the 
West Ena yet again with another ol her 
fiendishly Ingenious murder imsterlcv" 
Fella Barker. Evening News. 


VICTORIA PALACE. 

Book Now 028 473516. 834 1317. 
STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

“A NEW BLOCK-BUSTING 
SMASH HIT." D. Mail. 

Evgs. 7.30. Mats. Wed. ft Sat 2.45. 


WAREHOUSE. Donmar Theatre. Coven: 
Garden. 856 6808. Roval Shakespeare 
Company. Ton't. B.OO. Strindberg'S THE 
DANCE OF DEATH (sold out). Adv. 
bkgs. Aidwvch, 


WESTMINSTER. 01-854 0283. 

SENTENCED TO LIFE 
by Malcolm Mugger idge fc Alan Thornhill. 
Peers, from Tomor. 7.45. Mats. Wed. 
3.0. Sat. 4.50. Opens Mav 17. 


WHITEHALL. 01-930 6692-77GS. 

Evgs. 8.30 Fri and Sat 6 45 and 9.00. 
Paul Raymond presents the Sensational 
Sea Revue ot the Century. 

DEEP THROAT 

Due to overwhelming Public demand 
Season extended. 


WINDMILL THEATRE. CC 01-437 6112. 
Twice Nightly B.OO ana 10.00. 
Opens Sundays 6.00 and 8 00. 
PAUL RAYMOND in events 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

Takes to unprecedented limits what la 
permissible on our sranes.' Era. News. 
You may drink and smoke in the 
AudHorlum. 

WYNDHAMS. 01-836 3028. Credit Card 
Bkgs. 836 1071-2 from 9 a.m. to 2 p.m. 
Mon. -Thurs. 8. Frl. and 5at. 5.1 S 8.30. 
V ENORMOUSLY RICH 
VERY FUNNY.' Evening News. 

Mary O'Mallm's smash-h.i Comedy 
ONCE A CATHOLIC 
" Supreme comedy on and rcilgion." 
Daily Telegraph 

"MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


YOUNG VIC (near Old Vtci. 928 G365. 
Tonight 7.45 Roral Shakespeare Company 
in MACBETH (sold out. Only returns on 

door). 


SAVOY. 81 -B36 8883. 

Nightly at 84)0. Man. Wed. 2 30. 
Sats. 6.00 ft 8.00. 

PATRICK CARGILL and TONY ANHOLT 
In 

SLEUTH 

The World-lamous ThriHer 
by ANTHONY SHAFFER. 
"Seeing the nlay wain is In oct an 
drier _and total loy " Punch. 
Transferring to Ambassadors May 9. 


SAVOY. 01-B3G 8888. Opens Wed. 7 0. 
Sub. Era- 84). Mats. Wed. 3.0. Sats. 
5 JO. 8-30. 

RALPH RICHARDSON 
Michael GAMBON. Michael JAY 5 TON. 
Gary BOND. Joanna VAN GYSEGHEM. 
Geoffrey KEEN In 
ALICE'S BOYS 


SHAFTESBURY. CC. 836 6595. 
Shaftesbury Are. WC2 iHigh Holborn end* 
Eras, at 8,00- Mats. Thurs. Sat. 3.00. 
JOHN REARDON and JOAN OIENER in 
KISMET 

■•A SMASH HIT THIS MUSICAL HAS 
EVERYTHING." S. Mirror 
CREDIT CARD BOOKING B36 GS97- 


SHAW THEATRE. 01-388 1394 

ROOTS 

by Arnold W eiber 

Opera Tonight at 7.00. Sutn. Evgs. 7 JO. 
Mat. Thur. 2.30. 


STRAND. 01-836 2860 Evenlagc B.OO. 
Mat. Thors. 3.00. Sat. S.30 and 8.30. 
NO SEX PLEASE— 

WE'RE BRITISH 

THE WORLD'S GREATEST 
LAUGHTER MAKER 


STRATFORD-UPON-AVON. Roval Shake- 
speare Theatre (0789 22711. TIckoK 
Immediately available lor RSC in THE 
TAMING OF THE SHREW May IB 
(Mat.). 24 (mat.). Juno 1 (mat.). THE 
TEMPEST May 24. 25 (mat.). 

Recorded booking Into. (0789 S9191.) 


ST. MARTIN'S. CC. B3§ 1443. Eva. B.OO. 
Mat. Tues. 2 45 San. 5 and 8. 
AGATHA CHRI5TIE'S 
THE MOUSETRAP 
WORLD’S LONGEST-EVER RUN 
26th YEAR 


TALK OP THE TOWN. CC. 734 5051. 
8.00 O.nlng. Danc.nQ.9JO Super Revue 
RA2ZLE DAZZLE 
and at 11 P.m. 

FRAN K IE STEVE N S 

THEATRE UPSTAIRS. 730 2554. Last wk. 
Tuesdar-Fridav 7.30 
SHARED EXPERIENCE 
In Dickens BLEAK HOUSE 
(in 4 Part* in Repertoire) 

Sat. and Sun. 4 o-m. and 8 b.ul aH 4 
parts In 2 days £6. 


CINEMAS 

ABC 1 ft 2. Shaftesbury Arc. 856 8851. 
Sec. Perts. All Seats Stele. 

1 THE GOODBYE GIRL (A). Wk. ft 
Sun.: 2.00. 5.10. 8 10. 

2: SWEENEY 2 (AA). Wk. ft Sun.: 
2.00. 5.10, 8.10. 

CAMDEN PLAZA (OPP- Camden Town 
Tube). 485 2443. Melville's classic 

Resistance thriller the army in THE 
SHADOWS (AA). 3.10, 5.45. B-2S. 

CLASSIC T. 2. S, 4, Oxford If. (Opo. 
Tottenham Court Rd. Tubci. 636 0310. 

1. Bertolucci's 1900 Part 1 1 X 1 . Pus. 
2.15. 5.15. 8-15. 

2. John Thaw. Dennis Waterman 
SWEENEY 2 (AA). CHARIOTS OF THE 
GODS (U>. Press. 2.00. 4.S5. 7.55. 

X. Last 3 da vs! George Cures ■■ ON 
GOO” (A). Pot. 2.00. 4.1S. 6.30. 8.45. 
a. Bertolucci'S 1900 Part 2 ixj. Pgs. 
2.3 0 , 5 20. 8.15. 

CURZON. Curzon Street. W.l. 499 3737. 
PARDON MON AFFAIRE (X). (English 
subtitles). - A sparkling New French 
Comeav. Directed with hnesso ny rvet 
Roam." S. Express- Prcws. 1.S0 mot 
Su n.). 3.35. 6-10. 8-50 ( 4;n mantm 

LEICESTER SQUARE THEATRE (930 52S21 
Shirley MacLalne. Anne Bancroft. Mikhail 
Baryshnikov in a Herbert ROSS him 
THE TURNING POINT (Al. Proas. Wk. 
1.05. 4.30. 8.10. 


ODEON HAYMARKET (930 2733-27711. 
Jane Fonda, Vanessa Redgrave <n a 
Fred Zinncnunn him julia (A) See. 
Progs. Dly. 2 30. 5.4S. 6.45. Feature 
Dly. 2.4$. 6.00, 9.00. All teats bLblu 
at Theatre. 


OPCriN LEICESTER SOUARE <930 61 11 
CLOSE ENCOUNTERS OF THE THIRD 
kind (Ai. Sep, press. Dly. Doors open 
(10.00 Sat. only) 1.05. 4.1 S. 7.45. 
Late pens. Tues.-Sats. Doors open 
11.15 p.m. All teats may be booked 
except 10.00 a.m. proa. 


ODEON MARBLE ARCH (723 3011.2 k. 
STAR WARS lU). Doors awn Dly. 1 JO. 
4.35. 7 .50. All seats bkblr 1J0 pert. 
Wk*. 


- ‘F CHARLES. L«iC. Sa. 437 81 B1. 
SWEPT away 1 * 1 . sen. Perts, Dly. 
line. Sun . 1 2.10 5 25 B-4Q Late show 
Sat. 11.55. Scats Bkbie. Licensed Bar 


SCENE 1ft 2. Lelc So. (Wardour St-i 
439 4470 

1. Woodv Allen'S EVERYTHING YOU 
ALWAYS WANTED TO KNOW ABOUT 
SEX IX I 2 .SO G.O0 9.15 BANANAS 
rAAl l.15 4 25 7.40 Late Show Fri. 
and Sat 10-55. 

2. Gwwge Bures John Denver OH GOD 1 

(AL Prog* 1.15 3.45. 6.15, 8,45, Late 
S now Fn ana Sat. 11.15 ” 

S 4S7 '°»6. 2 '. 3 ' ** Orf0rd Clrcu * 
.1. Gene 'wilder a* THE WORLD 1 * 

?2| AT ^ r n LOV ? R / A, eK PrW H 2^5B?« 35 

6 45 8 J 0 . Late Show Sat tq .55 

2- THE GOODBYE GIRL IAI p™/ 
12.45 2.45. 5J5 6.05. Late Show 
IMS-- S* IPHIGENIA^ IAS - 12 : 4 £*sS8: 
5 8 '3“ Snow Sat. 1 1 .05 “ 

7.30. Late show sat. iojio. *• 


14 


Financial Times Monday May S U97S 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: FinantUno, London PS4. Telex: 386341/2, 883897 
Telephone: 61248 8606 

Monday May 8 1978 


Timing of the 



soon 


sector 



BY ROBERT GRAHAM, Madrid Correspondent 


election 


T: 


THE LOCAL elections in Eng- the Government being forced to 
land and the regional elections go to the country in the summer I 


HE SPANISH Government Spain may take comfort in the -The absence of -full INI owner- didnot take over the whole coal remains with the Finance finances some 47 per cent, of 

-has just let slip a good fact that the accumulated losses ship seems more curious in a mining industry, which remains Ministry. investment wltnm Spain and an 

opportunity for debate on of individual public enterprises key company like the national partly in private hands. Thus INI is left with uver 10 important part of this has 

an issue of central importance are not so. dramatic as, say, carrier Iberia. There is no other In the 1960s. as the Spanish separate entities dealing with tionally been these cheap funds, 

to the long-term health of the British Steel’s, and that INI’s national carrier in Europe for economic boom gathered various aspects of energy but not direct official subsidy. But 

economy— the role of the public finances are a good deal instance where the State holds momentum, it became a rule of no direct influence on the mar- the two main loss-makens. 

sector. healthier than its counterpart such a high percentage of equity thumb that if a company made keting of petroleum and Hunosa and Bazan (ship* 

The opportunity was provided in Italy, HU, whose debts arc yet declines to take over the money it was private, if it lost petroleum products that provide builders for the navy) ate 

the resignation of Sr. Fran- greater than ' turnover. remaining portion (in the case money the State would take it 66 per cent, of Spain’s energy funded from direct Treasury 


Thatcher believes that defeats |?“1 of ri ^ St |^ t 


later this week would compel 
an election: the Government 
would simply make the neces- 

its 


in Scotlaod last week have are remote. Not even Mrs. 
almost brought to an end a 
period in which political opinion 
in some part of the country was 
being tested practically every 
week. Only une by-election is 

now outstanding for a further, sary accommodations to 
and perhaps critical, test of Budget strategy, 
opinion in Scotland. Certainly 
if the Scottish Nationalists were 
to lose Hamilton, where their 
candidate is the formidable 
Mrs. Margo MacDonald, there 
would he 

inn that the nationalist tide is 
now receding. 


by 

cesco Jimenez Torres, presi- 


a decision last 


. . But the need for a ehanaje in o£ Iberia it is under 3 per cenU. over. This made nonsense of any consumption — even though 60 grants. Wir£ 

holding com- the system is no less compelling. Iberia acts to ail intents and coherent INI sectoral presence, per cent, of ils annual Sl.Tbn. July to liberalise interest rates 
pany injl out discussions Spain’s public sector has no purposes as a wholly-owned INI was. and still is. largely a investment is devoted to energy, and reduce the importance of 

... .. • it T. Cm.« a.mm. .. Tb... it. b.»l Cr.fa knlatanna >ha TTw.1 itp Tfnlinn Aniinlumirt nnrilnnarl 4-irtMsitj! ** TNT will 


I within the Government centred exact parallel in Europe. It State company. . Thus it is bard State company bolstering the Unlike its Italian counterpart. " privileged circuits.” INI will 

almost entirely on the suit- comes closest to that of Italy, to see what benefit the State weaknesses of private enter* INI has no important banking in future have to rely more on 

ability of candidates to fill the whose IRI provided the model obtains from refraining from prise. INI has tended to neglect interests. Furthermore Spain, commercial credit or official 

vacancy. for INTs creation in 1941- INI full ownership — or for that mat. “social" investment and the unlike, say, France, has allowed credit. Here again, the hnpli* 

Reform of the public sector was used to establish a state ter what benefits the few private promotion of regional develops the state only limited parti- cations have not been thought 

was an element in the package' presence in strategic sectors (at shareholders obtain, since ment. Moreover, where INI cipation in the banking system through. 

It looks, however, as if the of agreements signed between first closely related to military Iberia is one of the 17 loss- bought into companies without except in export credit. Any 

summer will still be time for the Government and Opposition industries) and to promote the makers within INI. obtaining full control, the such diversification has been 

a Government decision one way last October (the Moncioa industrialisation of Spain. But ' 
or the other. Mr. Callaghan pacts). A law an the status of the logic of a strong state hold- 


e could follow the precedent of I public enterprises is now being ing compauv as the principal 

■- itHlaa in 1 Or; 1 - ,k.» if (U. I j a. i s... C a A,' . ... 


a strong case for say- Attlee in 1951: that is, the drafted. But the Suarez element in the public sector was 
Government could say that it Government is displaying little tempered by Franco’s desire not 
was preparing for a new Parlia- willingness to tackle directly to alienate big business, whose 
mentary session in the autumn, the delicate problems of what power was concentrated in, and 
bur acknowledge that the pns- role the State should play in allied to, the banks. Thus the 
sibility of an autumn election economic activity and how this public sector has grown up 
had not been ruled out The role should be controlled. piecemeal in an odd mixture, of 

final decision would have to be The man chosen last week to interventionism and Inissez 

a* follows. The” Nationalists taken during the recess. Alter- mo INI. Sr. Jose Miguel de la jaire. There never was. nor is 
have failed to make anv signi- natively, it could resolve to Rica, is a little-known business- there still, -any guideline -for a 
(leant new advances thdeby follow the example of Sir Alec man f rcvm the private sector minimum or maximum state 
giving ihr Labour Party some Douglas-Home in 1963-64 and go who is C | 0se t0 ii, e Minister of involvement in any one sector, 
hop 0 that it can at least hold on almost till the end. Again industry, Sr. Agustin Rodriguez The INI empire now covers 
on to its present dominant posi- l ^ e decision would probably j^hagun. This has led people to 67 companies that it controls J 
tion north of the border: that have come during the summer {jie Government directly and 200 others that it 


Home or Attlee 

Yet. in general, the results so 
fur have been less than deci- 
sive. They may be summarised 


that 


mu.st he a source of considerable break. 

«atisfactinn Tor the Government. 

The Liberals have done badly Six months 
in by-elec tinns. though it , . 

should not be forgotten that . Th ® fetors governing 
fhev were doino oquallv badlv decision are likely to include 
before the formation of the Lib- ^ performance of the main 
I-ab pact, and one should be economic ‘"gators J£ 
cant Inns nf es pi a nations which next fcw “j 0 !? 11 * 8, " tjj'* 

Maine the pnor performance on success or failure of the Bonn 
the pact alnne. In the local economic summit in July, and 

the progress. 


does not want a strong jndepen- controls 
dent president and that it is , e 
anxious to allay the anxieties of S/ obn. 


the private sector 
new INI initiatives. 


about any •y 


indirectly which 
combined sales of 
Although INI 
generates 15 per cent, of total 
Spanish exports and accounts 

22 it SSSSiS^^^ du r criu n n.1? h w 

distributed. For instance, it 
controls 47 per cent, of coal 
production, 37 per cent, of 
refining capacity, 17 per cent, 
of electricity generation, 45 per 


poned indefinitely, for stron 
pressures are being exerted 
from three different directions. 

Firstly, recessiou in Spain is 
Inow far more serious than ex- 



Sick cases 
of industry 


Expectations yet to be fulfilled: Spanish Prime Minister Adolfo Suarez, looking pleased, 
shakes hands with leading opponent Sr. Manuel Frags of the Right-wing Popular 
Party after the signing of the .economic pact at Honeloa Palace last October. 


Successive Governments have 
permitted .INI to become too 
much of a hospital for ail the 
sick cases of industry without 
strictly defining the areas in 
which it should become 
involved. The present Govern- 
ment wants to orientate the 
Spanish economy towards mar- 
ket principles and avoid the 
old practice of State interven- 
tion. It has tried to make a 
stand in refusing ' to support 
lame ducks, using as a test case 
the country's leading manufac- 
turer of capital equipment, 
Babcock Wilcox Espanola, 
which was forced to suspend all 
payments two month's ago. But 
having resisted for almost a 
year the idea of an INI inter- 
vention. the Government, it now 
seems, will be obliged to pro- 
vide some form of rescue 
package to prevent the dis- 
appearance' of this big company. 
Similar considerations apply 


' m JirrT n T p,ay ror 

saws vsm 

fj" s J"* r f™”r? 8 ; fronts. He has fewer than si* 

where it could feel eonfidem'of h L". ™hrina iWand 

\-ininrv in . nansni . 1 ..^.. whether he can bring it off, and 

in 


victory in a seneral election. .. 

The Conservative ascendancy * n * he end the d,¥, ? in f „ ,,n * 
hn - f between success and failure 


INVESTMENTS OF INI 
GROUP BY SECTOR 
(per cent.) 

1976 


to steel. The Government is not 

argue for a reduc- nature of INI management was resisted by the banks; the Bank impressed by the experience of 

chemical and chemical produc- tion in INI's overall size use such that major restructuring of Spain was nationalised only British Steel and has scrupu- 

tion and 33 per cent, of the Iberia as an example of the type was rare. A majority of INI in 1962. lously avoided talking openly 

automotive sector. It has a of hiving off that coujd occur, nominees were retired military INI does have a 7 per cent, of nationalisation. The proposal 

virtual monopoly of military Iberia is under the theoretical or politicians. share in Aresbank, a commercial is for private shareholders in 


may well be less than clear-cut 
It should be plain. 


Energy 

Steel /metals 

Manufacturing 

Transport 

Mining 

Chemicals 

Foodstuffs 

Services 

Total 


55.6 

10.6 
12.9 
1(1.9 

0.8 

7.3 

12 

L0 


1977 

64.5 

9.9 
12.3 

5.9 
0.7 
4 2 
1.3 
12 


equipment manufacture, and control of the Ministry of 
controls 35 per cent, nf air Industry but deals primarily 
transport through a 97 per cent with the Ministry of Transport, 
stake in the national airline, It would be more logical, and 
Iberia. efficient, to : set up Iberia as a 

Only rarely -does INL possess separate entity under the tute- 


Jealously 

guarded 


the steel companies to increase 
their capital on rhe understand- 
ing of an equivalent injection 


100.00 100.0 


bank formed in 1975 with 
Libyan and Kuwaiti interests in 
the hope of obtaining petro- 
dollars. mainly because the of State cash. But the Govern- 
Goverument was undecided on ment has yet to explain what 
INI acts as the State holding which institution should hold guarantee of value for money 
full ownership. Its critics lage of the .Transport Ministry, company — but it does not the state participation the State or public will obtain 
argue that INI either possesses Ironically. though, Iberia possess all the State holdings, demanded by the Arabs. And from this alternative to nation- 
an unnecessarily large interest believes it is more inde- This also inhibits a coherent INI does want to take over the alisation. The same kid' glove 
to exercise the necessary con- pendent under, the - present approach to the public sector. Banco Rural y Mediterraneo, approach has been evident in 
trol, or one that is far too small arrangement. . The more profitable monopolies the 14lh biggest commercial the energy plan, where calls for 

to be worthwhile.. For instance. INI holdings have, tended to are jealously guarded by the. bank that was the property of the nationalisation .of: -the 

INI holds 35 per cent of Seat, concentrate not in. all strategic Ministry of Finance— which has the state-run. but now defunct, utilities (80 per-cent, privately 

'Smtrrc ini i u, e country's largest car pro- sectors but in those which are a 51 per cent, stake in Campsa, Franquist “vertical syndicates' owned) and the high tension 

ducer. The company relies on loss-making-" its’ presence is the petroleum marketing trades union. But no one ca hle network have been 

. . „ . * willing to decide headed off by a proposal to 

were to go to the country storms ahead or. if that is lack- s o. With the recession biting stake, for technology and need’s of particular industries and and a share in the national tele- whether banking is a sphere in have Government delegates on 
voluntarily, it would mean jet- in 8. to give the Conservatives hard, this failure has com- its agreement for third country onlv limited in those areas phone company. Telefonica, which INI should involve itself, the Boards. ... 

tisoning the devolution bills and a chance to do better. Mean- pounded the inherent difficulties sales. It is a situation which which yield high added value. Both Campsa and Telefonica. Opponents of INI involvement For the suspicion is that once 
thus giving a new opportunity while, there is little to be said of loss-making sectors such as suits neither of the two main This is the case with steel, rhough monopolies, are run as in banking argue that it would again the public sector is being 

to the SNP to say that Labour for forecasts of the election steel and shipbuilding. partners. Seat’s market share although now the whole private companies. INI has merely help disguise the group’s used as a prop for private 

does not really care about Scot- timing which vary from one day Secondly, the public sector in Spain has slipped in eight industry is affected by the been pressing to rationalise its financial position without neces- business. This suspicion is un- 

land. Tt is a risk not worth tak- to the next according to the can no longer be expected, in a years from 60 per cent, to slump in world demand and energy holdings and to absorb sarily improving the quality of likely to disappear so long as 

Equally, the chances of latest political gossip. democratic Spain, to act as prop around 30 per cent, and INI is faces accumulated losses of the Finance Ministry holding in the banking system. Until now. the Jinks between Government 

for the political apparatus as it effectively powerless to act on $600m. by the end of this year. Campsa. This was considered INI has been one of the chief and private business remain so 

did under Franco. Thirdly, the its own to correct the situation. Another instance is coal min- the most logical formula under beneficiaries of the ^ so-called intimate. It is this collusion 

public sector, especially INI, The difficult decision which has ing. In 1967, INI took over the which Spain could operate a “privileged circuits’’— obi iga- that tile forthcoming law on 

has to take the lead in prepar- to be taken sooner or later is administration and debts of new national energy plan. But tory percentages of deposits public enterprises is designed to 

ing for the day when Spain joins whether Spain wants to control Hunosa. the principal mines this was opposed — not least by that the commercial banks and remove, making them both more 

the European Community and in some measure part of domes- producing coking coal, because the Finance Ministry — and in savings banks set aside for open and more accountable to 

gradually loses the protection tic car production, or Jet it fall private industry no longer the plan (I977-S7) approved by Government use at rates of 4.5 the public they are meant to 

of tariff barriers. entirely into foreign hands. wanted to he involved. But tt the Cabinet last week Campsa per cent, to 6 per cent.- INI serve. 


may n<>t be as great as it was 
a year or so ago, but on the 

available evidence it is likely It should be plain, never- 
that if an election were held theless, by the end of the 
relatively soon. Mrs. Thatcher summer whether the Govern- 
would come out on top. ment is sufficiently in control 
So what does that do to the of events t0 i ustif y remaining 
election limine? An election * n °® ce - K A is not m control, 
this summer would seem to be Mr - Callaghan should go to the 

out for the same reason that it country-either to seek a new 

always was. If the Government mandate for the economic | deed it still has not really done Fiat which has a 36 per cent, complete in loss-making areas monopoly, the tobacco monopoly appears 


in, 


General Yidela 
can’t win 


MEN AND MATTERS 


LAST WEEK the military in 
Argentina, who have been rul- 
iug the cuuntry for the past two 
years, decided that Lieut- 
General Jorge Rafael Videla. 
the titular President since the 
coup d'etat or 1976. should con- 
tinue in office after he retires 
from the active list in a few 
months’ time. The decision 
was perhaps the best that could 
have been taken in the circum- 
stances. 

Conflicts 

Since the soldiers overthrew 
the last civilian Head of State, 
President Maria Estele Peron. 
and seized power in March two 
years ago. General Videla has 
had the difficult job oF trying 
m co-ordinate a military govern- 
ment composed of numerous 
rival and indeed warring fac- 
tions. Each of the three armed 
forces has been at odds with 
the nthc-T rwo. and within each 
arm officers, senior and junior, 
on the active list and on the re- 
tired list, have not hesitated tu 
express publicly their divergent 
views about the policies which 
should be imposed on the coun- 
try. 

The conflict of opinions that 
has been seen in military circles 
in the past two years, and the 
personal rivalries that this state 
of affairs has created, have not 
heen dissimilar from the clash 
oi ideas that was evident in the 
.lays when Argentina was ruled 
by civilians. 

The principal rift for more 
than a year has been between 

General Videla and Admiral 
Emilio Massera. the forceful, 
talented and ambitious Cum- 
mandpr-in-Chief of the Argen- 
tine Navy. General Videla. 
moreover, has been hampered 
by the fact that he has not had 
any jurisdiction over the Navy 
and the Air Force, being 
merely primus inter pares 
among the three commanders-in- 
chief. In such a situation, it has 
been little short of miraculous 
that General Videla has been 
able to ensure any degree of 
coherence in Government 
policies at alL 


The General has shown him- 
self to be a subtle politician. He 
has also shown himself to be 
somewhat more of a realist than 
many of his fellow-officers. He 
has seen the limitations inherent 
in trying to govern Argentina 
by military means, and he must 
realise, too, that the streaks of 
great good fortune that the 
military have enjoyed since 
their takeover show every sign 
of running out. 

The bumper harvest that 
filled Argentina’s coffers to over- 
flowing with foreign currency in 
1976 and 1977 is unlikely to be 
repeated this year, and the rate 
of inflation, now more than 
120 per cent, a year, is double 
that which Sr. Martinez de Hoz, 
the Economy Minister, budgeted 
for. 

Argentina is suffering in 
many ways from the fact that 
rhe junta is out of tune with 
the U.S. Administration in the 
question of human rights, and 
it has few friends among the 
governments of Western Europe. 
A1 though he would not admit 
it publicly. General Videla sees 
that it is high time the armed 
forces called it a day. gave gov- 
ernment back to civilian hands, 
and returned to their barracks. 

Radical party 

Despite the arguments among 
some extreme Right - wing 
officers, a return to elected 
civilian government would be* 
unlikely to bring about a swing 
to the far Left. The Peronist 
movement has lost whatever 
unity it may have had. and the 
Argentine Communist Party con- 
tinues to be what it always has 
been, a negligible political 
force. In spite of the continu- 
ing hounding of its leaders, the 
middle-of-the-road Radical Party 
would doubtless emerge as a 
strong contender for power if 
elections were held. 

The best way forward for 
Argentina would be for General J 
Videla to put an end to military 
politicking and let the broad 
mass of Argentinians once again 
decide the form of government 
they want. 


Fight to capture 
the Castie 

A hundred or so chartered 
accountants working near St 
Paul’s Cathedral are slightly 
giddy with power this week. 
On account of the archaic style 
of democracy practised by ibe 
City of London, they bulk Isrue 
in the 219 voters who will on 
Wednesday select an alderman 
for the Castle Baynard ward. 
As a rule, the City's 27 aider- 
men are appointed in such a 
gentlemanly, nudging-and-w ink- 
ing fashion that scarcely anyone 
notices: indeed, one of them sits 
for a ward called Bridge With- 
out that does not actually exist 
But this time, there is a con- 
test. quite a needle match. The 
rivals. Colonel Greville Sprait 

(51) and Tory MP John Wells 

(52) have been downing quanti- 
ties of sherry lately .with the 
partners nf Deloittes and Peat, 
Marwick, Mitchell — not to for- 
get a smaller firm called 
Buzzacotts. Doubtless. Wells 
and Spratt have likewise been 
making up to the rest of the 
Castie Baynard voters, who 
iaclude several caretakers, two 
Italian restaurateurs and a 
vicar. (Sl Paul’s itself is. in 
the ward, but the cathedral 
dean, being rather new, failed 
to get on the roll.) 

Anyone elected to be City 
alderman stands a better-than- 
evens chance of eventually 
becoming Lord Mayor of Lon- 
don. Both Castle Baynard 
hopefuls (ell me. with a fitting 
touch of modesty', that if the 
job were offered them, they 
would take it. But what stirs 
Spratfs indignation is that 
Wells should put himself for- 
ward while being a politician. 
“ I feel very strongly that there 
should not be an MP involved 
in running the City,” says- 
Spratt. '■ Moreover, I don’t see 
how he can do two jobs pro- 
perly." 

This is trenchant stuff for an 
alderraanic election. Wells 
rejects Spratt’s jibe that he is 
not a City man " by retorting 


that he owns a garden centre in Technicians (ACTT) has 'made sign statements that, on pain 
Upper Thames Street, belongs the half-hour Look at Grunmick. of banning, they will henceforth 
to the Fruiterers’ Company and “You might say it is a look back wear ties and jackets and be 
is a member of Lloyd’s. He also in anger.” explains Thomas, polite to visitors. This 
insists that his candidature is The film was given its first “smartening up of the lay- 
non-political; one must say. of showing at the week-end, in the abputs” was greeted with some 
course, that even if Spratt Willesden headquarters of the derision, not to mention colyur- 
(Charterbouse and the Cold- Grunwlck strikers. ful language. But it is good 

stream Guards, and likewise Significantly, the film also t0 know that someone is con 
membership of Lloyd’s) should deals th g Iong slr ifce at eemed about the unacceptable 
get in, Castle Baynard will Garners Stea * Houses in Lon- £ace o£ a !ast bastion of 
scarcely be in leftist clutches. dotJ Io ^ audience at capitalism. 

Surprisingly the rivals have Thomas’s premiere was a dele- 


never met and keep discreetly gat j 00 of Garners’ pickets. 

apart during canvassing This Ai^rwards. experiences and HlgO living 


now goes cm apace. As Old 



discretion, assure me that who. wembley conforence „eTrttVour7e bSStfaKS 

ever gets in will make a splen- centT .p Thomas fine* not hide ■ n e, S ni 7 0U f® e banquet tor an 
did Lord Mavor wh*»n hi< turn ^ s JL ot ___* inaugural New York-London 


are 


triumnh When the votes . . ^ of a service using wid 

_ wn ®n tne votes cooduct recognition battles in Tricrar* Th* air) in* 

counted down at Puddle h** «e« the blackina lriJ>rarS - _. IDe a,rl me says 

Dock. suture, tie sees tne oiaciung expects 30 pe r cent, more 

of supplies by other unions as husiness ^ yea i— largely 

” a ke * v , facto yi ! The Grunwick £tirau , ated by Laker’s Skytrein 


Iran influx 


: juggle could have been won whicb maJces n0 pretenK what : 

The City's Moorsate haa long stuck lfthe tao on'SeS"''" of sky - high S^mandisieg, 

been known informally in the mail to George Ward.” — ■ .... . - 

banking world as the “Avenue s*i x i i. 

of the Americas" or the more flange OT IUCK 


low-brow •• Yankee Alley,” nnli^h 

because of the number of U.S. r ,our PO« 15311 


. - ITG . IWV1 KUI1 «.. Frederick .(Tim) Sasse, head 

number of U.S. ** underwriter of the troubled 

banks scattered along its In case you never knew. Lloyd's syndicate number 762- 
quarter mile lengtK- ■ -Now it’s London’s “cocoa week" has currently embattled with a 

"Persian Parade." Noel just ended. It culminated in Brazilian reinsurance group 

Alexander Associates, which a dinner for worldwide trade had something to celebrate this 
advises foreign houses opening representatives. However, there week-end. He has a quarter 
in London, counts five Iranian was anxiety that the cocoa share j D Roland Gardens, winner 
hanks there — Bank Saderat. futures market in the Com Ex- 0 f the 2,000 Guineas at New- 
Bank Melli, Bank Bazargani, change might present a shaming market at 28 to 1. The other 
Bankpars and Iran Overseas image to overseas visitors. Apart three-quarters is owned by John 
Investment Bank. There are from the noise— typical of any Hayter, another Lloyd’s man 
rumours of a sixth arriving commodity futures market when whose proposal to take over 
soon. trading gets busy— the market Sasse’s syndicates last week was 

sometimes looks- .rather like rejected by Lloyd’s in favour of 

u ■ , rival soccer fans dashing on a Merritt Dixey. 

HarCS lessons Saturday afternoon. Most . K „ . _ 

Although many trade union traders are young-they have placed One 

leaders wish thev had never to be, to stand the pace— and 


they had 

heard the name Grunwick. and' are rarely distinguished 


by 

think of it as rareiy as possible, impeccable manners, -or laa- 
a dedicated segment stlli feels fuue ■ O'Jtsiders are sometimes ^°soTndirate nLe^n col?! 
anguish. Its questions ere: given short shrift. . . . d ; SDU ted hv the 

"How did w'e lose? Wliat did So the moment committee Brazilians— had in hu c»« 
we do wrong? In pursuit of of the market association bas -i nsf ^onifieanre ” 
answers, film editor Chris met managing directors nf ihe" B 

Thomas of the Association of “floor" member companies. 

Cinematograph, TV and Allied AU traders have been made to 


underwriting member tells me 


our 100th Company 


imm rr 



UViiiSSTOH 




TOBCU 

WITH STEAM 

imps 



Observer 


UV§i§€ST©§t SCOTLAND 

Contact James Wilson, 

Chief Executive, 

Livingston Development Corporation, West Lothian. 
Telephone: National: 0589-31177 
London: 01-930-2631 
International: 44-589-31177 





■r-p ‘ 



Financial Times Monday May 8 1978 


15 



CONTENTS 


GROUP HEADINGS 

PAGE 

US Dollars — Algeria 

16 

— Australia 

36 

— Austria 

16 

— Belgium 

16 

— Bolivia 

16 

— Brazil 

16 

US Dollars — Canada 

16 

— Colombia 

.16 

— Denmark 

16 

— Finland 

16 

US Dollars — France 

16 

— Gabon 

16 

— Germany 

16-17 

— Greece 

17 

US Dollars — Hong Kong 

17 

— Hungary 

17 

— Iceland 

17 

— Iran 

17 

US Dollars— Ireland 

17 

— Israel 

17 

— Italy 

17 

—Jamaica 

17 

US Dollars — Japan 

17 

— Korea 

17 

— Luxembourg 

17 

-—Mexico 

17-18 

— Netherlands 

18 

US Dollars — New Zealand 

18 

— Norway 

18 

— Panama 

18 

— Papua 

18 

— Philippines 

18 

— Portugal 

18 

US Dollars— Singapore 

18 

— South Africa 

18 

— Spain 

18 

—Sweden 

18 

US Dollars— Switzerland 

18 

— Venezuela 

18 

—United Kingdom 

18 

— United Stales 

18-19 

US Dollars— Multinational 

19 

—Supranational 

19-20 

US Dollars— Floating Bate 

20 

Australian Dollars 

20 

Bahraini Dinars 

20 

Austrian Schillings 

20 

Canadian Dollars 

20 

Euroguilders 

20421 

Euro Composite Units 

21 

Euro Currency Units 

21; 


GROUP HEADINGS PAGE 

Euro Units of Account 21-22 

French Francs 22 

Hong Kong Dollars 22 

Japanese Yen 22 

Kuwait Dinars 22 

Kroner (Denmark) 22 

Kroner (Norway) 22 

Luxembourg Francs 22 

Saudi Biyais 22 

Sterling/DM 22 

Australian Dollar/D M 22 

External Sterling Issues 22 

Special Drawing Rights 22 

Convertibles— France . 22 

— Hong Kong 22 

— Japan 22 

. — Luxembourg 22 

— Netherlands 22 

Convertibles— Singapore 22 

— S. Africa 22 

— Sweden 22 

— Switzerland 22 

— U.K. 22 

Convertibles— UJ5; 22-23 


The table of quotations and yields 
gives the latest rates available on 
30 April, 19781 

This information is from reports 
from official and other sources 
which the Association of Into 
national Rond 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. 

All rates quoted are for indication 
purposes only and are not based on, 
nor are they intended to be used 
as a basis for, particular trans- 
actions. In quoting the rates the 
Association does not undertake that 
its members will trade in all tbe 
listed Eurobonds and the Associa- 
tion, its members and the Financial 
Times Limited do not accept any 
responsibility for errors itt tbe 
table. \ 


® The Association of International 
Bond Dealers (AIBD) compiles 
current market quotations and yields 
for Eurobond issues. These 
quotations and yields are published 
monthly by the Financial limes. 

The Association’s prices and yields 


are compiled from quotations obtained 
from matket-makers on the last 
working day of each month: there 
is no single stock exchange for 
Eurobonds in the usually recognised 
sense — secondary market trading 
business is done on the telephone 


between dealers scattered across the 
world's major financial centres. 
Membership of the AIBD (which was 
established in 1969), comprises over 
450 institutions from about 27 
countries. 

A key to the table is published 
opposite. 


Eurobonds in April 

BY MARY CAMPBELL, Euromarkets Editor 


Our pages make* 

-buyers t 



April was a mouth of losers ail round 
in the international bond market— or at 
least most of the way round. The D-mark 
sector, which bad been partially debili- 
tated in March by an excess of new Issues 
particularly for lower quality names, did 
not recover in April. In the last week it 
took a beating such as lias seldom been 
seen. 

The dollar sector, where demand for 
short maturity good quality issues had 
produced an optimistic outlook for the 
first time in months at the end of March, 
had by the end of April been hit by the 
tough line on interest rates being taken 
by Mr. William Miller, the new chairman 
of the U.S. Federal Reserve. 

The Eurosterling sector had two disas- 
trous weeks during April. With UJC 
interest rates being pushed up by cur- 
rency pressure and an unfavourable re- 
sponse to the Governments Budget 
announcements. Eurosterling bonds were 
by the end of the month quoted in the 
low 90s. 

The most spectacular debacle in the 
market last month was the collapse of 
the D-mark sector. This occurred in the 
last week of the month in advance of 
the announcement on April 28 of the 
largest ever issue in' this sector, DMSOOm. 
for the Government of Canada. The 
market has recovered significantly In the 
few days of non-holiday since the end of 
April, but in the meantime some new 


t sellers 


issues had sunk to discounts of approach- 
ing four-five points in immediate after- 
market trading. 

The net effect of the weakness during 
April was that there were no new issue 
announcements in the first week of May 
(though Canada's DMSOOm. offering was 
plenty enough for the market to digest!. 
The calender for May has been set for 
the first two weeks only — and at a low 
figure of DM340m. 

Apart from the overhang of tightly 
priced paper, the main factor behind the 
weakness in the D-mark sector last month 
was the change in currency expectations. 
Although the change does not reflect any 
spectacular recovery for the dollar, it 






tea 




ioii 

siisi 

iijROFir.f- 
EiiSDr IfIS 
iawfiffa 

ELROF I 

eHwfim 

Eb’RO-iMB 

EUftOFISfl 

FERROYIE 


74 

T nCi 

9.50 S3 

5.75 55 

6 . 50 62 

7.50 34 
7.55 03 

8.50 S3 

3.50 S3 
3.50 89 
9.00 52 

8.75 80 


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§P*O0' 

gSttim 





Y&t.ti/y'*.?' 









Smith Barney, Harris Upham & Co. 

Incorporated 

We are aTrv^confribtrforto the Reuter Monitor BondsSemcei 
For the markets we make see pages SBB A and SBBB. 

Paris Trading Group: Walter Almthum VP. 

Tm ders- Dan Dayton, Roger Kremei; George Roben, 

BARNI§ HARRIS UPHAM & CO. INCORPORATED, 
20 PlaceAfendome. 75001 Paris.Tel: 260-34434, Telex: 680608. 

PARIS -LONDON; GENEVA • ZURICH • TOKYO s . 


does seem that the Draconian measures 
against inflows of foreign funds imposed 
by tbe Swiss two months ago did act as 
a trigger to alter the underlying trend. 

During April the doliar moved from 
DM2.02 to DM2.07, and from SwFrs.1.84 
to SwFrs.1.93. From the point of view 
. of the dollar market, however, the poten- 
tial for a resurgence of new issue busi- 
ness was dampened by the sharp upward 
movement in interest rates in the United 
States and the expectation that they would 
go up further. The U.S. money supply 
figures moved smartly upwards during 
April and the outlook for inflation 
worsened: the Fed reacted by pushing 
up rates. 

By the end of April tbe Euromarket, 
and least of a]] the Eurobond sector of 
the Euromarket, had not fully reflected 
this change Further* rises in rates 
were expected. However, even so. Euro- 
dollar inter-bank Interest rates were up 
about a quarter on the month. 


The upward movement in interest rates 
and the failure of Europe to follow the 
United States was well illustrated by the 
British Government's experience in its 
milestone issue on the U.S. capital mar- 
ket. Announced in the budget early in 
April, the issue consisted of two tranches, 
one Tor 15 years and one for seven years 
and totalling 8550m. The yield had to he 
significantly revised from imilial indicu- 
tons during the offering period. Doubt- 
less with an eye to future use of this 
market the British Government did not 
argue over fine points and the short-term 
tranche in particular sold out unexpec- 
tedly fast. 

Tbe one sector to profit from the rise 
— and prospective rise — in U.S. dollar 
interest rates was the floating rate note 
market. New issues came out thick and 
fast in April, while secondary market 
prices were also strong. Some issues even 
moved to premiums over their face-vuiue 
in after-market trading. 


If expertise in securities is money, 
Yamaichi is worth fortunes. 


ith 80 years experience, 

T ▼ Yamaichi is one of Japan’s 
foremost securities firms, provid- 
ing the complete expertise you 
require to maximize opportunities 
in the securities field. 

With the yen becoming an 
increasingly stable international 
currency, our brokerage business 
on behalf of foreign clients in 
Japan has enjoyed unprecedented 
success. Success that can be 
attributed directly to our position 
of leadership among Japanese 
securities companies. Success 
that makes us vour ideal partner 
. in all aspects of the securities 
business: underwriting, brokerage, 
distribution, dealing, research, 
and investment banking. 


Yaraaichi’s offices on four 
continents are linked by a 24- 
hour-a-day “hotline" which 
gives our international clients 
immediate access to data 
pertinent to their needs— up-to- 
the-minute stock quotations, 
economic and industrial studies, 
corporate evaluations, and 
investment and bond market 
analyses. 

If you're looking for 
expertise in securities, consult 
Yamaichi. In Japan and through- 
out the world, we have the 
know-how necessary to offer you 
Immediate and comprehensive 
assistance with your investment 
requirements. 


Uncommon vision in 
international finance. 


W-r4)? 

■ ; v.v, -o ' -,v>" 


YAMAICHI 

YAMAI CHI SECUXITIES CO- LTD. 

Bead Office: 4-1, Yiesu 2-chcmc. Chno-ku, Tokyo 104. Japan 
Teloc J225S3 Tel: 273-3111 


u (Dennchbind) GmbH 

Tele*: 4-14996, 4-U677 TeU 0611-713331 

“ Teh 020-242456 


Y am ai ch i lolaraBtieml (Nederland) N.V.; FredenUpIcln j. Amiierdftm, The 
New York, Las Angela, Chicago, Montreal. S&o Paolo, Hong Kona, Singapore, Bangkok, Seoul 


V 








16 


IS DOLUKMIfEZU 

SS.W !"77" EQLE KIT V /.If.Ui:?. 

IW-00 9-00 lot a/1382 

D5 D0LUKS-AE3THALIA 

25.00 1177 ALUS AUSTRALIA 

100-50 6 .SO 13/ 4/1489 

a .co 1976 atsiralias iso nm cow 

25 -CO 100-00 10.25 1/I2/I9B1 

40.00 1977* JBHTULUX XU S SHELT'G 

TO.ni) HW.cn 4.25 lit 6/199Z 

10.00 1977* JDETRAUAS RESOURCES 

100.50 8.25 1/12/1982 

30.00 1975 4H53U2.US EEMCBCES 

59.30 9.25 1/ Bt 1980 

50.00 1925 ADSSALtiS EFSCCSCES 

Sfi.bO IQOJO 9 JO 1/ 3/ 1983 

42.0a 1976 AunsiLur skip am P 
99.50 8.25 1/ -9/1983 

30.00 1977 2B0BX-BZU PROPS 

99.50 8.30 U 6/1985 

30. m 1977 SUES mil. nors 

30.(0 99.00 8.25 U 4/1989 

30.00 1975. BKDEES BM HOPS 

100.00 6.50 1/ 5/1981 

20.00 1975 BROKE? HXLL PROPS 

18.15 96.50 10.00 1/ 5/1590 

20.00 1*70 CCHALCO MR EOPOPH 

15.00 98. V) 9,50 1/11/1985 

15.00 1973 COSMXD LTD 

22.00 100.00 10.00 1/ 6/1987 

15.00 1°S8 CDSSOKDEUjH - AUSTRALIA 

1.32 97.50 5.00 1/11/1978 S 

30. GO 1963 GOKWRUEALTB - AUSTRALIA 
8.34 9 7.50 5J0 U 4/1983 S 

23.00 i960 aasnsrEAtii - Australia 

2.73 97.50 5.25 13 1 A/WB«1 $. 

23.00 i960 cawmnuHB - Australia 

3.60 98.00 5.25 1/10/1980 £ 

25.00 1959 coasnsuElun - Australia 

2.05 97.00 5.50 13/ 9/1979 S 

25-00 1961 CKOSnUEAUa - AUSTRALIA 

6.73 97.00 5.30 1/ 7/1981 S 

3A.OO 1982 COESTCUUUB - 61S3TULU. 

6.51 90.25 3.50 15/ 1/1982 8 

30.00 1962 CffiHOKVFALTH - MSTPALIA 

7.51 *7.50 3.50 1/ 7/1982 i 

25.00 1962 aXcnrouLlB - APSTSALTA 

6.26 99J0 5.50 1/10/19B: S 

25.00 1965 CtCHUT.-E61.TH - AUSTRALIA 

11.12 90.50 5.50 1/ 5/1985 9 

25.00 1965 C0SH5VE6LTH - ID STEAL IA 

11.12 99.75 5.75 I/II/I985 S 

25.00 1967 CtHHOiVEALTD - AUSTRALIA 

12.50 97.50 6.50 15/ 6/1982 

100.00 1977* CONDW.-EAL7H - AUSTRALIA 

100.80 7.50 2/ 9/1984 

150 an 1978* COttnSfEAUH - AUSTRALIA 
100-00 8.00 U 4/ 1982 

125.80 1976 aVCUKVEALTB - AUSTRALIA 

99-36 4.125 15/11/ 1 983 S 

75.00 1976 QRWJWIEAITD - AD “.ITALIA 1 

100.00 8.25 1/ 6/2981 S 

120.00 1976 onoasucALn - AUSTRALIA i 

200.00 3.25 1/10/1933 

125.00 1977- can: to.-. LALTH - AUSTRALIA 

100.00 8.75 l/::/l964 S 

150.00 1977* ceeCK.VE.U.TB - AUSTRALIA 

150.00 100.00 8.25 1/ 9/1992 

30.00 1975 COSM’.TV-.U.'CT - A0S7MLIA ! 

100.00 *.45 15/ 671970 X, 

120.00 l*;« COSUTVLALTH - .UiTtUkLIA ! 

190.00 6.50 1/10/ 1*36 

so. 0.1 - .*r:- cax'D^-.-L.'j.rn - al-sttalia i 

I (A .00 8.75 15/ 6/19BJ S 

50.00 l’> C.-T'OV.TALTB - .-XSTFAL; A I 

95-e3 3.7J 1/ 6/198L B 

60. ("f> I*"- COWS.P.ILTB - .U'irKALLi 1 

6C.I-- S.7. 1,-10.1*91 

100.00 i.'”* o'-:»'!ii.-.i,7a - .u'srr.\Li.\ 

100.00 Vi.os 4.575 1, 14/1997 t 

75.00 l“7b C01M5‘ /LALTa - .AOm.lU-1 

75.00 99.30 J.Ou 15/ 11/ 19. >6 S 

75.00 197- CorriOL'.XALTH - ■DJTBALI.i i 

75.00 93.30 9.125 1/ u/1996 i 

25.00 1475 CSS LTfllED ] 

lUd.OO 9.50 IS/ 7/191* 

25.00 I47S COST OF P4PC.A r? ILIA 1 

22.00 99.00 9.50 15/ 3- - l*S3 

40.00 197o EAJlff-ICT HOLM--. ■ 

33.20 !>?.0d 9. Ml 1. I - Ml* 

40.no -*76 HA:ii'.’.r: ku:dl*.-- I 

-0.00 ;.'0.oo -,m !• ;,!*«• 

a:-. co 1 *’: hatiuj'-t: r •& i. . 

21.73 ITO.M .oo 1 “ 1 1." l?37 

20.x* mm ir . s 

15. 'u **-.-.0 9..1O ■/ S.-MSfa 

:0.0a 19:1' a.v-:':i*T iw. m 

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96 7/8 8 JO 9 JO 9-29 30 I.M «■ S& SU 215 9 27 

IDS. DO 1978 PF1973 LI 


103 3/8 3.99 
2.09 

98 1/8 14.13 

laj2 

99 1/2 4 J9 

100 5/8 2.26 

102 5/8 «J6 
4.39 

JOO 5JJ 


8.77 »-» 

101.50 
9-8$ 4.45 

100.30 

943 9.88 
101.00 
S.t9 8*39 
100.00 
9-19 B-M 
100-00 
9.26 6.73 

100.50 

8.25 8.82 

201.50 


49 .73 

1985 7F1979 

30 6.85 

1978 1978 

30 1.80 

1983 BE 1980 
30 
1901 
30 

1979 

30 1.20 

1979 BP1 976 

BOG 

1980 


96 5/8 6.93 6-66 8.38 9-39 900 

401-50 1983 

95 2/8 10.93 8.96 8.67 9.28 9ae 7.50 
9.43 9-04 101-50 1966 1986 


102 5/8 3.01 8.67 

103 7/8 12.01 9-45 

7J8 9.29 

100 7/8 7.51 9.31 

4.63 9.24 

101 3/6 8.93 9.69 

6-40 9.63 

99 1/8 .51 6 J9 


9J6 1M 

100.50 
9.63 9.06 

200-375 
9.42 9.14 

1QD.25 

9.83 JJ9 

100.25 

3.11 

100.00 

5 ‘ 32 100 JO 

5J4 

. 160.00 

5.45 

100.00 

SJS 

10O-00 

5.69 

100.30 

3.60 

101.00 

5.83 

100.75 

5.79 

101.25 

5.89 

102.00 

64)8 

103.00 

6.57 

101.50 
7.78 9.11 

181.20 

8.06 

8.34 £. l> 

lC-O.dli 


8.21 8.J6 

101.50 

8.29 t .-.a 

100 . CO 

8.7i 

101.70 

8.57 

£.47 P.66 

101-50 
3.E2 6-72 

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8.63 6 .66 

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101 . W 

9.21 «.:i 

162 .2 J 

9.25 9.31 

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9J9 9.70 

100.90 

9.36 8.50 

1C*‘.SJ 

9.26 6.SS 

100.25 

8.5S P.71 

100.30 
9.46 «..* 

100. 75 

8.61 

100.2J 
9.01 «,52 

10ij.--5 

9.54 

10J..3 
9.77 P.«k. 

100.20 

8.10 


30 .82 

1983 M1976 
30 1JQ 

1980 DFU71 

30 l.SO 
2982 HP 1576 

30 .84 

1978 1959 

30 .83 

1978 1965 

30 .67 

1978 1961 

30 .67 

1978 1962 

30 .67 

1978 1961 

10 .68 

2978 1963 

30 .Bt 
I9LB 1964 
30 .6] 

1978 1965 

30 -09 

1978 1965 

30 1.39 

1978 I960 

M 1.39 
1978 1968 

30 1.S6 

1978 1970 

40C 

1981 


456 103 927 92S ?41 
960 

456*** 

600 230 927 973 

412 !0S 305 520 52? 

941 960 973 
412 103 305 520 927 
941 960 975 
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911 93S 941 950 
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143 105 WO 305 520 
805 870 927 5lS 
947 990 979 
143 105 300 305 520 
BOS 870 927 935 
947 «0 973 
456 105 305 520 911 
927 941 960 975 
456 105 927 941 9«0 
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458 M3 941 960 975 
458 105 960 B75 
458 105 805 941 975 
458 105 803 941 975 
458 103 803 961 975 
458 803 941 973 
458 103 80S 941 975 
458 103 80S 941 975 
UtllSte 941 975 
458 105 805 941 975 
438 105 80S 941 973 
458 105 803 941 973 

ASS 105 80S 941 973 

J 

438 105 BOS 941 975 


49 

l«»9 

A SC 2. SO 
1979 2TFI976 
V. r 1.00 

1981 DPI 978 
30 1-00 

19*S DM979 
'0 1.29 

1*S0 DPH7S 
l.M 
li:9 0P19.2 

.e 1.00 

l«M DPI 97 1 
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11:9 dpl »:6 
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ISP HE 657 33 33 33 60 

ST 80 90 SOS 927 

9JI 939 940 975 
HP ST *58 32 33 35 60 

ST 80 90 80S 927 

931 939 9*0 979 
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LX 

7 1* ST 457 32 J] 35 60 

ST- 80 90 005 *27 

921 939 9*0 975 
5? B7 1*3 *“ 

IP 3T 4SS S3 60 SOS 973 


ST 4S8 32 33 60 *0 
90 5Cj 927 9JI 
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90 80S 927 931 
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cn :*3 *** 

ST 4S7 :: 33 35 6-7 
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w 60s 931 

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90 80S 927 931 
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ES 339 MS 960 965 975 

ED 359 IDS 915 941 960 
965 975 
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456 105 927 9H 960 
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«-5 

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418 105 960 975 
418 101 960 975 


1971 KOCHS 154 ITH 96 1/4 8 35 9J9 9-09 

100-00 8.73 1S/UA9B6 3.43 9.63 101.00 

1976 1ST am. P1H «H 97 3/4 5-lfl 9 J6 9 J2 

100.00 9.00 1/ 7/1903 “-* 10 

2976 TBT an fa » 96 I/Z 9.18 9J8 9.33 

100.00 9.00 1/ 7/1983 131.30 

2977* T5T OTOtSUS 7Q 94 3/4 9 JO 9-87 9 JO 10-86 

100.00 9 an 13/ visa im 10.02 uujo 

3«77* mama khzbs coep 97 3/4 iu? 9 js 9 au 9 
100-00 9 JO 13/10/1592 U.12 9J2 201-30 


1975 EESTSBS BSEZK3 COM 

99 an 9.75 u nasi 

CS-nomES-ABSTBIA 

1965 ALPEfE JffiSIH STEEL 

97 .CO 3.75 13/ 6/19S5 

1966 11TSIBUX ELECECCTr 

96 JO 6.623 1/ 7/1906 S 

J967 ADSmUS a ClRlUI T 

96.50 6.13 1/10/1982 S 

1977* OSTSStnCSE ttCTSDIIjiAHK 

1O0.3S 7.00 1/10/196(1 

1977* OSmsEKSE URBEUM5E 
100.50 7.50 1/ 10/I98J 

1976 OSfDREICBE IBlM img 

190.00 0.00 1/10/1981 8 

1364 RPDBUC 07 ADTSDa 
99.00 6.00 31/ 1/1984 8 

1967 EZPUttlC 07 4H5JSU 

98.50 6.75 151 3/1982 S 

1977* HOOELZC OF MTS2B24 

100.00 7-80 15/ 7/1904 S 

1977* REKTELtC OF AD STRIA 
100.00 6.U5 13/ 7/1992 8 


101 1/8 4.01 9-*0 9M 9*03 
3.45 9J8 1CQJ0 


38 1.90 K a 

1919 121974 IX 

6o e ra a 

as o a 
so vs a 

1930 LI 

60 1JIS K a 
1982 1981 LZ 

43 3-13 SP a 

1S8SH21960 US 

30 .75 W a 

1979 HP1576 IS 


327 IBS 803 927 948 

973 

313 932 960 


315 IDS 205 228 2» 
305 520 910 932 
953 960 970 973 
339 *** 

350 103 930 960 973 


ob nm.uTTi-aumnA (cttraarntt 
rrrrr OF HKZBSAL Ml 1/S 


9( 1/i T-’.3 

6.79 

640 


xa« 

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P7 KT 

35 

105 

309 

310 

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3.92 

T.IG 


103 an 

1979 

1571 

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9*1 

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30 

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1970 

snx 


BOS 

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rc ® 210 *** 


98 1/2 5-76 

917/3 3.50 


98 1/4 IS-Ct 

9.71 


1976 ramie or Austria 100 s/b 12.30 
100.00 8.75 15/ 111m 9.26 
1975 H2FB0UC OF AUSTRIA 102 3/8 <i.U 
100.00 9.00 13/ 7/1982 I 


1977 TunwiiT wiiw 
100.30 8-15 15/ 3/1987 

1963 WEST 

98.00 5.75 23/10/1978 

H9 D0LLAB5-BBL9IRH 


95 x ' 4 ?:H 


6J3 

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6.94 

Itt.OS 

3.17 BJl 

100.00 

8.97 9.25 

. 101.99 

8.70 8JI 
101.50 

6.98 

8.35 9.07 

101.00 

3.79 


9QC 1.20 HP EH 
1979 1970 USX 

9<K 1-85 CT ZB 
197B 1371 1SLX 

30 HP nr 

is aj n 

20 5.00 HP ST 

1987 071983 HZ 

30C 3.0 a HP HI 

1983 U7157! IX. 

HP R 

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1981 DPI9S5 IX 

1,26 00 a 
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339 103 309 310 520 
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438 32 33 60 90 
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43 103 309 310 337 
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73.00 100.09 

73.00 1973 
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15.00 PC nr 46 110 115 210 975 


1973 gnu B.7. n 75 3/S 20.18 8.15 5.97 _ SO 15 a» PC BO 46 110 115 210 805 

80.00 4. SO 1/ 7/1188 7.63 9.09 102.00 1984 1584 HEAP 965 973 


1977* HAFIHA l.V. p 96 6.38 B.70 fi-20 

59-30 7.875 13 I 9/1984 

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99-00 8.00 V 9/1987 7.35 8.94 

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100.50 8.25 15/10/1981 

05 DOLLARS- BOLIVIA 


9.75 8.79 8.42 
7.35 8.94 


PC EH 46 105 113 305 520 

101,00 1902 THJ 805 

8.00 PC QT 316 934 965 

101.30 1981 1983 CO 

HP HQ 46 960 965 


13.00 1977 REPUBLIC Of BOLIVIA 101 :.'s 7.95 10.24 10-37 20.06 60 l.SO HP EH 518 35 M3 915 948 

IGO.ro 10.25 IS/ A/1906 8 IOOjTO 1942 771970 iS 975 

US DOLLARS- BRAZIL 


8ABCO HiC 00 0S5EB KOX 97 3/4 6.1B 9.74 9.46 10.32 


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75.00 1176 
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99 1/2 4.25 9.15 9.23 


99 1/8 5.68 9.43 9.33 13.11 

ICLwO 

102 1/2 0.05 9.77 9.99 


90C HP EB 140 35 105 213 218 

1931 LX 300 915 934 940 

960 973 
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30 1.32 SP KT 399 103 913 920 975 

1982 1973 £T 

SF KT 4U 33 35 60 80 

ST 90 80S 915 927 

931 9*0 975 

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1931 LX 

2.50 HP HT 413 33 35 805 915 

P71977 KT 927 940 


ARCO TTH SBT-tA'.ADA 100 

> 9.:; 15/ 9/1903 

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95 7/0 9.43 8-93 
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90 7/S 4.93 0.*3 
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1970 emopwaaE 39 a/a a-* J-J® S-:ft 

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1976 an w wkoctex 99 1/2 3-« s - u a * 29 
moan £.25 30/ 9 /inx 

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100.00 8 . 7 s 30 / 9/1388 

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1973 GJSSIAB 103 7/0 3.55 

100 -DO 10.00 15 / 11/1981 

1977 QLE 4 T IAKZD PAPER CO 99 3 J* 

looan 8.75 1 / 3 / 194 * 5 - 1 - 

1976 BSB OIL CD . 102 1/2 

( 00-50 9 JO 1 / 7/1986 

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100-00 8.23 1 S/ 12 / 19 B 4 

1977 * no 97 1/2 14.63 

100-00 9.00 19 / 12 / 19*2 

1976 T£K CUUaiAB TOMCT 102 172 4.01 
100.00 9.00 1 / 5/1982 

1976 XU CAXADXAX rCZASCE 10 * 1/2 6.01 

MOJO 9.50 1 / 5/ 1986 

1977 UCKTUAH HLOBDEL 96 1/2 13.76 

100 JO 9.00 U 2/1992 11-05 

1978 * suaniux Button 96 S/a 14 .M 

99-25 9.25 15 / 3/1993 II -*l 

1970 HS 8 SE 7 -FE 0 HJSOH KB F.r. 98 7/8 3.72 

100.00 9 JO 15 / 1/1982 2.77 

1976 MusBr-nncosn urn r.?. 97 i /4 13.09 
100 an 9 JO U 6/1991 

1*75 HUSBTtPUSOEQH HBB H.T. 99 3/4 4 .IS 
100-50 9.73 1 / 7/1982 3.77 

1958 HHDUL worn WUS 94 1.51 

100.00 S.b 25 1 / 11/1979 S UI 

1976 K 2 HXSXAL 09049 BM. 101 1/8 3-09 

99 JO 8.75 V 6/1901 

1976 HU unSJACH 100 7/8 4 - 7 = 

MOJO 9.00 15 / 1/1983 4.16 

1976 ranomnuun * lab bubo xoa i /4 7 .bs 
100.00 9.73 15 / 3/1986 

1976 raamimu LAM ra fm ioo i/* 10.33 

100-50 9 . 2 S 15 / S /1988 

1975 SOIABDA tons 102 1/4 2 J 1 

99 J 0 9 . 7 S 1 / 11/1900 

1977 QUARTO DM) 96 1/2 8.96 

100 JO- - 8.00 15 / 4/1987 

1*76 oxnuo Hzoeo ioo 3 /s s.ta 

99 JO 8-25 27 / 5/1903 

1971 OBtABto atmo-anmc ioo i/s 7.72 

100.00 8.25 15 / 1/1986 4.22 

1976 CBZARXO 8 Z 1 B 0 99 U 1 8 J 7 

99.50 8 JD JO/ 9/1986 

1973 DRUM SHKO 101 3/4 2*38 

99 JO 9 JO IS/ 9/1980 

1976 QXXAUO BUBO 102 1 /S 4.68 

99 JO 9.00 2 / 1/1983 

1975 OBAKA-CARUOU 103 3/3 11.39 

98 JD 9 . 3 D 15 / 3/1990 7.45 

1976 MUSAR 102 1/8 8.63 

100 JO 9.50 15 / 12/1986 

1915 mvSNL m 102 3/4 3.12 

100 JO to JO 15 / 1/1982 

1976 mum or urau 101 1/4 4.96 

xooan 8.75 15 /. 4/1903 

1975 rawu c e or MnwaA 103 3/4 7.01 

99 JO 9-25 W 4/1905 f -01 

1977 * HonsCR - RDI UDRSnCX 97 3/4 6.21 
99.50 8.00 IS/. 7 / 194 * 

1969 P 80 TOC 8 - *W UWSUUX iOO 1/2 1.63 

98.00 8.75 15 / 12/1979 1.13 

1976 PROrm — Bffl UDB 5 RICK 100 5/3 5.26 

100.73 8.75 . 1 / 8 / 198 J 

1971 TOPSKB 00 HEBPOOnLUD 99 3/8 7 . 9 * 

99.50 8 . SO V 3 / 198 * *. 5 S 

1977 PTOPMCS ® 6 BCa 0 »LUS 100 10.60 

100.50 9.00 15 / 2 /UB 9 

1970 PROPI X CB or BOVA SCOTU 101 3 /S 7.05 

100.00 9 JO 13 / 5/1905 3.95 

1975 PROPISCE or ORARtO 99 S /8 4.13 

100.00 8.20 15 / 6/1982 8 

197 5 Ronra at omuuo ioo i/a 27.13 

99 .S 4 9.125 35 / 6/2005 S 

1973 HOPTSCS CP QOSsec 91 3/8 «.'2 

99.00 1.50 15 / 1/1988 2.24 

1976 HOVMCB 07 QUEBEC 109 5/8 2.93 

100.00 8.90 U 4/1981 

1976 rmrncE or qbebcc ioo 1/2 4.72 

10 D.Q 0 9 M at 1/1985 

1976 1 PROP MCE or 0 ORBEC 100 1/2 5.93 
ICO .00 9.00 1 / k /1904 

1970 PROPISCS OP QUEBEC 99 3/4 £- 8 * 

100.00 9.00 1 / 3/1985 4.42 

1977 * nonsce or qoebec 96 3/8 17 . si 

99.00 9.00 1 / 11/1995 9.60 

1974 BROTIBCE - BlSUSOtSAS 100 l.JS 

101.00 8.75 1 / 9 / 198 b 

!■«» ODEBLC BTERO-ELECTStC 99 1/4 1.47 

90.00 6.00 15 / 10/1979 

1971 OCESEC HTDED- FLEETS tC 9 * 1/0 7 .K 1 

97 . 0*3 8.25 15 / 3 / 19 db 5 -M 

1971 OCHCC BTDBO-UWTRC 15 E 98 9 -'S 

100.00 &.u »;u/i9u s.s: 


iJl 9.28 9.94 
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102 1/4 2J1 
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100 1/8 7.« 

99 1/2 8 J7 

101 3/4 2*38 

102 1/S 4.68 

103 3/3 11.39 

7.45 

102 1/8 8.63 


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100.50 
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101.50 

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97.08 8.25 15/ 3/19db 5- VI £.71 1«1.00 

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100.00 6.50 13/L1/LM6 5.S2 6.15 10 1 JO 

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140.10 E.5Q loi. on 


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8.00 99.LO e.00 lb/ll/1995 

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A.7Z 3. *9 101 JO 1581 DM974 L9 735 750 955 960 

7.«5 o.SS 6.32 SOC 1.00 SP tD 315 105 520 710 720 

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102 1/8 4.02 9.09 9.55 


1*72 ETSLMfD - no KTCT AAJ.X 96 J/4 9.67 0.50 8.27 
100.50 8 JO 15/12/19S7 6.99 8.D* 102.00 


20C .50 

■950 DP197] 


25-00 

1977* PISLAHD - I3U0ST FTKD 

97 3/8 

9.39 8.66 8.(7 

25.00 

100.00 

8.15 13/ 9; 1907 


. 6.24 0.50 

25.00 

23.00. 

1976 

1D0.00 

FIKLASD - 15W8T Fl'SD 
9.00 10/ 9/190* 

100 1/2 

6.39 8.»7 £.96 
3.75 8.83 

12.00 

1.30 

1967 

99.08 

FZXLAKD amWE BAKE 
7.25 15/ 4/1979 

99 3/4 
s 

.96 7.66 “a.0 

15.00 

1971 

1ULAVD HDB2C4CF BANC 

99 1/4 

7.00 8.12 8.75 

10.50 

98.00 

0.50 15/ 2/1984 

5 

4.66 8.88 

20.00 

1976 

nXUHD 1BKTUCE BALL 

101. 

4.93 8.90 9.16 

19.00 

100.00 

9.25 1/ 4/1903 


3.77 8.93 

20.00 

1975 

FTHLARD NOBTCMTS BASE 

102 

3.47 9.02 9.56 

20JO 

99.00 

9.73 15/10/1991 

2.97 8.94 

15.00 

1975 
90 JO 

lu»iSX EXPORT CDDIT 
9.25 15/ 0/1900 

lot 

2J0 8.71 9.16 

20.00 

1976 

99.00 

nusi SPORT CREDIT 
9.25 15/ 2/191 1 

101 1/8 

2.80 8.7S 9.15 

15.00 

1 2 JO 

1972 

99.50 

rnonsR kdrictpal lout 
8.25 15/ 3/1987 

97 3/8 

8.00 8.68 8.47 
5.78 8.85 

15.00 

13.50 

1974 

98.00 

FHSISS WSICXTAL 10*9 
8.75 1/ 2/1989 

98 1/2 10.76 8.96 8.08 
7.62 9.01 

20.00 

1972 

98.00 

mi iVf,‘ 1 fMPrT 

7.50 1/ 2/1979 

99 1/2 

.71 3.13 7.54 

15.00 

10.10 

Mil 

98.50 

nSBO. or 

8.75 1/12/1726 

99 I/« 

B.M 0.76 8.76 
5.15 8.77 

20.00 

1964 

lADHA-tlPDLl 

98 5/8 

I.4A 7.04 6.70 

1.70 

98.25 

4-SD 7/10/1979 

S 

.96 8.18 


98 1/4 2J7 
5 147 


16 3/4 14.67 
9.97 
98 1/2 10.01 


1964 lADTABDOm OT ' 98 3/8 1.15 

99.50 6.25 23/ 6/1379 3 .66 

1976 MBIAKFGEX3 OT 100 1/8 S.S1 

100.00 9.00 1/11/19BJ 4.76 

1964 REPUBLIC or nxuno 98 1/4 1.59 

97.50 6 JO 1/12/1979 S -84 

1963 REPUBLIC OF FISLAHD 98 1/4 2.47 

99 JO 6.50 15/10/1980 5 1J7 

1976 BKUBL1C OF FIDLAED 99 1/8 3.63 

99.70 7J73 19/12/1981 S 

1977* REPUBLIC OF FIHLASD 96 3/4 14.67 

98.35 8.75 15/10/1992 5 9.97 

1976* TW POWX 98 1/2 10.01 

100.00 8.875 1/ 5/1950 

05 POl LAXS-IEASCB 

•1970 4E80PVT DB PAEU 101 1/4 6.M 

9*JS 9.00 13/ 4/1985 A.2A 

1975 AZX FRANCE IM 1/8 3.81 

99 JO 9 JO 13/ 2/193= 2.70 

1967 AXDS8 Cl TED Q 95 J/2 3.06 

99.50 6.75 15/ 3/I9B2 2.46 

1*7* B.7.C.E. 100 5/8 £.68 

99.23 0.373 15/ 3/19S1 1.93 

1976 BJ.C.F. 100 5/8 A. 90 

100.00 8.75 13/ 2/1903 3.98 

1976 B.T.C.E. 101 3/* 5.21 

100 JO 8.99 15/ 7/1933 5 

1975 J.M.E. 101 3/8 3.91 

100.00 9.00 26/ 3/(932 3JS 

1974 B.r.C.S. JU, 1/4 10.68 

99.73 9.00 15/ 2/1969 7.27 

1975 B.r.c.E. 102 2J3 

100.00 i.U 13/ S/1S?0 S 

1977* WOS 3ATIKULR I'S WZs 97 3/4 4.21 
10D.O0 7.6=5 13/ 7/1901 

1975 *iOE KATDOSALC DE PA013 M2 7/8 2J0 

lOu.liQ 9 JO 15/ S/194 1 


7.89 6.45 
8.96 

8.99 8.99 
0.95 

7.31 6J0 
8J6 

7.5* 6.73 
7.94 


9.37 9J5 9.61 

9.17 101.65 

9.11 9.01 

101.50 


101 1/4 6.96 
4.24 
M2 i/8 3-81 
2.70 

95 J/2 3.88 
2.46 

100 3/0 2.68 
1.93 

100 5/8 A. 90 

3.98 

101 3/4 sail 


101 3/8 3-91 
3.05 

101 1/4 10.S8 


8.75 8.09 
0.63 102.00 

8.90 9.30 7.S5 

0.97 101.00 

a.l* 7.07 
3JS 101.50 
8.21 0.34 
8.14 

8.57 6.70 8.86 

8.55 10 I -00 

8.70 8.99 6.6= 

looaio 

8J6 0.83 8J4 

8.47 101.00 

B.Bl 8-89 9«il 
0.74 102.00 

8 JO 9.15 7 .97 

ico.ro 


39 1.50 

I960 L9T8 
45 1.00 

1970 DPI97B 
30 
1979 

W 

ISM 

30 .75 

I960 DPI97S 
3'JC .38 
100= DF19/5 


60 1.00 

1900 1973 

tor .93 

1770 I960 

OT .72 

1978 1969 

3TC .71 

i«ei 1977 

30 .63 

1978 1963 

?n .63 

1978 19b9 


30 5.00 

1967 DP 1923 

<5 =.:o 

1959 PFI579 


9 ? 1.00 

197 B DP1S71 


*0 =.17 

1570 1973 


=0 = .no 

tf«0 1977 


Hi 1 

=>2|S 
i O 

a 


CC E3 230 105 520 705 715 
LI 725 735 745 911 

930 955 960 975 
GC ED 45* 105 520 705 710 
LX 715 725 735 7*5 

950 955 960 975 
CG ED 179 •** 


33 105 520 710 715 
725 735 955 960 
975 

35 105 520 705 710 
715 723 735 745 
953 960 973 
408 *** 


412 IDS 520 705 715 
723 735 7 A3 927 
930 960 975 
46 *** 


115 520 705 
725 735 7*5 
960 975 
520 705 710 
725 735 745 
960 975 
320 710 71S 
735 555 960 

S» 710 715 
735 955 960 


404 105 520 710 
725 735 745 
960 975 

404 105 520 710 
725 735 745 
960 973 

*13 32 S3 35 
90 715 725 
931 959 940 
485 *** 

554 35 911 940 


; 205 210 215 
1 960-975 
as 210 21S 
3=0 5*0 930 
9M 975 
=05 210 315 
540 941 973 
205 210 213 
930 973 



C.C.C.F. 

1 10.25 13/11/1950 


101 2.55 8.39 9.56 

1974 C.C.C.E- 104 1/8 *.:S 9.07 9.E1 

100.00 16.=S 15/11/198= 

.it’i CHASBO-Cf«a is FEAVC 100 1/4 2.93 S.27 8 JS 

ICO./S P.37S 1/ 4/lPdl 

1*65 CE'ETG LATAire JS 5/8 =.« 7J0 6-21 

97.2S 6.00 15/ 9/1910 1J2 8.59 

1*71 C7JIE.T5 LATASCL 99 3/8 7.91 8.66 8.5! 

63.50 fi.73 25/ .V1936 S.2J 6-91 ] 

1*74 CK7 OF B UP lt LU - L 103 l/8 8.M «.« 9.94 
93 -DO 10.35 1?/1£,1P5* *.=3 5.51 

Vjii eogVATSU SAT DO sar.j 99 1/2 6.*3 C.82 8.79 
?7.10 S.7S S>/10/19ca 

I9TS OHPJGHIB C4I K’ RBOCS 103 7/3 3-76 8.7Z 9.S3 

Sw.75 10. Do 1/ S/I8J2 3Jt G.6A ] 

1*59 axon F05CIEI BE HA'iCC 93 1/8 ‘ l.*1 4.0* 5.63 

»•» 5.54 lirti/1979 s .53 

1976 CUS1T RATIOS*'.. 98 3.«3 

99.00 6-50 15/12/1336 0.63 

(970 S.R.6.P. Ml 1/8 2-50 

99.50 5. TO IS/ -/ISC; L.L0 

1*75 W-LP. 102 1/5 7.S5 

98*30 V.75 IS/II/1VS 

1967 JUBTRICU5 DE FdAVCE 98 ZJt .!0 

S3.7S fa. 50 13/ 2/1919 

107! ELECISIC1ZE DE CTA.1CE 99 3/S S.01 

99 JO 8.50 U S/lJefa 5.73 

157T* StECTtUCHE DC FFA.TCE */ 5/S 9-09 
99-75 8.50 1/ 6/1967 3 

1*76 OSCruciZE DE FTATE 101 1/2 4 .72 

100.00 £.375 15/ 1/196] S 

1976 EL2CTRICI3S DE IKA-JCZ 100 515 8J3 

100.00 8.90 23/ 9/(566 S 


1 .90 

1073 13'. 9 

171 .73 

It'S 1*72 
30C 3.10 

> 1979 D? 19 73 

6n 1.00 

i'*30 ET1977 

1.3 

1*30 197o 


197J DPU71 
33 =.*0 

IWD PTl 977 
9K i .TO 
1979 13.S 


99 3/S |J1 


S.55 9.33 ;0 .*9 

lo:.w iv 1 is;’ 

8.90 «.|= jo 

100.00 19)4 

8.93 8.57 :0 

100.00 1VS2 

9.04 C.9S ’C 

100.00 1964 


CC XT 361 32 33 35 60 
HI 90 20S 805 927 

938 940 975 

CC ED IDS *** 

LT 

re eo 117 las sos zu 215 

LT. 5=0 540 975 

C3 RT 500 32 33 35 SO 
SY 90 205 #05 927 

931 939 940 975 
EP EU 92 »** 

LX 

FP ED 92 105 =05 210 215 
LX SCO 930 935 9bO 

975 

cr 33 92 205 

IX 

rJ: ED 92 EOS 210 215 


103 IDS 205 210 219 
520 9*1 975 
103 IDS 205 210 215 
5=0 3*0 9M 973 
56 205 210 215 520 


93 103 203 HO 215 
5=0 930 960 975 
10 105 =C3 215 
8C5 941 975 

103 »** 

93 105 :ns 210 215 
3 3D 560 975 

4X3 *«■ 

112 ID IM 7S5 210 
21S 5M 6u3 941 
9)5 

92 105 3=5 210 215 
5M 97S 

445 5= 33 3S 60 
90 SiJ 8EL> 9=7 
931 939 9*0 MS 

445 *** 

445 37 =9 35 £0 
90 205 SOS 9=7 
951 939 9J 975 


BORROWER/ 
COUPON MATURITY 


B3 DOL LARS-FIAS C Z CC0 HTT5CTJ) 

1977 ELT AODUADIE 97 7/8 

UO.OO 8J4 15/ 4/19E3 

1977 ELF ram P 96 

99 JO 7.50 15/ 2/190= 

IMS HA5C4IES DES FETFOLES 9* 3/S 

98.25 6-00 15/10/1985 

1975 RABCUSE DES PETROLES 101 1/2 

looan 9-oo 15/ 1/1902 

1977* G.X.5. L 99 1/4 

100.00 9.00 13/12/1980 

1976 C.I.S. 99 3/8 

99.73 9.25 15/ 4/1983 



8.43 9.0= 

113.50 

7J1 


CAS DETRAINS 

1 9.00 15/ 3/ 1935 

U HTCXSL 

I 9.00 15/ 5/1986 

MT m.T* 

I 7 J O IS/ 2/1988 

I * Ca *V25 13/ 3/1986 

UCEELIH O' SEAS 

B. SO 15/ 9/1983 

- HTana .m o'seas 

9-25 15/ 9/1998 

8 A TM K A 1. K DE L'OriSCTE 

9.25 30/ 4/1985 

UXnWALS DES ADD? p 

8.50 15/11/1986 

HUXOMLSDES ADDMODTES 
9.00 7/ 9/19M 

H17TTMALE DB ADTOEOCTES 

9.123 13/ 3/1997 S 


M2 1/8 6.88 
3.90 
98 1/4 8a>3 
4.35 
91 3/8 9.00 
7.93 

101 3/4 7.S8 

6.88 

100 1/8 5.38 
ioa a/8 io.a8 

9.42 

102 1/8 7.01 

98 8.55 
6 JS 

IN 3/8 8.02 

99 3/8 18.88 

11.95 


50JO 1976 H A TIO RiLE DEE ADTO90TO3 100 3/8 13.37 9.19 

50.00 XOOJO 9.25 9/ 9/1991 8 J7 9.10 

3«JO 1967 UXXOEILB DM TZLECCKH 98 4.91 7.27 

U-SO 99 JO 6.73 1/11/1982 2.63 7.39 

75.00 .I2 7 ® WWiatAI X DBS TOFCOHS 99 1/2 3J9 8.22 

UO.OO 7.90 1/12/1981 S. 

?2*S2 SI’L MTr S t !S g oes.TOEcou 99 1/2 7 ja s.os 

16JO 98 JO 8. DO 1/ 3/1986 4.34 8.15 

75 JO 1977* HUKSALE DES TCUXOta! 9S . IX. A] 8.93 

75.00 99 JO BJ S 1/(0/1909 9.2b 9.D6 

100.00 .H 7 !, Ura.KLECOW UL 1/4 5.80 fi.78 

XOOJO 8 J73 15 / S/1984 S 

73 JO 1975 HATIORATg DES TELTCOW 102 1.08 8.U 

99.30 9.125 13/ 3/1980 0 

5*S2 i a n g , ^ K OM TELEOBfll IN 1/8 18.5* 9.50 

50.00 IDO JO 900 1/1=/ 19M S 11.46 9.50 

15.00 1970 SEOmrey M s/4 7J3 9.03 

16.25 99.30 9 JO 0/121 1985 4.77 9. 05 

25.00 1975 PUXUB Dfr 102 2 J7 8.76 

1D0.00 9.73 13/10/1900 

40.00 1976 PUIS MJOaoXES ■ 99 1/4 13.55 9. 09 

40.00 99.00 9a» 15/11/1991 9.05 9.12 

20 JO 1967 RBACLT 98 4.26 7.30 

U.OO 97.00 6.75 1/ 8/ 1982 2.26 7.72 

23a» 1976 ZE0ADLT ACCEPUHCE 101 1/4 3.U 0.27 

A00J0 0.79 15/ 6/19B1 


BJl 0.73 

102.00 

9.16 

. 101.50 

8.19 

1(72.00 
9.09 8.84 

Ml. 00 

8.49 

9.04 8.79 

101.25 
9.06 8.53 

101.00 

8.67 

8.97 9.13 

101.00 
9-39 9.58 

102.bl 

9J2 9.68 

102-23 

6.89 

ltD.50 


1.09 
1973 CPI 906 


30 l.U 
1960 DP1971 
45 l.SO 

1979 DF1974 
60 2.00 

1980 W1974 

60 2.50 

1981 DFJ977 


W 4. no 

1W2 OPUS* 
98 1.60 

1900 m975 
6.00 
1992 
30 l.SO 
1981 771977 
30 3.30 

1909 DP19NJ 

W 5.00 
1981 1982 

30 2.W 

1578 1971 . 


93 103 M9 
530 5*0 
93 


117 IDS =•« 
305 JZO . 
WO 

92 in* T05 
5=0 961 1 

9* 105 =05 
SbO 975 

93 AM 


1976 RSORB-TCRIUSC 
ITO.OO 8.73 1/ 9/1983 

1967 &K.C.F. 

96*30 6 JO 13/ 6/1985 

1*77* gjj.r. 

100.00 8.23 13/12/1904 

7976 8*8 -C-F. 

99.2S 8.75 10/ 4/1983 

1977* EAC.7. 

99.50 9.00 1/12/1992 


101 1/4 3-13 8.27 

P 94 1/4 S.3S 10.17 

38 1/4 7.13 6.61 
3.63 7.06 

99 1/4 6.63 8.39 

101 1/4 4.95 8.61 


8J4 

102.00 . 
8.68 9.SS 
102- DO 
8.96 0.7fl 

Ud.ro 


9 JO *.66 

102.74 

9 -02 9.42 

loi.ro 
9.56 $.18 

100.50 

9 -07 9.71 

102.25 

6J9 

102.00 

8.64 


.45- 5. HQ 
3979 1«P 

60C 7.50 

1944 1984 


an 3.3» 
13*0 TITI902 


45 1.23 

1930 DPI 9 71 


* n 4.0ft 
1931 1982 

10 2.00 

1978 19bB 


99.50 9.00 1/12/1993 S 

1975 3J.C.F. 

MOJO 9.1=5 13/ 4/1390 S 
1975 RJJ.F. 

100.00 9.25 15/ 3/1981 

(973 SJ.Y.A. 

100.00 10.00 1/U/I94S 

1967 ECU 

97.50 7.00 13/12/1982 

PS D QLLAE3-CA80H 

19J5 ELF DB L1C OF CUOS 

39 JO 10.25 ja/ 7/ mo 

rs Dol LAna-cotAST 

1*6* BAST O PR lJtX rn 

UO.OO 6.00 1/12/ i960 

1969 BASF OT UL^J JJJ 

100.00 Sara 1/12/1980 

19b* EASES Z17Z nc HR 

99.50 6.00 i/ll/1981 

1969 EATER 1ST FI3 SU 

99.30 6.00 1/11/1931 

1977 baser mm r 

100. ro 7.50 1/ 3/1984 

l97S*JEXrtLSH\5T p 

1W.DD 8.50 . 1/ 4/ 1955 

1977* 007 FTTi DBUOjr DT CD 
100.00 4.33 1/ n/1907 

1077* MSP Fir. DEUTSCHE UK SI 
100 JO 4.50 1/ b/1937 

1973 oomoramnsBorre 0/3 

101. TO 7.75 1/ 2/ JSCS 

1977* RESXEL TSZ ESI 
ieo.ro 7.SD i/IQ/1984 

i9« BZSN93 CEGiaai nn nr 

99 J3 5 JO 1/ 6/1979 


8 an. B.s3- 
ioo.ro 

8J3 8.54 

ico an 

9—5 1.43 

lOAJfa 


9.72 0.17 

100.375 

7.12 

100.00 


92 *** 

463 203 210 =15 935 


' 411 3= 53 33 SI 
*0 2d; fJ35 9=7 
... 931 939 JUO 973 
352 *** 

117 105 =-•« 210 2(5 
. EM 540 805 9*1 
97* 

445 32 33 60 TO 
. 305 SOS 927 931 
939 975 

Wli»3 =05 210 213 
!-=D 9b» 975 
163 ***. 

*43 32 =1 ‘.5 Kft 
pn =0S 6r>5 917 
931 9?*. 9 9’5 
*45 X X< 35 

°i> =?3 SOS * J7 
5’l 93'* 9*0 9’5 
445 JZ 33 15 Mi 
*n ;n** pnj «’7 
.. 931 'J 19. 9*0 97 i 
11= |nj ;o1 ;iq ’is 
520 ?s0 ?.‘J 
ill lor- =05 =in 21s 
3)5 ?=0 5*0 9 AS 
_ 9TO 575 

92 d-u 

92 M3 =n? =10 =13 
: 520 £*0 911 975 

403 105 =09 =10 =15 
305 5M 5*0 911 
„ 935 9bl 0*7 PiS 
488 9 JS 

103 135 =05 210 ?|5 
520 5*0 SOi 9.1 

V75 

218 *»> 


« 1.20 
1901 Drl97b 
*3 1.25 

1978 la/i 


9A9 1 

:?ct i« =2 


o n ' 

VS 93 1U5 
3ts : 
. ali 1 
1 nr 436 ins 

£24 1 

ra 117 103 
=K 5-0 : 


2.22 12.35 10.78 


HP or 117 LIS 


1 ?s 2-59 6JS 

95 1/8 2,59 3.1* 

96 1/4 3.51 7.23 

93 5/8 3-51 e.14 

98 1/4 6.01 7.38 

98 3/8 6.93 6,E= 

103 1/2 9.09 3.77 

78 1/S 9J3 7.97 

93 7/8 9.76 B.70 
faJ? 9-U 

93 5/8 6J3 0.39 
130 1/2 X.09 


6.12 »if»J 

UO.OO le.-i 
6.31 9P 

iro.ro 11:* 

6.23 flf-; 

100.00 nrj 

6.51 irt 

ica.eo i9;9 

7.63 

8-bA 

100-LO 13.1] 

i-27 3.77 A',; 

Ml. CO |S’2 

5.76 

101.03 19h= 

8.=6 

102.00 las! Spish 

7.84 P.*l . «,, c 

101 .TO ISsl 

4.21 


U7 2 in 30s 306 878 
O.'j 

1*3 ms =m »s 3.14 

W7 5*0 370 9l'j 
1*3 =m 305 306 a;o 

9T‘i 

153 n-i =10 ?"J Jihl 
•jii r--.o s :n 
*56 in'- >15 5=0 5*0 
»•■•, n '» 9-.1 975 
1*3 3C0 3J5 

1*3 2(0 MS S70 779 

1*3 210 305 870 90S 

1 075 

359 105 Ml 53G 5*0 
9*5 9.-3 
163 305 5*0 

143 210 503 306 978 


















































lJ&fi 


Financial Times Monday' Mav a lfl 7 « 

~rr* — i — — . 


e 

2 

~»ta 

05 

32 

=£ 

• s 
g 


17 


*3 


■OtWOWER/ 
COUPON MATURITY 


«JW 

30. DO 
33.00 
ISO JO 


20.00 
IS -Oil 


30.00 
47. »D 

50.00 
41.90 

15.00 

12.00 

15.00 

12.00 


25.00 

20.00 


ia.oo 

9.00 

15.00 
ij.no 

in. od 
7.&S 

20.00 
20.00 


30. ID 
30.00 


20.00 
12.50 
3;. .oo 
18.00 
15.00 

J.ao 


11.00 
6. 90 


20.00 

8.30 
15.00' 

2.31 
20.00 

a. nj 


25.00 
11.75 

20.00 
1.28 

10.00 

7.00 


50.00 

22.00 
20 . 1.4 

3-00 

20.00 

9.20 

25.00 

11.00 

25.00 
15. BS 

20.00 
11.00 

30.00 
15.75 

50.00 
11.67 

:-o.oo 

1.5.00 

23.00 
I8..-5 
25. M 
12.30 

30.00 
U.0O 
13.71 

$.*i 

JO.UO 

1.70 

15.00 
2.12 

25.MO 

10.00 


15.00 
O.uO 

50.00 
2 h.no 
*0.00 
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PQ PObMas-cEMMST (awniiiini 


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(LfD) 

«~fc 

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Q= 


MARKT. 

MAKERS 


*7« 1.05 

«““? BESTOT JTH 
IDO .00 9.00 1/12/19*5 

Itola ”“2*55“ 0-SEA3 MS 
WW ’ M *•» 15/ 5/ 1987 

OS OotURs^ rBiur p 

99 7 Lj 511 2 4 J 2,9 2S 
W.50 l.Ji 19/12/198* 

05 DtiLLAaS-ftraC EfeO 




m 1/* 7.59 
9.25 

95 5/0 9.05 


B-M 9.H PC m M3 103 

LX 5(0 

8.21 8.63 7.47 90C 2.00 TO JB 1*3 105 

7.78 101.00 19W 1973 LZ 

8.46 8.10 8-94 SM n 30 1*3 M( 

100 -SO 1983 is ■ 


210 J05 SOS 


300 305 979 


56 3/8 6.63 a.os 8.M 10.20 
*•43 9.37 101.00 


i£o»i & -3“ 411 101 915 527 975 


““■» awc r!?i “ S 1/10/19M 181 93 in X ?-f * 5«g 8*31 

boroowi^ *, M5rtl ;;;; 53 W6 

7-10 10.06 


100.00 7.75 1/10/ l9ss 

1D0 7 M1 J4BB ™| “BUMS IKT. m UJ 
100.00 7.75 15/11/1986 

1972 J 1 BPQ 1 mam» HT. Ty Dfi 

1M.00 7.JsUTvS m 

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MARL'BC.1 C0VP 103 3/8 

9.75 1/ 3/1962 
HEIDB&SA ELECTRIC HAH 102 7/8 

9.25 15/ 4/1981 


197h 
100.00 
1*77 
99.75 
1476 
100.00 
1975 
99-50 
1475 
99.25 
197* 

100.00 

"l“7* 

94.00 
1*7 
96.50 

197* MITSUI MTS ISC 4 SMELTU* 
100.00 4.75 2ft / 2/1981 

197b 
99-50 

1975 MITSUI O.S.E. LINKS 
99.25 9.50 15/ 9/1980 

1977 MITSUI PETROCHEMICAL IKD 
ll'O.OO 0.00 1/ A/19B4 

1975 SQTSTI SETPrjlLMNC-D.C 
94.00 9. a 15/ 7/J9C0 

MOL LSTOKATlom 


HITSI'BITin HEAVY 1X0 
9.0j 15/ 4/1961 

MitsTBiyn sATijf: 

9.00 1/ i/1989 


mitsti eta a ship 
8.76“ 1/ 9/1983 


101 l/( 

102 1/4 


102 7/8 
100 1/8 


101 1/2 
97 7/8 


191 3/8 
?5 1/2 



99.25 

7.75 u «/m* 


15. Chi 

197* 

100 . 0 a 

XlTORc: CO 

9.125 1/ 8/196! 

P 101 

lf.KO 

9.00 

/«W 

98.00 

arm ezicnic , 

7.50 15/ 5/1981 

96 Vi 

3U.OO 

1977* K1PP0K nrUOSAK BAKE 
99.00 7.75 15/ 6/IW! 

98 

25.00 

1*7* 

100-00 

txrm TOW) MS BANK 
8.00 15/11/ 1481 

99 3/B 

20.00 

1976 

100.00 

NIP POM TOD05AS BAKE 
9.25" 1/ 2/1981 

101 3/4 

15.00 

1974 

97.DO 

SnTC9 TOMKAS BAKE 
10.25 15/ 1/196D 

104 3/8 

15.00 . 

IP-77- NIPPON WS1SC 

97 1/2 


*.as 

A. 55 

8.54 

6.7b 

8.04 

9.47 

101-00 

30 

15-31 

3.75 

mi 

4.05 

8.(6 

7-f-i 

9.39 

100.50 

JO 

1930 


2.01 

1.07 

6.48 

7.21 

5.67 

100.00 

1978 

1-02 

2 »*( 

3-38 

8.70 

8.93 




3.72 

8.58 

7.96 




3.0L 

8.41 

8.67 

8.30 

100.50 

30 

1479 


2.13 

8. 38 

8.90 

7.88 

100.00 

30 

7979 


3-B4 

8-66 

9.43 

7.9* 

100.50 

30 2.00 

I960 FF1S76 

2.96 

8.12 

8-99 




2.96 

8.30 

8.99 

.00 

100.50 

30 

1978 


10.93 

B.67 

8.80 

8.63 

101.50 

9D 

1562 


2.83 

8.05 

8.99 




5.35 

B.70 

8.74 

9.25 

101.50 

(5 

19*0 


2.38 

2.25 

8.73 

8-71 

9.36 

101.00 

1978 

1.00 

197b 

5.93 

4.(9 

8.47 

8.60 

8.17 

9.16 

101.00 

30 

19B1 

ft . 00 

1961 

2.21 

8.51 

9.12 

7.09 

1DL.OO 

30C 

1676 


6.26 

8.70 

8.12 

9.68 

101.00 

A5C 

1911 


2.26 

8.73 

9.03 




3.05 

1.68 

B.13 

Sul 

7.74 

101.00 

30'. 

1678 

1.00 

1970 

4.13 

6.33 

7.91 

9.03 

100.50 

30 
19# 0 


3*55 

6.18 

8.05 

8.71 

100.50 

10 

1939 


2.76 

8.48 

9.09 

'* "- 02 - 
101.00 

60 ? 

1979 



w n 

KT 

r.C BY 
■ ST 

re is 
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BG ED 
LX 

EP ST 
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re eu 
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kp eh 
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np m 


411 32 
98 
979 
411 32 
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975 

463 195 
941 
396 35 
920 
950 
411 105 


31 35 *0 
805 927 931 
940 971 
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927 931 939 

805 970 *10 
910 9*0 975 
105 380 *1 3 
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9*0 9*2 <<75 
805 9*1 975 


30.00 

20.00 


2,-i.D® 

25.00 


100.00 

1*77 TOTO UnXA SAI5BA 
99.25 7.75 1/ 4/1982 

197* TOTO MEKZA MISHA 
100.00 9-25 1/ 4/1981 

1977 7.S. LIVE f CAYMAN ' 
99-25 7.75 15/ J/19B4 

1*75 X.5. UVE (CATKAST 
99.25 9.50 15/12/19BD 

rs poLURs-EotLA 


301 3/4 
102 
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101 1/8 
90 1/2 
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302 

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396 913 

359 913 960 962 975 
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412 •** 


10.00 

2.50 

20.00 

20.00 

30.00 


80 ED 326 870 913 920 962 
LX *75 

354 913 962 


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99.50 “.50 1/ 3'1«F2 

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1947 ARSED FINANCE 
99.50 6.10 1/ 6/19-9 

1472 S.F.E. LUXLMBOOTC 

160.00 7.50 15/10/1962 

1*76 S.F.U. LEfflHtK 

100.00 9-00 15/ i’ 1*63 

05 DOLLASS-MCIIDU 


99.50 


7.75 1/ 6/1982 


1.72 7.39 9.BI 
4.09 8.49 7.95 


1.5 a 
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LX 

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15.05 
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20.00 

A-ftO 


20.01) 

17.00 


20-00 

20.00 

50.00 

35.00 
6.02 

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b.oQ 

25.00 
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15.00 
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3.04 


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99.75 
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96.75 
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100. DO 
1(72 
100.00 
1977* 
100.00 
1575 

98.00 
1977* 

100.00 

1964 

98.25 

1964 

¥7.b6 

1*65 

98.75 
19*3 
97.70 
19*h 
»J0 
19*7 

99.00 
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96.50 


BANCO KAC1QKAL DF OWAS 

9.25 1/11/1982 S 
C.F.E. - MEXICO 

8. DO 1/ 2/H57 

F1SASA - PIS at 

9.00 1/11/1962 

NATIONAL FIS ASCI EPA 

7.25 1/ 9/1982 S 
SAEIlSNAL POANUIERA 

10.00 1/ 7/1901 
PETWLEHS MEXICASOE 

8.50 1/ 9/1987 
prrwiEus laxicADos 

9.00 1/ 7/1983 

PEIMLEOS M31CAS0L 

lO.a 15/-/19B2. 
TELcnmcx or Mnia» c* 

9.25 10/ 8/1984 
D5UTO W« STATES 

6.25 1/11/W79 C 

B5ITEP MEXICAN ETATES 

6.50 1/ ft/1979 S 

UNITED ME3QCUC STATES 
6.50 1/11/1980 ■ 

1K1TED MEXICAN STATES 
b.?S 15/ 7/1978 S 
mntra mexicas states 
6.875 1/ 7/1901 S 

crairo MEXICAN STATES 

7.00 15/ 4/1982 S 

UNITED 'SCtCAN STATES 

7.25 15/11/1961 S 


99 1/4 


99 7/8 
92 1/2 
97 3/8 

*S 

103 1/2 

95 1/i 
100 S/8 

104 1/8 
100 1/8 

97 3/8 
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96 1/8 
99 1/8 
96 7/8 

96 1/4 

97 7/8 


2.30 

8.16 

9.06 



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9.51 

5.88 

NO 

3.16 



100.00 

!•:« 

19*5 

1.96 

6.54 

5-91 

3D 

."•4 

1.55 

6.72 

100. DO 

.1978 

■ liftb 

3-84 

8.J9 

7.90 



6.13 

6.67 

6.13 6.$6 

30 




100.00 

1983 


3.01 

8.23 

8.07 



8.84 

8.63 

8.46 8.A0 

30 




300.00 

1985 


2.38 

8.61 

9.1i 9.88 

30 




100.50 

1978 


2-26 

8-21 

9-07 



2.76 

8.38 

9.07 



3.21 

8.32 

8.C3 



3*35 

809 

8.39 



5.63 

6.6! 

B-M 


5. DO 

4.13 

8.73 



19BD 

6.59 

8.77 

IM? a.76 

45 

5.00 

5.09 

B.9t 

101.00 

1980 

1*81 

2.60 

8.91 

9.5* 


2.50 

105 

8-35 



1978 

3.03 

8.5b 

£.90 6.37 

30 




; oo.oo 

19 SO 


1.5a 

7.56 

6.93 

3ft 

.60 

-B( 

8.17 

100.50 

1978 

19 *7 

1.46 

6.65 

'8.84 



5.72 

8.56 

B.CU 4.16 

3D 




101.00 

1982 


2.59 

fi.St 

9.30 



.04 

7.10 

5.90 

30 

1 .07 

.BP 

7.37 

IDO. 00 

ICS 

l«h« 

2.13 

ft.Sl 

6.19 

JO 

I. ID 

1.37 

7.20 

IDO. DO 

14.8 

l“r» 

b.47 

ft.ftl 

8.16 4.17 

m 

3.00 

(.21 

8.*; 

1Q1.CO 

1981 

1980 

2.59 

B.2ft 

9.44 



3.8* 

8.33 

7.(0 



3.93 

6.16 

7.9S 



2.93 

8.4* 

9.67 


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prmrj 

5.BB 

8.55 

8.04 9.55 

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5. 00 

4.58 

S.i j 

101.00 

1961 

19H1 

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8.74 

9-15 8.21 

1ft 

.71 



101.00 

1978 1-11976 

4.63 

9.30 

9.45 



J.96 

9. Jo 

9.46 



I. 09 

1 I. 

6.55 


I.’O 

..9 

R.;u 



1973 

(.*7 

7.K2 

7.59 

60 

4.00 

2-7 

8.0$ 

101.50 

1978 DP1978 

ft.BU 

8.52 

6.85 



4.51 

9.50 

9.*8 



R.T6 

9.78 

B.ftS 

13M 

1.6$ 

A.B2 

10.02 

103.00 

1980 

19?0 

4.51 

9.72 

9.24 



4.15 

7.»S 

7.53 

n n 

."0 

2.-o 

8.13 

102.00 

19.8 

1971 

3.18 

8.67 

9.6b 



9. 14 

•-27 

8.92 10.27 

4$c 

1.25 

3.55 

9.ft3 

102.00 

1982 ' 

OP197* 

4.18 

8.80 

8.94 



3.9ft 

6. (ft 

9.6* 6.71 

10 

6.00 

3.0ft 

8.67 

101.00 

1979 

1*60 

b.i8 

4.20 

9.3* 9.96 

10 

2.38 



102.00 

1*80. PP1978 

1.57 

8.M 

6.52 

311 

1.2ft 

.88 

9.65 

100.25 

197B 

19*6 

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9.11 

6-75 

JO 

.P“ 

•b9 ' 

L-.04 

100.00 

14 IS 

1965 

2.51 

8.41 

6.88 

30 

1 . 0 a 

1.J8 

9.81 

100.50 

1978 

19b7 

.21 11.19 

6.93 

JO 

1.00 



100.00 

1978 

196* 

3.13 

8.16 

7.32 

30 

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1.69 

9.10 

100.00 

2978 

1907 

3.96 

8.29 

7.40 

30 

.*-2 

2.22 

9.10 

101.50 

1978 

19*9 

3-55 

8.11 

7.54 

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.38 

1.80 

8.74 

100.00 

1978 

1967 


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Today’s prefects demand more 
financial strength and know-how. 


In recent years the financial requirements for 
energy, transportation and infrastructure develop- 
ment have escalated at an enormous rate. The 
Euromarket has emerged as the world’s largest 
marketplace for international borrowers and big 
funds on an international scale. 

Commerzbank is I 

an established force in this market^ ranking among 

, the leaders in international bond issues. 

During the past decade alone, Commerzbank has acted 
as lead manager or co-manager for some 250 Eurobond 

issues aggregating more than US$9 billion in straight or 

convertible bond issues, private placements and other accepted forms depending 
on specific client requirements and prevalent market con ditions. 





i£ 


Eurobond Volume 

1967-1977 

US bittern S 



2 The Euromarket is only one example of 

the dramatic changes in international financing 
that have taken place since Commerzbank was 
established in 1870. Alert to the needs of its clients the 
Bank has always been a leader not only in adapting to 
new developments but also in making significant 
contributions to them. 

With consolidated total 
assets of about US $ 35 billion, Commerzbank canput 

its vast experience in international financing to work for you wherever you need it. 

COMMERZBANK ilfc 

Ec.opatnasrBancodi ttonra ■ Banco HispanoAmertcano ■ Ccmrecbank - CM Lyonnas 

.toWMKoort Hoad ««“= P°- *» «»“ ****«•* 



.Intvnaiionri Haa* . 

. n nnssete' Chicago' Lcndon' YbrK- Pans -Thkyo 

. Buenos Aaes * Cara • Caracas ■ Coo en ha pen • Jatota • Johannesburg - lima • London 
it™™ AMaita a nd-BB»5ail3SS^QSsgSi VofK ■ Rio ^ J«>neuo * ftobadani - Sao Paulo - Singapofe ■ Sidney ■ Tehran ■ Tokyo * Windhoek 

CSmuia ; * Uirwnu (Bahianl • Me»co cay 


Quo 


Austrian Quotes 

tafions andMelds of Austrian Eurobonds 


ISSUE 


D-SIARK BONDS 

€}% Brenner Autobahn 196S <G) 

6% Donaukraftwerke 1959 (G) 

8}% Donaukraftwerke 1973 (G) - 

7% Girozentrale Wien 1970 

71% Girozentrale Wien 1976 

-8J% IAKW 1975 (G) 

61% Kelag 1973 <SG>. 

82% Oester. Draukraflwerke 1973 IG) 

7% Oester. Elektrizitaetswirt 1967 (G) 

7% Rep. Oesterreich 1968 

6{% Rep. Oesterreich 1969 : 

9% Rep. Oesterreich 1975 

81% Rep. Oesterreich 1975 

73% Rep. Oesterreich 1970 

62% Rep. Oesterreich 1977 

6}% Tauernkraftwerke 1968 (G) 

7% Tauernkraftwerke 1968 (G) 

91% Tauernautobahn 1974 (G) 

81% Voest 1973 

S}% Voest 1975 

M% Voest 1977 

-7%. Wien 1968 

81% Wien 1975 

U54 BONDS 

6% Rep. Austria 1964 

62% Rep. Austria 1967 

82% Rep. Austria 1976 

62% AusL Electricity 1966 (G) 

■6J% Aust. Electricity 1967 fGl 

52% Alpine Montan 1985 (C) 

8|% Tauernautobahn 1977 (G) 

52% Voest 1963 (G1 

6j% Transalpine Fin. Etidg. 1966 

61% Transalpine Fin. Hldg. 1966 

61% Transalpine Fin. Hldg. 1987 

63% Transalpine Fin. Hldg. 1967 

7}% Trans-Austria Gasline 1973 

AUSTRIAN SCHILLING BONDS 

9i% Kontrollbank 1974 (G) 


DOMESTIC ISSUES 

8% lores titionsanleihe 1973/B 

8% Znvestitionsan lei he 1973/D/B 

8% Investittonsanleihe 1974/B 

83% Lrvestitionsanleihe 1974/n/B 

Si% investltionsanieihe 1975/n/B 

8*% 'Investitionsan]eihe 1975/S/n 

Si%. Investltionsanieihe 1975/IU/B 

8i% Investltionsanieihe 1975/S m UJV 

S4% tovfisUtlonsanleihe' 1975/V/B 

8i% Investitionsahlelhe 1976/S 

S% Investitionsanlei he 1977/S/1H/B 

8% Investltionsanieihe 1977/n/B 

8% Investltionsanieihe 1977/m/B 

8% Wasserwirt seb afts fondsanl 1977/UI 

8i% Energieanleihe 1975/HBU.S 

8J% Wiener Stadtanieihe 1975/B :. 

S% wiener Stadtanieihe 1977/A 

8% Wiener Stadtanieihe 1977/B 

8% “ urt, P- Investirionsbank AnL 1976 

S% later-Azn. EntwicWungsbk. Anl. 197G ... 

8% Tag Flnco Anleihe 1976 

8 L % Sparkagaenanleihfe 1975/U/B 

8% Spark?ssenaaleihe 1977/S/B , 

fR) Purchase for redemption purposes fay issuer possible. The bonds so 
to pian. (...) Repayment at a premium. (G) Government Guarantee. 

lions are based! on the middle 


COUPON 

DATES 

REPAYMENT 

SINKING 

FUND 

(STARTING) , 

1.2-l.S 

1A74-83 

15.73 

L2-1.8 

12.65-84 


1^' 

1.3. 73-87 

L12.77 

1.11 

1.11.81 


• 1.11 

1.11.83 


1-5 

L5.S0-S5 

__ 

1-8 

1.5.7B-88 

-L2.7B 

1.3 

15.81-83 



1.2-l.S 

1 2.73-87 



1.4-1.10 

1.4.73*2 

■1.4.72 

L4-1.10 

1.4.75-S3 

1-1.74 

1JZ 

122.83 

— 

1.5 

1.5.7S-S7 

15.77 

2.5 

2.553-S6 

li.S2 

1.4 

1.4.S3-85 

2.152 

1J-1.9 

1.9.74-83 

15.73 

35-1.8 

1.2.74-S3 

— 

1.7 

1.751 

— 

1.10 

1.10.79-SS 

' 1.G.7S 

1.6 

1.651-85 

— 

1.6 

1.65459 

— 

1.6-L12 

1.6.74-83 

1.6.73 

1^ ' 

1.B.79-S4 

“““ 

31J.-S1.7 

' 31.1.71-84 

. 3.1.70 

15^-15^ 

155.72-82 

155.71 

15-8 

155.78-90 

155.77 

1J-L7 

1.7.70-86 

1.7.80 

1.4 -1.10 

3-10.71-82 

1.10.70 

15-6 

15.6.72-S5 

15.6.71 

lo2 

135.83-87 

155.82 

23.10 

23.10.70-78 

23-10.69 

31.10 

31.10.70-85 

31.10.69 

31.7 

31.7.70-85 

13.7.69 

31.1 

31.1.73-83 

31.1.72 

30.4 

30.4.74-83 

30.4.73 

15.1 

15.L77-88 

15.1.76 

14-8 

145.79 

' — ■ 

152 

155.77-8 1 (101) 

— 

3.7 

3.7.76-81 (102) 

— 

1.4 

1.4.76-82 0 04-50) 

TR 

22.10 

22.10.75-82 

— 

1L6 

11.6.76-84 (10S) 

— 

25.7 

25.7.76-85 (103) 

— 

28.10 

28.10.76-84 (IDS) 


27.12 

27.12.79-85 003.50) 

. — 

12.12 

12,12.79-85 (103.50) 

— 

202 

20551-86 (104) 

— L 

2.6 

2.652-87 

— - 

15.0 

15.9.82-86 

— 

20.12 

20.1252-86 

. — 

3.6 

3.6.82-86 

— 

20.10 

29.10.79-85 (10350) 

— 

29.4 

29.4.76-83 

— 

105 . 

10.5.78-92 

. — 

10.5 

- 30.5.78-92 

— 

20.10 1 

20.1050-86 

. 

17.12 

17.1251-Sff 

— 

10.11 . 

19.1151-86 

— 

21.10 

21.10.77-83 (101) 

— 

26.7. 

26-750-83 

. ; 


PRICE 


BID 


ASKED 


CURRENT! 

YIELD 



10»i 

105 

6.44% 

554% 

101J 

102 

5.90% 

551% 

102 

103 

6.59% 

057% 

1054 

106 

6.62% 

5.18% 

106} 

107} 

6.78% 

5.75% 

10S) 

109 

S.05% 

7.14% 

104 

104* 

6.47% 

6.17% 

109 

109* 

8.01% 

7.02% 

103 

H»| 

6.77% 

6.64% 

104 

104* 

6.72% 

552% 

1034 

104 i 

655% 

5.71% 

108) 

10s: 

R5'J% 

657% 

107 1 

107) 

751% 

7.35% 

100 

109} 

7.09% 

654% 

106i 

107 

6.10% 

5.5S% 

103 

103* 

G.30% 

5.93% 

104) 

104} 

6.70% 

6.05% 

113 

113* 

8.39% 

4.92% 

107} 

10S* 

757% 

758% 

109 

109} 

7.77% 

651% 

103} 

104} 

6.49% 

6.24% 

104J 

1041 

6.09% 

6.08% 

106} 

107} 

7.71% 

6.85% 

9Sj- 

99 

6.08% 

6-41% 

99 

993 

6.79% 

7.08% 

lOOi 

101 

8.68% 

S.65% 

97 

97* 

651% 

752% 

994 

300 

6.77% 

6,96% 

941 

94} 

6.08% 

6-73% 

98} 

99} 

853% 

8.41% 

991 

99} 

5.7S% 

6.81% 

96} 

97} 

6.70% 

7.06% 

97} 

98} 

6.89% 

7.11% 

98} 

99* 

651% 

7.01% 

98} 

99 

6.84% 

7.0S% 

89 

90 

&5S% 

9.15% 

101 

102 

956% 

853% 

lOOJ 

101 

755% 

S.06% 

1003 

101* 

7.92% 

S50% 

103 

103* 

7.75% 

S.02% 

S.34% 

100} 

100} 

.8.46% 

101 i 

102 

855% 

S.51% 

101} 

102} 

853% 

8.43% 

10i; 

101* 

8.36% 

8.51% 

102} 

103} 

855% 

S5S% 

1023 

103} 

855% 

8.30% 

102’ 

102} 

858% 

S.40% 

98} 

98i 

8.12% 

S.24% 

98} 

08} 

8.12% 

8.25% 

9S1- 

98} 

8.12% 

854% 

9S1 

98} 

8.12% 

S57% 

1021 

1032 

854% 

S.27% 

100} 

100} 

S.46% 

857% 

98} - 

98} 

S.12% 

S.1S% 

98} 

98} 

8.12% 

854% 

98 

OSS 

I5H 

856% 

98 

98} 

8.14% 

858% 

97* 

98 j 

- 8 J3% 

850% 

101} 

101} 

858% 

S.31% 

99 . 

99* 


S.17% 


purchased may be used for repayment according 
(S) Local 1 Government Guarantee. Yield calcula- 
price. 


On intonationa! capita] markets Aostria ranks as THple A: For knowlted^able investors, 

Anstrian securities are particularly safe aod attractive investmarfs. 

Austin issuing houses may be considered models where and it acts as a depository- hank Tor invesimenl funds. Leading 

mancet support is concerned. One more reason for many w — ] y J or co-managing almost all domestic issues and having 
mvestoB to buy Austrian bonds. Girozentrale Vienna is ■ r~WF A P underwritten more thnn i*sucs on the F.um-CapnaU 
Ausbia’s second largest bant Issuing as it does it*s own m. m f M W Market in 1977 alone.' Girozentrale Vienna is one of the 
securities it looks after foreign companies on the Vienna Borse leading Austrian institutions handling securities. 


Girozentrale Vienna 


Market Maker in Austrian Eurobonds 

tommSenamei Trahns UEVamnencKarl VOMACKA.Tel.'73M Mtl Telex: 1*3 WS • Dejnilj- NUrngn. EuroboniJDeaer-MartrrtelULUTel.jTa 04772. 
•TelER: W|0S * Eurobond Dealer: Herbal STEIN DO RRLR. Tel: 72 9*675. Telex' 1-3195 * Andrian SduUuKbondf Dealer: Herbert PIERINGEILTeL- 7394371 
• Tele**l-JI95-MjrugcrNe«ilttueS)r«l)CBii)n:ReietNOWAK.Td.'72«M4.Tel« , l-.wi.s ’ ** 


9 

I 

J 



Financial Times Monday May S 1973 


-U) SJO 

So ££ 

53 

^5 S* 


SOBHGV.ER ■ 

coupon MATuany 


i". :uU_«i-:£:ico ica.tt-t. 


1973 tilTO H14UCAN bXm£ 

100. Gn) e.50 15/ j/l«i7 

it?? ciato *(Quc.v; statu. 
1M.00 5.75 1 ji'lf LS91 

7177* K.1IEJ KSSItV: STATES 
1 60. GO *.04 !/ 5/193; 


16.'6 ILTT7D VL2 IC*.G CTO l 101 7/1 IS 4 
100.0(1 9.50 1/ 3/1991 5 

1977 CUITnj'dCVS STATE'. L 10/ 114 

loo.iu 10.00 ;:•/ j/i*$a s ?•: 


siiii 


^ in 5* in. £ 


SS IJ Ipil 

*5 ?|| ip I 

ft §te f£ S== ? 

il dsg = | 2 

*■3 w 


to p 
S3 Sg 

32 I OS 


5.73 

13.63 9.AS 
9.U8 9.59 


SC OOLLlSS-KETaEKLU.D-J 


DLTCR SEATS WISLS 97 

8.35 15/ 6/1467 

DUTCH Stilt HZ (42 100 

3.75 1/ 8/1*88 

SL=CU STATE unit: 101 

9.29 15/ 9 J 19SO 

ClSj-BMCADCS CtTL 97 

8.25 15/ 7/1985 

mtiotals samiji-jri a 97 

8- 01 70/ 4/19?; 

hat TC'CT. m cov u« ijt 
8.00 15/ 6/ 1968 

SAT SEBFB FIS C0»P 3/ 96 
8.00 15/ 6/ I960 

PASEDEJ BOLD ICC S.T. 88 

9- 00 13/ 3/1962 


:;i 0.28 8.41 «.S3 
“.is 8.70 
9.13 8.73 8.51 
0-22 £.77 

f/S 10.26 1.61 8.70 
8.16 B.A3 

1/2 2.38 8.48 9.1! 


501 d-fl; 

J IS 5. 98 8.38 8.22 


W 13= 1/2 10.13 4.03 6.04 
7.8] 3.17 

ZV 96 10.13 B.60 S.33 

7.63 8.74 

88 5/S 340 12.99 10.16 
3.40 13.38 


PHU.IP-- e.t ris 

o.iG 38/ 6/1979 
UJ DOUAP.S-rEV 2r*LA-‘3> 


99 5;8 1-17 6.82 6.52 
•67 7.09 


140b COVT. OF SEW TEAL AM) 
90.00 0.5)1 15/ 3/ 1936 S 

l*o 7 COVT. «JF $E? ZEALAND 
47.75 o.75 15/ 7/1979 S 

l°;‘» COVT. OF SDi 3£ALAM> 

94. .o 7.50 15/ 9/1934 S 


11 To COVT. Or 5157 =EALA13 100 
100.00 8.50 15/ 6/1983 

:*i r- coiT. or sew TCausd loi 
99.50 9.00 15/ 8/1980 

(97S COVT. OF VEW 2 CALAMI 102 
**.50 9.25 15/11/1981 

1974 covt. or :.a zsiusn 102 
99.50 9.25 15/ 8/1982 

irr:« ?.bj z^vlaso ow rr:: coke 97 
lCO.OO 7.75 15/ 5/1984 


:97s OFFSPOPF KLM7C 00 
TOO. CO 6.25 15/12/1985 

CS HOLLAS S- SO RVAT 

!""■ AEDAL 00 bUKffAL 
100.00 9.50 1/11/1980 

1971 B055ECA4EH 
lOO.CO 8.75 1/ 2/1986 

l*t. CITY or KiCEM 
99.00 5.50 15/10/198. 


cirr or olid 

5.25 15/ 6/1972 

c;tt of oslo 

5. SO 15/ 9/1954 

f 17Y OF OSLO 

5.7i 15/ =.M9:9 

viTT mV OULO 

5. '5 1/ 6/1/55 


io.:o 

30 1.20 

XT Ci 

102.ro 

1932 1976 

6= 

1 

90 l.=» 


102.50 

1980 PF1974 

LS 

9.60 

50 =.S0 

UP C 
AY 

SP GY 

102.50 

1986 PFI977 

CT 

9.** 

30 7.50 


102.7$ 

1985 1981 

NY 

9.(6 

TOG 4.00 


102.00 

1982 1978 

1 X 

9.30 

30 .50 


100-7# 

1983 W 1978 

IX 

a. 75 

30 3.75 

SP ED 

101.00 

1962 DP 1381 

LX 

9.23 

60 4.00 

VP EU 
LS 

re eu 

101.50 

1983 1881 

LZ 


5.00 

J.P ES 
CQ 

re eu 


1*83 

AS 


1.00 

PP w 


1983 

AX 


10.00 

T.T HJ 


1961 

AX 


TOG 5.50 


100.00 

1979 197= 

AS2B.T 


10 1-1 l 


101.75 

1978 1968 

ms 


30 .S3 

SP 5.T 

101.75 

1*78 1*6* 

STLS 


JO l.SO 


IOI.OO 

1973 1969 

NTLQ 


337 105 913 960 473 

348 103 913 960 975 

413 5! 33 33 60 
*0 805 915 477 
931 939 940 973 
Alt 803 913 975 

434 32 33 33 303 
915 sw 9# s;o 
975 


7.9S 8.58 

100.00 


S.» 14) 82)4 
5.13 8.27 8.43 


9.02 7.48 

100.00 

7.99 9.22 
101.00 

8.99 

u».oo 
8.35 8.89 

101.00 


3D 2.00 
1981 ITU 7 7 


30 1.60 

I960 DFI976 

30 1.25 

3981 01*1938 
60 l.SO 

1980 PF190O 
JO 

1981 


7.76 8.97 
..65-9.08 


o.47 6.54 
3.08 7.21 


£.93 8.20 
..93 8.31 


6.18 8.60 
3..0 7.JS 


7.04 0.71 
.-.il 1.33 


8.86 10.06 
101.00 


£.10 4.22 

101.00 



*6 

Ull 

s.:5 

i; 3/1*06 


-.65 

6.21 


102.00 


1“ 

> 

CITY Of OSLO 

*0 5/8 

19.11 

9.33 

9.26 

9.37 

1J.UO 

9* 



1/1 1/1997 

S 

12.58 

9.42 


102.25 

l.-.Ou 

:» 

0 

U~ or 04 

LO 

101 rs 

7.01 

a. 78 

8.90 


0 

tom 

00 

“.00 

1/ 5/1*65 


3.42 

8.66 


102.50 

.u.nn 

;s 

D 

t:r: ur oslo 

101 X't 

9.34 

8.78 

8.88 

8.7B 


4.00 1/ 3/ ms 

I 11747 DCM Of MUUAY 

5.50 IV 5/191- 

SUiCW- or LOK'AT 
5.90 1/ A/1485 

HSCOfly. OF SOPVAT 

7.75 r:/ 3/1982 

S 15 CDQM OF 506 VAY 

7.3: 5 1/ 2,1982 

e:sotok of soLiLvr 

7.50 15/ s/1452 

rL'.crO'* of sosv-a" 

:.'j Ull 1931 

1 . 1 -ADO:-- OF :OD.Af 

8. 1.-4 1!/ 1. ISU 

riMHir 01 - or >•’ 
8.25 15 / 2 / 192 : 


5.1'J S.b7 
6.04 6.53 


o.*l 6.5s 
— 1- 7- II 


90 1.35 
1939 0P1975 
30 3.311 
1969 021983 

50 1.20 
1979 DP197= 
30 3.80 
1982 DPI47I 
90C 1-44 
V9I9 1973 


P ȣ 3-i.l 8..1 

99 1/2 4.72 8.-9 
S 

100 3.8 --il *.=» 


SO £38 105 320 602 606 
960 975 
CU 238 *** 

S 245 105 602 686 927 

ES 233 606 930 975 

50 238 £02 606 

31 238 105 tK 606 975 

il) 3AS 105 520 805 941 

JLS 975 

SY 437 105 911 965 975 

CT 437 105 9H 975 

-T 437 105 9- 1 975 

I 

CT 437 32 33 35 eO 
80 40 80S 977 
931 939 940 9 75 

51 488 ***• 


HP EU 48? 105 JDJ 520 805 

LZ 911 930 9 33 9.1 

917 950 960 974 
HP CU 48? IDS 520 805 8 7D 

LE 9U «K 9M 947 

960 975 

;,T a £83 520 805 870 911 

LE 930 935 941 9eO 

975 

sl as 402 **■ 

LE 

NP ED 48S *** 


! 520 7T5 7?5 
I 955 9 SO 475 
1 520 710 715 
7*0 959 960 

! 520 710 7J5 
I 9 31 94 L 955 
I 975 

1 520 710 715 
740 955 9b0 

i 520 735 7 VO 
955 960 9>5 
551 710 7)5 
932 941 955 
975 

520 710 7T.4 
1 941 955 9b0 

5=0 710 7)5 
9)2 941 955 

97> 

SZfl 710 735 
955 9b0 475 
3) 35 60 
SO) 927 931 
940 975 
710 735 955 
973 


315 1C5 S» 710 7)5 
740 4il 9« 9 ii 
960 975 

215 105 520 710 D5 
7-0 932 941 9i5 
960 975 
315 *** 

4il 32 1) 35 60 

SO 90 80? 977 
yil 9)4 940 Di 
555 32 33 35 6C 

40 *0 ED! 977 
931 9 W 940 975 
315 5* 932 

*79 72 33 35 60 

60 5J SOJ *27 
931 939 *40 *75 
413 32 33 3? SO 

90 SOi *37 931 
939 940 975 


BORROWER/ 
COUPON MATURITY 


c s PcUAgE-Logyar (cg/Hsun i; 

ILlLCKn 0? SO* SAY 100 JiB 

8.25 15/ If mi S 

cisaroT of sonar 99 */8 

«-!5 1/ 4/ 1993 

E 3 GM 1 CF EOZtlY 1 C I 

J-50 15/ 2/1981 

ESC OUT OF SOeWAT 101 1/2 

9-85 15/11/1980 5 

sii JKn op sonar :oi :/2 

SJ7S 15/ 7/1980 S 

nMne- os soekw i;i :/8 

9.00 It 9/1980 
laAFTLACET OPPUSOWRarT 92 5/8 
5.75 IS/ 3/1984 

KSAFTLIBET OrPLKSDSXfiAIT '93 lit 

6.25 1/12/ 1ȣ5 

stun-'csr orPLsasaurr 97 
£.50 V 6/1982 s 

LOM.ES KOSBUUU57 95 3/4 

I 5.75 19/ 1/1984 

aoacFs naeaiKALmr 95 1/8 

7.50 1/ 2/1987 

1WBCES IMMJKAL8ASE 92 7/3 

7.50 13/12/1990 

KiBOlS FtBBOS/xaAK 97 5/3 

3.50 II/ 12/ 1991 

N0ICE5 EfflCffSALBAK 97 1/2 

8.50 16/ 5/1992 

SOUKS r.OSStPaiABESUCOSI 99 5/S 
9.125 It 4/1993 5 
L08PIPE . 97 1/2 

8.50 15/ 3/1*39 

uOBFIPE 101 7/8 

9.23 1/ 5/1986 

(kTESR HTMO-ELBTYBtST 58 3/4 

6.875 15/10/19B2 S 


:assi: uttko 

8.50 1/ 3/19 J 2 


MJSEt HI D HO 

9.50 1/ 4/1986 

SCAT: SY3FO 

4.75 1/ 6/2985 

WaTHCWi PAPES MILLS 

6.75 U 9/1962 S 

SOLDAl-aUAL 

3.75 10/11/2984 5 


SIU-r.1M 

5.71 29/ 1/1985 5 


SLEA-r.T.'A . . ... 101 Si B 

9.90 15/ ; 19:5 3 


Ci DDLLU1-- P-'-SAPA 


MABKET 

MAKERS 


is- 



“ 



in f 

- £=• 

BOHROWOV 

3 

Jid s 

s H i 

II ;t 

COUPON MATURITY 

£ 

□ S a< £ 

“ o g 5 

4 |s 3 



£=3 


8.34 B.M 

8.06 a J2 


7.13 6.2i 
S.i>j 1-ZC.53 


T. 4 A 6.71 
8.29 10 ! .n 


7.*0 6JJI 
£.25 101.03 


7.S8 

101. ro 

■ J39 

101.75 

8.7 L 9.L7 

102.50 

5.72 9.17 

1272.50 
9J7 9.39 

100 .00 

8.72 9.63 

■ 101.50 

9 .08 8 . PS 

101.25 

7.08 

102 . CD 


4*..T .S3 

1573 1971 

33 l.QS 
197C 19s 7 

2JK .X 

1979 1969 

10 .50 

1980 Df 1975 

30 . 50 . 

1990 DP1972- 
90C 5.00 

1935 1983 

S(2C 6.JS. 
1986 19S1 

30 s.ca 
1990 371954 
45 2.00 

2982 D?19M) 
4S 2.9i) 
19S1 D?:%78. 
•ir.r ; .m 
1978 1WL 


E? sr 413 32 3) 39 M 
L7 ' ' TO ECS 927 931 

. .-939 960 975 

.-PM 315 •** •- ' '• 

I 2 S . . 

■JM 315 •** • 

' W n 413 .32 :i 33 Ml 
90 sir? 9j7 Sil 
■ SW 940 979 
-PS.T 413 J2 33 3S 
:r; .. *0 405 92/ 931 

‘ 939 940 975 

3 .143 **• . . : 

re ej 230 res s:o 7io rjs 
4KI • 9)2 94l.9iS 9*0 

,;s 

5.7 07 =20 10) 5 a 710 7)1 

iz: 932 S.l 955 9*0 

975 

SC TC 361 105-520 710 7)5 
MU 740 S3J 941 95S 

960 975 

CT CO 3 IS 105 520 710.735 

LHE£ 7*0 9)2 SAL 955 

-960975 


1975 ESCOB X, 100 1/4 ‘O’ 22 

99.90 10.35 15/10/1983 3-97 10.26 lOO.CO 

1*75 XCOIHl ' 100 7/8 i-36 9-5= B.91 

98.50 . . .10J10 _. 5J 9/1980 

npcwie of soon omes as 7/a ij-j* •-« „ 

93.03 7.75 15/ 12/1987 7.M 10-59 10..1» 

!*72 KOCTCTC QTSMfa AF51C4 M 3/4 t.K 10.”W 9-S2 

99.50 8.00 2/ 2/1997 5.43 11. «0 10..00 

1976 tffifmtt OF SSWaAFBSCS. 100 3/4 i.» 9-60 3.6M 

98.00 , 9.75 15/ 2/1M1 

08 DflOAES-SfAlH 


1*67 ADTOPtSTAS 
99.50. 7-00 1/ 7/1187 

2972 I.Y.r. fspum 
100-00 8.00 1/10/1987 


17 

.00 

lao-co 8.00 

15 

■DO 

!*72 FEZUESU8. 

15 

.00 . 

99 .SO 7.7$ 

IS 

.00 

1*71 FCnWflOft 

12 

~ifl 

99.50 ' ,8 JO 

50 

.00 

197b BE5.TC 



99.00 9-3 


■ 485 .32 "'33 35 »0 
• - BO 931 959 940 
« 17 •** 


325 105 520 710 '» 
740 80S. 932 9-1 
555 960 S7S 
225 


C.U 

102.CO 
8.93 S.S1 
1 02 . GO 
9.21 B.82 

102.00 
9.42 8.74 

102.00 

6.95 

102-00 


40 2-CO 
198= 3PI982T 
-5 2.50 

1981 771976 
45 2.00 

1981 DFUea 
45 2.03 

1983 D71V9 
9 V* -*2 
ura lire 

TOY 1-00 

1978 ora 

«DT 1.00 
19T8 1971 

*0? 7-71 

1919 19)1 

307 .80 

1979 1971 

90C -71 

1979 1970 


f.? SB 215 P«* 
121 

HP ED . 599 — »■ 


. 710 Tl* 

I 912 955 H60 

[ 5 M 710 : 3 ? 
I *12 9*1 *55 
I 975 

i js> no tb 
I 9)2 9 "-V 955 
I 97S 

( 510 710 :)5 
I *32 941 “55 
I 975 

i ;« 555 9HJ 

I- 

i 520 710 739 
I 932 941 955 
I 975 


ID. 90 1977* 6ETI3LIC Of PANAMA L 99 3#’* 4.51 9.54 9.49 1-09 SPEC 66S .» 215 218 91» 

100.00 ».=S 1/11/1982 S.. F-T978 U -^30 “40 9o0 *75 

36.00 1976* SEPUELIC OF PMiATIA L 99 2/4 6.88 9.54 9.52 9.81 60 2.00 W US 715 75 520 94(3 960 

1OD.0C 9-?0 15/ 3/1987 101.50 1983 FF1979 3TLH .975 

US DOLLAflS-PAPUA SJ. * 


25.00 1*77 BOOCAIHTIiAC COPPER ITS 95 

25.00 100.00 8.75 1 / 5/1984 

FS POLUVPS- PHILIPP IRES 


91.50 O.30 15/ 1/1980 S 

US DOLLARj-POPTOCAL 

I9b4 EXPCILIC OF POR706AL 

97.50 5.75 1/ b/1964 S 

l*b> ELPGBLiC OF POftTKAL 

97.50 5.75 1/ 2/19S5 S 

15 tlOLLAPJ-SlDAPOSK 

1972 COVDOKEiT Or SIBTAPOEE 
190.00 7.75 1 MI/1587 

1977* errr- seipyapd 

99.50 9.9=5 15/ 10/1984 

197*. EEPPF1 FMtPTAPD 
9-s.bi 9.00 15? 6/VTO1 


6.01 9-89 9. 
5.00 10.07 


21 10.94 50 !.2Q PS 137 456 105 213 520 915 

100.50 1981 SP19T8 IX - 935-441 975 


.60 K? 51 JS7 975 


EEPPEL SHIPYARD 

4.50 1/ 7/1982 

SMB SL-iCAPOEE » 

8.5U 15/11/1963 

S1SCAPOP6 PF.T BAKE 

3.50 15/ 1/1932 

C ) DOLLUS-EOUTB AFRICA 


1*72 irSUKVHHtlCP.-: COFP 
97.00 r.50 1/ P/1487 

1467 DC BEERS CON) MTT.Lf 
94.50 9.30 It «/l*62 


102 5/4 
D 98 J/4 


|67l ESCOM 

98.00 8.50 
l* 7 t 354 CR 

.PS. VI 9.25 

1475 I 3COM 

100.00 10.40 


1/12/ 1*86 
1/ J/1969 


J.T2 

r.74 

6.7J 


30 

• 96 

S-oO 


100.25 

1926 

6.09 

7.07 

6.20 


90C 

3.09 

8-03 


100.00 

1979 

b.T6 

7.17 

6.27 


30 

3-7/ 

8.05 


101.00 

1*78 

».5l 

1.78 

7.77 

P.5B 

60 

J.35 

7. tO 


102.00 

19.-0 

fa.— 7 

8.92 

8.76 

9.38 

30 




101.00 

1*61 

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i«76 so ocn wjssjo 
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• 1*77* fcca-vre -ar.s=is nri'T 

;97 1/2 14.31 

I.ID 8-72 

I.-30- 

ino.iro 8.90 1>P ,9/ j*9= 

1*67 mats ITT '■;■ 

•9J 5/8 3.T6 

8.71 b.JJ 


100.00, 6.a ( -31/ .71991 

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i«7l BEEciuX 1=7 . 

93 3/8 7.14 

£.53 8.39 

jx.ro 

IC'0.90 8.25 1/ -V 1986 

5JJ 

2.64 

5 4.00 

IftU* EOUATU «“? . 

90 1/4 M.fl) 

*^8 9.«l 

fii.oa 

IBD.Jj *.3 15/ 5/1993 

. 10.81 

9.53 

32.00 

1*7B IQV’.fE* COST 

102 J IB 3.Z1 

9.11 9.52 

8o.ro 

14V.OO *.75 Lil 7/1*86 

BUTit'i: 'in. . 

102 3/8 =.:6 

7.98 8.79 

ln.nl 

ICC.OU “.0(1 1- 2/1991 

!*:.■ E?JT[SP! LA2B 

aj ;/> 0 .si 

10.82 9.51 

lb. on 

TO.CO S.OO 1/11/1*37 

5.01 

12. >3 

: .j-j 

ISr, B21TIS1I KlftfUVX 

99 5/8 .*5 

7.-3 6-7S 

-•■40 
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TO-75 6.7$ 2l.'i:/l«78 

r*:> JETTlftl SBIptCILDtS? 

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99 1/4 10.72 

B.7fl B.b9 

j:.nQ 

TO.OO 8.625 15/ L' 1909 

6.07 

8.77 


CADKPY CCKV.XTPFS O/S 88 1/J 12.4 7 “.54 
i 7-75 J 5/10/1990 4.35 9.62 

CAPITAL 6 CJIS.H43 HOP 9= 3/- 10.51 10.14 
i *.00 l.'l 1/1988 6.JI 10-eS 

CAT0WW isn- BY 96 S/3 “.*3 10,0# 

9.F0 if; 12/ 1*87 6-67 10.1* 

CIT." 4 CUC5VT Df SrJSTOL 100 -«5 8^4 

a-26 15/ -/ 1479 

■ err; or uvesm W# a.'is 

9.25 If S.’IMO 

fir/ or GBV23T5T MI l.’B =.7e 8.37 

8.873 J / =/*9Sl 


4-.S *0 3.00; 

102.00 1980 DP 19 7? 

S.*8 bO 1 .00 

103.00 19(1 D91975 

3D 1540 

102.00 1478 1979 

10. 3b 6 DC 1.35 

iai.ro 198=191975 

90 

100.50 1978 

t>0 3.00 

1H2J10 . 19(9 BP 1977 
16.00 
1(03. 
8.00 

MSS tS 

».'=» 60 =.oa 

101 JO 1S0O PM977 

o.i? *si- -s.ro 

181.45. 1984 IT 14 78' 
■». 

102.00 13 (£ 

B.9L W • 2.50- 

iro-00 I9E1 1974 

“.’6 bO 3.C3 . 

101.59 1985 DP19S1 
*.») 60 1.25 

101.30 lyS2 rF1977 


*n 

1O3.C0 I960 


102.00 1901 0P1979 


132.00 19(0 EPT97S 

40- 2.50 

102.00 1*81 DJI 979 


8.78 8.V9 -0 

100.50 191= 


326 105 *30 *32 *3* 
941 950 955 940 
975 _ 

*26 105 *30 *3? 941 
950 953 9*0 975 


- 335 930. 933 950 935 
. 960 971 . 

326 1D3 520 930 950 
.955 **# 975 
324 109 *10 *35-950 
954 960 9 75 
630 9*0 


-97 35 10S 5ED.R70 
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920 955 9b0 97? 

■ =97 **» 

i. SIS .914,960 975 . 

!lb 105 930 4)4 950 
9ii 960 97S 

5L? -m • ■ 


517 10S 520 670 9W 
4)5 4.1 950 965 
TOO 975 
359 

2-4 ?;0 “60 9.’5 

3=3 105 570 44j 5.! 

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Oil 95l) *35 9b0 
9LJ *75 

32i 10# 930 975 KO 
9SS 960 9JS 
33 0 930 VA 9*0 975 


3=3 115 930 935 955 
940 

2=3 ”4 930 931 931 

9=0 

454 115 933 935 9S5 

4*0 


JO- BO 1972 CQA 6 DUVI- ROYAL RtCHAHOE 

, =^.^> * 8.75 ' 8.00 1 / 7 / 1 SH 7 

25.00 197 = BA 3 BRDE 

23-00 100.50 7 .F 5 1 / 10/1987 

24.00 1970 BA2BRDS 

• 17.40 100.00 9.30 19 / 12/1983 

20.00 1*70 HIU HOTEL CKOOP IV 

. . 98.50 7 X 0 )U 1 / 198 = 

20.00 1970 . BILL DASia CROUP SJ 

96.50 7 . DC 31 / 3/1983 

=0-00 : 1971 HILL EAYDEL CEDUP 
■ •17.00 TOO -00 8.50 15/11/1*86 

30.00 19*7 1CI LD 

= 4.00 99-50 6.50 15 / 3/1902 

Ao -oa 1*72 tci nrr pin- 

46.73 100-00 7.50 U i /1992 

100.00 1977 IC 1 ITT STB 

laa.oa lOOJJD 8.25 - If 1/1987 

= 6.00 1*71 J inns 

= 0.80 100.00 8.75 1 / 3 / 1*86 

=5.00 1*72 ■ KLEZmazr BESSDS 

= 5.00 ion -on 8.23 15/ 5/1*47 

30.00 1*71 LANCASHIRE C.C. . • 

30 JUJ 100.00 9.50 13 / 9 / 1*81 

30.00 1973 LEGAL 6 OE 3 EKAL AfECE 

= 6-50 100-00 7.625 1 / 3/1960 

= 5 . 00 - ■ 1973 SEST ESTATES A PROP 
23 . 50 . 100.25 - 8.00 1 / 2 /IM 1 

15.00 1971 . NET ESTATES 6 PROP 

12.00 400 .oa 8.73 WL 2 / 19 I 6 

75.00 1976 SODLALD -IKTL FIS SfRCICE 

75.00 9* JOB 8.15 - I/J2/19S6 

. 75-00 1971 * MLBLASD im FIS SCTVTCS 

. 75-00 ! 100.50 i.TA 1 / 9 / 1*92 

19.00 1970 msncu tbust 

10-50 98-00. 9. = 5 1 )/ 10/ 194' 

3'].l)0. 3622 . UniViVL 6 CBl'JLL'.TS Elj; 
26.40. 100.50 7.75 15/11/1987 

100.00 . P 97 J" HAD ORAL COAL eOAIJl 
joo-oo *9-00 &.CU- 1/ y/1987 

■50.00 1*76 NAnofUL COAL BOARD 

-yi.» -8.S23 IV 7 /l*ei 

ro.Ofl 197 » KA7UTJAL COAL.EOAPE 

50.00 99.00 8.623 15/ [0/1904 

50.00 !“’* LAIl*,'i*L V*srn::pt5r. EG5 

w.uo ieo.ro 9-co i/ ;/i*i# 

v i« .-I rLE-:'jv.- 
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•-u.no i«n sum iTriS-vnoiAj. 

13.80 vo.na 8.00 1/ 3/IJe8 

40.CO i*77* ttti ovusEAs n:: 

40 -uO 100.00 9 .oa !V 3/1972 

=5.00 1*71 H2LF OPCVAl.lX.MlUV 

72 . jp iM.no s.;s i;:r.T 9*4 

20-00 1*7?* BLED 1. '-TdLUAIIi)L.IL 

40.00 10D-U0 9.00 (5/ s/J9a7 

4F.OO 1*5* Mo ilLTO-Zlfi w 

35.50 99.50 t.F5 1/ 5/1984 

45.00 1969 UO XL.KKi'.a: LJ 

35.19 99.50 )/ S/lJSt 

50.00 I?7’* SELICIIIS TTL'JT 

5u.ua 99.50 6.;;- i/ a/iw* 

20.09 IV 7. 1 SLOECh ESTATES 
19-50 99.50 i.an 1 / 2,1168 


1.89 

100.50 

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102.00 

9.10 7.5b 

100.00 
9.17 8.79 

lDO.oa 

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6.90 

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9.39 *.71 

101.50 

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101.00 
9.46 10.35 

101.00 

8.79 

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101 1/8 10.94 ,9.33 909 *.50 

6.6J i 9-27 102-00 


9. TO “.46 
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8.43 

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9.24 *.16 

100.90 

6.-5 

101.00 

■8.31 

101.50 
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101-00 

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7.46 

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8.67 

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100 1/.8 IAS’ 
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60 2.15 

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1980 197X 


30 1.50 
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48 1.10 
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60C .90 
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1985 1982 
4# 1.70 
1*61 1976 


M 1.00 
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45Y .30- 

3980 1975 

roc 1.20 
1931 1*7. 

40 1.14 

1960 DFI975 

30 1.00 

1980 DPI? 76 

6017 I-cO 
1*80 1971 


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98 '.--8.5* 8^3 

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7.28 8.65 101.50 

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95.50 £.:) Ij/ 2-' 1*06 

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3K.U0 6-EJ L'L-dCSl 


49 3/8 11-7 

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1F63 198J 

M 3.h0 

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1*80 DP1973 
7.50 
1*78 
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1*61 DP1976 
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3 « -75 
1978 1“72 
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1950 2P1975 
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1983 0P1F7* 


4-r v.^o 

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BO 7.60 
1941 DPljRl) 
“0 2.50 

1981 W1977 
one —q 
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l“bS DPjS-1 
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1979 ornr-j 

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103 105 210 215 til 
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359 5=0 * 30 450 955 
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2-6 *10 9 55 960 963 

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OS oaUABS-liTO KINCDOH (COSTtSDED) 

Tf£E51DF COSPCiRATl'Xf 99 7/8 .93 P.l 

8.00 1/ 4/1979 

TUBS 6-CTO NEDSXLASD 79 i 9.7= 11.7 


T1LE5IDF COEPCiRATI'XI 

8.00 1/ 4/1*79 

tOBS 9- era XEDEHUXD 

8.00 11/ I/I9S8 
TSUSZ HOUSES CDKP IV 

7.73 15/ 4/1985 

TWIST HOC SEC CROUP ZM 

7.7$ 15/ 4/1985 

C SITED ElSaiTSfCI) 

9.00 1W 5/15P9 
BSlTED TORL10S TRFCT 

8.75 1/12/1968 

GUTTED KtSCOOM . 

8.50 15/ 5/1985 S 

hellcwe rarainos 

3.25 1/ 6/1*87 
VULltSS 6 CLTE BALE 

8.25 1/ 6/1*87 
CS DGULARE-10ITHD STATES 


79 9.7= 11.72 

. ' 3.= 13i91 
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3.42 6. =6 
93 6.96 8.74 

3.42 9.55 
99 3/8 rl.OS 9.09 
9.93 9.10 
92-7/8 10.M 9.85 
7.21 10.10 
108 1/4 7.0$ 8.63 

ffi 1/2 94)9 8 J2 
4.59 9.23 
97 1/3 9J» 8.65 
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10.13 ' _ 

103.00 
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102.50 

8.16 

103.50 
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101. 50 

9.£2 

102.00- 
8.66 3.62 

100.00 

8.53 

102.00 

8.46 

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*1 1.50 
1*81 OPI979 
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I?« BPI982 
45 1.01) 

1979 DP1975 
30 ' 

1984 

M 2.00 
1900 1*78 

30 1.7S 

1900 1*77 


3=3 930 960 
346 930 955 960 975 
346 930 960 973 
346 930 960 965 973 
335 *•» 

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361 105 930 935 950 
955 960 


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9)0 932 “Jl 
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99-00 6.25 1/ 6/1982 

t*7l ASU lire CAP <sm A.) 
98-00 8.75 1/ 4/{*06 

1971 ANA= 1ST CAP 

97.00 8.75 1/ 4/19S6 

1*72 '4SER.UM BESS C.T CAP 

99.00 6.73 U 7/1*87 

1972 -AHKHAflA BESS OT CAP : 

99JW 6.75 U 7/1*87 

1969 ANESICAS BSASDS 0/3 

98.50 8.00 15/11/1*81 

1974 -ANEW CAN 8*770*2 CQPJ* 
.97.00 9.00 15/ 1/1*59 

1967 MDCG IVT FIS 

90.50 6.75 4/ 1/1933 

1965 AHOCO OIL HUWC 

9* .50 - 3.75 1/10/1965 

1965 8BX0 1ST FIS 

90.00- 7.25 1/ 4/1980 

1972 ahhand OU FI3 
91.23 8.00 15/ 6/1987 

.1978* ATOO 0/5 CAP 

100.00 9 J5 1/ 3/1)03 

1968 ADULT PZQDOCTS 1ST 

I Ml. 00 7.75 1/ 12/1*80 

1*66 A TOE 0/5 CAP 
,97.50 6.25 •/ 2/1981 

1970“ 0£ADtICr FOODS O/S 
1W-00 7.75 u 5/L9B3 

1970 BEATS ICE FCOPC O/S 

WU-W) - 9.00 13/ J/1905 

1*6* BDDLC 1ST frj 
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1*72 BUS WLL TLT FV2 
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1*1* B09&-VMSEB O/S CAP 
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1*7= BnaLtr-cow o/5 cap 

98.00 7.75 If 4/1987 

. -J 170 - CASOT T>T CAP . . 

99.00 9.50 15/ 9,1900 

1*7= CARS1H IE? 

9J.OO . 8.00 15/ 6/1587 

. 1957 CZLANESE 1ST TO 
*8.00 6.73 1/ 7/198’ 

1946 CttE»B»B OIL O/S 
M40 7-00 1/ 2/1980 

146* CHZXSLTR O/S CAP 
27.40. 7.00 15/ =.'1984 

19?;» citicopp o/c wr 

100.00 6.75 15/10/1980 

1*77“ cracocr 0/8 nr 

9*. 75 7.04 15/ 10/(981 

1*77 CIT7 LTESTL-V rui 
MO. DO 8.75 1/ 3/1984 

1966 CUBS EOSIPJiCiT O/S 

ilM.OO 4.i0 !/ 3(|*ai 

1*71 COSO 03 EUMfL-.ircH 
99.25 a. 00 is.- =71986 

1*'J CKUOLIDlAILD food; 
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1*68 rasTXLCTAL OIL TNT 

90.00 7.00 1/ 2/1*80 

7*70 cmmssriiL oil TNT 

98.00 9.50 1/ //ms 

1971 COSTL'CIAL TtLEPPOSH 

103.ro £.25 IS* 2/1986 

1970 COSWiC.-AL TU,gp*»:,c 
99.7? • 9-00 . V/ 5/ 1982 

1*71 COSI IT D.T 
IM.nO b.50 IJ.' J'1486 

l?« CD7U5-H«KS? 1ST FTlf 
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.1965 CYM-IKIO 
96.25- ■ 5.7S U 9/1*30 ! 

197= 01=5,157 

.^9.50 ,8.09 1= 3/1917. 

1976 COW CHMCAL 0/5 CAP 

100.00. sroo 19/ 12/1)06 

1*7) w» GEEnai 0,5 CAP 
99^)8 3-50 15/ n/liM 

: W7I E5SO O'S tvr 

97.00 b.uO li{ j,' 1)66 


97 1/8 4.09 7.D.9 6-44 

=.23 7.71 101.1=5 

301 3/6 IJiZ ZM 8.60 7.77 


10 =.=0 TC 72J 647 10 101 920 £0$ 

1*78 1972 ni2 923 S4 1 960 *73 

30 1.36 TC- ED 4i7 105 870 941 960 


101 7/1 . 7.9 3 8-4 1 8.59 7.63 


101.00 1*79 081974 LS 


101.00. 1979 DP 1*74 lr 


.82 PC EU 417 105 870 941 9*0 


3.00 PC EU 3*9 800 870 920 9 73 


101.00 193B DPI 975 U 


3-00 PC OF 399 920 


W 92 3/4 9.18 7 -63 7.Z6 30 3.00 PC EU 3*9 800 870 920 9 73 

4.02 B.eb 101.00 1980 DPI 9 75 JX 

3U 92 9-18 8.01 7.34 30 3-00 PC Dr 399 920 

“■02 6.86 101.00 1 900 DP1975 LX 

100 3/4 3.55 7.73 7.94 1.93 JO =.DO PC t® 656 105 520 AW 870 

S.lb 7.60 100-25 1*70 DP197I KY 9 33 941 9 b0 

*2*2 Ji'53 ,I0 ‘ 62 nn 90C -TO CT EU =34 105 305 0 70 973 


107.00 1981 DFI976 LS 


99 3/4 *.«* 6.80 6.7? M =JO K NT 456 105 80S 935 9 61 

2.69 6-83 101.00 1978 J 969 EYLZ 960 975 

56 3/4 6 ’i? SJJ3 -- .2°. 1,47 w t*T *ST 14 IU3 520 EOS 

3.*3 b.Bl 103.00 1978 1969 LIST 9359*1960973 

99 5/8 U93 7.46 7.28 M 2.00 PC SO 4*5 IDS 270 5 20 SOS 

1.A0 7.56 100.00 1978 DPI 971 5H3 935 941 960 9 73 

98 5/8 V.i J 8.=l 8.11 9.16 30 2.50 PC EU 3*9 *“ 

£.63 8.37 101.00 1930 1978 LX 

99 1/4 6-84 9.39 9.32 9.52 30 1.50 PC BJ *68 105 218 520 * 35 

100^.0 1983 FF1980 US' 941 9*7 955 960 

98 5/8 2.59 8.33 7.SS 30 .75 PC ED 437 105 955 941 


98 5/8 2.59 8.32 7.S6 

1.B9 K.a2 

99 2.76 6.76 t. 41 


98 1/2 5.01 S.U 7.17 9-07 


160.50 1978 DPI* 7= LX 


100.00 1978 DP 1972 KTLK 


l.SO PC 9S 458 105 3=0 802 935 


PC ED 488 35 =03 Ml *1 1 
L= W 7 935 940 «-l 

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HI 5/8 6.58 8-23 0.69 <0 3) 1 .00 PC EU 437 ins *15 “TO o-. 

.4-55 8.0= loiroo 1978 OPI97J S ** 

99 7/8 1.18 BJ1? 8^)1 30 ro 01 4S * 105 5U> 870 “)9 

.<* 8-20 100-00 1978 CPD70 LX *41 “ert *:s 

92 7/8 *.67 8J4 « .80 K. ED 411 105 927 9K 960 

tt«X/ S-3 1 102*50 1978 DPI978 L!l 975 

too 1/2 1.3S 7.56 7 -» >-£t » 5.90 PC Ell 418 105 520 87(1*3$ 

*96 I... LOOM) 19 78 UP I a 70 LX 44 V *15 

97 3/0 B.PJ 8.13 7.94 

5.93 8.27 1O0.M 


5.93 8J7 lOd.M 1*79 DPJ977 LX 

- 101 !/4. ^.38 9.09. B-60, 8a9 30 . 1.00 M 
B 2.01 9.00 X 00-00 1978- 1971 LS 

98 9.13 8.12 8.16 JO -T5 PC 


oi 'l °2 K TO 437 n ,os “1 JM 
1*^ DPJ977 LX 73$ £70 “IS 9«1 

%* iS5! S“ 


102-00 1*78 DP157B LX 


•5 PC EB *54 35 105 JOS 520 


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102 5/8 

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102 3/4 

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100.125 

197H ftPllhb 

liVSKLX 


52" *.l »'• 


15 JO 

1966 

ESSO PEAS COAL fa STEP. 


95-3/8 

9.15 

7.27 

a. 92 


2 AO 

I. no 

kp rn 

198 

ir.S xn;- m« 

.15 

9.00 

99.50 

ft. 50 15/ fa/l?86 



-.13 

7.9i 


300.50 

1?78 

1*72 

LS140IL 


.?•. ".I «'5 


20.00 

1966 

ECTOPIAS COAL fa m EL 


96 

9.5* ' 

r.n 

ft. 77 



1.1* 

sp re 

18b 

20* 41*5 -P9 

.1* 

11.90 

96.50 

6.50 1/12/1486 



—51 

7.M 


101. Oft 

1*78 

11/4 

LSLXKL 


-.5 *.l «?•■ 


25.00 

1967 

nnppEAL coal 6 urea 


96 7/8 

¥.84 

7.30 

6.55 


45C 

1.70 

sp ro 

1 8b 

IOj 4L‘9 4M 

-:S 

14.80 

98.50 

6.50 ]/ 3.’ 1*87 



—71 

7.84 


101.00 

1*79 

1*7 J 

KYAllL-'i 


428 *.l *7* 


20.00 

l*fa! 

PimPIAB COAL 6 5TITL 


96 1/2 

9. 43 

7.14 

o.sr 


-JC 

1.35 

■.? ru 

359 

108 4P8 ift* 

.!) 

13.25 

98.50 

fa. 625 1/10/1*07 



..84 

7.51 


101.00 

I*7A 

• 14’3- 

ST 14-88 


.25 941 *••• 


30.00 

1973 

UTOPIAS COAL A STLEL 


90 J/4 

*.7’ 

¥. 51 

7.7a 


birr 

l.ftft 

VP El) 

35* 

105 4D5 >29 

9ft3 

29.00 

99.50 

7. DO 15/ 1/1*98 



B-5fa 

9.03 


103.50 

1)81 

OPI97H 

LS 




30.00 

1*77 

'unrut coal fa steel 


-9? I/i 

3.50 

f.ll 

7— a 




IIP EU 

35* 

pft* 



99.00 

7.25 LS/ 2'1982 









IT 




30.03 

1*77* CCXOPCAX COAL fa ETTEL 


95 1/2 

a. 05 

J.bl 

7.0* 




sp &■ 

21* 

1-35 230 *3. 



*9.00 

7.k:i 15/ 5/19P4 









LT 




50.00 

1*7- 

ETTOPr.W COAL fa 97IEL 


JI2 3/4 

10. ’6 

ft-0* 

0.8? 

. 50 

:)T 

4.nn 

KP ru 

Ibb 

.»* .07 J19 

.15 

49.00 

100.00 

?.*J 1/ 2/198* 



5.82 

5.15 


101.50 

1419 DPI*;? 

LTML 


*:S 


30.00 

1976 

ECSOP EAS COAL A fTLHL 


99 3'* 

3.17 

:.*3‘ 

7.8* 




SP LB 

■J 

... 



9* JO 

:.t _ 5 l‘/!a/I981 









! . 




30.00 

i*76 

FUKOPEAK COAL fa ITT CL . 


*6 ).t 

5.5* 

S.Ja 

8. li 




:.p cu 

219 

10'. 2I.J ft J* 



99.50 

E.00 1 '12*1*83 







. • 



25.00 

197:* 

ECCWCAS coil fa £ T E8L 

P 

97 3; 4 

f . 

p.j: 

8.18 

1.5ft 

-0 

.-..on 

sr cc 

117 

105 925 


rs.tiCi 

IW.lift 

( .09 li *, 19*fa 



— Vi 

8.58 


101.25 

1*80 

17.'8 

LX 




7>.D0 

l*7o 

ECSOPLU 10.M k :-lEEL 
8.125 15/11.' 1*84 


*f J/S 


6.*4 

P.,1 


■>n 


IP NT 

-1 

1.- Xi 

■in 


99.5ft 

s 





100.00 

19*3 


!■' 


on sns 

1* i.n a • • 

».l 1 


20.00 

1*74 

ZTEjOPEASI COAL fa Trm. 


100 

.83 

¥.21 

8.25 




UP faC 

359 

105 405 -.'j 

220 


■9.00 

f.:s IS. 3/19?* 









1 : 


■l>4 


10.00 

1*77 

EOPOPCAl COAL fa 51 CEL 

p 

95 3:6 

8JD 

“.02 

MS 




:.p n: 

Jl-1 

105 403 9fa5 



100.00 

8.25 IS/ 2/I96T 









;i 




-50.C0 

t*."« aBOPf-U COAL 6 F TTfa 


95 1»4 

li.U 

T.?: 

S.S7 

«.15 

-V 

3.00 

I-P cu 

35* 



50.00 

100.50 

fi.2S 1/10; 1*9* 



4.27 

8.a5 


101.00 

1'iS. 

DPIDSil 

IT 




150.00 

IS.’J 

ELBOPEAC COAL A CT».Ti. 


99 7;S 

— SO 

fa. 58 

PJa 


ft* 


•.P 5? 

4.1 

■; y. 

*n 


*9.50 

6.375 15/ 2, 1983 

c 




100.00 

1*82 


ST 


90 SD5 *27 *U 














* J* 1-J) *'8 


3S.OO 

197** H'KOTLAS CUl fa STTCL 


93 1/4 

ft.60 

¥.72 

ft. 32 




If C 

?|9 

Idi 230 9 2 7 

93- 


99.50 

8.37S 15/ S/l*»5 









L - 




23.08 

1*’B 

ETBOPEA.7 COAL - CTEEL 

p 

97 7/8 

8.25 

f.*8 

f .to 



2.93 

SP CO 

339 

105 *25 927 

Jo5 

23. 60 

9* .25 

*.:i> 2/ 6'l*£6 



K.Ifa 

A. 80 




1*79 

ut 




2J.OO 

1*7B* BRCPLtS COAL fa FTTi. 


95 7/S 11.54 

*.i« 

8.87 

9. JO 

:*c 

.?■>!» 

SP UJ 

46 

10» 925 


2ft. 0ft 

w.co 

6.50 1/ 3/I99U 



6.3. 

9.23 


102.SO 

1*ft4 

198J 

u 




75.CU 

l*ro 

EL-BDPFAS COAL fa iTElL 


too 3/a 

6J1 

8.73 

8.78 




-O } T 

lit 

.12 13 35 

h0 

99.10 

S.ft2! 1/ 5?l«ft- 

9 

1-59 



]D0-l.*0 

1983 


sr 


*0 »M 127 
93* 9-P 375 

932 


101 

100.0a 

1*7.4 

E‘IW.*IA.T COAL fa OT, 


E.22 

E.Si 

7.*: 

311 


sp :.t 

441 

32 33 .W 

B0 


-94.25 

8.75. .1/17/1*79 

s 





ICOJO- 

nn? 


sr 


"U «05 9?T )Jl 


SUMITOMO FINANCE 
IN TERNATION AL 

MARKET MAKERS 

Specialising in 

Japanese Straight and Convertible Eurobonds - 


STRAIGHT. BONDS 


(U.S. Dollars) . 
lahi Chem. 102 I960 
ink of Tol^o 7S 1984 
Itoh 82 1981 

inki Kagaku 7! 1982 
tachi Zosen 7j 1984 
Li. 7! 1982 

ijima . 7| 19^ 

unagai Gumi 7? 1982 
irubeni 91 1982 

tsui EDg. 8i 1983 

tsui O^J\- 91 1980 

tsui Petrochem S 1934 
HL 7J 19S4 

ppon Mining 7J 19S2 
ppon Steel 91 1980 
Y.K. Si 19S1 

ient Leasing SJ 19S4 

owa Lino 9 19S1 

mitorao Heavy 75 1984 
ray 7J 19S4 

yo Kanetsu 73 1992 
ko Menka 75 1982 
3. Line 7J 19S4 

(Deutsche Marks) 
ian Dev- Bank 7 1985' 
ibe City. 6i 1987 

ppon Kokan 9 1982 


5 May 197^ 


Yield 

l 


5 May 1978 

Parity 

Current 

Cod'; 

■Bid 

Offer 

Yield 

Maturity 

LiUiN VXSft lXBUC^ ol/IiUo 

' Bid 

Offer 

Yield 

Premium 

105 

105} 

9.72 

7.01 

(U-S- Dollars) 

Asahi Chemical 61 1990 

132! 

133! 

135.8 

4.69 

-12 

951- 

96 

7.96 

8.53 

Asahi Optical ' 

6 1992 

1184 

119* 

1242 

5.04 

-42 

101i 

102 

8.60 

8.09 

Dai'ei . . 

6 1991 

121| 

122 J' 

125.4 

4.91 

— 2.5 

97 

97! 

7.95 

8 l 42 

Ito-Yokado 

6 1992 

119 

120 

109.0 

5.02 

9.6 

953 

964 

8.05 

8-80 

Jus CO 

6 1992 

1124 

1134 

106.1 

5>32 

6.3 

974 

984 

7.91 

S.36 

Kao Soap 

6 1992 

1224 

1234 

1242 

4J89 

-12 

97’ 

97j 

7.82 

8.39 

Komatsu 

74 1990 

1284 

129* 

130.8 

5.63 

-1.6 

971 

103 

9S4 

7B9 

8.32 

Kubota 

65 1991 

115 

116 

1172 

5.84 

-1.7 

103j 

9.42 

S.59 

Mamx' 

64 1991 

152 

— 

154.4 

428 

-1.6 

100 

100! 

8.71 

8.60 

Matsushita 

63 2990 

1701 

171! 

171.4 

3.94 

-0.1 - 

1002 

1014 

9.3S 

8.91 

Mitsubishi Com. 

65 1991 

124 

125 

126 5 


— 16 

972 

984 

8.14 

8.44 

Mitsubishi Heavy 64 199L 

1Z6 

117 

117.5 

5.58 

—0.9 

95i ' 

96 

8.09' 

8.65 

Mitsui. & Co. 

7! 1990 

121 

122 

122.1 

5.97 

—0.5 

97 

971 

7.95 

S.51 

Mitsui Bpal EsL 

6 1992 

.133 

— 

133.7 

4.51 

—0.5 ■ 

lflU 

1024 

9.31 

8.45 

Ricoh 

-64 1991 

190 

— 

189.7 

329 

4.58 

02 

.1004 

1014 

S.66 

S.39 

Sanyo 

6i 1991 

136 

137 

■ 1412 

-32 ■ 

97! 

8.46 

S.75 

Sumitomo Elec. 

6 1992 

134f 

135! 

1322 ' 

4.44 

22 


101! 

8.91 

S.61 

Tokyu Dept. 

.6 1992 

124 

— ■ 

124.7 

4.84 

-0.8 

95J 

96! 

96! 

S.05 

8.62 

Toshiba 

6! 1990 

1494 

1504 

152.7 . 

4^50 

-1.8 . 

97 

8.01 

8.40 

Toshiba 

6! 1992 

126! 

1272 

12SJ, 

4.91 

-0.7 

97* 

97! 

981 

98 

7.S9 

7.93 

8.32 

S.4.1 

(Deutsche Marks) 
Asahi Glass 6! 19S6 

119 

120 

124.2 

524 

-3.8 

96 

96| 

S.03 

8.54 

Canon 

4$ 1980 

110! 

111! 

96.1 

- 426 

152 


104! 

6.71 

6.24 

Jujo Paper 
Komatsu. 

Minolta ■ Camera 

5* 1987 
6 1991 
53 1987 

1094 

10S4 

1234 

110* 

108 

1244 

98.0 

92.4' 

126.7 

523 

5.52 

4.63 

12:0 
-172 
-2.1 • 

104J 

105 

1054 

6.19 

5.76 

Sekisui Prefab. 

64 1987 

116! 

117J 

118.6 

523 

-1.1 

106* 

853 

7.36 

Tokyo Sanyo 

4* 1983 

123f 

124! 

. 127J5 

322 

-22 


Telephone: 01 -606 5646 
Telex: 8811043 SUMFIN G 


66 Gresham Street, London EC2 7EL 


Reuters Monitor^ SFB A-B 
AIBD Market Maker No. 963 


_ Slamiburg 

Oyens& 

vanEef/bmnv 

We make net markets for 
Dutch International and Local 
Shares as well as all Euro- 
guilder and domestic bonds. 

If you need any prices or 
information or if you would like 
to receive our monthly bond 
Letter please contact: 

International Dealing Dept 
Keizerspracht 279-283, 
Amsterdam. 

Tel: Amsterdam 263363, 

Telex: 12146 


Market Maker 609 in Eurobonds. 

The following are mid-market Quotations 
& Yields in Recent Guilder issues. 


3rd May. 1978. 



Average 
• Life 

Brie* 

Yield 

4*% N«L 78/79/98 

102 

9920 

428 

7*% Ned. 78/79/93 

7^ 

10120 

7.15 

7*% N«L 78/84/88 

82 

10220 

724 

7*% BNG. 78/84/98 

BJO . 

10020 

. 723 

8j% BNG. 78/79/303 

117 

10520 

723 

8% Amrobank 78/89/98 

152 

10220 

729 

8% ABN 78/89/98 

15.4 

102.70 

728 

7*% Nat. lirr. Bk 78/79/88 

52 

10W0 

7.17 

7*% Ned Cred. Bk 78/89/98- 

.152- 

10020 

728 

7*% Ned Mtdd. Bk 71/84/88 

.72 

10220 

723 



The REC 30 is a bundle of pure 
magic. This rare earth cobalt 
magnet has a maximum energy 
product of 30MGOe, the highest 
anywhere in the world. This 
means it works wonders in today’s 
■ electrical andelectromcs products. 
Like in those super-slim radios 
everybody seems to be carrying 
around nowadays. 

Our REC 30 can help you put 
a little magic into your products 
by making them so much smaller 


and making them work better and 
more reliably. 

We’ve never really thouglit of . : 
ourselves as magicians even though 
many of our .ferrite magnets, 
ceramic capacitors, coils, trans- 
formers, filters and magnetic tapes 
have cast their spell over the years. 
We’re just specialists, content to 
keep ahead. 

We have mastered the tricks of 
the magnetic trade as a specialist 
ferrite manufacturer in just over 


20 years, and so we can assure you. 
that whatever our magnets do, it's 
not all done with mirrors but with 
R&D and imagination. 

If you want to know what our 
magnets can do for you, ask. Our 
magic is yours for the taking. 


&TDK. 


‘tok elbctwwicb ocx, urn. 

li-l.Nihonhsshi l-dnmc, Chuo-ku, Tukiy ll'.S jjpaa 



K2 a a COUPON MATURITY 


n\n 


41.30 

looloo 

53.90 

1975 

.6.00 

99.00 

l’X. 00 

1077* 

i Ij.JO 

100.75 

lfi. JO 

it;? 

: do.oa 

73.00 

!97b 

77.00 

99. uO 

30.30 

!»7- 

109 -DO 

23.50 

’.97A” 

tJXO 

100*00 

50.90 

it::* 

50.00 

ioa.oO 

l'lO.m) 

147a 

ljd.nn 

99.00 


i?:: 

77.00 

100.00 

30.00 

1475 

100.00 

ad.Qd 

nr* 

ii.Jj 

100.0'J 

I’.Ou 

1476- 

: >.i>j 

99. 50 

5u0.0'J 

lull 
V9. 31) 

in.j.oo 


loo.oo 

’177- 

iii'J.On 

103.00 

.976 

130.00 

jo. uo 

91.00 

J'JO.M 

147a 

"9.(10 

:;.oo 

14.. 

::.o7 

99.50 

3-3.00 

19a5 

10. oa 

99.70 

£5. BO 

14e' 

Ij.OO 

PA. 00 

=t.0O 

I**? 

16. “5 

98.00 

i:.-co 


9.00 

99-60 

23.00 

1?B7 


99.75 

IP. Ci.) 

l«6A 

! :.o-j 

56.00 

7 l.Ofl 

i*;i 

U.lj 

•9.50 

A 11.00 

:?72 

-J-Oll 

98.60 

;:.oo 

1*71 

*5.00 

9t-iQ 

: ..ru. 

1469 


PS.iO 

' •/.'-It 

l»rj 

-j-dii 

97.50 


1*7" 

99.75 

;.'.-) o 


75.00 

19" 
Liu. IS 

AiJ.ljO 

;i:i 

99.50 

75.00 

|9'a 

"9X0 

70.00 

I 00. no 

:-:.co 

100 jo 

30.00 

M XJ 

!rd*uO 

1?7V 
9". 75 

no. jo 

1": •• 

no. jo 

99.50 

;..rj 

1971 




_ 5m Phi 

1 P k 
i f! ®B 

« dS 



BORROWER/ 
COUPON MATURITY 



Financial Titnes Monday Hay S TOTS 


! E 5l 3- r- £ - 

£ Isl i SI i 5 IJ 


'£ P2 e 2S OJ- “ 

| Sg i gS 3 g S 

< ka ° r r = 



jo Dum^- A-naairijjk^ icavTiaro) 

utiirK .' ouo & sTSi . : e : 1/4 z.;s 

i.JS 15/ J;19&* 

smuEjui «al t rsa 1*1 */■ <.ia 

8.75 1/ 7/1982 3.74 

inrfEiv COAL s srm. s® n-<3 

5.75 l/lj;i«7 11.33 

350PE5N COll & STOL ii- 5/H 2-63 

8.d7S 15/12/133) £ 

EBKOreu «al 4 91EBL V- 3/4- IS. S3 
8.375 15/11/1396 X 11-93 

333PE.W can S STSEL S lie 2/8 4,72 

9- <10 15/ 1/1993 


9.00 1/ 4/1993 

ar^AS COAL 6 STEEL 
9.00 15/ e/1995 

KJPEAN COIL 6 STEEL 
9.08 1/ 5/1990 S 

iiPL’j: coal t s rax 
9.145 1/ 4/1997 3 

OPEAN coal A steel. 
9.25 l/U/1980 

OKAS’ COAL 4 STEEL 
9.25 (5/ 1/1 98b 

OPUS COAL A STtLEL, 
9.25 1/ 4/1998 

or cas urasn-i 
;.sd ;/i2A9"9 s 
0PSJL-. CdHKSlTT 
7-50 1/ 8/1983 

OPUS COSCSiTT 
7.ala 1/ 7/1983 S 


99 K.M 

11.36 
99 17.13 

9.55 
« 3/4 la.Di 
11.01 

99 J/6 18.93 
11.93 


*.63 8.50 

11)1.00 
9.11 9.96 

103.00 
8.52 8.L8 

100.00 

9.23 9.57 

102-32 

S.79 8.13 

100.50 

9.09 0.52 

105-25 
9.09 9.45 

102.50 
9.32 9.56 

102.35 

9.39 9-5* 
IOZ.68 


40C =.00 

I?» 1976 

bK =.50 
1984 W1S7B 
30 
19 SO 

30 5. DO 
1988 SP19G2 


60C .83 

19*4 1979 
SOC 1.75 
1365 1973 

30 6.B7 

1988 BU9 32 

JO 5.00 

1989 971983 


10= 3.51 3.29 0.07 

IQ: 3/8 7.7« S.SO 9.(» 
B.-5 5.75 

98 3/4 19.93 9.39 9.37 

11.85 9.43 

■? :.** 1.59 8. 16 7-70 
57 : 2 4.09 8.24 7.69 
9»:.6 4. IS 8.33 7.93 

99 s. 8 3.43 3.21 7.97 


WB 3M** 

HP SB 93 
IS 

R? HI 559*** 

LX 

i?SS 4SI 32 33 S3 60 

SZ 90 305 977 931 

919 KO 973 

£8 HT *41 IS 33 35 60 
57 805 927 931 939 

940 975 

js? =B 359 15 IBS 405 <09 
12 <15 4=5 510 940 

94 7 965 973 
68 SO 93 "•* 


441 2= 33 35 60 
90 *03 9=7 931 

914 9-0 975 

442 32 33 15 60 
90 995 927 531 

9 19 *J 973 
319 105 <15 91. 


9.04 B.6J 
101.25 
9.37 9.99 

101.50 

7-70 


■>« —30 

1981 1977 

nOC .8% 
1984 1979 


r OMHDSTTr 92 

i 1/ 6/13S4 
cosestt; ioo 

1/ 4/1542 

; XtTZSTXELT BALE. 95 
I 15/12/194. 

I 1KFE3CCEKT BASE 96 
I 15/ 9/198? 

: TbTZSTOST BASE 95 
I 1/ 2/1982 
EaVESIXESV BASK 99 
I 15/ 9/1982 
I WO BW USE 99 
i XI *11986 
D.TESEE.T BASE 99 
i 1/ 671987 
ESYESeffiVT BASE 99 
1/ 2/1980 

rsVLSTWST BASK 90 
15/12/1987 

EdlRDt BASK 93 
15/10/1987 
urerswESi bask 91 
15/ 2/1958 


/.JO 15/ 2/1990 7.45 

tCtOPUX ISTESOffiSr BE D 96 1/2 3-55 
7. 75 15/11/1981 


3 8 6.09 8.53 8. 84 
:.S 3.91 8.20 9.24 
:.■* 6.6a 6..= 5.78 


5.78 

100-615 

6.25 

100.75 

6.57 

100J0 

6.57 

101.00 

6.57 

101.00 

6.56 

101.00 

6.82 7.«* 

100.00 

7.72 

102.00 


30 1.67 

1978 3819 IQ 
30 1.33 

1978 BP1971 

30C 3.7S 

1979 DP1973 
iuC 3.75 

1974 DP 1 9 73 
MC 1.00 

1978 1972 

30 1.67 

1978 OP1973 

=60 8. 50 

1979 DPI 971 
•HI 2.37 

1982 DP1973 


7.72 9.35 60C 2.00 

10-00 198= OP 19 73 
7.92 9 IK 2.00 

102.00 1 962 DPI 9 74 

7.74 90? .50 

102.00 1979 S?1972 
7.72 30 2.50 

102.00 I960 Iff 19 77 

7.57 

3. IS 8.72 30 

100.00 158 i 


EUROPE!.-. rSfESOKST BASK 99 
P.'SO 1/ 1/1982 

ECUPFJ'l ISTCCmST BASE 1=7 
4.00 1 5/ 10/1988 

HUPLV. 1S7ECOEST BASE LOO 
A. =3 1/ 9/1942 


LU3(PEA.'i 1S1EJT.IE.T BASK 97 5/Z 
S.15 10/ 1/1943 

£k£d?EAS ESVE/UKT BASS 96 7 IS 

6.25 19/10/1987 
EX30PDN L'.VESmr.T Sl:4C 97 5/8 

9.25 I| 2/1987 
VCrOKXi 19VCSTHEST BASE 95 

S.J/5 1/10/1992 2 


l.-'i 5.U 8.19 8.07 
1(4 10.47 4.83 6.29 
5.35 8.23 8.25 
1/S SJ1 8.44 8.82 
5/Z 6.70 8.77 8.27 
7/3 9.47 8.74 8.92 
2/8 8.93 8.68 8.47 
1—23 9.20 9.01 


<0 39 

101.50 1473: 


9.1= “3C 

101.00 1983 
9.jJ -> 
101.25 198= : 

8.90 9 DC 

100.50 19*4 
4.5= JO 
101.32 1987 i 


100.00 9.50 IS/ 5/1986 5.33 8.60 

1473 ETBOPEAJ IKTESTHEST BASE 97 1 12 10.63 £.86 

48.50 i.Jo J S/12/1988 9.<b 8.89 

i o:9* cciDPu.s ismvmsK bask 97 1/4 9.76 sj= 

94.50 6.50 1/ 2/1968 

l*;? IXLOPEAX L'-VESTSIEST 8Llsr IflO 3, '8 5.93 1.72 
9J.:j 5.4=5 1/ s/ 1 984 s 

»•» *« IDEOrLUl EXVESTSENT BASK 99 7:3 6.14 8.83 
>-•.■>1 A.ali 1/ 3/1935 & 

cl'upcjl': eitedudit use ido 3/s ?.bs 8.67 
loo. 00 9.75 1/ 1/1960 6.38 8.64 

197- EMMl-iK’ 1STESTXE1.T BASK 100 1/4 7.96 8.70 
97.511 j.79 15/ 4II9&6 6.50 8.70 

l*7i SiT-OPAl-i lS'.'tSTSAL.T BASE 99 7/8 10.35 3.76 
S9.=5 S.75 1/ 9/1953 

I *77 a70PL!S- nVEPCffiST BASK 94 13.93 1.17 

2UO.u0 a. 75 1/ 4/199= 

1*73- STOPC.’I EillSOttST BASK 96 1/4 Ii.78 9.22 
“•.10 a-/i If 2/1993 

u»7us isnjeft:.; usr. 57 i/s is-ai o.3< 

9».j0 A.aTa 15/1=/ 199a S ll.ol 5.4- 


8.53 9.24 60? 1.00 

102.00 1981 DP19/4 
8.7= 30 .90 

101.50 1973 W1975 
8.74 9.23 IOC 3.00 

100.75 19S4 *51979 


8 . B 2 1.14 *0 

100.00 19*4 

8.72 6.24 60T 1.S0 

1DZ.QQ 1941 DP 19 74 

8.73 28ti 1.00 
101.50 1979 DP1975 

8.76 8. PI .'07 7.73 

101.00 1983 *71977 

S.S4 8.99 TOC 2.00 

101.00 1967*7197* 
9.09 9. A i 30C 5-00 

101.10 1948 771979 
9.31 9.61 SO 5.00 

102* .0 1986 DP1982 


Lj DOUASS-SCaASATUSAL (OT SLCT) 

130.08 1975 SBOTOS Bnan BASK 102 2-3* 

99.50 9.00 15/9/1880* 

75.00 1975 BEU7Q3 ISTEfC/EST BALE 10= 1*» <>51 

100.00 9.00 1/tl/lMX S 

50.00 19 25 J3507EAS nmbBa 1n2 1/4 4.63 

99.00 9330 15/12/15*2 

26.00 197 S HSOPEAH SB 8 ea r SJSK lOt 5/6 3.72 

99-75 9.00 15 / 1 / 1*82 

75.00 1977* OTOfEAS tt » B6l=Ug. t SASE 98 5/6 19.05 

75.00 100.00 9.00 15/ 5/1997 S 12.05 

100.00 S3 7s* BBureis a vmiMtfr use 100 is-u 

100.W 99.55 S.2S 1/ 3/1*98 s 1..J9 

60.00 1*75 1330PEJQ JB7BDJOB lfw 103 7/8 6. BO 

5S.C1 100.50 9.50 15/ 2/1985 S.SO 

<o.oo 1977* same aresasa ux 96 3/8 6.0* 

. 100.00 7.75 u 4/1984 

25.00 2978* ABSIC 15VU&OT ULC 9* =/S £0.03 

100.00 8.75 15/ 3/1954 


8.37 S.S0 5.96 
nw.50 

8—1 £-85 

5.36 9.33 9.ZS 
9.40 162.50 

9.46 *J<6 9^9 

9. <6 102.60 

*-T! 9.15 7.65 
3.61 10UC0 

8^3 BJU 9.44 
101.09 
9.00 8.89 9.33 

101.00 


3C2 3.50 57 83 

ISM *11275 LX 

X? E3 
SIHE 

SO 5.00 i&SS 
1989S7U33 8t 

30 5.03 KP SZ 

1990 9*1986 ST 

3D ’ 2.50 8*10 
19601*376 USB. 

45 57 B 

Ul> LX 

<5 1.20 BP 81 

1933 771978 IK 


EC 143 *** 

UJL 

XP 4T <58 SJ SI 35 60 
*T «J TO S'Jj 9J? 

9il 939 940 975 
BP 57 <58 3? i'J 45 «J 
S? *3 409 805 9=7 

931 959 940 975 
up nr us w 
lit* 

SS Ell 1.4 "»* 

IK 

BP 6T 327 10 105 *05 .22 
W 5=0 941 973 

bP ST 327 105 *05 413 4=3 
SY 320 9*1 975 

BP SIT 186 70S <05 *15 425 
L’TLSfl. 520 975 
ST til 186 105 405 <15 <25 
LYI230. 5=0 975 

BP FV 1B6 105 COS 415 <25 
STU31L 941 975 
SP ST 3=7 105 *05 *15 4=5 
ST 510 941 975 

am lu los <as 4 ls 4=5 
LTfl.l.T 9.1 975 
3? EC 230 iOS <05 409 413 
LBfl-STE *=0 <23 320 965 
975 

SP ED 186 105 405 *09 415 
UXLUr *20 4=5 520 973 
KP ED 186 105 405 409 *1J 
U3L.VT 6=0 4=5 3=0 965 
975 

57 CD 186 105 405 415 4=5 
msa. 975 
BT EC 327 105 405 *09 *15 

LS.Y 4=0 4=5 5=0 9’j 

BP 03 S25 105 230 <15 510 

IK 520 94/ 

BP ST 411 .«= 33 35 60 

ST 90 MS 9=7 031 

9j9 540 975 
SP EO =63 4" 

LX 

S7 CU 3=7 <05 <07 409 415 

LXSTML -35 

S7 SO 163 
LX 

BT VI 639 35 930 9.0 9-7 
SIEE 940 

BP ED 525 105 230 870 9.7 
LX 

•Jt sa 64= *»• 

BEST 

B7 £0 143 6*4 
LX 

SF SZ 411 32 33 35 60 
ET 90 EOS 9=7 911 

9=9 540 975 

a a 1B6 105 405 <15 4=5 

LSHLKZ 975 

EP ED IBS 

LT02.T 

KP ED 155 

U 

BT 12 <11 3= 33 35 60 
IT TO 305 9=7 9j1 

939 940 973 

BP 1? 613 .<= 33 =5 60 
BT 90 805 927 9JL 

939 940 975 

DP If 1*6 105 405 415 4=S 
LflBLST 975 
L7 ED Ub IOS 103 409 415 
UML.J 4=0 425 975 
BP ED 165 *** 

LX 

BP Ell 113 *« 

LX 

W ED 163 
LK 

S? ST 413 :<’= 33 35 60 
MC TO 80S 9=7 9J1 

939 9-4= 975 


200.00 1977 EOBU) BASK 96 ’/« 4.01 8.28 7.4D 

100.00 7.00 U 5/1982 & 

230.00 1977" CTBLO BATE *6 1/4 4^6 8.35 7.54 

100.00 7.125 1/ 8/1382 S 

TOC. 00 1977 WELD BAS 64 3/8 9.S1 8.76 8.27 

JOO.0O 7.65 1/ 3/1987 8 

210.00 1977- BHLD BASE 94 5/8 9.26 8.79 6.56 

190.00 7.75 1/ 8/1987 8 

=30.00 1976 WELD BADE 95 1/4 8.59 8-76 8.36 

99.80 7-80 1/12/1586 S 

330.00 1975 SOLD BAS 59 T/8 1.63 8.33 S.l? 

100.28 A. DO U 1/1980 S 

250.00 1976 CQUD BASE 99 5/8 2.18 8.23 8.19 

l&G.oa- 8. DO 1/ 7/1981 S 

2C0.00 1975 K08LD BASE *S 1/2 6.68 8-62 1-45 

100.00 8.15 1/ 1/1985 a 

=00.00 1977 tau BASE «3 3 4 54.61 

=00.00 99.25 9.35 1/ 5/200= S 18*45 

=00.00 !»7S EOBLD BASE 100 3/8 S.U 

190.00 9.30 15 l 7/1980 S 

2=0.00 1975 COHLD USE 100 2/8 5-63 

100.00 8.35 15/12/1980 S 

250.00 1977- BOBU BASK 94 3/4 54.26 

=5u-Q0 100.00 8.35 1/8/2803 3 18.20 

£50.00 1976 EOBU BASK 58 3/4 9.13 

100.00 9.375 U 7/1996 S 

250.00 1976 CTSLO USE 64 7/3 =1.59 

=50.00 99.53 8.375 1/12/2001 S 17.83 

200.00 1973 ttOU BASK IDO 3/S 5.21 

100.00 8.60 15/ 7/1995 S 

250.00 1975 GD2LD BASK 101 1/3 7-43 

1CO.OO 6.85 15/12/1585 3 

=00.00 197a BBU BASE 99 2/2 23.18 

=50.00 100.00 8.95 1/ 7/2001 S 17.42 

=50-00 1975 COBU USE 104 3/8 ==-al 

=50.00 10C.00 9.35 15X1X72000 S 16-87 

P 5 OOLUSS-POSUmB B ATE 

=5.03 1975 40CL6 mESOST Si 1-3/8 99 1/9 ■••70 

=5.00 1O0.00 9.1=5 •/ 1/1983 s J.=l 

30.00 1977 ALLIED TXISE BE 6.7511/4 99 1/8 5-30 

100.00 7.875 =4/3/1986 8 

40.00 1978* AXEKZCUI EXP TBI Ll/4 1IH) 1/8 3.98 

100.00 8.00 =0/ 4/198= S 

30.00 1977* ASBCLSBASEO; 74:1/4 93 2/8 6-10 

100.00 7.63* 2J 6/1986 8 

25.00 19 ra A5E» LB.5:3/4 101 !/= 11.45 

==.00 100-00 ' 8.635 8/10/1999 S “.71 


9.09 8.S9 9.69 
9-15 104.10 
9.27 8.4* 


9.09 9.04 9—13 

9 .U 10200 

8.77 8.6S 

9.C9 9.02 9.47 

9.16 102.50 

8.71 8.75 


9.10 9.09 9.23 
9.10 142.75 
9.09 9-16 9.05 
5.04 102.75 


30 8.00 

1949 OP 19 TO 


2D 10-00 

19M W19TO 


30 10.00 

1SS3 091569 


33 10.00 

1999 SP19M 
SO lO^H) 
19 S3 DM988 


30C 1.50 

1979 1579 

30 C 

1981 


45 C 1.00 

1978 0*1975 


32 53 GO 00 
805 SZ7 534 933 
975 

323 105 230 405 409 
413 6=3 9W 
59* 35 930 940 980 

<41 32 S3 35 60 
U 903 917 931 

939 940 973 
US 32 33 35 60 

805 9=7 931 939 
9<0 975 

184 £05 405 <09 <15 
4=3 320 078 967 
960 975 
317 MM 

517 39 <2? fit 927 
932 985 940 930 
9M 

457 60 931 
«U 60 927 931 
457 35 60 331 940 

611 35 CO 9=7 931 

940 

679 60 931 


KPS- 479 60 931 

IT 

K? ST 411 60 931 

■NT 

ST 3? 479 60 931 
K 

HP ST 457 35 M 9=2 9*0 
ST 

5? ET 611 60 931 
ST 

an 458 60 9=7 931 
ST 

CP HZ <11 35 60 931 9<0 
IT 

BP KZ All 33 60 931 940 
IT 

BP 5? 479 35 60 931 940 
ST 

KPKZ 411 35 60 931 9*0 
AT 

CP ST 4S8 60 931 
AT 

HP ST ill 60 931 

ST 

SP ST 45* 60 931 
EZ 

SP E3 40* 905 914 9S3 
LX 

NT nr 517 =05 2 tO 905 914 
LS 925 930 935 936 

' 910 M3 950 9*3 
PC IS 403 310 905 91* 925 
L? 930 940 945 990 

HP 80 359 210 715 905 914 
IX 925 930 935 940 

9*5 950 963 

CS ED »6 =05 215 905 914 
LE 925 940 


60.00 

1976 BJ.I. 7.75:1/4 100 1/4 2.1a 

8.04 

30 

CO 

408 210 =15 403 <25 


IDO-OD B.QA3 14/4/1981 8 

LQ&JO 

1973 

LX 

90S 914 923 930 
935 950 

517 =05 =10 =15 903 

=5X0 

1976 MZ.(. 6. 5*1/ 4 UO 1/8 SJO 

8.24 

CO 

CC TO 


luO.OO 4.25 27/10/1983 S 

ICO. 00 

1980 

LK 

914 923 930 935 
936 940 945 950 

SO. GO 

1377- U.C.C- 6.375 /1/A 100 2/8 6X2 

8.11 

:cs 

cc &r 

317 305 210 =13 905 


100.00 8.1=5 =3/ 8/1984 & 

LOO. 00 

19£1 

LX 

914 9=5 930 935 
936 940 945 950 

<0.00 

1677 5AVC0 00 aUSXL 6.75:1/4 98 1/8 2X0 

8.09 

60 

SP L3 

323 =85 =10 905 514 


100.00 7.938 15/ 2/1902 ii 

100.00 

1979 

LX 

923 930 

2S.00 

1 9 To' SASOO onus 7.75:1/4 97 7/4 4.93 

i.:; 

50 

vp zo 

436 210 905 914 925 


100.00 8.04) 1/ S/1983 0 

100.00 

1931 

u 

930 

30.00 

197a KSI HASDUB7T B.25.-1-1/4 99 1/4 2X2 
100.00 8.25 10/ 6/1981 3 

6X1 

uuo 

AST 

19<9 

S’? ED 
LX 

92 205 210 905 9=2 

35.00 

1977 SESUNDUJV-T. 6.75:3/8 Ul 3/8 3.71 
97.00 6.75 15/ 1/1982 8 

6.66 


DP EC 
IX 

92 230 

*0.00 

1975 OF IDCTO 8:1/4 101 L'2 =.'a 

100.00 8.00 19/11/1980 6 

7.88 

1 00X0 

30C 

1978 

BP TO 
LX 

517 *** 

35.00 

1976 U3 OP mo 6.75:1/4 UO 7/8 SXS 
100.00 8.00 =0/10/1981 S 

7.93 

100.00 

3CC 

1979 

r-p ed 

Si? *** 

60.00 

1*77* BASE OP TOEJO 6.5: 1/4 99 7/8 6.55 

100.00 7 Jli 15/11/1984 S 

7.92 

100.00 

SOC 

1981 

PC CD 
LSI 

517 

30.00 

1976. BJ.fc. . :U2 99 1/4 3X1 

8.28 

JSC 

KP SC 

179 =10 =15 905 925 


100.00 6.313 20/ 8/1981 8 

100.00 

1379 

IX 

945 950 

50.00 

1977* BOTE EAT O' ALOE 7.75:3/4 97 A. 47 

100.00 8.625 15/10/1982 8 

8.99 

ioo.ro 

60C 

1980 

S’? £u 
LX 

=19 210 905 9=3 

10.00 

197a BAXKP. VEROVS 1/4 100 i/i 2-09 

7.67 

60 

KC TO 

<56 210 905 925 9W 


1'FO.OO 7. ABB It 6/1981 5 

xoo.oo 

19>8 

LX 

9)3 940 943 950 

75.00 

1976 B.5.P. 7:1/4 UO 7/8 4X4 

7.99 


r.p to 

9= =05 =10 213 90S 


100.00 £.0o2 1/ 3/1983 S 

100.00 

1579 

LX 

91. 925 930 935 
9*0 94 5 9*7 950 

50.00 

I*?.' 1 8.V.P. 7.5: l/A Ul 1-.9 

7.74 


b'P TO 

346 =05 =10 =13 90S 


100.10 : JL1 13/ 9/1981 S 

100.00 

1978 

LX 

914 925 930 9*5 

70.00 

1*77 IWI.r. 5.7511/4 100 ".72 

8.00 


I-? BJ 

9= =05 =10 =15 90S 


100.00 8.00 =1/ 1/1983 8 

£00.00 

1940 

TO 

914 925 93U 935 
9*0 943 947 950 

7S.G0 

1)73- 1X-.Pi L 1/4 99 2/4 5X2 

100.00 8.00 =1/ 2/1984 S 

8.02 

iro.ro 

30 

i*a2 

V? TO 
Li 

92 *** 

30.00 

197* BQU8 U3H L? SCC2 1/4 100 1.3 3.JI 


20 

KP TO 

<56 =10 =15 903 925 


100.00 8.183 15/ 7/19S1 S 

U3.00 

19(9 

TO 

930 940 9*5 

20.00 

1977 £13 UXHS-EE£!7!Eab.5;3/3 TO Vo "Jo 

8. J . 

w: 

KP TO 

103 205 =10 90.‘> 914 


8.125 9/ J/15&5 S 


9=5 930 945 9a5 


TO potiAEs-Butt mc urt (nwnSP) 

35.U0 1977* BEOEUDSKL BAtKA 8:1.0 *3/4 5-00 

99.00 8-938 =7/ 4/1983 S 

30 JO 1976 (LC.T. . . 7:1/4 100 1/4 S.19 

100.00 8.00 8/ 7/1983 5 

=5410 1975 c.b*. . 7-5:1/* 100 3/0 3-»> 

100.00 7.873 22/12/1981 E 


1977* C.C.P. 
100.00 7.75 


. 6.5: l/4 99 7/8 3-1* 
8 i 7/1999 S 


I 1978* C.C.T- . 5.75:1/4 99 3/* 7.01 

100.00 8.375 3/ 5/1985 5 

1977* GOB* <23 SAX 6.125:1/* 99 3/8 6'° 7 
100.00 7.6=5 25/ 5/1984 0 

1978* HEP C0ST1UCE S.l: 1-1/4 98 5/8 <-95 
100.00 9.1=5 10/ 4/1985 S 

1977* CUBIT ASBICOLE 6.5: 1/4 100 6.b3 

100.00 7-8U 35/12/1984 5 

1976 OBBUSI1U IE 7.0: 1/6 100 3/8 3- l 5 
100.00 7.813 16/ 6/1981 S 

1977* CSSIlIASXaiX 8X5.75:1/4 100 6-89 

100.00 7.625 18/ 5/1984 S 

1976 C.X.C. 6. 73:1/4. XU lIS 3.26 

100.00 8.063 1/ 9/1581 S 

1976 CSDTT LTOMSUS 6.1S:1/* UO l/S 3.78 

1M.00 £.00 6/ 5/1982 S 

1977 CUD XT (.TOUTS *.0;l/4 59 3/6 *-79 

100-00 7.875 10/ i/1983 S 

1971* CHUtT LZOKAIS 6 J; 1/4 99 S/S 5*16 

100.00 8.00 24 / 6/190 S 

1976 DC BAKE rid 6.25(1/4 100 3/8 <-63 

200.00 7.813 15/12/1982 S 

1977* MS UKW CUP 6. 5:1/4 99 3/8 *-=6 

100.00 8.1=5 =/ 8/1902 S 

1970 E5TL . 7.5: 3/4 99 7/8 =.09 

100.00 8.125 31/ 5/1 9 SO S 1.7= 

1975 EBPdeu L (024)8.51 1-3/8 200 1/2 <-=* 

100.00 9.0e3 8/ 8/1982 5 =..'S 

1974 B3C0N *.5:1.0 98 4.10 

100.00 8.75 15/ 8/198= S =.12 

1977- CAB MM SIKES T.S: 1-1/4 96 5 ft 4.0* 
100.00 8.6X5 31/ 9/1982 S 

1970 aam aau 7 . S : i.o loo 2/4 =.*z 

1M.O0 8. 875 30/ 9/1980 S J.53 

1976 GESOTST aSHTSAL 7.5:1/* 10 1 3-26 

10D.00 8.063 31/ 7/1981 S 

1977 CESSSEX ZEBTUL 6.0; 2/4 100 A-94 

100.00 8.25 0/ 4/1983 S 

1977* BiZQALBf XSEL 6.75il/4 99 4.36 

100.00 8.0a3 8/ 9/198= 8 

1977- OniBnCWBOBS BE 7.3: 3/4 97 7/8 4.65 

100.00 8.375 22/12/1982 S 

1977 WSX BKKTO6PW 6.0:1/. 100 1/8 3.60 
100-00 8.00 15/ 2/1982 S 

1971- xaoesr BHK-XUA* A. 5(1/4 100 1/8 4.51 
100.00 8.23 2/11/19U 8 

1977 m 4 HDi DP BE 6.75:3/3 97 1/4 5.96 
100.00 8.188 14/ 4/1984 S 

1970 ESILCO 70:1.0 100 1/8 =.26 

100.00 8.815 31/ 7/1980 8 LL.Ot. 

1977 TST BSSKUSm BE 6:1/4 100 5.96 

100.00 8-00 20/ 4/1984 S 

1978- I3HSUU62XSA--USS.75: 1/4 99 1/4 7.00 

100.00 8.25 27/ 4/1985 3 

1977* JQC0B1XEA. 7.5:1.0 96 1/8 5.26 

99.00 8.875 1/ 8/1983 S 

1977- EASSALLtS-OUXE 6.5: 1/4 99 9.23 

100.00 8.00 SA! 7/1983 S 


100.00 8.00 15/ 9/1981 S 

1977* TSSMI I BT 2KP 6.75: 1/4 99 
100.00 8.00 15 l 9/1984 S 

1476 turns H20TOI 7.25:1/4 10D 
100.00 7.6=5 26/ 5/1983 S 

1976 LOEC TOR (BUS 6.25:1/4 100 
100.00 7.6L3 15/12/1981 S 

1977* UBC TOM CBffl 6.373: 1/. 100 
100.00 7-938 =7/ 7/190= S 

1978* UUC TEAK CUD a: If- 100 
100.00 8.00 15/ 2/1981 a 

1-76 HDUn BASK 7.5: 1/4 101 
100. OD 8.063 18/ E/1983 S 

1975 KXSLAOD BASK 8-0:1/* 101 . 
loo.no 3.00 12/11/1 982 5 


100.00 7.688 13/ 5/1987 S 

100.00 1977* KACIOKAL Fmsctm Mil 98 1/4 14.69 

100.00 8.563 5/ 1/1993 A 

20.00 1978* DIPP06 CREDIT BES.7S:l/i 99 2/3 4.68 

100.00 7-938 lit 3/198) 9 

<0.00 1976 OSZSBKTCHE COPT 6.5ll/i IDO 3/8 4.36 

100.UO 7.8=5 17/11/190= S 

*0.00 117?* 03TESBK1CUE EDAT 6.5; 1/4 100 1/4 5.19 

100.00 7. 75 7/ 7/1183 S 

=5.00 1975 PAELLAS 7. =5:1/4 100 1/4 =.62 

100.00 7.089 9 '12/1980 S 

=5.00 |9!a POPULAR ESP r..T 7.=lll/4 98 1/8 3.59 

100. 00 7.9.5 30/11/1961 S 

=5.00 197T* -Krvmnu. BASRA *:l-1/4 96 5/8 a. 69 

=5.00 99.00 6.H75 6/ 1/1985 S 4.79 

30.00 1976 BOTAL 2.1XK-*Q»r 7.75=1/* 101 1/4 2.0= 

iao.00 7.875 6/ 5/1983 & 

30.00 1978* S.7.T.S. 8:3/4 97 5/3 -.94 

5J.liO luo.oa 6.D3S 5/ 4/1983 S ..j. 


7.98 W 

100.08 MM 

7.83 93C 

100.00 1978 

7.76 *!K 

10OJH) 140) 

8.40 6 DC 

100.00 1481 


1.W KP ZD 536 905 913 
PP19I3 LX 

KP -0 317 70J =10 =14 905 
L* lli 925 930 935 

•WO K3 9*7 TOD 
KP SO 317 2u3 210 ?IS 90S 

IX 91< 914 930 9aS 

4.1 947 

KP nr 103 =05 =10 =15 401 

LX 914 925 9.(0 939 

940 MS 9 <7 MO 
K? 80 103 =05 =10 903 914 

LX 9<0 943 


7 it (v 16.00 m: £0 9S =05 =:0 =15 905 

100.00 uaanns « «mm» 

... "... HP EB 93 =05 =10 405 41k 

’ HU LX 923 930 TOO 9J0 

... MC «p so 359 =05 r:o =13 m 

100.00 1980 U 91* 5=0 459 

100.BV 9.0 ya 950 963 

1.76 300 SP 80 408 **• 

100.00 1978 ' LK 

7.89 JOT AP a GW **• 

100.00 I960 LX 

me SP 07 *36 MS =!9 =13 909 

100-00 1479 LX 914 U]0 9J5 

440 5*5 S5D 

7.99 'HlC W BJ 240 **■ 

100.00 147* LX 

7, |a 3D ST BO 1*0 *** 

100.00 19N7 LK 

«.n* la W rf <M SIS 995 930 95* 

100.00 19*0 5IDKLX 3-7 

1.78 juc iw HJ 359 »• 

100.00 1979 LX 

8 . is HP ED 409 925 MS 

100.00 1980 (h) 

*.11 me 1U.OO CC Z0 359 =15 405 404 419 

100.00 1976 1971 LK <3> "45 40* 91* 

91? 430 

4.0= IOC 5.00 HP 80 408 905 916 9=3 

100.00 1978 1918 U 

B.n joe 1.75 CO EB 488 905 914 915 925 

100.00 1973 1475 LK 9l5 

a. 93 3. DO CC ED 596 920 9=5 

1978 LK 

8.85 TOC I. on pen 359 905 914 923 93) 

100 JO 1978 1973 IX ' M3 065 

7.98 Joe UP ED 359 — 


1.73 JUC 

100.00 1979 


8.83 TOC 

100 JO 1478 
7.90 MC 

100.00 1979 
8 . 2 S 3 « 

100.00 1980 

8.14 

8.56 TOC 

100.50 19AO 
7.99 TO 

100.00 MM 
8.24 30 

100.00 1*16 


H» SD 399 *** 

IX 

PC CD 586 335 914 

ix 

h- SO 105 210 =15 -no «U 
LK Pi* 9=5 930 9*0 

BC ED <36 *— 

IX 

K ED 456 -«* 

IX 


5.96 

8.42 

-joe 

AP LO 511 =U 935 9=3 9*0 

100.00 

19 S 3 

UC 9 a 5 

2.24 

6 . 8 fi 

bQC 

1-00 peso 292 903 914 9=5 

=.Oa 

100.00 

19 78 

1971 TO 

5.98 

8.00 

& 0 C 

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8- 0 912 915 9)7 

9- 0 TO5 9*7 P?0 
.‘7 210 CdS 0/0 947 

915 9»d 

18 91= TOS ISO 


30.00 7975 QUEBEC Hnno-aecmc 200 1/2 3.47 9.=9 9.45 

99.00 9 JO 15/10/1991 

12.00 I°77 QUaEC DHBAH CfflWOKITT 98 1/4 3.77 10.09 9.67 

100 JO 9.50 3/ 2/1582 

15.00 1977- QUEBEC FIEAr COtmuiTT 97 7/8 6.38 9.94 9.71 

99.00 9-50 15/ 9/198* 

15-00 1976 QUEBEC IIKSAK CDHTOKITT 97 7/8 5 J8 10 JO 9.0* 

. 98 JO 9.75 28/ 5/198) 

10 JO 1974 QTE8EC DMAS CaMJKITT 100 1/8 1 J5 I0J6 10.74 
100.00 10. 75 U/ 11/1979 

=0.00 19779 BASK OTTMEAS ROLDImA 97 3/4 4.13 10. IB 9.72 

100.00 9.50 13/ a/ 198= 

40.00 1977 80TJL B/US OF CABAPt 93 S/8 5.80 9X7 8.54 

100.00 8.00 13/ 2/ IS 84 

35.00 1976 TOTAL BADE OP CUAM. UO 1/8 3.93 8.70 6.74 

100.00 8.75 1/ 9/1382 

4OJ0 1977 TOTAL BABE OF CAS ADA 94 13.80 9.80 9 J7 

40 JO 100.00 9-90 13/ 2/1992 11.74 9.88 

35 JO 1976 TOTAL BASE OF CANADA 100 3/8 9.93 9X4 5.46 

35 JO 100-20 9.50 1/ 4/1988 7.53 9X3 

20J0 1976 TOTAL rarer co *®bxGaGE 100 7/8 2.80 9.10 9X2 

100-00 9 JO 15/ 2/1981 

20 JO 1976 TOTAL THiaZ CO MHXCAES 100 3/4 4.3S 9 JO 9.68 
100 JO 9.75 If 9/198= 


97 3/4 4.13 10.13 9.72 

93 5/8 5.80 9X7 8.54 10.08 

100 JO 

UO 1/8 3.93 8.70 6.74 8.69 

100.00 

94 13.80 9.80 9J7 10.25 

11.74 9.8S 100.00 

UO 3/8 9.93 9X4 9.<C 9X1 

7.53 9X3 100.00 


30 

1382 

30 

1981 

30 1.50 

1965 1982 

30 3.00 

1984 1981 


1979 limumE LEASTfC 
100.00 9.40 15/10/1980 


1975 30T5AT 

99.75 9-40 

1976 TOXSAX 

99.50 9.50 


1/ 9/1980 
1/ 7/1981 


1976 SBC SO*- SEARS ACC. CO 

99.50 9.75 1/ 8/1943 

’ 1976 TEttS'JLT CANADA 
100.00 9.50 15/ 6/1982 

1976 TEXASGCLF CAP ADA 
99J5 10.00 15/ a/ 1986 

1976 TTOOURMUBISTQS BASK 
100.50 " -00 1/ */i9S2 

1975 TOSOMTO-WaTSrDH BAKE 
100.40 9. 74 l/l II [ML 

1975 Turn OP TOSeUAL EAST 

98.50 9.75 10/ 7/1992 

1976 TRADERS OEODP 

100.00 9.75 15/ 3/1982 


UO S/S 2X7 9.16 9.44 

100 3/8 3.76 9X0 9.71 9.55 
100 JO 

•9 3/4 2.35 9.58 9.5= 

99 7/8 3.18 9 J2 9 Ji 

100 3/S 5.26 9.63 9.71 9.59 

IDO JO 

99 4.13 9.79 9.60 9 .87 

100.00 

100 7/8 8.13 9.43 9.91 9.74. 

6.33 9.81 100.375 

99 1/8 3.93 9.27 9.08 9.34 

100.00 

100 3/4 3.51 9X5 9.69 9JS 

100.00 

97 3/8 4.22 1D.33 10-01 

101.00 

99 1/2 3.86 9.90 9.80 

100 2.59 IPX* 20.50 


30 .84 

1981 PF1977 

30 

1981 

30 I.29 

1981 SP1978 

1961 . 

30 

l" BO 


ST. ID 165 210 130 520 870 
LX 91 J 935 937 9 *0 

4*5 947 9UI 930 
S” 20 <08 925 980 
LX 

*■ ED 408 925 930 
,LX 

■SP TO 18 91= MS 9M 
LX 

XP ED 18 91= 915 980 
LX. 

PC TO 346’*** 

IS 

HP BT 218 *** 


1 870 912 935 
' 0£5 9*7 9*0 

) 870 912 93' 
r 9*0 9*5 1*7 
1 TOD 

I a;o 912 »35 
I 9*0 9*5 9*6 
’ 960 980 
1 870 91= *35 
‘ 9*0 9*5 9*6 
l 980 

> B70 912 945 
960 980 
870 91= 915 
9*0 9*5 946 
960 980 
*25 520 STD 
935 9)7 9’.0 
917 960 980 


15.00 1975 BANS ITMi*: FC.’ (CANADA) 100 2.59 10X* 20.50 

1QQJ0 10.50 l/ll/USO 

30.00 197a 03X05 USB IDE OF CANADA 100 1/8 4.01 9.21 9 Ji 9.30 

100.00 9.25 1/ 5. 199= 100.00 

yo.no 1976 03X09 CARBIDE OF CAUDA 10 1 8.01 9.56 9.65 9. *6 

30.00 99 JO 9.75 1/ 5/196* 1.21 9.5* 100.375 


511 

19B1 

30 I JO 

1961 DF197B 


1976 AEZO . 
99.50 10.00 


1/ 10/1984 
1/10/1981 


100:00 1972 6LEZUZHS USE 

50.00 100.00 6 JO 1/10/1979 


75.00 1973 AICEHOK BANK 

56.25 IDS.OO 6.25 1/ 5/1980 


74.00 1973 ALGBOTF BAST 

37.50 100.00 7.23 1/ 2/1980 


19T6 AlGmSE BARE 
99.50 9.50 15/ 5/1979 


:4T5 AICCfEfE BANK 
99.53 9-50 1/ 2/1960 


1*7* ALCrazse EAST 
Jvd.iM 10.00 1 : 12/1*79 


ixr: iioasr b.l’.f 

??-;0 10X0 [/ 14/1979 


AUBU1J5L IN? 


99- J 5 

60.00 1073 APEO BASE 

30.00 99.50 a. =5 

73.00 1973 AUTO BASK 

35.00 101.00 7.23 

60.00 197* AHM BUS 

09.10 9.50 

eo.oo i97i mao sax: 

lda.oa n.;v 


15/ 3/I9BJ 
15/ 3/1980 

1/ 2/1980 
1/ 6/19/9 
15/ IW 1979 
I.’ 1 1/1079 
13/ P/1 Ml 

I/U/I9J1 


I97i 6780 BUK 

100.00 10. 75 


1973 ABO LanK 
99.50 H.25 


1976 B2FO At'K 
99-50 9.23 


19 J3R0 8KT. 

100.00 ;.TO 17 p/1533 

1973 ASBTD I IIUSCF 

99.24 9.24 1/ */ 1960 

1976 4&X» DETEUPKCT BVHC 
<0. '» B.3V 1/ 3/1983 

1975 AB3TLU* ELTCTHtcTTF 

99.25 8.?; 15/ 5/1943 

197= USE HEU 4 HOPE 
99.50 3.73 1/10/13.9 


99 6X3 7.69 7.59 

IDS 3/< 3X3 7.98 9X6 

99 3/B 1X3 6.<4 6.04 
.93 6.7= 

tOO 7fB 3.01 5.7? 6.20 
l.OL 5.33 

100 7/B S.*6 6.68 7.19 

1.41 b.48 

193 7/8 1.05 5.38 9.15 
105 i/8 1.76 6.30 o. 0i 
10* 5/B 1.59 6.78 9.5* 
105 5/8 I. *3 6. =9 9 .3* 
107 * .38 6.5’ :.7| 

101- 1/6 I .SB 5.52 a.L) 
1.3- 5.21 

102 1 .76 5.94 7.11 

1.2b 5.5? 

UJ 1/2 1.09 6.07 4.18 
.10* 1/4 1X3 B.B6 4.1) 
U6 1/4 IJ! 6.22 10.12 
104 3.38 6.21 7.79 

*0/ JU’fi 3. j I o./9 B.6I 

102 378 <>54 «X| a . sa 

98 7/6 I,?', 6.60 6.12 

l-J 7.1* 

10* 3/4 h. 5* 7.i)s ;.3| 
IOd l/A «.ca a. *6 i.j. 

99 3/* l,<3 5J| 

•9J *JJ 


SC TO 456 «*• 

LE 

HP TO 456 *** 

LX 

EG ED 456 —* . 

LX 

AP TO 18 91= 9*5 330 
LK 

XP CC 77 210 <25 9(2 <*J5 

LK 937 9AS 9M> 9aO 

965 IDO 

PC ED 326 210 «i; 9,5 947 

LS 965 9B0 

P" TO 456 
LK 

TO ED 456 •** 

LX 


■ <01 603 606 
60a 607 60S 
610 910 
601 602 6Q< 
A06 A07 60S 
Aid 910 
6 01 oO= 60* 
6» 607 608 
610 910 
Ml 602 604 
<06 60? 608 
610 910 
601 602 BOA 
6DB 607 BUS 
610 9IU 
Ml 602 an* 
606 *U7 aUS 
tin «m 
601 a<3* 60* 
fada 607 AOS 
610 910 
bCil 603 ill* 
TOa 007 BOB 
610 «10 
"01 602 «1A 
W)6 607 DUB 
BIJ Bid 


i 601 nd2 (Ji 
j BOA bO.' 61)9 
"10 oil "10 
I Ml A02 TO* 
6de Bd7 60* 
"10 all 910 
bdi me t-n, 
606 <07 608 
6 jn an pm 
6 oi «nj to > 
604 407 6i>.) 
filO all Old 
"11 60 i Mi 
604 M7 60S 
610 611 910 

6!>l nO) adi 

ofc 408 409 
"II 9(0 
<01 o02 BOA 
40 b 607 60S 
BI'J 611 9lU 


NP TO =)? Odd 6IU hIC 604 

•v 6U3 "06 be I niK 

6U9 610 bll «1D 
r-f EH 2)8 BUS 601 "01 a 04 

U'l PUS 00" ad' MS 

409 aid all *10 
f " £0 £45 "DU 61)1 Bl>2 bOA 

LQ Mi f,4 

6M Bill Bll 910 





























Financial Times Monday May 8 1978 


21 


s 










s 

u 7 

ga 



E 

62 

Q 

— J Ul 

Si 

ie 

z u 

u O 

5 * 

borrower; 

u 


ii 

> 


So 

U 1 ^ 

|s| 

ft 

& £ 
E ib 

IA IU 

s l 

|S 

5 a 

COUPON KATURITY 

K 

a. 

J 1 C 

U 1 

5 

si 

jp 

c 

ec 

a 

o 

il 

gS 

KU 








51 

5 



in.on 

30.59 

75.00 

75.00 
bOiDO 

40.00 

40. oa 

B0.OO 

20. vu 

71. DO 
75. DO 
100. DO 




3. Cl 
1.01 


6.27 6.01 
0.13 


rnncru-nas tcosn sran 

1*73 *uac UQt BOR 

95.50 b.00 1 / j/isao 

J *~f* axK sos s non 

iw.ou 7*00 1W1M3 

1577 BARK HESS C HOPS 

100. OU 7.75 15/ 1/1452 

1«75 UK XEES t HOPE 
W.75 8.25 15/12/WB1 

l*?! USK HESS 6 wre 

100.00 10.00 H 4/1979 

W.'» &UJ: HEtS & M»E 

100.00 10. DO - ' 1/12/197? 

ra:z mna fjtoblei;* 

luu.oo 0.00 1/ 9/1979 

1975 CI7T Or OSLO 

99.50 8.25 1/ 7/1982 

» 7 b eruoroao 
loo.eo ■ a. 2 j i/ i/i 9 M 

looioq ™ s ' 8 5 -» 


uj£S 

a= 


WARKFT 

MAKERS 



-.vi | 

S O : 

i= q I 

cn hi i 

OJ r- 


— < 
s 


3" 

Be 

si 


10.00 E? EE 
197/ Dj 


1D1 1/2 4.93 6.63 6.90 

103 1/S 4.05 6.84 7.52 

104 3/4 3.63 6.7i 7.88 

104 Hi 3.26 5.93 *.» 
104 7/8 1.59 6.62 9.54 


99 3/4 1.35 6.17 6.02 
.85 6.32 


145 S/S 4.18 6.65 7.81 


104 7/8 3 .68 7.16 7.87 


FP ET 

Mi 


145 MW »r.) 462 Sfli 

605 filfe 607 608 
«? *1 0 011 910 

245 601 riS U)6 607 

606 

245 •*■ 


FP HI 
VO 

•■pci 

BO 

vr re 

VO 

15,00 :.T 3 
197b la} 

v? ni 

Vg 

FP QJ 

lij 


245 SCO 

605 
609 

215 600 

606 
n(l? 

545 WO 
•05 
609 
238 600 
605 
609 
237 600 
EOS 
604 
237 »*» 


£01 602 £04 
6 U6 607 BU* 
610 411 6 ] o 
601 696 HOi 
606 607 £08 
sio si: "ir» 
601 602 604 

606 607 tea 

£10 611 910 
601 60 7 ft'.* 
606 W7 CCS 
6 J0 Oil 919 
601 602 t>0* 
646 6?7 60S 
610 611 910 


an.oo 1473 CDNwuiuTn) roo B* 

30.00 100.00 6, JO 1/ 5/1380 

3o.hu w/j comic it op own 

Ih.QQ 1Q6.0Q £.50 15; e/wy* 

60.00 147 S SBTC8 STATE JOSES 

99.50 9.25 J/ 4/ 1952 

tn.oo I o?6 rrvr rx KBZX CEfDiT 

W.M» 99.50 8.S0 »/ 6/1963 


sri.oa 

12.54 


50.00 

ii.uO 


50. DO 
12.30 


75.00 

75.00 

75.00 

50.00 


SP.00 

37.30 


jn.W . _ 
15.00 100.40 


60.00 147; 

15.00 100-M 


3471 

99-30 


1972 Esaw 
luo.oo 6.56 


1472 ZODFEM 
99-75 5.75 


1972 TSBOFWl 
100.00 7-00 


1975 unarm 
99.75 6.30 


1/ 2/1979 
1/ 9/1979 
U 2/1979 
1/ 5/ 1982 


1976 SUOPEM m#T. £ STEEL 
99.75 8.00 15/ 2/1983 


100 3/* 2.07 £.04 6.25 

1.01 5.71 

IDO 5/8 1.13 5 .W 6.4J 
.63 5.57 

107 3/i 3.93 6.92 8.58 

101 1{S -.96 7.78 8.26 

2-6 7.5i 

99 .93 7.65 6.37 

99 5/8 1.33 6.02 3.77 
.85 6.72 

100 1(2 .76 6.25 6.91 " 

106 4.01 6.74 8.02 

104 1/4 4.80 6.92 7.67 


EOUPEU XSIESmST EASE 100 1/8 
6.M 15/9/19*1 


*.38 5.96 5.99 
3-38 5.92 


1976 zoom* tsvbtkw jj» iw 5/8 4.96 c.ti 7.65 
99.75 8.00 15/ 4/1983 

i&llo "TS “* 1/2 s<80 7 -“ 1M 


1475 EPBOPBUt I8TZ8T7SBT SAKE 107 
100-00 . 9.00 1/ 3/1982 


191* suitor r AS XVrEStRFT USE 103 1/4 
99-50 9.50 1/ 6/1979 


3.84 6.85 8.41 


1.09 6.30 9-20 


73.00 

75.00 


tfl .00 
15.00 


fp.on 

3U.00 


30.00 

15.00 


1977 
99.75 
1475 
i oo. cm 


147; 

99.50 


1472 

100.00 


20.00 1972 

r:.oa joo.bo 


1975 

99-75 


75.00 

27.SO 


100. UD 
lOO.OQ 
:0C .00 

:OO.DO 

7S.OO 


60.00 

li.oo 


31.09 

40.00 


1972 

99.25 


l*/l 

yy-25 


99.25 

1*7> 

99.50 

1477 

99.00 

147S 

99.25 

n:» .. 
99.50 

1*73 ‘ 

■W.30 

14 ’4 
«.» 

1975 

99 . 59 


COVEWBOaT OF KALAT61A 

1 6-33 13/ 6/1980 

98 1/2 

Z.ll 

l.U. 

r.s: 

8.16 

6.85 

IS .50 
19 J 7 

F» EE 
BQ 

COTETT fr.C.1 

1 6.50 l/K/1979 

99 3/4 

I.M 

1.01 

6- 7o 

6.52 

3.5I> 

1976 

TT 31 
LO 

’ CCVT. or SE-- 7«T49a 

1 6.23 IS/ 4/1979 

100 1/2 

.96 

3.70 

6.22 

X9-CT 

rr to 
OQ 

COVT. OP TEV U*L*FD 

1 7.50 13/ 9/1978 

100 3/8 

.38 

S.bfi 

7.C5' m 

15.00 

1975 

KF to 

CM 

GOVT. OF SEV mim 
> 8-00 1 / 3/ If 13 

103 3/8 

6.84 

6.64 

709 


FP ED 

COVT. OP KEV ZLhUiLU 

1 8^5 15/11/1981 

IDS 1/2 

3.55 

6.(5 

7 -84 


KP EC 

COVT. OF bTM ZEALAND 

1 9.00 ]/ 3/1962 

107 3/8 

3.84 

6.75 

8.38 


"KF S3 

to 

HAKEXSLET HOP FIF 

1 ’ 6.75 1/ 3/1979 

100 7/8 

.84 

5.63 

6.69 

15.00 

1»?6 

K SO 
10 

HOUTIAT TMM 

6.50 1/ 5/1979 

99 7/8 

2.01 

.51 

6.63 

6.86 

6.51 

15.03 

1976 

PC ED 
TO 

HOLLAND UEUCA LISES 
6.25 IS/ 8/1979 

99 1/2 

1.30 

.BO 

6.63 

6.93 

6.28 

7.50 

1976 

xr a 
0(1 

15C0R 

f 6 p 30 15/ ID/ 2979 

98 7/8 

1.47 

.97 

?.» 

7.75 

6.51 

12-50 

2970 

CR EO 
00 

1SH JX*VAJTH*-BASI!a 

9.15 U S/1980 

103 5/B 

2.01 

7.24 

8.93 


K EO 
TO 

K.L.M. 

6.00 15/ 8/19/9 

99 1/2 

l.M 

.80 

£.38 

6.68 

6.03 

18.15 

1976 

TC ED 
TO 

K-L.H. 

7 *25 25/12/2978 

*01 3/4 

.63 

4.32 

1.13 

1S.10 

1975 

PC EC 
TO 

moan or bowat 

b.M 1/ */]*» 

IDO 3/8 

4.93 

6.41 

6.48 


FP ED 

co 

USaKH CF BD8WAT 

6.15 1/10/1982 

101 

4.43 

6.47 

6.68 


FT 5J 
£5 

rHCBOH or LOR VAX 

7.75 I/6/19S7- 

104 

3.93 

0.56 

7.45 


FP £D 
TO 

tnawi or 

8.00 15/ 1 1/1988 

104 1/4 

2.55 

6.12 

7.67 


FT Hl- 
10 

■ EUSOON or FV0VAT 

8.20 13/ 7/1981 

106 1/8 

3.21 

602 

s.ei 


F» IS 
LO 

iaceti l-i 

b.JU 15/ 2/1979 

100 3/4 

.SB 

5J( 

6.43 

IX. PO 

19.D 

re si; 
10 

SSBtS “IDDKtrTAJDMUXr. 
9.50 1/ 7/1979 

103 !/« 

■2.18 

6.N 

9. IT 


• T ec : 

TO 

9.50 13/ 4/1980 






60 







■ 

• • - 






S? TO 238 600 601 £02 bp* 
l'? £05 *Db £07 6*38 

__ 609 610 611 910 

IO.M rr, a 23£ mo 601 602 tai 
19.1 IC[ bOS £06 607 oD 9 

_ , 609 MO 611 4 !U 

7-50 2.P ED £37 600 601 602 60. 
197b U{ MS £06 607 MS 

AM 610 bll «‘0 
FP TU 23* 600 601 602 60* 
IP 605 606 £07 bfn 

609 bIO bit 910 
’T ■ 601 60Z 6M 605 
19*0 CQ 60b 607 AOS 6M 

,, 6W 671 *10 

13-55 CO EE 237 600 601 502 £04 
197b BO 605 60b 6QJ 606 

60S 610 611 410 
/-■ -W VS EB 538 6lh) 601 602 6C4 
19.6 605 606 607 609 

609 610 611 4JO 
12. .0 S? HJ 238 600 601 602 «0f 

197b 00 60S 606 607 6<6» 

909 610 611 SI-7 
FP ED £38 600 601 602 b-K 

OQ 605 609 607 90* 

609 610 611 410 
FP ED 238 600 601 602 6>W 

L'Q 605 606 607 608 

609 610 611 910 
10.00 S’ 07 ~*t 600 601 602 604 

19i8 Cp 605 606 60/ t>OS 

609 610 61 1 410 
FP EC *38 600 601 602 b?4 

Lit 605 606 607 6-:-8 

609 blO bll MO 
FP ED 238 600 601 602 bit. 

U<j 605 606 907 era 

609 610 611 910 
yr EC 238 6001601 602 604- 
IS} £05 b06 607 bOft 

609 610 611 510 
SP CC 238 600 601 602 M): 

Hi 603 606 607 bOFt 

609 610 611 910 


«07 608 609 610 
Ml 910 

> 600 tOI 40; vu 
605 £06 607 60& 
609 610 611 910 
: 60S 601 602 904 
60S 606 607 60S 
609 MO 611 MO 


75.08 

' 0.00 

60.00 

15.00 

100.00 

50.00 

75. CO 
75.W 

73.90 

30.00 

60.00 
40.00 

50.90 


IP'S sm m-JM wr UASUSir 103 3/4 

99.50 9.75 1/ 7/1979 

2975 STiBCrfi kirtiLULBABr 107 7/8 

99.25 7.75 1/ 4/U81 

1977* 0SEZEEE1CSE mmOlUMlO: 101 S/fl 
99-50 7.25 1/ 8/1982 

1*75 05ZEUMCBS K«T»0liMSK 104 3/4 

1M-M 9.75 -1/2/1990 

19/1. rant? unsiF too 3 >b 

100.00 7. SO ■ 1/11/073 

1972 PHIL I PT- U2TS 99 I/S 

99.50 6.00 1/ 8/197* 

14 76 TCZL1PS LWt 104 S/8 

iou.ee ;.7j 15/ 5/1981 

1475 raniPS L89PS 104 3/8 

IDO. 00 8.25 1/10/1581 

1974 ?EHIP£ USES 105 1/3 

100.00 9.50- 1/ 1/19S0 

197* pourji uas m in 

99.10 10.75 15/ 10/ 1*79 

4*7 7* PUSSub BEUiCiNO Pits SOS 101 1/2 
9*.:i 7.25 1/ 6/1982 

2976 PIERSt* HELDS191 TiERiOS JOB 7 ft 

99.25 13.00 1/10/ 1921 


1974 UX08A5C 
99.50 1C. 75 


15/11/19:9 


14 >6 Utf XTRut RQUllb-tS 
99.25 9-25 15/ J/1S81 


30.00 

3972 

>££7DS4L SEV FI FO 

15. VO 

•»-» 

b.25 

!/ 9/10-9 

75.00 

J9?7« 

aa-BALic or jwsm.» 


99-75 

7.25 

15/1 1/ 1984 

70.00 

1975 

MPiaiJC OF A1-S7TM 


100.00 

8.25 

15/ 7/|9«2 

75.00 

1475 

M7D1LXC or juirrf u 


109.00 

9.15 

11 3/1982 

50.00 

1*7* 

urmic or irllwqj 


- 99.00 

J0K5 

1S/11/I9T9 

47.00 

19 ? l 

XEFOIL1C 

or sixth xml 

11.25 

99.25 

7.30 

*15/ 9.-1978 

13 . 00 

2s fb 

5.L.C.r. 



100.00 

7.7S 

15/ i, 74*1 

60.00 

1975 

5-S-C.F. 



700.00 

9.00 

15/ 4/1981 

6 .*.00 

1*73 

SCHEETVME7 rsir 


1 D 6 2/8 
ltn 5/8 
99 3/4 
301 S/8 
105 3/8 
107 1/A 
HU 3/8 


Ml 

2-93 

4.26 

1.76 

.SI 

i.:c 

■ 'a 

3.D5 

5.S3 

1.55 
1.47 
4.09 
3.43 

1.55 

1.3S 

.85 

6.55 

4.21 

3.84 

1.63 

.35 

3.13 

2.96 


6-30 9.40 

6.63 7.53 

6.29 Ml 
6.76 9.31 

6.M 7.69 

6.49 6.03 
6.71 

6.04 7.41 
6.75 7.90 
5.93 9.00 
6.62 10.19 
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Designed by Professionals 
for Professionals. 


■ ■ ■ 


Designed for professionals 

for professionals, the Internationa! Bond 
Manual 1 978 Edition provides details of 
over 2,650 bonds and is updated fort- 
nightly with new issue pages. 

At 1 60 US dollars per annum (airmail? 
this service is proving an invaluable aid 
not only to market-makers, but also to 
new issue syndication managers, fund 
managers, investment edvirers, heads of 
corporate finance departments and 
investors. 

Key Features 
A Over 450 pages 

• 28 Currencies 

• 49 countries listed 

• Straight bonds 

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• Convertible issues 

• Index to borrowers 

• Fortnightly airmail update service 

AIBD publications department 
interbondservices LIMITED 
2 PARKWAY. LONDON NWt 7AA 
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This announcement appears as a matter of record only 

U.S. $ 200,000,000 

(Revolving Credit and Term Loan) 

P.S.A. PEUGEOT-CITROEN 


Lazard Freres et Cie 


Managed by : 

Morgan Guaranty Trust 
Company of New York 

Co-Managed by : ■ 


Societe Generate 


Banque National e de Paris 

Banque de Paris et des Pays-Bas 
Credit Lyonnais 

Bank of America NT & SA 
Chase Manhattan limited 

Compagnie Financiere de la Deutsche Bank AG 
International Westminster Bank Limited 


Societe Generate 
Banque de Paris et des Pays-Bas 
Deutsche Bank Aktiengesellschaft 

SucCur.^lL- do Kirn. 


and provided by : 

Morgan Guaranty Trust Company of New York 
Bank of America NT & SA Banque Nationalc de Paris 

The Chase Manhattan Bank N A Credit Lyonnais 

Putk Branch 

International Westminster Bank Limited Amsterdam-Rotterdam Bank N.V. The Bank of Tolq?o, Ltd 
Banque Bruxelles Lambert S A Banque Europeenne de Credit (BEC) Barclays Bank SA. . Paris 
Bayerische Landesbank International S A Bayerische Vereinsbank International S A 

Society Genferale de Banque SA Union Bank of Switzerland 

Agent : 

Morgan Guaranty Trust Company of New York 

s Februar\T97S 


I 

J 






Financial Times Monday May S lfl 78 


a- ! S- 

BORHO'AER' 

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4.43 

102 1/4 1.88 


REPUBLIC Of XCILAia 
8.75 1/12/1)92 

REPUBLIC OP mW-»*m 
9.00 . 15/11/1979 
REPUBLIC OF PAKAS4 
9.00 15/ 1/1987 

REPUBLIC OF PARUSA 
9.00 15/ 1/1988 

SAMS-WaOCtO 

8.73 1/12/1996 

SAME-SCBOCCO 

5.50 If 3/1988 
&0HATRACR 

8.50 1/ 4/1990 
SIOUX AUBUTS COBP 

9.00 13/ 2/1980 

7TO POVEX 

8.75 If 9/1980 
ERilNIUS /DEBAlU 


6.25 1/ 9/15*7 

EBosns cpsniAil 


8.73 1/ 3/1987 
UnSHBODRC ISAACS 

ARSED FISAS a: 

6.50 16/ 6/1987 
ARB ED FDUSCZ 

6.73 19/ 9/1960 
ASIAN OCTRLOnm BANE 

6.75 25/ 4/1987 

BORHAH DLL 

7.00 30/ 6/1967 

cm OF ROE 23 

7.50 10/ 6/1991 

cm or Oslo 

6.75 29/ 9/1947 

COUNCIL OF nmOPC 
7.00 13/ 9/1147 


102 1/6 2.18 
4*18 

102 1/4 4.59 
3-62 

10] 3/8 1.55 
101 1/4 8-72 


! 3/5 8.59 
6.09 

j;i *-*i 

7.34 
7/8 11-93 


8.36 <0 
102 mo 
8.51 7.68 

101.00 

8.22 

103.00 

8.61 

103.00 
8.63 8.75 

101 JO 
8.81 I.A7 
101.50 

8-81 

8.38 8.03 

101 . 00 
8.44 9.02 

101.50 

8.65 8.05 

100.50 

8.66 


8.61 8.1! 

102.00 

1J6 

8.42 8.21 

100.00 

1.57 8J3 

102.30 

Ui 

100.50 

1.71 

Ml 8.52 

101.50 
SJ9 8.91 

101.50 
8.53 7.67 

toi.ao 

SJl 8.35 

101.00 

8.43 9.07 
101.50 

9.01 


V) 

1978 
60 

i960 

30 .30 

1980 FF1979 
60 .30 

1976 F71977 
60 .21 
1)81 PP1577. 
60 .20 
1982 PP1978 
1.35 
1928 
IOC .88 

1979 1979 
60 2.00 

1979 1979 

TOC 1.17 
1979 1981 

1.00 

1980 


1.23 
1978 
*0T 2.00 

1580 1981 


60 

1)82 

30 1.00 

1979 1979 

1.10 

HSO 1910 


69 .25 

1982 991978 
60 .22 

1983 mi80 

90C 1.67 

1979 1981 

90C 1.17 

1981 1983 

vO .25 
1979 rrl980 


9) 1‘: 1.35 6.22 6.LS 90 r. 18.75 HP ID 1*3 305 307 

5.0a 6.37 102.50 1978 15/6 PTHB 


107 1.3 *.!- 7.55 l.l* 5.90 *0C 23.00 CC ED 179 307 

3.05 «.9. 103.00 1980 1976 DO 


BORROWER' 

COUPON MATURITY 


j l inqMW"K PM5C3 (CONT INCEDI' 

ur* crown or more l0fc 

99.73 10.00 30/12/1931 

1971 WSURE - 9BETCME RASt 96 l<6 
99.00 7.30 6/11/1988 

1973 SBOWM W Vt 

99.00 6.7S 30/ 5/1988 

"1971 BfflflKHA . 9 " ri% 

100.00 7.50 -1/ 7/197* 

1)73 EouarwA o w; I; '* 

100.00 9.7S 2i/ 1/194) 

UK EOtOPSAS COAL 6 STLfXi 96 "■'* 

99.00 6.75 15/12/1967 

197] SHOPEAK COAL 6 3TLSL ’• 

9*.00 7.00 13/ 3/1*95 

1)73 9DC0P5A1 COAL 6 STEEL H l ’* 

98.35 7.00 It 7/1986 

1973 EDtOrEAN COAL 6 STEEL *' '■' 4 

98-39 7-25 20/12/19*8 

1971 EUROPEAN COAL 6 STEEL 9* 1 -“ 

100.00 7.75 16/ 8/1)6) 

1973 EUROPEAN COAL 6 STEEL 0 1D5 1/4 

99.35 9.00 12/ 3/19U 

1976 Otar UV COAL A STEEL D 106 5/8 
100.00 9.30 5/11/1934 

1974 atOFBAN COAL 6 STEEL 10* 

99.50 ■ 10.00 30/10/1981 

1972 tmOPEAB INVESTMENT BANE 97 1/4 

99.00 6.7$ 15/12/194! 

1171 EUROPEAN INVESTMENT BUS 94 1/2 

98.00 7.UO 13/10/1986 

1973 EUHB*EAS HIVSSKEST RASC *3 

98.50 ■ 7.00 1/ 2/1986 

tt73 EUROPEAN XNVRSCSSr 1A9K 93 
98.23 7.00 1/ 6/1988 

1973 pnoraiN HBVESMEBT BASK 96 3/R 

99.50 7.00 1/ 8/1988 

1975 EUROPEAN PW RS t H EST BE O 105 1/2 

100.00 4-73 23/ 3/1985 

1974 ElBOPTAN lnRSDUHT SAKE 106 1/8 

100.00 10.00 15/11/1981 

1972 FINLAND - I5&C5T miO *2 3/1 

91.50 7.00 15/ ia'1987 

1972 GRAND HAaRUPOUTAN 9010. 90 S.'l 
99.35 6.73 1/ 9/1917 

1976 INTE8H0S8LLC FINANCE 103 7/8 

100.00 8,50 10/ 3/1)83 

1975 ISEBriOaELLE F1SA5CE 105 3 /* 

IDO. 00 9.00 13/ 4/1985 

1972 XSZ STANDARD ELECTRIC 93 5/8 

99.00 "6.30 1/ 9/1987 

1972 KUHXM OP DOMAIN 92 

loomo 6.73 14/ 8/19*7 

1973 PHILIPS m FU 0 IDS 

100.00 8.75 13/ 5/1585 

1972 KEBS UESUDSaL *! 1/2 

99.00 6.75 10/ 9/1)87 

1972 SLim VALXZS 07 ru 76 

39.00 7.25 15/10/1)87 

SAUDI tniM 

1975 ADI0P1STA3 L 102 

99.00 8.23 15/ S/19B2 

1925 HUB NAT ■'BENT SLON L 101 1/4 
100.00 8.50 1/ 9/1983 

1977* SAT Atomy NAVIGATION L 100 7 ik 
100.00 6.75 13/ 6/1937 

i97i* nramcc (bbcsuui too 
100.00 9.00 1/ 6/1)82 3 

1977 MSUMKKOCCO L LOO 7/3 

100.00 .8.50 1/ 4/1987 

RElLUm/DU 


Cm OF TURIN 11.06 

1 6.50 15/10/1984 5 

8N5O-C0CZEI7 11. ID 

1 6.50 If 2/1980 S 

1 a ur FIN B.]»47 

) 8.00 1/ 8/198* 

NET ESTATES 6 PROP 7.758 
I 6.73 13/ 8/1987 

US) ZEALAND ll.il 

I 6.75 14/ 3/1382 3 

lJEF.Iir IRELAND 11.2* 

i. . 7.00 It 3/1981 

HRf OP IRELAND 7.1503 

I 7.00 15/ 1/1989 

umxus ist 7.80 

I 6.25 JO/ 6/1912 

nu-iriu 9.o5 

I . 7.25 1/ 3/1981 S 

SHtDIER UHOO ll.U 

i 3.73 1/ 6/1)80 i 

uj.inia avun. u.i* 

l . 6.00 31/ 7/1)80 S 

AUSTRALIAN DOLLAR/ DM 


MAJUVr 

MAKSftS 


3.65' r.«! 
2.65 7.3 b 

10.5] r.;* 
B.01 7.37 
, 10.09 7.3! 
i.19 2.57 
.14 4.0° 


J.«9 7. 
i 1.63 7.;o 
5.13 7-5° 

8.9.4 8.17 
J.88 8.89 

, 9.18 8.7.’ 

5.06 6*^5 
| 10.65 !■ 5! 
7.81 7.BB 

l S.j: ?.*) 
2.50 7.9o 

v.u y.n 

I D.3— 8.1) 
5.32 9.02 
1-51 7.94 
2.01 D.'O 

9.63 7.14 
5.13 7—X 

S..7 7.2) 

4.47 7.39 
9.76 3.06 
5.26 8.71 

10.09 8.04 

6.04 8.53 
10.26 7.31 

S.7b 7.M 
7-07 7-71 
6.60 7-67 
2.53 7.92 
3.34 7.23 

9.47 8.18 
4-97 8.9a 


6.9? 

101.50 

7.13 

131.33 

7.31 

131.23 

'<•] 

101.50 

7.79 

101 .50 

8.33 6.56 
101 .25 

8.91 6.89 

101.00 

9.43 

A. 94 7.63 

102.ua 

7.11 J.?B 

102.00 

7.33 

101.73 

7.53 

101.73 
7.28 8.01 

102.00 

8.39 6.7* 

102-00 


■.46 7.46 

4.9b ?.d 6 
9.31 7. IS 
4.83 ;.«i 
1.30 7.44 
6.BQ 8.67 


(.37 8.75 
..87 10.12 
1..7 11.33 
4.97 14.31 


7.58 

101.73 

7.45 

102.00 

8.L8 6.71 

101.00 

1.54 7.23 

101.00 

6.80 

103-00 

7.34 

102.25 
8.26 <-33 

102.00 


133.00 
19 79 

■0 40-00 
Irt. 9 1979 
liW 40-00 
19/9 MS* 

125.00 
10-5 

175.00 

l "91 

40. M 

1978 19?4 
roe loy.uo 

I4W 197B 
JOC 8.5.W 

1979 »?9 

toe :o.«o 
1979 19 ’• 


-:C u.uo 
1.80 IW 


1ST 40.00 
1983 M78 

901 40.00 
1903 I9!» 

TOT 80.00 
1)80 1971 


IOC 10.00 
1980 PFI9J7 
IJ>.» 
PPI971 
902 60.00 
1980 1*78 

75 BO. 00 
1979 DPI 974 
4 SC .'0.00 
I9B0 PM) 79 
BOC 80.00 
19 31 1931 

75 80.CU 

1979 DM 
SO 80-00 

1978 1)!» 
9 DC 100.00 

14 m mm 
toe 80.00 

1979 1»!8 

90 50.00 

Xl/B 1978 


SI* 113 518 3M 
230 123 313 331 
S30 113 310 323 
113 310 

230 >15 310 MO 

:h iu sn zu mi 

22) 313 310 

14] 115 310 3» 

22] 113 M3 310 3» 
:;j ns 3 io mo 
::: ns sas no 320 
us s» s» 

323 113 505 sto sn 
223 113 303 510 928 
213 US 303 518 yjf 
:,} its 3to »:o 
S2J IIS MO 420 

222 111 303 310 518 
230 (19 310 520 

223 US 305 310 Sit 
■;M 115 310 520 ?ll 
SJO 113 310 528 

222 113 MO 3-0 
32J US 310 528 
279 U3 310 520 

223 1L3 310 329 
223 113 MO 520 
230 115 310 3M 
223 320 


1.05 

7.63 

8-09 




<V. ED 




ldl.50 

192) 


Utl 

5.36 

8.18 

H.aQ 


10 

16.00 

» JB 

=.95 

0.00 


101 JQ 

1928 

1978 

UO 

9.13 

8.60 

8.67 



25.00 

K A3 

a-»J 

8.37 


101.00 

DU 

1982 

to 

-.09 

9-20 

9-20 

10.12 

30 

3.00 

re as 



101.00 

1979 

FV197S 

LX 

8.93 

1.33 

8-43 

8.47 

90 

=0.00 

CO 

o.9J 

8.3= 


101.00 

1930 

1)0] 

UI 

6.47 

8.36 

:.=) 



.33 

SP UI 

3.53 

9.89 




1970 

inur 

1.76 

6.21 

6.36 

B.J8 

90T 

.40 

tc TO 

1.26 

o.06 


100.50 

1979 

1)66 

LNLX 

8.26 

7. S3 

7.79 

2.9* 

45C 

1.50 

TO CD 

4. =6 

7.21 


101.50 

1970 

1927 

LN 

9.J0 

6.81 

6.12 


90 

.00 

re co 

5.51 

6.97 


lflj.00 

IMS 

1975 

IV 

3.68 

6. Li 

6.70 

•5.70 

<MT 

.55 

VP LB 

2.20 

5.75 


101.50 

1979 

3970 

UAiDJP 

j.a- 

B.iO 

6.8* 

3.96 

ID 

■ SO 

NT til 

1.85 

5.96 


101.30 

19 78 

19*0 

LNDDP) 

9.72 

6.90 

6.M 


A SC 

1.25 

SP EU 

5.:: 

6.85 


101.73 

19.9 

1)71 

LN 

14.17 

6.69 

6.51 


10 


SU EU 



10J.30 

19 7S 


LH 

*■84 

6.8. 

7.=J 

1-00 

30= 

• 4b 

AC EU 

=.811 

6.5= 


100.00 

1970 

1)71 

L34HIFF 

2.09 

5.57 

S-40 

3.80 

9Qt 

.36 

SP r U 


1.09 

ISO 1/2 7.2b 


PC ro 313 963 
LNLX 


90 7.8 9.13 7.94 

6.23 8. "4 

91 1.4 2.38 7.55 

94 8.99 7.70 

4,99 8.26 

92 1/8 9,17 8.25 

4.67 9.14 

93 1/4 12.95 8.10 

7.18 8.34 
92 1/4 9.42 7.96 
6.74 8.32 

94 . 9.38 7.92 

4.88 8.35 


7.15 90C 110.00 PC ED 222 115 505 510 520 

102.00 1)81 1)81 LX 

6.87 PC ID 223 US 505 510 5 20 

101.00 1978 LX 

7.18 30C AU .00 »r ED 220 113 510 5» 

102. UO 1979 1978 LX 

7.60 (SC 50.00 BP EU 22] 115 510 570 

102.25 1978 • 1978 LN 

7.87 8.79 9 DC 23.00 HP ED 230 115 520 

101.75 1)84 1975 IX 

7.33 WC 25.00 NP ED 230 113 510 S2D 

101.75 1**0 1973 LN 

7-3 50 50-00 UP ED 224 113 510 MO 

102.00 1979 1978 LX 


50.00 1972 BflHAL fc QUHSTUES BANS 101 3/4 9- JO b.]4 6. .9 6.58 JO 3.00 6-5 LO 214 30/ 9.6 

30.00 100.00 6.50 13/ 8/1987 * -M o.la 101-30 1)80 I9!6 LN 

EXTERNAL STERLING ISSUES 


1978* ALLTED IROiUIES 
99-50 10-23 13/ 3/1990 

1172 AMOCO in FIN 
*8. DO 8.00 1/ 5/1947 

1976* CITICORP 0/8 FLN 
9). 30 10.00 15/ 3/1993 

19/7* OOURtAMJS XSI PIN 
91.00 9-/5 15/12/1989 


90 7/8 11.98 11. TO 11.21 
9.78 11.47 


101.30 193J DP1982 LN 


-SO TP. UI 3-8 VO? HI! 


96 7/8 1.01 8.M 8.26 

3.87 8.71 100.25 

91 3/1 i;.8B 11.15 10-90 12.29 


100.25 1980 PP1974 LX 


82 LN 951 940 

615 460 

50 re CO 456 901 930 1 


102-00 1964 DPI) 79 IS 


90 5/8 ll.a) 11.21 M-76 45C .50 PC 

8.62 11.48 101.30 1982 9P1978 LX 


.80 PC Elf 359 210 «S 


O 

| 

£ 

5 ui 
ta U 



y \-7 

St =s 3 • si 

So 

55 

BQfiflO'.YEE' 

Ui 

(J 

n if a 
i 11 i ; Si ' 

- H i*j *- , 

■»t . > [ 

cn S 

-2 

5 

B 

== 

5 03 
2* 
> 

COUPON MATURITY 

a: 

B. 


20. an 

l«.’7* 

:0.0a 

100.00 

7S.no 

I97« 

23-viO 

W».50 

Si.OO 

i«T:« 

«.'5 

m.uo 

l?TT- 

=0.00 

It.iu 

12.00 

L 97** 

1/.0U 

ion. 00 

1O-U0 

l»7-* 
100. OJ 

10.00 

:i7t* 

10.00 

loa.oo 

20.00 

d;j- 

100.00 

IS-00 

1)76" 

lE.aa 

100. =S 

15.00 

I971» 

luii.oa 

24. UO 

lOi.'.JO 

l.'.fft 

1»’S- 

Ij.OU 

iuc.ro 

Jl.00 

illtf-Vftl 

30.00 

[*-. 1 
ihu . 00 

XaF.hO 

I* : r - . 

*o.ou 

400.00 



a 



5 



■<o 

MABKFT So 

w — 
VI c 

BORROWER' 

MAKERS ffS 

0“ 

COUPON MATURITY 

'I 

<= s 
a 2 



> 


P 

UI 


1 



tlTXlL (TEKL1 *4» f-Ntf. ■GusTLrtlEU) 

tUFt PLV- 4 STEAL 9" S/i 11-39 I0..I 
S.62i 1/12/1969 8 .)d I0.J.7 

nnwriui inve .ttiest sank 94 s/f ).»u i-ioi 
9.73 D? ;;i9» io.:i 

aiOTLAN lrera-BOT SAKE )- 5/8 I-.b], 10 
)./5 15/12/1992 

nSAJi.C FOR IIM5IBY 91 1/8 9.63 II, 


EWOPL45 coal * steal 
9-625 1/12/1159 

nnwriui inve -ttiest sank 
).?:■ 15? 271968 

ELI or LAN 16TVJ0U7-T JA6K 
)./5 li/12/1992 

nsu-.c FOR IIMSIRY 
9-/5 15/ 12/ 19*7 

riNAvrc pus. indultxt 

14.00 15/ J/1989 
F15053 IST Flf- 

I i/I 2/1997 
EFTETLE4 BOLD I Go IT 

11.00 15/ 5/1988 

ISiA INTI MLD13GS 
10-40 1/ 1/19U8 

ROW-TREE XACnsnua in 
10.23 is/ 2/i»aa 
SEAPi 1ST FIS 

14.25 15/ 2/1 )(C 

.'DIAL OIL KA713E 

6.1:5 )ii:;i9l* 

WBH BREAD 1 CO 

10.50 15/ 4/1998 

SPECIAL DUVISC RIGHTS 


I 9.63 11.49 
7.6J jl.jj 
! 1C.*« II.J7 
8-92 II. Jb 
9.uJ 11.(9 

10.05 11.12 
8.o5 12.01 


10.17 11.42 
101.50 
10.10 Li-1 
101. UO 
10.30 (U.72 
101.00 

13.70 

J01.50 

10.91 

101.75 
10.15 12-0) 
101.50 
11.61 12.69 
10L.50 


28C .65 

ns: DP1978 
30C l.VS 
1983 DPI) 79 
30 1.00 

1187 6)1973 
69 1.00 

J)81 BP1979 
45 .72 

1982 DPIUI 
45 
1982 

' 65 .30 

1941 DPL981 


. LOyvaRTTRLB-rEANCK 
100.00 1972 CERVAIS DA50NT 


BORROWER* Ev- 

COUPON MATURITY 


COST Earl 1LES-NETNE31LASD5 (CONTIMISD J 



9.R- 11.37 10.91 

).80 11.96 11,29 
7.9J 12. | j 

9-80 1 1. 6b 11.28 
6-39 10. -6 9.7 3 


U-1« 11-29 
9—6 11.6] 


M pc nr 

1902 U 

>5 .60 PC EU 

1983 DPI* SO IS 
-5 pc aj 

1983 LN 

jo 1.30 pc u; 

1981 PF1978 LN 
,S .75 N) ED 
1942 DP 1961 LN 


346 925 913 940 949 
950 435 9bO 97$ 
980 
2SJ *«• 


320 20J 925 940 950 
)oi) 975 980 


100.00 100100 5.00 15/ 6/1)87 

.’...oo F9<>9 mourn ESI DEV 
37.80 100.09 6.00 5/ 1/1985 

30.00.' 19/0 SUB LI L'lmctt PARIS 
30.00' 98.50 7.00 15/ 5/1385 

• CONmTTM-E S-BOHC Rpr-C 

38.00 1974 ASIA, SA7TGATIDS 1ST 

50.00 200.00 6.50 J / S/1989 

CttWuxnm- utAn. 

10.00 1)774 UUKL m XRV 

10.00 1W.0D 7.00 1/ 7/1964 

coKvmnuuwAwa 


l! 73 1/4 8.8 J 3.51 
4?5.l 8.52 


I IB 1/2 *.33 JO <0 
1-26 2.23 103. 

103 3/4 6.73 6J2 'O 


80 m.37 TFISOO 5F E 92 Mi 210 215 

102.50 1)78 1978 15/ 9/1)72 IX 960 975 

<0 60 -1.95 FF1216 PC ED 92 35 203 7|n 


If 4/1970 mui 


a.S 1 yj 394 DL ED . 
30/ d/1370 AMUDD 


IXZUS 215 915 520 
WO 975 

DL ED 458 35 205 210 
AMUDD 215 935 940 
960 975 


65 3/8 9.96 12.49 60 

4 1/4 4B.il 5.00 103.50 19/8 


36.23 WS 1.7 W m 130 935 960 973 
Zt 5/1974 U 


95 1/2 7.04 P.10 » 7J7 IL 3.071 PC ED Zt 960 

4-32 103.00 1)60 3/13/1978 UT 


102 i/4 :.u 


iLECIPlA'ItC 01 FRANCE 
■.-DO W .M9#3 


5-:: i.\3 6.7 


j-iEOIvM LMILTHENT rank 102 i/2 ..n 


t.ia t'i 

102. 00 II.'S 
6.7-. 7.87 Jli 

101.00 1980 

3.76 4.12 20 

1U2.0U J1.'9 


PC SU 517 520 605 373 
<W- Ui VJO 210 80S 973 


l n ->>0 *.P 10 517 520 7J5 103 S75 
2279 LI 


INVESTMENT FUNDS 

The following funds include Eurobond 
issues within their portfolios 

Quotations & Yields as at 
28th April, 1978 

SOCIETE GENERAL De BANQUE 
BANQUE GENERALE Du LLHCEMBOURG 


W’S A6AHI cam CAL L 132 1/4 

100.00 6.23 30/ 5/1990 3 159 

1977 ASA® OPTICAL. ]iy 

100.00 t-00 31/ 3/1992 -15 

■1971, UI DXFMM FMSTTNG 493 3/8 

ItW.OO 6.75 31/ 5/1966 3 550 

1)76 DAI El UKC 124 

100.00 6-00 317 S/199L S 1010 

19!o DAIVA HOI5C XMAI5TRT 108 5/C 

100.00 7.25 31/ 3/1911 5 in 

I9ii HITACHI ITU 4)0 461 5/8 

100.00 6.25 51/ 7/1179 s 234 

1969 IOIACHI LIU IM 1/1 

100.00 6.25 30/ 9/1901 s 2J- 

1977* HOED SHIN ELECTRIC WlttN III . 
100.00 6.373 30/ 9/199i 3 =32 

1977* ITO-TOKABO lj* 1/8 

100.00 6-00 31/ 8/19)2 s 1300 

1977* JUS CD IIP 3/4 

100.00 6 -DO 20/ 2/1992 3 KM 

1177* UO SOAP CO 172 5/8 

100.00 6.00 30/ 9/1992 E 670 

1969 KOMATSU N1MF1CTUIISG ZU 3/8 

1PO.OO 6.25 30/ 6/19*4 s JJX 

1975 KOMATSU LTD 126 lit 

100.00 7.25 30/ 6/1)10 £ XV. 

1976 moTA 115 1/4 

100.00 6.75 15/ 4/.J911 j 284 

1976 MAR® 146 5/8 

100.00 6.50 31/ 1/1911 1010 

1975 KUSOSH1TA ELECTRIC LIU 1*8 7/8 

100.00 6.75 20/11/19)0 S 7*1 

1975 amUBrsn ELECTRIC 1)8 1/4 

100.00 7.50 31/ 3/1991 £ 172 

1977* KnsURISK CAS CSn . 97 3/4 

100.00 6.00 30/ 9/1492 X 160 

1976 msCHlSU HEAP?- BED 217 1/4 

100.00 6.50 31/ 3/1111 g 13] 

1977* mas rsm couqraxiixi im j/< 
100.00 6.00 31/ 3/1912 S *36 

1975 MTRUBlsai CORPORATION 142 1/4 

100.00 ! *50 »/ 9/1)10 S 436 

1)76 HTTEtTRIUE CORPORATKBi 126 5/8 

100.00 6.75 31? 3/19)1 S *36 

(975 MITSUI 4 CO 331 3/4 

im.00 7. a 30/ 9/1990 S 330 

lift MITSUI 4 CO 17A 


4.78 3.13 «0 


5.13 4J5 <0 
1.45 104.00 


First 



Issue 

Yield 

Div. 

Price 

*• 

.O 

Date 

LuxFr 1000 

8.31 

! 21 Nev. 
(F69..) 

LuxFr 1000 

( Capitalisation } 


Ren [invest LuxFr 862 Luxrr 1«JU 8.3) 21 Nev. 

I (F69..) 

Capital Rcncinv«t LuxFr 1327 LuxFr 1000 (Capitalisation) 

1977/78 1975/78 

__ Hi gh Lew _ H igh Low 

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Capital Ren [Invest LuxFr 1327 LuxFr 1217 LuxFr 1327 LuxFr 968 


I 8.25 31/ 9/1999 s 310 

MXPStir REAL ESTATE DL7 139 

6.00 JO/ VI492 S 510 
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6-U0- 30/ 9/1)92 J 620 

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0.25 30/ 9/1919 I860 

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SANYO BLD7TH1C IRA 

7.50 . 30/u;:«o % 2U 

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6.375 30/ 9/1992 X 430 
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0.00 30/ 9/1992 9 SSO 

SDIQTOttt METAL 96 ' 

6.00 31/ 3/1)92 S W 

XAKEUA CHEMICAL TND VJO 373 
6.00 31/ 3/1)44 3 365 

T0ETU DEPT STORE 127 ! 

6.00 31/ 7/1952 * 430 


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93.00 100.00 4 .7J JO/ 6/1923 

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.•40.00 1972 NAKKEK-Lft»nT 

-U.OO 100.00 4.50 ■ It 4/1*87 

20.00 1*68 KAMKr-LWHIEBI. ' 

7.51 100.00 —SU 1/ 8/1*98. 5 

'95-80 1973 X£MX P/WWATHC. " - 

75.00 100.00 5. CO 1/12/1988 


II) 1/2 

6.|9 

0.01 

-0 



13.00 

103.50 

BT 1/2 

>.80 



30 7-0 

4.S6 

9.00 

io2.no 

76 1/2 

7.6a 

4.00 


S 3/6 


10.00 105.75 

n 

b.r'. 

7. .5 


1* 

5.26 

5.00 

102-25 

92-7/2 

5.74 

5.7) 


li 5/8 . 

3.82 


102.50 


5.5* 

b.*' 


2i I/* 

2.05 

10.00 

103.50 

■-97 5/8 

4.59 

5.23 


1* 3/0 

.-.Oft 

..8.00 

101.00 

ftO J78 

>.29 

7.2* 


24 5/8 


1D.CO 102.50 

i. 1/B 

5.*2 

6.78 


25 718 

7.71 

10.00 

102.00 

86 I/I 

3.0* 

10.0) 


22 5/8 


20.00 

104.90 

90 1/8 ■ 

5.55 

6.39 


-» j/8‘ .4.6* 

B.Uu 

102-25 

78 1/4 

6.1* 

10.25 


16 S/B 

2-il 

5.00 

102.00 

97 >/» 

t.n 

5.46 


42 

.6.47 

7.00 

100.00 

S, 1/9 

5.« 

7.16 


31 VB. 

4.46 

6.00 

102.50 

. 71 1/6 

7.9( 

10.1b' 


9 376 


ll-uu 103-75 

120 7/8. 

3.57 


<0 

28 3/a 

4.1? 

17.60 

100.00 

76 :•/-» 

5.41 

r./« 


20 3/* 

4.1/ 

12.00 

103.50 

t'-T/t- 

5.27 

ft.?J 


28 3.'* 

i.l». 

17.00 

107.50 


4.4) 

..r- 

-0 

2* ).'* 

..l> 

13.00 

102. 00 


6.21 

7.76 

- 

ipl 

-.12 10.00 102.50 


— 




1*78 
. 3)> 


30 

1978 


24. *6 
. 1981 

44.24 

21.15 

88,05 

43.67 


30 1B9.47C 
1973 

30" 01.13 


JO 69-1 0 


31) -j.30 

19 TB 

.*? 48.19' 


JO U5.65 


16/ 3/19*3 LX 
in 86 IT) Gr‘ )*b bT >;ri 0i*t 
1/ 5/1966 CT *tt *ifi P.7 

T60 975 

?U 57 1/S Yr. U .56 35 5?r Bin 
15/ *71173 LX H7D *35 *4J 

960 *7> 

$U 3*.6B3 PO FL -1ft )5 «-C *75 
1/ 2/1969 LXM 

>0 50 ITl PE- FT ) r . 520 ft 00 

45/ «/I**8 NTH *to nii -.At) 

H60 »?> 

$11 14-2 - . Pi- U 1"* if. 800 040 
1/ p# J*®9 LX 

V -•*■ P 1 "- KL* -f* 3 'jO 975 

i"./i:/i9** in 

$11 27.13 Pn Ul J76 3*. 570 «TI ) 

"It 1:1933 Li ' *35 "40 9*7 

*60 *.’!• 

HP. I }.*/ p.' v: 41/ 35 EOO *J5 

I/-5/1969 L* 5J) *47 960 

*73 

50 5. I it y- ftV All 35 BOO «» 

_ 1/ 7/1*70 LT 9.0 *60 *75 

51' ft. Tv U) 411 1$ MO BOO 

It 8/19/5 LX ft-0 *30 940 

*60 '•70 

?|f -.0 ' PS O' 4*5 3? 270 BOO 
15/ ;:i970 . *.0 960 975- 

5U 2h )/4 p. TO 2,5 a 00 960 975 
1/ 1/1*69 D 

SO IS J? P>' »D 454. .3* 900 440 

15/ -3 / 1972 LX . 960 913 

AD v. 7ft' ni 447 35 5211 BOO 

1/ 5/1969 STU 870 *r- 940- 

960 975 

$n 14 It- LL 34» J* 520 8 70 

2/ 1/1*69 LT *J5'*40 9.7 

’ *>pO *75 

$T 3* 3/4 PS Ic J4i 15-520 BID 
■ 2/ 1719.7-3 LX *35 **0 *L7 ■ 

960 *.'5 

to li.76 rr. to jvu m sjd fog 

31/ 3/194* WLS 9)5 9-0 ».? 

. . 960 "75 

SU 1 5 " f.C W 378 35 too V(V ■ 

30/ 4/1973 LX 9,0 960 975 . 

VC UJ5 PS H' 2 35 35 MM) 9)i 

1/ 1/19711 MU 940 *79 

pH '38^333 P5 TO 48> 370. MB *J5 . 
1/ 1/1969 L( . ' 9T5 
$u 40 3/4 *X TO 454 35 PCC *35 

1/ l'f971 L-. 94fl 9h0 *75 

ftU 51 it! SU O' 2 J5 JB 5^ 600- 

15/ 3/1974 LT B7U 93> 940. 

960 97S 

St 1) PT- TO 2)> J5 >20 ftCO 
15/ 3/197 3 LX 0 70 9)5 9-0 

. -' . 947 4 60 *79 

SU 44 I/- pc EO 456 » 520 800 
ni 4/1968 El 870 9)5 ntO 

*47 960 975 

ftD 45.32 P5 to .47 TOO 97S 
15/ 1/19 T R 12, ... 

OT 52 1/r « TO 4P5 95 270 SOfr 
1/ J/796* LX , «» 9*0 975 
CD 6] 1/2 PS TO 346 95 800 910 
1/11/196* AS. 9)5 

■SD 56 1/2 PT TO 456 J5 520 800 

1/ 5/1908; MU ft TO *35 940 
947 960 975 
SO 63.74 Pi TO 485 35 2.’0 BOO 

U 9/1969 NT 935 940 960 

* 97> 

TO 47.89 V TO 447 15 800 935 

. J / 6/1969 57LX . 9*0 960 975 

TO :»•' ' iT. TO 458 35 800 955 

J / 6/199.7 MU 940 96(3 9 7$ 

SP 81 1/2 t" TO -1J6 J5 S2C P0O' 

It 4/19/6 LX 8-0 .9 35 940 

9W975 

TO *8 • *.p ro 456 3> s:n <ttm 

V */!<»:: . ' T70 9 35 9TO 

960 *75 

SI) .'9 PI'. TO LOU 915 960 • 

• | / 5/196* IJ . 975 

TO 148 TO U) All 35 >.'0 2-no 
1/ 1/MtfiLM f-T* «V- 9.0 

*■ • 9k0 975 



B1L reports good results in 1977 


Assets 




Cash and deposits with tianks 
at maximum one month 

2J.69P.357 

Term deposits with banks 

13.496.798 

Deposits with non banking financial 
institutions 

1 394.200 

Bills and notes 

2373.134 

Loans and advances 

20.291.61 J 

Securities 

3.329.300 

Fiduciary accounts ■ ' 

3.365.915 

Miscellaneous 

1 .404.556 

Fiiied assets 

1 779.268 

77.034.509 

Liabilities 

Current liabilities: 

- Banks 

- Non-banking financial institutions 

- Deposits 

23.991. ■ 41 5 
546.588 
44.415 354 

Miscellaneous 

1.758.282 

Fiduciary accounts 

3.365.915 

Shareholders' equity and bon owed capital 071 3.08 7 

Available profit 

• 243.668 

77XI34JSQ9 



7'-' -era lie-- ' AT- ~7*‘ Jr 5 Lt. crz. t*4.e , .«-rS'sP '••iA? ■ ’ 

.■-'wna.a-.Ttc LiM !j*uj on. -.,•>■> -Mi-.- - -n.-n L Ltll-i-IJiOf Jc L'J-t itaiBg*. 

a -a auv be »«! ■» v*> itut'. 


International services expanded 

1977 was .in eventful year tor Banque Intcmaliondlo 
a Lu'tintcuiq (BILi. LuEe/nbouig's oldest bunk - 
lournded m 1 656 - and one ol its laig^i «md most 
artivf, 

A! /he end i >f t97b'. (fie Bank had fakeri a-Xicivo 
i'.teps to t-uand its flomeslu.' and international opera- 
tions. bv meiging with jnd absorbing Banque 
Lambert-LuLembouig Despite the piobJems and 
dn initial burden ot extra adnvnistioiive ccaIs innerent 
m a Hitirot-r ot this m.iqmlude, Bil ic glad to /eport 
sjliflariVi, oveiall results ter 1977. Tout assets grew 
bv ab-jut to per cent lo Ovei Llrs. 7 7 billion aaeom- 
pdnied tiyci corresponding increase in eomings. 

In adduicri to its comprehensive coverage ot the 
domestic market ana the privilege to issue bank notes, 
BIL is expanding its inlemational services Operating :n 
one ot the world's (oremost tmancial centers, the Bank 
otters a broad range ot international facilities including 
Eurobcnds; syndicated EuroJouni,: t.ecurily trading, 
foreran e' change and money ma/ket trjnsdctk'ns, 
portolcilio management, and domiciliation ol foreign 
corporations and trusts. Through a lar-rejchinp net- 
work ol correspondents and its association with 
.ABE COR* - the world's largest banking group with 
assets e '.ceeding US $ 200 billion - BIL provides 
services worldwide. 

own Reprosentatkms in Singapore end 
in New York 

scciele anonyrm 
founded 1856 

Luxembourg, boulevard Royal 2 
tel J 7911 

telex 3409 & 3429 biaibi lu 


E K^iIrrLf^ Djb^j .•-— . -_-'r -F-j- 
LTillll'^illtluMll,*® DjI.Uv-b. — I J..T .2 »T .'I 
u-: nra.^ri iw, D.r jnc* K,m ,.jrnncne->ie L.o*’.^* 


EXPLANATORY NOTES AND ABBREVIATIONS 


LISTINGS 
AN 
AM 
AS 


BR 

BT 

UB 

HP 

IF 

HK 

KI. 

LN 

LX 


Antwerp ; 
Amsterdam; 
American Stock 
Exchange--- - 
Brussels 
Beirut 

Dublin . - 
Dusscldorf 
Frankfurt 
{long- Kong 
Kuala Lumpur - 
London 

Luxembourg- * 


ML ■= Milan 
•• NY -New York 
PR = Paris 
KM = Koine 
SI = Singapore 
■■ UO ' =" Unquoted 
VN - Vienna „ , 

ZR = Zurich & other Swiss 
Exchanges 

DELIVERY 

EU = Europe , . 

EN ■ ~ Europe/New »orfc . 
NY — New York 
-EA - - Europe/Asia 


TYPE OF GUARANTEE OR SECURITY 
1. GUARANTEES ... %l .‘ 

(JG =• Government 
Guarantfee - 

SU = State or Local Go\t. 

Guarantee 

I*G = Facent Guarantee . 

Hr, - Bank Guarantee;. - 
P\V = These borrowers 

have Public Works 
Loans Board as .'• 
lender ol last — 
resort 


2. OTHER SECURITY 

Collateral Cover 
First Mortgage 
Negative Pledge 
Subordinated — 
Parent Guarantee 
Special Clause 
Subordinated 
Unsecured 
Unsecured Loan 
Throughout • 
Agreement 


CL 

FW 

NP 

PS 

*RC 

SU 

Ulr 

TA 


SPEOAL REFERENCES * , 

1. GENERAL— ATTACHED TO NAME OF BORROt\ r ER 
T) = Domestic Management group 1 , 

1. = Bondholders option ro redeem loan prior to maturity 
V ^ private or semi-private placement 

MO - Principal /Interest payable in more than two currencies 
W = Withholding taxes (with percentage rate %) 

WAV = With- warrants. .. * . . 

XW = Ex warrants 1 ■ 

2. E/DM ISSUES'. . .. „ .. 

The figures shown are the fixed SJ DM .parities which prevaU over 
the lives of the issues. - - 

FLOATING RATE fSStlES 
n he figures given are the mi n imum coupon .rate: 

* r M margin above LIBOR. 

4. .ATTACHED TO MATURITY DESCRIPTION 
S - Semi ; anxiua payments 

- ATTACHED TO NEXT S/F AMOUNT 

Purchase fund— the amount shown is the annual total 
tor total tfethei next coupon date), which may be applied. 
The year assodateef 'mOi the amount abbwn relates in 
l lie vtid of the jiurchase period.* . . _ ■ ■ 

N on-cumulative option to double sinking ximd payments. 

G. ATTACHED TO <iALL NOTICE (DAYSk 
«: si Callable only 'on coupon dates 

y = tialiable onjy at annual intervals 

Otherwise callable at any lime 

7. YIELD TO NEST CALL - 

<0 = Yield is negative . * . . 

* ATTACHED TO YIELD TO NEST CALL 
I CONVERTIBLE ISSUES ©NLYJ 

R = Call is subject to a restriction governed by a fixed relation-, 
ship between the share price and the conversion price. 

9. CONVERTIBLE ISSUES 

Thr fthnrc nrice is always denominated in the same cuiTency hs the 
cnmeivion P pnce. Reuse note that where the Premium exceeds 
no figure is shown in tne premium/ discount column. 

The following convertible bonds are subject to convertibility 
into the indicated stocks. 


W = 


1)P = 


NAME OF ROND 
American Tobacco Int^ 
Amu Navigation -In*. 
Bankers lnl.--(Lus.l 
Broadway— Halo btores 
Bumiah OU ‘ • . 

Ghmrun Oil C/S. • 

Dart Industries ; ; 

Intcr-Continenial Hotels- 
lnt. Standard Elec- ’ 

.. .. ' ■ »y . , • 

1SE Finance .Holdings- • • 
Kinney . • ; 

liCaxco World T rade. • -* . 

Lea’-co lnt.- 

Levin-Tuwnsendv lnt. Fin • 
Norwich OS 
uwens-llhnpis 
Plywood Champion. Int. 

The follouine Jnteenaupnal 
currency comt/sioiu 


CONVERTtBLE INTO • 
51 35SS American Brands Inc. 

; 64- - '19S8 East Asia NavigadOP Co. 
5' . j}js6 • Bankers Trust New York 
4? •• TflST - Garter Hawley Hale • 

5i • 19S8 Shell Transport & Trading 
5~ 19SS Standard Oil of California 
-43 ISST Minnewta Mtoiag & : . 
Manufacturing 
Pan-Am /World Airways 
In ternational Tel & Tel 


7 ,1986 

5 J98S 
y 19SS- 
HI '3B8&- 
41 19R« 

M* 1990 
5 1988 

5 198U 

5 . 1«S8. 

4* jys3 lUonon-rvorwiuu riwu m»=u» 

4i 1987 -Owens Corning Fibregla® 
at - 1983 Champion Ini - 

-Mavertt We Issues have fixed rates or 


• . » ■ M , , " 

Warner Communications 
.-Reliance Group Inc. 

Rock-wood Computer 
ftlorton-Norwich Products 


; COUNTRY .. 

FRANCE ’ 

HONGKONG 
ISRAEL 
JAPAN' - 


NETHERLANDS 

SINGAPORE 

S.- AFRICA ' 
SWEDEN 
■ UJL. ' 


' ISSUE/COUPON/MATURTPY 
Micheltn lnt. Dev, ' 6. 

- Suez et TUnion Paris 7 
Asia Navigation Int 6; 
Leumi InL Inv. ' 7 

~Asaht Chemical 6, 

.Asahi Optical 6 

Dai Nippon Printing 6j 
Ehuei Inc. 6 

Daiwa House Ini 
' Hitachi Ltd. 

Hitachi Ltd. 

Ho ku shin Electric 
Ito-Yokado 

i^loap ... 

Komatsu Manf. 

Komatsu Ltd. 

. Kubota 

. • M«mi .. * ' 

' 'Matsushita Elec. 

Mitsubishi Elec. 

. Mitsubishi Elec. 

Mitsubishi Gas Chem 
' Mitsubishi Hit/. In. 
Mitsubishi Corp. 

Mitsubishi Corp. 

Mitsubishi Corp. 

Mitsui & Co. 

Mitsui & Co. 

Mitsui Real Estate 
Nitto Elec. Ind. 

Pioneer Hectrip 
Ricoh 

Sanyo Electric 
Sanyo Electric 
Settsu Paperboard 
Sumitomo Elec. 

Sumitomo Metal 
Takeda Chemical 
Tokyu 'Dept. Store 
Toshiba 
Toshiba 

. Ennia -. 

All other issues 
Pev.- Bk. of Singapore 
United Overseas Bank 
Rand Selection Corp. 

. Sandvik 

Babcock Nederland 
..Beecham Fin. 

Bormah Oil 
Burton B.V. 

Comnair (U.K.) 

: 1CI Int, Fin. 

Tncbcape iBermuda) 

Rank Organisation 
Slater Walker 


EXCHANGE-RATE 


1983 

FRr. 5.554 

— SI 

1985 

F Jr. 5.554 


i 198JT 

SHK 5.07 

-=81 

1984 

LE 10.1026 

=51 

1990 

Yen 303.0 

-31 

1992 

Yen 282.0 

=81 

( .1980 

Yen 360.0 

= 81 

1991 

Yen 300.0 

=S1 

1991 

Yen 301.0 

= 81 

1979 

Yen 3G0.0 

= S1 

1984 

Yen 360.0 

=51 

1992 

Yen 248.0 

= S1 

1992 

Yen 272.0 

=S1 

1992 

Yen 277.4 

=$1 

1992 

Yen 266.0 

= 81 

- .1984 

Yen 360.0 

= S1 

1990 

Yen 294.2 

=$1 

1991 

Yen 303.0 

=SI 

^ 1991 

Yen 299.0 

=S1 

4990 

Yen 303.0 

=81 

1985 

Yen 380.0 

=81 

1981 

Yen 3055 

=81 

: Tr,?2. 

Yen 272.0 

=81 

1991 

Yen 305.55 

= 81 

~ 1992 

Yen 267.0 . 

=81 

r. 4990 

Yep 294.0 

=81 

1991 

Yen’ 301.0 • 

=S1 

. 1990 

Yen 298.0 

=*1 

1989 

Yen 299.0 

=81 

1992 

Yen 267.8 

=81 

1992 

Yen264J3 

=51 

1089 

Yen 280.0 

=81 

1991 

Yen 295.0 

= 81 

1991 

Yen 293:55 

=S) 

1990 

Yen 302 J7 

= 81 

1 1992 

Yen 243.0 

=sn 

1992 

Yen 267.0 

=81 

1992 

Yen 287 5 

=81 

. 1984 

Yen 36(H) 

=51 

Toshiba 

6J 

- 1992. 

Yeta'254'.O 

=81 

1990 

Yen 295 JB 

=81 

1992 

B.FL 2.4565 

= S1 

1991 

SS 2.44 

-SI 

' 1988 

SS2.32 .- 

= 81 

.1988 

SS-2.32 

=81 

1986 

RD 0.7143- 

=81 

- 1988 

SwKr4.7825 

=81 

. 1992’ 

£0574 

=81 

1992 

£0.574 

=81 

I9SS 

£0.417 

=81 


gj 


63 
51 

. 1902. 
.8fe -19S7 
GJ 1997 
Bf 1902 
4J H93 
51 19S7 . 



how to get 

15 %- 16 %... 

tha t’s 

investment 



Danish Domestic Dkr. Bonds yield 
from 15.00 to 17.00 per cent. 

To raise ycur interest look at this - 

3rd May T978 


Price 


FJFr.U.SS225=Sl 

£0582 =si 

f ' =S1 

£0582 -Si 

10.425 ' =S1 

10585 =S1 


Union Bank of Switzerland’ (L-uz.) 5^X981 differs from other 
convertibles -in that the' bonds are denominated US$1350 and each 
bond is convertible into 1 Bearer share of. S.Frs.500 --nominal value 
of UBS, 

Credit Suisse {Bahamas! 1991 differs from other con- 

vertibles in that the bond is denominated US$1000 and .each bond 
is convertible into 1 Bearer Share, of SFrfiOO nominal' value of 
Credit JSutese.- : • ... 

Tile folio whig convertible issues have 'conversion rights which 
expire prior to maturity: 


NAME OF BOND. 

Asahi Chemical 
Dai NIppoo Pig. 
Hitachi 
Mitsubishi El. 
Rand Selection - 
Takeda Chem:-. 
Toshiba 


I 

■fit 

fi. 

G * 


MATURITY 


30 ('9/3990 
31/0/1988 
30/9/1984 
31/3/1985 
1/3/ 1986 
81/3/1984 
30/9/1990 


10. DENOMINATION OF NON-DOLLAR BONDS- 
Euro -guilders — all- denominated 
French Francs— rail -denominated .- 
with the exception of 
... Aerospatiale ; ■ " _ - 

. European Coal -& Steel 7% 1980 
European Coal &: Steel 7i%. 1991 
Franeaise. de Petroles— BP 
‘ Philips LarS*fi 104% 1880 
.Rouisel—Uclaf ■■ ....... 

.SOPAD- 

STEKUfKP-DEUTSCHE R LARKS. 

■■ Enso Gutzett 61% 1980 
. la**' 3986 . 

• Irelami 7%. 19ST1 
. .Iraltod- r% 1988 
Met Estates SJ!" 




eyj- Zealand 
ew Zealand t 
R othmans Int. 

Sira Kvina 74% 
Slater Walker ?i 
Swedish Lam co 
Tuan «1% '1984 
US Rubber 6% 1989 


1967 
1982 
1978 ‘ 

1992 
DSS 
i 1987 
% 1980 


CONVERSION 
RIGHTS 
EXPIRE 
-35/9/1990 
. 30/4/J986 ' 
8I/S/19&! 
28/2/1985 
31/1/1986 
-28/2/1984 
15/0/1990 

FJ. 10,000' 

■ Fir- 5,000 

Ffr. '30,000 •' 
Ffr. 10,000 
Ffr. 10,000 ' 
FfK 10,000 
Ffr.. 50,000 
FTr. 10,000 
Ffr. 50^00 

1100: £500 
£500 

£100: SOO. 

£500 

£500 

-190: £450 
£100: £500 
£300 

£100:- £500 
£500 

£100; £5to 
£100; £500 
£100: £500 


1 0% .Government 1 977/85 
10% Government 1 976/83 
10% Government 1 976/81 
1 0% Government 1 9Sl 
10% Government 1979 


Redemption Repaymem 
yield 


76$ 

16.90 

1980-85 

85 £ 

16.83 

1979-83 

87 

16.91 

1979-81 

89^ - 

' 16.35 

1979-81 

95i 

15.36 

1979 



We are dealing in ail kinds of 
Danish securities. 

For further information and prices, 
please contact 


PRIVATbanken 

investment Service' 

Post&l address: 

P.O.SpxTOOO ' 

DK 24(KJ Copenhagen. NV 
Telex 16711 -Telephone +451 11 fi 11 

Market Maker 730 in Eurobonds 


.0032 


11. YIELD CALCULATIONS 

All Yields are calculated on annual rates etg. a 10 % bond standing 
. at par, paying' uilerest once p.a. wlll liave a current and maturity 
yield of. 10%. A 10% bond- pay ing.seml*annually would yield 1025%. 
Market practice demands that the current yield on $ floating rate 

bonds is calculated as coupon/ price. 

12. MARKET MAKER COLUMN- . 

This denotes that ntare than the -maximum number of market 
makers have provided prices (12 for the'sucaight bonds and 9 for- 
me convertibles).. . . 

13. OTHER NOTES % - : ' ; 

The amounts shown *s remaining outstanding are estimated by 
applying the scheduled- sinking fund instalments. These are further 
adjusted where a no accumulative option - to double sinking fund 
payments has been exercised. 

Yields are calculated .Ji accordance with Rule 80S of Statutes 
By-Laws. Rules and Recommendations of ibe-AJBD using compound - 
intcreat throughout. Negative yields are not shown. 

The maturity., average life and- find rail yields are adjusted to a 
■360 aay annual rate.- '- • : . 

Yields to- next call Is shown on the basis that the borrower gives 
notice that he ftrisnek to call the bond as soon as possible after the 
date of 'publication of. this list. ■ 

Yields op Unit of Account tends are computed by adjusting the 
investment . proceeds for- the- changes in. relative parities of the 
currencies comprising the new- and old unit Of account fortnulae. 


BANKERS TRUST INTERNATIONAL LIMITED 

Market Makers in 
Floating Rate Note Issues 


The interest rates per annum applicable to the following 
USS Floating Rate. Nole Issues were announced during 
April. These rates are quoted for information purposes 
only, -and should be confirmed prior to the execution of a 
specific transaction. The rales quoted apply to the six- 
month periods shown. 


Banco Union 19S3 

Societe Generate 1984 
SOFTE 1983 

GJZ.B. 1983 

AREA 1984/89 

Costa Rica 1985 

B.C.I. 1981 

I.M.D.BJ. 1984 

Banque Nationale 
D'Algerie 
American Express 
Tokyo Holdings 
Int'l Westminster 
Union Bank of 
Finland 
B.F.C.E. 

Beogradska Banka 
lsbikawajixna 
Harinia 


1982 

1982 
1981 
1984 

10B2 

1983 
1983 


1985 


From 

To 

1 Apr. 78 

1 Oct. 78 

1 Apr.7S 

1 OcL 78 

5 Apr. 78 

5 Oct. 7S 

6 Apr. 7S 

6 OcL 7S 

8 Apr. 7S 

S Oct. 78 

10 Apr. 7S 

10 Oct. 7S 

14 Apr. 78 

16 OcL 7S 

14 Apr. 7S 

16 Oct. 78 

17 Apr. 7S 

17 Oct. 78 

20 Apr. 7S 

20 Ocl. 7S 

20 Apr. 78 

20 OcL 7S 

20 Apr. 7S 

20 Oct. 78 

20 Apr. 7-S 

20 Oct. 78 

27 Apr. 78 

27 Ocl. 7S 

27 Apr. 7S 

•27 Ocl 78 

27 Apr. 78 

270CL7S 1 


Rale 

SA.PS 

Si‘t 

S!i°5 

81% 

91% 

8,:.% 

si°ri 

s% 

s% 

s-r. 

si°& 

9% 


Interest rates applicable to the issues listed below will be 
announced during May. 


C.C.F. 

1985 

I.BJ. 

1977/82 

United Overseas Bank 

1953 

■Royal Bank of Scotland 

19S3 

Vizcaya 

1981 

- Bank of Tokyo 

19S4 

Midland 

19S2 

Societe Generate 

19S1 

O.K.B. 

19S2 

Creditanstalt Bankverein 

1984 

Midland Int’r Finance 

19S7 

Bank of Tokyo 

1980 

C.GJW.F. ■ 

1984 

United Overseas Bank 

19SI 

Lloyds Euro'finance 

I9S,’l 

Standard Chartered . 

1984 

Gabinete de Area Sines 

1982 

-ENEL 

1980 

Popular Esphnol 

1981 


jBTI 


BANKERS TRUST INTERNATIONAL LIMITED 

56-60 New Broad Street. London EC2. 

Dealers' Telephone; 5S8 6XU-5.Te1ev 883042.- 




it 



24 


The following Tombstone announcements were published in. the Financial Times during April 

BONDS 


Publication 

date 

1/4/78 


Tombstone 
date 

Mar. TS AKZO NV 

DM 50,000,000 
6% Bearer Notes of 1978/84 
Deutsche Bank As and others 
FINANCE FOR INDUSTRY 4/4/78 
LTD. ' ' 

£12.000,000 

10% SterIir?s/US3 Bonds 1989 
S. U- Warburg & Co. Lid. 
and others 

4/4/78 THE KINGDOM OF 4/4/73 

NORWAY 
Dtfs 100,000.000 
61% Bearer Notes due 1983 
Aigemene Bank Nederland N.V. 
and others 

Feb. 7S SOCIETE ANONVllE 5/4/7S 

MAROCAINE DE L'LYDUSTRLE 
DU RAFF1NAGE 
Kuwaiti Dinars 7,000.000 
Si% Guaranteed Notes 1983-1988 
Kuwait loti. Investment 
Co. S.a.k. and others 

3/4/78 EUROPEAN COAL AND 5/4/78 

STEEL COMMUNITY 
DM 150,000.000 
51% Bonds 1978/1990 
Deutsche Bank Ag and others 
22/3/78 REPUBLIC OF PANAMA 5/4/78 

US$30,OOU.OOO 
91% Notes 1983 

Merrill Lynch inti. (Asia) & Co. 
aod others 

Apr. 78 BERTELSMANN 5/4/78 

INTERNATIONAL 
FINANCE N.V. 

USS20.00U.000 
S!% Bonds 197S/S5 
Deutsche Bank An and others 
(IESTETNER HOlDlMi B.V. 6/4/7S 
£10,000.000 

11% Sterling Foreign Currency 
Bonds IOSS 

N. M. Rothschild & Suns 
Limited and others 
SUC1ETE K1NANC1ERE 6/4/78 
POUR LES 

TELECUMMUNICATIONS ET 
L'ELECTRONIQUE SA 
USS50.000.000 

Guaranteed itoating rate Notes 
197S-19S3 

Orion Bank Limited 

7/4/7S AMERICAN EXPRESS 7/4/78 

INTERNATIONAL FINANCE 
CORPORATION N.V. 

USS40.000.000 
Guaranteed Moating rate 
Notes due 1982 

Amex Bunk Limited and others 
7,4/78 WHITBREAD AND 7/4/78 

' COMPANY LIMITED 
£15,000.000 

10J% Sterling Foreign 
Currency Bonds 1990 
Ivleinwort, Benson Limited 
and others 


Tombstone Publication 

date .date 

CITICORP OVERSEAS 10/4/78 
FINANCE CORPORATION N.V. 
£20,000,000 

10% Sterling US$ option 
Guaranteed Bonds due 1993 
S. G. Warburg Sc Co. Ltd. 
and Others 

5/4/78 MACMILLAN BLOEDEL 10/4/78 
LIMITED 
USS50.000.000 

91% Debentures series K due 1993 
Morgan Stanley international 
Ltd. and others 

10/4/7S CITY OF TRONDHEIM 10/4/78 
DM35.000,000 

5i% Bearer Bonds 1978/1988 
Dresdner Bank Ag and others 

Mar. 78 N.Z. FOREST PRODUCTS 10/4/78 
LIMITED 
US825.000.000 
9% Bonds due 1986 
Lloyds Bank Inti. Limited 
and others 

10/4/78 RAUTARUUKKI OY 10/4/78 

DM50,000,000 

53% Bearer Bonds 1978/19S8 
Commerzbank Ag 
Post! pan feki and others 
6/4/78 C .AN AD A 11/4/78 

9250.000. 000 S% Bonds due 19S3 

8250.000. 000 8210% Bonds 1985 

5250.000. 000 8i% Bonds 199S 
Morgan Stanley & Co. Inc. 
and others 

Apr. 78 KINGDOM OF THAILAND 11/4/78 
DM50.000,000 

6J % Bearer Bonds 197S/19S3 
Private placement 
Dresdner Bank Ag 
Manufacturers Hanover Lid. 

12/4/78 MEXICO 12/4/78 

DM200,000,000 

6% DM Bearer Bonds 1978/1985 
Deutsche Bank Ag and others 
23/3/78 THE REPUBLIC OF 13/4/78 

COSTA RICA 
USS20.000.000 
Floating rate Notes 1985 
Banque Nationale de Paris 
and others 

Apr. 75 UNION OIL COMPANY OF 13/4/78 
CALIFORNIA 
USS30.000.000 

Notes due 1986 Private placement 
Warburg Paribas Becker Inc. 

S. G. Warburg & Co. Ltd. 

' LXDUSTRLAL AND 17/4/7S 

MINING DEVELOPMENT 
BANK OF IRAN 
YIO.000.000,000 
Jap. Yen Bonds series A 1988 
Industrial Bank of Japan 
Limited and others 


Tombstone Publication 

date dare 

17/4/78 REPUBLIC OF ARGENTINA 17/4/78 
Y15, 000,000,000 

6.4% Jap. Yen Bonds due 1986 
Yamaichi Securities Co. 

Limited and others 

1S/4/7S NORGES KOMMUNALBANK 15/4/7S 
S75.000.000 

9i% Guaranteed Bonds due 1998 
Smith Barney, Harris 
Up ham & Co. and others 
19/4/7S KINGDOM OF NORWAY 19/4/7S 
DM250,000.000 

DM Bonds 197S/19S3 
Deutsche Bank A? and others 
20/4/78 ASLAN DEVELOPMENT 20/4/7S 
BANK 

DM100,000.000 
5]% DM Bonds L97S/19SS 
Deutsche Bank Ag and others 
5/4/78 SOCIETE FIXAXCIERE 2I/4/7S 

POUR LES 

T ELECOttMUX I CATIONS ET 
L'ELECTRONIQUE SA. 
USS50.000.000 
Guaranteed floating rate 
Notes 197S-19S3 
Orion Bank LtcL, and others 
Apr. 78 KONINKLIJKE 24/4/78 

LUCHTVAART 
MAATSCHAPPIJ N.V.-KLM 
DM70.000,000 
5% Bearej Bonds 19S5 
Private Placement 
Dresdner Bank Ag 
Aigemene Bank Nederland N.V. 

Apr. 73 KINGDOM OF NORWAY 25/4/78 
U 53125,000.000 
Si% Notes 19S3 
Hambros Bank Limited 
and others 

EUROPEAN COAL AND 25/4/7S 
STEEL COMMUNITY 
US$25,000,000 9% Bonds 1993 
US325.000.000 8J% Bonds 199S 
S. G. Warburg & Co. Limited 
and others 

27/4/7S L1GHT-SERV1COS DE 27/4/7S 
ELECTRICID.ADE SA. 

D.M 150,000.000 
Bonds 19S6 

Westdeutscbe Landesbank 
Girozentrale and others 
Apr.TS U.S. BANCORP 2S/4/78 

350,000.000 

S.60% Notes due 19SS 
Goldman. Sachs & Co. and others 
20/4/7S AMERICAN EXPRESS 28/4/78 

INTERNATIONAL 
FINANCE CORP. N.V. 

US340.000.000 
Guaranteed floating rate 
Notes due 1982 
European Banking Co. Ltd. 

AMEX Bank Ltd. and others 
19/4/7S KINGDOM OF SPAIN 2S/4/7S 

DM200.000.000 
6% Bearer Bonds 197S/1983 
Dresdner Bank AG and others 


Tombstone 

dale 


Publication 
date 

GHANEM BrN ALI 3/4/78 

AL-THANl & SONS WXuL. 
US825.000.000 
7 year floating rate loan 
B.A.I.l. (Middle East) inc. 
and others 

Jan. 78 FEPASA-FERROViA 4/4/78 

PAULISTA S.A. 

US3200.000.000 
Medium term loan 
Manufacturers Hanover Ltd., 

Banco do Estado de Sao Paulo 
S.A. and others 

Feb. 78 SALH1A REAL ESTATE 5/4/78 

COMPANY S.A.K. 

US$37,000,000 

Unsecured Multicurrency Project 
Financing 

Kuwait Inti. Investment Co. 
s.ajv. and others 

Mar 78 GOLDEN EAGLE 5/4/78 

1NDUNESIA LTD. 

375.000. 000 

Eurodollar project financing 
Morgan Guaranty Trust Co. of 
New York and uLhers 
SOCIETE SUCR1ERE DU 5/4/78 

HAUT OGOOUE S.A. 

56.000. 000 
Medium term loan 
E. F. Hutlon 

ZAJEDN1CA 5/4/78 

ELEKTROPRIVREDNIH 
ORGAN IZAClJ A HRVATSKE 
US8 14.000,000 
Medium term loan 
Bishups inti. Bank Ltd. 
and others 

Feb. 78 THE REPUBLIC OF 6/4/78 

VENEZUELA 
USS1.2UQ.OUO.UOO 
Medium term loan 
Manufacturers Hanover Limited 
and others 

NATIONAL PETRO- 7/4/78 

CHEMICAL COMPANY 
OF IRAN 
US$50,000,000 
7 year loan 

Kuhn Locb Lehman Brothers Inti, 
and others 

Mar. 78 D AEWOO-TR LAD 7/4/78 

DEVELOPMENT CO. LTD. 
US330.000.000 
Medium term loan 
Goldman Sachs. Inti. Corp. 

Security Pacific Bank and others 
Mar. 73 BANK HANDLOWY W 10/4/78 

WARSZAWIE S.A. 

USS4U.OOU.OOO 
Term Loan 

Umun de Bunqucs Arabes el 
Francaiacs— UBAP and others 


LOANS 


Tombstone Publication 

date date 

N.Z. FOREST PRODUCTS 10/4/78 
LIMITED 
US$50,000,000 
Medium terra loan 
Lloyds Bank inti. Limited 
and others 

Mar. 7S CORPORACION ESTATAL 11/4/78 
PETROLERA ECUATORLANA 
US362.000.000 
Notes — Private placement 
Loeb Rhoades, Hornblower 
IntL Ltd. 

HAMMADAN GLASS 11/4/78 

COMPANY 
US$13,000,000 
Medium term loan 
First National Boston Limited 
and others 

17/3/78 NORSK HYDRO A.S. 12/4/78 

US3100, 000,000 
Multicurrency loan facility 
Chase Manhattan Bank N.A. 
and others 

Apr.TS KOWLOON ELECTRICITY 13/4/78 
SUPPLY COMPANY LIMITED 
USS390.000.000 
Medium term loan 
J. Henry Schjjder Wagg & Co. 

Ltd. and others 

Apr. 78 TRICENTROL THISTLE 14/4/78 
DEVELOPMENT LIMITED 
£10,000.000 

Additional project finance 
Barclays Merchant Bank Ltd. 
and others 

Apr. 78 UNION ELECTRICA S-A. 14/4/78 
DM170,000,000 
Medium term loan 
Westdeutsche Landesbaok 
Girozentrale and others 
INSTITUTO MOB1LLARE 18/4/78 
ITALIAN O 
US$100,000,000 
S year Credit Facility 
Marine Midland Bank and others 
AMIANTIT 18/4/78 

Saudi Rjyal 25,000.000 
5 year Floating rate loan 
Saudi Investment Banking Corp. 
and others 

Mar. 78 GAZ DE FRANCE 18/4/78 

US$100,000,000 
7 year loan 

Credit Lyonnais and others 
Mar. 78 INDUSTRIE A, 18/4/78 

ZANUSSl SPA 
Lire 27.000,000,000 
Floating rate medium terra loan 
Banco di Sicilia u*id others 


Tombstone Publication 

date date 

5/12,78 KINGDOM OF MOROCCO 19/4/78 

US$325,000,000 
Medium, term loan 
Citicorp International Group 
and uibers 

Mar. 78 TJE REPUBLIC OF 20/4/7S 

SENEGAL 
U3S60.000.UtiO 
Project financing facility 
Citicorp International Bunk Ltd. 
3/4/78 INSTITUTO 20/4/78 

CONSTARRICENSE DE 
ELEC'CRICIDAD 
US$22,500,000 
Medium term loan 
Chase Manhattan Limited 
and others 

Mar. 7S DRAGADOS Y 20/4/7S 

CONSTRUCCION ES, S.A. 

$30,000,000 
Medium term loan 
Manufacturers Hanover Limited 
and others 

Mar. 78 FINANCIERA NACIONAL 21/4/78 
AZUCARERA S.A. 

DM 100.000.000 
Medium term loan 
- Bayerische Laudesbank 
Girozentrale and others 

Apr. 78 EMPRESA NACIONAL DEL 21/4/78 
URANIO SA. 

US$30,000,000 
Medium term loan 
Manufacturers Hunuyer Limited 
and others 

29/3/78 DEN NORSKE 24/4/7S 

LNDUSTRIBANK A/S 
Dfls.20,500,000 
15 year bank loan 
AMRO Bank N.V. 

ENTE NAZIONALE PER 25/4/7S 
L'ENERGLA ELETTRICA 
(ENEL) 

US3200.000.000 

Medium term loan 

Bank of Montreal and others 

Apr. 78 COMPANI A TELEFONICA 25/4/78 
NACIONAL DE ESPANA 
US350.000.000 
Medium term loan 
Chase Manhattan Bank and others 

Feb. 78 ROYAL AIR MAROC, 26/4/78 

USS20.000.000 
Medium term financing 
American Express Middle East 
Development Co. SA.L. 
and others 

Apr. 78 PRXVREDNA BANKA 26/4/78 

SARAJEVO— UDRUZENA 
BANKA 
US38.000.000 
Medium terra loan 
Bank of Tokyo and Detroit 
(International) Limited 
and others 


Tombstone Publication 

dale date 

Jan. 78 TELEFONAKTIEBOLAGET 3/4/7S 
L M ERICSSON 
Saudi Riyals 946.S26.232 
Guarantee facility 
Citicorp Internationa] Group 
and others 

Jan.TS N. V. PHILIPS 3/4/78 

GLOEILAMPENFABRIEKEN 
Saudi Riyals 908,929,102 
Guarantee facilities 
AMRO Bank N.V. and others 
31/3/78 Nedcrlandschc 4/4/78 

Middenstandsbank N.V. 
announce the issue of 
Dris.100.000.000 
7J% Debentures due 19S4/SS 
Feb. 73 THE COMMERCIAL BANK 5/4/78 
OF KUWAIT SAJi. 

Kuwaiti Dinars 6.000,000 
71% Certificates of Deposit 19S0 
71% Certiflcaies of Deposit I9S1 
Kuwait Jntl. Investment Cu. Sak 
6/4/78 Neptune Imcrnational Corp. 6/4. 78 
has acquired certain -asse is of 
Gk-nllcld and Kennedy Limited 
Neptune financially advised by- 
Kuhn Lucb Lehman Brothers Inti. 
7/4/7$ UNITED STATES 7/4/78 

GOVERNMENT GUARANTEED 
SHIP FINANCING BONDS 
850.000.000 

Morgan Stanley & Co. Inc. 

7/4/7S DIAMOND SHAMROCK 7/4/7S 

CORP. 

$150,000,000 

S'.% Sinking fund Debs, due 200S 
Lehman Brothers Kuhn 
Loeb Inc. and others 
FUNDACION INSTITUTO 10/4/7S 
MUNICIPAL DE ENERGLA 
DE MARACAIBO 
US827.O72.9S0 
Short term facility 
Banque de 1‘Union Europeeone 
( Luxembourg) S.A and others 
5/4/7S BANCO UNION, C.A. 10/4/78 
$25,000,000 

Bearer Depositary Receipts 
Morgan Stanley International 
Ltd. and others 


OTHERS 

Tombstone Publication 

date date 

4/4/78 J. Ray McDermott & Co. Inc. 11/4/78 
has acquired 

The Babcock & Wilcox Company 
Financial Advisor Smith Barney, 
Harris Upham & Co. inc. 

Apr.TS RYDER SYSTEM, INC. 11/4/78 

3100.0u0.000 

9i% Collateral Trust Debs, 
series F due 1998 
Salomon Brothers and others 
12/4/78 Consolidated Gold Fields 12/4/78 

Limited has acquired 
Azcon Corporation 
Financial Advisor 
Goldman Sachs & Co. 

10/4 /7S Allegheny Ludlum 12/4/7S 

Industries Inc. 
has purchased shares of 
Wilkinson Match Limited 
from Sven ska Tandsticks AB 
Allegheny assisted by 
Smith Barney. Harris 
Upham & Co. 

13/4/7S TWENTIETH CENTURY- 13/4/7S 

FOX FILM CORPORATION 
101% Subordinated Debs, 
due 1998 

Lehman Brothers Kuhn Loeb 
inc. and others 

12/4.78 THE WESTERN COMPANY 13/4/7S 
OF NORTH AMERICA 
$30,000,000 

10.70% Subordinated Debs, 
due 1998 

Smith Barney. Harris 
Upham & Co. and others 
12/4A8 Azcon Corporation 14/4/7S 

has merged into 

Consolidated Gold Fields Limited 
Azcon financially advised by 
The First Boston Corporation 
Apr. 7S STATE OF NEW YORK 1S/4/7S 

$3,790,000,000 

Tax and Revenue Anticipation Notes 
Salomon Brothers and others 
12'4/TS Allegheny Ludlum 19/4/7S 

Industries inc. 
has sold 


-Tombstone Publication 

date date 

Tiue Temper Corporation to 
Wilkinson Match Limited 
Allegheny assisted in this deal 
by Smith Barney, Harris 
Upham & Co. 

Dec. 77 Blagden & Noakes 20/4/78 

(Holdings) Limited has acquired 
W. W. Ball & Sons Ltd. 

Financial advisor (o Blagden 
Citicorp International Group 
Dec. 77 Nederlandsche . 20/4/78 

Middenstandsbank N.V. 
has acquired 
Transitbank Zurich 
Financial advisor to Transitbank 
Citicorp International Group 
Dec. 77 Vroom en Dreesmann B.V. 20/4/78 
has purchased stock of 
Hutlet Company 
Financial advisor to Vroom 
Citicorp International Group 

Feb. 7S THE GRANT CHESTER 20/4/7S 

FUND 
USS5.626.500 
Parallel loan facility 
Citicorp International Group 

Mar. 78 NORTHERN IRELAND 20/4 '7S 

HOUSING EXECUTIVE 
£30.000.000 
Advance facility 
Morgan Grenfell & Co. Limited 
and others 

Mar. 78 THE COUNCIL OF THE 20/4/7S 

CIT\' OF PLYMOUTH 
£ 10 , 000,000 
Advance Facility 
Morgan Grenfell" & Co. Limited 
and others 

21/4/78 OCCIDENTAL 24/4/78 

PETROLEUM CORP. 

3,000,000 Shares 
Kidder Peabody & Co. inc. 
and others 

SUPERINTENDENCE 2S/4/7S 

NACIONAL DA MARlNHA 
M ERCANTE-SU NA M Ail 
VSS9.840.294 
Terra credit facility 
Banco de Bilbao and others 


Financial Times Monday May S 1978 

DILLON, READ 
OVERSEAS 
CORPORATION 

10 Chesterfield Street, 

London, 1V.1. 

Tel: OX-193 1239 or 01-491 4774 
Teles 8811055 


JAPANESE DOLLAR 
QUOTED SECURITIES 

5/5/7S 
$ 2.01 
$254 
$57 
544; 
$2.53 i 
$2.49 
$24J 
$29i 
$3.69 
$43? 
$2.89 


Names Close at 

DAW A SEIKO 
HONDA 
rro YOKADO 
JUS CO 

KOMATSU FORKLIFT 

KONISHIROKU 

KUBOTA 

MAK1TA 

MU RATA 

NICHII 

NIPPON MEAT 
NIPPON CHEMICAL 
CONDENSER 
QJ*. CORPORATION 
renown 
RHYTHM WATCH 
STANLEY ELECTRIC 
TAISHO MARINE 
T.D.K. 

TOYO SANYO 
IjTlUO 
JwACOAL 


$3.15 
$3.13 
$2.90 
$2.48 
$2.72 
S10J 
$92! 5 
$1.40 
S32J 
$l7j 


WestLB Euro-Deutschm arkbond Quotations 


Issue 


Middle 

Current 

Life': 

Y^ldia 

Prite 

Yield 

Mdiunty" 


□ - nanrt^iarv dawins 
bi lot orp ir 
S - <.ni«Jn;| tc-e 


7J% Redland Inr'I. 69/84 103.10 7.27 0.08 5.95 


74% Reed Paper 73/88 103.00 

Bi% Renfe 76/82 (G) 107.00 

8 % Renfe 77/B4 (G) 106.50 

7J% SAAB 71/86 106 25 

101% SAFE 74/79P 107.00 

7y% Sandvik 72/87 10350 

9±%. Sandvik 75/83 115.50 

8 J% Sanko Steamship 75/80 103 25 

7% Sanko Steamship 77/84 103.50 

9% S.A.P.L. 75/80P (G) :. 108.50 

7% Sears Inti. 68/83 102.00 

6\% Shell Int i. 72/87 104.75 

6 i% Shell lnt'1. 77/89 10? -£9 

8 *% Ship Co. N. Zealand 75/80P (G) 
e;% Ship. Co. N. Zealand 75/82 IP I G ) 

8 {?i Ship. Co. N. Zealand 7S/82 IIP ( G ) 


105.75 

105.25 

10515 


7 

W 

91% 

8i% 

8 % 

7< 


7% Siemens Europe 66/81 

7% Singapore 72/82 

61% Singapore 77/83 

8;% Singapore Airi. 76/83 (G) 

61% S.N.F.C. 68/83 (G) °3-f0 

7’,°, Soc. Dev. Reg. 76/86 (G) 

6j % Soc. Dev. Reg. 77/92P ( G ) 

9% Soc. Mar. Fin. 75/83P 

6j% South-Africa 69/84 

81% South-Africa 70/85 

71% South-Africa 71/86 

7 % South-Africa 72/87 .?7-S0 

8% South-Afr. Broadc. 7B/8IP iG) ... 
South-Africa Railway 73/88 (G) 
South-Africa Railway 75/80P (G) 
South-Africa Railway 75/80 (G) 
South-Africa Railway 77/80P (G) 
South-Afr. Railway 78/81 P (G) ... 

South Scot. El. 73/88 <G) 

6i% Spain 77/84 100.50 

6% Spain 78/88 95 

6i% Stand. Chart. Bank 73/88 101.00 

7% Scawfoerecag 77/85 103JO 

10% Sieirmark 74/80P 109.50 

8i% Stockholm City 75/83 107.00 

8J% Stockholm County 75/87 

7J% Studeb Worth 69/79 

8*% Sumitomo Metal 75/82 

7{% Sun Oil Inc. Fin. 73/88 105.70 

71% Sven ska Cell 73/88 10250 

9% Svenska Taednst. 75/85 111.00 

6i% Sveriges Inv. Bk. 72/87 

7% Sveriges Inv. Bk. 73/88 105.75 

81% Sveriges inv. Bk. 75/83 104.50 

6*% Sweden 77/84 104.75 

6% Sweden 77/89 100.60 

9f% Taisei Corp. 7S/80P 105.50 

10% Tauernautobahn 74/79 P (G) 106.25 

9j% Tauernautobahn 75/82 (G) 113.50 

9% Tauernautobahn 75/82P (G) 111.00 

9% Tauernautobahn 75/83P (G) 110.50 

51% Tauernautobahn 78/93 (G) .. 

7% Tauernkraftwerke 68/83 IG) )04.50 

6}% Tauernkraftwerke 68/83 (G) 103.25 

8% Tenpfinco 73/93 106J5 

Tenpfinco 75/82 P 108.50 

6]% Thailand 78/83 P 

81% Thyssen Car. Rn. 75/82P 109.75 

8i% Thyssen Car. Fin. 75/82P 107.75 

6-% Thyssen Inv. 66/81 103.50 

7i% Tokyo El. Power 69/84 

9i% Toray lnd.75/80P 10630 

6i% Traf. House Fin. 72/87 98.10 

f>% Trinidad & Tobago 78/83P 96.00 

6i% Trondheim 68/83 101.00 

8j% Trondheim 70/85 101.75 

5i?4 Trondheim 78/88 /. 97.25 

7!% TRW Inc. Fin. 69/84 102.50 

6% TVO Power 78/88 (G) 

9i? 0 Unilever 75/81 P 111.00 

6^?o Unilever 75/87 11025 

6i% Unt. Arab Emirt. 77/B2P 10030 

7% Venezuela 68/83 107.00 

6% Venezuela 78/88 

7% Vienna 68/83 104.65 

Vienna 75/84 107.00 

5J% Vienna 77/84P 10230 

Voest-AIpine 73/88 108.00 

81% Voest-AIpine 75/B5 10930 

6j% Voest-AIpine 77/89 104.00 

61? a Wells-Fargo ex. w. 73/88 103.00 

5j% Worldbank 65/85 10225 

Worldbank 63/30 103.65 

6-‘% Worldbank 69/84 102.75 

61% Worldbank 68/84P 102.75 

6'% Worldbank 69/84P 102.75 

6% Worldbank 69/84P 100.50 

8j?b Worldbank 70/80 107.50 

8% Worldbank 70/86 10525 

7y% Worldbank 71/86 I 1G525 

71% Worldbank 71/8fi U 104.85 

6t% Worldbank 72/82 105.00 


7.04 

7.94 

7.51 

729 

9.58 

725 

8.01 

823 

6.76 

8.29 

6.86 

621 
6.16 
7. B0 
8.08 
8.08 
6.70 


4.91 
4.17 

5.92 
4.62 
1.51 
4.54 

4.76 
239 

5.76 
1.84 
0.17 

4.75 

8.70 

2.09 

4.06 

4.08 

1.98 


6.50 

632 

633 
6.27 
5.25 
637 
5.45 
7.05 
625 
4.09 
3.94 

5.34 

5.35 
527 
6.97 
6.97 
4.55 


103.50 

6.76 

2.64 

5.63 

102.25 

6.36 

5.01 

5.97 

104.50 

8.37 

2.69 

654 

106.15 

8.01 

3.96 

6.81 

103.50 

6.28 

2.85 

5.13 

104.25 

7.19 

5.16 

650 

98.50 

6.35 

14.63 

6.41 

107.00 

8.41 

3.20 

6.51 

98.10 

6.88 

5.92 

7.28 

10250 

8.29 

351 

738 

101.00 

7.67 

4.45 

7.62 

9750 

7.18 

9.51 

7.37 

10050 

7.96 

2.84 

7.78 

98.15 

7.64 

10.09 

7.77 

102.50 

9.02 

1.07 

672 

106.00 

8.73 

2.17 

6.19 

101.00 

8.17 

276 

7.72 

100.75 

7.94 

2.67 

765 

103.00 

650 

5.01 

6.27 

100.50 

6.72 

6.26 

664 

95.00 

6J2 

10.01 

6.70 

101.00 

6.44 

9.67 

635 

10350 

676 

530 

6.20 

109.50 

9.13 

2.42 

566 

107.00 

8.18 

3.78 

6.60 

108.00 

8.10 

4.71 

6.71 

10150 

7.14 

1.26 

6.07 

107.00 

7.94 

4.17 

652 

105.70 

7.10 

5.51 

6.24 

10250 

7.07 

4.99 

6.64 

m.oo 

8.11 

4.25 

5.99 

104.00 

6.49 

4.65 

5.74 

105.75 

6.62 

5.11 

5.67 

104.50 

8.13 

3.55 

7.02 

10475 

671 

6.01 

555 

100.60 

5.96 

1159 

5.92 

105.50 

9.00 

158 

679 

10675 

9.41 

1.42 

5.28 

113.50 

8.37 

3.17 

4.80 

111.00 

8.11 

3.84 

5.72 

1 1050 

8.14 

4.84 

6.40 

99.00 

5.56 

14.92 

5.60 

104.50 

6.70 

270 

576 

103.25 

6.30 

276 

579 

10675 

7.49 

9.60 

7.00 

108.50 

8.76 

3.84 

6.89 

98.25 

6J6 

4.92 

6.68 

109.75 

7.74 

3.92 

5.65 

107.75 

7.66 

4.17 

6.08 

103.50 

678 

152 

4.45 

10350 

7.00 

3.47 

671 

106 50 

8.92 

1.78 

554 

98.10 

653 

9.42 

677 

96.00 

675 

4.92 

6.98 

101.00 

6.68 

3.00 

6.48 

101.75 

8J5 

0.08 

5.32 

97.25 

5.91 

8.90 

6.16 

102.50 

732 

379 

6.75 

9775 

6.17 

7.69 . 

6.46 

111.00 

8.78 

3.59 

6.21 

11075 

771 

636 

6.48 

1005Q 

6.72 

4.QQ 

6.60 

107.00 

654 

2.86 

4.42 

97.00 

6.19 

954 

6.42 

104.65 

6.69 

3.04 

5.39 

107.00 

771 

3. 67 

6.05 

10250 

5j61 

6.63 

579 

108.00 

7.87 

6.11 

6.84 


6j% Worldbank 72/87 ....'.'.”'.'.'.'..'.""..1 10330 

65% Worldbank 73/83 105.75 

65 % Worldbank 73/88 ... 10130 

84% Worldbank 75/82P 109.25 

8% Worldbank 75/82 110.00 

8i% Worldbank 75/83 110.50 

8% Worldbank 76/82P " ... 108.00 

7i% Worldbank 76/82P 106.75 

7'.% Worldbank 76/83 !.... 108.75 

7}% Worldbank 76/83 10930 

6 i% Worldbank 76/83P 103.00 

8% Worldbank 76/84 110.50 

5}% Worldbank 77/82P 102.00 

7% Worldbank 77/85 P 105.75 

(>)% Worldbank 77/85P 103.75 

6% Worldbank 77/85 102.00 

7 % Worldbank 77/87 106.00 

6i% Worldbank 77/87 ] 102.75 

5i% Worldbank 78/90 98.00 

6i% Yokohama 68/83 (G) 103.75 

7% Yokohama 69/84 (G) 103.85 

8% Yokohama 71/86 (G) 105.75 

Yosida Kogyo 75/80P 106.00 

8% Yugoil. Inv. Bank 77/8SP 10125 

“ ” and " Maturity “ appear in years and decimals of 

calculated as follows: 

— to final maturity m case of a lump-sum repayment 

—to final maturity in case of a sinking fund issue, whenever ,k a „. . . . . 

—to average life in case of a sinking fund Issue, whenever ° d . pPlce " be,6W 100 
—to average life in case the bond Issue provides for mandamrv * quo . l ? nce ,s ahove 1™ 
P Private Placement (the smallest denomination b 7 lot at par only. 


7.76 

6.49 

6.31 

5.38 

6.27 
6.33 
6.33 
633 
5.97 
7.91 
730 
7.13 
7.15 
6.19 

632 

6.38 

6.28 

7.55 
727 
7.47 
7.41 
726 

6.90 
7.08 

6.55 

724 

5.39 
6.62 
6.27 
5.88 
6.60 

633 
5.87 
631 
6.74 
737 
825 

7.90 


5.03 
830 
SJ7 
3.7 0 
2.26 
3.10 
331 
3.10 
334 
226 

4.01 
3.90 
4.39 

4.17 
4.65 

4.76 

5.26 
4.09 
439 

5.17 

4.26 

4.42 

5.01 

5.42 
5.59 

5.76 
438 
6.84 

7.01 
738 
837 

9.01 
10.22 
276 
331 
4.25 

2.17 

4.02 


624 

6.13 
5.86 
4.89 
4.74 
5.49 
570 
5.49 
533 

5.00 

6.46 
5.95 
6.19 

5.13 
5.86 
5.34 
6.03 

5.65 

5.46 

5.82 
5.8! 
5.95 
5.46 

5.66 
6.09 

5.79 

4.97 

5.95 

5.83 
5.65 
6.08 
6.09 

6.01 
5.34 
5.79 
6.40 
5.72 
7.61 


years and are 


dJd.p. 

1. 6.78003) 

?. 179— BBS 
1. 7-82 
1. 4.84 
I. 6.77— 86S 

1.1 1.79 
1. 2.78— 87D 
1. 2.82 

1. 12.80 
1. 2.84 
1. 3-80 

clld.p. 

30. 6.78( 1013) 
j. 4.78— 87S 
1. 2.85— 89D 
3. 6.80 
22. 5.82 
27. 5.82 
1.11.70 — 815 
1. 778— 82S 
I. 5.83 
1. 2.79— 8 3D 
I. 6.76— BSD 
1.10.72 — 83S 

I. 4.80— 86D 

16.12.83— 92D 

J. 579— 83D 
1. 4.73— 84S 
1. 1176 — 855 
1.11.77— 86S 
1.1178—875 
1. 3.8! 

1. 679— 88S 
1. 676 — 80D 
1. 7.00 

1. 8.79— BOD 

2 . 1 . 8 ! 

1. 2.79— 88S 
1. 8.84 
1. 5.88 
I. 1.88 
1. 3.B1-85D 
1.10.80 

15. 476-83D 
1. 479 — 87D 
1. 8.79 

1. 7.82 
I. 8.79— BBS 
1. 2.79—885 
1. 3.80— 85S 
1. 378 — 87S 
1. 379— 88S 
1. 6.80— 83S 
I. 534 

1.12.83— 89 S 

16. 3-80 
1. 10.79 
1. 7.81 
1. 3.82 
1. 3.83 

1. 4.84— 93S 
1. 274— 83D 
1. 9.74— 83S 
1.11.82— 93S 
1. 3.82 
I. 433 
1. 4.82 
1. 7.82 
1. 3.72— 81 D 
1.12.75— 84D 
10. 2.80 
1.1078— 87S 
1. 4.83 
1.1272-435 

clld.p. 

1. 678(101,5) 

1. 4.86— BSD 
1.1075—84$ 

1. 2.84-B8S 
1.12.81 
I. 5.81 875 
30. 4.82 
1.1074— 83S 
I. 3.84—885 
1. 674— 83S 
1. 8.79— 84D 
15.12.84 

1.10.79— 84D 
I. 6.81 — 85D 
1. 6S4—89D 

1.11.79 — BBS 
I. 4.71— 85D 
I. 8.80 

1. 6.75— 84D 

2. 1.77— 84D 
2. 1.77— 84D 
1. 4.77— 84D 
1. 8.80 

1. 1.77— 86D 
1. 6.77— 86D 
1.12.77—860 
I. 7.82 
1. 378— 87D 
1. 2.83 
1. 579— 88D 
1. 6 £12 
1.12J2 
1. 7JB3 
I. 8.82 
1.10.82 
1. 5.83 

1.10.83 

1.12.83 
1. 2.84 

15. 9.82 
1. 3.85 
1. 5.85 
15. 9.85 
1. 1.87 
I. 5.87 
1- 2.87— 90D 
1. 972— 835 
30.9.73— 84S 
1. 8.77-865 
I. 7 JO 

I5.12.BI — 850 
in this context— 


(the smallest denomination may be larger ^ by 

of public issue) r De ter * er the 

G Government Guaranry 


par only, 
usual DM 1,000 




4 





M.iy j* 


19: 


t:iti»ns 


" ■ •■"0 



"Financial Times Monday May 8 1978 

30th APRIL 1978 


issue 

Middle 

Cunum 

Ufe" 

Yield to 

Repayment 

D-irandatoty drawing 


PncB 

Yield 

Maturity* 

by lot at par 

S -striking fund 


WestLB Euro-Deutschmarkbond Quotations and Yields 

I Repayment " " [ 1 I 1 I I [Repayment I I ~ ~~ 


25 

Advertisement 


ADELA 76/83 in* cn 

n% ADELA 77/S2P~:; WJ5 

% ADELA 77/82P ZZZZ M2J0 

ApG 66/81 105.00 

k? Alport Pant 69/84P (G) 100JQ 

7 IS? 76/83P ... 103 JO 

78/84P J‘“ 101JS 

!lS A'uwlsse Inti. 75/83 108.00 

10 q o A.P.E.L. 74/81 (G) 108.00 

Iti? ARBED Rn “n« 76/83 P "" 103.50 

o*o? ARBED Finance 77/87 ... ”* 10175 

Ardal-SunndaJ 75/81 P' . 104.75 

65.0 Ardal-Sunndal 77/89P .. 10150 

7% Argentine 67/79 10315 

7% Argentine 68/78 “ 104.50 

Argentine 69/79 ’ 10315 

7-i% Argentine 77/84 103.00 

o’ /* Argentine 78/85 98.00 

7% Asian Dev. Bk. 69/84 10315 

8y?o Asian Dev. Bank 75/80P 106.00 

8% Asian Dev. Bank 76/82 _ 10515 

7a .‘ 0 Asian Dev. Bk. 76/83P 106.00 

7% Asian Dev. Bk. 77/85 104.40 

5i% Asian Dev. Bk. 78/88 97.00 

ASKO 75/80P 106 JO 

71 % Aumar 73/88 fG) 102J0 

9% Aumar 76/84 (G) 105 JO 

? ? % Aumar 77/84 fG) 104.25 

6l% Australia 67 /82 104J)0 

6 J % Australia 68/83 105 JO 

64% Australia 69/84 104.10 

7i% Australia 69/84 10415 

J- /a Australia 72/87 10515 

10 Australia 74/ BQ 1 10 JO 

V;„ Australia 75/62 113.75 

Si; e Australia 75/82 IP ..................... 107.00 

&:,« Australia 75/82 UP ..... 107.00 

7.,;o Australia 76/83 110.00 

5i )V Australia 77/82P 103.50 

Australia 77/89 : 10115 

6i?a Aust. ind. Dev. Corp. 72/87 10375 

8.0. A user. Ship. Com. 76/ B3P (G) ... 107 JO 

7/o Rep. of Austria 68/82 104.05 

6J% Rep. of Austria 69/83 104.00 

9i/o Rep. of Austria- 75/79P" 10615 

9J% Rep. of Austria 74/80 P ' 108.00 

9;% Rep. of Austria 74/81 P 108.00 

9J% Rep. of Austria 75/80P 104JO 

6J% Rep., of Austria 75/8 IP 106.00 

8^ V*J. Rep. of Austria 75/82P 106.00 

9% Rep. of Austria 75/63 .: I08J0 

Rep., of Austria 75/83P 105.50 

S}% Rep. of Austria 75/87 107 JO 

7*% Rep. of Austria 76/86 109 JO 

6J% Rep. of .Austria 77/85 106.40 

7% Rep. of Austria 77/87P 
63% Rep. of Austria 77/87P 
6% Rep. of Austria 77/87 P 

7% Auto pittas Catalun 78/85P 100.87 

7\% Autopistas .69/84 (G) 101.50 

B% Autopistas 71/86 (G) 102.75 

6'?; Autopistas 72/87 <G> 99.65 

8 % Banco N, Obras 71/86 (Gl 102.15 

9% Banco N'. Obras 76/81 (Gl 107.00 

7% Banco N. Obras 77/84 (G) 100.00 

7’% Banque Ext. Aigerie 77/83 99 JO 

7 j c A Banque Nat. Aigerie 78/83 99.00 

6io BASF 65/80 101.75 

7;; 0 BEC Finance 76/83P 103 JO 

Beecham -Fin. 76/83 106.75 

Bergen 74/79 108.75 

Bergen 75/65 110.15 

Bergen 77/89 :. 106.75 

BFCE 75/83 (G> 108 JO 

. . BFCE 76/84 (G) 107.75 

7% BFCE 77/87 (G) 10225 

5;% BFCE 78/88 (G) 98.00 

SlTi BNDE 77/87 106 JO 

6J% BNDE 78/86 9615 

9% Borregwrd 75/B1P 107.00 

(,)% Borregaard 77/84P 102.50 

8 ' % Brascon Inti. 73/8B ; 106.75 

6* % Brazil '72/87 100.00 

8j°i; Brazil 76/86 — 106.25 

7; Vo Brazil' 77/84 .' IW.25 

6i% Brazil 78/85 . 98.75 

6; e ;. Brenner 68/83 (G) 104.50 

5!% British Petrol 65/80 .. 103.15 

5.% Bruxo(les-U inhere 77/84P ....4.... 101 JO 

B)°j Burmah Oil 70/85 10425 

6% Carlsberg-Tuborg 77/87P 100 JO 

8’% C.C.C.E. 75/85 (Gl 108.00 

S?% C.C.C.E. 76/86 (G) 107.75 

7% C.C.C.E. 77/B9 {G) —* 103 JO 

5*% CECA 64/79 100.25 

5'% C E C A 65/83 100.75 

CECA 71/86 105.60 

6^0 C.ECA 72/87 101.75 

/% CECA 72/88 102.75 

61% CECA 73/83 10'2S 

7]% C E C A 73/88 1*4-00 

10% CEC.A 74/79 IP - 10625 

10% C EC A 74/79 HP 06.25 

10% C E C A 74/81 P 10625 

9,% C EC A 74/81 H2.75 

8% C E C A 75/80P - 106.00 

8*% C E C A 75/82P : 108.00 

s*. CEC A, 75/82 108.90 

CEC.A 75/85 - 10675 


8% 

10% 

6.% 

7i% 


10575 

106.00 

102.00 


7J1 

4.92 

6.41 

7J6 

4.13 

6.46 

6J3 

426 

6.30 

571 

175 

3J1 

6.47 

325 

632 

8.49 

376 

7.11 

7.49 

5.09 

6.91 

5.90 

5.92 

534 

7.64 

424 

6.04 

6J2 

5.92 

6.03 

926 

2.05 

573 

7.49 

5J1 

6.95 

6J3 

9.09 

6.49 

8.35 

3.17 

701 

6.59 

7J1 

6.32 

678 

I. OB 

335 

6.70 

0.42 

533 

775 

1J8 

4.94 

728 

6.42 

639 

6J3 

634 

637 

678 

.322 

5.96 

8.02 

2J5 

5.87 

7.60 

334 

640 

7.31 

4.92 

629 

.670 

6.92 

620 

5.67 

10.01 

5.91 

8.92 

1.92 

5.82 

7J2 

4.98 

7JI 

8J2 

3.16 

6.94 

7.43 

6.17 

6 87 

625 

2.46 

4.72 

6.40 

2.69 

4.60 

624 

3.18 

5.15 

6.95 

339 

5.94 

6.65 

4.77 

570 

9JS 

2.42 

5.24 

7.91 

3.76 

4.89 

7.7} 

3.92 

6.18 

7.71 

4J1 

622 

6J9 

434 

437 

5.07 

4.42 

436 

5.68 

9.86 

5.58 

6JI 

4.77 

532 

7.44 

5:34 

629 

673 

2.39 

524 

625 

237 

5.05 

8.94 

1.17 

3.92 

9J3- 

-221 

6.17 

9.03. 

339 

7.12 

9.09 

1.76 

6.66 

778 

3.09 

6J5 

825 

2.39 

5.97 

829 

4.76 

633 

829 

236 

6.57 

7.91 

4.99 

638 

7.08 

6.47 

5.94 

634 

6.04 

5.47 

6.62 

621 

5.92 

6.37 

670 

534 

5.88 

9.34 

5.75 

6.94 

671 

6.82 

7.14 

338 

638 

7.79 

4.19 

736 

677 

4.65 

6.83 

7.83 

426 

7J4 

8.41 

334 

6.57 

7 00 

6.42 

6.99 

7J4 

5.46 

7.60 

7.32 

434 

7J0 

5.90 

1.41 

436 

725 

5.51 

6.71 

7.49 

5JI 

6.49 

9.20 

129 

4.16 

7.94 

4.94 

6.30 

6.79 

6J6 

5.97 

7.60 

4.15 

537 

7J6 

5.15 

6.43 

6.85 

6.69 

6J7 

5.87 

8.69 

6J5 

8.02 

6.32 

728 

7.01 

7.84 

7.39 

8.41 

3.01 

637 

624 

6.42 

6.01 

7.96 

6.10 

7J8 

6 :i 

9.42 

6.74 

8.24 

5.44 

730 - 

7.43 

6.01 

636 . 

6.84 

6.76 

6.98 

6.46 

2.68 

5 JO 

533 

138 

3.42 

5.67 

6.63 

5.47 

8.15 

3.82 

7.34 

5.97 

9.59 

5.92 

7.87 

4.86 

6.52 

7.89 

6.63 

6.99 

6.76 

7.09 

637 

5.49 

1J9 

5.32 

5.46 

237 

521 

7.10 

435 

6J0 

639 

4.98 

6.08 

6.81 

4.92 

632 

6.42 

5.17 

621 

625 

538 

320 

9.41 

1-26 

4.72 

9.41 

1.34 

5.01 

9.41 

334 

'7.77 

8.65 

3.59 

5.70 

7.55 

2.59 

5.43 


8’ 

8 _ 

7-°, CECA 76/83 


C E C A 76/81 P - 10625 

10925 

7 j% CECA 76/86 109 JO 

5'% CECA 78/90 - 9525 

6*?; CERGA73/81P 101 JO 

7% CESP 77/87 (G> 100.00 

6'% Charter Cons. 68/83 101.15 

7% Chrysler 69/84 101.50 

61 % CIBA-GEIGY ex. w. 75/85P 10725 

6'.°.' C.N. Autoroutes 69/84 (Gl 10225 

C.N. Autoroutes 75/82 fG) ...... 106.00 

6'% C.N. Energie 69/84 (G) 10275 

6!% C.N. Tefeoom 68/83 ( G ) 102 JO 

8' °£ C.N. Telecom 70/85 (G) 105.00 

81°: C.N. Telecom 75/82 fG) 106.75 

9!% C.N. Telecom 75/B3P (G) 107D0 


7.87 3.84 

7.35 4.63 

7.96 3.80 

7.53 3.63 

7.09 5.42 

7.08 6.36 

5 J1 1 1 .92 
6.40 2.92 

7.00 9.51 

6.43 3.30 

6.90 3J8 

629 7.42 

6.36 326 

8.80 3.71 

6.33 3.18 

6-34 2.93 

8.10 374 

820 3.84 

8-64 4.80 


6.09 

574 

6.43. 

6-01 

571 

5.91 
5.81 

5.92 
6.99 
620 
6.63 
5J3 
5.72 
6.96 
5J2 
5J3 
7.08 
6J9 
7.45 


1. 4.83 
16. 682 
1. 8.82 
1. 2.72— 81 D 
1. 375 — 84D 
1. 2J2 
1. 6.83 
1. 484 
1 . 8.81— 83D 
1. 4.84 
1.1277— BID 

1.11.83 

1. 6.83— 87S 
1. 7.81 

1. 7J2— 89D 
U2L70— 79S 
1.1071 — 78S 

1.1272— 79S 

1.10.84 
1. 3.85 

1. 975-84S 
16.1 1.80 
1. 3.82 
1. 4.83 
1. 4.85 
1. 5.88 

I. 4.80 
I. 279— S8D 

15. 8.77— 84S 
1. 7.84 

1.1 173 — 82S 
I. 874— 83S 
1. 275— 84S 
1.1175— 84S 
I. 278 — B7S 
1.1QJSQ 
I. 282 
1. 4J2 
1. 5J2 
1. 3-83 
1.10.82 
1.11.85 — 89S 
1.1 178 — 87D 
' I. 9.83 
1. 473— 82S 
1. 475— 83S 
1. 7.79 
1.11.80 
1.12.81 
1. 2 JO 
1. 681 

1. 479— 82D 
1. 283 
1. 4.79— 83D 
I. 578—875 
2 5.83 — 86S 
1. 4.83—855 
1, U3 — 87D 
1. 2.83— 87D 
1 . 9.84— 87D 

16. IJ5 

1. 7.73— 84S 

1.10.77— 86D 

1.1078 — 87D 

1.11.77— 86S 

1. 9J1 ‘ 

1.10.84 

15.10.81— 83D 
1. 3.83 
1.10.71— 80D 
1. 11.83 

1.11.83 
1.1279 

1. 5.81— 85D 
1. 2.81— 89D 
1. 7.81— 83S 
1. 7.82— 84S 
1. 283— 87S 
15. 1.86 — 88S 
1. 4.83(82-87) 
1. 3.86 
1. 5J1 

1. 10.84 

1.1079— 88S 

1.10.76— 875 
J. 10-821 80-86) 
■1. 5.84 
1.285 

1. 8.74— 83S 
1. 671— 80D 
15.l2i4 

1. 11.76— 85D 
1.12.85— 87D 
1. 4.81— 85D 
1. 7.83 — 86D 
1, 4J1— 89D 
1. 6.68 — 79D 
1. 471— 83D 
1. 577— 86D 
1. 7.78— 87D 
2 179— 88D 
1. 4.79— 88D 
1.1179 — 88D 
I. 879 

1. 979 
1. 9J1 
1.1281 
U2S0 
1. 3.82 
15.1282 
1. 478— 85D 
15.12.81 
1. 10-83 
1.10.82 — 86D 
I. 4.85— 90D 
1. 4J1 

1.1 1.83(82-87) 
1.10.72— 83S 
1. 7.7S-84S 
10.10.85 
1. 375 — 84D 
16. 1.82 
!. 275 — 84D 
1.1 174 — 83D 
1.1076— 85S 
1. 3.82 
16. 283 


WestLB Euro-Deutschmarkbond Yield Index 

April 28. 1978: 6.T6# (March 31. 1978: 5.90%) 


9% C.N. Telecom 75/B3P (G) 107.00 

7i% C.N. Telecom 76/83 (G) ......... 

7‘?o ComaJ.co 71/86 - 

9iVo Comako 75/82P 06-00 

7% Com. fed. Electr. 77/82P 101.00 

8% Com. fed. Electr. 77/84 !2Hr 

7.;% Com. Fed. 'Electr. 77/B5 — 100-35 

6^% Com. Fed- Blear. 78/88 ............ 96,25 

4i% Comp. F. Deutsche Bk. 78/83P ... 

8'.% Comp.. Franc. Petr. 75/85 - JJJj-Jjj 

6\% Comp. Franc. Petr. 77/84 jg^O 

8 J ,?i Consorzw 70/91 (G) — 10425 


8 Continental Oil 70/85 105J0 

5i°o Copenhagen 64/84 J0IJ0 

7% Copenhagen 68/83 Ino m 

6i% Copenhagen 69/84 

7i% Copenhagen 71* “ SjO 

Copenhagen 76/86 °4JD 

6i% Council of Europe 73/B1P ......... Oi^u 

7% Council of Europe 73/88 10325 

Council oftu r t.pe 75/82 p 08 00 

Bl % Council of Europe 76/83 

7a Council of Europe 76/83 

7% Council of Europe 76/83 M JO 

6 1 % Council of Europe 77/87 u 

6*% Courtaujds '. 72/87 10125 

Courtaulds Inc I. 73/88P irnTS 

6% Credit National 77/87 f G ) 

9% CVRD 76/84 - 

10i% Danish Oil 74/78 PjG) " 7J ~ 

& Den DanskeBk. 76/86.. 07-“ 7J7 

fi % Denmark 68/80P — J°.00 6J0 

g'% Denmark 70/85 10525 

7»% Denmark 71/86 “ 

geSmaS jw» 

gsst* »/S ^ 

6i% Denmark 77/83 

7’ % Denmark 77/87 

mhim* — T“: was 

p gnfiSK!fm5Te» i«I 

- 8i " ; ---- - w" 

T-% Elect CcJn c i 169 /S4(GJ - _ 104.00 


8.41 
678 

7.42 
8.73 
6.93 
771 
722 

7.01 
4.48 
7.87 
634 
8.15 
7-82 
5-69 
6.81 
6.62 

7.40 
877 
7.18 

6.40 
6.78 
8.80 

8.02 
735 
670 
6.13 

6.42 
7.11 
5.99 
.838 
8J2 
735 
5.99 
1034 
10.05 


108.00 
104 30 
10625 
100.35 


6.75 

8.08 

7.43 

6J2 

835 

7J9 

7.41 

6.46 

6.82 

523 

599 

634 

6.34 

8.17 

6.73 

.721 


430 

721 

4.96 

539 

431 

6 . 71 

4.09 

7.48 

434 

671 

6.09 

721 

5.96 

7.16 

9.92 

729 

5.01 

439 

4.64 

6.45 

6.17 

600 

6.15 

7.76 

4.11 

636 

3.52 

5.42 

3.10 

6.11 

'3 JO 

620 

4.45 

631 

423 

737 

6.42 

631 

3J1 

5.94 

5.42 

627 

3.76 

6.99 

2.70 

601 

3.47 

5.95 

5J9 

6J2 

7.45 

5.90 

5.51 

622 

4.99 

675 

736 

5.95 

4J3 

7.08 

6J5 

635 

335 

6.32 

2.45 

537 

031 

6.43 

039 

634 

6.44- 

676 

1.40 

630 

3.14 

5.76 

336 

6.97 

429 

637 

434 

625 

6J6 

7.00 

3.76 

539 

4.34 

535 

5J5 

5J0 

9.05 

6.32 

5.76 

5.17 

9J6 

5.96 

634 

6.11 

339 

571 

337 

733 

4.92 

5.41 

322 . 

.620 


16. 283 
16. 4J3 
1. 677— 865 
1. 6J2 
I. 9.82 
1. 634 
1.11.82 — 85D 
1. 4*84 — 88D 
1. 5.83 
1. 5 JO — 85S 
1. 734 

1. 177— 91 D 

1,1276 — 85S 

15.1270— 84D 

2. 5 72— 83S 
1. 675 — 84S 
1. 477— 86S 
I. 3J0-85D 
U2J1— 865 
1. 531 

1. 779-88D 
1.232 
1. 279 — 83D 
1. 5J0-83D 
1.1233 
1.11.B3— 87D 
I. 7 JO — 87S 
1. 279 — 88D 
1.10.B3— 87S 
1. 231(82-84) 
1.1232(83-86) 
1.1 1.76 — 85D 
1.1178 — 82D 
1.1178 
T.1278 
1.1132 — SOD 
1.1072— SOD 
1. 875— 84S 
1. 976— 85S 
1.1177— 86S 
U27B— 875 
I. 3.80 — 89S 
I. 282 
1. 9.82 
16. 5.83 
163.87 
1. 284 
1. 288 
1. 6.80— 89D 
1. 475— 84D 
1. 876 — 855 
1. 4J3 
1. 975 — 84S 






Yield to 

Repayment 

bam 

Middle 

Current 

Ufa-: 

D - mandatory drawing 

Price 

Yield 

Maturity* 

by lot at par 

S - sinking tund 




Elect. Council 69/84P (G) 10250 

Beet. Council 71/86 (G) 

Elea.de France 70/85 (G) v 

7% Electrobas 77/87 (G) 

61% Electrobas 78/86 (G) 

S{% Elf Norge 77/80P 

6% ENEL 65/80 (G) 

8J% Enso-Gutzeit 70/85 

6i% Ericsson 72/87 10330 

8i% ESAB 76£81P 

6i% ESCOM 65/80 (G) 

6i% ESCOM 68/83 (G) 

84% ESCOM 70/85 (G) 

8% ESCOM 71/86 (G) 

6i% ESCOM 72/87 (G) 

7% ESCOM 73/88 (G) 

9\% ESCOM 75/80 (G) 10530 

8% ESCOM 78/81 IP (G) 

8% ESCOM 78/81 HP (G) 

8i% ESCOM 78/8IP(G) 

7 i% ESTEL 73/88 

8j% ESTEL 75/85 

ESTEL 76/83 P 

6*% ESTEL 77/84 P 

6i% ESTEL 77/84P 

54% Euratom 77/87 

5{% Eurofima 64/79 

6% Eurofima 65/80 

61% Eurofima 67/83 

7j% Eurofima. 71/86 

Eurofima 72/87 

6t% Eurofinfa 73/88 

8% Eurofima 73/88 

10°^ Eurofima 74/79P 

9% Eurofima 75/85 


6’°$ Europ. Inv. Bank 68/78 

6% Europ. Inv. Bank 69/64 ............ 


8% Europ. inv. Bank 70/80 ... 

7J% Europ. Inv. Bank 71/86 ............ 

7 i% Europ. Inv. Bank 71/86 ............ 

6i% Europ. Inv. Bank 72/87 ..... 

6% Europ. Inv. Bank 72/87 ....... 

6i% Europ. Inv. Bank 73/88 ... 

7% Europ. Inv. Bank 73/88 

10% Europ. Inv. Bank 74/3 JP 

8% Europ. Inv. Bank 75/80 ............ 

9J% Europ. Inv. Bank 75/83 

8% Europ. Inv, Bank 76/83 ............ 


6£% Europ. Inv. Bank 76/84 ............ 

6% Europ. Inv. Bank 77/89 ...... — ... 

5i% Europ. inv. Bank 78/90 


8% Europistas 72/87 (G) .... 

104% Fin. Inst. f. Dan. Ind. 74/78P ... 


7% Finland 68/83 


74% Finland 69/84 


7% Finland 72/87 


10230 

732 

321 

673 

T. 975— 84D 

10525 

736 

4.18 

6.40 

1. 377—86 S 

107.00 

734 

334 

6J2 

1.1176 — 85S 

9975 

7.02 

934 

7J3 

1. 933(83-87) 

9630 

6.99 

7.92 

735 

1. 436 

10230 

5.61 

1.96 

439 

16. 4.80 

10130 

5.91 

137 

5.11 

1. 739— 80D 

10475 

8.11 

371 

7J1 

1.1076— 85D 

10300 

635 

434 

6.01 

1. 3.7B — 87S 

T 06.00 

825 

276 

629 

1.-281 

100.90 

6.44 

1.40 

5.78 

1.10.71 — SOD 

9925 

635 

233 

67B 

1.10.74— 83D 

10275 

8.27 

378 

7.63 

1. 4.76— 85D 

100.75 

7.94 

4.14 

7.93 

I. 377— 86D 

93.10 

671 

432 

8.12 

1. 97B-87D 

9800 

7.M 

521 

7.48 

J. 5.79-88D 

10500 

8.61 

226 

6.76 

1. 830 

10030 

7.96 

220 

7.71 

1 5. 1 .80-81 D 

100.50 

7.96 

225 

772 

1. 280— 81 D 

10200 

8J9 

276 

7.40 

1. 281 

10325 

731 

533 

7.05 

1. 8.79— 88S 

107 JO 

7.94 

5.43 

6.90 

1. 631— 85S 

10575 

8J4 

4.84 

7.05 

1. 333 

10025 

6.48 

631 

6.44 

1.1134 

100 JO 

625 

537 

624 

1.1232— 84D 

98.00 

5.87 

931 

6.03 

1.1137 

I00O0 

SSO 

126 

5.48 

1. 8.67— 79D 

10230 

535 

137 

430 

1.I26B — 80D 

102.00 

637 

276 

538 

1. 971— 83D 

106 JO 

728 

4.11 

5.91 

1. 275— 86D 

10075 

620 . 

430 

6.05 

1. 976— 87D 

104.10 

624 

5.12 

5J5 

1. 377— 88D 

108 JO 

7.41 

5.13 

6.12 

1.1077— 3BD 

106 JO 

9.39 

IJ9 

5J7 

1.12.79 

11075 

8.13 

439 

627 

1. 2.81— 85D 

113J0 

7.08 

476 

436 

1. 233 

104 JO 

6.46 

6.70 

5.91 

1. 233— 87D 

10075 

5.46 ■ 

722 

5.37 

IS. 233— 88D 

100.15 

6.49 

0J9 

4.78 

due 1. 678 

10230 

535 

326 

522 

1. 375-84D 

104.75 

638 

3.40 

5J2 

1.1 175— 84D 

10575 

737 

201 

5.02 

2 530 

107 JO 

6.98 

420 

5J5 

1. 3.77— 86D 

106J0 

731 

423 

6.08 

1.10.77— 86D 

100.90 

6.44 

4.64 

626 

I. 3.78— 87D 

10030 

5.96 

S.69 

536 

1. 930— 87D 

104 JO 

6.49 

5.48 

537 

1. 279— 88S 

10225 

6.85 

5.87 

6J2 

1. 779— 8 BS 

110 JO 

9J5 

3.34 

639 

1. 9.81 

106.00 

735 

2J9 

5.43 

1.1280 

11125 

834 

335 

5.96 

1. 131— 83D 

10725 

7.46 

334 

5.73 

T. 730— 83D 

109 JO 

7.11 

5.42 

576 

1.1033 

10425 

6.47 

5.0S 

575 

1.1281— 84D 

10025 

S.99 

730 

5.95 

178.82—890 

9525 

531 

925 

5.93 

1. 3.85— 90D 

103 JO 

7.97 

4.07 

7.37 

1. 277— 86D 

103.75 

7.71 

4.44 

7.12 

1. 178— 87D 

100.75 

10.42 

0J? 

8.69 

1.11.75— 78D 

10325 

726 

2.43 

6J0 

1.1278— SIS 

100.05 

625 

033 

627 

1. 9.70— 79D 

10120 

533 

1.17 

4.98 

2 171— 80D 

10325 

678 

3.03 

5.90 

1. 6.72— 83 D 

102.40 

639 

3J0 

5.95 . 

. 1.1272— 83D ■ 

10230 

633 

239 

6.13 

2 573-84D 

10330 

723 

330 

630 

1.10.73— 84D 

104.75 

8.11 

3.91 

721 

1.12.76— 85S 

10130 

6.90 

471 

673 

I. 478— 87S 

104.75 

7.64 

4J5 

675 

1. 6.81— 84S 

10IJ0 

5.42 

476 

5.13 

1. 233 




VtestLB 


Telephone 82631221 
8581882/ 


For current prices and further information call 

Dusseldorf 

Westdeutsche Landesbank 
Girozentrale 
P.O.Box 1128 
4000 Dusseldorf 1/FRG 
London 

Vvesiaeutsche Landesbank 
Girozentrale 
London Branch 
21. Austin Friais 
LondoaEC2N 2HB/UK 

Luxembourg 

Wo!.(LB Ini^mstionsl S A 
47. Boulevard Royals 
Luxembourg 



Telex 

Telephone 

Telex" 

Telephone 

Telex 


Telephone 45493 
Telex 2831 


8263741 \ 
8581882 / 

6386141 

887984 


International Bond 
Trading Dept 

institutional Investors Dept. 


Hong/Cona 

1301 Huiehrson House 
Hdng Kong 


Telephone 259206 
Telex 75142 


Westdeutsche Landesbank Girozentrale 
.Leading Marketmakers in Eurobonds - 


5J% Finland 78/86 

7\% Finn. (Communal 69/81 (G) 
8% Finn. Kommunal 72/83 (G) 

8i% Fonmarks 75/83G 

5j% Forsmarks 78/90 

7\% Francecef 76/83 (G) 

6}% Francetel 77/84P (G) 

7% Fuji Heavy 76/8 IP 

7% Genl. instrum. 68/80 

9J% Gen. Zbk. Vienna 75/82P ... 
8{% Gen. Zbk. Vienna 76/83P ... 
6 Gen. Zbk. Vienna 77/87 ...... 

9j% Giroz. Vienna 74/78 P 

9^% Giroz. Vienna 74/79P 

9^% Giroz. Vienna 74/80P ... 

7% Giroz. Vienna 76/81 ......... 

Giroz. Vienna 76/83 

5J% Giroz. Vienna 77/82 

6% G.IJ. 78/83 P 

8% Glaxo Fin. 71/86 


9i% Goeteborg 75/85P 

6^% Goodyear Tire 72/87 

7% Grand Metrop. Fin. 77/84 . 

7i% Guardian Inv. 73/83P 

8% Guest-Keen Netd. 76/83 .... 

6i% Hamersley Iron 72/87 

8% Hazama-Gumi 76/81P 

7% Helsinki 68/83 


7% Hitachi Cable 77/82P 

8}% Hitachi Shipbtdg. 76/81 ..... 

84% Hoogovens 70/85 ...... 

8$% IAKW Vienna 75/85 (G) .. 

71% Iceland 69/84 

7j% Iceland 77/87 

84% I C 1 Intll. 70/85 

8% ICI Inti. 71/86 

6\% I C 1 Inti. 72/92 — 

8i% ICI Inti. 75/82 

74% 1 C I Inti. 76/86 

61% I C 1 Inti. 77/87 

8% ICIPU 71/91 (G) 

8% Imatran Voima 71/8$ (G) 

8% Imatran Voima 72/87 (G) — 

7% Industr. Bk. Japan 68/83 ...... 

84% Industr. Bk. Japan 70/85 ...... 

64% Industr. Bk. Japan 73/80P ... 

6j% Industr. Bk. Japan 73/81 P ... 

74% Ind. Min. Dev. Iran 73/85 ... 

71% Ind. Min. Dev. Iran 77/87 ... 

6J% Ind. Mtgebk. Finl. 64/79 (G) 

6J% Ind. Mtgebk. Finl. 68/80 (G) ...... 

8% ind. Mtgebk. Finl. 71/86 (G) ...... 

7% Ind. Mtgebk. Finl. 72/87 (G) . — 
9% Ind. Mtgebk. Finl. 75/84 (G) . — 

54% Int. Am. Dev. Bank 64/79 

61% lnt. Am. Dev. Bank 68/83 

7% Int. Am. Dev. Bank 69/84 

84% Int Am. Dev. Bank 70/85 ......... 

63% lnt Am. Dev. Bank 72/87 1 ...... 

63% Int. Am. Dev. Bank 72/87 II 

8% Int. Am. Dev. Bank 76/83P . — . 
84% lnt Am. Dev. Bank 76/83P ...... 

7% lnt Am, Dev. Bank 77/87 

64% lnt. Am. Dev. Bank 78/88 ......... 

«% Inti. Coml. Bank 73/83 

7% IRAN 68/78 

74% Ireland 69/84 

8}% Ireland 70/85 

84% Ireland 76/81 

5i% I R I ex. warr. 64/79 (G) 

71% 1SCOR 71/86 (G) 

7% ISCOR 72/87 (G) 

7% ISCOR 73/88 (G) .... 

84% ISCOR 77/801 IP (G) 

ISCOR 77/80HP (G) 

ISCOR — 

ISCOR 78/82P (G) 

japan 64/79 ........................... 

7% Japan 68/53 

71% Japan Dw. Bk. 76/83 (G) 

81% Japan Synt Rub. 76/81P 

8% Johannesburg 71/86 (G) ............ 

61% Johannesburg 72/87 (G) 

74% Jydsk Telefon 69/84 ..... 

6J% Jydsk Telefon 72/87 ..... 

74% Jydsk Telefon 73/88 

9% Jydsk Telefon 75/S2P ...» 


77.75 

538 

776 

6.12 

1. 236 

KJ3.10 

727 

205 

5.96 

1.1272— 8ID 

10475 

734 

2.95 

630 

2 5.76 — 83D 

10925 

7J5 

334 

537 

1. 7.80— 83D 

9775 

538 

8.06 

6.11 

16. 1.83— 90D 

106 JO 

7.08 

5.46 

6.16 

16.1033 

10325 

6.54 

5.92 

6J8 

1. 434 

10330 

676 

3J9 

5.87 

1.12.81 

10025 

6.98 

1.11 

6.87 

dld.p. 

1. 6.78(1003) 

1J0JO 

0.4 J 

334 

623 

I. 332 

107 JO 

7.91 

425 

6.41 

1. 232— 83D 

100.50 

5.97 

7J3 

5.91 

1.1283— 87D 

10130 

9.61 

0J9 

6.92 

1.1278 

106.00 

920 

IJ9 

535 

1.1279 

108.25 

9.01 

259 

6.17 

1.1280 

106.00 

6.60 

3J1 

5.07 

1. 1131 

107 JO 

678 

5J1 

522 

1.1133 

T0295 

534 

4.42 

474 

1.10.82 

9775 

6.14 

4.84 

6J5 

1. 3.82-83D 

103.90 

7.70 

3.95 

6.97. 

dld.p. 

J. 7.78f 104) 

10825 

9.01 

4.68 

7J7 

1. 281— 85D 

10250 

659 

4.84 

6.13 

1.1228— 87S 

10255 

633 

4.72 

635 

1. 831— 84S 

103 JO 

7.04 

2.70 

6.00 

1. 279-83D 

107.35 

7.45 

5.01 

625 

2 533 

10325 

6J4 

4.98 

5.97 

I. 728— 87S 

106J0 

7J5 

3.09 

5.82 

. 1. 428 

10230 

6.84 

3.M 

627 

1. 722— 83S 

10430 

6.70 

337 

5.60 

1. 1.82 

104 JO 

7.93 

284 

634 

1. 331 

105 JO 

8.10 

3.95 

7.15 

J. 626— 85D 

10830 

8J4 

4.42 

6.40 

1. 530— 85D 

10325 

7.02 

3.42 

- 628 - 

: 1. 5.73— 84S 

105.00 

738 

5.69 

.636 

1. 430—875 

106 JO 

8.02 

3.75 

677 

1.10.76— 85S 

105.00 

732 

4.40 

634 

1.1027— 86S 

10275. 

6.33 

7.07 

6JI 

l. 3.78 — 92S 

106 JO 

7.98 

426 

638 

1. 832 

105 JO 

7.11 

7.57 

6.55 

1.1284— 86D 

103.00 

655 

7.47 

624 

1. 534— 87D 

103.90 

770 

6.18 

733 

1. 127— 91D 

104 JO 

739 

4.44 

7J5 

1. 4.77— 86S 

103 JO 

773 

4.44 

'7.19 

1. 128— 87S 

103 JO 

676 

3.01 

5.80 

1.1272 — 83S 

106 50 

7.98 

3.67 

6J8 

1. 924— 85S 

10125 

6.42 

209 

534 

1. 630 

10125 

6.42 

3.01 

6J3 

1. 531 

10250 

732 

338 

625 

1. 527 — 85S 

104 JO 

7.45 

7.10 

7J1 

1. 733— 87S 

1Q1J0 

6.19 

1.01 

528 

2 520— 79D 

10130 

634 

1.49 

539 

1.1123— 80D 

103.60 

772 

436 

7.15 

1.1227— 86D 

10240 

6.84 

4.96 

633 

?. 7,78 — 87D 

10625 

8.47 

3.33 

6.83 

1, 4.78— 84D 

100.10 

5.49 

1.17 

539 

1. 720— 79D 

102 JO 

6.59 

3.11 

5.94 

1. 7.72— 83S 

103.00 

6.80 

3.14 

6J2 

1 . 8.75— 84S 

10925 

7.78 

3.69 

576 

I. 9.76-855 

102 JO 

6J9 

5.09 

6.16 

1. 6.78— 87S 

10200 

6.62 

521 

628 

1.11.7B — 87S 

105 JO ‘ 

7J8 

4.80 

631 

16. 233 

10650 

775 

5.17 

621 

1. 7.83 

104.00 

673 

6.61 

. 673 

1. 1JB3-87S 

100 JO 

622 

9.67 

6.17 

1. 1.88 

103.15 

6J4 

3.03 

SJ9 

1. 6.79— 83D 

10125 

7.16 

0J9 

5.12 

1.1271— 78S 

10475 

6.92 

323 

5.70 

I. 925— 84D 

104.80 

8.11 

336 

7.11 

1. 9.76— 8SD 

106 JO 

775 

237 

.535 

T. 131 

99 JO 

578 

1.17 

629 

30. 625— 79D 

9925 

7.81 

839 

8J3 

1. 6.77— 86D 

95 JO 

733 

436 

835 

1. 4.78 — 87D 

9475 

7.39 

5J1 

831 

1. 329— 88D 

10130 

837 

539 

8.12 

1.11.79— 88D 

101 JO 

8.17 

238 

724 

16. 9.79 — BOD 

10IJ0 

8.17 

2.12 

738 

99 JO 

7.79 

3.41 

7.92 

I. 4.81— 82D 

101J0 

5.94 

IJ9 

5.10 

1. 6.70— 79D 

1047 5 

658 

279 

521 

I. 322— 835 

107 JO 

674 

4.92 

5.47 

1. 433 

106 JO 

778 

3.17 

6.10 

1. 731 

100.85 

7.93 

4.09 

7.73 

1. 927— $6D 

9235 

677 

4J1. 

834 

1. 928— 87D 

10225 

7.09 

325 

657 

15. 9.75— 84S 

1Q3J0 

6J5 

434 

6J1 

1. 328— 87S 

105 JO 

6.90 

5.47 

6.14 

1. 229— 88S 

107 JO 

8.41 

4.17 

-7. JO - 

J. 7 SSL 


Issue 

Middle 


Ufd“ 

Yield to 

Repayment 

D- mandatory drawing 

Price 

Yield 

Maturity* 

by lot at par 





S-5inHnofund 


63% Kansai Efearic 69/84 ......... 

73% Kansai Electric 71/86 ......... 

63% Kawaskai Steel 75/B2 ......... 

64% KELAG 73/88 

63% KHD Rnance 72/87 

7J% Kjobenhavns H. Bank 76/83P 
7;% Kjobenhavns Tel. 72/87 ...... 

7% Kjobenhavns Tel. 72/87 ...... 

6}% Kjobenhavns Tel. 73/88 ...... 

8\% KLM Finance 70/85 

7% Kobe 68/83 (G) 

63% Kobe 69/84 (G) ...... 

72% Kobe 71/86 (G) 

63% Kobe 72/87 (G) 

8a % Kobe 75/8QP (G) 

7\% Kobe 76/83 (G) 

64% Kobe 77/87 (G> 


73% Kommunl. Inst. 76/83 

8?o Kommunl. Inst 76/84 

71% Korea Dev. Bank 77/84 

51% Kubora Inti. 77/82P 

54% Kvaerner Ind. 78/88 P 

8J% Light-Servicos 77/82 (G) 

63% Light-Servicos 78/86 

8i% Longt Cr. Bk. Japan 70/85 

10% Lonza Itn'J. 74/79 P 

81% Lonza Itn’I. 75/80P 

7% Malaysia 72/84 

64% Malaysia 77/85 

94% Malmoe 75/84 

84% Malmoe 76/83 

6}% Manitoba 77/84 

6i?5 Manit. Hydro El. 72/87 

61% Megal. Fin. Comp. 78/90 

7% ME PC 73/88 

7% Mexico 68/80 

7% Mexico 68/84 

74% Mexico 73/88 

9% Mexico 75/82 

8 % Mexico 76/83 

73% Mexico 77/84 

6% Mexico 7B/85 

71% Mitsubishi Gas 76/81 P 

73% Mitsui Toatsu 76/81 P 

9% MODO 75/83 - 

7% Montreal 69/89 

6% Montreal 72/92 — 

63% Montreal 73/93 

Montreal 76/86 

7% Montreal 77/87 

74% Mortg. Denmark 69/84 (G) 

73% Mortg. Denmark 71/86 (G) 

7% Mortg. Denmark 73/88 (G) ...... 

63% Mortg. Bk. Finl. 69/84 (G) 

7j% Nafi- Mexico 69/79 (G) ............ 

83%- Nafi. Mexico 76/83P (G) ......... 

7% Nafi. Mexico 77/82P (G) ... 

8i% Nafi. Mexico 77/84 (G) .... H ..... 

83% Nafi. Mexico 77/84P (G) 

84% Nati. Bk. Hungary 75/81 

64% Natl. Bk. Hungary 77/85 

64% National Lead 67/79 — 

8% Natl. Westm. Bk. 73/8B 

64% New Brunswick 72/87 . 

74% Newfoundland 69/84 ............... 

8% Newfoundland 71/86 ............... 

63% Newfoundland 72/87 

64% Newfoundland 73/88 
7% New Zealand 68/78 . — .... 

63% New Zealand 69/84 

74% New Zealand 71/86 

7% New Zealand 72/87 

94% New Zealand 75/80P ... — 

9y% New Zealand 75/80P 

84% New Zealand 75/80P 

93% New Zealand 75/82 

7J% New Zealand 76/83 






73% New Zealand 76/86 

64% New Zealand 77/84 

54% New Zealand 78/86 

9% Nippon Kokan 75/82 

83% Nippon T + T 75/82 (G) 
84% Nippon T + T 75/82 (G) 
73% Nippon T + T 76/83 (G) 
Norcem 78/85 


84% Norges Komm. Bk. 70/85 (G) ... 
8% Norges Komm. Bk. 75/80 (G) ... 
8% Norges Komm. Bk. 75/80P (G) ... 
7% Norges Komm. Bk. 76/81 (G) ... 
7% Norges Komm. Bk. 77/80 (G) ... 
6% Norges Komm. Bk. 77/89 I (G) 
6% Norges Komm. Bk. 77/89 II (G) 

84% Norpipe 76/84 

8% Norpipe 76/88 

6% Norpipe 77/89 

71% Norsea Gas 76/88 

7% Norsea Gas 77/89 

9% Norsk Hydro 75/87 

8% Norsk Hydro 76/88 

63% Norsk Hydro 77/89 

84% Norway 75/B0 

84% Norway 75/80P 

73% Norway 75/80 

7% Norway 76/81 

74% Norway 76/81 

64% Norway 77/82 :. 

64% Norway 77/82 

53% Norway 77/82 — — — 

43% Norway 78/83 

4$% Norway 78/83 

71% Norw. Mortgage 77/87 

6% Norw. Mortgage 77/89 - 

73% Nova Scotia 71/86 

7% Nova Scotia Power 72/87 

64% Occidental Overs. 68/83 

6% Oester. Donaukr. 59/84 (G) 

63% Oester. Donaukr. 73/88 (G) 

83% Oester. Donaukr. 75/85 (G) 

7% Oest El. Wirtsch. 67/87 (G) ... 
7% Oest El. Wirtsch. 76/83P (G) ... 

101% Oest Inv. Kredit 74/79P 

93% Oest Kontrollbank 74/78P (G) 
94% Oest. Kontrollbank 74/79 IP (G) 
9,% Oest Kontrollbank 74/79 IIP (G) 
7?o Oest* Kontrollbank 76/83P (G) 
6j% Oest Kontrollbank 77/89P (G) 
64% Oest Kontrollbank 77/B4P (G) 
64% Oest. Kontrollbank 77/84P (G) 
6% Ooest Kontrollbank 77/85P (G) 
54% Oest. Kontrollbank 78/B6P (G) ... 
54% Oest Underbank 77/82 (G) ...... 

6 1% OKO 69/79 (G) 

64% Ontario 69/84 


10425 

105.40 
10625 
10425 

104.40 

103 JO 

103 .00 
10325 

100.50 

104.50 
T 0425 
10425 
106 JO 

104 JO 

103 JO 
108.85 

104 JO 

103.75 
102.90 

98.00 
10025 
9825 

10625 

96.75 
104 JO 

106 JO 
105.00 
>01.75 
97 JO 
10975 

105.00 
106.35 
103J0 
10025 
100.25 
10275 
102. JO 

102.00 

108.65 
10525 
10470 
9525 
10325 

103 JO 
10525 

104.00 
9925 

100.50 

107 JO 
101.60 
10SJ0 

104 JO 

103.00 
I02J0 
10125 
107 JO 

100.00 
105.75 

105.75 
107 JO 
9775 

100.50 
10625 
10425 

104.50 

105.65 
104.50 
102.10 
100 JO 
10425 

104.40 

104.10 
106 JO 
106 JO 

106 JO 
10975 

109.40 

no jo 

104.90 
100J0 
10575 

107 JO 

106.65 

107.10 
9975 
10625 
108.00 
106JQ 
10575 
10475 
101.00 
10075 
10675 
109.95 
10020 

105.10 

103.90 

109.75 

111.00 

104 JO 
10725 
106.00 
106.00 

107.10 
109.15 

104.75 
104.50 

104.40 
9975 
97 JO 
10575 
100 JO 
10475 
106J0 
10225 
101J0 
102.00 
109.15 

103 JO 

105 JO 

106 JO 
10U0 
104.00 

104 JO 

104.00 

105.00 
103 JO 
102 JO 
1 02 JO 
100 JO 

102.00 

99.75 
103.00 


6.44 

326 

521 

7.35 

4.35 

629 

824 

3.07 

6.43 

6.47 

5.27 

5.79 

6.47 

4.82 

558 

7.16 

5J9 

6.70 

728 

4.65 

6.84 

628 

431 

620 

6.47 

5.62 

6.39 

8.13 

3.74 

723 

671 

3J04 

5J3 

6.47 

3.43 

5.45 

7J1 

429 

6.11 

6.49 

4.82 

5.78 

7.97 

2.09 

6.40 

6JB9 

539 

5.46 

622 

9J9 

5.85 

7.47 

3.90 

652 

727 

431 

7.17 

7.40 

659 

753 

524 

3.69 

5.02 

535 

728 

633 

BJO 

334 

6.59 

6.98 

8.01 

730 

8.13 

3.82 

726 

9.43 

1J1 

5.68 

7.86 

2J4 

5.59 

6.88 

3 JO 

6.42 

6.67 

734 

6.94 

8.43 

4.22 

6J2 

736 

330 

6.51 

6.11 

6.17 

526 

6.5S 

5.09 

6J4 

623 

9.09 

6.21 

6.98 

523 

6.94 

631 

1.58 

523 

6.83 

3.09 

6.18 

7.11 

4.90 

6.74 

8.28 

4.17 

6.55 

730 

5.09 

674 

7.40 

6.09 

6.78 

630 

6.92 

6.68 

7J1 

3.09 

6.55 

7J2 

338 

671 

8.55 

3.55 

726 

6.73 

533 

6.13 

6J5 

629 

6.13 

622 

7.49 

6.66 

7.91 

4.51 

652 

6.89 

4.45 

6.56 

7.14 

339 

5.94 

7.42 

4.17 

650 

630 

5.42 

6.32 

632 

3.34 

6.17 

7.16 

1.09 

6.13 

8.18 

5J9 

7.17 

7 JO 

4.34 

6.99 

827 

5.84 

7.49 

827 

5.84 

7.49 

721 

3.17 

5.76 

6.65 

7J1 

638 

6.47 

1.09 

6 JO 

7J3 

5.66 

653 

6.47 

4.78 

570 

6.94 

3.14 

5.74 

757 

4.05 

6.36 

6.46 

428 

5.64 

637 

627 

6.08 

6.96 

0.17 

3.47 

6.47 

3.18 

5.35 

7.18 

434 

6.43 

6.72 

4J6 

5.94 

8.92 

1.76 

5.49 

823 

126 

5.54 

7.78 

2.17 

524 

8.88 

3.67 

655 

6.86 

4.84 

524 

7.01 

6.45 

5.75 

5.96 

6.01 

528 

522 

7.84 

5.17 

8.51 

2.90 

6.74 

8.18 

334 

651 

724 

4.09 

6.35 

724 

5.42 

6.16 

526 

634 

5.79 

8 JO 

3.75 

620 

7.41 

2.09 

3.93 

7J5 

2.17 

5J0 

632 

3.01 

4.90 

638 

6.63 

6.11 

5.94 

7.16 

532 

5.96 

11J9 

5.90 

7.96 

4.10 

6J5 

728 

730 

629 

5.99 

9.45 

5.58 

6.90 

8.00 

6.41 

6.74 

928 

6.42 

820 

5.17 

6.70 

7.21 

734 

6.09 

6.49 

737 

6.09 

739 

2.01 

4.40 

728 

2.09 

5.14 

731 

239 

5.19 

6J4 

3J1 

4.43 

6.87 

3.17 

434 

621 

3.67 

5J4 

5.98 

3.92 

4.96 

5J1 

426 

4.58 

4.76 

457 

431 

4.49 

4.92 

4.96 

636 

6.99 

621 

6.00 

1 155 

5.99 

7.40 

4.36 

6J9 

6J7 

4.87 

5.43 

636 

234 

571 

5.91 

3.18 

5J5 

632 

5J4 

631 

8.02 

4.78 

6.45 

6.80 

4.55 

633 

634 

553 

5.82 

932 

1.46 

5.46 

931 

034 

5.01 

9.13 

1J9 

5J9 

9.13 

1.17 

5.84 


6.73 5.59 

6.43 5.76 

628 6.17 

6.13 626 

5.95 7J1 

5.50 7.75 

5.39 4J9 


627 

6.31 


1.00 

3.18 


6.12 
570 
5J0 
5J5 
5J8 
5 JO 
4.99 
6.62 
5.53 


1. 3.75— 84S 
1. 577—86 S 
1. 6J0-B2D 

1. 579 — S8S 

2. 5.78— 87S 

1.12.83 

2. 178-875 
1. 5.78 — 87S 
1. 4.79— 685 

1.10.76— S5D 
I. 6.72-835 
1. 5.73— 84S 
1. 2.77— 865 

I. 5.78 — 87S 
1. 6.80 

J. 6.83 

1. 6J7 

I. 4.81 — 83D 

15.10.77— S4D 

1.12.84 

1.12.8 1— 82D 
1. 3.84— 88D 
1. 3J2 

1. 5.86 

1.11.76— 85S 
1.11.79 

15. 5.80 

1. 6.7S— 84D 
1. 9.85 
1. 2.81— 84D 
1. 3.80— 83D 
1. 7J4 

1. 6.7B— 87S 

2. 1.85 — 90S 
1. 5.79— 88D 

1. 6.71— SOS 

2. 173— 84S 
I. 1 .79 — SSS 
1. 7.82 

1. 6.83 
1. 6J4 
1. 4. 85 
1. 6.81 

15. 9.81 

I. 6.80— 83D 
1. 470— 89D 
1. 9.73— 92D 
1. 6.74— 93S 
I. 777— S6S 

16. 778— 87S 
1.11.75 — 84S 
1. 377— 86D 
1. 7.79— 88S 
1. 4.73— 84S 
1. 6.72— 79S 

1.12.83 
1. 9.82 
1. 3.84 
1. 3.84 
1. 7.81 

1.11.85 

1. 6.72— 79S 

1.10.79— 88S 
J. 11.78 — 87S 
1. 875— 84S 
1. 877— 86S 
1.1178— 87S 
1. 4.81— 88S 
due I. 778 
1. 275 — 84D 
1. 577— 86D 
1. 2.7B— 87D 
1. 2.80 

I. 2.80 
1. 7.80 
1. 1.82 
1. 3J3 

1.11.82— 86D 
1. 5.84 

1. 3.86 
1. 4.80— 82D 
1. 3.82 
1 . 682 

1.10.83 
1. 3.85 
1.1076— 85S 
1. 6.80 

1. 7.80 
1. 5.81 
1. 4 JO— 89S 
16.10.80 — 89S 

1.12.80— 895 
1. 2J0 — 84S 
1. 6.83 — B8S 
1.11.84 — 89D 

1.12.83— 885 
1. 7J4 — 89S 
1. 3.80— 87D 
1. 4.83— 88S 
1. 6.82— 89S 
1. 5.80 

1. 6.80 
T. 12.80 
1. 5J1 
I. 7J1 
1. 1.82 
1. 4.82 
1. 8.82 
1. 1J3 
1. 4.83 

15. 5.83 — 87 D 
16.11.82— 89D 

1.12.77— 86D 
1.1278— 875 
1.10.72—835 
1. 2j65— 84D 
I. 3.79 — 885 
1. 3.81— B5D 
1. 2.73— 87D 

16.12.83 
16.1079 
1. 978 
I. 6.79 
1. 779 
M2.83 
1. 2J4 
1. 7.84 
1. 8J4 
1.11.85 
1. 2J6 
1.12.82 
1.1170— 79D 
1. 2.75 — 84 D 


WestLB Schuldscheindarlehen 

4 year maturity: 4.90#> 


5 year maturity: 5.109b 


6% Ontario 72/87 

7% Ontario Hydro 69/84 .. 
7}% Ontario Hydro 71/86 .. 

6 % Ontario Hydro 72/87 .. 
6*% Ontario Hydro 73/88 .. 

6 *% Osaka 64/79 (G) 

6i% Osaka 65/80 (G) 

6 % Oslo 64/79 

52% Oslo 65/80 

7% Oslo 67/79 

7k% Oslo 69/84 

7$% Oslo 71/87 

6i% Oslo 73/90 

9% Oslo 75/87 

7% Outokumpu 68/78 (G) 

62% Papua 73/88 

6|% Parfcer-Hannifin 77/87P 

Pemex 76/83 

7% Pemex 77/84 

7% Pemex 78/86 

7% Petrobas 77/84 

Philip Morris 72/8 7 

7\% Philippine 77/84 

6 1% Philippine 78/85 ......... 

83% Phillips 75/81 P 

8i% Phillips 75/81 P 

83% Phillips 75/82 

81% PK-Banken 75/83 


83 


63 


53% 

9i% 

7-1% 

6i% 

6i% 
7;% 
74% 
63% 
7*% 
8 % 
64% 
6 \% 
6i% 
6 \% 
8 lr% 

Si% 


PK-Banken 78/88 - 

Platm. Malmoe 75/80P 

Privatbk. Copenh. 77/83P 

Pyhm Autobahn 77/89 (G) 

Quebec 72/8 7 

Quebec 77/87 ' 

Quebec 77/87 

Quebec Hydro El. 69/84 

Quebec Hydro El. 69/84 

Quebec Hydro El. 71/86 ..... 

Quebec Hydro El.. 72/87 

Quebec Hydro El. 73/88 

Quebec Hydro El. 77/87 

Quebec Hydro El. 77/87 

Queensland Alu. 70/85 

Rautaruukki 78/88 (G) 


101.40 

5.92 

539 

520 

1. 930— S7D 

1 04.10 

6.72 

337 

5.82 

1. 875— 84D 

10650 

7J4 

4.40 

5.75 

1.12.77— 86D 

10375 

627 

5.44 

538 

1. 6.80— 87D 

104J5 

621 

620 

5J7 

1. 331— 88D 

10125 

6.42 

037 

434 

2. 1.70— 79D 

100.75 

620 

125 

539 

1. 2.71— 80D 

10025 

5.99 

0.92 

5.79 

1. 470—790 

101.00 

539 

133 

5J2 

1. 3.71— 80D 

103.00 

630 

0.84 

3.30 

1. 3.72— 79D 

105 JO 

7.14 

339 

5.94 

1.1175— 84D 

105 JO 

7.11 

4.67 

622 

■ 2. 1.78— 87S 

10330 

632 

5.96 

6.03 

J. 7.76—905 

109.75 

820 

4.82 

657 

1. 3.78— 87S 

100 JO 

7J0 

Q.34 

7.08 

1. 9.72— 78D 

10625 

6.35 

5.91 

5.48 

‘ 1. 7.79— 88S 

103 JO 

655 

7.03 

621 

1 . 6.83— 87D 

10735 

8.12 

5.59 

7.01 

1.12.83 

101.40 

6.90 

$34 

671 

1. 9.84 

1. 1.86 

102 JO 

636 

7.67 

6.65 

10020 

6.99 

6.42 

6.95 

1.10.84 

104.50 

6.46 

428 

534 

1,1178— 87D 

9975 

727 

651 

729 

1.1134 

9525 

7.09 

6.92 

736 

1. 435 

107.00 

8.18 

2.92 

6.06 

1. 431 

106 JO 

8.02 

2.96 

622 

15. 431 

108.75 

8.05 

3.88 

6.14 

15. 3.82 

103 JO 

825 

025 

426 

d!d.p. 

1. 878(102) 

9525 

6.04 

7.94 

6.54 

1. 5.84 — 880 

105.00 

8.81 

2.01 

6.51 

1. 5.80 

102 JO 

7J7 

4.92 

6.63 

1. 433 

102.00 

6.13 

875 

5.94 

1. 934— 89D 

102.00 

637 

4.98 

6.02 

1. 728— 87D 

10675 

7J3 

8.76 

6.46 

1. 2.87 

103.75 

6.99 

9.09 

638 

1. 6.87 

10230 

639 

3.17 

5.96 

1. 225 — 84S 

10425 

6.95 

323 

537 

1. 9.75 — 84 D 

104.60 

735 

4.12 

631 

1. 977— 86D 

103.00 

631 

4.74 

576 

1. 478 — 87D 

103 JO 

628 

5.11 

539 

1. 3.79— 88D 

101.75 , 

. 6.39 

9.30 

624 

16. 837 

100.15 

62.4 

9J9 

622 

1.12.87 

105.50 

8.06 

333 

6.96 

1.11.76— 8SS 

9S.75 

6.0 1 

9.92 

6.34 

1.4.84— 88D 


% 

J 





■ 


26 

Financial Times Monday May S 197S 



' fora 

really comprehensive 
International Bond 
Service. 

EXTEL, 37 Paul Street, London EC2 



309 Cnnlilansfalt Bankverein 

1010 Vienna. Shcottengasse 6 

P 63692540/1 T 74324 

310 Gfrozentrale und Bank ' 

der osterreichtedien Sparkassen AC 

1011 Vienna Rchubertring 5 

P 7li 94 272/72 94 772 T 13 195 


REGJQN4- ITALY- 


405 Banea Commcrdale Italian# Milan 
407 Banco Ambrosiano S.p.A. 

409 Banco di Roma 
415 Credilo Italiano 

20133 Milan Piazza Cordusiu 2 

P 87 17 44/SS62 T 35 617 
PS9 01 16 

420 Isiiluto Bancario Italiano 

425 lstiluto Bancario San Paolo di Torino 

430 Mote dei Pasctai di Siena 


Banker Arabc et Internationale d'imesLissemcnt 

(&.UJ.) 

Banquc Lou is- Dreyfus 
Bunqiic Nationale de Paris 
75009 Paris id. Boulevard d<?s itaiicns 

P 225-4700/523 5500 
T650S14/650S19 

Credit Commercial de France Paris 

Credit Lyonnais 

E. F. Hutton Services S..VJLL. 

Inteninion-Baoi|ue 

Smith Burney Harris. Up ham & Co. Inc. 

75001 Paris 20 Place Vendorae 

P 260-3404 T 680608 


R EGtON.3 -GERMAWY/AUSTRIA 


300 Commerzbank AG 

6000 Fraukfurt Nt-ue Mainzer Strasse 32-36 
P 13621 T 416 111 
T 416345 

305 Deutsche Bank AG 

6000 Frankfurt Crosse Gal hiss trasse 10-14 
Junybofstrasse 5-LL 
P 21 41 T 4167314 

306 Dresdiier Bank AG 

6000 Frankfurt Gallusunlage 7-8 
P 2631 T 414 901 
P 23 OS 21 T 41 220 

307 TVe.stricutsche Landesbank Girozentrale 
4000 Dusseidorr Friedricbstrasse 56 

PS26 3122 TS581SS2 


■ REGJO.W LUXEMBOURG , 


505 Battque Gf ncrale du Luxembourg SA. 

510 Banque Internationale a Luxembourg S.A. 
540 Bayerische Landesbank International SA 
Luxembourg 25 Boulevard Royal 

P 474021 T 1249 P 475911 
515 Deuaay Luxembourg SA. 

520 Kredlctbank S.A. Luxemhourgeoise 
Luxembourg 43. Boulevard Royal 
P 26411 T 1451 

530 Swiss Bank Corporation (Luxembourg) 


REGION 6, : . NETHER LANDS 


600 1L Albert de Bary ft Co. N.V. 

601 Algemene Bank Nederland N.V. 

602 Amsterdam-Rotterdam Bank N.V. 

603 Bunk Mees ft Hope N.V. 

604 Barclays Kol ft Co. N.V. 

Amsterdam Hereugrachi 500 

P 262 209 T 12 130/12 193 
611 CentraJe Rabobank Utrecht 

St. Jacobsstraat 30 
General P 369111 T 40025 
Trading P 362410 T 70105 

605 Bank Morgan La bo u the re N.V. 

610 F. van Lanscbol 

606 Nederiandsche Mlddenstandsbank N.V. 

607 Nederlandse Credietbank N.V. 

60S Pierson, Heldring & Pierson 

609 Slavenbnrg, Oyens ft Van Eegben N.V. 


'.REGION 7 -SCANDINAVIA 


705 Bank of Helsinki Ltd. 

(Helsingfors Akliehauk) 

740 Den norske Creditbank 
750 Den Danske Bank of 1871 Aktieselskab 
1092 Holmens Kanal 12 

CopentaagenK P151S86 T 19441/19065 
P 156505 


710 R. Henriques jr. Bank-Aktieselskab 
1200 Hojbro Plads 9 

Copenhagen K - P 12 00 52 T 19 162/19 952 
715 Kan sal I Ls- 0 sake* Pa ilk ki 
720 KjSbenhavns Handelsbank 

1091 Holmens Kanal 2 

Copenhagen K P 12 86 00 T 19 177 
745 Postipankki 
"30 Pri vat banken Aktieselskab 
735 Skandinavlska Enskilda Banken 

10640 Kimgsiridgardsgatan S 

Stockholm P 763 50 00/24 28 30 T 11 007 
725 Union Bank of Finland 

(Nordiska Forenlngshanken Ab) 


| REGION 8- SWITZERLAND ~ 


800 Bondpa rUiers S.A. 

805 Credit Suisse/Sulss Credit Bank 
860 Swiss Bank Corporation 

8022 Zurich Paradeplatz 6 

P 223 111! T 53 471 
870 Union Bank of Switzerland 


| REGION 9 -UNITED KINGDOM" 


SOI Akroyd & Smi there Limited 

London 2-6 Austin Friars 

EC2N 2EE 

950 Bankers Trust international Limited 

910 Banque Francalse de Credit International Ltd. 

911 Citicorp International Bank Limited 

London 333 Strand 

WC2R 1LS PS36-1230 TS84933 

912 Continental Illinois Limited 

914 Credit Suisse White Weld Ltd. 

London 122 LeadenhaJI Street 

EC3V 4QH P 2834200 TSS3731 

913 Daiwa Europe N.V. 

London S-14 St Marti ns-le-Graud . 

EC1A 4AJ P 600-5676 TSS4121 

915 Del tec Trading Company Limited 
920 Dili on. Read Overseas Corporation 

London 10 Chesterfield Street 

W1X 7HF * P 493-1239 T8S 11055 
P 491 4774 Trading 
992 Dominion Securities Limited 
925 European Banking Company Ltd. 

London 150 Leadeohall Street 

EC3V 4PP P63S-3654 T 8951961 

927 The First Boston Corporation 

930 First Chicago Limited 

931 Goldman Sachs International Corp. 

London 40 Basinghall Street 

EC3V 5DE P 63S-4155 TSS7902 

P 638-9243 

932 Hambros Bank Limited 

London 41 Bishopsgate 

EC2P 2AA P 5SS-4698 TSS6337 


933 IBX International Limited 

London Bucklersbury House 

EC4N 4HR H Queen Victoria Street 

P Trading 2384)531 TSS3411 
P General 236-2756 

934 Hill Samuel & Co. Ltd. 

London 100 Wood Street 

EC2P 2AJ P62S-8011 TSS3798 

935 Kidder Peabody Securities Limited 

London 24th Floor 

EC2P SLA 99 Bishopsgaie 

P63S-8272 T SS 4694/5/6/7 /S 

938 Loeb. Rhoades, Horoblower International Ltd. 

London 55 Grnsvenor Street 

W1X 9DB P 491-3381 T 25 432 

939 Kuhn Loeb Lehman Brothers Int 

London P.O. Bov 15 

E.C3. Commercial Union Bldg* 

1 UndershaXt 
P 623-2904 TS87461 
P2S3-7727 

936 Manufacturers Hanover Limited 

London 8 Princes Street 

EC2P SEN General P600-45S5 TSS4901 

Trading P 606-8401/4 T SS 8716 

937 McLeod, Young, Weir International Limited 

940 Merrill Lynch, Fierce, Fenner & Smith 
(Brokers & Dealers) Ltd. 

London 3-5 Newgale Street 

EC1A 7DA P 236-1030 T SS 5357/SS 11S01 

941 Morgan Stanley International 

London P.O. Bov 132, 

EC3P 3HB Commercial Union Building. 

1 UndershafU Lea den ha II Street 
General P 626-9221 T SS 12564 
Trading P 283-8201 T S951621/2 

945 Ncsbil, Thomson Limited 

942 The Nikko Securities Co. (Europe) Ltd. 

London Royex House 

EC2V 7U Alderman bury Square 

P 606-7171 TS8 4717 

943 Nomura Europe N.V. 

London Barber-Surgeons Hall, 

EC2Y 5BL Monkwell Square, 

London Wall 
P 606-7482/6 T8S 11473 

946 Orion Bank Limited 

London 1 London Wall 

EC2Y 5JX P 600-6222 TSS3496 

P6QO-SOOO Trading 

947 Salomon Brothers International Ltd. 

950 Samuel Montagu & Co. Ltd. 

955 Scandinavian Bank Limited 
960 Strauss, Turnbull & Co. 

London 3 Moorgate Place 

EC2R 6 HR P 638-5699 TSS3201 

962 Sumitomo Finance International 
London 66 Gresham Street 

EC2B 7EL P 606-5645 TS8 11043 

964 Vickers, da Costa & Cou Ltd. 


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965 S. G. Warburg & Co. Ltd. 

London 30 Gresham Street 

EC2P 2EB P 6004555 T SS 8476/SS 3l» 

970 We»tdeutsche Landesbank Girozentrale 
London 21 Austin Friars 

EC2N 2HB P 63841141 TSS 7984/5 

975 White Weld Securities 
977 ML S- Wcin & CoM m*. ^ 

9S0 Wood Gundy Ltd. 

990 Yamaichi International (Europe) Ltd. 
London Si. Alphas ItouKe 

EC2Y 5AA 2 Fore Street 

I* (MS-2271 T SS 7414 


REGION 10 -UNITED STATES 


10 Arnholti and S. Bleichroeiler. lue. 

New' York 30 Broad Street 

NY 10004 P 943-9200 TS27IO 

P943-9214 T 232250 RCA 

20 Drexel Burnham Lambert & Co. Inc. 

30 Kidder, Peabody & Co. Incorporated 
New York in Hanover Square 
NY 10005 P 212 747 2000 T 233 498 

32 Lehman Bros, Kuhn. Loeb Inc. 

New York 40 Wall Street 

NY 10005 P 797-4220 T 420 107 

33 Lazard Freres & Co. 

T 4 20308 ITT 

35 Merrill Lynch, Pierce. Fenner & Smith Inc. 

P 212 766 1212 T 420 93S 
60 Salomon Brothers 

New York One New York Plaza 
NY 10004 P 212 747 7000 T 22242S 

70 Shields Model Boland Incorporated 
SO Atlantic Capital Corporation 

T 620 727 WU 

90 White Weld & Co. Incorporated 

T 423 JUS ITT 

005 The Arab Co. for Trading Securities S.AJL 
Kuwait P.O. Bfiv 
22792 Salat Kuwait 
P 410 31S T 2791-ACTS 


LEAD MANAGERS 

1 — Civditanstalt-Bankverein 
U — Butler Bank 

16 — Credit Suisse (Bahamas) Ltd. 

18 — Gutzwiller Kurz Bungenur Securities 
25— Union Bunk of Switzerland tU.AV) 

28 — Bankleumi Le-lsrac! 

32 — Banque de Bruxelles S.A* 

35 — Banque Lambert S.C.S. 

38 — Burnham & Co. 

43 — Kredielbank N.V. 

46 — Sociite Gene rale de Banque S.A. 

57 — Nos bit. Thomson Ltd. 

64 — Wood Gundy Ltd. 

72 — Pi ivat banker Akliesclskrab 
77 — McLeod. Young Weir ft Co. 

92 — Banque Nationale de Paris 

93 — Banque de Paris et des Pays-Bds 
H4 — Banque Rothschild 

96 — Banque de LX'nion Eurnpeenne 
10:5 — Credit Commercial de France 

104 — Credit Industriel et Commercial 

105 — Credit Lyonnais 
112— Lazard Freres & O'e 


117 — Societe Generate 

122 — Western American Bank (Europe) 

158 — Commerzbank/Sanco di Ruma/Credit 
Lyonnais 

140 — Commerzbank AG 
143 — Deutsche Bank AG 
150 — Wardley Ltd. 

157 — Pkbanken 

159 — Kuwait lnt. Inv. Co. S.A.K. 

162 — Arab Financial Consultants 
165 — Union Bank of Switzerland 

(Securities) Ltd. 

179 — Westdeutscbe Landesbank 
Girozentrale 

1S3 — Jardine Fleming ft Co. 

186 — Banco Ccmmerciate Italians 
189 — Bunca Nazlonale de Lavoro 
196 — Banco di Roma 

214 — Williams GJyn ft Co. 

215 — Orion Bank Ltd. 

219 — Kuwait lnv. Cu. S.A.K. 

221 — Banque Europeenne du Luxembourg 
S.A. 

222 — Banque Generate du Luxembourg S.A. 

223 — Banque Internationale a Luxembourg 
S.A. 


224 — Banque Lambert, Luxembourg, SA 
■ 229 — Investors Bank, Luxembourg. S.A. 

230 — K re diet bank S.A. Luxembourgeoise 

234— UBS DB Corp. 

235 — Blyth, Eastman Dillon ft Co. Int. 

237 — ALgemene Bank Nederland N.V. 

238 — Amsterdam-Rotterdam Bank N.V. 

245 — Bank Mees & Hope N.V. 

247 — Nederlandse Credietbank N.V. 

249 — Nederland sc he Mi d dens tand shank N.V. 
254 — Pierson, Heldring & Pierson 
256 — Royal Bank of Scotland 
273— Skandinaviska Enskilda Banken 
273 — Svenska Handelsbanken 
287— Kuwait Foreign Trading Contracting 
Sc Investment Co. 

292 — Bankers Trust International Ltd. 

297 — Barclays Bank International Limited 
29S — Baring Brothers & Co. 

315 — Hambros Bank Ltd. 

316 — Hill Samuel Sc Co. Ltd. 

221 — Investment Bank of Ireland 
323 — London Multinational Bank Ltd. 

326 — KJeinwort Benson Ltd. 

327— Kuhn Loeb Int. 


328 — 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. M. Sc Sons Ltd. 

350— J. Henry Schroder Wagg & Co. Ltd. 

352 — Caisse des Depots Consignations 

353 — Singer & Friedlander Ltd. 

354 — Sumitomo Finance International 
359 — Warburg, S. G. ft Co. Ltd. 

261— White Weld ft- Co. 

"75 — Bank of America 
378 — Bear Sterns ft Co. 

386— Brandt (Wm.j Sons ft Co, 

3S9 — Kuwait Financial Centre 

396 — Daiwa Securities Sc Co. Ltd. 

397 — Dean Witter International Inc. 

399 — Dillon Read ft; Co. Ltd. 

401 — Dominick & Dominick 

402 — Citicorp InL Bank 

404 — Drexei Harriman Ripley 

405 — European Banking Company 


411 — First Boston Corp. 

412 — First Boston (Europe) Ltd. 

413 — Merrill Lynch, Pierce. Fenner ft 
Smith Inc. 

4 IS — Goldman Sachs ft Co. 

421 — American Express Middle East Devt. 
425 — Hayden Stone Inc. 

431 — Interunion — Banque 

437 — Kidder. Peabody ft Co. Ine. 

438— Blyth. Eastman Dillon ft Co. Inc. 

440 — National Commercial Bank Saudi 
Arabia 

441 — Kuhn Loeb ft Co. 

445 — Lazard Frere3 ft Co. 

447 — Lehman Brothers 

449— Loeb Rhoades ft Co, 

454 — Merrill Lynch, Pierce. Fenner & Smith 
456— Morgan ft Cie International 

458 — Morgan Stanley ft Co. 

463 — Nomura Securities Co. 

479 — Salomon Brothers 

4 50 — Banque Brux-eiles. Lambert S.A. 

481 — Postipankki 

455 — Smith Barney ft Co. 

487— Barclays Merchant Bank Ltd. 


4$S — Kidder, Peabody International Ltd. 

500— White Weid ft Co. Inc. 

501 — Yamaichi Securities 

510 — Salomon Brothers International Lid. 

511 — Merrill Lynch IntnI. Bank Ltd. 

516 — Union De Bunques Arabes et 
Francaiscs (UBAF) 

517 — Credit Suisse-White Weld Ltd. 

518 — Arab Finance Corp. 

525— Banque Arabe et int D'Invest 
536 — Loeb, Rhuades International Ltd. 

5o5 — Goldman Sachs & Co. Inc. 

556 — Jardine Fleming International Inc. 
560 — Jardine Fleming International Ltd. 

555 — B_\.I.L (M/E I Inc. 

556 — Bank Kaposi ini 

594 — Indo-Suez & Morgan Grenfell 
(Singapore) 

599 — Swiss Bank Corp. (Lux.) 

600 — First Boston AG 

630 — Barclays Kol! ft Co. N.V. 

637 — National Bank of Kuwait 
639— Morgan Grenfell (Asia) Ltd. 

70S— Dean Witter Reynolds lnt. Inc. 

715 — Merrill Lynch lnt, (Ae;ta) 


COMPILED FOR THE ASSOCIATION OF INTERNATIONAL BOND DEALERS BY INTERBOND SERVICES LTD. 





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Selected Austrian Schilling Bonds 

Middle 

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average life 

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(mandatory drawings by lot) 

maturity up to 5 years 






8 % Osterreich 1 973/B/81 

100.40 

179 

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8 % Osterreich 1 973/11 1/0/82 

101,25 

2.55 

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8 1/2% Osterreich 1 974/1 i/B/82 

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81/2% Kamten1975/B/81 

101,25 

1,85 

8.41 

8.40 

7. 3.78-81 at 101.0 to 1013 

8 1/2% N E WAG 1 975/B/82 

101,40 

2.10 

8,41 

8,38 

6. 6.78-82 atlOI.5 

maturity over 5 years 







8 1/2% Osterreich 1975, 'S/1 1 1 '85 

102,50 

4.57 

8.44 

8.29 

27.1 1 .79-85 at 103,0 to 1 03,5 

8 % Oste rreich 1 977 /S/ B/87 

97,75 

6.29 

8.47 

8.18 

15. 2.82-87 atlOO’o 

81/2% Wien 1974/B/84 

100.10 

367 

8,45 

8.49 

2. 7.75-84at100,0 

8 % CA-BV1977/B/85 

98,75 

5.41 

8,29 

8.10 

1. 4.82-85 atlOO.O 

8 1/2% Energie 1 975/1 f/B + S/85 

102,50 

4.49 

8.46 

8.29 

29.10.79-85 at103 5 

81/2% Semperit 1975/B/84 

101,25 

3.13 

8.49 

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18. 6.76-84 at1010to1030 

81/2% Steyr-DarmIer-Puch1976/B/86 

10230 

5,35 

8.46 

8.29 

9. 3.81-86at103 0to1040 

81/2% VOEST-Alpine 1 975/B/84 

10130 

3,37 

832 

837 

16 - 977-84 at 102,0 to 103,0 


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5 3/4% Alpine Montan 65/85 
65/8% Austrian Electricity 66/86 

6 3/4% Austrian Electricity 67/82 


6 % Rep. of Austria 64/84 

6 3/4% Rep. of Austria 67/82 
8 3/4% Rep. of Austria 76/90 
81/4% Tauernautobahn77/87 


9 1/2% Osterreichische Kontrollbank 74/79 in Austrian Schilling [traded in US-S only) 


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V. 



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■>- • V 

’'Mt 



P^naircial Tinres~ Monday May 8 ' 197 y 

TRADE UNION RECRUITING 


2T 

BY ALAN PIKE, Labour Correspond** 


Casting rival nets 



TWO YEARS ago Mr. John 
; Lyons, leader of a small union 
for electrical power engineers, 
announced that his organisation 
• was preparing to broaden its 
base and recruit in other areas 
of industry with the words: 
" We do not envisage warfare 
with other TUC unions.” 

His optimism did little to dis- 
guise the fact that one of the 
most difficult ’ trade union re- 
cruiting wars of recent years had 
been declared. 

Much more than mere tech- 
nical issues of trade union 
organisation are involved in the 
current struggle by the TUC to 
prevent unions which are not 
affiliated to the Confederation of 
Shipbuilding and Engineering 
Unions (CSEU) g ainin g a recog- 
nition foothold in engineering 
and related industries. It raises 
such central questions as 
whether or not professional and 
managerial employees should 
have their own separate unions. 
The entire shape of future 
middle class involvement in the 
trade union movement will be 
influenced by the outcome. 

Much of the immediate action 
is concentrated in British Ship- 
builders, the recently nationa- 
lised shipbuilding industry, 
where the TUC is urging the 
Board not to grant national 
recognition to Mr. Lyons's Engi- 
neers and Managers Association, 
which is itself affiliated to the 
TUC but is not part of the 
CSEU. 

For some people the issues 
involved can be discussed in 
purely industrial relations 
terms while for others they 
have a wider social and 
political, importance. The first 
group speaks of the need to 
prevent a proliferation of bar- 
gaining units, the second of the 
freedom of the individual. 

Whatever the merits of the 
different approaches to the 
argument, one reason for it 
taking place is common to all 
the trade union participants. 
The higher levels of profes- 


sional and managerial staffs 
form one of the last big 
potential trade union recruiting 
grounds. Interest in joining 
unions has grown among such 
employees in recent years— a 
continuation of the trend among 
the less-qualified white collar 
workers during the 1960s— and 
the unions which make the 
breakthrough stand to gain in 
membership, prestige and 
influence. 

In January, 1976. the Council 
of Engineering Institutions pro- 
duced a report which advised 
200,000 professional engineers 
to join trade unions in order to 
protect their living standards. 
The same day Mr. Lyons 
announced that his Electrical 
Power Engineers Association 
was preparing to broaden its 
base from the electricity supply 
industry to recruit engineers 
and managers elsewhere. 


management 



Recommended 

Mr. Lyons’ union was one 
of four organisations which, the 
Council decided, acknowledged 
professional codes of conduct 
and could be recommended as 
appropriate for engineers to 
join. It was the only one of the 
four affiliated to the TUC. 
Other TUC unions with a keen 
interest in recruiting in the 
same territory — like TASS, the 
white collar section of the 
Amalgamated Union of Engin- 
eering Workers and the Associ- 
ation of Scientific Technical and 
Managerial Staffs — were not 
recommended. 

Since the Council report the 
Electrical Power Engineers 
Association has changed its 
name to the Engineers and 
Managers Association, has 
picked up a number of indivi- 
dual members in engineering 
companies, and has merged the 
Shipbuilding and Allied Indus- 
tries Management Association 
(SAIMA) into Its organisation. 
It has also lost two disputes 


awards under the TUC’s Brid- 
lington procedure. The disputes 
arose out of attempts to recruit 
in engineering companies— one 
of which the EMA is challeng- 
ing in the High Court— and it 
is also engaged in a furious 
battle with the CSEU over 
recognition of its SAIMA mem- 
bers who, it claims, constitute 
70 per cent, of British Ship- 
builders’ management force. 

In a quieter way the past 
two years have been equally 
eventful for another of the 
four unions recommended as 
appropriate unions by the 
Council of Engineering Institu- 
tions. This is the United King- 
dom Association of Professional 
Engineers (UKAPE). The 
Council’s advice to engineers 
to join unions coincided with 
the introduction of the new 
recognition procedures under 
the Employment Protection Act, 
and unions quickly submitted 
claims to the Advisory, Con- 
ciliation and Arbitration 
Service. 

ACAS has so far ruled on two 
UKAPE . applications and both 
have gone against the union, in 
spite of the fact that there was 
majority support for the union 
in the areas where it was 
claiming recognition. Another 
High Court case is pending as 
a result of the first of these 
ACAS decisions. 

The principles behind ACAS’s 
thinking are developed clearly 
in its recent report on the 
second of the UKAPE claims, 
that for recognition at the Kent- 
based Electro Dynamic Con- 
struction Company. It shows a 
concensus between the Engin- 
eering Employers Federation — 
which the company joined at 
about the same time as the 
UKAPE site group was formed 
— and the Confederation of 
Shipbuilding and Engineering 
Unions, supported by ACAS. The 
joint view of these bodies is 
that any interference with exist- 
ing recognition arrangements 



LEN MURRAY 
against “wasteful com- 
petition ” 


between the EEF and CSEU 
would be detrimental to good 
industrial relations. 

The EEF stressed that “the 
desires of individuals have to 
be balanced against the interests 
of stable bargaining arrange- 
ements in the industry as a 
whole ” and pointed out that it 
would be “ quite anomalous ” 
for a union to win recognition 
In the engineering industry 
simply by gaining recognition in 
one area of one company. 

In. its conclusions ACAS says 
that, while the wishes of workers 
concerned are always an Im- 
portant factor, the Service is 
charged under the Employment 
Protection Act with promoting 
improved Industrial relations 
and encouraging the extension 
of collective bargaining, and in 
its decisions “ has to consider 
the overall and cumulative 
effect of its actions.” Both 
unions and employers had 
“despite many difficulties and 


JOHN LYONS 
‘not trying to 
members ” 


poach 


setbacks ” worked to reduce 
fragmentation of bargaining 
units and this was a trend to be 
encouraged. 


Breakaway 


The “overall and cumulative 
effect" argument is one ad- 
vanced strongly by those who 
resist the introduction of new 
unions for managers. They fear 
that new unions might start a 
trend in breakaway unions 
which would not be limited to 
the managerial sphere, and they 
see the solution in building lip 
the structure of existing unions. 

Inter-union and demarcation 
issues have been the cause of 
many disputes in the past, and 
so the reduction in bargaining 
units and amalgamation of 
unions is a policy strongly en- 
couraged by the TUC. Mr. Leo 
Murray, its general secretary, 
pointed out in a recent speech 


to the National Union of Bank 
Employees— another area with 
potential problems over spheres 
of influence— that experience 
had shown that ‘’for a number 
of unions to tcy to organise in 
a particular occupation can lead 
to wasteful competition between 
them and can. militate against 
rational trade union collective 
bargaining structures.” 

No doubt with recent events 
in engineering in mind, Mr. 
Hurray added that inter-union 
disputes should be settled 
“ within the trade union family " 
and not made matters for ACAS 
or the courts. The amendment 
to the Employment Protection 
Act introduced by Mr. Ian 
Mikardo. Labour MP for Bethnal 
Green and Bow, would have 
helped support the TUC’s Brid- 
lington procedures — although 
there has been much disagree- 
ment among MPs about what its 
exact effect, as worded, would 
he. But there seems little 
chance of It becoming law in 
this Parliamentary session. 

Opponents of the new unions 
trying to penetrate shipbuild- 
ing and engineering insist that 
the existing CSEU unions are 
able to cater for all grades of 
staff Including senior engineers 
and managers. TASS, the most 
vocal enemy of the newcomers, 
has set up a National Manage- 
ment Advisory Committe which 
it sees as an important step 
towards ensuring that the spe- 
cial status and needs of senior 
managers within a larger union 
are understood and serviced. 
CSEU unions like TASS believe 
that the non-Confederation 
organisations lade the ex- 
perience of engineering and the 
appropriate officers and back-up 
services to represent the mem- 
bers they recruit 

The need for fewer unions 
and more streamlined bargain- 
ing units has been one of the 
great pillars of industrial rela- 
tions thinking on both union 
and management sides for many 


years. Mergers have been 
actively encouraged by the TUC 
and there are, in effect, 86 
fewer affiliated unions now than 
in 1962 although membership 
is up by 3m. 

ACAS has stressed the poten- 
tial dangers of interfering with 
existing negotiating structures 
not only in the engineering in- 
dustry but in comparatively less 
controversial spheres. The Ser- 
vice refused to support three 
recognition claims by the Asso- 
ciation of Polytechnic Teachers 
on similar grounds. 

‘Not poaching’ 

But leaders of unions like the 
EMA, who repeatedly maintain 
that they are not trying to 
poach members in areas where 
other unions are already 
organised and recognised, be- 
lieve that in the main engineer- 
ing battleground the established 
CSEU unions will never suc- 
ceed in bringing large numbers 
of senior engineers and 
managers into the TUC fold. 
They are convinced that many 
such men will never be per- 
suaded to belong to the same 
union as the workers whom 
many of them supervise, and 
would always feel their profes- 
sional position threatened by 
joining a union in which they 
were in a minority. In many 
ether areas, like the Civil 
Service and electricity supply, 
senior staff have their own 
unions and so, they ask, why 
not in engineering ? 

Although CSEU unions say 
that their professional and 
managerial membership is now 
showing a healthy increase, Mr. 
Lyons points to their generally 
poor past recruitment record in 
support of his case. His 
attempts to move from his base 
in electricity supply have made 
him many enemies and inevit- 
ably the possibility of his 
union’s expulsion from the TUC 


is now raised. Such a cotua^ 
however, would not remove any 
of the basic problems and aug& 
bring to Mr. Lyons' side other 
professional engineers’ associa- 
tions which are not enthusiastic 
about joining any TUC-afiliated 
union. 

The dispute has already 
caused doubts about the work- 
ings of the TUC’s Bridlington. 
Principles, the conciliation 
function of ACAS and the effec- 
tiveness of the Employment 
Protection Act's recognition 
procedures. Senior figures in 
the major engineering institu- 
tions continue to believe that 
membership of an appropriate 
union is of benefit to profes- 
sional engineers, but there can 
be no doubt that the noisy pub- 
lic row between the unions over 
which one it should be is mak- 
ing many men increasingly 
reluctant to join any union. 
Few engineers will relish join- 
ing a union and being imme- 
diately propelled into a messy 
recognition dispute. 

As ACAS, the British Ship- 
builders’ board and others have 
discovered, the two points of 
view articulated by union 
leaders like, on the one hand, 
Mr. Lyons, and on the other 
Mr. Ken Gill, general secretary 
of TASS, are quite irreconcil- 
able. So far the British Ship- 
builders' board has avoided a 
final decision. From the narrow 
range of options available a 
decision not to decide is, per- 
haps. the one which most 
closely resembles a Judgment 
of Solomon. 

Cherished principles are 
raised by the issue but they 
sometimes inconveniently over- 
lap. No doubt some of the 
managers who most vocal ly de- 
fend the right to join the 
separate union of their choice 
curse the absence of a single 
union for railwayman when an 
unbrotheriy outbreak between 
ASLEF and the NUR disrupts 
their commuting habits. 


i Austn 

j _ 


suers 


Letters to the Editor 


The cost of 
our heritage 


‘lost” to 


posted in Louvain and date I have not dealt with all the this asset before it is 
stamped 24.4 and 25.4 arrived advantages of Grimsby or the them until retirement 
here on May 3. I can confirm probable developments in types It is doubtful whether more 
that these are not isolated of fishing vessels at the port, but than something like 15 per cent 

instances as I am in weekly would draw your attention to of pension fund employees stay 

From Mr George Leva correspondence with my family the above points and particularly with one company all their work- 

Sir— Manv of Ze decolv in Belgium. to the tact that most of the ing life. So an enormous amount 

the nrvwraatinnnf On many an occasion a seiners and the smaller vessels of work and administration is 

our^eritai? Su P l hoo^share message in a milk bottle thrown in England and Wales are generated for a very arge num- 

S of Mr: iSftES ta the Channel would have centred in Grimsby. ber of people who will not see 

tMen and Matters. May 4) and reached its destination quicker. p ret j p 8 rkes. 
of the national museum directors : Flowing inquiries made with Fish Dock Road, 

that the break-up of the English the Belgian Postal Authorities it Grrmsby. 

contingency fund set up for that y°, uld appea J f ? at tef J eas . on ,[, nr . 

purpose ’ was "an unfortunate" delay must be looked for in this 

mistake. This view is reinforced country 


by the fact that despite Binning- J- S. Stollenwerk, 
ham’s miraculous success in Miami Lea, 
raising £275,000 for the pair of £• MandeviUe Close, 

Canalettos of Warwick Castle Broxboume. Herts. 

(being half their price), one of 

these paintings seems likely to # , . 

be lost because of that decision. ( -wTimCalV 
The implication has always VJIIUlaUJ l»um b 

been that if a regional museum • * , _ 

was able to ‘raise half, the lTillllSiry 
government could reasonably be , 

called upon to match it. But From the President. 
since the contingency fund for GrimShy Fishing Vessel 
England no longer exists as such, Owners Association. 


retirement in the private pen- 
sion fund which they first join. 

There is clearly a growing 
case for firms to change the 
empbasis of their p e ns ion con : 
tributions and to gear their pay- 
ments to their longer serving 
employees. It may be a better 
option to either raise the entry 
age to private pension funds, or 
qualify entry by a longer service 
’ 4 period. There really is an enor- 

From Mr. Brian Angel. mous waste of activity and mis- 

Sir, — Men and Matters (May 3) guided thinking in this whole 
trefers to “Soltech 78.” last area. Firms wish to be seen to 
week’s first Middle East Solar be providing for their employees’ 
Technology Exhibition and Con- old age and the vast majority of 
ference. ■ You were not the only employees like the concepts too. 
ones to note the irony (and the However, in this more transient 
joke) of the unseasonal cloud day and age, much of this ex- 
for .the duration of the event cellent thinking is negated by 


GENERAL 

Wholesale price index (April, 
provisional). 

European Central Bankers 
begin two-day monthly meeting. 
Basle. 

EEC Agriculture Ministers 
begin two-day meeting. Brussels. 

New session of European Parha- 
ment opens, Strasbourg (until 
May 12). 

Financial Times two-day Euro- 
markets Conference opens. Royal 
Lancaster Hotel, W2- The open- 
ing address by Dr. H. Johannes 
Witteveen, managing director. 
International Monetry Fund. 

Amalgamated Union of Engi- 
neering Workers’ conference 


To-day’s Events 


begins, Worthing (until May 12). 

Civil and Public Services 
Association conference opens, 
Brighton (until May 12). 

National Federation of Retail 
Newsagents conference continues, 
Bournemouth (until May 11). 

Electrical Contractors' Associa- 
tion conference continues, East- 
bourne (until May 11 ). 

Sir Peter Vanneck, Lord Mayor 
of London, attends inauguration 
ceremony of Banque Nationale de 
Paris at 8-13. King William Street. 
E.C.4. 

Welding Ensinering Exhibition 


opens, Harrogate Exhibition 
Centre (until May 12 ). 

National Licensed Victuallers 
and Caterers Exhibition opens, 
National Exhibition Centre, Birm- 
ingham (until May 11 ). 
PARLIAMENTARY BUSINESS 
House of Commons: Finance 
Bill, committee. 

House of Lords: Debates on 
future housing policy and on pos- 
sible purchase of U.S. aircraft by 
British Airways. 

OFFICIAL STATISTICS 
Housing starts and completions 
(March). House renovations and 


slum clearance (first quarter). 
COMPANY RESULT 
Commercial Union Assurance 
(first quarter figures). 

COMPANY MEETINGS 
See Week’s Financial Diary on 
page 32. 

SPECIAL SERVICE 
Annual Service of the Builders' 
Company, St. Lawrence Jewry 
next Guildhall, E.C2, noon. 

OPERA 

Royal Opera production of 
Peter Grimes, Covent Garden, 
W.C2. 7.30 p.m. 

BALLET 

Sadler’s Wells Royal Ballet 
dance La fille mal gardee, Sadler's 
Wells Theatre. E.C.l. 7.511 p.m. 


Clouding the 
solar hopes 


heritage. 

George J- Levy. 

119, Mount Street, W.l. 


A question of 
identity 


From Mr. N. A. Hollins. 


it is now claimed teat this match- Sir,-— Your article “ Shadows indeed, the Saudi Arabian people wishing to change their 
ing cannot be achieved. over Humberside” (April 20) Minis ter of Industry and Elee- jobs. While originally a firm's 

May I suggest a solution? ms did not, unfortunately, portray trielty, Dr. Ghazi Al-Gosaibi, pension was meant to reduce 

*?. - total sum added to w re fleet the full facts relative suggested at Soltech that “ God turnover, this is no longer so nor 

the Victoria ana Albert local to tee Grimsby fishing industry. ^ jjj s W j s do m has His own way is it so acceptable to use one for 

museums purchase fund from the Jt lg true there has been a of saying things which are going this purpose. 

English contingency fund (which decline in the number of active to ^ go 0( j f or th e Arabs. It is Even where a transfer of pen 

could be calculated at approxi- deep-sea fishing vessels operating oil to _d ay _ Maybe lack of sun- Sion is possible, a person moving 

mately £185.0001 should be f or the port during the last three means that the benefits of from one company to another 

allocated for this purpose ana y ea rs or so, this being caused by energ y *^11 have to wait usually loses on his pension deal, 

that, perhaps, the bailee could political developments entirely the 2 ist century!” How- It is common practice with 
be met by a request from Lord without the control of the indus- ever no one at ^ conference private pension schemes to quote 

Donaldson to tee Treasury for a try. In particular there has been was ’expected to take the remark a paid-up policy rate to the leav- 

bridging loan of £90,000 from a considerable fall in the num- s^ou^y Delegates had heard ing employee and- which fixed 

their Contingency Reserve, to be hers of vessels which would have f rom tLe chairman of amount will be available at 

refunded either from savings In fibbed tee traditional distant section of the solar retirement date. If the pension 

his Department if these should water grounds. . programme at Riyadh University funds available can be trails- 

accrue later in roe year, or rati- Grimsby, however, has m adai- u although people in the f erred to tee new company, then 
ing that, from next years tion not only a middle water ana think we will so to the it is again the more usual prac- 
English contingency fund for the near water trawler fleet, but also the 0 r runs tice to quote a fixed pension for 

heritage. a i 8 rge and expanding fle et to r on t we a j fi0 the biggest them and which would be 

seine-net vessels which regret- sources ^ we fjuii retain available at the age of 65. 
tably do not feature to any extent Qur dotniliaDce ^ a worlc | energy Clearly an employee who 
in your article. The neei o* supplier.” Arab countries have changes organisation does less 
seiners in three years nas m- 10m square kilometres of desert well as the funds in this fixed 
creased by 40 vessels ana toe wb[ch provide a solar lension element are not (*■ 

total of seiners “0 lnsnore energy source 30 times greater fiation-proofed as they would I 
vesseis is now .about - 00 - than the world’s present con- have been had he stayed with| 

Apart from the Grimsoy neei, Th0 Gulf j^jon a ione bis original organisation. This 

supplies are augmented oy jana- ^ nea rly twice as is based on the assumption teat 

ings from fishing vessels ; from much Mlar energy ^ the United most pension schemes pay pen- 

Sir, — On March 3, we des- other British and foreign sources, sion based on the average of the 

patched a bale of sueded lamb- Grimsby has Jj^jnany^ years, ^ delegates at the Bahrain ‘a?* five . years’ service or some 

- - - • - * " which does 

of inflation 
retirement 
t those with 

required a European Com- tne smaner research"" and "while our own a P aid - n P pension in an old or 

munities Certificate of Origin those fleets l are. .supported among inviting >niy a ? Dew wrapajp see a doubtful 

before the goods could be other factors by a recent “ h h investment value at 65. 

released. This wus obtained and ov^tee^aext four year? those ^rms are very wary about 

sent off by return of post . “J ** P jS!S« « and an British companies who have the allowing new employees to buy 

Last week, we received a letter ^ f ~ s f f Latef adiacen t to eatowise wd tee initiative to *<*<*«* * ear9 service with trans- 

from British Rail (Dublin), in- ^ adjare ” t ™ at 5* foraSdable ^red pension credits; tateed 

fanning us that the entiy had refer to the comment Arab investment, are to be many 1 ] 0 r ? a .u 1 f will not 

been rejected, because the form ^.5 lock gates and commended. eve ° allow their own employees 

relating tto tee skins) shows yarding tne jock g . .to buy. added years service on 

-or Northern Ireland as appro- ^ acc jd ents or breakdown. The 

priate.” dock being situated on the south 

We bavesentanoteerCertm bank _ and at the mouth, of tee 
cate of Origin and Jmms R| ver Humber reduces congestion MlIflHIpC OVer 

Irish Customs to inform us when tg fng tr3tmc io ihe number uuulVi> UTU 
the above countries were anfl at3UslDg an estuarial channel ■ ^i^**** 

granted membership of tee EEC. w j,j c ^ jj, no way affects the high- D6BS10I1S 
We are anxiously awaiting mis densily deep-water channel in F 
news and no doubt your readers lbe a |jows for flexibility in /-Vum Mr. A. I. Ferguson. 

s? Sl.rws. 1 '^ p-s? 


day and age it seems wrong to) 
encourage people to change jobs 
or If they do so after five years j 
service, to have it so that the in- 
dividual rapidly loses tee value 
of his investment paid for in 
cash that has a real value at the 
time but which may well bo 
worth coppers at his retirement 
A. I. Ferguson. 


Killiecrankie. 

X. A. Hollins. 

J. B. Sachs and Co., 
Queenhithe House, 

1$/19, Queenhithe. E.C.4. 


reducing the opportunities 
collisions. 


0 'E seen many changes in recent Dawlish. Devon. 
years but it is still a troubled 


rSrSwt h a c firtf-class fisheries scene and one littered with In- . 

Pa y m S t0 

™* D LS£S2« Inland Revenue that those with 


majoi^^internationa? manufacs *ss than five years’ sendee in . save energy 

sss j£ bss g. JZL 

SSS jssst •smjE 1 

quarters in GrBOShy^^n.^^ j n wanv resnects this is a wel- our homes. We are implored to 


Postal service 

from Belgium m ■«.?««, i> 

r- fit f c stnlhmicerk - h Klnedom The come move but it will certainly save energy m every way. 

From Mr. . .. ‘ m , th - e « m^ior centre for have many consequences, one of Why. then, are those who 

Sir.— Mr. B. A. Kdb JJSpn£ lint^Sverla^ from other these being that there will un- instol solar beating penalised by 

is not the only one to experience fish sent ®JJ““ d tWs mar ket. questionably be an increase in paying more rates? 

Ion«i delays In mail ta fish by road job changing, particularly in the Can anyone explain tee logic? 

However, my care is exactly tee p* Jld the younger age groups. With useful M. G.Manson. 

opposite, since Jt is m»l frog Flsh^ Merchants’ Asso- chunks of money available to t Crofter? Mead. 

Belgium which takes five to six Gnmsby Fish them after four years* service, Addington. Croydon* 

daS before it reaches me. c abon covers zs,ow nui** h maay ^ ^ tempted to c^h Surrey. 

For instance, two letters night. 


life 




i-V 


Vji 




■m 




63 P 


wm 




Craftsmanship 
in foreign trade 
financing 


BadetvWQrttemberg, ihe home of 
sortie of the world's premier names in 
business apd industry, is one of West 
Germany's most productive, export- 
orientedstales, with a strong demand 
lor resourcefulness in international 
banking. 

Successful in helping to meet this 
demand, tandesbank Stuttgart ranks 
among southern Germany’s leading 
banks, with assets of DM 18.7 billion 
and offering a fuJJ range of commercial 
and investment banking services. Ex- 
pertise in export and import financing, 
for example, and sound advice on 
hedging strategies. 

Through its intimate knowledge of 
the local market, the Bank can intro- 
duce its international customers to 
potential trading partners or arrange 


contacts for mergers, acquisitions or 
joint ventures. 

Landesbank Stuttgart is a govern- 
ment-backed regional bank head- 
quartered in Stuttgart, hub of Ger- 
many's industrial Southwest It is part 
of the vast nationwide network of 
savings banks, it acts as liquidity man- 
ager fiar the Sparkassen of WOrttem- 
berg, and maintains correspondent 
relationships worldwide. 

For a banking partner whose first 
priority is productivity, just contact us 
at Lautenschlagerstrasse Z D-7000 
Stuttgart Tel.: (0711) 2043-1. Telex: 
7-22701. or our Representative Office 
in London at Portland House. 72-73 
Basinghall Street Tel.: 01-6060052, 
Telex: 8814275 LBS LON. 

Landesbank 
Stuttgart 

lHBfeRXietBBetaKomnuBlBLandeGliHnkGiituaniiaiK 


J 


1 











Brighter outlook 


Financial Times Monday Ma y S iS7$ 

Lonrho and ‘SLUTS’ 


BICC defends its level of investment 


for Tilbury 


battle goes on 


CLEARLY BICC is not reinvest- ins facilities and cost cutting at S0.S82 ('23.12 per cent). Capital expenditure programme 

in? in property, plant and equip- BICC International has left the Chubb and Son— Kuwait Invest- over 1977 and I97S. would total 


ment to the extent suggested by company poised to expand its ment Office sold on April 26 in excess of £i^8ru Thai included 

the level or its inflation adjusted performance from what the 25.000 shares leaving interest at additional computer control which 

depreciation charge. Even so the directors believe is its- “ bottomed 4,475.000. would be coming on stream at the 

directors consider the company’s out" base, as and when overseas - Finance and Industrial Trust — paper mill this year, 

current rate of spending to be- countries reflate their economies. Harmer Finance has bought 5,000 
realistic in the light of -current Meeting. 21, Bloomsbury Street, shares. Holding now 1,653,09s 

world-wide demand. Mr. C. H. w.C_ on May 3L at noon 

Broughton Pipkin, chairman, tells 
members. 

More than 45 per cent, of the 
group's capital expenditure in 
29~8 is earmarked for BICC 
Cables and this, combined with 
what has already been done, will 
put the company in a very strong 
position to take maximum advant- 
age of any upturn io overall 
industrial demand in the U.K.. 
lie says. 

Spending commitments by _the 

mans (London S.W.9) pension .hares” * ' JW,UUU ^ 

£1 6.22m. t£J4.B9m.) ~ e ~ U! “ U ' J snares. oers. 


Pensions 
shortfall at 
Freemans 


(G4.1S per cent). 

Edinburgh ice Rink— Scottish 
Ice Rink Company (1928) has 
acquired further 10,578 shares 
bringing total holding to 23.290 
(17.64 per cent.). When added to 
Mr. James Glasgow’s personal 
holding and that of the Paisley 
Ice Rink which he also controls. 

this brings his controlling interest 

in Edinburgh Ice Rink to 23.75 EXPANSION OF activities in 
per cent. overseas markets is a major 

Smith Bros.— <3. S. Lederman. objective at Pentos Mr. T. A. 


Pentos goes 
for more 
exports 


group at the end of 1377 totalled mans ( London ' S.W.9) mn airecior. uu *iay z sold 50.000 Maher, the chairman, tells mem- 


Rotork well 
poised to 
expand 


Export sale? have grown in the 

six years to the end of 1977 from 
virtually nothing to £6 5m. repre- 
senting 16 per cent of total turn- 
over, and the directors arc looking 
for further significant increases 
in overseas sales particularly in 
Au.vtralasia and North America. 

He also says that he believes 
that the eraphasLs on strong asset 
management and seeking a rela- 
tively high return on funds 
employed will mean the group 
continue to finance real 


REVALUATION of the Free- ‘ Z,' i 

ins (London S.W.9) pension ° D y 

of which fund has revealed a net shortfall 
£&24m. (£H.49m.) had been 0 f £561,000 

authorised but not contracted. in a note " to the 1977-78 
Taxable profit for the year was accounts the directors state that 
better at £47.12m. f£43.48m.) on owing to an "error in the method 
sales of £f»n7.8m. (£898.4m.) and of calculating payments due 

the not dividend is stepped up to from the company to the pension 
7.05p ItS.Blp) per 50p — as reported fund, substantially less than had 
on April G. been intended was paid into the 

On an inflation adjusted basis fund and charged in the accounts 
according to the Hyde guidelines over the period October 1974 to 
profit was reduced to £18.2 m. January 1977. The sum or 

i£6.6ru.) after additional depreci- foGi.000 (£270.000 after tax) was 

alien of £22.9m. <£tU.Sm.) and naid into the pension fund IT IS apparent from the balance can , IU>1 „. 

extra cost of sales of £S.3ni before the end of the group's sheet of. Rotork that the company growth from its own resources. 
(£i!'.3m.i. and including gear- financial year. is very well poised for expansion The group is strongly placed i.. 

ins adjustment of £5m. t£4.7mJ. This amount has been appor- Mr. Jeremy Fry, the chairman, the gardening marketing and in 

As known it is prnnosed that tinned over the relevant years as tells members. the current year is adding to its 

Arthur Andersen and Co. be follows: 1974-75 £73,000: 1973-76 However the directors are com- product range both by internal 

appiiintcd as sole auditors in £228,090; and 1976-</ '£260.000. raitted to the view that growth development and acquisition. The 
place nf Chalmers Impey and Co., The rotal net amount has been outside existing divisions must engineering businesses are ex- 
vho had served the company charged to. revenue reserves — at only be or the highest possible pected to benefit from the rationi- 
xincc incorporation in 1943. These January 2S. 1978 reserves stood quality and into those areas which sation measures introduced during 
two firm? acred as joint auditors at dJ.<S3m. will give the same kmd of re- "1977. 

for the 1977 accounts as part of in the current year business for wards that the company has There is no noticeable im- 
a .strengthening of auditing the group is encouraging but not achieved. over the past few years, provement in the construction 
arrangements. The total audit fee yet up to the high targets set. Tn Taxable profit for 1977 was little market but the directors have 
for the year was up from the year ended January 28. 1978. changed at £3 -22m, (£3. 18m. | on further reduced operating costs 
£394 noil to X 730.000. eroun pre-tax profits expanded sales up 31 per cent, at £15.89m. and manning and hope for better 

Net bank borrowing^ at year from £1 0.09m. to £l3.0fim. f£!2.09m.) ; — as reported on conditions as the year progresses 

end were up £9R3m. (down AFter adjusting for deoreciation March 30. The net dividend is Mr. Maher says. 

£13. 79m.) with bank overdrafts £i.3m.: cost of sales £2.3ra.; and effectively raised to 227p Meeting. Tower Hotel. E.. on 

and short-term loans higher at tearing r.n.Am. the current cost f2.1125p>. June 1 at noon. 

£73.4 Km «£37.15m.i and cash and profit is £S.Sra. On a current cost basis profit 

short-term dennsits at £43.4Sm. Sales amounted to £166.47m. was £2.82m. after extra costs of _ 

iCW.PSm ). Charitable donations (£140.film.) — clothing and foot- sales of £300.000 and additional R-f A7710 ■ JlQrSTl 
amnunied to £T3.7no and political wear £88 24 m. (£72 84m.): house- depreciation of £100.000. The gear- ft-vFfllav VyllalUl 
contributions £7.272. hold textiles, bedding aod cur- ine adjustment was immaterial - „ 

A geographical analysis of tains. Turniture and other Working capital at year end S3 IP** WPII 

groun sates in overseas territories, floor coverings, etc. £37.77m.- was up £621.000 (£l.35mA with vr wix 

which totalled £3fi3.fim. (£355 7m i. »£33.3fim i: audio. photDgraohie, bank overdrafts lower at £143.000 ■ j 

shows in percentages: Australia snorts goods, gardening, jewellery. (£182,000). RSl£3|l 

and New Zealand l*J.4: Canada clocks and watches, kitchenware. Cher the past IS months the _ ■ 

and U.S. fi.3; Africa Near and eu- £40 72m. (£34.42m.l. institutions have increased their bales at Home Cbann Group 

Middle East 13.8; Western Europe Meeting. Connaught Rooms, holdings In the company from 43 so far in 1978 have been 40 per 

W.C, Way 25 at noon. per cent, to 68 per cent cent, ahead of the same period 

The future for Evans, which ,as * year. Further store openings 
crflTT MADTC APC manufacturers specialised equip- a fe planned in the nest few 
uLVt t* l'lV/lx 1 vJ/Vxj L merit for bonding high pressure months and provided there is no 
cxpun sa.es acciu...n-a «or OW per Scottish Mortgage and Trust laminates to particle board and gj Jj" 1 'I P ' E - 

cent. f33 per cent ! of the total. Company has borrowed a further other substrates, in 1978 looks i*“t£ chairman, expects a 
On the metals side work has S9ra. on a floating rate basis to promising the directors say. considerable increase in profit for 

continued . in modernising and finance holdings of U.S. equities Meetings. Rotork House, Bath, 
enlarging the electrolytic refinery previously" held through premium on May 24 at 3 p.m 
and associated equipment at currency. Of premium currency 


PROSPECTS In the U.K. look a 
little better for Tiibnry Contract- 
ing Group than at this time last 
year, says Mr. Parick Edge- 
Partington, the chairman, and he 
expects an improvement in the 
group’s performance in 1978. 

Outstanding construction orders 
are 13 per cent, ahead of the 
position a year ago and th<! out- 
look for private house building is 
greatly Improved. As the con- 
struction industry gradually 
expands its activity opportunities 
for plant hire will also develop 
and better figures should be seen 
in this area, he says, addin? that 
other opportunities for expansion, 
including by acquisition if neoes- 
ary. will continue to be sought in 
the 0-K. 

Net liquidity at the end of 1977 

was down £2. 32m. (£461,675), with 
bak loans and overdrafts higher 
at £609.702 (£229.205) and cash 
and bank balances down from 

£2 .2m. to £276,422. 

The significant drop in liquidity 
was caused principally by the 
buikl up of plaot and equipment 
in Nigeria to perform the Ibadcn 
contract amounting to lUoi,: 
over £1.4m. additional net invest- 
ment in property and plant in tbe 
U.K. and an increase of some 
£1.5m. in work in progress in this 
country. 

The total extra investment of 
over £4m. is to achieve profit 
growth in the future Mr. Bdge- 
Partington says. Given a con- 
tinuing satisfactory level of re- 
mittances from Nigeria In respect 
of plant exported, liquidity should 
improve during I97S because no 
mainstream corporation tax will 
be payable. 

The current year will be an 


by CHRISTINE MOIR 


BOARD MEETINGS 


Thu follmring companies have notified 
dsii'S or Board meetings to the Stoefc 
Ei chance. Such meetings arc usually 
held (or the purpose of cutsldcrins dirt- 
di-nds. Official Indications arc not avail- 
able whether dividends concerned arc 
mu- rims or OiuU and tin- sub-tU visions 
shewn below arc based mainly on last 
Fear's Umolabta. 

TODAY 

Interims: S. Cashel. C. II. Pearce. 
Finals: Aberdeen Isvusuuenis. Barlows, 
Brtxiao Estate, More UTt-rraU, n.K. 
Bazaars UMSj. Sabah Timber. Tswms 
(Contractors'. L'shcr-Waik»r, 

iviUioms. 

FUTURE DATES 

Interims— 

A srocia led Enstneenns 

Burton 

.National Bonk of Australasia ... 

United Scientific ...... 

Finals— 

A Hied Leather Industries 

ArmlivS»tss 

Booth (Jnicmooooali 


Sen 


May 25 
May tt 
May tl 
May a 


May 24 
May IS 
May 9 


Central aod Sheerwood - May 9 


Coats Patous 

French Kwr 

R a r. wells ...... 

Kins and Sfaasson 

L.-0 Cooper 

London and Northern 


May IS 

May U 
May IT 
May 11 
May tfi 
May 24 


Nineteen Twenty-Eight inv. Tst. May 11 


Third Mile Invostmcnt 
Turrlir Corooratioo 


May l» 
May U 


important one in Nigeria for the 
group as the first major contract 
{here moves towards completion. 

Taxable .proGt in 1977 was 
12.1 lm. ril.Mm.) on turnover of 
£34S9m. l£31-09m.) and the net 
dividend is stepped, up to 
2D.04079P (17.9l74.3p) as reported 
on April 6. 

Future capital spending 
amounted to £294,000 (£991,000) 
of which £40.000 (£270,000) had 
been - authorised, but not con- 
tracted. 


Coral seeking more 


provincial casinos 


AS THE battle between Lonrho 
■-ind the three indei»ondent riircc- 
?ors of Scottish ind Universal 
Investments becomes more en- 
trenched. both sides are begin- 
ning to reveal details of recent 
Board meetings. 

In a Idler to shareholders over 
the week-end in reply to the 
SUITS' directors rejection docu- 
ment Mr. Tiny Rowland Claims 
to l'ht SUITS Bnard had 
decided at a meeting in tebruary 
to sell its make in House of 
Fraser a move which only me 
appointment of Lonrirn directors 
to the Board prevented. 

Since That time. Mr. Rowland 
points out. the share price has 
improved and the value oflhe 
stake has increased from I9.E.m. 
to £18CL’m.. so Lonrho's mier- 
vention had saved the company 

spokesman for Charterhouse 
Japhet. which is acting Tor the 
defence, yesterday continued that 
tbe Board had decided to sell the 
shares but had not decided on the 
timing except that it would seek 
shareholders' approval for the 
sale by the end of April. 

There is a ruriher difference of 
opinion as to whether rhe defence 
has any basis for its £21m. valua- 
tion of the SUITS' whisky 
interests. In his week-end- letter 
Mr. Rowland says he knows of no 
offers that have been received in 
excess of ITIm. or £l2m. 

For its pari the defence claims 
that at a Board meeting on April 
27 Sir Hu-'h Fraser introduced 
an approach from a European 
group of the order of £ISm. to 
£2Um. Yesterday. Mr. Philip 
Tarsh. a director of Lonrho. 
explained that approaches from 
other companies are frequently 
received; but few come to 
fruition. To the best of his know- 
ledge no firm offer existed at this 
time. 

In the remainder of tils letter 


Mr. Rowland give* examples at 
the w.iy in which lonrho ha< 
already provided cottimcrcud 

assistance for companies withm 
SLITS, and stresses that a metier 
would ihe wav fnf several 
oilier areas of co-nporatlon par. 
ticnlarly through export markets 
and m African business. 

At the .-dime lime he repeat* 

his assurances that the ScotHsh 
identity of SLITS would bo pro- 
served. He also paints out that 
Lonrho’s earnings over the pist 
live years have increased by 127 
per rent, whereas SUITS' have 
lifted by 27 per cenL Lonrho'j 
dividend has increased by 198 per 
cent, and SLUM by 72 per cum. 
over the same period. 

'i'ht- new document also u'ui. 
hues the changes m lAjnrhos 
borrow mas since the September 
31) year end. After adjusting for 
rhe House or Fraser purchase, 
they have risen by 2 per cent. Mr. 
Tarsh says that represents a 
further £3m. over the* figures in 
the original offer document. 

In .1 further altercation hettreon 
the two side?, the defence has 
accused Mr. Rowland of with- 
holding a letter rvorn the Board 
which was sent to him on March c 
from Mr. I-uvrvnee Banks, of 
Save and Prosper Unit _ Trust 
group, rep resen ting the institu- 
tional shareholders. Tlut letter 
pul forward the names of Wn 
individuals which the institution- 
would like to ' see co-opted onto 
tho SUITS Board. 

Yesterday Mr. Tarah confirmed 
that Mr. Rowland had received 
the letter hut tliat he had 
regarded it as n personal com- 
munication and was still studying 
the background of the men 
named. 

Later to-day the SUITS direc- 
tors intend to put out u further 
rejection document in reply u> 
Mr. Rowland. 


8.4: and other Territories 9.8. 

At F'CC Cables a rise in export 
orders was partly offset bv con- 
tinuing low home demand and 

export sales accounted for 39 per 


Present. The refinery will come 89m. has been sold and the pro- 
cn stream towards tbe end of ceeds placed on deposit in U-K. 
1S»7S. 

More than doubled operating CHAPE 1 CTTAIi'l7C 
profit at £3.4Hm. for BICC Indus- anAILC. aiAIVUa 

trial Products resulted from Joseph Shakespeare — Mrs. 


He says in his annual statement 
that every effort continues to be 
p A CT I A made to restrict costs. 

L/vIrt-o. Profit last year was up from 

p^P£]^ £l.02m. to a record £l.U2m. before 

At the AGM of East Lancashire At balance date fixed assets 
Paper Group. Mr. C. G. Seddon. were £2.7m. (flBSm.i and net 
L. chairman, forecast that results in current assets stood at £IARm. 


chanwJ market demand. ’ Sissmore and Co. bought 1,500 mill was as high ‘as it had ever Meeting. Great Eastern HoteL 
R.iiionali-ation of manufactur- shares increasing holding to been, he said. EC. on Mnv -jb a t 10:tn a.m 


FURTHER ACQUISITIONS are 
being actively sought by Coral 
Leisure to expand its casino 
interest in the provinces. The 
group’s two existing casinos out- 
side London made a sound con- 
tribution to overall profits last 
year. Mr. Nicholas Coral." the 
cb airman, tells members. 

It was the four West End 
casinos that were primarily re- 
sponsible for the leap in group 
taxable earnings in 1977 from 
£10.13in. to £18. 54m. 

Group turnover for the year to 
December 29, 1977, was ahead at 
£21 1 m. (£l61m.) and the net 
dividend is effectively raised to 
Gp (4p) — as reported on April 21. 

At year end liquid funds were 
down £4.59m. (up £83,000) with 
bank overdraft soaring to ia.llm. 
(£290.000) and short-term loans 
this time of £2.42m. The rights 
issue in November raised just 
under £6m. 

Future capital spending in- 
cluding the £17 6m. cash con- 
sideration for the acquisition of 
Pontms announced in February, 
amounted to £22.34m. <£3.27m.) of 
which £775.000 (Xl.lm.) had been 
authorised but not contracted. 

The company's entertainment 


complex development at Black- 
pool will open on schedule at 
the end of May and is expected 
to make a material contribution 
to current-year profits. The Coral 
Island complex at Torquay 
opened successfully during 1977. 

The two bingo businesses were 
properly integrated into a bingo 
division during the year and a 
policy of expansion can now be 
pursued Mr. Coral says. Tbe forth- 
coming opening or a new club, 
together with development pro- 
jects in the pipeline should en- 
sure a significant increase in the 
division's profits for 1978. 

Centre Hotels, which was 
acquired in the second quarter 
making the group the- fourth 
largest hotel operator in the U.K., 
contributed significantly to overall 
performance. 

The Installation at both of the 
company's greyhound tracks of a 
computerised tote system is 
nearly complete and this together 
with tbe other projected Improve- 
ments, notably restaurant facili- 
ties. should add to their profit- 
ability. the chairman says. - 

Meeting, Bloomsbury Centre 
Hotel. WC. on May 30 at 11.30 a.m. 


Good increase for 


Equitable Life 


New annual premium income contracts by both the self- 
in 1277 of the Equitable Life employed and by directors and 
Assurance Society was 22 per senior executives-. The position on 
cent, higher than in the previous company pension schemes 
year, reports Mr. J. A. Caldecott became clearer during 1977. with 
in his president's statement. This the relaxation of puy code restne- 
was achieved despite the con- tions, and the society made a 
tinned decline in new business useful start in extending its in- 
from the Universities Pensions volvemeni in this livid. 

Scheme and compares with an The society continued to invest 
overall rise of only 3.5 per cent, a large proportion of its new 
for life assurance new business money in the gilt-edged sector, 
as a whole. The high interest rates available 

Mr. Caldecott points out that enabled the overall yield on 
tbe society has been engaged in investments to nse by more than 
a programme or planned new I P° r cent to 9JS4 per cent But 
business expansion at branches to Mr- Caldecott warns that the 
counter the reduction in business scope for further increase in this 
as a result of the pension scheme yield may now depend more on 
for university teachers changing the capacity of industrial and 
to a self-administered basis. In commercial companies to pay 
1974. only 35 per cent, of new higher dividends and rents, rather 
annual premiums came through than on historically hich interest, 
branches: last year the proportion At the end of last year, assets 
was Sti per cent. totalled £270m., of which qilr* 

The main growth last year accounted for 34.3 per cent. 


continued to be in personal pen- equities 2tJ.7 per cent, and pro- 
stons_ with a strong demand for perty 20.3 per cent. 


-AU of tnc&e~ScL'iu:itks. have been sold. This announcement appeals as a matter of record only. 


$ 200 , 000,000 


General Motors Acceptance Corporation 


8¥s% Senior Subordinated Notes Due May 1, 1988 


Interest payable May 1 and November 1 


MORGAN STANLEY & CO. 

Incorporated 


DILLON , READ & CO. INC. 
GOLDMAN. SA CHS & CO. 


THE FIRST BOSTON CORPORATION 
BOTHERS KUHN LOEB 

Incorporated 

SALOMON BROTHERS 


LEHMAN BROTHERS KUHN LOEB 

Incorporated 

MERRILL LYNCH WHITE WELD CAPITAL MARKETS GROUP 

Merrill Lttnth. Pierce, Fenner Smith Incorporated 

CACHE HALSEY STUART SHIELDS BLYTH EASTMAN DILLON & CO. 

Incorporated Incorporated 

DRE.XEL BURNHAM LAMBERT E. F. HUTTON & COMPANY INC. KIDDER , PEABODY & CO. 

Incorporated Incorporated 

LAZA RD F RE RES & CO. LOEB RHOADES , HORN BLOWER & CO. 


PAINE. WEBBER. JACKSON & CURTIS 

tncarporated 

WARBURG PARIBAS BECKER 

Incorporated 

DEAN WITTER REYNOLDS INC. 


SMITH BARNEY. HARRIS UPHAM & CO. 

I neorporatad 


WERT HEIM & CO-* INC. 

I 

BEAR , STEARNS & CO. 


May 19?S 


Tokyo Pacific Holdings N.V. 

Curasao. Netherlands Antilles 


Tokyo Pacific Holdings (Seaboard) N.V. 


Curapao. Netherlands Antilles 


At the Annual General Meeting of Shareholders held on 5th May, 

1 978 a cash dividend of USS 0.30 per Ordinary Share was declared 
payable as from 1 6lh May, 1978 against delivery of dividend coupon 
No. 8 with any one of the Paying Agents: 


At the Annual General Meeting of Shareholders held on 5th May, 
1978 a cash dividend of USS 0.22 per Ordinary Share was declared 
payable as from 1 6th May. 1978 against delivery of dividend coupon 
No. 8 with any one of the Paying Agents: 


Pierson, HeWring & Pierson N.V. 

Herengracht 214, Amsterdam 


Pierson, Heldring & Pierson N.V. 

Herengracht 214, Amsterdam 


National Westminster Bank Limited 

Stock Office Services 

5th Floor, Drapers Gardens 

12 Throgmorton Avenue. London EC2P 2ES 


National Westminster Bank Limited 
Stock Office Services 
5th Floor. Drapers Gardens 
1 2 Throgmorton Avenue. London EC2P 2ES 


Banque Rothschild 
21 Rue Laffitte, Paris 9 


Banque de Paris et des Pays-Bas 
3Rued'Antin, Paris 2 


SaL Oppenheim jr. & Cfe. 

Unier Sachsenhausen 4, 5 KOin 


Banque de Paris ei des Pays-Bas Belgique S A 
Boulevard Emile Jacqmain 1 62, B1000 Bruxelles 


Trinkaus & Burkbardt 
Kbnigsaflee 17, Dusseldorf 1 


Banque de Paris et des Pays-Bas 
pour fe Grand Duch£ de Luxembourg 
1 Qa Boulevard Royal, Luxembourg 


ALL ^HESC SECURITIES HAVING BEEN 3010. THIS ANNOUNCEMENT APPEARS AS A NUTTER OF BECOflO ONLY 


1- 


UNITED OVERSEAS BANK LIMITED 

(Incorporated in the Republic of Singapore! 


U.S. $25,000,000 

FLOATING RATE NOTES DUE 19S3 


CHASE MANHATTAN 
Limited 


SALOMON BROTHERS INTERNATIONAL 
Limited 




K 


k-- 

?W 


BANQUE NATIONALE DE PARIS 


CREDIT SUISSE WHITE WELD 
Limited 

THE DEVELOPMENT BANK OF SINGAPORE IBJ INTERNATIONAL 

Limited Limited 

UNITED CHASE MERCHANT BANKERS S. G. WARBURG & CO. LTD. 

Limited 


DAIWA SECURITIES CO. LTD. 




tn* 


JlRRDtNE FLEMING & COMPANY 
Limited 


WESTDEUTSCHE LANDESBANK 
GIrozentrale 


Rr-». 

I 

E’- . -i 




ALGEMENE BANK NEDERLAND N.U 


AMET' BANCO M 
Lsmted 


ASIAN INTERNATIONA L ACCE PTANCES & CAPITAL 
- Limited 

BANCA DEL GOTTA ROD 


ANDELSBANKEN AS DANEBANK 
AYALA FINANCE (HKJ LTD. 


ARAB-MALAYS1AN DEVELOPMENT BANK 
BANCACOftflMBTCIALEn'ALIANA 


BANCO URQUUO HJSPANO AMERICANO 
Umited 


BANK JULIUS BAST INTERNATIONAL 
unwed 


BANK OF AMEROJNTH1NATIONAL 


BANKSTS TRUST INTERNATIONAL 
Uniicsd 


BANQUE INTERNATIONALE A LUXEMBOURG SA 
BANQUE OE LTJN10N EUROPEENNE 
BERLINER HANDELS- UNO FRANKFURTER BANK 
CAISSE DES DEPOTS ET CONSIGNATIONS 


BANK LEU INTERNATIONAL LIT). THE BANK OF TOKYO (HOLLAND! !MV. 

BANEUE BRUXELLES LAMBERT SA BAlMQLKFflANGAJSE DU COMMERCE. EXTERJEUR 

BANQUE DE PARS ETDES PAYS-BAS 


Baring brothers s cq, 

Limced 


BANQUE POPULATE SUISSE SA 
Luxembourg 

BAYER1SCHEVEREINS8ANK 


BLYTH EASTMAN DILLON fi CQ 
international Limited 


Wl CARR, SONS S CO- 


CHARTERED MERCHANT BANKERS 
Limited ■ 


BERGEN BANK 

CAISSE CENTRALE DES BANQUES POHJLAIFCS 
CAZENOVE a ca CENTRALE RABOBANK 

CHRISTIANIA BANK OG KRmrrKASSE QTH^ORPDSITERftlATlONALGROUP COMMERZBANK 

CONTlNgn^lLUNOfS COUNTY^NK CREDIT AGRGOLE [ONCAJ 

CREDIT INDUSTRIEL D ALSACE ET DE LORRAINE CREOrT INDUSTRIEL ET COMMERCIAL CREDIT LYONNAIS 

CfleOTAr^ALT-BANKVERQN CREDTO ITAUANQ OAHCHl KANGYO BANK NSDS1ANO NVt 

DBS4DA1WA SECURmeg INTERNATIONAL DEN DAN5KE BANK 004 DANSKE PROVINSBANK AS 

3i 18/1 AVMselskab 




v Z-‘ 


Deutsche 


Li 

IBANK 


DEN NORSKE CREDfTBANK 


□ILLON, READ OVERSEAS CORPORATION 


EUROSEAS SEOJRITIES 
Limited 


FIRST BOSTON (EUROPE! 
United 


DRESDNERBANK 

AkbengeseltachalL 


EUROPEAN 


BANjONG COMPANY 


j?l 


GET J055ENSCHAFTU CHE ZENTRALBANK AG. 
Vienna 


FIRST MCAGO ASIA MERCHANT BANK 
Lmned 


l pg£ 


GROUPEMENT DES BANOLHERS PRtVES GENEVCUS 
E. F. HUTTON & CO. NV. 

KREOIETBANK SA LUXENSCURGEOSE 


HAMBnoSBANK 

Urnited 


taflOZENTRALE UNO BANK “ngTffigpIlSCHEN SPAFKASSEN 


INDOSUK ASIA 
um iced 


KIDDER. PEABOOV IWTERNATKWAL 
Limited 


Afcbtirn 

HESSSCHE LANDESBANK 
- Omzancralo— 
KJOBENHAVNS HAPfllELSBANK 


m 


HAL SAMUEL SCa 

Limited 


h 


KUHN LOEB LEHMAN BROTHERS ASIA 


LLOYDS BANK INTERNATIONAL 
Limtsd 


LTCB ASIA 
Unted 


tAARO BROTT«RS S. CO . 
Lirntea 


KLE INWORT. BENSON 

Limited 




MANUFACTURERS HANOVER 
Umited 


LAZARO FRERESETDE 
MERRILL LYNCH INTHTNAT1CSVAL & COL 


MORGAN GRENFELL (ASIA) 

Umted 


MITSUBISHI BANK ELBTQPQ SA SAMUEL MONTAGU S CO. 

Limited 

NEDERLANDSCHEMIDOENSTANOSBANKNV NEDERLANOSE CREDCTBANK N.V. 

NIPPON EUROPEAN BANK SA NOMURA EUROPE N.U SAL OPPENHEIM Jfl.fi Cl£ 


MORGAN GUM1AN7Y & PARTNERS 

Limited 


THE NIKKOSECURfTTESCa. [EUROPE] LHl 


PRIVATBANKEN 

AltMsdskab 


ROfrlSCHJLOBANKAG 


N.M.RbTHSCHIU3SiSCINS 

Umssid 


ORION PAORG 

Lvnsed 


OVERSEAS UNfON BANK 
United 


J- H0MRY SCHROCST WAGG G CO. 
LlRMSd 


SCHRODERS £ CHARTERED 
Limited 


SANWA BAISK (UNDERWRITERS! 

UTTUtOd 


SINGAPORE NOMURA MERCHANT BAILING 
brmted 


SKANDINAV13K'A ENSKJUDA BANK0J 

non 

SOOETE GSVSIALE SOC1ETE GENES ALE OE SANDUE SA STRAUSS, njRNBUa&Ca 

SUN HUNG KAI INTERNATIONAL SVENSKA HANDELS8ANKEN 

UttfaT 


StNGAPC ^^P^^RCHAW SANK 


SMffH BARIgY.HARRIS UPHAM S CO. 
incorporated 


) UrmtBd 


TRADE 


London "Branch 

werbns-uadwestbank 

AkDeng05eSscti3ft 


TRfNKAUSSBUnKHAROT 


Sumitomo Finance international 

TAJYO KOBE HNANCp HONGJCCMS 


WBROLEY 

Limted 


WOOD GUNDY 

Limited 


UNION DSBANOUFSARABESETFRANCA1SES - UB A F. 

YAMACH1 INIfcflNATtONAL (NEDERLAfO jSLUl 
4tti MAY.137B 




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Financial Times Monday May S 1978 


Why the Tory Party is in a 
dilemma over rates 


BY BRIAN HILL 


THE DISPUTE over the medium 
and long term future of the 
rates has been drawn inevitably 
into the centre of political con- 
troversy with the two major 
political parties taking widely 
differing views on the subject. 

The present Government has 
come to the conclusion, albeit 
reluctantly, to favour the con- 
tinuation of the system but with 
modifications and reforms to 
suit modem circumstances, not- 
ably the introduction or capital 
values as a basis of assessing 
residential properly. The Con- 
servative Party entered, into an 
electoral pledge in 1974 to 
abolish domestic rating and to 
replace the revenue which would 
he lost by “ taxes more broadly 
based and related to people's 
ability to pay.” The search for 
this elusive alternative has how- 
ever proved fruitless in spite 
or detailed work since the Party 
entered into the electoral com- 
mitment 

This fact has been clearly 
recognised by Roland Freeman, 
the Greater London Council 
member for Finchley and a 
former chairman of the Finance 
Committee of the GLC and 
rLEA. in a recently published 
Bow Gtoup pamphlet. Taking 
tip the latest pronouncement 
that the abolition pledge has 
been extended beyond the li re- 
time of one Parliament Mr. 
Freeman states bluntly that “the 
trouble with this decision is that 
it leaves the Party with no defi- 
nitive standpoint on- local gov- 
ernment finance for the next 
election.'’ The pamphlet is 
clearly intended as a means of 
assisting the Party in escaping 
from the dilemma in which it 
currently finds itself while argu- 
ably leaving open the option of 
total abolition at a later stage. 

Mr. Freeman sets the scene 
for the modernisation and 
refnrm of ' the rating system 
within the context of a radical 
package of measures involving 
a revised financial and -adminis- 
trative structure for local gov- 
ernment. Education and social 
services would be transferred 
from the shire counties to the 
districts, thus making these 
services the responsibility of the 
districts and boroughs through- 
out the country. Education 
would be financed by a 100 per 
cent- Exchequer grant, social 
services by a 60 per cent, grant 
and expenditure on housing 
would be financed as at present. 
The balance of expenditure by 
ihe districts and boroughs would 
he met by rates, charges for 


local services and, it is sugges- 
ted, income from tourist taxes, 
development land tax, stamp 
duty on house purchase and 
relaxed limits for local lotteries. 

The counties and the GLC 
should, in Mr. Freeman's view, 
become “ strategic " authorities 
having much of the flavour of 
regional assemblies, based to 
some extent on the proposed 
Scottish and Welsh assemblies. 
They would be financed entirely 
by Exchequer grant, either by 
way of a statutory formula, 
based on needs, or through a 
County Grants Commission on 
the pattern of the University 
Grants Committee. Mr. Freeman 
believes that the political fire 
power of county councillors 
would not be weakened by the 
abolition of the existing power 


Even so, -Mr. Freeman 
advances three major proposi- 
tions on reforming the rating 
system. In tbe first place he 
suggests that valuation should 
be abolished for the assessment 
of dwellings and that a new 
method of assessment should be 
based an square metres with an 
addition for garden areas in 
excess of a standard plot. Un- 
fortunately this new method of 
assessment would be entirely 
arbitrary in operation — a criti- 
cism which he bimself makes in 
purr about the method of valu- 
ing dwellings by tbe traditional 
reotal basis. No account would 
be taken of the vitally important 
factors or age. quality' and 
design Df residential properties 
and the significance of location 
would be completely ignored. 


^ The trouble with Tory policy pledging 
tbe abolition of domestic rating is that it leaves 
the Party with no definite standpoint on local 
government finance for the next election. ^ 


to precept — the device whereby 
the counties and the GLC obtain 
funds by requiring the districts 
and boroughs, as rating authori- 
ties, to include a county require- 
ment in individual rate bills. In 
this he may be unduly 
optimistic as it is difficult to see 
how county councillors could 
counter the growing advance of 
centralism, since the central 
government which would pro- 
vide the money would in all 
probability insist on imposing 
its own policy objectives. 

He argues that this radical 
reformation of local govern- 
ment would have two major 
effects. First, it would enable 
the present rate support grant 
to be abolished. Secondly, it 
would lead to the abolition of 
precepting. Mr. Freeman 
anticipates that his proposals 
would significantly reduce the 
level of domestic rates— -hope- 
fully by more than one half. If 
this result were in fact to be 
achieved, the heat would 
certainly be taken out of the 
current argument about the 
future of the rales. A not in- 
significant increase in taxation 
would however be required to 
replace the loss in revenue. . 


The resulting assessments would 
be capricious and unfair to the 
average ratepayer. Indeed, 
the penthouse in Mayfair would 
attract the same liability as a 
slum clearance property of 
similar size. 

The most realistic solution to 
the problem of domestic rating 
would be the introduction of a 
capital value basis of assess- 
ment. which means that rates 
would be assessed on the free- 
hold selling value of the pro- 
perty. This has been advocated 
by all the professional bodies 
concerned with valuation and 
which was recommended in 
1976 by the Layfield Committee 
of Inquiry Into Local Govern- 
ment Finance. 

Mr. Freeman's second major 
proposition deals with non 
domestic rating. Based on the 
uneven geographical distribu- 
tion of industrial and commer- 
cial property, he argues that 
non domestic rating should be 
collected on a national rate 
poundage representing a per- 
centage of the total rate-borne 
expenditure of the districts and 
boroughs for the previous year. 
The proceeds should be pooled 
and redistributed, according to 


an agreed formula, among dis- 
tricts and boroughs so as to 
correct major deficiencies in 
rateable resources. 

One of the principal advan- 
tages of the rating system, so 
far as local authorities are con- 
cerned. is that the tax is based 
on land and buildings within 
local areas and that it is the 
sole independent source of 
revenue apart from direct 
charges. This merit would be 
effectively withdrawn from the 
system by Mr. Freeman's pro- 
posals. Apart from the difficul- 
ties of agreeing a formula 
which would be fair and accept- 
able to all parties, the proceeds 
of the non domestic rate would 
assume the Form of a central 
grant, thus posing a threat to 
local autonomy and local de- 
mocracy. Deficiencies in re- 
sources are better corrected by 
supplementary aid Trent tin; 
granf system rather than a 
fundamental redistribution of a 
substantial part of the local tax 
base. 

The third plank of Mr. Free- 
man's rating package is' a tax 
relief scheme for domestic rates. 
The relief would be given at the 
standard rate of income tax to 
all ratepayers and would be 
sbown on rate demands as an 
offset against the total rate pay- 
able. Rating authorities would 
then claim the amount of rales 
lost from the Exchequer. 

As an alternative Mr. Free- 
man suggests a domestic rate 
relief grant at the standard rate 
of income tax of each authority's | 
rate poundage. The effect would 
be the same -in that domestic 
rate demands would show rates 
payable at the reduced level and 
the Exchequer would make up 
the difference by way of a grant. 

The Rating and Valuation 
Association, and otber bodies, 
have for some time advocated 
the adoption of a tax relief 
scheme for domestic ratepayers, 
since such relief is already 
available forproperties occupied 
for commercial . or industrial 
purposes. The form that tax 
relief should take is a matter 
for debate. There is, however, 
no doubt that tax relief for 
domestic ratepayers is now 
overdue, as it is one means by 
which individual ratepayers 
could he assisted without fur- 
ther undermining the financial 
independence of local govern- 
ment . 

Mr. Prim) ttill It trrrrtnry nl Ihr 
ftnuun am l .lv*»-inriu». 


29 


Our new International 

in London. 



From 8th May 1978 the new address of Bank of Scotland, International 
Division in London wfll be: 

Bank of Scotland International Division P 0 Box 30 Broad Street House 
55 Old Broad Street London EC2P 2HL. Telephone: 01-638 6422 
Telex: 887 882 Telegrams: “Ubifor, London E.C.2” 


BANK OF SCOTLAND 


Edinburgh ■ Glasgow- Aberdeen - London - New York 
Houston • Moscow 





Adamson Butterley, 
200 years in Telford and 
still growing. 



Adamson Butterleys Telford 
plant was founded in 1775, in the same 
century that the Industrial Revolution 
began dose by in CoaJbrookdaJe. At the 
time the plant’s location was simply 
described as Horse hay, Shropshire, and 
for many years the company was . 
known as The Hors eh ay Company. 

Much of the world’s first iron 
fabrication and construction was 
carried out in the Telford area 
Adamson Butterleys predecessors cast 
sections for the world's first iron bridge, 
situated nearby in the Irortbridge 
Gorge, so it is hardly surprising that for 
many years The Horsehay Company 
specialised in the manufacture of bridges 
and heavy fabricated structures. 

Mow the company, part of the 
powerful Norcros Group, is world 
renowned for the design and 
manufacture of specialised heavy cranes, 
ship unloaders, material handling 
equipment, bridges, mining equipment, 
and wateF control equipment. The steady 
growth in Telfordover the years has 



The world's first iron bridge, built T ;779. 


V 


been particularly strong since 1967, 
when considerable expansion and 
investment began. The company- 
recently renamed Adamson Butterley— 
now employs the most advanced 
techniques and a large skilled workforce 
at Telford to maintain its lead in its 
various product markets. 

Telford Development Corporation 
can hardly claim to have tempted 
Adamson Butterley to Telford— but the 
company’s continued expansion and 
investment in the area underlines 
Telford's viability as a place to do 
business successfully. 

Joe Matthews, Commercial 
Director of Adamson Butterley, says 
'We've plenty of confidence in the 
future— both in our own business and in 
Telford. VNfe're well situated, both for the 
UJC. and our many overseas markets. 
There's an excellent workforce, and 
plenty of room for expansion. And 
people seem to enjoy living in Telford. 

I'd certainly recommend anyone thinking 
about a business move to look more 
closely at Telford.' 

Telford's advantages are easy to 



summarise-the right factories, the' right 
people, at the right time and in the right 
■ place. If you're thinking of moving, 
expanding, or just 
opening— think 
Telford.- 

It offers a 


Post the coupon, 
or contact us today.. 


great deal- and 
a great future. 





I Telford 

[ An Industrial Heritage. 
[AnlndustrialOpportunityj 

j Bob Tilmouth, Commercial Director, 

I Telford Development Corporation, 

| Priorslee Hall, Telford, Salop TF 2. 9NT 
| Phoner Telford (0952) 03131 
| Telex: 35359 


Name- 


Position- 


1 

1 Company ■ - . 

I Address 

j C3p| TetfordDevetop^ 
i L3-J Corporation 
I i 



30 



BANK LEUMI LE-ISRAEL BJM. 

LEUMI INTERNATIONAL INVESTMENTS N.V. 

- M ?I! CE « T ? H OtMH of U.S.510.000.000 7 per « nt . Gu.rmUi 
utnvertiblt Bonds 1984 of Leumi international Invcjoncrm N.V. 

The attention of haldiri of the abov- Convertible Bonds is dr Ann to d 
b 1. 1 * , . Bandl >'* convertible into Ordinary Shires of IL.l 4j-h 1 
Binic Leumi l*-lsr»el B.M. from 1st u 30th June. 1978 (both inclusive > »r 
there after during the period from and including 1st November m each snlend. 

IT , i ne,ud,n * l 97 , 8 * “ p “ " d lni:,u<lin e 30th June In the Mr 
5™ ? " end including 30(I| June. 1984) but at no other va 

except as referred to in Condition 4 printed on the reverse or such Bondi. 

. Conversion R«e it present applicable (at adjusted 'on 8th May, 1*7 

°" e , thr06 Capitalisation issue of Bank Leumi le-lirael B.h 

1 97Bi > 4 , si» t ru!? r “ rd ?i ry Ge ? c » 1 . Me f ti ' 1a *•“ held in Apr 
nll-i.i l'** 1 Share* of IL.l of the Bank for every -U.S.SUW 

S 0 Bonds converted equivalent M » conwrato 
Sr,.° l n t Pfr O^lnary Share at the rate of exchange of IU0.IW 
v b L_S c . "‘T °* throughout the lib of such B0h4 

for tne pyrpoee of catcnfeting the Convention Race. 

. . The actentfon of holders of such Bonds is drawn to she said Condition 1 
.rt?r«r. “ (A) (I). (A) (4). (A) (S) and fC) H 

should°loBll 0 r«^r VCr ( !, IS Wl ^° w ‘* h *° «*ereise their tonverdon mb* 

Keriio P n No«e. y ° f ** C * n,eBl0n A S* nt * """"d below tor 1 ntcosur; 

Conversion Agents 
iant Leunn (U.X.) Limited 

4.7 Weodttark Street. London. V/lA 2AF 
Bank Leiim, l.-|,.,el (Switzerland; Bank Leumi le-lsrael fFrenve) SA. 
•ru 30. Boulevard det lealwm. 

t - n •«« vurich 75009 Pan* 


Financial Times Monday May S 1978 


Lloyd’s in U.S. 
talks on link 


NEWS ANALYSIS — THE SAVON IT A AFFAIR 


Good faith under strain 


COMPANY NOTICES 


UNITED STATES DISTRICT COURT 
SOUTHERN DISTRICT OF NEW YORK 


BY JOHN MOORE 


In Re 

UNITED MERCHANTS AND 
MANUFACTURERS, INC., et af.. 

Debtors. 


In Proceedings lor 
an Arrangement 

No. 77 B 1513 


BY JOHN MOORE AN INDEPENDENT examiner 

SWETT AND CRAWFORD, a Lloyd’s broker might normally J* t0 . be appointed, this week to 

large American general insur- h°Id more than 20 per cenL of‘“!^ ia .J er ^ 1 1D J“!, ry at 

anceanent meets representatives lhe et » uit i' of a Lloyd's broker. ® f London. And on 

rtnte agLnc mens represemauves Tbfi maUer was considercd b . Friday the dispute between a 

nr Hams and Dixon Insurance lhs Committee ot Lloyd's on UD y«l's underwriting syndicate 

Brokers, ooc of the oldest April 2B, and it upheld its ruling. F - H - Sasse and other and the 

Lloyd's brokers, this week in a The U.S. brokers Frank B. Brazilian reinsurance group 

move to decide details about its Hall and Marsh and McLennan jnstituto dc Resseguros do Brasil 

proposed minority stake in are still exploring ways in which ls to conic before a court. 

Harris. they can acquire substantia! Th® disputes are just two 

A full takeover is not planned holdings in Lloyd's brokers ' w “ ,c “ “* ve caused as much con- 

by Swell and Crawford, which Leslie and Godwin and Wighara t rov *rsy inside the world s lead- 

sought only a minority interest. Poland while still observing the '?S insurance community as out- 

Tliai minuritv stake, however, spirit of Uie Lloyd's guidelines. s i de - , ®m_ong Lloyds proius- 

fell outside the now Lloyd's rui- “There is a desire 10 find a sionals there is some puzzlement 

ing that no insurance company, compromise solution.” said one a . s to why su much public atten- 

underwriting agenev, nr nun- »f i be parties involved. t ,on been attracted by the 

i wo ISSUC-S. 

; After all. they say. disputes 

• -m j a £11 between insurance concerns have 

Betting uiity returns isli s n r under! > u i n™ ™ rTn?! pi e n a 

1 «|. 1 . • i* *r ■ surance contracts, that of uber- 

slightly during March 

of material facts to a party 

THE DUTY paid by betting But the duly paid on pools bet- entering into an insurance con- 
shops dropped slightly’ in March, ting in March rose by £lm. to tract, has been the subject of 
thus reversing hte recent sbarpiy £1 1.78m.. while the lax on bingo many a courtroom wrangle, 
upwards trend. yielded £200.000 more at £1.49m„ Recent disputes between insur- 

The Government's lax on off- bringing the total betting and| ance concerns, however, have 
course bets, now charged at 7.5 duty figure up to become more complex and more 

per cent., raised £10.$9m.. or £iS-39m.. an i mp rovement of bitter. Their complexity is partly 
very slightly less than the yield £lm. on March, 1977. due [ 0 increasing value of 


Betting duty returns fall 
slightly during March 


of risks coming on lo the market. 

So there have been consider- 
able commercial pressures for 
many more insurance parlies lo 
become involved iu whatever 
business is going. 

The bitterness of the disputes 
is, itself, the result of the highly 
competitive conditions that exist 
within insurance markets. For 
while competition is intense, 
brokers are not anxious to lose 
important clients because of the 
reluctance of the insurer to 
settle a claim. 

In turn, the insurer is more 
careful about seliling claims, 
while premium nites in many 
classes of business arc so de- 
pressed. 

It is against this background 
that many of the disputes arc 
becoming public. 


Frustrated 


in March last year of £ 10.96m.. 
according to provisional Customs 
and Excise figures. 

Duty paid last February rose 
hy i£J per cent., on a year-on-year 


Pension tips 
for ex-miners 


to became more complex and more 
of bitter. Their complexity is partly 
due to the increasing value of 
the sums insured. 

As tbe value of the risks has 
grown at a time when premium 
rates are weak, so a larger num- 
ber of reinsurers have been 


basis, white the January figure THE COAL BOARD has intro- reqi " red- whic h has meant that 
nearly doubled to 115.3m. duced a course for retired' 3 iolal insurance package can be 

The cancellation of many race miners in Leicestershire with 1 highly intricate, 
meetings in March because of advice on stretching the pension • Some of the complexity, it may 
poor weather may account for money, keeping their health • be argued, is unnecessary and Is 
the drop in duly. and holidays and leisure aciivi-jdue to the capacity problem 

Total betting duty, including ties. within the market. The number 

lhe tax on on-eourse bets and the Tile course will shortly be I of insurers, brokers, and agents 
Tote, also showed a marginal fall extended to South Derbyshire I in the world have been growing 
at £.11.9t>m. and Warwickshire. 'at a faster rale than the volume 


Some measure of the com- 
plexity .of the issues involved 
is illustrated by the dispute in- 
volving Frank B. Hall, the U.S. 
broker whose recent bid for 
Lloyd's broker Leslie and God- 
win was frustrated by the Com- 
mittee of Lloyd's and two Lloyd's 
brokers, Thomas Nelson In- 
surance and Oakeley Vaughan. 

At the centre of the dispute 
are a large number of aviation 
reinsurance contracts. The 
business was produced by Frank 
B. Hall for the Unigard Mutual 
Insurance Company of Seaitie. 
Frank B. Hall was then asked to 
arrange the reinsurance cover. 

To assist in the placing of the 
reinsurance business Frank B. 
Hall brought in Lloyd's broker 
Oakeley Vaughan, which was to 
handle the sub-broking. 


Oakeley Vaughan then claimed 
that it had arranged reinsur- 
ances with tne Philadelphia 
Manufacturers’ Mutual insurance 
Company, through Philadelphia's 
London underwriting agents 
Thomas Nelson t Reinsurances), 
a wholly-owned subsidiary of 
Thomas Nelson Insurance, an- 
other Lloyd's broker. 

At the same time Oakeley 
Vaughan claimed to have 
arranged further reinsurances 
with 23 retrocessionaires flhe 
reinsurers of reinsurers ). 

Subsequently Philadelphia 

Manufacturers' alleged that 

Thomas Nelson Re insu runes 
had operated outside the scope 
of its underwriting authority, 
and that it was only responsible 
for a small proportion of Lhe 
risk. 

Meanwhile, all parties involved 
arc claiming and counter- 
claiming against the other and 
arguing over the terms, type and 
manner of the placing of the 
contracts. 

Unigard says that cither there 
is a valid reinsurance with Phila- 
delphia Manufacturer or that if 
there is not it is due to the 
negligence of Frank B. Hail, 
which in turn Ls liable for any 
defaults of Oakeley Vaughan. 
Oakeley Vaughan in turn is in 
dispute with Thomas Nelson 
over the placing of the business. 

Such is the nature of the cast* 
that it is not likely to come 
before a court before January, 
although legal proceedings have 
been in progress since 1976. 

By contrast, the Sasse/lnstiluto 
de Resseguros do Brasil affair 
seems deceptively simple. Mr. 
Frederick Sasse of syndicate 
number 762 has sued the Insti- 
tute de Resseguros do Brasil fur 


not settling claims under the 
terms of reinsurance on 1,300 
property contracts, mainly on 
properties in the poorer parts of 
New York. 

The institute has formally 
repudiated the reinsurance after 
an exhaustive loss adjustors 
report. Meanwhile, the Sasse 
syndicate remains suspended 
while questions of its solvency 
are sorted out at Lloyd's. 

As the claims continue to 
mount against the syndicate 
there has been a great deal of 
activity to arrange a reinsurance 
package, with the help of C. E. 
Heath, a major Lloyd's broker, 
and John Hayicr Underwriting 
Agencies, where members of the 
Sas»c syndicate could reinsure 
themselves against future 
claims. 

However, this was interrupted 
while the new management of 
the Sasse syndicates, Merrit 
Dixey Syndicates, aol lo grips 
with the Sasse problems. 


NOTICE TO HOLDERS OF 9*1 GUARANTEED SINKING FUND DEBEN- 
TURES OF UNITED MERCHANTS OVERSEAS CAPITAL COUP, N.V. 


Ethics 


But of more public interest is 
the question of the professional 
insurance ethics raised by the 
Savonita inquiry. When the in- 
quiry meets for the first lime to 
consider the allegations, made 
in the House of Commons by 
Mr. Jonalhcn Aiiken. that pres- 
sure was put on a Lloyd's under- 
writer by a large Lloyd's broker. 
Willis Faber, to settle a claim 
that another Lloyd's broker 
would not press, ii will raise 
the whole issue of a Lloyd's 
broker’s relationship with an 
underwriter. 

This is why Lloyd's is under 
pressure itself to make the find- 
ings of lhe inquiry public. 


6000 feet down 
we’re turning on the gas 
today 

For the last fifteen 
years Norsk Hydro and its 
partners in exploration 
have been trying to find 
and harness North Sea oil 


((( 

ttSBt 


Norsk Hydro 


and harness North Sea oil Norway’s number one serves Britain in so many ways means businej 

invent m n the h F 0 ri^ ^ Concord House > ^ Centre, High Street, Feltham, Middlesex drop 


Norsk Hydro’s British 
companies are ail set to serve 
home-makers and industry 
with a wide range of 
products and services. If you 
would like to know more 
about how Norsk Hydro 
means business in Britain, 


field alone. 

Today His Majesty King Olav of Norway formally ‘turns on 
die gas’ from die Frigg field, 22 0 miles off the tip of Scotland. 

Tomorrow Her Majesty Queen Elizabeth officially opens 
die terminal diat will receive this gigantic boost to Britain’s 
industrial and domestic gas users-30% of UK total needs- 
at St. Fergus, north of Peterhead. 

So Norsk Hydro, Norway’s largest company, adds gas to die 
oil it already supplies from the famous Ekofisk field. 

But there’s more to Norsk Hydro dian oil and gas. 

We turn oil into plastics, we make petroleum derivatives, 
fertilizers, aluminium, magnesium, chemicals and gases, 
engineering products, laminates-more than 50 products in all. 

Ol course, we’re already well known in Britain. Our 
aluminium shows up in patio doors, double glazed window units 
and truck bodies. Our PVC in buckets and dustbins. Our laminates 
grace your kitchens, airports and public buildings. Our magnesium 
is in helicopters. 


n yuv^iuuiam, iruumwLA And in 1995, when 

Frigg field gas is still heating 

your factory and your home, remember those who turned it on. 


Alupack Ltd [Wales] 

Alupres, Aluminium 
Precision Extruders Ltd [Wales] 
Alustock Ltd [Nationwide] 

Ashley Aluminium Ltd [Manchester] 
Norsk Hydro (U.K.) Ltd [Feltham] 
Norsk Hydro 

Oil and Gas Ltd [Feltham] 

Pantglas Plastics Ltd [Wales] 

SPA Aluminium Ltd 
[Tunbridge Wells] 


iwsn 


1 PLEASE TAKE NOTICE that UNITES MERCHANT? 

run Company'*, guarantor of I ho tta Guaranteed Sinking Fund Debenture^ An 
r 1. 1982 Issued by United Merchants Cveraeaa Capitol COrp. N.V. rOvorMA* Gapturj. 

S urauant la and wider a Fldcol A^sncy Acrownonl dited aa of March 1, 1970 Among 
tverueaa Caplial. Iha Company as guamntor, and Citibank NA (formerly MmwJ First 
National City Bank) as fiscal agent, uted a petition lor an arrangement under Chapter >1 
ot iha Bankruptcy Act with hra C3wk ol the United Stales District Court, Ssuihtm 
District ot New York, on July IS. 1977 and the proceadtaga are pending in said Cowt 
l boloro Honours Roy Sabill, Bankruptcy Judge, under dochnt number 77 B 1513. 

PLEASE TAKE FURTHER NOTICE that tha Company has hied a Comooailo Consoli- 
dated Plan in said poceedinoe under datoot M.voh 9, 1970. (ih«-Pun">. which Plan pro- 
vides, m(w aha, tiui the nolders of 91a Guaranteed Sinking Fund DePeniuresahaK con- 
1 slitute Class V and shall be paid 100*1 oF their claims, both principal and iniweal. Th* 
Following is a summary of lhe provisions of the Plan respecting how and when payment 
lo Class v creditors snail Be modem lull seltiement.satisfoctiofl.rdeasaand discfuag* 
o( anv and all claims apahisi the Debtors; 

i. The Comaviv shall cause Overseas Capital m make paymenla of principal and 
interest on the 0 r - Guaranteed Stfriung Fund Debentures to (he hscal agent under m* 
Fiscal Agency Agreement lor distribution le the Cuss Vcreduars prorata, as follows: 

lal on the Conaununallon Data (detinod n» ine Pun lo be :no Inst businues da/ 
following the dale on which the order by the Banhajpicy Coun contirmingihe Pun shall 
have become iinal. or as profited in said order cnnlirming the Plani. ihe Company shall 
cause Overseas Capital lo par to the iisc.it agent in cash on amount equal to S0*a of th* 
sum al oithe amount ol accrund end unpaid interest on tne S'. Guaranteed Sinking 
Fund Debentures due lo and Including the Date Of Confimuiion [defined in the Plan a* 
the date of the entry ol an order by the Bankruptcy Court conrirmutp (he Plan m 
accordance with the provisions of Chapter XI or the Bankruptcy Act) and (ii) the out- 
standing principal amount ol 9 P - Guaianieed Sinking Fund Debentures. The foregoing 
payment shall be deemed to be a payment of mtoresl due on ineO 1 ’* Guaranteed Sinking 
Fund Debentures in the ratio that tno amount referred lo In deuae (0 ot the preceding 
sentence bears to me sum oMtw amounts re lerrod to in clauses (II and fill therein; th* 
balance shall bn deemed to be o payment ol principal on !M 9% Guaranteed Sinking 
Fund Do Den lures. 

<b) in further payment of the principal balance due on the 9" GuaronteedSinkina 
Fund Debentures, the Company snail cause Overseas Cspittd to pay an amount equal to 
50% of the principal amount Df Ihe9°i Guaranteed Sinking Fund Debentures outstand- 
ing at tne close of business on lira neat day preceding tno Consummation Date (the 
"Principal Ba!anco"V a:i follows: 

There shall be calculated an amount Kite “Monthly Amoum' l. equal lo th* 
quotient obtained by dividing the Principal Balanco by the number ot fuH calendar 
months from the Date of Confirmation to March 1. 1982 (the original maturity date In th* 
debentures). On or before March 1, 1979, the Company shall cause Overseas Capital t* 
pay to the fiscal agent an amount sutticlam to retire u 100% ot the principal amount 
such Debentures in a principal amount equal to the Monthly Amount multiplied by th* 
number ol lull calendar months from the Dale ot Confirmation lo March I. (979. On or 
before each af March 1.1980. 1981 and 1982. the Company shall cause Overseas Capital 
lo pav to the fiscal agent on amount sufficient to retire such Debentures In the principal 
amount equal to the Mdnrtny Amount multiplied by twotve. 

<c) In ioits! on me 9’- Guaranteed Sinking Fund Debentures shall accrue and b* 
paid at the rale of B% per annum ad follows: 

in Tne Company snail cause Oversees Capital to pay lo (he fiscal agent an 
amount equal io the beiancu of the accrued and unpaid interest due on the 9 s - 
Guaranteed Sinking Fund Debentures lo and including the Date ot Continuation 
bui not paid on the Consummation Date, with no interest thereon, in tour equal an- 
nual installments payable on Ihs first day of March m oacn ol 1979, i960, 1981 and 
1982. 

(in Interest on the Principal Balance as reduced from time to time shall accrue 
at the rate ot 9% per annum from me day following the Date ol Confirmation and 
shall be paid on March 1, 1979, 1860, 1981 and 1982. 

S. Article 7(b) of the Fiscal Agency Agreement snail be deemed amended lo pro-nde 
that s successor fiscal agent may be any responsible imanciaf firm or institution, 
whether or nor it has an office in New York C«ty. All other references in the Fiscal 
Agency Agreement to New York City us tne required place ol payment with respect to 
tne 9°, Guaranteed Sinking Fund Dobonturoa shall be amended to be such place os any 
successor fiscal agent shall nave a business office. 

3. With respect to tha holders of the 9% Guaranteed Sinking Fund Debentures who 
accept any payment contemtMUad by the Flan, the Fiscal Agency Asnwnent shall do 
deemed amended to reflect lhe provisions of the Plan. 

PLEASE TAKE FURTHER NOTICE that the Plan further provides that air defaults 
existing under the 9% Guaranteed Sinking Fund Debentures shall be doomed to have 
be on cured or waived ee at the Date of Confirmation, end each notice of accolo ration 
declaring any outstanding claims of any holders ot such debentures to bo due and 
payable shall be cancelled, rescinded and ol no further force and effect as to tha 
Debtors. 

PLEASE TAKE FURTHER NOTICE that on or alter the Consummation Dale all S*. 
Guaranlocd Sinking Fund Debentures and coupons dated March 1, 1978 and thereafter 
may be surrendered to the fiscal agent underthe Fiscal Agency Agreement tor cancella- 
tion or to be stamped to reflect the provisions ol the Plan and shell then be relumed or 
evchangsd. U shall be a condition for paymont under the Plan With respect to each sur- 
rendered debenture that such debenture, the Match l, 1978 coupon and all subsequent 
coupons appurtenant thereto shall have been surrendered. All such debentures and 
coupons when surrendered shall be deemed to have been modihod and amended as pro- 
vided In the Plan. 

PLEASE TAKE FURTHER NOTICE Iha! although the Plan does not evirnguish in* 
right ot an mdtvfduaf holder of 9% Guaranteed Sinking Fund Debentures to be paid nr 
accordance with the ona>nai terms ol his Debenture II he chooses not io be puui m 
accordance with the Plan. Cuss V creditors who accept the payments to be made upon 
confirmation ol the Plan will be deemed to have waived I heir right lo demand and 
accelerate payment ot the amounts remaining unpaid on suen debentures, and it is * 
condition to receive payments undet the Plan that Class V creditors waive their right to 
demand and accelerate payment. 

PLEASE TAKE FURTHER NOTICE that If. after confirmation of the Plan, any holder 
or 9 ■ i Guaranteed Sinking Fund Debentures declines to surrender such deeenturcj *r. d 
c oupons as above provided, such holder shall comimie to have the rights he would hov* 
had as a holder ol such debenture in ail res poets os though the proceedings atfeclma 
the Company under the Bankruptcy Act had not been commenced. None of the provi- 
sions ol the Plan shall be applicable to IhB holders ol the 9*n Guaranteed Sinkinq Fund 
Debentures who do not elect to avail themselves of the provisions of tho Plan. Th* 
guaranty of payment of pnncipal of and Interest on lhe debentures tree from deduction 
or withholding on account ot United States faxes will not be discharged by confirmation 
ot the Plan. 

T. Al present there exist Events of Default, as defined In fire Fiscal Agency Agree- 
ment. Such Events of Default are: (a) failure to make the 1978 sinking tund payment 
which was dueon March i, 1978; (b) liling tw the Company, guarantor ol the debenture?, 
ot a petition seeking reorganization under tne Bankruptcy Act. and. ic) tho March 1 , \9?B 
Installment of interest was due and has not been paid. So long as any ot these Events of 
Default shall be continuing, the principal amount of and all accrued interest on any 9*-« 
Guaranteed Sinking Fund Debenture shall, at the option of. and upon written notice 
delivered to the fiscal agent by. (he then holder ot such 9°i Guaranteed Sinking Fund 
Debenture, mature and become due and payable. 

2 At present no provision has been mads for payment of coupons due March f, 
1978 other than the above mentioned provisions of the Plan. Such coupons and subse- 
quent coupons will continue to be obligations of Overseas Capita) and the guarani v of 
the Company with respect thereto will not be discharged by confirmation of the Plan. 
Should a holder later determine to accept the Plan, the Company has determined io 
deduct from payment, provided by the Plan to be paid to a surrendering debenture 
holder, a sum equal to the aggregate lace amount of all coupons maturing March 1. 1978 
and subsequently which are not surrendered with the debenture. The Fiscal Agency 
Agreement required a sinking fund payment on March 1. 1978 sufficient to redeem an 
aggregate of Si .330.000 pnncipal amount, of the9% Guaranteed Sinking Fund Deben- 
tures at 100% of the pnncipal amount tnereof. and will requite similar payments on 
Marcn 1. 1979, 1980. and 1981. subjeci to credit os allowed by ine Fiscal Agency Agree- 
ment. Overseas Capital will not be-entitled to sinking hind reduction or credit through 
the use of 9*« Guaranteed Sinking Fund Debentures surrendered by holders wlto elect 
lo accept the provisions ot the Plan. Only debentures not surrendered under the Plan 
will be eligible lor sinking fund redemption. 

PLEASE TAKE FURTHER NOTICE that it holders ot 9*i Guaranteed Sinking F g ,rd 
Debentures have nol already filed a proof ot claim with the Clerk of ine Bankruotcy 
Court, al the United States Courthouse. Foley Square. New York 10007. Roam 230. such 
holders should do so in order to be entitled to accept or re|eci the Plan. hwOct; unn 
have Wed a claim need not hie again. If a holder has already hied a proof ol ciarm ard 
dosire s to accept me Plan, such holder must complete and sign a torn ot acceptance. If 
an acceptance is no: completed, signed and tiled, such holder mil he deemed to ha\o 
reiecied the Plan. Forms of proofc of claim and acceptances may be obtained by con- 
tacting the Company. Said forms should be completed, signed and returned to the Com- 
pany. 1407 Broadway. NewYork.New York. 10018, attention: Sidney Margoiis. 

'PLEASE TAKE FURTHER NOTICE that the adjourned first meeting ol creditors of 
the Company and the other debtors in these proceedings will be held before the under- 
signed Bankruptcy Judge » the United Slates Courthouse, Foley Square, New York, 
New York 10007, Room 201. on May 22. 1978 at 930 AJL, ax which place and time th* 
credilore may attend, present written acceptances ol the proposed nan and transact 
such other business as may properly tome before said meeting; and the bearing on Ihs 
confirmation of the Plan and objections thereto. It any, will be hold before lire Under- 
signed Bankruptcy Judge al the United States Courthouse, Foley Square, New York, 
New York 10007, Room 201, on Utey 22, 1978 at 930 AJM* « which time all applications 
for allowance ol compensation will also be considered. 

PLEASE TAKE FURTHER NOTICE that the meeting may be continued or adjourned 
from lime to time by order made in open court without Further written notice to 
creditors. 

PLEASE TAKE FURTHER NOTICE that there will also be considered before th* 
undersigned Bankruptcy Judge at tne United States Courthouse. Foley Square. New 
York, New York T0007. Room 201. on May 22. 1978 at 9:30 A.M.. or as soon thereafter as 
counsel can be heard, a motion by the Company and the other debtors in these pro- 
ceedings lor an order consouauing the above captioned pK*»oding3 substantively ml* 
a single proceeding and merging the assets and liabilities ol said debtors torau pur- 
poses ot said proceedings, eliminating all Ini er -company Claims by and among in* 
debtors herein, eliminating all guarantees executed by any ot the debtors of the obliga- 
tions of any other of the debtors, directing mat all claims fifed in (he above captioned 
proceedings shall do deemed to have boon filed in the consgiidaied proceeding and 
granting the debtors such other and further relief as is fust. 

PLEASE TAKE FURTHER NOTICE that any and all inquiries with respect to th* 
Plan, its forms, conditions and provisions, the time and manner of payment and any 
otner mailers pertaining thereto, may be made directly to the company or its counsel. 
Copies or the Plan and financial and oifmr rrwuenaJs related (hereto are available and 
may be obtained bv contacting Counsel lor the Company. In addition, the Plan null <* 
on r/ie with the Clerk of the Bankruptcy Court and may be examined at arty rime during 
regular business hours. 

Dated: Now Yorii. New York 
April 17,1978. 


/s/RoyBabilt 
Bankruptcy Juda» 


Counsel for the Company: 

LEVIN &WEINTRAUB 
ms Broadway 
New York. New York 1 0007 
(213962-3300 
and 

STROOCK 8 STROOCK £ LAVAtf 
81 Broadway 

New York. New York 10006 
(212)425-5200 






'Hs. 


■ 


"lit. 1 






L «v, 




'< :r 


*•*■» 




\X&> 


Financial Times Monday May 8 1978 

Pending dividends 
timetable 


31 


S*, 0 * “ ore ™P0rtant company dividend 
fSSSS^tSS fer^ P tf ted D ***£ next /* w week* arogiven in the 
e?c?w h °'™ *£? th ? se of year's announcements. 

Baard meetui gs (Indicated thus*) have 
?wb^L P SS she f 11 shouId *• emphasised that the dividends 
rent SSJS^i^ 001 necessarily l« at the amounts or rates per 
rent shown in the column headed Announcement tost year. 
Prehminary profit figures usually «»■ y ^- 

annouucemftmfi. 


accompany final dividend 


Daie 


Ammttncn- 
ment last 
year 

“Afcroyil ■ 

-All- 5 n ?L t, ? rs -~" May 10 to 1 - 5 

‘Allied Irish 

. Banks. ...May 10 Final £3373 
Anglo American 

Carpn. Grp.,. Jane SDtrs. dun 
Anelo Transvaal / 

Cons. Grp... Jane K Finals dna 
Assoc. Engng. ...May 25' 1UHJ7 
“Averys _.jaay 9 Final 3.4S58S 

Won Rubber ...Mar 2i mt. 4 
•Bant of 

Ireland .May 9 Final lip 

Bass Charinstn. May 3$ Int. 1.531533 

Bcecbam May IB Final 3.2T3S 

Berlsford 

_ 'S. and W.>..May 23 lot. S.5 

BOC Int. -May 29 lOL LM 

*£»« Mar IS Sec. int. L.70H 

norilwricfc 

cnun.)..M . Mas Ifi Int. 14 
Bfit. ami Comm. 

Shipping.. .June 18 Final 4.3543 

•Brtxton Estate _ATay 8 Final 8.851? 
Brown Shipley -June 9 Final 4.79 
Bun on Grp. JUCay 11 int. 0.8 


Daie 


Cater Ryder JXay 18 Final 12.759 

“Charter 


CtmsoQdaied. June 8 Final 4.68342 
Chart rhse. Cm. May 31 Int. LIB 

■CMorld a Jane 15 Sec. int. 3.4 

Chubb ...._ ....Jane 13 Final £2353 
Coalite and - 

Chemical..; ..May IB Final &38M • 
-Coats Palana ..May 16 Final i J77S 

CompAir /tax- J5 lm. 1.5 

•Costaln OL) .._.jaay B See. int. 1 .5980 
Courts aids —-May 38 Final 4.549 
-Debenhams —.May u Final 3J897 

D <* La Rue June 9 Final 8 A test. 

Dobson Part .. June 14 Int. 0 J38 

Dttport .—.May is Final *«»■» 

Electronic 

Rentals. June 8 Final 1.4513 

■Ever Ready — May IB Sec. Int. £871 
Finlay fJjs.l ..Jane 8 Sec. inL3.ll 
COM Fields of 

SA Group — Tune 6 Dfvs. due 

• French Kicr May is Final oj 

Furness Witty ..May 17 Sec. int. 4Jtfi 

Geo. Min. Grp June 1 Diva, due 

Grand Met. J nne 2 Inc U 

Ct. Portland 

„ . Estates.. Jnne J4 Final £9457 
Gnnuwss 1A.1 ..Jane 16 Int. £3804 
GuUule Carpn... Jnne 9 Final 8 


Announce- 
ment tayt 

■ Barmins and !W 

Crosficli. June 13 Final 19.4S 
“Heath (C. E.J -Jiay 18 Ftnal 9.1 
Rlckson Welch ..June 2 lm. £6sg 
Hm Samuel ._^jday3i Final 2.7655 

I CL May 26 Int 2.6 

Jo'borg 

CoonUdatod.Jvw 9 Int due 
Jotmson 

Matthey.. June 14 Final 7J928 

K Shoes May K Int. 9,77 

Land Investors.. May 18 lot. 0.4 
Lloyds and 

Scottish. ..Jiay U Iol L54 
-London and 

Northern. May 24 Finals 

■*L0FS " -June 18 Final £32978 

-Mafflnsoa 

Demur — May 9 Final £5 

T^tey Mmt 25 lax. l 

MEPC June 8 lot. bQ 

•Metal Box -.June 5 Final 7.46 

Minster Assets . June 2 Pinal 1.748 
Nat. Bans 

Australasia.. .May 11 Int. 8J> < yg| a 
Norton. Foods ..May 31 Int. 1 
Pools and 

___ Whites.. Jtme 18 Final £414 
Fegler 

Hattervley lone 8 Final 4JJ31 

•PhOiiK Lamps.. May 9 Final FlsJ-tt 
Pflfemgtoa 

Bros. Jtme 10 See. tot doe 

Pros fWau -May 26 Pinal 0.73 
Prop. Hare Wf. June 2 Jut L422 
“Ransom? trsmn 

Pollard.... May 24 lot LM 

“JJHM - May IB tot 1 J3 

•Rcfldkut XnL May 17 Final 0.9977 

Reed int May 31 Final 7.044S 

Samvel nu May 24 Sec. tot £4 

■WO Group June 8 Finals 

Staflex Int May 28 Pinal L61 

Stavder tods. ...May U lot 4.4 
Swan Hunter .. May 24 Sec. tot £5 
Trafalgar Has.... May 19 Iol 234 

Triplevest .-Mar. 31 Final £901 

Triplex Fndrfes. June IS Final £739 

DBM Juno 18 Final £44126 

UNO int -.May 31 Final £33 

Ward IT. W.) ..June 10 Int. L2187S 
Wedgwood ... .. .jnne 19 Final 3.7 

“Whitbread May 17 Final £2888 

“Wolv. and Dudley 

Brews... June 1 Int £7 
* Board meetings Intimated, t Rights 
issue since made. tTax bee. 9 Scrip 
Issue since made from reserves. 


Public Works Loan Board rates 


Effective from April 29 


Quota Isom repaid 


Non-quota low A* repaid 


Year* 

by ElPt 

At 

- at 

mattirttrS 

by El Ft 

At 

at 

maturity^ 

Up to 5 

1W 

10J 

10! 

111 

lift 

Hi 

Over 5. up to 10 

102 

Ilf 

m 

lift 

UJ 

12! 

Over 10^ up (0 IS 

112 


lZff 


12! 

13} 

Over 15, up to 25 

121 


«5 

13 

13ft 

13! 

Over 25 

12* 


13 

13i 

13| 

13! 

* Non-quota loans B are 1 per cent, higher in each case 

than non- 


quota loans A. f Equal instalments of principal, t Repayment by half- 
yearly annuity (fixed equal half-yearly payments to include principal 
and interest). § With half-yearly payments of interest only. 


RECENT ISSUES 


EQUITIES 


Iran* 

Mw 

Pt 

¥ 

m 

a 

1978 

Stock 

a . 

iH 

B* 

+ «* 

® E 
=•! 

Si 

I! 

3>* 

b 

^ 1 
c 

«iRh 

torn 

105 

FJ». 

u 

148- 

118 ■ 

Holiday*.. — 

148 

1-1 

6.76 

5L2 

7.8 

9.6 n 

— □ 


FIXED INTEREST STOCKS 


IS 

-=• 

m 

197* . 

Hlpb 

Low 


Kl\ 



flfip 

Sip 

9100 

K.P. 

— 



100, 

KJ*. 

20/S 

Ua,. 

100 JJ 

ICO 

F.P. 

— 

W|i*p 

KXHi 


MSI 

— 

Zil« 

23 

199 

£10 

86/8 



— 

F.K 

Zfe.4 

loap 

to 1,1 

— 

K.l’. 

9ft> 

uuoi<! 

UK, 

« 

b.F. 

28// 

IWU 

IOL- 

lOOp 

— 

— 

loop 

iwp 


F.n. 

06 

UA- 


f9U 

CU3 

8« 

. ft? 

W 


Stock 


Antal, {a. In. Ju^rJ 2ml. t*rr - 

.liner. Kxpivwe Inr Flo. Vnnwlu 88.—... 
Ar milage tO.) 10^ 'dad Cum. PteL— ..... 
HnUa.ui> 94 CiHiv. t’uiu. lied. Soil Fret. .... 

uaileg .Uatev. Liff, l«t. Dart. "SA-ea 

Oreonvrirh (Loo. Buro. ofl 117* Bed. 1986. 

tul|) Jvnki A OiUt-» 10* Linn. Fi« ... 

Meiilie*! ,J.\ Cum. F*rf - 

Uni-.-.n*-irv IVsioi Ke>1. PM. Istefi 

Piftwrd 94* Cum. Pn 

jlMiifs liijf tnv. In*- Ln. lV-rA 

V.wt IVsiei 11* Iteh. I'Vn 


5 «. 
St 

■J 1 

+ or M 

a 

t< 

96u 

c 

#ira*4 

«3 

100 I? If 

27 

r 

9»4 



, 102,. 

102 


1QQ,< 


99 


25 

- i 


“RIGHTS^ OFFERS 


Prlev 
Ft ' 


36 

6U 

150 

106 

so 

15B 

62 


II 


Nil 

E JP. 

Nil 

F.P. 

Nil 

Nil 

P.P. 


laie»V 

bemme. 


sm 


5/6; 

16/5; 

16/B 

8913 


ana 


IB 

9/6] 

13/C 

U.o) 


•1078 


High 


15pm. 


£S 


25 pm 
» H 


Low 


lSpati 

118 

Nil 


I2jpni 


7h 


Stock 


Brown Boveri Lent— ..... 

Huiawgti 

DaelkraaJ (Told Mining — 

128 [loovlcm £ AUnohester Awnrsnce.. 
jdupra-.— 


il l»tti (Turner & NewsU 


Wntmoiich- h .h . — 


|Chjn'ii« 

Price 

p: 


16pm, 

129 

mi 

140 

23pm 

83 pm 




RenuadsittB date usually ia« day for deattag baa of scamp doty, q ria mea 
Iuim on proaoeccvs ostutuue. -o Assumed dtvtdond and yield, a Forecast dividend 
co pit based on prevwas par's earning*, w Divutetto and vis la owe on oroaoectu* 
or otter ofBcUl eWtmaies tor 19/9 <i arou tnmr^ w urrw d > 
for conversion of dhares DOT now raMang for drvioetod or ranmrtg only ror resmeteo 
divwtends. # Ptocrng once to public, id Pence unless otherwise i ndi cated, t Iswrd 
by tedder. I Odered to holders of Ordinary snares as a riglws Rlgnm 

by way of capUaUaanon. +♦ Minimum tender Dries. II Reintroduced. II | s "*d 
to connection with reorganisation merger dr wtewwer . BJ inTroductlon. n i wuw. 
, D termer Prctemwe haktore. ■ AlwmetM lerters tar fully -paid >. • Provisional 

or oartly-o&ld aHotmeni letters. A? Witt warrants. 


MINING NOTEBOOK 


Summer’s coming, 
but not just yet 


BY LODESTAR 


EVEN IN England, summer Over the nest five to sir years They do not aspect any spectac- 
eventually comes— although it the group’s capital spending will ular developments in the gold 
seems to lake longer every year, ease and earnings are ex peeled market, reckoning that the price 
And while we wait for the leaden to accelerate. Part of the price will move narrowly in the 
skies to dear, the world mining of this creation of modem pro- SI 654 175 range for the next few 
industry has to exercise even duction facilities has been a months. In the meantime they 
more patience while depression rather uninspiring dividend feel that prospective dividend 
stalks the base-metal markets. Dr. record and shareholders wUl be yields are so high that share pur- 
unarles ( Fogarty, chairman of hoping for a more liberal distri- chases can he recommended to 
Americas Texasgulf has been fcution policy when the economic investors who are prepared to 
looking ahead to the end of the revival comes about face the political risks, 

current down cycle. 

t iio yn— Among them is London’s Selec- Shares recommended are: 

frJr. k JL ff5L,®S!f r !S5* J* tion ’mist with a stake of 83 per Buffels, Kinross, President Steyn, 
Fogai^ to eonvinwd that when which wor Lh some 230 P Sotnhvaai, Vaal Reefs. On the 
PirfRtfcS-fiTSf P* r Selection Trust share, the other hand the “sell" signal is 

thaY^thp 6 Snt nv^.^^ latter being currently 400p. The hoisted for East Dnefontein, Ergo. 
M V^“t5 P, ^ f go^rKH.tly l-urt IreAt. for Fr» «.tt Ceduld. Ubsnon 

years’ time “and then them the nme months to the changed ’"'elkom. 

JS5T be eMu E rconS?" “ financial year-end of December 31 , The long-running saga of the 
Of -nv". another currently de- a satisfactory showing but hopes and disappointments of 

PressedSeiDr Fo^?rebSev« they owed a fair amount to the Australia’s potenCfal uranium min- 

A’ssasrffjswa g* ssA^asssrA 

additional Production equivalent reduction in revenue expected companies are still waiting for 

B /7 ema ’ *? £*1*? % P?SSi“n t TsS? corSSctioi 
*990 — and keen in mind that Kidd changed terms of the deal with n, or j- 

Creek is one of the greatest ore the Dutch company, and the They need the necessary legis- 
discovenes of the 20 th century, economic cold winds being felt latJon to afiow devriopment ^ 
252? SUlgle 50,11X6 at ^ Mount Newman iron ore ^ outline how the Co^rnmen^ 

Q operotlon m Western Australia. prooose d uranium marketing 

Texasgulf is, of coarse, the On the other hand, there will be a,,fhnrirv will onera/p Pnrthp^ 
owner of the big Kidd Creek the benefit of a fuU year's income S^ali S proSn 
nune, north of Timmins Ontario, from the Kleeman acquisition. uranium projects have vet to 
The group’s major products are on this basis there would seem cLpenSition deal with 

copper anc. sulphur, potash, soda to be no special reason to buy i^North^DLa n dCouncil which 
ash and phosphate. Earnings in the shares at the moment. But tooks af ter tbe in teresfs of the 

IS tt7taB ’ aS ^ AbS^llfmi SStanf 

to $10.5m. from 815.1m. m the economic recovery, broking firms There is also the matter nf 
same period of 1977. are taking another look at the JX to be 4tt^d The 

But Dr. Fogarty points out that UK.-based mining finance houses, fj^er^ll this t^fes the Ss 
while huge sums of money will Cautious recommendations for there is of acconjolishinc 

be needed to create the extra Selection Trust are beginning to mu^ consmictional ^??k in th? 
capacity that will be needed to appear and, helped by some re- KSdtowSo There is I 
meet the future demand for raw ported U.S. buying on Friday, real^fearthS tife development 
materials. Texasgulf is “well the shares gained a net 19p last ^the deSSts couSb? St 
positioned” to take advantage of week. back by another year 

the long-term growth in demand A little more interest is also It has generally assumed 
for its products. beginning to stir in the case of that the Range,. pn , je ct of E2 

The same is true of Amax The Charter Consolidated. The group industries and Peko-Wallsend 
latter’s chairman, Mr. Pierre still has the burden of its Cleve- woult j ^ the first to start But 
Qousseland, has said that his land Potash mine, but hopes are now ^ Northern Land Council 
group's capital investment pro- that the various moves to over- wants the Queensland Mines’ 
gramme — some $2.1bn. over the come its technical problems are Nabarlek project to be given the 
past five years — “ has positioned succeeding. Meanwhile the shares grst go-ahead because it is smaller 
the U.S. company well for the give a slightly above-average yield an d the Aborigines want to see 
future. In addition the relative and better profits— possibly 21 p just w j, a t the effects are of 
value of prior investments has per share — are expected to be uranium mining before the bigger 
increased as a result of inflation." announced in the early part of operations start. 

Last year the Amax pre-tax next month. Pancontuiental is not very 

earnings from operations were a While on the subject of popular with the Aborigines — 
record 8169m. and much of this cautious recommendations, apparently they have taken a very 

came from the 75 per cent, of brokers Pidgeon de SmJtt may poor view of the company’s en- 
the company’s property plant and have been encouraged by the vironmental impact statement re- 
equipment that is less than fire steadiness of the gold price last gardlng the Jabfluka operation, 
years old. This year’s first- week which partly reflected tbe Dr. Stephen Zorn, who leads the 
quarter earnings were hit by tbe recovery in the internal price in Northern Land Council’s negotia- 
tes. coaj strike and increased India prior to the start of that ring team is reported to have said: 
interest costs, but Mr. GousseUnd country’s auctions and the satis- "At the very least, they will have 
anticipates a progressive earnings factory bids received at the to prepare further environmental 
recovery in tbe rest of 197S. latest monthly IMF sale. studies." 


APPOINTMENTS 


Senior changes at BICC 


IV. Lundcen has been appointed 
executive v ice-president . Ho had 


Mr. E G. DeVflle and Hr. D. H- bodies. 

Rooney • have been appointed * , . . - „ , 

executive rice-chairmen of BICC. Mr. Riehard S. Martindale has been president of Dow Chemical 
They will assist the chairman Mr. been appoint ed to the main Board Latin America. Mr. David L. 
CL H. Broughton Pipkin, in the of BSG INTERNATIONAL as Booke is now president ot Dow- 
overall direction of the Group’s group director responsible for Chemical U S. after serving as its 
affairs. publicity, public affairs and par- vice-president for operations 

These appointments have been Uamentsiy liaison. since IP7C. 

made in view of the impending * * 

retirements of SL J. A- MeOeery Mr . c. H. Tidbwv and Mr. j. R. SCHRODER LIFE ASSURANCE 
and Mr. E. F. G. Thornton. Henderson have been appointed has appointed Mr. Robert \V. Tay- 

Mr. DeVille. in conjunction with directors of BARCLAYS BANK, lor as managing director. He 
Mr. D. L S. Hinton and Mr. Mr. Tidbnry. chairman of WlUT- succeeds Mr. Alan Pennv who 
W. L. B. Shankland, Will have par- BREAD AND CO. remains a joins the HOUGHTON SANDER, 
ticular responsibilities for BICC director of Barclays Bank UJv. SON GROUP as deputy chairman. 
INDUSTRIAL PRODUCTS and Management Mr. Henderson, a Mr. Taylor is currently general 
BICC CABLES, becoming chair- partner in CAZENOVE AND CO., manager and a director of 
man of the latter on the retire- continues as a director of Bar- TARGET LIFE ASSURANCE 
ment of Mr. Thornton on July L days Bank International. He has COMPANY. 

Mr. DeVille will remain respon- also been appointed a director of * 

sible for personnel and manage- Barclays Bank Trust Company enm-om-re «r>vm»c hi* 

ment services and chairman of and will succeed Mr. D. E. WlUe ,r,P „ jS™ ** 

BICC Pension Funds: he will also as chairman of the trust company .„!*,£** 

continue to represent the Group later this year. niarWeim_ operations of im • esj- 

in CBI and other national em- * me " 1 . rou " d J? , d „ " ^ 

ployer bodies. Major management changes ren ^ d r nt K Cn ,"* an }J%* pi ?I 

Mr. Rooney, in conjunction have been made at the DOW £u l0tl ra>5ric *' l ' l 1 ° n dniMon at 
with Mr. D. A. Holland and Mr. CHEMICAL COMPANY. Mr. C B. Shrowsbury. ^ TTic new .cm won 
H. L. Jefferies, will have particu- Branch has retired as chairman called the precibiun com- 


n* oicui^u iia> i clii cn aa uidiruiau . , • . ■ _ , ... 

lar responsibilities for BALFOUR and was named honorary chair- RP nenl ?. division, and Mr- Ron 

BEATTY and BICC INTER- man. He was replaced by Mr. Hampshire, who was 

NATlflVil. hAmmine rhairman Tnltin Mrrmi fnrmw nracidnnt manSSlBg OirPCIOr Of tiltf IJlMlI- 


NATIONAL. becoming chairman Zottan Merszei former president managing ... . . 

of the latter on the retirement and chief executive officer ment foundry division, has bevn 

of Mr. McCleery at January L Mr. Mr. Paul F. OreHice has re- appointed managing director. 
Rooney will remain chairman of linqulshed his position as pres I- * 

Balfour Beatty' and continue to dent of Dow Chemical. U.S., to Mr. Chester Guillut has been 
represent the Group in appro- become company president and appointed managing director of 
priate national industrial trading chief executive officer. Mr. Robert the NAN KANG TIRE COMPANY. 


INSURANCE 


Pearson report raises doubts 
oyer exceptional risk liability 


BY OUR INSURANCE CORRESPONDENT 


MONEY MARKET 


Questions left unanswered 


BY COLIN MR1HAM 


A slight air of mystery sur- 
rounded last Friday's Treasury bill 
tender, leaving several interested 
parties asking where the Treasury 
lad gone. Competition for 


in previous weeks. The 
. hi Lis attracted bids of 
47m\ compared with appli- 
s of 1594.88m. for a similar 
number at &e prerioues tender. 

Bids from butside the discount 
market may have been expected 
to play a part hi deciding the out- 
come of the tender, since the yield 
on Treasury bills is now at its 
most attractive level for many 
months, but this may not have 


About 95 per cent of the bills 
ere allotted at the minimum 


The end of the financial year 


of March or beginning of April, 
and These houses could be expec- 
ted to hold a large amount of 
bills maturing during the early 
pert of last month. Unsettled con- 
ditions in the market would not 
hare encouraged them to invest 
heavily in Treasury bills since 
then, but they may have been 
very aggressive bidders for bills 
last Friday to restock their port- 
folios. 

A question which remains un- 
answered is to what extent the 
competition for bills affected the 
outcome of the tender, and the 
new level of Bank of England 
Minimum Lending Rate. 

Market speculation favoured a 
rate of 9 per cent for MLR during 
most of last week, but demand for 
the bills may have been enough 
to prevent the average rate from 
rising above 855 per cent 

This moved MLR up to 8} per 
cent., which could create almost 
as many problems as it solves. The 


main points raised are whether 
the present rate is high enough 
to prevent another increase in the 
near future, and also what effect 
the new structure of interest rates 
will have, on building societies, 
since the mortgage rate is only 
slightly lower at 8J per cent. 

Prospects of a. fall in rates in 
tbe future may have encouraged 
the societies to soldier on with 
the present rate, but there is no 
guarantee that tills will happen. 

Last Thursday it was suggested 
that the authorities had put the 
ball firmly in the market’s court, 
fay agreeing to a rise in MLR, but 
not suggesting the correct leveL 
It may be argued that the ball 
has now been passed hack to the 
Bank of England, since it is now 
up to them to try to stabilise this 
rate, possibly by issuing a new 
gilt-edged tap stock at an attrac- 
tive level. Market reactions to 
any such issue this week could 
prove crucial. 


Slay 5 
l vl- 


I Sterling 
I 1'rtltHciU 
I n i •1*po»h*' 


lay- wHtce.. 
day* or 
rlrnv* notice.. 
i toe month... 
Imi mniilli-. 
monib 

Six nuiotb- ...J 
.Viur rnonttr. 
On* vaar._....J 
Cwn v 


a* BA 

a.-. 8 ,>* 

Biiflic 

I 

914.9 


t/'«al 'liw Anlh. 


Interbank j Aothoriti ! negncinhi, 

I f 


41* 7 


7 8 

8>« 8Sg 
8 6& 87g 

a;* 9 
93,91* 

9i» 


71,-818 


71 2 *i« 

BU-Bia 


Si* 9 
9 9U 


91 a- 9 Is ; 
lOVlOS* 1 


81* 8 U 
81* 8U 
9 8>x 
9 914 

9>4-4-7* 

968 8Tb 


Finance 

Hou«e 


734.8*4 
85 b 9 
87a 9 >4 
9»< 9to 

912084 

10 

IOI 4 


Company 

Deposit* 


7U 


Di-cmirtl 

nmrkei Treasury 
• BUN 4 


4 6 


7 J 4 

8*4 


914 


73 b 8 I - 

71. 8 j 8i s -0* 

! 77 S -8i8 ! b;-bu 


8^)4 


81 ^ 8 . 


Eiiirlhle 
Bank 
Bill- «t> 


BA-BU 

83fl 

8. ; .; 

8tb-8;.1 


MncTmd, 
Bill* ♦ 


8i a 

81« 

9 

95. 


Loral atnborfUes and anance houses seven days* notice, otbeo seven clays' fixed. Loos-term local authority mortsose rate 
nominally three ytan, ll-Ui oer cent.; four years -*-12 per cent.; five yean 11M24 per cent. • Bank bin ratea ui table are 
buying rates ror prime paper. Burton rates tor roar-month bank bills BS-8* per cent; four-month trade outs 94 per cent. 
Approximate rate* tor ooe-momb Treasury bills 7»«»B per cent.; two-month gije-u per cent.: and three-mmitti 

pe^ cent Apfroxfmate sellinfi rate for ooe-mooth bank’ bins B per. cenL. two-month 84 per cent; and ihreo-moofli 
S8u per cent. One-mnmh trade bills 88 per cent.: neo-month SI per cem.: aod alta three- month 80 per ci 


ew. House Base Rates (published by the Finance, erases .Association) 74 per cent, from May 1. 1978. Clearhis Bank 
BumB at seven days’ notice), per cent. Cl ear top Bank Base Rats for lending 7* 


Deposit Rods (for small sums - 

BlDs: Average Tender rates of discount 8322S per cent. 

FOREIGN EXCHANGES 


per cent. Treasury 


BASE LENDING RATES 


A.B.N. Bank ?*% ■Hill Samuel * 7*% 


Allied Irish Banks Ltd. 7J% 
American Express Bk. 74% 

Amro Bank 7|% 

A P Bank Ltd 

Henry .Ansbacher 74% 

Banco de Bilbao 7J% 

Bank of Credit & Cmce. -71% 

Bank of Cyprus 7|% 

Bank of N.S.W 7^% 

Banque Beige Ltd * !% 

Banque du Rhone S % 

Barclays Bank 7|% 

Barnett Christie Ltd. . 
Bremar Holdings Ltd. SJ% 

Brit. Bank of Mid. East ii% 

i Brown Shipley 
Canada Perm nt Ttust ii% 
Capitol C & 0 Fm. Ltd. 8J% 
a % 


Capitol 

Cayrer Ltd. * ^ 

Cedar Holdings ......... » % 

i Charterhouse Japher..- *4% 
Choulartons 


K £ Coates - 

Consolidated Credits. 


Co-operative Bank * 7^% 

Corinthian Secnrites.;. 7*% 
Credit Lyonnais 
The Cyprus Popular Bk. il% 
Duncan Lawrie U 


Eagil TniSt 
English TransconL ... 

First London Secs 

First NaL Fin. Corpn 
First Nat. Secs. Ltd. 

■ Antony Gibbs 

Greyhound Guaranty 


7i% 
9 % 


C. Hoare & Co. t 71% 

Julian S. Hodge' Si% 

Hongkong & Shanghai 71% 
Industrial Bk. of Scot 7i% 

Keyset UHmann 7*% 

Knowsley & Co. Ltd.... 9 % 

Lloyds Bank - - 7|% 

London Mercantile ... 74% 
Edward Manson & Co. 9 % 
Midland Bank 74% 

i Samuel Montagu 7$% 

(Morgan Grenfell 74% 

National Westminster 7&% 
Norwich General Trust 7J% 
p. S- Refson & Co. ... 7i% 
Rossminster Accepfcs 73% 
Royal Bk- Canada Trust 7 1% 
Schleslnger Limited ... 74% 
E. S. Schwab 

Security Trust Co. Ltd. Sl% 

Shenley Trust - 9j% 

Standard Chartered .... 74% 
Trade Dev. Bank 74% 

Trustee Savings Bank 74% 
Twentieth Century Bk. 84% 
United Bank of Kuwait 74% 
Whiteway Laidlaw ... S % 

Williams & Glyn s *4% 

Yorkshire Bank 

i MpmbrR n* Aceewtiw Honsea 
conmUxteo. 


74% • 7-day deposits 4*.i. 1-niqnUi deposiis 
-=“ 44%. 


10 % 

94% 

74% 

74% 


t 7-day deposits on amt of 

and mider *%. «n “ 12R000 «.» 
and over 135.000 St*. 

L,royaou..u S Can depot! u o*a ja.m Vi. 

GrindlayS Bank * « Demaw! deuoais s... 

Guinness Mahon. «}g a R»» »»» Jatm 

Hambros Bank ‘ 


Secs. 


1E*3t6 


iBmnki 


I . X 


ttewYort-.i.6ia 
Uonteeal — 1 Bly 
Aoutentoml 4 

Urosseid &te 

^apenbaaent 
Pmudurt-. 
UotKXL.J, 

Madrid.^ 

Ovlo. 

Parte. 

StocUtoliDu. 
’tofcyo 
yimmu^.... 

'Aurich^...— 


■U8265-1J32B 


ta.0586-£065K£0fi0£2.06U 


9 

IS 

8 

llte 

7 

0*8 

7 

a*s 

fite 

l 


Market Bates 


CURRENCY RATES 


GOLD, MARKET 


Dny't 

Spread 


4014-4017 
88.88-68.20 
10.838-10.688 
5.78-3J0 
77. 00-8! 

(1 47.80-1 48J9j 
UBSi-1^89 
£841-3-901* 
£404-8.44 
8.4W.47 
408-416 
27.16-27.40 
£65-2 A B 


Clove 


1.8270-1.8280 


4 JB H 4J M 

68.00-69.10 


5.78-S.BO 

8S.tO-B2.iB 


13BA-1.584 

9J6j-8J7i 


8.43}-8.44j 

410-412 

27.27-27.27 

6.6M.57 


Financial franc S9.0SMJS. 



1 Boociai 
JJrawinv 

aiKhto - 1 

Knropean 
Onii 0 
Am-uuu 


May 5 

May 3 

StarlioK. 

0.668798 

0.674487 

UJL nolte»-_ 

£22457 

1.23390 

tteij«1ian ... — 

1.58046 

£39302 

Austria ^ch 

18.2583 

18.4274 

Ueioteo Iran.- 

39.4985 

39.9414 

Danish krone 


7.00729 

Deutvrbem rk 

233706 

2.56375 

Dnr-h saiiiler 

2-71120 

2.75686 

Frcurii f«w. 

5.63731 

ax 

lw'110 ItrUn— 

1061.27 

1070 D 6 

Japmese ven. 

— 

878.677 

N.wra.v krone 

6.61574 

6.66B02 

Spain pra«a.. 

99.0444 

99.9036 

.^irertw/ikniar 

5.63563 

a.ra347 

rtoHra Tran- ... 

2^8118 

8.41484 ■ 


Gold Bullion.] 
(a fine ounce;, 

Clove i 

Opening.-.....; 
Morning fix'g] 


May 6 


S17Bte-17ZU 
$172-1723* 
5172-65 
(C94.187) 

Aftern’n 6x*gjS172.B0 


| (£94.478) 


Go ld Goto— 
domestically, 
Krugerrand ., 


N'w Sov'gns 
Old Sov'cgns. 


5177U-17914 
(£97-98) 
554-56 


May 4 


5173X8-17414 

51721c-17Si4 

817218-185 

(£94.663) 

8173.30 

({£94.674) 


l£29S 4 -30S«> 

S53V58B4 

t£29i*-30i*) 


517718-17918 
(L'97-BB) 
1553-55 


(£29-301 

553-36 

^£29-30) 


Gold Goins... 

(Incernat'UyV 
Krtt^enand ..[f 177le-179lt 


EXCHANGE CROSS-RATES 

1 Srumete' 


|(£97i4-9®i4) 

SewSov’rxn*!55354-55*4 
(£2918-3018) 

Old Sov'rEiu'9536j-5548 

(£89i S -30i8\. 
320 &jglCT....lsa77N -280J| 


5Z77ls. 1791s 


BSP 


3-55 

K 1 

S9-301. 

177-280 


MayS ", j Frankfurt 


Prank ton P — - 
New Tort 
nute._L_ 
Bniotda^. 
Lon do n— 


3£24-£9 
1.827-828 



Zurich- j9i881-948 1 A4936I6 


156460 
3.79-80 
A mst'damJlOB. P65 -9 16) 


New Sort Paris 


2JJ7HW5 


4ai7-ao 


London 


44 .0WS.OK 8.412-424 ! 3.71M0 


2L74-W 3j»4-099 

- {I4.E6M87 

7j0-tG 


M 


136 


SA0-10 


.Vnwrd'm ( Zurich 


OTHER MARKETS 


LLS2&7-a28& 


9£60-76 

*5.10-15 


8.419439 ( SD7.8I-3I 
69.01-18 14^5-SO 

- (4JfeJ-06i 


6J86S526 k^49Mfi45j - 


4&29637TO8.08864Hd8i 5ii688^3 I 82.030^03! ' — 


106JOW 
5L3940 

1CL56-6S 
iSM7 . GraocA. 


J 


Argentina- JT2HM 550 


Argentina 4 1402-1 AM 
Australia _|1J089. 1.8241 

litazif 5I-2W2.2B 

Finland .... 7.71-7.73 

, . — 5J.B1969.! 

IILB3&285 Hrog K«iaB.466i-8-492} Oenmark., 


UA S ID Toronto D.S.=U2.75-77 Canadian can* 
c-n-diM, « ia New Yart =88.72-74 onto. O’. 3. $ hi Milan &S.&0-70 
Sterling in Milan 1588^5-1687.25 


Iron 

Kuwait.. .. 
lanmnb’nd 


Uolvria. JMK04.37SdUa)y . 


X.Zealaad.| 


EURO-CURRENCY INTEREST RATES* 


U4S... 
Canada.. 
C81-..-.J 
- Udi.coDta,. 


729132 Frsn«:„._J 
0^05-0313 Geonany. , 
58.00-58.10 ; Groeee...., 


,1JB8S.J.8l8SaMin,„_. 

Saudi Ambi 0^8-8.56 tNatterl’ni 
5inrapore!ika0&-4.»6raio)wav . J . 
S. Africa.. JlJfl09.I.BOraA}rti^al._i 


' tend 

JH-fi - — i 

88.ES4M.72 jTi^oaJavte 


lUyi 

Sterling 

Ikeuiliin . 
Dollar 

D.8. Dollar 

Odu* 
fimklara - 

Swira 
- franc . 

W. Gorman 
-mark- 

tdboct Icna ... 
7 .lava nofch-e 
MottCh..— — .. 
Threa months. 

motttba. .. 
Oneyear....... 

Wa-83, 

9-10 

lOls-lOSe 

loig.ime 

lOTf-lll* 

losa-me 

7-8 

7-H 

71J-77B 

73i-81s 

Sift-6* 

SU-Ste 

7lB-7te 

71,-718 

74,-8 

7s«-7to 

7tB-8U 

8AU.- 

4ae-4ss 

4a«-4te 

41,^18 

413-43, 

4ia-47g 

-41b^1b- 

A-fti 

Vt 

lVlfi 

-Ua-lfa 

31 ^ 514 ' 

5la-3i4 

31,-3 

3ll39s - 


Rate jdveo for Argentina. ia a free rate. 


One month 1 Three month? 


New York lo .42-0:3 3 c. pmluo. JUBO o.in 
Montreal .'0.40-0,30 o. pn»L05-0.BS e. 


Antt'dam 218-148 c - |an 

Brussels. J2&-15 e. y) u ou-bd e. |»m 
Coptohgn.13-5 ore dJs . . f799^ ore die 
Frankfurt 1 269-159- pi pm 1714-614 




pn 


EunhFremtt deposit rates: twodav 81 per cent.: seven-day 9 per cent.; i'dh ■ StiljWff*' 52 

smooth BMI per cm.: ttrae-moiaa «-i« per cam.: ats^taatt UOvtyP* per eT^s 


one- month *rw mr !«■ ■ -■ ■■■ »» net i_,an, . -f. .. 

MM.; ono year loi-lK per ram. M a drid . — eo c. ,ua *0-140 c. db. 

Long-term Eurodollar dopojits: wo pears Si-N per cant.; three years 8J-S* per ].? d J g . ... liV 16 Urodls 

caw.: fottr years BWU per ceni : Are years SI-SI per. cent 2 r^“ — nro '7-9omdia 

The fo&owtiu:. nominal ra*ra wert oaotrt for London doTJar etQlfiata. ^.deposit: ?Jr?: ,wn I* 1- 

one-nwruh 7J0-7.40 per cesa.; three- mooth JJB-7^8 per cent; rix-moatt 7J0-SJ0 « orMWTioiTOn 3 ^oh3d& 
cent: nno year S.8S2.15 per «cr. \Tenra.-. I 14-4pt. pm |7-17pn,pm 

* Rates arc nominal cal hog rates Zuri ch iSIg-Bto r- P® Pra/fle eu pm 

Sic rf -term rates are rail fsr srerttog U^.-da0ars and- Ca n adian dollars.- two -SbMnantt forward daQar £fl3 ■£se5'‘nm.' 
days 1 Bottoo for snUders and-Swlsa frantoi - i2.moath 433-4.7fic pm. . 


AMONG THE specific aspects of statute are an administratively welfare compensation legislation 
personal injury compensation convenient way of quickly deal- that wc have had in recent years, 
that the Pearson Royal Commis- mg with probems — but adminis- insurers’ protests on this score 
sion was enjoined to consider was irative convenience is not the bare fallen on deaf governmental 
liability for exceptional risks, criterion here. The question is: ears, and the preparatory run in 
The Commission’s discussion of where does the money come from time of much recent legislation 
this subject is set out in chapter t0 pay ^ claims? has been far loo short. 

31 of the first volume of the re- Compensation funds do not fall But al lcasl in cach case 

ktsss MAissjrass 

," e ssr'sfisasas \ss&r« £ 

SSTJSbTw it T 10 ““ !»■*« in whole or in port. funds ond ^^de.iuacy.in 
aider all the Pearson proposals Any alteration of tihe burden f nv j erv , ai I d it : Fact OBDOSe the 
and comment to the Government of liability from a negligence propo^tiS n d that thc PP liabilitv 
departments which have been base to strirt liability requires burden for any one or all of a 
roporting on extra contributions to those whole range of as yet unspecified 

nSSJESFZJSt y ^S 45 - , risks can be altered at short 

Commission s report. Because insurers issue annual notice. 

JSTSlSSr ll Ld Particularly is this so when 

strict uaDuity snoma i>e ^gy nee d a full year s notice of recommendation lSS the last 

thin nr nf any shift in lability burden recommendation of the entire 

Se ^cKriS- firo^SoS “ ? at iM r““ contri ; Report, proposes that 

which bv ‘their 0 unusnalfv hazard butM>ns 011 a coni P lete reQBWal the maker of a siatutoo instru- 
SSsnarore reoSire close SS- c >’ cle - went imposing strict liability for 

fuTand ^tiSleTsvKreitioTi the Any shorter period must leave an exceptional risk should have 
fS lure of whirt ^r cause insurers sbort ^ ^ con ‘ the power ibut not the dutj-) to 

death^ or oersonal iniurv- and tributions and require them to lay down the requirement of 

second those which thou"h norm- d*tau >n advance of the third party insurance and the 

■Svhv Sir nature mb oer- collection of those contributions, extent of minimum permissible 
■ - oy - ? - With much of the social cover. 


fectly safe, are likely, if they 
do go wrong, to cause serious and 
extensive casualties. 

I doubt that at first sight 
many people will quarrel with 
this general proposition. An 
example of the first category 
readily comes to mind as being 
chemical plant, such as the 
Nypro plant at FI ixbo rough. 

But what of the second cate- 
gory— what has the Royal Com- 
mission in mind? Reference to 
paragraph 1643 in chapter 31 
shows that it contemplates “ such 
things as large public bridges, 
dams, major stores and stadiums 
and other buildings where large 
numbers of people may congre- 
gate.” 

To get over the problems ot 
categorisation and definition, the 
Royal Commission proposes in 
recommendation ITS that a 
general Act should be passed en- 
abling the appropriate Govern- 
ment department to table regula- 
tions bringing any specified thing 
or operation within tbe ambit of 
the new law. 

In recommendation 1ST, the 
Commission suggests that such 
regulations should require an 
affirmative resolution of both 
Houses of Parliament before 
conning into effect: such resolu- 
tions in practice can become law 
in a matter of a few weeks from 
tbe first stroke of tbe drafts- 
man’s pen. 

It is here that not only 
insurers and lawyers, but all con- 
cerned with anything or process 
that might conceivably be 
counted an exceptional risk in 
either category, should stand up 
and say firmly that this is not the 
way to deal with the problem. 

No one disputes that regula- 
tions made under an enabling 


LOCAL AUTHORITY BOND TABLE 


Annual 




Anthortty 

gross 

Interest 

Minimum Life of 1 

(telephone number in 

interest payable 

sum 

bond 

parentheses) 






% 


I 

Year 

Barking (01-592 4500) 

10! 

4 -year 

5.000 

4-G 

Barnsley Metro. (0226 203232) 

10 

l-year 

250 

4-7 

Elmbridge (09322/98/2SW4) ... 

10i 

J-year 

1.000 

4-7 J 

Knowsley (051 5486555) 

11 

l-year 

1.000 

57 

Oxford (0865 49811) 

10! 

V -year 

5.000 

57 

Redbridge (01-478 3020) 

101 

4-year 

200 

5^7 

Southend (0702 49451) 

10 

l-year 

250 

3 

Thurrock (0375 5122) 

101 

J-year 

300 

4 

Thurrock (0375 5122) 

101 

J-year 

301) 

5-S 

Wrekin (0952 505051) 

10! 

yearly 

1.000 

5 


S1MCO MONEY FUNDS 

Saturn Investment 
Management Co. Lid. 

20 ( A N N ON STREET T.C4 M <iXF> 
Telephone: 01-236 1425 


Rates paid for. .W/E 14^78 

Call 

7 day 

3 month 

% P-a- 

% p a- 

%?■ »- 

Mon. — ' 

7.065 

— 

Tires. 6.944 

6.953 

— 

Wed. 6.534 

6.931 

7 £25 

Thurs. 6.609 

6.914 

— 

Fri./Sun. 6788 

6.907 

— 


FINANCE FOR INDUSTRY TERM DEPOSITS 


Deposits of £1.000-£25,000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 12.5.7S. 

Terms (years) 34567S9I0 
Interest % 10 10* 10J 11 Hi 11* 111 12 

Rates for larger amounts on request Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Limited. 91 Waterloo Road, London SE1 SXP (01-92S 7823. 
Ext 177). Cheques payable to “ Bank of England, a/c FF1." 
FFI is the holding company for ICFC and FCI. 


i — Weeks Associates Ltd — i 


SUMMARY OF RESULTS 


Croup Turnover 
Profit before Taxation 
Profit after Taxation 
Dividends per Share 
Earnings per Share 


53 weeks to 
2? Jan. 1978 
£8,723,781 
698,186 
698,186 
UP 
9.4p 


Year to 
23 Jan. 1977 
£7. 139.209 
488.757 
310,380 
].16G5p 
8.3p 


ic PRE-TAX PROFITS INCREASED BY 43% 

* TURNOVER INCREASED BY 22% 

* EXPORTS INCREASED BY 22% 


Copies of the Report & Accounts are available from: 
The Secretory, Weeks Associates Ltd, Ferry Road, 
Hcsslcj N. Humberside. HU13 0DZ 


CENTRALE RABOBANK 

Amsterdam, The Netherlands 
Announces the issue of: 

DFLS. 200,000,000 

7i% BONDS 1978, DUE 1979/1988] 

in bearer denominations of Dfls.1,000 each 


Issneprice: % 

Interest payable annually on June 1, without deduction of withholding tax. 


Redemption at par in 10 equal annual instalments from June 1, 1979 until 
1988. 


Application has been made to list the bonds on the Amsterdam Stock 
. Exchange. 

Subscription will be closed on May 9th 1978 at 15.00 hours. 

Telephone: ■ (030) -362832. Telex: 40025 RABO NL. 

Payment date: May 31, 1978. 

' " _ CENTRALE RABOBANK, AMSTERDAM! 

April 28, 1978. . 


J 





32 


This week’s business 
in Parliament 


TO-DAY 

CO.MiUUiVS— Finance Bill, start of 
Committee Stage. 

LORDS — Debates on Future 
housing policy and possible pur- 
chase of U.S. aircraft by British 
Airways. 


SELECT CO.iniITTEES— Expendi- 
ture. General Sub-Committee. 
Central Office of Information. 
Witnesses: Foreign and Com- 
monwealth Office, {Room S. 
4.15}. Public Accounts. Subject: 
Appropriation Accounts. Wit- 
nesses: Department of Industry 
and National Enterprise Board. 
(Room 16 . 5.00). 


TO-MORROW 
COMMONS— Wales Bill, 
reading. 


third 


LORDS— Scotland Bill, committee. 

Tuvalu Bill, second reading. 


SELECT COMMITTEE — Scott Mi 

Onmd Committee. To consider 
tiie Community Service by 
Offenders (Scotland) Bill. 
(Room 1 - 4 . 1 Q. 3 QI. 


Services and Employment Sub- 
committee: Employment and 
training: in the new unemploy- 
ment situation. Witness: Mr, 
Albert Booth. Employment See 
rctary. iRoom 15, 4.00). Public 
Accounts: Subject: Appropria- 
tion Accounts. Witnesses: De- 
portment of Industry. Scottish 
Economic Planning Department, 
Welsh Office. (Room 16. 4.00) 
Overseas Development: Renego 
nation of the Lome Convention 
Witnesses: The Treasury (Room 
li. 4 JO). Expenditure, Environ 
nicnt Sub-Committee: Planning 
Procedures. Witness: Mr. Reg 
Freeson. Minister for Housing 
and Construction. (Room 5, 
5.00). Parliamentary Commis- 
sioner for Administration 1 . Re- 
view of Access and Jurisdiction. 
Witness: Sir John Bancroft, 
H«*3d of the Home Civil Service 
(Room 7. 5.00], Race Relations 

and Immigration: Effects of 
EEC membership on race re- 
lations and immigration. 
Witnesses: Departments of 

Health and Social Security, and 
Education and Science (Room 
11. 5J30). 


WEDNESDAY 

COMMONS — Finance Bill, com- 
mittee stacc. 

LORDS — Solomon IslumJy Bill, 
third reading. Scotland Bill, 
committee stage. 

SELECT COMMITTEES— Expendi- 
ture. Trade and Industry Sub- 
committee. Measures to prevent 
collisions ami stranding of 
noxious cargo carriers in 
vaiers around the li.K. Wit- 
nesses: Department of Trade. 
(Room 1C. 10.30). Unopposed 
Bills Committee. British Rail- 
ways Bill: Union Theological 
College of (he Presbyterian 
Church in Ireland Bill. IRoom 
li. 4.00). Expenditure, Social 


THURSDAY 

COMMONS — Iron and Steel 
(Amendment) Bill, second read- 
ing. Co-operative Development 
Agency Bill, remaining stages. 

LORDS — -Trustee Savings Bank 
Bill, second reading. Debates 
on the enlargement of the EEC 
and North Sea oil licensing. 

SELECT COMMITTEE — Expendi- 
ture. Social Services and Em- 
ploy men t Sub-Committee. 

Employment and training. Wit- 
ness: Mrs. Shirley Williams, 
Education Secretary. 


FRIDAY 

COMMONS— Private 
BIIL-. 


Members 


TOPAY 

COMPANY MEETINGS — 

Merchants Trust CO. Fcnthureh street 
EC., 1 1.45 

5a»oy Hotel. Savoy Hotel. W.C-. 12 
Small (John U and Tldmos. Nottingham, 


WEEK’S FINANCIAL DIARY 


BOARD MEETINGS 
Finals: 


Aberdeen Im. 
Barlows 
Bristol) Estate 
Ware O'FerrjiI 
O.K. Bazaars (1929) 
Sabah Timber 
Tysons (Contractors) 
Usher-Walker 
Williams iBefl) 
Interims: 

Casket is.) 

Pearce (C. H.) 


The following is a record of the principal business and financial 
engagements during the week. The Board meetings are mainly 
for the purpose of considering dividends and official indications are 
not always available whether dividends concerned are interims or 
finals. The sub -divisions shown below are based mainly on last 
year's timetable. 


Kings wood 7pCBits. Red. 15'1'TS 3-:BC Basildon B^ocBds. Red. ID Si7B £4.7771 

■ - ™ ■ m- . . d.a a Pn r nn«fi ■ I J QLnrtUe n**(4 f niS.7D 


Montagu Boston "invest - Tnist 0.873 d £4.7771 _ 

Nevrcudc _»»«• Tvne Tocflos- Rod. ^ 1 


DIVIDEND 4 INTEREST PAYMENTS Rerf . lsrtll , a 3 , K JS2S& SSf UNZSTtS 


4JIUWC Trust 4.9 d. 4pjFt. -i.49C. aitpc North Herdordshlre 7ncBoi. Red- 15-11, To 


SPCPf. 1.75K 


Pf. 1.4875 k. 

BBA Ob. 5K 
Burroughs Coro. 25 cts. 

Bury ana Masco 2.49430 

Calcutta Electric 5u-3p(T 6.25a 

Clarke (T.i 0.60610 

Cow la (T.i Ln. 5K 

EMI Ord. Ln. 2 <: 31- and 2 '.k 

Econo Ln. 3 'j*c 

Elder Smith Goldsbrotigh 4 cts. 

Fodens Db. 4‘agc 

Harmony Gold Mining 18.3242 b 

Northumberland 7 k Red. 7B-60 3 -:bc 


3';pe 


Nortnavon 7pcBdr. Red. IS.'Tl 70 S*?X 
Solihull E^ocBds. Red. 7:11 >79 4i ls ac 
Somerset B'tocBds. Red. 7'11,79 * J »PC 
South viark 6 »»k Red. 8V86 3*OC 


1976) 

Tate ol Leeds 0.62SP (31112/741 
ThMlde Ln. £5.6713 
W'im« Breeden Db. Stipc 


g(.DCBdt Red. TO.5‘79 


10.'S>78 


£4.7771 

Cltester-ie-Street gi*pcBds. Red. 10/S>78 
£4.7771 
Eleca 0-75p 

Exeter SmBCBBS. Red. 1 0/5,76 £4.7771 
Falkirk S^pcBOv Red, IO'SiTB £4.7771 
Strathclyde 7KBnT~i>M Ts 'll 78 3;-gc Federated Land and Building 1-S5 d 
SSSSST^SuSSSvmSSL NliJ. Srt“*Tio SUDCBd*. Red. 10-573 

jlj.ni" ***- 4 F r ■ 

Thamesdown Tdcrm *e Ili7& SI'K GriDhs jnd Dlfldv Ort- A 1>B1 9s 

Looddd 9LiocBds- Red. 10578 

Walwll 7 kU( ^Red 2 '? 5 -'fv "8 3'iK Ham'oshlro gUBCBm. RetL 78-79 4Jinc 

.... Ufarmg anffanS?' i wossn sp *** Hewitt ij.) tFeoton) i.oszp 

Stakis iRco.) Org. 0.765p. .Includes Suop. wSt GlaTOman^WBni. Red. 7 11 79 ‘■ichfield SUpcBds. Red. 1015-78 £4-7771 
Dlflbn. ol 0.009P ola vr. ended 19»Si 4 “Uc 0 Mid LothUn SHocBds. Red. 10/5 78 

WK^Lanosldre ?PC0di. R<*. 1511-73 

w «* , VortMh "* 7oc8to - ,S1t/78 PSKT Zocrioms a 3p 

w!mMiinr gi-rv-Rff. 4 1 1 -80 4)jBC R Jdl>rldOe gUpcSftt. Red. 

TOMORROW 

COMPANY MEETINGS — 

American Trust 4. Melville 
Edinburgh. 12.15 

British Aluminium. 7, Baker Street w„ 

Fecterxied Land and Building. Winchester B.T.R.. Coxun Hall, Westminster S.W.. « Wpst Glimorgan 9 - 4 DcBds. Red. 10/5,78 

House. E.C.. 12 ~ 

Lew Land. Howard Hotel. Temple Place. 

W.C.. 12.15 

Lyon and Lyon. Harfccr House, Knotting- 
ler. W. Yorkshire. 12.15 
Trade Indemnity. 12/54. Great Eastern 
Street E-C.. 12 

United Biscuits. Assembly Rooms. Goorge 
Street, Edinbuign. 12 
Zenith Carburetter. Honey oat Lane. 

Stan marc. Middlesex. 

BOARD MEETINGS — 

Finals; 


Crescent 


wlmtwme 9’iKBds. Red. Sll’80 <£ac R £J^. Q . e 

a *7 7 5 5* „ A , ® r |^ SD RC9> Robinson (ThomaSl 2X44£5p 
4.39775P. A. Ord. -Br.) 4 . 39775 D Roldal-Suldal Kratt A.'S 5>'K 20 Yr. S«C. 

Db. Ln, of 1964 2'tpc 

W CONES DAY. MAY 1» Sand we/ [ 9l^3c8<B ; Red. IQ.5'73 £4.7771 

COMPANY MEETINGS— 


Holt Lovd Inil. 

King and SJuxwn 
London and European,, _ ___ 

Morris and 8 IjU«y wall Pjoew 
Nineteen Twenty -Eight Invest Trust 
Sunlight Service 
Turriff Corp. 
walker (C. and W.l 
In te rim s ; 

Burton Group , . . ...... 

National Bank ol AuSMlMW H 

Transvaal Consolidated Land and 

Exploration 

Warner Estates m 

Williams (Jonn) o» Cardiff 

DIVIDEND A INTEREST PAYMENTS— 

Aberdeen 10>:KBds. Red- 5UdC 

Aberdeen Trust db. 2« (79-84* 

Albright and Wilson Ord. Units 2.6111 

Bracken Mines 12.42796 b 

British Petroleum 15.121P 

Burnley 10':pc6ds- Red- 9'5/79 5<jK 

CUbbons Dudley 1.83656b 

IMtotk Jonnsen 3.643 b _ __ 

Jardlnc Japan Invest Trust 0.8 5p 
Leeds 12*xBCBdS. Red. 5 5/82 6?iePC 
Leslie Gold Mina 4J4978P 
Lothian TO'spCBds. Red- 9'5 79 SWC 
Newham 12'tocSds. Red- 5 5 82 6 -ujjc 
N orth Warwickshire 10 '-:kBov «m 

Ogwr 7 ia^DCBds. Red. 9!5!79_ 

St. Edmundsbunr 101-pCBds. Red. 9/5i79 

5 upc 

St Helena Gold Mines 49.71 iB2p 
Soutn Kcsleven 10'yxBds. Red. 9'3-79 
5i 4 pC 

South Ribble lOiipcBds. Red. 9 '5-79 SI«BC 
Tamcsidc Variable Rate 12 'iPCBds. Red. 
5 5/82 6'u.pc 

Tanbridgc iz-'uxBds. Red. 5,5 33 fa ink 
W inkle Colliery 3 ctx. _ 

Westminster iO>?pcBds. Rco. 9-5/79 Stipe 
Williams and James lEngineen) l-459675g 


Tower Hamlets 9 Uocuos- 
£4.7771 


Red. 10 5/78 


Gibbons Dudlev. Birmingham Metropole w - . oa-w—fc-.j a< s- 

HotcL Nat. Exlfa. Centre. 12.15 Windsor and Maidenhead 9'*pcBdi. Red- 


commerce Rooms. 


10-5 7B £4.7771 
Wolverhampton SUlKBds. 
£4.7771 


Red. 10’5i78 


THURSDAY. MAY 11 


Hotel. 


Averys 

Bank o( Ireland 

Barr and Wallace Arnold Trust 
Booth Inti. 

Central and ShccrwoPd 
Ce stain < Richard) 

F.P.A. Construction 

Henderson (P. C.) 

Lcsncy - 
Malllnson-Dcnny 

Progressive Securities Invest Trust 
Wire and Plastic Products 
Interims: 

Ccaar Invest Trust 

Hall Brothers Steamship 
Investors Capital Trust 
Richards Ltd. 

United Scientific 
Westward Television 


Gibbs and Dandy . 

Luton. 11.30 

Hcwirc (J.) and Sans (Fenton}. Stoke-on- 
Trent. 1 2 

ibstock Johnson. Hyde Park Hotel. 
j^mSSt 3? Lombard Street EC. 

Ottoman Bank, Essex Room. Great Eastern B shcffl!>(d ^*^30 HaIIim Tawer 
_ Hotel., E.C. 1 2.30 Bibby (J.i. Adclphi Hotel. Liverpool. 3 

Rovaf innirance. New Hah Place. Liver- coran. Leicester. 12 
pool. 12 Mtrtalru. Plovgn and Harrow. Birming- 

Robinson (Thomas). Rochdale. Lancashire. ham , 1 1 
12 Moiuran (Knitting Mills). Grand Hotel. 

Leicester. 12 

Rosed umond invest. Trust 41. Bishops- 
gate. E.C.. 11 

Koval Worcester. Brown's Hotel. Dover 
Street W_ 12 

Ruberoid. Dorchester Hotel. W.. 12.15 
Smith and Neohew Assoc.. Grosvenor 
House. Park uvre. W.C.. 11.30 
Svfces ■ Henry 1 . 445. Woolwich Road. 

Charlton. S.E.. 12 

Unicorn Inds-. Castle Hill House. Windsor. 
2.30 

Williams and James (Engineers*. Tara 
Hotel, Upton Sl Leonards. Gloucester. 
12 


FRIDAY. MAY 12 
COMPANY MEETINGS — 

Ault and Wiborg. 71. 5tandcn Road. 

cnambcrlain. The Dorchester. w.C.. 12 
Fmlan (J.». Adelphl Hotel. Livcrpeol. 12 
Jacobs (John). Winchester House. 100. 

Old Broad Street E.C.. 1’-?° „ 
Matthews (Benardi. Norwicn. Norlolk. 12 
Nu-Swltt Inds., savoy Hotel. 3 
Pitney Bowes. Harlow. Essex. 12 
Thomas Tilling. 21. Tothlll Street. S.W_ 
12 

BOARD MEETINGS — 

Final; 

Beales •John) 

Interims: 

Most Engineering 

North Midland construction 

stag Line 
Vaux Breweries 


BOARD MEETINGS 

Finals: 


Allied Irish Banks 
Blshoosgatc Trust 
Deritend Stamping 
External Invest Trust 
Foster 'J.* 

Heal and Son 

Jersey General invest. Trust 
Queens Moat Houses 

Sel-ncourt 

Third Mile Invest. 

Transariartic ana General invest*. 

Interims: 

Akrovd and 5 m it hers 
Pretoria Portland Cement 
Tncovlllc 

DIVIDEND A INTEREST PAYMENTS — Whitchouse (George) 

Barnet 70cBdl. Red. 15.'11/7B 3'- : pc DIVIDEND & INTEREST PAYMENTS — F-mliay" (Andrew R-l 

Corby 7DcBdJ- Red 15,11.70 3»;PC American Express 35 cts. (Sieves 

E.S.E-5. 177 Delglum Frs. American Trust OJSSo Hall (Matthew 1 

Ingham (Georgu) OJISp Assam Trading A Z.Bp HighcroK Invest Trust 


BOARD MEETINGS — 


DIVIDEND A INTEREST PAYMENTS — 
Banro Consolidated Inds- 2.02180 
Beat son Clark 3.1 56p 
British Mohair Spinners 2.003P 
Clay (Richard) 1.8639b 
Crystalatc 0.6 Bn 
Falcon Mines 25 Cts. 

Hynbum 1H;pcBcu. Rep. IOSiB 5kPC 

Lake and Elliot 1.4520 

Lyon Jnd Lyon 3.5p 

Metal ra* 0.6921 So 

Miln Marstcrs 2.3p 

Montfort (Knitting Mills) 2.515B 

Nccpxcnd 0.921 25 p 

P.ttard 2.42a 

Solid tors' Law Stationery Society 2.4085 b 
U niscc 6.5 cts. 

Vantena 2 625pc 


Finals: 

Atlas Electric and General Trust 
Caavdex 


SATURDAY. MAY 13 


DIVIDEND A INTEREST PAYMENT— . 
Diamond Shamrock Europe Db. S'ux 
SUNDAY, MAY 14 
DIVIDEND A INTEREST PAYMENT — 
Treasury 9>:pc 1950 4 Jjpc 



fcarson & Son 


Good results for 1977 from our 
four major divisions 


Pre-tax profits 


£44.9m 


Extracts from Lord 
Gibson’s statement 


Whitehall Trust 
(Banking and investment trusts) 
Lazard Brothers 
Embankment Trust 
Minden Investment Trust 



j;-3a&S 


Pearson Longman 
(Publishing) 
Financial Times 
Westminster Press 
Longman Group 
Penguin Books 
Ladybird Books 




mm 


DouIton&Co 

(Ceramics, glass and engineering). 
Royal Doulton Tableware 
Doulton Glass Industries 
Doulton Engineering Group 
Doulton Australia 
Allia Doulton 





Tribute to Lord Cowdray 
‘1 would like to begin my first report as chairman of 
the Pearson Group by paring a tribute to the 
./'outstanding service riven to the company by my 
predecessor. Lord Cowdray, who retired from • 
the chairmaaship at the end ofl977.’ 


Profit Increase 

l Jn 1977 wc achieved total profits before tax of nearly 
£45.0 million.This is a record and represents an 
increase of 17 per cent over the previous year! 



Kesources for Development 
‘Investments in the United Kingdom and the USA, 
which can over a period be redeployed in our 
t >perating companies and for acquisitions, stood at a 
market value of over £60 million at the end of 1977 
and provide a strong base for further development 
in the future! 














■■■ 








Midhurst USA 

(North American Investments) 


AlW y ll? i/ | V . 


Head Office 

Interest and expenses less other profits 




Group Philosophy 

There has been much argument lately between two 
schools of thought, “small is beautiful”, on the one 
hand and “big is rational" on the other. For our part 
we aim in the Pearson Group to proride a “big” 
framework within which small and medium-sized 
groups can conduct their business securely and with 
as much autonomy as possible’ 


Annual General Meeting 
‘I hope that as many shareholders as possible will 
attend the annual general meeting on 26th Mat: 
There will be an opportunity for shareholders to 
meet members of the board informally after the 
.meeting if they so wish' 


Stop Press 


Since the year end we have acquired Madame 
Tussauds for £14 million. We believe the field of 
entertainment is an attractive one in which to invest 
as leisure, tourism and spending power increase. 
Madame Tussaud’s has excellent management and 
a proven ability to generate cash and will head up 
the group’s new leisure division. 


Financial Times Monday May 




if.'. 


(£L8m) 


( 


| To: The Secretary 

{ S. Pearson & Son, Limited 
J Millbank Tower 
j . Mif I ban k, London SWIP -KJZ 


J Please send me a copy ofthe 1977 Annual Report, j 


Name 


Attributable Profit before taxation 


Profit after taxation 


£333m 


| Company 


- I 


£I6Jm 


Address 


Earnings per ordinary share 


23.7p 


Dividends p er ordinary share 
Turnover 


6.8p 


vr. 


£328.5m ^ 




The Building and Civil KngiccTin- page 
is published in the Financial Times every 
Mondav and carries news items refat mg lo 
contracts and important developments In 
the Consti-uction Industry. 

For details of the advertising space 
available on the page each week, and costs, 
vou are invited to telephone 

0I-S48S000.Ext.S60 
or write to The Advertisement Director 
Financial Times 
10. Cannon Street, London 
KC4P4BY. 




Description 


Tdeplione 


9 DIE. 1750 FT/HIN SUP TYPE ROD 
DRAWING MACHINE equipped with 3 speed 
100 hp drive, 10" horizontal draw blocks. 

22" vertical collecting block and 1000 ib 
spooler. { Max. inlet 9 mm finishing down 
to 1-6 mm copper and aluminium). 

& BLOCK (400 min) IN LINE, NONSUP WIRE 
DRAWING MACHINE in excellent condition 
0/2001 r./ min. variable speed 10 hp per block 
^ 1968). 

24" DIAMETER HORIZONTAL BULL BLOCK 
By Farmer Norton (1972). 

SUITING LINE 500 mm x 3 mm x 3 ton capacity. 

TWO VARIABLE SPEED FOUR HIGH ROLLING 
MILLS Ex. 6.50" wide razor blade strip 
production. 

MODERN USED ROLUNG MILLS, wire rod 
and tube drawing piant-— roll forming machines— ~ 
slitting — flattening and cut-io-length lines — 
cold saws— presses— -j uillotinos, etc. 

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

1970 CUT-TO-LENGTH LINE max. capacity ! 

1000 mm 2 mm x 7 tonne coil f ul)y } 

overhauled and in excellent condition. 

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

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

6 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia. x 25 hp Drawblocks. 

2 IS DIE MS4 WIRE DRAWING MACHINES 

S.OOOft/Min. with spoolers by Marshal Richards 

3 CWT MASSEY FORGING HAMMER 
— pneumatic single blow. 

9 ROLL FLATTENING MACHINE 
1.700 mm wide. 

7 ROLL FLATTENING MACHINE 

965 mm wide. 

COLES MOBILE YARD-CRANE 

6-ton capacity lattice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLLING UNE 10" *8" rolls x 75 HP 
per roll stand. Complete with edging rolls, 
turks head flaking and fixed recoil er. air 
gauging, etc. Variable line speed 0/750ft./min. 
and 0/1500 ft./min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE < 1973) by 
Thompson and Munroe. 


0902 42541/2/3 
Telex 336414 


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


0902 42541/2(3 
Telex 336414 


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


0902 42541/2/3 
Telex 3364 M 


FINE BORER— VERTICAL 2-SPINDLE. Capacity 
12" dia. depth 14". Infinitely variable 
hydraulic feeds. New and unused due to 
change of programme. For sale at several 
thousand pounds below new price. 

BAR PEELER— 4” CENTRLESS. Reconditoned 


INTERNAL GRINDER 60" DIAMETER— BRYANT 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 3364)4 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42S4I/2/3 
Telex 336414 


0902 4254 1/2 -3 
Telex 336414 


0902 42541/2/3 
Telex 336414 


01-928 3131 
Telex 26177 1 


BENDING ROLLS 8' x } a . Excellent. 


NEW BRITAIN GRIDLEY 6 SPINDLE 1" 
AUTOMATIC. Rebuilt. Will turn and index 

. to maker's limits. 

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

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

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

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

MACHINING CENTRE. Capacity 5ft x 4ft x 
3ft. 5 Axes continuous path 51 automatic tool 
changes. 5 tons main table load. Main motor 
27 hp. Had less than one year's use and in 
almost new condition. For sale at one third 
of new price. 

WICKMAN 3* SINGLE SPINDLE AUTOMATIC. 
Extensive equipment. EXCELLENT CONDITION 

WICKMAN li 6SP AUTOMATICS 1961 and 1963. 
EXCELLENT CONDITION'. 

CINCINNATI CENTRELESS GRINDERS. 

Sizes 2 and 3. EXCELLENT. 

4.000 TON HYDRAULIC PRESS. Upstroke 
between columns 92” x 52" daylight 51*. 
stroke 30". 

COLD HEADERS BY NATIONAL 
J" and J" DSSD EXCELLENT 

ANKERWERK 400 TON INjECTION MOULDER. 
Reconditioned. 

HME 70 TONS PRESS DCP3. Bed 36" x 34" 
stroke 6". EXCELLENT. 

HEY No. 3 FACING & CENTRING. 

Between centres 35". Reconditioned. 


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

Telex 261771 
01-928 3131 
Telex 261771 


01-928 313! 
Telex 261771 


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


01-928 3131 
Telex 26177! 

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


01-92S 3131 
Tciex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 


WANTED 


MODERN USED ROLUNG MILLS, wire rod 
and rube drawing pJam— roll forming machines 
— shinn j—: flattening and cur-to-lenach lines-*- 
cold saws — presses — guillotines, etc 
WANTED, WHEELED AND TRACKED 
EXCAVATORS, JCB* S M/F and RB's— 


0902 42541/2/3 
Telex 336414 


(0B862 ) 261 


CLASSIFIED ADVERTISEMENT RATES 


Commercial and Industrial Property 
Residential Property 
Appointments 

Business & Investment Opportunities. 
Corporation Loans. PrnHiiMim, n.'.l 


usuiv** oc mve&uneni (Jpporiunilics 
Corporation Loans, Production Capacity 
Businesses for Sale/Wanted v ^ 

iluAntinrt Wntftrf f'r.wt., . a * 


per 

dnUJftf 

column 

hae 

cm. 

C 

£ 

4 sn 

1 14.00 

"00 

S.00 

4.5(1 . 

14.00 

5J25 

16.00 

4.25 

23.01*- 

2.75 

10.00 


Businesses ior sale/ Wanted 
Education, Motors. Contracts & Tenders 
PersonoL Gardening 
Hotels and Travel 

Book Publishers 

Premium posiiiwis available 
(Minimum size 40 column cms.) 

H.50 per single column em. extra'. 

_ for further details a nte to; 

Classified Advertisement Manager, 
Financial Times. Ift, Cannon Street, EC4P 4 


■ i' 




t 


i 


TASMAN PULP AND PAPER 


Problems mount as strike goes on 


BY DAJ HAYWARD IN WELLINGTON 


NEW ZEALAND'S largest Indus- 
trial enterprise, Tasman Pulp 
and Paper Company, has suf- 
fered a financial setback through 
a bl tter six week long strike 
which has turned the company 
into an industrial battleground. 

Tasman, with assets oF 
SNZ250m. and total sales last 
year of $NZ140m., of which more 
than SNZlOOm. were export sales, 
plays a vital role in the New 
Zealand economy. It is also a 
major supplier of newsprint to 
Australia. 

_ But the company’s plant at 
Kawerau bas been idle for six 
weeks, in what began as a wage 
dispute but which has now 
become a wrangle over payment 
to suspended workers laid off 
during the strike and guarantees 
demanded by the unions against 
similar suspensions in any 
future Industrial strike. 

The company has lost more 
than $NZ750.000 a day since the 
strike began, and export orders 
of $NZ30m. have already been 
lost. Many New Zealand news- 
papers are already reduced in 
size because newsprint stocks 
are rapidly pinning out and 
unless emergency supplies can be 
obtained from Canada and otber 
sources, some smaller newspapers 
may have to suspend publication 
• entirely within, the next few 
weeks. 

The permanent effects of the 
strike could be severe — and the 
Minister of Labour, Mr. Peter 
Cordon and Tasman executives 
have found It necessary to deny 
reports that the company may 
have to go into liquidation. 

This is unlikely, but the 
permanent loss of export mar- 

Earnings up 
at Enher 

By David Gardner 

BARCELONA, May 7. 

ENHER SA, the electrical firm 
belonging to INI, the state 
holding company, reports a 23.5 
per cent, increase in turnover 
during 1977 to 5.35bn. pesetas 
(S66m.) and a 42:7 per cent, 
increase in profits to 1.07ba. 
pesetas ($13m.). 

Enher serves the Catalan area, 
where electricity consumption in 
1977 rose 4.2 per cent, against 
a national average of 3.S per 
cent. Enhor’s share of the 
Catalan consumption rose S.6 
per cent.. 

The shareholders meeting 
agreed on a dividend payment 
of 7.7 per cent., against a tradi- 
tional payment of 7 per cent.. 
and also on a 50 per cent, capital 
increase of Sbn. pesetas. 


kets through customers being 
forced to find alternative sources 
of supply during the strike could 
lead to a shut down of one or 
even two of the company^ paper 
making machines. This would 
mean a big lay-off in staff, and 
add to New Zealand’s serious 
unemployment situation. 

Mr. Gordon has already 
stressed the serious financial 
situation of the company. It -is 
believed the Government is 
considering' introducing .emer- 
gency legislation to force the 
strikers back to work, but this 


entire New Zealand cheese 
industry. 

The New Zeeland Government 
has a 34.02 per cent sharehold- 
ing Id Tasman and Associate 
Minister of Finance, Mr. Hugh 
Templeton admits that the 
Government is deeply concerned 
over the financial viability of the 
company. Last year, the Govern- 
ment restructured the company's 
capital to overcome liquidity 
problems. Now. the six weeks 
stoppage has eaten away this 
year's profit. 

This is a blow for Tasman, 


Tasman Pulp and Paper Company, the largest of New Zealand's 
industrial concerns, is facing the effects of a six-week strike, 
which is seen as threatening the permanent ioss of export 
markets, add causing financial problems in view of loss of 
sales, and a rising debt burden against the background of- the 
company's long history of strikes and industrial disputes. 


cannot be done until after Par- 
liament resumes on May 10. 

One effect of the' strike will 
probably be a definite “ go 
ahead ” decision for the new 
Australian Newsprint Mills plant 
at Albury. Tasman and the New 
Zealand Government have been 
fighting proposals for the new 
Australian plant because this 
will cost Tasman millions of 
dollars in export sales — a loss 
which New Zealand can ill 
aflurd. 

The importance of Tasman's 
contribution to the New Zealand 
economy is seen when its sales 
are measured against those of 
some long- established agricul- 
tural products. Tasman’s earn- 
ings were SNZllm . — or 12 per 
cent, more — than those .of the 


which has suffered from a long 
history of strikes and industrial 
disputes. Planned expansion at 
the mill was delayed for 16 
months because of a series of in- 
dustrial disputes between 1972 
and 1975. This cost the company 
SNZ50m. in lost production. In 
1966-67, it lost another $NZ12is. 
in sales because of trade union 
stoppages in protest at the 
Government's wage legislation. 

Towards the end of last year a 
strike by timber workers who 
fell the logs for the factory 
caused a production sales loss of 
SNZ7m. 

Tasman Pulp and Paper was 
established in 1952 specifically 
to process the huge forest area 
developed in New Zealand to 
provide relief work during the 


depression of the 1930's. The 
British-based pulp and paper 
merchants, Reed, and the Com- 
monwealth Development Finance 
Corporation joined the venture. 
Bowater Paper Corporation 
acquired a 211 per cent share- 
holding in 1959. it also nego- 
tiated a 20-year marketing con- 
tract over the output from 
Tasman. In return Bowater sur- 
rendered its Australian market 
to New Zealand, and Tasman 
became the main supplier of 
newsprint to both countries in 
1963. the sole Australian news- 
print manufacturer, Australian 
Newsprint Mills Holding 
acquired a stake in Tasman. 

Bowaters sold its share of 
Tasman to the New Zealand 
Government and the major New 
Zealand shareholder, Fletcher 
Holdings in 1974. Later Fletcher 
took over the Reed shareholding. 

Ordinary shareholders of 
Tasman now comprise: Fletcher 
Holdings, 36.5 per cent.; N2. 
Government 34.02 per cent; 
Australian Newsprint Mills 20.62 
per cent.; public shareholding 
7.86 per cent. 

The company produces in a 
full year, 280.000 tonnes of news- 
print, 166.000 cubic metres of 
sawn timber and 1,810,000 tonnes 
of logs. 

A major problem for Tasman 
in 'the past few years has been 
to generate sufficient cash flow to 
meet its overseas dept repay- 
ments. Its liabilities at March 
last year topped SNZlOOm. In- 
dustrial disputes prolonged the 
expansion programme so that the 
company had to borrow $NZ75m. 
overseas instead of the $NZ55m* 
originally hoped. This has 
added to its debt interest burden. 


Sime Darby sells Marryat to Tecon 


FINANCIAL TIMES REPORTER 

SIME DARBY London has agreed 
to sell Tecon the whole of the 
issued share capital of Marryat 
Group for £2.78m. 

The Marryat Group, which 
became a. wholly-owned sub- 
sidiary of Sime Darby London 
in 1976 for a price of £1.9m„ 
is engaged in the manufacture 
and sale of lifts and escalators 
and mechanical handling equip- 
ment, and undertakes mechani- 
cal and electrical contracting, 
through its operating sub- 
sidiaries Marryat and Scott, 
Marryat Handling. Marryat Jack- 
son Norris, and Transnorm- 
System Planungs und Vertriebs 
GmbH. 

Tecon is a member of a group 
of companies owned and con- 
trolled by members of the 
Murchison family, based in 
Dallas. Texas, who have sub- 
stantial interests in. civil engi- 


neering, major building con- 
struction, house building and 
property development. - The 
acquisition of the Marryat 
Group will be its first direct 
investment in the Uii. 

The accounts of the Marryat 
Group show net assets at June 
30, last year of £1.67m. The net 
loss before taxation for the year 
lo June 30 amounted to £213,930. 

The Board of Sime Darby 
London intends to apply the 
proceeds arising from the sale 
of the Marryat Group (together 
with the proceeds arising from 
the sale to the Sime partner, 
Sime Darby Holdings of its 
portfolio investment in Con- 
solidated Plantations, announ- 
ced recently) to the reduction 
of the borrowings of the Sime 
Darby London group, and for 
further investment in areas 
“more closely related to the 


traditional skills and experience 
of Sime Darby- London." 

Mr. James Scott, chief Execu- 
tive of Sime Darby Holdings, 
said that the Marryat sale should 
not be interpreted as a first step 
by Sime Darby to divest itself 
of its interests in Europe. 

Sime Darby, said Mr. Scott, is 
“ pursuing investment oppor- 
tunities within Asean and in 
other areas — including West 
Asia, Australia and Europe. 

SEAT to build plant 

SEAT, the car manufacturers 
based in Barcelona, Pamplona 
and Martoreli, is to build a new 
plant which will produce gear- 
boxes in Prat de Llobregat in 
the province of Barcelona, writes 
David Gardner from Barcelona. 
The company is 36 per cent 
owned by Fiat, Turin, and 35 per 
cent, by INI. 


BOND DRAWINGS ' 

Tfte Mowing bond numbers were hoi re* Bible m some l»ues ot the 2BI4j7B. 

INTERNATIONAL UTILITIES OVERSEAS CAPITAL 
CORPORATION 

(1|% GUARANTEED SHIPPING BONDS DUE 19B2 
NOTICE IS HEREBY GIVEN l**»* Pursuant to condition 5 of tht term! and 
conditions ol the Loan and Clause 2 of the Tru s t D eed d £' ca “ coJ«ratfon d *''the 
May. 1972. between International Utilities 0»OTSeJ= Capita)- Corporation. tne 
Company ". GMaas-Larten Shi point). Corporation. IfiC ^rTai^umhen 

Corporation Limited “tne Trustee . the bonds bearing the loltowino . serial numuers 
have been drawn for redemption on 15th May. amount 

SinLing Fund requirement at ifu: redemption price ot 10Q?* ol the principal amount 
thereof. 

The redemption payment ol each Bond drawn forjetfemgtion^ wi» became ^due 
and payable on ism Mary. 1978- Interest on each such Bond will cease to accrue 
an ar after stifli dare. 

3S90 3627 3729 5BOS 3B14 

3B97 3917 3974 3997 4000 001 1 

4071 4Q9Z *094 4100 4119 

4291 4323 4330 4377 

4459 4463 4466 4470 

4584 4 SB 5 

4743 4751 

4354 4859 

5006 5021 

5214 5224 



Grumman 

profits 

down as 
sales rise 

NEW YORK, May 7. 

GRUMMAN Corporation has an- 
nounced a 26 per cent fall in 
net income for the first quarter, 
to S5.S8m., or 72 cents, from 
S7.93m.. or $1 a share, in the 
same period last year, in spite 
of a rise of 13 per cent in 
sales, to £41 0.7m.. from S3 62. 3m. 

The increase in sales is attri- 
butable primarily to deliveries 
of -E-2C Hawkey e aircraft to the 
Government of Israel, which 
began late in 1977, and to 
Gnumnan Flxible bus sales. 
Grumman Flxible was acquired 
as a subsidiary oE Grumman 
Allied Industries early in 
January of this year. 

Consolidated earnings were 
depressed by development and 
start-up costs for new commer- 
cial programmes, and the effects 
of severe winter weather on 
truck body and fire equipment 
production. Interest costs also 
increased, because of the borrow- 
i ing required for the acquisition 
of Flxible. “We anticipated the 
impact of development and 
start-up costs and higher interest 
| expense on our first-quarter 
earnings as pan of our planned 
growth in commercial activities." 
Grumman chairman Mr. John C. 
Bierwirth said. 

“We have made some very 
encouraging progress in develop- 
ing our commercial businesses,! 
and we look Tor continued im- : 
provement over the remainder I 
of the year." , ] 

The company's backlog at: 
March 31 was Sl.Sm., including 
S750m. for the F-I4 programme, 
compared with backlog of 81.7m., 
j which included $866m. for the 
same programme a year ago. 
Agencies 

Fairchild 
Camera gain 

NEW YORK, May 7. 
FAIRCHILD Camera and Instru- 
ment increased net profits in the 
first quarter to S5.7m., or SI.. 06 
a share, from S2J2m., or 41c a 
share in the first three months 
last year, on sales of $1 16.8m., 
against S115m. 

Mr. Wilfred J. Corrigan, the 
president and chairman, said at 
the company's annual meeting 
that although the economic out- 
look was uncertain, “ the Tone of 
our business currently is strong." 

New orders in the first quarter, 
he said, were a record for any 
quarter in the past four years. 
AP-DJ 

FiMxciiL Hmu.. pu M abed djily excevt Sun- 
day* and honoav'- UA utbccrlpnon S3tW.uu 
(air Ireiciiii situ . 00 ialr nulli per annum, 
^tetrad clan tfcwiacc paid at New York. N.y. 


Diarv 


BT looks for expansion 
and acquisitions abroad 


BY CHARLES BATCHELOR 

BUEHRMANN - TETTERODE 
(BT), the diversified manufac- 
turer- and wholesaler of office 
supplies, stationery and toys, 
expects to achieve good profits 
in 1978. This follows a 6 per 
cent, rise in net earnings to 
FlsBS.Sm. last year, and a 24 
per cent increase in sales to 
Fls.l.50bn. 

The company plans to continue 
to expand abroad, it says in its 
annual report. The share of 
foreign safes in total turnover 
has already risen to 43 per cent., 
from 39 per cent, in the past 
five years. The extent of the 
foreign expansion is partly 
hidden by the fast rate of growth 
in Holland. The company now 
employs 30 per cent of its 
capital abroad. 

Foreign expansion exposes BT 
to currency risks, however, and 
it wrote off Fls.l.6m. against 
reserves as a result of tbe 
devaluation of the Spanish peseta 
last year. Talks have been con- 
cluded with a Lyons-based toy 
producer and BT is now only 
awaiting the approval of the 
French aulhorties to go abead 
with the purchase. It is still 
interested in acquiring a com- 


pany in the Paris area, to com- 
plete its. coverage of the French 
market. 

BT expanded its toy interests 
last year by acquiring a stake 
in the Belgian importer and 
wholesaler, Unica. The board 
producer, Gebr. Hermans, was 
expanded in 1977. while another 
Belgian interest, Papeteries de 
Mont Saint Guiben. in wbirh BT 
took a stake in 1976, expects, to 
be out of the red in the third 
quarter of this year. 

Investments rose to Fls.71.lm-, 
from Fls.53.lxxi. last year. After 


AMSTERDAM, May 7. 

several years of expansion of 
BT's industrial activities, it now 
plans to place emphasis on tbe 
service sector, in particular trad- 
ing, which accounted for 40 per 
cent, of turnover in 1977. 

BT increased volume sales in 
its paper and hoard divisions 
although sales by value were 
only slightly higher, and prices 
were under constant pressure. 
Tbe restructuring of the Dutch 
board industry is going ahead 
slowly, while higher imports and 
the weakness of the dollar have 
increased the difficulties. 


Malakoft again advances 


BY WONG SULONG 

MALAKOFF BERHAD, tbe 
plantation subsidiary of Bouslead 
Holdings. has reported a 
doubling of its profits for tbe 
second consecutive year, and is 
paying a higher dividend as well 
as a one for three scrip issue. 

Pre-tax profits for last year 
were S.2m. ringgits (SUS3.9m.) 
compared with 4.06m. ringgits 
in 1976, and 2.4Sm. in 1975. 


KUALA LUMPUR. May 7. 

The company is paying a final 
dividend of 7-5 cents, and a 5 
cents dividend on the new scrip 
issue, which together with the 
interim payout or 7.5 cents, will 
bring the year's total dividend 
to 20 cents (11 cents for 1976). 

Boustead Holdings bold about 
54 per cent, of the shares of 
Malakoff. 


u:k. trade fairs and exhibitions 



Date 

May S— 12 . 
May S — 12 . 
May S— 12 . 
May 9—11 . 
May 14 — 17 
May 15—17 
May 15—19 
May 16—19 
May 21—24 


May 24 

May 31— June 3... 

June 5 — 8 

June 5—8 

June 5 — 9 

June 6—8 

June 9 — i7 


Title 

Electronic Test and Measurement Equipment Exbn. 
Int Welding Engineering Exbn. and Conf. 
International Diecasting Exhibition 
European Computing Congress and Exbn. 

Meat Trades Fair 

lnt. Domestic Electrical Appliances Trade Fair 
Materials Handling and Factory Equipment Exbn. 
Speci build (building products) Conf. and Exbn. 
lnt Conf. and Exbn. European Cellulose and 
Paper Assoc. 

Business to Business Exhibition 

Royal Bath and West Show 

British Hospitals Exhibition 

Decorative products trade exhibition. (Walpadex) 

Jnd. Process ConL Instrumentation and Systems 

Print Fair ’7S 

The Fine Art and Antiques Fair 


Venue 

U.S. Trade Center, W.l. 

HarrogaLe 

Olympia 

Wembley Conf. Centre 
Alexandra Palace 
Nat. Exbn. Centre. B’ham 
Belle Vue, Manchester 
Olympia 

Connaught Rooms, W.C.1. 
Horticultural Halls, S.W.L 
Shepton Mallet 
Olympia 

NaL Exbn. Centre, B’ham 
U.S. Trade Center. W.l. . 
New HorL Hall, S.W.l 
Olympia 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


sis ig| mi 

» im 

5211 5 £3 

9181 9191 

■354 9356 

£*02 9414 

9496 

9545 9560 95£»1 

9635 9651 9653 

9722 9731 9735 9TK 

9768 9772 9UZ soon »<« 9677 9692 9693 96 

The above Bond NutoOcrs "HI £ v'^Sl ■** us/"" 

,„,ERN*T, 0 »., C u"T E ,rffi!i L SSSMISSIiSl CORPORATION. 

Dated 2BU» April. 197B. MOTICE „ 

Bond Number 21318 previously called lor redemption not *s yet b« 
presented lor payment. 


May 13—20 Woodworking Machine Exhibition 

May 16—20 Welding Fair 

May 19 — 27 Public Works Exhibition 

May 23—26 International Advertising Market 

May 23 — 25 European Petroleum and Gas Conf. and Exbn. 

May 23 — 26 World Exbn. and Conf. on Industrial Development 

May 28 — June 1., International Industrial Equipment Exhibition 
May 30— June 4.. InL Fair of Equipment for Civil Protection 
May 31— June 3. . lnt. Bio-Medical Engineering Exhibition 

June 2—11 International Trade Fair 

June 4 — 8 Israel Technology Week 

June 12 — 16 World Congress on Automatic Control 

June 13 — 21 InL Rubber and Plastics Conf. and Exbn. 

June 15 — IS Solar Energy Exbn. and Congress 


Milan 

Zagreb 

Paris 

Paris 

Amsterdam 

Basle 

Brussels 

Kranj. Yugoslavia 

Stuttgart 

Barcelona 

Jerusalem 

Helsinki 

Paris 

Genoa 


BUSINESS AND MANAGEMENT CONFERENCES 


COMPANY NOTICES 


banque franc a.ee pu co mmerce exterieur 
USS25.QQQ.QOO— FL OATING RATE N OTE5 DUE 1983 
In accordance with the provisions of the above notes, the 
rate of interest has been fixed at Jg per annbm for the semi- | 
annual period ending October 27, 197B. , * 

Interest due on such datq will be payable upon surrender of 

Coupon No. 4. INTERNATIONALE A LUXEMBOURG 

Socle te Anonyme 
Trustee 


TENDERS FOR GBtATER LONDON « l UJ 

1967. to the .amount TtiTft.nM, 

I. tSch TMder ■“£* SB 

rtSe’MN Wll J*.#"** Mld * 

accepted , S u iT rt> ?. e tte 1 amounts due in 1 

(hr noM^Of rclert‘WJ»to' Tenders. 

M cpSnpmui” OTmbwW Seratas- 

tlw County Hall. 

London SEJ 7PB. I 

atb May. 197»- 


NOTICE 

ANNUAL REPORT OF 
SAAB-5CANIA AKT1EBOLAG, 
SWEDEN 


Knon nfSAAB-SCANW Atortobgcmwyg 

1S1077 attunes 

8,1F78-aiil« ofices ot. 

CJTIflAMCNA. 

336 Strand 
lordonWQKIHB 
SAAS4CANJAACT£fiOW(7 


CANADIAN PACIFIC LIMITED 
* finsorpoi“»t*d In Canada) 

N % B gs^5 E ^ L cT. L WAY 

hi preparation kw the pavmeTrt W 

vsTei 

SSWf'.iSf hoboed in' 3rd 

July. 1978. w BEEV| _ 

Deputy Secretary- 
*50. Finabury Sjigjc. 

London EC£A 1DD * 

Qtti May. 1976- 


May 10 — 12 Advanced Management Research: Management 

Skills for Women 

May 12 London Chamber of Commerce and Industry: Ivory 

Coast Business Forum 

May 15-June 2. . Urwick Management Centre: Senior Management 

May 15 — 19 Kepner Tregoe: Decision Making for Senior 

Management 

May 15—16 Financial Times: The North Sea and its Economic 

Impact 

May 16 European Study Conferences: The Finance Bill 19fs 

May 16 Inst, of International Licensing Practitioners: Nuts 

and holts- of technology transfer 

May 16 British Plastics Federation: Plastics Component 

Engineering 

May 16—17 AMR International; Project Financing 

May 16—19 International Labour Office and Ministry of Labour, 

Turkey: Int. Symposium on new trends in the 
optimisation of tbe working environment 

May 17 — 19 , European Association for Industrial Marketing 

Research: Annual Conf. Theme — Marketing 
Decisions with Floating Currencies 

May IS — 19 New York University: New Products— a. systematic 

approach 

May IS— 19 Management Centre Europe: Top executives brief 

on Strategic Business Planning by Dr. Michael 
J. Kami 

May 19—21 ; Junior Chamber Scotland: National Conf. on role 

and responsibilities' of the media 

May 22—23 European Study Conferences: Choosing and using 

trade marks in the Common Market 

May 23 CAM Foundation: Media Solutions to Marketing 

Problems 

May 23 Oyez: Annual conference for Landowners, Fanners 

and their- -Advisers on Tax and Financial 
Planning 

May 23 Westminster Chamber of Commerce; Seminar on 

Exporting 

May 23—26 Marchroont; International Tar Planning Conf. 

May 24 Imperial College: International Finance 

May 24 British Institute of Management: Cost savings 

through materials handling 

May 24 — 25 * Anthony Skinner Management: Improving stock 

control 

May 34—25 Institutes of Chemical Engineers and Civil 

Engineers: Successful completion of overseas 
projects 

May 25—26 European Study Conferences: Double Taxation — 

Taking advantage of international agreements 


Churchill Hotel, Wl. 

69. Cannon SL, E.C.4. 

Slough 

Perry Hall HoteL Browse rove 
Grosvenor House. W.l. 

Royal Lancaster Hotel, WJJ. 

Imperial College, S.W.7 

RAPRA, Salop 
Portman Hotel, W.l 


Istanbul 


Zurich 

London Hilton, W.l 


Copenhagen 


Luxembourg 

48 SL Martin’s Lane, W.C.2 

Savoy, W.C.2 

Caffi Royal, W.l 
Barbados 
London, S.W.7 

Tickled Trout Hotel. Preston 

Piccadilly Hole], W.l 


UM1ST, Manchester 
Old Government House 

HoteL Guernsey. 




■■ The Company has further consolidated 
its position as one of Britain’s major life insurance . 
companies and innovators, with total premium 
income of nearly £124 million per annum, sums 
insured in force of over £2,000 million and total 
assets of £540 million, including pension funds 
of over £100 million. 

During the year, many of the older-established 
life offices entered the unit-linked field, 
confirming the increasing trend in the insurance 
market towards this class of business. This can 
only be to the benefit of the Company which, 
whether measured by assets under management, 
premium income or new business, is the largest 
unit-linked life insurance company in the country 
and, indeed, the world. ■■ 

Extract from the 1917 
Chairman’s Statement 
by John Clay, April 1913. i 


I Hambro Life 

Britain’s largest unit-linked insurance company 



We want 

your board of directors 
to decide the future 
of the Red Cross. 


Unlike most businesses, inflation and rising costs dout 
eat away at the profit margins of a charity. Simply because 
there is no profit. 

Instead, they effect us in another way that has more 
serious consequences both in the short and Jong term. 

Since the Red Cross has no profit as a cushion against 
inflation, this has to be covered with money from reserve 
funds. Funds that would normally be held back for 
emergencies or special international projects. 

In just two years, the cost of equipment and relief 
supplies have risen dramatically. For instance, the cost of an 
Ambulance 1 has increased by 40%. A wheelchair by 55%- 

Unless something is done now, our future could be in 
jeopardy. 

This is why we are asking your board members or their 
charitable trust to consider whether they can help the 
Bed Cross 

The Red Cross + 

If you would like further information about the Red Cross, please don’t hesitate 
to get in touch with Derek Barson. Director General, The British. Red Cross 
Society, 9 Grosvenor Crescent, London SWIX 7EJ 


v 




Financial Times 'Monday 5Tay 8.1SZ8. ; 


ERSE 


ARKE 


INTERNATIONAL BONDS 


BY MARY CAMPBELL 


Trends clarified despite holidays 


CURRENT INTERNATIONAL BOND ISSUES 


Amount 


Borrower* 


A v. life Coupon 
Maturity y«rs 5 © 


THE FACT that the Eurobond 
market saw only three fully 
operational trading dais last 
week, and will see only two this 
week, has meant that for two 
weeks running the market will 
have been only half working. 
Last week it was holidays which 
turned the market off — the 
May 1 holiday throughout 
Europe on Monday and the 
Ascension Day holiday on the 
Continent nn Thursday. This 
■week the Association of Inter- 
national Bond Dealers fAIBD) 
H meeting in Zurich on Thurs- 
day and Friday, but Wednesday 
will also be a slack day. as 
dealers fly off for the meeting. 

Despite the various distrac- 
tions, however, the trends in 
the market clarified in several 
directions last week. The most 
notable developments were in 
the D-mark sector, where the 
announcement of a low figure 
for new foreign bond issues in 
the rst fihalf of this month — 
DM 340 m. — combined with the 
reaction to the sharpness oF the 
previous week's falls to cause 
some recovery in prices. Those 
active in the D-mark sector do 
not question the argument that 
yields had previously gone too 
low: however, by Friday they 
were arguing that the recovery 
reflected some return of demand 
front investors, as well as a 
technical reaction. 

In the dollar sector, there was 


considerable evidence last week 
that the Eurodollar markets in 
general, including the Euro- 
dollar bond market, were begin- 
ning to take account of the 
upsurge in interest rates in the 
U.S. . The only major new issue 
announcement of the week, 
Ontario Hydro's S 125 nu high- 
lighted this. Compared with out- 
standing secondary market 
yields, particularly after the 
customary allowance is made for 
the selling group discount, it 
looked almost generous by Euro- 
bond ' market standards. How- 
ever. by comparison with yields 
on New York foreign bonds, this 
was not the case. 

It seems likely that a major 
factor holding up the prices oF 
dollar bonds in the secondary 
market in Europe during the last 
ten days has been the technical 
one of dealers covering short 
positions in advance of the two- 
week flat period. However, last 
week, the prices of fixed rate 
bonds did start to fall. A pointer 
towards likely further weakness 
was the firmness of floating rate 
note prices — it is now cus- 
tomary for prices in this sector 
to rise with the expectation of 
increasing interest rates, since 
investors can reckon on Lheir 
yields keeping pace with interest 
rates generally. 

No new issue announcements 
were expected over last week- 
end in any sector. However .the 
full DM 340 ui. allocated for the 


first half of this month is due 
for announcement this week, as 
are also several yen bonds. 

The D-Mark calendar will be 
led off to-day with a DMIOOm. 
short maturity issue for In- 
dustrial Bank of Japan, with 
Deutsche Bank as lead manager. 
The Capital Market subcommit- 
tee will meet again on Friday 
to agree the calendar for the 
second half of May. 

In the yen sector, terms are 
due to be fixed this week fur 
the Quebec Province and Vene- 
zuela issues. 

The likelihood of new issue 
announcements in the dollar 
sector this week was not clear 
on Friday- Most issue managers 
suggested that litxle activity was 
likely until the market had fully- 
responded to tiie U.S. interest 
rate situation. One or two, how- 
ever, were predicting an active 
week. Borrowers being mooted 
at present include Occidental 
Petroleum. 

*•■*■■* 
ARGUMENT has long raged over 
whether the yield differential 
between issues in different cur- 


rencies overcompensaies for the 
prospects of further sharp falls 
io tbe dollar and sterling against 
the " strong ” currencies. Last, 
week Strauss Turnbull, the 
London brokerage house which 
has been most closely involved 
in the Eurobond market since 
its emergence 15 years ago, 
issued a booklet which quanti- 
fies tbe changes in dollar and 
sterling parities which would be 
necessary to eat up these long- 
term yield differentials. 

Experts will doubtless dispute 
some of the technicalities of the 
Strauss approach. But it is 
valuable as the first comprehen- 
sive attempt to tackle the 
problem. 

The calculations are based on 
yields and exchange rates on 
Friday. April 14 , when D-mark 
yields were more or less at their 
floor value after the shakeout in 
the Swiss Franc sector. The 
conditions of April 14 have to 
he borne in mind when consider- 
ing the tables published in the 
booklet. 

The figures tabulated in the 
booklet work on tbe principle 


Medium term 
Long term 


Enrodsar 

Codcl 


BONDTRADE INDEX AND YIELD 
5 April 27 High 


99 .M 09 / 4 ) 
94.07 ( 19 / 4 ) 


99.15 ( 15 / 2 ) 
93.03 ( 13 / 1 ) 


Mur 5 April 27 High Low 

99.72 7 .B 5 99.76 7 J 5 99.54 < 19 / 4 ) 99.15 ( 16 / 2 ) 

93.92 8 J 4 93.95 8.33 94.07 < 19 / 4 ) 93.03 ( 13 / 1 ) 

EUROBOND TURNOVER 1 

(nominal valor in 5 m.) 

U-S. dollar bonds Other bonds 

last week previous week tot week previous week 

677.7 1 , 578.9 224.9 402.8 

281.2 4533 2203 3123 


of a “break even" rate — the 
extent to which exchange rates 
would have to change to make 
it unprofitable for an investor 
to sell a “hard currency/* low 
yielding bond ar.d reinvest in 
the opposite: and the exchange 
risk for a borrower of taking 
advantage of the presently low 
interest rates available on hard 
currencies. It is assumed that 
interest paid would be re- 
invested in the same currency as 
it falls due. 

According to the Strauss Turn- 
bull calculations, over five years 
the dollar would have to fall 

16.6 per cent against the D-mark, 

2 Q .2 per cent against the Swiss 
franc, S per cent, against the 
guilder, and 11.4 per cenL 

against tbe yen, before it would 
be unprofitable for the investor 
to have switched. 

On a 15 -year time-span, tbe 
dollar would have to fall 35.6 
per cent, against the D-mark, 

48.7 per cent, against the Swiss 

franc. 19.5 per cent, against the 

guilder, and 29.2 per cent, 

against the yen. 

Strauss is not attempting to 
quantify the likelihood or other- 
wise of such changes materialis- 
ing. It notes that “It is impor- 
tant not ro forget tbe quite 

staggering falls which we have 
already witnessed over the last 
two years but these can. of 
course, be interpreted either 
way. 


1986 8 

1988 8 

1983 5 


1993 rwu 

1988 5 5 

1983 5 


Lead manager 


US. DOLLARS —*•! 100 Dillon Read 

Com. Bk of China 20 1983 5 I Ocutsd 

JCNT (g'teed France) 75 1993 If J, cr^ ****' 

Prov. of Newfoundland 50 1990 J Dillon Read 

£Js*eimer 85 1981 2 8 ? 

tt Bank Kandiowy 30 1983-88 - *4 Sticorp lift. 

Dev. Fin. Corp. of NX 20 1983 , 35 S tat 

Dev. fin. Corp. of NZ 20 1985 T ■* H 

Ontario Hydro 

SS? ^ 125 1985 7 «j - P«i*Khc - 

100 1986 8 3 | jjjj> 25 ? Bank 

Eur. Resettlement Fd. 100 1988 * * 2 ?, Deutsche Bai 

^Canada MO 1983 5 4 j 99 ? mmtscnc «i 

SW 5 S FRANCS c -., bmV i 

tArlberg Tunnel 40 1993 n^. 4 100 Sw ‘* s 

GUILDERS „ „ arm 

Finland 75 1988 55 7 * * n.i ....Irrh 

JNederiandsche x , ... 

Mtddensbk 75 1983 S 6k 9 ?j Middensbk 

LUXEMBOURG FRANCS . 

tEurofima 500 1988 75 7j 100 Krcdwtban k 

KUWAITI DINARS 

J Finnish Export Credit . ,,,- 

Ltd. (g’teed Finland) 7 1983 5 7 j 100 KIC 

• Not yet priced t Final twnw *• Pbommit t Boatfnt rate note II MJninwm 
tt Registered wWi U- 5 . Securities and Exchange Commission f Fnrdtoo Fimd 
Notes Yields are aknUad on MBO mk. 


Dillon R»d 
UBS, Deutsche, 
Soc. Gen. 
CCF 

Dillon Read 
BNP 

Citicorp Inc . 
Citicorp Int- 

Deutxhc Bartk 


West LB 
BHF Bank 
Deutsche Bank 


Swiss Bank Corp. 


ABN 

Ncderlandsdie 

Middensbk 


Krcdietbank Lux 


§ CoronAlo 


Indices 


NEW YORK -DOW JOKES 

• Hey . JI«T . M«\ • Mnv I May ! A|.r. - 

j a } r ! a ; 

I n-l.irtr ual...' 929.09 824.41 8 S 9 .ujs 40.18 1 844 . 35 , 957 . 52 . 
FrniL-U ii 4 <* 98.90 8 S.DG, S 9 .B&- 88.66 , 89 . 96 -' 8 !.D 1 j 
Tniiisjun... 22 J. 78 l 225.90 224 . 29 ' 224.78 j 225 . 5 lj 224 . 58 ) 

• untie- 105.95 105.01 IlK .12 108 . 55 1 106 . 4 a! 106 . 56 - 

| : I | I 

Irmlnur i..|. ■ 1 | [ ! 

i 42.690 57.620 3 7.600 41 . 400 ; 57 . 020 , 52 . 950 ; 

• ■ • i : 

' We <o In.W . i 4 uwnn -1 lp.ni AiijiHt C 4 


Wtc iaw o.intniNi n 

High I L>jn ■ Hijfli . Lin 


N.Y.S.E. ALL COMMON 


May May ' May I May ' 

5 • 4 ! A ! 2 < Biali 

55.87 ~ 5 L 60 : 63.72 54 . IS 54.16 

i ' , i l.o, 


Rush and Fails 
. May 5 . May 4 

Ivunft traleri \ 1 . 903 ! 1 .B 8 B 

II lies - 987: 6S7 

Fell' , 500 791 

lachBnjjeil 1 416 4 JO 

New Histis— j 173 79 

AewLoiiH.. 24 3 Q 


MONTREAL 


Uiv. 

Xhi. 

« 

t 

.18 

fg 

18 

4.0 

18 . 7 G 

b .9 

16 



18 

3.2 

18 

3.1 


JOHANNESBURG 
nr, mimes 

\ Afar 5 

— Auto American corpe. - 

— Charter Consolidated 

1.9 East Driefooxeln 


i 742.12 , 1951 . 70 ' 41.22 
i l ilU/iS) l t 2 . 7 1 a 2 i 
I 68.95 — j — 

i fStfl i 

199.31 279.99 I 15.23 

id'll (i.'ifSi ! ( 8 , 7.521 
102.84 165.52 ; 10.56 

iC 2 - 2 i • 20 / 4 ; 69 i i 28 ,M 2 > 


lniliuirtal 

(..irntilue-l 


May ; May [ May I Mar — ■ — ■ .. 

& i 4 i A | High 

178 - 26 - 177.24 177 . 2 ft 177 .SD- lal. 4 / ( 17 . 4 ) 
T 8 S. 8 I; 105.17 185.35 16 S. 5 QI l 87 J 4 ilTt 4 \ 


162.90 < 16 / 2 . 
170.62 ( 50 . i% 


GERMANY ♦ JOHANNESBUF 

Prices + or Uiv. |Xfci. * 

Mar 5 ■ Urn. . — * i i Afar 5 . 

— — . Auto American c 

.\£U,. ■ 86 + 0 J — Charter ConsoUOati 

Ait lam Verekii... 466.5 + 0.2 <18 * 1.9 East Drlefonieln 

BM 1 V 225-5 — 2.2 18 ! 4.0 Elstjurfi 

BABP... 135 . 9 -r 0.9 18 . 76 : 6.9 Harmony — 

Haver 13 S. 7 --rl lb 1 - Kmroes 

Hayer. Hypo 277 -1 18 J 3.2 KJool 

Bayer .1 eteimbk- 295 . 5 U' + OJi 18 3.1 Rusienburg Platin 

Lita lnt.Neil.nrt-: 160 —5 I _ j - Si Helena 

Commemtank—..' 225 . 5 + 0.5 17 ] 7.6 Sonih Vaal 

loot Giimmi 72 . 7 0.1 — I — Cold Fields SA . 

U« I mler Belli. • 295.5 28.12 4.8 Ooion Corporation 


Price . -f- ur J i*iv.|! 
Pra. J — . 16 'ie. 


135.9 -rO .9 18 . 76 : 6.9 Hannon? — 


16 ) _ Kinross 

18 ; 3.2 KJix .1 

18 3.1 Rusienburg Platinum 

_ j _ Si Helena 

17 7.6 Sonih Vaal 

_ f — Cold fields SA 


TORONTO f«u|wMleJ 1091 . 4 ;' 1087 . 4 ; 1036 . 2 ; 1086 . 5 ; 1091.4 < 174 ) 


JOHANNESBURG 

Gulii 
Indus trial -i 


194.4 (cl 

219.5 i i cl 


194.41 195 . 4 1 
219 . 8 : 210.81 


218.7 ll -21 
219 J (SiErt i 

May l Pre- 

■ b I vioav 


IB 5.0 [ 2 .'vSi 

194.91 i£ i\ 


ilir. \icM 


A fill l X Apiil'Jil ’ April 14 • Yem r b^i> iap(,rx>A. ■ 


STANDARD AND POORS 


.?iUL-e--iiiii|iiia[ n 


.Mnv 

t* . 

Mar 
•1 • 

Mnv , May * May ; 
3 , Z ; 1 1 

i '»• 1 Hij-li ! 

U’H 

flu'll 1 l..w 

:iii.iu-ii'Mi' ioe.fi i 

105.32 

106.:/ 107.43; 107.92 

1 ! 

, 106.64 107.02 . 

I tl-’hi . 

9&.aX 

■e/3) 

. 154.64 6^2 

«ll.-liM)..30.f:3C) 

(L'iiinl"iMle • 95.55 

95.951 

96.28. 97.25; 97.S7j 

; 96.61' 97.67 • 

6b_an 

1 f 25.85 i 4.40 

i 

i 

1 iltbl . 

i0i3< 

lll/llioi ilrblJJ) 


5 ' viiHi » ; Hich Liw . b | viooi I Hi-b I+.i 

Anstraliai^i 476.41 477 ^ 2 , 4 t 0^3 - 441.43 Spain ».ii 109 . 15 , 105.16 I 0 ».|£ ii.ji 

« 2 :i>» il/’Xt ■ ij,+ , • . 1 7 < 5 , 

Belgium ‘t< io : loi.t» 101.00 90i.*ii Swedea <*?■ 596^6 ! 397.96 307 .*> 325.14 

1 l3.a> il2,'l3l ij.m i5;l» r l up, i 

Denmark 94.76 ■w.li: 94 .uO SwiueiTdtf 28 L& ! 2 B 1 j 3 296^6 - 279.0 I Kmiiii ! 

, ; ; • . 1 J-*. ' . 264 » li.n.U” 

*— 68 0 ' 2 S — : |teS 5 i--i 5 r:+ 

Germanyi“i 7 J 2.9 ' 171 A tl ?.7 . 7 bb.h .. 1 ' nd,lwi > -“O »Sfi! L 0 ® 1 *® a “ w walu « 

, 10 - 2 i ' (i>bi 4 i WO cacepi MYSB ■ AD Commun — ai 
Holland ij-,. 13.5 79.1 ! = 2.1 76.0 :jml To ™ h 


$£• Ues-u-wa 248(0 —2 

lit Unw; 153 . 5 — 0.5 

Deutsche Ha ilk..,. 292 . 7 — 0.5 

.\li DneMlutv Bant 242 x 0 — 0.8 

tlyclcerhnff Zemi.' 148 . 6 — 0.4 

Caiebciffniui^^... 191 +1 

■ l ' J ' Hapac Llovit I 116 1 + 1.1 

I -» Harpcner. ■ 274.5 — 1.5 

“ - Rnectul 1 133 . 3 ......... 

Hoerch 46 . 1-05 

I +" 1 Hiwiin 119 .B-Q 3 

Kali umt Sal; | 134.6 

°»-=3 hnpMrii 29 b .+ 0.8 

•“;> (vauili'il 200 . 8 - 0.2 

3 E'-i 4 Ki.vkRrr DU 100 .. 90.5 

'*••11 h H 1 1 173.8 + 1 . 3 ; 


248 a —2 17 3.4 De Beers Deterred 

153 . 5 — 0.5 1 14 - 45 Blyrooniltocht _ 

292.7 0.5 1 18 5.1 President Brand . 

242 x 0 - 0.5 I 28 12 , 5.8 President Stem 

148 . 6 - 0.4 4 1.3 Smiontein 


bi .4 **.( 
,K-. 4 i 
171 A SI 7.7 
. » 10 : 2 » 
79.1 . = 2.1 
< 10 L 7 


Indicea und base dales (all Das'* valim 1 * ,,ulllll,r * 106 . 5+2 I 7 

IUD except NYSE AD Commun - iu >Ll.\ 177 --LS- 12 

Standards and Poors — ID and Toroniu Unnne-iiiaDL i 155 . 3—7 [ 14 

2011 - 1 . uiJO. liie Iasi named bas>.-d un I 9 ia, Melange- 205 —1 10 


133.3 16 

46.1 — 0.2 4 

119.8 -Q _3 10 

134.5 9 

29 b + 0 .a! 20 

200.8-0.2 1 12 

90.5 1 - 

173.8 + 1 . 3 ; 12 

97.5 + 4.5 I - 

233 -1 | lb 

480 oi —20 25 

106 . 5+2 I 7 
177 •- L .5 ; 12 


12 I 8.2 

9 3.3 


3 Suilantcld 3.89 

2 WelKom 44.78 

2 West Drlfifontein — 30.60 

, Western Deep UUffl 

INDUSTRIALS 


X A 3 AECl ... 2 . 8 B 

in av Anglo-Amcr. Industrial ... 9.38 

9 34 Bartow Hand 3.70 

9 n t j Currie Kmance 0.65 

fo fin Oe Beers Industrial T 9 .M 

Edgars Consolidated In*. tl ^5 

,a : Edgars Stares 22 .su 

I Ever Ready 1.70 



| »V -5 

' Apr. 19 : 

Apr. 12 

, Year iw ia|i|<ro*.i 

I ml. illr. yielil % 

5.02 

! 5.14 ! 

5.36 

1 4.33 

lu-i. I* K Ibuiu 

! 9.18 

! 8>94 ! 

8.56 

10.37 

lams B"Hil .vicH 

; 8.59 

8.50 j 

8.34 

1 7.71 


OVERSEAS SHARE INFORMATION 


NEW YORK 

law I 

Hcli ; D-w Stock : 

60 ! 50 AM -II Lain. j 

211 ? ; 15 m A.i*lre*ib!jni|ili .. i 
4 I-\i : Al'g lelU* LiirALW 
29 I 22 lj Ail- I'rviluclH 


22 

AUmiAliimluiunil 

27 -i* 

SB!; 

Alii* 

4 bj* 

W.'i 

A 1 lor- 1 -nil luiu.... 

18 U 


Allegheny Ik.aen 

18 lg 

34 1 * 

Allicl L heillirnl.J 

42 ., 

iau 

Villeii Mures : 

23 *M 

22 »a 

• Mil.* L'nalinei>...i 

29 

3 1 • 1 

A . 11 A X ' 

3 V 

22 . a 

A imfuulri He**. ...• 

32 »c 

9 '-, 

* Airil it-*... 

13 U 

39 1 - 

Aiilfi. Hnuiil*-.. 1 

48 '* 

34 

\ mer. Hi -«-(easl 

46 *a 

34 -i 

A u.er. i.'hii 

a* A 

23 1 .; 

Allll -1 VMIBllllil 

2 .U 

22 M 

AniKf. bln.-. I'l.ii 

2 aU 


■A 1111 * 1 . L\|.r+i ... 

36 U 

26 -, 

line'.Hi"iiel‘r»l 

30 

Ibi| 

Au.t-r. MtsiHAl...: 

24*8 

3 % 

•Aim r- Mulnr*. .. 

4 *’fl 

39 h 

Ai-ief. \ai. (•■*.. 

44 i« 

dd:-s 

A mer. Tlnn-lnrvl. 

4 b 

28 V 

\hhi.Mvivt.. . 

©318 

57 :» 

A nii-i . T.-i. A Tel. 

OS's 


. \inelek 

33 U 

1 © .1 

IMF 

17 U 

241 - 

AMP 

SO l; 

10 

\in,* - i 

144 a 


\iii fini Hirkiny, 

28 s* 

17 +. 

AilliCli*vl- BiihIi. 

23 ki 

26 

\llll>Tll(l-l 

29*4 

19 ^ 



20 Je 

B'.- 

\-,ini,ni nil 

Uo, 




161 ; 

27 i. 

V-Iilninl i'll 

3048 

4 JI 

\n. in- iniciii .... 

51 S 3 

25 .. 

\'H*| U. 1 IH IV.*. .. 

29 U 

S-i 

Ul 

9 >« 

lbs-. 



2 to>* 

4 -*.; 

\».«ll l*|i«lll.-| r ... 


24 '* 

linn un* Klivi.... 

25 U 

201 

Ksuk Airien.n. ... 

24 

34 

Uanhri't Tr. N.l . 

JB 4 f. 

BS-p 

Ihilu-rOil 

2 B.b 

34 

Uh-.ICI Tni 1 eii.il.. 

40 U 

UL 1 

llini rnr F*—i.. 

24 fn 

31 .-+ 

I<v*t**<i 1 | v-Lea».n 

39 =i 

14 

Hell A Hi.»,*Li.. . 

19 U 

55 

IU-ll.il v 

5 & 4 g 

2*3 

LVii^iiel U*>n» -I-' 

5 

201 ; 

L- l mh Ih-iii Mri-I. 

22 '* 

14 *4 

III*. U 4 Uo ker .. 

10>9 

251 , 

li-H'lll!! 

47 U 

22.-9 

Li . -1 I.B'* mil-.... 

28 

27 - s 



2848 

251 .- 

Ikirc M Bluer .. . 

30 

9 

Ilmui'l 111 * 

13 *E 

lL'fi 

bra*, .in 'A 

I 4 -h 

28 U 

On 1-1 Miei-, .... 

334 s 

13 > 

Jim. »m. mi: .. 

15 

25'1 

Ill--, k'la.i it In** . 

All* 

13 U 

Unili'ivifk 

15 U 


51 till. Ill 

5 ,l!iuiai 11 

36 l( Bilrlliict.'il \iIih- 

S 8 >i Ui|riirtii;li. 

31 _ 

14 -j Caim-ilMil Hacilu.' 


iou 

t.BIUll l£lUll-.l|>l. 

11 'j 

24 U 

i.nrunli-fi 

a 7 ic 

uu 

Carrier A l.ei.uiwl! 

12 u 

IS 1 

*. an <-r H«»tii ... 

18 u 

45 -, 

1 nVn"H"i f inci*, 

b 4 U 

43 aj 

;lU> 

©au 

5 t» 

ueiani.-se - 

39>2 

lb 

Ceiriml A 

lbJ> 

18 ,i 

■. .-ii.i' ui i’."i 


291.1 

t.i-eiu. \m-inll . 

34 ri 


1 . |i»-*r*Mini\ialiBii 

62 

37 M- 

.On.-mie * 1 bk- '1 

44 

20 Jh 

Clie^rlireh I’** ml.. 

Hi'G 

29 ri 

*. Irc**n , :v*n-iii . 

31 m 

42 

t llh+e.s Ul'l'lce .. 

32 

141 " 

I.]>l.lllllll"l .... 

19 -a 

10 -i 

Cbrjrl'T 

1 1»8 

U: 

(. niuntina 


iau 

. 1 . IIK-. MlBu-r uu.. 

VS 7 U 

1 9 Ik 

L'ltleori* 

24 U 

45 U 

'CHI*- M“ri l,+ 

50 

llJs 

1 . uvlniV'Tiiip. . • 

IWa 

55 U 

.Cv» pel* • 

41 -b 

lfllfl 

L'.iluntc Pam' 

2 Ui >3 

10 

•L'ollni* AlUuii..' 

U'Jfl 

275 * 

'I'ulumMa Cia*- 

26 

134 * 

jCiilu niLia Piet 

SOU 

14 .g 

.L'l-m. iP'Cn.* 

18 w 

31 Li 

.Ivnibustlpn Kii+*.! 

59 Vs 

13 >i 

,C.*u|l.»stl->n Kn„. 

lo 

CGTj 

C’lii'w'th li.li-*m 

2 'i'a 

4 B *»» 

•Leu.’” 'fit Oil i:«: 

4 tv 

2914 

Cellini, 5 *telllte.. 

4059 


Sill iC'iMII. IJI'- lui.... 

IB.'e IlVuwv- ••■■■: 

22 U Vvr. Lili^w >.i . 

H3’.» Finnl" 

34 ij :f.m*"l Sal. 

23 Vl'UJil Mier- P> .wcr' 
29 -i Xtuitineaiai lirp, 
25 -( jUtfuttnemaHW-..' 
145 a |C'<intio<ntJil Tele.' 

23*8 [Ootrol Itotu. i 

40 ^t jCoopae lndui .— 4 


1978 

High j Luw 

5312 j ~ 45 ia 
481 * I 421 * 
30 tg I 24 m 
28 ! 22 1 * 
331 * i 29 *! 
40 I 331 ; 
21 Ig j 16 . ’a 

257 ; | 19 m 
42 V* 34 

284 . | 23 

26 ! fl 22 >4 

101 * 5 Ig 

1 B 1 * 161 * 

161 * 15 ^ 

287 s I 23 
157 g f IIJ, 
45 ij • 3 Bij 
39 m j Albs 
47 i* 36 

276 a 223 s 

33 25 

437 8 36 fa 

116 m ; 97 m 

201 s ; 121 ; 

201 * | lb ij 
10 >a I 6 

53 . & ; 4 m 

39 ig . 33 


! . May 

I Stock i & 

X ■•rimy blavn....- o 2 l. 
IL'PL luL'n'li.ioal 481 * 

;Ciaiie._ ' 30 

lr.N-ker.Vai • ^ 7 ’g 

:Cr..B II ^cllcri.JU.-li a 1 Ig 
I'.'uuiniiU' Kni;tuei 49 >2 
;Oirli-j. Wn^bl.. , 18 1 * 

L'aiia 25 la 

Ltail lutliiilrle*.. 42 1 * 

Ueert- 28 J* 

Del Monte 25 

L'elioim...- 101 ® 

Ueulspiy Inter-. 183 s 
Uetn.it til i- in... 15 j. 

liismi'D-Ibhaniik ZS 7 a 

L'ici+pbuii.. Ia 7 g 

Lliaila K.|*(l|- 4 &m 

Unnei i Welt i a 7 l; 

Itoier L.ii-|.ii 47 

lA.ii (.henutel... 25 ■* 

I 'ran 28 >* 

Mrea-ci 413 * 

L>n I'uiii 1 14 ig 

Hi mu ln. 1 n-.IMo- 19 >* 

Licit 1 ‘tchel- 19^4 

l-i« Airline- lOlj 

Laitniau kiaiaL.. o 2 i* 
La luu 38 


25 U 

16 >* 

• 6 . 0.4 

«5 s* 

U.i 

171 * 

14 U 

hi IUt*.! .Vaf.liir 

175 , 

45 Ig 

31 U 

25 ao 

: tit in ' 

A 2 U 

3 Gig 

34 i( 

29 ij, 

hniersi'ii l.ltxlne 

S 41 g 

a 8 

46 

37 t H 

Lmery AirFr'ialii 

44 


36 U 

28 1 * 

1 Kin ban 


1533 
28 U 

27 

2 aa 

22 sj 

!h.U.I : 

FiicellmnL. ... .. • 

2 . a 
26 

39 ri 

2 big 

:lv»rijrk • 

1=6 ■ ci 

26 ri 

21 

18 

I kill.* 1 

191 a 

47 lg 

48 s a 

43 L 3 

-Lai.'ii 


28 

34 o* 

23 

;fhir..lnlil 1 . Kin.-ni 

44 jg 

325 b 

395 fl 

34 

ll et. llc,*t. M.ee-I 

381 , 

22 

lb 

14 

'I irvileue 7 ui-. . • 

14 -j 

4 a i 3 

28 ri 

24 

1 -«t. '»i. b-M'-n. 

Z 8 l? 


22 ri 

16 

Hf.i %an 1 

K 2 ri ] 

19 U 

25 ^a 

18 * 

Knurl,.*.- 

isaij 


32-3 

2 BU 

iU.riiin l\*«er... | 

29 Ja 

36 -j 

373 s 

30 ] S 

,Fiu*.r 


51 >, 

24 Sg 
Slri 
2 Us 
46 ri 

ZOI? 
40 j 8 
17 
27 s 3 

F.M.i 

■fr'.tr.i \ 1 m. .1 

,M.-k 

I'.ii'i.r.* . 

43 Js 

50 

ai» a 

P 3 

b 7 i( 
56 j, 
48 5 s 
451 * 


fmuK'in Mint. 
rr^.|».u JIiiivihI 

I'ruri^.il 

Kagi.a I ml • 


i;.a> 


23 ', 

• .Billie* t 

421 ? 

15 >a 

«.eti. Airier. Imi . 

9-3 

3 a ij 

t*.\.T.A 

18 <i 

411 ? 

l.Vn. t'af.ie 


511 ; 

i.en. Ui eneuv 

b 5 :v 

22 

»*eil. K'evtftiT... 

© 0 ^, 

Jo'] 

••l-UetBI l'.»*l.. 

=« 

MSs 

(•■lie. Ml lllll*.... 


1 ©M 


63.3 

11 


lien. **««(•. I lit. 

,t.,en. »i*iiia< 

-tien. let. El«i-i. 

^(ii. Tyre 

,tieneM.n 


172 

150 

,-aetly Oh 

27 Jj 

23 lj 

tnlliBlB 

22 m 

19 

i.,.n>lru-ii B. L . 

17 Is 

15 U 

i..»»U«flr lire 

29 

S 47 j 

I.O..I.I 

27 tj 

33 . j 

•I.IB.+ IT. If. . 

9 'j 


ill. Allan II*- 1 

5 lsi 

22 k 

tin. \unli In. 

14 t, 

12 i s 

lireyiiMiiu.l — 

26 1 , 

11 

li.fll .\ IVi-l.T 

63 :-3 

23 So 

fiiiii «»it 

63 sj 

54-8 

H 1 1 il«irli«u . .. 

38 -i 

32 '; 

Hbiiiih MiiiIiiu 

17 «* 

14 ,i 

llnmiv hluier 

53 ri 

59 -:: 

Main. <...rpii . 

39 m 

34 

II el nr H. 4. .. 


24 

N*-ulilri|i. *. . 

78 c 

61 U 

Hea.tll Paeki. 

lflri 

I 4 t| 

H'-ii'im Inn.-.. 

39 1 ? 

501 ; 

Hi*iiir*take 

53 

43 U 

Under a el 


: 11 «; Hoover 

; 2 Soa . Hiri|i.tAirji..l iriet . 

1 231 * IHihi-Iuii > 01 . tin; 
■ 101 s :HuuiiKli.A'LLni 

1 10 !« Hutluti i E.r.i 

: 20*4 'I.C. JndibtnpN... 

34 t 4 ISA 

] SO.g 'lugcnull lisnii.... 

i 33 ia i Inland steel ' 

; 121 * iiusiii-o 

7 lnn-n.nni En+re v 

: 2 S 5 Ii IBM 

2038 inti. TIni.'IH . 

. 36 li IiAi. Il*r\*»li>t... < 
57 -.I lull, .Mini t. iicm 
I 201 c | Inti. )l .lit iH« “la.. 

: I 3 i? |tuiM 

; 35?s jlntt. Hafvr 

261 * I KU 

! 63 ; lint. knriiHer ; 

: 27 ilia, ret- A lei. . , 

. 1 'Invent ' 

' 271 g , IriH-a beei j 

j 11 -ll* Inrernat lonal.i 

j 271g i-Tim Wiltar... j 


31 *a 28 1 * ;L .Inn. Manilla-...: 315 B 

76 li ; 66 Johu-on Jolmiouj 74 ss 
33 Sf ! 24 ^i Johnson CijnUvi.l 333 a 

3 &U i 29 J. Joy-UanuMi-Lur'iil a 6 t* 

281 s ; 231 a K. Man lutii i 25 

341 * ' 28 flisiit-rAluinim'nil 333 g 
5 14 * |Kalaer Imlnsinnl 2 

27 3 b 21 i* 'Knl-erSieel > 22 i a 

Ui* j 5 J( Ka> I 10 

28 • 19 Sg iKelineiAiU I 23 S* 

49 ‘ 40 Is 'Kerr Mi.-i.iee J 451 ; 

3 U* , 273 b kuiile Waiter ! 3 li* 

48 »* 58 i* Kimberly vX-n: J 48 

24 193 s Ko|.|<n> 24 

491 a 42 ;Krau i 45 '* 

321 ; 251 a Kn-j+i to. I 42 i s 

35 2 H; Levi tun,!. j 35 

28 fB | 25 J* Llbbv Uh.F.mI.. I L 7 .'g 

34 j* ' 261 s |Ij!^k?< •<ioii[c....| 331 - 

46 i( ' 36 -s 'Littj ililii ' 45 's 

20 i.c i 141 * lUftiiii lcitii-i . .. ! 20 la 
25 :>s . 13 .LuL-klieeilAin i'nl * 53 b 
20 : 171 ; lUate-Siai 1 ml-...' 19 -a 

20 la . 183 * tUrni; UihihI U.l.| Ibig 
23 i»i : 20 U ■ l+iuj-umn Lan.'..' t 27 g 

407 a 1 333 * Luhllvoi ' 39 '; 

141 * 1 13 | l.nek.v Stores 1 137 g 

7 i l.’t.* Vuua-A** ii. o' a 

1 1 *i 9 M !.Ma-Mllian 11 . 'a 

43 la ' 35 J 6 Jlat-V It. H . 401 ; 

36 ig • 29 Ig .Ulrn. Hnnoiei —i 353 * 

38 31 a 5 

43 '; 40 ..'UmLhiin Un ' 4 gi d 

15 aa . US* Mai-itJ- Mi.llaurt.. 14 •& 

28 !;. 19 10 !Unr»l*ill FieM .. . US's 

26 7 - 20 ig Ua> llepi. store* 24 J* 

47 i B 3 BSe MCA 46 

28 21 -i llclteriiiiiii = 61 * 

32 -Sb 22 ** Hi-miiincii Ibvc*. 32 -to 

22 163 s M 'Jra» Hm all; 

4 a l; 26 Meunuv* 431 ; 

37 Je 48 ag Mbs.-K o 4 i* 

19 's 13 sg fMvrll.l Iaiil-Ii.... ISIj 

39 ig ■ 32 Ja 11 e« Petr, lie i 9 *B 

36 . j 2 bi* MOM 367 s 

Sl>i 43 U -MimiMincA MUs si 

b 7 i( 58 *o Mot.it I'nqp 671 * 

56 j* 44 ij 11 ohm n to a 5 ig 

48 Sj 39 »g Morgan -I. I* -*bJj 

45 is 34 -* ilmvinh 45 1 * 

401 * 33 M.itjbv Oil 401 . 

Sltg 461 ; .AiMieii. 4 Blg 

32 25 Jb Nalin ■ L'lieiim-a ■ . . 29 

17 Ig 14 AatniQBt Can X 71 s 

25 'j 20 t* Ahi. Lii-iilrer-... £<:>* 

15 >j 12 i; Nw. Scru.-e lu>l. lol; 

33 1 * H 9 t* A nth nia i Sleet,-.. o 2 

411 - 33 ** .\ muiiw.- 4 Its 

511 ; 37 1 ( A Lit all; 

22 13 ,>o|.iuu.; I ui|.. , .. 19 j 9 

21 Jo ’Aen knulan.] Ll.' d 21 g 
aaJe a 3 i j Aei> Lukihii.J 1 c! ai' u 

I 3 i* 14 jg ALi^ara M.itinnk 141 ; 

11 9 Jo Aia^ain Share 9 >i 

18 Jq 15 =* A. L. iiuiii»(rii+. I 7 lj 

27 j* 25 *s N.-nullilV+ 1 * 10 ' * 6 b 

41 34 J* North Nat. tin *...' 39 Jg 

28 I 3 24 Mliu julo P«i: a**t| 

27 201 * i.Ntbueai Airltue> * 71 * 

25 if, 211 * iNlliuevl Haw-on--' ab-iy 

201 ; 16 A* jNutt>ju 6 lmcn. ...' 201 * 

24 J* 20 ‘J.+i'leaiai Petrol: a 4 Jj 

49 l* 371 * .UsiIit -Malliei - J 491 * 

19 ij 171 * -ithii. L-Iikoi! ; I 7 ”a 

16 's - 13 7 g Oiin 161 ; 

25 >£, 20 J* Uieiveu>- , 'l,i|^.... 7 : 4 >a 

o 5 ij 541 ; itweiiM-nrmui;... 03 .<« 

23 J*. 19 >? L'ueii, llllihiw =Uij 

24 Sis 23 la nil-til.- I.iu 2 s*a 

21 19 IB,* l*a -:In- Ll_-Liui; . Ib 7 g 

21 Js . 201 * I'*. I'ii 1 . J. Ll... + 01 e - 


73 } 

4 

PftliAinW.i.i.i Air 

7 U 

251 ? 

20 

Pkihe. hturinir.il . 

- 3 >H 

25 

30 ri 

Pcmiriy In, 

riS 

2 oi* 

21 l tt 

Pen. Pi*. A. Ll.,.. 

ill? 

42 ri 

33 * 

Pei.i.i J. * 

39-4 

au.. 

27 

Pern./, .ii 

- 0.3 

9 

7 

Tei|.'e l>ni-- .... 

9 


37 lj 32 J® I'fewjuKi ba- : 4 Aa 

30 la 24 b), 'l't*j«iui , 30 Jb 

20 ia 17 U Pet kin timer..... < 9 U 

40 ia . 321 ; K« OOis 

31 13 • 25»9 Pn.’er *1 

24 ! 175 « PLeip*. Hodge 

193 a! 18, a Pbila.lelf.nm hie.- It <8 

65 sa . 56 .PhihfiMi.irm | c 4 »» 

34 is , 37 13 PhlllipjPetrvi'ni. 33 1 * 

39 1 ; ; 331 ; iPitvbuty - a 9 

331 ? i 183 a : Pitney 'Hm* S's 

Z 4 Jb : ZOi* PiriBioD ■ +0 ia 

18 >; ; 16 Sg -PltoMf hi. I AiUI; t Sfl 

32 $« 23 '; PiCHM.t .1 - ill. 

15 i* 14 Jg .I'uUnnac Elec ! 1 !» 

281 t 331 ; :PP(» I iuin>ri-ir> ..- . 4 * 

85 U 75 -. 'Proeier lininM?,.! » 4 lg 

23 ia i 2 lJs |Ptib servo fcio.-i.-i — ’j 

3 !=a : 24 {Piillitiau 301 ; 

1773 : 161 s lltorcs I l.l a 

23 >* 20 if yuaLer uhi-s. 1 2 ;ij 

9 %a 51 j .Katilil Ain-rkiii 1 

415 * 29 ls lUaytfceon F 40 i a 

28 .'a . 22 KOA— »la 

255 * I 22 [KapnUin Jifnal ..j 24 lj 


233 ’ — 1 " lb 1 34 P^rale VoUrebcleaBinss 

L 480 m 20 25 8 4 f: r ,?ar *! r tDans Stores 

106.5 7 a I 7 3!3 UuirdlM Aiwrance C 5 M .. 

177 - 1 . 8 ; 12 3.4 - 

f s =i 8jassff'«» = 

|~| _ ! 10 , 1,7 OK Bazaars — .... ..... 

”* 1 — • Prerotor MiWns 

f 2 f. « a I ^ .Tr. Pretoria Cement 

j- 82- 3 -g a I 25 6.9 Prmea Holdings 

o 1 ?- 2'2 Ranfl Mlues Prawrtins - 

2 ?* | Jg Rembrandt Group 

117 . 4 * 11 - 0.4 1 11 4.7 sane Holdings Z1Z7Z. 
173 - 1 . 5 ; 14 4.0 SAPP, TT. 


" 0 Times IBfi 5 .tVaria 173 - 1.5 J 14 4.0 cn>p. 

gg^-ja aguiS . sfS 3 . 5 Si 5 .crBi sazt* a a u-r*-^= 

Rank Cnrn (...Unavailable. 1 I 202.3 ^ 0 . 3 ! 25 | e .2 SA Brewertos ...-Z 7 .Z 1 ! 

. . r — ~ ' ' ' - Ttser Oats and Nat. Mills- 


Inv. S Prem. S 2.60 to £— 110 «% ( 110 %) 
EffecUve rate (L 827 S) 47 j% ( 47 S%) 

; May J l* 7 e t May 

: o Hiah ' L»w -stneki I a 


Uolsec 1.06 

Securities Rand SU^.6.731 
(Discount of SCL309&1 

AMSTERDAM 


471 ; { 38 Ke-Wun j 45 

381 ; 251 . 'lie.vnrHii, Meuu. 3 H« 

59 t a I 581 * iHej-nehlsICJ 577 B 

23.8 : 20 ‘IJicliVoti Merrell.! SZis 
34 1% : 287 6 '.lt.jckirelt luler... 347 ft 
34 J* 1 28 >s IlCubtu Jt Hu, | 337 a 

601 ; | 54 lj iKnyal Hutch I 571 ; 

167 a j 12 1 a Irik • I&*a 

12 j* | Hi* (lluv- Ucji , 12 

20 'a . 13 ia jltylcr .-rvsteiu 80 la 

42 a* | 35 .J .Satovat blnrcv... 405 * 
3 V 1 * i 25 i; iSi. -Ii« Minetuli. 287 s 
307 s : 25 is |; 1 . Piper... 287 s 
39 i; J 33 1 ; pallia Pe lifl*....^ 571 ; 

7 ig i 3 A* 'Sant Invest— 6 ^* 

6 t* ; 41 ; 'ba^vli l ru I t- ! blj 

151 ; ( 10 jbc-tiln breuiu;,. 12 *q 

717s i 64Jfl ml enter 71 1 * 

191 ; 15 la IsOI I 18 is 

15 is 1 ISi; ;' 9 pitl l'aier— HU 

834 * j 10 i* i>,i.iit AJiy | 

Bis j 6>g Fscu-ir’ liuoi Vest. 


51 ?g 197 a seaLoiiiamer-....' 51,2 

237 g ; 20 ig Fbea;i»in Sd&a 

141 ; . 11 ^ ' cartel li.U.i 14 lg 

27 Ja' 82 U " Sen r>lti*l Hick z 4 i« 

38 291 ; sBlH.it..... ' 36 . a 

34 1 * 281 * bUeliOil » 3 sa 

41 A* ' 37 bile** Tntiirputt— | 41 >* 

40 ag I 28 bu.na> 1 b 9 ls 

371 * 1 307 s 5 ian.*leCorp. 55 

I 3 »i 10 i* 7 ?tt.i*.i rai , 3 -i* 

23 18 bmcer ; i 2 i* 

647 g ' 463 . bunt I.Kitue. : C 47 g 

23 . Ij* S.ftiinni * t« 

311 * , 18 b.+ilii.H.Hu ... - 31 i( 

26 - a - 25 b-Hittieiu lit*. 

17 jg 16 b.H.tlier.i Lu, • lb 

34 ij 285 a bllm. .Nat. He-. 34 lg 

341 * 31 '-cnltiern fAh-iK- . si.-* 

50 fj 44 ■»* iStj.iiireraHaiina.i - 491 * 


251 . * 22 '* |>«nii.i.ii.i ■ ^ 47 * 

2 b -8 - 231 * !y*'i HanvUaier.: + 61 ; 

19 15 I'.+friv UuU-lt : 17 s* 

40 ’* 52 7 g jjien-r han.t 40 

28 . 'a 21 *s • 7 . | mi. + 87 g 

261 ; ; 22 t; 'T|Mt..|Mnl Hrauit-. z 4 

441 * 24 >a : ti.l.i tiiUsi it., rtiia; 43 ss 

52 i* 44 -l-I.Mi; In-luma-.' 501 ; 

7 QI; 5 Bls .-Ail. VlilUbiu 691 * 

4173 34 <i •■-isiLn' Cl tent ten -.- 41 

15 '>j . 12 ;g "nen He- Uru*....i 15 . a 

56 J* . 437 g niniL-taiiier 56 J. 

42 1 * ; 33-13 bun Cm .... 421 * 

45 ij 31A a ;nii.i-tK#jhl j 45 ^; 

26 s, IBS. S|iiie*... *(j; 

Isis 8 ,,. 1 'ivmiiuiiur. K S* 

41 ig 32 ig ' IrKlr.iOlS . a 1 Sfi 

99 -'a 57 U le.r-'vne | 96 *. 

5 Sa 2 j* 5 'u 

32 <a . 28 ■ j I . n«j, ; . .'j 

101 ; 7 A,, Tvm.io Petrnleuiu. 10 J; 

27 1 ; . 2 Sij 'le'JU?.- 1 w, 

19 ?e 17 s* Cevimuii l«»a 

79 '* 1 611 ; I pmv, Iilut.iu l 5 

321 b ; 29 'o |Te-c+,Ul) 3 : Uav.J - 01 * 

22 19 ia Ii-tuis Uilin ■«+... lrAi 

47 l; 341 * ] Lime Inc. - 71 ; 

281 ; 22 L. I'mie* Mirror— .j i 7 .a 

52 1 * ; 4 1 1 ; .! Tn uLen 9t l 

357 * i 315 s ; I'mnv ! osl; 

16 >« ! 13 'g -Ltnnunenca— . ..j lo &3 

21 >* : 17 s* I'miiwu : l'r*i 

36(9 '■ 321 ; l. Tuna linimi J (. 6 ig 

24 &a Hit* 'tiBii-nav Inlr'.i », 

20 9>3 !l'iniiOV.irM An., 207 g 

351 * > 26 i 3 immiten • 3 * 

80 S* IB ig . I'r. ....ui >n>> mm 20 ls 

39 1 * 27 s* i.|(.W .0 

3 J--I ■ ZOI* iSi. i«ninn‘ T.-i S S* 

28 19 J 0 t-. v.U B 

25 »; l&s* L lluiU &i; 

23 »a . 20 Li . 1 l 

2 Oig 14 l g t-Ml* • - 

41 :.* • 36 >i L .n ever '<>9 

56 '* ; 5 U; ^niHtvei A* I 

15 121 * L 111 . Ml l»II.T»l .. h -< 

42 S* 37 *s u mi'll bar Unit... Sb 7 g 

8*8 b 1- .- 'u n tun O/Riinein * 

52 1 ; 1 45 sg uiminOi ts it 49 tj 

50 Sg • 41 'Lrtiun t^cltle -> 7 ;* 

8*8 "l; L.inn-yn ■ 1 

8 k- , Gr^ iLtiuLeil Unix,.... i; 

33 1 ; j S 5 i; Ub Bancnrp- ’ S 3 l; 

24 21 ig : vbu- larnn— .... : *• 7 g 

27 U | 2163 s rh - 63 * 

325 g - SSI* 'r.» sier- 

42 fa i 33 k; u. teeboi'iuiiiw. , - 2 ss 

22 ’* 1 181 g |t‘V Jnrlu»lne*....| -t_ 
Z 37 g '■ 18 aa - > inilniB fiiect .,.,1 1 * 3 * 
21 *; J lfilg ;\V+mrem- =C r - 
59 291 ; Hunter- Lkuiiinn • .r 1 ; 

29 25 a* .i inter. Ln mi »*ii. 9 

845 * ‘ 171 a l ,J«> Mu ii*iiii-in i 43 s 

29 'a 24 i* .w. -K«i*. • 8 

57 is 29 kg .v +ien' Unn i.ri _ 73 a 

27 '* | 20 s* iil'pinn N. Allied 7 ; 
17 'a | 15 J * ' .irsicrn Lnn+i...: i. + 
30 k . 11 s* iiV«iiinuh«.-li'i > cii 30 Ig 

20 S* | 22 T; 'IVnvnvw ; . 

26 ia 20 ^* 'iVe»urh»eii»cr....l «4 
24 I 20 1 g Whiripou 1 «3 

23 i 20 i* While Cun. In.l.. * 

191 ® 1 16 S* IWUlumCn ' 191 a 

31 ; 2 lag iWioeoniin Eletc . 1 27 i g 


1 7 ig IVuHiuurt h._ 

:* Wy|,._ | 

41 Aw*. ' 

151 * 'Zapata ! 

Ilia Zenith Itadm .! 

93,;- L'.s.l na»- LflSjijl 


(oi t • iisa ttntto tuidin less \i*;e,n tsnkir . .. 

94 j ; . 93 ,;- L.». 1 naa-« 4 ,j Ufcul H»*t 3 a 

82 is . teiia i:S.T«ar 4 « 7 a/ 7 £; { 8 Ha Amrotouik iK ,i- 
6.571 6 . 07 vb. 5. 90 Davblllt.| 6 . 40 > BhSkm 

BukaWod'iiitt-- 
Uurhnn reilr-o 

CANADA ; 


Price + un £Hr jTItl. 

M PI*. — % \ 1 

A. bold ir . -i 100 . 0 \c + 0.7 *21 I 3.6 

AiuotP . 4 dj 28 . 7 '' + 1.4 - - 

Aljsein Bivkir . ,. 342 . 51 + 2.0 Ali.S 6.9 

A ME V tF. 83 . 8 — 0.3 A* 44 I 13.1 
Amtvhiuik tP . 1 .- 76 ri.-*-l 23 . & 5.9 

Bijenkott — 89.0 + 1.4 23 ' 5.2 

Buka Wml’unt - 119 . 9 : + 0.4 80 ; 6.7 
Uurhnn I’elle-o 67 . 8 — 0.4 26 7.7 


TS"?S AI--M • L i Jb L-enti 

TrJ~ Vcn m Au-tndrn. 

+>.fc v -toi Mnl-inhi. Ittdu- SI 

+,,3a Vni|in ks^-iunnnn 

. Ampv I'etru+um 

+,Jto A.* w.-. llmcnt'i 

+0 ns i ««• ^i«-P P»l+r SI ! 

v -OC. Cnn. Irriwlro* 

Vint. PourulaUcn Invm... 

-*n< i.N.I 

Atrlim -o. — 

4 *m Au 1 . O* 4 liiv- — . — ... 

+L 23 dme Meta' l ml 

lUcnnvme L'diHtei «... 

■mken H*r. P««w 'ewiy ... 

+*ig U rouili 

ir.t<Hi L-nrir' liipucrT.., 

. J. IVue 

- 0.01 ---K <tf If 

+OJO J ,n • Gi* ,, i«* ! 1 1 

— D.lQ - nua liter imi 

— U.tJS tinzin; Kiut miA i 

■..ntniii All Lra-ifl 

run i>nlful'h< , i < 5 *l> I 

+I.SU * ,(.t>|{ I 

i -et bliulli... - ...I 

i.'A linliiT.il ii. 1 

— 8 -tto rn . I'ii .net tv !<u«i | 

i-lBlfl*.fl • 

An tm ln 1 

+o.uj inU'i-Lopiaa— I 

+«Ji 5 lemtin - H Imtu trie I 

—a ip .I.hiuu lUnvi ii..... 

u>iin«i i un 

u -t*t» Exp-ct •riw» 

Hill Uu- >IUl!> - 

U.u Empuriiuit 

SI 'W-*. — 

Sr.-tUo-.,'. I ittci na I tun ..... 
Sixth Broken U‘ In-* r 

- 0 . 1 P Unwrei !-«v 

Up Setr h ...—.. . 

-OKT Otter Exi+omiir.i-. - 

— O.Bi PluiMa Cun 1 +te 

Ue-kltkA Lo.ru n 

31 H. u. SMab_ 

* tHHitainn i Minin. ........... 

aparitce Ex.-mmikrfi 

Tomb ( 61 » ;. — 

'Vali »ih ] 

IV«H -in U *1 ■■ i-« •• j 
r. *nd. Woo * - h 


Kraiea* { 732 : + 9 

A tuqurOcvi.l V iv] 417 j +1 


4 lsjaB 

ai.is} sj 


10.80 i Ail Upivi I 312 . 1 ' +- l.X I 16 -&t SJ 

r 2 -d 2 -u. d Aquiiaiiw ] + 4.1 2 B. 2 CH 5 JI 

11.42 ..... Uiv.— - 47 b '-14 

j 0.79 '-Hj.tJ Bnnujum. 673 ;+18 | 42 6.3 

11.15 Ud .. - 6 U.f*.Si. bwin_. .. 489 l+ia!« 0 .S 8 J 

,u , Camifoui — I. 669 id :+1 1 75 4 j 

C 41 .K... 368 j +3 

«fi 7 L .I.I Ahntei 1,143 !+ 13 i 58^3 4.1 

1142 -Slui »■> »*oc*ire 338 - 2.5 lF] 3.7 

tO 42 WuU Mnliter 424 . 9 .- 0.1 I 1 JS 2.7 

tolas — CreilikCoai PrVtt 128 . V. - 0 . 8 1 12 , 8.4 

tin* CreiiMK Loire B 7 . 2 t+O.B| — — 

♦ J ’ 18 Ounie.i 844 - + 20 | 7 . 5 | 0 J 

t 6 i 48 - 6 !|Y Peumc* 138.8 + 0 .S j 14 . Iff RX 9 

JflBo rr. .. ls*o- U.i^dontHl +1 188 . 0 j...__.j 8 JBJ 43 

64 . 51+1 5 . 7 ] aa 

129.8 + 8.8 - - 

183 !+l 1 U 719 J 

730 ; + 10 16 . 95 ' 2.2 
,765 +10 36 . 7 b) 2.1 


«-55 Iroctnl 64 . 51+1 5 . 7 ] 85 

11.94 Jnoiuee Borel 129 . 8+63 — - 

12.90 -U.ub teiniv* 183 1+1 18 .«! M 

tg -45 r.’Orenl 730 + 10 15 . 95 ' 2.2 

18.36 4 d.ui Lcgmim 1.765 +10 36 . 7 bi 2.1 

tz .17 i_n u+ .Maimn* Pin- nix.. 1,078 —2 33 . 9 ! 3.7 

1 1 40 Mleheliii -B" 11,480 +10 32 J &5 2.2 

ti .39 +a.oi Hennc»y... 498 +3 12 . 6 ) 2 J 

1103 JL-hi lines . — I 165 . 8 — 3.1 1 i U 

t 2.05 Pknt«* ! 163 '— 0.8 18 . 96 12 J 

12 10 tVvhiwv l 90 U 9 7 .&[ B .3 

1 1.62 ...... PPrn.Al.Kkei\l — } 276 . 5+3 7 . 5 ; 2.7 

*2118 IViiKwa-Cliiofn..! 374.8 + 9.9 1514.0 

10.74 I IVscbiln 203 l+l — 

12.15 ' Ihullo l'cclinii|iir.| 430 :+ 11.8 27 ! 611 

1 vJ J 26 ! Bcdmiifl 589 l+fi 27 4.6 

UJS 5 1 ” l.'htnw Poulenc... | 9 1 . 4 ; + 2.9 9 19.8 

,, , . ‘ 31 . Ui.lvin ; 151 i, + a .7 1455 i 9.6 

I.Vi° ; ^- Q1 ski- liowipn,,) ...‘ 1 . 660+10 39 ) 2.3 

I ; Sum 277 1-2 2 UI- 4.4 

J 0 -* 4 Teleineuinlquiv-. 766 1 + 6 25 3 3 J 


10 . 2 c 

> 0.14 

ll. 9 u 

U.ra 

1 kL 4 .t 

jU-UO I 

Il.lt> 

11.04 

»J.I* 

10 . 1 / 

1 L 4 * 

14 . 9 - 

, 0.05 

1 0.8 ■ 1 


1 . 660+10 39 ) 2.3 

277 1-2 2 & 5 I 9.4 
766 1+6 2 S^ 3.3 


■■■• niiTnwm Brandi.! 197.5 + 2.5 15 . 16 , 7.7 
Urinvr ■ 266 - 0.8 — I - 


VIENNA 


Price 1 + oriDie.im 


1 OwnlitatoUlt 

IVrliiKic+a. 1 

l 0 ;^ setc-tn 

.} ttomperit — ] 

IV'i' i • s ie.i r Ueiuiler ...J 

I-lSs |r:: y? % 

I BRAZIL 


342 I 

262 ! +2 


10 i 2D 
9 a 3.4 


[~2 * 7 a 3.9 
! -.1 14 15.8 


TOKYO 1 


127 ( lull vultlbl Paper..,...; 124 * 

6 s« 4.30 !.V;aii-u Ee;lc I 4.85 

321 + 24 1 ; Alcnu'luriiiiiiuml 3 Hs 

19 ig 14 ig iiann»su»>.-....; 19 

40 34 i; .WNmtue ; r 49 ** 

20 17 '* Bsukul Munireai. 19 aa 

304 ] I 8 I 2 Bonk ynva >-vtla! 20 

7 ls 5 >2 BoMi- He+autvai .. 1 51 ® 

56 52 Bell felepboac....! 06 

27 ig ' 20 !* . 8 irr Valiejlud...! K 74 s 

17 ag ; 1412 'B I’ Luanda... 14 A* 

17 tg 141 * ;Bnu 4 *u 16 'B 

6.0 2.06 Bnncu I ( 4.60 

37 As * 34 ,Lai|!srv PriHct.... a 63 s 

17 1 * i ill; 'CamHijn Mine*...'. 13 Is 

101 * 8 a* 'Canada C+nieul 1 10 ig 

145 * 973 Lament XU’ L<ui..| ll“a 

281 ; { 321 * ,Lanlmp BnkLomi 27 Jg 
2 ui a 18 ’i^nada Indun..... Tl 9 la 

19 , 161 ; - Lou PociflL-. 181 * 

19 >* | 15 l« >C«n. Parilii- Inv.J 19 ■* 

61 91 L» ii. Super r.Hi....! 684 * 

4.35 3.06 j.^inln^O'Keete..' 4 . 5 

91 * I 81 g La^snlr A beat, a... | 91 * 

21 s, 18 ig Lbieitain ; 193 s 

291 * 231 * :LV.imnco 47 Se 

287 g . 21 Ig ;We Balliu.ai .; u 87 g 

17 ig 15 i, iL-rmiririer bai....j ling 

8 >4 5 ha XYieka Iteenurce.: &J* 

12 ^g 71 ? Lib. L ulu Klch ....... « 121 e 

9 6 Ig IM.ni Oevti.it 9 

70 ij 52 'Oeuii+.iri Mine*... I 6 U 4 * 

78 ->* ' 701 * ;Uvm Mine* -.1 78 

68 is 63 U ,U..nie Peufieuml .-Oia 
251 ; - 21 Sg lUuiinuJ.oi Bride*' fa 4 *j 

18 143 s Ucniiar 171 ; 

14 12 Uujkiiii tlala 

211 * 16 Sg .Pak-ou'ce Xwhle-. 40 
81 691 * .Knnl MotorUan..) 77 


Uurhnn lelle-o ' 67 ^— 0.4 

El+evltr V rl* . 285.5 + 2.5 

bdiila.N.V..« i j 139 . 4 ' + 0.4 
Etmil>«n T 1 + . | 65 td.,._. . 

Ixisi Urcade (ri [ 32 . 0 + 0.5 

Ueineh+n(P . i .. 1 98 . 0 i+ 0.3 

U. ■>c.ji en* i P . 32.5 + 1.6 

Hunter 0 .( 1 -. i j 23 . 91 + 0.1 
K.L.M. (Pl.l •*!.. | 141 . 2 ; — 2.6 
Ini. Mullen L; 44 . 0 , — 0.1 

.Vaanton iKi.I i.. ■ 34 . 61 a 1 + 0.6 
AaL.Xed IuM.tP 1 1 107 . 3 , + 0.9 
AedCred UblPu • 54 . 0 «tf + 0.8 
Sei Mi.l UktP . 193 . 5 irl 


76 H.+ 1 23 . 5 , 5.9 Mai 5 | Xev I - 

89.0 + 1.4 23 ' 3.2 , 

119 . 9 : + 0.4 80 : 6.7 AuiUi Olaaa„ I 340 [ 

67 ^— 0.4 28 7.7 Hanna ' 4 Q 5 I 

285.5 + 2.5 27 J 1.9 Uunr> ; 599 +-1 

139.4 + 0.4 37.6 5.4 Ll.inou I 3*5 ;+ll 

65 ni 94 . 6 ; 5.4 t>ai Xiiua>n Priini o 67 +1 

32 . 0 + 0.5 23 I 6.9 P ul PhwM “<5 ; + 2 

98 . 0 , + 0.3 14 ‘ 3.6 dltarhi„ 1 244 - + 5 

32 . 5 + 1.6 —I— Hi aula Molars..... I 592 . + 6 

23 . 91 + 0.1 12 - 5.0 (lutwelWl Jl.« 7 Q J 


■' |'PnWr+'u't jUIrTlDd. 

Mnyb Cnii | — -frurj «, 

.weaiu f 1.06 

— — fluid < 1 u Unisit... 5.36 — 0 . 0 + 3.17 j) JSO 

'Pn.-wl + yrl D lr.|\M. ito>c..luu.„ I 1 . 2 Q < .[j.lb li.a 

leu I — J | ifeign AlineiraUPI 1 . 9 B j-O.OBd .12 5.06 

ri-TT la'jaa A mar. OP..I 3 JW ! US 

WO | I 14 2.4 ivnubra-n HP.....* 3.04 i-u.u 2 d .10 3^9 

1 12 1.5 aouaa Cmt OP....J 2.88 1 -rO.CSto, M 3 7.99 


1 — J! 25 I 2.1 Lhij.PE 1 7.96 -O.IajjA. 2.52 

i * 15 % « M Vale Itki Ekve IT. 1.60 + 0 .u?j ,13 8.13 

+ 1 18 1.6 . 1 


U.-e 1 PL. SO 1 152 . 6 ! 

Van Omraeren.... 110.0 
Pakb>«l (Ft. SOi. 38 .B 
Pbllip* (FI. 101 ... 25.61 

KjnbcbVan Pl.lOfc 75.0 
KutewiFI. O 0 |.... 164.0 

U..UIKD (Fi. Wli.„ 123.0 
Uorento (P' 1 . 50 ) _ 132. 1 

HuyalliulchfPlJJJ 126.8 

BlaveDbunr— 243 A*fl 

bteidn GrpfFUxt) 130 , 
T-* yo Pac.H Me. b 107 
Lnt lever iFI. Sli. 114.9 
Viklnatei.lntibl 38.8 
West^m'rin. Bank 379 (d 


sQ.sinr.i 1 * n.u —-w .w. — 

. 41 . 2 ;— 2.6 1 — !— -- Uob. 1 230 ;+5 1 12 

44 . 0 ,— 0 . 1 1 18 , 8.2 l*o-Tokaiio [ 1.340 - + 40 j 30 

4 . 6 U' + 0.6 ! 12 . 5 : 3.6 '*■»■* — ; 618 |-u ■ 13 

07 . 31 + 0.9 j 48 [ 4.4 J -AJL U .500 ,—40 - 

4.09 + 0.6 21 7.8 •yuiMJ Lien. Pn.|l,ll 0 +10 j 111 

3 . 5 *: ii I 22 ] 5.8 h «nta»K« ! 352 j + 4 ,18 

152 . 61 + 1.1 36 4.7 Hutota 284 j 1 lb 

110 . 01 — 0.5 18 7.2 'VJot'M-'anunie— 3,660 + 30 j 35 

38 .B + 0.1 — ilacaiMluu Ind-.j 769 + 9 | 2 u 

35.51 + 0.3 17 6.7 ■MiteJbt»bJ Bank.J 278 ! 1 10 

75 . 0 ;+ 0.3 _ ilitauMahl Ueavyj 135 |+2 j 12 


I J* I 2 5 v «l- Cr.UUt.MiL Shares 

j 10 1)5 Source: K 10 do Janeiro SB- 

; 3o i.B OSLO 

1 12 2.6 .. ■ 

! 30 j 1.1 , Price :+ or. Dlr.lTkC 


l 3 1 L 1 — SLf. .j 1 ,. 

IO ! 4.3 Bcruen Bank 1 93 .q! f 9 

18 ! 2.6 *torne«aarn 62 . 5 ' t 4 

lb t 2 6 ^re*HibanL 108.0 - 0.5 ! 11 

35 j o !6 - 345 m +5 20 

2 u • U LnMiltainHa 107 j— l 11 

10 j in .\owi H.Trirokr.K' 190 . 09 — 2 . 2 a 2 2 
18 US Storebrand 88 . 751 — 1 . 26 ; 9 

14 j a!? SPAIN v 

ao ! u May a Percent. 

15 0.6 island „ — m I3t 

18 1.1 Banco Bilbao 334 ■» 

lb i .2 Banco AOanrico ( 1 . 000 ) 2 tt 4 

48 1.0 Eartco Central MO + 

12 2.7 Banco Exterior 3 M 4 

3u 1.6 Banco General 290 + 


164 . 0 :- 1.6 A 26 E! 7.8 I >J'tnibiihl Cnrji. 


135 t +2 
443 |+5 


123.0 - 1 ^ I — 
132 . 1 + 0.1 14 

126 . 8 - 0.6 BJ. 7 & 


- 0 . 6 B 3 .re 8.5 
+ 3.1 19 7.8 

..-■--I 37 i 4 .d 


_ dunui at Lo. ij 330 +2 

5 3 ill taukoohi ... 573 1 + 4 
8.5 ^ipprn Uenao..,.. 1 1.460 j — 10 
7.8 -' i| pp™ SblniM-a 665 |— 1 
4 '* *t->an Motor-.....: 818 : — 6 
□I 7 Vtonoei 1 . 92 U ! + 30 


107 —1 | 3 U I 0.7 ™ w »„ 

114 . 9 — 0.9 42 . B j 7.5 11 “S'" Kiecrric — 
38.8 —0Jt 20 1.3 ’“'“•“J Prelafc-.. 


379 rt • 33 


COPENHAGEN * 

' L*riw " 1"+ 01 I DiTTYhi. 

May b Kn.uer j — j S • S 

AeMakea 13 S 3 o| — Q. 7 &[ 11 >' 8.1 

Uunu'serW. ; 420 j 1 la ] 3.6 

Uan°Le Bank - 122.00 • la . 9.8 

hail A-iau (A>. ~i IB 9 Jflxr — 0 . 2 & 12 ' 7.5 

Fi unn- hank en j 130 . 50 + 0-261 13 ' 10.0 

Fur. Byvrener....' n 39 . 0 — u.b 12 1 3 . a 
For. Paplr 80 - 25 — 0.50 a , 10.0 


•«ny« Uiecndc l 260 1 + 2 12 

tokuuil Prefabs... 929 +4 3 u 

rtn-Mdo ' 1,120 +40 30 

»ruj^ 1,840 —20 40 

in-liu Mxiruit 240 —1 11 

takeria L'l.enutai . 1 372 ; T 2 15 

i uk; - 2.130 ; + 20 i *j 

reijiu ' 122 1 + 2 - lu 

tnWto Marine.. ..* 501 j— 4 -. 11 

■ yaw Bltxt Pon'r; 1,060 I , H 

via, tii 'fl.nio... . j 315 j— J j 12 

i.+\c--ln toinm ... 1 150 j + 4 : lu 

*"im 147 +a : lu 

■•'lot* Ikilnr..,, • 997 1+7 • di* 


9 9.7 

4 6.4 

11 9.3 

20 9.1 

11 10.3 


30 j oifl Baoco Granada <1,000) 


27 J* 25 sg '..eniiar 1 3 c 6» 

14 10 3 * Omni YeTnLuiit, 11 s* 

32 26 LtiiIi UU Uuioiia J 271 * 

7 lg ; 5 ‘Hawkerbi'i. Can. 7 l« 

33 29 ri-r.iuaer. I : 2 J* 

47 ie I 37 Hume Mil -A .....! 4 oi* 

17 ' 155 a .du iHin ha.v Mnv' 1 U 

193 * . 16 kg du.ie.>n May • 19 &g 

47 /» 401 * ,'tf inland Oil ,t L.a» 44 

IBS* - 17 I.A.C— I IB 

34 Sg : 275 * 1 1 luasiii — ! i 46 a 

211 ; i 1 B >2 'imperial Oil 1 195 a 

19 I 151 * If riia. j lb <2 

Hi* , B*a lioto' i* 5 s 

Ilia ; 9 s*i llnlaou >al_Cios.. 1 . ig 

15 lal; [inL’p.vPIpeldne. l«*by 

1514 I 13 jiiaiser Keaoun»a. l-ig 

91 * Gig Lauri Pin Lnrp,-. 9 >* 

4.25 3.25 iLetaaw L’-jtn.-B'.. 4.25 

2 Qi* 15 s* IMi-'miil'n ukiftli. 191 * 

lb*e 6^8 i.ilawey F«-;u«jri 11 ig 

25 *« \ SOU 1 vleluiyre nil 

34 ig , 2 S s* nitwit i-irpii 3 ?i 2 

27 ; 21 U I'i'+st+ia Miuen... ,.618 

lSi'a : 15 : A’uitoi fcuuruy... 1 :■-« 


Han.lle.bauk - 123 . 50 ,— 0 JH) 12 , 8.9 

Ci.X'tb'nU j KrKn; 260 . 0 ; | 12 1 4.2 SWITZERLAND • 


•tt.* ■ Nonl liatjel ' 34 a. 75 »d;-lJS 12 I 5.0 

Tiff OliBfol.nk : 75 ! + l f 12 I - 

CiTf PnreTbanu - 130 . 75 ' - ' B .5 

Pronnsbauk 135 . 60 ' 11 1 b.l 

bvjih. Bereinlien.f 375 . 0 ,J - 0 . 5 : 11 ' 3.2 


189 . 76 ; — 1.30 12 


STOCKHOLM 


AnimiiiluRi. 1 . 090 a ) — 10 

BHO-A’ 1.655 +10 

01 baGela.i(Ft.lU>l.Ii 5 —5 


+ri .+ | r ■* 1 un . 1 
kmne — I Mi- 1 


AUAAUKrXOi.J 215 +5 

Alia Laval di Ki+uj loO —6 

ABBA rKr.bOl | 85 . 5 ml— 0.6 

Alloa CwpcMKrZbi 130 ml— 3 
dilleruri ............. 85 I — Z 

Before J 130 

Lnrdo, lv 9 xq„ 


the At. Certi j 810 —10 

un. * L)o. Kejf J 618 +3 

111 . ! - LYeiHu siuiue, 2,135 —10 

Elerttvinalt ., 1.590 —10 

5.6 I 2.6 FLcher iCrerexe).; 650 - 

5 I 3.1 Huffman PtCero-.l 75.250 — 25 C 


"840 [_fcQ 4 u 1 i‘a Banco RLspaoo 254 +10 

MO l-l 11 23 Banco fnd. Cat. U. 0 M> UPl +4 

372 ! t 2 15 z'o » fnd. Meduerrafleo .202 — - 

.130 ; + 20 3 o oi 7 Popular 2a *IB 

la 2 • lu « i S a " co ,?« nlal «ler fJ 501 375 +3 

ini ! a . 1 ? Bancn Cram to n.oiMli... 2 ta +12 

59 ^ I — ^ 1 * 1 ' l-l Banco Vizcaya . 2*0 +10 

! •-••■■•■I “if-® 5 ar *? ZaraBoeano . — ■ 302 +M 

*15 .— a ! *4 I 1.9 Rankunion m + * 

jso 1 + 4 : lu 3.3 Banns Andaluda 222 — 1 

147 +t» : IO | 3.4 Babcock IVUcox 29 — 

r« .ll.iinr .... 997 ' + 7 ' lid ; 1 ^ CIC 77 +2 

!*ur.+ NUdtn Secuntlea Tokyo fJSSbSm, “H'Z ^ 

E l. AnLgoiiesaa"!!!.-™ 7 M 0 +C 30 

a E spa nol a Zinc 112 + 2 - 

E*pL Rio Tinto IU 15 & + y 

.... Fecsa amoi to +5 

Prn .15 I +or I Uic.jYld. Fenosa O.iWOi 75 + 3 L 30 

Fre. I — J » 1 > OaL Predadoa 88 + S 

! ^ Grupo VeLazouez < 4 IH» 1 S 5 — 

! ! ! HHrnla ....^ an up + 5 

090 m —10 b t 2.7 jberdnero gj +S 

©55 + 10 . 10 ; 3 .a - +u 

. 1(5 —5 ! 22 ( 8.0 Beunidas ... 77 J 0 + i» 

BIO j -10 I BB i jj.B 5 et . ro ,hcr - «8 + * 

618 +3 22 1 3.6 212 +10 

135 t — 10 I 16 1 0.8 f *! Tl0 Pa Wlnrei 72 + 125 

590 PlO I lu I 5.8 50 + 1 

650 L a!** a 125 + S_ 


k. ' sanensa 125 + ! 

s?i n'S h^efontoa . 92 +1 


D ) 3.1 Hoffman PLCeTO. 75 . 2 S 0 — 260 l© 6 o O.B ^ I" 

5 5.8 LV>. lSnwllL.ri 7.850 ^26 r S 6 0 . , g +5 

© 4 .b Intertnod B. ....... , 3.72 5 -25 40 2.7 UntonRlor ! * 25 -* I! 


4 4.7 jelmoll (Pr. liXq . 1 , 440 ml — 10 21 l's 

'i 4 . 3- i N«UeiPr. 100 ) _ 3.150 +&5 a ,7 

IJ O .0 Uu. Hen - 3 .Z 30 —10 006.7 


j.K.P, 'b' Kn | 

tkaihJ Knekilili.. 

Famjsiik *b* Kroo 

Uddebmm 1 

Vo>vi» i Kr. * 


BRUSSELS/LUXEMBOURG 


15 S* .Mi-'mili nukMili. 191 *. blect'lui ‘H* f K"M( 

» 7 e .ilawey Fwtuwn llig KricoMn 'B'dirfiOl 

SOU 1 vliiluiyre ofc .. . 

28 U IMi>.ire t-wpn 3 ?!; B 

21 U |t:»ireQ«la Miueo... .. 61 * 

15 i.VuixTii bnoray... 1 :-* Grange* ureci.—", 

15 -to |.\ibu. Teiecum^.. 29 ; a aendiwlmnken..., . 

14 * 1111101 : Oil 4 Ukv 1 &J, — , '! 

3.85 J*k+w«i Hcf-m.i 3^5 U* ftewifc. 68 .......... 

1.55 j r'bclftt- L’upper M .1 ^.27 ^K^-b'"^'"^ ^ I 

34 i a ! ,, «eincl'eiruietini. .9 

ii;* aasLi^ 

«£ -*:«o 

BRUSSElS/LUl 

819 |iV.»erLnrp«iiiii , ii; 16 

10 's ji'rlw 1 ISi* May 3 ; 

1-03 1 Jueb+j 3 Lur*iP»in; 1.25 i 

25 1 * J itaii^ei Oli 04 1 * 1 -■ 

8 ig 'Keeu Stan lu Arbed 

24 s* j|i(u Al£um | 30 U Bq. Bra. Lamb.,.. 

261 * Kuyai CeuJ 291 * Betwt “B“ _J; 

15 Ibuyai.Tnul ... M J (18 LMi.lt, CemeoLu.} 

Ucvkeril 

73 s I Sceptre R’wurar 77 8 

22 U Ugram* 263 c ^ l ? ,tnrfMl r. ( 

141 * 'onei LaiwUH 141 E & 09 —+ 

4 . 3 u lahemw. O.Min+i- 5.12 L.B. Inno-Biu—.j. 

22 ag aietienb O. «j t Bij „ 

4 . 4 U i.i.upaoux H«*e.lieir 

22 Ig I iieei in Oeiiada..., <. 6 U l,,tw - 


Ljenulcs 1 . 1 239 IO j 4.Z k*erllkouBjPJBO) 2.1u0 +i 


40 2.7 Union E 1 cil ''".-!!^!”!!!11 
81 1.5 


-6.1 ©.a HONG KONG 

16 1 

Z 6 1.9 Hung KirngB May 6 April M 

12 4 I «+i*t. Lron IMS ;. - 

14 ' 41 A " v,l P' ra " ted Kutiber r 2 JO 2.50 

10 1 49 “ , - , wi»bere_ ^.| — — 

10 1 B B Llilns Lijrbt * Power j 21.80 21.60 

40 1 l l Cll -v H >koto J 39.00 - 

20 ; 3 4 UuwimpiHwn Pn.nerttos.. 1.60 1 . 5 ? 


1 55 —1 I 

141 | I 

460 I 

110 _ 

49 . 5 1 — 0.5 
3 l 3 m:+i 


b .3 4.1 plreLUblPIFJOH a 5 / _s 

© 1 4.8 tkio-toT, tPr. US®., 3.4 BO 

B | j 1 13o. Ituta L'rttJ 465 (+12 

a 1 SebuiiUerCtaPlOO 478 2 

_ I J SuJzer Cto (K.lOOjj 338 , 

16 i 5 1 S*ih»lr tPr. 7864 . + 2 


79 ■— 2 
147 (d — 1 
88 . 0 ' — 0.5 
55 . 0 - 1.5 
86 . 5 ' + 2 ^ 


Bib / Swiss Bank IP. lud again; J 1 U ; B.fl LklcaLiBbt * Power , 21.80 21 . W 

o. a ! 0*7 B<ri«iKe. PJ 60 ). ' 4.475 +25 .40 9 1 ! 39.00 — 

p. 7a: x'a linton Ukdk :2.9l0rd — IO ■ 20 1 3 I 4 Leawoiwlltan Properihtt.. 1.60 l.bO 

4 .© 1 s 7 ZurUil Ins : 10 . 675 , + 25 ! 44 < 2.0 Lto* Hitriwur Tunnel 113 ^ H-J® 

a -si 1 ‘ L- A»IS Navimiinn ! 4.325 4.85 

..I Ruin' Run,, iiun.h ' co ua. 1 e.(S 


V 6 ; 7~0 MILAN 


j ; Uu.; 

; Prnm I » 01 J l r-.|X*i. 
I Km. j — | .Net I ^ 


Frill? I t .11 ;U,v. 'V. 
L're : - -Lire, j 


Ari»d. ' 2.340 (+45 

Bq. Brs_ Lnmb.... 1.570 +30 

Befcert“B“ _( 1 .B 00 

L'.U-lt, CemeaLu.l 1,360 -34 
Uovkeril ,.i 408 +4 


| I * AML 91 . 75 ; | 

HmsUVD 41S.a + 4J5J 

— — flat 1,903 [—2 

6 U 3.8 Uo. Pnv. 1.640 1 + 5 

116 6.4 Flnsldei- 76.51 + 2.6 

100 7.3 ltaicemenc. 10 . 250—260 


Rune k«'HR Ait+rert 62 .UU ' 63.5 

Honjr Knnj! bllev.tr L- j 4.375 4 . 47 S 

HiingKiinaKowInonWIianl 1 B.H 0 I 1 H 60 
Hunsj Koojs Ian. I liuv*l..l -• I — 
Hmi*s KnncSlttii^likUiankl 15.30 15.70 

Jiv. 'V. rinu^Krmf^liaiuiiaiHiitL, — j — 

Lire, j Uuu-Iiimiu IVium.i^a 4.3 S t 4,471 

l , ul * t r ' P* , -' , ||| e+v Iiruie»...i - I | 0^0 

— i — -JiuOine Maibw^i... ) 13.30 U. 5 ° 

— — Jn.nl Inc biva I ri 70 6.73 

150 7.9 Itubber ”"i agn 3,40 

160 9.2 dime j fl .40 

-- — auutun. Pic. l*rop.^“r."!!| 0.80 I' 0.48 


-S .&70 +60 177 


; Biei'trrrtiel .. j 6 , 66 Q 


rr '■» J*? 1 : 5 ™® 16 - 800 1 JJ aoutbreaTaeUlc^." _ - 

+60 177 6,9 SSS-n si 7 ? SaSSfiii' — r: !f 

MS « M JSSSr- 1 SSSSSfesd : = 


Pabnt,ueX at ......S .600 +18 170 0.8 Olivetti Piiv 865 L -3 j - I lKuckSuL!i^* hoaE 

L.B.W+lhu^jS.SlO l 'Uu 6 ^ ftrolllACV 2,018 P/ 13 J 6.4 K , 


9.7u i 2.30 I iecp Much Iron ic AU 
42 i* ; 44 I lexavu kinwula ... 39 ** 

10 -Sfl ' I 6&0 | LiniHitu ltom.Uk. lu 
15 U 13+; i t'rausLtUl Pipe Ld. lei* 

101* ' 8 s * Ii'niiu. Miami U|+ H 

t 1 J'» . 10 Truce 1131 * 

l©is 10 L urou (iaa 10 ln 

7 U . 7 L'i-l .'lauieMinwi 7 ig 

205 s AVdi»ii Hire in... | 4213 
35 4 II 3 ili'eiL Uoaat IniJ 443 * 

19 S* j 131 * lVV“*iir Pta ■ 16 ts 

t Bid. i AaSaHt S Traded* l Kent Stock. 


Qevaert™ «... 11.428 

Hebcken : 2.530 

1 nt*-*- Km ...... 4.060 

KmiMieiiii -_.650 

Lei Itmaie i v-uc..;b.U 10 


I — 140:17u j 7.3 Sail ri«cnn..^._. 
i + IO [142 | 6.9 ! 


fla 0.0 Pirelli Spa 944 


(-7 150 6.4 

fc- 


I'tutU to AJ notice “I — 

ttheekic* MaHen Z?. 2.85 

Wheelurft MariUmr. 3.875 , 

Minorr iihiumriai 2 . 4 BS 

" 1 ll+ir . _ ] 


aoulien ttani|iie.. : 3.960 
-Sul- Ben Beltfique* 1.990 


UCB 


i — 30 IZQa 

a . 1 

. -4 

pu© 

9.1 

1+50 

l© 2 . 2 & 

3.3 

!+B 5 1174 

4.1 

—10 

1204 

6.9 

-10 

140 

7.0 


215 

6.4 

+ 10 

A 2 M 

7.8 

+ 10 

170 

6.2 

-8 

50 

6.3 

+30 

— 



— ,riR i < i»vi «ienrT " rituyef r sia fler. 

W "** wtm ’ 1 UHaun divtocndj. are 

8 hum derrom. unto^ PPraji&gu diium. unless otflanri*" 


| u-Ex data i«b'» 


xn&Tarr ** ®«- ? ili * 

“ 40. a i nian ro ataca Increased- 






\ 


c3a5h 


IJ&P 


■ IS* ^ 



;; 4 ^ 


*0*° 


Financial Times Monday May 8 1978 


ICE, PROPERTY, 
BONDS 


AUTHORISE!! UNIT TRUSTS 


jAbbcy Unit Tst, Mgrs. Ltd. (al 

. ' 72-80. fiatehouM Aylesbury . 03 

-i Abbey Capitol W.7 34.8! +041 

■ AWrevIneorof 5 . 4 28} -0.5J 

: Abbey Inv T5t.Fd..[M5 367] +0-fl 

, I Abbey Gen. Trt [45.7 4&6[ +0,6] 


Gartmore Food Managers V (augj Perpetual Unit Trust Mngmt.V lai 

2, Si, Mot? Axe. Et3A 8BP. 0] -283 353 1 ,43 Hurt St, Henley un Tteamei lW)12b«ei 


OFFSHORE AND 
OVERSEAS FUNDS 


Ahtiru fjf ■ j. . Abbey lapfiol— — «.« +u.a 

3j39tP.ul , .cimn:jS?S, Co ‘ ^fswoiu Portr ° ,1 ° Ul * Ins - C ^ NPI Pensions Management Ltd. §f 

IgSgE* 1 — Bi g-sf - - 1 S5B3ESSr“i Wfc ^5B°T T- 1 o^*™ Ab ^ T *-~ ,fe7 "* * 0A| 

•^porty Fd"Z_._: Wkfc J44 • - _ Portfolio CapfialTlItt. 7 ^ 47 J ” - Mw a Pn o d (Mia HU | - lAllied H&mbro Gronp (a) Ig) U> 

E ‘ = - «— «*■ Aa, SOC. Ltd. Wfc 

— 3U mi - i-.L Suii*5SaTBm% ‘fflH: ^n»Ki«,pbn.iitt.4 -xm - i- _v -£S IS 2i t! 2 


2tta . . 
,555 +oz 
157.7 -1.7 


SSESfepfi- ms 1364 :::::: = ‘ 2 <* Walf3 ™g& ” *«■ Q 

1405 12M .. — GL cash Fund fis* uffuij MaiUend House. Sou iternd 

5Ei» *»9 !:.... “ OLnSnfflSn«rra£i ' I07i ■“" r *-i“iKcy Inv Mao. [132. 4 

863 _• U L Gftl Pund j+Tni. iw3 " " _ Small Co's Fd. gOI.? 

T^Uf" i32 S MU _ G LIbU Fund '"Infi.7 t+o 5 TechnaioB-FH_.-.nW 1 

Peoi Managed — [1724 lBlST... _ ill. Ppte'Funrf E« KtS Extra IncTPa.... M4 


Font Properly 1718 Isos' 

Ptm, SrlKtitc 82.9 «t4 

Pen*- Security 1345 mu 

Peas. Managed — 1724 inj __ 

Fw» Equlti- 152.0 nan __ 

Fd. Ser 4 125 5 1325 __ 

1304 137 J "r.; _ 

S»r 4 _ R.V 34.7 .... _ 

VUOO' . Fd. S*T. 4 no 7 116.6 

■TM^eyW. Scr.JL. lWB 114 6] — 

rnew al May 2, volution normally 1 

Albany Life Assurance Co. Ltd, 

31. Old Burlington SL.W.L 0143- 

agvJS-”" ““ 1 

VGldJftwcfFtLAc. 


New Zealand Ins. Co. (U.K.) LUL? ■ 0I ‘ 5SB ia>J “ 
HajUand House. Sou [bend SSI 3JS nrjU2(E85a ‘ Ba,w,e *^ F “ n ' 1 ' 
Key Inv. Plan .1132.4 13651.... — «.• V 

Small Co's Fd. 131.7 107j| +0.7 - ] “"L , "4j. Fund 

Techno] OfiJ-Fd 104 1 10*H *0 0 — “}tb.fc 1M... - 

Extra lnc^PVL.. — 49.4 umS *0.? _ SffL fUSS, D 

American Fd. 107J 1123+0.8 — lAmedCnpJiaJ.-. 

mrEenFd. 102.4 lii3 _ ! Hambm Fumi_ _ 

'lilt Edged Fd. UiZB 10Ba +m — |RA«b« Are.Fd. 

Lon. Dtpo^n f-U — 95.9 100.* — (Income Fund* 


Norwich Union Insurance Group 1 

FOEm 4. Norwich NR 13NG. 060322300 ' 


VV pie Inv. Acc 

RanifyFnLFtLAee. 

nserflJ^uAcc.... 

JTWMDILPeiuAML 

lBtLWiLPnPUAcc 


U3a _ 

MM _ 

119.4) •_ 

107.9 __. _ 
113.3 _ 

166.71 _ 


Growth & Sec. Life Ass. Soc. Ltd* gji 

»k» B ank. Bray+m-Tbomec. Beths. Tel. 34284 Con. Depo^ii Fy, M5.9 100.* . 

Flexible Finance 1 . 0,053 ] :_..J — 

hSdhStlS*-* I - Norwich Union Insurance C 

* 1 - 1 Man oeed Fund Z075 218414 

Guardian Boyal Exchange ' MujtrFund 333 6 351 1 7 

RnyalExcbnnee.ECJ. 01-28371(77 — ims 1534 + 

Property Bonds ^... (174.4 18I6j ._...( — Deposit Fund 11W.9 110 4 

' Nor. Unit. Apr. IS- 1915 

Hambro Life Assurance United f _ 

7 Old Park Lane. London. W1 ■' 01-4000031 Pboeui* ASSOrUtCe Co. Ltd. 

Fixed Ini. Dep 11345 13111 I — 4-S Kina WiiliamSi: EC4P4HR. ( 

Eqnuy. ._|171A 180.9) — WealUjAsi— lUOA 116.71 


Allied 1st . -. . . -. 654 7 

Uni lods-Fund - 164 0 6 

Grth.fclac... Bfif 3 

Bert b Did DevJg.6 34 

Allied Caplui M3 75 

Haiobru Fund. — 11053 11 

HambroAee.Fd |U95 12 

Income Fund* 

Hlfib Yield Fd. K7J 7 

High ^nt owc 1676 7 


42 ld( ....' 

Sil ::::.. 


01437586= Guardian Boyal Exchange 
. ...I _ R«yai Exchan ee. ECJ. I 

I— PropertyBonds*..[17i4 UKLtj . 


21841 +1.01 — 
3511 rli — 
13L6 *03 — 

1584 +U .— 
110.4 „ ... — 


llltcmifi—»l FUda 

InieBintions]. 

Sees, of Anna rica_ 
Parific Fund — ™ 


M’ple Ins JVnAce. |1923 2024) 

AMEV life Assurance Ltd.f 


Fixed Ini. Dep 1245 

Equity. — _ 171A 

JTopertr.- — „ — lfcBis 

ManocedCap. 1364 

Managed Acc..—— UA7 

OeerseoK ■ U.90 

, CUl£dged 122.7 

Araericmi.\cc 97.8 
PeaJFJ DejvCxp 127a 




— WeaUb A«._, IU02 11671. I - 

— . F.h r. Ph. ,6 m l 74 6 j I — 

- EbT.PhEqiL [7L5 75.1[ _... J - 


[ — Spedalirt Funds 

— 4 — Smaller Co.'xFd. — 
2nd Smlr Co'vFA^ 

. RiwaySiti. 

««,(<« Met. Min. & CdW- — 
01-ffi6887E oienseas Earnlnrs. 
” Eapt. Smlr. Co's— 4f 


wAmencnnTff.. 

22-3 !■$£ KnusbTa.iAcr'. 

Commodity Sbpro- 
3*7) JIB iii Far East. Trurt- 

48.W +0A( 3.79 High inroorTst- 

IfinHne Fkuk-s 

a) igl W ‘ la«.A*wiel«^-- 
■F— lull. Eiemiu Fn — 

r^jiM iriIoll.Tst,>Aee.>_.iai 

Gibbs tAnumyi Unit Tsl. Mgs. Ltd. 
78 01-10 543 33.BIOfflneld-Sl.EC2y.7XU 01.r«14in 

682 +0J 541 la.A.G.loeoniJ^-g-l «bsl .... I 8.40 

38.5 +0.4 519 iO«A.r..r.rowllitt ..gJ5 40JI .... 4 GO 

SB:!i 5S ““•"•'“B&irSt-.ttdS-rl “* 

2 J \l til 4« ‘ Govett fJohnJV 

. 77. London Wall. ECU ni-5fX5G20 

a Fhldr. .Mav5„ [1342 14141 +4 J1 2J& 

S-Sln - ^ £» Do. Aecum. Unit— |lM5 -l«3-3!9 1B6 

Crieresoo Management Co. Ltd. 

2701 -G.ll Z52 5(1 Gresham SL. Et3P 2DS. Ol+SOS+KO 

£6.8-33) 2.62 ■ Bor pm, Mm 3 D 99 0 20841 456 

4Ul+0il 2.43 ijSSthSlu ?i?-7 =259 ...... ■ 4.56 

B.lKn.Mar-t^ 1741 1H2.4 7.68 

3601+051 t «t i .Aefum. OnllSI — — 5P3-? 209 7 ..... 7.68 

41 " +ni • 5H Endear. May 2— — K3-5 1 ?. 8a 

B 3c jjj'i 5 7Q (AceunL t/nJlrt 189J 1.79 

lJ5 toj 556 Grnehsir Bljqr8 91B 9j2 +1.0 » 

621 +01 4.51 1 Aeeum. ilnttsi— — 94 6 99.1 +10 IBB 

Ma +ii Im 5-i 515 


057 PpeUuIGp.GIb... (38 7 41 4, . . | 3 66 

I” Piccadilly Unit T. Mere. Ltd.* ta«b» Arbuthnet Securities (C.I.I Limited King & Sbaason Men. 

0 75 V.-ardK-icHw.fOaUvdmWidl^ ®0™< PO. Bah S84. Si. Helicr. Jeiwj . 03H7S17T l Coanng Ctim. St- Holier. Jersey. lOXWitlTAI 

Krtro tpcome U-4 gA +0J] 900 c,p-TM..J«+cyJ , U9.«ri | 420 Valley l&e. Su Prtcr Port. Gntiy. HM8t< !I«W 

Snail tr><Fd. . _ 41 5 ; f?s!“ a3 ] IE X«t destine dale May -to. 1 Tboitua.- st+vi-t. Doc cl a*, j 11 M 

| fiOSMum £ M :o3 | 3 “ ,JB 

1 ssssssfa-Bf as: | in ^ m ™ ™ 

-~ K....l™^ Pa«a. I57R 616d*0« 4 38 loll. Gmi. .Srw. TIL 


Id. .\crumltr. Furwi -Iw.i a;.* 90.J uTOi 
11 Tnhnalti*' Filftfl.. 578 &, -*■0 4l 4 98; 

f 1 ' 1 FarEartTS , - =5 . 110 

jj *0 .American Fund _ .£32 26.4| -321 220 

o jo Practical InTest. Co. Ud-V iyMei 

■W.BloumtJjur So WCIA2R.A 01-823 B883 


u Tin Mnrurt ‘ipponunuirs, r.'o Inoh Vminr'4: 
i-~ ,JS OoUiuailr, 1ST, Kent St. Sydney 
-32 2 JO t'SSI Shares | SUSL48 |-DI>«| — 


First Sxerlms I1B 06 18 M 

First 1 ml [18452 18>9l] 




Bank of America International $JL Klein wort Benson Limited 

+l.Blnora<Jlur. Sn WC1A2R.A o:-623 8Wp 35 BoulcsH LuirMhaorg ll p 20. Fmiehurrh St. tXT? 

J'racucclApr 26. .)243| lffl.ri - 4a yndini-eH Incomr RLSllUJ Utn|-3»| 656 KunnwsL Los. K. 1.028 
■ nr.5fS5G20 Aeoun l nSfc- P® 3 -’ 2*5-8! • I «I Fried ji May 4. Next uib. day May 10. Guernwylnc 585 62. 

l«^*3si 206 * BV * Ud.T Bnk. of Lndn. A S. America Ltd. KBFarEutPlZl ^SUSIbS’ 

sjV, ,q ^ 222. Bishopspate. E.CH ^ 01-2*. 4MB.Pacra VlnonaSt. tX'-L 010302813 KBInil. Fund ... — SCS1L28 

. „ . Prolific L-nlts. __ (794 855rf+07| 322 AlMjnder Fuad, srsu _ I i KB Japan Fund . SUS3042 

t Co. Ltd. Hich Income.—. [107.7 1154s) *L2[ 763 AJcxjptfer J | - K.B.US Cwth. Fd_ 5US1148id 

20841 01 "TJ% Portfolio Mngrs. LULT laHbKCI _ _ ^ Uf« 

???a - f |r Holbern Bars. ECIX2NH U1-405SC22 _ _ n, *“ a KB art as Lnndoa paylnx a 


7J.91 +05) 8.84 
75a +0.6 6ja 
4U{ +D6t 666 


222. Bisbopcyate. ECU, 
Prolific Colls. 1794 
llich Income — ... 1107.7 


5 621 

■J 755 
JfS30.16 
SCS1U8 


745 1828s 

80.7 189J 


St ■ R Holheni Bars/BCI X 2XH *-***"*- 

si ee r “Lr - 11250 .^^ 436 trA«» Bi rar; 


01 823 8000 
• ! 348 

464 

4 62. 

1.38 
*0 U 264 
... U3 
079 
-009 170 
984 


- signet Henna da I SUS4.71 -00* 1 

"I'nifnadsiDM)- -.[1790 U80| | 9i 

■KB aci as Lnndoa paylnx agenu only. 

4]’ 7.98 Lloyds Bk. (C.l.) U/T Mgr*. 


1.79 Quilter Sjnagement Co. LW-T _ Rorelaec Llftirarn InL irh Id IU I'.O. Box 156. SL Heller. Jersey. 035627381 

1.79 Tbc 5 Ul Exchance, E£2N lHP. 01-6004177 .J" 1 , ““ LlovdsTst nteat B26 55Jnf J 1*5 

Quadrant Gen. Fd.. [100.6 103 M ..... I «« t. Cbarlna Cross, Sc. Hclicr. Jray. 0634 73741 ' dcalm^daic Mar Di! - 

uodrant Income [119.9 123.^ „.-.[ * 


(Aecum. UniUl- 


264 Reliance Unit Mgrs. Ltd.9> 


171.5 75.l| — -I — /i^jeygo,, Unit Tnut Managers Ltd. Guardian Royal Ex. Unit Mgrs. Ltd. Reliance nw.Tunbndju Well < ; kl 080222271 

Prop. Equity & Life Ass. Co V JSaFeneburchSt.ECaM8AA 6230231. Knynl Exchange. 3 D n. 0J-«23»J1 Ia?f T ISi ' l*S-a7 5fl 

1 IS. Crauford Sum. Will 2AS. omsbo®? Anderson UT. MSB 498U| | 4.64 iat'GuanIblHm-l«.7 9191 +1.31 4.40 sd3wLT.lM..._'.|«l *d.rj 524 


8J3 | Overmen* Income ...Ul SI 1[ .... I 1084 

liia - r.M , " ,en T!“* 1 


•Subject to fee »rf wlthholdinr tow 


Rue flu Rhine. P.U Rni 179. 1211 Gracia tl 


AKKV Man (Red — (UL9 JS9^ . . . 1 _ Fon. Prop. Cap 3)1.4 


-AMEV Money Fil 
AMEV*Eqnily F<L 

A41EV RxcdlnL. 
AME\‘ Prop. Fd. „ 

amkvm^'p^l 
.F ledplao 


. Pen. Prop. Arc 2588 

F+n. Man. Cap 2003 

Fen. Mas Arc . . 2565 
Fpn.ClhEdR.Cap. 120.4 
Fen. Gilt Edg. Arc . 3261 

Pen. BS. cap 123.4 

Pen. B5. Acc. 1395 

Pen. DA.F. Cap II 

Pea. DA-F.Acc. .. II 


1 IS. Crauford Sown, Will 2A5. 0I-HWM67 Anderson UT MSB 49*4 1 4.64 iatiGuarDiliniiL-IW.7 5191 +1.3) 4.40 s ck j Mt feT.inc C ..‘_'.lwl 

Property Grow., A.< SU r. c. Ud, ' gggj, SBil H EBflEJEBI SISI 

Income a Assets - D15 34 o) +05 60S Rothschild Asset Mmusem 


Barclays Unieoni lut. tf. O. Man) Ud. Hwds i"u IncmSclPrSS 1. . j fcjo 


— ]<x-q i louse. Croydon. OR8 LL.U 


Property Fond 
Property FnndiA 
A rn cultural Fund 
Agric.Fund lAI. 
AoheyNaLFond 
Abbey Nat. Fd.lAi 
Investment Fond, 
la vcalmnt Fd. I A 


Arrow Lire Asaunmce raa. .j vkj. I --1 - Aoner^Fum 

30. Uxbridge Road. WJ2. - 01-748P1H Hearts of Oak Benefit Society invrsunentFmii 

leLM^d^SSsBS - - wtt } Z "*15 01 T 5030 •SwSrFSSd^.' 

Pen. MKd.Fd.Eq... 0162 319 J Hearts of Oak J36J 38.4[ 1 — Equity FundLA 

PoLMsd. Fd. — FJ- . . IJ045 .m3| f _ . uiu Samuel Life Assar. JUd.P Sfonw F^nd lAi 

Barclays Lift! Aswr. Co. Ltd. NLA Twr- Addiacombe RxL, Croy. 01-886*355 ACTuarial F^inQ. 

0ifu«4x JProperty Units. _[I51J ■ 15A« I - S jlJ^UwfWwd 


015W5544 fSSSSffiS} 

ri-vl — Managed Uni: 

~ . .““SSisS 


107.W „ _ 

112* +02 — 
3M3-MU — 


252 Romford Rit.E.7. 
Barotaybonds* 
Equity 
Gut-ed_. 

Pro petty 

Money ■'■■■:.- 
JHxn Pens^cc um. _ 
13o. Initial 

Money Pens. Acc. 


•Correct win nhie May s'” 

-Beehfve Life Assnr. Co. Ltd.9 
7LXombBid GL, EC3. ■ 01-623 12B8 

BOl Bocae Mar 2 I 128J5 | .._ ..[ _ 

Canada Ufe Assurance Co. 


1715 -02 — 
1COJ -flj — 
99J -DJ — 

3254 — 

1812 .. . — 
975 +0J — 


M High St, PnttRx Bar. Uerta. PJBar 51123 bSSIwFumI^1"!!2[§A 

Kqty.Gti.Fd May2..| 583 1 1 _ Tv * . . 

JteuntUP«LAyr.a_l 1096 J J _ Irish Life Assouan 


3teunLFed.Ajc.a_t 1896 
Cannon Assurance LULf 


Jlaaaged Unlu 

Manaoed Series A 
- Managed Series C 

Money Until 

Money Series A. 

Fired lot. Scr.A 
Pns.Mrd.Cap_ 

-Pna.Mrd.AcR_ 

Pns. Gtd. Cap.. 

Piu.Gld.Acc.. 

Imperiof Life Ass. Co. of Curia 
Imperial House. Guildford. 712 

Growth Pd. May 5 _. [71.0 • 772] +-.M — 

Peux.fU.Maya JM6 78^ +L0l 

l' ml Linked Portfolio 

Managed Fond KM.O V9.Bt +fl2J — 

FIxodlnL FU. (953 MfflJI +OJ| — 

Secure Cap. Pd. 1 NS3 100 _5j +0jl _ 

Equity Fund 956 10o3 +oI] — 


Gi li-edeed Fond 
Gill EdfedFcLiAi 
O Retire Annuity 
dimmed. Annty. 

Prop. Growth Fenxloas 4k Amruitliri lid. 
Air wtiier Ac. l't»J127J 133 81 I - 


— VA 1 1 West ha- Cap-. 

— VInv. Fd. I’ts 

— IVnuton Fd. Ul£- 

— Conv. Pen®. Fd 

— Cnv. Pay. Cap. cl 

— Mbil Pcok Ft 

, Man. Pena. Cap. UL 

sa Prop. Pens. Fa. 

+I+S3 Prop.PenKCjpLUtK 
71=3 BdetSoc.Pfcn.DL 

— Bdg.Soe.Cap.UL_l 


3JJ 1273 — 

1326 _ 

1288 — 

1446 — 

1515 _ 

142.7 — 

1322 — 

IMS — 

132.4 — 

129.9 _.... — 

1196 — 


oi -saaccoe Arbnthnot Securities Ltd. tage) 

— 37. Quern SL London EC4R LBV 0123 

— Extra Income Fd_.[104 8 113 4c<+0.1 

~ High Inc. FUnd <0.1 434 -0.1 

— fc Accum. Unite! 54 0 584 -OJ 

— (felt WdrwLUto.1 54.0 584 -□ 1 

• — Preference Fund— 255 27.5 .. .. 

■•#} — (Acciun. Doitsi 376 48J -BJ 

-“i-i — Capital Fuad 187 203 

*i?l — 1 r.uiuraxlity Fund _ 545 5B6a 

■*£■? — IACCUOL Unttai TBS W.Tb 

♦g-i — H0%WdrwLU.J — 476 516a 

♦ BJ — F)n-&PropFri. J6J 17.9 

- .. — Giant* Fund *95 42J +06 

— i Aecum. Units) 15.6 49.4 +06 

+0 L. — Growth Fund 332 356 +0A 

“ i Ace urn. Lbtini.—. 39.1 42J 

— . — Smaller Co'* Fd — . 26.7 2B.9U 

a lid. Eastern A loll FU. 241 . 26J 

| — (6% WdrwLllts.1 — 18.9 - 206 

„..J — N. Ataer. 4 InL Fd. 29 J 3L9U +0J 


52q 1 1 Thomas St, Douglas. I o M. 


I I DJL Funds 

Cap. Growth Inr..- • 
taHC) Cap Growth Acc — . 

01-2385281 Income 6 Auseia--. 
+01 1090 Blob to came Fuad 

J 9J2 Hich Income 

Inj 9 W Cabot Extra lac.— i 
-03 9 32 Sector Panda 

2209 Financial Si ITU. — j 
-0J 12.09 Oil 4 NnL Res __ — 

— International 

573 Cabol — — i 

5.73 International — -- 

5.73 World Wide May fl-l 

-■■■■ 3-^ Overseas Fonda 

+06 2.93 A mil rail 


476 +04 
47 6 +0< 
34 0 +05 


^:2i| 


| U i IPS I VI . _ meow aa . - 1 1 IHfOX*al AlJjflL Gtl V W 6+a 

Ini. Ridgefield Management Ltd. ix Ausl M in. . 289 ui. 

>aJ, Hutton, p OHo ^ 4 , 5 , 3S _ K1 _ Kennedy S! . MdnchcrXlT Do liitr farllir Ul 64 

D61 238 85C1 Do Inti Income ....38 5 41 4i 

+041 3 33 Ridsefteld I dl L'T.| 96 0 103 W. | 2« |J® L^SIiSl K8 1 S 

+0< 333 Ibdficficlil Income, i960 103 ot . .. ! 8.W Do Manx Mutual |2SB 26 
+05| 605 Rothschild Asset Management lg> Bishopsgalc Commodity S 
+0JU n oi T2-W.G«ohauiteRd. Aylesbury 02985W1 

*iil IS J M:5 f| li iS 

IS:t.!SS,r^¥d‘®i 0 ». ?«**£ LuL .. 


25 4| 

+ 0 JI 

27.C] 

i 

87 JO 

+o« 

3S M 


7B^ 

-ul 

132rt] 

-061 


"^Jnf M & G Group 

X-90 Three knurs. Tower Hill EC3R 8BQ 01-638 4MB 

. „ Atlantic May 2 |H3i) 2» I — 

5 S2 AUSL fix. alar 3 ...... hi >118 £14 . . 1 - 

02 ? S «9W Fa May 3 BrS7» SMd .. .. | - 

• “ . l+Jand 1155 12294 +08l 93 57 

x tat i Arcum I'nitNi . .. 1163 J 1736] +1 <1 *357 


N.C.'lucome Fund . 147.2 
N.C. Inti. Fd. iIdc.i 90 0 
N.F. Inti. Fd lAcc i 90 0 
N.L- Smllr Coya Fd 151 9 - 


(Aceum. Units) 15.6 49.4 +4)6 ZB European 086 42.0rf _. [ 5J3 K 

Growth Fund 332 356 +0A 302 FnrQufc- [70T - 7561 [ ‘X60 RiOWBn I'lllt Tt 

lAceuiu. UaJiwi.__. 39.1 422 302 North American [38.4 4Ll] +8jl 120 ri„. , 

Smaller Co-*Fd.„ 26.7 2B.9U ...... 466 A^Cr^SUrh- P19J 124l) -lB Z02 City Ode Hae, Ff as 

Eastern 6 Ml. FU. Mi - 26J 161 CabatAnwrSm.Co- tSO-0 500) .....J 0J0 ■ Aroenean May 

ifi^- Wdrwt.Uts.1 18.9 - 205 i o r , ■ T. . Securities May 3 

Foreign Fd. 843 91J 168 Hill Ssanutsf Unit Tst. MgXS-t ial High Yield Moj- 4 _ 

N. Amer. & UU. FU429.5 3L*4 +07| LOO 4H Beech SL. EC2P2LX 0)6288011 iAcct hl Units i 

Archway Unit Tst. Mgs. IMJf (aKcl Ic St B^s 1 14 593+oj| Is? tAccum.Dniu- — |- 

.-roos— W— fim 8134 -i 2.K Royal Tst. Can. 


7Jd+0.« ZB8 *■ . PU Box 503. Grand Carman. I.'JI man la, 

!9ra+oil 164 Rothschild Si Lowndes Mgrot- <u> N-baahlMay3 .. . | Y155C I I _ 

7BSl+m 439 stSwithinsLane.Ldn.EC4 01-6284358 JJ P4L Boj 260. HojyfKoag 

,,., u New CL Exempt _tdu2fl U90I . .. 1 l.H Nippon Fd May3 BCffl » U«f | 075 

cn Pnrc oc April !7. N>xl deal Icfi Mar 15- Kx-t»tock SpUt. 

7S6j -L60 Rowan Unit Trust MngL LuL¥ia) Britannia Tst. Mngai. (CII Ltd. 
SHjiffl in? City Gate Hae,Ff ash utySq.ECZ 0I-6W 1068 ?> a Hello-.Jersry. 063*1371* 


May 2 hi S2U 2» I - 

L.Mnr3_....hrMW 2M . . I - 
.May 3 Kl^U SMd....| - 

1155 122 9m »0 8| 93 5 

Blshopsgate Commodity Ser. Ltd. ,A,cun, VmU *‘ ■ - ' ,UJ m * a - 3ST 

PUBox42.DouRiaa.ioM D6:*239i l Samuel Montagu Ldn. Agts. 

c£uRH* 6 ^ I Sbv 4 ' Sim? IOmI -J ■“ I H. Old Broad St-K.CZ 01-3888484 

COU NT* ■ May 2 r."' Pl337 247« -«l| 211 ^potlo FdApr 28 JSM795 52« j 360 
OriBdSnS teroedM -SlOanS -Cl 00. S3 7 205 

iSfts il^+oj l n 


oduiuci nwugn Mia. .-l| 

J 1 14. Old Broad St-K.fi 

_«71 Vji Apollo Fd Apr 20 ISPI79S 5? 
-cioor J a pleat April 29. hUQU6 U 


J ant eat April 29 

It. Grp. Apr. 19 
1 17 Jcraev Apr ID 
1 17 Jray O'* Apr 26 


1 ■ • — Murray. Johnstone (lav. Adviser) 
u« I 0 75 163. Hope St .Glasgow, Lit 041-2215521- 

-Hope St Fd 1 Sl'S32 U I 1 - 

... 'Murray Fund 1 SUS10.65 (...._ - 

ICII Lid. -NAV April 30. 


317. High HDiborn.WCl.V7NC. 01-8318333. !KH?JJSE?SSSi' 

Archway Fund.—. -J791 84 J8 | 6.16. IhiFInSrtslTrtUL 

Prices at April 5i Next suhTSty «ir UL JKSmSS^SSlT 

Barclays Unicorn Ltd. (aMg}f(c) fbi'iocfa^ehnM 


Irish Life Assurance Co. Ltd. 


ll.F7nabniySquaro.EC2. 


Provincial Life Assurance Co. Ltd. KS l ^S i VS rl ”'" 

222. BiahopsEate.E.CZ 01-M78533 Do.AiuLlnc 

Prov. Managed FU..I11LB 11771. | — Do. Capital — .... 

Proa. Cash. FU. [1IM3 10981 1 — DaExiteratTSL — 

Gilt Fund 30 (115.9 122JI +D.a — Dol E xtra Income .. 

Do. Financial — ... 


— -I — ■ Barclays Unicorn Ltd (aggiffc) fcifilcb yield 

1 — anieo™ Ho.352RoinIordBd.Er?. 01-534 55*4 InteL? (W(g) 

Co- Ltd lot 

01-347 B533 Do. AlUL iae KUJ Sfeffl -03} LOT InteL lm>. Fttnd- 

I _ Do- Capital ' — -to9 7L2 +o.7j 443 Key Fund Itt 


High YioldMoyA _B45 573^ 7.M 

sou - ll IS uSSiSnr /$ ’ 

tAccumU'nuiil'- -pd 7 7.7( 396 v “*“ “*» 5 - *•'«* dc *' l °E A 

2.62 Royal Tst. Cos. Fd Mgrs. Ltd Butterfield Management Co. Ltd 
AW SL Jeraj'n StrveL &W 1. 0142S 8252 P-O. Bo* 195. Hamilton. Bermuda. 

IS £srfc::_R5 Sf . .1 IS ” J 1 


5 92 Growth Invest DIB 34 41 +101 A00 Negit &A. 

812 Intnl-I 1 ^-- B -~ [723 -0 *1 JS? 10B Bouletard RoraJ. Luxemhourg 

-■ ?g “?l+v3i" NAV April!!.-. I 3US1044 I . - 1 — 

d«,?£Ws. 100 Negit Ltd 

..... X.TO . _ ... Bank of Bermuda B1 .Uk. >1 ami iron. Rncda. 


316} +0JJ 7.74 Prices at Apr. 28. Next dealing May 15. 

“« InteL? (aXg) Save & Prosper Group 

tfi liOuixtapherStTMLECi 01-2477243 4. Great Sl Helena. London HC3P SEP 

j*, InteL Inv. Fund KB2 96 0(+LI)j 650 8B-73 Queen SL. Ed inbu rgh EH2 4NX 

443 Key Fund Managers Ltd laltf) Dealings in: oi-S64 sun or (01-396 73SI 


PmpL BtattUSKee J 
BaL BdJExec /Unlt. 
DeporitBond^H 
EquMyAecniiLH 
Property A ecum. . | 

Sagqaltyl 


SdSq.PoniJAcc 


m-z 

(+D.04 — 


01-8888253 Prudential Pensions T.lmltad^ 


3. Olympic Wy, Wembley HAD0NB 01-9028876 ^ A4D Bara. EONagiL 


I Do . 500 

I Do. General. 


01-4058222 Do. Growth Ace. L . _... , ... 

Pw5toi5£'2~fiw* ‘ IMBi EquiL Fd Apr. 19-.I£23 l 30 24021 1 _ Do, InrnmeTUL fa 3 . 89.4 +U| 6J 

PrwModcS ' l«5 m3 I Fed tiiL Apr 18 BaS «sa 1 — •Do.Prt.A'ns.TsL-PSjO 14Lfl ..71 4.9 

rrop.Moa.Gin. — |nu . — I — prop. F. A*r. JS \mx |_ Prices at April MLNext sob. day Mar 31. 

King & Sbnxson Ltd Do.Rccovei+_ — ..[03 . _ _«.7j +osi S3 

KV.Cornhm.EC3. 01423 S433 MlmCB Mntnal D? toi 15 

Bond Fd. Exempt „ 110638 167.72J ] — Tunbridge Wells. Kent 088222271 wxinw tw ^63 1 fi&7d+osj 53 

r^rrL S-'c f tki 1 ' de |i n A a^L&Stl | — Bel. Prop. Bda . — -| 196.9 . | | — Do. Accum. I — \TL2 7s3-+0.9| 53 

Langham Life Asaunmce Co. Ltd ^baeMU Asset Management Baring Brothers & Co. LtdV (aHx) 

wp- oi r” saM^iia ^“.rs 


25. Milk Si- EXUV BfE. 
495 .KeyEnorgyIiLFd.-[74 6 

564 Key Equity A Gen 67 0 

6.09 SKySSuHFtf.-. 1363 
4 m Ret Income Fund-- 79.0 
tl? Key Fixed InL Fd — 59 B . 
4 96 Key Small Co's Fd_|903 


agg) Dealings lo: 01-564 8380 Dr 031-226 73S1 

oi-ooevtriu. Save & Prosper Securities LldV 

+1.1 348 International Funds 

+06 465 capital 1363 38J1 +0.41 

6.90 l/KU -_Q4 4 26.2d 1 

+1.0 835 _ L’niv. Growth. - . (654 703«q +03[ 

+i b Increasing Income Fund 


NAV April 14. |C5 76 — | | — 

uta J ~ 375 Buttress Equity o.ls 2081 ... l in Phoenix loleraationaf 

74flJ . .} 7.B Buto+« Income &IB 1.59 J 738 P0 Box 77. S( Prtcr Port. Gurroxw. 

lea ling May 15. Prices at April 10. Nett sub. day May 8. lmer-DollarFund. |2J0 248[ ] — 

i Capital International SLA. • - _ ... 

i SC3P SEP " 37 Notre- Dame. Luxembourg. Overseas Ltd ■ 

. Capital inL Fund -I SU51662 I J 28 Irish Town. Gibraltar iGihiSlM 

■ BMSKS- :| s iaii 7 I : . .1 - 

itles IXO-T l.PatmuHlerRow.ECL 01-St839BD _. . . ... . .... 

Adi raps DM79 98 3LHI-0W 5.71 ■ Richmond Life Ass. Ltd. 

38J1+0.4J 367 Adiix-rba — ....... DMH 503M+020 535 4& Athol Street. DougUa. LO M 0834£K14 

Hi i?! — R532 553^12 ^25 (irrhesiiverTnuLius.* . uaa-o.a - 

7b J«fl +051 216 Fondis . . — .wma Z7JN+0JQ 5 88 - Richmond Bond 87 1816 1911 [10 75 

Emperor Fund n.52tt 291J - Do. Platinum Bd .. 1132 U9^ +1.(J -- 

58.4*5+07? 698 Hl '* umo - |Jl£Oa CM) .... LN Do. Gold Bd. 98 S lMH-oSl 

^ 1 CUre Investments ( Jersey) Ud Do. Em KO! Bd_.fl6* 6 l7S4[+oqil47 

■70|| +o« in PO Bo+ if 3=p. a. HHter Jersey n ^ 0534373m. Rethschild Asset Management (CXI 

46.6} +03j 839 gj]™ G 1U F-dl fSiy .V [?“ 99oi ":::.| tt" > O B “ 58. Si. Julians CL Guonuwy MB1 38331 

466) +0.7| 4.99 Cons bill Ins. (Guernsey) Ltd oc bK ntlEa? ' Sll ualil ' 7 30 

„„ P-O- 157. SL Peter Port. Go eraser ' . «=>£ Wfete-rar.- 

8861 Ijlll) 328 ininl Man Fd - 11673 182J9 I O.C6niCoFdApri!9 1346 142.18 .... 364 

lOia+M UJ, Mini. Man.l-0 (16/3 1K31....|— n C. Commodity- . . 1286 1363.... 4.73 

79^ -0.4| 868 Delta Group OC Dlr.Comdty.f.. 52467 2645^ ... - 

p.o. Box 3012. Naiuuw Bahamas •Price cm Mur 12 Next dealing April 28. 

76.41 +0J} 431 DeUaYnr.^!"ZpS6 ^+0JJ4[ - . TPrlen on April 21. Nett dcalTng W 8 


156 1418) | 4.96 Key Small Cot 

nEffrfSSK 

7B vn m ai Ml 4.% 20. Fenchurch SU E-C^ 


753.+0.9 


U7«aguui> r y-i n i+ ++.u| •«» Hich- Yield S44 

Kleinwort Benson Unit MancgersV ioc+me FuadT 

20. Fenchurch SL. E.CD 016238000 High Return |65 4 

isi KA Unit FU lac.-. BjU aa4j [ 501 Income — _..J43.4 

536 *KLB. UnltFd-Ac_— POl.6. UD6....I 5 01 .,r Fm +. 

536 KB.Fd.Inv.Trts._fe5 . 573 1 438 "“5? 

. . L & C Unit Trust Management LldV o«n3-i mm 




1Q33| +0.4J _ 
USB ._..[ _ 


+oi3 — 

+o3 — 


value MayA. KquJtyTaiijal 

Capital Life Assurance^ Fb^Swidl 

Contetoc Boom. Chapel Ash bPlun 09D2285U Do- Aecum. — . 

ffiaafa * l::d= fiSS 


Legal A General (Unit Assnr.) Ltd 
Kingsvmod Rouse, . Klngswood. Tadworth. 
Snnw KT20 6EU. Bnrth Heath 534M 

CashfntUaU. [95J * 10021 J - 

Do. AceunL-^ 

Equity Initial 
Da Aecum. _ 

Fixed Initial— 


123.71 +0.7 
123.61+06 


Do. Acenai 

Property Initial 
CbarieduMM Magna Gp.V ^Araumu 

SSS?S2^ t «6 fen ^i« E “ B - iSA 

c macc gaergy— g>u ss.i _ Do. Aecum. 

57 4 ' M4 ~ - ^emptEqly.IniL 

S'! S'; ••— — Do. Aecum. _. 

OathsaBquttr — 33.6 3S.4 ...... — Exempt Fixed 

>UdnaBld.SML_ 1266 ...._ - • Do. Arirarn 

ilfifn* Mwmg*?d — W — F!u»mnt Mnprf Inii 


N.CP»p)tjtr31 UBM3 1216ri .-..J - Steatl«ilW.J 0668 V3M .1 3.90 LfcCInrl*G«. W.|913 99^ _.J 233 

Next Suh. Dey Jane 30 . Do. Aecum. — __B05B 21431 J 3.90 . . ^ T 

Nett sub. dar April 2tL . LnWBOO SeCS. Ltd. ftlllcl Commodlly. 

Royal In SO ranee Group - 63 George SL, Edinburgh EH23JG. 031-2283811 Energy 

New Hail Place. LixerpooL ' 0512274422 Blshopegate Progressive Mgmt. Crtif *aawJdtteri ? l.+.-.B73 tS4 ^g> 

Rural Shield FA — [330.7 138JJ ...-J ^BtehWtaECB 101 * 01 ' 5e8 f»? 6oJ ^ If 

TX— « _ • +3t2 *9 -*CAcemn. Units) — 60.4 656 361 

Save & Prosper Group* ■ £ctUta-Aw^_gi25 „„ v 3« jwuiandWttnmt g* 386 — LK 

i.GLSLMelen s.Lndn.ECIP-SIEP 01-554 8889 H HZ 136 SSSSSSm™"" Sf ’ a? " " 0^ 

Fdt is! W *** - Brid * e P™ 1 MtaagertfPfaMc) ^^wi^Tui? rrwed. «ffuni.''**L 

con>pjVuaF±tII 196.7 207J — King william st, DC4R 9AR OI-8234B51 Legal & Genera! Tyndall Fund? 

Kqulrv Pens Fd 18L4 191 3 +3^ — Bridge Ine"-. 1493 536nf I 669 -in CanroecHoi A Bristol Q7P3SM1 

Prop.t’ens.Fd.* 2102 2ZL£ .... J — BridgoCxp. Inc. t- §37 35.93 1 34Z l« » uxl lew 

CiK Pwn w pan and ailM _ imt lz7 9 tael I vs* Dis. April 12. — . — .1552 58.41 1 127 

Depot .Pens. Fd.t 


535 4& Alfaol Street. Pou£ Us, LO M 0834 33814 

635 u nheSilvcrTroa. [105.6 . 10431 —0.-41 - 

588 ‘Richmond Band 87 1816 1911 [10 75 

- Do. Platinum Bd . . 1132 U9M +1.M - 

69B Do. Gold Bd. 98 8 IMS -0 51 

Do. Em. 87*02 Bd_. 1666 1754+0 3 1147 


'79Jj +D« 
466} +03| 


• ‘ O.i'Bq FY Apr. 38..I5L1 54 ij . 3 01 

O C.Inc.Ftt. aa> 1 ._ 1588 1604d .. .. 7 30 

• U.C InOJ’tt.T— SL23 1 JH ... 135 

_ ' O.C3mCoFdApriS 13*6 14iB .... 334 

. PC. Commodity... 1242 136i| . ... 4.73 

O C Dlr.Comdty.t.- S24J7 2645^ ... _ 

•Price on Mur li Next deallne April 28. 
TPriCD on April 21. Nest dealing M«y 8 


+821 — 
+08 — 


661 Financial Sore. |7Z3 

661 B drtMnmi Fnmb 

52} Select InteraaL — CBa7 262< 

J5g Select Income __[&4 56i 

»” «■» ScotbKs Securities Ltdf 

mu Scotbite ——[360 *3 

wm Scotyleld 513 5! 

ii '-Fri Scouharos fe.B ■ 61 

n»<M ' Scot Ex. Gth*8— [2286 239 

nBOV ScoLEx. Yld.*& PS4.7 16! 

027232241 Price* al April 28. Next sub. 


+ 99 Deulscher InvestmenL-Trusl 


Royal Trust ICII Fd Mgt. Ltd 


Prices an -April 26. 
tWeekly rieillngx 


&i*°3 - 


zd IS 


•Cfijrof Westfednsicr Assnr. Co. Ltd 
BJmntead Homo, 0 Whitehorse Road. 
CroydonCaOSJA. - 01-48*0064. 

West Prop. Fund— 596 62. 7 . ... _ 

M*aa£edFuiid_— 170.7 1793 — 

EqulhrFUTKi.- 57.5 -. 603 +0J — 

Fariniinid Fund. 703 ' 73.7 — 

Mow* Fund— 1203 1266 ..- — 

Gilt Fund——— 63.9 67^ +02 — 

DUKA Fund . 1730 1764 "— 

2taa.Hngd.Cnp.-. 113J 1192 _ 

Pirns. MnsiLAce. — 1173 TBA ... — 

Poos. Money cap.— 46A-- *4« — - 

Fens. Money Ace._ 860 505] .. .. _ 

Pena-EduftyCnp,-, 03 . 56Jl +03 — 
Fens. Equity Aec._ BJ . 58 1] +0^ — 

FUnd currently e used tp nm investmeuL 
Perform Unite— M77 I _ 


Exempt Filed 
Da. Accnm. . •- 
Exempt Hngd. in»+ 

Da Aecum. - ' 

Exempt Prop. lnlL 
Da Aecum. 


uu . — Schroder life GroapV 

• H3-? — Ealerprise House, Portsmouth. , 

H :::::: = fiaSJBStrUWn, 

i IS:::]: K mi 

Legal & General Prop. Fd Mgn. Ltd iSI 

IL Queen Victoria SL.EC4N4TP 01-248867B K&SCiUtMayZ — IC,0 -1*3.1 
LAGPntFd.Uar 2.. 0008 1017] _...J — K6 SSc.HayZ.__ U9J XBi 

Next tub. day June L MngiLFlx_ApriI25_ 127.7 1343 

, , Managed May 2— M»-4 1*73 

Life Asfiur. Co. of Pennsylvania • MoneyMaya— 1066 1122 

3M3 New Bond SL.W170RQ. 01-4838385 ^2 

LACOPUnll*. 11000 1050( „ ..| . JUS 1&5 

Lloyds Bk. Unit Tst. Mngrs. Ud ' ‘“uit" 

71. Lombard SL.EC3. 01-8331288 BSPn.AccjSay2_ ’ 1293 


gca?.FqultyCep,.:.{B3 5611+4^ _ 7i.DambardSL.EC3. 01-833 1288 BSPaAccTApy 2 J 1293 

Urria. E quity Arc. „)55 J^ 58 U +0JH ■— (%g lOLQ I BIO Mn l'n.C p rAi 2__g946 204.*...., 

Wind rurrently efeed to new In^ crtmcnL ***“*»" ^ • Hjl Pa. Act Jfi|y J-feoj) 

Perform Unite- J W3 I - j - Lioyds Life Assurance . \ 

City of Westminster Assur. Soc. Ltd 20. run do st, EC2A «hx Scottish Widows’ Group . 

Telephone Ol-08* BaM ' - Bit Glh.Mw&~ —I 139295 J+ftllW[ — PO Box 002, Edinliurgh EHJS5BU. C31- 

Flxte Unite . J. ;|mt 12431 .,...,[ _ Opl3KqIy.Maj-4... 123.8 1CT3 — . Inv-Phr-Series 1 tofl3.7 103.7] +2. 

pro^unft.—fio WjJ-- gi ::::. = gSfflSfc:® JSHtJ 

'Coramercl*! Unioo Group 1 Op4-5MmJk»4._ m*j isu — Ex.ULTr.J4«y3__lg§2 w.ri+3.' 

• SLHcla^iVBdenluItpEOL 01-2&37500 ■ ■ iZI3\ . M^d. pen- Ray 3™. [2513 . 259^ 4 6J 

■OMmmL. uTurtoiue. Q>. ^ 

•30LCteHKayLaim.WC2.VlUE. 01-342(082 +0J ~ 


Scottish ffidfe 
PO Box 002. Edinb 
. Inv^yEeaex 1 — 
Inv. Ply- Series 2_ 
Inv. Cash Apr. SSL. 
Ex-ltt.Tr.May3-. 
MgdLPealtayS-. 


147 120.7 — London EC2H5QL 

1*1 14U2 — Assets 

14.0 . 1513 — Capital Acc _ — 

12.8 UU — Comm & Ind 

CUI - 1*3.9 — Commodity- 

L9J 1253 — Domestic-— .. 

!7.7 1345 • — Exempt 

10.4 . 1472 — Extra Income..—— 

166 1125 — FnrEaH- 

166 122.7 ...... — Financial Secs... _ 

3 0 119* — • Gold & Genera] 

B.4 1603 .:.... — Growth 

D1 . 1582 _... — Inc. Jt Growth 

119.7 . — . In FI Growth 

1293 — ■ Inreri-TsLShares— 

M2 2049 — Minerals 

MU) 392J| — NaL High Inc 

New Issue — . 

Group . North American 

b EHIG5BU. 031-8568000 
3.7 103.7] +21] — , Shield 

1.0 103 +211 — StauuOmnge— _ 

& = UBJ ™ — 


Bridge Cap. Acc.t. 

Bridge ExempLr 
Bridge IntLlnat 

Bridge InlLAcc.t-urxi iaoj i jnc 

Bridge Amer.Gen4tZS8 2511 ...._ — 

Prices May 3/4/5- - 

Britannia Trust ManagementfaMg) ' 
3 London Wall HiHhiing^ London Wall, 


262.44 +11) 

563^ +031 


«L* +0 
5*5 1| 1 0 

BT Sc^iSrsTZZ^Z^B ■ 5i3 +0 s| Am Emson A Dudley TsLMgUnyXtd 

IS:&a.^rrlS5 Hi “•?»*“£*»_. “f" 

B241 Price* at April 38. Next Mb. day M«y 10. J 1" 4 * I — 

IS Schfesfegr Trust Mngrt. Ud. “SatSatSSt" 

ilncorpontne Trideai Trostei aiffij aaso 

5901 Am. Growth 27.1 29l] . ... 194 Fidehiy MgTltt. & Res. (BdaJ Ltd 

4.94 Exempt mgh Yld.* S b 269d +8.9 8.W p.o. Box 870. Hamilton. Bermuda. 

465 ivfSw^ni I ' drS '’ -JriS +1J !u Fidelity Am. Ass _ SUS23.9S ._... — 

w jaeSfc-SJ. ^f+ov: *8 SdSUgStW- r 

1=88 J^fg^.;;:: ”i • l| t°: z Its RgslIgSEJr iUsl3J1 ~ 

436 Inv. Tst Unit* 24.7 26« +0.1 *59 ' 041 +614 Z 

a«siP*»-Si S3* 1, «BS3l!K5tk:: §S *“ r 


Postiach 2885 Bteborgassa 8-100000 FrankfurL P.O. Box 194, Royal Tst. Hae, Jersey. 0S3437441 


23b Con centra.- BIMU99 ajffl .....J — 

717 InL Rentenfonds„pja928 7Utj+010| — 

Dreyfus IntercuntfaiCBtal Inv. Fd 


sT.mn fa - 

K.T. lntT. f J*y.) Fd. . 
Prices at April 1 


■* iS ! 

Nest dealing May 15. 


fl07 P.O. Box N3712, Nassno. Bahama*. 

729 NAV April 2S (SOSUD UUj _ 


lig ■ 726| ::::j I n sc hlcslnge r Trust M 

in Next sub. day Hay 10. ilncorporatmp Trfdeat Tr 

368 Leonine Administration Ltd 

” £. Duke SL. London WIMttTP. 0J-4B6MP1 AZGroStTJZZ 271 

LeoDiSL [761 80.1] +03l 4.94 Exempt High Yld.* 25.6 

,» . Leo Accnm. [flG9 +01| 465 Exempt MV*. Ldrs." S.6 

Lloyds Bk. Unit Tst. Mngrs. Ltd* (a) : ” §3 . 


01-838047^10178 Registrar's DepL. Gonng-hy-Sea. Inc. 10%WrfrwT 

1531 +L3I 536. WortUng.Wei(Sus.-<<!x 01-6S3128B Jntol. Growth. 


542 +0.7 414 First (Batacd.l__ 

596 +0 6 432 Do. I AcannJ 

79.7c +0.7 527 Second tCspJ — 
406n +06 437 Do. i Accnm.).-— 
1073n +06 7^ Third (locomol— 
42-< +03 932 Do. (Ac cum.) 

20.7 349 Fourth tEttncJ- 

69.7 +0.9 4*3 Do t Accnm i_ _. 


22.4c -01 
291 . ... 

269n +8.9 
27 0 +13 

30.7ri 

42.7 +0.2 


873a +0. 
120J +1 
64 6 +0. 
717 +0. 


+0.71 436 Inv. Tst Unit* 24.7 

+03 436 Marta Leader* — . 293 

+8.4 321 ‘Nil Yield' 274 

+05 321 Pref.fi; Gilt Troa - 24.0 
+0.4 616 Property Shares ..746 

+U 616 Special SiLTst—— 26 1 
+04 7.68 VJK. Orth. Aecum. 212 

+85 • 7.68 U.EGith.Diri.. IBS 


266> +0.1 
315 +0.4 
246 . . 

253 

■ 264 +03 
28 In +03 
2234 +03 
20 2nf +0.3 


Scries D iAnxAss.il £16*9 [ ... .| — ^ ^ 

|44 First Vnring Commodity Trusts cut f 
54? B -SL GcprgCt SL. Douitlax. LoH. ‘““-J 

I S 0824 4682. Ldn. Agta. Dunbar fi Co.. LUL SK 
53. Pall Mall. LondnoSW175JH. 01-8307667 ™ 


405 Lloyd's life Unit TsL Mngrs. Ltd J. Henry Schroder Wagg & Co. LtdV PH- vikCtaTt* JUM WJM . ..J IJO 

697 7280, GaUOiousc Bd. Aylednuy 0288 5P41- 120, Cheap«ide.EC2. 01-2403434 FW.VUNilX>p , IW.|M.BII M.DOj J 120 

Z.48 Equity Aecum. [1565 1564| | 3.95 Capital May2 £T7_ HUJrij ... | 247 Fleming Japan Fund &A. 


■ Save & Prosper International 

— Dealing Ik 

gyXtd ‘ 37 Broad SLSL Heller. Jenry 094-20901- 

083420901 VA IhitTii if mulmmt Fnnd* 

| _ DIrFxdlnt-SUy3-[954 Will 6.92 

1 Internal. Gr.*t— _..n62 7lfl — 

riser* For Eartero*} J.1.&67 40.93 — 

r* North Ameri can't. P-70 4.0® — . 

Sepro-*— [1368 14 96] — 

_...| — -Irrtlnr riinnntlnilfil Fnnd* 

, Channel Capitnl6_.IZ263 23*31 +15) X68 

J ixn. -Channel lslnnd54>— H463 154jl +1J( 5.84 

Commod. Apr. =7 [119.4 125.7] ....71 — 

_... — St- Fxd. May 4 P10.9 117 .] 1135 

D 74 — Prices on -Mae I. -May a —May * 

.... — tWeekiy Dealings. 

- Schlesinger International Mngt Ud. 
015 — 41. UMoUeSu St. Helier. Jersey. 0534 7336a 

■ - -S.AI.L_ 179 84] -3 863 

-■ S A.O.L. (SO 62 067d-BJl 617 

IStS GUt Fd. Bi 233 1160 

Inti. Fd Jersey M2__ IM 343 

3 i vm 'Next sub. day Maylb 


+03 2.48 Equity Aecum. [1565 35&4f 1 3.95 Capital May2. 

,21 ** M & G Group? (yfaXs) ffiqt 

+82 830 Three Quays. Tower Hill, £X2E 0BQ. 0W38 4508 (Aecum. Unitsi 

+uJ 4.92 


Sew aim Stock 

i-24 American 

JS (Accnm. Unitai™ 

Austral a s i an - 

T= (Accnm. Units) 

Jg Commodlly — — — — 

1 Aecum. Units) — _ 


Exchange DeahngB. Genera) MAT’S, 
as +8.T1 166 (Aceum. Unitxi 

9.4 526 +0jj LOS Europe May 4. 

06 . 56“ -flZ 206 CAccumUiutel 


1820. The Porbmy. Rea d i n g 58 3 5 1L 

BBHSBS^P 

Fixed InleresL.— i.pfiB 35.9] .[ 


_ lOflSIOy Place London EjCJNSTT. 016422«b| Sr SnSS irfi 8 , 


— ' | The British life Office Ltd? (a) conJ^raprowtb 
RehnnceHso. Tunbridge Wells. EL 0H92 22271 RgSySS” ^ — 


wssrfe 

-Managed Pn.Fd.. 
Property Pen. BIL_ 
-VPndected Ip. PWj 


« ::: = 


_ Solar Managed S 
_ Solar 
Solar 


The London & Manchester Ass. Gp.? 


...... _ • The Leas, Follteslonc, Kent 

— Cjp. Growth Fnnd.. 216 

«... — 4> Exempt Fle» F<l 1OT ; 

.... — JEimrt Prop. Fd. 8TI 

- *Expcuiv. Trt. FU 146. 

FfexlblaFnod _... 389. 

Inv, TYuri Fund. — . 131; 

01-8285*18 Property Fund SL( 

• ■"■{ Z M & G Gronp? 


030357333 SoIarlntLS 


CornhUi Iwmnmee Co. lid fS a 

32, Coruhlll, BCL3. 01-8285418 Property Fund- 

Gs^Sc^A^ivrr^V — J — m & g Grom 

Mn.Gtfa>iApri0..ilUL5 17SJg [ — Throe Quay*. To* 

Credit ft Commerce Insurance CoSdSoS?” 

130. Begent St, Loudon WIN EFE. 01-4397081 EqoHyBoud* 

CLCMngd. Fd (1220 1326) — | - E“H£Z?i5L 

Crown Life Assonnce Co. Lid? cniBond— — 

Crown Life Haa, Woking, GU311XW 04882 5033 , £S™a^SS, d 
Slang’d Food Acc. -M. 6 MJ3 +8.71 _ - 


+24[ — 
+0.4 — 
+0.4 — 
+2.4 — • 
+00 — 
+13 — . 
+01 - 


1696 +06 — 
1213 +0.4 — 

105.9 — 

-1043 -83 — 

133.1 +03 — 

115.9 ...... — 

169.2 +06 — 
1216 +0.4 - 


Solar Managed P 
Solar Proper 
Solar Equity 
Solar PxdJuL P. 
Solar Cash P 
Solar In tLP 


Sun Alliance Fuad Bfnngmt. Ltd 1 

Sun Alliance House, Horsham. 040364141] 


SSteSSBT-H?^ iiJ + 1 “ J - 5^— 


BL Dividend* I4L7M 445nt ...._[ 9.73 

•Prices May X Next dealing May 10. 

Brown Shipley & Co. Ltd? 

Mngn: Founders CL. EC2 01-8008820 

BS Units May 3 B53 226M [ 465 

Do.lAcc.iMay! — P660 28221 j 465 

Oceanic Trusts (al 
Financial 
G enera l.. 

Growth Accnm. 

Growth Income 
High Income 
LW. 


(Accum. Unite) 

17.7 

23L 

fiiropem,.— . — ... 

70 

■ W. 


7b 

Wl 

Extra Yield 

23 

87. 

(Accnm Ucitel— 

IBP 

11/ 

Far Sastern 

S6 

51 


aj 

Sfc 


9.9 

64 

(Aecum. Units) 

L9 

//_ 


Hang'll Fund Acc. _ 
Noag'd Fd. inem. _ 
Itxoc-d Fd. Intt. — 

•Equfiy Kd. Acc. 

Equity Fd. Inenx. — 

Equity Fd. Intt. 

Property Fd. Ace— 

Property Fd. Incm- 
Froperty FU Id It... 
Inv.TsLFd.Accj— 
■lov.TsL Fd. l uCML - 

Inv.Ttt.Fd.Inft..— 
Fixed InL Fd. Ace.. 
Fxii. InL Fd- loan. . 

Intel Fd. Ace 

Intel Fd.lncm._- 

Money Fd. Act 

Money Fd. Inem— 

Dist.Fd.Incm. 

Crows Brt. Inv-'A'_ 


HecoveTjEd Bd. 

American Fd. Bd. 

— Japan Fd. Bd.* — PL4 . MJi - ■ ■ ■! — . . 

-• “■ ^ricfcfl on *llay 3. -May A ”-May S. 

— — . Merchant Investors Assurance 

—I! — LK, High Street, Croydon. 01-8869171 

— . — Property-——. — . 1515 +1-W — 

. — — Property Pens. M75 +1.4 — 

~~ - . Bqui&Pena - 16*5 +5^ 

....... — Money IflcL Pena. . 1813 +0.6 — 

.— Depart ti_ 127.8 - +03 — 

„ .. __ DetKult Pens. 1383 +03 — 

+0.7 856 tagged ■ 10*8 . +15 - 

...— — . Managed Pena. — 335J - +211 — 

. intL Equity 11106 —03 

L . intLMaaagitt. — - 1813 + 0 - 2 


tmL.mt.iaaj*. 1 1 J — Perf«THxrce 

Sun Aniauee Llohed Life Ins. Ltd. ^mpt^prilio 
Sun Alliance House. Horsham 04038*141 _ .... 

Equity Fund 0105 ii6d +L7| — Canada Life 

- 2-8 High St. POO 

' lutenumoual Fd. 

. Deposit Fund-. 

Mmiiged Fund 


General _ 164.1 178 

' 1 Arcum. Umlxi ES»6 371 

369 High Income. lOU 107 

442 (Arcum. Umui — 16*6 175 

<69 Japan Income 146.1 1563 

469 (Aecum. Unite) H7.4 157 

9H Magnum 1946 20C 

350 1 Aecum. Unitsi 2426. 259 

4 02 Midland J6L4 171.4 


■ 5L7 -05 
746 -03. 
G03 -as 
IWjO +oj 
683 -02 
636 +02 
1251 +0.6 


1781 +0.9 
371.9 +1.4 
1077 +0.2 
1753 +0.4 
1563c +0.2 
157.7 +02 


2.66 •PeafcChm i FdApS5 
415 S*Spec _ExJYpc.il.. 

415 • ReeoveryApr.il. .1178 0 1K3J1 . 513 m r ■ n»omy_ y^nx. ramuou ma. . „ „ , 

313 ‘For tax exempt funds only Te *- 01-838 813L TLX: 90SU0 J. HtBUy Schroder Wagg & Oo. 1 

331 Caaaaidua in PtfHiifmkl* vi_ j nigfm j ftil ■ G.T. P ur i ft c F<L .«a*^.| SU SLL 75 1+0301 ^-23 lao. Ctieanddc. E.C3L D1-5B& 

915 Scottish Equitable Fnd- Mgre. Ltd-? jubm-obbu in. — - h — . SUSU16 I -0171 

J.n 28 SL Andrews Sq- Edinburgh 031-B6B101 "qbL of Bermud a. Fron t St, Hwnltn. Bmda. Trafa^vMar.31 _ SUS1B&65 I 

JM Income Units (0.4 5L5rf I 510 Anchor •B-Uota-._^U»^ISr ] 184 Aslan ftt May 1 __ nloJ4B d 

2.9J Aecum. Units. — _|5E-2 5X73 1 J5-2D AnchorlnL Fd__.pCS*fifc 4H| | 137 Doriinp FnifJ SA179 In 

2-W Dealing day Wednesday. g_T. Bermuda LUL JapaaFd.May4..._feS62l 6»| 

g "£*£*** ^ 'iSLSL, Tt « A**™** lutmtatftmal 1 

11 si sa is c.t. (^ ud. s i 

ll Security Selection Ltd. gtS-"*' ^Ta Sta * CT * Friedlwder Ldn. Agen 

rS 15-19. LlnrtOn'a Inn Fields, WC2. 01831 8W8-S CT. Bond Flind .. SUS12J6|+0.03j 511 20. Cannon Si- ££4. 01-248 

fg SaffiBi&iU m 1.1 :1 

3§ Stewart Unit Tst. Managers Ltd. Ial g.t A*iaSierlinc...ia2S4 13.461 ."'j'TS Stronghold Management Limited 
Igl 45. Charlotte Su. Edinburgh. 031 -220 3271 g,,* Bermuda iGruttuey) LUL P O. B«w 315. SL Heller. Jersey. 0534-7 

9-g tStewart American FUnd 31-33. Le PoileU Cueniay. fH81-2CfiB Commodlly Trod ._ 19015 44.89t-3.9Sl 

5-2 Standard Units .163 6 67 H +1.11 145 Bero PBC Strlf . •— 00 265KH+2M| 113 

2-5 Accum Units — fas 73.3 .... J - -?2£S2SiHi®fe-Kf ^ Surinvest (Jersey) Ltd. (x) 

e-M \tilbdia»il Units p83 5tr| ....] ■ — Anchor I n-Jsy.rtX. ..[24.4 263| +0.4| 2 97 qiim.,. u v Don Rd. Sl Heller Jxv (15342 

530 ‘Stewart British Capital Faad_ Gartmore Invest. Ltd. Ldn. Agts. American l nd.Tsi_l£fiZ7 843I-4U2I ■ 


. f-ji 37. rue Ketre-Damc, Luxembourg 
■” tS Flag. Apr. 2K-....I SU 54633 | .... J - 

- I* Free World Fund Ltd. ' 

"■ 932 Butterfield Bldg, Hamilton, Be rm ud a . 

Ll 232 NAV April 28 1 SU8173A* | ._...[ — 

— G.T. Mana g em ent Ltd. Ldn. Agta. 

U3 Park Hae. 10 Finsbury Cfocus, London EC2. 
r Tel: 01-838 813L TLX: 888100 


Schroder life Group 

Enterprise House. Portsmouth. 

£Equity 

SEquilv 

EFixed Interest — 

SFixed Interest— 

EManaged. 

SMunagcd. 


-I SUSX215 1+OKH 123 130. Chea pride, ECU. 01-5884000 

I n Um athmai LhL CheanSUay4 SUSU26 1-037] 237 

Bffldte- Bmda. TrafaWAar.31 _ SUS1B8J5 J ._... — 

-ggSU* - 1W Asian Fd Msy 1 — ITSSM BIS 317 

.PDSU6 4M| | 137 DarUae Fnd. SA179 1M 340 

JapaaPd-Mar* festll 67t| 015 

3oida. 

j 'em Sentry Assurance International Ltd. 

K( 0-72 po ^ 33Q, Hamilton 5, Bermuda 

Managed Fuad M5LUH 1SM| | — 

1° I ^ 7B Singer & Fried! under Ldn. Agents 

Ul 531 20. Cannon Si. EC4. 0I-248D848 

, Dekafouda — ... -|DIOI48 HJ« J 639 

L Tokyo T«. Apr 28 . 1 5US35.00 | .[ 1.77 


J. Henry Schroder Wagg A Co. Ltd. 


'Aecum. Units) 

SBBtaKz; 

4-50 Second G««l 

{Arcum Unitsi™- 

St 


284-3+2 
MB-B. 
823 -0. 


4l.d 6.98 
+24] a98 
-D2 4.72 


Canada life Unit Tit Mngrs. Ltd.? special 

2d High St. Potters Bar. Hert*. P. Bar 51122 iAeeunLUnl U“- : . 

Can. Gen Dirt- 137.9 • 39.91+031 *37 SpaeraHted Funds 

Da Gen. Accnm — W5.9 4Bri +0.4] 437 Tto*pc 

Do. lac. DIM. (Ml 35.9m +0jJ 756 JAw*™. Unite'. — 


. Sira life of Canada (UJE.) Ltd. 

2 3. 4, Cbekxpur St. SWI Y 5BH . 01-005400 
V Maple LL Grlh 1 1941. I — J — 

S* = 

2 _ PermLPiLFd.- I 197.0 I _..!j — 


Capel (James) Mngt Ltd.? KEkS?£=W m*3 

100 Old Broad St. ECSN IBQ 01086010 :f _ r V2 

Capital MBA . 85JJ I 433 ManttLife Management Ltd. 


756 Chari bond May 2_ 10 

Cbarild. Hay 2- MM 

i Accnm. Units) 1735 

Pena. Ex. May 2. — D27.4 



rican Fund 31-33, Le PolleL Guernsey. 0*81-26268 

t_ bi ga :i.H i® ssassfe:^ “tasa its 

rote p65 542] -_..J — Anchor InJsy.Ta... fl44 2*3 +0.4| 297 

. __. Gartmore Invest. Ltd. Ldn. Agts. -~ 

US RPa SHf-H =. SL Mary Axe. London. Bd 01-2833531 OmrlttL P668 lO W-Gd - 

429 .Aeciina. UnK» __ 1S9SI 1 350 Gam?8rr Fopjj Wnjjt. IPAr Eatti Lte. Jap. Index T«- [5 l34 U57t+UUt — 

Dealing TFri. Wed. 1503 n UIC i,,jon Hat*. 10 Harrourt.lld. HJiquC .. , __ 

6.46 Sun Allhuce Fund Mngt Ltd. HKiihc.iJ.Ta...lHiE» 2 * \ irtT TSB Unit Trust Managers (C.L) Ltd. 

&£ Sun Alliance HaeHoraham. MBMMI ifS^tsTSTtESlP ' fflH L« ^ S ^ r ' Jcr ^ ° S3 ? T ?£ 

++13_ 09550 204JJW ... I 454 teU. Bond Fuad — fas»«! IMD^ ">J 620 


PO. Box 315. SLHeUer. Jersey. 0534-71400 
Commodity Tnut -19015 94J9t-3.95| — 


Surinvest (Jersey) Ltd. (x) 

Queens Hsa Don. Rd. SL Holler. Jay. 0534 27348 
American lnd.Ta_l£g l7 8431-013 _ 
t opper Trust poll 10.93) -Old - 


Income - 

Price* on May : 


Crusader Insurance Co. Lid. . .^i Eag edl— I 3811 

Vincula Hoaae. Tower PL EC3. ..01088031 T m 

sr 

1 Tt.r — dn+ wBo St. am. 01081213.' S'olexEq. Accum. - 1124 1 

EaglWMid. Unite „IS1.9 58« +05| 565 *5 . 

.Equity & Law Ufe Acs. Soc. Ltd.? NMexGtbincAce- <7.4 


Target Ufe Assurance Go. Ltd. 

Target House, Gatehouse Rd. Aylesbury. 
Bucks. Ayhafamr (DCSoi ! 

Man. Pond Inc DM3 10&JJ [ - 

Man. Fund ACC 114.9 Z2ftJ J ~ 

Prop Fd. Inc. 1055 1IL7 J - 

Prop. Fd. Acc. 1356 1 - 

PropI F«J tev. into. 10*8 J - 

Fixed tot Fd. Inc. 1051 113.1 J - 


. CarUol Unit Fd. Mgrs. Ltd.? (a)(c) 

>. XUbura House. N ewcajtloAi pon -TVn c 21185 

5843 Cartiol [664 68£id 4.48 

_ Da Acctrm. Units. _]79.6 B2q J 448 

_ Do. High Yield (WO • 4254 —J 855 

— . Do. Aecum. Uutfcs _J*9.9 52m ..._J 855 

_ Next dealing date May 17. 


imnLite nanagemeut Ltd. 3i.GreshomSL.BC2. 

805] "["J 7.0 St. George's Way. Steronage. 043856101 Target Cornmndlt) 

Next dealing M«y 17. Growth Cnita. 1491 - 5171 | 3.93 Target PWmdnl 

Mayflower Management Co. LUL tSJcSex mS^X 

14/18 Gresham SL, EC2V 7AC. 0108 8099 JDo. Act Unite- 

Income Apr SB. 11027: 10OJ | 8.44 GJ ttFund 

General Apr. 25 fa. 6-- 7l3 . ...J 527 Targrt Growth 


Equity Fd — - — — 
Property Fd — _ — 
Fixed ImenMF—. 
GId. Deposit Fd.~— 
Mixed faZ. 


*+2M _ r** 1 1 

“ -Nell 

+0.7 - . 

+0 - .9[ - 


Ncl+x Mon. Acc.M.1 67.41 

NetexGtb Inc Acc-fa.4 4J8 

Nelex Gth Inc Cap-fa.9 504 

NelMrd.Fd.Cnp_.fa-7. 5021 ..... 

Nel Kxd. Fd. Acc.~fa.9 M6 

Next Sub. Day May 29 
. F«r New Court Propert y see ™* »r ‘ 
Sathschll* Asset M au x grrnra t 


787 +0.7 — 

653 +0.b — 
'133.9 — — 

■V3S — 


FINANCIAL TIMES STOCK INDICES 

J M-y-i ip-im ,'frnr , *w-.j ^ >Ay« 


j M«y- f my-Voy'-toy | j «f- 

== 11^1 ,TUQ 7!.« ‘ 71.a7| B911 

Fuml Intent....' W «- fil W ' 33 70 ' 05 

Onfinarv... MW «« 471 J 465.7[ 467.8 460.1 


Fired lnt Fd. lac. 1B5J 1121 — Chartc rh o uBC Japbet? Stem Iol jS- sTIlfaJ t£ 

+o7 Z 1. Paternoster Bow. EC4. 01-2483990 AccmUis May 3 . _ fa* 70. 

= ■ m ::::: = gB55g=K - = S-HKASSim 

gasaat.M ** 

S Bream Bldgs, EC4 INV. .01-4058407 . Do. Accum 725 . 76. 

Tulip DivrocFd.—. D366 14441 | — failsft rin Tre a t TWa-nfeg +^g lid Wal/rt Crowth 385 ■ 42 

Man. ften. Fit Cup.. (115 4 XZJjj - . — Amencan --. fcrtZ25 2421 J 156 Da Accum 296 31 

Kan. Pen. Fd. Acc.. (1229 m3| 4 - 13 ^^ZZIZZ g 

Trident Ufe Assurance Co. Ltd.? B**ie »“»*■ Tsl|& 9 27 a( +oj 3 451 International £2 - g- 

Renaiade House. Gloucester 04SS36541 Confederation Funds Mgt. Ltd.? (a) Hlgh^HcL ”607- 64.71 

SSfcr M*7 lE'l r:; - . 50ChmeayLaae.WaW.lflE 01-2420282 gj4J5£-==— &f 9 nt 

P^iSSZrZir 1*7 . 3 1»| z: - Cro-lhFund P9B ■ 4161 | 457 1".9 l« 

uXSmtoFhS": 1068 12U] W.9 — CosmOfMUtan Fund Managers. " Pt1 ^ qs a L^ p ’l l dea ^ 


soo ^a^si us ssrjiJsu 

680 Target Tst. Mngrs. ^ 

454 Bambro Pacific Fund Mgmt. Ltd. 

+0.? 5® 2110. Connaught Centre, Hong Kong 

•• 5* FarEMtUayS tSHOIA DU ...I _ 

•• • |*» Japan Fund IhMW TKj-Ojiq - 

+0J 4M Hambros (Guernsey) LtdJ 
Harnbro Fund Mgrs. (CX) I 
♦Oil 3M PO.Boxe6.GuerajKT 

4 160.4U] 4.42 CJ.Fund 0366 - M55xt 

30 74 845 InteL Bond 5U5Q04.75 107.9W 

15M +0^ 1154 loLSquily XUS[1067 1 IB J79| 

+8J 451 InL Srgs. 'A' Sl'Sh.02 IDS 


I a an tecoareApr 25. |ltt27; 1BUJ | 8.44 

H 448 General Apr. 25 ._. fab 72? . ...J 527 

'-.'J 855 Mercury Fond Managers Ltd. Do. Rodnv. Units 

-- -I X55 30. Gresham St, EX31P2EB. O10O4SS5 Target Inv.._._ 

7 ' Merc. Gen. May 3 — [175.7 1869] 4fe5 3 

Aee.Ute.Hw3 25*2 242.3. 465 TgjMv 

Merr. InL May 3 hZ.1 U2J 2.M Coyne Growth Fd. . 09 0 20.41 +02) 451 InL Sees. 'A SL'StUC 2051 J 850 +"™ jr 

01-2483990 Aeon. Uta. May 3 — po p _ 70.9! »— 2.06 ' ** ^ jnr Svfs. *FT SIJSL05 l mb 1 n eg * m.. <a st HaH ur 

1-3 ™ t Targ « T 84 - tScotland) (a)(b» _ Pnces on May 3. Next dealing 10 TOFSLAprll2” °" 

— J LK £SSE-?i P ^r'Ki ' IB. Athol Creweul.Edin.1 03]-2298BZl. , 2 Henderson Baring Fnnd Mltm. Ltd. i&SS£F*£5£ 

_.J 761 . Midland Bank Group . Tarem AmerJEacIcOiJ. • 281] -021 • 226 n n O L ™4*ra- AiO- TASOF April 26 

53 Cult Trust Managers Ltd.? U) ■Ssetn.teOe,.in«J 435ri^+0jj S.70 po. B or N4723. NiMan. Bahamas .Accum Sh?re ? .„ 


460 Hambros (Guernsey) LUL/ 

Hambro Fnnd Mgrs. (CX) Ltd. 

1S5 late* ?.0. nm'iasi U^oiho. S. hmrtx s-swo 

lunia b 5U SUsfio4.75 lwwl’ 1 ^ sa Overseas ApeU 26. . KCSL11 ri7f ... I 6J 

i£W-A'S® il :: H IS iid = 

... JnL Svgs. I B > SUS205 U8j I .'J 150 2 New SL.SL Heller. Jersey 85*437381 


tjt. JencrFund- _k55 47.91 1 561 

fcZD Cn eraser Fond — 1«3 47.fl ...| 5.U 

Prices on May 3. Next sub. day May 10. 

2391 1 

115 Tokyo Pacific Holdings N.V. 
intinris Management Co. N.V, Curaeao. 
d- NAV per share April 24. SUS50.48. 

_ Tokyo Pacific Bldgs. (Seaboard) N.V.' 
— Imimis Manogemral Co N.V, Curacao. 

NAV per share April 24. SUS38.78. 


J9B 'ga"-" 5S'^«T«S*Sten2gero Ltd.? Ul) -t33rt| ^j) ' H5 N a ^' T ^ thJ ^L 

»§“--■ 3M fi ngt raro Hauif.- Silver Street. Hegd ^ Exln. Income Fd. - |0 _ 

SB£%ir.elL ajfxsi SSSwL^. •» : TZSZ ?.?? *™ ^ "*■„£££, ®M»«I a c«. sassfisas 

11Qm«SUBC 4R1BR- OMiaaa l^i ill III TnnsaUantic and Gen. Secs. Cil* HiU Samuel Overseas Fond 5.A. M—snlApr.3e....ll2aa 


Tyndall Group 

P.O. Box I2M HamUloa S. Benmula, 2-2780 
Overseas ApeU 26. . gCSUl 2171 ... I 660 

i Accum Unite) W- T 50J41 ig | - 

3-vray InL Apr. 20 pl'SLHI U5g j — 

^65*4 37331(3 
770 . ... 600 

3290 .. . - 

A M0 ... — • 

.0 84.0 . — 

20*3 7 00 

280.1 - 

110.1 1063 


31 7[ +0J[ 3 27 pi ss New London Rd dwfnssftKtl 024551®)/ 37. ^ne Notre- Dame. Luxembourg 


144.7 

M7J 

ericas 0*5 
rFhod... U66 


1SJ4 — 


S 545 +0.7 b M Barbican May 4 — 75.2 

5 - S-9 +0 - B lAccum. Unite) 1134 

«• S-J -AS H? Karh ExpLApriS... 85.6 

3 ,5£1 +0-1 267 Barfcm. May 4 799 

S' HS + 2'f 25 lAccum. Uniffl) 975 

fo +°-5 SS Coleu»Mfly5. — 124.2 

J2 J5-] 5-55 lAccum. UuiLM M99 

!:?_ . UH ...... 554 Cumlit May 3 50 7 

aNext deal ins Mar 31. (.Arcum. Unite* . — 5S5 


l 33 -“"I 


lMg+WMI - 


Victory Rouse. Dougtaa. Isle of Haa. 08*4 2S028' 
Managed Apr. 20 ....[12631 133 0] ... | — 

UtcL Intnf. iHngmnt. (CJ.t Ltd. 

14, Mulcasicr S Creel. SL Heller. Jersey 


Intematioual Pacific Inv. Mngt. Ltd. l -* R Pun<1 In 'Sll 15 U1451 , .. ( ai3- 

Pu Box K37. 66- pm sl Sydney. Ann. . United Stales Tst. IntL Adv. Co. 


tnduamul Unfinary.- ‘tal-S, 

Hold Alina* .... — 141 - 9 ; 

Ord. 11 iv. yiohti-— .- S.58 

bnwnnw WM 1705 17 -' lS I7 - 2a1 ] 17 - 3 5 17 - 10 1B>00 

■pTiX^ti— . 7-ao 7.a2 7.80 ,?.?d ?.ea 7.ss 9.31 

— fi - 7 « 5 H H 4 - 737 7588 

SA^vergm... - ».2^ 100-17 «U»{ 87.60^ BBJKI M1.TD 

in a.'nj. 479.2. 11 o-in. *89.7. Konn ^.i. 1 D-m. 4S3.«. 

2 p.ttL 4835. 3 D.tu- gJ- 

l. Blest Index 0WM6 SB*. 

W( „» «(» «- 

Mill 8 12 -9 56. SB Activity Jub'-Dec. 1W2. 

HIGHS AND . LOWS S.E. ACTiyiTY 

— . ' ' IM7H [SllW U.II.I.II8I1M' ! ; ! M 


B.58* 6.66 

16-9 5 j 17,05 


148.9 14E^ 

6,66 B.66 


147.7] 145. S 

5.77] 6.76 

17.30 17.1C 


4.727 7.528 
aajsa 1*1.70 


Nll=7.7fi. 

lud. Ord. 1/7/31. GaM 


S.E. ACTIVITY 


GlBEdged 1195 

teem+y . 122.0 

IiitcrnaUimal 998 

P4w» al 171 C 

Growth CbJjl 12461 

Growth**-. 1274 

Pena. Mnrd. Cap. 113.0 

Pens. MnttL Acc.— 137-1 


Pttw.MnpLCapt_ 113.B 119.7] — 

pens, itxml Act ._ U7J - X»6f. — — 
PmM.ca£SepjCap- 1025 • M7.« — — 

Pcoa-GtiLDcgAcc.. 1052 .U24 — 

P^P^ee — ZZ 116.9 12|3 — 

TWLBonS-— J*-9 - 36. W . — — 

*Tnfl. GJ. Bond (995 „ — ]. — 

*Caah value fur £100 premiums - 


Tyndall Atsurance/Petnsions? 

10. CanyngeRoad, BrlaldL * ' QS 

3- way Stay* 1227- 

Eqarwiuy4 1594 

BondMavi 1633 

i»R=: Si 

3-wayItaApr 20- 1412 

0 , BcasInv'.Msy4_. TL3 * — . 

MnJVS-WMaya™. 1666 

Da Bond ... 3746 

Da ETop.May2 K.4. 

Vanbrugh. Ufe Anonnce 

4 1-43 Mlddcoc SL, Ldn. W1RKA. 01 


CosmopoUtan Fund Managers. ' -7^ atAprt' »* dmriinn Mar si. <Accom Unite! MS s 

3> PonlStroet. Londni SWlX 9EJ. 01-2358525. lAreiSSmte.V.i: Ml B 

Coanuno9n.GtlLFd.ll72 UM J 4 or KluatcrHse.. Arthur SL.JB.C4. 01-8231050 Marlboro May £ 495 

_ „ Muster star 2 p45 - 365] ..—J 353 (Accum Unite) 565 

Crescent Unit Tst. Mgrs. Ltd. (aHg) Exempt Apnt as. _ fei _• 9 li] .... ] 552 van Gwth.uuy2_ 47 6 

4HeMIle Cros- Edinburgh 3. 031^284031 MLA Unit Trust MgCOmt. Ltd. — W9 

Si 1 5S 'Old Queen Struct, SW1H9JG. 01-9TOTCJ3: Vang.T , eeMay5rr Ot 

— toJ Sm MLA Units 1376 38.9] | 457 (Accum Units i — 4*5 

538 Mntnal Unit Trnst Hfaagers? (a)(g) SSSmtioIbCZ »5 

Diserethsiary Unit Fund Managers SSSSSSS^ M Sf 8 S SEMSKlJS “ 

a,»T«Bfirid8L f ECai7AL. 0108 MBS' Mwnri lint Tst fas . 7j3 +03 764 Tvndall Manacers Ltd.? 

Disc IacO»e ffiSJ.B ■ U0L2I 5.45 ltatu*IBtueaiip_te2 .453+05 655 “- v 

jmiihwi— IW •—.* Mutual High YlD-.ph5 ■ 60^ I 852 IB Canyufie Road, Bristol. 

E. F. Winchester Fond Mngt. Ltd. National and Commercial ‘income SjtoS- 

Hid I— ere M atsaia, aid n a I • Pdh.l—Livn eadaiei (ACCUIU VUltU 


150J +ia 

.157.8 +2.8 

54.1X 

S9J .„. 
53 7k 

69.0 

51.9 

59A 


4 Melville C hul. Ed! nbunfti 3. 
Crescent Growth— ^6- 28 

Crea. luieraaVL — B5 59. 

Ciw. High. DtsL_ H|3 45.4J 

CreaR*MriK<— [39.7 42. 


vJl Pu Box R237. 56. Piu SL, Sydney. Ann. 

Javelin Equity Tst. [SL99 269|-0.IM[ — 

5J7 JJELT. Managers (Jersey) Ltd. 

P-S PO Box 1W, Boyal T«. Hec- JeracyOSM 27441 

518 Jener Exml TN_|I606 17DJ|+iaOI - 
SU As at April 28. Next mb. cfa 3L 
2-M Jnrdine Fleming & Co. Ltd. 

■foj 40h Floor. Goumucbt Centre. Hong Kane 
3.93 Jardinc Eatn. TsL _ 5 HK22 9 68 _ _. 3 JO 

862 ■lardmeJ’pn. FtUk* SHK3175Z 0.90 

875 JmdlneaSA. SUS2.W 2.40 

fc 75 Jantine FlemlnLf. tUKUt . 

528 NAV Jllar. 3L * Equivalent $ ISOM. 

S.28 New sub. April 2B. 


H, Rue Aldriuger, Lurembourg. 

U.S Tsl inr. Fnd | SUSU.43 |-0-12| 096 

Net asset May 1 

S. G. Warburg & Ca Ltd. 

JO. Gresham StrecLECa 01-0004539 

fnv.Bd J’dJVlay* — [ SUS957 |-0|U — 
Eney. InL May*.. ._[ SUSU.U 1-0.03 — 
Gr^LSFd. Apr JO | SUSASS | .... J — . 

_ " puso 


Warburg Invest. MngL Jray. Ltd. 

1. Charing Cross. Sl Holier, J(jr. Cl 053473741 
CMF Lid. April 27— BL312J6 1L57] j — 


SS J«^ey LUL . gKMa Wz W 

PO Bor 08, SL Heller, Jersey.. {Ehr. 0I-8M 7070) MtalsTri-iUr^) — OE« H 

Fonselex |FrU94 IJM [ )« TMT April 13., HWJS t 

B»y Boadselex IFrffljl Sl,.., _ TMT Lid- April 13„^9.74 9 


E. F. Winchester Fund Mngt. Ltd. National and Commercial 'income May 3- 

* Old Jewry, EC2 • 01-8062187 3LSL Andrew Square. Edinburgh 031-558 0151 raSSssw? 1 

027232241 Great Wincheste r — P6.7 1821 | 6.71 lucuBeMay4«_..[l*L* 146.6] 634 lAccum. ImILal 

..... — _ GLWtnch'fcr o , scasJl84 . 33] — | 488 (Areum. Unite). — ' riSJ’ I b3 * Eseatpt April 28 

'_... -* . Emson & Dndiey Tst. MngnmL Ltd. Lyceum unitij'ZZZlw.t lsaoj zJS ca^rtmcuuyj 

— - ao. Arlington Si-S.vr.1. oi-«9 7551 National Provident Inv. Bbigrs. Ltd.? (Arram Unite) 

:::: _ EmaonDudleyltt..]64B M3] 358 *8,Grae«hurchSL 1 EC3P3HH 01-8234200 fS^S'unltti. 

— • _ n i+j- /-v NJ* L Glh.Un.Tst- |44 0 4Ud | -3.S ,ScoL Cap. Uoy 3 

_ Equities Secs. Ltd. la) (g) . lAccum. Unitai* . — Es KT3| — 395 (Accum. Uuitei. 

— — « BLshopsgme; EC2 DI0828SI MM CraranTriiK... 021.0 ScotlnC MU}3 

d = «■ 

Equity & Law IhL Tr* M.? (aKbKc) 

innNxnRH Hi mi wwwnh. (iHum-T National WestM nstei ?(a) Extra Inc. Growth 


007232241 wwaselex 

lux 7si 

&! i £ ssassfc 

BU Ml 6 SSS. J SS:~ 

15*4 792 

99.6 ... 563 

123-6 S.63 

7478 523 

Z75S 5 23 


6.55 721 

SJBS 427 

CSOH 5V52SW 


Mz 


2,90 TMT April 13., pOTJU UM ... - 

_ TMT Lui. April 13_{n.74 999| | — 

427 

3.8b World Wide Growth Management^ 
— tOa. Bouln-ard Royal. Luxembourg. 

~ Worldwide Gib Fdl SUS13.94 |+D11] — 


NOTES 


f ® Prices do not Include S premium, except where indicated * and arc in pence unless otherwise 
I'S | indicated Yields (shown in last nuunmi allow for all buying expenses, a Offered prices 
-- . _ . . < Yield based on offer price, d Estimated, g To-day's 


855 Include ail expenses, b 
opening price h Distrib 


mwUnL...j 81.27 
fnd. Orri»— | m 
field Miure.' «gf 


j 1A7.4 } 49.18 Qili-Edgada.ii «9-2 *51.4 

(SflfM j industries..:.! 218.8 190.fi 

ifiUd I 50 55 c peril Ial 1 VC... 25.6 26,4 

649 J2 48.4 fiiitVuipHf.. 164.0 158.2 

I26fflrt0) Induscrtain... 196-9 185.0 

iSKoUBb SS^iSS i!S 


LA. 01-4SS4B23 
ISLg+OAt — 
24L«+3a — ' 
MB-H-dS — 


uoiu MHwwj | (b(J , | ,3aft7»ii<a*iIO«» \ low...— h 

ft— ACTUARIES I NDICES 

— 1 — ; — ETTSTpr-r x.y-i y|^“ i A ,;r 

TTnS'' MaSl' 20^61 204-25- 203. 17j 2O2-80j 179 55 

indurt™.! | J 23 i.471 523.35 224^4] 305.19 

W6, “ K “ - j ,M 3 5^ - 6.60) 6-55| 5-59] 6.69 5.48 

fnnywMp. | ' j [Q 8 .00 f 7.92} 7.95| H 0.41 

212^^ 1 - - j a ,6.2s! 21 5.00 211.46: 909^3 208.451207^199.06 


~ pratnUi, * t< “ unit m 
FiredlntrittFdZWM 772 % +03 — 5-7. Ireland Yard, EC4BSDH 

SaSrrJS? - S!SSS&=i| : 

InL Growth Fa 104-6 . 

Vanbrugh Pensions Limited ' ' Do. Accum _____ U7-8 I 

««. Fricmda' PrtvdL Unit 

Emfiy IS 7 100 7]' _ . Flxbam End. DoridrUL • 

Fuealotcrcw fan 962] — Friends Pros. Uls—faB 

Properly—. (95.7 lOILq — -T — Du. Accum - -[54.2 

Guaranteed see ‘ins. Bare Rales' tahiu. (j.T. Unit Managers Ltd.? 

Welfare Insurance Cfe Ltd,? ' 18, Finsbury Oren*EC2M7nD 

Tire urns, FWtanouttltenL 030337333 

Moneymaker Fd. M13 JeU - GT.iS.FlUm"". 1M9 m.1 

For other funds, plcaacxeierlo The Londoufi r;.T. US fiGra. -1394 uan 
Manehester Group. • tiT. Japan &Gra- 281.4 246; 

_ . > . _• , , . ACL PraAHxJFd— 133.8 

Windsor Life Assnr. Co. Ltd. . GT.inrt.Kuwi.__ 1087' 
l Hlph StrmiL Windsor. 'Windsor 88144 G.T. Pour YdaPd — (532 

^SSSShST.i* 73 id =' G.& A. Trust ' (a) (g V 

PutureAffltGsaisj.l • ■ o.o I — J — 5, RaylelfthBd- Brentwood , 


Equity & Law lin. Tr. M.? (aXbKe) 

Amershum Rd, High Wyromba 048433377 

Equity fi Law ItU . 69« +Ld 4JD ^ ^j| 

Fratnlington Unit Mgt. Ltd (a) 713 

5-7. Ireland. Yard, EC4B5DH. 01-3488971 Growth In? 

CapUalTtL- _|XL3A 120AM) 1.42B- Income. — - 

IncomeTsL. ■■ jllH.8 1U>3 J 50 Portfolio Inv. Fd„, 

1st. Growth PU. ]1M_6 Ui jJ 2J1 Uniwasal FtLfdi 

Do. Accum I07J 114 Jad ___] 220 . NEL Trnst Managers Ltd 


Do Accum — 

Extra Inc. Growth 

I 6080, ■ Do. Aecum. 

+03] *26 Financial Prirty 
+08 7 22 Do- Accum. — — 

+DJ 4,97 High Ine.Pnpriiy 
+0 7 435 international 

+0.4 639 Special Site.., 

+gj TSB Unit Trusts (y> 


opculnc price h Distri button tree of lljt. taxes, p Periodic premium Insurance plans, a Single 
5.90 Ngjuiiu insurance, a Offered price includes all expenses except agnlu caramlaiion. 


17.0 +02 
206 +0-2 
652+0 4 
32.9 -03 
32-4 +02 


66. ctj +a_s 5.98 t Priee includes all expense* if bought throumi man 

: 39 a ,., J 10.81 v Net of tax oo realised capital gains nnlem indicaied by*, f 
45 J| .. J lo.os » Yield brtore Jersey rax t Ex-snbdl' 


lagers, x Precious day’s price. 
Guernsey grass * Suspended, 
vial on. 


Do. Aecum 1 107-6 iH35| 2Jt NEL Trust Managers Ltd.? (aHgi = L Ci,aaBy I ^ 1 ' n i ^'^^ :w ® 188 

Friends’ FrovdL Unit Tr. Mgrs.? * Whan Court. Dorld«g.Siinw 3JH ihfTSB Genera) 1448 +D-7| 1» 

n-i.r.-.. p-.ui rwreMwo NoJ«U r WL7 UM 40.7] i bi Do. AceunL 567 6a.tt+6.8| 351 

NoIstarHIghliK....&0.0 529+0.41 027 (M TSB Income — blO M.W +d5 6.84 

EriradaPrw.Ute-fafi J2 . For New Court FBod.»Mgm Ltd. I^ttoAreum U.l 66 iI+oaI U4 

1-HJ.9I 428 s« BolhiiMd ALUl Management ■ 


60.7 +02 
M9 +0.6 
661 +0A 
852a +M 
913 +0.7 


|«CL PrasJteJPid.- 
G T. Inti. Fund.- 


[ Ret. Ased. Fans. — 1 
Flex. Inv. Growth — 


. C.J 


J? * 428 3 s 

4<L? * Norwich Union Insurance Gronp (b) , ^ Bant¥ (a . 

>D 01 - 8288131 , F.O. Box 4 Norwich. NR 1 3 N&. ■ tWJ 32 =S 00 ' , oa==HEnl 

i|:a ii ss%-d£s.3&ur SSSL.a^u 51 

U»2„ J;S 232 High Knlbora, won’ 7 EB Q 1 - 10 S&H 1 V“ St Tnut Accoaat “ Ltd - 

2963 +23 140 Pearl Growth Fd .«.|225 3 * 3 * 4 + 0 .JI 503 King Williams.. EC 4 RSAR 01-82341151 

wzr. 400 A^mEfS S - -~i| 333^:3 5.“ Friars itec. minrt...UH0 M .-. .] 465 

1153 _. 220 Ptearllsc.^ bl 2 33Ael +03} 630 WielerGrth.Fnd—.ra9 WJ| | 4.42 

*5^6.3 7J2 Pearl Unit Tst B5 8 ^3-+oS Da Aceum. [335 353| — | 4.42 

■ Wirier Growth Fnnd ! 

• ' Pritca^ Afiimn. IftL gMS) KlnpWilliamSL EC4RBAR 0!-823*85l! 

« ff09«^/^Shmeh«D48C. . ‘ , Ott-MiMBS Income Unite |»9 305] --.1 4*21 

*52 Pelican Dwte—m.faA +0.4] 537 Accnm. Unite-— ■ . -35JJ J 4.421 


LU-0£. 

Hi-J 


01-82348511 

=d 2 .SI 


I.G. Index Limited 01-351 3466. Three months Tin 6332-6406 
29 JUim on t Road, London, SW10 OHS. 

1. Tax-free trading on commodity futures 

2. The commodity futur es market for the smaller investor 

CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave„ London EC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as at 25tti April, 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital 128.14 

Clive Fixed Interest income 113.S7 

CORAL INDEX: Close 480-485 

INSURANCE BASE RATES 

t Property Growth 

t Vanbrugh Guaranteed 

t Address shown under Insurance and Property BnmJ Tablp 




Financial Times fflbBthr Tfof-t. 'T&m 


FINANCIAL TIMES REPORT 


Monday May 8 1978 


French bank’s new City HQ 

Classical lines in King William St. 


By H. A. N. Brockman, Architecture Correspondent 


Here is another new and im- 
portant bank headquarters in 
the City of London, an interest- 
ing contrast to the sleek ex- 
cellence or the Banque Beige 
which I discussed in December 
last year. The building now 
under review occupies a tri- 
angular site with its main eleva- 
tion on King William Street It 
presents a massive heavily 
modelled facade in which pale 
textured granite facings are 
effectively used in a modern 
interpretation of the classic 
“ giant order." The main 
columns punctuate the centre 
and ends of the building, rising 
to the sixth floor level. A minor 
columniation in pairs occurs in 
the intermediate space between 
the central entrance and the 
ends of the facade. 


EUROPE’S 
INTERNATIONAL 
BANKING LEAGUE 


Size 


Sbn. 

Deutsche Bank 

44.4 

BNP 

46.6 

Credit Lyonnais 

37.3 

Soc. General c 

36.5 

Dresdner 

35.9 

Barclays 

33.0 

Banca Nazionale 


del Lavoro 

32.7 

West LB 

25.8 

NatWest 

29.1 

Commerzbank 

26.8 


At first-floor level strong 
horizontal emphasis is given to 
the facade by a deep granite- 
faced band and this is repeated 
at the level of the fifth and sixth 
floors. Boldly projecting mul- 
lions of bronze-toned aluminium 
march along the recessed 
window openings of the middle 
storeys, the windows being 
sealed and double-glazed. 

This powerful treatment 
stands up well against the heavy 
classical designs of adjoining 
buildings, it is in fact almost 
impossible to describe this 
unusual piece of architecture in 
anything but classical terms. 
There will no doubt be strong 
reactions, both for and against, 
as its impact on the City street 
where it stands is so great. It 
stands alone in to-day’s architec- 
tural scene and I doubt whether 
we shall ever see anything quite 
like it again; it is a truly 
original work. 



DESIGN AND CONSTRUCTION 


Architects: 







a 



Richly 


\V, '•Sfc,.?-*;. • 

: ^ /'• . . •, v ' • 


Source: The Banker. 


The interior Is treated richly 
and with dignity. In most areas 
the walls are faced with hung 
panels covered in a variety of 
vinyl fabrics. In special rooms 
wool fabrics, silks from north 
India and timber veneers are 
used. Timber used in the well- 
finished joinery and panelling is 
mostly of a nicely grained 
walnut from Australia, but in 
the sixth storey and in the base- 
ment plane tree burr is used 
with great effect. Carpets are of 
a wool-and-nylon mixture from 
france. 

The marble used in the walls 
and floors of the basement is 
cream travertine from Italy. 




Quant ity Surveyors: 
Structural Engineers: 
Mechanical Engineering 

Consultants: 

Electrical"! Engineering 

Consol lants: 

Telecommunications 

Cons ultants: 

Project Managers: 
Building Contractor: 


FItzrov Robinson and Partners In con- 
sultation with BNP Paris headquarters’ 
Architectural and Technica l Staff. 

'Watkins PooTpartners hip. 

Ove A rap and Partners. 

Ellis Mechanical Service s. 

Rashleigh Phipps Electrical . 

Three Tee s Consultants. 

Dron and W right. 

Sir Robert McAlpinc and Sons. 




The King William St. jremtage. 


Decorative ceilings are of fibrous 
plaster with concealed cold- 
cathode lighting. General office 
ceilings are of mineral fibre 
acoustic tiles incorporating 
recessed lighting from France. 

The basement is well arranged 
as a staff canteen and for senior 
management dining areas. The 
reception area is square on plan, 
in which the corners have been 
well filled with indoor plants. 
This area connects the lift lobby 
on one side with access to the 
canteen for members of staff 


and on the other to serve the 
three executive dining rooms 
two of which are arranged for 
use as individual or combined 
spaces with ante-room for pre- 
prandial drinks. 

The building’s function is to 
house normal banking and 
foreign exchange facilities, with 
a Board room and reception 
rooms. There is an elaborate 
communications centre, cashiers 
and investment departments and 
general administration and staff 
facilities. 


The. building, which is fully 
air-conditioned with service 
ducting mainly incorporated in 
the external columns, covers an 
area of approximately 7,500 
square metres comprising sub- 
basement, basement and six 
upper floors with small plant 
rooms on the roof, the height 
above ground being some 28 
metres. Construction consists of 
piled foundations surmounted 
by a reinforced concrete frame, 
the texture of the granite fac- 
ings having- been obtained by 
the application of an oxy- 




acetylene flame. 

Planning • consent was 
obtained in September 1974. 
Demolition of the old building 
(only 60 years old and designed 
by Ashley and Win ton Newman 
in 1917) started in February 
1975. Construction commenced 
in August and was completed in 
February of this year. 

Retracing the steps of this 
description and assessment it -is 
interesting to speculate on the 
influences which brought about 
this unusual approach’ to the 
design of a central London 


office building, lu the case of 
the Belgian bonk I mentioned 
at the beginning of this article 
an English firm of architects 
were allowed and even encour- 
aged to follow their own prece- 
dent near by. 

In the present instance there 
is the undeniable feeling that 
the design of the Banque Nat- 
ional? de Paris has been under 
a fairly strong Influence from 
the architectural staff of BNP 
itself. One would uot be sur- 
prised at all to sec this build- 
ing in a Paris street: nor would 
it be so unusual in an American 
city; the taste uf Louis Kahn 
comes through in the bold 
rounding" of those “ columns.” 
This is not by any means to say 
that it is a slap in the face for 
King William Street, for it 
stands there with great aplomb 
as a polite foreigner holding his 
own with his alien peers. 

There are very good reasons 
for the trend to get away from 
the sad results or developers’ 
architecture which dogged our 


designers in the bad old days 
of the sixties and early seven- 
ties. The rapacity of ihusu who 
could only think of the maxi- 
mum revenue-producing space 
forced architects into unenvi- 
able, though often lucrative, 
positions; unenviable because it 
deprived them of their initia- 
tive in practising their art, 
imagination and inventiveness. 
Now to a great degree, with 
the recession in the purely coni-, 
mercial developers’ activities, 
the country is getting back to a 
much freer interpretation of 
the architect’s role in commer- 
cial and industrial building. 

It is in this field and in the 
wide field of housing and con- 
servation, rehabilitation and city 
renewal that the architect and 
his fellow professionals must be 
given the outlet for a far 
greater stake m the creative 
work of design and construction. 
Such buildings as that for BNP 
add interest and distinction to 
our city streets: more will be 
forthcoming. 


i y.VAV.ViV.V.V.V»V»V«V«ViViViV/MV»VWiV«V.V.ViV.W»VAV.V*V.V«ViV«V»V. , .SV.W.V/AV.VAV.V 


BNP 

building 
for the 


ms 


future 


The official opening ceremony takes place 
today of the new Head Office building for 
Banque Nationalede Paris Limited. 

Established in the City of London for over a 
century, BNP Limited is an international 
commercial bank. As a member of the BNP 
Group, one of the world's largest banks, 
BNP Limited has direct access to an 
international network extending over 
sixty-eight countries. 


m 


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BNP is there to help and advise, wherever '"Aw 
you do business. ^ 


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••• •••• 

•••• ••• **** 
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••• *•■• 

•••• 


maanmnai 

Banque Nationale de Paris Limited 


it- 


:::: :::: ;j; 8-13 King William Street, London EC4P 4HS, Telephone: 01-626 5678, Telex: 883412 BNP LNB 

:::: .«5 S Also in Knightsbridge, Birmingham, Leeds and Edinburgh 

BNP Group Head Office; 16 Boulevard des Italiens, Pdris 75009 ( 




^ £ 









* : 


Ffoanci'aPTiineS Monday May s 1375 




i£-pi 


FRENCH BANK’S CITY HQ H 


irouj 


Giving the world a 
sense of security 


1 •' v 'iit • 


Niij.. -- 


Group 4 Total Security Ltd., 7 Carlos Place. London WIY-5AE 


Tel: 01-629 8765 Telex 23145 


JOHN F. SHACKIETON 
& SON LIMITED 

37 Fishergate, York, YOL 4AQ. 
Telephone York (0904) 56665 (2 lines) 

Cream Travertine and Botticino Marble 
cladding to Banking Hall and Basement 
Reception areas and toilets. 




air Conditioning -plumbing services 

DOMESTIC WATER SUPPLIES- FIRE PROTECTION; 

DESIGNED AND INSTALLED 

. ' ■ ' • i' BY 

BIB MECHANICAL SERVICES 110. 

ELLlS HOUSE, 118-120 GARRATT LANE, 
LONDON SW18 4EF 



(A Member of the Ellis Group of Companies) 
LONDON — NEWCASTLE — DUBAI — DOHA 


* y 

-r< 


■ ELECTRICAL SERVICES 

Banque Nationale de 
Paris Ltd. 

BY 

Bashleigh-Phipps Electrical Ltd. 

Park House, 207, The Vale, . 
Acton, London, W3 
Tel. 01-743 2088 . 


Looking back more 
than a century 


” . . news of the formation of 
an Anglo-French bank to 
develop and expand trade in 
the two Empires is particu- 
larly welcome.” Financial 
Times, February, 1947. 

The chairman of Basque 
Nationale de Paris Ltd. is a 
former British Ambassador to 
Moscow, the parent is the 
largest nationalised bank in 
France and among the original 
directors was one of Scotland's 
most famous rugby inter- 
nationals— GL P. S. Macpherson. 
With this sort of pedigree BNP 
Ltd. likes to feel that it is a 
little bit different from the 
hundreds o.f other foreign banks 
that now crowd the City. 

Although BNP Ltd. was set 
up in 1947 it can trace its City 
origins back to 1867 — the year 
America bought Alaska from 
the Russians. In that year the 
Comptoir Nationale d’Escomple 
de Paris set up a London 
branch. Apart from a handful 
of Australian and Canadian 
banks, the Comptoir was one of 
the first foreign banks to open 
in London and was shortly fol- 
lowed by Credit Lyonnais 
(1870). Sodetg Generate (1871) 
and Credit Industriel et Com- 
mercial (1895). 

In its early years the 
Comptoir was closely involved 
in financing the wool and cotton 
trades ' between Europe and’ 
India, Australia, Egypt and the 
American Soutfi. Branches were 
opened in Liverpool and Man- 
chester and in the West End 
of London. However, after the 
first world war business 
stagnated and eventually all of 
the U.K. branches were closed 
except for the City branch in 
King William Street, where the 
Comptoir shared a building with 
Warburg’s. 



The foreign exchange dealing room at the Banqne Nationale cle Paris in Lo&km, 


Pre-tax 

profits 


Ancestor 


The other ancestor of BNP 
was the Banque Nationale pour 
le Commerce et l’lndustrie 
(BNCI)., It was younger 
than the Comptoir. having been 
established in 1932, but by 1939 
it had opened a London branch. 
The jonset of World War II 
interrupted its career, .however, 
with th\ London branch receiv- 
ing a direct hit during the blitz 
of 1940. what was left was 
loaded ontp a handcart and 
wheeled ov6r to Martins Bank 
at 68 Lombard Street. The bank 
then operated from two rooms 
there for a while before moving 
to 85 Grace church Street. Tins 
episode reinforced the close 
relationship between BNCI and 
Martins (the latter subsequently 
taken over by Barclays). To-day, 
BNP and Barclays co-operate 
together In -the ABECOR bank- 
ing club (Associated Banks of 
Europe) and . have stakes in 
international banking joint ven- 
tures such as Banque de la 
Societe Financrere Europeene 
in Paris and Eulabank in 
London. 

After the war the BNCI, 
which had by then been 
nationalised, derided to turn its 
London branch into a subsidiary 
and established the British and 
French Bank (for Commerce 
and Industry) in early 1947. Of 
the initial issued capital of 
£750,000 the French parent took 
up 450.000 ordinary £1 shares 
and 300,000 4 5 per cent, cumula- 
tive participating preference 
shares- of £1 each were sub- 
scribed and placed by S. G. 
Warburg and Co. and Robert 
Benson, later to be absorbed 
into. -Klein wort Benson (a 
Kteiriwort director still sits on 
the board). 

Initially, the composition of 
the board was half French and 
half English. Apart from G. E. 
Coke and G. P. S. Macpherson. 
directors of 'Warburg and 
Robert Benson respectively, the 
first chairman was Sir KndJater 
Stewart The French directors 
were M. Guillaume de Tarde, 
M. Alfred Pose and M. Leon 
Michel-Salmon — all from BNCI. 
By 1949 the British and 


French Bank (the name was of their Loudon footings 
shortened in 1056) had begun although the latter does run a 
to expand in Nigeria, opening a small ' merchant banking 
branch in Lagos. Meanwhile, its operation, 
parent, BN CL was expanding -Unlike some other foreign 
its influence m French speaking banks BNP has not been 
Africa,. Over the next decade tempted to dabble in the more 
the British and French bank risky areas of merchant bank- 
opened ten branches in Nigeria ing and although it does per- 
and in 1961 established the form some merchant banking 
United Bank for Africa (UBA). functions it likes to describe 
This proved to be a highly .. 

profitable investment and by 

the time the Nigerian Govern- RECENT PERFORMANCE 
ment acquired 38 per cent of <£m.) 

the equity in early 1973 UBA =— r~ 

was making considerably more Assets rrt ^ ax 

profit than, its parent. The „„ 9 „ 0 

Nigerian move reduced the 18 u i *‘ A ‘ 

British and French Bank's stake 1971 113.7 NJV. 

to 32.5 per cent and in Septem- -r= zrr~ 

her 1976 after the Nigerian 1972 U6 - 7 

interest was raised to 60 per 1973 183.3 NJL 

cent the stake fell to 25.5 per — —— 

cent The other main minority 1 ^74 *<5.5 N.A. 

shareholders are Banca Nazi on- 1975 449.8 2.41* 

ale del Lavoro, Bankers Trust ’ 

and Monte dei Pascbi di Siena. 1976 597.2 4.2 

Until the mid-1960s the Lon- 1977 671.2 3^9 

don branch of the Comptoir ■ - 

Nationale d’Escompte de Paris . .... ... 

and the British and French ltself ’ “ T “ . „ 

Bank operated independently c ° n * raertua * A * * he end 

but in the spring of 1966 the °* “T* 

French Government merged the of "at?* t KT**? 

BNCI and the Comptoir into pT0 ^ $ P 

the Banque Nationale de Paris. 2JJJ: of , iSni£ U 
Since the French banks were f -? Te . lsa c ; urrency although 
nationalised after the war the 11 does do 80ID ? mediiun-tenn 
BNCI h.d grown the fastest Md 

the Comptoir the slowest and s t J rm L 

hv thp limn th. —Jr™ bank published a breakdown of 

HnSfrSrS StSSaa 


1970 

99.2 

NJL 

1971 

113.7 

NJV. 

1972 

126.7 

N.A. 

1973 

183.3 

Njv. 

1974 

275.5 

N.A. 

1975 

449.8 

2.41* 

1976 

597.2 

4.2 

1977 .. 

671.2 

3.9 

itself -as 

an “ 

international 


made a lot of sense. The Comp- 


35 per cent were French. 


toir was strongly based in The bank claims to be one of 
traditional industries like steel n,DS ^ ac ^* ve traders in the 
and engineering while BNCI foreiS* currency market Apart 
was more involved with the ^ rom the French franc it is also 
smaller and faster growing a ve . r F active dealer in 
parts of French industry as well Canadian dollars. In addition 
as having close ties with many t o th e full range of banking 
of France's former colonies, services the group also has a 
BNP emerged as the largest corporate finance department, 
bank in France and although whicb specialises in arranging 
BNCI had the largest overseas cross-channel ventures, a leas- 
operations of any French bank, big company and is actively 
the Comptoir also had some f n &agcd in commodity financ- 
attrastive overseas interests, in 8-. Finally, it has a Eurobond 
which fitted in well. Aside from section which is active in the 
the French American -Banking secondary market 
Corporation in New York, the . 

Comptoir was the only foreign PrOVIDCGS 
bank allowed to operate in 

Australia and had been operat- Apart from a branch in 
ing ip India since.1860. Shortly Knightsbridge (primarily retail) 
after the merger the Comptoir's opened in 1971, BNP has 
London branch and the British also been expanding into the 
and French Bank were merged provinces. In 1973 it opened a 
into one, they moved into the representative office in Leeds, 
Comptoir's premises in King followed by Edinburgh (1975) 
William Street and in 1974 the and Birmingham last year. So 
British and French. Bank was far it has limited itself to 
renamed BNP Ltd. to more fully opening representative offices 
reflect its identity of interest rather than full branches which 
with its French parent. some other foreign banks have 

To-day BNP Ltd. is the largest Preferred- 
overseas subsidiary of Banque- - it -is tempting to dis miss a 
Nationale de Paris and is almost nationalised bank as rather 
certainly the largest French inefficient and Mow to respond 
banking operation in Britain, but perhaps because of its rela- 
Its two main nationalised rivals tive autonomy and small size, 
have adopted a slightly different BNP Limited remains surpris- 
strategy. Credit Lyonnais ingly independent and it is easy 
operates through a branch as to forget that it is ultimately 
does Societe Generate so it is owned by the French Govern- 
impossible to know the true size ment. Its conservative approach 


to banking meant that it steered 
clear of the pitfalls of the 
property / secondary banking 
crisis yet it has not been slow 
to innovate at times — witness its 
pioneering issue of floating rate 
certificates of deposit earlier 
this year. Prior to BNP Limited 
this instrument had only been 
used by Japanese banks in the 
City — BNP was the first major 
European bank to test the idea.' 

The senior management of the 
bank is headed by two French- 
men, M. Gilbert Geas. the manag- 
ing director, and M. Michel 
Berger, the - general manager 
(both ex-BNCl). The latter 
oversees the day-to-day running 
of the bank. Above them there 
is a Board of directors chaired 
by Sir Patrick Reilly. Sir 
Patrick, who was ambassador to 
Paris as well as Moscow, is only 
the third chairman of the bank- 
his predecessors were Sir 
Findlater Stewart and Sir John 
Balfour. Aside from Sir 
Patrick, the other British 
directors are Sir John Clark, of 
Plessey. Sir Ronald Leach. 
D. A. E. R. Peake, a director of 
Kleinwort Benson and J. W. 
Ritchie, a managing director of 
Inchcape and Co. The latter has 
recently teamed up with BNP to 
form a new trading company, 
COMPEX, which will assist 
French companies in promoting 
their exports. 

While BNP Ltd. can look 
back with pride on its career in 
the City it would be the first 
to admit that it helps to have 
the fifth largest international 
bank as a parent. Admittedly 
the Caisse Nationale de Credit 
Agricole is slightly larger in 
terms of assets and lays claim 
to be the largest bank in France 
but in practice BNP is recog- 
nised as the country's largest 
international bank and second 
only to Deutsche Bank in 
Europe. 

The French banks have 
grown extremely rapidly during 
the 1970s. Whereas at the. start 
of the decade none of the big 
three French ’ State banks 
ranked among the top ten-banks 
in the world, ail three now 
appear. In 1970 Barclays and 
NalWest towered above BNP. 
To-day, it is the other way 
round— BNP boasts assets of 
$41bn. against Barclays’ $33bn. 
and NatWest’s $29bn. 

Obviously, intervening ex- 
change rate movements distort 
the picture but it is impossible 
to overlook the recent rapid 
expansion of the French banks, 
led by BNP. Under Pierre 
Ledoux, the BNP chairman, the 
bank has built up an overseas 
network which is now compar- 
able to that of the big American 
banks and to-day 40 per cent, 
of group earnings come from 
international operations. Aside 
from- ■ the 2,800 branches in 
France. BNP is represented in 
68 countries around the world. 
With these sort. of connections 
BNP Ltd. in London has a head- 
start over many of its rivals. 

William Hail 


Glanvill 

Enthoven 


The international insurance brokers. 
All types of risk are handled, including 
those of international banks. 

144 Leadenhall Street, London EC.3. 
Telephone: 01-2834622 

And at Lloyd’s 


Dron 

Wright 

. CHARTERED SURVEYORS 

offer 

their congratulations to 
BANQUE NATIONALE 
DE PARIS LIMITED 

on the highly successful 
completion of their new 
Headquarters Building. 

We are pleased 
to liave been associated, 
as project managers, with this 
major development. 

DRON & WRIGHT 

15-Arthur Street, London EC4R 9BS Telephone: 01-6269681 


PERMANENT PROTECTION 
/ BYRIWWITH ... 

RIW 619 Pit®* 1 Epoxide Coating 
/flw A /A R*W Liquid Asphaltic Composition 


RIW proved performance protective 
materials for buildings. 


REGD RIW ProtBctiwa Products Co. Ltd 
mar?F Ennia House Edanbridsa Kent TN8 5LY 
Tel. (0732) 864414 Telex. 95341 


RIW . 


All the flame textured Italian granite fur the facades 
and columns were supplied by 

GRANIMUR srl. 

' Via A route 7 
54033-CARRARA (MS) Italy 
Telephone: 0585-70707/76489 
General Manager of Granimur srl. and Muragiia 
Marini Co.: DR. MARIO MURAGLIA 




it's all one to 

M'ALPINE 

1 Hotels, offices, tunnels, factories, dry docks, power stations, shopping centres. 

North Sea oil production platforms . . . and now another building milestone in the City for 

BANQUE NATIONALE DE PARIS 

SIR ROBERT M c ALPI NE & SONS LTD 40 Bernard Street, London WC1N 1LG Telephone 01-837 3377 



38 


Great people to build with 


rrcnday ttay S-ttfr' 
iSSA- Continued 


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<b Apr. July UidLmdIi»i5p, 42 1 

5.7 1 September Mini nv Sop. 10p. 77 I 


5.7 Septenber HmuwSnp.Uta. 77 
■a Mar. Sept Hiicfce-lSomjfet 62 

55 Nov. July MoteiMjatp 27 

68 May Nov. Mdios — , — __ 120 

6.7 July Jan. HossEutfE— ! 71 


_ 27 J«0.41 

_ 120 J47.15 

_ 71 141114.16 


Sept Feb :wru»iw.EJ5p. 37 1 Z 12 1 ut >2 5., 

A Ijufr -tan iTihnrTiiSi 97 12J3 t3 S7 31 

1181 Jan. Aug. Pcfder-EatrTdev- 174 1212 c7.b3 31 


5.71 57 |Jaa. JulrJiiQMrt-Glo 
CtI M Feb, S^tpiEA, 


39 

P. Cement [ 79nt 
1 157 


July Nov 


Jan. June 


144 

b.| PaSijV'onv.Fll £97 

‘ " '398 

20 
116 
11 

_ _ __ 154 
iFarseUHikMpl 260 

82 


rjjhlajidEL 20 n. 




Apr. Sept AffdOdloid 


!enU»dI 10 p 


TlesfeySOp 

^rwsaclOp 


rjs 

4 . i3.5 

* 

3^ 5-5 
? 1 3 -gi 
551 5 -:j 

$ 2 [ itj 

111 T ! 
3 £| 5.-1 

li IrT 
im 



9.0 May Nov. RnscmesSiiiLtl 160 D5 354 2.9 8.1 4.9 l>L*>v. ^unejEnw*: • 

7 > Mar. Sept Ratdiffeluds— 70 5014.71 6 lf}2 A December 

0 Nov. May RardifbiGJB.)- 83 133 19fl 8.7 3i 4.7 g^*- MjrJSrunSwji 

i> Oct Apr Record Rtdgway- 78 132 4.5 03 3.7 62 ? :b - ^5' v iS urco 1 , ' P ” 

99 Apr. <J*ct R'daniH’iianIDp 55tj 135 1 SI 5.0 5.0 3.3 £pr. DeeJfcscilrt 

73 Au& Feb. Rcnrfdn — SZ 1Z7 2311 1858 17 103 i7.ll £ay Nev (Amu J? 


7-9 June Nov. Richards of Lett 64 17.4 3.31 

♦ Feb. Aug. Rich'ns West S 0 p,_ 59ii 174 453 
« Oct May RoblosomTboi) 74 17.4 333 

A Nov. June Ko&rtl0p_ 114 19.9 237 

1 4 July Jan. SaufenMEfiFser. 62 17.4 4 35 

Mar. Oct S*ilkG.(Kip>f. 22 152 dl.4 

Nov. JuneSenkcEn^gUta 24al 25 117 

'Feb. Aug. Seek «Jl a 31 75 9, 

69 Oct Apr. Shakesp'zeJ.Sp. 33 -J 1.92 

•i Jan. July Shav Franca 3h»_ 30 22 i 2.6** 

I Jan. Aug. SheepbridE* 73 U.ll 13 4< 

Jan. June Sunon Engg 216 Nil 7.77 

Aug. Jan. BD0 Grom 32 1112 13.7: 

August Sfflfthi'WfcLiSp. 91? 26.7 78.2! 


17.4 358 
19.9 237 
17.4 4 35 
152 dl.46 
25 U7 


*" 9 0 A I Nov. May) Son Vprco 
a 115 a (June Feb.ic.il. Ind’tk' 
34 6 9 55 ! Slat Nor.Ciar "' 113 
a 31 6 ! — Do. 

e 107 A :Ksj? Nov v’’-™-^ 
1.9 20.1 M pec. JebE 
2.8 7.4 7.3 1 Jon. ■ Mjj Ljik 




W 2 317594 20 10.2 73 Feb. Jam Carts 

J.5p. 33 ’3 1.92 25 8.8 58 ^ SePM^ 

taaOpL 30 ^ 5^ 2.64 A 14 5 <9 JJ»ns*.ato»!rdL.« leg 

VtZ- 73 14.13 t3 46 24 SB 89 Feb Aug jCsswab-™- 140 

■g 236 1411(777 & 5 > A SeptonUirlCWeAi«Li4Sp( 35 


32 lid 13.71 3.1 6 C| f.l Jea- JuMCealnlS 1 
9Jj A7 t(!.3 3.« i| — I Pcc : JufeMT ■*-' 


IPp. 73*. 

August ISnitthiWha.IBp. 26.71 to.25 3.91 il — V 1 ' 1 : ^or- !■» ?«vr*iL 5p 51'; 

Jan. May SpearJkJackson. 124ai 2^0938 10 ILSloit' §opt Feb. t5ag »g S»- 245 
July Mar. Spencer Ot Mp. 27id2 39 L7 991 S .9 ?ce. July Cfjnuberfaintp 43 

Jan July Spencer GeartV- 33d 231. W 35 5,d 27 Au£. CtaabbsiTLlSp. 4 IJ 2 

3 Nov. June SpiratSmoI- 273 17.d8.54 28 5.S15.4 Nfv. Cbixe%ew«n. 24J : 

July Feb. Spooner inds 52 12l3l64 35 7^ 5.2 »*«]*- ^CsrHwKWp- 2;»; 

May Nov.aarSte 2 Dp 77 17 af t3.4« 4.3 6 .eJ 51 Ap r " OA '^rUieT.Iflp 73 

July Jan. Stavdevbns.£L 234 14J1 13.75 3.7 5.3 7.5 Nw. 7^7 CbrtA«Iatl9p 95 

Nov. May Sooe-Aat— _ 1171- 3.4^ 3.61 4.8 4.7 .55 A«S-Cbi 

Aa* ** — '• - 1 — -» fiA it 4 ! r» •» ■ r v ii .Innpd^.T-i 


S’ 5 ^: July Di»c.jCmjL. 

4 5 73 Ht.J«lS.D. fCaafLi 
67 M ^P*. Julyji'ar.Sh . ... 
hi 31 6 June Feb yCcpe AUaaaSp 
57 £.7 Sept MayjCciiy&siOp.-. 
83 o ’ Apr. Nov'lfcn! Leil fop- 

ss es s u sai 


Nov. MaylSooe-rtatt— _ 
Oct MmSykas (Henry) 


^ Jan. - May 
Jan. July 
Feb. Sept, 
May 1 
Apr. Oct: 


cel to 

ytorPallitfer. 

ealeimt. 

tAhms. !0p... 
jssenDavlrf— 

mkinsFILSp. 


17 J.' 13.48 4.3 6 .S 51 £P r - OAKte 
4 J 1 (575 3.7 5.8 7.9 Nw. 

3 . 4 ( 3.61 4.8 4.7 .53 g«- A«S |- 

l T . 4 j 3.2 3.7 5.4 7.7 'AmejUan 

13^125 3.9 65 4.9 ' pctKc;? 


Jul Aug.ftr'idexFdnes _ 77 ZB. 
May oat?a 6 eloitsUi.£l. 37* ■ 


3.4) 3.61 4. 
F.4t 3.2 3. 
133123 3. 

17.4j4.43 3, 

a 835 5.- 

72.75 2 
Qll* l. 1 
g0.96 3: 




May Oci Tat* Iciest. £)_, _ 

June TurriH. — ( 65 

Apr. NovilVTaeklV.AilO.I ^ 
July Der_lftd.a<glto_| 48 
July Fpd. UtdSpnM li)p_ 

July Jan. EM Wire Group. 

Jan. June Vlckersil- — 

Apr. Oct Victor PmduiSi- 

Jan. Ang.W.Gl 

Nov. June Wadkin5(te 

Mar. Oct Wagon inonstr'L 


55 hill | 4i j‘c 74 May Dec. tjailry 
J.4( L28 32 ".6 5.a *ar. pvt ■.'owenth . . 


lOp- 25 
roup. 57 


48 3L1GT2.02 
25 3 J 1.45 


32 on 5 a Mur. OvtiossBis 
lU 77 1 ) -H July Jar_js:raanu 
151 38 7 0 Af-r. N'« jCr»«NicJ 
2-5(13 0 4.6 Nov. .'dyH>nty Hi 

41 Is k .j-jJss; 


Dec. Ms 
Apr. Jul 


r(CAW.L-[ 126 


Dec. JuneWarneWi 
Sept Mar.lW)rwick 


ardfT.W.) 79*2 2754.C3 


Jan.. Apr. Weeks.^saoc-lOp 35*2 111 13 
,Jan. May WeirGroop„_ n9 17.4 52 
,Mar. Seji WeUaan&ic'g_ 49*2 30 J *2.1 


3 


JJan. July ff. Emu SpVlflp- 25 
aljuly Feb. 9ft5lamC_.lL 46 
„ Dec. Aug. Wesfn-Sraasaip-. 98 

^ Jan. JuneWhessoe 9Z 

Jan. Aug WhevrayWLsn-^r : 16 
— WhitehouseSOp" 98 

Jan. July Killmcsi'Wti— . Zl '2 
. Jan. Wlns^James.- 67 

I May WaffEleeL Tools 140 

I 46 July Jan. WolslTHniw- 194 
,6.4 Apr. Not. WTweUF&lOp 2D 
15.9 Apr. Aug. WoodiS.W.iMp_ 38 
!|-5 Oct Apr. WTi seRnn 12 ^p 31 
I* October [YoungA'st'ntY 83 


36 as 35 •■■zz- June D.n-isHCdi 

1 6 ~t 72 A?r. Seut.lDii£;mln.- 

S 57 6 L ' c{ - Fell. t>i)S3cr,?erk 10 p 

3.7 6.6 52 1*°-. 

26 fc.7 iu MaJuSeDe(Dc»erLMuD»i 




I 


bdO.88 58] 5.4 5.i| * an> M-WjPfl^SafC 


161(318 IP 10!0 0U» v “.wHa 4 " 11 
11 ti77 3.4 ij'm Jv petted^ a 
1212 4.6 3.9 7.6 5.11 ? OT - Apr.'Duatttt^-. 

1212 *8-3 24 7.6 3.4| Jun ? Ffeb.[DueJonlan2fi 

— 2.1 A 31 (i Jan. iTidein' 5n 

1212 113 « 3.L 0 j Aug. Apr.fcurapi 

34 245 «.9 5i 5.5 „ . [Owt. -.. 

3.4 19 7.6 2.1 96 Feb. AufiiykesiJ- 

HD *6.70 3.8 5.4 7 ^ Apr. Oct CJroaU 

17.4 12 2V 9.1 5.n «Pr- Oct Oc.'A 

132 d3.87 2415.4 U ■ . — tt. Casas lto_ 

13J 232 0.6 113 [4H4i] Dec. ijiernF«c&fa. 

226(fh3B7 b2.1 5,6 12E Apr. Nov. ab?r 
. (April Nov. tlhmf 
I May Jaa 
Jan. Juij 

■ July Jnn.iauo!; pfro. |i>> 

5 1 33. JunelFlsoa 5 Hot- 1 

vviii - »J"*n. Jure ZLwiri TTper e ~ 

IRS, iSTC. I Mar. Dcc tErasartOnrp. 

■3!ay Septp3pr?ssScn'irft 


llii 1 :-? 1 " Sepi 


SulPjpclSW 



reecalJWhrtJp; 




FfiChl'dDistaOp. 


ForaiMtmi lOp 


24 
24 

106 [ O. 
34 37. 

16 87 


E 


I? 


m 


Dec. July Alpine Soft Dl(b_ 117 121 
Jan. June Ass. Biscuit 2 )p_ 83 Z£U 
Apr. Sept Ass. EritFds.5p 65 16: 

Feb. Oct Ass. Dairies 230 

Apr. Oct Ass. Fisheries 56 DJ 
. Feb. Sept Arena Group 5p, 33ij HI 
4(May Not. Banks iSidneyC-i -74 3< 

v D-IGpL. 13% 67- 

Apr. Oct Barr (AG.I 75 lit 

June Dec. Banrcw Milling- 70 28J. 

.Jan. Aug. BaasaUCeoj 143 121 

I Feb. Sept Baileys York lOp 51 1 

Oct April Bejam lOp 62 1- 

May Sept BiW)j(JJ£I 229 3.- 

Jan. July Bishop's Slone- 235 1 ZL 

Jan. July Do.“A"N7Vg_ 1C7 12D 
.lApr. Oct Bluebird Cod-. 148 3 A 

Sept Mar. Brit Sugar 5Qp-. 123 30J 

Mar. Not. EriLVend‘Blto_ 31 29.5 

Jan. June Brooke Bond 4/ljM 25 


S 3 


FOOD, GROCERIES, ETC. ' I®. 

•3Iay Sept SaprsjScfr.l to- 
ll uWAJpiw.SoflD I0p_]117 |lil3F6 5 J 4.1( 8.41 Ml .vfbraaiy 
“HAaBuonlMp- 23 MB 3.19 3.H b.mS>U?l? Agnl Ecg.Cii»ii aqa>i 
fiptlA 3 s.EntFds. 5 p 65 I 163*21 4.3 4.S Nov. Espawo 13-n 


ffM im& iCp.W% 

tfl.9S e.sj 4.4 75 Aug.jEratleorgelOp 


3k 


31 

it 

27 

3 

30. 



14 *d3.6 33 74 sofJttt Jni.|E-rtel._-„__Z. 
,74 _ _ 1 _ I UcL JunelFiiteirBLaMiB- 
iU h215 4.1 4.4 Ml 1 ”: Juaegetdail^ 
ill tQ1334 1719.1 4.91 A ,J * wap. SjmierfJ. 



U'i 


4.62 45 5771 5.8 S 01 ’- J'JOejrasaityiE.' 

th4.75 6j| 5.9! 29 P*®* July FosecoJOnsep- 


2S.gm0.47 4. 


jan. JunemrookeBond— 47 I 2 M 251*276 33 ag 3 MaJaSe.De.]Pranklin Uan_ 
Dec. June CadbutvSchts- S^ad 25 3.04 1? 33 , 77 ; Feb. Nov. trewhTfcce. H)p 
June Jan. Carr’s Milling q 4 3J 263 35 9.1 35 l ^ c *- Apr. Fri«fland Dst 


[FoltercillBarvej-- 


May Oct Clifford Haines. 46 

May - Oct Dn. "A" H/\ 3 g 

Dec. May CuBemacp leorf 

Dec. May Do.-A"^ TOri 


27.4 191 

17.4 191 
25 4.57 
35 457 

17.4 664 
301 3.92 


4.2| 
7jl 

* i 

d0.4C | ( 


LC 6 2 * 
L 06 Ii| 


272( 1257 | 5.9 IM 


45 

64 a! 

91 
160 
97l 2 
4212 
26 
38 
18 
56 
36 

Offif 

72 

23 ic 2 
237 13. 

23 I 1 


.Jan. May Danish Bol-a'D 115 17.^654 

I Feb. Dec-EastTOddBiSp^ 90 30D3.92 

— ■ Ed^dsLotr.'.gn. U 474 — 

Jan. June EaeJandu).E)3p 31 D.4 142 

Jan. ocL FMc_. 67 Zlft 416 ( 

P* - - SePt.FJsberiA,5p 10 301 O.tri 

-.ar. SeptFlKhLmeliaht 64 30J «.05 

Nov. Apr. aassOiweTSp.. 23 301 123 

Feb. Aug. GoUto Foucard. 45 Iltd24 
' I , UI l e IStfWa* 65 2BU c30f 
gee. July ffi2}raiE,il50p_ 56 28D Roa 

Feb. Sept ffillanls 10 p 195 132 4.41 

Jan. July Hinton lAUOp^. 78’ 28D t262 
MrJe.S.D. KraftSL50_-L_ £37 lS 2 t &3 
July Dec. Kwik Save 10a _ 79 Kll tfc26 

Dec. Aug. UanonsGp. lOp. 37 I 2 J 2 d*15 
J?f- pa.Lmfood3%._ 14 Q 30 1939 

December Inckwods.^ 115 300 3 59 

* IxroJNOP 35 774 

May Jan. 95 rf 15 5.5 

pec. July IjmsfJ.i£lJ 9S 1212 t7. 69 

^ Ji !ay Jr ,ttl ^ s ' D) IS' 174 <19.15 

Apr. Not. Steal Trade Sup.. 77 272 td7.3 

Mar Aug.MoraanEds.l^i. 38 25.7*1.91 

* Nov ; 202 34d2 26 

Aug. Apr. Northern Foods. 95 160 h2.Zl 

Oct Apr. Nurdin Ft I0p_ 85 19.9 184 

Dec. June Pantoip.-iop 24 ?ftll tl56 

Jan. June Firk Farms ]0 q_ 467 M03 Tdo.45 

December PjtefWJ.^Op- 30 162 A0JA 

, “ ^““‘JntlOp 16 1074 — 

January R.H.M. 52 112 >29 

Jan. July Robertson roods 138 2801 1b2 
Jan. June HowntneeM. 50p. 413 2301 S.17 

Jan. June Sainstan-'.J.i 190 1202 6.02 

September ^importer. ___ 60 8 L 8 3 38 

Feb. June Spilfers. 27ia 2811 135 

Oct. Apr. Sqnin?!linl 3 ip. 37 133 L 54 

Apr. Sept Stocks, Joseph’;. 145 27 2 352 

^ Apr JateiLyleti- 198 132 13.14 

Sept April !V«iierRuL20p 98 133 d5.31 

Mar. Sept TextiSp 43 ^: 161 *1.43 

Apr. Oct Cnjcuie, 57 132 *3.1 

Jan. June l luted Biscuits- 163 1411 5.38 
Aug, AIW.ff*on RilnlQj 59 300 2.43 

Dec. JuififfbeaisiKaC-— 192 h) 25 *750 


4.6 63 5 5] J “lF Jan-jULlHde,^-, 
4.6 7.6 nil Apr. SeptWeltaner-A ' — 1 
13 J.vli&l MapjGibbMwEwagy 

H IH' II K: tetetEs£=- 


8 654 5 4^ 8 a 4 ?i “Iay| - li.Wlln?up^ 

3.92 65} 6 tl 13l Ja ^; Aug jCiUsjjn- > 05 . . 

— — )_ 72J6(- -^PDi Chart aaaiuip 

L42 O 651%' {■•»«*■. Oct. GlasoSOp 

ojaitfi.O aaj. ii 32 ! ^Wtobsr (ln«»rb,Aol 0 p 
3001 0.M lAj 9.b!l0 5-| Nov, Goldnar.'IDlOp 

30 Jj 44.05 1.6/ 9 . 6(10 0 ! i dn - Juiy k^tmne Wds .... 

30.ll j_Z3 2.91 S.l 6.41 V 0 '- 31 ay Grampian HUgs. 

3Jj*d2.43 26] S.3 7ll 'J pr :. Oct Granada 'A 1 

fltll nine ‘ — il.n. ■ Al.nl llrt fMnwhl. 'lb. 


64 300 «.05 1.6/ 9.6110 o!i,‘ Jn - Juiy wnone M<b .... 

23 300 i-23 2.91 S.l 64] 3Say Gnmjusn Hdgs. 

45 3J*d2.43 S.3 71 Oct Granada 'A* 

65 28D K3.05 — , 7 .] 1 l 2 1 , .Oct Grippcrradi IDp 

56 2801 *4 Do 2j|]licl 5 0 ^ rt - JMeiGroishM] Cf . Sp. 

195 132 4.41 613 3.« 5.1 -iPJJ- Aug. KaliiaSlel® !C?. 

78- 28 U «62 5 3 73 Feb. Aug Halaalto 

37 152 tuS232 22] ?i|l20 " ov - Apr. ■RaauT*rneUi.ip_ 

79 1411 th2& 2_5 5.d 12^ 2®.°- -Jlf Har.uncs Cp 2£e. 


774 — _ _I _ J»n. Aug. Hamsi?iuS0p.> 

,15 5.5 8.5 5.4^ Nov. ijam* 6 Shrldon .. 

121: t7.69 14jl2J 31 Ju *y reb, Hawkmr iTSoM- 

l#4d9.I5 3 S 10.3 44 - “ HJPlinSp. 

272 td7.2t 3-2ji^_s, 9C V co ' J , n! >e Hay iKcnuni Hto 

a; J1.91 q Aug. Jaa SaysWhari£].„ 

34 d2 26 75] 3 712.0 ^ uae ^ 0v -!«PwnbQlBc.. 

160 h 2.21 3 . 9 j 35 325 Dec. June Kestair 

19.9184 * 33 ! a „ Hewiau.ifip 

AH T156 ilj Tjir^b- July Hi'JhaleiM [ft-. 


uv-co 0.1 J-T 11,7 san^vn 

- — _ L Not. Auc. Hold«ifAiL_ 

>■29 bU 9.6} 55 T cb ' ^^■lHalfebnw... 

l\2 32 5.7i6i> V“- -‘u/sJfAlt Lloydlnt 1 ftp. 

S.17 52 3.0 96 i?. ?r - Scpti«oraer.V 

6.02 q3 3 C.9 7 “! ‘1ctIlLmienT.Uk.Sp 

3.38 2.7 85 6 'I |i u, y WilrtskrasSHSp. 

135 6 7.t V OcdlbnoiriTeiMh. 

3.6 63 ■’ 


18 3.38 
2801 135 
133 154 
272 352 

132 23.14 

133 dS51 


1401 5.38 
330 243 


July i»ctjIIrtski{isiH2Jp. 
I eeb. Clct HuBBidT-rceii.. 
j N v v. ., ulyj *j untinc Avne. _ 


3.0] 52 9.7 f-C-yfluSriesI].. 

2.1 E2 8.lK J ‘l u / e b. IvLlI. _ 

■» 7 l c i o nJ April Sent, ban (’Ant r; 


♦7501 l.« 


jj*. junellsiejj-ityajp, 
5-er. Di-cOJaraesiJohnu 


25.111211 1 

3.41*528 3. 




j v'jine Jan ia«.:H,r!Bi. 3 ip_ 
Jc» Ji-dinvalSH&L 
j Apr. ,-c. Jens iipie. . . , 

HOTELS AND CATERERS is*- ^-r “r»n £ "“- 

| r eh. Aug jKhnwa Jithv El 

— J 2 . 2 J - 3 'JJcl- Join? ipcrtoaao Wp. 


irt 



'■J-fixJ I 




































































































Staefc | Price 


June Dec. 


OcL Apr 


•tone Nav. 


TIE! 


WiPT',? 


W< 


MOTORS. AIRCRAFT TRADES 


Commercial Vehicles 


Component 


* ! 4-7 4> 


ITi 1 


m 


TP? 


T13J 

421 j 2 .' 

212 J 5.< 


is! fell 


Apr. Aug. 


Apr. Nov. 


111! 


Garages and Bistnbators 


Sept. April 




rtiiTTr 




Mi 2 
MO 
500 

i7\i 
102 
77 
55 
66 

is 

ft 

230 
193 
106 

168 - 
■70 D. 
24 &l 
40i 2 16. 
3i 2 - 
63 27. 

214 30. 

14& 

182 
1271a 




no 
ns 

291al 

2834 
46>2 
S3 I 23 
41 13 

157 27 

W2 1 * 

5? 2 

118 3U 1L01 

137 17, < 5.82 

84 212 3.75 

142 113 4.7 

111 - — 

102 174 4.0 

86 >a 2811 335 

107 tl 17 

94 B: 24 

91 1411 f 166 
87 


T\ 


November Uajecr j 7 -> i?p.. 67 

Acr. OcL KartmiRP:5p. 

J). JJOSsS&t&R'.IJ 

• NJACinre ET-s- 

— \ 7 p 0 j Fd. fit 

_ ■ PananbelCp 

tec. part Place Inr._. 

;ov. ftarsciSiiScn. 
Pretat'i-S. FW5Q- 


S-i^peAnn. 


Serving the world 
with . 

financial expertise. 





WA 


ahn-PetHEOc 
Sue Fin. NFtQQ. 


Tokyo, Japan 


■ HEINES— Continued 
CENTRAL AFRICAN 


Feb. Aug. 


- j D.'.utfrds ^ , 

3 1 PiiA Sleet 

69 

Nov :.1»iFa!c«Eh30c. . 
2 :ii Rhod’nfdre.lPjp. 

— ftHirCcnsW ... 

Dec. .July TancanyilaSap . 
Jan. July &) Pits Wp . . 
Nov. May Wuilrie I’cA tth 1 _ 
— ZamCprFECOr-l- 


Nrt Imifft: 


174 036 $ 
S 74 - - 
17.1G Q11.0 1.1 
1212 Of o 16.4 
lUWx L4 
1174 — 


AUSTRALIAN 


— Acme'.ZV. . . . 

Noi Apr. BontamuleSCTiea 

- BH South 50e_... 
Oct May ttmanr Wc 

- CttEaJrtjtfJa-SJ. 

September Hanffa Areas 5 p. 

— HetihEK SO: 

Dec. Apr. VIM lOdp. Me _ 
— Mount Lycii 25c. . 

— Ne«metallttr_.. 

June Nov .VorJi E KiitSOc . 

— Klh.Kelf’u.'fc 

Jiav Nov. Qakbridft-'iAI 

- radiicl'ofpsr... 

- . lUtconlTSte 

— Pann«MiEv3n- 

Apr. Oct KAa-WoUsendSiV 
Or: AIoy'Bisla MjrunrfxV. 

- CfasCteebSOe _ 


10 -I - 

104 145 05c 

73 974 - 

204 143 QlOc 

54 567 - 

124 2i7 1.45 

14 - - 

174 13: Q9t 

22 - - 

2*4 - - 

106 31 ID QSc 

. 150 ^ttQUc 

z z 

435 149 015c 

115 34 Qbc 

40 - - 


II 

*T 

rr?r 

7T 


EB 




Tt! 


r 


ir>* 


May Oct 


% 


lit 


ADVERTISED 


i 


hr! 


142 
«Sfl 
111 * 

102 I 17.4 4.8 
631 




May Nov. 
May Oct 


3.7 
61 
4.6 
10b) 87 


S5 




mi 


Da7%DebEfl 


Sept Apr. 


TFI 


m 




IINSURANCE 


July Dec. 


Bee. Mai 


im 


810 
1017 
20l0 

i 

5.77 
4.47 
t6.48 
4.21 
919 
353 4J 
3.62 24 

1259 — 
1055 - 
817 — 

8.17 - 
6.65 - 

81 - 
16.45 - 
959 34 


•Mr* 


152 
Z12 

V 
126 
92 

48 
I’- 
ll 
94 
68 . 
66 . 

»: 
237 

49 
69 
271* 

172 
22 
79 

Jnfflfe&W-j 79 


31 

1 

84 
117 
7 

266 
274 

40 

sat* 

taLWiapI * 
227 


is 

1 

i 


■April Oct 


m 


'■M* 


r.i* 


a| 


W\ 


33 | 19.91 2J» 

TOBACCOS 


I 


Aug. Mar. 
_ , FebJ^.Oc. 
& 


T1 


?! 


It IF 


June Dec. 
June Dec, 


Apr. Aufi 


SK 




i 


tel 


« 

Psr. 




Oct Apr. 


m 




®* 
37 
39 
2(0 
052 
032 
£132 
3S4 

*g 

& 
130 
29 
49 

_ r . IBS 

E # 

Lilt lg 
79 . 


m 


Jun. Dec. 

Kme 

Nor. 

flMJSept Mar. 
— jAug, Apr. 


154 2 §j|lM3 
277M 2St75 




.126 

ErabnciflaKib^l 67 
35 
340 


TENS 

Apr IAhcI Nicena 24 

UctUjerKitaniSMl— ■ 32S 
OcU&jnR Tin 52 

a JuMBerjunuuSMl .... 270 

OeltCcewT 140 

— [iloW&BaseuSiP - 9>; 

Dcv.ktopMCi'ooi. 259 

— hlancSans ISO 

SeptlldrJlto.. BO 

— ’ UasUrU^i ll 

— ^CamanbnrailSO. 69 

JulyiKiilm^hall _ . - 460 

I Malay hwlsueSUl 340 

smiT'.:” J 9S 

ao 55 

’ 57 

EtaS^SO IQS 

Dyanftn. 265 

easasi... ' 195 

iCcp-tMl 72 

13? ... 90 

Urbr.CH 95 

m 192 


135ft251 16 
l?Jp}Oh?t 09 

ae 3.75 * 

USOUOc « 
161M.S1 3.4 
1074 - - 

174 15 0 0.9 

11*67 - - 

17 1 75 4> 

rw - ~ 1 
- 3Jl55c O.T 
1212 0125 * 
13LJW9Sc 0 8 
975i$75c 05 
301 o 5 13 

12.12 id 0% 20 9 
3.1 gLf) 46 
11 K13 IS 
31tq77.Bc 14! 
3.4 «l3L3c lJj 


17.4 65 A 
1212 QS6CS 11 
13J^Q8Bc 9 


t 


25.61 Apr. Nov. 

B" 


Apr. Nov. 


COPPER 

June Dec.|UessnaR059 | 87 |lZ12|4Q50cf 1.9J t 

MISCELLANEOUS 

~ Burma Mines 17tp. 16 575t ~ — — ■ 

Aug. Feb. Cons Mcrch 10c _ 245 3l] Q30c 2b 7 3 

— NorthcBleCl. 360 3TS — — — ‘ 

Jen. JuneRTi 205rd 23 9.5 21 7.0' 

— ScbnalmliCSl— 54 - I — — - 

— raraErobj-Tl OQt? -J — - — t 

Nov. July faidyllhEnlsUp- 43nl 29153 6 4.7 
October [YukoaCms.CSl— 133 159< Q7c « 2.2. 


i 


November 
May Nov. 


"HI 


T7 


s 






m 


44 U7a 

40 3 J 1 


NOTES 

t'skaa Mnvte Iwfehd, pfcr* and do* iMifciA an Id 

5.7 yean, aod tfaBnteeilaaa n SSp. ndae i d tarlce^camtnci- 
5.1 t na i w 4 a?tei:Bc 63 ri»alimnaMl n| « niiu d w ii m» 
4.9 oa£, where ccootw*. eto itpd^ed «» bBtf-yearty Dam. PTEs «• 

4.8 on Uu tab of net JlititmU— . IntW ri fl|BN> 
5 ? Indicate 10 per oew. or s» d Htevcacc tf eotenteted an -uU’. 
CF dtarttaSao. Cow aw Ccsarf n “ a oULl aa na" dteMh U ie 

4 a TMAa*tartninieanriw»il«A. 4biM e*Crd 
1 c 34 per cete- end eitow far w£no at Iceland dteTrUanH—a and 
i pi ciabtf. Stccrlcta aiWh ■''rDii-’r-rt«M tuber tea ateritoc 
jj qaated loeladw at bt l uitd n u t dollar pnwriw. 

A Sterling denominated aecurttlca wblcb incbute Investment 
rioHsr premium. 

* Tcp' stock. 

• iCgta and Loom ewfaad Unu lave bora ad ftn tad to allo#a 
for riettj tames far cosh. 

t kicenje since inewaaod or teataned. 
t Interim dree reduced, pemed. w deferred. 

_ . “ Tmc-fcne to noa-reahteoU on applicnlten. 

'■J C Figures Or n-pO-t nwailod. 

83 rt Unlisted sccurtCy. 

9j ft Price at **» "" ot suspensioa. 

128 9 I ndi ca ted dteidecd a|^r pending scrip and'oc rights lssco: 
6.7 cover relates to previous dividend or forecast 

5 ■* Free of Stamp Doty. 

8 g 4 Merger bid or raatganication in progress. 
cod Not ann parable 

4 Sa m e unarim: reduced final anbor reduced earnma* 
*f-r icdicMed. 

S' 2 ( Forecafi dMdead; cover on earnings updated by latest 
interim statement. 

X Covw dlona lor eonveraion of shares do: now ranking for 
dUadesds or notdec only far TTsstricted dividend 
It Cover docs cot nEow far sbares vrfilch may also rent ter 
4 -b dividend at a future date. No Pit ratio osoullj provided. 

9 Esriadlng a final dividend declaration. 

4 Regions! price. 

B No par value. 

16-8 a Tor. free, b Fyturvs based on prospectus or oUmt official 
1? T estimate e Coats, d Dividend rate paid or payable on pal 
of orplt.il; cover based on diridend on full canltai, 
b Kcdrapaon yield. I Flatrteld. g Aasutoad dividend and ■ 
yield- b Asrumed dividend and yield after Scrip teste, 
j Pnymeul from cpitnl ao c issu. fc Kenya, m interim higher 
tbaa previocs totuL n Rights issue pending q Esnusga 
based on prcUraiocry rc«r«. r Australian currency, 
s Dividend sed 3 ieid exclude a special payment, c indicated 
drvtdoud: cover relates io prevtoos dividend, P/E ratio based 
on lntast c&BunI canungs. u Forecast dividend: cover based ! 
— 00 previous year's oamluts v Taa free np to 30p In the £.■ 
1 vr Yield allotrs for currency clause, y Diridend and yield’ 
i t based ou ectkut terms, x Dividend and yield Include a, 
to special pays-aat- Cover docs not apply 10 special payment., 
A Net dividcDd and yield. B Pref i x euce diridend passed or, 
deferwd. C Cnwadiaa. D Cover and PIE ratio exclude profits 
of U.K. uere.'.iace subsidiaries. E Isavo price. F Diridand> 
and 3 -ield based on prospectus or ether official wti mutes tor 
1S77-78. C ABSircod SHideod end yield after pending scrip; 
and/a- nghte imie S Dividend and yield based on; 

1 226 pnaspoctm, or (Cher official estimates for 1976-77. K Figures ■ 

! __ based on jsrospettus cr other official estimate* for 1878. ’ 


J-J Q Crass. T FTauws oerarami. U No sicnlficent Corporarioo | 
”5 Tax piyoblc. Z Dividend total Co date ff Yield based on] 
— „ aaanmjtion Treasury Bill Rote Stays unch a nge d untfl m a tur i ty- 
373 of stack. 

85 

— Abbwvurimas: si ex dividend; nee scrip issue: sr e* rtgbtK non 
* 11 ; a rx capital distribution. 


44 Reseat Issues M and “ Rights ” Page 31 


IBS 


“Si 




IT 




■ REGIONAL MARKETS 

The followiug is s selection of London quotations of shares 
previoufliv listed oufry in regional markets. Prices of Inch 
tames, most of which are not officially listed in London, 
are as quoted on the Irish exchange. 

9 I ...... I Sbeff.Refrahatt.l 52 I I 




Slodall iWm.1....) 


272 +2 

J + 5 ” VKSH ■ 

S Comr.aHTOBZ. C92J!» - J « 

2^ Alliance Gas ..- 75 ■’ 

ArnoB ... 320 

Carrol! iPJ.J — 92 +4 

» Clondelfcin_— 95 -2 

,gj Concrete Prods.. 130 +2 

^ Helton (Wdgt) 44 

+ 2 Irish Ropes 125 +2 

^ Jacob. 65 

,5 Sunbeam 30 -2 

” Uudare V 


320 .. .. 

92 +4 
95 -2 


Apr. Sept 


FINANCE 

506 ] 


61 

oak 

258 
3712 
16 
55 
4? 
34 
25 
335- 
173* 
10 
37 
33 
16 

E* 

19 i 

S’ 

iG.H3dgl5p.l lflq 


32 1 

i. 


tf? 


m 


IS 

Cee. Accident) 17 
Ren. Eleetrie. l IS 




Charter Cons. J 12 

Cons. Gold .120 

RioT.»nc 16 


1 











































































































































































40 


Head Office: 2fi Fenelnnvh St™ London EC»N[3DR 
Telephone: 01-283 401 1. Telex: 8SKH. ; 

AnKinbcroiihclnUicarcOroup ■ 


Special* its in Reinforced Concrete Design 
& Suppliers of Reinforcement 



new export role 


BY MAX WILKINSON 

THE POST OFFICE will start The Post Office believes it can While agreement in principle 
an intense debate in the tele- offer expertise in this area which on the need for a marketing 
communications industry shortly could make the difference effort has been relatively easy 
about a plao for it to take a between success and failure in to achieve, tbe details of how 
radically new role in overseas some markets. it should be mounted are still 

marketing. cinro RHrUh «h a controversial. In the absence of 


Oil slick threat 
from severed 
tanker recedes 


THE LEX COLUMN 

0 waas the 



FINANCIAL TIMES REPORTER 

THREATS OF serious oil pol- 


options 


marketing. Since British exoertise in the controversial. In the absence of lutlon to the Norfolk coast 

It u expected in the next few mana o en ient of telecommunica- ai W immediate prospect for Y' er * receding last night as 
weeks to approach senior execu- “ons systems is samewhTt divt mergers among the three com- detergent sprays began to 
lives or Its mam suppliers— the dpd the setting p o{ a single panies, the Post Office is prob- dj5p *^ e a a( *0-jard oil slick 
General Electric Company Pics- c 0nsultancv comi»anv is now ably in the strongest strategic «used when the Greek tanker 
sey. and Standard Telephones bei|VJ coaS id er ed. P The new com- position for co-ordinating over- Eleiti V was cut In two in a 
and Cables — to discuss this. orovisinnallv named seas marketing. collision six miles off Great 


£!£ “■■SSSL.T!? "i£5 ITIZ&S****** ov "‘ 

,n r ^‘-^Tr^ k more PIJS??. £ 


.000-ton ship, carrying last night. 


gSSsan waii-ss-aKSiS sat xsns -fraBswusp 


lem. The plan is to beach this , , . „ , .. . -- - - 

section on the Cross Sands „ Londons fledgling market in ■ ~ 

sandbank about six miles off- p'aclcd options could hardly ■“[ Percentage increase i 

shore, then send down divers have had a more favourable 

in the hope that this oil can trading climate for tbe first 

be pumped out as well. fortnight of its existence. During 

Spraying operations on the its t en days of trading, the FT 30 

oil spill were being organised 3U-Share Index has risen by 

by the Department of Trade nearly 27 points, generating 

last night. some spectacular gains in the 


weekly soles over 
same week in 
previous year 


Five tugs, a trawler and a {highly geared option market. 


is to be’successfuily sold abroad. ® r ® decision on the future to convince the companies that ^ered 'n'o 

It is also clear that the Post of has yet been taken us bureaucratic structure can fiff 

Office for the first time must though, because the wider ques- adapt to the fierce cut-and-thrust !* e 

take a central Se in e^rt *ion cF ihe form ° f 3 consortium of overseas markets. *J' c r h ln “ JZl 

marketing. The reason is' that markeUll S ha » *“11 Meanwhile, the National Enter- jJjSitta? tor SJ! 

its new digital System X range t0 Tif„ de ^nrf e i?<irrv fippc thrpe ? nse v’ **1®* scor , es of mee ^- She was able to continue her 
of exchanges is being developed ndustry faces three , nss with the three telecoounum- VO y age t0 Havre after tak- 

jointlv by the three companies, opti° n - - cations companies, is still unde- j nK on hoa-j a «i crewmen 

with the corporation acting as • A consortium led by the Post eided about bow to promote the from the damaged tanker 
the central co-ordinating body. Ofliec. rationalisation which most people Salvage efforts for’ the 

The Post Office is giving more 6 A concerted marketing ven- agree is necessary. tanker’s ear-o were nroceed- 

importance to overseas cus- ture by the three companies In addition, differences of per- ine jn t seuarate stages last 
turners because of the increasing supported by the Post Office. sonality and management style Qjght. 

emphasis pul on the manage- • A committee approach in — the stumbling block for The aft sec jj on of jj,,, 

ment and maintenance or tele- which public and private sector mergers in the past few years— g^,, intact about 

phone systems by less-developed organisations would be combined still appear as obstacles to be two- thirds of (he oil ‘was under 

countries proposing to buy them, in roughly equal propo rtions. overcome. tow lo Rotterdam where sal- 

— ~ - vajrc experts are hoping to 

pump off the cargo. 

Janamse regulations cut 


rig supply ship were working 
on two separate slicks esti- 
mated to hold about 1.000 tons 


So far, however, the game 
seems to have been confined 


of oil. One of these was largely to private clients and 
reckoned to be about 10 miles Stock Exchange members, with 
out in tbe North Sea. but the institutions coming a very 
owner was within about two distant third. So although the 
miles oF Lowestoft, and being number of option contracts 
blown gradually towards the i on ks quite high— there 

shore by a north-easterly wind. wero nearly a thousand on 


10 * “ JOHN LEWIS' 
Partnership 

Department Stores 


bo emphasised that wo of the ^ 
stores groups, at least, turned 
in well above average per- 
formances. At Murks and 
Spencer nun-luiid sales volume 
was nu less than 11 per cent.^ v 
ahead in almost unchanged 
selling space, ami at Mntbcrcure 
exist tut: space ai -counted fur 
almost H per cent, more volume. 

Against this background it .. 
may seem surprising that the 
market is now talking of onfv 
20 t«» 25 per cent, profits growth 
for the current year, given lhai 
the consumer spending boom 
seems to have really got going 
at last. But with inflation -slow- 
ing down and wage costs rising 


countries proposing ro buy them, in roughly equal proportions. overcome. 

Japanese regulations cut 
car shipments to U.K. 


Lloyd's was unable to say Friday — the .market's biggest assumptions are not- foolproof mure rapidly than in recent 
last night whether the ship weakness is. as expected, turn- — notably the key variable of years, only volume increases 
Bm tteaeeident Invba^eonl ing out t0 ** its lack of liquidity, volatility. And in such a highly will bring profit growth. For 
trast ro the recent Amoco In the absence of institutions, geared market complex malhe- tunately, one estimate is that 
Cadiz disaster which led to a jobbers have been writing the maticai formulae are no sub- nbh-food sales will rise m the 
spillage of 230.000 tons of oil, options themselves. And already stitute for a reliable hunch. period by around 14 per cent., 
was uot being treated as a there have been reports of the D ... with around 4 per cent, of this 

major disaster. tail wagging the dog, with an JvCtaillllg representing volume gains. 

It was also pointed our that upturn in option prices feeding Last week brought lower than broadlv ties in with tii* 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


DATSUN AND TOYOTA, the The small groups say that they Among the larger importers. ** 
two leading Japanese car ini- should have a comparatively Toyota franchise, recently taken 

porters to Britain, ex-pect to see larger supply of cars to build over by Inches pe, is proceeding ^Vv" “c across the board in the volume ^" ore " s sector ’look Vhe-ViT "\s 

their car shipments cut to about up viable dealer organisations, with plans to cut its dealer gj # TQFnfl V*^V1A1X7 r » ' St ^ hedu,ed , t0 be „f retail sales is obvimislv the Siltt r th.» . 

50 per cent of last year's total The Japanese Ministry of outlets by about 40. to a total F J > iililil IvTiCYV fully operational a month or so f rel f;(Ct01 I ' here S ? ^ ‘rw P n‘J 

hv the application of the new International Trade and In- of 240. from now. it will give updated C-Lc- CS" xvirn^ lust not P-T-- 

Japanese Government -directed dustry. which is responsible for Datsun, on the other band, is prices from London and BuMneSi > were just n