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£ 







■LONDON;'. 


mrooffl; 7/8 

- . Xelepfawie;0t4^fl4W 

TlTetinatitKIgoof Ctogt 


No. 27,703 


Wednesday November 1 1978 


Vjj.^Ulojs- 


Bovis % 

Bovis Construction Li rniied •? 

The good results builder 
Telephone: 01-422 34S8 


COWTJNWTAU SELLING miCB) AUSTRIA Sc b 15; ttLGJUM ft 25- DFMMa.it *_ , r _ ^ T !■ 

! — — * . PCMHAK* Ar 3.5. FRANCE Fr 3.0; GEftMANT PM 2.O.- ITALY L 500; NETHERLANDS FI 2.0; NORWAY Kr 3.5 Pfllft\JGAL"fei: - 2ir‘ — S7STO — P5~40j) SWEDEN Kr 3.25; SWITZERLAND Fr 2-0; EIRE 15|> 


!*E»S SUMMARY 


BUSINESS 


Army ‘told to takej 


5w"=cMnni» Cwanr 


iegin’s 
tec. 9 


Dollar 


st. 

19; 


over 


as 


Iran crisis grows 

BY ANDREW WHITLEY, Tehran, Oct. 31 


V fflilS S3 BY ANDREW WHITLEY ’ Tehran » Oct. 31 

irOAt Iran’s political and economic crisis deepened tonight with reports that the 

■=■ • wall street reacted Government liad ordered a military takeover of the strikebound oilfields. 

4! Premier Menachem Begin' Se?and° theDow'jones’to^x ^ y | working in Kbu/esian. as well as 

tfW After re- ffBftg ISM ^'55^ V SSfffJU SS'Sl'mSl StS 

c treaty with Egypt's Pres* covering to -within a few points toll since imposition of martial T; - fll V still in jail P 

aaaat in Oslo on December of the previous day’s dose, the Iav\ :n * dozen cities over seven rO-jyg >■_ . As one Li; oilfield after 

le day before they receive index, fell again to dose 19.40 weeks ago. == .. _”%• another was reported to have 

■ joint Nobel Peaec Prize. ‘ down at 792.4£ Trading, at 43m The official Iranian news — = — ~^= _\\ : conic to a hall, the Shah's 

ie Egyptian, Israeli and .US. shares, was not as heavy as on agency. Pars, sai dtonight that " ' Vi-. "/■ concern over the consequences 

gauons resimipd peace nego-- Monday, when 59.48 in shares the army had taken over respon- "-v v ■■ ---^ W**— * - *1 lor Iran's l rou bled economy 
ins in Washington yesterday, changed hands. sibility for “a number of the ••*«— 1= m SU have crown. 

e»ident Carter cancelled a lAbadan refinery’s opera dons." Mini *4) _= The monthly chooue Trom Hip 

^ conference, to avoid the « ™ TT f PIW= - It said saboteurs had threatened KHL XV . .. = Western oil consnriiuia led by 


\-m 


L 6 ; 


1-87} 


Tradc-twigiited mnge V 

-12’> change nDof-LARIrora 1 

“ SnmbsgnuBcannfntos I 

agnna BrnhetarronciM I 

. JH ii iH 

“May Jun Jul Aug Sep Oct 


rise m 


Ailing dol 
threat to 
UK marki 

BY OUR INDUSTRIAL STAFF 


ihilti vnfh-’- r , avo,d , 1126 • EQUITIES reacted to “ said sabfl ^urs bad threatened KHL hi* 
ibiluy of hjvin-i to make a . ^ to damage oil installations in 

lL statement on the Israeli Kbuzestar and the military «5=%r \ % L 

:i on I.; expand Jewish settle- W*** and ftc FT ordhtary f orces wer( , on the elcrt , 0 Iraq Vg a -’\- 

is on ih- West Bank. - index, down 0.2 at 10 am, dosed prevent am- incidents J 

decision— which the U.S. 5.5 off at 47&9, Its lowest since Another reason for the move is / Kuwait 

•* " d( -*cp displeasure" July 20. Golds came under understood to be the desire to \" . 

t,1e , recall of sustained selling pressure, and provide protection for those "V-\ . 

t «in negotiator:; last- -Week- ih e Gold. Mines index fell 5.1 strikers who want to return to Saudi \ 

to 14&4, its lowest since early work. The strikers are reported . L 

ifAeinn rloime May. to have been given three days tn Ull?? 1 .* . 

IfoSiOn Claims . return to work on pain of 


*SBtasraa B ' v 




working in Kbu/estan. as well as 

ending of martial law and free-! V V 

ing of the 600 political prisoners | 

still in jail. I . -> • 

A .6 one big oilfield after! 
another was reported to have! ■ » fl BB 1 R B 
conic to a halt, the Shah’s] o 

concern over the consequences j 

for Iran's troubled economy BY MICHAEL BLANDEN 
must have crown. 

The monthly cheque From the TUE DOLLAR reco vcreil 
Western nil cieHmlima led by li t.. „|iT P r leadiJe eur 

Averaging just over Slhn n . 

munth. on the hisis of liftings ’.,i In P f lh 

of a little over barrels a day. k. 


THE SLUMP in the dollars Lheir sales in Britain, 
value has aroused Fears of □ BSC".-; e.vpurts !*• the L'.S. have 

new attack on the UK market already been hit by ami-dumping 
by other major export- actions, wliirh dashed sales in 
orientated economies. July. 

Sir Arthur Bryan, chairman 1 "‘hivu ir;.dc% uitmly in 
of Wedgwood. the pottery sierlim; iiiui whuse majnr exports 
manufacturer, and chairman of 1,1 U.i?. -ire aircraft, oluc- 

the North America Advisory ironies and gas lurbine*. 
Group Cotuinirtec of the British achieved .\oi ih_ American sales 
Ovea rseas Trade Board, said t, ‘ 7' 0,e than l'5-’’ivi in the year 
yesterday that British manu- tn en *l bf March. Thai com- 
taclurers must he alert to the t**lal exports of 

dangers of countries, such as 


Gcrmani . 


Tn terms or world ciuppetilivc- 


ih:it cheque was pn^Uably snvaMei 
than usual a rv^vk ago. and will 


lerday. after ihc sharp fails 
recorded on Monday. 

The markets appeared lu he 
panning after 1 >te previous 


undoubted!*- be mu.h’roduced on ***}' “U f, 11 ^ a " d , J « 
November -1. v. Jien the uest one !Jj al r ‘‘ l,l ” , 1 h ? ( nks , " 0 . re , JaklM " 
tails due the opporiiinily lo intervene 

There are now growing fears 4n,l,in 10 P ,,sh 


Tanzanian Government • GILTS eased Initially on i Productinn from it,- level ot violence mrouguoui tnci *•■*-7 

ns Uiat Ugandan troops have. kf.her II S frMfflrv hin ntefn k- 2SS U,IB , iron! the Oilfields terminal, and. tr so. whether emm i rv doe^ not abate M,re on 1,10 U.S. currency, hut 

sed the border and are fight- SSLrftS n 18 «? nU , nyed to f “ n a J lhou sh it lb ere is any oil lo take abroad. ButniostoF^.d^Lhs which 1 “ ihe day. ihc dollar 

Tanzanian force, wesLof I hl ^ rauch The National Iranian Oil Com- irt^nUce^n Lhre^mwus In the piriicd up with business 


! dismissal. 


of a military Government if the 1 do i!5*!’ higher. 


get into Kharcis and the export | eve j 0 f violence Ihroughoul the 

roennn>i -» n H «r eri u linri /•>• _ . 9 


There was some early pres- 
sure on the U.S. currcncv. hul 


lesia. In London. Mr. Regi : GOLD feH $3 to $242J- in Minister, claims that exports of as "nothin? but ’ treason." Solar* laf °lea 
Matidling is lo lead the Tory Loudon and in New York the oil aiv still no per cent of nor- He did not say what the Continued 
bench revolt against - re- Comex November settlement tus d- He a! o strongly denied Government was cuing to do to r ' . on - 


[beDch revolt against '- re- Comex November settlement lie a! o strongly denied Government was suing to do to 

ed sanctions. Back Page • price was $238.80 ($245.00). “ at Jnnlaa troops had end what is essentially a pHitt- 

• occupied inc oil installations, cal nrriblem. 

■er Reaay threat' • COTTON prices in Liverpool Unconfirmed repoa-j say 26 oil The strikers have been 
. c mifh 4fril ..._ rtF rose to their highest since May J?**® 1 '* ? re sianding off in the demanding expulsion of the bun- 

St; r H«d? itamSr 1977 «'tn* »»«IW Cu,t ’*««»* >° »* « «» Hrtd, of e >:u,tria it . IMk.te»n, 

^dny has be^n threatened the Soviet crop. Cotton Out- 

r loternaiioniil union action — . ; "■ *w 'm j 

r ord makes last- 

,-y.r nov off at at Id 0 


Continued on Back Page 
Bonn denies seeking Iran 
dictatorship. Page 2 
Possible impact on world oil 
prices. Page 6 
Lex. Back Pag«- 


aa _ iuut3. mi iv, 00.4 1 (Mo-). xuc hi+WLiJc ti .. . T — . , atmouSiraiOia. pwwuu Lame unuir taiir 

ore martial law dollar's depredation narrowed thi » had Sa,d l? d 3 ‘L- Pr 2 D I C \ U n isler , r Sb f if ' In the tiny town of Paveh. P^auire due to a large com- 

V, lB . v to is.2 per cent (13.6). R„t ail wSSS!SSti E«numi. successfully defending nej|r 1 he Iraqi bolder, there was *»*rtla! selling order after 

lmI law has now been ex- 10 1 1 * Lr -. .Mohammed-Reza b JS Government against a cen- , h<f astonishing sight r.r the local ! New York opened, and was 

Sin tn°7n * m0 *L ha o • GOLD fell S3 to 8242^ in Mtateter t n f > are .. mn " nn - c ^r^d the strike Member of Parliament a Mr. »hough| 10 hav e receiicd some 

dcsia. ln London, Mr. Reg»- ™ lolu tea $ 0 . to az'L, in Mmister. claims that exports of as "nothin? but treason. c a i ar j a r ipadin^ -i elnfvncini. official scpuori 

iMan^is lofedthe Tory J^udOD md m N** York the W fav stm w p „ of nor- He did no. soy W lm the ^'cenHwd onV»«k f£? e ’ n,t ira^vemenl in .hr 
ibeDvh revolt :ig:unst - re- Comex November settlement pud- al o strongly denied Government was suing lo do to dollar was indicated in ihc 

ed sanctions. Back Page price was $238.80 ($245.00). 52.', v a- 1 ? • I ,r . 0op ‘ s „ end what is ^.semiallj- a •>. Iiti- ^ JSSShSl! • I, “ »«dtwd«hlcd ”mage d£ 

_ _ ■■ ' ‘ . . occupied inc oil mstallalions. cal problem. _ uiciaTursmp. ra^i - iireciafimi calculaieri In- 

er Ready threat • COTTON prices in Liverpool Unconfirmed repo-’b say 26 oil The strikers have been Possible impact on world oil Morgan Guars 3 v at noon ii 
. c rtllfh j n rtF rose (o their highest since May ? re siandinj? off in the demanding expulsion of ihe bun- prices. Page 6 N,,, Vorlt Th - ■ njrrower i 

St; r 'V.* £S tS77 on-rem ol trorf dffmios <*«■ -"Un* «o »v I' they can drnto of wpatriwe iccb R lc»« Ua Itart P»s- i.u 

^any has btfr-n threatened the Soviet crop. Cotton Oat- i day's record of 18.6 per cent 

r international union action — . ; ■ 1 U 1 j -go. f f a 

{sacks 160 striking workers nn . U ' 5C ^ WrsPgRLa j SJ /\ l«i4 87 ^ i V~ ^41 i r '-.'i p “, l,lt DM l.j-lil. hul. 

fc. Port Elizabeth 'actnry The 80 Cif * orth Europe “ a §1 J |fl/{ K S 5^ ^ S «i¥ i B i *91 > wirh Hie Bundesbank buying 

I National Itfibit* :of.- Motor gu rm r-ftlWr / I 1 U1IUI f “! ,,l< ‘ 1 Prs,ni *l urt 

•r.ii.ly and cnfabgr Workers’- W ' fiSQy.---.fl” . I . - *^ 7 '/Ttv*" 'tiV'T n cnd 

!■■ *» P * I mr* M. _ „ ^ ^ • •V? n V ■» .* ,l I Lump. .-in had- 

_^/_i ■. p a y ( otfer ot 14.9% • sss® 2 

liSOlfiV R'FOUndfid TO- . A 'V \ The Swivs franc slipped ro 

(poiev grounaeo \ s . vFr 14y75 j0 U)e dl)IIar 

pi ol’iciaK have cuafiruied f BY PHIUP BASSETT AND CHRISTIAN TYLER against SnFr 1.4605 un Mon- 

bthe Tu 3 o!cv- 144 supersonic b5 -. # \ da». Tim dollar also recovered 

|br ww ijruUfided after d •? / *Efg&SSP'* FORD MOTOR In thV sixth week turned down by the union workers £10 a week more, half SgW 

3i th.j» sn:i,ig wuich killed M. • (S.M.T1/lf>) of an official strili. made a negouators. the amount claimed bv the i and th* Freni h fninc. 

wr crew, jiioni lien. TJe air- 60 - § “final offer" Iasi Sght 10 the Then it increased a 4.5 per unions. ' ; ,,pe, , ,cll . 1 a ! ,ls ,, ‘| sl 

r..» expected t" he back in unions of 14.9 per ct-ni excluding cent ‘•attendance bonus" to just Men working on alternate day: «•■« £ 

itu *!> » fev <'ion 1 hs. Pafic «! 1 friDSL* benefits. The nvpr Si nt-r rfAni*ipin.i rt n*t.i oinKt chiffc wamU rn nrt I iiulex rose to h.*..# in 


jpclev grounded 

l»t ,oi:iciaK have cuafiruied 
fitho T u polcv-144 supersonic 
fe'er was grounded after .1 
3i thix spring which killed 
ief crew members. The air- 
ifi'is expected tn be back in 
nee in a few luonlhs. Page 2 

tijiiber Bridge 

» "Hxuuuvr B rid re Authority 
! 'the const ruction section of 


Ford makes last-ditch 
pay offer of 14.9% 


OUTLOOK INDEX * 
- fS.M.TYUn 


BY PHIUP BASSETT AND CHRISTIAN TYLER 

FORD MOTOR in thV sixth week turned down by the union workers i'10 a week more, half 
of an official stritt?. made a negouators. the amount claimed bv the 1 

“final offer’ - Iasi m?ht iq iht? Then it increased 'a 4.5 per unions. ’ ] 

unions of 14 9 iw>r O-m ^VC-lnrlina fw llr . r h,.n,i>" I.. .../..kin. 


J:. 1 S expected t<» be back in unions of 14.9 per ct-ni excluding cent “attendance bonus" to just Men working on alternate day: itipJrlJtn a- 

f)& :n u .cv/ :tion.hs. Page *. fringe benefits. The :c>tul package over 5.1 per cenL declaring it and nisht shifts would get f 11. OS. ! ?*,!/? , «r 

55 rTT i I I T' lT l II 1 I - be worth !,s A“ luch ^ had reached the end of Ihe road, bringing them up to £90.42 a. v^Lru- , h ! 

Bridge I I L T i il 1 - '-U - l m per cent but the unions Late Iasi night the union *eek. With four hours’ overtime • wSfo* Si 

• JlumGvr Bridre Authority L 19^7 1978 _ said this was unacceptable negotiators were deciding weekly earnings would be just { "*** ^ S°\£ I 

I 'the construction section of ^ _ n _ At . Vauxhall a Ellesmere Port whether to accept the company's under H01 a week. rasing lo !":.l against 63 

^AinahHmasetl Union of look "A. Index rose to «S.9ac a plant prospects of u strike over offer and sLart moves to call off The company continued to re- { d ..." 

tigering Workers are to meet lb, over 20 cents above the price pay from today faded when the strike of 57,000 manual wor- ject th.* union's claim for a cut 1J|L . wnrrn ,, in th( . d 
to discuss Ihe possibility of a year ago. Page 35 workers caI!ed off kers; rejecl *k« offer: or put it in the v.orking week to 3a hours ww retlccted in the gold j 

lied- productivity' i§oals. Both thetr action. to a vote at the — > plants with- and a special allowance for pro- jj (OUC | )e( j ;i pyj,, 

ties xnei Mr. William Rodgers • BRAZIL is to try to restruc- Ford cast to the winds any nut a recommendation. authnn line men. §3451 an OU ace “durin- 

jffpyft Secretary, last night. Ture about $750m worth of Euro- pretence of negotiating wjthin Whatever ihe rcsulL the offer After the “final offer had ■ dar as (|lc 


rAinal^amaiet! Union of look "A” Index rose to 7S.95c a plant prospects of u strike over offer and start moves to call off The ( 
inhering Workers are to meet lb, over 20 cents above the price W. from today faded when ihe strike of 57,000 manual wor- ject th. 


of 2.40 mils, wiih the index 
casing lo *KLI against 63.2 on 
the preifous day. 

*1 Jil* recovery in tin- dollar 
was retleeled in the gold price. 
U touched a high point or 
S245* an ounce during the 


cum ncy loans from international the letter or even the spirit of is far over the Stage Four limit, been made the company neeoiia- =, ^}ppi d to dose iii 

banks, lo obtain better condi- the Government’s Stage Four and will force the Government tors returned bnefiv for what was L OI ,ii„n m S2-I2L duwu s:; 


CBI forecasts 
patchy recovery 


uf sit-in ends tions Page 32 * 

U^^S^dai? CBI forecasts 

jonere reiurned. ro their cells. 

Durham jail. 12 prisoners are notpnv I’Pf'nVPTV 
Ion hunger airike in a protest ptfllLllj 1 CLU r Cl j 

t conditions. - • CBI quarterly trends survey 

forecasts a baiting recovery' 
3mpror755Se Offei* from Uie economic recession of 
». ‘ . „ ihe past four years for Britain s 

ben Prime Minister Giulio nianufactiuring industry. Page 
dreniti tis proposed that d «-»». 

Lfltiatnjns Tv.- a new contract 1U an gp 

striking . iuispilal workers .- OOIID 
id I, be advanced fruoi next LadUuK 

*ner to January. Page 2 A nsv nnnffi.’ial shoo stewards' 


Incoines policy in day-ions talks tn consider seriously some kind described as clarification of ihe 
at its West London office. of action, however token, against attendance bonus which the | 

First, it raised its basic .rate the company. unions had said was not accep- , 

offer from an average $ per cent Ford's offer, bolstered by ini- (Continued on Back Page) 


from MondayV record Hosing 
iwrt. 


to 9.75 per cent, nearly double pro vein ents to holiday s. holiday 

the Government 5 per cent limit pay and pensions, would give ihe New Ford car supplies almost 


on pay settlements. That was main grade of 25,000 production 


exhausted. Back Page 


French shares for workers plan 


BY DAVID CURRY 


PARIS. Oct. 31. 



:en invitation 


&er- U.S. President Richard nexl month over Page 10 
ten is likely 10 accept an in- u ir > 

Sti6p t'r» address the Oxford bUKrAfllta 

r' ins ' ver questi0ns O U.S. STEEL net income ia th 
hh listeners. 0 = 


_ nnntR . ol chrt _ FRANCE IS to introduce leg's- the amount of new capital must sidiaiies of quoted companies 

• CR v“ ni . nnl lation to compel publicly quoted not exceed the equivalent of will benefit. Foreign companies 

committee has C * HP d f o r cotn p ao ies to distribute shares FFr 5.000 i£596) per employee, are in -rinded in the measure if 

day strike of all < 0.000 0 e . equivalent to 3 per cent of tbeir The cost to the Government is they have a headquarters on 




capital to their employees. 

This was announced today by 


7 <ut at FFr 500m f£60m) a year French soil observing French 
orer 10 years. -.-orporate law and are quoted. ; 

The shares will be distributed The measure is the latest in a 


« RnhorT Pmilin tho Vinistpr . r 6 1 incdMir*.- is me wiwi in n 

S* SS wha A th« tfJ aI1 employees with two years’ series of mo^es to expand the 


aton charge « r SgPg. n . 8 ..K' g«a?J : gS K&.iS 0™^ .flS^ best •«* 

* cofiductor nf the Paris Opera against — m. ge . rewarded in terms of shores cessions Tor people investing 

teique stormed off the podium The distribution will take cannot exceed 3:1. savings in shares and it revised 

blit the orchestra and cast con- ^ S191E DARBY’S former Piatre in 19S0 _ for companies The shares will not be eligible [he financial assistance provided 

I'ued- their pyrforruance <»f au Jitors Turquand Y'ounss. have wrhic ‘b have paid dividends in for negotiation for a minimum m individuals for tbeir housing, 

tssenefs Werther. M. Roberto claimed that they were told they ti? the previous three years, of three and a maximum oF five and created a special system of 

;nzi said the orchestra was wer disch^r°ed because of the -^J?9 ut concerns will be years but will rank immediately savings for manual workers, 
mycc-tting Ms interpretation.” pjnHfr affnir" four years ago. affected and the Ministry esti- for voting rights and dividends. The workers at some state- 

- added that the orchestra bad jj-pj, p,, e ' ’ mates the amount of capital dis- Concerns which do not fulfil owned companies already henefil 

d spoken to bim for three Q , rihuted will total FFr 3.1bn the criteria of financial health from share distribution schemes 

eeks. . 9 ELLERM.AN LINES pretax <£369ra), with each worker hold- based on dividend distribution as well as those in some auoipd 


corresponding period last year, j pledge “to make Frenchmen 


ELLERMAN LINES pretax 


irieflv . .. June 30 fell from £4.07m to of , 9haT ^f; scheme if they meet tbe criteria Slooo 

nwrial War Museum has £0.7om following shipping losses. .UtoxetheT, 2-5m emplujees will iQ the period up to 19PL Non- workfolk .... 
otioed seilin-j facsimile Nazi ^S e 27 benefit quoted companies may join the company Renault between them 

vfoL“. ’ * a v \ N A TRnUP turnover in Companies will raise new scheme voluntarily. hold about lfi per cent of the 

- ^ ANA GROUP turnorer in capitaI for ti , e distribution but Workers in the non-quoted sub- capital. 

-Genoa steel factory- foreman the 26 weeks to September 30 
main distributing Red Brigades was 43.1 per cent ahead at 

■a flets was jailed for four and £l5.S5m. boosting pre-tax profits _ 

half veari b>’ S3 per cent to £1.41m CONTENTS OF TODAY'S ISSIIF 


half.veari b>’ S 3 per cent 

he Grek oil lanker Christos f E7fi9.0001- PagcZi 
Ua» was scuttled in the 4 REED INTERNATIONAL 
tlantif. second quarter profits were j 

Ulema Dianj 3 .T Ivan Os borne £lS. 6 m (£18^m), 
f Shaftesbury has been sacked ball-year figure to I 
or refusing to show sex films. £39.4in. Page 26. 


SKIEF PRICE CHANGES YESTERDAY 

Prices ia pence unless otherwise indicated) 

RISES Torsi Leisure 

Hiditi Fidelity “4+4 Fisons 

[idlauci Educational 242 + * Hepworih tJ.) 

lysu IDS + 

ickers TW + 3 Lamg Prop. A 


CONTENTS OF TODAY’S ISSUE 


Overseas uews 


on/inc Rio Unto 250 •+ 10 

173? Hldgkl .7 1S1 t 4 

•jiul Fir. in sr + 6 

otfth Croft? ......... +.4 

FALLS 

lank nf Ireland 4] 17 - 20 

Jeccbam "" ^ 

) S Z,l° 

5b’ Ini nl. inv fi- “ 2 

hr Hotels nn - / 


Corsl Leisure 10 R - 4 

Figaro SIS — 0 

Hepwarih (J.) 66 — 4 

IC1 369 -9 

Lain? Prop. A 121 — 3 

Legal and Genera) ... 134 — 6 

Pilkington 290 — ?3 

Reckitt and Colman 453 — 20 
Stock Conversion ... 266 — ® 
Anglo American Crp. 309 — 7 

Charter Cons. 141 — 5 

Cong. Gold Fields ... ISO — ■> 

Elsburg S9 9 

, Inqjala Plat * 

‘President Brand 790 - 

President Steyn — SO 

West Driefontein ... £21 — 1 * 


— labour 


Glimmer of a new dawn 

for world steel 

France leading fu fast 

breeder reactors 

East-West force reduction 

obstacles 

U.S. oil Imports: Post- 
Energy BUI era 


2.3 

Technical page 

12 

4 

Management page 

13 

5 

Arts page 


6 

Leader page 

10 

7.8 

UK companies 

26-28 

10 

Mining 

28 


FEATURES 

Japan: Fukuda favoured 
to retain leadership S 

Threshold of company law 
reiolutfon 13 

Gardens Today: Full of 
Eastern promise 14 

Taxing problems for King 
Copper io Arizona 30 


International companies... 31-33 

Euromarkets 31412 

Money and exchanges 29 

World markets 34 

Farming, raw materials ... 33 
UK slock market 30 


Dutch publishing: inte- 
grating for expansion... 32 
Samsung Moolsan nr 
Korea: 

Common Agricultural 
Policy changes urged ... 35 

FT SURVEY 

Arab travel and tourism . .17-24 


Appoiaunentx U Letters 25 Today's Events 

Base Rales M L« 48 TV and Radio ....” 

Crossword M Lombard u Unit Trusts 

Entertainment Guide 10 Men nod Hauers ... 1* Weather .. 

Emm» -Options .. 5* statins 14 

FT- Actuaries Indices 3b Saleroom 7 INTERIM STATEMENT! 

Gardening 1« Share Inlermallon . . 38.37 Avana Croup 

F or latest share Index 'phone 01-246 8026 


25 

4S 

Todur's Events 

TV and Radii 

S 

14 

Reed International . 

27 

M 

Unit Trints 

37 

ANNUAL STATEMENTS 


IMLilHn 

40 

Esseranu T. and T, 

26 

7 

38.37 

INTERIM STATEMENTS 

A van a Croup 

Jo’burg Cons. Igy, 
Norsk Hydro AS ... 

R. and J. PuUman . 

28 

33 

26 



France, making an increased r,u -’ is, « GEL. said. uio pound was 
attack oo the British market _ 
because they were findin? it T T ^ 

more difficult to penetrate the Iilt0FCSt 

U.S. • • A 

His fears were echoed by the w , 

Deparinient ol Trade which said rates surge 

this was a real threat. ° 

The dollar's Tall is also hitting Inirn-M rales in the U.S. 
some British cmripanies sell ini' surged yesterday au the Ted- 
Irt the U.S. Sterling has appreci- t,ra| Itimervc Board moved 
ated hy about 20 percent against a S"ressi*i'l; - io try in curb 
the dollar since m id-1 976. so wmietary groivilt and help thr 
eroding price competitiveness. ailing dollar. Lale this afler- 
The U.S. is bv far Britain's noon ’ *« « 1*» rising 

biggest export markcL taking 9.2 vost of fumls. ( liase Alaiihattaii 
per cent of the UK’s total over- Bank, third lsirgc^l U.S. hank, 
seas sale-:. Last year’s sales announced^ ihai it wus increan- 
tritallcd D3.055hn. In the first nine •”*» ,,s P rtnu ' Ending ra»c to 
months of 197$ exports were up 10s • >er 
to £2.551 in, com pa red with Pressure on U.S. into rest rates, 
112. 349 hn during the same period Pace 4 

last year. Morse *.a>s nmneiavy system 

Wedgwood. Sir Arthur said send for UK Page S 
yesterday, would be in a stronger Editorial Coin men I Page 16 

position than some companies Money marki-is Page *20 
because of the type of product BL subsidiary in cut 

involved. More Lhan 70 per cent Lid Jm|>s Back Page 


of We daw nod'* output is — 

exported with ihe US. account- 
ing for half overseas sales. cheaper lhan :n* Deutsche Mark 
Like many other companies, it j n f| t' 1 *-' .’" M 'ihe West German.-, 
feels that, after monv years of ;ir,ri ; h^ -1 '■ i'.-n. wc-i.- the main 
having a weak pound avamsl a compel 1 10 iv n ■'■■•r.d markets 
strong dollar, it will have to rather titan • L-V 
ride a situation in which cur- Ha»ikr-r Sidavie.i. pail of 


tenev movements are hit tin 
profitability. 


British Aero^io'c. -aid the dol- 
lar’s fall would rial v< jnificanil.v 


Arcurdin’g to Sir Arhur. some aifeci j 1 - US -mLv Tiie-e were 
British com panics are fighting '^ly ClHm a oared with 

shy uf the market as profit- a t.i«al i-: ports '-"29ni. “Most 
abiliti falls. Bu*. for mod Urn ° r r » m ' pi-du-u m tue l S.— 
nr* 1.* real possihiliiv 1 -- r-rni ' ! «™ as en-.- im-^and fir m 

- 1 G 1 rf iua-d r-r.di: .t< ; n-../ ;>i 

US companies which ir. , . 

exports in dollars fare fh* fx- 

bicaen problems in lorn-:- , f pori» i.» the l S a»v irouicvd in 

lower profit ability. They iiiVndc 

mmn.nnies which like t W p ir-ir-i nr k l, t up w dlj-l.- c- n >l t '.l.v- IO 


companies which. like the tractor 
manufacturer-.- Mas?ey Fersusiin. 
invoice all their exnoris to tin? 
Third World ia dollars. 

Rolls-Rnyru prices all -;<jre 
parrs to ihc- U.S.. il a hicsesi 


overseas customer, in dollars. 

This August's order frmn J- •*: JJj j. ,j, 
Eastern Airlines of Ihe U.S. .’.'iU. 
for 21 Ruein-J 757s wilit TJ-dN- Ai lear-t one 
Boyce 535 encines .ire ho lt-vod j, ( -oi;ld lie 
no: to be fi't-d price cnnirsets. .inii-n-'s «-,t, 
The British Steel Corporal i.>n 1 

experts the dollar's fall tu affeeT 
the world market fur steel. The “ , 

U.S. is. now likely to raise the 1 ,n V,-H %,,rlf 

triaaer price at which If.s ami- 

dumping mechanism opera t'*.-. — " 

thus curbing its steel impm-ts 

still more. " " 

The result. BSC believes, would : -• 

he to fuel ihe attempts of Con- :■ • 

Hnnnlal *-ieeI makers to increase * 


the U.S. in Ki-’n :i :ry. hut since 
then ihi- sti-rlir.^ vaino nf sales 
had fallen bj 13 p- r cent. 

Tiisi :1 !•-: -s char.-e- n doll-.r 
price fur »-htik: -hipped to tlie 
U.S. in bottier. but in-.uio in 
sterling for ci.e'j*'«r t«rarsd« 


shipped in Lull: fu,- bnul.ug 
there. 

At least one rouiuanv thought 
ii could benefit from the 


S;.> -1.1 ti 



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Financial Times WednesdayNov^ber 1 wfe ' 


I I ROPFAN M;VVS 




Andreotti averts crisis 


Soviet 

TU-144 


,r=i$ 

mt . s v 

V ytfu, P 


BY WILLIAM ZHJUFOROE 


on wage restraint policy fleet 


BY PAUL BETTS 


ROME, Oct 31. 


grounded 


jTHE CAPACITY of Sweden’s 
major state-owned shipyards will 
! be cut by a further 20 per cent 
| over the nest two years, reducing 
the labour force to just over 
10,000. 


By David Setter 


SIC. GIULIO ANDREOTTI. the 
Italian Prime Minister, appears 
tonight to have averted the 
threat of an immediate crisis 
over his Government’s attempts 
to introduce anti-inflationary 
wage restraints. 

But as the Prime Minister 
openend an emergency debate 
on the issue, some 30.000 wop 
hers from the depressed 
southern region of Calabria, held 
a noisy demonstration in Rome, 
underlining the extent of union 
discontent in the country. 

The debate was called by the 
Prime Minister after the break- 
down of weekend talks between 
the Government and the unions 
to seek a solution to the pro- 
tracted strike of hospital wor- 
kers in most of the country’s 
public hospitals. 

In his address. Sig. Andreotti 
renewed bis firm opposition to 
the wage demands of the hos- 
pital workers, which, he claimed, 
would threaten the Govern- 
ment's efforts to introduce a 
serious and coherent economic 
recovery programme. Sig. 
Andreotti said that if the 
Government was forced to give 
in to the hospital workers he 


would have little option but to 
resign. 


The Prime Minister seemed to 
offer a compromise, however, by 
suggesting that the Government 
would examine the renewal of 
all labour contracts involving 
3m public employees, including 
hospital workers, at the begin- 
ning of next year. 

He also indicated that the 
wage increase to hospital wor- 
kers. originally agreed by the 
Government and subsequently 
revoked, could perhaps be ad- 
vanced within the overall con- 
text of the renegotiation of pub- 
lic employees' labour contracts. 

But he emphasised that the 
Government would not accept 
any iocrease above the ceiling 
fixed for new wages in the pub- 
lic sector outlined in the three- 
year economic recovery plan by 
Sig. Filippo Maria Paodolfi, the 
Treasury Minister. The Prime 
Minister implied that it would be 
largely up to the unions to de- 
cide on the allocation of this 
upper limit to eliminate exist- 
ing discrepancies jn the wage 
levels of the various categories 
of public employees. 

The main aspects of the 
Government’s medium term pro- 


gramme involve the reduction of 
public expenditure and a cut- 
back in the Increase of labour 
costs. 


Sig- Andreotti's hard, yet 
apparently compromising, line, 
was generally viewed here as an 
attempt to delay confrontation 
with the onions and the main 
left-wing parties for a few 
months until the entire package 
of . renegotiation for public 
employees comes up again. 

His woTds have not dispelled 
fears of an intensification of 
union unrest, which could en- 
danger the country's fragile 1 
political equilibrium. 

Some union leaders have 
accused Sig. Andreotti of using 
the hospital workers’ dispute. to 
stave off explanation of the still 
undefined aspects of the Govern- 
ment's recovery programme, in- 
volving, in particular, ambitious 
investment plans to create 
600,000 new jobs in 1979-81. 
especially in the Mezzogiorno. 

The unions regard the Prime 
Minister’s decision to turn to 
Parliament over the hospital 
workers' issue as a move to pass 
responsibility to the other parties 
on whose support his minority 
Government depends. 


Bonn minister’s denial over Iran 


MOSCOW, October 3L 
SOVIET officials have con- 
firmed Oat the Tupolev-144 
supersonic airliner, which has 
not flown Its scheduled 
passenger ran in almost five 
months, was grounded after a 
TU-144 crashed east of 
Moscow this spring, killing 
three crew members and 
injuring two others. 

The officials told members of 
a visiting Western aeronautical 
delegation that no passengers 
were aboard the plane when 
the crash occurred and the 
suspension of TU-144 flights Is 
only temporary. They expect 
the aircraft back In service In 
months rather than years. 

Western observers said the 
trouble-plagued TU-144, which 
began making passenger flights 
once a week between Moscow 
and the Central Asian city of 
Alma Aia last November U 
ceased flying the passenger run 
during the first week of June. 

Officials of Aeroflot, the 
Soviet state airline, confirmed 
today that the TU-144 was not 
flying the Moscow- Alma Ala 
route and said that no date had 
been set for the resumption of 
flights. 

In 1973, a TU-144 crashed at 
the Paris Air show killing the 
crew and eight people on the 
ground. It underwent exten- 
sive modifications after this 
disaster. Mall and cargo 
Sights between Moscow and 
Afana Ata, a kind of extended 
test programme, were initiated 
In December, 1975. 


Svenska Varv, the umbrella 
company for the state yards,, is 
to be given a capital injection 
of SKr 2J2bn (£256m) to cover 
its 197S and 1979 losses, and the 
Government will start negotia- 
tions soon on a state takeover of 
Kockums, the last big privately 
owned shipbuilder. ’ Kockums 
reported yesterday that it would 
report a loss of SKr 20m fids 
year. 

These are the main items In' 
the shipyard BUI presented today 
by Mr. Erik Huss, Minister of 


Industry in the new minority 
Liberal Cabinet- His prescrip- 
tion is- less drastic than that 
drawn up by his predecessor, Mr. 
Nils Aasliag, who wanted to cut 
shipbuilding capacity by 30 per 
cent over-three years. 

Tbe new Bill would save the 
jobs of 2^50 employees who 
wouM have become redundant 
under Mr. Aasling's programme 
but Mr. Hues pointed out that 
further reductions might be 
necessary .after 1980. Capacity 
at the smaller yards will be cut 
by 30 per cent. 

The Liberal Government pro- 
poses to add SKr 675m to the 
" depreciation loans ” under 
which the yards have already 
received SKr. Ifibo. These are, 


in effect, direct grants. In addi- 
tion the Government will boost 
by just over SKr 2bn the 
SKr.3-7bn in state credit gnaran-. 
tees already granted to owners 
placing orders, with the yards. 
It will also provide loan guaran- 
tees ■ for ship exports up to 
SKr lObn. 


The Swedish yards have 
already 'received state- loan 
guarantees totalling ;• . some 
SKr 12bn. These will be in- 
creased by a further SKr 5b n. 
On tbe other hand, the Govern- 
ment plans to halt the guaran- 
tees, which have enabled the 
yards to build ships oh their own. 
account! Loans oE this type, 
amounting to SKr 5.5bn. have 


- “t • •'•'.‘C v-B I** 

' - STQ^KfiOLM, X)ct 32.' V : ^V 

been guaranteed so far but the" /r -*i‘ 

s cheme has been severely, triti* - i. V 

cised by other shipbuilding- % ; *1 a v 
nations. • ; ' f Jf* 

To counter the ' increase in , 
unemployment the Government - 
plans to; spend another SKr Ibn ' , r 
on various relief measures in thg- 
three areas most affected by the 
shipyard cuts, Gothenburg, (he - 
Malmoe-Landskrona - littoral and 
the- Uddevaila region;-^. 


.It - will also- advance state 
orders .for ferries, navigation - 
board and coastguard vessels and. 
will hastes rtoad and bridge 
projects which could offer extra 
work. Three .-investment com- 
panies with 'a capital of SKr 75m 
each mil be established. 


Spanish constitution approved 


BY ROBERT GRAHAM 


MADRID, Oct 31. 


Danish output 
rise predicted 


BY JONATHAN CARR 


BONN, Oct 3L 


COUNT OTTO LAMSDORFF, 
i he West German Economics 
Minister, today denied sugges- 
tions that he supported a “stable 
fliciainrship" in Iran to help 
fnsiuc preservation of West 
German exports there. 


Su«:h snqestions. made by 
vouth leaders of the ruling 
mail tion parties in Bonn, were a 
slanderous distortion of com- 
ments made during his visit last 
week to Tehran, he said. 


Count Lamsdorff said he bad 
mode dear to the Shab and 
oi hers that the Bonn Govern- 
ment wanted to see further 
liberalisation in Iran, that it 
held free elections to he neces- 
sary. that it welcomed the intro- 
duction of Press freedom and 
urged the Iranian Government 
to pursue the same course. 

On the other hand, a stable 
political order was not con- 
ceivable in Iran If “ ultra- 
real lionary Moslems.” who 
sought a reversal of the liberal 


measures already introduced, or 
Communist student groups, held 
sway. 

Count Lamsdorff noted that 
Iran was West Germany's big- 
gest single supplier of oil, its 
largest trading partner In the 
Middle East and that some 14,000 
West Germans were working 
there in some 360 companies. 
Those who claimed Bonn’s con- 
cern to be simply a matter of 
safeguarding export interests 
showed they were economically, 
and therefore politically, 
ignorant 


construct tbe four power 
stations. Realisation of the pro- 
ject is of vital importance to 
the company — not least because 
of continuing legal and other 
delays on many domestic nuclear 
pojver station orders. 

• The West German Cabinet 
today approved plans under 
which Bonn would pay DM 1.2hn 
f£331m) or almost 31 per cent 
of the cost of purchase by NATO 
of the U.S. Airborne Warning 
and Control System (AWACS). 


East German 
dav of labour 


By Leslie Colltt 

BERLIN. Oct. 31. 


The minister flew to Tehran 
last week for an assessment of 
the political and business situa- 
tion. Among other things, he 
confirmed that West Germany 
still stands to win a large order 
for four nuclear power stations, 
though perhaps a year later than 
hoped. 

The company concerned Kraft- 
werk Union, signed letters of 
intent with Iran late last year to 


A Defence Ministry statement 
said that Bonn’s share of the 
cost would be virtually equalled 
by the value of orders to West 
German industry both for 
AWACS and for other military 
equipment purchases agreed by 
the U.S. 


The defence and budget com- 
mittees of the Bundestag (Lower 
House) still have to approve the 
plans. This is expected in late 
November. 














B.B.LIUKJ 


FIN.B.L. 
l ITALIA j 


p — "i 

S&sfc. awtfQuE § 

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SJ GABON) .f DU BURUNDI % 

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f — .VteM 

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®^*-4S38f I SINGAPORE 

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REP RIO 


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SECURmes 


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f.v- \*r We also have other cars at work for you 

j . through ourmembership in SFEand Associaled 
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'hW* .'■•.***■' * :/ **: ::-!vrv ?••*, - 


pi^ 1 « 


AN HISTORIC special session of 
Parliament today approved a 
new Spanish constitution, mark- 
ing another stage in the 
country’s return to democracy. 
The lSS-orticle ' document estab- 
lishing Spain as a “parliamen- 
tary monarchy” will now be put 
to a national referendum on 
j December 6. 

In the Lower House, the 
constitution text was approved 
by 336 votes to six, with 13 
abstentions, and in the Senate by 
226 votes to five with eight 
abstentions. The vote was 
without party whips but the 
pattern was much as expected. 

In the Lower House, five 
dissident members of the Right- 
wing Alianza Popular were most 
noticeable for voting against. 
The abstention vote comprised 
primarily the eight Deputies 
representing the Basque 
nationalist party, PNV, who 
over the weekend said they 
would abstain as a protest 


the year. Tbe killings were attn- 

bufed lii tbe Basque separatist COPENHAGEN, Oct. 31. 
group, ETA DANISH COMPANIES expect 

The constitution was prepared . 

In draft form by a special con- gefiSf -o£rfe?rf^ 
eti>iiiinn,T wmmiNpp Mu) handed TtUairer of this year. 


By Hilary Barnes 



stilutional committee and. handed 


over to a parliamentary commit 

slon at the end of April. This 52“*® ST **} 1 

■sb — m s«i An nrtrtiruMfld rtf tftat _ Per cent of the 


Bureau, of 


..i Irtfj.tHi* 1 


36-man commission, composed of ^, n i^ 
representatives of the main cwni^raies 


expect out- 


SHsrsaa-* iu-«^ ss^ss 


SSS'.S; **£ £■ 

the Lower House and the Senate, ^ 

which wound up at the beginning J} ^ c f Bt 

d of this month. Since then, the 

dlsuepancies in the proposals of J* 

the two Houses have been ironed t ^ n ^. Ia £r„^*L e * P0rt 

¥ out by another mixed commis- , 33 . ^ of eom- 

» s j 0D J panics look forward to rising 


The second commission added orders and only 13 per cent 
a provision to the text covering , f "L. or ^ eTS ' n 

tbe legal vacuum over the third quarter, 9 per . 

premiership created by approval ? 5 "Vj"\ ore reported 

of the constitution. -ralher than dedto- 

The Adolfo Suarez Government SS-JTSf'S-ZJSr 
7 g the June. 1P77. elections - 0r . ders * b °? 


Sr. Adolfo Scares 


which w^rp Viot stririiy VXSS- 


under a curious transitory phase 


AFTER East Germany’s eight 
million workers completed a 
“voluntary day of labour” on 
Saturday, the East German 
Government reports that the 
economy has benefited by an 
added production of goods 
worth 704m marks (£195m). 

• The additional day's work, 
paid for at an overtime rate, 
was to “ honour the 39tb 
anniversary of the GDR ” next 
October. But It also served to 
make up for lost production 
following redactions in work' 
mg hoars. 

Since last year, workers on 
two shifts have had their 
week reduced from 43} hours 
to 42 hours, and tfaree-shiFt 
workers from 42 to 40 hoars. 
Working mothers with two 
children have- abe- had. their 
week shortened-*' 


against Parliament's refusal to a display of force arolnd Parlla- where some of the old Franco 
include specific provisions in ment and throughout the city to fundamental !»vs — tbe dictator 
recognition of the special status ensure that the se^sicki was~uii- ship's enulvslem of a constitu- 


recognition ot tne special status ensure that the sessicai was un- ship's enuivalem of a constuB- 
of the Basque country. Other ma rreri by terrorist act ion, *• tion — were still functioning. Tbe 
abstainers came from rainoriDi On July 21. when Ibe. Lower -.extra provision allows the 


groups like tbe Catalan republi- House was about to 
cans. . . draft constitution. 


prove the Government .10 days after the 
.*o senior promulgation of the constitution; 


France pressed 
on atom deal 


Sh 


Today's debate was held under army officers were assassinated to decide whether to call general 


exceptional security conditions, in the centre of Madrid .in the elections or eh t*i the Lower | 


The Ministry of Interior ordered most dramatic lerifrist act of House for a vote of;: confidence, j 


Austrian N-plant roj 


over- safi 


VIENNA Oct 3L supply a nociear reprocessing 
, VIENNA, uct. 31. plant to Pakistan, officials satfd 

OPPONENTS of Austria’s first responsible for the plant’s put into operation. today. . . 

nuclear power station, the sub- security, replied t at the charge Socialist Chancellor Bruno i n August President Giscard 
ject of a referendum next Sun- was unfounded, tfficials admit Kreisky has called on all t 0 hl Pakistan tiiat Fntiicd 

day, today accused the Govern- there is an earlhi uake fault in Socialists to vote tor the plant, cannot .supply 1 the nuclear 

ment of concealing a report that the region but saj tbe danger is a decision which the- conserva- plant In the form provided 4 u ' 

an earthquake, fault seriously negligible. \ tive opposition People’s Party the I97B contract signed by the -* 


- ISLAMABAD. Oct. 31. . 
M. - ' AGRA SHAHL • foreign 
affaire -adviser... to President 
General . Mohammed Zia ' ui-Ha q 
of PakistaxC pSns to give a' 
letter to: President '-^Valery 
. G Iseard d’Estaing . of France 
ou Thttrsday, reiterating that 
France - has contracted .;to 
supply a nuclear reprocess! og 
plant to Pakistan, officials said 
today. - J 

In August President Giscard 


iWM 


threatened the plant’s safety. Todays accusatiSi? were the says has made the referendum two countries. Pakistan' Insists [T* 


Professor Alexander Tollman, latest in 
a spokesman for a geologists' between 


exchange a 'political issue. 


that France should -adhere jer 


group opposed to ndclear power, opponents _ tu,-*™—. 

told a news conference the Zwentendorr. 25 miles -noyfh 4 t^>. rajifeelple, has u^sed -Austrians 1 orfhe Dlaut.~^ 
government bad. kept secret an of Vienna. 1 to': vole " rib " oh safety "grounds. 

offlclaf report in " the early 1960s On Sunday Austria 'will ri»dd- ^The Social i 4 ls say the Zwenten- "" -k: 5 -' 

which said the proposed site was its first post-war referendum to ttojrf plant is needed to protect Pts 4 -«iu. mux published d»uy 
too prone to earthquakes to be decide whether the' pfc+nt. under Austria'.? hj_ v h standard of living Sundwi us holiday*, oa me >ta »ma: 
suitable. construction since 1971 and new add keep down uncmplojrmenL ian ~ lfalr 

The Health Mini^tTy. which is almost ready for use. should be Renter • - - ^r“ySk' c1aw pwtaue omS.-- 


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444. Amtet 

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TOffii^am^erthatmdretiianliaHofthe 
biggest U^indnsfaiaJs do fcmsmess with Marine 
S Ma n d , you get a good picture gf how big we are. 

In fact, oar deposfa total $9.9 trillion, with 
Mamin personal savings/ We've got ^41 million in 
coital andreso^es, and asseis totaling $121 biflion. 

A s ntqch as these nnmbgstdl you, they dont 
say av p V« been a majfg money center f or mally 

years. ^ Whidi means weVegrt enough experience in 
foreign exchange and foreign currency management to 
generate major money transactions. Tb provide direct 


loans. And manage major interriationalcredits. We esn 
^so assist in generatingfunds in other coital markets, 
through our associates. 

Of course, Marine Mdlandlias the facilities to 
cairy this out, With our base irf inte niati w ialupe ratioiis 
m New York Citys financial distiict^yBhay&SOO 
branches throughout the state, and liypeoplein 22 of ' 
the world’s major financial ceatecs*- .* 

Some people may not expect aS 'this firanus. 
^leUMtedStltS 36 S4idlafldis the 13th largest baukin 


mmmme 


• J 

V .jj.-f 





. Times Wednesday November . 1 1978 

K^rr 1 -* : r 1 . , • 


SUarm.. t- 

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EUROPEAN NEWS 





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continues 


BY ROBHIT 


PARIS, Oct. 31. 


THREE THOUSAND -soldiers Meanwhile, : sliipowners' -and 
were brought 1 tpdajr la clear union representatives failed yes- 

the mouQtaiiis bf;. refuse v^hich terday to reach' an • agreement 
have beezL-pllfsg-: . up : Ixl ’Paris' which would - the . .damaging 

streets, ■ -week -as. the two-week-old strike by. merchant 

result .of_ a^dustneart drivers' seamen. 'Rxe seamen are.protrat- 
strlke. : ‘ v ing against the' : employment - on 

•“Operation- 'Vacuums Cleaner" Erenpb - shjpsr- of sailors -..from 
was ordered by , the Mayor of^e^e^P^S countries at wages 
Paris, ’Mr 'Jafcqaes Chirac, f 0 "1- below the French mimmitm. ; 
lowin® the rejection by the City The strike, which has seriously 
Council' of demands by" 565-disrupted work -at. most- big 
drivers, for. higher . wage .scales^ French ports. lis* seriously affect- 
The‘ nrahicipal authorities' said/ ids France’s ofl supplies. 
that'&hHgh they 7 had -agreed to .Paralysis the Lavera; oil 
higher wages for .some drivers,, port near ^/Marseilles has 
the Government's - pay policy - significantly cut . output' at =the 
made impossible for- . them to : four big refineries in the nearby 
accede - to all demands. .' coastal industrial complex. ■ The 
The military- had ^beeii brbiigbt South Etiropeafa pipeline; which 
in because the;^ ^ IhpiiSSxyls - of sujiiflles crude"-pH to H French, 
tonnes! . of rubbish deposited West Ge'mnfc and Swiss 

daiiy/o'n the ‘streets! were beginVirefinerieSj isfjcnrrently feeding 
nlng to ; jmse a-sB3^mus‘ health 'only one .refinery at Feyzin, in 
baiard. ■- : : -7, '!’■ ’ .the .Rhone Department. 


Portugal infla,tion steadies 


by sntwt 'burns - 

THE PORTUGUESE- consumer 
price index rose by l^per cent 
in September^ according, to pro- 
visional . estimates' issued .by the 
national' institute- of statistics! 

The latest increase shows that 
inflation. In.. the third; quarter of 
hiff .yeai' .fiaa been, h^d steady 
following-. -cdDSidexaW^:!fluctuar 
lions in consumer priced "during 
the first- haJ f of the - year.- ^The 
inflation rate, computed oh; an 
annual basis, is now- running at 
20 per cent, whfcb ;- was the target 
set by. the SgriaUst/ Conservative 
administration; IaSt^ ^ April.. 


LISBON, OcL 31. 

. Nevertheless; Portugal’s 
government .red -by Sr Carlos 
Mota Pinto is/esgeoted to face a 
difficult uphill^task-wlth regards 
inflation targets- -in the remain- 
ing quarter of ihis year. 

- ■ The 22 per cent increase in ** 
.price of petrol end industrial 
and domestic fuela earlier this 
month has dampened optimism 
that the prim ; of key items 
woiuld remain!- fixed. Gas, elec- 
tricity, and pOJtfic transport were 
increased ! catf^derably eartier 
; tlris. .year, and:- contributed to . a 
6.7 per cent acceleration in the 
price index in’ April. 


: = ? A r.; I *- .- , 




WXNTERSPEGIAL! 

;At : a derisory ^25pH (or 4 lor. £l) it’s a 
unique Trtagazin& at a fraction of the 
cost of a hew car, replacement basin 
. .or TV dinner for one’ ' 




A stitched -in checklist to Winter Tasks such as 
' scraping your Ira II, boxing rartoiaes, lagging cats 
arid .wiring chimneys plus a" thousand other jobs 
abenjt the home . . ; Earn Money with You r Pen 
: this Winter asCurKh shriws you how to score us a 
blackmailer, gnilhiist, poisonjpen writer, forger or 
chain letter freak t , . Brain JDamage Corner is 
for fens of puzzle magazines and features for the 
ifirst time hints for the dim . . . and Tourism in 
November until now. Britain’s bleakest month for 
foreign visitors ; - . plus! a bandy .guide to the 
-un likeliest outside contenders for the next 
.PRESIDENT OF AMERICA . . . / 

IT’S AIXINTHE PUNCH 
WOTTER SPECIAL, unleashed 
from newsagents on November 1 


Italy urged 
to accept 
U.S. trade 
demands 

By Margaret Van Hattem 

LUXEMBOURG, Oct 31. 
WEST GERMANY appears to 
be leading a move in the Euro- 
pean Economic Community to 
force Italy to give way on U.S. 
demands, made in international 
trade talks in Geneva, for 
greater access to EEC markets 
for its Mediterranean products. 

Herr Hans Juergen Rohr, the 
West German State Secretary 
for Agriculture, said today that 
proposals for Italian forestry. 
Irrigation and other, structural 
projects should be set aside 
until agreement was reached in 
the current GATT talks. 

Earlier, he had indicated to 
the Council of Ministers meet- 
ing here- that there should be 
some form of trade-eft with 
Italy between funds' for the 
projects in question and access 
for products on the list put for- 
ward la Geneva by Mr. Robert 
Strauss, the U.S. special Grade 
negotiator. 

Sig. Gtovanf Marc ora, the 

Italian Agriculture Minister, 
later denounced the move -as 
u blackmaiL , l He did not rule 
out the possibility of -con- 
cessions to the U.S* but said be 
could not accept .the way West 
Germany, as current president 
of the Council of Ministers, 
was linkiug a purely EEC 
mailer to an international issue. 

The problem of U.S. access 
. for products on the so-called 
Strauss list remains one of the 
main obstacles to agreement 
In the current round of GATT 
talks, ami most EEC members 
are anxious to see it solved. 
It involves agricultural pro- 
ducts such as citrus fruit and 
tobacco, of which Italy is the 
only major Community pro- 
ducer and thus receives little 
support in resisting the U.S., 
except from France. 

The structural measures 
under discussion by the Conn- 
ell of Ministers were originally 
included in the 1978 farm 
price proposals and Italy 
lifted its reservations on the 
final prices agreement only 
after the Council agreed to 
take a decision on them by 
September U0. 

At the time. Mr. Finn Otav 
Gundeiach, the EEC Agricul- 
ture Commissioner, pledged 
the Commis-doh’s full support 
in obtaining a! positive" deci- 
sion, but apparently the Com- 
mission's full- support has 
proved insufficient. No decision 
has been reached and none is 
likely to be Sought during the 
remaining .two months of the 
German presidency. 


Dried reeds 
proposed as 
doniristid fuel 

By John Walker \ 

STOCKHOLM Oct. 31. 

A NEW KIND of tfuel made 
from dried reeds afyJ suitable 
for domestic heating has been 
developed by two l research 
workers at the Institute of 
Limnology' at Lund University 
in Sweden. 

The common reed, when 
dried and made inio a powder, 
catr compete with oil when 
used for home heating, accord- 
ing to an article in "Ambio.’’ 
the environment journal of the 
Royal Swedish Academy of 
Sciences. 

Each hectare of reed planta- 
tion could yield a maximum 
of 10 tons of dry reed 
annually, equivalent in house 
heating . terms to 50Hw, one 
kilogram of dry matter yield- 
ing 5Kw of energy. Harvest 
costs are forecast to make the 
final cost of producing reed 
powder about the same as oil 
when used for domestic beat- 
ing. 

Sweden Is estimated to have 
just imder . 100.000 hectares 
(230,000 acres) covered with 
reeds, although some areas 
censor be exploited as they are 
in nature reserves. A large 
number of lakes, at present 
on exploited, could also be 
adapted to reed cultivation. 


KARDEX< 

Kardex Systems, Inc. 

has acquired the principal assets of the former 

Remington Rand Company 

Recently known as Office Equipment Division 
Sperry Rarid Corporation 


Jesup& LamontSecuriites Co., fna acted as 
financial advisors to Kardax Systems. Inc. 
in connection with this trsns&Gtiom 



sw 


JESUP SL UMOST 

Securities Co, lnc^ 

Esta.blis1jed.iS7/ 

" KewYofc Chicago. Ilotolau, Lus BaaSatffli 




THE EAST- WEST FORCE REDUCTION TALKS 


Basic obstacles remain after five 



THE 19 NATION EaSl-West 
mutual force reduction talks 
enter their sixth year, in a 
climate of disappointment. The 
faces around the conference 
table in the Hofburg. the 
imperial palace in Vienna, have 
changed. The positions of the 
two blocs may also have slightly 
shifted since the negotiations 
formally opened here on 
October. 30, 1973. Yet the basic 
obstacles on the thorny ro3d to 
an agreement about reducing 
the military hardware in 
Central Europe have remained. 

After IS3 plenary meetings in 
1& rounds of negotiations, the 
two sides. still disagree even on 
the central issue of how many 
soldiers the Warsaw Pact has 
facing NATO in central Europe. 

Few of the Viennese, let alone 
tourists queuing for one of the 
coveted, tickets to a performance 
of the world famous Spanish 
riding school next door, know 
that in the same wing of the 
glittering palace some of the 
ablest diplomats from East and 
West meet every Thursday 
morning to discuss and to deliver 
statements about one of the 
most complex exercises in 
disarmament. 

Even the mysterious term 
“MBFR” — the abbreviation for 
‘'mutual and balanced force 
reductions" — has been unaccept- 
able to the East because the 
term “ balanced “ could have 
implied that the Warsaw Pact 
should make larger reductions 
thpn the NATO participants. 

The formal title of the for- 
„ottten talks in Vienna is “mur 
aamee." the somewhat _ bizarre 
shorthand for “mutual reduc- 
tion of forces and armaments 
and associated measures in 
central Europe.” But the official 
names and formal plenaries only 
provide a smokescreen for the 
important twists and turns 
which emerge at the informal 
weekly meetings. 

It is at the encounters in the 
respective private residences that 
three delegates from each side — 
always of course including the 
Soviet and U.S. chief delegates— 
do the real bargaining. 


Despite occasional Romanian 
complaints, the full participants 
(On the Western side Belgium, 
Canada, Rfest Germany, Luxem- 
bourg, the. Netherlands, Britain 
and the U.S. and on the Eastern 
side. Czechoslovakia. East Ger- 
many. Poland and the Soviet 
Union) are clearly more involved 
in decision-making than the 
countries with a 11 special status ” 
(Denmark. Greece. Italy, Norway 


BY PAUL LENDVAI IN VIENNA 

At these complicated talks, 
where the change of an adjective 
may imply a significant shift in 
emphasis, even the weekly Press 
briefings after the plenaries are 
highly formal affairs. The hand- 
ful of journalists are generally 
outnumbered three to one by the 
spokesmen, their assistants and 
the secretaries. Then there is an 
array of interpreters vrho trans- 
late every question and statement 


officially replied to the latest 
Warsaw Pact proposals. 

Furthermore. NATO has in- 
vented the thesis both of a 
Soviet threat and oE the superior 
numerical strength* of the East 
to justify the increase of its awn 
military potential. 

Thus it is now the turn of 
NATO to give a reply within 
what the Soviet diplomat called 
“a reasonably short time.” 


THE BALANCE OF POWER 
Manpower 

Ground' Air 


Equipment 
Tank Aircraft 


NATO 782.000 193,000 £.730 1344 

WARSAW PACT 935.000 204.000 16.200 3,075 

Source: /ntcrnutiofiat institute for Strategic Studies 


Chief Soviet amis negotiator 
Vladimir Sernonovich Semenor 
will he leaving his Geneva 
post to become Ambassador to 
Botin. 

Semenov's replacement will 
be his deputy. 


and Turkey in trie West: Bul- 
garia, Hungary and Romania in 
the East). 

In short, any future possible 
agreement will only affect, on the 
Western side, national troops and 
the forces stationed by the U.S.. 
Canada and Britain in Germany 
and. the Benelux stales, and on 
the . Eastern .side the armies or 
East Germany. Poland and 
Czechoslovakia as well as the 
Soviet troops stationed in these 
three countries (but significantly 
not in Hungary). 

In the past five years, there 
have been innumerable bilateral 
encounters between delegates. In 
the first couple of years or so. 
the so-called “ first generation ** 
or negotiators and tbeir families 
frequently met socially, even 
staging singing contests and in- 
venting MBFK limericks at their 
parties in the Heurigen. the wine 
gardens of Grinzing. 

Except for the East German 
chief delegate. Ambassador Ingo 
Oeser. and a couple of Soviet and 
West German military advisers, 
however, the cast bus changed. 

But the new Western percep- 
tion of the Soviet threat, and 
lack of progress iD the talks, have 
been perhaps even more impor- 
tant than the change of personnel 
in making the atmosphere more 
“business-like" and less "social." 


into English. Russian and Ger- 
man. Thus the once crisp brief- 
ings have developed a special art 
of how to say nothing in three 
languages. 

Far from dwindling in import- 
ance, however, the talks have 
recently heconie more than ever 
one of the crucial pointers to 
the future of detente. 

Following a Western initiative 
last April 9. the Warsaw Pact 
responded on June S with a 
package deal which for the first 
time accepted the West’s call 
for a common ceiling of 700,000 
men in ground forces and an 
overall ceiling of 900.000 ground 
and air forces as the ultimate 
goal of the negotiations. 

Two weeks later Soviet 
President Leonid Brezhnev him- 
self characterised the proposals 
as a major effort to break the 
deadlock and called on the West 
to usses; them very carefully. 
In turn. President Carter spoke 
about “a step in the right 
direction.” 

In his address to the last 
plenary meeting. Soviet Chief 
Delegate Mr. Nikolai Tarasov 
complained that the Soviet 
Union has been doing “ ev^y- 
thing possibfe to achieve a 
rapid, successful conclusion,” 
but that the West, after almost 
fire months, has still not 


The point is, however, ihat the 
West still regards the data pro- 
duced by the East about its own 
forces us completely false. In 
order to reach the common ceil- 
ing of 700,000 ground forces, the 
Warsaw Pact should reduce its 
troops in central Europe not by 

105.000 (as calculated by the 
Eastern proposals) but by 
202,000. 

On this central issue there is 
still no progress. The impasse, 
which primarily affects the con- 
flicting estimates about the 
strength of the Soviet and Polish 
troops in the area, cannot be 
resolved without major conces- 
sions. Neither East nnr Wcsr 
seems wilting tor able) to make 
concessions involving a kiss of 
face over the key issue of parity. 

Aside from the data issue, 
there are other crucial contro- 
versial points. While accepting 
the Western call for u first stage 
reduction affecting only the U.S 
and the Soviet Union (involving 
a trade-off between 1,000 U.S. 
tactical nuclear weapons and 

1.000 Soviet tanks instead of the 
1,700 units requested by th.- 
West). the East seeks exact and 
detailed commitments for the 
other direct participants in 
phase two. 

The Eastern blueprint also 
stipulates that no country can 


increase its forces above the 
level existing before the reduc- . 
tions, nor would any direct 
participant be allowed to replace 
more than 50 per cent of the 
force* withdrawn unilaterally by 
an ally. 

In contrast, the Soviets could 
easily circumvent the rules 
through arranging unilateral 
reductions by ilie sateliue 
armies and then in I.y .0 separate 
phases i always replacing "only ” 

50 per cent <>r the reduction 
made to the national armies) 
sinunUily return to the starting 
level of their original military- 
strength prior to the force, 
reduction agreement. 

Last but not least, the Eastern 

package of June this year also 
contains an escape clause und?r * 
which tiie Soviets tor the U.S.) 
can withdraw from the firet 
phase agreement and cancel their 
reductions if either country is 
dissatisfied with the implementa- 
tion of the second phase cuts. 
Worre still, such a decision could 
be taken unilaterally. 

It is understood from reliable 
sources that the Soviets are also 
pressing for iLved rules concern- 
ing the v/iL s .dn-waI of units and 
armaments. thus weakening 
forward defence and organisa- 
tional structure of Nato forces, 
while the West prefers “s mix.” 

The East atM> wants to freere 
certain categories uT civilians 
employed by the armies. 

The Eastern approach is moti- 
vated by ihe desire in place a 
permanent celling on the West 
German Bun tlesw-.-h r . whi'e 
mnintain'nz j maximum or the 
dear advantages enjoyed in 
geography, manpower and equip- 
ment over ihe Ns*. to forces. 

So far the East has conceded 
very little on substitutive issues 
to the West. The negotiability 
of a data compromise is clearly 
linked with the final outcome of 
the Snviet-U.S. SALT negotia- 
tions. 

Given the political will on 
boll) side'. Lbe forgotten Vienna 
talks could almost overnight 
become a crucial element in the 
Quest for detente. 


Si; 



NflUONSL CARRIERS CO 


r The finariciaf side of runningyour own 
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say noting of the demands it makes on your 
time, but National Carriers Contract . 
Services can help. . 

Contract Services take the trouble out 
of transport because we take care of every- 
thing from finance and administration to 
driverselecb'on and recruitment 

But most importantly we take care of 
the trucks! Our trucks become yours, as do 
our staff and our' expertise. 

We can even take care of load scheduling 
and route planning. 

You’ilffnd your cashflow regularised, 


with no worries about cash or agency cards 
for fuel. 

Road tax and insurance are no longer 
the burdens they once were, and maintenance 
becomes our problem. 

On top of all this, the whole scheme is 
'tailored to your exact needs and all Contract 
Services trucks can be painted in your 
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delivering on time, you get all the credit 

Ifyoi/d like to take the weight off your 
mind and put it onto our plate, get in touch 
with Brian Tempiar on 01-221 /088. 

He’ll put yc-u on the right road. 

A MEMBER OF THE NATIONAL- FREIGHT CORFOFV ?i0; 



NATIONAL CARRIERS KNOW KOW 


BRIAN TEMPLAR, NATIONAL CARRIERS LIMITED, NATIONAL CARKiERj hOUOC, CROUP HEAD cFfi: E, _, E CriC • 1 _ III- . ^ 

















\ VI E R IGA N N F.WS 


Short-term interest rates 







rising 



again 


BY STEWART FLEMING 


NEW YORK. Oct. 31. 


SHORT-TERM INTEREST rates around 8 per cent and six-month Bala teas, an economist with 
in the U.S. were rising strongly certificates at around 9.25 per Manufacturers Hanover, that 
again today amid signs that the cent. U.S. banks were then repatriating 

Federal Reserve Board might Last week, Morgan Guaranty funds from abroad to the U.S, 
again be moving to restrain Trust issued six-month certtfi- Tlie upward movement of U.S. 
credit growth. As money market cates jn “a sizeable amount - ' interest rates this month has 
rates moved up. dealers were ex- (reported to be over SlOQml at prompted talk about an imminent 
pec ting record interest rates on I0J per cent. Yesterday Manu- credit crunch But many econo- 
tms weeks new U.S. Treasury facturers Hanover issued certifl- fo a t suc j, a 

16SQes - Cates of six-month maturity at “crunch,” in the traditional 

The evidence of higher money P er cen ^ aD d Citibank at sense experienced in 1974, is 
costs and the growing conviction 10 S5 P er . cent * not likely at present, 

that the commercial bank prime Similar upward pressures since then banks have 
rate will shortly move to lfli per shout-term interest rates have evolved new methods of raisins 
cent brought share prices on been evident in the commercial ne meiQ00S 01 Taising 


uu oeeu eviueoi m me commercial hv fnr pxamnlp spliinp 

WfH Street under^ renewed pres- paper market where bank hold- real estate mari^eT* “ 


sure after an initial attempt at ing companies (bot not banks) 
a rally, can borrow. In the case of the Earlier this year the Federal 

. By midday the Dow Jones certficates of deposit market. Reserve began to allow banks 
industrial average was down however, the nominal interest 3nd savings institutions to sell 
over 8 points but it had steadied rate paid is significantly below six-months savings certificates to 
from a loss of over 10 points the actual cost of funds because general public, paying rates 
earlIer - the banks must bold non-interest ot interest keyed lo Treasury 

A major factor behind the bearing reserves against dollar bill rates, 
sharp movement in money mar- issues. Such innovations allow banks 

ket interest rates in recent These are some of the factor's to attract funds and therefore 
weeks has been the aggressive pressing towards a higher prime tends to make restrictions on 
bidding for funds by large com- rate. The prime is currently at the availability of credit, at a 
v? e ii CI u . especially New lOi per cent but money market price, less severe. Mr. Balatsos 

\ork-based institutions. economists suggest that given points out that if credit were 

Over the past three years New the combination of strong loan n ot available, the banks would 
York banks have been ex-perienc-- demand and rising costs of funds be able to charge higher prices 
ing only sluggish loan demand to the banks, this level will not for their loans than their current 
from business but since early bold mucb longer. cost of funds. 

September demand has picked up 
smartly. 


BY jUREK MARTIN IN DBS MOINES, IOWA 


MIDTERM 
ELECTIONS 


ON PAPER, if any incumbent So much so that earlier this of the Right— lower taxes and a of making .democracy more 

in year the South African Govern- balanced budget but bigger efficient and responsive; or ^ Clark painstakingly n II 


? un^Diek “ ent considered his removal so defence . spending, anti-abortion, reforming the welfare system, rebutted the charges— and has' ' 
u-ouoie mis year n was "«•* j Qiportant that it broke the anti-Fanama -.Canal, anti-equal and of improving the quality of seen Mr. Jepsen tie himself. In' 



Clark from Iowa. 


diplomatic’ code by .despatching rights for women— hut without education.’ ... knots over comments that have 

A Democrat in a stale with a an embassy official to Towa to ibe flair that others of his. In televised debates with Mr. been interpreted as overly k .- 

tradition of electing many more make .a few derogatory remarks political persuasion haveused Jepsen, he has sought to -convey patheticto Apartheid andtoMr. ■ 

Republicans to statewide ofllce. about him. . successfully. •' r'.- the image of experience and Ian Smith ana the Christian 

a certified liberal when the But now, with the election. a Moreover, Mr. Jepsen for all reasonableness, even agreeing coalition” in Rhodesia, 

national mood was conservative, week off, the latest local , poll, his use of conservative expertise, with the sentiments behind his The uncertainty at this late 
interested . .in African affairs gives him -an Il-pofnt lead- over has developed ' intermittently opponent’s more extreme pro- sta g e 0 f what both sides agree 
while the -interests of his con- his Republican opponent. Mr. severe eases of foot4n-the-mo«£h .posale before explaining hla own , -has been a dirty campaign is 
stituents are primarily .corn Roger Jepsen. Mr. Clark admits disease. *. more moderate solutions. .-due' more to Iowa's' political 

and hog prices, perceived as the campaign has been easier Even Towa Republicans demur Mr. Clark has also tried to tradition. 

“soft" on abortion, and too than he expected. . a t suggestions that social fom ' what appeared to he a Although registered voters are. 

close ro the trade union move- Wis npivatp nrt i». nil i. w< . security be shifted to the private potentially vulnerable area, evenly divided between Repub- 

it toduy , surprise 5K?UJ? to toe Lteel ESS »"* iis ditSTos^” Atrta. to his own advMUgfc licans. Democrats and tateaot 

that he headed the Republican Jv . f s , “ “!L*52r» former state official who wanted He bos been broadcasting one dents, and although both 

list of vulnerable opponents. ^mu^Lbout^t They remS the- State aSmission TV ■ commercial, which features Senators and four out of the six 

If he does lose next Tuesday. ^ that Then he waT itot. Blind to be provided with a a Vietnam veteran m a wheel- Congressmen . *re -now Xtopj 
the repercussions will be felt elected, in -a major upset in private military arsenal. fo* 1 ? noting that it t y*s Mr. crats, the superiority is thought 

well .beyond the. Iowa cornfields. 1973, thesanie poll a week before 


There is speculation, too. that The latest evidence of a 
_ . . banks may be borrowing in the tightening by the Federal 

In addition it is thought that U.S. and transferring some funds Reserve is being taken as 
many’ banks are predicting signi- into the Eurodollar markets indicating that the Fed is now 
Scant increases in short-term where interest rates are higher, aiming for an average 94 per 
money costs and are therefore Bank economists suggest how- cent funds rate. But many 
seeking to purchase funds for ever that arbitrage should in economists argue that with 
six months to a year and more by time even out the spread inflation at between 7 and 8 per 
selling certificates of deposit. between the two markets. cent real interest rates are not 

At the beginning of October statistics Tot the second high and therefore the Fed's 
prime three-month certificates of quarter of the vear suggest, monetary policy is not restric- 
deposit were selling at yields of according to Mr. Dimitri tive. 


- „ , _ _ Clark who kept the U.S.- out of i 0 be fragile. 

For Sei. Cart; in si, yea,* to toT'votoTaS “hi^ "bS'lnT^ fiHfiSS? SFJBUST . M 

respec?ed° B ’;r utoority K m? S» gT a ^ WhereM *°° SgHSrtSr^JSSJ^SjSf^JIt *““ *“ WSSibUfcr 

domestic and foreign policy His edge now may be put macing himself from his party Jepsen has fired off on all ^Uicm^or* Sample) 5 mu 

issues, but above all on Africa. down botfa t0 his 0WQ diligence cohort. . . * Afriran bSrels He has accused £gE?ZJ%d^tL SS 

-It was he who frustrated - in as a Senator who hay never Not that Mr. Clark, on the the Senator of siding with Rho- some cttorfls m **** 

1976 Dr. Henry Kissinger's plans neglected his constituents but stump, if a flaming liberal, desian terrorises, of refusing to o a ^ . . . 

to channel covert aid to the non- perhaps more to the short- Never a man of great charisma, block Soviet and Cuban adven- A forn-of-foe-cemuri iocat 

Marxist forces in Angola, and comings nf his opponent he has adapted a dignified- and, tunam, oE favouring the tennina- politician once said that wnen 

who has in- the past two years Mr. Jepsen, a silver-haired some have . 1uid r ' downright tion of commercial relations Iowa goes Democrat, tteu vnu 

been a consistent supporter of former Lieutenant Governor, is. boring senatorial posture. He with South Africa, and even of become . Metnoaist. «*** *“" 

the Carter- Administration ts a rather dogged ultra-conserva- too, talks of cutting the'. fat. hut supporting aid to Ugandan Pre- day will ten k me ora saving 
Africa policies. tive who plugs away at the litany not the meat, from Government, sident Idi Amin. still nas vaiiauy. 


Republican 
Senator in 
hard fight 


By David Buchan 

WASHINGTON, OcL 31. 



He that must eat 

uttered faggot 



Once upon a time Northampton was 
supposed to be the dearest town in England for 
fuel. The building of the canals helped to ease the 
situation and, in these days of high-voltage power 
lines, modem motorways, and North Sea Oil, the 
problem, if it ever existed, is now well and truly 
solved. 

Not only does Northampton now have the 
power, but also knows how best it can be used. 
Industry has always been well established in the 
town and many manufacturing, distributive and 


office concerns have chosen its central location as 
the ideal for their headquarters. As well as excellent 
housing to rent or buy, your employees have 
available a wide range of social, sporting and 
cultural activities. 

Buttered faggots were never a local delicacy. 
With the quality of life the historic county town of 
Northampton offers, who needs them anyway? 

. For further infonnatioa.contact Leslie 
Anstin-Crowe, Chief Estate Siurreyor, . 
Northampton Development Corporation* 

2-3 Market Square, Northampton NN1 
Telephone (0604) 34734 



ONE OF the biggest upsets in 

next week's. Congressional elec- 
tions could come in Illinois, 
where Senator Charles Percy, 
often mentioned as a Repub- 
lican Presidential hopeful, 
appears to he fighting a losing 
battle to win a third six-year 
term in the Senate. 

An Illinois poll- by tbe 
Chicago Sun-Times over the 
weekend put Senator Percy a 
Full 17 percentage points 
behind his '.Democratic chal- 
lenger. Mr... Alex. Sclth. a 
.relatively . on known Chicago 
•lawyer. • 

A- partial? poll pn&tislied 
.yesterday, '."covering:-.; '"Sotn'e 
; (Mcaso suburbs and'. ITHnpis 
.counties put Mr.. - .Sefth *7 
■points ahead.. • . -ir/.. . - 

Senator ..Percv,. a former 
president of : the. . BeH and 
Howell Company and gener- 
ally considered to - be . on the 
Left -of his party, is apparently 
in trouble'-for sow of the 
liberal stands he has taken. 
Meanwhile,! polls by tbe 
dunond . Tii&es-Dlspatch 
ow that lhe;3&rmer Sec- 
retary of. the .Navy', Mr. John 
...Earner, .will have to fight an 
eXtremely -tight race against 
his- Oemofratie opponent. Mr. 
1‘ Andrew MlUer. for the Senate 
seat in Virginia. 

But the same polls seem to 
show- that Mr- Warner's cam- 
paign Is nnr being helped by 
his wife, the former actress 
ETfeaheth Taylor. 

'AcVorilin? to the poll, the 
number of Virginians who 
consider Mrs. Taylor a hin- 
drance to her husband has 
>lseh from 34 to 40 per cent. 


U.S. OIL IMPORTS 


The post-Energy Bill era 


BY DAY ID LA5CELLE5 IN NEW YORK 



help tbe ailing dollar, imported. -, 7 . - . . 

But one of the most pertinent the 9m barrels importetflast year believtes that the bottom line sav- another^lA months, to September. ^ 
Is the claim that no one knows due to the start of AJaskan oil ing "will work but closer. to 1-L5m 1981. This choice proems 
what the Bill means — if an v- production. The gene rai view ts barrels a day than the DoEs Carter wltheither a ^dilemiuay.mr'S^ 
thing— for tbe “bottom line,” in that demand will conUmte to rise J.5-3m. for a number of. reasons, a. useful tartical option, oepeaq- 
this case oil imports and the steadily over the nexft two or He .^rgues that .the .DoE over- ing on which way yojj took " 
balance of payments. Though three years, to over 20a barrels estimates the_ amount of “shut- Mr- Carters' .public .-pas 
the Department o! Energy ran. a day. But then the (ffects of in” gas which could be released (which he has ^^mfijaasisea^f 


masses of facts and figures 
through its computerised model 
of the U.S. economy and came 
up with a potential saving of 
about 2.5-3m barrels of oil a 
day by 1985. this figure, many 
people believe, could just as 
easily have been snatched out 
of the air. 


1985 IMP.Q&T 5AVINGS ESTIMATES FOR 
THE RATIONAL ENERGY ACT 


-Europeans);. is that he'^wanttl 
oil prices to rise to world -levels 
by 1980.-. However, he faBed to ... 
persuade Congress to include in ' t 
the Energy Bill any measures— 



Conservation % 

Building conservation programmes/appliances 
Car and lorry standards 


The main reason is that the 
National Energy Act in its final 

form contains no provisions at - 

all for the future price of til UtlBt 9 rate m«>»m 
in the U.S., an omission which . 

must make it hard to predict Natural gas pricing 
market conditions as little as a * 
year or two from now. But the Coal convcrsKm 
DoE had to make some kind of 
assumptions about world oil Ener £2ISL I ^ , Ju, 
nnces, and in the event decided Residential tax unfits 
There would be no change in Gas guzzler taa 
the real price over the next Business energy cn 
seven years, a view that has been 


410 

265* 


OeVHJ 


widely challenged. 


TOTAL 


its 


The DoE's estimate also makes 


\ 


such as ah oil equalisation tax 
£ho . l ^ nds which he says would have saved - “ 
— 280.000-300.000 barrels a diay~fo ^ 
achieve this, mainly because -the 
legislature feared for inflation. 1 
But the expiration of price coo- >.-) 
trols gives Mr. Carter a chance l ' ( j 
to.jmt pressure on- Congress by”* 
threatening not to extend them 
unless it passes some kind of oil 
price legislation. If Congress. .’.yf \ 
tiien fsfil's 10 act; It . would be [ 1 
responsible for whatever increase/ v 
in the cost of oil ensues. On the 
other hand, Mr, Carter’s own , 
anti-inflation programme could ' 
inhibit him from trying any ‘tactic 
that did cot ensure a smooth 
price transition . though .Mr. 
Schlesinger, the Energy Secretary 


r c 

V J 


fa' in 


1 ,000-1, 4O0f 


300 


i v. u 


1 


225 

80 

110 


2^90-2,950 


assumptions about how strictiv * As * umw ef1er 2>' pohqrw* come rvatjon Act penahles are mo-eased to. did bint that exception could be 
new automobile and lorrv stan- ful1 exten * Permitted. Awumes completion of administrative action to nude. “ Enensy Is recognised to 
d?rds will be appVied, and how mplement truck standards. be a special national problem, 

effective the new natural gas f. DoE estimates of savings under the Natural Gas Bill range from 1m b/d perhaps falling outside the area 

pricing: structure will be "in *«> L4m b/d depending upon the degree ©foil displacement which occurs of general constraints'* he fold. a 

altering the fuel balance. In as a result of increase gas supply. Increases in gas supply may displace recent Press conference, 

fact, a footnote acknowledges LNG, propane and butane a* well as oil. The precise displacement ratio* But how should that tarnation 
that the impact of new pas prices .*il depend upon wdridi oil price* and other market conditions. be made? By general consent;- 

Saurca: Dtpartimrat of Eooryr the equalisation tex proposal;^ 
■ ■■■ which would have imposed what- 
ever tax was necessary on 


as provided for in the Act “will 
depend upon world oil prices and 
other market conditions. 


1 , ^ BUI wUl start to bite, and on to the intestate market by 

tion thc DoEte forlcasts wbln con sumption should start failing foe relaxation of price controls. hriflO !le • nrioa tin tn u«vrW 


uon me up*.* forecasts wnen asaln The auestion is how far? (At the moment iuany gas pro- i*" 0 , 8 its price up to world 
they were obviously made under ag ~“: ducers are not selllne their eS level*, is dead. One aHemative 

strong political pressure and “dlj, S across State lines bScaiLe thlS gf“|» Mepne oil .prices 

ilicbVlOm^wil™ tinported. >• subject ^ to ^era. price 


Pan Am staff 
back to work 


NEW YORK. Oct. 31. 


PAN AM said it had resumed 
normal operations today with 
flight attendants obeying their 
□□ion's request to end their 
industrial action over failure to 
reach agreement on a new con- 
tract. 

Absence of as many as 
the 3,000 stewards and 
stewardesses, who started report- 
ing ill last Friday, caused long 
delays and some cancellations. 

A court order . against the 
action was issued "on Saturday, 
but staff continued to report 
sick, with union officials saying 
they had not been served with 
the order. 

AP 


Frequently had to be changed as 
Ihe Energy Bill 


in ,.t E S y F / hopped Without foe Energy Bill! it controls. As a result large sur- P rofits ®» foe oil companies 

th ! «cw gayg demand wJulFbe in foe P !uses a™ building up in gas P^yeot them being the sole 

, tbe . B, i n ,s "“*“>■ on the SJi ilrS* with ben efioranes. Another would be 

statute hooks, foe department Mr, Lichthlau also betieves t0 foe definition of oil 


, " v.„ ' — , m o rts rp . a phv nE i2-13m barrels «r, juicmoiau also oeueves w UWU1 ‘ UUU 

S n i raore ! f isurei J a day “(By wa? ^ consolation that technical and other difficnl- categories (at the moment 
session with its computer and * “W: ??.* on j ties will prevent utilities from °?wly .foscoveretf ofl earns a 


produce fuller forecasts in foe il add = that wlLbout 1975 «°n- converting from oS and 
weeks servation measures on home fr, 8 J r , 5 na k 

ftever the outcome, though, formation and vehicle consurn^ o?birfoand h? belfeves foere^is 

ffi**"**"*''*'* «sf.« iwts oS 

Sr ^ e, r — .V- t„ ppanh thP^P fimirps. tbp V- s - .P 11 consumption, and be produced in 1976. which formed- 


In foe coming months, tbe De- 
partment will be putting to- 


coming weeks. servation measures on home convening rr un.ou ana gas *0 higher price than old oil). 

Whatever 

the U.S. has come 
since 

Independence, 

tiSRLS impomX K doe” 25 s ^ rts u 'g e ^?[, n ? f bS n I 

fact, foe milestones on foat estimated 133bn barrels ^ ^ £ “not u^^m de ^J Qg 

journey make ironic reading, economically developable oil J2f e $ LiSSniriv Sfen S»ri5 ult ; We “® c S an f l5,n for 

Gerald Ford, who came to foe deposits in foe U.S., plus a JJjJ already ma?e on such Si lt S2J 'l fr -,? 

presidency when it was obvious potential half 3 foines as home Insulation whiSh iook P ™io wJy^of^eSlmcinK 

foat independence was a day enhanced production bas produced big fuel savings, domestic ■ merer suddSS rhS 

impossible, set a target of reduc- from existing fields. U-S. oil out- — - - — - °™ esuc enersrv sunnnes 


ing oU imports to 5V barrels a P“t could be sustained at a level stabbin^m fol d^rk becaiisethey exotic forais) 

d. kii iflOC D «u. >ir _ nf Um ha rfnlc a riot/ t ntn fh n . . . . . . . . r . t4UU 



energy supplies 
lore 

raising the efficiency 


of 


due out on April- 

nad slipped to 6-7 m barrels a day, figures have been" criticised as controlled by the 1B75 Energy could'Tiave'^een ^tter^hos^ 
and when foe Energy BUI finally over-optimistic or designed to Policy and Conservation Act But only once Coneress has 
went through, the figure had serve the Administration's which has kept them a couple absorbed what it aa vs and acted 
reached 9-lOm barrels. interests. A different picture is of dollars below the world barrel on it. will the lone-term enerey 

Today. U.S. oil consumption painted by. for example, the New price. However, controls are due picture become much clearer 



British Caledoniaris flights fromLondon-Gatvvickto Houston are now 
wide-bodied 5 days a week. The only non-stop daily service from. London, with 
a wide choice of fares. 

'four travel agent or local British Caledonian offiee has all the details. 


a choice. 


& 













197 $ 


'■VERSEAS NEWS 





awnrs^;; 1 --* 

'tlei?, >; fc 



r-=V>-5: 






*e 



• BT pAYLD BUCtfAtf- ;' - ^ • 

’~ r OR THE flrst tiffle iatea days,' 

; - v^e 

;■ lei eg aliens thinT . mfirof n g ^sat 
‘-Town, together ^^feswrie-thtif 
flternipted iiegbtutons- foSr a 

• ..leace- treaty between" iE^ypt and 

'-- vsraeL •’ " ■ ,. • 

■ --T Mr. .Cj^niai'iVine^" the' U.S. 
lecretaTy' oi ^tAi. wli'D is chair- 
ns the -dfilfi&te/’ negotiations, 
■’.yesterday _• inet. * :.both - aides 
; . ‘ eparatejy, after- - which . Mr.'. 
'•-Vv vloshe Deyan^the Foreign jimiB- 
■' •.■:!" er fading .the Israeli team. R aid; - 
‘ :-, 4 We are about lo solve sbuie-nr 
he really tough- issues.- .which is 
. •ncouragin&." His ■ Egyptian 1 
... jppo5ife number,. -Mr.- Boctros 
/ahali, echoed Qie sentiment' 1 : 7 . 
v;;! ; President ^Carter has - cancelled - 

• ’. ; news conference? today, 

• : ivoid.' the possihllity.'- of having - 
o make a publie statement-on- 
he controversial Israeli: deci- 
:ion to expand .-Jewish settle- 
neats on the WeiMBaak of the 
Iordan- ' river. '' That - - decision 
learly, led to the' recall of Egyp- 
■ian negotiators front W ashtag- 
.on last week., . * 

The -JVdrirtnfetration c feelS ; it : 
ias already adequately _ made 
tnown its “ deep displeasure." '•• 
to - Israel, without Mr.-- : Garter : 


•>;•. .WASHINGtON, .Oct 31. ' 

underlining it oh .the. very day 
that the thUtr resume. - -• 

Mr. Jody. 'Powell, the . White 
HottSfi>. Press- -Secretary, 'has' said 
President Carter ’ does not . plan 
to. see Prune Minister Men ahem 
Begin,' of Israel T r-when. the latter 
arrives- in New '.York -later this 
week to. receive-aa award from 
the NaUbnaKGouncil o'f Churches, 
even -^«jush . Carter will' he 
In the same clty. Iar'an election 
campaign rally;: 

/.Thb last mee&g . of .all .* three 
delegations .in ..the Washington 

peace.lalks" waff held cm October 
2, when *thej: agreed tentatively 
pa . a.’draft treaty text for sub- 
htissKm. : tb thgr ; J3gjptiajri and 
Israeli Govern na «3 ts.. ' 

Both /govern raetfts now want 
changes,, many NOf thebi contra- 
dictory, in the 'draft treaty, and 
; today's ( talks "■ -vSB tie nirnefl at 
trying to 'accomprodate these. 
'-The Camp Iravid : framework 
agreement set .Y-a - three-month 
deadline fDeceia&er 17) for the 
completion of an^Egyptlan-Israeli 
peace treaty. This bad originally 
seemed a relaxed timetable for 
the 1 negotiations^- But with the 
10-day hiatus, caused in part by 
the row over ithe. West Bank 
settlements* it now seems less so.. 




fcr 5? tr.:' 




V*, 




i'O' V 





Freddie ManaReld 


Hie par^p candidates (left to right): Ohix& 
1 ..5* ■' ‘ .. / IV&kasdnev Komoto 


Fukuda, 


JAPANESE pOtifiCa ; v 

Fukuda favourite 





_/ . „ . BY CHARLES )5HITH^ IN JOlCfO : 

MR. TAKEO FUKUDA.; now 73 Trade and .Industry— in which 
and nearing theend of- his seeohd'^® of his major tasks’ has been 
■"year a - ~ » -- ~ ~ ----rfo’- ™« fft>a«d.mf4hi» oost-oil crisis 

•"•seems 

■ . . T-— .. ^ .lOllllSirY- HS TIlfllUULaiJ, UUW 

; ihe poll in a^f^mazy-electiM ever, ;he ranks merely as a pro- 
for the presidency of the niiing minent member of the JacUon 
. Liberal Bfemocratfcr Party, which, led .ex-Premier Takeo Mikl 
starts on Wednesday. Thistnarks 


the party. leadership ehieny 
. because Mr. Miki could not bear 


1- .1 4 U- because Mr. wna coma not oear 

: re ®*L on , • ?, r to throw his; support behind any 
^njsteris eve-of-pall cmer- ^ other candidates and was 

s the favourite to. succeed ' : n - nnsitinn tn enter the lists 






Ugandan force ‘invades Tanzania 


9 


BY OUR OWN CORRESPONDENT 


THE TANZANIAN Govern- 
ment to-day announced that 
regular Ugandan troops had 
crossed Into Tanzania west of 
Lake Victoria, and were 
engaged, in combat with 
Tanzanian forces. 

The Tanzanian officials said 
that there was no question that 
the Ugandans might be 
stragglers from a group of 
Ugandan mutineers— they were 
regular troops, apparently act- 
ing on the orders of President 
Idi Amin. 

The nearby town of Buko ha 
was reported to he on the 
alert because of the state of 
near-war between the two 
countries. Swedish missionaries 
Stationed In Bukoba have been 
evacuated to a hospital south 
Of the town, but a few 


foreigners are reported to be 

still there. 

Some o Bices in Bukoba have 
closed, according to reports 
here, and substantial Tanzanian 
-army-reinforcements have been 
moved into the area. 

Uganda Radio, however, 
made no mention today of an 
incursion into Tanzania by 
Ugandan troops, saying that 
the fighting continued inside 
Uganda, and repeating allega- 
tions that Ugandan forces were 
repelling an Invasion by 
Tanzanian forces. 

Despite reports of an army 
mutiny in Uganda, Ugandan 
officials contacted In Kampala 
today said that this was 


nonsense. 


There is no 


internal trouble. There has 
been no army revolt,” one 


senior official said. 

Conditions in Kampala were 
described as normal, apart 
from a shortage of petrol 
caused by three U.S. oil com- 
panies — Esso. Cal lex and 
Mob il— implemen ling the U.S. 
Government's . embargo on 
trade with Uganda. 

Diplomats here have been 
reporting trouble in the 
Ugandan army. They said the 
main fighting in south-west 
Uganda was between rival 
Ugandan army group!., while 
some of the mutineers had 
been joined . by aml-Amin 
guerrilla groups from Tan- 
zania. 

Latest reports, however, said 
there had in fact been a 
Tanzanian incursion into 
Uganda, bat the Tanzanians 


NAIROBI, Oct. 31. 

had been pushed back, and 
some Ugandan units may have 
pursued them into Tanzania. 

There is no independent 
information on the situation. 
Uganda has not announced the 
recent bombing of the Tan- 
zanian town of Bukoba, and no 
further statement has been 
made on threats by President 
Amin to bomb Dar Es Salaam 
and other Tanzanian towns. 

O Tony Hawkins writes from 
Salisbury: A total of 654 
people died in the Rhodesian 
guerrilla war during October, 
according to official figures 
published by Combined Opera- 
tions headquarters here. This 
is the second largest monthly 
death-toll since the war started 
nearly six years ago. 


Poor nations helped 
by debt write-offs 


Severe drought in China 


LDP Diet members. 

The main -r 
Prime Minister’s ... 

gence as the favourite to- succeed ntT position to Cuter the lists 

himself seems to be the re maJ k-.. himself ' 
able series of diplomatic sue- • .*•••• • - ' 
cesses . for which be has • managed’ ^ ,r 
to claim (and may well deserve) reiflrived 

most of' the -credit. Mr; Fukuda ..jpsmwvwi 

"did well" by the standards of The -primary elections system, 
previous Japanese Prime .Minis- which will he getting its first 
ters at the Bonn summit, taking trial next month, has been 
the initiative in . severaK areas: designed by the LDP as a “demo- 
instead of waiting to benefit feised" cratle' leadership selection pro- 
hv bis ; Western coll eaern^ for .cedure 7 free fronv the defects of 
.Tanaxfs ! failure to curb 'its the old system which consisted 
balance nf payments surplus. He of . a single election in -which 
did even ^better in August when Diet.,- members and prefecturaJ 
the -nesqtiatkms on the lone- party officials were the only parti- 
awaited -jaoaij-China -'Treaty of cipants. "Money electioneering 
Peace and Friendshio -were finally in advance - of previous LDP 
wound mp in a glow of enthu- leadership polls (particularly in 
siasm about the SinoJapanese 1972 when Mr. Tanaka was 
‘-entente.” elected party president) led to 

.'A,- -. severe imra-party tensions and 

h.m - . finally to virtual collapse of the 

Main rival : election astern- itself (in 1974 

Mr. Tutors -^T*X te-a^JR-. gBj rg. 

” eld er statesmen 

Mr.* Masayoshi Ohrra, secretary • . mnnt ., c 

general -of- the.- Liberal Demo- Voters m next months pn- 
cratic parly and a leader (as Mr. maxy will. tnclutTe the entire 
Fukuda -also is) of one of tbe,P ald -up membership of tlie LDP 

t^/ e re ^ rin <i nc Sg "SS-, ™ 

Ohira appeared to have the edge. —jjiijQ— -who have joined the 
over the Pr^e Minister/un til the partjr in the twelve months or 
late summit but ^ n° 60 510(70 l ^ e P riniar y system was 
come up. with a vote winning ^.^0^ Ballots will be dis- 
garablt -; comparable, to trihuted, and returned, by post 

Fukuda% ; . string - of . oiplomapc ^hole process taking 

triumphs.- "Hla-; m anr, strength wee k s ^ rom the formal 

lies in the fact that he is trusted star t of campaiging this week to 
and likrti. by bther'^ ^factions ^ . ahabuneeraent of tbe result 
within the party apart- fro in his 0 a -November 23. The winner of 
own personal follojring <toclud- the primary will not auto- 
ing most notably, the. now m atiCally go on to become party 
leaderless faction headed, 'by leader-rat least not until LDP 
ex-Premier Kakuei Tanaka. ' In members of the Diet have had 

disgrace for his alleged role in their say in the final run-off 
the Lockheed affair). election (between the two front 

Ohlra'5 'parliamentary follow- runners in the primary) 60 
ing is much greater than -that Of December il. It is generally Jell 
the third ranking candidate for however that whoever turns out 
party leadership — BO-year-o)d to- be the choice of the J.5m 
Mr. Vasuhiro Nakasbne: But paid-up member of - the LDP 
Nakasone has - been gaining wiir-get the endorsement of the 
ground outside the party (U. in 350-odd members of the Parlia- 
newspaper opinion' polls) in mentary Party, 
recent months and could turn 

out to be a strong challenger for _._ fo 

second position in t)ie pmnary. ContldeDCe VOte 

The question of who comes Qa& ad , antage of the primari; 
second In the vote is- of prime from ^ pQint flf 

Etame S"™ . ™ _.™ r J view, is that it should, with any 

Fukuda wfll ^ob 3 b\ynot^m ^ produce ^ appearjin c e of 
for reflection at the end of hjs resoun( ii n g vote of confidence 
next two-year term of office. j.ne p r j ine Minister Fukuda, who 
runner-up .at the prlmarymay ^ thus bfi we „ placed t0 ^ 
thus be regarded as ine pime a eneral e | e ction once the part)’ 
Minister's h'ejr apparent alrhojipij le J dership election is over. (The | 
this will seem more natural jjjp wou i d almost certainly in- 
the ni an .concerned is Mr. Ohira creasB majority at an election 
than if he is . the charismatic, but caJ]pdi say> neX t January 
rather ^ .controversial, Mr * although technically the present 
Nakasone. narliament still has another two 

Whoever turns out to be Mr. t0 run< ) 

FukudaVtAanenger for the party ^g riti of uie system say that 
leade^uji, . it. seems certain toat wi]i h | ve the efPect of diffuses 

it will MU ^'r^Mn 0 the behind-the-scenes power 
Komoto, the last of the four can- g les which are a normal 
didates to enter the . race apd - f j ap3riese conservative 

^most certainly the rnao des- feaw ^ int0 a m0 nth-long 
•tined to wra the sinaliesi number Fa i dominatinfl the newspaper 

prs%°r re r a- 

S of 6 wfourr^ L°c b « the health of the nation's 

iob sx ffiifiistfir of International economy- 


BY COUNA MacDOUGALL 

CHINA IS facing a significant 
setback to its modernisation 
plans in the severe drought cur- 
rently affecting a major grain- 
producing area. Failure to in- 
crease grain output this year 
after two years of stagnant pro- 
duction caused by weather 
calamities may force the leader- 
ship to divert more foreign ex- 
change away from industrial 
equipment imparts to grain. It 
will in any case reduce revenue 
for domestic investment in 
industrialisation. 

The official New China News 
Agency bos announced that 
Anhwei province, normally a 
substantial producer of rice and 


wheat, is affected by *• crippling 
drought.” the worst for over 100 
years. The adjoining provinces 
of Klangsi and Kiangsu have also 
been badly affected. In Anhwei, 
estimated to produce about 6 per 
cent of China's total grain crop, 
all major reservoirs and rivers 
have now dried up. and Lake 
Chao Hu. which is over 25 miles 
long, is now only knee deep. 

While China every year faces 
had weather in some parts of the 
country, and is particularly 
prone to drought in the north, 
this year’s worst calamity is 
affecting an area which normally 
enjoys reliable rainfall and is 
consistently productive. 


Second clash in S. Africa 


BY QUENTIN PEEL 

A FULL-SCALE police search, 
using helicopters and headed by 
8 specially trained anti- terrorist 
unit, was under way today in 
South Africa following a shoot-out 
yesterday between police and 
suspected nationalist guerrilla*. 

The incident, the second of its 
kind in Tour days, took place in 
the Northern Transvaal, some 40 
miles west of Louis TrichardL and 
about SO miles from both the 
1 Rhodesian and Botswana borders, 
close to the Lebowa tribal home- 
land. It w-as also close to the 
sole direct rail link between South 
Africa and Rhodesia, which passes 
through Beitbridge. 

General Mike Geldenhuys. the 
Commissioner of Police, said a 


JOHANNESBURG. Oct. 31. 

police sergeant was shot in icsler- 
day's clash and at least three 
guerrillas w*rc seen. He said they 
fled afler the shooting, abandon- 
ing Soviet-made light machine- 
guns and ammunition. 

The last shooting incident 
between police and suspected 
guerrillas occurred only la.-t 
Friday in the homeland of 
BophurhatMvana when two 
“ terrorists ” were shot dead after 
they threw a grenade at a police 
patrol, and a third was sub- 
sequently captured, according »o 
the South African police. The 
incidents confirm ihe trend 
towards guerrilla warfare in South 
Africa it-elf. hitherto a rare 
occurrence. 


BY DAVID MARSH 

THE POOREST developing coun- 
tries will save roughly an annual 
S300m in debt service payments 
over the next 10 lo 20 years 
through the measures taken up 
to now by industrialised nations 
in writing ofF l.ilaterai aid debts. 

That is the conclusion of 
UNCTAD officials reviewing how 
many nf the rich countries have 
implemented iheir pledge of Iasi 
March lo soften the terms of 
past bilateral development ussisr 
lance lu the world’s pimrest. 

Action last month by West 
Germany and Japan means that 
11 advanced countries have now 
decided 10 cancel past develop- 
ment loans, forgoing principal 
and interest payments worth 
more than $6bn due over the 
next decades. 

And UNCTAD estimates that 
the total benefit to the Third 
World would njouni to over 
$700m annually if all OECD 

'donor countries wrote off out- 
standing development loans lo 
the hard-core poorest in the 
Unhed Nations' “ least deve- 
loped M category (the LLDC's) 
and also softened interest rates 
and grace periods on past loans 
to the marginally less needy 
slates in Ihe “ most seriously 
affected ” group (the MSAC's). 

The aini is simply 10 bring the 
terms of outstanding aid into 
line with nrevent easier condi- 
tions. OECD countries now gen- 
erally channel all new bilateral 
aid 10 ihe LLDC's through non- 
repayable grants, and provide 
assistance to Ihe MSAC's under 
highly concessionary conditions. 

Sweden. Canada. Swi'ypriand 


and the Netherlands in March 
had already decided debt write- 
offs for tbe most needy countries. 
Britain announced at the end or 
July that it was writing off 
£90Clm in principal and interest 
from 17 developing nations. And 
in uetober: 

• West Germany decided lo 
cancel DM 4.3hn (32.4bnj owed 
by most of the 30 lldc's. 

• Jaoan. although avoiding a 
formal debt write-off because of 
legal problems, agreed to pro- 
vide YKIObn (3730m } in addi- 
tional grant aid to lldr’s 
equivalent to the annual prin- 
cipal and interest on iheir out- ' 
standing development credits. 

® The U.S. Congress, passing 
the new Foreign Aid bill, gave 
the country’s Agency for Inter- 
national Development (AID) 
authority from next October to 
write off tide loans. ALD ijs 

studying how this might be put. 

into effeer. 

Tbe debt cancellation action, 
in itself, will not necessarily . 
lead to a net expansion of over- 
all aid in those countries con- 
cerned. as the funds generally 
come from the donor countries' 
normal aid budgets. 

In fact, most countries are 
committed to a steady rise in aid 
Hows over coming years. The 
World Bank estimates that net 
aid from OECD donors this year 
will rise S4bn to SlS.Shn. or 0.35 
per cent of their collective GNP 
— although this is still only half ' 
thy UN’s formal target of 0.7 
per cent. 


Capital 

Venturer. 



Semi-submersibie rigs like this one, riding 
on their twin pontoons, gamble against one- 
in-14 odds that they'll find oil in commercial 
quantities when they drill into the rocks 
beneath the stormy North Sea. These 
exploratory wells, costing £3—4 million 
each, are only the beginning of the risk- 
taking. The really critical capital venture 
can come only when the oil has been 
found . . 

Once it appears to be there in 
substantial quantities, our people must 
decide if it is an economic proposition to 
proceed with the much more massive, 
capital expenditure needed to develop and 
produce the field for 20 or 30 years. 

By the time we reached this decision 
point in the Beryl field off Shetland, we and 
our partners. had spent nearly £10 million. 

To lift Beryl crude to the surface and 
deliver it safely to shore could eventually 
require 30 or 40 times that. Should we have 
a go? 

At that point — the crucial decision 
whether to go into production — oil and 
investment teeter in the balance. But 
there’s nothing exotic or mysterious about 
the decision process. It’s a question of 
economics: are the gains likely to outweigh 
the costs? Or, put another way, is this 
venture going to be profitable? . 

We first add up the costs. How much 
money do we need? Where can we raise it? 
What must we pay in interest? When must 
the loans be repaid? Do we have, or can we 
train, the skilled personnel needed? What 
sort of government regulatory and taxation 
policies can we expect, and how will these 
affect our costs over the likely lifespan of 
the field? 


Against these costs we estimate the 
possible gains. How much oil is in the 
reservoir, and how is it distributed? How 
much can actually be. extracted and in what 
quantities, year by year? To what' extent can 
the wells thus far drilled be relied upon to 
tell us the nature and behaviour of the 
reservoir? Should the gas produced be 
injected back into the reservoir? And what 
will be the value of the oil we bring up — 

• not just- a few years hence, when 
production begins, but even in the early 
part of the next century when we might 
expect the reserves to run out. 

. One would always like that little bit 
mo re -information about a reservoir to help 
in decision-making. But the £3-4 million 
cost of drilling another appraisal well (and 
the delay it involves) has to be weighed 
against the value of the new data. It's 
always a very uncertain business, involving 
critical judgements on the long-term 
behaviour of oil and gas deposits 
thousands of feet beneath the earth's 
surface. 


Predicting government policy — for 
example tax rates, tax allowances and 
depletion policy — is another uncertainty. 
Will we face production cut-backs — or be 
asked to increase production? A little 
tinkering here, a little fine tuning there — 
.it's very tempting. But it all adds up. And if 
there’s too much of it. confidence 
evaporates and future investment is killed. 

In 1973, we and our partners took the 
decision to move full ahead to construct a 
platform and develop the Beryl field on the 
results of only two wells. It was a big risk 
and will have cost us £320 million by the 
end of this year. 

Oil first flowed in mid-1976. In 1977, 
the first full year of production, output from 
Beryl was 22 million barrels. Over the full 
life of the field we hope to get out perhaps 
400 million barrels from beneath the 
producing platform. 

We reckon we can increase that 
significantly by development of other 
nearby reserves, provided our best 
estimates of possible problems — natural 
and man-made — indicate a profitable 
outcome. It’s a risk to be faced. 


Third in a series on the challenges ot North Sea Oil. 










*'■**•; 


,. 5 , ^ : yrii.i;'TTTHPs Wean^day- ; ., 


WORLD TRADE NEWS 



Italy offers China $lbn 
credit to stimulate trade 


BY PAUL BETTS 


ROME, OcL 3L 


ITALY WAS reported today to 
have offered Peking a SI tin 
eight-year credit line to promote 
a series of major Italian ven- 
tures in China. 

Details of the loan, carrying a 
7.75 per cent fixed interest rale 
and which is to be paid over a 
fu.ur-year period, were released 
flyring the current visit in 
Peking of an rtalian delegation 
led by Si" Rinaldo Ossola. the 
Italian Foreign Trade Minister. 
c This is the firet time Italy has 
proposed the opening of a major 
credit line to China. The credit 
line would be put together by a 
consortium of Italian special 
credit institutes and commercial 
banks as China is understood to 
he averse to direct inter-govern- 
ment loans. A delegation of 
Ii'aiian hankers is to visit Peking 
in. December to work out the 
technical aspects of the loan. 
.The Italian dollar credit tine 
i?" expected to help finalise a 
riSajor deal valued at some 
SflOOm between Fiat and China 
for a series of ventures involving 
afnon? others the restructuring 
of Chinese tractor construction 
plants and the building of a 
factory for the manufacture of 
engines for agricultural use. 
“Other ven lures being con- 
sidered by Peking are a coal 
5 furry pipeline involving Snam 
PTogetti. the engineering and 
design subsidiary of the Italian 


Strauss for 
talks in 
Brussels 


By Giles Merritt 


BRUSSELS. OcL 31- 

, , „ , , . MR. ROBERT STRAUSS, Presi- 

state hydrocarbons group- EM, changes with China an Italian dent Carter's special trade repre- 
and a number of power plants trade office is expected . to . be j sentative, is to visit Brussels In 
in which two Italian consortiums opened in Peking. In the first I advance of attending next 
operating io_ the energy sector, seven months of this year,i m0 ijth's multilateral GATT talks 



have major 




BY PATRICK COCKBURN 


GIE and SAE. could participate. Italian exports to China more 
EX! is also negotiating for off- than trebled to some LS5bn. or 
the equivalent of about £50m. 


in Geneva on trade liberalisation. 

Mr- Strauss is due to meet 
EEC Commission president Mr. 


r B _ . Reuter adds from Tokyo: Nego- ' t*! 1 ., jenfcYn& and a number of 

For the «xth month this .nations on a major loan by the 1 J lmLl? commEsionere 
year. Italy reported a trade Export-Import Bank of Japan to , hi ?!tt 

deficit in September of L/ibn, the Bank of China are currently ! be ^ re rw v3 A ni 

or about £40m according to stalled over Chinese insistence 1 
figures released by the official 
statistics institute, Istat. Paul 


Betts writes from Rome. 

Nonetheless, this represents 
a substantial improvement over 
last year with an effective cut- 
back in the trade deficit during 
the first eight raonLhs from 


Geneva on 

November 15-17. 

Mr. Strauss' decision to visit 
Brussels before the ministerial 
negotiations- on the Tokyo 
round no doubt reflects the im- 


that the financing be dominated 
in dollars rather than in the 
strengthening yen. according to 
Ex-lm Bank execuitve director 
Mr. Masao Fuji oka. 

Mr. Fujioka noted that the ! portance the Carter administra- 
Ex-lm Bank has always beenjtion is attaching to the EEC 
a yen receiving bank which offers i Commission’s threat in mid* 
Ll,945bn last year to L273bn loans only in yen. Asked if he I October to discontinue its par- 
this year. felt the Chinese might substf- ! ticipation in the Geneva talks 

This turn-around reflects in tuie a privately syndicated dollar i unless the U S. guaranteees that 
part the decline in the increase loan for the proposed Ex-lm Bank countervailing duties will not be 
of imports due to the industrial yen financing. Mr. Fujioka re- 1 applied to imports from the EEC 
recession as well as the favour- plied that if tbc Chinese are will- j next year, 
able effects of the fall of the ing to accept current market | In a statement on October 16 
U.S. currency on the country's rates on dollars, then it is up to', the Commission regretted that 

terms of trade.- • — them.. [the U.S. Congress had gone into 

He said it has not yet been I recess until mid-January with- 
decided how to proceed from the ! out extending the waiver on a 


shore drilling rights and for con- current impasse in the negotia-j range of EEC product categories. 


tracts to build petrochemical tions , 0D proposed" Ex-lm 

plants. Another major Italian Bank loan. 

company currently attemptine to Japanese commercial banking 
boost its presence on the Chinese sources said it is possible a syn- 
market Is the Milan chemicals dlcated dollar loan could be 
conglomerate Montedison. arranged for China by Japanese 

To promote Italian trade ex- commercial banks. 


and said it hoped "a solution to 
the . impasse could be provided 
by- -President Carter through 
“administrative means." 


TI silencer 


exhaust 

Europe 


expansion 

.’.By Peter Cartwright 
PLANS TU expand 

systems production io 
fbr new oars to more than £10m 
Annually arc being implemented 

by T.I. Cheswick Silencers, the 
biggest independent supplier of 
|ys terns in the UK. 

7. The Tube Investments sub- 
sidiary's £20m business accounts 
for more than half original 
equipment supplies for car 
makers outside their own plants, 
and 14 per cent for truck, makers. 
i- In Europe more than £5m of 
business is generated from the 
factory at Rberninnd. near Eind- 
hoven. The object of the 
Blackpool-based group is to shift 
iho 75-25 per cent balance to 
50/50 in the next five years. 

Mr. John Young, director of 
the parent TI Silencers as well as 
operating TI Chesivick argues 
that no-one in the component 
sector can any longer afford to 
remain a UK company. “Other- 
wise you just decline like ship- 
building. motor-cycles and too 
many other things. 1 want to be 
faced in five years’ time with 
where lo have my headquarters 
—Blackpool or Kocrmond.” 


Lucas in new diesel deal 


Pakistanis to 
visit Kabul 


BY KENNETH GOODING. MOTOR INDUSTRY CORRESPONDENT! 


HEAVY" cutbacks in. Iranian 
• crude exports are likely -to have 
a major impact on the world oR 
markets. Iran is the 'second 
largest oil exporter in the world 
and in the first seven, mouths cf 
this year its production averaged 
5.54m barrels a day. 

Yesterday production was 
reduced to 1.5m barrels, not 
counting some small joint 
ventures, a spokesman for the 
western consortium operating In 
Iran said in London. 

This contradicts a Radio Tran 
report earlier in the day that all 
oil exports from the 'country had 
now been halted by strikes, 
while oil companies including 
CaJtex Petroleum and Shell 
have told Japan that they may 
totally suspend shipments. 

Globany a cut of 5.6m barrels 
a day of crude — a ' sixth of 
OPEC’s total production — would 
not be- disastrous, since produc- 
tion in the Middle East has been 
running at some two or three 
million barrels a day below 
capacity. 

But the impact on oil prices 


is bound to be sharp, particularly 
since -they are already showing 
a tendency to rise because- of an. 
expected OPEC decision .'to' in- 
crease . prices in December. 
OPEC oil esports have recovered 
well. from a sharp cutback -in 
the first quarter of the year: 

Oil exports from • Iran have 

been - increasingly affected by 

strikes since martial law was 
declared in September. Initially 
the strikers demanded increased 
wages and. salaries and improved 
fringe benefits, such as housing 
allowances. The ' National 
Iranian Oil Company fNIOCJ 

said that many of these, demands 

were “reasonable” and agreed 
to meet them. 

It is only in the past few 
weeks that the strikers, most of 
whom are in the south western 
province of Khuzestan. . have 
made more political demands. 
These include the release of all 
political prisoners, an end to 
martial law. the replacement of 
foreign workers and even the 
expulsion of the consortium of 
Western oil companies. . . . 


. -The; consortium, which takes 
about 345m ham-els a day of 
Iran’s exports, was already being 
harried by a - series of strikes 
which- have- tot . at almost every 
part of their operations. There- 
were strikes at the huge fvbarg 
Island -tanker terminal, which 
now appears to-be settled. But 
the present disruption of sup- 
plies is more ■ directly the result 
of the strikes in the oilfields 
themselves. 

The . consortium was already 
worted by the breakdown of its 
negotiations - to - determine Its 
future relationship with NIOC. 
Political strikes bring- the con- 
sortium- itself, whose owners .are: 
BP. 40 per cent; Shell, 14 per 
cent; CFP. 6 per cent: and Exxon, 
Gulf. Mobil. Socal and Texaco 
each with 7 per cent 'into- the 
heart of the; escalating conflict 
between the Shah and the oppo- 
sition — which is the ' last place 
they want to he. 

- For the Shab the reduction of 
oil exports to a quarter of their 
previous rate is a challenge 
which he must overcome if his 


regime is to survive. The 
country's economy is almost 
entirely dependent - on- oil 
revenues, which have been run- 
ning at' a : little over StQbn a 
year. 

Knowledge of this total depen- 
dence on oil revenues, all the 
more necejsaiy now that large 
wage increases . have been 
granted to other strikers In 
almost every sector of the 


economy, has no doubt precipi- 
" ‘ taking -the 


tated tiie Shah into _ 
dangerous step of sending the 
troops into the oilfields. . . 

It is still, unclear if' the 
■workers will return at the end of 
the three-day " deadline which 
they have been given, or whether 
oilfields can be operated by the 
troops. Iranian management still 
at work and foreign 'expatriates. 

Against a background of grdw- 
iag resentment in Iran towards 
foreign expatriate workers the 
consortium is likely .to want to 
keep its own staff in the back- 
ground and not.' he seen by the 
striking Iranians to be keeping 
the oilfields going with military 
assistance: - 


TV puts colour into poor Brazilian homes 


( on 


BY SUE BRANFORD IN SAO PAULO 


SAG PAULO, OcL 3L 


THE JAPANESE giant, Matsu- research has shown. that. after the market was in the bands of to operi^a plant in the free zone, 
shita. recently launched a luxury an iron and electric light bulbs, about 35 -Brazilian manufacturers It was rapidly followed by other 


By Chris Sherwell 

ISLAMABAD, Oct. 31. 

LUCAS CAV is to be the major with the availability of local}y-j A HrCH-LEVEL Ministerial team 
supplier of fuel injection equip- produced engines. I from Pakistan js lo visit Afghani- * 

ment for the diesel engines^ to Diesel fuel costs only one-third ;$tan on 'November 15 to discuss' 


20 inch colour TV set in Brazil, families newly-blessed with elec- who reaped huge profits, 
under the trade mark National tricity save up for a TV set, put- .'Well before the advent of 
Panasonic. Marketed at £442 for ting it before an elective cooker colour television, conditions 
a cash payment, or at £SS5 over and even a refrigerator, despite changed drastically. With the 
a 24-month hire purchase period the sizzling heat in siirae areas flood of new manufacturers, com- 

of the country. $ petition became cut-throat. The 

Colour TV is increasingly oust- priae of TV sets slumped and. 


be produced by the SOFIM of the price of petrol in Italy. 
Franeo-Italian consortium. The 2.4 litre SOFIM diesel 

The contract could be worth e " 3,ne is used 10 P° wer 

up to £10ra a year for CAV but ** new rVECO range of vans 
the group will give no details ? nd li * hl already on sale 

except to say if is a “multi- ^ several European countries 

million-pound contract." SUrt ye!r * UIn . mlr0ductI0n 

Deliveries of the fuel injection 

equipment have already started 


equipment nave 3ireaay starteo t t C 1 a. L 

From the CAV production centres! U.o. 10 DFOD6 
at Medwav, Kent, and Sudbury. _ f r _ 

ffSJSl dumping claim 


Suffolk, where some 
been invested, mainly to provide! 
diesel system capacity. j By Da-rid Lascellej 

SOFIM ( Stocleta Franco Italians! NEW YORK, Oct. 31. 

am? ' p™o e tnH n |i n J ! prT 7 f M ' BRTTI SH. Belgian. West German 
1 and French exports of titanium 
Foggia in Southern Halj. kuQ \ dioxide to the US art* to be 
first SOFIM diesel fitted with the ; S~?itate d bv the TreSurS For 
CAV fuel injection system j?. a j possible anti-dumping, following 
f.-“ r ' c L. , "-u. 1 ...Ti'? £? allegation by SCM Corpora- 

tion that it is being sold in the 
U.S. ai less than fair value 


and supply will be extended 
shortly to include h 2 litre ver- 
sion. 

Fiat is using the engines in 
the diesel versions of its 131 and 
132 saloons. Sales of diesel cars 
in Italy have trebled in the last 
five years and can be expected 


to increase even more sharply i year. 


The Treasury has referred the 
lease to the International Trade 
Commission which has 30 days 
to find injury. - . . 

Imports of titanium dioxide, a j 
white pigment totalled SS8m last; affairs 


the “ expansion of co-operation " 1 
between the two countries. The 
visit will be the first of its type 
since 1965, when a transit trade 
agreement was reached. 

The announcement comes 
against a background of uncer- 
tain relations between the two 
countries. Since the military 
coup in April which overthrew 
the Daoud regime and installed 
a Soviet-oriented socialist re- 
gime.- there -have been reports 
of thousands of refugees cross 
ing into Pakistan and of fighting 
inside Afghanistan. 

Pakistan's military leader, ! 
General Zia-ul Haq, was the first | 
head of state-to visit Kabul when ’ 
he called there in September in i 
his way to Teheran. Though very I 
little is thought to have emerged ! 
from the trip, he announced the ' 
proposed trade visit upon his 
return. 

The delegation will be led by 
the Commerce Minister. Mr., 
Zahid Sarfraz, and.-WilL include! 
representatives from the foreign 
and communications 


as most families will buy it, it 
may appear a highly expensive 
consumer product for a country 
with a per capita income of about 
£700 per annum. 

Yet. despite the price, colour 
TV sales are booming. They have 
shot up from 6S.0QQ sets in 107*2, 
when colour TV was Introduced 
to 760.000 last year. Bumped up 
in part by the World Cup rn foot- 
ball-mad Brazil, they may well 
reach 900.000 this year. 

Perhaps because it is a peep- 
bole into an inarcessil I?, luxury 
worl.d. television, particularly 
colour, exe'rcises a" powerful spell 
over Brazilians. It is not un- 
common to see colour TV sets 
in flimsy h-*.s. made out of pack- 
ing cases and other waste mater- 
ials, in the numerous shanty- 
towns around greater Sao Paulo. 

In fact, 62 per cent of the 5m 


Japanese 'companies 
At a rapid .pace, the Japanese 
took over what remained of the 
Brazilian industry. Semp do 
Brasil, a leading Brazilian manu- 
facturer. reluctantly formed a 
joint venture -with - - Tokyo 

ins black-and-white. buC reflect- many Brazilian companies— 5Sd5Se a 'cofou?^SrTn S the a frle 
ing the buoyancy of th$ market, invictus-, Empire, ABC, Colombia • our , in • v®* 

; , u * j 'i-,'"*' -nles of and others — went out of business ; Tones, a San Pahin 

teretj or were bought up. __ gro^tp joined up with Japanese 

V iK'V n ' b °, 

mid-1950s, black-and-white - sales the rapld growth in the use of Grande do Sul company that als< 


the latter in absolute 
After the introduction? oF 


Bl -"- 7 , advertising. ‘ Whereas only a eiated with UB. Admiral aud it 

s ’nce then, particularls after the _ quarter o£ television. seLadver-_ n0W . negotiating a technology 
a**" 1 “L colo “!:,J e L.^ tisements went to television in JSitancS extract with jESSE 


O , • L! 


I3nTsel?l«t Vear ^ chmg 1962. by 1975 the proportion bad Mitsubishi. . , 

1J r?.v etS v 7 - increased to 60 per cent Smaller The ? deBrazDiaiiisation- o-. 

Although there ari| still more manufacturers dearly could not the sector has greatly wbrn'et* 
black-and-white setsr sold than jj ear heavy costs of TV local businessmen. Eduardo Pin: 

™ ] ™ r : ^ ™'T n, J rket * advertising. . eotei, director of Ahmet 

mJlori .! SJj' The coup de grace for the (Brazilian Association for. th 

"JJJS forgBd Brazilian- companies and for Electrical and Electronic Indrn 

jneja in terms ot value. many local component manufac- try), commented: “T believe tha 

Manufacturers admit that turers was the controversial open- colour television was -introduce- ' 
thanks in pan to file fact that ing of the Manaus free zone, prematurely into . Brazil. W 
demand surpassed supply for a Here foreign companies can should have waited and gradi 


man mi 


residences in the state of Sao long period, the pifitability nf import components and parts tax- ally built up the Brazillar. 


Paulo have television, although colour television hi been much free, and, once assembled, market dominated black-and-white secto 

than of hlfck-and-white. them in Brazil. . . until local manufacturers wer 


! minLslries. 


only 10 per cent of the labour Greater 

force earns more than £53 per However, with the arrival of Sharp of Brazil, in association strong:- enough to face the prel 
week. more manufachirershhe price of wiih Sharp of Japan, was the first lems Of colour- 1 * 

Indeed, the incorporation of a colour set. is finally dropping. r - — : — “ — — 

about one million new families The process of cwicentration A nnn „ n Mn *1 • 

each year into the electrical con* in the sector has a fibfliatring?.. V/Ccdll JLIlCllCapC- l>r3.Zll 
sumer goods market has acted as for- some. European readers, in ^ = 

a powerful boost to sales. Market the 1950s. about «0 per cent of ,*, M r OWNERSHIP of- '•■Ocean. .S. A.. JVilaori SdhaisIbwned 3 ' 


SALES 



your econom 

tkko.« 



Seduced Rate 

Fares 


! Introducing Clipper Class | 


If you re a business tfavellec, or anyone who flies regularly you’re probably paying the full economy 
fare. And naturally you want a lot fbr it. . ; 

Well, starting October 29 » Pan Am has something special for you. It’s caUed Clipper 
Class. And, very simply, it offers upgraded service for the same full economy class ticket that 
you re buying now. 

Initially available on all 747 transatlantic flights and selected transpacific flights, 

Clipper Class will supply.all those extras in comfort and service that can make a 
teal difference to the long-distance traveller. 

Extras like a special section for full fare passengers where you’re likely 
to have a lot more room. Special check-in attention and use of the first 
class lounge at San Francisco, New "fork and Seattle. Plus complimentary 
wine and beverages , free head-sets and a special choice of entrees. 

All fbr the present full economy fare. 

Get your Travel Agent to book you on Pan Arris new Clipper Class, 

It’s a great new way to experience the worlds most experienced airline. 



PanAnfePeoplc.lTieircxpciie3icemakcsdicd^Qrence 



Inchcape Brazil., which' ■ has per/ cent by Com pauhi a Wiiso 
'recently won contracts worth: Sons and 50 per cent by th 
*u m l0 * s f r up sup P |y bases for inchcape Group.. It is not « 
the. offshore oil Industry In Indicated last week by Ucea 
Brazil, was given Incorrectly in -Inchcape, a wholly owned In cl 
®hr report on October 28k . cape Group companv. 

The company is owned 50 per . wlfc JL , 

cent by'Ocean Inchcape. 39 per Companhia Wilson .Sons I 
cent by -S. A. Wilson Sons and ,tself a wholly-owned subsidiar 
20 per cent by Companhia of Ocean- Wilsons (Holdings), 
Wilson Sons. UK investment company. . 



* EUROPEAN PROPERTY 
INVESTMENT COMPANY N.V. 


established in Amsterdam 


THE ANNUAL GENERAL MEETING OF 
SHAREHOLDERS 


will be he ld at t he offices of the company,' 548, fteren- 
gracht, Amsterdam, on Wednesday, 29 Novembm, 
1978, at 15.00 hrs. • 


: e 


progre 



The agenda of the meeting and the Annual Report 
1977 f \ 978 will be available free of charge at the office of 
the company and a! the offices of: 


Bank Mees & Hope N.Y. in Amsterdam 
Banque Bruxelles Lambert SJV. In Brussels 
Banque de Neufffze, Schlumberger, Mallet fn 
Paris 

Morgan Grenfell & Co. Limited In London 
Westdeutsche Landesbank GIrozentraJe in 
Dfl&seldorf. 


SwrBhddere who wish to attend this meeting, have to 
lodge their shares with me of the abovemen Boned 
banks at least three days befcuti the meeting against 
delivery of a receipt which will serve as ticket of admis- 
sion to the meeting. 


THEBOARD OF MANAGING DIRECTORS 
Amsterdam, 1 st November, 1978 




Sarpsborg Mek. Verksted A/S K/S 


Floating Rate Construction Credit Facility 

the dqufvalem of. 


NOK 75.000.000,- 


• Guaranteed by .... 

The Royal M'mlstiy of Commerce and Shipping 
on behalf of • 

Tha Kingdom of Norway# 


Banque Ndrdeurepa a A, The Chase MaahStfan Bank; N. A 
Kredietbenk S. A. LmraoibtwrgeOfa* MkCandBankLImlle 


Vrm « f TOf ^pum - - 

Union Bank of Norway Ltd. 


r 


>:• - . 











U£> 



UPt protests over U.S. 

security demands 

^'iY DAyi^ja^ AHO PETER RtDD&i. . 

•«£*«& ??.? "iff®*??? A* 8 ?. ° th ? r c0un ’ previously. This occurred as eliminating double taxation. 


Ford’s wage bill 
and turnover 
top survey charts 


BY JOHN MOORE 


TYMf'tBtTO''fca^ttrn»ae*Brt -fn iu. uu»r suuu- previously. lius occurred as rmuiuauug uuuuic taxation. »* 

b/ve'ftoS^n ag^emen !KK eS “ 6 '** THE F0RD Molor Company Club had the highest profit mat; 

paniM. sen^oxerottves to the moving ihe need fofTdSSibte , , - ■ , c JESSSa bSKw/s treaS heads a survey of 1.000 foreign- gin-nearly 47 per cent and 

V&rars'&dag demands for payment. Jf? ty , eaI [i ^ SociaI Sf™"*? would cover that part of s3 owned companies in the UK in Tampax was second with a 43.5 

eaa speial: - security, pay- -Under UA Jaw. an, foreigner. ^'gSSS2? 0 terms, of turnover-in its last Percent 

whether resident or not. must « congress to negotiate totalis- em pjnyce. financial year the company s Some of the smaller com- 

;T3dks- ai^^^er;^y : b«ween Pay social. security contributions, SSmrrtp?^ ementS Wlth forelgn This counts as a sort of income sales topped £2.25bn. Danies in turnover terms have 

the British? ind- II-S. : Govern* which go towards pensions and __ ... tax because, unlike the em- 


Herbert 
blames 
Edgwick 
for loss 

Financial Times Reporter 


because, 


lancial year fhe company's Some of the smaller com- Financial Times Reporter 
les topped £2.25bn. panies in turnover terms have 

The survey, published by Jor- ALFRED HERBERT, the State. 


-a-*-™*- TrtSS," Wfi dan and Sms (Survey.), IS. ‘f“,. Xd nt.ehin? tool compaoT 

E3SB > «£^TgS*j!!' ?!““ •»“«. in the Vi S« iSTLS? “!•>"•* S** I h«J ta-u™, «*«*«« SCTS^eaSSf'JSrtS ^.IdSr » Jfflt WuS 


dealing' wfth -the . . CBI’s . com- vr^ij ■• , su^ an agreement with Britain. on wages received.’ The new for the biggest wage bill at 1nft „ ar year omv oecause or i 

plalhls. .:;-..^.; V-V:--.: : Nothing unusual ? ® ri S!i Brltisb-U.S. tax t^iv has not £345m. „ 9uo nft . at its Ed-wTck ofant l 

-Ihh.,CBF^ajs few-Hases have The swnal security liability [^Jd^b? wrarad by hf s UK Sf l been aJ afed - h t 0W S ver '- “ The group also has the largest sb bwed up as well as they could Walter Lees the n 
edme to v lh^s» &rbutTt expects jjjjjnj*- to a 6.05 per cent pay- security payments and an th ^ a ,Cf sl L unresolved points, number or UK employees— about have because their latest director, said yesterday 

paid l aSd Htsm™ 9 **? 0 wa3e ? American bSessman d in and 18 ^eforenot yet in effect. 73.GOO. Woolworths is second accounts were not available for Mr. Lees forecast that 

5555 L *L«* Tax definition ■" 64 -° 00 - . ... »»A e - /»!?? J "Hot f S’ ««•«"«* ««. •«“!» 


^Thfi. GBr^aJs few --cases have 


r the biggest wage Dili at ^qq per cetJt _ year only because of problems 

45m * Other companies have not at its Edgwick plant. Coventry. 

The group also has the largest showed up as well as they could Mr. Walter Lees, the managing 


iervice-sal 
increased: • 
l>sec 

Wtaich’ PD 


^isterdayt^ ithad by the employee on the wages security payments For the 
^M^SSSS?' £* '5£»S!t?3S.iV i> assessed trom moEent. thB there were no 

fety ■ . payments for reports made by companies every n lans to reach such an acr«>. 
pfefeWent' foreigners year. The Internal Revenue Ser- E|f J? 'fitli MMn g 

U.S; were liable- rice is responsible for its collec- This is central to the CBl's 


accounts were not available for Mr. Lees forecast thai all other 
with 64.000. the sample. Ford’s ratings, for operations were likely to pro- 

tv,., rnr fn „ ihi^l Ford has the highest value of example, have been based on its duce a profit after interest of 

cash aud near cash resources of figures for the year ending last about £l-25m in the year to the 
5J! 1 o < r ,1 «»f n !L re lv. W, & n £114m. It comfortably beats December, and Esso Petroleum's end of December, 
the scope of the treaty. The | Cavenhan , which held cash and ratings on its figures of a year Th D without Frio- 

»«r «*■ of £88-9m In tl.. Bnon- earUer. 3T m £ 

cial year ending April last year, vgri/ain’s Top 1.000 Foreign profit of more than £2m last 


The CBf is pressing for this 


the scope of the treaty. The 
Inland Revenue in London said 


profit after interest of 


Tb^regutttion- covering these tion from foreign companies and protest, since it arcura Sat that 11 had onI >' i us l been made ?! a i VP , r pnriS'Aoril last vear Jo J ■ . ^ r WIC ^- would have achieved a 

hfes bee^exifltenefr -since 'the nationals. 6 g?n“h buSStssmen woSd nS aware of the matter. cial year eading Apnl Iast yea ^’ * B rt*«£* T °P. 1.000 Foreign profit of more than £2m last 

-mitfmiOML: wM now the Internal Revenue Servl re benefit from thSe chMEK In Officials, however, recognise Using other entena. some of Owned ^ Companies 1978: pub- year, instead of the £236.000 pre- 
revOTaeseiSpe. ha$ used, ils.dis- officials said there was nothing addition there wmc no Sires- the difficulty created by the fact the service companies figure pro- lished byJordan and Sons { Sur- tax loss.. Mr- Lees maintained. 


forcing it. In theory, unusual or irregular About their ponding charges on U.S. buri- that social security contributioos 2 li '? e Vu y - u - ?®!i vy and Mather Jortkm House. 4 7 Bnuu- 

cunty contributions decision to enforce Lhe law's nessmen visitinc the UK. a r€ noi taxes as such and there- had the highest average wage icicfc J 6 ®* London N1 6h.E. 


hoinj 


th^ -social; security contributions decision to enforce Lhe law's nessmen visiting the UKl ar# not taxes as such and there- 

Could be le^edon Bntidi execu- provisions more strictly. Alien- Soda! security payments in fore may not come within the 
Byes yisrangr thc :U5. for one tion was often switched to dif- the U.S. are not generally definition of taxes on income 
teg; '• ... v '. v ferent parts of the. tax code counted as income, tax and there- covered by the double-taxation 
- Toe regqgtibn aseefe Enfons which had been. laxly enforced fore do not come Under treaties proposals. 


fore may not come within the I P er employee at f 6.831. ■ Playboy Price: £24. 


fifcw a r }; - 

ftKess v- -- 

Ax . 4 rii ^ 

•* - 

&fer.s 


T_- .. . .. . — v "HO viicu gwucucu iu mi- me u.o. are nui 

i : f®re°t parts of the. tax code counted as income , tax am 

-;*V . The regt ^tt feo gffaefe- Bn tons which had been, laxly enforced fore do not come Under 

Resolved ■V.V $ ~ : 1 - 7 T 

threat over fares No increa 

abandon the project rand in -a BY LYHTON McLAIN Sn Uaai* 

dedsiop to -cut bonus .payments . . Ill l/vCl 

to bridge workers In weeks whe'n j&ALF OP_ RritaiiCs commuters at -work ready to go home again, the bureau, said. The movement 

the^productlyil^ta^etS; Were-uot would-.stop ^javelling to work If Only 1 per cent arrived at work away from commuting to work - - __ J-* 

r :i<, .1' farra rose %as Ifttle as' 10 per feeling » exhilarated.” was already apparent in LondoD. COil^iUTI Hfl 

TTie dispute is taken -to I cent. the . Alfred Marks Bureau ■ “Unless relief or assistance is Employers could help bv pro- 

a rWtranon;* after a-High Coim saidln'* sure^ypubtished yester- given- to office- staff commuters, viding travel allowances, but at 

M i!r9'vxSS JrQ # -Is J they l ’ 11 aeek local ^ obs when present only 8 per cent of com- By Our Consumer Affairs 

T? 1 ®*? ■-&&&!** •* * sllked “ert faced with a rise in fares.” parries bought season tickets for r Qr r« M r,dent 

meeting .-that the vUlfcs had travelling long distances to work. Mr. Bernard Marks, chairman of their staff Correspondent 

cleared the' -air. and the Issue Half ^Brit&in'k office staff worked ‘ . i 

could be resolve^, with, common locally. 1 but-' -the -10 par cent rise •' BEER CONSUMPTION i 

sense and “ smpe give ahtf ; take. tn-.ticket pri^. would boost this T 1^. lember remained virtually 

. A V rentals irozen ■ 

completing th^ bridge, at the routers were^ tired, hungry, ex- FOUR BIG television rental com- The companies are Radio Ren- „ .. .Ir ^ 

date; - • - - .haustea- ^ ur. after a- com-- panies had agreed not to raise tals Domestic Electric Rentals . ' Brew f. rs s>oc,cl y 

The project. )s already m.i4^er-jbuih«y to work. More their charges until April at the and ' Multihroadcasi fall snh- i * ump i lc,n ™ 

more tfau twu- years, behind tha^ou& In-.teo of the dpily earliest. Mr. Roy Hatterslev. a ". MultT “ ro ^ dcast f a ' sub- barrels, against 3^.92^23. 

SC&aduife. . ‘ y'i > • f ra g m»fB. iant that Ihev arrigkri PrirOJI Koaratara cai>1 nortorrfnli Sldiaries Of Thorn Television I ITnr fha fire! nina mnn 


No mcrease 
in beer 
consumption 


- - 
L . , 


Most of the 720 redundancies 
now sought by lhe company are 
at Edgwick. the group's largest 
plant which suffered from heavy. 
. j j i overhead* and an ageing pro- 

Consumer group attacks <luct raDee 

Volunteers 

import controls move «j5.. n, s i zr&snz 

come under attack from low-cost 

BY DAVID CHURCHILU CONSUMER AFFAIR5 CORRESPONDENT producers such as Poland. Tai- 

% wan and Korea. 

3VES for .import controls tu trols and quota* they must not 0f the p | aniied 520 redundan- 
otect British ipdustiy were be “conceived behind closed cies at Edgwick. more than 300 


^ wan aiiu ixutcd. 

MOVES for import controls tu trols and quota* they must not of t lj e n| an7ied 509 re dun 
protect British industry were be “conceived behind closed iripwipb mn-o than 

criticised last night by Mr. Peter doors bv acts of incest between w^keJs hTve volunteerS 


Goldman, director nf the 600.000- unions and employers.” leave ° It is h oned to romoiete 

strong Consumers' Association. Instead, there should be an {Sp r0E r a mm ebvtheMd^fSe 
publishers of Which? magazine, independent scrutiny by a pub- year S y e 

Mr. Goldman told the associa- licly appointed commission. 9 Th . . _ . . 

tion’s annual meeting in London which would examine the effects k ?. 1 S ”lL.!. S a i5® ”? 

thai the organised consumer of individual controls and sua- aoout 100 and 


TV rentals frozen 


It is hoped to complete 


The central staff is also to be 
trimmed by about 100 and 


The companies are Radio Ren- 


— - schedule: . 


that they arrived Prices Secretary, said yesterday. 


£ 408,691 

THE'-SECONU.^ay^of Sotheby's speculation. . At Christie'^ South Kensing- 

WfeUiCa! *r . i -controversial sale' of the>Honejlk .'.Tbei top; pride- yesterday was ton, an embmroidered niRht cap 
klfcAsB.."':' ' man collection of acienlific books H&fflW froni'the Dutch dealer N. of around 1610, which has 

' and- mahusCTlpts. yesifeadv 1 pro- ftraieLftm a first e<*itron of -Tycho remained in the same family, 

fflfeiiL.*.: duced £190^40 to bTiitg =: the tWO- Brahe's'**'Astroiiomiae instaurate sold for £1.400 in a fans and cos- 

tafaST hi ' • ’ day totat i or the. A^hec tion to nheiaaanica,” ipuhlished in 1588. tome auction: which totalled: 


Electronic 


BEER CONSUMPTION in Sep- 1 niovement j n (j,e UK and the rest gest certain adjustments and re- nesptiations are cominuing on a 
lember remained virtually static; 0 f the world was totally against organisation to the industry similar number of redundancies 
compared with the same month [such controls because they con- concerned. at the Red Lane plant, Coventry, 

iast vear, according to the dieted with the interests of In addition, controls should be Mr Lees said that it was im- 
Rwwp’r^ Wipi,. Pnn ordinary consumers. subject to time limits “either possible to forecast losses that 

«H«mifnn vwifff' h.iiw Whatever benefits they might phased out over a period or might be incurred at Edgwick 

*«ainc« x oSoei? 1 bring to manufacturers, they equipped with an auto-destrucr Ibis financial year, 

oarreis. a e ajnsi would have the effect of raising mechanism.” However, other parts of the 

For the first nine months of prices and restricting choice for In the absence of such an in- group were operating profitably, 
lhe year it was up by 2.1 per tbe consumer. dependent body at present, th” fhe stock of machine tools bad 

cent.. from 29.S10.1S6 hulk barrels But if the Government still Consumers' Association would been reduced and cash Sow bad 


smiares or j norn television Fo r the first nine months of prices and restricting choice for 
Rentals*, and Visionfaire (part the year it was up by 2.1 per the consumer, 
of lhe Electronic Rentals cent.. from 29.510.18fi hulk barrels But if the Government still 

Group). last year to 30.143.585. decided to brine in import con- 


decided to brine in import con- take on a watchdog role. 


improved. 





- 1 ' • £25.844. A set of four late 17th 

This is" air %nisitaa.iitictioir ■ : fly' s ' century curtains fetched £1.700. 

because. Sotheb'y’KiiETt&evehdbr . . ^nAAU - ■■ and a fan or around 1740 showing 

as well as-wisMmg-the hammer.”' SALdCiKl/vIfl Pierrot and Columbine sold for 
having twueht the ~coRiectiop- - ■ ~ ‘ £520- 

from -the - Calif ovaiaa engineer^ ; ST ANTDf4Y oHOSN CROFT - _ An antiquities and elhno- 
in the spring fgr almost £2m:'The ... — ■ graphical safe at Phillips yester- 

book trade does horliketiie to'ln • i ..' ■. .day produced £10^00 with a top 

role played. by Sotlffiby'^-butlhis: Tbe-pWifc^yras three timea-the^ price.of £1400 for a rare Eskimo 
not seein to be. affectin^ prices^ . foxecasti. •. - -fire dtJH bow -carved with hunt- 

'/Sotheby’s ' made , -:deaT' f QUarftch, rife' London dealer,' ing* scenes. Th. a similar auction 
.because 'Mr. Uoneyihanl whavit Daid £12,000 Tor a first, 1661; - in New.York oft Monday, a Fante 
over 80. did not’want The bottoef edition: of Robert Boyle’s "The female -figure ’sold for S5.500. 


£25.844. A set of four late 17th 
century curtains fetched £1.700. 
and a fan or around 1740 showing 
Pierrot and Columbine sold for 
£520. 

1 An antiquities and ethno- 
graphical safe at Phillips yester- 
day produced £10.300 with a top 


THE LANCIA BETA SALOON 
The car you buy for your 
family and drive for yourself. 



for S5.500. 


w. 

Igf.CC^FAN’V. 

i" 

5^; 

(jWWETws:® 

mm* 

ij&VpBr- -! 

, * r ‘ : 


tk ' 

S.A ' - “ 

SEflCeV' y 


w-ra-s- 

g' W ‘^ x> - 

«cve ■“> ' ■* 


currently strong Book 
far: it has done well 


UUUo.iU' Lmv AliUUVi. n-ioainmivu w UI uws Uiaium hm« me snunu ,« , % .1 . , 1 11> ... .1 • -rr | 1 ... , n nA 1 . . nn 

market Bo- DefitiiHerbucb ” by Brimschirig century bc fetcied the same passengers or they build cai^ that are very so that handling is uncannily responsive You can also buy it m a 1300 and lbOOcc 

out :of-its' sold for£6,ax).- •/ sum. \ comfoitable, but not veiy exciting-to drive, and roadholding is exceptionally precise. version or; for those of you with an eye for 


0 NEWS ANALYSIS-^FF1CE of FAIR TRAD II 


Sv ' BY DAVID CHURCHILL 


r - ” \ • Thankfully ^ there is an exception: the 

R TRAD ING Lancia Beta Saloon 2000, pictured here. 

# \ .- Its stylish, refined lines are unmistakedly 

IVA VAQF6 those of a Lancia. Inside you will find aJl the 

comforts of home. 

; * # Plush, cloth upholstered seats. Room to 

lyA^AA’fi /\Y| take five with leg and head room to spare. 

U U 1C %/ llUll Deep pile fitted carpets throughout 

Headrests on the reclining front seats. 

ilLL ; v And an independently controfled heating 

TeS ajid ventilatioii system forpassengers in 

mrchase ensuring consumers are pro- the back. 

without tested. CommisslOD ^sa For you the driver, thercs a twin oveihead 
by - .the believes in the long-term effects cam en^ne with performance to match. 


Then there’s a steering column that can be something extra special, there’s the 


adjusted to your height and your most 2000ES, complete with sliding steel 

comfortable driving position. sunroof and alloy wheels. 

Once seated, before you is an impressive Such cars as these can only be found in one 

array of instruments and controls. These place: at your local Lancia dealer, 

include electronic rev counter, warning He’ll be delighted to arrange a test drive for 

lights for brake fluid andpadwear, both you and your family 

intermittent windscreen wipers, even a Because, at last, here's a car that will please 

cigar lighter. everyone. 

At the back is an enormous 18 cu.ft of T A TkT/^Yi" A 

luggage space. While for everyone’s peace B £k I /a 

of mind, there’s a passenger safety cell, anti JLLTA-L * Vlii ^ 

corrosion .toataent on the entire body mid The DlOSt Italia! 
servo, assisted disc brakes on all four wheels. (England , jS^Aiptrum, Middlesex. 

It amounts to an extraordinary family saloon. Tet oi-998 5355 < a-hour sales enquiry semcc). 








:&■? 

•9m 


theoffice of; FairTrading.cuKomers. an mmietote term .improvement in competi- and ventilation system for passengers m luggage space. While for everyone s peace I . /ft mi I Za 

yesterday man assurance from^«schange of., goods or -a refund tipn is tbe most effective way oF _ _ . •* 6 . j ^ I Jfm.1 Jain. 

the ' Trident Discouhf starts: Within: seven days -of purchase ensuring consumers are pro- thebaCK. OI mind, mere S a passenger Satety Cell, anti 

cSto.r ^bbiJ‘^ , * r .’"“ on Wltl, . 0 “ t . -Thf PriM commiMtoD also Eoryou the driver, there’s a twin overhead coiTosion treatment on the entire bodyand The IllOSt ItclKail CUK 

cam eDgm& perfmcmaDce to match. eoi-vo. assisted discb^^esonall four wheels, 

with.its custom etb. : -- November: 1; 1973, after the Fair porate efficiency and hence keep- PlUS a five Speed all SyndlTOlUesh geairiOX. It amounts to ail eXtraorCuliaiy famil y SaiOOD. TeL 01 -998 5355 ( J^rkow sales enquiry senvx). 

The promise of -good behaviour Trading Act; was. passed earlier ing prices down; but while tbe - 

fe the 12^ such assurance- ^veh ; that ' yeair. Its .creation was a .CommiBsion has been bitterly . 
tinder the- 1973 Fair -Trading: Act direct Tesult of a sharp U-turn criticised for its intervention in 

since' the office -was set u prove.- in!, policy by: the Heath- Govern- this area, the Office's work has Th fusa Snlmm Ranger Baa (jr j» fm«stnatA i_ n tin 30QQES- & mzn nn*, jmn ~r ; /ns.\ noa ism - 

years the: Office “when the Tories came to power “ Ttt a certain extent this reflects * P ^ i * c ^ VATats % tax. inertia rtdmol Export- u VO* an eligible tap* rt&xsra Lannafree of taxes, ccntacl OUT Export Department. 

has made considerable . progress in.J970. one of their first actions the legislative controls on the 
' in' improving manufactured’ and was to disband the old Consumer Office’s activities within the con- 

• retaHers’ standards aa . welT .'as Council, a semi-autonomous body tentions area of competition 
improving other areas- of conr financially -supported, by the policy. 

sumer protection. . . .; ...' ■ . .--'Treasury ' to -monitor consumer -over the past 12 months the 

But it has gradtraHy 'rfianged- issues: . Office has uncovered more than 

its emphasis as it gained- ex- ' ’But sueh a' move wept against 300" restrictive, trade practice 
perlence 'from. the": more straight^ -the’ growing- '.surge j of con- agreements in the construction 
forward consumer issaes to the Osumerismdevelopingin tae eariy road building 1 materials 
niore controversial' r area of p_rp- 1970s — ah tacrease- in interest industry.' 
tecting tbe consumCT threugh ipr that was reflected in private another 700 such 

creased "competition* - - opinion polls for the Government, agreements 'throughout industry 

It has made great strides in Ev^nthaliy, after much dehate are believed to' exist But the 
exposing -.the illegal .pricrfxing | Q . Government aided by the Office is unable to act on its 
cartefe: id " some-- ; nncom penoye newly-formed • Central. Policy suspicions alone: it has to have 

* parts of British industry nn d Mn. R e view Staffi Sir-Geoffhey Howe deflnite' proof before it can 

Gordon Boiiie. • the^ was given the Cabinet jiost in operate under the law. It is this 

general 'lias mhpe no charge of consumer affairs, and restriction, it believes, which 

his desire for. .more powers tp- tiie=Fa!r Trading Act was passed, helps to protect illegal cartels at 
uncover the otter-. .resmetwe .. Thg-jjmjgr innovation in the present,. 

- practices he believes In Act was ^the Office Of Fair Trad- -while its political future is 

industry and commerce. .. . Ing; heeded by a director-general probably assured — not having 

The Office is at present invest!- fair triding, .whose job was to aroused such a degree of opposi* 
gating the alleged _ resinctive Unitor ■ consumer protection tion as the Price Commission — 
practices in the S toe t Exchange w{th ^ aid 0 f flirty sweeping u, e Office’s . problem is a lack of 
ratebook, and also . enoenwu^as powers 0 f investigation not pre- understanding in most people’s 
tijs target more:. tramtiOTai cort- ^ v - j| Va nabJ^ to. any Govern- minds as to Just whal it does, 

sumer topics ^ c ° ^ ment department Yet. paradoxically, the Office 

displays and fraudulent secono- rhe fi rel . director general^ was j s -probably one of the most 
hand car dealers-. ■ . sir John Methven, now in a active of the Government agen- 

But-the fact that betiwegi mie 5^]^ post with-the CBL In the n 'es. set. up to monitor business 
1974 and February ls ™ ea Y ly da i-s S ir' John gave -much act tvitv. 

were 115 _?9® j? 1 ? LWrattons iu briphasis to the Office’s role of # The share price of tbe City 

given .by Trident s -opera u consumer protection, by provid- Hotels Group dropped. 7p yester- 

the. StratbcJydc , ng ^ s information-.' "and working. day to U9 P ; because of the re- 
areas of Scotland, shows cJoMly ^th the trade to raise cent announcement that the 

spite of ^gstetiOB, - standards. ‘ Office of Fair, Trading is to 

protection, is sua very m Mr. Barrie^ who took over from examine restrictive agreements 
.-needed* - .... hv Sir John in June, 1976, has con- established by the group’s ice 

The. complaints tinued this work in lhe 'field of cream parlour subsidiary Day- 

customers . ;^israacr protection. But be has, *11* r* 

after-sales' service 01 the Office’ more into The agreements^ between' 


i^ yj ' . 
. u 


- serwce -^ c >,«™i« also pushed the Office’ more into The agreements, between 

- bought .The.Mmpaw’s -shops m other main areas of Dayvflfe and til of its ice cream 

. some . Scottish - areas, punier — consumer credit and parlour ■ franchises were placed 

• retimed to I® pair competition policy. - on the restrictive practices regls- 

- defect! VB .goodiL or whep rgiatre consumer credit work was ter on Monday. They - cover 55 

wraeiUndeflAketL they were t«h , a __ e > y g.- result of having to separate franchises- In Sussex, 
satisfactwy. '.10,10301 jcase& jae implement the. procedures under Surrey, Cheshire, Lancashire, 

* . Office said yesterday^ complaints i hG p 1974 legislation aimed at Middlesex, and Essex: and a fur- 

a : .^®re Vresplved only after preventing some of the worse ther six in London. '• 

. .. mterventioB, -of .. the. local con- P hire-purchase and loan- ’The restriction* involve agree- 

^aumer'Pftttecfion department . menta by Dayville not to supply 

The compaby exp fain ed toat c the work on competition its32 ftavoarsof..original-Ameri- 
^-had ptenagcmenl and °JS|^ ? s h jj® i arg ely reflected Mr. can ice cream, in defined area? 

:\n. * the tato^Khite the- franchises' -agreed^ to 
^ operation-. ^.whieh »cre -now .w . Ift76 ana . ig77 gen ^ly produce recommended 

^ ; resolved. Uf. addition, it SSmtivV Practices Acts, and by DayriUe and -acquired ftom 

" lts ““ ■»««- ■ 





8 


HOME NEWS 


£1.9m grant given 
for development 
of vehicle battery 



for UK, says Morse 


has been awarded to Chloride the basic research and develop* 
Silent Power towards the deve- meat problem's have now been 
lopment of a sodium sulphur overcome. We are building a 
battery, which, the company says, prototype battery which, when 


BY MICHAEL BLANDEN 

; BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT j 
'" _ _ _ ’ ' /BRITAIN SHOULD join the pro- significant stabiliser hi the mis to loot for an alternative reserve 

A fl.9m GOVERNMENT^ grant Power. - said yesterday: “Most of j posed European. Monetary of currencies' and Britain could currency- These could include 

System from the starts for her make an important contribution the IMF's Special drawing 

own good and for the good of to solving the technical problems Rights, and possibly a European 
Europe, Sir Jeremy Morse, chair- and in stressing the fundamental currency unit 

. - . . . ... . . ,, man of Lloyds Bank, said yester- aspects involved. in the discussions 00 the 

will have at least three times the complete, will be fitted to a road! dav *, „ , Jr* -r^,„ 

“ new 11,3,5 ear,y ^«asss e&3$ae.TS& 

battery would give read vehicles 
a range of much more than 100 

miles, compared -with 60 miles . . „ 

for. the present Silent Karrier types, depending on the volume : chairman of Midland Bank. Communi7v r BuS'and“thrcom''- had been largely 'overlooked. 

raon agricultural policy; and to These included developing the 
that the proposed European share l0 rebuilding i better base European currency unit as an in- 
system was worthless as formu- fo ^ wor ] d eeon s oray rant European currency which 

la ted at present and of no urine worm economy- might one day stand besides the 

advantage to Britain. . Sir Jeremy commenting on tne dollar; reserve pooling to pro- 

Sir Jeremy said at a meeting turmoil in the foreign exchange duce a significant fund for 

arranged by the Royal Institute markets, said that the lack of med i um .tenn credit; and a re- 

-.of International Affairs, that confidence m the dollar would be newed effort to bring the Euro- 

to help UK manufacturers- heavily funded programmes in j Britain had cut its inflation rate removed only when there was pean economies together by co- 

particularly in the mechanical or America and other parts of| to the average for the member evidence of an improvement in ord j nat j n g policies to cut infla-, 

electrical engineering sectors— Europe, we believe our own re- i countries of the OECD and sterl- the U.S. trade. balance. This could tion and unemployment and to 1 

bring new com mercially-vi able search and development pro-! ing had been . and cou i d remain, happen within six to nine months. promote investment and growth.- 1 

products to the market place gramme gives Britain a leading [stable with the help of North and then there could be an over- H The last of these was the most 


BY OUR GLASGOW CORRESPONDENT 



vehicles. which incorporate of production 


Chloride lead-acid batteries in a Chloride claims that among 


Dodge van. ” the many advantages of the new 

The grant is to be made from battery is that Jt uses two 
the Department of Industry's materials which are relatively 
£20m New Product and Process cheap and plentiful throughout 
Development Scheme launched the world — sodium and sulphur, 
in July last year and which aims Dr. Halliwell said - . “Despite 


position in the world race For Sea oil. 


more quickly. 

Chloride Silent Power is success in this field, 
jointly owned by Chloride and “We welcome this further 
the Electricity Council. Since it practical Government support 
was set up in 197*1 to develop for a project in which all con- 
the sodium sulphur battery about cerned have great confidence." 
£2.6m bas been spent. Government support in the 

The Department of Industry early development stage was 
grant win contribute to the next given during research carried 
four years of development out by British Fail and by the 
expenditure, including the build- Atomic Energy Research Estab- 
ing of a pilot manufacturing lishtnent, Harwell, when funding i 
plant. was by the Department of’ 

Dr. Brian Halliwell. general Enviftmment and the Depart- 
manager of Chloride Silent ment of Industry. 


reaction. important, he said, because no 

the pro- In the longer term, however. »ystem of relatively fixed ex- 


THE LAST of the great. Clyde 
shipbutidhig families is to sever ‘ 
its links with the- nationalised 
industry after the decision by Sir jKc 
Eric Yarrow'; to. resign n«ct year. 
as chairman - ;: of . Yarrow (Ship- . 
builders). :■ • - ~ . 

Sir Eric, aged 5S. is the third 
generation of the Yarrow family 
to lead what bas grown to 
become one of the UK’s three 
specialised naval yards, employ- 
ing 5, 600. V 

From March. 31, he wlU con- 
fine his activities to being chair- 
man of the family firm, Yarrow 
and Co., and of Its wholly-owned 
subsidiary, Y-ARD. . 

Mr. Robert Easton, who has 
been managing' director, of 
Yarrow (Shipbuilders) since 
July last year, will also become 
chairman. 

Sir Eric bad sever disguised 1 
bis dislike of nationalisation, 
first when Yarrow (Shipbuilders) 
was absorbed into the ill-fated 
Upper Clyde .Shipbuilders and 
now with British Shipbuilders. 



Sea oil 
output 
down to 



OIL PRODUCTION in the UK 
sector of tbe North Sea was 
down to an average of 1.087,531 
barrels a day during September, 
its lowest since last April. 

Figures released yesterday by 
the Department of Energy show 
1 that total crude oil production in 
September was 4,357, S40 tonnes, 
again the lowest figure since 
April. 



In August average daily pro- 
' * " ide 


ductioa of - North Sea crude was 
running at 1.108.831 barrels a day 
and total production for that 
month was 4.5m tonnes. 


Council home plans 


SIR ERIC YARROW 
Dislikes nationalisation 


TWO NEW Government initia- 
tives on council housing were 
announced yesterday by Mr. 
Peter Shore. Environment Secre- 
tary: a new category uf housing 


He said yesterday that It had location in 1906. rapidly acquir-js^d extra resources re 'help i [he 
never been his intention to j B g a .reputation for advanced ‘ ’"**”* " A ri 


Britain should join 

posed system in these _ _ _ 

favourable circumstances. to fill a major role as a trading out closer convergence between [ jadustry Vut he~tod~ waiTterTto 

For Europe, sterling could be a currency, it would be necessary the economies. (see the ’new management team p0 ^ a^^raf^ and managin 

“ nlsvad in n hofftro he* llnhai^Bil , - *r u i 


more while th^dollar would continue change rates ; could work 1 remain so long in a nationalised worship construction. 


National Carriers profit 


BY LYNTON McLAIN 


NATIONAL CARRIERS, the road The company yesterday dis- The parcels business of 
freight subsidiary of the National dosed it had been swarded a dis- National Carriers is still losing 

Freight Corporation, is expected tribution contract, worth £3m money. The appointment this 

tn make a nrp-fav nrnfit nf over the next three l e ars, to dis- month of Mr. Paul Rivett 3S 

1 this Sarltbe tone* since ra” trlbute "W for Volks- *roup, director for distribution 

tnis year toe oiggest since the wagen and Audi. was designed to boost parcels 

company was formed 10 years National Carriers invested activity. 

ago. £450.000 in 45 new vehicles The improved profits expected 

The figure compares with the which it will operate for VW ami from National Carriers may help 
National Tamers' first nrofit Audi. .The company has won dis- improve tbe position . of tbe 

£250 OflO matte v«Lr P ‘nbutron contracts from Cadbury parent corporation. This made 

. ... , . y ' Schweppes. Lever Brothers, a £9.5m loss last year, but is not 

A CALL for a better life assur- the costs between operating a ! Most oF the improved profit is Woolworth and Fiat since tbe expected to break even this year, 

ance “cost/price structure’ — direct saies force and obtaining j expected to have come from an scheme was introduced tn in spite of the capital ■ recon- 

effectlvely a plea to life com- business From insurance brokers. 1 expansion_ of the company's coo- January last -year. struction earlier in the year, 

panies to pay more commission The business coming from; tract distribution service. This is By next year national distri- The company's capital debt 


More commission for life 
company brokers urged 


BY ERIC SHORT 



director of Noble Lowndes Per- examine as a matter of urgency ; service is expected to have an account for only 10 per cent of to be reflected in the balance 
sonal Financial Services Divi- the balance of costs between ; £llm turnover next year. total turnover. sheet until next year, 

sion. those incurred by the life com- 


Sir Alfred banded over his 


played in B before he - departed. director to Sir Harold Yarrow in 
None of Sir Eric's fOur sons 1922. Sir Eric joined the com* 
has entered the shipbuilding pany In 1946. became managing 
concern so the Yarrow connec- director in 1958 and chairman in 
tlon with the yard at Scotstoun is 1962. 
now severed. 


The company was founded by a £250m order book for four 
Sir Alfred Yarrow in IS65 at a Type-22 frigates for the Royal 
small Thames yard on' the ls\e Navy and four logistical support 
of Doga. It moved to its present vessels for the Iranian Navy. 


worst estates; and a nation-wide 
pool of council homes so that 
tenants can move more easily. 

The schemes will probably be 
covered in the proposed new 
Housing Bill. They emerged 
during a speech by Mr. Shore at 
the annual conference and ex- 
hibition of the National Housing 
sfe leMes the company with j «?„ Town Planning Council in 


Brighton. 


Ffehts cheaper 


State tries to buy 
Vickers subsidiary 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


Lorry probe urged 


BY OUR TRANSPORT CORRESPONDENT 


He said that brokers had over pany Inspectors servicing 
the last five years seen a 15 per brokers and the brokers them- 
cent a year cut in tbe relative selves. There were too many 
returns from life companies as inspectors and the numbers could 
measured against the growth in be reduced without affecting the 
manpower employed in life flow of business, 
broking Mr. John Loudon, managing 

The present basis of paying director of Slenhouse Reedsbaw ; SUPPORT FOR a nublic inouirv 
commission did not give the brok- Life and Pensions, challenged 1 p i^iry 

ins industry the right reward for life companies to confirm 
the service provided. But life whether they believed that 
companies did not appear to be brokers had a major contribu- 
too concerned on this point tion to make in life assurance, 
although the effects of such If so, companies should 


The associations, referring to; 
into the case for raising the the furore caused in environ-; 
maximum permitted weight for m entalist circles by the leaking j 
lorries came vesterdav from the £ f an inler «ai Department of 

rnari Iran ^)or't fndS" ' “ Transport memorandum in fav- 

road transport mdusir,. our £lf raising ^ maximum 

A joint statement hy the Road weight from 32 tons to 38 or 40 


London 

Hilton 

plans 


casino 


By Michael Thompson-Ned 


inaction were fully emphasised, recognise that brokers couid i Haulage Association, represent- tons, said It was a pity emo* 

Mr. Shenton. speaking at a make considerable costs savings! ing hauliers, and the Freight tional argument* were' again 

London conference on the reia- in four main areas. ‘Transport Association, which re- diverting attention from the real 

tionstaip between life companies The 'business produced would I presents transport users, said issue. 

and brokers, called on life com- have a low lapse rate, because! that the inquiry could give an “It is time that the uncer--THE London wiitn„ u nto . „, nnt 

panies to adopt a proper cost/ Lhe consumer would be sold the; independent verdict on the bal- tainty on this issue which has to aoerate u fifiMr m«iK 

ance between lhe economic ad- plagued British industry, vehicle narmershio S i 
vantages of heavier lorries and manufacturers and vehicle opera- Levan's Victoria SnorttM rSh 
the environmental effects of the tors for a decade was bn>u ah 1 to Levan^ to 'to 
an end one way or ano.her.” 

justices for a licence- 


price structure which would pro- correct contract. The brokers did 

>k< 


vide sufficient margins to brokers considerable market service to 


rgm __ „ 

to operate profitably. life companies which had a spin- 


Life companies should examine off for the consumer. 



. Rembranc;'Self ■portrait' (i ci 1 R.ifcsnoseum, Amsterdam. 


Rembrandt country is Rabobankcountry. 


SLembrandt found his inspiration in Holland, other major European cooperative tanks. This, together 
vet created art with a worldwide appeal. The Central e with the support of London and Continental Bankers Ltd, 
Rabobank also finds its inspiration in Holland... . has strengthened our operations by giving international 

yet increasingly provides service's in the world at large, clients unparalleled on-the-spot service. 

With a strong agricultural background, 


BRITISH SHIPBUILDERS ' has meat for the subsidiary, which 
made a bid for an? offshore has offices in Barrow-in-Furness 
engineering subsidiary of and London. - • 

Vickers. £ The projects and development 

Both companies confirmed last {jjjjj?®} 
night that talks had taken place 

hut eoirf* "Vnrhin*? .'rnnelusive group, which lost about £3m in 


but said: “Nothing ^conclusive - * , 

h=v e b n m°hi^ C »1nnS c “ d W ‘ or i. .uMdJSf' would 

ha\e nothing to annmxnce^ t be expecred l0 ma ke a starl- 

it is the first time utat British difference to performance 
Shipbuilders bas bid bn the open of offshore engineering 

market for another company, group a s a whole, 
although since nauc»alisat|on it >j 0 turnover figure is available 
has taken over Ailst Shipouilci- f 0 r the design company. It em- 
ing of Troon. j ploys 200 highly-qualified engin- 

Thc subsidiary is'jbe Vickers eers. 

Offshore Projects atd Develop- For British Shipbuilders, ex- 
ment Engineering doncem, set pected to announce losses of 
up in 1975 to marshal Vickers' almost £100m shortly, the pur- 
expertise in undersea and chase would be a major boost of 
marine technology for offshore its offshore design expertise, 
applications. i The corporation is ■ keen to 

Lord Robens. Victors chair : compensate for its rapidly j 


BRITISH CALEDONIAN Air- 
ways has introduced off-peak 
excursion fares to Paris. Amster- 
dam and Brussels from Gatwick 
up to 40 per cent cheaper than 
existing return fares. 


Giro banking offer 


THE National Girobank, banking 
arm of the Post Office, last night 
announced free current account 1 
services for all its personal, 
customers when they are in 
credit 


Home loans plea 


HOME BUYERS might face a 
severe shortage of properties 
for sale if mortgage lending is ; 
not increased, the Abbeyj 
National. Building Society said 
yesterday. It commented that 
an improvement in the flow of 
mortgage funds is heeded after* 
the recent rise .in house prices, i 


Dover port 
traffic 

rises sharply 


ALMOST as many passengers 
and vehicles passed through the 


man. said in his last annual declining merchant ship order] port of Dover In the first nine 


report that the group had beep book by developing its offshore | months of this year as in the 


unable to find enough employ- side. 


Chevron to create 
500 Teesside jobs 


whole of 1977, the harbour 
board said yesterday. 

Up to the end of September, 


7.2m passengers used the port. 

of 7.1 


Tbe Ladbroke Group was 
known to have been among tbe 
most powerful front-runners for 
the London Hilton contract 
Hilton International operates 
more than 70 hotels world-wide 
and has ambitions to extend its 

U.S. casino interests. [SEVERAL HUNDRED new short- most of whom will be Tecruited 

The London Hilton has been ! * er, » »'«N Teesside lecally. 

open for 15 years. The casino. I “ unn * lhc nex t few >' ear s I* said that it had chosen 
Planned for the. first-floor I because uf Chevron Pertoleum’s TeessJde as the hook-up base ' SEAMAIL 


BY SUE CAMERON 


compared with a total of 7.8ra 
last year. And 1.1m cars used 
ferries and hovercraft serving 
Dover, compared with l—m dur- 
ing 1977. 

The board said that cooi- 
Imercial road haulage traffic was 
still growing at an annual rate 
of 10.5 per cent. 


Post date 


.... , . . u t . . _ _ r _ — , CHRISTMAS cards 

Wellington restaurant, overlook- J Jjeeuutin to use the area as a because.. skilled labour, suitable! and letters for the. U.S.' and the 


mg Hyde Park, will have nine to 
1*2 tables. 

The Victoria Sporting Club bas 
one of the largest casino mem- 
berships in Europe — about 
100.000. Mr. Levan's interests in 
Britain also include betting 
shops and bingo halls. 

Casino gambling is one of the 
most profitable businesses in 
Britain, although this year the 
Royal Commission on Gambling, 
under Lord Rothschild, proposed 
much higher levies and taxes. 

Hud they been operating last 
year, the new taxes would have 
reduced the profits of London 
casinos from an estimated £42.1m 
to £10-2ni. 


Mr. L. Hill 


MR. LAURENCE HILL, who 
resigned on Monday as chairman 
of BAT industries' International 
Stores subsidiary, was formerly 
director of buying within the 
department store division of 
United Drapery Stores. He was 
not chairman of the company, 
as erroneously reported yester- 
day. 


base to hook up its Ninian offices and warehousing were! West Indies should be posted by 

Northern oil platform in the available. I Monday, the Post Office said 

Th h li- th c ■ ■ c0, ?P 3n >'- which has J yesterday. It was also the laxr 

tnJ^L h r° nf ^ h nM fi m*?® 4 p , re !T® s for toebzse from date for Canada where Christmas 

together of the oil platforms Union Insulation at Thornaby,) delivery could not be guaranteed 
superstructure— -will be earned say that it will not start recruit- 1 because of a strike backioe 

out offshore, bur the Teessloe ing until spring next year. I °* 8 ■ * c pacia ° e ' 

base will be used as a loose Tbe other parme'rs in the| 
materials depot. Minor work Ninian oilfield are the British 
will also be carried out there. National Oil Corporation,] 
and it will act as a management Imperial Chemical Industries] 
ce ” l je. Petroleum, British Petroleum i 

Chevron estimates that at the (Development). Ocean Explore- 
peak of the hook-up operation in tion. Murphy Petroleum, Ranger 
19BO, between 500 and 600 people Oil fUK) and London and Scot- 
will be employed at the base, tish Marine Oil. 


VW and Audi prices 
to rise by 5.5% 


Viscount 

Rothermere 


VOLKSWAGEN and Audi prices Examples of new prices: the 

are going up in the UK by an Polo N goes up from £2,410 to 

average of 5.5 per cent as they G olf L from £3.065 to 

introduce the 1*179 mnrteK £3.235. and the Audi 100 Avant 

introduce tne 1975) models. ^ 5E aut0 matic from £7,820 to 

The importers say that prices £81136. 
have not been increased since The VW light truck Increases 
last spring and most models have include the LT 31 chassis cab 

new features, improved specifics- which goes up from £4.225 to 

oons and some technical improve- £4.489. and the LT 35 pane] van 
meats. up from £4JS85 to £5,139- 


A SERVICE of thanksgiving for 
the life of the 2nd Viscount 
Rothermere, former chairman 
and president of Associated 
Newspapers Group, will be held 
at St. Margaret's. Westminster, 
at neon tomorrow. The address 
will be given by Lord Blake. 
Provost of The Queen’s College. 
Oxford, and the lessons will be 
read by the Duke of Marl- 
boro ugh and Lord Rothermere. 


Marathon Oil awaits 
Brae Field decision 


the Centraic Rabobank heads a cooperative 
banking organisation with over 3100 offices and a 
combined balance sheet total exceeding 61 billion 
Dutch, guilders (in excess o£US 5 26 billion) in 1977. 

This makes the Rabobank not just one of 
the hugest banks in Holland and one of the 35 largest 
banks in the world, but also a hank with deep roots 
in almost all sectors of Dutch economic life. 


JL be Centrale Rabobank is now expanding 
worldwide with a full range of banking services. 

To accelerate this expansion, we recently confounded 
the TJnico Banking Group” linking us with five 


Growth of balance sheet total 
and international aawities. 


International, 



72 73 74 75 76 77 


In addition, w-e are active 
in the Euro-currency and Euro* ■ 
bond markets. Our international 
transactions in foreign currencies, 
Euro-credit loans and 
participation in new issues, are 
shotting a remarkable growth. 


Centrale Rabobank . International Division. 
Catharimesineel 20. PjQ. Box 8098. Utrecht , 

The Netherlands. Telephone 030*36261L Telex 280. 



Rabobank S 

Dutch Masters kt Banking. 


BY BRUCE ANDREWS 


A £5QQM PLAN for the first but its route baa vet to be 
phase development of tbe Brae decided, 
oilfield in the British sector of How far 
the North Sea, is expected to have been 
go before the Department of partners in 
Energy for approval within the unclear, 
next three months, according Pan Ocean bas a 38 per cent 
to Mr. Harold Hoopman, share, followed by the British 


Marathon's plans 
accepted by its 
the Brae Field is 






-i\ 


BAUKR 




14 


16 


j 

I . ITMH* 


/J 

cu}^ 1 

'l' nm £ 

,1 

LZIq <22 .»«L 


'jan; « aw«a 

I • '.Nln 
T«H«aA\ •*'*« 

0 


21 


auchu 


ANDREW 

* 

fames \ 


.. „ , . ,, . -v- -- - — a complex one. Set in 340 feet 

president of the Marathon oil National Oil Corporation (20 p«r of water, it would carry ebulp- 

company. Marathon owns Pan cent J, Bow' Valley (14 per cent), ment for water injection a ad 
Ocean Oil. the Brae Field Kerr McGee (8 per cent), tie re-injection of gas, which 

operator, Ashland and Louisiana Land and should improve oil recovery 

The Brae Field is in block Exploration feacb with 5.3 per Mr. Hoopman emphasised 
10/7 A, about 150 miles east of cent). Slebens (4 per cent). Saga that the programme he outlined 
Orkney, Initially, Marathon (3 per cent) and Ashland was intended only as the firm 
proposes to develop the southern Canadian fl.4 per cent). phase of the Brae Field develop- 

part of the field, which contains According to Mr. Hoopman, ment. There were plans for the 
recoverable oil reserves of tb* proposals are about to subsequent development' of 
more than 250 million barrels, be agreed, but at least one of reserves around the third and 
Mr. Hoopman said that under the partners yesterday was second discovery wells to the 
the development plan, a steel saying that it saw a need for north of the field and possibly 
platform capable of bandling detailed, engineering feastblity around - the first discovery wolf- 
100.000 barrels a day would be studies before tbe go-abegd Tbe Brae Field is ooe of the 
installed near tbe eighth dis- could be given. most geologically enigmatic in 

cover? well- on the field- It is Long lead time items for the the- North Sea, Oil Industry 
hoped that production will start .platform, such as' steel and analysts have Taried ■ widely in 
In late 1983. The oil would be compressors, would be specified their estimates of total reserves, 
transported to the UK by pipe- in the new year, Mr. Hoopman putting them at -aBYfaiog from 
line, according to Mr. Hoopman, said. The installation would be 180m to lbn barrels.' 



WASHINGTON, D.C. 

A Renaissance of 
_ Qraciousness 


A luxury hotel in the sreafc 
European tradition. Etepnt, qutef> 
unruffled— never a convention. 



THE MADISON 

WmjbirB/tfn't Correct jtiinss 
Wth ft M Streets, N.W^ashjngwo, D.C.30WJ 
Telex 64245 
or see your travel agent 

SHarsfeoitB. Ccyw, Pfopricior 



tttite for 
free brochure 
shewing all 
our range to: 
Thos.Wsbb& 
SonsJJept. FT, 
52 Hatton Gdiu 
London 
ECIN8DT 
Tel: 01-405 DSU 


Normahdp 4 







4 *J 







r-crei 




I 


I 


I 




M the ' 


\1 


Soar, 


» pica 




X 

, \ 

\ \ 


^ / 


'MisHmebelievewhat 


Renting cars is such an everyday fact of business life these days, 
that one tends to regard the cost much as one does the electricity bill, 
and the rates. Fixed and unalterable. Understandable, but wrong. 

For the cost difference can be substantial. 

Taken from current national tariffs. Swan National 12 JuU'197S. Avis April 197S. Godfrcv Davis 2 Mav 1978. Hertz 197S. 


TYPE OF CAR SWAN GODFREY 


SWAN 

NATIONAL AVIS 


GODFREY 

DAVIS 


HERTZ 


CHLVtTILL. WM-KJ.Y UNI J.Mi JED WKl'KIYU* ILI.UTl ED V! H.KlYLNUMm.D 

► £ 58.00 £66.00 £64.75 




Hertz refrain 
from publishing 
unlimired mileage 
rates. 


I • >h- fINAi -.1 «v WT.IKIYl S1.IMITLD Wl.I.ULYl’Nl 1 MI i l.L> WLHKl.YLNI IMITlsD 

ijL.\L.‘Uv 


cy.auu:;,,u.l wu.KLYt numhld wiir.KiYi su.v,rm> TO Ki.vi m.imiild unlimited mileage 

-r £ 72.50 £83.00 £80.50 

As an indication of 

■★TINAt m i WT.I KIYl SI.I.MITLD V.l.m.YCNl IMI I l.L> \\LKKl.Yl Nl IMITlsD COSt differential 

£ 95 . 00 ,, £125.00 m £105.00:., SSSSf 

Cortina, 2.0 GL is 

0"*R ns.\ t: I \1 1. WkKKLYl'SLIMlThll WFEK1.YI XL1.U1TLD WLTKI.YINUMIILD £.12.00+ 12p per 

^ ^ £ 95.00 £112.00 £105.00 

Swan National 

rate is £9.00 + 

1 'iR.VV.Ui.V \M:IKI.VL MJ.MUli) VaEKiYlNUJUrLD WEEKLY I'NUMriED 9ppcrmi]e. 

^ u "‘° £ 140.95 N/A £159.25 


£ 95.00 


£ 95.00 £112.00 £105.00 


£ 140.95 


Rue- subject in VAT. and Jn nm include O'llki* m 1 Kuiw^e W;ii\ er lee. Persi mal Au idem Co\ or or r eiruL 
All shown ubc\ c lined with radio except (aodlrey Davis .md Swan National Chcvcuc. 

As a brief glance will tell you, utilizing the services of Swan National 
will make you a damn sight more cost effective. Furthermore, youll be 
enjoying a service every bit as comprehensive as that offered by our 
expensive alternatives. 

Phone Tony Grimshaw on 01-995 9242 and hear what else he can 
tell you about us. 

We have a vast fleet of cars (possibly the country’s largest) 
and vans. 

We have 75 strategically sited locations, all operating ‘one-way 3 
rentals at no extra charge. Our interRent link-up operates in 33 
countries. We offer volume discounts and credit arrangements with 
central billing facilities. In short, we put our resources where they 
matter- in the cars and service we provide. 

An impressive set of facts, to backup an impressive set of figures. 

Of course^ there may be other reasons why more and more 
businesses are switching to Swan National. 

But we can’t think of any. 


T 


FOR YOURNEAKEST BRANCH SEE YELLOW PAGES, OR WRITE T 0 
305/307HIGHROAD, CHISWICK, LONDON W4 4HH. 




m 


I 






m 













LABOUR NEWS 


ln nnandal Times Wednesday Novem^sr 11978 

CBI QUARTERLY INDUSTRIAL TRENDS SURVEY 

Pav threat to GKN Confidence improves but 

. * _ . _ f acks price remains a handicap 

by unomcial body mamrv by jo H n eluott, industrial* editor 

* ** im|UU J GRADUAL although palchy The injptovfiraeM \n opitnta serious reports have tjej ««* MJW gSS^iId^SBl^tS 

improvement ip business con fi- about business m general " is from Uie South-East and the West drink. and nw es an 

BY NICK GARNBTT, LABOUR STAFF pFOpGSdlS ^SSS'SSSto'S iSSrtrfK 's“ X "gS ¥! £SS\l. fc» stamgtt * « - a f- II 

— ;2K" - ,nr ** — ■ s^srai 'GA ^~3Ssr'Ss 

";c er ”^ Js* arr zsz^’issss. jaws ss rsss °W s- > d “ a srs 

emphasised j enter day a* indu>- .. c d f ■ , rp m ...v^u hf , come of the inquiry into British The report. Is based on the and 14 per cent less optimistic-, more than a. fifth of engineers normal for roughly a third ofth 

Trial fii>rnption throat .he JulV h«0«™4 "^Vnl Se ; Hall, bon,.* «h«n» confadera.lun'r Ruanariy M*. The smlex : opttmta. is smalMoala Mua> « «• ^^ISvarcont ^ 

Keen and N'eule [olds v.»h the unions’ independently, costed against l he 5 per ccnl ’ Although he s P°ke lna ' }*** J^s survey amon« anions comoanies employing ca V^!?S ^w^ CU iI-'ii ' h lahnur is Prices at which export orders 

ermn -tlthm.-b the unofficial works -..lidchne . j mendous ill-feeling among nearly ;,Q0Q manufacturm* com- fewer than 560 Workers, and in AlUnrngh skilled labour is Prices at wnicn expori nrners 

The unofficial simp stewards committee has apparently * dIo teuliies in »JT<.-Uin K the ; members, he refused I in I* .drawn pa pies .during the firs? half of specific areas of manufacturing short., the level nfompoymon^ ajJ^edaMMoMumg^iijj. 

wh,,h rbm,., l„ rep- accused the sroup or tiring It. effect „f the n.linn.l au.eemen. : , wli.-ll«r .1 could lead to a Oc ober when d Iff cull « '.-ere mdustry such , as CUtnpatties in ntraufgctu tns Industry a nd Ulc ^ percontas^ol ^ respon- 

resent workers iltroughoui f.KX. enforce central control on wage are thought to have contributed J rati strike. tl{,vernmenl s making consumer goods. -paper shows. no f?S p rW^cpn?’ nf npw orders heine secured has 

has called for a nnc-dav strike negotiations. The management m a strike by a section of the] He plans-,t« call .in u e - . o per cenl pay limit. and printing products, and lex-. balance of 14 per ce J . ' fh ‘ 

-I ihe groups 70.000 work rorce denies this strongly. workers at Smethwick Drop i mpel, "S of the unions national The survey shows that optt- tiles. Mela! manufacturing con- respondents reported a fJll rel "Z n A »« r«t hill irflhl 

next month over pay. The committee has no barium- Forging a GKN com pan*. The I reEd ,n , J eT ?» l ccrn * are ,c&5 <*Ptimistic. rather than a nsc m nuinber^ recorded in the first hall of this 

Individual companies in the ins rights within the group, and dispute was eventually settled ,1,er jJf 11 , 0 ,L ltr 5 e dun^Lurd Smaller companies, producers employed since ‘ k of nrreo comnf'titivpn'pss 

ui-ouii have already sutTered it is S UU unclear what support ihroueh a pn.duciivSiy scheme. I 1 ; “i?.?fL.. by ° Nf jrd d L d hdS becpm T lp ’ vs of consumer goods, and printing & f 2 P er cent expected less Lack of prtci comp. tin ven s* 


by unofficial body 


BY NICK GARNETT, LABOUR STAFF 


Buckton 

attacks 

bonus 

inquiry 

proposals 


DIFFICULTIES FACING production If for ttn» motor eneinering employers., results 

engineering i:ompanjrs in settling industry. from the national engineering 

within nav L-uufchnL-s were Group nianasiemenf says the agreement earlier this year, 

n.nnh . ‘ V- imi, individual LUinpjrues. whose pay The Gnvernmenr insist that 
rmpl...i,«l !r.lerd.u inclu.- , m | mcn , dalcs ran „ f r011 , i hat a!ir e F ntem. which brurstetl 
Trial disruption tfiroaienen the August io next July, negotiate earnings by It per cent, be 
Guest Keen and Nellie folds v.iih the unions’ independently, costed against ihe 5 per cent 
group. althonsb ihc unofficial work» guideline. 


next month ov 
Individual 

group have 


ttilM' oiiciiwx -'uniiiiiu 11 i^ Min UliLlVdt 1 uumu^ii a yii * AlAPurfhV* 

.-trikes over pay. althrumh so far the strike call will receive. The The Renold power transmis- n ‘c . r u'rt 
most disputes have been settled, main unions represenliny siun facinry at Covenirv was the 


eCarrhy. widespread than 

Speaking from his hoiel room ve>». although 


lhan in recent *ur- am j publishing businesses also employment during the next four is widespread, limiting the ex- 
gh it still .1/1 eels *tand nui among (hose reporting months. ports of at least six ou t of ten 

nf compame.-,. increased new orders However H On the ba^Ls of the pail farms in -9 of the « dculled 


Larger 
councils 
agree 
on 5% 

By Pauline Clark, Labour Staff 

pva»y £ks' n k.\ ,tyr i vr>ks 

for big melropoIiRm Councils 


Provincial newsmen 
are offered 
5% plus a promise 


Lnrtf ntin« nr companies. increased new orders. However. 

Trends in total new orders and there has been no marked 
of output are not strong yet and acceleration m new orders gener- 
unil <-osis are continuing to rise, ally and the confederation c«m- 
Pricc competitiveness has eludes that the total picture 
deieriuraied. but competitiveness remains “uninspiring.”, 
about export prospects hns im- Working h«low capacity i? 
proved slightly. relatively widespread among the 


in a manor for very spnoiis u f output sire noi .strong yei and jccclenilion in new* orders cencr- * m , . , ^ 1 . np--* «*<-« _ nv Anw _ c 

Ihuu^hi and cnnsideraiion. \\e unil ,-oms are enntinuing to rise, niu- and the canfederation con- Shortages Of Orders or 53llPS ftffCCt <1 pGr Cent Of ■ 

i nM L ' C nrnh^i v n n,.v T P wp, a k l a ^ competitiveness has chides that the total picture respondents. They form the most widespread 

meeting— probdblj ntxt wevk. deieriuraied. but competitiveness remains “ uninspiring”, ft, n < ,v i.L-ofv tn limit mii nut nvor tile ni»vt 

Cimrrk about export prospects hns in.- Working below canacilv is factor that LS likely 10 limit OUlplII OVCr Hie ne\I 

AST FF hart rif-manrfed re-n..n- |)r « ved ,* l, S hlb - , relatively Widespread among the fOUT months/ ' 

ASLEr Had riuiianded resp'in Employment shows no general rarsest comDanit>s emu loving 

sibihtv payments for us -».600 s ii- n of a rising trend, although more than 5.000 people The . . .. . . 

members, to match bonuses of K horta«es nf skilled labour are number is above the a v^rkep for re!aUon>hip between this data industry groups for which result* 

up to £5.i5 a week paid |o guards 5 e j n ,. reported more frequently, the past 20 vears. hut better lhan an£ * official statistics of nianu- are provided.” the confederation 

who issue and collect tickets n Smaller companies seem in ihe past four years. facturing employment we says. 

trains calling at unmannou M enera |j v in0 ie upiiintstic about Cutout volume has risen dur. would, very broadly, expect little A six-montnly survey of ror- 
S, ThS°*‘ irib.mil ins reciim lhe fulurc ,han liir se ones and ing the pasi four months Tor 23 ct,an 8 e in ^ ,aru?r dur, / , 3_ ,h * porab? itquidtly suggests that net 

_ Th ?_, l a . s r._ rc .lu. have submitted better returns to Be V rent of rMimndent* hut f>L second haif of !97S and the first liquidity in manufacturing indus- 


BY PAULINE CLARK. LABOUR STAFF 


with upwards n\ im local- »«-■ ronsmerca. . - tuning snnu oi 

auihnriiy employees m the main However. Newspaper Society a ^*- an ® a *- . -» 

industrial areas were meeting in ' negotiators made clear that , 11 sajs thai even excluding I 

London in d i svuss poy In general. | pro vinrjal newspaper einplovers an d adding the pay nf J| 

Amid uncertainly -ver ihelUre not prepared to breach a 

eventual nut dime »>f TIL talks, p 3 y policy, and rejected a claim ed ?.!?' , a ' rra ^® _ rjrnin ~' ,„ n 
wnli Ministers iilmui ihe 5 per , f or a -r-jf) across-thc-hoard in- newspapers ace less f, 

cent policy, ihe employers are ' creasp f rom the National Union ,n: ‘" *"’• ... „ t . ttniwii . . . 

anticipaiing ihat the iJovernineni 1 0 f j, lurna ti S [ S . In particular, the uninn is L 

-. III wail limit ii Wnitu’c whether 1 . ... concerned that unless pay is ■ 

II fan a-rnf’ with unions hi’dnrc' Tbc >’ lo,d ,hc un,0 . n ,ha! unproved suhsianiially. the drain 
sel tin" Min i ij on cash a va liable lb, ‘ a flpr cent pa - v ,,m it was not n f talent from the provinces will EIG 

in incal auihumies fur ihei ra,sed - ,bf *- v wou,d he wi,,lnc ,0 continue, with senior jobs still fr**c; 

a ■■*»*- «» *hn Department = ninp unfilled. Hav, 

rtenrc^eniaiives nr ifae -\sso- j "f Employment for additional j n a recent document on pay j hlac 
caiion nf Meiropnliian Author- rt,tcs for ,he “ mnre experleHced and conditions distributed to ail t hell 
nie S sa ,d after the mcetins ihat I wnlnr im,rna, ‘ sls " »»" provincial members, the J mg : 

anL increase in lhe piesont 5- Yesterdays mccimg. m whmh union said That the \pwspanor . anti 
per cent limn fur wage inereases * union negotiators also demanded Society should “act now to raise Tl 
ibis 'ear v.-nuld involve i longer holiday-, a :>3-hnnr week. p«v rates substantially, regard- 1 Slf - V 


Thr claim alnin 5 t led n» a 1 um Pany nquiaity ana capacity time, aithouah stocks of finished «rena ivwmmu **** umi - ivi*u. e . f imu«hiwu iw 

I strike carber this venr Mr Buck- working. goods have been reduced some- employment has been widest provement among the smaller 

lirin said- I don't want to com- 0n h »lancc. the confederation what and work in progress shows among the largest companies and companies artd producers of cod. 

1 men nn the uossibiiiiv of in- "includes that the prospects for a slight upward irend. among those producing inter- sunier sioods. There has. huw- 

dustrial action. continued growth in manufa.- Of the factors that are IrfceJv mediate goods and metal pru- ever, been a marked deterioration 

"i don't km»w how tnx mem- turing investment are still good tn limit output over the next four ducts. Concerns employing up among the largest compainex. 

1 * hers have been able to keen so across the industry. months, shortages of orders or lf > '-00 workers have returned the Investment intentions continue 

most optimistic forecasts for the rn accord largely with the ex- 
, r - . . . . ■ . '• nest four months- perience of previous businest 

L/aCK ot price competitiveness is affecting the Turning to costs and output, cycles. “tf past relationships 

exnort orders of iust about manv rnmnanioc umv survey shows that 58 per between our figure- and official 

LApyrmruerx VI jubiauuui as matlV companies HOW cent of compaait , s hav€ expert- siamlics hold, and if the indu* 

as at any time ill tile 14 years that we have been enced increases in aver-age costs trial climate does not disappoint. 

IjTT 11 measurine; it ill tile survey * for eac ^ unil of ,Jut P ut in n «t year will sec an increase 

|a IQ- Ilf- I— lull ° . - * past four months. Thai is of 5 to 10 per cent m lhe volume 

JLLflwftli llUll _ roughly the same as in the past of private manufaeturing invest- 

° v ‘he eonfederatton says: “A sales remain hv far the most two quarterly surveys and nient.*’ the confederation says. 

TFClWlprC worrying feature of this survey's widespread. affecLing 7T per cent prompts the confederation to “This follows an increase of 

UmVtIvIu results is the worsening in price nf companies. Although still comment: ‘‘Cost inflation may atmut 13 per cent in 1977 and ni 

_ _ _ _ competitiveness as a constraint high by previous standards, that have stabilised this year, but at (we expect) about 10-15 percent 

Hlo^LrOrl ,u ex P f,rts - is a tower figure than has been a rate which remains high by this year— -implying an increase 

UIdLIVvU “ Lack of price competitiveness typical in the past fonr years. the standards or, say, the of just under 40 per cent in three 

vtruT wiTMRFUCinF ,s affe cting the export orders of The other main factor is short- 196Us.*‘ -years." 

, n „u; j, Uiiford Jusl ahoul 3<i nian - v companies aae or skilled lahour. which 27 Optimism about export pros- CBI Industrial Trends .Surrey. 

tr-,uor. WM» WaiP« have been nOW a& 3T1> Ump in ^ u per cenl of the rp^wndents cited, peels for next year has improved October J978. N’n TO Full 

N liven, west Wales, nave neeil fhul u.-a h,ua hnan That iiWit that tha ihArlma ic .ll-kil.. , ....n.. Tj J.„ , r ..k. — rsr 


measuring it in the survey/ 


'■'enormous 1 ^<10"°'^ money " j London ‘ wnahung allnwancr and \*s* of a.hitnirv limtls bandied ! ^“ r3 ^ es ^ "Vhe necd^oVurt® increases in icnceTTrf ^arim?^ pS of mTnT 

Thr> estimated that every ) ( u>r! improved maternity pa;., was the about h> politicians. ! ne^ral tVorker. tS mav re- '«*»our costs is therefore para- ^during industry, especially in 

reni increase would cost abmil •• f ||se handle the Hull lfu? confederation de- meehanieal and } instrument 

Qoerofarv nnn TT 1 C - ,5 ^ SttKd JSSISlL .?& 

ir. "i^sw^nS-Si! secretary ot non- tut vn,s^r ,tmM * : sisLa-iL'SK 


Shortaaes are l/«n: 


General replies 


iL’Min. 1 

The itieeting followed Monday s' 
H.iim h\ union negotiators fori 
1 tin loi-al-authoritv manual! 
vurkois. which included aj 
demand for a ffiOtn in ini mum 
wage, compared with the present! 
£42.50. ] 

The cmplnvcrs said that ihat j 
demand ajnne was worth about ! 


mou ir . pp.c a 1 m yoTAL TRADE — 1M5.i respondems. All fiaures arc percentage? on 

... iianui^ ..«• D .,„ . ' 1 r "'! V a weighted sample. Figures in parentheses show the response to Uit 

refrigerutor ships' big cargoc?. of M j res Pay siiilnmenis must he «-n-ineprin>. elecironic >.oods. * urV cy earned out last Aupusi. 

exnort mackerel. agreed ar "more reasonable vehicles, and some part*, of tex- More Same Lcsf 


The engineering worker*.' dis-|Jf VR * R and be accompanied by riles. It is being found across j you more, or less, nptimistir lhan you were 


federation resigns 


I iriei secretary. -Mr. Frank Junes. h ^ ,,<,r productivity. 

I said sanctions were heinc taken 

nm only because local men were 
being deprived, but also because 1 

of a Milford docks by-law that JBLJu 

local labour should be used on 


the couplrx-. althoucK the liiusti 


foui months ago ahout the general business 
situation in 3 our industry 


4</ percent, while ll.c Vo til pack- J THE GENERAL SECRETARY nf Thy mav mM|| , ha , Firms completing these quest! 

age. including a claim for a 35-, one of the two umbrella bodies L TS n ?i p "i XW.0"0 Per annum. Number o 

hour week and other improved : for nnn-TUC staff unions has ^ vv ihrtrlw 

benefits, would, ihev esiimated. • roslcneri in what is thoush; tube h 1,1 l '?f ,ter u "!’' af ’r r owners-wiH decide tn withdraw Arc you more or less optimistic 
*dri more Iha«, in emu u, ih^ . ° 1 inousn. n»* c „„ nc .,| m eetinc on November <. ; their fleet, which provides an exnnri prospect* for ihe ncvi 

wa"p ni hil! ^ ° C l " disagreement with his cxecu- The con fedora’ ion represents j important economic boost for u^r, you were four months a 

Thiv nmnicH mil ih^i m'on’ 1 '^ iilHiul 5b organisations, including -Milford Docks Company, 

nun,, a email n«n m ih». f’nvnrn ' n?e»gnjiti«iii of Mr Paul insurance staff assorlal inns, ihc! But Mr. .Tones said - “We warn Excluding seasonal va rial ion>. dr 

w t - rn ; i Nicoison. an ordained vlergyniHn British Aerospace Si .iff Aoncia- , these ships- in ihe pnri. bin we 

1-xisn ,r! Itc „i wh.'i! and " eT »cral sctrctarv of the Con- lion snme imlustrlol nunasers i also want a fair deal and we are 

p ncr "Jiii !■ 7 federation uf Employee Orga nsn- a nd a wide range of white-collar determined to have ii. We shall tat Your present export order 

''f.,,. *' a . u * UHfa j lions, will lake effect from the staff unions in individual nianu- . o»ek supnorl from ever/ quarter b,,ok is 

u^YUrc-' n I end of Dwcmbcf. facturing companies. necessary.'' ‘ ^ , , 

Manual workers, negotiators, Evclud ms spa.sijna I variations, wl 

were also said to have “sur- four moiilhs. and whai are thi 


Do you expect to authorise more nr less 
capital expenditure in the next J2 months 
lhan you authorised in the past 12 months 


I wilh 111., i.resem 1 ftlllUJl t 6k JUiO nm only because local men were J 1 

■„ ^ .I BY N ,CK GARNETT. LABOUR STAFF ^ Stt SSS EXpOlt SjS 

was worth about rc-vT-n ^FrRFTARY of The rnnfpderation vill adver- visitine shins than jou authorised in the past 12 months 

iile the lotol pack- THE ^ ,E ^ tRALS Er.RCTARN of The cnBfMWatiiw will ad er tnymp iihipj.. Firms completing these questions have direct exports exceeding on: 

a claim for a 35-,'me of the two umbrella bodies *J£'nl y n . L TJf.«?2 P S H.?8„..7r per annum. Number of respondents 1S9I. fa) Buildings 

i other improved j for nnn.TUC staff unions has }. J ‘ m : L, 1 ^ !,^ 3 ; .JUl’sf'JF ^ More Same Less N'A 

I. ihev esiimated. • resleneri in what is thoush; to be b 1,1 n ?f ner aTl ^ r 4 L S Wl " d ^ c, ^ e tn withdraw Are you more or less opiimi>Mc about your ib) Plant and machinery 

TO Imp ros - nen m n,u ls ‘ n Cimnc-il meetmc nn November <.: their fleet, which provides an exnnri oro^peetR for The nexi 12 months 

0[ cent the ; ., disagreement with his cxecu- The con fedora’ inn represents j important economic boost for titan yon were four months agn 23 60 ifi 1 


c about your 
ci 12 months 

ago 23 60 16 

<23 > f.»« ) (20) 


ib) Plant and machinery 


fl) Is your present level of output below- capacity 


20 66 14 

116) l 6k) (16) 

Slore Same Less N'. A 


(16) (37) (33) (11 
32 44 22 2 

(3«) (36) (25) tl 

Yes No N . 


Above 

Below 


rate of 

operai ion) . 1 


normal Normal 

normal 

N A 

Excluding 

(64) (35> ID 

.veawnal variations, dn you consider that jn vnlumc terms 

... 15 4X 

3-1 

*» 


Above 

Below 

os> «a> 

(4D) 

13) 1 


• normal 

Normal normal N.'A 


prised '' ihe emplnyers with their j 
additional demand for wages to [ 
be linked to an index of average • 
earning* at twt»-thirds uf the j 
national levef. 


Left keen to win AUEW poll 


four moiilhs. and whai are the expected trends for ilie next four 
months, with regard to: 

Trend ever past Expected trend over I 
four months next four months ) 

Up Same Down N.'A Up Same Down N<- A 


Your p r r l p ni 
order book is 


T6 
03) 
More than 


35 

(42) 

Less than 


Ulster warders 
drop ban 
on readmission 

By Our Belfast Correspondent 


Volume of total new- export 
orders 

Volume oi export 


| BY PHILIP BASSETT. LABOUR STAFF Volume ^ o, export 

LEFT-WINGERS in the Amalgam man. divisional nroaniser for the will fight the second ballot with e " encs 
mated Union nf Engineering northern Home Counties, with Mr. Tocher a nd seems favourite Average prirrs at which 
[Workers. Britain's .second- largest IO.02S votes. The Left-wing can- in win. His own 7.7RA votes are expo r» orders are hooked 
'union, are expected to mount 


Chnulerton. expected to- he boosted bv the 


24 

46 

27 

4 

51 

53 

12 

4 

(26) 

(47) 

(2G) 

(2) 

(26) 

(62) 

(10) 

(2) 

23 

34 

21 

•1 

33 

51 

13 

2 

(27) 

(5V) 

(22) 

(7) 

(29) 

(57) 

(13) 

(I) 

34 

3S 

* 

1 

45 

47 

fi 

1 

(3XJ 

(54) 

(6) 

in 

(45) 

(30) 

(4) 

Ml 


Up Same Down N.-A ib) Your present stocks of 
finished goods are 


Adequate Adequate Adequate 


Excluding .seasonal v ri ria lions, what has been the trend over the pas 
fniir months, and what are the expected trends Tor the next Toil 
months, uilli regard to: 

Trend over past Expected irend mv 

four months next four month' 

t'p Same Down N A Up Same Down \ .' 
Numbers employed IX 49 32 — J6 56 28 — 


i candidate elected to the vital balloi. iwo other Right-wing candidates-. 

, London executive seat and io Mr. Roy Fraser. leader nf the Mr Bill Jordan t7.(i90) and Mr 


Ilien .mliJAtrVil ;r on vesi.nd .v ' lhc union '»> the Right-wing. votes. The re-distribution of Mr. John Weakley. Llanelli 
Nfier inlcrveniir.il i,v Vl'r Dun! First-round ballot results for these v*»tes in the ne\i ballot is dislrul secretary, who becomes 
ronc.inn.in Minisicr «.f Slate 1 ,,nlh * h <* London and Home expected tu tip the balance fur J je unum is reiiiiina) officer for 

, e fponribh.: fir union* in ! bounties seat and the Manchester scat. U ? Jr "tf Jr? S ? Ut, \ " af,e J 

Niirthcrn and Ali cl lands seal — formerly held Mr. Frasers vole indicates ihe ^ .- n , cs 'Jl a f. pl nnd 

, In i„e:,I by Mr. Terry Duffy, the n.-w strength of support for a candi- ,D ! 2 ' 4 I l ? r l, ?' ir * c 

officials m/ ihe Prison iifficers' Right-wing president nf ihe dale backed by neither Left nor Neal, now xeeuis favourite in 

Associatmn tins week about their . union - sl ? ,,h lh ^’ n '2ht well placed Right union machine. W -demand Sm.n'wes'ex^u rrec 

claim fur a C increase in a complete its resurgence within The Left see the London seat, “ b ' W * 


over ihe nexi four months: 
Delivery 

riwr-. »taies 

-ompHi'rri wilh overseas lift 
competitors) fin 

65 2U 

(»7) (IK) 


Volume 


(18) (49) (33) (— ) (14) (61) (25) (— ) 


Quota and Political or 


orders .., 


28 

44 

2fi 

fl 

28 

SJt 

|fl ** 

import economic 




(26) 

(45) 

(27) 

(2) 

t»> 

(SX) 

(13) (2) 

1 . refill «r licence conditions 


or which: 









finance rest rir lions abroad 

Other 

Domestic 

order'- 

25 

50 

22 

2 

24 

£1 

10 2 

7 17 3X 

13 



(2G) 

<4X) 

123) 

(2) 

(24) 

(153) 

ill) 12) 

(7) (17) (36) 

(15) 

Volume of 

output ... 

23 

59 

IS 

1 

29 

62 

7 1 


Channel-link initiative 

THE GREATER London Cuuncil ihe British delegation to the 


Volume nf domestic 
I deliveries 26 


(21) <M) (19) f— J .(27) (63) (10) ( — I 


.Stocks of: 

la; Raw in ate rials and 
brought in supplies . . 


were due m be remanded m John and two seats under con- fight for Mr. Dulfw former seat second hailrit fur a London I '"eh nival and political experts, in gain from ihe prosperity ! Average c«ws per unit 


(25) (54) (20) (I) (26) (63) tiJ) 


(20) (59) (2P) (1) (i:t) (70) (161 (2) 

IX 60 15 fi 15 66 15 fi 

H8) (61) (14) (6) (12) <fi7) (|51 (fi) 

15 50 23 13 14 33 (X );: 

(24) (46) (17) (13) (12) (SX) M7» M3I 


fusiod) lesi. gave lhe lend In LeH-w inser Mr. assistant divisional organiser’s ™d reprtwnl.il/vcs of regional, ihix vital galew;i> i;m provide «l ouipui 

Passenger, .»nd freight services The firsl balhn for M.e London John T««her. Manchester divi- p, w i. ) n i)„. first ballot Mr. Lrunsport and industrial inlw- But we must he praetit-al enlhus- - 

from Larne may be Jut on Salur- .uirf Home Oiiinlie-. seal — now -i°nal orgaut'cr. with 13.113 William Taylor had 4.456 vines *’ sls - al a seminar al County Hull i:rsl>. That is why ihe (ILC wants Average pnres ; ( | which: 

day if 40 dockers carr> .jilt a; occupied hv Mr. Re-j Birch, who votes. tt -ith Mr. Sid Harrawav. a lead- ,,n .Nuvemlier 9 ... 1,1 shew its whole -hearted sup- Domestic orders are 

threat tn -trike over delay on a retire* in June — gave the lead Mr. Wen Cure. Ruhi--.ving Bir- ing shop sieward "-‘at Ford's . ^ r - Riehard Burke, the EEC por| hv bringing Europe's host booKe< 


of output fi! 


(6(11 <3KJ (2) y\\ (64) (?.:.) r*) n> 


threat tn -.trike over delay on a retire* in June — gave the P-.id 
productivity pact. in Right-winger Mi. Jack Why- 


Mr. Richard Burke, the EEC por| hv tiring in,: Europe's host 


APPOINTMENTS 


n Right-winger Jli. Jack Why- niingh.im East di>trtrt *ecretary. Dagenham plant, prilling 3.77R.I ‘-'•ninuss inner fiir rranspm i. and mind- ingelher to laeklt- 
~ I Sir Brandon Rhys Williams nf Channel rhullengc " 

Three new directors 

oi* Williamc St ni™’c for Rothschild 


Executive posts at Williams & Glyn’s 


Mr. Norman Omck and Mr. 
Adam Thomson have been 
appointed director* nf WILLIAMS 
AND CLYNS BANK. Mr. Quick 
i> chairman and managing direc- 
tor. H. ami J. Quick Croup, and 
Mr. Thomson i.s chairman. British 
Caledonian Airways. Mr. .Maurice 
Davenport, at present comptroller 
and divisional director, has been 
made an executive director of 

tliv bank. 

*■ 

Mr. S. W. Llvwwj lias been 
appointed Chairman of Flanlation 
Holdinys following the resignation 
iff Si> Kenneth Cork. v\ ho is to be 
the next Lord Mayor nf London. 
.Sir Kenneth will remain a 
i-rmsultanl l" the company in on 
honorary capacity. 

* 

>ir Charles Curran ha-, juined 
the Board of lhe NATIONWIDE 
l>t iLUlN*; SCCIETY. Il« is niHii- 
flging direrlor nf Vi-ncvw and 
was director general id itio BBC. 
Irom 19B9 to MI77. 

♦ 

.Mr. !■:. J. Sudirt ha.* hi.-rn 
ii>)"iinlril a threclm **f AMALGA* 
HATFP TIN MINKS «»F XfiihPlA 
i IIOLPIN* i>» Ur- i< rhairnian »*t 
.Malay* Id .Mining ( -rjoi.if i-m. 


Liirri Shullleworih. a narinpr 
in Burmn Barnes and Vigers. has 
l>een appoinird lu lhe hoard of 
the BURNLEY BUILDING 
SOCIETY. 

★ 

I J. Odr. G. r. Collins will he 
elected a di reel or and chairman 
desianate of SOUTH WESTERN 
APPLICATIONS 

★ 

Mr. J. (i. Harris has been 
appointed to Ihc Board i»f 
SAMUEL .MONTAGU AND CO, 

* 

.Mr. John Yales, lhe Guardun- 
Gd/etie Group Edilor. ha-' been 
appointed lo the board of LON- 
DON AND ESSEX GUARDIAN 
NEWSPAPERS 

★ 

Ing. C. Olivetti and C... SpA. has 
appointed Mr. Enure |j»m as 
chairman nf BRITISH OUVETl'l 
H« replaces Mr. fi. Ki-i. who takes 
charge ef the group's operations 
in Japan* Mr. Lnlli is- a member 
nf ihe Oil wiii parent board in 
Italy. 

* 

Mr. 14. Uradhiir?. al pi»»sriil 
rlcpiUy inircnpr-nl man^grr iprn- 
pnrt v I of 1 he «' l >-• 1FF.R AT ) \ V. 
INSLUANt .F. frf.'Llt'IY, is tn he 


one*. I men!, manager (property) 
from February 12. At the same 
lime Mr. S. F. Wiind. who is 
(Inpiilv invest menl manager 
(Stork Exchange).. «»H become 
invest ment manager ' (Stock 
Exchange j. 

* 

Mr. A. P. Hichrns has hern 
appointed a nnn-execurive riircc- 
lor or FYF. HOLDINGS He is 
financial director of Rcdland. 

*■ 

Mr. Richard .V, Rnhcc has been 
appointed In the Board nf EXTEL 
STATISTICAL SERVICES ;i* 
director ruspon-siblc wi ihe 
managing director for produnion 
mailers. He joined -Siai*- cichl 
years aao and became juint pro- 
duction manager 
■e 

The Secretary for Prices has 
appninied Mrs. A. lapping as a 
meinher or ihc NATIONAL GAS 
CONSUMERS’ COUNCIL unlit 
June 30. 10X1. 


Mr. Ralph Mansfi«-|ri ha' hren 
appoinieri chairmari of HAT* H 
MANSFIKI.il \ND i ** sn pla*''’ 
ol Mr, liwpii ITitm. v. h*-> ha r»-- 
iired. Mr. .Mansfield continues 


a< managing dirrriur Mr. Harry 
\ an Daccdnnk. manazing dircclor 
of Grants of St. James's has been 
appointed Lo She Board of Hatch 
.Mansfield. 

★ 

.Mr. Jack Fault- a hay been 
.Ippninred managing direcior nf 
BULLDOG TOULS. suceveding .Mr. 
Tony Blythe who continues a.s 
divisional managing director nf 
ihc Dnbson Park Engineering 
Division (Northern i. The enm- 
pany Is- a member of Ihc Dnbsnn 
Park Industries Group and Mr. 
Roden moves from Dobson Park 
Group Sen-ices where he was 
group manage me in accountant. 

’k 

Mr. John banks has been' 
appointed sales director for JOHN 
DAVIDSON (HOLDINGS) and 
cnniinuiKt ln ho responsible for 
ihc pipes divisions sales personnel. 

* 

41 r, IV lor ilrewis;. chief exi'cu- 
i ivo of ihc* a vial Inn division »r 
Alexander Hovd**n Insurance 
Brokers, ha- also been -ijipninipfi 
in ihc hoard n( S*i(.TI(K \S1 Ef»Y 
X\TATH»\ •■NPERlH'KITEBS a 
siih-idiar> of Alexander How den 
Group. 


Baron Erie de Riilli.sehild. Mr. 
John Clrkcfund and .Mr. Hllherl 
de Tuition have joined Hie Board 
»f N. M. ROTHSCHILD AND 
SUNS .is iidii-execuiive directors. 
•*■ 

Mr. V. K. fi. Tagliavini has rr- 
liqui shed his posit mn as group 
chief executive of \SS NEWS- 
AGENTS Succeeding him is 
.Mr. R. (J. Schu-cflzer. Air. Tag- 
liavim. on his retirement from 
full-time duties, will remain on 
ihc board and bocome deputy 
chairman of the group. 

CHEM SYSTEMS has made the 
following appoinlmenls: Dr. 
Marlin Slienvin. formerly vice- 
presidenl , research and develoi*- 
mcm al Chrm Systems Research 
Centre. Fairfield. New Jersey, has 
been appointed managing direc- 
tor of Ihe company's London 
consultancy opera I ion He .suc- 
ceeds Air. M. J. Bennett who will 
be taking up a new purition with 
Hie tjmdon nfficeasi vice-president 
wilh responsibility for Ihe group's 
aclivifies in Euro pi*. 

★ 

Mr. J. .L (.jve tins been 
appointed I’li-nniian of GRIFFIN 
K.V“l'i>RS. the von pally rr.spon- 
■ >hlp f r>r farmring «ervn-pc m ih“ 
Midland Hank Group He r- tor. 

ecedltiE Mr. H. 0. Barker, who has 


retired from llif hank Mr Gave, 
who i- a dirgeinr uf .Midland 
Bank, is also diairman nf Midland i 
Bank Finance t.'u rpur.il ion and ofl 
Forward Trust and Midland! 
Montagu Leasing j 

* I 

Mr. George M. lluunrrniau has 

I wen appninied managing director 
nf COM POWER, lhe Nationui Coal 
Board's computer bureau 
subsidiary Ml* wax prcviously 
duputy managing director and 
replaces Mr. Hob ffhchcock. who 
lots become managing director of 
NL'B (Ancillaries). 

A- 

■Mr. Bernard Norman has been 
appointed managing director of 
THOMAS LOOK LIMITED. Mr. 
Alan Kennedy, who recently i 
became managing dirceior travel 
operations, of the Thomas Cook 
Group, remains on lhe Board of 
Thomas Look Limited. 

* 

.Mr. K. G. Hitching has mired 
from ihc CAP PER- NEILL board 
but remains- a cnnsultaut. 

it 

IVnrrssur Reginald Giutics, Pro^ 
fes>or of Civil Knglneering al th«* 

1 'niversit,v i>f Niiiiincham i* in 
hcpnmc f hi- new nrpsiiiem nf ihc 
INSTITITInN* OF i.fVH. RN- 


„. s i ( o'JOKrw II .,1 I I , t 

■ hr.) , , , . (44) 4-421 (3) (|) (J?6) (HI (21 111 

■ Approximately now- many month.* prnduriinn i* aicnunlrd fm h 
your pre.-enl order book «<r produc-non' sr-hcdulc; 

Ia’Ss Ilian 1 13 4 H 7-P 111-12 13-is ihan"lx N \ 

il 44 15 fi 2 3 I IX 

(13) (43) (15) |5) ?!) (2) fi) (17) 

What factors are likely tn limit vour nntpni n»cr ihe iie.\i foil 

mom h.s: 

Orders Skilled uthcr Plan! tied il or Material. snr 
nr sales labour lahuur capMcily finance eompniirnis Ollin 

, 71 27 5 13 2 6 fi 

iri j' <771 (23) '<!) (till (2) «5) (4> 

‘"rl Factors Likely to Mnm vour capKal rxppndiiiirp auihnrisan„n.* n 
"J buildings, plant and machinery over Ihe next 12 month*: 

1,,a ;<a) 1 have adequate capacity lo meet expected demand TT 

fb) Although I have adequate capacity. I hare also capital m- ° ' 
las vcsimeni »Pi*onunivies which would be proiitahu- at ihe 

tor pre.*ent tsi.sl of finance, but I shall nut be undertaking nujiin 

na) of inem For ^h<? rnNowinf! masons: 

■au ■ U) Shoriases nf internal finance ’ 3 

xiy . ... " (fi 

ind fit) Inability lo raise 'external fitiance 1 

ho « 12 

of (in) Shortage of managerial and technical sraff 4 

(3 

(iy) Shortage of labour 2 

of m <flher - 

Sjifcl My capacity is not adequate In meet expected demand bur 
J S° nul in,cnd increasing my capacity. This i.s Tor ihc 
ok ’ ‘°'* owm £ rw(M>ons 3 

(I) Not profitable because of the cosl of flnanre — 

In) Shortage ol interna) finance * I 

cd j 1 

ird oil) Inability, in raise external finance — 

tiv.) ShrtrlagF nr nunagnnal and technical rtaff » 

™: ■ . • • . I— 

hp (vi shoring's *v£. labour' • : 1 

in ' ' ( — 

he n.i) t.nher' ...• . ••.. 2 


I*'"' Nnvfiiibor 7 for Mteiidj None of The ahn\e j; apple able .. 
13 1 S-t 5 » session. 1 . 


x*.* 





'^ p 


The Financial Times 


• V^^‘; r ' I;?../ 

■ •, :>;v 


?*. ;*. . - 

i -jii'f [.. • j' 

Stfta t4T... . r> : -:v* 

i®S'X»/x?h'.v . ,' 

■5lwS»Or' £«*.,. ,fi « •• 

^Petcrn^.-'. * 
S&raSt*:,- :.-. f ' : 

*■*>• &.„* - : •/. 
br*. si:.-. 

gJ^Sf j:. \' m 

•:r.;:,-.,. 
SgOTFU. ]»•• ■• '. " 

.... ~ '. 

:• :.' ,.•■■' 
-■ j - »■! j., 

pfl Per c cn , . 

^ id «Prr"'; 
«f«ver the !lt “ 




Vfir-A-<s-*r>Av' 


"’.’ . H fS r i " Y. • 




/ou Torget to turn the 
most cars, they have a sure 
ndi ng you. 

)n’t start the following day 
>r their latest 200 series 
ftfjnd a much kinder way 

iven’t switched off a buzzer 



yuffiiv >;1 . 

a^itivvo. ■ 

pT j* . .; 


P&W!-." " 

m t r^ . .. 

«#ir-#ajr-s ' :• 

mi.*** •-•■■ 

«••- jt 

B$£i£jr casrw . -. ;y. 

*■ "ir*r'-». 

^gbT.-T V. ;s 


tklfaVe the can (It also 
ou forget the ignition key) 

vo.'we know you’re only 
don’t have eyes in the back 
ad, so when a bulb goes 


can t see it, a bulb lights 


can 


Your back wasn't designed for300 
miles on a motorway 

So we built a seat that was. 

It has an adjustable lumbar control 
that givesyou the support nature didn’t 
provide. 

The 1979 big Volvos even have 
washer/wi pers on the head I ights,so even 
in bad weather you’re beaming. 

The fact is, the people who design 
Volvos never forget who they’re 
designing them for 


People 


YOUVE LEFT 


THEUGHTSON. 


r 



AS CONSIDE 


^ ^!^ FAnra!|n^^OMCTS.^ WRITE TO: DEPT. FT 01. VOLVffCONCESSIOHAlWS LTO.LONOONWI3 M). PRICES START 

• V. 1 


£3350 FOR THE 343 AND £5072 FOR THE 200 SERIES (DELIVERY AND NUMBER PLATES EXTRA). SALES 7EL : HIGH WYCOMBE (0494) 33444 SERVICE TEL : IPSWICH (0473) 72026. PARTS TEL : CRICK (07S3) 822121. 





















If you are thinking nf 
buying computers, 
equipment or sendee s then 
WHICH COMPUTER? can help you. 
We are a monthly magazine packed with easy 
to understand reports on all aspects of computing. 
'We can show you how to save money buying 
computers, word processors, small business systems 
and new products. We look at how companies 
install equipment, and we detail everything you 
need to know to make the right choice. 

Below is a sample of some of our reports. 


SmrfBiniKMsSnSHni inu AuraWfB Hour* computing 

SMHW7 Umcwn May i97g Services D*etS»77 

NCflSKfl s4iti nr? ti T a'WSJ8 Juwtare COCDaoSemtcas Jan 1078 

KX Syswm io SnuW Burrougrr UCSL Jar lO’B 

©wsyasrij* £nori?T Redactor H JuHOTB AH. or Oureaux FtGWB 

oc Oct or? R^nk.A?ioiBSO Augttra BOODatasolw MircnW7B 

K^GoWa.^ Oa«T7 Carte &Y«releaa Set*M78 SlA AgmtaTB 

ABS Multibus Cciiyv CdtfciM ■ Oci T97B UCC AprK STS 

TO. 23 03 0 a 13^7 ABS *.pe Recover N3v 137B FUir 1978 

Wang PCS 't ncv s.~ MMeomputan Gamma Meyrp/fl 

Cl'WSlPWWl HcwOT? \aninV7? Sort W7 GooR JunoigTB 

IBM 5100 Ho*. T9“ Data General 0300 Cel 1977 CTumngton Juno 078 

HowToa Packard H-ii-wa Packard MUbAwoduas Juty 1378 

sea no. i3<” s;« MjvB77 CompuMrSenncsa 

Burroughs fMO 
N*«*JI1W70 

NI«W»Tp3 , tn 
M-nt-Coniruler 
Siawnt fc. 
eMCRaaiity 
GoauGKI 
JBcquara 

Sysnm. r,nga 
Pt«NoaM<0 


April 1978 Hourda Computing 
May 1978 Services Dm 1977 

Juno 1978 CDC Data Semtaas Jan 1978 
UCSL Jan 1978 

JuH OTB AH. on bureaux FrtWB 
Aug 1978 BCCDatasdw! Mirc«W73 
Sox 7778 StA Agrtl »7B 


AprK 1978 
May 1978 
Me? rp/a 
Juno 1978 
June STB 


Drv. 15T7 CTL8HM OCT977 Company 

Jan i?73 iBH.:£er.e" | Jan 1378 MPL 

Fef 1978 lr.'jH<MU 7 82 Foo 1978 WttkXTX 

P^mKO Match 1378 GoeM 

Fop T778 Honoywo-i --aval £ Apm Chsmngton 


Junai978 
Juno 7970 


Mamn >378 Duk® 


Mar T37* Mills Associates July 1978 


March 7J7B bferfiau 8. T5£ JurwMTg Compuior Sonncos 


*>S'|> 1378 t>gr'j»POP 11 -33 Jul- TJTt Company 
Ma, 1973 Dna 'ior^rni MW. 

Juno 1978 Neva 5 A-je 1978 wylorax 


Suoplxira GU'Ofl July 1978 P9° H W C>T '97B Gl' tw 


CcmpuwsSMI Aug 1278 07CM-:rofiio 
BirUcTmasharmu BurnAoz 

wra &5tn l?7? CMG 

ISM Svwepi 2 On 19 7B Gordon 4 Gcth 


ISMSvMorU 
C?u Computers 
M-Qn e 

Word * Jr rrj 

warg WP13A 

VWrOpfcui 

WPrtfwight 

VfiJoc 


Computer COTlre S»r* 


Nov 078 Campurpri'nc 
Cnmouirl 

SOW 1377 ADPNolwcrfc 
C‘:ii9'7 £r?rui.;es 
f tev I3!T ft. j iNvnpuior 
Dk V7i~ S-SPrOK 


SuOphen Guide Jan 1978 aitcn 'V.mcu:er 
Morw.iK W1 Feb 1978 S'.— rices 
M.rcn ig;? 


0:> 1378 Tumpo 

No 1378 fimojfiaring Sept 1978 

Ba-ic Oa 1978 

Sept 1ST CCT No* STB 

Alphanumerc 

Snr 1 IPTT Sw:rh No. T97B 

C< ' r ;'7 pfas Spovei rmrn and 

CrJ T9"7 guujoa » proOumen Control 
Sviihtts (Oci 7fl>: Word 
Nov '977 Procnjiors IJan 781 5maU 
Oidmow fvwms |Ju7/781; 
Tie-. T777 Maignot K Motia Sunphem 
■ 3d 7r?f Accounbng 
Dec I?” F*:k«jeo (March 7®. Vbuai 
L>;oiJr Trr-rmali iApnl 78) 

sss an eh cm ezx tmmatm 


esa cca psaa «a btj thr ws sss bob nw con exot ra km gsg 

FRE E TRIAL OFFER. Plea^H send me fret* ol' charge 
a copy of WHICH C OMPUTKRV 

I undersfaml (ha( «i'!i ihoniapcine f will receive an 
in-.-oiiv inr 1'1 S. thr pri.v r>l ;i n hi.l wi'ipj inn. IF J ani 

not <-nt \rrly •%tiri\ed with the nvjgar.iive l may rruim the 
invoice tot on within Ten d.iy.*rmd ov.eymi noiliin?. 

Applies L K only. Overseas sulvjcriptihns l':.*U pt\si iree airmail 


Please send me the following back copies at £2 each 


□ I enclose a cheque for £ 

□ Please invoice my company £. 

Name 

Position 

Company 

Address 


Tel: 

Signed „Date 

Now post please to WHICH COMPUTER? 
2 Duncan Terrace London Nl. 01-27S9517 



Hi 


tVil i t :• i 


BIMTtpWFOR IMMEDIATE DELIVERY! 


All Petters machines are British made 
to the highest standard for 
efficient and reliable performance 
under the most arduous 
^ working conditions. 


Hm 

pi bvur\ 

r -i^: ‘ ' y 


mmm 



For express service ring 
Hamble 042 122 2061 (10 lines) 


f*j^ Hawker Skfdeley 


EDITED BY ARTHUR BENNETT AND TED SCHQETERS 


• NORTH SEA pit 


• CONSERVATION 


Air-driven aerosol 


Plug of ice 
speeds pipe 
repairs 


THE FIRST .pipa freezing opera- 
tiou to be carried out on a North 
Sea offshore oil production plst- 
II V UH VCIl ' form has been completed by BCB 

Pipe Freezing Services. Hailed as 

WHILE THE controversy con- ing which pressure inside the a major step, forward .in the- 
coming the effects on the earth's aerosol unit can be reduced to application of this technology, 
nzone layer of aerosol propel- atmospheric, thus avoiding any the process was carried out for $ 

? z °" e n J t lI iLiuLrinn of explosion should the can Shell .UK Exploration and Pro- g 

ants continues and leglslauon be burn ^ No pump - wg actioa dUction {Shel f e^^). ^ 

is being prepared in a number of j 5 involved. The freeze was carried out on 

countries to ban the use of The developers say that their the Shell/Esso Dunlin • Alpha 
fluorocarbon based materials, patented unit will contain con- platform. 300 miles offshore from 
among others, inventors are siderably more active product. Aberdeen. At a depth of 81 
coming up with a number of size for size, and that the sprays metres, the work was carried out 
ideas which could be the salva- obtained are as finely divided in dry conditions within one of 
tion of companies that have as with conventional propellent- the platform’s legs -and the 
invested considerable amounts driven aerosols. It is also applic- operation had to be Integrated 
of money in the construction of able to the full range Of products into a programme of work on an 
plant for aerosol can manufac- already packaged and offered for incoming main oil riser wtoch- 
ture and filling- sale in this form, including hair W as undergoing repair. 

From Belgium comes an idea \aw\uers. T>, e decision to use the pipe 

to use compressed air as the It is understood that discus- freezing technique to plug a 
propellant and the interesting sions on the system have already ma j n 0 jj n 8er forming part of 
thing about this development been held with Reckitt-Colman the pipeline linking Dunlin 
and the can that it requires is and Foseco Minsep. Aipha with the Thistle field plat- rl 

that conventional aerosol fillJog Further details from Commer- f Cnns was ma de by Shell Expro 

units can be used. Furthermore, ciaJ Section. Belgian Embassy, en emeer«; who considered it to he 
all the active materia! in the 103 Eaton Square. London SW1. most practical method of 
container can be used up. follow- 0l-'235 5422. achieving pipeline isolation. 

Shell's problem way that the 
n w • tf» j main oil riser, within one of the _ . . 

Recycling ©i waste ? 

%J - - could be inserted between the P*a' 



,•$»** i 


For 

^carbon 
dioxide 


DistifiersCOz 


CONSTRUCTION 




Shutter aids 

bridge work 




Spr* *-/■'' ^'r* -if* "T; 

; ; ^ . v - MHZ* 


This is the triple^Mnned aluminium jacket used to enclose 
part of the 16-inch ahunetet oil riser on the Dunlin Alpha 
platform.' The portion' enclosed was Frozen to' Isolate the 
riser from the rest of the -pipeline system and enabled 
repairs to be carried out .with the mini mum of interference 
with day-to-day operations. ... 


IN A major four-level irits 
change project on the M8 extei 
' Bton (which will take traff 
through the centre of Glasgu 
to Unk with .the M27) Ceme: 
tation Construction n using’: 
structural . steel-faced shuth 
designed and fabricated J 
f Rapid Metal Developmeal 
'4 Stubbers Green Road, Aldrids 
'Walsall WS9 lAldridge 3338ftl: 

The . 27-metre-high shutter, 
one of the highest manufacture 
1^4^-: • by tbe company ta member .. : 
I MPaS* the Dougbs Group). It is beii 
used to farm 27 .columns ... 
different heights to suppoftr 
328-metre-long bridge, nsing.-:! 
metres above - the Edinburg 
GJasgow-Stirling MS motorway. 
The shutter has ten horizon; 
nctose doited joints and incorporaf 

ipaa - - ^jght access platforms comple . 
te the w jth safety ladders and' ban 

d rai l Log. J£ach platform 

ference supported by 12 outrigg 

members,, and ladders conne 
one level to another 


rnmrrTmv Aivrn n r flanges of a 10 inch diameter riser from the rest of the pipeline system and enabled railing. £aeh piatr 

Sn3v P !Eh?r nf Jh p ™ in - lu,e baU valve tha ’ t wa3 ^ repairs to be carried ont.with the minimiun of interference supported by 12 i 

waste materials, increasingly efficiently—which is not the case oecl B(i t0 outgoing pipe- with day-to-day operaUons, ' members,, and ladders 

important as fuel costs nse and in many other countnes-and in u linkia2 Dunlin witt! the aa> to-oay openiuons. one level to another 

resources are depleted, has some cases, such as that of waste connorajrt field . ■•> 

alwai-s run up against tbe lubricants, demand has far out- pipe freezing technique .. . 

stumbling block of the cost of stripped supplies. used for this operation called for of the 4 ft long .ice plug was- and frozen carbon, dioxide for TDAftICBADT 

assembling the various waste The emphasis throughout has a gpeclariv designed triple-skin then proved before work com- the Shell project was organised w I KANbryKI 
materials as they anse in plants been to take bureaucracy out of aJumj^um jacket. Temperature menced on tbe removaf- and -by BCB through BOC's C170- * P 


— ----- — , — — — ir . — ” — ” ajumiojuni jacKei. lemperaiure “cuicu ™ u»c i«u>u«oi- *uiu. -«j' luiwu^u r.:-' nn » p 

or on domestic premises, and nf the system. Waste Exchange staff sen sors positioned in the inner reinsertion of the.Jsteel spade speed Service and the Disttilere f -wivnlr . 

transporting worthwhile amounts limiting their involvement to i ac ^ et enabled constant tem- t«a water pressure acting on Co. Success of this operation will. A J. UW-AJL 1U1 
of products for recycling to establishing contact between pera^re monitoring during the the ice plug was 1$Q Ib/in*).'. it is believed,, encourage use oF 

plants serving large areas. supplier and user. An additional freeze which involved a con- Once the spade was bolted into this technique in other areas of ^18. g /> ngrk||C 

An Auctrian-evalved system is function of the ptain centre in trolled temperature reduction of position, the freezing jacket was activity involving pipelines, Jud 1 


An Austrian-evolved system is function of the ptain centre in trolled temperature reduction of position, the freezing jacket was activity involving pipelines, £|AB. 

being adopted by OEGD for use L,nz \ ^ h,t, h !°oks after over- S deg. C per hour. removed from the pipe and the especially when it is essential for rNrriA r J LV develooed fta'r mi 

m its area and mvolvinc up to ^om region to region, is . working in the leg of Dunlin ice plug left to thaw.-Suhseqnent safetj- reasons for very accurate wii^ly oeveiopeo nir ^1 

2.000 companies, acting as to dispose of such wastes as have A i pha ^ Jn constant radio metallurgical examJnatioa con- control of- temperate re. • cinsmfrtion Dublic 

suppliers and/or inquirers. to be destroyed, either because contact with Shell Expro firmed that the appUiation of the BCB Pipe -Freezing Services 


inriuiries lnvoivca, me systeni There are snme 29 cati'gories 
relics on a computer-controlled nf Waste w(th Iip lo L , 0 ’ sub _ 

da ia exchange. It is working divisions within eaiecories. The 11 
effectively and dealings m classification has been effectively 

several important types of indus- ] a jrt jowm an d cnuld provide the a iai rur APPirF 

Inal wastes ?.re building up ba sis for a complete inter ® IW 

rapidly, particularly between the national scheme. TV !• ^ 

■erman Federal Republic. Italy, Austrian Commercial Delncra- R 88^118^51 ■ A 
Switzerland and Austria. - ti nn . \. Hyde Park r.Mr*. London. lVCliV<llC 

Austria's own scrap materials SWT 5ER. 01-5S4 62IS . 1 

o processing material 


on plastics 


copied 


* WREN AUDIO-VISUAL is offer- TX i 

SATIS VACUUM of Zurich has glasses, etc. infl a colour microfiche service 9 SACI/'.j 

appointed Engelmann and Buck- Common substrate materials in jacket form. In this 9S i 

ham to market its range of for vacuum metallising are coiour images are placed in a • 

metallising machines in Britain, polyester polypropylene, pvc transparent jacket Ache the size p|^Tl|A|* 

The continuous vacuum plants and polycarbonate in several foil of a postcard, which can he ^■' v * £***■'■* 


Hants. It is to "be exclusive 

■ ■ — ■ ■ — 1 . ■■■■■— >■■■ ■■-■ 1 h i m .. marketed' by Terranger Truri 

<■*. Vernhani Dean. Andoyer. : 

"J" 1 ™' ■ <s!i murvici na fin T i5i e a^ n diffe“m roiefSId 

the^d th“ maartS^^fco. OlipCrVISIDg ms purpom.de S ged e,mpms 

sg^TJs^ys fl, e word XjngittX 

fSS det.W ; fn>m Wr-p ' ESlfiiiK, ‘Sf 1 'JTSSn^SL ' ' -S' 

processors 

Beaconsfield TWO WORD management pressure of 3 psi. 

systems designed to help super- The vehicle can turn witMrL i 
• - - visors measure performance and own radius on land, and Jias- 

fnri improve productivity of word, speed of 10 miles an hour i 

B / CiMk" |y U. processing centres • have come water. 

^ from Dictaphone Corporation, 

PAIIlOr ' 0ne of systems. Master 

RJlV'Jl Mind, is a software-based unit for gk SERVICES ■ 

. V- word processing installations con- w 
FOB BUSINESSES with' copy- taining up to 18 recorders; "Its v 
in % n r ^ uiremem ? *n the;LQQQ display terminal provkies coDv Xa|A^ flPlTI 
5 -W°. ™ pi f. s P e J month - rafige- piete information on the slates HCIp ; . 

United .Kingdom bas jotro- 0 f up to 2.00 active dictation and • . •». - w- t 


Beacansfield 5202;:- 




Desk-tpp 


Sales help 


and functional packaging field, process speed is 3Rff metres/min. be put on colour microfiche. A du«d tbp mndkl S30 drv tnnpr l f ^ ^tive diciationani d • - T T ^ 

as well as for specific products Engelmann and Buckham. unique aspect of this service SSfin? In^dirSv marketed '? v 'SF rl P tl[ Jo^s 1 n the centre. ||| fflA J j S 
which include stamping foils, William. Curtis House. Alton, is that the camera used is ♦ST* A disc memory offers a per- «IV V.U. 


Memory is good 


— umx,LL luwrtuuc 1 viia. *v ijiivlij nou.'u, /uiun, is uiar me rani era usea 1 ^ +l« : — • . ; 

solar control films, capacitors. Hampshire GU34 1HH. 0420 portable and can be easily L-ce^ corapaiiys own maneiiLjinlimited archive of all UNITED Kingdom and oth* 

automobile accessories, sun- S242I. carried to the customers “tiS machine needs no warm- SSl^SniwflrevfdwdJSlS ?*f r ® pes ^ T 9 0Wlnes t 

premises. This means that i n cr UD and produces its first A4 ^ ,? n bw T r0V1 ,ur etal efl interested in. a new* service 

Sk rOMPOMrNTG valuable material does not have copy in six seconds and subse- ^!L wee kly or- monthly sum- be offered by the San Francaft^^ss' 

• COMPONENTS t. , be removed to a studio Inr S'Jopjw at ten 4? minStt S^ of . :raput " d ' somulluicy yGene Seh-el^T 

TIje - ' • s photographing. Able to produce quality repro- __ - _. • Associates. 

IViPlTlrtrV BC OT&tTtrS Copies can be made from the ductions from most kinds 0 f „■ The otlrer system. Time Master. This company at the nioiftK ^ . 

XvjLVI 1 IWA _7 Ju 3 ^l/Uu master fiche. and where long written or printed material, the 13 • microcomputer system^ ^ for fs providing a similar «*rv3i#?Sto-7$L : ; 

innjvrvvw* T , _ _ , are required 98 images cost machine makes nse of the com- ^ processing centres witiv uj> U.S comanies operalin^;^_ 

VERMONT RESEARCH is quot- control and message switching the same as a single duplicated panv’s Macne-dry cool pressure tD - four central -dictation r*- Europe. • -'i'-w 

jog a mean tune between failures applications. The unit can be 35 mm slide. bonding process. oorders. It has a desk top key. ; u has the abifitv » r -■"■nif 

hgiire of 15.000 hours on its supplied with a 48v dc power Because of the high resolution Roll red for easv loading, the board wi tb an alphanumeric dis-.' product representation, 
model 4010 . hea d Per track supply to enable its direct use attainable on colour microfiche, 830 has automatic count down Play. a computer control unit and tion and outlets in thr-iti‘ TjriJLj 

memory unit and is experi- in dc-powered telephone this service will be particularly from 20 copies and there is also a . thermal printer that auto- together with the scheduling- 

encmg figures in excess of 19,000 exchanges. Controllers for valuable tn the archivi'st who an- adjustable guillotine guide raatically produces summary advertising and sales promoti(^ 

hours, the company reporrs. various mini-computers are avail- needs to preserve paintings and for economical- culling- to size, reports of all activilv In the activity. “ 

Havre? a capacity of 38 mega- able. manuscripts: the librarian who More from 3M United King’- centre: More' friim the' conipani^ . . 

Oits and ao access time of S.5 Vermont Research, Cleeve wants to provide rapid picture drnn, p.O. Box I, BrackneU. " Dictaphone Corp.. 120,' Old 10050 North Wolfe Road.- -SM ^ 

milliseconds, the magnetic drum Road. Leatherhead. Surrey KT22 selection and retrieval for Berkshire RG12 3.TU (0344 Ptfrr Road, Rye. New York 10580, Suite 200;- Cu per tiua'Califora ‘ S' 

unit is ideally suited for process TTn’B. LeaLherhead 76221. searches: the publisher who 25726). U.S. Qinii -• 1 •. -•. / y ©•- 


E«e 


bits and ao access time of 8.5 Vermont Research, Cleeve wants to provide rapid picture drnn, P.O. Box I, BrackneU. - Dictaphone C.orp.. 120,' Old 10050 North Wolfe Road.- -5M 
milliseconds, the magnetic drum Road. Leatherhead. Surrey KT22 selection and retrieval for Berkshire RG12 3.TU (0344 Ptfrr Road, Rye. New York 10580, Suite 200;- Cu per tiua'Califora ‘ S' 
unit is ideally suited for process 7NB. Leatherhead 76221. searches; the publisher who 25726). U.S. • 95014 "' •- ■- / W 

Simplifies r — — - - - v 


aas 

t- 


K I IFWIMCii 


... ...... . t . . .. a 


Hamble. Southampton SOo 5NJ. Enoiand. 

Tel: Hamble ( (W2-122J 205T Tele<:4762f.. Cables:Petter Harr.bie 

Hawker SMdeMv Croup eappltee nwdiaDleal and electrical eqnlpfnoiri wim 
world-wMa aalea end eervice. 



Every Saturday the 
Financial Times 
publishes a table 
giving details of 
BUILDING SOCIETY 
RATES 

on offer to the public 


For /yrdicr atertjsing 
details please ring 
01-248 8000 , F.xtn. 2 fifi 


IDENTIFYING THE consider- 
able growth in the visual display 
nnit fVDU) market. Thorn 
Radio Valves and Tubes has 
decided to. offer a simplified 
method of manufacture for the 
VDU makers in the form of a 
modular kit 

Robust and reliable thick film 
modules provide rhe basic circuit 
functions and at about matchbox 
size there is one each for video 
amplification, synch processing/ 
drive generation, output stage! 
field scanning, and line scanning 
output Wound components and 
other specialised items in the kit 
have been selected to match the 
hich performance “Brimar” 
cathode rav lubes that the com- 
pany makes. 

Thorn claims that the kit idea 
leads to simplification of com- 
ponents procurement and 
reduced assembly times. The 
modular solution also speeds up 
the learning process for new 
assembly operators. 

The compsnv selects and pre- 
tests all the items so ihat a con- 
sistently hieb level nf perform- 
ance Is obtained that would not 
nrhcrwi.se be readilv available. 
More from the enmoanv at 
M«Ui«nn Avenue. B^msdnwn. 
Enfield. Middlesex EN3 7NS 

-O1.S04 1201). 


We want 

your board of directors 
to decide the future 
of the Red Cross. 


ilqn*T 


the doors 


A DESIGN of powered door open- 
ing equipment which can be used 
with overhead, sliding, swing, 
vertical sliding, folding and 
roller-type doors and gates has 
been developed by Landert 
Motoren AG in Switzerland and 
is available from Langley (ADL) 
of 14 Magdalen Street, London, 
SE1 2EW (01-407 6271). 

A powerful three phase AC 
geared motor complete with 
intesral limit switches drives a 
shaft which is connected to 
activating arms that are avail- 
able in various form? to give 
almost limitless combinations of 
donr actuation- 

The equipment is available in 
fnur basin sizes with output 
torques ran^ios: from 725 tn 
W0 ft |h. A two Fpeed system 
can be provided th3t will pre- 
vent slamming. 


Unlike most businesses, inflation, and rising costs don’t 
eat away at the profit maigins 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 long 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 has increased by 40%. A wheelchairby 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 
Red Cross. 


The Red Cross + 


If ypu would like further information about the Red Cross, please don’t hesitate 
to get in touch with Derek Bareon, Director General, The British Red Cross . 
Society, 3 Grosvenor Crescent, London SWIX 7E-J 


l-3^o 













fofces&S .1978 


13 


EDITED By CHRISTOPHER LORENZ 


fidge w 
- *\H 


,, : ^ .. .... - •. . 

i^'jHks^been: said that British 
^pmpBQiy iav? . has . flourished 
uuder a'Jdnd Of ^benlgnneglect. 
&it\'tbat izl about to change. 
Exceptionally, company law is 
jr^eiyixtg legislative priority. It 
WiB produce the biggest" changes 
in British tnyrixorate legislation 
ior ntere thaii-'30 years. : The 
Companies Bfll which "is about 
tfrKe presented toParUament is 
wrrmore than -^be- precursor of 
Jt'iseries of. new/> measures which 
win be intro (faced over- tfe n ext 


WtS« ~." 

«! ! -.1 

M< . ; 

. . - 

• - 

Kfj ‘ 

3&ir~; ’• . 

i . 

A"' 

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A<f !.V : 

iw./ 

'^iNV - . 
*3S. 

~*Jt. a;.- 

.<■ 

lit. /,>.•: ' 

sfcd 

it- . 

fe- ' : ; 

£*■*■;?>• i 


T^ANSPo^f 

ruck for 
tt seasons 

£L*l.:.\ . 

■ ■;• 

ren^rr.i . - ' 
tuU;-.r. - • 

!» zl2r.\ •-. • 
ara Ti' • 

iew »: • . . > 

• !: / ^ 

Ketev ; . ■ ’ 

ttfeii-r i •' 

»W;v •; .•■• . .. . ' 

fc - ■--■■ ■ 

I.:-- 

..CUf*:/: . • . 

:.j • . - 

• 

UP. If-’* 
i^df. * • 

** •• 

}fc: .■ 

: &i'_ , 

Services 

c ! 1 


- . in 

■Britain; France -^ffld Germany 
are -being; presented! _with' an 
op^^unity' ti£>w5k afrawjtrd 
whichwo old : Ihepi- with 
arh ]H n rt'jEl ;Tundh>g r J oh 

normal commertial' terms, with 
whichr to"dCT^op“ :« th'eir?’pwn 
.business, iyyyyyy :y- 
■- i& for,! the 

■ European" “CtHnpany of . ' .the 
Year*- -.; ';*$/■ invokes ■■■ fliree 

~-fi nancing* : organisations — Be- 
velopment /Capital, . in .’ : the. 
UK, 5'ofinnova’ S.A., . in prance, 1 
and-;.; Deutsche Wagfaafiiiaih 
^zreruiig^esellseha|t,. 'in Ger 
many.'. - . y~i ' 

The' lauacrt'af thecompetitipn 

■ VrilL ites - jtffce?;.$(£be bn taro 
television networks. . In ;!tbe! UK 
it wiH fee qn ; BBC2-> The Money 

. Programme!; on iNowniber 8, 
! while ' in rFriihcp : Anteime - a 
Television is' involved. .-. 


five ten /yairs?and which will 
litfndamexitallySfeShape our coat 

pany iaw. AH companies, large Bill. But in fact the differences 
[sand smalV^afcJfefil ^the^ ^effects. between public and private 
-' T The chants', we are ahont to companies will be profound in 
/see are -profeirnd. They mark principle. ' . 

•the -end of Vb&.nw>.be termed • As now, only a public com- 
iJie -. comfortable tradition of pany will be empowered to seek 
British and the finance, from the public. But 

hiirb.3iietioTi r l^: ’a i'f’ar more in future public companies will 
prescriptive ‘^Vand;^ - tightly pay a far sterner administrative 
■aihnhilstered/^sy^te -The new price for" . this privilege than 
tbarost is; ^cl«iay ’inicbj»ted in they do now. On tbe other hand, 
’.^l^^tain^.'ln. the-private companies, which at 
hGoyernment ^ WJute.; P^er present have no significant 


Special 



s neip 
the U 


Tn the fitet round of the "two- 
part eompeMion—wiach' will be. 
held' ' iiiiruUanepusly . In the 
three .countries' ' iirvolved-ran 
award of around tlpO.bOO will 
go to each- ;natiaited; 'Winder 
which : is judged 'to'" be r poten» 
tially the most profitable busi- 
ness, or plan for a "business. If 
appropriate, . there 'wiUr nlso be 
awards to rnnners-up. ; > 

In L '''the;.'.! second - parii^the 
national winners will " be 
assessed by a panel of judges 
and the overall ^Winner will 
receive a sjbeeial prire^ : Which 
has yet to.be disclosed. 

With /the. national .nward 
schemes, “' assessments -will! be 
done by the national! financing 
organisation, coxicemed. Thus, 
Development, Capital, . Which is 
an assomate of Small Business 
Capital Funcf and Development 
Capital ^Investments, Wdll judge 
the UK; entries.; ' - v;. - 

Mr., Hugh Armstrong, manag- 
ing * director of Development 
Capital^ feels the' award! scheme 
will, enable;! .a fascftja.Ung 
insight ■” ' to be gained "into the 
problems of smaB/huaness in 
Europe as a result 'of the com- 
parisons -to be made on ’ tele^ 
vision'. r Hefeefe the -British and 
European . entrepreneurs must 
be “ similar ". wnimal$ : .andj “.it 
win be . . both - inventing . ;l and 
in teresting to^ Chart the different 
methqdS jftsd the q^n^Su^ties.’!;, 

Entries for* tbe^ competitibii, 
details of. wb’ich "will -be. in .the 
November 2 • : issue of Tl!adio 
.Tiroes,- will be accepted up to 
December 28. 


Standing on the threshold of 
revolution in company law 


THE Queen’s Speech today is 
expected to include ah announce- 
ment of the introduction of a 
Companies Bill in the current session 
of Parliament. 


the details attracted little attention 
at the time since it was felt that 
legislation was far from imminent. 

Now r , legislation is very much a 
reality and Michael RenshaU makes 


governing other financial insti- 
tutions such as banks and insur- 
ance companies. 


tlie directors' report The rules 
barring loans to directors will 
be extended to apply to con- 
nected persons— essentially, a 
spouse and infant children of a 
director and a company in which 
a director or bis family have a 
more than one-fifth interest. 

The general effect of the new 
provisions will be to render 
directors significantly more 
accountable in law both to 
shareholders and employees 
than was the case before. Nn 
doubt this is salutary and 
expresses the spirit of the times, 
but perhaps more significant 
than any of the other proposals 
is a sub tie yet profound shift in 


Industry has had the advantage of it clear in this article that the biggest 
having already seen some proposals changes in corporate law for more 
published in draft form, although than 30 years will be involved. 


Certification as an investment the rights of oppressed minori- 
eompan.v seems likely to offer ties . These bare previously 
a refuge against some of the been severely limited — some 
more stringent accounting rules wou jd sav too muc ], s0 
due to be enacted in the next 3 nv shareholder will have the 
two or three years under the right to apply to the court for 
provisions of the Fourth redress on the grounds that his 
Directive on Company Accounts, rights are bein® unfairly pre- 
For example, different lay-outs judiced. The court will have 
of accounts may be allowed, and wide powers to make, as it 


Chang^ . advantages .in easements com- able for distribution. Tbe Bill ate law has roused little com- pany may make a distribution t f ie w ? y has been P aved t0 re_ judges necessary, such orders tn 

tlua.BdJ, pared with public companies, affirms an attitude of prudent meat Although the total num- onK 10 the extent that tbe total lieve investmcnt companies of restrain or regulate the conduct 
or somethMg^Peri dose to it, will in future be exempt from conservatism in determining ber of companies potentially vniiie of n«cot« ic onuai tn at ^ le requirements to provide for of the company's affairs so as 

which' we ct^expect to- see some of the stricter rales wha t is distributable, but not all eligible is smaU-about 500- Ieast l e a nd a ha If times its de P reciati< ?« on ^ assets to procure the desired relief. In 

presented to^jrarlament very applicable to public companies, companies will find it fits com- they could number as manv os Hahiiififc rr,^P« wav ha a fin5te Hfe and to particular it may authorise ciril 

■shortiy.. So fac^r bas;attracted They wUl not, for instance. f or tably with their dividend one in five of British listed ira adned tf D r ^tanceThiehlv charge P ro ' risions £or P er ' proceedings to be brought by 

[attention mangy for.its-conten- have to observe, the mrounum nniinipc companies, representing about gea^d p roper D i^vestoem manen ’ 


manent diminutions in value of one or more shareholders in the 


comment has been 12.5 per 8ent of the total mar- companvj where the latter rule asSets *"?"& ** profit name and on behalf of the 

. . . L-a* ,rr,l„ Q TTIT IuiaJ I vinciC UIC IPUKI l UiC a nd lOSS aCCOtinT. 7n this wav rhp pnmnan,. 


At a stroke the legislator's 


- 7 - . policies, 

tious . provisions, (m.' insider- capital requirement' (£o0.000i Little 

proper a, of nor tie new rules governing , roused b ;“Se propo^f thTt a ia»" value of UK lisied 'securi- »«<l loss account In mis way the company, 

inside “information . to profit the maintenance of capital, dis- nn iv n e,T- a ties wouio uraioii pajmem 01 a am law is intervening to resolve 

ftPj* ' ? n lh ^ 0T l ° f Pr ° fiTS *** l0anS dividend if it has received an -An investment companv is but noT ^r'^ordfna ^ 0 pSbhc t° me of * The dlffic 2 | tie * whi . ch remove the con- 

: But the : ^ider _ trading to direc ors unqualified audit report. The defined as a listed Company comply It “ bv no means J- are ? nsen °" r strain! imposed on shareholders* 

causes form only 4ne part of jV major change will be the dis ^ ibution mles ap ^ t0 any whose business consists of in- S? whether certifica^on as an — ' — •- - - - 

the Bill;.. if fer are tgnored. Ruction of strict rules gov- distribution< inc juding y interim vesting its funds in securities. Stestment comXv will be 

there remain^ far more ofsig- enung distributions. Hitherto dividends, so that a plea propos- land or other assets with the compulsory or voluntary- if the 

.^caxrce.tha^has; generally statute law has been silent on s l0 pay an interim dividend aim of spreading its risks and latter w? may ewc7to s« • ‘\ S,nu 01 5 ° t,ai “' STl,ncaDce Ir « 

been reatise^e Bil s mam the matter and the position has which on the basis rt the |atest giving ils members the benefit some careful Shine Tf '/ the req S' rem f m ^ at in , per " ^urts 

-contente; . aod^its implications ^been governed by decided cases Ka. lflm , M heM wnnW aT>™»ar nf fund mnn-iepment .• ‘ dre,U! 01 •»>“'- r — - 

for. tie adjpjmrtratlon . of -uocl^ al son;e tim « ““SS TST opuons m many bo.rdtoon,, 

companies, 3rave attracted confliMmg Tie . new rules m w from dolng M unlKS classes 


principal 


insufficient ndtice. Its tamora- not without their complexities. £ nran^^d m^faddMe^ Z I”* *! 1 ?" 1 ? . ference between 

tioils include ^^hoUy new class but broadly they can be summed |Dr inlerim ^ luditfd accounts companiel To wai.fv u^ w" ™ mn^,ni ‘■' ’" H 


tion of accounting standards as actions by the long-standing 
they apply to property invest- rule established in the case of 
ment companies. Foss v. Harbortle. 

A shift of social significance it remains to he seen how the 

will administer their 
forming their functions direc- power. But the thrust of the 
tors shall have regard to the times is plain. The balance of 

It is already clear that tbe dif- interests of the company's power is shifting. Companies, 
investment employees generally, as well as their officers and administrators 
companies and ordinary public to the interests of its share- are an j nq tn be roore exposed 

companies will not be limited to holders. In practical terms no to shareholder wTath if their 

the calculation of distributable doubt directors already do this, conduct falls short nf what may 

profits. The differences may be but its crystallisation as a legal reason a hi v he expected. It is 

jribution of RrofitS: ami- tighter, tions may be made only out of whose nreerire *is7o ’ nav Interim The “ imediatfe distinction expected to deepen progres- obligation may yet prove to be hard to quarrel with that, pro! 

regulations Of.- interim' • divi- retained realised profits after d j v j dends > between investment and other sively. The Bill gives the Sec-re- more than a mere matter of vided the law will hold a fair 

dendst'the dirties of ' directors making good realised' losses. . types of public company is that tary of State power to issue form. Substantial property ba jance. 

wili.i- for theVfirst time be fThe Bill does not define Bill 5 definition of un- different rules will apply for the regulations for the conduct of transfers between a company '\tichncl J?ewt hall is a partner 

stattrtbrily defined, and sig- “realised,” and it is foreseeable quai ^° ed a “ dlt re P° rt d0€S not purpose of computing distribu- the business of investment com- and any of its directors will re- in the lamest accounting firm in 
nificaiitiy ea^nced -Tights of that the interpretation of the t0 have the same mean- table profits. Unlike other panics, and it would be idle to quire approval by the company The VK — Peat Afnnricfc Mitchell, 

redxessfor individual members term will create anxiety in some il3g __?5 J S®p e ^]y public companies, investment suppose that such powers will in general meeting and particu- Former hi technical director of 

tars of substantia! contracts in Institute m of Chartered 

- — — which directors have an interest 

account profits on long-term con- recieve— careful review capital losses in determining lations governing investment will in future have to be dis- j„|*o ivedintli cveao tiations*™ 

profits amiable for distribution, companies in the same way as closed in the accounts land thus Q le harmonisation of EEC 

However, an investment com- there are bodies of reputations be subject to audit! instead of cowiponu loir. 


COm ^ eS J P ? b l'!L ?v nd present problems for companies Department of Trade. 
Stopter rules to.govem the dis- pnvate) will be that distribu- with ]ow or ni , divj dend cover P . 


r«tres& for individual members term will create anxiety m some J L P UD1,C companies, mvesunem suppose mat suen powers win 

of a rompany^who have been, cases— for example, where it has acce P ted «y auditors, and these companies will not be required not be exercised. We may expect 
unfairly "' preji^kied, will be been the practice to bring Into Pensions will need— and must to take account of unrealised to see in time an array of regu- 


enacted. - . _ -- — . — — 

The introdut^on of the^desig- tracts on the precentage of com- before enactment, 
natfoii'** p.tc.^ : ;in place of the pletion basis). Public companies. The fact that the Bill will 
familiar. ** EtdV" 1 ! for public however, will also have to make introduce an entirely new class 
limited companies is tbe most good unrealised capital losses in of company — the investment 
visible .change proposed in' the determining the amount avail- company — into British corpor- 


BUSINESS PROBLEMS 


BY OUR LEGAL STAFF 


Ex^ nge of 


{sti AYhat are. tbe legal'- re- 
-qndreniejBts including paper- 
\ jrark -which have te.be fulfilled 
;.by two parties". who agree to 
exehange one plot iff land for 
another, llke-for-lfke. without 
tfie. involve ment of money in 
such a transaction and how 
ranch is '.If likely to cost? 


(b) Also, where a neighbouring 
building with ;a pitched tooT 
abuts my. open land causing 
rainwater to he discharged 
onto my ground because of the 
decay of the rainwater gutter- 
!'ing ii.it essential to have the 
:! owner jnak'e the necessary 
repairs, and do they thus 
obtain a, right to enter onto 
my land *at any time lo effect 
such repairs? ^ 

(a) A deed -of exchange (akin 


Damage to 
a yacht 


to a conveyance) isVequired and Shipping Act. ISM. as amended 

hr,, r 1 I in IQRSt TRo limit ic nnv 


DO YOU ALWAYS COMMUNICATE 

THIS WAY? 


registration at tLM. Land 
Begistry may be necessary. No 
stamp duty would be payable. 
Costs vmuid depend- qn the com- 


*.':essa:ies be d^-.rj&reJ 

sref ChzspP' i'ASt 
.?c.Tin--jn.C£!:c- r, r sysiems. T C‘finri 
cj : ho*v :re CASE *E'??ticr:c 
Ma-;oox* ran he ip -.ou*’ company,- 


in -Jaw. to have repair^ effected. 
If however the land owner calls 
on the-- house owner to effect 
repairs the . former must afford 
reasonable access. The house 
owner , has no right to enter and 
effect repairs unless that right 
has been granted by deed, or has 
been exercised by the house 
owner for the last 20 years or 
more. 

2 ? 



A yacht was damaged at moor- 
ings by another which had 
broken free, I have been told 
that an old Act restricts damages 
payable to £43 per ton. Is this 
correct ? 

There is a limit stipulated in 
Section 50-J of the Merchant 


(in 1958). The limit is now 
1.000 gold fi-ancs per registered 
ton. That is just over £41 per 
ton. The iu«s must be caused 


plexity of the work involved e.tr. without actual fault of the ship- 
of the .title or titles' to he in- owner. 


* r ' ' 



•?- , . Whatevervnubdicw to be the advantages of a 
£ - blgdty Wi aill'pcace and qui«. low rents andcasc 

yi.: cffnavdloigai'en tsoinc ot them, ' 

. youawi>wr salt oomidcr the majnvwiiericc: 

; " ' arid proHops of work ihg m stich an environment fer 
;V- outweigh the advantage*, isn't it time you suggested 
ihovfngrvour oHice io,a more congenial krcaoon, 

: . /.Like Belgrad e House, Northampton. 

' It provides from HJ.OOOsq. ft to 73,500- sq. It ot 

itsiafeus. carpeted, arr-condrtionedCHnce 

f . accninmodatton chats in the heart of town, yrt?J a 
•?\ coupteofmiiesfrDm plentiful housing, green hdds 


ltsoffice ~ , 

stores,' a car park and an ultra ^ - 


r.n r . 

tzahspefft Aidaii this is a mact 


vs*-. '■rcy 

: C-'.'v 

- ;r •••■ 


W I. wnhm fifty’ milesof dure international airporte 
and an hourfy iail senriceftOTi Ecston. 

As veve left you worekri ng whyyouhaven't 
moved toBdgrave Hoisebdor?, oinact 
R-terG. Mirun. Diteaor, 

G-wwior Estate Commereial Developments Lid., 
2s Cros’.’enor Street, London WlXOHH. 

Hewiil rumish von with any additional 
informationyou require or arrange an audio visual 
presentation which proves that 
Edgiave House is as 
good a proposition as 
it sounds. 

So make 

contact today; and 
start planning 

Sk House 



Beterave 


Consultancy 

payments 

I hold a full-time NHS appoint- 
meat in the cause of which I 
have been asked to undertake 
consultancy work for two inter- 
national companies. Payment 
in respect of this work is on a 
per diera basis, and is to be 
made ■in a currency of my 
v choice. Could you please 
advise me. concerning the best 
way lo treat these payments 
in terms of Income tax, as 1 
propose to undertake these 
duties while obtaining unpaid- 
leave Trom my-' full-time 
appointment? It is not envis- 
aged that these duties will 
exceed 30 days per annum. 

You have not given 11 s many 
background facts to work on. We 
take it that you are domiciled 
in’ England and Wales (or in 
Scotland or in Northern Ireland), 
as well as being resident and 
ordinarily resident . in the UK 
(for tax purposes, and aiso for 
exchange control purposes). That 
being so, it is not open to you to 
have tbe remuneration for the 
consultancy work treated as 
“ foreign emoluments ” (as ex- 
plained in paragraph 3.1 of book- 
let LR25 (1977)), even if. as we 
gather, the companies are not 
resident in the UK. 

If the consultancy contracts 
are contracts of service (as 
distinct from contracts for 
services), it might be possible to 
establish your right to the 25 
per cent deduction explained in 
paragraph 2B of the IR 25 book- 
lei, bui you will have to study 
the booklet carefully to see 
whether it is possible for the con- 
ditions to be fulfilled. 

On the oilier hand if, as per- 
haps you are implying, the 
contracts are not contracts of 
service — that is to say the con- 
sultancy work constitutes a 
single professional activity with- 
in Schedule D. as opposed to 
separate employments within 
Schedule' E — then it seems most 
unlikely that you will be able 
to establish that the activity falls 
within caw V of Schedule D (as 
explained in paragraph 71 ot the 
IR25 booklet) rather than case 
II. 

* If you can find no help in the 
free booklet IR25 (1877), which 
is obtainable from most tax 
inspectors' offices, then it seems 
most unlikely that anything in 
section 27 of (and schedule 4 to) 
the Finance Act 1978 will help 
you either. 

it is -possible that yonr tax 
position may be affected by a 
double taxation . agreement 
between the UK and the other 
country (or countries) involved. 
* 

No legal responsibility am be 
accepted by the Financial Timet 
for the answers given in these 
columns- All inquiries will be 
answered, by put as soon as 
Possible: 



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14 

LOMBARD 


Hissing at 
the snake 


BY ANTHONY HARRIS 


THERE IS a good deal of Scfco- unrealistic starting parities, but 
denfreude tq be had from read- the system re-estabHshed, and 
ing the hostile remarks of the for nearly two decades exchange 
German forecasting institutions rates were sufficiently fixed to 
about the Schmidt proposals for carry general conviction’ Given 
an enlarged snake. To an a good start the formula does 
astonishing degree, this proposal impose real discipline for a long 
io technically friendless. I have time; the trouble at the moment 
beard it discussed by technical is that a good start seems about 
officials from England and Ger- as likely as an unforecast eclipse 
many, by professional econo- of the sun. 
mists, civil servants, by bankers Again, the belief that inter- 
and by brokers, but I have yet to ventioa can outwit speculators 
hear a single technical expen i s obstinately held by politicians, 
from any country suggest that Again, it. can work, in suitable 
the scheme is either useful or circumstances. EveD under float- 
likely to be workable. It is good ing rates, intervention can damp 
to know that this is not just some down currency appreciation. 
effluxion from the London air; it takes time for intervention 
seems the same in Frankfurt D-marks to work through the 

The warnings from the German Euromarkets to minor country 
forecasters are so similar to reserves, and so start a secondary 
those which have been expressed reserve-switching crisis, 
in this newspaper and elsewhere Indeed, the favourite techni 
that they can he summed up in a cian's sneer that some proposal 
few words. Divergent inflation or other “only buys time" is 
rates will cause frequent parity itself misguided. Time is very 
changes, so there will be little or precious to a politician facing 
no discipline. The need to inter- regular elections. It may also 
vene will undermine the control be very precious to an economy: 
of the money supply in the a good deal of the world’s pain 
stronger economies, so they will ^ due 10 the fact that financial 
suffer inflation while the weaker events move almost infinitely 
economies are pushed into reces- faster than real ones. Buying 
sion. "We will tend to converge, in time is the way to secure smooth 
short, on the worst common adjustment; Technicians are 
denominator oE our present purists; politicians are compro- 
troubles. raise artists. A mutual 

impatience is natural. 

Tnnirtmpnf The trouble on the present 

. occasions is that the mutual 

Tt is a damning indictment, if lack of understanding has pre- 
bardJy a new one to a London vented any discussion of what is 
reader: and it raises again the really needed — a system which 
question which 'remains may look techn-icaily somewhat 
unspoken in a great deal of com- impure, but which wiH effectively 
ment: how on earth did such a buy time, as the present pro- 
t ethnically half-baked proposal posals will not. These technical 
come to be floated in (be Grst solutions do exist: but with poll- 
place? Since it quite obviously ticians determined on large 
will not achieve its purported gestures, and technicians trying 
objectives, there must be dark to preserve their monetary vir- 
motives at work. gini-ty, no-one is listening to 

This is always a tempting, them, 
gossipy line of reasoning. Ger- 


many. we can conclude, is out to 
preserve markets threatened by 
U.S. competition. France is out 
to discipline her trade unions — 


Essentials 


There are three essentials. 


and Mr. Callaghan has the same First — and least understood — 
thought at the back of his mind, the EMS must leave the dollar 
if only he could get away with to its own doom. It is hard to 
it. And so on. stabilise the European curren- 

It sometimes pays. I believe, cles. but impossible if the dollar 
to be more innocent, and accept is to be stabi lise d too. Secondly, 
things at their face value. The there must be a monetary policy 
face value says that Chancellor fop Europe, not for each coun- 
Schmidt and President Giscard t rv, any more than Yorkshire 
d'Estaing are bent on a gesture a monetary policy. DCE is 
of solidarity and stability, and tjie rule. Finally, there must be 
are more than a little impatient 3 mechanism fi>r smooth, pre- 
with the technical quibbles diettd>le parity changes — the 

* V Th ! i n rho onI - v recipe for adjustment with- 
The mistakes built into the -nwillatlnn 
svstem have, after all. a long ° ul speculation. 

and hallowed history. The None of this will happen, of 
“fixed but flexible" formula goes course. We all learn best from 
right back to Bretton Woods. 3nd our mistakes, and this is especi- 
1s not altogether without merit ally true of obstinate national 
There was one vast upheaval in leaders. But it seems a pity to 
the late 1940s to correct the start with a deliberate mistake. 


‘ - : V ' Virwiiriai Times Wednesday Ncfceinfe 1.1978 

Plant-families full of Easter 




GARDENERS ARE waiting, I Travelling through countries climber which showers its sky- flowers are spectacular in late for over-wintering in' a big pot 

suspect, to see whether the first whose autumn weather makes blue flowers, broad, slx-petalled summer, wide and open (some or tub indoors. 

fmefe hpfnn* rhi* rain. I o ur s seem damp and chilly, I and yellow in their centres, over two inches across)' and T , in _ t511 number you — e ^ 

Zn J have been impressed by their trees and shrubs in temperate pleasantly throated like Black- *2™™ Stem to like 

cannot recall auen an extra- brlght use of plant-families gardens. If you happen to have eyed Susan. But the colour is Hie Strictly for ^verai^SQuai _ wails. 


My final thought is not so 
ratified. I'jhavfe written before 
about the. lovely red pome- 


ord insnlydr^a u turn n i n *ny ^rhieh we stiI1 overlook. Most a Mediterranean garden, this a velvety seariet-orange. Why ^Sltbrissin a late ‘ frost, bnt I return with 


other year. My late flowering 0 f t h en ^ j agree, would be best easy climber is one to hunt have we been so blind to this summerfio g 


l ^ ie Last spring my punica failed in 


bord £ r Plants are not enjoying in a cqqj greenhouse or against down. A 


clear blue-mauve it lovely rhino'* It would ««. im is the Asian one, whose a p i an f or replacement In 

it. me last michaeUnas drain ~ ^ ^ But many gar- is" like some fine wistaria Mate a ml henhouse waif or 1 *?l strack 

? re j D0 o Up their usuaI ? an .’ deners will now be .pulling their summer. There is no hope that smother its tall frame of canes «,(iftitv and shape P nn |i? s • u L,fi 

dard. October is never a gfood half-hardy pot plants under it will . survive . an English or wire .an a sunny terrace. ; I ^ ****** 

season for phloxes, but mine for the wlBtKm Cera . winter, trot it would be as lovely am keen r to. do it justice next P atience ’ ’**L £?!“. 

were already looking sad a few njuj^ abutilons, large-flowered as that familiar pale blue pln»- year. 

weeks ago before they began to perhaps an oleander • 4- 


prepare for their usual cutting- or soine yg begonias: all these 
down These dry summers have art , old frieD ds. but a good look 
hit them hard. I am anxious, jnt0 ^ favoured plants of the 


. , plants 

oo. about the late summer few g00d Persian and Indian 

lilies henryi, Speaosum .and Iso gardens p ereuades me that we 

forth. They have hardly felt ^uld be more adventurous, 
the rain since they flowered. 


GARDENS TODAY 

BY ROBIN LANE FOX 


but dislike palms, albizia would V our own by limiting a plant U 
be an exciting choice, a tree, too, ' 2 ^ngje gteni for. the first fotu 
for warm holiday garden on j eet and tying it to a stout cade 
the Mediterranea n or beside a beftjre allowing a head tt 
pool or terrace from where you develop on wires hooped roumf 
could keep it safe in winter in top jf y 0u have a she! 
a neaTby shed. I thought mat swimming-pool, you couh 


bago oo the wall of a conservs- Visitors to .Delhi, ^ome 30 we are out ° n [t badJ7, well work towards expert 


Correa, still, is hardly more ment with two. or four pom? 


... . ., . .... What about thunbergia? If rory or cool greenhouse. One years after the end of British . . . . „ 

and I doubt if they will be as y 0U ft now i imagine .it will blue thunbergia. a yellow win- tree-planting, still- marvel at the familiar. Its home is Australia, granates for . either enq_ e: 
strong next year. They nate too be as the annual Black-eyed ter Jasmine Mesnyi, and a trees, now well matured, along but . some far-sighted gardener comer of the paved surround 

dry a season at any time, but Susan, still common in seeds- scented white mandevilla for the street-centres and beside the had massed it again in Delhi, Tbeir season is a conveaien 

never more than when they are men’s lists as a. strong, half- the summer would light up any verges. No leaves are more no doubt before 1947- A mild August and September. Air 
putting on weight for next sum- j^dy bedding pjant whose such sheltered wall indoors. . impressive than the finely -cat West Country garden could risk terrace which was warm woufc 

mers flower 'those which clear yellow flowers are Seed of the new sort, Thun- branches of the broadieaded this small-leaved evergreen out- suit them, of course.- The star 

W *rif m , uIc 7 ed in July prettily marked with a bergia Gibsonii, is offered quite alblzias. those' feathery, trees doors. But I would suggest that dard shape adds so muca -E 

with leaf-raouid or lawn- dar k er eye. It is a good plant, cheaply hy Thompson and with the style of a- i strong you order the crimson winter- climbers whose flowers ar 

mowings are looking less dis- (, ut not ^ a |f- ^ f^jg ^ lwo Morgan, London Road, Ipswich, mimosa. Hiiliets of Winchester, flowering speciosa and the sometimes lost in a mass .c 

tressed. which met me recently in Delhi, Raise it next spring under glass Hants, will still 'sell you good yellow-green vixens from leaves. Treseders self a love! 

There is nothing, honestly, that outlying garden-city of or in a warm room, and train stock at £5.50 upward for each Tresedens of Truro, Cornwall, crimson Andre Leroy and, . 

which we can do about this British introductions in an age the seedlings in pots as if they tree. It would be foolish to risk and. keep them in. a cool green-* doable red Loriole de Barnaf 

except to be thankful that the when greenhouses were seldom were the brilliant blue morning these big, broad trees outdoors, house, expecting them to reach. Neither would enjoy a cal 

autumn leaves are having such less than cool. glory. Give them a frame of But their ' popularity in the a slender and upright shape of winter outdoors, so keep tbej 

a bright time of it. But there The first, Thnnbcrgia Crondi- rail canes, then, one seedling bright bedding-schemes of many four or five Feet in height. Their in a moveable pot or tub- Bt . 
are plants which revel in a dry, flora, is a plant which you may to each frame, in a five- or six- new town-gardens in Iran sug- flowers are memorable, long and like the others I mention thi 

warm season, many of which discover at a nursery before I inch pot. Water more heavily gested'to me that they could thin hanging bells wiu<* emerge week, these standard pomegr 

have been brought strongly to do. .So far, nobody seems to than morning glory and feed be spectacular, too, if pruned from a calyx like a darker sort nates would be something quit 

my notice in the past few weeks, bother with this rampant Indian richly on liquid manure. The and trimmed to a suitable shape of acorn. out of the ordinary. .. . ■ 


Night Nurse bids to become 
top rank novice chaser 


a bold show of fast economical cede weight to Neville Crump' 

ably 


younger Ballet 


SGRE SIGN that the flat 

racing season is rapidly drawing jumping. . considers 

U “ s i‘5 Ttm, performance- a not- Lori 

todav s vt>o meetings. Both a ^ )g improvement on bis initial A match for the Embassy 
a " d _ N ^ a f' ,e . are exclUr chasing effort at Market Rasen. qualifier, just one more for the 


s ive!y confined to the jumpers _ where he unshipped' the now side^ Bagsbot Handicap and five for 
Ascot stages the more valuable lined Jon jo O’Neill and 1 can see the Dunkirk Chase have contri- 


races. with the Dunkirk Chase 


no reason why he should now buted to what may well he the 


Ha^ndica^^a l nri et ana , rhpr e anaiifier not be experienced enough to smallest turn-out of runners for 

«*** m °dest prize. ? days racing at Ascot m the 


in the Embassy Premier Chase 
series but the hard ground in I expect . to 

Champion hurdler and deputy 


,. Da , fh . formo-r ,ast 20 fears. A total of just 27 
.ee the former ^ a7e been dec j ared f or ^ ^ 


RACING 


BY DOMINIC WIGAN 


rider Ian Watkinson makfe the 
running from start to finish and 
score at the chief expense of 
Nisei Tinkler's mount. Green- 
land. a close third behind Palace 
Guard and John McNab in a 
similar eveDt at Perth 

the south has decimated fields. Few chasers have enjoypd a 
It is therefore probable that Gos- more successful time at New- 
forth Park visitors will have a castle in recent years than the 
more entertaining time. 11-year-old Tamahn and many 


races. 


ASCOT 
1.30 — Asb Bill 
2.00 — Orillo 
2.35 — Royal Judgement 
3.05— Serpent Prince*** 
3.40— Fourth Sou 
4.10— Sing Man® 
NEWCASTLE 
2.45— Ballet Lord** 
3.15— Night Nurse 


There Nigbi Nurse tries to wU1 be hoping to see the Penrith 

establish himself in the top rank chaser land his sixth course vie- — 

of novice chasers and Taraalin J°ry *n the three-mile John Camgeen Hill, unbeaten in 
attempts to concede between Eustace bmito Tropny. six outings this term, seems 

lb and 32 lb to his four Gordon Richards’ popular geld- sure to go to post an odds on 

opponents in the John Eustace ing, whose chance of landing a favourite to account for bis 

Smith Trophy. Cheltenham Gold Cup now seems solitary opponent Serpent Prince 

Night Nurse, among the run- behind him. is certain to run in the Embassy race, but it is 
ners for the Falstone Novices well in the bands of Ran Barry, the latter, and underrated stable 
Chase, impressed all who saw who was successful last year on companion to last year’s winner, 

him at Wetherbv last time out Forest King. .But I doubt if he Kilbroney. whom I expect to see 

when he heat I'm A Driver with is now quite goed ennugh to eon- coming out on top close home 



t Indicates programme in 
and white 

BBC 1 

9.15 a.m. For Schools. Colleges. 
10.53 The State Opening of Par- 
liament by The Queen. 12.05 p.m. 
For Schools; Colleges. L2.45 News. 
1410 Pebble Mill. 1.45 Over the 
Moon. 2JJI For Schools, Colleges. 
3J3 Regional news for England 
(except London). 3 j 5 PJay School. 
4X0 Wally Gator. 435 Jackanory. 
440 Animal Magic. 5.05 John 


black Hills of Heaven. 

5.40 News 

5^5 Nationwide (London 
South-East only) 

630 Nationwide 
6-50 It’s A Knockout 
8.05 Secret Army 
9.00 News 

9.25 The FaU and 
Reginald Perrin 
10.00 Sportsnight 
1L00 Tonight 

11.40 Weather/Regional News 


Rise 


and Weather for Wales. 

Scotland — 2.18-238 p.m. For 
of Schools. 535-630 Reporting Scot- 
land. 11.40 News and Weather for 
Scotland. 

■Northern Ireland — S .53-3.55 p.m. 
Northern Ireland News. 5.55-630 


Craven's Newsround- 5.10 The the following times: 


All Regions as BBC-1 except at Scene Around Six. 935-10.00 Spot- 


HTV 

l.» pm Report West Headlines. 125 
Report Wales Headlines. 2JJ0 Help Yonr 
self. SJt Crossroads. fcM Report West. 
SIS Repair Wales. kJO Emmerdale Fans 
1X20 The New Avengers. 

HTV Cymni /Wales — As HTV General 
Scrvli* except: 120-125 pm Penawdau 
NewyddlOfl Y Dldd. 420445 ■Rydw'I Am 
Fod. . . . U04J5 V Dydd. 

HTV West— As HTV General Service 
except: 1.20-120 pm Report West Head- 
lines. UMJO Report West. 


F.T. CROSSWORD PUZZLE No. 3,811 



tight on People in Northern 
Ireland. 11.40 News and Weather 
”7 for Northern Ireland. 

England — 535-630 p.m. Look 
East .(Norwich): Look North 
(Leeds. Manchester. Newcastle): 
Midlands Tbday (Birmingham); 
Points IVest (Bristol): Soulh 
Today (Southampton): Spotlight 
South West (Plymouth). 


SCOTTISH 

125 pm Neirs and Road Report 2.00 
Women Only. 5J5 BatdnlL' 520 Cross- 


BBC 2 


ACROSS 

1 One in eight is up in from 
(3-.D 

4 Cod pie is prepared m serial 
Form (Si 

10 Leave a large fortune to 
distressed waler supplier „ 

*. ■*» /.« ev 

11 Fish rigiit round a church (5> 

12 Shepherds have a flock (41 

13 Sycophant attending Welling- 
ton with ready tongue (4. 6) 

15 Returns once more before 
artist falls (71 

16 Draw bar supporting member 
(3-3) 

19’ Part of habit of record holder 
( 6 ) 

21 Braggart puts old Bob 
straw hat (7) 


6 Soldier taking evensong? (10) 

7 Had a beer in the 4th row (5) 

8 Remain united with company 
present (6 

9 Game in which to leap madly 
(6) 

IJkJey Moor 


Wales — 10.00-1030 a.ni. I 120 Crown Court- 2.00 Afternoon. 525 Crossroads, koo Granada Reports. 

Yscolion. 2.18-238 pjn. I Ysgolion. 235 “ Beau Geste " starring- Guy 62® Mi. and Mr*. U 2 » Blney. 
and 5.10-5.40 Bi lido wear. 535-630 Stockwell and Telly Savalas. 430 

Wales Today. 630 Heddiw. 7.15 The 1 Sooty Show. 4.45 Shadows. 

Pawb Yn Ei Fro. 7.41L8.05 5.15 Batman. 

Tomorrow’s World. 1 1-40 News '5.45 News 

6.00 Thames at 0 
635 Help ! 

635 Crossroads 

7.00 This is Your Life 
720 Coronation Street 

8.00 Showtime 

9.00 New? 

930 Peek-A-Boo: with Lesley 
Anne Down as ‘‘The One 
and Only Phyllis Dixey ” 

1120 Lou Grant 

12.15 a.m. Close: A painting by road*. Ml Scotland Today. kJO Report 
Munch accompanied by the UJn wostswe Medical. 

. ^icofBartok. ' SOUTHERN. 

■2., , ® A . fc Rc r C, „ 0ns . as 4 . Lnn ' lon 120 pm Southern N«ws. ZJM House- 
except ai tile following times: party. t225 “Tde Prlxooer of Zends,' 

i iyj/-- t w . eOHTlnB Ronald Colnran, Madeleine Car- 

AliuLlA roil and Dongles Fairbanks Jr. 525 The 

125 pm Anelfa .News. 2.00 Uousepany. Undersea Adventures of Captain Pfemo. 
225 Film Maiioec: "Don't Raise ib<? 5J * Crossroads. MO Day by Day. 525 
Rridse, Loiter the River." starring Jerry Mid-Week f South E^ist Area Ortb’>. 
Lewis. 525 Mr. and Mr* 6.0o Atxrat M- 2 ® Southern Nevfs. Extra. 120 Sban- 
Anglia. 1120 Chopper Squad. 12J5 am nan's Mob. 

The Big Question- TYNE TEES 

ATV 125 am The Good Word roilowod by 

1.20 pm ATV N-’' 1 'sdesk. Z2S Th® Mid- ^'n^h East News Headlines. 120 pm 
nivk Matinee: - Harry B/ark and the North East News and Looks round- 220 
Twer." starring Stewart Granger amt Women Only. 2.25 " Africa— Texas Strle!" 
Amhooy Steet. S.15 Yno'rt Only Yoona starring Hugh O'Brien and. John MJUa. 
Twice. MO ATV Today, ll.ffl Ghost •J* Cartoon Time. 525 Happy Days. 
Story. MO Northern Lire. 1120 George Hamilton 

BORDER IV ’ “■* EP iT SXER 

tl.2Q pm 'Border Nows. 2JH Rouseoartv. . __ ULJ1CA 

22S Matinee: " An Affair to Remember." L20 pm Lunchtime. 225 Wednesday 
5.15 Be role. 6.M Loch o round Wednesday. Matinee: " Bonnie Prince Charlie.” star* 
11.20 Power Without Gkiry. 1225 am ing David Niven. Margaret Leighton and 
Border Ticws Summary. Jack Hawhhu. ajfl Cartoon Time. 408 

Ulster News Headlines. 505 Cartoon. 
CHANNEL 520 Crossroads. UO Reports. 5J5 The 

108 pm Channel Lunchtime News and Bob Newt art Show. 1120 Bedtime. 
Wltat’s On Where. f225 Feature Film: mcC TVl l/ a prt 

•'The Damned Don't Cry.” 505 Emmer- YVE31 TV AIvU 

dale Farm. US Channel News. 600 The 12.77 pm Cus Honeyban's Birthdays. 

Senators. 428 Channel Late News. 1X20 120 westward News Tje.KlIlnos. 1225 
■SWAT. 1200 am Epilogue followed by Feature Film: "The Damned Don't Cry. 
News aod weather In French. starring Juan Cfawtnrd. 505 Emmerdale 

^.r, , ,, n, , Farm. 620 Westward Diary. 428 West- 

UKAJVlrLAIN wart Lale News. 1120 5WAT. 1200 am 

525 am First Thing. 120 pm Grampian Faith (or Lite. 

New* Headlines. 5-25 Emmerdale Farm. v/tni'c rr-rr» r- 

6.00 Grampian Today. 1120 Barnaby tUKIvhnlKh 

Jones 1205 am Reflections. 122 b Gram- 120 pm Calendar News. 225 The 

930 Schools Programmes. 12.00 man Late Nisbt neamine*. Wednesday Matinee: ■■ Africa — Texas 

]?m A Dro n H[ckorJ 2ou^ GRANADA 5^ Mr'^and’^m 0 

lZ.in p.m. Hickory House 30 12# pm This is Yonr Right . 1225 6J» calendar (Bmler Moor and Belmoni 
bounds ol amain. I.UO News plus Wednesday Mstinw “"he lludUrk.'' edlilnnsi. 1129 The Sa iu rwnter — Justia 
F.T. index. 1-20 Thames Nevtts. starring Alee nuinot-m. SJO What’s New. Hayward. 


on 


17 Being shot at where 
happened (2. 3, 4; 

18 Homework a cardinal has 
ready tSl 

20 Heavenly cathedral is upset 
over article (7) 

21 II goes up when it comes 
down (g) 

22 Conditions in America (61 
in 24 Qualified accountant for each 

frolic (5) 


23 Satisfactory travel authority 2 6 Gamble on getting a letter 


getting youth leader to jeer 
(7-3) 

25 Small and far from loud cry 
(4) 

27 Kind Danish leader always 
given same part (5) 

28 One will moderate anger 
(3. 6) 

2B Harsh step taken by National 
Trust (S) 

30 Has Edward been under- 
employed ? (6) 


from abroad (4) 
SOLUTION TO PUZZLE 
NO. 3,810 


TOT 


DOWN 

1 Second workman to have a 
stroke in court (Si 

2 One source of flower power 
(9) 

3 A long-playing record's within 
range (4) 

5 Cloak for anaemic baby (7) 


ft 



EH B5E7QQ 

n s 
Q3E' 

a a e 

bqeged sags 

a B^D D B E 
QQ OBignnHHE 
B G □ E B B 
Q0BS QQHBas 
a 0 C B El 


aBSBaSBS aEEBBE 


9.35 ».m. Gharbar 
1030 Parosi 
1035 Play School. 

11.00 For Schools. Colleges. 

1.50 p.m. Racing from Asw-ot 

535 News on 2 Headlines 
+5.40 Laurel and Hardy Show- 
case: “Fixer Uppers” 

6.00 Animal World 

630 Michael Strogoff 

7.45 Mid-Evening News 

730 The Story of English 
Fumhure 

8.15 The -Money Programme, 
including the new daily 
paper " The Daily Star ” 

9.00 M*A*S*H 

933 Play of the Week 
1030 My Kind of .Movie: Dilys 
Powell on ” On The Town ” 
1035 The Battle of the Somme 
11.40 Late News 
11.55 Closedown (Reading) 

RBC-2 Scotland only — 11.00-1130 
a.m. For Schools. 


LONDON 


BAnin t 247m *-55 Rural Rhrmi-s. MO News. 4.05 gramme «n. MO News. 620 My Word! 

1 ^ _ This Weefc’s Composer: ghost a hot ich- tSi. 720 News. 7J5 The Archers. 72B 

_ „ (S) stereophonic broadcast V.» Oraan Music iSi. 1025 Ernest Lash Checkpoint. 7.45 The ReJtli Locates. 125 

530 am Ab Radio 2. 7.02 pave Lee Brobius SonaiaK tS). XUO MWdsy Tho Hlteb-Hlker'a CuWe to the Calaxy 
Travis. 4.W Simon »-3l Paul concert, pan l. Raydo. Moiart IS'- tSi. Analysis: Ttie SUto of the 

Bdroett. 2.00 pm Toey Black burn. «JI hjs pm jnren-al Heading. 1M0 Concert. Union. MO Kaleidoscope. 9-5* Weather. 
Paul Cambaccim. 7J0 Usun io ihe Band wrj ... siIn-Hm BaveL LOB News. UH 10M The World ToolsJit. 1025 a Star 
'S' ' *?«• fnata ii. mo As vhf io.ro coucen Hail 'S'. 22» BBC Welsh Sym- h Bom: ' Uvh ’ report tra rhe lannchfnc 
_ i?*' am As Radio . phony Orrhesiro >S.. 3J® Fn.ncfl Chamber of a now national newspaper. 1UM A 

VklUl 'S'. 4.05 Kndaly: Poaftrus Hun- Book $t Bedilrue. 1125 The Financial 

Radio - indudJtw 1J5 pm Good Listening aarlros i S ■. <05 Btifldlns a Library of World Tonight. 1L30 Today In Parila- 

0.0a Listen to the Band «S » iiMinnl n-cords *S'. S.t6 Homeward Bomtd * S’, menr. 12.00 News, 

from Radio 2. 7/mk *05 5>mor.rii iJa New> . Ar Home: Scfmabel plays RRC Radifl Ixmdnn 

Serenade is >. s.«2 Th.? Itnpasanoi,. 5J5 a-otlioren. 7.30 Thomas Arm.” Music from DDVj “ dUiU JoUttUOn 

Spom Desk. 10.00 WI* Rama v lino. vSS GarteS^f tx> ScZSoJiviZ 206m and 943 VHF 

2.0? am wun Radio i Sp.>afcina iSchizophroUs’- BBC 530 am As Radio !. 6JS Roah Hour. 

DA riin f 1300m and VI (F Svm Phony Cirche&ira. trarr 1- Schubert. *20 London Uic- 12.W pm Call Tn. 

__ Shostaltoriifi i5». SJO The Arts world- 2.03 2« Showcase- fa* Home Run. 620 
5M am News summary. SJO \my Hj.ifl EBC SO nan 3: Befthoccu Look. Slop. Ltsten. 7J0 Black Londoners. 

S2? 4 ®" ;S. inrlwuns US VW ‘ Hr , 5 ,. njO Sounds JaterosUns 'S'- 1U» 5 JJ0 In Coacerr. M "Late Night LondOfl. 

Thouahi. 7J2 Terry Wocan 'S' including ti sn . it a Tordsht's Scnnhcri Song 12JJ0-Cl<«a As Radio 7. 

827 RacutR Bolli'iin and 0.C Pause for .e. I nnflnn RranHoocfimr 

Thought. Z032 Jimmy Youtis fS». 1225 pm tSK laOnOOn DrOaOCaStUlg 

WaRRomrs' Walk. 1330 Pete Murrays RADIO -4 261m and 973 VHF 

Open House 'S' locluflins 1.45 Suons ah* w:mimriVnP S-®8 w Morolnk Music. 6JJB AM; 

Dc.-*. 2J® David Hamtlion (S' laduditK . <*uUm,Joam hub i nr news, fnfonuariem. travel, sport. 

2-45 ant 5pon« Desk- 4J0 Wagoners' 6J» am Nows Briefing. 620 Farmlnfi loan Brian Hayes Show. LOO pm L8C 
Walk. 445 Spurts Desk. MI John Dunn Today, fa-30 Today— Maaaaine. ineJndiny Reports. 330 CcOm Gale's 3 O'clock 
IK I inriodiitt 5.45 Sports Desk. 6.45 Sports 6-45 Prayer for Ihe Day. 720 and U0 Ca!L 430 LBC Reports fcoatinues). 10t 
Desk. 7 22 Sina Something Sirnnl" 'S'. Today's News. 7 JO and *30 Hea i Ant ' r FWlt. <Mg N lyhtllnp 1J) am 

7-30 Listen to the Band IS' 'continued lines. 7.45 Thought for the Day. S.® Night Extra, 
on VHF and Radio li. 820 Euro oean An Occurrence at Owl Crack Bridge fshort rani fell Radio 
snnvr Special. 730 Th.- Imprvsarios Hon by Ambrose Blfircwl. 4J« News. "r ” , . 

loin VHP), 435 Sports Desk. HUE The MS The Livuts World. 4J5 Parent 194m 300 95.8 VHF 

Noirs RuddLnes uHib Roy Hudd. 10 JB Puwer. IMS N«W9. 1D.B5 WanrtcK 620 am Graham Dene's Breaks wt Show 

Max Wan iays Be My Guest. U/2 Cask-. MJO Dally Service. »■« You. JSi. MO Michael Aspel rs>. liOO Dave 
Brian Matthew bn rod arcs Round Mid- The Jury ' 11 Jo The State Opening of Cash *Si- 3-00 #m Roger Scott tS). 7.00 
night including 12Jte New*. 2.05222 am Parlratnent. 12.00 News. 1102 pm You London Today »Si. 7J0 Tale of Tt.-o 
News Summary. jsd Yours. 1227 Or Finlay’s Casebook. Clilcv— GJUlan Remolds compares life 

Radio 2 Scotland O«lr-0.OMJQ pm WJ5 Weal her, Drogramme news. 1X0 tn Snr York and London, and tonight 
SportWHind European SOcwr Special. The World at On.-. 120 The At^ero. examine* UnetapJariiienL BJB . Adrian t 

n . * v tjv 1.45 Woman's Hour tneipdlJ« 2.BMJE Lore's Open Line «». 92 b Your Mother 

RADIO 3 464m. Stereo dL VHF i5 5 Listen wtth Mother. 320 Won kin t Like Ir with Nkky Horne rSi 

625 Weather. 7.00 rice-v. 7.05 Your Sum. 325 Afternoon Theatre. 320 Omni U20 Tony Myatt’s Late Show fSt. 
Midweek Choice. *»n 1 »S>. a.00 Nmre. Evonsme iS». 4.15 stgrv Thai*. S2B PM: 2.00 am Djacan JoftnsWo Night Flight 
525 Your Midweek Choice. Dart 2 iS>. News ntagazrae. 5J5 Weather: pro* «S>. 


ENTERTAINMENT 

GUIDE 


THEATRES 


THEATRES 


MAY FAIR THEATRE. 01-829 3035. 
Sun. No*. 5 at 720. 1 Performance only 


'MARGARET RAWLINGS as 


EMPRESS EUGENIE 
CC— These -theatres accaae 1 emtaht credit!- b i_if!£l? - An - 


cards by tetetUtone or at the Box Office- ; 

OPERA & BAllET 

COLISEUM. Credit cards. C01-240 5250. 
ROfjrvatiora 01-035 31 6». 

ENGLISH NATIONAL OPERA 
Tort & Prf. 7-30 The Tates of KaPnuin. 
Tomor. 7.30 lotaothe. Sac A Toe. Mzt 

7.00 PM rarlis 'final p srfs .l •• CooW 
easily torn Into a cult : f. the thin Id ns 
man's or and opera." E*. • Standard. 104 
balcony seats avail, tor tip peril from 

10.00 on day ot perf. Now bkg. Dec, 


oOTme pleasure 


MAY FAIR THEATRE. _ 01-493 2031. 
From DEC. 10 Dty.IO.30_ -2-0 * 4_0. 
SOOTY^S CHRISTMAS SHOW 


NATIONAL ' THEATRE. 


OLIVIEr (open stage): Ton!gtit 730 To- 
rn or. 2.45 & 7.30 THE tNU 


928 . 2232. 
rtit ' __ 

BLE SEALER 


COVENT GARDEN. CCc r .' 240 f 065. 
< Garde nCharge Credit Caqft 836 6905). 


THE ROYAL 


Tout. * Toes. 7.30. Sat.- 




THE ROYAL BAUfT 
Tomor. 72.0 The Scestap'-pmity. ■ 


LYTTELTON • proscenium tugci: Tonlpfatj 
-A Tomorrow 7.45 PLENTY new pity hr 
David Hare 


COTTESLOE JsmaH auditorium): ^on^ht fi. 


Fri. * 


tonvorroM 7. THE WORLD TURNED UP- 
SIDE DOWN by Keith Dewtiurst from 
Christopher Hitt’s book iperhap* not 
suitable for cniidren)- 
Manv excellent cheao seats aU 3 theatres 
day of serf. Car park. Restaurant 92ff 
2033. Credit* card bookings 928 3052. 


& Mon. 720 Mayerflnrt Sat. 8.00 
Sereoade. A Month In Hkr Comrtry. 
Facade. 65 Amphi* scats'. avail, tor all 
peris, from 10 am on davaif perf. 


SADLERS WELLS THEATRE- ROSetOTY 
Ase, E.C>1. S37 1672/7 Eras. 7J0. 

HANDEL OPERA - 
NOV. fc.11. 15. 1 71^81 NALDO- 
Not. 10. 14. 16. ttr SEMELR - 


THEATRES 

A DELPHI THEATRE. CC.>-0t-«36 761t. 
OPENING THURSDAY NOVEMBER 9- 

Reduced Price Previews Nightly. Ererrinps 

720. Also this saturdbTd-OO. 

BEYOND-. 

THE RAINBOW 

An Enchanting Nat* Musical . . . 

BOX OFFICE NOW OPEN 
Credit Card BoofcinpvOI-SSS . 7611. .- 


ALBERY. 836 3873. CC. fckgs. S36 1071-3 

from 830 am. Party refer Mon.. Toes 
Wed. and Fn. 7 AS mo.' ThuTV. and- Sat 
4J0 and 8.00. 

A THOUSAND TIME* WELCOME IS 
LIONEL BARFS 
OLIVER ••• ' 

“MIRACULOUS MUSICAL." Fin. Times- 
with ROY HUDD and GILLIAN BURNS: 
NOW BOOKING FOR CHRISTMAS AND 
THRO * ~ 


OPEN SPACE. 307 5969. 

BECKETT DIRECTS BECKETT 
Endpame — Krajxo’j Last Tape . 
Toes, to Sun., Nov. 7 to 26. 720. onr 
Rino Boa OUTce tor detans. 

■ Extended try PobHc d ema nd; '. 


warehouse, Doomar Theatre- Cere 
Garden. Box Office 836 6806 Roy 


Shakesocare Co. No oert. ton'L Tomoi 
FrL. Sat. 8.00 Premier* Mary O'Malley 

LOOK OUT HERE COMES TRDUKL 

Adv Okas. Aldwych. . 


WESTMINSTER. CC- 01.834 028 
UNTIL November tg rT„ 

. Tues.-Frl. 74i-W«. A Sat. 3.00 
A -MUSICAL ENTERTAIN MENT: - < 

. - • wve. AU. - if 

THE BUNNY AUSTIN 5T0RY- 


WESTMINSTER. ,CC- ' Of -834 -.OEaf-jF-j 

TIM .RICE AND- ANDREW LLO^^T 
WEBBER'S . V JOSEPH - AND TTt&^f .v 
AMAZING . TECH NIC DIOR - . E 

coat,!’ Samoa Paul- jones. .t*»b 

.Hally- OoetW.-. Nov; 27. -TtdcetETaa,- 1 
£4= BOOK NOW. LIMITED RUN: 


)UGH -J979. 


ALDWYCH. 836 6404?- Into. 836 5332. 
ROYAL SHAKESPEAR* COMPANY in 
repe rtoi re Toat tomo^, FrL 7-50. Sat. 
2.00 & 730. Midd'ctoO & Rowley's THE 
CHANGELING. “ Sets Wic ptfaes sktp- 
Tbo Times. With? Dadd Mercer’s 
VLADIMIR 'from Toes. I RSC 
USEisee 


co&in TJ 

also at THE WAREHOU5 


ttee tmjfer W>. 


AMBASSADORS. CC 01-336 1171. 
Etbs. 8.00. Tues. 2.45. Sat.. 5.00 and 8.00. 
• ‘ JAMES SOLAN ,-j 

A MP«rb performance. ' FT. - 


. PROSPECT AT THE OLD VlC 
' Today. SaL 7.30. . . 

Anthanv Qoayte a» 

OLD VIC. K,NC 926 7616. 

0«>v 12 London' performances 
“Nbbodv with any respect for the theatre 
would want to miss Mr. Quayie's Lear.'* 
Financial Times. 

riiurs.. Frf. 7.30. Sat. 2.30 
Margaret Courtenay. Anthony Quart* 
In THE fUVAL6'. - 

Sheridan’s comedy. wH» James Aubrey. 
I sin Rlalr, Kenneth Gilbert. - Carol. GUM. 
Matthew Guinness Mel MartMi. Trevor. 
Martin. Christopher Npame. "Tbe fun- 
niest Mr*. Mahrorop I -have seen." The 
Guardian. "Mr. Qnayte’s Sir Ant h ony • a 
wonderful performance." Jhe rimes 


PALACE. CC. 01-437 6834, 

Moo. -Thors. 84)0. Frf. and Sat. 6.00 and 


JESUS CHRIST SUPERSTAR . 
be Tim Rice- and Andrew Lloyd-Webber. 


PALLADIUM. CC 01-437 7373. 
- -Tuesday Nov. 14 for S days onty- 
MARY O'HARA 

SWINGLE II and CHARLIE ShttTNERS. 
- BOOKING NOW OPEN 




PALLADIUM. CC. 01-437* 7373. 
Ooenloo Dec. 20 for a Season 

DANNY LA RUE . j ' 
as “ Merry '' Widow Twankey In 
■ALADDIN 

ALFRED MARKS as A BA NAZAR 
Dilys WATLING. Brian MARSHALL 

.- . - _ . and WAYNE SLEEP ■. : "'T.'; 

Preview Ooeemter 19 at 7.30. 


WHITEHALL. - CC. 0T-93O - 

fro*. Bjo. -.Fri-and jjiy e w add: 9 
Paul Raymond oresems/ thes 

SK-tmt of fhc Cemunr 
DEEP THROAT 

Yovr-kuretiance ta.-are prior to^aiusi,! 

to Eli 2 «S Montmarte P^av Tvf ? 
■ . . MUST END PECSMBEygy -fe 


WINDMILL THBATRS. OC; 01-437" 

Twice NiglKtr &0O -end io.DO-r.'-5 iM L 


- Sun. 6.00 aod -. = • 

PAUL RAYMOND PresertB O'. 

- ■ • - Rip opf^ • v-sj- .Ip 

THE EROTIC EXPERIENCE- OF tfiff- 
- MODERN ERA - - - - ™ , 

M Takes To unprecedented But Its ,wfiar4 
PccmtaEiMe eir our staae.** E. N*y*a, ., 
THIRD' GREAT YtAK.^7^ t 




'sgysgio,,- 

TlHUSa 5.00 E/l imt Ca*. :C d it*-- ■ 


OO. FrL and: Sat -:5. is-jtiyf av: 

r5 


■VERY 

Mary -O'MaKeyT :smasrr-ii„ , D 

-s^. , 2gi££?g?is£ 

OaHy TtIMfUli.- ' - v. 

-HAEB YOU^AKeynTH- -«* 
. LAUGHTER, - Guardian, -t - 


YOUNG VIC 928 6383. 
Tomor. 2 RICHARD III. 


SaL. Mon N .Tbe. 7 JO HAMLET 
mON h 


StuUc m peare trilogy ACT! 


YOUNG VIC STUDIO. 

TpnTB Theatre In Education 

of Stonfa PYGMAUON. ToirKWL. Rr 
■Sat, Tde. 8 Terence Greer's BAUftOO* 



CINEMAS.' . 

^. 1 4^ 1 2£^^ v bk a M 

Is DEATH ON THE NILE (At? WB 6 


Sum 2.20.. SJO. 8J20. 

“ ,U! * 
Snic 2JOO. -S.OPr 8.00. -. 


'•*y £— 


' ...it: 


IN A 

WHO KILLED 
"AGATHA CHRISTIE . . 

WILL RUN AND RUN.” Guardian. 


PHOENIX. 01-836 2294. Evenings at 8.15. 
1.3.00. Saturdays 6.00 * 




APOLLO. CC. 01-437 2663. Eros. 8.00. 
Mao. Thors. 3.00. SaL 5.00 and 8.00. 1 


PAUL DANEMAN. LANA MORRI5. 
DENNIS RAMSDEN 


CARMEL MCSHARRY 
HUT YOUI 


SHUT YOUR EYES AND 
THINK OF ENGLAND 
"WICKEDLY FUNNY." rimes- " Very 
very funny — Brest entertainment." NoW. 


Mats. Wed. 

" TIM BROOKS TAYLOR. GRA_. 
GARDEN make m laugh. D. Mall. 

THE UNVARNISHED TRUTH 
The Hft Comedy Ay Rqyce RYTON 
"lAUOl WHY I THOUGHT I WOULD 
HAVE DIED.” Sunday Times. « SHEER 
E*- Standaro.- "GLORIOUS 
CONTINUOUS LAUGHTER." rimes. 
LAST WEEK. ENDS SAYURDAY. 




ARTS THEATRE. Ot-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

*' Hilarious . . . see it." Sunday Times 
Monday to Thursday 8.30. Friday and 
Saturday and 7-00 and 9.15. 


PHOENIX THEATRE. CC. 01-836 229*. 

OPENING NOVEMBER 8th at 7.0. sub. 


Wtt at 8.0. Wed. 3.0. Sat. 5.0 & 0^30. 

IGG. JOHN THAW in 


ASTORIA THEATRE. CC. Chartnn Ciw 
Road- 734 4291. Mon^Ttox-s. 8.00 pm. 
Frl. and SaL 6.00 and 8.45. 

BEST MUSICAL OF THE YEAR 

ELVIS 

EVENING STANDARD AWARD 


CAMBRIDGE. 

Thor. 8.00. 


CC. 836 ED36. Mon. to 
Frf. 5aL 5.45 and 8-30. 
IPI TOMB I 
EXCITING BLACK AFRICAN MUSICAL 
Pulsating Musical ” E News. 

Seat prices £2.00-£S.SO. 

Whiter and IpB-prlte seat C9 SO Inc. 
FOURTH GREAT YEAR 
TRANSFERS TO WHITEHALL THEATRE 
DECEMBER 6th 


COMEDY. CC 01-930 2578. Eros. 8.00. 
Thors. 3.00. Sats. S.1S and 8.30. 

Evs. 8.00. Sals. 5.30 8. 8.30. Thnt. 3.00 
BILL re WHIT 6 LAW 

“ The most powerful female acting seen 


to London^ thl» year Observer. 


McKENNA In 
MOLLY 
by SIMON GRAY 
N TENSELY MOVING." E. News. 


CRITERION. 930 3215. CC. 636 1071-3. 

Evs. 8. Sats. SJO A 8.30. Thur*. 3. 
NOW IN IT5 SECOND YEAR 
SIX OF ONE 
LESLIE PHILLIPS 

■- . . and a HALF-DOZEN LAUGHS 
A MINUTE." 

SECONO "HILARIOUS" YEAR 
LAST WEEK 


DIANA Rl< 

NIGHT AND DAY 
Ngjr pig. by TOM STOPPARD 


by PETER WOOD 


PICCADILLY. From BJO am 437 4506. 
Credit cards 836 1071. Mon.-Tburs- 
8.00. Fri. and Sat. 5.0a, 5-T5. Air-can. 

“ DomlitatiuB With unfettered gusto and 

humour, the BROADWAY STAR? - D. Exp. 

• . SYLVIA MILES 

* -Towerfns performance." Dally Mall. 
VIEUX CARRE 

“Works, like magic." Financial' Times. 
/Tharp has hardly been a more -satJsfytop 
ereirtna In the West End . . . Tho BEST 
COMIC WRITING IN LONDON." Obs. 
Sex ruimlna like an electric current." 
F.T. SEASON ENDS NOV. 18. 


PRINCE EDWARD. CC. 01-437 6877 
Evenings 8.00. Matinees Thursday end 

‘ SatUn ^T # i 300 - 

by. Tim Rice and Andrew Lloyd-Webber. 
Directed by Harold Prince: 


PRINCE OF WALES. . 930 8661 . Credit 
earn Wcgs- 930 DB46. 11 weeks only 
Indore New Yorlt. Opens 7 Nov. tore- 
vtcw Nov. 6). 

ALAN A YOc bolTON's smash-hit comedy 
BEDROOM FARCE 

If you don't laugh, sue me.” D. Ew*. 
A National Theatre Production. 


QUEEN'S. Credit cards. 01-734 1166. 


E g«L JLO0._ Wed.. 3- 00. Sat. 5.00. B JO. 


IRGE CHAKIRlSw ROY DOTRICE. 
RICHARD _V£RNON. ^JAMES 


THE. PASSION OF 


VILUERS 
ULA 


CRITERION. 930 3216. Credit card book- 

ing 836 1071. Frm Toe. nwt Mon. to 
TBurs. 8. Fri. and Sat. S.45 & 8J0. 
(No 5.4S pert. Nov.' 10) 
Transfers from Hampstead Theatre 
"THE MOST HILARIOUS PLAY 
FOR YEARS.” Financial Times. ' 
GLOO iOO 
by Michael Hastings 


DAZZLING " E. stan. _".MOST SCENIC- 


ALLY SPECTACULAR SROW IN TOWN. 
Punch. " THEATRE AT ITS MOST 
MAGICAL." Times Lit. Sup. 


RAYMOND RCVUEBAR. CC 01-734 1593 

At Tp“», 9 pm. 1 1 Dm. Open Sun. 
PAt jl RA YMOND uresents 
THE FESTIVAL OF EROTICA 
Fully air conditioned. 

. 21st SENSATIONAL YEAR. 


ube). 485 2«3. <W THE C rofDJU 
TRACK STEREO. Proas. 2^0. 72 


CLASSIC 1. 2 . 3. 4, Ortord Street (00 

Totten bam Court Rd. mki. 636 OSt 

U .* A Progs.: Children half price-- ' 
1: Rteharfi Adam’s WATERSHip DOR 
, 'UI. - • Now wltb SteraoDhonlc Sow' 
PrB 2*i_ , ' 4S - *-1«. 835. 


?!- TW ,GREBt TYCOON lAAl. PitfcJ . 
1 -20. 3 AO 6.00, 8-20, ' ‘ 

3! Anal Dart the DRIVER (A). Pres 


, \ *- i S 

l 5 Li ; ki 


2.6S. f.is. 6J0. 8AO. Today IS TO 


Only s pecial Matinee." All seats El.' 
1LENT WITNESS (A». 


4: Final Day! HEAVEN CAN WAIT V 
Progs. 1.40. ff.S5. 8.15. 8.3S. 


CURZON.- Curzon Street. W-1- 499 37! 
YOU LAUGHED AT HIS AFFAIR . i . 
NOW LAUGH AT HERS ' ' 

PARDON MON AFFAIR TOO! fAA) 
(English Subtitles). Him at 2R0 U 
• Sun.) 4.0S. 6.20 and 8.40. 


LElCE5ipt SQUARE THEATRE t930 S2! 

THE SOUND OF MUSIC iUl. Seo. PIW 

Wk. 2.30, 730. Sun. 3.00. 7.30. Sef 
bkbte. In advance by post or at B 
Olhce for 7.30 prog. Mon.-Fri. and- 
progs, escept Laf* Show SaL and. S« 


DOEDN. Haymarket. 1930 273aj2T7‘ 
MIDNIGHT EXPRESS OO. Sen. prfc 
ray- 2.30, 5-30- 8.30 pm. All se 
bkble. 


°OEON - Marble Arch. (72 J 2011/ 

S25Fr^ N ?* UWTWlS 'HE - 1HH ■ 

P-'ND CA). Sep- progs, door* open M* 
Frl. 2.00. 7.30. Sat- 1.0S, 4.13. Tyt 
Sun. X00,. 7 JO. AH scats bkbte. 


PRINCE CHARLES. Lek- Su. 437 BH 

Walartan Boruwctyfcs TH* BEAST 
London X Sep. perfs. 12.40. 3.10. S;E 
B^S {Sun. 3.10. S AS. 8.35). Late sh. 
Fri. A SaL IMS, seats Bkbfe.' Lic'd b 


Sjupj,® 1 * 4. Oxford Circus. 437 33C 

J; J IM- cia yburah. Alan. Bates In Pr 

•Jpuraky - * AN UNMARRIED WOHl 

«1- Proa*. 1 .05: 3.30. 6 . 00 . 8.35. t J 
*how Sat. 10.S0. 

Christie's DEATH Q« . 71 
f*/' s f°- «F*1- 8ft*y 2.15/ 5.1 

I2& T ‘ ,uri ” rr1 -’ saL n ’* 


DRURY LANE. CC. 01-836 8108. Mon. 
’ ' S*t. 3.00: 


to SaL 8.00. Mafnee Wed. and 
A CHORUS LINE 
" A rare, devastating: levous, astonishing 
stunner." S. Times. 3rd GREAT YEAR. 


DUCHESS. 836 .8243. Mon. to There. 
Evenings B.OO. Frl.. Sat. 6.tS and 9.00. 

_ OH 1 CALCUTTA S 

" The nudity Is stunning." Dally Mall. 
Btft Sensational Veer 


DUKE OF YORK'S, CC. 01-836 S1ZZ- 
Evov 8 Bn. Frl. & SaL S.30 4 8.30, 
OPENS TONIGHT AT 8PM SHARP 

TOM FELICITY 

COURTENAY KENDAL 

. CLOUDS 

A comedv by MICHAEL FRAYN. ■ 


FORTUNE. B» 2238. Ere. 8. Thors. I. 
Saturdays 5.00 and B.OO 
Muriel Pavfow as MISS MARPLE In 
MURDER AT THE VICARAGE v. 

FOURTH GREAT YEAR 


GARRICK. CC- 836 4601. Ere. 8.00. 

Wed. 3.00. Sail. 5.30, 8.30 
DENIS OUJLLEY to Ira Levin’s 

DEATHTRAP 

A new Thrlllnr Directed hf 

MICHAEL BLAKtMORE 

■* VERY INGENIOUS. VERY FUNNY, 
VERY EXCITING." f Times. 


GLOBE THEATRE. CC. 


Eros a. is. wea. 3.00. Sat, gw^.fcag. 


01^437 1592. 

8A0. 
N2IE, 


PAUL EDDINGTON. JULIA 

8ENJAMIN WHITROW 
AL&M AYCKBOURN'S New CwncdT 

TEN TIMES TABLE 

This must be rhe haoetest laughter 
maker in London." D.Tol. " An imnlstfbhr 
?n lovable evening." Sunday Times. 


CC. 01-637 _ 9882-3. 

Red Price Preview* Irom 6th Nov. 
Mon. -Sat. B.30. Man. Frl. * Sat. 5-4S 
OPENS MON DAY 13 NOVEMBER 
LITTLE WILLIE JR'S 
_ _ RESURRECTION ' 

The First jog GosoN Mustoal 


ROYAL COURT. ?3D 1745 . Evgs. 8.00. 
sat. 5.00 and 8.30. LAST WEEK. 
NICOL WILLIAMSON 

"A Virtuoso ot-rfo rminca. ■ ■ D. T»l, 
INADMISSIBLE EVIDENCE 
“b I* one of the low great plays or 
_____ the century." D. Matt. 


ROYALTY. 


CC Ol -405 8004 

t , °£‘ ta r-'rti« , rwfc , ir evenings 8.00. Friday 
5.30 and 8 45. Saturdays 3.00 and 0 . 00 . 


London Critics vote 

■ BROWN SUGAR 


BUBBLING Bi 

~ . _ B<^t Musical of -1977. 

' bggqrp* receotca. Major credit 
ara * . Restaurant res. 01-405 24 is. 
SAVOY THEATHC oTTasS^BB. 


Evgve.OO. Wed,3J». ulsmW*"" 


B.4S. 


CC. qi-888 8996^7 


5H AFTESBURY. 

Frl. Nov. 10 at 5 pm. Sat. Nov 11 at 


SHAFTSSBI 


■ 1 


GREENWICH THEATRE. 01-858 775S. 
Evenings 8.00. Mat. Sat. 2.30 
AM AUDIENCE CALLED EDOUARD 

S David Pownsll 

coup," Times. " Surprbe 
and delluhL” D. Tel. Fascinating . 

extraordinary evenings." E.N. 


EDWARD COREY'S 
• ORACUUk 
...with DEREK GODFREY ‘ 

. “ABSOLUTELY STUNNING." 
LAST WEEK. ENDS SATURDAY. . 


HAYMARKET - 01-930 9832. E»os. BJ)0. 

Man. W«*. 2.30. Sats. 4. 30 and 8-00- 
GERALDINE WrEWAN ■ 


CL ' v h F &35l s 


NIGEL 

PETER PAUL 

BOWLES HARDWICK 

and FENELLA FIELDING 


LOOK AFTER LULU 

Coward, 


SHAFTESBURY. CC- 836 6536-7 
836 425S. Opera Dec. 20 UnSl ji?. 13 
JANE ASHER, ^NIGEL^ PATRICK In 

’ BbMv ». * 6-*S. Prieet £6. £4. C8. £2. 
n ea u UC, wi W 3? *5°, D i£J*P- 21. 22. Jan. 
JXioiqBBs accepted ner. 


ART GALLERIES 


F SS5J£S, U 5» £5^f4f, RY j* wimwe* 

oresejra-ap exhibition of new pilntln 
&. NEWCOM8E from Oef. . 24 

10 at t he. Alpine Gallery. 7 
*■ Aud ley street, London. W.l. I a JO, 

nnr^ka 5 * tS w 4. Suni. 1 . la 

opewis to 8 pm each rpes. Tel: 6- 


2280. 


2*- Dartre Strw 
W.l . 01-4S3 2630- RAQUL DUFY drat 
toQA. _waierealotirs 1 900-1 9 19: Oct. 1 




Pee. 8. Mon— Fri. 10-6. 


“ALL, GALLERIES. Th* Mall. S.W. 


or_Dll Pal««s An ph 




RICHMOND GALLERY, 8. Cork St.. Lo 


SLOANE STREET GALLERY Reef 
Sculptures by ALEXANDER In 5to- 
MarMe. Brorasc and SHver. 16th DC 
30ITi Nov. MonvFrt. 10- 5 JO. Sat. -10- 


•STOAN SWALCS SALOME. Ftolclbour- 
Si’ertre. 63, Gueeoi Grove, jtr.w ' 
588 3800. • 


THE MARKET- PLACE GALLERY, Colvte- 

Devon. TM- <02071 52841. "Waft 
cototmr "bv .CHARLES KNIGHT." 2^ 
Octobor. WMI *4th November. Open ' 

to I.Bng ,2J0 to 5,. Monday to Satuto* 

Closed Wednesday afternoon*. 


CLASSIFIED 

• advertisement 

RATES 


STRAND. 01-836 2680. EmiMI a. on 
Mat. Thuis- Soo. SatSj s^.ud 8 . 30 . 


. WET1E BRITISH 

LONDON'S LONGEST LAUGH— 
OVER 5.000 PERFORMANCES 


by Noel 

with Gary Raymond. 


HER MAJESTY'S. CC. 01-930 6606. 


Evav 7.30. Mat L Wo fr and Sat, 3 . 00 . 


BAR MITZVAH BOY 
THE NEW MUSICAL 


KING'S ROAD niEATRE. 01-352 7488. 
Mon. to Thure. 9X0 Fn., Sat. 7.30. 9.30. 


THE ROCKY HORROR SHOW* 
DON'T DREAM IT SEE IT 


L XMP«Sfc 3-00; Sat’ '1.00. SJO.’ 

PLOW WRIGHT fInLAV 

_ FlLUMENA 

^ .. .... , ft v Eduardo de P.l'noo " 

..5”*^°^?. .Jr franco zeffedelli 

■ Tool TRIUMPH." E*. News. •' AN 
EVENT TO TREASURE.' D. Mir. "MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS- Sunday Times. 


ST. MARTIN'S.'. CC. 01-836 1443 
e*»3. 8.00. Mat tows Toes. 2A5. SaS: 
S.00 and 8.00. 

AGATHA CHRISTIE'S 
THE MOUSETRAP . 
WORLD'S LONGEST IYER RUN 
26rh YEAR 


TALK OF THE TOWN. CC. 01-734 5051. 

Air- conditioned. From m Dinlna 
Dancing. SJO SUPERB REVUE ■ ™ 


dazzle Dazzle 
at 11.00 MATT MONRO. 


WELSH 


top*- B.OO. Sat. 
*. Man. 3 . 00 . 


MAY FAIR. 6Z9 3036 

S 30 and B.ao. WcO . 

NATIONAL THEATRE 
DYLAN THOMAS-5 
UNDER MILK WOOD 
Join IK No>. 9 (Rt toe 2Slh Anniversary 
Party. Show, Supper, Wine £10. [a Ira 
tickets still amiable.) 


THEATRE UPSTAIRS. 730 2554. Mon. te 

Sat '5,15 ami S. 13 . 


Thur 7.30. Fri. and 

Travers Th. .Prod, of THE SLAB BOYS 
hy John Byrne. 


VAUDEVILLE. 836 9988. Eves. 8.00, 
AN EVENING WITH DAVE 'ALLEN 
"UNDOUBTEDLY THE- FUNNIEST '. 

SHOW IN TOWN." son. Express. 

LIMITED SEASON wUH Oec. 2. 


VICTORIA 


828 4735-6. 


PALACE. CC. 

■ ,, 834 1317. 

STRATFORD JOHNS 

SHEILA HANCOCK 

- ANNIE 

Eros. 7.30. Mttt. Wed. -am) Sit* -2AB". 


„ . BLOCK BUSTING. 
SMASH HIT MUSICAL," D. Mall. 


CnBn mwrtJ l fir nHftnartri 
_ Property " 

RasMenUAl Property 
Appointments 
BrsIiibv; a- Investment 
Opportunities. Corporation 
Loans, Production. 
Capacity. Businesses 
For Eale/Warnrd 
Education. Motors, 

GomraeM ft Tenders. 
Personal. Gardening 
BntBiii ft travel 
b<m& PuMtahers 


Trr 

lit* 

s. 


■Tuidf 
cutoff - 
cm. 
L 


f-fl 

4.50 


J4.NJ 

R.M 

KM 


323 Iff; DO 


45! 

2.ra 


1300 
MAO 
7.00 , 


Premium oosWow avaUaUe , 
.(Malnm dm op trtunrn onw' 
tt* per dude artstan en am) 
For farther details unit to? . 


Classified Adverflseraeht- 


.Enandal Timefc -- 

10, Cannon Street BC4P 4B7 



■ "Ail 








■ yT^.'Vy - 

gas; 


^Kpvwnberl 1978- 



‘■$5*623 LC,?» ■ ■‘■■ i.’ ~ > ij! -jv ‘ •’> .-".t .* v ■ 

i'-c^ .~; 

«r-tv-r. ; ;;-•; v;,h 

« : = t : v! 

£«s .* 

tr 

£s 

1 *ri 


but Show business 


. _ .y : i ; 

,-r v > r - 


by CHRIS DUNKLEY 


_^ ^tv3»a%- :^feg^4hgt ara.tliere^y etmclu&Ioas jvorth BBC has moved as emhusiastic- 
Tl^sr;' •’iappcH^^ makkgabout the progression in ally as any of the ITV com- 


academic research called Dis- 

• .•„ — **• r.:. - ,- - „ „ - -- .. - — . — any of the ITV com- eocenes. Or. to net away from 

£rt*gra™*Pn Sujrfw^e^ings,^ Rotert : .Bou#4r*. career from panies, and. sometimes wjthmore BBC2 for a moment. Thames 
Stars ;Oir -Sanda?# tp.get BBC.news reader tO; advertiser expertise, towards the adoption TVs Bock Follies which owed 
xeG^tra its - HSt* fripnan;- vfrmargxti ne and reli«ious_eele- and exploitation or showbusiness plenty to traditional show- 
ages-to* tefer inaKad^ ote «ol-;on1y? : : Ahd^nnal - rhetorical in previously unaffected areas of business ideas but was neverthe- 
***»* ■; fa it qaesaon-ls.-^re any jpneral programming. less television approaching its 

BBEq?OTtairt-:fliat i ^wj'4ast:“weefes .observation Which tan be made But it may be objected, there most pure, and certainly -not 
... ....... . edition: TV’ MfiK/bUJeii James .cpn^rrning n(rtf.on)y^tiie pro- is nothing new about this; for moulded to look' or sound like 

t-. '.' '■■ ■v' Masony Harry Seoom .b e. /Robert- grammes already aneh^oned but years cynics have been complain- anvtbing around it. 

Uh ■*".■ DougaH. anS> Bfenat Campbell ^ STEh au - ng ^ Lelevision ' s nasty habit .So if all that can be said In 

'•' •■- * sMhmm Sdiift: Bcjife ■ Sfcoio. Read au. ,c Slick in ali s0rts of djverse deFence of --television, have the 

contrasting talent and cvnics got it completely wrong? 
one end and squirt ‘ jfy feeling is that in all the 

-«u. 4 !T i-' ^^b^vmt-oiir^Soira:" Anderson ^ should g, e other end in ttfdfs^nguish- have S been^reatlj^ove^donc 3 'but 

Mi-* S*|* *»»«* * tomogHred £? Ste . 



?* 

fffs vv>, 
r ijr= 


: V? j . 


favourite : - - , . 

storiest”) ■ icpnnected. 

Stayid&^vrttfi TV Times ;f or ,a- - SenerpT 


thing is that although inside television who are now 
boservatibn " ave ' nde>ed t,e ^ n sa 3 :in S doing their damnedest to justify 

. _ _ - r+fc-j. ~. + Mott rtinwhusine^s for a ^ on S lime - I* 25 not the cvnics and pessimists. 

S?L • " anoment.-shouJid we ^tach anjf iaiiies^ind ***° true - Jf faet if is not frue In ‘other words, although the 

is .?«**:?* ; ',A sgmfica»ce : to Angka Ws-deci- tSvSon under- even K yet - , Th «« « still a great charge that television extrudes 

Ar^ivs. - si<m to have . Orson- ■WeHes’ ‘SSSSfflaij*' ^Mwtwg ttw a^lr ®-}*P ber , of programmes which everything in uniform glittering 

!£?p5 Lop-v' 1 f \ Wame' pTinififi la ca^itsis r i«hffOfi: nnnort^i from the? variety e,tber rela y highly original and dollops of showbiz may not have 

tr-^yv/ the- Utle.: of --fiie tt'Swrtwa- p^SSS^rinfeiMwad music Inll e ^ en , uajc l ue material with an been fair in the past, it seems 

■' SranMM ^ahpift. -Zamhtan ” ’’wild- f _ ■ Jjspin j+s/Swi* 'liabt enter- ' ..? te ™ ,r H 13Qum of modifies- a |] too likely to become fair 
feu-v?'' ■-• fafe? ‘. :^y - ,c6anecii<m/toi^ n]aT j. ^A p.amin pc are being 11011 t0 51111 St 10 television (2J quite soon if present trends con- 

tetWMiu.Sare P»?.Sf«^.aad SSdS ?ndSS to every- immensely enjoyable hours with Unue. 
r -- 1 s u.rDiiMi{-? '.T-' rn ." thfaig '.on teiewsion religion, the Roy a 1 Ballet In Performance No truly radical change is 

_ ■ ■ ’> ^ And sbice-me wosd.-ronnnctlo9 > -;^dlff&/aciende/and : technofogy, on Saturday for instance) or necessary for this to happen 

-.h. has. . cropped-, up/. is~. thert ane~. ^ay«J. - ^°e : wrt--- sport -,■ literature, which actually create and pre- since it is a matter of degree: 

be[tweeh‘BBCPs/ new'-series "oband the news. -4 ":• -sent highly original material a small amount of showbusiness 

precisely Yorkshire ■-. jf 0 r Is- this 'fimfined to com- looking anything but homo- always was discernible within 

TV’s.-, docuhvautshy .^series ''.bn.- merclal television.' In its ■ 20 genised: Monty Putfum’s Flying much serious television, serving 

•ftactifca*- ' and' -yEondoir vWeekend year, battle to retain a respect- Circus, for example, or the quite inoffensively as a lubri- 

■TV’a : .3j.op#tfliz^ ^ inaccurately'; -able .proportion; of the national current _ extraordinary and cant. The danger comes when 

-tSledBifF.A^fet ? . .-.. audience large plough to. justify fascinating series by Derrick Torrey Canyon loads of the stuff 

Going back to Stors on Sundau, the continuing^licence fee, the Amoore and Ron Johnston on are allowed to seep out and coat 





JiftniCA-. ■ * t: ‘ 



«"«*«• . 

■**Vp f*-r si-’,;; *;•- 

iMXK-.z ■ 

:'y- . r =V- ;; 

U»-iDlC-i -- - •_! 

»»:«• ... V 


W-rVfir, 


8ft *8. 

SM'gTr,-. 


C .4 -ZJl I ic- 


SS^Svc^aV-s. -t- : ".J 

" ■ ■ i 

Jrcv, L .;v 

.£ ; U; 


.C:\EMA5 




" r ‘ the boiling springs of like » 

. - -j-u • : yyTvpf .- 1 r_:, - - . :. btorthern Xenyar -.-. J i; . v - 

‘.'-.a 'j. - fy.;. .. y '■ -- • ' 1 \ 

- Soh 0 ft#; r {Festival, Haft 


Kannington, 


everjThing in sight thus hiding 
H from view. At that point it 
becomes clear that instead of 
showbiz serving the subject, it 
is the subject which is serving 
showbiz. And that, surely, is the 
crux of the matter. 

At present there arc a lot oF 
programmes in which it is un- 
clear which set of values domi- 
nates. but when you try to decide 
which way things are moving, all 
the signs unfortunately point in 
the same direction. Some pro- 
grammes have clearly gone all 
the way already; “celebrity- golf” 
is sport squeezed into the service 
of showbusiness and the pro- 
motion of “personalities.’* So is 
Sporting Superstars. 

Under Melvyn Bragg Read All 
About It came close to pressing 
literature into the service of 
showbusiness. using books to 
promote footballers, singers and 
so on — or was it really the other 
way about? In its present series 
with producer Julia Matheson 
and presenter Ronald Harwood 
it has reformed and so far this 
season managed with only one 
glossy actress fJoanna Lumley)- 
Bragg. however, has moved to 
London Weekend TV and shown 
in the first season of the South 
Bank Skoic a tendency to go for 
showbiz personality pieces no 
matter what the art form. 

For further indication of the 
general drift take the three pro- 
grammes mentioned above: the 
"connection" is that all three 
incorporate, the name of the 
presenter possessively in the title, 
as in Bruce Forsyth’s Big Might 


In Forsyth’s case this seems 
reasonable enough since the pro- 
gramme is presumably intended 
to be pure showbusiness and the 
promotion of personality is what 
much of the series is about. 

But what of W/iicfcer’s World: i 
India and James Burke's Connec- 
tions? DO the. personalities 
feature in the titles as lubricants 
to ease the vieM*er into watching, 
or are ve witnessing a massive 
spillage of showbiz crude? 

I am fairly sure that much of 
the hostility towards Burke from 
serious commentators ari'es from 

a feeling that the programmes 
are seen as being there to serve 
Burke and not vice versa: that s 
spirit of "Hey mum look at rae " 
dominates the series. 

Yet the line dividing presenter- 
dominated su-bjects fshowbi 2 ) 
from subject-dominated pre- 
senters foot -showbiz) is 

perilously thin. David Bellamy. 

who has previously “ starred " in 
the possessively titled Bellamy's 
Britain and Bellamy's Europe is 
now presenting Botanic Wan for 
Thames TV. and because of his 
resort to person ality and his per- 
petual readiness to perform 
antics in front of the camera he 
must be in danger of categorisa- 
tion as one of the Zsa Zsa Gabor 
celebrity set. 

That would be quite unjust in 
my view-, however: his expertise 
is never in doubt, and every 
single antic l swimming the 
Amazon, with a marvellously 
doubtful downward glance, 
climbing a liana Tarzan-style. 
marching along firing tubs of 
petrol to indicate the passage of 
milennial serves the subject 
and suggests the shrewdness of 
the showman teacher rather 
than the self-aggrandisement of 
the seeker after celebrity status. 

There will still be those, par- 
ticularly inside television, who 
will say that none of this 
matters. That such fine distinc- 
tions are pretentious. That there 
Is nothing wrong with being 
entertaining. Not is there, if the 
entertainment is an adjunct to 
an already talented piece of 
work. 

But it surely does matter if 
the showbiz tinsel, instead of 
being a complement to excel- 
lence is used 25 an attempted 
substitute for it ? 

Survival's film about African 
wildlife — complete with the 
pathetic legs of a crocodile's 
prey disappearing beneath the 
water — was derivative, repetitive. | 
and. judged by the d-emandinoly i 
high standards in animal obser- 
vation films set nowadays byj 
Oxford Scientific Films. Heinz 
Seilman. Maurice Tibbies and; 
many more, technically mediocre.! 
But AngHa’s little ploy worked: | 
one critic has already written ; 
about how nice it was hearing 
Orson Welles growl Kipling's 
line about “ the great grey-green 
greasy Limpopo Hirer." 

What price the news read by! 
Hermit and Miss Piggy? s 



L'.'Jtwrd Burt 


Annabel Leventon and Yincent Marzello 


Round House Downstairs 


Jesse and the Bandit Queen 


This is the story, according to 
American playwright David Free- 
man of Jesse James and Belle 
Suit, whose shifting relationship 
is seen through a kaleidoscopic 
series of newspaper reports, 
fantasy sequences and rough- 
house encounters. It is not a 
subject. I would have thought, of 
pressing interest far the good 
folk of Camden Town, nor is it 

Covent Garden 


of even marginally general in- 
terest in Andrew Harmon's dull 
production, winch is badly lit. 
half-heartedly staged. and 
largely inaudible. 

Jesse tVineent Marzello) has 
a nagging wife and Wild West 
reputation to live up to: Belle 
(Annabel Levemon). survivor of 
a three-Siarr marriage, bas an 
Oedipal son. several pairs of 
boots and a strong preference 
for Cherokee Indians- Their 


respective exploits, recounted in 
the Police Gazette, demand that’ 
they inhabit the myths they have' 
created. That and a little bit of 
coy rol e-rev ersai, constitutes the 
lean meat of the play. 

Despite the overall dreariness. 
Mr. Freeman is obviously a writer 
of some dash and imagination.' 
Even I can spot that despite Mr.- 
Harmon's strenuous efforts to 
contradict the evidence. 

MICHAEL COYENEY 


A Month in the Country 


Mark Silver’s appearance as 
the tutor. Belyayev, in A Month 

in the Country seems to me to 
be a most happy and natural 
piece of casting. He brings 
youth, sure technique, and an 
unforced sincerity to the part; 
he is physically of the same build 
as Anthony DowelL who created 
the role, and his elegant line 
fills out the long phrasing of 
Ashton’s choreography as featly 
as does Dowell's, t Silver had. 
at bis graduation performance 
from the Royal Ballet School, 
taken over another Dowell role 
—that or Oberon in The Dream. > 
If the role suits him physically, 

Elizabeth Hall 


it is no less right for him 
emorlonaliy. Silver, an artist of 
undoubted gifts, suffered a year 
of injury which might have 
clouded his promise. But on 
Monday night he was back on 
best form, better indeed than 
I have seen him before. The 
character of Belyayev seems to 
focus bis personality: be under- 
stands its indecision* — the 
puzzled glance before he em- 
braces Vera at rhe end of their 
duet: the brief challenging flash 
of temperament with Rakitin at 
his first entrance — and he 
explores its nuances of feeling 
with a sensitivity that avoids 


mere softness. In characterisa- 
tion and dancing I find it a most 
convincing and most rewarding, 
performance, the identification 
with the part absolutely sure. ■■ 
Marguerite Porter was the 
Natalya, repeating the gentle 
and sweetly danced reading we 
saw last season. At first I 
thought she looked young for 
the role, but as the ballet 
progresses. Porter finds a 
nervous intensity that illuminates 
Natalya's feelings with sudden 
shafts of acute emotion and give 
the characterisation its maturity. 

CLEMENT CRISP 


New Vienna Octet 


The members of the New 
Vienna Octet all belong to the 
Vienna Philharmonic. They owe 
their collective title, but none «<f 
iheir personnel tn the old Vienna 
Octet: ir the distinguished name 
evokes classical playing of refine- 
ment and relish in equal parts, 
ihe new group deserves it They 
were acclaimed with due delight 
on Sunday by a not over-large 
audience. It might have been 
larger had the Octet been per- 
mitted to advertise their major 
work, the Brahms Clarinet 
Quintet— hut another group with 
a prior booking was down to 


essay the Brahms last week. 3nd 
apparently they exercised their 
right of refusal. 

Ii says much for the Vienna 
clarinettist Peier Schnudl. that 
he kept his poised and lovely 
contribution to the Quimet 
strictly on a level with the string 
parts— not even “primus inter 
pares" except in ihe Ariaeio — 
and yet underplayed nothing. 
His first ascending phrase glowed 
magically, and everywhere nc 
displayed a limpid legaio which 
remained cleanly articulate, 
never boneless. A touch of shrill- 
ness at the top seized the atten- 


tion ai dramatic points, which in 
this performance were made 
strongly; ;iu? gumtei regularly 
suffers from crepuscular wilt, 
and there were uncommon 
rewards in the Vienna players.* 
purposeful shaping of it. 

At the outret of Beethoven's 
early Septet Op. 20. I wondered 
whether good taste was going to 
dampen the rollicking spirits of 
'he piece. The cool assurance 
of the OeteO leader. Erich 
Fonder, seemed not to run lo the 
extrovert chirpine.'S the music in- 
vites. But it was needless worry 
DAVID MURRAY 


ZSliz*. - 
(Siw'Vn: •. 

p££f:'- 

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: the Iavatpry : (where ..we /have dog." game' 

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The 

and 


heard bin/: straining . for some bodily.-^ontacL 

time>4» interview Harry/ the - job ..But by then be has begun to 
. applicant' iir- bis bffiee.-' he ' is J realise that.Barnes, with his out- 
4 .^ - (mm W-tant. Ttfca dated uniform, is a phoney. He 

fr0 ^ — ^ challenges him to another round 

.. B aaen-PoweiL B.P.s portrait of ' “British Bulldog" and easily 

hangs- on' the wall, together -with wins by -kicking httn smartly in 
. other. posters about the outdoors the .crotch. 

.. and:/ aa/ictrusfve- calendar pf Phil Woods, the author, hasn't 
nudes.' ’>* , made it-- quite dear what 'he is 

- > The- ' interview. • f or ; -a -very .argding^ ■ Though Barnes is a 

vaguely specified job ‘tirni at'fB?™ or fun. he talks some old- 

- - ' s TT y - ■/// /-..■^■fashioried ,-. commons ease; and 
:**'- bDCT.jalo. .a recruiting ^amPA^ tlrough Harry wins on behalf of 

: . fo^the. Boy Scouts,. * ;Barhes' (oda^s youth, he is, let's face it, 
brews^epcoa _oxt thdi floor; - cooks ?c r man of no .great value to 
~- r a damper,, sings camp' fire- s.ongs t socletj*.. Moreover, the play gow 
•- * Hairy "a simple voting man' on -. ^ 0E , tod a t one level. 

.. /X-i,.- n,,^rf^ir..wtthout perceptib e development 

. the-dsfibf w*ose idea,ol outdoor ^ ^ pay:0ff . 

life: ? 4s. : . watching. - Newcastle ^ ere are a few laughs. 

' United: from' the terraces, seems - a ^ fl -j 0 Kn : White as Barnes and 
to go!,- along with .hUBL'->.. Rod Culbertson as Harry, play 

# 7T C? |T He ii'everi persuaded to- change with pleasant- enthusiasm. Brian 

5* CAU^; mtp;C-%out iinSforriL;and;Jias.a Croueber directs. .. 

; Yoiiig yte fSfiidfo ' 

Cabaret of Love & Death 

by ASfTQNy THORNCROFT 

: Cabaret ofi-".liojte ': and Death,. . Eveothing depends on 

a DDeti singly ‘ 'dtecribed'-^t “A. lyrics .written by MacBeth 
appcusiiigij . .-ftp.- John - Bingham, who also com- 

Gorrupt and : ^16gant - _ josed^ ; . ; the " musical accompani- 

Dinher Entertainment features jne’nt, . Some are amusing, 
one— of" the ’ better -, performing . '‘ Paiiders Model ” a run down on 
poets George* Macbeth/and one (behove lives of celebrater artists 
of the' more ambitious singers' aftd 1 ^Oedipus *Eddy* Bex,” in par- 
i Bettlna. -ijonic' . as protagonists ticular;. others no more i n teres t- 
muiling over-itiie .scraps =.. of / a than overheard wrangling. 

' dead- &air.' so. dead -that- -they But this late mght performai acc 
emerge from coffins. ..before starting at ll at Hie \oung Vic 
-takiS ; up ' Positions at .the studio, is a nice idea and it is a 
iecteras P . . Pity that the well matched pro- 

■ v j ' nncii-innc tagonists are not provided with 

etiualls ’ cerfm.^riaL 

manly in 'his waspish satire , of - It .-was good to see BeWpa 
the lady's -'Shortcomings . and Joni<jflounsh in- Cabaret _for her 
Jonic trvihg, through - sweet solo spot late en othcrNovem- 
smiles' to - counter ■ his inbred her nights at. the. Studio. Blue 
• chaiiranism. V George' MacBeth . Denimls a disappointing stew of 

recites his pretty speeches while 

Miss Jonic- sings in a voice per- and boorishly oJd fashioned, 
haps - better trained for the con- which cries out for cutting and 
re^platfdrm than for intimate probably too. much cutting for 
revieW;.:;.. ' ' " survival.. 

RSC earns over £2m 

, .M me tomdiea mi second Shakespeare Theatre to the Aid- 
'■ annuaT- report of the Royal Wh. . • 

. Shak^p^ Company, released 'tejjJlmgBe to JJJ 

,«• > yesterday. . reports on the tJurt y I earned by the RSC 

'V fcre RSC productions which were m Art’s Council grant 

■V performed in’ . fifteen different Q£ ^ The defidt for the year 
^ thfeatiDes ih : . the 1977-78, season. WS s . £54,709, but this ^ includes 

Shakespeare Theatre Trust for 



■CLASS ;?i ^. 






to^uhi eoabling Other 

. Pradttetioas, - to*, transfer 


Sullivan and Elgar 

: The jhxtapositiOR oi Sullivan’s syncopations of Schumann. If 
and Elgar’s music in\ Monday's any influence shows other than 
concert brought a reminder that Mendelssohn's, it is Schubert’fr— 
the.careers of the two composers especially in the finale, when 
overlapped. Indeed thd overlap the trombones recall the Great 
would have been greater had c major almost too frankly. 
Elgar not. been such a late starter. (The subtitle of Sullivan's 
It was at Leeds in 1S9S. when symphony, “the Irish.” indicates 
Sullivan made his last appear- only -a place of composition, 
ances as principal conductor of not a folk-ilke flavour.) Sultt- 
th&^ Leeds Festival, that Elgar van’s is not an exciting work, 
(already over 40> achieved one but it has charm, wit and wist- 
of - bis first successes with the fulness— qualities which ail but 
cantata Came locus. disappear if opportunities are 

That cantata, and the even not taken of bringing out and 
earlier: King Ofaf. bad been re- caressing the characteristic 
vived in recent seasons at the melodic phrases of woodwind 
Festival Hall by the organisation and strings, 
which- calls itself Polyphonia. On j longed to hear this 
Monday,, with Bryan Fairfax symphony in a more pliable 
again . as conductor, Polyphonia performance, with subtle curv- 
provided a hearing for the ing of detail. (Sir Charles 
earliest Elgar cantata of all. The Groves recorded it nearly a 
Block Knight (1894). Preceding decade ago; can he be pur- 
i tin the programme was the four- shaded anew to a live periorm- 
moveraent symphony which. 30 a nce?) Mr. Fairfax was more 
ye&£s previously, had been successful with the Elgar 

written by the -young Sullivan cantata, because its explosive 

before tittoen entered his Ren. harmonies . and its strongly 
Mr. Fairfax, with the Philbar- sectional divisions establish the 
motiia Orchestra a this disposal. m0 od-pattern in the broadest 
also delivered the Buy Bias terms. Its story, by Longfellow 
overture of Mendelssohn, as if after Uhland’s German original, 
to show, where Sullivan found is a b - IT of a Cl0thlc bore _rbout 
pqme strong roots of his musical a sinister intruder at a medieval 
« e ’ M , , . . . Festivity. But the music so 

Poor Mendelssohn nad ^ a strongly “sounds like Elgar” 

stodgy -time of it from Mr. (even without those drooping 
Fairfax's better, hut Mendels- sevenths of his later" style) that 
sohn-.will survive. Sullivan's it is welcome as a rarity, 
case, is more perilous. His Despite the . feeble tones and 
symphony does not as might incomprehensible diction of the 
have been expected from a Harrow Choral Society, the 
young Englisman fresh from encounter was a stimulating 
training in Leipzig, adopt the one. 

throating discords and stressful ARTHUR JACOBS 

Wigmore Hall 

It Don’t Mean a Thing 

This welcome Saturday after- John McLeavyrthat chuckling 

noon jazz concert took its title man of the- trumpet and flueel- 

from the recent BBC-2 series horn and adept user of mutes', 

which showcased only British shared the -front-line duties with 

musicians (lobby the BBC for saxist Kathy Siobart who did not 

its return!). The series -bad the seem- to get into her stride' on 

effect or reminding audiences — tenor but whose version of “My 

and reluctant critics '.—that pre- Ship.” on soprano was as moving 

occupation with the steady flow as anything heard all afternoon. 

of visiting American musicians McLeavy’s short. stabbing 

to this country too often leads phrases and pure, dean trumpet 

la unjust neglect and dismissal tone were deliciously highlighted 

of .the rich, native-bora talent in on his now regular feature, 

°br midst. . ■ “Baubles. Bangles and Beads” 

The. Quality of mustc hcard on Kay Gamer, heard recently on 

Saturday again confirmed that late night BBC radio hut a new- 

British jazz need' never have an c 9?^ r : 1 ^° the jazz scene, pro- 

inferiority complex. Blind pianist Srt TTar ° V th ® COn ' 

Eddie Thompson, who for ten s ffl5. ga ? ug ' 

years successfully competed with ? e ^ ed s ^ e could be THE white 
years sticcessiuny competea wim ]azz ^ ponntry h t 

Americans on their own ground to produce. Her . phrasing id 

in New York, threaded the pro- jazz feeling are not in question. 

ceedings together in his own But her choice qf material, espe- 

inimitable way with over-effu- daily “ Tea for Two ” in a ver- 

sive introductions, some good sion very similar to that OF Anita 

jokes and his own witty- playing. O’Day (an obvious .major influ- 

Thompson is a prime example es'ce). could be more chaliensing 

of an unsung talent to his own and discerning. But she is most 

land. His style echoes the flow- definitely a name to listen for 

eriness of Art- Tatum but in f: : The two other musicians ful- 

he copies- no one. His ebullient filling an important role during 

playing and melodic attack, conn- the two-hour concert, which was 

ter-balanced with lyrical tender- presented by the BBC Jazz 

ness in ballads such as “Round Society, were bassist Len Skeal 





Jf/iaritv chaieone of the new theatre ini Midnight” put him in the fore- and drummer Ted Pope. 
SE3LSS& •• front of piano players anywhere. KWH*. 


, f ■" ' -Gpffiiph. ’with-' the -same reg 

.■ ' SSi'lfWn'sfarB-' 'fHWl ‘ -I 


KEVIN HENR1QUE5 


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Management Assistance Incorporated headed for another record year -for the nine-month period et.dcd June 30th 197S compared with 

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..rC 




16 ' 


Times 


FINANCIAL TIMES 

BRACKEN BOUSE, CANNON SISEET, LONDON EC4P 4SY 
fefegrema: Sluntimo, London PS4, Telex: mm/2, SS3897 
Telephone: 01-248 8M0 


Wednesday November 1 1978 


Mismanaging 


reserves 


THE DOLLAR, after falling 
vertiginously for several days, 
stabilised yesterday. While this 
pause can hardly be hailed as 
the end of the crisis, it is an 
illustration of how it is likely 
to end. At some point a 
currency widely used for trade 
must be perceived as cheap, so 
that commercial users begin to 
tske advantage of the low price, 
and reserve holders who have 
been trying to diversify decide 
that it is now too late. Such a 
change of sentiment maintained 
for more than a short time is 
likely to set off a sharp recovery. 
This is the usual pattern of 
movement in capital markets — 
or indeed in any market where 
stocks are large in relation to 
flows; but it is a disruptive way. 

Sir Jeremy Morse, before he 
left the official world for joint 
stock banking, spent some frus- 
trating years steering the efforts 
of the Committee of Twenty to 
devise a more rational way of 
managing reserves and the 
adjustment process. The 
experience has left him with 
few illusions about the chances 
of securing agreement on any 
reform, and when he surveyed 
the present mess in a talk in 
London yesterday he forecast 
that, despite the crisis, radical 
change remains highly unlikely. 
We are simply moving rather 
convulsively from a post-war 
era of dollar domination to an 
era of managed instability and 
multi-currency reserves. It is a 
confused and confusing pro- 
spect, and for the longer term 
Sii* Jeremy suggested that 
thought, should again be given 
to a more radical and inter- 
national approach. 

The problem is certainly not 
one which is likely to be solved 
by benign neglect For the 
time being diversification of 
reserves by a number of small 
countries is a manageable prob- 
lem, and may prove slightly 
helpfuL In spite of the 
declared wishes of some of the 
central banks concerned 
(though not of the Bank of 
Japan.- which knows how to give 
way gracefully to importunity), 
reserve holdings of a range of 
stronger currencies are growing. 

As long as these holdings are 
reasonably in line with the 
sums a prudent banker would 
hold to cover transactions, they 
are likely to be quite stable 
despite exchange rate move- 
ments. as official sterling 
balances have proved since they 


were run down to something 
near trading levels. However, 
this merely shifts the dollar 
holdings into safer bands. Little 
or nothing has been achieved to 
improve the general quality of 
reserves, or to promise any con- 
trol or stability in the growth 
of international liquidity. 

It is often remarked in the 
City at the moment that the 
world has become unstable 
because of the lack of any 
dominant economic power as 
the centre of a kind of planetary 
system. However, the monetary 
problem is more complicated 
than lhaL What is required for 
any* durable system is not so 
much a dominant commercial 
power as a monetary authority 
which is prepared to put its 
international responsibilities at 
the top of its priorities. The 
Bank of England saw its 
responsibilities in this way two 
or three generations ago, but 
the cost to the domestic 
economy was often high. The 
Federal Reserve has always 
and legitimately put its domes- 
tic responsibilities first. The 
success of an essentially dollar- 
based system in the 1950s and 
early 1960s was more a matter 
of luck than management 

Likely fate 

However, this “dollar 
imperialism" was increasingly 
resented, and in the end the 
dollar suffered that fate likely 
to befall any reserve currency 
— the deficit needed to meet 
world reserve demand implied 
an overcalued currency. Its 
subsequent collapse was speeded 
by inflationary domestic policies 
and a . period of misuse by cen- 
tral batiks of tiie Euro-markets. 
In an effort to limit the dis- 
ruption which has resulted, the 
stronger central banks have 
acquired a flood of now 
unwanted dollar reserves. 

It is not an edifying story, but 
there is no inherent reason to 
suppose that another national 
central bank, or even a 
European monetary system, will 
do mucli better at the role of 
reserve creation and manage- 
ment. No one would dream of 
setting up a national central 
bank as Lite subsidiary of a 
trading concern^ however large, 
and it is no more logical to run 
international money in this way. 
The lesson of Bretton Woods 
and its collapse is not that we 
do not need an interna tionail 
system. We need a better one. 



Mr. Hshiro Salto, President 
* of Nippon Steel, 

... if Japan can curb her 
overseas steel shipments by 
some 20 per cent it is “deplor- 
able" that other nations 
cannot do the same - . . 



Mr. Tony Solomon* UR. 

Treasury under secretory =, 
. . the steelmakers of the 
emerging advanced developing 
countries win be allowed to 
compete in the U.S. market 
against the home industry— 
as long as the competition is 
considered fate . . 



Tisconnt Etienne Dqvignoz* 
EEC Industry Commisioner 
. . . The next phase of the 
Davignon BaAfeihe .rostra*, 
taring of the EEC', steel 
industry to make it efficient 
37 tH competitive for the 1980s. 
But Viscount Ddvignon knows 
the only weapon in his hand 
is his ability to peraiage 
memb er . governments to pnt 
their.- own .industries is. 
order , i . 




A milestone 
in Madrid 


SPAIN HAS PASSED a major 
symbolic milestone on the road 
lo Western-style democracy 
with yesterday’s Parliamentary 
approval of a hew constitution. 
The constitution establishes 
Spain as' a "parliamentary 
monarchy,” with firm guaran- 
tees for the respect of human 
rights and a limited role for the 
King, on much the same lines 
as many other West European 
countries. Even if yesterday’s 
endorsement was widely ex- 
pected, formal approval of the 
new constitution is an essential 
part of the process oF Spain's 
reintegration into the family of 
West European nations. The 
EEC countries, with some mis- 
givings, are prepared to 
welcome Spain into the Com- 
munity if by doing so they can 
underpin Madrid’s attachment to 
democracy. But at the same 
time, the Nine need proof that 
this is what the majority of 
Spanish people really want. 

Respectability 

Spain's transition from 
Francoism to international 
respectability has proceeded 
much more easily than many 
people once feared. All the 
main political parties approved 
the constitution in yesterday's 
vote, and ali the indications are 
that the majority of the 
population will accept it 
in the national referendum 
due to be held on 
December 6. The Spanish have 
not yet bad much experience of 
the practical implications of 
their new democratic system — 
and most of them are probably 
unaware of what Common Mar- 
ket membership will involve — 
but there seems to be a general 
national consensus behind the 
constitutional reforms that 
Parliament has now adopted. 

The major problem is that 
the national consensus does not 
include the more active Basque 
separatists, nor, in lesser num- 
bers, tbeir Catalonian counter- 
parts. The mainstream Basque 
nationalist party (the PNV) has 
now decided 'to campaign for 
abstention in the referendum 
on the- constitution, and the 
chances' are high that the ETA 
guerrilla organisation will step 
up. its terrorist campaign 


between now and December 6. 
The Basques have traditionally 
been successful in exporting 
political discontent from their 
homelands to the Test of Spain, 
and may well do so again. But 
the overwhelming reaction of 
Spaniards outside the Basque 
country in the coming weeks is 
more likely to be an anti- 
separatist backlash. 

If, as is likely, the majority 
of Basques reject the constitu- 
tion— or abstain — severe ten- 
sions will persist. The Madrid 
Government has so far shown 
itself unimaginative in refusing 
to make small but symbolic 
concessions to the Basques, and 
an overwhelming Yes to the 
constitution by the rest of Spain 
«iU not solve the problem. The 
armed forces still have an 
obsession about Basque separa- 
tism that dates from the Civil 
War and before, an attitude 
that has almost certainly 
influenced sections of the new 
constitution. 

Sr. Adolfo Suarez, the Prime 
Minister who has piloted the 
constitution through Partia 
ment ' also has a more 
immediate problem — how to 
stay in power. He has the choice, 
after the December referendum, 
of either calling general elec- 
tions or submitting his minority 
centrist administration to a 
vote of confidence in Parlia- 
ment He might well survive a 
vote of confidence with Com- 
munist support The Com- 
munists are not yet ready for 
general elections and want a 
breathing space to consolidate 
their power through the trade 
unions, The problem is that Sr. 
Suarez Should in theory bold 
municipal elections within 90 
days of the refendum, elections 
in which the Socialists, the 
major opposition party, are con- 
fident of making widespread 
gains. If so, they would then 
want to unseat Sr. Suarez in a 
geenral election. By securing 
the overwhelming Parlia- 
mentary passage of the consti- 
tution, Sr. Suarez has made a 
vital contribution to die restora- 
tion of Spain's international 
credibility as ■ a democratic 
nation, but tus internal prob- 
lems are far from over. 


of a 

for world 




BY ROY HODSON 


S teelmakers are holding 
their breaths and are hot 
risking forecasts which" 
could prove to be rash or mis- 
placed. But there are signs that 
tiie industry is starting to pull 
out of its four-year recession. 

It will be easier to acknow- 
ledge that the show is on the 
road again when the 29 mem- 
ber countries of the Inter- 
national Iron and Steel Institute 
(making 98 per cent of Western 
world steel) decisively break 
through the 40m tonnes-a-month 
barrier. That figure was com- 
fortably exceeded in 1973 and 
1974 before the crash of 1975. 

Now the industry- -is -again 

nudging towards it September 
production among the DSI 
members was nearly 39m 
tonnes. 

Among the brightest spots 
are that West German steel- 
makers are dolhg much better 
business and expect to' raise 
production this year by some 
3m tonnes; and U.S. companies 
have been working nearly flat- 
out in recent weeks with order 
books lengthening for some 
products into the early months 
of next year. 

It is, of. course, too early for 
the world industry to assess 
what will be the overall impact 
of the falling U.S. dollar upon 
world markets in steel. And 
many forecasters expect steel 
sales in the U.S. to fall, off 
during a period of recession 
tbere next year. 

But the world picture now is 
one of rising demand for steel 
products. Jt may well be sus- 
tained until the Western world 
is again trading at the tonnage 
levels last seen in tile early 
1970s... 

There is no chance, however, 
that a return to the tonnage of 
five years ago will mean a 
return to normality and high 
levels of production for every- 
body. In particular the steel- 
makers of western Europe and 
Japan will find themselves in a 
harshly different world to the 
one they knew. 

The new steelworks of the 
so-called “third - nations" — 
developing countries in the 
main — are straining to turn out 


higher tonnages from some very 
efficient equipment Those 
newcomers to the' steel scene 
have raised production in the 
first nine months of this year by, 
on average, 11 per cent com- 
pared with the same period a 
year ago. Brazil’s output is up 
by 7 per cent; Sooth Korea’s by 
15 per cent; Mexico's by 25 per 
cent; and Taiwan's by 95 per 
cent 

The third world nations now 
comprise a potent, force in the 
pattern of world steel making. 
They will become steadily more 
important during the next ten 
years as more new works in 
those countries ate built with 
the assistance of Japan, Europe, 
and the U.S. 

Balance will 
shift 

This year the non-Communist 
world will make nearly 460m 
tonnes of crude steeL Europe 
and the U.S. will each provide 
well over 100m tonnes. Japan 
will produce about 100m tonnes. 
The third world nations will 
together also provide around 
100m tonnes. Within five years 
that balance will have shifted 
decisively in favour of the third 
world countries. Their collec- 
tive production will then out- 
strip that of any one 'of the 
traditional Big Three steel pro- 
ducing areas. 

The growing pressure from 
Ihe third world nation producers 
— many of them admirably 
equipped with ample supplies 
of cheap iron, energy, and 
coking coal — will in the Jong 
term have a profound effect 
upon steelmaking in Europe. 
America, and Japan. In those 
three areas prospects for 
sustained growth in the industry 
look bleak. There is a recog- 
nition that if better business is 
to be won from rising world 
demand for steel it will have 
to come through the manufac- 
ture of more sophisticated steel 
products rather than from 
greatly increased output of bulk 
steel. 

To meet the -rising tide of 
third world steel production the 


traditional western industries 
are going to have to re-shape, 
re-group, and sometimes slim- 
down, in ways that would have 
been unthinkable even in the 
early days of the current 
recession. 

The general attitude of steel- 
makers at the moment is that 
such thoughts as these are for 
tomorrow — or next week, or 
next year — and that what counts 
while -trading is -still depressed 
is getting through today. 

Three influences are combin- 
ing to hold the traditional steel 
industries in some semblance of 
order while orders remain short 
and the temptation lingers to 
score over competitors. They 
are: first the remarkable res- 
ttraint being shown by the 
Japanese steelmakers; secondly 
the schemes introduced by 
Viscount Etienne Davignos, the 
EEC Industrial Commissioner, 
in the past year to control 
prices, production, and trading 
in the Common Market; and 
third the U.S. Government 
Trigger Price Mechanism which 
was adopted this year as a tem- 
porary device to protect the 
U.S. steelmakers from low-cost 
steel imports. ■ 

All three influences are inter- 
acting in a remarkable way. 
Deprived of any one of them, 
steelmakers would be entering 
the winter in a state of con- 
fusion instead of with new hope. 

Japanese 

restraint 

Of the three the Japanese 
behaviour during this- crisis year 
has been of outstanding 
importance. The Japanese com- 
panies have cut steel production 
by 2.6 per cent and are volun- 
tarily restraining their steel 
sales into Europe and the U.S. 
to levels wbich are low com- 
pared with tbeir traditional 
pattern of business. One con- 
sequence of such behaviour is 
that the Japanese have become 
irked by the less disciplined 
actions of some of those they 
have been willing to help. Mr. 
Eishiro Salto, president of the 
Nippon Steel Corporation — the 


deals 


world’s biggest steel company — try leaders recently he rammed 
and the man who has done most home the point that the steel- 
to orchestrate the!- Japanese makers of the developing 
policy, of restraint said recently countries will be allowed to eom- 
that if Japan can curb her. over- pete in the^U-S. market, against 
seas steel shipments By. some 20 the home industry — as long as 
per cent it is “ deplorable " that the competition is. considered 
other countries — .'he- means fair. He added; however; “ The 
western Europe-^cahnot do the newly -emerging steel producers 
same. . should be subject to the same 

He has a point Strange tilings roles as the industrialised 
have been happening in some nations— in particular they 
markets. For instance, Japanese should not be allowed to dump 
steel plate has become .difficult their .steel on our. markets." ~ 
to get on the U-S. west coast ; 7f nnIv th f n «s were as easily 
tiiis year, although traditionally maaage J in ^ EEC Viscount 
the Japanese have Auppked_ a , woald be thankful, 

big portion of the market But Dur £g ^ ^cession Europe 
Belgian companies ^ moved- ^ become the cockpit for 
in to become the bi^ foreign 6teel trading 

supplier of that proauct 

Sorne American j&sel pro-. Dllntm-ol • 

ducers have been 3 sceptical UUJitCrHl 

about, and even openly, .hostile 
towards the Trigger Price • 

Mechanism, claiming, it is in- . . • . . . 

adequate to protect^ em from Using a nurture of muscle 
floods of • European /.steel- being persuaslvenew Viscpunt 
sold in the U.S. ** dumping D ayi*non has concluded a 

prices. But the evidence is that •?{*** °f. 1 ^SUlLv £' 

at least the is Droving third nation steel producers to 

European sales into Eurnp. whije 

steel imports into 'pie U.S. iell • the ' . Eumpean • indus^ os 
by 23 per cent in* September, operating a tjrfcte ^ levels But 

h»v? rep Jd him 

caution fenring ttat the alter- Mmtos -iBriSin 

he U IrtiMtioJ? 8 nf has been the main victim) and 

be activation of Vinous anti- ^ American market, 

damping suits against them. . ^ - ■■ 

Meanwhile the Trigger. Price The. British Steel . €or- 
Mechanism has enabled. U.S. poration and the .-British 
steelmakers to enjoy" so' far a Independent Steel Producers 
much better year.than they hatf--Afes°cmtion who haveJipt taken.- 
thought possible. Under its- part in tins free-for-allbave 
protection they have been able" complained loudly and ofteort 
to end price discounting, meetings of Eurofer, the 
achieve a general price rise on European steelmakers asso- 
top of that, and work their mills ciation, which is supposed to 
at 90 per cent capacity to make P°hce the agreement- 
some badly needed profits. The behaviour of some of the 

Mr. Tony Solomon, under Continental: steelmakers ' aire 
secretary for monetary affairs at starting .' L to attract a wider 
the US. Treasury, who- is res- audience to the embarrassment 
ponsible for adnrimstexing the of those governments axxf 
Trigger Price Mechanism, has authorities which are concerned 
been heard to wonder at the with maintaining - good order 
amount of time the U-S. steel- and discipline. Mr. Bill Sirs, the 
makers expect him to give to British Trades Union Congress 
the problems of their industry: Steel Committee chairman, .let 
—“I am responsible for other fly saying, “I accuse these 
matters besides steel." When cheats of trying to wreck the 
he spoke to world steel indus- woric we have done through the 


Davaghon Kan to keep prices hr 
to a -reasonable level : so ■■ fha _ 
European ! steel avoids * getSfcq 
smashed by the slump,” 

The ' next phase <rf Iji ~ 
DavigoonFfan is She .rtsAiw&u* . 
iag of tiie EEC steel mdostf 
to make it efficient -aoct cor 
1 petit! ve fbr the : 1980s. -I-Bc 
Viscount Davignon knows -tit 
-only weapon in bis hand. is •£* 
ability to persuade tnemhe 
governments to put - tbeir - oW, . 
industries in ord$r! . 

. The British'" Steel Cptpbri 
don Is in a more precariou 
.position than most .of the tithe 
EEC steelmakers because 1 bf' 
series of special- problems;, j 
is more than half-way throng 
the. most expensive ; re-equip" 
ment programme everiknow 
in European steelmaking.’- Btf 
as yet, it is paying interest u- - 
the capital before, the nei 
plant- begins to contribute. /; ; . . 

- The -corporation has ated-lik! 
markets in the US.- this yej. 
because of the pressures 
against Imports, and at home i . 
Britain because ‘of the comp* 
tion from : other EEC stee 
makers..' 1 ’ =' '- 1 - 

Hie;- planned: British 
works- closure programme 
drawn, up by Lord BesWidc- i 
now nearing its end; . .Neajfc 
40,000 Jobs have been citt 
in under fob r years. But-ift 
corporation is still over-nrirafe ’ 
by the standards of • its )&ra - 
pe titers and,, meanwhile, 4 
being reminded of the factD; 
losses of more; than flm a daf ~ ; 
.--WWle. the Community need 
positive encouragement through 
the European Commission k 
restructure the industry, Brititi 
Steel now needs a- new blue 
print of its' own for a' forthe 
series of - works dosures*- 
new plant coming into coi 
sum will provide British 
with 5.5m tonnes a year of. 
steelmaking Catracity-Tirit 
be matched 'by corfespoi a .. 
closures if the corporation is fc 
be restored to. profit in tis.— 
1980s. .Corporation officials saj • 
they are looking for a “son o'; - 
-Beswick. ,; . So • far there are w' “ 
agnsr that-, the present Govern -,V : 
ment will be willing to fathei _ . 
such a lad. , . ’ - - 




MEN AND MAHERS 


Off to the clouds 
again 

Ballooning is a good training 
for the mining industry, or so I 
am told by Maxic Anderson, the 
intrepid American who crossed 
the Atlantic in a helium balloon 
in August- His connection of 
floating amidst the clouds and 
digging botes underground has 
nothing to do .with aerial 
photography -r though he does 
claim to bare located some 
deposits of copper and. silver 
from the air. Instead, he says: 
“In ballooning the only positive 
planning is the flight plan. The 
rest is disaster planning. And 
that is good practice for 
mining.” 

Anderson’s 12 years as presi- 
dent of the uranium and copper 
mining company Ranchers have 
seen sales increase from $0.6m 
to $35m. But his ballooning 
career had had its spills. In 
1977 his attempt to celebrate the 
50th anniversary of Lindbergh's 
crossing of. the Atlantic by 
repeating the feat came to an 
untimely end north of Iceland 
and only 100 miles south of the 
packed ice. 

But this did not stop him 
from trying again and succeed- 
ing. And now he is planning 
first to join a 3100,000 race 
across the U-S. and then either 
an aerial Kon Tiki across the 
Pacific or tq emulate Phileas 
Fogg and balloon around the 
world — in 35 d3ys’ flying time, 
he forecasts, though he thinks 
that the stops might cause him 
to exceed Jules Verne’s SO 
days. 

Anderson came to London for 
last night’s dinner at the 
London Metal Exchange. 
Though the trend of copper 
prices has caused him to curtail 
operations at one mine he has 
no complaints about the 
Exchange's workings in copper, 
arguing that it in “the world's 
best market, a good mirror of 
the world’s supply and demand.'' 
He suggests, however that it is 
“ hidebound " in the conditions 
it sets for becoming a member 
and was a “ bit late ” in open- 


ing the new aluminium con- 
tract market He blamed this 
delay on pressure from the 
producers and underlined- how 
nickel producers are staging a 
campaign against a futures 
market in their metaL 


Cast out 

With Ihc tension eased between 
Yorkshire Cricket Club and 
their former captain. Geoffrey 
Boycott, it seemed safe to 
enquire whether the Club was 
planning to join those who have 
purchased a bronze of Boycott 
scoring his hundredth century. 
“It had never occurred to us," 
club secretary. Joe Lister, com- 
mented, adding that he knew of 
the bronze but expressing sur- 
prise that it might be suggested 
the club should buy it. A boy- 
cott of Boycott? “Oh no, there 
is no decision not to buy it. We 
have plenty of pictures of him 
In the members’ bar.” 

Sculptor John Atkins, who is 
casting a limited edition of tbe 
bronze, says that he bad a hard 
job getting hold of the cricketer 
and that it was in fact easier to 
sculpt his more usual subjects, 
African animals. 

He says he has now sold about 
one-third 'of the 100 casts he is 
making, none to a rival cricket 
clnb. He is not planning to 
sculpt any further cricketers for 
the moment. When I suggested 
he might consider a bronze of 
Kerry Packer he replied; “I’m 
not sure if a bronze or a wax 
figure would be more suitable." 


Gentle monitor 

Jordan’s third survey of 
Britain’s top 1,000 foreign- 
owned companies reveals that it 
is well worth working for theft: 
the top twenty pay an average 
wage of £3.618 as against the 
£3.284 paid by the top 20 British 
industrial companies quoted on 
the Stock Exchange. They also 
export proportionately more of 
their output and on average 
have lower profit margins. But 


there are some notable excep- 
tions to this last point. 

Of the 1,000 no less than 19 
make pre-tax profits of over 27 
per cent of their sales turnover. 
The list of profitability is 
headed by the Playboy Club (a 
46.7 per cent profit-sales ratio 1. 
Tampax 143.5 per cent). Lafarge 
Organisation {42.8 percent) and 
Gould Foils f 40.5 per cent). 

When I asked the Price Com- 
mission if these might be con- 
sidered excessive profits. Un- 
explained that firms only have 
to notify price increases if 
their annual sales exceed £l5m. 
In fact all but four of the 19 
companies with the highest 
profit margins have lower turn- 
over. The Commission would 
not be drawn on how it would 
handle these cases but said that 
they ” could w eU go to one of 
our monitoring branches.” The 
profit margins would be only 
one of the criteria they con- 
sider. 1 was told. 


Hard sell 


Did British politics lose its zest 
and the politicians their quest 
for the jugular when Jim 
Callaghan told us that there 
would be no election this 
autumn? Many would argue just 
so. 

But in Brazil, it seems that 
the announcement of elections 
must be creeled with mass con- 
cern. For elections mean two 
months of officially-prescribed 
“election propaganda.” And this 
is a far cry from the rugged 
confrontation of British tele- 
vision studio debates. 

On November 15 Brazil’s 44m 
voters have to choose candidates 
from the pro-government Arena 
party or the opposition MDB 
{Brazilian Democratic Move- 
ment). As a result since Septem- 
ber 15 Brazil's hundreds of local 
radio and TV stations have been 
broadcasting a daily two hours 
of propaganda. 

But this propaganda is 
curious. It has to avoid all the 
stock in trade of normal 
politics. There must he no 
political promises, no criticism 


of the present government, no 
emotive images. Instead tele- 
vision screens are filled with 
politicians in varying degrees of 
smile or frown. As for the 
sound track, this consists of 
tapes for Arena and for MDB 
played in spurts of a few 
minutes, for tbeir full 20-minute 
length or re-run several times 
without pause during prime 
time. - 

Viewers thus merely find 
themselves- exhorted to vote for 
“ Candidate X, father Of six, 
pillar of the church who 
believes In democracy” or for 
“Candidate Z, former police 
chief, who believes in 
democracy." 

The more sensitive candi- 
dates. embarrassed by the mass 
turning off of radios when they 
start their pitch, (very) publicly 
announce they are waiving free 
air time when such vital matters 
as football matches are on. But 
in Rio de Janeiro and Recife, 
capital of Pernambuco state, 
some relief has been at hand. 
The electoral tribunals claim 
there have been irregularities. 
Political statements • and criti 
Cisms of the government have 
actually' been made in this 
“election propaganda.” 

So now there will be. that new 
Brazilian hybrid, elections' \rith 
no propaganda. But it will have 
the unexpected boon of meaning 
less car crashes too. Taxi com- 
muters complain that while 
speeding along drivers seem 
more concerned with tuning 
their radios to avoid this elec- 
tion propaganda than with 
steering to avoid the traffic. 


Special recipe 

A New York restaurant is giv- 
ing an outstanding example of 
American know-how: “We are 
famous for our luscious 16- 
ounce ' . steaks. This week, to 
celebrate oar fifth anniversary, 
each and every 16-ounce steak 
will weigh eight ounces more.” 


Observer 


WE MAKE IT 
IN LIVINGSTON 



.TSfc. 


are a major supplier of adheslves * 
in Scotland and, as such, needed a plant 
centraUy situated to service bur customers. 


essential to enable us to ship products 
throughout the U.K. and overseas, as was 
room for future expansion. 'Livingstonis 
ideal for our requirements.? : 

JOHN YOUNG, 

Managing Director,- x : . 

Swift Chemical Company.- 

LIVINGSTON, SCOTLAND 

• Contact James Poflock, • ■ : 

• - Industrie Development Manager, - ' 

Livingston Development Corporation, Westfcothian. 
Telephone Uvingston(0589)31 177.Telex 727178, - 

' The Soottish New Towns Office, ' 

19 Cbctepur Street London SWl Y5BL (Tei. 01-930 2631). 







m 




•*/ *«w's»iuucf x isu<e 


IT. 





S 5 v_ 

:S»:a 

2*®*uth e »• u -A 

,n K; ' •*: 



SURVEY 


Wednesday November 1, 1978 


m; 
*af“. - ■ 




.;j _ 


The economic boom caused by the rapid rise in oil prices has 
seen businessmen flocking to the Middle East in droves and hotels and airlines 
have been battling to keep pace with increased demand. 


. :<■* 


•S>.\ 

srv 






OIL WEALTH has given Arab an -esseati j al sanrce of foreign 
countries faster- economic exchange. /$• . - 

S°SI? * ‘Waff* Gulf states 

VA 3 ^ 6 , L ^f. e e yes are bein^. r turned towards 

Who for a different reason: 

ae overbuilding of hotels in 
world In droves travel has aT?tt-i + -h ■*«!. 


usually . meant. 


and 


parts 


hardship* *».■ ■■. . . . . 

few tV £;*»S^StS8S“3? W attracting 

s-jkfxt rr®““ Visitors to olaees which were 


■of', the'.;. United Arab 
and* . Bahrain has 


mask the fact that several new 
hotels are nearing completion. 

. Yet Saudi Arabia and Kuwait 
have managed to avoid the 
perils of overbuilding. This has 
meant that the hotel shortage 
has persisted longer. But it 
is no longer critical in Kuwait 
City# Jeddah or Dhahran# 


market in Cairo is only now 
being resolved, while for much 
the same reasons Amman and 
Khartoum are diffi cult centres 
in which to find a room. State 
investment in hotels has been 
slow in Tripoli, Libya and 
Algiers, but Baghdad now has 
sufficient hotels and the situa- 


reservation procedures, passen- 
ger handling or ground equip- 
ment — anything like match the 
service now available in wide- 
bodied jets once airborne. Here 
management problems have 
been acute, and airlines are 
often constrained by the small 
size and lack of facilities at the 


The non-oil exporting 
countries have also expanded 
their fleets and several of them 
— including Syrian Arab Air- 
lines and Alia Royal Jordanian 
Airlines — operate wide-bodied 
jets. Other airlines, such as 
Sudan Airways, have been res- 
tricted by the difficulties of 


' fTiil i»iln •«- ■ — *■ • 1 * 


t rJrox; 

:* y-a services." - - 

3&S EE- 


never ..previously thought to 
r . , v h?iye . much tourist -potential. 

ddE* - *T e* , I * - ‘ It: aisued that whether attempts . to • lure 

iotCifKr r- 'J*:' i: i. 4 J scom^t : was*. a. reasonable _ expatriates from! less attractive 
E nce pay ° f *J* e ' parts of the region 6f the UAE 

r- >> °^ r “ ^ and Bahrain for; weekends: and 

:.e: Si case. ?t. jongen Trisits 4 ‘Tsueeeed, and 

^ whether toaris^ttfli Make the 

sasjeff ^ " P-, -^aiEliMs telephones ^and so -on ^ t o the Gulf- from the U.S. 

*♦- : ,r:f ■■ ' ***** ^.Europe- aswthey -are now, 

*?•: J 1 ® *e size of Mw of,.f or . fte . nme. being 

&,* SBffnSS* 38 ■■Hr** t “ to be 

finiAkc- ^revenues, *wm though 1 some ftantic of compel 

• UAE 
the 

■« ^ which gaps hay© been ffled and ' • h ^ eI ^hains^ike Hilton, 
^ ibottlezSSS. ■ the 

;, . r® It is not just the oil-exporting matched .-anywhere , else in the 

states of the- Arab- world, that -Arab world# > even in the 


Hotel building boom 
to meet the rush 


By James Buxton 


£fylSfSmt:on' ^ hav e experienced an- econondc; UAE and Bahrain almost all 
in ir.? j boom, Money haS flowed from the new hotels c^ne into opera- 
‘hi* “J5.T. ^ thein to iive non-oil - exporting Ubiv after the "boom had peaked. 


. countries'.' like- Egypt;. .Syria, % The most extreme example is 
-'•* ’ ^Jordan, ' Tunisia, - and-' Nortfa gha rjah, near : 'Dubai,- ^'616 
..•Yemen in the.' forni of aid,; there -are -abouf-Jialf .a dozen 
remittances, by workers, drawh-'first-dass hotels. against just ohe 
to the rich countries; and^ to a. in operation at the end of 1976, 
"'"-'^limited ... .extent, intra-Arah and all- wth ;low occupancy. 
^ investment These : states are Dnb'ai ritself ‘has relatively low 
‘ having their own booms,- and in occup^icy in the main hotels, 
some coimfemg&T— such as Syria. and there~ are ^more under con- 
>::: ‘-and North Yemen--remnc^c st^ctiom - While . there ' are 
i- reawakening and -liberalisation iihaer-utifi)Bed : ^ hotels .in;'Ras al 
'-have • arpused \ interest -fia Khaim ah ^d^Fuiairah. In Abii 
developing" ■ a' jtourist Industry^ Dhabi botel^imMing was slower 
• -• *: - while countries like Egyirt, to- hiiaterialise, -bjit the present 
'-'-Jordan apd Taiiisia findtoiirisn^dtffie'ulties- of. getting a room 


5S'5S> v. 


though Riyadh still presents 
problems. In these cities, 
as elsewhere in the Arab 
world, it is the top class hotels 
which tend to be full up while 
the less luxurious hotels fur- 
ther down the league often have 
rooms available. In Kuwait the 
Government was reluctant to 
issue licences for new luxury 
hotels after the oil crisis be- 
cause some previous hotel ven- 
tures had run into difficulties; 
while in Saudi Arabia business- 
men seem to have been 
cautious, bureaucrats sluggish 
and anyway many other invest- 
ment opportunities were avail- 
able. 

A combination of investor 
caution and bureaucratic delays 
is largely responsible for the 
fact.the crisis at the top of hotel 


tion is much improved in 
Damascus. The ending of hotel 
shortages is a double bonus for 
the traveller because the pres- 
sure of competition forces 
hotels and others in the travel 
business to provide more effi- 
cient, friendlier service. 

Wealth has enabled the oil 
exporters to expand .the fleets 
of their national airlines to 
carry their full share of the 
traffic to and from the region. 
Saudia now has more than 50 
jets, including several Boeing 
747s and Lockheed TriStars 
while Gulf Air is a big TriStar 
operator. Other airlines such 
as Kuwait, Iraq and Libyan 
Arab have greatly increased 
their fleets. 

But no one could say that 
facilities on the ground — 


airports they operate from in 
the Arab world. 

Some of the more congested 
airports in the oil states are 
being replaced — Jeddah, for 
example — hut there are still 
many overcrowded airports with 
no relief in sight i such, as 
Dubai), and in places in- 
ternational airports have 
been built where they are 
not really needed, as at Sharjah 
and Ras al Khaimah in the 
UAE, while Abu Dhabi's new 
airport, soon to be opened, is 
beginning to look something of 
a luxury. But generally where 
ground handling and airports 
are concerned the oil states have 
the ability, even if they do not 
always use it, to pour in money 
and hire expensive management 
where it is needed. 


obtaining finance from expand- 
ing their passenger fleets. But in 
these countries the national air- 
lines hare usually been even 
less able to provide the ground 
services that are needed, while 
there seems only a remote 
possibility of new airport ter- 
minals being built to cope with 
the enormously increased level 
of traffic. It is in the poorer 
countries that other facilities 
for the businessman, such as 
hire cars and improved tele- 
phone services, have been 
slower to come into operation. 

What wears down the morale 
of the traveller In the Arab 
world is often the sheer diffi- 
culty of doing things which are 
so simple in the West — changing 
an airline ticket, finding out 
someone’s room number in a 


hotel, sending a telegram. The 
traveller has to be patient and, 
if possible, try to drop his 
Western attitude to time and 
take life more as it comes 
rather than try to swim against 
the tide. It may be the way of 
life of the Arabs which attracts 
the independent traveller to 
take a holiday in the Arab 
world. 

*' Holidays in the Arab world 
are for travellers, not trippers,” 
says a director of Serenissima. 
which organises select tours 
with distinguished lecturers to 
fairly exotic destinations, includ- 
ing Syria, Jordan and Egypt. 
That statement may not strictly 
apply to seaside holidays in 
Morocco and Tunisia but covers 
almost everything else. Jordan. 
Egypt, Tunisia and Morocco 
have established tourist indus- 
tries with considerable expert- 
ise, though in Egypt and Jordan 
there is a shortage of facilities 
in most of the main tourist 
areas. Expansion is taking place 
and these states are firmly com- 
mitted to tourism. Tourism in 
Lebanon, once firmly estab- 
lished, is inevitably moribund 
because of the troubles and its 
future is uncertain. 

Despite the political relaxa- 
tion which has taken place in 
some parts of the Arab world, no 
other state appears totally com- 
mitted to developing tourism on 
a large scale. The nearest to it 
is Syria, but until many more 
hotels and restaurants are built 
the tourist industry will remain 
very small and there does not 
seem to be much urgency about 
completing the programmes the 
government has set itself: nor is 
it completely clear what kind of 
tourists the Government wants 
to attract, or whether it fully 


realises the change of attitude 
that is necessary to make large 
scale tourism feasible. North 
Yemen and Sudan are, like 

Syria, more open than they were 
to visitors, but in both states 
plans for expanded tourism are 
as yet embryonic. But in all 
three countries the potential to 
attract tourists is immense and 
the possible economic benefits, 
substantial. 

Algeria can afford not to dis- 
play much interest in attracting 
more visitors from abroad and 
in those Gulf states which are 
now exploring the possibilities 
of tourism the main motive is to 
fill up otherwise empty hotels. 
Saudi Arabia does not admit 
tourists at all, reluctant to have 
more foreigners than are 
absolutely necessary. It feels 
that additional visitors would 
put yet more pressure on a way 
of life that must sustain itself in 
circumstances of enormous 
change. That feeling is not 
unique to Saudi Arabia, for all 
Arab stares have undergone 
drastic economic transformation 
in the past five years, and are 
afraid of rapid change. 

To attract tourists on a large 
scale means taking a fairly open- 
minded attitude to foreigners 
and being prepared to adapt 
one s way of life to accommo- 
date them. It means taxi 
drivers having to charge the 
same price for visitors as for 
locals, hotels and restaurants 
maintaining reasonable stan- 
dards of hygiene, and local 
inhabitants not using good 
beaches as dumping grounds for 
liner. Not every Arab country 
considers these cultural adjust- 
ments necessary, or even desir- 
able. But they are essential 
to a successful travel industry. 



Sri - 



*&■ 


V Trust Houses Forte^ irf19 79, will be opening three new hoteJs in the 
Middie Eastca^ and holidaymakers, and 

wil 1 be opening a further tyyb luxury hotels in the eariy 1980's. 

Th^ HoiisesForfe, dfie^dyestabnshed with a hotel in Bahrain, 
offers businessmen mor^than a room with a view. Conference 
facilities, banqueting robms are all part of the service as well as 
amenities ranging frOm a golf course to swimming pools. 

V^rldwide^T^ have encouraged the growth of 

^hotels widely varying in individua I appeal, location and looks, but with 
^Tesamehi^i quality of service!- Nowhere is this more apparent than in 
the Middle East wherW the hotels are situated from the resort to the 



7J?e Dubai 
International, Dubai 
Opens 1979 



UJL wi I — — r . 

already ppeiv is ideal for a travel-weary 

businessman. Small and ; 

Jocated in the centre of Manama. Some • 
pf the hbterssfendardfettireslnclude 
a foreign exchange de sk.car hire, . 
secretariaTservfcei * ■ 

and airline 
information. Ami 
the restaurant : - 

offers a244lo ur: ■ 
service. . 


J ■ ___ r- f 

p : 



if* 


J0f 



•CSC-*—- 


. - Hotel Biptomal .- - 
Bahrain 

Opens eady 1980. 

; . The luxury Dubai lntemationaj . . 
r situated on a 38-acre site next to the •_ 

' aiiport opens in the springof 1979. With 
400 bedrooms and presidential suites, it 
will offera great variety of 
, . accommodation., f f . 

important too are the business . 
jadlities — executive services, extensive 
banqueting and conference rooms. The 

7 loten»tio»?alrestaunwtv<ill.raw fine 

.cuisine and the coffee shop, lighter 

"^^edmbre atthe leisure lover the 
- Rarmibial Palace, on the coast of Tunisia, 


opens’early next summer. Situated 
on a hillside overlooking Port 
El Kantaoui luxury marina 
complex, approximately 100 miles 
to the south-west of Tunis and built in 
the Aral>rhoorish style, the hotel has a 
very distinctive design and the 
accommodationwill include seven 
ambassadorial suitesand one 
presidential suite. 

For those not on Holiday the 
Hannibal Suite will offer facilities for 
conferences for over 200 delegates. 

From the hotel's three restaurants, 
you can choose the Aida with hauta 
cuisine, a la carte menu and a 
selectwine list: the Atlas 
offering a wide variety of 
delicately spiced 
Tunisian dishes or the 
Grill serving simply prepared 
food in pleasant surroundings. 

Leisure facilities at the 
Hannibal Palace include a 
swimming pool — heated in winter 
— an internationally recognised 
18-hole golf course. La Salammbo 
discotheque, car hire and hairdresser. 

Late summer will see the opening of 
the much needed businessman's hotel 
— The Riyadh Palace, an international 
class hotel, in Saudi Arabia's capital, 
which will offer just over 300 rooms; of 
which 42 will be suites. 

A multipurpose conference room 
will provide space forbanquets; 
conferences and trade exhibitions. 
Further facilities for guests include 
shops, swimming pool and lounge. 



The Hanniba! Palace, Tunisia 
Opens TS.’S 


An a la carte menu will Be provided 
in a first-class restaurant and those in a 
hurry can buy a light meal or snack in a 
coffee shop. 

Two further luxury hotels are to be 
opened in the eighties — Hotel 
Diplomat, Bahrain (early1980) and Hotel 
Persia, Teheran (early1981). 

The Diplomat is situated irl a 
carefully selected position near 
Bahrain's international airport 
and the business centre. 

The hotel will be ideal for 
business conferences. 

Besides being situated 
near to major 
communications it 
will have a large 
conference/exhibition 
complex. 

Facilities will 
Include a restaurant 
offering a full menu, 
a coffee shop, bars 
and a banqueting 
area. For the fitness 

Aljasha, Bahrain 
Now open 


n? V‘~- 

. _ ■ 



enthusiasts there are to be tennis 
courts and a swimming pool. 

The Persia Hotel in 
Teheran is one of THF's 
most ambitious projects to 
date and is reckoned to be one 
of the major hotel projects in 
the world. Situated on a 
hillside overlooking the 
city and with views of 
the snow-capped Alberz 
mountains, the hotel will have 
accommodation which 

overlooks a vast quadrangle 
. with central aquatic 
displays. 

All of the rooms have 
balconies where guests can 
enjoy the views and 
included will be 33 two-storey 
suites and a Royal suite. 
Eating facilities will be 
varied in three restaurants 1 - 
international, with a la carte 
menu; the Persian, serving best 
Iranian food; and a small 
exclusive restaurant 

Extensive banqueting and 
exhibition facilities will be 
available in a number of 
purpose-built suites. 

All these developments will 
achieve two important aims for 
THF — to provide British 
businessmen with a 
familiar base; and 
to extend Trust 
Houses “Forte's 
worldwide network. 

For the travelling 
businessman, there 
are already over 800 
THF hotels worldwide 
excluding the six 
new Middle East 
properties. You 
can find THF Sales 
and Reservations 
Offices throughout 
the world. 

And, in the UK, 



The Persia, Teheran 
Opens 193 7 



The Riyadh Palace, SaudiAtabia 
Opens1979 

for bookings and further information, 
telephone anv of the following 
Reservations Offices: 

London: 01-567 3444 
Manchester: 061-969 6111 
Liverpool: 05KZ36 0841 
Leeds: (0532) 31261 
Durham: (0385) 62561 
Edinburgh: 031-226 4346 
Glasgow: 041-221 6164 
Birmingham: 021-236 3951 
Cardiff: (0222) 371889 
Belfast 46711 
Dublin: 764401 



Trust Houses Forte Hotels 




r*f - 


:-r 














■ xrjULCtfi,-* . ; - 




Ylfe have some of 



the best connections The problems of 


in the Arab world 


ABU DHABI 

DUBAI 

EGYPT 

FUJEIRA 

IRAN 

JORDAN 


KUWAIT > 
LEBANON 4 
MOROCCO 
OMAN 

SAUDI ARABIA 
TUNISIA 


Throughout most of the Arab World you’ll find 
Avis is the only major car rental company. 

And in many locations you’ll also find that 
Avis offers a special chauffeur-drive service. 

But above all else, you’ll find our personal 
service second to none. 

After all, we have established a reputation 
for 4 Trying Harder” over the years. 

And that’s something we intend to maintain. 

For all bookings contact Avis 
Central Reservations 01-848 8733 or 
your local Avis office. 

y\ We try harder 







,/• \ X y V 

f. r V ]*}}**&. ; ■■■ ' 

... . ’’-Sir' ft . , ' ‘ 







' ■< 








j Avis features 
, Vauxhall car*. 


VauxbaB CaraCer 



ada Hotel 




RAMADA ABU-DHABI Tel. 77260 - Telex 2904. 

200 air o inditiimed rooms with bath, colour TV. dosed drruit films and tele- 
phone. Business and conference facilities. 24 hours rijom ser\- ice. Spadous. 
green garden, private beach and swimming pml. Nightclub. gi.umttf restaurant, 
poolside barbecue and cuffee shop. Near airport with courtesy or service to and 
from airport and city. ,// .. 







RAMADA BAHRAIN Tel. 7149.21 - Telex 8855. 
130 air conditioned rooms with bath, colour TV. dosed 
circuit films and telephone. Business and conference- 
facilities. Bar. nightdub. swimming pool, poolside 
restaurant and snack ban 


RAMADA DHAHRAX Telex 60030. 
3.*S air conditioned rooms with bath, mini 
fridge, colour TV. closed circuit films and 
telephone. Gvtference facilities for ... i 
3 >0. Swimming pool , sauna. - ' jLt w 

gym. bowling, t 


m 




RAMADA DOHA Opening end 197, S. 

350 air conditioned rooms with bath, odour TV. dosed circuit fiJms^. *. 


Ramada is helping to take the pressure off the call 800-228.28.28 fin Nebraska 800-64253.43). 
Middle East hotel crunch. Four new hotels. Nearly In Canada : 800-261.32.32 (in Toronto 868.11.121 
a thousand rooms. With the same high standards. In Europe : London (01) 235.5264 (Freephone 2146) 
quality and comforts you find in Ramada Hotels Amsterdam (020) 47.29.19 
worldwide. When in the Middle East reservations Brussels (02) 538.28.32 Frankfurt (0611) 59.09.47 
should be made directly with these Vh k v v k M* Gdteborg{031)5L2L00 


individual hotels. For free, confirm- 
ed reservations in the U.S., 



Paris 946.24.34' 
Zurich (01) 34.43.43 


HOTELS 


EUROPE: Mussels. Litae. Spa {Be 
CkSeborg.Jdnhixang CANADA: 

LATIN AMERICA 


a 


MOST BUSINESS travellers to 
the Middle East have some form 
of hotel horror story, usually 
ending with a night spent on a 
lobby bench or on the floor of 
some friend's flat. Those days, 
however, seem to be passing 
fast The tale that has been 
seen in London and the Far 
East is now being repeated in 
much of the Arab wocTd. What 
was, and in some areas still is. 
a hotel famine story is becom- 
ing one of glut in some cities. 
Anyone who has tried to find 
a hotel room in Cairo or Jeddah 
in recent months might find 
that hard to believe, but in 
many parts of the area the 
transformation in recent years 
has been dramatic. 


by Marriott for the mana gem ent 
of two 300-room hotels in Saudi 
Arabia, There the properties 
themselves are owned -by a 
local corporation which re- 
portedly has 40 per cent of its 
shares held by the Government 
and the other 60 by private 
Saudi citizens, it would he 
usual in such cases for the 
management company to operate 
for a basic fee plus a percentage 
of the gross and/or the profits. 
There would normally be an 
agreed annual guarantee to the 
management company. 


One of the essential aspects 
in understanding this change is 
that many of the names which 
one sees marked boldly on the 
exterior of hotel properties 
these days — Sheraton, Hyatt, 
Inter-Continental, Hilton, Mar- 
riott — are not owners of tbe 
properties. They are simply 
management companies with 
varying degrees of actual finan- 
cial involvement Thus the 
actual investment decision in 
many cases has been made by 
local investors rather than the 
international coloration itself. 
Indeed there is often fierce 
competition to attract the major 
management companies, such 
is the day-to-day expertise they 
can bring to bear and such is 
the marketing pull they have 
throughout the world. 


Such deals ■ are normally 
arranged a considerable time in 
advance of the actual building, 
and thus the management com- 
pany is heavily involved in all 
aspects of the planning and con- 
struction. At times the signing 
up of a major international 
name for tbe management of sr 
hotel is an important factor in 
being able to raise the money 
to actually build ibe project. 
The fly in the ointment at 
times is that governments in 
countries which are not’ oil-rich, 
and not all Arab-speaking coun- 
tries are, are sometimes worried 
about the outflow .of hard cur- 
rency to companies which are 
based in the U.S* Britain or 
France. Normally this view is 
overcome by tbe argument that 
a hotel is a net' exporting 
operation and that the manage- 
ment company’s take is minor 
when compared with the total 
gain in foreign revenue. 


Recent, expansion of some of 
the groups involved has been 
impressive to the degree of 
being remarkable. Marriott is 
in the course of a 3,000-room six 
property building programme 
and Sheraton . is 'adding ten 
more properties to its present 
six in the Middle East 
Fairly typical of the sort of 
i deal being done is that arranged 


. Those arguments certainly 
seem to have worked with 
Sheraton whose commitment to 
both oil and non-oil states aver 
the past few years is massive. 
At tiie moment these are the 
hotels ' under ^construction: 
Amman (Jordan), 300 rooms, 
Abu Dhabi. 300 rooms, Bahrain, 
350 rooms, Doha- (Qatar), 460 
rooms, Hurghada- (Egypt), 100 
rooms. Heliopolis?. (Egypt), 700 


rooms. Luxor (Egypt). 350 
roo ms and Jeddah (Saudi 
Arabia), 600 rooms. At the 
same time tbe company is com- 
pleting two SlOm Nile cruise 
ships and also extending proper- 
ties. 

Not every company is match* 
ing this explosive expansion but 
in many Arab. world centres the 
hotel building activity is fast 
and furious. This places con- 
siderable strains on local facili- 
ties and on the labour pool, 
pushing up building costs and 
making the eventual room 
rates needed to justify tbe in- 
vestment somewhat high by in- 
ternational standards. Delays 
frequently drag out the build- 
ing time and add to the cost 
burden. Sometimes' fascinating 
methods are employed to ensure 
that - not too many delays are 
encountered. The new El SaJam 
hotel being operated in Cairo 
by. the British Brent Walker 
group was built by Dongsan En- 
gineering of South Korea . with 
large sections of the hotel be- 
ing shipped in and then assem- 
bled by. more than 200 South 
Korean workers working along- 
side Egyptian labour. 

Tbe costs of construction, 
said in some areas now to be 
reaching $200,000 a room (in 
London or New York tbe figure 
for a quality hotel would still 
be less than $100,000. Is seri- 
ously alarming some investors. 
Interior designers Dale Keller, 
who has been involved in dozens 
of Middle Eastern projects in- 
cluding the interior of the 
recently completed Damascus 
Sheraton, is in the midst of - a 
proposal for a 356-room hotel 
in Jeddah, one of the most ex- 
pensive places in tbe world to 
build. Keller wants, to bring in 
Del crete (ISI) room units which 
are built in the UJS. complete 
with bathrooms and dimply con- 
nected to a basic structure 
which is the only part of tbe 


project locally constructed. Ke 
ler argues that in many par 
of the Middle East “as mpi 
hotels are built and consume 
demand eventually levels pu 
competition could force j.ti 
rates which can be charged j» 
low the economic rate of £l-p» 
room per night per £1,000' ■ 
construction costs." 

There is evidence of this vie 
gaining ground in the area aii 
thus one might expect to see 
considerable . slowing down ; 
building programmes in t 
early 1980s. In some fields tl 
can only come as. a relief, 
is particularly so in the ca 
of staff training. In many paj 
of the Middle East in parti* 
lar there is no acceptance . 
service as being a profession- 
any honour as it is in parts 
Europe and. the U.S. and. oft 
workers at quite senior ley 
of such activities as walti 
have to be imported ■ — - 
expensive process. since th* 
people . often have to ., 
attracted .at relatively , hi 
salaries and an uneconomic o 
since those salaries are tti 
often exported to families, el 
where. 

Meanwhile the larger grot 
are starting -to look at su 
pastures as remain ungrazed 
western-style hoteliers. Att 
tion. winch is now focused . - 
the Middle East is switching 
such tempting ... destinations 
China now that it too is seel 
the commercial benefits tl 
international tourism mij 
bring. 

In 10 years* time there- ir :: 
still be parts of the Arab wo 
where the visitor will find h: 
self fighting for a seat in t 
lobby rather ' than - Juxuriat; 
in an air-conditioned room 
the 25th floor, but for i 
moment this is becoming ) 
and less the case. 


Arthur Saadi 









• . -ft* 

■■ - :rrr 






din 


' -•••-- *•**:*;.* ■ 


The Dubai International Trade and Exhibition Centre includes a 

exhibition hall , 500 fiats and a swimming 


hotel with 352 bedrooms, an 
pool 


to 


the tourist 


FOR MOST of us the difference 
between a traveller and a 
tourist is personal — I’m a 
traveller, he’s a tourist — but, 
for the Arab world the differ- 
ence is striking. Travellers, 
those who make their own 
arrangements and adjust their 
schedules to passing whims 
and enthusiasms, have always 
found this area of the world 
one of continuing fascination. 
Tourists, those who often arrive 
on charter jets, insist on New 
York cut steaks and sufficient 
water for five showers daily, 
arc a breed of humanity which 
the Arab world has tradition- 
ally found difficult to handle. 

There is, however, no lack 
of ambition in some areas. The 
North African coastline is 
doited with white-walled monu- 
ments to the tourist dollar. 
Some may see them as tomb- 
stones in the graveyard of the 
Mediterranean's natural beauty, 
but for others they are the 
symbol of a new source of 
currency and employment 

Clearly the most successful 
in this field have been those 
countries which are nearest to 
the tourist generating nations 
of northern Europe, and the 
appeal has been to visitors who 
have grown tired of those tradi- 
tional hunting grounds of Spain, 
Italy and Greece and are seek- 
ing a little more adventure. 1 
The success of Die north 
African nations in attracting 


• visitors is not entirely doe 
i simply to those visitors’ need 
i to feel themselves near to home. 

A crucial factor in the attrac- 
- tfon of Eurotourists is the range 
, of such aircraft as the Boeing 
737 and the BAC One-Eleven, 
which tend to be the basic jets 
; of tiie European fleet A casual 
look at air fares and holiday 
prices wall show that once such 
a jet has to refuel, or goes 
beyond tbe point where it can 
make at least two return trips 
a day from its base, then the 
cost of a holiday rises sharply. 
Tour operators throughout 
Europe have been keen to find 
alternative destinations to Spain,, 
if only because -none of them are 
particularly keen to have so 
much of their product depend- 
ent on one source of supply. 

However, as many countries 
have discovered in making their 
sorties into mass tourism, get- 
ting into the business can be an 
expensive business. Once more 
we are back to those aircraft 
Tour companies and airlines like' 
to keep their flights full, particu- 
larly if seat prices are being 
kept to a nunlmmn. This means 
that resort areas need hotels, 
which are capable of receiving, 
visitors who arrive 100-200 at a 
time, which usually means that 
anyone serious about modem 
tourism has to ensure that there 
Is an ample supply o£ 100-plus 
bedroomed hotels in the medium- 
price range. Capital investment 
—including investment in in- 


frastructures such as water and where In this survey to 1 
power supplies, sewage and food hotel building boom in t 
— is only part of a range of fac- Middle East, and thus c 
tars which have to be considered should expect a fairly rapid e 
and which Include the thorny to tile extraordinary shortaj 
question of offering standards of there have been in account 
service at least equal to that dation in the area. It wot 
available In Spain. . seem -unlikely, . however^ tl 

' Only Tunisia and Morocco^ ^ere will be aryjrfajbi- 4 &&’ 
have taken. 'this problem by the hotel prices; such^is the scale.', 
boras, most other Arab world investment iqvpiyed la.manyr' 
nations choosing instead to'aiin or in transportation cos t 
attnnKMiw- at Thllfi: tha -A*' 1 


Vw 


■ : am i - * — « » 

their attractions at more visitors - the, --lohger-haul ... At. v 1 
whd are looking fqr more thin world . ireas are likely to ;£ J 
Just sunshine and sand and who ***1“ depurations for the tUsc: 
are prepared to pay more for traveller rathtiK&i’. 1 

sudh Individual attention. the mass tourist CJertoinly ^l i i 
As you head further east so ls true *s one -moves. ^Ja 
you reach those countries which - fnrGier away. from . the .EuJ^ 
have chosen the middle P?* 0 population, centres 
capitalising on. unique historic tato.tfre.Cnlf and into the ME 
assets and trying to do weD'fbr takdnating. interiors;- » 
•a regulated number of visitors; Yemen and the Sudap. Althct3 tt 
The' question of whether this ta tasking , predictions tad c B 
regulation of numbers. Is -delib- yelopment of a substantial, pjfcfw 
crate or accidental is, of course, and growing intra-Ax*. j 

an open one. In most cases, and world tourist industry shot*j_\| 
Egypt Jordan and Iran are overlooked. There a.^ 

major examples, there simply 50111 e areas hotels- wW> i 
has not been enough aceomzno- d°-_not look to>Enrnpe or tl ' 
dation of international tourist us - f °r thetr business to ai 4 
standards to handle any sort of targe degree. '• 
substantial, increase in traffic. For those' that do, hbweri . - 
Much of the Eastern Mediter- the recent disturbances > ' 
ranean was passed hy in the international - money ^mark% 
lafe 1960s hotel building boom can do. nothing- but caused* 
that so transformed much of the cem. The American dow^ 
rest of the world— politics be- still the supreme unit oF ^ 
devilling the investment deci- rency in-' irrternatiomft 
sions— and now there is a- rush terms and no area of. 
to fiU the gap. . which loofe . to ’toHri^f# | 

Much reference is made else- revenue ■ can have. ^ 8 




CONTINUED ON NEXT>AG£ 







Wednesday November 1 ' 1978 


Of 


.-4? ffit 


ARAB TRAVEL AND TOURISM HI 


Mu 




.^.•* «V.' 




Vs’4y 


AIR;.: TRAFFIC between: tije 
Middle East, and tHgiest of .the 
world • iS now - greynns f qtore 
rapidly "than any otfer regipn, 
and is expected 'to^CQntinue to 
- ' J,j > do so- for at least: tee next five 


growth in air traffic 


-H from ’ USe : airliner . directly, serv- 
-b'h -ar. “l f i?A Ing or based- intfcejjEddle East, 
:«50fl^s: IL-c.i which. pri in aHly . Involves ~ the 
n: y- ? ; Arab worfd^shov? that tfi,e loro- 
ctia;s - j ,- t •7' 3.' cast average aifeual ‘ growth 
ii& ev- ? rate of-'scha&led international 
jrrninsi 1 :v services* ^betrteenj Europe, and 
L./the ICdSfe. East'np to 1983 isl 
bW ' J ' \ ; l ?*a v' H.^ 'pers^qent;, -while ; *6at for 


v e^.^. ' - -fttwwvns- a.t'.a rare bi anoui 

Uraia-'v V 2 : *-x *?■*•■. W?, ?$?*-..-& f teigbt; the, 
: 4 rai-\ J ’ -i :v fdrecdrf .average .'annual -growth. 

5 " ' tetwe^ EUrhbe^^ tiie Middle 
. M:t ‘ --Sit ; - ; Fast is 'about 1X8 ! . per ; cent. 
• •‘^ s 71 iv^-^Easthni^.' and 11:? i'per’ >eTit 

as a p r .^ : - Westbound, un to 'I983:;slightly 

aour a; ; ; ,. be^rrwj - :£he. • North- \ 'ami ' Mid- 
the ^5-Aflantic ‘leveT, but still very 
r a* r CotrinaKsoh : with the' 

«.. «c ;;"-re^t :«£ the wotlcL - 
ft- lv '■ These ’ forecasts indicate' The' 

ve f-r. - ...V .'; -phenomenal expansion that 
• oft i-n k- = has occurred 'in air - transport 
*i " at . 'ihrouchbutihe/Arab worldj and 

p*na £- V»!r u ? in Us links with other countries 


SW* salar.-. 


?'•' ^:»n the -past few Tears, based on 


*9K\*i ■ * 

S*«jc T . : . 

s as rer.ia: 

:>uu 

BtCi! !* 7<.-. 
WlC CSV l 
VBppuzfr », 


r =* the hi ably favourabl e economic 
1 ’-kx,,-. rontiitfqns there steramihEr fmra 
c . the -rise lii-oii Purees- siiiee -1873, ' 

:1 ~-‘ leading . .to .substantial expan- 
••' l STonary '^v^lhnment plans in’ 
i:ri '.Ti^.the Arab '• cophtries, with- the 
J, - ; airlines -Rnearh Nadine nnich' of 
-■■■ A : r* w 'ttiat .development. In fact, tn 
1 1; i*.’ : -jnahy countries of -the "Arab 


•" .v. world today? aviation in general. 
li>w L " :j ' :* :% v.abd civil air transport in par- 
mmrr.-<i. Ocular, is being- used -as a tool 

tiona: '** • • - 


! year-,- t 33 v, r 
parr*, , f • 

ttcu*-.ra •: ; 

Ifen.: r ...7 

rw;-.i'T ‘^o 
»*r4--*»-?c *i: r ■- . .■ 

t-rfc. v’-’J 


of economic, ■ Industrial and 
- sociological development in 
much' the same way as the roads 
. arid ^ railways- . “were- used in 
Western. Europe and the U.S. 
in the late ifith. and early. 20th 
. centuries.- This, has : . already led 
tomajor expansion' by ..the. air- 
lines in the Arab world, all or 
wham withbut-exception have 
embarked upon-for are*plaiming 
substantial fleet , expansion 
plans reaching ’iittb - the 1980s. 

. iberevistre nearly- a score af 
niajor airiineS-^in : th‘e . Arab 
wrTd! '■; including Air_ Atgerie, 
Alia Royal Jordanian' Alyemda 
Democratic : Y-Cr^o, . EgyptaTr, 
-Emirafes 'Air Sendees. Gulf Air, 
.Iraqi; Airways, Kiiwait.^ ^Ainyays, 
Libyan - Arab, iiiddte East Air- 
lines 7 (Air . pb^S) of Lebanon, 
.Royal Air'; Msfipc, ; .Saudia of 
Saudi - Arabia. $ndah Airways, 
Syrian ; Arab, TTians JUediter- 
fanean .fan ^alljeargo airline), 
. Tunis Air and Yemen Airways. 
Between them, they h>ave a fleet 
of* more v than .^J50 airliners, 
including over 190 jets, mostly 
Boeing 707s or 7^7s,biit includ- 
ing a small but growing number 
of 747 Jnmbo jets (with MEA 
and Saudia, Iraqi Airways and 
Syrian. Arab), and TriStars 
(Gulf Air and Saudia). Back- 
ing ;these airHnes; up is a grow- 
ing vbl time of smaller 'operators, 
mainly ;. involved? in business 
executive and private transport 
with small -jets Jar light trans- 
port -aircraft and a number of 
charter and all-frpieht operators. 

Most of these -airlines are now. 
in'- the market - for replacement 
of tbetr fleets 'ispeci ally ■ the 
ageing Boeing : 2 _ : 707s. and 
throughout the 1980s they are 


expected to be among the 
world s biggest buyers of the 
"new generation" of jet air- 
liners — either the European A- 
300/310 Family of Airbuses, the 
Boeing 757/767/777 family of 
new jets, nr ihe AicDounell 
Douglas DC-9-80, while there 
will be also continued sub- 
stantial purchases of Boeing 747 
Jumbo jets and Lockheed Tri- 
Stars with possibly also some 
McDonnell Douglas DC-1 Os, to 
meet the anticipated continued 
high growth rate throughout the 
region and to cover the ambi- 
tious route expansion plans that 
most of the airlines in the area 
now have. 

One of the most significant of 
these route development plans 
Involves flights to th P U.S. Six 
major Arab airlines have formed 
a group to study the possibility 
of an all-Arab operation to the 
U.S. Kuwait Airways’ chair- 
man, Ghassan Al-Nissef. said 
recently that the carriers 
included Alia Royal ."Jordanian 
and Syrian Air. which already 
noerate a joint service to New 
York, and Kuwait Airways. 
Middle East Airlines of 
Lebanon. Saudia of Saudi 
Arabia and Gulf Air. Initial 
results of the study show there 
is enough traffic between the 
Middle East aod the U.S. to 
justify such an operation, Mr. 
AI-Nissef said. The six airlines 
would consider hrinsing in 
other Arab airlines if they 
wished to participate. Next year 
would be the earliest that any 
U.S. operation cou'rt be started. 
Increased tourism from the U.S. 
to the Mfdrilo East is an import- 
ant factor behind the plan, as 


are business travel, freight and 
mail. 

Thp basis for the plan is that 
neither the U.S. Civil Aero- 
nautics Board, nor the Arab car- 
riers themselves, really want rn 
see a plethora of Middle East- 
New York rnuics — the Arab 
carriers primarily because <»F 
the costs involved, while the 
volume or traffic could not 
support too many operations. 
Initially envisaged are two main 
routes, one from Amman, via 
Beirut to New York, and the 
other from the south, perhaps 
from Kuwait or Riyadh, via 
Cairn to New York. Initially. 
Jumbo jets would be used, but 
certainly MEA as one of the 
partners, has ideas for possible 

eventual use of a Concorde, 
that would be supersonic fur 
the length of the Mediterranean, 
then subsonic into France 
(cither Toulouse or Paris) and 
then supersonic on to New York. 

One of the problems associ- 
ated with thp rapid development 
of air traffic throughout the 
Arab worid has been that the 
ground infrastructure, in the 
shape of new airport develop- 


ments. maintenance and over- 
haul facilities, air traffic con- 
trol and so on. has noi been 
able to keep pace with the surge 
in passenger and cargo traffic, 
r.unsidcrahlu eiTurts are now 
bem? made throughout the 
region to correct thi* -iiuaiion. 
and it is estimated ihai tin<e to 
£2lin is already either firmly 
committed or proposed for new 
airpnrt developments alone 
throughout the Middle East. 
While a substantial proportion 
of this sura — about rSuftm — is 
expected to be spent on a new 
airport at Tehran (which is out- 
side the Arab world although 
nonetheless an essential part of 

overall Middle Easiern com- 
munications generally j . the 
balance is for new airport 
developments specifically within 
Arab countries, with suine heavy 
sums committed or proposed for 
Saudi Arabia, including about 
£S3m for a new airport 3t 
Jeddah, and £I65m for (he new 
international airport at Riyadh, 
with sonm £350m earmarked or 
now being speni nn other 
airport developments through- 
out that country. 


If these airport development 
sums are added to the estim- 
ated outlays of more than £lbn 
that airlines throughout the 
region are expected to spend on 
new aircraft procurement 
throughout the 19S0s. it can be 
seen that the Arab region as a 
whole is well on the way lo 
becoming une of the most vigor- 
ous. a« well as one of the most 
lucrative for Western aircraft 
manufacturers and other civil 
aviation 'suppliers, anywhere in 
the world. 

One of the most prominent 
airlines in the region remains 
Middle East Airlines of the 
Lebanon, which despite some 
severe vicissitudes stemming 

from the civil war in that 

country, remains flying as a 
viable entity. Mr. Asad Y. Nasr, 
the chairman, who took over 
that post recently from Sheikh 
Najib AJamuddin reported 
earlier this summer that during 
1977 the airline earned a. profit 
of over £(L)20ni. and that des- 
pite the continued civil strife 
was continuing to earn profits in 
1978. 

The airline's current situation 






Tourist 


CONTINUED FROM -PREVIOUS PAGE 










m?- 


yj . 7 ." --October’s depressioii bf the - destination, but .ff.also increases 
p ” r i ' r , ‘ dollar With- much- enthusiasm.; 'the .appeal of -dollar oriented 
'Tourism is highly sensitive lb. destinations — Mexico, Canada, 

‘ international - crises whether , the Caribbean -and the. U.S. 
! • they be. political financial, in itself— to the Germans. '$cahdi- 

Ailhur V-.nature. Business . travel shows naviahs; -Britons and- French in 
“‘remarkable stability.: and. resili-. preference to high-priced loca- 
« ence . under' such stress, ^ ’the tions.' - . . : . . . . 

search for prdfit being a remark- .The ' long-term performance 
able -driving force, hut tourists nr Arab World tourism is. how- 
feel ho need to expose r them- ever. . much -more .likely - to 
selves to pfiysicai or .fmahcial,; depend onthe -area's ability, to 
problems. - The dollar's ■? prob- set ’down a deeply rooted tourist 
iems are, 'of course, a- doable- n^ristjy.„Gftett nations leap too 
edged swbrii^ Net oifly does a pUJ^dy^ mtO mass tourism and 
lowered dollar vedne reduce ;th'e ; srtBFfcr .tte consequences in the 
flow of Americam- toftrists, to^a lapov^L a. -ronsum er reaction to 

f 'a ... ‘ 


poor services and the lack of 
back-up facilities. . in its early 
touristic times some parts of 
North Africa suffered from 
these difficulties and found the 
number of repeat, bookings low 
when compared with other resort 
areas. Tourism is a business 
which requires long term dedi- 
cation and planning and the 
movement from dealing with 
the .classic traveller to the 
charter flight tourist of today 
is a massive one. It is a step 
which is increasingly attracting 
parts of the Arab world. 

: Arthur Sandies 





— - ^ - 


• l ^ r 1 






Manama in "Bahrain 






; is that its traffic is being main- 
- tained largely because its route 
i network, passing through 
Beirut, provides convenient 
links between many points in 
Western Europe and the Arab 
world that no other airline pro- 
vides. Also, there has been a 
1 shift in the balance of its 
traffic, away from a pre- 
dominance of . European 
businessmen to a predominance 
of Lebanese nationals, both 
business and private citizens, 
making frequent visits to and 
: from Beirut after having 
i initially left the country at the 
start of the civil war. 

Mr. Nasr remains confident 
that once the current civil 
difficulties have been ended, 
there will be such a major re- 
construction task to undertake 
in the country, coupled with a 
pent-up demaud for travel, that 
MEA's traffic will surge up- 
wards. and the airline can be 
confident of good business 
through the 1980s. In the mean- 
time, it has leased its three 
Boeing 747 Jumbo jets to Saudia 
of Saudi Arabia, and is main- 
taining its operations with its 
Boeing 707s. But it is also 
demonstrating its confidence in 
the long-term future by actively 
considering a major re- 
equipment programme, which 
will involve throughout the 
19805 the purchase of up to 
about 20 new short-to-medium 
range airliners, to supplement 
continued procurement of 
Boeing 747 Jumbo jets. The pre- 
cise mix of aircraft in its future 
fleet is not yet settled, as to 
either numbers or types, but the 
airline is studying both tbe 
European Airbus in its various 
versions, and the new short-to- 
medium range 767 on offer from 
Boeing. A decision on initial 
purchases is likely to be made 
before the end of 1979. 

Among other major airlines 
in the region, Saudia of Saudi 
Arabia, with a fleet now com- 
prising more than 40 jet air- 
liners of various kinds, inelud- 
ing several Jumbo jets and 
TriStars and 14 Boeing 737s, is 
one of the largest, with over 
10,000 employees. It provides 
13 flights a week between Lon- 
don and Saudi Arabia, of which 
seven are non-stop, and all of 
which are flown with either 
TriStars or 747s. while its in- 
ternal flights link 20 cities in 
the Kingdom. At Jeddah Air- 
port the airline has just opened 
a new baggage-handling area, a 


new Customs control, and a new 
airport lounge, so that on arri- 
val passengers can be processed 
through more speedily, and can 
wait for their flights in greater 
comfort. 

Gulf Air. with over 3.500 em- 
ployees and a fleet of over 23 
airliners, including a number 
of TriStars, is aiso one of the 
fastest-growing airlines in the 
region, with an average annual 
growth rate of over 60 per cent 
over the past three years. The 
airline makes a particular 
feature of its Rolls-Royce- 
powered Lockheed TriStar air- 
liners, with links to London 
nine times weekly, while 
throughout the Gulf area it also 
maintains a substantial business 
and executive and private trans* 
port fleet, including helicop- 
ters. for intra -Gulf opera- 
tions and as feeder-links to its 
main international services. The 
airline has some substantial ex- 
pansion plans, including a route 
to Hong Kong, besides its parti- 
cipation in the prospective Arab 
airlines' consortium link with 

the US. 

Kuwait Airways with over 
2.400 employees, is another of 
the fastest-growing airlines in 
the region, with an expanding 
fleer of Jumbo jets, providing 
links between Kuwait and 
several European points, such 
as London, Rome, Frankfurt and 
Paris. The airline’s recent move 
from 707s into the bigger 747s 
has been prompted by the 
strong traffic growlh in the 
Middle East. The airline is ex- 
pecting to carry 1 m passengers 
or more in 197S. with a further 
15 per cent growth expected j n 
1979. Traffic gains will deter- 
mine whether nr not the airline 
buys more 747s, but by next 
spring its fleet will include 
three 747s. eight 707s and one 
737. 

Kuwait Airways also has a 
fleet re-equipment study under 
way. according to Mr. Ghassan 
Al-Nissef. chairman, and it may 
buy some 727s for regional 
mules. Among the route ex- 
pansion plans arc services to 
Bangkok and possibly also Seoul 
in Korea. and Dacca in 
Bangladesh. For ihe immediate 
future, the airline will continue 
to use its 707s, and says it is 
too early yet to decide what 
interest it may eventually have 
in such of the "new generation” 
jets as the Boeing 767 and 777. 

Michael Donne 

Aenispnce Correspond i»t 



nun 


ill* 


Wfe will have a fligh t every Saturday Sunday and Monday leaving at 1 0-30am sharp from London-Cairo-Kuwait 
. ■with-onward connections to Abu Dhabi-Dubai and Bombay Plus one direct flight every Friday to Kuwait 


TOT OAq fotVgyg openingoar unique todrist lounge 

Te&ehmeni bar where you' wi0 be able to stretch your legs 
Tm^iortanr businessman before vouramve 
in Rbwafratyour destination; * 


THE BDSDVESSMAN'STNTERTAINMENT! We know you 
won'nvam to think business all through your ftight.That's 
whv we’re the only airline with entertainment on every 
flight. We show films or' you can tune into ihe latest in 

Stereo sound. 


THE BUSINESSMAN’S STUDY: In the Economy Section, our 
new Jumbo jets provide a quiet study area, so you don't 
have to lose time while in transit, but rather sink into a 
comfortable seat, have refreshment and do vour work 
Remember, there will not be any telephone interruptions. ‘ 


THE PENTHOUSE SUITE: Fir>i Class passengers trill enter 
a world flavoured with the East. The richly-carpeted and 
cushioned observation lounge in the penthouse will make 
the hours pass unnoUceLL 


TIME-HONOLIRED HOSPITALITY: As Our planes get 
bigger so does our servLe. for us hospitality is a serious 
mattet and something v. e're proud of. That’s v;hy v.-e offer 
you a choice of three menus in First Class acd two in 
Economy Class. 


THEBDSEiESSMAN’SCLUBOASS^'ewiflbc 

Inaugurating our exclusive Club for thp«= wholteextta 
mfoSation and enjoyment on their business trfp.Rrst 
Class passengers become members automatically And this 
servirt^be indispensable when you amrem Kuwait, to 
help andinfbnnyou of existing services. 


THE BUSINESSMAN’S SCHEDULE: Join us on our 
businessman^ Jumbo from London Heathrow to Cairo- 
Kuwait, the Gulf and Bombay Our new three flights a week 
stan on 1 November. Don't I'cRget our 707 flight:- leave 
London for Kuwait Tuesdays, Wednesdays andThursdavg. 
On Friday there's a direa "47 to Kuwait' 


KUWAIT AIRWAYS 


Does more to make your business trip a jumbo success 


XnwaltAirways. 53-53 p fctadfflj l London 01-491 42SO*BinriDgliaiin 5th Floo^Th* Rotunda, NawStteet, BlnniaghamB2.4PA.ld; 021-643 58111 Glasgow: 124 St Vincent Street, Glasgow. Tel: 041-248 3568 ■Manchester 218 Royal Exchange Budding, Mancheslcr27DD.Td: 061-S34 416L 





Thomas Cook 
Travellers Cheques 
the accepted name for 
money in the Middle East 

and worldwide. 




PilS 




• • • y>-, : jgf **.*/.. 


Instantly recognisable. 

Instantly acceptable. 

Not only in the Middle East but in over one 
million acceptance points throughout the world. 

Thomas Cook offers travellers cheques in eight 
currencies to suit your destination - Pounds sterling, 
U.S. dollars, Canadian dollars, Australian dollars; 

Hong Kong dollars, Japanese yen, French francs and 
Indian rupees -each in convenient denominations. 

And they are available through over 20,000 
selling agents around the world - including 2,000 in 
the Middle East 

Should yoi/r cheques be lost or stolen they will 
be refunded promptly through thousands of banks 
and over 900 momas cook and associated offices 
in 145 countries worldwide. 

And in the USA and Canada should you require 


an immediate emergency refund or advice and 
assistance on any travel difficulty, the Ttiomas cook 
Anytime-Line* free -ofcharge telephone service is 
available to help 24 hours a day, 365 days a year. 

Now this is just a sample of whatThomas Cook 
can do for people who carry their travellers cheques* 

Its a long list but then, we are the largesttravel 
organisation in the world. 

Thomas 

Cook 

Travellers Cheques 


■mamas Cook A ranker ef M dbnd Bank Grcup. • Registered Trade Mark of Thomas Cook Incorporated. 



financial Times Wednesday NWem»eM 197? | 

ARAB T ifc&VEL AND TOURISM # ■/< 



TEE BREED of Western bust- If yon- do-. pot deal through a Car hire operations are spread- 

nessmen who first went to the travel agent it is essential in iqg across the region: Avis now , £**■- 

Arab world after the oil price places where there # any danger operates 'through licensees in buMjg 

rise of 1973-74 will soon be look- of hotel rooms being short to eight Arab states: Egypt . Jor- quality, for the prices charg f 

ing hack on those early years have your reservation confirmed dan. Kuwait, Lebanon, Morocco, is moa rare. ■ 

with a mixture of grim recol- in writing aird, in addition, have Saadi Arabia. Oman, Tunisia, 
lection and affection, much as it re-confirmed by someone on and UAE (though in Saudi things to w iwma, 
men look hack today on the the spot, since hotels can often Arabia ir operates only j" y“ P pn 

Second World War. ^ qoibble over : reservations, Jeddah). Avis would like to set ^orth Yemen, mid Nawj,. 

Elbowing aside like a bunch especially if the traveller arrives up licensees in Irac b Libya, V ™ _ * e f**ana 

of remote World War One late. v - Qatar. Sudan. Syria and North m we rare _ _ 

veterans that relative handful Where there are enough Yemen. . be better oTtura^hte S& 

of businessmen who knew, the hotels, healthy forces of com- Money has large y ceased to bel letter o uagbaify 

"*s» re*' »■“- *«• .*>»•* .««? “S' 


spent on the floor -or notei foi and efficient. Telephone to contemplate visiung -- — 

lobbies, the fury of being operators in particular have In the initial yew after the ^ 

thrown off overbooked flights become far better in many price rise, hotels which Europe. But tti soujs outer 
clutching «1M tl Chets, >nd p] ^, Wt- “edit nurds were few 

the joy of making a successful systems they have to deal with between, mainly be- cus, A^ep^>, Lauro^nd sfar 

srjt-a As HSHrrs sfiSariFSH 

tiS exporting countries hoj _ -«•« »®“ where - 

it was a seller’s market and Sh cI? ld ^' Arahi> , ha« nin ^ n ,, ( ,iv b y means of telex transfer to businessman arranges his ; 

either the facilities for visiting ^audi ' J* 5 -“SSSIZ a local bank. That could and ward journey or return to bi 

businessmen were not there still can be a laborious process. Certainly there have b» 

and could not instantly he not just because the’ transfer enormous improvements in : 

created— such as sufficient could take a long time but line customer services in . 


sufficient 


creaieu— OUUII , « . ■ u Vom»* wuuiu a — -r--— — - 

hotels and adequate telecom- “ Xl e . „ because in many banks the pro- past two years: it is far ra 

raunications— or there was little sy a ^ £*25?;,““ JJE ce « for collecting money can for a passenger to be bouo< 

incentive to provide them, in ***.. 11 be agonisingly slow. off a flight -when he has a v» 

the case of such things as good J Now telex transfers should ticket, partly because there 

food, helpful service in hotels JJj*. “ n * oeweeu ;; »anaa ana not ta j ce more than 24 hours now much more capacity ay 

and restaurants, and acceptance ttoaema '- if the sending bank has the able; and one of the wc 

of credit cards. -r, , • • testing code of correspondent in journeys in the Arab worf- 

In the oil-exporting states ± 616 PH0116S ' the region — if not it may take that between Jeddah ; 

there was sufficient capital to , nM( . three days. Riyadh and vice versa— 

meet the need for new hotels. J ^lepnones in cgypt are American Express and Diners become more tolerable and 

and though there are still bad J^ c ™ Qub credit cards have now system for obtaining a s 

hotel shortages In Saudi aI r Penetrated to ail major cities generally functions £ai 

Arabia and Libya there is over- WI “ “ Khartoum, are decbmng ^ ^ Anb worIdj and it ^ sm00thJyi 

Ripply in several of the Gulf fairly rare to find- a good hotel Yet for - the most pari 

states, which puts the consumer l?, which wU1 not acce P f a eredit downtown offices of airlines 

for the first time in a reasonable J£ l card. - too small, crowded and coni 

position. The businessman Is at .5*®? Iraq is the only Arab country i ng , and the system by .. 

last discovering a service f 2* where American Express has sea t reservations are made J 1 ! 

approaching that which he could itself though it has greatly im- had difficulty operating. too often Inspires little co <J 

expect In most other parts of proved in the past two years. But despite the growth . of deuce that a passenger's nz* w * 

the world. s £ na f" d Jordan- have reason- cret |it card outlets it is still will end upon the manifest 

But he is still likely to en- ab * e scn, . ces - th°»gb ,ess . advisable to take several hun- - There are manv tales of f 
counter difficulties io the non- satisfactory mter-city. and dred pounds in travellers kaesque experiences % 
oil exporting states where external calls from Syna can be cheques, partly because of the Syrian Arab Airlines' m \ 
capital is less plentiful, bureau- difficult Iraq has good city and hjgb cost of Jiving and partly office fit Damascus. Sand ! 
cracies more entrenched and inter-city links, and many over- t0 guard against contingencies, downtown office In Riyadh ;w‘ 
Governments face more pres- seas calls can be dialled direct Thomas Cook believes . its Sudan Airways’ downtown of 
sing priorities. 0ne of fhe better features of cheques to be the brand leader in Khartoum. 

Cairo. Damascus. Sanaa. Khar- travelling in the Arab world . is j n the region. Cheques are • 
toum — here, though, conditions the enormous number of taxis usually better- cashed at- money- CniiA 07 hrl 
are gradually getting better, available for journeys iri town changers - where these exist Ot|UCC/iCU 
those who supply services have and for trips from city to city, legally rather than at banks or o„ e of tgp vj— . 

a decided edge on those who The drivers are not always safe, hotels, because banks (exeept experiences of fiyin® in 
demand them. the cars rarely comfortable, but the branches in hotels) are slow Arab world is to he told tin 

Travel agents can now play a there are enough of them and and hotels charge commission, flight ig fniiy booked and t 
far more effective role in they take you quickly to your often as discouragingly high you can only be squeezed on 
smoothing the business travel- destination, traffic permitting, rates: money changers, on the “absolutely the last passengf 
let’s path than they could in But for anyone who knows his other hand, are highly efficient and then to find that the at 
the years immediately after the way around town it can be less fast and r»ffer _good rates. - pl ane off ha]f empTy . ^ 
oil price rise, when hotels fre- irksome (and save the need to Shopping in the Arab world The other feature of air tra 
1 quently ignored their telexes bargain over the fare) to rent is fun and usually rewarding. . ; D the region which travel! 
and disdained their vouchers. 3 self-drive car or rent a good though the businessman may jj atp ^ ^ congestion at 
| Many travel agents arrange car with an experienced driver, find after a few trips to the Almost all of them : 

1 for businessmen to obtain visas. ELi.-ho® 


, "* v.) 

* i 
V V 


nr 

l rl 


and in London they are supple- 
mented by consular services 
to deal with these problems. 

Most Arab consulate proce- 
dures for issuing visas hare 
greatly improved — the Saudi 
consulate in Belgrave Square 
being a good example — and. for 
the UAE. British visitors now 
no longer need visas at alL 

As Arthur Sandies describes 
in another article on specialist 
services, travel agents can 
almost always obtain hotel 
accommodation in the Arab 
world, often putting the visitor 
in one of a block of rooms which 
they rent permanently from the 
hotel. In places such as Sharjah 
and Dubai where there is a big 
surplus, they can now offer 
travellers a discount on hotel 
1 rooms. 





A money dealer, in the Jeddah Souk 


■■ facilities designed to ban 
much smaller numbers 
people and can only just cc 
In the richer states, relief is 
the way as new airports 
usually under construction; 
in the poorer ones there set 
to be little relief in sight 
discomfort and - chaos. 

It is a good idea for ft 

* trated travellers to realise 
-reasons for the problems t' 
meet in the Arab world. G 

py \i plaining will- almost certai 
achieve. very' little and then- 
everything to be gained ft 
being polite, friendly ; 

* patient 

The perceptive business® 
^ will learn lessons about 1 
% economies of the Arab count 
and the behaviour of ft 
inhabitants — information wTi 
should help him enormously 
his business dealings. 

James Bust 


Specialist assistance 


I THE DEVELOPMENT over 
recent years of specialist help 
I for the business traveller has 
nowhere been stronger than in 
the field of assistance to those 
going to the Arab world. It 
was, of course, in this field that 
assistance was most seriously 
needed. Suddenly an area which 
had been largely ignored by 
international business became a 
focal point for investment as 
well as commercial and financial 
activity. 

Unfortunately, the business 
visitors found themselves in a 
world which was deeply cul- 
turally different from that in 
which they normally operated, 
and one in which for once the 
local community saw no 
particular attraction in adopting 
many of what they saw as less 
desirable western practices. To 
Europeans and Americans 
accustomed to the practice of 
commercial colonialism this 
cultural independence came as 
a shock. They found themselves 
in a world nf different lan- 
guages. different writing, 
different business approaches 
and different social practices. 

All that was written io the 
past tense because recent years 
have seen a development of 
mutual understanding and 


respect. Many travel agents I 
have spoken to in recent weeks 
say that the European business- 
man visits the Arab world with 
much more confidence than be 
did five years ago and shows 
considerable sophistication in 
knowing what to expect where, 
rather than attributing the 
whole area with some miscon- 
ceived generic aura. 

Business travel agency work 
Is such a specialised trade these 
days that increasingly com- 
panies in It arc locking them- 
selves away from general public 
gaze and selling such things as 
package tours only to their 
business clients who ask. Large 
groups such as Thomas Cook 
and Lunn Poly have hived off 
their business travel houses into 
self-contained units and many 
of the large business travel 
agencies are scarcely known to 
the general consumer. 

One of the major drives in 
recent years behind the growth 
of these operations in the 
Middle East at least has been 
the shortage of hotel rooms. 
An agent with a pre-arranged 
basic allocation of rboms is 
clearly a valuable friend when 
such accommodation is at a hich 
premium. But there have been 
other reasons for business 


reliance on such specialised 
help. Travel arrangements. In 
the Arab world often have to 
be flexible. The finalising of 
contracts can be a lengthy if 
rewarding -experience, and the 
business visitor who can alter 
-his arrangements in order to 
accommodate the often exhaust- 
ing completion procedures in 
the Arab’ world who may 
eventually end up with thedeaL 
Agencies frequently have on- 
the-spot representation, able to 
handle ’sudden changes in trip 
plans. ■ 

But the help does not end 
with’ the simple writing of 
tickets and booking of rooms. 
I was delighted by the Thomas 
Cook warnings to its customers 
not to turn up late to a meeting 
with an Arab business contact 
and. then compound the offence 
by being casually dressed and 
expecting to finalise the deal 
in a few minutes. Of course, 
agents are not the only source 
of such heln. The Department 
of Trade's Export Services and 
Promotions Division (Export 
House, 50 Ludgate Hill. London 
EC4BI 7HU) has Hints for 
Businessmen Traflpts on many 
individual ' Middle Eastern 
countries. 


For alt yonr 
travel requirements 
in the UJK-, 

O.AJE. and Knwait 

INTERNATIONAL 


TRAVEL 

CORPORATION 


LONDON 

171-175 Brempton Rd. 
Tel: 581 2051. 


ABU DHABI 
Shaith Hamdan St 
Tel: 29700. 

KUWAIT 

Fahad AT Salens St. 
Tel: $24962 


“ J lj : i V v 
• i ; . v r > - 








iiira 


iti 





The Gulf 








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TOURISM, in Gw.GuIf seems to 
face almost 7in surmountable 
obstacles. ; ^Air ^fares art-high 
and' hdtels^OTtf iSetcely ^ expen- 
sive. while : most .Estates are 
suspicious .oT . anyone visiting 
the' rs^gion who isnot ia business- 
man-. -. -;---.-. •- :*. -' '•■. ■ . ■■ r 

When' most' Guif centres had 
crippling ;-■; hDtei r.-shortages 
tourism -was ou( °f the -qnestidb/ 
But how, as a result of tlie.over- 
baildreg of hotels in many cities, 

occupancy - ratejj may J be ^ per: 

c^wt or less, iMiSinesamen . are 
being' offered diBCouats.and' the 1 
possilrility of ■ filing. rooms with ; 

touri^tsj ha^s. .'suddenly Y become 

attractive:- •-y': 1 :’’:' ' :: .'' 

Thei'hotel surplus worst to 
the United-^. Arah "Emirates:" 
Sharjah in particular is a 
hotelier’s.- nightmare with . half, 
a dozen fine -hotels where the' 
most skilful manager can rarely 
achieve: mbre than 3D percent 
occupancy, while others suffer 
rates as jlow 'as £2 to- 15. per 
cent. But these hotels;are either 
on fine : beaches ' with good 
bathing or on sdndy ; lagoons, 
and the.oiiiet atmosphere of the 
place is attractive 7 'after' the 
bustle of DubaL ... 

Shirjah was the first Emirate 
to consider' tourism But’ so far 
its. ambitious.. schemes have not- 
got very far. Holiday villas have 
been built on the lovely east 
coast of the Emirate at Kbor 
Fakkan on the Giilf of Oman, 


and a . 180 -repnr Holiday Zmr 
hotel -.is to-, open there next 
_Mar?tL .. . Dowd ythe .- coast ■ at 
.Fujairah, in th^. Emirate of that 
ndme, a. Y Hilton :,stahds -.little 
-Occupied during' the week, but 
with : gather ;a^jre trade at the 
weekends- whaq-people come up 
from the bleaker . west coast 
cities of Abu jfrabi and -Dubai. 
Ia-. 'the' north-^bf- the UAE an 
. Intercontinenkf is being built 
At-. -Has : al -JStaiinah, r whicb, 
tbough T ;a .. centre ' for ; • light 
in dus try, also ^&as a fine creek 
and attr&crive^old buildings. 

The : hotel su^Itis is.less acute 
is. Dobai r* the 'trading centre of 
the' TJAE, though in .the last. 12 
raonths’ it has gained a Hilton, a 
'Sheraton and. * half : a dozen 
lower ^priced four star hotels, 
.^obstruction ISr-itUl going ahead 
mi- the Plaza Comiche hotel to 
be managed byCHyaJt, part of a 
complex which"is to contain : an 
ice rink and isports facilities. 
Three more hotels are to open 
iti the’ next few months on the 
outskirts of the dty. 

Abu Dhabi, j as the. richest 
..eniirate, is still experiencing 
Hoods of businessmen and 
government delegations, and 
SiihseciuentlyYs^ll has the must 
healthy hotel, bccupahcy rates, 
partly because it bas been slow 
to build new hotels. When the 
HiJ ton opened its Dalma Resi- 
dence only a 'month a so, occu- 
pancy' jumped - immediately to 


the 60 per cent mark. How- 
ever. an Intercontinental, a 
Meridlen and a Sheraton are 
under construction. 

If there is a market for the 
spare hotel beds in the UAE 
and elsewhere in the Gulf it 
should be found partly among 
expatriates living in the region 
who want to set away from 
drearier places like Dbahran or 
Riyadh for a change of 
scenery, beaches and the chance 
of an alcoholic drink; and partly 
among visitors from the U.S. 
and 1 Europe who might be 
attracted by the romance of 
Arabia — "up-market country 
collectors, desert freaks and 
camping nuts," as one travel 
agent puts it. 

. The theories are now being 
put to the test: the company 
Yusuf bin Ahmed Kanoo is far 
the first time promoting in the 
U.S.. tours combining several 
centres in the Gulf, including 
Bahrain. Doha in Qatar. Dubai 
and Abu Dhabi, with the possi- 
bility of side trips into the 
desert and other diversions. The 
capacity is thought to be for 
about 2.000 tourists during this 
winter, but it has yet to be seen 
whether the idea will bear fruit. 

Yet it is striking that Few 
hoteliers in the UAE are yet 
showing much enterprise in 
marketing their hotels for the 
regional weekend visitor. There 
seems little desire to proride 
some of the amenities such visi- 


tors are certain to want, such as 
boat trips, diving facilities and 
fishing. There appears to be 
little move towards any mass 
lowering of hotel prices, with 
most hotel owners apparently 
determined to keep to the high 
prices that appear, at least un 
paper, to offer a possibility oi 
recovering the cnsLs of holds 
for which vinually everything 
from carpets to apples has to be 
imported. However, the hotels 
are now beginning to court 
travel agents in Dhahran and the 
travel department of Aramcu 
in Saudi Arabia. , 

One drawback to tourism has 
now been removed in' the UAE: 
it is again possible to obtain 
visitors' visas easily; the Ameri- 
can and British visitors do not 
need visas at a!! for a month's 
stay. But at the same time it 
may be indicative of attitudes 
that the federal Ministry of In- 
formation and Tourism has now 
become simply the Ministry of 
Information, while officials in 
the northern emirates show 
little eagerness to protect their 
Arab heritage and preserve 
their old souks or maintain local 
crufts. " It will all look likc 
Cincinaui. Ohio, before long.” 
one travel agent commented 
?ad!y. 


Heritage 




will lead 


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OFFICIALS -INY^he-^Egypti&D^ 
Ministry of Totmsntt, attd msuiy- 
ot their rauntrymen, are already, 
looking; forward to- the pros- 
perity they believe - will come 
in the wake of the Camp David 
meetings. 

“ We’re expecting .. a boom 
after the peace settle meat,” 
say s Farouk Abou Seada, man- 
aging director for operations ' in 
i the- Egyptian General Company 
for TourisTU *and Hotels^ -” noc 
just, in tourism, but in e\*ery- 
r thing." • . ■ 

■ Tourism is one of the "Corner- 
stones of President . Anwar 
Sadat's open ' - door . economic 
policy to attract Western. and 
Arab investment- -According' to 
Government figures, Egypt last 
year earned.. $64 8m • from 
tourism, making it one of the 
countrys main sources of -hard 
currency.- • - r 

•During the regime of former 
President Gajcnai Abdel Nasser.; 
■ays 5£r. Sea da. tourism was not 
jromoted, now,, the whole 
vorld wants to see Egypt" • . 

First class hotels are owned 
by the Government, but man-, 
ged in many cases -by foreign 
ompaiiies, . and, to encourage 
oreign investment in., tourist 
i re jrots,. Egypt offers a -five-year 
ax- exemption period:... ' 
Tourism of&ciais believe the 
inaiicial return from, , tourist 
jrojects is ctiiiCker than from 
ie?vy iiidustrj’, m a k i n g them 
imfitaMe outlets for foreign ih- 
resiors, and that such -projects 
viJT create new jobs for 
Lgyptians. : 'j-.- *-• ' 

The Government has. allpcatea 
51bn in . a- five-year dev'eiop- 
nent plan ; to build mevrhotels 
md renovate. old. does. v By. 1982 
t is hoped that 1.7m tourists 
rill visit Egypt annually, about 
00,000 more than in 1077. and 
hat the number-, of h'otel beds 
rill double, ^from 20,000 to 
0,000, . ....... 

5 First' class hotel acconimoda-. 
lion is-still -hard to find . and 
travellers -from the U.S. and 


-StfOpe kte :: often'- warned’ by 
travel agents Uiey may not get" 
it. room in ^ Cairo, where five-star 
hotels are 98 per cent occupied 
throughout the year. 

That situation may be 
relieved somewhat, says Mr. 
Seada. with- the 330-room El 
■Salam Hotel, -which opened 
recently. It was built by the 
British firm Brent 'Walker. A 
new Sheraton Hotel is due to 
open early next year, making 
700 ' rooms ' available, io 
Heliopolis, just outside Cairo. 

.Also as part. of the five-year 
plan, -Cairo’s Hilton Hotel is. 
being Expanded, while along 
Egypt's 1 magnificent Red Sea 
coastline camping sites and 
chalets are currently under 
construction. • 


Temples 


Luxor, about 680 miles 
south of Cairo where thousands 
each year explore the tombs 
and temples;., of the ancient 
Egyptians, Sheraton is planning 
to build a now 4QO^*oom hotel. 

.- And on the Nile, four floating 
hotels' are planned to ply 
between Luxor and Aswan, two 
of which will 'begin early next 
year and two in early 1980. 

So far; according to Hamid 
Abdel-Meguid, Secretary of 
State for Tourism, construction 
is moving, ahead according to 
schedule, although he says 
there are delays caused by 
-shortages in building materials. 
By the end of this year, Mr. 
Abdel-Meguid . . predicts, . the 
couhtry’s hotel capacity will 
hive increased by 2,006 rooms. 

The Ministry of Tourism is 
no-, longer accepting construc- 
tion proposals for five-star 
hotels, 'officials point ont, and 
will now concentrate on more 
ihodest three- and four-star 
projects, as Egypt is trying tD 
make Its Islamic and Pharaonic 
treasures more accessible^ to 
younger, middle- in come tourists. 




. i- • i 7 *' 


il ■-* 


rafidain bank 

(Individually owned by the Government of Iraerf 

Established: -J041. . 

Authorised and Paid-Up Capital: ID. 30,000,000 
| President" aiid Chairman: Adnan M. Al-Tayyar 

i General Administration 

New Banks’ Street 
P.O. Bos 11360 Massarif 

• : ;-r‘ . Baghdad 

REPUBLIC OF IKAQ 
Telex: 2211 Rafd BK IK. Baghdad 
- . r ■ ■ Cable Address: Rafd bank, Baghdad 

Rafidain Bank offers a ftffl «»» 

| 'inclnding all domesUc and foreign bankin^ iran 

- anions. - . 

• . . Branches Abroad: 

WQHd. 


“Most foreign investors are 
interested, in five-star hotels.” 
Mr. Seadi, gays, "bitt we are 
trying to convince them that 
three-star hotels can be just as 
profitable and efficient" 

For years Egypt has been 
most readily available to older, 
affluent western tourists who 
come in large groups and travel 
from Cairo to Aswan, staying 
in first class hotels, according 
to a prearranged tour. The num- 
ber of independent tourists, 
who make their own arrange- 
ments along the way, has been 
smalL 

“ We're now trying to pre- 
pare, for middle-income, indi- 
vidual travellers,” Mr. Seada 
explains. ** so that a tourist can 
rent a car in Cairo and drive by 
himself all the way down to 
Aswan.” 

En route, according to current 
Government plans, a motorist 
Will find inexpensive motels and 
restaurants and; should they 
prefer not to drive, buses will 
be available to individual 
tourism who wish to make the 
trip on their own and not part 
of an organised guided tour. 

But as the Government 
rhshes to meet the objectives of 
its five-year plan, .some worry- 
ing signs .have appeared this 
year in tourism. The antici- 
pated increase in- the number 
of visitors has failed to 
materialise, principally because 
Arab tourists from tho<5e coun- 
tries opposed to President 
Sadat’s peace efforts have 
stayed away in large numbers. 
Arab visitors annually contri- 
bute the biggesr share to 
Egypt’s tourism revenue. 

Recently released figures 
from the Minister nf Tourism 
show that 663.000 tourists had 
visited Egypt between January 
1 and the end of August this 
year, almost 10.000 fewer than 
in the same period last year. 
Revenue from tourism in the 
first seven months of 1978 in- 
creased, hut only by 3 per cent 

Ministry of Tourism officials 
say they are not alarmed, al- 
though it is clear that any sus- 
tained drop in Egypt's tourist 
trade would deal a serious blow 
to the country's development 
plans. 

Ramadan, the Islamic holy 
month during which Mofferas 
fast from sunrise to sunset, was 
in August this year. and. accord- 
ing to Mr. Seada. many Arabs 
who traditionally visit Cairo at 
this time preferred to observe 
the fast in their own countries. 

Other officials point out that 
big spending Saudis continue to 
visit Egypt in large numbers, 
as do Americans. 92,000 of 
whom have so far visited the 
country this year, a 30 per cent 
increase. And with Egypt’s 
popularity among British- 
French and West German 
tourists, who usually arrive in 
October. November and Decem- 
ber, they are confident that the 
losses in the Arab trade can he 
overcome by the end of the 
year. 

Nathaniel Harrison 


Oman, just across the border, 
has preserved far more or its 
heritage and. of course, had far 
more to preserve. It could be 
the jewel of any Gulf tour but 
so for Sultan Qaboos has been 
hesitant about its development, 
fearing for the effects tourism 
might have on his people and 
reluctant to allow in ton many 


srrangers. But its hotels are 
beginning to suffer the same 
occupancy problems as those of 
the UAE: the downturn in trad- 
ing and the difficulties of enter- 
ing the country have not helped 

such ventures as the Govern- 
ment’s new Intercontinental. 
Recently Kanoo of Bahrain 
secured permission to bring in 
the first small group of tourists, 
sponsored by the Interconti- 
nental. who will make a trip by 
dhow from Muscat tn Sur. Then 
camp in the Jcbcl Akhdar. 

Bahrain, however, is going all 
out to become the pleasure 
island of the Gulf. A leading 
local merchant. Jamil Waffa, 
has recently formed a hoteliers' 
association to jointly market the 
island, and the Government has 
recently established a tourist 
information department. 

Bahrain is featured with other 
Gulf stops in the brochure of a 
number of leading U.S. tour 
operators this year. One organ- 
ised by Travel uxo of New York 
costs S 1.490. 

The island's hotels have taken 
the lead in promoting Bahrain 
as a holiday place for the weary 
expatriate living in the eastern 
province of Saudi Arabia, and 
negotiations are under way with 
the travel depan mem of 
Aramcn to flv in employees for 
a week nf relaxation, not to men- 
tion alcohol. 

Bahrain will see a tripling in 
the number of firet i-lass hnrel 
rooms which will he nvailable in 
the next nvo years. The island 
already has ahout 1.500 first 
class rooms available. 

Kuwait and Qatar are the 
only two States which have no 
pretensions to a future tourist 
trade. The Qatar: authorities 


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A vegetable market in Abu Dhabi 


are al>o in the process of 
re-negodatiug the contract for 
their new 350-room Sheraton, 
whose consrruc-non was halted 
at the end of last year. A 
dispute arose over rhe final cost 
of the project, which the Gov- 
ernment thought should be 
30 per cent lower than outlined 
by rhe contractors. However, 
the project is still going ahead, 
and a new contractor is expected 
to be announced very' shortly. 

Kuwait has not gone in Tor 
large-scale hotel building and 
despite the continuing high 
demand for hotel accommoda- 
tion. only a few major projects 
are under construction while 
some were cancelled. With 
800.000 visitors coming in and 
out of Kuwait airport a year, 
the existing hotels can still ask 
for such rates as £50 a night for 
a single room, and even then 
local travel agencies still reenm- 
mend as much as a month's 
notice in advance to be sure of 
getting a room. 

The only expansion in the 
number of rooms currently on 


the horizon is the massive 600- 
room hotel complex managed by 
Meridien and owned by the 
Salhiyeh real estate company, 
and the ! 20 -room extension at 
the Sheraton which is due to 
open shortly. 

To cope with the chronic 
situation, and as happened in 
the lower Gulf two years ago. 
a cruise liner is being brought 
in to enpe with rite demand. 
The former “Stella Polaris.” 
once used for wandering around 
the Greek islands, will be 

managed by Marriott Hotels. 

If the private sector has been 
reticent ahout such investment, 
the Government has not. for 
the Kuwaiti authorities are 
anxious to improve recreational 
facilities at home. Through its 
92 per cent shareholding in 
Touristic Enterprises. four 
beach clubs and rwo seaside 
chalet resorts are being built. 
First To be opened will be tit* 1 
Falaka island complex of 472 
chalets. with supermarkets, 
swimming pools and restaurants. 
Its owners are hoping that resi- 


dents will he tempted to stay 
during holiday periods there, 
and say the rates will be 
cheaper Than the hotels. Their 
next largesT project is Mina 
Saud. 50 miles south or Kuwait 
City, which will have 760 chalets 
and a marina for 200 boats. 

But for the moment as all 
Gulf hoteliers realise, business- 
men are still their bread and 
bun er. Ironically. th« same 
boom lhar broughr ihose 
intrepid travellers in the begin- 
ning. has caused over-investment 
which is so especially apparent 
in ihn luvivr Gulf. Travel agents 
may 3 ay that prices must come 
down, but so far they have 
-.huwn no sign of doing so. 
Neither have the high airline 
fares to the area. When an 
Indian businessman recently 
proposed un £80 single fare to 
the Gulf and managed to secure 
traffic rights from tourist- 
hunsry Sharjah, the national 
airline. Gulf Air. was quick to 
object. 

Kathleen Bishtawi 


R 






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Morocco 





A RECORD lim tourists visited 
Morocco last year, an increase 
of nearly 24 per cent over 107fi. 
and the upward trend con- 
tinued this year with a further 
increase of nearly 14 per cent 
in the first six months. 

Officials believe this means 
Moroccan tourism is out of the 
trough roused mainly by the 
European recession. The num- 
ber of visitors rose steadily 
until 1973 then declined for 
three years, but since last year 
it seems a distinct recovery is 
evident 

Consequently tourism is the 
third biggest foreign exchange 
earner after phosphates and re- 
mittances from emigrant work- 
ers in Europe. Revenue last 
year rose 54 per cent to about 
£192m. 

Moroccan workers in Europe, 
who sent home £34 Om in remit- 
tances last year, also accounted 
for half of the increase in tour- 
ism. They arrive mainly in sum- 
mer for Moslem religious holi- 
days. Last ' year there were 

364.000 of them compared to 

204.000 the year before. 

Thus they were more numer- 
ous than French visitors 
(290.000) who have always re- 
presented the bulk of tourists 
in Morocco, after Arabic, a 
French-speaking country and 
where the vast majority or faci- 
lities cater to French tastes. 

However, apart from trans- 
port utilities returning workers 
do not represent a big clientele: 
for the hotels . and vacation vil- 
lages which art the backbone 
of the tourist trade for the 
French,-' Spanish, American. 
British and German visitors 
are, in that order, the most 
important 

The spread of tourism 
throughout the year is very 
uneven. The peak periods are 
the summer months of July and 
August when it is hard to find 
accommodation in resorts like 
Tangier and Agadir which 
attract large numbers of 
northern Europeans seeking 
sun. sea and sand. 

There are other small peaks 
in winter, £ at Christmas and 
New Year and at Easter, at 
which times it is very hard to 
find a hotel room in Marrakesh, 
one of the “in” places to be 
for the wealthier class of 
tourist, or down in the sub- 
Saharan oases like Zagora, 



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Erfoud and Quarzazate. 

Between these peaks there 
are. relatively slack periods 
during which there is a fairly 
regular flow of charter groups 
spending five or six days or 
long weekends on rapid tours 
which ave pretty cheap, In 
these periods too there are sig- 
nificantly increasing numbers 
of Moroccan local tourists who 
are offered cheap weekends in 
mountain resorts like Ifrane, 
Ketama and Cbaouen for 
example. 

Despite the progress of the 
last two years or so tourism 
has definitely been below 
official expectations. The total 
number of tourists was 25 per 
cent below the 1973-77 Plan 
target. Hotel construction was 
far below tbe Plan target with 
15,500 new beds compared to 
50,000 that were planned. 

The same trend was apparent 
in plans to train Moroccan 
tourist trade specialists. There 
were only 1,731 graduates- from 
tourism schools when it was 
hoped to have 3.460 at the end 
of the five-year period. 

Under the Plan a total of 
£84ra were invested in tourism 
and by the end of 1977 there 
were 51.000 beds available, 
plus 11.000 places in equipped 
camping grounds. Another 
15.600 beds were under con- 
struction at the end of the Plan 
and at p” ,v,: « figure has 


The beach at Tangier j 

risen to 18,000 so" that at .thead vantages for . investors, 
end of next year there should foreign or national, in the 
be 70,000 in all. sector. For foreigners, who at 

Future plans are hot known present account for about J2 
with precision because the new per cent of the total investment 
five-year Plan due to start this in tourism, the Code allows 100 
year has been scrapped as being per cent foreign ownership 
too ambitious. A three-year whereas in commerce and 
*■ transitional ” plan and period industry the maximum allow - 
of austerity have been sub- able is 50 per cent 
stituted. but tourism will con- Under the Code tourism m- 
tlnue to get a high priority vestments - enjoy ' a 10-year 
because the principal^ objective ]i cans ing tax -holiday, a ftve- 
in the short term is to. increase year profits tax exoneration, • a 
foreign exchange earnings to products tax waver for .new 
rectify a chronic trade deficit equipment, and guarantees for 
Private enterprise . plays a yj e .repatriation of' capital ' and 
large part in the construction dividends, 
and management of tourism 
facilities, particularly hotels. T 
At present for example of the lDCGDtlVCS • 

18.000 beds currently under , 

construction about 62 per cent There are also .financial 
of them or 42 per cent of the incentives. including a two-point 
total investment are the work 'interest rebate, on Joans from 
of private companies. • Credit ■ Imm obiiier - • et 

The Government's participa- HoteMer l*™- a Government 
tion in the current programme a ^ ency * an interest-free 

is 16 per cent of the investment advance of up to 15 per cent of 
while the share of “mixed” ^L tota ) [^esmient from the 
public and private companies is reimbursable in 10 years 
42 per cent In general the Wllh a sw*** Penod of grace. . 
Government tends to build in The CIH is in fact one of the 
outlying areas like Oujda. major locomotives for the tourist 
Tiznit; Kbouribaa and Tan^Tan trade. In the last five-year plan . 
which are not big tourist attrac- it made loans totalling £46ra for. 
tions and hence not considered the construction- of 12,000 beds. ' 
economic by private enterprise. £!5m , in 1977 alone, plus 
A special Investment Code £680.000 invested last year 
for the tourist trade provides in tourism transport 
a series of inducements or CXH finance has been used to . 

North Yemen 


i 


■ set up hotel management com- • 
parties like Farah-Maghreb-, 

. which- Tuns 12 hotels- totalling-; . 
4;i50 beds and the . Morocco-' 
Kuwait Development -Company" 
which is currently active in 32 
projects -for a total -investment"', 
of £26m. ■ 

• Apart from companies like : . - 
Hilton, the National Railways;, 
and the Club M$diterran£e - 
: (which bas-,4,420 beds m seven- . . 
vacation villages in .Morocco^ 
there- are a - number >of hotel., 
management companies like the'.' 
French PXJtf company, DlafaflS.. 
small hotels!,.- Safir . (which 
operates big hotels in Casa- ‘ 
blaoca, . Tangier, ■ Agadif . and; ' 
Marrakesh), Maroc-Toorist/ . 
(eight hotels) and Appart-Hotel^ 
which has four hotels in Aga4Ir v , 

' A new- company, called,* 
Sidetsa plans to build six new* ' - 
h otels -total 1 ing 790 rooms in liter - 
Sahara ceded to Morocco, by; .. 
Spain In 1975. but in general;. ‘ . 
inost new- developmente^are in* '. 
the traditional tourist centres j 
like- Agadir, Fez, Marrakesh^ 
Tangier, Casablanca, along the 
Mediterranean .coast and tn* 

■ certain. mountain ureas: 

• Morocco's . ancient ■ dties/ 
especially Fez and Marrakesh*/ . 
will always remain the major*' . . 
poles of attraction forAmericsriv: 
and European tourists looking 1 . 
for L -the complete ; change oi£ 
scene to be found in their-' 
mediaeval settings. They have'. - 
been so for 50 years or. so. but' 
there is a marked new irepi: 
towards .. the . creation / of 
" integrated tourist complexes *■ - 
which are glorified, vacation'-: 
villages and designed foy lower 
budgets- 

. The two main ones are the . 
Tangier and Agadir Bay Con* -. 
plexes comprising hotels, villas^ 
apartments, marinas, shopping 
centres,' camping sites apd 
sports facilities of all kimfa. 
Tangier is being ' designed 
mainly as a summer resort, 
while Agadir, which claims 300 
days of sunshine a year and is 
on tbe same latitude as Florida, 

Is bring made into, a year-round 
seaside resort. 

Morocco feels it has some- 
thing to offer almost every kind 
of 'tourist from the low-budget 
camper - to the well-heeled 
American who -demands five- 
star trimmings with his date. ‘ 
palms and camels. And in alt_ 
categories /olfictkls ' maintain 
fiieir prices are. still very «Mn? _ 
petstive compared to Europe. r 

Stephen Hughes. . 


An 

is 




TRAVEL IN North Yemen is 
more rewarding ihan in most 
of the Arab world. Not just 
because it is a dramatically 
beautiful country of mountains 
and green valleys, of superb 
villages and tower houses and 
with the most equable climate 
in Arabia; it is also because 
tourist development has only 
just begun so that the visitor 
has far closer contact with 
Yemenis than he usually has 
with the local population in any 
other Arab country. 

To- visit the country as a 
tourist it is essential to be 
adventurous. This is not a 
place for the lover of luxury: 
only three cities — Sanaa, the 
capital; Hodeida. the main port 
on the Red Sea, and Taiz. in 
the south — have western-style 
hotels, and they are heavily 
booked up and very expensive 
indeed. Though there are 
places to visit on day trips from 
all three centres the hire of a 
Mercedes and a driver can cost 
well over SlOO a day. People 
visiting the country specifically 
as tourists' (as opposed to visit- 
ing businessmen taking a day 
or two out of a business trip! 
usually go cither on organised 
tours or. having arrived on a 
cheap air ticket, travel inde- 
pendently. 

The organiser! lours arc a 
good deal more exciting than 
they sound. They usual ly 
invnlve the occasional night in 
good hotels, bur most of the 

lime they rove the country in 
Toyota Landcruisers and camp 
at night far from the beaten 
track. From ihc UK. if costs 
£664 for a 16 day visit. If ynu 
travel independently, as l did 
with my wife last year, you can 
either ride in the shared taxis 
which ply between towns and 
villages or you can hitch-hike, 
which is easy if nerve racking. 
Virtually every village has a 
very simple hotel, consisting r»r 
a- series of rooms each contain- 
ing half a dozen beds or just 
mattresses. 

The view and Ihc crisp air 
first thing in l he morning will 
more than compensate for the 
often prim washing facilities 
and. occasionally, the pmhlems 
of getting good food. Staying 


in the villages teaches more 
about the Arab world in a few 
days than a year in an air con- 
ditioned hotel. 

Tourists only started to go to 
North Yemen during the 70s. 
It is estimated that in 1975 
about 12,000 tourists visited the 
country and it is thought that 
about 17,000 visited last year, 
spending an estimated $7m/ 
Some 25.U00 are expected next 
year. This is the very sriiatl base 
from which tourist evelopraent 
in the country must start 

As the Government sees it the 
most obvious limit on the num- 
ber of tourists is the lack of good . 
hotel accommodation — Sanaa 
has only about 450 rooms in 
hotels that most westerners 
would find acceptable, and Taiz 
and Hodeida many fewer. But 
with new hotels under construc- 
tion the number of rooms in 
Sanaa should double in the next 
year and new hotels are being 
built in the two other cities. 
Even su with the growth of 
business there may still not be 
enough hotel space to accommo- 
date tourists at reasonable rates, 
especially as hotel prices are 
unregulated. 

Advantages 

The Yemen government is 
aware of the advantages of 
developing tourism both as a 
means of earning foreign ex- 
change and. as an industry to 
provide employment The 
country's current five year 
development plan includes a 
proposal for building tourist 
villages at some of the main 
Tourist sites (including the Red 
Sea coast) and. as a matter of 
second priority, creating a hotel 
staff training centre. 

But tourism has in general 
not been accorded high priority 
in tbe plan. Consultants point 
nut that to accommodate 
tourists in large numhers there 
should ho a programme for up- 
grading the small village hotels 
and restaurants; .drafting and 
enforcing a code of minimum 
standards for hotels: drawing 
up an investment incentive law 
for the private sector; tailoring 
handicraft production to- tourist 
needs; establishing agricultural 


schemes for feeding tourists; 
and so on. 

Such a plan would have to 
match Yemen Arab Republic’s 
determination to preserve 
its ttaditional way of ’ life, 
to .maintain ancient build- 
ings and to continue using 
traditional architectural styles 
— -wheti means preserving the 
chief' reasons for visiting the 
country. But tbe old Yemen is 
inevitably . being eroded as an 
uncontrolled flood of money 
pours Into the country in the 
remittances of Yemeni workers 
in- Saadi Arabia, and it is not 
certain whether the Govern- 
ment really wishes to see the 
hundreds of thousands of 
'visitors a year which tourism 
'organised on the scale of 


Jordan or Egypt would entail. 

The Government may also 
be conscious of the . difficulties 
of developing ■ tourism on a 
large scale while inflation 
rockets, labour is short and 
Government control of thd 
economy shaky. Even if the 
authorities wanted to, ond 
wonders if in one of the least 
governed and least developed, 
countries of the world it wouK 
at this stage be possible te 
implement a large scale tourism 
development -plan' successfully 
It may well- be that for now 
the country’s tourism potential 
will not be fully exploited anc 
that the country will retain it* 
appeal to the explorer. 

J.B. 



Two addresses every 
executive traveller should know 
in Bombay and New Delhi 

' The O.berol hotels in Bombay and New Delhi 

■ ; are centrally situktedj close to the .com m- 
.- erical centres of the; two cities. A£ both, these 
- hotels, you will find us . Fully gea red for inter- ' 
national business travellers. We can make vour 
overseas calls, send your cables, Hjtk you with 
telex, and also provide secretarial help; If you 
wish .to hold a meeting or entertain, we have a 
‘ number of function rooms, restaurants and 
bars for your selection. ' 

For r&m'aiionx contact .Loews 
Represmtatmn Inti in Lotion. Tel : 486-3212; Telex 264831 



We look after you better 










“Times Wednesday November 1 1978 


*jO 




ARAB TRAVEL AND TOURISM VII 




me*, ©f 





most ancient 



OF THE three north African 
countries, Algeria is ther' only 
one which caa afford to dis- 
pense .with tourism as a major 
hard currency earner. Morocco, 
despite considerable phosphate 
wealth, cannot afford to do so 
and even less can Tunisia which 
has very slender natural re- 
sources. Algeria has important 
oil and even more important, 
gas reserves and can afford to 
bo slightly condescending about 
it's neighbours' efforts to attract 
i European tourists. 

In 1966. a year after he 
'acceded to power. President 
Boumediene turned his interest, 
fleetingly it' would seem, to 
tourism and a “Charter for 
Tourism '* soon followed which 
lay the foundations to a policy 
which was eventually designed 
to attract an annual figure of 
500,000 visitors. It provided for 
the' construction of a string of 
hotels and the training of the 
necessary personnel. 

Both aspects of this policy 
were important in . a country 
which had suffered a long and 
bitter war of independence 
against France and only became 
independent in 1966. There were 
few hotels let alone trained per- 
sonnel. Twelve years later 
these grandiose schemes are 
dead. True, many hotels have 
been built and staffed, if in- 
adequate in many instances. 
Bur as for attracting half a mil- 
lion foreigners a year, only the 
Ministry of Tourism ever 
seems to have taken the figure 
seriously. As it is. with a 
steadily rising average income. 
: and a flourishing new bour- 
geoisie. the hotels are not look- 
ing for customers. There are 


plenty: available in Algeria 
itself. 

Algeria and its leaders have 
had better things to do m the 
past 12 years: all energies have 
been concentrated on develop- 
ing new industries, linked or 
not with oil and gas, on educat- 
ing a largely illiterate popula- 
tion. and on trying to improve 
the agricultural sct-Tor. Tourism 
is a secondary preoccupation and 
one which would pose many 
problems were It ever to be 
developed on a grand scale as 
in the neighbouring countries. 

First of ail. Algerians do not 
like to serve whether ..the 
customers are - Europeans or 
fellow Arabs. The war has made 
them prouder, the war has also 
destroyed their society to an 
extent that Is unknown in 
Tunisia and Morocco. Hence 
social relations are more diffi- 
cult and this is reflected in a 
more brittle approach to the 
simplest problems. 

There are plenty of excep- 
tions but the norm is depressing 
and rather unwelcoming. Then, 
the lack of consumer goods 
available in Algeria means that 
facilities are not what Euro- 
peans are used to. Repairs 
take months: there are far 
more hotels with swim mi ns 
pools out of order than not and 
plumbing defects have given 
rise to eodless joke*. Lastly 
the food is often only 
moderate, even by local 
standards. Tt is very rare to 
find traditional Algerian conk- 
ing. which is delicious, in the 
hotels. Prices are high, a reflec- 
tion of the relatively high 
standard of living and the 
influx of foreign technicians 
working on industrial sites 


and who often have to reside 
in hotels for months on end for 
warn oE alternative means of 
accommodation. 

Many hotels also present 
architectural problems. Often 
built by the French architect 
Fernand Pouiilon. they are 
remarkable in iho way they 
combjne traditional and modern 
forms, bur this often means that 
the rooms ar« a lon^ way away 
from the reception areas. As 
lhe telephones in rhe rooms 
often do not work and porters 
are not always available to carry 
luggage, the resuit can be 
daunting. 

The sites on which the new 
hotels or Riini-resorts are 
located can be stupendous. The 
praises of the village at Tipaza 
on the coast west of Algiers 
where Rome built a city has 
been sung by AndrC Gide. The 
hotel in the Beam Yenni village 
in the mountains of Kab.viia is 
a romantic's dream, opening on 
to rugged peaks, narrow valleys 
and villages suspended on 
narrow ridues. On the edge of 
Lhe aese-rt in Ghardaia. the 
view, at ni.y'nl.. of the five cities 
set in the oasis is unforgetabls 
with gleaming white mosque 
towers shining under the moon. 

The distances between the 
various cities and sites is con- 
siderable. Tins is a vast country 
and travollins can be difficult 
but hold travellers will find their 
reward, ufien in unexpected 
places where hospitably is still 
cherished. The eastern pro- 
vinces amund Constsnune are 
an archeulocisi's dream: 
Roman. Arab. Berber sites, some 
of them remarkably excavated 
in recent Years, such as the for- 


tress city known as the Kaiaai 
of the Benin Hamad?. 

Small number's ,>f Europeans 1 
have always gone to the llnggar i 
mountains and the Tassch to 
see the prehistoric frescoes. 
They will continue in do j?u. 
especially as out of sea. son 
travelling becomes more popu- 
lar. The de>en is wonderful 
between October and March. 
Those who are prepared to 
brave some of ths elements go 
back: the absence of any Club 
Mediterranean type ambiance 
appeals. Further-nmre. moving 
around Ivas at least one advan- 
tage here: internal travel, even , 
by air is cheap. 

Not by any official design. 
Algerian tourists make up most 
of the guesis in rhe country's! 
hotels. They can he a? grumpy 
as any foreigner because of the ! 
often poor nature of rhe ser- 
vice. They have Lhe income to ; 
afford rn travel or visit their 1 
families and They do. 

In rhe years io conic, tourism 
will not earn Algeria much hard 
currency and will not attract 
the massive package tour 
groups. Improvements will 
probably come although many 
in Algeria feel that to put more 
h"tei> in private hands is the 
only answer. The slate has 
more important tasks than ?c 
run .hotels. The absence jf the 
package tour industry has at 
least one advantage. For the 
more adventurous, for those 
Europeans who do not need a 
night club at every turn and 
fish and chips for dinner. 
Algeria will continue to offer 
some exceptionally varied sites 
and cities. 

Francis Ghilesl 


of tf 

Jordan today with its cities and new hotels and buildings, is 
also a modern country, offering its visitors m2ny rewards, 
whether it is an adventurous and stimulating trip to the 
desert or Lhe crystal clear waters of sunny Aqaba. The list 
of pieasant surprises goes on and on. Ahlan Wa Sahlan to 
the Ancient and Modem Jordan. 



Safe®*.- 


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Jordan 



w... 


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LiSTOI 




'' ; : ■■ £ .V"' v '“ 


For full information ••.tN" i>v 

Iordan Mintin' of tuo. Antiquities 

P.O. Box 224. Anirrui:*.. Joi-t 1 .:*.?. 


AND nature have 
|oth been kind to Jordan in 
Providing it with a combination- 
5: touristic attractions that ha? 
V be considered dazzling by 
iny standard. But a chronic 
lack of finance has always 
hampered the state's efforts at 
serious development of the 
required facilities, and the 
private sector has recently 
stepped into the picture In a 
big way to do the job that the 
state has always found to be 
beyond its means. 

The result during the past 
three years, ha? been a 
sustained and at times spec- 
tacular boom in tourism. The 
Government today takes the 
lead in co-ordination of 
development of infrastructure, 
but there is still a long way to 
go before the facilities that 
contemporary man provides 
match the attractions that past 
civilisations and geological eras 


have bequeathed to Jordan. 

Revenue. . from tourism 
remains an important _f a c lor in 
offsetting Jordan's chronic trade 
deficit. Last year, according to 
central bank figures, tourist 
receipts reached the SSOOm 
mart a sharp rise from the 
S30ra registered only four years 
before. 

These figures reflect a 
parallel increase in The number 
of visitors to the country, which 
has risen from a mere 130.000 
in I960 to 600,000 in 1966, 
700.000 in 1975 and 930.000 last 
year. There have been sharp 
drops and rises in between, 
reflecting the wars of 1967 and 
1973 and the influx of refugees 
from Lebanon and the unusual 
double influx of Moslem 
pilgrims en route to Saudi 
Arabia in 1976. 

The growth rate has now- 
returned to a normal pattern, 
however, and barring any mure 


reginrai upheavals the tourist 
sector should continue ::s brisk 
grow;!] (nr the- f.'- resets Me 
future, 'particularly brcau.-? the 
single bigger, constraint on its 
growth, the jstk of adequaie 
hotel >pac.?. >« well or. the way 
lo being overcome. 

The country stli! boasts only 
2.009 rooms In classified notels 
and resthnusea. but 25 hotel 
projects underway nr about to 
start will add another 3.000 
new rooms to the fetal by the 
end of 1982. This represents 3P 
Investment oE over 5200m. of 
which over SO per cent is pro- 
vided by the private sector. 

Parallel io the development 
of hotel projects is a recent 
growth m the number of rest- 
aurants, also mainly funded by 
private investors. 

The government, however, 
still has to take the lead in 
opening up some c-f the remote 
hut spectacular regions of the 


the 



Too many travel agents 
don’t know one end of the Gulf 
from’ the other. 
At Wakefield Fortune, one of 
the country’s leadi ng travel 
agency groups, we have a lot of 
experience and more than a 
little influence when it conies 
to Middle Eastern travel. 
We speak their language. We have 
low price packages to cut your costs 
- Kuwait from £310 for 7 nights, 
Tehran from £250 for 7 nights, 


for instance. . We can advise 
you on marketing or legal matters. 
We can sort out your visas — 
quickly. We can do your trans- 
lations. We may even work a 
few wonders. 

It s more than you'd expect from 
a travel agency but then we've 
always believed in offering a 
little, more for your money. 

In the Middle East. Anywhere. 

If you're not taking advantage of us, 
now's tire time to find out more. 


Return this coupon *n Roy Stephenson, 97/107 Southern (Aon 







■ 

I 


Catapan?.. 

Address— 


.WKHinmilMII 1 * 









" " 


country, su^h as deserts of the 
east and south, the cool hills 
of rhe north and the hot springs 
around me Dead Sea. 

In fat! or.e of rhe dilemma? 
of ;he Government** planners 
is wii-re to set pr^ntiM, given 
the variety of sues :o develop. 

These include year-round sun. 
sand and sea resorts at the 
Dead Sea and the Gulf ol 
Aqaba, the natural extravaganza 
of Wadi Rum (site of the film- 
inf of Lawrence of Arabia >. 
archaeological sites cf which 
Petra and Jerash are the best 
known. Islamic desert castiles. 
crusader fortresses, desert 
oases, mineral hot springs and) 
even some of the best bird 
watching sites between Europe 
and Asia. 

This variety of attractions 
alone would keep European and 
North American visitors coming 
to Jordan, but added to this 
is the successful drive to offer 
Amman as a gateway to the 
Holy Land attractions of Jeru- 
salem and Bethlehem in the 
Israeli-occupied West Bank. 

New regulations now make it 
easier th 2 n ever for foreign 
visitors io cross the Jordan 
River on air-conditioned buses 
for a comfortable visit to the 
West Bank. 

Added to all this, however, is 
ihe sharp rise in Arab visitors, 
particularly those from the 
humid Gulf states who have 
recently discovered the coni, 
sreen hills north of Amman. In 
Fact. SO per cent of visitors rn 
Jordan are Arab nationals, 
although a large part of these 
are Moslem pilgrims en route to 
Saudi Arabia or Palestinians en 
route to visits to the West 
Eank. 

With its long-term aim of 
promoting “selective tours.'' 
the Tourism Ministry is develop- 
ing facilities to serve the many 
special interest tourists that it 
expects in the future. 

This means simultaneous de- 
re [opmenf of mineral springs, 
desert, beachfront, antiquities 
and the hilly area?, with an aim 
of spreading out the tourisne 
attraction? and infrastructure 
throughout the country, and 
avoiding a massive concentra- 
tion of visitors at one or two 
sites. 

Another aim in this drive :$ 
to provide more services for the 
growing domestic tourist sector, 
which has also been spurred by 
a recently regulated price code 
for hotels and restaurants which 
have seen an appreciable drop 
in some prices. 

One lingering headache has 
been the lack of trained staff 
for the tourist sector, and the 
requirement for another 4.000 
workers in this field in the 
coming four years can onsy be 
met by more imported labour. 

Some of the international 
hotels enteritis the field, such 
as Sheraton. Holiday Inn and 
Marion, will probably have «n 
brine in many of their staff 
until local training schemes are 
able ro carry the burden of pro- 
riding skilled workers. 

Rami Khouri j a:<- s 


I 

1 




P-- *■ pel 

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s'*'- r (Ts 



r'£. ~ :» z\ 1 V •: * -* -r ~ r ^ ' ~ 7‘ 

‘ I*-'---':-' ■ e ■ ; 1 '* ' > 1 

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Within a decade, the staies fringing 
the eastern coast of the Arabian 
Peninsula have become a new world. 
Rich in themselves, rich in opportunity. 
Fast developing into international 
trading and financial centres. Breeding 
new industries. 

Gulf Air is a part cf that new world. 
An international airline flyingthe most 
modem equipment including 
Lockheed IriStars and the advanced 
Boeing 737-2G0. A regional airline 


jit-v; 


serving more destinations throughout 
the Gulf than any other airline. An 
airline unique In its offer cf Golden 
Falcon Service. 

The Gulf is a new world. When you 
fly Gulf Air, you're a pail of it yourself. 









\ newe%psnsfiC3 r. crave; 






Tunisia 



A member o/'the fn'GficapeGroap of Conpanies 







RuwpMuscat 

‘I el: 722601' .' ': 
Telex- MB 3215 


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Tel: 21.427 ' - ,' V-- iran : 5V ; ^'-v— 
:;,'telex:iDB : 5425 ."''r#Tel: 2746%Q^- : ' : -£&v 

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Tel: 22340/355330 ' 

"Telex; OB 5425 / . 7 ; ' - v r --.AT £ >-77 ' 





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The visi 


in 


UNTIL IT was overtaken two 
years ago by oil. tourism was 
Tunisia's biggest hard currency 
earner: for a country with rela- 
tively few ‘ resources, the 
Dh 139.4m ..brought in by 
tourism last year is appreciable 
and all points to a further 
development of this sector of 
activity in the years to come. 
At the same time, those in 
charge of this sector in Tunis 
are trying to improve the 
amenities offered to tourists, 
attract them away from the 
coast and ensure that those who 
come do not simply spend all 
their time on the beaches but 
enjoy some of the sites away 
from the coastline. 

Tourism has developed very 
fast in the past eight to ten 
years and too many tourists 
crowd into a fairly narrow strip 
of coast between Hammamct, 
south of Tunis and the city of 
Sfax as well as further south 
on the island of Djerba. Few 
go to the north, to the Sahara 
and not enough go to the many 
Roman sites scattered around 
the countryside. 

Far too many tourists come 
in the crowded summer months 
despite the efforts the authori- 
ties have made to spread out 
the season. Yet the weather in 
Tunisia, the more so as one 
moves to the south, should 
attract more foreigners in the 
spring, from. March, and in the 
autumn. In. the desert the 


winter months are the most and the West-and foreigners are the: bad relations. tettreen ? mi S?tebeaefits to be derived - 
pleasant always made to fee! welcome. ' Algeria and H 0 ™** 0 . from this type of visitor, are the; 

The other concern, one which The sun and sea’, formula Saharan issue, which has le terms risks worth taking? 

the authorities are less keen to developed at the turn of the the dosing of the frontier official level the answer^ 

talk about, are the social side- decade worked weH: apart from tween these two countries since ^ ^ enthus jastic “yes.'V 
effects of the more than lm a slight slowing down after, tile 1975-78. . .. V important derisions cbncemfeg: 

tourists who visit the country oil crisis, the tourist sector has Visitors from the Mmtile jwisr, 1 JjL t j c|l | ar type of 'newr: 
every year. lived up to the hopes of its particularly from the Culfstates P ^ built wffl have to 

Tunisia launched itself in promoters and package tburs and Saudi Arabia, are a greater - f years* - 

earnest bn to the international have prospered. , . Ay. novelty, Fifteen thousand came ^ & or8l i 

tourist scene in the late 1960s . ' - America and the Middle East by.’. 

th/ foreign* pShaLp 0 * rrmW - 1969 1970: 1973 1974 1975 1978 1977 air IS 8°^. ’■ 


rourisis wno visit me country on crisis, me uhuik ww nas vimu»» >iuw . --.-ficri-T the type or new 

every year. lived up to the hopes of its particularly from the Culfstates P ^ bui]t ^ have to 

Tunisia launched itself in promoters and package tdurs and Saudi Arabia, are a greater - f years* 

earnest bu to the international have prospered. , . novelty. Fifteen thousand came be A t ^ 1 ^ e & or8l 

tourist scene in the late 1960s . ' - America and the Middle East by 

the 6 foreign' exlumge^ could ■ 1969 1970: 1973 1974 1975 1978 1977 air is g00 f I-Sa ■ 

get it h^tf^atejobs fas? Number of tourists 373 60S 721 716 1,013- 997 l,015f Arabic *nd »ost of them^cn, 

no mean prtAlem in a country Number of jobs la f - . ... Jjj 1 ' -JSsS with ' SS- 

where hall the population Is the tourist sector 746 1,012 1^98 UR L530 J-Ha n&J£5?25' telSserriSS^ 

under 20 and where the level Income in Dinars, 26.1 53.8 72.4 80.8 118.8 130.0 Telephone and t^ex sem(^are>- 

of edition is,, without dogt. ’Millions of Dtas. (Dtar 1-9U8). thousands. 

aSte™ SS . “ 7“ »« rarrie ?J„,d £££!?& 

emancipation of women has Preliminary figures suggest in 1976 and 12,000 in the first i a5 t year, a sixfold incnease. in- 

brought new demands for jobs, that 1978 will prove a record four months of this year alone, ten years. -j-.- 

un dreamt of a generation ago. year: during the first six These visitors expect very high The ancillary advantages of;; 

Tunisia had the advantage of months, the number of foreign standards— the amenities they holding conferences in Tunisia 
not being far from Europe, in visitors increased by 6-5 per used to find in Beirut and still include easily accessible %oan-; 
physical terms, of having been cent to 479.000 and August' and do in European cities such as and Arab sites and old rifle s^ 
in dose contact with French September have, hv all accounts luxurious hotels, casinos, race some beautiful - countryside, 
habits and language during the been very good months. .7.; coarse tracks and golf courses, ranging -from oak forests cat-2 
time France colonised the This trend is - expected to With the exception of a few eading into the sea lii thenonh ’ 
country, from 1882 to 1956, and continue next year, especially hotels. Tunisia is not really at Ain Drab am and Tabatha to ; 
of having kept up these con- if the number of visitors from geared to this kind of tourist tbe empty plains around tfrd 
tacts after independence. other Arab countries (Algeria, and efforts are being made to sacred city of Qairwan iri .the. 
Independence came without Morocco and the Middle East) catchup. There is some unease centre to intact Berber villages': 
much violence and the French increases at the speed it- has In about this In Tunis as gambling fln rf troglodite dwellings To the :' 
presence left little resentment the past year or two. in particular is not viewed by south. Oases remain a- major : 

The people are naturally Around 100.000 Algerians had all as an ideal development attraction and so do the many; 
friendly. The high standard of visited Tunisia by the end of Replacing Beirut, even in beaches. Finally cooking is : - 
living in Third World terms August this year and while seemlier fashion, is not what very good, despite the tourist 
and, until recently, the great many stay with family' and some Tunisians feel their invasion of recent years. A wide 
political stability also helped- friends, the money they spend country should be striving for. variety of craft products - can 
Tunisia has traditionally been a has been welcome. The increase The flaunting of their wealth by still be found but quahty is” 
bridge between the Middle East in numbers is, in pari due to the Tunisian new rich is already declining, except where " good : 

carpets are concerned. Good 

-• jewellery is-, very difficult to : - 

oyild lie authorities are fSaced 

3L - • today with having to diversify;" 

the package they offer. The 
first wave of growth has proved 

-g • . • . . satisfactory: now is the time to 

n hiQtnrir intpfPQi 

I 1 1 tvi k3 4/ more development takes place. 

: Inland roads are good but more 

small hotels need to be built .. 

despondent from one hotel ideal for villas and villages, only now beginning to establish But of course, private investors - 
reception desk after another, (Unfortunately the consultants tourist offices abroad independ- who have taken much of the 
can fail to be convinced that the failed to appreciate that one of ent of those run by Syrian Arab investment along the coast on 
country is thick with invading these beaches has blade sand. Airlines. ' With many westerners to their own shoulders are less 
hordes. which scorches the feet ' in usually travelling to several keen to move inland where the 

Yet very few of the 1.4m summer.) Middle Eastern countries on the return, on. investment is likely 

people who visited Syria in 1976 ® ul ^ ma ^ be.; that the same trip Syria is planning a to be lower than in; the high 

(the last year covered by the western tourist will be drawn to joint marketing company with density coast area. And the 

official statistics) were tourists. Syria more for its historical and Jordan. state is not awash with money - • 

More than 600,000 of them were archaeological attractions, which, go the visitor who goes to these days. 

Lebanese (many of them Ef e superb, and include Syria now should be a traveller Then one has to attract Euro- 
refugees) and only 147.000 came -Damascus itself, w>n its souk ra ther than a tourist, seeking peans with wider interests than 
from outside the Middle East ®" d ^ Ommayad mosque; adventure rather than -luxury, sun and sea and a Club Medi- ’ 
Many of the latter were . a 2 0lden city domin- Me should be equipped to steer terranee ambience. There- is no 

businessmen and expatriate lts , n^snnicent Islamic his way past the double tariff easy answer. Yet the conntry, 

workers, so there were not many ' lta ™ : coinmess classical, which 'tends to operate, with one while less - spectacular than 

genuine tourists. Rich Lebanese '^ dei t renraras, in- pr j ce f or the locals and another parts of Morocco has a wealth 

and visiting Arabs from the S.“~? g “! e „ Haimyra in for t |, e visitor. Less easy to of sites and many fine cities, 

Gulf probably form the main- ““PJJJ* avoid is the general vagueness. Architecturally it is a dim 

stay of the tourist industry. at rv 5 !?! 0 “f and the difficulty in obtaining Qairwan boasts some earftr- 

In fact statistics suggest that ijereTnd the delSitftd nid ri^r tourist ' information that is Muslim architecture; the roman 
fewer North American and !. f a™ “tift itTimlnS staDd ®f l1 ' in many other amphitheatre at El Djem in the: 
West European visitors go to water wheels lifting -water out countri f s - ' oHve groves of central Tunisia 

Syria now’ than in the mid- of Q r0TJtES But the oft-reported surly dis- is unique, the site of old Caztb- 

1960s — the legacy of the 1967- cia £ hooe that the attract array among officiai s and hotel age. now being partly excavated ' 
1973 period when, following the visitors to a string of ancient staff *? rapidly turning into is rich in history. The hill on 
Six Day War. Syria became C j|j es a j on „ tbe° Euphrates somethin ^ taore cheerful, if no which it was built close to Tunis 
isolated and politically prickly, while the new Russian-built dani ^ chaotic. The new state boasts one of the finest views- 
Hotels ran down, guides went at Tabqa is the pride of modem hote scb0Dl “ producing anywhere round the Mediter- 
But of business, and tourist offi- Syria, graduates and progress is being ranean. However, the ghastly ■ - 

:ials became disheartened. In y et ju S t how far Syria really ™ adei Now could be a good villas being built at the foot of' • 
1976 tourism made up only 3 wants to go in developing &r “vestors to move in — Sidi Bou Said are a reminder •. 

aer cent of GDP and employed tourism at this stage is uncer°- and for .travellers who of how. little it takes to destroy 

>nly 2 per cent of the work tain. The fact that it has to t0 Syria more or less a site forever. The red cliffs 
‘orce. devote more than a quarter of 111 tis pristine state, time to get are being prostituted for the - 

But since the October 1973 its expenditure to defence is a immn S' sake of a few rich visitors. 

\rab-Israel war Syria has gradu- drain on finance. while . Pan! Martin Frands Gbiles 


SYRIA should be inundated 
with tourists. Situated at the 
ancient and modern crossroads 
of three continents, it is en- 
dowed with a rich variety of 
archaeological treasures and 
Islamic shrines, a distinctive set 
of landscapes and a Mediter- 
ranean seaboard. And indeed, 
no casual visitor who has under- 
gone his inaugural elbowing by 
the scrambling throngs at the 
soukh-bazaars of Damascus and 
Aleppo, or been turned away 


k 





Syria ;fl 

Rich in historic interest 


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id despondent from one hotel ideal for villas and villages, 
te reception desk after another, (Unfortunately the consultants 
Is can fail to be convinced that the failed to appreciate that one of 
country is thick with invading these beaches has blade sand, 
,f hordes. which scorches the feet in 

,d Yet very few of the 1.4m summer.) 
it people who visited Syria in 1976 ma 3 - tba* 

r- (the last year covered by the we stern tourist will be drawn to 
i, official statistics) were tourists. Syria more for its historical and 
r- More than 600,000 of them were archaeological attractions, which 
y Lebanese (many of them superb and include 

ie refugees) and only 147.000 came Da ™ascus itself, w>b its souk 
id from outside the Middle East toe °“f ayad mfsque; 
iy Many of the latter ^ Aleppo, a golden city domin- 
~1 businessmen and expatriate *?*** *?y its magnificent Islamic 
workers, so there were not many citadel; and countless classical, 
genuine tourists. Rich Lebanese an ^^ rUS f der , ^ 

and visiting Arabs from the J? d T 18 Palmyra in 

Gulf probably form the main- J? 6 

stay of the tourist industry. IP rP Uth ’ 

-T . . - . the castle of Krak des Cbeva- 

In fact statistics suggest that UeTS and ^ deIigbtful oId dty 

fewer North American and of Hama> with 6 its immense 
West European visitors go to water wheels Mxhls ^ teT out 

”? w 1 than ln r ;5 e of green Orontes. Syrian offic- 

^Pp. P£ acy 2f u 19 P/’ c * a ^ s h °P e that they can attract 
19/3 penod when, following the vi sitors t0 . a string of ancient 

. , ?' ar ’,.f yr If ° ec TP e cities along the Euphrates, 
isolated and poUtically pnckly. whiIe me new Russian-built dam 
Hotels ran down, guides went at Tabqa is the pride of modern 
out of business, and tourist offi- Syria. 

rials became disheartened. In yet just how far Syria really 
1976 tourism made up only 3 wants to go in developing 
per cent of GDP and employed tourism at this stage is uncer- 
only 2 per cent of the work tain. The fact that if has to 
force. devote more than a quarter of 

But since the October 1973 its expenditure to defence is a 
Arab-Israel war Syria has gradu- drain on finance, while 
ally become more open to out- westerners tend to be scared- 
siders and to the west in away by what they perceive as 
narticular. The government of the general instability of the 
President Hafez Assad is rela- region, irrespective of whether 
lively stable and is aware oE there is a real danger of re- 
the benefits that tourism can newed conflict. It may well be, 
brine to a fairly slow-growing as a doctoral thesis by Dr. Alan 
economy which needs to pro- George concludes, that unless 
vide jobs for the increasing the political situation in Arab 
population. It wants to en- world becomes calmer Syrian 
courage more investment, in- tourism caanot boom, 
eluding foreign investment, in . m 
tourism, and has been in- 3.n2CltV 
terested by the prospects held ^ F WW1 V 
out to it by a firm of French In the . meantime Syria's 
consultants, who envisaged 3.5m capacity to take more tourists 
visitors coming to Syria a year is being increased. The most 
by 1990. and even (though this urgent need is for better hotels, 
seem* nut of reach now) 2.5m The Syrian government has 
by 19S0. committed itself to large scale 

But to implement the plan building projects in conjunction 
would reauire the creation of a with western and Arab capital, 
new tourist infrastructure in- keeping financial control but 
rinding nm just hotels hut train- leaving the running of the 
inn. promotion, advertising, hotels to professionals. A 
tourist offices abroad and sn nn. Sheraton opened in Damascus 
Tn 1976 there were only 18.000 this month; the Meridien has 
beds in all the country’s hotels been going for two years, and 
very few of them of interna- others are planned for AJeppo 
liana! standard: the consultants and Latakia. while one is soon 
reckoned that 39.000 new beds to . be completed at Palmyra, 
would be needed in new hotels With other hotel projects in 
and a staescring 97.000 in hand, 1,500 desperately needed 
motels, holiday villaees and beds should be added at the top 
villas. This would involve a end of the market, 
major upheaval in the present But it is in the middle range 
tourist patterns: Damascus, category that the most urgent 
which now accommodates three- need is felt; what few hotels 
onarters of all visitors, would of this type there are — in the 
fall in second place, and the towns and villages outside the 
northern city of Aleppo to third, main centres — are not usually 
well behind the presently un- up to the standard most western 
developed coastal region on the visitors would accept. The gov- 
Mediterranean and the moun- eminent is trying to encourage 
tain resorts in the vest. the private sector to invest in • 

The report envisaged that the constructing and equipping 
greatest expansion would take them (or wen renovating old 
place in ** estivage” tourists — ones) particularly in partner- 
Arabs and others seeking relief ship with foreign (usually 
iri Syria’s cool, forested hills Arab) finance. Tax and customs 
From the sweltering summers of incentives' are being offered, 
the Gulf. With rival Lebanese The Government, which bag 
attractions out of favour be- allocated (S£230m for tourist 
cause of the current crisis, development this year, claims 
Syria's three major estiva ge re- that such schemes will provide 
sorts — one near Damascus, two an extra 5.000 rooms by 1980. 
in the north west — are already On the Mediterranean Lattahia 
mushrooming, and new sites are is being improved, but with its 
being chosen. It also foresaw rather dirty beaches, mediocre 
trying to entice sun, sea and night life and East Mediter- 
sand lovers to the 115-mite ranean pollution it is not yet 
coastline, where in places the ready to become the centre of 
mountains sweep right down to, Syria’s Cote d’Azur, 
the sea. Here two long stretches Syria is sensibly not oversell- 
of unspoilt beach are seen as ins its long term plans; it is 


only now beginning to establish 
tourist offices abroad independ- 
ent of those run by Syrian Arab 
Airlines. ' With many westeners 
usually travelling to several 
Middle Eastern countries on the 
same trip Syria is planning a 
joint marketing company with 
Jordan. 

. So the visitor who goes to 
Syria now should be a traveller 
rather than a tourist, seeking 
adventure rather than -luxury. 
He should be equipped to steer 
his way past the double tariff 
which tends to operate, with one 
price for the locals and another 
for the visitor. Less easy to 
avoid is the general vagueness, 
and the difficulty in obtaining 
tourist ■ information that is 
standard • in many other 
countries. - 

But the oft-reported surly dis- 
array among officials and hotel 
staff is rapidly turning into 
something more cheerful, if no 
less chaotic. The new state 
hotel school is producing 
graduates and progress is being 
made: Now could be a good 
time for investors to move in — 
and for those travellers who 
want to see Syria more or less 
in its pristine state, time to get 
moving. 

Paol Martin 


THERE ARE NOW 
FOUR FLIGHTS A WEEK 
FROM HEATHROW 
TO ALGIERS. 


ATT ATTOC 



'ueicays. Friday? 
'.Sat lirctaVsan.dS.u \vh\% tso bps; rtess is .done 
Kjadayp in Airier sT; b . • 

, * ^ ca you to lb destinations it;. 

‘ana Arrica.in Booing 7!!7"s con-Vplirie wit] 
_extd o\ic! a ndiocal want'; : 7 . . 

. B riq ili neTtd Air Algeria ' 

10 Baker- i;te e t, -Lo ikU > n 7A r T M'l D A.T 
:-Td: bir4h7;r;903'«r 01 4373909. 


yJijJi % j# 

Am J&LGEMB 

Europe’s link With A fara 





i ill f T ! 




I 










' ; ^™es Wetaesday November 1 1978 

Kfl»|^W^EDER REACTORS . 


BY DAVID FISHLOCK, SCIENCE EDITOR 


■SJK 


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IBE F^NCH have .forrbwetf structioo, ■ probably at -the same 
U.S- space pro- site. . As 3 L. Georges Vendryes, 
gramme . .if or Eucopp'sj. , • most deputy’ director., of the. Conuni &■ 
ambitious industriaiii^tj/Kt . To -sariat ft I'Ehei^ie Atomique 
assom hle 4 h eir Sp^ Shuttle, (CEA)^ and reSjkmsibleior civil 
VS. _ aerospace jeogfoeeis-. have nuclear- developm pnt, sees the 
a MS feet tall “'tfeniple “ called Fren<i» poshiQ^the 36 big light 
the^yehlfile assejobty > buildingr-water reactors - already, ordered 
dose, to the hinWipad- ; T^e wilU over theirlifeftime, discard 
Frehtfc' riuciear eopheras.' have aSiout •'... 70 ^pW^. ^ vtclmies of 
buhththeir. -owiiirhage reactor' ‘‘ depleted ’V utaplum. , This is 
assembty builcBog 'alongside- the urajdum front-which neajly all 
world's fii^.^^^iniejclai -.fast the fissile matyriai has- been 
breeder.WBcaEri-ii'i r;: ~ : . extractal .' It ifflounts to. more 

At Cre^^alvilie ott the l»nk than the/ ^hred mdigenous 
of the Rhone -between Lyons -French ;resexyes .. (rf ■ uranium, 
and ' Cenerya. ‘in^a" J plctureisqiae some ^OiOCfO tonnes-.; Packed into' 
regibfr.oh^jfriteh ' by : glaciers. FB.Rs - and ' irradiated by 
andiweli stoi*ed :M?ith m«iievai-i 5 £utrons,-this^epletei Tiraniu 7 n 
castle^ j a ^mo^rn/ .towerc- is wili be;<ransxnuted rnto enough 
c] imbias steadily 1 - skywards; Tb^ plomnidm— -another . -• nudear 
is thc^cyKhdT^at rcojityet^ rou^fueL~to keep'^France supplied 
tainment for Soperghenix/ g with energy for the nesrt .two 
1^00 KW fast breeder reactor cmrtuhes.: BntVilliout the 5 T 8 B, 
(FBR)V Encircled; by ..cranes, depleted urammn is vixtualiy 
the ctmcrete xing ii already half- worthless. 1 t. .... 
way. tbwards’iity'fj^^ '• JeaiGlaude Iiervy. 

270 feetTlniJatmity the- Ren ch-director-gen eraj/of - Fraimatome, 
will begitt.'lto/; Aaeinble-^ the Jhe. French reagtor design and 
reartpr.v-itsdf: ; r ^et they havk coDStxrrctibn^^^^ g^ ’ believes 
fougd ^tune- to laj/oafcJhe site ; that as much s ^20 per-cent of 
neatly, ’ brtfld boulevard s ‘the cO ujitty 1 ^ ifuClear electricity 

— even ’to plajit; a- feW'trees. ’; /iould -ha comiB^ fr om : FBRs by 
^-the- v Labqnr Farty -cpiifeT^ the end - of^. the ’ century 
ence ^-Iast >motrtb r : in - an . im- Flyeotually — ^r baps’, by /2020 
passioned / defence of ■nuclear —France Will £e : building only 
energy* - Hugh - Scankmr- FBRs, be says.^ 

representing, the .engineering.; Meanwhile it i's stressed that 
wo^ei>--hrash 3 y - [asserted that Creys-Malvllle, ^although the 
Britain l Wftsr ,, . /Ught'yeare ahead " first-of-a-kind, i^'.no experiment 
of ite competitore ln the tech-- but: a project tfesigned to pro- 
nolQ^ of the.EBIt He is quite vide-an assured^upply of power 
wnmg. Britaln, although among fq r Electricite de Fradce. It is 
the 'W'orhTs. leaders, has alreatty a ITFr 5 , 350 m about £ 670 m) 
fallen, several years behind die Investment shared by three 
Frepchr-abd Is! stilt V slip pm g. utilities— EdF, ; ENEL- inltaly. 
The best the Btitisfi.I-nudeiar. and RWE iri Germany. These 
induslry cah hope for. is .thatby utilities :will 'provide about 30 
1983 , when the French expect per eent of the egsh- The rest is 
to be „btitatniiig electricity from being raised, through loans from 
Creys-Malviile, the UK’s first big'Euratom. (EEGh the European 
FBR will be at about the same Ihvestmeqt Baidt, and. various 
stage of construction as Creya- other ihstitutions including the 
Malrille is ; ipds^// • . French Government. 

By then; however, the French The technology of the Creys* 
engineers hope to have at least MalviDe reactor is exclusively 
one more big FBR- under con- French, derived from the very 


successful 250 MW Phenix 
demonstration, begun at Mar- 
coule after Britain's prototype 
fast reactor at Douareay but 
brought into operation before 
it. Two years of unprecedently 
Seed performance, for a proto- 
type plant, convinced the 
French that-, with Ph eats .they 
were on to a winner. By the 
spring of 1977 they were ready 
.to extrapolate five-fold in size— 
a much smaller scale-up 
incidentally than the 35-foJd 
extrapolation from their 
Rhapsodic experimental reactor 


the joint venture 
NOYATOME 

(France) . 

Creusot-Loire 

CEA 

Neyrpic 

A Ixthom-Atlantiq ue 

. NIRA 
(Italy) 

AGJP Nudeare 

Tost 

Fiat 

AMN 


36% 

34% 

15 % 

15% 


20% 

10% 

10 % 

60% 


to Pbenix. Still more signi 
ficantly, they had worked out 
an industrial infrastructure to 
undertake the leviathan — and 
very complex — project. 

Creys-Malville is an inter- 
national venture, with consider- 
able participation by German 
and Italian industry. A consor- 
tium called Nersa. managed by 
a triumvirate of French, Ger- 
man and Iralian directors, is 
customer for the plant Share- 
holdings in iVersa are 51 per 
cent EdF. and 33 per cent 
ENEL, with the balance held by 
a German-Benelux utility con- 
sortium called SBK (in which 
Britain's Central Electricity 
Generating Board has a toe- 
hold}. 

Nersa has placed a turnkey 
contract for the reactor itself 


— the nuclear steam supply 
system — with a French-ItaJian 
joint venture called Novaiome- 
Nira.’ This brings together the 
main groups in these two 
countries .developing the FBR 
(see accompanying table). 
Their contract, worth about 
FFr 2,500ra ' (over £3Q0m), 
represents nearly half the total 
investment expected at Creys- 
Malvlile. 

The Rhone. is not navigable 
beyond Lyons, so Nersa is plan- 
ning to have many of the bigger 
and . heavier sub-assemblies 
fabricated on site, right along- 
side the reactor vault. tThis 
was also the way Phenix was 
built.) A cathedral -size work- 
shop clad in aluminium was 
erected within 12 months of 
Nersa placing’ the reactor con- 
tract. This . workshop, sub- 
stantially bigger in area than a 
football pitch, has headroom of 
over JQO ft under the hook of 
an 850-tonne travelling crane. 
It is unheated but they plan to 
put “tents” around the Indi- 
vidual projects when needed 
and blow warm air about the 
craftsmen. 

Already major components 
arc taking shape, including the 
heaviest — the 850-tonne roof 
slab for the reactor. This is 
being built from, a dozen pre- 
fabricated segments, half made 
by Breda in Milan, half by 
Neyrpic in France. The procure- 
ment policy of Novatome-Nira 
is to place contracts involving 
transfer of France's exclusive 
FBR technology with French 
companies only. Italian and 
German companies. are awarded 
only contracts involving no 
technology transfer. Overall, 
the value of contracts is dis- 
tributed nationally roughly in 
proportion to the shareholdings 
of the three utilities. 

The first big reactor sub- 
assemblies to leave the work- 
shop, in 1980. will form the 


“pot"— the two great vessels, 
one fitting within tile other, that 
will hold 3.500 tonnes of molten 
sodium coolant This is the 
coolant which will transfer heat 
from the Superphenix fuel to 
its steam generators (boilers). 
The two vessels forming the pot 
will each ’ weigh about 560 
tonnes. Schedules in the office 
of M. Duvaunt, Novatome-Nira's 
site manager, say that he will 
transfer the vessel in just 38 
hours across the 450-ft space 
between workshop and reactor 
vault. 

Key components to sit within 
this vessel include the four 
primary sodium pumps. 123 
tonnes each, designed to deluge 
the fuel in a tidal ware of 
coolant— 13 tonnes a second. 
Unquestionably, this is a vital 
piece of FBR technology. The 
pumps are being made iu 
France by Jeumoat Schneider 
— tested. dismantled and 
reassembled on site before 

transfer to the primary vessel. 

Assembly of the Superphenix 
reactor begins in January, and 
is scheduled to continue for 
nearly three years before engi- 
neers are ready to bolt on the 
400-tonne, dome and pronounce 
it ready for testing. They are 
allowing 'just four months 
longer for reactor assembly than 
Ph&nix required. When fuelled 
and sodium -filled, some 8,000 
tonnes of the most advanced 
engineering to be found any- 
where in Europe, packed into 
the pot, will be dangling from 
a great steel ring about 70 ft 
across. This will be the furnace 
for 1,200 MW of electric power. 

The French are no strangers 
to joint nuclear ventures. They 
already share plants with Bel- 
gium and Spain, while five 
nations are collaborating to 
build the uranium enrichment 
complex at Tricasiin. Inter- 
national collaboration certainly 
adds to the cost, says M. Jacques 


Naigeon. in charge of inter- 
national relations for Novarome. 
But it is mainly a “software" 
cost, he contends— the cost of 
reaching decisions more slowly 
when the project hits trouble. 
u You can't bring the same pres- 
sure to bear on a foreign 
industry." 

In 1981 Novatome is expected 
to lay two new FBR tenders 
before Electricite de France. 
One will be for a single reactor, 
Superphenix 2. The other will 
be for a series of twin-reactor 
stations, two or three of them 
to be started at two-year inter- 
vales. Design of Superphenix 2 
will start next summer, and to 
this end Novatome is already 
isolating areas where it believes 
major savings in cost might be 
made compared with Creys- 
MalviUe. In particular, it is 
examining ways of shrinking 
the main reactor components to 
obtain greater output — perhaps 
1,500 MW— from the same or 
even a smaller volume. For 
example. Novatome engineers 
believe that the primary pumps 
could be much reduced in dia- 
meter if an axial instead of a 
radial inlet flow of sodium were 
adopted. For the four steam 
generators it may be possible to 
adopt a significantly cheaper 
material than the Incolloy 800 
“superalloy” now being used 
by Creusot-Loire. 

The over-riding aim of the 
French— customers no less than 
contractors — is to avoid the 
delays and frustrations in 
developing the complex tech- 
nology of the FBR which they 
have seen occur elsewhere. The 
U.S.. they point out. was 
generating electricity from an 
FBR in 1951. This year, in 
spile of the U.S. Administra- 
tion's manifest but — as the 
French see it— quite irrational 
lack of enthusiasm for the com- 
mercial FBR. it is spending 
$4S2m on the technology. This 



•t ‘ I.,'.. , ,-fv-A- . - y ,1 

••••' .. - ■ 

i • w ; v„'. .'.'"■.■■■"•'' a: 

Circular reactor vault for the world's first commercial fas! 
breeder reactor at Creys-Malville 


figure compares with a total of 
$365m allocated by the Govern- 
ments of France, Britain, Ger- 
many, Italy and Belgium this 
year. 

Britain, which conceptually 
has followed tbe same path as 
the French, has decided that it 
must hold a public inquiry into 
plans for building its first big 
FBR, probably preceded by 
another inquiry to establish 
whether it needs FBRs at all. 
Germany, with no prospect of 
seeing power from its demon- 
stration FBR at Kalkar in under 
11-12 years from starting con- 
struction. is now bemused by 
political proposals that it should 
be redesigned as a quite dif- 
ferent kind of reactor. 

As the French see it. interrup- 
tions of the kind Britain, tbe 
U.S. and Germany have ex- 
perienced have two very serious 
consequences. They push up the 
cost rapidly (Creys-Malville, 
they claim, will provide power 
at a price per kilowatt within 
the same bracket as France’s 
other nuclear stations); and they 
increase the risk of something 
going seriously awry because 
vital expertise has been lost or 
overlooked. “ People say it is 
bad to go too fast but the way 
to keep it safe is to have a con- 
tinuity of effort on the safety 
problems," says M. Vendryes. 

In one respect France may 


appear to have heeded the call 
for caution made by the U.S. 
Administration, which this sum- 
mer expressly asked nations 
pursuing the commercial FBR 
for their own requirements to 
show restraint in trying to ex- 
port the technology. France 
was. but is no longer, trying to 
market a s mall FBR based on 
the 250 MW Ph&nix. But the 
reason, in fact, has nothing to 
do with nuclear weapon prolif- 
eration. Why should anyone 
who wants a plutonium bomb go 
for such a complex and expen- 
sive technology. Mr. Vendryes 
reasons, when much simpler 
reactors can produce plutonium 
much faster? The reason is 
simply that as a commercial 
product they now believe 
Ph&nix should be redesigned. 
And Novatoiue'5 design staff is 
locked up fully on full-scale 
FBRs. 

Ironically, the nations which 
can make the best case at 
present for FBRs, as a means of 
more fully utilising a scarce 
energy resource, are the \ery 
nations with large stockpiles of 
depleted uranium accumulated 
as a by-product of weapons 
programmes. They are the U.S. 
itself, France, Britain, and the 
USSR. And China, which the 
French believe may well be the 
first nation to import an FBR. 


Letters to the Editor 


A monetary 
systepi^ v , 


feliftfrti'ir 


•••productivity improvements or 
shareholders dividends,. It could 
produce interesting consequences 
that may - make profit sharing 
and' -participation rather more 
From Mr. I>. Thomas N.v r ." TheihingfaL - - After all,. if Arms 
-.. _■ ; ■- - could get: real shop floor co- 

__ correct- an bperatioh. wShbut strikes, then 

attitude reflected m.- Samuel man aranyfort . g nd shareholders 

f: woSgo^ long way to share 
aod.'texplaiMd - in Wa l^mb^d, ^ ireW * &n i 3 would go with 
column, of. QetoberiQ.. He -first this changed attitude. - 
‘":r Ir-' suggested that’ the creation, of • s - • • .. . . „ 

an p-SRPTiHalV y fl re ihte Rpgftppari Jh the lOngBT- ftUl, -U IS quite 
' monetary system wOttixL- amotmt impo^j^e; to see; just how the 
- to noth mg' and: then -impfidtiy Government can control letatwi- 
■ ; rf • " • supported this arsuhttat hy ^ differentials Qr^ source 
asserting that even in- la ail. industries. 

~ *zi » supers® akn lhe currenciesE of the - " Without Jetting the wages . vork 
v . - “ virtuous ” few would /continue the incomes bottle. It is 
to be particularly’ favoured. perhaps ^.the; wrong control, 

. «£_. Ac Equally,. there sedms no case- at 

- Preset for trying xo cater for 

both the chicken and the eg* and 
would; be a- strong form of 


will determine tbe industry's 
future and no less an expert 
than Michael Braadbent con- 
siders that in its price range 
English wine js at least as good 
as other Northern European 
wines. 

As a nation we are 
desperately short of new 
industries to stem the rising 
tide of imports and unemploy- 
ment. Could not a steadily 
expanding vineyard industry 
play a modest part here jf 
government would start being 
more helpful? 

B. M. L. Coulspn, . 

9 , Brodrick Road, 

S.W J7 ■■■. 




z&tr ‘if* 

v 

BT-or- 


■ eliminating . exchange "fatie The other way of. approaching 
adjustmentB that .go-.beyond, Problem wopld be to 
levels -justified, by. relative money, na ti o n a lise ' . or j at least 
German v .. ha a. alwavs. ^ heen rationalise the unions A real 



rtKi 

IfAvo- •' 
' 

-•■ ' 
pe:-r. ■ 

hyt '■■■■■ 


®ow 

is. 

ms. 



the UJ3. o^^r^the^-past* fiVe Govemment decree, the unions 
quarters have seen their cur- as w6 M 
rencies depreciate, beyond levels be . c ° me "S a . bl "“: 

. that: are.Telative money, justified... ““V ^ ^rmnately stall 
Sui3i bon-neutral exchange rate e ^ 5en ?3 ?,lP l f ha7e ., s . 0 ,? ie , ^P 111 ■ 
changes impart real e«monric repre senta tion, particularly in. 

shoefe -that^muit be P am(ully 

dealt - with -by:. the. authorities 5 e ° p ^ fi v , aSamS « 

(witness US. inflation now). 

Thus _ the snpersTiake will sbo^d also be part of the 
represent a clSr advance: if it consultative . machinery that 
cab be characterised asi better. bejPs . corporate mdastnal poh- 
flexible system than floating. '? «»» down .the road. If industrial 
f:. 4 courts handle all disputes that 

Given . that .it caq m aintain . canJO o t ^ settled internally, 

fte. then there would be less need 
implied sattsfaCuog ..ofl tne -pro-, . mdong- . in their current 
portionahty con qmo pg^of .pur- ft>ri n. . As a consequence, per- 
ch asing powcF pantyand Interest haps industry, could -get on with 
rate parity will nudte eny cur-.'tiie.; job' - and make . more real 

will ■■ h* 

I ; think an: EMS eaa- make a Devon, 

major .contribution .to the ste- .... • • 

biltty' of the international finan-- = -• *. — —— 

cial . system ■■ biitvohly - if it is ' : ■ w - 

essentially flexible: -I^think. tbe TTiO; TTn&lldl 
system would C he ' greatly . kuy . Fi l lfell jU • 
strengthened. -by : "Britain's mmn- t ;- -i'.. - s j ' ' 
bership. Mr. Brittan's position VUlfiVSEfl 
that the flesdhle rate 1 system can- .. . ’ “ 
not be improved, along with his From M rl-.B. Coidson 1 

C *SS. l ^ a = SSm an il*2S Sir.-^As an associate member 

interested in ' Lynton McLain's 
article - Ion .English vineyards 
•- . (October' . 27). Although the 
. ¥ ‘subject ' o£ government and 
bureaucratic' tndifferenee to our 
( stnalM wine Industry rightly 
raises feelings amongst growers 
- ; ‘We'jsihtrttid not allow that .dif- 
■ficully-.to -m^k the potential 
■: .that, exists -.for a serious and 
, expanded industry over the 
■ ■ ■■ . longer terihi . . - 
' .. -. The amount of acreage under 
vine' - could .undoubtedly be 


j iccuiiuLt:, wjuiis'J aienristioTi ' 

• and emphasis and may help;keep 5S22S? 11 
the UK out. . - ..i,. : 

David Thomas! '. ’ ' 

Si, Rue du BdwgrTBfowrff,- 
Paris 4. .■• 


Control M 



;Wag^S:v:; r ., 

j^roju^ ?fr, : A :?lB5B30n ^ 

Sir^Neariy -every one ..se6ms expan.ded given .the right 

to. accBpt that Government cqmr incentives. We may be a 6mall 
trol of .wa’ges is here to stay ana j^and but a rise from the 
■without : it a subsequent wages 800 acres to 8,000 acres 

'explosion would be more .than does ' hot beggar belief in 
the cowityy coiilff stand- . ^ : relation to the 47m acres of 

k Oni'thfi iother hand,, one just farmland in too ^ UK. not all 
question^ whether the Gdvern- admittedly in ^outheni England 
-tneat.jcaa' control, incomes ,.fw ^ regards the weafherthc 
‘anv lenfftii of tlme^ not only sunshine, and rainfall figures 
?whefSti o^ktTo. So- far .It quoted by Mr v McLain _are 
•has beep; fairiv successful . and comfortably wttan- the 
wouli-lOT'fr been more -so if com- figures for. the South. The 
r panies itiiemsalves had not .used incidence- of . darning frost 
evetyC devfce W get round In- both, at the' beginning 

humaS -StijrS. Whether conec- futi-yrare, wid hai^ 
titew iSridual.: ft' will be ex- of . Burgundy and Bordeaux, 
trem^rinterestlng to see tbe even rhrer-. 


Bank statf 
unions 

From the National Union of 
Bank Employees Assistant 
Secretary (Midland Bank j 
•• Sir, — It is disappointing that 
Mr. Westbead (October 26) 
appears to dismiss the recom- 
mendations made by Dl Johns- 
ton in his study of staff repre- 
sentation and negotiating pro- 
cedures in the major London 
clearing banks. 

To h£s unbiased analysis Dr. 
Johnston highlights the fact that 
the Association of Scientific, 
Technical and Managerial Staffs 
has -failed to attract membership 
among bank staff outside Mid- 
land Bank, and within Midland 
Bank its membership has 
declined from' 10,000 to “at 
most” 6,000. In contrast he 
notes that the National Union of 
Bank Employees has significant 
membership in all the major 
banks- and in Midland Bank 
NUBE's membership has in- 
creased from 10.000 to 13.500 
over, the same period. This trend 
continues, and NUBE now has 
15:000 members in Midland Bank, 
and .-Mr. Westhead at a recent 
meeting with the central arbitra- 
tion committee conceded bis 
current membership position is 
4,500.’ On the basis of this, evi- 
dence, bank staff faced with a 
choice of. TUC affiliated unions 
clearly prefer NUBE. 

I am sure all bank staffs wish 
to see an end to divided staff 
representation. NUBE certainly 
does. We are, therefore, giving 
detailed consideration to Dr. 
Johnston’s r eport, and without 
committing NUBE to any of bis 
proposals, the report and recom- 
mendations should be welcomed 
as a^enofne attempt to bring all 
tbe parties to the negotiating 
table, to seek a mutually 
acceptable way forward. 

Hedlty Woods, 

Sheffield Rouse. 

Portsuundh Road, 

Esher, Surrey. 


Regional 

dialect*; 


otrtconm'.JttE :fbe agreements to . The problems of the i 
comt-MiSe public sector and .vintage, 
wbet^ ahg,'- Government', can summer wgre shared - by an 
holtftiS^ayrilneTiere. “ European growers. The impact 

of a short crop 


From Mr. H. Faulftncr 
Sir,— How splendid to find 
someone of the eminence of 
Lord- Snow saying in your 
columns “ F- shouldn’t consider 
It a loss, if most of our regional 
dialects disappeared overnight” 
(October 21). How much longer 
most our teeth be put on edge 
by the way tbe language is 
mangled by people who ought 
to have had training in elocution 
before being given the freedom 
of the air? 

H.. Faulkner. 

21, SI Peters Crescent. 

Bicester, Oxom 


on our pro- 



. _ -JL warmest and driest autumn for 

that 3 real crack vears however there 


JPStpwssiblto wjuji a i«.“ twentv years however 

do mwtti^tirice- control, a fair chance that what 

2SW4^e_than. wages con- SS wili be of 

TTprices ^yere staole then- J* * u - en f quality. It is ^ the 

SS the question of quaUty that 

: SSf'rS*:!-: : : . . • 


North Sea 
oil 

From Mr, A. Nocgregor 
Sir,— Elizabeth Young (Oct. 
19) sugSests that both a 'politi- 
cian and a businessman have 
misunderstood the need for 
nationalising North Sea oiL I 


think most people do. Tbe oil 
reserves were state-owned and 
therefore nationalised in tbe first 
place. The whole development of 
the area was a Government and 
therefore nationalised undertak- 
ing. The question is whether we 
should re-nationalise the oil or 
its associated wealth? 

Tbe oil was,, and is. 
national ly-owned asset of poten- 
tial wealth to the nation. The 
Government has specific respon 
sibility on behalf of the taxpayer 
to retain and transfer as much 
of this potential offshore wealth 
as possible onshore, to tbe 
nation. The ratio of wealth re- 
tained by the nation to tbe 
original potential wealth is the 
only measure of the efficiency of 
the nationalised industry called 
government. 

For purposes of improving the 
efficiency of the transfer of 
wealth tbe Government may 
employ the services of private 
or foreign industry. The operat- 
ing oil company is therefore in 
the role of sub-contractor to - the 
operating company, the Govern- 
ment. The businessman has re- 
sponsibility to transfer what 
share of tbe wealth he can to 
his shareholders and Is there- 
fore. by definition, in direct 
competition with the Govern- 
ment for the wealth.. Tbe prin- 
ciples of free enterprise dictate 
that each party . will' receive 
benefit in proportion to - the 
skills, resources and productivity 
they employ. Tbe arrangement is 
voluntary and should be con 
tinued as long as both taxpayer 
and shareholder receive mutual 
and proportional reward from it 

The Government has three 
advantages, initially, it owned the 
assets at no cost it lacks finan- 
cial accountability and . it can 
change the rules as the play pro- 
gresses. \Vhat perhaps . the 
nation would like to know is how 
well is our national team doing 
in tbe competition against pri- 
vate industry? The fact that it 
is threatening to re-nationalise 
wealth that was its own to start 
•with does not augur welt in fact, 
it suggests that its efficiency of 
transferring wealth to tbe nation 
is less than it should have been. 

The businessman and politician 
are both -motivated towards 
sbort-term gain, because this is 
what the system demands for 
their self-survival. Ms. Young 
appears, in common with most 
taxpayers and shareholders, 
interested is long-term wealth. 
It is the paradoxical differences 
of objectives which give rise to 
the apparent misunderstandings. 
Until however, we devise a 
system of accounting far 
national wealth, and a Govern- 
ment responsible to it, these 
differences will remain. 

With nothing but personal 
experience to guide me. I feel 
we. should let oil companies 
extract the oil .and let Govern- 
ment extract the maximum pos- 
sible revenue consistent with 
optimum depletion, or maximum 
transfer of wealth to the nation. 
I believe that the relative effi- 
ciency of each party at their own 
skills will ultimately best benefit 
tbe taxpayer. - 

It is only the relative in; 
efficiency of nationalised indus- 
try that stops nationalisation 
being tbe optimum method of 
retaining the wealth oF the oil. 
As the reserves deplete, the case 
for . nationalisation will 
strengthen. 

A. T, MacgTcgor, . 

6 . Kildare Court, . 

Kildare Terrace Wf 


Today’s Events 


GENERAL 

Slate opening of Parliament 
witb Queen's Speech on new 
session delivered in House of 
Lords at 11 aru— debates on the 
speech in Commons and Lords 
during the afternoon. 

National Economic Develop- 
ment Council meets (9 am) — 
main items on agenda are 
Ministry ol Overseas Develop- 
ment's contribution to the Indus- 
trial Strategy and a progress 
report on the Warner Report on 
Standards. 

Mass meeting of Vaushall 
Motors' Ellesmere Part Workers 
on strike tbreul. .. ' 

British Oxygen pay talks 
resume. 

Mr. Edward Heath, MP. is 
guest speaker at International 
Chamber of Commerce dinner. 
Quaglino's, Bury Street. SWi. 


. Herr Helmut Schmidt. "West 
German Chancellor, meets Sig. 
Ciuiio Andreotti. Italian Prime 
Minister, for talks in Siena on 
the proposed European Monetary 
Syslem. 

Trustee Savings Bank issues 
first credit cards — Trust card — in 
affiliation with the Visa Interna- 
tional organisation. 

Cutlery and silverware industry 
statement on future prospects. 

Introduction by British 
Caledonian of cheap £21 single 
off-peak fare between Gatwick 
and Glasgow and Edinburgh— the 
airline also begins new scheduled 
service from Gatwick to Benghazi. 

Increases of between 2 and 10 
per cent in some UK-North 
Atlantic air fares. 

Townsend Thoresen half-price 
scheme for short motoring trips 
abroad comes into operation. 

Seventeen countries expected 


to attend Iraqi-convened summit 
meeting in Baghdad to discuss 
ways of countering the Camp 
David peace agreement. 

Japan's presidential elections. 
Tokyo. 

UK and U.S. officials continue 
talks in Washington on more 

liberal rules for air cargo and 
charter flights. 

Russia and Norway in Oslo talks 
on the regulation of Barents Sea 
capelin and Norwegian Arctic 
cod. 

Announcement by British 
Broadcasting Corporation on 
programmes for complete 
dramatic works of Shakespeare. 

Mr. Michael Foot. Lord 
President cf the Council, gives 
lunchtime lecture on Hazlill at 
Museum of London. EC2. 1.10-1.43 
pm. 

London Chamber of Commerce 
export finance discussion group 


meeting. 69, Cannon Street. EC4. 
10.15 am. 

Sir Peter Vanneck. Lord Mayor 
of London, attends luncheon with 
Shell Transport directors. Shell 
Centre. SE1. 

Carbonisation Science Lecture 
by Mr. E. M. Summers. Royal 
Institution. 21, .Albemarle Street, 
\V1. 2.30 pm. 

Royal Society for the Preven- 
tion of Cruelty to Animals 
conference on animal experi- 
ments. Zoological Society, Regents 
Park. NWL 
COMPANY RESULTS 

Final dividends: Equity Income 
Trust Interim dividends: Allied 
Irish Banks. Cartiers Superfoods. 
London Trust. Pritchard Sen-ices 
Group. Shiloh Spinners. Inierim 
figures: Sturla Holdings. 
COMPANY MEETING 

Throgmorton Secured Growth 
Trust. 24. Milk Street. EC. I2.3fi 


How much of your 
business are you 
planning to bequeath 
to the taxman? 


If yog run a business.then you've already 
learned it can be rather like iLinning a gauntlet 
A gauntlet of different taxes. 

If you feel you've earned the rightto a 
good income, then you’ll have to pay the 
highest personal taxes in Western Europe. 


£so,o;o 


r;.- T ; - ■ 


ii4o.ee-: r 


^ £30.000 

6 


122,750! 


r- £10.000 


£ 10.000 


7 


/ 


4.750 ' 


Ci.CuG OiC.GOiV £I0C.0'j0 £150000 

ArfER RELIEFS 

Source: c. s e. 


The amount of capital transfer tax payable on estate. 


If you keep the money in the business 
■then corporation tax will get you. 

Nevertheless, you may succeed in running 
the gauntlet 

But even rfyou do, waiting at the end with 
bludgeon raised, is Capital Transfer Ta Able 
to destroy your life’s work rather than alio w 
you to leave it to your heirs. 

If you feel reluctant to face this final bio a; 
don't worry. Because the tax system gives you 
op portunities as we! I as problems . If you 
have the right advice, your heirs can keep 
much of the money that might otherwise go 
in Capital TransferTax,and without crippling 
your business. 

You’ll be pleasantly surprised what can 
be done through our Business Assurance 
schemes. After 134 years of successful money 
management. we-knov/ exactly howto make 
the most of your money, despite Britain's 
ever-changing tax regulations, You'll find, 
too, we can help you to run the gauntlet 
more profitably. 

Call your financial adviser now; and see 
what can- be worked out for you. On contact 
any of our offices direct Don’t delay. You're 
not getting any younger. 


Ml 




Equity&Law 


. j Equity & Law'Life Assurance Society Limited, 20 Lincoln's inn Fields, London VVCI- 








26 


COMPANY NEWS 


Reed Intnl. UK side hit 
in second quarter 


Upsurge for Bambers 
interim 


Financial Times Wednesday Noifem%r 1978 



w. 

■ ihli 

■ilf y ‘ 


9 




rise 


' Current 


AFTER reduced interest charges, 
profits before tax of Reed Inter' 
national for the second quarter 
of 1978-79 were £13.6m against 
£18.9m, with the total for the 
sir months to September 30. 197S 
amounting to 240.1m compared 
with £39.4 m in the same period 
last year. 

Operating profits in the second 
quarter of £2flj2m f£2S.8mi com- 
prise a downturn in the UK— 
£12 5m '£17.1m> and £13.7m 

against JEll.Tm from overseas. 

Meanwhile the Canadian sub- 
sidiary, Reed PS per has reported 
its first profitable third quarter 
in two years with net earnings 
or CanS3.3m or 13 cents per com- 
mon share after extraordinary 
irems. In the same period last 
year, the company incurred a 1 
net loss of $*i.lm or 3.1 cents a 
share. 


HIGHLIGHTS 


MORE THAN trebled profits for 
the half year, a doubled interim 
dividend, and a forecast of tbe . 
year's profits well in excess of 
tbe achieved in 1977-78. 

is the news for shareholders in 

fc "* B *sra3?* ■g 

■ Including £130,833 surplus on FWeB ' r **: —/‘I* jfL 

disposals of properties, against a 

£5,527 loss last time, profits for £+’ 

.the half year ended July 29. 1978. John Be#te ' mt L4 


DIVIDENDS ANNOUNCED 

Date Corns* Total 


of spending 
payment div. 
Dec. 23 


Jan, . q 
J an. '3 
Dec. 23 


The half-time figures from Reed International represent a 
mixed bag of trading experiences. There is a recovery in 
Canada but some provisions depress the overall profits and 
pre-tax Reed is ahead from £39.4tn to just £40.1in. Hepworth 
has come up with some good figures showing pre-tax profits for 
the year 47 per cent higher on a sales volume increase of a 
tenth. Lex also considers the effect of the halt in production 
of Iranian oil on the world’s oil companies. Elsewhere Avana 
continues to drive ahead— interim profits are up 80 per cent. 
Bambers. the store group, is also painting a buoyant picture, 
and Linread has made a full recover}'. But at Pnlymark margin 
pressures at home have slowed profits growth and Craig 
Shipping is fighting to keep afloat. 


teff " up £ <™ s®- 489 » ip 5 


Jan.. 3 


Turnover advanced by 12.8m to £***? Shipping. Int 

Barnards 1st. mt- 


nil 


3.S 

±1 . 

■ 0j. 

"0.7* ' 

12 ' 

■ 1 

. 0.1 

'.A 


for 

year 

5JS5 

21 


Total 

:l3St 


4J& 

2.1 

JU09 


‘hvwird SALES and profits are turt and Rw» .stock ^ interest « 

TOnnrteri bv J Hepwortfc and Son* £349.364 . (£281.787). Tax too! 

“Lior fOr the- year £312.778.' (£31*5509): leaving a n* 

St of 'in- 

crS2d P Ses Of its traditional- The directors, say that the gros 
ereasea saiea .. ^ TCt revenue .inures are nc 

comparable due .to a U.SLS 2L3r 


yea - r SEEmSm together with exten- and net revenue^figures are nc 

0 Sons to its product range, pre- comparaWe due to a U.S* L 3 r 

tasr oroRts juniped 47 per cent loan raised in August 1977. 
tax pronia i v n „ vha ainnbic n>iaini>£' wac.n 


1.7 

■0-1- 


from' is 58m ■ to £5J23m, with The surplus retained was £28^8 

■S sm-jk* ta S 


£6£flm: and 'the rate of increase 


.15 
02 
■ S 


the "firsPsk months. absorbed £336.022 («71,C0>. 


AVAIVUI* l*MU Uic 1 ate UL UH.I (O.TC tfnlHjjlfltf 

has also been matched during the , 

second half to date. 

The group makes and sells 
ladies’ and children’s wear. So tov ' 

f;ir this year it has opened a 


Ldn. Entertainments 


trading profitably. An additional 


Reed Intnl. int a jan. a -L'CT^the attributable 

Dividends shown pence per share net except where otherwise stated- property “ r « c q m 

•Equivalent lifter ‘^flowing for scrip issue., t On- capital £*“«*»* d ° ^ 


15 

Dec. 15 

3.5 

— . 

.-3.73 

U' • 

.Dec. 6 

L0 

1.1 

Xo 

152 

— 

1.3* 

- 2.34 

■ ^.09* 

50 

Dec. 6 

-50 


,175 

1 

Dec. 1 

0.75 

_ . 

2.4 

13 

Dee 11 

1- 

2.5 - 

2 

3-5 

Dec. S 

LSS 

L5 

3-3$ 

4.46 

. Jan. 4 

3182 

.6.11 

5.47 

L87 

— 

1.7 

3j07 * 

2.7 

LaT 

Apr. 6 

L36 

— . 

2.76 

3 

Jan. 9 

3J6 

. — ' 

5 


Turaover excluding VAT, rose Net asset value is Sven as:- 135 
28 percent to £42. 62m. and since (12S4pl" per share and 129* 
the year-end has continued to be (Ji&jp) assuming. Sill converse 
buoyant and shownj* 23 per cent pf loan stock • - ‘ 

increase over 1977*78. ' 

Mainly due to a reduction in 
stock relief claimable this year, 
the 1977-78 UK tax charge was 
higher at £2.59nu compared with 
£058m last time. -■ ■■ 

After minorities of £5.000 mill 
and extraordinary profits, £0.45xn 
(£3 25m), mainly arising from 


year end.- which will bring the 
total lo 140. 

Earnincs have risen from an 


Hensher 
improves in 
second hall 


effectively doubled from 0.0235p now payable. & Gross throughout 
0.70265p to 1.4266p net. For the ^seo OF as great a percentage, 
year tbe maximum allowed under 


r Total nivintoiv h* atateu earnings, o«uie wua- .^unmuic * ,auc ?* -it » 

iiotai unlikely ..to -be ordinary irems , are e.33p (62oPJ £307,036 'to £393532. offsetting -tf 


staled lu be unchauged at 5.5p buted to these three operations 

jn ? profi\%epnrted for toe quarter for ihe'flrelTSlf** U * P quarier^ReecT Paper reported a Q.Smp. have forecast profits far in excess for the full year will include the vitb aTi2p"final. .. 

and P tho ha?f-vc i" has been re f °in totalled ^ loSs fnr the f,rst nine raonths A !s0 . Proposed Is a one-for-two of the £LSm earned before tax profit on exchange based on ; the Sec Lex 

ano int luir yc.i. nj. aeen re- [ n I9i<-7S. dividends t ^ t3,let J 0 f 137s of 83.4m or 28 cents a scrip issue, which will sive the last year. But there has already rates applicable at the year-end. 

iccond pre-tax profits of h apainsl a deficit of S9.6ni c 


per Up share, and the dividend first half fall; and taking the tot 
is effectively raLsed from 2.09lp for the year ended March 's 


by a provision of Eo2m jjp yn st?con d 


charges are pro- 


or GO cents a share. 


shares will 
dividend. 


rank 


duced 

which represents the costs of rgrw^ 
repatriating pari of l lie proceeds interest 

of the sale of Hied Nanip.ik , . deelTnin"’ as***the total directors say the return 

tjjrourh the Securities Rand " . re{ j U ced the directors t0 profitability in the third 

market locether with ihe future J. e ‘ deM ,s redueed ' tne aireciors quar ter was welcomed and the 

i.-iist of net interest payable on rerentlv snnnunred sale of major reasons were the low level 

loans of DM54m raised for the ^ por c ' cnr shareholding in lhe . Canadian dollar, a proar' 

S ,naI PUrChaSC ° r Reed lNam - ?Sre^t^^ lnd Sf£ i “.£ SS in rn cosS , ; t and a improv h e C 53 ^"“: 

The sale proceeds included Completed rale° of the 63 per cent men^s in prnducmjty jd Nt l t 1 F-stimaTed ' af ^s.i 

DM.14m which hove been used to poldiny in Reed Nampak in South '” r - A - wnciyer, ^eaiuem |hl , ratp pm^w^ tn ui 


company trustee status. The oeiv been buying in anticipation of the 


Nth. Atlantic 


the new legislation will be paid. ’ * ' to the maximum permitted 2.54p 397s, up to £610,550 com pan 

1977-78 final was equal to year was 6.5 times and directors ruling at June SO. The accounts .net. absorbing £l.Q4ra (£tUJ3nl). with £553298- 

Turnover of the group, wWi 
manufactures and sells, upht 
atered furniture, rose fro 
£4.73ra to £5. 15m. The- pre4 
profit included associates proS 
£36,573 (£13,176). interest recei 

3fl per cent higher, Pofymark Tit) VC "S 11/ able £68.643 (£23285} and ren 

International's profits increase is r £72,632 - (£69.174). Tax reqiur 

only six per cent As the lower ' PreTtax revenue of North £346321 (£281,163). leaving t] 
Sx 7 charge siSest^DK*nrofiS Atlantic . Securities Corporation net profit at £283,729 again 
Se arouud iT ^r rose from £S20.9fil to; £877.666 For £272233. . 

despite increased turnover Here, toe year to September 30. 1978. There, b sn adjustment • 
the P problem was in the imporT and Si e net dividend is increased £116.607^ f£I7251_ debit) arisjj 
tant laundry dividnzu where f roim 2.7p to 3.07p with a final from the liquidation pf Gt 
business ^ duringthe' - wrSd Payment of L87p per 25p shiue. Hensher— las t.^year Uie re. was a\ 
included a ^whigh value, 6 but Gross revenue came' to £1.28m a transfer -of £2zi ,616 from caprt 
Sw controls against fl,13m and the pre-tax reserve. Earnings per lop. sfaa 

pisfwh*™ figure vras struck after directors’ are stated at pAp (5.0p>. ' ••• j 


for the final profit "'"growth and” dividend ® COmiTICnt 

increase. The stock * interesting ^ Bplte of first half sales almost ✓% rk~r 

but not necessarily cheap. 3d per cent higher. Polymark n*) VC 3 (I/O 

mational’s profits increase is ** " * 

revenue 


First half 
UTS 1977 

£ r 

B.S58.9SK 4.04o IB? 
.iOS.444 203.01 rt 

130 .AM * 3.337 

fcM.OW - 293 ,«W 
*m:.s 93 na.roa 

536.KS2 179.727 

oer cent 
Die ao'Aunls 


28. TBTS. 


Polymark 
sees peak 
for year 



the in excess nf £80ra and a reduction position with a major Canadian ..nil ho lonta. cr«r» -nn? v-*j- -r ,t nffvpt this shnrtfalL uniafSanc in feee and management expenses. The dividend is raised from- 1 


purchase Deutschmark securities Africa, and the agreed disposal **nd chief executive officer of for fhc year wkImJ January 
with similar rm-iurities to rhe of the interests in the British Reed Paper, said Mr. w. H. . •• . 

loans but carrying lower interest Columbian joint venture Cochrane, chairman of the Board, 0 comment 
rates. companies will result in proceeds had resigned in take up a senior ^ fter g expansion in the 

As previously indicated the in excess nf £80m and a reduction position tur* nanaHun - 

Board has declared an interim in consolidated debt of some corporation. 1 . u,c lively testing London reaction to directors of Polymark 

dividend or np per £1 ordinary mom An :unounr of £13 4m corporation was not qiscmsen. jt - s med j um t0 j ower priced national report turnover ahead bicycle sales were disappointing 

share against .vflo.Vin absorbing r£i4.!imi or ihe £21. 3m overseas Mr. Cochrane will continue as a range of women's and children's from £523m to £7.55m and a rise because of the poor summer 

£3.3ui f£6.6m». Earnings per operating profit in Ihe half-year director of the company and u til wear, when it opens stores at in pre-tax profits from 1400,000 to weather. The expanding Eire 

share for the second quarter are to September 30. JOTS was attri- remain a.s chairman until January, Hammer«miih and Wandsworth £432 000 Profits for the whole of subsidiary is now in the black 

*■ 1970. _ . . • . .. 


activities elsewhere more than 

ThA n -tme ‘"““IS Prorinces! Bamhers^ill be lenta- FOR THE first half of 19 7S tbe °*=et this ^ortFall. Mpec^Dy in deto to^ltp" 

me name 01 ine Krah , lK Hn» i.n.n<i n n «»3i*iinn in D„1 j uteri' France, although Tl Raleigh anu gross aeneu 10 *- L P- 


ISSUE NEWS 


See Lex 


AVANA GROUP 

LIMITED 

INTERIM STATEMENT 


Unaudited results — 26 weeks ended 30th September. 1978 



26 weeks 

26 weeks 

52 weeks 


ended 

ended 

ended 


20.9.78 

1.10.77 

1.4.78 


rood 

£000 

£'000 

Sales (less inter-com- 

pa ny- transactions) ... 

15.846 

13.692 

29.612 

GROUP PROFIT — sub- 
ject to depreciation 

and taxation 

1.UP3 

l.OaS 

2.888 

GROUP PROFIT— sub- 

ject to taxation 

1.410 

769 

2.340 

CORPORATION TAX— 

at 52%. (52% « 

733 

400 

1.206 

DIVIDENDS: 

Interim 

133 

102 

102 


C.65p per 

f.5p per 

( 5p per 

Final 

share) 

sbarei 

share) 

121 

(.589p per 
share) 

SHARE AND CAPITAL 

RESERVES: 

Issued Ordinary 

1,023 

1.023 

1.023 

Issued Preference ... 

150 

150 

150 

Capital Reserves 

2,531 

2.531 

2.531 

Revenue Reserves ... 

3.113 

1.932 

2.569 


6.817 

5.636 

8,273 


£ 0 . 36 m by 

Audio 

Fidelity 


Yearlings at llg% high 


later rim - year. The London 1977 were a peak £849,000. “d *he company Tniends fo 

stores will be part of 15 the They a dd that the second half dirnt some of the more- profit- 
group experts to open by the end 0 f ^ current year has started able Transtat (garment labelling) 
of this year to take the total jatisfaetorilv. with aethntv well business away from*' the UK- 
number 
growth 

is part __ 

the expansion in profits but it growth for the full year!” expenditure programme (mainly -**»*■ v-*.-*** — ten ekarK win i 

appears that the group has also 3 The attributable balance came marketing and R andD) to start leased yesterd new rate Md 51^60 .. . . ■[ 

benefited from a strong recovery out at £211,000 11171.000) after tax making an impact in the second compares with per rent la^ isgied Md aU tted t ay /D 

jn JO nsmn A r spending wltWn_^ ^10,000 J^.0002 and Wnorities h.tt ^.towr. the. recent ^^^ch^^wiSksIga year ??Ju?e 30, S^w^cS..^. : 



$ 1 ft 


target market that has accom- £2.000 (£6.000). The interim divi- hospital dispute seems to have ‘“iT 1 firmed as 7.6219658 **B " shar 7 .’ ' 

pan led the rise in real wages this dend is up. from 1.36125p to 1.52p delayed some big Orders for The low for the year was 6%. per fiha « s heija: 

SS. to tf ta 5 fc SLJ! “ d ^b! u™6ry ^ujPtoent. _th«m «« Sul? Tued® on^eSSi^- * 


the company, on October 27! 


DESPITE a second-half advance dramatic Increase in "dividend £82.000* (£74200)."“* “““ ^les will oniy'nov,- ctHDe'lhrough The yearlings are issued S hn«*hnld«ri reeistered wi- 

from £2am.9»0 to 059.439 pre-tax were rewarded as the group has First-half profits do not include next year. Nevertheless, Pdly- at par and are due on November 7, *« snarenoiders registered \w 
profits of Andio Fidelity finished announced a 100 per cent inierim any exchange profit on consolida- mark is on target for around . __ 

toe April 30. 1978 year down at inerease and directors plan to tion. amounting to some £80.000. £lm this year (£0.85m). At this „ Theissues are: Merthyr Tydfil 

£3ii3.20i against £4-f,iii8. Turnoier recommend the maximum allowed resulting from conversion of level the shares, at .53p, are on Borough Council^ (H).5ni), Bn?nt- 

ro i£ .t 1 ” .to *4.4 im. tor the full year under the new assets and liabilities of overseas a prospective p.-’e ef 5.S while il’? od . District L-ounciI (£0bm). 

The directors shite that results legislation. Dividend cover last subsidiaries at exchange rates the yield is nearly nine per cent City of Kingston upon HuU l£lm). 

included Josses incurred in closing * ^ *■*"** 

five unprofitable shops and that 
very satLsfiictnry 1978-79 interim 


be reasonably 


Linread tops forecast but 
warns of slowdown 

£195.334 (£228,589) ^ jTH P r °fits to 2.5p net, with a final of L5p year if the demand for- cold 
shown as 6.lTp per froru £1 66-000 to, £61 a, 000 for the which has been waived in respect forged fasteners does not pick up. 
impared with 7.32p jrea £ cn ^ed July 29, 1 9 78, Linread, of 221m shares. .At 35p the shares stand an ‘a p/e 

ridend payment la / nafcer of cold forged fasteners. , *S3? o{ 5 * wWle the yield is a 'solid 


Walsall Metropolitan Borough 
Council (£lm), West Derbyshire 


MIDLAND BANK 
STATISTICS 

Statistics compiled by Midlai 


figures can 
exnected. 

On the figures available to date 
they feei a break-even situation 
should occur (or the retail side, 
in the normally quiet first half, 
and they say that manufacturing 
profit contributions continue to 
increase. 

After tax 
earnings are 
lOp share compared 
and the dividend payment 


V.UI4IIVII r 

EHstrici Council f£0.5ra), Stafford- Bank show that the amount § 
shire County Council (£\5ni), “new .money” raised in the V : 
Shepway DFstriet Council (£02m). by .the issue of marketable secu 
Bracknell District Council (£02m), ties In October was only £152 
London Borough of - Lambeth compared with- £130.8m in £' 
(£Im), Highland Regional Council corresponding month of 19’... 
film). City of Sheffield aim). This is the smaUatt monthly tof • 
Stafford Borough Council (£0.5m), since March and the seco - 
Waverley District Council (£lm). lowest in the past four years. " 


J™ AAPL.'-JStB- «!•_*>«> ? ««I -u? year If U.« fen* for. cold . Jg3jgg»« c ^ %g& “r'JL 

(£125m) and Borough of ffigh compared <vith £l213.9m in l 


same period of 1977. 


has comfortably exceeded the 


urnover 


“ Thf”mpM,- 2 |; IP . manufacturer. P 

wholesaler and retailer of 2L_^!LJ^ but . “wredatfon. ere. 


whh» vm u t. eent 
I 5 .IOT 14297 per cent> 

1.573 2.335 


hi-fidelity sound equipment. 


395 

305 


The Group continues lo benefit from past investment 
decisions and has drawn full advantage from its ability to 
innovate both method and product at the top end of the 
market. The Group has noticed a veiy distinct trend towards 
product upgrading and believes that this can only prove 
to be beneficial lo those manufacturers willing and able lo 
respond to it. 

Over the half-year sales have increased by £2.263 million 
or 13.1% with only 1/I0th of the increase being attributable 
to price increases since the start oF the financial year. Profits, 
subject to taxation, arc up by 83% reflecting the benefit 
or higher volume sales on net margins combined with better 
product mix and hotter' all-round 1 control of operations. 

The performance in all factories continues to improve 
and our progress has been aided by more stable raw material 
prices stemming primarily from the weakness of the U.S. 
dollar. 

A major re-equipment has been embarked upon at Roger- 
stone to develop new lines nf production where there are 
assured markets and certain success. 

The Leicester factory has a full catalogue of new products 
many of which will be introduced to our customers over tbe 
winter period and where again we are certain that the 
success rate will be high. 

Fruit juices continue to progress particularly with the 
dairy trade in spite of the relatively pour summer. There is 
tremendous growth potential still to be obtained where the 
consumption per capita in the U.K. lags far behind - that cf 
other E.E.C. countries. Scandinavia and North America. Our 
De l’Ora brand has national distribution and continues its 
remarkable growth. 

Avana Bakeries are enjoying their best year ever 3nd 
the re-equipment which has taken place at Cardiff is reflected 
in an improved level of profitability. Expansion of this factory 
is planned for the New Year. 

Avana Meat Products continues to progress and is ex- 
panding its share of tbe market with its Fleur dc Lvs range 
of pies .and pasties. 

Our overseas subsidiary- has made a significant and 
increased contribution to group profits. 

Subject to unforeseen circumstances the Board takes an 
optimistic view of trading prospects in the second half of the 


Hambros 
ahead in 
first half 


directors warn that a continuation tmorofl parable 
of this level cannot be anticipated. Australian loss 
They say that order intake for before tax 

the company's major division. Minomies "."".".I 

commercial products, is below Earnmaa 

that of the second half of 1977-78 Ertnord. losses 

point out a Profit level for the Jfltr overseas relief. XM.ooa rnM-WWi 
current six months more in line overseas lax, £12.000 (£ 3 .ooni prior scar 
with the same period of last year adjustment. M-oss. 


US 

340 

"<2 

5W 

296 

75 


404 

399 

2 S 6 

1M 

2W 

39 

ti® 

69 . 


Graig 

passes 

interim 


Peak (£0.5m . 

City of Bristol is raising £0.75m 
by way of variable rate hondk 
issued at £991. The bonds are 
repayable at £100 on October 26. 

3983. Interest is H per cent 
above the six month London inter- 

bank rate. The rate payable for £13X530 by way' of an issue 
toe six months to May 1. 1979, "is g pgr cent, convertible unsecur 
^ . cent , a ye ® r (equal to loan stock issued at par to shai 
6.3<a per cent for the period). . holders on the basis of £1 sto 


CHEPSTOW 

RACECOURSE 

Chepstow Racecourse 45 to rai 


REVENUE of Rambros Investment 


t Profits. 

is considered the best estimate. __ . tiTi'H A pretax loss tor toe 

\\ midwav nroflts were ahead • Comment half-year to September 30. 197S, . _ r ^ „„„ 

from muod 'to £ffi9 000 1« beating iLs interim forecast by « ^^anged « I JJKWa&nsx in^mpeot o( f apprortmal lely 98.6 


NEB/FERRANTI 

Acceptances have been received 


for every share they bold.. 


PROVE. LAUNDRIE 


Linread has ? 774.045. Graig Shipping Company P* r . cent 


' Provincial Laundries ahnounc 


2.67m new yegjerday that acceptances, in 



EI62.0T7. Gross income rose from “Vt'T^AiJsi'railian 0 subsidianT conservatrie aiid" savs that" the Struck after loan interest, up have been sold at a net pre- 12330. Qualifvina shareholdt 
£1.4^35 to £1,494.063 (or the ?? r ? r ^djustfnf '‘tor toft** 1 E£ SSSSSSt SS spread over a H S‘ng . loss for toe period thj : i«ue net. 

rpnirrinfr definit therp was an divisions StriDDhiE out rho non- decreased from £409.599 to price, wriicn ^ul ue uisinraxted 

share are improvement of £163,000 ( 36 per recurring loss of £286.000 from ripnrert^rion^^harei 0 of holffere^^o HS?mSJS}5 

fipnf) ;>) 1Q77-7Q thd Auctrilian mannfarturin^ heavier Q6prcci3tioD Charge of fiolufirs wno ^ Gre originally 

liirnover advanced from £I4.3m comDanv Sd nn^n £623 - 076 acain^t £364.446. entitled to the stock units, except 

rhangnl at L5p nrt— last year's to ani i rr rn up earnin'’s profits are 36 per cent higher In . As from April 1, 1978 the entire that no payment will be made For] 

«"■>£« 2| ,p from net revenue emerged at fl24.0oS P (SSSSw t^ imp^nt^ommerdal prS deferred tax account any- amount less than £1. 

Mllli -- n rn loss) after tax and minorities, but ducts dirision (main customer. ISp rvA tTa ^I cr ^ hlr*f2* 

iioZ-n. 35- ^ Vlnno nr.n^ before extraordinary debits of the automobile industry) sales lEimt mijLrr nroiir np 

(12S.ap> per share with Priof £296.000 (£22,000 credit). are 13 per cent higher with ? re tot has been taken into account nUiUt RtMJLl 


period. 

Earnings per 25p 
i shown to be up from 2 lop to 2.32p 
land the interim dividend is un- 


charees at par. and IfiO. Bp (33S.2p) 
prior charges at market value. 


RANDALLS GROUP 


Extraordinary losses arise profits showing a 50 per cent S,- 1 *?® ^ K ___ 

mainly from the loss of exchange increase, thanks to a small volume yP nrfj4it me nf Cn< M«i» , mf Hnmi^ e HoidhiB , t a "«imfertih1p t 

(£236,0001 on settling a Swiss gain. The aircraft products divi- 7 Smreprf 4 

franc loan taken out in 1973 and sion (eight per cent of group transferred from deferred tax. secured loan stock and 28 


■ Of.. O.IIU Biuit tirr U1 KUFU|| p .. . 1077.70 VPar 

costs of sales) continue^ to incur losses, 1 rf ^ • fL ■ 


additional winding-up kvoua vi oit i luiiuiiuc^ lu uiuui inniTrpri a i n , 

Shareholders in Randalls Groop Ausirnlia (£67.000). although at a reduced rate. Mean- JV™ ^T-rfitino ini 

holding a total nf 957.886 ordinary .Staled earnings per 23p share whHe, the company warns that Tjlrfi “ ?Ji er rettllin -* £'3a.Hia 

shares (representing :{7.67 per arc 6.05p, compared with a 3.16p current levels of demand Mill only oeierriea ,ax - 

cent of tile total j have now loss last time. Ax forecast in enable profits to be maintained • Comment 

irrevocably undertaken io accept the interim statement. the in the current first half. This may Gone are the davs when Grai* 

the offer from Whitecrort. dividend total is raised from 2p well be the pattern for the whole shipping could afford to dabble 

in speculative purchases of 
vintage port and copper wire harn. 
As its interim figures indicate. a» 
its efforts are being deployed in 
keening rhe company afloat. It has 
passed its interi m di vidend and its 
after tax loss or £778.000 is slightly 
more than the group’s current 
market capitalisation. Admittedly, 
at the trading level there was 
some improvement but this was 


rhe cent of its “ B 

nf ’ 


per 

convertible un- 


THE NEW THROGMORTON s 
TRUST LTD. 

Capital Loan Stock Valuation— 
31st October, 1978 

The Net Asset Value per £1 o 
Capital Loan .Stock is 168.37p 

_ Sxuritln valued at middle market 


price*. 


Wm. Low profit dips £0.2i 
as competition bites 


that the "fi^al a profit e outWrn h wm 'recor? u^fiirthnr nor^H^r TH f DIRECTORS of Wm. Law both volume and profit terms and second half. In toe corresponding completely" cancelled ' out "by 

growth. The business is becoming and Company. supermarket the directors estimate this to pro- period Jast year the group earned sharply higher interest and depre- 

43 e DUS,ness 15 wecomiDg less seasonal and tne operating concern, report turn- duce 7 per cent of the current £551,000. ciation charges which reflect the 

PHUiilJSAf inn hpru'iidn Ol'nr iL'pll *aho*kf{ fi-nm MO TOm « n iinnuL _ _ _e |«..l niuininillf 

Mr. Savllle said progress was impact of p last year’s acquisition 


profit increase reflects some degree of equalisation between 
the two half-years. 


The capital investment programme has continued apaco 
and must support an increasing level of profitability and 
furl ^L r s ^ cure ch e future earnings potential of the group 
. T™ dividend policy is being reviewed and the distribution 
for the year will reflect the foreseen higher level of earnings 
ihe Board proposes to pay an interim ordinarv dividend of 
.b5p per share against the comparable payment of .5p per 
share last year. r 1 


over well ahead from £48-7Sm to year's group profit. 
£62.n7m but a fail in taxable 
profits for the year to September 
(2. 3978 from a record £l.film to 
j £L4m. 


most satisfactory, for although °f'toe MV Graigwen. The finan- 


The dividend will be paid on 3rd January, 1079 to all 
Shareholders on the register on 27th November, 1978 The 

DecrtnS , ^l78 Wlli be d ° Sed tnm “ 7th Novenib er to 4th 
31st October. 197S. Secretary. 


Although turnover was up by 
27 per rent toe directors state 
that for most of the year they 
were unable to meet their esti- 
mates of gross margin. Trsdins 
conditions were highly competi- 
tive. they add. and in spite of an 


Big increase 
at SaviUe 
Gordon 


some companies within the group picture would be even bleaker 
had their flat soots, in the main ** Gnug_ had taken delivery 


had their flat spots, in the niain ** l '™5 ^ raken aeuvery or its 

all companies were trading at a sec° nd hulk earner from Japan, 

much higher level than last year However there stdi seem io be 

and the profit should follow that technical problems. In the 
□attem also short term Graig has improved its. 

H liquidity by the sale of the MV 

Stock bolding division was Graigaur in the. summer and if 

For the first half of the current continuing to increase its turnover the worst comes to the worst it 

year J. Saville Gordon was looking and there was no reason why could sell the MV Graigffion which 



JjimiteJj 


“ Buoyant Demand ” 

Demand for group's products growing at an 
increasing pace, orders so far for spring 
delivery are substantially up and buoyancy 
of home trade is very encouraging. 


Management figures so far are showing a 
considerable Increase and Board is con- 
fident that results for the full year will be 
very good. 



Pref. objectors delay Cedar re-listing 


annressive uricin" noiirv the for profits ' around £600.000, earnings ■ should not be signi- is free of debt. Although its bid 

comnanv's aneratin'’- nrnHt was coni pared with £202,000 a year ficaolly higher. The scrap side to seek a moratorium on its 

** v earlier, the annual meeting was was also trading on a much higher Japanese borrowings . has been 

nt tradin'* nattern is r °ld by the chairman Mr. J. D. plane than the depressed level snubbed, Graig still feels that it 

exweted Vo remain more or itM Savi,Je - . experienced last year, and with can cope without turning to tbe 

Ihle and rhe dirertnre look f£r And g' ven fair trading condi- the exception of toe non-ferrous UK government for help. Perhaps 
modest Improvement S iu oroftis tions he saw no reason why that side (copper baaed alloys) the because the price would be too 
mX cirS ye™ shou,d n0t conlinue int0 toe group was particularly busy. high. 

In the first half profit fell from 
£750.791 to £619,917 and the 
directors expected the figure for 
the full year to be something 
similar to the previous year’s 
level. 

wr?™c n3 L pef .J. D ! s J*are e for ^ ar Holdings will not be - able standing balance is now somewhat preference holders was agafnst-a 
an7thn hliitaS 10 set a relisting for its share less than £2m. having been capital reorganisation while Cedar 

• i l 5 -! <n the rnuned iate future. This is reduced from a high of £56. 5m. still has some of the. support 

iwiilr P «W2?i» net ^ bccause » is ”01 able to achieve To achieve a relisting a recon- ^nds to repay. , 

fjuiiin.ni oi -t-fniop. lhp ca pj ta ( reorganisation that it struciion of its capital would be Because of toe need to repay 

. -,U[ e was struck atier f ee i s would be necessary, due to necessary. As a result of tbe the institutions and build -up re- 

mterest £)S9.oi2^ t£22S.39S| and objections from some preference rescue by the institutions there tained profits tbe directors again 
included rhe profit on the sale of share holders. is £Mm of ordinary capital In are net recommending a dividend 

Tax took This was reported yesterday by issue and £7J8m of preference. on either the ordinary or the 

£2(4,009 against £253.156 leaving the chairman, Mr. Simon Coorsh. F . BP . rie i.v Penctan f m A Preference, 

a net profit of £1.13m (ftJam). in his statement covering toe year . Eiectr rtly ^ Peation fund ^ cnrrent year ^ the fiPSt 
The comnanv’s rimainniMint j UO e 30 1978. noipb mm Lper cent ox tae ordinary *• - - v 


SECONDARY BANKING group totalling nearly £4.9ra. The out- Important .section of the 


- Cedar s profits in that year rose gL p._^„ preference shares will be 

■ from £580,000 to £917,000 pre* ax. S «' ner cent fS S> 4 rZr t0 half of their paymei 
: Cedar, one of toe early rictims *™ ^ZJSJS . SUE cumulative basis. Up to 


time that the 5 


respectively, Phoenix j“[| l 


The company's development eodln 
programme Is being well main- 
tained the directors state: in cur 
rent year openings at Berwick ^ cua , . u.. c u , ^ 

and Dundee will give a net of the secondary banking crisis. C i«u rant J e io9 1 ’ ner'^oent amd°ise fuU 5 per 

increase of 14.000 sq ft and a was propped up by Its bankers L f J ul ? ei JP ' d cumulative, 

further net 14,000 sq Ft will come together with four major j 3 "* 1 i!' ? and ?l 7 T h * Preference shares must re- 

from openings at Bo’ness and institutions. ^ SSi ' reive 5 per cent before Cedar cam 

Bathgate before the end of 1979. During last year Cedar repaid ‘ c . return to paying ordinary 

Lowfreeze is doing very well in support funds to the institutions Air. Coorsh said that an dividends. 


per cent 
entitled 
payment oo a 
Up to now the 
cent was non- 


Lord Kissin, 
Chairman, reports on 
a year of cousolidadon 



• On present indications the Board is confident of 
improved results from International Services in the 
current year. 

4 The Company now operates in over 40 countries and 
employs 3,000 qualified staff. 

• International Services comprise: ■ 

Cargo Inspection, Loss Adjusting - , Marine Services, 
Non-destructive Testing and Inspection, 

Consulting and Laboratory Services; 

Fraght Fowarding and Transportation.; " ' 

- . Year to 313 .78 
£383m. 

13.0m. . 

12.0p. . 


Year to 31.3.7 -' 
. 435.2m. - 
£53dl v;' 
2s.5p. 

Esperaoza Trade and Transport : 
Limited ■ 


Fees 'and Turnover 
Profit before Tax 
Earnings Per Share 


Copies of the Report and-Acco tints miy be obtained front: 
The Secretary, 18 Rood Lane, London. EC3M 8AP 


rn " j 

i * f *1 


Bril 

tains! 

n 

fop 1000 

rweign- 

Compani 

the key people andt 
' in one book. Price £ 

Jordans, Jordan House, 
. Brunswick Place 1 , londc 
t Teiephane: 01.-Z53.30C 

owned 

pc . 

"V g ‘yes you th e key figures, 
hesalient performance ratios 

14^.00 (4- 50p postage Si packing) 

s N16EE - 



wt ... 
'■Hi ijri 





l*-s 



£3.3m 



Avana up 83% 
in 26 weeks 



• The trading ipriifit-inchides pro- and dates following acquisition by 

^ £1 “ . mab « comparison FOR the 26 weeks ended Septem- ment. and better utilisation of 

difficult bur there is a fall ber 30, 1078. turnover of Avana capacity are just part of the story. 
^ °* £3 ^ ,a0 ° ^ 3 ?° mpared vvith ' he *172.000 in Croup, cake- maker, baker and At the centre is a major change 
*i.. . . . _ m fo ■ P rovmon for. 4«P«>ved- pension the same period of the previous confectioner, rose 13.1 percent to in the product profile plus a de- 

oenefite. . .-*. •• . year. Turnover amounted to £lo.S5ra and pre-tax profits were cision by Marks and Spencer to 

itu. nmSSSt The interim afridendon the <X7.7m>. S3 per cent higher at £1.41m increase food retailing activities, 

in-ii, — — - -v-,- £4, 07m privately.: Held, equity is directors attribute, the fall against £769,000 in the same M and S takes about 30 per cent 

5**j*v^ unchanged at&il5p, ■; The profit *° a reduction In the profits on period last year. of A vana's production. The two 

property sales and extra finance The directors take an optimistic companies decided that the best 

charges arising out of develop- view of trading prospects In the WS P t0 h*®* ^ Street f00d 
ment work at the Ipswich second sis months and feci there pnee war was to allow products 
brewery from which considerable is ev-eryreasonto expect that the to drift upmarket thus malntain- 
future benefits should arise. year's profit result will record a margins, whde stressing 
833 2W During Ihe first half, beer sales further period or growth quality and emphasising the 

iS- were slow, whUe wines and spirits The net interim dividend is customers need for value for 

“ms ijm 53 wep0 up ' However, trading stepped up from O.Sp to 0.65 p— money. A further factor, specific 

35 ^ cl!h^ que ? t to June has been the total in 1977-78 was l.0979p *o the first ba f .growth. was the 

m 3.80S JJ"* to even more adverse from peak pre-tax profits of decision to reduce the seasonality 

• u w weather conditions which severely r2.S4m The dividend ooliev is of Avana’s results by budding up 

263 3JB6 affected the traditional holiday being reviewed the director' ’sa? first-half sales. Second-half per- 

5$ mS w- S c c 0 ^ ins a furlher decline in and the distribution for the' year fot^anc* continues to be strong 

• us lis be S- i ^ a ^ eb - . .. , will reflect the foreseen higher and a full-year fisure of £3.tm 

387 -a.!® "Wps and spirits sales, feye) 0 f earnings. looks possible, ir first-half dtvl- 

•kpjnan of ommo is a however, continue to grow but over the half sear only l '10th dend growth is maintained, the 




.» - ‘fi QrS ’ 'I 0 ' ****<:•■ ajsodites ^. 

V strove. ‘last yeaT^fewl ofrprctflls.. toSSmem 
- : Pointing; .tp.-4ia^4B(3*ea{ie from Ftaatw* — ~ 

£I .88m to ~£2jB7to in ' finance - grpll t before tax ^ — — - 

charges the eKalrajari explains — -r 

that the group^K tfHT.lo the XofflmerwC.^r!!:: 
middle ni -, .pyflpjgr. investment- get a ttributed 
programme, jiar tfeju arty- Jn . con- jBxtraunijaary. tierot •— 
tainer Alps,*- ‘.Tfe teels- that the 5***J®2 - 

rewards of tWtf- action should bo' ESSt 

evident mTater -yeara:, f r * 4 


^ of the trade pattern o{ the sales increase was attribu- J 3 _ per wnt 

3 


3fers 

ut,,. 

hcaai ec c; 
$hv Ear 
i,£tes*£ 
aje.d-Aiuc 


ffr: 

3% 

i- 

ksM'rc-:,;- . 

-- n 

a ed afld ■■, 

||- 

fe-'- 

IUDLANI) 


Tlw ’g*WP*9 . . 

, fiar reiA TadonaJ ^ a doo- . coupled with a continuation of tablTto" orice’tncreases^ince'the and have a prospective p/e of 8.4. 

66 vere v^s^kig v «isi5;- producing ;: - At 3.-_W. ;Ciunerott. the Hartie- heavy development expenditure is L art financial vear Profits 

a- 7«ar: id. this V&& ^ after a£T- pool based brewing dttiwm, pro^ that Uie group is not Expected to reflect the bSt of hEher 

.Charges . ^vrevear- the’ gpot^ tfce.^fcst hrff o£. 1A7S |chieve proflts for the year signi- volume sales on net margins com- 

£LJm to : fl.7m ““"tiy different 1116 b,ned with better product mix and 

;from torrespondlng penod in 1977. better all round control of opera- 

.... . - . , v . . arty in tions. 

* ,-produemg^ ta^iff^yaere semal new . « , _ . The directors also report that 

. :-.L»gocUte d finMgej^iMgw..: rr- ^o^ets were a*ted- - • ■ ; A hprnpPn I f]m the performance in all factories 

:: Turnover i0 ^6i^.yeaj^>5Pas . -PlatK-are mhand at- the Lion **utiuvtn X1U3& continues to improve and pro- 

• ^ Brewery, /HarnepouJ,-; to Invest After all charges including tax gross has been aided by more 

•: profit - £Ilm jjr incraflsing fennenfatiwi- 0 f: £780.020 again«rt £713^11. net stable raw material prices stem- 

. ■ came .:!ttgpu|m' -OX . *2 Jspm ~ and ' maturation .ca p ac i ty. revenue of Aberdeen TVnsi mine primarily from the weakness 

' : .^“ded. -:Th«i.-.!. toterfift - dividend .is improved from £l-23m to £1.4m of the 05. dollar. A major re- R o- nT7rF n TTTRNnvr-n «r ri QVm 

•’‘■■■Sfi sup** ■^■•«dianged‘i«ta3XffiPr^ttie ; profit for the year ended September 30, equipment has been embarked £? iSiaiid'Se tax profits 

c -C^ld Brew^ «Ki,;«-94m ter |W7 . 1978. ^ upon at Rogcrstone to develop g^fSi^S.ooo^iVTslJoo 

p 5 r f h^p mL'pt n ptc Wh a e nrf 41-6 reported by British Northrop 

s.3np there are assured markets and ,i. a dr .r mw 

also certain success. 

The group's 



British 
Northrop 
downturn 

CED TURNOVER of J 

t £2. 12m and pre-tax [ 

from £373,000 to £175.000 


. -resp^ctiyety- 


.Ghanges 


in'ficcountlng 

W. • • 


policies proposed. 



igEPSTOV^ 

S^IrCOlKSf 


~ir- - ■ 




^4-.-.-- TRViT 

^ S;:; ’ :: 
•. v 3fw O: ---' - ' 






5a i> vv:— 

edScr*^- 


‘TCACf 


u ; 
&£*'■ 

jUi'.v*:--- 




uidT«i»’ 






, t 



‘ - .. • i 

3 Months Eridsd 

r ! ’-.V« : • • • 

6 Months Ended 

30.9.77, 

30-9-78 

r'r y $-,*■:/- ' . 

30.9.78 

30.9.77 

Cmiflion .(unaudited) 

•'v,Vr-.‘ ..... 

£ million (unaudited) 

■4C».-2. 

216:5 

"426,3. ; ; 
233>:^ 

SALES V- — 

United Kingt^mand Exports 

824.2 

469.9 

799.7 

434.3 

;1B87; 

4793L4 • 

- 

354.3 

365.4 

25.4::; 

.. *' >' r 

-3.4: 

1- 24.1 

! ■- r 7 .Jr- 

i: 2.1 

,"?#A0SlS&i>RpM;-' .1..; 

• SfHABfi OF PROFITS OF ASSOCIATED ■ 

'.COMPANIES 4.; . — : ... 

. 53, 2 

3.2 

52.2 

6.8 

28^ 


i OPERATlNfe PROFIT^... , ... ... 

56.4 

, 59.0 

' '17.1 ••• 

- i*%Z5 

United Kingdom V.. , Note 1 

' *35.1 

36.9 

11.7. 


'pMMBnas..-. j-; : ... Note 2 

21.3 

22.1 

• • 

(9.9) 

(7-0) 

interest-.,.:.' 

(16.3) 

(19-6) 

18.9 

v .T8.8r 

PROPTF BEFORE TAXATION 1 ... 

40.1 

39.4 

10.9 


TAXATION • ... 

23.7 

23.5 

6:4 

-■5.4 

- United Kingdom *L J - ... ... * ... 

15.2 

. 14.4 

• ; 4.5 . . 

■ -■* B-2 : , 

■ : 'Overseas..'. ... ... — 

. 8.5 

9.1 

8.0 . 

8.pV- 

PROFIT AFTER TAXATION ... 

16.4 

15.9 

: . VT .9 


: Minority -interests 

3.1 

3:5 

01 

.6.1, 

PROFIT. aftribuiable to shareholders^ .... 

- -- 1 3.3 

12.4 

. • ; . 


Learnings per ordinary 





\ SHARE OF £1 



5.5p 

r: &J5p 

for 3rTnorrths ended 30th September,;, 
for 6'^months ended 30th September T 

11, 8p 

ll.lp 

- 


- for_i2 rnpnths ended 31st March 1975'“ 


21 ,9p 








Notes :* (1 iUlKlfOperating. Profit ts. after an exceptional provision of £5.2m. 

(2)" ■ Overseas Operating Profit relates to the period ending 30th June 1 978. 

• Review "J^ 1 . 

Ui.lC Operating ^Proftf for the 6 months ended 30th September 1978 was 
£40,3rn before an .exceptionel provision of. £5.2m. described belovy. The 
' Com perry's sfrafrepf/profits-jn 'Associated Companies in the half-year to 
30th September AS71 rincluded £2.0m from ATV.and Kimberly-Clark 
-which wdre sold ini' that year. .The direct comparison' for existing opera- 
tions, ji an ^crease of 1&% ; fr6rn£34.9m reflecting continued successful 
trading by the home^ba^ed divisions, ‘ '2-\ 

Overseas Operating Prbfit for the half-year was £21 .3m compared with 
the £1 4.2m reported in the-seebnd half of last year. ■ • 

Interest chaises are progressivelydeclining as the Company's total net 
debt Ts reduced/ ■ ; . i 7 : - . . - 

The recently^ ^ announced sale of the Company's 81% shareholding in 
Reed Consolidated Industries in Australia, together with the completed 
sale of the 63% holding in Reed Nampak in South Africa, and the agreed 
disposai of the. Company's interests, in the British Columbian Joint 
Venture companies' wiH result in -proceeds in excess of £80m and a 
reduction in consolidated debt of some £110m. This major restructuring 
would; in isolation from normal trading results, reduce the debt/equity 
ratio from 211 % at the end of. last year to about 1 30%. £1 3.4m (1 977- 
£1.4 9m) of the £21 .3m Overseas Operating Profit in the half-year to 30th 
T Sejstember 1 978 Was attributed .to these three operations.. 

UK Operating Profit reported for the quarter and the half r year have been 
reduced by a provision of £5.2rn which represents the costs of repatnating 
cart of th& proceeds of the sale of Reed Nampak-through the Securities 
‘Rand market together with the future cost of net interast payable on loans . 
^df DM54 million raised for the original purchase of Reed IMampak. The 
~ safe oroceeds included DM64 million which have been used to purchase 
" s ^tichmark securities with similar maturities to the loans but carrying 
lower interest rates. 


6m). 

on the -register on 24th Nov- 


liii^SliNAnONAL LIMITED BEED HOUSE PICCADILLY LONDON W1A1EJ 


for the first six months of 1978. 
business is Last year - P rofits totalled £501.000 
becoming' less seasonal and the-. J h ® nJ, 5 . 

profit increase reflects some interest o I (£9£opO). Tax 

degree of equalisation between i 4 *®* f^r 00 ?ni sam if ) Si 71 "" earn- 

the two half years, the board ,n ^ Jflp share of 9fiip 
states against 20.76p. 

The capital Investment pro- 7 resu\ts 

gramme has continued and must *? eni tra ?i! ne: 

support an increasing level of . r n ^ 1 d t i 0 1 n textile 

profitability and further secure ' roluctance of 

future earnings potential. The n ® w 

group is a major supplier to ° n ^n nt , Slde ' how ' 

Marks and Spencer. % *“ u ? nt P™grop 

r has been achieved in regard to 

A enmmant ,he Ra P ier shuttleles.c loom. This 

W com men L toaether with the newly estab- 

In three and a half years. Dr. lished reconditioning services 
John Randall has revolutionised places the group in a better posi- 
Avana. When he was appointed tion to take advantage of any 
managing director in April. 1975. recovery. 

annual profits were £272.041. Last For the moment however, 
year the full-year figure was trading is difficult and therefore 
£2.3m and in the first six months the effect of any recovery in the 
of this year profits have jumped level of orders is unlikely to be 
more than 80 per cent to £1.4m. reflected in improved profitability 
Capital investment in new equip- until the early part of 1979. 

John Beales profits dip 
midway: improvement seen 

PROFITS before tax of John in fashion, but arrangements were 
Beales Associated Companies aborted at high cost due to non- 
were down from £552.000 to delivery from a respected 
£479,000 in the first half year supplier. 

ended September 19. 1978. but This, together with a narrowing 
the directors say prospects are margins, was mainly respons- 
* or ’ m P rovement m ible for reduced profits. Barrow- 

second half. ings were materially lower, which 

Profits in the first half take is reflected in the reduced 
into account a £13,000 (£10.000) interest charges, 
surplus on sales of plant and is The group makes “ Marathon " 
«& r ftj? tere ? underwear and outerwear and is 

£108,000 and £12/,000 (£139,000) a major supplier to Marks and 
depreciation. Spencer. 

The interim dividend is raised 
from l^p to 1.4p'per share and 
as a result of the tax rate reduc- 
tion, a supplementary dividend of 
0.0255p is also being paid- Lasl 
year's total was 2.8832p from pre 
tax profits of fl^lm. 

Sales in the first half amounted 
to £9.Q8m against JES.Tlm. Tax 
charge was £249,000 (£287.000). 

The directors explain that con 
siderable productions of garments 
from a specialist fabric was 
planned to counter sharp changes 



Sponsored by 
the Financial Times, 

The Institute of Chartered Accountants in England and Wales, 
International Computers Limited 
in association with 

.the Institute of Directors and the Confederation of British Industry 



You will thoroughly enjoy the thrilling, mind stretching experience of the 10th 
National Management Game, and it could develop a mastery of business strategy. 
That's judging by the effects on 45,000 participants in previous years. 

Teams have to solve complex marketing and production problems, 
with the highest net profit as the goal. It's an ideal form of business 
training — stimulating, creative, demanding. 

Prizes are worth over £5,000. The first prize will be £2,000 plus admission to tha 
European Management Game Final in Paris in September, 1979. There will be cash 
prizes for second, third and fourth, and silver "Armada Dishes" for ail finalists. Tha 
presentation will be in London in July 1979. Both British and European finalists are 
given free travel and accommodation. Entry forms must be received by November 6, 
1978. 

y 

National Management Game If ft' \ 


L«i 



cii iiKiiim mm 

Prizes worth ever 



To the 

National Management Game Administrator, 
International Computers Ltd., 

Victoria House, Southampton Row, 

London WC1B4EJ. 

Telephone: 01-242 7806. 

I enclose the entry fee of £60 I — [ 
incl. VAT *— 1 

Please send an entry form and full q 


including cash prizes 
for all finalists. 


details of the 1979 NMG 
Please tick appropriate box 


Name 


i 


Address 


\ 


V 


FI 2 


BOARD MEETINGS 

The foUtwim; companies bamioti&ed 
dates or Board meetings to dte . Stock 
Exchange. Such meetings are usually 
bold for t&u pnrpofe or coosidenng 
dividends. Official indications are rm 
.available as to whether dividends are 
interims or finals and the sub-dMsions 
shown below are based mainly on last 
year's Luneiablei 

TODAY 

Interims— Anted Irish Batiks. Cartiers 
Superfoods. EncIIsh and International 
Trust. Loudon Trust. Macdonald Martin 
Distilleries. Pritchard Services, Shiloh 
Spinners. 

Finals — Eouity Income Trust. 

FUTURE DATES 

Interims — 

Allied Leather Industries Nov. 23 

Cocksedse Nov. 22 

Cunrineniil and Industrial Trust Nov. 9 

Fimjit Refuelling Nov. 

Unilever ■ — Nov. lit 

Unilever XV Nov. 13 

Finals— 

Rrinsh Car Auction Nov. 

Kwik Ssve Discount Nov. IS 

Non hem American Trust . .. . Nov 16 

Safeguard Industrial Investments Nov. 


Yarrotv 


8 

Nor. 6 


Wailersteiner 

bankruptcy 

In the 1977/78 accounts of H. J. 
Baldwin and Company the direc- 
tors report states that the Trustee 
in Bankruptcy of Dr. W. K. 
Wailersteiner, Air. Christopher 
Morris, reported on August 21. 
197S. that proofs of debt in 
bankruptcy have so far been 
received for a tots] of £2IJ}78.341. 

Of these proof debts, £898394 
has been submitted in three 
claims by H. J. Baldwin and 
Company and £2.149,137 has been 
submittal in three claims by 
Hartley Baird. H. J. Baldwin’s 
claims consist of £43.128 based 
upon its judgment debts in the 
action Wailersteiner v Moir. and 
! the rest consists of further claims 
In that action. Hartley Baird's 
claims consist of £557209 based 
on its judgment in the action 
! Wailersteiner v Moir, and the 
rest of its claims consist of further 
claims made on its behalf in that 
action. 

The Trustee's report stated that 
alj these claims are under investi- 
gation and discussion and a 
number of the larger claims which 
have been received may have to 
be rejected in whole or in part. 

The directors were advised on 
September 27 that the total funds 
in the hands of the -Trustee In 
Bankruptcy were as follows: 
monies received up to August 1, 
1978, £47,521 and payments to 
date £14.374. The Trustee also 
notes that the balance is subject 
to substantia] costs. 

COMLEY & Pirr 
REPAYMENT 

*itLawl 
LCP B 


Com lev and Pitt, a wholly owned 


j subsidiary of LCP Holdings, is 
! proposing the. repayment of the 
| outstanding £325,657 of its 8j per 
I cent first mortgage debenture 
jSTOCk' 1990-95 at £95 per cent, to- 
gether with interest accrued. 




TO ALL SHAREHOLDERS 

OF 

Sime Darby Holdings Limited 


At the Annual General Meeting on 17th 
November, Shareholders will vote on your 
Board's recommendation that Price Waterhouse 
& Company be appointed Auditors in place of 
the Company's present Auditors, Turquand, 
Youngs & Company. 


Your Board urges you not to submit signed 
proxy forms until you have considered the 
representations on this matter put forward both 
by Turquand, Youngs & Company and by your 
Board. 


Representations by both parties will be posted 
to all Shareholders later this week. 


CV*. 


Fi-* 

b&i 

U. 


?y* 


5^ 


0 








7" ” t‘“7**rfsr-.-MB ; vs--.; - s 

.y.. .. ii” i ■ « e - ^ “A ^ . J ■■ '■ . •• mm m f 














28 


MINING NEWS 



Ashton into a 
cooler perspective 


operations In Australia of Western 
Mining during the 12 weeks to 
September compared with 
AS2S5.865 in the 16 weeks to Sep- 
tember 1977 and A $223 ,4 18 in the 
16 weeks to June 3978. Its recent 
acquisition, the UK Wuitex coal 
mining machinery group, earned 
profits in excess oi the estimate 
of {800,000 for the year to last 
May. 


EY KENNETH MARSTON, MINING EDITOR 


THE NEXT progress report on ounce) of diamond can vary of taking a 50 per cent interest 
the exciting Ashton diamond enormously, depending on the in the licences. The present issue 
exploration venture in the size, colour, clarity and shape. Is designed to provide Oliver 
Kimberley region of Western Values per carat can range from Prospecting with funds to con- 
Australia will be issued by next one dollar to many hundreds of tinne general exploration for 


Monday. This ?s announced by dollars. 

Conzlne Riotinto of Australia as Clearly, the testing of the 26 in joint ventures, 
manager of the project with a pipes so far discovered is going . 
stake of 52 6 per cent to take time. By end-September 

The interim report is to be made there had been insufficient testing 

at the request of Ashton Alining, of any individual pipe to provide 
a partner with an interest of 22.4 a reliable indication of its 
per cent in the venture, which prospects, despite the fact that 
would like the results of sampling 250 carats bad been recovered 

samples 


minerals on Its own account or 


N. CENTRAL WITS 
IS OPTIMISTIC 

The outlook for the 


‘Johnnies’ 
hopes to 
pay more 


, ■ , financial Times We&esdav No^be^?978 _ - 







Tridant 



capacity nM&nSfs: Plymouth fee* 
tories to manufacture^ television 
sets and masfc centres to' .Toshiba 

designs. . 1_ - r - *- . .t.- - 

.It is exjwcteff -that the joint 
venture wiujfetw. largely pn 
Toshiba's research— and • develop- 
ment and engineering- capability^ 
The Japanese cmnpanjt^s inject* 
ing £3m Into the" jabot venture. 
Most, of this w!H. be used for re* 



SOUTH AFRICA'S Jobanneshvrg 
Consolidated Investment mining 
current and industrial group hopes to 


narn 

to the end of October to be made from 47 samples containing year is favourable, according to raise its dividend in the current 
available at the time of first approximately 4J&9Q cu metres. Mr. J.-N. Clarke, the chairman year to June 30. An unchanged 

dealings in Ashton Mining shares; During the current quarter of South Africa's New Central tol , f 15 > fl ,av n \ was oaid 

they were recently offered to the scout sampling will be continued Witwatersrand Areas, in his . 1 , ° . ** v F f": 

public at their par value of 50 and further surface samples will annual statement published today, for 1977-78 when profits amounted 

cents (28pl. be processed from a. number of It is expected that revenue from to R42^in (£23 ,1m) against R27m, 

CRA s reporting policy in pipes. Depending on the results gold interests will improve and but tbe 1977-7S profit was struck 

regard to the Ashton venture is obtained a decision may be taken the prospects for coal and before a provision of R 44.4m 

basically one of quarterly state- to start deeper sampling of diamond holdings are seen as against the Namibian OtjOmse 
me/Jts. the next being due in selected areas during 1979. It Is good- copper mine. 

January. But any results also planned to coinmissjoA an New Central Wits Is an Invest- e,_ 

considered to be of significance expert assessment of diamonds ment holding company in the 5 - - AIDeri «oomson pomis out 

for the development of a commcr- from one or more of the pipes if Anglo American group. In the * ..... , .. , 

clal mine will be made known and when parcels of sufficient size 14 months to August it had net ; or n 

immediately. become available. income of R395.920 (£217.4101 

There will also be announce- AH this suggests that news from and paid dividends of 22 cents Sl° c v rums1a I’5Z^ 

ments made when required by the venture is unlikely to hot up (l2.08p) a share. ?? c ? 1 . ,e £ needs to overcome 

the joint venturers to meet until at least after the Australian Its portfolio of investments had IS, ™ fla tion aud 

special circumstances such as wet season ends in April. Next a market value of R7.05m <£3.8tijn) a 5“ ev ^ 3 . st 5 r *?i c of economic 

those associated with share offers, year’s June and, more particu- at the end of last August, com- employment 

Apart from CRA and Ashton larly, September quarterly reports pared with a value' of R4.am at - - - ' 

Mining, the other partners are: might be the ones to which will the end of June 1977. 

AO (Australia) 4.6 per cent, keep Ihe sbaremarket on ■ . . 

Sibeka 7 per cent, Tanganyika tenterhooks.- 

ROUND-UF 


Holdings s.4 per cent and 
Northern Mining 5 per cent 
In line with its policy of taking 
the speculative heat out of the 
venture. CRA delivers a resume 
of the progress made so far in a 


as two of the more pressing 
problems for South ' Africa to 
overcome. 

For “ Johnnies.” the objectives 
are to further reduce its level of 


IRISH PROSPECT 
SEEKS FUNDS 

format ^Sich 'has* been f aCTeed An offer of up to 500,000 shares lt“had7cq1iiredV ^ ^vestaeDt! SlTth^^u^nMe^of 1 pr^i^- 
between the joint venture of 3p at a price of_40*_ per share that gj ^JS^&'STm^tSSSSt 

tiie 


Denison Mines, the second $* b \* nd to improve productivity 
largest uranium producer in £ ,f groups problem children 
Canada, has sold to Freeport he warns that the antimony- 
Minerals all the Freeport shares Producing Consolidated Murchison 


is being made' by Dublin^ Oliver Denison had bought more than tiof1 ^ess there is an improve- 


partners and the Stock Eschanse. is oemg maue oy uuoim s uuver ■*-“ -rr«‘ g menr , n .w- rnptai nr i^ in 

" to provide some perspective for Prospecting and Mining The foreseeable future P 

past and future sampling results.” Irish company, which has an financial details ha\e been * . 

ft underlines the point thal at issued capital of £50.000. states announced. Meanwhile, the group s diamond, 

this early srage the results being that it may apply to the Stock * * * platinum and gold interests 

obtained cannot give a reliable Exchange for a quotation on the TViraary aluminium output at remain in a buoyant phase. In 
guide to prospects. For example, new section for unlisted securi- Comalco. . the Rio Tinto-Zinc regard to gold. Sir Albert points 
the concentration of diamonds in ties in due course. group's Australian producer, rose out thal the rising price of the 

kimberlite is usually very low— It is stated that International to 142.046 tonnes in the 'first metal has resulted In the group’s 
typically one part of diamonds to Nickel Ireland, a subsidiary of three quarters of this year from mineral rights in the vicinity of 
between five and 75m parts of Inco Metals of Canada has entered 126J85 tonnes in the comparable Randfonteln and Western Areas 
host material— and there are into a joint venture agreement period of 1977. But recent Indus- acquiring more significance, 
variations in both content and with Oliver Prospecting covering trial disputes affected bauxite While they may not justify the 
grade of diamonds. A tremendous prospecting licences over a total production which fell to 5.74m establishment of any separate new 
amount of sampling is thus of 450 square miles in Ireland. tonnes from 7.49m tonnes over mine, it might be possible to work 
needed to obtain a buide to the So far International Nickel has the same periods. the areas in collaboration with 

amount and value of diamonds in spent at least £125.000 on explore- nearby mines and viability 

a given “ pipe." tion work and rf the Canadian Hampton Gold Mining Areas studies of the areas arc being 

The value of each carat weight offshoot raises this spending to received AS96.067 (£54.380) in undertaken. “Johnnies" were 

tt here are 142 carats to the £250,000 it will have the option royalty income from the nickel £344 yesterday. 


A compromise, has emerged in confirmed Hey wiH accept the shares 


, equJping 4he -factories, to- build 

in Midland^ The bid ^ gp ^ productio n .fro m, the current 


the drawn-out bid taTrSda* Argus rffer, tben.aproposdfor web 175,000 gsim*, a projected 

rtffwed obU.OW Dj.-JOTi. 


Group Printers. Mr. Remo Dipre. compensation fortoss^of bdng offered 


Tridant’s chairman, who launched Mr. Dipre is to be put to share- Some 85p ~ Shares of 

in June, holders for approval. An amount for each of preference 


a bid for th ecompany ------ t w ™ , .. .. „ 

has given way to a later offer; of about is lik ely to be £L _• the * Pentos 

from Argus Press Holdings, but suggested, which would represent - Midland rejected tne 

at a price around one year of Mr. Dipre’s £2Jm cash i buL . and ® 

Starwest Investment Holdings, salary. from Lonsdale Unreersal 

the private company owned by __ hi adequate. Mr. ki. u. 

Mr. Dipre through which he MIDLANDS ACCEPTS Midland’s, chairman, »d yest 

launched bis bid. Is in talks with PREEDY day “We are _veiy 

Argus and Tridant which are , , u . *»t_ the Preedy 


Pru spells out 
restructuring 
benefits 

The Prudential Assurance; Gosh 


offer We are so 

rk^to^adtoXrwSTcqSr" - ^tibte'wtth ^r^teriy^suedldgt^^. 

ing certain subsidiaries 
for cash. Under the 

generS^rinffrom^SiS ^d to recommend to . sbarebolders .RANK/TOSHIBA of compame& . This ; mpre 

other subsidiaries, which in the a 0.43m offer made by Alfred was 

last financial year made between *hwdy. ...■*••: VENTURE ON the purpose of this restructh, 

them a loss of £50.000. But net The recommendation comes ^ r: 0 vemment has -formally is to separate the-momtoring 




Objections to Standard Life terms 


agreed a purchase price of perhaps there were other manufacture television, and’ audio constituent parts. .. 

£850.000 with Argus for those potential bidders waiting in the equipment in the UK The document points iqnt that at 

subsidiaries. wings. ' . Hr. Roy Hattersley, the Prices present the Prudential is subject 

The propohed deal wotdd have Preedy's cash and -share bid. Secretary, has announced that be to insurance legislation- ana -is- »> 
no effect on the financial terms which has been revamped •and will not refer the proposal to the qnired to maintain ■ adequate 
of the Argus offer of loop for. each improved a shade since tbe Monopolies Commission. reserves to support the- general 

Tridant share. If the deal is original announcement in mid- The new company, -70 per cent insurance .business. For eadj 
approved by shareholders after an October, offers three ordinary owned by Rank, will therefore be £100 of annual general insurance 
extraordinary general meeting, shares in Preedy and £9.75 in set up as planned from today. premium, a company most now 
and Mr. Dipre and Sterwest have cash for every five ordinary The object Is to use spare have free reserves (the excess; trf 

assets over liabilities) of -EU? bj 
law. But it points out thal 
because of fluctuation in the 
value of Investments and grbwft 
in premiums, a free, reserve ct 
. , £30 is considered about ’the mha 

Standard Life Assurance bas ran S200m of assets is being kept In David Donald, general manager mum acceptable level and tba’ 
into trouble over the proposed Canada for the benefit of- the UK of Standard, pointed out the com- companies prefer at least £58 
transfer of its Canadian Life and Republic of Ireland policy- pany has Invested S50m in. Can ad a Thus the “Pru" adopts 40^-ba 

holders of Standard.- Tbe 20 years. ago in order to expand cent as the minimum solvengj 
business to the Canadian com- objectors are claiming that these the business in that country. He margin acceptable. - ' - r'£S\ 

pany Manufacttirers Life Insur- assets belong to Canadian policy- regarded the 8200m of surplus The - document then states fhai 

ance of Toronto. A group of holders and it is unfair to take assets as representing a reason- an insurance company , canno 

policyholders are opposing the om 0 f ^ Canadian portfolio, able return on this investment expand its asset . base .by borrow 

terms of the deal as being unfair They are seeking to rouse policy- Mr. G. C. Philip, deputy general • lugs since there , is a correspond 

to tbe Canadian pohcyhoiders of holders to stop the transfer. manager of' Standard Life, said ing liability. But the newhaMh^ 
M The a, group is spearheaded by A firm of «”«dtlng actuaries -yesterday that the company at thU company w til not b ftan- 
Mr. Robert G. 

Toronto lawyer aod 

and Mr. Richard Holden, who group pension holders with actuary, ~Mr. Sam Eckler of operations' thus facilitating' esepati 

led an unsuccessful bid to stop Standard Life. Seven years ago Toronto, had been appointed to sion. 

Sun Life of Canada moving its Standard gave a bonus to sucb investigate the terms of the pro- : Tbe new • holding company--!: 

headquarters from Montreal to policyholders in the form of . a posed transfer and the company to be railed Prudential Corpora. 

Toronto. reduction of pension contri- would awjdt his report. Mr. Sidney tion and under the scheme. share. 

The Canadian business of buttons over five years. At the Jackson, president of Manufac- holders would exchange each 5j 
Standard has some $l.7bn of same time it offered _ policy- Hirers Life stated that his com- share in Prudential Assurance fa 
assets and under tbe terms of holders the opportunity to. trans- pany was satisfied that the terms a 25p share in Prudential jObr . 
the deal Standard will transfer fer to a with-profits basis and were -fair both to Its own policy- p oration. As expected the ram 
Sl.Sbn of these to Manufacturers about 25 per cent availed them- holders and the Canadian pany has hot .availed, itself ,o 
Life to cover the liabilities, selves of the opportunity; - - policyholders of Standard. Other- the opportunity; of increasing tbi 

including guarantees on future At the time of the announce- wise the company would not have dividend beyond the limit 

bonus rates. Tbe remaining meat of the transfer In' July. Mr. entered into the agreement. imposed. . ■ 



CmtsoUdated. 

Investment 


ComiKuiy, Liniiicil 


OnairporatedmiheSqiablicofSoulaAfricci 


Chairman’s Review hy Sir Albert Robinson 


vrorkere" Union has in the last fcwj^ars been particularly 
insistent upon the introduction of a Monday to Friday five 
day week. A compromise agreement, which was reached in. 
1976, resulted in. die introduction of an eleven-shift 
fortnight arrangement. It was hoped that the expected cost 
of this new arrangement and the anticipated lower produc- 
tivity from underground employees would be offset to a 
considerable degree by those provisions of the agreement 
which were intended to make better nse of the black labour 
force. 

Regrettably these hopes have not been realised, mainly 
for the reasons that additional labour has had to be 
employed ■underground and there have been material, 
increases in other costs. Jt is fortunate that there was an. 
abundance of labour available to draw upon during this 
period Every endeavour must be made to make the clevcu- 
shtft fortnight scheme work as originally intended and this 
new is supported by the findings of the Franzsai 
Commission report that has just been published. 


Coal 


The Annual General Meeting ofthe Company will be held in 
Johannesburg on 9 November, 1978 at 12 noon. 


Results for the Year 

curing the financial year to SO June 1978 the profit 
'after tax available to onlinary shareholders, but before 
an extraordinary item to which I shall refer later, 
amounted to R42j2m compared with E27,0m a year ago. 
Our income from invest uicius. trading profits, fees and net 
Sunday revenue showed a sligirt improvement upon the 
corresponding figures for the previous year. The principal 
change in tills year's accounts relates to the surplus on 
realisation of investments, details of which are fully dis- 
cussed in riie Directors' Review in the Annual Report. Part 
of die realisation stemmed from our liquid share portfolio. 
This is not muierial to our main business and is really 
cash in another Ibrm. Disposals from this portfolio and 
other share, transactions raised R21.3m. Ordinary- 
dividends remained unchanged at. 3 70 cents per share. 
During the year tlie Company obtained additional finance 
of R-lOm tii rough a preference share issue to augment its 
normal cash flow. Luiguly as a result of this step the net 
current assets of -Johnnies and its financial subsidiaries 
showed u substantial improvement at die year end and are 
adequate 10 meet Our coiiuuiuucuts. 


company’s burden of debt Tnclasira of the pending rights 
issue Johnnies’ investment, by way of equity, loans and 
guarantees in respect of loans raised by Shangani, 
amounts to R2?.lm. of which R3-9m has been v.-riocu o£ 

Consolidated Metallurgical Jtidustrics Limited has 
established itself remarkably quickly as a low cost 
producer of good quality fcnuclirome. This augurs well for 
ibe long tenu potcniial of CML ImcmarjonaJly. produc- 
tion exceeds demand and the company lias therefore rc- 
duecd its output to one of ils twin stream operations. 
Under these conditions tlie e<>st ■ H" servicing rite com- 
pany's borrowings is u heavy burden, ii has Ivcn decided 
that CM I should reduce its short term rich' and to this end 
arrangements have been agreed tor shareholders to provide 
RIOm ofcqultyand R 10m of convertible ln.ui sioek. 

Prorisirin has been marie to meet the calls on Johnnies 
by these three companies during the current financial rear. 


Tavistock Collieries Limited has enjoyed another 
successful year increasing ils profits after tax to Klifhn. 
Each of the three, collieries within the Tavistock group 
achieved the distinction of completing 1000 fatality-free 
production shifts during the ycac nii 1 * is a splendid record 
of safety for which they arc to be congratulated Tlie group 
lias introduced modern equipment underground which is 
enhancing tlicir established position as a low cost 
producer. The development of a new section at 'the 
Tavistock mine together with a new coal washing plant 
will provide both the additional capacity and a higlier 
degree of marketing flexibility to continue the company's 
record of performance. 


Antimony 

Consolidated Murchison Limited is experiencing difficult 
trading condvti»-«ns. Both the -worldwide price - and lie 
demand for antimony concentrates bit at low levels, and 
unless (hen: is an improvement in the price «■ the fore- 
seeable future it will be difficult to maintain the current 
level orpnxluciion. Howcrer.the market for antimony has 
always been cyclical in nature, and despite its present 
weakness the long term demand for antimony oxide as a 
llarae rctiinjufl! gives reassurance tor the future. 


Future Commitment^ 

The Company will still hare.to meet calls upon its cash re- 
sources in respect of Otiihase Mining Company (Ply) 
Limited, Shungani Mining Corporation Limited and 
Consolidated Metallurgical Industries Limited. We have 
reduced our obligations hy meeting guarantees of R17.5in 
in respect of (HJDuks long term loans. The accounts re- 
flect an extraordinary provision of R44,4m. This together 
■with tlie provisions ofRIS.im in last year's Income Staic- 
menL cover tlie full write-off of Johnnies’ investment in 
Otjihasc, including both the Iwnk guarantees to which I 
have already referred and the estimated on-going cost of 
care and maintenance for another Iwn year#. It is m< <«t 
■nnff.vrbnwTe that the cstablishmcm rtf this mine coincided 
■with the collapse in the price ofeojir«:r.and ih.u .is a result. 
It has proved necessary to cease operations. However. 1 
know that shareholders will he relieved at (he feet tluit 
Johnnies has been able lo absorii this heaiy financial 
burden will tout am' ftmdu mental adverse c fleet upon flic 
Company’s firauurinl strength. The future of this mine will 
be decided upon during the next year or two. 'Midst there 
is some suggestion that excessive worid enpper stocks are 
being slowly whittled down this lias not been reflected in 
any material improvement in the price. Tlie short io 

medium term outlook is therefore not encouraging, 

Tbe Anglo American Corporation of South Africa 
Limited ill rough its Rhodesian office was appointed as 
Secretaries and Technical Advisers toSlianguni with effect 
from 1 April 2978. Johnnies and Anglo American Cor- 
poration Rhodesia Limited have each agreed to contribute 
Rh#£.n.>:] in Shungaiti, hy way of a rights issue at pgr in 
order to provide rhe finance which should keep the mine 
operating until the middle of 19754. During this period flic 
open pit operations will be running down and the under- 
ground development phase will have commenced. Hope- 
fully greater ciorlty on the political from in Rhodesia 
during the next year, and tire prospect of better nickel 
prices will enable a longer terra view to be taken of the 
financial measures necessary to complete the under- 
ground establishment programme and to reduce the 


Platinum 

The Company's investment in Rustrnhunj Platinum 
HiMinib Limited is once again showing considerable 
promise -with vhc rapid and satisfactory strengthening of 
the platinum price. At the low prices iJisit preyuiloi over 
tbe past three years Rustenbu/g was npvmi i ng at marginal 
profitability and was obliged u> pass two dividend 
dlstrlbmi wis with the result that Johnnies did not receive 
any dividend income from this source i.luring the year 
under review. 

However, since the year- end Rustcnbnrg lias published 
most encouraging results and it has declared a final 
dividend of 8 cents per share which will be reflected m 
Johnnies' results for 1979. 


Exploration 

In the field of exploration webave concentrated our efforts 


Gold 


Tlie planned expansion at The Randforrtrin Estates Gold. 
Mining Company. 'Witwaicrsrand. Linuicd has been 
completed ahead of schedule. Tlie new ' 'note fluid and. 
uranium plant lias experienced sltin-up teething troubles 
which are steadily being overcome ami the refurbished 
Millsite planr is now operating must satisfactorily. I am 
satisfied that Kanrifotucin JiMutes can l«"njk forward to 
many years of profitability which should amply justify the 
major capital investment programme of flic last three 
rears. Randfortteirt Estates is one of Soul h .\frica’s premier 
gold and uraiunm mines and Johnnies proud to have 
been involved in Its development and operations over so 
many years. 

V.'cslcm .Areas Gold Minnie Company Limited achieved 
a record when it milled 1 072 OCX) tons of ore In the 
September quarter. As a low grade mine it is benefiting 
both from the rising gold price and the increased through- 
put. The company has for some time been investigating the 
Middle Elshurg Reels for their uranium potential and 
recently requested the Nuclear Fuels Corporation ofSouth 
'Africa f Pry) Limited to endeavour to obtain a long term 
uranium sales contract on ils behalf It has also decided lo 
expedite the development, of ore reserves on the uranium 
bearing Middle EKLmrg Reef Horirons and to examine in 
detail how best to exploit further the company's uranium, 
potential if it succeeds In obtaining n suitable contract 

The gold mining indnsny Is striving to increase produc- 
livity, but the results are disappointing- The Minc- 


in specific arras, such as the Karoo where our pros- 
pecting teams are engaged in the search for uranium ore 
Micv This is 3 joint venture with Randlonlciu Csrutcs 
and while vve liavr found encouragcmcut in some of the 
results it is lar too eariy to say whether ore t«xik> of 
sufficient sire, and cherelbre worthy ofcxplnil.-iriou. will he 
located. 

We are al^o active in the. search Tor coal and in the re- 
examination and re-evaluation of our c<xd rights in the 
Kaslem Transvaal and In Northern XalaL In the field of 
base mciais wc are examining various oevurrenees to 
determine whether or not these could be of sufficient sice 
and quality to be ofintcresf. 

With the rising rrice of gold our mineral rights on tiic 
Vest Rtonl in the vicinity, of Randfonteln Estates and 
Western Areas begin to acquire more significance. In- 
depth examinations and feasibility studies are being 
undertaken io examine the economic viability of these 
arc 9- although there would hove tolica sicu>ficun> funher 
increase in (lie gold price lo cout-ulcr l lie estal ilisli ment ol 
any separate new mine. 

However, there arc opernliri^ mines close to the areas 
concerned and it may prove possible and desirable in due. 
course to develop tiicse rights in collaboration with titan. 


Industry 

Our Industrial investments contributed RZl.Om to net 
aitributable earnings for tire year, an imp rovement of J 2*% 
over tlie corrcspouding figure a year ago. While a large psirt 
nf tii i> income stems from our portfolio uivestnieals in 
Stuth African Breweries Limited and in Johnson MuUhcy 
and Co. Limited In the United Kingdom, our investment in 
Laming Holdings Limited has once again shown a very 
satisfactory performance. "We expect continued growth 
from this company. Steclbmc Limited, however, liad a bnd 
yearwhich is in line with the whole building sector. While 
there is likely to be little change tins year, the impact on 
our profits is not significant. 


Tuturc ^Prospects 

Both the Republic or South Africa and Johnnies have. 
■ weathered a very difficult three yeans. Although the growth. 
<4* the United States* economy was satisfactory last year, 
the persistence of a massive trade deficit and a resurgence 
of inflation threaten to reduce the rate of growth during the 


* __ 

. year ahead. Gro w th in both West Germany and Japan has 
been disappointing, with as yet little indication of any 
significant short-term improvement. The world-economy* 
in fact, appears to be laced with the possibility of anodic ir 
shift into recession in 1979, before South Africa has % 

? dumce to recover fully from lire accumulated setbacks 
since .the end of 19.74 when the gold price reached i(s 
previous peak. ' ■_ ’ ' 

For' the Republic I it^ud the high rate of inflation «S 
one' of lire pressing problems to be overcome if we ate to 
maintain oiir trading position in world markets. Another 
probieni is tlie need for a faster la to of economic expansion 
_tn make, provision for the employment of the ever in-, 
creasing numbers of those seeking work. For Johmties, 
our objectives must be to continue the policy of reducing - 
the level of. debt and to improve productivity at the 
operating levels in all our business activities. Our invest- 
ments spread across a diverse range of nietofs and indus- 
tries. and accordingly our results- for the coming year will 
depend to a. large extent upon world economic circnm- - 
stances. Nevertheless wc arc hopeful that tile level .of. 
profits will permit us to increase the Johnnies dividend 
during the current yean' _ 

The Government took^strong action two years ago that - 
resulted in -the adverse . balance of payments being 
converted into a substantial surplus. This is a most satis- 
factory development and. in normal circumstances would 
create confidence both at home and abroad. Unfortunately, 
however, the political uncertainties in South Africa anil 
neighbouring territories have^d wisely affected the inflow ': 
of capital and have also resulted in Sonlh Africabectanlng 
more isolated fiomtherntemalional community.' 

At rite time of writing this review a new Prime; Minister 
has taken office. He does so at a critical period in the 
affhirs of the country. Tiic world is demanding an end to 
institutionalised -discrimination.' and there is also a 
growing demand by all races hr South Africa for something 
positive to be done In this regard. . 

It seems HktHv that hi 1979 both Rhodesia and South 
Wot Africa, will establish non-racial societies run. bv 
black majority-governments. South .Mrica has played a 
nuior iwrt in. bringing about these changes, bur. in doing 
so. ir has stimulated tlie demand for change at home, and ' 
this is the challenge tltat faces tire new government. 

In recent times two commissions of enquiry into tabetic 
practices have been appointed, the Wichahn and Riekert 
Commissions! Their report* are awaited with. keen in- 
terest They conlri well provide the -beginning of 3 new era 
in race relations on the la bon r front If tin's proves to"be the 
case ilren it will .set an example ti tat can be followed by the 
elimination of discnminuiion in other areas. The Govern- 
ment is studying hew cnustiUiGoual arrangements tor the 
while, coloured nnd Indian communities and I share tlie 
view of those- who telievt’ it will be impossible to. exclude • 
the blocks, and portion la/ly the urban blsdks. If this were . 
to be accepted as official policy, there Is every c hanty thata • 
new coustitiitional framework could em e rg e thaTwill gain 
bupjWirt frotn influential members of the international 
com in unity. To assist in this process of change and indeed , 
to accelerate Jt. South Africa needs understanding, ’ 
encouragement and. above ali. investment from abroad As' 
the economy expands and becomes more sophisticated so ‘ . 
the opportunities for training and employing all mces are ‘ 
inc reased. This leads to higher standards ofl iving for all, 
which is tiuJori- to inter racial harmony, fwoiukr ffthose 
whn plead for disinvestment in- South j\irtcapaase' to. re- 
flect upon the unemployment and charts that would result 
ifiliev succeeded with thrir campaicn.1 Have no doubt that ' 
the withdrawal nf foreign capital and the imposition of 
Sanctions w tin Id be counter productive- and would ’ 
tfotvu -flic, process of change^ as those in ituthotity ." 
Tcsiwnded by mobilising all their available resources to. 
defend tiieir.very existence- On thc otber hand if.South. 
Al’riea can build a political and cohsdtutionHf stroctuto to 
saiisfi- the majorirt of its peupics tlien there is no limit to 
tiic developmcntaf its economic potenttoLTVheA-posslble 
•Johnnies will play its partin the financial and economic' 
Reids to assist in the process of consuuctivc and m ran bw- 
fiil change. .... 7. • 

Directorate and Staff 

>fr. J. OgihicThompson retired fromoflSceasaettrector of 
this company on 8 February and I wish to .ospress my 
appreciation of his- services on the Board Mn GiH. 
Waddell was appointed in his place and I would like to 
welcome him both to the Board and to' lfre Executive 
Committee. Since: the year end -Mr. D. E. MacIvec baa • 
joined the Boardas Technical Direttorand J welcome hint 
aibo to the Executive CommiUec. 

1 would also like to place on record the appreciation of 
the Board and myself for the wiping and sustained HEW 
ofall members of ourstaffduiingihc year undeff review. - 
3t October 19ZS ,. Jbhanito^urg ‘ 



iJliA .'T,?> 
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J&r, 


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A. - J 


1 








klpm&XWedEei sday ■ NoTember l I97g 




*a**N 
wian:.#. 


.... 

r*riU £.*« .. \ ^c\ 




Currency, Money and Gold Markets 



spiff* 


I spells 



port from -the Swiss National Bank 
and - the' German : Bundesbank. 
Early . trading -was_- fairly. .: hectic, 
with the dollar im pro vine to 
SwFr 1.4S85.' against the Swiss 
franc by noon, from SwFr 
Y at_the aart. .. -.. 

i- FR4KKFUBT— iTbe Bundesbank 
. bought $30m jrtien the dollar was 
iftsetf "" ‘ *" ' ' 


’ < 


jES 3 £*t ^ 

m* oi .g*wr 

ffl&ftitt JT‘“ & 

lifeatpar;-* 

i-S 

Rj; c :jV 

PS-.-.bUSlllej,; “L is-. 

I**.-* COT.oarv 3s 
awire^n-.; ■:• 

&*er UabC * 1 $: 

*■*■£-* • 
ifr.-SSie? 11 sr 

?wn-. r-‘- ** > 

SWWereti i 
g^»b!e ; c C;,':->: 
Prefer -- A- 

.£*?*•• 

*•, vSIk *«■>•.-. ■> 

c :4eo<;«!^b'.--‘" , ' , “' =•: 
^PPiBM-nr —o- . 
c- 

ilRrittn ni= f . c, 

ttK.^hcrs 

bb. ..-r r 
Jlf.iwu no; bo 5 V 
*£r Aerpforr- =• 
flr.tfie nroc^C”; - 
m bs-r 

oas thui. ‘scu ' -.►3 
.- j "' J is 

f^ey: ho , .j:r S 
aflwd PrvdtrBiiai c£ 
■Sitader -33 

Gwuld eschsr-e !* 
RtJPrucier-i-.'j: 

^*rr »n 

It.-.- AS FT-iOv-p- .>' 
to: ";.' 

. ttnitr of .e:-,'.;: 

i ' 


?_/MovetnefH* were^very- volatile 
^in Ote foreign estrange 'market 
-yesterday, hut---tfle - dollar was 
generally armer^-agalnst ■- other 
major currencis«.-.«adjng- was 
very thin at iteWfi. 'with central. 

0 *5*5- probabjyjtaking advant ~ 

of the situation td - push , up . 

U5. . cuireneyiv-'ji- •;••••' - ; . 

. - Earlier jn-sSheftfay the - dollar Tftsetf af DM L7»T against the 
came under farther pressure and D-mark; compared with DM L.-7285 
utere was. a commercial previously: ' The fixing ■ .level was 

demand jor -steriingi but the- well : above • the . early morning 
pound. feK.-quHe-^arplj -lowanfe quote of DM - 1.7230. with trading 
toe cipse;as the result of a large, active -and sometimes hectic. The 
^mmei^iat seSing- '.order. Ar ihe -aothorities - intervened : at . the 
- ““^n^we doBar rose ln terms besiiinlng of-the:fising, and nor 
■ ^though bi»i- as support during: the. facing, to 

■vSasgs^ffiVir«s s ^ w 4 * ■ ™ ^ 

-ahead of.the All Saints Day hoii- : - AMSTBRBA?B— Tile dollar im- 
•: .* ' j : , -3,- v’proved «_ the fixing to. FI 1.8733 

■9 o^med -^aj .against .tbe -Dutch guilder, from 

n 1.8725 on Monday. In late trad- 
Sf ing the U-S-rcurrenr y continued 

and 52 4010 tinqnhe .late after- to imorove t^’ FI 15760. 

-BRUSSEia^The Belgian franc 

S^£5# , S l S^S a Se' ***'-™»* ^ mt 'the-' dollar and 

the D-mark M -yesterdays fising. 

. ^ Ugh «y . at;the'clo!se;^ntf^fihisbed ' S^^Sjnel^^of : 27^4"^ 
• at Mi)740-2^760: :a- f a U of. 2.40 - 2n aU<une «*« « BFr 27.14 on 


?,ceftta-oh ihe' day; 5 /- - - - 

--- Sterlings .trade-weiehfed index. proved 10 • 
Tras. .calculated-, by.vthe’. Bank of 


Monday: wh 
.1 


THE POUND SPOT 


Oil. si 


- f*iei 


>Ur*ad 


Close 


U.S. P j 

Cuu'Imq s | 

fiulliter 
^lulnin f j 
OaaikL K._i 

U-JUrl. • 

f'un. K-v. i 
s t*u. I\». i 

Lira , 

Srw-ii.K. i 

Ktvriti J r , i 

J'T^llhliKj-. 

Austria 5t-hl 

Swim. ; 


FORWARD AGAINST £ 


One m.-mh * pj. TLref raonih' «p.i 


8’: 2.Q65U-2.1M0 
10i«;2.4101k3.M2s 
6>z. 3.332.04 

6 ■ bB.40-U.Bfl 

B : 9.39- lfl.CBo 
« 5.60-3.65 

is as.3a-so.ea 

a 'i40.a.m«) 

lOla. 1.640-1.561 

7 ■ 9.7 f-a. 73 

91; B.jQ.n.fli 
61*' 8.54 8.61 
3ir- Sta-irt 
412. 26.Jfl 26.6fl 
I 1 3-07-4.12 


2.0140.2 Of 6S 
2.41B6-2.420S 

. 6. Sin'S. 324 

! 56.50.56.70 
.10.0 (8-10.024 
■ 2.65(1-3.644 
89.90- SU1.4Q 
1 140.30- 140.60 
' 1.840 1.642 
9-73 1-9-751 
8.58-8.57 
! 8.55-3.56 
i 577-57S 
26.26-29.45 
. 6.10-3.11 


jO £3Q.I2.-. 1 .u. 

[ 0.2»<».lsi-.|iiii 
J 1 l-.|Mll|»[ 

IQ 1 .pmiiir 
j 6) hj •■rr .li* 

1 i-j lif r*l M 1 " 
1 70 !70 i'. «lw 
j 160 280.-. tlK- 
I 4 j. 6. 1 . nr* .lit 
! U-*i '-i->. 'Ill 
j a;. 2; ■-. pin 
I ]»r s «v -In 
] $.45-2.06 pm 
1 12-2 -to pm 
i Z.-2 j 15. inn 


Q.55 
0.98 
I.5S 
1.06 
— 8.68 
7.8J 
-15.96 
- 16.66 
—5.66 
-a.Dfi 

5.8b 
— 0.7Q 
10.42 
2.16 
1 (.59 


0.50-0 <Bi-.|ini. 0 87 
1.15-1. DO <-.pn» 176 

'3-2 *-.|iii> 2.55 

20- 10 c-pin 1.86 

l&.-l7;i*ri‘'L— 6-«9 

8if.-7ij|H |iii< - 8.38 

200-550 r. flu - 12.20 
.450-r^O -Hi — 17.09 
•>8 15 liti< du :— 5.41 
[7 9 i.ri'dl- '—in 
'7{'5t |>nr ; 5.47 
i'.-ivi.ih- U file — 0.25 
S.W-a.Mvpui 9.*6 
.'26. IB ^ni pm ' 5.43 
.10-9 l. pm ' 12.24 


L^-iiian rales i« fqr cam-eruble. fnn« 
i- manual franc 58 SVjA.iia. 


Slx-nionth forward dnllar o 98-n.Mo cro 
13-momb r.30-2 15c pm. 


CURRENCY RATES | CURRENCY MOVEMENTS 


Ociotaor SI 


Sierims 

’,'.>. dollar . . . 
Cunudlun dnllar 
7uwn*n ictiirtinc 
Bi'leun fram. 
n.iiiish kranc 
L'cu'v-.hn Mart: 
liuildor . .. 
••"reni n Iranc 

Lira 

V en 

xomvsian hmne 

Pvseia 

Swi-nish krona . . 
Swiss i.-jtir 


Special 

Carnpean 


Bank or Morgan 

Drawing 

Unit of 

October 31 

England Guaranty 

ftlsati 

Account 


Index changes *■« 


0.6MU2 
UflS 
L 58814 
17J697 
35.5225 
6.4032 
20242 
2.52673 
SJS0M 
1063.32 
240.668 

6.326 M 
41.0717 
5J64ZI 
2 80357 


0AW238 
1jM586 
1.70044 
18J77S 
39.2406 
6.45335 
2.49994 
2.7805 
5.76292 
U 39.83 
2S5JU6 
6.74701 
97.S892 
5-94555 
2-15194 


Slcrltns 

iJ.S. dollar . . 
Canadian dollar 
AUSIrlan left HI IDE 
Belgian frolic ... 
DaniKh krone ... 

Deutsche- Mark 
Swiss franc 
Guilder . 
French iranr . 

Llr» 

Yen 


63.1 -112 

Unavailable -13.2 
-17.6 
■+20J 
■6162 
+ 9J 
+ 412 
.. +9&J 

-* 21-2 
.. - Z4 

-44.1 
+5SA 


Based oil Iradc weiehtcd ihanee?. from 
Wnshlngion afireemcin Prieniber. 1971 
■ Bulk of England Index- 100'. 


3r,r ^ 

V 

- 

'(r. 


the D-mark izn- 

‘r .13.715 from 

Fr. 13.703. T^r Belgian National 

.gfiglandr "fen to^ 6JLL~ frnm“fS9‘ Bank .bought .only. S4m to support 
“sfteTsSnS I the dollar at me fixing, compared 

“ w.th. =!»,,.( Eldra preMoosIT j 
O The- dollar's' . .trad e-weigh fed “ MILAN — ThjTtfoilarrose aqalnnt 
f^depreetatioii^dii Morgan Guaranty t he Bra af theiftring, after falling 
^figures, narrowed' to 13^- per cent l®, a- 33-montir. fow m. early trad- 
.jfroirt 13.6^ per ceuL - mg.' The U.S. joirrency was fixed 

The- do Ha r toncherjatow point' at L7F!F.55 jrfiSterday, -compared 
• of DM .1.7210- against the D-mark, 'with L788.03 tih Monday, and a 
vbot iraproved to DM 1-73^- before _ * ow P°mt of L7S655 In' the ranm- 
closing at DM J.7530. compared in S- The D-mark Was- very stronc. 
-AstttrDM t72S2J on Monday.. l osing to an-Vj aJI-tirae high of 
The. US/ : cu rrency aL*w rt- -E45S.13 in terms of the lira; from 
covered Well- against the French 1A55.A7 previously. ■ The. yen. 

. /ranc' after fa lling-To" FFr3.97. ft Swiss franc and. sterling also im- 
;desed- at' FFr #.0350 compared proved -againsf : the lira, 
with FFr 3JW5& previously. . TOKYO— IfU«-vention by the 

. The Swiss franc traded between p auk of. Japmi to support the 
..-SwFr 1.4890 and. SwFr 1.5050 in dollar was small. ' estimated at 
?.terms of the dollar, and closed at *20m-«30m inytbe morning, and 
^SwFr- -'1.4975,- - compared - with -$Sm-S5m in the afternoon. Heavy 
SwFr. 1.4695 on Mondav. The- ven selling pressure may have dis- 
•? moved between ” i Yf75.70 • 'and wuraged any further support as 
Y180.40 1 before'dosihg at Y179.10 the dollar feS to yet another 


THE DOLLAR SPOT : FORWARD AGAINST S 


October 31 


Day** 

spread 


Close 



against major currencies amid, was. ...large 
suggestions of coordinated sup- delivery. 

-at S658m for 

spot 1 

1 


rfim e.r»ri iw 

\r«.n»inn «« 

r,fp 


ft-’* 

W:.' 

EXCHANGE CROSS RATES • 






' 

' 



■ScV- 

1 IK-1.51 

PrHin-i aiet't.ie 



■<iv r»„. 


1 >1, Mil IJI. • 





L ':.\oiW’_' 

}■•!■ 2-076 .. • 

l: ■ 1„- . 


s.e40. 
1.764 , 

a72.0 

179.3 

• - 565 
j 4 051 

.'105 

1 496 

5.v20 

1 1889 

1641 

790 8 

* 420 

1 166 

-66< 

/? 28 

m. 

Dwil«l» JKrk 
J»iH>nwe Yen I.JOl" 

,v .0^75 . 

... 9 688 

, ■ 0.t70 
■ 3.578 "J 


j 

;9.785 

1022 

10.-U. 

.298 

2-S.49 

O.bf 3 

6 347 

:. 77 

10 54 

-.C.0 8 

41 11 

■. 65 
6.504 

i: 55 
li? 2 


French Kniu.kl 

Pr»m: 

1 J»5 ' 

.. 

. 2.481 

' 0,r 63 • 


4JS1 

1.172 

444.7 
. 119-8 

1 | 

] t 694 

o.712 

i 

4.686 

1.*.62 

1962 

528 5 

2 8-2 

0 779 

g 7 66 
ifc.2o 

Ji.aktii Guiidei - 5- '. U.255 

knun lint t.OTkr - ■ir 0.609 • 

,- ' ,p.SZB ' . , 
[ ' : Lk64. 


U. »S9 

V. 210 1 

-. jt 4.S0 : 

* 2*6.7 

-. £.134 

>.C 93 

u. 92 
1892 

2 389 

418 6 

IkfSfi. 

0 S17 

1 474 

1-.44 
-4 49 


hr* i-i,n rn/v IW t .-'j 

0.413 

’ l.»7'- -1 

. 0,t5», - ; -.1 304 - .. ' .153.8- 

v— * *660"^ *- -6^31- ' -y- ' 657 2" 

.3 457. • 
"'■14.78 

11165 
* 486 

.- 1 620 

6 926 

678.2 

2899 

4.273 

33 39 
l.< . 


ft 

«f 

4; 

ff ■ 
■4. 
fe : . 
:-f T 

if' 

■tv- 1 ' 

*fc- 

ie. 


w.“ v . ■ 

ni\ 

■4r: 

I*. 

I? 1 ' 
ti ■'• 


fc. 


i. 

* . 

<>■■■ 

fe 


ag a i n «rt “Y1 7735 pre vTou sly. ’ record lnW against the Japanese 

_ NEW YOftKrrThe - market yen, closing at -'Y176.071. compared 
: appeared fe -take a rest In' early with YJ78.47J tin Monday. In the 
. trading after the; hectic conditions rooming the ILS- currency touched 
on Monday.. The general recovery Y175.50,' and was pushed up to 

'.by the dollar uj- Europe slowed Y 176. 05’ .bj v intervention, but 
^.when..the- CfJ3J. began trading, but: remained: under pressure after 
^business was nnmrial . and ' move-' lunch on sell^tg by- foreign ba Dhs. 
ments were slight- '"Heavy yen - buying from abroad 

— . ZURICH — The'dolfar recovered- liras reported, and trading volume 


CoQ::d'n k- 

fiUlW'.T 

U-'lSUii V'r 

Danish Kr 
O-Mart 
Pon . liv 
Span Pi. 
J.<ra 

Nrvjrn Fr 
French Pr 
Sv/eil'sh Kr 
Ven 

Austria S.-ri 
Swiss Fr 
- i:.s> 


85.73- 65.97 

1.8645-1485# 

TTXO-ZlJb 

4.7700-4-8315 

1.7205-1.7575 

42. 98-43.50 

67.35-67.07 

786.15-790.60 

0.63C54M50 

3.972S4^400 

0.0B3 5-4.1WJ 

175.9fl-173.70 

12.59-12-85 

1.4729-1.5000 


35.9«S.»7 

1.883^-1-8850 

27-16-27.20 

4. 7830-4 .7B2S 

1.7S3S-1.7S7S 

83.294? -SB 

67.42-67.47 

789-790 

4^598-4.6610 

4.03-4.04 

4jJKB-4.esk5 

ITS 30- 175- 78 

12.84*12.85 

1.4950-13000 


•-onis pur CannHlan S. 


i One month 

0.02-0 -Oflc pm 
OJ9-O.Q9C pm 
2.5c dis 
3.68-4. lOorcdtJ 
LWl-Olpr pm 
3 5- 183c di s 
100- 120c dis 

12Q-185IIredls 
1.30-l.narodra 
0.90-0. 75c pm 
0iMi5orrdls 
1.47-LJ7r pm 
4-3vr« pm 
1J1-1.26C pm 


p.d. Three months P.S- 


D-D 

121 

-3.0« 

-926 

7JJ3 

-29.74 

-18-37 

-4.97 

-3.64 

2-46 

-2.34 

4.43 

3.13 

10.04 


0.22-0 25c pm 
8.384.78c pm 

I- 5c dn 

9. 254.75* redis 

3-43.3.380 f pm 
139-5O0C dis 
280-310C di» 
9J0-U lire dis 

4.45- 4-SSarcdl* 

2 .45- 2. 25c pm 
0.85-1 .05orcdis 
3.92- 3 J2y pm 

II- 9gro pm 
4.2B-4.15C pm 


a. 9s 
1.93 
-121 
-7.78 
7JS 
-29.06 
-1703 
-5 JO 
-4-13 
2-40 
-0.96 
1.73 
3A1 
11.09 


OTHER MARKETS 

31 

“ c 

y. 

n.%1k Uni«v- 

Vrj>enliun tWi 

l.i 96 1 900 i 913.73 » 15.66i li. i... 

/Hi >7 

.VuviniiiM IVnlar... 

1.7595 1 .645! o.i -C'2 O.c- lki- «• pinm 

*&\ £9.:. 

FiiiHinl '-l-.uk*.... 

7 85 > 86 . 3.7560-4.7600! . hi. mm , 

9 95 lc. 15 

Rmri' 1 rn.-*i 

40 45-4145 1» 49 19 97 Fun^r 

B.i 0^.40 

Ill Lli- 1-lim*... 

72.490- »4 259: 3o 03-45 79 timnnt 

3>0-o 70 

If-D-J h-m- lr.,11,1 

9 86>; 9 88ij 4 '.21 -4 7160 liar. 

lelO- l»6 j 

Iran Ri.i 

!-■* 150 1 69 39 >2 29 il,|*n 

■•70 -fO 

Knw,ii LiiitnnKi.». 

0.549 u.?59 1 0.264 6-0. 2694, A t-i her Imhi- 

5 87 3.97 

Uiipmt.uii j Kr-uir 

66 1 1— i 6.B3 1 & : 25 c-'j 3 > • • t 

9.7 J-U.tO 

Uh-m -in I 

4:84.591; 2.1080-^.1130: 

88 10* 

Diillnr 

1.9000-1 V070 Q. 9074.0. 9099, ikiii 

14 5 1C9 

•nridi Amhm Kiv* 

h. 754:. 83 a 4-a.'- 9 u HirrUtnu 

3 faj.ie 

•?lltsnr/-p liiillnr,... 

4.5640-4.3760; 2 09B0 2 0990'i i.,u. 

2 885 1-2.1950 

Sri.n 4 in *f. 

1.6085 1 6331 0.6716-0,6644 .. . . 

41 50-43.50 


EURO-CURRENCY 1 INTEREST RATES 


LM.il. .1 

Mtr mg 'j 

On' ini •"' 

(.MIMllWn • 
Doibi • 

J ' 

Kmip 

Mnrfc 

hi-.iii.i hrsi i 

111 nil 1 IP- 

A, jii. s 

IliH'l"* 1 "»' 


•. ikJi . " il 




l'n| 

2; : 2-r 

2 ; 2 : 

will i .< 

: 4-5 

- ■ .s 

i ft : 





t .Viv% uriirr: 
3l..-nlb 

llu«r miiiiih!-.. : 

■sit month*... . - 
O.if t . V : 

, S.I • . 'j 

IQ's. .04. . 
it., lkf r /l 
m* 123* | . 

12J 9 1'3I* . . 

-OSi ID ■*.. 
11‘*, 1-1 ia' 
•il** J2 '. ' 
liir 12 ■ 

'■ 8ii'9i, 

/.StiifA 

iou 

Ul'i 10?i 

! 8*a-9 

8<t« . 

9^4 

J ' 8>< 9 

. r'-'B J| : 

i»r-l a 
pnr J*. ' 

..-1* 
i\ y 
.sa >4 . 

B.U' ; 

10 U !, 

10 1 1 , 

131; ,51; 

15 .6 

1- :• i i- 
16 ? 17.. 
I6>s J7'.j 

9ii 9 k 
b . s -. 
lc'i 1 ..v 
ii:t ii..- 
lli, 11.? 

i 

'! 1 

2 2 

; i; 


The foDnwnjj n annual rates were q noted for London dollar cenilii Jie« ut deposii. on^ month 3.M'' >1 ?. r <va:: :hr*-e moo Mi; Uflh-ll 10 p-v com. sic months 
11.80-11.70 per cent; oik- rear 11:6^.11.70' per cent. 

Lurw-icrm EunxfoU*r deposits -Two years lflf-10* per rent: three ream ldi-ioi per cenr. r.vir > .a: p-r *.nt. fiv.* |i.|o: p-r <-•»;: nominal 

rales. Sbomenn rales are caB-for sieriina. U S dollars 8nd Canadian dollars. ia-o-dar call (nr =n:W-r« ^-.rt S ».«« ‘r.r.-i A.iien ral.s lur dn'ins :r, S p^>.r 


INTERNATIONAL MONEY ^MARKET 


U.S. rates continoe firmer 


U.S. interest ' rales continued 
to rise yesterday but finished the 
day- belmv their highest ieveis. 
Euro-doUar rates in Lon'dbo. 
touched n four-year high at' 12 
per cent. ~m -the - longer end 
before, easing back vrith tbe. glx- 
tnonth and 12-month rates at tlj 
per cent and 11 ^ p^r cerit respec- 
nvely compared- with .1141. per 
'cent previously.'. In- thin- trading, 
early in the day.'tfoHar CDs' were 
quoted , at 12.05 per cem at six- 
months before casing. back ;to‘ 11.63 
per cent against 11.45 per- cent. 
In New York 15-week Treasury 
bills rose to &52 per cent, up 
from. 8.454 per. cent at Monday's', 
auction and 26-week bills firm e'd. 
to 9,f>b per cejit compared ; with - 
an average 8.882 per cent at the 
auction. One-year bills Were 
quoted at .9.04 per. cent against 
9 per cent. 

Federal funds were trading at. 
54-84 per ' cent . showing ’ -littte- 
change initially but later trading 
paw rates firm to a^ 6 per. cent, 
and the. lack of official interven- 
tion tended to suggest that the. 
Fed may be exercising a further 
tightening- of its; credit policy. It., 
now seems- probable that : the 1 
■target rale on Fed funds is likely 
to rise to 9i. per cent - ... 


FRANKFURT — Short term money 
.rates, continued to fail, reflecting 
air excess -of liquidity. The latter, 
has. bfeen highlighted with banks 
■finding themselves almost embar- 
rassingly well placed when cop- 
ing with end of month technical 
movements.' . Call- money rates 
dropped sharply to 1. 0-1. 5 per cent, 
from 2.0-2.5 -per cent on Monday 
and 3.45-S.5 per cent a week ago. 
Longer term rates were mixed 
with one-month .mosey risjng to 
3.5-355 per cent from 3.4-35 
cased to 3.9-3.95 per cent against 
3.84.0 per cent: Tlie slx-momh- 
rate -was quoted at 3.95-4.0 per 
cent compared with.4.U-4.l per 
coni and one-year money stood at 
4.15-4.2 . per. cent against 4.1-42 
per cent: 

SINGAPORE — Further * prime 
rale adjustments were announced, 
yesterday^ with Asia Commercial 
Banking Corporation raising its 
■prime lending rate by 1 per cent 
to. 7J per cent Other chances 
-Included-. Chung Khiaw Bank, Leo 
Wah Bank and United Overseas 
Bank increasing- their rates by a 
similar amount to 71 . per cool 
Credit Suisse. Mitsubishi Bank. 
Sumitomo Bank and Slate Bank 
of India all increased their rales 


from 7J per cent to 7* per cent. 
This is the second round of 
increases in a little over a week 
and -reflects the firmer rates in 
Hong Kong. 

; -BRUSSELS-,— Deposit rales for 
the Belgian franc (commercial) 
"were generally mixed with the 
one-month rate at lOj-11 per cent 
unchanged and three-month 
deposits rising to lOS-lO; per cent 
'from 105-10$ per cent. The six- 
month rate was quoted ai.flj-10 
per cem against 9S-101 per cent 
and 12-month deonstt? stnod at 
9f-9$ per cent compared with 9i*Mj 
per cent. 

AMSTERDAM — Interbank money 
market rates were firmer wiih 
call money at SJ-9} per cent 
against S?-94 per cent and one- 
month money rising to.9;-10j per 
cent from 94-10 per cent. The 
three-month rate rose to HMQJ 
per cent compared wiih 9J-9J per 
cebl while six- month money was 
quoted at 91-9* per cent from 
SM4 per cem. 

PARIS — Honey market rates 
showed little change ihroughnut 
from 7 per cent for day to day 
money to 6i-SJ per cent lor one- 
year funds. 


GOLD 


Easier 

trend 


fl„ld fell $3 to S241 $-2421 in 
moderately acme trading 
touched n high point of S245-245i 
before the New York market 
I opened. To words . the Hose ihc 
. metal declined, as the dollar 
; improved in the foreign exchange 
■ market, and finished around iLs 
lowest level of the day. 

, In Pans the bullion market 
: closed early ahead of the All 


<>«: SI Ow. „v' 


! tiiJil Il'llliiMi :* IIQt 


oun-fi 

[' h *e 

. 0|«>JIIII£ 

! Ui-tnlnc firini* 


UK MONEY MARKET 


Moderate assistance 


S74S«-344j 
•'243. 6^ 
<£116.775. 

• .Uiemi-.n hxiiu;.... S242 60 

.<£116.760. 

liul I (3iln» ■ 

'■ •1«'Tiie-tl!iii:.v 

| KmxenunO 52474-2486 

£1 13;-iZ0. 

[ 3»« sx-iMvisni 'S876-S8n 

..£5Ti.33i, 

, Old Sr*rert*n;ll> SfiSf-Fa, 

; _ ,i£S2-53t 

| G>jl<1 Chiu- 

Intenuitiiiruilly 

Knuntuui ; 5249p2Bli 

<£120-I21> 

Ne* rierentga* -S68-t8 

j>£5l;-A2i; 

Old S<.verelgni. '5666-684 

j £62-53} 

SJOKiiglw S317-S2I 

Sli'Eiyltt. 9170-175 

Sn 19108-113 


.. -Bank- of England Minimum . 

Lending Rale 10 per cent 
(since June, 1978) 

Day to. day credit vraa in short 
'supply hi the London money 
■ market yesterday and the authori- 
ties gave assistance by buying a 
moderate , amount of. Treasury 
hills and a. small number of 
corporation, bills. -all direct .from 
the houses. Total help, was 
termed, as large and discount 

LONDON MONEY RATES 


houses were paying around 9-9 i 
per cent for secured call loans at 
the start with closing balances 
taken between 82 per cent and in 
per cent. The market was. helped 
by banks bringing forward 
-.balances some way above target 
and a modesi excess of Govem- 
rhenl disbursements over revenue 
transfers to the Exchequer. 

On the other band there was a 
small net take up of Treasury 


9244J.245,. 

'S7S0-25K 

5241-30 

<iMU-SS2> 

:S£42-7S 

.<£116-816. 


$2524-264; 
(£ 12th;- 12 1-1 
$68-70 
:'£32n-i3, 
S67j-S8i 
'il'32^8i;i 


'5252-264 

.£120-121! 

.,£3lj-32a~i 
; 567*^96 
t£3 2P33fi 
5322427 
4176.180 
S 110- 115 


bills and- an increase in the note | 
circulation. This was in addition 
to the regular end of month oil ! 
settlements. 

In the interbank market over- 
night loans opened at 9;-9* per 
cent and rose to IGMOg per cent 
Rates remained fairly steady 
thereafter with closing rates at 
10-10} per cent. 

Rates In the table below are 
nominal in some rasw. 


Saints Day holiday. In the morn 
mg the 12} kg gold bar was fixed 

at FFr 31.450 per kHo (S242.42 per 

ounce) compared with FFr 31,090 
(S242.51) Monday afternoon. 

In Frankfurt the 12J kg bar was 
fixed at DM 13.635 per kilo 
(8243.94 per ounce) compared 
with DM 13.400 IS24L62) 

previously. 

MONEY RATES 



On, a 

Whs 


Local 'Local AuUi.j Finance 
Auitwnty negotiable. I Urn-* 
riejiMitt 1 honda | HopiMlP 


j Dwmu I i I>lieii4e I 

LV*n<paay i nirlis j t'rn«ury ' BsuS jk1n9V1s.l1 
• l>ei>*»lb. j 'It9«**ii BiUmJ. • • Killef |. Billed 


| NEW YORK 

j Prune Rale 

Fed Funds 

j Treasury Bills tl-rWfrk » 
Treasanr BiBs i%u-cek> 


95^-lOlsl - n 
_ i 97j 10 


1 ■ — I 

01b-1OJ» 


10-lOIn 


tlr*nbght...„.j - 

Krt«y» notice.. ; — 

• dan<r ' ■- — 

7 dky, BtHKC ' _ _ 

lO.i lQtj \ 1C .'* 10 A » 101* 10U 
• i- 3,.i \A ; 10ii lbl'4 I ■ - 

lL.7e 11 

iLlTi S1U 


joid-iiu 




JOLI 




Tbrennotilh* 

f-ll?a 

li 

ltrL 

JliS 

Mt nmiKli*... 

1 1 .i 

ii.;- 

11 -J; 

ii,;- 

A:n«; 

-n*i 

4 1 U 

MiL- 

H, 'r 

‘hiPTew.; 

173* 

I-1M 

Mi? 

1U 



- 

— . 


tou-ics 

lC-% 11 >4 
1: l v 1 1 '4 
ion ll'i 

10»1 u>< 


10I 2 

113, 

lllfl 

1 J :■« 

11:3 

lt:a 

111$ 


lC3a 

lOJj 


«-10 


91; 

9f£ 

10 

ll)l. 


GERMANY 

Kaii< 


■ 10' j ' 10 V I 
10'.|-10‘ 10Sf j 

10-^ lGJf. 1C jy ICTj 
il'j : 


1 1 If- 

nu- 

ll-,. 

II--. 


1 DtSLUuni 
(."v.-rni^lu 
;iNh' zn»i;Lh 
: Thrw mosiihis 
! Si* nionHis . 


local aiKftoniy aod tnancc houses *7” wr ^ D \: ii»e 13J-IK 1 

three' sedifi 12-12J pcjrtod: lour i p.. r 

hrprmt.wFr- Bn ^'^ h r ‘-"kilT sfr 10 ^'r ».i inrt ^.n-iumin 

: ^^aoranmaie'sellins rat« IV ow ™t«h Tneasu u ' ^ J L mnwh ;■■■ 
?■>:. Apwodma'e Mllinn rate fnr 00Pin«mh ha °^ 1 l ^ t | 1 1 ,, l r L , ?tnr Vnd aJ*n 

gr.pvu uM-munth £* <2 M .L l SL."u^n< w fi 

^ Ffajnce- Rae* pabJl!Ci-rt hp i* Pin-me Bank 8 

‘Jtete? fjnr ' fowU sums at ievco - dar f. ' , 3 

BBh 'ATsrnge teuder rates of disioani 10 per cent. 

. • • 


kfoL" 


* Lonasr-t-rm k*.;*! anfimntr marl ^a 6- 
I»f*r ‘-pn’ * b:.I ra:«rs in i.ihie 

lcv-nian:li :rade bill* lt : w: c-w 
10, orr wrn. Unr->-moirh 10*5; oer 
i-,v mni-.rh ini per cea:- anil threr-monin lfliin- 
nnjih <i, per ren 

„ rom .ViHcruVr 5 iPn Clearing Bank 

Clearing Bank Base Ratos for lcad:i« ID per ecu; 


FRANCE 

i Pi.M.nuni lime . . 

; ‘.>i<-ruitdu 

■ One ni-n'h .._ . 
! Tbre/- nmnihs . 

; Sw mnnlhs . ... . 

1 

; JAPAN 

rU'.nuni Eai» 

• I'-an 1 i.'riLOniinrin^l • 
j Bills niscmmi Rai« 


19-10^5 

«4U6 

8.52 

S-06 


3 

1-25 

3425 

3.825 

3.67S 


4.3 

7 

7 

7.S7S 

7.6873 


3.3 

0.25 

4425 



29 


Sometimes even kings had to 

rely on the resourcefulness of merchant 
bankers to mobilize funds. 



; | ri air* w r- 

Caen^vn scene I rom me middle ages. 


Without theingenuityofmerchanfc 
bankers many a coronation might not 
have taken place. 

Emerging industries and govern- 
ments also relied on these financial 
craftsmen to achieve their goals. 

BHF-BANK traces its proud his- 
tory to the mid-nineteenth century 
when its founders were among the 
most influential merchant bankers 
of their time. From the outset, they 
specialized in assessing new projects, 
helping to create new industries and 
tapping available sources for the. 
necessary funds. 

Traditional merchant banking ex- 
pertise is the cornerstone of BHF- 
BANK' s strong position in inter- 
national underwriting today. The 
Bank ranks among the top managers of DM issues and regu- 
larly acts as co-manager of dollar issues. 

BHF-BANK continues to concentrate on what it has always 
done best: acting as advisor to corporations, governments 
and public entities on the most suitable means of financing, 
selecting the appropriate instruments, putting together a 
syndicate, or arranging for private placements. The Bank is 
also well placed to initiate stock exchange listings in Germany. 

For the unrivalled financial expertise of a management with 
personal liability, rely on a merchant banker. BHF-BANK. 


T£ J-J y 1 - !!-? AIMIC Merchant Bankers by Tradition* 

Resourceful by Reputation. 


BERLINER HANDELS- UND FRANKFURTER BANK 


HEAD OFFICE SOrkeJ.HFVGR IMOSTF 70. C-60TC PP l ‘f- FiJftT 1. T5l_‘ i«5Tq TISi • NEW YCFV 8 PAIJCH- ^'1 Rteic A'.TMiE T?_; iyr A 1 ~’.i 59M • 5M? =ilF' IWTSRWiTID’HL 
86 GRAND-RuE, bJ\£l«OUSii • Brir-flhA.'42 AG.MiTHETlOL'SJ i3.CUP.Crt ■ OrFiCEi. hDf ;i r.C; JO, .OHAV icifiJSS. ZI.DCr: :,t .e.V iCnS. 54.0 PA.' LC. 2:1 ,'j A? Cfi£.TEH RAJ LTOm O 


Thi- annnun:*ri?nt arne«r« a rr.Aii»rnf r;:ord r-nly. 


5:r‘.-- , n-!l'7r 14. ' 0 "3 


The Fed-Mart Corporation 


San Diego, California 

$ 50 , 000,000 

Domestic Fin j nciiix 

Sfcuril' Paeifir Nalional Bank 


Tiie^alle' National Bank of Arizona 


Union Bank of Bavaria 

(I>3 - sri-’rs ’• fr? “,'n^nr. • Lo> An;r!f- Pr'ir:b 


$ 15 , 000,000 

Furr; Financing 


L niun Bank of Bavaria 

^Baycnschs l eremsbank.- Los Angeles B:«r. h 

Dresdner Bank AG 

Los AngcUs Branch 


Badiscbe Kommunale Landesbank 

-G;mcenir2le- 

Denische Gim/entrale 
- Deutsche koinmunalbank - 


LOCAL 

AUTHORITY 

BONDS 

Every Saturday the 
Financial Times 
publishes- a table 
giving details of 
LOCAL AUTHORITY 
BONDS 

on offer lo the public 

For cidicrmcHJcni flcfni/s 
please r'wq S. ilea per 
ft 1-248 8000. Esin. 700S 


Notice of Redemption 
To ihc Holilcrs of 

THE AUSTRALIAN INDUSTRY 
DEVELOPMENT CORPORATION 7 

NoIcfDuc 1WJ1 

NOTICE IS HEREBY CTVEX that, punranl to th? prori^-i:- of ih* Nm« r.r ln<» ahnre nr-crihrd 
if'- ur. Morgan Guaranty Truvt Cfmf.anv i>t N**« Y^ri.. Frini*ip,il Pj*-*nr A-*ni- -^U. l-ri lV,r 
rMf-niplInn on Dewmhfr J, 10 TP, at lAfi^e of |h^ j-rin--ip.il ninr,.iu( ili.;r^.f I h rough oj.cruliou of liift 
5iu kin" Lund. SAi'i’i.lliiO jirituTpnl .iniMiuil < -f mi id N.ue-. ;i<- 

OLT5TAND1NG NOTES OK 5 boon FVCHT REARING THE PISTINCTIYE NUMBERS 
ENDING I\ ANY OF THE FOLLOWING U DIGITS: 

01 03 30 34 "2 23 24 26 17 30 31 2T 42 51 34 5-, 55 7 1 77 13 73 SO 52 25 27 

On Deremhir 1. IffTfl, iIk* Nv!i'- div-ijiiial^i! :m.uv«* ul’I b** l.fH.n itrcsriifsliun and >iirTfii.l<T 
llivn-nf uiili alt nuijinu,- 3|.[«*-rl.iiiiiua ihfrrin injiiir.'ii^ afirr i!:r rrikinj.lii*ii ■l.il*-. ul I In- «.j-J ion .*f liio 
li-tldrr t-illier la I :.l On- .-nr]N.rjlr ir»-L ollui* of >l«r”un Guunml.' 'l'rii-l Com puny .ff Ni*w ") orfc, 
I .Till Flour. 30 Yi'r-t llroailiiar, NuW )nrk. .Nm ^ork J Mill 5. .»r 1 1>>. Mil -i*-. i i<. any la v-> and 

T>‘!:ul;ili..ii- ,t|i;dii'.ililr lii. r- in in i.f any «,f liir- f* ■!!»>»•' in tf :il I In- main * dj’. >•■■ •.£ 

M'lrsm Giiarai'ly Tni^l 0.-i»i f -:»»iy «>f ,\.-*v Avrk in IJru.'.-l-. J'r .»?!. fur! /M.iin- l.',i.d.,ii. P.in- -.r/nri- h, 
or Ban, i Yi.nwi!I.r ,V i'. in Mihiu nr Tl.>i:«,-. .<r R:ink .M.'- K I l..|n- N\ hi n:- ii-: < :r;. nr 

Kr.'.ln lliank t. l.-i* in I nu'iiiliinir”. •hi.’ D* iiiI«t I. I ,, .!S .-Inndd I ,•• il--|.i- rf •• -1 

and .nilirlfj in I In- n -i:.i I iii.iiiiht. I'.iynn-i' 1 -' ,il |ji»- ■•[)■>-•- ■» :< f. rP ■! 1“ in O"* si|. ,, \.* ill nia-l>- J--' 
rh.vfc dr-mu on a -l-dlar a< c«iiiit. or Ly a lr.in:f.-r lo a dollar b-.-.-utH jiiain i.iin*. J l y iJ|,_- \%iih a 
N ,, v- ) "r, I .ih lnniL, 

l*n .ind -if n. r Lktviulivr I, Ii J Td iulenvl sLjU tr.uc to an.: uc on l;ic Noivs Iicruia uvii^ualcd for 
rod liiij. liui i» 

The Australia n ludustry Development Corporation 

D-ilfcI : NoTemhsr 1. 1973 

















30 


■ j,. 



Ws a^rauvsT^rtappaare 

.asaroacaroirKsraw.y 


Nswtesue 
October 5973 



ALGIERS, ALGERIA 


DWI 100 , 000,000 m% BEARER NOTES 197 S/ 1983 -S 5 
ISSUE PRICE: 100 ?« 


DG BANK 

Deutsche GBnossenachaflsbanfc 


BANQUE A BABE ET INTERNATIONALE 
D'INVESTISSEMENT (BA-LL) 


DRESDNER BANK 

A^tltHGESELLSCHAFT 


BERLINER HANDELS- UND FRANKFURTER BANK 


BANQUE BRUXELLES LAMBERTS. A. 


BANQUE NATIONALE 
DE PARIS 


KUWAIT INVESTMENT 
COMPANY (SAK.) 


Amarican Express Bank 

JKttU.'CT* C ^ 


Al Saudi Banque 

Arab Finance Ccrporalfon S.AL 

BALL (Middle East) Ina 


AEAmes&Co. 


The Arab Investmeni Company SAA. 

P <8T* 


AlaWi Bank ol Fir.-aH <K.S.C.) Mge-nane Bank t iederfand N.V. 

Ams;?rdam-noneroam Bank I JA! An Jsiobankcn A c Djnebank 

The »rab and Morgan Gren(<?ii Finance Ccmi^ry Badische K'cmmun^Undestsnk aA.LL (Middle East) Ina Eanca Commeroate flaiiana 

E&rra del Gcuanao 6a nca l lacwna^ aeK'Agricoiiura Banca Nacjonaie del Lavora Banco di Roma Bank of America International 

Bank Jui'us Ba--r ln(*?rraiioi tal iBank of Credit and Comnvjrcc inlamalional S. A. Bank Europaischer Geno&senscbaflsbanken 

Bank GuijA'iler, Kun: Bunge ner tO.er^eail Bank l.lces 6 Hope I IV Ths Bank ol 7oL>a iHoliandJ fLV Banque Commerosfeocur fEurope du Nord 

Banque RancarjC duCorrme'ce E.-'.?ne J r Ejnque deflndorhineetdeSuez Banque Intercontinentele Arabs Banque IrUemalionaie a Luxembourg 5A 
EanquedeRj:i3 6i«?sPa>s-Ba; Banque Popular® Suisse S. A Luxemwurg BanaueV.brrra Banng Brothers 6 Cc, 

Ba, cricChe H. p.: if-ei-en- u;’d Wechsei-Ea'v: & i /errsche La.ndc.eLan:. Girorentrate EayensJhs tereinsbank Job. Berenberg, Gossler & Ca 

Earn- haus G k cruder Eeinmann E i, Ifi : “ 3 n Q-'ini-, ^ Co. Bremer Lanoesoank Buigan Bank SAK Ku.vait Caisse Csntrale dss Banques Populaires 

ds* Ck po ; : ?; Ccn;*:jnaiicr.q Caatnove « Co. Centric Rabobank CNF . Z Cilicorp International Group Commerzbank 

Coniine-.-ia , ll' i i-.oto c-run: Bank Genii ^jifoete ‘C.M.C.A) Crediiansiail-Bankierein ueoii Commercial do France Credit Induslriei el Commercial 
CrfetNL.nnr.n-i Ged-i c j i lord C. v a: d Italians Caiv.a Europe i l.V. Richard Oaus d Co. Detoruirfc & Ca. Den rrareke Cradifbajik 

Diuf s ': r .e L^r.qccank DGEAIIKIiITERIJATOi'IAL Dillon, Read Overseas Corporalian 
£•.(’.?> •ii»r»ivirr» v - n •’■. European A.'oc Bank buropean Ban; mi Company Fir.,1 Cnioago 

Gen.issv.nsizhali.nh's Z^ntralLank Aii Antony Gibb • Holdings Girasnuale und Bank der osterTcuchischen Sparkassen 

Gtoupe- -,-r.l ft a Banouicri Fiwss Gf e ;o.s HsmOtf^rboJ.anaeqtank Hlll Earril , e j & The Indiana] Bank ol Kuwait KSC 

Inqj jiriotanl. «vt Ur^n <p£ >:h!an .if IstrlulD Ban-^rio San Paolo dr Torino Idem .vc-rf. Benson I jea’ieibank S.A Lii'embourgeoisa 

l :■€ r. L?nman Broikt '? Jnto;nar:>nal Ku/.a:l Fina.Kiai Centre S. A.I Z Ku/.a 1 ! Foreign Trading Conirading o Investmenl Ca (SAK) 

huivair I. liematioral 'iv. -eikn^n; Co. 5. a r- Ban r baus • Jewann Lamps R^nten^Rat La zard Brothers & Ca 

Do. -JC Ban 1 h*-; r, niiqi i?l Lcfep RnoaA H ?rr.;:!o.-.er Iniemdtioriol London S Cc-niinenioi Eankers Manufaciumrs Hanover Merck, Rnck a Ca 


Effeden bai lkAVa rbu rg 
Fu|i Intemalional Finance 


l.iomif Lj non imqr national £. Co. 
lia'idnai Eiani- ai At .i BhaLi 
I .‘iLipoi i European Bank i.A. 
Oile rn»;h'S : s * l.-inde r bank 
Salmon orcltfrti IraercuHlirn^J 


B. i.'cizier seel. Sonn & Co. Sanusl Montagu i Co. Morgan G'cnlell i Co. Morgan Stanley; International 

i tedenaravche t.kJoc.nslar.d3banl: S •!. /. I lev.- Japan S« unites Europe The i4i‘- Ko Securities Co, tEurope) lid. 

IJomura Europe N.V. IJordaeufs ;r^ Und95bar.k Uordic BanK. OKO BANK Oman Bank 

L>irCL.snt'Oie ci.-.- ...... • *. 

Giierreick^che VoU-sbanl^n Person, Hetdring c. Ficrso-n I I. V PKbanken Foslipant.ki 

Scandinavian Bank Schroder, Munchme,er. Hengsl & Ca J.Henry Schroder VJagg & Co. 

Sr.wynwik £v andma .'ijt a Er.sl-jlda Banl-.qn Smih Bamev Harris Upham & Co. Socj?te Eancaire Barclays (Suisse) S. A. Sooete Generate 

Sczicia Generate Fisacfinne de Banque Scdeis GcnuraJe de Banque SA Sociele Sequanaiso de banqus Sumitomo Finance International 
S'.viT-j bank Corrj-r-icor: v>eraeasr ToMi h; ov.a r.wgan Grenfell Trwikjus & EuAhaidt Union ce Barques Arabes et Europeennes - U.B.A.E. 
Union <k Eanciuo? Arabic et Francoises - U.BAE Union Madilenaneenne de Ganques Verband Schwo^cnschar Kanlonalbanken 

Vereinj - i.rn.i '■ Vrzicank JAcnlobel i Co. M.M. V.arburn-Brm -.kTTiann, ’.Virli & Ca VVardtev Limited WeiHntenbank V.bod Gundy 


¥~ 

l x ~ 

f 

i 

K 

* . P 1 

pi- ' 

1 ? i * 

'•h f ‘ 

L / j 

iiL . 

j / . / 

ft 

J 



The 


wm we value learning 
is me we fly 


The ancient game of go, infinitely 
challenging in its endless possibilities and 
subtleties, continues to be more than 
a game in Japan. 

Go embodies centuries of our thought and culture. 
It demonstrates the importance we attach 
to expanding our minds and our enjoyment of 
both teaching and learning. 

Nowhere is the spirit of go more evident 
than in Japan Air Lines. 

In the way over 20,000 people in six continents, 
on the ground and in the air, have learned 
to run one of the world's great airlines with skill, 
precision and grace. 

Vfe simply can’t do things any other way 
Which is probably why JAL fly more Europeans 
to Japan than any other airline. 





nJAJPAN AMR UNE3 

Ufe never foigri how important you are. 


Financial Tiroes Wedh es<lay- Nov^n^er T 



1 NT L. FI N AN C L\L AND COM PAN Y NEWS j 


• •••• -• . •■••• i r w ‘r x 




I. “ 


. ^1 l> 


r 


BY PAUL CHEESERIGHT 


ONCE THE biR copper com- of the total at S386m. Bv far Mission pit is one wile wide, for all -CDniiwm urt indwti? ■ 
panies were the kings of the largest source was retire- Asarco. after three years of in the rtate of 532.gL •* 

Arizona. It was not so much a ment a „d welfare payments reduced output, is now working The sm^rajice. e ap : 

question of them being above which came -to 31.4 per cent at full capacity, producing SnortS 

the laws of the state, it was ‘ n f the total, followed '. hv 15.000 tons of copper concert- Jhe 1 ^jeral .prc iiluct eKported • 
simply that they made them. But mam ifacturing with 23.9 ’ per trates a month. But just next tr^ 
nowadays they plead for a hear- ren t. federal Government with door tn the Mission pit, no^aon^ 

jng“Often to deaf ears. 22 ; 5 cent -and agriculture separated only by. a^wall of £ •%*£$& ' 

Veteran state politicians, once with in ^ per cent. rock, is the Pima pit of Cyprus ^ SSf 

they begin tn reminisce, recall T), e large -number of retired Mines. 

how 20 years ago legislators people in the state, many nf Cyprus Pima has been 

used to beat a path to the vv^m have - come for the closed. The pit is empty 


ing. The level was 2.5 per cent, 
but industry representation! 
were able only to obtain a tent 


TT ' \ . ^ ' ~ wnnra nave- enme ior . ine emsea. ine ---j..--. : OT , {rt on nercmV 

Adams Hotel in Phoenix tn find WA rmth nf the climate and an save for a neat line nf huge ^ aj j ^ cn p pe r ' mcii g^te 


out how the companies wanted g 5ca p e frnm the irain. provides mechanical shovels and a 


, . T . ^ j caLapc ihhh u.tr idiu. pruviaes ajit.»cio rn cm P t ir .. . 

t ^! l ^ e _ bUd ^ et ma ^ e a ready constituency for '-those spreading and deepening pnnl y c{ . '^ e T niplitaiinns fo) 

Arizona of a continuing decline 


companies were on the spot w j S hing tn attack the ihdustrv nf water at the bottom- 

,t r „T a ; npprnpriat^ “ven^o^, f0r inS ‘ apSS ? ” . envil0 " mer,tal The plight ot f.ypn.s Pima. in ^ iniaslry are sever* S 

^ n pp^;sr Sher^ ^T e °L t^rriTe* ^ nu r nd ,he state ' s ^ 

r UabIp to 

tors went to pay court. • • • .... »«««.>«« 


Tod!w*the ccunpardwcan lake - At a locaf leveL the industry shTri'ly etched Wbnforthe 

JhTnT fnr ^antPri " With " un Tm its Sde ^ffi'umes ofthe Arizona copper Vlrie> directly ao d •• indTectl^. 

iblic understanding, copper va i ue » n t 'he state ernrfnmv In ^ ustl ^‘ over S3-3bn .in - . personal 

-j....,.- v *iue to tne state economy _ . v m.rornm.n* <W - 

‘ n while taking up very little C-Ul-D^CKS 

vl cnaoa '* Tim fntil 


filin' 


business and government in- - 
come. This was more than-foifi 


nothing 
publ 

production will continue 
!\ri7ona." says the literature 

the Arizona Minins Association. niTnme activities' i^Ariznna 1 ^ Man - V of **»* mining industry times the total value of tije 
the organisation which brines equivalent In about one onarier giants are involved. The mem- industry’s own output during 
ihe companies together. It is a of one^ L? £5 bershi P ^ tllP Arizona Mining the year and 2] ^ 115 

cautious apnroach acknowleda- j aT1 g mass nr 5tatp com- Association reads tike a roll call the net value of resources .ce 


nc ihe rueFul comment of one p are th3t ' with land j ' ‘ 6f the- U.S. mining majors moved from the state as 
nininc man: “Corporations f h i«hwaw. a»rirultnm —Phelps Dodge, Kennecott. result of copper mining,” writes 

lon’i have a vote.” M«otm which is a Newmont Geo i^e Learning. t . V? 



minim 

In fact it is difficult tn ime* 11 * the^Ariznn?^ arfoioo unit, Duval, Inspiration and sn In less remoie terms, a d» 

maciun copper production not Association * .on. dine in the industry conld.fOt . 

continuing. Arizona Ia«t year is nnt ‘ ot rourse that the Over the past three years, cut- example, force up power 
produced B2 percent of -total m j nes are small so- much as backs in capacity have been charges for individual epnsp 
u *?. pnnnnr m ; "n piwiuriinn nf th ^ fact {ha j lf] ' p . common, 'fhe industf^ would mers. Many of the. copper mines 
t.fim tons. But the point is j ar „ p Mountains desert have been better able to contend receive their electricity : fwtc 
»hat ibe power of Ihe industry Sf .nihiand where ihe ; amnilar with low prices had it not also the utility feeding the Tticstf* • 
has horn eroded as the state rar r„ s hreaks ih»» monotony of had 10 M Pe wilh rising costs, area' The industry takcs_:4C 
itself has crown. mTta is ^ them peculiar to the 

King Copper has succeeded the ultimate nnen sn ace U.S. copper industry. output- If ns demands faiteb^ 

m broadening Ari/nna’s tax base Mr. James Richardson, pres i- neptii the budgeted I levels of the 

sufficiently tn help provide a T n »-«/> coqIa dent of the Association, main- utility, then the utility couldibf 

stable state economy." com- 9 l.<lJv tains that out of the revenue f° rce ^ f° claw hack lost revenut 

ments a writer in Southern The mines have to he large received for every pound of . . - . * 

Arizona Discovery.- With that to survive. Mostly nf the open- copper— and current prices are . J Q c ‘the immediate future, . . 

stability, other industrial activi- cast variety, they are iieantic around 70 cents— between 10 industry prospects _are. clp^. 
lies hare taken root, attracting exercises in earth-mnviru* The a nd *5 cents are spent on meet- I( wonld be better able to come 
tresh SP «] P r s who..- voting the ore i^nnij 0 B ‘"s the drai.nris <if the federal, o teratt twith the w.vo nf ngii 

hahits are not in any way linked pe ^ nI a ton an a |era«e and state and local regulatory that has hit it Qverjii 

to concern ahout the fortunes of £. ith C a nt „ rad ° e n , lke -Saf only asencics, about 130 of them in ^ sX «Uht- yews if tile markets 
a rnnper mine miles awav. ati . were .good, But the accepted 

The number nf people ^ hu"e scale^ ^ produce There is a fear in ihe industry wisdom ■ that another - gt 

employed tn the copper Drofit !" e ”• P roduce fhat it is being priced out of n « e ded .to elunj- 

industry— its mining, milting , . ' . _ . t ihe market. This has led to an na ^ e the stockpiled. surpluses oo 

‘imeltinc. refining and explora- Asarco. for example, has a lins , lccr *, sfu | p ] ea for lhe the international market arid 

lion activities— has been Property nf -0 square miles Arim - mistration in Washington a,,niv F r 'ces to reflect the im- 

der lining. In the peak year fnr ahnul L’’ nttlcs south-west of f() im p 0S€ , a quota nn cheaper P ropio S level of demand.- 

the industry. 1974. iherc were Tucson. On it there is the jmporled copper and an attempt * Southern Arizona Discovery, 

29.000 people employed. Bui mission mine, the smaller San (0 „ er t h e Arizona authority to publisher! hy Disrnrmj Pnbli- 

last year Ihe intal was an Xavier mine and the new Palo ri? ri„ C p jts tax demands. " rotioos Inc:. Tucson, Arfeond; 

average of 22.fifi0 out of a total Vffrdp develnpnicnl. which lhe v is ar this point that fhlj , J978. . 

employment roll of « rn ]*P 15 °P'? rat ' ns fnr * .^ nl ^ industry's diminished influence f The Copper Industry's Impact 

Stifi.non venture with Anamax. itself in state politics has been crucial, on the Arizona Economy. H 

A breakdown r nf 1977 a amuping of Amax - and - [ t arcue5r fp a r jt faces discrimP George jP. Learning, published ? « - 

personal income in Hip sfate^ •Anaconda^, the Atlantjc., J Bich- v iia.tdry -t'axtftior»;«: List year the f J hy 'iSonthwest ■ ; Economici*:! **. 
shows that last year the rnpper fi ^'d unit. copper industry paid 930.6m in In/hrmalion- Center, Marcum, 

industry* provided 9.3 per cent At its widest point thp severance taxes nut nf a total Arizona; Juty 1973. — — 


\t 


- F 




■ r* 

‘ w 


ft 

- i 


This announcement appears as a matter of record only 


o 




THE REPUBLIC OF VENEZUELA 

US$200,000,000 


Medium Term Loan 

with Banco Central do Venezuela 
as fiscal agent forthe Republic 



Managedby 

Lloyds Bank International Limited 

The Bank of Tokyo, Ltd. Banque de la Societe Financiers Europgenne— SFE Group 
IBJ International Limited Barclays Bank International Limited 

F lrSt Pennsylvania Bank N.A. G uif International Bank B.S.C. 

Co-managed by " - 

The Dai-'chl Kangyo Bank Limited The Tokai Bank, Limited/Tokai Bank Nederland N.V. 

Bank fOr Gememw.rtschaft Akt.engesellsehaft Kuwait Investment Company (S.A.K.) 

The Saitama Bank, Ltd. The Sanwa Bank, Limited The Taiyo Kobe Bank Limited 

Provided by 

T ? «* rfTohyo. Ltd. Soci«« Financidre Europdenna Finance Company N.V.-SFE Group The Industrial Bank of Japan. Umi twf 

ThToT i : ~r r m " E H r if Fi,6t Penn5 yly ania Bank NA Lloyds Bank International Limited : 

I ° - r l / * international Bank B.S.C. Bank of London and Montroaf Limited. Nassau 

Bank fur Gememwirischalt Aktiengesellschaft, London Branch Kuwait Investment Company (S.A.K.) The Saitama Bank Ltd 
The Sanwa Bank. Limited The T,i y0 Kobe Bank Limked ■ The Tohei Bank uj.ed ) 

Kuwait Foreign Trading Contracting 6 Investment Company S.A.K. - r .. 

The Mitsui Trust and Banking Company, LimUo<f The Nippon Credit Bank, Ud. Deutsche Girozentrale Intenrationa^S A 
Kyowa Fmance (Hong Kong) Limited The Long-Term Credit Bank of Japan, Lim'dad Takugin 

Tokai Bank Nederland N.V. Beok o, Leaden M h*« 1 d. U *d ‘ BenkCsJdenO 

Orion Bank Limited 

Yamaicht International (Nedarlandj N.V. 


Internationale Genossenschaftsbank AG 


Japarj fnlsmational Bank Limited 


Agent Bank 


LLOYDS BANK INTERNATIONAL LIMITED 

a member of the Uoyds Bank Group 


■. • • s 

•v. • 





iWedhssiay < Nb vemfier 1 19?8 : 


^lERNATIONAL FINANCIAL AND COM. 





NORTH AMERICAN NEWS 


"v L V 


income 


Ashland 


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_»* JOHN WYUf%*.-. ■ 

•;.-■■■ : U.§.;‘ STEEL Co£j&|U<&. today? 
. * r * .. reported somBwfwt , ' ; . 1 ower'-than-' 
;i -"' ^expected . ikird-quarter earnings 
r -'- . its net inceqys 1 was. more 

: thao 25 Q per cisai. -higher iliao 
r -in ; ike same : t)e| 4 e*rlast year. - 

; j.; t T.lus tre>Je^U^ jinproyemem . 
. r^-'jA'ai aefitevedVfl^i'jOiord nibdest 
. -V '■*-•.! 6 .B per cent i ncrease i n sales 
o S 2 . 3 bn and.'a S 2 per rent-rise 
‘^.-..'n shipments Jiam.iim tP a.lhi 
- |, ! V ; , on*. American steel 

r r ■ irodueer^ToW^feme or-SSSF^.t 

"'ll 1 $ 1 . 4 ) 4 . ;p*av'sinirci ovwjtffdik' 

• - i; , “xeeeded last- yearns ;S 25 . 2 m. or- 
*30 ceh'U;:a -share;, ibwifcs to a- 
r . “ ' :f -nl»tamiai inereaise- in real-steer 
; ■-•Prices which. . ts thought - to.- be: 
■>. . ive raging arqund ' 13 per cent..’. 
These price y increases . 'haw 
ieen achieved by -a bpostin the 
■ - , 'ndiistrvs list prices of i v liu]e 
.."' inder 10 . per cent and a notable ^ 


.-reduction in ; discounting- Tnade 
pOaitMe by an tnereaSe in import 
prices due to the: devaluation of 
the dollar, and -t£e government’s 
trigger price "mechanism for 
imported steel. -'v* & V. 

-. _Byt ; iD ,-its eanjln&s statement 
t(rfay-iiii. Sieel-^turned lo its 
attack on - the --wrking, ot ,the. 
triggc'r 'TTrice sysaem . which Tics 
failed .id. make -the' expected 
impact on ' import-^ volumes. 

! ^dw^sieei ia^ipected to take 
;ct 0 | 5 ^ ,td .20 pej^ :ceht of= the U.S. 
market lhis, yeai^.iind U,S.- Steei 
'said- imphrls' of'vfiiis' -magnitude 
r “ represcni .: a significant lost 
opportunity. .tor>..the domestic 
Trteel > industry land, American 
Meel wcrker io seiyc the domes- 
■ tic^market. . ^ . ' .- 

For the : ninKA tnonihs U.S. 

- Steel's " net income; was $l 47 . 4 m 


.NEW YORK. Ocl. 31 . 

nr SI "4 a share on >ale.s of 
Ss.aiin compared with M 2 S. 8 m or 
Si -56 a share on sales of $ 7 . 2 lin. 

The company acknowledged 
that it.s earnings were below 
expectations but it claimed that 
production effieiency hart bern 
hit rturing ihe Ihird c piv ri er b.v 
increased repair and mainienann- 
ensts and ihu slrike ;il llu* 
Norfolk and Western Railway 
which nm only increased trans- 
port costs but also forced it hi 
huy hicher cost cojI than that 
normally supplied by the com- 
pany's own mines. 

The staicmcni went on m nnrn 

that the company was t*xpandin£ 
its nnn-steci interests throuch the 
acquisition of ARS resin and 
latex products frum Uniroyal, but 
il declined to reveal hnw much 

it was paying for this business. 


in final 
quarter 


TXIA seeks to boost its 
National Airlines’ stake 


BY OUR OWN CORRESPONDENT 


Currency swings hit Borden 


-. BT ANDREW.: FESH 6 R ’ 

; rins SHARp‘" ^i(l& th the dollar 
.. itiringk: the ' :EHfrd J Quarter has 
; ; »inen ’Sflarply" Tnto. earnings' o£ 

: he- 'Borden food and chemicals. 
' ’trqwp^essttng doubt on earlier 
Precasts of. an - 8 to 10 percent" 
ise in earnings for the full year- 
. , The company managed a gam 
,n its “net inedme , of barely 3 per 
-ent dyer- the quarter to jS 34 . 9 m. 

. >r 81.12 a share, .on revenues up 
: »y more thqn- 10 _ per cent at 
i 941 nt; . - ‘ 

Holding' perform .ance, hack was 
SMvSm loss bn foreign curraapy 
ranstalion : compared -whh ,-av 
• »ro&t for' the same period last 
ear of - 5200 . 000 :- ; ' i ' 

Accord log to company oITtciais 
-n .New York.'.'coitii^hlx Imff of 
“-his .reflected tosses oh Swiss: 
rape loans taken bill hi 1 S 70 

$50m loai for 
fiat-Allis 

1 NEW YORK, Oct. ^lV v' 

-TtASE MANHATTAN Bank bas’^ 
rranged a S 50 m pight-year term 
pair for Flal-Allfe 7 .Gonsmiction 
. Machinery .-a member of the Flat ' 
jroup.' Chase Manhattan is T the . 
ead manager for the group of 
l other interna i ionaT 3 >anks.; 
This is the Brit eurocurrency 
nan to an American company 
. ol lowing the' revision .".of . 
'•'ederal reserve 'regulation -• 
VP-DJ - --. : 


an.d under tf.S. accbuhting 
'procedures. theae - valuation 
changes 'have to Jie taken into 
the prbfit and lossiaccpuhL Origr-' 
naily. thcHoans yv&e worth some 
SI 7 m.- : - . 4 ! - 

‘ The rremaindor^f the, foreign 
exchange losses— iQ the 8 rst nine 
monlhs they were S 5 . 5 m — 
Stemmed from The^food operatino 
in Branh thougl>i ; 4 >erfonnance 
was better in local currency 
terms; - 

.. So- fbr .l^ia yea^. earnings at - 
the three-quaritt-^stage are 4 .S 
per cent ahead -af S 102 . 8 th. or 
£ 3.30 per share. “Revenues have 
dim bed; by 8 per "cent- to S 2 . 8 bn., 
M uch:no«‘' rie pend^ on how the- 
dollar niaves . up Ao the end of 
the year, 'following yesterday’s 


tentative recovery. At best, the 
rise in earnings will be at ihe 
lower end nf the forecast range 
ol increase, the officials said. 

Actual operating income of 
Borden w.'*s well ahead in ihe 
quarter, ih^ largest advances 
coming from food activities, 
which were more than 25 per 
cent up on the same period nf 
last year. The dairy and inter- 
national MM-ittrs also made a con- 
tribution. hut .squeezed margins 
in the petrochemical ami fertili- 
ser areas held back the chemical 
division.. 

La^l year. Borden huosted its 
earnings by 12.5 per cent tn 
SI 26 . 9 m. on a rise of only .1 per 
cent in sales to S 3 , 4 Shm this was 
the eighth consecutive ye.-ir io 
which earnings had improved. 


Net® Uniroyal 


.UNIRoyAL. the molor tyre "and 
.chemicals group, bald a S 2 . 8 m 
Tor eign.-'. exchange loss wa^ a 
major factor in its net loss -of 
S 2 . 9 m for. the third quarter, as 
Compared with: a’ S 5 iim profit in 
the comparable period of 1977 . 

: The . -foroign exchange loss., 
primarily ; - in translation, com- 
pared wifh: a' Sim . loss in lie 
third. . quarter. Jast year. 

Operating ' losses in the 
domestic footwear business; 


MIDDr.EBURY’. Oct. 31 . 
which the cmiipan.v is in the pro- 
cess of selling, continued. Com- 
petitive pricing activities in both 
domestic and European tyre 
markets al>n had an adverse 
effpet on earnings. 

For the nmr month*., net earn- 
ings nf 83 . 1 m compare with 
834 . 1 m or SI . 17 previously. There 
is no share earnings figures for 
the 197 S period hecati<e of pre- 
ferred dividend req ui rente n is, 
says the company. 

Agencies 


FT INTERNATIONAL BOND SERVICE 


, The list 6 hows the 200 latest international bond issues for which an adequate secondary market 
xists. For further details of these of other bonds see tlie complete list of Eurobond prices published 
»n the second Monday of e-acb month.' “■■■ Closing prices on October 31 


ASHLAND. Orl. 31 - 
A SLIGHT falj in earnings for 
the year io September 30 is 

repurted by Ashland cm 
despite an upturn ill the final 
quarter of fhe year. 

Total net for 107 S slipped 

frum 'SlWm tu Slfilm. with I lif 
net per share figure down front 
S,». 6 (l in !Sa^ 7 . Sales, however, 
increased from $ 3.1 bn to 
So.Tbii. 

The fourth quarter sluturd 
an upswing in earnings frum 
S 5 "»m lo S 62 m. wilh Del per 

share rising Trom SI.S 2 In 
¥ 2 . 09 . Sales nf SI. 7 hit riun- 
pari-d with $ 1 . 41 >n provlnusly. 

.Mcann hili'. Text run list* 
agreed to buy Ashland's c Hid- 
ing res-iii business for S 2 flm. 
Agencies 

American Brands 

American Brands has increased 
it.s regular quarterly ilh Idend 
<m romniun stock lo 81 Trum 
S 71 cents. Reuter reports from 
New York. To-rtay’s action 
raises the indicated annual divi- 
dend rale tu -S 4 from $::. 5 (i. 
The increase was based on h 
commit nieut the compaiiv made 
nt its annual meeting ilia l the 
annual dividends paid this year 
would don hie the $2 paid in 
15 MJR. Brands also said l hat il 
wanted tn keep Ihe rate of 
increase in rftviricnds above the 
rate of inflation. 


$31m Hyatt offer 

An improved $ 3 Im otTer has 
been made by Mr. Ghaith 
Pharaon for Hyatt Interna- 
tional, AP-DJ' reports from 
Chicago. The offer is based on 
SM a share for ihe hulpl 
chain's class A and class B 
stuck. H-liirh were formerly 
sought at $13 a share by the 
Saudi Arabian finaneiers. The 
earlier hid was worth -S 29 . 7 m. 

United Brands 

United Brands attributed its 
third quarter profit mainly to a 
turnaround In its meal park- 
ing subsidiary- Juhn Morrell 
and Reuter reports from 
New Y ork. Earnings of S!. 3 tn 
in the third quarter compared 
tu a $ 1 . 4 m loss for the same 
period last year. This equals 
7 cents a share compared wilh 
a loss of 18 cents. 

U.S. QUARTERLIES 


WITH HEARINGS upemnz tn 
Washington today nn «hi- rival 
requests tn merge with National 
Airlines f TNI At. one uf the 
suitors. Tcnja tntern:iiif«nai Air- 
lines is seeking tn bnnsi it.s slake 
in National from 113 j'cj tent to 
31 per i-ent. 

TXIA. a small hi:! f.i-l growing 
regional .inline, firsi l.ium-herl a 
hatilc fur National in .lime when 
it sought appro; a) tn 

ai'quire rnntrni of the leading 
trunk airline. P.wi \inpnran 
Wnrlri Airways hui'M or» tn iht 


sepn** m Augufi and haF since 
agreed with National on a 
tender offer based on -$41 a 
share Both TXIA and Fan Ant 
were given CAB approval lo buy 
up to 25 per tent of National's 
slock in the open market pro- 
viding the holdings were placed 
in doling trust. 

An administrative l;uv judge 
today started hearings on appli- 
cations by both TXIA and Pan 
Am to take over National, hut 
.ii ihe same limn TNI A lodged a 
request t« lie able to Inly up to 


NEW YORK. Oct. 31 . 

51 per cent of National's slock 
in the open market. The airline 
said that circumstances had 
changed significantly since it 
filed its first request to buy up 
in 25 per coni which, n thought 
unduly re.striciive as h limit. 
TXIA also asked the CAB to 

force (he postponement of a 
meeting nf National sliare- 
hnlders tn decide on the Fan Am 
oiler which may be called be- 
fore the CAB issues its final de- 
cision on the merger proposals. 

This ruling i-_ expected by the 
end of nexl March. 


Record airline results at UAL 


BY OUR OWN CORRESPONDENT 


l\l. 1 NO.H 5 POIUT El >. the 
parent company ■>! tin- |.irg*->i 
U S. airline. Cniicd Airlmv*. ha" 
unveiled third-quarter pr«»fii> of 

$ 1 70 . 6 m. or £ 0.74 a -share — nn| 
only mnio Ihnn d-mble ln«t 
> ear's, bur highpr lhan .my air- 
linc'- pr^vmus fuli->e.ir -jrnmes. 

At the -iamc nine. Cnit^ri's 
pr»*>ideni and chief executive 
officer. Mr Richard Kerri?, dis- 
ctesed lh.«i the airline ii.*d taken 
opt inns «*n h.O F.ueini: jetliners 
worth S' 2 . 2 bn. Mr. Kerris -.aid 
that firm orders, excluding 
oplinns. placed since lfl 7 fi 
account for S 2 . 4 hn of the SObn 
t'mted expccis tr. spend on air- 
craH and i.-rhev ejpjiii! equip- 
ment by 19 B 0 . '!as.h on hand and 
internally generated funds 
should he ennuah to pa> for all 
the equipment now on order and 
about 70 per cent of United''; 


equipment needs through 1990 . 
he added. 

This confident prediction ov.t-s 
something to United's stunning 
siii-cex*. this year, which puts its 
performance among the he*i in 
an industry whirh i« making suh- 
■>l:inliolly more profits than ever 
before. 

Although no doubt grateful for 
an 8 per ccm increase In hotel 
earnings during ihe quarter, and 
f»r a *1 2 m net profit from its 
buxines* servires operations, 
which lost S 572 . 0 UO last year. 
United is probably happiest that 
877 m nf investment tax credits 
have spared H a large lax hill nn 
ihe airline npcraimns. During 
ihe quarter, airline earnings 
before income taxes rose from 
884 7 m in .•‘•IM.-lm. which yielded 

after lax StHHOSm. Till- tax 
credit vii< worth 83 05 per share, 
and f'u ihe nine months about 


Nf WYORK. Uct 31 . 

$5 38 a ihare. nr Sl-fOni 

I T AU'< net mcntiiir- ftir the 
nine months was $ 2 S 5 m oi SI 1.39 
per share. Operating revenues 
ruse 23 per cent during ihe 
quarter tn S 1 . 12 bn and 19 per 
cent during the nine ninmhs to 
$ 2 . PI bn. 

Continental Airlines reported 
operating net income of Slb.Sfini 
or SI . 12 a share for the third 
qHaner. compared with last 
time's S 12 . 57 m or S 7 rents a 
share, on revenue? up from 
SI 79 . 1 m lu SliUS.Bm. 

Fnllov-inp the three and a half 
month Ion™ strike by its pilots. 
Northwest Airline-, turned in a 
net income for ihp third quarter 
uT SU. 55 m nr 53 cents a share, 
down sharply from thp $ 29 . 4 m 
or 81 . 3 R a share las! time. 
Revenues fell from $ 2 SI 3 m to 
just 81 1 5 . Sm 


CANADIAN COMPANIES 


MacMillan Bloedel up sharply 


BY ROBERT GIBBENS 

CANADA'S largest forest pro- 
duris group. MacMillan Bineriel. 
rnrned C? 2 S.Sin 1 1 .' S $24 48 in i nr 
C 81.30 a share in ihe third 
quarter against 513 6 m nr 58 
cents for the year earliei (exclud- 
ing OS 22 m writeoff in 1977 to 
cover a 4 U per cent mvpxtinent 
in French pulp prodm-ei la 
r.i- lining riAqtiitamei. Revenues 
were C$ 538 m against C< 432 m. 

Nine uinnihs net was C 872 . 9 m 
or (.$3 25 u share again-l C $37 9 m 
or C .51 69 texcludinc writeoff!. 
R- venues were «'SI ril-n against 
«'. 5 l. 2 fibn. 


Meanwhile. Domfar. (he pulp 
and paper products company, 
more than doubled its net income 
for the ihird-fuarler. to C$l 9 . 4 m. 
Of 1. 31 rents a share, from 
('59 2 m. or HO rents a sharp m 
the same period last year. Sale-- 
increased by 21.5 per vent to 
C:$ 3 IR. 3 m. from CS 2 H 1 . 9 m. 

The increa 4 c in ihird-quarter 
r.irnings resulted niainlv from 
unproved market conditions in 
pulp and paper, and from thr 
cnniinning sironc performance of 
the recently acquired Tali form a 
i:\psum ' .itihuard operation, the 
rnmp<«n> said 


MONTREAL. Ocl. 31 . 

The group had benefited in 
its pulp and paper business from 
improved demand, higher pro- 
duction rates and a lower Cana- 
dian dollar c-xchan.'g rate 1 is 
chpmicals and packaging groups 
had henefitPd to a lessor extent. 

While sales by the ronstruc- 
lion and materials croup in 
California and other regions in 
the U.S. were sirong. the Cana- 
dian markci was w-paker. reflect- 
ing reduced housing activity in 
eastern Canada. 

The earnings of C $41 m for the 
nine months compare with 
C$ 17 . 4 m a year earlier. 


[EUROBONDS 

Dealers 
find the 
going 
rough 

i By Francis Ghiles 
;THE INTERNATIONAL bond 
; markets, with the marked excep- 
1 lion of the Duetsche Mark sector, 

1 ended the month in a poor Mate. 

! Dealers pointed to what they feel 
! is an increasingly disturbing 
! feature ofthe market— more and 
more dealers are not taking posi- 
tions and a reticence to quote 
: prices i*> dmectable even among 
I some major houses. 

The argument of those not 
wishing to quote a price, at tea«t 
since last Monday. that they 
! are prevented from doing so by 
end of the month inventory 

accounting. Other dealers belteve 
i hat the some is becoming ton 
; much for them. There ii nn 

i doubt that some dealers have con- 

: spicuouslv reduced the list of 
j bonds they are willing to quota a 
i pr:rr .trr. 

Prices of straight dnllar- 
1 rlonommated honds and floating 

! rale nolcs were marked down 
. sharply yesterday mnrnins as 
. the six-month Eurodollar rate 

■ touched 121 per cent, up from 

i the previous day's close of 
1 11 9 - 16 / 33 -lfi per ccni. The rate 
[fell hack to 11 per cent at the 
t close and many prices moved ud 
asain. helped by a sijroificant 
! a moil n i nf professional short 
! covering coming Trom European 
centres ahead nf ihe All Saints 
! holiday. This will effectively 
i dose a number of banks for the 
! rest of this week, 
i Lnnp-datari issue* were marked 
; down bv more than short-term 
; ones The tatter suffered more 
! earlier nn this month, so nmv 
lone-term issues are being 
brnuqhl intu line 

The floatina rate note sertor 
! also suffered. The recent (Tnta- 
hanken issue was quoted at 95 }- 
9 B] after having been issued at 
par. 

Prices held steady in the 
Deutschp Mark serinr with turn- 
i over described by dealers a* 
average. The recent issues for 
EC 5 C and Council nf Europe 
were heins quoted at a discount 
: uf i tri i of a point havmq edeed 
up a litUe since last week. The 
recent wunderkind issue for 
RanfcAmerica Curporatton was 
being quoted at IOO- 1 O 0 U 

In the sterling sector, prices 
fell sharply for the second day 
running. Most issues have fallen 
; by about four poinis since the 

■ beginning of the week as invcs- 
! tors havp decided to lake advan- 
tage of sterling's strength against 
thp dollar. 

The SHOm FRN for Leiimi 
Inrprnational Invesmiente NV. 
tn he arranged hy Bank Leumi 
|p-lsrapl was confirmed yesterday 


AM KB. NATURAL RMSOUKCb.S CHAMPION SPARK PLUG | HARSCO 


;ia 


^ 5 -rC 
Uor > » ,: L 

ii 


ffnpa*.- - 
5C 1 


l.S. DOLLAR . 

itRAlCHTS 

^ .C* Akt. *i 

X.IIAlrollB s. 4 j S 3 . . 

J.usmlw** B 5 

•L-airirr Foods 7 i S 3 

I HCA S» 57 

■ECA 9 W. „ ... 

■ hCA « « ■ 

i NT 9 ta 

I'anada 3 fC 

fsiuada ILSO 85 

j'anada St US. .... 

: tuuda 8 S 3 

I^mada 9 S W 

l^nadair Si S 3 

r ■nininJorr Erdu. C«. 9 
ICtB.M S». — 

|;ib otBs...... ... ..... v. 

jilH #i 8 S - . . 

ilsam Joiland S Si .... 
: Cksporffinahs 9 SG . 
j'.Tport Pevriprom. 

I 'lnland S( sa 

‘ inland 9 W 
Hwpiial ov s S S 3 ... 

‘ C IndosUieS 9 S 3 
i-I FlnaiKe *1 SS — 
'«•! Flnaorr M .. 
io-Yakmto W S 3 .. .. 

< C. FVniw fii. K' 
j(ac Bioedpl 9 j 93 ... . 
ix D«. Kin. si S 3 
i 7 . D*v Ftn. Si S 5 . 
Ut. w«n. P S 6 
..vninvodlainl 9 } 9 t* 
ird Inr. Rk. W ss . 
I.«rg«s Koronj. 9 | OK . 

•'refti? 7 J KJ 

%'nfvay 81 JB 3 ... 

*.nnr.ir Kj FV . . 

‘vnoeiunl 8 T ... 

;m; Hvdrq »* 

:»u*-b*-c- Krdro 9 i W .. 

: v, »d*n flft . 

, k u . ... 

• K ‘i 83 - ...... 


1 CUTS CHE MARK 
I.TRAICHT 5 . ... 

I.T 5 W 1 UM fri ** 4 
lisiau Develop. Rk. 5 i SR 
'.-KirAlia -fi ss 

jiUSITlB 3 J WJ 
r.qijp r.M. AlK-re S 3 
Ue Mexico Ui-W 
I rfnada Ii C 

("has.- ManhaBJn.O.S sir; 

] i.imns-rrhanh Ini. ww a* 
! nmmpri&anv Ini. XW 3 ] 
i mioi-il nf Kornpn *1 
:IB S W.- - L-: — 

if Aamiainn 3 d Sfi 

*j.l .s S4 ... 

i-lonesia 5 £U 

ritf *1 if 'Sfi . 

jalit Si-rtirtis d * 1 fit'*'- • 

llran-a 6 65 . - . . . 

jiiiMihistn Pci.ro ’ii ... 
Ipoon Sffri 5 | S 3 .. 

[ •'Tars Konuri 5 IW . 

• 'inra> «i S 3 . . 

j'tmtxian hri. Bfe. CM ■ 

virolen Rruzif 7 SS 

■hiltoainrs. 

’K. Baukvn aj Si 
■mBen. ■Prornirn of X M 
failitnuikki Oy ii »• .. 

ri«h W (0 

Min fi <« - • 

8 

><n*rlbc 1 fn f'lrr nf 51 - - 
Y'S. Orww 5 f -.«3 . 
’rnetaela 41.80 — : 


WIS 5 FRAHC 1 
fTIBilCHTfr iuuel 

«rwi M « •••■■ » 

xrlCtars ToaiMl t « « 

v>*a '8J 93 MO 

2a ik Mkphattsn 4 93 ... 70 

:vrd.«<so so 

•Mocfl .«( EimiH. <1 J* 

to*HS«!TH*.3l « - ® 

SIDE 5 gs - 75 

vj -M . 3°° 

Iriuriarfc jMfii r anfn Bank 90 

•:rs -u ' i®* 

'.union; a 

L Snufith'^-ga » 

■Inland ...... 80 

•zb. i» 

bjd-tllccliflwwm <i . ... 35 

Fin. KV 4 i 3 G MO 

jatto .Yoinw 4 93 . ... 80 

« 95 .. 100 

f*. Rmnswact- EP«’ 100 

V'wa *<83 • 70 

*£ 5 »vKian»». 100 

V ...„ j .. .. M 

H- hq|<« 5 no .. , . .. 39 

■Or It if] . . 50 

?* 4 i«*: is 

a? . 

•<** 3 *"«tQ.KaaO ,, i M 30 

-tow. 09 ‘:... - . wo 

.... 2 $o . 

' ' 


iHKd'Bltf OIW 
.a w* «i 


CtaU) 9 c.an . 

day .'mdc' 

'-oi -u 
-Oi -1 


Hi -Oi -l 
■ n o —j. 
9 d r« -Oi 
94 » —81 -li 
00 --- 0 S -u. 
17 . -Dt -11 
« ,- 0 i - 4 . 

Wi 0 . . -1 

OK -Oi -Ii 
WJ + 0 S" -XBi 
W - -03 .-Oi 
TO -M. -21 

WS-'-Wr.. -« 


YEN STRAIGHTS 
•Asian Pw. Bfc .31 Jis 
AuraaKiv 6 6 an . 

PI'QE fi .4 «n 

Eurofimn e. 1 ; mi 

VWtand 8 7 *i _ 

Norway j .7 63 
Aalo. OlV nr 6.6 8 P . 
SVCF 6.A BP ......... 

Swedcii (.3 00 .. 


Inwcd Bid Offer 
.. 15 «d W 

.. 50 ltMi 1813 

30 963 97* 

_ 10 Wi 971 

_ 25 98 W 

•• 25 M 31 UM: 

- IS 983 991 

’...• ». Ml 993 
■t'« 9*3 971 


188 

■W 5 -. 

9 U 

-P* 

-11 

944 

125 

«64 

971 

-BJ 

-1 

^.Y 0 

180 

, 97 } 

9 »} 

- 0 } 

-u. 

9.71 

25 

94 } 

95 


-u 

18 . 1 * 

58 

951 

9 H 

-84 

-» 

9 -Bfc 

125 

mi 

97 } 


-K 

9 J 7 

180 

796 } 

97 

-W 

-11 

9.90 

m 

796 

- 96 S 

-04 

-14 

9-80 

2 !» 

HU 

93 J 

-« 

-4 

18 . BI 

K 

‘ 93 

934 


-U 

10.47 

2 S 

91 } 

931 

-os 

-21 

18 JT 

28 - 

92 } 

922 . 

- 0 } 

- 2 * 

11-18 

-28 

9 W 

972 

-BJ 

-It 

18.13 

188 

HI 

854 

- 8 i 

.-u 

9.81 

58 

M 2 

Mi 

-04 

■ -U 

9.96 

28 

904 

mi 

-ttt 

- 2 * 

lfl-M 

an- 

■ w •• 

911 

-Bi 

•rri • 

10 J 5 . 

75 


95 

-03 

-ti 

WJ)G 

-98 

HU 

• 95 *. 

-—82 

-2 

. 9.90 

2 S 

952 

9 Si 

8 

— Oi 

. 9 ;«s 

75 

797 

97 i 

■ 0 . 

-.« 

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2 SD 

4 U 

9 <U 

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-li 

10.15 

125 

Oil 


-81 

—11 

11 L 0 S 

13 * 

mi 

97 } 

-at 

-14 

9 J 2 

• 75 

wt 

9 U 

—Of 

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18 M 

123 

921 

93 

-04 

-12 

18-04 

58 

95 } 

96 

-o: 

-14 

«:t» 

1 W 

m 

971 

-ii 

— U 

9:77 

298 

70 S 

951 

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Tit 

9.69 

150 

962 

961 

—84 

.-11 

9 J 2 




Ctwnsi- an 

• 

tsiuH 

BHJ 

Offer 

day. 

«VMfc 

Yield 


ISO Wei 
100 95 

SO lDU 
150 .- Wi 
10 Q- 973 
159 9 TJ 

m mj 

ISO .!«*.. 
100 105 V 

100 813 

100 993 

JOB '- 98 I 
MB.. 9 C 
IM 10 ft 


— M : .-Oi. 

B -Oi 
-HU + 0 S 
+81 .+Bi 
-01 -W 
-.+ 01 -U 


OTHER STRAIGHTS - ■ Uaecd 
Rank O S Hf.M 11 ' At . 12 

Amo Core Ban 7 w ed* M 
CopanlraRnn 7 Kl Eli A • .30 . 

. Finland Ind. Bk. 7 »3 EVA 15 . . 

- Kormn. Inst, ii 93 EUA. -.— 15 - 
Panama S! Srj EUA a - 

SDR FTanci* 7 M EUA 22 '. 
Alaemene Bk. MB FI .. T 5 ■ . 

Pra/ll 7 : S 3 FI . 75 - 

f:l‘E M-ymco 7 . 63 FI 75 

f.ir 73 55 fi .... 75 

N«l«r. Middi-Jih. fi! S 3 -Fi" 75 
New Zraland L'H FI 75 

Nnrwar tP. 63 Fi 108 

riKB 6 t 65 Fl ._ . 75 

EIR 91 « FFr 288 

BAT B BS LuaFr ...... '250 

PayiT Lin. S 'fi LirxFr . ; 258 
.F.T 13 7 ! fN l.uaFr . . 258 

Finland I. Fd. > LnaFr 250 
■ \nnray 73 M I.niFr ..... • 2 S 0 . 

Renanir 77 S* l.usFr . 500 
Swdlfib I PU - « l.n»Fr-. 500 
rincnrp O S Fin 1 « H 3 f » 
EIB 9 | 60 I .. .. 25 r 

Fuwntf (or Ind w fia r . 12 . 
(Tiwtenwr Hid BV 11 9 * r;. 10 
..Oranlpbnmri | 8 t nn 1 15 

Whllbrcad 10 } Hi I , 25 

FLOATING RATE 

NOTES Spread 

Arm-rlcau E xpm& Ot 

Arali Iml." Bank 516 5 4 " 111 

Banco Nar. Aranri Mfi K -03 
Bank Hnndtawy Mfi ..','11 
Bant of Tokyo ?W n-l ... 81 
Banano Worms »M.' .' - 03 

B.l E\f d'AlK. Mi 375 « Oi 
Pour. Eal d'.Meo M 7 5 85 05 
. Bono. Icdo et Sunz MJH ■ 83 

Ba (nt. Afr. >IH .3 83 ■ ' 0 t 
C<TE M 5 J 3 W . - 01 

cry ms? <q ..... ot 

Cha^- Man. ix V "■> 63 . 0 i 
-riptia Rica- MSI v> . . 13 


Ctiatmc on 
day week Yield 
+ 0 i 4 0 i S.« 
0 *0i &.5J 

0 -rOi *.87 
*8*. +0J 6.75 

e +0; 7.D* 

D + 0 i 4.78 

0 + 0 * 6.87 

8 +IU 6.86 

D +01 EE 1 

Change on 
day track Yield 
-83 +81 12.12 
-01 - 1 J 7.36 

-li -13 7 jW 
-li -li 7.47 
—81 —83 7.70 
-21 — 4 i 929 
-li -11 729 

+ 0 * -81 8 .C 8 

+03 - 0 J 9 35 

+01 +03 8.71 

-01 -M 8 JS 
+01 -1 7.62 

-83 —83 7 .b 6 

-01 -81 7.94 

+ 01 -01 7.98 

+ 0 , 8 18.05 

+ 01 —HI 8.59 
-Oi -Oi 8.67 
+ 0 ; + 0 i 82 b 
+03 -01 g.S« 
-03 0 H. HI 

8 -03 8 22 

a -aj 7.99 

-23 -li 12 . J 8 
-21 — 2 « 12.89 
-21 - 3 , 13.04 
-Ji - 1 J 13.98 
— fli -23 0-12 
-J -31 13.51 


OR or C.daic C.rpn C.yld 
98 J 28- 4 US 18.77 

96 1 31 1 43 9.77 

961 21 1 91 4.73 

963 25 U 9.56 t« 

96 ? 18.4 101 10 88 
971 15 .’12 9 9 - 2 J 

97 i 9:2 4 i 9.90 

96 ; 2 T 1 7 } 7.77 

471 25 1 4 J 9.64 

963 12 -3 91 4 . 7 C 

463 3 2 4.14 4.58 

.991 3 H 31 8.46 

961 77 '1 9 J 1 9.70 

- 991 10 4 11 19 II J 7 


Third quarter 1978 

5 

Revenue 355.4 m 

Net profits ¥ 1 . 55 tn 

Net per share... * 0.07 

Mine monlhs 

Revenue 1 4 l’bn 

Net profits lOfiStJm 

Net per share... 4 .SS 
“Loss 


AMERICAN STWDARII 


Third quarter 1478 


1477 Third quarter 1978 

5 5 

•J 87 Sm Revenue 171 . 1 m 

• 2 . 63 m Net profit. s 14 . 1 m 

•U 13 Ncl per share... QM 7 

Nino monlhs 

1 17 bni Revenue 5126 m 

113 . 25 m j Net profits ... 45 4 m 

4.42 j Wt per share . 1 . 1 S 


tan 

s 

145 Sm 

1311! 

0 34 

43 :: 9 m 
37 <im I 
n.f! 9 : 


Third quarter 

Ruvonite 

Nel profits .. 
Net per share 

Nine monlhs 

R.-veniu- ...... 

Net profits ... 
Net per share 


1978 

s 

206 Bin 
11.5m 
MS 

506 7 in 
32 1 nt 
3 33 


■tlS I’fr.K WHKKi.KR 


i flurd quarter 14 


HOBART CORPORATION 


Rcvcnite 

Net profiis 

Net per share... 

Nine months 

Revenue 

Net profiis 

Net per share .. 

495 Pill 
21 . 0 m 

1.55 

157 bn 
78 3 m 

5.55 

429 . 7 m 

20 . 9 m 

1.41 

1 33 hn 
67 . 7 m 
4 15 

ARSISTRUMf; CORK 

Third quarter 

1978 

1977 


5 

S 

Revenue 

312 fill 

276 0 m 

Net profits 

1333 m 

10 . 35 m 

\ft ner share .. 

ff.it 

040 

Mini: month* 



Revenue 

ff-H 3 r» 

St 4 Util 

\p| profits 

-IS 47 m 

3 fi fiRm 

Me i per share .. 

1 ST 

1 41 


19TB 

341 3 m 
O.S 3 m 
120 


Nine months 


FRANK R. MALI. 


Third quarter 


Mine momns 


141 . Not ;ipr sh ire 


1 37 .:tm 
17 Sm 
1 07 


ion I Third quarter 
5 : 

282 Sm ! Kcvenui* 

7 Sfini ! Nel profits . 

0 96 ! Net per share.. 

■ Mine monlhs 

S 59 2 ;n [Revenue 

19 83 m i Net profits .... 
243 i N>; per 'hare 


j KFRR-MrCKE 


1477 j Third quarter 
5 t 

37 7 m | Revenue 

4 .S 5 m , Net pin tils . . . 

0 54 i .\vt per share . 

Minn months 

llOflm.Rfvrmu- 
14 5 ni j Nel profits . 

1 B 1 ! N«’t per share . 


1978 

S 

127 1 m 
5 fiSm 
0.50 

3 ftfi 7 m 
IS. 43 m 
1.62 


1478 

6 

523 8 ill 
34. 1 Sm 
1.32 

1 53 hn 
78 17 m 
3 02 


I EMERY AIR FREIGHT 

.— i - — ■ — ■ «- ■ ■ " ■ 

X 9 T 7 Third quarter 1978 

S 5 

175 9 m Revenue 103 5 m 

11 . 6 m Net profits 4 . 65 m 

1.20 Net per share .. 0 . 3 'i 

Nine months 

50.3 2 m Revenue 301 1 m 

30 . 5 m Net profiis .... 15 35 m 
3.16 Net per share .. 1 no 

i 


MURPHY OIL 


1477 1 Third quarter 1478 

* \ * 
lls.Sm 

5 . 35 m I Net profits .. .. 409.000 
0 . 49 ; Net per vh.ire . . 0 06 

I Nine monlhs 

345 5 in ! Net profits . ... ' 9 R 4 . 0 fKl 
17 .S 6 m I Net per share... ‘ 0.16 
1 57 '-Loss 


! \ ATOM AS 


1077 [ Third quarter 

S 

555 2 m . Revenue 

2 G 09 m Net profits ... 
1 01 ; Net per share 

. Mine monlhs 

1 fifilin ; Revenue .... . 
92 53 m i Net profiis .... 
3 5 B. \>i per share 


1478 

s 

133 4 m 
19 7 m 
2 25 

3*i0 fim 
55 7 ti 
fi 51 


Nt, INDUSTRIES 

J 9 H • Third quoner 1978 

* ! 5 
SO 4 m • Revenue 470 9 m 

4 . 95 m • Net profits . . . 22 . 23 m 
0.32 Nel per share.. . 0 65 

: Nine monihs 

252 9 m Revenue t I’S'l-n 

13 . 54 m Net profit' . .. 6045 m 

0 SB ' Net per share 1 76 


ROY A I. CROWN COS. 


147 ? third quarter 1478 

S S 

Revenue Hri fim 

Ml .ttiiO Net profits ... 2 45 m 

0.14 Net per share . 0 30 

Nine monlhs 

3 37 m Revenue 295 3 m 

; Net profits ... S. 32 m 

Net per share . 1.02 


; TIMES MIRROR 


1977 Third quarter 197 S 

6 5 . 

132 1 m Revenue 352 m 

jH.'lm Nel profit' 3131 m 
2.33 Nel per share .. 0.91 

Nine monlhs 

443 4 m Revenue 1 flfibn 

57 5 m Net profiis ... 94 59 m 

7 46 • Wl per share 2 73 


1977 

S 

402 2 m 
IS 36 m 

0 57 

I 2 bn 
49 . 15 m 

1 52 


264 m 
J 5.34 m 
1 .S 7 


1977 

6 

279 5 m 
25 .SSm 
0 74 

S 30 5 m 
70 65 m 
2 03 


8 - +01 

5 .ET 

Crvdit \aflnna 1 M'i fS .. 

B) 

96 

98 } 

11 1 

9.19 

+ 0 J +82 

5.72 

Kntr-mil M 7 M ■ ■■ 

0 } 

973 

93 t 

21 '3 

10 

r-IM . - 11 . 

2 J 1 

S+TK IH‘ 

■ ■ o: 

98 

48 ; 

5 a 

IB . 69 

— Bi 0 

6 .D 1 

iKbikairatlrrid .M’: - ■ 

■ o: 

981 

935 

27 * 

11 . 

-Oi -OS 

6 . 17 . 

LiulUiarEka MT.Ji -* ■ - 

.1 

96 } 

96 { 

19 1 

IB} 

+Bi +81 

6 J 0 

Mtdlaml mil MV h-. . . 

. 04 

95 } 

96 

291 

9.44 

0 0 

5.95 

. - Xar_ W>M M 3 ’ 

o: 

992 

96 : 

21/12 

9.31 

‘ D .+81 

4.94 

N'mpffn Crcdu M 5 I 

0 ! 

9 E 

911 

15 ■’3 

H. 


1*8 971 

188 1011 


158 97 J 

job . 9 *; 

180 101i 
108 1012 
100 18 tt 
250 W 
12 S ' 941 

108 994 

108 • ' 
1 M tn 

150 97* 

50 9 dJ 


.0 + 0 * 
+ 0 * + 0 ;- 


-91 - 0 * 

+ 0 ! -Oi 
-#i -Di 
+0i -M 
-Oi +91 
-Oi -Oi 


-Bi -W 


38. 

IBOi 

1003 

+8} 

+ 01 

5.12 

200" 

m 

97} 

0 

+0i 

6.42 

158 

IN} 

ioa: 

-Bi 

-8i 

5.96 

35 

9*i 

97: 

0. 

+0* 

6.1* 

6S 

971 

472 

+ 0} 

' 0 

639 

150 

. 97* 

ot: 

0 ' 

-i: 

6.13 


Sid Offer 
1054 1051 
IM* U 0 > 
411 9 K 
IM Udi 
«J 99 
U2J 1023 
UK 102 * 

101 } 101 s 

1 &K 1 WS 
IM UMi 
1 S 2 S M 3 
1021 WZ 1 
1 WI IMi 
102 i 105 i 
10 M 10 K 
1851 1051 

xm 1 . 10 s: 
971 971 

2031 M3t 
992 991 
101 MU 
IMi 1 W 1 
1013 “M2 

1812 M2i 
WiS U 22 
102 t M 3 
1832 M3! - 
(OK M 2 

10 ? wu 

IMI UK 


Change on 
day mtk Yield 

-Oi. 8 155 

-0i — 8J 3.9 J 

-Oi +01 aj* 

-Oi +01 3.63 

+ 0 } +01 1-88 
—SI -01 03 

-02 0 3» 

-OS - 0 J d .77 

+ 9 * +f> 0 X 1 

- 07 +82 a - 05 

• — 05 0 3 99 

- 0 i - 0 ; 9-80 
-Oi -01 9 - 80 . 
-Oi -« 8-22 
B -01 8.18 

-Oi - 8 i 3-76 

+ 04 + 0 i 385 

+ 01 8 9-23 

-OS -01 3.67 

-a; + 0 'i 3.79 
+ 0 } 0 3.90 

- 8 i 0 3 78 - 

+ 0 J +02 3 XJ 
-81 + 0 : 9.77 

0 - 82 3.44 

+ o: +1: 4-ri 

-01 +01 8J9 
-Oi - n; 3 »J 
+ IU +B| 3 81 

+fi -8* «.09 


OKB ini Si . 

T'/TsIki ri- M l mi 1 c w 
sianrtjint Chan. M'-.» 80 . 
Simdsr.iTIihanlirn M» 

Did. Overseas Bk. M« S -7 

CONVERTIBLE 

BONDS ' < 

-.Asii~« AT R.T •• - 

FakiT tar Hr. if .... 
Rnms S.' 91 

Pnca-Cnla Knnlru ‘ii • . 
Iin-Ygkada *5 81 
\nrvi lurliism 7 ■ 

Ti’ias Ini- Air 7 ' n 

TTwrrr fnt Fin. 7 si . . 1 
1 VI 0 Ini Fin. Si '‘•i ..- 
Tym lm Fin sj ... 
Asahi nntiral V PM ••• I 
rnsin rmur D3I 1 
Izumirn - l w PM - 1 

Jiisrft 31 PM - -, 
Knnluhlcolnr n-; ss PM . 
M;irurlfit Fwirf *■ PM 
Munda Min. 3 ? S f » -■ 1 
Nippon Air 3.5 JS DM -4 
Nippon Shlnpan "l DM-... 

Kfssan niiwl ^ S 6 

Ricoh .7* SB DM -■-* 
.qffnkyo Bl^irlc 3 ? nst 
Sanyo Flreirlc 7! PM .. 1 
fSetyn Stones SJ SB DM .. ' 
Sianler Etwrric 3? HM J 
Trlo-KenwOOd Cl DM 1 


481 U a 10 M 10.74 

962 141 1 M 4.78 

96 10 2 8.94 4 .J 1 

961 4 4 10.86 10 JO 

98 i 4. 11 8-51 8.44 


96 10 2 

961 4 4 


tm 


Industrial Bank of Japan 
Finance Company N.V. 

U.S. $50,000,000 Guaranteed Floating Rate 
Notes due November 1982. 

For the six months 

1 st November, 1 978 to 1 st May. 1 979 

In accordance with the provisions ot the Note, 
notice is hercbv qiven that the rate of interest 
has been fixed at 1 7 per cent, and that (tin interest 
payable on the relevant miercst payment date. 

1st Pdav, 1979 against Coupon No. 3 writ ho U S. 560-02. 

By: Morgan Guaranty TruM Company of New York. London Agem Gank. 


Bid oner 
m 3 1873 
931 - 94 

« 2 i 921 

79 79 } 

114 J 1491 
94 941 

77 77 ! 

ioi; uni 
47 } 44 

72 } 73 

47 i 94 ? 

IBS? 186 ; 
186 187 

ids: uii 

m 99 i 
lint ina.; 
961 461 
95 i 4 *j 

115 } U« 
971 981 
m: U 21 
U 91 1231 
4 C 951 
11 U UTi 
IMi 181 
92 93 


Chg. 

■daw Prrm 
+ Ci .4 76 

-B. 12 J 2 
- 2 t - 4 J 2 
-Dl 4.73 
+ 1 1.76 

-Bi - 3.27 
8 24.66 

- 1 ! - 4.79 
J. 0 } 39 . 1 B 
+ 0 } 143 .J 9 
-W 24.63 
-AJ 614 
-D' 7.49 

— fli 14.04 
+IU 13.71 
-*■81 17.72 
-Of 7 J 1 
-21 5.83 

+01 3.64 

-81 11 J? 

-a: lTjjs 

-01 6.64 

-Si 14 66 

-b; - 0.06 

-li 13.29 
- 0 ’ 17.88 



BUILDING SOCIETY INTEREST RATES 


GREENWICH 

( 01 J 1 G 82127 

>1 (lr?.*IIWirh liiaTtl fiMJuf. 
iSrn riujiJi. SElu «.\L 

* D- gnsii Bair 6 |j'. Siiaro Acr'nun:'; 
k.mi „. Suh'pa. Shares ;.w\ T»rni 
Stwros 2 yrs. I', al>»ivi? -Oiare rai*- 
.? vrs. r mum share n»i«. lni;r<->> 
iwid qiianerlv on sharm i.rm shir-.> 
Wemhly Jnuome Snares 6 so i. 


LONDON GOLDHAWK 

IM 495 83211 

1 1 !" i.'tiinvi'I H.»:i |:,.a? 
l.->n:I-in W 4 ;s>Z. 


Sur> fir. e 

U-pii».t Baieb+j M!«r» A ■ 


* N’n Information OVBilaht?— nrrvioiis day's oricp. 

* Only oif* Oiarfcel maker Mioplied a price. 

Straight 8 »nd*r Th«* Jlrfrt I* fhr j k-W fr< nvl«mprinn nf ih>- 
nud-pnre: rbe uHlounr |*sp.>d la in millt«ns «*f nirn-ncy 
nnir> rsmoi fnf Y>-n hourt*. u-ftcr-* U n «n Milionj. t'hansi- 
on u’eek=Chanur owr prrt- a wrk ‘■arli»-r. 

Floatlas Rate Holes: f)*>nnniinn!fd in iloUars unl.’» OThrr- 
wisp inrtli-ati’d. M =S 1 lntm'mi muonn CdatPxDau- nrxr 
.•mipon boi»in>-« ^B.viIit Spread" Marctn ahori* sn-nwriih 
olTi rnd rate for U.S dnllir' i:rpn=Tfn' i.TUTi'n' ermpun 
i;yM=TtU’ mrrcni yield 

Convertible bonds: r*t-niiiinrirf **~»1 u, dalta*-*- inF v> fi'fii-ni i*r- 
mdiraied rns davs rjwi«r nn day rnv. darr-Firsi dar«- 
fur i-finrerAUm mm shares r'jiv prire-r Anmiruil amnirr: ,»t 
hnnd fFr stjarr •’Jrprrsft d in ri;rr«*n-T uf shar<- a* rnnvrr- 
sion r+»e at ivoi». rrnn -fvrcen'ac* nr-rmnm m :h» 
riHTehi rArr'ii * 1 pn-'*’ nf arrnnnna »nar-t via ih» ru*t.rt 
,iv*. r lb'' m"W r , «"n* pr|r« nf ilm sfiar**^ 

V rti» Mn^n- :itl Timr - I rd l'*T* ft'rrndq.-rmr. -.« h'*--- 
or rn p?r» *n anr fnn ” f*-‘ rmii’fi! unhPI! nri»!' , P 

enruehL p* ,fl >’»8»ed bv Inter JSobd Serdcei 


CLIVE INVESTMENTS LIMITED 
l Ruyal Exchange Ave. London EC3V 3 I.U. Tp!.: ni.2$.t 1 Irt] . 
Index CufUe as at Oploher 24. I9T8 (Bsim- UtO at 14.1.77? 

Clive Fixed Interest Capital 129.21 

Clive Fixed Interest Inennm IM.Sfi 



\LLfc.\ HARVEY &. ROSS INVESTMENT M ANNULMENT ITO. 
45 Cornhili. l.nndnn FC.»V :?rF.. Trl.: n | -Uj:? +i;;j ) 

Inrirs Criiirfp as. at (ii-fuhpr 2 fi, IffTS 
i.apiia! Fi\cr| lnu>r«-t Porifoliri . ... jqq qi 

lonuno Firod Intprosi rn r ifn(ir» tonof 



WESTERN UNION CORPORATION 
US $55,000,000 


Seven Year Facility 


Manag'd b;/ 


SINGER & FRIEDLANDER LIMITED 

Provide i by 

The Bank of Nova Scotia International (Curacao) N.V. 
Bank of Scotland 

The Bank of Tokyo Trust Company 
DG BANK 

Deutsche Genosscnschaftsbank 
First Pennsylvania Bank N.A. 

Kredietbank N.V. 

M & T Bank (Nassau) 

Marine Midland Bank 
National Westminster Bank Limited 
The Royal Bank of Scotland Limited 
The Saitama Bank, Limited 
Singer & Friedlander Limited 
Toronto Dominion Bank 

7v> r.l Sunk 

SINGER & FRIEDLANDER LIMITED 









Financial - runes Wednesday; 


-INTERNATIONAL FINANCIAL AND COMPANY NEWS 



Nationale "edium-te™ credits j Rights 

Nederlanden Brazil seeks ways of] issue from 

d ® nies us - refinancing Eurodebt gS® 


DUTCH PUBLISHING 


|o" 


BY CHARLES BAtCHELOR IN AMSTERDAM 


offer 


A MERGER between Elsevier expanding in other languages, titles ifl itbisfteld to 258 . S!? 1 *£2 


A tuxjnujijv unnem MOTier mpauumg in outer zaoguagea. uueu . h , d . Elsevier' -3ffairazini».. •« .- 

lllir~l I sr tOMN FVAMt i — l and Nederlaadse Dagbladunfe notably English. French and tiflc publications •gjPjJjjJ' thg" financial ■ weeU^raV 

U11C1 sr JOHN EVANS M ! fNDUi would produce the first Spanish. Cinrulaticms bavebeea 28 per cent of its 1977 mmoyer finai«wi_weey}riTEM, . 

a r . . I I By Our Financial Staff fully integrated publishing group rising on the newspaper side in of El SWin. Bool^ represented »me /r presses. 

By Lhartcs Mteneio .BRAZIL appears to be attempt- similarly derided to prepay all FINANCIALLY troubled ; in Holland with book, newspaper the past few years and silver- 3 1 percent of sales, pen (Mica i The flagship of NDL's new 

t. rr *.-£-5. BKDAM * Oct. 31. i n? a programme of selective re- or part of the S250m. if it were' Frencli restaurant group and magazine and printing in- tising revenues' have_ also in- -25 per cent, boo* * paper fleet is the serious eventi 

HOLLAND 5> largest insurance i (tniriuring- of part of its Euro- unable lo obtain an improvement j jaeques Borel International is terests.. The nine companies creased. ; Weekend' editions of percent and -printing o per cent. jjRC-Hahdelshlad ’with its one 

company Nationale Nederlanaen l cun -eney debt, in order lo in terms of the scale desired to ask shareholders for some which currently compete on this the popular' dailies frequently . The steadily rising line ot give foreign news coverage wht 

today denied that it had marie a j exploit the highly favourable The loan was managed by §23m in new funds- via a two [market are aU slTongly oriented run to 70 pages arid more, while sales and profits over the past fr also publishes the popul 

S300m takeover bid for the u. 5. . borrowing conditions now pre- Bank of America. Drcsdner for three rights issue at to one of these three activities new magazines are appearing years was continued into the first morning paper, AJgeme- 

insurer Life Insurance Coin- : vailing in the international Bank. Banco do Brasil. Chemical FF 110 a share compared with ! but none encompasses them all- aimost monthlv. half of 1978 when net profit rose jjaghlatL - NDU -has --sevei 

pa ny of Georgia. 'syndicated loan.« markets. Bank. West LB International. a price of FFr’l 5fl at the close } A merger would also produce But the publishers' 'face 'the 19 per cent to FM4Jnn on sales regional papers too. bringing 


pa nv of Georgia. [syndicated loans markets. Bank. West LB International.! 

in a carefully worded state- > However, international hanks Continental Illinois. Df» Bankj 

mcni. the Dutch company i are displaying resistance tn aori European Brazilian Bank. ' 

pointed nut that it had been i requests by certain Brazilian Brazil itself is among the most 

encagefl in exploratory talks i stair- a?enri<*>5 tn refinance their indebted of ihe developing! 

with LOG through an inter- 1 loans. U is by no means certain nations, with gross debt approach- j 


on the Paris Bourse yesterday, a publishing group with esti- 
Towards the end oF Scpteoi- [mated annual sales this year of 
her. Ihc company announcer! j aro.und FJ l.lbn fSod.lxn). This 
plans for an increase hi capital. , would put Elsovier/JVDU on a 
These, it said at the time. \ par with Verenigde Nederlandse 


But the publishers face 'the 19 per cent to FI HAn on sales regional papers too. bringing 

total daily .circulation to mo 


made. Euromarket hankers consider in the general improvement that i monev wqu m i.„ nj-j sa ies ‘this 

Nat-Neri's denial of an offer that Brazil's actions represent most borrowers have been able y i 9 - 7 U * t j lp C romnanv in- F] 1 Ibn 

follows yesterday’s announce- 1 one ni the most important turns lo enjoy. curred a loss or FFr iG4m com- Elsevier: 

n.ent by LOG that its Board had] of events so Tar in the field of The Mate nuclear ' a sene y. na^ vrith a short/all of capiSisati 
turned down flat an offer of S50 Euromarket rcfinancmc. under Nuclebras. is just raising a & 33.7m In 197(L ltdid nSt Fl SOm 
* share from the Dutch insurer, which a whole strinp of borrow- $75m 10-year loan at a spread a dividend Comnanv .hir? we 


around 


Two Dutch publishing groups, Elsevier and Nederlandse 
Dagblafiuuic yesterday confirmed they arc discussing a 
possible merger. They hope to announce further details 
later this week. The shares of the two companies were 
suspended from trading, nn the Amsterdam Stock Exchange 
on Monday 


Elsevier and NDU have market 


• than SOftOOO. 

- The development of . NDI 
- profit and - loss account, has/al 
reflected the buoyant nublishi 
market of the past , few yea 1 
Turnover rose 25 per cent'. 
1977 to FI 4I5m while net pro 
wag 45 per cent -higher •; 
Fl 10.3 m. - NDU reported an a? 
more spectacular rate of crow 
in the .first half of this, ye- 
Net profit tripled to Fl lOrri ftr 


pared with a shortfall of capitalisations of F| 240m and challenge of new techoolo"v with 10 per cent higher at Fl 3Q9in. Net profit tripled to Fl lOra ftr 
FFr 33.7m In 1975. it did not Fl SOm respectively. NDU’s information increasing!* 0 ' being Elsevier's printing division Fl 3.4m in the firsr half wb 
pay -a dividend. Company shares were suspended from T«nsmirtPri hv video consists of three companies in sales rose 2i per cent- 


Last night, the company re- 
ported that after a difficult 


sure on. prices at. home and .the NDU’s printing . inter® 
difficulties of exporting caused accounted for- 46 per cent., 
by the firmness of the guilder 5a ies in 1977 with its newspaj 
made 1977 a disappointing year sales accounting for 23. per « 


,J ivhpri* i h« ■ir’a pops Trom “ Thr- Rr^ilnn ,,,,1 ' Pn „ r(r n j Last night, the company r.*- ( The proposed- merger comes in television screen. made 1977 a disappointing year sales accounting for 23. per « 

here no uiie at the Dutch i*nni- AcT.m 1 lias ?ndKa?ed that u Repayments ported that arter a difficult 1 » period of strong growth for Elsevier is a long-established ' for the company's pnn tmg aeti- and advertising revenues'^ 

Saov was prepared to sav todav. would like ip restructure the These two latest loan develop- P eriod - i! n0 * . had «* e 3f ?* ,i,v Jthc Dutch publishing bouses in publishing house which has been cities and probably partly <*• 30 per.cenl. The printing sect 

In recem years Nar-Ned has been (S505,,, loans package arranged in men* suggest that Brazil i«l 1" recover a balanced position, • Doth theirdnmesticniarkeLs and successfully expanding abroad P lain ba ^ pi ^ d 

Inok^rj upon as one of the more I March 1977. The facility, divided keen to ease the hirnlen of Irsj and markets con tinned to ktoh. ; abroad. Faced wnh the lumta- for the pa si -30 years. -W. is now strengthening of this sector - motitha after several ym. : 

progressive European insurance m to dollar and Deuische Mark debt position, with debr prin- Hinting at the condition of 1 is tions of ihe Dutch language area, one of the largest scientific pub- . The j>m a II. share- of printing underused capacity, 


companies, expanding iu over- 1 portions, wa# lo help finance the cipal rnpaymnnts hecoininc 

seas activilies to a point where '• cons l ruction of an integrated particularly heavy m the early 

for 1377 they accounted for more l-sjec! plant in the state of Minas 19S0s. 

th.in a third of total revenues. I Geras*, costing a total S2.5hn Brazil i.s among the most in- 

Thc company has been notice- Spreads on the 6335m nf dollar dehtetl of the developing nations, 
ably acute in the U.S. It is the ! I ranches in the deal ranged up with gross debt approaching 
sole owner of Wisconsin National ; -- P Rr rent, on maturities of S40hn. However, there i* argu-j 
Life and has majority holdings; UP to seven years. Various lead nicnr in the market nvpr the 
in Mid-Western United Life of > managers in 1 lit* package in- scalp to which Brazil could rr-| 
Fort Wayne. Indiana and Security i eluded Chase Manhattan. Libra structure t hi-« figure, and maayi 
l.jfe and Accident of Denver..' ^ ank - Morgan Grenfell and hankers hplieve that only aj 
Colorado It alsn holds just over I Dre saner Bank. relatively insignificant amount | 

SO per rent of the non-life group. ' Arum mas ttiay now decide To could be refinanced. i 

Peerless Insurance of Keene. | vf rhp ahea, J The hanks themselves point 

New Hampshire. . schedule. Bankcro suggest our< f | in r with this amount tfi 


balance sheet, the company ; comprising T4m Dutchmen and lications groups in the .English in Elsevier's total sales. is where panded its printins operatic 
suggested that hy the end nf . ? round 5m Flemish-speaking language area. It started up 38 NDU comes in. Elsevier sub- . last year with- the acquisition;. 
178 ■ih a reh alders' funds could .Belgians. Dutch publishers, in new scientific journals. In 1977 contracts -most nf its printing the Rotterdam company. ,-yR ; 
be In a break-even posilion. 'particular Elsevier, have, been alone bringing the number af work and three of its best kno^yn veld and Co. ■ .. • 


Oil 


Lafarge forecasts sharp 
second half recovery 


This announcement appeal's as a macier of record only. 


tlciobrr 197S 


BY ROBERT MAUTHNER 


P:VR1S. Oct. 31- 


Today's statement from the; cniines may i»e outstanding 


Dutch ‘company sard LOG had fiacod to adapt such pre- Rrayi | haV c " no scarcity valup -company at 
;i turnover of about $212m tn pa.'njent strategiw. 1 . the Irnd- jn r j ]p ni;4 rkoi and thus the; P rodllcer of 
1377 and net profits nf KJlm. Its ,n 5 wnh* do nor allow a fav- Pniin!l y s li.thilin t „ force a has annnum 
assets totalled SSfiOm. A success- 1 ourane rcstructunn S- stnicturinc of past loans j 5 : soltdated gr 


ful bid from Nat-N>rt for LOG Rpcpi-opc 
would extend tbe Dutch com-; 


outstanding debt, loans for LAFARGE, t^be French cement in the first half of this year, al 
Brazil have "no scarcity valup " . wnpany and the third largest FFr ibni. were the same as dur- 
in the nmrkoj ‘and thus tho : producer or cement in thr world, ing the same period of 1977. 
country's Ijahility in force a :r-! has announced that its net cun- Lafarge i** increasing- its 
striietiirino of 'past loans is ' ■toltdated group earnings m the capital to FFr 570m from 
somewhat limiied. ‘-first half of this year amounted FFr 475m by the creation of 

In' the current- negotiations, it’ to FFr 76.7m CSlS5mj on saies 950.000 new shares, offered at 


DEVICA’ 


life interests into thci Brazil's international position has become clear that only a 1 of h Fr 3.04 bn. This was a decline twice their nominal value of 


south pastern stales nf the U.S. Is currently very strong, and the "handful" of banks ha vp ep far of Fr 17m compared with thn FFr 100. 


Its life operations arc currently ' central hank's currency reserves favoured th** Brazilian requests. ' same period last year, on prac 


centred on the west and mid- -are widely forecast m reach a Balanced attains! this must lie i lically ihe same turnover. 


The French slate-controlled 


The U.S. Dollar equivalent of 

Bolxvares 90y000p00 


aerospace 


Sociele 


west N'ai-N'cd made net prnfi its level uf SI lbn by ihe end r»f the hanks' reluctance to dama>r : Th»* company, which is making Nationale Industrielle Aero- 

i»f Fl 205m t^llOm) nn turn- 197S. their relationships with Brazil. 1 , a «nc-for-fi\p rights issue, .spaliale has been given govern- 

nver of Fl 5.4hn f^S.flbni in 1977. Negotiations arr cuntinninc parriruiarly when many "f the ' announced last week that group nient authorisation to acquire a 


Three vear Loan Facility 


over 01 ri o.4nn t?g.s*fini in jwm.i ;\pgoiiannns arc cunnnuinc parnciuany wnen many m inc i«si mai urour nient authorisation to acquire a 

whil® f»r the fir«t half of 197$ ion the other proposed rest rue- order' for the country's large' net earnings for thp whole of I9percentinterext!ntlie5mga- 
profite were running some 15 per : tunne. involving .* S25ltni loan industnal infrastructure devel- . I97R are expected to lie about pore company Samaern Compaq v 

cent ahead. last year to Centrals Elentricas ontn^nt. such as steel and hydro- , FFr I!50m compared with Private. AP-DJ reports rrorn 

Bra.stJeiras. the .state electrical Heel nr .schemes, arc the sub- FFr t59in in 1977. indicating a Paris. The acquisition represents 

rfeaecaulf- liftc nrnflf generating agency. joct nf tough compel it inn among marked recovery in the second an investment oF 5SM5ni 

, . 1 nils f/ru*Il The lnan included spreads the indu«tri-il countries. 1 hair nf this year. (31.2m 

A V IONS Marcel Dassault- ranging helween li ppr rent and Brazil is the latest in a Inng; Iis optimism is based on thp Samaero specialises in ihc 


Guaranteed bv 


: [Hardie 


Dassault lifts profit 


Instituto Nacional de la Vivienda 


Managed by 

Orion Bank Limited The Royal Bank of Canada 


net profit of FFr 37.Snt. against There would hr little surprise in enneede better terms to. in the second half Aernsmati-ilo's Puma 

H-r 31. -3m in the market if Electrnhras horruwers ' Parent company r.er earning helicopters. 


SA-300] 


Provided bv 


Thi$ ajinounccmcnt appears as a matter of record onlv. 


October 1978 



EOE appointment 

am. E. A. BROUWER, former 

president of the bi^cest inv«t- 
menl trust in Holland. Roheco 
NV. has been elected the first 
independent member of the 
European Options Exchange 
fEOEi. It is intended that he 
will be elected chairman of The. 
munril at its meeting on 
November 9. writes James 
Bartholomew. 

Thp EOE has changed its 
Articles nf Association tu allow 
the election of two mdenondent 
inemhers.- These are intended 
to represent the public and 
investment community. 


Banquc Canadiennc Nationals : . 
Bank Leu A.G. 

Canadian Imperil Banbof Commerce 
Orion Bank Limited 


Bank of British Columbia. 
Bank of Scotland . 


Kredirtbank S-A- Luxembourgeoisc 


The. Royal Bank of Ganada. 


Torpnto, Dominion Bank 


Accrit Bank 


Orion Baiijk- Limited 


r; 


BANCA SOMEX.SA 


All of thesa’becuritics having been mid, thie annoancamcni appear* at a matter of record only. 


INSTITUQON DE BANCA MULTIPLE 


U.S. $225,000,000 


$150,000,000 


Medium Term Facilitv 


y.* * 

'-•.j ^ 


Managed by 

BankAmerica International Group 

Chemical Bank International Group 

Lloyds Bank International Limited 

Manufacturers Hanover Limited 

Orion Bank Limited 




• ' r A • 

Household Finance Corporation ^ ^ th 


9% Debentures, Series 5F, due October 15, 1985 


Co- Managed by 

Banque de lTndochine rt de Suez 

Chase Merchant Banking Group 
Credit Suisse 


Goldman, Sachs & Co. Dean Witter Reynolds Inc. William Blair & Company 


Bache Halsey Stuart Shields 

incorpm-jicri 

Dillon, Read & Co. Inc. 


The First Boston Corporation 


International Mexican Bank Limited 

-JNTERMEX- 


E. F. Hutton & Company Inc. 


Donaldson. Lofkin & Jenrette 

Securities Coepei-atien 

Kidder, Peabody & Co. 


The Koval Bank of Canada 


Lehman Brothers Kuhn Loeb 

In cor porn :rd 


-JUvorporaled 


Blyth Eastman Dillon & Co. 

. J n torpor at oJ 

Drcxel Burnham Lanhert 
hazard Freres & Co. 


Loeh Rhoades, Hordblower & Co. 


Provided 


Merrill Lynch White Weld Capital Markets Gronp Paine, Wehher, Jackson & Curtis 

Merrui Lyarli k Pifrce. Fefituir lc Snilh ^ntiiiitorAlpd . ' _ 

m m - incorporated 

Smith Barney, Harris Upham& Co. Warburg Paribas Becker Wertheim&Co Inc.' 

Iaew-por*terf X«orjiwrteil . 

Bear, Stearns & Co. L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Inc. 


Banco Urquipo. S.A. — -New York Agency 

B-mlc Leu Lrri 

Bank i*l America NT & S.\ 

Iwnk I in- firmcimvirtM'hait A(.». Nc-v York, Cavman 
I -I and Br.tnchi**- 

The Bank of. Nova Senna International Limited 

Bank oi Si.otland 

Banque Bruxelles Lambert S.A. 

Banque Krancaisc Hu C-om merer Exte.rieur ''B.F C.E.) 

Banque Franco - Allcmandc S-A. 

Banque de I’lndochine cl dc Sue^ 

Barclay Bank international Limited 
Tlic Chase Manhauan Bank. N.A. 

Chemical Bank 
Qrdit Silb'O 

l-aiiopran American Bank and Tni«t Companv 
< iiuvriUMlr mill Bank Her OeMcnrichhchen 

> j 1 . 1 1 k-j-M'ii A k 1 iengp'-rlLr ha 1 1 


Inremauonal Mexican Bank Limned 

— INn.RMSX — 


I.BI t Canada 1 lamiied 

Manul.n. iuiers Hanover Trust Company 

Marine Midland Bank 

Man land N.iiional Bank 

Mellon Bank. N.A. 

Midland Bank Limbed 
National Bank of North America 
Nnv England Merchant Xaiional Bank 
Orion Bank Limited* 

I’rorincwl Ranker Canada dmetnationan 
Limiied. .\a.-.yau 
The Koval Bank of Canada 
Scandinavian Bunk Limited 
I ‘nited Intrrnational Rank Limited 
\ rreim-und West hank 1 met n-uion ale S.A., 
Luxeml'f*urq 




ABD Securities Corporation Advest, Ihc. American Securities Corporation A. E. Ames & Co. 
Atlantic Capital Basle Securities Corporation Blunt Ellis & Loewi Alex. Brown & Sons 
Dominion Securities Inc. A. G. Edwards & Sons, Inc, . EuroPartners Secimties ^ 

Robert Fleming Kleinwort, Benson - • Moseley, Haflgarfen & Estabrook Inc. 

incnrporaua lacorporat«4 

New Court Securities Corporation Oppenheimer & Co., Inc. . Piper, J^ffray & Hopwood 

r lawporatud 

Wm. E. Pollock & Co., Inc. SoGen-Swiss International Corpotiaitidii . Stnart Brothers 


Benson . - • Moseley, Hallgarfen & Estabrook Inc, 

.{Ml 

Oppenheimer & Co., Inc. Piper, ktirar & Hopwood 


Thomson McKinnon Securities Inc. Tucker, Anthony & R. L Day, Inc. Wood Gnndy Incorporated 
Caisse des Depots et Consignations PKbanken 


V5j> 





.^^es; < W^^^;^6ve2i!¥er;.i.’i97S 



COMPANY NEWS 


W 

te.fr^ 

Pfc*. * 

. " ■*» t ■ *% ... 

Ssa<«.:*r 






exports to 
sales 


Tf CHASOS SMim 


TOKYO, Oct 31. 


WJaiy 

v: 

p#b *4 r- a - • ,| 
:a-Sar»^,V ,: 



^ wr';, s 

Esirtf.. 

5: tc p- . , : 
c v45‘ 
10=5^. . \";-.- 

=«£- 

U^S*. !r 
%lfit :n V 
ra et .' 

to;. 

£sr, ... 

i . 

Cy,' mV .■•”;• -, 

per ter.' - 

* ihilr-rn 

3'Bj* /;,,■ 
frruhcc - . - 
wtofl w 
*r 

.. 

ft&iH}. L 


V : ’ IrSffig? . business ;^wr to^ ‘.fan. to ■ ’fee UA and other- dollar _de- of ••cyclical' repbceraeiir 
- • , -J^WOO units, or wfiD .TmIow galea- nominated " markets, hut the People who bought cars durine 
to Biw^.a .decFine of company adjastedyits prices so as the 1973 fm-eKrii crisis) boom 
. =Ig ; per cepHiwthe Inel.of t MWCa «a», 1 TOo:.Tbi« flu, means hav" n™ reached 
earlier. Sales.- at. home.; in meant, fhat net -lessee onr dollar the point of replacin'- them 

V S-Stin came to Niwan's sales imita tta'tat 

;-■'•>■.. 058 JO- 820,1 OOP R&K&i . .. .,... ,./ ’YlShp;.,., • ... - -.- . *- half °f this year, at Y 1.195 bn 

7 -'-'sa: . '-••JThis is reyeaJed’ iii the com- - 'Nissan's expojtS' touched an ($6.Sbn), were down 1 per cent 

t' .,pany’s -inlerim ist&USnent of re- alI-tim0 "peaJc.of:-m^.Jipts in from the second half of the 
. '* suits . for thfr firft-5iaU .*(16 .Sepr. the second hialf^gjts last fiseat previous year, but were up 6 per 
J • Member 30). "erf fiscal year — : year, but fell firftHMHK) units in cent on year-ago levels (mainly 
£ -'‘ V" which shews, an- IS '.per cent faff the ;' six ■■BWB&tf^nding Septem- because of expandin'* domestic 
^~:-^:3nuet prQflis ^ Y34-ehQ ( 51571a). .beri jas tbp Yehte Tis® began- to car sales). Net income for the 
E ; . r . The «x6orts estimale is hraprl Tafeg;gffect ? In froth these periods latest half-year period came In 
•..• .. ort the asstrpiptioin that-Tthe , ^7® r .53“ Y34.9bn, down 8 per cent on the 

61 exchange rate will remain at the ctonpffBy’s . s_ates. The previous half-year and IS per 

: !■■:.. around Y19Q to the dollaxT al-.-pbfcitioh is expected. TO .change cent on the vear-ago figure. 

• vlhough . the. : rate, oiu the . Tokyo, during, the comite _^x . mpn Uw. This reflects the impact of 

• ^oretgn eschailge; uaarfeei .diiriogvwita 'eiqxjrts declining-, to only higher costs on relatively sialic 
-the past "few -days-jhas- tyeen: 1 be- 48 per -«3»t of overall sales. sales turnover as well as the 

■* " low Yiax ^ ;[ , ‘ - ^oriimatW 1st: Nissan, and exchange losses caused by the 

: -:i V The: -rise wn nrodutfes for -other Japanese car makers, yen’s rise. 




Nippon Oil earnings setback 


•A. 




fiY YOttQ-SHlBATA^ c . - jji- 

DESPITE WINDFALL foreign declined by 13 pet cent in value 
exchange 1 ' gains, Nippon . Oil to Y747bn f$4J2bzt)/i- com- 
suffered "a setback' in earnings — pany earlier estimated exchange 
a$ a result of a sharp drop in the gains at Yllbn osthe assumption 
sales prices of oil products— in that the yen exchange rate would 
the. first "half " of the financial stand aiY225 to the dollar. How- 
year. j : •. ■ ever^ the jren appreciated by Y56 

^Nippon Oil’y sales decreed by - to : the- dollar, on -the -year. This 
2 per cent in volume in the six doubled the company’s exchange 
months to September 30, with a gains to -¥2&4bn, from Y13J8 bn a 
fall in sales of;- low=proflt grade year ago: 

C heavy oil to power .cbmpanies. Record ^xchang^ gains, never- 
Meanwhiie. tiie average ' market. thelcss, were, offset by a fail in 
price of- refined oil products sold oil product priees and , by the 
by the company -fieclined bs^new petroleum, .tot, which came 
Y4.147 .to- Y32.‘066 per kilolitre into effect in Jung, and resulted 
from the previous yearns level, id 'a Y4bn cost -increase for the 
As- a result, Nippon Oil's 'sales period. As. a'- result 'Nippon Oil's 


TOKYO. Oh. 31. 


current profits dwindled by 6 per 
cent to Yl4.73bn (S83Jlm). Net 
profits Tell 4.7 per cent to Y7.57bn 
(S42.8nn. 

For tbe Utter balf of the fiscal 
year, the company estimates 
exchange gains at Y9bn. Current 
profits are expected to he Y7hn, 
down 47 per cent front Octnber- 
Marcb. 197S period — nn the 
assumption that market prices 
remain unchanged and that the 
yen average* Y1S5 to the dollar. 
For the full year to March. 
Nippon Oil foresees sales of 
Yl.S47bn (down 132 per cent) 
and current profits of Y21.7bn 
fdown 24.6 per cent). 


It' 1 ' 
ft j- - -• 


^ienda 


James Hardie Asbestos upturn 



:• BY JAMES ,rV v.':z. ;•-> .’ 

JAMES HARDIE Asbesfos. the • IChe direcloii 'sa id that while 


SYDNEY, Oct. 31. 

Results in Australia were 
remained steady despite the still depressed 


com- build) n 


industry in most states. 

si?ns of • 

recovery in New' Souih Wales., 


major building, products 'group, trading. conditions ren 
boosted earnings 20. per cept difficult in. Australia' the 

from . - A$6.7m to A$S.4tn .panv bkd ioade -significant gains There were some 

(U.S-SIOUj) in th^ xix Baontlw to in' . Indonesia' and'New Zealand, recovery in New' Si .. 

September 30. Clroqp. isales -for The Indonesian operations - bui Victoria. South Australia and 
the period rose 2ir.S-pe’r.-cent to earned a' good- Profit in 'the first Western Australia remained 
A$120:Sni (U.S.S143fiml. . • ! • . " half compared with a loss in the depressed. 

The profit figure includes' 'the: ^ same .period last year. Both Looking ahead the directors 
results from the’ Wunderlich building products andpipea were said thai while it was difficult 
Asbestos Cement "operations making good- progress and the to predict local markei con- 
acquired" from CSR last yea t dirgetors- were confident of the djtions. the sales and profit 
is currently e irivolved' in tuthre;- at - ‘tBe Indonesian^ ^ophfa-^ ^flroWtfi 7 tti' the' second half may 


Hardie 


not be of- the same niacmitudc: 
company An interim dividend of fi.25 


major expansion .through the lions. . 

I65m takeover- or -Reed. Con- u ln New. Zealand the 
sotidated Industries. 1 - The com- moved strongly against a con- .cents a share has previously been 
pany has already Tjoughtrihe con- tinumg ■ downward trend hi the announced. 

trolling interest oTtjie UK' parent building Jndustrv to record a 

and is bidding for -Mife remainder significant increase in profit. The T , __ ... • , 

of the capital^; Hardie is seeking directors attributed the, better I aylor Woodrow 
funds for the acquisition-through result there to greateT Efficiencies By Our Financial Staff 
a .'.' AS24m rights . issue and a- as well -as a “ good performance 
AS30m debenture issue. ... . tm the- market .place.**,- 


^Ajinomoto firsf-hdtf profit rise 

V BY OUfMOWsi CORRESPONDENT . TOKYO, Oct. 3t. 

AJINOMOTO, We worlds largest gel'y the resulf or rationalisation 
monosodium glutanate manu- measures taken since 1975. In 
facturers, raised its first-half net. addition. ^ the yen .appreciation 
profit hy'lB p.qr cent .to. Y3.Q90bh -cut! Import boosts on soya beans 
(6175m). 1 1 Salesr^ih ; th"e r six 'and other raw materials. The 
s£x months to September, how- sales drop was chiefly attributed 
ever. '• fell '2T per "cent to to reductions of' sales' prices as 
YIS9.9lbn (S»03m). \ .a result of the sharp fall of 

'The rise in. earnings was lar- material costs. 


TAYLOR WOODROW of 
Nigeria is offering 3.Gm ordin- 
ary shares of 50 kobo each to 
Nigerian citizens and associa- 
tions. 

The shares went on sale in 
Nigeria on October 9 and upon 
^-completion rwiil increase the 
shareholding of Nigerian 
cftizeiLs and associations from 
40 per cent to 60 per cent of 
. the company's share, capital. 

The sale of these shares m- 111 
enable the company to comply 
With the provisions of (he 
Nigerian Enterprises Pro- 
motion Decree. 


Matsushita 
has record 
net gains 
for quarter 

By Richard C. Hanson 

TOKYO, OcL 31. 

MATSUSHITA Electric Indus- 
trial baa raised its consolidated 
net profits in the third quarter 
ending Tugusf 2(1 io 
Y22.76bn ($12837m) by 20 per 
cent from Y18.73bn a year ago 
—the best performance on 
' record for a third quarter 
period. Consolidated sales were 
up 16 per cent (o Y530.52hn 
from Y457^Xbn. Per share net 
rose to Y21.53 front Y 19.08. 

Video tape recorders and 
microwave oven exports 
poshed the export total up 6 
per eent from a year ago to 
Y144.57hn. hut the export 
share of total sales' slipped to 
27.3 per cent from 29.7 per 

cent. For the nine months io 

August, expuns were up li 
per t-enl. 

Nlue-monlh net profit was 
up 17 per cent to Yfi.I.Qfihn. 
while sales rose 11 per cent 
to Y1.53bn. both records for 
a niue-monlh period. 

Domestic sales were brisk in 
tile area or home appliances 
and VTRs. particularly air 
conditioners and refrigerators 
during the hot summer 
months. The company non- 
experts that its net prutil in 
the full year ending November 
20 uili rise to a record Y83bn 
from Y78bn last year, while 
sales rise to a record Y2.03hn 
from Y1.89bn. 

The half-year also saw sharp 
rises in (he net profits of (wo 
other Japanese electrical manu- 
facturers. 

Mitsubishi Electric, the third 
largest integrated machinery 
maker in Japan, raised its net 
profit in the half-year ending 
September 31 by 36.4 per cent 
to Y6-3 II»ii from Y4.63hn a year 
ago. Sales rose by 11 per cent 
to Y422.0Sbii from YSSO.l-ihn. 

Tile company's orders Tor 
heavy electric equipment, 
including power stations and 
substations from the Middle 
East and Lulin America, 
showed remarkable strecgih 
given the appreciation of tin* 
yeu. Plant export orders of 
"this type are expected 10 
remain ai the YlliOhn level rliis 
year, or about unchanged from 
Iasi year. 

For the half-year export 
sales showed a 19.3 per cent 
gain to Y64.8bn. or a 13.4 per 
cent share versus 14.3 per eeul. 
Its foreign exchange loss came 
to about Y4.9hn in the half- 
year. compared with a litlle 
over V5bn for all last year. 

Overall new orders rose 20 
per cent ru YlU.iiihn. while 
expori orders rose only 3.7 pt-r 
rent. Domestic orders were 
bolstered by stepped up orders 
from electric power utilities 
under Government instruction. 
Consumer product demand was 
strong domestically, up 22 per 
cout. but consumer exports fell 
14 per rent. 

Fuji Electric's net profits in 
the -September half-year were 
up by 52.5 per cent to Yl.Sfllin 
from Y79lm. Sales gamed on 
the strength of orders from 
public agencies hv 21.2 percent 
to Y 123.61 bn from Y102.07bn 
Export orders were fiat, how- 
ever, and overall new orders 
were up only 3.3 per cent. 

Dependence on sales to 
public agencies rose to 17 per 
cent or the total sales from 15 
per cent a year ago. up l'j.3 
per cent in value. 


SAMSUNG MOOLSAN OF£KOREA 


Cast in the Japanese mould 


4 V- 


BY CHARLES fiMITH, FAR FAST EDITOR 


i CensP aar 

fjgian D 1 ** 53 ^ 

" 9. R 

jfitrd Fri-' 2S 

c 

,-jack^ sfi 

I & l °" 

fovicn st-- ^ 

■ c 

A. E- 

±5$ 

«. Bro"^ . 

lilies C^- 

■ ,-hrcotJ t: 


television 


More recently, and apparently 


EVERYONE KNOWS that Korea having initiated Korea's present Japanese way of doing things), 
has modelled its post-war econo- economic miracle, has been Despite this he has allowed him- 
njic growth on. Japan. .What most i largely .a matter of. (more or self.to.be. “guided 1 ' by the Gov- 
people do not know. is that oner less successful) attempts by the eminent into putting money into 
Korean gTbup, Samsung, begin latter TO cot the former down industries which the President 
copying Japan -with a high degree to sire- -One of President Park's and his economic advisers want 
of. success even before tbe war. - earlier .moves in the field of to see developed, but which are 
Samsung Moolsan, how Korea's corporate policy was to oblige not in Samsung's traditional line 
nlumbeirone . trading company, f tamsm ng tri-give up its holdings of business. The group moved 
was also number-one when it- was .^ n the banks — the company duly rapidly and successfully into 
f6unded in 1038 by Mr. Byung- gold, out but bought into ihsur- consumer electronics in the late 
Cjhuil Lee, the -deceptively mild.- a nee" companies. sixties (with five companies in 

looking" man who stilt heads the . -^e mid-1960s, when Sam- this field, including two joint 

company. •;•*,* sung " established what was at ventures, Samsung now com- 

-Samsung boiTowe'd : its name the ’ time " one of Ihe world’s petes for the title of the top 
frem Japan- as well as a good largest urea fertiliser companies Korean 
deal of its business, philosophy, (using., technology supplied by facturer). 

“aiooisaw." .-is a Korean traps- Mitsubishi which had Originally More re 
tation of Bussan-ras in MiCsiil been developed by IC1), the more reluctantly, Samsung 

Bussan which is the - Japanese Government decided that ferti- moved into shipbuilding and 

name of one ;of -Japan's; oldest 'Users were too sensitive a sector heavy engineering tin joint 

and most successful trading con- .jq be dominated by a private ventures with Ishikawajima 

cferns (Kitsui and Co. in Eng- ■ ~ 

). Samsung- ... itself -means - 

ee stare," a name vhich 
what could -be. -more than 
coincidental similarity to 
-r.Jubishi, whose famous ** three 
diamonds n . are: the . sj’mhol of 
Japan's number-oDe trading con- 
ctan. • 

^tri Lee says he lost his capital 
“Jit least twice over " during the 
tinrooiis -of the second world 
vftr, blit began making -money 
hjftnediately after it. when J a P" 
ahes&. rule- ended and ah import 
m- began. One : month after 


Samson Moolsan, Korea's leading trading company, has been 
' modelled on Japanese lines by Mr. Bynng-Chull Lee. who 
founded the concern in 1938 and still heads ft Although 
Mr. Lee says that he lost his capital at least twice during' the 
Second Worid War, by the late fifties Samsung as a company 
and Mr. Lee as an individual were the biggest tax payers in 
the nation. Turnover of Samsung and that of its competitors 
in Korea is now expanding at rates to make even a Japanese 

businessman gasp. 


■4E-. 


t^om- began. un f - 1 ' = 1053 concern, and once again obliged Heavy Industries of Japan). Mr. 

& Kore *° fSSSS me orofitt SSw to seflouf Lee says that it will be five years 

gmsung. used the trjidmg.P process nf “ containing ™ before Samsung can decide 

)fed accumulated since ^ ore Korea - s p j arg J sl private - (and whether the move inio shipbuild- 

tS^lSms^SSinrted lVS sugar until then family-owned) con- ing (decided op at the depth® of 
' T^rVi a rear cern moved a stage further when the post oil crisis recession] was 
g, fiigr 'processed forI ^J' , ? h Government took steps in wise. He adds optimistically that 

Se e SSnSSmM^ the world will always need ships 
h^'the late ’fifties tively induced Samsung to go and Korea has become one of 
■ JS L? f s a company pubUc. Today the Lee family the natural places to build them 
xf ll individual owns less than 30 per cent of Future moves by Samsung will 

ad Jfe-Lee as ST* JSnfiTtawi. A large almost certainly include the 


. Cr L liS‘" 


■ i pa 1 

; • Ssii3 r - 

\ . f T ccr? pr; 
ifMi? *'* 

fK^ nk;n 



TA'j — . vlanflct tsv- tho VTftUQS RtiareS- A iars c WMMMUIJ lUWiUUC UJS 

^ —^ e "^ e t 2[ 0 Sirtifitfitf the remainder is held development of. aircraft and 

Wyerff-ih >.the-:nation: Not on y portion 0 Samsung com- weapons manufacture— hence the 

SLe? whteh havfSSriocSng group’s satisfaction at having 
Jffrh; Chung-Hee came in' to pames men h other - s agreed on a Technology exchange 

^^jn'l^ Samsung held a ®^tf { ^^er^nSgemeot re- programme with Rolls-Royce (the 
.^roffinginteresl (70 per cent) equity Unoiner »™ib agreement covers gas turbine 

bank, together “^^^Jp^fessed Confueian- engines for industrial use, but 
& per cent, stakes tn the Mr .Mfc » w be a close Samsung hopes to see it 
*%nd and. third largest bank9. .jjLiJf®* 5 president Park fa expanded to take in aircraft 
i^histpty of Samsung s pi* -friend . who, - however, engine). AYith all- these, irons 


MV,mswiy .oi aaniauug- dam»val who,- OOweyer, ongtnew. =.vr.ua an- mnse. iruu» 

orksSf *• 




remains the Samsung forte and 
the area in which the Japanese 
model has been most faithfully 
reproduced. 

The Samsung Company, as the 
group's trading arm is now- 
called. was the first enterprise to 
be designated a “general trading 
company." I'GTCl under the new 
Korean policy adopted in 1B75 
for “creating" general trading 
companies on tbe Japanese 
model. Since receiving this 
strictly honorary designation, 
Samsung Company's exports have 
risen from S34m (in 1974) to 
S700m (the target for the finan- 
cial year which ends at the end 
of this month). Samsung's 
export target for 1981 is Sl.Tbn. 
or eight per cent of the Korean 
export target for that year. 

Samsung Company’s overseas 
network at present consists of 
35 branches, with 120 Korean 
executives (a big Japanese trad- 
ing company might have 600 to 
S00 Japanese executives posted 
abroad). The emphasis, hitherto 
overwhelmingly on exporting, is 
expected to shift soon to import- 
ing — particularly of raw 
materials with Samsung taking a 
hand in overseas resource 
development projects. 

Tbe Samsung group's 1977 
turnover of over $1.3bn made it 
probably about one-tenth of the 
size of the -Mtisubishi group 
(although the difficulty of defin- 
ing exactly which companies are 
or not Mitsubishi group mem- 
bers makes a precise comparison 
difficult). Mr. Lee claims that 
some of the newly fledged 
" integrated business groups *' 
which have appeared in Korea 
during the past five years or so 
are only about one-tenth the 
size of Samsung. The point, 
however, is that both he and his 
competitors are expanding their 
turnovers at rates which would 
make even a Japanese business- 
man gasp (Samsung group turn- 
over was up 38 per cent in 1977). 
By the mid-eighties the size 
ratio between Samsung and it* 
■big Japanese rivals should be a 
lot less than ten-to-one. 



33 


■ML 


Norsk H 
1977/78 



li'.iO 

iL'OO 

1000 

81 X 1 

600 

400 

200 


Good Prospects In The 
North Sea 

It was resolved at the Annual General Meeting of Norsk Hydro a.s. 
held i n Oslo on 0c tober 27, 1 9 78 to pay a dividend of 12 per cent on 
fcioth ordinary and preference shares. 

The following are the key points of the report of the Directors for the 
financial year ended June 30, 1978. 

Financial Results 

Total Groupies in the 1977,78 financial vearwere N.ta.6,838m a 
2S percent above the preceding year. Gross prof ttaf ter deductions 
for raw mater tals. wages and other operating costs inc reased 
from N.kr. 763m ‘0 N.lx L207m.This improvement, however, was 
completely absorbed hv higher depi eciation and increased 
financial expenses. Depreciation was N.kr. 508m compared with 
N.kr. 281m tlieyeai Pel cue. and financial expenses rose from 
N.kr. 216m to N.kr. 44 3m. Pioiil beiore raves a ndal locations was 
N.kr. 24 1 ; n ,v:. avail rj N kt. 247m in 1 976- 7 3 
The i iK-renses ii 1 vdesa nd gross pro! t were due ma in ly to increa sed 
production of oil ai id gas Iroi n the North Sea. and in particular 
the slart of gas deliveries irom the Frigg and Ekolisk fields had a 
positive ef ie;t. f tv overall resull achieved by the company's 
traditional biiMuess in lertilireri. light mekils -txl FV’C remained 
on the same I e vel d- ; . r he pnac edu ig year. 

Operations 1977/78 

The N;trr>gen divisions pnxlucls now account foi over a third of the 
company's total sales. As a result of ina eased demand in 
the second half of th* financial year the international price level for 
complex fertilizers and urea improved slightly. These products 
therefore achieved belter results than in the previous year. 

Thefei tilizei plan is in Qatar, which manufacture ammonia and 
urea and in which Norsk. Hydro has a 25 per cent interest, ate now 
achieving*; reasonable capacity utilisation after some operating 
problems in the early part of the financial year. The expansion of Ihe 
Qatar plants to double theircapac ily ire/ pec I ed to be completed 
bythesummeroi 1979. 

The positive development of the market for aluminium during 
] 976.' 7 7 stagnated during 1977-78 Sales of primary metal v/ere 
satisfactory, but there was a drop in demand for semi-tab nested 
products and subsequent pres sure on prices. Aluminium is still an 
jinportant coi ifrioutor lo thecornpiaiiy's profit, although the 
performance .ji mui aiurniinuin operations was this year weaker 
than t he yeai before. 

After several veai s.-.ilhafaiilyyxd market and good results lot our 
n lagnesium busii iess, sa les slowed down during I Ire financial 
year and the prices obtained did not match the increase in costs. 
'Despite this, our magnesium activities still yield a relatively 
■ satisfactory prof ti. 

The petrochemical complex in Bamble made great strides towards 
completion in the course of the financial year. Norsk Hydro has the 
lesponsibifityfor huildingand operating the ethylene, chlorine and 
vinyl c hlonde plantsat Rafnes. while Saga Petrochemicals has 
a similar role toi iheplaslicsiawmafenals facilities at Renin mgen. 
The Raines plar il 5 v/ere completed during the year and were put 
into operation during the first le v months of Ihe current financial 
year. The star t-up of the plants was successful and the main 
impression so lar r> Utai they have been well designed. 

There have been further delays m Ihe completion of rheTeesside 
separation facilities for natural gas liquids from the Ekotisk field, 
and according to the latest information from the operator, Phillips 
Petroleum, the facilities will not start operating before the second 
quarter of 1979. Asa result the ethylene plant is still running on 
raw material bought in the open market An agreement has been 
signed with the Phillipsgioup on con ipensaliou tor the delay 
iudciiveuec. 

The market tor the pelrixhei nical pr-.ducts fiom the Eanible 
complex is at present very depressed. Outlets fora significant part 
of the vinyl chloride output from Rafnes have been secured, 
however, either m 01 rr own consumptioi 1 or by long-teim sales 
agreements, ft) order to secure fun her sales of vinyl chloride, plans 
are being studied loi participation in PVC pic<iuc lion n \ Europe. 

At l,'S Norpolefin's polypropylene and polyethylene plants .at 
Ronnmgen in Bamble. of which Hydro owns one third. Ihe 
first units were started up tins summer For these products too. the 
market is at present difficult. . . 

All mall it must be expected that until there is better balance 
between existing production capac itv and the consumption or 
til astics ra w materials, the petrochemical complex m Bamble will 
turn in poor results. 

Operatingresults 


FVC productions t Fbrsgrunn Works made a loss, in spite of a 
reasonable level of capacity utilisation, due to unsatisfactory 
prices. 

The economic result of our participation in the Not th Sea showed a 
significant improvement on the preceding yea; and accounted tor 
roughly halfof thecompany'sopeiahng profit. Gas production ir-xn 
the Fnggtiefd in the North Sea starred in September 1977. 

Norsk Hvdio I las a 20 per cent share of the Mai reserves or Ins 
Norwegian and British continental shelves.. Our share or tire 
rec overahie resei ve s a moun ts to rail itn more 11 iari 40 billion rn J 
and the income irorn ih«*Fngg field will plava srgniricarii p<art ru the 
company 'sc-arnmgs for mai ry years to*. Mine. Pr'Xlu»:ti<M) regularity 
in the Fngg field lias been very sat is far tory. I n the c unent i inane ial 
year gas deliver res from f'i igg vvi !l l.*e ; nore il iai ; doubled compared 
with 1977/78. 

Gas deliveries from ihe ExorisK field to Emden in VVesi Germany 
also started in the autumn ot 1977 and there have been 
no operational problems Oil pioJiK fion from the Ekotisk area was 
Jess than e-.p?i led l.e>: a use of pioduc iron problems and a delay ru 
1 he start of I he ' Tor I le Id .Alt rigeihe r ! he conipai i /s share oi the oi l 
and gas pruducSiun Tom Mie Fn^ai id Ekuiisk neltfe amounted to 
about 2.2 1111 Hum i i- •mmc-s--? mm equrvalei i f .>. 

Oil production fiom the D.-.'lisk areo is -■ peeled fo prak in about 
1980/31 and •.•••ill 11 ic-ienl l-w Jeclii ie. -.vlnle gas pioductioi 1 from 
Ekohsk and Fnc-g wili ho-.v a smoot lier pr-jiile. In order to maintain 
t he company' sac iivit/in the oil sec l«.» at its preset ■> level. 

Theretoie. ir is im).« irfd!ii ihar -.vegam access to new pir.-jductive 
t leld i in 1 he c c-u 1 se o f re la r 1 vH v 1 1 .-// yea 1 s. 

During the fin.ir.rial yen Norsk Hycirr. I ras taken pori in the drilling 
of seven explore; i. >n\veib< n 1 the Nwaegian contr'ieMtal shell. 

In three of these, on L«l.>:k l- 30.7 end v/liere Norsk Hydro is 
operator, and lT'-.-tiand ?. '.vheie^laic.ii is operator, ‘races 
of hydrocarbon: '.vt re toun-.L Further wells must l>? dulled to 
determine wl.etiier tl ie lindsare -:on imerci al.T! ie cor 1 itrany has 
been awarded a 9 (-er cent share in what is probably 01 raof the 1 nost 
promising blocks un the ilMt-.vegian shelf, bio*: k 34/10. which was 
alhxated in March 1978. Promising cil f ir ids were made in the first 
exploration v.-rl! drilled on thisbl-xk. Participation ha;, been 
sought m several hlwl'S in ihe new round or ..pncesair.nv no-.v being 
processed by theaufhonties.' The company ;-.p>entabvut 
N.kr. lOOn) on e-.piotalic i 1 drilling in 19"’7<7 8 and will coi itinua to 
spend considerable sums roi this purpose. 

Finance 

Although thebuildingof rtie Bamblecomplevand Hie 
develop!) ienl oi the E kol isk and Fr igg fields are now appro*, i ring 
completion, this financial /ear was again one of heavy irweshoent. 
The tact that total investments fell below the 1975.7b level ra 
largely due to the inclusion in last year 's accounts of the lake-over 
of the State's share of Rcldal-Suldal Kraf I A 8 .' 

In the current tinanc ial year there v/i 1 1 be a «: onsiderable dec line 
in the capital requcemsr.r, .vsthatuithei roJiKlion m mves tine: its 
inthetollcwingye.r. 

The greater pai tof the yeai'sfwrowing requirements was covered 
by drawing on long-term bank ere* Jits in USduilars and p; a public 
issue of 50 millioi 1 US d jllarscrt 5-vear notes. The company's 
liquidity isgxc; and !ar,=;e midra-.vii tank c 1 edits are snll being field 
in reset ve. 

Ara result of fluctuations inexchange ratesduring the 1 inane ial 
year. 1 nc 1 1 id 1 ng t he two devaluations of the Norwegian krone, and in 
particular the maiked use in Ihe exchange ratosfor Swiss francs 
and Denise he n rark. the company's foreign debt con'/eried to ' 
Norwegian kroner increased by N.kr: 730m. The loans in question 
mature in from 4 to i4 .ears, and in accordance with the" 
Norwegian Companies Ac t unreal ised e hange dit fei ences are 
reflected m the company s Balance Sheet and will beamoi tized as 
the loan ii tsi 3 tmei its Ial I due. 

Ti ie comtany ' capacity for self-! inane ing improved in 1977/73 
as a resuli. arnonc other dungs of ihe gas deliveries from Friggand* 
Ekofisk.and this trend v.-in cor.tinue.The net- J for e/.ttmal tunas 
will diminijJ landit will be po; sible to 1 educ e our net debt. 

Although ihe repay men! of loans will be given prion ry new loans 
will still be lakf-mpicieiisure in?* lire mi run ^ of loan currencies as 
far as possible- c on esposKis Me-te t^:! income, 

The current financial year 

It isexpected that thecuic i ni imauv ial year will see an 
improvement in our results beiore depreciation and interest 
expenses. There •.■.•ill. howe-.ei. i:re a marked increase. 111 these 
two items as the new facilities h . Bamble and the North Sea come 
intoregulsr operation. Ordinary deprec ration will increase to more 
than N.kr ],C00m. from N.kr. 50Sn i. in the last financial year. 

It must therefore bee- peered Mm the company s profit v/ill be very 
considerably reduced c-.-n with 1977. 78. 

Norsk Hydro’s share of oil and gas production 


1973/74 


Operating pn jlit 
bef/r-redepfecialion- 


Operanngprofil 


Protittielor^«^ndad|uslnTent; 


74/75 


• 5/76 


76-77 


Oil,gas,fertilizers.aluminium, 
magnesium, plasticsand laminates 



Cc-piesol the Annual RepC'Tcan be obtained nom: 

Norsk Hydro (U.K.) Limited. Concord House, The Centre, 
High Street, Feltham. Middlesex. 



This anuau/icemcnt appears as a matter of record only. 


PRIVATE PLACEMENT 


31 October, 197S 


European Coal and Steel Community 


U.S. $18,000,000 

NOTES DUE 1990 


Nomura Europe N.V. 


IBJ International Limited 


The Bank of Tokyo (Holland) N.V* 
The Nippon Credit Bank, Ltd. 


International Credit Alliance, 

Limited 


The Toyo Trust and Banking Company, 

Limited 
















Financial Times . We^sdas;^OTkab^!f JiSRSj'v. 


WORLD STOCK MARKETS 


Mid-session Wall St. rally after early fall 


Indices; 


NEW YORK 


I VY ESTMF.NT D OULATt 
PREMIUM 

XZ.fil) lo £1 — (681%) 
Effective 52.0750 W% (35 s , %) 


until the market is extremely Mirror, also reporting stronger Canada 
oversold and prices then rally- third-quarter profits, added l at " 


with volume coming to" 350m while . in Foods,. Pernod-Ricanl 
shares (400ml. gained 2.0 to FFr .283.1- ori 

Export-orientated Electricals, announcing: higher first-half 


However thev added that since S29{. but Westingfwuse cased i lo -Stocks came back from s firm Export-orientated Electricals, announ 
■ho™ t e L SI7 in active trading. start to show an easier bias at Vehicles. Cameras and many other profits. 

«sv s^ftT l .rs: t****,***’.* w ssl?**, « rS2* 


} Oet. 

I Oct 1 

[oet.-l 

1 Z7 

861 

! ® 1 

1 . i 

■ 1 

1 


Oct. ■! On. 
» : S3 


»W. ytnwCMapqat‘i 
High 'j flow “I Lrtra 


decline. Other gaming, issues included 


mg j tiBSSfiS 


y~ i-v' UaviAi. r.utuir9tnrf#-c added * at miu-uaj' alter anumer djuc v>t»ira> me . usuiiw, wuc* &aiuui£ unura uiumuto , ■ «u : .m i* 

AFTER MODESTLY extending ^x£ ? 5SSrBSSS»‘?S si-** “-"i «•: y wL 


Mondays late 
•Street sustained 


rebound, Wall 
a fresh fall in 


heavy early trading yesterday ,nj _ pr 
before recouping most of the lost h - i pt-,, 
ground shortly after mid-day. -'uva-fc 


: n s. rally fades and the cycle repeats. S3S 
' a * The market was also hurt by a res| 
. ’■* boost m the broker loan rule to to 


Chemical 


>6* 7m 


lower on balance a I $52.46, after 
falling lo S32.24. although gains 


Closing prices and market 
reports were not available 
for this edition. 


pulled even with declines at mid- 


Tokyo 


cats the market 'rfeias interest rates, , «trer tor an can 

■'ter .tevSdolIarand poraSenTin- «£. phuft -,ppe- ' l ° landing shares. 

ain5 flalion. still show no sign of early 9 , ' . . . ,, 

resolution. international systems and Con- 1 OKyO 

Government Securities dealers trols lust 1 Lo $151 after statins With investors sh 

lc ^aid it appears the Federal Be- that its annual report ^to the ovt . r {jig recent 

serve may be tightening monetary Securities and Exchange Lommis- n r i Lres an d a s h arp ; 

polio-. sion would he further delayed. u, c yen in Tok> 

mid- Dresser Industries lost I to 3S01 Iniqouls Brands, which did not market adopted 


a i/n CiicuruuiL 1 4U iu 2 i^cw. i , i* ; 

However, Oils and Foods. Australia - . « — 

firmed. Oils were bought on An attempted Ijarga in hunting 

expectations that oil refining com- rgjjy failed I0 gather momentum STAHDARD AHD FOORA 


ag® appro*; 

8.49 . 


r * htat iE s With investors showing caution aJld stochs subsequently turned 

to the over the recent ri«e in share ^ rrfin 5 own ** rds *Sant to finish lower 

i22r- pri>.« and , sharp apprKiadon of BJS^S&rfvjSaSS 


Oct. OcV- 
36 : 2b 


session. Trading tolume reached and was the most active issue, tirade on Monday., fell 4J to S25J. course aFter five consecutive 

-11.27m shares, but failed lo match General Motors, in second place, it- has rejected a $36 per share trading days of sains. 

Monday's ] p.m. level of 37.10m. shed $1 to SOh. take-over bid from an unnamed The Nikkei-Dow Jones Average 

Analysts said !be market is L r .S. SteeL which reported a hi? company and said other concerns relinquished 23.88 to 5.902,93 and 
erratic hecausc price falls pain improvement in third-quarter have -.expressed, interest in an the Tokyo SE Index shed 1.37 to 

momentum from margin calls profits, put on 1 to S23i. Times acquisition.. 4S&.1S. Trading was fairly active. 


swr- xiH ftjsa Sfsstt'J 1 


. (S<nc*Comp(J*» 
8*eh ] i|k 


lo the dollar.*’ 

Germany 


new record Bullion price, ■ with 


Sb.l a !• 164.64 1 L» 

(p/3) ifUMfrjfMM 


Central Norseman galnfng-JO cents tCwnpMite I 


1 -• iuwi , wj 

>4.5* 96-Off 37.3.; 87.45- M 


tB/3i . rfl 1/1/03} i(li6/58 


... at AS 15.00 and Bougainville 3 cents 

After Mondays sharp reaction, 2t AS1.34. ' 


NEW YORK 


*.l l - 1 ^ 1 


relinquished 23.88 to 5.902.93 and sh ' a ^naeed to riose mixed at n ■ , • . 

SE index shed 1.57 ro S B5n™ or? «d -morSS fStSS vi ^S7 brght^ 1 "Efth^StaTS 
^.tS. Trading was favrty "^• ■nd heiped by a slight improve- 

•S- I ! **-'• I ‘n Motors, gained ^.Most U^'ms Lt ^ further H b 


Kf •»- 26 • < 


a«,i.m i *3; 

Al-ires-i^raph.. 5 sOj 
>* tn^ Li/** \ L* t1‘ 
Air iipyluci .... 24) 

AluaoA uiniooini J3 

Mflrs, 07 

Alleg. Lu Hum.... 141 

Alitcntm ei 16. 

A lit* • Lhfnii-.n ■ 3t ; 

Allied a2* 

■Mil i h* r»ic-i ■ .. 29 

A.'tAX 44i 

Anurm-iii Hit-,... 2S 1 
A mm. Airline . 12; 

Am-r. Br^n-I- . . 473 

A nier.t)n#l'1 -B-f . 33, 

Apw. Von...... . jel 

Anier. Cioiwmi- H5 4 
■\niti. I>mI. Ii<.. •S4-- 

Imvr, Ki^i.-l.l*- t. B23| 

A III?; . 1- rr>.. 32 1 

Impr.H.inpl'n.i 'til 

Amer. Meilt,.*. .. IB 1 . 
Aniei. U,*i>>r Si; 

Amer. >«. Oar.. 40 

Amfi. -inu Inin -48 j, 

Amer. *i. re- 3B’-< 
Amer. I e-. A It t0>; 

. A meteW 27a, 

A Alt 16,, 

AJ1P 32'< 

A.nipex Il>; 

Anciuii H<i;mii- . 27 
An Lender tlu *_h . 22-'; 

Ai-rac*- 17l; 

A.7.A ifS'i 

A-*mer< Mi .. . 15 1) 

A hi— 14 

A<h an,i i.»i . . 4l3i 
AL<. l,,l3J,l|erf... 3U» 

A illy Uni* I'm. 29 ' i 

A\t. at L 

A««- 20-4 

Arno Kn-tu-.l, .. 53», 

HjitL »>•« K ».,l i43, 

Rana-,1 Puma ... t8ij 
Hnui. Aiiici : ui. . ZS 
Hauke^ l ■ . % .1 33', 

Hi"«ni. .. zlii 
Raxter Trau-uol . 3BI; 
bwini* Iwl.. . 24 

Reetoa Dii-LUu,ii) 35 U 
H«>. A H. 16'.; 

Henilu 55-*, 

Meuyiiei t v a*-h" 4i ? 
Hdbieheni -ie«i. 20.ii 
Hmck A iMuker. 16,' a 
H"ewK 60 1, 

Rui-e Lavr.i.1e 27 

h'H'len ii6l> 

K.ir-j Waitiei ... . 271* 

VruDilt hit 12 1, 

HmwtD *A‘ 13 h 

ki-i-u-i M.vei- 32'i* 

H I'm A lint II..., 18 1, 

HriK-luvav t,ia-#.. 28-* 

UruO-nKk 14 1 j 

Kticyru- kne. ... 16aa 

Muh.ua M'ucli 7 

Mu rimy tun A Urn. 37^ 

MuiTCUKb /2 

l aiupi«ile<'U|L'. .. 34U 
Cauaiilan Pacific. 19U 
t.an*. iUnJoipb.. »»j 

t &ruitM,n - 28 

tai-riei a l-euernl 113* 
khi-tm Hnn-iei . . 16'a 

t-aterirtUar fruH- 65ia 

S3 

keiaDtseVuri-n 39i| 
Central 4 S.W... 14-a 

keruiuietit 18 1, 

Cc-ana Aiirati.. 371; 
kharepiun Inirr.. 21's 
V. ba-e .Unuhauau Ji hj 
C'bemiijai ML..N y. ! 40 
CbeietirKb Pom. 221* 
tbtsMieaT'Lem.. 87»; 
t-bi.tuN- bn,i"e . ; 63 ' a 

tbrruler. ‘ lUJg 

Cmc. Miuu-ruo — J S76s 

Citioijrp I 155 

i. me* ternca.... i 63i* 
Uli InrrMlD*.... U.'t 


Hi l ipi-uiwli »- .- . 

! i. PC Int’m Iiuqp : 

aOjj .--ran. 

19 >4 I Crocker Nail.... 
b6j* j on nit yr a* 1 .' 
241 /. | i.iinini’n- knumt 
521* ; .un<-« Wr.-hi 


| ii*n> 

Util In-iii-inn 

Ueere 

Ue, Muute. 

Ue'tvna 


a2^t I -I ,.,l,n* Ham ill,-..; 'i6/, 
48 1* | -1 uluuim Julmruoi 74la 
25*? i Juiioxon <./iptr>.,;.l P4J* 
261? I -Jvy.'UDUiBcIor'ai 28-* 
321* : K. Mar Con>. . ' 25U 
51 I KaiwyAlumini'ra! 341* 
14 p» Kniaer I ii.Hi.lt it-,' e. 

; Kai«ei mw ' 20 j» 

■ 271* ! H a \ Ill- 


1 Kevlua 

Ile.molii' Metif*.' 
Kernuld* If. J. .. 


291* ! I’li-h'-j.iD Mcnri: 


Sl. iet 

<1 1. 
30 

1 »■ -1.. 

27 

W.vim-pjrtii 

W rlv_ 

1 

.. ISis 

4 

• 52 -I 

ieu 

4>a 

513* 


Inrl di*. Tlelrt S 


Yew ago fappror. 

4-84 - ; 


."-J-JL- added^'^DM ^iso’ and *g?g& 

U IJ i ,‘Xr nh • ^ ^ fhySen put o?DM ?. ,°^ C0 ^ e _,°v. f ± Jfi ® r 


Luq Mo*, uwjd yiehi 


liivkneN Inliv... 

Ki'lirn i Hu. ; 


j Oent-p'.i Inim 
I Ueirml 


121* ; UiauiiSi’l bum 


1 kcDuw,*i ' 

Kerr JIHiee. 

Ki.l.lv Waiter 

Klmheri.r (.lark... 

Kwer*: • 

klra/l 

kpigi-r iu 


1 li'rtil bill, u.... 

I UTE 

; n*i w rus- 

i llidei -\»ii-iii. 
I ■'kiL-war -icrep 


I /a)Mts Il3g ' IU* 

I ^cn I >6 Ha, II. , l3’« 12>i 

| I--.A1 rcaa.4> I9i0 -9* „- -94i : 

[ l S .79^! ' "79'g 

l>.aW»\ 'jHIn. 7-99,. 7-92? 


However. Banks remained in I ALL COMMON 


CANADA 


' Sl. J-jc Mineral*.- ?4o. 


3el-.i t 56 1* 


35i 8 ; Hi“Ti»IKoiiii... 


!«••« ii Iran... aQV, 


l*;r» -It* um. 


? ?t. Kepi* l*a|.«r .- 

! Snnlu Fc I nj* 

r San Inibl 

; -MlX-.'b In. Ip... . 

• i -lulr^Umrinp.. 


J Abltibi I 1 * per 


31 I IjDK-ij liable.... 
5-lfl VIcanA umraiurr 


, UlsnrT W* 1 1.. . 

I flow i.pT|.|i .. 

I ll.-*i lbcmii-a . 

■ I'rr-Mi 

Uui*'iiU 

hap-e Pirt-lmi... 

' ha-1 In ine .. 

' Ka-nmm K,'-ia> 
iuiluit 


i.i» i4> 


Ba -*A (si M 


I hi. li. A li 

lb I'fL.ij >u,i/*« 

! bam 


421* ! Kui*t~,nkie*-ir 


Zbig ! Cip^uii l,niuf,... 

26 m i l.i,i) -Klip 

39 jg Ulli.u 1 1 ui up*.. 
1231* 1 bu»:kliw«l Am.-r'ii 
20 ij I I-jjil filar hidiiM 
8 - >o | !<>na l-iauit U>l 

57J* i U-uUiaiu Lain* . 
36 1 kul -n 

| L'h.'U.l SI 1.4 ft-.. .. 

I,/., 1 1/keY'una-t «ii. 

r*! 4 . Ua.-Ali.lau 

' 1 llai-s It. H 

a 


N.-1-ii Paper 

f«.-.,ni Alrjj . . . 
St-uil-ier Huo.l a( 


SSj * ", puma Steel .... 

10 i \pJ«~iu> 

831* ! Hank .4 M'jnl rea 
I7.iv i Hunk Xnin v,|«' 
14'* ; lla.iv Ke-.in,i'o 
18*» | Hell IVk-piimip.- . 

71^ j lbpw Valiev Jn«l.. 


12J * I fcDiw.vAIrhr'i^tiij 21)** 


; buibari 32i? 

r...M.i ai 5 

Lnpeibarri 251; 

c-amark 24 

kii'\ 21 

txiua- 491* 

iain.-bi,0 Lamer*: .2912 

fpi. Uei i. n. rv- 641 j 

i HrealvM Tire. .. 12 la " 


, , ‘ I Mn*. Hauvier .. 341^ 

27. s 

rx, 1 ? .VlAiathuo Mil 47-/* 

fit Marine Midland. 15 

qc 8 Uaivliali Kieid .. 16<a 


Ua.\ Llept. NY.rv^ *3Ja 


1' !l All. fun- lull | 

267, 

271* 

1 en \ *n. .. _.. 

151* 

15 a* 

<f nut. .. 

27i* 

281* I 

.' •■rvlii Pi>-»?p . 

»L>1? 

0U53 

f 

a*i* 

353ft 



24 

23»t 

■ ■ 

10.; 

40,; j 

Forvni, +1 Mix... 

181? 

18 “4 i 

In* -ro 

33 

327, . 

, i-lit in y ini 

?<9 

71s, 

1 Miner* . 

235* 

231? 

V 1 iielmirl 

29i, 

301^ 

♦ utiu* lnrt». . . . 

9 

B7ft 


49 t ^ 4 

2gi, 1 Mi-Uermuu 

' J .UuDuunei. LK,u*-t 

| UiArrae- Bill 

27U 1 Mi-'iiwnw 

15i* ‘Ajuvk-. . . .. 
281* “frill! Lilly L ... 
ous* I Me** Peiroiciiiu 

mm 


-ca ‘.'cilia i ner. .. 

I ii-a^niu 

j -earie i«i.Li.« ... 

Kop'.iu-k. . 

sKIh. :* 

"heti on 

I ’iliell 1 mu* pert.. 

fusoal 

shmule i.V'tp.. . 
'irnull. iti Pal ... 

Sluaei 

-’Miuili luier 

?uill)i Kiltie 

>..ittrou 

Niiitlhlunii 

1 Siulberu LaJ. E-i 
1 suuibein Cv... . 
Stbo. A at. Ilea... 


| Bt*. Can*. I a 

Unucan 

Briuiv 

Lalpan llmw... 
iamdiir Mine., 
i. a hr. la Cemtsni.. 1 
CanaiJa XU Un. 
'-Juj.linpBi, Ccn> 
kana-la la-lu-i... 

Can. PkciiH.. 

Cbii. PbiIiu." lll*..| 
*.*■■. Super Mi . 

ksnina o'Kieie. 

Caaiiar AaUftU>-> 


165* 

167* 

e'a 

bfrQ 

381; 

581? 

241* 

241, 

45 

<45 

*41* 

241* 

iZ 

2|4» 

3 85 

3.75 

61 

61U 

- ■ 

161? 

17i? 

17 ip 

157* 

16i? 

7.0U 

17.3U 

38 

38<« 

IS'? 

15i* 

13-'* 

121? 

81? 

85* 

asii 

29 


nwneier. oauhs remainea m r i^ nrJ „ r lrri , r „ -r . K _ 

easier vein, with Deutsche Bank '■ I 

aa t as SS® ■s-^-i’B-i’gj 

~a» i sK’ysS'^ 

Trading on the Domestic Bnnrl but Peko-WafisHid proved ■ — ■ 

mSt wasVlLtiv^^r Sd ^«« P uon, hardening 4 cents to K0MIBEAL \ 

mured by the latest tender of «,_!*' - I 

three- and four-year Federal ‘J 1 *™ ‘ ^ 

Notes, with Public Authority ,0 ?t 4 cents to-AJI.-jS and lo.lu*tH*i 

issue.; sheddin-r un tn 4 (i nfennis-s Audimeo » cents to aO cents. bu( Lomfioel , 

,ss ^*0».“s= au p Sk ■artas-fasts?* TO bu«tq 

purchased a nomiiml DM 14m of cents more to Jl »wiu 

paper, compared with DM 32m A»«-80. while 1(3 AibMm. log the j OBAHNEbB ITRG 
the previous day. Mark Foreign !,a ™ e araou "*. 1° A *p2. CS« , A . d Q«* ■ 

Loans, however, were steady. cents to A S3. IS and 3lyer. in tn*in«tria i 

n» Stores. 3 cents to ASMS. T“ — T“ 

r 3HS Among Banks. Xatiohal came ! 3J . ^ 

Umi raulnre finichoH r.n back S CCHtS further . tO A$2j2. I 


issanr* Falla - _ 

, Oct. oQ y Oct. ST.Oct,* 


luueb trnplari 1.962 | 1.889 


Kites.. “J 4» 181 1 481 

b»iii 1,293 1.479 (-1.4T 

L'acfauuied ; 234 ] 256 j 24 

Aew Hfgb,. ........ . — j . — r 

New Low. — I — I - 


Aew Ufgb,. UM> ... 

New Ltw«. 


Yu 


(Jnr. I UH. i CM. | Urt. 
SO ! 27 &5 i 2b 


iBilu*tn*i 

Loffll-in®! 


; M2. 57' >02.86' aS4.6Bf mildHO) 
i 209.74 2 10.04 210.80:201.96; *26.81 (12 ID; 


1800 lLB/2) 

170.68 Afrit 


Cum ix/»Jte 1220.7 1223.8) 1251.6! 1231.8. 1M2.7 (12ii0) f ««Jc3fri>: 


the previous day. Mark Foreign 
Loans, however, were steady. 


Otf-Mt 

iDifaBlrui 


: 2fi«.8 l !80J> 264.9i 246.6 I 
I 278-8 i 276.fi; 276.6; 273.9 | 


2.72.nil4j?l i 

27B.fi (JOiifr 1 


134.9 03/3} 


Paris 

Most sectors finished on an 


Pre- } 19ft | IW73 

Hon | Biftfr '. [/iff 


I’frH'i l ] l4A 


irregular note yesterday after CKV were 8 cenis. lower at Anitnlta.^ K»-<» «i-«> »-« Spun w. : BS.B8- . i 

a;tfhS° f t0dayS AU U If ,Et ' 96-76 i'S'piw'i? ®W«ton WT 569.40 560.64 •* 

investors were stili hesitant rtOllg iVOFlg . Denmark'” 68.*i 88.08 : «u» ; PB. 08 Switkerldf'ii 26 «j» : 866 2 ■ as^-k^ 1 

: (UOiJOUilu) .. ." I l ,-lajii liitji 

n . 19* • > • 


llwjel €t± ■ 
iS«) 1U-. 
VJ6JM SHc 

l 4 # ; WlI 


over developmentc on the In a reversal of. Monday’s _ ; 7?s 

monetary front, but brokers said advancing trend, the market iTajl0B 1 ,6 ' a 


( U bl j30i Iu) 
: W.O ; i-u.6 
' rt'lOl . >4 21 


the announcement of a -French reacted sharply on- subsrarMiiai | Germany rm 829.10 826.60! u«.fc i Voh.4 


P7*. , 'io- 

,y* 1 .’v.-uthern irai-ui>..i 


Vlinn Minj*.Uri- b8^* 


ilui-il Lull, .. 
U.lllnAIIll,., . 


i|p,|p,npi* 

VI u rpl i \ «)il 

X«W»vu 

Nit pi- 1. iiemti-aipp 
.Nnli.'lUi Can 


264* j 7-Wto-K.ihmri 47'? 

3*j I -UllltllkDll 481* 

I5i 2 j a’n't l»an;b*ie-. 45-'* 

291* I Hun.-b 15 

364* 'pern l.’aiiil ■ 413* 

371* j 3P|illM. K7i* 

Hal* atau-uuM Braihi 241* 
52 -inl.UiiCn lluruM 43i? 
46U ?tu. Un In-iuun.> 50i* 
40U |>M. MHMInu.. . . 33 


k-himaia 

kk-ratuci.i 

Cun*. Uailiurat ... 
Cuusamer (.hi. .. 


! Cimbu KwnmW a. 12 


Government draft Bill which Overseas selling orders coupled ; 'L9,10i 

woDld make profit-sharing with local profit-raking to close Holland iM». j ‘ia.s w.t 
schemes mandatory for S00 com- at the day> lowest . lev-el. The HoiwKong 673.ll 63S.32 JOLTOl-oSflA 
panies was welcomed . by Hang Serrg Index, up 15.01 the *«v, ■ j t 4/Si ; <1441 

investors- previous day, retreated 15.21 to Italy !»■■; 13.44, *2.10 : biua ,65.46 

Banks were mostly higher. 673.11. - . J i2fc(lh ;nu i» 


bJnlt Prc. 1953. If Amstaritain mdmO 
19 ju 9"! Hang Sena Ba«A 
Cnmmrraalf hKliana 1«n. fffo* 
Nev> 4K 4'1/IB b Srrarti Ttmr«1S 
■«• Closed. 1 <1 Ataunfl SE 30/U/W. nSm 
hfllm industrial t/l'Si. iSvnn Ra 
Corpora non n (liuvaHalUa ' 


kualAiu ■ llJj, 

Lta»o Dorel 124= 

Ueoi*ou Mint*.. IU? 

U.PIUC Aflpe* 87 

. Ik.-nie iMnunin, 72 
Uumifilun HiiU*. taTJb 

Unnuat ; 4i<* 

' l/upum I Si* 

raicoii'ao.'ti v»? 32>* 


(si 433.18 139.7b I».76 'j64.c4 MONDArS ACTIVE STOCKS - 


NOTES: CUrrs?*! pnea shavn below and'or strip issue, e Vefstmie. t francs. SinsapoWfir 393-61 1 
exi-Iude S werniinn. Belgian dividends jj Gross drv. %. k A sarnnetT -dividend after ' 


arc after wiffibolding lax. sctid and'or rishrs iwif > After local 

4 DM aft dennm. unlms otherwise srated. rases, m rax free, a Francs Indodlnc 


■3."lui i iJ.iOj 
(d .) *»x0 ; 2a2.0 
i (V : 91 I (9 i) 


Stocks Closms -or 
traded price " . da 


vickls based on iwi dliidcnds plus tax. Cnllac div. v Nom. o Share split, s Div. I ' , * u e*ueoi - -- _ . . 

V Pia 5«l drnnm. unlrtm nttiervnse sfaretf. and yield exclude soecial .payment, i Iruli- ■ lianflurds and Ppora - 1* and l-Brnnlo «w , ™CK 


Lndicea and oaae Oates 'all Dear values ^n-Amer. Atrway» 


GONimun - fl Raraada Inns 383-100 


4 DKr iwi dennm'. unless otherwise sured! cated div. uCnofhiial irartn^. u Mlnortiv I w«-l.wni Uie iai» named nasefl on iv>«t. Wesilnghouse Elec. 


i •MauITt.bvini.iil..: 42 


I-'ipiiiI li.it, ir i^an.! 77 <a 


•I* Sw hr .W drnom. ana Bearer shares holders only. w.Menser Dendine. * A Sited 
unless otherwise mared. r YjO denom. t Bid. 5 Traded. iSefler • Assumed 


- Exdwiine boons. i tuft rndirtmais.. Aix-o 
: too Ino'wtnaih. 4» Unluies. to Kt nance t.’AL 


— «3J« 

486.7110 


'J.A.t 101* 

'.raunen 41,* 

Gro.Amcr.In*. .. 9.j 

1>_A.T.X 271* 

U«*u. i.nijie 14!, 

1.,'en. XJjnamis-k... 68-'* 
I'ien. kiolrus... 485* 

lien. Foi>i- , 

j uenerat Mill*. .. 291^ 

1 'general M..n>r».. 61 
I lien. PuK Liil... 17i* 

I lien. ai£iu.i 26ia 

I I Hu. J*i.Kieut... 2BU 


Uea. Tire 1 24 


Ueueacu 4J( 

I lieu-jU 't*acifti-.. j 27 

Gevunuive 22 1# 

'.prill l»i> 371? 


IjlfttlM 263i 

uivl.lcb 8. F..„ 1B1| 

'jiNttyoRi in*...., 16 

UmuI.I 27 Jg 

Unwe W.II aO 

Liitjii.KQ IV- Let, 3J| 
urt. N-jrtli Iron.., 251? 

n Hag 

«juii a tVfttem..: ISig 

fuuliOi 2.3* 


10*3 Aat. Divliiterr. . i 191* 
4il n A*u -"twice lo.'. i3i* 
9i* NhUmOh. TU-el.... 29 J* 

271? Aal-Biar . 381* 

I47 S V.-B 581* 

64 A'epluue hull.. . 213* 

47'.* At* ku-imnl t... alof 

32 Ace Eng land lei 31k* 

283* Ai*“«J* Muoank i4 

613* j NUyara '■Ware. . 9ij 
17 I A.l*.lu.1uurift.., 19 
251* ; Aurroik&Wapiena 1 l‘2n 
28i* .North Aal.Kat... a4Jg 
23 ia Mho. atau* I’n-rJ 2 31-* 
4l ; ; Athweit \irliues. 24 
273g- .Nlbotwt Bain-otfil 25’* 
23l« 'orton Stirajii. I6>s 
37s( | * keideuia. Kein.1 16 
I •Jjti'AJ Mailier. 22'* 
25 | ‘>ni.i kdiM-n idi 


257* ■ 'Wnuia l»rua . 

z/i* iSiu-ielekvi 

15ig 'uu 

luii-tiao.! 

19l 2 Sinie* 

IV-hnn.-piior. 

aOig I'ekttvuU 

371, l'eit»ime 

591, le.e* 

19U leotsv. 


Uen»lnr 

liiaiiilei'u'kuiir. 
tiuil t.ll* Lana, la ; 
dew'Ler^id.l.an. 

H.i. Huger 

HunieUi' -A" ' 

tfiul-m il»i II iu; 
Hinlsua But 


unless otherwise stated, s Price ai nine ir Ex nzhts xd E* drvnleml tr E» 1 arm !n Transyoft 1 SMriey All i.lrdinan>> A/ner - Tel. & ftL... 


m suspension a Klnrinx. h Schillings, scrip issue, a Bx all. « Interim since] 
r Cents, d Dividend after pending rights Increased. .' • - I 


Helgian SK Xlia/aa. — Copennaoen WB Boeing ,. 557.7118 

1/1/73 H Pans Bonnw 19BI. li C"mm*r*- Storage Technology -754.789 


« - 
. 6S " . ~ 
W. . - 
28* 

ITtxd - 
281 - 
Mi- .4 
«( 

881 4 

MI , 4 


GERMANY ♦ 


TOKYO 1 


AUSTRALIA 


BRAZIL 


iHuutoni'i'U.*-. 401* 


Price !+■*•: 
Dm. — • 


,i-e*, +or| 


Cnra roR 


IBs* i'-'lin 
lb ' 


'Itn«ii jtfaipf ... 


30U ! ' , o ear V->minp.. ■ 


Xo?l | Haiihuruml cBJg • 

HQ* i iJUuiua Mining.,.- 30U . 
22s« * Baro'-wjlecer. ...-, 15 1 

77 j? * rlsi rj- laprpn..... i 28?g < 

54W l Uelo/ H. J. : 361? : 

liil, i teuton 26a* ; 


51,. iMoeosIillAQi*. . 1 191; 

25li jHacliice*, <21; 

Hi* Ps'-iiiv Ugblin--.. 2uJs 
13 8 | ftu Pwr. 5 Lqj.., l9ig 
236 b PanA«»Wvi»l Air. 6-g 
661- I farter Uaooiiiu, t4lg 


] If«mil'e«roieiini T-t 
l useuv 23i* 

Lexa.-gul 21 

lexas Kaolem o3 

lev*. Li-4. ni 79 U 

Lex*- Mil Jc Ga-p.. 261* 
lexaa Ltllilie*..... 18J* 

lime* ln» 42ig 

I ime* Mirror 29!* 

Tinikeo 46i)i 

I non 39>, 

i rnihimeru-a . ... lPif 

I I'csosiv 1848 

ImnLnl.rfi 5Q 

LnD-aax lotta.. i 21i* 
Iron Wot id Air.. ; 17iii 

Ira veen, i Sl'.g 

frit. *-n li nenia i ... ' 17s* 

'I'nioOMil A: tta».- 41* 
IUW 361* 


I.U- 

iOM-tfl.. 

Iiuperiai <»n 

la-«i 'A — 


19i* ' l«s? 


Hcw,e i**cs*rri..., 78i* 


tj,* Hun-lay lone ." 17s* 

"‘1 ' AKA. 


Oeveund Uiff-.. 1 27 


izt, , Uumeetake. 364* * dfll? 

Pfi*: ‘ ^U«1 63 607J 


I'.ULkoia 4 Hi 

C/igaiePalin - 17a* 

L jiiuns Aik uuui.. ! 9* 

l uiurnl-ui Las i 25!>* 

koiuiupi* PiiL.. ! 16>* 

Grtm.lnsLo.it Am l6Tj 
ComLsivlioD bus,] p37( 
Giimhuiiiou Lft..., ll«* 

i"m u-tii hdi.yn. 25ig 
Lomu. Valeri ne. I 37^ 
iJompuLer8i.-ieoc.l lOTg 


41si I h 4i , *« — ■ **^4 

17 is I tk> : p-t’orp. n»«rr Je73g 
q, Huu-luu Aol.ba • 2l5f 
I Uuol/Hn ^NiLllipi] 115a 
i Huuen K.K.i ! 15 1 3 


l.L . Indii’tnea .. ' '<4lj 


ON . 37l 2 

luyerson llanii... SjJg 

' Iman-lbteei - o5>* 

luiuexp. 13 Ig 


13 | r>u rwr. x u«.., 19>g 

23Sb I PanAm Wur.1 Air. 6-a < 

661- I Parker Haoniiiu. 1:41a ■ 

ji21a I'tobiirtv Inti...... 22U ! 

j*;. il'tn. Pv.lL laOU : 

29 J Poonv J. L i o3lg 1 

a8 I PemuttU J Z8U. , 

203* r i*eui»le» Drug j 9lg ; 

i Pe«|aiesGaB I 32 . [ 

761* j Peptic* 2bSg ■ 

j 8 i™ f Perkin Jilmor. ... 2lig . 2lJg 

607g t*el ; 54*4 : 54- * 

10dg 1’iner j 323* I 31s* 

25s* ] Phcipa. Dudge.. .. 221* 1 

21 flnladclpfaiii ki«.‘ 1/ . 

125* , l*bilip Minis ; b93g 1 

15 I Phillips Petro'n>.| 01/3?. 

k63* i WHrtnuj I 391? 

573„ Picnej-Utraes. >3i« ; 


196s • .iOthGennirytoa 27.'* 


241* j GA IIL-O 


IG1 


Ciutevei V 45 ;■ 


331? j t'antrrr AV • 603* 

281;. i Viiluh Ban-.t-ry.. [ *5ig 
10ig • l r nii<n Lort-iitc... 36i? 
331* | t nioaOmiini-n. 1 *- 1 863 
253* ' L"n i.jii Oil Loin .. 503* 

] l man Patilu- 1 5 4 

L'atiq>xi 63s 

Alio j Lolled Bro 9i« 

22^ L'S Bam-orp ' 27Vg 

i.p? L's Uyp-um 1 25l? 

fa E.® LaMioe ; all? 

w * t'S dLeei : H33* 


3Sl» I KS 'l e *.' l, no | u S | ft.| 

ill iD>lu.-lrie«....- 


‘.onn Lile 1 1- I dfil; 


Lonra._ : 16 1* 

1 un Liiison AY.... 23 

V. oniui Foods. J 23'* 

Luoaui AalOa-...: 343* 
i^ovumer Howell 214* 
•.vnlioeoui Urpj 39 
Cum 1 dc nut! Oil.,] 251? 
I'jnimenuii lee! la 
■.‘.sorp.ii Lrtu.. ..., 323* 
U.xi(.er lanue : 436* 


IBM .2721* 

! Iln., Flavour*.....] 21-g 
I Ini.. UarrenUT^., 423* 
! Inn. MiuAUbenji 371* 
I Ini'. Muiiuood*./- 183* 

] loco _..i 17 

J Ioli. Kapei....~...: 41 

! Iol Keen tier. 9og 

Ini. lei. A leu- 273* 

I Iona Bew — , 343* 

IIL Ineraai'ouai... lOij 


131* , 12i's 
721* 370 


Pleaaey Ltd A Dll; 22aa i 221? 


law .'•'S' 

bslp. 1 waisi 


Virginia Elect. .. 
NVaistcen 


Maroid. > 461*" I 45 1* 


443* | Jim Wait*!.... 


170 | PftL*mec Elec ! lft*s 

211? I I'm loduatrlft.- 28«s 
331? 1 Enk-ier Gam be;. b4'« 
571* , Pub. ier. Elect-. i 21T B 

181? 1 Vu liana 1 356* 

lbJ* | Purer lb*s 

403* Vuaker Uax> 223* 

9Jg Kapld Araeriran., 13 

27 1 Kaiibeaon 434* 

36ig tic A 251? 

103s 1 liepuhp-11 steel...., 23 
28'* Itetuiiv lorl^ 37 s * 


Wanu^-LuraniD-, 401? 
Warncr-Lamlien.i 25<g 
Wade- Mau'mem; 25 

Wellvlir«a 273* 

Te-ura Man, un a5i* 
NVftiem A . A mer- 213* 
tt'ettm laiio,..' I6>* 
We*ungb',e Jile.-i 173* 


41, 41* 

36U ' 34 Ig p,,-lf 
27 '.'r • 293* pu^.i. 
32U ! oil* 

«'• : 1“ la-. 

if" 4 : *?. Peupi 
fin? 1 Snl" nBV * 

bOJ* . 6Q1? 111. 

Hi* ' 

36i? 361? ., 

8i 3 ! «urt 

303* • 505* KJ 
-4 1 533, | (m> 7 

64* 64* Riu A 

91* ; 9>* Ih-yoi 

27 V* ; 27 J* Huya 
25L? . 251* . , 

all? 1 211* X ®’ J * 

<j34* 1 K35* 

38' 1 37ie 2, 

JBI* 1B3* J ,WT 
14 .14 J* 1 * 

24ig 25S 3 
401? 40 in ' ,U:e: 

25-s 25ag 
25 ; 24^ , ewt 

273* 28** UI ' ,u 

n5is zb , lT * 11 ' 
213* 213* ; Jrau« 

161* 15^* l”'* 

173a : 173* |J' n J w 


lads 141* 

lnian«< Aal. Ga.-. 11 

lul'p.r Pipe Liir* 171* 
kai«ei Uesuuivet l&l? 
kauri Fin. <.-jht|*... ?•* 

l*4.lan l i.'m. ‘H 4,4 a 
Meiwl'n Btueil . i3'» 

Damej Perguv.-a, US* 

■\lul Dt\ re 'kSU 

MiWrt Lurvo So 

.Uuuuuin Suir II 1 2.70 
AaroinJe Mine..... 341? 
Aoa-en Encegy...- IS?* 
Mb. leiccom.. ..• 343* 
.NurDacOil A Gat! 23 lg 
Mskwivel Petr a! 4.00 
Pacific (..upper Mt 1.85 


NKt* 82.5-1 

AHiaiueWi ,icli.. 488 -4 

HMlV 2^3.5 -r l. 

M.Nsf 134.7 + 1, 

Ks.ier , 130.2 T 0. 

a>y*i.tiji*j.. . .. 309 —8, 


82.5—1 — . — Asabl Glass i 345 ,—5 

488 -4 31.2. 3.2 Uamso. -I 430 -1 

2s3.5 -r 1.5 28.N; 6 3 L4sio tt&O -5 

134.7 + 1.5 18.16 7.0 Chinan 400 *4 

139.2 t 0.5 18./6, 6.7 UaJ A ippw* Print Obi i2 

309 —3.5 *88.121 4.5 P'uji Photo.— 53d 

LB.Sxf-O.o 18 , 2.9 I HltMLlL ; 2« _2 

149 : - : _ Hunda Slblura.-.. 480 -4 


Buyer- Hi \*i 309 -8.5 -B8.I2I 4.5 Kun Hhotu.._ 53d 

Bayer- Veietashk:. 312.Sxr"— 0.3 18,2.9 HICsl-Il 2 « —2 

Lile Ini. Awl. wit* 149 ' - . - Huuda lliUura.-.. 480 —4 

Cuiniiicr/biiDli.... ■ 228.6 — 0.6 26-56' 5.8 Huum Fwd L160 +10 

Cuoiiiiunimi.. .. 58.5—0.1 — ' - C. Iiuli— 242 —3 

Daimler- Benz 342 +2.5 28.12; 4.0 lu+Yucadu. L74/ 

Dtj;u««a 260 -3 17 13.® 4. L «, 755 >14 

Helling 177 - i 11 3.1 J»\.L. 3.900 

UeutM.-he Bank....' 505.5 - 2.5 28.12 4.6 Kanul Elect. P<*. 11,170 —10 

Divstner Bank .. » 246.5 .98.12] 5.7 . Komatsu 370 1 


Uickerliolf Zeml.' It 6.5 + 5.5 , 9.38 1 2.5 . Kutkda 

236 “ .“!»liS5as=£qa«J -» 


Hapaa Llu^d 

Harjiciici 


99.5 14.04. 7. 1 lints in hit* lnd.7 752 .—13 


H>jei-li>l 153.5 + 1 


Facihc I'etoleumi 38is 384* 
Pan. Can. Pet’tn' 33 U ! 33 

Palin. > 1 2 lI; | 2U1* 

Pifp/pift Heps. ». ! 3.00 1 03* 

I lace Can. * Op. 1 i.b5 1 1.58 
Placet Devetopmi . 25 a* 25 Is 
IV«ert.uij«iiV 18s* 19i? 

Price ] ■££,*> ‘ iiiel* 

yueftm- ■mugei.m, 1.80 J 1.86 

Kan^er Mil j 14 14t« 


Hoftct. j 49.6 -r a 

Hurten - ! 159 — 1 

Knli uud bait. i 143 — 1 

Kar-iadt ! 323 ..... 


fib./b,l0.6 Uiuubidiii BauL! 

153.5+1 !18.76 7.1 lliMuhisbi Heaiyi 120 —1 

49.6 -r 0.4 : - - Mitsubishi Curti.J 424 -2 

159 .—1 9.36. 2.9 Milaul 4 tu J 2«6 I 

143 —1 14JR 4.9 MlUukidhl 581 

323 - '24.4, 3-b I Nippon Denso..— 1-620 j„, 


2fc0 — 1 

120 -1 


Kaiith- >f ..._.! 248.0 18.W; 3.8 | .Vippoo Shlnieo.. 825 


i(ce>T etenboOMti.* 10J* > 104* 

Biu Aiguiu ' 361? { 361? 

Ih-jal BL.oi Lan 3b . 35>* 
Huyal'lnisl '. 164 I lttog 


^cotAroKewuTce*| 6 

Swagtam- ' 291* 

Ohl-Tl L*i rrada 15 U 

dlieinlt G .Ailnfti 7J* 

3ieien»U. G 37 1* 

ounp^.n Ol? 

■■Men: pi LauAils. : 27 1* 
sleep Hack iruo 3.63 
i'exacu Lanai ii...; 444* 
lun.uial>jin. Bk.. 213* 
L■raUi.L■^luPlpeCu , 171? 
ltau» Haunt Opt 81* 

lri/ec tlo'i 

li moo Gas ! IU* 

IhJ lilme Uiaer 6 


kiw Liter UMM.. Si4 ^0^ 

KHD ' 196.2 +1.< 

Krupp 107 —2 

Ltnde ! 2712 +0.2 

Laiacuhrau luil... 1,06 j —10 

Luiihausa 91.7 T 0.7 

41 A A 224 - 3 

Uannevnaun 17b .-0.2 

3Ieiailge> 246.0 

Muucbcuer fiuck. 640 18 J 1. 

-Neckccnianu Ib4 *0.3] — ; — 

Pnai+e^ DM ICO.I 137.7 t 1.2 ] — I — 


M +0^1 — ■ — l Nissan kltton. ' '665 5 

196.2 +1.7;i8.73- 4.8 ! Piuneer L450 J— 80 

107 —2 : — ■ — Sanyo EleLrl.i... ..• 2+8 j 

278.2 +0.2 ' 25 ; 4.5 ! seklsui Pnrfab 972 +2 


,06j —10 1 25 : 8AJ J Mliiwiilo -1.33d 

91.7 T 0.7 j 9.36, 5.1 leiouy I.a70 

224 - 3 ■ 12 1 a_7 1 Talsho Mariue_... wfi 


176 .-0.2 la.lfii^ Jakcita Cbtiuharl.. 449 T — a 

246.0 1 lu i 2.* - — ' 1.980— SO 


! 18 1 1.4 Teijin - ! li-2 1—5 

j-O.a — ; — Tolryo Marine.....! 603 — 2 
— 1.3 i — I— Tokyo Elect Koir'rl.UDd I 


libtiu W esi.ElecJ 180 -lo.S 1 25 6.9 1 JJjkyo Sanyo. ■ 330 ^9 


schemig . ... 

■*iietucu> .. 

iMiilZucker 

I hjv«n ,\.G. . 

Varu 

VKHA 

VeieiQrfi. W C-.THI, 

N'ulkrWuycii. . 


-68.5 — 4.0 28. lx! a.3 Toray 195 .-4 

394.5—0.3' 26 14.2 Ti»hih*Cvrp I 126 —I 

265m —4.5 ZS.MI 6.3 Tojota Matoi- ' £46 —4 

i£3 * 1 2.6 * uum Nui>o s™™*- 

127.5 + 0.7 9.36, 3.7 

So.o“L..' 2® ' a!? BRUSSELS/LUXEMBOURG 


Buurce hikko Secunue*. Tokyo 


I I Walker Hiram.,..] 351* I 3SJ* 


AMSTERDAM 


I I Die.; 
I*nce r + or ■ Fit. .Tut. 
Fr,. i — ; Aei | «> 


| 'Vcycrbae uaer 
! Whirlpool , 


25"a i While Con. Inrt..' 


Wc*t Coa-iTran- 111* ' 
He-leni G'eu i 181? I 


231* ] William Co : 16Sg .' 


H i+vdiId llffk. 86>g 


t Bid. : Asked, i Traded. 
A New acock. 


\ hold i fi. aJj .. .. 

Ak3jiFl.Sk" i 


■gB .._ "k;,-+i+ Art*** 2.200 •+ 10 : _ 

Pnee i + or iTJjv TO. j^rt en -. B " 2.670 —5 1 16 

h ^ • | • 1 ■" C-.BJf. Cement...! 1.180 —6 ,100 

in* bT? a jm I a * 'JockerUI 403 !+33 : — 

EBBS 2.285 ,-30 177 

30.9 + 1.0 — — KlnvpnUll * turn . . ,n I* m 


r 14 2.0 ! ACM1L »2a cents} — ..i 

12 : 1.4 1 A«v* Australia. 

I M, 1,4 V1LVTIL SI j 

20 : 8.6 An»|wi Ksploraiiuu... ( 

.18 ' 1.0 Ampul I'ecroleuiii...., 

. IS • 1.4 -'»w. Minerals r 

j 12 - |^8 Asihis. Pulp Paper SI ; 

! 18 • 1.9 Akn.ie. Cou. lnduaine*...— ; 

; 35 ■ 1.5 .Anal. Foundation Luveal—r 

' 18 J.5 A-VI . ..i 

. 30 . US Audixncu I 

13 1 0.9 i Ann. Oil A Ga*. I 

. — ! — "• Bamboo Creek Gold. — ■ 

10 ' 0.4 ; Blue Metal lud ; 

. 18 ; 2.4 | Bougainville Copuer- j 

• 15 , 0.6 I Brambles Industries - 

I 35 i 0 b ' HJil-l’ropnalary— ,i 

30 i BH a'outb 

i lO • l!a Carlton United Brewery....' 

1 12 = 5.0 GjiJt <SL|I - | 

! 15 1.5 Cbckhurn Cement. { 

14 8.4 ColwffJ.J.l 

80 1 1.7 CVms. GoMflehia Ausl : 

: 15 j 0.5 Container (Sli I 

[ 12 j 0.7 Oocrinc Hiucinro 

16 ; 1.2 Ooetaln AUktralia 

i 48 ; 1.6 Dunlop Itubber (Sli 

12 2.4 HSCOO. i 

30 1.5 Rlder-Smitb 1 

1 20 :0.7 Kndearour Besourcea i 

; 40 1.4 InduMrie 1 

(II 2.2 Geo. Property Trust I 

15 1.7 Hanwraler...... 

| 30 ! 0.7 Rocker : 

j 10 > 4.0 ICI AustnaJia- | 

■ 11 i l.l inteMTopper 

; ti 3^ Jennings Induacrfes 1 

, 12 i 1.8 J.aneq iDsildj.. , 

i 10 . 3.2 Leonard OU j 

I 10 I 4.0 Metals Exploration ' 

* 20 | 1.2 Mill BofdLnss — ' 

Tokyo !*}'•» Emporium -j 

A'icbplas In terns tionai .. „j 
.North Broken R'dlnaiiiO.-V 

OabbrMip? ; 

i)j T ■ — Oil search ; 

Fit.’ Tut. Otter BsfploratiuD • 

Net i ®* Pioneer Concrete 

I _ JReckfrt & Cel man 

_ 1 _ H. C. Sleigh ■ 


— ... fil.68 1-0.01 Aueslta. • 


Bancudn BraziL...' 


t2.07 ,+a.02 Banco lta*i PS... 


0- 90 ]+UJi5;0.12jlf 

1.82 f-0.B60.16ia 

1- 4+ OJ57 E 


.t 1.50 J ...... Beitfu MinmraOP! 1AJQ ,-OJl 0-0S8-_ 

♦0.75 :-u.b2 Ltiju* Amer. O.P.I. 0.80,6. 

tV.40 | v..„s. PetrobroaPP. >^.12 i-OJ^O.18,8:- 

♦1.70 j Plnaiii OP 1.37 —aOW.lftlU. ' 

f LBS -.-8.06 Sinn Cru* OP....I 2J0 +0J2iL25!|9. 

♦ L03 ; - I'nip PK '.; 6 37 +0. 070.254. 

♦ 1.68 • Vale ff lo Doce PP 1.U9 i :'0.18 Q 


V k % K r, T f 


♦i.6a • 

♦O.Su HI .07 


tO.bO -O.uJ 
tO.BO I .— 


Turnover CriM.Sm. Volume «7Jia 
Source; IUo da Janeiro 32. . 


♦ 1.16 i+u.01 
tl.r4. ,+4.Dl 


♦ 1.61 1-0.0’ 
♦ 1.70 . 


I Kroner ' — ' i . 5 


♦1-70 | Bergen Bank .....J 98 9 < '• 

♦3.18 -QJM Burreward ; 65A» _ — ! . 

♦1-33 l+MII I Credit hank ' 118.5i • 11 | I 

♦2p 21 1-0.04 KminoM 295 ,-3 SOT'i 

t3.45 I ttreilitUkH+n 1CW 11 

12.65 +flj»l \oi>k Hytrin. Kie|l79.0id '-O.a ,18 ; ; 


■♦3.80 j 
T1.75 ; 
♦1.45 ! 
♦0.87 ! 
♦2 30 ! 
h3.«5 • 


Storebrand 99. — 0.5 j 


JOHANNESBURG 

NINES 


♦ 3.02 --0J1B i Octoher ni 


♦ 1.60 • I Anglo American CorpD- — 

♦8.18 • • Charter Conxllldaicd 

tO.77 r East Driefomeln . . 

U . 28 ;-o.n ( Elsbure 

S/ c+i.i*; I Harmony ...... 

„ . ! Kiool 

Vo, : (Ruwenbun! Platinum 

*i-?5 ■ J Sombvaal 


*?‘£i I*®-? GoW Fields' "SA 3.X! ” 27^1)0 

tl.DS I hi.iiA iTnrnn rnrmpsrhiN cm • 


ti'Sn • M i!|, i®n Corporation . 
I? ••• •: i Bern D-r?rred . 

!? 8 o ‘"n«f n| F l «»nJllzk;hr .._. 

* J :0 j-fl-Qi | Easr Band Ply. . 

♦ I 59 Free Srate Geduld . 

♦C-iO j i PreaiilvnV Brand ... 


♦0.38 p+il-p J | Phwidroit Sieyn 


. 2.670 —5 '116:4.5 Southland Mining... 
.11.180 — 6 ,100 I 8.5 tspargo* fkxplomtlon 

. 403 :*33 : - j - TooUi (fli.. 

.8.285 i—30 177 7.7 Weitona... ......... 


Ble-xrotiel] 6.860 |+40 (430 ' b.3 Webtem Mining f&O ii-niri. 1 

Kabrique Nat 3.005 +55 ,170 I 5.7 ffool worths. I 


EUROPEAN OPTIONS EXCHANGE 




Jap. 

Tnl. Tjl'I 

Apr. 1 

VpjI, Lrut , 

July 

Vb!. LiK 

1 

\ StceV 

ABN 

T.350 

1 

16 

_ 

. . 

_ 



■V.368 

IflN 

F.370 

— 


1 ; 

13 • 

— 

-- 


.U5> 

T.380 

1 

3 

■ 

— 

— 

— 


AK3 

F.27.50; 

27 

. 2.40 

31 ; 

4 ; 

— 


F.27.20 

AK7. 

V.30| 

12 

2 

15 

2X0 

s 

S.TO 


Ah!/ 

F.32.SO 

8 

1.10 

55 

1.80 

— 



Ak£ 

K.35 

. 


10 

1 : 


— 


A HR 

F.73.95 

30 

3.50 

2 

5.70 ; 


— 

_V.74.60 

ajih 

F. 78.90 

10 

1 

31 

s.ao - 

— ■ 

— 


AKB 

F.83.90 

— 

— 

19 

i.ao 


— 


KK 

S45 

3 

141; 



— 1 

— 

— 

3581'* 

FK 

.»50. 

ZO 

95* 

* 

— ■ 

— 



th' 

S60 

5 

5Se 

16 

5'ib 

s 

7 


EK 

S70 

a 

: i 

7 

2 


— 


IN'': 

SZ5 

2 

1*» 

— , 

— 

— 1 

— 

saaii 

FNO 

♦30. 

3 

*? 

-- l 

— . 

— ' 



Hi' 

V. 52.50' 

11 

4.40 

8 

6 

— • 

— 

£.34 

HU 

F.40. 

19 

. 1.40 . 

37 ' 

2.80 .• 

— • 



H'» 

F.45- 



' 

io ; 

1.60 

— 

. — 


IBM 

S240 

10 

34V 

■ 1 

— 

— 

— 

9272Li 

IBM 

5280 

4 

81* 1 

1 

— ' 

— ; 



IBM 

*500| 

1* 

Sift 

17 ! 

8 

— 



KI,M 

F. 155.50' 

58 

B.50 

' 

— 

1 


F.124 

kl.il 

F. 142.90: 

18 

4.80 1 

... ; 

— < 

“ 

+- 


h LM 

F.180' 

31 

5.50 . 

13 ! 

6 

1 

B.70 

KI.M 

F.152.40 

26 

: 2.S0 


-- • 

— i 



KL.'t 

F.X60 

a 

1 8.50 

24 : 

4 , 

1 , 

a 20 

KLU 

F.161.90 

2D 

. 1.70 ! 

... I 



_ 

„ 

K LM 

F.170! 

21 

i.ao 

20 ; 

8.B0 ) 

— 1 

— 


KLM 

£.171.40 

15 

1 

— 

— 1 

— ; 




KLM 

F. 181 

I 

0.40 ' 

: 

— 1 

. 




K I..U 

r. 190.60: 

30 

0.80 ■ 

_ | 

— 

1 



NN 

F. 108.90! 

10 

5 

-- I 

— . 

ra. | 


F.108 

N.V 

F.llOi 

— 

— 1 

7 . 

7 

— » 



y.v 

F. 118.90 
£.Z2.5fr 

3 

. 0.90 j 


— • 

J 

— 


L'HI 

36 

! 3.60 

25- 1 

4.10 1 

i 


F.Z4.40 

1*H 

F.25; 

191 

: 1.60 

45 ! 

2.50 i 

14 ! 

3.20 


PHI 

£.27.50 

62 

: o.flo 1 

103 | 

.150 : 

11 > 

2*30 


PHI 

F.30 

126 

: 0.40 1 

81 i 

» -i 

29 ; 

1.30 


pun 

sao! 

1 

8'*l 



— i 


>5*7 '' 

PKf) 

■«50| 

560 

5 

3I S ' 

— 

— , 



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PUD 

5 

la 

. 2 

■so 

— . 

«ro 

l ” 

L'D 

r. laol 

82 

8 

— ‘ 

. 

8 j 

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[F.iai 

KD 

F.I30! 

56 

2 • 

9 : 

3.90 ' 

8 . 

4 


UD 

K. 140 

10 

0.30 

s 

i.90 ; 

— 



[ass' 1 

■T 

65S; 

10 

f 

— 

— ; 

. 


UNI 

F.llOi 

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6.70 ' 



— , 

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INI 

F.130, 

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— 1 

2 

4.40 

— i 

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S45 

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aii 

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5491* 

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N 

IV. 

5 t 2U, 

F-b. 

Mat 

5831* 

BA 

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7 

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_ 

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3603* 

BA 

360 

S 

31* 

9 ; 


— J 



BA 

S70. 

c 

l* 

1 ! 

31* 



. 


ilXT 

S15 

- 

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F16U 

PUB 

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— 

— , . 


SBfiii 

frLB 

A 100. 

— 

t 

— 1 

— 1 




Bubmi’ Trtierodei 
tlvener (Ki.ai'i ..! 
huuiaV.V, Bearer ( 
hurComTsUFl-hrij 
Oisu I Brocade: FI 
H«nekeu tt'l- 26i.l 


Ii|i=k:-"EB5 cS> !l« ! ?:l - Pa - 3 ' 

233.2 —0.3 i 37.6' 3.6 i KredleltaoL - 7.170 1+10 290 i 4.U Benie <* 


♦ I.'i2 Suifopiein . ..- 

♦S.70 weikom :... 

♦0.66 ...... Wear DrWanieln 5< 

♦0.35 Western Deep J .. . ] 

t J 4 +B.0i 

Tl 77 -UJfi - - - INDUSTRIALS 

♦J -2 ■D. M I AECI , ' 

tl 58 ' -a.04 Anclo-AineT. Industrial ... ] 

tl.bS ! ! Harldw’ Rand 

— CJf.l Inveximenta . ♦ 

Currie Finance ... 

— °p Beer? Indunrlal 1 

■■il l>iv.v«i Krtcars CnnsolMaied I (tv. 


+ ...1 Div.V-i 
— . € 


— W.aJ r mM fi.U ’ f T ™ sag j f,w I * * ~ 

71.0— 0.5 l 943' 4.9 l* Uoy-alo Belge.^6. 100 | _ja85 ' 5.3 AWque Ocuid'l'c.l 4u0 —l 

36 -8 i 20 15.8 Phn Holding i 2.800 1 SSUfil 2.7 Atr Up Hide... - . ( 566 |-Z 

1 14(3.8 Petrofiua 3.246- *3 180 16.6 iftuilalue • 5 JO ‘-7 

”joc. Den. Uauqu* 5.075 —30 ’JOa ■ 6.6 BtC ( 499 *6 

~ I ~ Hoc.CJ en.Uel£ii|U02.0 10 +5 Il40 l 7.0 Bnirysfiieii 1 825 !+5 

“ | ' Cofinn. 3.060 -40 215 j 7.0 B-B.N.Gerra! 60U *a 


BASE LENDING RATES 

Bank ...... ..... 10 «% ■ Hambros Bant 

Allied Irish Banks Ltd. 10 % U Hill Samuel ... 
American Express Bk. 10 % C. Hoare & Co. 

Amro Bank 10 % Julian S. Hodge 

A P Bank Ltd 10 % Hongkong & Sh 

Henry Ansbacher 10 Industrial Bk. o 

Bancw dc Bilbao 10 % Keyser Ullmaai 


36 -2 

93.9 +4.9 
34.8 + 3.6 
30.8—0.8 


749 I -2 
4uQ -1 
366 |- 2 


Banco dc Bilbao 10 <5 

Bank of Credit & Ctnce. 10 

Bank of Cyprus 10 

Bank of N.S.W 10 % 

• Banquc -Beige Lid. ... 10 % 


Banquc du Rhone 10?°i 


Hambros Bank 10 

Hill Samuel 510 % 

C. Hoare & Co t!0 % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullniano 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 ‘Sj 
Edward Hanson A- Co. lli% 
Midland Bank 10 % 


; Hop.-grpipcnt, iFI.Ku| 34.8 + 3.6 
I Hunitr D.r Fl.lOOif 30.8—0.8 
( K.UM.1W. W0*..( 123.5 +6.5 
lot. Muller f 120,.: 43.5 +2.5 

Nurdcn i FI. 10-..J 24.0. + 1.5 

Nn-Ned i u*i FU»,' 106.0 + 2£ 
NedL re-JUkfyi JO i 54.9' 


~ I ~ ^<K.Uea.Uelaiiiuiv2.D10 

*5iM — 3.060 


“ ! Tract loo Elect. _2. 640 

DCB — ,1.170 

^ i *- B CoMio. 


NedLredDkfrl^O 54.9 81 7.6 VujTTJii™,.™-' i irto 

.Neu MidBkfn.Mli! ZOO.5, + 0.6 I 22 I 5.3 ' iJUJoaioowciiep. UM 

One iM_20> '162.8 m +4.8> 36 I 4.4 


r'ra f. J Rrtaara Sloros fft.QQ 

j Kr+rReady S\ : +713 

■*H;J O.t Fedfrale Volfcshelpgtrmw 1 Mr 
41.15] a.3 ♦Ir+Btermans R fores .. arc? 
lb^; 4.6 n, w«llan. Assurance (SA1 2 23 

4&J2b’r 5:0 Niileit* ... — ..2.15 

Ifi.sbl 2.8 LTA I.M 

4a 5 J MrParttiy Podway ....: IID7 

40 j, l *'? NedBinli - 3.W 


3 Csrrefuur 12.090 i 7 oIj'b 


-15 |170 *,.4 C.G.E » 395 |+I | 31.b| 8.0 E rr ™!S r 

C.I.T. Alcatel ' 99+ : + 4 Ire.ul 14 ^ rF ' orta f ^wnt - — 

Ole Bancnire i 430.L-1.9 74 13.6 n7? ,T a irt? a , hl £ S ' i' , 

Uluh Slupllter - J 497 :-8 1I.8S 4.4 ” 

Credit Cum- Free lao 12 I B^J^ raT " :,, G^0 ' l,, — 

LVeunx Loire . .. , 64.95 - i _ n n wiii.ira' ** 

t>. Petrei Ira i *38 —1 10^:10.2 r r, anub>» 

Gm. OorJdentaJcJ 3C4.5-0.5 10.5,' 4.u s'.\ 

Imccal I bO.l -0.4 ■ fl.7i 9.3 Tla-r Dais arid ?TatL Slii' 


-10 _ i - J C.I.T. Alcatel 


Premier MfllhK 

Preiorls r>m+nt 


30 ' 7.o]Cle Btuicnire ! 430. L— 1.9 


Dgcni - 29.5 +0.6 

Ibu Ommeivu—.i 131 -4 

P»kli-.«d <r JO* 42.5 +1.5 

Pbilifo (Fi.KTi....! 84.4 +0.5 

Itjntv-hVcn FI.luO : 64.5 -2.0 

Kulft.o >FI^U> 160.1 +0.1 

KuUupw iFl4ft)'... : 129 —1 
Rureiuo , FI. Mil.... 128.4 


23! 7.8 SWITZERUND • 


84.4+0.3' 17 j 6 J Ocl.ol ; Fra. 

64.5 -3.0' — . — 

160.1 +0.1* A2bl ( 8.0 ! 

„ — Alurolniura ; 975 

122.4 19.3- 3.8 UHC A’ llAOQ 


Price I + or j Dl« 

Fra. . — t 


Club lli-il ler , J 497 ;-8 
Credit Com- Fr'ee, : laO 
LVeiiHX Loire . .. 64.95 - 1, 

Dump? J 706 +7 

Fr. Petrei Ira i *38 • — 1 


r ** «,+ b 

o 12 i a.a n 

.95 - 1.7b - I _ T 
6 +7 |3i./b| 4.8 s 


I x.\ Brrwrlp* . 


Barclays Bank 10 % * Samuel Montagu 10 % 


Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 


■Brown Shipley .• 10 % 

Canada Perm’t Trust... 10 % 
Capitol C&CFin. Ltd. 10 % 

Cayzer Ltd. ... ' 10 % 

Cedar Holdings 104% 

■ Charterhouse. Japhet... 10 % 

Chouiartons 10 % 

C. E. Coates 10 

Consolidated Credits... 10 % 

Co-operative Bank *10 °o 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

Duncan Lawrie 10 % 

The Cyprus Popular Bk. 10 

Eagil Trust JO % 

English Transcont ... 11 
First NaL Fin. Corp. ... 13 °o 
First Nat. Secs. Ltd. ... 12 % 

■ Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grind lays Bank $10 % 

■ Guinness Mahon 10 °S 


Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 <5, 

P. S. Refson &. Co JO ^ 

Rossminster 10 °u 

Royal Bk. Canada Trust 10 °o 
Schlesinger Limited ... 10 ^ 

E. S. Schwab 11!^ 

Security Trust Co. Ltd. J L % 

ShenJey Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Wbiteaway Laidlaw ... 10J^ 
Williams & Glyn’s ... 10 <15 
Yorkshire Bank 10 % 


— — JaoQuen Bimil I 163 -■ 3 _ l/nloer * 

221 —4.5 'IS.// 7 4 

2.4 h Orest ,43 ;+17.Ia.8f 8.3 - 50C1 

5,: rCetiMil 'l.8»0 -t '46,/s l.v f 

2.4 'UwKiiikWieunls. 533 - . 45,, 7.7 

3,1 MhrhHin -»r„ . 1.2 0 —25 81^4.7 

4,81 Muet Henuawev..! sbB -1 l 18.61 3.2 cmim ro 

126.1 -Oj; 4 8-4 

4.9 1 198 . '.+ 1 !<•.$? 10.1 1 

4.8 F«Iiln«y.....: ' 87.6 — 0.7.7 Mb . 5 „ ; 


6 7i 9.3 T| wr Oats arid XatL Stls. 12.13 


: Securities Rand UBS0.69J 
( Discount of 39.6°s) : 


COPENHAGEN A 


Price , + or 
Kn-utr. — 


Atrlelvbiakfii.-..: 140 

Duikks Bui | IZ5Jj .... 

K**l AiiaucC'c,.., : 1401* -.31* 
PlnansDunbea 230 —2 


■ Members or the Accepting Houses 
Committee. 


r -4w deposits ■*», l-month deotvlts 

7-d*y deposit! on hubs of ao.OM 
and nndcr frt 1 ?. up to lifi.OM 7i'«. 
and oxer fSimw 
Call droosiu oxer U.9W 74.. 
nmund deposits «J'-. 


PlnansConbeD 130 -2 13 H0.0 

Br* J3wrkT ‘ 4-0 -4 : 12 j 3.5 

1 For Pftjiiv_ 76 -la * _ f — 

1 Handel* baoi • l!s6l». 18 1 8.7 

U..Vtb , nH.fKi*V 280 -2 ! 12 j 3.9 

■N'oMKabel j 1761* | X2 : 6UB 

OUefaftri* ■ 114** +11 bI - - 

Prt !■« than fc 13 1 j 9_2 

PrevlD^hanit 137 ; n r 8,0 

soph.B+rvoi*ii .... 368 +5 12 ! 3.3 

auperm. 161 t 21j! 12 7.6 


Du. frimaJh 5.900 1 

lnii€irf.xxl H 4.950 !— 73 

'It! 1 rail (Tr. IMi. -1.840 —10 
Ncotle (Ft. 100) ...2.950 + 10 

gi — =;r+ Du. Rea -..,2.170 1 

OiriTld. OcrliliDD B (F^bO) 2.515 !-43 

^ ; % PiremaiPiF.IOOj! 887 j — 13 

- "* r Samics (Fr. SSGi..'3.0oU J 

.. [ - _ Du- Rut Certv.| a‘i3 6 
}.i ;2 ® wbindlerCuFltt 850 ,-3 
H (i?n »u'«rCl<Fr.K»l| 80 L -1 
}? !!?'? el* ImrolriTr. dSOii 776 !— 1 
13 .10.0 BnkfPr.lOfr 340 -8 
12 , 3.3 s vj M (IJenFrJWi 4.580 !-l7( 


IV.....; 1 07.6 —0-7 7 MR 

IHgmnl 295.1: *2 ’ 10 ■ l!7 2 Jmco ® , ” ,R0 


Per rent, 
12s 

287 

IJ l» 


iV T'i 3f. Gol4lh 1 148 '-7 ~ .14 -v a 2 ' 

if ii ;£ Sjirttaijr. 


y b j *V( TvWienini^ue... 600 

1 rriw^— tl ft* 848 


12 I 4 fl TbufTHwfi BrncFit. 

14 ] &.0 b > u » or - -J 

}giS:o STOCKHOLM 


248 ■ 4.7 1 15 16 6.0 

cos — —■■■■— — — Banco Vronlfo aj»0+ - 


♦"3 Bank™ S 070 20 | 20 

“ | J-J Zurich In. 10.500 plSft 1 44 


-170! 4U « J 


80 3.3 
44 M 


OUefaftrU • 

Priratbunb 

Provioibanit 

Sofih.Benmten 

supettov ..... 


— i 9.9 MILAN 

11 r 8.0 


An ABfKr.401.. 
A(f» LavaJtKr^Oi 
AiiEA iKriiOl .... 


Price i + ori 
Lire | — I 


| Hiiienid 46 — l 

tiijryii Boforo IU 

Ural % Crodo 175- '+'1 

Ljl ' Off'niea*... [ 209 -8 

_j_ IKlect'liix'BMKriO. 12 j -0 


Price 

Knuwr 


195 

+ 3 

138 


81.5 

— 1.0 

112 

-1 . 

46 

-1.5 

113 


175 

+ 1 

209 

-8 


VIENNA 


i’nue + oi 


H‘IAL 'DUMP IN CONTRACT.® 


MM*"" 4 


Creditsanalt . 


Perlroi-wr ! 271 

S*l«fa j 612 —2 

^em peril 82 —2 

~t*rr tUiroliT ! 215 — 1 

V?ir Uagntoit.. ZS2 +2 


A.NTC 69A!B| - ! _ | Klect'liix-B iKreO. 12 J -0 

6«»wrI 351 +11 | _ Brterociu'jriKrSQi' 120 —I 

'S'ZHS ! + 5? i ‘221 ftMiw 1 ; *4'((xu-+e 

- - flnuldtjr — | 172.73+ U./fc _ • - . r«a OOT « ♦Kiwi. 5l .-1 

Dnvm lujamtaill [20.530 -70 , 600' 3.9 ; Handled mu ken .... 371 -« 

% 1 !* a ’ a,d « r L,. 3 ®.® * 63 ' ~ • - i MmhUicu .! ; 1^5 

--- — B ■ , — ™p, 1 * 0M ' 2.9 M» ihdi OmomoJ 54-0 

10 8.9 1 Mijmicdlwo 131.5 — 1.5 — _ ! ft«u.U-|L •«- w ra _, 2 SO 


IS '1 1 xu * E 

85 —4 
5t .-1 


kmi *»,+.' 54 — 0 
B'Jvn.. 830 -t 


9 ' 3.4 1 Olivetti Priv ....J 1,330 —10' — — t i.K.F. 'B' Kr* &0.5— 2 

IB 7.9 Pirelli A Ca....: N J 1.998 ! + 8 130 6.5 Skarnl Kri-kllibi'. ! 156 -—3 

o r+ ; gg° " S ; W B.a TlijidBrtVB-iKrWV 6J.5+0. 

HJ 5*9 1* 1 " I 790 Cildriirim... . ..1 57 i_l.' 


Banco Viarars 2SS 

___ — — — Bailee Zaraatttano .. 262 

or' Dh-.ilfiii. BarrireoiiW US 

’ \ Kr I ^ R?nw Andatada »1 

“ trCr. WBnnc .1....J... M- 

• 1 5-6 f 2JB CIC 82 

.....j 6 5.6 Draasdo* 3) 

6 I 6.0 lomotwnif ^ „ - 72 

> - . . 6 6.3 C- 1. ArafODMU . ; 44 . 

-5; 4 ; 7.9 Esiianola ZWc ’ Ui 

....j «4., 3.6 FJtpI. Rio Tlmo SB. 

,3.73.; 3.a i F«aa ..fL0O"l ;. 6238 

! 1 10 ! 4.6* Feoosa il.mwi ... ... . 

•‘‘6-3:52.' fiaL Pprcfadw , St 

> 5 5.0 i dmpo .Velaznuer itffli l« 

; B a.9;i Mr " 1 * - - TZ-TS 

47 d^fduero - H 

•• _ . 1 ,7 !utomr . .. . , «'••• 

16 • 5 a I Pancl'i** Reunidafi ... 40 

; ss'S'W^ — l» 

_ , _ ; Pp-mnw U4.TS 

x -iic' o » ' NaiTiO Pap* lorn ..... ... SI. 

as -• + SSSniacr . 

‘ -a IX SokHJjoi .... 12T 




•B K t, SWrtlM 

I Si ! Tetefmuoa 


1 : Torrsii Honench 


1 VoIxin'Kr. aui 


i‘_ ) TutM.cra 


l Uiuan- dev. ... ..... ..... 




f 


i 




:-^«cmesa^-,Tvoyemt5er- a J37S 


n * 


A 




“ '- “ Ju 


iibtm.H 
J >f Wat 
$■*■*• ■iHei 

HCtJ. 'fV 

*•’" Its * 9 


V11NG AND RAW MATERIALS 


changes bring 

# 

ket shake-out 


Soviet frost 
fears boost 


TAli >w> l-i2a 


EEC AGRICULTURE 



•••■•: A ' ' r •> ' ' ;. : - ^ .^.T. : 


UXVW1. AUUt jawi 3114 

' A : •* .\V r PEKING, Oct. -31. 

J. m^mr droughf iof oyer BY JOHN EDWARDS, COMMODITIES EDITOR 
**' **• Lead, a indln, U* 






By Our Commodities Staff 
FE.VRS ABOUT the Soviet 
crop, and the fall in the value 


in 



uioi - luuaa ■ mayr'seeK -iurmer - ?. - . • „«« • a - wiiun. iuir uuim • 4 ,r v nr <h Fi.mno 

‘SSSS «=■ * - b « sr. mt. srs 


Av^nafidhal market^oucces suggest noiV 1 * ^^tt^Anhinn « D y “ u "Ker Hill on Monday night, other markets. 

$ '9J! »?? “aS^M^l^clSU annial'dinne? 0 "..^^?' K ”T „ lJV ■ cat .p in the past „ rt and 

S j&MSSw # tuSS Ijy^WSk* S£ memeo^f ik’?** a M 5W M -termed ! ™ “ ' e “ b al ’°' e *• price * 

g^StS^SIam^ f™ne-""X a “« n steT '**2?'° M™' &eh«gc.' " tS? an^hvioufreawn to? 

duclien problems next year. " S?S L 11 * wan that a sub-committee was' f„" ^ S °4." r k,,', P Lu 


£*., i_ ’■ 

i#-.' +j-,v~" 

SSln7,r' 

■iftJS IfrlLri 


The decline in the dollar is 
an obvious reason Tor the price 


A TZ »? # T»“ E aehan S e had nnt .u! E&«JS the’ke « 

"-V. S.5!H^?rinn C th?^«.SioS fluences tenting ‘to • override sbouiif'be expressed i?S» m? whether it was going 10 open a- Soviet crop as a major source 
^ ShflK^ d (S’ inoriDal SupplyriKmaod factors, rency of the majoMree Stding nickel - markel . or n ? h 1 :,. U W3 *- of supplies and some heavy 

-The: tawertainty. . abtiut ""the market, orovidine that thVeȣ investigating the possibilities and buying in recent weeks by 

I dollar haa ■ overshadowed rises in renov was fteelv* convertible in mi 2 htweI1 looU int0 other met3 J s China, a major consumer. 

^ISie^&dbineStlC prices of both volume I Sn Metal when " was CODsldered lhat the H was Oiougbl until recently 

&JdL“KFLea is 'ttiAp 5 ir kndTead. U^. producers. ErKee „ as S^SSl, com- l ' me " as </>■'.; «' was well with Ik. 

! Jice-B&ltaciBk ; . isfirtate: ' - J P.'fi'J 5 *2* ope" .market in the A cut in the UK price of Z^^i.JTZ'ZZ. 


■ might well look into other metals 

* I when it was considered that the 

lime was right. 

the A cut in the UK price of 


A' Anhwei, where -local authorities \ system." have ;^neratly raised world. The markef in Penang, nickel, as a result of the decline 
si "havff .'ordered nish-sowing of f-thelr- prices to;7S cents a lb and whose prices have been used for in the value of the dollar against 




^; e su CBcSent Water for di?-Iajjd [ result of a deciioe in -supplies. said. . 

crops.:: >: IV '' V - ' — — 1 : 

. Late yesterday, the' ‘U^. De-j ' _ - 


previously. 


■ •-. ’ . .uaie yesierpay. toe ujs. ue - 1 . ^ ^ _ 

Malaysian rubber fremhts cut 


wheat; and 200,000 tonnes of 
:rt -maAc© to China. All . the maize 
-*V. is for . delivery.-Iu the current . 
-•Ui Tnaricffring year, ■ending Septem - 1 
^ her 30. 1979. \: 


BY OUR OWi>l CORRESPONDENT 


KUALA LUMPUR. Oct. 31. 


Mii. V- . 

if**--'. 


Coffee price 
-3 ‘range’ 
i 3 established 

' By Our- Commodities- Staff . 

’'r-v-V'__A NEW. 1 International.' Coffee 


j MALAYSIAN RUBBER expor- This is the first separate mer- Last year. Malaysia exported, 
jters have signed an agreement chant agreement outside the 1.6m tonnes of rubber, valued at 
! with the Far Eastern • Freight FEFCs general cargo contract. 3.3S0m Ringgits, with 40 per cent . 
i Conference fFEFCl, which gives an d an FEFC spokesman said it of it going lo Western Europe. : 
i them the cheapeir ‘freight rates was in recognition of the donii- World naiural rubber produe- 


1 Hon. which is greatly 
: Influenced by the sue of the 

■ Soviet crop as a major source 
. of supplies and some heavy 

buying in recent weeks by 
China, a major consumer. 

It was thought until recently 
that ail was well with the 
Soviet crop, after u poor start 
to the season resulting in con- 
siderable replanting. However, 
alter a spell of very fa\ourable 
weather, there were rcporls 
last week of frost damage and 
serious doubts as to whether 
; earlier estimates or a record 
crop of 8.7m tonnes could be 
achieved. 

Reports of a sudden cutback 
in seed cotton offerings by the 
Soviet Union, and a rise . in 
Russian asking prices, ap- 
peared to L'oniirra that the 
crop may have been eut. 
! What is certain is that the 
, Chinese have been buying 

strongly. A delegation from 
, the China National Textiles 

■ Import and Export Corporation 
1 (Chinalex) visited the U.S. 


DRASTIC CHANGES in the 
EEC's Common Agricultural 
Policy are called for in two 
papers published this week. But 
while one bases its argument on 
humanitarian grounds the other 
simply seeks to promote a “ less 
cumbersome and more flexible " 
system in the Interests of the 
Community's own .members. 

In a paper entitled The CAP 
and the Developing Countries the 
World Development Movement 
claims that the policy “works at 
the expense of the poor.” • 

By encouraging almost total 
self-sufficiency in some products 
the EEC system has left little 
room for imports from non- 
member countries. And would-be 
sellers are in any case prevented 
from competing m Community 
markets by the protectionist 
barriers built to protect Euro- 
pean farmers from competition, 
the authors charge. 

“ High fixed prices have 
nurtured over-production: to cet 
rid of the surpluses the EEC 
.dumps them on world markets, 
thus depressing prices.** 

The movement believes that a 
system must be found to main- 
tain the incomes of European 
fanners while opening up the 
market in agricultural 1 products 
to allow Third World products 
into Europe. 

“ Healthy competition would 


BY RICHARD MOONEY 

benefit consumers' ‘ here (to 
Europe) by reducing price's, and 
would save the Nine a lot oT 
money now wasted in storage of 
food surpluses and in export sub- 
sidies,” the paper declares. 

The authors suggest a defi- 
ciency payments system, such as 
that operated in the UK before 
n joined the Common Market, 
might provide- a workable alter- 
native to the present arrange- 
ments. . 

The paper stresses the import- 
ance of setting up international 
agreements on basic products to 
ensure world food security and 
stable prices. 

Shortages 

“Their existence.” the Move- 
ment argues. “ would also meet 
one of the mam staled objectives 
of the present (Common Agricul- 
tural) policy — attaining self- 
sufficiency in -foods to protect 
the consumer Trom shortages — 
but m a global framework rather 
than in the present selfish agri- 
cultural policy of the Nine.” 

The other paper, published in 
the November issue of Food 
Policy “. examines price fixing 
under the C.AP and concludes 
that an annual limit should be 
placed on the EEC's agricultural 
spending “ as a means nf apoiv- 


inc discipline to the annual 
decisions on agricultural support 
prices.” 

As an alternative to this the 
authors. Simon Harris and Alan 
Swinbank. suggest that joist 
agriculture and finance councils 
could be created for the deter- 
mination of these prices. 

Tbe present system is coming 
under increasing pressure and is 
in need of substantial modifica- 
tion. Messrs. Harris and Swin- 
bank contend. “A mechanism 
which relies upon the exhaustion 
of the main negotiators ro pro- 
duce aereemcm is inherently 
.suspect.” 

When unrelated matters are 
included in the arice packace 

to secure agreement on them as 
well, the agenda becomes over 
long and it difficult to give 
any one proposal the attention 
it deserves. “The need for 
reform h intensified by the nros- 
ppet of further enlargement of 
the Community.” 

The paper identifies as the 
CAP'S major failure as its un- 
willingness to control surpluses, 
particularly in the dairy, and 
susar sectors. ‘‘The Commission 
has made various proposals, but 
so far the Council has been un- 
willing to accept the political 
implications of adopting them.” 

* Publijthcd bu TPC Science 
find Tec/iuolopf/ Press, Guifdjord. 
Surren. 


to Europe,' in . return for a f 180 * statu.-, of rubber to the tion rose slightly to 1.77m- tonnes laft week and «<s believed to 
guarantee that 175 -per cent or Malaysian economy. in the first six months uf this have bought at least 150.000 

their exports will be carried by • The agreement also provides year from 1.72m in the same 1977’ bales. 

the Conference lines. * for two committees, comprising period, and 3.6m in the whole of 

: The- agreement is for three 'representatives from interested 1977. Consumption was 1.89ml Cfopl/t of pnH 

- vearal- backdated^ to September fi rou P s - to act as a statistical tonnes (1.9m and 3.7m) Inter- 1 JlOtKS Ui UJU 

. tS'vS wapiemoer monitoring body> ^ supervise national Rubber Study Group! 

i M? - Abu Bakar Pawanchee, ^ Performance of the contract, figures show, reports Reuter. 


Milk powder subsidy protest 


provide 


<i . -■* : 4»*y lH dicatOT price, calculated by the Rubber Exchange, ana neaa H a 1 EUROPEAN FISH markets will 

irfaw 1 *'*' ’s^^CO rises above 17425 cents a. Ib the freight committee of the I .Qfli/'Q rAQ have to face drastic cuts in 

if.-. J ‘ * "'or failsr 'below 128.78 cents a lb rubber industry,' said, the agree- k-^1. A J-J CBU ti IVU UVVIIUV supplies of Arctic cod from the 

. and remains there for. 20 conser mem would provide stable by OUR OWN CORRESPONDENT COLOMBO. Oct 31. Barents Sea because of dwindling 

ACTIVE STQft'ciSUve '"in£iMt : datfi during the freight rates, Vaisd . reliable snip- T ^ _ . , , . „ stocks, a Norwegian Fisheries 

:'l' • : current.; coffee year (October/ pipg . services '..to Malaysia o 55J V »J_ S. r “-nS P r opnsal to se l the Ministr> , official said here today. 

W- ; con. *£. wThout going «oI^ndo D J^ a ^Si tt ^ ,n *Sir, t Jt 

fer!. *' “tly 'la/Sfio&BinK Europe md SKH? Tict ‘ISLSihSTS'iSf ?m?7, tSlL?" ““ 35 w “ i Soviet and. Norw«l.n wlmtlMi 


are dwindling 

OSLO. Oct. 31. 

EUROPEAN FISH markets will 
have to face drastic cuts in 
supplies of Arctic cod from the 
Barents Sea because of dwindling 
stocks, a Norwegian Fisheries 
Ministry official said here today. 
Mr. Gunnar Gundersen. a 


srr : 

A : 

’m:-. , 

8B?, Tv Vi- 


= srarar ar ysa w-g£-£ ,h , e . pasl : H h . mIi 

‘agree on new support .price nan exporters a 2.5 per cent fr,?!,,- 3., °^' But Mr. Weerakoon said that in females had been cut by about: 

Grange but agreed to ^ive the discount' 6h~ the ' gross freight ot inB ministry ot riantauon |^ e case of ru bbcr. a major ex- ,70 per cent as a result of over- 


aErto-- 

'■'a* » ;. 



t^e past 2Q; L days ;-of:-4he- -old advantage ...over. Malaysian certain areas. lack of factory January and August. 1978. was' the Sea (ICES) has recommended' 

'season" and the first 20 of Ihe exporters. rl r capacity and delay in the supply 78,000 tons compared with the that the catch of Arctic cod he 

new season. .*■ - Mr- Abu Bakar said . the re- af fertiliser. 70,000 tonnes for the same period icul from a quota or S10.000 

.v^., The “counting:' period ended maining 25 per cent of the Another factor for the decline in 1977. .tonnes this year to -560.000 tonnes 

33 on Monday" and. .the -' ICO] Malaysian rubber not committed in tea production is that SS per This year it is estimated that ] in 1979. 

•'announced yesterday^ -'-that the i to^ ^FEFC lines Vfould be ope.ned cent of the total acreage is about the total rubber produced will, The Norwegian-Soviet Fisheries 

-ij'-ayerage 'wnrked'' bnt.: ait .151.51 ffe.' other. shipping, lilies to main- 100 years old. ' be 156.000 tons compared with’ Commission meeting this week 

• Scents :a- ; lb.- ; ; : • - v-. 4tain a- degree of competition'/. The Sri Lanka Government is 150.0<j0 tons last year. will discuss the ICES report 


will discuss the ICES report 


COMMODITY MARKET REPORTS AND PRICES 

r" R A CT7 1UnE?TAT , C " \ • appotnUos perfcmnaDte .t»r Comes si* pj- price >o n.filS \ mwlryt Tally 

,DAij£r 'ffICinLb • fornard metal fall frora £76fl on thc.Ofv- pricr* etl*c higher In thr afMrnoan < 

- -COPPER— Lower on the’ London Mewl markei f0 a ,ow °f rt».5 in Ihe afternoon fonrard tnatetta! moving; ahead lo 

ExchBiim. ■ ■ The mweitatats ifc Foreign Prior to a. lata, rally to £782.3 OB the late .bur lr -eased afresh on the late kert 
EichaMe -marJcea- -conbled with" -a" 'dis-' kerti- ■Turnover: 7^75 tonnes... * dose-at ft.CO. Turnover; 1. 390 tonnes 

— r— - ■ — tv--- — rr — Amalgamated Metal Trading- reported — - - — — . 


COPPER I OffonaT 


B.ot j+ oq p.m. . r+vr 
)ffrr»T 1 — ‘ { 'Cnofflcntl — 


’Ww.’ -nrr^v- 

.— ff.ffi 739UM0.5 —72 

mi .b'RI ion*-, ' 10 e 


appotuhog performante .hr Comes wnv 
forward metal fall frora £76fl on thc. orv- 
martei to a low of £73&.S tn the afternoon 
prior to a. late, rally to £782 j on the late 
tart.. • Turnover: 7.BT5 tonnes... j 
A malgamated Metal Trading- reported 
that In the morning cash wlrebars traded; 
at £743. three months: £757. a. 3.3. 5. 4.5- 
; 4. 3. 3:5. 4. .Cathodes, cadh £731, three 
months 1751.5. . Kerb: Wnvbars. three 
months £7X4. Afternoon: -Wlrebars. Utcee 
months £780, 59.4. 60. GLf 63. 62. 01, 00.5. 
Kerb; Wtrehars. three months £782. 3, 5. 
4. 3. 

. TIM— Easter. Forward standard metal 
opened lower at £7.8-50 lacking Impetus 
from the Penang market and reflecting 
currency fluctuation*. In the morning 
rlnga nervous hull liquidation depressed 


«*NS5S : -V, 


lUKJwl,— *- pi v . 


I.G. Index Limited 01-351 3466.. One month Gold 241.0-242^ 
29 Jbamoul Road, London S W10 OHS, - 

~~y L- Tax-free trading oh commodity Tutures. . 

2.;: Jhe commodity' futures market; for the smaller Investor. 


LEGAL NOTICES 


. . r ; "No. 063347 ol im 
; f 1i UHJ HIGH COURT, OK JUSTICE 
"Chaacery. Division Companie s Con n, m 
Ule -Matter or CHIPCO LDirrED and 
P to - toe Matter of .Th«. Companies . Act/ 

: Notice : -i5 hereby . Giys»- thai > 

ofyuilon k for .the.wtnding .np of the ahovq- 
- named Company by the High Court -or 
\^7asu« ;waa on. ihe lSth.day of- October 
uJSTH, jtrasanted 10 ihe. said ...Conn by 
CL* SOCIETE ARKVE; SA-KiL.- whose 
rcgiEWred office situate at MWO/L-Tsl* 
Sur Soisixc. a" Company ■ Incorpora fed .in 
: France sruh UmUed UabUior. food export- 
;-3flfr mpBMuma^ and That.- the mid Petition 
; MS' d trees** to ba^heanT bolpw.the Conn 
sitting at- the Royal Conns ol Justice. 
‘.■Strand. -London WC2A ; 2LL, : .on (he 
■ ;nih day of Narrmber I97S. wad any 
7 creditor' or contributory of the said 

• Company -destruu to support -or oppose 
01 tip - making of an Ozdor' on ’the ~sald 

Petition- may - appear at - the time of 
hearing.' lir person or hr Ws- coahsel, for 
that purpose; ahd a copy 'of the Petition 
will be furnished -by the ondcxslgued to 
any creditor or contnbutory. Of. the said 
Company requiring snob copy on .payment 
or the regnlated charge "tor the name. 
. . CAMPBELL HOOPER i’ -• - 

■fi- •*■■■" A LiSTW WRIGHT^ . 

IS. Jermyn sneer. ■..'•■ 

Lonflnn SW7Y 6LT. " 

J; . ' Ret: RDE /Tfa/TS/OMW . 

' Tef: 01-734 7431.. 

. . Solicitors' for the Petitioner' ' _ 
>’OTE.— Any person who (meads to 
- '■'appear 00 the bearing of the said Petition 
-must serve. on. or send by post to, the 
Shove-named notice fza writing of Tib 
■' intonUoa bo ' to-do. The roTlco must state 
tiK name and address of [he person-, or. 
if a firfO the dame and address. of the 
, flnrt and most he signed by the person 
or firm, of Mr nr their solid tor (If any) 

; -rjum nnmt ha served. . or, it posted- most 
bo sent fir post In. soflWenr time to 
''reach the abOTO-DMWd "not later than 
four o'clock to- the afternoon of the 
mb day' (rf ^November 1673. ' ; . - 

"NO. @03348 Of JflTB ' ! 

fa the HIGH COURT OF JUSTICE 
raincerr Djvtston Companies Conn. In 
the Matter of L S. MJ PROPERTIES 
LIMITED and M The Matter ®f !"» 

CorapaulMt Acl IMS. ' . 

NOTICE -IS HEREBY GIVEN, that a 
Petnifift for tie WlmilnB ap of the above- 1 
afflned- Company by The Hrgh -.C onrT .ot ; 
Justice was '00 the - ISIS day of October 
.ISTSr presented 10 the '-said Court by 
Ut -SOCIETE RAM OS PORT SARJj.— I 
wta»£e;'rggl5t?«d office is giiuate.ht-8 Run 
Dir semfeK a Company tncorporated m | 
Fttmrt .with linuied itebHJty. cii»ifeii»| 
Mcrehints.- "and that tb* aaltJ ■Petition 
tttHreeed^to be heard - before fhe Con" 
afrttog. a: the Royal Courts of 
-Strand, -. Uudon WC£A 2LL, 011 »£ 
"day itf- November 1978, and any ; 

• Wdltor. or ' fontrihuiory of . me wo 
Company dwtrons lo support or oppose 
fhff- maMng' of an Order on ttJJ" sa '“ 

appear K the rlJM of 
‘wafihE.. -Us -person or by his counsel, for 
tteltwmw; and a ropy Pfrfcr Petition 
win be ftaTjahed. by Ihe onderslitnefl to 
MT .credjwf.or contrlbittory o f 
.Cdtspaayysmicttut f-uch con? on painaeni 
bCrtbe.-:TKmafed fiharge for the same. 
I- GAMPSE3X HOOPER & . . 

\ AOSTtN WRIGHT. ' 

, IUjetbofi)' Street. 

• -.Lbasoo SWiY eLT. _ 

R0f::RDH/l£»'T7fDftPY 

Tel;^f-33« 74S1. 

• SoUfcfTons for ibe Pwlt'.oner 
N^TE.— Aay person who in»»d* *® 
bearing of if-’ *»w w f Jg 
wL-or send by 9» “ c i 


above-named nonce In writing of Mb 
I ntention ao to do. The notice musi state 
ihe name and address of the person, or. 
if a -firm' the name and address of the 
•firm amr.mnsi be sinned by the person 
Wflnh; or his or their solicitor uf any> 
and mugt be served, -or. if posted, must 
be sent by post In sufficient time to 
reach the above-named not later than 
four o'clock a the afternoon of the 
'i/th day of November 1078. 

In the HIGH COURT OP JUSTICE 
Chancery Dtvtstun Companies Court. In 
Manera of: 

- No. 003388 of im 
iLEXHAM INDUSTRIAL LIMITED 
NO. O0SSS7 of J9TS 

. GASTLEUTES LIM ITED 
•• NO- 083303 Of 1078 

HESPAR PRODUCTS LOOTED 
• ‘ No. t)0S390 Of I0W 

. - - PI REBALL LIMITED 
NO. 083385 Of 1078 

LAT7MS CONSULTING ENGINEERS 
LIMITED 

■- • No. 006380 Of 1078 

.CONNAUGHT. CAMERAS LIMITED., 
and . ta the Matter of The Companies 
ACL- IMS- - 

- NOTICE IS ' HEREBY GIVEN that 
Petitions for-tbe wlnduic-np of the above- 
named Companies by the High Conn of 
Justice wore, on the 23rd day of October 
1978. presented to the said Conn by 
THE COMMISSIONERS OF CUSTOMS 
AND 'EXCISE of Kina’s Beam Honse. 
38-41. Mark- Lane. London EC3R THE. 
and that the eakl Petitions are directed 
10 be heard before the Conn sitting ai 
rfae . Royal Gonna of Justice. Strand. 
London WC2A 2LL. ' on the 37th day of 
November 3978: . and any creditor or ; 
contnbmory of any of the said Companies 
desirous 10 support or oppose the making 
of an Order on any oE the soM Petitions 
may appear at- the time of h gating id 
person or by bln Counsel format purpose: 
and a copy: of the Petition win be fnmlsfaed 
by the undersigned to any creditor or 
contributory of any of the said Companies 
reonlrlss Bitch copy on payment of the 
regulated charge for the same. 

G, F- GLOAJC. 

King's Beam House. 

3841. Mark Lane. 

London EC3R THE. 

Solicitor to the Petitioners. 

NOTE.— Any pen on who intends to 
appear on the he art PC of any of the said 
Petitions most serve 1 on. or send by nosi 
to; the above-named notice In writing 01 
bis intentions so to do. The notice musi , 
stai&'rbe name and address of the WJ 80 / 1, 
or. If a Arm. the name and address 01 tne 
firm, and mms be. sumed by th^ persttfi 
dr firm, or hIB or their Solicitor fir any*, 
and roast be served, or. _if , POSre*L_rougj 
be seal by post In 
reach the above-named uw later than 
four o'clock In the afternoon of >hv 
24th day Of November 1078. 

PUBLIC NOTICES 

’I- 7 ®; 1 TStariSRJtefe* tor 

i uRM^fed ms. 1 2.0M.OOO *M 
ife an* SS^SSSflO Bills owstand.ng. 


the price to 17.615. \ modevt Tally *!■*■ 

..prices edge higher In thr afternoon with 
forward mareria* moving ahtad lo £T.g*o 
.bnr It -eased afresh on the late kerb to 
dose'-at £T.tC&. Turnover; 1.360 tonnes. 

n.tn. + _ w: p.m. + or 

TIN J Official • — I’noflloU' — 

High Grade "a ^ * 

CWi 7B65-75 +12J 7800-10 -102 

'J month,.; 7655-70 10 7 1 36-50 -B23 

heetlern'r.' 7e75 15 

Standard 1 

Cash 7 « 60-0 *5 7790 800 — 112 

A months. 7635 40 -5 7615-20-67.5 

-Ciettleni't.l 7cG5 ,S — 

strain E- ; '^sa060 • ' - 

New York- , - •750.00 -7 

Morning-. Standard, cash £7 900. £7.S75. 
TO, three months fT.Ma. 50. 69. 50. <5. 40. 
Herb; Standard, tore* months- tijai, 4U. 
Afternoon: Standard, three months £7.623. 
20. 15. 20. 25. 20 Kerb: Standard, three 
months £7.615, 35. 30. 

LEAD— Lost ground u QUfet trading 
and mainly following copper. Forward 
metal opened at the day's high of £412 
but then eased back on general selling 
to M04 prior to closing the morning kerb 
ax £400.5. In ihe afternoon the downturn 
Jn copper prnmpled renewed selling of 
Jead with forward metal finally £403.5 
on the late herb. Turnover. 5.823 tonnes. 

_ • , ~ a.nt. , -f- _ or . p.ra. +"or 
'LEAD : Official i — i Cnofflels . — 

■j I £ : lT- 

Cash 1 420.5-1 -6.7S 415-6 -11 

iiritmthi..] 406.5-7 -5.75 403.S-4 —9.5 
~-H*t;ment| 48X “7 : — 

U.&.-gpw-l - ! ■■■■..; -Sb-Sti. I 

Mominc: Cash £422. 1. £420.5- three 
months £404. Lo. -5. 5.5. 6. 5 j. 6. -6.5. 7. 
7 A. 8. fA. 6A. Kerb; Three months £400. 
Afternoon: Throe , months £404. 3.5. 3. 4. 
4.6. 5.5. 5. 4.5. 4- Kerb: Three months 
£408, «; 3. 

.’ZINC — Down in line with the trend In 
other .base-metals. Forward metal traded 
onhsOy throngbont the day. opening at 
ISOS and rafting back to a low of £563 
before dos i ng at £SS3A on the late kerb, 
’turnover: 2,550 tonnes. . 

f -a.m. + or 1 p-tn. |t+or 

ZINC - Official - — Cnofflcial; — 


dollar rtrenstheaedi reports GUI and Dtc. £S7 7S Quoted, transhipment naet 


BY MARGARET VAN HATTEM 

BRITAIN 7 TODAY protested to 
the EEC Commission over its 
decision earlier this month to : 
cut the variable subsidy on 
skimmed milk powder used for 
pig and poultry feed. 

It said the move had severely 
disrupted supplies to UK feed 
manufacturers. 

But the Commission gave no 
indication that it might increase 
the subsidy, nor that it bad 
dropped earlier suspicions that 
UK feed compound manufac- 
turers had arted in -concert lo 
fore? subsidies up. 

' The subsidy, worth about £6m : 
a month to Britain. 'is meant to 
encourage farmers to feed 
animals on milk powder, of 
which the Community has a 
chronic surplus, rather than soya- 
beans imporied from the U.S., 
which are cheaper. 

Each month. EEC seed' com- 
pound manufacturers submit the 
tenders 10 Ihe Commission stat- 
ins the quantity of milk powder 


WOOL FUTURES 


Doff us. Coast EEC wrud-es anQUOted * “ w L- r U I UIY LJ 

r,7 „'■’*' r.« ,l S 1 ' 0ct .; ,, ' 5TS - LONOOH— The market was marked 

rfu(l , le *r^' ; _ • iS27 Sion. i". Dec. f1*3.2j iranJilp.nem Emm ., lch ,| y a d.ill and (oa.'urefejs 

COL DA Lkwe • — ■ Dora* Coari S. Arrk an While. Nov.-Dee ‘.64.25. irts |„ n . reiw.ris P.achf 

S African vcltnu. novvDm. £04 23. * Hence .ter kilo- 

, Barley: English Feed fob Dec. £54.25 

twn- Hbfl.U- 62.0 -16.00 1993.0-1840 ,»an.-;.farch £Un 75 East Coast. Sorghum mu Y«-iwit'- + 01 buMiimo 

Man-b ....... 1806.O-S8.U 7.5 j .2025.0-19*8 and Oats: Unaumed. irrew*i 'v,.„i C«*e . — Lone 

M»r.. 2020 a -a5.0 - 4 . 0 O 2064JO-2015 HCCA— location ex-farm spot pnees. . r — 

July <u58.fi 204 J :-SL75 '2059.li 2-25 Other milling wheat— Berks, and Oxford ! , 

bvpi 20A2.U-56.0 — fi.uU 2060 0-2020 M.Oe Feed barley— X E. England Tg.UO. ' 

Lev 1987.0 -11.50 2023.0- 1*65 Berks, and Oxford 76.7B. Uecemhej.. 2S5.0-J9.0 -5.0 — 

March 1 84.0.87.0 -4AD - The UK momHary roefficicm lor the Uareh 2ii.0 i5.0 — 5.0 — 

w« M« >• to. «.»=• SSSjr** N "- 8 IS;;;:.;; "BSBJ rJJ t 


they intend to buy and the 
subsidy they want. The Commis- 
sion fixes subsidies large enough 
tn keep prices just below soya 
prices. If soya prices rise, the 
suhsidy drops accordingly. 

Because of the “green" cur- 
rency system, UK mHk powder is 
the cheapest in the Community 
and British manufacturers 
usually take up 12.000 tonnes a 
month in summer under this 
system — slightly less in winter — 
but on average about two-thirds 
of the EEC total. 

Last month, however, the Com- 
mission responded to a small rise 
in the soya price by cutting the 
subsidy by 0.5 units of account 
per 100 kilos for. fresh milk 
powder, and by 0.25 u/a 100 kg 
for old stocks held in interven- 
tion. Britisb manufacturers 
apparently did not allow for this, 
and. according to the Commis- 
sion. tendered for toh high a sub- 
sidy to receive more than 700 
tnnne«. Commission sources sue 


PRICE CHANGES 

■ . s 1 

Price m ronnet -unless otiiervue stated.] 


LUXEMBOURG. Oct. 31 

gested that the tender figures 
were grouped so close together 
as to indicate some form of car- 
tel. 

The British feel the subsidy 
cut was not justified, and they 
were discriminated against 
because they did not. at the time, 
have milk powder stocks in inter- 
vention old enough to qualify 
for the larger subsidy. 

41 Mr. Finn Gundelach. EEC 
Agriculture Commissioner, will 
visit Thailand at the beginning 
of next year to discuss Thailand's 
high exports of manioc to the 
Community. Commission sources 
said in Brussels yesterday. 

Some Common Market officials 
have expressed concern that ibe 
Community's manioc imports 
from Thailand — which totalled 
3.7m tons last year and are 
expected to he more this year- 
are being used increasingly as 
animal feed in preference to the 
Community's own grain. 


bllrtlMRO 

Loni* 


■Murcli I 84.P-87.B -«AP 

Sale.--: 2.79S f2.44Qi loia. Of 10 tonnvs. 
International Cocoa Organisation <|/.S. 


“"««* -l.Ji.v 2M.0-59A -4.0 

ESC DAILY IMPORT LEVIES— EEC .. ..£50.0-49.0 —5.0 


■ f*? 1 * Pvr pnuad '—Daily pries Oft. 30: fenes and premiums as follows are LM-trinl**' ‘23i'0-4L0 — 2~0 — 

-7 Hji* ' ' sff ; C,,Te * 0r ? i? v - 1 > n “!' ,s of ‘•count M 2J6.0.45.0 -4.0 -r 

3-cr^c 1 i4.i4 iIij.DCi. mirudi/ a ^oun^. Jn order rurrenr Imt dJus Vijv . 

7.3^. averse# lTM.Ol Pee, and _ Jaa _prenHiun», (with previous Sa | r! . Nl , lot^ q) 1.5PU I 


'Oct. 31 4- nr. Month 

■ l«7e — 


Morels 1 

Aluminium ;t'7l0 :'£710 

Free itwrlwi i.140/60 S1D70»9l! 

C..nper«»b W K» r :t'740 '^12.0 £7«B.76 
3 month*, rto. •to. ; i:760.B ■ L - 12.5 *1769.5 j 

iVb Catbodp.. :..-. - 728 • — »2.a C73a | 

' nhmiii* da do..i748.5 -13.5 *1758 ; 

<■••■*1 Ttttv ■» ■.242.125—5.0.5:22 12- 

Lwleasb f415A -11.0 *;i8« 

.■> mAnibf (405,15 — 9.5 till.: 1 


Metals and 
cocoa fall: 
sugar weak 


new York. ocj. si.- 


rOFPFF n< ’ ,M - ra: «« n;l1 - Durum wh* 

LUrrCL 129.15. rest nil (I26.5S: rest nd». B 

ROBUST as traded in a narrow ranae rt5t n, J. ,s *; 6 Jj ren m1 '- 

around laf? night's cleans levels wltii reil n -J, rro f tul* 

activity centred oo forward p^itmn SD ■ r ”* n ” resT nil ‘- 

9'ididiuu by the dealers. Drad Burnham | oTxii?r ihan hybrid for neerims'^v 
Lambert reports. The market dosed just rf 5 . 1 . 'SI.OS: rest nfl». Ruckirbi 

off the hishs after late burins from one J* n " '. Jv real n:l* Mil 

London broker. Market sentiment “ rw ‘‘ , I 1 * «oOU: .rest nil». C 

remains nervously bullish and flual values soesnum— ,'t.as: r«r nil <78.01: resi 
were £5 higher on balance. Flour levies — Wheat or mixed v 

■7 rr— ; — ; — i and rye flour— 1M.76 <124.14 >. Rye 

iMUnfev » —131.57 .127.551. ' 

COFFEE ■ *- toc , +J r I 

i:perl,,Doe : SOYABEAN MEAL 

November...: 1»33- ir55r 4 7:0 1 1340-152 o-j™ .„h^ — ,'k 


in bravlrels *. Gammon wheat — S4 <19. res: SYDNEY GREASY— cii*- nn- order -'■'•nkei '• r 

? 1»15 iSi. nT.tJi'U- wlwat- bujvn,. viler, business, sales. -Micron KrreMnrww«l.;ih <1-76 ■ si. 78 

129. lo. rest ml rssi nl]>. Pyp— coniraci - Cir-r "rtt IV'UQ (i* (Va4k n" 10 l.BB • 1.93 

2H" : "1 '5W2. r 2L.°?.V ^ a*5£ai* 1 aSSsiTif ‘ 


, PRECIOU5 METAL5 closed sharpls’ lower 
. on Commission House and local wo til - 
: taklnn aner ihe- recent Jiarp sajno and 
the j-Uafu recovers or the U.S. dollar. 
! Copper eased (lightly on arbitrage selling. 
[Cocoa closed limit-down on Commlssian 


MIYABEAN MEAL MEAT/ VEGETABLES ^ '. 

Prices ended with losses against SMITH FIELD— Beef: Scottish' killed toconut fPhih 'i905f ' i— 5.0 ,b” 35 'I®.40'. Jan. 70.90- March 72J3. Mai- 

" ' '• — - i> 1{ ie* 54.D to SS.U. LItier hlodquarrers 60 6 Groundnut i 1 .... • * 3 -4 5 - Jvb 1 *4.55. Sept 75 ?0. Dec. 76.65. 

to 64.0. forenoaners “7.D to 4D.Dt Eire Lin-jec-t 0ra.le<vi..!£33a .-.«.d XJZO , Jan- 77.05. March ,..S5. May 75.63. July 

hindduaners jS.O tu 6S.0. forequarters 37.0 Riurn Uamvan >6*4S-> -5 0 -blS <79.43. Sept. 60215. 5aUs: 12.300 lot?. 

to 35.0. l • I 1 ' COtlHi— No 2: Dec. 5923-68.35 < 69.74 ■. 

Veal: Enjlisb rats 60.0 -to 68.0; Dutch ' March 77.30 172.72'. May 73.55. Jab' 74.55. 

hinds and ends SO.O tn 67.0. Seeds 'Oct. 6E. 75-68.30. Dec. 67.40-67.45. ilarch 

Lamb: English small 52. D to "tow* Ptitlhn ^,ci rv, ,ct 7 , : 65.2 5-092^'- Sales: b.550 bales. 

mcdjom K.O lo M.n. heavy 48.0 to 32.0: * tD^’i IsaaiT-' : 'i'l o' kZTB 1 'Gold-Nov. 236.80 '245.00.. Dec. 240.70 

Scortlsb medium 52.0 in 58.0. heavy 48.0 fu ' bl ’ — ■ + 10 |9 ‘ 17B • .347.00'. Jan. 24240. F*b. 244.S0. Aral 

to 7C.0. Imported frozen: NS PL S7.0 . . 249.10. June 235.30. Aug. 2-i7.M, Oci. 

■to 3S.0. • Grains 1 I j 262.40. Dec. 267.00, Feb. 271.70. April 

Perk: English, under 100 lb 37 0 to Harley . — i t 1 214.40. June 261^0. Auf. 256.00. Sale;-: 


November.— 1310-I22B+ 14.5 — 


cenu per pomid': Columbian MIW itipertonnej ; « 3 S. 0 .' ,mp<,rled Im ' 0 Graio> 

S*Wcas“j3400 < Sr'°^ili SS*'"*'' i!SS2'5 - i l m ImTixo" 'laJl'J lb ^omeFoi'i^ 

^ ^ - -ss-oro 

152.08 iJoLOTl. Dally average IoI.Tj June ^...jliS.OJ-iS.Bl-l.gB 113.20 na.O. . Wba»i 

uau.67j. August U'2.0J-24.W— I.&o 1*3.70 Partridges: Young 'each! 2M.0 CO 240.IL No. I Rat Sprti 


RUBBER 


August lx2.0M4.0j— £.60 H3.70 

October. '112. 00-1 S.bl— 1.50- 124.00 

December- ' lxj. 50-24.0 — 1.26 1 — 


i.O. 100-120 lb SS.O to 45.0. IK-160 lb Home Fararea.-.j£ai.B — O.l !£83.25J 1 58.300 lots. 

1.0 tp 43.0. Maine , t Lard— Chicago loose 25.73. NY prime 

Grouse: Young best teach) 180.0 to French No. 3 Am l£ 108.75- £102.75 : steam 27£5 iraded iS;.00i. 

0.0. . Wtu*»L .• - . ttMalce— Dec. 234-234' >23541. March 

P a rt ri dges: Young tea cfll 2M.0 W 240.0< No. t Ren Spring: ' ; £93.75 , 245j i24ij). 31 a r 250-249;, July 2335-2531. 

MEAT COMMISSION— Average fa [Stock No.3 UardWiuterlCATu- ' ' ....£55 ■ 1 Sepl. 253}. Deo. 2SSJ. 

ices at representative markets on Bnglioh Milling i;aH1.5ii 'CSil SPIatlnum— Jar.. 379.00-3S2.00 '394.90 ■. 


Ca»h 363.2 S-.B -3.12 361-2 -5.75 

5'rauntbs.J 5bS-.t. — 3.51 362 .5-3 '-5 
^mBnL-'.-.j .363.3 ■— !.5‘ — 

Pnm.tvenj — .' .:*33.5- 4£ • ... .. 

Moraine: Cash £353. 3J. 3£3. three 
months £365. 6. Jj. Kerb: Three months 
£3CS_ Afternoon: Three months £3M. 2. 
Kerb: Three moolha £364. 3. 

ALUMINIUM — Quiet frith fonnud metal 
edging up throughout tbe day to close on 
the late kerb at £559. Turnover: U&Q 
tonnes. - - - - 


-No. 1 t Yesterday V Frenoui i Bui meat 
R.S.6. ■ Oct* . Cluae I Dcnw 


uecemoar— ., ui.au- m.u— i.zb 1 — prices at represemanve mantets on Milling tjaHl.Su • t»l ; SPlatlniirv-^iar:. 279.00-352.90 '394.90-. 

. . , _ . October 3L GB cattle 66-75p pef Coocw shipment it2.061 -—8.0 1.2.071 April 3i0.o0-Ci'J.00 '3S5.70., July 3S2.45- 

STEADIER opening on til* London bales: 109 U77i lots of 100 tonnes. ka.l.w. r+0.06': UK sheep 133. 6 p per Future Mur. i 1,097 —7,5 i 2.01 1 1 3S4. DO. C*tt. 3SC 70-3St.DO. Jan. 339.40039.40. 

physical market. Good Interest through- kg.eM.d.c.W. »t0.4*: GB pigs 64.SP oer C-yTee Future.. ; •April 391.00-562.10. Sales. 4.199 lou-. 

oat the day- closing on a slightly easier Cllfi AD kg.l.w. 1 -O. 41 . England and Wales— Jen...... XI. 449 -2j.5>:i5l5 r Sllvcr— Nnv. rito.iO nCi.TOt. Dec. BlljO 

noie. Levis ana reponed tbe J Uu/iA ■ Carrie numbers down's. 3 Dtr cent, average Uott-ju 'A - Imlex... '78.9a -0.4 i'4 9 '036.50'. -’an. 623.60. March 634.60, Jlay 

Malaysian maraei was Closed. , nunMU price 65.83p i-Hi39i: sheep numbers up itu'ter tuo.^ 63. o:. -r0^5o2.25i o43.30. July 652.30. St-pi 661.40. Dec. 

PRIC ® .' r4 * ™s ar ' 7.4 per cent, average price I33.7p * 4 - 0 ji: cugariKaw. !«.1 l 6 .—1.0 £11 i 4 75S,) - Jan - March 690 20. Maj- 

iidcm a UnM f or NoT -' Dec - pig numbers up 27.5 per cem.- average Wooupp* yti kli,,....'269i. ... . 27 ol ■699^6. July 7(i9.70. Sept. 719.60. Sales- 


April 391 .90-592.10. Sales. 4.199 lob. 

■"Silver — Nnv. tit#. ifl 1 £i].70i. Dec. S21.50 
'636.50'. Jan. 625.90. March 634.60, May 


, Cluw I Done SrlSt rnVra Wl “ Price M.9o '-0.5'. Scotland-Calt-.e = 1 

1 "‘.1- , T . . , numbers up tT.9 p*.t cem. average price * Nominal. ' New crop. t Unquoted. 

long liquldauan found only ^ r ^ p 1 -i.62i: sheep numbers down 14.7 n Nov.-Jan, a Sent. *Oct.-2fov. 1 Nov- 


MJC. July 769.70- Sept. 719.60. Sales’ 
?0.(iW lois. Handy and Harman 
hulh'-n 017. u0 >b2y.b0' 

Soyabeans— Nor. 706-705! iI21»'. .Ian. 


iiunuB’B^ «,m. i+or; pjm.- T+or 
Official : — fL ? noffid»l — 


Jlyaepr.' 70.85-70 JO! 7D.70-70.rn 1 71.S5-70.60 — 

Lot-Dec! 72.85- 1 8.00 1 J2.70-72.bS (5.50-/2.BU ?^g Lr 


per package escepr where other 
stated!— Imported produce: Lame 


financial; times 


■ ' ! *1 \ ■ ! £ - f 

Spat-.L^.I: ' — ( — - . — 
j man the. j 098-B j— 3-ZSj S8&JL9 j— 2.5 

Moraine; Three mantis £398, SJL Kerb: 
Three months £593-5. Afternoon: Three 
motrtiut £598. 8L5, 9- Kerb: Three montiu 
£599. 

* Centr par Poona. t tu per steuL 
On orevinn- qqflffteliJ ek >■*. 


Lim-i«c /J.M-/B.WI ra.7U-f2.BD. /J.60-/B.BU T^“ . . ! u . _ . ifauan- lSOVlaOs new croo 5.SM.38: SJ 

co^. Wi B sr“ ^ irg5 ^ 5 "^ y - ^ 


Jy-Sept| 7B.tti-79.10j 78.S5-78.aoi 78J5-7B.I0 Loa ' ? 


7^0: Turkish: 5.00: Greek: 7.S0. Oranges 
— S. African: Valencia Late 4J0-5.6O; 
Brurtllen; Valencia Late 4.30-4.50; 
Argentine: LSO-3^9 Satsumas— Soanla:. 


865^2 | 867.671 257.69 1 236.86 
(Base: July 1. 1082= Wtti 


SILVER 


cmip.. dq /ifi I-- nf c - -a- _ ■ — ATgenimc: wwoi t aioumiD- opium;, 

iJSt itJrJ, wTSnS 5 784 illD.ia-ll.8fl|l!io«-»i.BO|I14.oa-lDBO Trays 3.00-4.50. CrapeftTih— Dorolnlcan:- REUTERS 

1J SLr, rfJ5J“SS2L March .JIia./u-15.7«nt40.lBJulU.2s-lfi.66 3.HW.00: Cypres: 4.0M.S0: Israeli Jaffa' 

31ay I5.30-15-7O 1 In J0-lB.45110.2S-l5.f6 «(LL85. Apptes-FreDch: GoMeri. Oct- 21 j Oct. Mllwith Ego 

Jkn ‘Sri; WC * Aug '118-00 16 20 KIJMUI.lehdl.7B- IMS DelietOM 2Wb 73 2.00-2.20, 84 1.60-1 JO: _l { -ZZi 

B Ori 1 1*8. 1 0 -i0 28' 12iJS-25.S0| W 1.10-22.26 40-lb 138/150/1 BSflTS 3.M-4J0, jumble pack 1529.0 11331.1 1 1B09.9 I 

/^DAnVC Dee 121.90 .-2 04! lSSj)0-2o.4^128.00-22.25_Der pound 8.05-0.07. Siark Crimson 2Wb “iBaSe: Seotember ifl i5 

URAUXj March ..jli6.0iwB.OOllZ9.76-29.bM — 72 2 . 00 - 2 . 10 . &4 1.80-1.70. Jumble pack M aeptemner 18 . 10 

LONDON FUTURES (GAPTA)— Wheat “ I 1 approx. 30-lb 150-1.80. Greeny Smith 20-lb' nnui KMum 

opened 15-25p lower on. country selling S* 1 **: 2.738 f2.150> lots of 50 tonnes. 72 2^0-2^. 84 l.fifrl.RS. Jonathan 40-lb 


Jan. B4L35P (08.751. 

GRAINS 


°o~ 31 Oct. 30 Month ajo Tear e^o 

1329.0 [1531.1 1 1509.9 1 1461 .6 
September IS. 1031=100' 


DOW JONES 


Sliver was fixed D.7W an ounce higher 
for spot delivery in tbe Lowfon bullion 
marital- yesterday at 2&86o U.S. cent 
equivalents of tbe fixing levels were: Spot 
826.4c. up 1-oc: three -month M0.4C. up 
1.5c: 8'ix-moiob «55Je. up 2.6c: and 12- 

- month -BmJc- op 3.8c. The metal opened 
at soi-WSp 48S0H33O and dosed 381- 
a«p (Gift-file). 

• SILVSB I yumon ■ ,+ prj Uli.Z. '!+ or 

- per [ fixing | — [ clone i — 

troyct. price ' I 


commercial buying was seen ' in the 1^>' average SJG fsameL duK? Perish « too On I.SS MOODY'*; * ■ 

nearbys but volume was tWn dOft-to lack WHITE SUGAR-Close nq order buyer, FS?in. P t>«7w? \ cmm MOODY 5 

-of Seilers on the lows and the market seUer. -busaess. sales': Feb. 117. 00. li.uO. ySIw «rti fre™¥aL- fc'ifig. lioflth i lear - 

dosed 10-2 Op lower on the day iAcU nil. nil. .April 120-00. 21.00. 122.00. 20. ^ l S nisn ' r!SSS«2itoSl- Mwdv'. [ 51 wi ! 

reports). July 124.38. 23.00. ml. ffil. - Sept. I38.M. 1™. Hg-jj:. Lf 1 . ! 30 I Bg ° 1*“* 

— ; — nil. Dll. Nov. 133.30. 33.00. all. nil. §”ffisll. Canary. -55-3.20. Cmbrat»B93 7fto* i am My 

UMF&f badi cv treh isaikl rw in nil ml inril 14i rtfi umcfl. j.WK 3_Q. 3pie Lon-nt-y I93Q.7S92. 1,355.3 848.7 


CLUBS 


B g 8ra«.y&^A. 0 rrier^. 

awrtSffiffiif-awi. 


Apoi i 296. 83p 4-fl.7b2B8.4p 1—2.1 

i months .iSOS. 15p -Ml JS5 305.75 p ' — 2.5 
s mourtu>.|514.8Sp -MI.86 — - 1 ...... 

12 mdotbk r 3S0.4p .+0.63 — - ] ~— 

■ - * 1 i i 

LHE— Turnover 339 ( 3411 lots of 10,060 
05$. Morning: 191760 months 357.3. -7. 1. 
8 J. 6A 6.9. 5.7. 6 8, 5.6. 6.7. 6-5, fcS. 5.7. 
8A Kerb; Three u^ntiis 3WA 7. 7.2. 7.3. 
7.3. Afternoon: Three months . 305-5. 
5J. 4.9. 4J. 4.3. 5- 6. 3 J. 3A Kerij: 
Three months 305.$. 52. 2. 4.6. 5, 5.1. 3.2. 


— . 29-30. nti. Dll. Nov. 133.38. 33.00, all. nil. ^ narT: **** 

WHEAT BARLEY l-eb. 138.00. 3S.5U. nil. njl. April 142.00. WT „ 

»- |M e,i«.. 4 a cngllst* produce. Potatoes— Per 2a taios 

Ueawdaj-'si+wTesterdgy.'if + ur -w ^ MO-IJO. Lettuce-Per 12 round 130-L40, 

M^thi close ! — j elove 1 — Eec IMPORT LEVIES-The foUowinB Cos 1-20, Webbs 1.40. Cucumbers— Per 

1 , m3W1 li5 vie ! lo r. wh . H f an L'7l w su2ar tray 12.T4S new crop 3.20. Moshrooms- 

| , . • | dtotiye ft>r Nov. l in units of account Per pound OjMAO. Apples— Per pound 

Nov...i 87.65 i — U.10 : 79.40 f-u.10 P*T. 1D ® fwlUl In brackeu-t. Bremlcy 0.0441.07. Lord Derby O.M. Cox's 

J«u_., .89.75 0^l| B1 j 90 — D.10 * Wte « I S ar 'denaiured and non- Oran* Pippin 0-0541.12. Worcester Pear- 


5ple Coihmty 1993.7 992.1; 955.3 
i December 81. 1981=150) 


• 197.50- 19S.00. May 797.00. July 197.08- 
I ! 96.30, Aug. 185.59. 5 ?dL 19L 00- 195.00. Oct: 
i 101.00. Dec. 100.00- 1 9 1.00. 

Soyabean Oil— Dec. 26.28 <i6.53'-. Jao.- 
i 26.15-26.10 March Ip.M-JJ.W, May 

' 23. 93- 23 .S3. July 25.63-25.73. Acs. 25.65- 
123.70. Sept. 24.M-24.BS. Oct. 24.63-24.79, 
Dec. 24.C0-24JU, 

Sugar— No. 11; Jan. S.M iB.15-0.33i, 
I March 9.35-9.45 I9.73-9.T5I. Jlay 9.6041.62, 

I July 9 74-9.7S, sem. g^s. Oct. pjno.oo. 
Jan. 9.S0 bid. March 10.40-10.30. Sales: 

•' 7.100. 

I Tin — 736.00-7M.uO nom. '763.M ncm.'*. 

‘ *-Wheai-Dec. 351-361: <3641. March 
jw:-355f >'337). May 331-Uli. July 3341. 
Sept. 357} bid. Dec. 343. 

WINNIPEG. OCI. 31. r.Ryc— Oct. 103.011 
I nom. <104.00-. Nov. 105,00 nt,m. -lOo.OO 
bid). Dec. 103.M asked. May IDS. 60 bid, 
July tOS.Sfl nom. 

r-Oats— Om. 5S.S0 hid -saroe-. Dec. 
63.20 bid isj .110 bid-. March 8! «0 bid. 
Mav 81.40. July Sl.HJ bid. 

TtEariey-rj-n. “5.30 a^ked ''77.00 hid - '. 
'Dec. 76-Q bid 1 75 jO bid. March 71.50 

I I asked. May 77.M asked. July 77.60 bid. 

, §5 Flaxseed— Oa. hid 'same. 

: Nov. : -290jfl asked t256"9\ Dec. 273.30 
; asked. May 279 00. July 273.00 a-Red. 
f' Wheal— SCWR5 -.3.5 fwr cent prewji 
content cif Sl Lawrence 181. 53 < 1S2.S5'- 

' All cents per pound cx-warehoufe- 
■ unless otherwise vtaied. *?s per im 
' ounce— lpO-ounce Itrj. r Ch.cago l«we 
; 8s per 100 lbs— rept. of As. pner x 


COCOA 


Values traded erratically throughout 
the day, eating towards Ihe dose at> U» 


tiao-.i .ev.ya ■ — u^ll Bl.90 D,in "*»“= *•» nvum wrange rappm u-w- 0 . 12 . Worcester pear- GRIMSBY F1 SM— SubbIv uv'iUmnni: L. ^ * .r 

Mbt.Jm. 0D 1-040184^0 .'_oJ 5 flfnaturedi-25J!fl '2S.0H. Raw fihfiar main 0.p3. Rtwars 6.DH.0B. Pears-Per . Pnr« m 1 !^ 0US r PrmiC S1M ^ \' - bU 

Mav.J 94.45 r-^-16’ 86.45 1—U20 pound Conference 0.084M4. Cornice 0.10- B00 ®' r™ 83 M ships side f^.processedi • lank cars. ,Cet'j per .iR-ib bush*, cs- 

Teraatoe*— Per 32-lb English 2JO- Shelf cod C-oWWO; “rilings '^rchoucv. .jMMjusbtl lots. per 

' ua^Sfai 1 fflTTfllVi - 50 - Cahbascs— Per .crate OA04JO-- £3-»£4.70; large haddock iS-Oo-SjO: ^ «*»« f° r ( . «*« ofW.s per 

t-UI lUn eelery-Per head O.0T4UO. Carifllwrere- m tdium haddock £4.O0-£4.6O: small had- !cent J,Bn,v V: . g : i 

fafe*: J-4 lots. Barley— N ot. Per 13 Lincoln 1.20-1 .SO. Beotraot— Per !r . — — “ my ounce es-warehou». New P. 

79.40-79.3O, Jan. si 80-52-03. March 64.13- COTTON— Liverpool. Spot and ship- ?S-lb 0.80-8.70. Carrels— Per 2S-I5 0.40- . dock IkfSO plaice £5.30-t5.7D: rt>oTrac:i in Ss * shors ton for filk !n:s 

imp not-iLui v° 1,1 loT * ,^e^, sales am 0UPl« 1 W 32fi toDJies. 0.70. CapBleumo— Per pound 6-3041.35. nicdlititi Dlaice £3. 00- £5. 60: 'bps: small of 1QD short rons dclrrercd fob cjrs 

1 -t StTSSTTS*!; ’ • >■ brineffie »o«al Tor the week to 1.375 Couraetus-Per pound 0.30. Qnlons-Per plaice £4.20-£a.WJ: large -.kinned nuKfch Chlcapo- Toledo St Lome and »Vor.. 

h*v Tilbtiry. lonneg. reports 9. w. Tanerealls- Fair bag 1.73-1. SO Picklers 2.40-150. Swedes £soo; medium shinned dortah fciM- vv Ccm? p^r. 69-lb bushel in store. 

m?5s w s:“j *"2*-^* iS,P* r “2J m » wia support in -Per 28-lb 0.50. Turniw-Per 2S-lb O.ea. ^ J -’C-nis per ^4-lb biuhe! -Cer.'s per 

""JlhHS; , 'p N .° L £W7; ’- 07 25. Alrican. Russian anfl Turkish styles. ParsMlp*— Per 28-lb 8-90. Sprmib— Per lar ' ,e ,cmon ■ ,0 ' es mofl,ljn! 1<mw i 48-lb hu?-h.’l •■vwT.r'hnuv • c-r.« 3-r 

ummipinrot East Coosl US Hart Vanous Nnnh and Broth American pound 8,M0.d3. C»bniit»-Pcr pound Kent K),f5 fJ - 50: «Hkfiah £■; 00 -±u 40, ?yuhe 3n-'.b bushel .-sb-.oho.n.-- .iw'u«W 

winter, i« per tent, Nov. 3. Quoted, growths wore in sustained request 0.43-0.45. Corn Cobs— Each 0.10. £2.48-£2,S0. lou. :'isC p..-r tonne. 

: I 







£6 


. i ,■ .-jjspauv 


Financial' Times Wednesday Novea^sr.;!' ;?97& 


STOCK EXCHANGE REPORT- 


Dollar uncertainties impart pressure on equities 

-share index faUs 5.5 to 478.9 but Gilt-edged resist 



Account Dealing Dates market: total contracts amounted Belptied by news that the com- statement Wedgwood gave up 5 taken a good stage further. Oty fleeting overnight U.S. se flug . 
Option to 55S compared with Monday's pany Is to sell its 72 per cent to lGSp and similar losses occur- and International fell 6 to 92 p. and then weakened furth er , fol- 

* First Declara- Last Account *"■*- holding tn Canadian Vickers and red In S. Gibbons. 202p, Low and white numerous falls of around 4 lowing small but persistent 

Dealings tions Dealings Day Irish issues came on offer in also by nationalisation compensa- Sonar, I82p, Hawkins and Timp- included Trustee Corporation, London and Cape selling. Fails 

Oct. 16 Oct, 26 OcL 27 Nov 7 lacklustre Banks. Allied Irish tion hopes, Vickers moved against son. 70p, and Scoicros, 70p. Other 136p, Foreign and Colonial, 182p, were extended in the after-hours* 

Oct 30 Nov **9 Nov 10 Nov" 21 fe!l s t0 2J9p in front of ftdaj' 5 the trend in the Engineering duH spots included Ricardo, 8 and BIshopsgate Trust, 178p. trade as renewed American sell- 


vIiV n nw'm Nmu interim statement while smaH majors and advanced to 195p low«- at S04p, and Avon Rubber. Jersey External Preferred were ing was reported. 

Account Dealing" DataT' s f I|in - left. ta* «f. Ireland ?0 before settling at 192p for a rise 4 cheaper at i6Sp. On the other also dull’ at 167p. down 7. In Loss. 


* “ Mpw lime _ _ 

hum 9 JO un. iwt business dus earlier. 


the other also dull at 167p. down 7. In -Losses among the heavyweights 

cheaper at 41 7p. Hambros reacted of 3 on the day. In contrast, hand. Powell Dnffryn encountered Financials, R. P. Martin, at 56p, ranged to Hi as in "West Drie- 

deaitog may take puce s to J74p in Merchants. scattered selling and lack of occasional demand and put on 4 lost half of -the previous days fontein* £21, while falls of around 

Dullness in the Insurance sector support left John Brown 10 off at to 192p. Press-inspired rise of 8. London j were common to Western Bold- 

Very few pointers yesterday was largely confined to brokers. 424p and Hawker SMdeley 8 down British Nortbrop were weak Merchant Securities, which were higs, £17$, Free State Geduld, 

were in favour of a firm stock C E. Heath fell 10 to 233p, white at228p. GKN eased 3 to 267p and late at 74p, down B, on the sharp quoted- ex the scrip Issue on £14$ and Raudfontein, £291. 

market. The bleak prospects for C. T. B« wring. l09p, and Sten- Tubes 2 to 372 p. Secondary issues fall in half-yearly profits. Monday, dropped 5 to 66p. Medium-priced stocks showed 

a Government/union compromise house, 94p, lost 4 apiece. A. were rather quiet, but occasional Among Motor Components, Among Shippings, Graig closed Pnsfdent Brand 53 off at 79fltp 
on pay. the unsettled U.S. Howden also came on offer at selling was evident. Matthew Lucas continued to benefit from 5 harder at 145p. despite the- and president Steyn a similar 

economic scene and particularly 134 p. down B. Among Life issues. Hall were noteworthy for a fall news tbaf Volkswagen is to go interim loss and • dividend amount lower at 65Qp. 

the ailing dollar with its implies* Lcgaland General sUpped 6 to of 8 to 215p. Whittington ahead with the. CAV deal and omjssion/ ^ Financials mirrored Golds. In 


tions for UK overseas earnings a 197S low of 134p. 
and the Arab oil producers (the Building descriptions retreated 
latter, it has been suggested, from a steady to firm opening. A 
i-ould ■soon rai-c prices to counter late withdrawal of support left 
Joss nf revenue) were all factors Taylor Woodrow 5 down at 399n 
arousing anxieties. ant! Tilbury Contracting 4 cheaper 

Hope-: that Wall Strccl would at 2$!ir- In its slimmed-down 
maintain ns overnight recovery form. John Laing A lost 3? to 79p. 
moment mn were quickly for- On the other hand, mirroring 
gotten follow in” revived selling of demand that developed late on 
leading indutlrtils. which 'fol- Monday. George Wlmpey held a 
lowed reports l hat oil esporis gain of 2 at 80n. after Sip. EJse- 
from Iran had ceased owing to where. Marley shed 2 to a low for 
industrial action. In the absence the year of 70n and G. H. Down- 
of any worthwhile support stock Ing eased 5 to f32p. Cements 
became difficult to place and a usually cheapened by two or 
handful of top-nnme companies three pence, although Tunnel B 
became vulnerable. gare up 8 at 292p, 

The new threat to production at ^ eased from the outset on 
VauxhaM also played a part in the nPrv °us offerings reflecting the 
movement which started with the performance of the U.S. dollar 
FT Industrial Ordinary Index only JJd closed 9 off at 369n, while 
0 2 off at 10 am but finally 3.5 FJsons encountered small selling 
down at 47S.B. the lowest since 5 J ,er * a *!r e a * naun . , < at 3I8p. 
July 20. Despite the morning 



improved afresh to 319p before Awaking the resumption of c««TC ^ifriran "«ction ' Anelo 

reacting to close unaltered on ^ 'SEEP, a^TSTlTto tertian dropped 7 more to 3Q9p 
balance at 3I6p. J. llamas moved ahead to If op . n »» altered their 

FoUowlrig Se announcement before closing up a penny on scvenJh JccmbIv* fail losing 
that Starwest Investments may balance at 172p. Dawson issues. 0 tQ :■ 

acquire certain subsidiaries of however, continued to 8^ ^ v _- al • 

Trfdant for £850,000 cash. Tridant ground, the Ordinary reacting 3 Lnnd o n-based fMian cials _also 
eased 2 to 08p.- respective cash to lS3p and the A 2 to 181p. test ground Charter rtmdJSeU 

bids of 85a and lOOo per share Among Tobaccos, tots became Fields ■were both a cheaper at 

for TYT<S St.rS£« »- unsettled market at OTp. M1P and I J80p respeettvel^whue 

Arcus are currently tabled. down 3, following the resignation R» Tinto-iinc fell 4 to -o?p. 

Following the completion of the of the chairman from the com- Platinum shares were again 
reverse takeover Marlborough pany*s subsidiary. International unable to capitahse on the further 
Property formerly Chown Plantations were noteworthy rise in the free market platinum 
Securities, made a successful only for fresh interest in Guthrie price as the heavy losses In Golds 
market debut. After ora nine at which improved 6 for a two-day prompted substantial selling of 
rep the shares treded SleW Improvement of 17 to 363p on Platinums. Impala dropped 7 to 
and toStodSSp Wore doSS small buying In a restricted 199 P , Rustenburg 4 to I02p and 
at 20p. market Lydenbnrg 3 to 72p. 

Leading Properties recorded ZFrtaYnt fa Tic In flnfiTe Australians staged a • modest 

scattered falls. A firm market on taCaVy ISLUS in IjOIuS rally after the recent decline. 

Monday on rumours of publica- A S3 reaction in the bullion Most of the buying, was central 

tlon of a bullish broker’s circular, price to $242,123 per ounce, on the high quality stocks. with 


FINANCIAL TIMES STOCK INDICES 

'—r~ [.a*-! 'WVS? 

= ■ ■ - . • • . V . • • -:T’ — r- 


OuiBiumeot S®c*™. -«■ 
fixed inlere«t— — - 

likliHmtil 

Gold . ■Ian.— 

Gold Vlnwi (Ex4 pm.) 

Ord. Dlv. Yteid ... 

£unlmp.X7d% tfol IK*) 
P/8 B*6to (ntti 

Osxllpge flxital 
tqaiff tamonrhn ...| 
Bqolty bitpln* K** 1 -! 


69.28! 
70.62 
478.9; 
143.41 
108.1 
’ S37 
18.67, 
a43| 
4^3€rt 


69.34 
70.63 
484.4! 
148 J 
110.3) 
5.60 
15.48 
8.83] 
4,337 
. 63.ST 


69.371 

71.0fii 

483.21 

149.3 1 

110.4! 

9.62 

15^2 

8.51 

4,876) 

78.71 

15.781 


Oct. 

SB 

OcL 

J 

Oct. 

» 

A year 
-■ MO 

69.36 

69^8 

69.63 

77.55 

7 LOS 

7L10[ vi_3gi 79 .7 ? 

484-4 


,496.51 4984 

148.0 1493: 149.1 

143.6 

109^ 

108.4, 

107.6 

' 103.3 

6.5a 

5J1 

5.45 

5.44 

15.53 

15-34 

1546 

1647 

ass 

ass, 

8.781 

8-80 

4,818 

4.400 

'4.471 

5,836 

89^3 

7S.15 

49.37 

7E.2L 

17.065 

14.695 

n.o&ej 

16,379 


in «n 484J. 11 am 4S2.9. Noon 4B0A 1 bed 480J. 

Latest index ffl-Hi &B&, 

• Basal ofl SB par cent corporation, tax. t’lTfl^MO. . ■ 

,m f*nvt. SeoS. 16/18/3$. ■ Ffeni 1st. 1SIS4. Ind. Old. 1/7/S5. Gok 
MlnSSiSk® Jane, UW2- SE Activity JWy-DcC. IMS.. 


HIGHS AND LOWS 


S.E. ACTIVITY 



1978 

| Si ace CominladoD j 


tiiCb 

low 

HtRb 

Liw j 

Gon. 6acJ...| 

78.5B 

j. <6/l> 

bU.79 1 

tb/Bl 1 

127.4 , 
tffll)3B> 

49.18 

iSJlffBJ . 

Fixed Uxl....| 

t 

81^7 

! o/i) 

70.52 i 
iJlilO) 

! lSu.4 
l2a/il-47) 

50.35 

(d/1/73) 

Jnd. Onl_... 

535.5 j 
CW/9/ 1 

(2/il 

| 549.2 

.14/9/771 

49 4 * 

CS6.4»0f j 

Gold Mina. 

208.6 1 
(14/8) ; 

150.3 

(D/1) 

1 442.3 

iSS/SAS) 

! 43^ i 
(28/10-71) 

Gold lllna- 
(8**6 pm.1.4 

132.3 1 
<14/81 1 

90.3 

(l8/4» 

337.L 

<3/4/74/ 

54 3 I 

(Ztoarie) 1 


Oct. 
' 31 


Ort. 
"30 - 


-only . 
tiilt-Bdced ...1 
lodua trials — 
SpeculeUTe...! 
1’OUlB 


GlU-fidged 
Induatriji !»...! 
Speculative ^- 1 
Totals ..I 


.135.7' 135.5 
160.-1' 1&5.4 
as-6. as^ 
105.6' 98.7 


136.6, 140.6 
166.4. 163.7 
33^i 34.7 

1D5.Pl 104,2 


and shed a hke amount at 3l8p. E = d 3 , - e at »= Land Securities eased 2 to 227p. coupled with continuing political Gonrinc Rtotmto 10 better at 

—a — — , v .c Elsewhere PIysu continued to in hf&-veS Ens,isb that much, at 36a. uncertainties saw South African 250p. MOI Holding 4 up* isip 

pressure to sell busings oversll sp^cu'3 M ve support 2nd louowicg me isji in Ddu jr«ri/ 1 ivtdo 1 -.-1* n- — ■ — — *-t - — j — n « warf^nt Min hw 2 Banipr at 

_ . .... I . iHHoW fnr a hi-n.((,v rkp nf nrnfiLs. 


LONDON TRADED OPTIONS 



Custer, in ih>? cvi-nt. cheap buyer* st-m-Jin- 
hvcan to pn-k up si»ck and the hi«hcr -(head 
Ios-ya. randy mure than I. were 


a cmmle of nenc«* 5 1 ^.-P' afler . ,^3p, Lhe f rt “«id support at lJ8p. up 2. after 

c 7 ,k.° 3 nmmi . dt ’ u ) ,,ed . nUt-r,m Profits. Small Jiflp. 


1 buying 


restricted market 



neerleirtiw. South AWcan ‘-lolds R-, mbors which, having touched }?* announcement that the ln 
retained imiMV-. The .*.light f ^|j av;av tf , c j ose a net Office of Fair Trading lias ty, is 

•avtion in lhe bullion price from p enn ' v 0 (T a f 1700 Harinc m,Minted 2n investigation into the gb-pj, 
londav's record level was also a hide from Pennx and affairs of 1L5 DayviHe ice cream s hari 


uneeri .-- ...u ,c_, cent scrip issue failed to stimulate 

remain 
reav 

MondV s record level ivas alMi a re i ec t“d bids from Pen'os and . . ni , 
contributory factor to selling Lonsdsl- Universal worth 130n subsidiary Skew here. Trust 
which became fv.rly widespread.- and ->v> n resnemively Midland “ oasCs Forte eased 4 to 232p and 
Falls amonq she heavier-priced Educational advanced" 7 to 342n Ladbroke 0 to I74p. 
sincks ranavd lu 1 ' points and the 0 n news of the revised a creed Overseas earners bore lhe brunt 
FT Hold .Mine* index closed 5.1 offer *11 -rent I v worth about 2-rtp of selling among the mU-cel- 
lower at 143.4. The recovery in n»r .•hr'rv frw Alfred Preedv. laneous Industrial leaders, 
the investniem rurrotwy premium The last-named was unmoved at R ®^ki« and Co 'man were out- 
failed to check the downturn. g3n. standing with a loss of 20 at 45Sp Flnauna Tim. 


DEALING DATES Bamhers. Linfood, Phoenix 

Last Last For Timber, Bellway, Cadbury 

Deal- Declara- Settle- Schweppes. Bernard Matthews, 
ngs tion ment Premier Consolidated Oil, Allied 

6 Jan. 25 Feb. 6 Retailers. Ladbroke Warrants, 
20 Feb. 8 Feb. 20 Town and City Properties, 
a busier trade. Investment Nov. 21 Dec. 4 Feb. 22 Mar. 6 Leonard Oil, Buffelslonteln, 
Trusts again succumbed to -inmp For rote indications sec end of and Racal Electronics.. 'A put 
si/j-ablc selling and the recent Share Information Service was done in Tozer Kemsley, 
sharp downward re-rating was stocks favoured for the call while a douhle was arranged in 

— were Howard Shuttering. Mersey Docks Units. - r • 


MONTHLY AVFRAGES 
OF STOCK INDICES 

i-l. pJjiU pine. [ Jnlv 


Oh 


ACTFVE STOCKS 

No. 


xp I Iriinr**- 


TIJl 
W7.5) 
, IM.I 
Di, vEx-SpreV, 116.& 
4^15 


70.^- 70.?« *US7 TCI ... 


Stock 


tion 

£1 


7 1.*- 

ala. 

i**.; 

126-Oi 

W»1 


Firmer rates for the latter were Still reflecting »he chairman’s w ‘tb Pllklnfton, which reacted 13 
maintained in a sizeable trade, profits warn in*-. Decca A lost 8 10 29 °P- and Beecbnm, 10 off at 

Once again, the bulk or the day’s fnr a two-day fall of 30 to -MOo. 640p. Reed International reacted ’ 

business was connected with Elsewhere in Electricals. Th«m to 154p following interim results 

activities in U.S. securities closed 7 cheaper nl 33ln. below expectations before rally- 

a /though interest continued on Eioctrocnmnonents decMncd 5 to ing to close only 3 cheaper on FT A .,„_ r ; P 

Irish account. The premium 2&jp in front of tomorrow’s balance at 161p. Glaxo gave up c s»jo.aiL* DwtJHers 50p 

closed 21 points up on balance interim results, white Plessev. 3 to 540p and falls of 3 were. iOWh«» .."..ImbS? a66-J0 arf.ie 234^9 GEC - 25p 

at 70J per cenL after 7IJ per cent. I05p, and BSR. Sap. shed 4 apiece, .marked against Boots, 192p, and rimn.M u T - 1 16*^31 l7£.08i 176^1 l«.uz GKN il 

Yesterday’s SE conversion factor Losses of S were seen m Faroeil Bowater, I80p. Elsewhere, com- ^-™l Vickers £1 

intopim rM.lt, Kel.lhir. 1 57.10| bl.W 57.6I1 


n > .e<| ii.M Marlborough Prop, ap 

Transport... 23p 

nil 1 Uo'.B BAT Inds 25p 

*..i« *.ni.i Beecham 25p 

BP £1 


was 0.7328 (0.7428}. Electronics. 360 d. and Racal Elec- meat on the tide run results 

Although activity was restrained tronics, 31Sn, but Audio Fidelity prompted a faH of 14 to 574p in 

by the general setback in equities, rose 4 to 34n on the encouraging MY Dart, but Pboto-Me gained 5 

there was a small improvement statement which accompanied the to 353p in response lo the en- 

ln activity in the Traded Options results. couraging tenor of the annual 



Hi«h 

1 tern 

lihliisi ■ iv in.- 

6114 i4ihi 

: «TC.9 .3l-t/ 

411 -liviv 

1 C32.OT no.)./ 21».<0 3L-n 


° 6 - 92 A-tiied Breweries 2Sp 
Barclays Bank ... £1 
Marks t Spencer 25p 
Royal Insurance 23p 
Lloyds Bank II 


Of 

Closing 

Cha/ire 

I97S-- 

” 107S 

marks price (p) 

on day 

high'* 

low 

14 

369 

- 9 

421 ■ 

• 328 

12 

20 

— 

20} ■ 

16 

11 

583 

- 7 

602 - 

484 

8 

273 

- 5 

346 

267 

8 

640 

-10 

743 ‘ 

583 

8 

868 

- 6 

928 

720 

8 

190 

- 2 

21a 

IBS 

8 

317 

- 3- 

3J0 

233 

’ 8 

2B7 

- 3 

298”. 

.248 

8 

102 

+ 3 

211'- 

160 

7 

82 

- 1* 

94 

. 7S 

7 

338 


80S 

296 

7 

83 

- 1 

94 

67} 

7 

337 

- 3 

425 

337 

6 

254 

_ 2 

297 

342 



m " m " m 

■laauahc 


.1 

l>r1i 

1 - 



Ux’iciM/ 

Ciwim 


ciu»i<m 


I Cloulnet 

JSqntty/l 

Option * 

/■litre 

iMTer - 

Vo». 

offer 

VoL 



glow.'-; 

hi*. 

860 

60 

I — 

1 ' 77 

1 ~ 

i 105 

1 3 

866p ’ 

BP 

1 BOO 

30 

21- 

■ 52 

2. 

V3 


1 •« '• 

HP 

950 

li 

J 17 

| 32 


52 

J 5 

' «t . i*l 

.Cum Cnlon 

140 

1 6 

i ' 35 

11 

— 

1 14 

1 ~ 

134j» .• 


160 

' 2 

: 48 

4 

— 

7 

1 

■ 


16 J 

: 31 

; 8 

36 

3 

42 

— 

i 


ZOO 

1 e 

• 35 

11 

- 

17 

1 



110 

lO'a 

■ 16 

14 


• 17 


. USp 


12 J 

1 51" 

4 

9 


12 




230 

2kl 6 

&lt' — 

112- - 


LiMJ 

280 

40 



4 

1 — 

— 

318/) .. 

(iKC 

300 

31 

7 

40 


50 

— 

i - • 

W 

330 

IS i- 

10 

23 

4 

53 

— 

.. 

Grand Met- 

IOO 

lZtgl 4 

16 


18 

- 

106p 

■ / rural Mel. 

110 

6 

31 

fi 

— 

12i« 


M W . 


120 

312 

10 

6ig 

. 

7i* 

—■ • 


id 

330 

51 

5 

. 58 

10 


— 

369p 

ICI 

360 

24 

27 

36 

19 

45 • 

— 


tu 

390 

10 

e 

18 

— 

27 

— 


ICI 

420 

4 

22 

Big 

3 

17. 


.v . 

■ aji 1 See.. 

200 

32 

5 

38 



e— 

227 p ■ 

Marks i Sp. 

70 

14 

1 

18 

-*• 

19 



82p 


80 

8 

__ 

lllg 

5 

13 

— 


Mark* k S|^ 

BO 

3u 

23 

6 

10 

Bit 

10 

• f ’ * 


100 

1 

23 

3i s 




.... 

hri- 

550 

31 1 

17 48 

. — ■ 

58 

— 

564p. 


600 

9 

6 

17 

10 

35 

• 

* 

luiao 


• 

388 


70 


18 




.• Xfirrtnher 

February , 

May 

*1 

BOC loti. 

80 

4 


l*a 


2‘2 


67p 

U»o'Vj 

180 

14 

— 

18 

37 

28 

10 

192p 

I%jV4* 

800 

3 

15 

8ig 

lO 

19 

— 


Hret« 

s20 

1 



4 

6 

10 

-ww- 

T 

Bout* • 

240 

4 

— 

• -2 

- 

41s 

3. 


lmv»eria1 Qj 

80 

34 

4. 

51* 

9 

7 


81p 

Imperial Gp 

90 

s« 

— • 

8«2 

6 

3 

— 


1(1/. 

240 

6 

— ■ 

• 17 

10 

27 

— 

239p ’ : 

RTZ 

280 

2 

— 

5. 

3 

li 




ImImIv 



19 


-. 80 

~ " • 

. 13 



COMPANY NOTICES 


GENERAL MINING AND FINANCE 
CORPORATION LIMITED 

• IncornoTVted in the 
Republic ot South AtrlcaJ 


NOTICE TO HOLDERS OF SHARE 
WARRANTS TO BEARER 
GENERAL MEETING 

NOTICE « HEREBY GWEN that a 
oeneral meet I no o' members ol General 
Mining and Finance Corporation 
Limited will be held in the board room. 
6 Hot lard Street. Johannesburg on 
wwnesoav. 22 November 1978 at 
MhOO tar the purpose ot considering 
and II thought fit. passmg with or 
without modification, the tallowing 
special ana ordinary resolutions. 

Special Resolution 

THAT each ol the B. 400. 000 ordinary 
shares ot R2 oach In the capital ol the 
company be and Is hereby sub-divided 
into 5 shares o> 40 -ents each 

The reasons tor ang the efect ol 
this special resolution are given In a 
Circular obtainable trom the London 
office. 

Ornnarv Resolution 
THAT In terms ol the provisions ot 
the General M'nina Shr.re Purchase 
Scheme, the drreclors cl the company 
be and arc hereby authorised to direct 
the trustees ol the General Mining 
Share Trust to ol'er lor safe to Messrs. 
G. Cart and J. L van den Berg, 
executive directors ol the company. 
5.000 scheme shares each 

A member cntitiM to attend and 
vote at the meeting mar aoodlnt 3 
provy or proves to attend. socaL and 
vpte in his stead. Such prom need 
ngi be a member el the company. 
Instruments appointing a crocv must 
be deposited >1 the registered office 
ol me ermoany in Johannesburg or 
the London office at least lorty-elght 
hours betaro tf-c time ol the meeting. 

Holders ol share warrants to bearer 
who wish to attend or be reoretented 
at the meeting may obtain Informal-on 
regarding me formalities to be com- 
piles with on application to the London 
off-co of the company. 

For the n reose o> the meeting, me 
ordinary re-a'ster o' members o* the 
rnmoanv will be closed from 17 to 22 
November 1978. both days inclusive. 
Bv Order at >he Board 

L. W. HUMPHRIES 
London Secretary. 

London Office; 

Princes House 
95 Gresham Street. 

London EC2V 7EN 
Transfer Secretaries 
United Klnqdom: 

Charter Consolidated Limited. 

P.O. Bom 102. 

Charter House. 

Ashford. 

Kent. TN24 8EQ. 

SI OttnOer. 1978. 


NEW CENTRAL W1TWATER5RAND 
AREAS LIMITED 
(Incorporated in the Republic 
of South Africa) 

NOTICE TO MEMBERS 

Notice Is hereby given that the terty 
nfttl annual general meeting ol mem- 
bers ol New Central Witwatenrand 
Areas Limited will be he'd at 44 Main 
Street. Johannesburg on Monday. 
November 27 1978 at 14H30 for the 
following business. 

1. To receive and consider the annual 
financial statements of the company 
for the fourteen months ended 
August 31 1978- 

2. To elect directors in accordance 
with the provisions of the com- 
pany's articles 01 association 

The transfer registers ant* registers 
of members of me company will be 
closed from November 20 1978 to 
November 27 1978. both days 

inclusive. 

A member entitled W attend and 
■o to at the meeting msv appoint a 
provy to attend, speak ana vote in 
his stead. A proxy need no: be » 
member of the camoa-iy. 

By order ol the board 
ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED 
Secretaires 
acr B. P. Saunders 
Dl-.isionaf Secretary 

Rcgbtarcd Office-. 

A4 Mam Street. 

Johannesburg 2001. 

October 31 1978 


HOTELS 


BURNS HOTEL 

Barks ton Gardens 
London SW5 OEM 
NEAR WEST LONDON 
ADI TERMINAL 
100 rooms, private bath/ 
shower, radio. television, 
English breakfast, restaurant, 
bar — f Lilly licensed. 2 lifts. 
Special terms lo companies. 
Details and iUnstntcd 
brochure an request 
Teles: 27SS5 
Tel: 01-273 31-il or 7961 



ART GALLERIES 


DAIWA SEIKO, INC 


NOTICE TO EDR HOLDERS 

Further to Notice IBM* October. 1978, 
Tils Is to. notify EDR Holden that at 
fie General Meeting of Shareholders held 
»n Friday 27th October. 1978. ft was 
ipproved that a final dividend of Ven 3.7S 
ler share corresponding to an annual 
ilvldend rate of IS nor coni, will pe o»id 
jd all EDR Holders on reeord as at Slit 
■ulv. 1978. upon presentation of Con non 
go. 3 on or eiter 28m October. 1978. 
«S under; 

a) At the offices or tn» Depositary?— 
S°*Jf rr £ le 2? ,n 9 * Co. Limited. 

B. Crestov Sduare. 

London EC3A CAN. 

IT 

W At the office! of the Agent: — 
Banquo Internationale a Luxembourg 
SA, 

2 Boulevard Royal. 

Luxembourg. 

In the case of la), unless persons 
leposttlng Coupons request payment In 
J.S. dollars {in which case they must 
■imply with any applicable Exchange 
antral Regulations] payment will be made 
n United Kingdom currency at the pre- 
wilng cate of exchange on the day the 
WOCeeds are remitted to the Depositary. 

Cogppiis may be presented any weclt- 
hy {Saturday excepted) between the 
lours of 18 a.m. and 3 p.m. and must 
» left for five dear business pays for 
ixamlnatlon. 

United Kingdom income tax will br 
lediicted Tram Coupons paid in the 
Jnited Kingdom at the offices of the 
Jesosltarv. unless such Coupons are 
ceompanled by declarations to the 
ontrarv. In , accordance with Inland 
levcniK reoulrcments. 

Japanese withholding tax will be 
teductod at the aaoticable rat* on all 
Nvlrfendft paid against Coupons upon com- 
■lettan by the EDR Holders of deefara- 
tehs of residency, such documents befno 
■ va liable at the atan-menttaned offices of 
he Deoosltary and the Auent. 

ROBERT FLEMING A CO. LIMITED 
Deoosltary. 

London. 

1st November. 1978. 


AGKEW GALLERY. 43. Old Bono St.. 
W.l. 01-629 6176. FRAGONARD 

DRAWINGS lor Orlando Furloso. Until 
15 December. Mon^Frl. 9.30-5 JO. 
Tuurs. until 7. 


BROWSE A DARBY, 19. Cork St. W.l. 

ANTHONY EY TON. Recent Paintings and 

Drawings. 


DAVID POOLE shdws the Official Portrait 

U commemorate the Silver Jubilee 
Luncheon a: Gullohall together with asso- 
ciated studies. THE BRADSHAW ROOM 
17. Carlton House Terrace. S.W.1. Mon.- 

Frl. 10-5. Until Nov. 10. 


FINE ART SOCIETY. 14S. New Bono St.. 

W.l. 01-629 5116. MAXWELL ARM- 
FIELD. 


ST. KATHERINE- 
BY -TH K-TOWEII 

Close World Trade Centre & 
City in exciting prestigeous 
development, vast 1st floor 
balcony flat with views of 
Marina and Tower of London. 

5 Beds- 3 Baths., enormous 
Reception Room. Kitchen, pres- 
tige Reception HalL Lift CH. 

6 C.H.W. 18-year lease at £7.500 
per annum. Firtures. Fittings 
& complete Contents by nego- 
tiation. Contact J. Mills, 

KEITH CARD ALE GROVES 
01-629 6604 


APPOINTMENTS 


PEKEMA OY 


Bli GUARANTEES BONDS DUE 1986 
UNCONDITIONALLY GUARANTEED 
BY THE REPUBLIC OF FINLAND 
NOTICE IS HEREBY GIVEN that the 
omnanv has purchased bonds in amouni 
ulficlcnt to *3 Ms tv thff 1st December. 
'978. redemption requirement. 

Nominal value ol bond* In circulation 
a S9.900.000. 

CHEMICAL^ bank on^ behalf at 
Dated: 1st November, 1978- 



The National Federation of 
Building Trades Employers 

Eastern Region 

invites applications for the post of Director of its Eastern 
Region which covers the counties of Beds., Cambs., Essex, 
Herts.. Norfolk and Suffolk. The Regional Office is located 
rn Cambridge. The present Director retires in April 1979. 
Responsibilities include the administration of a large Region 
and the efficient conduct of its business. This is a major 
task requiring considerable managerial skill and adminis- 
trative ability, involving direction of the activities of 
Regional staff, maintaining communications with Local 
Associations and member companies and with other 
organisations and official bodies and co-operating with 
Headquarters staff. The Director is also responsible for 
implementing Federation policies in the Region, for the 
financial affairs of the Region and for the provision of 
guidance to the elected Officer* of the Region. Attendance 
at meetings throughout the Region, at London headquarters 
and adjacent Regions is required entailing a considerable 
amount of travelling. 

Applicants should hold a degree or professional qualifica- 
tion and have a sound knowledge of the building industry 
and economic affairs— a legal background and knowledge of 
contract law would be desirable. It is envisaged that the 
successful applicant will be around 40 years oF age. Starting 
salary by negotiation, depending on age and qualifications. 
A car is provided. Applications, with curriculum vitae, 
marked Private & Confidential, to Assistant Director- 
General. NFBTE. 82 New Cavendish Street London W1M 
SAD. by not later than first posr on 6 November 1973. It is 
hoped that the successful applicant will be able to take up 
the post by not later than 1 March 1979. 


NEW HIGHS AND LOWS FOR 1978 


Thu following securities quoted In the 
share Information Service yesterday 
attained new Highs and Lows tar 1978. 

• NEW HIGHS (IS) 

COMMONWEALTH & AFRICAN 
LOANS II) 

N-Z. 4 DC 1976-78 

BUILDINGS 11) 

8a99yrtdgc Brick 

STORES 111 

Steinberg 

ENGINEERING i2> 

-.atciifiu inds. SavliietG.) 

FOODS (2) 

Avana Pvke iW. J.) 

INDUSTRIALS <2 
Dvson «J. A J.) A Hamilborne 

LEISURE 111 

Ulster TV A 

NEWSPAPERS 11) 

Routiedgc & Kcoan Paul 

PROPERTY 11) 

Country 8 District 

TRUSTS 11» 

Laaard Stlg. Res. 

OILS HI 

Candccca Res. 

MINES ID 

Saint Plran 

NEW LOWS (45) 

BRITISH FUNDS UJ 
Treasury 11 -sc 1979 

CORPORATION LOANS 11) 

B.r nam 9i,pc '79-31 

AMERICANS «2 
Ajarco Inc. Zapata Inc. 

CANADIANS 11) 

Hudsons Bay Oil. Gas 

BEERS HI 

Guinness iA.) 

BUILDINGS >3) 
leeson <M. J.1 Made, 

Laing IJ.) A 

CHEMICALS >3 
CIDa C-P'trr 8 DC Con». Fisons 

1931-94 Lelab Interests 

ENGINEERING >aj 
T ummins 3'<gc ~B-94Sy».cs iH.) 

Manganese Bronte Te« Abrasives 


FOODS l» 

Bassett *G.) Bishop's Stores A N/V 

INDUSTRIALS 112) 


Avon Rubber 
Batn a. Portland 
Barg. Warner 
BS & EA 
Cole 'R. H.l 
Continental Group 


E, C. Cases 
Franklin Mint 
Hestair 

Howard Tenens 
Trans Union 
' W ‘ Ribbons 


_ , , INSURANCE i&> 

Commercial Union Legal 8 General 

Heatii iC. E.) Royal Insurance 

Howden iA.) Willis Faaer 

_ , MOTORS (2) 

Dunlop Gates <F. G.) 

NEWSPAPERS rl I 

tot. Thomson 

SOUTH AFRICANS It) 

Unisec 

_ __ TEXTILES *2> 

Coats Pa torts . Tooral 

_ . . TRUST5 il) 

Britannia Arrow 
, , OILS 11) 

Texaco 4>*oc Con*. 

„ MINES .11 

Cons. Mtuxfi. 


FT-ACTUAKIES SHAKE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries . 


YESTERDAY 
RISES AMD FALLS 

Ug Down Same 

British Funds S 5 M 

Corona-. Dorn. and 
Foreign Bonds ..... — d * 50 

Industrials U5 5K M 

Financial and Prop. ._ 13 32 23 

Oils 4 IS 17 

Plantations S 2 24 

Mines 33 *5 43 

Recent Issues 3 12 22 


Totals 


242 «7 L256 


RECENT ISSUES 


EQUITIES 


I**!!!* 
V|» X 




43 ig 
Ml 


r.i'.i — 

F. I*. (23/11 

! E-!«,i 

! T.p. . — 

! P.P.I - 


1 1 


i p 

1 

* — 

a T 

>r 


1 

j 

Sink 

j? — 

j+ or 

“ l 

iff 5 


■■i 1 


! Higii 

Low j 








OCf. 

1 1 

irnt,'l Hit Ultima. 

46 

l-l 

cfiLoti 


8.5 

7.2 

w 

i* 1 

Ferranri Sew j 

373 

1— B 


11.9 

8.3 

9.9 

126 

| 121 lining Property .\ | 

121 


| a 2.76 

2.M 

3.4 

13.7 


1 30l2[M-ini>r iS»w >n> Utitryf 

501)1 



1 s 

10.5 

10.6 

i aii 3 i 

16 .Marlbortnifib Prop 1 

20 J 


fvfOJRSl 3.0) 

2.5 

8.6 

i Is; 1 

J(XI iKikuI an^) fl 16 | 

+ i I 

- 1 

-l 


4.9 


FIXED INTEREST STOCKS 



Stadt 


£IQSp! F.P. 
' r.P. 


10p| 


H i 

210 

;£100] 

nil 

Wm 1 

K.P. 

*»9 1 FJ». 

t 1 

IUI 

£lU0 | 

F.P. 

11991*1 

F.l* 

I 

F.P. 

1S71?; *110 

I 

P P 

1:9919 

£50 


— i lo»p - loap Aoe Betmrujt lot. 10“; P«f„-..„ 

— | »»3e w 1 * Auj-i«*ey Vanawe 1 nod 

13/10’ loij- 12kplAumotnnu; 12% Loov. Prf 

4/1 lOJe 1 10 Unatoi WntemorL- 7* Prf. I98S 

— 7pm 1 ipm : Cra*liy Hour IQ6ni- *87-90_ 


- I 122 
10/1 i as 
17/11 lto 
E97I? £10 126/1 - 9i« 


1/12 llt|> ; lt/6p ;Ua an IJ*L!um. Prof... 

29-9 i 101 Ig | ae :Ui> i *'iaub [•% l.l DNl 30004)5. 

— .24 t pn/ li£pm Hufigb’Xig [axkI Loan.. 

6 12; uv^iUmraid 4 Wyuuhaoi tins. Ln. 86-ul ., 

— -fiJig. +- iken.lngiun A Lbeion Var. Kate 

26/10,138 1119 IPrw Leuivlrie. \2% Cnr. E8rtlc ... 

9lgl 9 'KidcTDannranJi J l/xLrtrtffe Water 1% Bb „ 

105 iRiirbi-wiw, 10* C<mr. Una. bes».. 

♦7 jSoutlia-irii L'orp. 12ig» tel. I987.^., mil . 1H 
lib Victor Prods. 11% Cum- 
giglWau Kent Water 7% Pref. 1985 


3b 

+ "■ 

■'SK 

— 

13p 



10 

• — a. 

3|iiu 

...... 

!•»» 



99 



Ilium 

—u 

.101 



: 98 

— ... 

.136 

-2 

. 91* 

+ !« 

122 

+ Z 

47* 

lUdp 







“RIGHTS” OFFERS 


live 

U 

pi \<£ 


Ulcst 

tennae. 

Ul« 


1978 


; Hlgb j Lm i 


Slcefc 


C1oho4 

Pri« 

Pi 


+ 01 


EQp 

ao 

44 

12 

15 

266 

100 

BB 

BO 

58 

42 

200 

155 

25 

IB 


Nil 
F.P. 
P.P. 
F.P. 
K.P. 
P.P. 
I F.P. 

i Xil 

F.P. 

jF-P. 

|F-P. 

F.P. 

Ml 

FJ*. 

T.P. 


I 7/li;24;ll' J5rrtn ;Ai4 1 un 1 .Lslbu r>- a HarieleT^. I 55un>i 

I 50|B ; 24fli: « ' 01 |D *-' L 1 - r ' 

\ 29/6,10/1 ! 

1 18/ lb 50/11 
! 21/9 3/11 
I 8.10:17/11 
j 1.10. drill 


74 

£61< 

13 

144 

Sb 

110 


SO |Blacli*>Jwl Kmlge! 

at I British Prltuinc I 

lilj-OtaDire Wine._ 


133 (Chubb. 

■ Dai* 


I 6/10 10, lit 

‘25il0|14/llj 

i 6/10| 5/llj 
! 25/91 8/1 1 : 
j 8/ Hi 8/12/ 
i 9/1L/1 6/111 
!27-'lO| 17.-1 1| 


I 328 iDaigety. j, 

I 10U jUnrUTB-fmaarl.- ICy%Coy.Lc'8wB 

lOptn'i Wp®;TtiO)e*xffi * Harrey .1 

Mb I ba HoniJuu Uroup,......^.^,.,,..., 

67 43 IPavrron ,1V. Li.. 

b8 j *3 jBetlaoae Katiwear 

550 I BS5 IKtaunta Kn*. 

61pai 23vmjHnie Pnxloctt 

'tgj 50 jWearwell | 


14 


13 fTnrtjrrwn 


hQ^ni] 0Bmmm 

si i 

ISts' 

139 j 

310 -1 
to) ..... 

• 19 pm ■ 

Mif-Ite 
61 -| 
34 j 

305 j — 9 
23pm(— 1 

Fj~ 


in 

14 



Reagnaarlnn date usually last day for deilltu free of stamp duty. 6 Figures 
based on pniipertua cstJmais. o Assumed dividend end yield, a Fnrecan dividend 
enver based Cn p reruns year'a earniof . r Dtrsieod and yield bawd on nrt«p«iu' 
or other official estimates for 1919. Q Gross, r Kieirea aawmtsj. t Cover allnw- 
Fnr cunveruoD OF shares sol now ranking fnr dtvniend or rankiog only tar re^irirrwi 
dividend', B Placing once to public. pT Hence unlesa otherwise Indicated % issued 
by tender. || Oterod to holders or ordinary diarefl as a ruHta." •* Issocrt 
ny way of nDtultaaiinn a Relntmlnced. 01 Issued in wmireaoa wifti renmam^a 
lion, merger nr takeover. 1111 Inimdumon. 3 lutned in fanner preference holders 
■ Allt/rim-ni loners tor folly-paid). • FroTidoaal nr partly. paid allotmem Idlers. 
* Wilb warruu. 


EQUITY GROUPS 

GR01TS & SUBJECTIONS 

Figure in pan.-nthuses show number ol 
sl(Kl4. per section 


3 

4 

5 

6 
8 

11 

12 

13 

14 

21 

22 

23 

24 

25 

26 

32 

33 

34 

35 

36 

37 

41 

42 

43 

44 

45 

46 


Index 

No. 


Day's 

Change 
■ % 


Est. 
Earning* 
field °4 
(Max./ 


49 


51 


59 


CAPITAL GOODS 1171 » 

Building Materials i2T) 

Conirscti ng. Construction <28/ 

Electricals 1 14 ■ 

Engineering Contractors iI4j... 
Mechanical Engineerutgi72).... 
Metals and Metal Forming(]6) 
CONSUMER GOODS 

lBl'R.4BLEH53l 

LL Electronics. Radio. TV (16). 

Household Goods 1 12) 

Motors and Distributors (25).... 
CONSUMER GOODS 

[ NON- DURABLE I (172/ 

B reveries c 14) 

Wines and Spirits (6) 

Entertainment. Catering (17) .... 

Food Manu Inch) ring 1 19) 

Food Retailing! IS) 

Newspapers. Publishing (12/.... 

Packaging and Paper 1 15) 

Storesi40i 

Textiles (25) 

Tobaccos (3) 

Toys and Games r6> 

OTHER GROUPS (SO) 

Chemicals (19) .... .... 

Pharmaceutical Products (7).... 

Office Equipment (6) 

Shipping (10).. 

Miscellaneous (57) — 


INDUSTRIAL GROUP (495) . 


Oils (5) , 


560 SHARE INDEX 


FINANCIAL GROUPI100I . 

Bankstfft 

Discount Bouses (10) 

Hire Purchase (5) ... 

Insurance (Life) (101 

Insurance (Composite) <7> 

Insurance Brokers (105 

Merchant Banks <141 

Property (31) 

Miscel laneous (7) 


Investment Trusts (50) 

Mining Finance (4) ..... 

Overseas Traders (19) 


99 | ALL-SHAKE INDEX! 673 1 


233.46 

201.77 

367.53 

539.29 

362.99 

183^9 

165.88 

205.68 

249.85 
178.79 

124.85 

20533 
223.95 
268.87 
257 J5 
20L58 

219.71 

385.13 
135.63 

193.97 
176.18 

226.97 
10078 
197.81 

280.13 
24873 
12874 

414.71 

213.98 


217J3 


494.52 


240.47 


160.45 
184.83 
205.66 
14Z.68 
127.03 

117.46 
310:60 

78.68 

25367 

10638 


204.07 

105.14 

317A9 


219.40 


-LI 

- 2.0 

-07 

-L0 

- 0.6 

- 1.0 

- 0.8 

-L4 

-1.7 

-13 

— 1.0 

-17 

-1.4 

-13 

-L6 

-13 

-1.7 

-07 

-L4 

- 0.8 

-1.7 

-13 

- 2.0 

-13 

- 2.0 

-L8 

-0.9 

- 0.8 


-L2 


-LO 


-L2 


-LI 

-0.4 

-0.9 

-13 

-13 

-13 

— 2.8 

-13 

- 1.1 

- 0.6 


-1.4 

- 2.1 

-0.3 


—13 


16.69 

1752 

19.99 
13.45 

17.86 
18.24 
16.10 

16.72 

14.73 
16-66 
19.% 

1630 

14.93 

1533 

1430 

19-17 

13.72 

2032 

18.99 
1L81 
18.90 
2435 
22.49 
15.84 
1636 
1136 

28.87 
1499 
17.60 


1637 


14.13 


15.95 


2536 

16.49 

1537 

3.43 

23.78 


17.88 

15.64 


FIXED INTEREST PRICE INDICES 


Br 

itish Government 

R - MB 

wm 

DhjTb 
change | 
% 

xd-adj. 
Ttfcday , 

xd adj. 

1978 
to date 

1 . 

Under 5 years 

X0355 

+a« 

— 

7.89 

2 

5-i5years_ 

U429 

-0.02 

— 

7.Q 

3 

0w 15 years 

USE 

— 

■ 

U2t> 

4 

Irredeemables 

222J0 



1332 

5 

All stocks. 

UL16 

+0.01 

R 

955 


U, 1978 

Mon.. 

«H 

30 

Ffi.. 

Oct 

37 

nnm. 

Oct 

26 

Wed.. 

OCL 

25 

Year 
' *BD 
/appraxj 

Gross 

ISv. 

EsL 

P/E 






field 1 

Ratio 

Index 



Index 


at 33N. 

iN'eti 

No. 



No. 

No. 

538 

8 32 

235.98 

235.46 


23927 

20951 

5.61 

7.85 

205.81 

20517 

205 04 

20856 

19887 

438 

718 


I™ 

EH3 

37437 

341.95 

3.44 

1037 

1 


544.40 

546.46 

455.69 

5.99 

739 

365.16 

36717 

,36955 

37809 

287.92 

5.97 

735 

13520 

18471 

185.67 

18927 

16030 

ff62 

8.60 

16723- 

16636 

16722 

16882 

159.06 

5.17 

835 

20864 

208.44 

20844 

23229 

203 49 

4.10 

9.52 

25410 


253.07 

25845 

242.75 

636 

8.27 

18U9 

18324 

18438 

185.93 

M153 

6.63 

&98 

12615 

\>t>7? 

17611 

ITS IB 

124J7 

20439 

6.05 

831 

20813 

2BI.8/4 

20823 

210.88 

6.33 

9JU 

22720 

226.96 

226.53 

229.90 

220.05 

5.35 

9.42 

27236 

Z74.07- 

272.94 

27734 

23527 

633 

1057 

26195 

Z6L91 

26217 

264.67 

257.18 

5.41 

6.91 

204.19 

204.45 

20428 

20619 

204.63 

4.69 

10.14 

22341 



225.83 

23456 

628 

6.89 

386.09 

387.08 

a. Wj 

394.80 

331.97 

7.90 

6.94 

137.48 

137.92 


14L14 

136.18 

4.85 

12.22 

195.63 

19359 

19432 

19733 

19855 

825 

636 

17926 

17961 

Ena 

18L0Z 

175.44 

8.26 

488 

230 05 

232.06 

23235 

23529 

215.64 

6.41 

530 

102.86 

10289 


106.31 

113.57 

614 

8.13 

L^Ll 

2OL07 

20L87 

205.08 

195:93 

6.75 

7.95 

285.81 

28637 

286.92 

29033 

266.93 

4.17 

10.71 

253.18 

255.06 

257.71 

262.45 

000 

5.92 

632 

329.89 

129.92 

13024 

13325 

125.72 

729 

852 

414.70 

41622 

LMDI 

4ZL57 

450.90 



215.66 

215,91 

21845 

220.08 

20633 

E3 1 

HEESI 

22806 

219.94 

22852 

223.60 

ZM.48 

MEM\ 

KOI 

LliklMl 

E5ZUI 

Er'.'fa 

503.79 

495.95 

FJjai 

■231 

F^TII 

E T&MI 


246.89 

23410 

6.06 

- 

Earn 

Enai 


16406 

16877 

634 

5.94 

Iffi.67 

1S5.39 

187.06 

18713 

179.72 

i-f-Vi 


207.49 

20867 

209.87 

23036 

219.70, 

tij 

fcjJI 

14932 

149.08 

14908 

150.07 

18468 

M fl 



EO 

129.00 

129.97 

Mfefil - 



e£1 

11867 

U&92 - 

12011 

14353 


936 

31952 

32127 

32533 

329.64 

301.77 

6.18 ( 

-- 

79.90 

7925 

7991 

8147 

8654 


49.73 

25641 

254.92 

25475 

25816 

23225 


5.44 


Ml 

10758 

168.71 

10239 


— 

207.07 

209.91 1 

212.01 

215.94 

199.« 


as9 

10739 


106 83 

15758 

94.03 


802 

31814 

315.88 

318.86 

32L43 

28057 . 

5.69 j 

— 

zai 

22187 

222.52 ) 

22532 

mki 


FIXED INTEREST 
YIELDS 

■Br GotL Av. Gross Red. ' 


Uw . a years.. 
Coupons IS years.. 

25 years.. 


Medium 5 years.. . 
Coupons- . 19 years.!.. 

25 years. 


High 5 years. 
Coupons 15 years 

25 yearn 


Tues., 
/JCL 
' at 


921 

1U2 

1196 


1230 

1236 

12.36 


Irredeemables.. 


1233 

1294 

13105 


Mon^ 

Oct 

SO 


926 

3111 

1195 


1230 

1236 

1236 


1233 

12.9J 

1304 


1136 I 1183 


Year 

Uo 

(approx.) 


6.41 
' 938 
3010 
9J6 
1018 
1038 


935 

1103 

2110 






Tuct Oct. )1 

51 on. 

Ort. 

30 

Friday 

Ort. 

27 

Tiiura. 

0<d. 

K 

Will: j Tuea. i 
Ort. , Oct ! 

26 (.•» j 

'Him. 

Ota. 

25 

Friday 

1 Ort. 

20 

1 Index r 
Su. ) 

Yield 

% 

is 

20-yr. Bed. Deb & Loans (15) 

56.18 ; 

j 18.81 

57.18 

| 56.69 

56.66 

56.68 1 S6.6S j 56-69 

| 56-66 

16 

Investment Trust Prcfs. 1 15) ! 

51.63 1 

13.60' 

5L58 

51.87 

51-52 

51.32; 51.37 

! 5L46 

j 5137 

17 

Coml. and Indl. PreFs. (20)j 

71.80 J 

13.04 

7Z.00 

| 72.04 

72.09 . 

7z;09 7a-12| 72. 12 j 

[-71S6 


y«u- 
no» . 
(•ppz»). 


68.91 

56.78 

78.48 


t Redemption yield. Highs and laws record, base' dates and values and rontfiinrjn j-t.x ... 

SSn. m urTlskTSrff ^‘£2*“* -T* "* P “ i,i ‘ V,erS - Tim®. Brock™ 


published In Saturday 
Haufc. Cannes Stmu 


r 







































































-Wedn^a^#dveinberi 197fc 


i** *^1^' 

$&-• - £‘ . “ - . •; 




$?»■#» 

2?3-®E 

r&i** 

:\'UB & 
r,i*9& 

£-!w* 

^.sr 


■li; 5 !| 

I’M JS 

it', V 


Una^Tst-Ma gm. Lid. fen'-V. ^Framlusgtw Unit’ Mgt. Lid. (a) Minster Fund Managers Lid. 

„ . B^&LAjteshuzy SsHJ. B ^ aU ^ „ « "^SE! S er »* ; ^huri|l., fc C 4. n,. ra mW 

ati! iM- cot •^WlT'X.'-'.l'iri'I li5i L '-I«3aS '... . SJT K*cmniiVi' 31 ^mg 1W 3 -<J *i |w 

tMl .fflr. . II «W UDiL Trust ** 

M3d^li -«il' Do ' As<:,jm Bwa -ISp.-.- 2J1 OWliuwnSirwi.swiIlBIfi. o: bmt333 

-> sssse^jh \ 

■ sataa - 1 a gx van nwm ial* 
t sj5Sy |mB ~~ gif wS“o3-- IS HiWuiswctertwimD- 


OFFSHORE 
OVERSEAS J 


ijfc.55 

xw**i. 


Provincial Life Inv. Co. Lul* Save & Prosper ..-.inti nuni 
2^.Hiihop*j!aii?, Ei !• ni-WTffOT Srntbils Securities IM. 51 


,52 3 ••* .1 * 4 * I'nrtifle 1 mo 182 5 

104 0|-0${ 5J8 11 ich Income . _ Ills I 


88.4ml -D?f 
U7J3 -1 II 


— , — '•xuvr.iwrwri.swmBHi. n- RMi-xo **™d!. Portfolio Mngrs. Ltd.* taMbhci 

M - ~ ML ‘'l-niHi |44.B 4701 -IS) in Halhum Marv S'” IN 2.NH Ol-WSHt^S 

Murray Johnston* u.T. .Hgnt.* 4«, , ' nMltnl ‘ J, - ,126 0 134 W - 1 Cl 4 76 

-131 4.76 J®”'>twSu'« f i.i;jw C nu.us2L , u 04t--j2i 5Hi Quilter Management Co. Ltd, * 

-0a| .476 “ K B ‘ MflJ . 1 2.80 TheSik fuhnnui- B.W1HP ■ oi-mo-i'l^ 

••• • i, ,, i R °^. Pri4> ' Guadrantiiuji Fd. 008 7 lJJjrf .....I 5 90 

Unit Trust Managers^ l^H£) wuadrarii income 134 6| | 7.56 

-ifS SiSK' E g' 5 ™' HTfg Reliance Unit ttgrs. I.liLV 
-30 3J9 Mutual Inc. Tri- ...frll 7bJol +0 li 70B Rylance Ili^.TunhrHleL- Well,.. Kt. 0W222271 
-u £3 «!£?“? 7 473 ...J 668 nmonunurFd... .1687 73.51 -?.H 5.60 

”*?* ’.??£ ' Mutual If Iqti ^ Id,. |57.0 6l4tfl. .j aso SukfonJnT.iAee • \i4S6 48 3 *0 2| 5 59 


I"**! i- > 
1 ** 


MHbhte " 

n»l • Ufi7 

MR 

■ini-. 3u 

AJoU. Dev 34A 

Cigtta} 68.9 

»Eunl. ... »7.4 

n.Arc. Pd.. . 121.7 




SSr S^js. 


..Arc. Fd.. .} 

Filial 

rfdFd.,^..! 


mat FuiA, 
lonat 


hi 'C^bSScw"";* uvo l»5« 


7.5 . - -ol 


OT Japan. Si 93A ■ ; 48. 
. *GtFertsJ>-Fd ... 1448.-' • 152. 
&U -tV.T.Tnn.Ifnnrt : Hd.l*-- 17S. 

6.JI (VXFour YdtTfl ^iCT.B .. . . R 

> * G. & SL Trtwt <a*S> . v 


347 ^ v .oi6IL- - - 

767 £i-nrvi«>ld 

.xnitsharc-i . 
lhC» Si ■■; 1^ 4:16 • - . 
. r . S.-m 15. VW . 


TargcL Tst. Mgrs, tScotlatidi tanbi 

I’J. AMinli roicni.Edi'i 3 iKJl-22fl8d 2! 
410 T:«T’*>: 4nK'r 7icl>. i |232 24 Ji -021 227 

7 37 Tarj.lThiMlv 412 44J^ -03 554 

454 K.-.ir.i Income Fit . !U 4 M.9|-0r| 5 92, 


44 j| 554 

M9 -or 9 92 ■ W 


Alexander Fund 

.IT nit* %!'*«■ |i»nn*. I mrmlniirc. 

Alevnndei" Fuiel | ST**685 . I 


Kejser L'Uman L.imiLed 
s.'. Milk SLrtfl. b> r v hi 

Fiki: vli-% I I 

Iinnil.-'CIC’C ►rma lZJSffl 

I CIlL A«seLM - !ip I Li 37 43 LJ7 47] 


■>.-m lx Vld'.- . Iispo 1M5| I b<n Trades I nion t nil TM. 31anagorsV \ oJisj-mc.-ruf-* ^ llelier. I 
■Pnra .1* 1‘fi 3 .c'i *..i* d..- ,.n H 10 O. Ww.lsirwl.EC a 014S38HJI1 .\JIH i:ilLE.Ii! F.l H10J1 10 12| 

.Scbiwinger iruM Mncr,. lid. . aK z> TUTrv-. a. |512 545«( .„| 526 t-lMtfclMll , r 1 . 


S rannrt-n F(L n 08 7 
rant incorai --.|135 4 


ID3ril | 

U4 3 


330 Mutual Inc 


li 4vp , KCBR 7fH ' 01 -60 

' Plus. _I51 5 54.91 »0 II 

??2 M0,Ual ' l ° |S7.0 61 4>4 j aso Sefipndc T.iAcr 1 . 45 6 48 3 h 0 3 5 59 | ni f«. I nUr- - 25 9 

'*_ L .\ 'iso National and Commercial sewomer.ine . l«3 6 ftw +o i| 539 ja #r kct umhirs. .ai 

r0j* . . l|0 3l.it Andrew Square. Edinhiirshua! ssa 913 1 Ridgefield Managcmenl Ltd.- l^el A°i;iliTni-i .23 3 

“■■*■-' ' - - --mi-S IS 7 ® I S hi 3&-¥.<. Kenned.* - Si_ Slant hesiw MlZlriWiOi Frt*p*T''-Sh4r*.-.'- 271 

- rtS’oct'lO J " •“■ flia HS3 - - | SM BldCffielUlni.l.T n0L0 108 Dj | 263 w, - S3 

SShSuw.. KSi as-fl Ridrrftrirt Interne 1*7 104 0l... f 9 04 . fc- 


1411 Smith Si reel. Uortir.fl 
■ilT? .»in £i>*inr,l . .........120 3 

5 00 Am Ciwtli • 2 1 
7.56 Ki«nnt rt.ch 5 Id 26.8 
F-Rcmpt MW. Uli * J26 4 


, . l . t ^ l j" **3^ Transatlantic and Gen. Secs. CaV 


AW 4<4ut mine- tirtuhi'r li'. < enL A««eL' Tup (Q374J L37 47I | _ l 

Allen Hane> & Ross Inv. Met. tO l.l K «>wlcx J npan I — -- I !—■ 

i.i , hwrimt , "rur> ^ iic-iier.J •■*■■ «' I iii3vni74i King dc Shuun Mers. 

AUK *!ill Eiiis F«l |£10J1 1012| | 1193 j fhnrtni.' rwn.v Si llii-ll«-r..irr»«-. .uKK-T.irtl 

Arbuthnol Securities IC.I.l Limited " ‘ 

1-0 But-j8A.SLIIclicr.Ja>C} uriHT.M*. ijiil Fund iJerw«n 1087 aSOaj-nOll 1225 

I.-.-IP T.wi.i.irT'ei-i . .11170 121 W | 403 CIUTniM i!.o 11 ■ fl03 4 10661 (12 25 

Nt*vl dealmfi Aaw AwMjtier 7 ' i;ilt Fnik tlucrnsey|923 9.24d .... I 12.25 


Opponunitr Fd ... .1687 
St*Hgrt<? T.iAcc i '.i4S6 
Scklorde T. Ine . Ic 6 


(t_V if Kim I nr TiU I^Sl 15 

le. Kt. 0W= =271 iJJg'SSj 'ii'irv | ". jil 0 

73.5j -?.H 5.60 mini -Jrtiuih ft* 

48 3 ,0^ 5 59 jlji.Tri. I'nitr- -. ^5 9 
6M +9 1} 539 Leaders. . ZB J 


. •• - rajN.OctiB up's 

. cn277>Z3T3JQ l ''"* nl 1 • .158*6 


'Mr: Sje. 


a CT| V . 


ipf America.^ 


I - ,, 'AcL'um. L'nl's.. . 100 5 

i 3 3g 1-oinH.i.in 77 . . 128 1 

i lAerum l luttfi . 1581 

I 4 59 r,imhlil(>vi 25 53 0 

i Acx-um. L'mU. 594 

3;, JJ lilen uri 3i _ 52 8 
■ 5;7 1 'crum 1,‘iaL*'. 688 

21J M.irlbonji»ct 31 .. 49 7 

5 8b i vecum I'niisi . 57 2 

5*6 van ijiv.ii i.ici.31 489 


V'\ 17*414 1“. 

c.: twrt.t, , 


ffiy 

vTwSi?-'-' 

-«L=«rj» t 
grf Jttoev^-; • 

itft- 


lv aeWJst Ftoito . 

ITVuiAarCD’sFA,. 

. ‘aanHr . Co-rfol. 

«mt«ryfithL 

OMn.tCdty .; 
.-^Eites Eaminss. 
SLSmlc 


inK'i Vm * -■ 45 3 


104 9 

23«9 ._ 

1665 

55.9u .... 
626? 

56 JB -2.4 
733 -3 2 

52.0 -2 0 
59 8 -li 
515-2 0 

64.0 -25 
76. £ -12 


474 A eit deal! nr rial* Amwifter 9. • 

5 9$ Australian Selection Fund NV 

694 Market uppurtunlliw-. c O ln-*li Ynunj it 
6.99 t.iulhwmir- 127. Kent M- Syrlnr-j 
-2.4j 4 7* L'SJI Shhre- . . I _SL'S1J9 I ( — 


IU7.M 18 001-0321 - 
142521-0 25} — 


Kleinwvrt Benson limited 

13>. I 'I'n* hun-li St . Ki 3 


\f\! r^MH i-alne *.*clotn;r 27 


Euriiii-eiO kr. F 
i.uern-Jrvlh*- 
Iki .v-cum 


3j4 Bank of America International S.A. KBinlf Fund™. ! !. 


3 67 :I5 RoiiWunl Royal ».utemb*urr 1; n 
3 67 wMhim^i I ai-nnx- .. (Sl'-'lll K UU6I | 
*51 pnetr ul «fc-l '2H Next wuh rtai« N.f 


KH Japan Fima 


I 7JJ KJ l'.S Cwth Frl 
■ Sir ret Bermuda 


JSS'i ' HSt * li-cii«n J'nit* 1 1473 

ir?i -i-d 2-K v sik-ruei 26 . . 61 7 

SIS V. 3 l ^ ■ A» cum. l' on.-* 74 1 

‘S?;' 1 * I K *«*□" firt.2T . 68 9 

, •! 5 2-2I r>n Acrum. 80 8 


1.132 

65 7 69 9. 

82 4 87 

SIS13B4 
SHK1J «6 
S1IS43 11 
SI *13 04 
SHS4 90 


m usamp 
.. 1 3 09 


'S=sw5K..:-rfai3S| » SgESSbz »;:7SB 

.. x ^*rson IIitftThistiaana.gtMXlA TK^^^S^ SX CMtuuTAmim'i 

•if* ,.*.T«KdnKi*Se;EC3aiaAA. 83»8=ar Jny.SiCT^* Frt._ B8.3 - "Hi Si? prnSlmi 

^sfcacber lJnit MgsoL Ca Ui Gibbs tAntony/ UnU Tst BljgS. Ltd. {j3>f ir .. . 
cJtAteSLEOVTJA:- : >. B«08K& 0^8884111 VuninSS' 

fbaUily Fuad pL73 iWf _ | Ufl >«l AJ3. taewne*. > }«J >. J ?*g NEL Trutt M 


Nathmal Westminster* tal 

754 i?L*^ l !}«PS'rte 1 EQ2V_8Ek'. Oi-fflO 8000. 


6941 ... 
72 9a .... 
35.6 .... 
91.0 ..... 
39.C ..... 
75 3 ..... 
544 .... 


Rothschild & Lowndes Mgmt. (a) 

Sr. $K-tLtiin-> ken*-. L*Jn . Ei'4. OI^Al4.:!iG 

442 New C'i. Esompt IO29L0 137 Oaf .. .] 357 

7 94 ftiew On OcL 10. NVsi ricalini; Nw'. 11 


rijplhnotSetairUies ^.Wte) . \ 'utA.GiFarJSwrr^lfe 7! ^ mi ~--l 0.te 8fiHon Court, Dnrtans^Surrev. ' ' sail lAcriiniTinitV -[79 7 --■■I 

. mm-. ; , . JttShatf^lKS 5S43 m » iSj ! " | 

SS '.SfcSSMSr.' -• 01-588 ia» Norwich ’ Uni0B Insurance Group <h» Royal Tst. Can. Fd. Mgrs. Ltd. 

^ "Si^S£?5w ?a ' * “’lOBl I ’ 0 -B® : LNoruirt,. 1 NRi3A- C . oaH22200 54.3Mmyn5mvt.SW 1. iil-fiZJ 

r. £4* in*™*™*- 13574 ^ -IS I 

Mu ■ N«i dSSSi litfSov. i .. FobtI Trust Managers Ltd. lallgKcl V Oct ai' *Ne,t draVliw No* 1 . 

-M3S JSdwMiMi'MimNiMit Ol Ud. 2S2 MiSb Holbarn. WC1V7EB 01-t06M41 _ , _ _ 

.i- 7. Fead Growth Fd... 123 9 25 81 -0 21 489 Save & Prosper Group 

-05 4 96 ■ 01 ’*P e J™ A® e S"Unt | 5- - 244 30 a -0.2 4 89 4. Areal Si Helen*. London ECSP SEP 

33 IS ■-• m 3 4 97 pta?l nniiTa — lit ' "S-i 2« b ®- t? ywvn Si.. Edlnhurch EH= 4A5 

-03 U-iMalWl.Al.R8Ul- JJ7 g-g £$-*3 4 94 DealiDjn to 01-5M 8889 or 031-230 TAM 

Zfs IS Pelican Units Admin. Ltd. <ajt*> S*'* * Prosper Securities Ltd.9 

-75 i« Fountain St .Manchester 081-2385085 


“ sitgisssailf 2?- »«* «»»»'" ud.* i«»i 

. l t6li.G.F4rEaW’. .l25577 Ww ~-.J BiO HiRonkoim, Unrtaiu. Surrey . ■ 


.« r»fit»yseM. — : 

■“VcrunL M iff.. 
V’i WdndAteJ 

^et^ance Fundu; 
ccwivCtdtat..-. 
POal FUmL. — 
rmRxlllF FUiKl _ 

cram. Dattai - 

r°6W'dr"l.U.‘. ... 
^•W.fcPtOfKFd. 

mb Fund . 

ccan.Hnttt?^s.: 
o**4b FBoct_ 

ccam. UnitBi 

BlIerc^osFd 

ilernilattFiL: 

V.W*drwi.OT5.L„ 

m m«lcn Fd . — 

Anwr. & ML Fd 


.a 527 Rowan Unit Trust Hun. Ltd.* lai 

S *74 cnyi;«*n** . Finshufrs,|..K»^:. ni-audic 

a} 2*7 American Oct 26.. 63 0 66 Sd . 1 

,17 7 CM Stvitnimocl 31. 17*5 1MJ -7? 4 

L¥ (aXffl High VId. C*cL 27.. .. 56 5 594 . . 7 

sail lAcrnn Unltu .— 797 837 7 

Cl _n ti C||7 tfCrllltOL'LK — . C 4 S73... 4 

^04 7 79 lAwwn. l ! nil*» . 102 4 lD7_Bj . 4 


FuroputW. 13 .. 33.3 35 4ai ... 

lAMum-l nlui . . 37 0 39 3 .... 

«Pr.4ChaFdlVi^4 17b 6 1=0 .. . 

■BpocFaUc: IO . 2864 295 2 .... 

»R.-coverj' Srpi ■ 10 |216.1 272 9rr| 

■For mi eirmr'i lunrts Ml*- 


j|q Tyndall Managers Ltd.* 

423 mt'anyw Road. Bristol. 

3.44 incumvOcl 36.. 103 6 101 

4 24 •Anrum t'niU* 191 6 Z0I 

v'up:ul liL-t 25 1306 13i 


.. Scottish Equitable Fnd. Mgrs. Ltd.* Sfl 

.FmahurrSti.. fll-6U8 IOiW aaSt.AnilronsSq.lMirotrfih 031 5560191 iA.-,-iim L olls* 161 6 

26.|63 0 66.0b! . } 125 Income Unit.* — jW.Z 52418-161 5 27 Ini E.-.ra i.«cl23.. 2518 

1S4-5I -7 5| 4 0Z AKun. Ur.it! . -157 3 61W-31} 5 27 >Am-um t‘niis<- - 284 8 


12 8J1 [Tice- *t i6-l * Next rah dale Nm. 1. Mrnct Bermuda 31.S4 90 II 

... 642 _ Irdcmtl Bfl Fil ] • • - | 

.... 6*2 Ranque Bruxelles Lambert . 

— • j ® -j Hue Ur* In Hejjeflco K tiiOO HruM.pl, Lloyds Bk. It .1.1 1-/T IBjjre. 

• jg RenUi Fund I J*' -. 11.862 1.9Z0I -3I| 1.04 I' H IBAM IIcIict Jcr-c* «KW TTN 

:. ; 'i 815 Barclays Unicom inL H'h. Is.i Ud. N.^^cr i:! 

1. ('lion ns Giww. M.1 teller. Jrr o&34737«l 

_ ___ — . _ i.upnw income.. 1469 49it .. i lioo Llojds Bank tn!l. Geneva, 

“*%* • tesai W- ln i IS no Umvm 1211 I.MVW- II .Miia-riwri* 

■■■' Im LaUionrtThi* . _ . piTOJi ul -“t-LCWt L50 u^fcint.iimiwh I'*rai58 31059] ( If 

421 “ UoyiLlni Inc. . IsKUS 31D flj . j 65 

«3l Barclays Unicom InL (I. O. Manl Ltd. M 1 
.... aoa iTiwnM^J'l.l'uufita'.inJi oeo44®fi ™*Bagejnent Inlernnlional l.td. 


1 25 Income Unit.' — 149.2 


L9.^.666 
LX -97.2 


7 38 IKMilmc rtav WcHn.-.ii.,> 

Sc bag Unit Tst. Managers Ltd.* tai 

4 20 r*i P>.*\ I ,; 1 . Bcklhrj Hsc.F.-. U Ol 

Srt*ae Cupital Fd. . 133 8 35-1) -0CI 413 

j-ebas Ip.oiw Fd |jl 2 32 7] -0l| 8JJ 


5 27 iAn-um t'niu* 284 8 

1‘rct th-i 25 _ 1064 

tai 'Actum l' nits: 134.4 


•- •* Ol 2J65dllii 2*. CmJIc 5^, Edinbrirgh. 

55 .11 - 0 -l 4 13 ?ni <iet - & M '*- 2 

’2R-01 all !*•'« Cap ticiss 1«2 6 
-■A oil 837 . x.-cum fmiw .173 8 


Enu-orn Air>1. ExL .152.1 

tXi.Aiu4.Mui. 31-1 

16, *;rir Pacific. - 70* 
l Hi. lull. Inromc .. 40 1 
Do 1 of Man Tn ... 45 6 


5611 .. 
33 7 -2. 
75.7 
43 3a 
49.1 
291 


496 lACCTm-DmUo 
2.94 BtOftJLVrtCrt 28„ 

2.42 (Acctun. Units . 
iC Eodnar.-Occst 
241 {Acuun.ViitW_ 

2.41 Onv*Mrne*.3T 
3 96 lAccntn UnitFi 
1X8 Ln-<tBnl&OcL25 
136 lAccuxft Cults' 

loo Guardian Royal Ex. Unit Mgrs. Ltd. Piccadilly Uoit^TroRt M$) 


Income FiL. . (68 2 71.91 -2 1 

Friers ai Oct at Ncit den I ini: No*. 1 


Save & Prosper Securities Ltd.* 
latnnat tonal Fund* 


|||«B«C Security Selection Ltd. lamkin Wall Group 

IV. 15-19- Lincoln Inn ric-M'. W» 2 nj.fal 6B369 ‘dpiuLU coal h. 

,1 K 1 nvir.lhTs!A.\ i24 5 34 1] . I 2 26 Ho \rcum 


OStSJCS 1 1W I >n Mun, Mutual 127 0 29 II . | ! 

149'sf j f'27 Bishopsgate Commodity Ser. Ltd. 

181 5 ■ I 5 27 Vi. I wufil*.-. I..» « OCM-a 


I'm I GlhT.l Inc 


2 26 Evira Inc Crouih 39 1 


Stewart Unit Tst. Managers Lid. lal n^ffifpFri, '..SI 
46.i'hnrlc<teSq. Frt*nhiirsh. udl SLbJLTl rw> Acrum ' "- 19 a 
TNcwan American 7"n nd llichlnc r-rinni> 661 

Standard full -s ... .54 0 57 5i4 . I 1.65 Imemaimaal. . £6 2 

A'-ciun. init- 58 2 iC 0| . -. Sp«iatSils 349 

IViihdrawal l olls |43 1 46 o| ... | — „„ .. _ 

■Slnrart BHll*h 'Capitol Fund 

Siandarh .- - • -113? 7 1! 


5 TO Periwa Units. I. . 186.2 92 6d -0 9( 5.03 S'S. t ? taJ - - fil 5 

jJj Perpetual Unit Trust MngmL* fat niv.'crou.ihl.'_..™.|67 s 
3JS 48U«rtSt-Koilo nnTlwnea (H812G888 IncrraMoR locttaw Fund 
■FpetualGp.Gth. . .(«^ 47.8t f 3.46 fftgft-VfeU -153.8 


llichtnc r-ri«ni> 661 


2.U ImernaliM.-ial. 

Special Siii. . 


am3M41 MtM.M -lW.2- ISVSRiZ »13 1 - 

893 -02 5 73 i ANRHU”ii. l 2 U.B92 115a 

934 -0 2 6 73 I WNT-Ih'l 2 Ik2 465 2614] I 2.01 

42 0 .. 998 imain-'illy ij-mcd al 'll* and --LI 00. 

17!d -0.2 4.m Bridge Management Ltd. 

211 —0.3 4.BJ I'll Ho, ram. Uranrl 1'a.wivin. I'ainwn I«. 

-S| fg VbebHW ! 1 A17876 1 .. . 1 ■ - 

S ’ »:i*i« Bo\ mi. lions Kong 

37 -0.2| 526 6j ippoB FH IK-1.2S UUSaZJJ HU] | 0.71 


l m Hunk of Kermuda Bntlilinu. Bcrniurin 
J BQ Canterbury trt IV.JSl HljGS J ... | — 1 

820 M & G Greiip 

IS T| inic Quas F.Tfnucr Fill gem 6PU "1 CT4SH6 

.Mktnui CM >1 >1 -JC7 3, VI 

]. Ali-tl Ex i*fi «S Jl'sltt 771 

mil rxflM ni'LKv.ic-.f.m ■£. H'-3(1J1 uw 

Ulana 130 8 140 7a -0 7 93.63 

- i IcrumUnitM . 168.S 20£7|-10|l3W 

■ U4| | 2.01 Simnpl Mnnlnifii I -At 


2 - 01 Samuel Montagu Mil. Agl^. 


114 nlii Hriui't K> 1 
ipollol-d WIST- SF4J1 
j.itrfcri i ict. in in-iiia 

1 1Hirnup 1 H-i in St 71186 

1 17 Jcr>cj i H-i n U TO 
HTJ'rii'Uct II C1Z 10 


111 .V» «4«4 
43 71 4 10 

1531 0 S3 

11W . 1 99 

599 070 

11 bfl 


■ 38 41 1 2.74 Standard .- - ■ .|138 7 15111-3 2] 

37 2m . .. j 391 Acrum fnii, llU.« 17*^ 7] 

72.5j 4 ... ... { 2J1 Realms ITuc* Xr Kn -u.d 


rcJrwBv Unit TSL Mm. -tMUr fMci ■' EC3P 3»N£^ L pl-raMOU AoUny Glbta L'nlt Tnw Hu«aan Ud. 

SS^rthmia . iOLO J. 9SJI-H8 4.47 g .MN4CK-. 8HD. 

" ^ 73 Hea^fSW Afariwtr^W* W<cHg> Extra Jncamo 129.0 31 JJ -0.3J lO.ifl UKEqu 

i6AnarniiTO.niit-.£ rraniler IO~ Admin. S Hwtetgta Bwd.Witttan. SunU Cob Fd 99.6 42. B -0J 6.60 Umsca 

^andaifs UnJ «>ra Ltd.* faMcXgl- •- BwntWOCHiEBwa. . 0277-Z17238 CapnalFund. 43.9 47.4 -0J 6 00 Europe 

«^Ha2M Romford IW.E-L MTI ' 4981-031 6.05 ' *2 5si - o.; 5" i“SVr 

”“™ Hj gsgatftFSi ^ ■ JK-81 L”S 

^ s is “■ 2S- .a lOUi is IS 

-*} |g -j 67« -O.M 7 75 Practical Invest. Co. Ltd.* lyHc> SSSi 

*hS ^0.5 5.00 •-'IJln® 1 USS WCIAZRA 01-823 8803 IHgh-Hi 

833 -0 4 5G5 CabotFTTrf.fctiH _.HR5 “Jl I 12J»j Practical Ocl 3.. [1S4X 164 A of . I 4.21 Sul«tl 


High Income Funds 

Nigh Return — 167 8 

oun Income |43 9 

‘ I JC Fnmb 

10.60 UKEqnil.v (440 

6.60 IhmcM FamhUi 


72.5x4 { 221 Realms ITue* A- Fn -u.n.1 

Sun Alliance Fond Mnct. Ltd. 

579i4 { 740 Sun Alliance if'C .riorOi.im (H4flS4lti 

E<p t^jTn W. 11- IC237 1 244 hi | 3 86 

- 72.91 I 8 51 9Tho Family Fd. - [96 4 1030] -9 d| 3.73 

9L=1 1 "JO Target Tst. Mngrs. Ltd.* ia»gi 

3 1. *3 n.-:- liana 5L HC2 U296 5MI 


T.SB Unit Trusts lyi 
415 2].*.'hantr Wac.Aodover. Kanu. .. SK4C11 
* 15 Dialings 10 M84 OWE-3 . 


u ihiTSDCenernl (45.0 

ict. Ltd. ih'Fif, Aceum. 57.9 

nuniui.it ,h * Ts8 Income ._.. 62 5f 

^,q . , -X. Rn Arcum. _ W.6 

nJ T^BScoHifU — »4 

1030| -0 b| 3.73 .h.lin Accum-. 873 


Ml« -0.1 
baa -0 2 


Britannia Tst. Mngmr. |CI> Ltd. 

HU Halt, Si SI liehcr lerxe,-. U53.1 

Slrrlms IXvmmnalnl FiK. 

limu-th In, e»l .. 137 2 40 21 . .. I 

inlnl KfJ J8a3 .95 5 ... | . 


" £a 294 Rmaferd Rdi £2. 

uc*ra America -|tt4 3V 


, Au*t Arc. 
Inc. 


Sti^s? fajsss^-wi 

3fl!ja Cap. Grcranii Inc., 46 2 

ZoS lSfl r« CwxGrmWh Ac ._.lS.4 


30 M ...-• 
66 « -0 .5 


833 -04 
34.6b -0 2 
«J -04 
93.2 -0.7 


Iwwmei Ajikcis. -.p 
829 3t>Cb Ibcomi Foods 

*25 HiKUIncew U 

5 SB Cabot Bwrainc j£ 

sS CabDtFW.&UiH H 

608 Sector Ands _ 


Europe 89 J 96 0[ . . 

Japan 103 7 Iliad 

S.RZuiaCuih.Fd .. 467 SD2| . ... 
US . ,. . 62 6 673 


1)41 Em Seder Funds 

J ™ Coounodiiy 77 2 

7„ 5 > 370 Encro 63 2 

lyMCf Financial See* . |c>8 4 

01-828 8803 liigh-Uinlmum Fund* 

- I 4.21 Select] htcnuil. 1242-7 


4JX -FmanctBl6rrtI^..725 > 
617 OlliNaLRca: 


-•• *>- 
■ 1S 
S&\ r- !-■ 


Wfl-O.n 617 OtliNaLRca: — 
. 1512) . ..J 695 . latocaatiMud 

«Ub.dayNor. Cabot.u 

5.75 lnUirm^looal 

^a'SrS Hi? wid. wide Oct 27. 

•vJ£S| l % ■ ttowseda Bwd* 

arfajc Brotfscrs ft Got Ltd.* 4aX*> '**% ~~ 

,L«nd«nliiiBSL,E.CR. ‘ " Ol-MBSEHU Cabot Am. Sm- 

i Next silk, day Kov. 8. . ■=■ - N 


n nrf 
ideTSt- 

m jn rd Ttw? 

t. Accum. 


-^7tal -as) 7 75 FT 

■*;aha^4ft 

.-89.7J40JI 2.90 \ 

.xad m 


Accum L'DiU.. 1223-3 


4 21 Select Income 153 6 


Target Financial 
3 22 Target Enuiiy . 

1 56 Targei Fa Nm. ! 

1 SO aty. ACC Umlr 

0 60 rjrcw f;,lt Fund 

Three! C.ronlh 
3 ig Tarf-H Fucdic Frt 

1 qj [‘n ftwnv fnlt- 

1 an Tarsei In- . - 
To Pr Sm 1. 

T f ln> . — 
217 to FVcl 
741 Tjl. Special SiLS . 


Li. ai,ncs 0296 5W I Ulster Bank* lai 
41 31 -0 31 3 62 Waring -Siren. Bull JM 
6J2d . 451 ihiri-lcr I^rimth |374 


384 

41 31 -0 3] 

591 

tr* 2uj . 

369 

397] -0 7 

208 3 

214 3-100 

282 4 

i47«-l3fa 

1170 


2s 2 

56 II -02 

282 

30? 1 

313 

33 7 . 

31 5 

33 *5 -0.8 

1564 

364 fajj -14 

280 

30 lfl -D2 

U 3 

14 J . 

20.6 

22 2| -D 1 


0232 35231 
40 2] 1 529 


4tt lerwej Energj TM (1196 1293 

7-U UnliHl STrt. HIS. E2 IB 2 21 

JiJ llii*h Ini Sllg Tsl jtO 96 0.91 

I'S. Hollar Dmodnalrd Kda. 

fnlval.STM HI ’S3 *2 S 71 

InL Rich Ini Tu.. |si'509B Iffi 


689 Unit Trust Account & MgmL Ltd. 
KincUII]-.-unM EC4R9AR 0142340511 

aS Vnan.H-.r-. Fund [167 0 17601 I 4 39 1 

n 73 Wieierfinft. Fnd 129 6 3 La .. . | 4 8 

0 77 lv Accum. .. |34 7 36 6] 4 *-B 

2*5 Wider Growth Fund 

B 75 Kmc U ill, am .V hU'4RflVFl (11423-IQi 

12 IB Income fnilx- .... 129 6 31 2| ... . | 4 8 

4 66 Accum. I'nil> . -t34.7 36 6) J 4 8 


InLHtch [HI T<l. !SI'S09B 182].. ..( 680 
Value Met. IT. Next dealing Nov. £ 

Brown Shipley Tst. Co. (Jersey) Ltd. 

m Hn\ SHS St Hclicr .’crrrej II51H747T7 


Ltd. Murray. Johnsione.ilnv. Adviser i 
U53173II4 IKLII.'rcSL Clugcnv i"S. IM I -SI MSI 

-HopC.Sl K,l .. . I JKS42 51 ] - | - 

I * an ‘Murray Fund . I 5US12 42 . . . — 

1 00 NAV Ocii.ber IS. 

' I SO 

IDO Ncglt S.A. 

12J2 Ilia Bnuleiard Br-val. Iji.nnihnurc 

NAViXi 27 .... I 6EM315 | . . | -- 

I 8 8@ 

...1 a80 Negit Ltd. 

ov. £ Bank at Bermuda HJile*. Kami lion Rrm'lA. 
Ml 1 3d. IWVW*. - 11-7.20 - I .. | - 


Sterlinil H»«id Krt. .(1996 


Phoenix Inlcmalicnal 


X 3l| 1 tm Butterfield Management Co. l.td. 

3^41 4 4-F Imi Ho, l!6. 1 1i.mil ion. Bcrmuila. 


[ 11-®® ID Bo, 77. Si IVti-r Port, ituecnnej 1 . 


lnier-Dollar Fund ]ST 34 


INSURANCE AND PROPERTY BONDS 


• 93.71 —0.4 
,46« -0.7 


js =?■■#?' 'nsEfeaBu. -aa'ri.'a 

” Wjopcgale Progreasiye MgmL Ca* BOB Samuel VnK.Ts£.'Ugra.t (al 

Bt*wmsata.ECS. 0I-68SW8D 45 Batch St. EC2P2L.Y 01-6288011 

CutcPT-*Octat.^a9a.4 mmb J 335 CblBritW) Trust 

Gta. M Qct24 — B26B • S5.S -13 3A5 '(EilatTTkuat— . 


Life Assurance Co. Ltd. Crown Life Assurance Ca Lid.* Lloyds Life Assurance 
Ill’s Ciiurc hyard, EC4. 01-2489111 Crown Li/e Hie. WoklnR.GL'ai 1.TW IMSffl 5033 ai. Clifton St . EC2.^ 4M\ 


:.*c. tJta.~OcL24_.B26B • 24LfJ J 3JB 

KBOBlnL Ov<- 31 -11604 170.3-253 2.4S 

OcL .11 _Zjl776 189 lS-279( 245 

3Jexl sub. das *Now. 14. •'Nov. 19 


ESSSSEM. 


tg] Dollar Trust. J 
(St Capita] ZrustM 
tbi Klnaadal Trust 


’M=d 


-3 SL Paul’s Churchyard, EC4. 

iqttltjFund 363 

tqulty Acc. 3L4 

'roperty Fd. 1504 1 

’ropertyAcc 16417 • 1 

Elective FUDd 91 5 ' 

Convertible Fund- ^3-® 21 

H4oncy Fund 124.0 1 

Ser 5—.. 131.7 1 


ridge Fend Managers (oJTo> 

- jirisHsa.BnsWUHamSL.ZOL 01-623 «H lW 

■ l g« g y , * c ^ Hg* . .Jg InfdL* (sKg) 

-.Vp4t3lnc.t„- pa? - 4x33 5 m JS.Cbrtmo^b«rSux*LE.C2. 

_46,S — 154 XntoL log, mod ..,(a7J 


■ — Hi 8Btan.Fd.Ser.4- - 135.B 
J ” rEquitF Fd. Ser. 4 .. 35.1 
HS *Coov>d. Ser. A- 114.0 
+0-1 2^ money Fd. Ser. 4... 1120 


hjFd- Ser. 4 " IJE.i 
v!Fd. Ser. A--I114.0 


13R> +0J 
14L2 -2.1 
37J -1.2 
120L2 *0-2 
117.1 -4-0.2 


MLaug'd Fund Aec._ UM5 
Mang'd Fd. Hicm. . . 102.4 
Man^d Fd.lnit. — 102.9 

JBquuyFd. Act %.2 

Equity Fd-lncra— 94 5 
Equity Fd. Ini L ....95.2 
Properly Fd. Acc. _ 95.8 
Pnt/wrlvFd Intro- 55.B 
Property Fd. InlL— 94.6 
Inv.Ta. Fd Acc - . 998 
lav. Tst. Fd. Incm. _ 97 2 
Inv. Tst. Frt. lull ... 986 


— I Prices at Oct. 31.' valuation oormaily Tuet Fixed tin. Fd. AM.J1002 


wacf±=»- 

vaasptT M7.0 

iterftlX. lnc-t 17.4 

a/Kt — MA 

cnllot *Tb«- 


MW—® J£ey Fuud SI*D^GS Ud. (aXg) 

. jcsHiTS 

, ‘ - •• KCTEqnigftCtm3S 768-02 468 

-rHfwiIa TBUt Hanagement taKg) ^ »« 

V«UWnJUI Vd Ki , . M4 -02 12:16 

; 2252 -03 535 


Alban; Life Assurance Ca Ltd. 
. 01-S47T243 )L Old BurUnslan S; . w 1. 01 AT 

"" BgBB'/at-BB BM:d 


Fxd Int. Fd. Incm.. 99.0 

, J Inter !. Fd. Act 1153 

Ltd. Inler'L Fd Incm. ._ U5 3 

oiairsom SJJSS-Fd &:::*? 


TGldJfoneyFdAc.. 1162 
fJnlklian-FdAcm In? 7 





I lnll |4an F ri Ural . 11? 7 

PEroaFtLAec 1305 

nrpIelnv.Aec 1723 

bqnity PeoFdAcc. 2390 

rtMid LFeoAfc 1B0B 

rtdManJ>«at-Acc.. 1323 
utLMnJ’nFdAcc — 1193 

*100 Pen-Arc. 1263 

Cple invJPau-Acc- [2130 


SM::d = 

i»a ...□ — 

moi .....J - 


Pist Fd lncri 1021 

Crown Bn. lnv.'A'..|16£7 


110 0] -051 
1071 -6 6 
1003 -0.3 
3012 -IT, 
99.4 -Lffl 
1W2 -l.ft 

100.8 

JW* 

99 5 . 

105 0 -0 9 
3025 -0.6 

103 7 -0 9 

3054 

104 2 .. 
1213 -0 3 
121 J -0 3 
1026 ... . 
1TC 1 


Llovds Life Assurance Royal Insurance Group 

5033 a). Clifton St. EC2A 4MX Ncv Hail Place Liverpool. 05132714 

678 Mils Cl Pern 3fl 1 40607 ] .. .. — Royal Shield Fd |144 2 152.51 -2.81 — 

— opi'A'BqiOvUSr. U9 * lib a." — Save & Prosper Group* 

— t>p.S'A'/ly RcLJJd-. 1553 164«.... - 4 Cl SLHelcn s. Lndn.. EC3P 3EP DioM 88 

640 Op5\VManOei.M. 1584 164 7] . .. — u a i i nv yj 11292 1368 

— Op3 A'DepLUcl26 1235 LKlo) - rn'^ny Fd |l60.4 lSB "...: - 

2 88 l^mdoo Indemnity & Gnl. Ins. Ca Ltd. ivprort'j'if* ’. 232 2) 


678 Mils Cl Fern 3f1 14 

— OpA-ATr'ictSS .. 144 4 

— OnS'A'S&sLOi'LfSS. . 139* 

- t»p.S-.VMy iVLUd- 1553 

640 Op5-A Mon<>ci3M. 156 4 

- 0fi5 A'lVpLUciaj 1235 


"(lisl : 

164 61 . ... - 

Ib4 7| . .. _ 

LM10 . . - 


1 1 l) liman Ltd. 

Capital International S.A. 

S it rue Vilrel'nme. laivcmbours. 

1 a pis. it InL Ku nd ] SUS1826 ] ... .] — 
For Central Assets MngL Ud see 
under Key ser Ullman Ltd. 

Charterhouse Japhet 

0513271432 I . Falcmosler Row Ei.‘4. m 2483800 

-1.81 — Aillrapa . IDM30JO 31 W-n lOj 4.80 

Irintirbu. PM49.40 3u| 4.46 


n.nra»iM . U7] ... .1 153 «“«* «ng™n‘- tjerscy* Ltd. 

BultrcK, lurunv . ||l'M9B 1D5| . (787 P.V. Box let M Heller. Jcnwr ftKMTJMl 

(ll^a-1051 Pnco .-ir 1 vi 9 Nc\S Mih duy N.o £ iJuealSUu.F.'idlnS |93.I 90 6J 112 00 

sal f® r Capdlrex SA see under Keyscr ! n H SS - '- • S-iSiS 

36 6) J 4 87 IJlIman IJd. yucjllntl RH I51MI9!* 89721 1 9 00 

unman ua Pn«e ai ‘icL gs Next Hc-KJinc Nm. (. 


Richmond Life Ass. Ltd. 

46 Mhnl Hired IVmieIhk 1.0 M 


16-31 The Forbur ■ Heading 6R36 1 ! 
Monf Manorrr . J34 0 36 6( 


r,i M^h'exibTe''...- 1305 ?t?j-0lj - 

_ Fused latcrrat.. . IM5 364] _o.j| - 

1 3 55 The Lcndoc & Manchester Ass. Gp.* 

_ Vmslade Park. Endcr. 0392-52155 

9.95 Csp Crawth Funrf. | 2*0 J .... I — 

— 4F!es. F,«rmH Fd 140 5 | [ — 


„i 2483800 Rothschild As&el Management (C.S.l 
31901-0 101 4.80 P O Buz SA HLJulmor'^ Guernsey. 0401 K33I 


„ , ... 4.46 m.'Eq.Fr Hcpl 29 55 3 . 

Kondali... - DIDL4D 31U 49« n C.Inc.Krt Ocs 2 1622 17:31 

Kundm HU2D.50 22381 ... I 525 ii.rtnll.Fd.' .. SL24 1371 

Emperor Fund . .[S3 59 3 69( .. J -- orSfnCoFd5ei429 1525 16?2al 

lib, pane _|WMU7 64*11 .... | L76 Ut'.CamimvliD- ... 1M4 153 W -4 

CUvc Investments (Jersey) Ud. "fpSSSraSi : i nSa J&S&k n 
PU Box 320 . Sl Helivr. Jcncy. U5343T36I. TPnce* on Her. 23 r.'rKI dealing N 
1,'llvc Kill Kd.It* I . |97» 979] . I U.00 _ .... , . 

I’livvKiii Frt- 1 Jkv. 1.1967 9 691 { uoo Rothschild Asset MngL (Berne 

ConihiU Ins. (Guernsey) Ltd. ?«■ »«■ 0M * Bk * * 

p.. k.xists,.^^..^,. "Ts;.:ircS,. F ra 

Inlnl Man.Fd- |177B 19251 . | - ■ 

DWS Deutsche Ges. F. Wertpapiersp Ro>1 * 1 Tn,st * CI * Fd - M ? 1 - ud 


102. 6| ... . I 9.95 i'sp Urawth Funrf. 
1M1 .. . . — d>F!es.Evcmpi Frt. 
307.41 — 0.4] 842 4Exc.11 at Prop Fd. 

— I [ — OExpt Sn'-.Tst Fd. 

Flexible Fund - .. 

9. Ltd. Ins. Tnsft Fund ... 


i*r.mu.Penx.Fd 1_ ..12106 221.7 

E^luir.Kcn* Fd . .JIBS 4 195.7 

Prop (VnvFd.*- 232 8 245 7 

1; ilt Pent. Fd. 195 D 100.1 

Dcpo,.Peaa.F4t ..|U14 1068 

■ Prices on Orlohcr 24 
rHeekl}- dealings:. 

Schroder Life Group* 

1 nierpnitc Hmiae. Portsmouth. 
Khiiiiv I . I 239.6. I 


4 9« 11C.lnc.Kd lies 2 1622 17231 6 79 

525 11.1" InlLFd.' . . SI. 24 137^ 1.2S 

Oi.'SinCoFdSepS29 1525 16?2al 3.11 

L76 U l*. Commodity ... 144 4 153 tn -4 E 4.M 

1.1 C L'lr.Comdly 1 .-B25 03 30.38 0 65 

'Prices on Ckl :«i Km dcnimc Nw l* - 
9T36I. TPnce* on ilct. 23 Koki dealing Noe 7 
11 00 

u'oo Rothschild Asset MngL (Bermudai 
PU. Box 664. Bk of Rcnnuiln PM . Hermuda. 
Reserve .tort Frt IH'SU07 II Kl | - 

Pnco on fict. 24. Next dcjlirn! ‘vl 31. 


(M Equity Pen-FcLAi 
lg*4 Fired LPeaATc.. 

^02 12iS 


Crusader Insurance Co. Ltd. in®. Tnsft Funr 

Vincula House. To wer PL. EC3. 01«880ai 

GUl Prop. Oct. 3 — (73.5 83.2] 4 - G,d * DepaS,t " 


Gtd. Depoiil Frt. I 

X ft G Group* 


life Assurance Ltd.* 


1 Haa. Ahna Bd- Rdgaie. ReiErte 4010L Equity Fd 1112.9 


Eagle Star Insur/Midlaud Assur. ThraeOuajx. Tower Hill I 

American Frt Bd.‘ . 50 7 fijs ... 

Eagle.'Mid. LnulS— J535 553S -0.51 614 Coav. Dopwit* 1200 12a 1 

Equip' Bond* - 1418 1-7 0 . .. 

Equity ft Law Life Ass. Soc. Ltd.* EvYieidFrf Bd S34 42^ 

AomkaiD Road. H l£h Wycombe MW 33377 “ 

g£S;“ - ofiVKind^. Sail- ib * ::::' 

General Portfolio Life Ins. C. Ltd.* no’ J SS ! ” 

60 BantMlaimrw C l. Wallbarn Cross. V2C311TO Pnfes on *Ocl. S. 1W ""vl 

pStoHoc“5uair|42A 14&3 44lJ - Merchant investor: Asturacce* 

. „ . , , LetmHsi.-.SK) If ighiSL, Croydon. 01^» 

Gresham Life Ass. Soc. Ltd i*roper*> ...... I isa.2 | I 

S Prince ol Wales Rd.. B'moulh 0202 787655 P»t^rt> Pena UA4 


Ei|iuiy 1 
Equity 4. .. 
Fixed Inf. 4. 
Marked 4 . 
Money 4 . . 

rnr-rrca*-] 

Properri*4 ■ 


2273 

.. . 1385 

— . 135.6 
.. ... 109 2 

90.5 

159.4 


-» « V uiuaxv v .I SGovi Sr-* 4 1216 

Three dual's. TnwcrHill EC3R 6K*J VI-Ca'4588 b S Ven rll237 


070527733 i .nine hare wee IHL COW Frank! un. 
— tn>e4.i - | — — | ... 

— Delta Group 

— I’O Bos 3012. Nassau. Bahamas. 

;;;■ “ Dcltelnv L<cLia ..|Sl , S106 21M . 

■■■•■ — Deutschcr Inve&tment-Trast 


P «>. Box 194 HiJi ai T-S Kv; . Jc.~0T. i*VM 27141 

R T. Inn. Frt . . BtW» 4b 10071 -0 16) )M 

RT Int LiJ^r <Kd. [80 0 B60[ —601 3 21 

Prices dL Ck-t 31 Next rlc iliny Nov. 7 

Save & Prosper international 

Reulinp lo 

37 Broad s . SL n riser. Jer-ey oNLS-zn.wi 


avfv w^im hi , 

amevmbcL^B'— . 

AMEV Monos' Fd... 
A34EV Equity Fd — 
AMEVFtXfidlnL... 
AmyPwjxFd^— 

AMEVlfeLFen-'B’ 

Flexiptan : 

AMEVffVamllngHto 
Americnu— — — 

Ineome- — — 

InL Growth | 


Proper^ F<L [1123 

F txed Interest F. ._ B08 6 


Old. Deposit Fd. - .. 100.7 
MixedFdL — U2.4 


UKM Til Fair. I’y Si -frt-' - . . 

TTaSl^o — Gill Bond— 

otXb:i “ W'zavs'j??*' 


Hi 

m= 


BS Pen Acr B .. 1360 141 

Mnarf. Pen. Op B .. 2089 221 
MnnLPdn Acr.B.SU 26 
F InL Pen Cap. B 96.4 18 

F. Ins. Pen. Acc. B 983 70: 

Money - Pen Cap B . 96.4 1® 

Money Pen Acc B. 986 30: 

Prop Pen. Cap. 8 - IOTA 10) 
Prop. Fen Acc. B.. . 104 2 IP 

Scottish Widows’ Group 


I Poatlarh 2CBS bicbersiaoise 6-100000 Frankfurt. FA DoUar-dcnMnniainl Fund* 
i irnrcntrs IIIH2IM 22JgvflIffl _ Dir. F*d. lnL-.lt.. ..f?23 ? 


_ Lonrentra Iltl GSM ZUOfriUffl — 

_ * Ini Renlenfonds -.|UH67J8 W.40| | — 

I Dreyfus Intercontinental Inc. Fd. 

— Pfi Hn% N37I2. Njis-mu. Bahamas. 

— navoclm .... punsv it nj i - 

— Emson ft Dudley TsLMgtJrsy.Lid. 


internal. Gr.*t SOD 
Far Eaxtern-t. .... 55 81 < 

Ninth AmencanT 3 7D 
St-pm-T . 15 72 

.HtrrllBX-rtee.amiaMed t unsb 
Thannel I'apital*.. 1236 6 : 

Channel Irianrts* [150.5 


— rr»Bi.iSWt Edinburfih EHlfl5BL'.03I-fiao«)00|Thc English Association 


i >.' uox .J ->L neuet. Jcracj. ^ •- ■“ITSiS 

«wa-t Ml wii-,71 1« StiflBSSi,-. ..BUS S3 


025 
1 1197 
OcL ». 


Tor Arrow Life Aamrance Me 
fraridoca Capitol life Ananaw 


Barclays Life Assur.- Co. Ltd. 

2SZR«BtortRd.,E.7. 01 


G.L. Cash Fund w— . 

SifISKEeir. 

GLIntt Fund 

GL. PpU - . Fund — 


fCSM. 

Money Marty. . . 
Money MVt P-’ns. - 
Depoail 
Deposit Peni* 


• 1 Im PlySene*!.. fl05 4 105 4] 

-.•cl 27. In-. Plv.StnwS. _ 99.4 104.7 .... 

Invnimh ilct 27.. 99.7 105 0 

mCVV tlKULAcc.Pcl.1B... 14E2 1483 .. . 

0I48SW71 Fjtl'trnc.iici. ia_. 1387 1*4.6 

I — MaR. Pen OcL £S. ... 271.8 271« .. .. 

■■••j Z Solar Life Assurance Limited 


a 6000 The English Association -inccs on ucl zi -«.t 35 ••-ocl ». 

Z -1 F''cv.sueeL,Exr _ ^ Ol-STOTTOl Schfeslnger International MngL Ltd. 

Z feiio? ¥ST®8 M”’J 4 1 . La Mono M.. Sl Hcl.cr. Jers,-.- 0S3-J 7*^R3 

_ "Next dcalint No,. 1. "Nest dealUnR OcL 31. I' LIL. ]74 79! I 9^8 


[Eurobond Holdings N.V. 


- 10/12 El? Ploco London ECJN 6TT. 01242 2805 |j l ""d , r | »j«ade 24. Willemwad, Curacm 


— Solar ManacrdS 


Barclay boodn* P?8I 

»ss=r:iSI 

Property-: 1161 

Tn HyiTT toxml - 85.6 


4^n J Managed l 


Do. Initial 962 

Gilt EdePun&Acc. _ 969 

no I nitial 43.6 

Mta: ay rtana. Aec. _ SSL 
Do. Initial _.,.|98A 


mr.- Co. Ltd. Growth ft Sec. Life Ass. Soc. Ltd.* 

01-045544 Weir Bank, Bray-oo-Ttsames. Berts. 0628-W284 JnU Equity. 957 

181 134.9] ..-. — Flexible Finance...]. ELffW I i — Do Pen.' _. .. 100.8 

^7 125.^-06 — Land bank Soc*. ....( 5481 { .1 — (ntl Msmaccd 57.4 

19.1 U4.g+63 — Landhank Sc* Acc.11181 12U] .... j — Do. Pens. 100 C 

ii llS.^vfi l ^ G.iS. Super Fd. . .1 CT.982 1 — . 

i.6 96I2I +05 NEL Pensions Ltd. 

H ' Hra^i “ Guardian Roj a] I Exchange 3D lion r^iLDyrkinc.. Surrey. 

■“ Royal Exchange. ECJ. 03 283 7107 n-.Jbx Eq.L3p 645 

'i SJ3 _ Property Bond* — 1187.6 I95A| 4 — Nelex Eq. Aci-um. . U7.1 I 

Jo U&tI -Mil „ . ..... .. .„ Nelc-x Money Cap - 61.3 

!■? inj Z Hambro Life Assurance Limited * xeiox Mon acc. ms 

I3J JUaSriJJ - 7 Old Part Lani^LoDctan.lVl Ol-WOKU ^j cm int Cap.. S. f 

L9 • m3 +01 - Fixed InL Dejx 1273 1368 - NnlMxdFdcin 094 

- nSSwi cip:::::: iS" IS;? :::::: - s..b ^ n^c H 

«r. Ca Ltd.* Menaced Acc H? ? • — — NPI Pensions Manageni 

IMA "ii 

,99.2 . .. 

1367 +0 


Beehive Life Assur. Ca Ltd.* itaoacedAccZTZ. JB2.2 

71, Lombaid St^ECS. D1-8B31288 1H7 

BlkJIana Nov. ] — | 13ZJ8 1-1.62] - SiiS^Acc : 

.... FwiF.IJJep.Cap — 129.8 

Canada Life Assurance Ca pS’ftUS&Sf*’ “ mi 

M ngh SL p«m Bar. Herts. VJBar 51123 Prop! Are Z_“. 275.7 

Eq«yGtUW)eL2_...r 633 j 1 -- Feu. Man. Cap ZU6 

BdiHLFed.Sept-7.1 3261 . | .... J — Pen Han. Are _ - 275 7 


69! 1 

....] - 


- S5lSSSS5S r *:-Si 

- sSJSSu h s*"v:::fc • ^ fj-o - A^'SK ecPou,,l,,eTHU, ’ B:4R0BV 

- ftSWSSg?rfc W*- ctSWoeLSO-l SVSSJ5 l ... I - 

- Soinr Equity F 167.8 iraJ -jL3 — Fidelity MgmL ft Res. (Bda.) Ltd. 

solar FsttlnLP . 1160 1222 +8.1 — „ , ‘^ryT, •„ 

Suiarr&shP 101 8 1082 .... — P.t'. Box mw. lianillon, Bermuda. 

Solar InUP.i 867 925-1.61- Ksdcliiy Anv A» . WBUO ...I - 

- . ... „ . „ , ... ridclilylnL Fund.] SDS2169 | . . . — 

Snn Alliance Fund MangmL Ltd. Fidelity Kd_. SUS5897 -86M - 

Sun Alliance House. Horsham 0400 64141 Fidelity Wrld Kd...| 5US1425 - 

Exp FitintCicT l!.. 1053.2 161-51 . -J — Fidelity Mgmt. Research (Jersey ) Ltd. 

im.Bn OcL3l_ | 01.92 J-0.091 — Waxerloo HtoL, Don Si .SLHeber. Jersey. 

Sun AUlance Linked Life 1 us. Ltd. osai sisei 


iMidnn Aamim InlrL IS ^Christopher SL EC3. 
TeL 81-247 7243. Tries: S8144M. 


122.7 +81 
1085 .... 
92J -1.1 


[Camion Assurance Ltd.* 




PrbjLBond/E»ec_ 
BaL BaL/Exac/OniL 
Deposit Bond — 

Equity Arcum. 

Properly Accum.. — 
Mnan. Accum. 


1223 — 

14 52 .. . _ 

1617 -tl.Oi - 
U9J — 


Pen. Man. Cap- _ ai| 2^8 -2.9 
pien Man. Acc _ - 275 7 NOJ -3.3 
Pen.CillEdg.Cap... 1218 1MJ +L2 
Pon.GiUEJR.Acc.. 1298. 1367 +U 
Pen. B.b. Cap. . — 1269 Ki —S' 7 

Pea. B.S. Acc M6J„ ,153.1 -+12 

Pen D.6 F Cap.-- J5J.1 +0.5 

Pen. D.AJ-'. Acc 1069 +09) 

Hearts of Oak Benefit Society 


0J-4BpnGl Xeiot Gth in^ Acc' lli i I !| . V ] - Sun Alliance Linked Life Ins. Ltd. 

NelSfed Frt C*p. W9.4 5191 . ..I — Pun Alliance H oust-. Horsham 040364141 

E = 1 - RsaasbriL..si = 

= NPI Pensions Management Led. KKaiVd.'. wo" ^1+415 - 

_ 4&GiarrehurrbSi_EC3P3HH. 01-623 4200 D«p-.wlFund _ 98.4 103.fi ... — 

— Manasrd Fund 1155 3 161 8) -1 Q| — Managed Fund . 109 3 115.1 . — 

tgi Z Pr ^« ^ j 1 ' ***+*!»* O" I Sun Life of Canada (U.H.) Ltd. 

+3;? _ New Zealand Tns. To. tl.K.l Ltd.* « +. Cock*pur S l. SW iY soil 01-8303400 
+4.4 — Maitland House. Souihcnd SSI 2JS fi7iK! 82955 Maple Lf. Orth. ...I 2066 | | — 


a. 

-ofisl - 

+083] -- 


K..VU.I . - 0 86 0 9l| . . I 4 45 

Gill Fd. 22 4 22 m ... 1217 

Inti. Fd Jersey ..9b 102^1... JM 

MnLVdLUmhrg ... l>mii U W . 

■Far Enel Fund. 102 1WI I 2.78 

■Next sub ila>' Octcber 2ft 

Schroder Life Group 

Enlcrpri+c House, ronsimulh. lYTdftzrr.ci 

luimia Usual Funde 

CEquIlv 1114 1190 

SEquitj - 142 8 151 9 . — 

CFixed Iniereel . 139J 1481 — 

SFixedlnicrefi . 1061 1128 — 

SHanaccd 1271 135 2 — . 

SManaced 124.1 132 0*. — 

J. Henry Schroder Wagg ft Co. Ltd. 

13J.Cheapmde.EC:. OI-5384toJO 


(ujyuu .141 Sorie* Ailnlnl 1 — .113 61 I • J — 

Q4ra84l4l xertesBirociriqi-jM.Tl -037^ - 

'3^011 — Series D lAnvAae-l .{C1617 | | _ 

i3 .... — First Viking Commodity Trusts 


A Sl George'* SL Douglas. l.o-M. 

PC4 -WfB. lain. Agt+. Dunbar & Co. Id. 

53. Pall MalL London RW17SJH. 01-820 765' 


Cheap* Oct 30 - 7V1P11 31 -0 01] 2 56 

Tralaliw Sepc. 30 . SCS137.DB I .. [ - 

.VJjji Fd. Oct 30.. PJS222* 23 IN I 2-38 

Darllnc Fd ivu 30 SA2.00 2 1U .. . 1 4 80 

Japan Fd Oct. 19 tl«480 9^ 1 0 41 

Sentry Assurance International Ud. 

F’,1 Bci 32C iliiraillon 5. Kermurta 
Uonagod Fund .. |Sl:8J» 2351 ... I -- * 


53. Poll MalL London KW17SJH. 
Fn. Vik. Cm Trt. . . B8.I 4«.1| 

FsLVtDbl i.ip.Ta .(63 0 66 0| 


— Kiwi Key !"»* PlJ" 1585 

— Small i.'6'i Fd . 97 1 

— TechnolncvFd .159 2 

J“. . £$tra Isic.i'd. 103 4 

— American Fd .. 33 5 

— Far Ea/L Fd 114 0 

— GiJlEde^dFd. ... M5 2 

— Coa. Dcpoui Fd - 9B3! 


163 4| . . — 

W22 -0 7 — 
114 9 -0 4 - 

10S.I +8 B — 
93.3 -0J — 
320 8-1“ — 

110.7 .... — 

303J . 


Maple U MangoL. .( 1353 I J - 

Maple UEqlv . 1 130 7 j .. ..] - 

Persnl PhTFA . ..! 2100 J | - 

Target Life Assurance Co. Ltd. 

Tarci-i House. Gatehouse Rd. Aylesbury, 
nucts Aylesbury ■ 0298) a 


Norwich Union Insurance Group* 


15-17. Tavistock Place, IVCIH 9SM 0I-3a750a) POBox4. Norwich NRJ 3NG 


2nd Property 197JS 113 

Sd dSKLzZI «i 163 

2ndGJuZZ- MB 96 

2nd American. ^6 .75 

2nd Sq.Pttss.Mcc. . 988 10S. 

ZnrtPrp PfcjQ'Arc. . 1126 U9 
=pd ftfet5-PrauiM.ee 1062- 189 

2nd penJtaia/Acc 1816 M7. 

2nd GtttPensIAcc. 9L4 . 98 

2n d.-VraPcnj, 1 Are. J41 W 

LAB&ljr 390 41 

LAKsXF.S. &7-5 29 

Currnat value Oct. 3 


1651 -1 — 

>.4 994 .... v- 

75 U34 — 

1.4 XM5 _ . — 

12 183.4 . — 

IR 961 .... - 

.6 752 —12 — 

L0 103.2 - — . 

Zfc U93 — 

W M?a — 


-4 — Heart* of Oak 137.2 39JH ■ - l - Managed Fund .... 2166 228.01-05 — 

. Equity Fund _ 351 0 369 4 -,'J — 

Hill Samuel Life Aasnr. Ltd.* Pn>pen> Fund ... 133 1 i-m i . - 

NLA Tar.-AddiscombeRd, Cray. 014864355 F^InL Fdad. 1KJ ’“J ~ 

*Dw>n«+vTrnTl»... I16L2 lfiq « I _ PepOfiU Fund. . 1078 1134 ... — 


... | — nucts 

I Mhh. Fund fnc , 

; rnu sri* ‘Ian FundAre.. 

OflM 22200 prop. Fd.Vec'.. 


353 ! — Fleming Japan Fund S.A. 

.30 7 ) .. .. — 37. rue Notre-Uame. Luxembourg 

fI00 J - FIcmtnftiXLiH — | *11567-55 I J 

ice Co. Ltd. Free World Fund Ltd. 

? Rd. Aylesbury. Butterfield Bide. Hamilton, Bermuda 
Aylesbury 10298) aWt NAVSeptSS | SCS19625 | . | 

"■ I Z G.T. Ma n ag em ent Lid. 


= 

784] — 1 j| — 


♦Property b'nsts —|1M.2 

Property Senes A - 105J 

Managed Units 11616 

Managed Senes A 
Man seed Series C 
Money fails.. 

Money Series A 
Fired list. Ser. .' 

Equity Sen «■■ A 
Pns. Managed Cap- 
Pn£. Uanacod Acc.. 
Pns-G'tooJ. Cap 
?ns.G'ieeiS Are 
Pens. Equity Cap 
Pens. Equity Are 
PnsF'iciClnt.Cap . 
Piu>JxdInLAcc 


149» .. . 
110.7 .. . 
1TO2 -1- 
1003 -0.‘ 
« E -03 
1293 
1042 ... . 
988 . . 

-0J 
I486 -5J 
158 B -5.1 


Peposii Fund. M78 ,113 41. 

Nor. Unit OcL lo | 22Q.6 1 . 

Phoenix Assurance Co. Ltd. 
4-5. Rise William St . EC4P4HR. < 
Meallh Ajss . . ..[ULI 117 M . 
EbY. Ph. 4» ... 822 J 

EbrPlLEqE . _ |T9 7 B3 9( 


-0 5 — Prop. Frt Inv. . . 1310 

-2 4 — Fixed InL Fd. Inc. 100 8 
— Dep.Fd Lie. .. 96.8 
+02 — Ref DanAr Pen. 718 

... — Dei Plar.Cop.Pco... 594 

— Mnn Pen, Fd Arc .- 1271 

tlan P'+i FdCap. 1155 

Gill PeuLpdAcc 13 VS 

01-6263878 Gill Pen.Fd Cap. ... 123 0 

3 1 _ Prop. Ten FdAcc. 155.4 

[ Prop. Pen. Fd.Cap — 154J, 

" "J Ouar Pen FdAcc .. 95.9 

4 Guar Pen.Fd Cap 96 3 


«.in i . ■ iiuarrni.roviip 

; qWL Prop. -Equity ft Life Ass. Co.* UA-Pon.Fd.Ace. rS-f 

llS.Crav.ford Sired. V-) H HAS. 01486 0A57 D A Fen-Fd Cap-. 195 5 
R. Silk Prop. Bd — I 325.9 J .. ..I — TransinlernsUional 

- nJ&'Bd: :| n& !:: l - 


,1971 10221 

. 1201 1264 

. 112.9 1188 

- W.D 

UV0 

ilOOB. 306.1 
. 96.8 18L9 

71 8 780 

.594 64.6 

. 1271 133.8 

. U55 1216 

13VS 138 7 

123 0 129.5 

155.4 163 6 

. 1585. 1626 

, 95.9 100 9 

963 1DL« 

9S.8 loo.a 

95 5 10051 


— I Park III*. 18 Finubury Circus. London EliL copper Trust 


2 M Singer & Friedlander Ldn. Agents 
4.65 ‘JO. Cannon Sl . Et-I ni -2489648 

DcksrtoiKb .. .. ID1526M 2ei«^oi« 6 04 

Tokyo Tst. OcL 3! tsusawa »l«l-14d| 144 

Stronghold Management Limited 

Pu Box.H5.Sl Itclivr ii.Tiev ICuU- 7I4W 
Granmudlly TruiA 196 75 10184] . | — 

_ Surinvest (Jersey i Ltd. ixi 

Queens Use. Don Ril Si Holier J-f 0ftJ42~(4P 
.... American I nrl Tu |C665 fa BOj-O.OtJ 


— Tel: W-tea 8131. TLX: BBfflOO 

— Londun .VgenLc lor 

— AnrhW'B' Units . [IDSl 07 Lbj 

— Vn elior Gill Edge... E9.41 94R 

— Anchor InL Pd . SUS524 5JW 

— AnchnrliL J*y. Tst 30 8 32.fl 

— Berry Poe Fd *USS876<o 

— Rerry Pai-Strl* . 3380 35360 

— l.T. .\tiaFii JTK1L25 11S5 e 

— GT. AsiuSierlliuL. D651 1768 

— G.T. Australia KcL . IftinBB 

— GT. Bunri Fund .. SCS14 89 

— GT. Dollar F(l . SUS&.92 

— GT Lilr. isarluj Fd 892 9J0 

_ SI-R17.78 


Jap. Index Tst .. . ]£10&5 


li 72] -0 0 
UOffl-Oi 


— iG.TPncinrFd. 


1» A Pen-Fd Cap- |95 5 10051... i — G T. Philippine F'd -Itt'SUW 11N| | . 

Transiiiternational Life Ins. Co. Ltd. Gartmore Invest. Lid. Ldn. Agls. 


-n is?? TSB Trust Managers iC.I.i Ltd. 

189 Begalellc Ril.SL Sa^iouc JvTWy 14M 724M 

0 99 Jersey Fund (48 8 5L4I -|_1) 4 67 

0 77 Guernsey Pund |48.B 514I-’. l| c 67 

... 0 85 Prices on Nov l. Ne\l suh. day Nov. 1 

113 Tokyo Pacific Holdings N.V. 

Inilral-. Manu/'.onv-ni t'n N Cur.irW. 

j ,5 NAV per share ‘Jet. IN SUETAS9 

£88 Tokyo Pacific Hlrig^. iSeahoardi N.V, 

— Inlirrus ManagcmenS Ol N V . Cuncnj. 

Arte NAV per share f.<cL 24 SUSS0 EC. 


Capital Life Assurance* 

CorsirionBotUM. Chapel Ashman (Bft2K51l 

KeylnresLFA ] 105.83 J . . j - , TZ... 

PBcemdltorinvJ'd-.! 107.41 | 1 — Imperial Lift 


— Property Growth Assur. Co. LuLV 


2 Bream Bides.. KC41NV 
VTulipInvrsL Fd .[1464 
mill P Maned. Fd - 1115 4 


Leon House, Croydon, CKO 1 1.U 


PBc«n*k«rLav2'd..| 107.41 1 1 — 

Charterhouse Magna Gp* 
sicphensoa. Hoe. Brunei Centre. Rletchlcy. 
Mi Ron E«mraOWB»l272 

ChrthseEnersy — 072 3 JS — 

rhrthse. Money 29.7 31.7 — 

Chrthse.3jEaaa£BicL. 34.8 . 36 j0 ...... — 

Chrtbje. Equity. ... 34.9 36.5 — - 

Bld/Sor 134 5 — 

UeguUuasKl... 151.0 — — 


Imperial Life Ass. Ca of Canada 

Imperial Bouse, Guildford. 7125S 

Grt. Fd. Ocl 27 [75 6 M2] I — 

Peas. Fd. Od =7. . Jfi».4 ■ TfS] _ 


Pens. Fd. Ocl 27. . J69.4 . 75 4] 

Unit Linked Portfolio 

Man Jfiod Fund [963 10L4 

Fixed 1 nl Fd - 963 ‘ 1&L4 

Secure Cap Fd. — 976 102.7 
Equity Fund IBLO 1063 


WJ j 1 — Irish Life Assurance Co. Ltd. 

151.0 i — 4 — JJ. Fjqsbury Square ECZ 01 

„ , . Blue Shp Nov. 1 [763, 80JI-1 

City of Westminster Assur. Ca Ltd. Manaecd Fund .... 2381 zsoiUi. 

R.fttafeedjfeuee. 6 Whleborae RmA ; l9ol It 


+eil Propeny Fond 

^ Property Fund r.Ai- 

'anada AKn.-uIsural Fund 
Asnc. Fundi Ai ... 
<1255 AnbeyNai.Fund . 

| — Abbe,- Nei.Fd <A> 

.....| — JiiiepLmorr Fund. . 

invrstniem Fd 1A1 

— Equity Flsnd. . 

. .. — Equsij FundiAi . 

— Mane,* Fund 

— Mnncv Fuud*A' . - 

. . Actuarial Fund 

td- Gill-edned Fend . 

01^288353 Gil:- Edged Fd. 1 A ' 
-101 5 00 


CreydonCROSXA. 

West Prop. Fond h 

Managed Fund L 

Equity Fond™ — u 
FartwmdFuBd — R 


C> ill Fund 623 

PDLAFomL.' 1733 

Po3AMngiCap._ 123.8 

pens. Mngd. Acc 126.9 

Pens. Mosmsj Cap. „ 878 
Pens. Money Are. - 503 
Pens. Equity Cep. _ 55.6 
Pena. Eqnltj - Are ™ 583 
Fund ourently e need 
PeritomUufts— { 2 


01-4HM6L 

I +031 — 
- 2.0 - 
-L4 _ 

-0.9 — 

+03 - 

4ii - 

-35 - 

3VesU3CDL 

3« f+I«- 


Manaecd Fund ..... 2381 2S0d +1 3 ~ Lnm S 

Exempt. Man.Fd.. U35 H9^+2Jl - 

Propitad. M«. 1 ._m» 9 199* £*1 

Pr^Mod Gib. \Z122 2233)+lD^ _• ' ° P . “■ \ 

Ring ft ShasBon LUL r CT ' : p , re<‘ L -d li ' j 

52. CnrnhilL EC3 014835(33 Cn? P^'cVlTi. ] 

Bond Fd. Exempt _ 110206 10338] J — Han. Pens Fd ... ] 

Next dealing date Nov. 1 Man Pena. Cao. i.'l j 

Laa g ha m Life Assurance Ca Ltd 11L i 

Longhorn Hs. Hotusbrank Dr, NU.'4 01-3035211 ??f*-^ oc, ,, poo ,. , - ,L 3 

Lbbgtun'A' Flu.. [37 3 78.5] J - Bldg- Sue. Lap. It... 3 

IWSs; pffl* 1 Z P^ldence 1 

laH 1 1 “ 14 •• • •' M 1 • vhrirlaci Drtarf KI"S 


_ 1182.06 10338] .._..] — 

cal mg date Nov. 1 


1807 

18b. 9 

7S74 
7800 
157 7 
157 5 
688 
684 
175 1 
174 2 
143 5 
142 6 
117 6 
1224 

122.4 
185 2 
147J 

h 6 AnnuiL 
63 .145 4 

£7 - 1355 

145.0 

133.1 
1512 
135 1 
1525 

138.5 
1505 
1353 

1349 

1224 


ni-rijmrww VMan UondFd ... 119.7 125.W . . — 

DJ+W0IWD6 pifn F(1 Cap 12 ,a . _ 

Man Pen Fd Acr 1317 338.61 . — 

— “ VMngd Inv Fd IpiI 9B 9 1IM ffl — 

-• — VMngd In, Fd. Acc 99.6 184 8| . — 

— Trident Lile Assurance Co. Ltd.V 


BS. Mur,' .ftste. lamrtan. Kiri, 
(.art more Fund Mnel. iC.l.) lAd. 
Jl.hr.iartSi hi Holier. Jersey 


0)-2833&3i Tyndall Group 

iKK-TZTSI I'A. Box 1230 HaBulson 3. Bermuda. 2-3760 


Dcnaindo House. Glourcster 
_ Managed.. ... . 124 7 

_]S _ ■'•id.Mgil ... .M8B 

.i'} Property 1533 

_ Equ 1 1;. Amen can 00.0 

_ t’ K Equiij Fond 110.8 

Hich Yield 141.7 

_ i.ifi Edged 122 2 

„ Money 124 8 


41. hr-urt Si hi Metier. Jersey 0534-73741 1 “» ,2S * namm» j. 

Gill Fundi Jursrfjj.. | — - 1 | — uawiOrLa 

(toruuere Fund Mngt 'Par fmi 144. • Accum. Units) - |5t ^ T* 

I5U3 Hulrhison Use. 10 Harrourt Rd. H Kunsj tfr-Way InL UCL 19 . |iL'J.i83 
HKArar.U.TM -|D|FAKa 4^ .. . f 1|0 2 NewSL-.SL Heller. Jersey 

Japun Fd . R'SfflO 2136] . I 0 50 TUFSLfictM .117 50 

NAmenmnTrt. m.’SUW dS t 1.60 /A^umShiTra.. . 07 00 

InU Bund Fund. $51869 iu31 . . 1 5.60 ATOrtvuii ■>+7=0 ... 81 5 


132 1 ...-. 
156.7 . 
1624 
84 7 -0 4 
1173 -12 
159© .. . 
1295 ... 

131 5 

ms -0 4 


0452 3CS41|i: ar tnmre lave+iiwnl Xnp. 1 J<1. 


men 1 inn wi.< 

i.ifi Edxed 122 2 1295 ... 

Mono : 124 8 U1 5 

Inicrnaiionid..... — 99.0 304.9 -0 4 

Fiwal . . .120 5 1361 ... 

Growth Cap.. - 1268 134J 

tinwihAec 131.9 139 7 ... 

i’on.--. Mnfid. i ap. . 1161 123.0 . ... 

Pens Mncd. Ac,- .. 127 4 1296 .. . 

PensGidSop.Gap. 184 1 11B3 .. 

Pens.Cirf nepiAcc.. 109.7 1162 

Pens. Ppti l'Ep.. . 1169 123.1 .. .. 

Pens. Piy. acc... . .1232 1305 

Trtt Bond .. ..36.9 38 9 . .. 

■Tidi.G I Bond. . 97 5 -0 3 

■Cash value fur £tu0 premium. 

Tyndall Ass a ranee/ Pensions* 


PU Hnx 32. Doti Idas. loM. 0624 33911 

Gni-unorclnU inv |21 7 23 Id | 13.10 

Gurtnnre IntL Grthl748 7961 | 2.20 

Hambro Pacific Fund MgmL Lid. 
-JIIO. CiMnauuht Centre. Hong Kune 
Fur Emu thl 25 _ ]OUkU4fi 1735} I - ■ 

Japan Fund .. Bl^KlCfi ILZlf | ^ 

ffambros Bank fCuernsej i Ltd/ 

Hambros Fd- Mgrs. tC.I.) Lid. 

(’•I BuxBG Guernsey ■MSLt&’iZ] 

Cl Fund . 1471 1567] -4 W 3 70 

InUl.Mund STS 109 79 11319 +0.4W 850 
Int. Equity SUS 11.18 1153 -0.43 2.10 

Int. StRs. "A - SL'S 107 , L18 +0.011 — 

Int Sras. T.' SliS L14 1171-0.05] - 

Knees on Not. I. Next rteolmj! Nov. 8 
Henderson Baring Fond Mgrs. Lid. 
<RS. (■'iimmon House. Hoag Kune. 


(Acrum shares! . 

06B4 3331 1 Far East iVI 26 
I 13.10 l.tKiim bbnrcsi 
2.20 Jcrsa?): Fd. Ocl 2ft 
. , , iNon-J. Acr. UD • 
.Ltd. Gill Fund Oct 2ft. 
e • tecum Sluim,. 


Vlrtory Hiuv. Urajrlas. Isle of Kan #824 24111. 
Trfanajjed Cut 19.. .1134 6 14L8| . .j - 

Unilife Assurance (Overseas) Lid. 
ro Box )388. njoulior, ft-'ji Bermuda 
Intcrol Mnfid. Fd Ul'SLOO - i .. . ! 


•Proa Bond |K32 152« .1 - 

Wlap (SP) Ufa Fd|J70 fil o( .. . .[ _ 

Legal & General'lUnlt Assur.) Ltd. 


City id Westminster Assur. Soc. Ltd. 

Telephone 01-tiM 0864 

First UnUa_ .(1292 lM.fij-3.3j - 

Property 0ntu-_-.pfi.7 57.^ +0.7] — 


Legal & General limit Assur.) Ltd. Fri.Mkt.Pd.caD .us) 
Kingsunod Htnitt. Kingswood. Tndwrth. pEiuSJS'FmiKv ' iiih 

Mg" ' ■ sy 


Commercial Union Group iSTaku^” 

Si. Heion's, 1, UndenbafLECS. 01-2887500 Man Med Inn 
Vr.An.Ac.0rt.2a,.) 58.77 | J - Do-Accmp.... 

Da Annuity Ui* — | IMS | ..-4 — ^JSSSSSblI. 1 

Legal * G«i 

ConfederatitKi Life Insurance Co. . Exempt Cash 

so, Chancery Lane. WC2A LHE. 01*120582 

VEqqityFUItd DAB A 1T7fl_SBO — BXCBipitqi} 

•Managed Fund 
STCPttmd 
PsMlPre 


Do Accum 98.9 1MJ .. . 

, „ Equity Initial IS 7 130.3 -IX 

-3-3j — Do. Accum. 127 2 133.1-12 

+0.7] — Fixed loitial 1169 12J.1 .... 

Do Accum 1203 126.7 .... 

Inti Initial 93.7 . -98,7 -0 5 

Do. Accum — 949 .. 99.9 -fl.t 

01-2837500 ManMed ImuaL_ U&9 1252 -D 1 , 

( _ Do. Accum — g? 3 .120.8 -0^ 

_• Property Initial 1083 IftSfi ..._ 

- 4 Da Accum. ..{fill 1QB-6P 

^ Legal & General it nh Penal oos) lid. 

Be CO. . Exempt Cash IniL -J903 UOS| | 


Providence Capitol Life Ass. Co. Ud. a wajucLffl 

30 VxhridgeRoari,\VI53PG 01.749pm. KquK50isl.2B 

Sri. MB. Pd. Cap .1881 ' 93L ... - 

Sol Mkl.Fd.K-ui . flOSl 3111.... - {SSiJJVtofra® 1 

Poonoti Fquiiy . 131 6 135.7 .... - VZ&'&tOS' ia 

Fesuioa F?d. fnt. ll&fi 122.5 - 

DoposiiFd. Cap.... 47.4 500.... - 

r>epMU.Fd.Aci._ 47 4 50 0 . .. - n?' rtSl - «" 

Equity FtL Cap 454 47 9... - ' 

EquifeFd Act?.. . 95 4 479 .. - K? 5SI?®2 ? ” 

Fxd. Sol Cap 47 7 50 3 .. - »« Prop.ucL2. . 

■ jntnj. Ace 46J «8 7 .... — 41-43 Maddux S» .U 

Managed Fd. Cap.. 464 48 9 — Managed Fd 

Menaced rd Arc. . 46 9 484 .... .— Equity Frf 

Property Fd. Cap. . 475 50.1 — Inlnl. Fund 

Property Fd. Acc.... |fi7.5 501 — Iutei+J Fd... . 

Provincial Life Assurance Co. Ltd. 

SSI. BushApGgate, EC2 01 -247 8533 

Prm Managed Fd..(120 7 17721 -3S — , 

PlW. Cflitl Fd. - 1067 112* +0 8 — 

Gill Fluid 20- -- 1166 122 H — 

Property Fund ....— 101.3 106.7] — 

Equity fund 104 0 109.tJ+14 - 

Fxd. InL Fund.. . 967 101* -02 — 


Ua& J77M-5M - 

= 


Equity Penal on 

Property Pension 

CorahlH Insurance Co. Ltd. 

32.Cprah)lLE.C& ' 01-626 MI 0 


Exempt Eqtj' InlL 

Da. Accum 

Exanpt Fixed InlL 
Do. Accum... .. 
Exempt Mnfid. 1 

Do. Accum 

Exempt Prop Intt. 
Do. Accum 


13 runyngcRuad. Bristol 
awajLWLffl 1271 

Equity Ocl. 28 170 4 

Bond Oft 38. ■ 367 5 

FmpiJrtyOct 35 MB 9 

Deposit Opl 28. ’ 130 0 

3-Wa>PlLScp1. 19. 1521 

*1 iras Inv Oct 26 78 4 

Mn.Pn 3-W Ocl. 2.. 178 2 

Do Equitvfjci fi . 2 BO 4 

Do ItondOci 2 .. 1812 

Ho Prop.ucL2. . 098 


-Efti-iii-ne uf any prelim •.'haree.- 
Hill-Samuel ft Co. (Guernsey! Ltd. 
« LeKcb,rc bU Peter Puri Guenutm. •' I. 
iiuentM.'>'T»L (150 7 1612) | 3£ 


a® Union-In vestment-Gessellschaft mbH. 
Z Povilach 16767. D <WJU Krunriur l£ 

— AUanUcfoniit . 1180 12 50 | 1183 

8 Europaiundji.. 2775 24 ?Jt 27 79 

,j L'nifondt- .. (1 W 43 1 0 41 M 

' W - l.'ni rents 57 75 60 70 57 77 

l'ni>peciai I . . 19M 20 boj | 19 60. 

~ litd. intnl. Mnemni. (C.l.i Lid. 

— i-t. MulrOhicr Street, m 1 idler. Jersey 

I'lB Fund .. ft"!O08M D9ffl I 7 50 


United Stales Tst. Inti. Adv. Ca. 


I 369 It Hue AMriocer. I Ji.,r>mWiur£ 

Hill Sanwel Overseas Fund S.A. L: ? Ta1 - J‘ 0M 0 77 
„ „ . , ,,ct assets. 1 lyiQtier aft. 

.17, Rue iftotrc-LQine l+iiemlxKirc 

ITL'KUBi um+ao?( S, c. Warburg & Co. Ltd. 
International Pacific Inv. Mngt. Ltd. sn.t.rwham street. kc-j <11 

1+1 Ri,.A IU3T. M. Hit Si Sjdnej. AUSL Cm Bd. 'tot 30 Sl>943 j-004 

J.E.T. Managers rjerso) Ltd. Mere Efeirvi. aft. p-ioe nq 01755 

|ft 1 IkA - 981'hnpnel IlnuMv Jcrtsey nSM 7J673 MereMnyMhW6'tl6 UDOB 10091 
Jersft-yExtrnl T.4...U9L0' 204 01 .. I - Uariii.rw 1«,«s1 M n «f 1«- 1 ,A 


S. (j. Warburg ft Co. Ltd. 


Vanbrugh Life Assarance 

41-43 Maddux S'. Ldn W1RSL1 


01-4M4M 

Managed Fd 14B 3 156^ -0 1 — 

Equity Fri 230 1 250.7 -L9 - 

Inlnl. Fund 952 100J +1D - 

Fixed lnterri Fd... . 167 1 1759 .... — 

Property Fd. . . 140.1 155.9 - 

Cash Fund.. ...1210 127.4} *01 - 

Vanbrugh Pensions Limited 

4 lri3 Maddox 5L, Ldn. W1R0LA O14B0482 

Managed 999 105.2] -fl.4[ — 

Equity 105 J 110.9) -0.9j - 

FixMlntcrcsL- 98.3 103.5 . j — 

Property. 99 7 305 0| ... | — 

Giiiiraniced mb Ins. Base Hates' table. 


222. BiahApGgaCo, EC 2 

.Prov Managed Fd.. 120 7 

Prw.Cm.bFd. - lflb.7 

Gil! Fund 20.. 116 6 

Property Fund ....— 101.3 

Equity Fund...... — 104 0 

Fvd. InL Fund. . . 967 


Cap- FepOcL J5_fl3fl0 - 
Mjl cSfeFdOcL ZL |179 J 305 


Credit ft Cflnmnte Insurance Lloyds Bk. Unit Ti 
120 . Regent «-LmKkraT7Ut3FE. 01-4397C81 TL Lombard SL.EC3 
CACUnfid-Fi US.6 U2.0( | - Exempt 1994 


mm - — I — Prudential Pensions Limited* 
Legal & General Prop. TtLiWgrs. Ltd Hoi born sors. ecl-cnil 01- 

1 L Queep Vieiortfi St. EC4N 4TP 01.368MRI 10 JSI 

i^p w »< s .4 iff 7 wB «ui.._i _ aa=j 

Life Asaur. Ca of Penasyfvani* 

3042 New Bond St. W170RQ. 01-483 83« ywn 1 

LACOPL'BIU...- ..1974' 3.0231, .... J ZZ Mcl ^ Bds - -1 20,0 i 

Lloyds Bk. Unit Tst.' -W Ltd. SSSSf 


0I-4W4SB 

tl :.. I - 


01-4058222 Welfare Insurance Ca Ltd.* 

_ - , . . ■ if.TTHn TL l?l I “ 'Wiitolwle Paufc. Exelt-r 0382 -521. ft.’ ' 

Won Fd. f Nc«ia"~ lt27 74 2B.fei ' Mone' maker Fd. ... I * 1070 II ■ NOTES 

Jiop. j-sL..tH. jB.™|t2/.74 Zfi.60] ...... | — Fw other funds, pleas* refer tn The London 6 - 

Reliance RlUtlial Manchatcr Gmup. .. 

TunhndpeWeilx.JCi.nt- owl' 22271 Windsor Life Assn r. Ca Ltd. Prove do n« im-lude 5 premium. e«rept«1)eK indicated 4- nn-i.iri. :ni- n.-_.ir.fe f; .( 1 :hw--«i.‘ 

Pel Pron Bda. I 2090 I 4.? ri .1 .i, ..i . ,, . ■ __ . , indicated ft seldsi % {shown in Uri column ■ allow [ur all ni»in5 ••*.ru“n“ , i' a ‘'Ifcrorf pn -^ 

^ ~ I -• I Rovnl AUjwi Hse.ijhmSl ,ft\ imL/nr Wl^imlodc -Jl cipcn,e>. b Ti>dn5'» prsi.vs. c Yield baettl on oiler pme d Lriinuliii ; To- rf.'ii 

Rothschild Asset Management Lilelnv Ptany . IT* ® no 77 M -| — j wntnr price, h DtrtTibasIpn free qfr.K toe. p Prrtodu premium in-urmrepfen- ^ Si-ri< 


A» ot Svpt. 29 Next mb. day i.^l at. 

Jardine Fleming ft Ca LuL 

46th Fluor, i-'riuniiufiht Gcnirv. Haiie Kons 
.lnM 1 nvEdnT. 1 l . IIKX35370 21 

JanliiH.-J-on.Fd.'... 1TK54UJ3 ...... 0.( 

JardineS.LA. . . SCRIP 90 13 

Jardine Klem-lnl. . 1IK513 48 . . 

I nil Fav Mvvilnc. 1 HK51S09 - 

Do (Arcum 1 HKS15 24 — 

SAVOvl H ‘Eautialcnl SCSRBH. 
Next sub. Uut 31. 


1.' Warburg Invest. Mngl. Jrsy. Lid.. 
I • hartisfi 1 nws. Sl Holier. Jey * “ u.xW 7574 
OlFMd. ScpUM .. il'hU57 itS . I •• 

ns I'MTJJd SeplJJi . 0462 1500 1 - 

2.00 MctufeTsS i.XLIB £12. 90 132 ! — 

0.80 TMTOrt.13 tt'.llil :’W • - 

170 TVTLbL Oct 13- .. -III). 11 11 4tH | - 

— World Wide Growth Management^ 

l"u. THxilvs r.rrf Hnjul. l-u-.probour; 
worldutde GUs M| 5DS16 39 1-0 iJ! 


NOTES 


01^231^6 N.C.Prc 


mae > premium, imuraum t .in. ;n 1— n— _ ti5hvr* 1. * 

r m {Shown in lari LOlumri, allow tor all rvisyinp a "tfercri pri -o r . 

jt». ,h Ti>diij''i pr:i.«s.,c Yield bared on oiler pruv 4 Liiinut'il ; r <> iJ.'iv '. 
DirtnhuMon free of F.K la.ftV'. p Pcrlodn. premium in , un,n<"(’ pi .in- " Si^rio 


0. tf» 7 fi>,rt(i i j . _ p r | in-n KulufU.^bbd.Gtfl<f 2? Q0 — ptvmujfo inMirjncr 9 <i|f4 > J , * h 4 pn''*! 1 iticlurjis all t:\vcnfz., vMCiA ,1 ’lviI ■ 1 c-jiittl 

Vf^b!?vI n5 Laj ^ Pii^Tt\sndcrh*.b». *5 00 — 1 Ollcrcd pnre m.-ludc*. jJP f\pcn t « if thrush mAna-cr 7 T'ri-.iwj- itri-p. 

N.C.. rep ...... iLD6 123 Jl I — Bfil AehI Pent .... ^&-46 . -• — • \et of ta* on MUliwed c.iwlri J.iinr nnlo?v inrtusiieil h*.-+ * i'u«r»,-i' • •.•n,.- s hu;penrf*dL 

Next bub. day December Flex. 1 tv. Crouth. 1D5.8 111.4 - 4 Yield M»re Jvr^v lsc i EZMibduxut 









EDITORIAL OFFICES 

Amsterdam: PO. Bos 1296, Amsterdam-C. 

Telex 12171 Tel: 240 555 
Birmingham. Georue House. George Road. 

Telex 338651) Tel. OZI-titt (KC2 
Bonn: Pre^fhOU:, 11 104 Heussallee 2-10. 

Telex 8889642 Tel* 210(09 
Brussels 3fl Rue Duenle 
Telex 23283 Tel: 512 9037 
Cairo: Ptl Box 20+1. 

Tel: 938510 

Dublin: 8 FUzwilliam Square. 

Telex 5414 Tel. 185321 
Edinburgh 1 37 George street 
Telex: 72484 Tel 031-228 4120 
Frankfurt: Ira bar h sen lager 13. 

Telex 418263 Tel. 555730 
Jnhanno-Ujurc' P.H Box 2128 
Telex 88257 Tel- 838-7545 
Lisbon Praca do Alegrla 58- ID. Lisbon 2. 

Telex 12533 Tel: 3fi2 SU8 
Madrid: E.spnmc«iJa 32, Madrid 3. 

Tel. 441 6772 


ADVERTISEMENT OFFICES 

Birmingham. (Jeorgc House. George Road. 
Telex 338650 Tel: 021-454 0922 



Manchester Queen's House. Queen Street 
Telex 630013 Tel- 061-834 9381 


Edinburgh: 37 George Struct New Vorfc 75 Rockefeller Plain. N.Y. .10019 

Telex 72484 Tel: 011-226 4139 Telex 238400 Tel: (212) 489 8300 

Frankfurt: Ini Savhsenlafier 13. Tarls: 36 Rue du Sentier. 75002. 

Telex 16263 Tel: 554667 Telex 220044 Tel: 2368601 

Leeds- Permanenl House. The lieadrnw. Tokyo- Kasabpra Building, 1-6-10 I'cbikanda. 

Tel 0S32 454fle9 ■ Chiyoda-ku. Tele* J 27104 Tel: 296 4050 

Overseas advertisement representatives in 
Con Ira! and South America. Africa, the Middle East Asia and the Far East 

For further details, please contact 
Overseas Advertisement Deportment. 

Financial Times, Bracken House. 10. Cannon Street. London EC4P 48 Y 


SUBSCRIPTIONS 

Copies obtainable from newsagent* and bookstalls worldwide or on regular subscription from 
Subscription nopartmcnl. Financial Times. London 










































































































































































nil 'jiii 



j Prude i:iu!3j 

»— 

||1>|T<*-)‘»W 

s.vf+tn-iT i 

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Swnsousc _ 
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San LifeSp— 

nl 


25 ’ 

« ~ 
41 

148 : 
73 _■ 

37 l ' 
79 

- . Z>2 - 
2^.; 32.... 

" 380 


EftlALS (Mi» 

>i V; : 


&i g ;[ 

K»‘J 242 >= 

£6 * 57 
>N» 1 7? .- 
!&i “J 127 _? 

»T&r f 58 • . r 
a»ff- 12 ; . -'. 
r;i 

■sr*:* 1 S 
.. J 113 ; 

6? 

32 

*wnr! a 
JSWM- » -: 


tCRAFT TR 

and Cyeles 


21 _ _ 

195 -5 Q34 C r 

9*« ...._ - 

109 -2 M5J4 

£U?s ~h Q12% 

eial Vehicles 



.(HMgs.) 118 2.46 131 

60 -1 3.35 {,2 

*2 — SO 5 2.9 

96 th3.% 3 J 

50 +d2.17 55 


SHIPBUILDERS, REPAI 

I 62 iHawihomLSOp. 77 I I — 

1125 iSwan Hunter £1. 153 6.96 

D35 Reaper 200 -2 15.0 

P60 I Yarrow 50p 335 +4.68 


EqnalOpfc 


5*5.1*24., 
sfcssiisE 
is* A t# j - 

1 2? ' 
Sri C7. .* 
IS ’ * 

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c-— i 1K 

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ssfiSjij ilir 

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iponents 


SHIPPING 


72 


SO dZ.68 3.8( 

45 b246 4.3 

65 d2 26 3.7 

110 -2 L5.M 3 6 
72 -1 hi 38 8 5 

60 3 73 Ifc, 

27lj 10S 3.7 

£17*2 il’«r 3.7 

267 . .. 4.50 46 

68 -2 5 33 1.7 

160 .... 2.S9 4 4 

12 0 25 1.0 

51. -2 hOW 3 3 

316 t?34 4J 

53 -1 tl.aO 4.0 
6U -1 3.13 33 

102 3.86 4 9 

82 -2 4 47 2.4 

id Distributors 


252 BritACcmSOp. 
112 Cctnaxm BroiSOp.. 

112 fMeriJi 

206 Fnniess With" £ l 
100 rtnnUncGitga.n^ 
31 U Jacobs il.I.iZDp- 
25 Urn. OVis Fnrs.. 
107 Lyle Shipping ._ 
200 Sian Lucre Dp . 
121’ Merse> Dt I'm 15 
66 Milford [><rks£l. 
104 Ocean Tran/pon 
831; P io [Ida 21 . 
5£ Reardon Sm 50? 
29 lie. A'fOp . 
i>9 fi-joaouc 'K 


292 >2 

160 

175 

249 +1 
113 -1 
37 +fa 

37 

128 

225 

36>2 -1 
116 *1 
107 -Jh 
87 +1 

32 

34 

59 


2 72 * 
8 37 2, 


SHOES AND LEATHJ 




6CC 


Sgt^'SES 

HI 1* 

Ri 

m 

mm . ? 

fgMS 


70 -1 442 

17i* 

90 -2 316.14 

112 7.87 

40LaJ t2.16 
3?1 2 -1j 11.40 
85 di4 5 
48*2 -1 17 4 

22 tl« 

100 -1 fa. 50 

33 iLLSl 

«i 2 Tdl 73 

97 3 52 j 

69 15 1 


36*2 (Alifbone lOpr.. 
52 Isooth'lnto li 


97 3 52 

69 15-1 

46 +1 *2 35 
45 -1 1 55 
32 ..... 1.27 

49 dO Si 1 

lfiS -2 Td4 IB 

. 99 :6fi0 

124 -* 2 13 71 
109 -2 3 64 
£180 -10 iiI3%2 
87 -1 at 05 
40t ..... 1 57 
721* -l, +4 21 
79 -2 b4.5 
57 -1 *2.50 
■78 -1 609 
30i; -] 2 1L52 i 

9 — 

' 12 -4 ...... — - 

Mto rh273 : 

katfcJ.)lDP-J- «*2 -‘2 Uj» 6.0 60j 4.1 \ 

6 ..... 46004 _ 0.9)36 6 ! 

70 .....034 279 1.3 II; 

45 «23 Zb 7.4) 7.9! 

UO 223 a4}5.0|42p64 

! ts 

S. PUBLISHERS | 


52 5f4th'lnto fi . 
56 Fodawh-s 
93 Gx-rarScotblair 

JO Kcifllam-Siosap. 

64 HilionsOOp 

47 KShoe* . . „ 
36 LaabcnSiiiOp . 
33 ScvbrtfifcBann. 

40 Oii>er>iji A'_ _ 
46^ Pnuri Grr •• • 
33 Stead iSiai A'. 
5 J Slrwicitfisber 

41 2tvIq S hoos. . .. 
T«n:crW4£10r - 

o6'; w^rotahi'c - 

24 jAoarratOp 


+1; 81.15 

4.46 

<MJ9 

T4 57 

tl .73 

+4 97 

+2J0 

t322 

-1 +284 

tl.9 

+2.31 

2.16 
-J 4.73 
.... 1.75 

thUS 

-1 M4 02 
033 


Hambros . _ 
Hill Philip 
HumoH/ds A 


SOUTH AFRICANS 


ArercomlWJO. 

An In Rl 
Anclrrlnd.?9c 
Gold Fldr F 2 : c 
Crhsns'.VaOc — 
NuJscrsCpn Kl_. 
OK Bazar;. :i r. 
Pnnn»e 10c« . ; 
Rex 7n*6,rt .»30c 
< A. Bret-- OC^: .. 
TiCarOKsF.l. . 
L'nuet 


98 ... 10 16 

515 -r25 l)63c 

105 Q20c 

67 ..... We 

135n! Q20c 

97 Q26c 


«20c 

Q26c 

+5 Qi3c 


63 .. .. Qllc 

57a -10 r052c 
53 -1 Qttlic 


TEXTILES 


■330 Allied Textile.. 
I AtkmsBro* . .. 








190 5.90 3.9) 4 t- 3 4 55a, 

230 +4.08 7 5 261 7.6 

64 32 I 5J 7.5 3.9 10'. 4 

60 237 i 2.9 5.4! 87 17 


5? EeaJexiJ ; 2)p . 
64 BeccsanA !0p 


144 -4 

55 .. .. 


¥- 


148 -rl <*4.97 3.1 5.1): 9i Hh 

135 6.52 2 1 72 9 3l 70 

142' 4.75 29 5.0 77i 26 

142. :.... 4 75 2 9 5.C 7.7 70 

367 .... 120 L4 53 70.7 4J: ; 

67 h210 3J 47 6.5 35 

88 ...^. 10268 47 4.^ 69 84 

78 ..... /*57 8 7 63 

175 ..... 16.60 26 5.6)10.4 H3l 
248 -1. blflc 3.5 fTJl 7J ££0i 
203 .... 103 .3.5 17 7]- j® 
126 -1 T7J7 24i 67 73 Z10 

50*2 — . +4.43 1.6 13 1 7 4 210 

253 ..... +9.03 5.4) 60 lis 

214 -4 60S 4.2 4.9 81 35 

70 - .... 3.15 4.1 67] 64 43 

42 -1 8249 23 B.a 7.3 1771; 

190- .45 421 43 32110.7 no 

14 8 _... td3.40 5.8 3^1 7.7 131, 

353- -3 1429 3 3 60 7 0 55 

57rf +1.36 3.4 3.6 99 72 

39*2 -1; 1.42 3.9 5.4 64 5b 


®n-ji •?- 
: , - 1.?. 




-y - -■ ? *<S: 

ctvu 




t»»- - - ; .. 


PRINTING « 

RTISING g 

561; |-2 j t293[ 441 7.7| 61 
41 {. tl.%8 24^ 7 2 8.9 (J, 


7.9l 7.4 & 
5.41 6.6 14? 


.<7 
; ■ * 

s v. . . • 


81 __ +339 20 7.2107! A9 
5OJ2 -Jj t35 3 0 10 3 i42 J ! 52lj 

70 d3.86 33 32 57)137 

M ...... d3.86 3.3 9.6 4.9; 43 

94 +4.95 3 3 7.9 5.0 74 

42 193 31 6 8 7.0lj47 

2J. _ 5.7 i SO 

06 ^.r.. 3 96 13 6914.0182 

87 -L fh257 3 3 4.410 0; 19 
76 -... +332 4.4 65 S3 life 
27 1.02 33 5.6 82 1 56 

19 ...... — — — 70111*56 

119 -1- +7.11 1.8 8 91 9.4! 25 

68 ....„ +3.35 2 9 7.4| 7.2. 92 

5*. 425 U 10 9 5.5 .74 

90 — 236 26/ 4.7] 89 53 

see Tnrfii^rnals : 40 

43ntf -X- 83.051 2.1]10.6j 7.0. 73 
Mri ...... 4.36 20| c o)f.62> 34 


217 
315 
UO 
206 
92la 624* 
£23?. niife 
46 24 

75 45 

32 65 U 
3 46 

na 164 

76 65 

102 48 

S 49 
65 221; 

232 186 
*106 724 
16 n 


64 -1 +493 2. 

205 +9.85 

292 +14.46 

105 ; 324 

205 +3 5.0 

854 -1 dti3.07 
£141, -ig tO70c 
43 .;.... +2.28 

60 -U; +232 
113- -5 tb3.14 
83 P4.75 

200 .L._ +7.45 

70 5 01 

98 -2 4334 
70 ..;... 332 
62 ...... +bL58 

196 1131 

99 3.92 
15 - — 03 



I 20 SUcicnoedMon 
28 BondSt Fab :0p| 

28 Unca: iJcha> - 
4\s Bn/royOTpSp- 
10 Bm. Enkaion. - 1 
35^ SriL Mohair . . 

41 BchKTl tnr ?'? 
12 fajrd> Dundeei ,! 
39«; Carpets InuSOs . 
24: 2 tCzrrsia ViyeUa- 
2c Cwdawljui .... 
64:? Coni Pitots. ..' 

29>i Coreh 

109 Ccui+ialds — 

5 71 OaTSDetC" 

31 C+omterJ *. . 

99 Oawsar. IntL 

98 Do A 

55 Dixon >Dandi_ . 

24 Ecar 1’ ' i *. It? 

25 Foiierijohni ... 

35 HaegasiJ 1 J0p_ 
79 KiSasP-st iOp. 
101; EieU Bros.5p. -| 

45 Hisharg - — 
S3 HrUasGrp5p— i 
39 Poafni _ . 

27 nrsttWTO.'LSJp 

26 Do. A 20p. _ 
2b laeram'B • 10p_ 
<2 JsrcneiKMjs.). 
?8 Leeds Drers. — 
15 La+hjfills — 

7 Lms5p 

34 Liaor 

55 Lyles <S.i20p. .. 

42 MactejHufch _. 
21 iiarkinaCD Sccrf 
73 Mirun-A.iaip_ 

29 KiUeTif OOp.._ 

4b MooSfor? 

102 Ntfis-Hantt — 

24 XoroJasey30p- 

58 ParUand'A' 

12 iFicUesiW ifcCo. 
P* Do. '.V NT 10p- 
41 Hadley Fasbims 
344* aehUK&uiap- 
18 Richard, 10p...- 
69 RbineumReed. 
48 smap.— 

25 Scotl Robertson. 
IS Sekertlnt tOp .. 
20 Straw Cajpeullp. 
20 Shiloh Spinners. 
84 Sidlairlod?iOp. 

50 Sircar- 

20 Snail iTidnni- 
27i; SaViswiijUaH)- 
19>* Do Pnv LU00_ 

36 SpencertGeal — 

26 Stoddard '.V 

23 Stroud ROeyDr'd- 
23 rera-CoiJ5ulal*_ 
18' Text'rdJny.lOp. 

46 TwnkhBOos 

44 Tooul 


35 

d" r. 

57 -1 

58 .... 

20 -3 
63 -u 
3T‘z +f 
34’-; 

Sft : 2,i 

115 -2 


£71 

36 .... 

123 -3 
lBi -3 
100 -3 


+L67 
■*2-13 _ 
146 1 

331 3.1 

+J.88 3. 
7.67 1. 


172 +1 
106 


g” 


311; fTorwY50 

27 Traflord Carpels 


men! Carpets 
icoviUelOp 


hTex2Qp — 
■'oits.Fuiev.20p. 


53 : 

72 

21 

15*; -1 
501; -llj! 

61 -4 

«Z, ! 

ST* -2 

47 

74 _.... 

130 -4 

38 -1 
71 -1 

16 -1 

9 

55 

55 

19 . — 

75 

64 

46 

33 -2 

70 -2 
26 ... . 
92 -1 

88 

45 

65 +1; 

41 -rfi; 
38 ..... 

31 -1 

34 +1 
79 +3 

32 ...... 

62 

44 -Hz 
57 -1 
27 

87 

59 ..... 

44 -1 

33 -I 


du.66 
P14.0 
I P14.Q 
3.73 
12.01 
15* 

♦0 76 
724 
0.76 
3-06 
456 
d3 17 
150 
150 
dl.31 
M2. 82 3. 
ht53 5. 
<H.29 2. 


27 - 
U.4 57 
11.5 5.2 
5.6 42 
111 64 
84 65 

07 ♦ 
102 i5.1‘ 

9 8 60 

8 5.8 
64 

iU4i 
32 
30 


PERTY 


TOBACCOS 


Wilkes U)u 


63 . — 

21S -4 
1M* 

93* — . 
H1;+l 2 
81 ..... 


2.41 4.4(142 Inj 
2.ij 30)232 jQfl 


llj502 mi. 


65 -1 
133 1-1 


WHn tPerryi — | lg — 
252 —3 


43 -li* 
£170 Ul. 
110 -2 


« -• . .. 


DaCap.ajp 




360 — 

32S 

66 (-Z 


12 46 273 

12 3.0425 w 

13 6.918.6 
1410.7 9.9 

- 6,7 - 
12 3.7 303 

14 5319.9 
42 4.1 88 

" a = 3g 

17 U f-22.91 
12 4i273 5|« 
12 3.4 57.0 gS 

- - - 215 

“ “ ” 62*j 

44 n*ii 82 


267 BATIadt 273 -5 +1321 J 

227 DaDefiL 243 -5 — 

330 DunUBiAJlOpL. 382 -3 8LS5 

71ij trrp e r ia] 81*; — *; 5.75 

45i; Sothnans 1H*. Q 2.07 
55 aanswiHjLJOp- S£sd -2 +2.83 


TRUSTS, FINANCE, LAND 
Investment Trusts 


Hl3! f si 


21 

ti.58 I — 
h3 


HUt 20*; 


611; -2*; 

240 +5 
31 ...... 

118 +2 

112 

» 

57* +Z 
36 -2 
£82 -1 
£82 -1 

53 

1*2 - 
1 02 -2 

93 

131 -2 

19 


15 4.425.6 


33im> 5 S 

u%l$ 


vma 


0.91 3.8]471t 


16 aziu 1 ;: 
02 10 . 0 ( 212 ;, \\ 

34.0 rao - *£ 

6.0 C.3 - 


1^ 3.41216 <L‘ 
2 1119.9 

3.W 7 4 (SO* 1 ?! 


19j 55 9.7 , 


49 AberteailBvs._ 
138 Aberte«Tritt- 

95 1 ; AUsalnr 

77 Ailiaqrelar 

193 Alliance Trust — 
114 AlUfundlne-SOp. 
329 Da Capital Wp_ 
51*2 AmfcRsetaf.lac.- 

47 Da Cap 

371* American Trust. 
36 American TsL'B' 
8+ Anglo Am Sees- 
41l» Angio-lELDir... 

104 Da Asset Shs— 

36 Anria3cotIn+.. 
64 Aratimedesluc. 

30 Do.Cap.50p 

106 At«jIiit.(S.U»_ 

106 .Amdowulm. 

49 AtlcnuBalLlOp 
69 AOtc-iicAaels- 

52t; Atlas Heel 

73 AdSLfelnL^Oiu. 

48 EankRS'lJtT. — 
45 *; Ben? Trust 

41 StsiwpsgatePropi. 
140 BishopsjUeTa. 
47t, Bonier & SchB. U7» 
$96 Bran] Fund CrSl 


58 ...^ 

136 -1 

1U 

102 -1 
210 -2 

114 

195 

58 

78 -... 
40 -1 
39 -I 
93 -2 

411; 

158 ...... 

431; -1 

77 

38 

150 

124 -1 

§7 *\i 

9 = 

53 -1 
71 -1; 

17?' -5" 


120 ITruaeesCorp 

IO6I2 
18 
80t; 

163 
600 
74 

,5*1 

278 
171 

14 B 
26 
69 



4.7 4 

+3 35 h 
356 l 


hOt> str’bdtiv.rolil 
: 83 ‘Instil.*: Pci.ro].., 
1 2» K*‘A 

i:>4 I. AeW 

,l£9? LX6y.«*!l‘«W: 3J 


202 1 
5.91 V 
t3.81 L 
4.77 1. 


ZBi L-.S-:-! I.I-. Pit. I 

3? ts£3«*4«jis!‘s‘.! 


173 !&.l £'.p: lCp . . 
j£l; l*TTO!«TCrpS 5p 
715 F.ancerl'it 

1 ! 4 nt •‘M’kUI’:' lc. 

£3?S* r.j! I'ul'.h r'lLU.. 
320 Scectfi- ?.« . . . 
484 SceiH rati Reg. 
57 Do 7 s iM.£l. ... 

226 t+Sicba)Xii£.i£] 

£521; Texaco 4 Cnr. 

130 TricoiiLrol 

162 Cltramar: 

120 Lk). 7pcCcr.il _ 

8-j Keeks .Vat iOrts. 

86 Do. PM Ord Uic 

56 tToodsidc ASOt _ 


OVERSEAS TRADERS 


RIO 1224 
120 60 


1 65 25*» 

PJO 63=; 


!66 95 

£44 
>75 ?25 
°7 oS 
1 + r >X.”l 


I :i S'2! 
i 9 I 0 


44 :«■; 
75 \Z03 


£130 £37 
73 41 
72 41 


African Lakes..- 
A usL Agnc. 50r- 
BmiordSiT-. 
3ir:+Bi:k:7iai)j0p 

Roj?.cad : lOpi _ 

r.r.'x iJasitsi . 
C-:i]LDui;V .... 

S'ht tin 
H n ■; rii Cm*. £1 
Hocr.ua,-!* • 
!a:r.:jc*il 
.V D-'ita 
Jmu.va Scgar . 
Lrariio . 
3l.a6ell<.iK'' - 
'■‘i peri an Eire ii 

iV-an Tim . yip 

Pai.'-.i l<-t !n> 
Do VX 1 . Up.. 
Sander 1 J E*10p. 
Sena Su;ar :»)p 
u>i3tr Dart... ipp 
steel Bros . .. 
Titter K>ms .'9p 
Do Sp; ini.Bl 


290 

108 

157 -1 
58 -1. 

65 . ... 

99 -el 
145x4 ... 
£66 


550 .. . 
78 -2 


353 -4 

23 . . 


19.0 LBI 29 
U 2.0 46.0, 
4.6 4.0 6J I 
1.1 16.3 1HD1 
3.1 3.5 103 
3.0 7.7 52 
32 4.6 9.0 
24 1.5122.8. 
22 b.010.7 
16 8.2 9.7 
22 64 83 
63 - 3 7 


Amal Siccna . 

A.UT Hi [ill Sill 

1‘eraltTia 

Rcrjcniai 5M1 . - 

iJeeior 

Gold s Base 12-..p . 
(iopeng Cons 

Homtbmc 

IdnalOp. 

JanJar 1^2/1 . . . 
KaraajilbeS5tu.il. 

FiUtnehau. 

Malay Tirodiin; 5111. 

A Pahang 

Pcnekalva kip _ . 

PmJmgrAl 

Sami Puan 

FcuthOiti’iylOp.... 
South Kuu SMtoO 
Sthn Malaita; SMI. 
bonjei B«i SJdJ . . 
Supreme Cc.rp. mi 

Tanjonc I5p 

Tonjkah Hrl-r SMI 
7 ronon S7.I1 


... 2 El 
*5 iijJDDc 
. . ! H 0 
+5 lyllDc 
t5 3.04 


630 

455 *5 
6 = +1 
75 m +3 
255 *-5 

57 td 
£9 +4 
225 

330 +5 

215 .. 

75 ..... 
90 .... 
100 .. . 
240 *5 


+1 Q12I.-C 
. 1)125 
*5 1‘j95c 
+1 «!J5e 
+3 6 60 
*5 +f»S0r 
ro 2 03 
+4 4.19 
. .. sulix 

+5 pwi-’jJc 

.. . Q65e 

ZQlOc 

16^0 

.. .. tWc£D\ 
*5 liQSSe 


441. 

208 

HI *3 
190id -3 
135x0 +5 
37 
51; 

116 +1 
195 «t -5 
54 -el 
£94 .... 

65 

64 


2 3 Id S >30. 
lSu.«i6 2- 


COPPES 

i«iirns?.0H- I 63 |-2 |+Q30c] 

MISCELLANEOUS 


15 40 0 9b. Z3. 
292 2 W 57? 76 . 


]F;.5r>Tjr. . 
(Eurrao Hire: I7;p 


8 D 4> 
80 * 
i4 43 L3 
B - - 
zy3 0 24 
tb.5 4.4 


zQ3 0 24 2 6 296 
tb.5 4.4 5.0 bb 
+3.25 2 7 aR<50! 

18.0 fB b - 

thO 76 LLO 17 7.9 
13 « 31.2 £2.9 - 


.•orhcaiei. j! 

S TJ ‘ 

ixbiri-r.a. <71 
Tsro'Air.-i :-i 
Tcl.d:.M.r.'.r>!i 7. 
InkcnCviK '.5! 


ZCri |-5 |;r.3Dc 
575 — 

238vi--- t 7 5 

-■•2 ;-i 1 - 


i L' CiroXtrc.l*. 65 thO 76 11.0 

l I f*u IbpvljLwl 64 ) 1 15 4 |30.2l 

RUBBERS AND SISALS 


GOLDS EX-5 PREMIUM 

I on don gjiMa>ions iur «.?h ■ ii-L 5 .£'-)• r -y.il mining 
ibhares in U.S carrvney li-.- in*<- ;r^eni g->l<»r 

premium. The**? price:, are out to nr-n-l'ef 

IrctioenUi 


1978 I I 

Hiph Low] Stock ] 

:C4 ! 75 I.An;1ft-indic!esn..l 
127 I » (ErnaaCsn* iup I 


* eri Dir. lid 
Price — I >'rt Cvr C-r's 


Si: (2af>l>f.-: 

663o 1/n; ill 

33De jiLir.' Rand ?rp Rl . 


» E'-rcuaCan* lup 
Uv Bj+iiAIrica. . 

31 SrabolllCp .. 


It5 lajiefteidiOp ... 
2b tbersuriielOa.. 
23K imi rUrtultp. 


I] 22'* 3< 1 Jl'ri£C<.‘«.u‘mai!Op. 


iOO 211 Wj-hrieE’.. . . . 
129 c5 {2irr.4a-.lH- & '<t>. 
135 5b-; HifihliuidaMMc . 


b 9 ■:]!; Kuala Kej->nt M51 

i'll; 2« HKuLaM30c .. 

I c 7 64 Ida. Sumatra I0p 

2.) Tb 2Jal.it id/ MSI 

fc? ’■C-; Ma.tr Riior K>p 

BI 35 •’’iaxijim-.Htal* I'D 

93 37 SL'SfCf Krai lup - 


102 

103 .... 

17 

59 

265 *5 

54 

44 

Ill; .... 
363 44 
115 4l 

112 -rl 

73 

5Ci; +1 

132 

67 

53 

66 . 
85 i 


12 79 | 4 71 4.1 
3.55 I 1 71 5.2 


33De jtd%' Rand : T> Rl - 
Slfr-', [F S O.iiiuil .... 
311 |Prw irc.-.d 3 Cjc- .. 


SI 01* 5: Helena ft I 

31?e &!:ifcr.fc;DS0C— — 
S16J, '. aai JiceJt 50c .. . 

525 cii L-rir H! 

S19i 4 fa«iHldta50c_ . 
895c jieuern Deep R2... 


S II 'ii-!; vl'Oe 2.9 16.7 
S'O --j ft)7Sc 17 9 0 

— -a — _ — 

522 t ttl -1 v3X5o * 16-3 
SX2:./d — 4 vliOo « 14 3 
$:3ii -k y]C0e <5 20 9 
«3c -^7 4CI2ZC 23 s.y 

SIS", OUsc 3 3 7 0 


S32H. -2MQ33SC 1.713.7 
SZTVrf O-iiic * 17 7 
SIX'* — -j (:82 5e 2.4 8.5 


NOTES 


TEAS 

India and Bangladesh 


Inins Mhtrmw odlnlnf. jrriee* tod art rfiTldroife arr 1 3 
pence nad deiK-mlaaUocs ere 23 d. EsJiir^red prieerearalnfcs 
railet' and cut er> arr ba&ed ca Iztesl .itutiul reports aad aceoaals 
?jid. where oe^.ilbir. are up-.lned hr+I-;.eirly furores. P/Eh irr, 
calculaled >n the ba>ia <w n« uisiHbuUoc: brarhewd Dmret- 
i^dicau* !0 per .-ert. -tr mure uiflercuce if calcubiea oa 
(hstnbutioe 1. w erk LtseS or "rasL-Esn'' d/ioriballaa, 
Vlcld; arr oavd oa middlr prices, we -7->ss. adjireted to ACT of ' 
51 per cent =ari atl-ivi f jr - >!i.e n." .(xiand ui^ribuilone tad 
ricVe r-ecantie-, uiib denn-n.-.i:. >c cccr Jhaa nerUai; are. 
i;ucl«: ivluavr nf i S'- i nirsio-at li.l.ar prrraum. 


i ferlinj; rici-'T'rjr'i.-iJ .i>.' -ill 1 ' — «i 1 include in-.i-<:ment 
detlsr pre^uum 

♦ ' Tap " Srlitth 

■ Kurils A.-i-l Lows ni.r. !'•■! <nui I .-.••• sdj-,i 'e .’lln«r 

{ O' r : rhr - ;«*uc-s 

+ I.V'Tiin <nne n.- v + 

; is’r.ria nai-v reducuc nm ■ e> H 

t: Ta-lrcc <■■ npa-n-’iu-.’.-..; ->n ~;-T --.i -u 

♦ . ricirc. '-r rcpori j*.nlv(. 

*r 1. r.l.flr-d .•••>. «irif; 

0 Tru e Si :iitu- « f .irnc;: s-rv. 

1 lr.dua *-e. d.MdeS'l v ir. <■ -;-a-o -r r-Ch'’ ifiue- 

rin>r rr.-l.-iie, :o y-re; -.• • : :■ rev. 

♦ ’terser ‘11- 1 or rcorcsi. -iM'. :n • 

t ’.or l OmwrjMc 

♦ Su^ic inierim r>-d->Ol .:r.sl .n.l ur rvd.-.m >:-rai-.;r 
icilic.vcd 

i FAre«.a' dividend, coicr ur- c^rnr..'- upd.v.cd K- l-ie« 
imcnir. .uaicment 

: Cover al !■!*•' (<-r .-en-.-ni-sn •■."•.hire- •-•••. r--'-- r inl".n; 'nr 

♦ dn (dead.-, ir rscr.ins en r. f c rv •« <: .ae-e 

A ■ ■v.tr 'jijot n«i »l'r"s in- r liars. • -.i.i-. pi.-.. •• r:r-.' |or 

diwiend * 1 a ful-iri- .\Vi J- ,-j-i . i- tail, p.-niidt-O. 
e F.xclud.nc <> irosl d-ii>l-.-nd dvi -ft. 
v Ei>e:cr:al pnet 
II Mo W.r .-a. Jc 

a TenJreit b FiKtre/. b.-tfe-i 0-1 prn>pe<->ii! f.r 1 r.c- ni/uini 
esiimzu- c Cenis d Di- iden'l rt-’n wid r.r ; ;■•:.<<.<» ni pan 
of co Pi 111 <pe»r risw d on 'i: l.-.n* ■>-. !i.i< ■ .ipliol 
c Redeaip’-i’n yicla I Ftoi ;.i-.-’.il t . j- u Ji-iSend and 
"ield h A&suitk d rt-i ideid .--.ni.' s 1 .-• 4 s- r<p i.-ai- 

J F*a.. mcr.: Ironi sop.iol CM- k K- r, 1 :n l'.|i-.-r 1 i hi9'.n r 
than prvtieiik lot-'! n R-fli-s i-.id.r.; n -amines 

based i’n prelinanars- hci:'-* • £', iS'.-.o ‘.nc • . let e-. : J-jdc a 
r.pccis! p»}iw-n 1 l.-aleai-so -J- lo-nd ti- i" reliics :n 
pnnicbr dmdchd r r. r^:i" <v a-i --r mnui! 

cam in—-, u KonMIN ur >rf — >-l ■ •’ pr-- |iri> «sir * 

Clmi.U: v Ta< lix-<- ui- IP Vi'P ir, i K - i * i n i; iar 

eu^pep•■ , elauii- v tit- irti np-1 .tic < -■ r.-i • r. oier Jvr icrnf 
t Du tilcnd an*: t iet-J : n-. I iVi -pr.-i., .n-'l ord'^« n-s-. 

opr 1 ' le ?pcr>ul |io>meni 1 ‘ '• •. - .»! ■ n J -i:uf R 

'“re/ere.-icc □■■■idend im‘j -• -1 or rfi •' r---i * ■' -i.mi > 1. F. 'ss.:.s 
pnee ►' I'l-iuend ar.' 1 . ■ tl' vd ••:- r--.--p.-r. j, u'l.'T 
oii cial iFiimaics f-«r ItT-Ui^J ■: .. -r .’1 •<• "-1 i-.l m-lil 

ofier ps-nd- ns *• n,> and ui iu.ii- >. -•...ii-.id -n<c.i..-i! 

tia-i-o "1 unwpeOT •’ r «!i--r.i ■•■I'r.aw for 
I9TB-7J li Fiu.ifi ba.ru • •. -it ■•i.n-r -ffn.ii'1 
e^lima:.'- for !BTi« v. J'r.n+r d .1. 1 . 1 .1- -i . , ---r.-r.r-ru-. 
Mf othi-r . i .' fic.ial ci :. iiii'.s :--r I VTA N Di *. i - S-nd ir J . ■ il - 1-I 
ho-sed on p'-dp'-cli • i-r rihtr ■ J '.1a 1 -. : .r.TP r 

Fifurc. 1 - I,p . v 1 on »• k i" r h r -Ar 

ttre-m «» «+ri. t F-s-ri-- . • - -1- 1 >. r- ,.-i..t ■-> 

dt" *v . itU nr, « - '>.../• -.r !::!! +:o;c /•;. - 

unchanprd u.iiJ >0:1,1:. "i 


A»'»m Dooar.' f I . 
AnunProsiirTti- 
Axam'nii £1 .. 
5jnmreFlar.li ICp. 
Lxcnr PUatr £1 . 
i:cUird5.U!>‘H£I 

'Mtnm £’ 

SiS{jb nirlse K>? - 
'•Tifre/i Pan is . . 
Williamson £1 


Williamson -I | 164 | .... 

Sri Lanka 

|Uimn>£l | 215 |. ... 

Africa 


)?Jar.w-:i J 600 -5 

I»:jg Eflaics I 165 


MINES 

CENTRAL RAND 


+C 1140 [DurrianDeepHl ..j 


378 1+10 1 - I -| - 


420 24< L«n Tbnd Prp F.l. 313 - - — 

'.42 £24wlR*pdfon:BEsi R2 £29> -S tQiSCc 23j7 0 

178 | 78 <; P.a.-ulRl 114 -2 t+jlX‘| 6.7| bE 

EASTERN RAND 


JtrarkeniJ&c -- 

iiissPascaRl 

riJC l' HOJn . 
'..r'.-.'t'ieiTOc . , . 

Kmr-r/iRi 

I.m!io65c 
M arin ale P0J25 .. 
>. .'.tr.esn L<i jo - 
laUeniM.- 
V.'inkelhaakRl . 
Td N iCel 15c .. - 


68 -2 Q« i7 <5-357 

231; — 1> +g20c 1 d50.B 
305 -g PC50r -J 9.8 


99 -2 +Q19r 1.8 12 2 

268 -10 <353c * 12.3 

48 -2i; Q21c 'h 2e 1 

78 -4 tt)46c 1.0 46 6 


581; -3 - - - 

431; l-ii Q25c 0.4(34 7 
535 -f4 1)129; 0, 14 < 


it Sipellae .. - | 44t;|+i; | — | _ | — 

FAR WEST RAND 


?.a Lsj 5: 

t&43 l.( 
tO.43 - 
4J7 1J 


tU7 U 



W:'»r25- - . 

R'rfTfla 

Deelk+sa] Rf-m . . 
Doornlometn P I -■ 
FiKDnenl .. - 
slard-TiscOH 20c 

EI'bnreRI 

IlKimtfi .91 - 
Kloo! Goltf Rl . . 
UbanonRl _ . 
Sr-u:h>3al5(k . . 
£■'. ilfoniein VL- 
' aa‘ SuefiiOi 
i'enie»r« , i I: I 
DrirRI .. 
V.-tero error F!| 
'A'o-rern Deep R2 .. 
ZandpaaP.l 


-10 063e 

-38 gi70c 

-II; _ 
-7 Q50c 
-17 tQ73c 
-4 — 

-9 +W45c 
Q250r 
-ID Q40 c 

-10 giGOc 

-9 Q21e 
-9 tq?2c 
-Ai rijilk- 
-5 Q25r 
-li; v>65c 
-4 %H3c 
-13 +V?’5c 
-2 y4-.5o 


I Abtrc- 1 jtuWi ee , .‘ii:ulc:i? 
all t . -.ai-il.il rti-srir.-jiro-i 


Fecocl Ss>syes " ::td - Tights “ Pajc G£ 


This sercict is :v;ibb!e :n r er - ■£ r . tn^any c-eah in on 
Stool: E\chan?-?R thrm shoal the L's!:h Miafiiur. for-? 
fr— of i'-lldi p;r annum 'nr ‘ a.'o -ec llH r. 


R&GI 


IVLLEi^ETS 


O.F.S. 


130 75 rreeiiaieDe-.SP' 110 

£20~, £1U; F 5 GcdukiSOr . . £14ijal 
in 59 FS.SttplMfRl... ^ 

456 279 Ksnnoniitjc. 302 

13J bb LoraiaeRI 77 

... £11*+ 750 Prri. Stand 50c .. 790am 

_.1« £10*s 582 Pres Sle>n50c... 650mi 

fZ 2 l,7 a fa0' 4 6S5 S: K plena R! . - 685 

11*249 144 l'aut-1 192 

374 19D iTeltomMir. 25drd| 


<i!2c 2 0 6.5 

0315c « 130 


UuUMpJft- ... ] £17 ^jH) 

FINANCE 


i, 0315c dr 13 0 

11‘ tO 5 5c 2.0 10 9 
5i; 06c 03 4.7 
55 v/lbOc 4 - 

50 480c 4> 7 4 

26 <)190c 4. 16 6 
8 — _ _ 
11 t)65e 4. 15 3 
y415r (> 14] 


The foil jh inc if .r srtii-, 
l:«lci rtr.ls 
ittvei rno'i •’! wtin-ii 
are a- fjiidi-d on ih-- 


-■n oi L'-"‘ J, ’-r. 


'rii o! in -li 

.•2 in I Jirnioii, 


'ai riro' 26 


755 424 
573 2«6 
£20-’4 £14«4 
950 622 
172 129 
204 163 

25 17 

£20*4 £14 

£16*1 tl0>4 
£13 £10 . 
235 338 
60 22 . 
207 126 
158 95 

£J2»*W> 
r 5b*i 39 
518 375 
237 1 61 
59 29 

189 122 , 
93 73 

£15 £11 
278 1ST 
340 238 
73 40 | 


Ano Am foil 30c 
ADgloAmer 10c . 
Ane Am. Gold Rl . 

.AnS-V6il50c. 

rharterGor^ . ... 
;'«* Gold Field.- . 
Eis Rand Ton !0p 
Ger.. Mima* RC — 
Gold Fields SA85e_ 
)n’buiji , «is.R2_ 

MjddJtffilSc 

Mincorp ]2I;p 

MinorcoSBD140_ 

Nc , « , Wll50e 

Patino XV Fk5 

Rand London ]x_ 

Sdec’.ionTnul 

SenrruH 10c 

Si h-ennines Slip- 
Tanks Con. 50p — 

Do. Prof »p 

Trail Cons LdJll- 
U? Invest Rl. ... 
I'aiwiCcrpo 625c 
VbivtiTjc 


545 -25 
309 -7 
£163, -J 4 
725 -25 
141 -5 
280 -5 
18 ... . 

£17*4 

£1214 -'« 
£141; -1, 
165 -5 

60 

162 

114 +1 

till, +ij 
39 


456 -6 
186 -1 


38 +1 

165 -3 


92 

£12 3 4 

216 +1 
272 -4 
63 


3.4 66 
20 7.0 
1.1 60 
•> 9.5 

ql 4) 89 
2.ff 7 6 
1.3 S3 
2.1 7 b 
19| 6b 
36, 70 
1.? 90 
19 ?2 

15 3.7 

« 105 
4 2.6 

3.0 153 
L9 62 

11 9 1 

12 61 
163 7 8 
■h 5.2 
12 83 

16 8.3 

1.0 7.1 1 


AshSDior.inj: ] 49 

Eertaro 1 16 

Sds'w+r ij' Cf'P 330 
r.'le»e:i.ro.i Ifi 
’.'.-3 ip t r.'Jii: £1 520 
Dyson • H. 37 

r-llisfe *i'.. Hi!i 67 
Eiered .. 21 

FiJ..- Ffc%« 52 
FI nli 1 +'iir r-r. 21 
'.Irai^Anip £1 . 14a 
Hiaaous Brent. 77 
I O'M. ? trail . 1 ’j 
H olliJ'js 'iip 256 
•J’lba C-old.>r.lih 67 

Pc.utc - 1 ' h • 190H 

Perl Mills 21 

Sheffield Er:c1:| 60 


■. "r- !' ' ir r^. 
.■.Ili.'3'.c . . 

rtrn<- - i .. , 

- lo.-.d.-.SL-i 
■. -r-.-IO* *'r 


.'P.-- 1 'TO 

■risl: f.- pi-J ... 
Jj'-r/n . .. 
Sur.b'-aci . ... 

Lnidan- 


OPTIONS 

S-month Call Rates 


DIA5IOND AND PLATINUM 


£49 |£30 |And»A»hr50t..| £36% |-^ |Q600c| 1.1 9.7 


230 128 flnspalaac .. 


1 + uuiALiauA. . b • — I 1 

488 285 He Beers D£ 5c 352 -2 n)’2;c 3.3 8 9 

aiJ 4 L«5 DiiTDpcWES— £10 Q2D0,'|j1#i(lI.6 


83 f 5* Lvdcnbut? |2-.*c. - 72 -3 46 Sc q 5e 

117 I 70 Rus. PlaLlOc — 102 -4 QS. <? 4 7 


Jndu si rials 
A. Brew..... — 6'; 

A. P. Cement 18 1 

B. SR 9 

Babcock 11 

Barela r- Rank. 25 

Beccham 35 

Berets Din; . 15 
Bowal-rs - 16 
B A.T. - 24 

Bnliiri. 6 

trov.71 • J >. . . 20 
Burton ‘."i - 12 \ 

Chdocr ' . . 5 
i'<vjmi-|ris . . 10 
I'cNufjciis ... 8 
r'i*l:i1er* . 15 

Dur/op 7 

Favle.iirr .... 11 
EMI . 14 


iio“, Arciiienil 17 


CENTRAL AFRICAN 


210 155 Falct-n RJlSOc 

24 15 Bhod nCorp ISjfi 

80 5: Swi Cans. K4 ... .. 

41 30 WankieCiiLRh.1- 

171; 10 ZamCpriBDOa- 


170 .. . u60c $ 21 4 

16 0.57 7.1 5.3 

74 — - — 

SO - Q9c t 17 9 

131; .....J 


Ocn fc.lei-:r.c 13 
\.]sv.' .... 40 

i*ni:idM<l .. 9 

I' t? A 20 

G-uardian IE 

C +: N" 22 

Hawker Sidd 20 


— | _ I _ iHouie.jJFrEscr | 12 ST 


l.r.' I 

“Imps' 

f.C L .. 

Inver esk 

KCA 

LadC-rofce 
Lcfial K Gi-n . 
Leu Service ... 
LJoyri? Bank . 

■ Loii" . 
Louden Brice. 

Lonrho 

Luras lnds ... . 
t-yon-iij v. .. 
'.■(.ims''. ... 
Mr 1 :?: fit Srner 
Midland hank 
K F. I. .. 

Nji West Bi-ilt. 
He v.'.irraT.c 
Pi- '‘Did . . 
"Iviir’;' . .. . I 

R il.M 

TtnnkOrr A" ! 
Reed fntnl. . | 
Spi!ler» ..... ..1 

Tosco j 

Then .. ..J 
Tnisi Hucitfs I 


20 ITuhclmest-. . 30 
b Ji r.ilfier ... 35 
2 G I'td. Draper. , 7 i> 

E Vickers 15 

5 Wcwlu-orlhs.... 5 
17 

34 Properly 

BrL Ijnd I 34] 
“ a p I.VjU tines ] 41; | 


: L.i' 5 

\ Inireurcipj^an I 4 
?. La,-, + :?ws . 26 

Tn 12 

Peachey . . 8 
' Sam jeJ Props.., 9 
Tc'»ts L C:ty_..| lit 

1 

ig tnL Peir'i'eare.! 45 
B jE-manOil— 5 
C i rhEriemali..,, 3 

5 ■'■'tell 25 

IS i ’■ Itrcirar „.f 20 

12 « 

3 |9Itnes 

4 Thar, ri Dn s. J 12 j 

22 I f .-ins i7oId — .1 14 I 
15 iri.el line 1 16 


A sc leci ion nf ripiinr.:- tr 2 dcrl i'. cr. cm on 
London Stock Excliangv Rcyori page 


" .-j.'.-,: a-;-. •• 










































































































40 


STEEL 


L 


FROM 

John 

Williams 

CARDIFF 33622 





Wednesday November 1 1978 


CONTRACTORS 

WHO CARE 


■ Rush . . 
& Tompkins^ 

Builders fir Civil Engineers 



reports gradual recovery 


THE LEX COLUMN 



BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


A HALTING recovery from the confederation’s economic situa- As a result, the confederation’s very welcome movement is impact of high wage settlements 
economic recession of the past tion committee. economic situation report, which associated with investment inten- on labour costs, 

four vucs was forecast for Small businesses, plus larger accompanied yesterday’s survey, tions which are still strong,” said They will repeat this concern 
Britain’s manufacturing in- companies closely linked with said that although manufacturing _ DOr * when they see Mr. Denis Healey, 

dustrv vesterdav bv the Con- consumer products such as elec- Industry was now moving away * K . the Chancellor of the Exchequer, 

federation of British Industry, tricai goods and paper and pub- from the sort of level of capacity . It added that in one respect its tomurrow for further talks on 

For the first time since the lishing. produced the most utilisation associated with forecasts were “explicitly dis- the Governments pay pehey. 

consumer boom started to affect optraistic reports for the survey recession, one could "not say that cour aging ana worrying. ’ This Yesterday they stressed that 

activity in manufacturing com- about increased activity. better days have arrived for all was because there was little pros- they were more concerned ar 

panies earlier this year, the But 60 per cent of manufactur- firms.”- ot the Profitability of com- present about labour costs and 

CBI put an 

survey °pub i i sh ed Test erday . v ~ ^ optimism was heavily qualified by for manufacturing as a whole presedt very depressed level." “It is our labour costs and not J rower Of funds from the inter- 
1 There is a gradaai but worries about rising labour costs, the improvement to date in new The main underlying worry lhe vaIa ® of t“e pound that we I nat j ona i banking system the 



Since OPEC's transition at 


halfway stage pre-tax profit! 


[□Lb year, me DUL OU VGL LCHL UL mouuiueiui- ill UJb* . r— - — -- — “ • - B A . J j ■ 

optimistic inter- ing industry is still working “For many manufacturers P. anies ^proving, “at anything productivity than about the level the end of last year from being JnJ ex fell 5J5 to 478.9 were U P ** a and in the 

quarterly trends below capacity and the CBl’s demand remains very weak and ff fe . s ?, t jff, aC i t P r3r , , rat ? iff??" e * ne * depositor to a net bor- . second half they jumped by 

nearly two-thirds which fcelpec 

noticeable move "away from worsening price competitiveness orders and in output is well short among the GBI's leading indus- set right first." said Sir j aiilrnpftf ♦?»»« inimtriw t __ SZEE"** 1 ! push the full year total up fron 

recession,'’ said Sir Ray at home and abroad, weak order of spectacular. trialists was that their com- ^°bn Methven, the CBI 5 director- 1 ^ h antrg ^ diminished 1 F'.T. INDICES^, | £3. 6m to £5.2m. However, i 

‘Dnnn^ob *1 rl^m 1 ti- fib n ■ n £ KaaL'C onr I nvnuHna n F A1 irncd «■ OAW nonioc in aonatwil rtomac' nnnP ^nmnaHlivn. i^SDSTHL 1 . - 


Pennock. ,1 deputy chairman of books, and growing shortages of 
ICI and the chairman of the skilled labour. 


“However, companies in general panies' already poor competitive- seneraL ,„lnati<*eahlv Yesterdav’s -uisoen. 

are becoming busier and this ness would be worsened by the Confidence improves. Page 0 jj shipments can 


Continued from Page 

Iran oil 


ing mob of some 2,000 tribesmen 
and villagers in an unprovoked 
attack on his own constituents. 
This afternoon's Persia o-Iangu age 
newspaper Eettelaat reports that 
IS people died. 


Dollar’s fall forces BL subsidiary 
to cut 450 jobs and investment 


only make international bankers • 
{more uneasy and selective. 

The Iranian government re- 
cently intimated that it- wanted 
to refinance a $500m borrowing 
which it had negotiated- about 
two years ago. The spread on 
this loan was li per cent above' 
interbank rates. The Tehran- 


BY KENNETH GOODING 


In what appears to have beeo 
a similar incident a little further [THE FALL of the dollar has led at Gainsborough, and another 


south, in the town of Pal-e-Zohab.i t0 the loss of 450 jobs at the Aveling Barford factory at New- significant cut in the workforce In the first half of 1978 Aevel 


a full-blooded clash between rival I construction equipment division burn, near Newcastle, 
demonstrators is reported to have 


Government apparently felt that 
it could, take advantage of 
market conditions and refinance 
this loan at a spread of around 
J of a per cent 
Since the outbreak of political 

through natural ing .Barford. Holdings, as thel^J'g ' AKtS 


There has already been a year,’’ said Mr. Abell. 



sharp jump in the tax charger- 
due to the reduction in stocl 
relief— led to virtuallj 
unchanged after-tax profits ant 
the shares slipped 4p to G8p las' 
night, where they sell op ar 
earnings multiple of 10.4 and t 
yield of 5.7. 

Clearly, the combination- .0 
buoyant consumer spending am 
a revival of demand in its tram 
tional mensweaz business h$ 
shown through strongly, in .bog . 
profit and volume terms. Of tfit 
23 per cent increase in turnover 


le/t 25 dead. 

Patrick Cook burn adds: The 
consortium of Western oil com- 
panies. legally known as the 
Iran Oil Participants, produces 
90 per cent of Iranian oil and 
has been taking an average oi 
3.15m barrels a day. out of total 
Iranian production of 5.64m 
barrels a day. in the firsL sis 
months of the year. 

IOP is 40 per cent owned by 
BP, 14 per cent Royal Dutch 
Shell. 6 per cent Compagnie 
Francai.se .des Petroles iCFP) 
while Exxon, Gulf, Mobil. 
Standard Oil of California and 
Texaco have 7 per cent each. 

The remaining share is owned 
by the Iricon Agency, consisting 
or Atlantic Richfield. American 
independent Oil Company. 
Getty Oils Charier. Continental 
and Stanard Oil of Ohio. 


Hfepworth reckons that no mopt 

has been heard of ’this scheme, progress. Packaging and paints than 6 per cent refiech 

Meanwhile, the 


at Grantham 

of SP Industries, the BL subsidi- The Goodwin Barsby plant, wastage. " • division is known, suffered a T „ . .11. a »> ■ a.^ 

ary. The division employs 3,900 where 400 are employed, is not Sales of construction equip £200,000 loss compared with a Id view of the strength of Iran s are doing very well, mar^iisar inflation. . . - 

people. affected. Those working on ment by SP so far this year have £2.9m profit before interest and assets — its reserves must still be still good in publishing, and improved cash flow has redpeet 

The company’s investment pro- research and development or risen 10 per rent in unit terms tax in the same period of 1977. $10bn or more — it becomes even wallpaper is one of the few dull borrowings by £4m or so. 

_ ram me has also beeo cut by direct workers at the Grantham “but in some cases we are sell- Turnover was roughiy unchanged more unlikely that Iran would spots. Hep worth Is seeing furtbei 

half to £5m. plant are also excluded. ing at lower prices than last at £27.3m. now want to test its credit rat- Overseas, the news is that the Wealthy volume increase id'0u 

All expansion plans are at ing in the wake of this latest Canadian company has moved curre nt year which means thai 

development back into profits during the its fits sbow a 

The most recent attempt to third quarter of its financial j ncrease However there is -4 
arrange an Iranian loan was intf year, and negotiations for Its U|nit to ^ am(}UO i of diversifi 
a success. The partly .state- sale are proceeding on schedule. u i . new nroducts tharii 
BY JOHN WYLES NEW YORK, Oct 31. jovraed Agricultural Develop- Serious talks with a number of h _ nri ,_ its 

. , . . _ * _ ment Bank of Iran wanted to would-be purchasers should get ‘ ™J e a S™ U fnd if 

pos- back bis programme. . Today’s | raise $$om in the Euromarket under way during the next menswear sbops and lf U ■*-* 


a stop. Only projects to improve 
efficiency are being continued." 

Mr. David Abell, SP managing 
director, said last night 
“ The construction equipment 
business world wide is dominated 
by the North American com- 
panies and is a dollar business.* LEADERS of the labour move- adjustments than seemed 


U.S. unions want pay-price law 


Every five-cent drop in the value ment in the United States proved sible 


under the President’s developments can therefore only . an initial 
of the dollar costs our construe- unwilling today either to fight guidelines announced last week, further strain Mr. Carter’s rela- 
tion equipment division £lm in President Carter’s wage and “We do not like controls and tions with the AFL-ClO. nsm^ later 


in roe isuromarKet under way during roe nexi 
spread of | per cent couple of months, and Reed { ^ t 
to 5 for a total life need be in no great hiirry given ^ ar ^ et ^ _ ve - ■ ca ^.?. 8 ^ 


lost profit or increased losses. price guidelines or to co-operate we do not welcome government Mr. Meany said that the guide- years. These terms were that the business is .improving 

All our expansion plans were with them. They called instead operation of the market place, lines limiting wage and benefits to line with those achieved on and so is the ability of likely 


based on the assumption that for a wide ranging programme but a recession is worse, and’ increases over the next 12 two other recent Iranian state buyers to pay for it. thanks to Jacques Borel . 

they would take place against a of mandatory pay and price laws, runaway inflation is worse.” months to 7 per cent were loans, but -the ADB -loan was an upturn in - -the lumber , ' . • 

weakening pound, not a weaken- The 35-man executive council He stressed the urgenev of the “ arbitrary. inequitable and withdrawn. 0 . industry. . Jacques Bore 1 Inteniai _ 

ing dollar. of the Americao Federation of issue, and said that the AFIXIO unfair." He also claimed that a Meanwhile the stock market On the basis of the disposals honest aboat 

Mr. Abell stressed that the Labour-Congress of Industrial would urge President Carter to White House official had told the was taking a relaxed view of so far this vear Reed’s debt r, 8 t,ts issue — without - rv ‘phe. 

doll Jr’s problems were not hav- Organisations, held a special call a special session of Congress AFL-CIO that the 7 per cent t he Iranian RP fa hv far fslU frnm *»i 1 ner cenr of shareholders' funds coufif "Me 

mg anything like the same meeting. Sr ' ^ ^ " Se ISlb^lt^ to IS ^ 

L‘omminv'3 i ~ - - — the A Fix: 10 are ronsiderabk The AFLCIO executive said pany, taking about 40 per cent 130 per cent, and on current g£j f 

tompany s [ u-iat refrigeration concern, the president announced that leaders broader than those implement'd that the 


■*;- K-.' •. 


V* : - r-.- *••• ■ 


r members liftings of i mpac i ,j n sp's other operations. Aftervvards, Mr. George Meany. 

in including the Prestcold cornmer the organisation’s 84-year-old 

according lu c3ch company s L .i a j refrigeration concern, the president announced that leaders ..... 

\ *,{!? Coventry Climax forklift trucks 0 f 13.5m workers had decided by President Nixon or any 

»inw 1 ! and , Alv| ** 1116 milltar y rhat they would prefer to turn peacetime administration. They and would 

Mow 1.5m barrels. , vehicle maker. ih. ^ • 



Yesterrfay's 

On 5 d Monda°y be production ^ F had ve §^\* ea?Hna for 450 volunt the c * ock back " seve_n^ years arc aimed at controlling even’ by _m7 l _Pujjic__and m prtvatv|of the market yesterday. ■ The are sold well below book value. 2”LA 9 !i* ? 

already dropped to 2m barrels, redundanries °amonT eraployeS Carieris 

con -* url,um - . 3t Aveling Barford at Grantham Mr. Meany 

ilajoi consumers of Iranian. and ils s ister company Aveling pulsory pav 
. * n f' U.S..^ which B ar f or d international in the launched by 


T \ 

i 


* e •, 



from Iran. 

The U.S. Department of! 
Energy says that the partial 1 
shutdown would have no imraedi- > 


launched 

a Hav AUgUSl Li* ucaii uiuic i ail l j agmuai aujr am u icgiaiauwu nuu veto vuuiu iiui v 

d afly ’ [ near Grantham. Aveling Marshall with wage and fringe benefit has also appealed to labour to their protection. 


imnorr« 5 n*»r r*»nt nf itc tnul I , X.. . wumuea uy rresiueni ivixun in Aue nwiwui uas aci ms i<n-e uujjibuivwuic luai uuiuu iucu i- 

needs, M0.000 barrels - “*v (same tott-n. Barfords of Belton. August 1971 dealt more fairly against any such legislation and bers could not be advised about 


Mandling leads Tory revolt on sanctions 


Reed International 


ey RICHARD EVANS, LOBBY EDITOR 


ate impact on supply. 

9 President Carter reiterated 
strong U.S. support for the Shah 
of Iran and expressed the hope 
that the demonstration and 
strikes that have now shut down 

the country’s oil fields would I MR REGINALD MAUDLING. Davies, will address the 1922 Parliament today. The speech cent lead over Labour, 
soon end. i former Conservative ‘deputy Committee on Rhodesia tomorrow has been carefully drafted by 

• Tanker rates for very large | leader, bas decided to lead the in an attempt to take some of the Ministers to ensure active 


crude carriers in the Gulf fell ! growinS backbench Tory revolt steam out of a potentially support or' at worst abstention 


by five points to Worldscale 40 ' against the renewal ol Rhodesian dangerous situation. from the Nationalist* parties. 

yesterday because of the uncer- ; sanctions for a further year. Mr Maudling is the leading Abstention would be enough _^-. 3 per cent swing to 

tuinty over the position of’ ' — - -• r ’ ' 

Iranian supplies. The market 


was described 
nervous-" 


very 


Continued from Page 1 


Motor pay 


table because of " penalty 
clauses." 

The possibility of the S.000 
workers at Vauxball, Ellesmere 
Port striking over the com- 


pany's tiuideline-breachin; 


- „ UU iu *...WgD a F c * ce:it atriug to 

The Shadow Cabinet decided signatory of a letter sent yester- give Mr. Callaghan a majority L he Tyrifes since the last General 

last night, at a meeting called “ a y t0 12° Tory backbenchers j n th e vo t e at the end of the Election, 

to discuss tactics for the Queen's on them to tell their seven-day debate tomorrow week. p Prcftn!1 l rmm.lanhr 

Speech, that the official line on Whips that they intend to oppose Survival would make it probable ‘“TSOnai popuianty 


pared with an annual dividend capitalisation). • The movt^ 
rate of 8p. demonstrates once again, the: 

The terms nf any Canadian transformation of - the French? 
Reed International continues saj e are bound to have a big equity market, ' whiclr sintt 
to claw its way back to financial short term impact on the shares' August has been asked fer ovei " 
equilibrium. Profits in the al i6ip. Longer term, the main FF c 2l >n in rights cash. This 
second quarter are down from constraint is the probability that K perhaps, not a large sun - 
£18.9m to £28.6m pre-tax— but a t Some stage nr another share- compared with what can b< 
that is after charging a £5.2m holders are going lo have to Produced by the UK equiC- 
provision against the cost of stump up some fresh equity. market in a healthy phase. Bo 
.... . getting out of South Africa. then, the. UK market would' giv* 

. j' Marplan survey conducted Allowing for this and the impact T Hemvnrih short shrift to a rights issu« 

Mail Urnon. 99?"vDf,r, «I>« ranHnuing MepWOrtlJ from s c „ mI , any _ li ^ u Bore ,_ 

representive constituencies r^ operations— which are largely J- Hepwqrth has finished the making losses and missing trott 

UK based — are making steady year, on a strong note. At the the dividend list 


• t .-*k 5 - 

V . > s 


I 

f 

e 

s 

* 


sanctions will be to abstain, sanctions. that Mr Callacban can continue In addition. Mrs. Thatcher’s 

There is certain to be a substan- Other signatories include Sir i n office we n into next year personal popularity was ahead 
rial backbench vote for abolition. John Eden. Mr. Julian Aroery, a big headache for the Con- of ,hat oI either Mr. Callaphan 
however. “ ‘ — ”* ’* — *- * 


Weather 


UK TODAY 


l® ac ™ ,Uan ; and Mr. servative leadership continues to or ll M , r : in most recent VVARM with sunny periods and 

Anti-sanctions feeling among Fraser senior back b e the party’s divisions over in- polls the Tory^ I ead ■ has lagged at times. 

Conservative MPs has grown con- benchers. comes policy- These are certain . 1 behind the Prime Minister London, E„ and Central 

siderably recently, because of the i ji ... to be exploited to the fill 1 by Mr. l0 T 8 . en ® ra * England, E. Anglia, Midlands, 

CaUaghan. who wilt launch the -i Channel Islands 


siaeraoiy recently, because of the «- ■ , 

Government's decision to supply DlfigbSUl report 


wuu win uuiuu u.c Callaohan in fh*» malnrifw nfl uhujobi luaniKi 

for tne Government mnrp '’!l ian Dry with sunny periods. Max. 


Zambia with arms. The idterven- The vote on Rhodesian sane- debate iui me w.wuuiem more than two to one in favour W1U1 

tion of Mr Maudlins Who IS Sti f- tions will take place in the today. S ? Government llinit od dm 16C (61P) ' 

a figure of some influence, will Commons next week, either late The latest issue of Conserva- J|_ e “ uo ernment llmit 0D pay Wales, N.W. and N.E. England, 
dl ‘ cu t " ies t b e on Tuesday or Wednesday. It tive News, published today. The Prime Minister held the * jake District, isle of Man, S.W 


offer averaging 71 per cent 
receded. Shop stewards for 5.M0 
members of the Amalgamated 
Union of Engineering Workers 
voted lo postpone action until 
November S lo allow the com- 
pany to make a new offer. 

The 3,000 Transport and Gen- 
eral Workers’ Union members at 
the plant hold a mass meeting 
today to decide on their action. 
They have been determined to 
strike, but the engineering 
workers’ decision leaves them 
isolated from the rest of the 
company's work force. 

National union officials meet 
the trade union side of the com- 
pany's joint negotiating commit- 
tee tomorrow on the pay dispute. 

The company, cot officially tak- 
ing part in the talks but to be 
on hoTid if necessary, has offered 

increases ranging from 6.45 <o 
S.05 per cent including a 1-75 
per cent performance supple- 
ment. 

The union side, though. U 


pu> tarieraWP- will foliow a two-day debate on strongly attacks the views on usua . eve-of -session nartv for and N.E. Scotland, Borders’ Cent, 

■ent [ M a u d 1 1 n 3 - ^ f o rm e r Chan- Rhodesia and the Bingham Re- incomes policy expressed by Mr. no n . Cabinet Government Minis- - Highlands, Scottish Isles 


cellor of tbe Exchequer, Horae port on Monday and “Tuesday, Heath and argues that the » ers at in Downina Strepr Ia<u annoy w 

Secretary and Colonial Secretary, in which both Sir Harold Wilson official parry line offers more n i-ht He informed ihlm of 15C fWFV 

and Mr ’ Mward Heath ■ are- hope than pay controls. - the content oF the Queen's Argyll, NAV. Scotland, N. Ireland 

Secretary by Mrs. Thatcher expected to speak. Some good nows for the T ory Speech, which Ministers see as Bain at first. Brighter later, 

nearly two years ago. The Shadow Cabinet decided party came yesterday in opinion a programme for a full session Max - 15< - < 59p )- 

Mr. Francis Pjm. now Shadow to move two amendments to tbe poll .figures taken in the key should the Prime Minister de- Outlook: Mainly dry, rain in 

fh°rm oh ^| T 3bS ?Iw Queen . Bpwefi. which will open West Midlands area showing that cide to hold on until next autumn North. 

through illness of Mr. John the final session of the present the Conservatives had an IS.2 n-r -the last possible election date. • Long range forecast; 


Sunny with rain later. Max. 


New Ford car supplies almost exhausted 


BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


FORD DEALERS have nearly At BSG International, the Before tbe dispute dealers bad now account for about 70 per 
run out of new cars because of Bristol Street Motors group, Mr. large stocks of most routine cent of new car sales in the UK 

the strike at the group's produc- *\ a . r rif Cressman. chairman and mechanical parts and in any Fleet managers ebamte tbeir 

tion plants, now in its sixth week. ch,ef executive, said: “Stocks case, many of them can be cars mainly in spring and sura- ( 

Ford estimates that dealers havc virtually dried up. IVe have changed for those produced for mer and those who would have 

have no more than 10.000 oew a handful of odd things left. Our other manufacturers’ cars been buying at present se 

cars in stock, compared with the nQrraaI stock level of 2,500 Ford Mr. Cressman said: “We will willing to wait 
normal 50,000. cars is down to perhaps 20." have no trouble with mechanical Mr. Maccregor said: “The ft 


The 

first part of tbe month is ex- 
pected to have stormy and 
rainy periods, and near aver- 
age temperatures, but more 
settled diy bnf cold weather is 
likely later. As a whole, tem- 
peratures are expected to be 
below average and rainfall 
near average. 


BUSINESS CENTRES 


, , ,• „ ... tln 3 2 ac ££%2?!!;- Advice bul K fiSi KwTSSi 

deeply split, and senior joint man of Harold Perry Motors, -rawvivc difficult after then." chase Ford in the fir 

negotiating committee members one Of Britain s biggest Ford However, the dealers insist that Stocks would have run down have not been changed.” 
from Luton made it clear yester- distributors, commented lasr there are so far no serious more quicklv had it not been for Ford says that 



with reluctance. 


Fiestas and Escorts. 


panels have dried up 


fleet purchasers, who probably the dispute ends. 


Finder case ‘behind auditors’ sacking 


BY JAMES BARTHOLOMEW 




Y’dtt 



Y'dav 


midday 


roiddjv 



"C 

op- 



“C 

■r 

AmsMm. 

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11 

52 

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F 

8 

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Bahrain 

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as 

90 

Msdnd 

s 

17 

63 

Barcelona 

s 

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66 

MaDctaestr. C 

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82 

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c 

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34 1 Montreal 

c 

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Berlin 

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Cairo 

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rw 

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London 

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TURQUAND YOUNGS and Com- id April. Mr. Scott told the senior and Co., asked Mr. Scott to con- To support that assertion, that has been levelled at them i 
pany said yesterday that Mr. partner of Turquand in Malaysia, firm that those reasons were Turquand yesterday quoted the by the accused.” 

James Scott, chief executive of Mr. Douglas Beaton, of two rea* correct Mr. Scott allegedly did judge at the trial of Mr. Finder. The ollicial reason given last 

Sime Darby* Holdings, told them sons for the dismissal of the so. Mr. Stanley Booton, finance “ If the auditors find cause for month by Sime for wanting to 

they were being dismissed as auditors. director of Sime, is also said to snspician in the accounts . . . dismiss Turquand is that tbe 

auditors lo the group because nf First Mr. Scott said the aodi- ha** been present at the meet- the character and role of the auditors have a smaller intema- 
the Pindcr affair, Tour years ago. tors should have been removed ing, in London. auditor changes from that of tional coverage and are thus Jess 

Tbe allegation i* in a letter in 1974 after the Pinder affair being a watchdog and becomes well placed to look after the 

to Sime Darby shareholders, in 1973. Secondly, he said Tur- TSSoodhound’ Lhat of a bloodhound. group’s far-ranging affairs than 

appealing to them to overrule quand should not have been “ On the evidence 1 have heard. Price. Waterhouse and Co. 

the board's decision to replace appointed lo carry out the in- Turquand said yesierday that Turquand Youngs and Co. pro- ^ Sime made no reply to the 

Turquand with Price Walerhnuse vestigation and settlement of it could not understand how the perly performed both " 


HOLIDAY RESORTS 


and Company. It is the latest ihc group's tax affairs arising oul Pinder affair could he tbe cause independent roles. .. Indeed, the but announced a Press confer- naemt-y c vi srj 

move sn an increasingly bitter of that affair. nf its dismissal. Far from being plea of guilty by the accused on cnce in Kuala Lumpur on s r:- u 

row between ihe Malaysian- In June. Mr. Beaton, with Mr. implicated in Mr. Plnder’s mis- the three amended charges Thursday at which Mr. Scott and | {* ,7 ^ 


based empany and its auditors. Dennis Garrett, senior partner appropriation of funds during wholly vindicates Turquand the chairman. Tun Tan Siew|i^nhni 
Turquand said yesterday that of Turquands, Barton, Mayhew 1973, Turquand had exposed it Youngs and Co. Of the criticism Sin, will be present. 


-Macao 

S 

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C 

14 

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R 

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S 

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rasabinra. 

F 

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Nairobi 

s 

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R 

TO 

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s 

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S— Sunny. 

K— F air.- • C— Cloudy . 

R- 

-Raid. 



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" • , e/ftc Fttwcul Times Lid.. Ufifl