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By David fitehan la 
Washington -and 7 Stewart 
Fleming in New York 

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I N A DRAMATIC' ted to half : ^ ^ 

the decline ..Of the doll ar the . ;• j . 

U.S. lahoouqced- -yesterday- L X . - ; 1 .X 
i V ' the .most. sweeping paefeage . . . - . ...... 

:* 4 >f support measures, since; v ■:. •• ■ 

’ < ^ > resident Richard 'Elam ..cut the . T-75 
* ,iqk between; the dollar and gold - . ■ l/CUlHlIyl/ 

: - n 1971 -and cleared toe r Way for i If 

. ^ >he break-up of - the - Bretton. ' if till, fv-v - ' L 

S ./.^oodwnnw.wwan- .:;^i V,- . ,i . 

. . ~~ — The atmouncem^ follows a 3 * w w : Oct TSTB - :-N 

- Jereistent. ioild-uft of pressure ' ... r . • - - ■ 

1 r . \ gainst -the. doilar'-h 1 '- the.' past- ’’ ' - :" 

■- v » ‘ "week,'; and marks, an •: abrupt' end -'- ••’. •-' -Tr ■ ■■ ■ V “ 

t:t ?o the ..Carter-.-^udsidniStrathm's 

' \ effort. to support the .'currency - +u~ 

: c - ' : hrough a siep^yfstep approach. The main elements of the 
n ... • The measoresX -based -on- a: -support- package .i«r- , toe 
! ‘Strict" .tightening of MjofnesQc" dollar . announced .• yesterday 
rredit ami -the - promise of co- -were: C - 

. : ^ Vi irdinated inferoathmal action, by # The Federal Reserve Foard 
■r i" Cental Banks-;- of the main . has. increased ."ihe '• discount 

r'.TwliiefrTroiT.l 'j*hiintn'ak' 1 Tn4 ■ en • _ • ■ ' . < mi 



Sterling 1 

Qcn 197B 


♦ The Federal Reserve has 
announced 2 per cent supple- 
mental-}’ reserve requirements 
for commercial ■ banks on 
deposits of $100,000 or more. 

Japan and Switzerland are 
increased from a ceiling of 
$7.6bn to $15bn. 

• U.S. Treasury gold sales 
increased from 750,000 oz to 
1.5m oz a month from 

• U.S. to draw $3.0bn from 


its entitlement at the Inter- 
national Honetary Fund. 

• U.S. to sell $2hn of its 
Special Drawing Rights 
allocation from the 151 F. 

• U.S. Treasury may issue op 
to SlObn of foreign currency 
denominated bonds. 

The package c^mes only five 

-- -ky* ao rtte. from 81 pet -cent to 91 • The currency swaps with December. to SlObn or foreign currency 

^i^ : nDdSn^^'iwh«te.%-doUvr^ . -jW® eent hmne^ateiy. . central banks of Germany, « U.S. to draw $3.0bn from denominated bonds. 

'"v.-.r. 'tgaanst dlt curteacies' l .withiq . X- 4 ’ ‘ . 

- 1 ; r~. nioates <rf :; the aiHiOUncemeTrL which he announcei last week, man, Swiss and Japanese central S3bn the reserves which member- The package conic? only five 
; The package -v was ' widely, ••’It was the dissaal view that. banks, to correct what he called banks of the Fed are obliged lo days before the November 7 

. .. '.welcomed by.’ among others, both the foreign "exchange and the “excessive recent decline in place with the Central Bank. Congressional elections, and it is 

: ±e W<a$ German and SwKS cen- domestic stock market took of the dotiar." Both Mr. Blumenthal and Mr. possible the imereti rate moves 

• :.rai hanks, tbe Rritrsh and Mr. ". Carter’s anti-inflation The moves include a drawing Anthoov Solomon. Under Secre- may damage the Democrats' pros- 

lapraese Governments,' ftchaoni- measures that led the Admimis- of S3bn in Deutschemarks and tarv for Monetary Affairs, dis- P*cts. It bruoght v.vift condem- 

■ :. ; ,sLs, : and fenrattasen Wa^StreeL tratlon^ tetiL last -yreek, tO; Start Japanese yen from tiie U.S. counted fears that the sweeping nation from Mr. George Mcanv. 

• Share prices surged oiong with secret round-the-Clock nttgotia- reserve position at the Inter- moves to tighten domestic credit the president or ihe AFL-CIO 

" j ond prices in spile <rf the clear, tions ; wth the - - International national. Monetary Fund; a S^lbn might push the U.S. into an trade union federation, who 

- -..hrea.t of higher short-term .in-- Monetary Fund .--and. foreign sale of Special Drawing Rights; economic recession. called the increase m the cost 

-•::>-;erest rates in the measures..., - Certtr^ 1 Ranks Inshore up the doubling of the amount of gold The Fed's actions have the of borrowing “ill-conceived and 

-;>. Announcing - vithe ; jixiowe . ' to doihr, >; '. ".v that the U.S. has been selling clear blessing of the Carter shocking.’ ... 

;.Jefend the" sagging •' . U.$. Mr^ Michael ." Blumenthal, the each month, and the issue of up Administration, which has until The Fed reinforced ine 

.— an foreign^ exchange - markets; now “ intenhsfie itt a forceful and The package also included measures were announced in an target rale of Feu cry 1 funds 

- '• "P resident Jimmy Carter said- the, co ? ordinate d ■■ -manner” din .the raising of the discount rate by unusual joint statement by Mr. from about 9, per cent to at 

package was r "a major step ^'ih . Fore ign exchange markets, -in a full percentage point to 9.5 per Blumenthal and Mr. William least 9i per cent. 

--s die anti-infifaitina ■ programme, co-operation with the 'W'esr Ger- cent, and increasing by some Miller, the Fed chairman. Continued on Back Page 

Defence ixf # Editorial Comment, 20. • Mining News, 32. • Euromarkets, 33. ® Money Market, 36. 

- 4 !. ; . 0 Overseas-Bourses, 37. Stock Exchange Report, 44. 0 Lex Back Page 

THE DOLLAR jumped sharply yesterday In 

hectic and confused trading on foreign 
exchange markets after the announcement of 
the measures. 

The U.S. action was generally welcomed 
by Governments and markets. The impact was 
felt on Eurodollar, commodity and stock 
markets throughout the world'. Wall Street 
soared a record 35.34 points to 827.79. 


The dollar recouped much of its sharp 
falls against the stronger European currencies 
of the last three weeks. It rose in Loudon by 5.7 
per cent against the Deutsche Mark in 
DM 1.S55Q. after touching a peak of DM 1.8700. 
and by 5.8 per cent against the Swiss franc 
to SwFr 1.5850. The U.S. currency also appre- 
ciated by 3.3 per cent against the Japanese 
yen and by 3.2 per cent against the Italian 
lira. The upward trend continued strongly in 
New York. 

Sterling came under pressure in response 
and dipped below $2.00 at one stage before 
rallying, possibly after some official support, 
to close at S2.G2. The New York close was 
$1.9750 — a drop of more than 9 cents from 
the London opening. The trade-weighted index 
fell by 0.8 to 62.3. 

to close at S2.02. This represents a drop of 
51 cents, or 2.5 pc-r cent on the day. The 
trade-weighted index fell by 0.8 to 62.3. 


The U.S. action had an immediate and 
dramatic impact on the London bullion market 
where, in active trading, the price per ounce 
fell from a high of S239i to a low of around 
$220. The metal closed $15i down on the day 
at $227. 


Equity prices jumped sharply on Wail 
Street. The Dow Jones index rose by 35.34 

points to 827.79, reversing Tuesday's sharp 
decline. Volume was described as heavy, with 
rises topping declines by six to one. 

In London, too, equities rallied. The FT 
30-share index, which had been S points down 
at 2 pm. ended the day 0.3 bigher at 479.2. 
Biggest gains were in stocks whose prices had 
been weak because of fear.? about squeezed 
profit margins as a result of the previous rise 
in sterling. The FT Gold Mines index re- 
sponded to the fail in the price of bullion with 
a 12.3 decline to 131.1. 

Prices of gilt-edged stocks were depressed 
by speculation about a rise in UK short-term 
interest rates and by current pay disputes. 
The FT Government Securities index fell 0.51 
to a low for the year of 68.77. 


London commodity markets were thrown 
into confusion. An initial rise in prices was. 
in many cases, eroded in later trading, this 
uncertainty affected particularly the metal 
markets, where the sterling price oF free 
market platinum rose by £3.50 an ounce to 
a new peak of £187.90, while the dollar quo- 
tation fell by $11.50 to $373. 

In copper, the rise was limited by the 
presence of a big seller, and sharp fluctuations 
in the New York market were largely ignored. 
Cash wirebars dosed £10.50 up at £750.50 a 
tonne. Tbe prices of tin and cash lead rose 


The U.S. measures led to an immediate 
scramble on Eurodollar markets in confused 
conditions to cover recent significant short 
positions. Substantial institutional buying in- 
terest was reported and prices of U.S. and 
Canadian bonds rose by a full two points. 
Six-month Eurodollar rates rose from 11 per 
cent on Tuesday to dose at Ilk; per cent last 

gw* P." 

fa ir.'. -- 



EPS.* 4 :' 

a-JKz- : 





- 1 _ cost more . 

mc50tlj0tg i 27 ^ stk! ^ t ” i> 3534,0 

- Acab ForeJgH Mlnistere-taeeting #.FT SO-SHAKE 0.3 upat 479.2. 

should be: taken against Bgypt^#^aza> $l 5 i down at $227. 

For its role in the Camp - i 

peace accords. ■'^ : GIEFS'0i51 down at 68.»7. 

Hardline states waht-to isolate 9- CLEARING banks are con- ! 
f™p^“ ca ^7' *5^ pofitte^ side ring an increase in the cost 1 

• of overdrafts, following a further, 

- oppos^^m the oil jwducp rls e ^ tbo general level of 

• states. .Rge 6 ' . ... London short-term market in- 

■ - -terest: rates; . The banks are 
- . V jaxpected -to.: wait for today’s 
'Express' -Newspapers launched decision -bh ■ tbe Minimum Lend- 

- the Dally . Star last night follow- ing Bate. Back Page 

. ing agreement with the ^National _• nDf/ir' roinimmoN te cmv 
G raphical 7. Association -over • raiGE-^COMHnssiON is seek- 
; manning levels. Page 13; Times ^ changes . in tbe law so- that 
battle Page 28 it. .can stop price rises in loss- 

* f - • moWrtri 'finmnenvnc Thu AntYinlic. 

,-y^ v^it.'trir/ANS, lobby editor 

r r 


' t making companies. The comrnis- 

s Ribt* committal - S*on would. particularly like to 
V • . block the 10 per cent fares rise 

Douglas^. McCninbe, , assistant from .January proposed by 
. governor of Hull jail at the time- British Rail. Back Page. 

of the 1976- rtot. was -Sent , for ’ ■ ■ ! 

trial 'charged with wilful - neglect ^ -OPERATING costs for some 
of duty. ' North Sea oilfields have more 

j than doubled in the last year, 

Beirut killins: - ■ according' to industry estimates. 
“T , * e ^ ^ Of the 22 Jews, listed. Heather 

Tbe leader; of ..the Field costs' -have .risen an estlm- 

Lebanese Revolutionary;- Army, at€( j. 220 ^per. cent Back Page. 

killed in A gun battle with the •.FORD -has posted to every 
regular Army In Beirut ' nraijual employee a bulletin 

• j detailing the company’s 17 per 

Phones record cent. ‘‘final offer.” -including the 

Telephone use« in the UK made ' att^dance pay- 

a *• record l^bn trunk :-catis ™^ nts t , ™ 

hptwppn ■ Auril and ' AllfiMSt 'UD ^ ^ •*»!©_ TOt0S Of tD6 5i v 000 
:■ -12.7 per ceot on toe samf^riod strikingcST workers. Mass meel- 
- " • ings take, place tomorrow and 

. last year.. ' Sunday; - Bade Page 

| Inquiry -calf' • , - " VAUXHALL transport 

? Scientists hr.' i 'seminar in Lon- workers at: Ellesmere Port have 
f ■ don for a . public- inquiry voted -to .defer- their strike due to 

into toe tpaestibn of. ' Laboratory begi n yesterday, to «ive na Uo n al 
• exper imen ts- on-live.ahuna±sT • union ; officials time- to seek 

Improved terms from the 
■ ‘Life^for boy • ----company, page 13 

! \ 14-yeat-Oia boy- Who killed bis • CARTIERS . SUPERFOODS 
i’reat aunt by stabbing her 70 reports pre-tax profits for the 32 
: times was ordered at Bristol to weeks to September 9 up from 
: ae -detained for life.- £497.578 to £693,758 on sales of 

, £16.34m (£lL2m). Page .31 

j Soccer success KWK-FIT pre-tax profits for 

!tn the major. European soccer half year to August 31 rose 
matches.' Nottingham Forest, from £443,016 to £540,428. Page 
; Ipswich;-' Arsen aL- West . Brom- .3 j- . 

.•wicB,' •’ 'Manchester- : 'Gily a°d - , ... 

Glasgow- Rangers all reached toe -S TOYOTA MOTOR sales profits 
, oext round, "but. Everroh went for toe first six months, fell oy 
, out ' ■ 5 per cent to Y12.06bn. Page 35 

mined to continue, to defend its 
5 per cent. pay guideline in spite 
; of .damaging breaches, even if 
it. results in, a winteb of indus- 
trial unrest. \ . 

That was the uncompromising 
message Mr. Callaghan delivered 
to Parliament yesterday when he 
launched a legislative -. pro- 
gramme drafted to ensure Vm 
he remains in office well into 
next year to choose tbe optimum 
timing for a general election. 

In the toughest defence heard 
so far of the controversial pay 
nonn, Mr. Callaghan declared 
that maintaining single-figure 
inflation must remain the 
Goveramenfs absolute priority, 
and' * if the guideline were 
brushed aside, other measures 
would have to be introduced. 

■Those might jmclude higher 
taxation, higher Interest rates 
and a smaller increase in public 
expenditure, which might 
increase unemployment. 

The Prime Minister reserved 
his harshest words for the Ford 
Motor Company, which has 
offered its workers a deal worth 

16i per cent, a breach of the 5 
per cent guideline that might 
act as a target for claims 
throughout the winter. 

“I think Ford has a public 
obligation to state clearly wbat 
impact on its prices this pro- 
posed wage settlement will have. 
It has a public responsibility lo 
account to the country Tor .any 
price increase it proposes to 
make during the next 12 months 
. . . The sooner it says that toe 
better," Mr. Callaghan said. 

Ministers hinted later that tbe 
Government might have to re- 
taliate against Ford once a settle- 
ment was announced, but it is 
bard to see wbat sanctions could 
be invoked effectively against 
such a powerful multinational. 

There is certainly no indica- 
tion that the Government, 
through toe Price Commission, 
will seek to block any applica- 
tion from Ford for price rises. 

Mr. Callaghan summed up his 
attitude by declaring: “I wish 
to make it clear that the 
Government cannot give up its 
basic policy, and the fainthearts 
who say we should not be so 

rigid, or that we are fighting the 
wrong battle and cannot succeed, 
should make up their minds 
which side they are on." 

It was basically an appeal tn 
the country over the beads of 
trade union negotiators to stand 
firm with the Government in 
support of the 5 per cent guide 
and tn • oppose inflationary 
settlements even at the risk of 

The Prime Minister clearly 
rntends to make his counter- 
inflation stand the centrepiece of 
his election appeal next year. “ I 
believe that if the Government 
and tbe House give a strong 
enough lead, then we shall carry 
the country with us." 

Mr. Callaghan observed that 
union power was greater than 
ever before. He appeared to 
hint that workers should consider^ 
walking through .picket lines if 
they faced militant attempts to 
brine top country to its knees. 

Mrs. Thatcher. Conservative 
leader, appeared to adopt a 
sliehtly more conciliatory atti- 
tude towards an incomes policy 
to heal the party's internal divi- 

sions. She insisted that mone- 
tary policy and market forces 
held toe key lo economic suc- 
cess but emphasised that a 
Conservative Administration 
would seek maximum restraint 
in pay claims. 

Mrs. Thatcher criticised the 
Government’s failure to offer 
new incentives to British Indus- 
try and argued that the legisla- 
tive programme was an attempt 
to try to prove that the Labour 

Continued on Baek Page 
Editorial comment. Page 20 

£ in New York 

Healey to answer MPs on EMS 


AN ALL-PARTY committee of 
MPs. will publicly question Mr. 
Denis Healey, Chancellor of tbe 
Exchequer, tomorrow on the 
proposed European Monetary 

‘it will be toe first detailed 
Parliamentary examination of 
the proposals, which are to be 
discussed by tbe Cabinet this 

Tbe inquiry — by the general 
sub-committee of the Commons 
Expenditure Committee — comes 
as ■ senior Ministers have 
apparently decided that a scheme 
which fulfils British pre-condi- 
tions is unlikely to emerge from 
the EEC talks. 

Doubts have centred in par- 
ticular on whether sterling could 
remain a permanent member of 
such a scheme. 

Mr. Healey is likely to face 
close questioning on these' points, 
as tbe sub-committee. of 

which Mr. Michael English, the 
Labour MP for Nottingham West, 
is chairman, includes a number 
of strong critics of the proposed 
monetary system. 

It had been thought that the 
Treasury would be represented 
at tomorrow's hearing by senior 
officials. It is highly unusual 
for a senior Cabinet Minister to 
discuss policy issues in this way 
before the Cabinet has reached 
a decision. 

The Treasury last night pub- 
lished a memorandum, which 
Mr. Healey has sent to the sub- 
committee, outlining; toe back- 
ground to the proposals 

The memorandum sets out the 
differences of view on bow the 
currency mechanism would work 
and how the credit facilities 
should be used. 

The Treasury notes that the 
EEC is divided about bow a. pro- 

vision for changing exchange 
rates might be built into toe 

Some countries have proposed 
that in certain exceptional, but 
essentially temporary, circum- 
stances a country could suspend 
its membership of the system: 
but other countries do not accept 
this. They feci such a provision 
might harm tbe credibility of 
tbe system. 

All nine countries agree that 
the new system, while aimed at 
reducing the need for frequent 
changes in exchange rates, 
should nevertheless allow 

arrangements for adjusting pari- 
ties by mutual agreement. 

Tbe Treasury memorandum 
says that, until the details of the 
proposals are clarified, it is 
uncertain what legal arrange- 
ments would he necessary 

Italy commitment. Page 2 



! (Pi^es ia.' pence imless otherwise indicated) 

! ■ • i -/: RISES Saatchi and Saatchi... 108 

iKotwifla. il.... JJOS + 43 SS 

I Ulstar TV 'A. - 75 + 3 bqthe>y PB 307 

Cotaiac-^tinto ... 266 + 16 Sunley (B.) q^2 

1 133 + s Sgn-Star gs 

m FALLS _ 

Treas.:8ipc ’80 : S2 — l 

Ireav J§tt£.<i93S...£116i - i 
AdurST 7 :...," 297 - 8 
Babcock? and WHcox'149 - 8 
i j3e - 6 

Sunley (B.) 3«2 


Urd. Scientific 280 

Guthrie S 3 ? 

Anglo Amer. Gold ... i-lo 

Blyvoor 250 

Cons, Gold Fields ... 172 

East Drie 590 

Free State Geduld ..JE12t 

Harmony 256 

Impala PiaL JM 

President Brand — 

president Stern ofc> 

Rustenburg Plat. — “7 

Vaal Reefs ■“’l 

Western Deep 

Western Hldgs. J 2J 

West Rand Cons.. — 86 
t. Price, at suspension. 

European news 2,3 

Overseas news 6 

American news 4 

World trade hews 8 

Home -news— general 9-11 

— labour 13 

The fast-approaching battle 

of The Times .20 

Economic Viewpoint: Public 
opinion be damned 29 

Basque autonomy: Out of 
sLep with tbe rest of Spain 3 

AWMhltmMU; 04 FT-ACI 

Business Qppts. 


Eotnomie indicators 
EfltM&iMMflt Guide 

Parliament 12, 13 

Technical page 15 

Marketing & Advertising 16,17 

Arts page 19 

Leader page 20 

UK companies 30-32 


Rhodesia’s White exodus ... 6 

Tobacco: Social monster or 
martyr 17 

Business and the Courts: A 
credit to your sense of 
balance 18 


FT. Actuaries Indices 



Jobs column 



Lcuors .... 


TV and Radio 





Men and Matters „ 



Unit Trusts 





Racing — . 


Base Lending Rates 


Mining 32 

Inti, companies 33-35 

Euromarkets 33,34 

Money and exchanges 36 

World markets 37 

Fanning, raw materials ... 43 

UK stock market 44 

Toeing the line the Japanese 
way 35 

Icelandic fishing: Same old 

problems J3 


Mexico 21-28 

Strong and Figher 
Holdings £ 


Sp* SI.S700-9KO S2.O75CM/7B0 

1 month 0.39-0.58 tfU O.MUi.16 ,ii„ 
3 month* Ci.8Mj.t5 ill- O.h&.0.#5 Hi* 
If nififii hi 2.ea2.40«lt« 2. 50-3.CC HI* 

OVER 25 Bills were outlined 
in the Queen's Speech yester- 
day. The programme would 
be more than enough 'to 
occupy the House if the 
Prime Minister decided to 
hold ont until next autumn. 
.Among the most importan' 
measures proposed were: 

1. Compensation for shor.- 
time working aimed at reduc- 
ing redundancies. Workers 
would get 75 per cent of their 
normal pay for each full da.v 
lost with employers compen- 
sated from public funds. 

2. Legislation on indusfri-al 
democracy following further 
consultation on the propiwak 
included in last May's White 

3. Additional finance for the 
National Enterprise Board 
and for the Scottish and 
Welsh Development Agencies. 

4. Changes to the structure 
and organisation or broadcast- 

5. Draft orders laying down 
March 1 as date for referenda 
on devolution fur Scotland 
and Wales. 

G. Bills aimed at protecting 
savers with batiks and other 
deposit-taking institutions like 
credit unions. 

7. A housing Bill incorporat- 
ing a new charter of rights 
for council tenants. 

S. Amendments to the Local 
Government Act. 

9. The reorganisation or the 
elect ricity supply industry. 

10. New legislation which 
would allow the Director- 
General of Fair Trading to 
ban *• rogue” estate agents 
from trading and require all 
estate agents to give custo- 
mers more information. 

11. Amendments to company 
law. including a ban on insider 
dealing and the tightening of 
the rales governing loans by 
companies to their directors. 


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- and acting promptly on that advice. 

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-Jill r ;v-, 

For latest Share’ Index 'phone 01-246 8026 

General Enquiries: Basinpioke: 0256 3131. Depots: Bristol : 0272 711261. Durham f'Bowburn): 
°3 S 5 77°3 ] 3- ^ st Kilbride: 03552 33601. Hast London: 01-987 2090. Iideubridec; o - 32 8626-1. 
Enfield : 0 1 -S04 ?474- Ilkcsion ('Derby'* ; 0602 32S7S 1 . 1 sictvonh : ot-^ 68 468 1 . Leeds ; 0532 -.30231 . 
Manchester (Fam worth;: 0204 700022. Pensnetr 10384 278141 . Rcdditch: 0527 2S--3’ 

Wales (Bridgend): 0656 56625. Warrington: 0925 5 1 177. 

Financial Times Thursday NoTOmBer 2 1978 

trade gap 

By Hilary Barnes 


Italy renews commitment to EMS 

by Paul betts 

ROME, Nov. 1. 

SIC. GUILIO ANDREOTTI. tbe Schmidt and Sig. Andreotti like the British— want to see an since the 19T6 currency crisis 

Italian Primp Minister who before the European Council effective system of obligatory with foreign exchange reserves 

vesterdav won the sunnnrt of the earl >' ncxt ^onth to discuss the intervention based on the ECU now standing at nearly $10bn, 

.usieraay won the support or me EM ^ hnct** «,>,!.*», for,** the th P monetary authonues here 

rrom DKr 5A3hn 1 incomes policy, tonight renewed how far Bonn is prepared to burden 
in the same period 

trade deficit fell to DKr 3.98bn 

last year according to Bureau 
or Statistics trade figures, 
bringing the deficit for the 
year so far down from 
DKr la.ibn t£1.5l>nj to 
DKr ll.fihn <£U5bn). 

Third quarter exports rose 
by 8.5 per cent, lu DKr 15.3bu 
at.Sbn). against the same 
period Iasi year, including a 
rise oF 14.3 per cent* to 
DKr &2bn (EU8m), in agri- 
cultural exports. Exports or 
manufactures, excluding ships 
and aircraft, increased by 1.7 
per cent, 1o DKr lfihr i£995m). 
Imports rose by 0.3 per cent, 
to DKr I9.3bn (E1.9bn> 
although energy imports 
declined by 8.9 per cent, lo 
DKr 23.6bn (£2.3Sbn). 

main political parties for his jtaly has' been looking par- currency diverging from the fear that the reserves could be 
Government's- public sector ticularly for some indication of Community average to bear the eroded ih^a^matter of wee ks i f 

of whatever ‘ *" 3 *' “ 

r o _, r ._ r „ support the lira had to join a narrow 

Italy's political commitment, in compromise on its position in measures prove necessary. Such system similar to the snake with 

principle at least to narticinale support of a rigid monetary intervention would take place a 2.25 per cent margin. 

in Ihe ornoocert p»rnr, M n Monp- system similar to the present before tbe parity grid margins At the same time, although Sig. 

■ «;i, P t 0p0 iTrT«c Ur0,iea M e European currency snake. Dun ng were reached. The West Andreotti succeeded late last 
tary system (hMb). his nevk - 5 conference tonight. Germans clearly do not want to night io averting a government 

But Sig. Paolo Baffi. governor Herr Schmidt said West be tied to such an automatic crisis over his Administration's 
of the Bank of Italy who also Germany was willing to consider obligation. proposals to introduce an in- 

uwk uart in talks at Siena todav July's problems concerning EMS While the Italian Government comes policy, there are increas- 
u-ith rhanrpiiftr Wpimi.t «!rhmidt membership. is politically committel to the ing threats of widespread labour 

t J r Helmut Schmidt ^ recent weefc5 . ItaJian EMS< ^ prin J dple at Ieast> jt was unrest 

of West Germany, said Italy was officials and political party also expected to reiterate to Herr Sig. Andreotti has until the 
pressing for certain conditions, leaders have voiced growing mis- Schmidt its concern over other end of December to finalise his 
These included a more flexible givings about the proposals key aspects of monetary union, government's three-year economic 
currency snake to give sufficient advocated by the West Germans including the creation of an recovery programme. The 
guarantees for weaker Com- an ^ Rome appears to be moving adequate reserve fund and the survival of bis minority Christian 
munity currencies in thd pro- towards a decision not to join transfer of resources to weaker Democrat administration largely 
posed European monetary union, the EMS in the form so far economies together with a gen- hangs on his ability to accom- 
Particular importance* was advocated by Bonn. erai overhaul of the European modate in bis programme the 

being attached here to the Siena The main difference between Community’s agricultural poliev. conflicting demands of the unions 
talks since this is the last tbe Italian and West German Although Italy’s external posi- and the political parties support- 

t meeting between Chancellor positions is that the Italians — tion has substantially improved ing his government. 

Soviet whaling cut 

Tbe -Soviet Union has cut (he 
number oF ils whaling ships in 
an apparent hid lu present 
whaling stocks, according (o 
ihe official Tass news agency. 
The agency quoted the Soviet 
Ministry of Fisheries as say- 
ing that whaling would be 
reduced in Antarctic waters 
hut gave no details of when 
the measures wuuld come into 
effect. The Soviet Union and 
Japan, the world's t ho largest 
whaling nations, have been 
under increasing pressure 
from Western conservationists 
lu reduce ibeir whale cateb. 

Italy airports 
hit by strikes 

ROME. Nov. 1 

STRIKES BY flight attendants 
again forced cancellation of most 
flights at three major Italian 
airports today. More walkouts 
i were planned for tomorrow and 

I Major unions staged the eight* 
{hour stoppages at airports in 
[Rome. Milan and Naples. The 
workers have staged strikes 
almost every week during tbe 
(past few months. 

1 AP-DJ 

Athens sea 

By Our Own Correspondent 
ATHENS. Nov. 1. 

THE SINKING of a Greek -fishing 
boat by a Turkish patrol boat in 
the northern Aegean threatens 
to further strain relations 
between Greece and Turkey, 
already tense over the Cyprus 
issue 3nd disputes on territorial 
rights in the Aegean. ; 

A Government spokesman said 
todav that it bad protested to 
Ankara about the use of force 
by the Turkish patrol boat 
against a defenceless Greek fish- 
ing boat which may have- strayed 
into Turkish territorial waters. 

The spokesman said that Greek 
naval authorities were holding 
an investigation to -ascerta in 
whether the fishing boat 
Nicholas Ps was sunk inside 
Greek or Turkish .territorial 
waters. He said one of the fish- 
ing boat’s four crew members was 
reported drowned after the 
Turkish ship rammed it yester- 

Reuter adds from Ankara: 
The Greek fishing vessel which 

nirvccpT miRF * nv i (collided with tbe Turkish patrol 
DUESSELDORF. Nov. L l boat the nofl rtiern Aegean had 

A COUPLE shot dead a Dutch He discounted olher reports and through the crossing point from ! * 1 

customs official and wounded two said the shooting occurred after West Germany and were i tonal waters, according to the 
others, one seriously, on the four Dutch customs officials saw approached by the 
border with Wes. Gennuy » “■ *-* fiJEn. £ “l 

Dutch customs man shot dead 

customs i Turkish Defence 
iHasao Esat Isik. 

Minister, Mr. 


climb a concrete barrier into The man tried to escape byj® Reuter writes f«»jn Athens: 

West Germany. 

today before fleeing 
hijacked baker’s van. a stale 

government official said. approached and fired a pistol at commandeering a baker's van 

Thp North Rhinp Wpctnhaii* (hem. Almost simultaneously, a the couple abandoned it in the 
*7®. “* D h e young woman appeared from nearby town of Kerkrade and 

official said the shooUn to took bushes nearby and opened fire sped off in a yellow Mercedes car 
place on tbe Dutch side or the with another pistol. with West German number 

border opposite tbe West According to Dutch officials, plates. 

German, town of Herzogenrath. however, the couple walked Agencies 


deficit may 
reach FFr 35bn 


PARIS, Nov. 1 

THE FRENCH budget deficit for By the end of this year, i 
this vear is expected to he be* Government will have floai 
tween FFr 30bn and FFr S5bn four small loans, for a total 
( about c 4bn), nearlv four times about FFr 12bn (*,l,4bnV P 
greater than the original target, chases of Treasury Bonds 
and some FFr 5bn (£596m) more the public will have brought 
most recent estimates, a farther FFr 5bn (£S96m, or 
according to Press reports. bringing the total sum finam 
The authorities have officially by savings to FFr FTbn (£2b 
admitted a shortfall of only little more than half the expec- 
FFr 27bn (£3.2bn), three times budget deficit, 
the figure in the 1978 budget By the eDd of tbe year the 
If the reports, apparently fore, the Government will b: 
based on official statistics, are created some FFr 15bn Ifl-Si 
correct they will do much to extra money and the mor 
undermine tbe credibility of supply will have been furc 
Prime Minister Raymond Barre's swollen by the inflow o£ fore 
claim that he has been giving currency, estimated by so 
absolute priority to fighting in- sources at FFr 101m (£l-2ba). 
flarinn On the other hand, econo: 

__ ’ . . , . . deficit ;«* growth, according to the lat 

pie large h^dget ^nrin official forecasts, will be pust 
widely seen as one of toe pnn- o o ner ce m j n 1971? f r 

cipar causes of the continuing 

Ugh inflation rate, sfill likely to “® e p d w accele ; ate 'to 3.7 ? 
be close to 10 per cent in 197» t • -1079 But this still f- 
despite a slowdown during the |J“J shon of the per * 

last. two months. which the Organisation - 

The outlook for 1978 is not Economic Co-operation z 
much better. On past experience. Development considers necess: 
there seems little reason to be- even to keep unemploymi 
iieve that tbe authorities will be s teadv 

climbing a wall, then opened l Two British sailors aL the aircraft fable to keep the shortfall down The number «f unemploj 

The man spoiled them as they tire with a submachine gun. After (carrier Ark Royal were sentenced 

today to IS months imprisonment 
for tearing down the. Greek flag. 
Two other British civilians were 
acquitted. The incident came a 
few days after two British girls 
were given sevet&nonth jail 
terms for the same offence. 

to FFr 15bn (£1.8bn) next year, rose to l.3m in September, a 
as Laid down in the budget inflation is only just starting 
approved by the Cabinet last g i ow after the sharp, rise 
September. prices earlier this year. 

Although M. Barre promised M. Barre thus has a long ii 
that the deficit would be financed to go before he can claim that 
by non-inflationary means, he prescriptions have brought abt 
has fallen far short of his target, a complete cure. 

.. . 

"Hill. K. Kill:,GiTiH'nl jndJLxienai (.' nr |nr LIKJiiJlrclin.L 


The day that Paris 
honours its dead 


PARIS. Nov. 1 

A DEADENING MIST- hangs in eastern Paris, is the. me - 
over the cemetery, sharpening famous graveyard in Fratu 
the silence but blurring the out- Pore Laciiaise. where many 
lines of the factory which France’s heroes lie, as. well 
dominates the wall from one side thousands of her citizens w! 
and the grey bulk of the low- performed no famous or hen 
cost flats across the disused rail- action. Pere Lachalse is so lar 
way line on the other side. The that it is divided into arrondisi 
graves themselves look like raents,-Mke the city outside 
bouses in a toy village. But the waHs. For a small tip, "f 
acid fumes of northern Paris cemetery staff will provide rou 
have gnawed into and blackened sketch-maps showing where 
tbe stone of the vaults and even find the most famous graves, 
over the clinical marble of the The older part of the cemetei 
Lfc^w^r graves a film of soot has on. steeply sloping, ground, lies 

feathered.- ..the .shade ''of- Ancient plane twn 

Normally, the cemetery is the undergrowth invading ti 
almost deserted. A, few plastic frequently forgotten tombs. B 
flowers, garish and grimy, and an among this mellow pattern 
occasional pot of geraniums stone graves, damp ground ai 
represent the world of the living, wilting- fem there are viole 
Today is different, and a' steady interruptions pf colour. Fie " 
stream of jjeople, a few in Sun- Chopin,' perhaps the most X. 
day best, .but most in working of Paris’s adopted-snns, isalri- ; 
clothes, emerge from the Rue engulfed by fresh flowers. Do? 
dHautpaul on to the cemetery's the slope, Edith Piaf. the gutt 
cobbled alleys; sparrow who sang the sooqs ai 

Almost without exception they lived, the life which caught t 
carry chrysanthemums: some are raw nerves of the cijS. h 
small sprays, but more often they received her tribute from poop 
are pots of the heavy baroque still haunted bv her tragic voit 
buff and orange flowers, or the At the dih Pr pnd nf +j 

deeifred^ nisf 5 bnLh? °X? mS cemetery, near the wall who; 

yr^Tn^i- the last of the Common ai 

* ° pp0srte fte rebels who led the Paris ins^ 

M u ssnte in 1871 after the Franc 

cainfe ^l° V j mber A1 ' Prussian war were lined up ar 

^?^u n a<1 th !J , * y on w ± lch ■■•hot by fellow Frenchmen. 3. 
the Catholic world remembers the graves of Communi' 

Its dead. For more than a we^k, leaders. It does not matter tfa 
every flower shop in France has November morning that t) 
ranged the batteries of Communards had barely hea: 
chrysan them urns— -the flower of of Marx, and still less read Iiir 
me dead— outside on the pave- nor that Marx was full nf co 
^ , r . he Press has been tempt for their lack of decisir 
Slled with dissertations on how, —the ideological dead ce 
by artificially adjusting the appropriate the dead 
length of daylight the blooms Elsewhere , 

are brought to perfection for the thT* are j the t ?5 jbs ‘ 

beeinoing of November. adnifralT °1n 3 f?,n ser ” l_fani01 

Uanv D^onlp Will l^rnec p 9 i*;« BCUlljrfllS ID full 52ll UQ<ll 

-Mias "ass s° D r ents as w? « 

The P Cemeterv of tha Rji „ c,ud ? n 8 Oscar Wilde. All hav 

Wautpauns tgy ~ oSy\ few * V* 

acres. But a couple of mrles away, Pere lSSSST* ^ ^ 1 

Bid to settle sea dispute 

“Chase is definitely the most flexible bank... 
even in difficult cases one is given good advice 

and given service^fetrof eanRnancid Director, ■) 

THE FRENCH Government has 
intervened in the seamen’s 
strike, now In its third week, 
by arranging a conciliation 

A Transport Ministry com- 
munique said the meeting won Id 
take place on Friday. It added 
that tbe ship-owners and tbe 
seamen’s unions had asked the 

Government to try to settle the 
dispute after their negotiations 
ended m deadlock. 

The seamen, supported by port 

workers, are striking in protest 

PARIS, Nov. 1. 
against the use of low-pai 
foreign crews — mainly Asian ir- 
on French ships, and for bette 

Meanwhile, M. Andre Giraui 
the French Industry Ministe 
today denied rumours that th 
Iran oil production strike an- 
the French ports dispute coul- 
lead to petrol rationing. Franc 
had a constant SCkday stockpil 
of petroleum and Iran supplier 
less than 10 per cent of France’: 


We recently commissioned a market research study 
with an independent company and, so that the 
200 Financial Directors interviewed could speak freely they 
were assured of anonymity: The results very clearly spell our 
the Chase advantages. Typical was this European Financial 
Director who went on to say: 

“Tire Chase Bank is extremely flexible and 
can respond very effectively to our needs and requests - even 
' though they are often out of the ordinary. What we 
are par ticularly aware of is their great personal commitment’ 

We believe this and many other such comments 
follow from our policy of hiring the best people we can, 
developing their talents and giving them an environment in 



which they can work to your best advantage. 

For each account we appoint a Relationship 
Manager who understands your business and ensures you get 
the top quality advice you need- In this way we have decent- 
ralised decision-making from committees to individuals 
as close to your Relationship Manager as possible, so that he 
is able to get results for you fast. 

Frank Reilly; shown above, is in. 
charge of our UK based operations and the 
team that serves you. 

That’s why he be! ieves that better 
bankers make Chase 
abetter bank* 

Greek fleet 
tonnage rise 

B* Our Own Correspondent 
ATHENS, Nov. 1. 
fleet amounted to 4,906 ships 
with a total of 49,878.151 gross 
ions at the end o£ August this 
year, the Ministry of Merchant 
Marine reported today. 

Of these, 4.059 ships totalling 
35.734,869 gross tons were under 
the Greek flag and 347 vessels 
totalling 13,943,282 gross tons 
were under various foreign flags 
The Ministry said that 228 
ships totalling 3.264.848 gross 
tons hotsetd the Greek flag in 
the year ending August 31. 1973. 
increasing total tonnage by .10 1 
per cent. It added that at the: 
end of August this j-ear 285 
Greek-flag ships totallinpi 
2.610.773 gross tons (or 73 perl 
cent of total tonnage) were laid 

poukcul Tubs. mAUsbed d*fl r aoxot 
Sundays and fcollfiasa. U.S. Mbnsristlan 
&315.00 fair f relabel S3SS.00 fair mam 
per annum- Srrmvt dau tMin dbU- atJ 
Naw York. N.Y. * 


To rent a car in London. 
Bristol. Southampton. 
Manchester. Glasgow. 
Edinburgh Birmingham. ! 
Gatwick. Heathrow. 

01-848 3031 

Or your travel agent. 1 


* 1 


'.TOu^ ,'-2-- 1978 



Deutsche Mark rise 

itf usue court/ 

BERLIN,' Nov.- 1. 

ALTHOUGH We&Gettaax* banks of % s .friends 4»ve been : apply- 
are exchan g in g tl^Mgnd sterling- for emergency military loans 
ling at oaly'X>M' , 352,. the '58,000 to cover their : living expenses. 

• • - ■ — - •* — - - -* “I'm 


h ***3 - r Express exchange rate of DM iS2 •which the dpllar - 

feiki " to the ■*;. : :i some 2o percent-myalue against 

Yts> 3 v. : ' Many U.'S.-; soldiers' here com-- th£ Wa u raT 

Tsai's the.- visible' plight of 
serviceipen' here “does 
a to help Am erica’s role as 

J*tdx ,7 i: - r u iV rising cost Of living all o Wance . , 
27?* th* -“in dollars ifla nrbvins: -nnlv- 'a --■■■■ By <^trast,. Since.. Corporal 

gHg* '->.£?.? -.ScSra*^^ P 55SS’JSS 

- liicl;/ dramatic, slide’ of the dollar. :* • Bnt^i fleW 
£& to Kv - - Lrll- U -S. miUtaiy .families on short SSJ® 
§£?*• ■ = tours of duty who are forced lb satisfied ’With UiJBM U0O _(£3Q5) 

... . Jive in West Gei^ h'mising^:take-home pay egdh mantt^ He 

3®k?? *~>ns s-..*' rather -than rent-free ; Govern- .h®teo- tiwt he •wnuM_ be getting 

-•.» on.v • "I,-» 'meat gnar t eHs-arethq worst-hit - f 10 O _ less If he Tygre.bacX in the 
gftj.-aTtt— *;V: ■ of all. " growing- number .‘of ■ -- 

SS* ‘: r army wives are packing to leave. ;;Mr. Davad ai ?° 

ntr Burn for the XJ.S. because the families -serving with the British Army an 

®Sb before • : •*. can no longer afford - the typical West Berlin, aodibas wife. Jane, 

eBttrtpiior.i DM 500 (£ 140 ) monthly rent for are both quite jgeased wnth the 

l«lo ' r ^:a simple three-ronm^d hat • ' ' smdard of ttvihg-here. Theypay 
Sgt. • Ed Moody • from £40 a .month flar^thrar married 
Tennessee,- who is- : serving .-in quarters, which. ah; army spokes- 
West Berlin, 'says his wife 'Js .man here says 4s comparable to 
leaving- for home as . he has bad toe qost ^)£_n fiiii>Sax-eizeci coun- 
to spend nearly 50 per. cent ' - of cfl^hflosfe in the T|K. 14 It is much 
t his monthly ?l,000 i paycheck' oh -easfea* Jiving her&Oian. it is back 
i f reiit, electricity and baaic tele 1 home because, of. the overseas 
phone charges;- ■ ^ ' ■:'■ . • ' • v-.. - -' allowance," said -Mr. Hinctap. 

“ When -T-S arrived- hej^-i 1 14 HoWeveTf ; -*t ^feared -that ■ Sf 
months ago’ I, paid :$250- a month sterlh^._!Cphlimies at its. current 
rent for ' my '• twoJjedtoorned low lcveil to -the D-mark, much 
apartment, and : now ft’s. l$ 330 ‘longer, the British Exchequer 
because of toe^Zotiat’s Beeline, - " may tower preferential . ex- 

he said. - • •• •- • • chMige rate for British troops in 

Sgt Moody says to^t a uumber We^ Gennany.. :; 


ff-; i 

Pinto plans party consultations 

r :-■ 

lisbon; : N ov. i. . 

SR. CARLOS j&6TA- 'PrNTO, ploym« organisations' on 1 the 
Portugal’^ . Prime. Mmistor fprmatioii .nf Portugal’s tenth 
designate, is expectod .to have ^a/ post-revojlitiohafy government 
second round ''-of ^consultation^ Tbe questioB of- -the Cabinet 
before the -weekend with the make-up. was a iJOlitical matter, 
political parties represented'.. ip r - .He _woulS.. - CQntiaue contacts 
Parliament before the ■weekend. wilh the outf^mg .government of 
the national yarixo sald today! wretaker. Prime Mmister-Alfredo 
In an Interview .with-' the Nohre da Costa in order to. set 
national newsagency last the jadorities. for the- fourth con-j 

Sr. Mota: Pinto said he! .vvwritr Stltutional government. , j.-. t ] 

DOt .Congq^ afie-jaaigps apcKwar- Reuter- • ' y-'- ft 

talks on 
to resume 

By Our Own Correspondent 


A SECOND meeting of the 
Anglo-Spanish working parties 
on Gibraltar is due to take 
place later this month to be 
followed in December by a 
Ministerial meeting between 
Dr. David Owen, the British 
Foreign Secretary, and Sr. 
Mareellno Oreja, the Spanish 
Foreign Minister, at which 
meeting Gibraltar leaders will 
*£ain be pesent. 

The joint working parties 
are considering the resumption 
of maritime communications 
between Spain and Gibraltar, 
and the payment of soda! 

security benefits to former 
Spanish workers who were 
employed In Gibraltar before 
the frontier was closed by 
Spain In Jane, 1969. 

Co-operation in the field of 
telecommunications is also 
being discussed. 

The joint working parties 
were set up following a 
Ministerial meeting in Paris 
earlier this year and the 
historic first meeting In 
Strasbourg a year ago when 
Gibraltar and Spanish leaders 
faced each other for the first 

Althongh the Gibraltar 
House of Assembly has 
repudiated a recent statement 
at the UN by Sr. Oreja 
reiterating Spanish contentions 
about Gibraltar, including that 
the military base is a threat to 
Spain, there is hope that pro- 
gress can be made at a 
practical leveL 

Meanwhile, General Sir 
William Jackson, the Governor 
of Gibraltar is in London for 
talks with the Government. He 
will be meeting Dr. Owen later 
to provide him with his first 
full assessment of the Gibraltar 
situation since fafcfwg office 
earlier this year. 

Sir 'William met Sir Joshna 
Hassan, the Chief Minister, 
and Mr. Maurice Xlberras, the 
leader of the opposition, before 
leaving for London. 

In London, the Governor 
has also been having extensive 
consultations with the Ministry 
of Overseas Development, the 
Treasury and the Ministry of 
Defence where the question of 
the transfer of Ministry of 
Defence^ land to civilian use is 
certain Jorhave been discussed. 

a dispute 


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Out of step with the rest 


THE MARCH for * peace in the 
Basque country.” which took 
pldce last Saturday in Bilbao, 
began. as an. orderly and silent 
protest against the escalation of 
violence in the region and ended 
in near ebaos. . 

The trouble centred on the 
counter-demonstration organised 
by the radical nationalists or 
Abertzales, opposed to the peace 
initiative of the Partido 
NacionaUsta Vasco (PNV). the 
main Basque nationalist parry in 
Parliament. The tremendous 
array of police strength brought 
in to ensure the successful pro- 
gress of the main demonstration, 
and impede the counter-march, 
served to drive the two sides into 
each other. 

But for many of tbe peace 
marchers, principally followers 
of the PNV^ the spectacle was 
too reminiscent of tbe worst 
incidents that took place here 
under General Franco and dur- 
ing the tense and violent last 
two years. And instead of the 
expected clashes, the two groups 
frequently made common cause 
against the police. 

The events showed once again 
that the Basque country remains 
dangerously out of step with the 
rest of the country. It requires 
exceptional measures if it is not 
to become a threat to Spanish 
democracy, the transition to 
which, is near formal completion 
following Tuesday's approval of 
the new constitution by both 
Houses of Parliament. 

But one of tbe cornerstones of 
the constitution Js the indis- 
soluble unity of Spain, which 
requires even-handed treatment 
of all the country's regions and 
minority nationalities. Only on 
this basis bas it won the support 
of the armed forces, trained to 
regard tbe preservation of 
national unity as their most 
sacred task. 

So Spain is itself a special case 
— unique in modern Europe in 
legislating itself out of a 
dictatorship — and for the 
moment, other claims to special 
attention have to wait their turn. 

This reailisation has led the 
Government's de -facto allies in 

the Basque country — tbe Com- 
munist Pariy (PCE) and 
Socialist Party (PSOE) — to 
accept virtually without ques- 
tion the tim-ited provision for 
devolution In the constitution. 
But the wear and tear on the 
orthodox left-wing opposition in 
Spain has been doubly rapid in 
the Basque country both because 
of tbe regional question and the 
critical deterioration of the 
Basque economy. 

lie Basque economy, once 
Ibe life-blood of Spain, is in 
decline. The region is the 
centre of tbe Spanish capital 
goods industry, as well as of a 
large .part of its heavy industry, 
particularly iron and steel and 
shipbuilding and in the last 20 
years, a large number of small- 
to medium - sized enterprises, 
particularly an the engineering 
sector, have sprung up. 

But In the present conditions 
of - uncertainty’, and what Sr. 
Carlos Garaicoetxea, the PNV 
president, dast week described 
as too ’* smell of Ulster ” over 
the Basque country, investment 
has .declined and even pulled up 
roots in favour of other regions- 

On toe economic front, tbe 
Government has begun to treat 
tbe Basque country as a 
separate case. It has presided 
over the refloating of the inte- 
grated steel giant Altos Hornos 
dc Vizcaya and the country's 
largest capital goods producer, 
Babcock and Wilcox Espanola — 
both of them based in Bilbao — 
with official credits worth 
Pts 4.5b n <£82m) and Pts 2 bo 
respectively. The shipbuilding 
industry is to get Government 
underwritten aid worth Pis 30bn. 
a major portion of which will g 0 
to ailing Bilbao shipyards. 

But the Government has felt 
unable to inject a corresponding 
amount of political capital, 
which would guarantee the voles 
and support which are patently 
on loan to the winners of last 
year's elections in toe Basque 
country, the PSOE and PNV. 
The PNV*s amendment to the 
constitution, on tbe Basque 
country's historic rights or 
“fueros," well illustrated the 

The PNV, which as a centrist 

Christian Democratic Party 
would be a logical ally for the 
Government in other circum- 
stances. had already dis- 
appointed many of its followers 
by voting against the inclusion 
of right to self-determination in 
the constitution. But then, 
rather than pressing for ample 

stimulate separatism. 

The amendment was rejected, 
and last weekend the PNV 
announcement that it would cam- 
paign for abstention when tbe 
constitution goes to referendum 
on December 6. 

The PNV bad been out to 
prove by Its peace initiative that 

Last Saturday’s march for peace in Bilbao high- 
lighted the danger tbe problems of the Basque 
region pose for Spam’s fledgling democracy. 
Special political and economic measures are 
needed — and yet national unity requires even- 
handed treatment of regions and minority 
nationalities. In addition, the Government feels 
its hands are tied by the constitution and the 
armed forces. 

autonomy inside the constitu- 
tion, it reverted to the fueros 

Tbe PNV hoped that this 
expression of traditional Basque 
separateness would satisfy its 
restless rank and file, par- 
ticularly since its deputies 
would be seen putting up a 
vigorous fight in Parliament 

The Basque branch of the 
governing Union of the Demo- 
cratic Centre (UCDj. and sup- 
porters of positions considerably 
further to the right gave the 
PNV their full support This 
was partly because tbe fueros 
provide for a system of elected 
regional government, which 
gives equal weight to the 
industrial cities as to the 
increasingly depopulated rural 

The electoral disadvantage to 
the Left is clear, and this was 
in fact a formula with which the 
Government toyed during the 
first half of last year. However, 
since the fueros were tradition- 
ally inscribed in a treaty with 
the CrowD. and did not imply 
Basque acceptance of the State 
as such, the Government was 
concerned that the amendment 
would open a judicial loophole 
in the constitution and 

opposition to the constitution did 
not mean condonement of 
terrorism. The initiative was 
opposed by the 11 Abertzales," 
since althougb the PNV stressed 
that its march was also against 
*’ institutional violence '" — and 
only on that basis managed to 
turn out 40,000 people — toe 
radical nationalists saw it as 
aimed at ETA terrorism. 

ETA, having claimed responsi- 
bility for 39 out of 59 deaths in 
political violence tbis year, is 
widely believed to be embarking 
on a major offensive to coincide 
with toe referendum campaign. 
At toe same time, last Saturday's 
demonstration bas effectively cut 
all links between the leadership 
and autonomist wing of toe PNV 
and the “Abertzales." As a 
result there have been five 
attacks in the past 10 days on 
PNV offices, as well as the 
November 1 bombing of toe 
headquarters in Elorrio oF toe 
PNV's trade union adjunct. 

ETA’s assassination of two 
army officers in Madrid last July 
— on toe very day that Congress 
approved the draft constitution 
— is proof that the guerrilla 
organisation has widened its 
sights. From mere terrorism, it 

Is now beginning more orthodox 
guerrilla activity, such as last 
week's attack on a naval garrison 
□ear San Sebastian, or the 
October 31 attack on the General 
'Electric plant near Bilbao, when 
it made off with over Pta 30m. 

The dangers of this campaign 
spreading, particularly at the 
present time, are self-evident. In 
the Basque country itself, it 
remains to be seen whether the 
Abertzales — whose ranks will 
now be swelled by PNV dissi- 
dents — will support tile ETA 
campaign or throw in their lot 
with the more orthodox radical 
Left, particularly with a view to 
contesting municipal elections. 

These elections, because of the 
greater local control they imply, 
arc a crucial part of the Basque 
equation, and one of the few 
options towards which the 
Government has a clear path- Its 

present policy in tbe Basque 

country is strictly limited by 

national considerations 

The semi-autonomous Basque 
General Council iCGV) has only 
now received its first batch of 
executive powers, but at a time 
when the CGV has already been 
badly discredited. Serious talks 
on setting up a native Bosque 
police force are finally going 
ahead under Socialist pressure. 
Without the withdrawal of the 
non-Basque paramilitary forces 
from the region, however, such a 
force is likely to contribute little 
towards a cease-fire. 

The Government believes its 
hands are tied by the constitu- 
tion and the armed forces, which 
make the restoration of nor- 
mality to Basque public life 

Bur its insistence that the 
Basques cannot he treated diff- 
erently is paradoxically feeding 
separatism. The backlash against 
the Basques beginning in the rest 
of Spain, coupled with the almost 
inevitable rejection by ' the 
region of toe constitution, will 
increase the Basque country’s 
dangerous separateness. And 
unless the Government can 
respond to this with political 
rather than police measures, 
Spain’s fledgling democracy will 
be burdened with a permanent 
focus of instability. 

From November 1st, Lufthansa prices to Germany up to 

Lufthansa’s new price cut means you can 
fly to all major German cities on scheduled 
weekend flights for up to half the normal fare. 
Yes, 50% off when you fly or return on a 
Saturday or Sunday. You can stay for up to 
one month if you wish. 

Your travel agent has full details. 

Call him today and let Lufthansa’s price 
cut give you the excuse for a perfect break 
in Germany. 

German Airlines 

■feriffsutgeetto government ^ipnmral at fttte of pubCcatlon. 

financial Times-. Thuj^a^-^ 3978 

• / 

Carter’s bid 





widen; us 



ADOPTS roucr 






1 T* 


NEW YORK, Nov. 1. 

For the past l' 2 months, providers of mortgage funds — 
President Carter has been from the impact of higher 
extremely reluctant to accept the interest rates. Since June they 
increasingly hostile verdict that have been able to attract suffi* 
the financial markets have been cien: funds to maintain the 

pacing on his policies. Today, 
however, he has embraced a 
package of measures which 
represent a fundamental attempt 
to change market opinion. 

Thu radical moves aimed at 
reviving the dollar may have 

mortgage flow by issuing special 
six month savings certificates, 
whose interest rates are pegged 
at a quarter per cent higher 
than the prevailing six month 
treasury bill rates. 

However, with these rales 

been a "bitter pill lo swallow for climbing lo the region oF 10 per 
they risk abandoning the Presi- cent Air. Patrick Savin, economist 
dent'? chosen economic strategy a t Drexel. Burnham. Lambert 
of seeking to maintain steady doubted today whether savings 
economic growth and employ- and Joans associations would 
ment while at the same time want lo bear such heavier sborl- 
aiiackinc a rising inflation rate, term liabilities without substan- 
Since the President announced tially Increasing mortgage rates, 
his voluntary wage and price A reduction in the issue of the 

guidelines last Tuesday night it savings certificates, and thus a 

has become increasingly clear smaller flow of funds for 

lh.-u the markets will have none mortgages, coupled with higher 

of this approach. charges to the house buver Ls 


Sollies; Morgan GusiAiity 


[ Trade -weighted average dtange 
in dollar irom Smithsonian central 
rates against 15 other currencies 









,/*£*. .4c 





thought likely to bear" beaviiv on the TTjyTOG E ^° N ° MICS CORRESP °NDENT .requirements, .together .wiuTthe 

the housing sector in the next i . -TIMING of the depreciation of the dollar can be been followed bv a faster rate of inr-rpnc* ttc .. s P ectacuIar increase in the S 1 ™? ^panaea. 

THE FRANKFURT foreign ex- to- play tough and act decisively 
change market’s reaction to the dr whether; like the little Dutch; 
American measures was a jump boy. , they are just sticking: 
in the value of the dollar against another finger in a crumbling 
the Deutsche Mark. This morning dyke.”- 

the dollar was being traded at Adrian Dicks adds from Bonn: 
around DM 1.76 but. following the' The West German Government 
U.S. announcement it reached and Bundesbank expressed strong 
DM 1.85/S7 in the afternoon. support for the U.S. measures. A. 

However, if the market's res- joint statement described the 
ponse to tbe U.S. measures seems administration's expansion of 
unequivocal, feeling among .swap lines, planned gold sales, 
economic analysts here was and increase in the discount rate 
mixed. While a number or Frank- as an . “impressive ” show of 
fun's leading bankers appear to determination, 
be taking the view that some The German official statement 
form of recovery is on the way, went on to say -that there was 
other economists are less riose ’ agreement with the- 
sanguine. Americans that the recent fall of 

Herr Engelbert Dicken, a mem- the dollar had far exceeded what 
ber of the Commerzbank's ex ecu- mi 8"t be justified from the 1 
tiv e board, -said this afternoon economic fundamentals. _lt also 
that the U.S. measures were “a Plsdsed ®* e West Germacf 
major step in. the fight direc- .authorities to play their part in 
tion.” The heavy reduction in . co-ordinated .and decisive * 
liquidity resulting from the in- intervention owraUons. now that 
crease in the minimum reserve th e means available to the U.S. 

to undertake these had . been 

The guidelines made no impact bank's reserv . „„ 

□ i ho equity markets which 5"®*“' d . ma _ k * ** niore difficult for domestic credit. 

As in March, when the U.S. and 
nKiuri loremn e* West Germany had signed a 
ttwito a Evaluation bilateral agreement intended to 

uu me equity marKeis which *h " IU ‘ C ., UI “": , * U ,ur comestie credit ' ' * • — *w , r > : cen? 6 dollar fo thc lune of 5 per markets. WashinAon is 

continued the steep plunge thev nanks to satisfy credit demands. T . ’ . _ _ _ . tbe renewed decline m the dollar in Auetist was A learner fnrpie-T, hanim- sfantiaHy Increasing its Deutsch 

liiS nte ^Ld ates ;„ the si S fr^T™ld Ve c h 0 0 |? n 7^ d0 b^ as'illecame l e n n arent rP t'L?Thp g r,t e • S 'T le i ^J e3r * to tf f U ¥ 1 f Tess ™ e reflected a di^ersifl'cato? of %£"£?*& SS tTSJSjSS 

fashion while at the same time credit could well have the effect as . K oec « me apparent that the rise in the deficit was portfolio holdings, especially by str* 11 -- ** has h ? d a E excellent i E .k, huvino nwm 

the foreign exchange markets of slowing the rate of industrial n 5 0t merely a temporary phenomenon associated with and by the oil-producine countries 

were proclaiming the dollar the i^T.'li'^JJbough not, toe a d- the bad 19/6-77 winter. During the last three six-month periods |fie Oil- ■ 

The decline was aggravated by the Carter *J oducers have reduced the amount of new^money 

thev are dennsifina in tho ttc tv«r« o~ a O O Ql_ — a IWtTllCtOrC onri Se Dior 

leper of international currencies. 
Almost as worrying as the sell- 
ing of securities has been the 
volatility in the markets, parti- 
cularly in equities. On Monday 
the Dow Jones industrial average 
on the New York stock exchange 
tumbled 17 points in the first 90 



hopes, business 

TlamnaninrT - y *C7 e ™ arket ^ taci * approval of the i 

JJdmpenmg in the autumn of 1977, as benign neglect 

ue renectea a Olversifica«on Of for and t has had vS S6b n fmm S4bn. T he Bundesbank 

2S5*JSa— — «>— ^-JW!dfc^.g3i^a!WB 

WW VJ 2» JS*_SB 

Ministers and senior officii la 

- • . » ¥ «> d^siiivaiea oy tne barter • , ‘ V “ UVE, ° *mvc icuuceu uie amount ot new mi on ey SP 

Admmistrations policy which was initially interpreted f hey g? depositing in the U.S. from $5.4bn t^$3.8bn An economic anaiv St with one Mln,sre P cs senior oin 
by the market as tacit approval of the fall and later, t0 ?0 ^_ bn ' ^ ¥' . of West Germany's leading com- I ?? F !T fo , r All 

HI the autumn of 1977 ns honian ncwrl nn, The Csrtpr A ri mini cH-a Tirvn rrvciMWi rl i! <4. t-L mereial hantc . i-c. paints’ Day holiday, it was tot 

Administration responded *fo ;: the banks took a less hopeful ir * V&JW 


_ ^ The Carter 

The Administration will be B f COntbl . ue <J decline of the U.S. currency led, at a - ser ^ es of . small- 4, promises y promises ” The prob-' uoru, * ri >' aa a 

minutes burthen ‘recovered to SSlf* f V?* . ‘his dampening first to generalised statements of intent irom Resident me8bUres * notabl y the planned -increase m gold ie m is that P one has the filing lead J ng up ^. 10 

sain 5 S 0 on rhe da / S/l ?, n of *- he doi " est i c economy Carter and his colleagues. This was followed in earlv Sales i T , . ' ? that the Americans are just J od ays decisions. As recently as 

fnc osc ill aiion eon tin u ed tester- ex ' January this vear by^ the announcement of larS swan . Neither ^ nor an agreement bv .Jinance fi . ddlin s around. Their measures 

f.M™te d .SS ,, r l J the p , er 1 r s “ lonE ^* ho “ ,e »™' a 1 f eements ' "? tab, y with w ®t Germany, and I policy “ ml? 3^" eUly meeting Ad mi „tat ra “on" doMat ? 0 nS 

E ci;i t rr^;“rr nt ,. Lzz e aet,ve intervent,on * *«*» e - h -= e isrJs aryw-safrijss? wart 

SJi h k rZvement' ^V S US t e b C o C n Zfie Clear ”° Carlv =“! r ey.. B1U if°? . to _A .!«** eachaa Se dealer '-nt praise when the **3 

POtentiaJlv fhp mnst imnnrl-.nt reSOUfCPS to holster the dollar 111 u - a - economic 

™« SJSjS 1 *- tl fffifi was Ukeiy — — 

, disc^r safts wSi fflsyt'BWsS Odessa the SS'M IPItS Sw ks 

acceleration in the growth of the money supply had ^ ^'S»iWU?a2:'ffl£2E h “s. b “? 

potentially the 
increases in 

3bn O' SSnjJSS . « -i-iSEd ■is7“p,y»c,i a«?le; a uSn In SI erowth 3 “the Zlt ^ , ear l le I “ver^xpansion of dimesUc cFe'dit Yei 
aTg ; Svante' iKS.HSSr.^fU 1 ,r; CCeleratl0n “ 0,6 gr0Wth 0f the money sup P’y had a <^ect response to ms assessment. 


willingness to grasp this particu 
lar iiuttle has l«-en .seriously 
questioned both al home and 


now face a much bleaker out- 
look. The hope at the U.S. 
treasury is that the entire pack- 
age is so wide-ranging and the 
dollar will be so thoroughly over- 
hauled that ibe swap lines may 
pot need to be used. But the 
language of the joint statement 
between the Treasury and the 
Fed heavily emphasises that the 
l .S„ German. Japanese and 

$3bn taken out of circulation 


The Fed has apparently been 

STf *1 -r P M swfi. ^r^Tor^ US 

u ss s n o£ , h 7^ n su a „': 

inLixasv in domestic money the sztuatwa. the Federal Reserve Rnird hac 

fuhirp * "inn r ,e,eby ..iF^? ia , g Similarly, the drawing on the removed in this way. 

xneisSre* ind£e'thar S^'r 8 H.’S’ ,?' 4bn c I r ®. dit a * tbe IMF The immediate effect will be 
Dre ‘ Dared to Sn!f #i?« 1 -^ 3 ,i? d ^ he P°? s, ble activation of increase domestic dollar 
fn order ii°h2l P *h?M ?r® ora 5' 5F . Arrangements to interest rates and also put 

sin£ .ntiJfmn th dol . la r a p d Borrow (GAB) contain the mes- upward pressure on the Euro- 
S J?* ,n,lal,on - commented Mr. sage that tne authorities have markets. The precise impact will 
r Jr*f’ . ec ® non], st at access resources, in this case of depend on how far the Fed 
S? 121 s lh vW’ ■ Mr ' Lerner currencies, to soak up cushions toe blow through its 

bdieves that the impact of the dollars if need be. Moreover open market operations. 

. on the broad further resources could be raised According to the Fed's 
h P rfn? U ^, ° f ,Dter . est rates wiI1 5 y ^ e , Proposed sale of §2bn of announcement, a supplementary 
, d recession in the Special Drawing Rights and the reserve requirement i 3 being 
eLOnoraj next year. Others are issue of foreign currency de- Imposed equal to 2 per cent of 

not so certain. They point out nominated securities of up 

that the underlying strength of StObn. . 

tbe economy revealed by the 
latest set of economic indicators 
Mils doubt on the recession. In Jr 1031171? 
his remarks today Mr. Michael 

Th. ,r fll biri.-is;i «h» bSS Ktlo effort S. b,“ rtTwS 
i ■; .“JSS® *n eomtag- Germans t» ■■ talk up ” ft. flS 

• v.% Amencans appear to be id the. absence of decisive UB 

% - ? ,rcumstanc es, rather Policies— though. thwh^f baeh* 

v ^ AiaftfM? S th2 of tIie “ l - agreement that it bad 

V fuffi® Ba ^ E *fJ n ’ y ^ b ®S > * ne absttriJIy imdewralued. 

from . , an . economic u Herr Schmidt- Whtself flies to 

S3f!3^5kj:s2ttM 'Sra'-ssaaspsaaSKsTu? 

the market' believeaSiat the ‘iZIPf t ? r J? ys, ® ln ‘ '***» be pur- 
authoritie. ^ Sf f . 







time deposits in denominations 
of S 100, 000 or more. This comes 
on top of present requirements 
of 1-3 per cent (depending on 
maturity) on deposits totalling 
SSrn or less, and l-ti per cent 
on more than $5m. 

The extra S3 bn means 



Quasi Money 
Deposits ■ 

- Cash + Demand- 

snmce-iMFSMTs 1976 


find measures 

New kT™::! 

supply t.nrgets wourd have been 
set a» the secret meeting of the 
Fed's^ Open Market Committee, 
believed to have taken place on 

As : for the Euromarkets, toe 
measures finally make sense of 
the abolition of so-called Regula- 
tion M provisions announced in 
August These laid down the 
amount of reserves U.S. banks 
must deposit against their net 
borrowings from their foreign , • ■ . SWISS Government ■ afed viinnorf »- , ... 

branches, and against credit ^-National Bank are “coir- around a cJs? e low 

extensions from fnrpion vmced •* that tho tt c u*. around .SwFr L46. enmna 



extensions from foreign branches th « the UA dollar SttpT^.SSlSfleSrS 2 J* 0, i co ? pared 

S ISfaEf«2E2 B .? i11 <!** tte/CSSi JS. 5on,y about 18 

At the time, the move was of rallying the' M _ 

meaningless, since U.S. banks ® UTT ® nc 3 r a od normalising the D -, rpf f fi^f n , onai Bank is pre- 
were net lenders, and aoi SSE e ^ ch aDSe market, i S-li 1 , '?’®®, 1 " 
borowers, vis-a-vis their foreign *P?J«£®an for tbe National Bank fftffi* 1 ; although now 
branches. However, too B . e ,! said, in Zurich last ^ “ at ^ U.S. has launched its 

branches. However, toe new saJ j? f * D Zurich last night sunnnrt~ — "" *“uncoea its 

i n rt e “ U ^ S_ , b ' V J raisin e the cost of m falling the UJ3. package of this ^ould 

domestic funds — will make it m f asures very impressive" h e -necessary, the 

more attractive for U.S. banks to sa ' d . « e Swiss authortUe? wS* SP ? eSTmm sa,d - . 

3 . n , the Euromarkets. P^'clpate actively in the pro- 3 P te 1 rven Uon by the 

particularly since there will be sr®nnie by increasing the US. . tI0 . na * Bonk has been the 
°L , . re ®?i‘!!_!!? qil I rem ® nts agamst |«j» ®^ap line to §4 bn from f^l nc ^ factor to forcing up 

-,A- * 

* vwiii. be heard as well. 

uomesbc credit mores may attract Eurodollar funds 

because the Fed's tbei r co-operation on exchangi bonds may bP 1 il«iS V ' S? .h fraDC 
targets were not intervention. . 8 toe nub?^ either on 

pump talk of ioomins" retisskf^-oSid th!? SwFr SbVwonh' of dnTtow ffe t hcJS : 0 f^ t *C toUt "“? P 

to ^ ^ to gjj toe^currene^ 

occurring in the first few days 

of October. ■ '~Z "V — j ** u »i »u»«jsn 

During the month, the doUar baL^o^m^'Seff 0 ™ “* 

DOLLAR-BASED bond and 
securities markets in Europe 
yesterday dramatically re- 
versed much of their ‘recent 
Josses^ as ihe wide-ranging 
U.s. Admmislration measures 
lo defend their currency won 
immediate support for the 
dollar in international finan- 
cial centres. 

Al the same lime, the new 
U.S. dunicslic credit measures 
raised toe possibility of a 
major How of liquidity back 
lo the U.S. from the SfiOflbn- 
S700hn Eurocurrency market, 
according to leading banks 
and money specialists. This 
would reduce the pool of cur- 
rency available for speculation 
against Ibe dollar. 

This U.S. action could give 
impetus to a repatriation lo 
toe .UA of dollars from this 
Eurodollar pool by carbing a 
recent unfavourable interest 
rate arbitrage position between 
New York and Europe which' 
has been prompting outflows 
of dollars from the U.S. 

President Carter at the White Short-term dollar interest 
House yesterday rales in New York and Europe 

urn- too volatile yesterday in 
allow an accurate picture of 
what one trader called the 

“new shape or transatlantic 
Interest rate differentials.” 

Recently. Eurodollar interest 
rates have been climbing 
sharply. They moved above 
12 per cent for six months 

funds earlier this week. Some 
U-S. banks are reported to have 
been selling domestic certifi- 
calos of deposit, and reinvest- 
ing the proceeds in higher 
yielding Eurodollar certifi- 
cates of deposit — bringing 
exactly the opposite effect to 
that desired. 

It was suggested in Eurdpe 
yes ter da v that the Federal 
Reserve's new reserve require- 
menl, w'hlch will add lo the cost 
of a bank obtaining funds, may 
discourage thi s type of specu- 
lation, and even encourage 
bank; to issue more Eurodollar 
certificates of deposits. 

Some London bank econo- 
mists believe that,-e\en taken 
together, the two new reserve 
requirements will prove to 
have little Immediate impact 
on the Eurocurrency pool, now 
csiimated t 0 total some 

Taking their cue from ihe 
sharp recovery of the dollar in 
Europe. Eurodollar bond prices 
in both the sLraighl-debi and 


convertim, sectors .... 

marked up sharply. Later, the 
strong advance by Wall Street 
and the New York bond market 
^rasalsD quickly translated into 
further rallies by bonds in 

In the first few hours trading 
was particularly heetic after 
the U.S. measures, due to the 
closure or several European 
centres fo r the All-$aipt$ Day 
holiday. Additionally, a large 
amount of bear-covering by 
investors, as well as profes- 
sional traders, added to the 
pace of the recovery. 

Over the past several week, 
the Eurodollar bond market 
na s suffered Its worst sell off 
since tbe tight international 
credit conditions of 1974, with 
yields on some dollar issues 
“® ,n 5 driven up i 0 well over 
the 10 per rent icveL 

Several bond houses believe 
that yesterday’s rally contains 
the basis for a sustained re- 
covery. They pointed out that 
the market had shrugged off 
the bearish implications of 
tighter U.S. monetary condi- 
tions. and instead had focused 
on hopes that the Administra- 
tion’s announcements will re- 
store some lasting confidence 

the inter- 


to the dollar in 
national markets. 

In Deutsche Mark u „„ us , 
prices tended to drop, although 
trading was limited because of 
the holiday. Deutsche Mark 
bonds could suffer some fur- 
ther weakness tomorrow. If in- 
vestors lake profits and switch 
back Into dollar paper 
current running yields 
around 10 per cent and «««.■ 
gamble on appreciation or the 
basic security are an attractive 

The DM sector was thought 
certain by traders to be one of 
toe outlets for the new forelgn- 
de nominated securities to be 
issued by the U.S. Treasury. 
These securities will be placed 
with investors abroad, and nof 
J™** e ® ntraI banks, according 
to the Treasury. 6 

The U.S. plan to raise the 
equivalent of $iOhn through 
toe move represents a substan- 
tial chunk of the international 
bond market’s absorptive capa- 
city, and some doubts were 
being expressed whether the 
U.S. eould in fact market such 
securities very intensiwh. 

. T-bc total new Eurobond 
issues of all currency denomi- 
nations in toe first 


months of this year Is calcu- 
lated at $11.2 bn, compared 
with a lotal of 317.7bn for the 
whole of 1977. 

Reflecting the shift from the 
dollar this year, the dollar 
bond sector accounted for 
56.07 bn In the first „i ne 
months, and ihe Deutsche 
mark portion a more signifi- 
cant share of $3.9bn. 

Foreign bonds Issued outside 
the US.— excluding Eurobonds 
—totalled S9.01bn in toe first 
nine months, compared with 
$5.7bn in same-period 197". 

The liberalisation of. the 
Japanese capital market i s 
partly responsible for tfab 
expansion, with Japanese yen 
issues totalling $2.9bn i n (he 
first nine months of this year, 
compared with a virtually 
inslgnfiicant $497tn in the same 
period or 1977. 

The U-S. currency securities 
will probably be issued in yen 
and Swiss francs, as well as 
Deutsche Murks, in order to 
spread the load of Us offerings, 
traders suggest. . 

Other bond houses, however, 
do not see any prospects of 
“Indigestion” fn offering such 
U.S. securities. 

Japanese ready for 
joint interventions 


JAPAN welcomes the UJS- pack- 

HJl*"* } l generally f e j t in 
Tokjo that the dollar i? now 
seriously undervalued against the 

Yen. . 

la a joint statement with the 
Bank of Japan, Mr.. Tatsoo 
Muruyaxna, the Finance Minister, 
said,- the Japanese Government 
wouid act positively with the 
U.S. w e are sure that Joint 
interventions by the Japanese, 
U.5; and other Governments io 
the foreign exchange market will 
help stabilise the international 
monetary situation," Mr. Mura* 
yama said. 

The Japanese authorities have 
made no particular effort to 
stem the dollar’s slide through 
unilateral action in the past few 
weeks. Instead, It has been sug- 
gested that concerted interv 
national action of some kind 
might be necessary to control tbe 

Japanese financial officials 
commented earlier this week that 
President Carter's- anti-inflation 

' TOKYO, Nov. 1. 

package came too late to influ- 
ence the exchange market Tbe 
measures might have been more 
effective, it W!U suggested, if 
they had beep combined with 
more direct forms of dollar sup- 
port, such as . .increased IMF 
drawings. .. .. 

The dollar's slide against toft 
yen has started lo affect Japan’s 
export competitiveness In the 
u.b. and other markets where 
national currencies are linked to 
toe dollar. 

• B£r, James Callaghan, the 
British Prime Minister, said yes- 
terday that his Government 
supports the action taken by the 
. u ■5. -administration In support of 
the dollar _ - 

He .tnfd Parliament the 
measures would continue, io help 
restore 'dollar stability and 
would, pur an end to recent 
exaggerated movements. “Tha 
Government: toufc. the view that 
the dollar. Was undervalued ob 
any objective, assessment* 






R&r The f 

ia’Cygj? Ir 


<e?r«* thfe! 

’^maitdat 2.1978 

^ u£° 

I s k l 

2 8 



IRfe*ve had foreign settlers 
here since 890ad 

jtada mean stnakand look 
tfun theypfoughed bod.'. ;-o 
we afraid Own money logo 
avtajcTocbywe offer bt> ciuxii 
to come here dotweve 
attract^ setting from as far 
W hc t fao yo u come from 
Mercia, Vtesec. GauJ or 
wherever. youT! iindavery 
warm welcome inavery 

practical form. 

TjcWmycur Danced for 
yournw commcrcul ir 
tndnstnoJ development, 
amp ly drop usa line. 



T he experienced one 




Just a short jog 

from the factory 

Thrruburboneveninssare filled ivSfi 
furtive jo^^rs. 

At SWmcexIaJe there's no nwd to hide 
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Financial Times Thursday Novi^hber : 2 : 197fr 


Arab ministers seek 
accord on punitive 
action against Egypt 


BAGHDAD, Nov. 1. 

ARAB FOREIGN Ministers were this moment is only helping 
■today still trying to overcome Sadat” 

differences on the crucial But a wide measure of agree- 
question of whether punitive meat at the summit is expected 
measures should be taken against on plans to assist the eastern 
Egypt for its role in signing Arab countries and the 
the Camp David accords with Palestinians now that Egypt has 
Israel and ihe U S. virtually removed Itself from the 

As the foreign ministers' meet- conflict with Israel. Iraq, the 
ing went into its final stages host nation. has already 
they were trying m agree on a suggested a S9bn fund to 
document that would provide a strengthen ‘the “ confrontation " 
basis for tomorrow's summit state* and to attempt to lure 

meeting. Egypt back from signing 

Hardline slates including separate peace with Israel. It 
Syria and Iraq and the Palestine has further offered to send troops 
Liberation Organisation want to Syria’s border with IsraeL 
Egypt to be isolated economically Some conference delegates 
and politically from the rest of think it 'likely that a committee 
the Arab world. But they ore will be set up to Aiscuss ways of 
meeting stiff opposition from implementing such a scheme, but 
some of the conservative oil pro- ih3t direct measures against 
duciug states, including Saudi Egypt will not be agreed upon. 

Arabia and Kuwait, who argue David Sutton adds from 

that it would he counter-produc- Moscow: Mr. Yassir Arafat, the 
live if not impossible to attempt leader of the PLO today met Mr 

any economic boycott. Egypt Alexei Kosygin, the Soviet 

has not been invited to Bachdarl. Premier, for talks which were 
A spokesman for the PLO "aid thought to be aimed at per- 
today thar ihere were two clear suading Mr. Arafat to oppose 
trend? at ihe conference: the hard line resolutions at the 
first showed some outward readi- Baghdad Arab Conference, 
ness to criticise Mr. Sadat while The Soviet News Agency Tass 
really protecting his policy and *aid ihe talks took place in 
seeking to win the participation “businesslike, friendly, almo- 
of others. The second was totally sphere” -an dLhat Mr. Kosygin 
opposed to such Altitudes. “There confirmed the •' unchangeable ty ” 
is no room for anyone in between of the Soviet -position in support 
trying to act ;is concilia“ he or .so ~ all embracing just settle- 
said. “Anyone who hesitates at ment in Hie Middle East.' 1 

‘take over 

Begin flies to the U.S. 


TEL AVIV, Nov. 1. 

MR. MENACHEM BEGIN, the to enlarge -Jewish settlements in 
Israeli Prime Minister, said the occupied Arah territories, 
that several problems had been However, officials say it is 

overcome in the peace ne-oti- a meeting may be 

„ ... _ * . . ? arranged, depending on the out- 

ations with Egypt but others come 0 f the talks with Mr. Vance 
had still to he resolved. Mr Begin reiterated his rejec- 

Mr. Begin, at Ben Gurion air- tion of American criticism of the 
port before he left fur New York settlement decision. He claimed 
to receive a peace prize, said he that the settlements help in the 
would be holding consultations quest for peace, rather than 
with the Israeli delegation lo being an obstacle tn iL 
the Washington peace talks to He admitted that there are 

help resolve outstanding issues, problems in Israel's relations 
„ Even though President Jimmy with the U.S.. and gave the 
Garter will be in New Ynrk on question of the legality of 
the same days as Mr. Begin, no Jewish settlements in occupied 
meeting has been arranged. The lerritorv as an example. “But 
Prime Minister .said he had nut I am convinced that it will be 
asked for a meeting, but will be possible lo reach understanding 
meeting Mr. Cyrus Vance, the with the U.S. also on this sub- 
U.S. Secretary of Slate. ject." Mr. Begin said. 

Israel has received clear indi- The Israeli leader will visit 
cations that the American Presi- California to address Jewish 
dent is unlikely to agree lo a leaders on Saturday night, and 
meeting, because of his anaer then goes on to Canada for a 
over Israel's decision last week six-day state visit. 

Pakistan N-plant reply 


MR. AGHA SHAHI. Pakistan's not be recovered in a form suit- 
Minister oF State for Foreign able for nuclear weapons. 

Affairs, left Islamabad today Tor Fears of nuclear proliferation 
talks in Paris with the French led the United States to halt 
Government on its controversial much of its aid to Pakistan 
sale of a nuclear reprocessing because of the deal, and its 
plant to Pakistan. Mr. Shahi is recent resumption is widely 
carrying Ihe reply of Pakistan's regarded as confirmation that 
military leader. General Zia-ul the French sale is off. 

Haq. to President Giscard AP reports from New Delhi: A 

d'Estaing's September letter young woman was killed and 
seeking new terms for the sale about 60 persons injured Wed- 
which effectively nullified the nesday in a pre-election clash of 
deal. supporters and opponents of 

The contents of General Zia's former Prime Minister Indira 
reply are not known, but it is Gandhi. 

thought tn detail Pakistan's posi- Police fired shots into the air 
tion on the plant. France has lo disperse rival mobs in Cbik- 
offered Pakistan a cu-processiog magalur district, 
plant instead. in which Mrs. Gandbi is competing for 

plutonium from spent fuel will the Chikmagaiur seat 

NAIROBI, Nov. 1. 
that it has occupied a salient of 
Tanzanian territory west of Lake 
Victoria which it has tong 
claimed. Uganda Radio quoted 
a military spokesman as saying 
this added 70Q square miles to 
Uganda's territory. 

Uganda has long claimed this 
tract of bush known as the 
Kagera Salient. The Ugandan 
announcement follows reports 
from Dar es Salaam, the Tanza- 
nian capital, that the forces of 
the two countries are engaged 
in ground and air fighting in the 
border area. Tanzanian Govern- 
ment officials said today that 
between 2,000 and 3,000 Ugandan 
troops, supported by tanks and 
artillery, were involved in the 
action. Earlier Uganda Radio 
reports said that Tanzanian 
forces had occupied 400 square 
miles of Uganda. 

Parsing rebels 

Diplomats in Nairobi said that 
up to 3,000 Ugandan troops, with 
tanks and artillery, had occupied 
the salient since crossing the 
border on Monday in pursuit of 
rebel troops who mutinied at 
the town of Mbarara three weeks 
ago. Shortly before Uganda 
Radio went on the air to 
announce it bad siezed part of 
Tanzania, diplomats in Nairobi 
said that Tanzanian officials had 
indicated the Ugandan military 
formation suggested the 
Ugandans were intent on hold- 
ing a line along the Kagera 

Tbe announcement of the 
occupation of the salient put an 
end to three weeks of claims by- 
Uganda about being invaded by 
Tanzania in wbat diplomats in 
the region bave dubbed . a 

phoney war." Ugandan Presi- 
dent Ldi Amin’s British-born aide. 
Major Bob Astles, told reporters 
over the telephone. “ It's all over. 
The only Tanzanians left in 
Uganda are dead ones.” 

Radio Uganda said the 
occupation of tbe Kagera Salient 
was accomplished in 25 minutes 
yesterday after invading 
Tanzanians had been driven out 
of Uganda. 

‘This short operation has 
added 710 square miles to 
Ugandan territory;’ the Radio 
said in a special announcement 
to inform “the nation and the 
world at large.” 

The captured area would 
become a district of Uganda 
administered by iL but for the 
present would he regarded as a 
military zone. The people of the 
area were told they were now 
“under the direct rule of the 
conquerer of the British 


Emigration reaches a 


RHODESIA'S NET white emigra- commitment until they have are technical skills among the system has maintained ejrtremely 
tion figure for 1978 is expected to been in. Rhodesia for at least whites that the outflow of. en- high standards for SiUKIv wane 
be the highest on record- Wh3t- two years. The gross figure— of gineers. scientists,, accountants children -and good standards tor 
ever happens politically, the emigrants only — is far higher, and artisans bodes ill, for the 826,000 black children, 
exodus appears likely to continue showing that in the eight months early years of Zimbabwe. ; -Although the planned abolition 
at very high levels in 1979 — 0 f 197S nearly 2.600 white men The sharp increase in -emigra- of discriminaUoD in education 
depriving the security forces of with a potential military commit- tion evident since about April will replace racial criteria with 
manpower and a future Zimbabwe ment “took the ‘gap." . this y ear traceable to two an ability to pay" ’criterion, 

of vital professional skills. The guerrillas, very simply, main causes. First is the; impact the expectation is that eoticar 

September's figures, released regard every able-bodied white of the call-up. Most- white men -tional stairdards for whites will 
is week, show it to have been emigrant as another security between IS a nd 50 nave a mill- fail. One obvious reason ts that 


the worst mohth yet for white force casualty. commitment of anything white schoolteachers may feel 

emigration: 1.776 whites “took in absolute terms, the loss to from <0 days a year (for those -there are better career prospects 

the gap,” as quitting Rhodesia is the economy is considerable, oyer 3S) to 1-0 days a year- for elsewhere. 

popularly known, while there Rhodesia's white population was younger men who have com- Rut, however great the incen- 
were 286 immigrants, giving a estimated at 275,000 at its pleted IS months of fulMime to emigrate, the disincesi' 
net loss of 1,490. highest, in 1975. By mid-1978, it national service. tires are considerable. Many 

Salisbury watches tbe monthly was down to 260.000. and the- Second, and far more impqr- jRjjoiJesiaas have travel docu-j 
emigration figures as closelv as figures now suggest that it will tant, is the deep feeling that me[Ite that take them only 

Britain watches its monthiv trade have faUen t0 252 .°°° b Y 016 whatever tbe political outcome, a s far as South Africa, and the 

or Inflation statistics. The figures Rhodesian exchange control 

are. after all. the best possible __ authorities are far from generous 

index of political and business TpJje mili tary call-Up and a feeling 1 that Rhodesia They allow a family a “sctthuS' 

confidence — a fact which Mr. Ian , ' „ in" allowance of only ttl 5, in 

Smith repeatedly stressed in the Will OCCOIDfi a V€Xy different pltlCG, WHStevCr addition to personal posses- 

ood days, when there was an Jiannpyic are dr ainin g the country of its best brains, sions. The property market- is 
annual inflow of S.0G0 or 9,000 ® very depressed, so that bouses 

whites. — " — have to be sold at. a <toss. . 

But the significance of the end of year . g y contrast Rhodesia/Zimbabwe will become One irony is that more than a 
figures goes far beyond their ^ black population— growing a verv different country. third of the white -kmnwgrants to 

status as a “confidence index." bv 38 per a yeari one of Many of the 125.080 whites Rhodesia this year arejreturmng 

S. African 
funds’ row 

By Quentin Peel 
A SPATE of revelations a a 

They have direct implications t £ e world's highest growth rates who have settled in Rhodesia residents. They have tned their 
for the availability of manpower _ wj] ] have r]sen f rom 6 m in since UDT 13 years ago have luck elsewhere and decided that, 
for the economy and for the 1975 t0 6 75m by & e end of this experienced life under black even with the polrtwal uncertain- 
security forces. They also have a veart Thus blacks now outnum- government, mainly in -Zambia, flies and the call-up. Rhodesia still 
direct impact on productivity, on ' ber whites- by nearly 27 to one. hut also in Kenya an£ Malawi, fleers a better home, 

retail sales, on properly a .s against 22 to one three yea rs For them, once was znore . than Despite this, the ’ 1978 

market, and. on tbe availabllity of a a 0 enough- emigration figure is likely to be 

But the absolute loss is not Many whites are also' under- the highest on record, exceeding 

all that matters. Rhodesia is standably worried about their the 1977 net figure of 10,900. 
being drained- of some of its careers. What future dOnld there There, may be a slight slacken- 
best skills. Thus, there has been be for a young white in the ing in tbe October and November 

such specialist services as health 
and education. 

Official communiques show 
that, so far this year, the 

guerrillas have lost -.060 men in a net j oss SQ far year 0 £ gg army, the police, tha;ctvi\ ser- -figures, but the-Decesnber figure 

action inside Rhodesia. as well as 
600 “ collaborators and recruits.” 

The security . forces 
suffered 234 casualties. 

engineers, 66 accountants and vice or reaching? The^** internal” certain to be very high, push- 
auditors. 121 teachers, and 53 settlement agreement: of March ing tbe total for -tihe year towards 
^ ape nurses. Interestingly, there has stipulates that public - service 12.000.- 
~ . , , ... been a net gain of three doc- appointments will belkept free Furthermore, it as difficult to 

to this figure must he added 1ors> as against a loss of 40 last of- political interferimee, ■ with see how tills deterioration could 
tbe net outflow (far January to >ear . Equally worrying Is the advancement being £ on merit be reversed. Whatever happens 
August) of L~/0 white men aged outflow of blue-collar skills: the only.” But no one r&sily expects politically, the likelWiood is that 
from IS to 50. The drain Is most official figures show a net loss of this policy to be mamUined for white emigration wall remain 
severe in the 30-to-39 age group, more than 420 artisans and tech- very long. ' very high in 1979. 

with a net loss of 443. nicians. But possibly the £$ost perva- To add another irony, young 

To some extent, these statistics The country can face the out- sive white fear — again very blacks will be joining the exodus 
are an understatement, since this flow of clerical and administra- understandable — is fdPlhe future to escape the call-up and the 
is a net figure and many new tive workers with relative of the health and edfication ser- prospects of a full-scale civil 
arrivals will have no military equanimity, but so concentrated vices. The Khodes&n school war. 

Bonn bolsters its Africa policy 


ment has. pledged a further 
DM 40ra to the huge Senegal 
river project being carried out 
jointly by -Mali, Mauritania and 
Senegal. As a result of pledges 
from several other lenders. 
President Bioussa Truore of Mali 
told journalists here that tenders 
for the first stage could now go 

Aircraft lost 

Diplomats in Nairobi said that 
il appeared the Ugandans have 
used the insurslon to hit aL 
groups of Ugandan exiles living 
or camped near the border. 
Tanzania said last night that it 
bad shot down three Ugandan 
planes attacking Bunoba and 
other Tanzanian towns in the 
border area. Uganda admitted 
losing one of its aircraft on 
Saturday. Tanzanian anti-aircraft 
forces, using gun batteries and 
possibly also missiles, have 
apparently shot down one 
Ugandan jet and one or two of 
their own. Both sides have 
Soviet - built MIG fighter- 


out this month. 

Bonn's reaffirmation of sup- 
port in a project' where it has 
from The beginning taken the 
lead among Western sponsors 
coincides with the fresh efforts 
being made on a political level 
to strengthen German policy 

BONNfNov. 1. 

& ' 

governmental groups said suffi- 
cient funds for these two pro- 
jects were now in 3}and to go 
ahead. This would: suggest a 
total of $400m has!:. now been 
earmarked. i-. 

Apart from Wed Germany, 
which has already -put up 
DM 146m in addition to its latest 
contribution, Saudi Arabia has 
promised SlOOm, while. therothe* 
lenders Include Kuwait, Brands^ 
Abu Dhabi, the African Develop- 
ment Bank and*- .the European 
Development Fund. 

Herr Rainer Offergeld, the 
West German Economic Aid 
Minister, left open the possi- 
bility of a further West German 

wZi Air over 450.000 hectares of agricul- 
towards black Africa. President f , i , Th thrp . ‘"■n* ui a luruici w«i uenuan 

Traoro, President Leopold {JJ a J which wil eo a lon/wav share iD infrastructural in- 
Senghor of Senegal and the 8 £>](. vestments that will be needed to 

SClthe Pr0jMt 

£,mel Ifrl aU th°e 

C^cIllor^Helmufs'chm^ '’ y ^j ^, 1970 ' 5 la . th * entire Sahel 
West Germany's role as one h ' . , 

of the five Western powers in . A third element in the scheme 
the Namibia mediation has made is hyro-electnc power which will 

under way. 

Kenya’s police 
chief resigns 

By Our Own Correspondent 
NAIROBI. Nov. 1. 
KENYA'S Commissioner of 
Police. Mr. Bernard Hinga, 
resigned today, 24 hours after 
his personal assistant. Superin- 
tendent David Nene. 

Mr. Charles Njonjo, the 
Attorney General, stated recently 
that his life had been threatened 
because he supported ah anti- 
corruption campaign launched 
by President Daniel Arap Moi. 
Mr. Njonjo attacked / senior 
.police officials in. Parliament 
-yesterday, “ Corrupt officers' will 
be rooted out. We will. pull 
them down even if they are at 
the highest level,” * 

Mr. Nene bad been named In 

a court case in which twp’MPs 
were jailed for the theft of a 
consignment J of . coffee but wasiTransvaler, a.normally staunch' 

allegations about the daodesfck 
activities of South Africa 

ftjnmer Department of Inform- 
thm is threatening to cans 
deep divisions within the rulio 
Afrikaner establishment. 

For once, both Afrikaans an 
English-language newspapers, ft 
the Government and against i 
have joined forces in investiga 
lug claims tfrai more than R20 
l£lLSm) of public funds ea 
marked for secret projee 
“ disappeared” into priva ^ :j 
businesses. - V 

"The secret projects, it ' 
claimed, were tbe acquisition i 
a leading U-S. newspaper, U 
Washington Star. for. whac ' 
some RlOm was earmarked, ar 
the subsidy of a pro-Govsr 
ment English - language new 
paper in- South Africa,' d 
Citizen, for which R13m vs 

The press here, has presa 
ahead with inquiries, in spi - 
of an appeal by Mr. P. W. Both 
the Prime .Minister, to re fra 
from specudatioQ until a Gayer 
meat inquiry has been .cot - 
pleted. Mr. Botha has reject* 
calls for a full judicial conhnl 
sion of inquiry as likely to deh:^»- 
the investigation. -.' 

Controversy about tf'a 
Information DepartmemJj 
activities : began, early this ye# \ 
when the' parliamentary Auditc 1 
General published details I ... 
financial, irregularities which I, ; ' 
described as “^the vrorst of tiie r ^ 
kind ixi' this history oF the Ch '• V. 
Service in South- Africa.” / ’ 

that time the irre^ulaTities 
said • to involve • extravagai \ ; 
©lobe-trotting by "senior official -O', 
and payment for contracti-irif 
wit Treasury dearantre: 

The disclosures . caused Ajj 'f • 
early resignation of, Dr. Tkfc$i v- 
R hoodie, secretary of- the -/• 
ment and architect 
of aggressive coumter^dii^roacT. 

The department Was 
graded to a- bureau, ind-fli 
reputation *of the 1 Minister. D 
Connie Mulder', , was- affecte . 
seriously enough to spoil b 
chances of succeeding Mr.. Jot 
VoTster as Prime MiTHStef. " • 

The latest alegations aref ; . 
more serious. The Johannesbu. 
Sunday Express first clakif 
that the Citizen, a rigbt-wir 
newspaper launched in 197 • 
bad been subsidised with pub!’ 
money up to R.12m. The Rat • 
Daily Mail . then claimed 1 th 
an amount dfTU&n disffH?ean 
en route to the CiflzeC '. 

The .Mair stated"' : %■ 
money had been - ' pul r f»to ...» 
ailing - rohrpaby, ;and^. 'co - 
sequently- tbe Department' »• 
Information had to raise a loe • 
in Switzerland to continue i 
subsidies to the Citizen. 

The latest allegation, publish* 
both ini thie- Mail and. D 

IV ov 

not charged with any offence. prO-Government paper, is th 
• - * - ' Eever4lTnflhh3?-Taod, J ; 


Typhoon toll reached 264 

- - j * . , - MANTLA.’Wofv. 1. 

il especially sensitive to rela- 3™® DEATH 10,1 from tYPhoon disaster do-ordination c«ivre. - 

tions with ^ black African clirubed to 264 Wednesday. Be added that 313,596TamiIies. 

countries, and keenly concerned SdStrial PiSiff a J raost a week ' a£ler '} rava S«t more .than 1.5m person^ had 

to prevent any open breach at Iaie oxaer '°°usiriai projects. eastern and centra i portions been displaced. • ' . V ■ 

the United Nations over sane- The first Iwo stages of the of the Philippines’ main island Although tbe NDCC's official 
tions against South Africa. S600m scheme, described by of Luzon, relief officials said, count listed 246 persons' deaal a 
The Senegal River Basin pro- President Traore as the highest Ninety-three persons were still report received by the - welfare 

ject is intended to make the priorities, are construction of missing. ministry from Dinglayan murdS 

waterway itself navigable as far dams at Djamma and at Malan- Damage to crops and private pality, Quezon province on the 

upstream as Kayes in Mali, giv- tani. where the hydro-electric and public property in the 13 eastern coast of 'Luzon ' said- 18 

the tJJK'-tb 

bought By- Time; 
money .was not retnra ‘ 
Africa v^anuaiy^tiiiS 1 , 3 

the . Maiti'Cla&Aed^- 
- . So~ far 'tiie 5ct^y v denials 3 
come from' 
founded the 
John - McGoflt'* 7-lhg • 
publisher-: said 1 . <o 
involved- in.tbehld.VwSi^S- 
The Gltiren 

Lrival ney^^apera^'juxnm:' ’ 

qose. Mr. Botha 
comment . uat&.Jiig 
by^senior clvU^exyah^hai^. 
completed. ■ • -'>';--.r : r' *ni. V j 


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i£S35&^ to improve 

-Britrihe im 


is a 

Milkmc n stay overnight 

The David Andersons (father and 
-xHiy- I son) use a Sherpa to deliver milk in the 

•4 ; ftfife^^^ ton Saturday morning, 
*ik 28th January 197S,they set off on 

W'J^H ^ ^^^ theirmiTk- r6undthr ou phl5 inches 
Ji ^^^ lMSI^fsnOT^aiitHzero temperatures. 

: The roads were chaos: cars, 
^^^^frncks stuck in drifts everywhere. 

'^S^^^^ .v;;'.^ ,^er corg. 5 le‘feg their round 
■ ^*> 3 / «ndh eadirtg for home inblizzard con- 
ditions,they toohad to stop.Theroadwas blocked by a 
4 -wheel drive vehicle unable to move further. 
Movihgthe obstruction took 1 % hours. 

By visibility was down to about 5 feet. 

‘ ‘ ■ •' ’/"iL- ~'3‘ ±- l-- 3 ^ ^'WU^/iriTrifO/j 

screehhei^htiM&ibu^i now r only twoinilesfrom 
jKraieth^Mu©tanfly*soUghtiefugefdr the night in a 
neaifey rattage.'^Text dag ate digging out, brushing 

nrstume.; . .> . - 

:: . Ih^eirown'wc^Hs: “Long Eve the Sherpa? 

Nods from professional cynics 

‘TruckMagazine’ reported a comparison between 
Sherpa.Transit, Bedford, VW and Dodge Vans. 

Their conclusion (still endorsed by the magazine) 
a . . . the Sherpas were best all-rounders at the test track 
with consistent economy, respectable performance..:’. 

A Sherpa Diesel is the only laden van on 
a ‘Motor Transport’ Magazine road-test to break the 
50mpg barrier. 

An all time record. 

Sherpa, the back-up to big Macks 

“If a big Mack hits trouble out east, we send a 
Sherpa to the rescue” stated Andrew Maclean of 
O.H.S., Transport Rainham.Essex. 

As long-distance truckers hauling huge tonnages 
with the motto 'The Reliable one in International 
Trucking’, they can’t afford an unreliable rescue van. 

Their first Sherpa^^ 

six months ithas 10'- . ■ - 

already been^ ^ j. V ;■ -|3' - . ;\v -. 

"History is bunk7 said Henry Ford 

The Sherpa engine has a reputation amongst 
engineers, trade press and operators alike as one of the 
toughest, most rugged units evermade.Thats history. 

Some learn fromfailures.But our policy is to 
learn from success. 

Now a good engine has been replaced by a new, 
even better one. 

In broad terms: it’s lighter, more economical, 
requires less servicing, is easier to service and is well in 
advance of todays pollution-control standards. 

It is fitted with an aluminised exhaust, for far 
longer life -up to 40,000 miles. 

Kerb weights are reduced and payloads gready 
increased -by as much as 264 lbs/120 kgs. 

Everything has been tested. And tested again. 
50,000 miles on the dynamometer.For the engine alone. 

1.500,000 miles on road and track from desert to 
sub-arctic conditions. 

Don’t forget the driver 

The cab layout is re-designed. All switches, 
controls and pedals are readily to hand or feet 

A lot of head-work has gone into the seat design. 
A working bum needs all the comfort it can get 

The moral in all this adds up to that intangible 
asset: driver or employee loyalty. This also pays off oil 
die bottom line of the balance sheet. 

Britain’s best warranty, too 

Sherpa comes with Supercover. Britain's best 
warranty.Not that you're likely to need this -but good 
to have just in case. 

Your Sherpa dealer can tell you more, or write to: 
AustinMorris Ltd..Light Commercial Vehicle Sales, 
Grosvenor House, Prospect Hill, Redditch, 
Worcestershire, B97 4DQ. 

Financial Times Thursday November 2.1978 



Ship losses 
stay at 
high levels 

French join Arabs 
in hacking Jordan 

Olympic in ,BAN,AN CB,S,S 

Airbus Unceri 

lease deal 

Uncertain future for contractors 

Corresponded ACft l I JJTOJCCE I TOKYO, Nov. 1. SHARP reduction, in as 2 source of information on,cur- cessions. To addition the Govern- least are £g e jj dy r u ^" 

ffl ^ J MS JS-ofTT waTof ToffiS SSUUL f ^“ould and French contractor 

S « sLr.a aw" gh, * s in london and rami * ™ iN sssu^ jss ss oiifiews s- jr-s -saff wes « « k 

!SSirt«n ?.Snilm.S at hl-h announced last summer. ln ^ south-east, of- the country Jeve is despite the admission by clearly failed. t _ eXlstiQ S P |aDS and abandon- 

demoliuoa tonuouea at h b d The tmo aircraft, worth about has inevitably deepened the the BP led western oil consor- Part of the increase in budget mei j £ of am famous programmes 

i fi«nc (hirin'* the vear ktiAP* AGREEMENTS worth Jordan's phosphate industry to Y70bn, will be purchased by a mood of desoondenev among the tium of 14 companies f controlling expenditure was to be met by an in the future. Defence receives 
nnimted to 336*shii»s totalling S70m were signed in Amman significantly expand its produc- leasing group headed by Orient country's main suppliers 90 per cent of production) that increase in income from taxes 23.3 per cent or b9.4bn out of the 

T-mss registered tons (grtK l«l week to finalise the 3168m Uon and exports. Leasing and C. Itota and then " J32bl, S. e nfews that the production was down to *» per by 46 per cent but as part of the general budget Sophisticated 

e second highest total recorded] financing package for one of the New benefleiation plants at the a * k *® 9!j mp ' c . at world's second largest oil ex- Sfr J^^eurrent wave n f offered bv the° Government us^AWAcT^nowtace ?n ?a- 

r the Lloyd's Register. biggest industrial projects in country s largest phosphate mine I rale °* &.L5 P er ceQ t of the porter, whose non-oil exports are , ®* for f, CUJ, rent wave of . . . a lowering of taxes in * ar t«i n Rut oiven »h» 

Of this. 5R.000 gn or 32 ships [Jordan, the chemical fertiliser sile at H «a will raise production j P u J£ , . ias ? pnc ®- . „ , only S7S6m compared to -oil demonstrations reached their USaX? -areas SSSIhSiSmt?! *iI?»S! 

?re lost through collision, an, plant now under construction at there to 2tn tons this year from T*"* ,s substantially cheaper exports worth $20.7bn. is no p ea ~.Ii!-!Sf I SiS 6 7iWl tl fi!I ^But it is the news that the oil f n ha n nn!o ° torn he antf^hw 

rrease r,n the orevious year .the southern nnrt nf Anuta 1 6m last vear. while outout from than normal commercial leasing | [)n , pr nvnnrtina creates ln Tehran, which led to the i/ivinar flnwin« support him, e an is 

By Charles Smith 

TOKYO, Nov. 1. 


l>l l Ills. un.uuw .H UI .iu.t'jOuiuau, IU(* cm.Ullt.tU TertlllSPr piuuuuiuu > . - V ... , lUUiy 0(00111 VUinpdieu IU -nil - 

were lost through collision, an, plant now under construction at there to 2tn tons this year from lhl * is substantially cheaper imports worth $20.7bn, is no F ea * 

Ei«C fine to reduced remain undisclosed. I-jwM-s * ™ «*■*■“* to SLre^dto'e SSJfiS SSiTS “STlSdMSiS Sllml S’ month St 

* 7 ^' , S s fSL B F S The 250 km smgMrack VtS ‘ffltS ^ «">" »** B ^A^JSLTSS °i 

73 per - en* r»f the stnnnm* s* to I government and various Arab narrnw-guaee rail line linking (easing applications tn Japan | nil weaith -ives the basis tor SSSto buv off theTavo o Involvlngthe construcuon of 20 stTOng advantage over the Ameri- 

fnr scran. Taiwan aw \+*. funds are providing a string of the Hasa mines to the southern *-u h the deadline for approvals fuiure economic reronst ruction strikes wh en' have swept throuoh nuclear power stations has long cans of not having a heavy fa- 

m.iin hre.n-in, r»nr~ tafn-wj loans TTie French Government port of Aqaba can now occom- 1 heInc next March S1 . The corn- ^, u ^ Z ™ optiSSsm ihardW ?hS ^SonoS? by SSmSmnv been under criticism. Initial volvement in defence contract 

percent ,h. tnnnuge Su ld for, is making available a FFr 2»m modato four trains jw HV. IJr pa nies include several major U.S. ?oreiSt and Sebenefits - P? projections of a total cost of ixig ln the immediate future 

scrap during the year. I !so D 4m?" diwlnnmint Lr°w»r Lh^h °"fu° rien°m ^IT airtines. already operating within the It is so far impossible to SJQbn has since risen to $70bn American companies are likely ■ 

Ul & ia S ttSJT52i SSAffi fo« y bv-^rt^nto T rn °^ I country. The Iranian Government, quantify the cost of these con- Four power stations, costing at to be the toggest losers. • 

Quinton Hazel! j iu": vi u; pc* vein pei aiJiiuiii' i ne as/iiih* **i iii«j v»- ui? mwi * ^ ^ »* » ^ 

„ , _. a Q d FFr205m iS42.7ml export phosphate to Aqaba more quickly T « iAMVMvnnl 

moves into U.S. Jaguar sale UlltCll gaS terUlIIial apprOVetl 

Bv Kenneth Goodinc af,er “ e start of the commercial at Aqaba, completed earlier this By Michael Donne. 

Motor Industry Corresoondent Operation at an effective interest year, with a total capacity of Aerospace Correspondent BY CHARLES BATCHELOR AMSTERDAM, t 

.Irate of about 9 per cent. Both 230.000 tons, bringing total rritich iPRftCPAfF the i 

QUINTON IIAoELL, which these loans are tied to the pro- storage capacity to -409.000 tons !?. iVc^a n ,innf^. I TNE DUTCH Parliament has a 20-year contract with the sent in. unliquelied form 

Claims to he Europe's largest : t . u , ement of French goods and j» ew h?oh sn ‘ !!«.!" nH tk. inHian nnvern- ‘approved Government plans tn Algerian state-owned -company, line. The approval by 

manufacturer of automotive re-i services. I " ddtrs tort . and the Indian no\eni j *f^ Uauefied narurat uas ter- Sonatrach. to receive SObu cubic meat of the Plan means 

By Kenneth Gooding, 

Motor Industry Correspondent 

development loan with per year, which will rise to 2m 
(25 years maturity and three and tons by the beginning of next 
a half jears grace and an interest year. A fTronmonf /in 

rare of 3\ per cent per annum. The ability to move the raw /\£,I CCUlt.Ul till 
and FFrtiOom ($42. Toil export phosphate to Aqalw more quickly T 1 

credit with 13 years maturity is complemented hy the addi- S3l6 

and a grace period of six months tlon of two new storage sheds ** ^ 

after the start of the commercial at Aqaba, completed earlier this By Michael Donne, 

operation at an effective interest year, with a total capacity of Aerospace Correspondent 



Malaysia seeks 

ven base for 


Japan trade 

storage capacity to 409.000 tons n-^t onal^ed air^art minuf-ic- 1 1115 DUTCH Parliament hasa 20-year contract with the sent in. unliquelied form by pipe- 
New hi°h sneerf loaders rhpre n^lnH th* inriian Hovem- ‘ approved Government plans tn Algerian state-owned -company. line. The approval by Parlia- By Richard C Hanson . r . 

.4VS55JS?? SSL- “" 2 £sa: «a? .......... tokvo. 

mately it will need a manufac- 
turing base in the U.S.. but it 
is as yet roo soon to say when 
auch a project will materialise. 

Quinton Hazell's penetration l 
of the U.S. market is possible] 
because of the increasing num-l 

Finland in Iraq contract 

two parties 'will now permit 

oi tne u.». mantei is pyssime BY LANCE KEYWQRTH HFT 1 “’ v ' “ iai * , “ , ■*‘* , * uc 

because of the increasing num- T uance KeYWORTH HELSINKI, Nov. 1 ac fl Ulre d by India outnsht. They 

bers of European and Japanese ONE OF ibe largest companies patented Lohja Box Unit System w i J1 als ? enable Hindustan 
cars on the roads there. in Finland’s building sector, Oy is to start up in September next Aeronautics of Bangalore, and 

The establishment of Quinton Lohja. is to participate in the year. The machinery for the f be Indian Air Force, to start 
Hazell Jne. at Lexington.' Ken- construction of two new town- factory will be manufactured in preparations to receive the air- 
tucky. wil be followed by pro- ships in Western Iraq, near the Lohja's engineering works in cr3 *L including pilot training 
duction of parts Tor U.S.-built Syrian hordcr. Finland and the setting up of manufac- 

a[ Q “ in “’ n W ■n,.»D ! n«*«h ! l,o The work o„ m„„icip al ,«h- S^namber of air- 

Announcing the formation of ■nS'Snrl^iinlt^mrh ^IThnnk P r 3ft is not disclosed, it is under- 

lhi» now fiffthnnt Mr VT-itf ^nllorl (SlCCO) Of Iraq mcludlb 3 and Service units SUCH US schools, ctnnrf that lin tn onn .Tfl«niars aro 


IIL.J CIIUCU iniei uaii ucinn j/uli n iieiuihi ijas j.,, , , — 

•j" : A . : ch"* A*ornenaAo irTBhirt r hiiTtH* had been made. Most interest centred on Italy so that Holland retained iis ^ “.-'A was . P r °P°sed again 

to-’ U tbp A first ^ircraf? rt to tfe Gasunie. the national gas dis- attempts to prevent tfc landing own gas and Algeria maiie rLermninr 

SSm by lidi, OhTneh, They rtbutiOD eempahy. h.s S i S ned of ony LNG and <o lirte the detiveriee direct to Italy. semw* 

will also enable Hindustan ' S ■ Malavsia runs a surplus in 

Aeronautics of Bangalore, and, . -mm J 1 JS £ TTC two-way trade with Japam which 

the Indian Air Force, to start AllCfrOI JlJSnC 3 O ! Cl fit VSlM U-O. COHlpaHV is largely denominated in 

preparations to receive the air- teV/lo-fl B _ , . * J dollars. But the Malaysians com 

craft, including pilot training ■ . -f ' . in jrKh plain that their real earnings 

and the setting up of manufac- in I hlllO .. from ex P° rt - c; — mostly conrmodi 

luring plant In India ODIIOrillllilSSS ioiflt VPfltlire ties like -rubber, tin and oifr- 

Althoueh the number of air- rr _ .l^im rcmuiv have been declining because oj 

PE KING,' Nov. 1. By Stewart DaJby ■ the dollar's . decline in value 

PE KING,' Nov. 1. 

U.S. company 
in Irish 
joint venture 

By Stewart DaJby 

vast oppo^*., «« - . ^ ^ A KEW ptaBI D »j^^ii». d i!s; 

“ SS,.« ° S' «!.*'" ‘S' ~ -..obo^on belwoen Ahd.on, 

250 people in Dublin, is being|P er cent in the first half of Viit 

39S5. ‘Lohja is about FM 250m (approx, pi exes. 

Quinton Hazell. a Burmah 1 E3lnn. Other Finnish companies Lohj 
group subsidiary, says its total; will participate in town niachir 

sales will rise ro nearly £130in j planning work. precast 

this year against £97m in 1976 I The factory producing the that it 

' v ' • -y . 

i rur ot occupauonat scnooi com- At the same time. Suburban i«r. aninony. wno is aiso onina s p an was to a<ju«ie sieei | Th nn-jipnt which will a&oul - 1 Per cent of its external 

prox. plexes Airlines, also of the U5.. which Minister for Trade add lie- production by 1985 to bOm ; ■ e . an - investin' em in m"a ^d®- According to Japanese 

antes Lohja is supplying the already has ordered two swirces. started a round of tonnes a : ear and it would be j assets of £1 4 ra wlll manufacture calculations, Malaysia has had 

town machinery and equipment for 3 SM30s. has ordered two more, official talks today on develop- looking to a number of countries m w f ftr ™ h . “ ‘ tnn,.iJe a surplus since 1970 but 

precast concrete element factor The total value of the two deals, ins the Australia -Chin a Lading for equipment, technology and jn ^ ^ ? 0 ‘dealers wfowSl Malaysia’s statistics show a 

the that it will build m Baghdad, including, snares, is over C7m. relaLonshtp. consultancy services. carry out the necessary assemblv surplus only since 1976. 

He is leading the biggest ever The Chinese had told him into the 1 - appropriate finished - 

mission of Australian Govern- there wp? a vast opportunity for trophv • 

merit trade officials and business- collaboration with Australia in Tbe' venture will hb the 40th -T 0^1211613 IU 

5*5* W rhV' 1 rt^ P Vhei u *«“•■ - Mr :, An ]! 10I1> - has which the IDA. whose prime aim tr; , , 

next three days Australia s emphasised to his discussions ^ to create jobs, has sponsored Vl£*l7l9TO l}lfl<S ; 

prospects of participaLon m Australia's ability to contribute between a foreign and a domestic MIIJ® 

China's ambitious 10 -year technology as well as raw concern More usually the IDA , BANGKOK, Nov. 1. 
industrial and agricultural materials. ^v^ssistonce tJ foreieJ com- TWENTi’-FOUR foreign cora- 

Ke He said that Australia could be Panies setting up' in S f«S“d 

the Chinese Minister or Metal- p^retion ‘ Mrt “ dewtoimen?' indepc ndeDtly of a local foreign lenders, the Vietnam 

lurgical Industry, and Mr. Ku ° t h e s?eel ?ndu5rv”and M" ' C* i \ ^ ew5 Agency reported. 

Mtng, the Viee-Cb airman oF the bv tuDoMnc dnr-land^armin^ Nippon Steel It said the companies, from 

State PUnning Commission. Mr. L l- ranmn 3 t » . j , eight countries were bidding for 

Anthony sa.df - We have made know-ho^ and machmexy Coke plants deal confratS to supplv eqSSmeS 

an excellent opening" 2, e . The "i 130 # Air,, "«J HOUSTON. Nov. 1. lor a $60111 irrigation and reser- 

In “very open and frank" System (SAS) hopes to start BROWN AND ROOT, a unit of voir project at Dan Tieng in Tay 

discussions, the Chinese officials nigftis to Peking next year. Halliburton, and Nippon Steel Nirih Pruvince north-west of Ho 

bad explained their development reports -up from Copenhagen. Corporation of Japan have Chi Minh Gitv (formerly 

policies and grow/h plans for Freae Anlgreen Ertksen. chief entered into agreentent to Saigon). * ‘ - 

agriculture and the key steel or the Danish region, said there > engineer and construct coke The agency said companies 
industry. was a strong demand from busi- plants in North America. . from Japan. Sweden. France. 

China wanted to maintain its nessmen for a direct connection Under the agreement the two Britain, India. Italy West 
independence and keep the trad- to the Chinese capital in the companies will jointly offer coke Germany and Finland, had made 

ins initiative in its awn bands wake of expanding Danish- plant design and construction bids ' 

but would not shut the door Chinese trade relations. services. Reuter 

BANGKOK, Nov. 1. 

News Agency reported. 

It said the companies, from 
eight countries, were bidding for 
contracts to supply equipment 
tor a $60in irrigation and reser- 

This announcement appears as a matter of record only 


Lire 13500.000.000 

Floating rate medium term loan 

XdC v^- 

: ft? '..Vv-"' : 

■?* « •~. v - 

-r '< txr& 

“Mentioning Alan Ball is my last 
plug for Southampton here. I’m 
supporting a different team at the 
moment - Export United. Its game's 
not football but scoring exports for 
Britain, and anyone can play, 
including you. And the people who 
create the opportunities and do die 
finishing aren't only in the manager's 
bos or the forward line- the midfield 
that controls the quality of play is 
theshopfloor. Whatever your position 
I’m asking you to do three things: 

1 Read here how one other 
company’s doing. 

2 Send for free literature that’ll give 
you the score. 

3 Join Export United or put pressure 
on from the back till the fellas up 
front do.” 

Lucas Industries went for 
gold in Export Year 

Lucas Industries wouldn’t be the 

giant automotive, aerospace and 
industrial group it is if it relied on the 
home market. So ir $ not surprising 
that it has arranged its special export 
effort with skill and enthusiasm. A 
central committee was set up to plan 
the main outlines of the Group’s 
programme. Fosters, display boards 
and a mass of other material were 
provided. During the campaign a 
special broadsheet illustrating the 
Group’s efforts and export success 
was produced. The Group allocated 
£50,000 to the campaign and won 
itself widespread publicity. 

Export United is sponsored by ihe 
CBI , TU C, Association of Bri rish 
Chambers of Commerce, Institute of 
Export. Committee on Invisible Exports 
and the BOTB. We can help you mount 
your own Export Uni red effort 
with advice, introductions to fellow 


-V V >3 ■ ’■i- 

- W.Ts sV ■ 

manufacturers or workers already 
operating a campaign, literature, posters 

and other material. 

Send for information now. 

rv; : Paul Eastaugh. 

I Export United Office, 

| British Overseas Trade Board, 

I 1 Maoris Sl, London SW1 H 0YR 
j Tel: 01-215 5735 ‘3221 . 

| Please send me literature 

j Name..! 

1 Address .. 

Managed by: 

Coxnpagoia Private di Finanza e Investimenti S.p. A. 
Credito Romagnolo Banca Popolare di Milano 

Provided by: 

Banca Cooperativa di Imola 
Banca di Trento e Bolzano 
Banca Popoiaire diMdano 
Banco di Sicilia 
Credito Romagnolo 

Banca del Ciraino 

Banca Piccolo Credito ValteJlinese 

Banca Toscana 

Credito Lombardo 

Monte dei Paschi di Siena 



Agent . 

Credito Romagnolo 

\-ntxport United effort b MCFT1 

I vice, introductions to fellow L __ — j 


September 1978 



-:r-. ' "C -. 

5p?or> * ! •■-■ ir 
Sfcffc. *■: 

&& e«iL« i- ,; : v 

';; ; ■ .= 

m: th v r :- - : ' 
m'.&.r. ~ Pv j 
40111m n - J . r 1 ... , " 0: '. 

Gfr'a in a j v" 

r^^frl r-, : ; J-" 1 -’' 

W“ first ■'■•* 

>%a* ?:-.a '1 


*?*-- "Li- - .; ~ 


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- ; „ ir _ 

a >" r '“ : 

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>;^SV3f!*^i . V 


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THE; GGYERNSEESfS |s -tO:-im- 
prove con tactic ijet\veeDu’i6e 
"j.- Ministry o/ 'Overseas jDevoJop- 
ment and UKJndtosfr? to.hejp 
2» companies /hidtvfor orders •fun- 
-- ded by Britain's Overseas aid. 

• The* mnVefQltoWs ati examina* 

. ~ tion ■ yesterday .. by the National 
v ’; Economic Development Council 
of the relevance of the Mims- 
S try’s work to TheGoverament’s 
v industrial sthtegy.-, .' • 

Mrs. Judith Hart; Mixxlslcr for 
4 Overseas : De veto pmenV.-t old the 
•t - council that out of £580m-spc&l 
'•*“ nn aid to ! developing countries 

;■ ' last year,. £290ai came hack in 

export, onfevs/: -• 

The aid- programme Tor. “this. 
.'. year, is budgeted at.XUSip. ' ' 
•- During the meeting; ' Sir .Tohir. 
Meihveii, director general of toe 
^ ; Confederation^ British Industry, 

said that industry- should . watch, 
for po ten tjal. -orders in medium.-- 
income markets: a.*; well as in 
developing- countries- "'• 

Air : early : '’Warning • system 
should be set up toiet companies 
know of orders' stemming from 
British aid. 

. With . TUC representatives at 
the meeting; he felt that enough 
wap/ nof being done to Jet c om- 
'panies .know .of; the. opportunities 
generated by aid;. 

. ..This theme rwas taken up by 
Mr. X>enis Healey, Chancellor of 
the Exchequer,; and there are 
nipir io . be talks ■ between Mrs. 
Haci's Ministry; the National 
Economic *’ Development- Office 
and; the confederation to see what 
can be done. 

The council- dwUussea the slow 
: progress ■ that -KStf been anade in 
the past two -years onimplsmem- 
Jrig- the- Warner- Report on reduc- 
ing the number of specifications 
aiid.qualjly.assuranee- schemes in 
the engineering industries. 

. As.'- a result. 5 -some - of- the 
-council’s sector Working parties 
are to hold special meetings to 
implement the report's proposals. 

, . . ,> s ^ seel 
base for 
toan trade 

Mduud c u 

Securities Council’s 
insider Bill plea 

stolon*— i- • • 

ifed"- nti-\ •; 1 


figjfcfV • ■ 

ps z jltt ; . 

Itfvw *' r ■ 

i r . 

Igftw* '■ 


THE COUNCIL for the Sccurl-- 
tics Industry, has appealed 'to 
the Government to' narrow ihe 
definition' of “insider dealing " 
in proposed legislation. ■.?■: -- 
The council' hopes'- that toe 
Companies Bill, dealing with 
insider trading, can be changed 
hefore-iit iff introduced in : ;thc 
present session of Parliament. It 
is expected 10 he published.- tw 
morrow! - •' 1 • - "J£- 

Yesterday the council proposed 
many changc-s to the, July: White 
Taper, which is the basis of the~ 
Bin. -• ‘ 

The suggested changes reflect 
the council's fear that the Bill 
may catch entirely legitimate 
dealing. . It. Jiot. want in- 
vestors or brokers to. fiiul them- 
selves in court • because they 
merely - made •. ■* diligent > in- 
quirio'.” hor "their’ blameless 
dealings to be inhibited because 
the legislation is tocy. .wide fn 
pnseihle application. 

“ No .-honest man wants -to- be. 
open to. the aHegatiBn : that he 



has committed .an offence, 

Tbe council is 1 .concerned that 
the' law .for. dealings outside the 
Stock Exchange: '.may not be 
"strong! enough. and that 
“undesirable offences", might 
be created. 

•• .An insider who conducts 
entirely innpceht " transaction 
outside a recognised stock ex 
change but fails to reveal his 
connection . with . the company 
commits an offence/’ says 

•. .On ; investigation or offences 
Idoes nor want the" Secretary 
State to appoint inspectors. 

*f mquisitional-iuetho'ds appear 
.unsuitable." .. --..... 

It wants Jthe , i n v es ti g ations to 
be spebd v. 

. ‘''If the 1 Stock Exchange and 
other City Ihstitutlohs are to be 
involved in a ; preliminary sifting 
of material; they will be placed 
in . an unfair! position if there 
orb serious delays in subsequent 
stages.”- ... 

» -v-J. v. . .r * : 

Race clause proposed 

weigncr' i! 

lelnani bid> 

:%?:■ ban '• 

BY PAUL TAYLOR - . . - 4: 

* , . . . , 1 ■ • ' 

THE GOVERNMENT intends to/discrimination in employment by 
introduce a clause into Govern-r' requiring contractors to supply 
meat contracts requiring cqhf on request to the Department of 
tractors to prove that they" ire Employment . information ahout 
complying with race relations their employment policies and 
policy. . J ‘\ practices."- 

Mr. Mrelyn Rees. Home.Secre- xbe -Government appears to 
tary. said yesterday .that- the v_ ve 7 accented • the view 

in the White Paper 

consultations with the. CSL t .TL'(J. v»p “an unacceDt- 

The Government is seeS'ng ti> factors automatically to provide 

tighten its race relations policy ltS a P proac 

by ' introducing . an active would be selective. 
nionitOTixig system in accordance If.-, information, collected in 
with -^.proposals -'in ; the ^While. . that- way suggested that a con- 
Paper nn Racial.jd'iscriminatibn. trgetor was breaking, tbe law, the 
Mr. Rees said it .would enable case would- be referred to the 
tbe Government to "‘‘take' a. more;: Coimnission bn Racial Equality 
active role in el bn l natin g- ra ci gl : T f or possible investigation. 

v :' : -4 V ~ 1 — !— ^ — 

Masters not bought 
’s auction 


for another 




A SALE of fi" very important Old York on Tuesday night that 
Master paintings, bought in . totalled £2,903,600 with less than 
recent years by a- Continental 7 per .cent unsold, a very good 
collector, met with a mixed re- result for an .Impressionist sale, 
ception at Sothebvs vestenjay. There was an auction record, of 
The auction totalled £3.596.000, $880,000, paid by a Chicago coj- 
pius a 10 per cent buyer’s prem- lector for “Tied, Blue and Yel- 
jum but 27 of- the pictures were - low," g composition by. Piet 
unsold. That was • probably Mondrian, dated 1928. The same 
because thev. were! collected only 'picture -sold for S60.000 in 196b. 
recently and therefore" have been -.The previous record for a Mon- 
on the market in the past : few . drjan wa.s $220,000. 
years. ' 1. Other, high prices were the 

The maid disappointment". was E220.000 for a bronze. “Fish" 
the failure of an; ET Greco, “St.. by Brancusi; the Same for 
Frauds in meditation ... with - L’ltalienne.” by Manet: 
Brother Leo/' wbfeh- • had "been £»0g t ooo. for -a Degas pastel, 
estimated at £300.000^£50fl,000. “jemme se poignant £143,000 
Bidding stopped at £280.000.- A f or a Monet view of W"eslniuister 
Van Dyck. “ Princess Amalia: of Bridge; £132,000 for another 
Solms," al«> failed to find n ■ 

buyer, but most of the other 

important lots did go,' often for 
good prices. • . . , 

Dig by Jones, a London de:«ler 
biddinc fln behalf -of a client, 
paid £180.000 for • a -typical 
Canaletto view of Venice. ; A 
Fraaonajd *Lp. Pent dc Bois. 
sold for £150.000 and. a private 
American btahier- p.ld- 020, 0JW. MtM. "Lcs 

welt over estimale. fnr another another view ol a London bridge. 
Canaletto. “The Bariho di San thiatin.e Charing C^a by Pi» 
Marco.'*' “Lc Billet Dnux 1 ”:by sarro, realised £104.000. 

Boucher, made £115.000 - and j n London yesterday, a pair of 
Partridse Fine Arts gave £90,000 Dutch ivory-slocked flinllocft 
for “Fi-le Champs re wlib a pistols, made about 1675, sold for 

dancing couple,” by Nicholas '£$>.000 in. a Christie’s antique 
ianerei. The Heim Gallery anu S sale. They, were bought by 
bought yet another Can aletio f°r a Dutch collector who also paid 
£58.000. .. £4,500 for a Dutch wheel-lock 

A Mature of. tbe S^lc %,t ? 3 'be bolster, pislol. A Saxon rifle of 
pood demand for “gold ground ^593 raa do 19.500 and a French 
Italian pictures of thc-FWv an “ sporting gun, with the anns of a 
15th-centuries. “The Ms donna Russian prince, £9,000. 
of Humility " -by JacobeJlo del ( Leeds sold film 

Fiore, made ^jJis #b the - posters ? and cinema ephemera, 

forecast, and that was me 1 a f “Stolen 

®™2f " S ' Mnmints? featuring Valentino, 

snowed inucn mierest. ■ r.-,- r^nn 

iSSSStSSh “ar-JTJj^ag 

dael, made, fl.5,000. and Ahra . ■ , ,). e watercolours 

gm^nd laaae-: by Bembraudt, in dernand 

^hSdffeU W event ™ hn wUh a boat price of £4S0 for a 
Impressionist - auction in- New view of Whitby, 


jobless projection: 


UK faces 



THE GOVERNMENT has agreed 
to provide Parliament with what 
may prove to be politically 
embarrassing details about its 
unemployment projections. 

It said yesterday that it bad 
conceded to a demand from an 
all-party committee of MPs to 
publish the assumptions un 
which its forecasts about future 
spending on social security are 

Tbe concession, which marks 
another small advance in the 
campaign for more open govern- 
ment. comes after an argument 
last summer between the Com- 
mons expenditure committee and 
officials from the Department of 
Health and Social Security. 

Officials refused tu explain to 
the MPs why they were project- 
ing a big increase in the cost nf 
unemployment benefits in the 
current year. 

The information was eventu- 
ally provided by the Chancellor 
in a private letter to the com- 
mittee. It showed lhat ihe 
Treasury was assuming " that 
unemployment might rise by as 
much as 200.000 to 1.7 m by- 

The Government said that the 
figure, which caused acute politi- 
cal embarrassment, had been 
superseded by a lower figure. 

In their eighth report, pub- 
lished in 1 lie summer, the com- 
mittee complained that it could 

not be expected in fulfil us task 
when such fundamental infor- 
mation was denied it. 

Withholding such figures has 
formerly been defended on the 
basis that they arc meant to be 
only working assumptions and 
lhat if published they might he 
misinterpreted as hard and fast 

Yeslerday. in its observation 
on the committee's report, the 

Government said lhal in future 
it would provide Parliament 
with the assumption* about 
future levels of unemployment 
and the expected croutii in real 
earnings on which social security 
expenditure figures were based. 

The figures would he incor- 
porated in ihc next public ex- 
penditure While Paper, with a 
more del ailed breakdown of the 
full costs of unemployment. 

By John Lloyd 

pays resigned 

Chambers of Commerce 
back Monetary System 


A VOTE of confidence for the 
proposed European Mnnelary 
System was given yesterday by 
the National Cuunril of Ihe 
Association of Bniisb Chamlwrs 
of Commerce. 

Unlike the CBf working parly 
which this month decided 
basically in favour i»f UK entry 
into toe scheme, subject m safe- 
guards similar lo those set out 
by Ministers, the Association 
believes it is imperative for 
Britain to join the system next 
year and “fight inside ihc 
system to make sure it works." 

The association helices that 

the chief immediate gain from 
entry j.s the disi-ipimc imposed 
by the system. " It i?. certainly 
arguable lhat unlev? const rain is 
are imposed. p'i|itii-ian\ will 
respond to short-ici m pressures." 

The system wa- nm a panacea 
hut should lead to further moves 
In help producin'* enterprises. 

“Tlie real need t > i„ develop 
the Community into an 
effective force in international 
negotiations which affect our 
business and to cn*>ure lhat 
artificially-eredicd barriers to 
the expansion of European 
industry and commerce are 

I THE l : K monopoly in the mini- 
J television market iviH be broken 

shortly by Matsushita the 
Japanese electronics company- 
For the last IS months. Sinclair 
Badiomcs. the Cambridgeshire 
electronics company in which 
ihe National Enterprise Board 
has a majority slake, has pro- 
duced the .Micrnvisinn Pocket TV. 
selling at £200 or less 
Production of the Mierovisinn 
has been running at 4.000 a 
jmomii u\cr Ihe la?l year, with 
j SO |iet cent uf toe m'Is exported 
lu the L'.S. 


Tn boost bales. Sinclair will 
ini reduce a Microvi>inn for the 
UK only, probably before Ghrisi- 
,mas. It will sell" at about £100. 
1 It is now likely that it will 
1. shortly face strong competition 
1 from a sel piudui-cil under the 
1 .1 V« : brand, a .Mai. sushi 1.1 sub- 
Uii:h:ir>. This will combine a 
mini-TV and radio. 

I The -1YC set is intended for in- 
I lmducnon to the UK market 
i early next \ rat", and is thought 
hkeiv in he pticcd at ahnut 1150. 
However, there is some scepti- 
cism tn she trade as tn whether 
Ihe set will reach ih._- UK market 
by ihai dale. 


COMPENSATION Of £100.000 is 
being paid by Bryant Holdings. 
| a West Midlands building and 
I properly group, to a director who 
! has resigned from it. Mr. Erie 
1 Gould was managing director uf 
jC. Bryant and Son, and held 16 
orher directorships in the group. 

Mr. Gould. 48, bas heen with 
the Bryant group for 26 years. 
He was the director whn repre- 
sented the group in the Saudi 
associate company Al Aztziah 
Bryant Construction Company. 

This, a joint-venture arrange- 
ment between Bryant and Sheikh 
i Abdul Aziz as-Saleh, was- formed 
in 1976 for huilding work in 
Saudi Arabia. 

Last month when Bryant pub- 
lished its preliminary results, it 
disclosed that a £2. 64m excep- 

tional provision would have to 
be made on sc-rious losses which 
the company said were sustained 
“ on a very large contract under- 
taken by our associate company- 
in Saudi Arabia.” 

Because of the provisions, 
Bryant's taxable profits for the 
year ending May 31 dropped 
from £2.6Bm to i'b'14,000. 

At the time, ihe directors ex- 
pected lhat Bryant's share of the 
actual and potential losses would 
be considerably less than £2. 6m, 
but thought it necessary tu make 
ample provision. 

They added; Vigorous action 
has been and is being taken tn 
restore ihe position.” 

The group's accounts are due 
In be posted to shareholders tm 
November 13. 

Overseas pay warning 

FINANCIAL times reporter 

COMPANIES who attracted staff 
overseas wjlh promises of tax- 
•free salaries might lie deceiving 
them. If anything went wrnng 
; with the contract, the employee 
might find himself answerahle to 
the Inland Revenue. Mr. Harry 
Brown yesierday told a British 
Insiiuue of Management sym- 
posium on sending key staff 

Mr. Grown, managing director 
of Expat rial o Financial Advi- 
sors. described advertisements 
lhal mentioned a tax-free salary 
as “ rubbish." 

“However waleriight (he con- 
tract nf employment seems to be. 
you are deceiving yourself — and. 
more importantly, your staff — if 
you do not appreciate that such 
an advertisement could be rub- 

Tupperware, one of the largest 
single make fleets in the U.K. have 
renewed their contract with Chrysler 
for the tenth year running. 

TheyVe just placed an order for 
1,500 Sunbeam L.S. models. 

Stewart Brodie, Managing Director 
of Tupperware said: “We have chosen 
Sunbeam again because during 1978, 
it proved to be reliable, economical 
and attractive - in fact, the ideal car 
for the Tupperware manager.” 

CURVSI.kR SfNWAM n Tf. F.O"W«M"i' 


UK RAN* DKiXT-.ti 

! ■KiKl'U SnMMI 


120 Kl'H TSMI'H 

• 1 :i nr . r'-’f 

Ml\j • inof.ili-nv.-i«-i 

All 13 

I jrr^- fir 

Ifm kilnmcv.-r- 


Ijin- rcr 
lIHJ Kilumeicrs 

SLXKLA.MI "Li til. 

i~ 5 • '? 

| -H7 

Cl / 

yi : 

0 D 

Sl.NBEAM 1 3LS til. 

3:7 i 102 

4«. : 


30 s 

9 3 


Chrysler Leasing System. 

Ml 123 Dealers throughout the U.K 


financial Times pfaTsSw Novem^rr^^ 


Cutlery makers seek 


on Far East imports 


BRITAIN'S struggling cutler? 25.000 20 years ago to 5.000 today, 
industry called yesterday for pro- would he doubled if the propo 
lection against “unfair compe- Sals were adopted, 
tit’on " from the Far East. The industry also wanted *-sur- 
espeeially South Korea. ■ veil lance of Europe's back door," 

With Far Eastern tableware because certain Far East im- 
acvouiitins for almost 95 per ports entered Britain as EEC 
cent nf tiie volume of -this year's products. Measures should also 
market, manufacturers say that include annual assistance grants 
a quota should be imposed on and a fund to promote UK cut- 
nun -EEC imports. lery. 

Over ihe next three years, they The organisations called a Ken- 
should be steadily lowered to 50 tion to a "rowing quantity of 
per cenl of the market and -that foreign -made tableware that was 
level should i*e held for five silver-plated in Britain and 
further years. passed off as Sheffield cutlery. 

.The rail v, ’ as . sJf™ it ^ The industry was completing a 1 
ihe Cutlery and Silverware As»o- ri p» 3 ilPd e., r vnv at th* rennem ‘ 

"."i,.*' SHS" £ of tbr l c55™iMt wbiJPtaS 

SC 2r ° UPS 

viottslv overshadowed their com- s,nK tne,r differences, 
mon anxieties. It was signed by “We have the sympathy of 
their presidents: Mr. Brian Ministers who want bard facts 
Viner. >>f iho association, and in order to deal with the in- 

Mr. John Price. of ihe d us try as a special case.* 1 Mr. 

federation. Viner said. 

Mr. Price, who had frequently Mr. Price agreed that protec- 
cri ricked Mr. Viner's or.aanisa- tion of the market would made 1 
rinn for its lack of militancy, said tableware more expensive, but I 
that q uuias would provide sound denied th3t the increase would be/ 
ground fur home investment. as large as the British Importers’ 
Jobs, which had dropped from Confederation says. 

.AsMcii As&irood 

Sir Kenneth Cork, London's Lord Mayor elect, pictured yesterday with Miss Isle of Man (Carol 
Kneale). Miss Gibraltar (Rosanna Bonfante), Miss India (Kalb an a Iyer) and Mickey Mouse, who 

is celebrating }iis 59th birthday. 

Call to boycott EEC 
public tender system 


F.b” policy on tenders for public restricted tenders. This 

driest for 
200 years 

New mine equipment 
has 6 50% failure rate 9 


By Lynto n McLain 

'DROUGHT ORDERS banning? THE AVERAGE failure rate of siuce incentives 
: the use of hosepipes were being! new coal mining equipment duced. 
i sought bv the South West Water J tested by tbe National Coal Mr. Tregelles points 

were intro- 

to an 

Bodvcole Inwrii >iiunal said the Luxembourg. and one restricted 
tendering system ’aid down by tender by France, 
ihe EEC in lis second directive 7*. ' seminar, organ ised by the 
■ #as inefiective British Textile Employers Asso* 

He su^Me'd that th- UK elation »«* . ,he . Amalgamated 
should slun advertising tenders Texiile W or kers Union. heard 
in the EEC / * official journal, calls for closer liaison between 
“ until r.ih,-r EEC countries come suppliers _ and State purchasing 
into line." organisations. 

Since July it had been man- — 

da lory for pur chasing authorities . j i 

lo advertise tenders starting at a r fGGCG (L.£irClCW S 
E13II.0U0 threshold, bur the 

v;3S ■■” pen 10 £lm offices 

laboratories extra 1.5m tonnes of deep-mined 
above forecast output, and 
increase in face produc- 
from 7.95 tonnes pei 
manshift in the first quarter of 
rear, to 8.55 tonnes in the 

of 3J I the annual report bn his I15m first quarter of this year. 

average October rainfall 
inches fell in England 

The West Country was par- 
ticularly badly affected, as water 
consumption during the month 
was up by -7m gallons a day 
compared with last year, largely 

because of an extra influx of; coalface machines — which over 
tourists. iJ5 years has improved three- 

The drought orders should (foId . Thev now cut 300,000 
come into effect at the weekend, metres between overhauls. 

A ban on the use of hosepipes 

and J research programme. 

Mr. Tregelles claims, however, 
that his testing programme is 
producing dramatic 
men (5. 

He cites the cutting life of 
coal shearer loaders — the main 

One of the key problems for 
medium-term— five to 15 years— 
research and development in 
Vmnrovf^ coa! mining was tbe steering of 
v the Anderton shearer loader, a 
vital requirement for remote 
mining. A UK idea will reach 
prototype stage by the end of 
the year. 

Other problems were in auto- 
matic tunnelling, mine trans- 
port, environment control, and 

_ __ __ Half . the shearer loaders 

cumventiun and down rig 

which will happen when we _ , _ ^ 

lender fur EEC contracts" The Financial Tunes Reporter 

Lancashire textile industry is INDUSTRIAL and Commercial! The area was facing a “very I The target was to increase 
pressing for a lower threshold for Finance Corporation has made 3rilR drought, Mr l, Le , n reliability to the point at which Sjjjjv 2 jnm 

advertising public tenders. a FJm loan for the new Brighton j chairman of the authority. said; a mac hine could cut an entire- ^ ie ^ atIon al Cofl l Board. 

Grievance procedures were headquarters of Preece Cardew yesterday {coalface — 2m metres — without 

I in the Penwith area of w ; est reached “this ’figure without ^logical prediction of coal- 
Corowall was introduced on failure . an d the best continued „„„ 

I Monday. t0 ain non mptrps Minina Research and Develop- 

The area was facing a " very Thp ’ turent was in increase „ ent Establishment Annual 

Used car 
sales will 
rise 10% 
this year . 
says Hertz 

By Kenneth Gooding, 

Motor Industry Correspondent 

ABOUT 2.5m secondhand cars 
will be bought in the UK this 
year, about 10 per cent more 
than last year, according to 
Hertz, tbe rental group, which 
claims to be the worldVlargest 
retailer of used cars-. 

This means that more than half 
the cars bought for personal 
driving in Britain will be second- 

Mr. John Sanderson, fleet 
director for Hertz in the UK and 
Europe, said that many people 
had turned to the used car 
market because of the rapid rise 
in pew vebicle prices. Buying a 
one-year-old car saved an average 
20 per cent oa the Initial pur- 
chase price. 

“However, with the bargain 
goes the risk of buying a vehicle 
that has been severely damaged 
in an accident or has a serious 
mechanical fault That is why 
knowing what to look for Is 
vitally important" .. \ 

Hertz has produced- a- free 
booklet containing a series of 
tests which any cax : buyer, 
whether knowledgeable mech- 
anically or not,.can cany, out 


The booklet says that any 
potential purchaser should insist 
on knowing the car’s history, 
should ask about damage repair 
records and service history or 
ask for the name of the previous 

Buyers are also advised to ask 
what guarantees or warranties 
are offered with the vehicle. “Be 
clear on terms, length of time or 
mileage and exactly what items 
are covered-” . 

• British Car Auctions sold, cars 
worth £4.2 7m last week, the best 
seven days in the company's 30- 
year history. Tbe total' topped 
the previous record by c £750.000. 
It included the proceeds from 34 
car auctions and two heavy com- 
mercial vehicle auctions- 
Two auctions at the Motor 
Show brought in more than 
£500.000 of the to tat while a 
heavy commercials sale at Fain- 
borough netted £255.090- 

Post Office set for 

high profits in 


TELEPHONE USERS in the UK year, 34.6m JJJJj 

ate makin° more calls than ever were made, up from 27.9m ovei 
before pushing telephone call the same period last year, ar 
en)W th T ates up to record levels increase of 25 per cent. 

Snd iSvSuran early signal of a - The full financial year. 1977-71 
furthervear 8 of high profits' in the showed* 27.5 per cent mcrea* 
Pn*t office’s telecommuiricatians over lino-7/. 
hnfi»«7 Subscribers calls made a profi- 

5 l ha months of of H12m last year, a return or 



per cent How 

thc Gurrent nnauci^ ^^. — — --- m inla nd telecom 
made 12bn trunk calls, up U8nu ^*£ c “ e 0l £ ^rvices-telepboS 

rentals, call boxes, telegrams ant 
penuu iii»i _ . telex — aU show a loss, and thl« 

Last full year (1977-78) showed depresges the final figure. 

a 101 . per *»nt increaae over this growth trend continues 

financial year 1978-77. which was ^ fit 6 on ca u s is likely to ri» 
up 41 per cent onl^ewWch However, tbe Post Offici 

m turn was up 1-9 per cent on recently acce pted a target of re 

^ fnr inrai ducing telephone costs at a ran 

Provisional figures for local “ f c 5 B per cent a year <befori 


period “ r the Post Office has virtuaflj 

K 19Tr : 78 local reached the effective limit 0: 

« mSEF * crat Sf-s &R5SX s 

TSt«nadoMi SS‘ are well subscribers (STD). The propor^ 

U p “ h Se £EmE& Hon 0* STD calls over the five 
rate is down slightly on the pre- month period was only fraction 
ri^Ss ful? year’s rate of increase, illy more than last year's figure. 
Over the first five moo tbs. Of this of 97 percent. 

‘■virtually meaningless >s ihcy and Rider, the international 
impose no sanctions and are too engineers working in 62 countries, 
uimliersume and laborious to bo The foundation stone of the 
i.-fiVctive/' said Mr. Dwek. 30.000-sq-fr building was laid 

Since July the UK had adver- yesterday by Lord Seebohn. the 
fiM?d 20 open tenders and 142 corporation chairman. 

Rainfall in some parts of the 
region was about 20 times lower 
than average last month. Taunton 


The performance of the new 
generation of : Coal Board coal- 

had, less than 4mm compared ! culling., machinery . -was- being 
with Ihe average for October {disclosed through’ the dramatic 
of liomun. 1 improvements in productivity 

Gallaher to spend £7m 
on Belfast factories 

Self-employed federation 
to fight VAT ruling 

by jam£s McDonald 

THE NATIONAL Federation of ment he cannot appeal againsl^; 
Self Employed is to fight a High the decision to a VAT tribunal. 
Court ruling that restricts the ur. Corbitt was asked to pay 
rights of appeal for small busi- ^ ex tra £2^00 in VAT after ' 
nessmen, mainly in tbe second- the Customs and Excise bad - 
hand or antiques trades, against decided that he had not kept-'-'""'' 
their assessments for VAT. proper records. 

Mr" TSSfcBSfn'YNSSui His argument, and that ot '* 

The High Court ruling in June. records are ■ inadequate. 
when Mr. Corbitt’s . costs were The federation is to finance 
paid by the Customs and Excise. Mr. Corbitt's challenge to' the 
was that if the Customs and ruling in tbe Court of Appeal 
Excise consider that a trader "and if necessary it will be taken 
bas not kept adequate records to the House of Lords,” it said 
for a special scheme of assess- yes terday. •- 


ECONOMIC ACTIVITY— Indices of industrial production, manu- 
facturing output (1975=100); engineering orders (1970=100); 
retail sales volume, retail sales value (1971=100); registered 
unemployment (excluding school leavers) and unfilled vacancies 
(000s). All seasonally adjusted. : 

the Bondshor 



■ M 1 love 'em. I get extra Interest and I still get 

Abbey National security. I tv got a JycarBmdskwrJor U,wv 
and I'm going to renew it soon. Every six months! get a nice 
cheque for about £3S. so off I trot to London for a spree. 
Jfyou can put money away .tor two or three years its 
marvellous. Do you know, I think 

Fit start another . , . ” 


Yju can buy Bond shares for 2 or 3-year 
periods. Minimum investment is £500, 
maximum £15.000 (£30,000 for joint accounts). 

^ Although Bondshares do not guarantee you 
a fixed rate t >f return, they do guarantee you a 
bigger interest rate than Share Accounts. 

2-year Bondshares guarantee you 0.5# p.a. ■ 
more. 3-years 1.0% p.a. more. (See table for 
current rates). 

You cannot Tvithdraiv Bondshares until the 
2 or 3-vear period is up. Interest is paid every 
(5 months. 

You can jump on the Bondshare bandwagon 
today Simply fill in the coupon and post it to us, 
enclosing yi »ur cheque. (No stamp required). 

Or call in at your nearest Abbey National 



GALLAHER. the U.S.-owned postponed because 
tobacco group, is to begin a £7m pressures. Now in 
modernisation of its Belfast fac- at the Ballymena plant has used 
tones next year. A large part up the original £8m. so the com- 
of the cyst will be met by the pany has thought again about its 
Government. future in Belfast and committed 

The throe-year programme to further capital 
modernise the production of . Uallaher a nd the 
cigarettes and pipe tobacco could Ire ^ an{ i Department oi Com 
mean up to 300 redundancies utere® are syH negotiating 

among the company's 2,500 pxa,:t ' eve J a, d- j™* c 
workers pany said yesterday that it 

Gallaher says, however, that a <h $5“ comK of the 

S,"^ Br0wU ‘ cnuM ArnSrican fiSgreu" hastSld 

rrnf 7. , " . . . . tbe unions involved that any re 

The latest investment is a con- due tion in jobs would be achieved 
rtnuaitun °f plans first announced through natural wastage and 
in February last year- The com- voluntary redundancies durln 
pany said then that it intended the three-vear modernisation 
lu -spend I2m in Belfast and £6m Mr. Stuart Cameron, deputy _ 
af JL? factory in Ballymena. 30 chairman, said that the new Bel- 20(1 ( I tr - 
miles away, where another 2,500 fast complex would be the most 3r<it * tr - 
are employed. modem and efficient tobacco fac-|^5j5£T* 

Tbe Belfast improvements were lory in Europe. 

y ; ^ . 

In dir. 





Uriels? "> 

. ■ . 









2nd qtr. 








3rd qtr. 








4th qtr. 



107 . 





1st qtr. 








2nd qtr. 

















1U.0 ■ 




257 1 

























OUTPUT-— By market sector; consumer goods investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles, leather and clothing (1975=100); 
housing starts (000s, monthly average). 

Te Dept. B.S.. Abbey National Building Socielv; FKEEPOSX 
Baker Street, London N’VVl (3YH. 

JAYe endose a cheque, numbered . . 

value r be invested in Abbey Nalionai 

Bondshares for the period indicated. 

2-YEAR Q 3Y EAR [3 Tick appropriate box 
l/Vfe understand that my/uur interest will be paid out at 
fHnonthii- intervals, and that the. investment cannot be 
'withdrawn earlier than ibe stipulated, period except in the 
case of death. 




C LHTont G n jss equivalent wlien ina tax 

B( mdshare rates is p aid at a basic rate of 33#. 


7.20 r 

3-vear term 7. 70 c ? 

v y«-a; 


_10 ! 75^ p .x 




A bonus for savers who 
aren't spenders 




I Habit I 

Lord Greenhill to retire 


LORD GREENHIL of Harrow is Under-Secretary of State at (he 
lo retire as a Government Foreign Office and bead of the 
appointed director of British diplomatic service. 

Petroleum on November 7. his While in tbe Foreign Service 
65th birthday. he was twice sent to Rhodesia 

Lord Greenhill. one of the two as a special envoy. The first time. 
Govern men r-appoin ted directors in 1973. he went “to assess the 
on the BP Board, has held the position.” and tbe second time at 
post since 1973. His successor is the beginning of 1976, he w 
expected to be named shortly. on an exploratory peace missi 

The greater part of Lord Yesterday the’ Treasury s 

Greenbill s career has been spent the Bingham report on how BPi 
in the foreign and diplomatic broke Rhodesian, oil sanctions 
services, which he joined in 1946. had nothing whatever to do with 
In 1969 he became Permanent Lord Green hill’s retirement 



Is trod. 



Textile House. 









2nd qtr. 








3rd qtr. 

















1st qtr. 








2nd qtr. 





108 1 


















2 5.1 

June . 




10 L0 















122 JO 





TRADE~-lndlces of export and import volume 
(1975=100); visible balance; current balance; oil balance; terms 
of trade (1975—100); exebange reserves. 

To Ihe Holders of 

Y. S . Line (Cayman) Ltd. 

9l'z per cent. Guaranteed Notes 1980 

NOTICE IS HEREBY GIVEN that, pursuant to Gonditior 
6 ( E) of the above Notes, the undersigned has elected to and wil, 
redeem on December 15, H‘7S all of said Notes at a redemption 
price of 101 per cent, of their principal amount, together with 
interest accrued to the date of redemption. 

On or after December 1“>. 1978 said Notes will become due and 
payable in such coin or currency of the United States of America 
as at the time of payment shall be legal tender for the payment of 
public and private dehts. The Notes will be paid upon presentation 
and surrender thereof with all coupons appertaining thereto 
maturing after the redemption, date, at the option of the holder 
at any one of the following paying agents: The Industrial Bank of 
Japan Trust Company, Principal Paying Agent, One Wall Street, 
New York, New York lOOOfi; The Industrial Bank of Japan, 
Limited, London Branch. 14 'Walbrook. London EC4N 8BR; 
Kredietbank S.A. Luxcmbourgcoise. 43, Boulevard Royal, P.o! 
Box 1108, Luxembourg; Arab Finance Corporation S.A.L., P.O. 
Box 155-527, Gefinor Centre, Bloc D— 3rd Floor, Beirut; The 
Gulf Bank K.S.C., P.O. Box 3200, Safat, Kuwait; The Develop- 
ment Bank of Singapore Limited, DSB Building, Sheri ton "Way, 
Singapore 1, Republic of Singapore; The Bank of Tokyo, Ltd’., 
Hong Kong Office, Sutherland House. No. 3 Chater Road, Hong 
Kong*. Libyan Arab Foreign. Bank, 1st September Street, P.O 
Box 25-12. Tripoli. 

Payments other than in New York City will be made by TJS 

. Coupons due December 15, 1978 should be detached and collected 
in the usual manner. 

From and after December 15, J97S interest on all said Notes 
will cease to accrue. 












balance balance 

trade USSbn* 

2nd qtr. 








3rd qtr. 



+ 31 





4th qtr. 



- 5 





1st qtr. 








2nd qtr. 




+ 198 
















+ n 








- 57 







+ 57 








>194 . 





f w ^P A f-'M°n e y supply Ml and sterling M3, bank advances 
Q ^ r ^ II 5. pn .X at€ sector (three months’ growth at annual 
rate); domestic credit expansion (£ml; building societies’ net 
inflow; HP. new credit: all seJonaUy 
lending rate (end period!. 




advances DCE 





2nd qtr. 




+ 769 

3rd qtr. 




+ 365 

4th qtr. 





1st qtr. 





2nd qtr. 
















5.7 ■ 






































INFLATION— -indices of earnings (J 
materials and fuels, wholesale prices of 
(1975=100); retail prices and food r 
commodity index (July 1952=; 100)- tr 
sterling (Dec. 1971=100). ' 

Dated ; November 2. 1978 







mnfg. fc 

Irt qtr. 




2nd qtr. 




3rd qtr. 




4th qtr. 




1 st qtr. 





























*176=100); basic 
aetured products 
(1974=100); FT 
.’ighted value of 


oods* comdty. Strlg. 





206 J. 

& 2JZ7 







61 1 

64 A 

'Not seasonally adjusted. 

f 0 

imn n _ Jj ;*>...- 

«| lrlS| 


e^»‘AtR •-. 5 i<i% 

Ml' 0.1 *53 v 

sm C'.t.: Vv ? r ( 'W-V r, 

%**»>■» ^ 

Offi W" S- 
**& tit e 4L fc 
ft --in 

i STD* ■£*••■ 
flfJSTEi T ^:;.. 
I'fppw x-.; s -i 

*»» than :r, 

economist cond emns Trustee 

|ffln»^S Optimism banks 

U^EGO^bMiql-CORTlESPONDEtjT- rQlCD^- presumption i'majt be that Hon to the “pitiable ronditinn " <II5v 
asters and British : mdnstiy is. -losing out we shall find ourselves to if the 
*.' Prospects fast to forei^compeHOon.” trends in trade continue when « 

xonqmy .'. -.rev A section .fiotitfed^wh.ere will the con t ribution o f No ffif Sea oil nlin w»r» An 
» a.;aoomy it all end?* ootes- tbat there are leve i s 3 Ire mlJSrfy C03TffCS 
domwL. obvious constraints in. sight, when and if it"™? t? ran » VUtW 


THE ' REGENT tv. cautious tbi' presumption f inest , be that 
optimism of - forecasters ’ and British -industry is -losing out 
industry about” -tjtf? prospects fiat to foreign competition.”, 
for : Uie- -Bntisfc ; .econtrayV- is ’. A section .mnStJed.^where will 
challenged todays- in TaVgloomy it all end? -"notes. that there are 
analysis . from. 1 :.-, economist.' Jttr.. no /obvious constraints in sight 
.Wynne Gofiley. j.’. •JThe'.important point is that 

Mr, ^GmHfi^^director of. the fee improvement in: .the trade 
Department .of- Applied- . Ecor baiance , provided by oil is 
nornics at Cambridge,, highlights' nowhere hear its peak yet We 
the continued; rapid : grqwfh' of-caa'Jooh forward to several more 
imports' of ifian&factured goods, years of expansion. , . 

He wril'e^.- in: fee - . re^larVp^,;*! _j , > 
economic: review of stockbrokers r.. ( 

■Vickers -da-tTosta:*'^ What-we are-: - ‘‘'Ii-Vill be possible to use this 
witnessing is ; precisely . what -for continued ..'expansion -of. con- 
everyone who .- has . . thought sumption,; albeit, at: the .cost of 
seriously.:. .. . about. * -..Brftato’s industrial depression {with, of 
strategic problems has predicted -.jourse, a- '^.'highly . uneven 
and feared. . ; - incidence) - for a considerable 

. “While, hot" totally- Ignoring--- farther peri od^o- Be measured, l 
some - acMevemenf- -in exports ^wonldgufts. lrryears .rafter than 
and some repoveiy- -in. invest*- nmnths. . . 
ment. the central fact is: -that v '“if- would appear, that almost 
North Sea oil. is- being used,; not' ail th& diverse pressures which 
to lay ^ihe foujp_datiohB/:for re. cotne to he .exercised.” on our 
generation offte.. economy, but policymakers will . work" strongly 
to finance, an expansion uf;-iniavour of existing policies, and 
imports to feed an essentially jjjetr. continuation is' certainly 
consumer onenfed 'boom. , V hat I uow expect:” 

“ So far frem" ; regeneration^ ^He- would go on drawing atten- 

tion to the “ pitiable ronditinn 
we shall find ourselves in if the 
trends in trade continue when 
the contribution of North Sea oil 
levels off. and more particularly, 
when and if it begins to fall." 

jpSb?l?te SSJ55S or « MICHAEL HAMDEN 

^ •Sow™, “Sjf petroS C cj| 10r ' THE TRUSTEE Savins Banks 

SoSfon ^ The growing contribution of ar e increasing their charges for 

.. years of expansion. . North Sea oil was masking a current account customers who 

rTi&ble v f. sharp rise in manufactured hiil to (jusilify for free banking. 

SV^Wbe ^to i^th.s ‘ m Z ts , atta a#ailabIe fis „ rM 

t .-fo^ontmi^j^wurion • of con- suggested that manufacturing standing orders and direct 
t . gumption., albeit. ht.. me .cost of output was probably running deposits — will rise from *2ip to 
^ industrial dfiprgwpn iwjfe. of about 2 to 3 per cent up on a 5p a time for those of* the 
t -course,. : a._v-.’highiy:.. uneven year earlier, but his own banks’ 1.5m cheque account 
'-'incidence) '.for a considerable estimates showed an increase in customers who fail to maintain 
^further penodYooe measured. L import* of manufacnired goods a minimum balance of £50 
i 'Would guess, lrryears .rafter than (both finished and in total, during each half-year. 

■ '^‘iSvould appear. that almost of ie ^er^cent^^ainst 0 ^!! r Th 0Se wh0 kee ? the balance 

r-au-dw. divMsrpiesg.™ which increase S w of Inly 6 per w I to '££ 

■ come to be .exercised on our cent- hILVs- “52* 1 receive free 

policymakers will. work] strongly “Indeed, more recent short- Sot ^nply ^ Norrher^’h-elan? 
ln Avonr of existing policies, and term data indicates that the gap 1 pp y 1 Worinern Ireland, 

their, continuation.^ is certainly between import and export per- The move comes as the big 

what I movr expect” formance is widening.” Mr. clearing banks are also raising 

,'iHe would go. on drawing a tten- Godley says. their charges and thus leaves 

■ pi:.. .. the Trustee Savings Banks still 

..^ - • •• considerably cheaper. 

.. .. ’■ w However, National Girobank. 

-Rail, tray el cheaper 'w-sr fi-as- - &ss 

MT announced this week that it was 

_ " . uffering free current account 

businessmen told I^EK ti0 ° nsa " s 


BRITISH ' yesterday toe business executive handbook. be^S eS inmdiicin” t UMS 1, ^erviS 

launched a £40.000 campaign to British Rail believes that the miS? ‘ ntrodllc,D ® sen- ice 
convince businessmen tbat Inter- first campaign was Dartiv 
City- train fravel is cheaper than responsible [ 0 r the growth of 
either; car. or air. . Imer-Ciiy business in the last 

" iA" handbook is being distil* two years. There has been a ijOal Udto 
'biiled : io;‘ 80,000 company man- growth of 6 per cent this year. 

agers, describing:: the range of TlMl mnir 

rail : services for the business- ni - L BBlII III ^ V 

man, from hotels to -hovercraft £)llOpp6rS DUS 

b e w, e en b f P r& P T m Ue“ r S a A ;wiw dRCULAR- apDCar bV 
company :>tb pay- fqr- car, travel, se IV t i e ^°- r . w ^ es * , sh 4 °P* . •' 

compared with only Sp per mile Sf.nlrf ? n l0 .HT ,st5 18 t0 b ? ,n i ro ' 

zjspss ^ ^ aDd 5p ftS-s sSd sa*“ enristmas 

4 ~ SS SX2Z ^ ves ’ Tran#port 


^ jnonn; 

Rail travel cheaper 
businessmen told 


RITISH Rtfil*. yesterday the business executive hand hi 

->e.,cacr.:-: , a • 
4 , c£sjc.3 u> i v;vrV: 

•GffMll V. J> lijj.; .’ 

r*Mgamer)*.. .. 

«her , 

f/HYaitr; ,.."Vvj 


ts-.?or .•■■■■. < , . 
BB .rBfe;-.!:-! k 

•■feder j*..- r 
Sbrtirtty •:... ■ 

• ,g": . 


fi'UVn - i w 

I"'-— - 

’■ft ^>fai 
■v-.V^iae : 

%-i i 

* 1.4" 

1 2T9.t m: 

[ ;* ?v 


Reports from SO public tndus- 
trial companies .'were jrablislied 
last : moxith and ■*'■ showed- .a 
marked slowdown in pretax 
profi ts growth.-.; •: •'rir :• • 

The' rise, at 3J per cent .-Ob' 

Shoppers’ bus 

Seat belts 
Bill may 
appear by 

By Ian Hargreaves, Transport 


average r^-of^jier.^ , cotp^Vith, £66'fior the air '^fiS^X^Oulen^Speech 

Dividend- costs, however, shuttle; •• ; vev Nichuls Harrods and Although the yueeo s hpeecn 

held up reasonably well, wife'* "..TWsLiS^fee second edition of Barker's. ’ ! St 5Jl ay ^ r l lai " e dR? 

Dividend- costs, however,, 
held up reasonably well, with' 
a rise of 16.S per cent on the 
year-ago- figure ; as t . against 
18.4 per cent .In - September. 


*'•? 246- j .a.-. 


r-.-T 253X :.:ii 

f k:2 ;.." 

i , i:.~: 

S .-jWtu 

«f-' rur«: 

C' TKe*:. 


I"' ; tu; 4 
r..'- 137.7 
f- S3” 

l. 4 

Jd7 1 



V. !!3-Ai 


shuttle ' *- V£. n T “5 ■T’ ua V Although the Queen’s Speech 

“ and «fe i naf« 

.» r . ; drafted and might be presented 

.. : rTfg: * v' j 1 10 Parliament before Christmas. 

dhetlands to replace ^ ga ,n, «s 1 s d re s u,M is 

yesterdays programme can be 

harbour director - «. 

awaken the famiUar obections 
B.Y oUr'SHETLANDS CORRESPONDENT about infringement of personal 

. : ■ ' iibertv, there is optimism within 

A -myiDED Shetland islands council should be more flexible the Department of Transport. 
Council, ^possibly.. Britain's in its running of the port. j which has consistently supported 

llTl ’ ■-*-■ • richest aod most pdwerful .local Some councillor;!, angry at the a tougher line on seat belts, that, 

'-V-r .. authprily, has quashed ail manner of Captain Biro’s resig* khet Bill will succeed this time.i 

; , - - . -. attempts to ask Captain George nation' and concerned that the; The last attempt at legisla-j 

By Michael Donne, - .• Bii^. Its -Director- of Ports and council was losing an importanl ; tion was two years ago. It failed 

OACCB-Mrirn Harbours at the £750m oil director,. had attempted to brinaj during its final reading becanse 

~SlSb * 55 ftrysss t*mtiial-at :Sullom,,Voe, io re- pressure on the council to ask, of a poor turnout among the 
aISSSL consider his resigna,tiqn. Capiain Biro to reconsider his ! Bill's supporters. At its second 

' Cmlsln Biro designed h, P“ siu< "!- ■ Ireadins it had a majority on a 

than *.6 per. cent in September - V®P o n n fKp vnlp nf the ton- ■ frp» vnto nf more than 100. 

thtn * OMIite designed in POSiUon. . : reading it had a majority on a 

SeSember- after- Mr Ernest On the casting vole of the con- free vote of more than 100. 
UroubarL the council’s chief ve h° r - 1* was decided not to ask The Government is spending 
nLrt!lL? e Si JS? executive publiely criticised a Captain Biro to think again. At about £lm a year on advertising 
are i>^ e Ml^ r £ W ' tialudclw ■ . ’ raotain Birn describ- no time, was he given any oppor-. to persuade travellers to wear 

gEg£ h fflSn? ^dffficulties at tiie »“"itv to put his case to the full seat belts but in built-up areas. 

Edinburgh and, Aberdeen-:.. - ■ Sfe i * frl ^ council. where the accident rate is 

d .,1 tVlo |- • " „ IO „ port, which is to receive its first 

oil next month. ‘ . Mr. Urquhart 

Captain Biro's assistant. Cap- highest, scarcely more than one 
because r CT\_ air . trafl5c, . control VoeasThe 1afn Be rt FletU has also resigned, traveller in four wears belts. On 

assistants strike, and the With- of nnrM" but *o become pilot-master at motorways the figure is more 

drawai of some British- Airways' .• 1 . , Sullom Voe. than double that. 

aircraft becanse of 1 ■ technical The report said that it was 
problems, cut the volume of air hard' lb Staff Sullom Voe 

traffic in -September last year. - adequately within a local t t ■ j j g 1 • "■ 

-fffrsff .o be s • Unions attacked on jobs 

Airports Authority says. -the true eov eriiment levels The port 

10 Cr £7 ienffoHow^rSnilSv bas\fafled to attract^ marine BY- JASON CRISP 

the trend set in each month' this ^?f^,rf a LHh^ iderabl ® “P" 4 ' THE UNIONS were too occupied is for us to take the lead,” he 
year since May. : awd sfi nnrK 'ritb preserving jobs, rather than said. 

Kn _ :r n - ; ' Btro. aged 56, ports creat j n p ih eD] _ sir David Orr. Nowhere was Britain s deFcn- 

For .the past. X2.m.onths as. a ancL harbours . director for the uijiieyp r chairman told the si vp attitude more apparent than 
whole, passenger traffic at Heath* past four years, has consistently Britifih 0 f Managements' its attitude to the P European 

denied thit. he panted the port SSS lunch%Terda"" Economic Community. Sir David 

t Ptevious 42 raoTtfes, to over run by: an outside body. He said criticised both major parties for 

25.6he, and -at Gatwlcb; by 175 thatothe re -. were, difficulties at He accused the Government of r a : lij)E t0 pn.-ourage their best 

per cent fo over 75raV. - Sullom Voe and he felt that the sacrificing long-term objectives n(innl * Tn ?}: ; nd for the EuroDean 

- — . . ..... ' ■i fr??:" 1 — ' . — Ito short-term expedients, like pipJtions 

Unions attacked on jobs 


S00I Ziirich Rkmirirasse S Tel. 01/475040 Telex 58500 

November 23rd througb^ -December. 9th, 1978 


J3ji : * 

- ^.h|9 




. . . ' ' . PABLO PICASSO. April 11. 1P4A. 

: Oil oh canvas, 65.x 81 cm. 

. . The property of vaurious owners, including: 

The estate <of an important Zurich collector 
Princely meublos from a " hfttei particulier fran^ais 
Important collection of Gothic and Renaissance sculpture. 

- important. paintings, : . 

rhaqaii. dP cwmo. Cbrlnti. Conn. Deeas. . Derain. Dirfy. Holer. Janssens. 
JawtenkRy, Kke, I-raer- Lo::'iau. Mancuin.. iiarauet. U*ro. Picasso, de Piste. 
Poilflkon. Purrma’in. Reanr. Kcurin. XdiwIKen. .schreyer. Spittwes. Utrillo. 
viamijK*. Vohjs. Vuiuani ew. . • 

3. d'ArdKHs Bee a- Bwoli- Bruefiliei d. J.. Cswllv. Opper. °iyu. 

Dreuteler. Fltedc, GtUlsi J. van;.. Gwen, flweljier. *“«■ Jn«j. 

P. P. Rubra*. Kessd. Kodnck; Lipw. van Loo. Lootffl. VartewAI. MomDW. 
Noortt-d. *.. Pellegrini. Ptiinca, Siniuna. Meenwyck. Valencia, A. van oe vewc. 
Verhoom. Vianj' 1 Viwi, Wvbk, rft ' . , 

Walercolours and Graphitj Worbs of fee I9fe End 20th century 
Rare French fnmilure of the 17th and lSlh century, 

•. many pieces signed. 

A large collection of rugs and car pete, tapestries. 
r Rare clocks, bracket clocks, bronzes and sculpture. 
European pertain aod faienee- 
Silver^ collection of miniatures. Snuff-boxes, icons. 

Glass and Art Nouveau collection. 

Important jewels*. , „ . . . 

Highly important collection of Oriental, Art: 

- China, Japan, India, Southeast Asia. Scu ^ fnM n c I°1ade ' 
Ivory, collection of Tsubas, lacquerware, paintings, jade, 
snuff bottles. Far Eastern ceramics. 

PREVIEW November. 3rd through 21st, dally from 10 to 
.10 p.m : , November 21st, from 10 a.m. to 6 P-ffi. 

After November 21st and until the day of the sale 
appointments may be made for private .viewing- 
-. : -We publish the following catalogues: 

Pictures -lebt Jo 20th century. Graphic Art aod • . 

Sculpture, 19th and 20tb century SFr30 — 

Porniture, Arte and Crafts sFr’ so — 

Asian and Far Eastern Works of Art cev 25_- 

Jewels - ... - . .. - . “ r ' 

iu uiuri-ierui expeuii'Dis, iim: eie^ions 

patching up the pay policy and # Rlr £ea,ey Tolley. BIM chair- 
c nbb'e together an warnw i there was “just a 

Industrial Democracy Bill. mUe ' tiine , c/t ■■ w which to 

“ So the ininative and responsi- reverse the decline into 
biiity come back to management economic chaos, lie told the 
more than at any previous lime London branch of BIM that the 
in our history. We need the country had the knowledge and 
co-operation of the unions, the resources but needed to find the 
help of the Government. But it will aod determination to do so. 

Notice of Buiidkolders 



61 % Bonds 1977/78 
Series 10M 
HK $150,000,000 

Notice is hereby given of the appointment of 
paying agent for the captioned bond issue. This 
appointment is in addition to the present paying 
agents for the issue as follows: 

(principal paying agent) 




No need to call Paris 
in order to know ail about 


Merely call the PROMOSALONS office in London (address in box), or send the 

coupon below 


• CQnlectionery.ChocclaleandBiscU'lsiTKTERSUO 3-7Fei>. — 

• Agriculture (SIA) and Agricultural Machinery ISIMAi j-IU teirh pr 

• T*cnnologyand Equipment lor Wine and Vine (SIT EVl) 4- 20-iM i'Jo*'. ST- 

• Commercial and Professional Arts and Gratis Products (ATELIERS D'ARTJ 1 1 -Id Jan. rj-5i s*- ; r. :~yj 

• Jewellery, Gold ana Silver Ware, Clocks and Gilts JBUORHCA) " 14-18 Jan. 6-n SipL “ 

• Tableware iSIFE - CIAT) 1-5 April 


• MacPmery lor Pastry and Bakery lEufiQFAlM 31 Mar-:h-& Sen! ~ | 

• Electronic Components (CGMPOSANTS ELECTROHIOUES) S - ! 

• SuriaceTreaimenl jnd Induslrrai Finishing iTRATEMENT DES SURFACES) 

• Aeronaulicfi (SALON DEL'AERONAUHGUEi 9-1 7 June "l?i1 

• L1d-.nin=s and Tools forlraihenSEMAlME DU CUIH' 0-11 Sec-1. 'Yi~ 

• Prote'. tion of Mankind its Environment and Prooerly i E UROPROT E C T !ON - EUROSECURHEi lo-I’i Sept \~'~ 

• Ddla Processing. Commumcalion and Office Organisation ISICOB i 19-23 fv?r<t ~i r ~ 

• Motor Maintenance and Car Accessories rEOUiPAUTOi 2B S*nl -T> O I. 

• Hotel. Restaurant and Calenno Equiomenl tEOUlP HOTEL) j -2Z C«. h, s “ 

• Relail Trades Eciuipmenl icOUIP’MAG) 25-29 Od ““-'j 

• Heating. Reirigerahng and Air CondilioningtlNTERCLUAA) • ib-21 tlo.'. 

• Building Equipment (EATIMAT] 16-25 Nov “iTT 

• Intel national Market Ot Sub-cgnlractmp i WIDEST) — — 26-30 IJ-.v.' 

• Hydraulic. Pneumalit and Mechanical Transmissions and Components tMECANELEM) 3.3 

• Etec Irtcal Equipment \ELECi lO-ioDtr. PTi 

• Measure. Control. Testing, Automation (MESUCOR-V; 10-15 Dei.. ‘tti 


• Furniture - Lighting 11-15 J.-.n T7"j 

• ’lacntinq, Boating and Waiersport Equipment 11-22 Jan -7“, 

• Stationery (SIPPAi 2-5 Fer*. ^Ti 

• Toys and Games tO-i 6 Fep. 

• Wmiersport Equipment and Clothing (SIGi-^-t- 5-er.w.n ,Tfj 

• Housenold Appliances (ARTS MEN aGERSj 2-12 Mail, h 

• Carpels 7-ii.June '^TT 

• vvallpapers. Wallcoverings. Furnishing TeditesrPARiTEX) 7-n.iur.- 

• Outdoor Leisure Acuities and Sports Goods tSISELj g.j ; gy-w. 

• Hardware (QUO JEM i 2J-26Sej*r. h^r 

• Phclo 20-23 O-l. i'ij - 


• knitwear -SIM iMAIllE • ':-hFeb. njj] 

• Men's and Boys'vVeartSEHMi 0-6 Feb 8-1 1 Sepl. 

• Children sWieanMODEENFANTiNE* 2-5 Feb. 8-11 SepL 

• L adies' Ready-to-Wear rtNTER-SAlSONS ET U4TERDERNIERE BOUTIQUE) Z*, feu S-i i sVpL f^fi 

• Fur Industries (SlF i 7-n Apul ' 

• Ladies' Read>Ho-We?ar rPRET-«-PORTER) and Boulique 7-u Apni 13-17 ucl. 

• Spectacles. Optic sand Optic ai Equiomenl (SlLMOi-r-H-f 10-14 M07 IjO i 

• Leather (SEMAINE DU CUiR> 6-n S-ipr. |7T| 

• Ladies Summer Fashion t -5-i- 27 SepL-f Oct. fjf| 

'Montpellier *• Brussels (Belgium) — Grenoble "•’Oyonnar **”*Nice 

French Trade Exhibitions - French Chamber of Commerce House 
54, Conduit Street, London W1R 9SD - Tel. 439-3964/5/6 - Telex 269132 FRACOM 

Please wnd me more detailed inioimabon on Ure — | 

1 2345J6 

e> hipition i si ot which the numoensi are listed deiow: 

3 I 9 |TO 111 [12 |t3 Il4 Il5 jl6 [17 [18 |l& (20i21 |22|23i24 (25 |S6 127 123129 130 1 

I ^ 1 31 |32[33|34]35[?6|;r7|36j3a|jo|4i |42| Rftu»n I hi a coupon to the address m oox above. i 

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op p 12 t. da risly pails 8 

Financial Times Thursday November 2 1978 

Sanctions ‘This winter is make or break’ 




MPs PROTESTED in the the 
Commons over the Government's 

failure to arrange u debate to 

deal exclusively with the Bing- 
ham Report on Rhodesian oil 

The new Parliamentary session 
had barely started before Mr. 
David Steel, Liberal leader, was 
on his feet complaining about 
Lhis omission. 

He feared the report would be 
submerged in the general debate 
on Rhodesia which is itself parr 
of the seven-day debate on the 
Government's new legislative pro- 
gramme. Outlined in the Queen's 

“ The issue raised by the report 
is whether Ministers on both 
sides did at some time in the Past 
conceal the full facts about sanc- 


THE LABOUR Government is 
not going to end the final ses- 
sion or this Parliament with a 
whimper — nor i s It merely 
going to fade away. Hr. James 
Callaghan- made that clear 
enough yesterday with a con- 
fident and determined return 
to the Commons. 

The Prime Minister came 
with a full programme: and 
banging (he Despatch Box until 
it hurt, he showed h e meant 

Overcoming inflation was 
paramount. Mr. Callaghan 
declared. The Government’s 
policies might resemble the 
three legs o f a stool— incomes 
restraint, monetary curbs and 
taxation— hot it would ensure 
that stability prevailed. 

- “I- cannot he pushed off this. 
It is absolutely vital to the 
futnre of the Government and 
the country,” he told the dis- 
affected Mr. Erie Heifer. 

The Government believed 
that a 5 per cent limit on pay 
-would preserve the economic 
balance. Bat if that leg were 
broken— and here he had some 
harsh words for Ford’s willing- 
ness 10 break it— Mr. Callaghan 
warned sternly that Die others 
would have to be strengthened. 

That would lilt the balance 
towards higher taxes, increased 
Interest rates, and less public 
spending. The Government 
would not abandon its basic 
policy, he repeated fiercely. 
“ This winter is make or break 
time." The fainthearts had 
better make np their minds 

which side they were on. 

Mr. Callaghan, of course* 
has already made careful 
efforts to help some of the 
minority parties to make up 
their minds. 

The Scottish Nationalists 
had been wooed not only with 
more money for the Scottish 
Development Agency hut a 
firm date for the devolution 
referendum. ’ 

The Welsh nationalists, 
also promised more money for 
their industry, had even been 
allocated funds to educate 
more Welsh-speaking druids. 
Ulster Unionists were per- 
suaded to abandon any ideas 
of opposition with legislation 
to Increase their membership 
at Westminster. 

With so firm a Commons 

base established, Mr. 
Callaghan could afford to joke 
that be wished he were as 
certain about anything as Mrs. 
Margaret Thateher appeared 
to be about everything. 

The Tory leader’s certainty, 
however, included her lack of 
prospects of bringing • the 
Labour Government to a pre- 
mature end. 

She did not know when it 
would go, she admitted. M l 
accept that I cannot bring it 
about in any way-" Labour MPs 
cheered that confession, and 
perkily gave Mr. Edward 
Heath the eredit for extracting 
yet another from his leader. 

Mrs. Thatcher — bleakly 
conceding in passing that it 
was possible to be friendly 
with political opponents with- 

out being disloyal, emphasised 
that fnfiatzo'h would never be 
reduced without strict mozav 
tary policy. “Never, never, 0 
she declared flatly. 

But, with a nod in* Hr. 
Heath’s direction, so to speak, 
she added: “ That does not 
mean yon can abandon wage 
restraint Of course It doesn’t” 
Still, Mrs. Thatcher was cer- 
tain that the 5 per cent limit 
was too rigid to stand op to 
the pressures. 

Too much time had been 
spent anyway on avoiding 
economic decline, rather than 
lifting the country to success, 
she said. Bat then, if there 
was one thing that was sore, it 
was that where there was a 
Labour government there 
would always be poverty. 

We stick by 5% pay limi t says Callaghan 


A FIRM declaration that the measures announced by Presi- 
tiqns from ibis House." Mr. Steel Government is determined to dent Carter to support the dollar. 
sa '°- stick by its 5 per cent wages In addition, he called for a 

He warned against any action policy was given to the House reform of the present interna- 

whicli might suggest that the by Mr. James Callaghan, the tional monetary arrangements in 

Commons was being denied the prime Minister, in opening the order to deal with the problem 

opportunity of expressing a clear Q ueen - S Speech debate for the of the large amount of “ footloose 

view on the matter. Government. money” passing across the 

Mr Hugh Fraser fC Stafford touded this with a warning world’s exchanges. 

Creaf ctenger' exffled ' oSe Bine of the toueh ulonelar >' and fiseai Last year bad been one of 
JjaJ , ‘VDort -ettine confu«*d^!ith P 0,icies 11131 tbe Government economic progress for the UK, 
general Rhodesfan isfue would be forced to mu-oduce - Mr. Callaghan went on. The 

V2 months 

Firm backing 

' H(J ripn .. nrip , - „ r_-_ including the possibility of in- financial recovery of 

fh^ Government thatTfu!l f and creases ic taxation ^ higher ago had led to this year’s 
spnarir*. .iThaii, a interest rates — if the unions economic growth and to our level 

would vf„ Uoirf 3 6 0n Bi ° eham forced through Irresponsible of inflation being reduced to the 

*ouldneheld. wage claims. average of other major indus- 

Tbe Government had a respon- trialised countries, 
sibility to see that the level of As a result of this stability, 
», r . „ . increases was m line with the industrial investment had in- 

wr. Hpffer (Lab. Walton) need to contro inflation, he creased and the forecast was that 
-ISO called [or a separate debate emphasised. We had to keep Id- Sis woSd Z StVtoT U 
on Bingham. It was the general flation emblazoned od our banner there were excessive waee settle- 
the Hou , se , v! hat * ere 35 raaiD •*« ttat had to be S^h^ver there^U be 
ren, I? b .? a M 0 ? 31 debate , on overco me. less f UD ds for new plant and 

report. St.i that we can formu- machinery. 

ac , tmr»eTh”Sld n t d ake e -- lde * b " MeaSUreS 0ur < ™ D ° n '* «* « ro ’ rta * -»* 

The debates on the Govern- 
ment's legislative programme for 
this, the final ses 
present Parliament 

sustained growth, improving we could not improve, our puifc 
employment and living standards, lice services, jobs ^ut. 
In these matters, the Government exports reduced and Our home 
had a responsibility to give a market would be more open to 
lead to the country. Foreign competition. 

He did not scorn the argu 

meats over incomes policy now 
taking place between Mr. Edward 
Heath, the former Prime 


Nevertheless, the Government 

Minister, and other members of was fu]ly a%are 0 f the danger of 

the Tory Front Bench. There stating a single figure- for wage 

was an argument going on in the j ncreases . Some unions might 

Labour Party loo. 


then see the need to exceed the 

Mrs. Thatcher had .raised. the 
question of whether the wage 

a reasonable rate, faster than the 
I cannot be pushed off this, average for the EEC. Unemploy- 

Mr. Janies Callaghan 

A limit on earnings increases feline should be an average 
had an important part to play in ?J 3 norm - B “J 
keeping down inflation and the lt was an A v ff a &nT«i 
Government had a responsibility would happen if Ford, gave a 15 
to sav what the limit sbonid be. P e , r „£ ent P a ? “crease. 

Monetary and fiscal policies Who was going to get nought 
also had a part to play. It had per cent to make up feu: the Ford 
to be a three-legged stool; in- settlement? He suggested that 
comes policy, monetary policy the Opposition seemed to be say- 
and taxation policy. mg that Leyland should then get 

If one of these was weakened nought per cent ■ 

then the other two would have Addressing himself to the Ford 
to carry more weight. If too much management Mr. Callaghan went 

_ v __ nn • 44 Fnrrl’p )>olln o rYllfcl in nklioa 

ftn-Ti ^ Nothing that has been said in men t bad fallen slowly and we Britain had the will to maintain weight was put on one leg. then on: “ Ford’s have a public obliga- 

“liampn? ° tn discussions with many groups had continued to increase our the policies that had achieved all the whole stool might collapse tion, they have a public respon- 
rimorrou- ' SmSS, nn’ can alter our v * ew that the best share of world exports of manu- this. and counter-inflation poliev with sibility to state clearly what 

ii jiruw eaucation, ic = faphirnH pnnrl<; The erave dnnerer was that we am _i u _ j >hnii- 

the minority parties 

Jim steals a march 

FOR A Prime Minister repre- representation at Westminster 
siting a Welsh constituency Northern Ireland has alway. 

aeuUUg “ . _ _ l.j tn iivonf a cmatlor niiTTiHa- 

it was, in racing terms, always j^ a^ept a smallerjiu^e- 

an odds-on certainty thathe of MPs on ^grafts 'that I 

would ctmose St. Da vid’s Day. had its own assembly in Stor 
March 1 as the date bn which mont, a case that disappear*, 
to hold referenda in Wales once Stormont had beet 
and Scotland on . Welsh and abolished. 

Sottish Assemblies. At.the moment one Norther- 

Scottish Assemou Ireland MP represents. 86JJ0 

„ f 11 ;. £f Hagh “ fHnr^hjc Sectors compared with abou 
this little nugget for bis own which is the average fo 

speech yesterday. The Queens- Britain as a whole. The offe 
Speech merely said that drert ^ four or fi Ve jjps wii 

orders would be laid tor tne t Nortiieni Iceland on a fobi 
referenda on devolution. 11 ;„ g with the rest of the UK 
the Prime Minister who ^ seats will not b 


announced the actual date. re aj jy by the next geners 

. - ICttUV RAJ Wiw C**^-*!! 

The announcement oi me G j ec ^ oa and the number wit 

date together with the uitep- deperd oa deliberations c 
tion to implement the report Boundeiy Commissioner: 
of the Speaker’s Conference on inevitably, the Social Debit 
representation for Northern m tic Labour Party .'which send 
Ireland have to be seen in the Fitt to Westminste: 

context of consolidating the (nxiaed its nose up at th 

Government’s hold on the Q necn * s speech. It wanted tb 
Commons through support from j ncrease f 0 be associated wit 
the three countries. The 11 proportional representation. 
Scottish National Party MPs Draft orders have to be lai 

and the three from Plaid debated by both Hook 

Cymru are now less likely to before either Scotland or Wale 
attempt to unseat the Govern- ^ bold its referendum and th: 
meat, which will give Mr. y^]] be given Parliaments! 
Callaghan more time to con- time in the nest few weeks. Bt 
solidate Labour’s position j s new. electoral registe 
before the general election is that is crucial, and that come 
called. into force on February. II 

The case for greater repre- Labour stands to gain mot 
sentation for Northern Ireland from a fresh register, than a 
was unanswerable in the con- 0 id one because its . creak 
text of devolution for Scotland machine is at a considerahl 
and Wales. The Scotland and disadvantage on postal vote 
Wales Acts propose assemblies compared with the Tory part 
for the two countries without K ,, , ' 

diminishin g their parliamentary AUtnOUy IVlOFetO? 


Concern at the Beeb 

KdaV “c™ 15 5 per cent" factured Roods. The grave danger was that we All three elements bad to impact on their prices .this pro-| 

TtiPsrfaV -«nd . Appealing to the unions to There were derisory jeers from would all act as if the threat W ork In harmony to overcome posed wage settlement will have 1 

Rhodesia- ThuMrfav show moderation in the months the Opposition wheo he declared: from inflation was no longer of inflation. “They have a public responsi 

a [j a j rs ' ecoaoiniC ahead, he said that this winter “Our people are better off than major importance. For its Britain had the choice of keep- bility to the country^) account 

Firm barking for nav would be “make or break” on a year ago. There are higher part, the Government totally ing inflation low. sustaining for any price increase they pro- 

camp in the fire i h-ir.L-hln'<.ha5- the economic front for Britain. earnings, lower taxes and a repudiated such an attitude. growth, increasing output and pose to make during £be' next 12 

sneecb r.n thT The Prime Minister strongly reduced rate of inflation.” Overcoming inflation was Lbe overcoming unemployment If months. The sooner^ they say 

programme uuvemrnenis en d orse d the latest package of The question was whether Government’s policy for we did not control inflation, then that the better ' 

Proposing the Loyal Address— 

MPs’ traditional “vote of thanks" 
for the Queen's Speech, and 
approval of the Government’s 
proposed programme — Mr. 

Cledwyn Hughes (Anglesey), 

Parliamentary Labour Party 
chairman, said he could see no 

real alternative to ” reasonable THE GOVERNMENTS attempt Cabinet and Mr. Edward Heath and which the former Conserva- where these were wanted 
control of incomes. 

Rigid incomes policy doomed— Thatcher 

-S* - 


, „ . , by to encouraging higher production 

to operate a rigid 5 per cent on incomes policy by returning tive leader has strongly sup- trade union members. Too much time had beenspenl 

norm in the current pay round to the arguments used in the ported— could hot and would not But she made it clear, under in analysing the reasons for 

is doomed to failure, Mrs. Mar- Conservative policy document hold. questioning from Mr. Eric Heffer Britain’s economic decline and 

garet Thatcher, the Opposition The Right Approach to the But, the Opposition leader (Lab, Liverpool Walton) that she not enough in analysing the 

leader, told the Commons yester- Economy and acknowledging stressed, this did not mean that had no wish to seek to revive the recipe for success employed by 

intc Tnnet f,L-o all rpetroint cViaitIi! Kd - : r TT* ' - 

Shipping Bill 

For the nronnulc n ..t lu,u ““Tl’T 1 ' “““ au,VUL '" iVV i f; ‘V 6 uio out uicou uiai naa no wisn to sees to revive tne recipe tor success employe* 

the Queen's SdcpS. Mr Hnohic day - when sbe r . estated ^ Con ' that - al1 governments must take all wage restraint should be compulsory ballot provisions of our European neighbours. 

Dartk-ulariv servative party s approach to a view on what the nation can abandoned. “Of course it does the Industrial Relations Act in- Their production was 

pui i ii many welcomed the plan inmmK nnlinv afford in additional waee costs, not” she declared. irnrinpo^ h n th, r nn .. n nii.. Tiiaha*- thw «iu«h 

_ r . - -r. -- ‘ ~ * — , — — , , — - , — “•« iitwuuus iu- *uc“ i-‘ivuiivuuii wrn fer 

for n M - - P , .® n incomes policy. afford m additional wage costs, not” she declared. traduced by the last Conservative higher, they enjoyed a higher 

(.?hi _{* ui*",?" 1 ?j I K PP i ms Bl l ’ Speaking in the debate on the ” None of this is in dispute.” Mrs. Thatcher coupled her pre- Government. standard of living and paid less 

pollution d d hp P marlDe 9 uee i ls, T Spee ^ h - ^ hi ® h opene< ! * he ““j. I s in d ^ ole diction that the 5 per cent policy While underlining the impor- tax - Differentials 8 had been main- 

h. Sii-a * i. j , the finaI session of the present is whether that figure is an would fail with a warning that tance of checking abuses of trade taj n®d. and there had been no 
. f0 . 3 fu 1 and e . arJ - v Parliament, she accepted the average, or whether it becomes people should not demand 5 per union power and encouraging wa g e explosion like that expert- 

|V “ (tUIIUUI*>UL| she accepted the average 

rt.khfi r r m r e n nt fh! late ’I!f nt , a r n n a need Eor continuing restraint in a norm. cent fo r nothing. This would' be moderate” opi’nionTMrs^Tbatcher eace d in' Britain. 

t i „ s ! jbJect ’ follow- pay settlements. I say very strongly indeed the ultimate recipe for inflation, rejected any return to the "who Amid Tory cheers, Mrs. 

l-EJ™? 1 " 1 unpleasant expert- But she insisted that this that in our view that figure is . governs Britain ™ conSoveS Thatcher accused the Govern- 

ences over the past few months, should be achieved by strict con- an average and ought never to RorrTQ ininrr of 1974 ^ ment of having Tailed to place 

£5 » i n £iH he , reCeDt Chr,stos tto1 “ on *y supp!y and the be a norm, except in conditions U2rgaiIllDg Swords which seemed to be sufficient emphasis on wealth 

lElEi-u— * 1 , /r K operatj 00 o f policies which of emergency. Increases in wages, she in- primarily aimed at Mr. Heath, creation and of concentrating on 

Mr. Ian Wngglesworth (Lab created tiie right climate for With Mr. Heath listening sisted, must be financed out of she declared: “I believe things redistributing existing wealth. 

Thornaby), seconding the Loyal responsible collective bargain- intently from his corner seat real increases in production. have changed very much since Before the'ending of the seven 

£ ddr *“\ “i d h * welcomed the ing. below the gangway. Mrs. The Opposition leader sug- February 1974. day debate on the Queen’: 

fact that the Government was .Mrs. Thatcher went some way Thatcher went on to argue that gested that the return to respon- Mrs. Thatcher complained that Speech, the Opposition would 

committed to pursue every avail- towards reducing the differ- the stage had now been reached sible collective bargaining would because so much attention had seek to censure the Government 

able means of achieving full ences which have recently where the rigid 5 per cent limit be assisted by the Government been directed in the past to wage Tor its general handling of the 

employment emerged between the shadow advocated by the Government— agreeing to finance postal ballots restraint, not enough had gone Rhodesia problem. 

Fight against evil of inflation will go on 

THE QUEEN said when opening and fair elections and independ- “New ways will b e sought to increase the representation of in Wales towards the cost of bi- Committee on Nursing: and to 
Parliament yesterday: " 1 look epee In 1979, under United help small businesses. Special en- Northern Ireland in the House of lingual education. provide for the scheme of pay- 

witb “A Bill on housing will include meats for those who have 

the provisions for a new charter of suffered severe vaccine damage. 

rights for public sector tenants. “A measure will be introduced 
are a new scheme for subsidies in to extend benefits for the dis- 
our the public sector, more flexible abled and to correct and clarify 
□ew arrangements for the charging of the law relating to social security, 
to interest on local authority mort- "My Government are ex 3 min- 

forward with great pleasure to Nations auspices. couragement will be given to the Commons, in accordance 

receiving the President of “ My Government will continue education and training of young the recommendations of 
Portugal and Senhora Ramalho to play an active part in the people and others lo safeguard Speaker's Conference. 

Eancs on a State visit in Novem- development and strengthening and increase the supply of skilled M My Government 
her. lo visiting the countries of of the Commonwealth. manpower. resovled to strengthen 

Eastern Arabia and Iran during “They will make every effort to “ Legislation will be introduced democracy by providing 
February and March, 1979, and promote successful cooperation to provide additional finance for opportunities for citizens 

to paying a Stale visit to Den- between industrialised and deve- the National Enterprise Board take part in the decisions that sages and further assistance ing schemes to provide com pen 

mark in May. loping countries for the benefit and for the Scottish and Welsh affect their lives. A number of towards the improvement and sation for those such as slate 

■■ j hone in he present in of ... . Development Agencies. the following measures include repair of existing homes. quarryroen who have suffered 

t iie-.ica r,n the nrracian nF the 'They will make every effort to “Following' continued consul- provisions for that purpose. . "Bills will be introduced to respiratory diseases from dust 

rummnnwealth Heads of Govern- ttve„and increasing programme tations with industry, legislation .. Draft order* will he laid im P r ° ve safety and discipline at in their employment, but who 
men meetin- ° ™ of "assistance to developing will b e introduced lo improve the Seiion o provide sea ’ 10 he]p t0 C0T,tro1 ma " De UDab,e t0 obt ™ cora- 

‘ r "; nmant countries, and in particular will arrangements for compensation (£; Veferend^ nn rie vni ..non to Pollution, and to amend other pensation through the courts 

M> Government will con- direct he | p towa rd s the needs of of workers on short-time, and to Scottish and \vSsb Assemblies! as P ects . of merchant shipping because their employers have 

tinue to sareguarcl the nations the p<Jorest peoples of the world, reduce redundancies at times of , °{JJ h^fd whin Sie new ele& legislation and also to strengthen gone out of business. 

a . 2 d . JD 3 _ 3 !. f “Members of the House of high unemployment by encourag- \° r be rfiicfo« e available" lhe enforcement powers neces- A Bill wil] be introduced to 

mnciiita' sary for A 16 safet >' of offshore oil improve the arrangements for 
in th.* 811(1 *? as installations. legal aid. 

tribulitm to the North Atlantic commons, estimates for the ing the alternative of short-time 

A.^ 13 / ,ce and Jinprovement pu t,ii c se rvice will be laid before working. 

of the alliances defence, they ou “Social justice and racial 

Will continue to search for ways » My Lord ^ a0( j Members of tolerance will be promoted 

of developing constructive rela- 
tions with the Soviet Union and 
the countries of Eastern Europe: 

toral registers are 
Following further 

tion an flte g P r °P° saI ? JJL-i'JjJ “My Government remain com- " Legislation will be introduced 
Democracy, legislation wUl be mitted to ^ establishment of a to extend protection for indi- 
introduced to ensure that 
employees and unions are able 

n? d 3 ,i^r P rev^o k ns ^oV“; My Government will pursue every 

available means of moving to full 
employment. They will continue 
to play a leading part, with our 
international partners, in seeking 
an end to the worldwide recession. 

Act oE the conference on 
Security and Co-operation in 
Europe by all lhe signatory 

" Negotiations with the United 
States and the Soviet Union on 
a comprehensive nuclear test 
ban will be continued and My 
Government will work for more 
substantial progress on mutual 

™rSS? P 5^itSy! M S.TS nS p^ Social justice and racial tolerance 

representation^’ oD° r b<J P^Oted through m Y 

boards. Government’s social policies. A Bill 

While" PepeTin s Btosdresu'og will be introduced to improve the 
win be pursued, with a view to funding of schemes designed to 

legislation on changes in the . _ . S? . m 

constitution. structure and help ethnic minority groups. 

organisation of broadcasting, 

improved arrange- 

«mral la ESrepe 0rCe reduCtionS 10 the House of Commons My through My Government’s social to'Te heard^and publie lending right for authors, viduals who entrust their savings 

■- •" -- ~~ - * ~ ken into account. will introduce a Bill for this to others. It wiil Include Bills 

Further proposals will he pujpose as soon as possible. relating to banks and other 

W -My (^vernment will continue G ?,T e ™ m 5" t , ,s p 1 ol i‘ !l “ E olld “- t Th' PartnerslLip FaiTen iito'^ccourit: 

niav a full and constructive Wll l continue to be directed lo between the Government and the Further proposals will ne purpvw as soon as possmie. relating to 
nan in the development and en- overcoming the evils of inflaUoa local authorities in inner city brought forward to achieve My Government will continue deposit-taking institutions, to 

larecment of the European and unemployment, the two most areas will be pressed forward, more open government. It lo press for improvements in the credit unions, and to estate 

Feonomif Community serious social problems facing a Bill will be introduced to remains My Government's intern Common Agricultural Policy and agents. 

^ ’ lhe nation today, and m sustain- improve the funding of schemes tion lo replace Section Two of 1° promote an expansion of food “ There will be legislation to 

_ _ , ing the growth of output which designed to help ethnic minority the Official Secrets Act 1911, with production in the United King- amend company law, including 

SUDDOrt is now Udder way. groups. a measure better suited to dom and its efficient processing strengthening the provisions 

. “They will pursue every avail- Government will seek to present-day conditions. My Gov- and distribution. governing the conduct of com- 

‘‘My Government reaffirm their able means -of moving to lull ensure that respect for the law is emment will continue to make They will also take all patsy directors, and to establish 

commitment to the United employment They will continue maintained and will stire full information on public policy measures necessary to conserve lhe Crown Agents as a statutory 

" lte -« — 1 — — i 31 — — - **- - — — 1 ® J ? ■ — '•-■-i* fish StOOKS and ***111 AAMl-mnu r* ^r\np-i linw 

to the 

Nations and tbeir support for its t 0 pi ay a leading' part, with our CTin'nDrr^To ‘strenethemng the m °re readily available. * ®® h . stocks and will continue corporation, 

peace-keeplog role. They will international partners. In seeking SJfiw service E?5y Sort will their efforts to achieve an A Bill will be introduced to 

work for a fair settlement in an end to the worldwide reces- he made to recruit the aid of the accep ta ble Fisheries improve procedures in commer- 

and will support .H sion . who^ commum^ to def ea t iml J^dUCatlOfl Policy w, thin the EEC. cial arbitration. 


endeavours to ensure a just and 


lasting peace in the Middle EasL 
“Mv Government will make “Oinestic 

Building on the 

stronger and vandalism. 

“My Government re-affirm “Scottish Bills will be intro- 
Uy Government will bring their commitment to the re- duced to improve criminal justice 

economy now “ 1° Northern Ireland, My f orwai -d proposals to amend the organisation of lhe electricity and criminal procedure in Scot- 

\ lIQlncr t nn hnn^fife nF r.nviitmmafit nr II momtoin thair » . a ^ m-n ^ . j ... . *** ul#ul 

111 V I 1(1 VtrrillllvLlL Will .. ■ _ , _ , ^ _ #• , - _ ... ... IWI wuiu i«iuu*/«na — O *** v«\.vu I'-ikJ UUU Viiljliuui I'l^vUUiC LU DlTU L- 

everv effort with the United and Vi S FF.t he , be " efits °! Government will maintain their Local Government Aet 1972. in supply industry in England and land, to establish a system of 

Nations to achieve peace and U rL f ^, r i^ r t fLI rapr 1 ??n ^ ffor J s j° establish a form of order to secure lhe better func- Wales, and will introduce legis- registration of title lo land, and 

justice in Southern Africa. ^ r overy f ^ devolved government acceptable Zoning of local democracy in a lation for lhis purpose. ' •--- 

. for other purposes. 

Fresh support wll be given •’ My Government will continue 
to enable the National Health their programme of law reform. 
Service to fulfil and extend its “Other measures will be laid 
relation to services ro the public. before you 

“Bills will be introduced on “My Lords and Members of 
intro- lhe regulation and training of the House of Commons, I pray 
with the Trades Union Congress standards and increase oppor- duced to improve the law on the nursing, midwifery and that the blessing of Almighty 
and the Confederation of British tunities for employment. education in England and Wales health visiting professions, on the God may rest upon your 


a^ne^olialed settlement, jnvolv- ductirity ■ account netore tne courts. consumer voice in 

ioc at] the parties, which will be “ Iu all these matters. My "My Ministers will work nationalised industries, 
acceptable to the people oE Ministers will cooperate closely energetically to improve living “ Legislation will be 
Rbridesia as a whole. 

In Namihia. they will main 

tain their effort to secure free Industry. 

“A Bill will be introduced to and to enable grants to be made lines recommended by the Briggs counsels.’ 




THE BBC is likely to conduct casting Authority, would depea 
a major public relations cam- on the state of the natidn 
paign in a bid to head off the economic resources. Howeve 
passing into legislation of White action of some sort iu thefiel 
Paper proposals to set up Gor- of . broadcasting cannot b 
poration management commit- delayed indefinitely. The BBC 
tees, half of whose members present Charter expires at th 
would be appointed by the end of July 1979 while the ml 
Home Secretary. This direct of the Independent Broadcas] 
involvement of Government ing. Authority runs until the en/?* 
nominees in the day-to-day December 1981. J 

running of the BBC has already ™ main provisions of th * 

provoked alarm within that year’s White Paper, which is t 

organisation and indications basis for legislation ft 

that the Government has not greater involvement of , tt 
changed its mind is likely to P. ub !* c » *e running of tel 
deepen that concern. *“*"• ^eluded the setting t 

However, the use of the of an independent Broadcastir 
phrase “ with a view to legisla- Si™?*!”? . Commission 
tion" suggests that Govern- ^ l . c . h ™^ers of the puhl 
mental determination falls co ^ r JV™*: rlinfSTi| . . . 

somewhat short -.of total, on „ r -Sf 

the issue. This is underscored 

fay the fact that the Queen’s * iShS *lJS£ m th- 

“ ed , h i n IS rov0 ? ff ar f a " ge ‘ these conversations will be th 
ments for the views of listeners BBC who now ^ otUy - ha , 

and viewers to be taken into ^ W01Ty of their cash sbor 


fall to face but also the co’ 

^ I* has ,0 " g been ttought that ^ 

the setting up. of the fourth involvement "in managemei 

television channel, which under appointments. 

present Government plans . . 

would go to a new Open Broad- Arthur ISaildK 



Tenants’ charter” 

GREATER EQUALITY between rents- rise, on average, no fasten 
private and public sector lious- than incomes 1 a 

JR oi«renim(prtt’^ nTaffnrm ^ further assistance is promisel 
fhe Qovernment-s platform. The for j 0Ca j authority mortgage-'. 
Housing Bill outlined in the ^ more flexilj ] e rufi 0 

^ Ue ^L S n? Pe !' ”bf r ™ P fS Interest charges enabling corn 

CI,S t0 fcee P their rates, in' lu 

Thic wnnJH crivp Tpi those of ***» huildin 

lQIS would them brosdiy eQpjgtjM Councils arp alw t 
*“ bc iuowed gSUpc tV 

JS!??: guarantees to societies whic 

tfiem a staratoiy right to par- ^pTo^ho^ng preblems h 
bdpate in the running of their Ien(Ull ^ older, P inner dt 
estates, and ensure a fairer and . ' • 

more open allocation of council pr °? ertieS ' 
bousing. Changes in the optio 

A revision of the Govern- mortgage system are also aime 
menfs housing subsidy policy is increasing the flexibility c 
also promised which will retain cos * home loans by. enablin 
the no profit basis of the existing borrowers to move in and ot 
system, take account of local of the option system mor 
rate income and work within easily, 
the Government's genera] prices T , D 

policy by ensuring that council JOEUl IS re nil HJ 


Mixed blessings 

THE “legal lever” used by tribunal - designed to read! 
many parents to force their decisions quickly. Anyone rc k 
local authority to admit their maining unsatisfied would stiJ 
children to the State school of be able to extend the appeal t 1 
their choice is to be dismantled centra] Government and there 
as part of an Education Bill due after to the courts. 

bGl0re The BUi i! 8,50 t, 

Christina.. increase representations o 

To ise the lever, parents keep p^nts and tMchers 
duldren at home until the local schools . EO vernine and manae 
a uftorilyi5SU«a schod attend- i*7 b^i^andfo 
Mce order. The parents can national committee to supervifii 
invoke Section 37 of the higher education in poly 
Education Act which requires tech nics and coUeges run * ’ 
the Secretary of State to uphold Iocal authorities 
the parents’ choice of school w»r*h or * h 

expense.” 0 **** financing ofhighereducati o ; 

-remove this device by empower- ronrspc nm ■ -inmtiv in irk 

if S^ dU ta“S«f‘ h t^ eS ' and EEC in a fa, 

particular’school w« 

“ e r ring . tid ‘ er SSw be given to ST, | 
admimstratio 11 , the change National Engineering Scholar 'll 
would help clear obstacles sjjjpg 1 

which hinder local authorities The Speech also fore 
Bavmfi money by closing shadowed the establishment— 
old, ill-equipped schools as probably next year — of machin- 
pupil numbers fall ery by which the different 

To temper the authorities’ sectors of the economy, the 
extra power, the Bill would industrial training boards, and 
require them to allow parents the Manpower Services Com- . 
a choice ana to provide infer- mission will co-operate to 
mation about the courses, identify impending shortages 
structure, disciplinary. methods of skilled employees, and fore- 
and so on of each of their stall these by funding extra 
schools. In addition, parents training among young people, 
would be able to appeal against . . „ _ , 

school allocations tb a. local . Michael .1/1X00 - 


TOTO'g^ NCTem^er 2 1978 

for short-time working 

&*il YrX 5 ' * 


“ «a jk„ ^ik, ; ; 

ftS Q^-n " * ?T0|wJ^ ^ 

M n t S>°SLff^w« ?"? benefit. De- The last time that pay for tripartite agency funded bv 

j. S^nv l*t dLj: S‘Sttime^iwS?5SJte»iS hv^i nrfSSL i^rHnn !?/.,* °[ Refinancing and cost shorL-lime working was a major Government, has asked industry 

aStea, "'“ “iSSL-** 2 1 not be known until a White issue was of course during the to investigate ns manpower 

gjajj. 1 ffriifcwiw^” f - ^ T S, ls pro , duced - Conservative Government's needs and plan with industry 

iStf Mp ? nt ' D ft .. W °ri5r S :f h .u r } L employers already have three-day week, when industry training boards hnw to secure 

wa> WS . "“'SJ?* If 1011 w unnwmentt. some was being hit by the ] 974 for the lands of skills it will 

SRjgS’PtentSf t"0-p™»6eff mm’<M W nmw National times known as the “guaran- nunera' strike. Then many need, 

ifa'as V “ She £» b “ n ?***&&"** »" eortfihutons - w* teed week." The Government is workers found that by judicious As 

for adult training, the 

aiming to provide a use of their company’s scheme MSC is expected to announce 

KSf f *Jtir 0 r*A S ^ .unetnplqyfeeqVand beefing week— and by toe Exchequer, minimum statutory entitlement and the social security "office in a week’s time revisions in 
3t£v m *•*$£?% nP'State.frainin^and re-tinning- - Bu t in' -fitneaV of high m line, it says, with other EEC they could keep their earnings the Training 

as a ■‘■ hj’f ^ or protecting 'jo'b’s at a time of sibJy '0.15 per 'cent, or lOp a really 

S® t * r fuur V high unetnployhunV and beefing week— and by 

gthes^ of njgn in line, it says, with other EEC they could keep their earnings the Training Opportunities 

unemployment. like the present, countries like West Germany, pretty much at par. Yesterday Scheme (TOPS), which had a 

employers would be able to re- France and Italy. Whitehall was anxiously rebut- throughput of 80,000 people 

j- v-c a -*jj — -«-g- -r — — — — t coup theirestof that cost from Something similar has already ting suggestions that the last year. 

■f-P'JRd too ' ^ > . The shgrt-Sme . working plan the.Exchequer^provided they been introduced, incidentally, present Government was mov- The Government is also to 

. ■* -- they bad put in response to EEC complaints ing down that path, or paying work out ways of compensating 

i tixne .as an that the Temporary Employ- workers to stay at home. workers suffering from lung 

. . ■ uic w, . -r . — _ ... . r— w— ^ - -- .making them ment Subsidy— particularly iu On the training front, the diseases caused by dust — for 

5. iAbrjur p ar .r';i!t 75 per ceiiL:of normal .pay- for redundant the textile clothing and foot- Queen's Speech referred to the example in slate* quarries— 

F;tt each-day Io$t np to a' maximum The gross cost- of the; scheme wear industries — breaches EEC special problems of the young whose employer had gone out 

Sff its QOi . ■«&. of seven consecutive . days! They was estimated ' in April at competition rules because it and of adults forced to look of business. 

I?* 4 -* Speech r would agi; be ablc jto .ciaim>£490m. bui-thaf would be offset subsidises the employer and not for a second career. The Man- 

-*■- * ' unemployment. .benefit at the by. -savings, in’ redundancy pay the worker. power Services Commission, the 


me to b* 

S“*2 repi^3 

Aft orders ; a ? en! af 

Rebated hx- 

. Christian Tyler 


■<» -the nerr 
» fniciai. 

-force on 

A bilptt^ towards EEC practice 

FOR THE; first ' time' in several Tlie -hlstnor of Tecczrt efforts a result, in July the Department of a director's duty to his com- legislative distinction between 
years company Iegfel'atibn. is to at -reform r can ;be ; traced back of Trade took the unusual step pany. as follows: — public and private companies. 




“A director of a company Thus public companies would in 
shall observe the utmost good future have to : include an indi- 
faith towards the company in cation of their status (probably 
any transaction with it or on ** publicly limited company." or 
its behalf and owes a duty to ‘'pie") in their titles, have a 
the company to act honestly in minimum capital requirement 
the exercise of the powers and uf £50.000, and wuuld be obliged 
the discharge of the duties of to call an extraordinary meeting 
his office." of shareholders whenever the 

On conflicts of interest, the company suffered the loss of 

Pf.. . stands t j “ be given legislative priority -in. lie Heath . administration’s of publishing in a White Paper 

a' fro.n ■ Parliament. Indeed current indi- 1873 Companies Bill: This fell the detailed draft clauses which 

“*“• bec3-j4’ : * : ^ ca t»ons- : are that- the new. Bill .with the changed? Government would have been enacted had 

j$ ar ! ** : i will he published - this weefe in February 1971 The present there been legislation. 

IvaBtagu .-. n probably Friday, The proposed. Labolir admimstfetion has pub- This is the document which is 

iared in-..^V r tl changes represent the; most lished proposals-for refonning now expected to become the 
' ' ' ^-7; significant am endm ents' / to company reports,; for. imple- new Companies Bill. Its mosr- 

onv \liw. Br] tish . corporate" legislation thenting the EEC Secbnd Com- publicised proposals un- 
- ■ since the -1948 Companies Act pany -i^iw - Directive and for doubtedly concern the bar on 
They also - mark the beginning regelating the eondHct insider dealing. But the guts 

of the process which will bring pany directors. In addition, of the document is probably While Paper said that a director half or more of its share capital. 

British company law much more company; law addicts have had rhe proposals to codify the shall not do anything, or omit -preparing for Changes in 

into line witfc , other : EEC - to cope: with the report of the duties of directors to tighten up to do anything, if that gives Compony Lair " is Hie liflc of a 
countries. . - Bullock Committee on indus- on directors’ loans, and to deal rise to a conflict, or might timely booklet published today 

Changes ,in ;cortipa‘ny ; law trial dgmocracy and the subse- with conflicts of interest. Oddly reasonably be expected to do 'city accountants Peat 
have -baat ^.‘proposed;; in qaeht White -Paper in May enough, present directors have so. between his private interests Marwick Mitchell Copies may 

numerous official documents in For -a while it semed that to look to relatively ancient case and the duties of bis office. t>«? obtained, free oi charge. 

recent years. .•'Bat barring the some legislation might have law judgments to determine The most noticeable impact f rom jh e firm s Library. 1 , 
relatively -minor 1976 Som- been introduced ^ in the last what their duties are. of the planned legislation arises Dock. Blackfriars, Lon- 

panics Act ^here ■has been.ljttie parliamentary. session. But pres- The July White Paper pro- from the EEC Second Directive. (ion £C4V SPD. 
prospect of amendments rgach: sure .of time-;once again pre- posed to change this by intro- As a result of this the UK 

Daily Star launched after 
agreement on staffing 


PRODUCTION of the Daily Star, based Daily Star may never management and the chapel 
Britain’s first new national news- have been at risk because of tbe would be damaged if the pre- 
oaoer for raaov years -ot under s«PP° rt *e " ew Paper's NGA vious agreement were revised. 

i.c! Vi chapel (union branch) and The agreement provided for 

way last meat witn tne last- branch officials for ao agreement substantial pay rises to the Man- 
minute Diessing ox national print reached previously on staffing Chester printers for producing 
union leaders. levels. This had not been 1.4m copies of the Daily Star in 

The National Graphical Asso- endorsed by tbe national council, addition to 1.1m copies of tbe 
ciation lifted its threat of indus- although it provided for a Daily Express, 
trial action against Express review after 12 weeks. The Daily Star, being launched 

™. , h “ -™ nt But the NGA leaders this week with the backing of a £!m 

Newspapers, the parent &roup, ma( j e jt clear that if tbe agree- advertising budget, will compete 
only late yesterday afternoon meat were not revised to meet with the Sun and the Mirror. It 
after endorsing a revised agree- the council's demands, action will cost 6p. The initial circula- 
ment with management over might be taken in Fleet Street tion target will be lJ5m through 
staffing levels on the new paper. t 0 s j_ 0 p publication of the Daily circulation in the North, and a 
An agreement that staffing Express, and possibly the Sunday full 2m when it starts full 
levels should be raised was Express and Evening Standard, national distribution in the New 
reached affer more than 15 Mr. Les Dixon, general Year. 

hours of talks wiLh management, president, said last night that a Mr. Jocelyn Stevens, managing 
ending early yesterday morning, major union principle had been director of Express Newspapers, 
followed by a long meeting of satisfied — that jobs should not be who with Mr. Victor Matthews, 
the union’s national council. sold for money. chairman. attended Tuesday 

There was also agreement on Branch officials in Manchester, night’s talks, said agreement had 
the unions* chief demand that were threatened with disci- been reached to increase staffing 
ghost payments — or payments in plinary action by the union after by printers from 124 to 129. He 
lieu of staff to those printers they had said they would dery its added that printer's earnings 
already employed — should be instructions not to produce the would be higher until regular 
eliminated. paper without national council staff were phased in. The new 

The launch in the North and approval. They warned earlier paper would provide a total of 
Midlands of the Manchester- this week that relations between about 300 new jobs. 

Ellesmere car men 
delay strike action 


TRANSPORT workers at Vaux- across-the-board 




aig A ?7*K 

Sie.'.-sta:-.- ;: ;- 

Jiaic resrtur;-: 

sons** »t-.~ 

«3P?SMas*t;:-4 C -T.; 


-indeSn-io'T 7^. 

SB*' Charter 
ifJu.’y :& 7u ... 
to - Iisdep-n-i/p- t .’ 

ijgtlpr Sty ;r \ 

68 , Wfl ? >er l-** 1 

gTwb-rj n- .. 

it/.av. -• '■ 

tH"!’-' - V. • 


ing the. statute book..^ 

t vented this from happening. As ducing a statutory description committed to drawing a clear 


Michael Lafferty 

Eirpectiiig the public’s savings 

tZttsn ' 

v" 5b* 

THE OUTLINE of .'jtbe. Gaverp-. .legislatfqil on credit unions was deposit-taking institutions. A institutions got into trouble. The legislation covering estate 
meat's . planned /legislation .to. published. : two-tier system will be set up Under the proposed legislation, agents is expected lo be 

•- protect people Who .“entrust' The planned -banking legisJa- under which recognised banks the protection would be limited modelled on lhe previous private 
. their savings, to others,” has tiop has the general support of wilL be exempted from the to 75 per cent i»f the first member's Bill, requiring estate 

already been . published. ^ The; ; tl»,J»anks and 'finance houses, licensing rules, but subject to £10.000 of any deposit. agents to have indemnity insur- 

proposals are not contentious, ;though each group has reserva- dose supervision, and will be The Credit Unions Bill was ance against fraud and malprac- 
and the intentibh to. ipato?; Par-: tibiis about certain section^ of the only institutions allowed to drafted at the same time. It tice involving loss of their 
liameHtary time available tqjmt ag' dra/t BilL' lt wfll fulfil- a- use the name bank. Other insti- foUows growing pressure for the clients* deposits. The Office of 
S£e |5,7v tbem.. : ihfo .effect. pdlf ' be. wel- >minhi»V''- of functions’ sorting tutions, including perhaps 200 position of credit unions— Fair Trading would be given 

|T?!ir t3 ; : t : ;* coined by 'mbsr meiHbers oi the our tire 'cdnTifslon in UK bank- to 300 of the finance houses, will groups of people who agree to powers to forbid particular mal- 

. industriek-dlrectly affected: the -ufg Supervision exposed hy the require licences to continue to pool their savings to create a practices and in extreme cases 
- banks, finance houses, credit fringe bank crisis, confirming take deposits from the public, source of credit for each other to ban an agent. The Bill had 
unions' and; estate agents. ... .. . the role of the Bank of England Tbe maih protection for* the at favourable rates of interest — the support of the main profes- 

For example, legislation to .as -f : the • central supervisory public will therefore be given to be given a formal legal and s j ona i associations involved, the 

• formalise the Bank of England’s authority and- meeting the UK’s by the further extension of supervisory framework. present Government and many 

; supervisory role and 1 to_ set up obligations under, plans for the official supervision of the Under the draft Bill members other MPs jj Ut foundered on 
a system of licensing for all . bannonisatibn of .legislation Seposit-takiDg instiiutiohs. But of credit unions would be V .. niimhitr 

deposit-taking institutions- is-withln the European Com mu- the pnH>osals set out in July required to have a “common up / f 

overdue. The original White fruity. also included a deposit protec- bond"— such as working in the of Conservative members wnu 

..... . - Paper was published over two : The main item in the draft Lion- fund, backed by contribu- same factory — and the unions objected to the increase in rhe 

" ' .Arthur years ago, and the main pro- legislation' -was the establish- tions from banks and deposit- would be subject to supervision powers of the Director General 

: ■ posals were, set out in .'-a; 'draft meat-far the first time of a com- baking institutions, which would like other provident societies by & paj r Trading. 

Parliamentary BUI last Ji^\ . .. prehensive system of licensing offer protection for smalt the Chief Registrar of Friendly 

At the sme time, the proposed - and control • of banks and depositors in case one of the Societies. 


Wrc" i*. 
Jf-ttWf- ft:.:.- 
%h r *. r*4. - 
Wtzy i,\ "■ 
^-.-iarE r/j.: 

4- ttlVa: 
racier* :• 

Michael Blanden 

i&pr :-=-•■ 


^ tijh-sr:* 
jr keep :h 

thoi* v : 

Ifrs -C'::' 


&Cb\ fc 

12 v'U : ' 

BET hr-tt;-.- 


nr- i.'r' 

for large and small 

• ■' • ■ . ’ '• 

GOVERNMENT AID;. for . the departments include tax con- £720m. The Bill will raise the major companies such as BL. the regional agencies are in- 

:• develppmentrof industry during- cessions directly tied to invest- limit to between £1.5bn and formerly British Levland, and eluded. The Scottish Develop- 

: the ioHiing' year will include- meats in small firms, a govern- £2bn— the precise figure has yet Rolls-Royce, plus specific pro- ment Agency's current limit 0 f 

- further initiatives ttf help small ment-backed bank loan guaran- to be decided by Ministers. jects such as the NEB's INMOS £300m will be raised, even 

^ firms plui air increase in The tee; facility; and a campaign to This will meet with consider- micro-chip venture. They will though it has yet to exceed an 

total amount of investments that encourage large companies to able opposition from Conserva- also point out that the Bill will intermediate statutory threshold 

can be haridled by the Nation^' Tielp with the development of live MFs although they are un- only raise the total limit nf of £20001. Similarly the Welsh 

£• Enterprise Board; arid its Scot- small firms. - Ukely to be able to stop the Bill money thai can be ^ade avail- Devel nt Age iiniit of 

.- tish and Welsh counterparts. • The funding of the NEB and becoming law The Conseira- able-the precise amount alio- * 

The help for small firms is the Scottish and Welsh Develop- tives may also try to amend the eated in any ope year depends w “‘ *»° v p * e ^ e ° l 

irt- nf the continuing ■ worlr-ingnt Agencies will be the sub- Bill so that it includes the on what is laid down in the has yet to exceed its inte 

Accounts Committee’s Public Expenditure White mediate £100m threshold. So 

the Bill may approve the passing 
s passage through of the intermediate thresholds 


hall’s Ellesmere Port car plant £1.28. or a further 1.75 per cent, 
yesterday drew back from a National union officials will 
strike against the company s nieet the trade union side of the 
guideline-breaching pay offer to company’s joint negotiating com- 
give national union officials time xnittee today. The union side is 
t0 ^ res * an improvement. deeply split on the offer and on 

of^e m G e e m n b e e rI! }■& 

whelmtogly U to °a°cep\ 0 their ship .J^ 00 ,“ n . d n ? u ? slub,e . officia,s 
stewards' recommendation to wiJJ be lookiDg for an increase 
defer the strike, due to begin ^ the diffeerotial payments for 
yesterday. Workers at the mass craft grades, and for movements 
meeting made it clear that sup- on the rest of the company s 
port would have been given if productivity scheme, which some 
the stewards had called for an union negotiators believe could 
immediate stoppage. yield between 25p and £10 a 

Shop stewards representing tbe week, though mainly for the 
5.000 engineering workers at the Dunstable plant. They also want 
planr voted earlier this week immediate consolidation of the 
to defer strike action until offered £1.28 performance supple- 
Noveinber S to allow the com- menL 

pany to put forward a more Ellesmere Port representatives 
acceptable offer. The transport will be more particularly looking 
workers, however, set no date for an increase in the basic pay 
for the postponed strike action offer. 

to dlart. Vauxhal] still faces a further 

A strike by the transport strike by 4.000 General Motors 
workers would have isolated skilled workers, who have said 
them from the rest of the com- they will take action from Novem- 
pany's workforce. About 13.000 ber 10 unless their grievances 
workers at the company's Luton over eroded differentials are 
and Dunstable plants voted last uiet. 

week not to strike on the com- a strike by these workers 
pany's previous pay offer. would have a serious effect on 

The offer on the table gives Vaushalis vehicle production, 
increases ranging from 4.7 to and on component production by 
6.3 per cent for day shift AC Delco for other car com- 
workers. and 5.5 to 7.9 per cent panics. A six-week strike last 
for night thift workers, plus the year by the skilled workers 
first part of a productivity stopped all Vauxhall production 
scheme which would yield an and laid off 19.0000 workers. 

BL men in 
at Dyfed 

By Our Labour Staff 

Drivers’ pay claim poses 
dilemma for hauliers 


MORE THAN 300 employers in further negotiations with the 
the Scottish road haulage in- Transport and General Workers 
dusiry yesterday d, seated hew to men bave deman ded 

they might resolve a threatened guideline-breaking increases of 
industrial dispute by 5,000 lorry between 20 and 30 per cent, 
drivers. A recent report from the 

At a three-hour meeting in price Commission recommended 
Glasgow, they considered a for- that tbe employers should not be 
mula put forward by tbe Road allowed to pass on to customers 
Haulage Association’s Scottish cost increases resulting from pay 
council in preparation for rises. 

the Llanelli. Dyfed pressing 
plant of BL. formerly British 
Ley land, walked out on strike 
yesterday over a pay dispute. 

About SOO manual workers 
were laid off yesterday, and pro- 
duction at lhe plant could be 
seriously affected. 

The dispute is another case of 
engineering's particular offset- 
ting problem under the incomes 

The 600 members or the Amal- 
gamated Union or Engineering 
Workers, are employed mainly 
in maintenance and service work 
at the components factory, 
although a small number work 
in production areas. 

Trade union officials said 
yesterday that the dispute was 
over the national engineering 
agreement which increases pre- 
mium rates. They said it should, 
have come into effect yesterday, 
but BL said an increase from 
that source would break Govern- 
ment pay policy. 

The company claims the en- 
gineering workers were paid a 
10 per cent pay increase in 
March. The engineering 
employers and unions in the 
Confederation ot Shipbuilding 
and Engineering Unions signed 
a national agreement in April 
which had the effect of changing 
premium rates for shift allow- 
ances as well as raising national 
minimum rates. 

BL said yesterday that the full 
10 per ceol was applied to grade 
rates, so nothing was left for 
premium rates. If the new rates 
for premium payments had been 
applied at the time, the money 
available for grade rises would 
have been 10 per cent Jess than 
the figure for premium rates. 

• The 750 workers laid off from 
BL factories at Cowley because 
of a dispute at Birmingham have 
been recalled today. The dispute 
has halted production of the 
demanded ! Princess range. 

part- of • the continuing work- ment Agencies will be the 
started a yearago by Mr. "Harold iect-of-a Bill to be introduced Public 
' '. Lever,- Chancellor of the Duchy in Parliament before Christmas proposal that the Comptroller Paper. 
nf Lancaster, bn the co-ordina- by Mr; Eric Varlcy, Industry and Auditor General should The Bill 



tion of the Government’SjSmaU- Secretary: .. . bave direct access to the Parliament will be eased be- as weJI 

firms policies. At present'- the NEB has a NE^’s books. The Government cause the Government can count 

Innovations currently under borrowing limit of £lbn of will stress that the money is on the support of Scottish and 
discussion, by. ... .government has : us€d up more than needed to meet the needs of Welsh Nationalist MPs because 


as extending the top 

John Elliott 



c ft r ; - 

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A stronger voice for consumers 

THE GOVERNMENT believes Plowden CommitteeTeport more supreme management body of in relation to nationalised indus- be that consumer representa- 

thar ■ tiie’ perfoYraance of- the. than two years ago, the case for the industry, wito line manage- tries will, if it becomes law, tives will be welcome upon 

nationalised industries will not a ftiudamental reorganisation of ment responsibility for electri- give consumers greater opport- their boards as tong as those 
be a General Election ' issue, the structure of the electricity city generation being held by unity to discuss rail and bus people are prepared to accept 
Thus le°isIation for - the Indus- supply industry- has been un- the Central Electricity Generat- fares: gas and electricity collective responsibility as 
tries in the final. ParTiarrientary deniable. The present federal ing Board. It is not yet dear charges, steel prices and postal g oar( j members for running the 
session' will be confined to two structure of the industry is un- whether the area electricity and telephone charges at Board industTies . 

-S s^cur L“tssLiya — * »t also t un h ^ a z ie \t Bi „ ...a U p„„ ™ r .«d in d» sr 

of ’the electricity supplyln- pace, of change of modern in- whether Mr. Benn will retain the recommendations uf the are opposed in Board members 
dusto’ iTT-En^Iand and Wales: dustry. , his power to appoint their chair- White Paper on the nationalised who would listen in without 

andVgreater say for consumers: - The Bill is' expected to pro- men. industries published in March, assuming responsibility, 

deahngwith the public sector, pose. a new central electricity The proposed Bill to The attitude of the nationa- „ ij i 

Sihro the publication of the corporation to act as the strengthen the consumer voice lised industries is expected to Koy HOOSOII 


A slow march to worker directors 

PREPaW ATrnisr flF a Bill on next summer. Boardroom seats in a two-tier issues to be sorted ont and formation, whether some busi- 

SESof been The BiU will be based on a company Board structure. because of this the Queen’s nesses such as banks or news- 

whlwtodf for White Paper published in May Broadly this would be based Speech yesterday made it dear papers should be exempted, and 

hdt it J “w ev fouowing last year’s Builock on trade union representation that I the Department of Trade, whether a special Industrial 

that the Report on worker directors. The in wbat is known as a “single which is responsible for tbe Democracy Commission should 

tremeiy uniiKeiy ^ in document attempted to patch up channel ” system although the subject because of its responsi- be set up. 

forfthT n^^p b nere7p!ectiou the row caused by the Bullock White Paper did acknowledge bility for company law. is to Also linked with this Bill is 
the nrob-- 'Report. ' that some provision might have continue consulting with both the plan contained in the 

w & SSI fare in - It proposed that there should to be made for what is called sides of industry, even though Government’s general company 

Jems that Ministers taw ^ ^ an. immediate statutory " homogeneous groups of non- the official consultation period law proposals for company 

on private sector unionists. ended a month ago. directors to be statutorily 

employing more Because of its overtones of The practical issues, which required lo take account of 

- ■ r> , 

Mil** 1 


making some ■ key decisions, as oe an 
RBMfiMhe-BiU will almost cer- obligatiim 

be- pubHshed^ before . ?b^j P 500 people loconsult their trade union power, this single were left vague in the White their era pioneer’ 
lf» aodlt 1 I ? ay th b P VSe employees about major com- channel issue is the thorniest Paper, include the treatment of 
later. -J'her^; would -^tiien be. employees aonm j political problem facing multi-nationals and other ~ a " tbose Qf 

v^wlly -no chance o£ it com- W . d f^ t ^ employees Ministers. groups of companies, the safe- holders ’ 

j: ^ g 3g . e ,. 1" !., un to a third of the There are also practical guarding of confidential in. 

interests as 
their share- 

John Elliott 

Singer fights job threat 


SHOP STEWARDS wil ask the machine division at Clydebank 
4 800 workers at Singer's Clyde- only if there are reductions in 
bank factories today to back a and substantial new 

proposal which could save 1.000 epj lc stewards accepted at a 
of the 2,800 jobs threatened in a meeting yesterday that some 
rundown of productoin over the jobs would have to be cut. But 
next three years. they have chosen the option 

TTie plan, which is being kept which promises the least redun- 
secret until today, is one of four dancies. 

options for the factory reconi- They will need the overwhelm* 
mended in a 120-page report by ing support of the whole work- 
PA Management Consultants. force if they are to persuade 
The report cost £100.000. and either the management or 
is understood to confirm the Government agencies to provide 
viability of the industrial sewing the necessary injection of funds. 

Bank union 
‘given right 
to recruit’ 

THE NATIONAL Union of Bank 
Employees claimed yesterday 
that it has been given permis- 
sion by the TUC Disputes Com- 
mittee’ to extend its recruiting 
in F.C. Finance, and claimed 
that the Clerical Workers' 
Union would have lo stop trying 
to gain members there. 

NUBE said yesterday that it 
had had members in F.C. 
Finance since 1973 and had been 
pressing management fur recog- 
nition and negotiating rights. It 
said the clerical union did not 
start to recruit there until 1977. 

The TUC Disputes Committee 
had taken into account that the 
union already had a rinsed shop 
agreement with the Co-operative 
Bank. lhe parent company 

which. NUBE said, holds 85 per 
cent of F.C. Finance. 

Manpower Services Commission 
plans Jobcentres expansion 


A BIG expansion of employment result of high unemployment and will he increased and an experi- 

serviees, including Jobcentres, stangant employment growth.” mental system is being run of 

was announced vesterdav bv the To reduce unemployment to premium payments for workers 
was announced jesieroay ny ine Jm within (he next four ypars wimng l0 move lo key vacancies 

Manpower Services Commission. woul ^ re q U j re nearly 1.2m addi- that are difficult to fill. 

The plans, which put particular tfonal jobs. The report says there are 

emphasis on the training of The report says that mieor- clear indications that dilliculty 
skilled labour and the needs of electronics, particularly silicon in recruiting skilled labour may 
those w r ith special difficulties in c hjp micro-processors, are a act as a constraint on industrial 
the labour market, have tbe development which will displace expansion in the future, 
broad approval of the Govern- workers and require them toi 
ment. retrain. In the long term, how- 1 

Tbe commission’s review, lay- e ver, they would provide opoor- 
ing out its proposals for the next tuniiies for creating employment, 
five years, makes specific refer- The commission expects its 
ence to the poor employment present yearly expenditure of 
prospects in areas of Wales and £696m to rise to £7S3m next year 
and lhe serious difficulty of high (at constant prices) and remain 
and prolonged unemployment in between £790m and £S00in until 
Scotland. It says the commission 1983-84. 
intends to make its services 
more responsive to the needs of Experimental 
those areas. ' “ 

The commission assumes that _ It intends to set up 1W new 
the task nf creating employment job centres a year up to 19S: ibd- 
is likely to become more formid- At the moment it has about 500. 
able and that it will be difficult Mr. Richard O'Brien, the com- 
to reduce unemployment nation- mission's chairman, said yester- 
ally below the present levels by day that JobcenLres were placing ; 

1982. 31 per cent more people in 

His report, coming on the day permanent work tbun the Em- 
of the Queen's Speech, which ployment Offices they have re- 
promised more attention to job placed during the sis months 
preservation and training, says: since April. 

‘The labour market seems lo be Grants and allowances paid to 
polarised to a great extern as a people prepared lu move jobs 


Financial Times Thursday Noven>b^' 2 1078 




Permanent and long term capital 
for the successful private company 

Also a -wide range 

Selective finance for property development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 

For further information 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, 

GrEs fr-T’n Tmg Trri R a r ri ng tnn Hotisc, Gresham Street, T nnrirm HC2V 7HE 
let 01-6066474- 

Birmingham Oifice Frimond HnusfiNewhafl Street, B irmin g ham, B33EW 
TeL 021-236 £77 


will hack 

First class 





in Geneva/Switzerland 
Reply to P.O. Box 313 

CH -1211 GENEVA 12 



Consul ant, residom U.S.A.. offers 
wrrke* in product search, licensing, 
Commercial intelligence and market 
research: specialising in diversification. 

new business opportunities. 

Writs Box G.2066. Financial Times, 
10. Cannon Street, EC4P 4BY. . 


Soundly-m mused Saudi Company would 
be glad to near from manufacturers, 
suppiien and service companies In- 
terested in Joint- venture, agency, or 
representation in the Kingdom. 

20, CourtHeld Gardens, London SWi 
OPO. Tx No. 911371. 




Partnership offer £10,000 
Write Box GJ841, 
Financial Times. 

10 Cannon Stceet, EC4P 4BY. 


Up to £100.000 available for 
transaction. No Endowment 
Assurance needed. Commercial 
Funds also available. 

Write Bus G.2S82, Financial Times, 
10, Cannon Street. EC4P 4BY. 



Spot and contract. 

Telex: 262350 Tel : 01-499 8771 





A new company operating in an cxcic- 
ing growth area of the photographic 
industry Melts investor. £25.000 re- 
quired. Equity participation available. 
All enquiries will be dealt with in 
strictest confidence. 

Write Jar G.2S44. Financial Timas. 
10. Cannon Street. EC4P 4BY. 


Currently let furnished to 
yield £4,750 p.a. Gross. 
Freehold for Sale— £30.000 

Tel. 01-582 4030 (Office hours) 


requires Equity Partner 

to develop one sice, residential 
development in London. Proven 
record. 5 cake roq ui red in region of 
£250.000. Principals only. 

Write Bor G.2827, Financial Timas, 
10. Cannon Street. EC4P 4 BY. 



Small efficient Constructions Manufac- 
turing Co. specialising in Pressure 
Vessels and associated fabrication, 
would be interested in making avail- 
able immediate and regular capacity. 
Saudi London area. 

Write Bojr G.2831 , Financial Times. 
10. Cannon Street. EC4P 4B Y. 


Consisting of Escritoire. Grand- 
father Clock, Bar Cabinet, Table, 
Coctall Bar and Mirror. 

Write Box G.28S3, Financial Times. 
10. Cannon Street, EC4P 46c. 



(Active or Sleeping) 
fn return lor financing the oxploi cation 
of a unique mass appeal leisure 

Write Box G.2S55, Financial Times, 
10. Cannon Street. E C4P 4 BY. 



10 Feet Long in Fair Condition 

Tel: (day) 0282 695550 
(eve.) 0282 862261 

Business and Investment 
Businesses For Salc/Vfanted 

Every Tuesday and Thursday 

Rate: £16 per single column centimetre. Minimum 
3 centimetres. For further information contact: 
Francis Phillips, Finanrial Times. 10 Cannon-Stneef; 
EC4P4BY.TeIex: 885053. 

01-248 4782 & 01-248 5161 





Our business is 
merging your business. 

36 CHESHAM PLACE LONDON SW1. 01-235 4551 

1. Managins Directors who would like to buy 

control of their companies. 

2. Companies wishing to expand. 

Profits must be at least £100,000 pre-tax and in 
the London area. 

Write Box G.2812, Financial Times, 

10, Cannon Street, EC4P 4BY 

Are you obtaining tha bast price for 
your low -mileage present motor-car l 
We urgently require Rolls-Royce 
Mercedes. Daimler, jaguar. Vanden 
Pi as. BMW, Porsche. Ferrari. Maseraci. 
Lamborghini. Jensen Convertible, 
Rover. Triumph and Volvo cars. 

Open 7 days a week 
Collection anywhere in U.K. Cash or 
Baker** draft available. Telephone us 
for a Arm price or our buyer will call. 

Brookwood (04867) 4567 

Do you have a 

Development Land Tax Problem? 

We can help! 

Reply in confidence to: 
Master Investments Limited 
P.O. Box No. 334 

Arab group of companies with H.Q. in Abu Dhabi from where 
they cover activities throughout the Middle East are interested 
in meeting 


Interested companies should forward fullest details of activities 
complete with brochures to: — 

The Bilbadi Group, 

P.O. Box 3344. Abu Dhabi, UA.E 



Rate for U-K. & Continental 

S190 1 year 

5100 6 months 

$5(1 3 months 

Payable in dollars or equivalent 
in local currency. 
Delivery by Jet Air Freight 
from New York every business 

(Other area rates on request.) 
Send order with payment to: 
International Press Centre 
76 Shoe Lane 
London, EC4, England 
Attn-: Mr. R. Sharp 
Also available at major news 
stands throughout Europe. 


You dt-cide. Cravrih markets, new pro- 
ducts and original programmes to service 
ib<W* markets, exclusive distnbatorah'ps 
Emrcprcn.'anal freedom vritbln an opera- 
iiona! framework. In a word, izidepuii- 
dviKe. l, in Voxne. 

FREE -75 fejfcW 


Each mu* of Newiwxeks 

“ New Products and Processes’' 

Newsuccer report* on 75 to ICO lot 
the most exciting new products from 
around the world: include; compietu 
information on availability for menu-, 
factoring, tales, licensing. A one- year: 
subscription (13 issues ?'us annual 
index) it j'uit U-S. SW0. And if :hc 
first issue doesn't deliver die k.nd of 
ideas which can mean substantial new 
business opportunities for your com- 
pany, simply write cancel on your 
bill and keep the issue with our 
more inlormicion, write today :o: 
compliments. To subscribe or get 
NPP. Newsweek House 
Dept. MC24.7 

Wellington Street. Slough SLt 1UG 

The .‘ooue Grasp arc a recognised fore* 
in i he search and supply >ectniiqun of 
pn-dur.-: marketing. Krur.i pot-mul martei 
Ideoiilicautin comes ih-.- a&Uny to seek obi 
and find product vxclnsitvs. Tbvs-, in 
turn, ckm.ifld the huilrt'ru of a profes- 
sional and prpfiiahJe network of Inde- 
pendent distribution. 

Cum ml* nut brtASnest star U security 
No. nni con metarfUM ailed see'inry bur 
tb.- ia:est decimole tiv&noloxy i Safinr lied 
Into low cos«. easy, to operate de-elector.' 
alarm pro-luci* for the home and business 
markets. Oar muaUnn network Is being 
stretched by sheer demand, we need more 

For the e*iablished operation there are 
Inch margins, product and sales training 
and promotional programmes. • 

Write with relevant detail to tbe 
’'iMIU Director 
Vogue Secure Services Ltd 
• *ir Chambers 

Clarence Str-e! Manchester bn 4DW 

client with adequate 


For furthermformatlon contact: 
K. Dean, 

Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


(£200 per head) 

On Friday. December ISth. Ua Rctorve 
Is holding a dinner to drink some of 
the most famous wines ever made— 
Rooderer '29. Mount n '29. I. afire ‘45, 
Cheval Blinc *47. Yqucm *21'. Taylor 
'27. 1st I Cognjc etc. etc. (15 wines 
m all 1. 

Only a few guest places available. 
For details ring 
01-584 5170 

Saudi General Trade 
Agent offers excellent 
opportunity to U.K. 
manufacturers to market 
their products in 


Our clients include: oil 
produce, contractors, the 
Government and 
domestic areas. 

with room for further expamion and 
development in Hertfordshire. 0*on. 
Gloucestershire, Buckinghamshire, 
huucx. Hampshire, or' propositions 
needing cajh injection. 


Part-time DitectorshtpjExecuciva posi- 
tion w*thin a currently viable concern 
in need oi additional management, 
expertise and capital to expand exist- 
ing operations. All enquiries will be 
treated in a rcrictly confidential 

Write Bar G.2P54, Financial Times, 
10. Cannon Street, EC4P 4BY. 


Highly qua lifted >M B.A i ana experi- 
enced ilormor M.o. o' companies In 
England and Franre) IndeoencenV Mar- 
veling and Management Consultin' will 
aflusc «ot ir company as to whether, 
when, where and to do business 
In France inri help yo«j launch vour 
attach on the Fronch market Write: 

MAX TOMLINSON. SaiiU-Antolne. 


U.5.A. Market ms -Xpert. 29 years' 
experience, can help to expand or 
improve your sales immediately, oan 
handle the procurement of sales 
agents. distributors. advertising. 
bnx'Oures. packJtruic. importing ware- 
housing . . . joim v-ninrcs consldered. 
Ri'Jiard A. Wtrbv. 4. Longfeliow 
PI aw. Boston, Massachusetts 02114 


—can give an unusual and profitable 
same mveitmont. Virtual ty inflation 
proof it is jea red to the recovery of 
Precious meals. Responsibla people 
only please write or phone: 

D. P. Forge & Associates Limited, 
272 West Way, Broadstone, 
Dorset. Tel: 0202 743335 


Factory reconditioned and guaranteed 
by IBM. Buy, uv« up to 40 per cant, 
i-eaae 5 years from £3.70 weekly. 
Rent Iran <29 per month. 

Phone: 01-641 2365 

Enquiries to: 

D. Roberts, 
The A1 Holy 

P.O. Box 175, 
Dhahran Airport, 
Saudi Arabia. 


Small U.S. m'fg. (aenisrK HosWbsJ 
disposables. Sales S2, 500, 000. Cash 
and receivables exceed all debt Fine 
young management offer* excellent 
opportunity in growing U-S- market. 
Ageing absentee owner desires oppor- 
tunity tor uiem. 

L. G. Lee. 1003 Western Savings 
Bunk Bldg., PWadelpUc. Pa 19107. 

Telex 670140 AI Hoty SJ 




30. Crty Road, ECI. 

01-629 5434/5. 7361. 993 6. 


Over 4Q0 sets in stock 

Buy wisely tram the naarifneturers 
with full after-sata service 

01-986 8231 
Telex: 897784 

GENERATORS from G*n«««X Umlted. 5IW 
ONC ECTABUSHEO technical sales com- from 21 KVA to a .000 KVA Newand 
a any seek renriseimtlen of nreducts lor used, all paarontimd, at kee»* tasu*. 
engineering and building Industries, (ting Tel. Wargruve 1073 5221 3055. Tele* 
01-636 74SO. 949537. 

Continuing Executive Programme 
A Programme for Busy Managers 

The Continuing Executive Programme comprises four full-rime 
residential sessions totalling six weeks and . spread between 
February to December.1979. 

It coders a comprehensive range of management subjects, arranged 
according to in dcvhtuaT needs. The Programme wfN also deaf with " 
problems brought by. the 25 participants from their jobs. ; The" 
School's resouixes are available to participants throughout thw year. 
The Programme will appeal particularly to the busy manager whose . 
job responsibilities make ^ impossible for hha to spare morejthan 
a week or so away from his company at any one rime. 

The London Business School was founded in 1965 whh government: 
and business support to provide a "centre of excellence "rfor 
management studies. The teaching and research faculty number 90 
and more than 1,200 managers attend programmes each. year. " . / 

Brochure and further details available from: 

Registrar of the C.E.P.. Miss Sue Coan — y ■ ■ ■ ■■ ■ LOHd^J * 
London Business School : Rnsinp«» 

Sussex Place. Regent’s Park. 

London NWI- 4 SA. Tel. 01-262 50 S 0 i — . OCnOOt 



M. Francke, 

Co mme rcial Sactaon^^ 
Embassy of Rnbnd ^ 
46/47 Pall MaU 1 
London SW1Y 5JG 
Te! 01-330-0141 
Telex 262360 

The leatfng F^ni^t manufecturer 

of industrial and safety footwear wishes to 
contact established organisations capable . 
of marketing Its wide range of products: ^ 
within the LLK. fexclutfing Scotland!. 

Interested parties shoukl ideally-' : ^ 
k have a proven i v c ord of success in the 
industrial clothing or safety held. 

Initial enqiaies ^iould be 
r addressed to the Embassy 

-for large or small 
companies in sterling 
or foreign currendes. 

Ask Ke^er Ullmann Limited 

25 ]wyntr Street London EC2Y $]E 

Walter Goddard,BusinessDevelopment Manager 
Telephone 01-606 7070 Telex 885307 
Regional offices in 

pi rrrrin gharrij Mandiester and Newcastle 


Merchant Bankers 


Company with considerable marketing/management expertise, 
engaged in leasing and hire purchase in the corporate sector* Invites 
applications from companies and individuals wishing to develop a 
leasing portfolio. . .-r • 

Write Box GJ2S38, Financial Times. 10, Cannon Street, EC4P 4BY . . 




The whote ringe of Execudve Rewords 
is examined and updicvd monthly. For 
FREE copy conocx Tbe Personnel 
People. 95, Fore Street, Hertford. 
.o*«2» S0S4I. 


seeks financial backing privately— oi 
perhaps Merchant Bank or Institution f 
—for thort-tarm property deal*. Well 
secured and lucrative. Building Fiitanco 
also required. Please vtnta Initially, 
in confidence, to: 

The Advertiser. Box G.2847. Financial 
Timet, 10, Cannon Street. EC4P 4BY. 

. We have cut more than £60 off the 
qpnnai discount price of t Be Nikon 
FM camera. We can alio offer amu 
Nikon camerta. lenses and ueCM S m te s 
from stock at special prices.- Tax free 
Pure bases for overseas riskoex.' 

FQTO CBfntlv- 
Hlfh Road, Cowley.' .. 

. Uxbridge. Middx, /. 

Tefc W«t Drayton 4024 
for confidential Nlkaa ptfee RsL. 



114 years of 
forming compa] 
a thing or two 

So next time 
you need one, 
phone Patricia Parry 
on 01-853 3030 

tto test of companies 



Hundreds of contacts listed covering every field. Don't miss the 
opportunity, write for your free copy to: . 


Gulf Export P.O. Box 50, Stodcport SK4 2YB 


with own patent, new line already 
selling in many major scores. <- Very 
t»2 opportunity. Principals only. • 
Write Bor G-2845. Fmondulillnics. 

10. Cannon Street. BC4P 4BY. 


We purchase, volume consumer credit accounts and bad/doilbtful 
debts. Rates' pafd dependent. on quantity and quality . of .fite.,- 
Im mediate substantial funds available. Please contact: 

Mr. Wm. BeU, Director 

15 Moor Park Avenue. Preston PR1 1 NX— Tel: 6772 22971 

Offices; Glasgow r Edinburgh - Preston - DaUln 




ostablisbd company. Well-equipped Mill lo process all 
grades of fibre. Capacity 15,000 metres per week. 

Screen Printing Department 
Freehold site 1.7 acres. Close to town certre. 


Engaged- mainly In Vehicle. '-L* 
Leasing. One of the best known. - . 
names In the field." T/O in »• 
excess of £3m per annum- with 
enormous potential. Strong 
management, team 'and expert- 
enced staff. Head office and 2 ■ — 1 
branch offices In UJC. . < 

Principals only apply for further , 
details to Box GJZ856, Financial wv “ 
Times, 10, Cannon Street, 

EC4P 4B Y. 

wire j 

Write Box GJJ843, Finaticia] Times, 
10. Cannon Street, EC4P 4BY. 


Mignilitent FrcchouK in «n unrivalled 
position. Imm«nn potential lor farther 
expansion- Two Bare, Garden Room. 
Tea Shop. Beer Garden, General Store 
and Post Office: Sell-contained flat 
erith 3 beds., lieiny rnt-. k. & b.t one 
bed staff Chalet: fully Acted and for 
tale as a going concern. 

Freehold £135400 

A poly: 


Salisbury Street, Fordinghrtdge 
Tel: (0425) 52121 




i :* >: . 

to acquire two Pr.naie Companies, one 
in the home heaurfi field and die 
other in roam msulacron for cavity 
walla, etc. The companies are amongst 
the leaders in their Bald in tha South 
of England. They have very strbtcan. 
rial turnovers showing high profits. 
Excellent future contracts are' in hand. 
Further information is available to 
Principals only from the Solicitors co 
the Companies. 



Messrs. Hams-Evarts, 
Duggan & Co, 

9, High Street. Southampton, 




Turnover: £200,000 
Location; West of Sctotand 
Lease:. 20 years Modern 

Custom Built "metory 
principals only apply Box G.2857. 
Financial Times. 

10, Cannon Street. EC4P 4BY. 

Of interest to Squash Court 
Operators or company expand- 
ing into the leisure business. 
A Urge established Squash/ Leisure 
Club (Freehold) for sale. Two acres. 
Full membership. 8 courts, room for 
expansion. Midlands location. Prin- 
cipals reily should apply. 

For farther detail; please writ* Box 
£.2852. Financial Times. f0. Cannon 
Street. £C4P 4BY. 

Our client is a medium-sized overseas Group which 
manufactures and sells a wide variety of. fast-moving co nsum er 
goods through many types Of outlet The Group operates In j. 
many countries and has a small, subsidiary in the UJC. and « 

is interested to UJC acquisitions costing up to £lm, which ***^1 QT 
would enlarge its activities in this country. 

A. suitable company is likely to be manufacturing and selling iilQ FsTcM 

products which could be sold through ail or any* of the 5 

following outlets: grocery, fancy goods and department stores 

or other outlets selling fast-moving consumer goods, or to the 

catering trade. A strong interest exists in companies operating 

in the leisure field, particularly manufacturers of sports 


Enquiries should be addressed to: 

J. Henry Schroder Wa gg & Co. Limited, 
120 Cheapside, London EC2V 6DS 

marked for the attention of Mrs. R. S. Evans. 


Mechanical Handling 
Equipment Hirers 

Rapidly expanding company 
undertaking the rebuilding, 
servicing and hiring of com- 
mercial and mechanical handling 


Forecast T/O £750.000. Excalfent 
profits. Principals only. 

Write Sox G.2848. Financial Timas. 
to. Cannon Street, EC4P 4BY. 

Modem i Warehouse (27.500 iq. ft.) in 
Bedford -area, profitably, opera ring an 
exclusive service eon erect for a 
National Company. Warehouse with 
contract tor sal* £200.000. Serious 
purchasers please contact Thorne 



WjdtMy. Chartered A*Ottfltana, All 
Stmts Street, Hereford (Mr. Leach), 
for farther details. 


established Electronic instrument Nuni- 
feetwlng Company. Specialised pro- 
ducts with worldwide ulus. Six 
oversets agents. Good profit record. 
Fuff order book. Reason for isle— 
desire to retire. Price eroand 


Write Sox G.28S1. Financial Timas. 
10, Cannon Street, EC4P 4 BY. 


Turnover probably £;l 00 — 200,000. 
Active participation essential. : ■ 

Immediate cash funds available by 
Private investor.^ 



■ Large West Country Holiday Fiidet 

N Building Regulation 6 Fire Preven- 
tion approval, 
m Prime sire A situation. 

■ Owners approaching retirement age. 
(fl Cash or Stock /Share exchange. 
Write Box G.2849. Financial Times. 

10. Cannon Street, EC4P 4BY. 


Freehold Industru) Trading 
Estate For Saleȣ20<L0QQ 
In north Norfolk 

Approx. 20.000 sq.- ft. of small 
units. Yielding about £264300 
year in weekly rents. 

E. L Moore, 

Omrch Farm, Hovetan. Norfolk. 
Tel: Wrox tern 24 1 0. 

Auction of 


• 45 Christchurch Road, 

East Cliff, Bournemouth. 

This immaculate Dccached Charset* r 
property, full/ modernised and uu- 
luily designed with Fire Certificate m 
tHrt pnmt main road posioon. Luxury 
owners »/c 2 bed Bet, attractive guest 
accommodation and Rubik rooms, 
cocktail bar w kb ' restaurant and resi- 
dential licence. 23 bedrooms, ample 
bath & mb. some cn leite. Large' car 
park and garden about 1 acre. 77 
rear lease. Auction date: 

TUG) DAY. 5th D6CEME8ER. 1*79 

' Contact: 

Hotel Do pe r tin tu t. 

■orateh Chambers, Hr Vale Rood. 
Booimrewth. 0202 234ft 



Internal telephones, fire alarms, burglar alarms Telephone 
answering public address, time recorders. Pocket paging, 

mobile, radio, • 

We are interested in cither companies as a going concern, 
or more particularly, companies that are in financial 
trouble where either a receiver has been appointed or the 
. existing shareholders would part with control in exchange 
for a substantial injection of funds. 

, Replies treated in strictest confidence. ’ 

Write- Box -G.2727.' Financial Times.' 

10. Gannon Street, .EC4P4BY. 



An overseas company wishes 
to acquire or Invest In a small 
-to medium sized, business. ' " ' 
Pleaw write with details to 
Box (L2S48-, Financial Times, 
10, Gannon Street, EC4P 4BY. 


Small to ntedtum sized - 
-iXmPANY. . 

. Turnover immaterial. 
dt -reply, : pritiSpkh wily to Bax 
G.2S24, FmpKlat Tima. 

10. Cuhkmi S.WA-EC4P 4 BY. 

4. - r - 

* 4 i ^ V ••••.. ' 

1 : November 2 1978 



^ci es 5 

WC «*=■., - - 






Sid Wcr.r e -. . 
WMftfcto - 


fcy fie'd. C;--. _., 
E '.'- 


tfcport 5K4 2Y3 
|^C-£ • >;:■ 


CM wm* re i:: ;; 
am i'.t :• :■ 
im cc.*:;.:. 


ii^pc — T*-i: 077: »: 
ttffts* - P.-* - 

«ai : «M> 

r-.-of £3rs ?s- 


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staff H v : : 

' -• 

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afrifc*t*r. . • 

'/the O' ■ • ;. 

pfitarj * ■"' 

fee <:;< ’ : 


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«-*■ " : J. • 

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itfiat’e =>’ 

£W#^- e "’"' 

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tf*-~ ' ’ 

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A better way to 

SINCE ABOtJ i r.~ l i975 = finite ek=- "so that it ; can utilise the range 
ment' atialysisTrhas made, itself of compater ' iennihals and 
iucreisiflgly fdt : as a tool for graphics, devices- commonly 
complex stniciiifre' s design, and ..found in engineering companies 
analysis'. .and there are now at t<ttlay. r 'New terminals are usually 
least a dozen- services T araira.blo f not required. Eunherm ore. the 
to engineersin the UK. .■' ... ‘.--System- operate in inter- 

Basic -Techniques ■ include active timesharing mode or in 
Nastran (frW'WASATn-the-U5.r ;5^h-:^a^m card input to 
and ASKA ffronr tbe Stuttgart SIA ; s big CDC computers. 
Institute. . -ofr - Static# .,- faml- •• MoreTrom^e.coaipuny at 23. 
Dvnamift).- They.- .treat '■ the .Lower Be toye .Street, London 
structure - as - Q5W^l*73&-4544). 

smaller simply-shaped elements. • ■/ 

of known theoretical behavjour"-ji *- V' 
and then use tbe-.power of-a oamr. i\/| 
puter to quickfjt- obtain stress /£ .▼ /XX win 

and deformation results. -- 
According -to- ; SLA of * London 
however.- ’problems - have been .. _ 

arising in the manual; work in'-'- ANT4 i*i*««» bWfase ha«; been 
volved in representing Com 

structure, preparing- and check- - y f 

post-p recessing. 4 programs . to _ree- -P 1 !? ,,>««» - 
duce the work: -UnfortunateTv; Cal f - e 

these are mostlv svstem-snecific me °t includes the company s new 

si\T SSK- hi* bfeT -S ^ppy disc and 

develop Sale; whicS s £mS microcomputer and is 

To r -finite elemeP t Tnodetiing and-®^^ 611 ^' h • ***?■ 

resnlts analysis, system. 1 ' .; f . memory with space jpj up /o 32k 

The point about FEMALE LS ^ s 0 f t 
that as well as having consider- uitra-^olet pr^ranuuable rea 
able power of its own it is also only m emery. .The floppy d sc 
able to access . several.- finite baa a, maxiaiunv capacity- of 1-2 
analysis systems (NaStran; Aska. megabytes. ' -a ‘ . • 

Sap . and Ansys) ' Without theT A of tcrounais including 

user having to learn different : fh«^VT100 video Or -the LA3b 
input formats: a standardised, ASP- writer prtater is. available, 
data input and command Ian-" • -Standard software -is. the RT-11 
2 unxe is used in all cases. - - operating .system, editor, macro 

Ad integrated set of modules,, assembler and.- utilities. K'Sb 
replacing piece-meal, pre and post lortl .languages such as Basie, 
processors . can .-hie. .'applied what- ..Fortran 4 and APL are optionally 
ever tb.e. analysis -system, used, available. 

They cover 'the building, of the . The package. is stated by DEC 
model, checking it’usiog graphics to lie about. 30 per cent below the 
terminals, loading it' mechani- cost of the. components when 
tally, analysis; -and reporting of purchased, separately.- and there 
results. AH .the necessary ; struct are quantity., discounts. Ship- 
tural data is stored on . a" : . coin- ments will begip.'in the autumn, 
mon database ..In -stindardisea . More' -■-•frwn'rTJEC at Digital 
form, without 4uplicstioa$ - . House, King’s.-. Road, Heading, 

SlA has designed the system Berks (0734 583555). 

output at 

DURING 1679. output Of fast, 
low-cost band printers from the 
Stevenage plant of CPI Data 
Peripherals will be doubled to 
about 2.000. 

This has been disclosed by the 
company’s managing director 
Mr. Peter Sachs, who also said 
that deliveries would go up to 
some 40 per week in the near 
future and that hoth 300 and 
™ line-per-minutc versions for 
the European market would be 
produced. Spares provisionlne 
wul be introduced by 19S0 from 
Stevenage where the company's 
staff already has risen to 300. 

In reliability tests conducted 
since last March, a total of over 
90m lines have been printed on 
a 100 per cent duly cycle with- 
out _ problems. For extended 
environmental testing. CPI has 
installed a £30.000 Secasi 
chamber which can simulate 
■many operating atmospheres. 

The CPI organisation is 
jointly owned by Control D3ta 
Corpn. tfiO per cent>. NCR and 
ICL, each with 20 per cent. 

It designs, develops and makes 
drum, matrix and band printers, 
vacuum column tape transports 
and ni ass-storage data systems. 

CPI Data Peripherals has some 
50,000 square fet in Stevenage 
for the manufacture of band 


One of CPI Data Peripheral's latest band printers undergoes tests in a Secasi environmental chamber 

printers, tape transports and boned above primarily to spread over much longer product runs 
formatters. It has been backed the cost of development and to than possible in small plants 
by a £ljm capital investment and concentrate manufacture in a attempting to turn out a lot of 
is a big component in an inter- small number uT modern cenlres products, 
national organisation set up by with a large ouiput permitting CDC. 22a St. James's Square, 
the three computer builders men- the spread of manufacturing costs London SWI. 01-930 7344. 

Extra power from Itel 

Bifurcated Engineering 


The BE Group, manufacturers of woiid renowned 
'Aylesbury' rivetsinvetsettingmachtnery and other 
cost-saving equtpmentand products .have the righjt 
answers to the fastening problems of virtually .every , 
' small. '• \.L. ~ 

Could you benefit from this knowledge? :j r 3 - 

' Send today for w y J 
The Guide to the BEGroup' 

Grown Head Office: • j " . :? 

Bifurcated Engineering Ltd.,/ ' ' V •' 
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Aylesbury. Bucks. HP-2> 8ftB • . . 

Tel. Aylesbury i029S) 5911. TeUuc83210. : 
lythe • 






Thousands cf types and sizesinstockfor immediatedeBvefy 

LONDQNQ1-561 8D8 ABFRKTN(cm3235^2 
MA*iCHE$tEB Q61-872 4915 


- M- WL EMERGEtiCY NUMBER 01437 3567 Ext. 4CV • 

ITEL HAS increased the power 
of its top machine. The Advanced 
System /d Model 2. designed and 
developed by Itel’s Systems 
Development Division at Palo 
alto, iDcoi-porales Itel hardware 
and microcode improvements 
and offers better price/perfor- 

This machine is intended pri- 
marily for users who use IBM's 
VM/370 and/or MVS system con- 
trol programs. When running 
under those operating systems, 
the AS/6-2 has exhibited im- 
proved throughput performance 
“up to 10 per cent depending on 
workload characteristics." Itel 
declares. "Cumulative through- 
put improvements in the range 
of 15 per cent to..25 per cent are 
possible with the AS/6-2 when 
operating under IBM's MVS or 
V M system extension program 
products." Itel staff will claim. 

The AS/6 Mode] 1. introduced 
by Itel during the last quarter 
of 1977 and fund tonally com- 
patible with IBM 360. 370 and 
3032 software, has aircooled 
advanced technology— hieh speed 
MSI and LSI circuitry- The AS/6 
has ao internal performance that 

is three to four times that of 
the AS/5-3 and 1.1 to 1.25 limes 
that of the IBM 3032. A reason- 
able layout with 2 Megabytes of 
main memory mav be purchased 
for SI .960.000. 

This AS/fi-1 is field-upgrade- 
able to the AS/6-2, which may be 
purchased for $2,160,000. First 
customer deliveries of this last 
model will be made in the first 
quarter of 1979. 

Meanwhile, lie! has announced 
the first installation of an AS/6 
system in Scandinavia at NK- 
Ahlens. Sweden's largest retail 

The decision to go for this big 
system was based on company 
experience with an AS/5 of run- 
ning the system within 24 hours 
of installation and needing no 
changes on the IBM programs. 

Ahlens says that to use the 
IBM 3032 rather than the A6 
would have cost at least S125.000 
more, to cope wiht the problem of 
water-cooling, “apart from the 
fact that the running cosls of an 
AS/6 are considerably less." 

Itel International. Bowater 
House. 68. Kniehlsbridge. Lon- 
don, SW1X 7LN. 


Slowing the filaments 
for new yam 


Watch over 



FOURTH in a series of seven 
codes of practice on machine 
tool safety to be published by 
the Machine Tool Trade Associa- 
tion is entitled " Safeguarding 
Machining Centres and Asso- 
ciated Machines." 

The code is. based on the prin- 
ciple that unless a danger point 
or area is safe by virtue of its 
position, a safeguard should he 
provided to eliminate or reduce 
the possibility of injury. 

Most machining centres, etc.. 
are covered by this code, which 
describes methods as far as 
reasonably practicable of making 
them safe without risk tn health 
when properly used. 

Contents include design 
requirements for safeguards, 
workholding devices, and power 
systems. Reference is also made 
to coolant and swarf: mist, fumes 
and dust: lubrication systems: 
noise: and work area lighting. 

The code was prepared under 

the authority of the MTTA 
standards policy committee and 
is intended Tor anyone concerned 
with safety in the use of these 

nuchines from top management 
1.1 shoplloor operator. Text is 
illustrated with iwn-colour line 
drawings and has a useful 

T his Code of Practice Is 
obtainable, price £5.00 inclusive 
post and packing, direct from 
MTTA Publications, 62 Bays- 
uater Road, London W2 3PH. 

Deters boat 

SINCE THE police have become 
concerned about the increasing 
number of thefts from boats — 
life rafts, dinghies, outboard 
motors, etc., have been stolen — 
and have issued a special 
leaflet on the prelection of 
boats at moorings. Gondolastte. 
Birlinghain. Pershore. Worces- 
ter. has announced its security 
device Vigilante. 

Apart from serving as a 
burglar alarm. the device 
incorporates a bilge sensor and 
low voltage indicator, and will 
sound jn alarm also when ihe 
engine overheats or the oil 
pressure drops. 

The standard unit comes com- 
plete with four sensing switches 
which can be fitted to floor- 
boards. hatches or portable 

Further on 03S6 750732. 

A USEFUL combination of 

35 mm film camera and closed 
circuit television system has been 
devised by Videoboard. of Lon-| 
don which allows constant view-, 
ing of the inside of pipes down 
to 225 mm in diameter and the 
production of a colour photo- 
graph of precisely the picture 
seen on the TV monitor. 

The system uses a Minolta 
single lens reflex camera behind 
which is a small TV camera that 
looks through the film camera's 
viewfinder. By remote control 
the film camera shutter is 
released at the appropriate 
moment and when the reflex mir- 
row in tbe camera moves there 
is only 3 momentary loss of the 
TV picture. 

The camera film has a motor 
driven shutter w'hich is set auto- 
matically according to the 
exposure meter output The lens 
aperture is pre-set according to 
the depth of field required. 

Light is provided by a pair of 
quartz halogen lamps built into 
the housing and the level can be 
remotely controlled. The control 
unit, which can be up to 1.000 
metres from the camera, is 
equipped with small monitor 
screen, lamp current meter, 
camera distance readout, 
film frame counter. TV camera 
focus and film exposure button. 

More from 7 Cotswold Street 
London SE27 0DW (01-761 1136 1. 

Removes the 
snow from 

PYE TVT has reached an exclu- 
sive agreement with the BBC to 
produce an automatic video noise 
reducer system based on a con- 
cept developed at the BBC 
Research Laboratories. 

The amount of noise reduction 
is continually changing, accord- 
ing to the level of noise and 
movement in the incoming 
picture. The technique employed 
represents a significant advance 
in the field of noise reduction 
since no operational controls are 
required. This noise reducer will 
find many applications -in tbe 
broadcast field where signals, 
having been produced under 
adverse operating conditions, 
need to he improved. 

Tile final product will he pro- 
duced initially 10 operate on the 
PAL and NTSC systems. It will 
be manufaclured in a compact 
formal and will take advantase 
of the latest developments in 
larse scale integration iLSIt 


Pyc of Cambridge. St. Andrews 
Road. Cambridge CB4 LDP. 0223 

Simply the best industnaJj 
land construction site comoressots! 

Hedditeh TeTReddrtrfi 25522 


Simple but 

AN ELECTRONIC timer designed 
to rurn domestic tape recorders 
on and off at precise 
times but which may have 
applications in industry 
where equipment up to one kilo- 
watt has to be similarly stopped 
and started, has been introduced 
by Lynwood Electronics. 

The domestic application is 
intended to prevent waste of 
audio or video tape on the one 

hand, or missing the beginning 
and end of programmes on the 
other. Suitable recorders can be 
switched on and off to within a 
few seconds in the absence of the 

Essentially a 24 hour digital 
clock, the unit has six buttons for 
setting the actual time (hours 
and minutest, setting the "on” 
and “off " times, cancelling these 
entries, and initiating daily 
repeal switching. 

More from the company at 20 
Stourcliffe Avenue, Bourne- 
mouth. Dorset BH6 3PT (0202 

Senses six 

thermometers ahle to monitor six 
channels have been put on the 
market by Analogue Devices of 
East Molesey. Surrey. 

AD203& is a 31 digit unit suit- 
able for use as a'data acquisition 
building block, which scans six 
channel's automatically, manually, 
or under computer control. 
Parallel binary coded decimal 
outputs allow connection to 
printers, computers and serial 
data transmitters. 

Measurements can be made to 
1.3 deg C accuracy over the 
range —55 to +150 deg C. The 
unit has resistor-programmable 
gain and scan rates of 3.2, 1.6 or 
0.$ seconds per channel. 

The other six channel unit. 
AD2037. is similar but measures 
volumes on selectable ranges of 
±199.9 or ±1.999 volts. It is suit- 
able for use in acquisition 
systems and data logging applica- 
tions for volume, current, pres- 
sure. (low. 5 to 20 mA process 
monitors and oiher voltage repre- 
sentations of physical variables. 
More c-n 01-941 0466 

['ALTHOUGH an overwhelming 
proportion of textured filament 
synthetic yarn is produced 
throughout the world by the 
raise-twist process, this , market 
has suffered a number of set- 
backs over recent years and 
manufacturers have been seeking 
yarns that have a different 

One process that has been used 
for tesiuriing for many years is 
that of air- texturing, id this a 
filament yarn is fed into a head 
where it is subjected to a blast 
of air that disrupts the filaments 
and gives a yarn with charac- 
teristics somewhat resembling 
an- orthodox spun yarn. For 
many years this process was con- 
fined to Du Pont which offered it 

An illustration of our achievements in energy 
engineering and project management 

We play a ma jor role in energy engineering 
from acomttiaitding-pbsition achieved by 
providing a. wide range of services and high quality 
products, durability to meet production, ... 
commiSsionmg-and o>st targets fs acknowledged “ 
by major companies and.govemments, and our 
world-wide operation is backed by the . 
international resources of the Foster- Wheeler 

Within UTnodenr management structure we 
have established extensive capabilities id overall 
project management, research and development, 
design, engineering, . 
construction, repair and maintenance, and an 
effective after-sales service. We have access u> 
considerable research and development data 

within the Foster Wheeler organisation to support 
ourown R and D carried out in Britain. 

industry range from power generation to 
environmental control and include steam raising 
equipment for power, process and marine 
applications, nudear components, heat 
exchangers, pressure vessels, cooling towers and 
incinerators and pyrplisers for municipal and 
industrial waste disposal, and also fluidised bed 

'equipment. ‘ 

- The world 1 sJargest works-assembled 
waste-heat boiler was produced by us and shipped 
ahead of time: the world's highest design pressure 
for any bi-drura natural circulation 
works-assembled boiler for a chemical plant in 
Bangladesh is ours. Six out of seven LNG (Liquid 
Natural Gas) carriers have boilers of Foster 
Wheeler design, pie QE2 has three of our 
massive E6D units. 

We have a world-wide sales team directed 
from London- Contact our Sales Director if you 
have a project involving energy engineering; we 
can probably help, even to the extent of taking it 
over completely. Ask anyway, as there's a lot 
more we can tell you about ourselves. 


Greats LoadoaHoose, Hampstead Road, ^ondmi NW17QN, England. 

Tdepboac4)l-388 1212. Tdex -63984. 

Works arHarticppoI. and Dumbarton. Associated company throughout the world. 

These functions serve our own extensive 
manufacturing "facilities, and are also available for 
direct useL>y customers. 

The specialised products which we design and 
manufacture for the requirements .of the energy 

- .c 

_ ri S' 

w- __ : ' 

. FV1 1 Jj 

as “Taslan." Now the situation 
is appreciably easier as basic 
patents on air lexturisiog have 

A completely new range of air 
texturisiog heads has been 
developed in the U.S. by the 
Sherwood Research Corpn.- 
(British representative: Wheal- > 
field Agencies. Ashton Road. 
Bardslcy. Ashton under Lyne. 
Tel. 061 633 2351). Marketed 
under the name “Jcl-Tex” the 
heads are made in versions suit 
able for processing an extremely 
wide range of yarn counts. With 
the model 107 it has proved 
possible to take a split film strip 
of polypropylene and fihrillate it 
so that u degree of texture is 
introduced into an otherwise 
characterless sheet oF film. 

Another head has been used 
to produce what the company 
calls a biconiponent tri-colour 
yarn. By taking two ends of yarn 
of contrasting colour these are 
texlurised within the jet and 
emerge as a mixture of the two 
colours — blue and yellow giving 
green — and with defined sections 
of the original two primary 

The hew system is claimed to 
be relatively inexpensive to 
operate and the American 
developers are now evolving 
complete machines based on this 
system of lexiurising; 

Possibly the most interesting 
claim for the Jet-Tex heads is 
that they are said to be able to 
texturise filament yams at any 
speed. The only limitation in 
terms of production rates is the 
speed at which the yarns can be 
wound up. but with the develop- 
ment machines now being buili 
the processing speeds will be 
between 250 and 3.000 ft/minuie. 
although the production machines 

will probably be bulii to operate 
in the range of 1,000 to 2,000 ft/ 




THE University of Manchester 
has asked us to point out that 
the Tenscan tension measuring 
system for. use when processing 
fine filament yarns, referred to 
on this page on September 1, 
was invented in the University’s 
Department of ‘Electrical Engin- 
eering and developed by D. W. 
Auckland. J. R. Hawke and N. P. 
Lutte. Support for the project 
was received Trom the WoIFsnn 
Foundation, Remotex and FMK. 

A word with the key Swiss bank 
could open the way for you. 


Friday 17 November in London 
Speakers from Plessey, Philips. 
Birmingham University and 
other leading institutions. 
Derails from: 

The Old Mill 

Douet Place. London £15 1DJ 
Tel. 01.534 4882 
or send cheque for £25 


Say the word 
to the Swiss Bank 

You could 
find that the 
subject takes on a new aspect. 

Because the Swiss Bank Corporation 
is the key name in Swiss banking. 

Our expertise in local markets is 
well-known in the financial centres of the 
world. Our banking experience, partic- 
ularly with financing, stretches as tar 
back as 1872. And our reliability and 
stability are what y< nfd expect of une of 
die biggest Swiss banks. 

Discuss your financing with us. Or 

your transfers, underwriting, or foreign 

Youll see 
why the Swiss 
Ba n k Co rponuion 
jv- is a name to be 
reckoned with. 

A name that 

could open the wav for you... 

Swiss Bank Corporation 

Schweizerischer Bankverein 
Societe de Banque Suisse 

i • 7 • rr.-!*'.- r. Cus!onK r i"d , ?c , yi ! ?: 

: £•«:. l.iliS ■nr -1.0:1. 1.5 


- J xt, 

Fv.viTiM.- •••. O . 1V0 0lSi .tr. .' 

!-\ s, |-.:Hin. r.;.- l y ::: • . .. .i- ! 

•’ ' <r. : T ‘ • &3 


.Financial ..Times Thursday November 2 1978 

EyprufivP 1 

Business Card Wallets 

the business gift which your customers 
will value and' appreciate. 

from as little as 
90p each Including 
artworks- print 

acceptable to customers all over 
the world —no language problems. 

Indispensable for any business or professional man. 
Individual clear pockets of differing sizes hold 96 cards 
firmly, yet easy to insert, plus large clear pocket inside both 

With your company's name or logo prominently displayed 
on the front cover it is an effective saies promotional tool 
combining usefulness with customer goodwill and 
advertising impact year after year. 

Imagine what a valuable job such a neat and inexpensive 
item can do for you as a permanent reminder of your 

Single wallets (without print) Cl. 75 inch VAT and P&Rcashwilh order. 

For fun details contact:- Raben- Christensen Ltd 
Foundry Lane.- Horsham, \V. Sussex RH13 5PX 
Phone; 10403) 69696 Telex; 87636 ‘Dansk’ 

^s^ abrn3l{i " 

, Vi? 

Media plan] Totally devised 
in London via jDi v l -the largest 
independent overseas media 
brokers in the UK. 

„ JDM^ 

the worldwide media consultancy 

f ... r.' 





Every Saturday the 
Financial Times 
publishes a table 
giving details of 

on offer to the public 

For further advertising 
details please ring 
01-248 8000, Extn. 266 

Advertising and ... 

How the Bubble 

Yum bubble just 
blew and blew 


ONE OF THE truisms of market- reasonable .slice of sales with 
log it that the most successful Bubblicious. 

n £)LiT ,duct launch ? s ' mmt But it is Bubble Yum! says Hr. 
attractive success ston^ can Clarke, that has mate most of 
S> «!fa2« m ti,e unll keliest the running. The key to the 
arhe “* • product's success — the same 

Take bubble gum. More to the applies to Bubblicioiis and Super 
point, take Bubble Yum, the Bazooka — is its softness. Tradi- 
brand that has turned the bubble tionai bubble gums were hard to 
gum market upside down, chew, and the hardness made it 
Bubble Yum was launched in difficult to produce a flavour that 
Use UK last January by Life lasted more than a few minutes, 
Savers Incorporated of the U.S. let alone survive' the bedpost 
via Life Savers UK whose overnight. Bubble Yum, on the 
marketing director. Nick Clarke, other hand, offers high chewa- 
was previously with Colman bility, blows Mlity arid the relen- 
Foods. lion of flavour. (If you think this 

By the end of this year, sales sounds yummy. remember 
of Bubble Yum at R5P are bubble gum Is a £20m market, so 
expected to reach £7m in a sit up straight.) 
bubble gum market that has The Bubble Yum brand, which 
grown three-fold to reach £20m is distributed in the UK by Food 
in just 12 months. Sales of con- Brokers. Is now to be found in 
ventional chewing gum should well over 100,000 outlets- Life 
be worth a further £40m this Savers UK will spend another 
year wiUi Wrigley controlling fim on TV advertising next year 
around 75 per cent and says its share of sales should 

What gives with Bubble Yum? reach 40 per cent in a market 
On Life Savers’ part it was a worth £30m or so by the end of 
classic case of discovering a 1979. 

makes up 
for lost 


static market dominated by bad 
products that hadn’t changed 
for 40 or 50 years," says Nick 
Clarke. M So it put in a better 
product with better packaging, 
better merchandising and better 

“Then it supported it with 
£Jm worth of TV advertising 
via BBDO) and made a point 
nf giving the trade very good 
margins (around 36 per cent). 

First it launched regular Bubble 
Yuin in a red pack with a target 
market among the ninc-to-14- 
year-olds and achieved sales 
penetrations of up to SO per 
cent It followed that, in July, 
ith the launch of spearmint 
Bubble Yum in green packs 
aimed at the 15-to-24-year-oids 
and achieved a penetration of up 
to 50 per cent in some areas. As 
added refinement it intro- 
duced a multi -pack of three 
retailing at 25-2 9p compared with 
lOp per packet for ordinary 

It sounds easy? Not at all, for Bubble Yum has also proved 
what Bubble Yum has helped do, a big success in the U.S. where 
many different countries, is the total chewing gum market is 
add a lot of colour and a great worth around $lbn. 
deal of money to the apparently Wrigley's. for one, hopes the 
dying sport of blowing gum. Bubble Yum .bubble wilt sag. 

Not that Bubble Yum is un- “Faddy new. products with high 
challenged in the UK. Tops trial rates have been around 
Trebor has around 36 per cent before." 

saies with two brands: Nick Clarke doesn't think so. 
Bazooka, one of the traditional “You can joke about a South 
bubble gums, and the new Super Seas bubble if you like- The 
Bazooka. Rowntree still has opportunities for 'amusement are 
around 15 per cent with Bubbly, infinite. But this is one bubble 
And Warner-Lambert has a that is not about to burst.” 

Partners, which has lost some 
lucrative business recently, has 
partly made good the loss by win- 
ning the account for John Laing, 
one of Britain's largest construc- 
tion companies. 

NO budget has been given, but 
the agency's Charles Cruttenden 
says spending is expected to be 
“ very substantial.” According 
to him: “Proctors has a lot of 
experience of talking to business- 
men. as we already handle cor- 
porate advertising for Philips, 
Airbus Industrie, Saudi Arabian 
Airlines and NCR.” 

He says billings in the current 
financial year are running at 
£10.5m. This is far in excess of 
the £3.4m reflected in MEAL’S 
latest list of the top 50 agencies, 
but around a third of the 
agency's billings are spent 
abroad and thus not measured 
by MEAL. 

John Laing will probably 
launch a major corporate cam- 
paign soon. 

which already handles more than 
£l.5m worth of business for the 
Trustee Savings Bank. is 
handling the launch of TSB’s 
own credit card. Trust card. The 
new card will be promoted 
initially by contacting cheque 
account customers directly, 
either at branches or in writing. 
A national Press campaign starts 
early next year. Nearly 50 per 
cent of TSB's Sm customers are 
women; it seems likely they will 
account for a higher proportion 
of holders tban is the case with 
other credit cards. JWT has also 

in. common with numerous Wg advertisers, Henson Is turning to posters for the first time with a 
British Posters national 48-sheet campaign for the Ronson Spiro technic shaver. The product, 
launched this spring, is being supported by a total of £250,000* 

Waseys adds 44% to 
£17.8m; Masius still top 


MASIUS STAYS in top place in Waseys is expecting very strong 30 were recorded by Allen Brady . 
the latest list of leading TJK last-quarter growth and could Marsh ( +43B per cent to £125m) 
agencies as monitored by Media well overtake Burnetts in ninth — this agency improved 118.9 per. 
Expenditure Analysis. But with spot. cent in the past quarter alone; 

McCann Erickson and Saatchi Saatchi and Saatchi added on Interlude (+50.4 per cent ty 
and Saatchi piling on' extra. busi- no less than 32.2 per cent at £&2m); Lonsdale Osborne (+43.7. 
ness in the 12 months to Septem- £4&3m. while McCann, which in per cent to £Z.6m); Hilton {+89J3 
ber 30, the Big Four, including the past year has won more busi- per cent 'to. £5.4m);- Yeoward- 
J. Waiter Thompson, are now ness than any UK agency in any Taylor ( +53.6 per .. cent to 
bunched within £5m. Of . each 12-month period, advanced 24£ £6.5m); Crawfords - (+59.6 per 
other. per cent to £4&lm. By year's cent to £4.1m) and Colman Part- 

Among the top 15. the best, end, McCann may well have over- hers (+58.2 per cent to £4 JjdV. - 
percentage performance over the hauled Masius and JWT. Percentage losses of more than 

past 12 months was that of Lower down MEAL'S top 50, 30 per cent were shown . by 
Waseys. which put on 43.6 per other very big percentage gains BBDO, The Kirkwood Company 
cent it la MEAL to £27Bm in (he 12 months to September and Graham Giilies and Warwick,* 

Furniture, expected 
£250.000 to start with. 

0 PALITOY will be 


total expenditure this year 
£l.lm. including the launch 


Additions to . the 
planned next year. 

appointed Christopher 
director of marketing. 

group head at Masius 
past three years, is joini 
Haddons as creative director. 


AGENCIES— THE TOP 15 (£000) 



NOVEMBER 16-17 1978 

The Mexican President, H.E.' Jose Lopez Portillo, 
will give the opening address at the Financial 
Times 'Business with Mexico' conference, being 
held in Mexico City on November 16 and 17. 

A most authoritative high level group of Mexican 
speakers will participate and the contributors from 
Europe and the US are of considerable distinction. 
Of the oil producing countries, Mexico is one of 
the most interesting and has quite exceptional 
economic potential. The conference is intended to 
present a comprehensive and candid analysis of 
the country's present position and the future 
prospects. The languages of the conference will 
be English and Spanish and simultaneous 
translation wfll be provided. 

man of Ogilvy and Mathec Inc. ! 
and vice-chairman of O and M 
International, has died at his 
home in Pound Ridge, New 
York; he was 56. At one stage 
he was deputy diredor of the 
British Tourist Authority. 

Shrewsbury says recent account 
gains have taken its billings to 
£Im for the first time, a figure 
arrived at without grossing up 
PR income. 






1978 . 

% change on 

% change on 





1977 . - 


. 49,210 


+ 3.8 


- 1.4 




+ 10.5 


+ 11J 

McCann Erickson 



+ 24.2 


+ 10.7 

Saatchi and Saatchi 

4; 44.263 


+ 32 J! 


+ 12.1 




+ 18.3 


.. +27.0. 

Collett, Dickenson 

. 32,409 

28,074 , 

+ 15.4 - 


' -‘0.4 1 

Ted Bates 

1 22,703 


+ 15.4, 


+ 10.6. 

Young and Rubieam 



+ 1W 


+ 18.9 

Leo Barnett 



+ 8.5 

. . 17,568 ..r 

- 0^ 

Waseys 1 

’ : 17i76S ;■■■ 

- • 12,376 

^ +43.6. 

: yft( 446 




+ 34.5 

. 12,745 


Davidson Pearce 



- 9.5 


-2 3J3 

Do Hands 

.. 15.454 

— 11,784 

■ + 31.4 - 

13,354 • * 

+ 85.8 . 

Benton and Bowles 



* + 8.9 

. 14-877 

.. + 64.1 : 

Doyle Dane 


: 11,574'y. 


+"28.S ... . 


Source; MEAL. . 

View from the Carlton Tower. 

i = V 

i „ 

View from the Dorchester. 

View from, the Intercontinental, 

The list erf distinguished speakers also intrudes; 

LI esndado Jose Andres da 

Minster of National 
Patrimony and Industrial 

Mr. R. A. Belanger 
Senior Vice President 
World Banking — North -. 
American Division, 

Bank of America NT& SA 

Licenciado Gustavo 
Romero Kolbeck 

Banco de Mexico SA 

Ing. Jorge Pisz Serrano 
Director General 
PEMEX (Petraleos 

Mr. Leopold de Rotiistihfid 


N.M. Rothschild &Sons 

licenciado Adrian Lajous 
Director General 
The Mexican Institute for 
Foreign Trade 

The Rt Hon Lord Ch aifont, 



Canning Housa 


IBM UK Limited 

President Jose Lopez Portillo 

To: The Financial Times Limited, Conference Organisation, Bracken House, 10 Cannon Street. London EC4P4BY 
Telephone 01-236 4382. Telex2£347 FTCONF G 

Please send me further details of the BUSINESS WITH MEXICO CONFERENCE 
Block Capitals Please 







View from the Royal Lancaster; View from themton. ' View from tbeGrosvenorHouse. 



the ~ 

Ideally situated in Knightsbridge, rooms and suites With vistas ofXondon. 

with Hyde Park so close it could be your And, not least; its two restaurants, 
own garden, the ParkTower sits in the }, ; . / Sip coffee at% (Mejardinwhile 

heart of London. * • watching thefashioriableKnightsbiid|ge 

It’saperfect centre for discovering world go by. • ’ .7 

(or rediscovering) the best of everything f Or, enjoy the haute cuisine at the 

the capital offers, veryFienchl^THano^ 

Harrods and other great stores like fulLowndesScjiaie. 

HarveyNichols andTheScoIxdiHouseaie Goineandstaywith 

a short walk away. ^^.Wepromise, you'll 

Theatres,exhibitions andnightspots leavewithscmeprettygood 

canhe reached quickly and easily using views of us. 

the Park Tower as your base. gBKBteSSjsC 

And when you do return to us from 
your forays into the West End, you'll 

appreciate the hotels peace and elegance. j9||gg«|H Peace andquietin 

Its spacious, exquisitely furnished WcM 

- ** 

rainary number, 
ordinary taste. - 

Korn mans 
llitr ^rcai-.-st iumem 
Kiiv^ Sue 

r- rThSelowtar 
^ ^ ^cigarette. 

*'rv% r 

f *. '•.v;#«vn *^\ 

?®r' ht fi rv 

tf sfcaver fiT 01 
S9 i 6M. The 

Qgpe^yatvafi ^ . to6te art ffiiftij EiBni; &-yzuz -But is. the crusade against -cigarette ads an irrelevance? 

At least one .cigarette marketing expert believes the big tobacco companies have 
surrendered important^ legitimate commercial rights by refusing to assert themselves. 

^" Michael Thompson-Noel reports 

ill top Tobacco— social monster or martyr? 

#S to £5 4 'S 

Kiri w B .-y V* 





r r 

TF AJbyEB/flStN G ia the" grcihd Relieves that :the ' controversy. 
Aunt - Sally, its apologists claim, which has beea . arbtmd for 20 
then cigarette advertising Is way years, has become so laced with 
out there in the front .rank of "propaganda, posturing, hum- 
The coconut ■ shy — an • embattled bug-and cynicism ” 'that rational 
form of coxnmerciar.^n'deavourr public' debate "of- the real issues 
that lingers oh despite the doses is virtually non-existent, 
of anti-toxin JjjflT it. j* According ; -ta&xy van Rossum: 
bombarded. >£, the^ health -.:and w-jjjg cigarette “ manufacturers 
aDtij^mpklnglpb oy-_ ; . ~. v -, . :- .are.eontlnually' pilloried by anti- 

Of all the endangered species gmofcjng bodies and Government 
of marketing— they include drink agencies with --.the implication 

advertising and adyerfisuig to t ^ aT they are carrying on some 
children and other vulnerable of conspiracy to damage— It is Jdsantte -advertis-. nation’s health, -' Yet they are 
ing that spa rks the -bitterest jows. going about their lawful 

In Britain there aie signs that business, selling a perfectly 
all. c i garette. a^ftisipg- j* 1 legal product for which there is 

*r ni 

though that may-1 be wishful ■ The manufacturers .have no 
thl^ting_oh tie part-of fiie health «ratrdl> whatever over an mdi- 
]obby^ : - viduals decision to smoke, to 

In ‘California, meantime, the heavily. or not to smoke 

U.S. tobacco industry,: amtious to Jh® f 

defend annual sales "o£..817bn, blamed f or t he. level of obesity 
has launched a hilts campaign m thc co^^t^nor. win e 
against Proposition, ' 5, . which 

seeks-to "arm California, repre- of alcoholism, nor tee Gas Board 
sen ting 10- per cent :of . th& Tl.S. for the people who put their 
cigarette-- ■ market, 1 '- V with ; .-the: head s in the. oven.- 
toughest ever anti-spoking laws. Yet the tobacco industry was 
Proposition 5 wotiid ban smoking 'e<msi.stently singled out as a. 
in virtually all enclosed public social monster. " 'According to 
areas, from lifts and- workplaces Wr.van Rossum, the tobacco in- 
to sports arenas; Hollywood .stars dustiy_ jtself is as concerned 
like Chmrlton. Heston have lent about -die -accusations hanging 
their support to pro-5 radio eom-. over-itspnxluet as anyone else, 
merdals, while . the j cigarette “•The - tobacco Industry, makes 

makers themselves are ’ retail a - n o effortto persuade anyone to 
ting with. $4m worth' wLrariti-5 smoke, or to smoke' more. .It is 
ads- ' '.'-Vi,. " . . . ' anyway totally beyond their 

In Britain, (me man who feels - power, to do So." This concept is 
that the anti-smoking -lobby has regdlarly dismissed -as a propa- 
had too much of its own way is ganda stance by an implacable 
Rex van Rossum. until recently industry. It is not." : 

market^ dfirector of Bdlbnians,'” -AajSifdihg' to "Mri van Rossoin, 
who lias now left^the lnddkiy to the janti-smoMn^ lobby employs 
run bis own company. Sis views an irray of standard propaganda 
won’t please the smoknag and techniques. "Itis about time 
health - lobby, but '.then be someone made some comment 

on the antics— and I use-the word 
advisedly — of these groups." 

Technique No. 1 is The Scape- 
goat: “ No criticism is made of 
the 300,000 retailers who sell 
cigarettes or the 40,000 employees 
of the tobacco industry. The 
attack is concentrated on the 
manufacturers, of whom there 
axe only five.” 

Technique No. 2, says the ex- 
Rothmans man, is The Big Lie: 
“This is the technique whereby 
a statement repeated often 
enough and confidently enough 
comes to be accepted as the truth. 
There is continual repetition, as 
if it were a fact, that smoking 
prematurely kills 50.000 people 
per year. While 1 would not 
claim this is a deliberate lie. it is 
no more a fact than fly to the 
moon. It is a fwild?) estimate on 
top of a deduction from a statis- 
tical correlation connecting 
smoking with various diseases. 
The fact is that no causative 
connection has yet been proved. 

"These statistical correlations 
are themselves not internally 
consistent and are laced with 
numerous doubts and uncertain- 

Technique No. 3 is The 
Scaremonger : “ This was used 
in last year’s Royal College of 
Physicians report which stated 
that each cigarette you smoke 
takes five minutes .off your life. 
How could such a calculation 
possibly be made ? To me it is 
almost beyond belief that such 
a distinguished body as the 
Rpyal College should stoop to 
such a crude publicity-hunting 

. In contrast, says Mr. van 
Rossum, he- has heard eminent 
physicians state that nine out of 
ten smokers can smoke with 
im puni ty. He doesn’t know 

how they arrived at that figure; 
he does know that it received no 
publicity of any kind. 

Objectional as these tactics 
may be, Mr. van Rossum says tbe 
industry has far more serious 
difficulties with the Government. 
Tbe industry had bent over back- 
wards to meet Government 
pressure for all kinds of com- 
mercial restrictions — based, he 
thinks, on a false idea of public 

The industry bad co-operated 
in numerous ways. First, it bad 
complied with requests to launch 
more low-tar brands — a thank- 
less and expensive task because 
the vast majority of smokers 
didn't want to know — and to 
allocate a disproportionate 
amount of its advertising to 

It had invested massively in 
the tobacco substitutes fiasco, 
only to find tbe new products 
damned by official statements 
and countered by a State-funded 
Health Education Council cam- 

Most importantly, it had nearly 
halved the average tar level of 
cigarettes over the past ten years. 

“The industry has been given 
no credit for these moves, and 
the Government has pressed on 
with demands for more and more 
commercial restrictions. On the 
other hand the Government will 
take no positive action itself in 
pursuance of this policy that will 
cost it revenue. If it really 
wanted more people to smoke 
lower tar cigarettes it could 
have achieved it long ago with 
a stroke of the pen by reducing 
tax on these brands by 30p per 

“With some 70 per cent of 
the retail price of cigarettes 
going in tax, the manufacturers 

had no room to do this. But tbe 
Government did. However, the 
cost to the revenue made it a 
stone cold certainty that this 
would not happen." 

Governments are tempted, 
says Mr. van Rossum. to take a 
tilt at the Aunt Sally of cigarette 
advertising. "This is a much 
more cosy issue which costs the 
Government no loss of revenue 
or votes. Indeed, it might gain 
a few since advertising m 
general is not exactly popular 
with the public.” 

Yet the crusade against 
cigarette advertising, he claims, 
is an irrelevance. 

“ The simple fact is that there 
are many countries around the 
world where cigarette advertising 
has been banned or severely re- 
stricted. Not one of them has 
led to a decrease in cigarette 

consumption, even amongst 
young people. All the evidence 
shows that cigarette advertising 
influences market-share and 
brand competition. Nothing else. 

"'There is no rational reason 
why cigarettes should not be 
allowed back on TV now. That 
might do something positive to 
switch more smokers onto low-tar 
brands. It also argues that tbe 
fierce restrictions in the current 
ASA code for cigarettes are an 
overkill and an irrelevance.” 

“With the benefit of hindsight 
one can say that the industry 
has. by maintaining a dignified 
silence, let itself be pushed into 
a number nf corners and 
accepted restrictions out of all 
proportion to the facts and evi- 
dence. But in polishing their 
dignity with behind-the-scenes 
diplomacy, they have allowed the 
anti-smoking forces to have it all 
to themselves, and they have had 
a field-day.” 

Awareness of ITT rose dramatically after their corporate campaign on 
Southern Television. 

ITT took 81 spots on Southern during their 1977 corporate campaign. The 60 
second commercials were designed to show the company's wide range of 
activities. The message was one of quality, reliability and responsibility. The target 
audience was the entire public, whether as consumers, employees, shareholders or 
opinion formers. Results were dramatic and lasting. Awareness had increased from 
55° o in mid-1977 to 73% in mid-1978 and the overall opinion in favour of the 
company rose considerably.* 

Further proof of the power of television for corporate advertising. ^MAS 



For further information contact Brian Henry, Marketing and Sales Director, 

Southei n Television Limited, Glen House, Stag Place, London SW1E 5AX. Telephone: 01-834 4404, 

We war that never ends 

We British are a peaceful people. When a war is 
& |§9 over we like to consign it to the history books - and 

SsSpah li v Bui lor some the wars live on. The disabled from 
|Sn both World Wars and from lesser campaigns, now all 

flliSga ? lo° easily forgotten ; the widows, the orphans and the 
: children - for them their war lives on, every day and 

||l|ig§Pa In iiiany cases, of course, there is help from a 

i pension. But there is a Limit to what any Government 
TagrgpB " : Department can do. 

:f fg jpik-- .* This is where Army Benevolence steps in. With 

understanding. With a sense or urgency . . . and with 
/SWAI practical, financial help. 

To 115 il is a privilege to help these brave men-and 
IjSSffPpOT women, too. Please will you help us to do more? We 
■g£g3agb&63M must not let our soldiers down. 

The Army Benevolent Fond 

for soldiers, ex-soldiers and their families in distress 

Dept FT, Duke of York's HQ, London SW3 4SP 


By Popular Demand : 

and his 


irk'klrki rlr kl rlr' k 'k+lrk 

also FRED HUNT on piano 


Alrrasion by ticket £M-50fa include 
dimer anderfertarimert 



* - 



Scp^ c ' m .-Vi 

= "Vf! ; 

The day all of us have 

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,i .-.i ;- 
i . • • 


Financial Times XOffAX Novem&ir ? ;197S 


new market 


The currency turmoil is a crease which markets lump to- 
rewinder that Ihis is the decade serher under the catch-all af 
or price volatility in the inter- •‘.heightened upcertniaity." The 

. , nse of multi-national business 

national markets for ju.>t about has greasy .i flt;re ase<i the quail- 

everything. There is a doctorate .ijijes o£ money being shifted 
waiting for ihe economist v/ho around. Under such circutn- 
investigates the thesis that stances an argument beginning 
perfect information is one of the ‘ fl5,,er *b* n Ss being equal’ 1 gets 
root causes of this problem. aS 10 a weak start - 

Perfect information is a neces- , ^London i Discount Mar 

, t .. ket -Association, the sobriety of 

siiy for a perfect market, but it W f, ose judgment can probablv be 
would well b._* that ignorance lias rehed upon, told the Wilson Cora 
played an unrecognised pari in niittee unequivocally that the 

keeping price movements introduction of an electronic 
orderly. The 'seventies have seen market information system had 



irrevocably changed the ster! 


ins: money market" and made it 

a great deal more sensitive and 

a proliferation 
information" in 

markets. The word no longer volatile." Instant information Jed 
spreads by telephone and ticker to -‘a tendency to over-react to 
tape but on TV screens risht in avoid 'having to deal at the wrong 
front of the traders. FLASH rate 
FLASH CARTER ACTS TO Faced with an increasingly 
SAVE DOLLAR There is time frLctionless and jittery foreign ex- 
fur only knee-jerk reaction, and 

.. . . . _ tried w .improve matters m two 

the trader sees instant confirms 1Kl yt.toxh of which bring a smile 
turn that the rest of the pack are to rhe face of an engineer. First 
moving with Jura. they have tried ** dirty floating ' 

with central bank intervention: 
-w-i - this does not, alas, -introduce 

JLqiiUlOrftUin damping into the system only an 

extra large, . powerful <tnd rather 
Tn theory perfect information conspicuous spring. The other 
should allow supply and demand favoured solution is to say “the 
to determine a just equilibrium ride is too bouncy, .let us do 
price. But its practical result, away with the springs alto- 
in a changing world, is wild gelher.'' This 'is the EMS 
oscillation about the shifting approach and unless the road 
point of equilibrium. ahead 'is very smooth it has paiD- 

An engineer knows that a ^ consequences, 
perfectly elastic* system will The engineer would advocate 
accommodate itself perfectly to artificial friction to replace the 
static forces acting upon it. Bui natural friction which has gone, 
he also knows rhal if these forces Among the proposals made so 
change such a system becomes far [he Crawling Peg. type of ex- 
a nightmare. It never slops chance rate system would appeal 
jumping about the just pnsition. to him most. Or he might, with 
So if hi* mechanism Jacks Trie- a glint in his eye. suggest that 
tinn he introduces imperfection ihe new instant electronic in- 
into it. in the form of damning, formation and trading networks 
tn keep his springs under offer their own solution to the 
control. problem of friction! essn ess they 

U is this damping that is lack- have created, 
jng in the international markets 

for currencies, securities and 
commodities. The old, natural 
friction has been systematically 
removed. It has become steadily 


Great computer minds should 

easier to deal — or at least to try design an electronic trading net- 
to deal: it now suffices to pick up work which allows prices to crawl 
the phone. The new.? that at a rate which varies with the 
prompts the decision to deal no market forces acting upon them, 
longer filters through to people. Using either a central fund, or 
but hits many powerful investors employing the reserves of par- 
and dealers 'simultaneously. The ricipating centra! banks it would, 
result is markets which are re-active ly rather than actively, 
closer to being perfect and to undertake the ipurchases or sales 
being perfectly unbearable. needed to provide the necessary 
The 'thesis is hard to prove. dam P‘ n g forces. 

Jn the currency market lit is dii* A doctorate for a thesis on the 
ficult to unravel cause and effect impact of instant information, 
an -the aftermath to the Brecon But a Nobel prize for the inven- 
Woods system. Other variables lor of a cybernetic monetary 
have supposedly been on .the in- system. 

A credit to your sense of balance 

UNLIKELY AS it seems, a greatest difficulty in getting the the customer is not agreeable to claim be had against the- futures when onJy the dLSez^nce * 

statement from the bank can money back as It was obviously the adjustment the bank has to Liberian importer, but nothing in the mariiet price is mum join «W, 

also bring a pleasant surprise, one of its duties under the cur- sue him and preve its case in more. ; or debited to tne cost locating Britain’s secessior 

Indeed, one day. some years ago, rent account contract to keep me court The burden of. suing has Th e ^BGH followed earlier account - W r . m *jj 0 Common Market *. 

I discovered that the balance of informed about the state of the to be placed on the bank, if for Ge raan 'decisions, which m ..wnforCMMe debts ^ 

my account was inflated by an balance. By leading me to no other reason, to maintain , eIy - S^omnny even if toe 

unexpected credit of £5,000. believe that I owned ail that the credibility of bank state- Fn glish stated by Lord *“* pl*« “ “^er member 5 etter . /"?£ , 

There was no indication of money it couM have been said marts. Siri J^ce AWwT but where 5Uch debts csn French bank retneveits moncj 

be enforced. 

German law does in fact di* 

where the money had come from to hare caused me to spend The BGH .then considered posed on the bank's customer a ~ asalnst ■&«*»««. 
and r started to rake my more than I would otherwise w ]j at claims for damages the new, stricter requirement The The Court said that treatment cnmmaie , 

memory, undecided as to have done. bank may have out of such a BGH did not agree with those of gamhling debts was ^ frnmAhe general rule fh* 

whether the money -was the As Lord Chief Justice Abbot mistake: The customer may be authorities which held that the for ■ each dehtsfrom diff erentfaldealsar 

donation of an anonymous sa id more than 150 years ago able to show that he was not customer was liable to' damages state, and the iTeaiy oiu enforceable. According 4 . 

hpnflffl^rnT or 3 PlllJt-FifWen in tmincHiv V\\9 tVio TwnV’c onlw if ‘Ho TindHwatri traon* iVief Tlrtt TPiUflrP llllll 0 Llillty 2Q j ■ ? i 

benefactor or a gullt-ndden ^ Skyring v. Greemeood: unjustly enriched by the bank’s only if he positively knew that not require unnormity nnerseneesetzL sudi debt 

malefactor, compensating me “ Every prudent man accom- hustake, and' -this was exactly he- was credited an amount area. giving . 


, , what he supposes to be his 

I tended to believe the latter income; it therefore works a 
was the case, but to make sure I great prejudice -to any man, if 
visited the bank to inquire. Pre- after haring had credit given to 
sented with the credit note the j n account of certain sums, 

bank's computer blushed and I ^ having ^en t0 ■ 

returned home sorry to have dfaw on Ws ^ nt on ^ faith 

once more overestimated the that uwse sunjs bei onge d to before the court claimed. 

better side of human nature. 

him. he may be called upon to 

Looking back, I must admit pay them back.'' 

that I had only myself to blame 

ler whose debt from differential residents on a German- hours - 
J 2JSS UP ^ With a Strasbourg That means tfiat HenJKoestitf 
bank while he lived in France, debt would beenforcK^le 
hecames unenforceable after he it been incurred by operatitxc 
to Germany, asonthemnWUrtboursebutnr 
- - „ ■ reported on this page on August on the Pans bourse. 

- . . . - . 3, I97S. ’ While stating that each men 

An* ignorance due to negligence The Court did not accept the ber State can treat gatnblin 
He said that he was expecting °n his part could also justify Commission’s view that the debts as it pleases, the Europea 


BY A. H. HERMANN, Legal Correspondent' 

two equal remittances -from a . the bank’s claim for ^temages; German courts ‘to Court added that such natioiS 

- , ■ , I was reminded of this bounty Liberian importer, and after the said the eonrt. ^ enforce debts stemming from rules wfll remain unaffected,!? 

for bwng unable to profit from logt when readjn earlier this bank bad mistakenly credited The reason for this decision differential deals on the Paris the EEC Treaty only if they ?u 
cne computer s mistake. week, the Bundesreriehtshof bis account twice with the first was that a certain measure oF bourse had amounted to an applied in a manner which d« 

° L ' v — ' ■ “ of not constitute discrimiiiatioxti 

Had my belief in the innate (BGHj judgment in cose // Z R remittance, he believed that customer co-operation^ and inadmissible "export 1 

goodness of human nature been jgfi/77. The ■ German Supreme both had arrived. In fact the checking is indispensable for German law. To sanction such comparison with similar debt 

stronger perhaps I would have court took the view that once second was never received. He. the operation- of a modern com- a view would only serve to add incurred on that member State' 

accepted the theory of the a bank included in a current then of lhe mistakenly puterised banking system. to tft e fears that the Community own territory. The coneiusio 

returned loot without any reser- account statement an amount credited money to ship more ^ unduly interfering in matters which must be drawn from tti 

rations. I could therefore have credited to this aceount by seeds to Liberia ' * * 0 f national policy. The wider judgment is that as -far;a 

spent the money in good faith mistake, jt cannot make this Subsequently the Liberian the Community becomes, the German law does, disciimiiiai 

well before the computer came nii stake good by adjusting the importer went broke, and the GAMBLING DEBTS, including more important it will be to in this way, German conrts wi 

to its senses. account without obtaining the money was not recovered. He those run up with a. bank by respect the differences said 1 the have, to consider it as overrule 

The bank would have had the customer’s approval first If offered to cede to the bank the speculating in options .and Court. If Spanish bullfighters by the EEC Treaty. -- 

Vaigly Great attracts backers 
for Vernons Sprint Cup 


CC— These theatres accept certain credit 
cams bv tetepheme or m the Box Ofbco. 


COLISEUM. Credit cards. 01.240 5238 . 
Reservations 01 -BM si 61 . 

Ton'fc and Thur. mnt 7 J 30 lolaatbe 
•Anal oeris.). Terror. 7 .SCT Ttni Tales ot 
Hoflrnao. Sat, end Tue. nett 7 .00 Don 

Thieving Magpie. 1 04 balcony teats avail 
for all peril, rrom 10.00 on -dev ot perl, 
Now booking Dec. 

IT NOW seems certain that eight Slew will tackle Amazer in a voted for “Kipper" Lynch, 
wilt line up for Saturday's re- grass event on the following day. Lester Piggott, Pat Eddery. John 
ncwal of the United States' most As expected after forecasts of Matthias and Willie Carson. 

famous end-of-season grass race, ra j n j D th e North West, Vaigly Panelists described it as a mouth I ^^car^perf^.j.'^coSid 5 *^ tEE 

the Wash io§ ton DC Interna- Great has been all tbe rage in of outstanding jockeyship. ] 

tionai. the Vernons Sprint Cup ante- Hard ground continues to play 

The field at Laurel. Maryland. p0 st betting. The Tote, which havoc with the jumpers, and this 
is made up of Trillion (Sandy went best yesterday with a quote afternoon's programme at Wiu- 
Hawley). Tiller (Jeff Fell), 0 f 5-1, reports continuous canton sees only 32 runners. 

Overskate (Robin Platts). Waya demand for the Michael Stoute- Southwell, the day's only other 
(Angel Cordero), Noble Dancer trained Ayr Gold Cup winner meeting, has fared a little better 
t Steve Cauthen). Mac Diarmida a ad they have had to slash his because of good ground on the 
(Jean Cruguet), Frere Basille price from 5-1 to today's offer chase course, and an official fore- 

of 100-30. cast of good to firm for the 

The other entry for which they hurdlers. „ 

report good business is France's Best bet of the afternoon on J _wells_ theatre^ noset>enr 

too older sprinter. Saaedtki, who th c Nottinghamshire track 
is down to 5-2-from 3-1. should be the improving seven- 

Bold Bny and Double Form year-old, French Pin amone the 

— — have drifted half a point from runners for the Bingham Chase. 

Stoned 4-1 and 6-1 respectively. 

Jockey of the year Greville 



COVENT CAMDEN. CC 240 . 1066 
CGardencfiange Credit Cards 836 6903 . 

Ton't 7 -SO m* Sleeping Booity. 'Toniu- 
& Men. 7.30 Mowflng. SlL 8.00 A 
Wed. 7.30 Serenade, A Mnttfn In tM 
Country, Facade- 

SaL 2.00 & Tue. 7 JO Cod ten tone. 
65 Amphf seats avail, for an parts, rrom 
10 am on day of nerf. _ ' 

Ave.. E.C- 1 - ”837 1672 .^ Eims. 7 .M 

HANDEL . __ , 

NO*, a. 11 . 15 . 17 : R 1 NALDO. 
Nov. 10 . 14 . is. t 8 :. 4 EM€LE. 

(Freddy Head) and 
(George Doleuze). 

British visitors to the course Starkey has been named Wilkin- 
will neither have an English son Sword Jockey of the month 
horse nor Lester Piggott to cheer lor October by. a panel of racing 
home this time. They will also journalists and commentators, 
have the irritation of missing Starkey’s 17 ytins during the 
the great Seattle Slew. month included two more Group 

After several days’ deiibera- One Pattern races (the Cheveley 
tion. connections have decided Park and Champion Stakes)* He 
miss the Washington and will receive the. Wilkinson Sword 
switch thoir Tripie Crown win- poniard and' a cheque :for £100. 
ncr to Aqueduct, where Seattle The panel also commended and 

12.45— Emmabel 

1.15— Fighting King 

1.45 — Poverty Bonk 

2.15— French Pin*"* 

2.45— Gold TV** 

3.15— Adam’s Brake 

3.45— Crest 

,2.30— Kin imle 
3:00— Kings Carol 
330 — Merry Meadow* 


daoed Price Previews NiaMW. Evenings 
7 . 30 . Also this Saturday at 4 . 00 . . 

An Enchantlnfl Nne^TMgikal 
Credit Card Booking 01 -S 3 S 7611 . 

ALBERY. 036 387 B. CC. bkv 836 3071-3 
s, Tnes„ 

from 8.30 am. Party rates Mon . 

Wed. and Fri. 7 AS am ThurA-and Sat 

4.30 and 8 . 00 - 



THROUGH 1979 .- 

4.40 Emu’s Broadca^iing Company Wales-2.14-2J(4 pm I Ysgclion. 
(EBC-li. 5.05 John Craven’s News- 5J54J.20 Wales Today. 6.55-7.20 


t Indicates programme in 
black and white 

BBC 1 

9.41 am For Schools, Colleges. 
10.45 You And .Me. 11.00 For 
Schools. Colleges, 13.45 pm News. 

1.00 Pebble Mill, t.45 Bagpuss. 

2.00 You And Me. 2.14 For Schools. 
Colleges. .1.5.1 Regional News for 
England (except London i. 3.55 
Play School tas BBC-2 11.00 am). 

round. 3.10 Blue Peter. 

5.40 News. 

5-55 Nationwide (London 
South-East only). 

620 Nationwide. 

6.55 Tomorrow’s World. 
7.20 Top of the Pops. 

8.00 The Good Life. 

8.30 Mastermind. 

9.00 News. 

Heddlw tO.15-11.05 James Burke s 
Connections. 11.45 News and 
and Weather for Wales. 

Scotland — 9 A 1-10.01 am and 
11.30-11.50 For Schools. 5-55- 
6.20 pm Reporting Scotland: 11.05 

5.45 News. 

«35 rVf^raari 1 - 1 S L 2 B pm Report West Headlines. 1 J 5 

Crossroads. Report Wales Headline* 2 AO Woman 

7.00 The Six Million Dollar Man. Only. UO LldUe House on the Pnurle. 

8.00 George and Mildred.. Job-Line Neiradeak. i28 Crossroads. 

| ALDWYCH. .^836 

. . 6404 . Inlo. B 36 S 33 Z. 



7 . 30 . Middleton ■ A Rowley's THE 
CHANGELING. ■ "Sets the pulses skip, 
pine.” The Time*. With: David Merxw’s 
also at THE WAREHOUSE (see under -W) 

8J0 TV Eye. 

9.00 The Sweeney. 
10.00 News. 

SfETiKf- THEATRE. TH. 46 S 6 Z 25 , 

TTiu raday Night. 1 K43 News and 10M Business _*■ Buying 

BJO Happy Days. 7.00 Bionic Woman. 
M -35 The Crapes of RoUhvcII U. 0 S The 
Thursday FUm: *■ Dlny Dlnflivi M»aee.” 
SUutUu: Frank Sinatra and George 

by Prank Marais. Directed by Piul 
Mafcu*. Men -Sat. 1 . 15 - ujn. 

Weather for Scotland. 

Northern Ireland— 3.53-3.55 pm 

9J25 Fear and Loathing on the Northern Ireland News. 5^54ijeo 

Hoad to Hollywood. 

10.15 Most Wanted. 

11.05 Tonight. 

11.45 Weather/Regional News. 
All Regions as BBC-1 except at 

Scene Around Six. 11.05 The Fall 
and Rise of Reginald Perrin. 1L35 
Jack High. 12.05 am News and 
Weather for Northern Ireland: 

Street. W.i. Tel. 4 ns 6224 . 

pm. 26 °cL- 1 1 Nov. EPISODES, The 
Soon O Kane Ensemble at 11.00 n.m. 
Sideshow by Manln Raphael Oat* 

AMBASSADORS- CC. 01-836 117 T. 
EvBL 8 . 00 . Tubs. 2 . 45 . S»L 5430 and H.OO 
A superb, performance.” FT 



4.20 Yogi Bear. 4.25 Jackanory. the following times: — 


Yo» 8 Thinfc" Harder Th “ ™ Cyrere/WaleF-As HTV General 
,, M (nuik. Service except: 1.2D-LZ p* Penawdau 

11.00 Rafferty. Wewyddlon Y Dydd. 4JMA5 Sercn Win. 

12.00 What The Pan ere Sav Vloclttan Flyer. 5 JS-SJ 0 Cartoon- 

12^5 ornate: A P p5oti£ by &.“■*« Y ^ Spora 

Munch accompanied by the htv We «— as htv central service 
music Of Bartok. except: UO-UB pm Report West Head- 

All IBA Ttvrin T A Uws - 6aMJ0 Sport West. 

“ ept at ““ follo “‘^ scoresH 

Manchester, Newcastle); Midlands ANGLIA 0 nl r. *20 Taraan 5.2° Batfinfc. I afollq. CC. 01-437 7663. Evas 6 . 00 . 

1 Oday (Blmnngham); Points West U5 pm AnidJa News. 2.00 Women Only Crossroads. Scoitiod Today. I Mats. Thu^ s.OO. S«l S .00 and 8 . 00 . 
(Bristol): South Today (South amp- *2 *Pld«ra»M». 4.65 TUe Hu tn ones." ^J! r P 0Ck Way - J 00 1,10 Botanic Man. 1 BAI " ’ *“ J * w 

ton): Spotlight South West J-H Fa " n - *■« a«*hb. Tfi " 5 !S™ C 9 c, . ,ldl, v. ,JS 

( Plymouth l Arena. 7.08 Bygones. 7 JO Botanic i?J!L I . i , Cc U7 ^e, Late Call. 11.35 

inymouinj. Man. 10 JO Dans. Mystery Movie: * n,er * e,,ar - 

Quincy. I US am The Linns Word. SOUTHERN 

ATV La pm Southern News. 24W Women! arts theatre. 01-836 2132. 

arffl m fir TQ «»?™ 5 




BBC 2 

"WICKEDLY FUNNY" Time*. ■'Very 
very funny — a rear entertainment.** Now. 

Thursday Picture Show: "Run Wild. Run Nemo 5 Jo rroSeoads AOODav hr S!? "Hilarious . . . see It." Sunday Times. 
Free." sUutuik jpbn Mills. Sylvia Snns t lo Thuredav 8.30. Friday and 

and Mark Lefitcr IM *tv t«i“. m UnjvPTfc'D^ ChaneiBe. 7JtO EPUiiviv Saturday 7.00 and 9.1S. 

Pmmrrrialn Fa™ * *7 m,? 1,3 ,p Far ®- 7J » BflfanlC MatL 10 30 1 

iV™ SouUwn. News Extra._ UL35 The Electric l **™**, CC Curing Cron 


11.00 am Play School. 

5.10 Open University. 

4 fo Laurel 01 and ^y^Show- rSI om 

. case: “Thicker than Water." Monc PremtMV: TwflJ * t,r PcopIc - U-« «» What the rS Say b F ^ “wtis^ciL 6 6 °f° t|3S 

fi.00 Tammy Wynettc with BORDER I _ . elv,s ™ e 

6 J !5 Beneatil the Pennines. Matiuee: P^,,, SUm r Lod'” ; aSri^JohS N £th oml ^Th^'a^ fm C ‘ sSl® s B « 6 - -nd , 0 8 ' 3 t o 

6^5 When The Boat Comes In. uudi.ta.brth mml J.m Look- S lu £ iS* Wv tom/'" 8 30 

7.45 Mid-Evening News. ? 5 rtJS?^jn*S lll L 2 ak nK 0nly - Thursday Malinre: 

7.50 Newsweek: Jimmy Carter- T^bltS-Nil^ uir.iS^ 1 DJ 5 bS ln"sS?r C 7 %i 

The Mid-term Ronnrf News Summary gun Scott- 6 J» Northern Ufe. 7 JM 

D«« Ke P°^r ^ news sura^ury. Emmerdale Farm. 7 J 0 Botanic Man. 

8J0 Midweek Cinema: “On The * tvitvTtrT 1048 Northern Scene. U.00 Pru-CeJehrlty 

Town,” starring Frank v. HAlYlvtLj Snooker. ll.« SdUouuc. 

Sinatra and Gene Kelly. pm Channel Lunctiume News and tie ctcd 

10 01 Accident wbat ' s 0n «• The Linlc Bouse (JL 5 »ItK 

t aita Rfeu-c ®" thc , Pra ' rip - 5 -“ stars on Ice. ABB J JO pm LimchlJme. 4 U Ulster News i- 3 ie ivevtb. Channel New-?. 6 JO The Senators, Headlines. Alb Beachcombers, ms Las- 

J 1.05 Tennis: Great Britain v Tb* Bionic Woman iojb Channel Late sic- 5 JS Cartoon. 52 S Crossroads. 6.00 

U.S.: The Carnation Wieht- Nwa -, Sandnkan. ll.oe Movie Re do ns. A 2 S Police Six. BJS Happy 

mnn riin rhirehiitrhtc I B 1 " Don't Be AWad or the Dam 7 .B 0 Enuiterdaie Farm. 7 JO 

man L.up taisnugnts). Dsrfc.’* 12 J 0 am News and WeaUher In Botanic Man. UL 3 S Coumernolm. list 

French. The Fracilse. 11 JS Bedtime. 



HER MAJESTY’S CC. 01-930 6606. j SKAfTBBURY'. CC- 01 -636 6S36*. 

•ov s “" H 





CESS." Guardian. 


KlfKTS ROAD THEATRE. 01-332 7488 . 
Mon. to Thur*. 9 . 00 . Fri- SaL 7 . 30 . 9 JO 

SHAFTESBURY. CC. 836 6596 - 
83 B 4255 . Opens Dec. 20 Uirtfl Jan: I 

. PETER PAN . i- 

Dally Z & 6 . 43 . .Prices- £ 8 . £££ 3 , £ 
Reduced price on Dec: 20 , 21 . 22 . M 
B. 9 . 10 . 11 . 12 . Festal and tefepher 
hooUna* accented now. 

LYRIC THEATRE. CC 01-437 3666 . 

Eva. G OO. Tburs. 3 . 00 . SaL 5 - 00 . 8 JO. 

JPAN FRANK. I STRAND. 01-836 2660 . Ev«l I UBS- ' 8 * 6 *^ ' 



bv Eduardo ere Flitoop 



,T Fl ^v^c L ^ C -w^^ WMOMO ST- MARTIN'S CC. 01-838 ♦«.' 
YEARS. Sunday Times. I Er^a. 8.00. Matimes Toes. 2A5. 

Mat. Thurv 3 . 00 .. Sara- 53 D andLS 



1 T t 

t v A 
i '3 % 

MAY FAIR. 629 3036 . EVES. 8 . 00 . SaL 
SJH and 8 - 30 .. Wed. Mata. 3 . 00 . 


5.00 and- 8.00 

26 th YEAR . 

Join a NO*. 9 tor the 2 Sth. Annlvenarv TALK OF THE TOWN. CC. 01-734 305 ' . 
Party. 5 how-SwPi--Wloe £10 (A . few Alr-amdlttaned. Flrom 8 . 00 . • OliHe * 
tickets st»l available.) Oanclan. 9.30 SUPERB REVUE - 

- ■ — - ■ RA22LE » 

MAY FAIR THEATRE. 01-629 3036 . at 11.00 MATT MONRO. 

by Jason Lindsay. "An eventac of 
extreme pleasure . . . Perfect." - Grin. 

THEATRE UPSTAIRS. 730 2554 . Man. t; 
Thur. 7 . 30 . Fri. and Sat. S.TS and 3 J! 
Trovers Th. Prod, of THE SAB .Biff 
by John Byrne. 

Freni DM? 1 B <l DlY R lb 30 ° 2 ^and^ 4 * 0 ' fvAUDeVTUE. B 3 * 9988 . Eves. 8.01 



OLIVIER 'ooen stasei Today 2 AS How 

SHOW IN TOWN/’ Sun. 'Efflim 
LIMITED SEASON until Dec 2 . 

price matJ._ Tonight 7.30 The Doable 

mahT Cofl9rTC 

LYTTELTON to rose «ml urn stage): Tonight 

82B 4735-i 

TiHhorrow' 7 .43 Pteatv.' now pfay 'by 

jvid Hare. _ 

COTTXSLOE (srnall_ auditorium): Tonight 
World Turned Up- 

7 Tomorrow B. The 

Tomorrow' 7J0 I VICTORIA PALACE. ^ Ct 

t «■ • SHEILA HANCOCK- - - 

Evgs-7jr0. MBtSfcWMLjri'd iat. 2.4S 

rtde Down, bv Keith Dewhurxt . from 

Christopher Hill's book mertiaos not 'suit- 
able lor children l 

Many excellent cheap seats all 3 theatres 


“GLOCK -’BUSTING. ' . ' 




day of Bert. Car park. Restaurant 928 
’ ' IOS2- 

21133. Credft card beklngs 928 3C 

OPEN SPACE. 387 6B69. 

-Endgame— 4C rapp's Last Tape. - 
Tuea. jo Sun.. Nov. 7 to 26. 7-30 pm 
• Ring Bo* Office for detnlls. 

Exleadad tw Public demaod- 

, Garden Bojc Office 636 6808. Royt 
Shakespeare- CP-' seal* ' available. Yttn t 
lomor^ Sat 8.00 Premiere. Mary O Mu' 
■ ley's LOOK OUT . . ; HERE COME 
TROUBLE. AtJV. bkgs. Aldwyth. 

OLD VIC. _ 928 7618. 


Today. Fri. 7.30. Sat. 23K>. Margaret WESTMINSTER. 


TueL-Prr. 7.45. Wed- * 'Sat. 3L00 



Courtenay, Anthony Quayle. Ip The 
RWals. Sheri da rTa comedy, with James 
Aubrey, 1*1* Blair. Kenndth Gilbert 
Carol Gillies, Matthew Guinness. Mel 
Martin. Trevor Martin • Chrstooher 
Neame. "The funniest Mrs. Malaprop 
I have seen,” Th« Guardian.- " Mr. 

Quayle s_Slr_ApO>ony— a wonderful per- I WHITEHALL. 

CC. - 01-834 0282 




COAT." Starrlns PAUL JONES. TMt 
Dally. Opens Nov. 27; TJrJefcr EJ. fJ 

lormnu. 1 ' The Times. 

SaL 7 JO 

Anthony Quayle as 
ti Only 12 London performances. 

CC. 01-930 6692-7765 

Njjbodv aHtb any respeet_ 1 or the OieatreJ 

. want to miss Mr. Quayle's Lear,*.’ 
Financial Times. 

Evys. 8.30. Fri. and Sat 6.45 and 9-00 

Paul Raymond presents the Sensations 

Sex Rewe of the Century 


Your last chance to see prior to transe 
to Elvsce Montmarte. Pari*. 


PALACE. CC. _ 01-437 6834. 

Mon-Thar. a.O. Fri. & Sat. '6.0 A 8.40 
by Tim Itice and Andrew Lloyd-Webber. 

PALLADIUM. CC. 01-437 7373. 
.Tuesday Nov. 14 for s days only. 

Twice Nlotnlv 8.00 and 10 00.. 
Sun. 8-00 and 8-00. 



Takes, to unprecedented hmtts whal I 
. Permissible on our staW E. News. 

Pulsating Musical." £. News. 


Seat prices £ 2.00 

Dinner and top-price seat £3^50 Inc. 

COMEDY. Ct 01-930 2578- Evg*. 8.00, 
Evs. 8 . 00 . Sats. 5.30 & 8.30. Tbur. 3.00. 


■•The most powerful female acting seen 

In London this year." Observer. 


11:35 Open Door. 

12.05 am Closedown (reading). 


1 Target for daring leader and 
villain (G i 

4 Half a crab can be eaten it is 
believed (S) 

9 Cutlet obtained from a 
mollusc? (6) 

10 Make progress although late 

3 A French kid accepts nothing 
to remove the burden (6) 

5 Reduce sail in u chain of 
rocks (4) 

6 Continued discourse on set- 
ting up aid to a group (Sj 

7 Shattered and hard up (5) 

S Encourage chief scientist (7) 

returning to* receive a medal H Ship that's gone all wrong (7) 
outside <3. 5i 14 Bill’s calT for praise (7) 

12 Payment to cause a strain Capable of taking up liquid 

on nerves during deal (Si 

13 On wages it would produce 
a very cold reaction (6| 

15 Church dignitary with article 
in study (4) 

16 Whereon one may write and 
ban the directors (10) 

19 Sphere of crime in the 
Antipodes:’ (lOi 

but not present to accept 
sphere (9) 

IS Insect making bird take off 

19 Parvenu sailor puts roughly 
about (7) 

21 An Italian poet is somewhat 
slow (7) 

22 Attitude of resistance when 

20 Land In Mhdras I acquired 3 . {Jj?f J 1 , - 
l 4 j Kjver-nejd on top of mountain 

23 A bit of rope connected with 2fi cm in h™ ^ !3- } 

Fleet Street r A> 26 BejnT1 3 sounds close (4) 

25 Imagined ancient northerner 
going to aocieot city paper 
boss (Si 

27 Extraordinary oiler or a wing 


23 Bury FuJe and young doctor 

29 Drawing everybody inside and 
agreeing (Si 

30 Spirit making me race with 
the French (6) 

Solution lo Puzzle No. 3,811 


1 Fish in river start dying when 
it’s put in plain language (7) 

2 Lost one's grip and beyond 

control (3, 4) 




’.j? *1" 12-27 pm Gas Boneybmi’s Birthdays. 

!^L U £i d S” - ShSS 1J0 WEBtwanl News Headlines. A2D The 

"" Jb 0 5J5 Tbe Bob Nevhart UrtJe Honw on (he Prairie. 505 Stars 

... _ „ . , _ Show, fc .00 Grampian Today. 7 jo Tbe __ i-. lob westward Diary 7 . OB Tbe 

Schools Prosrammes Bionic Woman "'jeSJSS*?®?!: montewo^an. uSiwSHMifi 1 LarcNei^ 

12.00 Toppers T.iles. 12.10 pm WJ5 SportsoalL U.lS Reflections. 11 2B ujo Westward Report. 11.0Q Movie Pre- 

Hickory House. I2J0 Moneyivise. N ^ Headlines. mlere: *■ Don’t Be Afraid of the Dark." 

1.00 News plus FT index. 1.20 ThE PranlA - f" Wftt. 

Thames News. Crown Court GRANADA YORKSHIRE - 

2.06 After Noon. 2.25 The Bass l» om Thi* it Your RJitht. «B U9 pm calendar News, ajg Jab'bcrlaw. 

Player and the Blonde. 3JZ0 Looks Spidcnnwi. bad w^stway. 5J# Wbai's «A5 Little House on ihe Prairie 680 

Familiar. 3.50 The Sullivans. 4.20 New. 5J5 Crossroads. 0J0 Calendar rEfflley M«r wl Belmont J om,** UNt ^ 

rhildren'd FiLm Matinpp- “ Reirii sports. 6*» Emmcrdalf Farm. UJO editions). 7J0 Emmerdale Farm. Tja'“" - r u - 

L.niiureri5 riwn luduuee. neial weal's On. 13-» Wlial the Papers Say. The Botanic Man. 1EJB Tbe Love Boat, 

and Peter. U.20 Barnaby Jones. 11JB in Cancan— Alexander Robertson. 

CRITERION. 930 321S. CC. 836 T07I-3. 

E*». 8 . Sals. 5.30 and B.30. Thun, 3. 


" ' ' A ‘ 


CRITERION. ,930 3216. Credit card boofc- 
iro a 36 1 1071. From Tub. neat Mon. to 
Tnurs. 8 . Fri. and SaL 5.45 and 8.30. 
_ mo 5.45 prrf. Nov. lOi 

• Transfers from Hammteed Tneatre 

FOR YEARS." Financial Tlnves. 

by Michael HaMfmrc. 

. _ — Ot-836 BIOS. Mon. 

to SaL 8 . 00 . Matinee Wed. & Sat. 3.00. 

" A rare, ' 


devMtaung, rayons, astonishing 
S. Times. 3rd GREAT year. 


DUCHESS. 036 8243. Mon. to mars. 
Evenings 8 . 00 . Frt., Sat. B.lS and 9-00. 

'The nudity Is jtunnlirg," Daily Mall. 
9 Hi Sensational Year 

DUKE OF YORK'S. CC. 01-836 SI 22. 
EWi. S wn. Fri. 4 Sat. 5.30 & 8.30. 




247m Composer: Shorn aJtovicH <5>. ’-45 Rre Archers. T-ffl Time (or Verse. 7 JO 
FesMul I97fi ronccrl. MR 1 (Si. XBJD Tdnikoraky, Prokofiev and Vaughan 
{5} Stereophonic broadcast Interval nMding, 10 J5 .Concert, part 2. Williams concert, pan 1 tS). L20 A 

T Medium Wave 11.15 A Conductor's Vtmr Sir Henry Wood Talent to Amuse 13. W. Lambert enter. 

5-00 am A3 Radio i. 7.n2 Dave Lpn —Concert iS» 12.00 M7 Life of Music tainsi. 8J5 Concert, pan S fSi. ejs 
Travis. tJM Simon Baicv UJ1 Paul 'ireedlnsi. 12J0 pm Concert, part!. 1-* RaieidiMcope. 1J9 Weather. ULOO The 
Burnott. 240 pm Tony Blackburn 4J1 News. LOS Bradford Midday Concert (Si. World Tonight. 10 JO Any Answers' 1L60 

Paul Gamhaccint. 7.M Country CSuh fSi 2J* Bayreurh Fi-stival I97K: "T«iui- A Book at BedlUme. 1L.15 The Financial, ,, 

(Join VHKi, 10.02 John Peel fSi. 12-00- bauser," open in three- Acte lw Wagner, world Tonight, ttjl Today fn Parlla- } f^HVtiNE tniT'mir rW ' n 
2.02 Mi AS Radio =. Art 1 «1. Worts . . . flalX). 3Jfl monl. 1240 News. I s.i "w LM $£ *■ 

VHP Radies l end 2_5J» am Wlib '' Tggmerf Aa 2 (S>. AJO lmwrt jg»r Radio London » w “T!^A»^^«_.mI55^MARI»le ip 

Radio 2 includlnu US pm Good Lisiemna. L **L 3 - d ° tS? j.,.,--. 

7 JO Country dob ,s. fcominued rrom ^ und , 638 N 2 ,fS - ^ 200m and 943 VHF 

Radio e. r.«i 9J2 Folkweave fSi. 9JS At H ome iS;. IJp Dram Now fSi. 5iW am As Ra(ll0 2 ^ Rluh „ IGAWUCil CC bm 4«>1. Em. 8.00. 

Spons Desk. lO.oo With Radio L XWHh 9 - 0C L °0don Live. 1103 pm Call In. 2.01 

2JU am With Radio S. imervlevred 10.20 Pei c r Schreien Schubert ; K Showcase. fUB Borne Run un 

RADIO 2 vmm »d vw 

SJ9 am News Summary. 5B2 Tony aSS t '(«. 1LW1L55 To ^* ttts Sc “ ut,lj t 12.00-00 so. As Radio 3. 

Brandon tS) mcludina US Pause for 1 Tiindnn Rrnaripgctine 

Thouabt. 7J2 Terry W«an fS> mdnfliiiR RADIO 4 £-UUUUn DraaOCaSUllg 

B 77 Bwinr Rnlln’ln anri BSC Dtnin l nr ■ 261 m ami 9 

434m, 330m, 2Sdtn and VHF 5.00 am Morning Music. 6 .06 am : non- 
AM bib News Briefing. 6J0 -FanmnK stop news. informaUon. Irarel. sport- MJ» 

8-27 Racine Boflctin and BBS Pause for 
Thought. 10.62 Jimmy Yotmu >5). 1245 pm 
WaMDwrs* Walt. 12J0 Pole Murray's 

Open House iS>. Utcludme IA 5 Sports Today. today: Magazine, ineludlim Brian Haves Show. l.«l pm LBC Kcnorrs, 

Bamllion fS> Indmflnn 6.13 Prayer for (he Day. 7 .M and 8 .IHI 1 J» Crorac Gale's 3 O'clock Call. 4 JK 

Wed. 3JJ0. Seta. 5.30. fl.30. 


A flew Thriller Directed by 
JfCRV EXCITING." F, Times. "Three 
Cheers tor two hours or mareclfoei enber- 

Dirik. 2J0 David . 

2-45 and 36 Spons Desk*. «J0 Today's News- 7.3n and S.30 Netre Head- LBC Rcporty 1 contJcoeei. 8.00 After, 
Wanaoncrs* Walk. 0.45 Spurts Desk, lines, 7.45 Thoughr for the Day. 835 Elehl. 5-Ofl Nizhtline. l.M am Night 
4.47 John Dnnn fS> includme 545- Yesterday fn Parliament. OJHt News. E *lra. 

Sr»ris Desk. A45 Snons . Desk 7 02 9.05 These Yon Rare Laved. W.BO Alcwi, Bonita) Rarffn 
Coanriy Club <S- iconilnued on \1!F and UJ15 Chrdqialni. 10J0 Dally Service, 

Radio l». 7.30 Inic-rnahOBal T>-nnis Spe- 10-45 Morniag Story. 1UOO Hows. UJB T 04m and 95^ VHF 

dal: Dirnaiign WiRhtlrtan Cop— Kniaiu v. Analysis. The Stale nf the Union. 1330 A00 am C rah am Dene’s Rruekfast show 

Untied Suicl. 9J0 YffiRweave fioln VllPr. Fira Impression. I2j» Xen-s. 1232 pm 'S> 9.00 Miched Aupel fS». 12JW Dave 
M5 $pone Desk. 10.D2 The Impreesionirts. Yon and Your*. 12 . 7 * The Pcicr llodaon Cash • Si. LM pm Roner Scon iSi. 7J0| 

1BJ0 blar sound Extra. 11,02 Rnnn Show <S). 12J5 Weather; proEraname Lard Cnorst- Brown's Capital Commenrary 

I'afihew introduces Round MidaiRht new*. 1.00 The World or One. 138 The iSi. 7 JO Loudon Today rst. 7J0 Tah; 

indottinc 1Z00 Hews. 2J0-2.S2 am News Archers. L« Woman's R«r Including or Two Cities— Gillian Reynolds comuarrei 

Summary. 2.00-2,02 News. 245 Listen with Mother, life in New Yorir and Loudon and loniahi I 


rC If 

inis must the haepicst lauohUr 
maker in London." d.Tin. “An Irresistibly 
enjoyable evening." Sunday Times. 

PALLADIUM. CC. 01-437 7373.. 
. Opening Dec. 20 for a Season 
as " Merry •■ Wloow Twenhey Hi 

FreWew December 19 at 7.30. 

WYNDHAM'5, 01-836 30Z8, . CC 
Bkgs. 836 1 0 T 1 from 8 Jo am Mon. 

Thure. 5.00 Frt. 'and Set- S.lS and 8.51 

..VERY FUNNY." Evonlno News. 
Mary O’Mai lev's smash -hit comedy 

Supreme comedy on sex end reJlglon.' 
..... DaH* Telegraph. 

LAUGHTER." Guardian. 

PHOENIX. 01-836 2294. Evenings M 8.15. vniiMr — — 

Mats. Wed. 3.00. Selurdays 6.00 & 8 AO. I 25,®. /S 3 ??* J°°^ v ** *•< 


GARDEN make ms laegb." D. Moll. I J5”- 7-50. ft- 2 , HAMLET part 

THE UNVARNISHED TRUTH I °f She kespeare trilogy ACTION MAN. 

• Tbe Hrt Comedy b - 


HAVE DICD." Sunday Times. "SHEER 
DELIGHT/’ Ew. Standard. "GLORIOUS 

928 6363. 

TojO.' Tomor Set,. Tue. 8 .60 n.m. 
T«neeGreer , s BA U. ROOM. Wed- 8 .M 

& m i^p5-ca5tALSoS. , ‘ on adwtatJon 

PHOEN IX TH EATRE. CC. 01-836 1294., 
OPENING NOVEMBER 8 th at 7.0 sub. 

mgs. at 8 . 0 . Wed- 3.0. Sat- S.O&8.30. . 

Directed bv PETER WOOD. 



PICCADILLY. From. 8.30 am 437 4506. 
Credit cards 836 1071. Mon-Then. 
8 - 00 . Frt. and SaL 5.00. 8.1S. Air-can. 

Dominating witti unfettered gusto and 
humour, me Broadway star/' d: ‘ 
" Towering performanee.” Daily Mall. 

“Worhs like magic." Financial Times. 
" There has hardly been a more satlstvlng 
evening In the West End . ■ . The BEST 

,, W4W ON THE NILE tAl. Wk. A 
Sat' ?i Z TO.' S-2 ®' 8J0 ‘ Lal * * h * Wf fT, ~ * 
O” THE NILE fAl. Wk. A 
2.00. S-OO. &.0Q: 

*** i fang. Camoen Town 


4_CLARA lAA) nrtfft 
STEREO. Prose. 2 30. 7-30 

BOB _ 



COMIC WRITING IN LONDON." Ohs. CLASSIC 1 , 2 , J. 4. Oxford Strew lopo. 
“ r MA»N ENDS ‘lNOV. C "la!" , ' , ‘ FT ' “ at ^ n *^ W L Cw ,lt JWmKj. 03T0. 

PRINCE EDWARD. CC. 01-437 6B77. 1 
Evenings 8.00- Matinees Thursday and 
Saturdays at 3.00. 


by TUn Rice and Andrew Lloyd-Webber. 
Directed by Harold Prince. 

PRINCE OF WALES. 930 D681. ‘ Credit 4i 8ur| Re m olds is hoo p e r r*i pnv,, .' . 

aa.*te vv^i’rTsss-ss-' ^ ‘ nsn&ua-i'ns: - 

is g°g.'as ,ns- 

T-T BIB. 1 

■DG. BJ5. Late snow 

(Preview Nov. 5). 1 CURZON. Cutzm Street iv i aen x^«v 

ALAN AYCKBOURN'S una«h-hK' comedy YOU LAUGHED ATh'is AFFAIR 3 ' 3? ' 


."ft mu don't laogh. soe me,*" D. - Em. I PARDON Mon affair too' ca a > 

A National Theatre Production. | (Engtieh SnbtWesl. Film Ji i.OQ tU 

Sunday), 44JS. 6.2U and 8.40. 

; S 

QUEEN -S. Credit cards. 01-734 1166. 1 

Evas. 8.00. Wed. 3.00. Sat S-OQ. 8.30- LD CHESTER souaer tueatbp 'bV» !T*eV 


THE PASSION OF DRACULA SEre «*xi» -*S?* eLf 0 '^ 1 * 


ALLY SPECTACULAR SHOW IN TOWN." 7 JO n5S. “k. ^n B 2L9 tto: *2 

Punch. "THEATRE AT ITS MOST . * « H «*»«• eaeeoe 
MAGICAL." Time* Lit. Sapp. 

Late show Sal. & gun. 

RAYMOND RCVUEBAR. CC. 01-734 1593. ®M 2738-27711- 

At 7 om. 9 om 1 1 nm. Own Sun. 
PAUL RAYMOND presents 

Fully air conditioned- 

^5* £ ,s 2- r."- «■*« snow 

t)oor l cw>n 17.15 
P.W. prog. At 1 1.45 p.m. ah Mats bEbie. 

RXGZNT. CC 01-637 9862-3. 

rml Priee Previews from 6th Nor, 
Mon.-Sat. 0-30. Mats. Fri. 8 Sat. 5<4S 


The First Soul Gosod Musical 

SQUARE <930 611-11. 
P™? 3, DIt- boon ooeo 2.00. 4.45, 7.45. 
***** W. & Sat-, doors oeen 11. is 


ROYAL COURT. 730 17*5. Evgs. S-00 
Set. 5.00 and 8.30- LAST WEEK. 

•“A virtuoso performance," D. Tel. 

This Is one of the lew great plan of 
the century." D. Malt 

I ODRON. MARBLE ARCH. W 2, '723 2Q11- . 

S Ml i fiogn open Mon.- ^ 

7.30. 'Sat. 1.05. 4.15, 7.65. • 
Sun. 3.00. 7.30, Late show Fri. & Sat. 
doors open Tl,lS'p,m. All seats bUd*. 

Waienan Borawcark'j The Beast. London 
* S«P..P#rtS-_ 12-40 3.10. 5.55. BJ5 

Sunday Timoc. 
GREEN W I CH THEATRE: 01-858 7755. 
.Eyeniiu!* B-OQ. Mara. Sal. 2.30. 

... .Jnr. Bffi»ld Pownall 
A Theatrical cauo." Times. "Surorlxe 
ana densht." D. T C i. •'PatriMilJo . 
extra ordinary evenings." E.N. 

and lonifihi . 

RADIO 1 464m, Stereo & VTIP M Stews. 300 ecnriwr Is BeilevHi*. «« aunts Health Care. 100 Adrian Love's 
A/VJ/1U j 3-35 Afternoon Theatre. 4JS Store Tune, open Line «S*. 9J0 Your Mother 

6JS am Weather. 7.« Xews. 7 AS 5.00 PM: News raagaaine. SJS tveathor: Wouldn't Like It trilh Nidre Horne isi., 
iTverture 'Si. 3J» New*. 1 05 Momirut pnwarame news, hja Newi. 530 Tn» UAO Tony Myatt’s Lale Show isi. 2JW am 
Concm ISJ. MB xewa. 9.05 This Wcck'a O I the Fonn. 7.00 News- MS The Duncan Johnson's Night Flight, 1 S 1 . 

<** MA' "£T. 01-930 »6U. £vgt. aToO. 
Mel*. Ww. 2.30. Sats. 4.30 and 8.00. 



bv Noel Coward 

with Gary aaymono 



01.405 '8004. 

Sat. 11.15, Beats Stable. Lic'd Bar. 

MandBv-ThnrtMav cveffinsa a.OD. Friday umin ... • , . _ — ■ — — - . 

5.30 and 8.45. Saturdays 3.00 end (LOO. ** S., 1 £ G»(ord Circus. 437 3300, 

London Critics ante u«^,1lvS lw * uro 9- A,#n Batea p « u> 

Bex Musical of 1977. 

Tel. book I run accepted. MS lor credit 
cards- Reaaurent rw. 01-405 2418. 


.. 81-836 6808, 

Credit cards 734 4772. Tern Coatl Jn 
t URGE YOU TO SEE IT." Gwt&n. 
Evgc, 8 . 00 . Wed. 3 DO. Sat. 5.45 A 6 A 5 . 

MazurekY's An Unmarried Woman <X>. 

$.00, B.-35. Lie Slum 
fri. k Sat, 10.50. -- • 

4. Agatha Christie's Death on ttoa Ml* 
lAt. &w. Forts. -oi». Z.15. -S-1S. 8.1S. 
Lto ShON Wiors-, frl„ SaL 1J.T3. Seats 

S ^gf U t*0 V « 

6 & B.4S wn. Sun. Nov. 1* « 3 A 7 am. KSgS&nZ 



BOOK NOW — ALi SCATS £3^30. 




•- “'?:ip^ 1 sssir 

• DebMss y; . __ 




kHT.qf , 


- “ar 2 

5 j 

Vi 5 •-. • • . ” 

by B. A. YOUNG 

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g£*»ak ifeL 

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r\£ v -_ Jttiiis V 

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tSrefea; .^l^iatenSg^t^-voL^ a£ 

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he enr^Kt W21e«S«^ 

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to Par;,- t n aw? majtfunx Dutmtelmap^'&fceii* * 
- ^«*s bm^ * L gr^nilfatbea^ftS^ JfeS father,, whh-' 

' lie 'is^finsi^grrev^ 
by*iaaK >ta£»caj& maSe -it-iaip. 1 :-: 
. of tea,%vB^ gets. tiraerhetfriiim*^ 


teiwomytiiat. l^carf ,‘ariTO gaesj^r * 
■ to ; tlie?Sy?ia£^ 
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S»# Pn thatteSj^i 

f^trftory. Thp 01 ^^ «f _sigfciyand theja iw&lk.the.iart.^ 

Sr law 
SjSfSr* German 

USEq Treat* 

M^w:V.- i '?l‘* '/"• V J 

rjLeoftic Conran, Benny Lee, Harry Towb and Joyce Blair 

Sjamfit °!ssf%lS; 

fe&JS ^ 

iSSSS'-iHrauU 1 

■ _ LjMO u« m r.;.- J »: 

tersest any ratef -those -5t l&e ' cotifiliue'&e nuaJ**Er of the father, Joyce Blair as his vain, from the Talmud standing on bis 
centre d ^CTdafyAre ■ tiriiwa •!£(- ftOOK^n d jlre am of gear rhyme empty-headed mother, Benny Lee head as well as sitting at a table, 
relief; The le a M. j” 16 ®* Grandad, with no idea in the He is not asked to dance ranch, 

play withont any music *t &B^ j Styne, m ms hesi lorm, ~~wnere world beyond a wish that every- but can when required. Dancing 
and indeedTha^lwen ohfton te4e- r-^J, ‘t e '_,? _>SF BW ? g n - ’ °P e should be happy. There is is more in Harold’s line; he has 

vlsi bn ^jmd this raises' two 'EUors-sister. Lesley sings pleasant work by Ray C. Davis' a nice eccentric routine with his 

culties- Ia:":the _ r first place ther disastfr^at the Syria- as Lesley’s wet boy-friend Harold, song “The Harolds of this world." 

so^>into3»cjy gooff Vivienne Martin as a hair- The sliding Bats of the dficor 
> intx^re^^wnd’ ^ -j?^l^- ? a ^- I> Pt 6re dresser. No one is tried too hard, allow swift, almost instant, scene- 

s^pd^^plSoa.^^lie.- ia«ors ,sp sum and acting and singing, are changes, and Mr. Chamln knows 

•tp-^acfc/^vlrfif. h-} rv^^S^52?S,*^biSSJSmSS ^ JS always competent. how to insert pathos into a funny 

36th:^pto1)ifiiTO;^;-a6lTOd r iii is played by a likeable routine. When the bewildered 

this ~stiirming-.jprQffiictidii : udder ' S <recon ' l&y ear-old from Manchester, Eliot appears at the Synagogue, 
tlwrdir^tm^atottte'^CftiniliLV : •'. Barry AngeJ, virtually new to the apart from his innumerable 

Tlie lyrics df the son^ hy JMa T^ere^ nq .s^rs^ainong the stage: He is admirably natural gossiping relations, knowing that 
Black, don! t.plteh . us* aa so often r actors, Imt ate .a. -competent and un self-conscious, and sings he has a more difficult task ahead 
happens, I into a ; woridof-iemo? : tlqamrab rh e ot yriioin we know well in a voiee with the rough than merely singing passages 
tiouaJ - ' and; vezbuidkhd teixipiei aurroimoin®r-Harry quality of having only just from the Talmud, we are almost 
from' the’:tearti 'on>the ^cbntrarv : T6Wbr-AS' -EKofi happy-go^ucky broken. He can sing passages in the presence of tragedy. 


- — — -A 

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y-. ”- 3 hw VFaa ■ 
ifiw YOWM. ;c. fi.? 

C- Irtr* • r-'~ 

. *.3i 5w5: : ;>: 

»U&E 3AXI 5 - 

iMiiaMtfa 7 h ^sTi 
MH-1 ^ *"C S«» : '£ e 

as^ «?n h. 

- -piv THE E.V 

TOWN • S.' t— 

UAS3N ~i > 
ittrMbAU. ^ZZ^ar- 

Jj'.Usl- ANK!E 

wtti W«. i-: a 

f;-.<rROc«: 3L*5 Tih; 
m* Ka M ,*j . 

,T*? 2 , s 




’-’ -•:- •.' •?' ' .‘ •IvJrr.i- • * Vi •' •V 1- .' ~ '■ ' L 

\ -.' * ■ V’S-" ^ ■’ ••' :ci ~rr f :? r-v : •-• 1 • • 

- — - '". .., ■■■ !'> .'. ' ■'^ , 'v v ' ■■■ ' — proaigidus.hivehave&ass onBIuea 

Charti^ ftiri^riTOni^ae ; Savoy: ]theni^ and ou aia^dards such as - 
Recordings. -Savoy < Sffi^2B0£^“X^lElhythai ” aacTJiCberokee" 


•’: Fariow and C£*ri« . 

■; -SWftSJLf 2M5 ' 


Recor^^-^6 ^ 


1 ! ■ * * •' ■ • ' ■ '* *- 1 * — J *‘- •*•* -■*• rtf - 


cij . WJW- ■ -.‘t/ }-— - 7— f-s ^ . . . w . 

£ .jgi^^earEer-' innovator. 

j jV;s yiii 



Va: i ~ 
— ys 

i.;. :-i- 

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• LOvx «u „ 

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THR5A* • 




Mt>Tic :x r i- 
.-C- vor^s ii-.. . 


rtti^Cohat: ^sievband 
J basiSr.fer ifjjmifcem 

One -of. Ihbse '-pjMfliiMmriy: j»- '.Count -.- Jn .theM? Young’s . 

spdnsiWtrlior-iaie' Teyoh^foB,'-ww Joio^-^are^ jiieagre ^within the . 
att£bseirtg>hoc^?^ClraTMe' r ^fer^|5am^ of the" ^sp akrafige- : ' 
who,. with j Bi2zy Glleepi^-Bi^meni3^wfaich; .on ^. rpm. discs. 
BoweH3Cehtty ^ ^3tarioe amd’Othem at> ‘leaiSt; -gave, little scope for ;. 

<ras ^t?;i»3 foPB##pt-Qf: tfie-. ^©ye^^'d^jmpwyisatlo'n. . - - 
njpvemeflC^Rwu^jffK^^owflO^-t^ ttiiie'^la£ .as the hand-; 
tKivenSy ^atebieBajpvefiC; iQfc^gpIe^ recordings .Ybnng ■ went into the.,' 

-each sham? flayed Sa, stud^ ; withL a. smaller "group of. 

jzient'nf^he- nev^ 3 arr , | thefe-^ no -^ TfHfa i^nt musicians. .First cut on 1 
wnfifict'wer'.tite- ihis sessipn was “ *niese Foolish '■■ 

anca^of 5 > atkar. -TKe 3tt ^tSfles Things ":- where -he contents "him- 

rnade'^k^avoy afid wttt^an-flrdinarTy reading of 

; Charlie Parker 

1945 ^re-^Te^pte^^-.Toaaec-i^f- the^ajek>dy.- ; Not'THitn the group became almost legendary in its 
re«)ra^^i^veMTiSW||inig to.^; makes several attempts' at pianist short lifetime. Now dose to 30 ^ 

gtpfctoto aa'dWamiMBrM Afe TnKMriA: ' UAiVvmttri'c -.**ffolnto tft «nM - -Intar AnD • listen G with <auu 

Though only three players 
were involved there is nothing 
stight or Mgtrtwedght about the 
music wiiidi is . effortlessly 
relaxed, melodic and undated. 
It is not extravagant to claim 
that the recording are classics 
of their kind. 

All tihree Savoy albums 
mentioned here are enhanced 
by refreshingly informative 


Charles Fox does a similarly 
praiseworthy job on the first 
jar of Homemade Jam which 
covers British jazz recorded by 
nine groups' in 1935 and 1936. 
The tracks are ‘ rightfully 
described as “a little out of 
the ordinary." Indeed how many 
people actually remember Jack 
Miranda and His Meanderers or 
The Black Hand Gang which 
boasted three flautists? 

Memorable playing comes, 
inevitably, from saadat Freddy 
Gardner and trombonist Lew 
Davis f “ I Never Knew "), Hugo 
RignoJd, later to be conductor 
of the Liverpool Philharmonic, 
plays violin with verve, if not 
Venuti swing, on “Poor Butter- 
fly" and there as some. imagin- 
ative ensemble work from The 
Five Bright- Stars (sax, .violin, 
piano and bass)' on four 

Salute to years, : later 

mtup f i*- 

one. listens with 
the da z zli n g 

L^&- *■»■. r-^ 7*. 
TEWO-fr*.'"- -- . 

vr wmi- 

ISBv c^.% 

If JJ S T P/ W C* *• • \. 

i- ibH-* % ■ r 1 . /,: i.“ 

«***T5 *$* • 

iic.ii.'! 1 


s;- ‘ ClHfMAS 

C i$ pn'-ftf-Aa-fV 


s 0 H 1*1 «’*■* 

Contemporary British jazz, or 
0 „. nmn ii 0 i, rather jazz/rock, is confidently 
sheer accomplish- ^0^^ by - T nm>r Ear, a group 

. . - . 7 . . - .-.- . . — - . . i thoroughly musical ba sed in Leicester, whose 

The jop^i^lM^X&wn Sepr lshrard at Hs-’imposmg best jnut: • impressive ability once again 

tambee- , i5a4 ; Tempo ^-^-.Towards r-thfrieud. of - the fourth Mostiy It took standards such makes London -basedcritics un- 
^t»?gh'. , wjri c - 4 fliae . the-- m^ia '.are -that, he has as 'TB Remember April,” *T Get comfortably aware of the 
oot for;.the ^axteU^y ^^fifth:beeD'lakenlhg :to the hoppers a^Kick. Out. of You". “Mood abiuwLaK talent which exists 
1ra(*. i te^vW‘ t :-\warimng7^.-^^^^ (paradoxically. .Charlie Parker Indigo," “September Song” and beyond the sound of Bow Bells. 
Riff- (November,.; 3jgl5). he has. idOUsqd Yoamg)' as witness the “Deed I Do" and gave them a Though a e group acknow- 
rapubHshed - bfe ^Ierwoh ifa t htrd L ’ take pf Dong'" stsUsh and fresh treatment ledges the influence of Chick 

gtoriohi^^jmmlstakffilie: edge ana Twbete: ' hfs- solo ' -flows almost which . never spoiled their core’s Return to Forever it is 
rasp: -Her&^giv^^nemorablfc- jori-e^tiallyr-.' :- never totrinsip quality- . not a slavish imatation. The 

displ^^' fireworfe ;\^Hcbv.are: ;in - coh'e^^^.-";-- ;.-.-.V '- - ' , ’5 There was enormous empathy themes, by band members, are 

repealed. later- opjjtb«:,tearav^y T. Though -these. Savoy. dates do .between the' musicians and fresh and interestingly worked 
, '.i§ ?y •?¥*' -hot-. , ' , Rn(f.- young : at ;his 'creative obviously a degree of rehearsal owt and played. 

.- :M)OPq, ;;wtb ores e mOFt, befft^iften 'bfi seems- to be hold- jjj" the construction of the tunes. . .Inner Ear proves that what- 

'^ > P*?5^j"?^ i ^ H ®2^r^' : -semetinhg back or isn’t too All three had big listening ears, ever one's prejudices against 
phra^wh^'e^^^t th«w!l«:^g|hej:ed : Tp J 7extehd'hiinseip they each taking note of their -jazz/rock (and I do have them) 

and - which,- 4? CThap S, morsrthan:. -i^iportan t because- they show coUeagues 1 playing. There were it need not be just boring 

any is. regarded as- one np. loose ends. Every note was oistinato figures aid synthesisers. 

-^bis ofrthC transition • periods' ^in his accounted for. Each man con- Inner Ear’s music. has a shape 
playing. .; ' 7 V;. -. -- , i • .r- T - sees^-TCiareer. '. -. trfbuted essentially to every and logic and It Is notably dnter- 

• : Amoiig'^;-^h(B :': 'i ^eepn^nyi^_.A.. r -;-, tim^ At times Farlow hits the preted by trumpeter Terry 
CMisiictaP^^i .•&e jvartoro.line^ip$ r ^Another ; major figure of the sldip of his instrument to give Willis, and, for two tracks only, 
are; . -MSleSr ^ Davis, tnmipet, >and bop ^ra; bassist Charlie Mingus a , ; - percussive rhythm to -a London guest, saxistDou Rendell, 
v?:ix Rba£h; drams, ; twb : ; x was involved, iii SaVby recordings number.'. On “Prelude to a Kiss" they play with spirit and 
imtahtefigii^lnthe^ 1950 and Mingus plays - a lovely basso admirable sincerity. There is 

the i^w jazz.7 ~ Davis's wore: 5J_ to- be - precise. ICngus joined profondo arco coda. Norvo, an nothing difficult about their 

fe e^ek^I^TOtezestiing,; gaming: : ' Red- -Norvo and econondst" of the vibes, always resolute music ' which is a 

^ ^i™». »k*. «kw -guitarist Tal Farlow to form a harmonises with impeccable reminder of the continuing 

* excellence, taste. ' creativtiy of the jazz form. 

1T» > *■. ^ , :S .- 

Pariceri s j&e'si&r Mis ^ffio.-;^rhp$ei .; musical « 

P^Sp^ivaX^- liirtl;^:r : > ^ fC- -• *.' 

: 5?; 


CRI CK t o n 

j' « foe . S 

TSie ■ AusfeSa^ r -von Euiem’s .-teacher,. Blaeher. But 
Mineaa, is' sc composer of pperas Kachtsr -had a stronger, more m- 

- hasall^L- novels : (Kafka’s Tiftt - triguing musical personality. He 

SJS?£v. K.\-: Triai} and trfass fDfmton's^peotb; seeiped to draw something from 
5?V^ V-"- by: r- ffiidiiS?. 1 . -Nestro^s; .- Der £uT^ Berlin •; ' bactoound that 

?z 7 .l*T rr**"* :*-.'■ zemsSei'-e, ' Ddneimiatfs The. Vienna, -ar city :*hat has given so 
5*w <• 'Cild Ladv , 1 : seen at- mnefa to so: many composes, ias 

- " * " " . Glyndebounie, - and quite .lately on this pocasibn, at least, denied 

. ' ScMiler'fi . Kobole vnd ’Ltehfil. to -vOn JEhnem. _ Or was it Phua- 

- Taiese^ operas, combining adioit, d^phia_&at failed- to inspire. - 

' ^«ie sDn,a mllfflyple«i^ 

iSbrte;.- -chotce or win ideas quite ingeniously worked, 
v&bi spme success_-- >more fean ^ : pretty things in the 

.^at^nlthe of aratw. Ton slow . mff vsine^. Jn^befinale, as 
lELncaB’s ■.- hon-theatniaL_ well as passing banalities which 

»rely.-«pmeftjour_ may be 'intended ironically but 
Tiasday 'Waiter WeHer and fihe ^ ^ so in this brisk but 

L^o^Ptolhannomc played bis w ? riSng performance 

V -*: l .%* 
h£jU- : ^ '■ '^. 

vi-^r-...: ,-x*.^ . & 

\i *- 


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y?-\v ■ 4- ;-r ( : 

1^.- - ■ . . 

M sa* - 

j". ■ .»'■ •• 

* e *' 1 j ’ * ■ ■ • 

Hdla^Jphia Symphony.of.I^O — 0 ? Wd fl^VSher poignantly 

-ure -— ■ -* '» • greater 


.: 'J- 

^ 'thrun^f- : an accident do-™- «»m«iiscerri 
ggSelpMfv.;- . r SHEr in' C,".by Strarinsg. 

..ptopandy this way aotoafly first ^™ p gadI ^ ne glected. If the LFO 

: beard inTfenha. ^ : ahd the other London orchestras 

three n^vements- are or modern. work in 

. tonal ifC;;fp^ Ihe j? Ueiy 'i^MeUaneous programme 

S ocShal example of von 
n As it is, one can 

S? e better things 

: ie-ft had fteen,^wpttBxi .befi^en gg d^t St performed. The 
•.th^iwaftr S9 f . tfnfcMJiJj* the concert brought 

TiaMrt,«- 5»»;*«en. cgea, a . concerto of 

CJtaurchilf, Bromley 

The Beaux’ Stratagem 


It is Archer, one of Farquhafs is a tame bird, finding resonance 
twin .' -impecunious rakes, . who only in her sudden melacholic 
utters that magnificent clarion fit at Dorinda’s happiness, 
call : to all Restoration upstarts:' In the bedroom cavorting, 
u Idleness is the root of all eviL- where Aimwell and Archer fend 
. V ;J The world’s wide enough, off the intrusive highwaymen, 
let.; ? em bustle." Survival, Mrs. Sullen needs more than 
money T and sexual gratification, bland surprise to counter her 
in that order, are the priorities kneeling suitor with the' im- 
o£ Archer and: Aimwell In their perishable phrase “Rise, thou 
descent on the sleepy country prostrate engineer 1 " - • 
town of Lichfield in -1706. For the rest, the text Is 

Unfortunately, the perform- inexactly delivered to the point 
ances in Patrick Lau's lacklustre of irritation and, although the 
production are; as relentlessly cu tting of; Count Bellair is a 
two-dimensional as the yellow minor loss, it" renders the 
cutout scenery which hardly dif- passages. ■ of below-stalrs con- 
ferehtiates between Boniface’s garbled, 

inn and Lady Bountiful's manse. . Edward de Souza plays Archer 
The action’s lynchpin should be m the manner -of a diluted Donald 
the dissatisfied, misplaced townee Sinden, Gareth Armstrong is a 
Mrs. ' Sullen, resentful of her bombastic Aimwell who leads 
mari tal status with a sottish with the' chin, and Jane Collins a 
mate and -fair game for the pert r and pretty landlord's 
rakes*. progress. - • , • daughter. 

It is a marvellous .part, but it ' • ,-. - . 

needs . the. individual assault . of WOttlDgiiaill Playhouse 

late-night experiment 

Evans, in J927, .“ set the. Restore- Nottingham Playhouse is to 
tiOn to her own. music,”’ while, experiment with late-night plays 
ten ' years ■ ago, Maggie Smith starting at -11.00 pm. The first 
brought, her special brand of will be Alan Drury's story about 
swooping coloration to bear on the National Front entitled The 
W illiam Gaskill's historically man Himself which will be 
realistic, prod lied oil Sylvia Syxns staged tonight -and tomrrow. 

Wexford Festival— 2 

D’Albert and Haydn 


Eugen D'Albert (1864-1932). 
born in the old Glasgow Grand 
Hotel, was a great pianist, a 
Liszt pupil, and. briefly, the 
husband of another great pianist, 
Teresa Carrefio. He became a 
renowned pedagogue in Ger- 
many, and in the First World 
War a passionate espousal of the 
German cause led him to disown 
his British birth. He was also 
a composer, while Grove 5 lists 
piano concertos, string quartets, 
and a miscellany of orchestral, 
choral, and piano solo pieces 
aTnpng Ids compositions, it is for 
one of his 20 operas that he is 
chiefly remembered today. 

This is Tieftand. first given at 
Prague in 1903, whose “ mixture 
of Puceinian sensationalism and 
Germanic solidity" (Grove) won 
it a lasting success in Germany 
— Occasional . revivals may still 

be encountered there. Outside 
Germany, success has been less 
durable, though the leading role 
of Marta has been in the 
repertory of such sopranos as 
Maggie Teyte, Flagstad, and 
Gr£ Brouwenstijn. Without dif- 
ficulty one could list at least 20 
operas of equal unfamiliarity 
better worthy of a Wexford 
revival: yet its production was 
so spirited and enthusiastic as 
to justify its inclusion in this 
year’s festival fare. 

The Lowland of the title is a 
Catalonian valley at the edge of 
the Pyrenees. Pedro, a shepherd 
longing for marriage (the only 
woman he has ever seen is the 
Virgin Mary, in a dream), is 
brought down from bis mountain 
fastness by the . rich and power- 
ful landowner Sebastiano, who 
offers him Marta in marriage. 
The wretched Marta was once 
forced to become Sebastiano’s 
mistress: now he needs to marry 
for money, and must clear his 
name. This central triangle, of 
soprano, tenor (Pedro) and 
baritone (Sebastiano), is set off 
by figures from operatic stock — 
a trio of gossiping village 
women, an upstanding old bass, 
the innocent young girl Nuri, the 
millhand Moruccio in love with 
Marta, and so on. 

Thompson SmiUie's reason for 
putting on Tiefiand was surely 
not the rather oblique one of 
demonstrating, by default, just 
what a great opera Jerrajb is; 
yet parallels between the two 
operas are easily found (most 
obviously, in the slashing of a 
dishonoured heroine by the knife 
of the man who later saves her); 
and the nobility of Janacek's 
opera, a nobility at once musical, 
dramatic, and spiritual that has 
nothing to do with the world of 
verirmo. exposes very fully the 
accomplished second-rateness of 
D ’Albert’s, which has plenty to 
do with it. 

It Is an odd kind of verismo. 
The dramatic * patterning and 
methods - of characterisation 
show the strong influences of 
CavaUerid rusticana and Tosco; 
the music in which these are 

Mani Mekler and Malcolm Donnelly in “ Tiefland ” 

couched leans in the direction 
of Wagner or Humperdinck. 
The thoroughness of the 
musical working is Germanic — 
expert scoring, skilful if utterly 
superficial gestures toward 
motivic recall and develop- 
ment, a knowledgeable but 
second-hand * range of local 
colours, quite lacking the 
immediacy of those purveyed by 
the Italian composers. The 
opera is in two halves, the first 
made up of prelude and first 
act; as this contains a good deal 
of expository detail and not 
much action, it all takes a while 
to get moving. The second act 
(and second half) catches fire 
In its scenes of violence — 
Sebastiano is strangled by 
Pedro at the dose. The voice 

Arts News 

for RPO 

Walter Weller ia to be the 
new principal conductor of the 
Royal Philharmonic Orchestra. 
He succeeds Antal Dorati who 
becomes conductor laureate. Mr. 
Weller, a 39-year-old Austrian, 
has been principal conductor and 
artistic adviser of the 
Royal Liverpool Philharmonic 
Orchestra for the past year and 
will take up his post at the RPO 
in September 1980. 

Mr. Weller will, however, be 
conducting the orchestra at the 
Festival Hail on November 7. 
Other conductors associated with 
the RPO are Yuri Temirkanov. 
the young Russian who is prin- 
cipal guest conductor designate, 
and Sir Charles Groves and 
Hans Vonk, assistant conductors. 

on BBC TV 

The most ambitious dramatic 
project in the history of British 
television starts on December 3 
with the transmission of Romeo 
and Juliet. Over the next six 
years all of Shakespeare’s 37 
plays will be screened in a £7m 
investment of which Time-Life 
has promised £L5m. 

The plays will be presented in 
concentrated seasons and in the 
first, three — Romeo and JttUeU 
Richard U and As You Like It — 
will be broadcast on three suc- 
cessive Sundays In December, 
with Julius Caesar, Measure /or 
Measure and Henry VIII com- 
ing in February. It win be the 
first time that, the latter two 
have ever been presented on 

Stars of the first season are 
Patrick Ryecart, Rebecca Saire, 
Celia Jobnson .-and Michael 
Hordern in Romeo and Juliet; 
Derek Jacobi, Sir John Gielgud, 
Jon Finch, Charles Gray and 
Wendy Hiller in Hichard II? and 
Helen Mirren, Asgharad Rees, 
Richard Pasco and James Bolam 
in As You Lite It. 

Booker Prize 
for fiction 

Kingsley Amis, Iris Murdoch, 
Bernice Rubens, Jane Gardam, 
Acdrt Brink and Penelope Fitz- 
gerald are this year’s shortlisted 
authors for the. Booker Prize. 
At £10.000 tins is Britain’s 
biggest fiction award. The novels 
chosen are: Kingsley Amis Jake’s 
Thing (Hutchinson) £4.95: Andre 
Brink Rumours of Rain (W. H. 
Allen) £5.95: Penelope Fitz- 
gerald Tbe Bookshop (Duck- 
worth) £3.95; Jane Gardam God 
on the Rocks (Kamish Hamilton) 
£4.95; Iris Murdoch Tbe Sea, 
The Sea (Chatto and Wisdus) 
£5.50; and Bernice Rubens A 
Five-Year Sentence (W, H. 

parts are fluently written, and 
somewhat strenuous, as though 
Tosca, Cavaradossi and Scarpia 
had been re-modelled for 
German consumption, for voices 
muscled to sing Senta, Erik and 

Even though none of the 
music stays in the memory, the 
final Impression is of an un- 
deniably effective theatricality, 
of a rather unworthy kind. It 
certainly becomes an exciting 
opera when given with the zest 
that marked Julian Hope's pro- 
duction, Henri Gallois' conduc- 
ting, and the singing of the 
Festival Chorus. As Marta, the 
Israeli soprano Mani Mekler (a 
former WNO Trovatore Leonora 
and Glyndebourne First Lady, 
currently a Stockholm company 

member) was tbe talking point 
of the festival. The voice is not 
sensuous, and the powerful top 
notes of which it is capable were 
often (in the Theatre Royal, any- 
how) more penetrative than 
beautiful; but the attack is keen, 
the phrasing long, the timbre 
possessed of a current of elec- 
tricity. and Miss Mekler is darkly 
and erotically attractive 

Malcolmn Donnelly. the 
Sebastiano. matched her in 
strong attack, stamina, and 
striking profile. Jon Andrew, a 
late replacement as Pedro, 
obviously knows tbe role; if his 
singing lacked charm and grace, 
it was forceful In a school-of- 
Hans-Hopf fashion, and Mr. 
Andrew’s German is idiomatic. 
So much cannot be said for most 
of the members of a large cast, 
which Included Alvaro Malta, a 
sympathetic bass, and Dinah 
Harris, very fresh and pretty of 
voice as Nuri. Roger Butlin’s 
sets were both pleasing and 
practical; the lighting of them 
tended to come and go rather 


If I say that I find Haydn’s 
IZ mondo della luna rather 
tedious, both in tbe new Philips 
recording (Philips 6769 003, 

£15.99) and in the Wexford 
staging, I shall no doubt receive 
an angry reprimand from Our 
Man in New York, who has 
declared his enthusiasm for the 
work more than once in these 
columns. It is not so much that 
the Goldoni plot and characters 
are slight, or that Haydn’s music 
Is undramatic (“ Every fool 
knows that," might be the 
Brahms-like reply), as that in the 
succession of arias one so often 
misses any notable degree of 
intrinsic musical interest. Highly 
persuasive conducting, elegant 
singing, and deftly styled pro- 
duction are needed, and such 
resources might be better 
'expended on the later, mnsically 
richer Haydn operas- (It was a 
pity that Wexford failed to take 
the opportunity to put on the 
first British production of 
Orlando paladino, a Haydn opera 
of great musical splendour.) 

In any case, Wexford did not 
make out a very strong case for 
the work. Adrian Slack, just 
elected Mr. Smillie’s successor 
as Festival Director, produced, 
in heavy, rough-handed fasbion. 
with a lazy dependence on stale 
jokes and comic routines. The 
conducting of James Judd was 
clean, but the orchestral play- 
ing lacked colour and beauty of 
tone. There were grievous weak- 
nesses on the female side of the 
cast and rather too much vocal 
skating on the male side. Ugo 
Benelll. as Ecclitico. brightened 
the stage whenever he appeared 
upon it His manner is still 
engaging; but it must be said 
that the voice has lost much of 
its former sweetness and easy 

you mean bushes? 

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20 . ■ 

Financial Times Thursday 


Telegrams: Ftoantlmo, London PS4. Telex: 886341/2. 88389? 

Telephone: 01*248 8000 

V ••• 

Thursday November 2 1978 

of The 

CRISES, ONCE they are is only about one half of one 
gene rally expected, have a way per cent in GNP terms 
of confounding expectation by Unfortunately, the effects, of 
the speed at which they develop, the dollar’s past decline are not 
It has taken only six trading yet fully worked out Dollar 
days of the dollar's virtually un- commodity prices have already 
checked slide in the exchanges been rising strongly, but the 
to persuade President Carter most important co mm odity 
and his advisers to confront at price, that of oil, has yet to be 
last the real sources of their adjusted. In the potentially 
problems — the excessive growth inflationary world created by the 
of dollar credit. They have financing of huge dollar out 
started to take the decisions Sows in recent years, an oil 
which would have been forced price increase may well pro- 
on them, far less disruptively, yoke further rises in other corn- 
many months ago had America s modifies. In this respect there 
trading partners not been so j s a r gal cost to be paid not just 
willing to buy lime and U.S. by u.S~, but by the whole 
Government debt through their industrialised world, both in the 
interventions in the exchange terms of trade and in further 
markets. VVe expressed the hope inflation . These inflationary 
a?t »ri"w ek supp ° rt dangers are inhibiting the 

rS d J*-TSSf eW * " tS expansionary policies in 
have been swift. stronger economies which the 

, , . . OECD recently hoped would pro- 

Athbiguous event vide a relatively painless 

Since support for the dollar improvement in the UJS. 
has helped to prolong the crisis, balance, 
it is perhaps ironical that the 
most spectacular item in the Inevitable 
new measures is the mobilisa- 
tion of enormous new credits These are the unhappy but 
for possible support operations * ne vttable consequences of leav- 
in the future; hut tills is more the attempt to tackle the 
nr less inevitable. The real dollar problem seriously until 
question is not whether the the thirteenth hour. President 
new credits are adequate, but Carter is having to deflate an 
how far they will have to be economy in which confidence is 
used at all. If the domestic already sagging, instead of a 
measures turn out to be suffi- robust one: and many trading 
eientlv convincing and effective, partners of the U.S. are now 
the new swaps, the IMF appli- having to tackle the conse- 
calion and the offer of foreign quences of allowing the dollar 
currencv bonds might go down outflow to undermine their own 
in history with Britain’s monetary discipline. This mis- 
borrowings-and currency bonds fortune, which ought to teach 
of iflTb— the defences that were appropriate lessons, could prove 
never tested. something of a tragedy if the 

As British experience has recessionary dangers which 
shown, an exchange rate have resulted from past mis- 
recovery is an ambiguous lakes now provoke hesitation 
event; it can be a turning point, about the steps which are neces- 
or a selling opportunity. Jf sary. 
selling pressure does revive, the The real test will arise if the 
new resources will not look so present measures do not pro- 
vast as the figures may suggest, duce sufficiently clear results in 
in a world where the Bundes- the coining weeks to carry con- 
bank spent DM 13bn in eight viction in the market The 
weeks simply resisting a minor temptation will be to buy more 
revaluation within the snake, time with the credits which 
There will he some difficult have been arranged. We in 
weeks and perhaps months Britain would readily under- 
before we can gauge the full stand the temptation, because 
results of the present measures, we have succumbed to it so 
A current account deficit run- often: but we have also- learnt 
ning at some S2bn a month that it does not work, 
cannot be eliminated overnight, 
and it would be terribly dis- Delicate judgments 
ruplivi* even to try to do so. __ , . 

The question i<? whether the ^ a proper adjustment is now 
monetary squeeze, which was to be achieved, central banks 
already developing quite round the world may have to 
naturally before the U.S. auth- make some delicate judgments, 
orities took charge of it yester- It may be necessary to use. the 
day, will sufficiently check the available credits to accommodate 
demand for new credit to pro- some switching of reserve assets 
duce an unmist akeably favour- out of dollars, but beyond tills 
abie trend. By British standards, point support should remain 
a one point rise in lending rates fairly niggardly. The main bur- 
is hardly a credit crunch. How- den must rest on the U.S. 
ever, present interest rates are authorities, who must take fur- 
alraost unprecedented in U.S. ther measures if necessary, even 
experience, and are being ira- at the risk of a sharp temporary 
posed on an economy where the downturn. Once confidence in 
growth of consumer demand is U.S. financial management is 
already faltering. firmly restored, all the remain- 
ed ■/. r - ing problems will become much 

A/;:// of resources easier t0 solve . whole root 

In real terms, indeed, there of the problem lies in U.S. 
has already been a considerable domestic policy, and the solu- 
shift of U.S. resources into the tion must be found there, 
foreign balance. E.vport volume It is not only in the U.S.. 
has recently been some 10 per though, that the dollar crisis is 
cent higher than a year earlier, going to produce a confrontation 
and import volume only three with reality. The dollar decline 
per cent up. However, here has helped to shelter us in 
again America is treading a Britain from the normal con- 
path with which we in this sequences of the rapid rise in 
country are familiar. A gain in costs which has continued, 
competitiveness can only be despite apparently tighter 
obtained at the expense of a money and apparently moderate 
loss in the terms of trade, so waee targets. Effective action 
that the volume of resources in the U.S. is likely to have its 
required to correct a deficit is impact on import costs and 
bigger than the underlying interest rates in this country, 
deficit experienced before the The immediate prospect is un- 
adjustment. The resources shift pleasant: but a healthy economy 
achieved so far by the U.S.. is one which takes reality in 
though seven per cent steady doses, and that applies to 
measured against trade volume, us too. 



T HE threat by Times News- 
papers to stop publication 
at the end of the month is 
either very foolish or very much 
in earnest. 

The management would be 
foolish to try to bluff its way 
through such an important 
crisis, because the bluff would 
probably be called by one of 
the nine unions involved. 

For that reason, almost every* 
one connected with the papers 
now believes that the threat to 
suspend publication of The 
Tunes, The Sunday Tames and 
the three supplements on 
November 30 is completely 

It may be significant that 
in September, electronically 
operated locks were fitted to ail 
the exit doors. These locks are 
controlled from a central 
security office and would pre- 
vent anybody from entering the 

The Times gives unions 

and ministry 
notice of suspension 


V.v Christopher Tiiuroai 
ijhnur Ropurtcr 
Time* ■ Nctrspupi-r? -.cslcnJ. 

Heel Strut union' 
liic Oupirtmew oi I* mpi": 
rurnu! nmicc that i»ubl:CJi ->n 
pf The Timer, arid If- •“’’I’l*" 
jnenl, jnd Tiic .So «rf«;* >>>''-* 
•-■ill be uupeiiJrd iruin ' ■•••i"- 
tier ..Hi unit*. aw--ili“ l, i ’■ 
rijclii-d uitli uii’on-. mw •* 


•Un*- crapio-y ■ | 

1 JSHI i«s>plr- lO'itudin; re^uljr 

iinnliirw.I lor on,: 

Ui-L'.! Jar:. J Ortfc. 

"lh; mi.n pMirtH *•»” ' 

j 1 • piirniinv TT^OiS ..■yxrir-.wH | 
.11 m:d.n 4 liir^ ol •■•r.i 
i-... |irrtilliLlhin i JjKaw’i 
a •!,[ h..ii>.ii Ln-i of. J :»s:; .* 
f.-uvciwc • 

I-.-. - yp«* ■i> 'i roj 

. J:-d Jj imp-w-i 1 *-°“r 
. | r . 

Times’ warns 
unions of risk 
of closure 

A tbat coniinned pufiUcaHon of * 

notice. For the journalists, if 
: they do not sign, this means 
four months. Other groups will 
receive only four or five weeks 
notice— some as little as two 

weeks. . . „ 

For .the first few weeks of a 
shutdown, therefore. The Times 
management would be faced 
with paying the full wage biu 
in addition to overheads. This 
would probably be around £lm 
a week. As notices expired, this 
sum would reduce, but. pay- 
ments would be unlikely to fall 
much below £600.000 to £700.000 

director and general manager 
of Times Newspapers - V 

line about the need for ration-; 

“The Times ” reported on September 19 this year (left) that It had given unions and the 
Department of Employment formal notice of closure; but the threats go back much farther, 
as the Daily Telegraph for example, reported on May 3, 1974 (right), 
building except by the mam 1 » 

lobby. Although the unions have plagued its publications for against particular examples of proposals had been on the table 

requested tighter security the last few years, and to put custom and practice ' 

measures at the time of the more emphasis on negotiations 

IRA threats, the management with national . 'union 

for a year. 

These proposals by The Times However Mr. Barry ' Fite- 

officials represent a series of very radi- Patrick, father (shop steward) 
did not at that time accede to rather than with chapels; cal steps in an industry which of the Sunday Times^ chapel 

the requests. a To reduce the number of has become notorious for labour (branch) of the National 

Moreover, many officials of bargaining units and cut disputes and the fierce independ- Society of Operative irmters 
the union chapels (shops’) now through some of the Byzantine cnee of chapels from their «nd Media Personnel 
think it will be impossible to complications of present nego- national union leadership. (NATSOPA) sees it very differ- 

reach the agreements sought by tiating procedures. For example, Why. therefore, has The Times «ntiy- 

the management in time to pre- management would like wage management chosen to intro- * have to negotiate is 
vent a shut-down. agreements for as many duce them with such a com- different agreements on behalf 

Some, indeed, further, different groups as possihle to paratively tight timetable and j* people before JS" 61 ? 1 !? 
they allege that The Times nin from the same date; with a fierce and uncompromis- ®J* 11 , 1S 
mMagement actively wants a • To secure agreement on the ing deadline? One answer is There simply is not enough rime 
shutdown in order to demon- manning of new computer-based that The Times management » jo through an me demote 
strate its toughness in negotiat- typesetting equipment which it believes that it has been given 

ing new manning levrts and has bought for £2.5m to replace no choice by the unions. wants to regroup people into 

the old, . hot-metal machines. Mr. Dugal Nisbet-Smith, new divisions. - ‘ 

“The management does. not 

enforcing disputes procedures. 
In support of this view, they 
r that the management has 
left far too little time for dis- 
cussion of its detailed proposals. 
Certainly. The Times manage- 
ment has set itself a formidable 


seem to have realised the com- 
plications involved in grouping 
editorial secretaries with, secre- 
taries in the advertising depart- 
ment In the past these , groups 

based on Victorian technology, director and general manager have had separate agreements, 
task in trying to reach agree- An essential part of the manage- of Times Newspapers, said Now I shall have to get them 
meat with 59 different bargain- ment’s strategy is to break yesterday: “ So far this year ail together and try to get 
ing units by the end of the down the traditional craft we have lost 11.6m copies as a agreement on a great many 
month. Its detailed proposals for barriers which surround type- result of unofficial disruptions, details. For example there are 
some of these groups are still setting. It would like jouma- This has meant an estimated clauses specifying that secre- 
belng drawn up and have not lists and clerks to have direct j oss 0 f £2.6m in pre-tax profit taries have to mate* tea or 
yet been shown to the union access to the computer {Times Newspapers expects coffee” 

Chapels. term rnals as well as members of pre-tax profits of £2. 39m this He thinks it would he fmDOS- 

The first batch of the pro- the National Graphical Asso- yearl compared with a pre-tax S H, le t o change such long- 
posed agreements was given to c,ann n ‘"W* profit of £1.8m last year. About standing traditions of custom 

the chapels for consideration 9 The management is offering 90 per cent of management time and practice without extensive 
about the middle of October, a series of benefits to its 4,300 is spent in dealing with disputes, consultations over a - long 
Since then a steady stream of employees in exchange for As a result we have almost no period, and that The Thnes’s 
documents has been produced agreement including better pen- time left for managing the busi- insistence on forcing the pace 
with details of The Times man- sinns, extra pay end more holi- ness and laying plans for future* has resulted in “a complete 
agementis proposals for the days. However. -it .is trying to expansion.” shambles." . 

restructuring of its workforce, make an important break with The management's case, in He said- "The damage" that 
Five main objectives appear Fleet Street practice by distri- short, is that labour relations has been done to industrial 
to be emerging as the manage- buting the benefits throughout have become so bad that it relations is so deep-seated and 
meat’s solution to the historic the company. In the past, indi- simply cannot carry on with the resentment is so' high, that even 
difficulties which it confronts vidual groups have been used level of disruption which has if agreement is reached it will 
in common with most other to negotiating manning levels, now become almost customary. j, e a Jong time, if ever, before 
Fleet Street publishers: work practices and pay as a The management says that it morale can be restored and the 

To reduce ntalM by f“JS3‘™E. u S? £L!?2 Si can ' become happy 

voluntary redundancies and 

they could expect to trade off the chapels to negntiafe under places to work." 

embargoes on new hirin'* in cer- 8 past mannin & agreement for the threat that publication of The^ question of how long 
™n oira o£ iS o«rauln8 The pxtra or Tice Thc .of »> papers will be Times Newspapers can endure 

scale of reduction in maimin'’ Time *' s n ^ w P h,I °sophy appears stopped. It is therefore turning a shut-down is much debated 
levels envisaged varies from t0 j that the benefit of the tables by meeting force among the union leaders. The 

almost none among ^urnalis™ redu v , ced mamun * in ’ the "**} {o ™ cost will depend upon how 

tn perhaps 50 per cent in some . TOom cou5 d be re- Mr. Nisbet-Smith said the many of the groups are pre- 

parts 0 / the printi n* opera tion* , di , Stri ! ,uted to , other w ? rk - rs management believed there was pared ro sign the agreements 

p ns p n n e op ran n. |, ke for e:;amp | e journalists or still adequate time for the now before them 

Insistence on adherence to secretaries. Even if this prin- chapels to reach agreement. Ail those groups which sign 

established disputes procedures, ciple is seen as reasonable in Indeed, he did not think they will be kept on with full pay. 

The management wants to eradl- general, it will clearly meet would be any nearer to agree- Those which do not sign wili 

cate the wildcat strikes which difficulties when ji runs up ment now if the management be dismissed with normal 

mucnneiow souv^u^^ aUgat ion. 
a week, at least for several ^ m4 Mr _ Marmaduke 
montos. Then the managem t m managing director, 

would face the possibility Oi ^ ^ pn ^ 

substantial claims tor ■ red^ Ucation would be suspended 

dancy. It . J 6 * 1 ? JfS from June 22 unless agreement" 

claims, but the rights of sacked reached on new proc£, 
employees would probably have Although agreements 

t0 be teste< *J D lnnff were reached in time, they were 

The question ofbow long so _. e jhing of a compromise, 
the -Thomson Orsjmsation bav^ not 

would be prepared to ^bear sue management’s subsequent: . 

substantial losses is very much 

a matter for speculation. All fanuarv 1977 The Time* 

the indications, though, are that *1 for PSS 

the management ?? because of a union dispute about . 

a closure of months rather tnan reDO rt of an article 

weefa jf the worst comes to the Jf x 

^Moreover, it is. adamant that Lo £! was ft. 

anv outside national officials. But by March, 
SZJ 'tTSSJgJ o?tbS The Times was being hit again . 
T&foSZne* whbto was ^ a result of a stoppage by I2fl: . 
bought by the' U.S. oil company NATSOPA wooers in :tbe 
-Atlantic Richfield after 1 losses “anhipe room. After, the paper, 
became too great, is therefore faded to appear for a week, the; 

^ men were ordered back to work- 

However, any losses which by their union under the ftreat 
Times Newspapers may incur as ° r ^ x " puI fl on * , .*- 7 . : 

a result of its latest stand have n I ac S 

to be considered against the appeared to have paid off . but 

perspective of regular losses by lts moral vlc tofy did no ® D £ 

The Times since its was taken to prevent minor disniptmns 
over by Lord Thomson in im : " frequently delayed 
The accumulated loss up to editions and resulted in the W 
April 1977 was £20m. borne of copies. . 
entirely bv the Thomson One of the major issues now. 
family’s private resources. " at stake is therefore the e^tfent 
Historically, therefore, the to which .national officials- can- 
group has not seen profit as its exert control over the largely, 
main purpose, although, the autonomous chapels, which 
Sunday Times and the stipple- have some 3fi0 separate bargain-: 
ments have turned in respect- ■ «^ts . throughout Fleet 
able profits in their good years. Street The unions generally. 
Against this background it Ss-wpuM like to see .greater 
ironic that the present* troubles discipline among. ..their 
arise just at a time when The members, but it is not at .all 
Times is moving back into profit , clear whether they will wish to 
and the Sunday Times and its be seen to be in alliance witii 
magazine have demonstrated The Times, .management in 
excellent growth potential. enforcing it A great deal win 
The management has seen depend on how .The Times fares 
the encouraging economic pros- w the major publicity battle 
pects blighted by the deterfdri : >bicb will shqrtly be joined on 
atteg labour relatfons. however, the. television greens as both 

Its inability to guarantee pro- the BBC. and theondependent 

Auction- of its newspapers- has companies .move their cameras - 
resulted not only in a serious into the ring, 
haemorrhage of revenues, but This publicity struggle wilL 
also in worries that advertisers be very important for a 
will desert the publications in management which sees both its 
favour .of other media, indudr main publications as national 
ing television. * institutions as much as revenue 

Some of the union leaders earners. It has already 
attribute the deterioration of approached the Government in 
labour relations to the manage- the hope that pressure will be 
mentis adoption of a - ., much put on any union chapels which 
tougher attitude tn established show themselves as unreason-. 
Fleet Street practices about able. 

four years ago. The question which it hopes- 

This may be partly true. In will be implicitly raised is:' 
early 1974, when The Times M Can Britain do without The 
was moving to a new building Times and the Sunday Times? ” 
in Gray's Inn Road, the manage- By Christmas we may knowf 
ment started to take a strong the answer. ’ 


talk to, quoting T. S. Eliot doing sn again — in Wales. It is the Cornish tin mine of Wheal 
when a»ked to describe the new there thui the former Indian Jane. 

Ford negotiator and citing Prime Minister will be going to He told me that his formal 
chapter and verse v/hen asked open the £lm spirai-weld mill feasibility report on the mine 

to back up his claim that being opened by Natural Gas should shortly be ready for 

Shakespeare was the first Tubes. And since it is to Foot’s evaluation by the bankers from 

Marxist own constituency that the mill whom he is hoping to raise £8m. 

was the mnst dramatic nlaee we The P ros P eCt °f retirement is sited what more natural than Sprinkel. who is aged 43, has 
could aaree on. When I turned dMs not seem ln dislurb him - thar he sf, ould attend too? been based in Britain for six 
un Rirch rnlri me that he had He dnes not feel his 0WD Mrs. Gandhi’s owo interest is years and has little time for the 

arrived one hour eariv— as if he the Amalgamated Union of En- also explainable as NGT is part suggestion that business is less 

ha* iT?h 0 Steering Workers, will change of the business group of Swajr circumscribed in the U.S. 

„ r a - ! i Ca ^w 0 ,n | 11 t f . e rC 4 its line when he goes, arguing p a«l. chairman of the Indo- "There is a much better 

FmS offer Juswejecien {hat Brilish unions have always British Association. This group climate for mining in Britain 

; worked by gradualism and say- includes a company now devel- than across the Atlantic. The 

For all his reputation as one ing. surprisingly, “and that is °Ping a 10-acre site at Canfnrd views are m* re halanced. There 

of the more militant unionists right." As for his own life, he Cliffs, near Bournemouth and many peoplt will denounce any 

Britain. Birch stressed that says he will spend more time Caparo Investment which last hole in the g-ound as bad and 

The mellow 

An " assignation ” is what Reg 
Birch suggested. But the head 
oE Platfurm Four at Victoria 
tie mos 




he was keen to see an early with the CPB(ML), 
resolution of the present dis- ten bookshops and 
pute. He has been secretary of herbs, 
the committee of unions in- 
volved with Ford and stressed: 1,111 " 

It is very important to have .. , . 

a successful conclusion so that needles of joy 
our members’ efforts are not 

his year was beaten off when it bin then drive off in their steel. 
hi s for Single Holdings and Empire nickel and chromium cars. But 
Plantations. - here there is a balanced 

But there is another connec- approach, saying "produce, but 
— tion between Mrs. Gandhi and clean up." 

Swajr in that his brother was Sprinkel spent ten years as 
arrested for making 30 jeeps an investment manager before 
. . _ , . „ available to Mrs. Gandhi dur- serving his apprenticeship in 

frittered away. Ii is not right P L”r.. 3 . n Ji Kt !? n B "j raining as a consultant to 

,u- 1 -- ...u- panied rn t - (misleadingly swajr himself is not disturbed various U.S. firms. His stile 

test-tube baby born hy the charges involved; ** it 

THE PROGRAMME presented About 80 per cent of employees 
to Parliament yesterday con- in manufacturing industry are 
tained little that was surprising already on a guaranteed week, 
and a lot that was calculated to Improving and extending these 
appeal both to the electorate arrangements can best be done 
and to the minority parties in through the normal processes nf 
the Commons upon whose votes collective bargaining or, pos- 
the timing of the next general sibly, by introducing schemes 
election will depend. The most catering for individual sectors, 
questionable proposal, upon Imposing a tax on all employ- 
wbich immediate comment has ment in order to help a few is 
to be made, is tbe idea of a truly a case of using the sledge- 
corapuisory system of compeo- hammer, 
sation for short-time working. A- -national-., compensation 
It is all very well for Ministers scheme would help inefficient 
to say that such schemes have as well as efficient employers, 
been operating in other EEC Like other employment protec- 
countries. But the arrangements tion schemes this Government 
there vary and the particular has introduced, it would main- 
scheme the Government has in tain jobs in assisted firms at 
mind seems neither necessary least partly at the expense of 
nor desirable. jobs in unassisted firms. Above 

If it is desired to ease the all, it would provide an incen- 
impact of short-time working in tive to put off change when 
industries which are particu- change was inevitable. The only 
lariy prone to cyclical con- sure way of creating emplay- 
riitinns — and they are compare- meqt, in the short as well as in 
lively limited in number— then the long run, is through im- 
rnore direct and less cumber- proved efficiency and comped* 
some methods are available. Liveness. 

to abuse the people who have n amec j\ 

made h the ,,"r 3 T‘i ,,S u gainS gently in Britain, but far less 
come about " Could this happen attemjnn has hl , en given t0 

m the next week. It would an ,ivher niph-miraeVe, the acu- 
be foolish to go into print. puncture calves nf California. 

Birch is chairman of the These calves came after Sara 
Communist Party nf Britain a brown Swiss cow had long 
(Marxist Leninist) and has long disappointed her owner, Berton 
been talking of the collapse qf El son a vet at the Alta Dena 
capitalism. In fact these are Dairy in the city of Industry, 
the last Ford negotiations that California. Twelve visits to the finsidecfi 
the 64-year-old Birch wUi artificial insemination centre ' ^ * 

handle as on June 6 next year Plus six more natural encounters The revolution 

, is larger than life; but when 

was a technical arrest for two j asked him why he behevud 
hours on one of the must bogus he could succeed with Wheal 
charges in Indian history. Now Jane where Consolidated Gold 
the charges could continue for Fields has so far failed, hie 
15 years or simply bo dropped answer was a quick: "We per 
when the government changes," ceive the mine as it is. not as 

we would wish it to be. They 

had five managers in six and 
a-half years, which cannot be a 

You might find other car-hire companies 
with bigger advertisements, 
but none with a bigger network. 

appears to Re recenfI 7 put t0 8ether a 
be will resign from his union had failed to make her pregnant have gained some unusual sup- fiJm^DresM^Tn^steiS 6 tekSS 

ssJSnff limits 

B ut he says that he is already E^t needles inserted slung Se^S”f U S™S ^ - business 5" )u ' re 

pleased witii what has been her back for four minutes that country. Among ihe eight 3 * 8 ‘ 

achieved at ford s, in that effected a seemingly magical organisations which signed was — — —— 

Ford workers ^ have already ovulation. The rest was easy one describing itself as "The 

won m being the first groiip of Eiam was one of the few Revolutionary Stock Jobbers LOcinSOmO 

any size to shatter the 5 per nnt 10 be surprised: “It has and Bank Clerks Association." 

cent soothsaying.” worked in JO out of 14 such 

As for his own career, he cases." he boasts. 

says that in the nearly half- ' 

century in which he has been 

Semantics, it seems, foretold 
the breach between .Enver 
Hoxiia and Chairman Hua. The 
Albanian Constitution forbids 

Mining hope 

American businessmen are not acceptance or any foreign loan 
usually to be found at the Du- — and the Albanian word for 

involved in strikes tbe paltero Wcalch nnrfn^rc 
has changed. Until 1960 they ”© lsn partners 
were almost always about union Throughout all her recent ups pan merit of Mines at Imperial loans happens to be hua 
recognition and “ the dignity of and downs in Tndia Michael College, London, but it was 
the worker” Now they are Foot has always stood solidly there that I tracked down 
mainly economic, be says. beside Mrs. Indira Gandhi. Now Robert Sprinkel III, the Califor- 
He is a surprising figure to later this month he will be nian who is hoping to revive 


More obi Mora offke«.I*lore cuttomers. Leu ffanadt.© . 
•To boofconeof qur Fqnds or otlwfqvaltty «*jlr£0T 82577pO..Or. jpnnifclUtow Pagcb. - 



Thursday November 2 1978 «sf" . , ,< 7 

f yjj 


Area 759,530 sq. miles 

Population 62.33m (in 1976) 

GNP U20.8bn pesos (1976) 

S* 41 * J^sut 

~ .* w *tesfSb 


SW*: “' e * •'(*, 

Ufej’ I&7- - 

s>t -sb^ 

4 «: 1*^3 £ 

®Q . wval-s > :; '*- 

3u& :. f; r :‘ •'>. 

teai'bec . 1 " v ' : Sfc' 
iff Aithf. 1: *.i‘ 

.fewhfc : S.H 

m\lK i:; i ;■ -V; 


fc;l ""‘" i :i - 

-jsmu.ry ^ 

I,- -lb ' Kppc-n p 
*** Pf -□ - r, .. 17 i 

jiwr’s ro>. r V*?: 
3«* s?*-* ■ ‘ 

-\*nr P:i, -V 


times «ai V ’* <■ 

of « v :;' r/ 

*>S»A ., USlf £ a ^. 

*05 .n>un A.;-- ..* 
hfir'appes:: ";"jV a 

«a* or-;-;-. -< - . ^ 
*if: union •ir : :,^ n .' J 
JWiyiun : - 

fcti'rSint'E .’■ <• ... 
trtfd To {»:.».. 
iot&l \L*v,:. V 

Efckfc-nr "i,j """^ 

ns. sad A- •-. :;■ 

By Hagb CFSbaoghnessy 

Latin America Correspondent 

Mexican President Jose Lopez Portillo faces a superhuman task in 
introducing realistic cures for the ills of Mexican society. 
Nevertheless, the long-awaited process of reviewing and reforming 
Mexico’s political and economic structures is now underway. 

Per capita 

19.5S6.074 pesos 

Trade (1977) 


124.094m pesos 


94,140m pesos 

Imports from UK £79,010,000 

Exports to UK £40,844,000 


£1=47.61 pesos 

£ r ? r *?>v 
|jfc£ jt 

.^?Wral •. .r: 

ms Ui 

gggjg 2:10 . ■. 

«F;I» £ ■/; 

j&. m*J :»r : • 


trioi\ ■• r. 

AT LAST "some realism has 
come to Mexican politics,. For: 
nearly four, decades, Mexicans 
had perforce 1 to become used to 
the rule of a. political party; 
the Institutional Revolutionary. 
Party,, or PRI, which said one 
thing and did 'another. - 

From tie. time, of 'General 
Lazaro Cardenas, .who ruled for 
six. years until 1940 and who 
was genuinely interested .'in 
ruling Mexico in a democratic- 
manner, : until two. years ago 
the PRI, and the men who it 
put intD.tbe presidential palace, 
were masters ot subterfuge and . 
contradiction.' . . 

The PRI preached change and 
did all it could to maintain and 
strengthen the status quo. It 
paid homage to the heroes of. 
the revolution of 1910, its, poli- 
tical ancestors,: • but- - * was. 
thoroughly . unrevolutionary in 
its practices. "■ •"••• 

The party said it was -on the 
side of majority of _ poor 
Mexicans: and, in. fact, it repre- 
seated theinteireris of a rich 
minority. The party maintained; 
verbal "allegiance to the revolu- 
tionary calls for a prosperous 
and contented peasantry In the 17 
countryside while . at -the 
same time it oversaw the pro- 
cess by which . the cities swelled 
beyond bursting point with lens’ 
of millions of reffigees from the 
intolerable reality of thevland. 
It preached ' honesty ~ and 
abnegation but was corrupt 

The result, was that; Mexico 
was rapidly transfomed into /a. 
society where half the members 
were undernourished and ..dll 
but a handful regarded politics, 
the art which should have been 
used to tiie 'benefit vol '.ffi£ 
majority, . with- a profound; and 
w^"n-gr-buh ded ^vriicisin. ' ; * . > ' ■* 

Half the voters decided it was 

not worth’ their while to cast 
their . ballots— -ABd .who could 
Jalame ihem? /. 

7 Those who did '-dare to 
challenge the system were dealt 
with by the Goveritment-and the 
PRI. with extreme rutKlessness. 
The massacre of .hundreds of 
people." during", -a "peaceful 
demonstration on the eve of the 
•Olympic ' - Games'*! in . 1968 in 
.Mexico City was an. occurence 
which has gone down in Mexican 
history and a similar massacre 
was staged on Corpus Christi 
Day in 1971. Those who wanted 
to -part ways with the establish- 
ment had been warded. 

• 'When tiie six-year term of 
President Luis Bcheverria came 
to an end two -years ago many 
responsible and • reliable 
observers of the Mexican scene 
were shaking, their, heads sadly 
aboutthe future of Mexico, fore- 
seeing that the. great demo- 
graphic pressures would sooner 
or later bring about a revolu- 
tionary cataclysm." 


Echeverria’s successor. Presi- 
dent Jose Lopez. Portillo, was 
also a party man who had held 
ministerial office and who was 
.known as a sober and efficient 
administrator... To the surprise 
of mahy.he has begun a process 
Of reviewing and reforming 
Mexican, political and economic 
structures, attempting to put 
right what should have been put 
right-decades ago. 

His -principal idea -, is to 
reform : the PRI and make it 
what it- has for years only pre- 
tended ttHWi,- ah instrumeat of 
healthy social change. To this 
end he basMegalised - parties 
. which hitherto, had .been blocked 
.by the Government from taking 
an open part in politics. 

Tbe .Right and the Left have 
benefited -firopJ this, move; the 
Mexican' Communist Party Jbeing 
given official recognition Along- 

side the Mexican Democratic 
Party which may well emerge 
as an important vehicle for Con- 
servative thought. 

Under a complicated system 
of direct voting and proportional 
representation, the opposition 
parties are guaranteed a voice 
in Congress. The new system. 
President Lopez Portillo hopes, 
will have the effect of providing 
real competition for the PRI for 
the Hrst lime in many decades 
and gingering it up so that it 
becomes a real and effective 
channel for the tens of millions 
of poorer Mexicans who bad 
totally lost faith in it- 

“ The aspirations of the poor 
in Mexico have got to become 
our aspirations and our 
policies.” one senior parly 
official commented to me 
recently, adding, “ We have got 
to "win over that part of the 
electorate which now opts out 
of politics altogether." 

As was to be expect ed . 
President Lopez Portillo's wind 
of change is being strongly 
resisted by, those who have done 
well out of the PRI in its 
present form. Many senior party 
figures whose ideas clash head- 
on with those of the president 
are still in office. Strong though 
the powers of a Mexican presi- 
dent are. they have not been 
strong enough to clout every 
corner of the party. 

Parallel to the political 
reforms. President Lopez 
Portillo has been laying his 
economic plans through which 
he hopes to create a juster 
society in Mexico. These were 
set out concisely by a Govern- 
ment Minister and one of the 
President's closest collabora- 

The Mexican State has always 
been in a very weak position 
vis-a-vis the public sector. 

The centre of Mexico City with the monument to the coumnfs independence 

Today, the immense quantities 
of oil the Government-owned 
company Petroleos Mexiconos 
has discovered gives a unique 
opportunity to build up 
the power of the Government 
and thereby allow it to push 
lit rough economic reforms. 

A stronger State will, for 
instance, be able to reform the 
tax structure and raise direct 
taxes which are among the 

lowest in the world. With this 
new strength, the Slate will be 
able to carry out more of the 
social programmes lo help the 
less privileged which the 
private sector has hitherto 

The increasing power or the 
State, as all those connected to 
the PRI agree, will present no 
challenge to the survival nr 
indeed to the continuing pros- 

perity. nf the private sector. 
Although the Mexican private 
sector, privileged though it is. 
has a habit of protesting very 
vigorously when it suspects its 
interests are being affected, 
and though it i» mounting its 
campaign against the son of 
strategies uullined above, it is 
in fact in no danger. 

Measures which really hurt 
the private sector would be very 

hard to put into practice in a Mexican oil and gas. the U S. 
country such as Mexico which will be to a certain extent 
shares such a long border dependent on Mexico, And this 
with the United States. confidence, in its lurn. will 

At the most elementary level, make the task of persuading the 
for instance, nu Mexican PRI that it has no monopoly of 
government would have the patriotism an easier task, 
machinery to impose exchange The task that President Lopez 
control and physically to block Portillo has taken on in trying 
the export of currency across to roll back decades of political 
that difficult frontier. For the history arj take the PRI back 
foreseeable future. Mexico will to its worthiest origins is per- 
remain a mixed economy where haps a superhuman one. The 
private capitalism will flourish, entrenched interests which 
The big new revenues which oppose him are very strong, 
will come to the Government Some political observers see 
from Petroleos Mexicanos oil him faltering already by the fact 
aDd gas sales will certainly that he has not been able to get 
make the Government richer his men into all the key posi- 
than it has ever been before, tions within the party. 

Well described by Dr. Valpy 
Fitzgerald in the current , 

number of the Bank of London V-,OIltTO! 

and South American Review. 

the debate about how the oil ” Every other president was 

money would be best used is a ^l e lo control the party within 
still going on iu Mexico. two years of taking power. It’s 

Whatever the final outcome of soing to take Lopez Portillo 
this argument may be, the new three years and then his term 
oil and gas revenues give the * ia '^ wa >‘ over." was t>*-v 
president the possibility of comment of one Governm^b* 
cushioning the country during official. 

the tensions which will , What is more, given the 
inevitably come as the political idiosyncratic nature of the 
reform gets under way. party, there is no guarantee that 

The new oil discoveries will Lop® 2 Portillo's work uf quiet 
also be helpful to the cause of an “ methodical reform will be 
reform in another. more L ™^ nuet * his successor in 
roundabout way. Part of the I9S-. 

reason for the ossification of the President is a man not 

PRI was that Mexicans felt a “ lven t0 K^ing promises which 
certain patriotic duty to main- cannot keep and. knowing 
tain national unity in the face tiie strength of the forces which 
of the U.S.. the great neighbour oppose his policies, he has not 
to the north. Criticism of the promised very much, 
party or resignation from such Nevertheless, the fact that he 
a great national institution was has diagnosed the ills of 
often interpreted as action Mexican society with such 
against Mexico. clarity and proposed a cure for 

The oil discoveries have given them with such realism means 
Mexico a new boost of confid- that Mexican politics will never 
ence, in part born of the fact be the same after he completes 
that, as a prospective buyer of his presidential term. 

in Mexico. 



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C N B y S - 6 0 1-H-4 9 7 2 9 - 11/X/78 



Financial Times Thursday Noyem^ l. 1975 • ; 'i 


NOVEMBER 16-17 1978 


The Mexican President, H.E. Jose Lopez Portillo, 
will give the opening address at the Financial 
Times 'Business with Mexico' conference, being 
held in Mexico City on November 16 and 17. 

A moist authoritative high level group of Mexican 
speakers will participate and the contributors from 
Europe and the US are of considerable distinction.: 
Of the oil producing countries, Mexico is one of 
the most interesting and has quite exceptional 
economic potential. The conference is intended to 
present a comprehensive and candid analysis of 
the country's present position and the future 
prospects. The languages of the conference will 
be English and Spanish and simultaneous 
translation will be provided. 

The list of distinguished speakers also includes: 

IN THE two years since he took to float and went from 12.50 because iris left-wing rhetoric worth 64bn pesos ($2.7bn). 43 thelargest sh , g S MturaUy- 

office, Sr. Jose Lopez Portillo, to the dollar to 28.5 before it antagonised the private sector, per cent of them started, to buy to oij, lnausiiy a . Kmity 

the Mexican President, has had stabilised at the present 22. so much, the plans were largely new machinery and to expand (Z4p.4bn pesos;. * __ per cent Lbn • 

to confront the country's worst gr Lonez Portillo was left to financed from foreign borrow- premises in the first half of this health and educa U'^-bri 

economic crisis sincere great p 4 Total borrowings of the year, compared to 18 per cent in gMKi 8.9 per q cent on atannfc . . 

depression. watershed In Mexico's modern PUMIC sector, as a percentage the equivalent period last year, stratlpn (56. «bn pesos). &4 per 

The legacy left to him in 1976 history. Now two years later of the GDP, .jumped from 3.4 What is also noticeable is that cent °^_ 

by his predecessor. Sr. Luis he can fi«im a measure of cent in 1970 to 9.8 per cent many companies now, as against pesos); ^ pnmrain [i 

Ec&evema. under whom Sr. C “ ml a 01 in 1S75 and, as the puMfc was- two years ago in the aftermath port , and =7”™'“"“' 

Lopez. Portillo was Finance . . ■ „ tor financial requirements, m- of devaluation, have an excess (5-. 9 bn pesos), b.d pwcent 

Minister, was enough to cause Jg77 f np so il was necessary to of capacity, having regard to de- i hi ^ JJ 

anyone to take fright and it is a "JIj 1 2 :° p ®£. ***? GDP increLe the money supply: bn man<L At the beginning of the the rest 

measure of Sr. Lopez Portillo’s u C ?*’ level of foreign borrowing, year, companies were working at In six years. * 

comparative success that he is ?r 10 foreign borrowing about 88 per cent capacity and g° n ® ‘K- 

aow managing to exude an air il accounted for 67 per cent^fthe now tbe figure is 78 per cent, cent of GDP ^ 42 per cent but 

of confidence — largely due to JPfJl c f. n1, w f uc b Wll l make It the deflc j t financing of the add Banamex. it should be tarne in mind. that 

the vast oil wealth— but never- ppQ no ^, e ain-iiwf h^h^r thlfn public sector compared -to . 56 ■ .Private foreign investment is 2£P C0S . - G ? P f a ^T.L,lf tr J nl p ’ 
theless one which still masks ^onomic growth is higher than t j jgyg. also improving with new invest- $80bn which, for a -country, of- 

a pp a .lmg problems. . . 5E Airports. raiiways sod roads ments Fn theirs, hoi, of this «s s«e « «« «ry grest ; 

Minister, was enough to cause * _ reai E 10 wth. r a te I n 

anyone to take fright and it is a 1977 of 2 ; a p ®f . ceot * th . e GDP 

Ucenciado Jose Andres da 

Minister of National 
Patrimony and industrial 

Licancrado Gustavo 
Romero Kolbock 
Governor * 

Banco de Mexico SA 

Ing. Jorga Diaz Serrano 
Director General 
PEMEX (Petroleos 

Mr. Leopold da Rothschild 

N. M. Rothschild & Sons 


Mr. R.A. Belanger 
Senior Vice President 
World Banking — North 
American Division. 

Bank of America NT & S A 

Ucenciado Adrian Lajous 
Director General 
The Mexican Institute lor 
Foreign Trade 

The Rt Hon Lord Chalfont, 



Canning House 


IBM UK Limited 

1976 was I critical year for «&.— <* the highest in the ^ totaling 3102 ^compared Oll^nd : 

Mexico. At the end of Sr. wo l£ . . _ tering the country's generally to ?9Sm in the same period last 7 the major priorities Agri- 

*£ SStfEs SSSSS?: 

5S »iS£sSs asratwssss * SSS iSf 

rrr ™- v e skssss- 

Lowest compared with 13 per cent in Jg* »*«** ^btr sector £ been in the «eel ind^? 

— • - tl,p Mm “ deficiL - ^ y frf which in the first half of this- 

President Jose Lopez Portillo 

To: The Financial Times Limited. Conference Organisation, Bracken House. 10 Cannon Street, London EC4P4BY 
Telephone 01-236 4382. Telex 27347 FTCONF G 

Please send me further details of the BUSINESS WITH MEXICO CONFERENCE 
Block Capitals Please 

Name Title 



d^w» Ar-ssa di/^: 

Gross Domestic Product at 1960 ^ *3? SSSft- Centre of the private sector, :tS in volume during 1970-76 of 6 JJfS wS 

cent whfch^taTflie 5 lowest fn^ereati^nal m^netSy market SS* °pe^Mt' population still 

prf^%^ 3 ih ( ^ *sAE5L3E3i 

during the years 1971-75 was recovery and the country s main ohserverSf thi^would men! problem-there are ™ M^no^poeS to bS SS 

62 per cent.) Tbe improvemeTlt in make the deficit as a percentage reliable statistics but according now «PP ., . I**™*. .. 

In general, apart from general figures led Sr. Lopez of GDP higher than the > per to .estimates 17^m people were incrca sea : steel output 

electric power, mining and Portillo to declare in Septem- cent target imposed by the Inter- economically active” m 1976 _ nUQled with the rising domesi : 

petroleum, all sectors of the b er, during his- annual state of national Monetary FuniT- in Its <27.8 per cent of the popula- ™ demand is reflected in the ' 

economy registered lower the nation speech, that “the borrowing terms for Mexico. ti on)— industrial production ^ indU strv whir h forthe nast 

growth rates in 1976 compared w0 rst is over” and that, as a The Government feels that It needs to pick up a lot more. But _ ^ suffered a decline 

to 1975 and those of agriculture reS ult. he could now enter stage wili b * * bou t 5.8 per. cent o£ advances are being made. [” * * (l0 per eenT v n 1976 

and fisheries were negative. two of his six-year term of tbis y ea . r w^ch ..would. While Sr. Lopez Portillo is de- “ -,T in -i977). ; In? ‘ 

Three months before he left office and consolidate the make Hi* arouodi 140bn fermined to undertake tax re- ^ fiKt seveo months of "this 

office. Sr. Eeheverria in the face achievements. pe £° s CW-abn). ■■ . -^ r ° ls - he realises that he has to ygar 204.168 units were sold^.. 

of capital outflows, the fast- Sr. Eeheverria tried to boost The centre also estim^ed that be very, careful in the way be c0!n pared to 169.026 in the same.-. . 
deteriorating economy and the the economy and create more Government a revenue ; will goes about it Businessmen’s pg^od last year, a 20 per- ■cent' 
worsening trade deficit devalued jobs by implementing a massive L - t0 594 , 4bn;.- pesos handsome profits have already i Tlcrea5e- which wili- see a return 

the peso after 22 years of public sector investment pro- <52<bn) this year, a 27 par cent been substantially cut in the last tQ ore-devaluation levels. •••*•- 
unrestricted parity with the gramme, but because Mexico ” lcreas ® °Y. er The two yeans as a result of the de- short-term objectives of ' 

dollar. The peso was allowed has a low taxation level and. Government s 1978 budget is valuation and any further Sr Lopez PortiHo's programme: 

.9l2bn pesos (941.4bn)^5 per attempts to get at them in a res ?^ ng confidence in. the;! 

cent more than in 1977*. bat major way would, antagomse - _ cutting inflation to tiy to - 
taking the inflation rate into, ahem again and run the risk of Jf? ’ . Dat f ern ^ sustained 
consideration the real Tmcrease a fresb flight of capital. Invrth — are beginning to be : - 

is only about 15 per ^ « nearer a solution than anyone - 

Revenue m Mexico^ -long. DeValuatlOD envisaged two years ago. but the 

been behind expendi^re_ and long-term situation. is siill. very-'- 

part of Sr. Lopez -gjprbllos The devaluation led to an nn^rtam 
declared aim during hi$ ,tenn of estimated $4.5bn leaving the « w e have made satisfactory 
office is to instigate a rnfo tax wuntiy, majniy to the US. progress towards-recuperation,^- : . 
reform, but so far this-, has not Some of this money has gr Miguel de la Madrid, the • ' 
seen the light of day. . returned and the process UnderJ^Setaiy of Finance, _ 

The private sector ‘ is -..very dollarisation (holding me «. the number one 

cosseted in Mexico with a:hlgh J e P?®J ts 1Q dollars) is being pro ij] em remains emj^oyment, • 
degree of protectionism and very . . „ . J and we have not succeeded in 

low taxes, Sr. Lwez Portillo, has . Bank of Mexico reported cutting inflatUnm-very much.” . 
managed to win back their sup- SL^„£-f I ?5 er . QI ,L hat . b f twee 3 Sr - de la Madrid said that he 
port to the extent that private^ ^^Dec^nber 31, L977, and. August thought the fresh' bout of — 
investment by -Mexican com- “ y ^j . of . ^ f® 8 ®® “foreign ' Tnvesfeh'ehf whrcK ' he - 

panies is starting again after a ^ expecting next year as a 

drastic fall off. -One of the first m At?2S r n7 ‘Si result of greater confidence - 

actions the Mexican president “ 'vjf pe j[ could go some way towards i' 

took after taking office was to rest /J 1 f® re, 8n solving both problems, 

make peace with the Monterrey Wage demands are out of step • 

industrialists (Monterrey is the I inflation and there is grow- . 

second • most important in- io 8 Watience in. unions. Last i 

dustrial centre in Mexico). J fi ^!“ eaSare o£ iDcnas ** con - y e !r.^ Wge demands in the pri- ; . 

whom Sr. Eeheverria attacked Tn-i-* .- c __ j_„K t v at« and public sectors were 

50 m,Kh - h “been " gradual raS ? h eld to h . 1 . 0 per ren * a " d this year ! 

The leading private bank, recovery this year. The expan- P«J»I ,C sector has been grant- . 

Banamex, reported in Septem- sionary budget has had effect. “ n !J ' 

ber that of 69 large and medium Public spending by sector of ■ ® p lt,? p . 1 1B -£f - ? nt ’ * 

Mexican companies taken from activity amounts to 635bn pesos William- Olisleft - 

all sectors with total sales ($28.8bn> with 3a4 per cent. Mexico City Correspondent-; 


* t 

BEINMEX’ can be your partner 
in a joint venture company: 

HSHINMEX as your partner can help:- 

- As a source of finance & corporate advice. 

- In the selection of local partners. 

- With advice on how to operate in Mexico. 

* Ull&HBIBfiESSL is the Trust Fund set up by 
Grindlay Brandts, in London, and National Financiera S. A, 
the Development Bank of Mexico, to participate in 
Anglo-Mexican joint ventures. 

Enquiries to: 

William Moss or Kiel Scbag— Montefiore 
Grindlay Brandts Limited, f 

2 3 Fcnchurch Street, London EC3P 3ED ' 
Tel: 01-b26 0545 

Grindlay Brandts 

A member of the ijrindlays Bank Group. 

Javier Pcrez-Pijoan, 
European Representative, 
Naciv'nal Financiers. S..-A, 
Floor 1 7, 99 Bishopsgare, 
I London EC2M3XD. 
Tel: 01-628 0016/17 

nacional financiera, s-a. 

recovery has had the inevitable 
effect of increasing the trade 

Last year's austerity measures 
in the wake of the 1976 devalua- 
tion had the desired effect of 
reducing the deficit by 51 per 
cent from the $2.7bn of 1976 to 
$l-3bn. But this year's more 
e:^iansionary policies will mean 
that the trade deficit will in- 
crease in the order of 50 per 
cent to around $2bn. 

As the economy has recovered 
and the private sector has 
regained confidence, so the 
imports -of expensive capital 
goods, which last year fell 
dramatically,, have begun to in- 
crease. enabling production to 
start returning to pre-devalua- 
tion levels. 

In tbe first siv months of this 
year, the -deficit was $640m 
compared to 9272m in the same 
period last year. 

Imports which totalled $3bn 
in the first half of this year, 
compared to ¥2.4bn In the 
equivalent 1977 period, are 
rising faster than exports, 
which, in the first six months 
of 197S, totalled $2.4bn com- 
pared to S21.jbn in 1977. But 
for the exports of crude oil, , 
which represent about half the 
total value, the picture would < 
look far worse. ( 

It is a vicious circle for, as > 
a developing country. Mexico \ 
can only get back on its feet, 
at least in the short term, by 
trying to boost production as 1 
much as possible. For example, i 
up until March of Ibis year \ 
Mexico was exporting 200.000 1 
tonnes of cement a month but i 
the Government stopped exports | 
in March because it was found ] 
that all cement was needed for 
local construction — a sign of s 
cconumic recovury. But, as a 

result a valuable part of represented 20.7 per cent of 
exports disappeared. total exports. In 1976 it 

As a country which imports represented 15-8 per ccnL 
primarily capital and inter- .“^htod oil is coffee which now 
mediate goods, which can no ta ^ es W-3 P*r cent of the total, 
longer produce enough to feed Last year coffee exports were up 
itself and, far worse, whose 32 P* r cen i Exports 

agricultural production is lag- cars. and parts also increased 

ging behind the population l® 5 * year by 24 per cent 
increase, the net result is a over 1976, making it the number 
rise in the trade deficit. Exports three item in exports after oil 
cannot - yet compensate for an d coffee, 
imports but they may well do Mexico has a diversified 
so. according to some optimistic market, unlike many other 
reports, by 1980 as oil produc- developing countries which tend 
Uon increases rapidly. to centre their exports on one 

OU exports could even turn or ^ products, 
the. deficit into a surplus but oil The great bulk of exports gn 
will- -not . be the long-term to the US. which, in 3977. took 
solution in itself, unless, as 66 per cent of Mexico's exports 
Sr. Adnan Lajous, the director (the * next largest, market is 
of the Memcan Institute of .Brazil with 4 per cent of 
foreign Trade, told me; " We exports). Mexico buys from the 
increase agricultural produc- U.S. 62 per cent of Its total 
uon, increase- capacity, and keep imports. On this front, there 

costs down." 

- .. • — . • ... •« more salutary news for 

Last year 202.000 barrels a Mexico’s trade deficit with the 
*^4900 01 t wor ti 1 * total UBi is fast decreasing and this 
SJ were exported and year there is folk that the trade 
a , da ti y average of between Ihc two countries could 
500.000 barrels is expected to be balanced as a result of the 
be the final figure, worth S2.4bn. oil exports -to America. 

according to Pemex, the State- 
owned oil company. 

For the first half of this year, 
Mexico's, deficit with tjie U.S. 

Pemex says that if . its was only Sl2Sm, compared to 
expansion pJans and forecasts S235m In.the ume period last 
ar^nghL then Mexico cwuld be year. Last year's total trade 
earning over $8bn by 1982 from deficit with the U.S. was SSXHm. 
exports of erode, natural gas The CLS. fook 80 per cent 
equivalent and refined products of Mexico’s total erode exports 
--worth 50 per cent more than in 3977, 73 pm- cent of coffee: 

of ®°° ds 1,1 80 P® r Mnt car enginet. and 
. S, Ut . 1,0,111 93 per.cent of frozen shrimps, 

that ThLs will be no good if While Mexico would like to 
Mexico then has to use these, try new is faced wiili 
vast foreign exchange earnings Ihe reality that it eannnr but 
to pay for a hefty food imports help concentcate. on the US. as 
bill. Imports of sorghum grain U is so vast and sear a market, 
wont up by two and a half making irctnRpozz costs minimal, 
times Imt year, compared to This .apart .there is also a 
JS ' b ; and c ‘ ,rn A 7 Per ceoL noted lack of enlhusiasTu on the 
uu is the Mexican, export part of MttticahsL^as uopro^d t« 
success story and. in 1977, the many multinational eon^ 

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the U.S. 

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iq 7 q ■ wooed by the and poor is to be narrowed and sources of technology and prn- 

Meocos foreign ; P o1i.ey. J.p 1978 Orgamsabon ^of Petroleum accept also that such a reform, viders uf financial services, but 
^the.same^.ic^5 ; m IS*? or.Qrantnes COPEG) ; -to jom that while stopping r ar short of the Mexican Government does 
?- - period Of “ Socialism.” will inevitably not feel that Brussels and the 
CStablishmept-.-of ^ satisfactory lively internal .debate, has upset business interests and EEC could over eome to rival in 
relationship to Ae decided, not to. join. President many of the closest friends of importance the influence of 

course Qf..the.;^?th century that -Lppez. Portillo: has- said more the U.S. in Mexico the U <! 

coIomus^shM hundreds.>fthait:opc^ that. Mexico does not * ' *. .. _ ‘ .... 

thousands' of 'Square jniles of intend ^.undercut OPEC prices r !o ! eis \ pohcy Th * Jl chn *. ls t al1 lh t . c T K r ! 

Mexican ■ territory and mV the: and Mexico's unflinching rejec- cQve , Mexican marked because at one time the 

20th it'rose'-th the status of^ a tion. of the very low price for *1" c “ me a ! on ® wyy t J* esican Govemmem harboured 

world super-piwrer whose 'every . iratiihj gas which the .U.S. was ^ ls ^ ret P nont ^ sojnewhat unieaiistic view 

major decision; economic and offering last year has shown that a yo r Wng that the re-opening ufalnng- 

political. Imd to be poadered in the cojintiy_does. not intend to r tJtjns ^ u P W1 ^h Washington, severed relationship with Spam 
Mexico City.' . . «Elcw- the-: U.S. to - consider Ttie tnost noticeable priority would act as some sort of magic 

'to the 20ih- century too. the. Mexican energy -supplies a soft of ^ administration of foi-mer promotional sreaj^r trade 
U-.S. became a tnuch,larger trad- option. ' ■ ? • President Luis Echevema. the w ‘ th Eur t °P e ; ?. es P Il ? e v, , s ‘ t 

ing partner -than. .all: Mexico^ .- AfTh(t --^ tune Mesipo drtpe estal>iishment P f Mexico as a this month of King Juan carlo, 

other -.- trading . ' partners *m - influence in the Third to Mexico it is dear tha Spam 

together. «ntn^ arid-.a. World and the building up of n f ve i hc f me MeMCOS 

half therrfore the U^S.-Mexlcan jjgjjjjg surrounding CiPEC^Some Lur^h ‘^c t° y COunl 7 ifre atmns°with Europe are 

relaUonship had ail the appear? leaders' sav for instance that bul lhe u - s - ,las been Quietly If re at, ^ ns w In , r0pe 

ances of a poker game in which Mexico woold never stick io the abanduned President Lopez yery^ secondary u> relanntib with 
the strongest cards were r -always .^, EC 0 n j>ri' c ^’ if these were not without a sigh of the U.S.. Mexico s links with iht 

falling r into the hands , of .the ^^ eTC^fwiy fOT reasons relief irum Ube Mexican Foreign Communist world are of even 
Anglo-Saxons. Whatever tricks “S’ Office. less importance. The USSR and 

the Mexicans won.were won - not he^ Arab OPFC .. China maintain larsc embassies 

by strensth but by a mixture of - - t " e 4 . UP " C li Qnmr m Mexico Uly and President 

courage bluff and pride -aided < ? ?M |3tne 5 i-.and-the.U.S>.. .over _the Whippy Lopez Portillo visited Peking 

fl^.by Wnntfere 01 ^ Mlddle Ti.e Mexican Onvern- mnmh. Mexk,.-. desire (nr 

on Washington’s part.; . ' 7 mem is napuy euuunn Uiat me relations with bmh the Com- 

Now iflonfi last the Mexicans :Me2tiC0 does not want 10 be ‘-•naner ol tcommuc tugnts and nu,nisl P° wers has not heen 

iNow at long last T^eaiexiams exposed ai any ^une to reprisals transformed into econom c re- 

E^gg* ffl-fiSSM'S US...whlch could- be S!S TT Znltn l rns latino of E ren, iniponanc^and 

rS"e“^f bHjud-SL S £' muc “ m0re th f “ r “ e acuvilies at me UN and null «"* suspects that this state nf 

.uTb!“:i.SS:.!?? ? ”?* us importance as a affairs w, II be slo» to change 

thirst for' those two items. By ^ an ^ mB trade h wl , th t 5 e documem in tne donate beiween ,7 far “ J,nks Wllh lhe re *! 
tlie^early' ii^' of . the' beM tl,S. than theyavould be for the me aeve ,^ ed devel „ pl „ s of Laun America are concerned 
decade Mexiiowillbe supplying average OPEC counuy sited w „ rld . Bul Meiacan offl J, al “ Mexico has for years placed 
the U.S. With" M ‘ippreciabll^ ^ thousands nf miles away. IuaR n, elul | y on [h e very ''«le store by them, apart per- 
share of its eneigy needs. Prices- Mei * ca! ; offlaals pomt out Uiat mngre eL . u „ omic benenu ^ haps from its decision no in 
wm doiibUess be as low as the much of the mouvc torcc which 5 ,x le ars ot activity as crosauers * v ' r , r ? lal,ons , , tuba 


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less importance. The USSR and 
China maintain large embassies 
in Mexico City and President 
Lopez Portillo visited Peking 

'*• - "h 

.. Oaxaca t - 



>■ Tehuantepec - ' -i 

f K <* ■. . 

haps from its decision not to 
sever relations with Cuba 



embark on an exercise 
Mexicans r believe Wi 

the U.S. . to . - fr j "“V; J, “ u mg irum Mexico’s lack uf ' ' t ' ": m.irket here." said Sr. Lajmis. Already tariffs have been ini- mdrheis . 

ise that the X° nahsed 1180,1 mdUSt ° 10 f^keuug _ experience. the St o^lv wheS J. ik * ..?">• ^veloping posed on, more than 1.000 of {? u | , j ,pani l 

■Washington. 1 ?^.®' • • .. _ ■ __ ijuvcrniutnt sun hupps that ils tJ{ j e ^ L at j n American t ' 0UQtr '’’ l| P * ls indus- the roughly ^.500 products tollow l 

should have undertaken long 'The country’s foreign policy podium as an important oil ■ running stroniv in ,ry behi ” 1 * pii>UiMiiii|j?iii Mill. lldUillUliail^ piUiCL'LCU lilt: AJClll^ su Ul'51- IV MIC V-O. W1 

ago— ithe eiaboratrpn'. and adop- makehvmope that Mexico's exporter can assist in aemeving ™ f ^ V„ TP "„ n nn now lhe ti,nc has wme - says Sr. import licence system. The pri- should mean that a little of the also dampened by the 

tiori of aiT .integrated! .policy position willing seller of oil foreign policy objectives. It r °S ’"f y 0 .," nypri?.- Lai0lls ' to ,ower ^ amount vate sector looked alarmed American sales aggression formidable bureaucratic appa- 

towards. -Mexico which will take and gas to the U.S. will generate expects to see us pdsition . . 1 l" , „ . of protectionism. when this was first announced, should rub off on Mexican busi- r»tu* of permits, payoffs and 

accQiiiif of the fact that Mexico “ Washihgtcm some greater strengthened vis-a-vis the Japan- irn . pin r e ® on Mexlcan “it is essential if we are to but is beginning to accept the nessmen. Impressions are left paperwork but unless the 

is beginning lo :be strategicidly understanding : . for Mexico's ese now that it is planning to tw hho ninn .- n<T advance, but it must be done new policy provided that the by the way in which American effort is made to sell more, 

important tor U.$. 'interests.: to other problenis. There is for sell oil to Japan. At the other f “v-J h»»»c nr* *ur carefully." he adds. tariffs remain high and are companies come 10 Mexico and Mexico runs the risk, as Govern- 

a few weeks’ time President instance the perennial problem side of the world Mexican con- Iee . j n YpcVSiinn 3 nrn Previous governments have reduced slowly. set up an office — not just to "tent economist* point out. of 

Carter should have on his desk of iflega I Mexican workers in or cern at the continuing Israeli _ hQ;riri J”” ; „L,‘ said that they will start the PmtcL-iionism created a can- “ e they can export more to _ th« opportunity 

Mexico, like any developing posed on more than 1.000 of turn panics were reluctant to given in Brazil. 

country, ha* built up its indus- the roughly H.500 products tollow the lead. It jj, true that the enilmsiasm 

try behind prutectiiinism but traditionally protected by the Being so close to the U.S. o f businessmen to export is 

Aarnuuscraiion vauuui wuai -"'«u*us“<u «u« u «»»«=“ *-•«« «•'■«* “k arivorticod ir«i di<iastn fnr rhA government has anvthmg been outdated technology and high xc i 11 u *f u,u 

Washington’s relationship '.with, going to .be solved by the the reminder to the Israelis inSra u a nd ^ne about it. Last vear the hlbourcostsin theform of fn- struggle to convince Mexican i ", 

Mexico should be.-. After .a present^U.S. poUcy of building that Mexico is a small but use- ^“ 2 ^° refuse to many ol Government started to substi- creased prices for consumers, businessmen to go further 

century and a: half when the what the- Mexican newspapers fui source of oil for Israel which s ®* g ^*s opponlnts But at the tule impurt licences for tariffs Profits were high and so few rount^es bit whHe uMho 

Memcans' -toofc; WashingttHi are calling- a -v Berlin Wall" should nut be taken tuo much tiuie P u has resisted in- wiUl lhe hope thal - while being companies were willing to take The Mexican Institute of htret oridfa^il 

seriously • Washington.', is. now along part ..of the frontier, for granted. Xtions from the US and dane gradually it will spur corn- the gamble on exports. Foreign Trade, which was a s„52 22 

beginning to take- the Mexicans Washingten^-and Wall Street— Unlike many of the other Venezuela tu become" more panies on 10 improve the The process of trying to make started in 1971, has closed down ^ ' 

seriously; , ' : - alM. if -»-;hoped; come to countries - of Latin America, ^ . quality of their products ,n the Mexican businessmen more three ot its overseas offices YJ r™ he oretsin" 

. While .-.the- Mexicans rare .terms with the ideas of Presi- Mexico does not see a strength- vrino aimed at brin-itig !i S h t of fnrei S n Products being aggressive and less self-satisfied under the present Government * , ovmt?nt and nomdation 

pleased with this .-development edent- Lopez Portrflo and accept ened relationship with Europe ce and | n end m dictator- able to enter more easily. And with doing well in the domestic —in Australia. Ecuador and prQ bicms— may well be too 

base than mo*t other developing 
inrtitniB countries but while signs or the 
'SSS* J will here the odds ayainat 

pleased wth' this ;deveIopmeiitvdent- Lopez Portrflo and accept ened relationship with Europe . ° , dictator- able 10 eTller more easi,v - And with doing well in the domestic —in Australia. Ecuador and 

they are' behigrcarefor not Toxfbat Mexico needs, a good dose aa a counter to the strong U.S. jj. . Nicara n Ua eventually, as the tariffs are market is a very long one. The Sweden— as a result nf lack of 

play theirroii caiais-.tbo-breshly.-jof "‘ politic^- and ,; economic, connection. Britain. Germany £_ \ U lowered, reduce their prices and process of learning how to interest in those areas, 

or aggressively; : Though -it' is. refoirh if ^he gap between rich and France are seen as useful Hugh U 5>haUghneSSy so make them more competitive, export is a hard task. Fiscal incentives are also 

«uie iu ema iiiuic caanj. .-wiu wnn aoing m-pii in me uoniesuc — «uouaiw. ^uauui mu T, ro hlems mav well be loo 

eventually, as the tariffs are market is a very long one. The Sweden— as a result of lack of ^ uch 

lowered, reduce their prices and process of learning how to interest in those areas. ' ru- # 

so make them more coin Detitive. rxnort is a hard task. Fiscal incentives are also William LlllSICff 




- -V •- The-B'atfco de. Meodbo, S.A. in the course erf ita 
^ ‘ functions as the JSentraV Bank, in addition to exercising 

"• a policy of ebntril 'li, regard to amounts of currency 
and CTedtt, 'determines in a similar, way. and to a certain . 
extent, the' selective- channelling of credit resources 
which sustain the development ef certain preferential 
ficlds'of the economy: those which require the utilisation 
of. financial techniques and of tiiperrtsidn- which assure 
the -. proper application " of -the-' credit and its recovery 
/•in du.e course. M?pir the realisation of the policy of 
"qualitative channelling of the resources, two processes, 
which are .complementary to one another, have been 
established. On the ~ one. hand we have the rules and 
.' procedures which: are .applied . thro ogh the “cajones de 
credito (credit 'Institutions) in the system of legal 
Teserves which permits the controlling of distribution 
of the -assets of the banking system and, on the other 
" - : hand,- the actions directed towards channelling, through 
the economic, development trusts which the Federal 

- • Gdveriimeht bds established, of Important resources 
. s . towards, basic activities which hasten the process of 

national economic ' development. ■ * 

The- policy : of selective transfer of credit followed 
... by. the. Banco de Mexico, SA.. through, means of trusts 
. for economic promotion, at the same time as providing. 

important financial Tetources to encourage the develop- 
- jnent of certain priority activities of the economy, are 
complemented by suitable- programmes of technical 
assistance,, -which enable the. best use to be made of 
■- said funds; in fact these institutions respond at present 
with greater efficiency to the growing needs, both for 
financial help , as well as better and more ample 
programmes of technical assistance and training at all 
• • levels. • - . . „• 

The ■ operations .which in. the exercise of their 
■ functions are carried otit by the. trust of rediscount funds 
cover the whole country because they are realised 
through the country's banking system which has a wide 
' - network of branches throughout the Republic. This 
m ann er of operating has enabled the trusts to maintain 
fully guaranteed financial solvency, principally due to 
their character of second-tier banks which prevents their 
1 • assets from becoming exhausted, in. addition, the trusts 
" . through means of the banking system have been able 
to. spread their service more, with emphasis principally 
no plans- and programmes of technical assistance, with 

ever increasing improvement in design to assist business- 
men in the solution of the problems they face relative 
to financing, production, trading and organisation of 
their companies. * 

. ' ; - ‘ The selective channelling of credit through tne trusts 
contributes to a better aDd more equitable distribution 

- of resources throughout .the regions, favouring in a 
special way industrial decentralisation in the country, 

- ' witit a view to encouraging new growth points whicn. 

offer greater opportunities for employment as weu as 
• - better possibilities for regional development. - 

One of the most important duties earned out by the 
development trusts is the assessing of thesocioeconomic 
impact of the credit programmes which they have esjab- 
! v - ' Shed, to this way the rediscount funds are in condition 

to ratify or rectify the policies followed, as weflasto. 
ntSfifa or extend the instruments used in the- 

fiDai Tbe 8 credft pSicy^of the country has as its immediate 
a5m |>f e fluid transfer of the financial resources inwards 
: "J ?i?re Anns and productive activities which not need 
' • iLwitfthe object of contributing to the attainment of 
• nhiectives or regional development and a more 

..the obj • qo _j c grovvlh in the whole country. In 
'tWs ? MQte«. within the basic sectors towards which the 

- directs the selective transfer of 

resources, especially important is the strengthening of 
the external sector, through means of the Fund for the 
Dev'elomeni of Exports of Manufactured Products 
IFOMEX); the support to industry in process uf trans- 
formation, chiefly small and medium industries, and the 
production of capital goods which can be achieved 
through the intermediary' of the Fund for Industrial 
Equipment (FONEI): the development and expansion 
of the agricultural and livestock sector stimulated by 
the actions of Trusts Instituted in Relation 10 Agriculture 
(FI RAJ and the aid to the housing programmes through 
the co-ordinated action of the Fund for Operation and 
Bank Discount for Housing (FOV1 , and of the Guarantee 
and Aid. Fund for Housing Credits iFOGA). 

The development trusts administered by the Banco 
de Mexico, earmarked, during 1978. financing to The 
extent of approximately 40.000 million pesos, which 
represents an increase of 32% with respect to the 
amount channelled during 1977. It needs to be mentioned 
that in order to obtain the granting of the backing 
mentioned, the trusts will receive during the current 
year, new resources, both internal as well as external, 
of about 10.700 million pesos, of which the Banco de 
Mexico will contribute approximately 50%. 

' To attend to the growing needs for resources derived 
from the increase in their operations, the trusts have had 
recourse to outside sources of finarcing. Special mention 
must be made of the magnificent image which the 
development trust funds bave in the eyes of international 
credit organisations, not only because of the financial 
solvency they represent, but because in addition, through 
the periodical revisions of their operations which these 
organisations carry out. they have been able- to dearly 
verify the great benefits achieved by the sector helped, 
and whose achievements are within the scope of the 
integral development programmes established by the 
governmental authorities. 

As an example of the foregoing, recently the World 
Bank granted to Mexico, and i^i a special way to FIRA, 
a loan of 200 jnutlion US dollars, which is the largest 
credit granted by BIRF io Latin America and the biggest 
loan made for development. This loan will be destined to 
finance, in part, the Sixth Programme of Agriculture and 
Livestock Credit which provides for a total investment 
of 827 million US dollars, which is structured in such a 
way that it intends to contribute to a short terra increase 
in the production of pram and seeds. Other recent 
examples of the importance acquired by the development 
trusts in the international sphere relate to the credit 
recently granted to FTRA by the Chase Manhattan Brink 
for 50 million US dollars to stimulate the agricultural 
and industrial industries of the country, as well as the 
■Joan from the World Bank for 100 million US dollars to 
FONEI with the object of contributing to the financing of 
new projects and for extension to plants already existing 
in the industrial sector. 

We shall go on to briefly describe the objectives 
and characteristics of the principal economic develop- 
ment trusts which the Federal Government has set up 
an the Banco de Mexico. 

_ The Fund for Encouraging Exports of Manufactured 
Products (FOMEX) has as its general aim that of 
contributing to make good the deficit of the trade balance 
of the country, through fostering and promoting the 
export of manufactured products and Lhe substitution 
of imports. To - achieve these purposes. FOMEX grants 
financial facilities which' in general produce competition 
between Mexican exporters and manufacturers in face of 
suppliers from other countries, both relating to the 
export of goods and services as well as the substitution 
of imports and the marketing of durable consumer goods 
in the bordering zone. 

To foster exports, the trust grants credit aids, both 
. in national currency as well as foreign currency, at low 
rales of interest, directing them towards the production 
of manufactures, refinancing of flocks, as well as sales 
on instalments carried out by Mexican exporters. This 
latter aid greatly favours foreign purchasers of products 
manufactured in Mexico li> receiving facilities of a 
financial kind on terms which are competitive in respect 
of those granted by other countries 

As far as concerns stimulation for lhe substitution 
of imports, the Fund grants financing for manufacturing 
and dealings in capital goods and dealings in goods for 
final consumption in the neighbouring urea and open 
spaces of the country: these credit aids are granted in 
national currency, at a Hoating and attractive rate of 

In the period January-Sepiemher of this year, 
FOMEX channelled financial aid for 15.043 million pesos, 
which signifies an advance or 71.7% of the programme 
which it had established at 20,905 millions for IB7S. 

The industrial Equipment Fund f FOXED directs 
its activities to accelerating the process of industrialisa- 
tion within the country through the granting of financial 
and technical assistance to firms in order to carry out 
new industrial projects and alsu to expand and modernise 
plants which are moving towards improved productivity, 
including factories for machinery and shopping centres in 
lhe bordering areas and open spaces. 

The credits granted by FONEI are in the national 
currency and at a fluctuating rate of interest though of 
preferential character. They can be applied to purchase 
and to erection and installation charges for fixed assets, 
such as machinery and equipment: to the construction of 
buildings in which the machinery and equipment shall 
operate and to expenses arising from the preparation of 
pre-investment or feasibility studies for the said projects. 

The technical assistance programmes which have 
been established by FONEI are very important since 
they are of help to managers in elaborating their invest- 
ment projects and comprehend administrative, technical, 
economic anti financial aspects. 

During the period between January and Septemher 
oT this year* FONEI authorised financial assistance 
totalling 1.754 million pesos, thus exceeding the objective 
which it had established for 197S and easily surpassing 
the 1.10S million which had been channelled during the 
whole of 1977. 

Within the aids granted by FOMEX and FONEI in 
the first nine months ol 1978 the financing conceded 10 
small- and medium-sized industry totalling 8.1S8 million 
is mosl apparent as well as that alloted to manufacturing 
Industry for capital goods totalling 2,135 million pesos. 

The Instituted Trusts relating to Agriculture (FIRA> 
arc those which have been most apparent in the field of 
technical assistance and of advice to producers through 
having introduced modern, dynamic practices into 
farming credit which have gradually and positively 
influenced the criteria and prevailing systems. 

The basic alms of FIRA are to increase the pro" 
duetivity of farming operations, giving preference to 
those by producers witirlow incomes: to ‘increase the 
production of basic articles for the national food-supply,, 
especially those which present a major deficit in the 
nationaL consumption; to stimulate agricultural and 
livestock production with a view to export and substitu- 
tion oF imports and to encourage the creation of 
agricultural industries. In attaining these objectives 
FIRA is contributing significantly to creation of employ- 
ment and hence to the retaining, to 3 certain degree, 
of the work-force within the rural .vector and contributing 
to the country's regional development. 

The Trust effects its assistance through long term 
financial credits in order to finance primary productive 
activities and aJso through parallel or correlative loan 
credits Tor working capital. The maturity periods ti» 
which they are subject are fixed m relation to the type 
of credit and lhe interest rates are promotional, being 
• applied m accordance with the producers' level of income 
and with the amount of the credits. 

The credit programmes are fashioned and allocated 
preferentially in accordance with a regional assessment 
made fay Lhe FIRA technicians with respect in the most 
urgent and vital needs to be satisfied id order in favour 
regional agricultural development. Likewise, in 
accordance with productive activity, the programmes are 
classified as to annual crops, perennial crops, meal, milk 
and agricultural and livestock indusiries. 

During the first nine months of ibis year. FIRA 
assisted the development of lhe agricultinal sector with 
18.608 million pesos, which compares very favourably 
with the 11.200 million granted during the whole of 
1977. The assistance granted is directed preferentially 
in boosting production of basic articles for food supply. 

It is important to mention, that besides the credit 
resources and the technical advice assistance offered by 
the trusts for economic development, the latter have 
established programmes of guarantees, the action of 
which in certain cases extends both to the financial 
intermediary as well as the final beneficiary. So. for 
example. FIRA guarantees to the financing intermediary 
the recovery of the agricultural and livestock credits 
which it granted to low income producers: FOMEX 
protects exporters or the intermediary institutions 
against risks of a political nature to 'which recovery of 
the credits derived from their exports are exposed. 
Recently, with a view to aiding Lhe Development 
Programme for the Capital Goods Industry. FOMEX 
established a guarantee 10 protccl the first purchaser of 
capital goods designed 1 and manufactured for ihe fir«t 
time in Mexico against the risk oC. -equipment priee-lov. 
to which ir is exposed during the initial period nf ns 
use and likewise it created a guarantee which assures 
the intermediary bank of the recovery or credits granted 
to national producers for lhe manufacture uf impuri- 
suhstituting capita! goods. On its part, FOXEI created 
a guarantee to protect the financial intermediary against 
risks of default in payment on loans granted for lhe 
preparation of the pre-investment studies and pro- 
grammes for the adaptation, production, integration and 
development of technology, with particular attention to 
the design and development of capital goods. 

Ii remains to mention that the systems of guarantees 
against default of recovery of credits which have been 
awarded have proved to be valuable instruments in 
allowing the banks to channel greater volumes nf 
resources to certain priority sectors. It is equally 
important to emphasise that those guarantees which 
become effective due to default in payment represent 
a minimal percentage of the total number of guarantees 
awarded and this shows the positive effect which tiieir 
use demonstrates. 

To sum up. the selective credit policy followed hy 
the Banco de Mexico has contributed to the attainment 
of satisfactory levels of success within the objectives 
established for credit matters by the country's financial 
authorities and in this context the development tru^s 
administered by the Central Institute share in ihis 
success by putting into practice with imagination and 
in a responsible way new alternatives for financing and 
wider programmes for technical assisianre wnii ihe 
basic aim in' suiting their credit policies to lhe cnangmg 
requirements <»f lhe economy. 


in London 


International Mexican Bank Ltd 


29 Gresham Street 
London EC2V 7ES 

Tel 01-600 0880 
Tele.x 881 1017 


Tiber 110-8° Piso 
Vlexico 5, D.F. 

Tel 523 7708/528 7868 
Telex 01773894 

Shareholders : Banco Nacional de M&cico. S A Bank of America N. T. & S. A, Deutsche Bank AG 
The Dai-lchi Kangyo Bank, Ltd. Union Bank of Switzerland. 

this is one of the most 
important banks 
in the world. . .’sinmexico! 

That’s right. According to the volume of its balance sheet assets* Na- 
cional Financiera ranks among the world’s leading banks. 

Nacional Firianciera’s assets amounted to the equivalent of 7,675 
millon dollars as of may 31, 1978; invested in loans and securities in 
the dynamic Mexican economy. 

Remember this when you look for financial services, fn Mexico, select 
Nacional Financiera, one of the most important banks in the world, with 
44 years of experience in promoting Mexico’s industrial development. 

^4 nacional Financiera, s. a. 

Isabel la Catolica No. 51 Mexico 1, D.F. (Mexico) 

Cable: NAFJN Telex: 01 7-72-538 (NAFINMEX) 

Representative Office: 99 Bishopsgate, 17th floor, London, EC2P2LA, England. 

fincia Thui^ Movemfcr 2;i9r* 


THE MEXICAN banking sector Anotner positive sign of tfte exchange for w ye«=. offer 

is starting to radiate fresh restored health of the banking months deposits the interest ana ‘ 

optimism and confidence, sector is the fact that the rate for pesos was fixed in May Some bankers feel that the. 

Memories of the devaluation of process of '* dollarisation*'.’, is .1977 at 11 per cent — an increase increase .in inoney supply,; 

the peso- on August 31. 1977, slowing down. In June this year of one per cent — whereas dollar regulated by the Bank of. 
still produce shudders of fear dollar deposits represented ;2S- deposits for three months went Mexico, has been too- great this 
down the spines of bankers, .but per cent of total deposits and- up from 4-8 per cent to o.5. In year. In .the first^ 10 months 
the trauma of that event is now in June 1977 34 per cent And September this year the dollar BaQsmex, a- leading - . private’ •' 
over. - Total peso liabilities of as inflation is being gradually interest rate for three months bank, estimated' that die money- 
the banking sector, grew by reduced so the interest Tates stood at 9.75 per cent and for supply' increased by 3Lfr per 
67bn pesos ($3bn) in the first become more attractive. In, the pesos the same 11 per cent, so ce nt j n comparison with the-' 
half of this year — three and period 1973-76 interest rates narrowing the difference. same period last year. This 

a half times the increase were “ negative” to the tune, of- The result of the increased upward trend, dating back w- 

registered during the same ^ average of 5.8 peri cent interest rates has been a boost November 197/ could, says 

period in 1977— and now stand because of the unprecedented f or domestic savings and a Banamex create serious pres-- - 

at 58Sbn pesos (?26.7bn): of Inflation after being “positive” reduction in dollar deposits sures on prices. . • T ' 

which 399bn pesos comes from * or the UJ preceding years fo which has enabled the Govern- ^ no tewortby that the 
the private and mixed sector. * he extent of an average 4.6 men t to release funds for cen tral bank is to Teduce money 

Dollar liabilities decreased by P er c*” 1 - As a result of .the important sectors and the by 5bn pesos between 

559m in the first six months of restored confidence and better private sector to get easier w and tbe end of uj e year ; 

this year to $15.Sbn at the end interest rates savings . have access to credit. which is a sign that the 'Bank of ., 

of June so i confirming the -new- increased. Most large banks now deposit Mexico is having second 

found confidence in the peso One of the Government’s main 37.5 per cent of their liquid thoughts about its expansiooaiy 
with fewer dollar deposits. priorities in the banking seetor funds with the Bat* of Mexico monetary policy. At .the same 1 '. 

The private and mixed is to stimulate domestic savings and in order to discourage tj me mt^. bank interest rates ’ 
sector’s peso liabilities fell from in order to strengthen the sys- Mexican companies from bo r ' have increased. - .- 

275bn in August 1976 to 244bn tern, which was badly weakened rowing abroad the central bank . . „ . / 

in the November and not until by the devaluation when an has established a “future in Menco do not 

the following April did they estimated S4bn “left-” the credit” whereby foreign ex- resortto the iStocK asenange for 
return to predevaluatinn levels, country. The peso has stabi- change Is deposited in the investmentcapitai Decause u. is 

Since then Uie private sector Used in the two years since central bank and companies a weak institution with .few of 

has started to pick up at a devaluation which has an un- assume a related debt commit- the. quot^ compames^ regularly; 
greater speed, but the situation doubted psychological effect, ment in pesos, 
of non liquid liabilities has not Peso stabilisation has ' also. _ 
improved to the same extent. meant that the attraction .'of SjlVlUgS 
r * i high domestic interest 13 tes- is . ® 

Liabilities nQt bein S wiped out .by new The increased savings have 

“ floating ” devaluations..-- resulted in the banks being W j[h the Finance Ministry - 

Up until 1972 the non liquid probably the most important more disposed to grant credit en joys wide powers to control; - 

peso liabilities from the private f eature s^ace devaluation has a ^ ter cutting^back extensively tbe availability and placing of 

^ r heen the restructuring of after 1973, which in large part -was mevithbly very.. 

K- Ipr^ppnt ^f ^h^rnp ^ Merest rates in order to Attract JJJJ d -“ e t0 . the shaken by the devaluation— - 

JS 1 Sn„M *°re long term deposits. «■“£** ^ the P)? 1 *? «S about 5 per cent of total assets • 

mnSnt?! ! i2» m<i Inte rest rates were revised in' the requirements that this werB reportedly withdrawn hi 

1 whpn iilflntinn Ma * 1977 and D0W f or: Periods “®f e ° D c r 24 hours— and so is trying to: 

sslSrSSt ifSSSH r£r, £FKr S .SsS^i. 

pesos as well as coital flights) ” ‘ * A,,* ,oce period last year credit granted * I * r f* JS \ 

Another positive sign of the exchange for 50 years. On three demand f or^medit ^has^lncreased 

active and unable to attr'act' 
savers. : Also the banks a fn 
against the Stock Exchange ' 
entering into competition. 

The Bank of. Mexico,, which; 

started to be felt, with the went from 

antagonistic relations between before. The policjrseems 2 Q4bn pesos. 

the Gaver ament ana ^private „%%%££% 

Ml sharplv ta 13 pet ceTol 

I88bn pesos to the form of “financial bonds* 
negotiable on demand. These - 
are no - longer -attainable: and 

sector, non liquid peso assets 385 P er cent of deposits were will disappear next year. 

re» sharpy to w per cent of 3^5 percent Ln credit as regard demand be- Another reform, which has 

vT« Whl e ° t re, fl l l nnn July 1977 .cause the banking system has now become , a. trend, is that 

liquid liabilities tosc to 2.4 per * . : ■ recovered more quickly than banks can now perform multiple 

cent - the sarao tune t“ e i “f r Sin other sectors of the economy, services. Previously Mexican 

This year for the first time between peso and ..dollar ^ a resu jt ma ny banks bought banks offered only one type .of 
since 1973 the peso non liquid interest rates is being, reduced jjj e Government's Treasury Cer- service-savings, deposits, morii- 
1 labilities are forecast to in order to stem the amount of tificates, launched in January as gage — but' now. the move is for 
Increase to 14.8 per cent of GDP dollars in the domestlc.banking ^ bon term p aper issued at a the creation of multiple banks ' 
and the foreign ones to drop a system Mexico has complete discount to establish a more to make a more efficient.. system 
little to 2.3 per cent. A positive freedom of exchange. tons- ^ fficient money market Now and' reduce the number of ■ 
sign but still not approaching actions There has been free tfiat industry is back on lts fee t ; banks: The .m^fi.-priirato.hanks.- 

tbe growth rates of the previous convertibility of the -peso .pndhr . . - v *v • - 

period. - transferability - - of- ; foreign CONTINUEDTOW NE X T' P AG E - ■ " 12 

.» . ::V“. V.vt i. ! .vr . •?. 

Mexico City’s central Alameda Park 

Debt burden is eased 

THE MEXICAN turn-round 
since the crisis and devaluation 
of late 1976 has given bankers 
great cause for sighs of relief. 
At its worst, the problem 
involved effective default by 
major private sector companies 
and the possibility that a major 
renegotiation of the public 
sector's debt would also be 
required. To cap all the 
country's problems, the U.S. 
banking authorities in the form 
of the Comptroller of the Cur- 
rency, proposed new banking 
rules which wnuld have hit U.S. 
banks' lending to Mexico very 
badly. These also have been 

Because Mexico was viewed 
by tbe international banking 
community as being in the 
American “ back garden,” it had 
traditionally been regarded by 
bankers with considerable 
complacency. The experiences 
of 1976 and early 1977 shattered 
this image. Fortunately, the out- 
going Echevarria Administra- 
tion had kept the latest figures 
tor oil reserves under wraps; 
as soon as he assumed power in 
late 1976 President Portillo was 
able to publish sharp increases 
in estimates of Mexico's oil 
reserves. The prospect of 
development of these reserves 
and the potential foreign cur- 
rency inflows involved carried 
Mexico through its year of bad 
troubles without a complete col- 
lapse of confidence in the bank- 
ing community. 

Without this, and the political 
[support implicit in Mexico’s 
[relationship with the U.S. 
(particularly as a Conservative 
j president ousted a Socialist 
one) it Is at least a strong 

possibility that Mexico would 
have presented the inter- 
national banking community 
with a problem similar to ihat 
of Turkey, but on a much 
bigger scale. 

The two big problems of 
Mexico's debt were first the 
weighting Towards short repay- 
ment periods and second iho 
lack of information available 
on it. Even now, when the 
problems of the short-term 
weighting are well recognised 
and in the course of being 
ironed out. the kind of in Forma- 
tion on which analysis of the 
problem depends is not 


Thus, some sources. of official 
in formation say that Mexico's 
public sector foreign currency 
debt amounted to 322bn at the 
end of last year; others put the 
figure at $20bn. And these 
figures are for debt whieh 
originally had a maturity of at 
least one year; figures on the 
public sector's so-called floating 
debt fdebt contracted for 
periods of less than, a year) just 
do not seem to be available. 

On top of this there is the 
question of the private sector's 
debt— again just not available, 
though estimates range around 

In contrast to the other inter- 
national banks’ other really big 
debtor, Brazil, it is extremely 
difficult even to estimate Uie 
sire of Mexico's external debt or 
foreign currency debt servicing 
commitments. Given a $25bn 
approximation fur the medium 
and longiterm debt of the public 

sector and SS-9bn of private 
sector debt, one can assume a 
figure Of at least S35bn cnee the 
public sector’s short-term debt 
has also been taken into account 
But no more precise estimates 
arc -possible. 

After, the 1976 crisis was 
passed the problem? associated 
with, financing this large debt 
have been relatively easy for 
the last year; However, because 
the IMF imposed a S3 bn per 
annum limit on the increase in 
public sector - funded debt 
Mexico has not been able to 
build up a reserve of foreign 
currency during the’ recent 
period of easy borrowing con- 
ditions against the day when 
borrowing may nut be so easy.' 

. At the same time, Mexico has 
not as yet attempted to take 
advantage of the borrowers' 
market lo renegotiate earlier - 
more expensive and shorter- 
term borrowings into loans, with 
a longer final maturity. An 
attempt by the United Mexican 
States to centralise and at the 
same time convert into medium 
loans short-term foreign cur- 
rency borrowing by public sec- 

tor agencies founded -during 
the summer. Some public sec- 
tor : shprt-term 'debt has : been 
repaid and the maturity profile 
of the public sector funded, debt 
has been considerably improved 
due to old loans running off and 
being replaced by new loans of 
longer maturity. . But, by com- 
parison . with, say, \BradI, 
Mexico’s external financial posi- 
tion remains relatively vainer- 
able. ■ : ' 

■ However, as has been cease- 
lessly. pointed r ont" in -the Jast 
couple-of years, Mexico' has oil. 
The achievement in solving the 
1976 economic; crisis has also 
restored confidence • amon^ 
bankers. Views of Mexico are 
currently sanguine; the margins 
the eountir is having to pay 
over inter-bank rates arc being 
cut ever further. Although 
borrowing io service the exist- 
ing debt and to finance the pro- 
jected- investment in the oil and 
gas industries will make heavy 
demands on bankers there is no 
evidence at present that they 
will not be prepared to meet 
them, . .. 

Mary Campbell 


shi " k *^ E of Wrth oHimn; -in Meaaea. thi i report 

will u ra you timo and inpoejc in-gukiog j tune app rec i a tion,- . 


twiTO/synw-tib -*i eww* £.102.00/ 
« MMr s«ri«.- wip /w 

Metra Consulting Group United, 

23 Lower Engrave Sfrect, '• ' •• 

London SWTW 0N5 
metre sroup T»t; (H-72P 06S5 ' . 


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THE - agricattimr.^ffi^rds^ tn foujrih-r highest ;•; -investment 
many -ways ^xsqinpasQr jime. 1 jdII - produc- 

of The Mexican ^e^ioyJ ‘^is TionX.’ * f - - • ' 

year, as in. the' pa^stwen years, -The' decisions :-*:u)6 options 
agricultural prodnefen wili. fail facing the .Government are com- 
to meet the increase to papula- p] ex , -p or example, this vear 
tiun. Tro«ucaon>:pS year is ik,«» hedt^ extra could 
u noffidally forecast fb increase have teen iUlocat^d to grow 
by- between’"^ aUd5,3 per 7 ceDt wheatirbaj is^ea'd tliev were 
whereas- jpppulat5on T- wilI ‘-grow.- given to. .chickpeas, cotton and 
ly aroimd.-. 8.5;jpBr cent. ' /- toraatoep— 1 io^wrttmt exports. If 

Tbe ’ epuh^jj^ a - favourl.^»:^to iantf^diieen made 
able - balaace ’ rf agrieulttH^i:. oyer to wheat. 'tlie .wheat har-. 
trade; but ;.this" ^dpld in ‘M vest, would :have ^increased by 
way . obscure -the - very ■ real* WO . lonnisj,’ but the farming 
problems which, exist; not. the trade balance would at the 
least the 1 fact that the.cdun&y** wtoe^tim.e have-heen.-advereely 
mountainous topography , and- affected: to the; tune , of; 8213m 
scarcity of -water -combme to . (^uh^enti tq T iifrn .tonnes of 
limit the.!, area' which ..mayf^be- t l Je 

cultivated. to aboutjKnTh ectar^s " reduced;fixporto- „ " 
or 17. per cento f.5tiWtal jiejL ^tast i.-year - exports: totalled 
Last- yea r 4 s.wheat-^ production '35^bh pesos:(8i6bn) and 
o£ 2.4m tonney war-.a ^?': pier imports . of foodstuffs were 
cent, decline; on: 197b.;-- Co m,: ; lS£bu pesos. (8854m) giving a 
however, increased. j>y" 25. per .surplus in - Mexico's favour of 
cent to. 10m 'ionnes; . Iffis year j^s(g i7bn:($772ni)’. This year, 
it is thought that; wheat produce witlv the-' expected .generally 
tion should. return -to. more pootliarvest as ^result of - ah 
normal Jev'efs biit’tWere. wiWr^e umisually. high .amount of rain 
no reil . si gnifldahtV changes m m July. ,- and- .to® . increased 
other crops; ■. • . ; -. imports the agriraJtural - trade 

'■surplus'' is ■ expected 1 to decrease 
imOOrtS .Vf-. . by^a/tWxd to atomt ; ltbn pesos. 

• ■— ■ ■ - ,t$5{K)ni) ■ •• y ”/ 

In 1977 1.7m tonnes of- maize ^ stiidv by ; -:the leading 
were imported, jWHtli.' 5191m ; private r ‘ 'bank ... • Banamex 
495^91 tonnes ':df.'-'w|«at. at. estimates that ak a result of the 
S45m;- and 749.843- tonnes . of “poor weather and* the- late- plant* 
sorghum: * according ' tir' figures j ng crops, ■ with 'the danger 
issued by the r . .AgrlcUlJuve that -frosts, cottld-;niin^ ^ some of 
Ministry. In the first 6.alf : ' of the / barv^t, prdductioh will 
this year 194,000: tonnes of increase by a maximum of -29 
wheat were imported ..1524m); pcff-Cfirit this year compared to 
and 307,000 tonnes of maize: 1977^. Wheat production accord- 
lhe imports in the third and jn^ to ae. banic ebu.ld be about 
f ourth quarters-. wai-; push. ^ this. 3m : totmek compared to 2.4m 
figure above. last year's, ; ’ - tonnes tost' year’. - 

The Government- is- : giving 

high priority., to the -farming Banameg^ also ^stiaiates that 

sector for- -it- employs 'about 

40 per cent of the labour ftoce Production 

v.Tth many. / rhbre dependtog ^ ateT ^ tost, year’s 89m 

upon it .• although it ^ ordy lormes - 

accounts for. about 9 per cent 1 The target -for’ Ihe 'first cycle 
of the GDP. ' As. 'a - resnit- the- wis- ttr sow 4:56m r hectares of 
Agricnlture Ministry ias ser as; which . 5i per cent was e ar- 
ils main objectives for 197^.the- niarkecl' for basic- prod uee and 
nroductroD:--rf- baslt : f odttrCBOpsV second. dycle target- is l3Bm 

but not at ; the expense-, of hect*tres; basic crops taking 65 
neglecting .raw. - materials -for- per cent. . .The success' of this 
industry, atid esparL- . • •' .:depend^;to. .a . large extent- on 
Private and state Investment ra infall - so little , of 

last year' in the ;agnaUtoi^T. Mexico's. total, toectarage is irri- 
sector' totalled ' S2l8Bri . of; whi6h: gated. The-'-amount of irrigated 
the state nontj^uted-8£8bh*; a- land has ^-increased from 2.4an. 
42 per cent_.mcrease; on -J976r bewares in l970; to about 3m. 
The federal budget lfor , lK78 now, bilt,toerelare stiJQ- 
dedicates 5S.4bn.;pee'os'{$2.4toi): ya4t areas of land not being 
to agrtctotore which'Js.^^^^ 

cent of M a faf greater propo’r- 

- tion of the total arable land is. 

A quarter of the federal 
budget for agriculture is being 
spent on infrastructural 
improvements including a 
target of 35.000 hectares of irri- 
■ gated land to be rehabililed 
this year and a further 143,000 
hectares to be opened up for 
new irrigated land. 

Plans call for irrigating a 
further Jm hectares by 19S2 
and reconditioning another 
600.000 hectares. And by the 
year 2000 the total irrigated 
hectarage will need to be 10m 

Just why Mexico's agricul- 
tural production is so low is the 
subject of endless discussions 
and arguments. Agriculture has 
hot expanded at the same rate 
as other sectors of the economy, 
^rom 1971 to 1975 production 
increased at about one-half that 
of tile population growth rate 
over the same period and in 
1975 and 1976 declined. With 
so many mouths to feed and 
with a population which may 
double by the next century, 
this lack of production is u 
pressing problem. 

• Mexico win obviously never 
be self sufficient and there is 
no reason why it should make 
the superhuman effort required 
to be so. On the other hand 
one wond»*rs how much longer 
the present state of affairs can 
continue given that so many 
people depend on the land to 
scratch out a livelihood. 

The battlecry of the 1910 
revolution which overthrew the 
dictatorship of Porritirio Diaz 
was " tierra y libertad ” (land 
4nd freedom i and “ the land for 
those who work on it." The 
1917 constitution enshrined this 
principle and the ejido system 
.(state-owned smallholdings) 
replaced the haciendas, the 
large estates. Under the ejido 
.system holdings of more than 
100 hectares of irrigated land 
and 400 hectares of' non- 
irrigated land were divided up 
and given to the people, who 
bave the right to work a plot 
of land and pass it on to their 
descendants, but not sell It or 
use it as a bank collateral. The 
law has been modified since 
then but Mexico still suffers 
from an abundance of inefficient, 
small, non-irrigated plots. 

The president, Sr. Jose Lopez 
Portillo, said in one of his 
"Amanue • - for Production ” 

tours, which take him out of 
Mexico City at weekends to 
meet the people, that the time 
had come to think less of divid- 
ing up the. land, more uf multi- 
plying its yield, but this* has not 
stopped him from continuing to 
take demogogic measures like 
all governments in the past. 

In August the Government 
took over large estates belong- 
ing to two powerful political 
caciques— Sr. Gonzalo N. Santos 
and Sr. Jesus Robies Martinez 
—in reply to popular demands. 
On one estate — El Gargaleoie— 
(he 300 people working on it 
were left without employment 
and 100 other peasants were 
given work. The move was typi- 
cal uf the way in which the 
Government treats many of the 
agricultural problems and uses 
it to run up the flag of the revo- 
lution periodically to suit its 
own ends. In substance little 


There are still a lot of 
speeches in official circles about 
the need for agrarian reform 
but the basic problem is not 
dividing up the land but get- 
ting more from it and giving 
more resources lu the people 
who work on the land. 

Sr. LOpez Portillo said in 
September that: " Whatever the 
system of land tenure, exces- 
sively small landholdings are 
the antithesis of the lutifundiu. 
The challenge we face is to find 
a synthesis that will reconcile 
both extremes and remedy ihe 
luw productivity of one and the 
injustice of the other.'’ 

Attention is thus being 
focused on the need to increase 
yields per hectare. Wheat yields 
have increased from 3,u0u kg 
per hectare in 1970 to a high 
3.761 kg in 1976 and 3.464 in 
3977. Maize yields have gone 
from 1.272 kg in 1971 to 1,359. 
Mexican corn yields are esti- 
mated to be about one fifth of 
U.S. corn yields. 

In conjunction with this the 
“extension service" is having 
some success. It is a unit of 
about 6,1)00 people which goes 
out to the poor rural areas to 
examine crops and yields and 
see if with improved seeds, 
better use of fertilisers, insect 
resistants and to some extent 
attempts to collectivise the 
splintered eitdn clots, yields 
can be increased. But in a coun- 

try the size uf Mexico and with 
the limited resources which are 
available, this is a mammoth 
task. People working in the 
" extension service " have be- 
come discouraged because of 
the lack of funds, which some- 
times mean that the transport 
involved runs out of petrol and 
the people have to pay for fuel 
themselves. And then wait 

months to get reimbursed be- 
cause of the formidable bureau- 

Another developing idea is 
the Investment Programme for 
Rural Development which uses 
World Bank Money and is try- 
ing to create a whole infrastruc- 
ture programme in the slate of 
Puebla by improving not oniy 
land, but schools, roads and 
water supply. 

With so many people depen- 
dent on the land, many of whom 
migrate to the eiiies. the gov- 
ernment knows that it must do 
something to improve the state 
of agriculture and the mass of 
campesinos who, at thy moment, 
do not have a high life expect- 
ation and so are not as discon- 
tented as perhaps they might 
be. The government has in- 
creased guarantee prices to pro- 
ducers of basic crons quile con- 
siderably. Wheal, which in 1977 
was 2,050 pesos per tonne is 
now 2,600 peso? and com has 
gone from 2.340 pe*o 3 to 2.900 

The one bright spot remains 
the export crop with last year’s 
442,523 tonnes of tomatoes ex- 
ported representing a 25 per 
cent increase on 1976. but their 
performance does not make up 
for a gloomy picture. 


• ... 



The Acnpitlco concention cenir> 

:um > m 

ay 'vr*-f /: : - ■-*: , 



tike Banamex, Baiu-nmer and 
Serfin have already become 
multiple banks. 

The Government operates its 
system through 22 national 
credit institutions serving speci- 
fic sectors of the economy apart 
from the Bank of Mexico. 
Operating under the supervision 
of the Finance Ministry the most 
important are Nacional Finan- 
■ciera, which holds ihe majority 
equity interest in Altos Hnrnus 
de Mexico the maj'*r stale steel 

producer, the National Bank for 
Public Works and Services and 
the National Bank for Rural 

The Mexican system remains 
closed to foreign banks and like 
industry’ is highly protected. 
There are no signs yet of a 
liberalisation of Ihe system. 
When bankers here talk of 
“ liberalisation " they usually 
mean their desire for the Bank 
of Mexico to be less rigid in its 
fixing uf interest rates. There is 

a move towards freeing the 
interest rates and letting them 
be determined by the market. 

Foreign banks operating in 
Mexico cannot accept deposits 
nor can they hold shares in any 
Mexican financial institution. 
Their function is confined to 
establishing representative 
offices. The one exception is 
Citibank which got in before 
the law was made. At the 
moment there are 9S foreign 
banks represented in Mexico. 

many of which devote a lot of 
their time to fixing credits. 
“We would like tn lead manage 
a credit operation." said one 
private banking executive. So 
far they ha\o all been done by 
foreign banks and the day when 
a private Mexican bank lead 
manages an operation may be 
the day when foreign banks will 
ex«Tt pressure to have more 
freedom to operate. 


to-; - 

- ^ _ - 

-» i «■*• -x 

* * * ■ 

SiT! £S .. ! 

’From Rs tetfnateaehes to its bustling steel mills, Mexico is 
-bh -the move,.Just: two "years 'after a monetary crisis and its 

" dtflfcuft.^ListiTOnts,6urecbn6m 

confidence and guarded optimism. ’ 

;■ This..tiramatic tiim-around was achieved fri part by me 
validation of huge new oil reserves; however the real basis for 
success is the detemnafioriofthe Mexican people through 
ihaHt iiwftrfKAn nnrl" eff active bovemment action. ■' 

- um po mouaoieu ruta, micAiwa r '.rT . , / 

organization, has stared the difficulfies.and the triumphs of 
-tois period: Wfe have also retained our confidence in Mexico's 
.ability to meet its challenges and continue developing into a 
ihaior industrialized society.- : ..j. 

-Alfa’s growth and Ihe support we have received from 

- the Mexican and international financial communities, our 
-customers and our participating joint venture partners— AKZO, 
BASF, DuPont. Hercules, Hitachi and INCO — indicates that 
many, others share our optimistic view of the opportunities 
available in this new era of Mexico's economic and social 

'■ Alfa dramatically increased both sales and earnings in 1977 
■ Results for 1978 continue to show steady improvement. All our 
companies have achieved leadership positions in the industries 
they serve, 

If you would like further information, or our 1977 Annual 
Report in Spanish or English, please write the office of the 
Vice President, Corporate Finance, Grupo Industrial Alfa, P.O. 
Box 1000, Monterrey, N. L, Mexico. 

The fabulous Las Hadas Hotel and Ihe surrounding 1200 acre 
tourism compie* in Manzanillo. Mexico, is being ue'.etoiyrJ by 
Casolar. Alia s land and resort development company 

Alfa’s sleel company. Hyisa. is the largest pr.vate producer 
in Mexico, with faculties located inApodaca. Monterrey. Pthusmo 
andXoxfla. In 1977 these plants supplied 23% ofl h .e na:ionss:ee! 
requirements to support economic growth. Hylsa s patented HYL 
process icr the direct reduction of iron ore has achieved world 
leadership as a highly efficient and competitiw method for steel 
production. HYL pants are operating or under construction in 
Mexico, Brazil, Venezuela, Iran, Iraq, Indonesia andZamoia. 

Gfuro industrial Alla iVIuOk: RIi:CiES“Pie:-iX 


Htt.SA-Sw;i DF-CO— N:i>fw 

Hl"L — T««J-MTC^y 


p:h. :ClES - Re-r-ocMr'icJs 
■j.sijfi7£r — Ei?: me P?v.vr Svs'c-rrvs 
DF-CO— N.'i'-len-r-js- Mining 

CASOLAR - Law ar» F.-«£-rt Dtw^'ijpnent 
PHILCO— Consijmei Eletr.rcirucs 
NVION DE ME*ICO— SyntneM Fibers 
FI BRAS QUIMiCAS— Svrv.netn: Fibers 
PETROC EL — Pe-uocnemcals 

7.7 AM - PiMf and Pachaging 

Televisa -“'■' s.'isij;. and Cimmvni:s;i; 

il'i': i vr-- s.iit*. 

Financial' Times Thursday Novem'fer^«T97Sf ! ! ii ' 

"7~r.- reys* 



& *'$*&*? 




.. ■ "•*?- •»■> 

j Oil production 
| on a giant scale 

"I THERE SEEMS little doubt 1938 was the first country in produced 79 per cent of total well within that accepted by, | 
. I that Mexico is now one of the the world to nationalise its oil crude and condensate produc- national and international bai 
■: I world’s oil producing giants, industry. This led to Britain tion producing at a rate of ing community. 

’ I C >' n,cs still raise their eyebrows breaking off diplomatic • reta- 786,839 b/d of oil. The balance Sr. Diaz Serrano estimated 
each time petroleos Mexieanos tions for three years and a comes from the traditional August that “at tbe prese 
tPemex), the state owned oil boycott on Mexico by oil com- drilling area of Poza Rica tthe prices and volumes of expo 
company, issues a fresh set of panics, who would neither buy central zonei which last year the total debt as of June : 

. I figures, but even they accept the nil nor sell technology, accounted for 13 per cent of the 1978, is covered by exports 
•| tfla J country’s oil resources Irnnically. Mexico is now the total (126 789 b/d of crude! and two years and three months.-’ 

; really are far greater than at country selling oil and its the north zone which extends Pemex is certainly sign* 
first realised. technology is among the finest from Tuxpan North to the U.S. contracts successfully. At t 

I As a result of this vast oil ' n world. Also Mexico must produced 7 per cent (67,441 b/d moraenrit is selling either cru 
potential Mexico has travelled 118 > he on » V country in the of crude) V ery little comes or refined products to theU- 
m two years from a serious w 2 r,d , haTe ■ constitution from offshore fields. (about 86 per cent of to 

economic crisis, which culmi- 1 d f^* res . that aI1 hydro- Emphasis during the current crude exports), Guateraa 
nared in 19*6 with the devil ua- ca ^ ,ni ’ beU>ng to the natTon - period will be given to onshore Costa Rica, Colombia. Ecuad, 
j non of the peso, to becoming Oil is really the. only activities but offshore will not Peru. Brazil. Puerto Rii 
a developing country with an ’weapon which Mexico has in be neglected. Israel. Spain. Britain a 

I enviable (for other developing Its power to ti^- to combat -.At- the moment offshore Sweden. An agreement bias ~al 
countries) standing on ihe immense problems like uncm- activity Is confined to an area been signed with Japan in nrd 
international monetary market, ployment which threaten to of lhc Gulf of Mexico off Cam- to test ’ Mexican crude’ \ 

I The figures speak for them- f ngu Jf th * country in the not peche in front or the existing Japanese refineries ami tl 

selves. When Pemex first t “,,J l .*l* nt ll fut ? r * unIess - as >« onshore oilfields. There is also could eventuaJJv lead to a lor 
started operating in 193S proven very^ under- offshore activity to a lesser term operation tn a ve 

hydrocarbon reserves in Mexico standabiy hoped, oil becomes extent in the north eastern part important market, 

amounted lu l*bn barrels. “ e 1 f X»rt«*^ 1 «222?’’* a c d of ^ GuIf of Mexico - Aod Sr. Lopez Portillo said in t 

Fourteen years later the figure pZiE? lf Sr exploratory work is also going speech that oil wealth raea 

was 2bn: in 1962 5bn: in 1976 “2®* f tf ° wn ' n on in the Pacific off Baja Cali- that the country must '< 

b .3bn: at the end of 1977 I6bn b “ ° t J H ^ and whether fornia ' where Sas has been dis- «■ extremely careful ■" in the w 

and finally at the beginning of J™ ™ Xh ic Mc covered that it is used and that 

September the Mexican presi- ove ^jJt h ImbltiJ? h '> 5.* Thc raain nffshnre interest balance must be found ’betwe 

dent. Sr. Jose Lopez Portillo. ^ s \ d ^ po Se task now is Campeche where, accord- what we are now and^hat i ■ 

I announced .n his annual state the oil mSney to SeLte m „ to Pemex, 8.000 sq km were can become.” Previously - 
• >f the nation speech that proven JJL YndUUSK y discovered in August, in the said that “this ODDortuniiv / 

XhT Z T r T Th" b R rrel h SSL 3Bd »'**«■ Offshore production 

son, or of ,he Norfh So, ,£« fiE* reaCh ’ 

Dpcnrvflc originally set for 1982 tPemex’s ” ou,wu 0/0 in a permanent source of wealrt 

tAtStlVcS investment programme is for . Many fear - that in the ensuii 

Th.. the period 1977-82) are now 110311 ORS search for o.iL and the gre 


u ti 

investment programme is for I?*-**-*™*** • . Many fear' that in the ensuii 

The president als.. said that the period 1977-82) . are now rOrlHailOllS . *■«»»■ for o.iL and the gre 

i sryis! aavsE ST? “vs ss BE 31 S™- 

; r a -ns? ^ 53 r “ 

; amounts. ” /d hy t l98 “-. Peraex now pre- carbnil basin whi " h mav well ) en . ezuela * 011 Productic- 

3 diets that this part of the nro- ' .V: ay «. f. *n Latm America) has alreai- 


xplor^Orilliiiij.l^tiofi .fefjning • Putt ocheniisfry *Tfwisfibrtift£-$ale^ 

"S 1 at S f S 4bnT^L m b..o":'”r to Me'T ZinT/ Potentially ■££ " 

;:i e ss^^rjsrs im 0 r- „ w .. T h ^'mThf-S! ^ voSMfe 

figure was 907.000 b/d ar?i he ob J 0C ‘ l '! es the P ro * country near the frontier with JJ ro . u S h ^ same process 

Consequent! v Mexico now f” fh r - !| lCh ,nvoIves s P^d- Guatemala, but this find is Mexico and government officia 

esiimaics trial, ii has enough nil 1 iK?. -f qW tha 'l • l , n awaitina sreatcr clarificarfon. here are keen to point out th 

and natural cas to meet 1938-/6. are to drill Some observers have put this Mexico does not want to repe. 

nationaldemanduntiMhn nnvt U °° "* W we,ls: double ** find n n a paritv with the the “case of Venezuela” wht 

century. So from bein'* a net « 50 (Kin capac K lty ^ Ref,,rra a fields. ' inflation soared and the moni 

importer o 1 crude from^ifl _ 2 75 ri "m ’ ir J crea ^? the pro- As a result of the discoveries bas n °t- heen used to mal 
(importing nf crude ceased that feet^dav e fn S 4hJ l l.’Si^ n r CUbic Pemax has had t0 slari attract- structural changes in tl 
year). Mexico is now a nei w-v- f °.u 4hn °. ub c . feet a in S foreign credit in order to economy, 

exporter -? rip, i e Jlf ,* peIrochemicaI finance its high cost programme. Venezuela In fact slowed dow 

In 1975 94->on h/,i u .„ ro t-apauity to 19.4 tonnes; and Unlike the North Sea and Production last year by 2.7 pi 

exported- in I»76°q4 400 and^-n nn*?!!!? cx P prt '. nf r ^ fined Alaska's North Slope the oil cent,' while Mexico; increased i.- 

1977 20i0«)0 b/d i is es i to loo ooo "7™ 1 **'* ■»«*'»**"** }« Mexico pose" no major br 9.4 per cent; in this respe. 

mated that the r nr ThVc ' pL°™„S technical problems. Onshore ,l 15 sigmficantvlhai a “pla 

vear will h v 5(Ki 000 b/d th£ capital expenditure swamps are the main nuisance form ” of production, has bee 

w,r r , h around <W 4 bT m „i 2“ ^ actoupfe . fo r over half for engineers. mentioned at Pemex. 

Unn double la<t" “veal’s mtal l [‘ vestrne . n . t In March Pemex obtained a Another problem which ihe 

Pemex earnimi whb.J S n!^ J X ^ * lbo • ^ facility from 3 well have to -be faced is wheth, 

i* being hold out as iho conn- about ihe future or Mex .-*in oil ‘ ne ™ am ?* rhc S1 ' 2bn in .■ .argmn U 

try's main hone of sol tin ••he that Vi ™ hl .iJ credit e P v ‘««eed for 1978. Last that this is in the national ii 

oconomv riaht even ro the e* declared that^Jinr^ ? X y<? Y tredil * totaIled ^ 39m - ‘“J* 1 ' Sr ‘ Dia7 - Sprfa ™ ™y. fecO’ ; 

lent that bv l\£l f Pemex’s llS |S.i 19M « Accord »ig to the confidential don’t want to tie th * 

expansion plans a „ d forecasts priccfwdl amoum“tu S1ohn nr? I men J 0rand “ m pul out by ti.e ^Uny of our petroleum ii : . 
are nghl as well as its judgment viding Thai an aver! --e Um hZ , * ,ime 1 of lhe March dus ry to the destiny and eoi - s.yi ’ 

It ^^in^«^£g provisionally 8 Scs,^ • ° 

SSbn from Pcmex’s export xtahw JffCh L Dccember 31 - ^77. at 187bn *****> *»s crude fc ’ “ 

t crude-. w nnd ^c-finud »ri- Whe» oil dt^J*^ ffS.. ‘S‘5?.t wi,h ..«?W •"*.'» -- --- 

Beautiful beaches, picturesque towns, magnificent pyramids, 
and an efficient banking network to aid you in doing 
business with Mexico any time, any place. 

in 1977. geophysical wort in ->s r < S2 ,pn >- While Pemex ’s we ' VICo t0 J^n OPEC, coi 

Not MirprMingjy this has led 31 st-ues “ S he borr0WIn ^ « high and could be s,d ? red niost ""likely, woui 

(o a great d/-al «.f nationalistic Tin- most dnvel.mrd fir-Mc nr ,7 ampV?d by the International JJ"«»ubtedly be countered b 
drum healing. It should hr around fiefnrma ITi Samir J toncla . r >' Fund ' s restrictions on pr ( f ssur ^ f rom Washington fn 
hnrnc in mind that Mexico in lhc south zone which \n i!r- bnrr " w,ns fnr M”-'"’"- Pemex's to keep out of the grouj 

. mum in total assets/liabilities ratio is WC 

The nuclear debate 

Our country is much more than a tourist 
paradise. Its dynamic industrial progress 
oilers a variety o! opportunities for 
trade and investment. 



In Banco Nacicnal de Mexico - 

(Banamex) vve can give 

you a direct line to this 

expanding market. In 94 

years *e have gamed ’ 1 ; ^ 

valuable experience in our - 

couni/y. But this is only the basis 

on which we have consranlly innovated 

services (? meet our client 's needs. 

Today. Banamex operates 539 branches in 

cities and towns throughout, a network that guarantees our clients 

"•'srage in doing business. 

G’/.-mc v.iih Mexico. Banamex has 
sleac: y increased ils internat'onal 
1ac : i:Ues. We have cilices in New 
York, Los Angeles. Paris. Madrid, 
London. Tokyo and an 
a ^dialed Bank in California. 

__ . v *’' 5i ' e through our correspondent 

banks network v/e reach 
'■ |jU ^o»nc e virtually every country in ihe v.orld. 

All inese facniiiss are at your 
any time, any place. Just call on Banamex^ 
the bank that knows Mexico besti 

sU* I ZXt> 


Banco naaowi da UiUxiCD. S.R 


,n M ‘‘ v - Sa ' nco NKmI d * Mfvcr - ? A - Wernaiicra! D ; vi :i cn Isabel fa Ca*-rf:a fir- 44 1, D.F. 

MEXI« :OS Parliamentarians 
rarely gri angry, bin ihe way 
in whi<h pasvruns were aroused 
in early Orn>ber during the 
debate ever the nuclear energy 
law iudieaied huw senuusiy ihis 
reia lively new siibjeei is being 
treated. In fact debates became 
su heaieri ilia i ihe Congress or 
Deputies decided to suspend 
riiriher dc-bale unlit ai least 
Niivember when u is hoped 
lhar li'mpers may be voided and 
Ihe i-unfusiiin srirmunding the 
new law sorted uni. 

Having disvovered lhai ihe 
vuunlry is rich in oil reserves 
The Government is now deciding 
what to do with n» large 
uranium reserves and how to 
develop a nuclear programme 
for producing elvrt runty. 

Mexir.1 k rich in minerals 
and according in ihe National , 
Insmtue of Nuclear Energy 
Proven reserves t.f uranium ! 
ammini in ll.iiuu lonnes and \ 
prohablc reserves a maximum i 
of find, non lonnes. although ibis , 
figure i> less certain. As a . 
rosnll Mexico has the capacity \ 
to creaic a nio-lear inrtiiiiry for | 
producing eloclnntr m ry linv s 
of ■be main voices against s 
nuclear bomb production in , 
Latin America j bin not ihe i 
necessary technology. ,, 

The svviich over from burning j, 
oil io the use of nuclear energy {] 
for electricity production would •• 
release millions more barrels of 
ml for export. n 

At the moment Mexico has jy 
one nuclear power plant under 
const riicimn ,n Laguna Verde in a 
the siaie nf Vera mu. Building H 

of the pljni. which coni prises gi 
two MW ligf-t-water re- w 
r.eiur,>, began ill id/g. im; a 
suspended lor Tottr jear.s a* a ci 
ri-.Hiili tif i-hanae> m Ghvernmeni ai 
policy. Work wa> resumed m 

1977 after Sr. Jose Lopez 
Portillo look office and is now 
iatd to bp ahead uf schedule. 
The first reactor should be in 
opera non by 1982 and h,p 
second by 1983. There are plans 
to build two more plants of the 
same capacity tn Veracruz. 

The first shipment of en- 
riched uranium Tor Laguna 
Verde is due to arrive rrom the 
by the end of the year. The 
date of arrival depends upon an 
export licence being granted, 
and the U.S. authorities seem 
rclitclani to release the uranium 
unless it can have some super- 
vision of Mexico's programme. 


Laguna Verde needs 167 
tonnes of enriched uranium hv 
I 1981. 292 tonnes by 1982 and a 
. further 245 tonnes by 1983 in 
order Tor the plant to emiie into 
operat tun. Mexico bought j,uofl 
tonnes .if uratmmi from France 
for enrichment in the U.S. 
which has mi far cost 3hn pesos 
according io the newspaper<ir As a result of the. 
high cost Mexico would like lij 
store the enriched uranium her- 
self in cut the cost and xdch 
installation may be ready bv 
the end or the year. This would 
enable the enriched uranium 
tn conic in Mexico assumin' 1 
that an export licence has been 

In conjunction ihe Govern- 
ment has decided io split the 
Nuclear institute into three 
sect inns. A national centre for 
atomic energy would replace 
I ho institute and exploration 
and exploitation of uranium ■ 
Would ;.e dealt with bv Lr.intex. i 
A separate arparrmeut would hr 
concerned with research and l 
another lor sprurtiy. i 

The Nuclear Institute's trade t 

ex union has protested that the 
>w s-plmuvr up will lead to the loss 
e. or jobs and they argue that for 
in a nuclear programme to 
uj advance the institute should be 
ts more integrated and not split 
le up. At the same time the debate 
has been used to stage leftist 
i- demonstrations demanding that 
la no foreign companies or powers 
ic be specifically allowed to inter- 

0 fere with Mexico's programme, 
n The most sensitive article nf 
1, the dratt law and one which 
n provoked criticism bv some 
n deputies and the beating uf the 
•- nationalistic drum is the one 

whirh allows lhc industry minis- 
ter to authorise exploration and 
exploitation. Some people have 
, interpreted this as being suspi- 
cious given that Lramex will 
r deal with these matters. Accusa-. 

1 lions have been mac.'? that the 
i Government is paving the way 

1 fur exploitation nf the country's , 
uranium by foreign companies ■ 
and k private Mexican ones. 

The Government has denied j 
this, pointing nut that it .would i 
co against the spirit of the ! 
Constitution which makes the 
Slate lhc owner of the country’s > 
hydrocarbons — ilexico was ‘m « 
1938 the first country in the ^ 
world to nationalise its mi S 
industry. The confusion arises '* 
frum the fact that companies ?- 
which have been granted conces- r 
sions; to «ct at minerals some- b 
times bring our uramarn in the , 
process, -These companies would 
apparently not be affected bv , 
the new law. The article con- ,, 
cerning lhc aurhorisanon by the > 
Industry Ministry- -rpgv be a ' 
/■hanged; dnrf the artitie 10 
ahour hydrocarbons t 0 include ^ 
uranium. « 

Another sensitive point is r: 
that ihe lav. mentions ihe sale tr 
nf uranium, but only if the w 
country is c^lnwaterl' Jo have 

ie sufficient reserves lu Iasi a i leas 
sx la years. 

Jr While Mexico's deposits o 
ro uranium are nor that high coin 
»e pored to those of other rounrrie- 
11 —ranking about the Uni 
e largest in the world— ihe fa.; 
>t inatso much of rhe uranimn iic: 
\l °|f ar to Ihe surfaw* means ih.-i 
•*> the country could very quick!/ 
r- become a major uranium pro 
-• ducer with the necessary tech 
'[ nrtozy- Scientists Iasi >eai 
h estimated possible reserves ir 

P of Chihuahua at 

lsO.OOO lonnes and over I sq 
e mile of uranium deposits u 
f- believed to be near the surface 
1 in the state of OaxtKja with 
? "1 five oilier stales 

- This gives Mexico an rdge over 
i those countries with more 
■ uranium bur which have to dig 
deep to get at ir. 

' Mexico would n*<-«2 sr. 

; mense investment ar.d -.1 
,ab]e money now is going te i.-.a 
petroleum' industry-. boiu** 

( would say too much mone\ is 
being spent on oil and ‘nut 
enough on other re.Miurccs. 

Early ihis year, a team nf 
Mexican experts headed by 
Sr. Francisco Vizcaino Murrav 
director nf the Nuclear Inti- 
tule. went to London to nes»- 
tiate with Urencu. a Eritish- 
Duteh^ciman group and with 
British JViiclear Fuels.- ■ ij : j S 
beliei^d thar Mexico proposed i 
to sup/rf>- Britain and Europe 
with uranium m exchange for 
technical assistance including 
ihe enriching of ils arsniiun 
abroad. Mexico has a long wav 
to gu . before it could enrich iis 
QW-n uranium and until it does \ 
the extent .to -.vhicif ir |. 4q 
really • »u U« up a nuclecr -:;.ius- ' 
tr 3‘ /"f electricity pniductinti y 
will be limited. • 

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GAS -could become:' a” rather 
L j embarrassing ' > bjwfisnza-. . -.for 

v Mexico iud Ane-tllat- could, be 
the cause of heritages id the 
future. . 

Most of MexicO^s -gasis asso- 
■U'u^i'r ciated natural Vigas: ' If is 
v. ’ ^ obtained -wittF^fthe -oik-^as 
’ opposed to ; diyV S4s from 
separate weOs—and, inevitably,- 
, the ambitious. expstosion jlm : 
■‘ ’ " 1 -• ' to more, than 1 doifbie ; protfnetion . 
. . . *\ ’A of crade by; X98^vi?i^' also mean 
ri \; ■*'• 4 that nararal.'gas ■■production ,will ; 
, J. go up by the ^ame amount; ' 

. ?,• ' The -two go .hand^h-hahtf But 
‘ their f utures .woiHd now appear 
tQ ^ not.«*.closdy*linfced as-a 
r’ 1 ; result of the rejection fry the'' 
:; r Garter administration at .ther«HL 

. - ' of last year of . Mexico's plan. la 

export large qyjtotities- oX sas 
? • to its neighbour.^ 

i : Plan 

££>*>*. Villi. 

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itrii Me . 
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.y*-- ••.. 

■ Pemex, the State-owned oil 
r. ; company, nuns -to increase the 
. - r ^ production- of - gks from thfe 
' f- present _2.4ba.-cu ft . per day; 
. ^ , (according- lo -.the. latest. July 
figure) to 4bn cu ft per day^by 
•’ 1980, with the. initial plan 1 !. of 

then exporting large quantities. 
r Cv Last year’s, hara* -w later in 
- ' ' Am erica awojke - MeSdco : ;to the 

tremendbus erport potential of 
gas. .Plans already formuJated 
.■-j,' quickly went into action to build 
D r. . ao 821 -mile pipelme-at at cost of 
pp ? r.^- S1.5bn and' 'with".'a;'::cajHChy' of 
• ^ 2.5bn cu ft - per .day tri. carry 
natural gas from the' rich -di 1 
■-... ...; l fields in the states of Chiapas 
. and Tabasco lo McAllen, 'Texas. 

’ Previously, much of the gas' 
; ' ' associated, with the 1 oil' fields 
was flared. With such a- rich 
! r r ;- market on - its • doorstep; ' the 
Government thought that there. 

• would be no problem unto it 

; : ‘ c ' ran up ^ against PrMident; Car- 
ter’s ehergy plans. , ' 

“A letter of understanding " 

• was si^ied in the summm'-of 
- . 1977 with 1 six U5. gas distribp- 

- ;tion companies (Texas. Eastern; 

- Transmission Co., the . Trans- 
continental Gas Pipeline Co.,,' 
the Florida -Gas Co^ the Souths 

...ern Natural, Resources Co., the. 
--■'.El Paso Natural- Gas Cov and 
Tenneco Inc.)i whereby Mexico 
. ..would sell arotmd Tr7m eu ft : 
' of gas per day for six years for 

- .$2.60 per 1,000 cubic feet .* .'"•■■■ 

Pemex -started putting out 
. orders for pipeline - and credit, 
announcing ttat the cost "of it' 
would be paid for by two years 
.Df gas exports J with exports; 

- - starting in 197P.v£ut the U.S. 

- Department .'Of Energy- constd--. 

ered -the price too high and de- 
manded a maximum inter-state 
gas price of only $1.70 iper 1.000 
tiik£y;. ’ . ^ ' • 

Tbfen.tbe Mesdeah. ?res?denti 
Sr. Jose Lopez Portillo, an- 
nounced that Mexico would not 
;iower its price. ‘and' the “ letter 
of -tmderstan&ing. ,> . whirii pt- 

- pired on December. 31, was not 
renewed.. Rath than wait for 
the. UA congressional energy 

. debate' to finishr-and .thereby 
"failing realfsi: that until it 
Wag condudedi-President Carter 
'obnld ' hot ; tafce^a .derision on 

- th& Mexican imports— the Gov- 

- ernmeht ' preferred to' stick to 
^jts giihi as "much' out 'of nat- 
-lonai pride- as ^ anything else. . . 

.Mexico needs to earn as much 

■ foreign' revcnwas possible sad 
could have lowered the -price by 
■;44 - r cfinfe to -compete, with 
-.Canadian, natural gas. The deal 

-with the companies would have 
'been' worth about'$2hn a year. 

: The; Government- abruptly 
changed " its plans instead and 
' announced that it would use the 
gas 'for' its own domestic and 
'industrial consumption. 

■-- SintM then,, then? has been a 
complete silence on the issue, 
with tbe official position remain- 
ing thfr. same as' ; it was almost 
.a year-ago, akhough the U.S. 
Congress has now approved the 
Energy Bill. The ..natural gas 

- part -of - the BiH-,-.’ wWch was 
approved in Oetdter, yriil mean 
that the price offgas will be 
gradiiaHy 1 deresilated until 
1985, after Which the price will 

' be free oi cbhriols. 

."As a result, U5. companies 
are npw;in a position to bemore 
flexfWe7n’?IliA^l<^S‘.over the 
price of ' gas and .-.there . have 
.apparently beep some moves on 
die parti of- ^tese companies to 
start negotiations again with 
Pemex,' but', the position of 
Pemex remains - the same as' that 
expressed by Sr. Lppez PortiHo 
in his annual state~bf the nation 
speech: •• ' • 

The President said: “We must 
give. gSs'.' its real value. If we 
hhve a surphis, we can sell, con- 
sume or keq> it in reserve. But 
we. S^iii never under-fiOlI it, 
which, w>uld be iequi valent to 
.burning^it’’ ;;.. ,V. : - ' 

This attitude -is. the one Ghat 
appears uppermost in the minds 
of iPemex officials. As much as 
anything,, the- derision, is a ’ mlt '. 

■ i Economically, the ‘ issue 
disidfi^- -itself , into- campsi . 

those who say that natural gas 
is more valuable as an export 
and those who say that it is 
better for Mexico to use it— 
thus, cutting down dependence 
On other energy sources, mainly 
oil, which would leave more 
crude to export. 

The president also admitted 
in his speech that when serious 
recognition was first given to 
the gas potential “ we chose to 
export it, because this would 
bring us considerable amounts 
of foreign currency more 
quickly, thus allowing us to 
solve our still overwhelming 
problems. The other alternative 
— to use tbe gas in Mexico — 

required more time, more pro- 
motion and would generate less 
foreign currency in the short 

Mexico probably has no choice 
but to agTee on a price, 
although 'it is considered heresy 
to mention this idea. And. of 
course, a way has to be found 
of saving face. 

Meanwhile, Mexico is press- 
ing on with the domestic part 
of tbe pipeline from Cactus, in 
the south-east, to San Fernando 
in the north. It is about half- 
finished after a year’s v.ork and 
is expected to be completed by 
next year. At San Fernando 
the pipeline (with a -IS ins. 

EARLY IN the morning, hun- 
dreds of people assemble their 
market stalls in the narrow 
back streets of Puebla, capital 
of the state of the same name, 
70 miles south-east of Mexico 

The mixture is incongruous. 
Items ranging from black rub- 
ber spiders to fruit aud vege- 
tables are sold against a musical 
background varying from 
“Saturday Night Fever” on 
record players to street bands 
comprising trumpets, guitars, 
saxophone and drum. 

Old Dina and Ford buses, 
painted yellow and red, weave 
their way through crowds oE 
people and it is amazing to see 
bow many vehicles manoeuvre 
around comers without knock- 
ing over half a dozen stalls. 

This is a scene that occurs 
daily in many other places in 
Mexico. In Puebla it is more 
striking, for the state is rich 
and conservative and Pueblo 
itself is a charming, old city 
where Mexican troops put down 
French Torres on May 5, 1862. 
now a national holiday. 

A statue commemorates the 
event in the Zocalo, the main 
square, around which are out- 
door cafes looking onto the 
Cathedra] and the abundance of j 
Palms Trees. ' 

Puebla was chosen as this 
year's venue for the Latin 
American -Bishops’ Conference 

in October where the divisions 
between the conservative and 
more radical clergy, would have 
become evident, but the confer- 
ence was postponed after the 
death ul Pope John Paul I. 

Puebla's own divisions beeuino 
clear to anyone who cares to 
wander oif the elegant huub.*- 
vard and explore the labyrinth- 
ine back streets. On Saturdays, 
the Mexican Communist Parly, 
legalised earlier this year, can 
be seen campaigning and sign- 
ing up members ot rallies in the 
Zocalo. something which would 
have been unheard of until 
quite recently, particularly in a 
state like Puebla where poli- 
ticians from the ruling Institu- 
tional Revolutionary Parlv have 
weekend houses and wealthy 
businessmen live. 

While I was in Puebla, rhe 
state’s newspaper “ La Opinion " 

diameter) from Cactus will link 
up with Monterrey and the 
northern gas fields. The cost 
of the pipeline i-?. according to 
The president - , much less than 
the original idea, and the use 
of ilie south east's entire gas 
production is, he says, prac- 
tically ensured. 

Nevertheless, the pipeline will 
still cost around Sd50m and 
whether ;t will go <<n from San 
Fernando to‘ the U.S. border re- 
mains to be seen. P«?mex say 
that plans for the gas’s in- 
dustrial and duHK-iie use are 
on the drawing boaru. 

Pemex director Jorge Diaz 
Serrano said' reiuntiy that the 


cams out with a front paae story 
announcing that -lie Onnmunist 
Pony was funding iistlf from 
chargin': seven pcsi^ a day from 
the 2.000 people who run sralls. 
The newspaper worked out that 
i h is would give the party in 
Peubla'Sni pe«us a ye::r jnd 
il was being used -• 
agiiarion and suui c True 
or fake, the si nerves Lo 
illustrate the unea/e v.ith which 
the elite view the political 

Bare fno ted women, their fine 
Indian features portraying their 
ancestry, and kiicaIiul: their 
babies wander ti\ruu?n ; he mar- 
ket trying to sell plant; growing 
out uf food tins and oil cans. 
In the covered markets huge 
eartenware bowls bubble with 
carrots and meat. 

Children ride special ifcrec- 

pjpehne would allow Mexico to 
make use of the associated gas 
from the south-eastern fields in 
the majority of industrial towns 
and would also create new de- 
velopment poles. 

There is already a, pipeline 
from Reynosa, on the eastern 
part of the American border, to 
Celuiosa de Chihuahua in the 
nonh-west of Mexico. It would 
be perfectly feasible fur an ex- 
tension to be Torreon, 
for example, and then down the 
Pacific side to Durango and 
other industrial towns. ’ 

Most of Mexico's natural gas 
c: lines from the south-east and 
the dry "as from . the north. 

Large. quantities of dry sas have 
been found in the stale of 
Coahuila, near Monelova — the 
Basin of Sabinas— and around 
Nuevo Laredo, by the Texas 
border, since it is dry gas. 
Mexico' can choose whether or 
not to extract it. 

Of just over 2bn cu ft per 
day of. natural gas produced in 
1977 the north zone accouuted 
for 23.2 per cent; tbe central 
zone- was 7.6 per cent and the 
south zone 69.2 per cent. 

Pemex has four cryogenic 
plants capable of processing 
848m cu ft per day and four 
absorption plants with a pro- 
cessing, capacity of 1.5ba cu ft 

per day. The completion of three 
additional cryogenic natural gas 
processing plants with an aggre- 
gate capacity of 800m cu ft per 
day should enable the amount of 
gas flared to be reduced, to an 
estimated 2.5 per cent. 

In 1975. about 22 per cent of 
natural gas production was 
flared, with 24 per cent in 1976 
and 13 per cent last year. If the 
Government's plans are correct, 
virtually no associated gas will 
be flaring in the future, but if it 
has calculated wrongly and 
overplayed its hand with the 
U.S. then the future will not be 
so rosy. 


Tuous mixture 

wheeled bicycles used to trans- 
port the market wares and on 
street corners men serve fried 
bananas and tamales on what 
bulk like little si cam engines, 
fired with wuiid. 

Gathered around a young 
man 'were a group of about- 30 
people listening to him praising 
the virtues of varreus herbs and' 
pills Squatting un the dusty 
pavement he held forth on the 
incredible curea which the herbs 
f*uld supposedly work, includ- 
ing treatment for malaria and 
saving small children from 
dangerous diseases. 

Gathering together the various 
red and orange pills, plus herbs 
he put them into a tiny yellow 
pnuch. dampened it with per- 
fume and then stapled on tu it 
a blue card with" a crucifix. 

He denied that it was witch- 

craft. Hardly had he finished 
stapling the card to the pouch 
than one woman thrust 25 pesos 
into his hands and several more 
people also paid for other 
other pouches: a fair amount uf 
money when it represents mure 
-than a quarter of the minimum 
daily wage., for “ salaried ” 

Many of the Mexican poor 
are superstitious. At Choiula, 
near Puebla, it is fairly com- 
mon to see old women entering 
churches — there are said to be 
as many churches in Choiula- as 
there are days of the year, but 
1 did not count so many. 

Choiula was the Indian’s 
religious centre until Cortes 
killed over 3,000 of them in a 
battle soon after he arrived in 
Mexico, in 1519. There were 
400 pyramids in Choiula at that 

time and on many of their sites 
are now churches. 

The world's largest pyramid 
is in Choiula — one would hardly 
believe it for it is now a bill, 
crowned on top with the. 
Church of our Lady of 
Remedies. .Not until you go 
around the site and enter a 
tunnel, whose maze of passages 
leads you to the top. do you 
realise how large the pyramid 
must have been. 

Next to the church is a 
small chapel where locks of 
hair, babies shoes, and photo- 
graphs are pinned to the wall 
alongside letters of devotion, 
some of them barely legible, 
offering thanks for saving 
people from illnesses — a fasci- 
nating insight into a varied 


m & 


t S’ 

f ' ■' 

Mexico’s first full service bank 

Buyiggressively In the Mexican market with our 

Af Domerhiexypu will always have the advice of top 
-©*perien ced 3 executives in international trade. 
r Fp^ promfk arid reliable action, contact 
Mr. Juan Broc, International Banking 
Director; at Ffaza Comermex, Mexico 10, D.F. 

BJO. Box' 1256, Mexico 1, D.F. 

€ab!e'Address: Comermex/Telex: 017 72 786 
/and OiJ 74 511/relephone; 557-86F22 



s5P ■‘H 


•Msr.-YJfSm* . 

Concorde Mexico Cit>'- For rhe firsrrime ever you con take rhe new Pa ris-Mexico Concorde and 
arrive in Mexico Qry from Europe faster rhan by any orher aircraft in rhe world. Only Air France offers you 
Mexico by supersonic Concorde. There ore two flights a week every Wednesday and Sunday, leaving 
Paris' Roissy-Charles de Gaulle or S pm and arriving in Mexico 

City ar 8.40 pm, via Washington, D.C. Our Poris-Mexico route _ . -r _ r“ — — — — 

rakes only 7 hours 40 minutes; as compared with the fasresr ^ ed ' XHV ^ - v ' th ^ qober 

subsonic flight, which rokes 1 3 hours 30 minures. You'll arrive in 6 pm _ Pons -io. 35 pm 

Mexico City relaxed, wirh rhe whole evening ahead of you. '' loco1 . r,l " ne ‘’ de Gau ' le Oc-cd rime- 

There ore convenient conneaing flights from London ond I j 

MQnchesrerroPoris.QndarrheorherendofyourflighrjhereQre g4 J M , s J m 

also interesting conneaions to Central America. Toke advantage (i 0C0 | u mQ , ex,L ° ir/ d 0 coi rime) 

of the most convenient Europe-Mexico flight ever, aboard 

Concorde. Its the newesr addition to our growing Concorde ihurs. Mon. 

network now regularly serving New York, es ^ ra® nm ®sa em am 

Washington. Caracas, Rio ond Dakar. . MIM 

The best of France to oil rhe world. 

6 pm 

». local rime) 

8.40 pm 
(local nme) 


Cl. de Godle 

Mexico Or/ 

•10. 33 pm 

(local rime.- - 

(local rime) 

Thurs. Mon. 



Multibanco Comermex 


caniurio No. 58. Madrid. Phone 441 0867 
'SSliSw? state Street Plaza, Nevr York. N.Y. 10004 

g!Sh rS fSSSo Badaro377, Conj. 1910 ll.Sao Paulo. S.P. 
Phone 36 7376 

153 New Bend Srreer, London Wl. F^ser.'orlcrc, 0 M99 ?511.7id»r Office ond Pos&enger Seles Deponrrent CI-^90 56H. UK Head Office end Adminiitroricn 01-565 44 : t. 
^ hesrer Rewn-’osions 06 1 -6C-2 7551. 

Financial -Times tirere'day TToVemB^ 2 397? 


The desperate search for 

WALK ANYWHERE in Mexico gauged from the fact that tor. If the .situation can be de- them. side. in the flow as Is probable. rir re* a researcher ar the Colegio de who fail t0 Set. jobs, in a. 

City and the enormity of the hundreds of thousands of scribed as bad in urban areas Officials do recognise that the The bracero movement acts veals a stepping up of measures Mexico, who has advised govern- year. accuses nrivatesector - 
country’s unemployment prob- Mexicans try illegally to cross —in Monterrey, for example, problem will never be solved as a safety valve but cannot to combat it by the U.S. ... merits ;on the problem. He has en0 ugh to create 

lem is immediately obvious, the frontier with the U.S. every the second industrial centre, 8 unless at the same time go on for ever and nor be While it ig fair to say that consistently charged that tne « nui u 

Ragged children leap from the year in search of work. Many per cent of the work force is measures are taken to stem the used to put off solutions in the Government lacks a coher- government is only looking at new 

J . „ “ w ~ vMuiuiqg- aaveruseiueuu) ay me u.b. uovernment a rasa- n« wcu m w was ui« cwc. — frighten thp private sector 

Paseo de la Reforma, the city* although no one really knows rural areas where a seething and the Government’s family ca ily to cut down on the num- the vast foreign exchange earn- the problem. "L ■ “ /nVL ivorv • 

six-laned main street, or play the exact number. ;mass of campesmos depend planning service is otrying to. bers that cross into the U.S. logs generated by the exports- His advice is that the areas which sees a rea nag every urae 

musical instruments against the But for the “ bracero ” move- upon the land. campaign in rural areas, hut would have dramatic conse- of Mexican crude oil will be and sectors of unemployment the worn nationalisation is men* 

nmcti n t hum flF traffir*- flnH mnnl . ..... . 1 . . ... j ■ ■ A . . . • - tldflKL 

■ n carrying their which Mexicans cross the 2.000 loathe to really admit that the earlier this year the Govern- likely that while the Carter ad- separate account will be opened vestment injected to relieve Dr. _Bustamente f s main worry 
rider around beg- mile long frontier, the problem problem existed and their lack merit set up its first — and long ministration may get tougher for the oil money, which; says them. At the same time he con- j S that the money from oil ex 7 

of unemployment would be far 0 f foresight only made the overdue — national employment with Mexican immigrants for the Government, will be * de- cedes that the investment ports will not be properly used, 

worse in Mexico. situation worse. The present commission, which will study u s 0 wn domestic reasons, the stined towards relieving unem- needed is immense. Calculating but will go to maintain the 

It is estimated that S00.000 Government can claim credit the problem , and report to the bracero movement will be Payment. But there are’ many the creation of each new job ar v status quo ” instead of creating 

new jobs need to be created for puhlicaily acknowledging president with suggestions. allowed to continue. Last year cynics who do not believe that between 40.000 and 80,000 pesos, agro-industries. All of which 

in the^ ina*s nf every year just in order to stop the problem, but it still has a The plight of the rural poor 300,000 more Mexicans were this will happen. this would give a maximum nuist bring the day Of reckon: 

One nf the severest critics of figure of 4bn pesos (?181m> just ihg nearerl “ 

, worse in Mexico. situation worse. The present commission, which will study its own domestic reasons, the stmea towards relieving unem- needed is immense. Calculating 

OP££Cn 11 is estimated that S00.000 Government can claim credit the problem, and report to the bracero movement will be ployment. But there are’ many the creation of each new job at 

r new jobs need to be created for puhlicailv acknowledging president with suggestions. allowed to continue. Last year cynics who do not believe that between 40.000 and 80,000 pesos. 

According in the mass nf every year just in order to stop the problem, but it still has a The plight of the rural poor 300.000 more Mexicans were this will happen. ' this would give a maximum 

slati.stics issued by the Govern- the unemployment level from long way to an before it can shows itself in the 1,000 people caught illegally crossing the One nf the severest critics of 'figure of 4bn pesos (?181m) just 

men in September at the time rising. At the most, when the credit itself with concrete poli- a day who officially arrive in frontier than in 1976 which the government on unemploy- to find work for the half a rail- 

of the President's annual state economy is going well with a cies; let alone implementing Mexico City from the countrv- either indicates a sharp increase ment is Dr. Jorge Bustamante, lion new entrants to the work 

nf the nation speech. IS.Sm growih rate of 6 per cent, as 

people arc “ economically happened during the period * 

active” — a mere 28 per cent 1871 - 75 . between 200.000 and - - „ •• -4 '€% • -# 

of the H6.9m population. What 300.000 new jobs can be created r I T ^ jL, ^ _ -J _ — ^ A T -L — 1 ^ A- 

the Government does nut reveal a year. But this still leaves half I /^V ~1 T O T "IT 1 f | 1 | ^ | \ / . T *1 1 O | ■ f-\ 

in the statistics is Imw many a ,„i||inn new entrants into the B I I I I I I I II I i 1 I J IT I I V W-' CA B | i 1 1 A # 

people are unemployed. Esti- WO rk force without jobs: not JL. V-/ V'f-JL -1. %/ -*-AA V4-k/ J - -A. 

mates vary, but it is generally counting those already unem- _ ' ^ ^ 

accepted that 47 per cent of the p ] uVe d. • * • j "n j •• i A i 

work force is either unemployed Economic growth has slumped 1 ■ "8 T O Til | | O I 

or " nde ^ r emp,0 - ve(1 - .in the last two years, which has I " /L | | I 8 B | I | I I I I I I | 8 1 ■ I I"’ ™ | | | | ✓"'i- | 

The Mexican workforce is raeant an even greater increase y \ A %/ A -A vB’AA B-/ -V/: VvAA vAwX •• 

small in relation to the size of j n unemployment. This year the A 

the population, because a very GDP increase is forecast at 6 per • • • 

high percentage are young cent, which should mean that 

people. Last year 34 per cent nioro people this year found THE TOURIST industry In Secondly, the people — with has been somewhat erratic in Mexico to vote in favour :pf the the industry this year and that 

of the 64.9m population were W ovk than last vear, but even is an industry which has the exception of the occasional the past few years in the num- UN resolution equating Zionism is the strikes which have 

under 12 years old: the result this is not certain. ' everything going for iL Firstly, taxi driver or grasping waiter her of visitors coming to the with racism. disorganised the air services 

of the 3.3 per cent population Everyone accepts that unem- theri ? is no more attractive — are friendly and welcoming, country. Last year’s figure of With U.S. visitors consistently which bring rather more than 


lustry tails to 
full potential 

growth rale and a low death plcvment is 
rate as the country improves problem and 

Last year 34 per cent nioro people this year found ■ Ltlt ‘ tuuku»i' industry in Secondly, the people — with has been somewhat erratic in Mexico to vote in favour :pf the the industry this year and that tourism but domestic tourism - 

64.9m population were W ovk than last year, but even Mex ^o is an industry which has the exception of the occasional the past few years in the num- UN resolution equating 'Zionism is the strikes which have The number of Mexicans, whs 

12 years old: the result this is not certain. ' everything going for iL Firstly, taxi driver or grasping waiter her of visitors coming to the with racism. disorganised the air services take holidays in • .their own, 

3.3 per cent population Everyone accents that unem- there is no more attractive — are friendly and welcoming, country. Last year’s figure of With U.S. visitors consistently which bring rather more than country is not only much laigei ■ 

,nd thirdly, the country has. 3.237.000 was virtually the same providing between 84 and -89 half the visitors to Mexico. than the number of foreign, 

nee the last war. built up a as that for 1973 ( 3,226.000 », per cent of Mexican - tourism Strikes by airline personnel visitors, nearly 14m against 24nij 

is the number one country than Mexico to visit in And thirdly, the country has. 3.237.000 was virtually the same providing between .84. .arid -89 half the visitors to Mexico, 
id there is no lack nf U ie Western hemisphere. Its since the last war. built up a as that for 1973 (3,226.000). per cent of Mexican - tourism strikes by airline personi 

its health services. This high rhetoric about the need to im- scenery, beaches and climate bi? and generally efficient infra- and rather less than that for business, bow the U.S._;.tuuri st have been exacerbated by the and it is also growing murfi .. 
percentage of young people p rnV p the situation, but little ari ? all that the tourist could structure of hotels and com- 1974. looks at Mexico is of epennous decision of Mexican traffic con- faster, having doubled .sitrcj. 

compounds the problem j s being done to alleviate it. desire, ils archaeological rc- munications to deal with mil- The lack nf expansion over importance to Ihe industry. trailers to work to rule, thus 1970... . . • • -i. 

because a young population The most hard bit sector is mains will even the lions of visitors. the last few years was due tn After the Mexican vote was virtually halting all night By 1982 it is expected that tbj 

puts intense pressures on ihe agriculture where about 40 per least archaenlogic3lly-ininded With many parts of the a number of factors, among the announced, the pro-Israel lob- landing and take-offs from the -number of domestic tourists wtk' 

labour market every year for cent of the work force are un- visitor. The colonial architec- country still untouched by most important of which were bics in the U.S., with .their country’s principal airport in have doubled again to 2Sm. Tfu 

new jobs. ' * employed. Twenty four per cent ture is a delight and there is tourism, there is still a great the world recession and £c habitual efficiency, mounted a the capital- As Sr. Ramon Government wishes* to fostei 

A clear idea nf the gravity are employed in industry and much of interest in modem potential for expansion. angry reaction of some Ameri- series of energetic protests, can- Alatorrc of the Tourism domestic tourism, not leasl 

of the problem can also be 34 per cent in the service sec- Mexico. Nevertheless, the industry can Jews to the decision of celling what scheduled-, tourist Ministry says, the effect on the because it wants to reduce tbe 

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activities they could in Mexico tourist trade in ihe last few relative amount of money^hat 

and persuading others to do the weeks have been very bad Mexican tourists spend abtoad 

same. The Mexican .'^Govern- indeed. compared with the amount tfutf "1 

ment had to expend a gQod deal foreign visitors bring in. ’ • ' 

of energy — including" visits 7o KACIllfc Last vear, the $S63m- thaj 

Tel Aviv— to smooth *ver the foreigners brought to Mrafiet 

x u * ' «. He certainly ftars that the was reduced to a $537m net by 

Tlie fuss about Zionism has troub]ed iniage of the airlines the spending o£ Mexican touristf 
died out now. And the President serv j ng Mexico will militate abroad. That way it may alsc 
who ordered the vote, Sr. -Luis a5ainst the industry fur some ensure that tourism retains. ifi 

considerable time after ^ ™ importance in the economy . 

Jirhifit, ^ stoppages arc eventually caUed where it provides about 10 or U 

verbally demonstrative Presi- per cent of the money earned bj . 

*Thou*S there w^T no°t- much . The promising results that the cxports of goods “ £ 

of an increase in the numbers achieving in the se ^ s e _ nf. domesti. 

comino-to Mexico he twee A 1973 first half of the year — when., A es P an5l ; n j Dt 
and last year the Mexicans can arrivals were up by more than l0l J rlsnl . c yupled with tin 
SSLi“ SiVlLs ^™h SM.OOO'on the figure o£ 1,512.000 

thought that the amount of nf the first six months of last - 

money spent rose" from ?724m - a re unlikely to be h T’n nv “ 

to $863iu, roughly in line with sustained during the rest of the' jiL S} e S“£? S' 1 ilt - 

the depreciation of the dollar yew. - ^ 

and therefore about constant in The sector of fastest growth in d cade ’ °” averae ‘ 

real terms. the next few years, however, is ahout 3 afj n pwqs a year^ .. 

Another accident has befallen not likely to he international 




SR - - 

. --w 


escape to the sun 

If yon dream of long sandy beaches, tropical vegetation, 
a limpid sea warm all ihe year round, then choose 
Mexico for your next holiday. Mexico's 6,0Q0*mlle 
coastline boasts hundreds of beaches i La Paz ou 
the Sea of CortdSj Cabo San Lucasi Guaymas, A 
Mazatlan (the pearl of the Pacific), Careyes, A 
Puerto Vallarfa, Manzanillo, Ixtapa-Znmatanejo, M 
world-famed Acapulco,., to name only a few. MM 
Oft the Caribbean coast are tbe delightful islands VR 
of Isla Mujeres, Cozumel, and Cancun - the latest W- 
to be opened up to tourists. But there’s more to ■ % 
Mexico than beaches and islands. There are the Im- ^ 
pressive precolumbian sites of Chichen Itza, tlxmal. 

Monte Alban, Teotihuacan.,. the old-world charm of colo- 
nial towns like Taxco and San Miguel de Aliende... the 
modem architecture and cosmopolitan sophistication of 
Mexico City, the capital. Throughout the country there 
are excellent hotels In ail categories whose restau- 
rants serve delicious local specialties as well as 
international cuisine. This year, change course - 
bead for Mexico ! Mexico is now less expensive. 

Numerous daily flights link Europe with Mexico. . 


* 4 

Ask your Travel Agent. 






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vt‘ ;> HOW SHOULD N a< good demo* 

' crat,” who believes that the 
‘-“.j. object of gOTeniinehjishould be 
to enable individual.' -citizens to. 
satisfy as. many as“possible^ of 
their wants^ react to opinion, 
polls which ifibwrtfiat a majority 
of voters on iwtJr sides, of the 
Atlantic favour' pay and price 
controls ? le;, should take no 
notice whatever: nor should he 
be surprised - that the public is 
In error. It Very often is. 

In a free’ democratic society 
'*<'!. policy should be designed to 
; enable.pcople .to satisfy as many 

as possible of the -wants and the" 
" desires' they .actually exhibit 

' .! V in tiicir 7 iridividuaJ-; behaviour. 

Of course,' no one .can have' 
•' ■'!'■ everything that he. or she l&es. 
The purpose both of the nwrftet 
i. and of the political system is to 
11 give thevnter and the consumer 
the information 'on the cost df 
alternatives to enable them; to 
make their' own choices. The 
advantage of using the market 
where possible, 4 is that this 
enables .different individuals to 
exercise different preferences 
rather than to impose some- 
majority or. average taste. - 
The wants that deserve 
respect are persona] ones,- relat- 
ing to the rights uf people to 
make what they can of their 
own lives, with-thg,. but 
without the dictation, o£ their 

■ fellow men. But there is nothing 
■' in liberal democracy which sug- 

' pests that the means 1 — as distinct 
from the aims — of policy, should 
• be decided by public opinion. 
Incomes policies ‘a re regarded 
by their supporters as a" means 
to prosperity without runaway 
inflation; and they are regarded 
. . by the pay-control lobby as- so 

■ - overwhelmingly, important for 
_ . this purpose as to justify the 

coercion -involved- How much 

prosperity justifies how much 
coercion? Is the freedom to 
exchange one’s -labour, with 
.others on mutually agreed 
tends a basic one? .These 
are controversial - moral ques- 
tions. But the underlying view, 
that pay -controls will help to 
achieve prosperity without the 
- injustices of Inflation is in the 
widest sense a technical one. Tt 
is .mo- more-., sensible to decide 
between the' rival merits of 
monetary and pay controls by 
public, opinion ’ polls than it 
would .be-.. to. decide between 
-Newton's and Einstein’s theories 
‘of ‘iravftatioii. in-this way.- 

Dubious science 

. '“ But Isn't economics a highly 
dubious science, not to be 
mentioned in the same breath 
as i. physics? ".I- can hear a. critic 
remarking. “You have two 
bodies round. ' the 7 corner from 
each , other near Smith Square, 
.the' National--’ . Institute of 
Economic . and . ^Social Research 
and the Institute of Economic 
Affairs. Despite their similarity 
of name, the' two .-bodies differ 
not merely on particular 
theories or in - politics. Each 
.regards the other as so mis- 
guided in- method as not to 
count as economists at all.” 
'Those . observations ‘ are 
correct, but miss the point. The 
reason for the dubious state of 
economics is that truth is more 
hard to come by in the sphere 
of human interactions than it 
is in physics- But the extreme 
difficulty of the subject 
(Bertrand Russell thought of 
taking if up, but decided it was 
too t difficutt) makes it even less 
suitable" Tor resolution by public 
opinion, polls. 

. How can we: decide whether 

to persevere with pay policy 
or not, if we rule «<ut direct 
appeal to the people? Certainly 
not by straw polls nf economists. 
Apart from many other objec- 
tions, it would be almost impos- 
sible to agree on a definition 
°f an economist for ibis 
purpose. The answer was 
given more than 30 years 
ago by the Austro- American 
economist, Joseph Schumpeter, 
when he observed that 
democracy was a matter of 
choice, not between competing 
policies, but between competing 
teams of leaders. More recent 
research has shown that voting 
is rarely related to issues. 
Voters simplify the problem of 
choice by shifting attention 
from policies to consequences — 
beliefs about the latter are 
formed, as Butler and Stokes 
have shown, by " simple in- 
ferences from who is or was in 
power.” If there is an over- 
whelming majority for pay 
norms, why was Mr. Heath not 
backed in 1974 when the Con- 
servatives were the Incomes 
Policy party? Either the public 
does not vote on issues; or its 
support is glib and superficial, 
and abandoned when the going 
gets rough'. 

In the end economic policies 
have to be decided by political 
leaders and their advisers under 
the influence nf half-knowledge, 
experience, fashion, prejudice 
and under non-stop industrial 
and market pressures. The 
political market in which 
leaders are held to account is 
very imperfect. The good nr ill 
effects of their actions are often 
nor apparent by polling day; 
and under the British system 
there is an all or nothing vote 
on all aspects of performance. 
There is no possibility, as in 

the U.S.. of voting different 
ways in Presidential and Con- 
gressional elections. It is also 
loo easy for a temporary 
majority, or even a minority of 
zealots within a winning party, 
to impose their will on the rest 
of us. But though the system 
can and should be improved fit 
will never be perfect 1 . instant 
referenda on everything would 
only make matters a good deal 
worse than they are now. 

* ★ * 

WHY DOES the public go quite 
so wrong on pay policy? One 
reason is that if we are to keep 
inflation in single figures, pay 
increases will indeed have to 
be less than in recent years. For 
a time pay can be divorced from 
prices by an improving ex- 
change rate, fails in raw 

materials, prices and so on. But 

it is simply not possible for 
prices to rise by 7 per cent, 
productivity to rise by 3 per 
cent and pay by 15 per cent for 
years at a time. Somehow or 
other the three have to be 
brought into line. The fallacy 
— and it is a subtle one — is 
to jump from the fact, that when 
inflation is low so are average 
pay increases, to the conclusion 
that the way to get low inflation 
is to attack pay settlraents head 

The reverse causation from 
money supply to exchange rates, 
labour markets, and inflationary 
expectation and back to pay set- 
tlements is unknown territory 
to most voters. The logic of an 
interrelated system is hardly 
obvious to the man on the Clap- 
ham omnibus. Even the so- 
called experts find it confusing 

Another and deeper source of 
misunderstanding is that 
whereas mosi people dislike a 

rising average price level, the 
function of the price mechanism 
is a closed book to the great 
public. There is majority sup- 
port for private enterprise, but 
□o understanding of free mar- 
kets as an indispensable 
mechanism for allocating re- 
sources under any ownership 
system, public or private. It 
would be a fair guess that most 
people confronted with the 
word '' prices ” think of the 
“cost of living." which, so it 
seems to them, always goes up 
and adds to the problems of 
life. Changes in relafire prices 
or wages, which are necessary 
to guide production and con- 
sumption, thereby become con- 
fused with the upward move- 
ment of the general average of 
prices and wages associated 
with currency debasement. 
Hence the misguided support 
for price controls, uniform wage 
norms and all the other non- 

“ Public opinion " has indeed 
a habit of getting things pre- 
cisely the wrong way round. For 
instance, the aspect of the 
current Conservative platform 
that is most popular is the 
promise of tax cuts and the 
least popular is The absence of 
commitment to pay control. 

It is in fact the popular tax- 
cutting part of the Conservative 
platform that is most open to 
criticism. There is not the 
slightest evidence that the taxes 
on the broad middle mass of 
votes, paying 33 per cent basic 
rate, have a disincentive effect. 
The big disincentive arises from 
the S3 per cent marginal rates 
at the top and orer 100 per cent* 
rates at the bottom fthe poverty- 
trap) — -yet these are not the 
ranges where tax cuts are 
popular. The only argument for 

across the hoard cuts would be 
if people had dearly come to 
mutually compatible conclusions 
about the elements of public 
spending or subsidy they 
thought could be better provided 
out of their own pockets. There 
is no sign of any such judgment 
It is more probable that voters 
want to hold down other people's 
pay. while getting something for 
nothing for themselves through 
tax cuts. But humanity in the 
mass is rarely admirable. 

Perhaps the saddest fallacy 
of all is that of those liberal- 
minded people who ought to 
know better, and who support 
pay controls because they 
believe that unions are too 
powerful i. a view shared by 
over SO per cent in a recent 
sample poll* and who recog- 
nise the monopoly aspects of 
collective bargaining. Have 
these people not read uf all the 
measures to strengthen the 
closed shop, and extend union 
influence to ever-new fields, 
enacted by Governments as its 
part of the “Social Contract"? 
Do they not know that the only 
bargain now on offer is in- 
creased statutory control over 
prices and profits in return for 
the vaguest of assurances about 
voluntary restraint on wages ? 

Open debate 

And has Mr. Heath not 
noticed these facts? The extra- 
ordinary thing is that despite 
his uncompromising stand, he 
has not made a single new sug- 
gestion about how a pay policy 
could be made to work in the 
long haul, desoite his own 
debacle in 1973-74 and Mr. 
Callaghan’s today. In the Lom- 
bard column of October 23. I 

emphasised that Mr. Heath had 
the right to say his piece with- 
out watering it down in the 
interests of a spurious party 
unity. But is an open debate 
what Mr. Heath really wants? 
Or is he merely interested in 
giving people orders from the 
back seat if not the front? He 
recently said on Weekend 
World “I was able to reassure 
people that I was certainly not 
going to stand for a free-for-all." 
The words 14 1 was certainly not 
going to stand ” are hardly 
those of free discussion. 

But one’s greatest disrespect 
is reserved for some middle-of- 
the-road and fair-weather 
monetarist Conservative MPs. A 
number of these have been run- 
ning for cover at the first sign 
of displeasure from the ex- 
leader. crying party unity and 
seeking for the wettest and 
most compromising parts of the 
party scriptures. In other 
words the more Mr. Heath — 
or anyone else — Threatens to 
rock the boat the more they 
will give in to him. A perfect 
bullies, charter: not even good 
practical politics. 

These events show hnw much 
harm is done by treating the 
pay policy debate as an aspect 
of the internal struggles of the 
Conservative party. At the 
time of the Vietnam War the 
media did a great disservice by 
treating opposition to that cruel 
and misguided enterprise as a 
prerogative of the Left "nf the 
Labour Party. They are now 
performing a similar disservice 
by treating opposition to pay 
controls as a prerogative of the 
Conservative Right. 

It may be that among those 
who are politicians and nothins 


Is an open debate on incomes 
policy what Mr. Heath really 

else, such opposition is to be 
found at the extremes. But 
among those who have studied 
the economic issues, belief in a 
monetary and market oriented 
approach can be found among 
plenty of social democrats, 
liberals and floating voters. In- 
deed there is already a great 
deal of crossing of party lines. 
Mr. Healey in his Mansion 
House speech put far more 
emphasis on monetary control 
and far less on pay policy than 
Mr. Heath. But being actually 
in office, the Chancellor can see 
the — quite predictable — disinte- 
gration of pay policy. 

Unfortunately. instead of 
promoting an open debate in 
the Labour Party and the 
country. Mr. Healey prefers to 
put a smokescreen a round what 
he is doing and identifying 
those who advocated earlier on 
the policies he is himself being 
forced to carry out with the 
exponents of torture in Latin 
America. Instead o? suppressing 
the pay debate in the Conserva- 
tive Party, we need an open 
debate in the Labour and 
Liberal parties and elsewhere. 

Samuel Brittan 

Letters to the Editor 

Trade union 

;.. tbe managements on whnm their bank's 
members are so dependent 
; F. K. C. Pike. 

' 50, The Shires, Luton. Beds. 

From Mr. -M. Brady . 

• Sir.— I refer . - to- . Professor 

Johnson's .letter (October 301. 
calling for tiie reform of. trade 
union law. I submit that the 
law 1 should not recognise “the 
freedom to join or not to. join a . 

union** irrespective "of the con- From the General Secretary, 
ditions of employment ; If free- Gonfederation of- Bank Staff • 
dom of contract- is to be taken ■ Association, 
seriously .tbep. employers, must Sir,— Mr. - Prior’s statement ; to 



form includes a dis- buses out of service. It is also of England intervention to rnain- 
claimer which we accept by open-ended in the way in which tain the rate, 
signing the form. This disclaimer it operates; provided the buses Nowhere in his letters does Mr. 
restricts its contractual obli- bought are licensed for stage Platt provide the slightest shred 
gations to mistakes caused by carriage service and conform to of argument to justify the posi- 
its own employees. It does away the grant specification there, is tion that a fixed-rate system plus 
with its obligations for errors no restriction on either the cost intervention is economically or 
caused bv its agents in other or number of new buses which otherwise preferable tn a system 
countries.' So now when we qualify for the grant at fifty of freely floating rates, where 

transfer money abroad, if a Por cent of cost. f te Iii5 a „ ^l***}, n fhL . 

mistake occurs somewhere along By contrast the things which at its equibhrium pnee 

the banking pipeline, which is bus operators formerly often did But as 1 welt. 1 fh Question of 
not directly attributable to our to help save money now receive Jhe n v 

bank, the problem of recovering no help at all. Good bus chassis JiJitthi cnnflinaHm of 

lost money is ours. were often stripped and recon- ° f 

Generously, our bank says that ditioned after about 10 years exenan.e contr is. 

have the right tp-offer any terms 4he.‘ : Institute of Personnel it would help us with any prnn- sen-ice and. fitted with new T. S Torrance 
they .wont -to- r^ir,, c erap]q3^ -ftfan agent ent ( October 271. that a lems. but that if the receiving bodies for another 10, Fleets .V. Wnt^rm Street. 

including a requirement that alt Conservative Government will bank loses the monev hv error were often converted with new Aberdeen. 

employees join a (particular) se t up a “ national forum ” to be or fraud, it is our responsibility engines or transmissions to 
u blon. '. . ’used in .the preparation and to obtain- redress from the improve their economy or per- 

Professor Johnson ..further presentation of economic policy, receiving bank This latter romance. A* today an operator 

argues that the. legal privileges ,- B to ;b e welcomed. I am of the course of action is obviouslv would have to pay for such exer- 


U.K. official reserves (October). 

Capital issues and redemptions 

Summit meeting in Baghdad of 
all Arab stares, except Egypt, to 
discuss ways of countering the 
Camp David peace agreement. 

Mr. Francis Pym. Shadow 
Foreign Secretary, to address 
1922 Committee on Rhodesia. 

Herr Helmut Schmidt. West 
German Chancellor, in talks with 
M. Valery Giscard d’Estaing. 
French President, on the proposed 
Eupropean Monetary Svsfem. 

“ Paris Club" members begin 
fwn-day discussions to consider 
Peru's application for debt re- 

Deadline for settlement of 
Argentine’s Beagle Cbannel 
di«oute with Chile. 

Survey of life in rural areas by 

Today’s Events 

Association nf District Councils. 

Queen holds investiture. Buck- 
ingham Palace. 

London Chamber of Commerce 
economic affairs committee meets, 
89. Cannon St reel, EC2. 2.30 nm. 

Sir Peter Vanned.-. Lord Mayor 
of London, presides at Court of 
Common Council. Guildhall. 

Thanksgiving service for 2nd 
Viscount Rothermere, former 
chairman and president of Asso- 
ciated Newspaper Group. SL 
Ma rearer's. Westminster, noon. 
flnnse of Commons: Queen's 
sperrh dehate — Health. 

House of Lords: Queen's speech 


Final dividends: Stnihert and 

Pul. United Ci:y Merchants. 
Interim dividends: Davies and 
Newman Holdings. Electra in- 
vestment Trust. Electro Compon- 
ents. Andrew R. Findlay Group. 
Guardian Investment Trust. 
Mallinson - Denny. Nineteen 
Twenty-Eight Investment. Save 
and Prosper Linked investment. 
United Kingdom Property. 
Interim figures: Hoover. 

Cantors, It54. Queens Road. 
Sheffield. 12. Govetr European 
Tru-ft. Winchester House, 11.30. 
Gi-imshawe. Queens Hotel. Leeds, 
12. MF1 Furniture. Wembi-fy Con- 
ference Centre. 12. Parke: - Knoll. 
Town Hall. High Wycombe 1230. 
Si/e well European Investment. 20, 
Birchin Lane. E.C.. 12.30. Strong 
and Fisher. Hargrave. 2.30. 
Thomas Walker, Midland Hotel, 
Birmingham. 12. 

-of the trade unions, should be .opinion that the Government has impractical for man v companies rises himself they are rarely 

abolished. Quitfe apart : from the a responsibility to divulge eco- if it means going through undertaken; rehodyinp pro- 

::.fact that the legal immunities nf ^ fc information Jo trade foreign courts. sramme? would increase the 

TOipns." .employers .-and other Obviously, one van understand demand for bus bodies. 

fact advocate that many action- 
able torts 
An example 
which grants each individual a 

is inimical to fuel 
Typically, payments 

Earnings and 

Msssra^iisi h-s^rs * • 

SJ& - «“»« ‘1* *>'*•?■»• It!. «?»!».' “L™ 

Sir.— Mr. Manley over-simplified 
his letter nf 
earnings rule 

clearing banks either are. or P° rt undertaking. Fuel costs are r or retirement pensioners 
^r.K+ -in wm.itetimi natiu.uu • .luivin, possibly ^j] s b or ti 7 bp adopting a somew here in the other 2S-30 per The 5,ono pensioners wnn at 
re P Sr^the? fa neonle^s opinions^ the. National Economic similar policy. I was aJso^ssured c * nt and fuel saving comes very P r ^ se:,t have th ®^ pensions 

Development Office, is used in that At- would be impossible to ,ow * Q management priorities, reduced because of the amount 
ninnteu freSom other European countries with Sfure potential tees as no Alm0Jt ‘"variably the new buses that they earn, account for only 

ropl* . fNtdom -mMum! effect. It >HouM S a nce tompMy” Suld t«Uj use more fuel thee, the « t*U mwl pmponlon-jh™ 

ao il’ ^' n r^.r (W , »*- WnnH h ave-a. wide measure of support. * 0 . hk involved On aDnroarhing 0,d o n< -’ ? replace. Fuel — m af^r allowing for 

a vvMbim* student blit .it'must go beyond the old another hank we were told that duty remission is also adminis- the -124m cost nf abolishing the 

SmSSu l.k MS It dne^o ' „ *IC. CM ‘ end KSn?’! , elumsy-fuel I, . deli- cemfne. : rut- In odd,, on there 

Itiytnan and many examples of Government system. disclaimer on their currency rmwss.on « ' p * hnl 

v.-bat the lawyer calls ** coercion l ' ' Looking at_ the trade union transfer forms. While our own ls then chimed. bait passed r. nrement a„e mu 

MUnKl^J economy. tv P ,ca„, payments .... . .. 
suvemmental u,e. small eu.iomer 1 was to no* account for over 70 the eal 

’I;. 1 * ** i'SJSJ?? The system of introducing a S, L„TI .X, ™ » Sort underfufcllic. Fuel costs are '°L retirement pensit 

The system 
national.- forum,* 

v.-aar me lawyer cans cmwion iwruis. wiusc our own , L , 1 , hpcau<» thpv itp qtill working 

(1. not involve the us*<v threat movement, I feel that the bank stiil insists that insuranre A much better way of support- ^ cai ' e tne > s "'' " l,rs . ? 

■ of phjp-sicaL force. AlthwiBh ir Government should not just is no t possible, its tompelitnrs the bus industry would be JL it 

' i« certainly.- .true that Govern- .consult the TUC: there are other state that it should be. t« pay operators □ grant based . Mrirl . rf 

^ memts have abirietime's been ro greups'.whp represent managerial The purpose of this letter is on service mileage aclually run. ,ne > " ou,a ue enr,l,cn 

* luclant to enforce the Jaw professional and; staff skilled not to illustrate variations in - Al1 5la se carriage services are 10 ao ^°- 
.-^pgainst intimidatory vinience'. on employees and these _ unions hanking opinions, hut to draw to licensed so the total liability John t.rnves 

-’" V>nd riff.tbc picket line, it should should have, a democratic right the attention of importers, finan- for subsidy could be assessed in Al«w«der Flenttno Howe. 

..e.f.ll)c recognised . that- such activity to be-consrultcd. One such group r jsks which mav not have advance. It could be paid on Elephant find coxue. .sti. 

‘remains illegal. - is the Managerial Professional existed previously, and which certificates signed by garage 

i Indeed 1 submit .that, whatever^ and Staff. Liaison Group which may aff ect them in the future, foremen that the mileage had 
-power trade unions may possess - represents -nearly a half million and to deplore these '‘advances” been run. A subsidy in this 

fixing '. wage. _ differentials union members. • in banking services. For our- f orin would give the most help 

//depends — for the must part— ^n The present and past Labour selves, we cannot sec whv a to rural services which most 

.?”.'i.-'|people's" firmly held belief in the'and '-Conservative Governments smal ] additional security pre- need >*• ^ would be related 

S virtues of union \ representation -.have only consirlted with the m ium could not be charged Erectly to the service provided; 

. « and worker solidarity' It stem W .TUG and CBK yet ii would appear with, if necessary, a limit on a . bus "'hich was unfit for ser- , r I 
- >4 be noted that th^ srnoolh work- that they have still not got the the amount recoverable. If the vice wnu ' ,d 3 el n °thing. The ' 

A ing of the labour market U economic policy right. I am not Export Credits Guarantee De- R uestion f F what types of bus to Sir. — The 

• rendered much. more difficult by. advociting the exclusion of these partjnent can operate success- bll - v - when to replace them and Transport s 

-••.{* the social . security system and t ; -b 'groups, but the inclusion of fully -for exporters, surelv 3 n whether to invest in develup- memorandum 

others to widen the voice of import Credits Guarantee n,eDts 10 improve the operating shows four things, 

experience and build a position Department would work. economy of existing buses would Either Transport Secretary 

of co-operation and economic . one cannot help wunderiug if nnCe 3 S 3 > n . he unbiased manage- William Rodgers was deceiving 

The roads 

Department of 
leaked Peeler 
(October 31) 

high rates of income tax. 
M Brady. 

Department of Economics. 
I'nirersity. College. 


The future of 

Wimate in this country that concerted agreeraenT ’or ?his mBnl de c , sions. 
enables incentive, increases nur kind is not, or should not. be a Gavin Martin, 
output and thereby improves breach of the laws governing Martin Transmission 

cartels. . 1 “ 

-J. A. Baxter. 

S57. North Circular Road. NW2. 

our whole way of life. 
■AViKred Aspic all. 

25. John Street, WCI . 


1. Old Revtnry Garden, 
Alccster, Warwicks. 

Disclaimer by 
a bank 

Grants for bus 

4K'rr»m Mr. F. ."Pike 
\ Sir,— Well, I have read' your . 

. Editorial Not ■ much' t ime for 
" i..;. - Xeyiand " " f.October 24) .and I 

Via ve. read the letter from Mr. K. f rvm fh» Managing Director, 
r f October SOWn ™ Scientific Glass 

^bre-assured. tint the JMnaJgaraa- Engineering t V.K. ) 

Jed UHion of '.Engineenng ... . ou.—nu m ujc pmm -.»i view 

t- '-iwdrleers “4s' determined to c&m- . S)T,-—We would like to ar of pub j ic interest the bus grant 

which-it the attention of any of >our B , bad wav af siving 

T nvlanrl potmurc. whn aro involved in im- . . b “ . .. 



Frfrm Mr. fi. Martin 

us io his pledge* against 40-ton 
juggernauts, or else bis depart- 
ment is out of bis control, and 
in either case he must go. 

As the highest DT levels stale 
that public inquiries are. and 
should be. a public relations 
fraud designed to suppress dis- 
cussion into the matters osten- 
sibly under review, it is clear 
that all inquiries under DT aus- 
pices must be stopped forthwith. 

In stating that the proposed 
inquiry must not be allowed to 


From Mr. T. Torrance 

Sir, — I’m sorry lo have to con- actually consider the point at 
tradict someone outright but Mr issue (here. 40-lon juggernauts) 
Sir, — From the point of view W. P- Piatt (October 27) is simply for fear of driay in impIemenT- 

_ wrong to sav that “a non-resident poa ^ lobby proposals. Mr. 

holding sterling represents a Peeler was echoing Mr. Rodgers’ 

ment support to public contingent liability on the UK owm P°l ic y At the third Arch- 
way Inquiry, the inspector pro- 

or (I 

posed to examine the case for 
the Archway motorway in detail. 

spaign'for. the policies which 'it . .. . 

jfyellev&tbTbe right for Leyland. reaaers, who are involved «n im __ tu puuut u» tu 

‘ lar^and-tfae British economy porting, to an apparent develop- lransporL So is the remission of foreign currency reserves.' 
f Jjfr^pntiriue to be advised- meDt by the Rearing banks. fue i duty. Both should be There is no legal moral 

f iaiJusti^T disputes and irtter- Like many ofter craipanie scrapped and replaced by a would argue) economic reason — 

.pM^]Ktlon.-»meaTO ^must areone. which sports goods for , raDt hased on service mileage for the Bank of England to buy ? nd - Mr “ ^°^ ers abandoned the 

■ the cart beforp the ^le both m the UJL mam acfua ij y run> , hc sterling a non-resident offers .giving as a main reason 

A hp other countries. _ 5 The objection to the grant is for sale, -in the absence of any likely delay ui getting the 

BireffAinifiSpons need to fie our suppliers, we normaijy send ^ it encourages operators to such reason, it is just not the mtnrv, ay *>ui!t. Thus, any pro- 

nswefetj before e £? fnrn . to our -local bank an internally buy new buses w j t b out regard case that there is a liability of posal t0 Mr. Peeler must 

ub.^CTn;i)e expected to TOriP prepared s fonn, together win t0 fte use tbey subsequently the sort Mr. Platt imagines. In- not neglect his superiors ail the 

‘““V'Y * ,11U requirement, mis is taree times w e couldn’t pav for our imoorts nccuBQ - 1 WPU!e ass » wpy can 

/age. parities and AtSere J oaw address and account number of tbe corresponding figure of Importers cou’Jd nay for their support an organisation which is 
n ag „^Tl Vhe flnre ^ suppliers bank, toccthor fi f leen years ag0 when buses purcha5es wjth do i Jars obtained s ? ^credibly stupid as to state 

land Caw.bemg given rJ j® , ^ will! numbers of the relevant wcre ungubsidised. How many bv seTlint* sierlinq over the ex- 8,1 the detail.s in writing. 

- Gill indent* 5 - taxpaying readers realise that of changes at the prevailing market Hence, whichever side of the 

r iSSSk SSS'?J?hSniemnited "' A {ew days ago 1 w ns asked ihe buses they help to buy one price; and unless the Bank of road lobby argument we are on, 

v iT aJini if we would l,se ,h t hanks own io a,wa y* out of sei-vico ? England chose to intervene vs a »t is clear that it is not the 

easy enough lo assign lrans f er f orra for future iraos- Of the constituents which buyer of sterling, there would, patriotic person who leaked the 

sppfiipb fitly w.hen actions. On examination, it make up the daily cost of and could he. no drain on the memorandum whn should be vie* 

com prehen' keeping a bus in the fleet the official reserves. timisert. but rather D.T. which 

and I grant halves the imparl of the I think it important to realise must he got rid of. and its 

the that talk of non-residents and highest levels, permanent and 
000 other sellers of sterling having a political, which must have no 
the claim on the UK reserves, only more part in public life. 

It therefore makes sense on the presupposi- G. J. A Stern 

. ../jgivspTOPJWly wueii 1 jiJI-pnt actions, un exuraiu; 
■ - bM.t.itjs.;qujte' a different ared to be less co 

Uie hapRv en- *vp* own , 

i.-)f ran industrv, “tte 


Within an easy bowshot of Eros is otir branch at No. 2 Regent Street, 
one of several Standard Chartered branches in the West End. 

Like all the 1500 branches and offices in our Group, Regent Srreet deals 
direct with whichever overseas branch is most appropriate for each of your 
transactions. This system saves you time, andit also saves money fervour business. 
Ask Keith Skinner about it today, on 01-623 7500; it could be worth your while. 

c . . , . - ‘‘r* QQ+ transfer any money abroad interest charge, _ 

senousH- that; they are a me iu ^ sigoed its form. takes away much of the penalty twn that there exists a fixeck 6, Eton Court. 

spend uf their funds on 
promoting ‘better relations with 

The reason is simple. The which ought to attach having rate regime plus automatic Bank Skepherd& Hill NG. 

tandard Chartered A 

Bank Limited W 

helps you throughout the world 

Head Office 10 Clements Lane, London EC4.N 7.AB 

aVscii K;cei?d JLC/-QQ million. 

financial toes Thfcreday Nbvemfer 2 X97S | j 





tat. L5 

Date Corre- 
of sponding 
payment- dir. 

Pritchard advances— expanding in U.S. 

Headl&m Sims 

REPORTING first-half 1978/79 

pMiiij, alumina an advance from 

£0.97m tn £l.l7m. Pritchard IN 

Scrrices Group aLso an nouncos 

further expansion into North Company 

.America with the purchase or two Acrow 
building maintenance subsidiaries . . - ■ — — 

from International Telephone and Allied Iri sh Banks 
Telegraph Corporation nf the U.S. Bids and Deals 


fell 3p to 95p. The “A” shares Macdonald Martin A mu 3 
yield a prospective 4 per cent Macdonald Martin B 1,5 

while the p/e is S. 

Pritchard Services 

Page Col. 

The purchase consideration of „ ■ rr ,r~~~ 

llie subsidiaries— ITT Service Border & Southern _ 

Industries Corporation and Allied Cartiers Superfoods 31 6 

Building Services of Ontario-HS Empress Services 31 1 

in cash and will be equal to the — — 

aggregate net tangible assets at EPIC 30 S 

October 31. 1!»7S. plus 2238.263. Equity income Trust 31 5 

A sum of £3JSI2J!47 has already ■=—: rp =“ 

been paid as a deposit and it is l ~° acns — — - 41 — J - 

not anticipated that the total Forward Technology 31 7 

cn ns id era l ion will differ iS 1 

materially from that sum. HcadlamSrm 30 7 

On the results ilr. P. R. Ingall Inds. 31 3 

Pritchard, chairman, anticipates 
l hat the group will have another 
satiNfactory year. Certain sub- 
sidiaries have planned tor sub- 
stantia! growth in the second hall subject to audits by independent 
and present indications are that public accountants. However, it 
targets are being achieved. has been indicated that' audited 

The combined annual turnover accounts of ABSO t<) be prepared 
,»r tin* enlarged American and "ill show net tangible assets of 
Canadian interests is expected lo some £214.439. 
he 01 er £)3m. The directors Turnover of Pritchard in the 

Company _j 

Kwik Fit 

London Entertainments 

London Trust 

Ma cdonald Martin Dist. 

McNeill Group 


North Atlantic Sec*. 
Pritchard Services 
Richardsons Westgarth 

Shiloh Spinners 

Sturla Hldgs. __ 

Whittington Engrg. 

Page Col. 

Record at 








.. — 






— ■ 
















































0.65 . 












’ 4-53 







£19m at 



DESPITE A fall from £12JVkB to rate notes were £1523m (£lfiJ3c 
£12.1 6m in parent, bank operating and other hahiiities. £37.81 

surplus, pre-tax profits of Allied (334J.7in>. . 

r. C J? . K _ ■ ciniKm - OurohnlHfnf fnniU nwe fre 

for the half-year to September £124.48m at March 
30, 1078,. compared with X16.69zn at tire half year. 

last time which was strut*. 

a special provision of £05m ® COfTIfTlGnt 

Shiloh Spinners int 0.75 Dec. 13 0.75 ; L64 

Dividends shown pence per share net except where otherwise stated 

against advances- • ■ . Credit - demand in Ireland h 

After a tax charge of £&4Sm exceptionally high this ye 
(15.91m) and minorities of £80,000 ao a pre-tax profit increase to 

for serin issue. tOn capital (£29,000), attributable profits for AUied Irish Banks of 14 per ce 
Equivalent after alio win „ ffw P th . noHrul rase from £10.75 m to 9.nnenrs xlisrhtlv disappointli 

BS S-ifff Crowley, the chairman. t SSR 

Richardsons Westgarth 
£3.75m compensation 

Richardsons Westgarth, the and merchanting 

he o\ er £)3m. Tl 
believe that followiiu 

directors Turnover of Pritchard in the 
the change fin* half of 1073/79 improved 

of ownership and having regard from £23.fi7m to £24.S7m. After UK 
m substantial costs incurred in tax of £361,000 (£365.000) and 

near £6m 
at halfway 

the build up of JTTSI (written olf overseas £198,000 (£140,000) and TURNOVER maintained at 

prior to December 31, 19n) an minorities of £47.000 ( 32,000). the “ 73 - 5Sm * Profit* before tax of 
acceptable return un the invest- balance available for ordinary Acrow engineering group rose 

acceptable return un the invest- balance 
nu-n is will be possible in lhe holders 
Alum term. aeainst 

balance available 
holders emerges 
against £435,000. 

The interim 
increased ' from 

for ordinary Acrow engineering group rose 
£584nnn from £o.29m to £5.9Sm In the half 
dl ' year ended September 30, 197S. 

05793 p 

V.-mnrts for tHp h-ilf war at rvtJH, WHICH vesiea m Dnusu 

Longer term 7"E£ d £SS? 5 SUSDCOded SBffiS « ijffi- 5 

fi.wwnp net and an additional .“ d ”* d SS? tiE British Shipbuilders, and com pen- 

linportance Q.Qtitop is also declared in .. record > ear - McNe ai Group the concrete and sation “ has been fixed at nJMm, 

In the longer term the directors respect of 19n. The total for ' , structural *miSneer yesterday a total of -EL75m. This 

hclipic that the acquisitions will 1977 was 1.49p paid from profits However this year s results will “"“P™. p, ]f»in- io be compares with the book value of 
represent an increasingly import- of £2.18m. be affected by the decision to d ;T r *2,- suick Exchance Investment of £2Blro, giving 

ant port nf the world-wide . close the Cotes manufacturing on toe Stock Ext :hanae a us q£ £MM00 ^ 

business in Hie buildinc malnten- O Comment operation in Duisberg, Germany. ^ clarification ot tne coranensation amounts will 

XJUUUUU 0.01375p alsoannounced In respect of IBTT^JTo reduc^dlsparity. 23F \* eXT ■ 

"■71 J. j • has been buoyant since the begin- satisfy borrowing needs, has be 

'. - nihg of 1878 and is likely to con- heavily disconntibg WUx This-b 

UUiWl LCl-fflXe \Xfnc4-rTOl4ll tinue. But a constraining factor ^ margins, but with thecount,,.- 

A second-half upsurge from K 10l)91^Cl5*kOT)S W - on the bank meeting such de- how facmg a 10. per cent limit 

£58,303 to £105551 lifted taxable -I-wJ. V'A***-!. UJVUiJ O mands over the next five months _new advances, the money is / 

profits of London Entertainments n/i tm ^ ^ A, Z ^ . ■- wfIL be the recently introduced i eas t out on Joan earnmg go 

for the year to August 3L 1978, 4* 4 /S|T| PflTTlTI^TlSHriOll : ' central bank credit guidelines. profits. This should help countt , 

from £108,570 to a peak £146302. / «/IU . A factor, however, which at all ac t any second half diffi cult . . . 

The directors reported a down- Richardsons Westgarth, the and merchanting companies .times limits the ha^’s ability to brought about by the Goto 
turn at the interim stage from engineeri ng group, is to receive a achieved improved returns. The lend. Is Its . ? J ? uJ,1 j5L l r ?^ ™ enr - 

£50J67 to £40^51 but with fine total of jSifrom Die Govern- figures for the half year include per cent, which associated banks buoy^the « jw cent llqttii - 

weather and the usual arrival of me nt for nationalisation of its good results from Gardiner, ate required to maintain. A re- rat 10 .w -S3* 

visitors, they anticipated an major marine engineering sub- Barugh and Jones, steal stock- duction In the ratio would enable growth but the abtincbTOretor 

improvement during the summer GjjCh* JgSS. ta HulL ^ ® ^Jhe^b^ ff-X 

After tax of £57,182 against together with the group's interim The group warns that results for. purposeS ’ ^ S^hSiBed^scmmting laSS ' 

sff’j'Sr-s; $2*3 s ts i or ssfjsrjgn gr rtSL’f'pSS 9 - «»a srs jxs : .'. 

'zx&j air^gS ar 5 ^ ^ ^ „ su s? u ^ gs ad 4r ^ ^ sss wi? 
n,en, “ ESS A X, -"S-ffS • S p&SbifMh'S » 

_ ' The com can v said last night and these are likely to “ adversely issue) and as 18.4p (19.7p) folly mates are ciurently around m 

A/T^XT^:iI that mfflmnt had been affect the results for the. second diluted. Given thebanks conservative di 

VICFNeill rS^^witF^he Department of half of the year." To reduce disparity.- the dend policy investors i - 

i. 7 1 fSSS 'over The iSESSSkm /■ J6Tfe ^terim dividend TlSed from ggto^tgege merest 

terms. Under the- agreement .sew mao lJ8!25p to Wp net, costing £2^7m ■ 

IlSllTl^ £l.Slm owed by George Clark and Turnover — 'atatMiM (£081m). and the directors say &P. the 

UJUU 8 NEM, which vested in British ^ ^ expect^ions for the Jive p£ (laddRK fj***™* 

1 1 Shipbuilders on July 1. 1977. to I*? : : remainder of the year are ^ „ 

misn^nried Richardsons will bo repaid by SSETZZZZ. ^ 1? realised they eicpect to recom- imder 5 and a yield of SA p.v, 

^ British Shipbuilders, and com pen- Attributable lass tm *4 o mend a final of not less than cent -.II-' 




McNeill Group, the concrete and »ation “has been SMd at £L»to^ 

■» r nr ;|. c hct in- tn be compares with the book value of m (Ximincii l wuu- been arranged by tne Industi 

««!»« !5 S1aSaSyS«^JS ?, ® BhMw W**_**v* *«*■ 

•ProfiL toaafge?; 

• ' . Jt 


•■■.3B- -B'lStoi^eofflrM- tore^st mcrease. At 213p^ . 

'i&sas \ 19 avs (£081m). and the directors say &P. the shares are on a pros^ 

— 313 -ra if. present expectations for the tive p/e (taking a Ime thron- 

- ia ijg remainder of the year are the j first hal£ taxjihargel of ji 

“ ; a 2? realised they expect to recom- under 5 and a yield of 5.4 

tm *w mend a final of not less than cent 'U-- 

l tetorsto/ A5p-Iast year pagmewts totaDed BACKS WOLF 

• .'•> 7Jp °n record £34.46m taxable a secured, loan of £160,000 1: ... 

IT* - proms- been arranged by the Industi 

ant port nf the world-wide . 

business in (lie building mainten- 0 Comment 
;mce and other .service industry The expected move into the U.S. 

a f Audi ted h ;iccou nt-f^rTTS P and overshadonjd ^me ^reasonable 

AB.SO as at October 31, 1978 will fi'^t half figures from Pmchard 

be prepared and the purchase Services. Profits before tax are a next nine months. 

price adjusted accordingly. A loan fifth better but sales show only a The net Interim dividend 

« S^rFsrS SS^aa \~SWm 

? a nex, m,, momhs. j . -M c om p^^ of gr IgJJ- •STtSBU^SS wSSSw - *. JS?T £S£ « 

Zl sz3?j±jsu*jrzi IIZ^tJHgZtmESi S 

tjl rctiuiremems. 

of S50m will increase the m 2SL&T be paid through the issue of more ^ er6 

The first repayment of £103.013 group's total North .American sales 
: .s due in November 1979 and to around 870m. The big problem 
thereafter re-pay mentN of £54,007 II0VV ^ squeezing profits from • Comment 
fall due at six months intervals 

to £3.11m against R. C. McBride,' through Binning- ¥^72“ U ‘ B “ UB “* “ U1C labour problems in shiprepairing 
ham and Midland Counties Trust, fin the trading front the group % * wr mamrf acturmg . domta- 
ar ,+ hold 19^5 per cent or the group. sa y s - ^e resulis-vvhicb ^how ated performance. The 

3flt Mr. Ferguson Lacey became chair- p% G tsof 3 73.000 transformed 

not look as if it will u> a n of th< ? group last month, imo i osses of £313,000— have been Jff? uSJf^ASSS 

Headlam Sims rise at 
midway: sees peak 

Iho Ha b t 0 ^iw^^nI el A^ RECORD RESULTS for the year half year with a matching. rethi . 
the fiat trading conditio ns. And _ 107a f nn >n<t rinn in th» nmfit iiwei.. in 

After excluding net assets and 
results of ITTSTu activities trans- 

funds but the group expects this edged up. first half sales are complete renew and reorganise- fna subsidiary and at R. ... _ _ 

to return to a ratio of about 1:1 static. Howe\er, profits are 13 per rion of the group, including the Transmissions, the gear manofac- “fljJ fEJr tatawTSit flrmation of a total dividend of reeds of the successful rig® 
next year. On the trading front cent higher— the most likely cx- sale or closure of loss-making sub- luring subsidiary. . . MifferedVbh l-7p on increased capital com- issue in expanding the scope; 

customer confidence^ Mean 

fpriv’/i tn itt nrinp'tn Prit/*h-irrf'c nesl >' cnr - ' Jn Ine tr3a,n i? » runt mgner— tne most tiKety cx- sate or -cumin* UI iwvuiiuiiig ^uu- luring Minsmiaiy. suffered a bit from rh« Inwssinp i-‘P on increased capital com- issue in expanding thescope;' 

r«r this time overseas interests led the planation being that the stronger sidianes hr order to curtail trading Prolonged stoppages at both wnrfcine rnnital nw*r^nf pared to 1.22flfip previously. the business. ... ... 

ms\ fm i9^ shmv t ' J "*Y 1 V ,th » 37 per cent profits in- pound has given better margins losses. L companies from strike action have SStions ^ft?SmSny The diridend tolal was forecast By the end of October 191 

, r ri / • ?' I I» !,f Crease, including a modest first in such markets as Western Once a satisfactory review had been a major cause of loss. The but the effects oF this should be at 1116 t* 10 ® of the June n fi hrs sales- improved to the extent. tii> 

time contribution from the opera- Europe at a time when the home been completed. Birmingham and group say “these disastrous n ffu>t to snmo extent hv the issue and the Treasury has now were in front of the figure* f 

home been completed. Birmingham and group 

y . « .»-« j | <• -■ muc vwiilliifuuuii iiuiu uig u^G>a- uuiufic ai a i»uic much hic iiumc ucru uuuj|iiticii, ua4i!MJ«i*am «»»i« ft* vu|/ aa/ these disastrous offset to some extent by the issue 311(1 the TreaSur y 1133 now were in front of the figures £ 

for t h- i vo- of fij-m tionsl side of the Saudi contract market has been stagnant But Midlands Counties Trust would actions, coming at a time when, nationalisation eash Although it indicated its consent. the Comparable period last S6f 

ior mat >«r oi u.wm. The prencj, operation had a par- the big question that bangs over consider Injecting £500,000 of new market conditions for both these « i ess than the £4m-nfii« inched Sales for the first half year-rose j t « expected that the tumov 

Management accounts for the ticuiarly good first half. The 14 the second half is the extent of equity into the company, 

eight months to August 31, 19i» p er cent rise in UK profits was the- provisions to be made as a 

indicate that losses have been d ue to an all round improvment result of the Coles closure in __ . _ 

.substantially reduced and infor- and a tiumround from loss in Germany. This is an unknown STAG COMPLETES 

market condruons for both these & Jess than the .Mm-plus looked Sales for the first half year- rose Tt ^ expected that the turnov 
companies have been poor have f or by the group the completion from 42 08111 10 £2-52m and profits f or the full year will afen exce. 
inevitably affected customers’ can- of the negotiations looks timely before tax were higher at last year’s, but profits are c\ 
fideoce and hence order intake/* The shares at 00p are likely to £189^35 against 6. After peeled to be somewhat lower. * 

The remaining subsidiaries had be influenced by worries about t3X 01 (X81^I6) eamtags However, it Is belffired. th: 


been yield almost seven per cent. 

to I26p. while the non-voting “A” expected to be. completed shortly. 

Larger dividend in 
prospect at EPIC 

■«*« directors say the final tax that will accrue will take son 
charge for the current year will lime to show through to tl 
be reduced by reason of available accounts. : 

capital allowances exceeding the 
relevant depreciation provisions. 


fllrflSTlr 1 ! *F si B ll relevant depreciation provisions. 

Jr A MIL AVX IV Furthermore it is expected that 

With the prospect of a further shares in subsidiaries or under- ad J? i 9 on ^l. , sWck , appreciation 
increase in Its rental income lying group properties at the re,ief be , available to the- 

a rising largely from rent reviews, amounts ut which they are stated Sroup\ n _ "• 

Mr. L. N. Knight, chairman of in the accounts ‘ For 1977-78, profits were a peak 

Estates Property Investment Com- £319,862 before tax of £61/163. 

pauy, says there is tbe prospect 
or a larger dividend distribution 
in lhe nirrent year. 

As already known the available 
surplus for (he year to April 30. 
1978. came out more than doubled 
at £534.000 (£327.000) and the divi- 
dend was stepped up to 2.359p 

Thorn offshoot 
to buy in 

Border and 

Southern Trust 

For 1977-78. profits were a peak J ■ • 

£319,862 before tax of £61.363. fjpJlontTIPPC 

The subsidiary R. Coggins and UCUClllUiCd - - 
Sons (industrial and sports foot- Thom Electrical Industrlr- 
wear makers) earned the major subsidiary Clarkson fntematkn; 
part of the profits in the first .Tools is to ask holders to accefl 
half, the Board states. Although cancellation of the outstanding 
they do not expect to achieve as £606^00 of the 7 per cent debej 

Famine ui„ r “9? a sales , fi SUTc in the second ture stock 1982-87. and £461^ 

Earnings per lup shore of half year, sales and profits for the of the 1987-92 stock. * 

net per share compared with lp Bonler amI Southern Stockholders year should be a record. 

Holders are to be offered 

previously. Gross rents received Trust rose from an adjusted L64p Simlam (sports footwear distri- for every £100 nominal of 

during the year rose from £2m to to lJ53p in the year ended butor) sales were marginally 1982-87 stock and £S7.for 


£2.43 ra and pre-tax income was Sentcmber 10 i*V7l 

ahead from £715.000 to £1.14m. u . 

Earnings per share are 3oSp r r Jm^n nan?" ^ »\ ed ■f h f ead 

(1 55 p) from £3.QSni to £3,34 m before 

Th» expenses and interest of £443,087 

y.I? pradu™ " SuS’of ?o e !fJ?iS‘ 3 !, ) and “ of 

CO very well up to the directors' 1 J . 

best expectations: he anticipates The dividend is raised from 
further improvement in the cur- l-5p to 1.7p, with a final of l.]5p 
rent year and sees a continuation * lcL 

the corresponding £100 nominal of the 1987-92 

Recovery leaves Sturla 
with £5,000 profit 

oF the upward trend into the 
1979-80 year. 

.Ur. Knight states that a fully 
pro-let development at Sitting- 
bourne involving some 60,000 sq 
ft of space is almost complete 
and rent from this source will be 
forthcoming before the end of lhe 

FOR THE six months to July 31, solving the remaining problem 


asset value was 87.3p there was a £5.000 profit at The recovery trend will contini 

London Trust 

Starts Holdings compared with a and be reflected in future res ul! 
£53,000 loss Iast_tune and a £91,000. he says. 

loss for oil 1977-7S. Sturla has 'negotiated the* 

Turnover _for the period was new lines of bonk borrowings ar 
fl.ISm (E0.75ra) and the trading all these are for periods well • 
profit was £19,000 (£59,000 loss); excess of the group's lend Lug, 

lift tit tVir» rnnciirnPr Rn>inr*inrT nrnRt Tti* lni<nl 

Some people expect a lot from their 
curpets. Hard-wearing. Comfort. 
Style. But as a rule you don’t jjet 
much call for carpets that will add a 
nice touch to the bottom of the sea. 

But that’s what is happening n 
right now around the coastline f 
of Zeeland in The Netherlands. * 
There, in the shallow waters i 
where many of the estuaries are. ' 
being- closed off to protect the 
coastline, one of the world’s largest : 
nylon carpets has been put down to 
stop the sea bed from shifting while 

* ¥+ > 

;* * + fi 

It K l* 
< t?, is 

V wr**?-- 

i Trfci-v 

4 irk 

* 1 

aU t 

some of the world's most advanced water 
engineering takes place on top of it. 
The know-how for this carpet magic 
comes from DSM — one of Europe's 
great chemicals and plastics groups. 

DSM produces the raw material 
^ that makes Nylon 6 one of the 
V most versatile of products in the 
yam and fibre industries. Apart 
b# from helping to cover the floor of 
i'.jj. the sea it covers a lot of miles as 
If an. important part of the world’s 
* »■ ^ car lyres. 

DSM certainly gets around! 

w *' r*n; m traordmary profit For «U last prudent increases in gearing. 

uhitfh Mill be predict. X1 -— *iid ?o i— 49(n profits vpnr there u-fic an roci non gn-., ■ •. . 

1^3™**]* business on an “enSSra fi in ? Z 


gKK.-srtsf'aw.r, “ - *-’Uva 

(£ and secured The interim dividend is A sain there is no interim divi- same time has concentrate - 

OV Tw. rarr j ? r £,J - 4m ( sat "^)- effectively raised from 1.5p io 2n dend and preference dividends, efforts on the redeployment i 

nam- l ud . Uo '? co " , ‘ ?o reduce disparity. The directors which arc in arrears from July, funds tied up in non-produclh t 

pan5 . i et npt ® stima ti; d t . hL ’ m,cnd l° recommend a total of 1970. wifi be reviewed in iiabt of assets. 

or .i , x f n cl, araen me qains not less than 4.65p which would the final results Tor the year. The It has sold its main office i : ‘ ; 

lhpcvemnr S° 1 «- par<? wl,h ^ «l»lvalcnt of last ordinary dividends were paid the north west at a smallSupLu ’* L; i v 

Ihc CTcm oi realisation of the 4.12ap. in 1973-74 when attributable profit over book value and area need a : -i ’ 

totalled £201.000. Since then “af tractive" lease on the ne< ^ ^ 

RESULTS AND ACCOUNTS IN BRIEF sumer finance group have totalled whteh^ir. ^Knlcht^sa^wm^b ‘ ■ J . ; 

albert fisher croup — R oxnim] iQWs.oMi. Mcctliu;. Camhridco. “75 ,r . more In keeping with the group . 

!?«' JF W "«•? be Aucusr 3i. No*omt»r it. norm. A1 the halfway stage net cur- new style and business. 

I ng ?! fc y ry du £ poysE property company of rent assets were £l.I6m aeainst It is develop ins new consume 
Tw MimSnS c at .? e end * nd and business S financing plan 

Y^Shrr'SJrri mld ' ,n,rreM imdm^ 5*44^Ej* ttere ~ l ° l00 ° higher as we]) as other specialise 

■ »pjS h hdloings 1 ,n,?n ! <, w«'«cn or is ’ji rii2.KB> arid at ,5? 2 £ 01 ?' . . . . hoanclal services. Where appre 

inSTwi£!i!!!^mii" SrTiMr T^ibth * vrmtn* cm jar Mr. R. J. Kniqbt. the chairman, priate the directors wIU comide 

^ t 1 “!J *2? H lh e resu'w have been acqu.sitioas, 
hjs.s. atUusir.ti nn-Mas pr«ci CiKin. mmtiut mSin tavS^r Um' n£zt aniw S?, at ?5 f ^ “••jwnw fl ? r *“*>- „ Aotfo Scottish Investmen 
<>miip Ox, ii x4st.-i-c f7.T3ni i> r . nE s' ^Tamial COSTS in the cOOUDulns Trust owns (1.43 ner cent AF share 

mirrni afaws fUSni ifl.4Tjni. 
haul: and shori-ienn rtinerais I 
• fn.^lJiii. bank or»nirafU IQ turn iio 
Mo*.-LPJ. Binninabam. Ndvembor 
Vi .an pm. 

*"«•' wustdiary pwchascd four jhnp-T'in ™nu«i coj.> in the concimjlns Trust owns u.43 per cent of share -x.ii 
Wimbicdnn Viiiacc on wiiirti it ,s nt reorsamsation program me. Good and Memelth Investment Tru‘ i 

-T,r?. tssssu^^n^ n ■ T pmB "” 15 be,na ***■■ in rf - 536 **■«**■ ; : o r 

■■11 t..' ; 

*■ m ! : ■ V 

-- W ? 

— M. Itn, alrcmiv tnaivn. snjn:holl, ; rs 



for rear i» Mav :a. >9T*>. already known, tor fear 10 March — • ICT. Tai 

liivruuni-nis Pw.snni * foT.vinJ •. currx-nf EB fO_ ,\n inv| 

as«t s £&».f. 79 and ll.ihlKil'-t REOIFUSStOH TELEVISION •mrir.hnr 

ri.2Jm ‘Ilium'. Vlfllac. wrim-hirstor of BET uroupi— Hcwlls lor ifar Io July 
Won.'”. TT. London Wall. Sl pipm&or 21. 2*1. 137V. aln-ady known. Oroun llxcif 
ot L!.4 j pm. atwi* uniifim ii7JCmi, cnrr.-ni ussi-ti 

LONDON AND STRATHCLYDE TRUST W3.«Wn iMI.Utnl, cnm-nl lialuHil^i 
— Ki-snlifi for year iu August 31. 1BT». f!6 -lm (£IT.3-Wn». WorltinB carural 
jlreartr known. lnn.-Mnk.-nrs ULMm CS2C.WW dncri-oiii- lil ltm iultl-usi'I iHvi- 
i£Jfl.340i>. Her curTL-nt osm.-is £0 4jtn Inn. Sirminn Uousc. W. Novcmtiur 21 
iCT.Wii. I'DA'iliKd apprrcialian on ar 10.30 am. 

inrcbimem*; S3 'Km i£2.21m;. Mi-ctlns. Pnr«*» In ronnet unl<-v« orhenm.v- standi 
2 . Sl Mary A*. . E.C.. Noi-rm!KT 13, at CENTRAL NORSEMAN COLD COR- 

• rz 

PORATION-Sncdnd Interim dividend I 



EL ORO MINING AND EXPLORATION Australian renls maklnc iplrrlm tolal SI 
I —In axures on rjewh-’r 3. UK rear ending June W. payable January n 

ux &Korv was pivcn ns 144, sc3, uuy should For Drtvtore year mmoanv puld ibmc 

haw read I7.MI7T (Jii'W”ntls talairinc SI IS. 

H-r-iults for jejr lo March 31. W7a. uronpi — Turnover 10T7 cn.Ttl.70i 
airi-atly known, liwcsmu nt in ASaortalcd fX34.KN7.73Si. Pre-fa* profit fT,2ff?.lW3 
emupaaj- XI S3m fXi.Orn wi current (C.4S7J73i. Tar credit (Smi.siS rr1>-bli 
q-iwrs E0.092 'liabilities n®.1.71». Year. CM iHm. Dividends absorb RR.4IM 
. nil bink ouwdraft C9,032 f£ltfl.«1T. Tbe iC.AHMSOi. 
mmpani lonones arc now nlnui>.i enur-'lr English and inter 

If you have £5,000 or more to invest for a fixed 
period of 3 months or longer, telephone our 
Treasury Department on 01-623 4111 or 
01-623 6744 for up-to-the-minute competitive 
interest rates, interest is paid without 
deduction of tax at source. 

"5* R„. 




■Jip-ndfnr on li< 35.91 wr cvDt hnUmi: TRUST— P«ir lhe sty mini tit to Oninbr.-r 5, 
111 IH'Lend riii»»el and Tn. r.ruaillun/l 1977. vn»-.« lununr foti-nn iCjM.-JIM). 

i Prowwos hok!i 3fi tk r cent or A •.torft Ri*v->>nn- b»-('irv >ax ci.’ii.inn «rjl4.4iui] 
land 52.7 mr ent o( \1 vmk. Moennc. atlrt taspf>n--i“. aurt ini'-rrit mi.tufi] 

1 victoria House, WC. Nov.-inlwr 21. no<m. 

Tur XI3IJIW 'ttiU.MM,. 

UolVz chemicals and plastics 

To find out how jnuch more we do, write lo lhe Information Department, DSM PG Ecx £5, Heerlen, The Netherlands. 

SIDNEY C, DARKS icr.un mrreham a.-n-i v.iluo imt 25p find nary Miare t;in 
and srifd sivi'ialivi— KvMilte for yrer m <llu.<J>9 ar April 2. nr?>. imerhn M)3n 
May 3\. W-. Ti-p«nv4 ticlobi r will uhhipi Thu inava*** In nrt ritvi-niK- r«ir 
brurp.-c I'niup fill'd ij'wii n J4m first MkioKI iwi hi. 1 mkm an 50 
• £1.31311 *. n.'t cnrnjil ar*-p: C.'llhi IndlcaHnn ut ihg raw uT Increa-V for 
k, fI.b:4R'. Yrar-ind b.iuk- uu-rdnUls .vv^r a» a wbulv, tlirecinr. ">*». 


fNorth Centra? 

§ r eat 


'^SST. Ijmrted 

•• ' Bankers . 

Treasury Dqpu 31 Lombard St, L«R0off£C3y .99D. 1 Telex; SS4935, 







W* w,.,, r 

^S*%. "‘V* 


sr?™«y '*- 


arc .. , ?'y 


-alii.' .. ".-.ts. ■y*. . 

§ hctrro v ..i^ i r 
tfiari-iTN.. i •«,',•.■ 

1:»ZZ*- w -ir -..>K 

■ r^r'- - :.i r i 1 :' 1 'v 

- (7UJ r . . ’-^5 J?l 


:;V .; • ; -V • ,“>:• , ^ -_• ' r; , ; . . 

-v 2 1978 

tons £ 0 . 5 m 

Recovery a 


3$ ‘■n 

— . .. “— ■ a *''•(->•. * 

-. POtftv .....•■*»■* 
V r* ■■'■.’ ** ! 5 rs ; 

awt ir.--.:," 1 a^c 

ill* <b-:rfV' ' 

p/e t j ,-.>:; E r 
fra! ;; a :f .V ?. -. 

T >S 4*51 i ,T\ 'j-^* 

£L?**? «■, 

an-ani^ - if. J \flS? 
CoRnac-cfi. v -r“ fe 

lor ; "rj .-. l." "|V 1 -Eil 

p. it c. . ,u - ^ 

itase ; , : 

Bill ;;<■,• J\ UT '^ 

rife £.j'r,-,.r. r 
r oj- 
C3? i»rrj : 

SBJl.V -1. 

FOLLOWING . THE .-aftifidence lie latter one is tj* be used. as a 
expressed .*t ihq AG^fls- Juu* baseforexpahdintr 4he network 
Kw&-Fit ■ (Tyres . ' rad-: • Rtfraasts) -of- Kwik-Fit depots . into the West 
Hoidipg$ reports ari -increase from .eouzitiy. . .- . 

£M 3 J )16 to £ 540 , 428 v ih.^ro.up pre- - . ,; Hilt-war 

tax -profits . for ifi^Trix, months t • ••;••• V ' • ■ V" ' '. v. wp--- " wjr . 

A USUSt C-- Li fr Oni» tWMV« J.ii... inWIC S.J62.94S 

• the tyre andvexhaust. retail, , h»w. i iiii 2.665 ,gw 

depots, the •• groups. _ principal-' van Row ....... — ; s.HTWffi 2 , is , 739 

activities, pushed- .thfiir profits up' ^MctoJttaw^operata. ' S^ws 
by 76 . per rapt .to, £4SWWq hut-^ 6 *^ ; JSS ^“ 6 

due to diffi cu l t. * jradlng conditions . . van rooj '_ . - ... ; .._ ui.ns 
the, Dutch shhSuUaXF- Van. Rooy llobUns Co. enwoaes fiure 
Dorsman- experienced a setback. • .Dbcomimied opera tiu : — ■ 
Daring.- th&zcoraparable ■ period; 

enhanSfi^S^SceSS 15 " SS' ‘ ' od£sSSstion for 'these pro* 

pertSes- amounts 16 £350,000 to be 
figures rgSnIKpg ; ^rom tbg Autp- ^ H^^ by- ah issue of 680,000 
vak trade exhibition m A™^er- V h ^ r e s Edinbtffeh 

dam w hich : i^ScheduI^ to -take •F Smmr A and Geaerai Beddings has 
?f a ^ 7 Q^ ;ia; th ® ^ ^ySS -stores- wiSIStitu- 

of -m S5 

sales «*■ WlWH TimW g At twwn) COIHUtlUlMU WJ..U*. 

at record,g£g“ 


creased froin ;22 to %-Jndnding 

202 J31 
11.2 08 

are: co 
levels and Mr. Tom 

a very 

Turnover, in- the ■ -half -year 
moved ahead'. from . £3 ^ • SgES 

S^Uch^lnablesV to 

0.822p triid frolh f profits of ,y*T 

£805,000. . .• .. , comment ' 

■ 1910 group announces, that con-.-" . - 

tracts - have been exchanged .this - The 50 per cent drop in the profit 
week for -the VP.nrchasa of a. furj : contribudpn -Tfrom -Kwlk-Fit’s 
ther " seven . freehold ' -.premises. Dntdi sub si d iar y, Van Rooy 
currently being operated as ex- Dorsman, tbok the edge off a fine 
haust and brake-fitting depols. : Six performance from the - expanding 
are located in the North. •: of UK tyre and exhaust fitting opera- 
Fngland and ode in Somerset; dons. The Dutch activities were' 

hit by the sluggish overall 
economic growth in that country, 
plus they suffered from compari* 
«>n with a period in which 
business was boosted as a 
«suic of the Aulovak trade 
exhibition held every two years 
in Amsterdam. The UK coniri- 
Jumped by 76 per cent to 
£486,000 thanks to higher volume 
and a shift fn the mix of business 
in favour of the more profitable 
exhaust system ?r ?rj $h nrlf 
absorber operations. Nine new 
sites are being developed and 
several wDl be on stream in time 
to add to second-half figures. Also 
the company is this week buying' 
a further seven freehold proper- 
ties— including one Jn Somerset, 
which will spearhead Kwik-Fit’s 
expansion into the West Country. 
Provided the Dutch operation 
does not deteriorate, the full-year 
profit figure looks certain to break 
the £lm barrier. With the shares 

selling at 40Jp the prospective 
yield is 3 per cent and the p/e 
(taking a jine through' the first 
half tax charge) is 10.2, 


Fodens announces that the 
holders of 3,000,593 10 per cent 
convertible redeemable cumula- 
tive preference shares (represent- 
ing 94 per cent of those originally 
Issued) have exercised their con- 
version rights. As a result, such 
shares have now been converted 
into 12,002.372 “A" ordinary 

shares of 25p. and dealings are 
expected to start on November 6. 

Empress Services cuts payment 


• r. ¥ 

FOLLOWING A^faB -from 130^59 :The shares' of Empress were 
to. £5,075 in midway profits, suspended on Hay 24, 1978. 
Empress Services (Holdings), con- 
tract cleaner, ended the 53 weeks 
to March 31. -1978; with a pre-tax 
surplus of £30,494, compared with 
a £89,276 deficit- for die previous 
52 weeks. . * . ^ * 

Turnover for .the period.. ... j_ 

amounted tO .JE4.6flin -against' . ni^R^r COSlS 
£3.S4m. There was a tax charge * TT . . 

Eng. hit by 

i rise at 

£349364 (£261,787). Tax took 

£312,776 (£318,509) leaving a net 
revenue of £564.890 compared with 

The directors say that the gross 
and net revenue figures are not 
comparable due to a ■ U.S.?23m 
loan raised in August, 1977. 

The surplus retained was £28.868 
(£30,972) after dividends, which 
absorbed £536,022 (£471,420). 

Net asset value is given as 135p 
(123jp) per share and 129ip 
(1191p) assuming full conversion 
of loan stock. 

J C'tr v... 
in the ) 

td i'.i'.i 
CTTJ-.r;, . 
; ; 


K3iV. . 




ns st-jj. ■<.• 
;«a &»«■'. 
ht-f-ui- -. 

wtnt r. 

¥h-- r*. , 
,. - 




il-i . 


of £31451 (£19459 credit) and an ; Adv«fisely affedted by increased 
extraordinary debit this time of cosls^mahte profits at Whittiiig- 
£153,096. ^M^nng Company , J«re 

“ e D ad !f t fStSiarS^WS. Turnover wa» 

g "G- % SK a S Confidence 

» Enable to recover so fir. due 
keener competition for. orders 
hb< ” £or “ fuEy 

hoWers ^^te current accounting period 
Is iri 7 respect of the 15 months to 
The issue- of spares -together urnkw-ig^ p 0 > 1977- nre-tax 
with those^issued on- con verting T 1 ™ 

2&5?»Bw-:SSr , i5S- 

at Ingall 

PROFITS OF Shiloh Spinners have 
recovered to pre-recession levels 
in the half year to October 7, 
1978, and the directors are expect- 
ing the year's profits to show a 
satisfactory increase on last 
year's £168.000 pre-tax. 

Half-year pre-tax profits rose 
from £244265 to £143,117 and arc 
close to the £159,653 achieved in 
the first half of 1974. However, 
the directors say the recovery 
does not reflect a general im- 
provement in the spinning sector 
which remains depressed. 

The increase came mainly from 
higher earnings of subsidiaries 
engaged in manufacturing and 
merchaoting of disposables and 
protective do thing. 

The interim dividend is being 
maintained at 0.75p per share and 
assuming that the year will show 
the expected increase, the 
directors intend to raise the final 
by the maximum permitted. Last 
year’s final was 0386p. 

Turnover for the half year 
amounted to £3.77m against 
£3 36m. Mr. £. T. Gartsidc. the 
chairman, says turnover in spin- 
ning was down 11 per cent but 
group turnover fell by only 2 per 
cent due to the increased, contri- 
bution of the subsidiaries. 

Tax charge is £74,420 (£12,618) 
leaving net profits at £68,697 com- 
pared with £11,647. 

Prospects in the spinning sector 
remain uncertain, the chairman 
says, and while there has been a 
marginal improvement in the 
situation, the hoped for recovery 
in trade forecast for the autumn 
has not materialised. The high 
level of yarn imports remains a 
problem, and the disruptive effect 
these imports have on price 
levels is even more serious. 

The new Multi-Fibre Arrange- 
ment and its associated agree- 
ments have proved to be u big 
disappointment so far as the 
spinning sector is concerned. 
Yam imports from these sources 
during tne first eight months of 
this year are running at some 
21 per cent above the promised 
levels, the chairman states. 

Despite these difficulties. Mr. 
Gartside expects a gradual 

improvement in the profit from 
spinning and, with the continued 
growth of the subsidiaries 

prospects for improved profits in 
the future are good. 


Foseco Minsep, the metal- 

lurgical, building and construc- 
tion services group, wifi ask 


Hie (Qllon-inj: cnmaanli.-s luvp naUfied 
dales oF Board mei-unus in the Stock 
Exetureo- Such DieeUnu-.: are D^uvUy 
hekl for Uic nnw* ot conslderiiu: 
dividend!, udlclul i Mi can 'ins are not 
available as la wlk-ilicr aindeuds arc 
interims or finals and the «,utMU visions 
shown bclmv are based mainly on last 
year's timetable. 


Interims— Georix M. Callender. Davies 
and Newman. Slcctra Investment Trust. 
Elcctrncomponcnis. Andrew R. Findlay, 
p. C. Henderson, Mallmum-Denny, Nine- 
teen Twenty Eight Investment Trust, Save 
and Prosper Linked Investment Trust, 
United Rluploni Propen-,-. 

Finals — Pharaoh Cane, Sdmpsnn. 
Perkin*, siotoert and Put. Sunpel Bahru 
Rubber Estate?. United Ctiy Her chan is. 



ABnatt Lundon Properties ......... Nnv. 9 

Cater Ryder Nov. 7 

Ferguson industrial Nor. 10 

Leech i Willi axn> '.Builders i Nov. 9 

Locker 'Thooast Nov. S3 

Portsmouth and Sunderland 

Newspapers - Nov. 7 

Somle — Dec. 4 


AlllL-d London Proper: iej Nov. 7 

Anfllo American Curp. Nov. 23 

Hraill Fund S.A Nov. ? 

Manffanesc Bronre Nov. 9 

Smiths Industries Nov. 14 

shareholders to approve a num- 
ber of changes to its articles of 
association at an extraordinary 
meeting on November 28. 

The present articles were 
adopted in 1964 and, according to 
the directors, the new articles 
are designed to reflect changes in 
the law plus alterations in prac- 
tice which have occurred since 

for Equity 
Income Tst. 

STRUCK AFTER tax of £237,509 
against £215,119. revenue of 
Equity Income Trust increased 
from X3S5.6S2 to £438.657 for the 
year ended August Si, 197S. 

Earnings are given as ll.Tp 
(I0.28p) per 50p share and a final 
dividend of 7.43p net lifts the 
total payment from S.oSp to 

Net asset value is shown at 
278.4p (221p) per share. 

FOLLOWING ITS July offer for 
sale. Cartiers Superfoods reports 
taxable nrofits ahead from 
£497,578 to £698.758 for the 32 
weeks to September 9, 1978. on 
higher sales of £16.34m against 

The directors say that although 
the inflation rate in food prices 
bas slowed appreciably in recent 
months, they confirm the prospec- 
tus forecast of full-year profits not 
less than fl-25nL In the 3977-7S 
year, the figure reached £828,000, 

In October, the company agreed 
to acquire from So cold (Hold- 
ingsi, four leasehold stores at 
Colchester. Grays, Newmarket 
and Norwich, as part or its 
strategy to expand north of the 

Because these new stores will be 
only open for a short period in 
the current year, during which 
certain re-fitting costs will be in- 
curred, the directors do not 
expect them to contribute to this 
year's profits. 

However, contributions are ex- 
pected to begin from the start of 
the next financial year. 

The progress of all other stores 

has been satisfactory so far this 
year, state the directors, who 
point out that the period up to 
Christmas includes the better 
trading months with above- 
average weekly sales. 

The net interim dividend is 
0,S04p per 20p share, and directors 
holding 7,979.628 shares (61.7 per 
cent of equity) have waived their 
entitlement to this payment— a 
net total of 2.412p for 1978-79 was 
forecast in this year’s prospectus. 

lax for the period takes £19.603 
(nil) and retained profits emerged 
at £639,354 against £497,578 last 

• comment 

Cartiers Superfoods must certainly 
be one of the fastest growing 
food retailers around, with 
profits for the first eight months 
showing a 40 per cent jump. The 
impressive feature of the results 
is the extent of the volume gains. 
In real terms sales growth is 
around a fifth higher after strip- 
ping out the additional outlets, 
compared with only a marginal 
improvement in national food 
consumption for the period. 
Cartiers attributes this to its 
unique product mix of mainly 
butchery products and frozen 
foods, with larger than usual pack 
offers. The increase in disposable 
incomes has brought red meat 
(particularly beef) back into the 
family bud eel and butchery sales 

now account for 17 per cent (15 
per cent) of the group total. 
Rise where, demand for frozen 
foods is much stronger (last year 
was flat because of the drought) 
while coffee sales have apparently 
recovered to previous high levels 
following the drop in prices. With 
Christmas sales providing 
additional volume for the second 
half. Cartiers should have no 
trouble in achieving its profit 
forecast of £1.23ui pre-tax. In- 
deed, £1.4m wight be a more 
realistic target for the year. At 
this level the shares, at 96p, 3‘ield 
a prospective 3J8 per cent while 
the fully taxed p/e is a hefty 

to expand 

Technology Industries believe that 
the group is in a sound position 
to achieve a steady growth over 
the next few years and an in- 
crease in the proportion of its 
sales in overseas markets. Mr. 
Gordon S. Allen, the chairman, 
says in his annual statement. 

He tells members that the direc- 
tors will report more fully on 
prospects for the current year at 
the time of the group's interim 
announcement next April.' 

As reported on October 17 pre- 
tax profits for the June 30, 1978, 
year were £l.37m against £1.43m 
for the previous 15 months. Turn- 
over was £23.S6m (£24/lm). and 
the dividend payment was stepped 
up from 2p to 6.906p net per 
share, A share split from 50p to 
25p units is proposed. 

Overall performance of the 
group was good, the chairman 
says, although adverse results 
from .Alfred Bader reduced profits 

by £200,000 compared with the 

previous period. 

A divisional analysis of turn- 
over and pre-tax profit shows: 
electronics and special purpose 
machinery £12.96m and £971.000; 
distribution £6m and £315.000: 
plastics £4.9ra and £171.000: add 
inter-company rents net of central 
overheads £41.000; less interest 

The acquisition of Radyne and 
KIN towards the end of the 
1977/78 year has strengthened 

the group's industrial and 
marketing base, Mr. Alien says. 
The activities of MPI have been 
terminated and- Kentucky Organ 
Company was sold during the 
year. The directors also sold the 
majority of thu funeral parlours 
held as investment properties. 

Since June 30 Parchraore 
Machinery has been acquired for 
£S5,000— the company t-peeialises 
in lamp machinery production. 

The group's balance sheet 
shows fixed assets at £6.73 m 
(£4.65m). net current assets at 
£L*.35m i'£3.J6m> and total assets 
at £1 0.39ra (£8Jlbm). Working 

capita! decreased by £2.4Sm for 
the year compared with a fi.Oim 
increase for 15 months. 

The AG.M of this close company 
will be at London Press Centre, 

”6, Shoe Lane, E.C. on November 
20 at noon. 

FROM TURNOVER of £4.89m 

against £3.92m pre-tax profit of 
Macdonald Martin Distilleries rose 
£117.000 to £624.000 in the Septem- 
ber 30, 1978 half year. 

Net profit was £300.000 
(£241.0001 after tax of £324,000 
(£264.0001. Tbc interim dividend 
rs maintained at 3p net per 50p 
“A" share and l.ap on the 25p 
** B " shares. The direclors intend 
recommending a maximum per- 
mitted final. Lust year, when 
profits were a record £lJ34m, a 
6.3p final was paid on the "A” 
shares and 3.15p on the “ B" 
sha res. 

Directors also intend in- 
creasing the company's borrow- 
ing powers to XlHm. At the last 
balance date the group had a 
£l.!<5m overdraft and a £7,000 


The Gondde Dnrrant and Murray 
Group offer for Rawlings Bros is 
unconditional and remains open. 
Acceptances have been received 
for 1.533,918 shares (90 j 2 per cent 
of shares under offer) GDM now 
owns 4.21G.157 shares (96.2 per 
cent of issued capital). 

-- , ™ - ^ net . profits: 'for ihe nine months 

.green would own' 69 per cent. of. n»mw r?n«oe 

the company’s Jezffar: 
the acquisition is- 

horn o ft'4 

I buv in 

■ — % 


-eapitol— dJ ? Pped 182.007 . to. £30^96. 

avHw-. **- ,-^jjeCt. to . t$e_ . J, . 

consent of shareholder, "y V -TVTflv" A^Inn^tn 
The chairman says fn-Ma annual ;i iNlJUL ■ f\lI(UlUt - 
statement that tie, had hoped to i ‘ J 

8bclQsi\wftJi tfre accdhnfe.a r 1 pc • 

.zpent setthjg.^ut^jfuH de^us^of / V ■ 1 - 

.the proposed' actImatiatis. , J."/' Pre-tax revenue /of - North 
However, In /view: pf ; the large Atlantic Securities' Corporation 
proportion of' future profits of rose from £820.901 to £877,666 for 
the company .which ' it is ^anticl-. the year-, to September 30^ •’1978. 
pated will be generated by-and -the-net dividend is increased. 
Exclusive ' and- Brengreen,' the from ; -2.7p to 8£7p ■ with -a final 
quotations eommittee of the Stock payment. a£.l.87p per 25p share. 
Exchange hits rifled that ihe docu- . .^Gross revenue eame; to £L28m 
ment should Include . .audited against - £I j3m and .-the pre-tax 
profit figures of there .two -com-: figure was struck after directors’ 
pahies for thd period lo'Dctober fees and management expenses, 
1978. This, . has.- necessarily £56*531 (£48.888) and gross deben- 
delayed the ^document ■ ture apd loan stock interest of 

Given a reasonable economic 
climate, trading operations at 
Ingall Industries are expected to 
be satisfactory and the future is 
viewed with confidence, says Mr. 
H„ Mars ton Riley, the chairman 
in his annual statement. 

In the year ended June 30, 1978. 
pre-tax profits advanced from 
£253.429 to £346.786. on turnover 
of £425m (£3- 63m) — as reported 
October 4. 

The 16.5 -per cent. Increase m 
operating profits to £221.984 by the 
group’s three engineering subsi- 
diaries in a difficult year, is 
regarded as a satisfactory result 
by the directors. 

Funeral furnishing activities 
were enlarged during the year 
with the acquisition of Thomp- 
sons (Funeral Furnishers). 
Profits rose from £159,851 to 
£258£48 and included a half- 
yearly contribution of £91,589 
from Thompsons. 




*>' i*4t» t- 

'h'-cs • 

« .*.v. 


es Sturt 


iM.- :• 


A* ' 

T-.-.; ....- 

i-n: ? ' 

in. - •• - 




1. I. -. - 


Forahi^ilevel of income, 
paid quarterly, invest 

Visit your local TSB 
and ask fora prospectus 
or write to 

TSB Gilt Fund Managers 

“: r.-r : _ ■■■ - 

tc 1 - - 

l, Five Oaks, 
StSaviom; Jersey 
Channel Islands. 

If s a great investment 


“It’s the bank for me” 


Yes! YouTL have to speak up for battery electrics. 
In fact, you may have to shout at the top of your 
voice: "Let's get rid of that noisy truck and get an electric!" 
• \ Shout loud down your cost accountant's ear too I 

rj; "Electric trucks cost more to buy but they're cheaper to 
; j run because an electric truck comes with most of its fuel 
... .j pre-paid for 5 years. It's an electrical energy package 
■; ! called a battery and Gharger^ 

Speak up for a rugged Chloride battery while you r re 
at it And get a Chloride engineer in the deal, to look after it. 
•- ] So if you want to lower the decibels on your job - 

speak up for electrics. 

- ] Chloride Industrial Batteries Limited, 
j { P. O. Box 5, Clifton Junction, 

Swinton, Manchester M27 2LR. 

Telephone: 061-7944611. Telex: 669087. 



<& Fisher 

(Clothing & Fashion Leather Manufacturers} 

Trading affected by cyclical in fluences 
Exports again a record at £10.5 million 

Results for year ended 31st May 1978 



Turnover: Leather 

UK- 7,087 

Export 10,514 

Other 11,7 55 






Total Turnover 29,356 27179 

Profit before Tax 657 ^1.859 

Earnings per ordinary share 7.0p l7op 

Assets per ordinary share 9Gp 94 p 

The Hon. E D. C. Davies reports on a challenging yean 
The effects of the cyclical nature of our trade can be contained 

but not avoided it is encouragi ng that recent trends appear 

likely to return the Group toa more acceptable profit level 
during the current year. Since our year end we have received 
large orders at regained levels of profit margin. 

Against this background theinaximum permitted 10°, o increase in 
dividend isrecommended. 

U is not anticipated that the improvement will be fully reflected in our first 
half results, but,ayear hence, we hope we shall besubmatting a more acceptable 

level of pro Eils. 

Strong & Fisher (Holdings) Limited 

Copies of the Report un d .Acca unis arc available from the Secretary, 100 Irchestcr Road, 
Hushden, Nortiiaj nptonbhire NN10 9XQ. 

financial Times Thursday Noymber '2 1078 

MINING NEWS Xsf :: ; ^ 

Panel allows Vantona 
exemption on forecast 

A bad day 

Gold shares 



The Take-Over Panel yesterday other factors btlt Vantona refers class, and 2^51,838 5 per ce&t won- BY KENNETH MARSTON, 

(^sh 16 consideration SS?S«3 NEWS OF the metres ; deejghed Treesuty pold ea^ ^ pre 

financial advisers in the context possibleldverseeffecte of uncer HoMera ^257931 t,™ to support the weak U.S. dollar to haveonly a temporary dampt 

» d where equity gSS * tbT Common wfbb orSS^sha dealt a heavy Wow to an already foffeffe*. 
consideration is involved. Vantona emp ] 0 yee g - which ^might be tree preference nooe-too-confident market n South As far i 

As far as South African gc 

Ms sassM® ssi & siFsS 

for J. Compton, Sons and Webb. ott , . . . , iWTr.^Tl T f f ecep ? gg in heavyweight issues, such as potence as a market factor v 

The Panel has regarded part of „ In . ma ^B exception for “We* pre^ ct^tT Gedold at £12*. .August this year, as. the accoi 

the interim state mem by Vantona Vanton *. the Panel warns other a<Wdsrti°n « not- berng . ^ droooed pa n >' in B graph shows. The sha 

last August as a orofit forecasL companies that, in the context of 1° the Monopolies and The gold Mmes market then came under ; t 


August as a profit forecast. ... - 
wanted this to be reviewed, “ids. 



almost M «wrs Commission, 
almost ^ condStions 

$?i£&£2£f£SF!l£. — "It also-had to contend with 

.12.3 to 131.1. level ance influence of. South, 

connection | the beginning of this year when ^ po uUcal fears. 

management from the operations Panel also takes the opportunity STivIfS hi J i-L 
of the business in these seasonally to point out that there is ho “ DCOndltiona L They 

very active final few weeks of the automatic right to “withdraw " a 
year. Vantona claimed that this forecast made before a bid 
would damage turnover, profits arises. And if it is withdrawn. 
an ^f U pl ( l n3 i er rela tionships. it would normally have to be 

...Ly* Jf^ rded su 5 h -5!® _ re P lfl ced by another vetted fore- 
culties as “ irrelevant in deciding C3s l 

mam open. 

purchase likely 
in Malaysia 

enforced, said the Panel vested cliei “f have a lorecast on the jt now appears likely that the 
day, “ had it not been for the re * or “ So “ at reporting pro- important Brooklands ' Estate 
intervention of the board of cedures can be set In team with belonging to Plantation Holdings 

been] per ounce as compared with yes- ^ important y 

re- 1 terday’s $227. buying as the emphasis the 

The setback in the bullion price turned from, shares to the attn 
yesterday of $15 to $227 needs to tions of the gold futures marke 
be seen in the context of its re- At the same time, the fall fart 
cently accelerated advance. This investment dollar pr&jdc 
week the price has come up from weakened the Ldndon prices- 
$234 to a peak $247 at one time; We thus have the. situaft 
it was standing at $227 a little where Sout hAfrlcan gold shaf 
over a week ago when the gold 0 {j er dividend .yields of. upwar 
mines index was 133.1, a far cry of 20 per cent to a non-premh 
from yesterday's level. investor and where, despite risr 

It may well' be that the bullion mine costs, dividends remain 
too far and too the rising trail. What remains 


= * r ;• 

>i i '-J 

... .. _ , . ~ Holdings ouipklv^in the uastTfew days and be seen 's whether these facte 

Compton and its advisers. Hill of detar. - . 56 compulsorily purchased- Sat a correction was inevitable, will attract buying from <5 

Samuel and Co.” , The 10 month figures given by Yesterday the British plantation gj? untilcor^denceis fully re- tinental and other investors. V 

In view of the agreement of Vantona show pre-tax profits up company said it h*d beeir notified in thP dollar the latest are prepared to take- over t 

“ “* nTW “ D — * • — J: — Measures to double the U.S. role of the TIS. investor. . \ 

the offeree company" and” “a at (£42m). The Board of an official inquiry regarding 

number of factors identified in Compton re-iterates the profit the valuation of the estate, 
the offer document.” the Panel forecast of £2m made previously Ever since a Gazetting Order in 
agreed that the forecast need not * n connection with the earlier May. 1075, it has been possible 
be repeated In the offer docu- off «r from Courtaulds. t^ e estate would be com- 

™ t the s d ci° 1 ot a d li v',s or,et ' ■Jtjrs 

g? CKW ^ RE/AIJDA — - 

at Va ° tonj has Rortrware Groups offer for tin reserves. The tin is believed 
K 1 .- 1 i?l 6 r ™ a ° a 8 emen t accounts AJida Packaging Group has been to be difficult to extract .and in 
ror if e first ten months of the accepted in respect of 2,351 ,ti58 the 1976 report, the company 
year in the document The Panel ordinary shares which now gives hoped the gazetting order would 
does not specifically mention the Rockware 96.3 per cent of that be lifted. 

But by the 

Security Pacific 

son growing 

Net Income ($ in millions) 


;.K v '>._e^wy^->v 1 


.*V K 

nit c-tf 








ft ~ i 'hiW* 



1 00.6 




time of. the 1977 
report. Plantation Holdings was 
distinctly less hopeful It reported 
tbat the Selangor State Govern- 
ment had been talking to the 
Malaysian Mining Corporation 
about exploitation of the : reserves. 

PH intends to resist the com- 
pulsory purchase of- the estate 
and is taking legal' advice? The 
company is “ reserving its position 
generally." It has applied for a 
three-month postponement of the 
inquiry which has been set for 
November 10. 


« Pffi FINE ni MCE/ INDEX 




100 1 

1 — 1 

1 1 1 T 1 1 \ 1 ^ 





Yeelirrie uranium 
takes another step 

imniwr m .THE WESTERN Australian Gov- men t programmes for the. rmrai 

PH iq rurrentiv thP-onhfM>t nt n |erument will today present to the of this plant . , ; 

State Parliament a Bill to ratify The necessity for- such testo 
agreement just signed with Is a disadvantage for -Weste 

Shd It Lq oMfqiM thif 1 371 agreemem jusi sigueu wun ia a uiMuvduwge iot - woie 
dMiimen? wnr to Western Mining Corporation for Mining in comparison . with -t 

IS! „m5u. if 1 the development of the Yeelirrie companies seeking to exploit 
■anium deposit uranium -ores ..of - the Nortbe 

rn -n __ „. a . iyir A statement issued by Western - Territory,' where the metaUurgfc 
S W IJ vese V has been anointed Minin e yesterday said that the problems are less complicated. .( 
chairman follow ins the^reslena- BU1 wiU detail the terms of the the other hand, Yeelirrie ts hot 
tion ^f S^r iSnneiifcork agreement which provides for the an area subject to the ebb 'ar 

SMIMTSS® 'S -a—£ SLM&S65 *S3JS?*&. 

London.. Sir Kenneth will remain 
consultant of the 

an honorary 



to Western Mining’s joint venture Yeelirrie will cost A$326 
with Esso Exploration and Pro- f£131.8m) to bring to products 
duction and Urangeseilschaft. by the end of 1984. and the- be 
The presentation of the Bill of the costs will be met 
brings a stage further forward Western Mining's joint venturi 
the plans to bring Yeelirrie to —Esso has 15 per cent a 
production. Last month. Sir Arv! Urangesellschaft lO per cent-rW. 
Parbo, the Western Mining chair- will also consume a large port! 
man. listed agreement with the of .the output* A 


pil * e Mar ^ >oron Eb ISfate Government - as one of 

&S. ra ri£%,SS SlWL i5SU “ remain “ E ,0 ” e 

boraueh d other issues are approval from 

fonnS& wSffioueh ' fc Si«i£& vSSSS&JffS Norseman Gold and 

Holdings — together with the loan ^weas in teres tf n the nroieo? ass«^te, Western Mtalug, ha 
stock and other ararngements re- the^ mncumSe rt the errtered a 3 oint venture t0 

lating to the acquisition, as set n“S ^ financ^S stake .of between S5|»r cert a 

out in the circular to shareholders Project and^a decision from thZ 30 P® r cent ae old StaweD gr 
dated October fl 1 A 7 R projeci ana a decision irom the M M .i» viM n »i<. h« Anrrstna m>i 

4^.0 * . Federal Government that the ven- 

The special resolution that the ture should co ahead 
name of the company be changed ~ - e 


N A 

mine in Victoria by carrying ou] . 
drilling programme. Explorati : 
so far has- shown that there em . 

waS < Sd. Pr0P * rty HoId ^"®*| reqSsite^ppwSl^slMiUd bi ^ be a re ^ ccurrence 01 ** 


ceived by the end of the year. 
Early next year it is hoped to 
SLOUGH ESTATFS start w ? T ‘ k 9 n t,ie construction of 
Under the agreement entered JaSoorUe^” 1 reSea - h planf at 

high grade ore 
the old mine. 

to the south'. 

into in connection with the offer 

for Yorkshire' and Padfic Seenri- bas long been seen by of Kalgoortie Mining Assodai ; 

lies in March 1969. a further r 03 ^ 171 Ml " m H a f a " essential which takes in also Gold Mines ; 

«>■ w«n ■ a 1 M * axva fnrAkrlTl nflp I fha nar a1 mmm _ ir. s - — * 1 a 1 

The working of this KalgoorUe Lafce Vlew, on beh : 

9 months ended 1977 9 months ended 1978 

Security Pacific Corporation Financial Highlights 

133,789 shares of 25p each rankfnc t0 d h £ developinent ° f is. seeking a Joj 

pari passu with the ^vietinS the deposit which is composed of 

3 montJis ended Sept* 30 

9 months ended Sept. 30 

Net income 



Per share 
Net income 
Dividend paid 





















At Sept. 30 


21 % 














12 % 


Security Pacific Corporation is the holding company for Security Pacific 
National Sank, tenth largest in the U.S. We are headquartered in 
Los Angeles, the most dynamic market in the United States 
and a principal Pacific Rim trading center. 

is see King a _ 

- existin'’ — ” — — ... w... FU ku « venturer for the re-opening of ; 

[ordinary shares have been issued a complex eaJcrele ore. mine on the Flraiston leas; 

I by .Slough Estates in exchange fnr . At present both the federal and where production stopped in 12 

■ - ‘ ke or the state Governments are assess- Mr. L. C Brodie-Hall the Gi‘ 

mg environmental and manage- chairman, said in Melbourne. 

33,929 shares of no par value in 
Slough Estates Canada. 

Brick house 



Gates. Ford ma 
dealer in Hens, Essex and Nor 

Our international banting group serves over 70 countries through 26 branches and 
offices in Europe, the Middle East, the Far East, Australia and T-arin America. 


^Britannic BSG Inlernational: Mr. C. B. WITHDRAW 
^urance now holds l.Oom shares Justice has sold 17.000 ordinary In view of the recouunend . 

i£«wf PIU> j r . Second City Properties: Control offers, by Alfred Precdy and So 

J*". 1 " Lennox Investment Securities has purchased a further fo r fo e ordinary and preferen : 
inifct. Loudon and Manchester 10.000 shares. capital of Midland Education 

^n»B™ e .oM 0W holds , I«ISy.3S2 Jacksons Bourne End: Dawn- proposes, with the perm 

ordinary (9.8J per cent). grange has purchased a further sion Panel on Takeovt 

Beralt Tin and Wolfram: Hold- a- 000 ordinary shares bringing 3,111 Mergers, that its own offt 
in R ot l.62ni shares in company beneficial Interest up to 301500 I° r Midland will lapse when t • 
held by Bakelite Xylonite has been shares (28.4 per ccnij. ’ offers by Preedy or any oth . 

acquired by Union Carbide UK. Letrasct International: J. G. h *eber offers by another bldd - 
B ® 11 * _ companies are subsidiaries SoP«r. a director, has sold ’s.OOQ are posted, 
of Union Carbide Corporation, ordinary shares. 

fnMw™MA de i. ^ 3 «tv ,irc 'd a Minster Assets: Mr. C. D. Mur- GATES 
further 50.000 shares and its hold- land, a director, has disposed of SYant r 

(apprOTim.TtcTy liSpcr Grouv Mr. II n S ealer in H ’ ns - Jsssei an0 Nor ‘ 

ToraWnsons Carpet?: Following oSSr, wuf™ Mr J C B " h a5 - a . OT el1 » acqui ■ ■ 

ass ssrtsaiSEr ' L ^ HE™ ^ f “ 7 ° 

HasTS orm, 3U Jm T^rmor.^roir’ .7 Or.Xr s“l. Wi 

Ccoii. Ingbam and Co (Hold- te^TJuOTOlMr^TrSS^SH “' lU '. “J 3 ' 11 ' ° r “ T 5.0«l placed < 

Bedford c„" 

-sssntsf- « S’i’sas'-: 

McLeod Russel: Assam Tradlnc Si^Tfimho^^nrrfj™ Ua i «*™rnereiaJ vehicle repairir ' 
loul^oldlng » MW ^ u ' ' 

ifirftdSTS £%£?£ '"XSSA^JSSS gB^SUTaSJS'If 5 : 

* ssssrvs. & assSasS^S 

We also operate separate subsidiaries that provide equipment leasing, mortgage 
banking, consumer and commercial finance, venture capital and 1 
financial services. 

a broad range of 

This Advertisement is issued in compliance with the requirements of dm 
- Council of The Stock Exchange — 

\5Cfe invite you to write for: 

• 1977 annual report and 1978 quarterly reports 

• 1978 quarterly Economic Report 

• California: Pacific Giant. A statistical profile 

• California International Trade 

• Information about Security Pacific 
commercial banking services. 

"^ite to: General Manager, Security Pacific National 
Bank, at any of these addresses: 

2 Arundel Street, London WC2R 3DF 
Ulmenstrasse 30, 6000 Frankfurt 17 
Avenue des Arts L9H, 1040 Brussels 
10 Rue de la Paix, Paris 2 


(Registered in England No. 73742) 

12,002,372 * A ' Ordinary Shares of 25p each 

abova'A' l OrcfinarY Shares to SaSnittedto the Q f fficSfl!lst! !E> ' Cl,an9e ^° rtf ' e 

iKi™Z“ 8y (Sa,urdays Mceptetf) up “ and includin s 


©masFBB ub.isssb". 


County Bank Limited 

11 Old. Broad Streep London EC2MTBB 

Hoare Govett Limited ^ 

1 King Street, London Ed2V8pU; ’ ^ 


if/ . 
I''' • 


33 " 




r-Jeffecr “ c ’ -cij%.s? 
fa-fa r i, w " if n 

p.'Tfi fee* ■„ 

Overseas rentals improve 

earnings ^ ~ 

decline® alt Disney year profits 


lr . *.... ADVANCES OK a fifth in net $241. $m, against 5205 2m. 

«r « .... _. • •; ... .earnings frqm $9L9m to 398.4m As a result', earnings for the 

6 4 L Pl \ Vci h .Z’ \i- By0ur FlnwKW Stzff r ^ reported, by Walt Disney full year were 20 per cent higher 

j tr * - BURDENED bvitfce eosis of Productions for the year ended to per share terms — at $30.4. 

iust *v ** food plant dosiufes,. Grey hound -September .30,1?^. * ....... . against $2.53 — as well as in 

'tr (..Corporation suffered, a severe The company cites sharp m- an overall context. Revenues for 

ifcejT 7, -M . V: : hdrop in its earoiiigs ; . during the creases-- in fitau ijuttaJs for its the year were S741.lm. compared 

Rftter ‘°n' ^.-I -ithixd quarter..- ‘ ' improved profits performance, to $629.$m, a gain of 16 per cent. 

r*Z,. _;v ‘. ce -”e These totalled 853m, oi J6 notably -foreign theatrical film The company's foreign Sira 
xVu « * V : - : :* cents per share: Against $3I.1 dl rentals which,, jumped by more rentals emerged at no less than 

Hint ton," or 65 cents on •« diluted -hisis- than half. Domestic -operations S57.9m and now compare very 

ein™ d- ■C‘ v L-r-^-.the same; , time-, list year.-;in a this., sphere 'firev^ by almost closely with rentals earned in the 
feed *■ c-r.^vRevenues. ^bowedv little -inbve- ^a-fifthi‘> ■». which last year stood at 

ns of ’i-"* *■'*■■«* -7 ; <ment. Sl.lbn '.comparing - with ifet - earnings .in i J the final $59m. The gains were 58 per .cent 

"" ' h ‘i i- •• /^lbn^ : T • 1 .. ‘ . 7 qjiarjer of the year were 17. per and IS per cent respectively, with 

3®-p*r CY-V- J-'wnea' the group smn it would 

Nestor 1 rt-^shut down ..certslir- slaughter-' , 7. ' '. r . : - ’ — ••■ : V” - 

w* r, L"f. '.Crhouaea and related meat 7 process T%: - I I 1 £* 

&PS ^ losses from 

l : .‘jiftrc‘* It estimated -the pre-tax chsrrge • - i - -■ -- 

eata! -2 h7j . b>;of- this operation, to this year's ;.V. _^ olin eimaucial staff 
^ income atSorae/$53in, or around ; . B X °M R «NANC1AL staff 

l.;.‘ 7 _ i/ * ;$ afterYax . ; ~ ' . REDUCED losses- for ’the. "third to a rise of 3.3 per cent in ton- 

Without ae-ctarge asTOeialed _y a ^ r - n f lays aje- sported by miles compared to the third 
with the. -closure.. Greyhounds: the Consolidated Rail Corpora- Quarter of 1977. Strikes among 

wnpom-me-cnargu aswciaiea -yg^p,.-^ 1978 aje -reported by miles compared to the third 
with the_ closure. Greyhounds; ^ Consolidated Rail Corpora- quarter of 1977. Strikes among 
.third quarter income -■would have., r ailwraythat was formed competitors played a part in the 

shown a slight improvement to out of. the wreck of Penn. Central freight upiurn. 

»322Sm, or 74 cents. a share. Nv'jantf iflve - . other bankrupt North For the nine months. Conrail 
-wer the firat nine_moaln^ net Eastern rail companies. had a loss of S13.08 a share or 

*° ■ * - Tor the third quarter Conrail 's S325.4m on revenues of S2.6bn. 

$55. <m — 75 L cents n share against losses emerge at $4S5m com- In the 1977 nine months, the 
Sl.l»-Km r ®v.£? ue ;>* ,m oS -JO- pared to $605m in the second company lost $11.61 a share or 
creased to §3^bn -ftum $2-8bn. q UarTe r of 1976 and $54.7m in $289.9 m. 

• — • — ~ — — . . • the third, three monthly period Conrail is ai pains to point out 

» • of 1977. . . • - . Ibat a new agreement with the 

• C/vKISfv tov Revenues for quarter three United Transportation Union. 

1 JvUlll£ WA this year are almost a tenth which provides for a reduction 

_ ... higher at S®W.7ro thanks partly io train crew size on freight 

charges set 

MSS f\S)£Y 

miVYb WASHINGTON.- Nov! 1 '- ~ - THE Jos, Schlitz' Brewing (Join- ' ... . .. GREENWICH. Nov. l. . 

SS ^ve 0 ^ plea' THE TETREE Icndere to Beker to be due and payable; one of The three German lenders also 1 

‘'-jSTOH aareement to ' a federal cduri Industries ..German subsidiary the lenders has. instituted a have called upon the company 

* W hich if 'll. is accepted itfbuid BekerChemie havt* declared the bankruptcy proceeding against under ibs guarantees of their i 

aitnr^zr.. v.. . - a ii fo- schlltz to Pav 3761600 full amounts of their loans to the subsidiary in a German loans and in this connection one 

vA-. J-SSS; 'S&SgPj..; ' . . V: .. ~ ~ 7. , quart^preraisesn, security for 

•••••• : S7M 1 000. b w^ld <> b : e -^^bt^eampt 7~X)CiltSply -TlltCI'IlfltlOnS.S SCt|)2.Ck The action by the German 

Saffian ' "N of the tax charges: '- V- ' v. ■ j en ^ ers constitutes a default 

•' ‘ i~iz Under the plea : ' agreement. Mf OUR FINANCIAL STAFF under the company's S125m 

Kaap; .• r ; :'-:^Schlitz woukl nlead : no : contest '•T 71 -.- ’ . domestic term loan agreement 

luohtr h.-.o S^the 747-cdunt-A DRAMATIC downturn m figure in per share terms which tlte U.S. lending banks 

: indictment; that" ^ was- ^returned NThi.rd-qnarfer fefnings ? has left amounting to just - cents com- are prepared to waive. 

3 S S v ' " • - against it last M^rch. detaipng Dentspiy lntieniational witirn'me- pared with 42 cents. The subsidiary's total obliga- 

‘ S3m^m alleged illegal payments month net. profits sopie. nvo-fiftlw The results reflect the impact lions exclusive of parent coni- 

“’-to. retailers distrihutorsj. and low. at . S2J9m, -compared with Qf 1(jsses on thg ^an^jadoD D f pany advances and equity are 
7S others in a position to get Schlife $4.6Sin. , ' . x . .- f Qr -i™ runenev welt as non- S17.5m. The subsidiary's assets 

-..'.beverages Into' merketff 'it; had r. Net earmnga for the third foreign cuirenty. as ell s o total ghQut si 7.4m but there is 

fglU • |.7. ' .. ■ 'had trouble -entering- • quarter of 197S 1 emerge at recurring charges for a plant no assurance that this value can 

, . . 'Reuter . - - " . v'.-?- r • .’S103,K37against ?i:89m. with the clnsure in Florida. be realized, according to Beber. 

PsT;:' ■ ■ ■' ... -.... -.v: 7 . ■ ~| The U.S. term loan agreement I 

‘Vpx ’«»«£&*’' ’ ■' - - • V '• 7 7 ^ as revised, in -May 197S calls for. 


1.7... „ . r . . ; i ' has already been paid and $25m 

SOI r — / Vi - VI- . — ^ : : ■ ■ - by January l 19S0. 

■at *i . , 

MW 7, C 

ttSar-. v • 
■aaenw -■ r - 

S750,000 Beker subsidiary faces bankruptcy suit! 


company's Connecticut head- 
quarters premises as security for 
iis claim. 

The action by the German 
lenders constitutes a default 
under the company's $125m 
domestic term loan agreement 


S^stat .a 


§33 £ W- -' 

Sfe’-qr - - 

atar^ijcrj; : . 

j»--rss-r*er. 1 ■ 
fc.-rr*- • 

5SSa»H»e: , « 

pSn r-ky. 

■4^' v.- ' 


ir«! S-r .* . - 

«THDS^ V . 

•JKW f’ A'l ■ ,r •" 

•! \£: . •; 
ifiai r*V • 

*■ oi T, -> • 

.Slliii- 5 — - 

FT INTERNATIONAL BOND SERVICE January 1 T 1979 6 of S which 0 ^ 

. ' ... v/ ' has already been paid and $25 

— ■ .i, . « ■■ ■ ■ ■!' , . i f . U i y " " by January 1 1980. 

v. The list shows thq-spo latest internalional bond issues for^which an adequate secondary market AP-P J 

*i —exists, ^or further detailsr of . these or ttfhet bonds see ;lhe complete list of Eurobond prices published niiaDTrm ice 

on the second Monda'y^f each months- Closing prices on November 1 U.S- QUARTERLIES 

. U.S- DOLLAR .On».«i.^ 

STRAIGHTS - - ' issued BH OFfor-ttay wot-rwtf 

-Aaa AM. #i SS : 25 ' «i MS .^OA -* ja.OO 

'. AuainiUa 6.45 S3 ITS W *7:N-fc« r ~U 

.Alumdiaaj.W » TO. »t -Di -Ji 9^ 

. Beatrice Foods 75 S3 3H- - MS W +01 -0J 9AS 

CECA Si 57 ..... 
-CECA-9 M 


CNT »V3 

Canada S 8S ..... 
Canada SJO SS 

W ;.M '-82 

.95A .-S51 —0i ~H 9.W 
964— 9« -«4 -I! 9-W 

■«25 - lit -3i 9 9J 

95 95i -« -U 9J» 

15 - «4 +01 -01 9J5 





Change «o 
day weak 





+ 0i 

jtukiraba 6.G 90 

.. 50 




+ 01 

BI CE 6.-J W 






Eurofuna 6.3 90 






Fuffaiid C.7 sjt ... ; 






Norway i.r m . . ...-. 

Oslo. CiO" of 6 6 90 











SNCF 6.G «i 






.Sweden 6.3 B0 






Canada 81.38 250 j S21, «i -0i -2 

Canada, B :» «0T„««a W T«>2 “W 

■■ Canada 94 98 ,3&r 

■ iOundair 94 33' • 70. 

Dominion Bnta. Co. 9 86 '25- 

EIB8I85 'MB 

' Kffi H38 -.r xs 

- BIB 94 99 : ' MM 

. Elsam Jutland 0 .84 ; 25 

BKsportfliunS 8'gfl SO 

Export Deve1pmnL 83 £25 

' Ktnland. 84. 83 MB 

— * Finland 9 88 1M 

Hospital O/S 9.93- : ■ % 

I,'C Industrie* 9 85 -35. 

ltd 1 Finance M 88 25- 

lid Finance 91 «■ ' » 

lio-Yokado 9* S3 rJJ 

-• J. C. Penney 6J-S3 3W 

• •; Mac Btoedel ^»t W'.siws- " » 

- NZ Dev. FUJ. 84 8S ;..... .28 

• NZ Dev. Fin. Si 83 20 

Nat Xttsn. 9 88 . 75 

• Newfoundland 91 90 — — . . 5»- 

Notd Inv. Bk. K 88 25 

• Norges Kornm. 94 *8 . .... 75. 

• Norway 71 88 ^ 

Norway 81 SS le» 

924 -m -O* 2840 

91* . ns -W _-U IE28 
•3flfr. 95i -Oi -T1 - 9.96 












' K 











. 9JM 








. W 


— 0i' 




. ’52 


—81 • 












-1 . 


• 25. 192 924 —11 -34 . U-W 

» 192 924 .-•-W -2* 11.22 

•'28 9S J7J +04 -M MJ» 

3?0 .981 ■«»; IT. -li- 9J1 ; 

• 50 - -9K . 981 - • “II . ,-‘U , 9.9b 

. 20 90i 91« 0 -li 10.64 

,'20. - WI 912 -‘-tfi -li 103 

75 982 Mi — 8i -2! 10.02 

, '» - ?9afr 9H -04 ,-22 10 00 

25 951 9M +04 -04 .9.J9 

7i 963 - 971 —01 -li 9.70 

259 : 92 92t +01 -U 10J77 

;aii s 

■faULi. i* 

if. we** 

\k< -‘ ■■ 

ilK-'. v 

i \Ti'- 

Norway 8i 83 ..... 1 S 93*. 984 +8* -03 103 

Norway 8i 83 . . I.-....- 138 196 . -9M -0i -II "9.97 ■ 

Ocddcmtal si S3 75 904 9W -W -34 10. 95 

OnL Hydro 84 S4» 125 924 934 .*02' -li 4.98 

Quetoec Hydro 0* 0S 50 «J -9K -W--12 10J9 

Sweden 9J 98 . ..J.;.......,.: ...12S 965 976 -0* -If 9.79 

UK 84 86 — 2B0 9A6 95i -Oi -21 4.7T 

UK Si as 150 %1 962 —04 -14 9J8 


ArsenUna at 98 .— — * .150 
Asian Develop. Bfc.' 5* 88 190 


bssaed Bid OPTor day week Yield 

951 +Oi . —04 

Australia B 88 — 250 UQi .1022 . 0 +0i 

Austria 51,80 USD - 904 -. 981 . 0,- +« 

Bquc. Ext: Algerie "H, 85 100 97i 984 I ^ 

CFE Mexico -03 88 150 *971 «3 +04 ,-M 

. Canada « S3 600 , Wi . WJ -^01 

Chaae Manna l la o OT» 6.03 .180 : 183 1034 +04 +1 

Conmierx&anlt Ihl W J! 100 M5i 196 f -11 

CommendanlE Uil 3CW SI 100 -. W 021 —01 0 

council of Europe K .. ..’ 4« 1001 . 7”* 

EIB 6 00 3*0 99 - 991 *• +01 

Elf Aqnttalne » - M . -J»;. ■«. - «4 +B*.- *W 

1BJ S W - __ 100 MUl 1001 +M +02 

Indonesia 7 84 100 7914 ■ 984 +04 -.+ 04 

Kobe, City of « 88 ....... JM ««! .+« +J- 

Lteht Services de EteL ... : 150 *9g .981 0 0 . 

Mexico 6 ffi : 200 0K .974 — 0i. +04 

Mitsubishi Petro 5 ; S3 im *iHi Jgi o o 

Nippon Steel 3J Sa 200 102 M25 +0i +°i 

Nories Komm S 00 .... ... 100 *1M3 1W4 +04 0 

Norway -1? S3 - a- 250 97 0 O 

1 PK EanXen y SS -100 95* 964- — oi +04 

Quebec. Province of 5 90 ISO 871 97J -01 -04 

RautanndJa Oy >: 88 •— a Nj w o -o* 

Bkob Si S3 SO lBO.’ UK +0J +12 5 

StSn 8 ! — 200 96E 96S -Ol r« 6 

Bu 6 88 ISO “M ^ .+W f 

TrondbeUn, City of « ~ S . 2S? .21? +2, t 

VDS Group 51 85 « J® jj* + ®» + 2? & 

Venesaela 6* 00 1S0 t9tl ^74 — Wr_ ~0S 



+ 0i 
















+ 01 








W . 




STRAIGHTS f*S«ll gf 

Aeesa a M fiO 1054 U5I 

Arfberg Tunnel 4 as ® MM 1» 

OIM 8 HtnfaMtan 4 93 ... 70 10JT “H 1 £ 

JO CVRD’ 4S 08 .: - SO 98i 99 9 0 

Cotmcfl (rf Enrope 65 MH l®t» 0 1 

BaSaSca ^ * 80 MS U2i + 0 i +« 

bade s 7s mis 1012 70 J -« 

De&marfe u m MO lost 1041 *04 0 

Pen maHc^gartgaze ""Bank 88 JJ* “5f 

EtBUM „ JOB 102i MZ3 "-Oi 

nn 1MI ID —OS —01 

. Change on 

Issued BM Offer day week VieW 
fiO 1054 MSI O —01 d^S 
S MM Ml +0i -*W 5.92 
ion 4M 97 +G4 +04 •- 

*:r- - 


Enraiom 80 MU 

T . U. Smidlh 44 89 & “®3 

Finland a m *0 M2i 

G2B 44 w „ 1» 

^MJeehenetein a 25 M| 

1CI Fa, NV 4J. *■ 100 20M 

imstnm Yoima 4 93 » S* 

^ahta*a A 93 uw * 

Kew t Brunswick EPC S! MO Wi 

Nnra* < S3 70 ^ 

*f«ws Komm'e so loo “« 

OKB •+ S3 ..A. ...... » HHi 

Oy Nokia 5 90 20 102 

.Saf» 4i S3 M l®2i 

Sms -Q w.-." " *» 

+04 -03 5.92 

+oi +04 . 

-m B 3.65 

a o 

0 -1 is 

+01 •+« 5JW 

-01 —04 4.79 

^-01 0 4JW 

—04 -01 4JJ7 
-04 —01 ' &01 
-01 -Oi 
0 -04 a M 
o -01 4J2 

Ratit U/S Hold. Ill -AS 12 97 

Amo Core Baso. 7 93 EUA 16 *9* 
COpeObafiC" ~ 94 KUA . 30 *95 

Finland Ind. Bfe. 7 W EUA 15 *95 

Komntr Insl. 71 03 EUA-. ■ 15 *97 
Panama Si Si EUA 20 *191 

STR Fraiv.'- 7 95 EUA .. 72 *94 
AtKfTWnc Bt. *1 O Jfi .. 'B 93 

BraMl 71 S*3 H 75 99 

■ I.FB Mexico 71 S3 FI ....^ "75 95 

EiB t; y ki 75 9a 

Seder. Midd- nh. S! S3 FI 75 95 

N»w Zealand fi: S4 Ft _. .. ' 75' 05, 

Norway oi xi FI .100 9a 

okb n.; m i i - 75 n 

EIB 9! «S FIT 280 *97, 

BAT 8 SS LnxFr 250 *95 

Barer Lux. S Sfi Lu*Fr..» 258 *95 

EIB 77 SS LincPr - 250 * *96 

Finland I. I'd S SS LuxFr 258 -*96 

Norway 7J *ri LuxKr ., r. 2S8 *96 

Henaufi 71 sS Lu.\Kr 500 *96, 

Swedish I. BF » 8S LnxFr 500 *99 
ClUcorp O/S Fin. ID 9?.£ 20 82 

EIB W 88 £ 25 83 

Finance for lud. 10 S3 £-.. 12 80 

' CestemerUld. BV 11 SS £ 14 M 

Pnuuebooni ll'I 31* I ...• , -15 . EL 
Whitbread 10* 30 £ 15 80 


NOTES ; Spread Bl 

American Exprcu SI 04 98 

Arab InU. tU'ift Mfi.i S3 .. Oj 95 
Banco Nac. Arcvni. MS 83 04 96 

Bank Handlon-v MS 38 24 % 

Bant of T.ikyn .M5J ftl Oi 96, 
Banquc- Worms MS* S5 .. 04 97, 

B*j. EaL d'Ala. MS.3J3 S4 - U 97 
Bquc. Exl. d'Alcf. M7.5 S3 « 96; 

Rime. Indo Cl Suez Mai .. 04 97. 

'Bq. lot. .Ur. M6j S3 04 96 

CCCE !«.» !>i 04 95 

,-CCF 315: Rj . • — 04 98 

Chase Man. «' S Mai 5i... -64 96 

Cosid Rica MS: hi 14 99 

Credit Xaifon-'il Mil 88 ... 01 - 96 

-Knparlrot M7 M '01 1V7 

SITE -VS S'l '04 98 

Ishikairajima M34 6a — .. 04 98 

LjubUansSa M7 .#j ss _... l 96 
Midland Uni. M3! M — 04 95, 

Nat. -West.' M3.' M : 84 95, 

Nippon Credit Mil S3 . 04 97; 

OKB 1134 S? 01 97, 

Offshore Mining 8 fl - 81 96 

Siaodard Charr. M3.5 00... . U . 95 
Sundsval!stainki:n MA 83 ' . . 01 95; 

Uld. Overseas Bk- Mb S3 04 9ft 


BONDS date prici 

ABCS 54 93 9/38 US 

Faker Inr. Fin. S4 93 1/79 34 

Boois fi? 93 2/79 2Jt 

Coca-Cola Botilms “3« ..^..4/79 9 

ITO-Yokiido 33 07 6/78 1473 

S'ovn Induslri " ^ 4iT9 2S9 

Texas Int. Air. v; AT 4/79 1A5 

Thorn !nt. Fin. ~ "j -11/78 167 

Tyro InL Fin. »*■ 9/78 21 

Tyco UlL Fin. - r - w 5/78 6L5 

Asa hi Opriral 31 DM - 12 /78 588 
Casio romp 3: 6a DM ..Ji/78 841 

. Izumjya II S** DM 10/78 989 

JUMfl 31 SR DM 1/T* 1270 

KomehiroSu ;i* S5 bit ... 1/79 612 
MiirudPt Food — 2/79 1433 

Murato. Man. s: sfi Dai „ ji/ 78 ' 854 
Nippon Air. 3.3 as DM ...12m 508 
Nippon 5hinpaii 53 DM ... 8/78 733 

Nissan Diesel ill Sti 2/79 477 

Ricoh 3i-Sfi DM 31/78 617 

SduKyo Elcclrtv 3? DM... 8/28 869 
Sanyo Electric M DM — 11/78 295 
Seiyu Stores 37 S6 DM .... 9/78 1275 
Stanley Eloclric 3i DM.. 11/78 623 
Trio-KfBirood 31 SO DiI..ll/78 m 

Change on 



















































— OJ 



















































+ 03 












































. 2S 


















-15 . 












Fourth Quarter 








Net- profits 



Net per share... 





699. 8m 


Net profits 



Net per share... 




Third quarter 








Net profits 

3.36m *$49,000 

Net per share... 



Nine months 




Net profits 



Net per share... 




Third quarter 1978 


Revenue 927.2m 

Net profits 43.45m 

Net per share... 

Mine months 









Spread Efd offer C.dote C.cpn Cj/ld ?J.®[ Jer^hare'" 11B '?o8 

oi 9ai 982 20/4 zoi 10.30 not per snare... 2.4 y JJo 

982 20/4 Ui 10-30 »cl pvr snare..-. 

964 31/1 K 9.77 , 

%* 9j6 interlake 

964 10/4 10i 10.89 

™ 2. !■£ TMrd quarter 1978 1977 

97J 9/2 94 9.90 S s 

97^ a/i 1 V* oia Revenue 233.3m 18222m 

96! 12/1 94 9.78 Net profits *4.92m 4J8in 

961 3/2 9.M 9je Net per share... c 0.83 0.72 

99J 3/11 8i 8^ Nine month* 

qai jtS Revenue 66S.5m 565.5ra 

Si iw 1.19 Ijs Net profits 2.04m 13.68m 

97i 21/s u io Jt Net per share... 0.34 2.31 

984 5/4 10.69 10JS c T 

984 27/4 12! IIJB ' 

962 19/1 'IB! 10.62 1 — " 

ahi In 2 m int. FLAVORS & FRAGRANCES 

93! 18/4 iatt ibt! Thinl quarter 
9M 19/1 9.44 9.77 _ 

96 jb/ 2- 8.94 9J3 Revenue 

Third quarter 1978 


Revenue 90.4ra 

Net profits 14.07m 

Net per share... 0.3S 

Nina months 

4/4 10.06 10.51 
4/11 3.31 8.44 

dale price Bid Offer day Prcm I Revenue 

las; mt -oi 

924 -U U-71 
VH -K -5.99 
804 +01 19.25 

6/78 1473 11434 1444 -li 

931 944 -Oj -0.69 

764 731 +84 19J8 

994 1404 - 24-10.22 
9134 95) +IU 26.97 
724 741 +W 189 JO 

931 944 -0 i 23.92 

W34 95) 

1721 74* 

931 944 
U61 MT +04 5J1 

105 106 -1 LSI 

lOdi Ml -04 13J2 
974 W -U 13J1 
1051 106 +li 17J9 
95S 964 —04 &59 
96 964 +04 5.83 

115; 116J +02 -1.04 

Net profits 44.03m 

Net per share... 1^20 


Third quarter 1978 


Revenue 241 .Sm 

-Net profits 16.49m 

Net per share... 2.01 

Nine months 

Revenue 704.5m 

'Net profits 48.28m 

'Net per share... 5.90 





35.71 m 








4T7 97 974 

617 1001 181 
869 119 . 1194 
295 ' 94S 95i 
27S U6j U71 

971 -01 U44 
101 -12 KL5B 

1192 -Oi 7,46 
95i -04 13 J7 
U7 J 0 -IL66 

1001 MU +01 1427 
92 KJ -DI 18J2 

No infQrmaUoQ ayailable— previous day's price. 
1 0 nly one market maker supplied a price. 

« 1QU l«n -oi -0i 

3 nwm ■ b -« 

ID 1022 1B34 0 -Oi 

Urt 1034 1031 -01 -j|! 

25 106 1064 +01 1 +K 

im 1031 104 -04 -3! 


Third quarter 






Net profits 



Net per share... 

Nine monUu 






Net profits 



Net per share... 



f After extraordinary, costs 

48 +01 +W 4J0 

1045 +DS +04 3M 
99i +01 +« ■?-' K 

voaJ-Aijane M W — 
Jtora&eiS-’RlTlftA-fS .; 
Jiqaai. 4'0& 
Wona^Banfc li sz 

70 1014 101J +04 0, 

200 1044 104) -0 . +04 

XD 1011 1024 +04 +;«. 

20 102 1024+05 0 

30 102i 1024 -’-Ji 

■ 35 103 1034 +U +J, . 

140 3423 103 -Ot r« 

30 Ml* 7021 +.04 - 04 

jfl2 1421 0 —Oi 

250 M2i 1034 +01 +01 

on week- Chance over price a w«t earner, ■ »f, , . « oo 

Floating Rale Notes: Denomiiured in dollan unless other- T After extraordinary. COStS 

uutii-aicd. « = Minimum coupon. C-dausDatc nest 

coQ 3 tin becom*s elfecave. Spread =.Marfiln above aix-monih WM WftlCIVv ro 
rate for US. dnllara. c.cpn = The -current counon. **““ JK * 

C-yld^Tbc current yield- — 

Convertible fronds." DtwnWMfed 1« dOlJsrs unless orSerwiSe TMrd ouarter 1979 2977 

indicated. CJis. da Change on djp. Cnv. date =Fiftrt date S 5 

tor conversion into 6bares. Cnv. pnee^ Nominal amount of Revenue 3209m 104 Sm 

bond ncr share caoreafcdi in currency of share at center- Net nrofits 11 lflm 7 -c ' 

sion ran.- fixed at.lfoan;. PreiD=PcrceniaAe premium of ihc u a 1 ? f-iom 

current effective price of acqmruiR shared »a the bond Net per Share... 2-85 1,96 

over the most recent price of the shares. Nine months • 

© rho FinandaJ Tunes Lid.. JOTS. Reprodmrtjon in wbol* NeTnrnfitq Sm™ 

or In part in any form not penained without written PrOhfS 23.62m 2I.S3m 

HuiBenL - Data supplied by inier-Bwd serviets. Net per share... 6,00 554 





Dollar issues go through 
hectic day after U.S. move 

European countries — not to 
mention Japan— would have 
been substantially enhanced on 
conversion to dollars for the 
purposes oE the Walt Disney 

The company reports that 
attendance at Disneyland rose by 
1.2 per cent to 30.8m last year, 
while in the fourth quarter, 
attendance at Disneyland was 
4.3m. up by 32 per cent over the 
prior year. 

Walt Disney World attendance 
during tbe year increased by 75 
per cent, to 14Jui, the company 
said. Attendance at Walt Disney 
World in the final quarter was 
up 5.7 per cent to 4.5m. 


trains, will "help" future results. 
The agreement replaces with a 
single contract, 43 separate con- 
tracts Conrail had with the 

From April, 1976. through Sep- 
tember of this year, Conrail drew 
down S1.77bn of the $2bn in 
Federal funds originally avail- 
able through the U.S. Railway 
Association. It said its track 
and equipment rehabilitation 
programmes were ahead of 
schedule and that improvement- 
programmes for 12 nf its larger 
terminals bad been launched. 

By Our Financial Staff 

COCA-COLA expects sales and. 
...profits to continue their 
steady advance, after a third 
quarter in which earnings 
fibowed an Increase of 13 per 
cent to SlOr^m, or 87 cents 
per share, plr. J. Paul Austin, 
the group's chairman and 
chief exccutiie. said perform- 
ance was being led by foreign 
soft drink operations, though 
he gave no firm indication of 
likely progress during the final 
three months, which last year 
produced earnings of STlJlm 
on sales of $878m. The com- 
pany’s progress during the 
first threcqwaricrs was at 
roughly the same pace as the 
last quarter, with net income 
rising by 13 per cent to 
8292.1m, or S2.37 u share. Sales 
advanced riom $2.73bn to 
S3_26bn, including a third 
quarter total of $1.19bn com- 
pared with S966m for the same 
period of last year. 

Coca-Cola said that the com- 
parative figures for 1977 bad 
been restated to include the 
operations of Presto Products 
on a pool ing-of-1 merest basis. 

IBM plans to 
reduce prices 

Machines is reducing prices for 
its Ofiice Systems 6 informa- 
tion processors by 10 to 27 per 
cent and purchase prices for 
the Series lit copier by about 
10 per cent. 

Additionally. IBM said it was 
adding a low-cost, stand-alone 
information processing unit to 
its IBM Ofiice System 6 pro- 
duct line, the IBM 6/420 
information processor.- 

IBM said the monthly reotai 
rale lor one of its five Ofiice 
System 6 information proces- 
sors was bein gcut by 9 per 
cent. No new prices or rates 
were given. 

Rental anti lease price redac- 
tions Tor the Series ill copier 
range up to 25 per cent, de- 
pending on the model and. 
number of copies made. 
For example, the minimum 
monthly cost of a Series III 
model 20 for a cu-lomer mak- 
ing up to 15,0011 copies a 
mouth is S65iL4i)ider a one-year 
lease plan. 

Previously, the cost for up to 
20.0000 . copies was $870 a 



THE DOLLAR sector of the bond 
marker went through one of its 
most hectic days ever yesterday: 
trading was described by dealers 
as very heavy, and prices moved 
up by about two points but very 
irregularly. U.S. and Canadian 
paper, along with selective 
European names, were eagerly 
bought, after the announcement 
of the U.S. measures. 

Many houses were refusing to 

quote prices throughout the day: 
often prices would move sharply 
up or down within minutes, and 
there weer complaints, especially 
from Swiss bunks, about tbe un- 
uvailabilily of real prices. 

The Floating Rale Note sec- 
tor. which had started the day 
on a very soft note, later re- 

covered. Prices moved up dur- 
ing the afternoon, but it was 
very difficult to assess exactly at 
what level most issues bad 

Tbis feature was true across 
the board: some dealers said 
they had continued trading from 
home after hours on Tuesday, 
and the chaos was such by mid- 
day yesterday that they effec- 
tively stopped trading, by the 
early afternoon. 

Six month Eurodollar rates 
finished the day nearly a full 
point up al 11 15-1 6ths per cent, 
while Federal Funds moved up 
to 10 per cent. 

The sterling sector was again 
in a state of collapse: prices fell 
by four points o nmost issues. 

and for and a half points in one 
or two instances. They did 
recover by about a point in later 
trading. Swiss selling appears to 
have been widespread. 

Prices in the Dcutsche-Mark 
sector shed about a half point 
on the day in quiet trading, 
with some German centres 
closed for Ail Saints Day. What 
trading there was was described 
as nervous, with the City of 
Copenhagen bond, which was 
priced at 991 on Tuesday, 
shedding between one and a half 
to two points. Even the much 
sought after issue for Bank- 
America Corporation fell by a 
full point to 991-100. 

MGM lifts profits and dividend 

HIGHER fourth quarter profits, 
a twofor-one stock split, a 5 per 
cent pre-split .stock, dividend and 
an increased cash dividend were 
reported by Metro-Goldwyn- 
Mayer today. The news failed to 
impress Wall Street however, 
the shares slipping 50 cents to 

Net earnings for the final 

quarter increased by 53 per cent 
from $I2.03m or 82 cents a 
share, to Sl$.+4m or SI— 7 a share, 
nn revenues 78 per cent up from 
$71 ,5m tn S127-4ni. 

For the fiscal year, net earn- 
ings advanced by 48 per cent, 
from $33. 19 m or $2.24 a share to 
$49. 34m or $3.39 a share on sales 


some 36 per cent higher at 
$401. 4m. 

The quarterly cash dividend, 
previously 274 cents a share, is 
raised to 30 cents a share on 
post-split shares. 

The company attributed the 
higher profits to “substantial 
improvements " in its feature 
film operations and record earn- 
ings from its MGM Grand Hotel 
in Las Vegas. In addition, its 
MGM Grand Hotel in Reno, 
opened in May. 197S, made on 
important contribution to earn- 
ings. MGM said the Reno hotel 
operated at virtually full capa- 
city during the fourth quarter 
and achieved favourable earnings 
in July and August. 

Texas Instruments ahead 

NEW YORK. Nor. 1. 


The combined occupancy rale 
for both the Las Vegas and Reno 
hotels was 95 per cent. The 
hotel-casino operations bad an 
operating income in 197S of 
$56.1m on revenues of S21S.8m. 

MGM’s hotel-casino operations 
in JB77. without Reno, had an 
operating income of $35.9m on 
revenues of $153.8ra. 

Feature film operations had an 
operating income of $37.0m. up 
from $24 ,7m last year. Revenues 
increased to $13$.Sm from 
$110-7m a year ago. 

MGM's television division had 
an operating income of SI .9m. 
Revenues increased front S2B.5m 
to $43.Sm. 


Dividend rises 

Three companies have raised 
tbeir quarterly dividends, 
agencies reported from New 
York. General Foods raised 
the dividend to 45 cents a 
share from 41 cents, payable 

its net income to $35.5 m from 
$29.5m in the third quarter on 
revenues of $644.5m against 
$51 6.6m. On a per share basis, 
earnings rose io $1.56 from $1.29. 

Quaker Oats reports a rise in 
its net income for the first three 
months from $16.4m to $18.4m on 
sales up from $413.Sm to S459.7ra. 

Announcing figures for the 
third quarter, United Energy 
Resources said earnings rose to 
$1.90 per share from SI .67. with 
the nine - months' figure np to 
$5.53 from S4.99. 

A sharp turnround from profit 
to loss is reported by the offshore 
drilling company Global Marine 
for the first nine months of the 

current financial year. Net earn- ?. n D « ,ceinb * r 5 . and 

, . . Company raised to 3 ■ 1- cents 

ngs per share recovered from a trom v 35 cenlSj paya b, c on 

loss last time of $1.-9 to a profit January 2. and Skaggs Cos to 

of $1.25. 

20 cents from 171 cents, pay- 
able on January 8. 

1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as at October 24. 1978 100 at 14.1.77) 

Clive Fixed Interest Capital 129.21 

Clive Fixed Interest Income 113.S6 

45 Cornhill. London EC3V 3PB. Tel.: 01-623 6314. 

- Index Guide as at October 26, 1978 

Capital Fixed Interest Portfolio 100.02 

Income Fixed Interest Portfolio 100.01 

This announcement appears as a matter ot record only. 



Porto Alegre, Brazil 


Project Loan 

■Unconditionally and irrevocably guaranteed by 


Managed by 


and by 


Co-managed by 



-The SFE Group - 


Provided by 






October 1978 



record third quarter 
net income and sales. 


For ihc- quarter ;inJ nine nunilis ended September 30- -1°7S. cnmpareJ v. ith the same period of 1977 

(Dollars in thousands Quarter ended Nine months ended 

per common share amount 1 .) Scpremlvr ^ * September 30 

Sales and Revenues 

Income helore Taxes * 

Taxes on income * 

Ncr Income 

Net income per Comm in Share 

j\\ eniee o mwm 'ii shares 
ouciranJinu (in thousand*) 









S 1.700.3 17 








7. 293 









S I.U3 




S3. 15 







'Irum ■.•’minium.’ ■•pcraimn-. 

IC Industries rhirJ qiurter net income 
reached .1 rw*id S19.8 million, up lP«m 
S l‘L2 milln m in I 9 T ’ ? . In the wmc p--n« >J. 
sales and revenues were a rw»rd Sn87 million, 
neariv to penxtu atxnc the same p.-rnd 
List year. 

These recnnJ results were achievi de\en 
though there were major non-recurring costs 
tiurinu this unusual |x-ri«d. Railroad strike 
insurance pavnvnis. -a railnxid work *JOp- 
paye. sulisi.imiiil tr. 11 isifion. 1 l adjustments 
anJ costs associated with the pi of 
Pet I no Tporafcd and foreign tum.-ncj' trans- 
lation l.isves impucted 1C Industries in the 
thud quarter. 

in sales for the first nine mflth.cl2.-i percent 
ahead of the same peril d last year. 

IncliKlcd in the consol idated total tor 
1C Industries were Pel sales of >l\s million, 
approximately o2 of Pet's total sales 
Jor the third quarter.' 

Commercial Products 
has >car-to-date pre-tax 
income over $50 million. 

Consumer Products 
record third quarter sales 
top $300 million. 

The IC Consumer Products Group pn> 
duced :i record S.MHi null mn in third quarter 
sales. hrinitine the year- M-J.ite pre-t.iv 
income n.i S-iT.'-i million, up 2 T peneiit mer 
lllirJ qujner last uwriniwd its 
munJ-M-rriny p,tci- hv pt^rin^ nine month 
sale. of 52 i5 million. up 2 ».5 percent over 
tin- 1 irsr nine mmihsol P>7“ Our Midas 
jMutfier Sl>*ps‘ expansion into the foreiiin 
c.'lr market was Nx«sted at rhe beginning 
•if 'H it uv extended tile (.imutt 
Mid.iv lifetime to include 
the imports. 

The 1C Industrie-; -oft JrinV. . >per.iMons — 
Pepsi -Gnlii < Bottlers. Dud’s K.vt Ikvr 
-ind Bubble Up — hud a record SI 70 million 

Our G:imnKTci.d Pn ducts Gamp. com- 
posed of divisions uf tlie Abex Cnrporanon. 
experienced a stmn>; third qu.irter. If brought 
tirsr nine mint Its sales [.■ $54-1 million with 
a *t.6 percent iix'nuv in pre-tax income 
ii* 55U7 million. 

Ahcx will open a new railroad wheel 
mounting plant in Corcicana. Texas 
November 1. to siipplv ixmtplete ulxvl- 
:<ts to tlx- rail tea J industry. 

Jn addition, the JetwjV Ji vision of Abex. 
h» received orders lor % of the 127 
aircraft loading hriJgcs at iMidfield 
Atlanta Airis vt. 

Third quarter accomplishments 
significant to I C industries 
long range objectives. 

1C Industries is rvwv n rationed even 
more solidly in the consumer products nur- 
ket. In tlie rhirJ qiuirtir we JCi|itircd Pet 
]noT|»i rated Pet lias a wije range. >f 
n.nii •iiiillv distributed brands ot lond anJ 
L ad- related products. With approx imitely 
51 billion in annual sales, if is a significant 
sup in IC Industries objective to bed in v 

primarily a diversified consumer and com- 
nxTcial products company. • 

Within rlx* same objective. definitive 
narcemenLs wen? signed to' sell five oper- 
ating companies in the IC Financial 
5ervices Group. 

-Also, in tlx- third quarter. JC Industries 
agreed to cooperate in the Southern 
Railway's study on the advisability and 
le.rflbility o{ tlx- Southern acquiring the 
JCG Railrrud. These studies are now in 
progress anJ continuing satisfactorily. 

The new 1C Industries that is emerging, 
primarily a o msurtXT and commercial prod- 
ucts company. will N* operating from a 
substantially stronger base. 1C Industries 
will lx- sti anger both financially .ind in the 
various markets it serves worldwide. 

Ten years ago IC Industries was a 
S^ttO million regional Riikuud. Tixlav. we"rc 
tl Ss billion Jivvrsilied imerrwtional corp»- 
r.trinn. And tlw activities of the laM quarter 
an- setring tlx- stage for 
iiltpnwx'iixm in the consolidated financial 
ehaf.xivrir.tics ot the new 1 1C Industries. 

it you’d like to know more uhiut the 
rtc-tv 1C Industries, write: IC Industries. Inc., 
European (.Kike. ehemin Moise 
Duboule. QM209 Geneva; Swit/erfjind. 

IC Industries 

1 hv- r'ili'.'l In in.- h.i-.iif -'S «o>ups: 

* . ■nirik-r. ,jl Kr.-JiicO. I'inWiiIIb HiiJms Rwl t'lj'L-, 
Vr.tii- ji*J Irjrc-poruiiim. 

The Business Wirld 

International Business 


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The Times |.rd„ Rcgiturcd ir. Tin eland Number 22*590 

ftanV Account, Midland Dank. ? rhrc.i J ik-oJK’ direct, London EC’.'. Ac.'Ounr Nn. It.i9572 *5. 

. Financial TJjjies.- Thursday 'Nov§n*e5f2.-197S 


Dutch state Axel Johnson big 

8 \% loan 



all make losses 



bid talks 

By Charles Batchelor 

AMSTERDAM, Nov. 1. " 
RATIONALE Nederlanaeh M ’ 1 
continuing its explonuor - 
discussfons wfLh Life lasuraoe " 
Company of Georgia of ,li 

li-s. • 

Mr. J. M. van dcr Sleuloi 
the secreiary of the Dure 
company, the largest insurant 
group in . Holland, told th ■- 
Financial Times today that:- 
formal-takeover offer- forlOi' 
was. being considered. - 

This- news - may .help clei . 

CllnC/vFihorl THE FOUR principal subsidiaries to SKr 19m at the eight-month UlU t, Cll- IY O 

ollUDtllUCU of the Axel Johnson' group, point but the final 1978 loss - « Batchelor 

Sweden's second larges* privately will be considerably larger than By thanes uaiciwior 
By jeffrey Brawn owned business, all made- losses last year's. The rebuilding ot AMSTERDAM ; Nov. 1. 

-rui? r r. . . . . , in the first eight months of this the Motala company and low vaTIONALE Nederlandeb ' { 

THE LATEST Dutch state loan year The combined pre-tax loss' capacity utilisation are holding . . exoloratur 

an 8 i percent bond spread over ? s of lhe order of S KR 115m doWn resulLs. ESiSfiL wiihLi: fflKaS 

15 years— has been a resounding fS2 7.3m), but such a computation The group’s mam trading eon- 

success. raisins Fl6QQm must be taken reservations cem. A. Johnson, took a cut in Company of Georgia of th 

3 i Ing smartly to a pre- because of the complicated cross- turnover of close to 6 per cent. u -t- d Meirtei 

mfum of half a point over its owriere hip pattern in the group giving eichl-montb sates of . Mr. J. M. vap ncr neuiei 
100.8 tender price in inter-bank » h L , SKr iSSbn It reporLs a pre-tax the secreiary of the Dufc 

dealing yesterfay. loss Jr SKr 6m '.gainst earnings company, the largest instmuie 

Dealers were suggesting that fosg 4 * { 0 ' srr 43m, a iKiTaSm of SKr 4.6m at lhe eight-month group in _HolIand. toW i .tfc 
applications Tor the issue may mprJvement on^he loss In the stage last year. Us “associate Financial Times today that:- 
well have topped FI Ibn fS525m) ^.Wondi ns SerKd iSi vear companies” made losses of formal- takeover offer for LOi 
in which case the sudden, new- -rummer ra f e hy 14 5 -per 'cent SKr Uni on sales of SI\r l.l2bn. was. being considered, 
found buoyancy of the Amster- 1 3 4 bn . \ • but these losses will be more or This, news may .help clea 

dam bond market could find less eliminated by the end of the away some of the confnsio 

substantial short-term support . . e ' year, it is stated. that must exist io the mfrids-O 

in the fact that targe amounts , ship ’ The worst performance came Nat-Ned sVtarebolders follov 

of “disappointed” money are 0P® r aU<w*s- from the NynSs petroleum' com- ina two da ys of . claims an 

now seeking a home. ? n ° r t ! 1 , P n °iS!?rt BfSSifSTt' pany - whose eight-month pre-tax coiuiter-claims from the iw 

The terms of the state offering. g““J he pS wtiS^eam P^formance slumped from a ■ compa nies. 

,he .•*«. this year „d ,he .bird » f f & '?,S 

TT^ TbelDS. to 1978 m-, whole' ™ark e r sU rplu S m petmlo-ra pro- 

Sliould he considerably lower Hurts and refinery capacity, hut *o>«owco suggesnons trom in 
than that recorded last year: itw- «-7 a '"d r ^ s^ck /valut 

_ The eight-month shipping loss tmn losses tIia * * r 3 ^!* 

grew by SKr 9m to SKr 17m, Nya Asfalt. the construction a s ^ rc \ nei-n turnH dow 
. ' 1— 1 mainly because of lower.proceeds and civil engineering company, oy the IHM*--K«arn. 

r] PI PI from the sale of ships, and the experienced a slump in turnover a cnnlrolling mterpsr in.ih. 

j—i deterioration is expected to con- from SKr 906m to SKr 7S6m over company. ' . . ' ." ; 

1 j pi' “ tinue to the end of the year, the eight months and saw a • If it. malerrahses a md fo 

| On the engineering side -the pre- SKr 222m pre-tax profit turned LOG would easily be Nnf-Neo 1 

Dmm *f*ni/rir tax loss was cut from SKr 22m into a loss of over SKr 7m. largest venture Into the 

ing two days .of .claims an t 

counter-claims from the iw > 

companies. ' :LrtllW illlv* 

A prepared statement froiswjm* ** 
Nat-Npri veKlrrdav liwlsiv'iil. 

A prepare siauruirHi 

Nai-Ned yekterday rieelaiif'jtl* 
-that- it had never- '-made; * 

formal offer for -LOG.' - Thi .. 4 ? 
followed suggesilonk from 'th ' 
American insurance eom pan . 
tfaai a cash bid of SSOfim ,'($S " 
a share! hod been turned «low; ; 
by the LOP -Board, which' ha 




L1978-J f M A M J J AS0 

in as many months, always 
looked generous. But the res- 
ponse nonetheless delighted a 
market which for some weeks has 
been heavily overshadowed by 
the general turmoil io the foreign 
exchange markets. For the 
moment, the clouds appear to 
have lifted. 

Record for 



Dividends put 
ear profits up 

By Our Financial Staff 

THE HOLDING company for tbe 
Peugeot-Citroen group reports 
first half 1978 profils of 
FFr 2(H.Sm fSSO.Tfim) after tax. 

compared to FFr 54m a year account 

- If it. materialises a bid. fri 
LOG would easily be Nnf-Ned 1 
largest venture into ihe 85 ; 

Insurance market, said Mi 
van der Meulen. The.acqnlg; '' 
tion of holdings in four othe 1 . r fj . <■ 
insurance companies over th fiiiFU ■ ■ [ 1 \ *. 
past four years' has ensf . th'-jU- 1 *- 
Dutch company ofily $138m, jj 

Nat-Ned considers Jhaf ;ai 
offer of $50 per. share Tor LOI '-’. 
is “not so. cranv* 1 wfien-W 
management, reputation an< 
goodwill of LOG are taken -Jii^ 



earlier. The latest results are 
apparently inflated by extra divi- 
dend payments. 

accounting prinrinles apDliM 
bv insurance companies-' tpw ' 
to 'mean that, their shares ,'ar. 

' — , . . .. year the Peugeot-Citroen ) underi’alued by their, ‘stod: 

rh^ V ri l nu flast £ Ve trkC * m ? HIDROELELTRICA ESPANOLA. a S , a whole returned net profits) exchange quotation, Mr. Aral 
the FI -DM exchange rate has is raising $S0iu for Iff years with of FFr I25bn < der Meulen satd/ r '-' 0 ' 

recovered noticeably., moving four years' grace on-x spread oi r~ 1 — : — — — ; — . — — : — — — ; ,7 

recovered noticeably., moving four years* grace on-a spread ol 
from FI 109.0 last Thursday to j per cent throughout.-. These 
FI 10S.0 at the close yesterday terms are the finest obtained by 
afternoon following the dramauc 3 Spanish utility in the current 
rally in the dollar. cycle. Joint lead managers are 

Weekly net asset value 

rauy in me aouar. cvcle. Joint lead managers are __ r ■ ,v. r" 

The recovery by the dollar Banco Espanol dc' CredUo and f ^ on October 30th. 1 97S . ' : -M ■. 

has removed the upwards pres- Manufacturers Hanover TnMt- ' ■ ■ ’ -.>>38^33 

sure on the DM which in turn Midland Bank is arranging a W — J Tokyo Pacific Holdings 2 

has freed the guilder from the SlS m loan for Privedna Banka ,, e moot • ' : - : v ' • • ' ^>2 

danger of falling through the Zagreb. The funds will support * If. , '■.*.■ -V f ' 

noor of the joint European ear- me contract being undertaken by T -..--'- 0 -*- ^ 

rency float, the- snake. All this Royal Bos Kallis . Westminster - Tokyo Pacific HoldingS (SeaboQirw^; i i^^| 

is clearly acting as a green light ymup in connecrion -’with the ■ 11 c 55334 '. :1 ' :- w . V 

to Dutch securities dealers. construction of the jugosiavenski " ■ ' : • 

Listed on the Amsterdam Stock Exchange -7 r “- v 

Information: Pleraon. HHdrini ft Pi anon N.V Hvr«ngncht214. Annterd; 

to Dutch securities dealers. construction of the jukosiavenski 
Market sentiment can also Naftovod oil pipeline. The 
take heart rrom the latest mgrur , [y D f t h e loan is cieht 
activity statistics which show yearSi wilh lhree years ' grace, and 
that bond market turnover. a sprea d of I per cem - 
excluding mortgage bank bonds. The Government-owned elec- 
rose by almost 30 per cent in tricitv utility fn Costa Rica. 1CI, 
October. Cash value bargains has mandated Libra Bank to 
slipped to under FI lbn in Sep- ,-aise $7om for 10 years. The 
tember. a decline of nearly a borrower is paying- a spread of 
quarter on August and well over \ per ccni for. the first lhre»* 
■50 per cent down on April, the years, rising to H per cent for 
best month so far this year. Ln thP following four; -and 1! per 
October activity was back up to cent for the remaining three. 

FI 1226bn. r 

5 * B 5» 

8 I “ i ! 

tf j . t 



PRICE INDEX 3110.7*24 10 78 AVERAGE YIELD JT.IO 7B 24.10.78 
DM Bond- 105 S5 P05i5 DM Bomb 6.472 6.474 

WL Bowl? S Mom 99 44 99 87 HFL Bond* & Nom 8.47S 8.3B2 

U.5. S S*-C Bond, 95 91 97 2V U 5. S Strt. Bondi 9.S39 9 277 

Cm .DoOx- Bond* 94 fc9 95 63 Can.. Do»»r Boodi 10.446 10.239 

Siemens data 
systems sales 

By Adrian Dicks 

BONN. Nuv. 1. I 
io deliver ihc first of its new 
range of large computers to 
customers wilhm the next three 
or four months, and claims in 
have prospective sales of at least 
30 unils currently under 

Releasing details of its new 
range in Munich, the West 
German electrical company also 
said that during the business 
year ended on September 30. 
orders for data and information 
systems ns a whole had risen by 
14 per cent »o UM 1.91m. 

The new Siemens range, which 
will ghe the German company 
for the first time a runmlute 
choice of computers of every 
size, inrludes two main fninilies. 
The com pa ny appears lo place 
the mutn emphasis on the 7700 
.Series, which it will build itself 
and sell in the first place io 
existing customers as a replace- 
inrni Tor older Siemens 

The second family is the 7HW 
designed and liuilt by Siemens' 
•Japanese partner. Fujitsu. The 
largest of these very big 
machine* will !»•_■ able to handle 
9m opera lions: a second. Sir mu ns 
>ees the Japanese computers as 
being aimed primarily ai 
replacement of older IBM 
machines, and hinted lhal il will 
be selling them in European 
markets Jl well below IBM’s 

W. C. Heraeus GmbH 

through its wholly owned subsidiary : 

Heraeus Incorporated 

has acquired 

The Dental Gold Corporation 

The undersigned initiated ttus transaction and acted as 
financial adviser in the negotiatjcu'is leading to its compteDonJ 


'^hot Kn 



This announcement appears as a matter of record only. 

%C{]Ji f<>rnj a 



US $12,000,000 

Medium Term Loan Facility 

guaranteed by 

Samsung Co. Limited Cheii Wool Textile Co.' Limited 

managed by 

J. Henry Schroder Wagg & Co. Limited 

provided by 

J. Henry Schroder Wagg & Co. Limited international Westminster Bank Limited 


Times Thursday November 2 1978 


ai^wT Vi 5 , ^ 


** Clu„„ 


)ta Motor Sales has 
despite turnover rise 

->l ; . 


TOYOTA Motor SaieS Cerapany, exchange 

l la ma +T GA^UflUge . A 4 kW MAI 

KATEi'/v t T Ll5hi, the mar{ie UDS anft>.o£. Japan’s totalled ".about Ylbn, 
NvJiV largest, jraotor, manufacturing company was, abte to re 

TOKYO, Nov. J. 

”zr *5.“ aoS ly duri " g 11,6 past te ''' 

H°w«er. Toyota believe, that 

*» «■»«!!• 3 '• ‘ U V 8T° U P» has had: its aftertax net impact to Y3bn by hedging exports win beg ! a to fall during 

profits reduced Jdr the six transactions. Foreign exchange the remainder of its 1978 bust- 


Ehrmai i- .. ,r '"-- W? with 1.35m vehicles * veariaarlior six-nioaui vuiuu aa «vu uiai me yen-aoiiar exchanee 

W*-Wir.. '^ 'Its saS tu^^ amouS to c ® n P ared With- tta? same period rate will average 1 do!br=yen 

n.i • ’ 'i. vi i K ranrovec amoumeo to of last -year, reaching a total of 190. 

This sip . . • r«*£ Y1.4bn up from -the - previous %ic ik sTnnrtc Tmmti -I-- , _ 

' C I Salts, however, were ap to both of Toyota ran. old in Booths is 610,000 units (a IS per 

it value and unit terms. The coin- u -°- , . . - v, , Jt!? t B de 5 , ! n ? from the figure for 

pany said 1.5m vehicles during T 0Y°t a $ domestic car sales the first half of the year). This 
the six-month' period Stmpared xose by a *itaUDOd *1 per cent estimate is based on the assump- 
■ i«> withS vSiclS*vear^li ^ [■ facias -.the rix^onlh period as Won that the yen-doiiar exchange 

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A P«Vp„r„,. 

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ty i’khr in, Pii 
f.r«n<iriiti, n . . 


1 *1 ■* 

forecasting a 
stic car sales 

»der of 1978 
WO units. Net 
whole fiscal 

losses' from 7 foreign., whosp . exports' : declined sub- Of Y25.2bn. 

1XKJ w*u:,! .j;;;;,; : 

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ran I>i>r v..„ ' / ' ! 

Of hoj.r 
Ton i 

Highlands and Lowlands in hid 


HIGHLANDS : AND Lowlands States . (1935). . Estates and Highlands and 

Berhad, . Malaysia's fourth Highlands and Lowlands said Lowlands itself. 

largest plantations ‘ group,. in that the talks had been initiated a joint statement issued on 

-TWat-W.-! . 

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* ‘*«o? - 'c 

v concerns— -The - Rubber Trust, capitals of the three companies Shanghai Keiantan announce 
T\ Amalgamated : Rubber Estates not already owned by Rubber that they have received an 
7 :ir and Shanghai Keiantan Rubber Trust. Amalgamated Rubber indication that cash offers may 

' ' " ' • •• be made by Highlands and 

!-, * Lowlands Berhad for ail of the 

■t x ’ i xw- • shares in the companies other 

■ - Israel Reinsurance up tftysssi mx? 



■“!':i.r,^THE ISRAEL Reinsurance Com- Net after-tax profit increased 

iiwwtv. it; ;.| t 

iwnunt. : 


»r in»-.>r:.i: 

n snraii ■ 

!XcSg»RCv i..: 
felt Tti’D.V:: 

The indicated offer prices per 

pany repons that its .premium by 70 per cent to almost S0.5ro ;asfollows: Rubber Trust 

rtdh.Jhi which permitted mwiii in gg M0: shanghai Keiantan 
■ equivalent of USS18m. A total of *e sum reserve 

, $6m. derived from ■ operations from $80,000 to $13-000 and an while these prices are in 
. abroad,, was transferred' to the increase in the bonus share alio- excess of present market values 
''Israeli insurance ■ comsanies, cation from 20 to 30 per cent they are. in the opinion of the 
'••which represented more than, additional to the unchanged cash directors, less than the cow- 
three times the 1976/7 figure: dividend of U per cenL panics' respective asset values. 



74 75 76 77 

74 75 76 77 

74 75 76 





.B-i-rl \ 

Vi! s tv 

This o tfraioiMUliiX il ndifafT no ngnr leanfl 7?or a «llci '<rtion pf an o/f«r 10 buy these ocuoliai. 
- bulappeanaaoiinUcro/ record only. 


Southern California Edison Company 

Common Stock 

(S8{3 par valuej 

Dean iVitterSeynoIdsIac. 


The First Boston Corporation 

Z K Hultan & Company Inc. 

Merrill Lynch White M kid Capital Markets Croup 

SadvMxyStMlSbielis DiU^diCo.Inc. 

flrevef&S^inmiert Goldman. Sachs & to Udder. Peabody It Co. Lazard FroresiCo. 

UhmanSX^Kuhnloeb UebXhoades.Harnblov-cr&C* Pauie, Webberjackson & Curtis 

SalomanBM^ Smith Barne y. Ha rri ? Vpboa<S Co. Harbors Mbaa Becker 
BCwanBchler.Wmcharrh Crn-dUVeedoa ZCo. ShearsoaHaydeaSUmalnc 

Atlantic Capita?* Basic Security Corporation Dmaa, Securities America Jnc. 

Kem^TsecuritiesOnporation TheNi kkeSeoarit iesCa. SemarcSecorltiesWernationat.lna 

r - Yamaichi International (America). Inc. 



OcsBwj^Jsa ' — . ^ 

Kidder. Peabody & Co. Lazard Freres & Co. 


wcr&Ca. Paine, Webber. Tacksanb Curtis 

Bateman Echkir- Hill lUcharos 

jVomura Securities International, Inc. 

nears start 

SINGAPORE'S Gold Exchange 
_ is to start operations on 
’ November 22. 

Gold Exchange of Singapore 
; Pie has announced that it 
' expects to be formally incor- 
! porated within a few days to 
. operate the market, while 

anolher company, Singapore 
’ Gold Clearing Pic, is to he 
Incur porated at ibe same lime 
i to run ua exchange clearing 

! The clearing house will 
i clear and guarantee all con- 
l tracts entered into by 
exchange members with each 
I other, excluding contracts by 

overseas associate members 
and members of the publie. 

The Issued share capital of 

the exchange will be held 

equally by the members and 
each member will subscribe to 
one fully paid share or 
S320.000 nominal value. 

All members will be Singa- 
pore incorporated companies 
with a paid-up and maintained 
share capital of at least 
SSlm. and all members wilt 
also be members of the clear- 
ing house. 

The exchange named initial 
broker members as G. and C. 
Bullion Pie, Holiday Culler 
Bath and Co. Pte. Ong Bullion 
Ptc. Sin Huai Rubber Com- 
pany (Pie) and URB Com- 
modities Pte. 

It named the live initial 
dealer members as DBS Trad- 
ing (Pie). New Court Merchant 
Bankers, OCBC Bullion. Over- 
seas UuiuD Bullion ami UOB 

The dealer members arc 
subsidiaries of four locally 
incorporaled commercial hanLs 
and a merchant banking asso- 
ciate of Ihe Rothschild group. 
Broker members are Bullion 
Trading associates of five local 
rubber broking concerns. 

The share capital of the 
clearing house will be SSlm 
held equally by Overseas 
Chinese Banking Corporation, 
United Overseas Bank, Over- 
seas Union Bank, Bank of Nova 
Scotia and Development Bank 
of Singapore. 

The entrance fee for over- 
seas associate members will be 
SS 10,009. 

Dealers and brokers will be 
allowed to deal with tbe 
public, hut ail trading on the 
Hour of the exchange will be 
conducted between brokers 
who will not be allowed to take 
positions on their own 

Lots will be in 130 ounces 
except for prompt delivery 
which will be in three kilo bar 
lots of 999.9 fineness. 

Delivery will be in gold 
certificates issued by approved 
issuers who will be the fine 
clearing house shareholders. 
Trading will be denominated 
in U.S. dollars and commis- 
sions will he charged at a Tale 
of USS20 per lot each way or 
half for day trades. 

Initial margins will be 1,000 
UA. dollars per lot. 


Advance at 
Island and 

By Wong Sulong 

ISLAND AND Peninsula, the 
Malaysian property, plantation 
and mining group, has turned 
in another set of impressive 
results, with half-year pre-tax 
profits rising by 20 per cent to 
12.2m ringgit (U^<2S5.7m).' 

The earnings increase was 
dominated by the' parent com- 
pany, which is involved in Ihe 
development of residential 
houses. Baoyanl demand for 
its booses pushed its pre-tax 
profits for the six months to 
September up nearly 400 per 
cent, from 1-2 id ringgit to 
4.7m ringgit. 

Tbe group's palm oil sub- 
sidiary'. Austral Enterprises 
Berhad, suffered a 34 per cent 
fall in profits to 2.6m ringgitt 
Like other oll-paim companies. 
Austral's output was hit by the 
drought, and production of both 
palm oil and kernels fell by an 
average of 26 per cent. 

Island and Peninsula’s min- 
ing subsidiary, Taiam Wines 
Berhad, reported a 23 per 
cent decline in tin outpnt, but 
as a result of (he much higher 
prices for the metal, its pre-tax 
profits rose 21 per cent to 
374,000 ringgit. 

The directors say that 
although similar profits, espec- 
ially from the housing sector, 
arc not expected in the second- 
half, they are confident that 
profits for the fall year should 
surpass last year’s record pre- 
tax level of l92!h ringgit 


DUE NOVEMBER 20, 1990 

Pursuant lo Section 3.05 of this 
Company’s Indenture dated as of 
November 20, 1975 under which the 
above Debentures were issued, notice 
is hereby given as follows: 

1. On October 19. 1978 the Board of 
Directors of the Company resolved to ' 
make a free distribution of shares of ; 
ite Common Stock to shareholders of 
record as of November 20. 1978 in , 
Japan (November 19 in New York 
Ciiyj. at the rale of 1 new share for 
each 10 shares held. 

2. Accordingly- ^ conversion price 
of iIil* Debentures will be adjusted 
effective immediately after such record 
data The conversion price in effect 
prior to such adjustment is Yen 5W3(l | 
per share of Common Stock, and (he 1 
adjusted conversion Jiricc will be Yen 
F44.40 per snare of Common Stock. | 
Mam»fafca. Bcciric indu-arial Co- Lid. 
by 'fhr Bant of Tokyo Trust Company as 

Nuvunibvr 2. MTS 


Toeing the line the Japanese 


THIS YEAR Japanese companies 
have been required to curb their 
natural reticence and compile 
consolidated earnings statements 
for the first time. An analysis 
of tbe results so far confirms 
that while the letter of the new 
law bas been observed, most 
companies have tried hard — and 
successfully— to ignore the 
spirit in which it was enacted. 

The majority of Japanese com- 
panies close their accounts for 
the year in March, aod the mid- 
icrm. to September, reporting 
season is now in full swing. 
Consolidated reports— except for 
a handful of companies which 
previously consolidated earnings 
to meet U.S. Securities and Ex- 
change Commission requirements 
— where the first-ever issued by 
most, and reflect h two-year 
.scramble It) lake advantage of 
the loopholes in the regulations, 
which do not require consolida- 
tion of associates held as to less 
than 50 per cent. The rules are 
not expected to bo tightened up 
for at least auoiher two years — 
to require equity method 
accounting for offshoots held 20 
per cent nr more. 

A survey by Nomura Research 
Institute, covering 26S com- 
panies listed on the First section 
of the Tokyo Stock Exchange, 
shows that more than half (145) 
chose to include only five or less 
oF their subsidiaries when put- 
ting together the consolidated 
statement. An additional 57 
added the results of 10 or less 
— for an overall average of five 
to six subsidiaries in the con- 
solidation — while it is estimated 
that the norma! Japanese com- 
pany averages about 20 

When a firm date for the new 
requirement was set. companies 
began quickly to shift shares 
held in subsidiaries which could 
prove a drain on overall earn- 
ings outside of the parent com- 
pany. Most often, it appears, 
the shares were taken up by 
other subsidiaries. Some of ihe 
largest Japanese companies, like 
Toyota Motor, have long kept 
holdings in other Toyota group 
companies below the 50 per cent 
level, making consolidation un- 
necessary under present rules. 

An example of how consolida- 
tion had little effect nn reporting 
its Nippon Kokan K.K.. Japan's 

second largest steelmaker and a 
leading shipbuilder. Its group in- 
cludes two of the largest of the 
medium-size steel producers, also 
listed on tbe First Section of the 
Tokyo First section. However, 
neither Tosbin Steel, owned 42 
per cent by the parent, nor 
Azuroa Steel, held 41.4 per cent 
appear in Nippon Kokan's con- 
solidated statement 
Perhaps more importantly, 
however, the consolidated state- 
ment has no bearing on a com- 
pany's tax treatment under 

only on paper— or. conversely, 
as means of avoiding the appear- 
ance of too much prosperity. To 
consolidate -subsidiaries— in tbe 
spirit of the regulations— would 
wreak havoc with earnings state- 
ments for some companies. 

The changes in earnings per- 
formance of the companies in the 
Nomura survey provided few 
surprises, although the increase 
in capital when the companies 
presented a consolidated state- 
ment was smaller than expected, 
reflecting more weakness in the 

An analysis of the Japanese companies which hare 
compiled consolidated earnings statements fur the 
iirst time under new national regulations indicaies 
that the spirit of the legislation has mostly been 
ignored. The regulations do not require consolidation 
of associate companies with a holding below 5!) per 
cent — a loophole unlikely to be removed for at least 
two years. Behind the apparent lack of enthusiasm 
lor consolidation lies a preference among Japanese 
executives for maintaining operations, sometimes 
unprofitably, in order to keep employees working 

present commercial law. For tax 
purposes, only the parent com- 
pany and individual subsidiary 
reports, separately, are required. 
Finance Ministry officials would 
like to change to a system of 
accounting for taxes on income 
as in the U.S.. but change is not 
foreseen in the near future. 

The reasons behind this 
apparent lack of enthusiasm for 
consolidation go to the root of 
the Japanese business ethos, and. 
understandably, the local tax 
system for Japanese corpora- 
tions. Despite tbe growing 
interest in Japanese companies 
by profit conscious European and 
U.S. investors. Japanese com- 
panies (with a few exceptions) 
have never placed much 
emphasis oo turning a net profit 
to impress shareholders. Execu- 
tives here still prefer to maintain 
operations, though sometimes 
unprofitably, in order to keep 
employees working. 

Many subsidiaries were created 
with little care as to their actual 
performance, but more to 
provide an outlet for employees, 
or in slow business periods to 
acquire a ready customer for 
parent company products — if 

subsidiaries than thought pre- 

The company which showed the 
greatest improvement in the 
March 31 year on a consolidated 
basis was Hitachi, tbe giant 
general electric machinery 
maker. On a consolidated basis 
its capital more than doubled. 
Net profit rose from a parent 
company basis of Y3i.4bn to a 
consolidated net of Y77.8bn. 

Takeda Chemical Industries saw 
more than a half increase in 
capital and a near doubting of 
net profit to Y'13.9bn from 
Y7J22bn on a parent basis. 
Nippon Oil showed a rise in net 
profit from Y’I4.7bn to Y26.6bn. 
Mitsubishi and Hitachi Sales 
were also highly ranked. 

Some of the worst perform- 
ances under consolidation were 
recorded by the irading houses, 
with the exception of the field 
leader Mitsubishi Corporation. 
C. Itoh and Company saw its 
net loss for the year rise 
geometrically to Y12.4bn from 
a loss of Y1.127bn on a parent- 
only basis. 

One or the most remarkable 
turnrounds was seen in (he 
operating profit of Keihin 

Kyuko. a private railway with a 
department store and other 
interests, which recovered to an 
operating profit t pre-tax • of 
Y2.35hn from a parent-only 
operating loss of Yl.OS'Jon. 
Mitsui Toatsu Kagaku showed 
an about-turn of parent operat- 
ing loss of YlUbn to a 
consolidated operating profit of 

What the consolidation re- 
vealed was. that in most cases 
the parent company results are 
still the most appropriate Train 
the analytical point of view. 
The problem which faces many 
companies, however. i.s that 
subsidiaries are more often 
than uui in even worst* con- 
dition. viewed from an equity 
ratio and profit siandooini. ihan 
the parent. This was behind 
mih'b of t he ‘-obsidian shedding 
whi-h vent on. 

Viewed overall, the 2^8 emir 

panies’ consol id., tin" stju-mentv 

showed an average increase of 
7S per cent in n-.-i iirufit and 27.3 
per ceni in operating, pre-tax 
profit, compared with the parent 
conipajiy totals. Capital increased 
only 7.5 per com. Sales were 
up 11.5 per cent over parent 
company basis results. 

The manufacturing sec I or. ISM 
companies, showed a net profit 
increase under consolidation of 
20.2 per cent, but the nun- 
manufacturing sector shower! a 
loss of 15.3 per cent profit ability. 

The biggsst gains in net profit 
were posted in the electronic 
makers group. Followed by ml 
companies, marine indusiri*-/. 
medical equipment and food 
sectors. The worst lossc-. r.o ,i 
consolidated bjsis were marker! 
by textile.*., non-ferrou' mt-lals. 
shipping firms and chennc.iK 

Sales were hoo-ted must under 
consolidation in the sector which 
includes private railways and 
which have huge holding in 
real eMaie. supermarket chains 
and department store i. so that 
they are kept uff iho parent's 
hooks. They gained 64.4 per cent 
under consolidation. Number 
two gamer in- sales was surpris- 
ingly. in the depressed shipbuild- 
ing sector. Eui this gain was 
due entirely to that of Mitsubishi 
Heavy Industry, which in turn 
benefited almost wholly from 
consolidation c.f it.s 'healthy 
Mitsubishi Motors unit 

.v , - '•< ,• - v,.- - " 

We offer numerous 

left * ' 

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>> ;<■ ;TV, I 


g a pkinQ 



: §|£P 

. 1*1. U * ' UU 




As one of the leading banks in Southwest Germany, Badische 
Kommunale Landesbank has the resources and flexibility to 
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After more than 60 years of refining our skills lo meet the 
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(with total assets of DM 16.4 billioni. As central oani- o: *55 
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New from Northern Rock 



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income without spending one penny of your 

New Northern Rock Monthly Income 
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And you earn extra income. because 
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Minimum investment is a lump sum of 
£2UUW fora minimum term of one year. 
Additional investments of £500 upwards 
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is required. 

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Send tlie coupon for full details. 




INCOMEAT 6.95°b 


£11.58 PER MONTH 


£28.96 PER MONTH 


£57.92 PER MONTH 

£15000 iKSKSSr*- 

£86.88 PER MONTH 

£30000 SffirfSftr 

£173.75 PER MONTH 


A Countrywide 
Building Society. 

f- »i-n»fcer ol ilw Mi-Uing 
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extend is '-O rn.fiirii 

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F*0 Hu* No I'AV'vf villi. 

Niv. cattle uuuu Tvne ME3 -i p i_.' 

New Issue 
November 2,1978 

Thisad vertisement appears 
as a mailer of record only 

Marudai Food Co., Ltd. cm® 

DM 50,000,000 

3 Vz% Deutsche Mark Convertible Bonds of 1978/1987 

Offering Price: 100 , J 

Inicrett: 3*1 % 0 . 0 .. payable annually on March 1 

Redemption: March t, 1387 at par 

Conversion Right: from February 1. 1979 into ordinary shares of Marudai Food Co., Ud. 

at a conversion price Ol DM 10.33 per share 

Listing: Frankfurt am Mam 

Deutsche Bank 


Banque PopulaireSuisse SA Luxembourg 

KJemwort, Benson 


Abu Dhabi Investment Company 
Amhold and S. Bieichroeder. Inc. 

Bank of America International 


The Bank of Tokyo {Holland) N.V. 

Banque Generate du Luxembourg SA 
Banque da Neidlize. Schlumberger, Mallet 

Bayerische Hypotheken-und 

Berliner Handels- und Frankfurter Bank 

Credit Commercial de France 

Credifanstalt-Bankve rein 
DB Finance (Hong Kong) Ltd. 

DG Bank 

European Banking Company 


Hambros Bank 


international Credit Alliance, Limited 
Hong Kong 
Kredietbank N.V. 

Lazard Frares et Cie 

Morgan Grenfell 4 Co. 


The Nikko Securities Co- (Europe) Ltd. 
Orion Bank 


Saitama International (Hong Kong) 

l Mini p; 

Skandinaviska Enskilda Banken 

Society Gdrrirafe 
Tokai Bank Nederland N.V. 

Veiband SchweizerrscHer Kantonalbankeil 
Wako Securities Company 


Wood Gundy Limited 

Algemene Bank Nederland N.V. 
Atlantic Capital 


Bank Julius Baer International 


Banque Bruxelles Lambert S.A. 
Banque de flndochino et de Sues 
Banque de Paris et des Pays -8 as 

Bayerische Landesbank 
Giro zent rale 

Blyfh Eastman Dillon & Co. 

|rii n .if-crd 1 1 •nulrd 

Credit Lyonnais 

Dai-lchi Kangyo Paribas Ltd. 
DBS-Daiwa Securities Internationa! 


Dresdncr Bank 


Robert Fleming A Co. 


Hill Samuel S Co. 


Istrtuto Bancario Sen Paolo di Torino 

Daiwa Europe N.V. 

Sumitomo Finance International 

Amsterdam -Rotterdam Bank N.V. 
Banca Commercial e Italian* 

Bank fur Gemeinwirtschaft 

X.f'Cr ]!«■’ -*h jtt 

Banque Franpatse du Commerce Exterieur 
Banque Nationals de Paris 
Banque Rothschild 
Bayerische Voreinsbank 


Credit Suisse First Boston 

L«- VI 

Daiwa Europe (Deutschland) GmbH 

Deutsche Girozentrale 
— Deutsche Kommunalbank — 

Euromob iliare S.p A. 

Groups merit des Banquiers Privtfs Geiwvois 

Industriebank von Japan (Deutschland) 

Kidder. Peabody International 


Kredietbank S.A. Luxembourgeoise w Kuwait Investment Company (SAK.) 

Lloyds Bank International Merrill Lynch International & Co. 


Morgan Stanley Internationa! 


Nomura Europe N.V 
Rothschild Bank AG 

Salomon Brothers Intern ati onal 

Smith Barney. Harris Upham & Co. 


Secrete Generate de Banque SA 
Trinkaus & Burkhardt 
Vereins- und West bank 

r“ ;•> 

S. G. WarLurg £ Co. Ltd. 

Nesbitt. Thomson 


Sal. Oppenheim Jr. & Cie. 

N. M. Rothschild & Sons 


J. Henry Schroder Wagg 4 Co. 

l< r..:ea 

Society Bancaire Barclays (Suisse) S.A. 
Swiss Bank Corporation (Overseas) 

i - ’«•! ' 

Union Bank ol Switzerland (Securities) 

J. Von lobe! 4 Co. 

Westdeutsdie Landesbank 

Yamaichi International (Europe) 


After a comparatively inactive 
morning, trading in yesterday's 
foreign exchange market became 
very confused, following new 
measures announced by the U-S- 
authorities to support the dollar. 
These included a full 1 per cent 
rise in the discount rate and the 
dollar was subsequently quoted 
sharply firmer against ail curren- 
cies. Some European centres were 
closed for a religious holiday and 
so a clearer picture of the full 
implications would not be seen 
until markets re-opened today. 
However this latest package- Is 
seen not only as carrying the 
psychological impact necessary to 
bolster the dollar, but is con- 
sidered to include enough concrete 
measures to justify any recovery 
On the other hand the rise in 
short term U.S. interest rates and 
Eurodollar deposit rates has 
increased the cost of carrying 
short term dollar positions to such 
an extent that the recovery could 
be described largely as one of a 
technical nature. 

Quotations were on a very wide 
spread, reflecting market' un- 
certainty and the dollar leapt to 
DM1.H70O against the D-mark 
before closing slightly off the top 
at DM 1-S550 compared with Tues- 
day’s close of DM1.7350. Similarly 
the Swiss franc slumped to 
SwFr L6000 before recovering at 
ihe dose to SwFr 1.5850, still well 
down from the previous dose of 
SwFr 1.4973. The Italian lira was 
quoted at L820 before finishing at 
L816£ against L791. and the 
Japanese yen saw a low point of 
Y192 before dostna at Y1S5 from 
Y179.1. Using Morgan Guaranty 
figures at aoqn In New- York, the 
dollar's trade weighted average 
depreciation narrowed to 11.0 per 
cent from Tuesday’s level of 13 2 
per cent. 

Sterling opened at S2.OflfiO-2.O0SO, 
its best level of the day and a 
firmer undertone in the thrfior 
pushed the rate down to $2.0550 
by early afternoon. Trading then 
became confused and erratic with 
dealers quoting 2 cent spreads 
on occasion. 

Initial reaction to the U.S. 
announcement saw sterling at 
31.9500, Us worst level, and this 
prompted some support by the 
Bank of England. The dollar 
finished below its best levels and 
sterling closed at $2.0 1.10-2.0250, 
fall of 5j cents from Tuesday’s 
close. The pound's fall against the 
dollar appeared to be less pro- 

nounced than other major cur- 
rencies and it finished sharply 
firmer against the D-rhark at 
DM 3.7350 compared with 3.8400 
previously. Using Bank o£ Eng- 
land figures however, the pound's 
trade weighted index fell 'to- 82.3 
from 63 A having stood at -.62.8 
at noon and tn early dealings. 

FRANKFURT— To say that trad- 
ing was chaotic would appear to 
be something of a euphemism, 
after the U.S. authorities’ dollar 
support package' was announced. 
At the fixing the dollar stood at 
DM 1.7735 compared with DM 
1.7387 on Tuesday. At the- fixing 
the Bundesbank bought nearly 
S6ra which helped the dollar, in 
the light of many closures in 
Europe due to a public holiday. 
Later in the day trading became 
very confused and very wide 
spreads were quoted .with the 
D-mark around DM 1.8400. " 

ZURICH — Trading - was initially 
very active with the dollar . show- 
ing sharp gains. News, of further! 
measures to support the: -dollar 
came as something of a. surprise 
as regards the timing of such a 
move and the primary impact was 
substantial- The S wiss franc was 
quoted a l SwFr 1.5775-1.5875, up 
from SwFr 1-5380--L5410 just 
before the news and DM L8350- 
1.8450 from DM 1.7870-1 .7800 in 
terms of the D-mark. The 
Japanese yen jumped to YT85-187 
against Y18Q.4-180.G. • "* 

AMSTERDAM — The fixing level 
of FI 1.9170 was up from Tues- 
day's level of FI 1.8735. Tn later 
trading the dollar improved 
strongly to FI 2:0400 -after 
measures announced . by the US 
authorities to support the dollar. 
TOKYO— The dollar staged a 
strong recovery against the Japa- 
nese yen to close at Y17&80 com- 
pared with Tuesday's'record low 
of Yl 76.075. Demand for the TJ.S. 
currency was generally good 
throughout on rumours that 
-President Carter may- Implement 
further measures to counter infla- 
tion. There also seemed to be 
some benefit derived from higher 
interest rates in the US. with 
Chase Manhattan leading:- tbe way 
to 10} per cent prime -rates. In 
early trading the dollar was as 
low as Y177.40 but buying soon 
pushed it up to a high of Y17&85. 
Trading was fairly heavy, with, 
spot turnover at $555nC forward 
dealings at 3169m, and- swap trad- 
ing accounting for $492m. 


Currency, Money and Gold Markets 

Dollar firms in 
confused trading 

So*. I 






U.S. s 
Belgium F 
Danish K.. 
D-AIaiHk ..... 
Part. K»c. 
Span. Fee. 

Fnenijli Fr. 

Austria Sdij 
Swiss Fr. 

9i a ;i.flHHW.06BO 
fils! fl.9M.07 
B I 66.2058-00 
3.61-3 Jfi 

1139^0-143 00 

9. 77-9. SB 

J2.0160-2 -0250 
90-00-31 .W 
142 .00-143 -00 
370-380 . 
26.9 O- 27.20 

Belgian rale w for convertible francs. 
Financial franc 8I.43-6L35. 


Une macth 1 Spau - 


0.40-0-30 o.pmj 2-08: 
0.B5-0-M'--pioi - 243 
lc.j<n>-i« J LJB 
16-6 : 2-08*' 
e:-a; w.' •iis ( — 8-48 
3-2|dvm. i'^® s 

JB-170 ir. du *-10.81 
180-288 c. <ils 19-37 

S£-&t lire.dia J— 3-* 

14-3* ore ilia I — 3.61 

Si - H c, pm j 3-86 
par-2 rrodis — 0-70 
S.46-2,96 y pm | 10.24 

12-2 ons pm i 5.11 

Si-2i c- pm i TO-55 

1 . 8 ?, 3.1 
1*3=26 c.prii 2.9 
|40ffic-pra I 2.2 
|lBi-17jar«dlf.' — B.I 
g-e vt pm 5.1 
■200-360 e. di* j — IZ-- 
15511-660 -c. dm 16 
112-16 lire ills U 5.: 
jl -8 -or* Ala ) — 3 J 
®-7e-pfn .r BJ 
ltonrpin-4 Ais|—0d 
WAS-S-W ypnii 8J 

ffiS.16 ero pm l L> 

'HJi-Si c, pm U 

Six-month forward doUar l.JS-LlSc' 
13-monih ISO-S.SDc pm. 

the dollar SPOT 

■member 1 




Belgian Fr 
Danish Kr 
Port Esc 
Span. Pta 


Nmsn. Kr 
French Kr 
Sircdtsb Kr 

Austria Scb 
Swiss Fr 






43.90- 44-80 

67.90- 68-20 





85. 92-86- (H 













IJU10IdH08 1-59001.6000 
corns per Canadian S. 


Dm month 

a. Threa mentis 

B.03-U.06C pm 

8-154U&C pm 
par-5c 4b 

0.9t-0-91pf pm 

U0120C dls 

2,85-3. 60rir«J»s 
1.90-2. 40oredis 

0400.40c pnr - 


1-35-1. 25» pm 
3.7SJ.75srn pm 
1.27-L22c pm 



— OJH 


0-27-ujic pm - 


3cdls4c pm _ 
U09-25medis - 
'3.30333pm pm T 
135-5flSc<Jb rl 
290320 -3 

5.B0£-®orotK» - 
L9W170C pm ^ 
OA0O.6OarctUs . ^ 
ZJS2-3.T2.S pm 
XE258.75nropm^ ’ 
4J04JSCPTO - .1 



Bank «f Monism 
November l Ensuml Guaranty 

Index changes 

. Special Enragi 
Octobers DrawftiB Unit/ 

RlBbW Autf 


Deuisdre Mark 

Guilder +I H 

French franc unaean. (Irak 

Lya U6U7 U48A 

Yuu I.. - 231367 2554* 

Yen ■■ ‘ +5Z-2 

Based on trade weighted chaoses from 
Washing Ion agreement December. 1ST1 
(Bank of Ensland index=UWi. 

Norwegian krone 6J9876 -6.HM 

Peseta 9LU54 9^02 

Swedish krona 530718 533M 

Swiss franc 23008 233® 


Nov. 1 




ArxenUiia Few, — 
AusrmliB Dili lur.... 


8J7.5 8«9^ 

3. 8010-3.80 SC 


n-'ifTiimi ............. 

TT:. ' i- 

38 68 39 68 

72.488- >4 a 26 

9.56 9. 66 

Hi 15-1* 66 
36 B7-S6 7 . 


■eiTriafiT ... 

' ^ 

1 rrt l fln HLM 

70.40-70 70 

__ ' 1 


. . 

1 Loxembouc; FMm- 



- 28 60-28 BO 

t - ""' 




Rate given for Argentina is tree rale. 

Rale for LuxcaboUrg on Ociohcr 31 sboold have been 30-38-56.79 ft). — ' 
T Certain rates nnavaUatilc because of sharp currefley Hnauinonf: 


>m. 1 

pi diii’i aied'iis. 


Jitiume Yen 

Frwrtcii Fra n v 

3vnw hnuu 

Uiiun tiumlei 

it-bMu Lara 

[ <.'sn«i* Dona 

8 1 f i«i F • 

riiunii ateriuix 



0.735 • 

! 075.0 







1.7. Ikiilar 




; 185.6 





■ k8.6V. 

Ueiitwiie Murk 




. 100.4 





U. 30 


t4|«iieae Yen IjXC 








4 587. 



rre«vli Franc 10 


a 2.361 




3, 735 















IhiP.-h li under 










liniiau Lira 1.000 




2 x 8.0 ■ 





1430 ■ 

■ 06 05 

L'aiUidiKU Donar 




' 159.4 




. 699.3 


il«-Cl«n Fraire ID' 









• 4.081- 



>..v, 1 


U->. UwllNI 



■'Him Franc 

Olnrtl Iclill.. .. 


ala BJ8 

9 9lj 

I tin V*** lb 4 in.' 


yij &ln 


8 <b 9)« 

11 '..jillj 


9J« 9tm 


9'4 9ifl 



11*4 an? 

05r 97a 

-I> lli> ilil lit 


n;. iz.; 

8&6 Bifl 

‘•uv icsr 


ii; w 12,:. 




Weal IR-rtnan 

Fieticd Krane l lUibii Lint 

Alien S 



a iV-0(« 

d-B 0 

7 7U 
7l ? n a 
Via -75a 
9i s 9i* 
it im 

20 25 
13 44 
1412 1512 

loij it ij 





It,’. lk,L 

n;s w.i,- 


-27(1- -T a 
-2'*— •« 

3 In 31* 
Ai 4li ' 
On 3 ri 

T0- loliou-my: nomiruJ raics wexv quoted for Lundon dollar crruflcaiee or dcDoslt: one month per cent; three monrhs li.40U.5o per cent: six xnonti 
11.70-11. si) per eeni. one year ILTO-ILSO per ccm. 

Lona-krm Eurodollar deposlis: T;»o yean luJ-11 per ccni; three years JOi-lOi per Cent: four years lOj-WI per cent; five yearn I0i-!O{ per ecni oomLnaJ closzu 
rales shon-icmi rales an.' call for sterling, U.S. dollars and Canadian dollars, tup-day caD for guilders and Swiss francs. Asian rales for dosing rates In Singapon 


U.S. discount rate 9 \ p.c. 

Intcresl rates rose sharply in 
New York following the increase 
of 1 per cenl to 9i per cent ht ihc 
Federal Reserve's discount rale, 
and other moves designed to 
bolster the dollar on the foreign 
exchange market- Several U.S. 
banks followed the lead oT Chase 
Manhattan in raisins their prime 
rales to HM per cenl from I 0 J pur 

The Federal Reserve in ter- 
med in early money market 
trading to add liquidity by way of 
overnight repurchase orders. The 
situation was also complicated b.v 
he fact that it was make-up day 
for U.S. banks, with Federal funds 
rising above 10 per cent. The Fed 
intervened at around the 10 per 
cent level, and rates declined lo 
nj-ai per corn before lunch, but 
market sources said that it re- 
mained impossible to predict the laritet rate for Fed funds. 

FRANKFURT— Oill money rose 
nuite sharply in ihe money 
market yesterday, rising to J.CI-3J! 
per cent from 1 .0-1.3 per cent as 
German banks began trading for 
the new month. The equally sharp 
decline over the previous two 

days, from a level of 2.1)0-3.01) per 
cent on Friday, was a reflection 
of excess liquidity at the end of 
October, as bunks easily fulfilled 
last month's minimum reserve re- 
quirements. One-month funds 
eased to 3.40-3.51) per cent from 
3.5-3.A5 per cent, while three- 
month and six-month were steady 
at 3.00-3.03 per cent and 3.9-1- 
4-00 per cent respectively. Twelve- 
month money was quoted at 4.10- 
4.20 per cent, compared with 4.13- 
4.20 per cent. 

The central bank council of 
the Bundesbank Mil) hold a Press 
conference followinu its mooting 
in Berlin today. This may not 
indicate any credit policy change, 
however, since moe Linus are held 
In Eh‘rlin only once a year, and 
a Press conference is usually held 
at that time. 

AMSTERDAM — -The latest fcsue 
of lS-ycar Government bonds 
attracted FI 600ni at a yield of 
b.:iS per cent. Lasr month a 10- 
yc ar bond issue attracted only 
Ft 250ra ut a coupon of 7J per 
cent The previous issue was 
priced at par, compared with 
100.8 this time. Call money rose 

to 9J per cent from 8] -9} per 
cent in the money market, while 
one-month was quoted at 9J-10; 
pcr.ceiit, against 9£-aoj per ccnL 
Three-month cased to DJ-10 per 
cent from I0-I0j per cent, and 
six-month funds rose to SJ-fl. 1 . per 
cent from 31- 91 pe r cent. 

MEXICO CITY— ' The central 
bank authorised increases inj 




Gold was sharply- weaker in th 
London bullion market yesterda 
as the Ui>. authorities announce 
□cw measures to support th 

LJ LU bUHpUil 4-iJ 

interest rates on some short-term ( dollar. The metal closed at 822 
deposits in Mexican pesos by as | $228, a fall of S15J. Its highei 
much as 4 per cent. Interest level was the opening of S23S 
ratesarc offered at different per- S2394 and the manikin flxir 
ccntaccs for individual and cor- 1 showed iittfe change at S23S.6 
po rate savers. U.S. dollar deposits' 
of 5100,000 for a minimum of one 

.w, 1 ! I3 uU 3L 

mbnth will cam corporations the 

same rate as in the Eurodollar — — : 

market to avoid the placing of ' <h ime 

l hose resources overseas. Any j •’>*>»*' - i 

excess liquidity at the end of this p'^;- ShIm 

year will bo siphoned off by the ijsfes !««:85 

centra) bank during the first half .>£U 6 -i 9 q, i.ctie.tre 

of next year. Ey arrangement Aiurnmoii hMujj.-.. [s 2 «io 
with the Bankers .Association the L . ibiis-im» -ij: i ]&. iso; 

excess wfil not more than 4 r'V'VT •' • ; 

per cent during the lasrquarter. jknigdrnuui.... sm cm WrM 

fh« rinrm*» fi: 117^1 |B^ 

and 'the excess during December 
will bo used as a deposit in the 
central bank, lo be returned 
gradually during the first half of 


Moderate assistance 

Bank »f England Minimum 
Lending Kale 10 per cent 
(since June, I97K) 

Dn.v-loday credit was expected 
in be in good .supply in |hc 
L.ondon mon<*y niurkei yesterday, 
but ihc authorities! gave mnder- 
Ole assistance to Ihe market by 
buying a moderate number of 

Treasury bills from the discount 
houses, and a small amount of 
local authority bills. 

Houses were faced with the 
unwinding of an earlier purchase 
and resale order of bills, but on 
Ihe olher hand they wore helped 
by small excess balances brought 
forward by the banks, a small 
excess of Government disburse- 

ments over revenue payments to 
tlie Exchequer, and a small 
decline in the mile circulation. 

Call money commanded 81-9 
per cent in the early pan, but 
fell to 3-5 J per cent at Ihe colsc. 

In the interbank market over- 
night loans opened at 9J-1Q per 
cent, and finished at 4-fi per cent. 


1(122 8 3> 

Xht doverclpii*...... 564 EB 

. (£52*61 

UM aunffienis 5B4-84 


i«oM Com- 


KxugrmiUL_. — S254436 lE243i-SSI 
(£1176-118* ::£l20-i2h 

IS66 68 

l. £51:52*: 
JC42 43* 
■s 100 115 

.Vrw-Sovprciun?...- XM-tw 

<(*il S.ircT,.|jrr,s SL4 t£ 

„ . -H37 -63, 

S3-1 Kngli*-......, .6607-111 

SIVKsuSt-.. < Itfl. 164 

Si- L al ;Ir- 5 ICE- 1 ] 1 


N't iv. 1 


I Omhalf 

1 nl 





Lrai 3 mui. 












I £Ugibt« ( 
Uaah 1 

I HUM , 

IllVIIlljlll.. .. 


4 10 


B 10 

•lav* iMicv- 












! - 1 

■1»V* »n.4 ilt. 


M . h 9 V b 


. - 

10i 4 



»Hl' III- U|l 1 1 . 

1 . .'n sv.'a 

10<B lLJfl 

1010 ir>i 


IC-l.IOie-IOl- lQ 

| 11 ■> llJIKlI i l\, 

1 n 1 1j 

ti--« uv 0 


U be lO'tl 

Z 1 >4 

i-,: • 

111 11 ||1 (111 1 j- 

ll*l ll‘B 

n, 1 ] . 

tU‘0 11 

11 11U 

l> ; » 



, Jill . 


tUiu- 1 l<lq 

ii<h 1134 


11 V. l-'i 


1 1>S 1 i*i 



- — 

H * 

i Ill- 

i lira ll*t 

lu: a in- 

U<D Haa 




«•' nn" .. . 





Trad-ms after the afternoon fixins 
or $227 50 proved to be alrnosi- 
non-exislent with a low fur Lh«! 
day of T-till which was quoted 
at the .hour Ion? afternoon itiunu. 

in Frankfurt the 12 '-kilo bar 
was fixed at DM 12.(105 ($220.22 
per . ounce) compared vt lift 
DM i 3, 63o - (S243JJ4) . previously. ’ 



Fnme Kale- 

b'laolni-l J Fed Fund* 

4blf>* i Treasury Buts lUwrti 
Trvisory Bias: C0wtv6i 


Desruunt Rale . 

| *>». rniubt- 

i (iiw mueiti 

Thro* manibc 

; SU oumjlrv ... 

ra(i.« utuiiinull, Uinw ji'urs k' r.'J tn-r «vui. luut tit-tf’ uvr crni: Uv 

a(i. buylnx rai,-s lur uriiiu- Hap,. - “ 

Auuriislinu:,.' •H.tlmx ratex lur 

- — .• •*«* »*•••• *•»•• tvjrii i**. u ts<r rent Bant Ittir rates iu ,th, - 

r Jinvinv mi*- lur luur-niumn Lank bill? »; g*-r oni. four-momb jradu btda il( »-r cm •i!i fs 'Z^Sr to — - 

•inv-utuniJi Tnanuy Uiils 8 U.k >-10 our <vnt: aud uvo-mnnih 103«, o^r evot. Uir;r otMttH ib‘i» I 

at^ ijr un,- ingnili b.infc bills p et tvn«: t**-o-tnonU) tf'-ia ifl; ncr M*tu. and ibrnsawtith • , am " 


IDkvauni H 
Li tv ITT Bit > ■’ 

'•im ainntb . ... 

TUr-T ajonitn ... L., 

in-asurr opt wnu aun tuo-munPi por mi; itirrc-mawh 10-| 6 | 

KT. . Api,rM ‘'" , . aU r a,, ‘ jor um-inundi b.infc bills IOj-IKm prr win; nro-monib lO'-ia-ur; nor c**u. and sfenw-samh * 

jhi.u, iiu i.'i ,..w, ui>‘ .intiiiih »rjd.. mu* n i>t ccm: iwo-moiuli ii; pit o.m: aou aw» iiirre-mon'b it* enu : JAPAN . 

"tL “*5 „ Ra,w 'coWlsbKl bv the r m^iu-r IIuun Aasodatmn , in w; .«*nt from Nmumbvr I $675. Oearttnt Bart. pis. •.,«*«* Rare 

wn ‘- c,caHnfl 

i . \ - t. :•> 

92123 . 


3 . 








Si fe?: - 



3»i «u+. • 

2 jur 

,t . 


ore > . 



:.i' 1^- 
'■« ;r : ■- 



aT; ft?; : INVESTMENT DOLLAR - .--They added. that the moves 

ius, f-ij ’• ' . PREMllJJH. -.>-■■ ,■ .'. ' r: seemed to be an effort to con- 

!?•:.-•• $100: to £1— M%-<W3%)' - .dense what wcralct.have happened 

,.J . ';>■ Effective S2JBW tt{% t3to%). over several .months into a few 

;■- -m: Ci 1 tough ui 

L ! , support the dollar , pidled Well “ - rates - ** now beia& 
:.: Street out of itsrecent.steep- slide approached- ■■.-,• 

•+; '1 and sent it Botimifai^ aiiead yes- The U.S. actions were welcome 

*■■ sj. ; ■:*!?;■!. tertfay in a very large turnover' n etts on WaH Street which had 

" to -register, its sharpest one-day seen, stock priced .plummet in 

kk . gain on record. V: recent weeks. The D^J Industrials 

..-W . Hie Dow ; Joses : industrial Jndex bad ftilen more then 104 

~~ i~ Average; down ^9 points the points since mid-October and 115 

P r «vious day. sbbt : taiead 35^4 to polnis sinoe hitting a -high for 
“HRQ *->827.72. $urpa£jng.-tfie- previous" theyearin eariy SestfWQber, 

record day’s advance, of S2.93; The market’s. raUy during the 

actneved on August^/ 1971: The spring and summer were based 
— _> *** NYSE Adi Common Index climbed On the assumption lbat interest 

Sm S*T>v ' «43 t» $53 JS,. Avhae rises out-, rates and inflation would peak by 
jSSfe paced losses jhy . 71^06 / to 241.' the ;end of. the year. It fell 
_fS ^2^-. Turnover ' expanded ’to ' 50 . 45 m Pbar 5 dy from;. September - when 
'em In nharac fmm -toastm' - taose- assumodons proved faulty. 

saewL . x 

General Public Utilities ; io 517' Papers 141 to 147.27 and Dank*: nippon Pharmaceutical Y50 to F! 23.20. AKZO at FI 29.30. against 

and Soutem J to $14!. However, 1.21 to 292.117. However, the Golds YGSU. nnnda Motors YlO to Y47tl F! 27.70 and JCLM at FI 103.00 

Atlantic City Electric: '.slipped ’ io index Tell Sft.fl further to 1.36S.2 and MafewAIta Electric Y5 to against FI 124.50. 

RIO* I r. vnr TNr. r-r»ct a »r tVic* AmdPrnnnl 

mi. 1 ^ ■ 

Gold shares, however, retreat .-tl 
on lower Bullion prices. Dome 
aNnes lost 3J to $711. Homestake 
Mining 24 to $33}. and ASA 21 to 

on weaker Bullion indications. 


After Tuesday's reaction, the firmer, adding Y23 at Y903. 
market showed some initial Arabian Oil put on Y59 

and Casio were also notably Bourse Industrial index harden- 

ing 0.6 to 81 2. 

Gains of between FI 2 and FI 4 

Bonivi Motor, which could he improvement, hut subsequently Y1.700, Asahi Diamond Industry were recorded in ABN, Heinekcn, 

fTanf.iJ L.. _ _4 t .ia Ho/ilinorl in Knu'h u<irh i m^ineilv r.s VUOll ATnnijfn* lTiuul V4Q rn HU1 A k’V ftniTac nnrl VMT*’. hllf 

THE AMERICAN S if" Market Value lalc liquidations in export- to Y270. Koa Fire and Marine In- 
Index jumped a record 6G7 to orientated issues. su ranee Y44 to X366 and Fuji Oil 

143.42 on heavy turnover of 77m ^ Nikkel-Dow Jones Average Y30 to Y960. 

^r eS i6.71fli)/ The 11 previous M |g more at 5572,42 and 

one-day gain Tor the index, intro- lj ? c bE index was l.i< Iow;er Germany 
duced in September. 1073. was ? l 43 ®- 41 -. Business was quite V,CI 3 

3.35 set on September 8 Lhis year, heavy, with around 440m shares Depressed by the overnight FI 2S0 

to Y270, Koa Fire and Marine In- Dagblad Unie and Elsevier were 
su ranee Y44 to Y366 and Fuji Oil requoted ahead of a further 
Y30 to Y960. announcement on a possible 

merger. Dagblad Unie was quoted 
fn-monv ar F1 270 bid, FI 15 up on last 

UentlaUj' Friday's close, and Elsevier at 

Inrhialrulb*. B27.7B 732.45 81 1.35- B06.05- 821.12 830.21- ^07.74 

; 742.12 | 

1051 .70 


: ! 1 l8(9i 

06.67, 86.70' 86.89' 87.24' 87.24 8 7.51 30JS 

1 i . ; i i4iii 


711/1/731 i 


bl'nic tftvl-'j 

■ lilt) 



C ram- ion... 

213.05,208.71 213J)4 212.25’ 217.52,221.81: I61A8 



, | ! 1 ! 




ttiilties 1 

9B.SBI 97.53! 98.07, 98.97' 100.47, 101^ 110.88 




rniilinc vin» 

1 ! j ; | Wi ‘ 

(5 MO) 


-HWM j 

60.450 42,880 59.480, 40.550: 31.980! 51.580, — 

1 • ! ' i l 




* (Use <tl Index rlmepcd from Au-;. 24 #0(1' 

v'% high 851.69 low 805.6E 

Inil. dir, yielJ 1 

to Ft 290 offered 

- s'*. **5.3*. the estabUshmeht- of a supple- - TMgital EqninmofJMg to S4D5 and 
s - -- mentary . - reserve -requmemajt Data-Termlnal-Systems 571' to *358. 
•SAm c increases .: to ."'.its' swap' 'rHpneyweli, which -was reported 

‘-y . -- ;^7Aarr3ngem«tsr - -- to ''-have 'said that its fourth-quar- 

2^ ‘ Tbe Fed also- signaOetf jester- ter prospects lok very- good, ad- 

""Nday that it had raised sharply its vancedSH to $63®, while American 
i^VvJrsHENCY target rate on Federal Funds.- ' Telephone rose'$U to $618. $lf to 

— __ ' RAW Economists said tbe' dollar. *49J and. Smlthkllne *S to ?S8i ex- 

j6 t»r - ;i support plan represented a baeie dividend, 

b.^ i shift in U.S. economic . policy that Eveii Utilities, which stand to 
£=57 " — - — — should reduce tbe rtpid 7 growth suffer from higher interest rates. 

Resorts Internationa] - A," the ,radcd » asainot ,he P rev,ou> day S weakness on Wall .Street, stocks against FI 2SQ on Friday, 

most active stock, snorted 3S to 3,i ' Dm ' on the Frankfurt exchange mainly State Loans firmed, with the i •-*,»» photir 

$38J, while Housioo Oil and Vehicles. Cameras and Elecrri- lost ground in light trading. FI 600m 8t percent 15-year State j sTAHDABD and fooks 
M inerals rose II lo S162 Anidaiil cals closed generally lower on Brokers said a slight improve- Loan up FI 0.4D above the issue 

5! to $44* Crutcher Resources expectations ibai the strength of meat in the Domestic Bond market price at FI 10120. 

2i to $128 and Svntcx 23 to $12. ^ . yen wou,d affect Lheir export yesterday and the firmer dollar 

profits. failed to make any impact on the Jfihsnn^hlirP 

A jnri J rt Toyota Motor Sales, which re- mar ker. However, most shares ^ 

2i to $128 afid Syntcx 22 to $12- 


0>:t. Otft. 
26 ! 25 

Oct. 13 j '(Ymr a^o appmi 
5.29 j il49 

bince Cornpil&ta 
I Uu-b j Daw 

Toyota Motor Sales, which re- marker. However, most shares 
ported a 5 per cent fall in first- t jjd manage to close above lheir 

...d manage to close above lheir Gold shares weakened acrossl 

Responding strongly to the Wall half profits, declined Yfi to Y670. j omS f or the day. the board, with some sharp losses p Lom i^ lte 

Street trend. Canadian markets Kakcn Chemical were down j|, e Commerzbank index was recorded, reflecting the lower 

surged forw-ard in an active busi- sharply by Y400 to Y1.70U. while un avaiTaWe yesterday due to the tre n d in the Bullion price. Declines 

ness. The Toronto Composite Nippon Television Network re- im saints Day holiday which was ranged up to R420 in heavy- 

TnHov -idi-anuJ on r . - i non - i-.i vicn u VCTin . . j-. , . ...ninkf. 

; ltHiu»i-iW 107.76; 303.4C; 105.6T 104 JS 106^61 107.42 118.71 I 36-62 [ 1S4.64 i iM 
i t 1 1 j [U& I (P/ii j[ll/l/73; (30/6^) 

9S.85; 95.15; 95.06; M^9; 96.02' 97-51 106.98 1 BG.SMf 12b. 85 4.40 

tCnni|^ite I I ; ! 11219) I <6/3i ini/1/63) 1(1/6(32) 

January 1976. 

to Y2J!10. Nippon Chcmipare 





ei ton-.' 

. X ' ' 
eSA'i: “ 
»: - . 

*»' . . 
•»•** :« r .t- 



I'&i'of the money supply and the Ugh were mostly- higher. American 
inflation rate. ■ - '- : Electric Power put on .1 to $2lj. 

The Metals and Minerals index to Y1.1S0 Eisai \7(J to Y 1.280, Machines, wiiere Guetehnffnung- cents apiece in Uiin trading, re- 
rose a record 40.0 to 1.119.7. while Toyama Chemical \63to \840. shocne lost DM 1. Deutsche Bab- fleeting the fall in the free market 
Oils and Gas surged ahead 502 lo Mcilo Sangyn YS» to \8ifl , Talhei DM 3 SO. Linde DM 2.70 and price of the commodity. Coppers 
1.019.8, Utilities 2.23 lo 1SS.62. Dengyo Kaisha ^ -tO m \ 1..t0u. Dai- MAN DM 0.5O. were generally little tested 

c areas of ^eighlA jnui.fiv. vteM* 

Dusseldorf, Mining Financials were lower in 
implied. unison with gold producers, 
sector was Platinum issues sbed around 101 l4s bAn.i,vien< 
ptehnffnung- cents apiece in thin trading, re- 
utsche Bab- fleeting the f2li in the free market 

| Yunr ayo (itpprox.) 



».«; . 


W ”• 


W "V-T • ■■ 

..... . 

... - 

-X Lt 

%£ f/ftt 

[C'X&rj 7 


Ijnt 1 Krtir. Ort. 1 

t ry SUicfi: ” " $1 ’ 

:A«*us< L«hs— _ ' SS’t . 
A-l-lre»-uq;rBiJh - _. 23Jg ZO&s 
A “uw Hie t-Cw ■ o77j '565* 

eiwl •Atrpiwiiicik S7lf . E4Sj 
AlnuiAInmlmrnn! 34 .. _ 325a 

Aii-«: 4&7 b 45 

’ A 1 1«.. [js.iiuiH.r..|- 156® . 14M" 

'■'s^AiiwIiriiv ftisrH 17' 16 Tb 
AlliiM Clinnic* .[ 317g ' 50bg 

Allleii Slow... '..if 23 • 

AUi*. Ciwlixitrr Z9Ta . . 283e 

A Wax I 44*8 431b 

^^Aniemcla Him j *54* 23 T b 

.Aium. AJrhrie>...l . lEfg - 121* 

- Ampr. Hmoilk 505s 47.4* 

vAmer.BruaiUa*!.. s7U 46 14 

Amer-tan 36 36 

A mer. Cvanioiki ZB £4 is 
A iner. biii,Tci..j 2Si« t45s 
Ajner. E1c*uPdw; 21Js. : 21ie 
Anier. . Ei-itreu.'- 52s* ' 3 tig 

.Aiiier,U-'<iii*Prikr J-85* 27 <b 

Anier. MeillOBl...; ZOTg . 1&I* 

Amer. 5 Jb 5 ... 

UVniiiui llta-r.....| 57 
L'PO Infr'ni’llMMfi 45S 
- £7i 

Hiuctm- XatL.^..| a 51 

i. fi.wji/frirr.-ftirl.f -32? 

lAinimiB-'KBxniAj 31 
t-artiii AVagbl a.; 14 

Ainer. N«i. 30ia 
Amfr. Slitiblnrrl .1 43l«. 

Amer, efurp 1 — 311*»?i. *'l«*-.. 613 b 

AiiikuIi • 30. - 

Am 17 Sb 

^AJIH ! 321* 

A«iiet \ i?sa 

AuJiur H'-'innt!.' 267# 

.VilieuMj liu«cb.| . S£ib. 

Arraon .1. 19 

.A.S.A. J 253e 

.V-Hinprri l.h 1 ]9l| . 

141 * Omu.-. 277 B 2714 

167b l*»r1 Iniii-inp-:. 387a S7S* 

30ba . Dveip a3i a ,307 b 

££i* Uei Mom* 39-s 1 39 

2830. Ueit-xw 9lg... 85 b 

4312 Uentoply Inter... lOU. 1540 
23 7 b . LietiQli UdiMio..- .. 143* I4»* 

12U J>*Bri»*v1 : .hiuHrk : 88*4 - 1 SOSa 

47ii • Dido phone 14>4 12 '8 

46'u DtuUAiiMtuli.' 493* .46a« 

36 Disney iWiiltV 3810 3630 

£4i s i1ova bprnb._iU 4||4 411^ 

£45n Cbtmlaii-.. £81* 26 Jb 

au. Imipn .... -B63» ; £630 

Him ; .40ig . 39la 

27-Ir lAupont : IJWtb 120 

iau "• kaRie Kitehe*— 21a* 81 

5 , . Km Airibie^,, 9 ^b 87b 

391™ ft-imnn Koi«1i j 60®* B6 
01^ tBirai 7 o7>- ..'36*2 

ftOia JB. G.Jt G- 27S* l -66* 

275b . bi CAmi Nut. Cxni. ' 15 I '143s 

16L&. *1. tint 4 i.‘. ...... 263* 1 26 

315g KnieiatHi bite -I ni .3458 1 J^ 3 *' 
1150 dmervAirkr'ictn 2U3* £1 _ 

£6lg KmtottT ............ 44 i- 3830 

B2U t.MZr. 3 . ’ 4 

Id* 27 j 25ig 

281* r.Miuiik-J iS's • 243* 

-13 iuiiy — ai 1 b : toss 

• a in -49?* ! 48 

407* ’Tmu-Jiurt CiiineiTi! 293e I 27 

*oj!r BK.I. IJPiii.iini*.-: »41 s J a3 
FifetAnne Tire, .'.it . , 1 * hi-. 12 U 
. . - -V. . 26 1* . -26^4 

81lT f'.W*' 3 6*0 4: '3450 

£31!- .e.-MHuie ij- -27-i* \ 87A-- 

oji, r-nrWii t'c-nei.;. '3030 aOt* 

18^ I M1 a 1 351 * 

rULC'.;j. „. i 2566 f 

S7?" Atrd Metor„J.„.i] 41,> 40 

fareniQM.Mdt... - lBis [ 17S* 

|T 2 eox-tmu.^ ..33i« 33 

rrinkiln Hum .. 7Sa r 67 b 

305* i-reepdfi Jbruwi . K4S* , 23 ig 
16ta . Vonyatui...^..... ,89ia ■ 281* 
S0S» ruuurt Intis. -£=' 9 . 1 8V' 1 

’A oui-u , 14 1* ( 1310. 

Aobmnd 42 lS . 407b U.1HWJ 2930 

Am. Kk-iiite S3 1* 49»* f 2-7^1 - 

- _ J'i:::::— • &,$:& ig» 

Avon rt,«ncu,..:| '.&6 ■' J *** ~ 5*7":"^.^ 
ttaU.UHt.Ktwt.. I 241 Z -84<* 

_ _ ^BHitiittr 3*111110... | 20 ( 2 -f , 18la * our.......— I 44 3 

i Uiwii, AimTIrt, . . -iiS7 B ;■ 241 S . SHt. 

Itauketv Tr. N.YJ 34*e ■ 345 b 

ttar-ei '21J* 1 211* Ti?5 

■■ & T, ".r : i si:' I * 1 

Dt-vU-itfe rukl I 2468 , 24 rrthk.ln Hint .. : 7 Sb I 

— BeelanDirlrilliuxtj. 32ife ; .305* i-reepasi Jtinra .2450 , 

... im-ii A. HaaVt. — ... 17.. , 161* . k* 1 ® : 

m • 

64. Jnlius IfMiville..) 

48U Jnhnsim J.iiiiu-iii. 

S5J* - Johnson ('■■IHI..J 

25I4 J;«y>lminfMi , lui "al 

3230 K.'-Wal- L',il (•- J 

2191# 'K*i'‘erAlnniint‘ny 

13 KV.ivr Ii»liiptrii-J 

.. .- Ktuversiwi- ! 

2714 I 

S75* ksnwi'ii — ! 

507s Kerr Al'Tipe.... — ■ 

'39 K’iiMetV niter ! 

850, KJmtteily OtnU..; 

1630 Kojjpers ! 

145* Kraft 

SOSa Kmner t'o. 1 

127a Lesiwny TrHii-*...i 

463b Levi etntins j 

3630. Libbr Uw. Fonl.J 

4^4 , r- 

261b £dfi*f«t GiCTip._.| 

255fl Liny* Bill ; 

39ls - Uuon Indus*. ) 

20 LotkliMHl.Aiiu'ii- 

81. Lone Kur Lad un 

8 7 3 Long Uhmrt Ijrt.l 

66 I/iuittuiu IaikI .. 

3612 Luta-unl. 

LtK-ky -ill u». _... 

bE> L'kei'un^t-t-'wri]. 


5?“* ibvy k- « 

. JIUv Hannvcr ... 

tr* mhi».* , 

- ll*iratht«iUil 

,3 .“ 3fl Mann-. Muiltunl 

lint ‘1 in II Field... 

l. , -il..i. 50 '* 

Iji-t n..t,|. Mi.ii,'-,, : 43* 

llrs Mi.l't- II. J....I b7j* 
IlMi'n-n ,W|.in , l! 1 23 
I?ih-k ti«-jl I ru.'i ...f ili.'a 

U'-lilrl A Hint*. 1 3 4>* 

U- vul hiti. It | el 

If IK llifl 

l!tl»* If'iJ. j JO'-S 

If % ■■•-i- 01 1 lt-tii... 

Stir Any tt. >iv> .. -1 2 

■-•I. Joe Miiietnik. :'7ia 

•'i. IV.jtcr.. 29.'* 

•Sui ill 1 Ft- I11.I1.... *5 

.Soil Jine^l 51* 

*tav»n liid- 6 

-■i-ti/ix f Un.'H'ii 1 0 >* 

2'Lliliilnliei'— ei .... 90 

scat : 1870 

Sn.ll 14 5 4 

s>«.k 11 Alic ; 19'i 

>*u«lilci Din>.tH| ! 7U 





50 1. 

C| 5ln 

WiKi'.UiiH II 




< i* 

Vi*l 11V 



- * ■ J| 5 





■J 1 >2 




/.^it it It K-i'ilti 

1 ..-.I'rtilr.Ai.l:/.'.' 
1 s fn%t.a.; *7r t: 

1 -JS.i.. 1...1 

12 4 

•79 .A 

a 0. 





"Tit t. ■■lllHIII— 

'i.H'jvhih .. . 

19i* I 18 
2E 58 j -4 .■ 
ll.J I 11 


.V , ’iiil.| IVtlHd ‘ 165 

ijiiK.ii 1,'jip .. . a ■ 

.V l«si 11 tillin' mi 111 1 *9< 

\ l^.-uin Ki<.-.-l .. . iH" 

AkI'i-I- • 44' 

bull'll -l M.. Ill I’ll' 

l**nk Viivb mill i*i Z2 

r.n-11- l.'e-^iiatis*.... 2 & 

LV.i lri<-|i||i.iii. „• 611 
ll.iti \ Hlli-y lu.L.j 17 

IS I". < 'll ml. I : 171 

Cm* nil ! I6i 

Wav Uepl.*i 

.111 .\,_j 

Mi- Dehiii ill'. ' 

Mrivyineir iMiif' 

McGiwh Mill 

MenwR^.--. 1 

Ali'iiii — 

Wcnill ..... . 

M*>* PdiolenrnJ 

-UI.-M I 

Winn Wia-iMi-j 

M i)l in L'l'rp.;.- J 

IfulUdUtO. ..... 

Moiumd J. 1*. j 


llurpfay Uih. .j 

A Uhl »eo. J 


Sum K'n/i'iiek. | 21 20' 

aJJhj *-11 

■sin'll t.'ii. : 

“livll 'l'*Hti-l*nl... ,71 

"l^inil [ 45-s 42. 

■*ijm»l<. 1 hi | i.. . 1 o4ij ; Z 

.-■inji'iv-ii » CjiI ...: 85* B: 

-11.-.-1 ! 15 14 

Snulii Inter ' 4 o:. 3 40' 

-iiuHi Kline t6ti 7i.' 

**'.iili...|i 3l A 1 . £:■ 

-I* -nr Ii-i.ia ,1 i 51 I 50 

*— . il llt-l ti Il'hI. Til' 24ia | ^35 

-*i 'i ;t hem 1 1- 14'f 14 

i>:!it.. \«r. if. .... ill. . id 
• *s..i iliem IVvi'li . 27. 

.>iiiil»'riii:niiiiH\. 4E l 47 

?<.iiiii.Hii.|..._. . , 2S 

S' o 't BaiitiiHie.-.! k5l N 1 u5 

isitin lluU-'i.. . 16 Idi 

M-ii- little 4 2.= • 40 

.■SmiiiIJ-.- 48'* . 27 

SUmitati.i L.inti'l isoi* • 4£i 
’•itl.i.iiitHi'i <r:iut 44u 43* 

6IU. (.‘tl I'ltliriiH., ; 30 

Sid. Oii.oimv : i7:. ; ■ i4l 

sluttft Cbeicseal.. 4 2 is , 4Ji, 
Slvniuj 15 I. 14*. 

'Sluderaiiter. 1 &6*j J 54 j. 

ill -r 

Sir- : BeitnUi..... J5% >55^8 rdUK|u« lode^— . i AV .■>\atk»iia , C , iu 1 .^ *4 

BtinuiiVi'C.aiii *L*' 35* ; .'378.. . ... ... ... - - - • 

tS& ■ Bfiiweliein' sieei. 8U2 . • I97a 4 10 U i 10 X«t. Di«ilitr5ij...i 

agi' 4 Biaek K IJet-Lor.. 171* { 16U ftanqpti.*. 4. 43'* ; 416a- k#t. deivk-elii-l., 

y. : ' . - - ' Ht*»iu.: 64‘ 1 561*..' Oen4mer.Iov. J 10..: 97 b Awwimist^.-J 

I rto.-- -SAl. ' -0*7 'll'aTr * . f- .A. 9f . .1.. J 

a4 : U.tuiuaic.iu;.^ 15*= ..141- 

4W*M *=■ 

Hiwie.7,. "S.85* 

Kinli-n K7*fl 

Burs; Wiuiom ...... 29l 2 

Ti«.;.:.t... 131b 

Uibmui -A' i 14I B 

Un-un W i eif | 33aa 

HWUJni II.... 17!fl 

Bm-kAitv 881* 

. Urun-wiL-h 137a 

"Buuyru Kr»e..„.. 107 b 

BuIovh Walfb 65a 

Bnrlmnlnii Nibii. 3B&0 

Ftui rtrU^li t46fl 

C'4iin|ii«ilS.ii|...._ 341* 
CaUHtluiu Ifaeine. 19 *>b 
C anai aij 

CjiriMliui* ........ 287a 

— ’Chihl-i V Cenewi 11 

Cnierltiwiti .... 167* 
In ier*iit|«r Trail- 69 

- 1.8-5..' 5330 

.Ue'Hnwe t'wi-ti... 40 
^ am Ok'vrd ml Ar !>.1V • 15 
lmt*iiHi*ii... — 1870 

l e-jjia Air rail.. 37ta 

tt-Aj.x: 1 6i a 

y*w. k*»we — 15.1 b 

>eii. Darmrjicb- .691* . 
□ cn. biettripiL.. 505* 
lien. Ftaal. i2s 
iieuenO 31x11-' — .. 301 b 

lienemi AUHoth.. . c2J B 
Uwitfurcuriii^l ' l rig 

tHfu. *<i|*iiki. M ..;'. 271* 

it eu. Jerri{ied-„ 28sa 
Uen. Bns ty4ia 

u m io*x'.. . — — 430 
ueppini PKiib-^J .871* 

U«**n ih-e. 237* 

Daily Oil - ' 381* 

Kaitmmt ^ j 

-Ncu — 1 

A ej i line i n i / 1 j 

New btiiilHihl K..| 
New. EiijS'hih I'lel, 
Nlupant MiiIihu ki 

\ n^m8 ilime.... 

Ntwtii .Sal. LiiLr. ..{ 

Suurn^uo ,.... iai* 

rvnMsi 3U; 23i,. 

f "buirnhtr lOaj & ; 

it -.1 run i.t -2^3 391- 

Tv •I'.ue : .. 90« o4 

i fc 5 iff j 4 

I'lmw sbij • at*Jj 

ii-trtt r. ii- iiv i in 8ift 7j, i i * S*'e : 22 5 e 

jt'tH'ifii.i ilia ' >u j * 

'.rtl-Hls 1’llUvr.. | a6 

I. IITIIllliU .5*1 III-... I Ijl] 
• hilH lH * '■ iti. tll j 1248 

1 "inp. It Ml I Jill | 6-'| 

• Is? 

' Hiut'i.i I ii-iii -i... 

•.mi. I’Tii'ilie /27g 

i HI. Illflli,; I iiv.. '<2 

1 Nil. I <t|i . 61 

Intuit:* •»'KllIi-.| 4.25 

t'i-MHl S'* 

I'lllPIMlIt .1 19'j 

t .•iiiuj".-' 1 s3-: 

t mi inti lit ti-.-i .. ^5tj 

i . iti.' 

I .irk‘. I.V“,t||l.V* * =.12 
• •'lam Ills 

I Jit. *il l.'i-ttrl 12 >4 

Ii,'iiinrni Win— .J 72 

Lltiine A! iim i 83 

iiiiu.' IVr. ..i.'iiui .12!- 

IX'ltitlllult tfri'iLi SB-'* 

Hi "II ll hi t2-* 

I ' 1&'2 

rs'n-ii'st-.'ti.'kL-'. J47a 
Ten I W..I..V I'M.. 77 

'*L n -|H 1 ' J'3>! 

(•Hint Vvl'iiMiUf.' ill* 
t.ll'l • 'jl t It It ul» . A l 
dav. k*-i aul.i an. -8 

>l>..i:ii=fi 4Ui* 

Miniit.'iiii 'A' ; h1 

>:tfl:..|i till Mitf; £*5* 

r ftu] -Kit m.\ il 

Mu.l-"iiOilA <;,*< 4£?j* 

I.M t&: 8 

hum*. 35i* 

iinjfiwi ; if 1 7ft 

lint, ".v"- — BOia 

1 7 1,. ! i'll^ 
I6: b 1 16 
8 iu i : 3. jU 
; aBlg 
15>* 14‘»* 

1248 I 12 1*. 

15'a i 15', 

I.. ..ii bn •!>. I il-.. j i4a* i--3->lg 

SlIlD. ~*l»l**r »*W1'. 
At h went AiNmi'.l 
Slimes itaii.nrpj 
Amiijn .Hlliliill....[ 
L'-Ti.lvnlui IV i nil! 
0^i‘»y WMilier...; 
UIi in Kdivti I 

■ ll. n ’ 

Kituetu- — = [ 

Fouidtirt) b. K...J 
idyeu Urn.... [ 

J. 27 

i. K..J lbJ*. 

Cvrt«iiiti«<i._ I — I 187a 1 IBSft" 
l e-bJiH Air rail.. ■ 371* . 361c " 
Ciinutpluu Inter..! 211* • 203* 

CDH'V .ItHUUlUltUI Si- t 301* - 

Chemical Hir. XV. • 39 ‘ 384*; 

Cherd'reLi t'.inn. t3Jz . s:2 
Cbiatibi.vitetn... V 871*- - 27 ■ ■ 
Chi «uti Umt^e... .'.631a- - 63 • " 

Tbiwlw loin 10 

Ciut^ Wihv ion— 287a £61* 

CltKOrp ;... Jrt>3* 24 *fl 

On tec Service..... B33* 62 1* 

Cit\'lnvestin**.4 . 143b 1350 , 

Cleveland Cliff . £63* 26i* . 

IAulCoU. 4510 407a : 

CuigAtethuin...^. 177a • 171a. 
Culuufc Aikmaii.. ‘96a [ . "-Ola v 
UolninbuiUae — J 2650 I 26 "! 

Coiumlua 171 e j 147 b- 

- Coiu-IdkCoaiiAtu . 165g { iflle 
( iinibustion Sng. 36U . 336s_. 

CooihukUim Eq... 115a 106a ! 

59 I 651* . .U«iM 

5330 I 61 1* Urm* 

40 ; 39>* CrL.U.iim 1’iti-iea 

j 5 ■' |. 143b r Vi*.' "Noitd Iruu.. 

1 lfiaf.' Ureyhoiimi 

37u ■ -• l4 “'> x "e-tern.. 

HtiS ‘ vni® Dull Oh 

•: *2?; LhoiDurtoni. 

Liiuiiui M*ntu** u . 317a 
ilanii.'ijjlfcier. _ !&■* 

Hajrl-Corpu.__. 323* J, 37«" 

deutHsn^. ' 277b 

ilewiQ PfteupC.. 843*. 

Huhdav JnnK 19V* 

HuriiMtake. 33‘* 

Houet wen.Jj.'— . b35a 

LLka'W 107a; 

Uarp-Core. Amei . 28ifl 
UunibcSaUia iiDa 

LomPutUmi Kq...l 115a 1 106e 
Cm'tvUj EdltOu J 251*. h* 243* 
Co ram. Saterlite. 39|a J -37 7* 

■ . Coram. SaUxlite. 89C* -! --377a 
Coniyuterdciene. Ill* j 10 
Conu Lntltu...,^ 36tg ',343* 

• Course- “151*. * 151* 

Con IhUkv HX-_: • ^224*. J 227 8 

-LVjn>ui Fuod.i 33Ge j 23 J * 

I wwui NrtVtifc.. : ifl 14434. 
Conuomer Dowd .221* | 21»g 
Coauueiital tiry. 281^ | 2BI* 
CoauneataJ Oil- 2650 25Sa 
- IkxiMnentAl Tew 147g 147ft 

Control Bala .341 b 61 

Cooper 1o>laik.~.. 451* 44 

■ flu 1 -4«. Uwn’iwn KaUlin 

B6b : HunrtPir^Uwn 

?£J® HuUMillUj-. 

JZ 6 I.tilndtt»trlw^ 

1650 ifli* .iSA -j 

we. iSTS!: 

SK* id»isou..._ — .. . >lii|v ...1 
l-»U L'll* Ciltllllli 
tlWL'Ilr fUlU. -I-... . 

taL-tlli.- Ua- 

Kal'IHi; ld-hfii.j..: 
Fan t'ttf. \ 1.1=..; 
KaaAm'V..i i.\»! 
Parker HhuiiiIiii.' 
Benliorly' Ini' . ...| 

Pen. Pn..v I 

EYuuy J. I.' 


IVuuiei. Di »«■ 

Pooilltn.(..M, ' 

Pt^iuku - 

Perkin E liner. ... 



Phelps Undue 

PfaliudelpblH E'e. 

Philip Morris... .| 
Pbiiiipi. IVtm iu.: 

Pillrfxiry - 

Pitncy-Bciwes j 


Pleuey Ltd .U>U| 

Polaroid 1 

.16 >g 

233; I 22h 
iBi a > £8i* 
I960 - 191? 

C.Z • 2a. 1* 

3L'Sa 1 KOI .1 
191-2 I 19.V. 

73* 1 6<v 

£6 > 24)fa 

ic23a | 21i* 
197 E M 
335* 5 32 
2855 1 S7i* 

lOia'i 10 

325« 1 3i: e 
i7i0 ( i6>e 

UkU „_F 276.25[ 264.12 Powuuee Klt«..... 

urn. F«»otu>._4 227 B ; ailg PPti Indnetriw.. 
loti. Hftrvteterr.d; 3430 I' 3258 Procter Geniiiie.. 
Iniu MmiCbem! oB s * I'afiig Puu. Ser. Kiet-i... 

mr.. Mu mitral-.. 183a 18 Puimna : — ■ 

luco„;..-...T. ;--r 173* 16** Purc-c 

InU. Papet^u^l 42. .«■ ijnakesr Uat- 

mu. Pape*_t.^.l 42 . 

InU Ktrrnde* f 10.1* 

inUle.ATei-— ! 285 e 

lowaLieel... „..„J 361s 

IU luwnalloii»i..1 11%- 
Jin) Waner j 871* 

Puimna : 

Pure-* 1 

U Baker UjO> | 

Rapid Amerimn. 1 

KHVthtaou ■ 

KCA..._ : 

Hepult'll 7’leel — ' 
Kesorlslnti ! 

491a | . 4453 
!■* I 133* 
li75a 261ft 
t51* 821* 

2:1* kHz 
36ij£- r-4i* 

Hr 7 b 16 
223a Z2 
la 12 
471* 43 >b 

i7ia 2a7 B . 
23Ba 22S* 
585b 35 

Ji »tf. 1 11:1 82»1 i&l* 

it'Vt- 1 'll .V i-iH:... '.:7U a5-* 

I .-vi, l'e-,....' 135fl j 1C* 

1 lime liu- 43 I 42 

1 Hit'fY M;ri.«i ' SOU I 

Ti int L-n • t?5* 1 *»6>* 

l'nuie — .. 39ia '• 38‘r 

;6 :au 

1B<8 17 ‘a 

Intel iHt'ii . *>i'*- -al 

I mi ii- mi V I ill in.. £2'* 21*; tir.. 1& ' 16*; 

Int'.^i} 52 | o2 

I'nt.v'lliitvitlai... 13 1 175* 

• Irilimt.'ll .v li*» ; 41; 1 3/i 

Ui'W c*:-, ' a 9if 

JOliiLfiiiuiA If. Z91; 27I-, 

I ..V.ll aSJ... . oOl; 

L ilfUJ =3j; 357- 

l.i'H.. 191* *8'a 

l it tir I'd ’41/ 4 3' A 

t iiiirvri \V 6uin 61*t 

I'll kin tut nfi iip.. ;4?* ' i4a^ 

l Dion Car 'ini..... 56'-- s5l* 

lULt)il‘iui!i:i'ii.\; Bij - 

I ni.'U *.■■• U.i . al:*. , 49J; 

lumn IV. •iilf.... | ;5k : joxs 

l IIIU'JkB' I t5ft | 5\ 

UiiiUm Brun>l}....- 9U i 8 '* 

La Lta □ ury 2764 J 27 ljt 

La Otftiuu ; 27ae . 25 

I'nMtue. - : zSi-s , 221* 

Lis site; ; 243a 1 -3*e 

t-.n TetdiiKthftihfn.' 40lft [ 373* 

l V ImiuiUiC- J7'a . 17 i* 

Virginia Elect....; I*** ! 1** 

Walgreen £6 *b ’ 24Ss 

Wanier^kiminn..- 413* . 40 
Warner- Lamlterl .' 255® I SBIft 
WH-.te-.Wrtu'nient; 25 j k3>« 

lVeilr-Far*!M 1 2Blz | 27Jft 

Wotrni liauiurti /43* 1 z41* 
Wet-iem S. A urea 223* 215* 

Wfetiem l iiHtn... *63£ : 15'r 
IVHinjL 1 t* Elw. 175j ! J 6(-0 

IV tenet £51* t s4Jb 

ttejertiaetiMfr ... ! 273fl i63« 

\Vh1r>i»ni ; £lii* j ZL-* 

W 1, 11 l- L on. In- 1.. 1 186s *770 

WlllimiiCn.. 161ft ! 161* Elect.. £5<s 1 263s 

B '"• | i 14 - 

- lulnli.l «.i.i-. til 

fS-J im'i .1 Plpr l.ll.t l750 

5® ,, Kttl-cr I- 155« 

■4® Linn Km. Lfiu.. B 

*•“- idiitlav. I-Vtin. -It , 4.30 

Whh, I'm ...I 

38 l t 1|*.»*\ Ft?r=ii-"iii 1 1 !■ 

*03^ WfiniM* I re4.* 

l7‘£ llilHHl or !ft 

■Jl '•I"tiiiliii>t 'Mule Iff 2.75 

'..ti un i Mint — | i5'j 
1° ; '- »... iin.ii Kuvrn* .. ■ 15'-; 

f", '1.1. leiftiiii i6'2 

I'*- Niiiimi'i'iiA dm i4*ft 

i «l I'ei r- 'it, 4.iKi 

PH. H le t . |i|--i W 1.82 

E II' i Pifii I* - P'.'IoIl'ihu 401; 

l Vi.. i.7u. I'.-i ‘it. ;4 

O o^ : I'JIl'l iX'ft 

18 's Liei-t 4. j 5'a 

plrev ' .III. A Uf.! 1.05 

; PlHin.| l*e» *i<i|ni ■!> £6‘t 

40»; I 363; 

Pun rrCeritvia I’n, 18J& ; IS' 

Tint <5 i 23 

1 ,*111-1 W -Ulllte.tll' 1.41 ; 1.61 

llwiStt Uu I 14ts lot 

Ml”' -I, itlii-ii.v. It 11 

l.'l.t A If ‘lit | 3 05* 361 

IhtVNl BU. .4 Call 301* aa 

i:..y«tTnu.i I lfc7 a 18 

milit-HcHiunvl 61g O 

.’ra=ntn|. 30 281 

Shell LjuuuIh I i5lg 15 

sl.tniti G.Mme-J 8 i s 

n» l.i. (i : 3il| 371 

Silllp-uD j Tift C 9 

-u-v- -il i. ana, la.. | 275a 271 

■*ret>|, l<t*.'k Iron. i 3.6o 3.6 

LuSitCt.> Caimilu.-.l *t5 445 

LuninitiUtiin. Uk.j dfljg 211 
rnm-CauPipe Ln 181ft 175 

l nun- Mount Opt B7 tf 9 

Inn- *16ia »1 St 

L'niiiu (Ins | 11 | 101 

L lit sib,** Miner <3 73 

w Hiker Uirain £7 36t 

Wt*m Cm- 1 I rnn- 1 J 3* 1 ■ 5 

War lent lift' 187ft 183 

t Bid. T A*k«l t Traded. 

II New stock. 

-F.360j 5 I 12 

F.3B0 'll 4 
FJ27.50 40 p 3.60. 

P.30 80 l 2.20 

F.32.3Q 49 I 1 

F.35i 10 . 0.30 

P.76A0! - 

S45I S ' XI 
S50! . - - 

S&O!.. 22 3 

65 3.40 

22 2.30 

15 1.60 

S70!'" 20 
S251 4 

Eft; ' 18 

17b; 3 

$60' 23 • 13a | . 20 j Zis: 

F. 32. 50 j 11 ! 4.40 , 4 ; [ 5.90 | 

P.35: 24 4.60 

F.37.50: - 19 2 -30 

P.40i S 
F240| 16 

IBM 3260: B 13 

IBM S280! 20 & 

IBM 530O1 3 2 

KLM ' ' F.1S01, ' — 

KLU F.135.30[ S3 ; 8.90 

KLM F, 142.90; 13 MO 

KUI F.150! 6 a.60 

KLM F.lSfi.401 S | 3 

-KLM P.160 33 , 3.50 

KLil F.161.901 ;33 \ 2.60 

KLM F1.70| 63 1 

KLM F.171.401 7 1-20 

KLM... F.lBlI 2 0.70 

JS . .F.iieiS! 10 0.6O 

PHI F.2&.60- 6 3 

? 640l 2 

F.L20 1 49 

F.140-; - — 

1.40 12 

26 — 

1312 - 

Biol — 

21*; 23 

25 | 4.80 
30 4.80 

12 4.-10 

— IP.360.5O 

- Jf.28.60 

t ' " 

3 1 ., 

2 j .. 

- ! P.74. 30 

— [85S7e 

- I — ; S25i* 

- - I860 

- _ T-35.80 

4 4.10 

_ - (S261U 

62 I 6.10 

i 1. 

31 ! 


— ! 


■ - 1 









4 Z 




• — 






' — 



. ~1 

Dior. *■<*■ 

a . ..83 =1 

total volume IS COSTBACTS _ 

1 6.60 

1 1 4.70 

_ . - ;P. 107.20 

*5 4.10 F-25.40 

9 3-40 

32 2.50 

3 1.60 

- F. 123. 50 

50 3 I 

_ - .$2114 

_ _ 1F.118.90 


— I - !?58U 

10 4 ; 


A-B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao ...... 10 9& 

Bank ol Credit &. Cmce. 10 % 

Bank of Cyprus 10 

Bank of N.S.W 10 °h 

Eanque Beige Ltd. ... 10 % 

Banque du Rhone H>i% 

Barclays Bank 10 

Barnett Christie Ltd.... 11 % 
Brenrar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

l Brown Shipley 10 

Canada Perm’t Trust... 10 % 
Capitol C & C Fin. Ltd. 10-% 

Cayzer Ltd 10 % 

Cedar Holdings 10J% 

l Charterhouse Japhet... 10 % 

ChouJartoos 10 % 

„C. E. Coates 1ft % 

Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

Duncan Lawrie 10 % 

The Cyprus Popular Bk. 10 % 

Eagil Trust 10 % 

English Transcont. ... 11 9& 
First Nat Fin. Corp. ... 12 % 
First Nat. Secs. Ltd. ... 12 % 

I Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

GrindJay$ Bank 410 % 

I Guinness Mahon 10 % 

■ Hambros Bank 10 % 

I Hill Samuel §10 % 

C. Hoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11J% 

Midland Bank 10 % 

l Samuel Montagu 10 % 

i Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 

P. S. Itefson & Co 10 °o 

P.ossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesiuger Limited 10 % 

E. S. Schwab 11 i% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century- Bk. 11 %- 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 104% 
WiiJiams & Glyn’s ... 10 % 
Yorkshire Bank 10 % 

I Members ol the Accepting Houses 
Commit leu. 

May deposits 7%, l-tnonth deposits 

n r j. 

■May flpposlis on sums ol UO.IWi 
and under U p lo J23.BM 7i%. 
and over £25.000 ?i%. 

Call dopo&iL: aver It. MO 7 <3.. 
Demand deposits T5t». 

Elsewhere. Degussa fell DM 4.90. The Industrial market was nar- 
Srhering DAI $ and Hupag Lloyd rowly mixed in a small trade. 
DM 4. 

Only Banks went againsr the Australia 
lower trend, ciosine mixed to 

hisher. with Bnyerische Vereins- Selective interest was seen for 

some Mining and Industrial stock.- 

hank adding DM 1 SO. 

Trading on rho Domestic Bond and also Banks after the recent 
market was relatively lively, with general marker depression, but, 

Public \ in hern v i-c»iPK regaining Oils had another poor day. 

up to 30 pfennigs. The Reguiat- In the wake of the Federal TORONTO t/am*wii«?l 12SB.5. isifij! 1220.7! imj./ ( 12,101 

in; Authorities sold a nominal Government's interest rale cut. „„„„ 1 1 1 ' 

PM in 4rn or pnner. enmnared with most banks improved, with AN/. J ORAN «EbB DKG i 1 . enn 

Purchases nf DV7 14m the previous rising 12 cents to AS3.62. Bank of 1 b,i,n*i i Z3U. a!:? \ziH \ 27b'I 

tlnv. Mark Foreign Loans were NSW 4 cents to AS7.04 and 
mixed. National 2 cents to AS2.54. 

ACC. the subject of a partial 
A rncfgivjam take-over bid by Bank of NSW. 

‘ doted 10 cents up at AS1.80. 

Dutch International share prices. Industrial leader EHP picked up 

1 ■ , 1 

■■ 243.5 260. 2 ]- 264.5 1 260.2 
| 281.8. C80.7 I 276.8 ] 276.5 

272.11 (14^1 
ZB 1.8 ilflli 

183.0 (20,4) 

194.8 1 13(5) 

A S7»cfer-?‘3m take-over bid by Bank of NSW. 

‘ closed 10 cents up at AS1.80. 

Dutch International share prices. Industrial leader EHP picked up 
easier for choice ai rhe Bourse S rents to AS7.SS, while News 
i dose, rose sharply io after-hours added 5 cents at AS2.55 and 

niseounl Rate and other dollar however, receded 7 cents more lo 
defence measures in the U.S. AS2.13. 

f’nlfever were qumed up to On the mining boards. CRA 

Bourse ' close. Royal Dutch at an undenaking by the company 
FJ T 23.00. against FI 119.10. to provide more derails when ii 
Philips al Fi 23.40, against FI 24.40. next reports on the Ashton 
Hoogovens at FI 'SS.SO. against Diamond search. 

NOTES: /w-r*.*nb on. *;, -tht-wn Dt-lnw anri'iir 3t,-nn issue ^ Her shjrt-. • rraii.-, 
t.»r!n'ic i Drt?mlnm. ii- Ijuh itivutpntls oiinw rtts %. *1 as*h»hmi 4lvuit*n>i .in.-t 
:if^ .iiier irUhhnlili.ii: ij.\. snrlt, and.-nr riuhis issue e Afirr Int-iil 

0 PM 54 itotnm. unlnst. ,.i^ siftrnii. m \ i»\ true. » Kranc* - inclu4ro-j 
nr Ms hasefl nr n. 1 4n,'l^mK dIiis in*, t'ntlac <1iw *. Nmii. >1 Shorn *■ tin. * niv 
V Pia sw rtftwrn. times- rtiiimnsv -tar«l. and yiHrl t>xi-liu1f sntHal oarmenf » Inrti- 
4k T'Kr inn tirnttn*. iilili-i* ftlhi'Pi’iw slurvrt. caicrl flrv. 1/ UnnfficMl 1 rartins n Mlnnrm 

1 SwKr .inf rti-nmn. .in.i B < *ror shores haMors nriiy n M«rw pi-mline. * isfcmi 
tiiiH-* nih.*ni.-ise si.iicil ‘Naii ncnmn. t Eia. STrjU'-d, tSelW - &.**inni«i 

• Xov. 


1 P re- 
x' 1011 

Australia' 1 <’ 53UJ3 


Belgium «R 1 (0 

I 9b.63 

Denmark »*’ £9.12 . 

1 £5.4 1 

France m/ >•-•) 

7 c-.U 

Sermanviit' ud : 


Holland 61.2 


llony Kong 677.81 


Italy i.ji tci 

■ 73.44! 

Japan in) 45A.41 


SineaporfM; tej 

393.31 . 

lutlicet. linn oase taleb 'a 

■ (22191 : (lw> 

1 U.i. 1 iSCviui 
63.0 it .6 
tl/Jlo . (5.21 
•sax , 75B.4 
ilS.'iO) , (11 lb) 
*i.l . 76 A 
tll^i . (4/41 
707.70 1 523.4 
. (4«1 (15 4J 

I 56.45 

<V 1H1 ‘ mi ll 
459.(5 364.04 
tij/lwi |4,lvi) 

Spain (ihl it-) 96.68 110.7b S7A3 
J (9*i am 

Sweden W 363.97 359.40 408.00 525.74 
(««} (5/1) 

SwiLeerldi'l! 262.5 204 Ji 523.7 261^1 

. 1 I (MM (28/9) 

bank Dec. iflss. fiS Arnsterdatn (atutiial 
19'tO. flu Haret Sen* Rank SI/7/64, fly Wares 
Comnwrcuto lialiaiu 1972. a IVJ Qro 
New SB 4/t/BS b stralta Tunes 1968. 
•-Closed, t Mad no SE Ml/12/77 eStnck- 
holm Industrial 1/1/58 r Swiss H*n|r 
Cnrnnrarinn >i Hnavnl table 



Slacks Closing on 
traded price day 

<tJ.5n _ iraaea 

— — - — Pan-AfiMT. Airwys. 478JD0 

liHlices unn cure Haleb ' all oasr values Ram aria Inns ... 48SJSD0 
lou esreoi NVSE All Connnon - 5U General Motors ... 459.400 

iianflarfls and Poors — 10 ana rornata HCA 457,000 

Wit— 1 mill. Die last named baled on ltliiit Bally Mft- — 448.400 

■ Kvcludina onurls. i *o" Indiismals Bwlng — 422>D0 

-. 41111 linn ist rials. 4(1 uultlieft. 40 Ktnance UAL 3S5.B00 

unless ftitwnnse siatHd. c Price ar iime srE* riahts. xd Es dnulMUt xc K\ I .nm I'c I'ransuun uSedney All iirmnary. Amencan Mtrs. 

o( -■iispeiwioii. 11 Hldrcis. t> Si'hilllnjs seno issue. 
• Onis d Dit'irton'l ntur n.'miire nsina increased 

* Interim since 



P-dKiari SF 31/12'ttl CnocntisKen 'AF Polaroid .... 
i/i .-n -♦ Pnn« Rnm-se ihsi ?; '’nmmtn Citicorp 


I’llf +■■! 
* I'm. . — 

l»,v. Vi I. 

‘I'rii-ct, | 

Yuri . — 

% ' k 

' h<; 

\‘ll*l'.f Ve*: it'll . 



Im;. c:'. 

If«' 1 r 

l..i\tt '. ,1. in- lt|.,. 
. iiMici ;»(-i.»i'i. 
i.iu n.'i' ' .1 ii k .. .. 

. ulili unirrii 



•oil •• in* ltaltl>.: I .j 
■•" limit, .... 

B1 —1.5 — . — 1 -hIii * tin— .. . I 545 

*83.5 ■‘■1.5 31.2 3.2 Cauvii -*27 -3 

2- a -0.5 58.08 r*3 903 .23 

154 -0.7 IH.t'fe 7.0 1 tit it, <n 400 • 

I08.6--O.6 18.73' 6.0 lUi M].[u-.ii I *ri mi | 606 +!5 

515 +4 88.12 4.5 Fuji I'l.nUr I 3*6 -6 

314.r r 1.5 18 . 2.9 Huh. Ii ! 2il -1 

1-45 —4 j — i — H.-ii'le Mi tra j 470 10 

228.6 !26.*»b. 6.6 H. 

6/.8-J.7; - - ... r WO 

540.5 -1.5 ,58.12 4.1 1.76J 

255.1— 4.9 I 17 ! 3.5 .lin.-** (75 

177.5+0.3 11 15.1 .i.a.l 'a.auo 

506 : + 0.9 \M. 12 4 6 Kiin-mi Klavl.l'n. 1.160 

'•Vli..“ limit, .... 24t>.4,— 0. 1 ;28. It| 5.7 KmItuiImi ! 354 

■ iikctiifi: /vim.! Ic3 -i o 1 9.3bi 2 6 . 

I a3S < 1K < a - 3 K.;t4t>-CeraniK-"i!.5.25 -' -£ 

iaiac Li«>* il 95.5—4 |14.U4 7.3 UalMi»liilH liui. J 747 1— £ iii 1 1 157 ' — 1 Uite./a 1U.7 'Jiiau'n-ln Dank.. 2bO- ].... 

■I-— 133.5 7.0 Uirhul-iitlii Humy 1*1 •+ 1 

43 -O.61 - - ‘In 11l.M11 0«|>.. 424 .... 

t.."i.t. 156.5 -2.5 • 9.36 3.0 Wn-m .V »:.e , 

mu mii-i -^1, • 14C ‘--1 114.04 >*.9 5b5 +4 

v.ti--i.iti, ' 525 25.44 o.7 \i|'|»'ii 1.590 — i 

inti iisi-i -sf. ;'-i.itU 

irfii'i..-! • 249 +1 

* :••••:. lift I l.-l :«>/.■ W2.7-1.3 

.HI' 194.2-2 

V II, 'll iO'j • - 1 

il- £75.5-2.7 

-v. fill. r.111 I'.*/.... l.oOvi 

Ut\ : 221.5-2.5 

llllllUVUIKIII: . ..." 174 ' — £. 

•leiaiiKHN | £43 -3 

'llllu lltflu'l l'lll'k.' tlSj T 10 
««• k+ntmnu. ..1 164.5 .0.5 
•|»:ii I.a 1 I/I ft.1 .; 136.5,-1.2 
t'l.eiu \7 mi . Eli- .i 176.9 — 1.1 

• 257.6 — B 

"tic "' ell-. 294.5 

rii'i/.ii.'Ur 265ul + 10 

118 ,—0.5 

k j.rln 166.01 

►'bi:A j 127.5; 

Vueiu-4c w, :ii:k[ 2t>6 -1 

V .iiftr.u',^«i ' 240.8 + 0.8 

294.5 25 : 4.2 

1 — . 'lii til'Mii i_'.tr|i„ 424 

I 9.36 3.0 U ■■ mi 1 .V *.■,«. 2^6 

114.04 4.9 Hu 565 

25.44 o.7 \i|'|»'ii 

13.71’ 3.7 .Nii.j-ai Shu, | mii.. 850 

- - \lv in* 645 

■ 1675 fi..i,.,vi' 1.+4U 

' — - .'all ., l.le'il" 'iW9 

26 4.5 .'i'I.i-'ii aSO 

25 S.0 1 1- 4u 

9.63. 5.1 • -?i'ii; 1 C60 

iu v al I'ci-lct Marir." ^46 

ll.kt.-.U 1 iK'tllkHl. 440 

I'l/K 1.99 

IV.-i.iiti lt-0 

l.'kvii lltinin... 505 

l'..k\i.l<Ui-i !•..-» "i t.L& 

2b 7.0 I l-l-.v.^Hinu. Jil 

2s. Ul 3.4 - , j-55 

. 12 2.8 \ 5. Cl 
lu a. 

16 1.3 

10 : 20.t<f 5.1 j T"\..-ih Uttit. r... 

118 .-0.5 17. It I 7.3 

186.01 l/.lb! 4.6 

127.5; 9.3b| 3.7 



I L’rii-e ' + or I Lliv-iYkl. I BerVerl -b" '2.570 : — 5 

C.H.K. (.'uinent...ll. ISO 
Ot-ktulll ! 4U3 

| 345 : 14 I 2.0 AC *11 L .2b i-ujim i 

427 -3 ! 12 l 1.4 A.-nt»i Au-Lralm 1 

903 t 23 25 | 1.4 iMAIILSl ! 

400 ' ! 20 [ 2.5 Atniml Kx|il>'HTilir.ii i 

I 606 +15 18 | 1.0 Am|rftl Pvrnileiuu 1 

I 3/6 —6 15 1 1.4 »nn. Almira I* I 

! 2il -1 12 I 2.7 A.«-. Fi.l|. Paper S! ! 

!, •“ JS ifl ?"* A'“v. Lull. In-liifiin-' 

3& ! i - ? \ 11*1. in m lavc-t... 1 

! WO —2 1 12 I 2.5 A..\.l 

1.76J +20 | 30 | 0.8 A 11.l1 " at 

(75 +20 [ 13 0.6 

' - ' - Owl 11..I.I 

. l -JW , 10 O.J Blue UHftl lii-l 

354 —16 1 18,2.5 u.,n K /um Die C„p|ter 

3 • j is 1 2.6 liraniNe* lu.iic.tries 

3 25 t —20 1 35 ' 0 5 Un4u+i Hill Proprietmy ....! 

747 i—5 : 20 ; 1.3 l! H =«"•'•> ' 

250- I I 10 ) 1.8 Curium Cnited Bre«+iy. .. 

lil •+ 1 j 12:4.9 Ct« .>!.!! ' 

424 I ■ 13 1.6 I'ta.'lil/tirii Cem+nl ' 

2^6 i ' 14 ! 2.4 L,tl(»(/i.J.i ; 

565 +4 i 20 . l.V ■! !•- . l'i»ltHit.-l'U Au»t ' 

1.593 — 30 j 15 ' 0.5 (ill 

8a0 +5 . 12.0.7 1.1,11/111,. ' 

~ "*S • 16 ; f t -.■•*« «n» An ira'.M 

I.+4U -10 '48 ,*i.7 |{Kl.l^i .Jr'l, 

249 • 14 , 3.2 K'l UK ' 

—1- j ■ i,J . 1-6 j.i.ii-r.'inith 

1--4U ,1.1 20 ' U.'i Klcltrtvnul- KCMNin+9 1 

1 C50 -10 1 40 1.5 h./.. I iniiiM rlt.-e 

”! I Ji ■ '.tt U. I'l.HHUtv Trusi ! 

*40 — 9 15 1.7 Kaiuuralui • 

1.99 J -r IO ! 3U U.7 ' 

ls-0 —2 , lu 4.2 l'. I Au-lml'n 

505 +2 111 1.1 lnivi--Cn|t|+r ; 

Lift + 10 I a 3.9 -l+uuiujv liHiti'iriet, 

■J3l + 1 I 1.8 Julie*- tllevuli ' 

155 IU I 5.2 Lv»iiiii.i Oil • 

127 ^-1 j 10 ; 3.9 '■ U-l.t l> Kr: *<lt .im 1 tun 

t-43 —3 20 I 1.2 *4 Ml Hi-llm/H 1 

'■yen Knu- inum • 

.\e« s • 

Xk-li'.lM/ lmomaii'-iiHl .. 

\..rlh Broken IL'iliii^r (oOrij 

1 Mkliri'J'je 

. liiv.l Oil 2M!Krvh 1 

IVltfC j Ft*-. Y'.i. Oner j 

Prs. j — I > ei i %. I'ioueer Cdihfwie 

■ L_ — I Mo.-kiit. A: Cttlinan : 

2 200 '+ 10 : - , - H. (.-. sli-ish 

2.570 —5 '116 .4.5 StMtlibui'l Minins 

1. 180 ! — 6 1100 " 8.5 ~|otrv , « E.t plural lint 

403 -a. 33 ; — 1 - T.mlliiSl ' 

tu.69 "rQ.ClV Bemen Bank 

1U.88 BnrreKaanl ... 

12.10 : T /.ns Crvdiiliauk 

Tl.aO Kosmos ......... 

rO-75 . KroUtfeasMB 

tl.%5 +0.ub Nor*.k Hydro Krfi 

11.68 -0.02 &torefcrand 

ri.eo ,-o.os ' . : ~ 

11.02 '-0.05 

=V!i '-«•«? BRAZIL 

n).b5 +0.05 

10.6' 1 ' I*iit.i* +ui Craz, YM. 

tu.19 1.0) X-« . ! 1 Cm/ — Wv.' % 

11.17 +J.0I ' , 

11.39 +'. & Awadia 0.85 +O.0S, J. 1^14. II 

7 1.80 +0.DJ Uam.+xlo Bra/il....' 1.76 J. lb 9.0B 

i7.0B BbiiwIuuP.V..., 1.45! 0.37 25.51 

1 1.46 '—■1.05 hclH'i Slini-iriOP 1.04 -0.013.08 7.69 

1172 J) 02 Anier. O.P.| 3.01 ! O.fiO^.64 

13 20 +002 2.11 -0.01 J.13 6.16 

133 Pirelli OP ' 1.35 -0.01 J.lo; 11.76 

12.24 -0,05 Sjwua Ciuz OP....I 2.33 }+OJ»! 3.22 9.44 

i3 40 -o!d 5 L ’uip PK 5.35 ,+0.05 3.25 4.67 

I2i66 ««■» ft-* 1 PP 1 -07 — 'O.lfc-16.82 

Turnoyer Cr.72.Im. Volume 434kn. 
Source Rio de Janeiro SE. 



ro.25 >0.05 
:l.72 -j.Mft Source Rio de Jan 


t£30 1 ...... MIKES 

to..;3 -a.ui 

70 05 V) 0i Nov - 1 

• ■ •I ijji'oi Acfilo American Corpn. - 

,1.01 I+U.oi Charler CoDWlIldjued 

ru'78 ,+oToi Fuh„r I ^ r,ej0nlem 


Rustenburg Plarinam 

Cold Fields SA 

Siiurvi.. NihKtt tet'iirilleft. I'l-tvo 

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Akvo 1 V:. 20i 27.7.+0.8 ! — j— til 6.860 1+40 450 

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Pres idem Brand 

President Sieyn 


West Drtcrnniem 

Wcsiern Deep 

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5 . 7 UV, il-.t orf |i.~ „ 



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1 111. Muller t!2u>.: 45.0-+0.6 19 8.7 

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V He*. Ml Jt\ 38.3i +0.3 150.20 1J> 
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v-Jivn, 2.010 -f 5 140 I 7.u U"»iv*;hi- 

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19 ! 8.7 Tnn+loo Klee* 2.640 (-15 ,170 , o.4 

Ui'P |1.170 1-10 1 - I - 

/49 1-2 
400 -1 
365 +2 

6s0 -7 

499 +6 

825 -5 

60U -3 

Karin w Rand 

CN.\ Inve*tinent< 

Currie Finance 

tie Beers InduRtrial 

Edsars C/tnfMJlidaied for 

Edgars Stores 

EverReady SA 

! ^J+ Y-® Pficrale VrifUshf-lcegings 

| s.3 fTreaierman* Sinros 

I lo.c 1 5 Guardian Assurance [SA 

! 26.2b 5.1/ Hnlelts 

■U.:i 2.8 l.TA 

! 43 ■ 5.1 McCarthy Rodway 

-30 I - - 

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5.1 McCanhy Roduay Oi»j 

1 60u -a 40.6 6.9 V.*dBank 2.95 

2.090 : 1 76 6.6 OK Bazaars S.10 

395 ■+! 1 ai.y 8 0 Premier Milling *6 10 

994 . + 4 - 76. sO /. 4 PretoHa Cemenl 1330 

430.1— 1.9 I 73 28 Prntea Hnldincs ' 1 Bl 

497 —8 '11.26 2.4 Rand Mines Properties 


Sov. 1 

Price 1 + or 
Fr-. 1 — 

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0 1 Jr 

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b 1 2.4 

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1.48 J 1— 15 

10 , 3.4 

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22 6.1 

66B 1-8 

42 6.8 

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U.i 30 :— 20 

16 3.7 

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515 -10 

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125.1 -0.2 3 ; 3 4 

198 +1 

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295.1- 2 10 1 1.7 

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210.1- 5.9 - i - 

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(Discount of 41.5%) 

10.6. 4 2 

5 3.4 SPAIN V 

ls.dtiJQ.l Ociobcr 3! Per cent 

7.5: 0.5 Asland 123 

10 1 1.7 Bilbao an 

17.2h, 3.5 Banco AllanllCO fl.DWn in 

— i - Banco Central 3M 

27 i 6.0 Ranco Ehrtelior 272 

aO . a.3 ; Bunco General 258 

tit*. (!St. will 5,88 J — 5U 110 1 1.8 1 Pett”e..i UII.h-u.. 499 -1 

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Banpo UnjnUo (1.0007 ... 308 

Banco Vtzcaya 255 

Banco ZaraRozano 262 

.■f or. tin. l i. Banx union 14s 

I - ! hr ' * Banus Andalucla 14* 

— BabeocK Wlieox 20 

: 5.5 : 2.E UC 82 

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g o Innrobanif , 72 

6 5.3 13- I Araaonesas 44 

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;4 3.6 p*Pl Rio Tinto 58 

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3 Perroleos 1B4.75 

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?*2 S 5-2 Sniace 45 

« I Z S So « fcfisa — 127 

S ! 6.5 Teleionjca 7fl 

5 . 8. 1 ! r.trrafi Hositnrfi 70 

' Tubaecx sa 

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10 . 4.5 
6.3 5.2 


The seven pillars of managerial politics 


decisive to the success or even 
the survival of managers and 
specialists in working organisa- 
tions. But the political condi- 
tions in which a job will have 
to be done are one of the 
hardest things for a candidate 
to persuade a potential em- 
ployer to discuss frankly 
during an interview. 

I know this from experience, 
having naively tried to raise 
the subject with a chief execu- 
tive some years ago. ** The 
rule in this company is that 
only one person indulges in 
politics," he replied. “And 
that persoQ is me.” 

Reassured, f joined: but only 
for a short time, because within 
the first week it became plain 
that the chief's claim had been 
utterly untrue. 

It look only a little longer to 
become apparent, too, that the 
deception was probably un- 
intended. The man was almost 
certainly convinced that no 
other politicians were active in 
his organisation — which testifies 
to the skill of the many con- 
stantly operating there. 

The question is whether my 
interviewer of the past would 
have been a more effective 
manager for having greater 
political awareness even at the 
expense of being less honest 
with job candidates. And I 
suspect that this question would 

be answered, on balance, with a 
-yes, he would ” by Dr. 
Virginia Schein, of the United 
State Wharton Business School, 
who is by repute a leading 
student of the much neglected 
subject of organisational 

She has evidently concluded 
that no matter how rational a 
working concern's organisation 
chart, its managers can hardly 
be effective, especially in 
accomplishing change unless 
they recognise and take account 
of the manoeuvrings of 
colleagues to divert, if not to 
frustrate them. Dr. Schein said 
as much during a lecture in 
Harrogate the other day, spon- 
sored jointly by the Institute of 
Personnel Management and the 
Independent Assessment and 
Research Centre, of London. 


If you are to carry your aims 
through the political gauntlet, 
the Wharton associate professor 
maintains, your prime need is 
an appropriate power base. 
Seven kinds are available, and 
which combination is best will 
vary with manager and circum- 

Expertise — Whenever an 
organisation grows anxious 
about something, opportunity 
of political gain arises for the 
person or department who 
becomes seen as able to cope 
with it Government interven- 

tion in employment practices, 
for example, has been ex- 
ploited by astute personnel 
specialists to lift themselves to 
unprecedented heights. 

But the power base of exper- 
tise can fairly easily be 
crumpled either by your own 
over-use of jargon, perhaps, or 
by somebody etee persuading 
higher management that you 
are overworked and need the 
help of external consultants. 

Assessed stature Being 
just “known as a winner” con- 
veys political strength, and can 
be achieved on joining a con- 
cern by organising suitably 
edited advance publicity in 
trade or other Press, for in- 
stance. Managers already in 
post can best gain AS, of 
course, by deftly publicising 
their successes. 

The danger of assessed 
stature is that it fluctuates — 
“ a journalist is as good as his 
last two pieces ** is one of the 
truer folk sayings of Fleet 
Street So means are needed of 
divining the strength of this 
particular power base, almost 
from day to day. 

Credibility — This less vola- 
tile base can be strengthened by 
external manoeuvrings such as 
attaining prominence in pro- 
fessional bodies, local govern- 
ment and the like. 

One problem here. I suppose, 
is how to assess the prestige of 
a particular external pursuit 
with your employing organisa- 

tion. Another is to avoid 
becoming so keen on an outside 
activity as to be unable to drop 
it if its prestige slumps. (This 
may be guarded against by 
appropriate personalities in jobs 
suited to an eccentric reputa- 
tion by concentrating on acquir- 
ing “ dead ” external distinc- 
tions, such as being the only 
Fellow of the Royal Society of 
Arts ever to be expelled for 
non-payment of subscription.) 

Political access — Being 
60 dable with fellow employees 
who have no direct bearing on 
your job can build up a highly 
efficacious bramble bush of 
acquaintanceships throughout 
the organisation. For one thing, 
the presence of an undercover 
friend in a -neutral department 
could well swing its support 
crucially to your cause. For an- 
other. such informal agents 
vastly increase your power to 
find out really going on 
— which leads us to: 

Just the facts 

Control over information — 
Internal contacts, coupled with 
the type of .external sources 
mentioned tinder “credibility,” 
can provide continually up- 
dated information which few, if 
any of your colleagues possess. 
This can then be disseminated, 
withheld, or even distorted in 
line with political aims and/or 

A difficulty which l see here 

is that much of the suppliers’, 
side of the information market 
is made up of bom conspiratdrs 
to whom “news” has at least 
as much appeal as toffees have 
to greedy children, and their 
enthusiasm is infectious. So 
there is a constant danger for 
people on the demand side of 
the market of losing sight of 
the fact that it is not enough 
for information to be interest- 
ing. It must also be accurate — 
which is often a different thing 

Group support — The strength 
of this sixth power base will 
depend on your ability, as a 
manager, to unite all those 
working- in your immediate, 
domain in unswerving pursuit 
of your aims. T7ie number of 
manipulative techniques avail- 
able for achieving group sup- 
port is extremely large, but tbe 
only one cited by Dr. Schein 
was that of fostering the im- 
pression among the members of 
your department that the whole 
of the rest oE the organisation 
is against it. 

Once the desirable solidarity 
is attained, she added, the effec- 
tiveness of tbe group can be 
achieved by measures such as 
encouraging certain junior 
colleagues to develop at their 
particular level of tbe hierarchy, 
the kind of network of informal 
contacts mentioned under poli- 
tical access- 
ibility — Managers who 
promote an awareness among 

their seniors . that they are 
eminently capable of moving to 
at least as good a job else- 
where. are of course- walking 
a slender tightrope. But a9 long 
as the message is transmitted 
unobtrusively and. above- all, is 
realistic, then potential mobility 
can be a great strength. 

That .completes the list of 
seven kinds of political .power 
base put forward by Virginia 
Schein. She- also described 10 
main ways in which the.bases 
can be used by managers in=the 
struggle to achieve their objects 
against the diversionary .and 
blocking tactics of individual 
colleagues and other depart- 
ments. But my report on 
methods of use will have to waft 
until a second article om organi- 
sational politics, which T’plkn 
to publish in the Jobs Column 
next Tuesday. 

Before ending for this jwqek, 
however. I must point out .that 
Dr. Schein was by ho, -means 
advocating all-out politicking 
on the part of working managers 
and specialists. On the contrary, 
she acknowledges that it is 
often counter-productive-! ‘Even 
so, surely no one could refute 
the fact that politicaljictivity, 
is an important part of 
managerial work, and needs to 
be recognised as stick. In her 
own words: 

“To deny the reality of .power 
politics, is also to deny the 
reality of how working' organi- 
sations function.” 



to £8500+ major benefits 

Our cl ient. a major International ccxporate bank . Is undergoing 
considerable expansion throughout the world. The development, review and 
control of operational and information systems and procedures at the bank's 
autonomous branches is of vital Importance. 

The Accountants will be key members of a small team assuming 
individual responsibility for projects in Europe, the Far East, the Middle East 
and South America. Based in London and travelling approximately one-third 
of the timethey will provideconsultancy services to branches and affiliates, 
assist in training and cany out specific systems reviews, gaining substantial 
exposure to both senior management and computer systems development. 

The benefits offered Include profitsharing arid low-interest mortgage 
facilities. Applicants [male orfemale] should be qualified chartered 
accountants with computer audit experience. 


Please telephone or write to David Hogg ACA quoting reference 

EMA Management Personnel Ltd. 
ruse, 88/89 High Holbom. London. V 

Bume House, 88/89 High Holbom. London. WC1V61R 
felephone: 01-242 7773 

Chief Executive 

(Man or Woman) 

Equal Opportunities Commission 

The Commission was established under the 1975 Sex Discrimination. 
Act to work towards the elimination of discrimination and to promoted - 
equality of opportunity between men and women: it has powers to) • 
investigate, enforce and educate. Based in Manchester, it has a staff 
of 1 50 and a budget of some £2m. 

The Chief Executive advises the Commission on policy and <: 

programmes; implements agreed policy; manages the Commission’s v V 
staff and finances; and represents the Commission to Government 
Departments and other bodies. .■ 

Candidates, men or women, must have a record of substantial- 
achievement and responsibility in industry, commerce, the 
professions or in public or voluntary service. They must have proven 
skills in managing staff and a positive sympathy with the 
Commission’s aims and objectives. 

Initial salary £13,400 rising to £14,700 in April 1979 and £16,000 in 
April 1980. Non-contributory pension including transfer provisions. 

Please send career details - in confidence— to D. A. Kavcnscroft 
ref. B. 25472. 

Benefits Adviser 

United Kingdom Australis Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Africa South Amenta 
Sweden Switzerland U.SA. 

International Management Consultants 

Management Selection Limited 

474 Royal Exchange Manchester M2 7EJ 

Central London • c.£12,000+car 

Our client, a well known public 
company, has achieved a remarkable 
growth/profrt history during recent years 
and continues to expand. 

Currently there is an urgent need to 
establish a comprehensive executive 
remuneration policy which will cover aH 
aspects of fringe benefits, incentive 
schemes, pensions, personal taxation 
and relaled matters. 

To develop, co-ordinale and 
administer this project we are seeking a 
Chartered Accounianf. aged about 30, 
with at least three years 
experience in thus type of ~ 

specialised financial work. TZ 

probably acquired in an /j 

accountancy firm or a financial •*- 

services orgahisafion. I — , 

Promotion prospects are good, f J 



Personal qualities are important since 
he/sJie muslwcuk closely with a young 
senior executive team which has an 
enviable business record based on an 
innovative and imaginative management 
style. Lucid and concise presentations, 
both oral and written, are essential. 

Tbe negotiable remuneration 
package is given above for guidance 
but exceptionally well qualified 
candidates earning more will also be 

Please write, in confidence, with relevant 
career details to 
~Z M. G. Johnson, at 

I Bufl. Holmes 

/ (Management) Limited, 

45 Albemarle Street, 
yT/l£)C London, WlX 3FE, 

l LOO quoting ref. 814. 



International Oil Company 

c £8,000 and car 


Controller of Audit 
and Investigations 

Our client is an independent U.K. Oil Company which, 
owns exploration, product ion. refining, marketing and- 
other subsidiary companies in various parts of the world. 

They are currently seeking an ambitious qualified 
Solicitor with conveyancing and preferably oil company 
as well ns and contract law experience, who 
will ad in the first insluncu fur the U.K. marketing 
subsidiary i-umpany. 

A salary of c. IH.flOO p.a. plus a car and oilier benefits 
am ollerorl commensurate with experience and 


at least £12,000 

British Gas is a Corporation with a gross cash flow of £5,iT0Om and 100,000 
employees. A key post in the Financial Division at Holbom is that of 
Controller of Audit and Investigations responsible to the Member for 
Finan ce , with direct access to the Chairman and Deputy Chairman. 

This post provides a real opportunity to make an important contribution to 
management throughout the Industry. Interna! Audit in British Gas is well 
organised with considerable emphasis being placed on DJ?. Audit and the 
audit of capital contracts. 

Candidates must be able to demonstrate an outstanding degree of both audit 
and management ability. The job will email a considerable amount of 
travelling to all parts of Great Britain. 

Salary will be at least £12,000 including Inner London Weig hting. 

Applications, accompanied by a full career history and quoting 
reference number F. 029901. 005/ FT, should be made to the 
Personnel Controller, British Gas, 

59 Brvanswn Street, London W1A 2AZ. 

Closing date for applications 20 November 197S. 

Applications am invilnd fmm men ami u omen, 
preferred a;w liT/Hn. ar.cnm jxmicd by a curriculum vitae 
quoting njicreiiut; 324 (i FT. 

Brinn S. 71. SriTterr 

Aiunaqing Director 

west One Selection 

Our Company winch was established vt Ainrart 
as a major Investment. Company is S0" o owned by 
the Co veriuneni of Kuwait. 





The incumbent will be assisting with the P_S^? fe ar 
tion of the secondary trading department. In 
addition, lie must have •brtkiid' .experience- in 

■international bond and equity deaJmg ia major 
currencies. Particular: attention Will be paid tq 
those applicants with a thorough understandings 
of Eurobond market making and' with an 
intimate knowledge of finat placement with 
leading international investment institutions. 
Initial priority will be given to the market 
making of Kuwaiti Dinar fixed interest securities 
which may be extended to other .currency 
investments managed or co-inanaged by the 

Ideally, the candidates should be aged between 
30 and 35 years. However, older candidates 
.should not be discouraged from applying. 
Familiarity with" Arab institutions and markets 
would be considered an asset. 

Conditions of employment include a negotiable 
salary, a two year renewable con iracti Turiiished 
accommodation, a company car, and other fringe 
benefits. Please forward your detailed resume, 
including references, together With two recent 
photographs to: • ■ - • 

Personnel Department 

P.O.Box lOOfySafat, Kuwait City, Kuwait. 

Applications close i\o vanber30, 1978. 







Salary £7,968-£8,715 

The Gateshead Council wishes to improve and 
develop the services it provides to meet the 
employment and industrial requirments of 
the Borough. Applications are invited from 
' local and central government- and from 
private industry to fill this new post. The post 
. is a permanent appointment “ and not, as 
originally advertised on ;a two year contract- 
'Previous applicants need not re-apply. The' 
post carries an Essential Car User allowance, 
housing accommodation; may be made, aval l-,_ • . 
able and assistance will be gi ven - with legaL, ^ 
and other expenses incurred .in . moying^ 
homes. ' •'« -V-' 

Application forms from Director iof Personnel • 
and Management Services. Aidan ' House, 
Tynegate Precinct, G ateshead (Tel: 0632- 
772734). Further information available from 
David Hutchison (Tel: 0632-771011). 



Chief Accountant 

Our Chief Accountant is retiring and we invite applications 
from professionally qualified accountants (male or female) 
-preferably aged. 30-50. with some years of professional, com- 
mercial or charitable experience, for this very important post. 
A practical knowledge of modern accounting methods and 
techniques together with the capacity for leadership and 
control of a staff of 24 is essential; Salary negotiable with 
good future prospects. Excellent pension -scheme with trans- 
ferability. Applications .should £iye full curriculum, vitae 
including details of present post and salary, sent under 
private and confidential caver .to The finance Secretary.. 
RN1B. 224, Great. Portland Street, London W1 6AA- .. 

Recruitment Selection Consultants 
cables: wosei, London WJ.Telex 23824 Licence m SE(A)829 
24/25 Dryden Chambers, 119 Oxford Street, London wir IPB, 0F439 2336 




The competition for career opportunities, both in the U.K. 
and overseas, demands increasing involvement and expertise in 
career planning and the job search. 

INTER EX EC provides the most comprehensive, professional and 
confidential service to assist the Senior Executive seeking a 
new appointment. 

Why waste time J— consult: 

The Interexec Register Limited 
The WoHd Trade Centre. London El 9AA 
, 01-481 9977 

Manager with headquarters in A 
New York seeks assistant to (I 
cover rest of world. Ex- ] 
pericnce in boih trading and 
analysis or both currencies 
and securities desirable. 

Apply in full with references. 
Only ihe best will be inter- 
viewed November 7 to 17 in 
Europe. Write Box F. 105ft, 
Financial Times. 10. Canaon- 
Strect, EC4P JSV. 

Administration Manager 

C.H2U.000 — -Overseas 

Satiable applicants, should bold membership of a professional ' 
ins tltule and will have bait IO years' experience in establish- ' 
ing and controlling administration activities. 

Previous overseas experience advantageous. 

CVs in confidence to: 

J>. C. Roach, PS Appointment, 

International Recruitment Consultants, 

■ Colling ha hi House, OadstoneRoad, Wimbledon, SWjfL 
Tel: Ol-a-Ul 215L pleaxe quote RCf..8G9 




mike pope an e> Sheila anke tell- jones 

are phased to announce that their new companies 
and ‘ 


j N. qUgRStMEf. tCL 

W« «r* deiltos -WKfi Apsomnams hi KeuMt'M Mnntti! 

«W»ng npto-ltnetd qqttewtt WJ» 

.Msniy Broking.- Wo- toe* • forward tp .hlptnfr npartact* > 

KdkuiZ ,n (jrtok.- _ 

Please Telephone vs ajt OT3J. 

: November 2 1978 : 


Finance Directors 

J ir ■■.:■■_■'. *'/ West London c.£12,000/£l 5,000 + benefits 

A. US; multinational corporation who manufacture and market cosmetics and pharmaceutical products have two senior 
vacancies, m tfae^ficonce,area; The corporation are market leaders -and have an outstanding growth record in sales and 
profit, terms, based. orrarL aggressive enthusiastic professional approach. 

UK Finance Director 

c. £T5>0Q0 + car + share options 

Repor^to*e : Mar^ging Director, applicants, ?gecf around andwill havebeen fully responsible for the finance function 
35 and'Ot^red AcCpuntantSi, will be totally responsible in a £5/1 Om corporation. Their experience will be wide, 
fbr.a t/fl aft1.5mand-a' staff ■of 50, Theyw !i havegamed including DP and they must be used to working to tight 
■ good professional experience with' a large audit practice reporting deadlines. They will be strong, persuasive characters 
followed by gocu^’preferably' American, mdustriai cxpetience w j th an above average enthusiasm . Ref: 72 7 72! FT. 

, . ■ . \ .. . . C! £ 12 , 000 + car 

As Assis^nt to an Area-Finance Director, applicants will practice experience, followed ideally by international group 
. be>?tooristote^^ apd reporting line experience. They will be strong, diplomatic and 

.financial ihfpfnwtkm in theiraria (t/O £35m). 30% of constructive, patient ambitious and hard working. There is 
■ theirtim£wHf be SperitoverSeas. Can didates wiH'be around a distinct need for a certain amount of entrepreneurial flair. 
• '.-30,;aiartere<l Accountants, with large Ref: 121 73/ FT. 

The remuneration packages include ibonus dement based on -individual and corporation performance. A non* contributory 
penaon scheme, life assurance and generous; relocation assisance will also be provided. Excellent future career prospects 
havebeen identified. - ^ . 

. ... . ..... ‘j- . John R. Featherstone FCA 

, ‘ ' . ' Maleor female candidates should telephone in confidence for a Personal History Form to: 

; : - leeDS: Q532448661, Minerva House, 29 East Parade, LSI 5RX. 


aimer. > 

Execut ive Selection Consultants 



^ be a-o’p;. s 

f : - g Emc&ii 

stti- fii’T-: 

; : tOXfi 

pur kx 

iVCaitCif.. K 

JTf This is an opportunity to join, at senior level, the management 
"# of Kuwait Airways Corporation, The task is to assume 
■ I- responsibility fkic the day-to-day operation of the finance 
departments to supervise the. introductioh of sophisticated 
njanagemientr techniques, to advise the board on financial strategy, 
andtowoidc closely with thePrnance Director on broad aspects of the 
airline's mtematioiial development 

A charteredaccoimtant is required well versed in airline accounting. 
Preferred age30 to 45. * 

TwoyearrenewiSble contract Salary taxfree up to £20.000. Generous 
fHwg Al> gne^i te Tf>i»ltidft frRB housing, BEE weeksaimual home leave for 
fly jnfi hpldwand his famil y, find a car allowance. 

Plea^ write in confideace for 
ajob description and an application. . . . , . 
Tana DavidProB8eivEsecati\fe ■ \ D 
Selection Division. Southwark Towers, A 
^ London Bridge Street; ‘ ' r V 

ZxmdonSEl 9SY, mmtmgMCS/3722. T 


m terhouse 

r Associates 

Applications are timicd for the post of 


Candidates should bo craduau-s and 
have appropriate Qualifications. con- 
siderable mnnajeemem vXpcru-lKe and 
the ability IQ develop ma nay cm cm 
education to moot the needs of 

employers and independent students. 

Salary in accordance with the 

Burnham F. e. Report. Grade V: 

XS.M3 to £9,603 per annum. 

Further details and application 

forms from the Staff Officer. Puri* 
mouth Polytechnic. Alexandra doiiMi. 
Mnseum Road, PortsninuiA POi 2QQ. 
to whom completed applications should 
be returned by 2TUi November 1978, 
quoting ref. L23. 

We are the European Bank for business in Asia. Our name is well known in the financial 
centres of Hongkong and Singapore where we maintain fullscale foreign exchange 
operations for our customers and interbank transactions. 

In line with our expanding international activities, we are installing a new foreign exchange 
dealing section in Hamburg, and are seeking an experienced 


with a proven track record with first class institutions. He should be attracted by the 
challenging opportunity of starting a new operation. 

He will find strong support in a network of direct links with our branches in Southeast Asia, 
our shareholder banks In Europe, and our international banking friends world-wide. 

To assist him, we are also seeking 


The ideal candidates will be successful junior dealers desiring to join an international 
team and interested in a long-term career with an international bank. Preferably, they will 
also be interested in a possible appointment to one of our branches in Southeast Asia. 
Our highly competitive compensation packages are commensurate with the high quali- 
fications we are looking for. 

Please apply in confidence to the Chief Manager-Personnel, European Asian Bank, 
RathausstraBe 7, D-2000 Hamburg 1/W. Germany Tel.: 040/321441 

European Asian Bank 



| Group : 
• Auditor • 

• London 

. .r-j >•>•» ffi • .7-/ »T_. : ■■ ! 

Mellon Bank, n.a. 

- . >f%. is looking for 


to join their London Branch's small Credit Department. 
American Bank experiencepref erred; accounting background 
important. Age 25-35. Salary depending upon experience. 
Excellent promotion prospects. 

Please apply in fuH confidence to: 

J. L Sanderson, Senior Personnel Consulta nt, . . 


7nternaCiundt.Advis.ers- to Banks & Financial Institutions 
70 QU.EE N ViCXOJUA- S T R.E E X, L O N D O N . "E C 4 N 4 S J 

around £11,000 • 
.plus car* 

m A major quoted retail group, very highly regarded 
by both the shopping public and investors, .*eeks • 

• an internal audit manager, who will be responsible # 

• to the board for strengthening the function 
throughout England. There is considerable scope • 

• to improve profitability and efficiency, by lin- • 

• provements in systems, creation of an internal _ 
control manual and a more assertive approach 

• to the audit role. Development and motivation • 

• of the 30 staff is implicit m 

• Candidates should ideally be Chartered Account- 0 
^ ants aged 35-45. However, the key requirement is 

prior internal andit experience in a sophisticated • 

• group which fully recognises the contribution • 
0 of a constructive audit function. The prospects _ 

for the successful candidate inevitably extend 9 

• beyond the audit function. • 

• For a fuller job description, write to John Courtis • 

• & Partners Ltd., Selection Consultants, 7S Wigmore • 
Street, London, WIH 9DQ. demonstrating briefly 

" but explicitly your relevance and quoting 9 

• reference 7025/FT, This is an equal opportunity • 

q appointment ^ 

\.jca?p : 

Life Assurance 

Salary negotiable in five figures 

Ambitious plans for further development 
by this National office create the need for 
a top class Marketing Manager who will 
have the flair required to take it forward 
in the. market. The person appointed will 
have responsibility for all product and 
marketing strategy together with 
implementation through an established 
and professional sales force. 

Candidates, mate or female, probably 
aged over 40 must be able to 
demonstrate a record of success in 
these areas, in particular of an innovative 
and business development role. 

Prospects for personal development 
are excellent and a starting salary will 
be negotiated to attract the calibre of 
person necessary. Location: Scotland. 

(PA Personnel Services Ref: SM45 6630- FT) 
Initial interviews are conducted by PA 
Consultants. No details are divulged to 
clients without prior permission. Please 
send brief career details or write for an 
application form, quoting the reference 
number on both your letter and envelope, 
and advise us if you have recently made 
any other applications to PA Personnel 

PA Personnel Services 

Jjr t .i-irffei* ilrf-t-l . I riinburijh I HJ4|N T-l.-phum* nil J_- r .4ifc1 

Corporate and Institutional 
Funds Manager 

LONDGN^cfteto 00 

CZD The Low &Bonar Group Limited 

CD 63/73 ’King Street; Dundee Scot’end .DDI.9JiA;; 
I Te':C phone Dundee 24 M l Telex 76103 DD" 

..Afonoord looking, 

innovative, bankingorganisotion 

ajmntemd connect ionsoffers . 
this challenging appointment as a 


• The successful atndidate 
will be responsible for developing 
business qf rrmiaging, placing 

and advising on clients’ funds 
particularly monetary instru- 
ments, government and toed 
authority securities. Duties ako 
include supervision of d money 
broking activity for comm 

Please send full cwricuktm 

vitae to: Box A6523, financial 
Times , 10 Gannon Street, 
London EC4P 4BY. 

Group corporate planning manager 

This Dundee-based international group wishes to 
appoint a manager with a professional qualifica- 
tion and proven relevant ability to develop the 
corporate planning function within its head office. 

The successful candidate will be involved princi- 
pally in preparing data for acquisitions, mergers 
and similar strategic developments. One regular 
facet of the incumbent's work will be the main- 
tenance of research supported information files, 
particularly in relation to corp° rate competitors. 

Applicants must possess an analytical mind and 
be capable of working on theirowninitiative under 
the strictest of confidence. 

An attractive salary, with fringe benefits, isoffered. 
Requests for application forms should be 
addressed to the Group Finance Director, at the 
above address. 

Based in north Hampshire and only 45 minutes by rail to Central London, 
this fast moving consumer goods manufacturer is now to make this nev/ 

Reporting to the European Finance Head, the appointee will be 
responsible for co-ordinating all aspects of the U.K. function and the 
submission of reports to the U.S. based parent organisation. 

Ideally, candidates in the upper twenties could be those ready ior a 
career move into line management. They must have leadership qualities 
and be preferably Chartered Accountants. Starting salary around £9.000 
and a car after a qualifying period. 

Please apply in writing, giving your telephone number and quoting ref: 
868, to Peter Barnett, F.I.P.M.. M.I.M.C., Barnett Keel Ltd., Providence House 
River Street, Windsor, Berks SL4 1QT. Tel: Windsor 56723 . Telex: 849323. 


-.»••• vis**; is 

Group Financial Director 

London BdS 6 d c.£ 11 r 000 p.a.+CAR 

'Kssssssaaaar ' "^7™ 

AoMuntant andhave a sound commercial 
Machines. Increasing diversification, both m background. 
theU.K/and‘abroad, makes it necessary to 

Oyez ' Lane. London'SEl 4PU. 

The Sot&tors~l3W. . . - ■ • ^-1— —— L — -11^— — i 

K3ging- tn^ineerins- Textiles- Floorcoverir 


To someone with first class experience and credentials 
in Recruitment Consultancy who would relish both 
the challenges and the potential rewards of operating 
successfully as an independent— with full practical 
support but without interference — we extend, just such 
a . possibility. .■ • 

We think the right kind of person will respond very 
enthusiastically to this opportunity, in all terms— 
and not least to a remuneration structure, comprising 
a decent salary plus commission, that ensures a 
properly fair and. direct return on one's effort 

To discuss this proposition in more detail, and in 
strict confidence, please .telephone John Chiverton. 



== Associates Lto -saaa^* 01-342 5&u 

Jonathan Wren • Banking ALpppihtments 

I lie personnel cor»Milt,inc% dealing exclusively w'rth the;Kank1ng profession 


c. £15,000 negotiable 

Our client is a leading international bank, currently 
implementing a programme of expansion within an 
established Eurobond Issue Managementfunction. 

A key stage in this programme will be the engagement 
of an additional Eurobond Manager with a proven 
track record and the stature to develop the bank's 
Eurobond Issue management business. The successful 
candidate will have experience in handling all aspects 
of bond issues including marketing, negotiation, 
structuring and pricing, and the supervision of 

The ability to -communicate and negotiate at the 
highest level is essential. 

Salary will be negotiable and competitive, and there 
is the usual range of fringe benefits associated with a 
leading international bank. 

To discuss this appointment in the first instance, in 
strict confidence, p/ease telephone ROY WEBB 

170 Bis!iopsj»ate London’ HC2M 4LX:;. : 01-62 VI 266/7/H/9 ^ 



i m m 

Financial -times J 



c. £8,000-£8,500 

+ Car, Relocation Help + Attractive Fringe Benefits 

A rapidly expanding life assurance and unit trust company is seeking to fill a number of senior positions within 
the Finance Division. Management is young and forward looking and the successful applicants will be required to 
contribute their experience and initiative to the company's increasing accounting requirements,, while also 
controlling staff working to strict accounting disciplines. 

Computer systems are being substantially re-designed overthe next fewyesrs and applicants would be 
expected to contribute to these developments. The vacant posts report directly to the Assistant General Manager 
responsible for Finance and Investment. 

c. £8,000 

Applicants should possess an accounting, banking or 
insurance qualification and be aged 27-40. They should 
have experience of computer based systems in 
insurance, banking or a similar industry. The successful 
candidate will conrrol a department which is 
responsible for the collection and reconciliation of 
.premium income, which involves liaison with the 
computer department and the company's bankers. 

c. £8,500 

Applicants must be qualified accountants aged 27-35, 
Ideally with experience in banking or insurance. The 
major areas of responsibility include accounting 
records, annual and monthly accounts, payrolls, liaison 
with the computer department and advising on 
accounting practice, taxation and statutory requirements 
for life assurance and unit trusts. 

Candidates (male or female) should apply in writing as soon as possible with full details of their personal 
history, qua Utica tions a nd ex per ience to: 


R. C. Hughes, 

Turquands Barton Mayhew & Co., 
Lynton House. 

7 Tavistock Square. 

London, WC1H9LS 

g mh 







Dedicated ... - 





Telemetry &:. 
.Control systems 












IfyouYe good, wecan help 
you go further 

heverbeen higher. 

If you're good and want your career progression to *pendontyi on 
your abilities and achievements Logics can offer you the breadthof 
opportunities you seek. Logica is an 

operating companies in America, Australia, Holland, Sweden and 

the UK. Logics has never been only a software company but .. 

always as well, a hardware company, a management services 
company, a business systems company and a communications 
' company. The excitement in Logics is to See how these 
: technologies are complementing each other more and more in 

. ourproject and development work. . * • 

If you are good, have relevant experience and would like to share 
ih Logica's future, telephone the Personnel Departmenton 
01-6379111 orwriietothemforan application formHeL LA/ /. 
Logica Limited, 64 Newman Street, London W1A4SE. . . . 





KSgic coMMejS!! 




We are seeking a young, qualified accountant to join this 
worldwide, imeinationalinsurancecornpanyas the 

The position is varied and interesting providing good 
prospects foi someone who has several years experience of 
modern audit techniques including the use of Internal 
Control Quest ion no uea and How charts. In addition you will 
become involved in all aspects of planning assignments, 
.systems analysis, control evaluation, reporting etc. 

If you are under 30. respond well to a challenge and want to 
further your caieer this opportunity with a company 
employing sophisticated UK and US reporting techniques 
will suit you. For rhe right person, prospects and career 
opportunities are hist class. 





Please phone or write to the Company's advisors:- 
Mrs.A.S. Jones. 

Cripps. Sears & Associates. 
Bume House, 

83/89 High Hoi bom, 
London WC1- 



i . 

Airline Management Accountant 

J\ turn it 

up to £121 )( K ) ta.rfrrc 

TJ mvait Ainvnys CoiTWinfinn wish to romrit mi accountant with airline 
vxpvi'ivncv to improve th<>t}un(itv ofmimapenwnt information and to 
*- -* assist senior manogemeni in milking •ipt-ratinjr decisions. This is a 
ih-iv appointment. 

Res|K»n>ibi)itv is to the head of t lie linn nee department and will include:- 

• prepnrin*: iheCnqmnuinn* annual budget 

• n.-jHi'Vtin” op».'vatina rmrit* nyainst budget 

• developin': and implementing budgetary control and management 
i nlbmiii tiuu systems 

Applicant* must have an accounting qualification and airline experience. 
Ape 23 to -10. 

Two yw renewable contract. Salary tax free up to £12.000. Generous fringe 
benefit* include lree housing, six weeks home leave and a ear allowance. 


Please write in confidence for an 
application form to David Prosser. 
Executive Selection Division. Smithwark 
Towers, 32 London Bridge Street. 

London. SEl 9SY. quoting MCS.-o72-L 




/Property Loans 


UDT is a major British banking and financial 
services Group and our Property Finance Division 
services mufti-milliart pound portfolios weH spread 
over leading residential buMere and developers. 

We require an additional executive to assist m 
the negotiation of new business and in the control . 
ana management of existing loans. 

Candidates will require stall in financial 
analysis, production of viability studies and 
detailed reports, and should have personal 
qualities necessary tor direct dealing a! a senior 
level, ideally they will have some experience of the 
UK. property market and of property 
development finance, and win have an appropriate 
professional qualification, preferably AJ B. 

A starting salary of area £6.000 will be paid. 

■ and benefits will include neiKonfribulory pension 

and life assurance and. after qualifying service; 
staff loan and mortgage subsidy schemes. A 
-company car will be provided in due course if 

Please write or telephone for an application 
form to: K.1 Ridga Group Ffesannd Services, 
United Dominions Trust United. 51 Eastcheap, 
London EC3P 3BU. Td: 01-623 3020. 

United Dominions Trust Lid 






Outstanding opportunities exist for suitably qualified 
Australians wishing to return home and seeking a career 
in merchant Banking. 

One of Australia's leading Merchant Banks, Cape! Court 
Corporation Limited, requires three additional members 
for its Corporate Finance team in the Head Office. 
Melbourne. All three positions provide a challenging career 
for persons interested in generating and developing capital 
raisings, acquisitions, mergers and financial policies for 

Manager — Corporate Finance tone position at senior level) 
The successful applicant for this position will have the 
ability to present proposals 3 I Board and senior management 
levels and will have had experience in Corporate Finance. 
The position would ideally suit a mature self-motivated 
person with initiative and drive. Preferred minimum age 
is thirty. 

Corporate Finance Advisor (two positions) 

Both positions require a highly-motivated person. This is 
an exceptional opportunity for persons with the desire to 
progress in the finance field. It is likely that the successful 
applicants will be in their mid to laic twenties. 

Qualifications fall positions! 

Tertiary qualifications in economics, commerce, accounting 
or related business disciplines, and probably a post-graduate 
qualification in business administration. 


A flexible package is available to aliract the right person. 


As the Chief General Manager of Capcl Court Corporation 
Limited will be visiting London for a few days in earlv 
November, curriculum vitae should be forwarded by 7lh 
November to: — 

I. A. N. McIntosh Esq.. 

114 Old Broad Street. 

London. EC2P SHY. 



Contracts Manager required ro join a private company, 
employing 180 people, specialising in M.O.D. contracts. The 
following experience essential: 

Agreement of contract terms to standard conditions. 

Assessment of cost estimates for negotiation, price fixing 
and ensuring compliance with contract procedures. 

Administration of specifications and production requirement 
associated with contract conditions. 

Maintaining contract cost control 
Conditions 43 and 53. 

in respect of Standard 

The importance we place on this position will be reflected in 
the salary offered, conditions of employment and re-location 


The Managing Director. 


Middle Wallop, 

Stock bridge. 

Hants 5020 8DX. 

Experienced Investment 
Research Analyst 

Location New York. Internationally known 
U.S. Investment Banking and Institutional 
Brokerase Firm desires minimum ;hree years’ 
experience, in-depth institutional research work 
Knowledge of Far Eastern (Japan, Hong Kong, 
•Singapore) Securities essential. Excellent 
growth potential. Expect London interviews 
week of November 27th. Send resumes in 
complete confidence to Box F.1056, Financial 

Times, 10. Qumo- Street, EC4P 4BY. 


KITCAT & AITKEN are looking for an 
enthusiastic analyst with relevant experience to 
become their Building Materials specialist. 
Reply to: 

John Goldschmidt 
f), Bishopsgate, London EC2N 3AD 
Tel: 01-568 6280 






anl B;k 

Th=j Insurance Association Limited are the leading specialist credit 

i* , « , .mar.ue brokers providing to industry widely- based advice on export and 
Gome risks. We specialise in very large projects internationally, and we pioneer 
the development of new covers in the private market. ' 

We are planning to increase our broking strength and consequently require 
peopleefhbOve-average ability who, after a thorough-training programme, will- 
be capable of achieving the high-standards of negotiation and problem-solving 
Tequirerfofiour existing team. • 

•Candidates, up tomid-30's, with experience in one of theprofessions. orwith 
a general business background, should combine personal flair and evident-, 
intellectual capacity. ’ 

Starting salary negotiable : excellent benefits of employment, and thereat© 
exceptional career pfpspecte. • . ' T ■ 

Please apply to:- 

J. HeSladwirt, Personnel Director, -1 - " - • .. •' • ' V- 

Hogg Robinson Group Ltd., Lloyds Chambers, . . v - • - . - ' - 
943 Crutched Friars. London EC3N 2JS 


Or is it clouded? Perhaps your career progress seems 
limited. Perhaps you don’t earn as much as your enthusiasm 
and Hard work deserve. Perhaps you’re just ready for a 

Wo are looking for mature responsible men and women 
to train as Advisers on retirement and pension planning. 

It's an enormous opportunity because most people, 
misundersrand.their pension schemes. Misunderstandings 
which spell disappointment for millions of people. Our 
advertising-^ beginning to point them out, and oOr training 
helps you ro.frelp our clients plan a better- future. 

It's a worthwhile and rewarding job as you'll find out . 
when you apply* We combine excitement and rewards of 
personal selling with The satisfaction and respect that 
comes from offering a really valuable service. - - - - - 

So if you are between 35-55, academically or 
professionally qualified, ambitious with plenty of energy, 
your future is with-us. 

Act now; contact Terry Lewis, 

Cannon Assurance Limited, 37 Petergate, 
Bradford, Telephone Bradford 22634. 



Cannon Assurance 




We are offering attractive career prospects to an analyst who will support 
our successful and expanding fund management business. He/Sjie will - 
contribute ideas, reports and recommendations for use by- thd selling : 
teams in the department This opportunity to join an established team 
should appeal to an individual with research experience either in ’ 
stockbroking, institutional fund management or in an accountancy practice. 
The salary and staff benefits offered will reflect the importance we attach to 
this key position. 

Write ox telephone 
R B BlaxLand Managing Partner 
Qiiilter Hilton GOodison & Co 
Garrard House 31/45 Gresham Street 
London EC2V 7LH 
Telephone 01-800 4177 

Quilter Hilton Goodison & Co 

Members of the Stock Exchange 



4 V: 

,v si-aa 





A rapidly Expanding prh/at&constrtic- * . 
tion andffiaoufacturing companyin 
SaudiArab© requires a Chief - **: *v . 
AcMocfl^^T&^.heWly<^ated post- . ♦ 
offers exceptional opportunitiesfor^ f; 
keen and ambitious.manto make acr ' 
Tnteresfjgg and rewarding career ina; ' 
higWy prbfi table, well established 
business* ~ ‘ ’ 

Thejcofr^jany a Constpj'ctkm arid ^ 
Bi^Hg^staWishrnem.iS' located jp>. : 
thfeagdculturaParea of Saudi Arabiaat . 
Onayza+j some4p0kmm^h-westpf ■ 

. RiyadhbutTtebperafeirsaraalready ■ 
expanding thr<wglrobttfe £ a>eaand. 
are likely tocoyer Riyadh/Jeddah and • _ 

" "the E^terhR^6nTnihe.tu'tu re* ~ ' :i". 
ftisiikefy tbatthq selectedcah didate /. 
wit f be aged between-30 and <^0. He wilk 
--M Tae of Arathnationalfty, p referably : 

. Saudi Arabian, ' ■/ ' 

be fluent in Arabic and English. 

■ have suitable qualifications in 
Financial Management and Cost 

• Accounting 

■ have experience of accounting 

• and costcontroi in the building 
and construction industry or in 
associated manufacturing 

High quality housing will be provided 
for.the man and his family. A substantial 
••tax free salary and other benefits will 
be offered subject to negotiation. ‘ 

Pleesewrite in Arabic and English 
stating age, current salary and how you 
''meet our Client s requirements, quoting 
reference CA/3971/FTon both 
envelope and letter. No information will 
be passed to our Client without 
permission i 

Urwick, 0rr& Partners Limited Bsr/isHoase 

Management and Selection Consultants 

.'Stoke Poges Lane 
- Slough SL 1 3PF 

Merchant Bank c £8,000 

^“^bm r cli^tis k one of jSi&Jtt&r operator? Iri.the Investm en t scene; managing 
jj ryn 'Piipits, Unit Trusts; Viftarity^nd frtharFunds. ; 

Beirauseof ttiesize and complexity of the funds involved the Fund Managers 
rely increasingly- oif-the re-structured Research Department for short and long-term 
^dvic e ra. terms of Koth sectors and stocks. They currently, seek someone for die 
Chemicals; Pharmaceirtfcals and Textiles adea. 

• The Bank pursues a policy of-operi management and encourages both initiative 
>and activre responsible^nvestinenti The person appointed wilt be expected to 
contribute to investment^ ohey; . ' ' ” 

•/ Vnii-ia fflltprrAably he ic your iate twenties and have at least two years* 
analytical experience. -Whilst* degree in Economics or an Accounting or Actuarial 
qualification woirid-ibean advantage it is not essential. Similarly experience in the 
relevant sectors wouid r be usefiiltmtnpt a pre-requisite. 

. - Salary "can be negotiated and .wall he supplemented by an attrac t ive benefits 

.package.^--. -'- y. • - • - - ■ _*'V. . . - 

pid^geinent Consultants),*! 7 Jioly well Row, London EC2A 4JB. Tel. 01-247 3274. 

r ^ T Overton Shiriey ■■ : &£.? % '%■ 

■ . and Barry -<1 

• • W. 

and Barry 

- 1 

rM i j 

[ • I 

• Areypu a^raduafe executive in your thirties who feels mot a corporate career 
is unlikefy^o ^‘sufficiently sdtiifjnng? An executive diredorshipis available in a 
-very reputable rompony^dra of the leaders in its industry providing services at the 
highest level fo major U.K. andlnlemational companies. 

• >The industry- provides continuous change and challenge;, it is highly 
uidrviduaiisHc and demands great personal integrity, effort and persistence; it also 
requires breadth of industrial and commercial knowledge and the ability to make 
sound judgements about people. . . , / 

Earnings well irifp five figures are attainable on a salary plus profit sharing basis 
and equity partitip^on ran be made available. The company has substantial 
international associations. A London or provincial city base is possible. 

, Please Write, in confidence, quoting Ref#625 and giving details of age, experience 
qualifications,, current earnings and contact telephone number to T. E. Linnell. 

CB-Linnell Limited 

• S Oxford Street, Nottingham 
\ • Nottingham - London 

Paris - ' 

Our client is a major international 
health care corporation with its 
headquarters based in Paris 
controlling affiliate and subsidiary' 
cOmpaniesiivEurope, the Middle * 
East and Africa.- ■ whave a requirement for 
a Financial Analyst for an 

their heatipffice operations. _ 
Candidates, aged between 26-32, 


should be qualified accountants 
supported by a degree or an 
MBA, who have gained relevant 
experience in a sophisticated 
accounting environment with a 
multi-national corporation. 

The appointment has 
considerable potential and offers 
ah. excellent after tax salary and 
includes relocation expenses. 







Haase write or telephone, quoting ref 793, to __ 

- s: W. J. Adamson FCA, Grosvenor Stewart Limited, 
Hamilton House. 15 Tilehouse Street, Hitchin, Herts. 

Tel: (0482) 55303,4 (24 hour answering). 


• Executive Search and Selection 











with many. y*ar*' experience amt * 
wide 'iaflge ormratuBO"*! srxi private 
<l»n a i«k*. the opportunity to i. join 
2 . f»uia& 4 used brokwf S«n V™? 
view. ts. broaden and mutually da*etop 
. hit buiinow. . - 

YMtt iox A. 6528. 

" ■■ 1U, Cannon Street, EC48 4Br . 

Provincial Stockbrokers require experienced 


Successful applicant will he respooslbe for ruuning a London 
operation to the highest professional standard. 

The firm have strong institutional connections. 

This is- a great opportunity tor an ambitious young man/woman 
with -a thorough knowledge of the gilt edged market. 

Write Box A.6530. Financial Times, 10, Cannon Street, 
EC4P 4BY.‘ 

1 1 f « 1 1 






United Transport Overseas Limited (a 
member of the BET Group) is a major 
international holding company, with over 
70 subsidiaries operating in different 
activities in 20 countries throughout the 

We are now recruiting a qualified 
accountant, probably between 30 and 40, 
to be responsible for the consolidation and 
reporting of Group accounting information 
at the Head Office in Central London. The 
long term prospects are excellent. 
Experience of international consolidation is 
necessary. Candidates must have a sound 
understanding of accounting principles 
and an ability to appreciate rapidly the 
effects of changes in commercial and 
financial (e.g. currency) conditions. An 
interest in developing a knowledge of 
international tax is important 
We have retained Management 
Appointments Limited to assist us in 
the recruitment of this important 
appointment. Please send particulars in 
confidence to: 

Peter Wilson F.CA. 

Management Appointments Limited 
Albemarle House 
‘ I Albemarle Street 
London W1 
Tel: 01-499 4879 



Central London 

around £25,00C * 
plus benefits • 

A UR quoted group with around £100ra turnover, 
manufacturing consumer products here s^d 
overseas, seeks a successor for the retiring F.D. 
There is considerable scope for contribution to 
profitability, by improving controls and reporting 
overseas, by participation in acquisition and 
development programes and by improvements in 
operational and tax planning worldwide. 

Candidates should ideally be qualified accountants 
aged 35-50. Prior financial control of a. significant 
profit centre is essential, 3S is some exposure to 
the problems of high volume consumer product 
manufacturing and overseas subsidiaries. An 
appreciation of current treasury practice and ux 
principles js virtually essentia!. 

For a fuller job description, write to John Courtis 
& Partners Ltd., Selection Consultants. 78 Wiginore 
Street. London W1H 9DQ. demonstrating your 
relevance briefly but explicitly and quoting refer- 
ence FT/7024. This is an equal opportunity 
appointment. Replies will be .treated in strict 

Financial Analyst 

West Essex- t £6,500 

This is an opportunity to join a forward thinking 
Company to assist in the development and 
implementation of corporate business projects. 

You will report to the Financial Planning Manager of 
the Company’s European Operations and will work to 
achieve ‘corporate cost reductions and improved 
profitability by the analysis of income statements and 
cash flows and the identification, investigation and 
introduction of improved controls and plans’. 

This position requires close involvement with 
Executive Management, both in the UK and Europe, 
and calls for’a degree of autonomy in handling 
important project work for the Organisation. 

Candidates must have experience of industrial Audit, 
be graduates studying for an accountancy 
qualification or qualified. Ideally aged between 24-28 

Excellent fringe benefits. 

PE 3 

Professional B 
& Executive p 

Contact: Sarah Stride, PER, Cater 
House, High Street, Chelmsford, 
Essex,' (0245) 60234. (24 hour 
answering service.) 

Applications are welcome from 
both men and women. 



Minster Trust Limited 

We are a long established issuing house {a subsidiary of 
a widely-held public company) specialising in providing finance 
and advice to companies in the small-to- medium size range. 
Our Company Finance department needs an energetic and 
enthusiastic new member who, fter an initial period, will 
enjoy close contact with client companies and considerable 
scope for initiative. "While specific background is not important 
these are the main requirements*. 

• Aged about 25-30 and in good health 

• Educated to university standard, articulate and 

• Ideally with first-hand experience of industry 
or commerce 

• Perhaps an accountant or lawyer or with 
experience in merchant banking or stockbroking. 

If you fit this bill, please, write to J. NT. Fuller-Shapcott at The 
address below, marking your envelope ‘private’ and enclosing 
full curriculum vitae and salary progression. Salary will be 
competitive. A car and the usual additional benefits are 

Minster Trust Limited, 

Minster House. 

Arthur Street. 

London, EC4R 9BH. 


Business Development c. £12,500 

Major European bank seeks a marketing executive. 28 to 33. with a background in 
U.K. lending preferably supplemented by some knowledge of eurobonds and foreign 
exchange activities. 

Manager- Accounts c. £8.500 

Substantial experience in all aspects oF International bank accounting is a pre- 
requisite for this position as Head of the Accounts Department of a rapidly expanding 
consortium bank. 

Credit Analysts £7,500 to £9,500 

Two well-respected international banking groups seek thoroughly competent 
analysis to assume senior positions in their credit teams. 

International Auditing £5,500 to £8,500 

Leading U.S. bank offers an exceptionally attractive opportunity to experienced 
internal auditors and to ambitious young bankers with general operations experience 
who wish to develop a career in international audiL 

Loan Control c. £8,500 

A banker aged 27-32 with alt-round credit analysis/loans documentation experi- 
ence is required by a U.K. bank with world-wide activities to monitor u portfolio of 
eurocurrency loans. 

Eurobond Settlements £5,000 to £7,000 

Senior and junior eurobond administrators are required by a highly regarded inter- 
national merchant bank. Eurobond experience is essential for one position, whilst tne 
other may suit candidates aged 20 to 25 with a background in stock market or 
foreign exchange settlements. 

Contact Tony Tucker or Tom K off insky 
in confidence on 01-248 3812. 

Young Business-orientated Accountant 


Swindon c. £ 8,500 + Car scheme 

The subsidiary oi a U.S. corpora lion, our client maiVeis and installs arancse-of 
mechanised and automated materials handling systems and has ambitious plans, lor 

Reporting to the Managing Direclor, [he successful candidate will play a role 
in the company’s commercial development and particular responsibilities will include 
the management ol Ihe company’s contracts and the development ol financial and 
management reporting. 

Candidates will be qualified accountants probably aged 28-30. Exp^rienco in a 
manufacturing environment is essential as is a desiie to take up an appointment .-••illi 
substantial involvement outside Ihe pureaccounlina area. A strong personal presence 
and a commitment to succeed will be necessary lo identity with Ihe company‘s approach. 

For more detailed information and a personal history form, contact 
Nigel V. Smith. A.C.A.. quoting reference 2250. 


Douglas Llambias Associates Ltd. 


Financial Services 
Age 30-40 c£10,000+benefits 

This is a senior appointment in the U.K. accounting function or j major lilb 
assurance company with a long and continuous record of growth. 

The basic tasks arc the preparation of the statutory and management 
accounts for the company and its unit trust and property operations, and ihe 
provision of the financial information required hy senior management for 
their effective control and devcIopmcnL This will include rop»*naibilii> lor 
investment accounting. 

The essential requirements are an accounting qualification (CA or ACC A i 
and a good post-qualifying financial and management accounting back- 
ground incorporating experience in financial services. Life assurance 
knowledge is desirable. Proven supervisory ability would hi. hclpfol. 

Benefits include substantial mortgjge contribution. Location - urc.iier 

Please write in strict confidence with full details, quoting ref 13* '/IT. fo: 

Philip Smith 

Manpower Consullanfs 
85-87 Jermyn Street, London SWf Y 6JD 

Money/Fixed Interest 
Assistant c£ 6 , 5 ©@ 

Our client is a major organisation in the investment 
management field whose expanding business requires an 
assistant to the manager of the money market and fixed 
interest portfolios. 

You should be in your mid twenties with a degree and/or 
professional qualification and about two years experience of the 
money/gilt markets obtained with an institution or stockbroker. 
You should also have the potential to fill the Fixed Interest 
Manager's position at some stage in the future. 

The salary is in the region of £6.500 depending on your 
experience and capabilities. Fringe benefits available are 
particularly attractive. Please write to Ivan Cann. Foster Turner & 
Benson, Chancery House, Chancery Lane, London WC2A 1QU. 
enclosing a detailed C.V., marking your letter FT 2/11 and listing any 
companies to whom you do not wish your application forwarded. 

Recruitment Advertising 


£5,000* £6, 000 

Expanding lively Chartered Accountants 
in the City offer excellent prospects 
I or Initiative and expertise. Preparation 
Qt final accounts. Fully «n*enmt with 
PATE and VAT. 

please contact: Mrs. B. Lees 
01-236 0642/3 

We seek experienced 

C.D. BROKERS a Iso e\ p wiens-ed F.\ . D i;A IFA S 

for major City Money Broking fir n.i 
Con la cl : Arthur Siddall ll'Mfi j 




Financial Times Thursday . Noy^fe2-^7g .. 



Saudi Arabia 

c. £20-25,000 tax free 

A large international group with a wide range of interests in the 
Middle East and Africa, already engaged on a number of large construction 
projects in Saudia Arabia, wish to appoint a senior accountant to take cost 
control of a major new multi-site building project. 

The successful candidate will work and co-ordinate with accountants 
based at each site and will make use of a comprehensive computer system. 
His work will have included at least five years in the building or contracting 
industry, preferably with involvement in overseas operations, ideally in the 
Middle East. He will be a qualified accountant with considerable project 
management and EDP experience. Preferred age 30-45. 

The appointment will be a three year contract, based in Riyadh with 
frequent travelling within the Kingdom of Saudi Arabia. In addition to the 
salary a substantial benefits package covering home travel, housing, 
transport etc. will be offered. 

Please write in complete confidence to David C. Thompson, who is 
advising on this appointment 


OJgcn iriirf Co /.let. Our Oh l Burnt 
London H7A' 3'JD 01-199 SSI I 




who trill report directly to the group president ami have 
resjH/iwbility for all operating decisions and growth. 





An unusual opportunity to work 
on the sunshine island or Bermuda 

The Bank of Bermuda requires two additional Investment 
Account Administrators. 

Following a period of orientation and training the 
candidates will be responsible for the administration of 

• n#i:...^.. n 1 AC rTerrafirtnam iniiorfmOh t 

idnutaaies WIN ue IwITCjiishws iui mm dtuimiiauau^ii '-■i 

individual trust, agency or discretionary investment 
accouritsmanaged by the Bank's InvestmentDepartment 

to £9,000 

North West London 

We are seeking a sound commercial Accountant to assume 
function of an important didnt. The company, engaged in 

staff, has a first class growth record, a £1 million turnover, substantial backing an<U young . 
management team. ' , ■ ’ • 

As Chief Accountant you will report to the Managing Directorand 
management and financial reporting, mechanise^ ccounbng.c^rtcOTtroi r_ ■ . 

sophisticated time reporting and wages system. The pace of EjSSSEHL*' 

branch level, requires commercial judgement and skill in managing people und p . . fe- . 

Candidates, qualified Accountants in their late 20's, should have 
for service industries and be familiar with management accounting, -financial control; a id _ 
payroll systems. Ideal qualities include the ability to motivate staff, and to contn _ • 

central management team. ... 

The position will. appeal to professional and career minded men orwomen.-The aggressive 
expansion programme reflects excellent career prospects. 

Applicants should send details of experience, qualifications and salary to. M Campbell, 
quoting reference 144/51. 

Mann Judd 


Persons qualified for these positions will generally 
possess a university degree or trust banking qualifica- 
tions and will have at least five years practical experience 
in the international investment field, particularly in North 
American, European and Eurodollar markets, and pre- 
ferably with a stochbroter or merchant banker. Ability to 
communicate both verbally and in written form is 
essential. The lax-free salary would be commensurate 
with experience and boct ground and generous staff 
benefits are ottered for these positions. 

55, New Oxford Street 

. London W0A1BX 

Interviews will be held in London November 20th and 
21st. Qualified persons interested in these appointments 
should send a resume together with their application to 
the SanKof Bermuda's London Representative:- 


BofB (Europe) Ltd., 

Grocer's Hall. Princes Street, 
London, EC2R3AQ 


required by major international financial publishing company for 
weekly international business magazine edited in London, published 
in the United States and in the process of rapid expansion. 

Knowledge of U.S. business readers and United States experience, or 
background, essential. . 

I fruit F ri 

As the successful candidate, you are self reliant, highly communicative, 
possessing the courage of your convictions and an easy, persuasive manner. 
Your resume clearly details an impressive record of your i-chisvcmeats. 

This is a unique opportunity to join a new, already successful, venture. 
Apply only if you have: 

As the prime decision maker in the U.K. and this continent, you will assume 
immediate control of a successful operation and will lead it to crcater 
growth through your strengths in profit and problem analysis, marketing 
expertise, management development, and business expansion. 

(a) a track record of at least three years’ sub-editing, 
and page layout 

IF you have had sub>tanlial senior management experience within a profit- 
minded organisation, are strongly marketing oriented, and respond 
enthusiastically to autonomy and challenge, forward your resume in 
confidence to us as soon as possible to Box A6S27. Financial Times. 10 
Cannon Street. EC4P 4BY. 

Salary will be negotialed on previous experience and your specific per- 


...experience on a business magazine 


(6) ability to comprehend serious economic and financial 
• copy - 


formance record. Future promotions io levels of international responsibility 
will be based on your results. 




is for a Clerk fully experienced in advising and issuing Documentary Letters of Credit. 


is likely to be in his/her late twenties or early thirties and have at least 5-10 years specific 
in-depth experience of this work in a major bank. Older candidates with commensurataly 
more experience will be considered. 


The Bank is well established in London and enjoys an excellent reputation in the employment 
market for both job security and conditions of employment. A competitive basic salary will 
be offered plus profit sharing: free lunches, non-contributory pensions, life Assurance, widows 
and orphans benefits, mortgages and personal loans at reduced rates of inceresc and interest-free 
season ticket loans. 


should send a detailed curriculum vitae, including full details of their age. education, experience 
and current remuneration, to: 

Box No. RD.4897 c/o Extel Recruitment, 

Pemberton House, East Harding Street, London, E.C.4. 

All replies will be treared in the -strictest confidence and the names of any banks to whom 
the applications should not be forwarded should be dearly primed on the back of the envelope. 
The Client Company will write to all applicants whom they wish to short-list within 7 days 
of receiving the application. 


Four manufacturing companies in a public 
group supplying processed materials to a 
variety of industries, have recently been 
formed into a separate division to achieve 
greater coordination and a financial con- 
troller is required at divisional head office. 
FtepOfi-ngTO il..; qr-.i-ior.^l nian:igi;iq director, inn 
person appoim-jc v/::i b ; z rcponsibl* primauly 
for. introducing imozovrd monjgc-merif informa- 
tion, unit yin g occoui.tsr.cj r., si-:- ms and conlrols 
and conUibuui.y lothc* o-.cioll management of 
the division: 

Suitable candidates, n^i.? orfemal-?, and prob- 
ably 35-40, must have a recognised accounting 
qualification ovd s-nier management e.-pen- 

- (d) demonstrable flair for attractive headline-writing 
and sharp, accurate editing 

Apply in confidence to: BOX A.6531, FINANCIAL TIMES 



an ad.'Ar.tacii-! and a. v.ri;i to 

'.villi a ii<or*:_ji/ ciMirii.rcial outlook 


For an arplieslien form, w; if :• in confiderc .0 
r h .o.virin l-evv you th* o.nd 

qaol;-:g r..- Serene-? 3735,'L, «o f.i. J. H. Conoy, 

A British-managed Construction and Development Group 
established in the Middle East wishes to create a financial 
venire in London to oversee its total operation and to 
spearhead a new venture in the U.K. 

p -at, Marr.icJ:, f.i: (cl -II , r , Co., 
i.ia n.vj m-- n t Con ■ j is •* n i c, 

E '»cutiv? 'i-etoC'.iO:: D:/i; ion, 

1 65 Ou e-i t V r cl o 1 1 •: ir ^ i, 

Lou Jan, EC4V :FD 

The Finance Director will have overall responsibility for 
the accounting, secretarial function and generaT admin us- 
tralioa of the Group, both overseas and in. the U.fcw and 
will devote a considerable amount of Dine tn the finaneing- 
of new projects. Frequent visits to the Middle East will 
be required. 

Applicants should be qualified Accountants with experience 
in the field of Property and/ur Banking. 

A salary* well in to five figures is envisaged plus benefits 
commensurate with the position. . - 




around £17.000 

The commercial vehicle assembly associate of an 
iniernational manufaci tiring group seeks an FP. 
to be responsible in the local board for all financial 
matters, with a brief to improve local forecasting 
and control, management development and 
management disciplines. Usual educational and 
accommodation benefits and company car. 

Candidates must be qualified accountants, prefer- 
ably chartered, with prior experience in motor 
vehicle distribution or manufacture. Ase is not 
material. Prospects of a general management 
appointment after ihe two-year tour are good. 

For a fuller job description, write in John Courtis 
& Partners Ltd.. Selection Consul Innts. 7$ Wigmore 
Street, London W1H 9DQ. demonstrating >*>ur 
rcie vance brieJlty but explicitly and queuing 
reference 7026/FT. 


l| OVERSEAS VACANCIES III many «0ldi. ( Ircim Careers OoersrttS IACI. SO. I 
St. Miry S zw . Lonuon. S.E 25. 

Apply in lUv first instance to: 

Chairman's Office, 


22. Fountain House, Park Street, 
London WIY 2WB. 




Amilcxtlorn -at* wtmd ibr s6b' : «HIs 
EgMMEyE. • Tire D^artmentr Bf 
Economies , as iwo vacancies t***** 
ui Commerce. The appointees Will 
pc nwW J r the. teaching of Acemnrt- 
Mahaflnient ,lir Dear to and- 
Diploma programmes in ■ Commerce: 
ana Economic*. ..The lull rangA-W 
Ac counting - subjects u .■uwatu, - b«.- 
applicants ivJth A. ipedaHsecfc know- 
*«*M -of Taxation. AuflrtmsT nnrf 

- — _ Taxation. . 

Business Marapampo* Wouli#. be pm. 
f erred. ClncHiktn . -sfiouW ha*e Pfe- 
*-ous wiiwnirr tea chins oxpertcnce 
and a relevant mo her jlosr«-. Previous 
cmpiaympAt In a Uewobl a a country 
would he an Jdrahtaca; Enquiriei.auy. 
he made lo Me Chairman of. Ue 
peoartment for. further . Information. 
Safary scaier- Senior Lectorer .Kl4.d2S- 
1S.T76 p^.: Lecturer K9.QAB-14.218 
P-a- (£1 JterUno =*1 -35J. f n addi- 
tion an allowance of K1.300 p.a;‘ If 
flnole is payable; An enfra Kl.000- 
Man-lage Airowanee and K15S per* , 
child Child AiioH-ance may also-tra pay-H 
able. Conditions Include ororWoii of 
Nwwuib and amnal leave - fama. 
OetattM toptications CX . copies} with 
Wtae. three nhrm and 
HOall photograph to be lent trisect » 
*820. UnlVmttV . «. 

New Guinea hr U December 
1*78. Appdomx resMant In the 

H5— ?5?, uW *e«d one coay to 
lirtar-UnlvtrsrtY Courted 90-St Tortw- 
nam Court Road. London WtP. ODT. 

may be oWainiM 

from either address. 




An established internaliun:il merchant hank yperialiring 
in Latin America and the Cariblicoo i< seeking lo recruit 
an experienced entrepreneurial banker tu jmn their small 
performance-orientated business origination leani. 





AG NEW GALLERY.. 43 . Old Bond St.. 
W.l. .. DT -629 gI 7 B. FRAGOWARD 
DRAWINGS, lor Orlando Vurloso. Until 
IS. ' 4 >rccmbw. Man.-fri. 9J0-S.5O. 
Tnorc. * until 7. 

BROWSE & DARBY. 19. Cork St.. W.l. 
ArmfUNY EYTON. Recent Paintings and 
Draw MBS. 


Successful candidates will In; responsible fnr generating, 
necutiatin? and struclurins lundine Jr;.-n- actions to 
corporate and sovereign borrower.- ami qualiiv- financial 
institutions based :n Latin America. 

The position is ideally suited to ar. individual, probably 
in their early thirties, with a Me rch an [/Investment Bank my 
background with corporate financial una)\<ris skills. The 
person will have bad direct experience of Latin American 
lending and marketing and possess the appropriate linguistic 

The five-figure salary will be der-vridcnt upon level of 
experience and the benefits package includes non- 
contrlhutory pension fund, suhsidised house purchase 
scheme and free life and medical insurance. 

Please apply, initially and in the strictest confidence lo; 

The Personnel Department, 


140 London Wall. 

London EC2Y SDN. 

Tel: 01-600 1700. 

The Company is international with an 
established fouchuid ia Europe. 

This opportunity will suit someone who 
can develop business at a senior level, and who 
wishes to expand with a young effective team. 

In die first instance, please write with 
career details to Ken G. Herscy, Director, 
Recruitment Consultants, 

Bastable Personnel Services, 

18 D cring Street, London WL 
(AH replica will be treated in tbc strictest confidence]. 

Bromoton *oil Sw.j. ounUndlns 
British wrki «l art, Barbara Hcpworth, 
L. S. Lowrr. Hcnrr Moore, Epn Nkhol- 
wnu : Granam Sulhrrlang . Will, am Scott. 
MMtfiC w Smith etc ALSO tvorHs 0v 
Eu/ovcan and American artists. Mon.-Fri. 
10-6.- Sat 10-4 01-994 7566. CRANE 

ARTS. 321. Kim i Road. S W.S 01-352 
6557; Native Arc irom IBih-zOrn cent. 
A Ire young artists- or unusual rislon and 

No., 093412 o 1 1978 


Coancfry Division Companies Conn, iff /»•„ 

I h .«dSi£ lef ? , S - fe B - E RICKMAN v. . 
LIMITED and in tie Mailer ot Tho H ' 
compaalts Ac:. 1348. 

Poll lion for the WlntHae up of rim above-- 
pameil Company by ibe fqcb Court at- 
Jusuce was on the 25th day of October 
19*6. pr^si’nied to. the saW Court by 
UMITED .H-bose. najtocred itfJce . .13- 
siTUalc at UE 'Portland StXoei..MAJichr3lcr 
Ml Bf-’A. aod [bat tbc said PetUMui is 
dircciud io be bt-ard before ihe Court 
si'tliiri ai tbc Rural Coons of Jiutlci*. 
Strand. London WC5A ILL. on Ulc 27lh 
day of November UBS, and any nrcdllnr 
nr roniribaforr. of tbc said Company 

DAVID POOLE '.hows Wt Official Portrait . . . 

to . eommemorate 0»e t Silver Jubiteo | dcslrflus to snpiwrt or depose Ac maklox "• 
Luncheon at Gu.kjnaR^^toBeUjrr^jviib | uf an Order on the utd Petiuon r max ' 

ai wjr at the time of bcarirys. to person, 
or by bis counsel, for Oval purpose; jatF 
a copy of tbc Petition will be fnrauucd \ 
by. ibe undereiBned to afly creditor or - 
cOTunbuiMT of ' the said Eompaay raffbir^ '• . 
tns mch copy on payment of use remitted 
eharse for the same. . 

Hwm. ' . . urinm . cir^c, 

Mon.-Frl- 10-5. Until Nov. IO. 

FINE ART SOCIETY, 145, New Bond St. 
W.l. 01-629 5116. MAXWELL ARM. 

firtWb an exhibition 01 n»rw paintiom 


Personnel Services 

bv PETfR NEWCOMBE from OCL 2* to 
Mov. 10 at ttjc Alulne Gallerv, 74, 
S. AUdlor Street. London, W.l. 10.30 to 

5 daily (extent Sats. & Suiu.t. Late 
ODemns to 8 pm cadi Tucs. Tel: 629 


J.P.L., FINE ARTS. 24. Davm Street. 
W.l,. 01*493 2630. RAOUL OUPY draw 
inst, watercolour* 19O0-TOSS. Oct. . 1D- 
Dcc. n. Mon.-FrL 10 - 6 . 


lumley Cazalet, 24. oavm st.. w.i . .. 

waft^ni^ 8 ' f . 1 rTn „. :l :' wl be iitced by ihe penoa 


26. CmnlmU Arcboa, 

Londdn EQR HH. 

•Ref: TDSRD.fiiSBf. 

Soilaiorg lor the petitioner. 

NOTE.— Aay . . person Wbo laienda -Jo" 
appear oa .the Itcarau of Ibe Hid Petition 1 
man aen=o on. or send by post to. the 
attove nbmi.'d . nonce in vrrlHnc Of bis 
iotenuoa so to do.- Tbo notice most state 
ihe num- -and address fif -tbe pwrori. or. 
if a arm the nafae and address Of trc 


10 years experience in Eurobond market in ihe U.K. or Overseas. 
Muse be fluent in 3 or 4 European languages.. 

The usual banking fringe benefits are available as are expected of 
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Please write with full career details, quoting ref: FT/IEN. listing 
any companies to whom you do not wish your application 
forwarded, to Peter Phillips. Riley Advertising Led. ( Confidential 
Reply Service), Old Court House. Oid Court Place. Kensington, 
London W8 4PD. Applications close 10th November. 


Interesting immediate opportunity for young executive with 
corporate and financial PR experience. Graduate or equivalent, aged 
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Established 1954. we are part of worlds largest PR consultancy 
group with 72 offices in 43 countries. 

Wrlrtcn applications with c.v. to: 

Prince Yuri Galitzine. FI PR. APR5A. 

GaJrtzina and Partners Ltd., 

7 Ecdenon Street, London SW1W 9 LX 
01-730 8153 

IF you are in ihe job market 
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Britain's leading packers supply, 
in^ the great stores of the world 
and leaders of industry. 

Strumpshaw, Norwich 
Tel: 713937 

Telex; 975353 H amp res 
Colour brochure on request 

4. Nor. Bomf SCrm. W1 01-409 S4S7 


SPORTING PRINTS. Daily IO 00 - 6 . 00 . 
SatS. 10 00 - 12 . 30 . 

i nr firm, or bi« or tbcir sandier i If any i 
t and mini Jbc or, if posted, must - 

he Kerr by ww. la sufficient Ume lo. ’ 
reads nir. above-named am later than 
lour • o'clock In., ibe- afiersMti of me. 
24t» day of November, isrfi. 

SlrcYL W:i O I -401* 3277. ANNUAL 

Daitr 10 00-6.00. Sals. 10 00-12.30. 

Richmond gallery, a. Cork st 
London. W.l . 01-437 0264. Sculotwe 

EaMMlionl until 18th N». 

G«llercea._ 63. Owen | Grove. N.W.8. 



4, ■: 

see ■ »oo. - 


Transfer Hoota of *h» Conraao* wm bar V % 
gMfffUom 20 * W Mth mvtnbor. 1978 . , 4 -, 
b oth, date wcjjHTve. tor tM oaroosn at \ ■>*. 
areearina warrant* lor as Interim Otaa- •• 
djmd. on ajMU« of the ywr coding st5 . : 

MbrCn. 1379. .... 

Or Order ofttr 

Devon. _Tel (tJ?37) 6284 1. " Watcr- 

colourt br CHARLES KNIGHT .** ZWh 
OcmMr until 24tn November. Obm 1 r 
•n 1 and 4.30 TO S. Mondtr to Ulwd». 
Closed Wcdncsaav aKernaefaT 

Percy COUTTS &Co. 
- 01-8392271 


I CAMPBELL. David. IHrlnbrr tl Ihe llttk 
I ET^’W ol Scot lands Farm. 

W.Mhrlrl. Memorial itmcr |o he held 

War held Pari'.n Cfluixli. 2.30 p.m.. £5Ih 
November. 1378. 


DoOHh a-. . - 

2 nd No»«dbK-. 1078; 


EVE. 1 50. Regent Streri 73* 0337. ai fa 
c*nr or All-in Mnu. Three Spectatulm 
noor Sho-* 10.45712.45 «ai45“rt 
muiic Ol Johnny HawmsihOrUr & Frirnto 

GARCOVLC . C9 . Dean Street, tarpon ' 


1 1-3.30 Jn. Show Jt MHMilUl.aM T am 
Mon.-rn. C Iosco' Saturday*. 01-437 '645S? 




K alitfr Alnmtoimi & pWrnKJI- Corpora- 
miw deiiared * two^r-Ofie itoefe split' 

m ,tbe_lorm oi a v ia6"'pdf~ mik ■ «m«k 
dmidcmr, M|PMr to iMdos of i — 

on >*rroTOO«r TO. n 

“ J“W VTiMT .• iflaoa 

7v- ^ 


v-iiV/ #.i'^iv:! 

;«;^^^..S>;;.Si^i:; : rVr..; a iv:::to.*J^*^.?J:Sj 1 Ai.;:r , i; i.'i;^w:i.. ; 



*toc a ' “ tr Jy t 

m «i a n 

confusion hits 


- w*»ej. i ' ® 

.SP«'a s ;S i! 

Aotu; rcT--I’ rl ’f? 

silo rr-ri . ^ *• Sr,*."* 

•IV -• '" : “ L - 9 ‘33 

■vfcnsn. t^. 

•\' m " ' 5 «5*^ : . a 

fey to v .- ... . * 

company i„ r 


^experioi,,*. r, r 

t" : . " 

Sfehfni v r ---. 

vy. i- • ‘ “.ult, 

CSTS’ S' U !.»-!; fij'jp'.n 

Biie.and isnartai 

Ikisalir^- .. ■ : r- 

<By’bur CernmadJt^Stifl ! 
Ai ; SMALL - - AoWSh.' : 3n r world 
cocoa ivroduetlon^rafi forecaster 
dextVyear in a :j^»rr'pobIisliea, 
W a London cbraHigdity broking 
fii'm yesterday. ■ T' r - 
:i Inter •■ Commodities ■ put -the 
1978/79 world eWp at 1,356,000 
tonnes, 115,000 -tonnes lower than 
& the 1977/73 season.. Consump- 
tion in 197S/T0 ii expected to rise 
to about ’tonnes. After 

allowing for./if l 'per'cent loss' of 
.weight Jjj : ptoc&ssing ibis indi- 
cates a deficit of .38,000 tonnesl 
. The'report' attributed i^e lower 
production .forecast chiefly to. 
" cold ’overcast ( conditions ".- in 
West .Africa and Brazil over the. 
last few months. . Other factors'! 
.reducing output were “disease 
problOnis and -some underlying 
deterioration trends in -Ghana 
and Nigeria;*:*# added. - ' 
Inter Commodities'' warned, 
however., that it was JmpQSSlble 
tp majcev definitive crop predic- 
tions iit this stage; 

Tbe Teoent fall in Consumption 
obscured “ a stmce underlying: 
growth trend m -Chocolate pro-; 
ducts.” the report said.; “Given! 
reasonable - prices, . * ocea Ycon- 
sumptkm will'-. tend -to im prove.’ - 
The company felt that at cocoa 
prices of £l I 90tf£2,000 a tonne 
consumption "Wifi - be at -least 
maintained,*’ and suggested -that 
the historic -'2r3- : per eezit growth- 
rate could be- resumed. This 

would take consumption . up to 
1,380,909 - tonnes/ from 'nr-est* 
m ated : 1,353,000- >' tonnes- - =Sn 


THE SUDDEN 'faVl tn the value 
of sterling : ' Against, the. dollar 
yesterday threw thfe London com- 
modity markets into a state of 
confusion. . - • The ./ immediate 
response wa^for 1 general rise in 
prices,, although, this varied 
jTrmrriipg jo -The. individual .com- 
modities and! in many cases the 
gains were ' eroded in later trad* 
ihg. Arbitrage- trading between 
the - London, and: U-S. markets 
came. to a viriua] halt at one stage 
■ps prices : moved • ‘in opposite 

: Particularly ■ affected -were the 
metal, martlets.- Despite the 
collapse in;ffie'gbld market, the 
^sterling, price 1 Of. free market 
■ ptartnwrii: moved -to a new peak of 
'£187.80 j an .'ounce* up £3.50. 
although .the- dollar quotation 
faff by 51L50 to $S73. Silver 
prices ,' in sterling terms were 
virtually unchanged, hut in New 
York the market was the permis- 
sible -limit shown of 20 cents in 
«ariy trading. •• 

VTbefe ; was; a, in bred reaction on 
the- . base .. metal . markets. 
Traders, attending various recep- 
tions during the LME dinner 
week; rushed back, to their 
offices when news of the U.S. 
measures -to . ; strengthen the 
dollar and increase gold sales 
■were, announced. " 

But after the initial reaction, 
-not mat market influences started 
to reassert . themselves. In 

copper for example, th e presence 
of a big seller limited the price 
nse and sharp fluctuations in 
pc New York market were 
largely ignored. Cash wirebars 
eventually closed £10.5 up £750.5 
a tonne. 

Tin rose strongly. Although 
easing in .late trading, the 
standard grade cash price closed 
£195 up at a record £7.990 a 
tonne. The Straits tin price in 
Penang overnight had already 
reached a new peak of SM2.065 a 

Cash lead was boosted by Fears 
of a further lightening in 
supplies immediately available to 

the ^ market. It rose by £11 to 
£436.5 a tonne, while the three 
months quotation was only £6.5 
higher at £410.5. There was only 
a modest rise of £2 in the cash 
zinc price at £353.5 a tonne. 

k Sraear campaign’ 

There was a similar mixture 
in the ’■soft’’ commodity mar- 
kets. There was a general rise in 
prices In active conditions, but 
a tendency for early gains to be 
lost in later trading. Neverthe- 
less coffee, rubber and sugar 
prices all ended the day higher. 

Meanwhile the Zambian Minis- 
ter of Mines, the Hon. J. C. 
Maponia. yesterday attacked the 
“ malicious smear campaign ” in 
the Press about the terms of their 

Dried fruit price wamin; 


W'iivsasi-r ? 

^AWJA NEW Z U'.S: ' 

#4*0*7 *»•;?££ = ' 


BRITISH HOUSEWIVES coiild- dew- season southern hemisphere 
be paying 30 per cent more for crops. come in, from Australia 
dried fruit by Christmas, im- and South Africa next spring, the 
porters have- warned.- • company ; added. \ 

Following a crop disaster in until late August the world 
California import prices into the mp of sultanas and raisins was 
UK for sultanas- and- raisins, have f Drecas t 31.530,000 tonnes with 
leapt by £250 to .£850 a tonne. California .. providing about 
And currant prices, although. not -220 ,000 tonnes. But then heavy 
affected by .the' disaster, ’have rainstorms there ruined much 
nsen m sympathy. -. . •• -i 0 f the crop.' Californian output 

Bernard Holland, ebairtnan 'i s . ww p ut at .flQ.pW-70.000 tonnes 
oF the National. Dried’ Fruit . an rf the world crop at not much 
Trade Aswwmtaon. said yesterday ab6ve 350.000 tonnes, 

he believed- stocks. 11 purchased -at . r . _ .. - . ... _ 

the old prices should be adequate ;^ Holland said 
to keep-rctail costffntthe cuirent |f Tm ^ fi - a simiiar 

level of 39p a lb until- after citiOfttic setback two years ago. 
Christmas. ' But in -tile new year But Jhe situation is worse this 
prices are expected -to rise tii ^ year p aqd stocks held. in import- 
around 50p a lb.'- -. . mg' couhiries are much lower. 

If the hews 'prompts panic buy- With tbe -ILS., nonnally. the 
ing. however. prices£ouid_top50p world's : biggest exporter, now 
a lb before. Christmas, be warned." actively seeking -imports of 
Whitworth’s Holdings^ Britain's dried fruits ..Competition on -the 
leading dried fx^ ; Mtfer,.cdn- feteritatiwidlrlmark^ has become 
firmed, that retitil' ppces; for it$; fierce. Australia', ind South 
products .would 'have to its e- to "Africa- have already, sold . but 
46p a lb" for raitants;. 5354^ ^ ib so/ this^demaod has been con- 
for snitanaS "ahdraising aiid^Sp.c^^ on Turkey, Greece, 
a Ih for mixed fruit. V. Nb^decline 'Iran ‘and Afghanistan, forcing' 
in prices is-anticipated tmtii the prices higher. -• : “ 

Currant supplies are normal 
but Grpetc. which has a com- 
plete monopoly of the world 
export trade, has taken advan- 
tage of the situation by raising 
prices £150 to £750 a tonne. 

According to an article in 
Food Mews magazine Greece 
could soon also be the only 
source for sultana supplies. 
Turkey has sold aU but 30,000 
tonnes of its estimated 70,000 
tonne crop and Iran is reported 
to have only *20,000 tonnes left. 
Greece, on the other hand, is 
believed to have 2.000 tonnes 
of old crop currants to sell 
before a start is made on the 
new crop. 



Egypt is scheduled to tender 
on November- 15 for 20,000 
tonnes of cottonseed or sun- 
flower oil for January, February 
and March shipment, exporters 
reported- today. 


copper supply contracts next 
year. Nevertheless lie confirmed 
that Zambia was intending to 
charge a premium for their 
i-opper, both cathodes and wire- 
bars. over the London Metal 
Exchange wirebars quotation. 

He claimed that some of the 
brands sold at LME prices did 
not reflect the quality of Zambian 
copper, and consumers should be 
prepared to pay more to be 
assured of availability of top 
quality brands. 

Bui he described the premiums 
as "very modest" and said they 
would continue to give the back- 
pricing concession to consumers. 
This made their contract terms 
very competitive with other pro- 

The Minister said there has 
been a number of requests for 
more copper than Zambia had 
been able to offer for sale in 
1979. Four or five years or low 
prices hud taken their toil on 
his country's capacity to produce 
and maintain development. Lack 
of spares for the maintenance of 
mining, smelting and transport 
equipment, due to a shortage of 
Foreign exchange earnings, had 
added to the difficulties. 


He said there was growing 
evidence that some of their custo-, 
triers hud not strictly adhered to 
the spirit of contractual arrange- 
ments. At one time there was 
over 100.000 tonnes of Zambian 
copper in the LME warehouses, 
and they Mad not put it there. 

Certain' customers had turned 
over shipments to merchants 
while others had over-bought in 
order ro sell on the side copper 
in excess of their needs. But. 
he warned, that the Zambian 
sales organisation, Memaco. 
could use the same tactics if 

The Minister paid tribute to 
the financial support provided by 
the Japanese companies. Mitsui 
and Mitsubishi, at a time when 
other countries were cutting off 
credit lines. 

O It was announced in Lusaka 
that President Kenneth Kaunda. 
of Zambia, Agostinho Neio, of 
Angola, and Mobutu Sese Seko, 
of Zaire, plan to meet on 
November IS in Kitwe, Zambia, 
for economic co-operation talks 
expected to centre on the re- 
opening of the Benguela Rail- 
way. This line, running from 
Angola's Atlantic port of Lobito 
into Zaire with a connecting link 
to Zambia, was closed in August, 
1975, by the Angolan civil war. 

It is expected to be declared 
technically reopened later this 
week following repairs to a 
bridge on the Zaire-Angola 

policy paper 
out shortly 

By Our Commodities Staff 
THE REVIEW of OK agricul- 
tural policy, planned to update 
the While Paper -‘Food from 
our own Resources M pub- 
lished in 1975, will be coming 
out shortly, it is understood. 

Ministers are now discussing 
the conclusions of the review, 
which Mr. John Silkln, Minister 
of Agriculture, commissioned 
to provide an appraisal of tbe 
medium-term prospects for the 
industry and the scope for 
expansion of food production 
in the UK. The Review has 
Involved extensive consulta- 
tions not only with farming 
interests, hut also with pro- 
cessors and distributors, as 
well as environmental and 

other interests. 

Mr. Silkin has already stated 
that it is hoped to publish tfae- 
Revicw before the end or the 
year, hut a strike at the 
Stationery Office makes the 
publication date somewhat 

In the Queen's Speech yester- 
day, the Government pledged 
tbat it would continue to press 
for improvements in the Com- 
mon Agricultural Policy and to 
promote expansion of food pro- 
duction in the UK. 

It also promised to seek an 
acceptable Common Fisheries 
Policy within the EEC. How- 
ever. fishing Industry repre- 
sentatives have been assured 
that while the Government is 
committed to reaching an agree- 
ment, it has not withdrawn its 
basic demands to ensure that 
the UK gets its richtrii! share 
of Community fish resources. 

Soviet whaling 
fleet curbed 

By Our Commodities Staff I 
THE SOVIET UNION announced ! 
this week that it was reducing 
its whaling operations "to help 
conservation efforts to protect 
the endangered mammals.” 

Tass. the Soviet news agency 
said “only two whaling flotillas 
have set sail for Antarctic 
waters." Last year tbe Russians 
operated four flotillas— which 
comprise a factory ship plus 
catchers and service vessels — two 
of them in the Antarctic. It 
would appear, therefore, that 
whaling operations are now to be 
restricted to tbe Antarctic. 

The news agency said this year 
the whalers would be hunting in 
zones "strictly defined by the 
International Whaling Commis- 
sion (IWC).” The Friends of the 
Earth conservationist organisa- 
tion commented tbat since re- 
stricted catching areas have been 
laid down by the IWC for years, 
the announcement tended to 
suggest that tbe Russians have 
so far ignored tbe restrictions. 


FULL CONTROL of their fish- 
ing grounds and the expulsion 
of foreign trawlers, for which 
they fought three “cod wars.” 
have not given Icelanders any 
dramatic merer 1 in wealth. 
The fishing of the last two years 
has confirmed their argument 
that the cod stock was being 
depleted. However, the value 
of total fish exports has grown 
to S375m a year and the Ice- 
landers have been able lo make 
a start on diversifying their 
markets: landings in Britain, for 
instance, are expected to double 
this year. 

The fishing industry is not 
free of problems, but they are 
of the Icelanders’ own making 
or capable of being rectified by 
them. The fishing fleet is too 
big for the catch taken at pre- 

A bitter quarrel has 
erupted between the fishermen 
in the south-east and those fish- 
ing off the north-west fiords. 
The - ■'u them ers claim that the 
northerners are taking too many 
young cod and destroying the 
spawning stock, whil- xh? north- 
erners retort that it is the over- 
fishing of the spawning stock 
by the southerners which is 
threatening the survival of the 

Runaway inflation and soar- 
ing domestic costs have forced 
tbe freezing plants to operate at 
a loss. Even after the 15 per 
cent devaluation of the krona un 
September 1. the freezing plants 

corporation claims, the average 
loss is 3 per cent of turnover. 
The fishing fleet has been mak- 
ing money, but the devaluation 
has forced up the cost of run- 
ning the boats, and owners are 
looking for higher fish prices. 

The cod catch last year was 
just under 330,000 tonnes, a fall 
of about IS.OQO tonnes from 
197$ but still considerably 
larger than the 265.000-tonne 
limit advocated by the scien- 
tists. This year they proposed 
an allowable catch of 280,000 
tonnes. The actual catch is 
expected to be about the same 
as last year’s despite the record 
catches taken in July and 
August, when the freezing 
plants were unable to cope and 
part of the fish had to be 
salted. Most boats are now 
observing a four-week ban on 
fishing which must be com- 
pleted before the middle of 

The cod fishing has not come 
up to the expectations that the 
Icelanders entertained five 
years ago. when talk of extend- 
ing the limit to 200 miles 
started. Then over TClO.OUO 
tonnes of demersal species were 
being taken in Icelandic waters. 
One r.eason may be the decline 
of the Greenland cod stock, 
which contributed between a 
quarter and a third of the cod 
available within the 200-mile 

The general feeling is that the 
cod stock is not in immediate 

danger, a situation which would 
be reached if the spawning 
stock fell below 150,000 tonnes. 
The Government has restricted 
fishing in the spawning areas 
for some years now. On the 
other hand, if fishing were 
limited to the 280.000 tonnes a 
year recommended by the scien- 
tists. there would no doubt be 
a rapid rehabilitation of the 
stock. The current rate of fish- 
ing. around 330.000 tonnes, 
means that the recovery will 
be slower. 

Inevitably some fishermen 
will suffer because the capacity 
of the present Icelandic fleet 
is considerably larger. 

During this decade some 70 
stern trawlers have been added 
without much reduction in the 
size of the existing fleet. The 
fleet currently consists of: 16 big 
trawlers of over 500 tons: 63 
trawlers under 500 tons: 300-350 
multi-purpose boats up to 200 
tons: 60-70 purse-seiners; 

engaged in the capelin fishing; 
about 300 inshore boats in the 
J0-50-ton category. 

For three years from 1974 to. 
1976 the trawler fleet operated 
at a loss. The big trawlers are 
still not making money, partly 
because of the manning con- 
ditions imposed by the fisher- 
men's union and partly because 
they are less efficient than the; 
.small trawlers. These moved- 
into profit in 1977 and have con-, 
tinned to take good catches this 

Urban sprawl a threat to fertile soil 


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Hr- *-il .'••• 


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R ACE 'MTnCAT. . fi-S. 7, Y5. .Afternoon; overnight and forward met#! advance 
DAJEr *3lL#y wirdjars cash £748. three months ITT?. £7.7(0 on~buvlnu with sHlorc r*lu 

COPPER— Higher oil life Undo* Meui 
Exchange despite- an early fan;- when 
hedge ndUns depressed -forward meiiJ- 
from 1770 to' £788 j. When- tbe. dollar 
(.trengtheaed .UrtC Drlcr -beaan to advance,' 
bin one big seller. twM the market back 
to - £77L . Arbitrage . Heating was ■ ai_ jt' 
virtual ', standstill " because 1 - ~ -of the ->M<* 
currency differentials. 1 -CondoiT'' leaded ■ w 
Ignore sharp' movements on camex^Vtnch : 
started limit down but qoicfclr rose ,K5 
cents. The . dose, on the Kerh-*ras £771. 
Turnover 18.8=9 tonnes. - . 

- Amalgamated Metal .Trading' maned 
mat In .the .morning three months -urire- 
bare traded at X7G8. 7. :*■ T.K\T.. 6A 
3.8; cathodes: I cash - £J3L . .three 
menaa-'£JJ8Jf..:JCerbs: .Wirtbarsf Uinee 

months EM. 6.3. T, 7.5. ,-Afrernoon: 
wipwars cash £748. three months £7V», 
ty.'TL 7tL5, 7!. 72.;71. TILS. 7t. 
t Kerbs: wirebars. three mqtnhs £770, UL5. 

; j tus, : f+otf’' "iCim 
-•COPPER ! Offlaiai Unofficial — 

COPPER ‘Official : — . Unofficial — 

Lji'- • if r.£ . a. H - 

Wsrebars, ' - I 

Cash; 744.&r6-5-rf.2y 750-1 '4 tOE 

3'montba. 76B-.5 :+ 1.5! 770.5-1 { + 10' 
ttertrnTntl 7*3.5 +2.5} - 

Catiwtdea • ‘ 

Cash I732..5 '+ 1.5| 73BAO .-rll 

3 wpuUaJ 752.6-3 +1 768-60 '-HQ.S 

.Setai'm'nti- 73S.5 :+J.5 — 

ir.s. feao ! I *72 

Tin — Btrona but highest levels were 
-not ntamfahred. Tbe . East wat- steady 

tG. lnd£K Einfltetf- Oi-351 "3466. Three' mouth Aluminium 602-608 
29 Lament Road* London SW10 OHS.-. r . - - 
. 1. Tax-freetriutin£ oil commodity futures- ... 

2. Tbe commodity futures mar Ret Tor the smaller investor. 

. ».•- * 




f. t> M" 

r '.-n' • -. . 

6- •••* 

‘ ' - * . 7* l -t «' 


■ ,+i.v" V*- 


7 ^Tfiis rprogramme ? will; give participants a 
: thorough grounding; in established in ethods 
ctf oi^anisihg. anisuepe^f ully inanaging com- 
. • plex techtiological projects of substantia] cost 
- and" value, ' ranging from one quarter to 
several hundred millioh pounds. 
Interpersonal,- organisational and systems 
concepts will be. examined and thoroughly 
discussed^ and problems of implementation 
Will^ be considered. 'Complete : project plan- 

■ ning, and- control systems with- charts, forms, 

iUustratiOHsr and- checklists will, be provided 
as an -aid to more effective product manage- 
ment. J -' - -' 

Pardcipants: /••- 

■* The : programme is designed -for engineers, 
managers and. administrators from client, 
consultant . and contracting organisations who 
are in^plved in ariy phase of the project from 
pre-tender to construction in the UK or 
abroad,- Typicai projects" wouid be from 
-.. ptlblic or private sectors and include major 
• new investments' in . process, production or 

■ service facilities: in ' power generation, 
petroleum, chemical, transportation or com- 
munication industries. 

The programme- tutor is Mr. Barry Fielden 
has gained Ids experience from in- 
dustrial engineering, line management and 
consultancy in mining development and many 
.other fields. 

r’ffui jec is £845 inclusive of all fees, accom- 
' vtodcMon and incctenols- 
£ncmiries to Mr. Barry Fielden or the 
/Administrative Officer, Project Management, 
•quoting ref CS210., 

Cianfieki School 
of Management 

Cnuifldd- BoHbril MK43 OAL-EBRland 
Teleph^®^ 0 ^ 751 122 

: Tela 825672 . . A 

overnight and forward metal advanced to 

£7.7(0 .ntr buying wl/h sdltrs rduciani 

•nd stop-loss parchaw-. When the dollar 
strengthened the price advanced more 
ranldtp. and tnneheti £7,?70 la afternoon 
pre-marfcw dealings. Bur. in sciive 
trading, the price TeD hack io £7.7-10 
before steadying to >m the Kerb 

- at £7,755 . Turnover 99B tonnes. 

~~ ’ ~ I - a-tnl" *+ or 'i+"or 
' ' 'TlX j OfCciat j - Iruoflicwi - 

H%b Grade a ; £' r \ x 

7965-85 ;+ 105 7995-9015 + TOD 

i month*. 7770-90 +H7 7S00-20 +1S7 

rfwlem'i. 79 j 5 --^110 — j 

Standard, 1 

«JWh J 7950-75 U90 ,7B8a80IW 4 195 

1 3 nmnth*.l 7750-60 -^117! 7780-5 , + 165 
detxlnn'tJ 7975 l-r 110; - 

■straltv K-l ;sdki65 j + 5 j — j 

Slew Ynrt 1 - . ! "747.50 -1 0j 

-Morning: standard, three months £7.099. 
■ 90. £7,710. 30. 40, 45. 50. Kerb: standard, 
three months £7.796. Afternoon: standard, 
three months £7.800, £7,700. £7.800, £7-805, 
£7-800. £7.770, £7.780. £7.785. Kerb: 

standard, three months £7,785, 70. Si. 
50. 40. 60. 55. 

LHAD — Strong or in the face of renewed 
trade huerest. the lightness of nearby 
me Lai uhd the widening of the back- 
wardation. Forward mein) rose fnim £404 
to £411-141^ before currency mbvements 
had a- mayor effect on tbe market. Thcrc- 
&fioi\'The price bold al I41M414 but 
later d rifled down id close on tlig Kerb 
at £410. Turnover 11^13 tonnes. 

■ I »-ni^ ]+ or; p.m. or 

LEAD | Official | — I'ni ■fficiai 1 — 

T 7 ! £ j £ * e 

Cash...... ’ 499-. 5 '-rB-S; 426-7 1,11 

droottthB.j409.6-I0 -3 • 410-.5 -r6.6 

Jim.tneui 4U0.5 i-^B.5! — 

d potj j ■3B.36_I „... 

Munring: cash £425. ff, 7. 8. 9. 3D. three 
months £406. 6E. 7, 7.5. 6. 9. 9.5. Kcrtr.: 
three months £410, 10.5. LL 13. 12.5. LL 
Afternoon: three months £412. 1L5. II. 
10.5,'H. io, 10.5, 10. Kerb: three months 
£411.-10.5- 16, 11, 16. 

ZINC— Steady on balance with the 
market following lead. Forward metal 
gained ground in the morning from 083- 
£365. to £36B-£369, but In Lho a (tern non 
drifted on lock of interest tn . close on 
tbe Kerb, at £36 4. Turnover 3JIS0 tonnes. 

tt-ui. i+ or) p.m. jt+o*" 

ZINC Official I — j Cnoffleiall — 


In thin trading condi lions tbe market 
was weaker for ‘most of the day. It did 
stage a brief rally to rcdect the sodden 
rise In (he dollar bat again eased to 
L-lose overall £10 lower than last night's 
Il-vlU. reports Gill and Duff us. 

- — .i'^eadttv \ 4- _ or | . Busitjee* 
COCOA ; Ck»w ; — Doue 

Dee 1-45.6-47.0 12.0 16M.0.54.0 

.March 1985.O-88.0 -1B.0 2000.0-1578 

May 2020 •-•■21.0 1-11.0 20SOJJ- 11.0 

July '.-21.0 24 Jl l— IB. 75 2030.U-18.0 

bi-p« MIB.l- 77.0 ; — 12.5 2025.u-1b.fl 

I'"*e 18B2.0- 88.0 1—12.0 1985.U-85.0 

■March 1 BQ.J-85.0 i— 15.0 - 

Sales- 2J33 12.715 1 Inis of 10 tonnes. 

International Cocoa Organisation (U.S. 
cents per pound i — Daily once Ocl SI 
1S3.S8 11S8.44I. Indicator prices Nov. 1 
15-das - average 175.17 (174.M;; 23-day 
average 173.61 1173.01 1. 


ROBUST AS opened unchanged bnt trade 
buying soon pu>hed values past lair 
week's high in improved volume, Drexcl 
Burnham Lambert reports. The market 
remained steady throughout a quiet after- 
nnon session and buth New York and 
London markers were hesitant in view 
nf Die currency situation. At the close 
values were £10 higher on tbe day. 

! Ye- lei 'lay '» ; i 

COFFEE! Cl0 * e ;+or Biimiubw 

, : — I untie 

|£ |*r Lonue I 

-\*.>»rinber...l Is52-1B54 +18.0; 156 J- 1582 

.lirnun • 1470-1472 +22.0 1486- 1 <48 

Mwvh '. 1370-1572 +24.5| Ii80-lc46 

• la51-1535 +25.5.1330-1587 

Juts i 1301-1384 +22.5; 1305- UBO 

oeptemtHT..! 1<66-U69 +JD.0I lc.71-1248 
Novembei-.-.l 1256-1249 + 26.0' — • 

I I 

Sales: 5.457 '2.7K' lots of 5 tonnes. 

ICO Indicator prices for Ocl 31 IU.S. 
cenii, per pound): Colombian MUd 
Arabics s 173.00 i samel; unwashed 

Arablcas 154.00 fsamej; other mild 
Arabicas 152.17 < 151.00 1; RobnsUs 1CA 
107S 15L50 1 1SLD0': Robaciaa 1CA 1963 
152.60 I152.00L Daily average 151 At 

9t.33-M.45. Sept. 88.00-89.48. Sales: 133 
lot.'. Barley: Nov. 79.35-79.65. Jan. S1.80- 
82.00, March 84.10-84^5. May S8.40 only. 
Sept. 82.00-83.75. Sales: 111 lots. 

IMPORTED — Wheat: CWRS No. 1. 131 
Per cent Nov_Dec. £94.00 Tilborp &>Ilers. 
U.S. Darfc Nonhern Spring No. 3 14 per 
cent Oct. 05-73. Nov. £58.25. Dec. £86.75 
transhipment East Coast. U.S. Hard 
Winter 131 per cunt Nov. 06.50 Quoted. 
Dec. 0745 quoted. Maize. U-S./Frcncb 
Nov. £103.00. Dec. £105.00 Iraiwhipmom 
East Coast. S. African White Nov.-Dee. 
£64.25 sellers. S. African Yellow £6445 
seller. Barley: English reed f.o.b Dec. 
£83-00 quoted. 

HGCA—Locadon ex-farm spot prices: 
Other milling wheat — No prices. Feed 
barley— Shropshire 76.10. Essex 7740. 

The UK monetary coefficient Tor the 
week beginning Oct. 30 will increase to 


The market opened unchanged to 
sliphtly easier. The afternoon saw a 
sharp fall in sterling and values im- 
proved dramatically to clow on tbe highs. 
There wa* no fresh physical news, reports 
SHW Commodities. 

iVesleixlg^ 1 + or Uiiiiium 

j Close j — Uooe 

ICpertonoe! j 

December .... 125.0)- 23. 2 + 0.85 123.D 1-2 1 .DO 
Fctuuarv — - 114 6 +25.0 1 + 1,80 li5.OJ-ti.Oj 

Apni.._ 1 124.6 J-*5.4 + 2. 101 125.5 i-S 3.0U 

June 125.5 J-25.4 + l.SGi - 

August 'I23.5J-25.5 +1.50! — 

Ortolier :i22.5J-ifi.0'+Q.95; - 

December. ... l22.00-tB. SH- 1.28, - 

Sales: 134 «1D9> Iols of 180 tonnes. 


£105.00 (£1W.00 i a tnnoe cif for Nov.-Dec. 
•fhipmenL White sugar dally price was 
fixed at £11£.O0 (£111.001. 

Tbe market opened around overnight 
levels bur lacked buyers so that losses 
of around jn points were recorded over 
Lbc morning, reports C. Ccaroiktnr. Early 
In the afternoon the rise of around 9 cents 
In the U.S./SterllJig parti; stimulated a 
rally and final prices were some £00 
points above the lows. 

URBAN SPRAWL, and conse- 
quent loss of farm land, world- 
wide. could make food prices rise 
to heights far above those 
experienced up to now. accord- 
ing to a report just issued by 
the World Watch Institute in 

Mr. Lester Brown, the Insti- 
tute's president, said not only 
did the diversion of land from 
cropping reduce food supplies 
but tbe necessity for more inten- 
sive fanning put increasing 
pressure on soils which were 
vulnerable both lo erosion and 
degradation and ultimate 

Governments, he claims, are 
paying insufficient attention to 
these problems and few monitor 

1R2.0-6(i.O. Oct. 157 0-92.0, Dw IM MS 0. 
iUrch 191.0- SO, May lft*.0-3S.0. Salea: 

the actual loss of land nr the 
detrimen I al effects of ocer in- 
tensive farming. In ihe U.S. 
annual cropland losses exceed 
lm acres which is nearly double 
that added by other means, such 
as reclamation. 

In the world overall, he esti- 
mates. ibar some 25m hectares 
will be tost lo urbanisation by 
the end of the century— an area 
at present supporting S5m 
people. If this trend continues 
civilisation itself could be at risk, 
Mr. Brown suggests. 

While agreeing that almost all 
Mr. Browns figures for land loss 
are correct he is in fact saying 
no more than Dr. ?.lihhus was 
saying a coupJe of ce/i tunes ago. 
Since his days, the world's 


Prr.-c in t'>nnci tinted >iiImtw|» stated. 

population has multiplied several 
times and the amount of actual 
starvation at present suffered is 
probably far less proportionately 
than in the days of Maltbus. 

Mr. Brown discounts the 
ability of fanners everywhere to 
increase production to match - 
existing demand. Most of the 
ancient world’s fanning in 
Europe and the Middle East has 
depended on a few inches of top> 
soil, yet crop and animal yields 
arc rising steadily under tbe. 
inducement of reasonable prices. 

There is also no doubt that the 
area of soils with the potential 
for food production at present 
unexploited in the world 
probably more than equals land , 
already cultivated. 

S Markets 


COTTON— Liverpool. Spot and sb!pm:m 
sales amounted io i:w tonnes, bnnmc 
the total for the week to 1.7t)5 tonnes, 
reports F. W. Tauersalls. After very 
substantial dealings traders reavt>-d w:ih 
u-tib only limned operations Ren-.-ired 
attention was centred on Middle Eastern 
growths but business was slum. 

Copper and 
cocoa down: 

* £ o 

Cosh 357 8 1+4.121 333^4 +2 

JotuhHibJ 368-9 (+5-25j 364-.5 1+1.5 

S'ment. ... 3s8 >+4.9l — i 

Pnm.wefti — _ i |^33.M.B I 

Moraine: cash £353. 5. three months 
£305. .8, CL5. 6. 8.3. Kerb: three months 
£ME5. Afternoon: three months Cits. 67. 
M. 62. 53. 64. Kerb: Three months 
£384. -88, 82. 83. 83.5, 84. 

ALUMINIUM— Caiitcd sroumi after the 
doffar strensUwned but ctniMderaWe buy- 
ing interest was rarl by heavy selling 
from -one JnDuentlsI quarter. After start- 
ing at .1HK furuard utetsl tnurhed 1808 
at one- stage and closed- on tbo Kerb 
at £605.5. Turnover _3-S00 tnnnea. 

AtumiD'iiil a. in. p.m. l:+<ir 

• j Ottiemi > — ;£.'nulScis I — 

— ! — H“i 

spnt - , - ■ 

5 monUja,; 601-2 +3 - 6Q5.5-6 --7 


STEADY opening on the London physi- 
cal market- Hectic trading throngbout 
the day, dosing on an uncertain note. 
Lewis and Peat reported ihe Malaysian 
godown price was 262 cents a kilo 
t buyer. November). 

i ' 

K«v 1 iliertertUy s Prevtoue Bosmos 
ILS^. Close Close Dune 

S tuutr 










Dw ( 

Jan | 







Jy-eiepi j 

E4.-Q 25.001 
tE B0 s7.D0. 
ta9.4 HtS.ofi. 
71. 70-71. 75' 
/5./S >3.80! 
I5.BS >5Ju; 
/7 .b 6 ALSO' 

54. 10-24 J0{ 
14.30-66. 16 
(2.85 (3.00' 
79.Os.79. 10 

tB.« 66.46 
eO.TO B8.5D 
71.80 70.90 
(4.00 73.00 

Monttiuft. three months £601. 2. After- 
noon: three months £601, 3. ‘j, 4. 3, -J. 
-L5, 6, 5, 6. 

• Cents per pound. tSM per pic u l. 
tOn previous unofficial dose. 

Sales: 30 (S3) Ipu of 5 tonnes and 1.105 
iT&4t lots of IS tonnes, . 

Physical doslna prices (buyers) were: 
Spat 64p (63.5); Dec. 64p 18125); Jan, 
bap (9L25). 



Silver wav fixed OJSp an ounce higher 
for spot delivery in ihe London bollion 
market at 299.4p. U.S. cent equivalents 
of die fixing levels were: spot 613 4c. 
down 13.0c: three-month ejd.x. down 
13.9c; Bbc-month 641.6c. down ]4.7c: and 
12-month 669 6c. down 1 5.4c. Tbo nwisl 
opened at 301-SWp 16191-6210 and closed 
at 308-30!p tSSS^KC.i- 

i i I 

SlLVtilj Bullinii ,+ cr L.M.K. + or 
|er J lisinit i — - ; clow — 
Ovv <#- , |ir>-f I ‘ 

0Vwt«^-. ; 299.4 l i ,+0.55 297.95p [-0.45 

3 imtnthji.j306.7p +0.55 303.1|» —0-15 
6 tmjnth>-. : 3X4.B:i 4IL55; •— j 
13 montbvj 330.90p "+0.& — 

LME— Turttover 176 t 3391 lots nf IQ.000 
oh, Mwotoe: Three months 308.5, 6.4. 
gj. Kerbs: Three months 306.7. 6.1. 
Aftermxin: Three nnmiUaf 3WJ. 4.S, 4.B. 
3. 4.8. S. 4.0, 5. Kerb?- Three months 
38331,' 3.5, 5.7, 5,5, 5A ii, 3.6. 

crops opened trachtneed. Sept, came nn 
the board al 87,73 and SepL barley at 
S2.96. Both attracted commercial and 
speculative Interest and values aaicfciy 
increased on lack t « sell era to dose 
160 up on wheat and 173 higher on bartey. 
Wheat values on old crape cased ini dally 
on country selling bnt good demand far 
spnt and commercial Interest in March 
and May rallied the market to dose 
unchanged in top higher. Barley trade 
was fairly hght, the main interest being 
in ihe ncarbyi which after initial dtps 
rallied to cIom 5.J3 uo on tbe day. AcH 

Ttftrrrtav'i.' + ,-ir jYenerday*ij +ur 
M'nth; rlfBie i — I l-Iok | — • 

.\uv.J 87.85 l+u.ltj: 79.65 j+u46 

Jun..-I 89.76 L '• 82.00 + 0.10 

Mar...| 92.10 ' — O.IQl 89-25 +0.05 

Mb,v.J 94.45 i 86,56 i+O.lfl 

N»pr. 1 89.35 j,. | 85.75 1 

Business done— Wheat; Nov. 87.9&OT JW. 
Jan. SJ.6frS6.33, March 91J3-K.10, May 

£ per lonnf 

Dcc..„. 11123-1 1.86; 1 IO.TB-IO.BOI1 H .53-9 65 
March .. ll4.46-14-6o|ll8.7U-l5.7wlloJW-l2.7b 
AUr_. HB.5v-l6.40lll5JO-15.70 117.00 14 50 
Aug..._. 11B.7J-lB.0Oill8-OO-lBJi H9 00 17.80 

Cfc-t 121.U0-S 1.40120.10-20.25 121.50-20.00 

Dec ..._. ISS.OS-iB.WllJl.BOJZ.Ou 
Mar-b;t6.30-g7.bu|iaB.lht-*EJlt] - 

Sales: 4.33S 1 2.736 riots or SO tonnes. 
Tale and Lyle ex-refinery price for 
granulated basis white sngar was £364.85 
<»ame> a tonne for bnqie irado anq 
1369.50 fllffijO) for export. 

International Sugar Agreement iU.S. 
cenis per poundi rob and slowed Carib- 
bean port. Prices for Oci. 31: Daily 8JW 
13.14;; JSdji average g& {$.pg>. 

WHITE SUGAR— Close tin order buyer. 
KBer. business, sales): Feb. 116A5-I6.70. 
117.DD-I0.oa. 169: Aprfl 119.75-20^5. niL 
nil; July JIM. 65-24.90, 134.75-24.00. L»U: 
SepL I27j0-2S.30. ofi. nil: Nov. lW OO- 
35.00. nU. all; Feb. 137.06-39.00. 159.08. 2; 
April 139.00-42.00, nfl. nfi. Total sales: 


LONDON— Tbe marttt was dull and 
featureless, reports Bathe. 

i Pence per kflol 

^A.u4tri , »*D Jle*t«Tly , B~j- <nj UufliiieM 

Greasy Wooh Ck*o — I Doue 

December... Z25-0-MJJ — 

March 2J5.0-5&-0 — — 

May.. 254.0-57.0 — 

July™ 250.0-56-0 — 

October ...,.250^-58.0 ^.... — 

December ...2H.WI.B ...... - 

Man-h _^35.0*45.B — 

Sales: NU isamci lots or 1,500 fee. 
Sydney greasy — close tin order 
buyers, seller, business, sales). Micron 
Caatract: Dee. 34iL34«l.0. 340.0-349.5, 
n: Harth 354.0-ma, aitiwssj. 3. May 

357.0- 35SJ. 357^-357.0, 6; July 352.(W62 j. 

362.0- 361.5, 26; Ocl 364.0-664-5. 365.0-364.0. 
13; Dec. 368.5-367.5. 369.0-367.0. S: March 
366^-372.0. nil. nil: May 370.0-377.0. Dll ulL 
Total sales: 73. 

« Iff order bayer. setter i: Dec. 189,0-56.0, 
March 191.0*53.0. . May 182.045.0, July 


5MITHPIELD ■ prices in pence per 
poundi— Beef: Sonuth kilk-d sidk~> 54.0 lu 
5n .0: Eire lundqu^rtere 60.0 to 63.0. fore- 
quarters 38.0 lo 36.5. 

Veal: English fan 00.0 to &8.0: Dutch 
binds and ends S3.0 tn 60.0. 

Lamb; Emdish small 5C.0 to 59 0. 
medium 5..0 to Gtl.O. heavy 45.0 m 53.0: 
Scoiush medium 52.0 lo heavy 4S.0 
io 32.0. Imported frozen: NZ YLs 50.0 
lu 52.0. 

Porfc: Enpli'-h. under 100 lb 5i.O in 

46.0, 1 00-13) lb 35.0 to -UU iiiMWJ lb 
36.0 in 43.0. 

Grouse: Yauns, best (each) 150.0 Id 

220 . 0 . 

Partridges: Youup leachi 200 ll in 240 0. 
MEAT COMMISSION— Average IuisIock 
prices si representative markets on 
November 1. CB cattle C7.64P p>.-r L c. 
iJ. w. irl.Mi: UK sheep 132 Ip p+r «s 
«il d.c.w. i-0.5i: CB piKS W.9p per ku. 
1. iv. i-lS'. England and wale* — 
CatUc niuuffer- down 13 per rem. aver- 
ase pnee 6<-9p 141.U1; sheep Dimmers 
up 40.4 per wn. average pnee I -2 ip 
i — 0.i-i: pig numbers up I4.S per ts-ni. 
average price W.9p r— u». ScoUamt— 
Caule u umbers up 4.0 per i»nt. average 
price 6S.91p (+0,49i: sh,-ep Dumpers up 
K 3 per cent, average price 125. Sp 
i +2.4': plft numbers up 30.S per c-.-ni. 
average pnee TO.lp i-0.2». 

MLC forecasi rates of UK monciary 
compcnsaiory amounix for wee* com- 
mencing November 6. (Previous ee-k's 
figures in brackets i— (resh or chilled twf 
carcases 37.97p per kg 1 36.52 1. green 
bacon sides £2f>2.!5 per urine ,243.1,1. 

CO VENT CARDEN (Prices in aterbng 
per package excc-pi where otherwise 
staled i — Imported Produce: Lemons — 
Kalian: 120'15U's new crop 5.504.50; S. 
African: 4.0U-7.00: Cj-pnoi: Crates 7.00- 
7.50; Turkish: 5.00; Greek: 6.S0. Oranges 
— S. African: Valencia Laie 4.'Ju-5.bO; 
Brazilian: Vaiencid Lain 4J0-L50; Argen- 
tine: 4.50-5.20. Satsiunas — Sparu a: Trays 
3.00-4.50. Grapefruits— Dam mica a: 2 SO- 
5.00: Cypriot: 4.00-4.80: Israeli; Jaffa 

4. 20- 4.65: Cuban; 3.60-5.90. Apples— 
French: Golden Delicious 20 lb 72 2uu- 

2.20. 94 1.66-1. 80: 40 lb !3S(15iVlfiJ'175 

3.60-4.20, jumble peel-' per pound 0.05-D.H7. 
Siarfc Crimson 20 lb 72 2.0a-2. lu. 54 i.du- 
1.70. jumble pack approx. 20 lb l &0-1 s«. 
Cranny Simla 26 lb 72 S4 l.iw- 
1.85. Jonathan 40 Ih KiU. Ki-I. ITa 4.U0-l-.:v. 
Pears— Italian; Per pound Williams 0 IS- 
0.20; Dutch: Conference per pound u.II- 
0.J5. Grapes— fiahnn.- fclat); :'0. 

Almoria 1 40-1.50: Span in: Almcm z.ft+ , 
2.30. Ndfirl 2.511: French: Per pnund j 
Alphonse Lavalloc 0 52. Bananas— 1 
Jamaican; Per pound 0.14. Avocados— ; 
Israeli: 3.534.00. Capsicums— Dutch: 1 
Per 5 kilns 4.00. Onions— Spanish: 
3.40: Dutch: 1.90-2.00. Melons— Spanish: 
YeDOW 6/ 14 3J6-3^0. Grwn 3.604.8U. 
Tftmatoe*— Jersey: 1.6D-2.9u; Spanish: 

3.01KLS8: Canary: 2XKI.0Q; Dutch; a.iw- i 
33. encumbers— Canary: 10/lFs 3.30- 
3.50. Dates— Alee nan: Per (dove box I 
0.32-0.35. Panearanates— Spanish: Per 1 
box 40/60's 2-30-3.30. Walnuts— French: j 
Per pound Grenoble; 0.40: Italian: Wet 
O.W: Californian: 0.53; Chinese: 0.30. 
BraxUs— L1VM per pound 0.50, Tocanilns 
039-0.40. dMstauts— Italian: Per pound 
0.36; Spanish: 0.3641.44. 

English Produce: Potatoes— Per 25 
kilos 1.I6-L30. Lettuces— Per li round 

1 .20- 1.50, Cos 1.30. Webbs 1.40. encumbers 
— Per tray 12/24's near crop 250-:; fiO. 
Mushrooms — Per pound uJ!Wi ED. Apples 
—Per pound Bnimlcr 0.04-0.0". Lord 
Derby 0.04, Cffif's Orange Pippin 0.03-ti 12. 
Worcester Pcanuaill O.M. Russi-ts 5 tf5- 
0.09. Pears— P it pound ConJcreDw U. Pi*- 
0-14. Comux 0.10-0. IK. Tomatoes— I’c-r 
12 lb English 2.50-2.70. Cabbages— Per 
craie Ojj0-OHO. Celery— Per bead IMi7- 
0.10. Cauliflowers--' Per 12 Lincoln l.Kf 

1.20. Beetreou— Per 23 lb 0 
Carrots— Per 2S lb 0.40-0.70. Capsicums— 
Per pound 0.30-0.35. Courgettes— Per 
pound 0.30. Onions— Per bag 1.79-1 .sn, 
Plefclers 2.40-2.30. Swedes— Per 2i lb 0.50. 
Turnips— Pur 29 lb O-SO. Parsnips— Per 
2S lb 0.90. Sprouts— Per pound 0.04-o.OJ. 
Cobnuts-Per pound Kent 0.4i. Com 
Cobs— Each 6.10-0.12. 

KulaIb I i 

A unii ii mm C710 L'7iO 

Kr— ui4rk-i fl.140'50 ft 1*70"*! 

L'wtet W tirti i 750.5 - 10.5 o 
5 ntunths d,). d.». ±’770.7r - 1O.0 ticA.S 

C't-ii '.'■•hfttle 1:738 1 1.0 i i; 2.75 1 

’ r,„-,nfh- ,t,«. .I,. LL'7o9 .t 19.5 C/C 4 , 

U.>M I p»f r227 -15.12a ;.22 37 | 

Lm.IuiwI, ^026.5 -11.0 d: 5 I 

sni.mth P £410.25 t6.5 -j 95.7' 1 

\i-fee 1 7 I j | 

Ki-.-r.Alftr-J.etii.-ll) >b *1.75 | SI. '<8 . 

: 1.BB ; ■ 1.90 

Platinum lrr.v ror.. 

Kree MuCri 

(Jiti<.-L<nv,>r r/hi (,.: 
Miver t rn (v. 

i in. milts 

[in lull 

5 inonLli- 

runa'W-fi f.-» 

IVoifrtn, J!M nf. 


a li» 



L’Viniiu- (Pitii) 


I, nisei- i t-'nide tv,. 

Pmm Uh,iii' 8 d 

.C142 ! 

; lb7.9 
299. 4p 
>143i46 . 


-5.5 t‘ l-i 9.25 
... -1 O .5 
,0.5a 395,. 
r Q.3L 3U2.7 
165.0 -(.1,2.5 
- 165.0 t-D,;e7.. 



-2.0 2i41 
-1-5 2c50.2: 

■25.0 2420 
-c 15 

Seeds l 

I'l-im 17, nit,, t 600( >:3i.i 

Stj-.H'KMU (L.-s.i 292.5 t 1.5 >277. B 


U-iriev ■ 1 1 

U-’iue Kuiuie ... -291.9 tB3 7 


KreiH-li >i». i A.iiHi.3 .tO.20£1i3 


v*. I W.-i ^|ini,L-'c.94, !— 0.5 f:5 45 

H w ilV.mrr;i.86.5 —0.5 l'-.4.5 

K'llplJl III.. Illy |i tf, £ 

.'ou.rt shipment ... : -2.1.41 — 10.0^2.011 

Ktilnre Mar. [£ 1.987 — 10.0 ,. 1.984 

u'offttv Future. 

1+n It 1,471 : +22.Q.I.1 524.5 

cX*««»**-A ln-ies...[7e.9a ,5 15 

llui«*er aiKi .o4,- +k*.S ■£<., 

-u^ir illiwi | - 1 l> 5 -I.U i'lll 

tt„.iio t „ nj. kno.. '86 9 1- 2 / a, 

* Nominal. + New crop. t linqnniHl. 
n Nob. -J an. n Sept, v OcL-Nnv. t N'nv.- 
Dee. it Jan. w Dec. xPc-r inn. 
s- ludicaiur prices. 


1 . '.‘vl. i-1 .'I,, mil j-,, Vi-.i! *_.i 

264.77 265.22 258.17 • 237. 41 Ini, t. 1W7 = io0i 


V**'. 1 £" 31 -il,,iii ii ii m, Ymi ny, 

1628.6 .1529.0^ 1507.0_ ! ^1-66.6 
ib440: SwJiuniber Is', m.'.l^inn, 


linn - | N-V. j Oi-I. j Al-Jiii L I Viir 
Junes ! 1 i 31 : g^n j 

6l».t ....S92.29397.95.376.22 548.99 
Funirrg|39J.8ai396.45;374 .80 325.67 
lAverase 193+25-2(1=100) 


Nov. : On. ijlnuili Vmi 
Slowly's 1 j 51 1 Hgu | .ijju 

S j.le C^ mmiy |989.Bi9&5.7; 9S6 9 ,k.O 

i Uneettifu-r n, tieii=i,iin 

CH1MS5Y FISH — Supply poor and 
demand 903d. Price.- ai -liip’- ,-di ia:i- 
prm. >.vrcd ■ nt r .s;uue: Shelf e'fl £.*,.uu-i>i.2u. 
C,ftjli!i r -' £5 -*H-f4 nO: laTve had-tn K 5i.0t+ 
fi.tu. iiitdiuiii haddock ii.ij-ii.n-i. -,i.j|| 
haddorii i'J.Sn-i'-i ill: lar»-i- pldi.-,- 
ii.6u. medt 11:11 plaice W-vi -mall 
lilativ 1 J.2U-L5.(i0: c,:inn.-d de^fisi. 'br«> 
£.4.00, titiKiiiii't ffiOd; Inni m *-le* *l.<r£c* 

£!).oo. iiivttiuin £73; rochfi ti iu.oo-is.jti; 

sanJie i3.w). 

NEW YORK. Nov. 1. 

PRECIOUS METALS closed offered bmil- 
dnwu nn apcre&<ivu ^peeulatlvc Iiauidu- 
tton t„ Ik, wins fhe new U.S. Administra- 
tion'.- 11111 vec to defe-ml [he dnllar, Bach-- 
rnpnrird. Cupper, cneoa jnd s«ar all 
du>n.-d iharply lower un aspresstve Com- 
mission House wo js-Jnv* and trade 

arbi Irene m-IIUik. Contrari lu ihe wneral 
(rend, imwever. coffee closed higher on 
betikiL- buylnit. 

Cocoa— Dee. 17^.00 ilIT.40,. Mareh I7J.S5 
iifi.iji. May July trj.Si. Sept 
171 is. Dec. I6S.00 settlement;.. Sales: 
1 «B. 

Coffee— 1 C '• Centra et- Dec. 1S.7.S0 

1 IS*-. March M::.T5- 1 ij.'-n i]4-.!»0>. Mjv 

139 2* Jiilv lJii.7j-iJ7.Ori, SepL 1S1.2J. Dcl. 
1J1 00-1 March ml. iale>: 700 luu. 

Copper— Nov. CT.20 ir.&.cO». D-c. d;.;o 
‘7 Hj:o,. Jan. •&.«. March LP.y.i. Ma. 
71.H3. July TJ.I0. Sept. 7J.U0. Dee. #4.. - 0. 
Jan Ts.ku. .March 7.1.40. Slav 7 oj:o. Juli 
I Svpi- TT.S'I Sales: 11. .WO Ivl-r. 

I Cotton— Nil. 1: Dec. C7.5o-U7.iiO 
March 7iijj-7».r,i . tj.joi. May Juli 
1 7J.51. Oct. r.7.40. Dus. . po.39-Ali.iiU. March 
07 Ml bid. Sal-. • 11.230. 

I ‘Gold — N ot -jj": lu c',i.lll'. Dec. 230 Tit 
•-■4«.:o*. Jail. J 72.411. 1-eb. -J.; April 
1 _-::9.l0. June 743.50. .\u« 247.90. Oct. 

S 40. Dec. 23TOO. Feb. 201 70. Aunt 
2<b.4b. lune 271.20. Aim. 270.00. Sale:. 
5.345 lots. 

tLard — Chkarfu 1 'ium- 2-1.75 i>amei. NY 
prime steam 27—5 traded ■ 'sme>. 

ttMaire— Dec. 2J2:-2J:; <2J4,l- March 
242-241 : <243} 1 . Slay 24S. July IX. Sepi. 
354 L)ec. 23Si. 

§Platlnum — Jan. 370.60 a*fcod 'SSO.OUi. 
April J7I.M» a -ted US1.6U,. July ira.M 
asked. Oct. 376.S0 asked. Jan. 579.30 
a* led. April 2J2.00 ii>kcd. July 373.50- 
376 00. Salc.s: 20S lots. 

r Silver— NOV. 5^6.50 iftln.SOi. Dec. 601.50 
1 i.2l.3(i <• Jan. hOS.M. March 614.60. May 
123.:j>. July OS 2*0 Scpi. 641 40. Dl-c. 
376 in. Jan. i4iii 1C1. March OTO—'O. May 
67P.M. July GSS.T0. SepL 699.60. Sales. 
iO.736 lui;.. Handy 2nd Harman spot 
bullion 504.00 ibir.ufl'. 

Soyabeans— Nev. 0S-9-C92 ■707:i. Jan. 

702-629 1 71s*. Marrii 713-H4:. May 720- 
720?. July 73i-7i! Aua. 711 S* pi. nS.11 . 

I’Soyabean Meal — Dec. 191.00-191210 
•I»i,.C0i. Jan. 1 92. till- j 92.50 1 197 40-. March 
; IV StM'.'S.Wt. Ma\ ISC OU-181.50. Julv 
ltfl.5iVtV2.aM Ace. 191.30. Senl. 190.00. Ov. 
IS. 90-197 tin. Dec. 1S6.W-197.VU. 

Soyabean Oil— Dec. 35 00-3.V". *36 ”5i. 

1 .1.1 >1 23.30- 23.43 '26.J2'. .M.43-.' *.40. 
Mav 23 3(1-23.33. July 231.1. 23.90. 

1 Se:»i. 24 .V-24.55. u-.l 74.50-34 35. Dec. 

1 SJ. 

Sugar — N" 11; Ian. F.40 '!91>. March 
9 1*9.20 ' 9 42 1. May H.fc'J :W. July Bj4. 
Scut. 9 711-9.74. Ocl. 9.50. Jan. 0.50 bid. loJ+10.36. Sales; 3.725. 

Tin— 743.00-750.80 nem. 'TaS.OU noni-i. 
"Wheal— Dec .156-357; i.hii;>. March 
333-351i iJaai. Ma;-' U47. July SXi, SepL 
.;33-:. Dec. 342 a.-l’Cd. 

WINNIPEG. Nov. 1. ,- Rye— Nov. 105.00 
onn. 1 103.00 nun*. >. Doc. 103.."t) bid 
(103^0 ashed). May 10S.:!|), July 10S.90. 

ttOatS— Dec. S4.00 hid 1 33.20 hid'. 
March SOHO asked fS1.R0 bid>. May SO.TO 
asked. July S0.90 asked. 

SEarley— Dec. 75 .SO atVed • 75.20 b:d«. 
March 7620 asked :76jn askeflj. May 
rf.nn askea. July 77.70 askd. 

§§naxseed— Nw. 272.50 i2SH.5U'. Dee. 
275.50 fI75.50 atkcdi, May 'iiU.00-27S.40, 
Julv 277.40 Did. 

1 ‘■'.Wheal— ECWFR 1H.3- per r,-pt prctcin 
! cvnietil rif Si. L.iwr-.-nic 150.2S 
| All cents per pound fx-wnrchmir.-'. 
j itnKss oihcruisc si.iied. -Ss per fruv 
music*— M u-ounce lots ; '7bica„o lao5v 
[ per 100 Ih*-— Dopt. uf Ap. prices 
1 previous day. Prime sK-am fob XY nwlk 
t.-iTU' wire. 'Ci-ms p..r 3 *'-Pj huah-’i °x- 
| iru;‘ ounce lor '.6-07 units 01 '*0" P- r 

1 irO" quityv tor 3A-« iitis of 90S p.r 

cent purity driivcred 2«Y. ‘ ‘rents r'r 

I troy Crum 1 ex-wur-monsi-. 1 ’'C ■* B 

centra-: in ;■ short 'on for bnlb lots 
1 of lut> shun vns dvliw r, J fob '.-*(> 

I Chlcaco. Tolctlu. Si. Louis and Alien. 

I -Cents per 39-lb bushel m stop-. 

| ■-•Cent!, per 24-;b bushel. C tus per 
I 2S-Ib busli'-l vK-vvuri-hoNcc. {.-CeiJs p-r 
1 -S lb bushel i-\-H'arehouse. lJUKhtauW 
! tots. I', SC per lyouc. 


Financial Times; Thursday ; . 


Markets react sharply to U.S. defence moves for $ 

Index 0.3 up at 479.2— Gilts and Golds fall 



Account Dealing Dates reaction, the premium rebounded worth another 3 cheaper at 63p, 
Option points to close at the day's a fall of 7 since Tuesday's 

‘First Declara- Last Account hest of SO per cent. Yesterday’s announcement. Recently firm Lee 
Dealings tlons Dealings Day ^ 7^1 f,,ctor was °' j293 Cooper shed 71 to IBap and falls 

Ocf. 16 Oct. 26 Oct. 27 Nov. 7 I _T inelllded cantors A at 39 d 

Oel. 30 Nov. 9 Nov. 10 Nov. 21 A brisker business in Traded 0 * 

Nov 13 Nov. 23 Nov. 24 Dec. 3 Options saw the number of con- Secondary issues provided the 

dp a ii»« .lx. tracts increase to 960 from the outstanding dull spots in Electri- 

rr»m "j? previous day's 558. British Petro- cals. Small selling left United 

.... e ,ni.„ lenm were the most active stock Scientific 24 down at 2S0p. while 

nlLiXirLt* witb 138 dea*s. while Consolidated losses of around 10 were seen in 
P G °W ^elds and CEC recorded 123 FarneU Electronics, 350p, and 

slide *n the dollar had a marked and 120 traces respectively. Eurotherm. 175p. Motorola re- 

impact on stock market values J _ flpofpri influeneps vmh 

yesterday Widely lower again by Allied Irish remained on offer, flecl ® d currency influences wnn 

SunUranS to Sp and ^ etosing 6 cheaper at 2l3p. aftei? S^SSSTS^^JS II SA 
sionaUy more at about 2.15 pm. 20. p. following the interim figures. 

loading equities were then marked Elsew here in the Banking sector, d “ «“°rSw-in S* of 

sharply better to around overnight currency influences helped ANZ, 136 P- down «• lowing news of 
levels with the outlook for over- 12 higher at 282p, and Hong Kong 
seas earnings materially improved and Shanghai, 13 to the goad at 
by yesterday’s big Tail in the 300p. Bank of Leu mi were quoted 
sterling exchange rate. ex the scrip issue at 14p. The 

Down 3 Tull onint at one <ua° e ma i° r clearing hanks rallied from 

J ThrinASy lVipltatU.Tr r™ n 2Li" d d °“ fl LttIe 

i he latest Ford offer and on the changed on balance, 
further upward pressure on Insurance brokers, a dull market 
interest rates following Lhe rise of late on currency considerations, 
in the Federal Discount rate from substantially reduced initial losses. 

Ml lo 91 per cent. British Funds Sedgwick Forbes finished- only 3 
ended with losses extending to J. easier at 395p, after 3S5p, while 
after a more animated and some- losses oT Ij were seen in C. T. 
limes two-way trade. The FT Ho wring. 107ip. after 103p, and 
Government Securities index fell Hogg Robinson, 134ip, after 130p. 
n..*l to a low for the year of Although firmer in the late 
68.77. trade. Breweries generally ended 

Gold shares, already easier "‘ill? small losses although Allied 
despite the dramatic rally in the rallied from Sip to close a penny 
investment currency premium, belter on balance at Rip. 
weakened afresh lo settle a maxi- A dull market or late on doubts 
mum of two points down in the about overseas earnings. Distillery 
heavier-priced issues on the U-S. issues staged a good rally in the 
decision to increase the amount late trade in sympathy with the 

of bullion for sale at next month's improvement in the dollar rate, labour problems at its South 
auction to 1.5m or. The price of Distillers finished a peony harder African subsidiary, 
hujiion dropped by over 815 to at 191 p. after Uta. The Engineering majors joined 

s r‘ Jn er - I*""?- afte C S2 ?°- and Leading Building descriptions 5n the afternoon recovery, John 
i lie FT Gold Mines index dropped mirrored the market s initial Brown closing 2 firmer on balance 
I2.n ai 131.1, sind the ex-dollar malaise, but losses were cm back at 434^ after 418p and Guest 
premium index was 9.5 off at 95.6. and occasionally replaced by net Keen a' penny dearer at 26Sp. 

Tho rut-share index was showing £ a . ir,!i by the close Richard Cos- after 281p. Vickers, a firm market 
a loss of 5 poinLs at 2 pm to .1 * a,n rallied from 22yp to close 2 recently on nationalisation com- 
level 12 per cent below its mid- “ ov ;7' balance at 234p and sensation hopes and the proposed 
September high for the year, but .■ »*o*J*ro* a small gam sa ] e 0 f its 72 per cent holding 
an hour later had picked up to at after 3Wp. John Laingr ; n Canadian Vickers, eased to 

only 0.4 off on the day; in the '. s ,” 1 more to 1 op for a loss ig7p before settling at 192p. un- 
I a ter dealings, prices continued lo ?! 1- smee Monday s property altered on the day. Losses were 
harden and lhe index closed at ,£0 • . w ®Jp suspended f a j r j y numerous in secondary 

4792 for a net gain of 0.3. The *V 28p down 3. pending clarlfica- issues, APV dipped 10 to 2D3p 

biggest price rallies usually lb e company’s financial and falls of 8 were marked against 

occurred in tho'e area.' which had po . ... .. . „ Adwest, 297p. and Babcock and 

been depressed hy thoughts of initially dull on the mnpUca- Wilcox, 149p. Hafien Carrier. 106p, 

slimmer profit margins because ‘•!2l ns . a f} aiJ, *K 1 u - s - doUar, and Tecalemit, 132p. fell 6 apiece, 
or .sterling's recent relative , y , J2r --h " and closed whUe British Northrop, down 2 

strength. at 364 P- ^ 1 * oE L? n , balan “' more at 72p. continued to reflect 

Second-line industrials were 1 o h dose? to Se-oo? at 323 d M? tbe sharp fall in interim profits, 
generally left behind in the up- ° Cl05e 4 t0 Ule S °° d at 322p ' Against the trend. Hampton In- 
ward adjustment as seen in the C+ nr „ c arratie duslries encountered support and 

livc-to-one ratio of falls to rises' ^*-UIco cITaUC put on 2i to lip. Richardson 

in all FT-quofed industrials. The While leading Stores rallied to Westgarth were temporarily su s- 
volume or business remained virtually unchanged in late at ®°P : 1116 nation- 

lusht os illustrated in official trading, secondary issues re- a ^ ,sa ^ on J ern i? "pre announced 
markings of 4.377 compared with m ained dull. Notable falls in- after market hours, 
the previous day's 4.C3S. eluded NSS Newsagents, S down In Foods. Cartiers finished 6 

Revived demand Tor investment at 9-Sp, Dixons Photographic. 6 easier at 96p. after 94 p, following 
currency, mainly reflecting the off at 126 p. and Liberty. 10 lower interim figures which failed to 
desire 10 invest in y..S. securities, at 170p. Foster brothers gave up come up to best expectations, 
increased noticeably after news 5 at 153p, as did W. L- Pawson. at Avana reacted 2 Ito 59p following 
of the dollar defence measures 57 p. while A. G. Stanley declined Press comment on the interim 
and. in a market already moving 6 to 164p. Further consideration statement, while other dull spots 
higher influenced by sterling's of the annual results left J. Hep- included Robertson. 4 off at 136p. 

and J. Salisbury, 5 cheaper at 

Still reflecting concern over the 
Office of Fair Trading’s investiga- 
tion into the affairs of the com- 
pany's Dayville ice cream sub- 
sidiary. City Hotels lost 9 for a 
t\vo-day fall of IB to 110o. Trust 
Houses Forte slipped 4 to 22Sp, 
while losses of around 8 were 
seen in Ladbrobe. 166p. and 
Prince of Wales Hotels, 8Sp. 

Reckitt dip and rally 

Miscellaneous Industrial leaders 
staged a good rally following 
news of the American package 
which boosted the value of the 
dollar yesterday and removed 
some of the recent fears about 
future profitability of the big 
international companies. Down to 
440p at one stage. Reckitt and 
Colman recovered to dose 
unaltered on balance at 453p. 
Beecham, which fell away to B33p, 
finished 3 better at 643p. Else- 
where. BTR encountered n fair 
amount of selling and touched 
313p before settling at 325p for a 
fall of 12. Sotheby gave up 8 to 
307p and falls of a similar amount 
were recorded . in Neill and 
Spencer, 110p r & Gibbons. 194p. 
Diploma, 174p, and Rorkwarc 
Group, llOp. Duubee-Combex lost 
4 lo 98p, while Pelrocon 
encountered fresh selling and gave 
up 5 to a low for the year of 47p. 
Press comment on the interim 
results prompted dullness in 
Poiymark which eased 3 to 50 p. 

Ulster TV “A" rose 3 for a 
three-day gain- of 8 to 75p ahead 
of Friday's annual results. 

The Motor sectors gave ground. 
but the majority of prices closed 
above the days lowesL Lucas 
ended a cheaper at 31 lp. a Tier 
309p, in Components where Kwik- 
Fit gave up 11 to 491 despite the 
increased interim dividend and 
profits. Revived speculative 
demand left Pennine 1} higher 
at 14. 

Leading Properties virtually 
ignored the threat of increased 
interest rates and usually 
reversed small falls, bat second- 
ary issues sustained moderate 
losses. Land Securities found 
support in late dealings and 
improved 2 to 229. English held 
a gain of a penny at 37p, but 
Stock Conversion cheapened 4 
to 262p on lack of support 
Marlborough . Property, formerly 
Chnwn Securities, attracted a 
reasonable turnover and firmed 
i to 204p. Elsewhere, losses of 
around 7 were recorded in 
Chesterfield. 3S3p. United Real. 
300p. and Bernard Snnley. 262 p. 

Oils volatile 

Tradings in the Oil sector was 
slightly busier, but prices were 
volatile. British Petroleum moved 
between extremes of S5fip and 
874p before selling at 870p for a 
rise of 2 on the day,..while Shell 

closed a penny firmer at 564p. 
after 555p. Royal Dutch moved 
in .sympathy. ‘ with -the dollar 
premium and touched £41 1 before 
closing § higher on balance at 
£42 i. Outside the leaders, Siebens 
(UK) ended 8 lower at 274p. after 

Having reacted initially in re- 
sponse to overnight weakness on 
Wall Street, Investment Trusts 
staged a good rally in active 
trading following President Car- 
ter’s measures. Edinburgh Ameri- 
can ended 6} better at llOp, after 
lOOip. Border and Southern. 1) 
harder at 57p, after 54p, and 
Atlantic Assets, 2 firmer at 99p, 
after 93p. Of the numerous dull 
spots. Canadian and Foreign In- 
vestment reacted 4 to 98p. In 
Financials, S. Pearson finished 7 
easier at 2l5p. after 212p. Lon- 
don Merchant Securities shed 4 for 
a two-day loss of 9 to 62p, but 
the Australian-based Challenge 
Corporation were called 4 better 
al I22p ex the scrip issue. 

■Scattered selling was evident in 
Textiles. Dawson International 
issues remained on offer, the 
ordinary reacting 5 more to 178p 
and the A 4 further to I77p, while 
J. Haggas gave up 7 to 165p. 
Smaller-priced issues to give 
ground included Stroud Riley, 3 
lower at 31p, and YoughaL 2 
cheaper at 31 p. Shiloh, however, 
hardened a penny to 27p on the 
sharp recovery in half-yearly 

Shock wave in Golds 

The package of measures 
designed to support the dollar, 
which included the decision to 
increase the amount of gold 
offered at the monthly U.S. 
Treasury gold auction to 1.5m 
ounces in December against the 
current 300,000 ounces and 750,000 
ounces proposed for the Novem- 
ber sate, sent a shock wave 
through the gold share markeL , 

The Gold Mines index, includ- 
ing the premium, dropped 333 to 
131.1— its lowest since the begin- 
ning of the year when the gold 

price was around S166 per ounce, 
while the bullion price collapsed 
to 8220 tier ounce before closing 
$15,125 lower on the day at 8227. 

Already weakened by an initial 
decline in the bullion price, share 
prices tumbled following ; the 
increased gold sales news which 
produced a wave of selling from 
most international centres, and. Jn 
particular the U.S. 

Selling continued throughout 
the afternoon and for most of the 
after-hours’ trade until bear 
closing and "cheap” buying -left 
prioesc fractionally above their 

Losses in the heavier-priced 
issues ranged to £2, as in Free 
State Geduld. £121. while Western 
Holdings and “Arogold” showed 
similar falls at £153 and £t5- 

Among the medium-priced 
stocks. President Brand slumped 
123 to 607p. President Steyn SS 
to 565p and East Drienfonteln 
65 to 590p. 

South African Financials also 
suffered but losses were cushioned 
by the sharp rise -in the invest- 
ment premium.. . . 

London-registered Financials 1 
rallied strongly in line with the 

after 234p. 

Fields to I72p. 

The dollar support measures 

shares. Irapala dropped’: 15' 
lS4p and Rustenburg 10 to 92p- 
Australians moved ahead in 
response to the recovery , oh Wall 
Street and the firmness 6f the 
premium. Conzinc Ribtinto 
jumped 16 to 26Gp, Western 
Mining S to 133p and MM Hold- 
ings 7 to lS8p. Speculative, dia- 

at 20p. 


The lolkowin? securities Quoted In the 
Share Inionpjition Semico yesterday 
attained new Highs and Lows tor 1978. 



Knott Mill Kuntck 






Ulster TV A 


Plax ton's 

Cold M. Kalgoorhe 

NEW LOWS (101) 




FOODS >21 

TRUSTS (8) - 

OILS (21 
MINES (8) • 


Ur Don Same 

British Funds ....... 

Corpus. Domision and 


._ 74 


Foreign Bonds 








Financial and Prop.... 







r 13 



- U 

-• 19 





Rcccm Issues 









I . 

~Ort. | U*-l‘ 

ar r so 

*Or4- I Oct- 
37 .-26 


A you 

89.6Sj. 76.61 

Coven.mon. he«.-.... ; 68.771 69JWI 69,54; 69.37| 69.36[ 

Fixe.! loicieat ! 70^2 ; 70.5Sj 70.63; 71.02; 71.02j 7L10| 78.81 

ano ADA ,1fl^ 9 AftQ *71 dARfi 

UolU Mines. 


‘ 143.4j 

(ioM Mtne« lEx-S pm.i 



Onl. (Hi-. Yield ; 

6.6 6 

1 5 - 67 ! 

Bunifiga,Y*MSil'ulhi L * l f ' 


I'll) Ratio luei) i»*| 



llMlugi pjmrkol 



Eqiiilv DirU'i'-erXm ...| 

— I 


Equity Lurjcntad 

— 1 

12.894, _ 

110.41 109 .a' 108.41 103.4 

5.60! ' 6.6af G.58| ' 6J5lj 

15.48; 15.52; 15.53'' 8.52- 8.82 

4.3371 4.870] 4,818| 4,400 
63.27 78.7 ij 89.63' 75.15 



15,78 li|17.065] 14,695| 19.682 




in an ft. li dm. 171.3. Noon CtD.4. 1 pot 471^.-, 

2' pm 47U.B. 3 pin 47B5. 

Latest Index Ql-2<» 8026. ' 

•Baaed on S2 per cent corporation la*- \ •• _ j- 

• -,,4, urn e flT t 15/10/36. Fixed IM. 1828: ind. Ord. . 1/7/35. Cold 

Min^i 12 / 9 /m, Ex-$ pm index started June, 1SJ2. SE Activity July-Dee. 180. 

highs and lows 


Gort- Sots..-' 

FUunI Im.... 

Ind. Urd 

flnlrt Kinrs. 

1978 i 

j.-sinro Comp UatSon 



1 , 



• 78.58 

68.77 1 

127.4 ! 


1 • (3 'll | 

OlU) 1 

(WU36I | 


j 81.27 , 


150.4 I 


i i9/u ; 

<LiU) 1 



(3/ 1//76) 

i 535.5 

433,4 j 



! 1 14l9l | 

iSiai . 



’ 206-6 | 

150.3 . 



114/81 .1 

1. (D/1 » . ! 



\ 132.3 1 

' 90.3 I 

1 337.1 


- i!4«l 1 

ll8/4| 1 

|3;1/T4i ■ 


5nv. | 

1 31 ; 

- Daily I 
I Uijt B.t-ed„.: 
! InduHtrUJf. ...' 
j dpei-uIxLive .J 
I TvKals. 

iJjU-KdKoi— ; 

. luihulnib :..J 
I Srecalatii-e_; . 
| TwwL»..._ i- 

188.8 13S.7' 

157.4! 160.1 






133.8' 136.6 
165.3- 168,4,- 
. 34.9 . 33^ , H 

104.9 : 185:0 


I Juusn 

~ A/iril 

i -Tilly 

■ i— ; 



Kyuity i 







1 nITer 1 • 


1 • vtoag 




i _ 


1 - 869p ;... 





i 110 

[ 3 

I « • 






1- 74 



- 900 



1 48 

■ 50 

! 1 


.1- .. '• 


l 950 



] 26 



— r 




f 9 

.12 • 

* 7— • 



. 1 

|- - 10 


» - v* 






- 32 [ 






1 17 

! 6 

j. l- 


f* - ' 




1 7 

1 11 

! 14 : 


-• ** ' 





I *- 

i ■ — 


llSp ... 



2i 2 


! 513 

1 713! 






1 50 

• — 

} “ ! 

— . 

317p -.. 





1 37 


■ }6- 1 


•« * 





1 .18 


i 30 

- — • 







• ~ 


•• /• '*+ 





i 16 i 

■ -• 

104p * 

Umiti Met. 





! lOiii 


• • 4T .* 


21*: — 



6 | 

.■ — -* 

- :>■’ 







— | 





20 . 



• 5 

,39 f 




7i 3 

. 17 

14 ■ 

. 16 

20 J 






•‘7 • 


14 -| . 


I /Mill 




- 57 

— r 

• “ f- 


Lari' 1 Sev-s. 


6I 2 




20 < . 





; - 7 

3 . 

Marks A bp. 


14 le 




19 ] 



Marks A 8p. 






.14 1 


• „»*• '• 




6i 3 


9 f 







. — _ • 










'26 J ' 

*— - .. 





: I 




' Febmarv 

« JUav 


• • 

BOO lull. 




: 4I 2 i 

8 t 







■ 20 | 

29 1 

: 3 




4i z ; 


’ ^12 


• 18 ,. 




• . 4 • 










• .* ’ - -V- 

KM 1 


16 1 

• — 



26 : 


163p • y 

KM 1 


2i 3 - 


4 1 





— ■ 

. 4 

— 5 

9 i 







. 10. i 

-26 f 


Totals ! 


' ) 



-59 s 

:- 1 




■' -.r. 


Lloyds Bank region director 

Charter Consolidated. 


Mr. Peter Bryan has been ap- 
pointed chieF executive of the 
magazine division of UNITED 
NEWSPAPERS and joins the 


Mr. II. S. Clara but has been division. Mr. L. A. W. Evans 
appointed a regional director of who was a member of the group's 
ihe South East regional Board of senior management in London. 
LLOYDS BANK, which sits at has moved to Bombay as regional 
Tunbridge Wells under the chair- director for South Asia, 
manship of the Marquess of * 

Abergavenny. Mr. Clarabut is Mr. Peter C Lc Mesuricr has 
managing director or Proprietors been appointed finance director 
of Hay's Wharf 3nd a director of of PRICE AND PIERCE (HOLD- 
other companies. INGS) COMPANY in place of Mr. 

* Reginald 0. 'A. Keel, who has 
lAird GreenhUL who was relinquished that position but 

appointed as one of the Govern- remains on the boanL The parent 
menl directors of the BRITISH concern is Tozer kemsley and 
PETROLEUM COMPANY in 1973 Mu I bourn (Holdings). Mr. Le 
and who completes his present wa ?- - ^ ormer * y w * t * 1 

term of office on November 7. 

IP7S, and will be retiring on that 
dote. His successor is lo he an- 
nounced in due course. 


The board of CHEF AND 
BREWER. the pub retailing 
division of Grand Metropolitan, 
has been restructured to meet the 
company's development plans. Ur. Michael Dart has been made 
Mr. W. F. Hannon (managing 

director) becomes chairman and THAMES WATER AUTHORITY, 
chief executive, with continuing *nd will take up that appointment 
overall responsibility for the com- the end of the year. He sue- 
pany. He will also control rcla- '-eeds Mr- Hugh Fish, who has 
lionshipx with other brewers and become cluef executive of the 
the acquisition of businesses and authority, 
property. Mr. T. O. Thwaifcs - * 

(director of operations) is now Mr. 1. R. Walker, Mr. E. C. 

managing director, responsible lo Harris and Mr. R. G. Elden have 
lhe chairman for all trading and been appointed directors of 
related operations nr the com- ROBERT McBRIDE (MIDDLETON i 
puny. Mr. M. P. Aiken and Mr. following its acquisition by BP 
A. II. Fraser, at present executive Oil 
directors, have been appointed * 

a-vyistanl manasinc directors and Mr c y Kvans hftS heen 

will be in Lhar^i- «»f sonic of the a| ,p 0 j n ted company secretary and 
duties of the former director of ar(MJiJ |-BB| adv } ser or OCEAN 
nperatinns. All olovr directors tdivcwipt ivn TPAnrsir: u« 
comimic in their present posts. 


Mr. Garry H. Wc>lon has been 

appointed chairman of FORT- Mr> w _ H# Stafford has retired 
NUM AND MASON succeeding af! secretary to the CNSURANCE 
the late Mr. W. G. Weston. INSTITUTE OF LONDON and has 

* been succeeded by Sir. D. S. 

Mr. K. Warner has been Salmon, 
appointed a director of GRIND- -*■ 

LAYS BANK. Mr. Warner, until The following have been elected 
recently responsible For the as directors of EMPLOYMENT 
group's business in South Asia. CONDITIONS ABROAD: Mr. R. TV. 
based in Bombay, has returned Batson, sponsored by Baker 
to London to take up the post of Perkins Holdings, and Mr. A. J. S. 
managing director of the group's Tamer, sponsored by Lloyd’s 
Asia Pacific division with respon- Register of Shipping. 

Mbility for the South Asia and * 

Pacific Basin regions. He sue- Mr. James R. Scott has been 
coeds Mr. F. V. Quern, who is apnointed secretary to the 
now menacing director Tor the ABERDEEN HARBOUR BOARD 
croup's Europe and Americas from January 1. I97U. He is at 

succeeds Mr. Arthur White, who 
has retired. 


present company secretary' and 
financial controller of Atlsa Ship- 
building Company. Mr. James 
Will, secretary and deputy general 
manager, retires from AHB at 
the end of April next year. 


Mr. G. M. Green has retired 
from the Board of McCORQUO- 


Mr. Alan Miles, at present 
managing director of Weidenfeld 
(Publishers), is to join the group 
PUBLISHERS and become manag- 
ing director of Associated Book 
Publishers (UK) at the beginning 
of next year. Mr. 31 (chad 
Turner, group managing director, 
will continue as chairman of ABP 


.Mr. Claudio Eattafava has beep 
annotated general manager of 
THE SAVOY. After IS years as 
general manager. Mr. Beverley 
Griffin has given up that position 
for a change of environment and 
interest. The new assistant 
general manager is Mr. John 
Macedo, who has spent the past 
eight years with the Inter- 
Continental Hotels Corporation. 


Mr. William Bowler has been 
appointed secretary of the PRO- 


Mr. Charles Simeons has been 
appointed the first Director of the 
part-time capacity. 


Mr. George S. .Miskin has been 
appointed managing director of 


Mr. Alan W. Moulds, commercial 
director of DOWTY MINING 
EQUIPMENT since 1974. has been 
appointed financial director. 


Mr. Michael Bowman -Vaughan, 
senior partner in Binder Hamlyn 
Chartered Accountants. has 
joined the Board of MOLYSLIP 


Mr. William Lowe ha« joined 
of consultancy services from CMC 
(City of London). 


Mr. .1. Rae has retired as a 
director of McKECHNTE 



First Last Last For 

Deal- Deal- Declara- Sctlle- 

ings ings tlon raent 

Oct. 24 Nov. 6 Jan. 25 Feb. 6 
Nov. 7 Nov. 2« Feb. $ Feb. 20 
Nov. 21 Dec. 4 Feb. 22 Mar. 6 
For rate indications see cud of 
Share Information Service 
Money was given for the call 
in London aud Northern, Lonrho. 
Lin food. Avon Rubber. Town and 

City Properties. GEC, English 
Properly, Rustenburg, Ferranti. 
UDT, Ladbroke Warrants, Lofs 
and Allied Breweries. Puts were 
done in Bcjam, Capital and 
Counties Property, Marley, SGB 
Barrall Developments and 
William Press while doubles 
were arranged in Bellway 
English Property, Glaxo. 
Bcccham, Mersey Docks Units 
and Ladbroke Warrants. 











marks price (p) 

on day 







+ 2 







- .i 



-Shell Transport.. 




-r 1 



BAT indy 




+ 1 



Grand SleL 




- 1 










Babcock & Wilcox 




- ,S 










B.E.T. Defil 










+ 2 



Midland Bank ... 







Allied Irish Banks 




— li 







4- 3 



Bom- ring (C.T.) .. 



— \\ 







_ •> 






I -Mir> if “ i E “ — 
I'rn- =-~ 1 z — 

>• ’ - U 

— H «ii(i Li" 

•»Z: 3 F.l». 24 11 J-. 44 ..Inii-liJlL- HHas 44 ■■ I 1 2.4 8.1, 7.1 

101 r.I*. ££ 11 546 iV.Tnuiu 367 - 3 .>.;MI9‘2.3 9.7 

K.C. - ir- 116 1*1115 en-Till.v.l. 118 -S r.2.T.. 2.24 S.5 18.2 

r.r. 24,11; J-i- 29 ,V«i liir 29 —Mr <.>U Jair.QiOO 

I’-*’. - Jvi; l« ( JU.ll««.. ut b l-i.f .. ' 20'-. + «2 '-rtl.53. 6.0, Z.4. 86 

r.I*. — lUi 100 'CightniHT 115 -I . — - _ 1 4.0 



The tallow lap laOlc shows (Ik pcrwriroso chances* which have Ukv-l place s:ncc Decroilwr 30. IB~, w ihc printiaal cnmiv 
t-xtions ot the i-T Actuaries share Jnditws. It also contains the Gold Mines Index. ' 

Emlncerlas Contractors 
Minin? Finance Mining Finance 
Electricals . . 

Mechanical Ennloecrmg 

Overseas Traders 

Capital Goods Grew* . 

Newspapers and PuWtshmg . . 
Centractiag and Construction . ... 
Cold Mince FT 

Electronics. Radio aod TV . . . 


Melon and Distributer* 
i.'onsunvr G-wvfa ‘Uorahv- Uruup 
Wines and Spirit, 

Building Mau-rials . . 

Packagmc and Paper . 

otnee Equipment 

I n>i os trial t'.roup . . 

>w.<didrf lnd> % 



Metal and Metal Forming . .. . 


AtHbarc Joo-'x — Food Retailing .. ..... — .... ....... . zbb 

. +18.T1 OUs-r i.rooi« * in 

-F17.W 'Jons. Goods iNon-DoraPlet Group + n »c 

+ 13.00 Feed ManoToctsrteg +0 29 

+11*9 Stares ... . + 2jji 

+11.T3 TePaccos + oil 

+UJ5 Toys and Carnes — o.Bl 

+ 8.03 Entertainment aod Catering . ... — i t r 

♦ 7.U Invoctrocnt Trusts ... — l yy 

♦ 7SS Household Goods — 2,12 

+ fr-01 B reworks ~ 2.T2 

+ b^h Mcrrbom Banks .. — a.32 

+ 6.2S Pharmaceutical Products - a on 

+ 0.10 Banks .... ... _ — 5,7^ 

+ 5.14 Mnam-ul Greup _ . . . — tgj 

+ 4JS Insurance Brokers ... — T 7C 

+ 0^1 Discount Houses — a 07 

+ 4J> Insurance (Life) - 0 02 

+ «.« Hire PorChase -hot 

+ 3.66 Shipping .... ..... -1LT2 

+ ia Insurance (Compos He) .. . -11.62 

+ 322 

+ 2.99 ' Pi-reenusc chance* based on Tuesday, Gciober 31. 

+ 2.Z7 1S«3 indues. 


! : 

! High; Ir.m 


f 8 j+_° 





F. 1*. - • 

6.1*. — 

* IT 10 4 1 

£10O nit ’16 11 
I’.P 1:12 
r.r. 29 9 
ml - 
I'.l 1 . B 12 

r.I-. 26 10 
«7»t L'lU 25:1 

•• r.i*. 

099 050 10 l 
C97i r 010 2 fa 1 


i ,s * 





IMp lee lk-iin>aR Im. 1C/| l*i»-l 'IMiHn- .. 

BHI2 Vu^Icm-i VarH»h- Iv'i • 991- 

II IlnUiil, 7> I“ri. isy 10 

Spoi l 'nrdiy II.rflM.- ri( , i*n. 'cl-tsi ■ 2plil - j 

li'5|> ,Mnlinn ! 1% Cixo. fi'.i 109i, 

9d Hill .1 Mlillll l-t i« IH^I. 9fll|.— ij" 

T| •*», H- -iij- Lirtix Idlti r-t lorn Ipm —I. 

h ci’j Flr.war.I .» 11 smtlmin lij, I'n*. Li. f :i| .. 101 

IIJ I’ll,, Limglili- Ui ( lii.w-..--' 115 _ 1 

J Ifli klil»ii-t»i|Hl» -V ll'nlei it- '-Ti: . 9 i r ' 

I Co li'isLlvm l*i. liiiii. I 11-. l/i, -122 

47 r—iiili»n»k* --tv. I'**?* ki-l !^,i 47i { ' 

4l 4 tfi-l knit lV«ti- }“ I-..-), hvt . .. 91; - li 


■ =.?■ U 1 i.-t 

l:*ne : = “ Ui-mnii-. 
Prtec; £■= . thile 



IIi«b . Inr- 

: Cli-imd wf. or 
| I'rh-r I — 





265 | 
38 ; 
200 I 

las ; 

25 ; 







: 7.-11 24,ii 
-IB. 10 30.-11 
8.10 17 12 

P.l*. 23*10. 14> 11 
► .I*.! 25.9 811 
.'!■ iBll 8 12 

r.i*. ■ g id 611 

V.l’. 27-10 17 11 

74 1 » 
1? ! ialj 
J2e j ”.'9 
13 no, 
3U E-2 

47 I 4J 

4 !!■•]- 22|"M 
dt’3- .Vi 
14 * 1< 

. VlAMlIT * 3lpda4vv_. 
totart'','"! . 

ClrtOf- 1‘ M nr,.- 


Fntlu-ilslll X Hun i-r 
JlmiihBi 1 .. 

I1i„-ii iW.L,. .. 
Iliripl,, I nj. . . . 
limn* Pti-Iio-i*. . . 


iViirti'" 11 


59 ;-i 

307 _a 

82 -|1 2 
57 !_4 
305 | . . 

j sysi-iiif — 1 
35 -S 

Henimciauon date u-nallv b-M Gav lof dtalinc rrrr >if mjiiiii duly, n K\gur/“. 
ttp-cd nn prtnpyrin- *-;inliio. P 4--itm«l |ln l- l-;ii-l Hurt vtcld n hnn-ca-tl dlvitv.-ivl' 
c-.«« r ha--ert on pn-rim,. tear's carnin*- . r Diurjcn*) vlra j jrlylil bj ,cd un prospecta 1 . 
nr outer .ifll oal e"im:ites Inr 1*19. u Crv-V. I Hcnr.-j as-umed. I Crrrrr aiknrs 
for coimruuii of share-, not bow ranfcirc for diTidenii ur ranking only fur resiriererf 
drvidetuH f PJarinc unry 10 duWIc. pT Prnce unfeo omnrwive Inidcjled. S iMucd 
by j.-oder. |' Oflnrril id holders nf ordlmio *lurn* as a •rlKhT'..' , “* ls r acd 

uv wav of capnaliuiir n. :j ffeinirodarrd. VI<um in cnim«nimi with ■‘enreanha- 
llan. merprr nr lake-OTcr. K-l loirodurilnn. C' l-'- ued in former ur-.-lerener hnlrlers. 
■ AQnunrat 6-;.tera (nr (oHy-paMl. • Provlsiunal or oanb-Mld ailairacnt laucrj. 
it With warrants. 


_ _ v..- : ■ 

These indices are ihe- joint con^ilation of the Financial Tiroes, the Institute of- Actuates 

and the Faculty of Actuaries . ' 


'uiirts. in |KinTiilln-x-i ylnnv imi 
mIk'IvN ft-T st-clinn 





T I 










41 ; 


















t'APiTAi. noons inn...., 


Engineering ConlnwIormU'. 
Mechanical Enijinwrinui72i . 
MfL-ilsnnd Metal Formingi I61 


I.t ISIoi-tmiift'K. Kadin.TVi iii> 

ItliUsr-holrilalkNlSI I2l 

Motors mid Oi.strihiiiois.igSi . 

niysrnKit noons 


Kreweriesi I4i 

Wiuihi am! Spirit* 16) ... . . ... 
Knlcrtainnic-nt. Caleri ny: 1 1*7 1 

Fnnd Manufacturing >13 i 

Food Retailing 1 Ifii 

NvwsiMper*. Publishing rl2i 
I’nrkacinj'nnri Paper H.V . 

Sloreii 1 40 1 

TcilileMSiU...... . . 

Totiaccns i3>.. 

Tmj-n urul Game* «6i . .. ., 



Pharntacciiiicsil I'nHluclMVi. .. 

1 ifrireEqiiiirtiient 1U1 

Sill I Ipi HIM HM 

Misri-M a ni.*ou s 1 571 

1NM1.STK! ALGR01 lip |«5, .. . 

Mi ls I . . .... . 


I TS ANri.VL unoi)i>« 190 1 . ‘ .7”, 

Knniuifii. . . 

Discount HonsesilOi 

Hire )*uri’h;«fve(5i... 


Iiisuninei- (Composite) (7i. 

Insurance Brokers 1JU1 

Merchant Banks 1 14) 


M isf olj onyOus_t7i._- .. ... 
Investment Trusts 1 50i . 

Mining Kinanwf4i 

( iversvns Traders i l9) . . . 
AI.I^SllAKJ-: INliKX(673l 




1, 1978 



. :u 





. iJrt. 

14JHT* , 

- lilt. 

as • 

. Ksl. 
lioi) nx 

■ lh, 





,f Index 


Yield * 

Ytrirl * 



Cl mu uc 

1 Max. 1 

«)t .CTo 





. 231.53 








-. 199J6 







.. 36179 

: 13 







- 53998 

’ + 0.1 








.. 354 28 

















- 164.53 

. -0 8 



8 53 





. 202.8L 


















• 175 J.6 




178 79 




. 122.48 





124 55 




. 204.35 


















. 26931 


15 81 















. 200^4 









. 218.24 


















. 134.43 












4 89 


193 97 




. 17437 








227 38 






, 9839 










201 BJ 







w -I ■■ 








IV 1 




* m 








-03 1 








5 41 
















_+02 j 
















243.62 ! 



' — 

jfv , 1 1 

• - 




16269 1 


-0 3 






















149.08 .1 

d 1 







129.00 Z 



- — 


— . 




118.92 1 


-0 7 







32553 2 

77 2b ■ 








79.91 . 






256 41 




23 74 






10758 11 






204 07 

209 SI 

212.01 1 


-0 5 







106.83 -i 



15 92 




31814 j 


31886 r 


-0 7 





219 40 f 


Year A 

lappenw ' 

Inflect . 

No. . 


i«a *-• 

32921 ‘ 
443.R1 . ; 



234.58 , 
18635 7 
12L52ii : 

19940- 1 
227.67 -- 
250 28 ' 

’ <1. 





Hi <lt (ioierninenl 



Ml -i»l r 


\il adi 


lu date 


I'ntkTri years. 





- a, 

113 50 




thcr Ift years 



. —■ 

1 1226 





1352 . 

Ail 'lacks .. 

-0 59 

— ' 

555 i 

nXF.D INffiKiST 
Itr. irni Av -tJmss Red. 



I frK . r, >eor 

■ 'ocpinv. 13 years 

25 years - 



I 2257 

Tin*-. . 

Year • 7. 1 ■ 

’•vi". . : v 

aiiprux 1 ■». 



■ 5 years j.. 12 .S 1 -. 

!'• >«s»s — .2249 

35 gears J xz.49 

Coo pun?: 

5 1251 

15 rears , „ } 33 06 

35 years 1 -3X15. 

10 i Irrtsleomablc* .1197 







23 05 





3018 V 
10 38 ' 




1156 | 1031 


W«l.. Sun-. 

I nitre ; Yfc-i.t 

Nf. i 

. On'. 

.W . j Thirr». [ -Wei ! Tues \ Men. ! Ywr 

‘t; :■*!?- ‘Nt. Ha. ; un. t on. 1 

• w 1 w j « j a, 2* 

. , tm* - 

za jliilprmj. 

— • -I ■ 

20-yr. Rod. Dtb & (15) 

Investment Trust Profs. (15) 
Conti, and lndl. Prefs. (20) 





71.801 15.04 

36.18 j 57- sa : 66.69 | 56.68 j 55.68 5B'.6 bJ S&69 
51.64.1 Bl^B. 151.27 1 Sl.iaf BL32 ’ «, jV!. 51.46 
7L80|j 72.00; 72.04 | 78.09 .’.72. IB [ 72.ia 




y m 

: , '?!8feial^7 | in j es 15iursda^_November 2 1978 

authorised unit trusts 

. SScL^^ SSf' FrtozHn Sloa L'lH MffL hid. on Mincer Fu nrt Managers 

. ' - v; - l«*l«id Vwrt. EUOB 1DII. ■ • • - nmswi Vw-tfvr 11-4. vn s , Kl 4 

I AH. 

Abbey rnr-Tst Fd. 
Abbey g«t.TbC' ..- 
Equina ftog. Tut. | 

•5 A3 -A Wefirtn, ,.„B96 .4301 .«, 

'bSB^i'jifiini Tfl . .. „ B5 2 143 8B ... 

. £-3* .loromr.TM- U3.2 1M« ... 

«4 ■ luL Growth I'd 11Z* 120 .o 

■'«*■. Up Acrum. 1124 " - i»« 




\ AtBed Bambro Cnwpf ibHKT : " 

Hambiio Hk..' fifqnon. Brcaiwdui Ewer.. 
01 •508.2861 oe Brentwood rftfWy zniXr- ~ 

Balanced Jrtl Oil* 


Rrl Linds. Fund .. L U fi 
” ‘ ‘ ' KS.9 Inc. 

EteL It tad, Oexxi 

■ Allied Capital 

. Hambro Fund , „ 

■ nunbroAcc. F<L..:Ul4fr 

■•Friends' Provdtl I’nil Tr. Mgrs.? 

H\ba»Ewl>iBriBiii! nSOasnss 

Vftcndfl'RfrilWmA ««H>L0| 4 87 

Lm. Acrum- &i4 5M|"-L 

f -lj Im G-T. UnU Managers UA? 

t 9 3 • 5 il ■ 18. Fwndjuty Circus Bisn-TDO. 

J-57. M»n 4vf ■ m an. ,. . 

? H ; ' 31 lino o 104 A] L 

-- MIA Unit Trust MRomnt. Ltd. 

• <i*i gu.. lfl Mn-re. swi 1 1 aiij „> . tIU 7:c . 

tMB 47 fil . I 383 

Murray Johnstone H.T. Mgnl.? (at 

l«t‘.Mf , r w-s , n 1 ^t,cij-i; l i^ ,,j L >i i| w 1-221 .Viji Ifuillcr Management Cft. |,id.¥ 

8fi0| I 280 The Ml K'.rlunn*. h> •Mill* il !+*■!, I 

Kri • 

Ud.? Sate & Prosper continued 

ni -jiTfiin Scot hi Is Securities Lirt.V 

R7 3"‘ -I'll 3 -*8 s.mM. 11- 39 3i 

125 l>«j ■ .' i) 7 81 >. ifl.1 . 517 55 9. 

|aoi a** - . ,5B 7 63 I 

Prndl. PonfoliA Mncrs. l4d.V larfhMd %.■* K..>-’i' - jJfSS ;* 7 * 

,.14,,.:,;- S' - l.-VH’ -.'.Mp.B wsl 

UIJ|-:r.| *85 

I'reiinciat Lift* Ini. (a 

HI Cl 2It."|'-;*le Kl'2 

J P?] i 546 IVi.IiIk I'nil- 1815 

Inr.uik lit B 

4& m 


UaiitMira*.hi'r« j'.ii 
rni>l'-nii:il . _|124 0 

4 59 
2 19 

Target Tsl. Mgr*. iScoilandi laifhi 
IS Mli.'li'r-seu: I'd'.n 3 <CH 1S9W2I 
r..r c M imerF«|H136 25 *' *-0 !| 203 

Tarjwt Tf.i Ik- 395 42 5.4-1 

159 9 64 41-0 

K»i» I ■ 


■me Ki 

5 77 

9 99 

4 87. * U F:iir " |80 a 


r d— —76 fij— l. 

i „_v 65.7V. --.-TOJUl. 

J9JE .y.V.4lM-0.i 






High V.«fdFd_ 

Hich Income 
A.H.f3q Inc. 

IrteMMtau] Fonda 

Intematiwul Mr 

Pacific Fund. _J._. «3-“ - 
See*. Of America— *72 - 
U&A.Esenw* ,.;Si7 :• 
Smeiaflst Fund* ■ 

SmaiMr Cor* Fd. _.-t37a 

2nd Smlr. Co'* Ttt .'J47.4 

w Re* 0J cry Si Iff i 

Ijy M«L Hit) fr Cdly... 

m .Sgii 3 : 2 J! *-S-S 3 fc1 ^ — 

te843--3nf-23 5« aT;i^: F 7iui-~' 

5I » i3.T.UJd.fK3i ....- 
.. UT 3#ponfrt*tu. 
in - ^76 W-l.a 8 22 . *■? -ft!P JM* ■ 

7 00 G.T. Int i Fund • _ 

716 G.T.pdurV4sFd.„|5« 



Mutual I'nil Trust Managcnlf tjufil 

lp ' "loiLill A»^K7i!U. ui.60d«*n 

L ,| i.nlmm • ,eii hil JIM 7 
(Judilriffil lin i.itm- 11354 

:i3 3<d 

139 fr| 

MiUU.ll.MT. Miln. 150 b 
330 Maluiil lnr '| vi _ (fi9 7 
8 50 -Minunl ISIueiiun 1427 
2W Muiuul MibIi Ykt . 55 8 

-27.11 -0.2i 
• r J3 7i -0 Ai 
- 50 5) "0.3f 


75 0» 


. 68 Zi 

National and Commercial 
•*l.*:« A r» ln-w Squurc Filmlwnthnr.l.WiVI.'il 
Inninc h«n . | ... 3572 16301-4 41 5 80 

. y r >“” v nilsi .... . 215 z 2Z3 3 -6 : 5 80 

1 ill*. Sir. 1 1252 1293 3.W 

iIC77»2.T:«W •* P4un l I nilsi ...1528 15841 -b 0 3 93 

1 10 

231 G. & A - THIS* : 

L93 VJUjleich Rd. Btcnnrood. . . 

228 ilAA....-..-.- . &1.9 ■ 341*t-flfr( 4 87 National Provident Inv. Mngrs. Ltd ¥ K< 

Garlmore. Fubd ^uagers ¥ taHjo * »» - » w-dmii <nie»vm I- 

-5»Jl-a5) 4A6 2.SirMaT5'A»«lEC3AW.- 01 

Reliance Unit Mg in.¥»'llsr.T'inlir»!.-»-lli-ll» Ki 'WC^.’7I 
Ml'l’-nuuil) l-il 168 7 73 51 I 560 

S, k j,.r<V T I \r. ■ H4 7 47 81 - 1 01 5 71 

Sckiurdc r. In.' |42 7 45 7.e( - 0.9| 5.71 

Ridgejield Management l.lrf. 

^K4l> Kninnl: M Main hi-t.T 

Ki'lRP'lHil In' 1 T JJ01 0 108 0 

104 0 

Uu1i>cliL‘ld lui 'His.- 197 

Kolhschild Asset 31an3Rement iri 

Ttiic* ji **e» .1.11 r 

St hie>inger Trust miners. Ltd. laiizl 

l+i SoulhSiteri iinrirn.. • mini 8044 1 

iul F.semji 

5 00 \n liriwlti • • 

7 5b Ewnip lliiili VM 
K.fmptMli Mr* 
lalu In. Tsl . .. 

Irunfm* Diet 
l n . |n*. '.lrlpul. 

Inin I ..nrmlli 
Ini T»i I'oiis 
M.irkrt Leu-tec- 

1TPI A 'ill! Tni a 

niiinRTCI l’rnpprt> Shan- 

1 z 63 T M 


120 3 

71 4.j 




57 9 

-0 ; 

2 35 

76 3 

27 7n3 

- 0 



27 1 

-0 s 











33 3 



49 5 





-0 5 






27 6 

29 7rt! 



26 5 


-0 5 




33 2n 



21 B 

23 4n 

-0 5 



20 2c 


5 26 




■ 5071 -0.7 

102.61 -:i| 

4« 47iAmerlcaiiTic. —}Z2J 

„ a =-» : BriUdr'DO IAWJ_ 

HH • 5JJ Corarnod) t> Share _ 
61.4] -1 3 4 72 .Extra Income T*_. 

4R1. «»»Fiip£aaTnia -4Z7 bS-0J 

EipL Smlr. Cofx ^®{S7X 249*4-3.$ 

Anderson Unit 'Trosi Managers JM- SSSKnSnd™:- - - 
IW-FenaiiiichSUECaMflAA. iSSazai: Ii»: AftiSfri-; -- EJfS 

And«0Pir.wia6. 5784 

AMbicSer -uwt Mgmt ^Co.. Ltd. 

till \\|i-.lmrv 

|164 4 175 4« 

1 k. tirth 
I’ k dr.h. Dm 

J. Henry Schroder Wagg & Co. Ltd.¥ 

Trades' Union I'nit Tsi. ManagersV 
l«U tomlArn'l Ki i ullUllfflll 

TL l'T 1 h I 2 |49 3 5251 -?0| 546 

Transatlantic and Gen. Sets. Co.¥ 

91 W.'i'hi I a m 'ion !ld ■ 'li.'lni-mri! iiL'4.'i aio 
■ 81 

Iturhli .111 

1 Inin 

■ an ml IS. [77 1 
III L1.1L- . . 119 6 

K.|H llrl ^ 190 7 

■i2*iriJK! 1'ju 1 I11-.11— nh?. E 1 




,, . iValinjl 

9 08 Nalional Weslminsier¥ ta» 

_ 'Vaiwli.. R7V lOA', vlJm QI0I, 

jpit all'll .11 
Vrlim I 

njia .u-i zi» m> 

54 1.3-?^ 7 57 lumim-nrl ^1 
83 7 *1 Jl 159 1 V rum L'nilsi .. 

84# *11 159 ilef.eral Nm. I 

162.9] -2. J 1 4fifi ■ vrum-tuh 1 ..-.- 





Gibbs ^ (Antony) Unit TsL Mjgs. IML 

l um,. 


Finani ul 

■irawihlnv .. 

ArbutbnoU Securities Lta, (aK~d -feT . «.d 

S7. Queen SLLoTKtoa EC«1BY •. OlsZDO 3281- ^ HWed. 

U7 • - 

\Gorett (JobnW 




-l 1 



-J t 






-1 J 



-1 1 


5) 9 

55 7 

+ 1.3 


8 24 

5 75 

6 07 
2 61 

Rothschild & Uuwnries Mgmi. fal 1 Iffj m Unll>t 

Si .'.williih- I jin-, lain . Ki 4 ni *Si. J.L'al •I'nil'KaFrti.VlJI 

?•“. ***** .l^ 0 »H .. I A» *Rvto*wySopi in 

l*Piee* 1 si IK*. Id aovI dcsilmi! l.H 

103 0 
124 6 



37 0 
176 6 

201 5 

07 0 

35 4rf 
182 0 
295 2 
222 9rt 

For m\ erempt luml. only 

III ?-ui 34.34 
2 52 



lilirkm '1 1 ai 
1 Irrum I'nil > 

• «lmu>)rl.S7 

1 V-rum l nil 
I'umlilil ua 1 
lAi-iuni I’nil- ,. 
I.lrii >hi 3| 

• lii urr. L nil*- 
Mnrlhuroihi .11 

■ \| rUni Unlit' 

Van liulh Hi'l 31 

■ X> 1 um L’l..|.i .. 
I nn '!l> r i.-r 31 
V:ui. To- S‘>«'i'cni I'nil- ■ 

Wirt rill jtl 

:Ai» ma Unit-' 

Wiiklni III -J7 

l>o l'-piim 

100 5 
. 12B 1 
158 1 
. 158 1 
68 8 
|49 7 
. 57.Z 
77 1 
.1... 439 
61 7 
. '74 1 

.80 8 







7 19 
4 74 
4 74 

3 67 

4 83 

Tyndall Managers Ltd-¥ 

IK. t'Mivnj'i' Hand. RrWal. 

Ini'oma. Sm l [100.2 

i.\i i'UHi. I nll.i !l854 

Rowan I'nit TruM Mhgt. Ltd.¥ ta» Scottish Equitable Fnd. Mgrs. Ltd-¥ 

• ■■b Ilau.1 Km- . F'in.liiin .v, . Ri? ui-fttti 1066 aiSI Anrlrcwv Sq . Edinl-ur-h aii aMOInl 

‘Hlgh'Yidd -JH2' ■ . 42-3T _. 

'tAecna Units*— WJ 75.4 
,, Extra Income TO . . 11C2 BA5 b -34 
4 Hlshloc. Fttnd — ;}l!r ;• 4ZJ.-0« 
* *<AccuittUnllai..-- 54.6. • 48.1 —0.91 

i i8V6.-irdfii4.Vw.jSt9- .- -.371 
4 FrctevscaKuad-' 252. ■. -...- .27 0 
'• < Ac cum- Units) JR9' ' ' -.419 

. r>nUFiMi1. - 

CwfrdFOnd:..'-^: 189~ 20.4) 

Commodity Fund .. 61 1 

(Accnm, Unllal 89,0 

[lOMffdnrillj 516 

FlitJkPn>p-Fct 17 J 


flunuFrad— 39 2 

< AcctmL Unllil 460 

Growth FiuhI ■ ... 34J 

I Acciim. Unilsj 4L8 

Smaller Co'ffFd-.-. 27.9 
Eut«mfrInn. Fd.: Z71 
(ff, WdrwOJC*.).-. 207 

Fordcn Fd_ : 887. 

N. InLFd. S6A 

‘ 30*4-*$ 
: '29$ *o.l[ 
vgS +0 if 

^ -+1J 

65.7n t 0¥ 
96 ta — L3| 

2*1 . . 
422 --0.S, 
37J -oB 

■' \n*LTic nn‘ i^L 2*— 6?0 
S*w urifii^ .1745 
11 HikIi Ylrt •n LL-7. .. 56 5 

■»;? i.Iiiiim 1'mIii.... 797 
M'.flili ?-m I .. 7E4 

1 lirum VlllLla 


4 02 

InrnmeLmi. . . [49? 52 4«1 

.Vi'iinl'mii .. 157 3 61 0|. 

hiiilini; 'W WnlnpMlav 

758 sebag I'nit Tsl. Managers Ud.9 lai 

Ml. Brklbrr H'C El'1 01 i 

1*49 - 

957- 37^00don WalLUCi . " ' . . 01 5883S2& 

9 57 Stir OeL'30 I139fr W.Ol I 1 91 

844. So MCUm Untt,- P6Z.7' 126 » [ 1.91 

1205 • - u Most denims day N*. 3- 


■— ' Cftheson Management Co. Ltd. 

fgf 59GzC5tminSUEClP2DS. 

'5 02 

0.60 hilliqiVwn. Iwkind. Surre* . 

NriSar ! lichl'nc ijw 1 “ld^U 7 87 • ' - ft * — ^ , ^uii Fd... 133.2 34# -061 

Norwich Union Insurance Group (hi Royal Tsl. Can. i'd. Mgrs. Ltd. sebns inromc Kd... ]30.9 32.3| -B.4| 

r.M. Rot 4. Nnruirh Mii:«N<i «mti ""m i m. inrimn.Mn-pi.s iv 1. « i -tcs fciu Security Selection Lid. 

OipiLif Nui' : 2262 

lAmint l‘nil-.i._ .1786 
K\rinf«l. N01 1 109 2 

1 V-cum Un.l-i 157 2 

Ini Kan \M. I 2410 

1 AirunL I '■■!'*.: . . 2758 

Prrf ‘.Vn I . . It* a 

i.lriiim L'nil 1340 
i«Luun 24. <"'a«alaSj_ Iktiohiinrh. 

Tr^m s ' rt ln '' 1 ,1 ” B 




Si-m Unp. Ncn. | 

i'UTn I'rllAi 




£44 l«ciununiui — . 
2M Endeav.OcI 31 

2.41' (AcCura. Cnilffi, 

^ 6r»chstr Drt-27 . 

1 29 tAccum Units* 

j 29 Lkk'Bn-ls Nw I .. 

I m (A.ccum.d.Tnitai-L—'. 

CM3 224 4 

— 33( 

2S5-2 2463 


183 3 192.0* 

217 4 228J 

2299 . 240A 

■ HH 

Z393 250.7 

877 - - 9L4| 

r ... 

91.1 94.* 

70 9 742 


745 . 7ao 









d».- . 

W-v- ■ 

Uj' Pelican Units Admin. Ltd. IgKxl 

2 43 81 F«« wain Si . Manchi>ur 061 2»85dR5 

3.48 Pelican l : n ,i>. ,.|K7 92W-0M *88 

in pcr P etua l Cull Trust Mngmt.¥ <a» 

3 89 *8 1 Inn Si .Untie} hr Thames iupi2t»« 

V m m . PTeinalijpi llh .(43 8 47.8( I 3 46 

Guardian Royal Ex. Unit Mgrs. Ltd. Piccadilly “ 

Arelnray Unit TsL Mgs. U49 (iarge) Bi»alE«'han«.'.EC3P3Wi. ®l«B8nil 

317. High Halborn.MCiVTNL 01-83L6233. (agiOiiarthUlTa . pD.0' 9A2J -1.9} 4A6 

Ar ft^Sat , o5Cal^at' aubl'dly.'NoL a? 3 - .■ Henderson Adminstration¥ (aMcKgl 




CkmpTkLFiI. . .[350 1 36&5I-7 71 546 

Pearl Trust Managers Lid. (aggHW 

—52 Hich llolbnrn.UV|\ Thu 0M05A441 
Pearl ilruvuli Kd.-. 

Acrum Unas . .. . 

Pearl Inc . 

•Vir! t’nllTii'i.l. 
i Ac cum. UnllM. 

1 'jpilsl K.l .... [65 7 69 31 13 

Im-mm-l'/l . . [68 2 71 ¥ | 7 

l'nn'« jl h i . 11. Ncrt rlo.ili 114. Nm :5 



27 9 




35 0 




Unit Trust (aitbi 
Antony Glbhc L'nil TriM Managers llit 

?- Frederick < Ha.e. OM Jewry. Fj'L'R SUM. 
11 i - 588 4111 

TTwimra t f-il aft i n WA\|M “ *• Pmmer VT 5 Rwidch Ro ad HwHon, SiWiil K.| 

narctaya tiuicorn- u*fc9 tswCRgi Aimnwnd.Eutk. ■ 0377-217 238 lopuoi Fun.i 

t 27J751 

Un 1 com Ho. 3K Hartford Hd. £T.- 0I-S345M4 

• J- o 1 ™™ Aic*rico_.t26Z SSi-S fS Cabca. Kectn-erv I46S 

•i fsf tnc iS Cm. oSS5 Vr--BI 

- ^:c^tL nc ^.“-te IS $3 tn •gg5£E«i£5- rgj 

-■ T>o. Exempt Tsl M69 11144 -Jl} 642 

Do-EicmDicome .pan 383* -0 aj AM « 5 

Da. PIsonciBl W 6 65-3 -LB . 3.09 JSSL.'SSSiS; “'‘ 57? 

" > X*o.5O0 ; ffs£ . 8L7 -L« 5.96 Pi^iSSli-M; • "ISs 

'Do.Gcnml [31 4 33.9k -0 rj 620 ■Cahn£rPrffr4.i!t.„(4*5 

Do. Growth Are. [48 Jt i*41-LM SecWf.l'ljHfrr ' ■ 

••• Do Income T*. »*5 -—913 -L« 6M -^[wneWfrlTU.— 

' -rto.Prf.A ns.TffX...p465 15^1 ... .1 495 OiJi .Sat-Res. — .,28:2 
Prices at Oct. 31- Next sqh. day Nov. 2SL IniemaHonal 

Do. Hecomy 144 4 , 4*.0a( --0 9 5*5 Cahol 

. Do.Tnntiinnid-PU4 .122. H -iw 5.28 loter mu lonal 

V Do.WTdvddcTtt. fw)9 - 51# -081- 2 26 WkLWdeOet 

' BXsUivFdJnc &86 6L0ni -tB 5C5 iheriMs Fnfr 

Do. Acrum. [68A 72- If —2 .91 5G .Utslrftli44 :—.—-1366 

2i Baring Brothers & Co. LUL¥ (aHx) '~ r S7 

B8.UadenhanSl_E.C3.- 01-5002830 Kim.,,.: 

. Stratton Tat- |18AJ-;1«2J ... ..L oj>9 7 

" rSi: 2 r" , T- -Mrsss TsC ■*"* a 

8'fialePi— Oct24— P904 302 it ... | 3J5 EC2P ^ : 

Icc-Uta ”OcL24 Q268 241 tJ 335 tbl British Trust 1*95 

B-eweint-oSTai-fSoa m2 "T . ui 

... 177.6 189*1 ] ’ 2A5 t*' DafiarTniot.-. 68 2 

■■ Next -Nov. I4. ~rW. It ;■ tbiCupUflJTma M4 

(bl Financial Tran l 87 4 

Bridge Fond Managers fa) ic) - ibiincomoijna-. 266 

. Klne william SK.ECA 014834951 IbiSgSyilJdTfctSi 

Extra Income |28 6 

MtiaJl L'.v. k.| [389 


Ini EVns. * 4iM6 
Vrlrau- Fen 4 
Arcumllr Fund 
Ttxhriilopv Fund 
Far East F'd 
American Fund 

Save & Prosper Uroup 
4 'Jn'jl si Hckih l.inilnn Et'Jl 1 3KP 
OF 73 Uun-n St Fjlinliuruh K 1 12 -INX 
licaliiiL' n- n|..'A4 mtO <T int 231 73M 

Save & Prosper Securities LltL¥ 
Imenuiional hand, ... 058 38 41 

ITl. . . BS3 272m 

I'm-.' liruuih ... [67 5 725i«| 

Inrmsine Inmnw Fund 

Hi Eh Viol.1 153 8 57 Bid 

Hlfih Income Fund. 

Hi'Jikitum..... 167 8 72 91 

turnin' . |«3 0 46l| 

l.K. Funds 

l*K Equilj |44 0 

ilinvxs |.'umdMi 

IS- 19. Lincoln'* Inn Field-., ll'i ™ 

ln»JGtliT : iA«...j24 5 26.11 .... 

tin- 1 Gth TM Inc.. 121 4 22#... I 2J6 

Stewart Unit TsL Managers Ltd. lai 
45 lliariotteSq.Fitinhurch. U3I4B6 
tSlrmh .American Fund 
Si.ixiiiarA Uu.t> . 15*5 57 5*1 . ... I 2 65 

Ai-ruin. L'nil;. 58 2 62 

Witlwlrawiil UniLs |43 1 46 

■Slrwart BHiish taoiui Fund 

7 W Suindard . 7 151 1| . „.. 4 IS 

3 91 AccumL'niL* - .Jl62 * 175 5) ..[ 4.15 

221 r*e.itinn tTues A Frl 

Sun Alliance Fund MngL Ltd. 

7.40 sun SllianccHse. Homham. WOHM I 

E\nEqTsii*cl 11.. [£237 1 249 6( . | 3 86 

5 51 driie Kami Ij'Fd.- 194.6 100.9 -2 4 3.82 

9 30 Target Tsl. Mngrs. Ud.¥ laMg) 

l-ndan Wall Group 

■H-JCtiaatG-fl I'npilalUrnu-ih 
2*6 I o Arrum 

Extra Inc ilnqnh 
FKj Accum 
F'ln-inclnl Pr oy . 
Iv- Acrum . 

Hich Inc Pnnniy 

il = 

105.41 -J.4 
1941 -64 
132 fi -4 b 
187 6 -bb 
U4 8ii -4 8 
165-2 -4 6 
255 2 -8 4 
7896 -96 

112 4 -0 4 

1*22 -0 4 

■3 _ 


M72 32M 

144 aj -sol 

175 21-6 41 

8 47 



87 5 




‘ 914 






10 12 






16 S 

-0 1 

19 5 

20 t 


* 92 


69 7 

-1 ! 


26 0 




—0 b 

5 34 

TSB Unit Trusts ivl 

21. ' hjnlry Way. Andre or ll.inlr. irj&4 & 1 88 

Deulino 0264 ETC .* 
ihlTSB General. 144 J 4721-10) 

• Si Do Vnum. . .56.7 

TSR tnroinc— 
rv» A ■ rum- _ 

<bi l*o Ai.vurit 186.6 


60 7 -M 

64 6 -14 
67 4 -14| 
85 la -0 W 

9L2 -DSi 

4 21 

Liiri.f-- [893 

J.'aPim . . 1103 7 

S K.Via l.wih Fil 4b 7 
I S . jbZ.6 

30 9 -04 10 80 
42 1 -0 7 6 40 

4b 4 -0 8 b 40 
489 -0 7 650 

37 4 -0B blO 
681 -14 6.50 

64 51 -15 700 
30 b .... 170 

22.2 3 70 

Practical Invest. Co. Ltd.¥ ivMci 
44, EleomvMirj Sq. W«T A 2R.I 9I4SS! 88*0 Ilieb-Miniuuim F und* 
PRkU.-rI.Ni. I .11464 . 155 71 -8 Bl 4 46 Sviv-t InHTuit 1242 7 

Arrum l. nil-- pll.1 224 5)-J2 7 4.46 Svlii-l liiyunR- . 53 6 

yi'lor F'limN 

I'nninrtli It 

Kinuiik*i:il S*t« 

31 ‘ jre^ham SL . ECi 
505 1 arect i.’ommudifj 
Taxed Financial 

1*2 Tarcri Equity . 

1.56 T-rcet Ex. Nov. I - 120*8 
130 «r» Ace I'nlL* — 

0 60 Tdreettilll Fund. 

T-mid dremth .. 
x x Taxed Pacific Fd 
Do Seim - . Units. 

Tnrec* Inv. - . 

Tci IT Nm I — 

Tfcl Inc 

i ".-aii no 02H84941 Wster Banlt¥ ia» 

. .1 217 T=t I'M 
} 741 T-Lf 

Special Sits _ 





62 4* 

-1 a 









122 5 



29 7! 

-0 6 





30 B 


-0 8 


164 6rt 

28 J 

30 *n 


136 ' 

15 Ql 

-0 4 




6 89 

3 00 

0 72 
0 72 

4 74 



U'anne Street. Bella-4. I>£C :t-'«23 1 

• liiLTrferi.cmMh. [363 3921-101 543 

Unit Trust Account & MgmL LuL 
Kmc Willi.imSl Kl~4R BAR 
Friars H -n- Fund .|167.0 176.01 

Wider i';nh Fnd 130 8 323 

[hi Acrum .. . [36 2 38 2| 

Wider Growth Fund 
Kmr William Si. L'iNKRaR »itA23JPnl 

Inccune L'niL. . .. 130.8 32 M +1 31 4 68 

Arcum. L'ailff... . .[36 2 3821 +16) 4 68 

01*23 *nsi 
. I 439 
+1.3 4 68 
+1.N 4.68 



R«ti( K» 


lncouwe - 

CaptlalJncT— _.. 

; Do. Acc.t 

(22.8 24 C 

ms "56 Du 
B7.0. . 39.4a -1.9 
ML3 .-••843-21 
n«2« 1520 -5.0 

163 • 17.7a -0.9 

IU.5 ' 19 7J -L0 

Dealing *TImr. r^ed. JThurs. Prices Oct. 

• TlfWWKt - - 

’ Intern tl. Iner.- 

Do Accf— - - — - 

3A2 -03 
73.0 -O f 
30 4 -0.2 
933a -10 
28.5 -0.2 
528 -L4 
333 -*L2 

1 43 |Abbc>' Life Assurance Co. Ltd. 

1-3 Si. Pou l's !-■ h u x. -h> un I . EC4 ul wt 

Equity Fund . 

Equity Acc 
Property Kd . . 

Property An 

Sek-cUxt Fund 
Convertible Fund . 

VMoncv Fun.t 
e'Propu Fd. Ser i 
RMuri. Fd Ser. + 

9 Equity Fd Ser 4 .. 

•Cone. Fd. Ser 4 . 

VMoncy Fii S-i 4 _ .. . 

Flices at fn-L 31. Vjlualiun nnrnaUy’ Tu-js. 









*f| TniaALlaXg) ’ 

1D ; ' H.’CbnStOpfiar Street. E.C2. 01347 7943 

564 Intel Idv. Fun d'. [852 922) ~1^ 630 

, 4 n • v «* *. 

433 JSey Pond Managers Ltd. (aKgl 


KeyEiicny In FA-J7B2 ' 

Bribmnu Hist MaugeoKni faMg) 

C+avnUln# w, 


■y- -v- 


WarlW- ' - 225 
Financial Secs. — 632 

Gold * General 893 

Growt h— . — El 

lne.BbGrowth„ TO.a: 

tal l Growth — fill-' 

Invea-TSLSharo*.. 44 J. 

Minerals. 363 

Nat. Hi chine. 7M 

New Issue- 363 

Nerth American 253 

'.•reraiwtoBi.;..,,.. 5263 
FeoceeiySharaa... 1*3 
Shield (450 

S i --UJ ' RSeiiHMut- Benson Unit Managers¥ 

r - ^ 40fe -1 i «.FrtrtUri*St fc ECJ. ‘ 01-82380C 

vfi 122.7 m -bj 7.61 E AUniT FdJlnc-- 187.7 . 9i6| i 5.2 

0 43.8 -0 7 938 *KB. UnitFH.Ac_,Rl 0 -.1203 5.2 

r— ' 

Sciiiw . 

T7 ' 

Wi- . 

i • ‘ ■ 

StatuffChanfe... 1327 

Unit Enemy PL2 

... 938 *KB.UratFUAc_,hl0 

- 299 -RB. Pd. Inr. T*m.„|s?4' —0.9 

. 96 3 —2-4] 

1 883 -LH 
753* -33} 
678* -O 
-474 -U) 
390a -O 
853a -l.f 
390 -Of 
27 4 
5426 -1531 
154 -o3 
4*4 -LOj 
35.2 -0 « 
• 333 -0.71 










-I* sa 

4.72 FLB.Fii ln.Tn.Acc. 

EBsitnbCo'aFdlnc.. 49.7 
KBSmCoX-Fd'Ace. 49.7 
High Yld. Fd Inc — 46.4 
BiBhYhLFB. Acc., 46.4 



1 525 

• 120.9 

■ XJ 








.ra i 




— .«! 

1 ^ 



334 L & G. ihiii Trust Management Ltd.¥ 

The Stock Echange. EC3N HIP. ,01-SW a800 

§ aSifeXtayrlBI SILJ » 

Lawson Secs. Ltd- ¥ InHO). 

.37. Queen'i 5t-.LemionEC4R 1 BY. D12365281 

The British Life Office' Ltd. ¥ (a) 

Jtelianc* 8». Tnnbridee Wells. Kl 088222271 
BL British Ufc._„ 149.7 530 

BL Balanced* H9L 523d SJO 

BL Dividend* — :_„(43.2 4*M f« 

-Prices OcU 31. Neat deaUn* Nov. * 

Brown Shipley & C*. Ltd-¥ 

2.64 JtIVrw. MaUTials- 
_■ itAmiwunirs*. ; 

' *f7rraaf h Pnnrl • . 

Growth Fund_4«.. 
*lAccum. Unit* i . . . 
ttGtlt and Warrant 
JAnwrlranFd . ... 
ftAccwn L'nlui — 
DvriU. IMwv 


*** _ . 
tubs. tlWed. iThars 


.ta. . 



‘I . 













A 'l*'« 




$ **•" - 

f : 3Si -> 
: 136 it 

BS Unit! OcL 30— (219.0 
DolCC.I OcL30__^8J 
Oceanic TrasU (aj fal - 

Financial — 34.0 . 

General..— ..— .... . .j l 83- ■ 

Growth Acrum Mb. 6 - 

.Growth tacome DU.:. 

Hich Income _fZ93 .: 

LTlf i 09-4 

; Index.- ,g33 

Orerseaff ^ — 136.7 

" PertormaiKe -.(576 

•Rc com eiy.-^— .-.i. . I2L5 ■ 
ErenqH. Oct 10 r|622 


Legal & General Tyndall FundV 

1* Canynse Road, BrinoL 02723224 

-DtaOetli: I6L2 664 1 

CAocum Unllal [n.D 844. J 

Neat sib. day. November 12 




36,1 -041 
193W -03 
■49.4 -L0 
38l6h -0.7 
31 S -0.4 
20*u -03 
24 9 -06 
. 18.2 -0.2 
61 In -11 
22.8 -4)3 

6.65 Leonine Administration Ltd. 

S- 22 •*ttakwSt. London WIM6JP. 01-49R5601 

LeoDIst. [792 8341 -0.01 4.76 

LeoAccam [86.7 9L3| -1 0) 4 34 

3 41 

Lloyds Bk. UnU TsC Mngrs. Ltd.¥ ta) 

Registrar's Dept.. Goriuc-by-Sea. 

Worthing. West Sussex 01-<C31288) 

Balanced [493 

no.iAceumi... _. WO 
Warklwifle Gwrlt _ 51 7 

Do f Ac cum. i 65.1 

P. Bar 31122- jtwww-- WE3- 

lxi 3) asa Do-iAcetWni 

-OJI U« Extra Incomes. 





88 4m —1 1 

123 9 
■65 9^ 
75 1^ 














i Ttj s; 



S SM Jv 
f iSC**!' 

? T35C 
• J; 
f E* r 

■. 7T5 


! Jdii 1 

k- jjr? t* 

. ;3»S f - 
>■ 51V H 


; I5?-* . 

- 1 


Canada Life Unit TsL Mngrs. Ltd.* 

2-6 HtgJi St . Potteis Bar. Berts. 
can. Gen Dial ,-f 4* 

Do. Gen. Accum [46.9 . 494[ -03} 437. h. 

rDo. Ine. Dbl _-_]332 34M-0}[ 7.T1 DOWCnra.) 

Do. Inc.' Accum...'. -4445 46.8} -OAf 77 7 fjoyd’s Life Unit TsL Mngrs. Ltd. 

Capel (JatZKS> Mngt. lABJf" ■ . • "7^80. Gotehouae Rd_ Aylesbury (Ctf-Wi 

' 100 Old Breed St- EC2N 1BQ . : 01A88ePJD Equny Accum. — |159A 1682) -0.2) 4.00 

f^r.r^-^Vo|B6r S ."-“‘.ITAS W * G GroupV (swcwz) 

- W - -- -- Tbrra^ius-s. Tmwr H»u. EC3R 6BQ. 01626 4588 

See also Stock Exchange Dealings. 

. . American [42.0 ^ 

-21189 iNrumyiKlu — MlA 
; Carliel - ..... (664 : 68 9«d -3.0f -4.08 A PtEU ffOllar - (§ | 

Price* o» Nov. l. Next dealing NoO. 15. 

Cartial Unit Fd. Mgr* Ltd.?. <afc> 

.Mil burn Hook NcwCartto-apoo-l^rbe -211 

’ Do Accum Uni la. 

. Ho. High YtaW WLSj - 44.*«f-13[ *77 tAccum Uaiu*.,— 863- 

Do. Acenin.Units...|53.9 . Staff -1J| -837 Compound Growth. 1123 
Ndrt dealing date NovtBMier t, 1 - . : Con version' Growth 64.6 
Charities Official Invest" Fd# ■•.SffidSTdT-'.r " iaf 
T7 London Wall, EC2N 1 DB,' " -. 01^88 J8I5' ( Acrum. a'nlisi ;„ 2329 

Income OcL 17 1 13730 — | .-.i 6*1 European 50 b 

ArcumOcL 17, [27247 — J f — . {AerumlfoitAi — -.517 

- bUnairth. Only ■ available to Reg. Chariaes: -Extra Yield..-. 87* 

For Charterhouse Japfaet sec James Fltdhy-^g g^g g! !! mV 

Chieftain Trust Managers. Ltd : ¥.'(a«g/ ^SSSS&KuZ: ut 

•11 New St. EC2M 4TF. ; 01-2832832 (Acrum: Unitai 756 

American __.[<i>l*7 2*2) -0.5[ 2*0 General 7™ .-.. 17L1 

High tacome S3 1 11 LAcC»m.UltlW 266 2 

Inlematiocal T|<_ Ws23 2 - 25.S-0Z 2A* mgblncypc 1M4 

'Basie Resrce_Tatj2fc5 - - -2£5j--Q.3 435 lArtrunt. Uoibn, 1BZ.3 

Jncm. Growth Tsk... {232 2S.0j —04 7.4S 3flpi»r». IW-J 

— ' ... I Accum. Unltii—. 1717 

-Conlederatiaa Funds Mgt. Ltd-¥ ta) -itatmum zil7 

“mm “T25f w* 

Growth Fund — .-(447 46.9| ...u.l 4*8 (Accum Dal Inf im 

■ Cosmopolitan Fund Managers- i IK . 

ta Pont Street. London SW1XDEJ. 01-2358529. Second Gen. 1776 

' - — 1471 I 4.95 iAecum. Uni Lai 269.7 

•aili .... J 71 o a Smaller Ow. : 17TJ0 

(Accum. Units} *163 

; QoJacomeFd. 

: Dnugaonat Vvit Tsl. Mgrs. LttL, . SpecUUscd Finds 


44.R -oa 2.33 
45* -0.7 233 

33 9 4-01 

55.1 +03 

W 2 

91.9 -01 -0.6 -0 2 
73 fi —0.3 
1333 -0.7 
2527 -1.4 

553 -03 
935U -0.2 
12*6 -02 
646 -0-' 

714 -06 
67 0 -OS 
*2.0 -0.6 
1*2.2 -7 0 
283 5-109 
135.4 —0.4 
1942 -0.6 
188 6 —0.9 
190 3 -0.9 

227.6 -14 
287 2 -3 0 

196 On -13 
943 -0.5 
973 -O b 
1927 -1.1 
292* -17 
1M5 -0 5 

234.7 -0* 

8 07 





5 11 

7/10 Foster Lane, EC2V6HH. OI-806B2S2 Trance — 05*0 

High Income; [4&2 ■ 5001-05) 9.3 (Accum Uniui - _.|29« 

.'^(thAjroriesn — iSi.-- . ¥f.y 






-051 9. 

'UidUoratagllliic.KSfr 5).4)+0i| 9*0 Chari fd. Oct 24.—.. {152.9 

'Crescent Unit TsL Mgrs. Ltd. taKg). 

: iMeiliReCras.. Edinburgh s , 03iiW4»i MauuLJfp Management Lid. 

1M R. 'George sWBy.Sieiwnage. 

927 Growth Unlli i54 3 57 J| 


-7re*Ainer.F(l — U3 

jcilntHiuIl 552 i 

Y* ragh-Dist 43* 

'res. Reserves— 38.3 

^rea Tokyo ..[246 







. .. | 4.4* 

198 Mayflower Management Co. Lid. 

.... . IA'18 Gresham .Sr . ELIIVTAV. 01-6nuwWt 

Diseretionary Ufrit Fund Managers ]nPemi .t*rt.2A noSB 114.51 .... I ?35 

- iS. RIom^eM Sl EU2M 7AL ■ 01 *384485 General Oct. 24 171 0 7? 71 J 560 

/OWnc-Oct-T?-. [178.7 190 7) :..._) 5*5 - MMLW-M. -I«0 47 4|... 

EL F. Winchester Fond Mngt Ltd. Mercury Ftand Managers Ltd 


01-800.21137 30. Gresham SL, EC2P2EB. 
2fl7T . I 468 Men- Gcii Nuv 1 ...Ml 9 
3*1 i 3.95 Are.Ulff.Nw.l — §665 

5W Jewry. EC2 
ira«Wi HC heri«.-|l?* 

ai Vurher CTseasla* Men- Iw.N<h l 

Gaisnt & Dudley TsL MngnmL Ltd- *«. uta. Noj. u - Ju* 

'2i«M6»fc.aw4. _ •w^wi.jSSLtafrSsSi 

'OnfiohOudltjfTsL.JTl.l . 76.4j J 3*f 

Far EquiUB Securities Ltd Midland Rah Group 

. . «* Abbey UnU Trust MugiA 

0 1*004553 

214 J ... 
2835 ... 
72 6 .... 

783 . .. 


307.7 .... 

4 33 
3 02 

Unit Trust Managers Ud.¥ ta) 

Courtnmd House. Silver Street, [lead 

OtMyiUw Ud. Tr. MX (.HbKcHU “SSSSi, 5 ^ .^ 

tawtiun ltd-. High Wyennbe. 049433377 no. Acrum. [81.0 

6121-1.1) 4.49 

>«nea Finlay Cnit Trust. Mngt Ltd. gjfj** 1 ■■ 

Tel I.G42 7POI 2[ 



- UU4. Wett TSDe Street. Glasgow. 


A'FJnJajljKomen 332 
f l tV&EBomJhL, 26* 
'®Suaita- 30.8 

IFtarivnUu.'nt. 2121 

Accum. 32* 

„.Ai'CUia . ... — ■ 2BL 

0412011321. income 52.1 

2.95 Do. iScciin . — . . 608 

2.95 Internal: erne 1 91* 

89* Do Accum. JJ6 

2 57 High-Mold H* 

2.37 Iw Arcurr- .. - *J.5 
4.60 Squliy Enempt*. — 104 0 
4 60 Do. Acrum*.. . . 

•Price* at Oct 31. 

229 -1-3 

26.9 -L| . 

35.9 -li 
28* -08 
3*5 —0 9 

, 353) -2-0) 

IHces Nov. L Next dealing Nw * 

' CORAL INDEX: Close 474-479 


73 W -07 

87.2 -0^ 
37* -0J 
■39.7 -0J 
277 -O.a 

30.3 -0.D 
5*1 -0 8J 
654 -l.ffl 
452 +0-3 
481 +0^ 

66. 54 -70 
72 6 -1.0| 
109 7 







8 61 

Next dcaJmfi Nov. 30. 


fPropertyGroAtb^- - ID.37% 

tAddrea* shown: ■ 

36 3 303 

31 4 33 1 

• ... 

1504 158 4 

160.7 1692 

... . 

915 96 4 

133 6 140.7 

124 0 1306 

1317 1387 


1350 142 2 

35 1 37 0 


114.D 12a I 

1120 1179 

frown Life Assurance Co. Ltd¥ Lloyds Life Assurance 

' men I JR* H»e_ Wukin^. ijU2l IXWiMHfK.Vrn 'jn. Clifinn St.. EC2.A «IK 

Albany Life Assurance Co. Ltd. 

FEquiry Kd. Ar+ „ 
fiKlimi Int ,iiv 
V*Ud. Money r'd .lr . 
Vlnti Mnn.Fd \™ 
»Prop Fd Aci .. . . 
•Wpl* Inv. .Vi 
EquitvPcn Fd .'.or 
Fixed I.Fen \cc_. . 
GidAton.Pon %■ r . 
lnil.Mn PnKrtAcr — 

S pun An 1 .. .. 
tlnv.Pen Aec- 

1 .vr 1. 


ill 4 


149 3 

116 2 







181 J 

239 0 


1B0 8 

190 J 


139 5 







... . 

Uanr d Fund .lot . 
Maim'd Fd. Inom. . 

Kd InlU — 
Equilj' Fd.Ai o 

Kquitv Kd. In. rn . 
Ei|UUi Fil lull . .. 
Properly K«l Act .. 
1Tiq»oo> K.l I iu 1 
Proper! r Fd Inn 
lnv.T>l Kit. Ayt- . 
In« Trt. 1VI Inem . 
ln\ T-J. Fd 1 nil .. 
KiilsI Inl Fd Arc. 
>«d Inl Fil Inrm 
Imer'I. Fd. W 
Inicr'l K.L Ini'in . 
Money Fd. Are. ._ 
M.-4ie> Fd lium.. 
lnq Kd. Jnnn. . 
Crown Bri Inv.'A'. 

ri02 4 
101 2 
94 7 
100 0 
98 B 
Ill3 4 
,113 4 
195 1 






1062 -0 2) 

104 0 -0 2 
119 3 -2ffl 
1193 -20 

100.1 , 

106 6) -0.8) 

-1 8 ) 
-1 b) 
-1 5l 
- 18 ) 


- 2 J 


Milt Gt 


iip.S.1 Eqt'Vtat 
• ipS.V.'lanOdJ* 
Op j'A'DepC. 1 H-138. 

1 40607 
1*44 152.0 

1394 1468 

1563 164.6 

1564 164.7 

1235 1308 

2*8 London Indemnity fr Gnl. Ins. Co. Ltd. 

— i*an.Thc Korbuiy. Ri-odim: fimsi 1. 

Mnuet Manoffcr 

it M Fin i hie 

Kited InlcroxL. 


nup. ni-dninK.nviii, 

vr D3 9 364l-0 2| — 

. .. B0J 32 tW -0 — 

L [345 36.4 .. | - 

'J H The London Sc Manchester Ass. Gp.V 


Wlnrladr Pork. Ex«cr. 
Cnp Growth Fund. 

♦ Flex. Exempt Fd 
CExeropl Pro]* Kd. 
eExpt Inv Tst Kd 1 
Flexible Fund _ . 

Inv Tru»l Fund. . 

Crusader insurance Co. Lid. 

Vincula I louse. Tower PI, EC3. OIA2B8031 £[75^ 

Glh. Prop. '3cL3..._|73* 832J . | - Old. tmp.w.1 hit ... 

M Sc G Group¥ 


140 5 


1590 I 

117 7 




Royal Insurance Group 

New Hall Place Liverpool. 051 22144'i: 

Royal Shield Fd .. 1144.2 152*| | 

Saxe & Prosper GroupV 
4. m SI Helen's. Lndn . Dr3P SEP. 0I SM 88W Inv Fd. . . 

Properly Kd * 

GiltKri . ., 

Pencil Kd*.. . 


Eq ill ty Pena Kd 
Prop IVns Fd.* . 
i till Pens Fd . 

Depos.Penx Fdt 

■Privcff on ijeioiicr 2 
Weekly dealini^. 

Schroder Life Group¥ 

Eniceprise H<K>«e. lv«n-.mouih. 

129 2 136 J 

160 4 169 E 

1235 1301 

1255 132 2 

2105 221.7 

125.4 195 7 

232 8 245 7 

95 0 1001 

10L4 106* 

_ Eagle Star Insur/Midland Assur. 

Equity 1 
Equiti-4 . . 

Flved Int 4 ... .. 

Managed 4 

Money 4. . 

■ n'eneas 4 - 

Property 4 . 

E 6 S Govt. Ser A 4 

1. Thrcadneodle SL Ei.1. 
Eagle Mid Units.. (53 0 

■r^R 1217 Three Quayr. Tower Hill EC3R8RQ 01-8264588 B*. Pen Cap. B 


55 01 -0 S| 619 :I 

AMEV Life. Assurance Ltd.V 
AlinaHffC.. AJmaRd .ReiRble. Reintc40)01. 
AMEV Managed. ..1144 8 

Equity & Law Life Ass. Soc. Lld-¥ ~EV 

AmenraiiFd Bd.*.. 

Conv. Depoxil- 

Equity P-Mtd* 

AMEV Med -B'... 

ASfiEV Money Fd .. 
AMEVEqum- Fd . . 
AMEX' Fixed Int. _ 
AMEVProiiFd ... 
AMEV Mgdpen IT 
FlCxiplan _ 

American |695 

Income N4 7 

lot. Growth pb4 

116 2 


,110 5 

Amersbam Road Hich Wvoomhe 

Equity Kd 11L2 

PropvTtj Fd . . . . 1123 
Fixed Inlerert F..... 107 9 
Gtd Dcpifcil Kd .... 1067 
3fi*ed Fd.. „ . 1116 

W5H 1CIT7 Fairali 7W>»" 
Gill Rond-'* 
Internal ni Ruud' 

- Japan Kd Bdv _ hiOJ 

Manoyed Bd 
Per* 1‘enrion— *_ .. 

General Portfolio Life Ins. C. Ltd.? Property Kd-v. ...11654 

120 7 1 


170 9 

53 3j 

90?-2.rt - 

142 9 

112 9 
307 5 
149 8 

aihurtholoiwvrrL Wnliham Ctxmm. WX3I971 Rrt ,S cr > Frt - •. 
Portfolio Fund ...' ' ' ' - ™ '°‘ 1 ' 


:|42 4 14 iJ 44 fil:"::.| z 

UcL 26 

+ 0.11 

. - 2 - 0 | - 
-■ •cL 27. 

-■*) - 

B.S Pen. Aev. B . 

Slncd. Pen Cap B 
Mn id Pen. Arc. U 
F. Int Pen. Car- R|964 
F. Inl Pen. Aoe b|w l 
Money l*en t. Up. B 
Money l>n An- B . 
rropi Pen. Cap. B _. 
Prop Prn.Acc. B.... 

227 3 


135 6 







bos. 9 





146. 0 

167 8 


Scottish Widows' Group 

PtilWrtBlX:. Edinburgh EH1C5HU K«l-6SS«r»u 

Ply Senes l 
Ply Sericf 2. 

73 2 .... - 

498 ... _ 

910 ..„.| — 

Merchant Investors Assurance? 
Gresham Life Ass. Soc. Lid. L«mllse..23SHi8hSL.Cnrrdon oiwniTi 

•• Prin-e of Wile# R.t. B'mtiuUi. 0202 787855 rtryH*ert> 

For Arrau life Insurance see 
Providence Capital Life .Assurance 

Bfirrlaj'g Life Assur. Co. Ltd. 

252 Romford Rd. , E.7. 01- 

Horclaybonda* 1 



In^maliona! . (85 0 

Managed - . 


Man. Pent. Acini cl .. 

Do initial _ . 

Gill Edefens. Arc.. .19b 9 

Do. Initial _ 

Money Pen* Arc. 

Do. India] _ ...... 

•Current unit* value October 31. 

G I. Cash Fund .