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Fr IS; DENMARK Rr 3.5: 



LONGINES 



PORTUGAL Esc 2D: SPAIN P» «: SWEDEN Kf 3.15; SWI12ERLAND Er 2.0: EIRE I5p 


Dollar levels out in nervous marke 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


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THE RECOVERY iii (he dollar 
rkii otil of steam yesterday 
aner the sharp rise iii Uie U.S. 
currency overnight and in 
early trading. The foreign 
exchange markets’ welcome for 
the U.S. measures became 
more qua lined and hesitant. 

The dollar generally ended 
the day higher than its 
previous European close hut 
below the levels touched on 
Wednesday evening in New 
.York and California. 

Nevertheless, last night's 


rinsing levels represented a 
strong advance for ihe dollar 
compared with rates before 
llie U.S. action — a rise of 6.6 
per cent against the D-mark, 
or 4.9 per cent against the 
Japanese yen, of 6.9 per cent 
against (he Swiss franc ami of 
■J.T per cent against sterling. 

The U.S. motes continued 
to lie welcomed by govern- 
ments throughout the world. 
Mr. Takeo FtikuUa, the 
Japanese Prime Minister, 
described the package as a 


- wondiTrnl " set of measures. 
Herr Olmar Km winger, the 
President of the West German 
Bundesbank, said the pro- 
gramme showed the U.S. 
recognised the necessity of 
attacking the economic funda- 
mentals with inflation taking 
absolute priority. 

llerr Emminger re» foiled 
(hat the Bundesbank had 
bought $4 bn to support the 
dollar dnring October, of which 
Who came in over the last 
two weeks alone. 


The foreign exchange 
markets' response was more 
qualified yesterday after its 
initial surprised welcome. 
Dealers and bankers referred 
to the measures as a bridging 
action, and said they did not 
believe (lie measures heralded 
a large and permanent 
recovery in the dollar. There 

Continued on Bach Page 

Carter campaign test for policy. 
Page 2 

Money markets. Page 29 


Sterling 


Oct 13 7E 



: ’ © EQUITIES Tell. -despite the 

South . Africa’s ^National .Party hi g gas f rise eveiMwa .Vdi Strcct 
Government, is jfaehig a major - fotibwins President Carter’s 
crisis over Terelarioms that some measures to snpppit the .dollar 
£(i.7m in; public money had been . ' > j r . ■ 

used- to 'finance a supposedly.: 540 p . ~| 

independeht newspaper. n 

Evidcnre^ put- to a . judicial t _.Jj ■ 

commission rodicaieB- that i-the 520 — . ( ; -.vl n .. . 

money eaiue- Crom,' -secret slate-' M. 1 l- . .- 

funds atiilba.d beeb'- u lamnleretP’ “ oJTl 

through u Swiss-'bapk in coikra-v . I If 1 T, _ 
vemron. ’ of * exchange -coritrof . / ‘ f . 

legislaiion. - -• f —A 

The evidenbe. -. alleges that © ' \ 

John Vursret, former :i Prime 4SCt-: r- *f" ’ — 

M iaeter, . approved 4&e": project.- jri ' w ' P-- 

It also- implieaiM iwcr:- former ' ll. r I T.l._ i 

Information Ministers. - brie of , rfl V I indllXtrial 

whom. Dr Connie Hutder,. is stilt ' Tml Ardinarv 
in goverrinicnt'-Baet'Pa^e ' | t . 

' T ' * * ■ ^W 78 ' 

JU» JUL AUG -SEP -OCT NOV 


Barclays increases P?“ bts . 

J .hit bond 


U.S. wholesale 


base rate to 1 1 2 ! tr3.dlll§ sy J UREK martin. u.s editor Washington. Nov. j. 


Rhodesia raids { > jw. >¥% '-qct j 

Zambian fease absence of a rise in the 

Rhodesia . carried oiit irs second jendlpg: rate. The FT Industrial 

Military SeadquartedV'reftu^k'Co"- * / r-‘ ■ 

give details buf Zambia smd the + (&#$ X e*&a to the Barclays 
target was a. : refugee camp hpus-«-_i ipnitin? -Tate ‘Tise ' with 
ing .black Rhodesian • dilldreu^HL'-TTS’-afjiS^'- 
aiiont five' miles from Lusaka. ' . 

Page 3 , .■;»;■ . \ -G<HL.lj fell-SSf to dose at 

Hospital robbery .«■ hrrttc 

Spot!un(C - Var?l «; STERLING fell 2.I2J cents to 

price '^utt^f^oL 51 - 99 ^ Its Trade-weighted index 

Qitar huff-hcep- roW^i df ’casli', widened to G2-o i62J). • 
and^Jiis -iorlh .ii50JJt)O -iit.-his; , n „„ ♦„ nu i-S7tn 

suits: at the. HV’Slingtop -hospiRiU 

Londnn. (PH I^D) JWd. Swfr LfiOOa 

/.t'* . : (SwFr i6S5^)- - « depreciation 

B last k i I Is 52 - ’ "narrowed to tOA per cent (II 

.. • - . ■ -per' eelit-).' ■ ^ s!." /■" 

At least 52 .people . were: killed ■ .1.' . 

an d 21 ; f ajitredr^r^n a gas pipe- tp WMiU STREET was -I U3 


BY MICHAEL BLANDEN 

A RISE in thi* cost of bunk loans 
was led yesterday by Barclays 
Bunk, which announced an 
increase in its base rule for lend- 
ing by Jl per cent lu 111 per 
cent. 

The hank also lifted its deposit 
rate bj. 2 per cent to 9 per «*dl 
opening u wide gup over tbe 
other iiunks where Midland is 
still offering 7 per cent and 
Lloyds and .National Westminster 
per cent. 

The upward trend of interest 
rates will bring renewed pres- 
sure on the building societies to 
raise the return offered to their 
investors and to increase the 
cost of mortgages. 

The other big banks were la^t 
night examining the implications 
of the move. They are expected 
to follow the Barclays lead, hut 
may raise their lending and 
deposit rates by less than Ear 
clays. 

An rnr-rcase in overdraft rates 
was widely expected after the 
continuing upward pressure on 
short-term interest rates in the 
City money markets in recent 
weeks. This has been 


Bank 8 K 

Base Rate 


; i i j , • ; . . 

I ! ' | Dillaiwl Rues 

— - i : — i 

>Ajj«si)iDJiUAajji;aaD 

1977 1978 


strengthened by the impact of 
the rises in rates in W.v York 
as pari ol the I’.S. efforts tn 
stem pressure on the dollar. 

A RISE in the cost of bank loan* 

The Barclays announcement 
took the City slightly by surprise, 
however, because of the si7.c 
or I'he increases involved and 
because it followed the official 


decision yesterday to keep the 
Bank of England*-, minimum 
tending rale unchanged at 10 
per •eni tor another week. 

The minimum lending rale has 
been held ai this level sinee the 
financial puck n ye in early June. 

The increa*.*- by Barclay*, will 
mean that i he itip-qualiiy cor- 
porate eusionicrs will now pay 
121 per cent fnr overdrafts. 

The council of the Building 
Societies' .Assuci’ii ion is expected 
to consider rates at its meeting 
next week. It is thought unlikely 
that it will recommend any im- 
mediate changes in the mort- 
gage rate, at present »/ per cent, 
or in the deposit rate .which is 
still competitive at 6.7 per cent 
net for tax. equivalent to about 
If) ner cent gross. 

The rise in 1JK inlere&t rates, 
coupled with ih«.- inipad of the 
news from Ihc V.S. and cl her un- 
certainties. nnsetiM the London 
Si nek Market. Ordinary share 
price fell, with ine Financial 
Times 30-shan; index down by tj.S 
points at 472.4. and prices of 
short-dated gilt-edged stocks lost 
up to i point in places. 


SKfiSnu: 

iiSsSrri..-. 

It *ir the 
:• least r> 


r 

w f 

r 


two ‘ exmoadns; ■ separated, by - . ■ , r.-:,; -• .-7 

several. hours.: : '.. 1.. demand - - for 

= ..fr- : .. .. Sterling- with the S‘ weak last 

Nucleaf vote :, . - '--’’inbirtV^iwa f aSBtiOy' ; *eflectBd In a 
„ - • -j. j. - rifle In the aspcteisge. rate and 

Sundays referendum-on-nuclear. after big- dbbt-retrqyineoLS an 
power jn Austria, , where . tberp underlying inBbw of just -S207u). 
has been a populist sftiEI . away official reserves felt S540m to 
f ruin support for nuclear energy S1597bn: Back Page. 

in the pi^t few weeks,. could oose ' . 'j.- . 

a - serjotis tltrearf to' the survival '• INTEREST RATES in the UK 
of the . . Socialist "GovernmenL are expefeted to increase m the 
Page 2 * ... ■ shortterm according to tbe fore- 

. ..., ; • . - .eaat<' of several City brokers. 

Murder bid - ' 

Fuad BirtMs,^LebaQon’s.4rfenoei- : ^WSOLVENClES conUnued l to 
a nd -Foreign Minister* ^ escaped . ^ J n England and Wales in the 
unhurt frbiu ari ambush by TArmy J* 1 * rd . , qn a rter jaroo rd i n g to 
dissidents in Beirut :*ut fiyeVof Department of Trade figures, 
his.’ bodyguards wCT£;k^ed. v EIGHT J JAPANESE banks 
• . " j. : have ‘been prevented from parti- 

Cosmonauts I<and dpatlna as co-managers in the 
- „• ' s&OOm credit for 10 years being 

The . l™' 0 . «*^“^aixan f ed.by Credit Lyonnais for 

touched down safely m., Soviet ElectrleitO de France. Back 
Centra! Asia after - their . record p_„_. 

. 140 days , in- apace. . They were ;'?? * . . 

reported in good health after • SOUTH AFRICA is to sign a 
initial. checks* ■ • - -.“‘contract soon for a fully elec- 

tronic telephone system to be 

Arabs, uncertain -•v-;jdM»«ed ' ty. ■ ; CIT ‘ A,ca t e, ,. r 

. . J- France- - and Siemens of West 

The Arab summit -, i n . .Baghdad Germany. . Page 4 
seemed almost- certain. ito post-. ' . ■ . ' , , . 

pone ach' on against Egy pt lor its TVVG DUTCH publishing 
part. in :tlie Gamp. David peace' groups; Elsevier and Neaer- 
?ccord-j; Pre-summit talks among landse ■ Dagblad-Uni plan to 
Foreign Ministers' !ba4 been un.-. merge. Rage 27 . 

ag« e on ton **»■ ;./ j; ^ hos agreed to bu.v ol 
“ ' ' ■ ■ least tonnes of -steel from 

Star sell out Br “" ,,,r ^ p,se4 

1.4m copies, was .sold out by -li K $5Q0nL.«SC -o 
9 a.m. Page 6 

... UBfltfff 

f Bett Uji’ B|ll • UNIONS have asked Singer 

The Government is introducing 'UE to invest an- additional £-.3m 

a Bill to make the wearing of car aUits ^0 

k.i,» A/.iwnnltnrg A' elnrilar plant tO SflVC 1,000 Of tbe -..ovv 

move two years ago failed on the. jobs-toat 111 neX 

third reading. Page 10 two years. Page 5 

• PLUMBERS employed in the 
Briefly V- ■ private eonrracting industry are 

_ to have : a SO. per cent pay rise 

President Ontor JSfprirfS underrhe’ first special case deal 
unscheduled meeting with Prune aUowe( j t jj e Government s 
Minister Begin of Israel jn New phaSe ^bur pay policy. Page 7 
York- Yaare talks. Page 4 

Sit-in- by prisoners at Lew^s jaiL COMPANIES 
Sussex, oyer staff ^shift- changes wwmis# 
ended peacefully, ' ' J : # HO°VER pretax profl^w 

Forty Japane^ ^JJJJPSS.-aSgOO to £3*25,000 halving the 
arnved for a free hohday m the months’ profits to £4.l5ra 
TO as a TOvard Jo t ■“ tard work ^ 8 62 S°S l97° Ag 8 22. 
and loyalty: . - 

A plan to kill 2.5 bi hens in the • UNITED XTTY MgECHAJj ' 
UR and raise egg prices' by lOp profits for the .Year to 
a dozen has beenfdropped through feir to: 12.77m against £4.0 
lack of support from farmers. ; previously. Page 22. 


Union officials 
V auxhall’s 8 % 

BY PHILIP BASSETT AND ARTHUR SMiTH 


VAUXHALL MOTORS yesterday 
put an “ improved and final ** pay 
nffer, believed to average more 
than 8 per cent, to its 26.000 
i manual workers in a clear breach 
of- Government pay guidelines. 

The offer will be put to meet- 
ings of the workforce expected 
to take place next week at Luton, 
Dunstable and Ellesmere Port. 

. Although Vauxhall has joined 
Ford in breaking- through the 
Government's 5 per cent pay 
limit BL Cars offered its workers 
yesterday a flat 5 per cent rise, 
backdated to the beginning of 
this month- The offer, which 
depends on acceptance of linked 
productivity improvements, will 
be put t5 a crucial meeting at 
Longb ridge today. 

At Vauxhall, national officials, 
who. led the union side of the 
joint- negotiating committee at 
day-long talks in -London yester- 
day; -are effectively recommend- 
ing acceptance of the offer. Mr. 
Gerry Russell, executive mem- 
ber of the Amalgamated Union 
of Engineering Workers, said: 
“I believe that we have gone as 
far as we can with these nego- 
tiations. We have reached tbe 


end of the road. In these cir- 
cumstances. it is our view that 
tiie members have got to accept 
that position." 

Mr. Russell made it clear, 
though, that this was the view 
of the national officers of the 
three signatory unions, the 
AUEW. Transport and General 
Workers, and Electrical and 
Plumbing Trades Union, and nut 
necessarily of the trade union 
side of the joint committee. 
Union officials from the southern 
plants are likely to find it 
acceptable. 

The new offer improved 'he 
performance-related supplement 
which had stood at £ 1.28 or a 
further 1.75 per cent on the 
average pay offer of 5.5 per cent. 

Neither side would give details 
of the new figure, but it is 
believed that the supplement has 
been increased to £2 a week, 
which will be consolidated into 
basic rates in two months’ lime 
with an extra 60p a week for 
skilled workers, subject to per- 
formance and output levels being 
maintained. 

Tbe supplement forms tbe first 
part of a productivity deal 


which union leaders have esti- 
mated could yield further pay- 
ments of between 25p and £10 a 
week. The productivity scheme 

likely to give most benefit to 
workers at the Dunstable truck j 
plant Workers at Luton and 
Ellesmere Port may find it diffi- 
cult to reach the trigger point 
fur the scheme. 

The two parts of the pro- 
ductivity scheme will be on top 
of rises on basic pay ranging! 
froift 4.7 tn 6.3 per cent for day 
shift workers, giving new rates 
uf £66.80 to £84.20 for day shift 1 
workers and £89.06 to £112.76 for 
night shift workers. 

Vauxhall still faces a crippling 
strike from November 10 from 
its 4.000 skilled workers which 
could seriously affect tbe vehicle 
and components production for 
Vauxhall. Opel and the Japanese 
car industry. 

BL Cars' offer was met with a 
threat uf strike action from 
today bv 4.000 workers at the 
Drew? Lane plant Birmingham, 
which supplies steering and sus- 
pension equipment ot the group. 
Ford approach to incentives 
Page 20 


By Our Euromarkets Staff 

THERE WAS DISARRAY yester- 
day in the primary and 
second a i- v markets for Inter* 
national bonds in the wake of 
tin- I'.S. package to defend the 
dollar. 

Uncertainty over currency 
movement » caused a number of 
banks which normally make 
market? in such bonds to curtail 
leinporarily the list of securities 
in which they were prepared to 
make prices. Some withdrew 
com pletely. 

Leading investment bankers 
were sceptical about the U.S.’s 
chances of floating SlObn in 
foreign cu rrency - denominated 
bonds, part of the U.S. package, 
in the foreseeable future. 

Bankers in the countries with 
strong currencies, where these 
bonds would be issued, said that 
talks on the plan were still 
limited to Central Banks. 

They mentioned that to raise 
SlObn in Deutschemarks. Swiss 
francs and yen would mean 
breaking every record for inter- 
national bond financing by a 
large margin. 

Bankers were scrambling to 
become involved in any issues 
that might emerge. Such a 
series or bonds would be perhaps 
I he most prestigious operation 
seen in the international bond 
market. 

Official? of Merrill Lynch 
Piece Fenner and Smith con- 
firmed that extremely volatile 
trading conditions prevailed in 
the Eurobond market yesterday, 
with further "panic" short- 
covering. 

Merrill Lynch claimed that il 
had continued to make a full 
market in its normal list of 
bonds, and experienced twice the 
usual daily turnover. 

Bui in Frankfurt. Commerz- 
bank informed clientele that it 
was nut trading Eurodollar bonds 
yesterday, for one day. “due to 
tbe confused situation in the 
foreign exchange market” 

German hanks said that under 
Bundesbank rules they bad to 
compile their Eurobond accounts 
in D-Mark. This was made 
extremely difficult by the sharp 
fluctuations in 8-DM rale. 

Elsewhere some market-making 
houses were apparently reducing 
the amount of bonds they were 
prepared to trade. 


AMERICAN wholesale prices 
rose in October by 0.9 per cent 
for the second month in a row. 
largely because of the sharply 
hiaher cost of food. 

This constitutes a severe dis- 
appointment for the Carter 
Administration, which had been 
projecting a natural abatement 
in inflation for the balance of 
the year. A senior Commerce 
Dcnartment economist described 
today's figure*^ as "bad. un- 
expectedly bad." 

Even more disturbing for the 
longer-term outlook was the fact 
th3t the indices covering poods 
at intermediate and crude Pluses 
oF processing also turned 
upward^ sharply. 

President Carter’s an ti-in na- 
tion programme, embracing fiscal 
restraint and the introduction of 
voluntary wage and price guide- 
lines. is not expected to «.h»iw 
result s for several months, 
assuming it secures Ihe cu-ooo-.t- 
tion of industry and ihe trade 
unions. 

The i me rim period, therefore, 
could produce some nasty infla- 
tion figures. The Administration 
is bound to argue that tiiis 
demonstrates further the impera- 
tive need for co-operation with 
the new programme, but Labour 
can be expected to counter by 
stating that il cannot enter into 
moderate wage •=* rtlements w hil-.- 
the cost of living continues to 
soar. 

The October inerea-i in the 
producer price index (siu-ve-snr 
tn the old whnl’e»:ve price 
measurement) means that :i now 
stands 8 6 per cent higher than 
12 months ago. The food cum* 
ponent has risen in the same 
period by 11.9 per com. Food 
prices had been flat in the sum- 
mer months but began turning 
up again in September. 

However, the figures confirmed 
that inflation was widespread in 
all sectors. The cost of consumer 
non-durables, for example, went 
up by 1.1 per cent in the month, 
with more expensive petrol, oil. 
tyres, clothing, shoes and 
beverages leading tbe way. Prices 
of raw 'materials other th:<n fond 
also rose sharply in October— up 
by 3.0 per cent— nearlp twice as 
much as in September. 

When the anti-inflalinn 
package was announced last 
week, Mr. Charles Sctudtze. 


chairman <»f ihe Council of 
Ecunomic Advisers, predicted 
that the overall inflation rale 
fur Ihc full year would be 
slightly in excess of S per cent 

The wholesale price figures 
normally *hmv up ai relail level. 
In fact, in September, consumer 
prices went up by 0JS per cent, 
reversing ihe more moderate 
trend uf The summer. 

This meant that in the third 
quarter consumer prices had 
risen at an annual rate of 7.S 
per cent, hotter than in the first 
half of th*? voar hui still appar- 
ently too high for the .Adminis- 
tration's projections to be met 
without substantial improve- 
ment in the Inst three months. 
Thai improvement now looks 
problematical ai best. 

At the same time, it is gener- 
ally agreed that it will take 
several" months for domestic 
prices to in.- affecled by the 
strengthening uf the dollar on 
the further exchange markets. 

Struart Fleming reports from 
New York: Uncertainty prevailed 
in The U.S. money markets >e«- 
tenia*, in the wuke of yesterday's 
package. 

While liter- were widespread 
predictions ihar a further in- 
cjc.vc in cnmuu-rcial hank prime 
rates and iturney market rates 
appeared inevitable, dealers yes- 
terday were watching for Federal 
Reserve intervention in the 
credit markois— but none came. 

In Urn bond markets, however. 
tr-„.<ury is-uos were strong and 
lungcr-da led corporate issues 
also rviaim*r! ihe gains they ro- 
gisteivd the previous day. 

The main focus of concern 
now. how-ver. is just how much 
hf.’h.-r shurt-ierm interest rates 
will cu as a result of the Central 
Brink's decision to require a 
S3 bn in< cease in commercial 
bank reserves and in raise the 
discount ram from Si per cent 
to 9'. per cent. 

The last time a full point 
increase in Ihc discount rate was 
made was in 1933. 


l’ in New York 


>i* J 

I •■■•■Hill 
1,1, ,1 li- 

li in-mii* 


V-f. I I *i •-i-i. .UK 


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-'v.'.g.-m ■!;- Iw-yC in* 


Portak 





Mobil ends petrol subsidies 


BY SUE CAMERON 

MOBIL IS eliminating all sub- 
sidies 40 its 12540 petrol outlets, 
bringing' the nonual price of its 
four-star petrol to about SOp 
against the 75p or so at which 
it is often sold at present. 

' British Petroleum and Shell 
said last night that they too 
would like to stop subsidising 
their: dealers, but both will wait 
to see if the Mobil price in- 
creases stick. 

.Mobil is believed to be sub- 
sidising some 900 dealers by up 
to 5.5p a gallon. This, it said 
would cease from 1 am on Mon- 
day. 


The company had hoped for 
an all-round increase in the 
price of petrel for some months. 
Support for dealers bad cost it 
“several million pounds n year.” 

There had been a considerable 
increase in costs in the last few 
months. Rotterdam spot petrol 
prices had risen. 

“ We are desperately hoping 
that the other oil companies will 
follow us. We are confident that 
they will see the sense of stop- 
ping dealer support," Mobil said. 

BP described Mobil's decision 
as a “bold move." It had been 
supporting " many " of the 5.300 


BP dealers, 2.102 from tbe 
National Benzole section of the 
BP grmip. and said it would 
withdraw subsidies “ where this 
proves piisslble.” 

The company said (hat last 
year il had made no return cm 
its £500m capital assets related 
to petrol sales. 

Shell, with 6,400 dealers, said 
it was not making a profit on 
petrol retailing, and that it 
would like to withdraw subsidies. 
It had tried to end support for 
its dealers earlier this year. The 
attempt Failed because the other 
oil' majors bad not followed suit 


wfw mm,-'--' 

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CONTENTS OF TODAY'S ISSUE 


European news 2 

American news ...: 2.3 

Overseas news 3, 4 

World trade news 4 

Home news — general 5. 6* 

— labour 7 

Parliament 10 


Technical page 9 

Management page 12 

Arts page 19 

Leader page 20 

UK companies 22-25 

Miuing • 25 


Inti. Companies 26-28 

Euromarkets 26,28 

Money and exchanges 29 

World markets 31 

Farming, raw materials ... 35 

UK slock market 3b 













2 


fWtMmrfai- Times Friday Ntwemfer £3g7S 


UK off J 

BY ROBERT MAUTHNER 


gste 




News 



transition role in EMS 


PARIS, Not. 2. 


PRESIDENT Giscard d-Estaing German government spokesman, agreed that countries with 6 to 8 per cent, compared with 
of France and Herr Helmut t"ld journalists after the talks weaker currencies such as the the standard margin of 2.25 per 

Schmidt the West German Chan- that West Germany and France UK and Italy, should be offered cent to he applied to the strong 

cellor aereed here todav that the had “ not onl >' reconfirmed that wider fluctuation margins than currency countries, the officials 

ceiior a green nere toaay mar we lhoy are ready t0 set up ^ France and the present members said. 

UJ\ should he ouerea similar , r0( i Uce it an d make it workable of the European currency snake, France and West Germany, 

transitional arrangements to from January 1 next year." officials said. however, considered these mar- 

Italy. if the British Government Hv stressed that it was entirely Although Sig. Andreotti yes- gins too large even for a country 
decides to join the proposed ljp to the British Government terday renewed Italy’s political with a weak economy, and had 
European Monetary System v.helber it joined the system or commitment to the EMS, officials agreed to offer Italy 4.5 per cent. 
(EMS). r.ol. Imt made it clear it would confirmed that no agreement had If the. UK decided to join the 

The French and German consider favourably a request by been reached in the Siena talks system on condition that it was 
leaders, who had a working lunch >he UK for transitional arrange- on the margins within which the offered transitional arrange- 
here after Here Schmidt's talks menti-. This point was stressed Italian currency could fluctuate, ments. it could . expect to be 
in Siena ye.srrrda> with S:g. in a statement to West German The Italian proposal was not offered similar terms. 

Glullo Andreotti. the Itn'ian television by Herr Schmidt, who acceptable in its present form. The idea behind the two-tier 

Prime Minister, also confirmed -aid that West Germany and Sig. Andreotti and Sir PaoJo system is that countries in the 
their resolve to set up the I'rnnce agreed that countries In BafE. the Governor of the Bank mini-snake should move Into the 
monetary sjalem on January I, "« fecial economic positions" of Italy, who also took part in super-snake once their econo- 
1979. ah'uld be aiv.-n fair treatment the talks, had suggested that mies had improved sufficiently 

Herr Armin tlruentwild. West West Germany and France bad Italy should be given margins of and, if necessary, vice versa. 


Spanish 


a 

& 


deficit may top target 


BY HILARY BARNES 


COPENHAGEN. Nov. 2. 


DENMARK'S balance - of - pay- The improvement in the deficit year to 2 per cent in 1979. accord- 
deficit is unlikely to come this year Is mainly attributable ing to the bank, and from 3 per 
down lo the Government's L° a , ve !7 good harvest and a cent to 4 per cent, according to 
n t nk> eekn fiscal policy which prevented any the federation). 
of DKr 6 ' 5bn rise in real private consumption, Bath forecasts expect a coo- 
c'H-iriou. according to two fore- according to a federation spokes- tinned stabilisation of consumer 
ca-is published today, by the man. Neither factor will apply prices. The bank said they will 
Federation of Industries and hext year. Although fiscal policy rise by 7 to 8 per cent this year 


v 

By David Gardner 

MADS ID. ?!ov. 2. 

THE RIGHT-WING Popular 
Alliance iAPi of Sr Manuel 
Fraga lribarne has started 
splinter 
Parli 
for 
E 

** 'J’StSSX SfJSSTS^ « no,, 

JK? 1 “ W *._*«-* pntaH. that . Govom.nen. 

which had cln«ol>' dci id-M m-ar.', ftiCr &.5bn i 
back rhe ..-nnsritimon <«y -iS; y. 

vnies id -H. ; 0 «,j n ,js m bring about a year- increase this year to 4.5 to 5 per picture.", and -that therefore the 

-•.'■.■jr icipruvemcct in the cent next year, and business in- present deflationary economic __ 

■t Mhi'-h was DKr lObn vestment will also increase policy would have to run until i Many peouie do not even realise 

rnm 7ern thic ihpn l ,- u ' . . . _ 

that the plant, with ::n 



i rcaii. » i in i'qtq «> *0 2.5 ner cent in 1979. There forecast last -spring that the | 
m mm. wl |j ^. e a S [jaht improvement in deficit would be eliminated only: 


As a result. Hue new the 
prospect of a revr'iuplng m* Hi: 
Spanish Ri-lif — tnu- ,r. n.::-in.- 
a trend which h. - hec-n .•vr- 
tinuins sin-r tin/ general olci- 


Nuclear 
power 
threat to 
Kreisky 

BY PAUL UsttDVJU 

VIENNA, NOV. 2. 

AUSTRIA’S NUCLEAR referen- 
dum. on Sunday poses- a 
serious threat both to. the 
survival . of the Socialist 
Government and to the 
political fortunes of Chancel- 
lor Bruno Kreisky. Suddenly, 
the decision on whether to 
commission Austria's . first 
nuclear plant at Zwentendorf, 
on the Danube about 25 miles 
north-west of Vienna, has- be- 
come a highly emotional issue, 
upsetting all predictions and 
cutting through political lines. 

The unprecedented change in 
the popular mood has hap- 
pened in the past six weeks 
or 90. A14 opinion polls 

previously had forecast that 
at least 60 per cent possibly 
even 70 to 80 per cent, of the 
5m voters would participate in 
Austria's first plebiscite since 
1938. They also predicted a 
massive vote of confidence In 
nuclear power. Yet now 
Government spokesmen con- 
stantly refer to neighbouring 

Switzerland, where only seven 
of the 37 plebiscites in the last 
four years have produced more 
than a 50 per cent turn-out! 
As the referendum approaches, 
some Socialist observers even 
think it .may result in a 
victory for the opposition. 


■ i'S.V.j-.i j in 1:177. 


slightly faster tfrom zero this ihen. 


tions of June 

* 7. 



The AT* wa? 

s-’t u;- 

ucfiire 

those elci.iions 

a* a neo- 

Fran- 

rnist alternative 

U* till 1 

pr 

•-.-ent 

governing n:.rty. 

th- i: 

ni'i 

m of 

the Democraui. 

«>ntiv 

1 1. 

:,;Di. 

It was based a 

round- i 

h? 

P'T- 

sonalittes <^f 

seven 

furiu-r 

miniaters of Go 

n. Tran 

i;f>. 

. and 


risfa tourism stages a recovery 


o 

JL 


BY STEWART DALBY 


DUBLIN, Nov. 2. 


i the " maeniSeem seven ‘-riUBlSM in Ireland, one of the year. This year is expected to of violence in Northern Ireland 

rn^rrunm./iirv. V ,r v..jinry’s most important foreign emerge as an even better one was responsible for last year’s 
r underlining iri o\ ■ \ recovered for tourism. improvement. 

• ‘ At current levels, tourism Q One of the biggest tcrclyne 


dubbed th.y 
hy Spa 
way o 

a popular base. 

What the cropping did hav- :ror.i the problems caused by 
however, win- 
over several im. 

influence in the old ’Vndic&tC'i _ 7 . rf of lh Revenue for 1977 was £328 m. 

— tnc co-operative unions *u! tip. - n 11-1 1 J,| nuai repun oi me „ . _ ._ . u . „ l,,. 


accounts for S.T per cent of all towel 
orcign i 
quivalent 


manufacturers in the 


effective control i he l roubles in Ulster in recent foreign eamin^i which is United Slates is to open a new 
ponani dt> blly equivalent lo 6 per 


10 


per cent of CJ.NP. mill in Kilkenny. Ireland. 

serve the European market. 

u. ' . - , pi- w Tourism in the Republic has The Teriy Towel Mill is being 

i n y thlm»r!n d i J k h t been badly hit in recent year* built by Fieldcrcst Mills <UK>, a 

i‘^. m ! ^ V , A r ‘ 1 ; J u s ' l> ’ on P» !f >-:shed. shows that by lhe connotations of violence subsidiary of Fieldcrest Mills 

' arnvali rose hy I"> per j n North. Although the "lne. When completed next 

ward areas, in Particular ‘-.alk-ia. ..-ent ar.d that therc^was a JJ nun ,|, er of incidents in the spring, the 510.000 so fi mill will 

Terry Towel 
y outside the 
being parly 
industrial 

in in«(i. the previous record Board believe that the lessening Development Authority 

record as Interior Mmiai;-: iu ir.e I 
first t'hjverr.meni i.r tlv. 
monarch;., which ■saw Gie uus-i 



Rcssianian officials sacked 


sacies oF Vittnn;; in March 
and Montejui ra Ma; . j 

The AF's kvdeiship 'ms l 

foucht hard I" rid .'self ..T C 1 -:' 
extreme Right-wing i.'.i-ae. Sr. 

Fra - jo. for exjnipie. caused j.i i 
uproar in the pair;- I;.- r w :r.r->;\ I 
when hr inirrii'jiiced tnc ->m-j 

ai.b^lIrrSL'MK- STZT*-'' WMK* » so . nior l” 1 "*? l^deraJlfded^belicr 

of ihe .' •'•Sioia’. of me Comaman Com- encrg>. has demanded bel.vr 


t' 


5V PAUL LENDVAI 


VIENNA. Nov. 2. 


into 

hiiberlu a prr-eiu-.- 


and 


Space record 
cosmonauts 
back on earth 

By David Satter 

MOSCOW. Nov. 2 


That in, idem produced the fl.-'l | mun»l Party and part) sec re- ™ n f rnl, of i ndu>t ri al i nsl a 1 1 ati on s , TW( j Su y I ET cosmonaut, today 



installed capacity of 700 MW. 
has already been completed, 
with an investment of Sch. 
Sbn (£280m) 

The central feature of Austria’s 
energy supply is the steadily 
growing dependence an im- 
ports as the gap widens 
between domestic resources 
and consumption. Imported 
energy's share of consumption 
will rise from 64.3 per cent 
lajt year . to 80. per cent by the 
end 'of the 1980’s.- according 
to ' the latest report by the 
Austrian Institute for Econo 
mic Research. 

Most economic experts agree 
that nuclear power is vital for 
Austria, with its dwindljn 
reserves of domestic crude 
natural gas and hydroelectric 
potential. The trade unions 
and industry have also come 
out in support of nuclear 
power. 

However, the -world-wide debate 
about atomic energy has at 
last reached Austria. The argu 
merit between the advocates of 
atomic energy and those who 
point to the hazards of dispos 
ing of nuclear waste, radiation 
leaks, terrorist attacks and 
pollution has held up the 
commission ing of the Zwen 
lendorf plant. It has also 
induced the Government to 
shelve two other nuclear 
projects for the tune bein 
The Socialists and Chancellor 
Kreisky. despite an absolute 
majority in Parliament, are 
wary of taking ultimate 
responsibility for nuclear 
power in general and Zwen 
tendorf in particular. Dr 
Kreisky. who lived in 
Sweden for 12 years, from 
193S-50. . is haunted by the 
political. Upheaval there which 
-ended-four decades of Socialist 


AMERICAN NEWS 


Probe into U.S. banks’ 
foreign exchange 



i 


BY DAVID IASCRIFT 


NEW YORK, Nov. 


THE Justice Department con- stitute violations of the Sherman the Justice Department’s inv 
filmed today that it is Invests- anti-trust act wlucb outlaws gations did not result frm 
gating charges that UjS.- banks price-fixing. ' ..Widely publicised court cast . 

have been manipulating th/» Tbeseactiviti es are also, being which Mr Edwards Is suing, 
price of the dollar in : their investigated by committees in bank for. wrongful _disml- 
foreign exchange dealings in both the House of Represents- That case centres on sepa 
Europe, mainly Zurich.- ‘ lives and the Senate. The inter- allegations made by Mr. Edw 

a sookesm&n said the, Dwwrt views are being- conducted in that Citibank moved curren 

Private. However members of among its offices .t «rttt 
he described ^ Congress have been responsible rates in order to . register pr 

tovestiStion.*’ beCTin^about ^S for leaking to the public the fact at centres which brought' 
SSS*** but K ^at the Justice Department was greatest advantage. C tit 

Saborateon vAat it also involved. has demed-hte charges. ; 

alabor what rt md^it lead ^ Qn who ^ understood Mr. Edwards is understood 

» i, to have given evidence to both have been invited to Wash 

H is reHohly imiwstood a**t congress and the Justice Depart- ton as one of several pe 
** inv^Satron. whech is being men t j” jvir David Edwards, a asked to provide evidence, 
cond ucted by lawyers in the f ormer citibank employee and investigators asked Mr. -Edw 
Departmenrs «na-trust dirtawn, author of a S bort story, the to refrain front- discussing v 
centres on allegations 'that Trading Room, which describes happened at those interviews • 
major UR. banks used advance in fictionalised form how inter- ' • - . 

knowledge of jjmpendins sales of national banks tip each other off • The judge in hte Edwa - 
dollars on the Karopean car- a b 0U t developments on the Citibank case has released 
rency markets to take up poai- f ore ign exchanee markets, and Edwards from an order vl 
tions from wtach they could „ et together to fix a rate for the bared him from discussing 
benefit once the iwioe of tbe dollar case in public. Citibank 

dollar dropped. -■ Mr Edwards says be obtained asked for a publicity ban on' 

The collusion of several banks material for the story while case on the grounds that 
In such activities ' designed to working as a banker in Europe, evidence included conffd.ee 
push the dollar down could coo- . Contrary to widespread reports, commercial informalon. • 


Carter election campaign tour 
tests reaction to fiscal policy 


BY JUREK MARTINIS EDITOR 


WASHINGTON, Nov.,1 


Silva Munoz, le-jdrr > li»- 

Sp.misli DoiiMoriific Actinfi 
i AD E» pwriy. ’.rim-h uki :i • -j ! i ■ 
Sive n«ii ico >if ~ i'.v 
rupture.* *.,iih rho Al’. 

Sr. Silvj had in-en iMi-iy ;<•> a 

p r ojeoi s* -i. afoot !tv 

Maria de A r i.*i t-'m-r ; jr 

Minister in uk- fir>l G.iv,'i n:.i. n: 
after Franco, in mi- 
majority" pa'.-l;- li*.' nr. ■- i-i 

the British Cunjcn'amo 1 I’. Gy, 


been brilliantly 


the Opposition, the People’s 
and the right-win^ 
Freedom ites. saw their chance 
in the nuclear controversy, 
and .Parliament last July 
unanimously agreed to hold a 
referendum on the law passed 
by the Socialist majority 
which save the go-ahead for 
Z’rtcnlonilnrf. 

The controversy has even split 






battle at vital stage 


BY DAVID CURRY 


PARIS. Nov. 1. 


-.•ill 


bp 

Cl.,. 


ihat Its o-vn rights *o acquire the Lucas that his Board would not judse said he -,vasr nut com-j 
•A-br,i? of me vj,'.. ial of Ducelhcr accept this compromise, it in- rwinen; jo r.tin on : t'ni c . -inre I 
■uiif-i in. vi:ni.4in>*i1 hy the court sisled uj>nn the formation of a Luca* hid already been to the i 
■•JhLT.-j-ic nrc-emptive agree- holding company id which it civil court. 

> n . F;.-n ■■ will cease to would hold 65 per cent and Lucasi rh ,. n h acfc , 0 fhc - 

i'',' " ;:r! > validity. Lucas 35 per cent. Moreover. v j | court to e ock The scque.rtra- 

Th) T 'k;,s I.jttle to acquire the holding company itself tioii of the disputed DBA shares. 

’he who.e ,.f tiuceilier goes Iwck would control 70 per cent of b ut the court ruiedlthat it fied 

action to try to quash the acquis:- more than nine months, wmen Ducellter. - 

tion hy Fere 
majority of the 

Ducellier. (for SL’i-m i of llic 51 per ««, muw, a«uu ,u u,»u» me »nua- 

Duccllier owMd by lion, Ferodo rev.sed iu pos.Uon , h " ™ 

?nch subsidiary of the and asked for a 50:50 holding ' “li * Commerce to 


A DECISIVE suse 
reached thi^ v.ocv 
bsirte by 'ho Knudi i:i.i*. i <■ -i > 
ponent gi'iup Lueii m tire*. ent 
The French eom-vin F credo : ik- 
ing control .-f ii , 49 ner cent 
mvmd ^ubsuliur) Dccellier. 
Lucas js initiating :i dnuhl - court 


disputed 

Ducetlier 


shareholding 


leading •iltic-.ilji have been months in an attempt to cotin- said had 
sacked fo:* tit is t:< ic •; l heir offices tor rumours about impending ! executed. 

and taking bribi- in the con- hoii'enecks in supplies. ; The fail lha; the men were/ 

-U-.ICI'-OTI ui-.ij forviun trade President Ceauscfcu recently aMe t« spend l^-hour days carry- } 

..reas o'.il * hs- is ihc first time revealed that This year's cereal; ing out experiments aboard the | 

.. .. ;h.u a ri'^ionai ;».nsy secretary jian t-sl yielded only l£»ni ions. - 5a!; ut 6 orwims space -Sl.it inn J 

Sr. jnd fu'.i '.:e:iihvr oi t iie l"p party -..- e |i shun or official larc-ls. The and were succ-.-ssfully visited in ; 

o'ldy r.Hi.-n round guilty of - 3 p between the planned targets :ih t - course «if the mission by two! 

.-erii'lis abiiM-j. and the actual riarvests of 'other has led 'oact- , 

Pi-'.-sideru Nicol-ie <>jum.’scii. cereals wa> 770.000 ton.- in, officials to vr-;*k '-fnjfffitfenilv ofj. the .t'hanccllor's. family: his 

uieanwhib ;n a .-pencil cattmc 1976. 2.5m urns \n 19« . -and a', the future tiniuy of ?p'erm-jnenl ! son.' Peter, and his daughtcr- 

,'ur diseif and order and for record 4.2 in ions this year. j. space stations. j in-law. who are both political 

scientists, signed a manifesto 
opposing nuclear power. An 
odd coalition has emerged, 
ranging from the right-wing 
lunatic fringe and the most 
bigoted opponents of sexual 
permissiveness, to the Maoists 
and ihe Young Monarchists. 
The impression of overwhelm- 
ing support for Zwentendorf 
has gradually faded. Austrians 
have become increasingly un- 
certain. under the barrage of 
cnnflicTinii opinions. Most 
• young people arc “against." 
and wear hadges saying 
“ Nuclear power ? Thank you 
no." The adults have become 
more and more confused. 
Chancellor Kreisky may have 
committed his greatest poli- 
tical mistake. In a speech lo 
the party congress of the 
Viennese Socialists, he clearly 
identified the Socialist Party 
with a vote in favour of 
Zwentendorf. A few days ago. 
he did not exclude the possi- 
bility that he would resign if 
the Government party was de- 
feated in the referendum. 
These statements combined to 
cause a political upheaval. The 
Chancellor wanted to mobilise 
the Socialist rank and file, but 
he also upset those who were 
for nuclear power but against 
the Socialists or Dr. Kreisky 
personally. Editorial writens 
in leading newspapers empha- 
sised that under these circum- 
stances a non-Soclalist could 
not possibly vote “yes.” 

Dr. Kreisky. who will be 68 next 
January, is still by far Aus- 
tria’s most popular politician. 
But having won three elec- 
tions in a row, the last two 
with absolute majorities, he Is 
courting his Erst political and 
personal defeat. The odds are 
still in favour of the Socialists 
just scraping through, with a 
slight majority on a very low 
turn-out. Yet anything has 
now become possible, even 
that Kreisky. like PaLnte in 
Sweden, might fall victim 
tn forces of fear and 
parochialism in a country 
which is already surrounded: 
hy 12 operating and IS half 
completed nuclear reactors. 


t ci qua^h the 'jcauisi- run re uvnn nine mow ns* wneu uuceiiicr. proved there waj a sufficieni 

?.lrj of con ire! ,.r a Mr Bernard Scott, the Lucas <3 1 At a meeting on September threat to its ^ecreteto justify the 

The voting rich's in chairman, negotiated the sate 13 between the two chairmen and action it sought ‘ I • 

if<>r SL’Knn of Die 51 per cent senior aides to discuss the silua- , r , - __j ^ .j, 

On Frida v Lucas is due to stake in Ducetlier owned by tion, Ferodo revised its position lh ‘ ‘.v “ 

lodge an appeal again*' an DBA. a French subsidiary of the and asked for a 50:50 holding Trihunil iif 

earlier decision by the Pans U S. Bendix group. Lucas already company with a 67 per cent stake M “ lhe * h . i atter of the 

tribunal of Commerce declaring hoid the other 49 per cent and m Ducetlier— enough to deny 


irseif incompetent to judge the the two partners were bound by Lucas a blocking minority. Lucas ? 

’ ;as will a pre-emptive sales agreement. declined to continue the discus- „ <?uncnmp us 

bid was opposed by sions. actions, on t riday. 


that 

court 


This 


Ltica«s-Du collier C3*e. Luca 
also appeal against the refusal of 

r-or'ido. widen is trances ieaa- (-it un aeptemoer zt. u f Tnooeonfoklo 
in iog mo'or component group, on became known tbt Ferodo was vjnaccepi8Dl<? -. 

»he grounds that it would fatally taking control of Ducetlier by A CO n, m uniouef issued bv 
At the same time, tne Kntish compromise its own growth as a means of a device known as a r uca - ihvt trerndo’s ttcco- 

com party »<; comine back m tbo leading power in the national “convention de croupier” with .j a ,: ' f? lh DRA j nt mat j e 

tribunal rn ask u m annul the c.-.mpn non is market. The French DBA. This mechanism allows a kno w T t o rhe workftirecof Sms 

whnln Ferodo »cnui«tion. op :h- Guvernmvu;— tacitly supporting person or company to offload Ducetlier' jnH that the 
grounds that rhe merit miun Ferodo— dec lined to answer financial responsibility but with- inf . c hanrem rmnlntpd ror the 

adopted by Ferodo “has r.o jusii- Lucas’s application for approval out conferring management 3frr eeniont is unwcemable in 

fleation. other than to cor round of its takeover and urged Lucas rights in the company concerned. 1 3 ‘T 

the statitfnrv and lesal prohihi- and Ferodo lo reach a compro- Ferodo and DBA in fact set J 

tion nn tho co«lnn of hol.li„ : < ra«c. up a "sholl- company Jin o-vn cs 

in a companv owned coiicriivri;- . a “societe de participation” 

without the unanimous accord ^sscisssiOHS which has no legal shape t° j rit (hmt^nrtv^ to 

of associates.” 313 . exercise the control of Ducellicr. S 1» h.? 

Lucas is ntishins it-; murt ADcr lone and intense discu6- Ferodo held 92.5 percent in this iJSTeea. tne 

actions as hard a-- possible in sions. there occurred the follow- company wbich was organised so lt , i n ? r r , r ,f s ' . T0 t S ifI5 EU , 
part with j view lo casrina doubt ira sequence of events: as to permit Ferodo effectively v. and fi. 

on the wisdom of j riefcw issue 1» On September S the chair- to control Duocllier’s affairs. invok^h- 

being planned hy Ferodo tu men of Lucas and Ferodo Lucas immediately argued JSSitotton 7ho : DBjS^r2a 

finance a number of acquisition;, reached agreement in Paris on tf, at tliis agreement was no ffriilftllf" 1 lhe ^BA Ferodo 

including Ducel'.ier. The British :» eomproniiw formula under longer acceptable under French , . 

company argues that. v/hJla which they would set up a joint j aw it WeDt to a judge in 11 15 difficult to assess the 

Ferodo may control voting nchrs 50-50 lmldiac company which chambers, who ordered DBA to nmin ? for the court actions. The 

in Ducetlier. it doe 5 nol ariujlly would in turn own 60 percent of pro ducc a copy of the “conven- a PPeal could be heard, at the 

own one nut or bolt nT Hio Ducetlier. Lucas would maintain tion de croupier.” most optimistic, within weeks, 

assets. a 40 pur cent direct slake in When it bad digested this. bu * l ^ e Tribunal df Commerce 

In addition. Lucas is claiming Duceitier. Lucas gave assur- Lucas went to the Tribunal of acti °n is likely to take months. 

anivs litel il would concede a Commerce asking for The eemven- Meanwhile. Lucas hopes that the 

“ f-sd.' nensure of strategic [jon to be quashed on the whole question will remain un- 

fixamcul Tiun sahCsb^-J ■’T-- .-r decision -nuking to the French Grounds that it would Give certain enouch to prevent Ferodo 
fSw” ‘■T’.up. Ferodo access lo commercial attempting to translate its dls- 

sLo'^’c'-w^ W-iwVi ii r '“' 0n September II. the and technological secrets in- Pu ted control of Ducelher into 

New York. k.y. Ferodo chairman informed vested by Lucas in Ducellier. The practical direction of its affairs. 


PRESIDENT CARTER left this sharp surge in the stock market. monetary policy^ Yet it was 
morning on a six state 1 campaign and the recovery of the dollar triguing to find. that. local. 'm 
trip on behalf of Democratic overseas may persuade the elec- papers in tha Midwest were ta 
candidates. He should.. . in. the torate that the President has more inclined >w -heed ', v 
process gain some! idea of the come up with the sort of Carter's call for support for „ § 
Impact that his latest moves to dramatic solution they like to see. anti-inflation measures -thah -iu) -i 
defend the dollar and control offered hy their chief executive, more cynical cdimterparts-in ^ J 
domestic inflation will have on According to the polls, the most East.' - 
next Tuesday's mid-term con- popular single solution to the in- Over the longer term,. tt-- ; 
resstonal elections; fiationary problem would have seems rough agreement am. 

Political reaction .to; far to .been for the President to impose ^economists that^ne eonsentie 
yesterday’s initiatives has been of 3he latest package j is to 

almost non-existent. The Repute iiimiiMiHjjLj_uiii.ii n _hhnce the trisks of recession'^ 

iican Party, which was quick to year — though the Administrate ' 

criticise last week's antLiDflation Miigi Jiaia arfJata MWH ' through llr. JVlichael Blunieht “ 
package, has yet to respond. On seurecaiy of the U^. Trvr , " 

the other side. Mr George Meany jects tins. But it is also 

the trade union leader, predict-’ fh e iroush if it comes j 

My EDd si.an.iy roistered Ws ■ 1 M d«p U STSi*;, 

di^pproval of higher interest delayed acting.-. 

ratcs - * .ri,^lk. jnrSw David Lascelles adds frbui b 

York: Giving a- useful bijest 
President Carter's anti-in flat 
programme, U^. Railways h. 
put in for an increase LnTra. 


It is clear that domestic poli- 
tical considerations we^e not in 
the forefront of Prescient Car- 
ter's thinking when tye formu- 
lated the latest policy moves. Mr. 



Hamilton Iordan hi« nnhVtmi mandatory’ Wa ge and price con- f aT ®® whldi they say confoi 
adviser was no^ri^lo^L S trols-nut so much because there *» ** voluntary guidelines. 37 
teiLe secret neLohSs of rh^ * lh ^ beHef that they would hav e w»‘ average 8.1 per . e 
asT few Ey " whil¥ advSo been effective over the longer nse xn rates from December 
of senior DemociSEffny rtS t r h u " *>ut because ofthe ' 

teeists that the wasfe and orice thaI 5UC ^ d«C‘ i,ve action is appro- y e * r - of bn - . ' 

guidelines package feCtpaned pr |" te for ■ ^ r 5ident **** ■ of' A *SSgJ ? - &££&■ ■ 

until after the mid-tlrm elec- 11 was c,ear £rom conversations 
tions was ignored- T - earlier l his week in Iowa wd 

A s Mr. Meany's feections -» in ”esota lhai th« : iKoMepiB-o| ^ * rta 

demonstrated there is a clear risk *** 4ollar were nor dlreatlj. 'im- 

that higher interest ra tits, '.par- much on the eiectroate. 'ipfJrSiSLS-Pr -*S?i C f h 

ticularly as applied to morlgage-s. Economic debate centred almost 1° T 

will work against Deroocrar/ in entirely on tax oultmg and J2LSLS? i5W 

next Tuesday’s election. Adept budget pruning as the best ways rfie ^ V-! 

Republicans may get some mile- to cure inflation. 

age out of claiming that this More generally, it seeuted ihat together beSre M^ci' 
amounts to more'evidcnce of the the votehs were much more con- SmoSSd hf? 

tion s economic policies. sonahties than national 

But, on the other hand, tbc international economic 


per- Approval for tbe'n'eiv rates v 
■and .-have to bfr. given bj’ tbertnl 
and state Commerce Commission.; 

Japan praises ’concerted actio 

By CHARLES SMITH TOKYO; Nor. 2 

% SSL SfbSffi 

programme because, for the first "*ver made use of tie facilily. measures failed there would 
time in the history of such .*5“ , used “ e facility to. no alternative to a retreat i: 
measures, it adopts rhe prin- neS^of^ha during , a Protectionism as a means 
ciple of concerted action ssm- Ktafl? '$? th * ?.S. balance 

olised by the recent advanced Ur SaidthSflfi* R,nh ^ nd sltor 

SSsSSaES ShWWM ■=?=*« • 

Finance for International to ItahlHv 1? whether underlying trends ” 

Affairs, in an oxcluutvp inter- market^ in the riert Ih C US ' e * ono1 W improved oi 

l* en 5P I asreemem about thts-at least as far as t 


wr. baaamt. who flew rn between Janan"“thV ““T® 1 l<?asl 35 Iar as * 

^rs^r's 4 a ssssw s?r >B3 nn i ^ pjyraeDl5 w “ • 

puckjige. sutd Japan had been rate of tbe dollar 


the •' target zone” for the exchange ^Th? dollar defence measur 


inexp.icibiy left oui o-f arrai^e- other ihre^ currenciVs"— SfflSSft-. wou,d #1 
ments for joint intervention in least on ■* floor level fnr thi l °it US I- a,n l 

foreign exchange markets dollar for ^ t0 t,me ihe forci S 


provide 
the dollar 
foreign e.vehar 
confronted w 



the near future. Japan had a thought the A' 4 iTin ■■ -u \ , natl si ! 3r P‘- v rjls ed the risk e 

S2bn swap agreement wuh tbe last^ card in defence ofUie S^litio^n" 0 '" 11 " Sw C " rrCn 

Provinces take on Ottawa 


BY VICTOR MACKIE 


OTTAWA, Nov. 2. -. 



Canada’s 
reserves 
rise S1.43bn 

By . Robert Gibbcns 

MONTREAL: Nov. 2. 
CANADA’S official reserves ro- 
U-S.Sl.43bn during Ocloher 
UjS.S5.lbn M. -Jean Chretien tl 
Finance Minister announced. 

Most of the increase w; 
occounled fur by the Fedor 
Government's most recei 
U.SATSOm bond issue in the U.: 

further drawdown i 
from Die » Inver 

.. . - . . »i-i - c»»i i.- m ukk m-i- - -standby credit with Gan 

liament. and can be amended irol of parts of the. Constitution ' hanks, 
only by Britain. There have from Britain. I The difference of L'.S.$400i 

been intermittent attempts to put Qi 
it under direct Canadian control . aim.' 
since 1927. recriv 

Canada must cither nsk tentative powers 
Britain lo rearrange power on The Quebec Premier said his 
federal and provincial levels, or Government would never accept 
assume control of amendment an "ultimatum” making a new 
powers itself. division of. powers contingent on 

Mr. Trudeau's discussions m'SK®?- JHP* -” f tllc Con ' 
the Constitution with the 10 pro- 21'IfiHVi 1 
vincial Premiers ended with an- ... . . 

agreement to meet again on Feb- „ ^ e c ofcrcnBe f Mled to reach 
ruary 5 and 6. agreement on several tough 

_ issues: including a - charter of 

The tenth constitutional con- human and linguistic rights in 
Terence — theyhave been taking the constitution: reforming the 
place since 1927 — reached no Spring court: and limiting 
conclusions on constitutional re- Federal powers over natural re 
form, deciding instead to refer sources. These issues will all 
the problems to a Constitution be considered by the committee. 


CANADA’S 10 provincial Committee comprising federal 
Premiers are witholding their and provincial Ministers, assisted 
support for taking control of the by officials. The committee will 
Constitution from Britain until subn “£ l ,ls report in three 
Prime Minister Pierre Trudeau “rpjri' , . 

agrees to transfer more federal '2«iTr°j e *, u vas dis * 

power to the provinces. Mr. • a PP° ,n * e d at the failure to reach 
Trudeau wants Canadian control *S r ® enien J, and P u * m ost of the 
of the Constitution so he can ° n Premier Rene Levesque 

make major changes. of Quebec. 

Ac^of ?qff’ ,Sh c N °r^ < ^ meric;i Die cIosmg^sessio^oa^A’edri^! ?. n ^ a 1 
Act of 1887 i Canada s C.onsttiu- day that his province flrmlv U.S.S300m 
tion. is an Act of the British Par- opposed any effort*, to rake con- i racn *"s sta 

1,™„. ^ — K.. -o! of parts or lhe. Coastitution I 

om Britain. j The dif 

Quebec will also oppose anj!)? 85 up by ihe Bank • 

mending formulae until Canada’s ability to buy l : .: 
tcrivrs substantij}’-.- inrreased I do!lars in lhc market late m th 
*’ ’ ■ - i month as the pressure on th 

Canadian dollar eased. 

The .. Government has no' 
drawn U.S^1.4Ln of :u 
UJS.82fftui.. line with Ganadla 
banks an dabaul U.S.5Ibn of th 

an amfnrtfn-i U.S^3bn line with the U25. an 
an amending j otijer forcigI! hanks. 


VS. COHP.UVY NEWS 


IBM trading suffering from 
Inflation: IC Industries 

expects Increase In earnings; 

Diamond Shamrock in $330m 
deal— page 28. • 


'-‘a 



3 


OVERSEAS NEWS 




JttS-jre. - 

iufet.. U -£ T 


" N ' E *S, 


fllfflloi* SECOND RAID ON ZAMBIA 

Rhodesia bombs ZAPU camp 


BY MICHAEL HOLMAN 


BY" HUGH O’SHAUGHHESSY 


MANAGUA, Nov. 2. 


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US. . FINANCIAL. ' pressu re vu .1 Currency, operator# here are Somoza /Government) came as 
General Anastasia/. Sombza, The, Offering 9 cbrdoijas,to the dollar the U.S.-sponsored mediation 
Nicaraguan .Presidfiot, was in- on. the black- market^and. with commission prepared to .meet 
creased . yesterday when, -at the-recently-annoUDced exchange Gen. Somoza this afternoon to 
Washington's -suggestion; the ■controls, it . is difficult to sell hear his reply to opposition pro- 
Internationai Monetary Fund .cordobas abroad. The. currency posals that he and his family 
decided to postpone, for two or is virtually. worthless outside the should leave the country and 
three .weeks Nj^ar^ua’svappUca* country." one j diplomat ; said that democratic elections should 
tion for-. assistance' under theyesterday. : f beheld. The Somoza family has 

compensation finance scheme. ■■ ■'." . dominated Nicaraguan politics 

This Is , the 1 second- postpone* ' The Jale^t pressure on the since 1934. 

ment of the application ' and 

involves Some S20m which the .. . : . . 

Somoza Government is. claiming „ • 

sss&iiS&ta!? ^Venezuela oil price rise 

DrRobertoJncerBarquerq,the' ; • CARACAS. Nov. 2. 

Nicaraguan CeritFal Bank- -chair- VENEZUELA .WILL raise the petroleum to the U.S.. could be 
man,- last night accused the U.S. prf cc , 0 f gome of ils oil -exports producing oil on a commercial 
Government of flagrant violation - 8 ^, a result’ of Iran's forced cut- scale from iis continental piat- 
ofthe principles and aims of the bac* Ut petroTeura production, form within 36 months. Sr. Juon 
“£r - " r - ■■■ ' according to sources, in the oil Jose Navarreie, Vice President of 

Tne latest postponement of the >jjj(iHstiy. here-- Corporacinn Venezolana del 

N ica raguan aprpli ratio n comM^ at - however, does not P^roleo {CVP>.- said the com- 

a crue^ijOmfr. for, the- Somoza capacity to increase its pa J} y J offshore activities, 

Government - Which is. seekio D exports to help- fill the vacuum scheduled to start next week, call 
financial heln -tn- shore uo an--®**” 7 ™* , ., fn*- * .... s. 


RHODESIAN AIRCRAFT today 
bombed u Zimbabwe African 
People's Union (ZAPU ) camp six 
miles west of Lusaka in their 
second raid in the area of the 
Zambian capital within two 
weeks. 

A Government spokesman said 
Ihe Rhodesian air force “again 
bombed a refugee camp for 
children -from Zimbabwe ” and 
promised further details later. 
However, first unofficial reports 
speak of over 100 unidentified 
men receiving treatment at 
Lusaka Hospital with no evi- 
dence so far that children are 
among the wounded. 

The attack.- involving between 
two and four jets, according to 
eyewitness accounts, began 
shortly after two o'clock, and left 
a thick column of sinpke. 
Thousands of city workers began 
lining Ihe route in expectation of 
casualties, and police closed the 
road to civilian traffic. 

The diplomatic consequences 


may be as devastating as any loss 
of lives. Despite Lhe earlier" raids 
there were signs that some Zam- 
bla'n Government officials were 
prepared to advise Mr. Joshua 
Nfcomo. the ZAPU leader, to 
attend all-party talks on Rhodesia 
on the basis of the modified 
Anglo-American terms. 

Today's attack is likely to lead 
to a repeat of the guerrilla 
leader's bitter denunciation of 
Mr. Ian Smilh. the Rhodesian 
Prime Minister, and a renewed 
rejection of an all-parly confer- 
ence. For President Kenneth 
Kaon da of Zambia the raid under- 
lines his admission that Zambia 
is virtually defenceless in the 
face of the Rhodesian armed 
forces. Mr. Nkomo is believed 
to have arrived back in Lusaka 

todav from Budapest. 

Last week the first consign- 
ment of British military aid w 
Zambia began arriving. It 
includes Tiger Cat ground-to-air 
missiles, anti-aircraft guns and 


small arms. Informed sources 
said that the equipment — 
provided on condition that it was 
used solely for defence and 
around Zambian towns— had not 
yet heen installed. 

There are two camps for refu- 
gee Rhodesian children in the 
area, known as J. Z. Moyu and 
Victory Camps, the former hold- 
ing some 11,000 school-age boys, 
and the latter half as many girls. 
But a Red Cross Official who 
visited the camps today after the 
raids said they had not been 
attacked. Diplomatic sources be- 
lieve that there may be a ZAPU 
military installation in the area 
and do not rule our the possi- 
bility that it was the guerrilla's 
military headquarters. 

0 Tony Hawkins adds from 
Salisbury: Rhodesian Combined 
Operations Headquarters an- 
nounced that ihe airstrike had 

been against a “newly-identi- 
fied " guerrilla target. “ The 
attack was carefully planned to 


LUSAKA, Nov. 2. 

ensure that a minimum threat 
was posed to Zambian life or 
property and was carried out 
with pinpoint accuracy,” the offi- 
cial communique said. 

Mr. Smith said at the weekend 
that Rhodesia would continue to 
attack guerrilla camps inside 
Zambia, despite adverse inter- 
national reaction to last month's 
raids and despite the British 
airlift of arms to Zambia. 

Combined operations said that 
in Lho past 24 hours, 54 blacks 
bad died in the guerrilla war 

inside Rhodesia. Rhodesian 
forces had killed 17 guerrillas, 
13 guerrilla collaborators, a 
guerrilla recruit and a cattle 
rustler. Seven black civilians had 
died in crossfire and guerrillas 
had murdered 15 black civilians. 

Martin Dickson adds: In Lon- 
don, Dr. David Owen, (he British 
Foreign Secretary, told Portia. 

ment that the military' aid 
Britain is providing for Zambia 
will cost the UK about £10m. He 



also disclosed that Britain is 
providing Zambia with £"20m ns 
an advance payment for copper 
purchases which are expected to 
be shipped to the UK in 1980. 
The money is designed to help 
Zambia with its grave foreign ex- 
change difficulties aud is, in 
effect, an interest-free loan. 

Meanwhile, the Common- 
wealths Southern Africa Commit- 
tee has decided .to ask Britain, 
the U.S.. France. Iran and other 
interested Governments to de- 
mand guarantees from South 

Africa that it wall supply no fur- 
ther oil lo Rhodesia- If no 
guarantees were forthcoming, an 

attempt shoftki 1>e made lo im- 
pose oil sanctions on South 
Africa, the committee said. 


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“ir -7. -“"“WBvwwiJiw ’ former oil- company execuUve -wiern coast. «e said mat tne 
Au^nst and September. v.Tbe ^^ d colmnnist "for the efforts there could lead lo com- 

the ^ CrCial DUt P u t within two to 
JournaL, noted in article years. 

to defend --the fragfle ,nanpnalir|^ -xhdrsday's Wfidor, reports Reuter adds from Tokyo: 
currepey, the. cordoba, which -has *. * Mexico will not follow any 

an official exchange rate' of seven „ decision by OPEC to stop oil 

to the dollar. “ Venezuela- will not increase exports for political reasons. Sc. 

In September.- Government in- P™ 6 ® 5 Jose Lopez Portillo the Mexican 

come freem sales- txfcses Vas down. To »ts tradittonal clients, put in- president told a press conference 
substantially. : : Receipts totalled creme ntal buyers will have to in Tok>0 . 
just over 3ra cordobas as against P a .v th® market price, which is Mexico, which is not an OPEC 
10m cordobas' In the same month expected to go, up sna^ij, wr. member, will abide by its Con- 
or last year. Customs receipts in Bauman said, ciung officials in tracts io supply oil to foreign 
(September) totalled only 17rn the industry.- countries in Lhc event of an em- 

cordobas. as against "4Sin in- - Meanwhile At. was announced bargo by lhc Organisation, he 
September 1977. ’ - . that Venezuela.'* key supplier of said. 


South Africa to invasion of Tanzania 

em p h ? sise Internal troubles drive Amin to war 




BY TONY COZIER }rJ. . 

DOMINICA, the 29ftSquar e-mile republic ^ in the Western hemis- 
island In the eastefn Garibbeah. phere. -Itihas decided to adopt a 
becomes world’s newest in- Republican form of- government 
dependent' nation at. mfdzUght " with- the f rformeF_ Speaker of the 
tonight at a apedal ceremony. at- Hoiire' of . : Assemwy, Mr. Fred 
a sports, ground in. "Itosean,'. -the... Degazon, appointed, as head of 
capital-triggering- a chain re&c-; state.' His role, will be purely 
tion 'which should result in ^the-.cefeihonial since ; poiifieal power 
four oflier 'remaining Britishv Will he held by. Mr. Patrick John, 
Associated Stales in the. Caxib- .the Prthie . Banister, a 37-y.ear- 
bean following suit* within- the ' Old moderate socialist- who - has 
next vear-.' - • - '-headed the rilling Labour Party 

_ ..,sSnce l974. ' .. 

Princess JUargaret, represent- < .. xmmihica's economy Is heavily 
tog the Queem handed over tho dependent on its banana tndus- 
constitutionel rnstruments on-lie- trv which earned East Caribbean 
half -of the -'British; Government giSBm -(£3JJ3m) in exports last 
during an open air meeting, of Some 90 per cent of pro- 

the House, of Assembly at Wind- fluoti on is shipped to -England 
sor Park - thus morning.; / The through- -a\ marketing arrange- 
lowering of the Union, Jack after, jjjguj-. -yvrjth Geest Industries of 
almost 200 years, of;. British •.gp^ding,. Lincolnshire. t •• 
colonial administraUon . and the The small, dingy capital is 
raising of the new Dominica ffag bursting at the seams -with in- 
was scheduled -fol* , midnight. ... . vifed 'guests. With .only-/ two 
The island-state wiil be.- liter- major hotels and-.a-‘ few, iguest 
ally,- the -t newest "* banana houses,' every room -is taken and 


BRIDGETOWN. Nov. 2. 

community leaders have made 
space available at their homes. 
Mr. Ted Rowlands, Minister of 
State at the Foreign and Com- 
monwealth Office, who chaired 
the independence talks, is repre- 
senting the British Government 

Britain has agreed! to provide 
£10m in development assistance 
to Dominica after independence, 
the first half on grant terms, the 
second os an interest free loan 
far repayment over 25 years. It 
will also continue its programme 
of special financial assistance 
until mi. 

Mr. John has criticised the 
level of assistance and has said 
that Britain should give ten 
times that amount in compensa- 
tion f.ir its lengthy term as 
colonial power. He sees in- 
dependence a* a means of 
attracting development capital 
from . international lending 
agencies. 


growth 

PRETORIA. Nov. 2. 
MR. OWEN HORWOOD. South 
Africa's Finance Minister, said 
today that the Government is 
examining the question of taking 
further action to stimulate the 
economy. 

He said the views or the 
various chambers or commerce 
were being studied. IT 
reappraisal indicated that fur- 
ther measures were necessary, 
the Government would not hesi- 
tate to take them. 

Mr. Horwood declined to dis- 
cuss what measures he might 
consider, but he said that for 
the first time i three years the 
economy was undoubtedly in a 
beter phase. *‘We will now be 
able to put more emphasis on 
gordth/' As things stood and 
in inflation, “We can now cer- 
having regard for the need to 
maintain a sound balance of 
payments an a further reduction 
tainly took forward to a better 
growth rate." 

Mr. Horwood also said the time 
had come for round-table talks 
to reappraise the role of gold 
within the International Mone- 
tary Fund's new articles. He had 
Diit the idea to various peonle in 
Europe and. because of the 
interest expressed, he intended 
to pursue the matter. • 

• The Phillips Petroleum Group 
drilling off Ghana has encoun- 
tered oil and gas at its South 
Tano 1-X well. 20 miles from 
the coast. An official in London 
said future plans awaited fuwli 
analysis of test results. 

Reuter 


BY MARTIN DICKSON, AFRICA CORRESPONDENT 


WHATEVER ELSE may lie be- 
hind President Amin's invasion 
of Tanzania, it seems in large 
measure the product of dis- 
turbances in Uganda ainied at 
the Amin regime — at a time 
when the Ugandan economy is 
suffering from a series of sub- 
stantial setbacks. But, although 
predictions about Ugandan 
affairs are fraught with difficul- 
ties. the present events do not 
seem to be a major threat to 
President Amin. 

On the contrary, this week's 
occupation of the Kagera salient, 
in north-west Tanzania, by 2.000 
to 3,000 Ugandan troops would 
appear to indicate the. wayward 
dictator’s strength. 

With Uganda now claiming to 
have annexed the salient, the 
two countries could be starting 
a lengthy tussle for this tract 
of bush. Ugandan troops appear 
to be dug in on a good defen- 
sive, line north of the Kagera 
River, and to he showing no 
signs of budging. Tanzania is 
sending reinforcements up to- 
wards the area, but it faces 
major difficulties in mounting a 
counter-attack, since the border 
region has poor cnmniunicatioos 
with the rest of Tanzania. 

For some time before the in- 
vasion. Uganda had been claim- 
ing it was fighting an invasion by- 
Tanzanian force.-.-. It is now 
widely believed that this story 
was a smokescreen to hide the 
real reason: a battle in southern 


Uganda between soldiers loyal to 
Amin and dissident troops. 

What provoked it remains 
unclear. According to one ver- 
sion. the Commander of the 
Simba battalion, based at 
Mburara, may have started tishi- 
other troops in the battalion 
when he suspected he was going 
to be relieved of his command. 
According to another version. 
Nubian troops of the battalion 
may have revolted because of 
their loyally to Vice-President 
Mustafa Adrisi. who appeared to 
fall out with Amin earlier this 
year and was injured in a 
mysterious car accident 

What ever the cause of the 
fighting— and it may well have 


been a pre-emptive strike by 
Amin 'against dissidents, rather 
than a spontaneous rising — 
soldiers loyal to the President 
have- now carried mopping-up 
operations across into an area of 
Tanzania where many Ugandan 
exiles live. Amin seems to be 
using the invasion both to hit at 
them and to warn the Tanzanian 
Government against supporting 
groups aiming to overthrow 
Amin. 

All this is taking place against 
a background of substantial 
Ugandan economic problems, 
many of them concerning coffee, 
which provides some 90 per cent 
of foreign exchange earnings. 
The world boom in coffee prices 


Ugandan troops dug in 


BY OUR OWN CORRESPONDENT 


NAIROBI. Nov. 2. 


NEARLY 3.000 Ugandan troops 
are dug in along the line of the 
Avera river, west of Lake 
Victoria, as Tanzania continues 
to mobilise its forces, appar- 
ently in preparation for a 
military push aimed at dislodg- 
ing the Ugandans from the 
710 square miles of Tanzanian 
territory they now occupy. 

Uganda announced last night 
it had annexed the salient west 
of Lake Victoria, to which it 
has a long-standing claim, in 


an operation which it reported 
look only 25 minntes. 

Uganda has long taken the 
view that the line of the 
Kagera river is a natural 
border between the two stales, 
and says the inhabitants of the 
710 square miles (estimated at 
about 2,000 small farmers and 
fishermen) are now subjects of 
the Conqueror of the British 
Empire — the title President 
Amin assumed last year when 
the last British diplomats in 
Uganda were withdrawn. 


after the 1975 Brazilian frost 
gave Uganda two years of high 
profits. These have oow come to 
an end. as the price of robusta 
coffee has fallen from a peak of 
£4,232 a ton early last ;. ear on 
the London futures market to 
£1.424 now. 

Even at this lower price, the 
returns lo the Kampala Govern- 
ment are reasonable — not least 
because the prices the Govern- 
ment pays peasant producers 
remain low — but President Amin 
docs have far less foreign 
exchange with which to keep 
the dreadfully run-down Ugan- 
dan economy ticking over, and 
to keep bis soldiers happy and 
loyaL 

Furthermore. Uganda has been 
having major difficulties in 
exporting its coffee. President 
Amin bas accused the Kenyans 
of making it difficult for Uganda 
to move the crop along its tra- 
ditional export route to Mom- 
basa. a charge denied by Kenya. 
However, the Kenyans' insistence 
on advance payment for using 
its railways and Uganda's short- 
age of foreign exchange have 
reduced the How of coffee to 
Mombasa. 

For some time. Uganda was 
airlifting much of its coffee to 
Djibouti, but this seems to have 
stopped in August or September, 
apparently because the Kampala 
Government was not paying iLs 
fuel bias. 






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niciit m five minutes th.vt 
ill ficoidif give it in nn milis. 


Alphonso cooked up enq hidJv O ‘Mai let and hts lim thoudu oil wouM 

au mo and fried potatoes torn- joodadlcr giving Flutvx the neu-r vim oit FI*»uvAl"t 

on Flo tcx. That V the treatment some kind of taxi uncut it has nl car shown inm owncis 

it gets in tcsuiuiaius. to stand up tu in v«m-hoUM.-s. c uuld pm hutt right. 





Lould pm him right. 


These chaps came oil the 
pitch > into Floicx. That * like- 
slmils nt aistnmcts vmipvj; 
• cl a wet sneer into a ^h- >r. 






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} b wulmdiiui Jm le di-Jiioiisi muon bar J iobehc\v.pr»M che 
coupon and well send tot! <’ur hr* uliurc with full specification* 

J plus a piece oi FlotcX to wurl. * «n vi misell. 

FKEtl’OS i; London. NS 7BR. 





AdJrc-ss. 


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Company 

Tuition. 


Mr>. Wilkin s»-»n. cleaner, had no tumble gettmg the Floto. back 
into r.potlcss condition with her contract cleaning equipment. 

Flotex is the perfect floor covering t* *r a huge variety of cun truer 
appl i cations, especial ly in places v.henc you U never da-ant of puuing 
oruuiJrt' carpet 

It V already been lujdi I v .successful m hospitals,! ittke>, shop-, L .ir 
shown ium? and even -.vaichuuses. 




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Carpet to work on. 


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OVERSEAS NEWS 


VVOREI) I K \I)E NEWS 


Financial Times Friday Novearfaet 3 r : 197 S 


Arab leaders expected to Chinese 

. agree on 

delay action against Sadat steel terms 


BY ROGER MATTHEWS 


BAGHDAD. Nov. 2. 


THE SUMMIT meeting oF Arab 
beads of state bere tonight is 
almost certain to postpone any 
decision on action against Presi- 
dent Anwar Sadat of Egypt 
Despite fairly general agreement 
that the Camp David agreements 
signed in September by Egypt. 
Israel and the U.S. are not a 
satisfactory basis for a compre- 
hensive peace, the preparatory 
tbree-day meeting of Foreign 
Ministers, which ended this morn- 
ing. was unable to make firm 
policy recommendations for the 
leaders. 

There have also been difficul- 
ties over tbe size, and method 
of contributing to. a massive aid 
programme for the front-line 
Arab states Iraq, which has 
been playing an uncharacteristic- 
ally moderate role in recognition 
of its position as host nation, 
has suggested a figure of around 
S9bn, although that would 
include a substantial amount to 
tempt Egypt not to sign a 
separate peace agreement 

Howpver. some support for 
Syria, Jordan, the Palestine 


Liberation Organisation. fPLO) 
and, to a lesser extent, Iraq, 
will probably be accepted by the 
heads or state. They are also 
expected to endorse a financial 
programme to assist in recon- 
struction in Lebanon. 

Another virtual certainty for 
the final communique will be a 
statement reaffirming the deci- 
sion taken at the 1974 Arab 
summit in Rabat to recognise 
the PLO as the sole legitimate 
representative of the Palestinian 
people. This, while of some 
political significance after Camp 
David, falls far short of PLO 
demands- Of nearly equal impor- 
tance will be tbe meetings that 
wilt take place, outside the 
formal summit, between Mr 
Yasser Arafat, the chairman of 
the PLO. and King Hussein of 
Jordan, about the conditions for 
bargaining on behalf of tbe Pales- 
tinians living on the West Bank 
and the Gaza Strip. The U.S. has 
been strongly urging King 
Hussein to take part in the Camp 
David process. 

Ihsan Hilazi adds from Beirut: 
Abdel-Halim Khaddam, Syria’s 


Vice-Premier and Foreign! 
Minister, has warned that Syria 
and otber Arab states will enter I 
a defence alliance with the 
Soviet Union if the summit fails 
to deter Egypt from concluding 
a separate peace treaty with 
Israel. 

' Mr. Khaddam was reported to 
have issued his warning when 
argument heated up between 
moderates, led by Saudi Arabia, 
and Arabs insisting on strong 
action against botb the Camp 
David agreements and President 
Sadat. 

According to accounts pub- 
lished here of the deliberations. 
Mr. Farouk Kaddoumi. tbe head 
of the PLO delegation, told 
Saudi Foreign Minister Prince 
Saud Al-Faisal: "If no effective 
Arab stand is taken now against 
the Camp David accords, Israel 
will nor stop until it reaches 
Mecca and the Saudi oiifields." 
Prince Saud replied: “ Mecca is 
protected by Allah, and the oil- 
fields are defended by our 
soldiers." Mr. Kaddoumi 
remarked: “The same thing was 
once said about Jerusalem.'* 


Vance-Begin talks on vital issues 


BY DAVID BUCHAN 


WASHINGTON. Nov. 2. 


THE VEXED ISSUE of Israeli 
settlement!: on the West Bank 
of the Jordan and an Israeli 
request for ihc US. to pay a 
mjjor proportion nf Ibe cost of 
withdrawing from Sinai, are ex- 
pected lo figure prominently in 
Ijjkt- in ?.'cv: York today be- 
tween Mr. Cyrus Vance, the U.S. 
Secretary «r State, and Mr. 
Men ahem Regin. the Israeli 
Prune Minister. 

Mr. Moshe Dayan. Israel’s 
Knreign Minister. yesterday 
hilled the meeting us important 
becau-f his negotiating team in 
the peace treaty talks with Egypt 
had reached the limit of its man- 
date. and several of the remain- 


ing points at issue could only be 
resolved by the Prime Minister. 

The crucial issue is to find an 
agreed way of linking the pro- 
posed Ggyptian-lsraeli peace 
ireafy .with progress towards a 
wider Mideasi settlement that 
includes autonomy for West 
Bank Palestinians. President 
Anwar Sadat of Egypt needs 
such a link to prevent his total 
diplomatic isolation Trom his fel- 
low Arab Heads of State who 
arc meeting in Baghdad today. 

Israel is reported to be asking 
the U.S. for up tn S4-5bn to meet 
ibe cp<u of pulling its forces out 
nr Sinai, redeploying them, and 
reae tiling Israelis established 
there since 1967. 


The U.S. has, in addition, 
agreed to help Israel, both 
financially and technically, to 
huiid two new air bases in tbe 
Negev to compensate for those! 
it would abandon in Sinai. 

While snoie U.S. officials pri- 
vately regard such a request as 
excessive, the Administration is 
not expected to quibble 3bout 
money with Israel, if all the 
other diplomatic snags can he 
sorted out. The Carter Adminis- 
tration has already shown it is 
willing to spend substantia! sums 
in furtherance of a Mideast 
settlement, with large amounts 
in this year's Foreign Aid Bill 
going 10 Egypt. Israel, and even 
to Syria. 


Australia may 
provide farm 
equipment 


tension rises 


anoi leader in Moscow 


By K. K. Sharma 

NEW DELHI. Nov. 2. 
TWO BATTALIONS of armed 
police under the control of the 
Indian Government are to be 
sent to the constituency nf 
Chikagular in Karnataka stale. 

Tension is high in the region 
following the death of two per- 
sons. including a girl student. In 
firing by tbe local police. Police 
opened fire during campaigning 
hi supporters of Mrs. Indira 
Gandhi, who is contesting a Par- 
liamentary by-election. 


BY DAVID SATTER 


MOSCOW. Nov. 2. 


JIB. PHAM VAN DONG, the 
Vietnamese party leader, began 
talks today with Soviet leaders on 
prospects for fun her co-operation 
and on the tense situation on 
Vietnam's Frontiers with China 
and Cambodia. 

Mr. Dong was received by Mr. 
Leonid Brezhnev, the Soviet 
President, and Mr. Alexei 
Kosygin, the Prime Minister. 

T:is>. the Soviet new< agency. 
-a»d conditions existed fur the 
expansion of Sovlet-Vielnamese 
lies in all fields. 


The two sides noted “with con- 
cern " various “ negative move- 
ments " in the international 
situation, in south-east Asia and 
the Far East and endorsed a 
policy of repulsing aggressive 
ambitions' a it'd altim'fcts* at rude 
pressure on independent stares.” 

Taxs “aid th« talks we-e taking 
place in an atmosphere of "enr-j 
dirtily comradely. frankness and 
mutual ' respect.” — a formula 
which indicates some disagree- 
ment. 


E‘ CRISIS m IRAN 



E j 

£i a § vra & g-j g 


BY KEY1N DONE. ENERGY CORRESPONDENT 


THE SERIOUS cut-back in 
Iranian nil production, caused 
by the strike of oilfield workers, 
has hit world supplies at a diffi- 
cult time. 

There has been a glut of oil 

due u> Inc ’-in-.gishci'.-ss of the 
world economy and rising pro- 
* fro-™ 'ii. 1 'nr pn’.v nil 

provinces such as the North Sea 
and Alaska. 

But in recent weeks the pic- 
ture has altered. Supplies, parti- 
cularly of lighter crudes, have 
begun to tighten and prices have 
started lo rise even without the 
cut-back of Ianian production. 
Demand has picked up especially 
in North America. Europe and 
Japan partly because of coun- 
tries stockpiling for the wint..r 
hut also in case OPEC countries 
set higher prices when th<-y meet 
in Abu Dhabi next month. 

With tin* steady fall m the 
value of the U.S. dollar — ire 
wiirld «»lt trading currency — 
'JPEG countries have seen a 
dramatic drop in the real value 
of their oil revenues since the 
iast rise two yeans ago. A price 
increase of 5 to 10 per cent is 
likely lo be agreed when the 
OPEC oil ministers meet on 
December 16. 

Whether the crisis io Iran has 
any serious impact on world sup- 
plies will depend on how soon 
the oil field workers return lo 
work. It appears to be accepted 
by the oil industry Hmi the armed 
forces, which have taken over the 
oilfields lack the expertise tu 
keep up levels of production on 
their own. 

If production levels stay down, 
the impact could be enormous, 
for Iran plays a major role in 
the supply of oil to most impor- 
tant consuming countries. It is 
the world's fourth largest pro- 
ducer of oil after the USSR, the 
U.S. and Saudi Arabia, but it is 
second only to Saudi Arabia 
among the world s oil exporters. 

Iran accounts for just under 
10 per cent of the world's total 
nil production and ibis year has 
been producing at an average rate 
of 5.7m barrels Per day. Given 
rhe stagnant level of world 
demand its production ha' 
remained well below its capacity 


of some 6.9m barrels a day. But 
Iran’s- production was increasing 
before .the strike at around 2.3 
per cent higher in the first eight 
months of the year than in the 
• a uie period of 1977. 

It ha's been rising when other 
major OPEC producers, notably 
Saudi Arabia, have been cutting 
production to cope with the tem- 
norary slut of oil supplies. Total 
OPEC output for the eight 
months from January to August 
was still 7 per cent (nearly 2.2m 
ban-els a day I lower than in the 
•saiwp period last v-egr. 

The latest information from 
Iran indicates that production is 
still continuing at a level of 
about 1.5m barrels a day. A 
number of tankers are still 
loading at the Kharg Island 
.terminal in theT.ulf and exports 
have apparently been leaving 
the country at a rate “lightly 
under lm barrel? a day. But 
:iii< si ill represent a sudden loss 
in world oil supplies of nearly 
lhrce-quarters of Iranian pro- 
duction. 

What are the results of the 
shortfall in production likely to 
be and how quickly will they be 
felt’.’ Iran exports oil all 
around the world, but its biggest 
customers arc the U.S., Japan 
and Western Europe. U.S. 
imports of Iranian crude totalled 
nearly 40m tonnes last year and 
have stayed at the same level 
for most of 197S. Japan buys 
about the same quantity, but un- 
like the U.S. it is unable to meet 
any domestic demand from its 
own resources and U> therefore 
more vulnerable. 

In Western Europe. West 
Germany is the biggest buyer or 
Iranian crude with purchases 
last year of 15.7m tonnes. Most 
otber countries in Eurnpe 
depend to a significant extent 
on Iranian supplies. For in- 
stance just over IS per cent of 
the UK's crude oil imports, 
worth £751. 4m, came from Iran 
last vear making ii rhe hte-rsr 
supplier after Saudi Arabia, 
which accounted for 26 per cenL 
of imports. 

In the UK. supplies from the 
North Sea are rapidly replacing 


imports, hut the country is 
unlikely to be self-sufficient 
before' 1980. In September 
production from the UK sector 
of the North Sea was only 1.05m 
barrels a day which means that 
present domestic production is 
meeting only about half of UK 
needs. 


But certain other count rle-; 
would feel a prolonged cut-back 
in Iranian oil supplies far more 
sharply. Iran has arranged 
several si ate-to -slate suddIv deal' 
f o circumvent the marketing 
power of the multinational oil 
companies, with the re“Ult that 

countries such as South . Africa 
and Israel are far more depen- 
dent on Iranian simp lies than 
mosri other consuming nation*. 
Iran is South Africa's major 
crude oil supplier and Iran in 
turn has an important stake ip 
one nf Smith Africa's mnti 
modern refineries. 

South Africa has ben biuld- 
ing a strategic reserve of oil in 
case of oil sanctions. These 
stocks could keep the count rv 
supplied for some time if tbe 
need arose. But it is unlikeiv 
South Africa would be ivilMnc 
tn draw on tbe reserve supplies 
except in a period of real emer- 
gency. 

Tbe cut in Trnaian production 
will first be felt in ’he supply 
chains operated by the major 
international oil companies. The 
bulk of production comes from 
fields operated h ytho consortium 
of Iranian Oil participants 
companies, which arc led by 
Britisb Petroleum with 40 per 
cent and Shell with 34 per cent. 
The consortium also includes the 
other major companies. Exxon. 
Chevron. Mobil. Texaco and 
Gulf, as well os Oompsgnie 
Francaise dcs Pctroles (Total) 
and a number nf smaller 
independent U.S. oil companies, 
such a a Arco and Getty. 

Exploration efforts by the 
National Iranian Oil Company.' 
sometimes in joint ventures with, 
other overseas oil companies, in 
areas outside ibe consortium’s 
operating region have not met 
with conspicuous success. The 


result is :’thai all hut vT9D.ui*i 
barrels 'a day of Iran’s average 
daily production of 5.7m barrels 
a day is produced by th«- 
consortium. 

Iran has been unhappy for 
many months with the lost agree- 
ment reached with tbe con- 
Stnrtium in 197.3 and negotiations 
have been going on in desultory 
fashion for aii of this year. Up 
(o September there bad been six 
meetings in Tehran since Ihe 
end of 1977 between the con 
snrtium and Y!OC but without 
any agreement being reached. 

The Rnyai Dutch/Shel) group 
meets lu per cent of.ils crude 
supplies from iron; but nn 
immediate impact i< expected 
heeau.se orders are p Iafied-.se verui 
weeks in advance and fliuch of 
the oil for immediate needs t“ 
already tn transit from the Guir. 
Ii would be about six weeks 
before the “trike made itself felt 
in the supply chain, said Shell. 
It had nor yei reached the point 
of taking compensating action 
for the loss of Iranian supplies. 

Prices can no expected to rise 
much faster, however, as traders 
anticipate a shortage of supplies 
developing ah-.-j-J of. the event. 
As one purchaser of! Iranian 
crude remarked » csterdpy: “If it ' 
is pro longed we navy 'aisiiunt ion 
equivalent io tliy 197174 Arab 
oil embargo ’’ [ 

Most *if the i»PEU countries 
have been producing fwjpll' below 
capacity* Saud. Arabia stilt has 
some capacity for lighter crudes, 
which are similar io Iranian light 
nii“. Bu: ihc Saudi government 
has nut been J con to* turn the 
taps on fully and earlier this 
year it restricted production of 
Arab ilght to RS per cent uf the 
total. This. n;»J already helped 
to lighten supplies?’ of light 
crudes before i.ne Iranian cut- 
back _ 

Lali* last year SaiU Arabia 
also “d a total pmducBbn ceiling 
of 8.5ns'. burro is u dai 1 -to help 
eliminate the oil glut In she 
early part nf the .sear production 
was below this level so it cnuld 
be stopped up n<r.v to nearer 10m 
barrels a day if u cnose. 


S. African phones order 
for France and Germany 




contract 


BY QUENTIN PEEL 


JOHANNESBURG, Nov. 2. 


By Diana Smith 

RIO BE JANIEItO, Nov. 2. 
CHINA has agreed io buy at 
least 1.5m tonnes of steel al 
a value of 5500m from Brazil. 

This amount covers the first 
three years of a five-year term 
set in the memorandum of in- 
tent signed on Wednesday by 
the Chinese Metal and Mineral 
Corporation and Brazil’s Sider- 
hras, the state steel agency, 
and Consider, the Brazilian 
stale council for steel and non- 
ferrous metals. 

The first shipment will be 
made in early 1979. A total 
of . 500,000 tonnes of semi- 
finished steel products, heavy 
and medium sections, 'tubes, 
wires and special steel will be 
shipped to China next year by 
either state-run or privately- 
owned Brazilian steel com- 
panies. 

Brazil faces heavy competi- 
tion From Japan and Western 
Europe, who arc Likely tn 
supply the bnik of the Iflra 
tonnes of steel China needs to 
import. During the three and 
a half week that the Chinese 
Melal and Mineral Corporation 
mission has been in Brazil 
visiting steel and iron-ore in- 
stallations, Brazilian steel pro- 
ducers have sought to persuade 
(be visitors that local steel 
products can hold their own in 
quality, variety and delivery 
dates. 

Yesterday’s memorandum of 
agreement is considered an 
excellent start lo a new rela- 
tionship, since It leaves room 
for further deals above and 
beyond the Initial 1.5m tonnes. 

The Brazilians also hope to 
sell up in 15m tonnes of iron- 
orr to China on a long-term 
contract. 


SOUTH AFRICA has committed 
itself to a fully electronic tele- 
phone system, which will be 
supplied by CIT-Alcatelnf France 
and Siemens of West Germany. 

A contract is expected to he 
signed shortly, after almost a 
year's delay caused by South 
African fears of potential boy- 
cotts affecting . supply of the 
equipment. 

AJ though no value has been put 
an the contracts, the South 
African Post Office is expecting 
to spend up to R3bn (£1.7bn) on 
switching equipment over the 
next 15 years, and up to R4bn on 
all capital equipment in the next 
10 years. 

The decision to adopt CIT- 
Alcatol’s E10 system, as well as 
Siemens* EWS-D system, follows 
the decision to abandon an order 
for Siemens electro-mechanical 
CP44 switching system, originally 
made in 1975. 

The decision was announced 
by Mr. F. W. de- Klerk, the Minis- 
ter of Posts and Telecommunica- 
tions, on his return from a tour 
of European manufacturers. 

Commitment to the French and 
German systems was dependent 
on &□ agreement to manufacture 
all the necessary equipment in 


South Africa, as a protection 
against sanctions, and this 
appears to have been reached! 

It is understood that produc- 
tion will be divided between the 
equipment manufacturing com- 
panies already operating id South 
Africa, including Siemens itself, 
FuLmen Africa, CIT-Alcatel's sub- 
sidiary. and Telephone Manufac- 
turers of South Africa (TEMSA), 
jointly owned by Plessqy and 
GEC. 

The first exchanges to . be 


equipped with the new equip- 
ment will come into operation in 


moot will come into operation in 
the latter part of 1980, the Post 
Office has announced, and orders 
will be placed soon. 

Senior Post Office officials 'con- 
firmed today that sufficient 
guarantees over supplies bad 
been given by the manufacturers 
to enable the orders to go-ahead. 
Thev have also reached - agree- 
ment on involving the other local 
manufacturers in the overhaul of 
the existing system. • 

Although local manufacture 
will not be possible for the entire 
system immediately, this will be 

built up “ in pace with the estab- 
lishment of the electronics in- 
dustry in South Africa seen as 
a vital strategic requirement by 


'the South African Government. 

Tbe decision to use the German 
&vstem as well as the French, in 
spite of the fact that it has not 
vet. beep fully developed, is also 
motivated bv strategic considera- 
tions, to ensure “ double sourc- 
ing *’ of equipment. 

Although the South African 
Government had already an- 
nounced its decision in principle 
to buy the French system, thjs 
was suspended last November 
after France refused to deliver 
two corvettes and two submarines 
in response to the UN arms 
embargo. 

• John Walker writes from 
Stockholm; The Swedish L. M. 
Ericsson group, manufacturers of 
telephone equipment, has re- 
ceived an order valued at Skr 
100m (SlTro) from Colombia. The 
order" comprises tbe supply and 
installation of about 100, 000 
telephone lines. 

The installation of the equip-, 
ment will be carried out by 
Ericsson's subsidiary company in 
Colombia. Earlier the. company 
won orders from Colombia valued 
at about S23m, which includes' 
equipment for 14 local telephone 
exchanges in Bogota and Barran- 
qnilla. 


- Financial Tiin*s Reporter ^ 

JOHN LAING International ba> 
been awarded a £ 12.5m contf&c 
by the Arab Organisation To 
Industrialisation to build 
helicopter production .plant a 
Helwan. about 15 miles south o 
Cairo. . 

Work on the plant, which wd 
manufacture the British Wes. 
land Lynx helicopter unde 
licenee, will start immediatel 
and is due for completion b 
May 1980. : The consultan 
engineers for tbe project ar 
Parsons 'Browa of Bristol, ■ 


, ' ,-oit'P 


Nuclear deals still oil, says KWU 


BY JONATHAN CARR 


MUELHEIM, Ruhr. Nov. 2. 


Davy in U.S. 

The U.S. .subsidiary ' of Dav 
Powergas, the UJC process plat 
builder, has been appointed gm 
eral contractor for a S140r 
(£S0mV chemical plant, planne 
by Occidental Chemical fc 
northern Florida, Kevin Dorn 
Our . Energy Corresponded 
writes. •r- 

Occidental Chemical is ix 
volved in a major expansion t . 

I its superpbosp boric acid dlam 
near White Springs, Florida, •£ 
part of tbe. build-up to a-targi 
of producing Ini' tens a year fc 
export to the USSR. The deli , * 
eries will be made over a perio ,J,vlT| 
of 20 years in exchange fox pu? i Mils * - 
chases by Occidental of Btnm>'l J 
nia, urea and potash for Wester 
fertiliser markets. Davy Powe ,, 4 

gas in ts U.S. has been give J*rTti|fi t 
responsibility For design, J»v{j|| v £ { I V ^ 
curement and construction 
on the second phase-^-costixi - 
$l4Dm: — of the project, which . - 
doe for completion in late 187: - 


KRAFTWERK UNION (KWU), 
West Germany's leading power 
Marion construction company, 
has firmly denied either that it 
has given up hope of firm orders 
fur four nuclear plants in Iran 
»r that its huge nuclear deal 
with Brazil is foundering. 

But the company, a wholly 
owned Siemens subsidiary, 
steeled that foreign business la 
becoming ever harder to gain — 
while at home KWU has had no 


By John Hoffmann 

PEKING, Nov. 2. 

CHINA HAS Issued -j strong 
signal that it will look to Austra- 
lia for murh of the equipment 
ami terbnnloev needed for :ts 
agricultural modernisation pro- 
gramme. . : . 

Officials ip.' Peking yesterday 
viM the Australian Deputy Prrnii; 
Minuter. Mr Doug Antb«nv. ih.il 
ih“V were interested in Aus- 
tralia’* capacity to produce 
machinery similar to that new 
on show at China's first iRicr- 
natirnai agricultural equipment 
exit i hi lion. 

China's haste agricultural plan 
ie in increase Tneff.gr ;i in pro'rtur- 
lion from ^ nrwm level of 2fiPm 
1**S5. . 

tonnes n year tonnes hy- 

A litth- mure p**r cent, 
nf China's laRi.-ii V*l! V.itetv.l 
ar t urutet intensive cultivation. 


new nuclear power station 
order for three years. ' 

Dr. Klaus BarthelL the iexecu- 
tive chairman, made dear at a 
Press conference that work on 
two nuclear plants being con- 
structed by KWU near, "the 
Iranian port of Btishir was 
proceeding well. 

The company still fiirmly ex- 
pected contracts to be .signed — 
albeit later than at first hopied — 
for the four nuclear plants of 


Currency invoicing 


BY OUR FOREIGN STAFF 


•MOVEMENTS IN exchange rates 
might reasonably be expected to 
determine the currency in which 
••sports -are invoiced but random 
surveys conducted to date by the 
Dep.irfmeni of Industry appear to 
.•ih'iw no evidence of this 

Toe latest survey covers the 
six months period to November 
1 5*7? when the exchange rate for 
the dollar ok a t?is sterling, for 
i no. a ure. had declined from an 
averaer st. 82 tn the pound from 
jn average of $1.72 to the pound 
dunng the previous six months. 

But the percentage of UK. 
export* invniced in dnllars during 
thl- ported amounted to 17 per 
ecru of the lota!, representing an 


Increase on the 14 per cent 
invoiced in this cilrreacySn the 
previous half year. -At ithg^same 
time there was no ' 'significant 
change in the proportion 7of UK 
exports invoiced in foreign cur- 
rencies generally.' - \ which 
amounted to. 31 per cent-' of the 
total against 30 per cehtlin the 
previous survey. ; i ■ 

The Department of . industry 
does not attempt to interpret the 
results of its surveys. It nfey well 
be that exporters are lot in- 
fluenced by exchange ratrt move- 
ments when if comes to invoicing 
exports; Alternatively it be 
the buyers who determine the 
currency. 


L200 MW each on which letters 
of Intent were signed with Iran 
last November. Should this not 
be so. Dr. Bartbelt said, then 

unpleasant consequences, which 
be failed to define, were inevit- 
able. KWU employs about 
14,000 people-hone of them 
currently on .-hort time. 

The value of the Iranian deal 
has been estimated at some 
DM lPbn f£5.25bn) in all — and 
the West German Government, 
has said it wnuld put up the 
necessary export guarantees to i 
cover delivery. But recently 
some doubts have been expressed 
about whether the deal would rn 
ahead at all in view of the 
current unrest in Iran.. 

KWU now bas a total- of DM 
25 bn in orders on its hooks and 
achieved sales in the .year end- 
ing September 30 of DM 5bn la 
sum which, however, . includes 
more than DM Iha paid by AEG- 
Telpfimken in connection with 
its rolinguishing a half-share 
in KWUt. No earnings figure 
has so far been piyen. 

No less than DM 22bn of the 
orders in hand are for nuclear 
power stations— and of that sum 
DM 7»fibn worth of work is 
blocked in West : Germany 
because nf court orders, legal 
delays, protests by environ- 
mentalists and the like.- 


UK aerospace export 

The UK aerospace todust) 
had a balance of payments su 
plus ot over £270m for the fir 
nine months of this year. wij. 
exports ^f nearly £843. 5 ip wc 
above imports of, . £573.8* 
Michael Donne writes. _ 

Figures issued by the Socfei 
of British Aerospace Corapanfi 
show that aero engines are nq 
contributing strongly tn theuve 
ali export pe rform arice. For tf ' 
first nine months, total etjgiF 
shipments amounted to .hurl 
£356. 5m. of ‘which new engirt 
accounted for over fllSnu tii 
rest being refurbished enginf 
and the sale of parts. 


Malaysian cement “ 

Malaysian „• . Governmer " 
approval has been given for. ' 
£35 id expansion of the Rawan 
works in. Selangor nf Associate 
Pan Malaysia Cement in wide" 
Blue Circle Industries’ su! 
si diary. Malayan Cement Berttat 
has a 50 per- cent Interest - Tt 
new plant which will provK ■ 
lJ3m tonnes of extra, capacit 
is expected to come on strwr 
in late 1980. 

Supply and " erection t ■■ 
machinery wiH. ; be undertake 
by IshikawajlmanHarima Hear 
Industries, r • . - 









Production 

% of 




mk 

Iri i\M:\ . ' 


Sandii 
Arabia , 


I^O ); 1 


Iraq 

2,250 : 

;,h ; ; 


Kuwait . 

1,785 

■ii. 


i Abu Dhabi 

]-■ 

1,^5 


m 

Venezuela. 

2 , 3 fa 

.' 3 * 1 : 

W: 

’us^ 

L 

9,830 ; ! 

' 15-3 


UK 

780 , 

. 

* 229-1 

USSR 

ti ,045 



OPEC - 'j 

' ’ rJ 

• ' 31 , 525 --;. 

i .. 

■ i )' 1 

$x$ :: 

Work! i; 1 " ; 

62 , 1 fi 0 : 


ijlaiifli 

^ rrd.l-Bra barrels natural eas Tmtifab & 

HMMMaj 

WTCQi BP i 



vomp^i ii it; 

S. Africa a purh 
keejfe its 
stockpile 


IRAN 


A 

KUWAIT* 




S AUDI 


v UAE . 


A R A B I A 


B bwpi 209 


) f iffves fer oUter dnfMrtaiit marlxU suSi aa SJtfrtai A hrMt not avai ST 


SarooiOECO 

vs~ ■■ 

Japan •, ■ .' •• 

W Germany 
ilaly ; jtjf ■„ 

I Netherlands 

UK 

Fraiiee; . . ■ 
OECD 

■“ “rr.r— - ' — ~ 

Total ■ 


1978 

219 

20»6 

8-4 

6-4 

, : 5-7 ;l 
■ •’4-9 ’ 

33-6 
91-3 
123 4 


-. 40-5 ' •' ■ '46;2'-' ' 

J?14-6i j-y/: 

: .:7P“6 ^ 

itftjhO 1 '.:;. -J l iiBWj!:2;;! ; :i;:ii 


| HH.LI0TI BaWBElS asatbqtbomgisn 



wra 


mm 


ten ■Beasaa 

fe ■g»-» |vs 

USSR . .v’;.- ; 75 ^T||jLg)ya • . 

Kuw ait : ■ ; -.-i:jS7 , - , Sp ; - I China : ;' 

; V ; ^34:5... . qif£w.; ; 


rWbrld " • ;:i;«454l. 






[« A tbs Jamal 


IRAS AH0 THE 
IHTERHATIOHAL OIL COMPANIES 


CONSORTIUM* 
[SHARE OF IRA NIAN 
PRODUCTION 

AND EXPORTS 


IU40K«RiELSi 

ppswr- 


Shah’s troubles may lead to OPEC price increase 


CUTBACKS IN' Iranian crude 
suplies on the world markrl, 
for even- a short time, are 
likely to have a .significant 
impact on the OPEC meeting 
in Abu Dbabi in December. 

Iran's long-term need to 
Increase oil revenues lo mccl 
soaring Government expen- 


diture has been inrreased by 
we pa> rises the CoTernment 
has offered to try io end the 
tiaie of strikes in Iran. Last 


year, Iran's oil revenues 
totalled $20. 7b ii. But it is 
questionable whether a rise 
of even in per cent in Oil 
prices would more than 
partially alleviate Iran's fin- 
anctal troubles. 

At OPEC*: ordinary meeting 
in Caracas, at tbe end of la»i 
year. Saudi Arabia and Iran 
stood together as moderates 
to quash demands by Hie 
“tjanks" wanting to increase 


the oil price to compensate 
for tbe decline tn the dollar's 
value. Then, Iran’s main con- 
sideration was the Chub's 
derire not to offend the ILS- 

Bnt Iran’s attilode may he 
complicated by the need to 
express militant attitudes for 
the benefit of homo consump- 
tion. while pri %ate!y assuring 
the l.S. that il Is nol rejoining 
the “ hawks.’’ 

ironically, the seriousness of 


the crisis in Iran may gi\c its 
demands for a prim/ increase 
added force. Saudi Arabia, and 
the smaller, conservative pro- 
urers, are dismayed by lb*" 
violence on Ihc other side of 

Hit 1 Gulf, and appreciate the 

Shah’s -.need lor more.; revenue. 

"HilliPzio. however,; . Saudi 
Arabia has opposed aft}’ drastic 
price inert-tee. and. because il 
i« h pixoial prot hirer, hay a 
decisive iuducuci- uu OPLU 



By John Stewart 

CAPE TOWN. Nov. 2. . 

JOINT CONTINGENCY plac 
of -the South African Goveri- 
ment and tbe enuptry’s . fiv 
major crude oil refinery open 
tors were set in motion yeste 
day as Mr. Chris Heunis. th 
Minister of Economic Affiair •'• 
warned of dire consequences fo 
South Africa , in the event t 
interruption of. Iranian o 
supplies. 

South Africa, is almost total! 
dependent on Iranian crude, bu 
witii its huEe stockpile {40n 
60m tons by various estimates 
is probably bener placed tha 
most western consuming nation 
to meet the present crisis. I . 
is less secure in the long tern - 
however, because many produt • 
in? nations have place- 
embargoes dp supplies. 

Because South Africa is 
relatively short-haul oil det 
finarion from the Gulf, refiner 
operators probably carry 60-SV 
days' stocks, with CovernmeiK jVo f f, ^ i , 
insisting that stocks be toppe. nfu 

up constantly. In discusion - * 1 1 J| 

with the oil majors. Mr. Heuni 
has stressed that ihe Govern 
merits strategic stockpile inus ' 
re mam intact at all costs ant . . 
cannot lie used to bridge short ' 
term supply difficulties. 

• L. Daniel writes from Te 
Aviv; The -policy adopted bj 
Israel in recent years otfo , 
diversifying ii 5 sources iof cnidcH 
oil supplies is now paying off, HIL I f 1 y 
According to foreign sourcesii. M I r* 
Israel has been import!ng|ulh p 1 

Iranian crude far two decades ‘{JfflX 
but over the past two years has • ” * r|Vv. j 

also bought substantial quantities'. 
of oil from Mexico aod other 
countries. . 

! The possibility of obtaining _ 

t North Sea crude was discussed . 

j during' the visit "here Iasi week 

jof a Norwegian trade delegation. _ - . _ 

i In addition, Israel Is rcceiviDg 

[20,000 barrels a dav from tile ' 

l Alina Field off A-Tur. on The : • 

I eastern shore of the G"' of " . 

Sue*. This, represents sot' 'to 
| tonne 1 : a year but of total r -ial • — 

renu i remen ts of Sm lomip* 

The. Alma /Field is t< be : C* 

t returned to Egypt under lb- to--.' . - ^Al 

posed peace treaty, bu’ tbe •" ; . T ' 
Egyptian's- have indicated that-, i v . 

they are willinar'to wii oil 
Israel from . .the Field gnd 
possibly also from Abu Rude Is. • ] .. .- , 

© Charitu / Smith writes, from'!' _ . 

Tokyo: Japan's oil supplies could. 
be reduced by up to S per cent.,' , , 

during the fourth quarter of 197S r . . ' ' 

as j result of the Iranian strikes, - 
according to unofficial forecasts. *• . 

This would correspond to about '■ v- • 
half the oil normally imported - 
from Iran— an' estimated' IT per 
cent or. tola] imports under . 
nonaal'circunistahcEs. '' 



5 




***-*»>> 1 
*5 La iv,. , ip % 

‘ ~ t>s. 

‘U» iT.;^ - 

wif. ,;■ - 
--**•*-. : 3 . .r .. . !s 

. ■ ■• ..“*7 


call for £2.3m 


tvs?!,?!- . •• •. •*•... - .— • • h- • . *•• •• •- 

to loser companies 


to save 


in 



rprj, r 
Citac^ij- " i, ‘ 

r :••• 

v *;i 

trust* ' • v 

ween: .*. ■.-* 

HU* Syr. V [?■ 

*jr r; s 

r,< J;. ■ 

*•■ Wnir; -'-;' 

fell) s-tt :[■•.;■ -Or r* 

5Jrc ” " ! o‘" ’■ 

SarfT !•..*•. C-^ 1 *- 

j*.*** -'-Ji 

‘Pttden'..;; ,- *"■ 

V&fl 13 ;. :n,.-.^.-:i 
•ipj&arr* ." r *-<>.,.■ 
f ythr - V - *£■ 
t : of Th*- ..”'i : r.; ! 
^rnd”.-;: -. r.-‘ >. .•■ 

■art '».o 

S > v • ?c'* 

3 & yfiars -. 1 

m, --L*y <!V-.V:":V“«si' 

rT 3’ t f - , *’ ■-• ,f • 

SSiser r«r-'> v-.V" : "'Tfc 
v tn ILt »■' V- 1. u «?£ 
PffO«t ! .:'. --.'J 11 

fgltelll -jt.'.i 
: 4b$ vr.i-j-ym* 
Z .. y^J 
'■ fftr tfi-’:- r,-,.:!.' -"- r 


BY JOHN ELfcKJTL INDUSTRIAL flOtTOR - .••■ 

LEADERS OF. :SjkJdttf«derati on. pnees' paliey . shortly' -.before be 
of British Infldstry'. Jast night sow TUC leaders in the evening. 
sald'that“ Cdymls^Itra' ‘ if Was thVlasr meeting -before 

should nor. ift'gfyen powers to the tonfedcrarion briefs its annua? 
stop.' price' increase* proposed • fey' 'conference 4;*. -at • ; Brighton on : 
loss-iPahihg-cdmpaoiei .. Monday and Tuesday and debates 

They told ^Tf. Denis Healey; paypolicy. -■ 

Chancellor;. tiatit.'wiu!r.. K madness -".l#: wav Then s« the Chancellor 
to beJ ieve ‘ ffeat : .price: controls again later ffri- tbe;' week. after 
should be applied to lossrtnalunp the- TUC economic committee 
siriiatitrosKv - A :■/ ’: f.kbatf1feid*^^. d 'prnw;lo be 
The call' caine "after , a -sneech la.'riectsive meeting next W ednes- 
made’ b#. lifr- 'Qiarlies- WilhamS, jjav... - ", •; * .. • 

chairman nf ibe CQmmfssfoOi ‘on. ‘ J -The . - confederation, sa >a t n :< i , 
'Wednesdav.;in which he referred- tfee_re, 5hpuld .be no -efianges m 

to Briti'H TUnj nri^-ri^ applies ^v of-the.. price jwe.^afemiard'!. 

tions.' The Price Code’s present: ; • If alsb urffed pat the Uovem- 
losSrmakShg 1 safeguard- -meant.. ment : should, . lo -.its nay 
that M anv firin that is niaklne a ; -limits=anA.shOPld ^."t -relax them . 

loss is - effective! v dhfifwi to . cn 

price move* it thmk*. flf'until;it The :.flowmn »>P should also 
comes back :iafojjrfeftt. ,r ' . : ‘ not enqoufa^ woj-ters^o claim 

The' ■ qonftd'tfatwiirt ; . leaders the full SW.^' rate allowed for 
were nteetin^ Mt.-Heafev yester- low paid workers, necause not 
dap for. latent ni tip ir- series, a H cbmpanles^oultr afford to pay 

of talks on the future of Pjay, and- i% - ;• • • : - , * -/■ 


Smie cMims case 



K ; ae rose ace tv * BY Bartholomew' and wong sulong 


tp* -.-r 
feria -a 

‘ ;?■> 

fea».-r li-.e-j .. , i? 
S7-;r; 3 :) 

W that ..V. - * 
triwuir j 
ratSCrl ;vr 

r*:-mn» " ! 

s«n**?d S 

• 'bi-.Tiy r- •' - 

: rv - ; • • 


3?3>‘S’;?n 

faffl.v*:.?: 

KSYZI hr- 
-• - 
w •• 

t MaW" : : . 

•S LsT*:’ 

i5») . 

•> 

mwteg • 

If--. 

■ 


i-'Crn^ni 


Atnca 
|eeps its 
fork pile 

r. >--" 


SIME DARBY HOLDINGS y ester- and has only one office in the 
day . claimed , that —its .London' 

solicitors had advised the group Sune stron^y . .criticised. Tu- 
that it has a orioia facTp case quand's. behaviour, since the 
against 1 its auditors;, Turquandj sackhig was^annOMDced ^ 
Youngs and Co: for negligence . “ Turquand^has .chal len eed he 
and breach of statutory du^-yith boards, pood : CaiQv bj im- 
reaard to the audit of the' lfl72 .pugmng the u sweemv of the 
accounts and. fW^sihly-. .earlier-recommcodatioo share holers, 

audits - . Ur -rtraking- -this ; challenge. Tur- 

This damagm* -aU eg at ion has quand has lairocbed a press cam- 
brought toT^lima* the ' most P a ^5 in^ which they have used 
bitter ouirtic row iir recent years confidential ?nfonnauon and 

JffiSSfif-- fW"*' 115 Wither Tur- 

Si'me confirmed-. vesterdtfy^het quaDd^wasattfemptiDg to warn 

" Certain', directors -believed : other boarda^.nl^g of siving 
Tumuinfl should ^ave -beeff them the sacV4bat_ -the> risk 
sacked after the «.Pinder>affai< involving themselFes iTi an 
Most . of the irregularities., acrimonious amlunpleasant pub- 
according to Simc.- took place, lie. debate.” .' i 
before the end, of ‘.the 197.1,72 ^LastnighL Mr.DennlsGarrett 
financial year' Thr'.view of these -Of -Turquand Youd* 5j said that, 
directors h that Tm-quand bad the firm wouJd be having, further 
taken too long to nneover what ifiscussions with its wsar advisors 
was going ort. ' • - in the light of the Slme Darby 

The' Singapore- .Society- of statements. It would meke a full 
Aeconntantsl - is Investigating reply.burbecause Ithadhadno 
TurquamFs- tote-- in -those years. . advance ; .notice^ of wbat; Sime 
Sime sfated. ■ - ■ ■■- Darby w^ssaying. this could not 

Slme still denies that, the be til! early. next week.. • . - 
“ Finder affair •“ is tfae root cause -.“Wc d3dr not receive a copy or 
of .the sacking. It stiltasserts .the , dncuments in ^London in 
that- the international 'coverage advance of those- denied to the 
of Price Waterhouse is ithe ipam' Press, -bnr we assume that the 
reason. . - Unlike". Price : .Water- . iTSim^arhyl board, haying dis- 
hoase.-- Sime jsays Tiinftianit: has closed iqj -represen rati nn.- wHl 
no. offices in^the -PtiUippTnes.’ Ini- now send -.our represemations to 
donesia, -India. JapaD Or Jvorea the shareholders”/ • 


‘Unfair competition’ 
hits State ports 

BY IAN HARGREAVES; 'CORRESPONDENT , 


NT • • 

- 

tr a-V. 
U? 


<i\ :V: 

rvy{-y. 


THE PB OF IT ABILITY ofsotne 
State-owned, ports, is being um 
dermined by competition :£rom 
ports . which - benefit- :.,.&om 
publicly-financed subsidiaries.- 
Sir Humphrey Browne.- r cbaj'r- 
man. of the British,: Transport 
Docks Board; which ". tubs ’-otie- 
thiTd of British' Torts, said yes- 
terday that unfair competition 
from. certain ports was one of a- 
dumber of.- factors -which - had 
checked the board’s .-financial 
progress this: -year! ' 

He was reporting a net pre-tax 
surplus OF f 6.8m for: the , first 
half of this year, compared with 
£8.7ra in the same period ; lasV- 
year. I.;'. ' .'/i-- T ~ 

- The- most r -serious .blow had . 
been . industrial ' -ucilnn ' al 
Southampton before tbe-commis- 
stoning of the new- South African 
services container berth. ' This 
had cost the board. £3m and 
would keep Southampton -in the 
red for the second successive, 
year. . 1 


An increaslnnly troublesome 
factor was undercutting from 
Bristol and. to some extent from 
tbe Portof London. This was hav- 
ing a -serious imnact on the: 
board’s ports at Cardiff and New- , 

Jlfn- Keith Stuart, the board’s 
managing director, said that Bris- 
tol ■ was offering new customers 
‘ rates which were more than 20 
per cent below those available 
elsewhere. 

: Sir Huinphrey pledped that the 
Hoard -would again be sticking 
closely to tbt letter of Govern 
; ment ;pav policy in negotiatons 
with - unio ns, which were just 
- beginning. 

/With the shipping industry 
,‘stiH in .deep recession, future 
prospects were tight, but the 
board was stating its failh in 
the lonver-term position of 'he 
.industry by stepping up its capi- 
taUnvesfraeDt programme. 


THE MARKET for Impressionist 
and modern pictures Is obviously 
improving. After Christie's 
success on Tuesday bight in New 
York in holding its best sale in 

this area for years with less than 
7 per cent unsold. Sotbeby^s 
followed it up on. Wednesday 
with quite a good auction which 
totalled $6,702,000- . ; . However, 
the bought-ln percentage was a 
much 1 -higher *25, mainly .because 
four big lots failed to -find 

■ iroyeM- , ■ . 

The highest price was tbe 
$$60,000. just above forecast, 
paid for "Jeune femme regar- 
dant uite. esiampe’’ by. Renoir. 
Another Renoir “ Jcunes femmes 
dans an . pcysage " realised 
$290,000 as did three other lots 
— “-Ln Seine pres de Gizerny 
by ' Monet; “ Nu‘ couche " by 
Picasscc . - and “ Le •. collier 
' dqmbre.7 by. Matisse. *‘Pom. : 
miers en fitter,* also by TMonet 
went, for CTKOOO; “ La Musique. 
another ' Renoir, realised 

S240.000;.’ -.and a Vlammch 

. “ 3fqnt / ; Valerian.” . fetched 
S205m 7 ^ 

- Bonham's produced the. highest 
total ■- of -the ’.day in London— 
f 125,670. fof.Con-tinentaL pictures 
Ao oil by. Sidney Percy of 
DBswater’ made. £5.500; a 

: of Eton College by Richard 

Hanaden sold for £4,300; and a 


view of Berlin by Jean Pascal 
realised £3.200. 

■ The second, day of the 
Sotheby’s auction of GJd Master 
prints in Loildon brought in 
£49,367 with a top price of £5.500 
for a set' of 101 plates of Ancient 
.Rome by Rossini. At Sothehy’s 
Belgravia, silver totalled £38.912 


SALEROOM 

BY ANTONY THORNCROFT 


with a large service of table 
silver, made around 1950 by 
Viners. going for £2.000. 

Four Louis Philips tapestries, 
of tbe seasons, in the Louis XV 
style, made £13000 in a sale of 
Continental-' furniture at Chris- 
tie’s vesterday. They were 
bought bv Alexander, jhe London 
de^le’’. in a sale which totalled 

£inij>80. ' ... 

A total of £45.117 w«« rpali6»*d 
in the first day r.f ^nnlrv Gi>’- 
bons’ two-dav auction of aN_ 
world stain ns. An unused i^'d 
fl'M' 

an unused comer "‘‘ir of lSh«-SN 
2«; brown stam n<; a marginal 

inscription made £900. 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 

HAVE asked Singer from which to develop and If the company would nor 
Uh tCMnvesl an additional launch new machines i-jpable of make the extra inie'tmcni 

at its Clydeshank sewing machine winning back the share of ihe needed, the unions would 
P k° 1 l, i. s ? ve uf 1 * te r'^° market" lost by Singer in recent approach the ''lovL-rnmcm. The 
lobs which will ho lost in a years. Si'Olii ,f h DevHonnieni Agency i* 

production rundown over the Sir. Much Swan deploy con- making U» own evaluation of 
next i wo years. vonur. <*:urj ibat ibo inm!i. w«-rc report. 

The proposal, recommended in nnl von ^nihusiasiic al wii.n rlic .. think u cmati 

a consultants' studv cominis- report had said, l! -til- meant , , *' t 

sioned by shop stewards, was put the lo-\* of 1.8^0 joi>-- — mu u price to pa. these days fur ihe 
to the management yesierday was hojir-d thi> cmild be s;iving of 1 000 jubs and Lhe 
after il_ had received overwhelm- achiev-tl w;lhmit reduniUnctc^ relOhiion rff a faetury in the 

ins backing from the 4.8im by early retirement and wtsi of ScoiSand.” said Mr 
workers at a series of mass meet- natural w:i»t:ise. Swan. 

lngs. The company said thal il 

would give its preliminary rca i- 

p o wer Dynamics goes 

announced in June and included • j • Z-~. 

tiie closure of factories makme 1 F8 

indusiriaJ sewing machines :mrl ^ V tlSlUip 

needles. leaving only the! M . BT . N taylop 

assembly nf domestic machines! by mart.n taylor 

from Enrooean components. nFCEIVER wjv appointed r« inve-d or lend furlher funds 
However. £8m was lo be spent v ,. s j or ,i^ v at Pnw-'r P-namicA nnri the direcinrs •.vere ohliuod 
un modemisaiiun. |j jP R r iilli"2inn-b:ised hydr.iulic t«< put Ihe buxine*^ imr. receiver- 

ibu union’s response wa> ■ tube-1 , end' ne machinery com- sfvn 
com mission a >tudy by FA Man- papv m whirh tin- Naiu'.nal En- The receiver’s inicniion is in 
agenienl Consultants which cn-l tt-rnrisc Board holds a nne-lhml offer lhe hus- ness— which em- 

£100.0110. A quarter of lhr* »•»«: s i ;i w,.. pines .'ihriiit 2.0 people* — as a 

was met by the workers through The company's auditors, .u'dou concern if pnssibb* 

a weekly levy and Ihe remainder rtebiuii* Ha-kins and S«.-lls. re- The Enterprise Board invested 

by ihe Government, through the; purled io share '.millers il,.n in- in power Dynamics as recently 
Scottish Development Agency. fnrmaiion ihcy had been »ivun :i ? February. I»y suliscrihina 
Tbe report, disclosed yesier- in rcspi-ci uf ii< JOT'i and 1977 friO.nno in new cquiiy uiving it 
day. recommends that proiluc- ! accopnu .•uini-ared m cimiain a one- 1 h i rd sink o in ihe husi- 
liun of jmliMlrul ma«-hin«-s and J cestain ir - c:;iil:'rni**».” nt-'s .md ri20.iififi in fit per com 

needlo.s shmild lie retained, bui ! In llic-so cmdilions. now redeemable pref<*rcnce shares 
on a reduced scale, roni-onlral- f nn«n.'y was ncces--ar> in rei lhe 10S2-S5. The company was said 
in" un the most cumpclilive : company's accnunis in order. Ihrn to have been consistently 
models in the (iinae. 'The k'.hteiprbe and ihe pi-cfii.~hle since ii.% foundation 

This would prm'idc a base r.uiinaiv - . hanlreiN d'-cnlrd noi :n 1974. 


prices can 
be raised 
by 5.5% 

By Da«id Churchill. I 

Consumer Affairs Corespondent 

THE PRICE COMMISSION cave 
the trr. ahead yesierilav to Propi:.T 
ami Gamble to raise prices for a 
ran 'Jr id <n-ps and derere^ni? by 
S5 nor p,--ni. Tlu* coin n a iv has 
p'jrecd no! to r.ds-' its price.-' i 

tin’ll July 17 next your 

nples.c ihcrc is an unexpoctorl 
:*nr! wiihe|:in»iat i nvrr-.is- in ensts. 

Pr-iilncr* affected arc Tide Dar. 
L ’aiiy *snow. Fairy L'n"ut. Fi'i'h. 
K : iiry fr.il:*! ••■oan and cithe* soaps 
:*nd deterrents. 

Thy Coin mission’s report 
.peaks nr :■ wid«*«nrc<d pr:i«' ,i ':c 
in the- indu.-rv of retailors offer, 
in^; P-mnorary price reductions 1 
on tho " m ^mifaeturprs’ recom- 
mr-nrtod price. 

La-*' mop;h Mr Rot HaUCTPley 
the Pnc-s Socrei a ?■>.■. nroniised 
Ifeidslins to tr-nlrol widofurp^d 
use of in •« leading bargain offers. 

The C>fflce of Fair Trading had 
made a survey into how far such 
nflor- niNb-d cinsiiiiierp and a 
Price I’nininission report on 
Lever Broihi-rs which criticised 
u v.- of “ lemmirar.t ” price red tic- 
turns when ihese offers wi*rc 
rnoro permanent ihan i«*mnur:iry. 

Procter and Gamble said last 
nijht that it did nor believe 
every package in a sinre should 
be iTcsenied a-‘ a bargain offer. 

■■ Nmi nnlv is This misleading 
:*nd confusing to consumers hut 
the proliferation of lla«h packs 
reduces manufacturin'. 1 efficiency, i 
adds to cost, and interferes with 
the retailor** rtcht to set prices j 
in his ov. n store.” 1 


Ladbroke sells shell 
of penthouse 


BY JOHN BRENNAN. PROPERTY CORRESPONDENT 


LAD BROKE GROUP has jusi 
sold tiic most expensive pm in 
London— the shell of an incom- 
plete 4.300 square fool ncmimuM* 
tint otcrlonkin" Hyde Park, which 
feiched I’Slin.rtOU from a Middle 
Ea-lcrn liiiyer. 

As ihe sale involve-, cash stage 
payments unit I building work i*. 
finished in July ihe sale price, 
plus interest on deposit money, 
means thal Latihnik** has sold 
the empty Hal for a new record 
price nf £200 a -.quart 1 foul. 

The MY-hed roomed penthouse, 
which will include staff mums 
and an L-bhapod swimming p»ol 

on an -extensive ronf terrace, 
fnrm- hie peak nf Larlbrokes 01- 
llat Hyde Park Towers develop* 


men i on Rayswaier Road. The 
buyer is likely to pay as much 
again lu fil-iiiii the cmply Hat. 

Ladhrokc;. rhrmigh its agent 
Hanipifin anil Sons. v. ill receive 
over i7mh front Uai sales in the 
block. The 11 :l1s rente in price 
from £5G.flOO fur "ne hedru"m 
•in it*., rim for four bedroom 
Hats with park views, up lo lhe 
£0.Sm pen; house -uile. 

The group is one of the first 
residential property developers 
in introduce deposit and stage 
payment sales to the British mar- 
ket. a system now widely 
accepted on the Continent. And 
the ’i.-oup reports that nine in 
10 of lhe buyers have come from 
Middle Eastern oil states. 


Mortgage subsidies cut 

BY OUR PROPERTY CORRESPONDENT 

SUBSIDIES TO Britain's 800.000 loan or fS.000 will pay an extra 
option mortgages arc la he cut £1 a month. 

hv 1 per cent from the New Year. The reduction in the subsidy 

r . . 'pl c- is less than had been expected. 

Mr. Peter Shore. Environment Sineo , hc inlrothloljon w of a 


Secretary laid a Parl.amenury ; cduccd r;ilc lax h:tnd 0( - 25 pe ' r 
drat or. or yesterday cutt np c ^ ^ Qf 

level of Government subsidy ;* 


eve, O •Oim.m en. *uu«u, earnin£;ji in thc April Budget it 

; 4 : 'r r , 0-0 b*'rt be»*n expected ihai'the 

fiom Jjnu.ny 1, t. .9. Gnverniiioni would incorriorsile 

This brings the subsidy inlu such an adjustment for the lower 
line with standard rate lav paid in its option mortgage 
relief on normal mortgage scheme and cut the subsidy In 
i m<*r c*-l pay men is. And il means below the 33 per cent standard 
i ha i murie.'iye'-.N with an average lax rate. 



e 



efixre we talk to 
j one on the rich 


the 











Second water chief goes 

THE -: .SOUTH-WEST ’ ; Water two years 1 ago, Mr. George 
Authority faces a similar but less Gawthorn. the Authority clivir* 

siaw Roy 

or the great drought of 1H7 v*--"7 SIficombe. 54. managing director;. 
After '-handling . the situation is leaving at the end of January. 

Modern picture market 
shows improvement 


He’s got jobs to offer. He’s looking tor one. 

Put simply, our job is to help the 
employer find the right person for the job. 

For those employers whose needs 
are relatively straightforward, we would 
recommend that their vacancies go 
directly to our self-selection display. 

This can happen within minutes of 
your telephone call. 

But for those of you who need a 


wider r an g in g and more selective service, 
we’re also well equipped. 

We might recommend, for instance, 
that we compile a short-list of suitable 
applicants. Our employment advisers are 
able to do this because, among other 
things, they’re in constant touch with the 
local labour market. 

We sometimes offer the facility for 
you to use our offices to conduct short-list 
interviews yourself 

And, through your Jobcentre 
manager, the chance to find out about a 
whole range of opportunities relating to 
employment, including direct training 
services to industry. 

Jobcentre services are free of charge. 

And each one of them can only 
benefit the one on the right. 

As well as the one on the left. 



Th 







Financial’ Times Friday 


HOME NEWS 





Birmingham lively 
to be permanent 
Motor Show venue 


needs firm grasp 


BY MAURICE SAMUELSON 


BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


“ BIRMINGHAM IS to become the separate car and commercial 
" permanent venue for the Inter- vehicle shows. 

' -national Motor Show. However, many of the com- 

■ : ffhe Society of Motor Manu- pooent and accessary exhibitors 
: ’ facturers and Traders, the would men have to face, the 
organiser, hopes to negotiate a expense of . an annual show — 
long-term contract with the because they would need to be 
'National Exhibition Centre so at both. 

. rhat the show can return every The society has suggested 


INDUSTRY CORRESPONDENT LEGISLATION MAY be 

needed because of tbe “ insuffi- 
parate car and commercial cienf progress ” towards metri- 
iiiicle shows. cation over the past 18 months. 

However, many of tbe com- says the Metrication Board In 


two years “ for the foreseeable building 


perimeter 


suggested i 


- future." round the complex to eive more 

The contract is likely to points of entry and reduce | 
. include agreement on expansion queueing. This would 1 also 

- of tbe exhibition space and other enable visitors to walk in and 
• changes to permanent facilities out of the halts without pass-out 
. so that Ibis year's problems of tickets. 

long nueues and overcrowded More display space could also 
bails do riot occur again. be provided, either in new 

Some 90S. 1 94 people had paid permanent balls or in temporary 
. . to sec this year's show when it exhibition balls. 

.icloscd its doors last Sunday. 

" There wore 5.313 registered trade ” icMuillty 
. visitors from overseas and this Car displays — tbe biggest 

' "was only a proportion of those attraction for ‘the' public — will 
who turned up but (ailed la almost certainly bo spretd 
,■ register. among additional haUs in 1980 

-• Sir Ban-ic Heath, the Society's They will possibly be combined 
president, said yesterday: “The with the -component aod 
myth that British or overseas accessory stands, 
visitors would only come to a Tbe society is also considering 


its 1977-78 report, published 
yesterday- ' 

Although metrication is air 
“ established fact' 1 in most~ 
of Britain's economy, the 
board says that progress over 
the past 18 months has been 
insufficient from the point of 
view of Britain's competitive 
strength in world markets. 

“The choice we have Is 
between completing rhe change 
to metric within the next few 
years or settling for an indeter- 


minate period during which the 
inefficiencies and inconven- 
iences of using the two systems 
side by side will grow. 

“ We believe it will be best 
to grasp this nettle firmly and 
to' achieve the transition to 
metric in an orderly fashion." 
'.The retail trade should gear 
itself for orderly change on a 
voluntary basis, with an agreed 
timetable for sajes of welgbcd- 
out and measured goods. 

Legislative obstacles to such 
a change, such as the require- 
ment to give- the unit price to 
certain goods only, in imperial, 
should be removed. 

If the voluntary approach 


failed ** urgent consideration " 
should be given to the need 
for legislation. 


UK attack 
on French 
fork truck 
design • 
demands 


by ‘doubtful’ claims 


r'iegisUUon'. i *«*»«-> M** • , BafaTi spite -of the faati.l 

Speed limits and road signs f ? r * ? uc ^ WHHam P Kurt Wailerstefner. tbe Dr-. WaUersteiner is held by the 

on it! »isn ho .h.nmri to backed by the Department of international German authorities in jail la 


BY MrCHAEL LAFFERTY 

COMPLETION OF his *«» 


should also be changed to {backed by the Department of i arH er-iban4ife international German i 

metric, says the board. .Trade, is to caEl on the FreDcb g n!lfl(i j er> jj 3s been hampered by Frankfurt 


’.Trade, is to can on 


O Eariler this year, -the Gov- i Government to -withdraw plans claims for debts of Central to the trustee’s proh 

-r itn, >.rn latura Tnan/laJrtrv riecion . * . .. 1 t-.i hi r„ „nrsnplHnP Dr. Waller. - 


era mem was so afraid of ! for unilateral mandatory design: doubtful, validity, leras In unravelling Dr. Waller- 

alarming the public that it . standards for Industrial truck* accordins to Mr. Christopher -steirier's business affairs 

-.LJ . ■ .1 4 I „» cirr mASiine in Rmeeaic. nTOJ*W»*fiS w . V.(^ (imiv'e Farm It pn Trust 


withdrew two orders that 4 , 

would have plugged ihe re- i next week. Insolvency partner who is Dr. l a Liechtenstein. This is toe 

malning non-metric gaps In j Tbe French standards were a vYallersieiner's Trustee In Bank- origin everything leads back -to, 

the shojfe. They eov ere d sales 5 serious notirtariff barrier. -to llotc , v says Mr. Morris. • • 

of hardware; fabrics and car- {trade-- Whitehall officials said £ ■' „ Morris has rejected Another factor is the large 

pets, and of '* weighed -At ” ’yesterday.. Britain could Jose JiP i^Jr^ahnut £i4.3m out of number of companies— mps 

foods such as fresh fruit, vegc- t to £Sm- worth of fork truck _;?* *«■ °£iRm The largest little more . than impress}?* 

tables and meat. {exports to France each year \**U ^f^credlTln- sounding shells -operated ta 


at an EEC meeting tn Brussels Tho senior Touche Boss to be his family’s Fannllen Trust 

next week. . . " . insolvency partner who is D f . l a Liechtenstein. This Js the 


foods such as fresh fruit, vege- 
tables and meat, 

Gohig Metric — Progress ii 

1977-7S; SO; £1.25. 


Higher short-term interest 
rates predicted in reviews 


exports to trance eaon year f", «i7m wine from Credit Xn- sounomg 
in urrtess the French adopted - a- central Dr. WaUersteiner throughout the 

more flexible approach. ' . . • du Utan - ot world- Among them are name.; 

All fork lift and other indna- Afnc*- . alleged con- such as the Rothsehttd Trust Chi 

December S ... be subject to .SSMTF W ™ & 33 


standards. 


S down in Togo. 


- fnr-ad of Swaziland. ana wenercH Dane 
stelners aircraft was forced Qf ^ East. .He ever 


the Internationa!' mechanical 
handling exhibition ro- Paris 
from December 5 to 13. • 


down in Togo. ' had bis own .auditing ftrin— 

Another, for £4. rm, cam* from NatJoiaal Accountants ahe 
a Herr G. Schmid, described as Audi tors— according to a com 
an- attorney at law in .west seal. discovered if 


The French Government said ■«- attora ®>. at J™ ‘JLinaUv P an - V seal d ‘ s ?° vered ir 
that trucks which did not meet Germany. There were originally Germane. 1 

th? new ^tandards 1 mlgW ^tlir suggestions that this man was So f ar . Mr. Morris has realise^' 
bSsbU-but tiSTy -mSt ciri* ^'connected 


• visitors would only come to a Tbe considering' BY MIC H AEL ®^DEN Jjw SSS 4y conneVied with" Dr. 

Sd W to n ri?" d0n has been firmiy H» h vl thC rT r n7 5t thf te H»v ra if! HIGHER ™te«st in the UK .and says that market Monetary trends should also a certificate saying so.. . The Sfu^SJfwS' debtsninnine to about£I8m. B ? 

ai ThP°5hnw cn«i ihe qni-iPtvmorei ratcs in 1156 UK 3re forecast by sentiment has been adversely be reported on a three and six- manufacturers had to. submit by ^ t £" 1 ® chl ^ d t ?JJl ir i e _ |f av _ now far . larger iof ■ Git,. 

•'thwVm to°*ta« bS V^rnade v Sl? ^ f everal Ciri' commentators in the affected by serious uncertainties month moving average basis as Monday proposals for modifies- J5* c 5™ JJ" i? 1 *? 1 wbeOier & he r eaiis atI on--about in al 

' a healthv n?nfir 6 ft i?n?w in „L HUSISiL vehicles or | atest batch of economic re- over U.S. interest rates, wage well as with reference *o a fixed tions lo meet ihc standards.' “?! t - doubl to wbeUier Be —came from the profits - pf . 
a oeaitny pront. it is now con- garage equipment. views nre^surec fhp nm n n »i< furo Him exists. , series -of five Lloyds under 

‘ huSVh°J,h he , 6 n r S L me J n L i,S ,i aid - U ^ I cri . ti « 1 Stockbrokers. Phillips and ?e!n M?neta4 SjK ai.5 the Looking at recent experience. Effective ban V . , Dr. WaUersteiner » 

‘to » °ex m hlhi.ora 0ken \o?s Tnd The Tub lie ZuTti rat« Ts StS ^ £££?* ?*, U ? m tflnSs^Uney rtW™' ^ of EEC in- d.».i«lSirded "$£%£&! * not^T tfih 

This depends io some extent considered and •* wbai may seem inppHed^^ inrindinJ nShlv an ^T Ke announcement of a firm dustrial truck working gtd up on a g ains t him far various frauds w -,u eo Tn eostB. - Already- allow 

on the kind of financial commit- an ideal answer to one sector of . f n e c ede a d se Tn mflimSm iend.S' a " d f n red ‘ b,e ™ w tar- « loo rap ^ though Thursday aD d Friday next week gg breaches of trust The Jgji gjiSTrua to £lfi.00n hnr 

ment rhai the Society might have the industry may be quite ;i ate t0 underline the ffovenv ™ Ki \ *?-«„-« sar f fulu " K C( Lufu-Pd Trfwn e ° was ceiled to hod a way of affair mainly concerned two pub- t here"is P at least another £20.0« 

to make to aoi the necessary inmnictical for others. " lieSVi eoSnSni “mSSali ™“ k * * *h»t the in™«. ling the French pUna so Owl Uc C ompaiies-HarUey Baird ^ and exuenses to b. ' 

physical changes made m the site. Sir Barrie said'. "The great: w, n monetary and exchange rale ■ tU ^ il?* * l X ei >K^ enin S financial H , , * ' " they not jeopardise - EEC arrd H J Baldwin— Of viihlch hilied by Touche Boss . : - 

One of the exhibitors' prob- thinjr is that w, have the time. I JM ” ^ ” Chan ** e fdle ^ ffl %ef * diSST this !? harmonise truck design gf d wall^rsfemer secured eeffi/ ^^How mudTof the total, o, 

lems at ihn year ? show was thai the Society committee structure; n P 7oeie and Revan forespps t Wr ' t ® xami . nes reasons ly-ji pci cent aur ng inis standards. Uol (j ur j n e the 1960s. about £3ra elalmrii bv Hartley 

the crowds Prevented trade and the flexibility within ihej a ser ie° of tahier mwISIS ' ln t ^ l , ccnre ’ ,n " ?ent tareet ren-e nf M* oer * The S , r0, i P W ^ 3ted t0 puf3 J lsh a A Department Of Trade report Baird and H. J, Bftldwm wUJ fei 

buyers from seeing people they facility and its management to | po ]lSe-f through 3 the nTxt yea?. Ui loth Sat 3 fhpV^hnirpTr cenl * " 1 “ ? S " " P ® r6 ‘ , dra ^ 1 4 h Eur S5 e ? 1 r into the P affairs of Hartley Board. re paid to these companie 

*? t m 5 «"»• d,ac ‘? ver the answers to this ? nd says “it is difficult to see SSneiarv SmIiS 2 ibt Phillips and Drew however which was published in October, depends on the assets realise*- 

; V * ar ^2if!?! S °I/ uc £2”'.. a _ , l d short-lerm interest rates peak- base-date forSStatin| trends! J* tKt 31 "PL '***£ »nd. claims accepted by th. 


said that there should be a to implement the 
return to the previous system of changes for 1080.'' 


necessary j n g before next summer. 


• . . . . 15 19Sfls. The French move, however. w#r «-*Bra Va iv mis- 

point to rapid monetary expan- ts an effecGve ban op Resale S5f£s substantially ' nor, J,' 

“The emphasis of official Mr. Morris says that he is assets are- uncovered .aur :.;!*! »•{'■ L S { 

.• noliev has amiarently shifted to- ISliSl. 1 £' J getting closer to tracing Dr. xemitted to the UKi- Mr. Morri; - a * ‘ 


! Ln a more optimistic comment. De^nitinnv pvfra 
[however, Mr. David Kern, of ■- ex l ra 

National Westminster Bank, says He suggests that twi 


Paper industiy seeks 
recruits in schools 


National Westminster Bank, says He suggests that two money policy has apparently shifted to- of hones fnr a common standard Setting closer to tracing _ iWr xemitted to the UK* Mr^ i&onv 

{that while MLR and other in- supply definitions — a very nar- wards maintaining a stable ex- rhf meeting will provide a w ali erst ei n er’s principal assets, thmks it unlikely that tbej 1 * wil , 

terest rates could be forced up row one. retail' MI. -and a very change rate, but this objective f orum f 0r the first united nrotest He be,ieves tbe f e are , m * in B r !° set more than £50,000. n 

(“oa balance, an increase in in- wid« one. alerting M5. should be will not he attainable unless against thp French" action '-by bank accounts in Inland,- Swt- - M>. Morris!: said That -Tojirtu.1- 

itereat rates is not justified by used. money supply growth is con- West Germanv Italy Holland zer,and - Paraguay, and Canada. Ross bed never encountered any 

the underlying economic back- The narrow one would exclude strained.'’ Britiin anri other members of and In some property. He prefers thing quite like the . W^Ie r.; ; . . 

ground." interest-bearing sight deoosits De Zoete and Bevan expresses r h p ptrr working nrouo" s'"-. t0 va J? ue about how close he rieiner bankruptcy in a centuri 

Mr. Kern, manager of the now included in Ml. white Lhe concern that the UK economy is Britain's Departinent of ^ t0 setting his hands on the of insolvency ^work. u^fpr 

{bank's economic analysis section, broad one would. take in hui(dm& beginning to become overheated i n Hi, I assets as he believes that tbe innately.- T don't see an end -ti 


terest rates is not justified by used. money supply growth is con- wac, ' Germanv Italy Holland 2er,and ' Paraguay, ana canaaa. Ross bad never eneotr 

the underlying economic back- The narrow one would exclude strained." Rrir-iin and other members of and In some property. He prefers .thing quite like tt 

ground." interest-bearing sight deposits De Zoete and Bevan expresses »hp FFC working orouo - s'"-. 10 va J? ue shout how close he rielner bankruptcy m 

Mr. Kern, manager of the now included in Ml. white Lhe concern that the UK economy is Britain's Departinent •' of ^ t0 setting his hands on the 'of insolvency .work, 
bank's prnnnmip anaivsis «prflon brnad one would. take in huildma berlnnine to heeomc overheated i .l. n,u;.v.-T-4... assets as he believes that tbe Innately." T oont-'SW 


FINANCIAL TIMES REPORTER 


; bank's economic analysis section, broad one would. take in building beginning to become overheated industry and the British Indus^ assets as he believes 1 
[ examine;-, recent monetary. trends society and savings deposits. because of supply constraints. lr j a j Truck Association f, have f * e&5 "' a ll ers f®tn er 

’] already protevied . to "ttij^EEC j ' 


knows this for several more years/ 


THE PAPER and paper products sidered as second best for second- 
manufacturing industry yestcr- class citizens. . 


tej. 1 "?"! 1 ? ■. I^T“iV ng drivc “This is a contrast to attitudes! 


^aimed al school leavers. in lhe us , and in much Qfl 

'• The move was described as the Europe, where such jobs are] 
.first co-oriimated effort between highly prized and their holders- 
the Manpower Services Com mis- are recognised as key people in- 
sion. an industrial training society." ) 

■Jaara and an mduslry federa- 0ne of i he rea , onS fori 

youngsters' unwillingness lo con-. 

The drive to attract reenjiis sider careers in industry was the i 
is being made at a time when poor and 'often unfair image of 
-the manufacturing industry is strikes and lack Of job security! 
expanding very slowly, perhaps or unconcern for the environ-: 


Daily Star rolls off presses 
amid celebrations .. >j0m 

and negotiation^- ■ W . fv 


. Commission and Germany has 
taken similar action.. 

The Association called for a 
three-year moraiorium ai the 
new standards, but Whitehall 
w\- officials arc understood j^o he 
prepared tn discuss a cpmpro- 
mise whereby the Fren chf would 
t.-/".* withdraw ihr standards u^Jil the 
ft. /-V common EEC standard, primes 
n-'v intn effect. | -. 

; By then, it is hoped, the French 
jjgL and EEC standards will ,V|ave 
'Sm-- become more closely aligned- >' 


Concern over food 


BY DAVID CHURCHILL CONSUMER AFFAIRS CORRESPONDENT. 


BY MAX WILKINSON 


by 2 per cenl this year. ment. Industries should combat j BRITAIN'S FIRST new national leaders and managers were bcinj 

The industry provides iobs rhese impressions by publicising j newspaper for 75 years— the called lo the telephone to settle 
for 200000 Denote and feels that the 30° d things they were doing. Daily Star— rolled off the presses last-minute irspuies about man- 
in snite nf the reiativpiv hiuh „ .« : in Manchester yesterdav to tho ina aod di^fnhution. 

unemployment level a m w , om- Calibre • accompaniment of great celchra- «.'n ly m the final hours beft 


fffiht° sort n oT d v e o d un l "srS t, aCl lhe " la spilc nf „ hlgh unemploy- . negotiations' bv Express News- reached with the “Naiioiftl 
** u juuoosrir. ment. especially, and Sadly . papers executives. Graphical Association on staffing 

The campaign was launched among young people, we at Reed. . Throughout the North' of levels in the composing . room, 
yesterday in .Mr. Alex Jarreu. for example, arc still finding ft .' En» land for the next thre*> Talks on the final terms had 
chairman and chief excctive or difficult to attract into our busi- ! tt - e eks television advertisements la s, «d 1" hours. , 

Reed International. He said ness young people of good ; will be displavin? the advant aces However, as Mr. Victor 
that, in spite of its large size, calibre— we are short of paper-j 0 f “Britain's boldest, brashest. Matthews, chairman of Express 
the industry was comparatively making and engineering appren-- brightest newspaper." which is Newspapers, frequently'-! per- 
unknown in schools and homes tice-i. laboratory' technicians, aiming for 1.25m readers. About dieted, .nothing could s'op the 
3s a worthwhile possibility for designers and machine minders . i half of the readers will have to launch of -the newspaper- which 
■a career. Tor example.". said Mr. -tarrett. ; be enticed from the -rival Run achieved its full print run of 

This was partly ber.-ruse of the The industry careers campaign Daily Mirror, which the Star just under 1.4m copies. 


'accompaniment of great celchra- Only in the final hours before 
tion and last-minute labour production was acreemem 



BRITAIN'S, food .manufacturers . The inerdased. changes; come a 

.are concerned . that increases In.' the same time ss Britain’s foot. 

export promotion charges— such exports have grown rapidly ir 

as almost no per cent more for recent years.- 

using . British pavilions over- Manufactured food-exports. IasL 

^c;iv—wiU.Kh-.the sharp growth year amounted; to' £7I4ifl<- oR p 

in -food kj ports over the last which --almost, twu-thirdr^er©^^^ 

few years.' . ' * accounted -for hyi-jnemherS- 6|P? 




.The increase. for. export promo- the Food Marnifacturers’-Federai 
If /'-l /j • g I tion«5. announced list summer by tton. , fhe main, trade assodalipT 
ft n ' 1 T 51 B 1 ! the British Overseas Trade Board, in the: industry. -T '■ ■ 

vr p.'trB.'x are due to come intoforce from Since 1975 the vglue of 'export 


By Michael D&'nnc. [ the beginning of .nesr*.year and of all manufactured food -.pro 

I Aerospace Correspondent i rhe overall effect i* ^most to ducts has. grown by .more >thar 

irmr ruftich aihportc double the charges for apjrters. 91 per cent. As a percentage o; 

-tetn rtRinnn 1,19 food rt,anufacturers lotaI UK manufacturers.’ sales 

Authority a rs tn sptna-IlSm on jj, e Board's proposals wTll in- food exports amounted to abpu 


satellite terminal Jt| C roa«c its revenue from charged 6.3 per cent last year comp are t 


generally unfavourable altitude includes tbe supply of booklets ; unashamedly is imitafin 
of parents, schools and pupils to and ffliii presentations (o organ-; Even during the cel 
careers in manufacturing indus- isations which can' make use of dinner in Manchester i 


After a hard night's- celehra- 


MR. VICTOR MATTHEWS 
* More determined approach ' 


Uatwick Atrpyri. Sussex, capable _ s e r vice.s from £2^m to £4 9m in with 4.S per cent in- 1975 and 4- 

of handling tbe biggest aircraft full year, a rise of about. 96 per cent in 1973. 

m service, such us Boeing <47 per cent;- The total budget is The EEC is the mostimportan - 

Jumbo jets. only £72iu— -nut of toial Govern- UK market for manufacturer 

Work will siart next summ.-r ment expenditure of £51bu — and food products with exports las 1 
and will he trimpteled in 19tci. the increased charges will have year of £lS5-3m comprising more 
It is in addition to the ElOOm the pfiecr nf reducing the Govern- than 40 per cent of total export.* 
recently completed 'modernisa- ment's contribution by £2.4 m. by Federation members. 



were often con- them 


Aprofessionalvaluation 
may reveal somelnteresting 

properties. 


sin win n fmm the inmultuons we I- ^T^,T'- f c^-. rs ' 


capacity of 8m to 16m passen- 


enmn he W cd ir hie Man- Th * 580 «’diiorial slaff of the gets a year by the mid-19S0.s. 
Chester machine room, delivered J>alU K '^' rc ; months ago hus The satellite terminal will be 
3 mild warnin’ m hii Fteet " ,cn rml«c<jd to 3W). largely by on the site nf the former north 

Street printer* ^ For the nre- d-nteymrnr to the new Star. pier, first opcDed in ihe early 

>;ent ai tea-st th»v u-puld jin’ he -'i.mc hotter was chosen as the 1960s, and which can handle 

involved in producing the Daily br*t’| jn c centre for three reasons: only three aircraft »l a timv. 

’star i the labour problems are The new terminal will bo 


Poppy Appeal target 
is raised to £3.8m 



voivea m proouens me im* |h<? , a bour prohlcms aro{The new TemTn.1 will be' W JAMES McDONALD 

_ ; _ : . ,hLn h in’ ® S | ihte a SHt an ,?. 1 V 1 L h ! TaE ROYAL British Legion, in' facilities, but artuatly to extend 

Cun readers V?? n ,n l-nnaon. second, the able to handle eight widc-bodicd its Poppy Appeal, is aiming to them. 

' h:, iv,A C0 ” S1 ^ er rt b e k, CtS ‘ ind 1, "°° P aSiicri S e|, s an collect £3.8m. compared with “ As the 1939-55 war veterans 

“Tlie nianasement -in . f- icct tHpaciij inerc. and. third. . hour. ahnut £3.25m last vear— because move into ih»lr.flAK and . 70 b thp 


" The nianasement -m . Meet inerc. ana. lrura. nuiir. about £3 J?5m last year— because move into their AOs and 70s. th 

Street is showing a morc : deter- M jnrhcMer k a coodba.se from. Th c Airports Authority i* n f inflation. hardships -tnd u red during thei 


mined approach.’ and 1 am sure ^htch tn attack the Sun in the also considering further! 


that the workforce will respond Nnrlh where it is comparatively j modernisation at 


to strong management. 


weaker. 


inflation. hardships -endured during theii 

The appeal week starts on military service are taking then 

• • . . _w n f All nn4 t*n <aiL< Ijt 1 iL. r...».L n « 


“Of course they want a s much ■ v, ’ f1 apparently experts the j pier. The nriginui i «ntro pier >«t 
money as PusmM* but when ^? J,r ,r * lv,n awards *P r jthc airport was modernised litis 

they realise ihai there is no nuiilitj tnurn.ilnni. Indeed. Mr. I vear. 
more money coming; f think .Matthews says explicitly tbat J " 


f.L Monday with Poppy Day next t®* 1 so : while the numbers 

< I Udine rebuilding the soulh !coi, ir dT, v of ex-Semeemen - and women 


they will respond— and there t>. w not his intention Its aim > 


i no finer work force anywhere " is 1^ outshine the Sun as 


Tbe Sfar hai hc«n launched bright, busy and busty tabloid. 


,n a remarkably ?!chl schedule The fire: i»uc of ihr Star 
only 12 weeks after its concep- keeps ecnerat news commnnl 
tion. Mr. .Mat:hmv; apparently and pr.lnics to a minimum and 


St Qu intin 

w’ CHARTERED SL'RX'FV'OBS 


thought of thc idea about the devotes most space to 
lime that the Sun came hack to maea^me-styie topics- such as 
tbe newsstand* after ‘a lengthy Jimmy Greaves'* alcoholism and 


More women 
seek places 
in universities 


Saturday DI ex-serin cemen ' ana women 

1 ' . . may be declining: approximately! 

■ There are occasions when half of tjrose w+to are alive are 

n ? vai C tMhTr even greater demands 

Royal Brlitsh Legion and tbe on tb e Legion." 

I animal .-Poppy Appeal.' said The legion says ir is as much 



7-ne j^ceion says ir is as much 
General 6ir Charles Jones, pre- concerned wHb helping the. 
I si dent, .of the Legion, al Lhe farnily of a' young soldier 
a mwh Ho use in London y ester- in c-.k--, ,-t ,i. n l 


By Colleen Toomey 


Mansion Hou&e m London yester- wounded in Belfast a>, wjih the 
d3 >’ " ■ widow of a Serviceman killed on 

“They think our role must be lhe Somme. In ihe 1914-IS war. 
decreasing _ whereas, in fact, we Oflc of tis sidelines is Irain- 
a re how being asked nof just lug one London. t3xi driver in 
io maintain our existing welfare every three at Brixton, London. 


Ing to the latest provi^tonal 


As a firm of Chartered Surveyors founded nearly 
150 years yuo vse have had a great deal of experience in 
ihc valuation of commercial and industrial properly. 

Property valuations made with judgement and 
a regard for detail have provided our clients with some 
very valuable information. 

Bui an appraisal of Sl Quintin will also reveal 
other interesting properties because, in add ii ion io 
properly laiuation. we give advice on planning, manage-, 
mem. investment and development to some of the most 
influential property owners in ihe If. K. and r.urope. 

We also have a comprehensive range of commercial 
and industrial properties for lease or sale. Perhaps you 
should explore some of our interesting properties. 


the readers -.»-b:ch u bad picked Iibe.-aiionifte and other .minority figures issued bv lhe univeru- 
I'jp when the Sun was B&l being groups who changed large niim-i tics' “ clearlna house " 
published. - h '”'- r,f n^viorc ,n v, n ^ n .i„. * - - 


Citroen raises prices 


lblished. : hvrs of peters in Manchester to ;”7n the tivo Veeiks'io Ocfnhcri ’^NANCIAL TIMES REPORTER 

So Mr. MaUhews decided to ’The Star is Porn.” 115, applications from women j CITROEN Js Increasing the against £1,766. Tbe Dvane goes 

— — - — r° se by 4.6 per cent to 11.930. i prices ^ of part of its car. range in up from £1,930 to £1J»89 and 

but mate applica won* dropped by; the UK by Just under 3 percent examples of the other ebangea 
IBITUARY 3 - h per cenl to 1...99J pn fleu res ' after Stmilar increases in France. Include an increase in the G 

C* r 1 I • AL ^HI«° r cS.S ,, &Su U S!:; T)» -CX w ,U> dtacud 

Sir r rPflPnr li^nrirn 1 Admissions. Sofar. :iboiit one- 1 i s July- 810 ^ E f 

kJll A iCUvUt V/iJUUl 11 iflcu, of the extiPNAd iota! r , r But thf 2CV. Dyane- and GS ’ ^ i 0 i„ 

i : . 3 mndels. and thp lifted Antixm^fn^ - «? 1 ® a US Pallas reaches 



OBITUARY 


SIR FREDERIC OSBORN, who between 19IH and 1936. leaving j "ppU e / C ThV i "h^GScTcs Sf g^up ° ptU ' ns f0r Brltishd^lerships (oV the^fira" 

played a big role in spearhead- thi- kccurH garden nty company I rjpV. em h cr 15 " L ' Th _ . n --vrt nni » rnc , B . „ - OQ i^La« Sftort Prtce will be *»—-#—»*•—»*- 

ins «he development 'of '-new after an internal row and becom- { 1 The; 4L\6 now costs H.i 99 £3.523; 

towns in Britain, has died aged iny dinwlnr of Murphv Radio. — — r 

93. w-huh wa* based al Wchvynj ^ # ■ /’'ft 9 

ssa ss Recession hits drop forging; i 


whuh wu- based al Wchvvn j 
was * dose col- G “E C " .. | 


#^ft * a * » * 


Sir Frederic was a close col- , 

league of thc Victorian visionary ,,rP u i 

Sir Ebenucr H-.vyard, whose ‘ i«otd miichj 
concept of the garden city led b £. e "f' V** t0 tain P a, « n,n ’ 




9 * * 


\ in:-.- t-ic-JTi. Qus:i-> v itccc PIjc;. L ondon EC^R 1ES. Tsierhons: 05-2=6 

<■: C'Jini-n. l.i PjiV. PiMC- Lstf-. LSI IRC 7c1.'phone-05j2-kfi2?5. 

M. Qa:n:inS V. R-jc II. 36-iS. HWBruwtIi;.Tc!jpiiur;.0ii>-j22-2i4-Jj-Ij£.Ti:Is.\:t!lS2. 


■.uuksp, w> iuiutii «-•*-* r riP his hIp.K 

to fundamental chanyeis in the p r „' T , fniM io-m , 1 

« to*™™*** ”**» B-freur, ■ “nil ?h,!!SSn Sl 
Town and Country- planning i 
He worked betide Sir Cibcncrcr Association (orientally xbe ! 

in the development of toe first Garden City Association), later' 
garden city — a planned, indus- becoming its president, 
trial town 1 U 1 vopious open sei ^ C( j o n ihc Government 

spaces, and a safeguarded green committee established In 1945 to 
belt aimed at replacing the plan Ibc new towns sirategv. 
slum? of the industrial revolu- s, r Frederic implacably 
lion — at Letchuorth. Hertford- opposed tower blocks, and that ' 
shire, hefore th.' first world war. |. ?( j iq a lengthy correspondence 
and moved with him lo found with the Arnwrifim urban his- ; 
Welwyn Garden City in 1919. tartan. Lewis Mumford. which: 
Sir Frederic w-ji crater- later nuhtjsnctl. He was: 

al VV'clv.yn Garden City knighted id 1'15H. ■ 





,-ri. 

(Vj 


^X-.rcsf-, 

s55.»a.w*.. 










BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


THE DROP forging industry 
Is suffering a deep reemsiun 
with companies working at 
only 70 per cenl capacity, says - 
Mr. Bill Paltun, president OF 
the trade axsucLatlon. 


iu7fi bqr.1978 has moved from; 
bad to worse." 


“ f con recall no worse 
period in our Industry in my 
28 years experience," &*■ told 
thc annual banquet of (hr 
National Association nf Drop 
Forgers and Stamper*, in 
Birmingham yesterday. 


l-mi year’s statistics only 
shiivsed a 1.8 per MTU drop ua 


Hr. Potion pointed to the. 
loss of 'iHisioeac -caused by 
direct' forcben car imports and 
the tiractiee-of British matrafac- 
lurem'Of Kell ing veMcRm assent- 
blrd -In Europe. *■ Tills is far- 
more critical than tbe fact that 
a few customers have bought 
a few Japanese forgings." 

Uc (bought that ihc progres- 
sive specfalisaUoB. teehnologi- ■ 
cal development,' and .edueat- 
tlon proirsnuaes belns under* 
taken by bis -Industry were 


clear irisns AgiSeacporii would 
rise. But overseas sales .were 

(Cffiraft h^tbe face of “tbe 
continued world reeesshra and - 
tire -false cbeestii. of , Qife , 

. pound.". • r v.'. • ' .v 

A heait&r bom© demaod was’ 

important for l be tndte» 
ronttoac Jts 
. a dav-uwSay hasfe, 
do o!:-pickbr^ on ■ efflefewgv-. 
but really, ibere---is>4»5hwi®.:v 
U he borne . v alnroe to-geBfecao 
new frebMlOgy.-raBfttftY;^ ff 
ovcraJi^efl>rieacy/'^.y^OT“ 
saftr. vXi: ‘ : - 


» » 
t ‘hi 
, * • * ■ « ft * * 
-t t 

States** sfl 


r it»t *s * 
fe . < . A * * 


* s * * 


''&***'*- 
' 6 S a , 

: \ 4 * * 


X £ & J 








: - - — *. - . 


to get 30% 


rise 


BYPAULtN* : CU*K. LABOUR STAFF 


J** apt;-.-.., 

IB- a-j.C r 6 ; := yfc. 

SjU!. 

S 

US ficrr • v -f 
»a‘.er,ir r .' r ; 
eire.-,*-:. _■• 
lr - 

iaer “ { - 

!r .. 

. v j-r - 4? 

• taor? 

V b r v;° ->. 

aHerjii*; 

- ”3:-:. - i 
5- tjje i»; ’. '"■'■"T: j." 1 " 

JVlH*. T , 

-r ■•nO-s,,-. r. “*Er.-. 

v* o.- : ; r.:;;’ . ?v 

Ap»j, rj--'? i. 

*r3 i,--- • 

, >■»: 

flV. *'■ ^ 

auis-.r.- .. 

ii4p- a i:^& 

a . j -«• ■» 1 'tt. 

j' ,4V";; r /~' . 

s(e;n«* '/ ; : > 

. - ; i>-. 

. . / - , -i s 

i-m ../•• 

iptr.se-' '■ • 

ts a*. 

,u> - -• .• •:• 

*>■ t •. u -■-... •• 




*i:s& tft- -c., 

tt i-fliik- ■■ ,r: - 

"•* * ‘ - 

Mcrr^ ...■■» •-.. . 

sd. cir\r- 
■ RWtc .:•’*■ -A 

' ^Rr.'..v/ 
foUPD: .- 
h-. 

r so-.-r .... 


;r food 
barges 

mnzttvjzv* 

Ta.-s • 

ST?* - 


Spark plug 
workers 
put on 
4-day week 


^ u£»\j APP0,NTMENTS 


Civil servants start 
£lm fighting fund 
to break 5% limit 


New chairman 

for Combustion 
Systems Board 


ABOUT 30.000 r plumbers em- negotiated pay tf.tttMimmx and havp h»pn subjected, lo strict! Sr Philip Bajsett Labour Staff i 

jrioped in th* jj**r*aie; contracting ihos«- Calling uh^er ihe Phase confidentiality hreau.-e uf ih*- ' BY PHILIP BASSETT, LABOUR 

industry _ar*> tn ^e^ e-ive-a 30 ftpr'One policy. puhlyiiy Mirrounding both 1 fHAMPKlN Spark Plugs, the 

cent \pay 'rise vBhdCT : lbe\Bfsi'- 'The Tnumha's' success au;iirs srfuips’ unginjl .i»reements Iasi I Am erica n-based ram pon tills | WHITE AND blue-collar civil 

the out come, of a. similar year. \ company, has placed the JMMi .servants are to join forces for 

Cqr mmw it l ftiyiiii».¥flif'r -prfliqy: case for .’ special . treatment fnr The IiuuUm; and ventilating! huurly-pald workers at its a campaign against the Govern- 

ti.. -' i ■■ tf_.n' s0ine l&OflOvheattng and yentilm- engineers' first deal Iasi vear* BirkeuJiead plant uu a four-day ! mentis pay policy. 


who last August was for a” 20 per 
f piit in '■** a • nsc wn0l,ntin § m 1 ncroase affee.i i ng I; 

»"•« under, he nati 


•ffoaHv;? 


Iasi year* Birkculiead plant uu a four-day ! nienl's pay policy, 
cent " pay i week herau^e. uniuit ofllelaLs I of 543 

,000 com- 1 claim, a productivity scheme Ui ... '/ 


ttriW Ihiv' mrirrtV.* T * ppt -Lcm.ay 1 tw iw.^um ginucj. i«*inrs II I HUT I Oe national join! j u * ,, e k “- "■*■• tui««-u i»* I launched a flrn fiphrina f 

They too Wto' 'teve their claim agronment. In the plumbers' well and Mu- company ha* 1 gainst tbe 5 per cent Urn it 
. and^ot&cr.uextAufiUStiri raise, ay-aQ, independent- panel case, employers’ representatives | over-produced- | a °_. 


w Leaders of 543.000 non-indus- 

clauu. a prudHCt'vdy scheme U. Jr]al dvil S p n . anls v€Sterday 

bous! on put ha* worked loo | , aunched a £lrn fighd ‘ n a fun d 


v« uader Tb-ofessor Wood. of about S.fiOu ucnn panics agreed! 

plumbers . aiTnosr immeatately.. .- botli cases, pay settlements a regrading structure which 


T1 _ * The unprecedented alliance 

The workers, mainly mem- b^een tJbe industrial and non- 


piumuers - airoosr tmraeaiaie^..'..^ botli cases, pav sjettlemenLs a rcradinn ^imVtiire vhi.-li V .L .“" .i ' . j benween uie industrial and non- 

from 12^an- kooc^l^Sp nauSXal wouw tavV ESn a G.£JtawS£? industl ? al servants will 

: f ; : ' r . " . Siplpyers* negot jators in sub- almost 40 per cent to sonic S be ^ la d Xtada^ iS^c' P^ent a powerft, 1 front to the 

rt ftillow’r an mdependent-’ter-.staYHial hrewh. of the 10 per cent workers. nil! «r tio fni.r-rf^ Governments detenmDauon to 

view ‘conducted 'tas tmo n th -un'df*T paj-. pol icy- had .finally to be But employers arcuments that on?v mhHbI mafiuenTnce on fourth sta ^ e ? f 

Professor John Wood., chairman, renegotiated .amid- Government l he deals were linked to prod uc- Irjn w \n £ £ wo 2 The^om- - S ^ ki^ Mlcy ‘ partIcularly 
of tlie ; Central 'Arbitration Com- thr^ats of sancfvons against indi- tivity and lhai the two industries D: mv «Jvs formal work inawfil lD ^ pub,ui 5eulor - 

juitlee. , which: looked at- the vidbai companies. . . . were experiencing difficulties in h „ in Januarv 8 The link, incorporating 20 

plumberp’-case for a special- inv The:' two -groups also have the find i C g skilled workers failed . unions, will he forged at a series 

crease -. because . of anomalies -same complaihr that tbeir tradi- wiih ihc Department of Employ. The company is paying the „f joint meetings iu the New 

arising out of the -ifi75.4fiirodufr dKmal pa^: ‘4inSs with- building mrnt workers 7o yer cent of normal year lo co-ordinate action on 


. ■ . rr# ■ . .. rm , .. . ' 1 ,v,, ‘ vuiuaic abkiyn V U 

fcon tif. the RoyernmeDfs £5 -pay craftsmen . have been suhstan- Boih deal? — with August i Pa > — wp figurr proposed in the pay. The two *ides decided on 

VA pi^H irrt • iwliAi r .’' « i kik>VAJ < ' 1 etviM IQTn .... L _ ■ l.i lllinan'r Sk nonnh fnv Ikn f! AtArn. iL _ .ifl.. . ■- 


reyiraint policy. - 


thdly eroded since 1975, 


scitlpmpnt dale 


to he | Queen's Speech for ihe Govern- the alliance at a meeting earlier 


The “Go wfnnMBji^s Phase-- "The pyogres? - of protracted and renegotiated aftrr Government; mem's plan f» Intmilure legis- ft is week. 

FourT/Whlitf :Pap^r -^specifically il mast dai hr talks: between cm- iniervcnlioo io give a straight in' Imion Tor short-time working. . imnortan- ir, 

allowed succaf. treatment fur / pinyem' and union- negoUators per rrni. The plumbers new Union officials claim that with c sfjuv* Th re«* n a i pVriim Jiv i Xr 
groups euffering ‘from tbe "1H75 witb> Die Department of Emblny- regrading ctrm-iure also fell foul H»e loss of productivity pay- ’ „ i ior 

•‘.cutoff**.,, date between \ freeljt -jneai .'over the* past two montlis of the Government. lucniv. shin luinuses and ‘ „ |h r»romm«ni’» 

V. * v* • ■* V - ' 1 " • • . .’• attendance a Hum an res. pay- . wrcrmnem * 

... ; - — 1 : — ■ • • — mrn , pledge tn ha-R negotiations fnr 

_ . '-Tj-' • * - ? • • ^ i i . d h r the 197P settlement on a stud V 

NUR yes to productivity plan s-ir-rHs 7~c ssSS'SSS 

v ‘ ‘ • V JL year. 11 was destzvteil lo boost roj».in*h nn II inArs.c. 


BY OUR LABOUR STAFF 


THE INDEPENDENT report on scheme would give average rises into effect, but it seems likely a«f ; 

proposed productivity bonuses of £1.80 tp BR's 178.000 rati that ASLEF. the train drivers*! Earnings under the scheme 
for B.ritis_b ‘RpSl staff was.acceptod' ^ workers al a ‘yearly cost of £18xn. uni»m. will reject at least one of l vvprr a maximum of £6.40. 

yesterday by the National Union accorrfinc tn management. them. although Mr. Ernie Ricketts, 

of TCaltwaymdnV executive: •" " Bui Mr," Sid -Welgbcll, tlm 'rhf. un j on had Dut in a Al ‘ EW convener at the plant. 

The ^irtion will. altnnst. certainly- NUR's ijenural • secretary said general claim for ' higher pav- esn males ‘hot they averaged 

accept -thfi^ repBrt- 'mttf - special yesterday that' the ' union csti- niM nts for all drivers in line £> a work. He said the scheme 

responslbHity paj-uient^rTor high mated the scheme would give K jik «hev believe to be ini- was acreplcd by thi* workioree 

speed train drivers, - .also pub- -rises, ranging rfrmh. £150 to £C. proved oroductivitv since 1^74 under a threat or plant closure, 
lished this week lw the^ Railway with an average of £2 A0. Its cost productivity sinte iv.y „ r Rlckeiu M yesterday 

Staff .‘National .trihuhai... But the over the year, would be £20m. • , . proposing extra payments that the production targets had 

union- is still studying parts’- of V:^Bbth ^.reports-' have • to be 5 n - ’ f ? r high-speed train all been meL Last m eek senior 

the report. i. J..’. ! Accepted ihv Britirtr Bail and thp dr ! v ' er 5» the tribunal has gone shop management told shop 

The proposed productivity ttmoiffi. before -ftey : can be put asa,nst . A SLEF's claim. The stewards ihe workforce was 


. . .. .. . _ me- f ■■ Iiiriiiein on a siuni 

A produelivity scheme for of compar3 h| e pav 3nd crmd i. 

the hourly-paid workers was in- outside the Civil Service 

tToriuced in December last Their leaders helieve that pav 
year. It was designed lo boost research will increase their earn- 
uutpiir. hui at a rust of some j n a levels, and point to the '’a ins 
jobs lost through natural wast- ma de by white-collar civil ser- 
a 8 p * vants under the svstem. 

Earnings under the scheme The independent Pav Research 
were a maximum of £6.40. Unit is due lo begin reporting 
although Mr. Ernie Ricketts. | a f er this month, but is not 
AUEW convener al the plant, expected to finalise an overall 
estimates that they averaged figure until January. 

£5 a week. He said the scheme Senior white-collar trade 
was accepted by the workioree unionists believe that it will 
under a threat of plant closure, undoubtedly make findings of 


Scots journalists accept 
deal and end strike 


union is likely lo decide its beioc put on a four-day week- 
position on the reports next 


Mr. Ricketts said yesterday increases erf between 20 and 25 
that the producliou targets had per cent for some grades, 
all been meL Last Meek senior The Government revived the 
shop management told shop Unit this year for the first rim* 
stewards the workforce was since its incomes do! icy came 


into force in 1P75. with the 53 


proviso that its findings would he 
subject tn any incomes policy 
still in force. 

Union leaders hope that the 
events in the private sector, in- 
cluding major breaches such as 
at Ford Motor, will modify the 
Government's policy. Failing 
that, they hope to persuade the 
Government to make them a 
special case like the police or 
firemen. They argue that having 

an independent pay review body 
puts them In that class. 

Mr. Gerry Gi liman, general 
secretary of the Society of Civil 
and Public Servants, said yester- 
day: *• There is a feeling among 
our members that this is a 
crunch year for the future of pay 

research. If we don't get it this 
year, our members will lose 
faith in the whole system.” 

His union would be prepared 
lo collect a voluntary levy to 
finance strike action, and he 
warned of " chaos and turmoil *’ 
in the service. 

Administrative-level civil ser- 
vants. members of the First 
Division Association, are un- 
likely to take action and will 
not contribute lo the strike fund. 
But Mr. Alistair Graham, deputy 
general secretary of the Civil 
and Public Services Association, 
said that his union would if 
necessary' take selective action in 

key areas. 

The Civil Service unions have 
told the Government that they 
want to take their claim for in- 
creased London weighting allow- 
ances to arbitration. Ministers 
.Vrre lh*» iininit'c ■■ei' 1 

sion yesterday, and are expected 
to reply today. The Govern- 
ment has offered increases of 
12.7 per cent, but the civil ser- 
vants' wanted increases of up to 
53 per cent. 


BY. OUR GLASGOW CORRESPONDENT 


week. The tribunal has provided 

nothing for Southern Region 

~ ' ,ho are ,raditio " al,j Gas workers to seek 20% pay increase 

If ASLEF rejects the reports ** 

il will presumably have to make BY NICK GARNETT. LABOUR STAFF 
its own proposals lo the British 

Railway* Board. It seems un- A PAY CLAIM estimated at 15 Mr. John Edmonds, the 
likely ‘that the board would to 20 per cent was agreed Genera and Municipal Workers’ 


BY NICK GARNETT. LABOUR STAFF 


... c • ‘ .. . likelv ihat thp board would to 20 per cent was agreed Genera and Municipal Workers* 

^vwte^^lSBJourBatis^n r^SubjSi^SSt nJ 1 tmi^aiS acc * , r 1 ' a°>* scheme for produc- yesterday hy national union Union national officer for tbe 

fftp tivity payments radically officials and shop stewards industry, said the negotiators 

«»«*« I. the one pnpwed. repressing «.M0 manual would probably be seeking 3 
terdaj^Flwtbej-aecepteS^a "paor - ^sr^meol mvolves a seir- Tlll , railwa , s could then fMe workers in Ihe gas indnatry. bas.c rale increase of jest over 
deal " ' • • financing productivity-deal. which ihe kind of strike action The claim will be finalised by 10 per cent. 

The dispute IwaCs over a eiaim' ^journalists say. wilt substan- threatened by ASLEF earlier union negoUntors today It Pay structure alterations 

bv 3a iouctiillstK 31 -^he cum- J h ® bet ^' ePn , .'ear over productivity includes an increase in basic sought by the unions will 

nanY's’^w lira irvine* imfitine U ,e ^ T; wage of £b2 j SSUf . s . rates to protect the workforce involve extra consolidation of 

centre /or wage par it v'wi til prmt ? weefc'anfr print workers wm- Tliv NUR and ASLEF are .against infii-tion over the next supplements, including a £5.30 

workers and for-a flexibility pay- in ” h -« .‘«50 a week. Including wide apart on pay. proriuctivitv i year, changes in pay structure, “general obligations payment, 
ment for .working, with- new tech- - compensaadn-J or redundancies a nd mnnning. Mr. Weighell said a shorter working week and new with changes in the way bonus 

oology. •■•*.. i *:'. the ptant-ffpeneu. yesterday that there was no holiday and bonus payments. is calculated. 

Whiie’ the latter^Iadmwasyub- • The agreement ‘does noffonn poim in having joint union talks The workers, including pipe Tbe manual unions will be 
sequent# dropped/ the National- part - of '--their ' annual", wage on these issues before the! layers, maintenance men and seeking a 37-hour week and 


average earnings more closely. 

Yesterday’s delegates con- 
ference also decided to rake 
action from January 1 against 
what it believes to be “ cowboy ” 
contractors. 

The General and Municipal, 
the largest un-ion in the indus- 
try, says some contractors on 
gas pipe laying work are using 
untrained labour. 

From next year gasworkers 
will be instructed not io issue 
piping., fittings and other 
materials from stores to con- 
tractors’ men who do not have 
trade test certificates. They will 
also refuse to complete any 
work left unfinished 


Dr. Jack Birks. a managing 
director of the British Petroleum 
Company, has been appointed to 
succeed Mr. Lee F. Robinson as 
chairman of COMBUSTION 
SYSTEMS. Mr. Robinson will Con- 
ti n ue as a director of the 
company. 

CSL was formed in 1972 by 
three UK organisations, the 
National Coal Board. BP and the 
National Research Development 
Corporation, to develop, commer- 
cialise and co-ordinate fluidised 
combustion technology and 
related processes throughout the 
world. 

+ 

Mr. R. A Parsons has been 
appointed chairman of BOW- 
THORPE HOLDINGS. Formerly 
deputy chairman. Mr. Parsons 
joined the business shortly after 
il was founded in 1936 by the late 
Mr. Jack Bowthorpe. 

* 

Mr. Angus George Millar has 

been appointed an additional 
director of UK PROVIDENT. 

The past chairman of the 
Association of Consulting 
Scientists. Dr. J. H. Bnrgoync. is 
to chair the independent com- 
mittee being set up by Mr. 
Anthony Wedgwood Benn, Energy 
Secretary, to review offshore 
safely regulations and procedures 
governing oil and gas industry 
activities. 

* 

Mr. Hugh Hobbouse has been 
elected deputy chairman of 
TAUNTON CIDER. 

* 

Mr. Said . Ahmed has been 
appointed to the Board of UNION 
RANK OF THE MIDDLE EAST 
in Dubai, UAE. Until recently he 
was chief adviser lo the Saudi 
Arabian Monelarv Agency 
(SAMA) in Jeddah Mr. S. 
Nicholas Wynne become manager 
— foreign exchange of Union 
Bank. 

★ 

New appointments within 
Foster Brothers Clothing Com- 
pany Group are: in FOSTER 
MENS WEAK. Mr. Brian Wood be- 
comes assistant managing 
director. Mr. Norman Phillips 
merchandise director designate, 
and Mr. Frank Taylor, a director. 
At DORM1E MENSWEAR. Mrs. 
Belly Lawrence is to be the first 
woman managing director in the 
Foster Group, and Mr. Tony Gray 
has been made assistant managing 
director. 

* 

Wigham Poland Group has 
formed a company called BVF 
l UNDERWRITING MANAGE- 
MENT). Its directors are Mr. 
1). R. Collins (chairman), Mr. D. 
Fox (chief executive), Mr. H. K. 
Pad field. Mr. C J. Ridgwell, Mr. 
J. H. Chappell Mr. T. A. Godwin 
and Mr. (1. Isteed fsecretary). The 
new concern will manage the 
company underwriting of the 
Wigham Poland Group. 

* 

Mr. Tony Painter has been 
appointed regional director to 
■he southern regional office or 
itv- MOTOR AGRVTS A^HA- 


TJON. Mr. Painter is executive 
d rector of the Advertising 
Standards Authority. 

★ 

Mr. A. D. Househam becomes 
chairman of the WARRINER AND 
MASON GROUP taking over from 
Mr. P. O. H. Grierson, a director 
of Warriner'5 parent company. 
Gallaher. who will remain on the 
Warriner Board- Mr. Houseman 
will continue as managna director 
of the Warriner and Mason Group- 
+■ 

Mr. David Rnvill has been 
appointed an executive dirc»*inr 

of ihe BPT ECONOMIC STUD'-P-S 
GROUP, to expand the con- 
sulting practice in the highway 
and public transport planning 
sectors. He leaves the post of 
head or the transport planning 
section of the overseas un't of the 
Tntnsnnrt and Road Research 

Laboratory. 

* 

Mr. Ceorge Geon^adcs has 
ininod the London nffiep oF the 
FFR'vT NATIONAL BANK TN ST. 
LOUIS as manager of foreign 
exchange. 

+■ 

Mr. T. D. Parr has been made 
a regional director of the north 
ivp«t regional Board of LLOYDS 
BANK. He is a director of 
William Baird and Company. 

+ 

Mr. Peter Gelpke has been 
annointed denirfy chairman of 
COWEX DIVING. He will have 
responsibilities for alt ihe com- 
pany's activities in North- Wesr 
Eurone and will be based in 
London. 

+ 

Mr. Jim Lawrence has been 
annointed managing director of 
UNTCUFFE. Previously he was 
operations director for both Tory 
and Tlnicliffe for the Pfizer con- 
sumer products division. 

+ 

^handler Hargreaves Whiff-ill 
and Company has acquired the 
underwriting aCMlcv business of 
Harris and Graham and a 
maiorilv holding *n Harris and 
Graham As^n^intes. The under- 
writing agency business of 
Chandler Hargreaves Whlltall 
(Underwriting Agencies i and 
Harris and Graham will he 
merged fn form CHAVhLEfi 
GRAHAM and the ‘Board will con- 
sist of Mr. A- D. Tenncnr (char^ 
mam. Mr. J. Harrison f managing 
d'rpetnr'i. Mr. R J. T~ Rr»tnhTe. 
Mr F B. Pone. M»-. n. E. Pascall 
and Mr. H. J. Thompson. 

+ 

cnwnp*tir Atkins stt.tdtes 

AND PLANNING has annointed 
two additional directors. Mr. Hitch 
Collins and Mr. Stephen ConnelL 
+ 

A new honorary office has been 
created hv the INSTITUTE OF 
PERSONNEL MANAGEMENT 
with the election of Mr. Jack 
Coates to the position of president 
elect. Mr. Coates, who Is general 
manager, international personnel 
co-ordination. ICI. wfU lake over 
the presidency when Baroness 
Seear ends her two-year term of 
office at (he end of fiotnher IOTP. 



I 





9 







M 

m 

ID; -t 



w|l 


Five and a half inches by ’ 
two and a half inches by 
nine-tenths of an inch is a tiny 
cassette recorder j 

But ife a fat wallet j 

Which is just as well, for j 
the Olympus Pearlcorder SD 1 
Microcassette Recorder 
Cphewl) costs one hundred 
and fifty-nine pounds ninety- f 
five pence (PHEW!!). 

Note the term‘‘Mcro- 
cassette" 

The cassette itself is 
less than half the size of your ! 
credit card 

Micro it may be, but it j 

gives afull one hourh 
recording and playback 
time. 

Enough for 6,000 words, 
or Beethovenh Violin 
Concerto. 

If you think that sounds 
amazing, you’re right j 
The Pearlcorder SD has | ' 
a built-in electret condenser- 
microphone, a ferrite ! 
recording head, and a 50mm j 
dynamic speaker 

On the outside, it has all j 
the usual controls for record- 1 . 
ing, playback, volume, fast 
forward, rewind and eject 
Plus the unusual onesfor 
review; cue and pause. L 
It also has automatic tape > 
shut-off I 

And automatic record- M 
ing level controL ||J 

Obviously this is nOjgg^p| 
plaything for the idle H|p||| 
rich (unless, of course illiSS 


you happen to be idle 
and rich). 

No, the Pearlcorder SD 
is designed for rather more 
businesslike activities. 

Convenientlypositioned 
at the top of the machine 
are two tiny jack sockets. 

These will accept 
such accessories as a 
tie-clip microphone, 
earphone, an external Ti| 

speaker/amplifier and a 
telephone pick-up. * 

, . You can even attach a 
| cunning little device called 
! a voice activator which 
starts recording auto- 
matically when any sound is 
picked up. 

And (secretaries, please 
note) we also make a 
special microcassette 
transcriber 

But listen to this. 

The Pearlcorder SD is 
the only microcassette 
recorder that can tell you 
the news. 

Because it has the 
unique facility of plug-in AM 
and FM tuner modules. 

And that has to be good 
news. 

Unlike the inescapable 
fact that all these little extras 
cost a Me extra 


Indeed, if you were to 
buy the entire Microcassette 
system, you wouldn't ^ : 

get much change 
out of five . 
hundred 
pounds. 







The sort of money ' 
you could pay for one of 
those big, gleaming open- 
reel tape recorders. 

It’d look fantastic in your 
office. 

But ridiculous in your 
inside pocket 

[pearlcorder] 

The Olympus Microcassette System 

| ■‘.-xO.’UaayOrjitiCc.iiJitil.lM-.o-SKanbu.'aiiL j 
j LtfldinECIVOTKTe-lepfione 01 - 353:772 
| Fte-as* Eeriam*moivirJomai.oQat-ounae | 

j ii^pusPeaaicnieinucLMaKetie system. j 







' Financial Times Friday Nov^per. 3 ? .$$?§... 


Production Planning 
and Development 

• this is a new appointment, at the London headquarters of an 
international consumer products group whose manufacturing 
resources are deployedaU over the world. 

• THE task is to maintain the company's leading position in the 
industry through the assessment of advances in product and 
process technology and the forward planning of long-term 
production strategy. 

• the role is a world-wide co-ordinating one, demanding Board 
level or general management experience inan engineering industry . 
canceme d with development of sophisticated machinery. 

• age - probably in the middle 40s. - 

• salary is negotiable around £20,000 and unlikely to be a. 
limiting factor. 

Write in complete confidence 
to Dl R. F. Tuckett as adviser to the group. 


TYZACK & PARTNERS LTD 

-MANAGEMENT CONSULTANTS 

lO HALT* AM STREET - „ lONDON WIN 6DJ 


12 CHARLOTTE SQUARE 


and 


EDINBURGH EH 2 4 DN 



Management 

for the pension fund of a majorBritish group of companies, based in 
the West End of London. Investments exceed £70m, with a 
substantial inflow of new money, 

• the task is to formulate irprestment policy and to be fully respon- 
sible on a day-to-day basis for the management of the investments 
of the fund. 

■ the essential requirement is for investment management 
experience. Preferably this will have embraced responsibilities for 
both equities and gilts in a large pension fund run on modem lines. 

• salary negotiable around £15,000. Preferred age early thirties. 

Write incomplete confidence 
.toJJB.Tonkinson as adviser to the group. 


TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

IO HALLAM STREET * . LONDON* WIN 6dJ 


12' CHARLOTTE SQUARE 


and 


EDINBURGH EH 2 4 DN 





HOlfi 

new AIR-CONDiHOWED: • 

OFFICES TO LET 

sq.ft. : 



spprox 

EVERY MODERN AMENITY 

IMMEDIATE OCCUPATION 

Apply Joint Letting Agents 


pepper rnguss 

& YARW00D 


01499 6066 


Henry Davis 
& Company 

0*499 2271 



Chief 

Executive 


Estates and Project 
Manager 

A major international bank with assets currently in excess of £-15 billion. .5 iool-in* for 
an experienced man or woman to assist with their premises expansion programme. 

You will report to the International Real Estate Manager and will oe responsible for-.- 
• Handling the acquisition and disposal of premises. lease reviews and associated ieg?i 
matters. • Instructing architects. engineers and negotiating .vith contractor*. coupled ■■. th 
the general supervision of const ructionwork. • Dealing with a!' aspects of office relocation. 

Although the position is London -based, a considerable amount of travel will be 
involved. since it isenvisa^ad that you will cover development and refurbisnmer.t 
programmes on a world wide basis. 

Ideally you will be a chartered surveyor.but other applicants w : th considerable 
practical and directly relevant experience will fce considered. It is unlikely tlial anyone under 
the age of 30 will have gained the required experience. 

Sts rtingsaiarynegrtiablearound£l 0 . 000 will be supported by a wide range of benef-L?, 
including lav cost mortgage assistance, non-contributory pension and life-assurance, free 
lunches. BUPA and profit sharing, • 

If you believe you meettherequirements. please write with full detaiisof acMevexe^s 
to date, including salary progress, to Alastair flyers at the address beiw/.quehr* rersrs.-ci?: 
EPM/291/ rr. Please iist separately any companies to which your application shou'c not .:e 
forwarded. All replies will be acknowledged. 


CONFIDENTIAL REPLYSERVICE 
Benton & Bowles Recruitment Limited, 
197 Knightsbridge, London SW7; 


• Hampshire 

* coast. 


to £15,000 • 

plus car and bonus.. m 



A private company with a seven -figure turnover 
(part of a larger group 1 importing, processing • 
and marketing specialised raw .materials for # 
construction and industrial users e.eeUs a new 
general manager, to be responsible to the group' • 
Board. There is a considerable scope for iin- # 
proving profitability, by better marketing, better 
margin control, management development, product • 
group profitability studies and product rationalisa- # 
lion. ^ 

Candidates should ideally he aged 35-40 ( 30 and 
49 are probably the extremes) with relevant prior 
experience in a marketing-oriented, environment. •> 
The need Is for a modern manager with an 
exceptional record of pariicipitiun in profit 
improvcnient. preferably in a similar sector. • 
Prospects -are n>u confined to this subsidiary, ^ 

For a fuller' job description write to John Courtis 9 
& Partners Ltd.. Selection Consultants. 7S Wigmore 
Street London WIH 9DQ. denmnstratiug briefly • 
but cxnlit'illy your relevance and rjuoting iefercnc<* 0 
7023/ FT. # 

• 

4» 


THE UNIVERSITY bF 
PAPUA NEW GUINEA' 

(PORT MORESBY) 

Applications are invited ter the. Posts 
o' SENIOR LECTURER LECTURER IN 
COMMERCE. The Department at 
Economics Has two vacancies tor stall 
in Commerce. The aooo intern y*in be 
engages in the leaching of Accounting 

and Management In Degree' Md 
Diploma programmes in Conrmti-ae 
and Economics The lull range at 
Accounting Subjects Is taught. 1 but 
a Dp 1 ■cants with a specialised know. 
ledge of Taxation. Allotting and 
Business Management would be pre- 
ferred. candidates should have pre- 
vious university teaching experience 
and a relevant rug her aegree. Previous 
employment In a devdoolng country 
would be an advantage. Enoulriu may 
be made to the Chairman of -the 
Oimartmont fbr furtnet iHlttrmaOon. 
Salary scales Senior Lecturer K 14429^ 
IS. 176 p.a.: Lecturer K9.04EM4.218 
D.a. i£l sterling a K 1.355. In addi- 
tion. an allowance 01 Kf 30Q oa. H~ 
sing la is pa-ratale. An extra- Kt.TJOO 
Marriaoe Allowance and K130 .trar 
child Child Allowance may also be 
payable. Conditions Include on, vision 
of. housing and annual leave fores. 
Detailed applications <2 cbotos) with 
curriculum vitae, three ntferee£. and 
small ohoiooraph to be sent direct to 
Secretary. Bo* 4820. University -PO. 
Piooa New Guinea t<v 22 Decomber 
1878. Apofkants resident In • the 
UK should also send one Cooy to 
I ntcr-Lfnly#r*l-v Council OO-H- T Often, 
ham Court Road. London UMP ODT. 
Further oartirnlars mav be obMIned 
from either andress. 


MODERN OFFICES ® 

to let on Song lease 

Northwood HilKMiddx. 

4.340 sq ft 

on one floor 
Mith car parking 

King&Co 1 Snow Hill. London EC1 Tol: 01-236 30,00 


Peterborough 


- 50,000 


FACTORIES 


Ring John Case 

075i'66Sol y'--- . . 

-</ ,w -- 3* .* y ' 


Harold Williams 
Bennetts Partners. 


k. 




WETTERN HOUSE, CROYDON 
EXCELLENT MODERN OFFICES 
TO BE LET 

6250 SQ. FT. 


&CParKUuW.Croycon 


Ot- 686 3141 




The National federation of 
Building Trad^ Employers 

Eastern Region 

invites applications for the post of Director of Us Eastern 
Region which covers the counties of Beds- Cambs- Essex. 
Hens.. Norfolk and Suffolk. The Regional Office is located 
in Cambridge. The present Director retires in April 1679. 
Responsibilities include the administration of a large Region 
and the efficient conduct of its business. This la a major 
task requiring considerable managerial skill and adminis- 
trative ability, involving direction of the activities of 
Regional staff, maintaining communications with Local 
Associations and member companies and with other 
organisations and official bodies and co-operating with 
Headquarters staff. The Director is also responsible for 
implementing Federation policies In the Region, for the 
financial affairs or the Region jnd for the provision of 
guidance to the elected Officers of the Region. Attendance 
at meetings throughout the Region, at London headquarters 
and adjacent Regions is required entailing a considerable 
amount of travelling. 

Applicants should hold a degree or professional qualifica- 
tion and have a sound knowledge of the building industry 
and economic affairs — a legal background and knowledge of 
contract law would be desirable. It is envisaged lhat the 
successful applicant will be around 40 years of age. Starting 
salary by negotiation, depending on ago and qualifications. 
A car is provided. Applications, with curriculum vitae, 
marked Private & Confidential, to Assistant Dircvfor- 
i.ieneral. XFBTE. S2 New Cavendish Street. London VIM 
SAD. by not later than first post on fi November 197$. It is 
hoped that the successful applicant will be able tn take up 
the post by not later than 1 March 1879. 


COMPANY NOTICES 


j TANKS. COiySOUDAlfcU jnr*UIMKNI!> 
■ LIMITED .1 


NOTICE 70 HOLDERS OF 
ORDINARY STOCK 
DIVIDEND NO. 63 


UK 


NOTICE IS HEREBY GIVEN *n-r 
I Interim Dividend declare*? an 61 - KWM 
1 1978. At the rat* of 4a per son unit 
I 01 Orflinjrv Stcr> *or thy *ea- -'"fling 
I 3l»f -Deccmocr. 1878 w.lt e* OJid cn 
i or t*t*r 24th November 1978. to S*or»- • 
; holders registered in rv hoofct ot the 
[Company on 27Yh Ktoter- lflT8. and j 
: to holder* for rhg time heme of Sloth ! 
: Warrants to Bcarar as "mieaird erfe** 
j Holders-, ol St«k Wir r»»h ro .nearer 
■ must arrange for -in Auttior-seti Derosttary 
I to deposit Cavsoe Mb- S3 therefrom at • 
-the Ofece of the Comwrv'j Pa.-ng 
. Agents:— 

Tanganyika Holdings Limited. 

6- John Street. 

London WCtN 2E5 

■Or CO deooslr tnis Couoon I r. BRUSSELS ■ 

" SOCfettf C-nerai; cp Banaue. 
i 5. Montague, ,du Pars- 
er ■ ■ • 

Banoec Lambert. 

24. Avenue Morpix. , 

i or in PARIS at: — 

Credit du Noes et V.'n.o». Part-er-ne. 

BAB. Boulevard Hautsmane. 
or 

Messrs. Lararfl Fr^res A Cie. 

5- rue - Pltlet-Will. . ! 


NOTICE Oh RATfc OF INTEftbSl - 
BANQUE EXTERlfcURE O AlblRil 
U S V4D.OOO OOO FLOATING RATE 
NOTES DUE 198b. . 

In ascdufance w<in tn? provisions 
at :nc Ageniv Agreement ■ -Between 
BancuC trrT-r lOurc 4'Aigerw- ■ and 
Cit'fjnk. N.A., 0ai?O as at ' 17fh 
C^tooer. 197B, notirr is bcrror 
given that 1 me Rale ot interest has 
Deyr. a: 12 ana Ihal the 

Coupon Amount pavabfe on 2nd -May. 
1979. awainst Coupon No 1 wpl be 
U S ‘64 'O ^no ‘r.t :lc.i aflicunl 
ha: treen wmautcfl On the actual 
i imti' a> la.s c-au ier 'Sli mvineo 
Dv 3G0 

Bv CITIBANK. NA LONDON 
Agen; cans 

Srfl Novemoer 1978 . . 


INTERNATIONAL* : 
INVESTMENT FUJ>® 

Manager with headquarters in 
New York seeks assi steal to 
cover rest of world. Ex- 
perience in both trading jipd 
analysis of both euiTen^es 
and securities desirable. ...\l 
A pply m full with references: 
Only the best will be inter* 
viewed November 7 to 17 'in' 
Europe. Wnle Box £1053,' 
Financial Times. 10, Cannon 
Street, EC4P 4 BY. / 


INTERNATIONAL PROPERTY 


WE DON T WANT SALESi'PEOevEl Wo 
want people who have a "air lor talking 
to executive: in the 'area ol finance. 
Our work ie interesting, our service 
invaluable. Naming I* easy in thii 
worfo but a need exfeta for our service*, 
that make* it easier. Commencing salary 
Va.OOO j- if voii are about 30 year* 
old and looking lor a gowd future, 
mease telephone- us for an appointment 
On BSr 249 T.- 


CoBira. o' :ueh Notice are avaifoble 
upon rcctiMSt al the ofhee* of the under - 1 
men;roned Depositary and the Agent.— 
Bann'u.e Internationale a Luxembourg 5. A.. 
2 Boulevard Royal. 

Luxembourg. 

Rocer: rldnuiig'S. "Co. Limited. 

C. Crocbv Bouare. - 
London EC3A BAN. 


ART GALLERIES 


NIPPON CHEMICAL LUlWshUK 
- CO.. LTD. •••• - -7 

<CDRsl .. -* 

Tnr undrrvg-i rd announces lhat *hc 
Annual Report re- Marrh Jt. 1978. 
Of Nippon Chemical Condcnv Co- 
Ltd. 

will oe available in Lmemboutp al' 
Bannue internaTional: a Luxembourg 
1A 

ana further in Arr*:«-dam at: 
Algemenc Bank Nedcrtand N V . 
Amstentom-RoTtcrflEm.Bank. N.V. 

Banx Men A Hoor Nv 
Pierson. Hekfrmg & Pierson N.V..' 
Kas.Aisociatie Nv. 

Amsterdam 

31*t October. 197* 

AMSTERDAM DEPOSITARY " 
COMPANY N V. 


THE SANKO STEAMSHIP CO.. LTD. 

fCDRV 

The unfl<:> .lined announces that tnc 
Annual Reran 1977 /for tnr vC ar 
ended Marin jt. 19781 ol The Sanko 
Steamsmo Co.. Lid will be available 
«n Luxembourg at Kr edict bank SA.. 
Luxembourgeoisc and further in 
Amsterdam al . 

Aiqmnene Bank Nederland N.V.. 
ArTiSXcmam.fialtrrcUm BjoV N.V.. 

■ Rani Meet A Hope NV. 

Pierson. H'.-ldring A Pier*OI> N.V.. 
Xac-Assofliatfe N.V 
Amsterdam 
3 fit October. 1978. 

AMSTERDAM DEPOSITARY 
COMPARY N.V. 


MUNICH (Germany) 

D ISTRIBUTION /MANUFACTURING 
UNIT TO LET 

3.750 SQ M (40,000 SQ FT) 

Could be split — Next to Motorway E6 and Ell . : i 
and .Subway Station — Airport 5 minutefr • L 
Write Box T.4976, Financial Times, 

' -10 Cannon Street, EC4P 4BY. 


OS TEND. FOR- HIRE from owner. 

T.3S5 m 2 modern indgst. premises on 
1 Ha. All (acilitic Spiendta situation 
along highway.. Letters n Vanden- 
berghe. 14 Waregcraiaan. 8 8400 

Oostende. ■- 


SHOPS AND 
OFFICES 


SMALL INVESTMENT 
COMPANY 

WITH PORTFOLIO COMPRISING 
OFFICE/GROUND RENTS 
Bued in N.W. Lomfoo, producing 
approx. £22.900 p-a. ««.. for. uk. 

Further details: 

BRENDONS. 

\{3 Ashbourne Parade. Hanger Lane, 
Ealing, W5 3QU. Telt 01-998 2711 


AS**jev» GALLERY. 43. old Bond St.. 
wi. Of. 629 61701 • FRAGONARD 
DRAWINGS for OrljJfrfp F arioso. Until 
fS December. Mon.-Frf. -9 30-530. 
Th u ri. until 7. 

BROWSE A HARH Y. Td, CorR St. W I 
ANTHONY EYTON. Recent Paintings and 
Drawings. 


or in SWITZERLAND al — 
Swifli Bank Coropratien. 
4efChentOT3ladt 1. 

Basic. 

and ail its Swiss Offices. 


, DAIWA SEIKO. INC. 

This 'I 10 r-oti'v EDR Holden that 
! we havc,_ received Notice of Ffesolutto 


the 


Outstanding sales position available with 

BUSINESS WEEK 

one of the publications of 
McGRAAV HILL INCORPORATED 

Successful applicant will be Maidenhead based, work- 
ing in the U.K. with possible extension to activity to 
otlier European countries. Work will involve intro-, 
ductory Management Reading Programme to corpora- 
tions. Contacts will be at high directorial level. 
Remuneration by salary, commission and expenses. 
Interviews in London or Maidenhead week beginning 
13th November. 

Telephone Ralph Ricliiield 

Marketing Manager 
Business Week 
on 062S 23431- 


Of in LUXEMBOURG •« — 

B*nou« Gtfn-rifn flu -LUkcmEG Jrg. 

I 14 rue Aldringei. 

or Binque lnt<ra<irienale 4 LincrOOurg. • 
2 beufevord Povaf ■ ’ 

Coupons nrnfenrtd -fe- oiTYent m; 
[ BrutsNs Pjrtt. 5w<tZCrfaod. «r Luxem- I 
i bduro will rpouirp to b» fleurnsanfed bv 
; dnclamtums to thp thev Navy 

neither teen received from nor ore. the 
1 property O* ' r«ifl*nts. Iri tfio United 
• Kingdom. 

. United Kioadom Income Tax at 
, rate, ot 33*L will Be efedBCtetf>— 

.fat Where hoifferj- roehtened adflressBs 
are t|tuatcd in Great -Britain or 
1 Northern Ireland. 

/B1 Where other holders on ihp Prtifeipai' 
Reoi^ter nave aDoainted Agent' tn 
Great .Britain or Northern Ireland for 
the rece nt of Dividends for ihetr 

Account. 

(c> From oarmente made In resnect or 
founont oresefM«J .n Londen unless 
such coupons are accompanlad by 
Inland Revenue Declarations. 

BAHAMAS 


Dated the 3rd day of Neumbe*. 197t 
P O. Boa N.776B. 


of the £urd Ordinan. General 1 Medina or 
i Snjrer.o’e— nets Tr'ioav U7th 

| October , 7978. 


BANQUC FRANCA ISE DU 
COMMERCE EXTEIUEUn 
U S 12 3.00O. MO. — FLOATING RATE 
NOTES DUE I9B3 
attpriLintr. will, the- provisions ol 
the abore Notrs. the rate el . interest 
haj been hved at ITi.% per -annum 
lor me semi-annual period enrliiig 
An-il 27. 1979 

Interest due on such date will be 
nayable noon surrender ol coupon 
No 5. 

BANQUE l.NUn NATION ALE A 


DAVID POOLE Shawl tilt Official Portrait 
to commemorate the Silver Jubilee 
Lunrhcon af Guildhall together wirh 
V“ d , l r*' u TNT. BRADSHAW 
i 5. OOM - 17 Carlton House TorTitce. S. W t 
J _Mon_-F-i 10-5. Until Nov. 10. 

ART SOCIETY, las. New Bond St . 
FIELD 0 ’" 629 S,,16 ■ m a*WELL arm- 

ifURNEAliX GALLERY o« “wimblidon 
j orannts an exhibition of new nalnrlnas 
rr PETER NEWCOMBE IromOti: 24 iS 
I hfo*. JB at the Alpine Gallery. 74. 
I 5. Audicv Street. London. W.lr tO.Sd to 
5 daily feneot Sats A -Suns). Lam 
opening to B «acn Tubs. Tel.- 629 
I 22BQ. 

j JOHN PIPER. New painting* and 
' STTS** ’r2 ni November, at Bohun 

Gallery t3. Station Road. Henlev-on- 
T hames, Qicon. Tel.: 04 9 12 62 2a 

j MALL GALLERIES. The Mall. 5.w7C"The 
I S a ir 01 Heaven Landscapes Or Geoffr*. 

Robinson Mon -Fr[ 10-5 sats tn. : 

I JJnfil IS Nov. Atim. free 

RICHMOND GALLERY, 8. ’ Cork Street. 
London. W I. 01^37 0264. Sculpture 
■ 5 V ..J:E W -‘ E ^UMMSRS (RCUKUMIWC 
: Exhibition i until 18th Nov. 

i SUSAN, SWALE'S SALOME ''Fieidbourn C 
5ili cr JSi— hS - Grove N.W fl 

5 86 36 00 _____ 

T HE M ARKET PLACE GALLERYTCofeton. 
j Devon. Tm. <02971 52841. "Wafer. 
. colour; bv CHAPLE5 KNIGHT ■ 2Bth 
r petnber until J4fh Nevamher. Open 1 1 

I lo 1 anf* 7.30 to 5. Mannav to SaturOa-, 

I Clown Wednesday afternoon* 


DOUGLAS, ISLE Of MAN, Athol St 
Freehold office building of. character in 
-prestige- rwsitloti- Approx. 4.000 so. It. 
D1. 5»F- S471. 

SHEPHERDS BUSH. ' Modern freehold 
office- building for sale. 2 .soa w. .ft. 

net. Plus 3- roomed -flat Possess/on 

ground Boor suitable building socictv. 
etc.- Full dc-tailv front Douglas Kcnhaw 
and ■ Co . 64^15. Grosvenor Street, 

London - W1X 0B8. Tefephone 01^193 
2142. 

WEMBLEY STADIUM. OffiCeSIStlfdIO to 
let. 6. 8SO so. ft. net. private car parv. 
centrally heated. £-36.000 p a. exclud- 
ing rates- Full detail; irgra Dougla: ! 
Kershaw and Co.. 64-65- Grosvcnor I 
Of-tM ' jmT W1X ° Ga ' Telephone : 

INTERNATIONAL RESEARCH PREMISES ! 
Slough Bertrihfre. 12.2C0 so. ft. net ; 
Car parteng lor aoprox 70 car?.. Main) 
road position dole to town centre, j 
For Mfe fmiHUO- -or may consider 
letting _ Appfv Sole Agents. A. C. | 

Frpft A CO..' Windsor 54555. 

EAST SHEEN. Moo. nulfe. 6.500 

SO. Tt New lease- Onfy £50.000 D.a 
Ho premium. Douglas Raci-fey. 01-935 
0074. 

SHOP SHOWROOM Of over 5.000 SQ. H. . 
and oo'tov store* and woruroom. adla- ' 
cent ro central Abmodgn. near Ovtord. ' 
For safe I rev held with V.p. Sumter 
Jis % ,c,, re , * Road. Reading. 

I »«.: -*04 732.) 



WANTED 


f4 C?IoOO *® US 7- J3 available 


BOND DRAWINGS 


CLUBS 


- ---, 00 O 10 purchase residential 1 
pro parties i« to. regulated tenant* In 1 
London and the South East. Immediate 1 
decision*. . Agents retained ■ ■! nrr vs- 1 
sary. Ref. RDA 01-452 7683. : 

( 


FACTORIES AND 
WAREHOUSES 


FIELDING N E W50N -SMITH & CO. 

have a vacancy for a 

SENIOR VALUATIONS CLERK 

able to take departmental responsibility. 
Please telephone 01-606 7431. 



LEGAL NOTICES 


In i fe. Matter of SImROV PROPERTIES 
, LIMITED and in 'he ?.Ia-trr of !h- 
! Comnanfes Let* 19*1 to m 

XOTJCF IS KERF BY GIYEV :hal Hie 
CREDITORS o: ;hn abnye-axs-.L-d Core- 
M.ij-. vMch !i b"Ia£ valoarenry v-nird . 
op are reQuired. oa or before. the i(urve:h ; 
' Hay of November 1975. to tmj In their 
full Chrlitlaa aoi Fttrouries. rhetr i 
addresses, and description, far. oarteoiars : 
of rhdr debit or claims, a^d the aatne; ; 
! and addresses of their Solicitors <i f aay< . 
j jj the undJ’rtizaed Srlia D. F. Mus&Tid . 
. aad Dor Ylddemoitt of io. Cardoii Street. . 
j Load 03. E.C.4. the Joint LUnxldarors of ( 
I the said Company, aaf. Jf so reostred by I 
J VOSCT in WTlHBfi froa tbs said Joint ‘ 
> Limidafon. ire. personany o» by their . 
[ SolWiori ra raree in acd prow ihetr • 
‘debia or efuffli a? eocii litre a.ii place 
os nD All be specified 13 cart Xoitcc or. . 
. m delao’.-. thereof, ihcr i"..l V cxe’.ci-; 
from :hn be nr fir o' a5F dlTrnh'jns.i audv 
|b.:*orc such deb: s are nro-.eJ 
I Dated Ulr 1*1 Of XOVem^-r 13f? 
r d. f ?:.LX5F:sip and 
r KtnpE’.:o;.T, ; 

Joint uaiuiUiore. ! 


REPUBLIC OF SOUTH AFRICA 
*{% 1970/1752 UA 20,000.000 Loan 

Bond; for the amount otiUA 850.000 lave bnen drown on Oetohtr 23, 
1978. in th« pratenso of I Notary Public. 

The drawn Band* are [holt. NOT TET PREVIOUSLY REDEEMED, included 
in the range beginning *c - 

J774 op » 4887 reel. 

The* are redeemable, u from December 30. Wg, coupon due December 
30. 197*. end following acuched. 

'Amount subjett to redea^oon: UA 2.003.000. 

Amount bought in the market: UA M50-J00 
Amount ummorlited UA 12.000,300 
Qutsandlns drawn Bonds: nana. 

i . THE FISCAL AGENT 

XREDIETBANK 
S.A. Luxanibourg(oiia 

Luxembourg. November Ji 1*7? 


«yi. 1SB. ftrgp nr Street. 734 0557. A u \ 
riT 1 * PI All-in Menu Three Spectacular 
Floor Show.. 10.4S 12.45 and 1.4S ana 
musit o f lohnnv Hawtcmorth & t rtcndi 

GARGOYLE. 69, Dean Street. London "w - t". 
NEW STRIPTEASE FLOORSHOW 

11.3.JO am Show j| Midnight anil t am. 
Man.-Frl. Cloved Saturdays 01-437 6455 


CONCERTS 


ROYAL FESTIVAL HALL. rQT -928 3101 .) 
Monday ■ LONDON SYMPHONY 

I ORCHESTRA. _ Sergiu. Cellbmacnv. ; 


Roulmf O*.. 
Ortwy: La 


The 

Mer: 


a x.mg CB,, asssj; : i 

Rlmakv Korea kov: ' 


TOTTENHAM CL. Single siofev tadones. i 
10 -OQO 30.000 to. H. To let - or tor 1 
MlC^^AH^emenltm Maurice Andrew. J 

WITH AM. ESSEX, '.null liWuMr.aJWjrc. ^ 

houve unit?, now available to fe- Contact ; 
Donafe^ Moony Ltd Brentwood /077T1 , 

CtilPPCNHAM, Md cut 17 2 miro*. 1 

40.000 w. ft. new *inoie-*tdfvy ware - 1 
house 30 *1 to eaues. Migni <j ■,«. ! 
TO let £1.25 DO so. It TelT 022 IU l 

HIGHBRIOGE. SOMERSET. Claw M5. 
Ill-action 22 . ■ New factory warehouse on - 
popular industrial mure ifl.ood so. ft. J 
Pin*; ancillary office*, etc. £105.000. t 
freehold. - Mdi: Klnn Miles A Co , 1 
Industrial Department. 24, cu-t Street. 
Bristol I. Tel.: (OZ72) 294B44 


WhyisCIwyd 
ten times more 
interesting? 

. Enquiries about indu>tri.il 
and commercial expansion in 
Chsyd have increased 10 told 
over the list two years. Whs .’ 
Because with ifs full Deieinp- 
ment Ara sums, iis large, 
m utii-skilled workforce. prn\- 
imiljr to HiJjMf markets and 
national, 'imenuiiunal comm- 
unications ni*tivorks. Ihis prn- 
tressivc WcLsli count)- dom- 
inates tiie regional develop- 
ment Firne. The til*»% in 
Clwyd is .’ about sales, not 
strikes — and il's a prcai pi a* c 
tr» Ji»’o loo. 

Talk to us about the low- 
cost situs, the factories and ihe 
extensive financial aid avail- 
able to incoming Industrie-. - 
wcTf make you a deal you 
can’t refuse. 

Contact Wayne S. Morpan, 
County Industrial Officer. 
Clwyd Counts- Council, Shire 
Half, Mold f (el. -Mold 2iZlJ 



ROUSSEL UCLAP 

r-i 1967' 1979 LOAN DF 
FF 60 009 000 ' 

Bond* 10 ' 4 runinal amount Of 
TP 4.B5B.OOQ h**? b*rn prawn lor 
rvdonwlioil In tnr Pretence of* Notary 
PuBliC on October 23. 197B. 

The drawn eeMniuif* are those nal 
vel arswroutir redeemec. included m 

the rnnoe beginning; 

at 11B56 to 31705 indiM'V'b 
The drawn debentures are redeem- 
able. coupon No IS attached, as 
from December 1 5. 197B. 

Amount called for r ea emotion: 

FP 5.000.000 

Amoudt bouont into the market: 

FF 111.000 

Nominal amount outstanding: 

FF 5.000.000 
Outstanding drawn Doods: 

* to 7 mei.. 99 and 100 . 1G4 and 
16S, 821. 439 to 454 feet- 641 
and 64?. 21S9. 2547. S14S » X24A 
incl.. 5156 and SI57. 5175 and 517S. 
SI BO to. SI S3 Ind. S424 to C426 
incl.. 8055. B06S and BB60. 45BZ1 
to *9827 _tncf.. 47486 to f7491 
UKl.. 33860 to 55868 incL. 3SB79 
to 56012 reel.. 56025 to S 6 DM liKL. 
5B575 to 56579 reel.. StSJb ana 

56656. 56638 ST 100 and 57109. 

S7T98 10. 57220 incl., 57518 W 
57522 incl.. 57S71 tc 3»73,lBel- 
SB 332 and 50,593. 58400 to 684B4 
UKl.. 5B9B2 and SB9B5. 591B8. 
59505. 59745 59934 

The Trustee 
KPCD’ETBANK 
5 A LuxemBOurgcd'S* 
lUlffilMurB. NO r ember 5.1978 


REDE ONES 5KIB5KREOITFORENING 
6-. 19S6 ISM UA 8.300.000 


Bonn; to' the amount of If A 710.000 
have Been drawn on October 23. 1978 
>n rue omr.-iec o' a Notary Piratic 
'Or redemption on FeBrupry 2S. 1973 
. -il* drawn ^debentures are tno*e 

NOT VET PREVIOUSLY REDEEMED 
included in the range beginning 
a* lor bond* of nominal UA 1.000 
„ . i S 2*63 u* to 4293 feel 
b> lor bonds ot nominal UA 230 
__*» HII' uo to 12B7B Incl 
They are redeemable coupons No. 

« ,r0m 

Outstandlno drawn Bonds 
>i Bonds of nominal UA 1 .000 
.’*1 5 ,S!0 i ’722 re 1729 

•"T-i - 2074 250* and 5S02- 2531 and 
2532. 2569 2568. 2575 2605 and 
3606. 2508. 26E2 and 76212*86 
*"2 Js?®, 0, 2789. 2794. 2940 

SB SB 294 '" 1942 " nl1 2945 5937 *"*' 

hi Bonds of nominal UA 250 
1:501 and 11502. M504 *nd 11503 . 
1 1 S07 and II 50B. 

Fifrlnermorw Red-rnea will repay on 
February 25. 1979 the la'.t instalment. 

1 e UA 69B.00D *t 1 00-50 oerr enf 
\p Kuiflu'c* ".lln \«e le*m» uml 
condition^ of he 10 a In. 

THE TOU5TEI 
k FCD'ETBANK 
5 * LuatHiibouroeeire 

Lil»*>wV-Ourd 
Ncremher x 1 g?* 




PUBLIC NOTICES 

A HNANCIALTIMES SURVEY 

Forthcoming Properly Survey 


COUNCIL 

BUN amounting to t2.SOD.ODO were 
tsaurd On I November, 197B for maturity 
on ■ SI Jan*jnary. 1979 at a rale ol 
10': "L. Applicalion* total lob L1E.GD0.MD. 

N Ilia outstanding total £5,000,000. 

CITY OF LONDON 

The provisional editorial jsynopsis and date are ki out below 
Date; Friday 24Ui . November 1978 j 

• INTRODUCTION • RENTS 

• DEVELOPMENT • ARCZUTECTU RE 

• RELOCATION •PLANNING 
• RETAILING IN THE CITY 

For. further Isfonnitun da advertising rates is this Surrey |- 
please contact: Cliff Counter ' > 

Financial Times,. Bradien House 

10 Cannon Sheet. London, EC4P 4BY 

SHOPS AND 
OFFICES 

BEDFORD SQUARE («»). W.G.1. Modern 
offices. 2.760 so- IL GH. Garaging 4 
cats. to-voar lease. 624,500 bum. 

Broom nails. 0*-222 13*4. 

M40 M4.M3 LOCATION. Commercial 

properly in IWrim Valiev am, Com- 
prnncnslve ReglUor maintained. Apply 
Cruft and Co.. Windsor S 1 231. 

building land 

AND SITES 

XeJ: 01-348 8000 Ext. 234 

FINANCIAL TIMES 

BUILDING LAW- 5.15 acres situated in 
[hr National Paris area of Waslmorg. .- 
I,IW ... ' y| t*' Olann'ng permission lor tfi 
nwrlllng* tap 000 Phone Bradford 

I0--.-4. 3358^ Mr. E>. T. Farmer. 

EUROPES BUSINESS NEWSPAPER 

■pse conrm; pubtu-dtien Jatus 3i:>l v.u nf wnrvuyi-io iv riCauwai T«nr« • 

af-- «.'.f*ll-L ,r t-i rb-Hc- i: .-h iwf. el [fc r t^Hur. 

! 












; : iViday 'November 3 " 1975 

'*• ‘Vi*— •' ' t - ” u- ■• V* •'••*. *• 





0 


FDFFEBBY ARtKUR BENNETT ANtiTEB SCHBEfERS 


• COMPUTERS: 


• SAFETY 

Fire safety standards 


• MATERIALS 

Clear film 





I HL KIRJE Extinguishing Trades under the scheme must b*? 
Assueratioc fFETAi and the Fire approved by ihe FoC. uhich will 
t> Rices' Committee (FOCi have test a sample number of exiin- 


TWO M OVES ■ of *. considt ruble 
significance' 
tise't 
the 
pu'ter 

which Turn- dating ayrisenii time of apiplicatioris prograins 
between staggering/bare lo be written lo carry 

58 years €or iis : twin-computer specific, tasks. It ; also - produce, 
systems. . . - /. / ._ : - its Teports at piuch lower 

Firstly the-'cbmpany is extend'. 
jug the concept iff its high-speed/ usthS ■Gobol, for- wstancc. 

" -- dP , 


a scheme to ensure pru- guishers lu en^uie ilul they do f| t a /\rvBrvaiwto 
vision of the right type of fire the. job required of them. It will LJilC vUlUllI J 
SisnjflcaJU ih this instance is jximguishers and tu improve note thai they arc properly 

- ‘ labelled and pc-riudually checks ULTRA-HU.! CLARITY 

- ' v control propylene him. J - 

premises, packaging 'oxi 
rrv out launched by (,s Packaging. 


since it out-Aears premium bear- in; in transit the device i* 
ing materials such at ptfe-fllied immobilised by means of a 
.vetals by over two to one. It removable plug, 
will generally Lake increased it is available in a sensitivity 
loads. range between 5g to 150g with 

Ny la iron XSB is a 66 nylon an accuracy of ihc order of plus 
with solid lubricant and other or minus 15 per cent, 
additives. It is available in The increasing sophistication 
■iiock shape form; rods up in ant j VJ ] ue electronic appliances 



duplicated eammuflica'tSoiis "-bnsg.:- Describing'' the / Expand 

w ' 

fj 

failures 

ponents __ .... ... „ ... .. 

funedoniog:- as . J.f" notWng-.7 had "ranked- pqtoUy .and nsc'rs need 


AII^ FETA mem bets in arkcl inc relevant British Standard** anu iriininjan 
pr-mbL- exti.v'iiishrr^ who un- FOC approval and al>u reap 


issr^WT u,a :r n ya t T/K 

allures in' tme ixr^indre com-' Jack^ehapman, said that in Mich ^lin'-ufshevl 1 wiii^i'^rir^vlii^n anri^^n inv u-lV^n'tite L,r ,,U ' ,ls , n0 - and 70 ..j'. 1 ,.;,' 11 eVk ' n 

.onents r amr yet carry, cn/a network.' all wmputers were f h.- h C d ,1 , . , • SS l,1!cr « ns „ a ' '‘V 1 , "S*ual d n 


■I CLARITY poly- 6 in? diameter and plaies up to nnd i-omponcms creoles a num- 

uin. du\eloped • for - ins thick. b^r 0 j problems, some of which 

has been Apart .renn ik superior wear can be related to malfunctioning 
perfiiriiijncc is similar lo due cither to accidental transit. 

' s handling. 

developed In 
and inexpensive 
g that i he pro- 

k attached has 

pai aineiers are more arduous n tii underdone a shuck in excess 
sp'»ns- Abcrti.-ne GS Soon hjs extra- !_ hi * n previously available plastics of Ihc maximum level previously 

n and ,-«-iirnarn'y c^od Mpiical uroi/er* n^ve been iible lo mcr.l. determined lo he the damage 




list. manufacture, (iisinhun.iii and - aU yc.^. jt is f ur ( -ounle'- 

T'ne list i., t.. b.* bruughl up servicing of portable fir.- exlin- riisplays U h;.s jbdiij of [ra Ils- 
ur nianufa-.-turc of n.,. .-ntn-.r ..n.i 






happened.;- lo ; e.-rtended jroni-vnof he’ aware' of the geographic 10 date & ai ' le^i Tmve 'a vear ••mshtr ur manu fa-iurc »r 
wumcarions' s:» . that. ■ wth- location of resources. - dlc - ‘ ,ed:il ,,n ^ e d >Cdr ' - Ulshtr « ur m-nur^ tun. 

" Expand, as- many, ns ..^55 t Adding '■new centres .. 
computer complexes at/ Rely work -was 1 _amnpH city ntself: 
separated, geographical, sites; wexe' ampiy plugged In 
can be handled>This means that up 0 '^: a j f 4 },^ other 

over. 4.000 processors couid be registered she fact that 

operating on thu- network- under anjaercase in working power and 
Expand— all wdrKfl?-.. in the kih 5 couW -he spread more widely 
fault-tolerant mpde pioseered.hy ^od ibus toe carried out- faster. TP_ l 

JS&ss^^SEL? It, Emergency oxygen supply 

^ hf * " arr,n,y uf ^ 


eliminated, uub.ianding crwisi: 
rc-«i stance properties an d excel- 
lent len-uii ^'iien^ib arc 

chii'ACLeriiLiL,-.. 


.yei^ , «drw..esnan®n? very 

T,,f; SUPPLY of oxygen is 

nent of : -ijhich ' is-^a.-- 5®i n S,5 Ut j 0 10 heart attack victims, asuim* 

Nylon tor 
tougher 

ev^’fnrHaff with corapiflevs with each other. iHimui-r of situations, in industry mi,, mo*. N» ir-gulainr» -auges hGflFlllffS Mi* bnlis. pmers. photocopiers, medo nl 

d=e , of comonter Tandem operates 187 Hish !,nd alll,rt,c environments, where or vaUes arc necessary. ' Shocb-Fu-f :v only IS mm lung equipment. gyroscopes. lesi 

br‘. data wncraaino ‘street Uxbridge. Middx. 0895 enier ^ ncy treatment is ikmtv i, ^ sugeeit^d fur 'isc hy lMPRO\Er> perfurinani-e nyion- -and M mm diameter: it 1*. .self- rqmpnicni. guidance syslcms and 

... r . ’T * - 57001 1 »«>' tun not easily available.^ resell n and firs I aid organisations based bearin';; mair.-ridl has adhesive, weighs - grams and similar products. 


play 
no knowledge 
languages or 
routines. ; 


point. 

The dci u-e will respond in 
nmlti-dirretirmal shocks in excess 
•>f f* millisecond*. Optimum 
accuracy is obtained when the 
shock is applied fmm any direc- 
tion m a plane perpendicular in 
ihc axi* of Ihe halls and yprin^ 
Onini-Uirfi-Uonal resi>oiiM- may lu* 
obtained b> immniing two Shock- 
Fuses at right 3n.2lc*. 

U’s^d mi ail' shock-sensin' r 

produci. Shuck-fuse will prevent 

ih*» nsi’ or insinuation of 
_ damaged equipnieni and will aid 

SHUCK FUSE !.= a dispojjble. m determining damage liabilitv 
mechanical shock indicator rely- by limiting waitanries. It will 
:ng on i\'i> ^leel balls held in a l sn a ci as :i significant jisjchi*- 
-ii/pensH.n liv a c.i refull v logical detevrem from mishandl- 
.■.diiT.iicd -7*rin-j. 1 -.» vi\e an m.y: and v.ill cnconrase prop-T 
irr*ver*ii.li.- visual indliraimn that van’ in UanMt of ;he eriuipnicnl 
:hi i'redefcrniincri fhresho.’ri Jf ' wbicti if is a ii* chert. 

-m-i-k le\el has been exceeded. U.S. experience indicates that 
Nn;. rhi'ek in excess "f the pre- tin- deviec will find litieful appll- 
impael inicnsii> will disludye cations on microprocessors, eom- 
bn I is. t'litcr*. photocopiers, medi'-nl 


* PACKAGING 

Tiny unit 
to measure 
si the g/s 


• HEATING./ 

Better heat transfer 


-•"M introduced to this country j n industry, shipping and local introduced 0 
from ij«e U.S. wheiv it Is said authority services mcl 


Polypem: 

. ....luriinq NyLitron NSt; Jj.«, unpres*i».«- 

t*i In vp proved itself a life- sports centres and welfare and. properties in >u-.-h application.* 
sa\er. is a simplified miniature l*ecnu««: of Its compact size and 

first aid treatment, using an light weight, a handier alturna- iMCTDiiMruTC 
emergency oxygen supply from live to large, bulky Mipplies 0 IN5 iRUIVlENTS 
tolol slate sources. earned b> ambulance fled*. 

The unit measures. 10 l . x Si Further from Fire. Seme* 


ha* ..n operating temperature Further details from A Laller 
range i»f .T.VI3° degF and Co. 4:j South End. Croydon. 

To prevent accident a! trigger- CRB IAN tUl-bSS 0335 L 


CROYDON 

S- OFFICES 

if 

h 


A - DESIGN of . stainless steel -The vessels, were installed in 
jacket, for enclosing industrial parai/el and tested ./inr»!»n^ 
sled paiur afp+oektSaw, 
similar fherraal 

hy the marilifacttirer. , . 

Stainless of Tlicfenansivorth. .10 The ■ college concluded that 
offer substaniiaJly improved heat because of toe Bubslantlally jm- 
transfer for-' boih' heating and proved -heat transfer, operating 

cooling; - .... times are considerably reduced • » • 

The jackpr is dimpled inwards so that less steam is consumed uni^C Iz nr>f in 

to touch the V4?ssel amt-; rhe and fuel savings arc available. l\Cy lillilj IVt/Jil III LUIlCIi 
dimples arc punched, through. F'nr example, heating times *' * 


Lower cost multi-trace recording 


SKwSSjKtSF® mu™ cost mum 

‘ftu-er. ChcmpTa.nl fiteaai and cooiins by rap water. e ‘ 1 bJ ''- ano nAb <,n m ’" in ' TO '- A CONSIDERABLE >icp femprd *xpen*n 

*”* “■ *”*“ «»...« In tj ie ri-onuiiiu-* of ultra viulci pon-nts 

rharl revorder mamifaciuiv and J«.ich:ny and contra l> sections . offer* 13 dilTcrent speed* from 
- v. . - i- , , cu* t . SE Laos standard miniature an unsurpassed five metres/see 

; cn , l>uA * Sb Lah : ■J.tlvanomrier is used, consisting dov.n to 0.5 mni/*-c. with a 1. -. 


mcchani-Ml cum- 
minimum in thy 


.The M-n ri.nr**r.<Ie«i chart ,lin 


COMMUNICATIONS 


tC:Mf> with the intruducuon of „f ;i moving euil system sirs- 5 switchins seriu»‘itee. At th* 
the SE6300. pended by a torsion strip in high speeds, recording times of 

Paper width ha* bi-en pushed 'which J* attached a liny >ilvcr- 0.5. 1.6 and UU set-.* can be sei 



?:#OPEI3TY 



eftnany) 
Ufactlring 
r 

T 

v o jri f; 

Ifewi rmr-Jt-g- 


# 


'KV'Srwfv 
V./. C8KPANT 

iwt TO*T.-j>..q 

woa: u-“ 
t-f ^ ■ " ' s - 

'fy B®EN2CVS 


jjlT p rSp 3 CP- • ’ , • CtiSlllf tiC LOlOlirS . of Sinn} . 1 *»||IH 1 I mi- » Mam. ovnu- mn uiiiipmn. Ill- Ift>ru ’.1111 uii; • " ■ *- r • ■ ■ - o — -■ , ’ 

Th* dimplp*; CTttse^t.u.rimJpnce .Bedford, which- 'is.- using., ihe lLS « B rriiury. n r Uit-ic will hp inslullori m c:ir*. narrower paper, eecmomlslnj on proportional ro the eurroni in Ihc ilir* MYiuennallv. ai ihc 

in th* strain or , vratfr.. flnw.-' jackets... has found. '.that its gas Thi- network, costing a toial aircraft, irimks and other paper in Hip Ions terni. coil: the movpmeni i* damped hv same time placing an identify mg 

iniDrnving tho. heat". PXcha.Me. and. fired' sf«sin boiler does not have 0 f ^r;«nn will provide fa 4 t two* vehicles. Modified version* will Available with 11 ! nr ?4 chan- -ilicone fluid held :*t c<»n*lani number fvia an optical wheel 

.. . — . •- — 1 — **--• — ' ' 1 - ,, - J •* ■*- • '’•alure. arrangement ) on Ihe paper 

i.-ien' writing :ii high margin opposiie th»' break in ihe 
provided hy a f nil v tra<-e. 

lifised (nn-w.it'1 mercury are The recorder makes 11* nun 
con iu iv linn viiili an inning reference lines am*** the 

six presei pci able 
vent mark* may 
the ehari vising 

Impwial 
identical 
pan* vepre 

ami n trA r ' 

■ •- ■ .■/ . 

• .- • V '• ■ ' ■ ..■*•' 

. - . . ... v" ■ ; . 


unsupported vessel arid jacket. Furiherrrrore. production is up and .iscncies. Uf Un* cost, all of which are smtgcliny along The 8.300 « laim* EMI. cosis about ontie.i] sysient that m.ixnnises paper ■ uliere are si 

Independent tests, have ’ re- "40 j>cr' cent hecansU' cyde/tiinKS the two-way r«iclii* equipment v -i*h omdaied equipment and go per reni |-s* than today'* tiv ci.illoi-iiqn etliciency of ultra- inu»na1s». and ev» 

eentlv been carried «flt at Have been cut., - tot.iMmg close on RJm will he nnro-nrriinalcri systems— as was a u*r age twelve inch recorder violet and icult* m .vriting al*n In* made on l 



0 COMPONENTS 

Big nylon 
tubes 

A UO.MPA.YY a hu h for man*- 
."•c.-trs iia* fpecidliseri in the 
nianufamirc uT nylon inbing up 
i*i - inches m diameter (ur ilv 
im*i»*r. pneuinatie and hrewer- 
in*lu*lni.-3 1 * nu'.v piudiving ii in 
higher. - to 4 inilic*>. tl iu meter 

rsa-rd <01 .\y|*in II I rum A*" 
t ‘!ii in i»* of Fr.miv. tin* piping is 
.*■. 11*1 ha vi* 101 island) ii: 1 media ni- 

val and elect r ii a I properties-— 
lii'jiHiuti* absurption at fi5 p*'i' 
•-I'm RH. t ivlai i' *■ hiumdiivi i- 
only I 1 per irm. and piping 
ran be u*ed for limited period'. 
*.*! ii-mpei'iiiui'L* from 1 00 u» 
degrees- A epeei.il heai- 
r*.-*isiing grad*- is ,*l*o .n.iilabi*' 
f**r ecmiinuMMs opi-raiion ai 

1 til degrees (.'. 

The 1 -i 1 m pail.v say* lh.it Du* 
larger *i/c ol tubing, which t* 
resisiani b* p'-lrol oj | N and 
ivy driji'iu boos a-n> 1 ally i-*mld 
now in* 11 -i’ll increasingly in 
ih** eln:muMl and oil industries 
Becaii.se i>f «*\(i*}jent am 1 - 
fncuooal properties, the cun- 
voyani— of II 11 id.* and soild 
Panicles can be improved by 
ahum -'it per cent com, u red 
with mci:<l pipes.* 

M*-*rr. fr*.*ui Wcm of Knjl-md 
ri:ij>rf*: J . Hampion Sirc**t. Tei- 
m-.iry . ill*.** til.X 8LD f0t«hfi 

.VTJJT 1 

Needs less . 
maintenance 

HOPING To win hack .« fih- 
Manila! porlinn of the ne-v and 
rephvemenl door markci being 
eroded by foreign imports. 1 * 
Crosby ami Company. New ham. 
Wesi Street. Fain ham. Surrey 
IU2513 2311*3). The. company has 
invested over ijm in develop 
meni and machmery in prqrlti* *• 
It.* Cnirnon range comprising 
di»or* taken from its slandarri 
ranp<* in vhtrh ate applied 
raised c.nved panels ami a now 
limber protector cmIIccI Dural o.* 
The finish has boon developed 
in conjunction with Imperial 
Chemical Indu'iries and ».* 
claimed 10 ohvialn Ihe nr*essHv 
fur frequent rc-painiing and 
mamienance. 



t- v *»i: 

r — 




Is Cl"/ 



atiinicsn® 

intcresun?' 1 


c-: ; 

•43 ~ v. • 

Fi', A---* 


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Financial Times “Friday Novem^r- 3 : 1978 



PAR LI A MEN I AND RDM I ICS 


mm 

'.'V 


derision than 


BY PHILIP RAWSTORNE 


Free vote 
on safety 


Dr. David Owen’s defensive 
capability proved more than 
adequate yesterday to repel 
the political incursions of the 
Tory right-wing into Zambia. - 

The primitive attack front 
lin* Tory backbenches on the 
Government's military aid la 
President K&unda in the end 
caused more derision than 
damage. 

The Foreign Secretary needed 
tin more sophisticated weapon 
than a 1976 Hansard to com- 
plete the rnul. while Hr 
Francis Pym. Tory foreign 
affairs spokesman. looked 
diMincily relieved lo have 
advanced the parly's official 
line oil Ihe issue with more 
caution than his iroups. 

Mr. Pym's belligerence was 
confined In his lone of voice: 
and he purstird a us" ers rather 
than Ihe aclion. 

Uh.nl guarantee*- had beeit 
ciirn about the uses to which 
the Cmcrnmeni's military 


supplies to Zambia were to be 
put? Did the defence of 
Zambia include the defence «r 
terrorist bases? Was Presi- 
dent K nun da doing all he 
could io get the Pairiotie 
Front 10 the negotiating (able 
and a peaceful settlement? 

Dr. Owen, ignoring the tribal 
war cries, patiently reiterated 
that l he Zambian Government 
had given firm guarantees that 
the equipment would be used 
Tor no other purpose than the 
defence of Zambia. 


“ l am 

prepared 

(o rest on 

the integrity 

iff 

President 

Kaunda 

and 

Ihe 

Zambian 

Go\ernIUc^l, ,, 

he 

declared 

quietly. 




Britain 

had 

been 

asked fur 


assistance as a fellow-member 
uf the Commonwealth — and if 
was no use Irying to resist the 
spread uf other influences in 
Africa if the Government were 
not prepared to respond tu 
such appeals. 

President Knundn had taken 
puiitical risks in his efforts lo 


achieve a peaceful solution In 
Rhodesia. Ur. Owen declared. 

But was he prepared lo 
restrain the guerrillas* “cam- 
paign of murder and ter- 
rorism *"? demanded Mr. 
Reginald Maudliug. the 
former shadow Foreign Secre- 
tary now turned distinctly 
rebellious. 

Bristling with hostility, the 
rank.- or his new-fuiutri allies 
on ihe Tory right pressed 
close behind. 

Mr. Julian Amery accused 
the Government of collusion 
with Russia in shielding ihe 
guerrillas: Sir John Eden 
railed on the Foreign Secre- 
tary to dpmand the dispersal 
of the Patriotic Front forces. 
Mr. Ffdon' Grifliths protested 
that the British military 
supplies were bound to get 
into tlte hands of the 
terrorists. Would British 
troops be sent into Zambia to 
defend British civilian* he 
demanded? 


Ur. Owen retorted that Preri- — m. ■ j 

deni Kaunda. a sovereign head 14- |J*B| 

of state. Iiari made ,JUs own BIClL f I BY IVOR OWEN. PARLIAMENT 

derision to support the libera- 

li ‘ 0 We°w5l' not support them," A FRESH attempt to make the S5J|K|2|?5^ JSuJLy Si5£ 
- We will not support thera.** wearing of seat belts compulsory f?®! 1 Fa S vour P 0 f a more^Uible 
. declared. Nor would British in (he front seats of cars and H_ n ® “ fa !2SL? r 2 ™n£S E0 i!£ 


BY IVOR OWEN. PARLIAMENTARY STAFF 


Scrip rigid 5% guideline 

on pay, says Thorneycrof 


ABANDONMENT OF the Govern- .. 


he declared. Nor would British in the front seats of cars and nolicv was tmd hv 

.crvlornjenbe .cm u. Zambia, Wl is to bo made by tho L 0 rt Ttotmeicrort. Censl^tiSe 

he repeated- GoverntuenL Mr. WltUam p , rtmirman and Lord Wei- 

But the Foreign Secretary Rodgers, Transport Secretary. ??£}* nr^+hL' 


professed mild surprise at the disclosed. 

Tory opposition to the Govern- A Bill will be introduced 
morn's decision to provide aid. during the present parliamentary 
Producing his Hansard Tor session — probably In the New 
1976. Ur. Owen recalled that Year — and MPs will be allowed a 


M acCT "“ r * kinson, past president of -the 
AMI will be introduced * ll,e House of LOrds1 ^ 

Both strongly argued that com- 

“ ss sr&£ yftrs 


it wu.s Mr. Amery wbo had free vote on its second reading, nali^d Lo«i 

then led the movement for he said in a Commons written ihouid no1 be penalised. Lord 


giving not only Zambia ltu 
other black African states 
arms ar.d other supplies. 


_ a \AtmuMuw, wruwH Walkinlon warned Uiat lo impose 

* ~ - 1 


ms «»»■«* Hint- 'invemiiicm na* auempieu to t h«»- Cmmmmsnt'i 

II had been Mr. Grinilhs who make the wearing of seat belts ^1*®°' "rKSbles 1 " ° tfcrnrai ei ** * 


had then urged tbe Goiern- compulsory. 


nient to send them military j n 1976. the Road Traffic (Seat a.* 

advisers as welL Amid Labour Belts j Bill was given a Second *? ^ 


present troubles. 

Baroness Blrk. opening speaker 


u.tfimib. mum ueiu>i 0111 was given a aecuuu _ , -jfTair* in ihe 

hilari ! v . tiie discomforted Tory Readm* by a majority of 110. hut b^fho olaffir 


niiari.j. uit uiauimiunru iu..» Heading Oy a majority or LIU. nut • Ottoon’e 

backbenchers retreated, lent- foundered In later stages when JgJJJf d admSted^th^ UkellhSd ' 
ing Mr rym to defend their l00 few MPs were present lo the 5 tier cent 

rear and salvage what he could debate iL °f loopholes in lne 5 per cent 



happening which was not re ally 
happening at all. ' 

In this situation, the Govern- 
ment should . recognise the need 
to move to a father more flexible 
position. ‘ 

Lord Thorneycroft, who 
recaled his own abortive efforts 
to hold to a rigid pay norm when 
he was Chancellor of the 
Exchequer 20 years ago. Insisted 
that responsibility with flexi- 
bility must form the basis of an 
incomes policy. 

“Tbe best you can do is have 
a judicious mixture of policies 
concerning incomes, preferably 
without .a fixed percentage, 
coupled with a mixture oE 
monetary, techniques." he said. 

This was the central ground 
in the case presented In the 


to get more arms— Owen 


Lord Thorneycroft 


BRITAIN IS 111 <rnd further technical help for improving the 
militarv aid 10 Zambia. Dr. David Angolan section. 


Owen. Foreign Secretary, told 
ihe Common.-. 


The Rhodesian raids into Zam- 
bia last month had vein forced 
the Zambians' concern about 


BU! the or, t.ip.neni being sup- J^-,* 5ecuri , v Military aid 

ni 1 would help Zambia's defensive 
armed f.-ree# : will nr., be pJszcd capal)dUv> particularly against 


* , , v ■ nv. 1 - w “ capability, particularly against 
f-R to ihe Rho.k. la.i vueulljs jjr ar jjck. Bui no British service 
ba>erj in the counlij. lie a.Min.d j >t . rsonn( .i r> r aircraft would be 


based in the country, he assured 

stationed there. 

Assurance? had been received Mr. Pym. deputisin'.:' for 31r. 
from ihe Zambian Government John Davies who is recovering 
that the aid — which he estimated from an operation, said therp was 
would tola I about iTOm — would grave anxiety and ' merest about 
only he used lo defend ihe t‘m> lenns and implications of the 
country, and the air defence nr rang -.'me nr. Dr. Owen's slate- 
p'lulpnicnt wa ft only intended 10 lllf?n , was vague, 
protect Lusaka, the capital. ■■ what guarantees has the 

Dr. Owen's slatemeni canto Hou-e of tlte destination of these 

.inly hours after the la lest weapons, especially with Lite 

Rhodesian raid which he said had presence in Zambia of substantial 
penetrated " deep into Zambia.'' guerrilla forces?" he asked. Dr. 

He came under immediate Owen vlmu Id explain whether the 
attack from Mr. Francis Pym, ihe r jOH*nc«* oi Zambia included the 
Tories' acting spokesman on defence *»F terrorist bases. • 
foreign affair-- Britain, -aid Mr. “ U how can Hie Dovern- 

Pym. should ;-avr demanded ,he ment defend it when terrorists Ur 

dodiandm.; 01 .Gisiuii Nknmo's I ' re killing tnnovenl blacks and 
forces as the price of the arms whites in Rhodesia'.' " He wanted ..p? 

airlift m Zambia lo knuw whether President Kaund ' a 

n.- ..a..,..*..* ,1. i.„ Kaunda would do all lie could tu „ 



from U,c- L-ncoanlcr. The Transport Dcparuncp, ^ a „ nor a Government or 

«ard yesterday that the new Bill clQs y d c and rigid miQds , and the 

v, ’ a ' <! exp ? cX * d 10 be s4mUaT current discussions going on ku.m 

a gYXrAVh lh “ P rev,ous 0nc o .., ' . .. with the trade unions are ftinda- • Lord Thorneycroft ' that any attempt to hold wages 

$WWr # l! A Government Bill whtch would cental* " she ^said costs down by freezing ..prices 

' vv %/JLM give authors payments for their watkinson accused the . . would be-** absolu'r fnlly." He 

„r Andrew F » ul d, lL a h ASt ^ ■ ” »« V&X'* JSS1?Ui! 

-sj^ssi " n U1 * — em * nt of the 5 per ? nL 


Conservative policy Sacurtient 
the Right Approach to the 
economy arid was ihe position 
of Mrs.’ . Thatcher and her 
Shadow Cabinet. 

Lord Thorneycroft emphasised 
that any attempt to hold wages 
costs down by freezing ..prices 
would be-** absolu'i* folly." He 


armed camps, where the* would lh ? r vJ52jSl bounced aiJt Therc should have been much Wednesday, that the 5 per cent breaches m the five per cent 

have been me, hv ground-to-mr l hc announced that W|dgr debale an d discussion, norm would go- norm occurred. 

in iss lb’s but acainsl such places Second Reading o' the Public fro * which Parliament should He did not say this cheefu ly ** Don t . tip the scales In 


inissili’s but acalnsl such nlacf-s f * ^ ^ from which Parliament anouia Me dto not say mu mwiuiv uom - up 

as"rlfiiW campv and wmr'n '-ending Rights Bill would, be n(U have been ru j ed 0 uL‘ before or with any desire 10 abuse the favour of the unions and then 

-when’ women rtvil servants U akr * n ^ th *L c 1 Q n mmuIls . on Ministers deckled tn embark; on Government, but 11 was no gwd abandon the employers when 

Friday, November 10. - - • ■ •*-- ------ -- - ** — 


w*. fc- 


were being trained." 


V 1 V T r Mrs. Margaret Thatcher, Oppo- ‘'i, H ^lnV at all 

He asked Dr. Owen fur ;<n ,.1,1^ 1 ^ripr h^r sunnnrt- guideline at ait. 


Ministers deckled tn embark; on Government, but 11 was no good abandon, the employers when 
Ihe 5 per cent guideline or any pretending something was they give way" he declared. 


Such discussion, he asserted, 
would have enabled Ministers 


tSA-fy 3 »| 


Dr. Uuviil Oticn 


u r ’ o- “ ,r ^ rtlion Leader, gave her support 

i.nderiaktnc ,ha, Briiam _ would l0 , h e measuro. -w* T • ■ * " 

readth and effecflveu m-'T-t previous attempts 10 give F iCXlDlC H T Cl 

Zambia defence needs, what- authors a new deal rrom Britain's . B Ji 5 

ever lhe> mighr be. libraries have failed because of Such discussion, he asserted. 4 fclV'UI/ ‘ "kJ 

Dr. Owen said the Government backbench tactics. would have enabled Ministers C JL - 

intended in meet those reciuests Nm until the precise terms of to learn th3l a more flexible •« 

which were “In the defence of ihe Bill are disclosed and fully approach was the only one UKeiy • = /vW/VM 

Zambia ’ considered can it be certain that to make sense in present 1 6h | |1 r VtMI 

Mr. Julian Amery (C. Brt-'hl on anli-Pubfic Lending Rtghts MPs circumstances. ... 1 VJ U JS.JL Y VfA U- V/Jl V'U- 

Puvilton) claimed that .Dvina will abandon their nupnsition. While ruling out a return AO “JR. . , 

Sr^5Sf-2SB-1S , !S tSTSS SfTTJ THE GOVERNMENT ordered Jh. M™. Omcebu tre .Po n! lbl. 

!«rrt7l’."" ,0r ^ Mr ' N ' k<,, "°' S Th^-on,,^™* 1 firS ' nMn1t SafiTre fnVZ JsfZnnT n “ibto " .™ from 

Mr. N'knmo had just been tn Two other measures also pay Increases of 30 per CML. ment and conditions in UK the _® ld * 

Moscow. "This is tantamount to rec.-ivert formal first reading. Nor should there be a return prisons. Mr. Merlyn Rett. Home other people. Mr. Rees wel- 
militarv- collusion between Britain Th-v were the Companies Bill to free collective bargaining^ in beere-tury. announced . corned Tory support, and said the 


Urgent prisons 
inquiry ordered 


^ . L i 


airlift m Zambia 
Dr. tiwcn adintued 1b.1t lie 


<-?uld not cuarante 
arms would nut 


• ilei.-ieni Ilian President 
<unda. 

:Mr. Reginald Maudlins (C. 


• in ^ ,hV Mr. Nkomo u. a conlerem-e ■"= 1 T Amery claimed 

mr reirt. tho table so Hut progress lo a pence- I' Mr - E,(lon Ciriffltlis f Bury 

~ > fill liPllliiinpnt cniil.i hn .f-htM-Mi before agreeing 10 supply arms. Sl _ Er | mund si, wanted to know 


men, and the Patriotic Front. Mr. lishmg a central council for the 
Amery claimed . four parts of the UK. 


vtded anti moro v.tjuld be sent VU nicxt of an extremely They were using the relative v.-eapons. who might get involved UUMIlt'JliS mcnacinu lhao anything Hi 

after detailed talks. .grave and serious siiuutian. safety, now to b e enhanced by j n Rh*.dos:an counter strikes. rmiu«iKs *‘ iern in 50 years in busine'tjj 

As a result of the lalks with Mr. David Sleek Liberal lead- Brr: ' h arm-!. " 0. cmduu a cam- Dr. Oven said that nn British , ‘ polities, anil apportioned 

rn-nU-nt Kaunda in Nigeria in er. said ihui Zambia mure than "f "uirder and terrorism service personnel would hr Monday: Queen's Speech do ha to nr the blame’* for this situ, 

September. BriUiin hart' agreed any other country had had in m Rhodesia. stationed in Zambia A> to — Home affairs. 10 the TUC. 

to make an advance payment r*f bear the burden nf British and Dr. Owen answered that Pro-t- civilian personnel. lh« r** was Tuesday: Queen's Speech lie attacked ihr " nrw ge 

i'jPm now fur copper 10 lie UN s.ifu-tiuns. Any British Guv- dent Krundj had made clear his already a large British pnr<u la-, debate— Rhodesia. _ tion *’ of trade union leaders. 


Next week’s 
business 


A more flexible and fr eer action id some prisons cannot be Mr. R^es said the Parkhurst 
bargaining system was needed a | lowed. prison officers could put their 

he said. which operated •« vviLli the cstaWLshnienl of ease to the inquiry which would 

responsibly and enabled account lb j S inquiry, the Government ex- be a wide-ranging one. 
in be taken un ihe national pecls aj j , 0 wor k normally; . 
interest .. -- . and to present tneir case to the' .. TntPriYYl 

Lord Watkinson describe^ the inquiry in due course." . A Hit 8 UU 

industrial outlook as ^ more p nson officers should not take Mr. John Ryman (Lah BlythV 




m background of unrest in the 1 mined lately, and that it hart 
prison system. It would cover use accrued over a period of ^lwo 
a * of resources and working arrange- years. ... '.M - . 

‘P* inenis. ciiiditlons in prison ser- He asked Mr^Rccs te,tn#ke.nit 


«,f the Bcnguvla railway and trying lo achieve a negotiated moot. 


-ventiun in it. 


fc We cannot ‘yield on NHS wase claims’ 

Jiuu OH mio IKUIIIN » Wj? c QU«„, - Support X . 

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT / • Wednesday: Third day of ,s ever to spur (he. buy British ** The : Government make dfear JS" tradition 

A WARNING that Hm Govern- emphasised . “Tin* «i.verm..p n i and would provide addit-nal muse ^.ffrrin, a. 3,, iml.cai.on Fm4n "xn^.Ts «mi' u;,Vn«T l ' h SS Sid ilS'TlSSbSrf ShST SlIuweTaud "Til "C3?bli£ **(*'* there Tor. the ^ 

T«« CS,n M *"!VnrtSni-" m* he ,S j 1 :.* 1 propjr " d ,f ' lak - ,ha! ITZ , r, '. r : ,1 :r r! ' V - ut inrlu -’ i "^' mu-ln." > Thursday: Souih.-rn Rlindesia having u.m M.r | y s, war . sum,-. „,ont Vr Utis innn n Hiiv- ™*' ^ n u 0n,h< 

v n »* .f irv,," Z "“J- * , 4 nu, f ,,,l > '•andu-api.eil ;h:!dren. From the np,,o<t:u,n from Art 1»HS ».*onumjatii.i.) Order how they haw not gut to all staff -to work, noniwR aS rnnr ? ,<? M d ^" PP u ed 

:s.:iiun.d JU-JllH b.T'uu was He hinted, however, hai ihe and other J wuhan: aged/ groups. |, ( . n ch. Mr. Palrick Ji-nkin rhe lfl7S anv more.” ’ ..resent- ^the lr ease lo liielnnuii? P* ^ r!sion ^re'tC- He hoped UimSf 

made J.y Mr. ItaWd F.mals. Government would l -.k more On pay. Mr. Ennnl- irjWd that r,msn^v a ,ive hV^in. In h, ,. ^. 7 ^ - q [ >' Inq uJry would look, a*'.: IbeM 


Readin 
l leal I h 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


.■I ready announced 111 Hie ex- iJuviM-nment pay pulley, 
pvnvlituiv White Fa per last -The quest Mn uf nurses' pay 


jinrirnis a; risk." 
Hi* hoped In 


Februiu-y. will have lt» be looked ar in Ihe union leaders possible Methods -iruygle. - ' he .>aid "Have we 

In ms remarks ahmit pay. .it. i ;y j,i i»f ih«* declared policy u n nf avoiding Indus'. ru 1 acfiou in all gone mad'/ llow can >mi 


Knuals did not name any par- 
ticular union B*H his words 
v.'-re ;i dear reffrcnci; to ilu* 
lore*- claim :d»nin in lie pill jur- 
ivaril by Hie N^nojiaJ L nmn of 
1‘uhlic Employees 

NUFE is asking fur a rts* 1 »f 
■14 per cent in rtruicht money 


. ajq ; 1 . , 1 rause eiiircnn; 9- an indication ' ror n Affairs and Defence » elation and end (heir belief that, allowed and viilli t.l»e establish- ,, ", o'spiue mire .ior 
i.m ohier-y. u f indusinal miro-le." f Thursday: Souihrrn Blmdesia having won llm lost war. some- ment or tins inquiry Ibey expect' ili T n jy ’ ^ 

lined eh:. tlren. From the uppostuon front Act 1HH5 1 .'ontinuatimi 1 Order how ihey have uul cut 10 lr\ all staff to work nonualiv and MFlf^ h , mnr ? ,<? a r? p, ? ed *^58® 
n 'ingroup, bench. Mr. Patrick Jenfcin, ihe any more.” ’ present-thelr ease tu U,e ^ 

j|s Ji/i-cd , that < .onservutive heallh spokesman. in due course." ^ . wo, ' ld . ** 

j im*W diffleuir bitterly attacked the of indii- Mr. Whilelaw, Shadow Home between' the- prisotr^ 

e ibey can au trial aetton in the health service JT -|« w 1 <• Secrelary, said- “We stronclv se "*':‘ e " ntl x * w Home DfliM- 

i; , indusinal He ilemmided ** paljenis jV/fl 91 1 (TA T/Xlf* siippon' the broad inqulr^ whfch e ^ J* 0 ** ■ ur "‘ ;d fh ^ 

$ ch ' ,r . :or ’ prevent .he suffer- IViUlHij S'U"' dl l Call I Of Mr. Nni proposes, ami m agree 

HS l«ia« Pins m.- irui roMilt-d. •/ <-1 uiih hlui enlirejy ,hui rhere . ^vemment wortf^ 

The unions jn- iiM.ng tormeni ^ T ^ ' should be normal working in our fi c * !' rcconunendaUons nE^ 

explore ’vith .-ml vtidence as -.-eap'.ns In Uieir B w AMn prisons. '” Ihe inquiry. 

•sible Methods -iniagle." he said "Have we I J A I T B/inKPrS Theinnuin would Provide an , Mr - ReM..-l«»W. Jlear- AdmUjV; 

trial aeur.11 in all Cone mad'/ Ihv nn \..u *-'•*-* 9 MU LttiUi iJ * ..2: ?.TJ uc .; a M. <’ M ii r can- Giles <r. . -WiruW: 


'* The unions an- using torment 
•xplore -.-ith .-ml violence us •■••■.•a pons in Uieir 


Mr. Ennals went on. 


Turning m vix-c finanvin^ vd the u.-i service. 


eonneriiqn with pay uispMec in justify using :he -ick and injured 


NHS. he »aid the Govcrnnienj At Ihe same lime, h 
had a firm riimmitmoni lo any po-*si.)ili ; .y <»r 
si renal lien and develop u. There- unions m the heal: it 
fuiv there would ho an tm-rease fui-ju their right tu 
available for Ifi7!)-Ru ov.«r and aetioii. 
above Hie os, i males in the Tin- he >aid. 


tu this catlou- and inhuman wav? MIS FUEL' MU1.LKY. l'efenrc tenn." 


At ihe same time, he ri'ud mi; “ Havi* we read:. of -nch a level Secrelar*. •■•nlirmed ihe Govern- Extra restMirres 
any pn«si>)i1i-y of asking the "f mural luinkrsipse.v fhai »e m-ni'* rlcei.-inii in allow ihe l-.S. deploy Ihe uirci'iif, 


in due-aiurse" -- • 1 -i“‘i“v *•*«*'- ** 

u. Whii«i-'«- cs;, j A1 t«lali unship between' tlve -priSoiF^ 

jr “We° «™S 5 "lv "5^ 

IV1 ?Sb h!/?5.SS/ ih^SSJ Government.' ' worifd.ij 

should bn normal working in nur ^ ? 1 J ™ rct ' onunendalloris *P>: 
prisons '* '" e ’unuiTy. . ..-. 

Thty inquiry would provide an r J™ ‘ro.' 
opportunity to consider ihe ?*' !" *7 wr sa » ^ ‘ 

whole- question of conditions of * pr J- J v bo ealled for a ume linut-- 
s»«i*vire '. and overcrowding in ^ or Ir inquiry, that u v.-ouU&'y; 
Jipeol t»» prisons: . together with Jheir re l>uri as a matter of urgency.;?-' 
I'lsewlu-r** .jifm mistral inn and inanaqi'ltlem. ^ r - Peter Rot lorn ley (I.L, > 

•'* '.f "Hut Mr. Whuelaw asked fur n.n- Vnulwirh W.j attacked Afr. Recsr? 

■ detenu*, fti-matton »h^t ihe lerms r*f fur waiting until now to take^i; 


m 


Tin 

• he s*aid. '.v 

» i> 1 : «i ••.• tin- 

real, si 

lie. il’isi uf ! 

he orjums-i- 

lions 

in the NHS 1 

nrtudine the 

PM\ 

would I'OfUM* ' 

in ha\e ihcir 

funds 

lied in ;hi> ■ 

j ' . 

■■ «v 

can't Total!:. 

•-■xeiii.le the 

\irs 

from the b; 

’lii- :,:a:n>i 

lnil.-il 1 

»n." he \v..-nt on. " 1 Mlt’U' 

1 il-i/e 

who work in 

the M-rviee 

have 

a Mit-e'a' n <;, 

lunsi'.ilit} in 

ihise 

ibey <lt\ 


” A 

hospital is in 

•1 line sumo 

xn'l <1 

f factory Human liu> .ir*: 

.11 sink'*. It i-annnt 

In* riuh: in 

!**il hiuuan lives at 

risk and to 


readine-.s in deal vitii industrial s> m pa i helically ennsldered all He had .i I ready .iqrved w»m 
j-eJa lions pruhleui.- ai wnrking -i.iiimeni- made by ihnse whu the U.S. I iriveriinienl e-nam 
-. _ « mild be alTveteii by ihe \iru- measure* wfueli i-ould tn* i.il.i-u 

U w.is clear, cuiitinued Mr p'mal ,o satisfy some of the In. af .mil. 


Mr. flees replied that be was:-'-] 

loneprned Ilia: people liadt| 
started to lake. ,) i e ru n n+ng A i F-,'-. 1 
prisons into their own ' band v : -. ,; Y 



' s- \ '■•••' 

China Vice-Premier 


BY COLINA MacDOUGALL 



‘Withdraw troops’ call by SDLP 


BY STEWART DAL8Y 



THE ANM.'.M. eiiiir.-ronce of Ihe Ireland. pe>si‘i|> nn a federal Giijuiii-ls. who preseiillv In, hi s 
Social Dem'.-r.ii;.- LytmuB Party l.a-i* nf (he Unionist seal?' 

(SDLP'. Hie iiia in format- Calho- Th«- iiiiHiun uf greater The SDLP i» >inlv inippe.4!i«: 


VIGE-PREMIER Wang Chuii. land. -■ . 

who .arrives in London for a Virc..|*rem.pr M'.tne has nepf.-i 
iwn-vwck VIMI on Monday, is the rcsunn*>,bi|ity Un industries Fb'S-.i 
must "senior rhinoc qlfici.il yet n-rnt'd with uircrafl. anAr 

in visit Britain. nffshoro oil. His leant induto 

He will briny with, bun a j . senior planning - official " amh-. 
-irons team «f diplomatic’ and turn advisers from tbe minisiries-: 
1 1 -eh ni cal advisers and is ex- eoneerned with defence .etob-V- 
I*-’.'!'* *° spend .i week tuiirin.' ironies and naval shio-huUduic. 
Krluslj mdurtr% well a> ,n**e: Members nf the jnlsskjn are 

iiignntilicji leaders in ia*nd'*n. »isit Ferranti , in Scot land and -■ 


Vice- Premier Wan.-. 7t». w:w» Marcum : Communieatlons af •" 
the «r-<t <.h:nc\e official tn men- Chelmsford, as veil, as the ' 


Barclays Bank Limited and 
Barclays Bank International Limited 
announce that with effect from the close of 
business on 3rd November, 1978, their Base 
Rate will be increased from io n 0 to 1 ii% per 

annum. 

The basic interest rate for deposits will 
be increased from 7% to 9% per annum. 



Rrifjph disenu':ui*:iii*nt from Ire :>rl-«e 

bind is inrvilablu .tnd desirable; The SDLP has s>-i il.-i-lf firm I- 
:hal It on j In in :a!.i* as pari jv ain't more- *h?ji 1'< on ih:- 
uf an overjl! p'/iitiv:,! solution." a rounds that, if the mini her wit ■ 
British I roup; have been tn be :n<Tea"**ri. from the pru- 
proent .1- ;*arl uf rtirect-ruie sent 12 :i» IS. as has bren .-nv- 
■-"sl'Cy since I'll, ‘1 1 lien* are oe-ifd. :|it- Unionist* •.yoiild «»-■ 

ihutighr to be Iff.nrui ir.iups n"W t« «,j|- ai ]e.i*i nn tr..» prerertl 
in 1 be pnivtrive. Hi’rinrj! Ii.isis 

Other major rivnlutiuDb will This the SI *1.1* curiP'nd. woiihl 
isk fur a rnnfV.i’iiee iovulvina m-rea*e Ihe Lnumi-i-' h.irgain- 
Rnlain. the Rep:i’»ln- of In* land, ine :*ower a« Wv*-ii«in|.i.T ' .m*! 
and the Calhuiies ^nd .Protest- reinforce ilu- lnlvpraijuni«t 
anr* of L'Uier. - bi.-h -.-.ill atm at ar.*ims*-tn favoured bv one 
1 re'.iiilUvatiun uf the ;%» purls uf nuwerfu; -eciion uf thi; (iffiyiai 


>wer-sharinu 


♦* CKGB power station an ( |- an is due tu call tin. the .Prime' 
offshore ott uvdMIainm in S0.1 Minister n\ the end uf Mis vistt. 




BANK OF SCOTLAND 



BASE RATE 


The new rate applies also to Barclays Bank Trust Company Limited 



Manpower Commission’s 
plan is approved 


1 lie Bank of Scotland intimates that, as from 3rd 
NOVEMBER. l l J7N. and until further notice, its Base Rate 
will he increased from I0 f \. per annum to III 0 .; PER 
ANNUM. 


BARCLAYS 


R*»C- flffire: 54l.<*nihard Street, EC.qp j.AH 4 se, , n1 


I THE MAN I* AVEH N-n-ier*.' r."tn- ’lh. 'io\i*niiiu*ii! h.r.»- i1erut«*«l 

! mi<-"»ou'- 1 «-v !■"* .,r..l plan for ", 1 ri -■ 1 l.i 

;P7*: |,i;bli-(K>i .*,/•*. i-irt'-T l. M'*i! :r;int -• li- m--.- inr hnnv-- 
ie> !i .|f.iir«u,'i| ■ In- Got'-rn- ir* in*l ll-ailir., i . .mil 'i u -r.ij, [. 

•rt*TM. Mr ,\lii*vi v-’f-tti F.Mpb*y- ..irf—M.. Mr, t Unti»n-t»a\ (■-. Tr.»d» 
n*>nt lT;ni-ier 1"lr| ibe I'nuiiiioii- l nd**r Se«-i»*i.i • 'jni,'*iin--i| ir 
in 4 vwitlea rfUi-Aer fli^bL * uumophi# Aiitten uis*£f , 


I « iyr».iN-. ril'FlfF"'- - DEf , f»>ITS 

Toe r,,m ,f mii>r»*<i -»n -um. mdr;d for i mmiiTifp n* 7 d*y.« wiU h* R*i r?r. 

annum, Jilin auI» «(Toet from ".rd r IJiT^ ...... 





U 2 > 








The Financial Times 




may ask on first experiencing a 
ride in the Citroen CX,have the manufacturers of 
Other chrsheen doing for the past 20 years? 

. It would appear they have merely played 
- around with modifications to old engineering 
■ principles Mile Citroen have introduced a whole 
series of dramatic innovations leading to very 
definite improvements in the all-important areas 


Take, for example, the unique self-levelling 
jneumatac suspension. 


ing grows progressively firmer, increasing road'feef 
for safer driving. 

VariPower steering also prevents wheels 
being deflected by loose stones or uneven surfaces. 
Even when driving on a motorway in strong cross 
winds deviation from a straight line is negligible. 

In the case of a tyre blowout at,say,70mph, 
the combination of Citroens hydropneumatic 
suspension and VariPower steering would main- 
tain directional stability which would keep the car 
safely under control. Even when braking. 


‘ VhiPower steering is also uniquely Citroen. 

For parking and at low speeds the steering 
is finger light and power-returns to a straight line 
position immediately the steering wheel is released, 


0 , With increasing speed the VariPower steer- 


There are 16 models in the CX range. All 
offer the advanced engineering and design that 
combine to make the CX one of the safest,most 
comfortable cars you can buy 

And at the end of the day what more could 

ESSSSS* CITROEN * CX. 




A selection of the 16 models in the CX range 

MODEL 

BHP 

TOPSPEED PRICE 

CX 2000 

102 

109mph 

£4966.65 

CX 2000 Super 

102 

109mph 

£5199.48 

CX 2400 Super (5 speed) 

115 

112mph 

£5813.73 

CX 2500 Diesel Super (5 speed) 

75 

97mph 

£6040.71 

CX 2400 Pallas (5 speed) 

115 

1 12mph 

£6398.73 

CX 2400 Pallas (C-matic) 

115 

lllmph 

£6582.42 

CX 2400 Pallas Injection (C-matic)128 

1 12mph 

£6997.77 

CX 2400 GTi Injection (5 speed) 

128 

118mph 

£6979.05 

CX 2400 Safari Estate 

115 

109mph 

£5971.68 

CX 2500 Diesel Safari Estate 

75 

90mph 

£6315.66 

CX 2400Familiale 

115 

109mph 

£6081.66 

CX Prestige Injection (C-matic) 

128 

112mph 

£9254.70 


CITROEN* CX 









Financial Tunes Friday Novemfi^f 3 1978 


The Management Page 


EDITED BY CHRISTOPHER LORENZ 


Ian Hargreaves profiles a shiprepairer who invested his entire life savings in a derelict 
shipyard just when the industry was going into deep recession. 


An act of faith on Clydeside 


l 


WHEN shipowners sneeze, 
shipbuilders catch a cold and 
shiprepairers so down with 
pneumonia: such is the chain 
reaction in these industries. 

All three industries are 
suffering from severe over- 
capacity and from recessions 
which are not expected to 
bottom out for another three 
to six years. But sliiprepairers, 
the least glamorous and least 
known, are. in a sense, in a 
worse position than owners and 
huilders because they arc the 
first to feel the effects of the 
owners' economies and soon 
afterwards come up against 
competition from order-hungry 
shipbuilding >ards for the 
little work that is going. 

Repairing ships then, is 
hardly the business in which to 
invest your life savings during 
the present climate. In Britain, 
half the industry has been 
nationalised, but both public and 
private sector companies 3re 
finding it hard to make ends 
meet. 

These circumstances make Mr. 
R. E. (Rah> Butler an unusual 
man. Eighteen months ago he 
bought a derelict shipyard nn 
the River Clyde, a move which 
—together with his reputation 
in the industry — led to his be- 
ing offered (and accepting) the 
po«it of chief executive of the 
Tyne Ship-repair Group, much 

the biggest shi prepair complex 
within the nationalised sector 


and arguably the biggest such 
unit in northern Europe. 

His course towards this self- 
evidently precarious peak is the 
stuff of which old-fashioned 
novels about big business were 
made. Butler started work aged 
15 as a civil engineering tem- 
plate maker, but soon trans- 
ferred to a shipyard where be 
worked as a plater. 

Like many others, the transi- 
tion from berth-side to manage- 
ment came through experience 
in the former colonies. Butler 
spent 11 years in India as a 
foreman and. later, a manager in 
sh i pyards. hefo re esta blish mg 
himself on Clydeside in 1P56 
with the John Brown shipyard. 


management positions overseas, 
particularly Singapore, had 
reached an impressive £10Q,GO<X. 
And with a similar sum nego- 
tiated with the Scottish Devel- 
opment Agency, he bought the 
Alexander Stephens yard on the 
Upper Clyde. 


That was in April 1977. 
Clydedock Engineering, as it is 
called, made pre-tax profits of 
£253.000 last year and. with the 
help of the proceeds from sell- 
ing his own house. Butler has 
bought out the development 
agency. 

“ Everyone thought I was mad 
to do it. Many still think I’m 
mad. but I believe in the Clyde 
and I believe that shi prepai ring 
on the river can be revived," he 
says. 


says, has made his 200 men the 
best paid on the river. 

Tyne Shiprepairers is a dif- 
ferent story. Here Butler in- 
herited eight yards, some pre- 
viously in private hands, others 
in public ownership, with the 
target of welding them into a 
marketable, financially viable 
unit. 


Ashes 


Thrpp shipyards later he ran 
a converted naval base in 
Singapore, before returning to 
Clydeside as an adviser during 
the creation of Gnvan Ship- 
builders nut of the ashes of the 
Upper Clyde work-in. 

The qualities Butler noted in 
Clyde shipyard workers con- 
vinced him that, given the right 
incentives and the right 
pressures this area's most 
traditional industry could be 
made to pay, thus reversing a 
30-year pattern nf decline. 

So be put together all his 
savings which, boosted by 15 
yeats of working in senior 


His method he describes 
bluntly as "straight common 
sense." He went to the local 
representatives of the Con- 
federation of Shipbuilding and 
Engineering Unions and told 
Them that jobs could be created 
if he could convince potential 
customers that tbeir ships 
would cot be delayed by labour 
troubles and if costs could be 
kept low enough by flexible 
working between trades. They 
agreed. 

He also demanded a two-year 
commitment to no strikes in 
return for a promise that every 
£1 taken out of the business by 
the shareholders would be 
matched with a £1 in bonus for 
the employees. This, Butler 


With 4,000 employees, the 
“ shoulders to the ■ wheel to- 
gether ” approach, at Clydedock 
could not be reproduced. The 
problems were more conven- 
tional ones like motivating 
management around a new 
identity and countering a 
general atmosphere of decay 
and uncertainty on the river. 

Butler’s strategy has been to 
retain individual yards as profit 
centres, giving a high degree 
of management autonomy and 
therefore responsibility for 
success or failure. He says he 
expects the same treatment 
from British Shipbuilders. “You 
hack the people you pick to do 
the job and if they muck it up. 
fire them,” he says. 

This is a simple enough 
approach, but it also had to 
fit In with Butler’s plan to 
win agreement for flexibility of 
working and guarantees about 
industrial peace from his 
workforce. 

As on the Clyde, this has 
been achieved partly with the 
help of a productivity bonus 
package— in' the case of the 
Tyne a deal was based on pay- 


offs for value added iDto .con- 
tracts by the combination of 
labour effort and the company’s 
other resources. 

The first steps in industrial 
democracy have been taken 
with the establishment of 
monitoring committees to 
ensure efficient progress, of 
orders within each yard. 

These committees involve 
employees at all levels and, to 
help their effectiveness, repre- 
sentatives have been given 
training in disciplines outside 
their normal experience, 
whether this is financial 
accounting or a welding 
technique. 

When sufficient experience 
has been gathered, Butler 
expects to see nominees from 
the shopfioor joining the boards 
of the individual yards and the 
main group Board- But he sup- 
ports his trade unions’ view 
that the individuals selected 
should only serve for a period 
before returning to their tools. 
“ I believe that in a company 
of small units, like ours, we can 
make a rotating system of 
board changes work all right,” 
he argues. 




Mr. “ Rab ” Butler, who beads the biggest nationalised shiprepair group as well as owning his own 
. r ' r : shiprepair company- K ■ 


No strikes 


He accepts too that manage- 
ment cannot expect trade 
unionists to make guarantees 
with nothing in return. Tyne 
Shiprepairers has a one-year no- 
strike deal, but it also has — 
unique in British Shipbuilders 


— an undertaking that there 
will be no redundancies -in that 
period. ... ' 1 

This is an undertaking wtrich 
means a great deal in ship- 
repair where no one, even in 
better times, can ever" be con- 
fident about where the next job 
will come from,- Workflow 7 ' de- 
pends mainly on owoere’ de- 
cisions to maintain ships- to a 
high standard or to convert 
their ships -for new purposes, 
and partly from those". ships 
which have bad accidents?; 

The fact that the group is 
carrying a fixed labourfpree but 
an uncertain workload ' means 
that everything possible has to 
be done to fill the berths.: This, 
not surprisingly, has ied-to bit- 
ter criticism from private sector 
repairers on the river- that 
Butler’s group is cutting rates 
in order to win work ahdthat it 
can only do so because its' kisses 
are underwritten by the Govern- 
ment. Butler has to admit that 


the group is still making losses 
— he doesn't say how much — but 
he forecasts break-even next 
year. Turnover has increased 
from £20m in 1977 to a forecast 
£30m this year. 

■ At the moment until Novem- 
ber 13 Butler and his trade 
union leaders are securing 
Ehrope for work in the first 

major joint ii mon-management 

marketing push. 

When he gets back. Butler will 
have plenty on bis mind. On 
the ‘Tyne, apart froih the re- 
morseless task of filling 18 
berths, he is trying to launch 
the group as a force in the off- 
shore world and has hired the 
consultancy services of Alpo J. 
Tokola. a U.S. oil expert, to help. 
So far, the group has taken no 
order for the empty sliipyard 
which is ready and waiting. He 
is also planning, at a date yet 
unfixed, to reopen the long- 
closed Greenwell dry dock in 
Sunderland — at a time when 


British Shipbuilders is being 
forced to consider shipyard 
closures elsewhere. 

In his private sector interests, : 
which he reckons account for < ^ 

about a day a week of his time, ■ f U J] 
possible schemes come and go. I j ^ l 
During tbe' summer Butler 
sniffed unsuccessful round the 
Neorion shipyard in Greece, for. 
a possible management contract- ^ 
to reopen.lt and . he says he’s 
still very much in the. market J 
for this type of project. . .. 

Wearing his Qv decider’s hat; 
he’s even considering going into , 
the troubled shipowning busi-“ 
ness, by buying i daraaged- 
cargo liner, repairing her at 
Clydedock and putting her out j 
to' trade. 

There are' not many former ii| 
shipyard platers in tfie list, of ^ 
British shipowners. Nor are 
there many owners, or- ^rip- 
repairers for that matter, witfe^ji? 
Butler’s - brusque confidence 
about making money. 


THE INFLOW of foreign invest- per cen.1 of all applications (rep- - 
ment into Spain in the first resenting, though. 75 per cent f 

eight months of this year has of the volume of proposed f 1> 

increased by almost 60 per cent investment) will have to go the 
compared with 1977. having long way of Cabinet approval. 
reached a total of S3fi0m. Trying while the remaining 85 per cent AM 

to make hay while the good will he dealt with more speedily D] |0|j&ljjZOC 

weather lasts, the Spanish Gov- at a lower leveL OUw|S«^C»w 

ermnent has now decided to However, attractive as the I A VI® I 

speed up the processing of pro- Spanish opportunities still 
jects submitted by foreign appear, too many of the prob- 
investors. lem« of transition from the old 

So far all applications have to the new system of political business legislation required for 
had to be considered by the and economic management are a transition from the strictly 


Spain woos investors but 
is slow to legislate 


BY A. H. HERMANN 


■ nlcal experts." Professor D. trois some 300 companies. v’:'£: 

k||T Julio Segura, membeT of the As .Director; of _ Vfjb&r. 

Centra] Committee of the Cora- EconomieResearch. Foundation, ' 
- m .\_ . munist Party, is opposed to Professor. Segura is busy map*.' 
■/.v” T central planning, favours a mar- ping out . the' penetration . oL~ 

■ . ket economy with mixed public public ownership info various/ - 
VC: . and private ownership. of indus- industrial -sectors.- including: ’ 

V" try and underlines that, though high technology and secondary V 
-:'."v .. Marxist the Spanish Communist industries. According to turn, the 

: VArT\."- - Party is no longer -Leninist l.N.L policy .sfion Id : .be ‘to ; hike:: 

. -- --- Listening to him one soon gains over companies ahdUsectqri. of- 
' : f \ . the impression ■ that participa- industry given rip by the capital-: 

tion of workers’ representatives ists as immediately unprofitable 
. on supervisory boards of coin- but possessing the prospect of- 


Cabinet. In future those for left unresolved. Politicians were regulated economy of the Franca changed and_ does not display hirers squeezed between rising ters these fears by emphasising panies is not the method chosen medium-term profitability. It is 

any investment of less than preoccupied with the constitu- period to a more competitive any great initiative. Some of prices of raw materials and con- that the workers’ representa- f or nationalisation of industry- obvious that the code for, public- 

Pta 300m (about £1.8ra) will be tion. adopted only this week, system and to preparation for The old laws are simply ignored trolled prices of their products tives on boards, though -no min- This is more- likely to be enterprise, .still in a very em- 

dealt with by an interdepart- and now will turn their atten- the accession to the European a < politically unacceptable but (and obliged to keep all their a i ed bv political W affiliated attempted by Turther takeovers biyonic state,, is ah urgently, 

mental committee and only If tion to the Basque problem and Communities. ■ have not been replaced by new employees on the paylist) can tj-arfe' J n ions should Aot be bv INL the government’s hold- required piece of business.iagis; 

this cannot reach a unanimous elections. Even the civil ser- The establishment which is rules: some of tbe prices have only hope that the law makers political bosses but ratbef^teeb- i n* companv which alreadv con- lation. . ‘ 

decision will they go to Cabinet, vice and industry seem to be expected to give effect to new been freed while others remain will come to their rescue faster— — — - — . ‘ " ■ >• ,, 

In this way, it is hoped, only 15 giving only little thought to policies remains largely un- controlled and 'those . manufac- than bankruptcy hits them. 1 ■ . ^ ' JL,-. — 1 - -- ~ - — 


Every time 

a government spokesman 
makes a statement on pensions, 
we have a lot of explaining to do. 


Right now occupational pensions 
are an occupational hazard for most 
management people we talk to. 

They talk to us because it isn’t their 
business to know everything there is 
to know about pensions any more than 
it is yours. 

But it is ours. As one of the largest 
international insurance broking groups 
in the world our pension consultancy 
interests cover the globe. 

At the same time we're deeply 
involved in underwriting, travel, freight, 
packing and shipping. 

In all these areas the hallmark of 
Hogg Robinson is an investigative and 
creative approach- bearing in mind 
the specific needs of our clients. 


As before, the 'Government can 
still order tbe banks to provide 
credits tr> individual firms, 
whether the money is needed 
for expansion or to avoid insol- 
vency. Banks iri turn receive 
allocation of funds accumulated 
by the savings banks. But all 
this is supposed to come to an 
end as part of the changeover to 
a free money market. 

It is evident that not only 
separate statutes but the whole 
body of business law will have 
to be revised to achieve a' bal- 
anced unfreezing of prices, to 
make sensible arrangements for 
the operation of the internal 
market, to create a money mar- 
ket and to provide for the co- 
existence of the private and 
publicly owned industry under, 
new conditions. 

Company law and industrial 
relations are two areas where j 
the need for legislation is 
widely recognised. The Ero-i 
ployers’ Confederation seems, 
ready to give up the present 1 
system under which a board 1 
consisting mainly of non-execu- 
tive directors is dominated by 
one or two executive directors' 
and to adopt the German sys- 


■yi 


29-3ff November Londonv . r 

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first steps towards office automation. \ 

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Fora detailed conference brochure please phone or write: 

Q/* H ~7 Information Studies Limited, i . -• 

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A great place for industry to grow 


man a.Yo- TM(r Ftnijnn Oismcr is »:r*teo,caM* iocjim m norm CanMvwo«ii»re. 
lem of two-tier management. «loe>* to the At »«d astride the A«7. the main link DKwcc* the 
, T V rT 7__ E«« Com ano the Midi* nils. With a nrat tins oort at Wwftech 

However, the Communist pro- .and one Of Europcs largest ran marshalling -vara* at March. 

n ..,i .u_, U t.,nn »ne area contains much ol the nncsr agricultural land In 

posa] that workers Should have Britain FcnUnp Is an maa> place to live and W*: 


a 20 per cent representation on JSSS kSSLt&b "JSS 


I the supervisor.' board— a very ***V_ JPT lm>u*tr»at anrt commoretat expansion; 
..... . ijui. uuaiu a mi j 0 , companies who n#»o already s«i ttralr «um here 

modest proposal rompared-Wltn SSJ2E5J ^ rt F SnieJteys Texaco aoo aacCain 

the reality existing in Germany ISSTTSTtr ASJTG&JX' SpSSTnTiSSSrS 
-is seen by the employers as a A SSSTU 33!U c SSSi 


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l first step towards nutionalisa- 
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The Communist Party coun- 


Penland District Council 


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Telephone (01) 488-2434 Telex 885962 


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t$tu± 




When Britain's travel agents gather in Spain this weekend for their annual 
convention there is likely to be a mood of short-term optimism. But among 
topics of concern are commission levels, consumerism, air traffic 

delays and overbookings. 


By Arthnr Saiidlesr 

... IT IS perhaps apt that Britain’s 
travel agents, tour operators, 
airlines and .shipping com-- 
"• panies, not forgetting the car 

- hirers, the coach operators, the 
railways and the credit card- 
issuers, are gathering this week- 

- end in TorremolinOs for their 
annual jamboree. .. The Associa- 
tion of British Travel Agents 
annual convention is usually 
held overseas and- .this year its 

. venue puts -it rights m&ehearfe 
-. lands of the . British- foreign 
. travel trade. ■ 

It rs British toulists. plus a. 
few Germans, Dutch and Danes, 
who made Torremoiinos what it- 
is today, a world of tower “blocks, 
discotheques and post-card 
' shops. Without., sun-hungry 

northern Europeans it .' might 

still be a sleepy fishing village. 


picturesque- but slowly dying selves are increasingly alarmed 
thanfeto-a sea which is running about the impact of direct sell- 

on ** British market, 

^tacularjult? backdrop which adding l0 

^ or program both hove oheiL and £*£ of nZ 
lieir pnces. technology in the retail 

The. - travel industry will business, 
gather .in remarkably good In their perverse way British 
spirits. If tberi» still is an travel agents and operators will 
economic recession there has be particularly pleased about 
been :very little sign of it in the disastrous UK summer this 
the travel world this year — at year. Most would now argue 
least in 'Europe.- It is on the that the glorious warm months 
other side of the Atlantic for of 1976 arc probably erased 
once.. that, dollar problems and from the memory of the British 
basic uncertainties have been consumer and that the UK 
added to major upheavals within resident is likely to look to 
the -industry itself, notably foreign shores Tor its sunshine 
from the now elevated Mr. once more in future. 

Khan of the. Civil Aeronautics _ 

Board, to provoke long faces. Kninhfld^ 

Anyone tnaking the transfer 

from, the U.S. travel conven- To understand that one must 
tion, ASTA, held this autumn understand tbe fact that the 
In Acapulco, to .the British British travel marketing 
equivalent (they are the world’s industry is orientated towards 
two largest such gatherings) the sales of foreign, not 
might find more cheer among domestic, products. Although 
the Europeans. there are signs of some change 

«n^5S«SJ 

in their marketing of UK 
Tray^-. people,. bke -/4nners pr0l j ucts Selling domestic 
never. And their commercial tewI is arpje tll “ agents, nor 
cliipate -perfect. In -common sufficiently remunerative, and 
with tour-aerators .throughout thus much of thc interna , busi . 
northern -Europe, the British ness j s done by direct com- 
sufEered. at the hands of. the municaiion between the con- 
Prench air> traffic controllers, stumer and- the companies 
although this - summer was all concerned, 
peace, c alm and- cooperation so This emphasis on foreign 
far as the Spaniards were con- travel rather than domestic 
eerned- -. Travel - agents. -them- makes the mood of the ABTA 


convention peculiarly sensitive 
to external factors such as the 
value of sterling and the 
preseut position in air fares. 
With sterling rising high and 
air fares falling in relative price 
it is hardly surprising that the 
mood is one of optimism. 

However, although the travel 
industry is one of sizeable 
consequence to the British 
economy as a whole, those 
involved in il .tend to concen- 
trate on thc problems of the 
particular . rather than the 
general. Thus when the prime 
movers in the British travel 
industry gather in Spain they 
are likely to concern themselves 
with commission levels and the 
intricacies of intra-industry 
relationships rather than thc 
role of travel in the grand order 
of things. Whether a client is 
sent to Bournemouth or 
Benidorra is likely to depend 
more on mark-up than national 
interest. 

In the end the fortunes of 
the travel industry are very 
much tied to those of the global 
economy and thus the holiday 
companies pay very close atten- 
tion to likely economic trends. 
For the moment, of course, this 
is one major source of concern. : 
since the fortunes of the 
Western world show few signs 1 
of being cm the road to per- i 
manent recovery. It is perhaps 
for this reason that much . of : 
the travel industry, while taking 
an optimistic view of the num- i 
her of bookings expected next 1 





4 . • ..*■» jjF 




>-v r 7 
' it! 





— m-jsas 




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A Boeing 7 47 Jumbo jet which British Caledonian Aincays has leased from Aer Lingns. The aircraft will 
be used by B.Cal. for most of its Houston services through the winter, replacing the narrow gauge Boeing /07 

l background ) 


year compared with this, is by 
no means going overboard with 
the provision of additional 
capacity. For the moment the 
industry is very much follow- 
ing a policy of wait and see. 

At the moment the general 
view would appear to be that 
the winter of 1973-79 will be a 


good one for business, as will 
the summer of next year, bur 
that a considerable question 
mark hanas over nrnspeots for 
the autumn of 1979. By then 
tiie UK will have a new Govern- 
ment of whatever colour and 
the results or present anti- 
inflation campaigns both in 


Europe and the U.S. will be 
apparent. No one is prepared 
to place bets, or very much 
capital investment, on the likely 
outcome of those campaigns. 

All in all therefore the travel 
industry goes into its conven- 
tion in Spain this weekend in 
a mood of short-term nnriini=m 


and long-term open-mindedness. 
Commission levels. con- 
sumerism. air traffic delays and 
nverbookings are all likely to 
crop up in debate and conversa- 
tion. but it is the depth of con- 
sumer pockets that is really 
going to count at the end of the 
day. 




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• ■ . 


THE TRAVEL 


Financial Times Frida? November 3 19/S 

II 


Tour operators come 



up smiling 


'ALTHOUGH THE French air 
traffic controllers did their best 
to make things difficult in the 
summer British tour operators 
are likely to turn in pretty 
healthy profits when the results 
start coming in. . This is partly 
due to accident and partly to 
design, partly to the weather 
and partly to steadying economic 
, fortunes within the British 
| economy. 

The key to operator profit- 
ability is. of course, load factors 
— ensuring that as many as 
possible of the airline scats 
offered to customers are in fact 
sold. Bedroom bookings can be 
cancelled. An aircraft has to 
fly whether it has 70 of its 100 
seats filled or 99. Most tour 
operators start to feel relieved 
when their load factors get 
! above 82. although price com- 
petition has forced some to make 
their calculations on a higher 
expected success rate. Some 
operators, on some tours, have 


-j- j- — ■ ■ 



SPSgPC 



The Dana Anglia on the daily Harwich-Esbje rg route 


Modest 


problems and 

and thus the total UK charter eventual fines for failing to 
fleet might «pand substantially clients about over booked .ns even more for the 

* J , ‘hotels summer of 19 1 9 ana. with tne- 


seems very much as it was' 
before. There are indications:- 
of a continued concentration of ; 
custom towards the two ends 
of the market:— the household 
name majors and the personal 
attention oriented smaller com-, 
panics of the type which tend 
to he members of the Associa-- 
Lion of Independent . Jour. 
Operators. - 

America seems to have been 
very much the success story of- 
the travel business in I97&. 
Until fairly recently the travel-!, 
ler to the U.S. was left vety 
much to bis own devices with - 
only a few specialist agencies 
involving themselves in the 
market. This has now changed.^ 
A rise of nearly a - quarter in - 
the number of Britons going to ■, 
America in the early part of this ,, 
year confirms the accuracy of 
operator forecasting and cannot 
but bring smiles to ouch com- 
panies as British Airways, TWA, 
Jetsave, American., Express; 
Thomas Cook and. of course* - 
Laker. Almost everyone is add- 


been running above 95 per cent and entertainment for affected forming airlines of their own administrative 
-i in the past summer, which customers. and thus the Lotal UK’eharter eventual fines 

means very good news indeed. But back to basics. 

gold Vrt^e n i-aT thl^fart^at 0V f r , lhe "I? r°II' awf’ As far as the weather is con- hollar performing in its present-: 

The French air traffic con ^ lo^h^d^le Eft cembd Mother Nature has been vmy ^Ameri- 

The rrench air traffic con- at a pretty low ebb and while 

(rollers dispute may have done many companies were eager to 

less financial damage than has add to their capacity for the it ^ 

been suggested. Cosmos let a summer of 1978. there simply profit in 1978 was in that those Offered 
small cat out of the bag by were not sufficient aircraft in majors, which did have- .the 


Laker are both re-equlpping as ‘dde ' far rans ^ at >s), the destination 

we!l. -.V--- ®“ “» 1 “J" 1 must he one of the better. bets 

The design in the formula for SL^Britdsh pealT season has fc,r Popularity. Even the . ski.;- 
... The Br,B i h Zfw from un- operators are showing aa 

fortunate ' weather conditions •».«» American rraoiH 


saying that if its compensation the fleet to handle a large potential for immediate, expan- . Vat RriTich hahit ■ of concentrating for the moment 

— »— * «- — =- = ~~ nru — n — “•« 0,0 criUb ° aauit on trips to the 

Bounce 


[scheme for delays had been- in increase in supply. Thus the sion — Thomson. Cosmos and ® ? sunshine abroad on trips to the Rockies. 

British Airways bad the muscle w k pp „ ^ 


force over the past year it would number of holidays on offer was unusn Airways uau me muscie - th ^ ^ h ^ been 

have cost less than £100,000 substantially lower than might to get jets if they were really recon firmed 

which, considering it carries have been the case if every tour determined to do so — preferred reconnr eo ‘ • , 

around half a million passengers company in the country had to think in relatively - modest But probably the sngjp most * Nonetheless., it is to Spain 
a year, see ms a pretty modest been able to expand its pro- terms as far as their expansion important factor in the steady- that the British tour operating 

sura. Direct -seller Tjaereborg gramme as much as it at one was concerned. Of the bigger .ins of British tour operator business continues to look ; for 

gave its lengthily delayed clients time planned. companies only lntasun made a 

overnight hotel rooms and other This may not continue to be really determined push for addi- 
aid. and still came op smiling as the case. Horizon. Global and tional - traffic on a substantial 

did market leader Thomson lntasun are all companies which scale, a market '.-aggression 

which laid on all manner of help have expressed an interest in which got it into self-admitted 


Agents adopt a 


-’s • 


wary stance 


/ 


[THE FACT that such travel 
giants as British Airways, 
Thomas Cook and Grand Metro- 
politan Hotels have all come in 
for abuse from travel agents in 


recent furore of Horizon Mid- advisors are able to shed more 
lands move to open a retail out- and more of the paper work 
let in Nottingham. and devote more time to the 

However, even if the travel actual customer. Although some 
agent's perfect world would be in the industty might feel the 
... . ,. . . one in which he prescribed company to be a little extreme 

U’JJS mon > •!? holidays Tor customers, who in its enthusiasm for techao- 

nf the sensitinues of the busi- otherwise could not buy them, logy a company like Worldmark. 
ness these days The Mate air- the marketing side of travel is for example, has a baffling a rray 
1 mc . n trini .. . ^ r . P lan fU pg likely to become more of a of Travicom screens which give 

rough and tumble in the future it direct access to airline com 
than less. puters and. m Datasaab, a com 

Two areas of activity indicate P utcr *Wn which jdraultane 
the routes which travel retailing onsly writes tickets and 
might lake in the years to come, invoices. Saj's Worldmark 
One. direct selling, has already chairman and computer buff 
been touched upon. The expan- Trevor WagstafFe: “ Some 


fortunes in the past couple of the bulk uf its business.. The. 
years has been" the reduction Sp anish "travel industry bas- 
in alarm about the prospects for shown itself able to withstand 
the British economy. Consumer sizeable commercial knocks in 
confidence would appear to he recent years and still bounce 
at a somewhat higher level than hack as the first choice for the ‘ 
it was only two years ago and majority of British- holiday- 
there is an apparent willingness makers abroad. At the moment" 
to spend more on such transient th e main concern is about 
items as travel. Whether this Spanish inflation, with many 
mood will . continue into' 1 the operators worried that after a 
future depends of course on the period of fierce negotatiorw 
success nf the Government Fh over fates the Spanish may have 
controlling inflation. Another t0 Jet standards slap in* order 
it -bout of double digit price rises to stick ■ to the -contracts that. 

■ • could severely hit such. a vulnef- ^uaoy, hotgHere -have simed, 

" ;™^ 5 m nfeWner ’TWi ■■miM *«te Spwfi* 

" , . *tn be oat to show that ttns 

t *"' 1 " ur operatnn; is Ml oi t „ be u - d . 

themselves there has been little ttat C oa* del Sri will re- 
sl E n of major upset Apart from , maln o, c heartland of Britt* 
the sniarth of ihe Amencao w „ r operatijig for many jeaxa 
market— which has now even 

tempted the cvertiager Cosmos ’ _ ■ ■, . ; ' 

into the market— the formula Artnur aBDuieS 


tain s 


vj-:.-. 


nsitor: 


-f 




to call sales outlets “ discount 
centres when the fares offered 
I were no different from what 
| could be obtained elsewhere: 
[Thomas Cook was criticised for 
trying to woo custom with an 
array of special offer items 
i Hertz and Avis had to utter 


hurried denials ihat thev were sion of direct «Uing is likely, to P»pl«* think these are toys and 
«ivjRt Conk particularly helpful provokp the Present companies U'ave them in the comer 
SSS: SS IbSm » ti “> n 7 n«ra , c harder in ^ ., ,^ ^10 rime 

advertising future tiipy have m the t™’ are not - 1 ney 
ts had ennf- past in building themselves a £'*** should h 


strong brand identity in the They 


niind-» oF potential customers. 


leave 


are tools 
be used as such 
do all the writing and 
the staff to do what thev 


Metropolitan 
Hotels changed an 
campaign after agents hod com 
plained that (he company was 

du-cct bonkin^sf" 1 ^ CD1 ant ^ ' ,Cl This may not change the role of s J 10u * d „ be helping the 

' (he travel agent as a taker of rilent. It is all a long haul 

The alarm of independent reservations, but it would from |,lc ball point pen and 
1 asents m the face of a rapidly C ertamly reduce his role as an telephone. 

[chancing marketing world is j n fluencer of decisions Just as Cl *arly substantial capital in- 
undersrandable. They operate lhe rao d ern supermarket has ' re simcnt is required to mmpete 
on sales commissions which vary almost no power of guidance ,n th,s ficld - l > ,,T the retailer of 
aixording to the type of deal over a shopper other than stock tho fulure wmld fmd hiniMSlf 
ithe worst i> around a per cent. and displav. so the fulure increasingly under pressure 


distance by the industry- 


the best can he 20 per cent r .v tai i er increasmalv be ra,se ,hl -* runds for »uch pro- 

nHb..u-h Mimnlain more wiin dcalin{ . Wllh uusiomers 'who u 

bonuses, with in.- bulk being in have a | rcadv nlade lheir Tho other worries thal 

the S-12 per cent range) and deL . wififls . fl *„ a rofld uillch 

while the tra'-e, industry has not has alrcariy been , rod bimie 

he snowing spvi-iacular growth 
in rcci-nt years, retail costs 
have. So. as rates and other _ 
overheads rise, so the retail JVlOVin 0 
agent wnrnes more and more ® 

about his raarmns. The second activity is one somehow find their way onto tin 1 

At the moment retailers u ‘b , ‘rl | some agents seem hardly black market. The problem has 

have enormous commerriai aware of - Th <? business travel been largely eliminated on the 

power. Verv few travel pnn- section of retailing is rapidly North Atlantic hy the nfficial 
• •- — -» — moving uff-High Street and. in fares war. but lo other de.ilina- 


ir.uel 

agents have a I Lhe moment 
include the prohleui of “bucket 
shop” tickets — caused hy the 
tradirion.il market fnni>« of 
official prices being loo high on 
some routes hut there being an 
ample supply of seals which 


hand on 


cipaJs could stand. . .. 

heart, and wy they could do some instances, rapidly acquir- tions it is as severe a problem 
without the aLentjs.* An a sent mg new technology. Business ps ever, robbing the c ravel 
boycott of even Briti6li Airways, travel is increasingly concern rat- agent <il custom und sometimes 
Thomson. Avis or Hertr. nanies ing itseir in the hands of those placing the traveller at financial 
chosen simply fur their brand agent* who are able to offer 24- risk 

[leadership, could be severely h«»ur worldwide service and All in all then it is .-urprising 
damaging, and these companies, who are prepared to build a lhat the travel ngrnl.s nf uidiy 
along with lesser oarnes, po to working relationship with the manaqc m got any sleep ar 
great lengths to show that they client. Mure and more the night*. Nonetheless there will 
are the retail agent’s friemi. companies involved have moved be some smiling fdci'.s in 
But still the agents worry. from shop fronts to office block®, southern Spain this, w-fokend. 

Thnrr. ,< l.tiir- rinuhf thif tuo vutting themselves off from Hu* Aftw all a travel business with- 

fc — « " r M—— - * *« — — — A 

nigl 
bor 

Scandinavian companies — _ 

patently successful in the other ° n ^ bU ^ ] agency gives its 
, markets in which they operate customers lhe home numbers of 
! and both are currently entering "lore'ha.i »» MaK for cuMacls 


i 1 "h tmares^ o P n^ntiC— Tia e rr^ ^ preferring to reap’ instead *«» business indeed and ihom 
or" and Vin^resor Thc«* ,hc rich P»* lu *v» "f first class have been plenty or pcopl 
^ndinavian conies 7 are and ^gh credit ratings, wrta -rne '• «hc M ,,| ( , 


for the past 
much sign ut 
demise. 


rs 

decade wilboui 

any nmnediaie 


TRAVEL INDUSTRY 

SURVEYS 1979 


The Financial Times is planning to publish 
a number of surveys relating to the Travel 
Industry in 1979. The titles and proposed 
publication dates are listed below. ‘ 


ITALIAN TOURISM 
January 20 1979 

INTERNATIONAL CONFERENCES AND 
EXHIBITIONS 

March /April 1979 

BUSINESS TRAVEL 
April 5 197 9 

There will also be articles on Travel in the 
Financial Times every Saturday. 

For 1 further information and details of adver- 
tising rates, please contact: 

Derek Home . 

Financial Times 
Bracken House • 

10 Cannon Street 
1 London TSC4P 4BY 
Tel: 01-248 8000 Ext. 7181 




HNANCIALUMES 

EUROPE’S BUSINESS NEWSPAPER 


The content, pithlfeaiioa dates aitd siie of surveys in 
tnc Financial Times are subject to change at the 
discretion of the editor. 


Holidays and Travel 


A comprehensive service is offered by FRAMES for 
holidays and business travel throughout. the world by 
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h*Ap orricc 

2T GnldSiroct. Northampton irq 
‘phone Norrh.impiun ii 3S04; 21061. -7e?w .Til 71 


the British market on a substan- },houId an y l bin« sn wrong or 


tial scale. Neither deals through an - v special service be required 
travel agents. The retailers Thus it would seem that the 
believe that if Tjaereborg and long predicted division between 
Vlngresor succeed in their travel sales outlets and (ravel 
objectives in can itJC a substan- advisors has already developed 
tial piece of the British market tu a considerable extent, with 
for themselves, some British the heavy users increasingly 
tour operators may- be tempted turning to those who can be 
to follow suit If is for this helpful, and the light users 
reason that they determinedly relying on grocery shop style 
react to any move by UK operations from whom they cx- 
operators which suggests a pprt less and Jess in the way 
more intimate relationship with of service. 

The consumer — witness the By using new technology these 


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PASSENGER- ..SHIPPING '- is 
fixed in life public mind as ail 
area of magnificent decline: its 
past immeasuntfeiy, greater than 

its present.'- m /r y . • "■' •'■•■ • : . 

Like most images; tins one is 
accurate/ up to ■• a point s Pas- 
senger ships will never agwn 
dominate v - the ■ international 
transport scene: but the' ifiO-dr 
so 'genuine passenger .'vessels 
which remain in serrice are by 

no means short -of employment 

and ■ the Tjusthess; of. .running 
them is not small ;by any stan- 
dard: ' -' . ■ ‘ . ..■ 

Cunard has only three ships; 
but they generate a ■ turnover 
in' excess t>f £50m a year. P&O, 
still one of theioremost names 
in passenger "ahippi jrz. has ‘ a 
turnover erf "over '£I00m - froih 
its cruise ; operations:: : •' ’- "3 


Demand 


Mr. John Lancaster Smith, 
director of . the. Passenger Ship- 
ping' Association.: a London- 
hased organisation, ftnanced' iby 
the 37 companies , of, various 
nationalities whidhrctaJu an 
interest in the UK; cruising 
scene, believes strongly that the 
industry is beading for . a level 
of demand which . it will - be 
unable to meet with its existing 
tonnage. " Assuming that the 
world economy jdbes start to 
grow and that, there -is -peace, 
I am sure; that. ;we can expect 
to see the cruise market 
buoyant and making wider 
appeal." he says. . .. . ". 

At present, this, market, is 
wide in terms of spread across 
different social groups, but - in 
terms of -the. total. travel indus- 
try, small in number.' In 1979 


about 80,000 cruising berths 
wiil.be offered out of the UK 
and- In addition another 50.U0O 
people -wSls.fly . from. Britain to 
join a 'cruise ‘at some foreign 
portTbe U.S^; market, now com- 
fortably the'. biggest, has just 
passed the jm passengers per 
annum mark and in Australia, 
in ^er capita terms Jhe most 
cruise-mad epuntry in the world. 
the ; hiunbf!rs. are about equal to 
those crulsingirpin Britain. ' 

- Even -these, figures, however, 
.overstate The numbere «f custu- 
mers anvolTOd. P A 6. says that 
around — half- - its . cruise 
passengers are ..repeat bookings, 
thus- 'narrowing ‘even further the 
.site" of ; the cruising ^population. 
but.V also pointing ' to an 
.-important marketing strength 
lor ihe shipowners. 

.. The owners involved are an 
■ interesting mixture of 1 ong- 
.established names - and new- 
: comers entering t^e business in 
the traditional shipowner 
fashion by buying up an old 
unwanted ship, investing it with 
a new marketing, angle and 
using this as a' base for expan- 
sion. 

In tonnage terms, the British 
fieet ‘remains the largest, with 
1$ cruise liners -of 3214538 g ri- 
al though Italy and Soviet Union 
each ha^ IS ^lipsL 
■ p y & O remains, much the 
biggest UK operator following 
the shakeout which saw long- 
established names like Union 
Gastle and.Shaw SaviU leave the 
passenger liner scene after 
many years of service on famous 
routes such the Union Castle 
service to South Africa. 

P & O has seven ships in 
service with a newcomer, the 


hungsholm (to be renamed Sea 
Princess) due out of a German 
shipyard in January after a £5m 
re-fiL P & 0 Cruises now has 
almost 60 per cent* of the UK 
cruise market and a strong pre- 
sence in Australia and the U.S. 

Mr. Harry Spanton. the com- 
pany’s managing director, who 
has seen the cruise operation 
emerge from being a cautious 
Cinderella of the P & O group 
in ihe point at which its £B.1m 
profit last year, sustained into 
the present year unlike many 
other parts of the croup ship- 
ping portfolio, bet-amp if run 
the group’s fairy princess at 
teas! a reliable coachman. 

Costa Line of Italy and the 
Chandris companies of Greece 
are also among the biggest in 
terms of tonnage, but in terms 
of growth the company which 
catches the eye at the moment 
is Carnival Cruising. 

This company formed by a 
former executive of the Nor- 
wegian Caribbean company, 
recently bought the former 
Union Castle liner Vaal. has 
contracted to build a ne.\v ship 


in a Japanese yard and is 
rumoured to be considering 
other new buildings. 

• VTiih the cost of a l.uOO-berth 
passenger liner somewhere in 
the region of £50m— even with 
today’s bargain offers from 
hard-pressed shipyards and 
their Governments — >uch in- 
vestment involves considerable 
faith in the market. 

Carnival - tins prospered on 
the basis of its short ily-cruise 
programme out of ihe U.S.. con- 
cen I rating on the Caribbean 
area. Flying a Hag of conveni- 
ence. the company also benefits 
from crew costs lower than 
those of some of its competitors. 

Cheap crews have also con- 
tributed heavily to the growth 
of the Soviet presence in the 
cruising industry- Although 
Western operators say the 
Russian ships fail to match the 
holiday atmosphere of their 
own vessels, their prices are 
highly competitive and they 
probably have an S per cent 
share of the UK-based markel 
and useful positions in fho U.S. 
and Australian trades. 

All cruise companies are 


engaged in a continuous search 
for different L-rui>mg areas, 
responding tu changes in holi- 
day fashion. Mr. Lancaster 
Smith, for example, has been 
aisked to advise she Seychelles 
Govern :n»-n I on iu possible 
lulu re i ole .i*s :i i-ruising bast* 
and .Mr. Spamon evheves that 
one of the mo.-i traditional 
cruise areas, the .Mediterranean, 
is due for a renewed period of 
growth, particularly with fly- 
cruiscs for Americans. 

Whatever the cruising area, 
the vital principle for the 
modern ship operator is maxi- 
mum use of an expensive capi- 
tal asset — something which has 
been achieved by switching 
vessels from base to base 
according io season or by 
appealing to different markets, 
such as educational cruises or 
round-world voyages from the 
same base. 

One other way of maximising 
usage is to build dual-purpose, 
ships and a number of experi- 
ments of this kind have worked 
with smaller cruise ships. With 
ferries, of course, the principle 


of dual passenger and cargo 
rules i> fundamental. 

Some of the Fred Olsen 
vessels, for example, have suc- 
cessfully combined cruising to 
the Canary Islands with ship- 
ping tomatoes and spending a 
peak summer period as a L 7 K- 
Scandirisvisn ferry. On 3 
simpler scale, modern ferries on 
some of [lie longer North Sea 
runs — such as the larest addi- 
tions to the DFDS fleet— -are 
sufficiently comfortabfe and 
attractive in their own right to 
moke the “ mini-cruise ’’ holiday 
saleable. 

Ferries in general have, of 
course, carried passenger ship- 
ping ill rough a difficult period 
and on certain well chosen 
short-sea routes, such as the 
English Channel, provided 
handsome returns for the opera- 
tors. With no sign that either 
:he cor holiday abroad or the 
growth of Britain’s trade with 
the EEC are about to halt, 
business prospects in this 
sector continue to look good. 

fan Hargreaves 

Transport Correspondent 


All by Jumbo. Either our latest 
plane, the 747-200B, or the 747SR 
the ‘Special Performer? All leaving 
Heathrowat 13.15. 

And amvingat 15.45 at JFK’s 
speedy ‘Worldpori? terminal. 

For details, or to make reser- 
vations. contact vour travel agent 


I’i i* - ’vc-rids i v-Test growing a irllrv*. 


visitors 


TO. MANY North- Americans 
Britain is Robert : MoHey/:CXtiZy 
a few weeks ago he wfes floating, 
like an oversize : cherhb, high 

in the skies above the fields of 
the Surrey/Sussex b orders in a 
balloon, filming -a commercial 
which will be shown, I imagine, 
in the U.S. this, winter. The 
delightful Mr. Morley is under 
contract to British Airway^and 
unarguably does a magnificent 
job for both the airline and this 
country. There axe many wHo 
think he will-have to wOrie even 
harder than usual: “ :■ 

It is hardly a secreCthat the 
American economy is taking- a 
buffeting these t ,days._; . So 
frequency do tire- , fortunes of 
economics and the international 
money-markets change : that it 
would be foolish to. predict 
what thight happen this week- 
end but, by now, it scarcely 
matters.- -American ‘Consumer 
confidence may 'havfr been ; re- 
duced at ' just the - wrong 
moment The nervousness that 
was being displayed ^ in;_ the 
American market towards' the 
end 1 of the summer [will prob- 
ably be underlined as the. tele- 
vision news 'shows tea tales of. 
inflation and pay policies- 1 mter t 
spersed. of course., by perform- 
ances of -Mr.'. Moriey in his 
balloon) and as . neighbours, 
recount their . exploits ; with 
dollar bills which ' no one has 
been - keen to r change this 
autumn. 

By and large it looks as if 
Britain and the world’s .other 
major travel' destinations will 
have to look elsewhere for 
growth.* - - . ' '■ 

Fortunately the British travel 
industry has been doing .just 
that over the past couple of 
years. Increa^ngly .. greater 
emphasis has been placed _ on 
nearby Continental countries’ as 
well as on encouraging', traffic 
from the Middle and Far East. 
The evidence is There for every- 
one to see. Arab visitors may 
be apparent in large numbers 
Lri the streets- of London,- notably 
in that second. -Gulf-- that ties 
between knightsbridge and 
Earls Court, but ' it Is the 
Germans, - Dutch,- • French and 
Scandinavians who are packing 
ilie camp sites and small hotel 
car • parks of • Britain's coast 
line. 

;■ And yet there are those who 
feel that Britain may have; to 
work even harder to get those 
norSAmertcan_ tourists. ; While 
visits, from the UjS. rose, this 
.year (figures for. more recent 
months are expected to show a 
changing trend) probably as a 
result of drastically reduced air 
feres, tiie number of tourists 
who came - to the UK from 
Europe showed, a marginal 
decline. A weak pound gave 
Britauva. reputation for being 
a cheap - country and brought 
tourists here' who were really 
only coming for the shopping. 
Now -the pound is stronger and 
inflation has taken up much of 
the price slack. The need now 
is to .ensure - that Britain does 
not become too expensive, as &r 
Henry Harking, chairman of the 


'British' Tourist Authority, has 
been" at -pains 'to 1 'point ; -.but 
recently.’ ' " ? - • 'O ' 

The performance trf' the 
market over recent months has 
served to Indicate --just how 
sensitive tourism .is to outside 
forces. What seems to be fairly 
minor changes within a country 
can produce ’ dramatic results 
outside. 

This is a ’matter of no small 
import to. the British economy.. 
' Tourism 'is ‘.now the nation’s 
biggest! invisible export earner, 
having .. recently overhauled 
insurance. Last year foreign 
visitors spent £2.75bn in the UK 
and op. British aircraft and ships 
— fliore titan £l.lbn more than 
.was spent by the British abroad. 
’.The .British Tourist Authority, 
which is seeking a rise in its 
budget-for the forthcoming year, 
makes the point that some 
1,5m Britons rely on tourism for 
their jobs and even produces 
.such fascinating statistics as the 
fact that more than a quarter of 
. all British footwear and textile 
exports actually leave the 
, country -. with the tourists who 
buy them. 

Helpful 

It is debatable, of course, what 
role the BTA can take In increas- 
ing' the 'number of tourists 
although . . most consumer 
organisations might feel its 
£10m. budget to be modest in 
marketing terms for a £2.75bn 
sales turnover. The BTA itself 
argues that it not only promotes 
Britain but actually smooths 
the:path between seller and 
buyer. It is particularly helpful 
tb smaller organisations which 
might not. of themselves, be 
able to sustain major marketing 
operations around the world. 
BTA “Workshops, a system 
whereby teams of British tourist 
facility " salespeople are intro- 
duced to potential tour operator, 
travel agent and airline buyers, 
have been particularly success- 
. ful both in .their appeal ro the 
trade and in producing business. 

There is ito doubt, however, 
that the BTA-is going to find its 
task an increasingly uphili one 
in the future. 

Nonetheless. considering 
Britain’s late entry into the real 
competitive world of tourism the 
success of the nation has been 
remarkable. Only ten years ago 
the thought of there being 10m 
visitors a year to the UK was 
one which produced headlines 
of horror and disbelief. Britain 
had' neither the bedrooms nor 
the touristic expertise to handle 
such a business. The growth 
came, however, and now the 
English Tourist Board Is talk- 
ing in terms of a rise of a third 
in domestic travelling by the 
early nineteen eighties and of 
more than half again' of foreign 
bednights by 1985. 

It may be good for the 
economy, but there may be some 
Londoners who. reading those 
figures, may hope that Mr . 
Morley does not try quite so 

, ’“ lS ' A.S. 


Yoifre 


Off the ’plane and straight behind the wheel of a 
clean, thoroughly serviced Ford- a Fiesta, Cortina, 
powerful Granada or another fine car. 

It’s taken you a lot less time and trouble to get 
there from touch down. 

That's our No. 1 priority. 

Because we know its yours. 

Once you've sampled Hertz No. 1 treatment you'll 
want to join the No. 1 Club* It’s free... and it saves time. 

As a Hertz No. 1 Club member you just phone 
your travel agent or Hertz before you leave. You'll 


arrive at your destination anywhere in Europe to a car 
ready and waiting, your forms filled in ready to sign. 
No penpushing. Just show your driver's licence, 
sign and go. 

If you want to. you can pay by any well-known 
charge card. Or get a Hertz charge card (you pay no 
interest). Whatever method you choose, you wont be 
kept hanging about. 

That’s your No. 1 priority. 

That’s our No. 1 
priority, too. 

"In. Ccrrr.ar.v. the Hertz YIP Ci'zb. 


■ LONDON MANCHESTER BIRMINGHAM 
01-542 6688 061-437 8321 021-643 S991 


GLASGOW 
041-248 7.733 


-Hines Friday November 3 1978 


THE TRAVEL INDUSTRY III 


\^Lo 






\ 


I 





10 


AT-' W-wv 




THE TRAVEL 


■■ tlnudal Hue FtHw hj"- 4 "* ira - 


• 


We’ll show you Rome 
^^^^oully to 

South .America or the 


Cheaper fares have meant 



an upheaval for airlines 


MiShle or Far East. 


' When it comes to intercontinental travel. Alitalia has an unfair 
advantage. Rome: 

A glance at Lhe map shows Rome is the natural gateway to. 
Africa, wi th 23 Alitalia destinations, and the Middle East with 9 
Alitalia destinations. 

It's also very much cm line for the rest of Alitalia’s world-wide 
network: from Rio to Tokyo: from Sydney to Bombay: 

And. with thoughtfully-convenient Heathrow departure times, 
and equally handy onward connections at Rome, you'll agree - no other 
airline makes world travel easier. 

No-onc makes seeing Rome easier either. 

Why not book Intermezzo - the unique range of very reasonably 
priced holiday breaks specially designed for Alitalia passengers in 
transit at Rome. 

Intcrm ezro includes transfer to and from the airport i a an 
air-conditioned bus to a choice of centrally-located hotels. And you can 
enjoy Intermezzo any way you like. You can stay for just a few hours or 
up to eight days. You can explore Rome on your own or join our 
organised motor tours, or try a bit of both. ’ 

So next tim e you're off to sec the world, see Rome too. 


Send the coupon or ask your Alitalia appointed travelagenL or 
local Alitalia office, for full details. 


OVER THE past year, the traffic on the route at the 
world's airlines have undergone expense of the scheduled opera- 
a major upheaval, stemming tors, have been badly bit, with 
partly from a resumption of the lATA carriers' own charter 
growth in air travel after the passengers down by about 22 per 
industrial recession of the mid- cent At the same time, there is 
1970s, and partly from the wide- some doubt whether these 
spread introduction of cheaper cheaper- fares on tbe North 
fares aimed at stimulating the Atlantic have done much to im- 
mass travel market prove revenue yields, which 

These two factors have bad have risen by a very mnch 
varying effects in different parts smaller amount (one estimate is 
of the world Inside the U.S.. S per cent), indicating that some 
where the pressures for cheaper airlines may have lost substan- 
fares have been especially tial sums this past summer as a 
marked as a result of the con- result of the cheap-fare deluge- 
sumerist policies pursued by the The international scheduled 
Civil Aeronautics Board, with airlines are now reviewing 
the warm approval of President their past summer's results. 
Carter, rates for passengers and it seems likely that they 
have been cut dramatically, will be inclined to proceed 
resulting in sharp increases in much more cautiously this 
traffic which have also resulted winter and next summer in 
in turn in substantially jm- extending the cheap fares 
proved profits for the airlines, philosophy, not only on the 
in short, in the U.S., the cheaper North Atlantic itself, but also 
fares policies appear to have in Western Europe. . In fact, so 
worked to the airlines' benefit concerned are some of them at 
as well as to that of the the effect of rising costs on 
passengers. declining revenue yields, stem- 

ming from a rapid introduction 
Traffic cheaper fares, that they have 

liauiv already sought some small 


IgM Rfill 


* •> . d 





Sky train popularity produced, long waits for sorhe-travellers, but others, suffered 
as a result of industrial action, while Spain's services sou? a smooth summer it 
was the French air traffic control delays .which caused problems 


their attsekra the period imme- '•> . 

diately ahead. > 

The TJ.S. itself, although not . ; 
directly involved in intra-Eutb- 
pean traffic, is nevertheless tak- y 
ing an increasing interest in. ;-.. " 
what, goes on. there, if only be-- 1 
cause many of the U^S.; airlines 
Byins to Europe cany U.S. clti- 
sens who fly .on with other,. 
European,- airlines. While the 
Civil Aeronautics Boari may - 
not be able -directly to. dictate.'. ’ 
a cheaper fares policy within. 
Western Europe, there is ' no" 
doubt that its influence will bfe ~ „ 

' pervasive, ■ and may eventually 
be successful in cutting rates., -. 

What is clear in the current > 
world air transport, situation is.;.; • 
that there -is an expanding;-;^ ■- 
future. The forecast for the.-->' .... 
next few: years is for an average-. • ' 
annual growth rate .of .about ft \ 
per cent, varying upwa/ds-to-. : > . . 
close on 15 per cent, in some - 
regions of the world, such as 
the Middle East. -This growth- ---• 
is already resulting in an-, up* , ' 
swing in re-equipment spending.- - *: 
by the major airlines, especially . ; . 
as existing jet fleets grow oMerrj-.Y - 
more expensive. -to operate as i - v 


Well show the world 


Outside the U.S., however, the increase across the board 1 in ^ tQ a now economy fares. to and more regular, business each other on a bilateral basis. o 7urnhpr7f ? ' ~ 

result has been less predictable 1 NorthAUandc far^ thh winter rise whiIe Emitting some travellers. the major airlines This should make it possible. ’ 

, th , e No r t ?l Atlantic, the and plan to seek further rises sma ji rises in other rates along have turned to a restructuring for example, for British Airways a “£° rts be ^ aus F of “ noise. ... 
scheduled airline-members o, from next April 1. with a simplification of the of their basic in-flight service and "Air France to agree . The requirement is becoming - - . . 

the International Air Transport So far, these bids to raise basic fares structure. It remains concepts. between them on direct fares increasingly plain for a -new £ 

Association admit to having tbe overall fares .“plateau." to be seen for just how long c*. fatm- tKp reductions on routes between generation of quieter, more . ■. -■ 

carried dose on 20 per cent while retaining the differentials the two regulatory bodies can f J™ of in trndacfcSri 'thfe - their two countries, without economic wide-bodied jets. in,;-- 

more passengers in the first between the various dasses of sustain this opposition to fares «thrrc Hamt" pahin ^nnennV having to go through the time- the short-tamedium xange paler .. 

seven months of this year on fare, have not been met with increases, in the tight of the consuming IATA procedures. S?ries. following those sudv aS. 

scheduled services, with big any enthusiasm by the regula- airlines’ own rising costs and p irst a risking • thereby having their the 747 Jumbo jet, the Lockheed: - 

rises in both cheap economy- tory authorities on both sides continued pressures for rises. “vL plans blocked bv other airlines TriStar and McDonnell Douglas • ... 

class traffic and also in first-class of the Atlantic, with the U.S. But in order to ensure that yariou™' names f S iirh asTUih who do not approve of them DC-10 that are already available-; .- 

travel. At the same time, how- Civil Aeronautics Board reject- they can accommodate an Class : BriH sh a irwavs 'liSn even although they are not- in the xnediunHo-Iong ■ haul - 

ever, the low-fare charters both ing a bid for rises by Trans increasing number of low-fare p are Z ach b TVaIa " *nd directly concerned 'with them, field. It .has been estimated. '= 

independent and lATA-runs, \V 0 T\d Airlines, and the UK passengers without entirely Ids- hv Pan* The new IATA plan, in effect, that, worldwide, tha market for: 

which formerly were gaining Civil Aviation Authority ref u.s- ing track of their higher-fare. anri /nisennnt or should give airlines, and their new jetaor all kinds up to the V 

Class for all types of Cheap-fare governments, a much greater late 1980s OTuid amount ; 

traveller (whether Rta5a.yy degree of freedom to bring down many m 4,500 ajycraft wqrth ...; 

Advanced Purchase f^eurston: ^European fares, if they choose more than £40bn to buy. 
and so on), with .vazying tD dn 5D - To meet this need, the major -< 

standards of comfort and.ser- The question is. will they manufacturers are _ offering, 
vice in each. . choose to do so? It is already several new types. Boeing is 

In this wav the airHnes clear that some, such as British offering the narroAtf-bodied tvm- 

believe that they can senate Airways, are anxious to reduce -e^ra^TO7.Md Ihevge^d; . 

M J/r3 ana m C thTSr °i Ih^OTy ™ntron a r n d “m™" 'lhan ^has McDonnellDouBl.sure offcnnE,; 

n Sydney to ^ ^ 

m * * ■ ■ JL ... «ch.^ Without risking Unuation .Mlie ^special craft .. tx g. 

a. — — — ki ....... advanced purchase excursion the A-aW^urbueu-baa-oegUa ■' 


This should make it possible. 


To:Alitalia.Di5tribution DepL251 Regent Street, London WlR 8AQ. 
Please send me world-wide timetable and details on Intermezzo. 


Address:. 



flew from Sydney to 

ikf urt and were one minute 

and we flew from 

ikfurt to Sydney 
were one minute early.” 


problem that became acute this ^vaneed purchase «^ibn: JJe 
summer of havine full-fare and oTher Promotional.. -rates 
economy passengers Tiding/ m that airline has al^dpr; 

the same cabin and getting The: *>»&*. 10 '****? .«• 

same standards of service as a ectetL number of European Uve. the-A-S10, N0t^ 0f ^^ 
cheap Stand-Bv or otfer dis- rQute s this winter. re-equipment will be due to 

count fare traveller. / r , lion#Ta>c > ^Jeplac^nrtt age«jg. extste^ 

At a later stage, >hen pro- UiaDgeS- «. • ^ 

posed changes in-' the rules But some other .European tWi. 


-* V 


Authentic passenger statement 


posed changes in- tne rules But some other • European to meet theantiriiialefl erowthO 
governing the standards of in- airlines have also mdfiated that SSSc- 

fiiehr service laid down by the they are nOt anxious - -^ to see t„ R hort what Hi haoneBinriS 
IATA are amended (as part of fares cut by sulKUntial in Wo^lr 
that body s own efforts to bring amounts. The volume of pttrtec- one era— that which- -saw - the 17 ^ 
rts methods up to date) it will tionism. in European air trims- conimg of --tbe jetfc and their-^ 
be ixi me possible for Individual port is innch greater than" in 

airlines on any given route to other parts of the world. The 'ISSSiS' ■SSLfffS 



■s: . .v. •g J ? tr.M g gfc* . 'rap.-» j- ■!* 

• ••*■■ l t ; ' V- ’v‘ *' •"'£ . : 


- uiost Ui Uic worm. J-iirr vearc—ie howcominv'tff an pnd ' 

r‘ th iH e : ch "Sfi i»S a - 


•* : •■•••;* ■?; iSj-Kjft; ... '.-:i *■' •• •. ' -. 

• s " i- ' ■ *■ * <\h- : -. -. • • ■ ■ . . 

• . ■ ; :. ... / 


du-ecilv in the quality and agreements and bilateral pacts swifter chMoer maiti^vLi iff-- 

quantity of meals gnd other makes It difficult for one air- H^ 

pp.s of m-ffight cabin service ime, like British Airways, to S n f" e SL f reSStoriN 

they provide. cut fares U its partner in the 

These changes in the IATA po6i or bilateral chooses not To adantiSc 1 

rules are also likely to offer the do so. This factor alpns seems 

most convenient way of reduc- to indicate that the wind of ^ .** cbTOflmg situation, 

ana . m — — 



mg *ir iar«.-s in Western change - on fares wui oiow J 

Europe, where traditionally the rather more slowly through- fI! V ^3 , i? e ^ oem 4 S ”^l 1 


changing - situation, 
many cases even .^Lj 




rate charged for each passenger- out Western Europe than it has . ... 

mile flnwn has been consistently done on the North Atlantic. tioa and areinoving tomeet.^ , 

higher than for many of the At the' same time, however. 

worlds long-haul routes, such the pressures for cheaper fares trajTS P®£ i? s y s t e * n 

as the North Atlantic. In Europe are* already • 

Basically, among a number of and are likely n intensify, both 


have recosnisied the situa?. j 
i and areuiDvijis to meet 


■Pi ^ 


& r-.~ 


;*■ A'-. - . * 




&& * 


■ . . . • . ' . ! .■ S .. . I : . .. . . . 

■ * jy- _ . . / V ' . ' ■ ; ' 

■■ ■ , ■ ' r£*i . ‘ "V* ■ ' "■ •" * 




he in a very different share : i/ni 
than the one w know today. 


it * V 
-fc: 


Basically, among a numner of and are likely n intensify, both j*- aii , iTl« '=•«* . s % 

innovative decisions approved directiy from consumers who ?■ \ 

by the member-airlines of IATA have seen what cheaper fares f -* ' J 

this past summer, it is Intended can do on long-haul routes, and 1 ^t* ulr 'T».7 ,0re v!" ' is r 

that, subject to government from charter operators who are v. To 3 ,^!i ,e a e . result, & j.- _ ^ 


approvals, they should lie able already capturing a substantial h,1 v 


In opt oui of the past somewhat share, of the European 


and much is being dime. But 







rigid faros-fixing conference* or haul holiday travel market with there ls st l L? J? D " 10 S°- 

ihe Association, and instead cheap inclusive-tour rates and .VllChaCl Donne 

negotiate fares directly with who cab be expected to extend Aerospocc Correspendcnt 



Success for the 




f - - 



m 


car 


• ■ - ' i r - 


" ,r~~- •. j 


With trouble-free connecting flights from 
London, Lufthansa offers a fast punctual 
service to 115 destinations in 73 countries, 
covering every continent 
Lufthansa also offers its ‘through-check in’ 
service which enables advance selection 


of seats on long-haul connections, and 
advance through-checking of baggage in 
transit. 

Consult your Travel Agency or ourYellow 
Book Timetable for exact details of all 
our flights. 



Lufthansa 

German Airlines 


CAR RENTAL is not only big 
business it is good business to 
judge by receni reported profits 
al Codfrcy Davis and the gener- 
ally cheerful noises coming 
from Davis’ two major rivals m 
this country. ..lhe American 
owned rental operators llert* 
and Avis. 

Explanations for the buoy- 
ancy of trade Iasi summer arc 
not easy to find. A combination 
of factors lies al the modest but 
significant shift in the econo- 
mics of the car rental business. 
Direct consumer car costs have 
been moving upwards rapidly 
over the past 12 months as now 
vehicle and component prices 
have hardened along with the 
cost of insurance. 

At the same time the poor 
weather during the tradition- 
ally peak hire months of July 
and August would seem to have 
forced many tourists to choose 
motoring as a less inclement 
holiday prospect. At all events. 
Godfrey Davis had a record 
year. The company docs not 
spell out its earnings perform- 
ance in the minuieM detail, but 
it is nonetheless dear tiiaL car 


rental made a M full contribu- the car hire trade; via what the 
tion” to a group pre-tax profit Industry refers to as its terminal 
rise of very nearly 50 per cent business. Railway stations and 
during the year ended last airports are becoming in- 
March- . ereasingly important catchment 

Car _hi re remains a seasonal areas for the industry. • 
business with the industry earn- At all . events, the car trade 
iiur the vast bulk of ;is profits is heading for a period af ex- 
during April through to pausion. One of the major hire 
October. . In. recent years, how- franchise operators, in the U.S. 
ever; the low season months ha , s f eccn ‘ ,y ' J . nveliet5 plans r „‘* 
have begun to assume a -more addition to its UK. 

prominent role. In the eyes of Ey T hrifty Rent 

the average car hire operator, f h 5^ n ^f r s ^ 

2S»5n5 r *.fta“5S«"d.SL 

™ to around 130.: Thrifty already 

JSSrnih ^ JSSEf ^5! has a car rental network on the 
through a rain spatted office continent. ~ 

window. But it is fair to sug- The cpinpaiiy operates 
gest that the car hire trade through franchises, appointing 
is far more smoothly spread iocs] garages to; its network 
than it was even five years ago. while retaining all the benefits 
Part of the answer to this of local' "operation, fn. this 
modest ironing out process ties sense, it fs similar to. Budget' 
with the So-called off season Rent-a-Car..' Thrifty's UK 
package which is now such an franchiser (.which Is called 
integral part of the travel and. S electa car) has,, branches put-, 
leisure industry.. The holiday sid'd Heathrow and Gat wick air- 
operators have become so adopt ports, as well as -JO" other 
at drumming up- custom the .centres in the South East. “Bnt 
whole year round that the trend we are now turning hard for the 
is beginning to wash over on to local roarte?*'. says the- core. 

CONTINUED ON NEXT FACE : 


;I. 




I 









"Itefeiaitfef fij ’197ft 







TRAVEL INDUSTRY V 


■Vii IU3i 




jgtU^k'in tfc*. ••'-•’- ;Vr 

^-«a«£d '**$%*. <- -.- .;■•_■■-■- -' -=\, »••.;• 

C PS. SONLY A<^ple<ff year&agothe Thishasnotbeeiidone without 

hotel industry wasln a pretty . same i^es of aiaim_. to Britain 
ifajfie " " ; s :n,i? sorry state world’ wide.- . 'The. .the Price Commission took a 
Uw 1974 and 1975^ -saw 3 st b-long bard look -at Trust Houses 



)) Oneway 
to cut towel 


tstautial slump. inJacttel reveimes Fort& Hotels* for' example, and 
'and profit rp rt ^ r rf ^Tnairtthfr conclusion, that that 

"parts of the woriti,--^ situation -cosnpany ..not, -onl 3 ^ :W»S “well- 
s-which was made’ more!. grtr«*mp- mj ^^g ^-arad-forward looking 11 
'in Britain fcytii & jcoinddenCe bf bdt also dial: ifs pfonned price 
la substantial . addition- to the’ rises^ were fUByjustified. The 
basic -bed-stock. Thrbughontthe CkHsmisskwi -resort gave a. fasd- 
fworld, although ; Official "priv gating insight Into the industry 
fished tariffs rose , - graflyany ^g^ftraily'-an^ -this. company In 
‘there was a considerable amount; particular. •» IBustretAug: =■ the 
of discounting as ' hotel, owners ; point- about . a revived market, 
' struggled simply to survive the. for .example, the; ^report .shows' 
-storm./ . .. ’.X" > v •_■-* / - ; that- -3HES .'. . properties * '.in 

v Lv^m. ; /J*™ iandoxi Saw . their - ’occupancy 

FrOES r ' 1975' the *■ piClUre mi>< frnm'Vit f;l»r «*nt m 


'.- E ~ - :.i.jv 7 l ? ^struggled simply to survive the. for .exSB^de, the' report diows 

“jSSSK’-i :r : ;.. p '%5tomu - • ’.X - -./ -_' ! > v v-v ■' • that- IHFS '. ’ .properties - . - in 

Sas. is d< a, l"* 7 - * ' " nQ «, 4W _; . Xoaidon ■ Saw . their - -occupancy 

5r-air sran^ 9 /^ r,fc > veI * vxp'fm-V* m 

: lixn . ^v ^eneraHy lias’been^ne of coa- xm-*r5r per cent. in 1977 
* *r- ", •=-' panned- revival; ’-areas of" the--,, ^ 62 ner 


^tra .5 ;p-: ' r :East-is worryingone.artwo locaF 

» 5 * : - L a- investors, but ‘ by and large 


and. in other hotels from. 62 per 
cent 'to 69 per cent* and 'that in 
doing -.«o:tibie. company outper- 
formed the . average , for r the 
industry. ‘ v • \ 

Nonetheless there have been 


I Mt» -re -<? 0 : -!~V- & to be ■ regarded 1 as - one worthy begm^g to^yv^ off. . cct- 

ViBgftr " !^of serious- invesl?nfittt attention.' °1 

i&inz - :.^ro m ake things: . even v more SmSwf if teUflnd 

i: yg r tcT i s'... *■■•* fencduragingL - the prices- which wpbhtle^jin. Londoxr.at .least and 

V an -vpropetties.ai^ ■.Ui£n*v*j Jiare 

irBs-.-, ...,'■ poked alarming- that, but they JSf j J®.J'j 2 Sn?SR£^B 1 fc 

PJWJffih. , r!'r 1 ! ;ifcModw -• mg months. : - 

^ainaly pii. i f . *•; ■ - - . 5 > ThatXdbes. not Seem to have 

Kftio.i ri ^ j !' i^uced ’the amount: of wbeei- 

3!tele w . c 3>. r. r jljpman ft T • '.- 1 “j* ing »od deaKng that is in' the 

lvort't--Tr.?-i: ~ r . - wind,' bptii iii London and ease- 

*, r f oli.r/.:r ^ •. The gradual ;rise r fit .custpnler where, ‘ Sr Charles Forte, may 
4“ Jc.'r.i.i i - ..‘iemand has meant that hotels iiave brought ; hff the most 
■ey ; s *1 ^ \* .; r - ... ”. : aave been able; not' only : to spectacular' coupwith 5ns por- 
& tfcEr a; • r ^'.rijliminate the moreextreine dis- dme of sevenal hotels from 
be. >n 2 '-munti ng . practices j. . that . the' troubled i.-Iyons groups 
--^' it i.."- V '^abounded in’ 197Caiid 1975Jra£ bnt tiiere hafe been imany other 
. / jT’also increase' the' official' tsuifit '^teiestui^ ; dea^^ afoot— not 

•’■ J ;vi*" ^ 


b?'- . m-.-c 
ii .b.- 
userid !a 
Mf 

ISSfls 
* *? ■'• 
-3^7- i4. 


Jeast Trafalgar House's pur- 
chase of the Ritz and its sale 
of a substantial stake in the 
Savoy to Mr. Maxwell Joseph's 
Grand Metropolitan Hotels. 

Meanwhsle the American 
majors continue to show con- 
siderable interest in the London 
market, but as yet no one has 
found the right deal to take 
the plunge and embark upon 
a new round of building. 

Elsewhere in the hotel world 
tiris is not the case. Bonding 
has been going on apace in 
the Midffle East, a little too 
fast for some investors’ com- 
fort as they find themselves 
having poured cash into expen- 
sive properties which are now 
enduring relatively low occup- 
ancy levels and which show 
little hope of a medium-terra re- 
covery. 

Costs remain a major pre- 
occupation of the hotel industry, 
trapped as it is by the twin 
pressures of labour bills in land 
prices. The $100 a night room, 
already a common enough 
feature of de luxe hotels in 
many of the world's capitals, is 
likely to become a fairly normal 
amount for an acceptable room 
of international standards in any 
urban area within five years if 
present price trends continue. 
Even in countries such as Spain, 
traditionally a nation of low 
room rates, the pressures are 
proving too strong to resist As 
labour organises and consumer 
demands increase so the rise 
in room rates is inexorable. 

Most hotel companies are 
doing their best to ensure that 
their expensive investments are 
now fully utilised, the basic 


reason for The prolifcraiion of 
conference facilities and special 
off-season and weekend pack- 
ages. In Britain Grand Met. has 
probably been one of rhe most 
aggressive with its weekend 
deals but the Tourist Boards' 
Lets Go publications arc tilled 
with hotels offering special 
terms for non-peak bookings. 


Tariffs 


There is not only good com- 
mercial sense behind these 
promotions, but also the fear 
that tariffs which rise faster 
than general inflation are likely 
to prove a major travel deter* 
rent, particularly if the cur- 
rency of the host nation is 
stronger than that if its supply- 
ing countries — the lesson of 
Switzerland and Austria is not 
lost on the British hotel indus- 
try. Sir Henry Marking, chair- 
man of the British Tourist 
Authority, has been among 
those who have expressed 
anxiety about the British hotel 
industry and its pricing and in 
their latest report an the hotel 


market consultants Greene, 
Belfield-Smith and Co. said: 
•’ tT.K. hoteliers benefited from 1 
a declining pound against other 
currencies in 1976 and 1977. , 
The pound has strengthened i 
againsL other currencies this 
year or at least stayed static. 

-Tariff Increases have been 
high over the past two to three 
years. It is imperative that 
hoteliers do not increase tariffs 
higher than our competitor 
countries.” 

These words may seem fine 
for someone who is selling 
tourism but may be a little 
worrying for those who have just 
seen hotel investment coming 
back into the picture as being 
attractive again. The one com- 
fort for the British is that the 
UK is not the only country with 
wage and price inflation 
problems, indeed ours are for 
once somewhat less pressing 
than others. Perhaps London 
room rates may not look so 
alarming in 1979 a? some seem 
to think they will— at least in 
relative terms. 

Arthur Sandies 


vfcy Will it ever come to this? 

\ x But a managing director canbs 
) forgiven if the thought dwells on his 
/ mind when he reviews travel costs. 

True cost savings can be made 
without resorting to swingeing 
cutbacks. 

Wbridmark.the largest privately 
owned business travel agency in the 
UK and by farthe most automated in 
Europe, accomplishes real economies 
without sacrificing standards through 
sheer expertise and quality of service. 

You owq itto your balance sheet 
to find out how. A telephone call to 
Worldmarkis all the initial contact you 
need make. 


r TIMM m 


J. Tro/p: V.oCf-'ri:!* C “Tn^ar?. 

Vtorldmar-. Ira.-: I Liraiieo, 
Henrietta Hour * He r . , ie , '.3 Pl'ce. 
London VV1 M OEB Ten Ol-E 2& 5 ! 12 


- ,v 




■*.\x. v -ay • v. • 

• . .-?:)•* >' i 



The. Atimtico Hotel Sn : j|storii" on -the popular Portuguese coast 


CONTINUED FROM PREVIOUS PAGE 


pany; its incentives to agents 
takes the shape of a. 15 per 
cent commission. - 
Operations similar to those 
at Budget and Thrifty can to a 
large extent undercut the bigger 
; boys, like - Ifertz,:- Avia and 
' Godfrey Davis. But essentially 

• the car hire trade is price com- 
. petitive. It prides - itself on 

offering- solid value, and service 
for service' there is little to 
" choose, between the various com- 
panies. Shopping- around wili 

• benefit the ! tourist, but he may: 
. be wise to remember .that ser-. 

viceand reliatHiity counts: where! 
■_ Iwiijflays are - concerned. . • 

.. The malor home grow car 
hirer. GodfreyDavisis participat- 
ing in the general expansion 

■ wtihin the' industry. -Capital 

• spending oni new cars alone this 
season is expected to .cost-Davis 
dose-, to £I 9 . 4 m with: the com*, 
pany'- expecting to have some- 
thing like 9,000 cars 'out on daily 

1 rental in the peak 'months. A: 
y furttier ‘ 8,000 ous; will ”be 
utilised by Davis’ leasing opera- 

■ tions, -while vehicle numbers are 
increased further in 'van rental, 
an operation’ that offers a. range 

’. 6 f some 1,200 vans *r hire or 
•lease. - • 

. When-accused of -diargmg 
mium prices- for car. .rental in 
Britain in comparison with 

. some other Europe ® 11 capitals 
Davis is- quick to react. A recent 


survey ' concluded, that Stock- 
holm ■ .was just about the 
cheapest city in which to hire a 
- car with London eoining second 
in the “economy stakes.” Paris 
proved to. be far and away the 
most- expensive: The survey, 
which was related to. the cost of 
hiring a middle stream car at 
an ' international airport, put 
London costs at £43 a day using 
a . basic rate per day plus 125 
free mOes. ?fiie costs at Stock- 
holm were £32 while in Paris 
prices soared to £95. 

The survey settled for a Ford 
'Cortina when programming 
^Godfrey Paris into its computer. 
Lesser cars offered by the com- 
pany — such as an Avenger or a 
Marina 1300— wrrald cost the 
tourist slightly less than £10 per 
day with an addition of 6 +p 
charge pier mile driven. Assum- 
ing a day's driving of 150 miles, 
costs rise to arotuid£l9 per day, 
increasing, to say £23, adding 
in petroL -Spread that between 
four people and compare it- with 
the cost of a meal in even a haif- 
decenf restaurant, argues 
Godfrey Davis. 

The great, marketing ploy of 
the U.S. hire majors. Hertz and 
Avis. Is their world wide avail- 
ability and simplicity of service. 
The debate over who is the 
■biggest is largely irrelevant to 
consumers even if it does add 
up to a curious, and sometimes 


fascinating marketing story. In 
Britain, it has been Avis that 
has tended to make most of the 
running, although Hertz seems 
to be ; fighting back in the 
marketing war of words. 

Equally impressive has been 
the performance of Godfrey 
Daris. Davis’s major coup in 
recent years has been the link- 
up with British Rail, but 
recently it has introduced the 
Shuttle-Drive system in tandem 
with British Airways. 

It is never easy to judge just 
how much of the total UK car 
market is in the hands of the 
major operators, since the 
industry remains fragmented 
with local garages and medium 
sized companies serving much 
of the regional community. The 
business user, especially one 
renting a car locally and return- 
ing to the same office, could be 
well advised to investigate this 
local market since, the cash 
advantages can be sizeable. 

After all the rent and leave 
system has its price, and where 
it is not being fully used there 
is little point in paying the 
premium. With an obvious eye 
to the iion-premium market. 
Hertz has recently introduced 
a one-day, unlimited mileage 
service. 

Jeffrey Brown 



*■ r ■ v V ' 3 » i: 1 ; , nr • ■ 

* a « 4 «uu 4 H».:.Ma‘ wOu-. 


Kilt 


Quite apart from getting you to your 
destination quickly Inter-City saves you 
having to stop to eat 

So you can travel fast and comfortably 
in a relaxed atmosphere. 

And save a good deal of time into the 
bargain. 


Eat well, all day 

On most early morning trains,you ' 
can pop into the restaurant car for breakfast 
while die train eats up the miles. You’ll find 
a traditional English breakfast-the Grill Tray 
or grilled kippers -or a continental-style 
breakfast if you prefer: On trains with the 
Gold Star menu there’s an even wider choice. 


On many trains you can have lunch 
and, later on, afternoon tea or high tea if 
you fancy it. In the evening, you can have 
a very pleasant^ relaxing dinner Just the 
■way to end a busy day. And the only way to 
have an evening out at the same time as 
going home. 


Inter-City 











Li 


LOMBARD 


Those men in 


(Watershed for the North-East 


Financial Times Friday November 


pawn 


Almwefc© 


Ibakethin dam 


BY RHYS DAVID 


W | i i *■ THE Upper Tyne valley, dose from the European Investment centres, and in the severe extensions to recreational vte? 

gSlT A il Q II to the Scottish border in North- Bank. comprises, however, drought of 1976 water supplies facilities In the ‘.UK 

SIP I tfl 1 1 umberland, is about as remote much more than the Kidder to major industrial users were Fishing, dinghy sailing. 

mjRja. w ■ a - C £ England as can be reservoir and its smaller sister, within weeks of being with- canoeing, motor-boat cruising 

discovered: an area of forests, Bakethin. . further upstream, drawn. _ and even water ski-ing are eo- 

moun tains, small hamlets, scat- The water, on being released For visitors to the log-cabin visaged, together with a. variety 
BY PETER RIDDELL tered farmhouses and cottages, into the Tyne beyond the dam. information-cum-advice centre of land-based activities such as 1 

some of them lacking the basic will travel 36 miles downstream set up by the Northumbrian field studies,, horse-riding, 

amenities of mums water or and will then be pumped 676 Water Authority, the builder of orienteering, and forest walks. 

“THE MAN in Whitehall knows denied itself an important means electricity. feet uphill, inside a pressure tbe reservoir, one of the abiding There will.also.be facilities ifar 


RIDING 

MILL 


Horvath© W 

Newcastle^ 
Upon Tyne 




BY PETER RIDDELL 


pumping main^t 

TUNNEU^^/HEADPOND 

jSv* / J 


best " spirit of Government of keeping the exchange rate - 

might appear to be tong dead down by refusing to undertake Yet within me past month a 

like spam, tbe ground nuts any significant relaxation of *°S cabin high in the hills near 
scheme and other relics of the exchange controls. This ■ pessi- tbe village . of ■ , Falstone has 
late 1940s. But -the spirit us mistic. almost fortress Britain! attracted its 50,000th visitor this 

actually alive and well in White- approach permeates the- whole year amdous. like all the others, 

hall today — as shown most obvi- of the controls which are based to gee an attraction that has 

ously by the proposal to make on the principle that you are not oot yet ^ completed, 

the wearine of seat belts com pul- allowed to transfer money abroad _ _ . L'iuWarm* 

sory hut also more subtly and unless permission is given. y?f_ <iraw J ® ™ e ~ er Darn - 
significantly in the Government's Behind this lies the implicit view a £11 5m project which eventu- 
pay and exchange rate policies, that there would be a vast out- ally is going to have a major 
At' the root of this spirit lies a ward rush of capital if exchange impact not only on tbe upper 


KIELDER DAM 


impressions this summer will the less active, flans for a. ferry 
have been the size of the earth- service and various types . of 
moving task as vast pieces of accommodation from self-ceter- 
eonstruction equipment trundle * n 2 cabins to a hotel have also 
back and forth. been put forward. 

The decision to welcome . These facilities are likely, -to ' 
visitors represents more than be phased in with, the growth 
mere recognition that' tbe pro- of demand following the cotn- 
ject would be interesting to the pletion of the dam, probably 
public and therefore merited a sometime in 198 L The work, 
more imaginative approach to which started in 1975, is half 


: Sunderland] 


MR SHAFT—# 


-TUNNEL 


(Durham 


OUTLET. 


MR SHAFT I Xrj* 
J-TUNNEL 

_^n{— -TEES- 
-^L^-^COUTLET 


At the root of this spirit lies a ward nish or capital ir exenange impact not only on tne upper nublic relations than the water completed although there have ! ---? ... :TT> ' I 

profound pessimism on the purt conlroLs ^^rc really rciMCiL The lyn© but on the whole of the pioeline over -a di^taoce of authorities Kaua nerhanQ Keen been dstays because nf" bad ^ ^ 

ShilUv-oMhe nilelf to make deci- ££ten£ feT'confrote Sd North J? rt - Near,y 37 '°°° ? cres °^ly four mbes, before being noted for in the pa*. The weather and unexpected soil rate of growth in demand in of major ' improvements in 
lions' afiecti ne their own lives, little to stem ihe downward JS„ r S!5? C f h - ar 3!L into tunnels which will liaison officer at the centre, Tom conditions These have h«ped the area covered by tbe North- flE 

tvjc nnr reaiiv a oupsiinn pressures when sterling was out S?*?* 1 * ™ e ■ ne ...°* " ake cany Jt 20 miles across the Buifey, is link man with the to put back the project some 16 am brian Water Authority has m able the area to compete effep. 
This is not really a question — k..* Windermere, and with a shore- nuen Tlonuant Wa,r r n Inn I ' inhahitmir m.nir nf WPfllrc hut hpraiISP umrt. Lit . ... <1 Q nor Hwlv m'thfi attraction OfjtlPW 


paternalist view. Perhaps tbe uccu J men. w iw iuau-u. aU c enaDie rueiaer water trappea oy tne development, a total u«*s ueen iu a emy me start or ^ 1977 . a 3 per cent rate or raiison, cramw?" ut- 

most crucial feature of this The most pertinent example in Europe, capable of holding on the Tyne to be delivered to of 26 houses, for example, have flooding the site by one year, growth is expected to be main- ority, points out _ 
pessimism is its hold on senior at present of " the man in White- S^* ons of water. the conurbations which have had to be built at water until J980. tained for the period up to The North East, with its cuf. 


£hicb' ^plreades 111 WhttehaH^vrlth Sy to* ibe^la ™ 'tecate what- Brita j n - h = s entailed the re- the schemMhe alternative to The impact is likely to be pumping across to the Tees. 7 ” plans because' oTthe “recession to try to counter, thkr masri*.' 

the view that nothing will ever eve/the changes of mind of TJh of . 1 -^ m which could have been as many lasting, too, because of the The more serious issue is in their industries. investment . has already -gpnt 1 

really make much difference 10 their political masters. The view ““‘“K of 4m cu metres of as seven reservons— will meet recreational opportunities which whether, in the light- of events. But although some of the into n$w road Junta, port; afifi - 

-.tx a l. _ 1 . Mlfh Tfl fnrm trip 5z-fnPTTfi hlph- nntorlfinl chnFteaa^ ornunH ■«#% Tlw, mnna iha • • At.:. fnitiliti'ac ■ iwi ‘ 


Britain's problems. Officials has in effect been that market earm to form the 52-metre high- potential shortages around the project opens up. The centre since the project was ' first urgency for a scheme’ of this airport, facilities* telecoriummE. 

therefore conclude that it is forces have to be restrained or da™- Middlesbrough with its heavy provides a means of collecting envisaged in the big vast size may appear to have cations and energy : resource^' 

necessary to temper enthusiasm else a pay explosion will result. The scheme, which has concentration of water-intensive the views of both local people -a scheme as now, exists ; was di mtni sh ed the reservoir has to With the. completion. of Kielder 
and that Whitehall should control It may be necessary to have short attracted generous support industries. The area is ICI's and visitors on the way these really needed. In the 1960s. ' be Wh. the water authority water needs, to the- beginnbis 1 

n?herwise a evenN a wn -SrS™ m5 P bS"taVnE^wm L mi£ S°“, 1116 ^ aro ^ An “ost i™PPrtant' petrochemical should be developed. Because of demand for water was expeefcd mdn^tts, as a major regional of the heart century and beytad ; 

ball approach ignorei^tta Fund J? w eU as grants from the site as well as one of the British its sire. Kielder wfll represent to grow rapidly in theligkm. and -JuSd national’ 'ahsrt - ;The . wlU now. alre have ; been..*mtlcf; 

of other economic influences. Government and loans Steel Corporations main one of the biggest ever single- But in the past four years ^ the investment is one of a. series, pated. , . _ . ' . 

notably world price levels and 1 - ■ — ■ ■ ■■■ ■■■ ■ — — - — - - ■ , ' ' - 


the exchange rate. 


The London Business School 
This pessimism was perhaps at pointed out on Monday that on 
its peak in 1974-75. though the this basis earoings would rise 
same attitudes still have a power- by about 11 to 12 per cent dur- 
ful influence. Officials can. of ,0 S the current pay round and 
course, point to Britain’s unin- that if the Government wanted 
spiring economic record since to improve on this tl*:n it should 


Lynch has bright prospects 
on Greats and The Stork 



the war to support their scepti- hav e a tighter monetary policy. “KIPPER" LYNCH, who came performer Bagshot son of the Seeker, is unlikely to trouble 

cism. But it is arguable that by Instead, -the School argued, tbe dose, to winning Wilkinson Gray Sovereign mare, Grisbi. tbe highly rated Explosiva. who 

trving to keep control within Policy of confrontation regard- Sword's jockey of the month The colt ran with a deal of found no difficulty in outpacing 


CC — The** tnMtres accept certain credit i 
cards by telephone or at the Bor Office. 


' THEATRES - THEATRES v' ' 

HER MAJESTY'S. CC 01-030 660JS. SHAFTO58URY. CC ^ QfrMB :tMWp - 




Whitehall the mandarins could J»* of market conditions would competition for bis highly promise at the last meeting here. Pluvial and La-Don after taking 

be making problems worse. P e pointless; “ the effect on the accomiriisbed jockeysMp in to finish fastest of all in seventh “P the running inside the final Tic. 7.0 


OPERA & BALLET " ‘ Mw. 7.30. Maa^weg. jmd sat s.oo. 10 

COilsCUM. Creaif uroa Ul-M0,-S29B. . . thf^nEVVMUSIcSI &A B ' 45 KOJ 

Roarvatione 01-836 -.161. -this cuimminG PRODUCTION — A r ME BIG I 

ENGL Id rl NAI IONAL OPERA. Tdn-L . i wToii p , V PfJlOYAfl LE^ PUL T1 m«. BOOKNOV 

7.1U I tie Talcs 01 Hoffmann, loew. a <U }i nPLirirnKLY' ' fUNNY - OSanaSS 

^‘cL4fl' < Ssil?°tlirn Cj | l mS («!“ “• OXUDEs'rae SWEET 5MBLL OF SUC- SHAFTESBURY. 

turn Into .Be. - . . CESS-' - Guardian. - • • 01-536 4255.' 


Frl. .Nov. 10 kt a. pjn.“ SM-Nov^-llfB ' 
5 5 8.45' cm. Sun. Nov. 12- at J-A 7/nni ' 
BOX CAR WILLIE : ' 

Ub THE BIG TEXAS COUNTRYSllOW.-.. 
BOOK NOW — ALi SEATS- E2£0. T: 


« ar:;.r®. : °* suc - 

man-4 grand opera, ’-tr. Su. ; JggSgm — 

t«» 7^0 1M ThldWiw BUBPle. KING'S ROAD THEATRE. -01-35X7488. 
30 lOUnme t&nal perr.Li04 Par- Mon. to Thun 9 00. Frl.. Sat. 7: 30 '9.30 
u avail, i or all pem. from 10.00 HIE ROCKY HORROR SHOW 

X pari. Not, bfca - . DON'T DREAM rt. SEE IT. • 


MAFTESSURY. CC. 01436 AS96-1 ' 
04-836 4255.' Ew*. B.13. S*r. 5.00. «C.. 


TERENCE STAMP. -Jn- . 

* EDWARD GOREVS , . . 

DR AC U LA 

Willi DEREX GOOFREV- 
' ABSOLUTEkT- STUNNINC" ..• ; 


Government and the TUC would 
reach a formal affreement on pay, 
the authorities used this uncer- 
tainty as nne of the main justi- 
fications to hold down sterling. 


Absurd 


Wantage rider's 1979 prospects smtivi bv an additional nuartpr ,ja ‘ uon . eni Dn ru “ “*■ I covent garden, cc. »d vose: 
ZZrZSrt ™»il* hJlLfcv^iiTfcS; easy Winner al Sandown.l .Garoenenargc ^redrt 


te* pam™i^-lr bri3hl r.ov» that mile, and can confirm tie not- Explosiva is lugg^ted aT« good 
he ha 3 landed one of the big able promise seen in his recent bet 

jobs at headquarters as stable home work by accounting For it usually pays to follow a filly 


01-437 3885. 


Ton't. Mon ana Tnur 7.3U iNwarOng.- 
Sat 8.00 WOO 7-30 serenuM. A Monte 
in in* Country. Fitaoa.- -■ r .* 


LYRIC THEATRE. ^CC. . 014*7 
Evi 8.00 Tniirs. 3.00. Sat. 5.00. 8L30. 

JOAN FRANK ! 

. - PLOWRIGHT. FINLAY 

F1LUMENA 


LAST WEEK. ENDS SATURDAY.' 


SHAFTESBURY. - -.-CC. ■' 856 6596- 

B36 4255- Oonu Onc. 20 untJ Jan; U- 
JANE ASHER. NIGEL PATRICK .Ip, 


It is clearly absurd that tbe 


---- - -- 1 -- ----- 7 J 11 UhUAig UJ I UIIUW « Li MY I T M | DQY4L OpSOA 

jockey to Brace Hobbs. He also Mr. Ravi Tikkoos more experi- who haa recently struck winning ( bat 2.00 tu« t^u coa 


This was based on thp view that Government itseff has to be in- 
if no agreement was reached voived directly in almost every 
sterling might fall and the industrial dispute on pay. ln- 
authorihes wanted lo avoid sharp deed one of the main drawbacks 
fluctuations. In the event, no of the current approach has 
deal was concluded but demand been that as a result the British, 
for sterling increased, partly far more than any other people. 


RACING 


enced Halyudh, who dis- form, and I shall not look beyond 
appointed me when fading half Pagan Queen in the Uaddenham 
way in the first division of that Handicap. Last time ouL Harry 
same maiden event. Wragg’s three-year-old kept on 


BY DOMINIC WIGAN 


The Stork, a bay filly by Club f * r too well for Takarabuneond 
House out of Cry Help, ran a J2 others in the Quy Stakes on 


House out of cry Help, ran a ** 
shade disappointingly on her ,hls course, 
debut, but she is reported to 


Sat 2.00 am Tue 7Ju CaA--i« time; 
63 Antoni 4«aU avail lor all ok rl t tram 
1 J am on an m a mi . ; : 

SAUUR'I WELLS THKATRC. • RofeDm 
Ava., SCI. 837 *1672. bgt TJO 
HANDEL OPERA 1. 

Wed next: AINALOO. Also- New. 11. 15 
A 17. Frl. next: SEMBLL Ain- New. 14. 
16 & 18. U - 


a» ' tutifc —-TOTAL 
MNt from EVENTTO 


bv EdoanJo do Filippo., „ PETER FAN 

DIRECTED BV.' FRANCO ^Ef^FCRELLI. Daily 2 S 5.45. FrK» ES; £4..£J. £3 
••TOTAL TRIUMPH." • E*i Neva. '"AN Reduced price on Ok. 20, 21.-22-.Jjaf 
EVENTTO TREA5UR6.. 1 D. Mir. ’'MAY . B. fl.- JO. -11,. 12 P04HI ami trieatem ; 
JT FILL TWE LYRIC FOR A HUNDRED ; tXMkJnss accepted now: 

-- ■ YEARS." Sunday Time*. 


because of the weakness of the look to the Government to solve has several likely looking pros- Save b een "nine wel? to recent 

dollar, and this led to the oeavy problems which are in practice pects on the Rowley Mile course. SJJEbs I therSIre intend to take 
inflnu.-« nnH raniri mtw»v uinniv L*- gaiiops. i inerezore intend to tase 


inflows and rapid money supply outside the control of ministers including the mounts on Greats | chance with her in a weaklv- 
? T0 *’* h of 1^ months ago. It or officials. If the rulers in and The Stork. . ; contested race for the Red Lodge 

would have been far better if Whitehall allowed the ruled to Greats. Mrs. James de Rottw- Maiden Stakes, 
the authorities had shown more decide more for themselves, they dnld’a once-raced Great Nephew one event I dn not «=ee falling 

confidence and had not tried to might discover that the British colt, is in the It mile Zetland to Lynch who celebrated his 39th 

interfere with the market. were not quite so irresponsible Stakes. This bay is half brother birthday yesterday, is the Potter 

In practice, the Government as they fear. . to that useful middle distance Trophy. E 


is . mount;';. Sovereign 


NEWMARKET 

1.15 — Paean Queen* - 

1.45 — Sallnsky 

2.15— Jolly Green Giant 

2.45— Greats* 

3.15— The Stork 

3.45 — Explosiva * -- 


THEATRES 

AOELPMI THBAIhE. CC. 01-0 
OPENING THURSDAY NEXT 


.... " 1 ..... " 1 STRAND, at-836 2660. BvMMg* 8.<K 

^S.SO , ^d 6 8*0 M Wrd . ***. 

, “ ■ NATIONAL THEATRE CO. “wE'RE Sh - .W 

. - COM DON 'S LONGEST LAUGHS— . • 

, . PVER ».opo,. PERFORM arcb g- , 

?! w ST. MAKT1N-S. CC_ 0_1 -836-1 W:' 


DYLAN THOMAS S 


UNDER MILK WOOS 
Joint m No*. 9 lor the 25U> Anntyeraavy 
Forty. Stiow-5upper-Wlno £10 (A f«w 


01 -8360144: 


Reduced Price Preview* TonSaot £ 
NtgntJy « T.30.^^sojorriomm- Mk 4.00. 

TH^UUNBOW 
An Encfumting New MuNcM 
BOX OFFICE NOW OPEN: 


.00. MAY FAIR TNDtTU. ,01-«2S 3036- 


SUNDAY AT 73-0 
MARGARET RAWLINGS U 
EMPRESS -EUGENIE 

By Jason Llmttev- " An emBn J* 
extreme pleasure- . • Perfect. Gdn. ; 


Cvtrt. SJH). SiatloMs Tue*. 2^5i'Satar- 
• 5.00 an d 6.00 - 


AGATHA CHRISTIE'S . , 
THE MOUSETRAP 
WORLD'S LONGEST EVER RU>T ' 
'26th YEAR . ; , 


TALK OF.TH2 TOWN. CC- M-734. M5 


Credit carff Bomting. 01-B3fc 7611. | MAY C* 1 B . „ S’.-f 93 . 2 ?Zl . 

— — - — ~ . I From D«. TB. nlv. lOJO. 2.00 and 4.00 1." Dandno. 9.30 SUPERB RtVUC 


SOOTY'S CHRISTMAS SHOW 


ALBEXY. 836 3876. CC. Wu. 836 3071-3 SOOTY’S CHRU 

Irom 8.30 am. Party rate* Meiuv-Tpu... —— — — i — 

Wed. and Fri. 7.4S nm Tnora. add SaL. NATIONAL THEATRE. 
4. u ana B oO. ' • cuvicn ni 



5.55 Nationwide (London and Chan. 10.15 Kane on Fridav. 10-45- Round. 2.25 ' Friday Matinee: ««• Jack Jooei U-S Friday Mone- 
South-East) I0J0 Regional, National News. “Climb an Angry Mountain.- 4.15 

6^0 Nationwide Scotland — 10.2340.43 and Raven. 4.45 Magpie. 5.15 Thames H * v 

7.00 Tom and Jerry 1I.5-1L25 ajn. For Schools. 5J5- Sport. «,™ 

I-l® Star Trek 6^0 p.m. Reporting ScoUand. 10.15 5.45 News K is rae PriS5 MadSe; "Tte 


ins I*.UU vB<iBniw< >*var tnv- HLVUL - 

IW . .,«A23Xt DA22LE - .. 

■ at .*1,00 MATT M ONRO- -. .V 

OL . , . Vl f**.. .. — 7.4s. Tomorrow 3 & 7.45. Last pafe-pf . . .. -Yy JRBII Byrne. • • ; - 

MIRACULOUS MUslLjAL, gin. Time*, pl enty new play by David Han, • - • ■ K ' — ; 

.. Sii COTTE5LOE omaH auditorium* Tonlpirt VAUDEVILLE 835 9968. Ewe*. fl.<k 
GILLIAN BURNS > MAMGaBCT BURTON * Tomorrow 6 THE WORLD TURNED AN EVENilNG%WltH DAVE AIXENS' ' . 

Extra C hr! Mm 44 Mat*. BopE now, UPSIDE DOWN bY Kefth Dewbartt from - “ UNDOUBTEDLY THE FlIMmrarf;.. 


f Indicates programme In black I - }® ® ta . r *-20 P-m. Reporting Scotland. 10.15 

and white *-°® Gomg Straight Spectrum, ie.45-10-50 Regional, 

nor a S-30 Rings on Their Fingers National News. 

oov 1 9-00 News Northern Ireland — 10J3- 

9J0 a.m. For Schools. Colleges. Target 10.43 a.m. For Schools (Ulster in 

10.45 You and Me. 11.05 For 10-15 Tonight in Town (London Focus).. 3.53-3.55 p-tn. Northern 
Schools, Colleges. 12.45 pan. News. and South-East only) Ireland News. £55-6.20 Scene 

LOO Pebble Mill. 1.45 Heads and *0.45 Regional, National News Around Six. 10.13 Dragons Afloat 
Tails. 2.02 For Schools, Colleges, 10-50 The Late Film: “The 10-45-10.50 Regional, National 
3-53 Regional News for England Desperate Ones” starring News. 


Spectrum 10.45-10.50 Regional, 
National News. 

Northern Ireland — 10.23- 
10.43 a-m. For Schools (Ulster in 


R«pon Walts RvaflUns*. U» Wumen 

6.00 Thames at 6 pi'im' Umoon." C marr^i ^eM^Slimnons OPEN kbc^tt directs BecittTT 0969 

6 JO Emmerdale Farm . ^ norwJU Housiod. S.15 Laveroe and »t the warehouse „nq,r w» ^ - 

TRO RlMcinlra Shlrivj. t.00 Report West. U5 Heporl ALMOST FRLE THrATRE. 1>l- 4BS 6J2S. TOM. to sSTNoy. 7 w3». 7^0 am. 

7.W Mixed Blessings Waks. BJa Enunerdale Farm. I0JS Re- NO.P1WFS Nj?. 14. IS and 16 

7.30 General Hospital pan Zxm. ujb The Friffay Film: “a , 1 n J r ™ Wu * 

8-30 “Vegas” June Allyson and oewrm. Wtajfcjii.- P ..^ 


Exira ChrlMma* Map. Boob now. UPSIDE DOWN by KeHh Dewftdrtt from ' - “ UNDOUBTEDLY THE FUNNIEST' * - 

ALDWYLH. 036 6*04. Irffo. B36 S332. SiylSSS^fSv- JhihMn l 0 **" ‘^" rh * W • ^uSTfrfn rcX&fpM ' ' 

CHANGELING. “SPW *he poises skip- 10M - c, * du Hfi Ousting* 3052. . _ : B2B 4735-6i • 634. 1317. ... 

ping.-" The T'ffwa- Witts Da*ld Mercer's -- - " EVgu.. ^3tL^rs,W«t.-»i»d-S4L J 


STRATFORD JOHNS ' ■: . 

" r 1 . s 


ExtemJvd bv PVbWe m www d i 


LOO Pebble Mill. 1.45 Heads and 
Tails. 2.02 For Schools, Colleges. 
3^3 Regional News for England 
(except London i. 3.55 .. Play 
SchooL 4J0 Hong Kong Phooey. 


Maximilian Schell. 


Tony Curtis 
10.00 News 
10.30 Police 5 
10.40 Soap 


™ iTseJxr nEAT *w&s 


WAREMOt^E. DMMW IMdic. COW, 


I Garden Sox Office 836 6608. Roy 
• Miakospoyy-Co- -seat* available.- fSr 


Senrlce except: L20-1-2S pm Pemwilau \ musicians PLAT THEATRE at sTjo I PROSPECT AT THE OLD VIC 


England — 5*55-6.20 pjn. Look 11.10 The London Programme 


Tcwydrlkjn y Drdd. 4JMAS Plaitr y Bvd g-m. 25 Oct.-n Nov. episodes. The! Today. 7-30. Sat. 2.30 
6.00-4.15 Y Djdd. 10-35 Loiter by Letter Seon o' Kane Ensemble al 11.00 p.m. r ” ‘ 

1L05 Outtoofc. IU5-12J0 am Tbe Out- Sioesnow bv Martin Raphael data ' 

aider* P**” 1 *' 

HTV West — As HTV General Service Ambassadors- CC.- 01-836 1 171. 


Jor Premiere. Mary O' Ml 
OUT . . HERE COMI 
TROUBLE. . AOv- . bins. .Alowyco.- >. 


a n ti i. nH /i _ . . _ - T_: , . - ■ — - - ----- nii nisi — ni» M-mni JWi »ilk i n-iiosnuxw _ »■- b>-ojd i i/i. 

Au Regions as BBC-1 except at East (Norwich!: Look North 12.10 a.m. George Hamilipn TV except ijo-ljo pm Report was Read- 1 e»v»- e.oo. 2.45. sat, s.oo ana 8-oo 


Sheri dan's comedy Jfrftt J«™« .Altbrey. ] WESTMINSTER. CC 01-8J 
1*1* Blair, Kenneth Gffberi. , Carol - Ottc* | ' . UNTIL 'NOISMBER. 16 


01-634 09..- 


F.T, CROSSWORD PUZZLE No. 3,813 



W?h S th ( a W™Vh» SP °to'S “ CePI “ l the f0,l0WiB8 t,raes; C?r P Bran<n»“ tatt? 

P *? if- Iym 5 U u 1 7 , 'T ANfil IA 410 Car10t,n SA5 Mr Bnd MW * JW 

10.4a East (Norwich) In the , , _ ‘ p-.i™ SroOand Today 6.30 Emm.-nlafc Farm 

Countrv: Midlands (Birmingham) w 1 ? «■» way* and Mean*, u.oo cm swn- 

Matinee: 'The Rills Ron Red. Marvins M . .... cn UJ5 Di-h,. Rrac k.i 

Knaves and Fawkes; North Dan ooryea. sjs Happy Days- 6.M „in 
(Leeds) Close-up North; North About aubiu io_a Frobi?. Fin-sidt- cniiTucDiu 

IlSIou.-f-aatlo'i Frirlav Xnrfh- Theatre. 12- ■» The C. corse Hantlllan IV JL/U 1 nrttlT 


4 JO Jackanory. 4.45° -Captain the foUowtng times: (Leeds. Manchester, Newcastle) 112,40 Close: Music by Bartob, Hues. feis-Laa Rr pnn w est. .. A xuirt^^ertSmanco.r' ft 

Caveman (cartoon). 4.55 Cracker- Wales — 1.45-2.00 pjn. Nant- Midlands Today (Birmingham); painting by Munch • SCOTTISH PD ! 

jack- V-Pant. S5S4J0 Wales Today. Points West (Bristol); South All IBA Regions as Condon us pm New* and Roan Report, ijo who kiiled l 

5.4° News - 7.00 Heddiw. 74(k84» Cawl a Today Southampton): SpotUght except at the following times: gEf ,l K£<£ ? - wft-^N a Sfg'TO.-' dmh&n. 

ANG1 I A 410 Car1 «’ n S- 15 Mr “««» MW. 6J» APOLLO. CC. 01-437 2663. Eva*. 8.00. 

- — ■ . 1 10.4a East (Norwich) In the _ . . ,V L! ._ Srwland Today 6.38 Emm.-rdalo Farm M*u. Thurs. 3.00. Sal. 3.00 and 6 . 00 . 


Mstthaw GattmeM. Mm Martin. Tmror 
Martin. CbrUnober Ngame. 

■The . lanntest Mn. MaMprop I hara 
seen"' The G.owdlan. 

'■Mr. QimvIc • Sir Anthony * wowktrtlff 
pwlonnanca" Th« Time*. 

5.1- 7,30 . 

Anthonv OoavM a* 

KINO LEAH . 

only *2 London pirMcmiacea 


TiwL-Frl. 7.45- Wed. A S«. 3JM-. 
* MUSICAL- ENTERTAINMENT ' ‘ 
• - LOVE AI1 
THE 8UNNY AU5TIN STORY 


'WJM'M.TER. CC 01 -834 02A 


Tg c^KOLOlf " b WttA& 
rSJ. 7 ' «. Stan t9® FAUL JON65 7wl< 


ORtAT^-. 
S. Twt. 


(Leeds) Close-up North; North About aubiu io_a probe, ua Fin.-*idt 
East (Newcastle) Friday North; T , h ,'l n r, {:^ ,f u ??,7r ,lDn ™ 

North West (Manchester) Home aow - l2J0 am Men W7l ° Matfer- 


PAUL DANEMAN. LANA MORRIS. 
DENNIS RAMSDCN 
CARMEL MCSHARRY 
SHUT YOUR EYES AND 
THINK OP ENGLAND 
- WICKEDLY FUNNY." Time*. v« 


“Nobody with MW TDWBWt Mr tt« DaUy. Odens Nov 27. Ticket*: £2, L 
theatre wouM wan* }a Mr - QtMVlffi £4. BOOK NOW. LIMITED RUN. 
Lear" financial Time*. v wimni. ■ ■ ss — 


Ground; South (Southampton) A TV to b*-.- wan-ina Jack B«?imy. Carole 

It's Your Bid; South West l.» pm ATV Nv-rsderJL t2JS Marie LnmbanJ awl Robert Slack. 5.15 Hewr- 

Dmincts- \v«t Msitiwe: "My Toonaai DanfihtrT." star Days. UQ p>v hr Day. 6J» Scriw Somh 


149 pm Souihorn Ni»wa. 200 Womrn venr funny— ^reat emertalnment.* Now. 
?"! 7 _ + -- :?s .. Fr | do y MjHm: To Bo or arts theatre. 57555 21 32 

NtM To Bt-.’ si am ha Jack Bcimy. Carols TOM STOPPARD’S 


I PALACE. CC 01-437 0834 

Ofen.-Thtrr. 8-0. FrL L Sjr 8.0 A 8.40 
JESUS CHKIST SUPenSTAR 
by Tim Rice and Andrew Lloyd-Webber. 


- WHITEHALL. .CC. . 01-910 6692-776! > 

Of-437 6834. Jjji- Frl. end Sat. 6.45 and 9-JX ~ 

. I< Sat, c.q 4 8.40 Petti IMymond present* the senutlon, A '’* * 


(Plymouth) Peninsula; 
(Bristol) Ascension. 


DIRTY LINEN 

West M««i« “MF Toenaai DattShlw " star Days. Dav by D*y. 6B0 Scene Sotnh ‘ V 3^ “TrideJ 1 "^ 

SR^wssraaMa s a / 
joba 0 m s. ™ 

BORDER “ Tte Morrnam rtf -Four Scaanru." BEST MUSICAL OF THE YEAR 

IBC-l tun pm Border News. 1 2® TYIVE TEES EVENING STANDARD AWARD 

SeagTr’aS" Sim*. *535 Vonh ™ st^Npy-s^HMdlhU^LS* 1 pm CAMBRIDGE. CC- '836 80|B Mon. "to 

w. CBTEjck way. M,u«i»d IKriday. jcSh Ea« iuSEJS 2« fl -°‘ F fe ^mbV” ^ 8;J0 - 


BBC 2 


John tinny Story UJ5 Soap- 


1 1.(90 un. Play Sriiool (As BBC-1 
3-55 pjn. ) 

5J!3 News on 2 Headlines. 


”H|iSE?w ft, r» Vpf UX n - ■; 


Sex Revue Of the -century 
v DEEP '.THROAT 

tout teat ounce 40 s« prior ro tr 
lb Ehvsee Monttnarte. Parti. 
MUST END DECEMBER Z. 


pOji fa 


W,ND £"- L IH^TRE. CC. D,-437TSn 
Tarlco Nighcty A. 00 and 10-00- .■•« 


B SotnilVra" “n PV* -E n'ra ASTORIA THEATRE. CC. Charing Cross PALL ADIUM. _ cc. . S’dSL. 7373 ' 

S ■TOotlr. Road. 734 4291. Mon. -Thor*, an m : - Opening DK. M »or }5WW ■ 

» tup. uaw. Late snow: e« s.oo and a.*s - uanhy LA RUE . . - 

of Fottr Soawiru." BEST MUSICAL OF THE YEAR -;m “Merry -^NWow TvWBEey In 


-..Sun- 6;PQ and B.00 

PAUL RAYMOND presehts 

■ ", HIP OFF 

THE EROTIC EXPERIENCE OF THE • 
■■T»v~ MODERN ERA ' 

mTSt.lf, limit* what 

oorwijsiijfe oh : oim- stage." e. News- - 
THIRD GAEAT \ EAR ■ 

, 01-B36 5028. U 

tiS. VS* 1 ? 1 ,ran l 8,30 ,m Man 

Thors. 0.00 pru and Sat. S.iS ami 6 3 
.ENORMOUSLY rich 

M y ” £w, "is New*. ■ 

M *° comedy 

.„ ..ONCE A CATHOLIC 

supreme corned* on m*- and refioion. 

- Dally- TWaoraoh. - 
’’MAKES YOU SHAKE WITH 
LAUGHTER." • Guardian. 


ELVIS 

EVENING STANDARD AWARD 


. preview December 19 « 7.30. 


t M0 ^i and Hardy Show, sjo id;^ uio exciting mMIJ an musical 

6.00 The .Voyage of Charles «»»"■ »•» Bordrr Nows Mr. and ««««.,« Dlwr *fi So inC 


14. Evanings al 8.15 
Q. . “TIM -BROOKE 
GARDEN make us 


Darwin oummaTT. SportsTIme. 18J0 The AndV WlUlam* | 

J-S SZS**. Day s , „ CHANN-EL • ■ ELn* Jf Jfc.” 

7J« Mid-Evenlnz News. Ul* pm Chaonrt LoRch-toie.Ncws aad vra c-rrn 

7 Della Smith’s Cookery What's on Where. sionr of DoH'ny. LJ U3 1 Cl IV 

* ■ &mJU,s Cry 2.S The rrlda.v Matinn ; ■' Poru When pm Luorhlim-.-. LJD Rolf Harris 

- ^ 0Ur ! e II SttzKL" 5U5 F-ntmiT^slr Farm. 6J8 US Fnday Matinee: " My Teonapr 

6.00 Top Crown Rctwn al Sw. 6.35 The Last Wands PaiiRhier.” «UJ Ulster News Headlines 

830 Westminster 10J* Channel Lan- Nrwi 1SJ2 The Wo-M 'Mr. mi Mrs 6.B0 Rrpono. 

• as Tannic- f-, oa , Rritain •> Llbcrar* 1 . 1130 StwIs af S'in bpnrtscarff. 1030 Slant on Ice. 11-00 

Terims. Great Britain V. FranclJCT ,. ms am Nv- W * Weather Celebrity Conccn— Jack Jones. IL55 

l/S»A: Carnation wigntman m French. Bedtime. 


FOURTH GREAT V8AR 


Show. U.DO Twiir lit Tbe Talc. 12J»| transfers to Whitehall theatre 
P olice Suraron 1230 am Enllramr. I DECEMBER 6 H 1 


THE UNVARNISHED .TRUTH 


The HU CtxnodT hr Rovec-RVTON. 

DECEMBER flth LAUGH WHY. (THOUGHT I WOULD 

COMEDY. CC7 01 -930 1576. E>ij£. 6.00. Sought ” ' Ei .^SanOxrd"*^* GLORIOUS 


Sale 5 30 6 8.30. Thur 3 00. 


BILLIE WHITELAW 
' The most Downrtnl icroak? artinn -seen 
In London this vear " Observer. 

T P. MrKENNA In 
MOLLY 

bv SIMON CRAY 

“ INTENSELY MOVING." E. Mews. 


rn*iTiN , "ius t a 1 ,ri *fTf r ri»*t 
LAST WEE'S". ENDS SATURDAY 


PHO 6 NIK THEATRE. CC. 01-836 Z294 ”W; ' ’JO. ■ RICHARD - HI part 

OPENING MO-'EMBEB «rn at 7.0 suB. 5n4Xospearo trrtoflr ACTION MAN. 


YOUNG VIC. 92 B 6363 Toh'r Tamo- 
Mon . Toe.. r 30- wed. 2 Hamlet, wed 
■ JJui. t 7 JO. - RICHARD - III pan t- 


Cup 

9J5 Horizon 


GRAMPIAN 


WESTWARD 

UJ5 am Cartonnilmo. pm Gus, 


,. JS Sound, Lik. Friday: Leo ^ ‘fW "SS!" S5SS 


CRITERION. 950 3215 CC. 936 1071-3. 
Lit. Prf J. Ton"! 8. Tmr 5.30 X 30. 
NOW IN ITS SECOND YEAR 
SIX OF ONE 
LESUC PHILLIPS 
. . and a H*' F-DOZEN LAUGH'S 
A MINUTE ” 

SECOND HILARIOUS YEAR." 


***oVa&2 r^ Tg|5» ¥, 5^ D L br i“^r“- r T-- 

NIGHT AND DAY ~ BfijTanau ®* . Ter *W Greer- 

A New FI XV iw TOM STOPPARD BAL LROOM. 

Directed ov PETER WOOD — : — . 


PICCADILLY. From 8.30 am. 437 4S06. 
Credit cards 83R 1071 • Mon -There. 


CINEMAS 


ACROSS . 5 Rising 1,000-1 favourite is 

1 Revive sorrow of founder useless as a moving force (7) 
(4, 2, 5) 6 Unlikely to run coach express 

7 Stop up with mother (3) (4. 5) 

9 Score is higher than average 7 Wheel controller to the club 


o av4 ._ --WW* nwf .in Sew* tWrtUnps. un Slow Of Oe*W1ity "- . - and LAUGH S »gi 

sSBycr Th^ M<WT nan^RrflU^ MID m fho J x *rhm FVIrltw ViHnmr ■* PbpIb IVHnn A MIN UTE ■ 

10.W Late Sews wnpjd."- s-amnit Cn-a^ry >^ SJ5 lK sain*” <fainnc WilHam HoMox) amf second h^a^ious yea hum 

ls.,39 UL Closedown (Reading) Friday Film. r.«tv »f EVf srarrln* L'h^rac^. U.JO Streets nr San Francisco. Tr*nsl«re No*" Hampitrad Thcatni oven 

w Akrnnki 5co " P r * d ?- 11,15 *m Grampian Lafp 13 _ K am rnr Llfr • THE MOST HILARIOUS PLAY CON 

LONDON Nhsbi HvadlURA. folLmtd by Road Ro- YORKSHIRE F °™ VEA GLQQ^'joS 51 * 1 T,me '- rs *“ 

WO BJB. Schools Programmes. rDtV*n* , - 20 pw Calendar Newx. 2.23 Friday bv^M|chart H«sfln». rrTT 

1.54' Beany and Cecil Cartoon UKAIiAUA Flm Matinee. ''Thin Gn*r Bronson" orury lame. cc. fli-ase biob. mor. irani 

u SLu if 111 ■ !-20 pm Thix Your Rtfir. 1J2 The 4.10 Carioon Time. 5U5 nappy Dstx 6JW m Sat B.00 m pw >,«W .6 Sat 3 00. 


BOO Frl and Sot. 3JJO 8. IS Ab-^on. *-■£ ’_** SHAFTESBURY AV. B36 8 6C 
— . Demlnatlno «Wi r-«Wnl tuns and 5*R- Peri}, . ALL SEATS BKBLE. 
humour, the BROADWAV star." D txo. J* O**™ ON ™ E NILE fAi. ■ wt an - 


Transire* trpm Himrtl'id Thnatru 


LONDON 


.. . . ■ SILVIA. MILES ' ' -Sot*- - Z.20. S2D .8 JO. Late shex 

’■Towering firnormirr. Oartv Man Tomohi and Sar. n.sp, 

VltU* CARRE 2: DEATH ON THE NILE (Al m 

-Works like magic." Financial Times. . Sun - 2 00. 5-00 6.00. 

••There has hardlv been a more wM.Mnu — — — — 

evemno In the West find . . . The BEST ' PtAJA- fopo. Camden Tort 


■Inrnelal Times. 


COMIC WRITING IN LONDON.'* Ota 
rS*a, rumlre like an electric Current," FT 
SEASON ENDS NOV. 18. 


930 mju. Schools Programmes. 
11.54' Beany and Cecil Cartoon. 


by Michael Hastings. 


* oiuy uy wild niuiuci tor \<9 an c nnn q__i, tF in „ — -la pm iiik tour Hlgnr. •-« inr “■« t-ar.imn ihik-. nappy u»t^ ww 

9 Score is higher than average T Wheel controller to the club rrv,_r° r if_ “ P ; m ‘ Amartns World of Kn-svm. t2J5 Fnday Calrndir iKmlry 31nor and B-lmmn 

h-Fn,- - Jri \ f Ini,. 1 4 1 b (6) Hickory House. 12JS0 Country Maiiaw *’ Markbi C f Dananr." siamna rdnionsi. 6J5 Calendar saon lflJO Thi- 

2® . e ena 01 ,,UI > ' 3 ' . a . . . Style. LOO News pills fT index. Trevor Howard ani Dorothy Dsodrtdip.- fiattnn and Simmon Plavhanne.v U.M 

10 Batting on the way out by ® Could youth leader become ThumM \«u,v inn Firm- 410 cartoon, s .15 Thi> h Tour rmir. Rimm proi-vriman. ius Oscar peiersop 

the way (2,7) great? (6) 1 ^ ^ JP* 6.00 Granada R nons. bJO Kicr. Pll Presents Joe Tnnirr. 

11 Verv close to ten with babr 14 Bird bas the pace of the hoU8C Kllchen - “®° Money Go ' u*» cefcbrtiy con- 


A CHORUS LIME 


PRINCE EDWARD. CC. 01-43? 6B77, 
Eveflmgi 6 00. Mytiirevs Thursday and 
Satunfmn at 3.00. 

• ’ _ EVtTA 


T»bcl. • «BS 2443. THE BOB DYLAt 
RENALOO . A CLARA -AA) wit . 
HOB UTLAN s. JOAN BAEZ |N ‘ 
TRACK STEREO. Progs- 2-50. 7 3-- 

BKllTr 


OLMJne 1. Z. 3, 4. Oxford Sir ret lose 


..... ’A rare, drva-pattno. '2«Pr' » , ‘Wl<h 1 n9 by Thu RH* ana Andrew UsifrWlbHr . _ . 

!ridn“ rial*n„ Simmon Plariionte.y ll.M ~h - Tlrn 5y ^ GREAT TEAR. BfiBtfJg *1^ PrlBe «- JB. 0&" 

:"!*■ osc,r Pp,erMn i •giwr 

•Tta j— Man. vS • 




Tottenham Court- Ra. tube). 638 031 C 
i* 6* Pvpo*-' Children halt orlre. 

7* Retard asun-j WATER9HIP DOWf 


It Very close to ten with baby 1* Bird bas the pace of the 

African (9) march (5. 4) 

12 Tripped by river! (5) 16 Harsh-sounding wreckage of RADIO 1 


347m 1.20 rbc 


f£o?Lw rtsi 1 V pm 
JactsDj n STEVRE fAA; 
ri 0 S; 1.»,K4S , .M5..«S. Law tho. 

?a 5**T A*rm>}o» > HOOPER fAL Pram 
2 00. 4.10. 6JS. 6.40. Lata mow it om 


Ann's boat (Sj 


Afl Radio !_ 7.82 Dare u-o 


CLOUDS 

A Comndy hr MICHAEL F PAYNE 


23 . . . Indian is given railway “ 
welcome (5i 

24 Put restnetioas on potato «•» 
store coming from London " 


e«*. 8 00.- Wed. 3.00 Sat. _SOO. 6.30. 
GEORGE CHAKIRlS. ROY OCTRICE. 

Ml mannir die r- ■ Z' RICHARD VBRNON. I AMIS VILL1ERS 

™ FORTUNB. 836 2238. Einl. ■■ Thur*. 3. THE PASSION OF DRACULA 

’* Munn^pSrSSl 1 V ' *?i?£ a fc#nnoi r , “ DAZZLING." E. Wan - MOXT SCFNIC- 

■* MU MUR M^A T THE S V ICAtuTcl ^^VaW S ^ W .'ft ™ J g8£ 

FOURTH GRE AT VEA R aGIC^- rfmal^Lt- 'slno MOBT 

IF wjS'. 3®0D. SSS’ s.SO^B.Sb'! 0 - RAr X! > 7^ P 9^ J 11-^. C SK Smu" 1 ' 

tr. DtN ' 5 qui oeat„ti I ap a “ v,Rs paul' 

w A N«r' rSiliSr DM6 by TMK f!5TK*L^1J5S T,CA - 

% THREE “'^MR| L FOR‘*T5y2PRi U PS OF aijt _SEW&fl5S*rVEAB 

SO MARVELLOulT EMI ERTaTnMEMT.'- oV^UT UfiU.I. 


street, W.l. 499 3737 - 
I VOU _.tA.Uw!KJ_ AT . HU AFFAIR . ■ 


26 Ovewjbject to the behaviour 25 f^ Ck up for tea - tirae spread | &». -sVjrtffl RADIO 4 


206m and 94.9 VHF ish«w 

5.09 am Ax Radio 6 J 8 Rmb ITonr. deni 
4.06 LmyliiO l,iri- 1U0 l.nbhr 17X3 PRl A 

c.iil in. 2.01 rn« simwrjsr. aju ijmc* 

Ron. 6 JO London Spurt": Drsk. 635 Gnrrt “ RJ!|E 
l-nhhla. T.00 1a>*. STnp. Lhffun. 730 MARV 


_.«2S!L AT HERS . 

PARDON hOn AFFAIR .oot . (AA! ' 
rEngtiin Sobutlm). Film at 2.06 -no. 
SOTday). 4-05: 820 and 8.40. 


AT (TO Vincr LKCSSTER SQUARE THEATRE. 930-S252' 

I. Ut sloe OST SOUND OF MUSIC fU) SeST pr»t , 

■ a Writ 2 -JO. 7 - 30 . suit. 3 . 00 . 7 . 30 . La;« " 

CC 01-734 IS9Z- JP®" ,rl - 11. so »■»> Seats hy&le " 

mt awi Cn. ■T.yiwt 0/ mat or « Boa c-mea ta . 

o uYKi nii JT*. Mwijfn. 6. ah arasi- new . 

r EROTICA shew. 5« . & Sun. - 

°P*2!! HAYMARKEI- 1*30 7 7 38-277 IS 
ALT8AX MlflNJIQHT EXPRESS »X> Sep urexn, 

01^.87 MU.|. . SJO P -M - P-m . Lata 


PAUL RAYMOND Drawnrts 
THE FESTIVAL OF EROTICA 
FuHv *lr C0ri’*'e«M 
21st SENSATIONAL YEAR 


expected (4. 5> 

Z7 Common language student 
ebanted about (5i 

28 Blossom in Maidenhead 
certainly (3) 

29 Metal worker showing up 
team of experts (5. 6.1 


Solution to Puale No. 3,812 


SOWN 

1 Infectious part of cricket (S) 

2 I am upset over inflamed 
worker becoming aggressive 
( 8 » 

3 Plant obtainable From police- 
man on refluest wc hear (5 i 

4 Hear inside information and 
shine (7) 


3GHSBEBB 
9 E E ,.Q. BEE 
smaaaa EBQEaHEE 
a H-- 0 ra E3 a- n e 

SSEEQDDa 5G0ES0 

*3 □ ■ n fi n . . ri 

E9EC S3G3SS0EEE 
[ -E i v.g_a a § E 
ansaEEBEaa ebdeh 
- P- Pr.D 0 0 D 
saEane EasaasEgj? 

a m c 
1SE3Q0O0 . UEQEEE 

ns- a a g a. e a 

ItjEgaEatacE csghhg 


T.ri Gjlr-, 3 O-Cl""^ s f. Sat “a SO 7 ™' j "TMs.-’li m" m'"tta~h!w’ mat pNv« «f {Lt, .yP.-^S" rpS.'s/Ts 7 <S..' , 

Jort« imrillni|. , F. S-QO aN^u 3?ENCE ' CALLEDDDoi| 3 Abn I ttC etatvry.” O M«tt. WA- SGP -7_.3Q. ute show Frl 4 SaL.- 

r.htlin... l.» am Might b, D?»ld pjJSii W,ARO ! ^gore «x* 1 1 .15 o.w. All mm, DW Pfi.' V 

T 1 .”** '' SvrarlM °n na” 'eSft. FOIMO -CHARLES. L«c So - 437 6181/ ’ 

re *«l tfvj'P kti .P tcI. - FoseiBatlng . . . MOodliii-J^urTda- errtfiry^ gJM . Frioy waiertan BorqwcxyVi m-hM. Londm.-, 

^ «xtr#«raliwry iwilugt" ».N. 3 M «*d 8^«ff«pir-irej TOO red «-00 JC 3«. Prrft- T2AO. S-16. i-99. '■ 

I Wm and MJ VIW mwRNR -fliteViTtari So. ■uenuSa bVo»?n ¥ S^ar 3 ,\ 0 -, J M - ' 

0.-H-X Hri-jLr.v.i slwir Mats, wm a.W MB. 4.30 nod g.gg «c*( MwKil o' 197Y^ - *- 5,1 M -13- Seats Pxtuc. -ie d Bar . ■ 

rS>. 12.00 UJV- ** CLIVE 1 ■■aBck^'* B f*ilsr fflfS 4 t A*. 4 J2 3JM, 

Hrci-r Srmi is. T.Oh c i!j.| . ' 5SHFJ » tawd*. - mtwrwi. ras. 01-443 2418 Jj JWI Gntwreh A!H ".Bases *t» PMl- 

. 64«»n^s -An UiMorelM^ WdffHR iXIu. . 
e»6W..1JB5r-*OC, 4»-V» l«6 5H4»- 


2.«afld 2^® “J? 434m "Tllm 7S5«n and VHF T,, "- k l4n<Innrnc BJO Tr-.i-y Rcrord. lfl.Dri a^_Trt. 

Walk. Sports Desk- U7 Jobn Dunn *wm. sunn, Z 8 SBI aw stir viata L.«w»l«n. UMciom- a. iLadlo globe theatre. CC. qi- 437 tssa. 

i Si including SAS Sports Desk A«S 6 .W mm News l*r,f,rw AU H/irmiTO . ^ * E*9». 8.15. Wed. 3.00 Sat. G.OO a 2a! , 

Spnm Desk. 7JS Jim Madend acd his Today. 6.36 T:Cjy. ?.Taca«ne. includnn, fnridnti Rrnnrlmelino MUl w« , iTSe»ul tKEHJ!le - 

Rand In ihe Radio I Ra.lroosn iS>. 84D 6-« Prayer for -h-. Dj... JM and W» LiOnaOIl IprOSa Casting alan ROURN 5 1.^?^ - 

.Veil Rjchardsoo condotrs the ABC Radio Todir‘% News 7 jd ana 3 J 6 Nrws Read- 2film and 97.3 VHF ten times tabu 

Orchestra <Si. SAS Frida? Nish: :« llai-S. 7.45 Thou*. 1 :: fur U» njv. 6-35 5.00 mu Mornln; .Vuilc. 6J» AM; ” ThH mint be tta hanslcit laughter. 

Music Nlghl 'S'. 9J5 Soons Dealt. UUU. Yrsenla) in Pjruarju-m. News, nondrop m-ws. Urfonnatlnn. irarel. sporf n, *rnin f !-.k?J < ?? > i?'nin?'- -n nfi" '^“Wbiy 

Sopuori Vnur LoksI IB JO Lo:** Go Laun IAS Local Tim- iJi Tb- Pi. jwre ib. oo hn.m Har^s snow 1.00 ma LUC entorao i; wni we-, ^Soiuu.jnrrHw. _ 
with Ronnie B 3 ?vii n-e-» Sxti.i Larin. Principle. IMP Vrw». lOJB From Our Reports 3.00 C.rewrye Gale-* 3 O'Cln.-v GREENWICH THEATRE. 01-BBB 7735. 
1 LU Sports Desh. UJS Brian Matlhvp Own Corw.TWiLVni. UJQ Da:'? SvlMc*. «L,I| wo |.nr Mi-port « «mnlinii>*F. >-M •iH’iSrert' r KVreHSijSyL. 
IntnidKeg Rmad MidrugW, IwloCInj ttJO MornWR Siprj- U.0B UJ5 .%fr. r Eichi. 9.M Vr.hilim.. 1.00 un Might br D *«lo pirS 11 °° AR ° 

News. Z.oo-207 am News Snsiffiarr Down Your Wjj i.-rs |nvrrN-n i"- Kin- Kura "A ThiHirlcal coup." Timas.' - SornrJre 

niniA S 4E4m_ Steren & \*HF c *rfliru-. Scotiand. 12 25 Kh«>l Day* a! fSnital Radio ,nd D Tel. " Fascinating . . . 

KADIO J 4»ffl.3KrcoA*nr D«nii«w 'Hr-.' m mVw bv ri.-iw-ni \*.ijiiuii iwiiin _ __ «str*Aroi>Mn> iwhhc «.n£ 

US SRI v.>ath-r. 7JP Sew*. 7d» Over. Freed 1100 im 12M2 pm You and 1 94 m and 95 Jt VI IF haymarkot. ' oi-930 9832. 8v<» Ton" 

nir>* 'S'. 8.00 8.P5 il'-rtnnx Cir. Yours 12.77 v v Word I 1 >S. 2235 t.00 m r.Mtiam n.-n-'s tirt-nL-i.v-t S1w> Mats- w« I.S0 sm. <10 nod gng' 

COri ’S*. 0416 NOS. U5 This Wrrk's WYaibi.T preuiramni.' wys U® Th*- *S-. 9.00 Mvhj.-I A'P'l 'S'. 12.00 Djv>* lll5Shr* N 

Composer: ShoWiiovicb. 9 JO BBC World al Ur.". IJfl Th- Ar.-h -rt. US >~«eh 'S'. 3.M pm Ree.-r . 'iriii isv 7.0»> NiGEL STmiie 5 

Northern Irelfliyj Onhesai 'S». ULS5 Woman's Hoar from Ma-rficSlT. ihclnOinc r "r Tn *:«v Sa*-1liti> l.mk-nn, 9.00 peter Paul 

You os AP:ns Roeltsl «S>. UJB i«M and 2.00-3.93 New*. 2.45 l.istrg V'dh W'Uh.r. KwGv liorn.-S V-<«ir Mmh-r Wmildn’i BDWLCi HARDWICK 

Poolenf. rertia! »S:. liM BBC 3 90 ,\Vu«. iK .Muttvoii T»?af w 4.09 Lifcr » 11.00 M-iv Allans La.- «^ a S5KMU l fUnf» 

Non horn SjmohOiT Or;hc«frs. rwicr-rl Nr-rit. 0416 N Mnire f-jT \:i Svpwhk Show 2.00 a*n Ian David wwiS London Wyl c«w«re LU 

DU1 1 'Si. un Sews. US PUsbiU (6.1. 4J5 Siorr Time. S.00 pm; Nmrs mjEaziay. Link Imerrauona! <Si. WHh GARY Raymond 


ROYAL 

Peri*. 


- A rertucM irerpreianre - O. TW ! 2jl* Jg*- 0 *! ENCOUNTBIW OF tm* THIRS V - 

IHADMI351ELE EVIDENCE t KIND ■*>. |M prein. doon gg«c Mob, * 


’This, t* ou of tn* few 

tto ffntar” O' 


-Umok Crlflo vm 
■UWUIN BROWN 91 
««»( MosKal mi 197 
W. «Oo« nos xWrl h 
cards. - Rwnurem. ras. 01 


JfdM, iJBSr-jJC, SAW 

fn. I0.60. 


Lata snow ThlPW, FrL. 5*1. 11.15. JteO*.’ . ' 
.6 EON. . «. • _ . T 












Y 


November 3 1978 

> ••■ •' •*-; ••* ■• 




sNftft- X 


=* 

*l; 

a*j 



m contrasts 


by NIGEL ANDREWS 


Duke of York’s 



19 


Clouds 


by MICHAEL COVENEY 



Stevie - <AA) 


The setting for Michael 
Frayn's comedy, first seen two 
years ago at the Hampstead 


Classic .Oxford .Street 



Hooper (A) 

Scene. "Warner -West End. tx&^eomeo. - - - . -■ -,-v- 

Classfc-Cbcford Street -WJ* dow ^>' dresses and two-piece » U! -he- won t-he 




: 








The- Sonnl 
Bask ex? l lies 4A.}. 



The script's > meat that sparkles like glisten* 
S up andjmjj ra j D around the central, 

ri ihoseaf V^'yc relationship of two 

And in the>-> ouroa,l!ilA ^uvcriny the country 

rival colour supplements. 


weniy mi nines, when j fur 


WUUlil . UldL jK». avUdiuiai oucki Nflrf 1h ■ fin- ! k ' " i- u’ fi' Ill's l3s 

Summer Paradise {AAl _ into a porlr»it of tenderness, in „ liolGwiiM (‘•■'•nrs -hnulri ii- reaching (heir | Owen Shurlcr i«. a professional 

Paris Pullman ^ Phoenix vnaltty and humour. She swoops, naro ' ' Ul * " 


CU jbr 
Xwtructiir* 

* t&c ir,: . - ! 

ii! “v , ti " 

iBStn ,- " 

3S6&. i-h* lii 
Ity, poja:? 
live Xvr'h *■'; -. 
tt Ainen^:’-.. 

fr-«es!. lS XJ1’ 

emainv^p, “' T 
l*y tj cvu L ^'. 
r feB.tUrOT - ; . 
ff.ecw • 
vt>n 

cion? sr.fj 
life the «m;,> 
twr aifi’< -- 
next 

fir.THMrt d- c "“ 

fed. . 


It is not' often. 'thjat.a- week's 
new movies, offer- i'. contrast 

23^'^S^.ERE' 5SC SEwSS yiufeei 

about as a Holywood stuntman; -i iU hE 

copter- at 230 Feet to vaulting a 



I i-ftuld run Tin- Honur I •>( r ’ pbi ca'ilr. line ''"ulrl lhink. * 1 ^ J a t,out her (those clouds and. for 
tJ, c Knshen-iUca thmu^h tm * •■‘or^r— and red-pencil liny it pud a jj | ^now. thai glistening rain), 
private moviola. | could note ■ s cnd:rc " o:iefc o* ot* duiu- j^.un. j ea j 5 in experience rather 
down Tnr you the exact linun ... 

and places of the scenes you XuiiffHfrr PiiTiidise k an inret- 

should slay alert for. and ihe hgrnl. coinpa.ssinn.iLe. bleakly 


300-ft ravine in i- rocietrpro- ° exat ' 1 li’meV and’ pla'ics ’of the htmu.ri.us Swedish film ilirc-led 


■ t. 






than deadline.-,. 

Mara warn* ir< know about 

labour wards, not labour camps: 

pelted ear ^n^He'set^d film repcrtoire- eF facial and vocal scenes in “wha-h .ml' can 'allow by funnel I.indhlmu. hitherto jlJj ut qu I“Slnnc C Jmi^ner^uIrT 
von mav see -Ciendd Jackson nuances— 150 at ^ rou a h estimate y„ ur nunfl to wander. I'Ctter known m filmcocr-, at one!®^* 1 . J . n ; and pe ^ unj| 

^ >s Perhaps l.ln^ 

land she melts learfullv ai the 

I breakfast table on account of a 

t A r3mily gathers -<n a country 

PeterXsellers record* comes back ahead of the -game. The evceniricity and a Jewish accent, retreat for its annual summer 

to me' hi which.- durlnR r a spoof *s.. a di^PbSable mask of Dudley Moore is in good form holiday: but the vacation proves 

on Critic's. Thrum. Irene Han d.l 


roortr'for IG2 minutes, talkln? rapsfr ^mirk. - and iwk of erratic comedy m the British ladies. (Her 
either- to the earner* or io Mona offended^ mnwrenpe. Tlw - first a cinema'? historj 

'Vasbboume. • .. employed to leL people know that news. Pe „ . 

A distant "memory ol' -an oid 1® O' loyahle .rogue who is Sherluck Holmes with a winning 
at^'coiiaK i*baaf^ always ahead of the game. The evcentricitv and a Jewish accent. 


appearances >n- 

tin Surin. ll'inler 


,J 'T .v 



THEATtre? 

tmsBucr 

v.- Wc-i . -r. : 

tiairn h.,. 

t »i* .Jiua ' 

wo? -c-k.v. 


kA^T At: - «..■ 


>hi»i 

- "l.j-* 

V- 


tfFtSSSUK* - ~ 

n. 

■yAW . ' -r 


v'!» 7 & i /* 1 ' 
nulir v - 
. * ’ • 

-■ - t«.7. - 


KAMa t’ ;■»* 
<*«-. ?T=r- « ; 

_ . Nti i; . 

jSuatiV: 
Nw 4 



;vj?> 




. f :i j 




^*V»VIS •: » ;i-! .. 


as- a posh-voiced bluestocking 
uttered the deathless remark — 
vis-a-vis -soine film— "This to me 
was true cinema.” She was privy 
to a secret that no ‘film critic I 
know- has- ever - held, r "True 
cinema ” is —an. : elusive beast. 
Instinct has always told me that 
what it vcbemebtly is not is a 
filmed play in which the camera 
seldom leaves the 1 four walls — 
three, I should say^— of: a single 
studio setting. 7 Vei l Bnd'Sfeeie 
a -much more . enjoyable, even 
eventful, movie than- Roop*»r. 

It-fs based on a play^.by “Hugh 
Whitemore -w-hich ,' erijoyed ‘a 
successful run in the West End, 
wrth Mess Jackson in the lead. 
Stevie Smith,., its -subject, was 
the lady who. wrote the famous 
poem about “ not r waving, but 
drowning,” and who -lived for 
most. of he* mature yeare with a 
maden aunt -in n irambie suburb 
of Greater Londonl -She died in 
1971 aged 69. -Much; or most of 
the play .was ' -written as a- 
monologue to. the audience, inter- 
spersed- with, dialogue between 
Stevie and her aunt (lilayed. on 
screen as on stage, by Mona 
Washboume). 

In the film, the fli?t time 
Glenda. Jackson turns, her bead 
to the camera, to deliver ^ one of 
these monologues. 'an almost per- 
ceptible shudder- runs through 
the audience. TO is. technique has 
never worked in movies, where 
(die' live rapport between, per- 
former and spectator; is missing, 
and it doesnot.work here. Yet 
one slowly gets- to it- as.-, to a: 
necessary 
harder to get 
lowly oate gory 
Robert fcbdens's 



whole day stretching ominously 
ahead. Dubbed >ardbnica!lv our 
"distinguished lady ' novelist " 
by Owen, she nonetheless 
! unlocks the native bosom, in the 
shape of the ~uide and a 
grinningly acquiescent black 



Tom Courtenay and Felicity Kendal 


Lcuiuiid Hurt 


presence of an ebullient bookman Paul Chapman and Mark Heath slightly at odds with the cbarac- 


dnv.er. ttinnnj* tlie key of f rom the University of Illinois are perfect as the representative ter's reputation: t could not but 
tern mine guile and charm. (Mark Kingston t and their pro- natives, the former placing the wonder bow he ever got through 

Meanwhile, Owen is inexorably gress through post-Revolutionary whole operation in the cruel customs in one piece. 

‘attracted to her despite profes- technology and sun-baked land- perspective t»r an ethnic side- The Ray Cooney management 
'Sionat misgivings and Fond daily scapes is" handled with breath- show for disinterested visitors, decided to open the Press Night 
-despatches to his wile and taking simplicity in Michael Felicity Kendal comes on like a full hour later than is usual 
children. The subtle shifts Rodman's superb production. The someone radiant from a hot bath, without, as far as I can deter- 
• between rivalry and cunningly visual impact of the show is following the srar of her glmvine mine, any official^ consultation 
'sensual camaraderie are beaiiti- 'Aloriou&ly uneuip taaii c. five actors sensitivity like □ true pilgrim, with the Critics' Circle. Given 
.fully detailed in Mr. Frayn's manipulating six chains and a As if that were not enough, the that he is presenting a plaj 




*•/” i 

Sally Field and Burt Reynolds In " Hooper " 


i writing, which is a> witty and ia;«1e in front of Gerry Jenkin- 
! intelligent as anything on the son's seductive lighting changes 
: London stage. The small invest i- protected on a dominant blue 
; gative party j* completed by the cytloraina. 

St. John’s, Smith Square 

BBC Symphony 

On this visit to conduct the poser’s approval): what in the 
j BBC Symphony. Rudolf Barshai original Quartet seems private. 
I broueht with him his arrange- reconsideration 

1 ^, eD g ° re tilled* 1 s'-irtphony for faecome s more broadly and 
j String oSra. The fom of 

; ® e ':j- u r , S , ‘ f?.'3? ln f aS ^S i ”'.n. um™™h™S1 

i frenetic middle bolh prefaced S' 1 '.*’"""* ‘.SJ* mll< iJ“ r h "5 
[and followed by sombre, discon- . r 21 he 

isolate reflections — suggests less XtJf'Tvfo K?r "tinJc^r 

‘a “ Svmohonv " in thU version ( * r:,niecil t ha t t h * bar e «' 

i tradition cannTSd^like ' tree" m e^i S 

iSSfurt - the'nie'u raakes'o^f “»"!«• “« inK ™ ™ 

^ ..-wltc Tbe ' concert on M'ednesday 
pI® also included the 19-year-old 



too .dtettai^ed, .6ad^h8: «ie' ^Repwld* -.h^ the ^Traniral aL plays Waitj). The support- The main cnaraeter. lOTliwly ; t he itiain' subject^ ’of ihe tatter.’ 
movie with some perfunctoty hkabiiity of a 19i0s C3ark Gable. inE casl - 1S distinguished: Ken- drawn and played, as a middle- 
fiasfciback. shots and. a^handful’of. ^Indeed be is favourite to plav nelh williams. Joan Greenwood. a*t*d female doctor try ing to live ] 


•» - 

lit; ; 


fin 

r </* j - • 
&*. .J il v . - 


kW»*OUVl 

&U.L- 


those 
sequences 
Trevor 
duffle-coated 


a’ivftil naandatoix location Wtett Butier-in the coniine sequel D en ju,UT, Elliott. Max Wall. Irene with, and articulate, her disillu- i U h«tantiai and blainiv fraueht 

men - here. -'{Wring toCop,,Wm,ne W«fd,)_ ]9ut SiSdl nC oUiln. And there is sioament with , worn In which i i“ •<» «!»* movement 


around xecalBng Stevie 

But the film, has two- all- 
redeeming merits: a good script 


elements of the Finale brought 
vividly to the surface. In the 
; , , . . ^ Beethoven, after an imposing 

ed 9nd U L^nlt le fra.fJS Ad3 S io »w»lto the orchestra 
mere is mud mem. whs a world in which j £IJ jh** nine*" oerKmaV si^n ifiniMe^ P l^ ^ first movement 

e ennnois- caring has become the preroga- JeVe Sf one mov? the!- are ?^ op - r w,th an inelegant splash. 

Mere at one remove. tne> are recovered quickly, but 

were intermittent lapses 

le - lit*, ihenmpivps ithe Tnn l,,rr * ast t1 *"° niovements: the 

/.af'slunt man — the belt In Now the bed new. Pel »« charnru-r. dnr, in >nd out. cenn Thc.ne if c-Cint UHv th, w ”, 

r of of focus wilh an alniosi l-hek- , [i i (i i,,- 5 Iun , hut Barshai mnstlv oh'-flt _ for a Larshe'lo of 


“n.. 0 i^ ^WJ&LT**** 11 ** Srncen Tran 

Reynolds and his fans. Reynolds for a Conan 


Howard, .craggy and ujalMce Gable he trades racrci- ^ f Cook-Moor 

,t«l * “wTS«,»- *T2S* U Of .heone-legaed >ivc lets and 1», of individual; ^rrilonicaiVv Toquict. T n ' 

sketch specially adapted human love, more and more "f lip » arshj ^ mn ion they sound ,her ? 
man Doyle situation. slate welfare and charily. Her }!' ,? t r ! l 


. .. _ — c — r — - o — rx'ollywood. we arc told— whose Morrissey, fonneriy director _ , .'viuiat p iumil, vui Jkiaipuai iiivou,* ■ . ■ ■ 

• and Miss Jackson. Correction. ‘wr i&T is jeopardised bv ever- such And v Warhol Sims as Flesh, hiivian casualness and iragjconttc a5S jg ns j| l0 a whole string sec- unusual emotional violence. 

— — - ■ 1 ... - A.-I. -w, - J vv I Alr.riifanAP Anrf ^1 rhr.lltyh ihp I .« ... mmn &J 1 in 




VVv:'-:- •• -i- 


three — a good script. Miss -Jadk-’ iiior-e-gloom>’' doctor's reports and Trash and Heal. ci<*arly doesn't eloquence. And although ihe < t j un — apparently with the corn- 
son and. Miss "Washbourne. Miss by the encroaching threat of the know- what approach to adopt to film is mournful-phiiosophical m»— 7 - 

Wash bourne is Kke some vast New Generation nf stunt men. a - hit-or-miss script (by Cook. hue. anatomising the problems of ; 

doormouse, .snoozing. in an[arm- incarnated here by Jan Michael Monrc and himself t that is essen- late-yns , -Socialist Sweden, Nordic' 
chair one moment, '.sniffling . Vincent. . . daily a revue-style chain of pessimism is leavened with a 

around _her kitchen" the"iiext. The film, directed bv former sketches. He has one triumph, in nicely mischievous humour It is 

f‘r "think TliVgo and prod.^the- stunt man Hal Needham, cnans a deliriously funny scene involv a t«»uching film, and a surpris- 
joinC* she. keeps; saying -when along; oa its action set pieces, ins Denholm Elliott and an in- ingly assured directorial debuL 


lailv has lovely ^hms. Yes. 1 did about journalists. Mr Cooney has 
wriie that " sentence. Tom thus demonstrated a surprising 
Courtenay relies on a sort of and total contempt for his major 
donnish eccentricity that is source of free publicity. 

Theatre RoyaI f Stratford 

The Football Apprentices 

David Holman's play is at unce approach, in which he is doing 
a documentary account of the some service to families with 
way in which promising school- ambitious footballing sons: and 
buy footballers are trained to he has a nice demotic wit. He 
become professionals and a story makes good use of the typical 
of bow one apprentice makes it Cockney devetoping joke: “PJI 
and one doesn't. There are six set my dog on you." says Peter, 
apprentices in the squad under the trainer. “ Your do? ain't got 
training, hut the two whose any teeth." ** I'm getting him a 
careers are examined in close-up set for Christmas." 
are Clive Pope, only son of a The acting. directed by 
foothall-mad father, and Walcott Sebastian Burn, ts uniformly 
Burns, a West Indian born in able. Paul MeCleary plays Clive, 
Ka*i London. and Walcotl inclined a little to 

Clive w so good as a schoolboy overdo his melancholy moments, 
that he soon displaces the older is played by Trevor Butler. There 
buy whom the club was training; is a felling sketch of Ian. the 
in his turn he is threatened by assistant manager, by Gary 
a competitor of equal talent but Whelan, and Geoffrey Hinsliff. 
greater height. Walcott has bags having hrietiy been a remarkably 
of talent but no commitment, to competent schoolmaster, trans- 
use the phrase always on the forms himself into the fiery 
managerial lips. The play is Eddie, who just beats lan to the 
open-ended, its plot being only head nf the short list as the new 
a sheet on which details oF manager. 

training, both physical and Both boys and men encompass 
moral, are inscribed: bur it looks their exercises with skill. There 
as if Clive's apprenticeship may j S a fascinating scene where a 
end after his IS month* agree- practice t3Ck!«? by Walcott qivesj 
ment is up and Walcott will 0 ne of the first team — an inter-,, 
finally find his form. national, moreover — an injury- 

The story is full of absorbing that keeps him off the field fori 
detail, and Mr Holman ( whom l three months. It is done in stow* 
commend to the National Youth motion like an action replay, so 
Theatre » writes with what *eems that we can take our own sides 
tu me masterly pxperlis* uf the as to whether it was deliberate 
technical tyrannies of training, or not. 


DAVID MURRAY ' He is half didactic in his 


B. A. YOUNG 


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by NICHOLAS KENYON 


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John- ■ Gopley’s infamous 
Mozart parody, • Cany on Coal, 
took the stage at Covent Garden 
on Wednesday night- for the 
formal opening of the 1978*79 
season. - If the Roya^Opera wish 
to alert us to' . th?ir -financial 
crisis, they could.. scarcely do so 
more effectively -than- by -this 
month’s hare programme, -with 
Its mere two operas: one, Meyer- 
beer's LVtfricame, ’ a . borrowed 
new production: the other.- .-this 
Com, a .revival . demanding mini- 
mal resources. Y^t what . this 
Cost does, far more potently is 
to alert .us to the desperate lack 
of artistic coherence in.'. this 
house's anDruach to Mozart pro- 
duction: Mr. .Copley’s collection 
of ' nudge-nudge. wink-wink 
humorous devices makes out a 
powerfully strong case for" not 
staging - .this most sabtte .of 
dramas -in this vast arena- 

There sre some fine Individual 
performances, and it is only fair 
to say that the evening is hugely 
enjoyed by a capacity audience. 
Margaret Price makes a welcome 
return to Covent Garden with a 
Fiordiligi of magnificent 
authority: the voice brilliant but 
warm, with a. voluptuous range 

of tone-colour, scintillatingly 

precise. Agnes Baltza uses- a 
wide vibrato to fine effect in 
Dorabella’s arias, revealing an 
alternately suppressed and raelo- 
dramatitised • -etriOtion;. -..she 
sparkles nervily. and her seduc- 
tion Is the one convincing, drama- 
tic moment in the evening. 

The relentless pertness of 
Daniela Mazaucato's boun&ny- 
.sung Despina brings diminishiDg 



Margaret Price. Donald Gramm and Agnes Baltsa 


Lu’itaid Uuri 


returns, and she plays not to her 
employers but to the gallery. 
The men are less convincing: 
Thomas Allen a clownish 

GuRlielmo. Ryszard Karczykowskt 
a simple.- cloudy-voiced 'Ferranan. 
and Donald Gramm a dumpy, 
withdrawn, ill - tocuaed Don 
Alfonso — a curiously negative 
house debut. 


In the pit. Lawrence Foster 
conducts with staccato energy 
and vigorous attention to 
ensemble, but rarely seems able 
to relax with his singer!?. He 
has to fight • an orchestra which 
is rarely willinc In lei Mozart's 
sensual colourings blossom in Ms 
playing. And so wc are left with 


Arts news in brief . . 


,'TOe British Film institute bag 
announced that -the Brighton 
FHm Theatre is to cease opera- 
tions -from December 13; The 
lease on the theatre expires oa 
December 25 and the British 
Fiko' Institute, which operates 
the cinema, is unable, to renew 
It. 

Although the Brighton Film 

Theatre, has operated success- 
fullv.as an exhibition centre, it 
lack's .the space- for the sort of 
activities the BFI would Mike to 
see - developing in a Bngnion 
Film . Theatre, with additional 
social, educational and informa- 
tion facilities.. 

TOe BFI hag. been looking for 
an alternative site for “ie 


Brighton Tilm Theatre bni. 
although the search coannu eii * 
has so failed. 

★ 

The * Mozart Memorial I'm? 
has been saved at The 
moment It vu Seared -hn 
through Jack of a commercial 
.sponsor the Prize might have io 
be discontinued. But Harry 
Blech was able to announce after 
the presentation- of the 
prizes that the Royal Doulton 
Group had stepped in to finance 
the- 1980 competition- 
The first prize of £250 plus 
concert appearances was awarded 
to the soprano Helen 
while the pianist Benjamin Frith 
the £100 second prize. 


An unplanned third prize went 
to flautist PhiMpoa Danes on! 
Ihc suggestion nf Royal Doulton 
because of ihc fine line between, 
the best three performers. , 
* 

Dorothy Squires, the contra-: 
versial singer who proves her j 
popularity by hiring theatres and 
tilling them with her faithful ? 
fans, has embarked tin her most 
ambitious project yet. She plans 
tn stage a musical based on the 
life of’ Charles II on Broadway. 

She hag written the words and 
hacked her creation wiTh £SO.OOO. 
The remaining £350,000 comas 
from supporters or has yet to he 
found. On Sunday she is appear 
tng at Lhe London Palladium. 


Mr. Copley’s symmetrical pairs 
of watering cans, kneeling mats 
and bird cages to articulate the 
opera's meaning — tu which one 
must add the running joke of 
Mr. Allen's mllapsible- mous- 
tache. which having hecn an 
unintentional success on Wed- 
nesday. will now doubtle.sa be 
written into the production. 

Staff changes 
at Riverside 

Nicholas Hooton has left River- 
side Studios. Hammersmith, to 
take up a newly-formed post as 
development co-ordinator for the 
! Royal Opera House. Covent 
Ga rdan. 

Scott ish-bom Bill Hutchison 
look up the post of general 
administrator or Riverside 
Studios last month. He had 
been director of Battersea Arts 
Centre since August 1977. tjavinc 
been assistant director since 
Sent ember 1974. 

The former business manaeer 
of the Lyceum Theatre. Edin- 
burgh. David Brown, took up the 
appointment of financial con- 
troller of Riverside in Septem- 
ber. Peter Gill remains overall 
director of Riverside Studios. 




r 4 



When ir come.- to valuation. Edward 
Erdman and Compum have \uiucd some 
of ihc nn.'sl famous piopcriiea in ihc 
country. 

Otirscn ices include noionlv valuation, 
of proper!) buiuko purchases, jennies 
and rent reviews, sale*. uuc(ion>. 

managemem. im-estmem, financing 


The London Palladium Theatre 


regional planning, fov. it Lcnire 

redes clopiiK'm. indusinul ec>n>u!iancy and 

proieci managemeni. 

We make no parucular claims and rely 
on reputation aiul record a> a naiional 
practice w hivh remembers the personal 
touch. W here parinera ?ti!l do the 
prubkm-sohi'ic. 


Edward Erdman and Company • Surveyors 












and Company 







20 


Financial Times Friday November 3 1978 


FINANCIAL TIMES 

BRACKEN BOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnantlmo, London PS4. Telex: 886341/2. 883897 
Telephone: 01-248 8000 

Friday November 3 1978 


Pre-emptive 

markets 


If a Ford worker clocks on 
six minutes 



BY CHRISTIAN TYLER, Labour Editor 


A CAR WORKER is docking 
.in at the start of his shift 
.Be is sis minutes late and 
tells the foreman that he got 
stuck in a traffic jam. There is 

THE SHARP nse in money currency markets and failing an argument A shop j^eward 
market rates in recent days rates in strong ones. . Word 4 is 

produced iLs natural con- do ff^ e i n * nare^the a^nnd and other workers start 

sequencie yesterday when dollar recovery was part of the (-omnia in that so-and-so is 
Barclay’s Bank raised its base explanation, but only a small . unfairly penalised A 
rate by a full It per cent P art - * is true that a SJfieSS P8nal1 

When banks are ooeratine strong dollar would attract fllspuie De ~ m> ' 
under corset limitations on the Junds . from oth ® r countries and Why a dispute ? Because if 
growth of their books, they can- exercise a worldwide pull on the carworker had been a 
not afford to allow their own interest rates, one result would minute earlier and nad been on 
base rates to get too badly out be a quick fall in dollar rates time for the rest of the week, 
of line with market rates, sin, 'e f [ om whatever proves to be he would hare collected a bonus 
rhis can provoke borrowing i> y ^ir level just as payment of £3.48. Now he may 

first class customers to re-lend happened in London after lose it. 

in the wholesale markets. There sterling sentiment was turned This is a hypothetical anec 
pan he little doubt then that round ,n 19 ' 6 - ll ls because the dote. But it is the kind of iUus- 
the other banks will follow- the J 0T ?f«' c situation is potentially tration that is being used by 
Rarriavc pvamnip Hpfnr*» inns* forbidding that the market is militants at Ford of Britain m 
Ttys »ntjcip a ,in B higher rates. an attempt to persuade mass 

for rates to settle down. Here the catalogue is long meetings of the men today to 

and all too familiar— wage throw out a pay and benefits 
Neutrality pressures, worries about con- offer worth 17 per cent and con- 

. ‘ cealed credit growth under the tinue with a strike that has 

This rise in interest rates. corse t regime, worries about the lasted for six weeks. Indeed, if 
less than a day after a strongly- borrowing requirement (intensi- the offer is accepted as it stands, 
worded anti-inflationary speech g ed by the wage subsidy the anecdote is plausible enough, 
by Lne Prime Minister, may well announced m the Queen’s as the table shows. 

lrwik to the man in the street s peec h) and worries about Given that *he - 

like the first stage in a new fun dm ? . In- the first half of this h a. Serf a 5 oer cenr limit on 
officia credit squeeze: but in vear official mnnetarv nnlirv has na s hxed a o per cenr mnit on 
fact the Bank of England has i ear ^ial monetary policy has W9PP hut emoted 

rather ostentafinusly left 
own minimum lending rate un 


FORD’S ATTENDANCE PAY PLAN: THE CONDITIONS 


AN EMPLOYEE QUALIFIES IN A WEEK IN WHICH HE HAS:— 

0 Annual vacation for which qualification by service has been 
earned. 

0 A Service Related Holiday. 

0 A paid public or company designated holiday. 

9 A day of lay-off where the employee is eligible for benefit 
payment under the lay-off scheme. 

0 Authorised paid leave of absence: — 

Bereavement leave. 

Jury service. 

Attendance at an approved training course for which payment 
is made. 

Attendance or public service duties. 

0 Been absent through sickness provided all the days of absence 
are fully covered by Ford Sickness Benefit Scheme payments. 

0 Been late, provided the frequency does not exceed one 
occasion of five minutes at the start of shift. (Where 
exceptional and unexpected circumstances affect targe 
numbers of employees on a particular site, senior management 
on that site will give consideration to not applying a dis- 
qualification, e.g.: for a major traffic accident or dense fog). 

0 Payments will be Grade A — £3 JO; Grade B— £3.48; Grade C— £3.64; Grade D— 076; Greek* E— fcCOO payable weekly in arrears. 
0 The supplement wilt be paid as a flat weekly amount and will not be included Ini or Courted as earnings for the cal culat ion 
of overtime or shift payments, holiday pay, allowances, pensions, payments from the Lay-Off Fund or any other benefit or payment. 

Sown: Ford taplcye* Information Bulletin, October 31 


AN EMPLOYEE WILL NOT QUALIFY FOR THE SUPPLEMENT 

IN A WEEK IN WHICH HE HAS BEEN:— 

0 On annual vacation for which qualification by service has 
not been earned. 

0 involved in a strike or sto p p age of work whether official or 
tntofficiai. 

0 Taken rdf pay either individually or as a member of a group. 

0 Suspended for disciplinary purposes. 

0 Absent without permission. 

0 Absent vrftii permission, for example, on personal business 
or extended unpaid leave. 

0 Late on more than one occasion,. or on one occasion in excess 
of five minutes 

0 Disqualified from payment for a public holiday. 

0 Laid-off where this results- directly or indirectly from dis- 
ruptive action within any of the company's plants or 
establishments. 


to tie general tide of trade 
union opposition that eventu- 
ally swept away Labour's 
attempt to legislate against' 
unconstitutional strikes and 
Introduce 28-day “cooling-off 
periods.” 

Ford bad— like this year- 
opened the bidding with a 5 per- 
cent offer, and settled at 10$ 
per cent. It dropped its demand 
for a 21-day strike notice. bift 
secured the no-strike condition? 
for part, though not all, of the 
holiday bonus. 

To-day, the holiday bonus of 
£70 for every worker does! not 
have to be accumulated by con- 
tinuous working. It is paid oqce 
the service qualification has 
been met, but regardless of any 
stoppage -in which the worker 
has been involved. In any case; 
Ford is proposing to scrap the 
holiday bonus this year and 
recalculate * all holiday pay on 
the basis of individuals' .earifc 
ings. at the rate of time and a 
third. This part of the offer 
is worth just under 2 per cetiL 
But the conditions attached- 
to lay-off pay have rankled for 
years. Once again this year, the 
unions demanded that Workgirc “ 
laid off because of disputes 


, semnd “ — ESBBlmSS e “ 


, , . , , more difficult 

done nothing to check the 
recent rise, but they have cer- Helpful 
tainly not encouraged it The j n these 
markets, after a long and some- anticipatory 
times painful experience of a helpful 
official squeezes, haw learned earlier years £e Bank^f Eng- 


tbe sudden walk- Vauxhall's unions called this fof so far exceeding the pay within the company as _ 
ensure that all an attendance allowance; - but limit, it would not quarrel with outside it should qualify. Thai 

are fed into disputes »he comoanv savs it has been that 5.12 per cent out of the demand has again been 

i !ie machinery so that the line keeps *• translated ” “into a uniform 17 P er cent which is afribut- rejected. Ford nas said it 

. .. . running. It wants a wage agree- navmenf for Performance and able to the attendance plan. raise the lay-off fund to E4ra 

have rejected it flatly, and will negotiating committee t° raent ^at would make the g*™ “c seen „ lie Again British Airways and^is -wiliing to contoue.dia- 

be telling the oi. 000 strikers to include many more shop instant protest less attractive, of a productivity deal on top recently* toyed with the idea of cussions on ways of eliminating 
circumstances an ^ o s ° ^ well in meetings today stewards and gave every one of and thereby blunt the power of of a 5.5 per cent average wage offering workers at Heathrow {SKSTtn 
rise in rates is Sund *T- Althoj^h the nego- ils 2 3 plants a voice. That is the shop steward who instantly offer. By contrast, Ford opened Airport a bonus for every Bank 

development In % « Ip ? M JUt LwJrth wh ? il ar S ues that procedure calls on his section to down its negotiations back in Septem. Holiday they didn't go on for empioyees against l?* 

offer of per cent— wonn . . v mnu ber with a brief— almost throw- strike. 0S ‘ 


straight agreements must be voluntary, tools. 


.*1*?!?, L-* 16 " 1 ’. land hai tended to resist market 1 2y*wag«J^is not' ^nnughT Se " ot le saHy backed, and mustb’e Recording to the company. The year 1968 has already 


the Chancellor and the Prime ...ki.e i. j:j - , 

Minister restate their commit- reawls f ° r thelr rejectl(>n g0 

meat In monetary and credit of staleraat( . s in the l raucn deeper. 


restraint in difficult times, the , h « The hulk of the extra money lls _ 

market makes its own judge- "***' ™ S £* available in what Ford says is Use ‘ 
ment of the rates which will lts finaI offer would paid for 

be needed to carry nut this ” i^anrf^ha^ii^mvp? 30od attendance. This extra IV r\ cJiArf 

policy. In a rather back-handed nioney, just over 5 per cent of SQUri 

way. the market’s action could al! the total package, would be paid 

be read as a vote of confidence .TJ 11 ! 1 . n f w attitude, together wef y } . i n arrears, to each CiltS 

in the Government’s monetary the low figure for foreign who completed the 

sincerity. ! nfl " ws 10 October does at fuI1 ^ hours of ^ five shifts. That is why Ford's senior 

. .. feast as much as Minisrenai , industrial relations men argue 

If Is worth underlining Hie rt(tements make nffieiel ,bK nttendnnce ewrrtWn- - mnnniue 

payments plan was put before evcryunn^ nwiimn« 


owo * d " ***** ^ ^cial strikes are not its probl been mentioned. To understand 

sense that they, as well as ]em. Its problem is unofficial translated into an attendance wfa pord’s 1978 offer is so 
management, insist on their disputes. This week it said that allowance. . - fiercely rejected — at least by the 


Size of the 
vote 


It is possible that the unioru J 
may again end up with a Coni 
promise in which some of thr .’ 


domestic pressures _for a rise in pol!cy cre dible. The most en- 


it had already lost 50.000 Although the official line of 0 ]d hands on the negotiating 
vehicles- through unofficial dis- the Ford unions is that no committee — one need only recall 
pules this year before the strike incentive scheme of this kind th a t in March of that year the 
began on September 21. The is acceptable— memories of the companv was hit by a two-week 

strike has so far cost 1969 “penalty clause” strike strike, 'then described as the _ __ tJlVpn nilf nf -. hl • 

n 72,000 Last year, small dis- being etched deep in their worst in its history, in which t Lp?^S 

putes and absenteeism together minds-one negotiator at least. -penalty clauses'-' became the JfiC 

accounted for 4m lost man- has shown an interest in the front-line issue IyiJ ^ Principle thit Fori i 

hours. Vauxhall version suggesting " . , . seeking to establish is allowei 

a roues too _ As now. there was a Labour to remain. That could depem 


For . d - ar " ue * 100 ,hat i 3 !,,. 8 ,. •,J tfhere ft _T r ti S® Government trying lo operate a on the Size or the No vote i 

rates, blouse the ri.ee has been "K of the““ City’s the 53 union officials and plant ^ “t £SS!Z w^mi/bT MTSiSS ^ nn^ S 

partly due to ewms tit New mnnd is thp flct that long term ramaen on the Ford naPontd bygood Plants as well as in industry at if Ford refuses point Wank JJZZn^e^LZol, “e da^ 

\ork. However, although old Government .clock has remained 3 ° int negotiating committee mn ju n icationc Ford says Rurally. There are sugges- to move further on tiie basic * — days 


a.ve-v .ys . iiOve hi iTieni cfocK nas remained r^mmunicationc Ford 

habits of tliinking are hard to relarively calm land even rose ^re were protests. \Vbat tne th Pre chort 


amount 



nsiog 


tumty afforded by a tight then it is plain why its bonus incomeT nolicv at lwst throe with » 31 ner cent roll! n*r m know ” a saSk *’ 80 
s never liked pajnng incomes policy to try and buy is a n elJ-or-no thing affair. One bie enmlovers Perkins for so lon « : they ar- 

rs extra money for continuity of production. What infringement, and the week’s Engines International Harves co ^ inced members wan 

job that they' ore Ford is offeriop is not a pro 5uppi e n, e nt is lost. By contrast 2* = .Wbw basic rate iocroase an, 


r^r^wS ssusr B "° 001 ^ «aii ^ ' Tmxj’rSi « sst- “ curh unoRicial ^ «« 

pow’er of its shop stewards. tumty afforded by a tight t h en it is plain why its bonus ° struces. . — «-*» 

w 9 a * Ford has never liked paying incomes policy te try aod^buy j a - an ell-or-notbing affair. One 

oig. Andreotti . ££2^^“^ ^ ^ «- •— 

companies have bowed to the of the word since it does not talk 26.000 workers a cumulative Xm^L were aooro^ bv ll ^ 

1 A.* exigencies of strict incomes about raising output targets, honus payment. For each hour nrt of PP ^ I ^ (o ‘ Pnt mnuf fhp%^(r^hnr bas be ® a goiD3 00 l0T ‘ 

hllWQ lllTID poticy and bought peace by line-speeds, sales or profits. It completed, a worker would get StilTthe usu^l bvlfh ° D? tin,e ' Christina5 \ 

W U f ^ means of productivity deals— merely talks about getting a full 3.2p. with a possible maximum . P ™ Mecf *?? lSj?? s ^niSfu^lS apprrvach ' ng ’ 31111 raan - v of thl 

MW «/ ^ ^ ^ real or phoney-Ford has con- week’s work out of every of £1.28 for the week. In this J^iar^^.HahvtheDeDart romoanv ^ negotiators want a settlemen 

jtenHy refused «o do so. omptoyee k; „d seben,* ihe JSl This -iit-SS. Z fierce reocHon «de tb=. o^eiM^deS . 

Its corporate philosophy is What it means, as every shop element is obviously much ever derision the Government greeted these ideas among the whether they can set one m‘ 

again shown proof of his poli- ary ctilJaboration with Signori^ 1 lovtf producttTlty “ raised - steward is well aware, is that it reduced. comes to about punishing Ford Ford unions contributed in part their, not the company’s, term* 

ticaJ skills. Faced with a serious 


SIGNOR ANDREOTTI. the The Communists are in a dif 
Italian Prime Minister, has once ficult position. Their Parliament- 


MEN AND MAHERS 


. , . . . .. . , Andreotti ’s Christian Democrats 

challenge to his pay policy by . . .. . . , . 

striking hospitai workers, he has 6051 them 3 S°°d deal of 
promptly took the issue to Par- tlie | r Jorme f support from the 
liament earlier this week and militant loft. But if they break 
secured the backing of the other with the Christian Democrats. 

main parties for his unyielding they risk losing the image of Cutlfir CSlIS in 
approach. In acting as h^ did, respectability that they have so 
Signor Andreotti risked a show- carefully cultivated in their £f|g 3X61113 R 

down between his minority quest for power via the 
Christian Democratic Govern- ballot box. The unions are Leslie Chapman. 59. the ex- p rt ^ nn U f anrv 

ment and the parties on which deeriv disenchanted with Parlia- civil sen-ant who axed himself rrciiuii latiKrj 


them Chapman — will serve tell me “ We are not too happy of the problems of the moment 

alongside five full-time mem- abnur the occasion." The such as the forces’ pay rises, 

tors. reason? The Festival is being He apparently exhibited paint- 

■■ - mounted by followers of the ings at the Royal Academy while 

Reverend Run Myuog Moon 3Qd he was still at Eton, later serv- 

..... his Unification Church. ing in Malaya. Borneo and Hong 

it relies for Parliamentary sup- mentis backing for the Govern- out a career in the civil xhe 1760s saw the Confession; Michael Marshall, the church's Kong. 

port. But he was clearly right merit's policies this week, and vrith his attacks on 0 f jcan-.Tacq uos Rousseau and public affairs director, says the Despite the problems he had 

in his calculation rhat the other the Communists are keenly government waste and now t j, e 1970^ ^ av . e the Con- festival will also include danc- io deal with in such places he 
parties, and particularly the aware of their need to retain inefficiency, has found a new fissions of Denis Healey. “I’m ,fl P- He explains that King believes that the opportunities 

Communists, are in no raood for credibility with their traditional * n London Transport and not j ust a p T( >\ty lace.” be gives danced before the Lord, which made service life attrac* 

a new political crisis. supporters. Ibe moderate union lts ov eriord. Horace Cutler, as m otto in the tome which Marshall does not seem to live such as “repeated foreign 

, leaders, who have also accepted leader of the GLC. contains his inner thought — a believe that Tuesday’s festival travel and overseas service in 

TWO birds the aim of wage restraint in Chapman earned the wrath of slim volume in which a number shadow cast over far away, exotic, attractive 

The Prime Minister has thus exchange for jobs, face similar the civil service and the admira- of characters including Lady !* D -‘ rcport .J us | places, combined with various 

killed two birds with one stone, problems. tion of everyone else with his Wilson and Twiggy tell their If a perks and subsidies are reduced 

He has secured Parliamentary if, as is likely, the Govern- Your Disobedient Servant all to the impersonator, Mike /^^uroh^ u “^annalint ° r J*® ve fione ’ perha P s - 
backing, ar least for the time m ent finds itself in confronts- Thi j. Proved welcome bedtime Yarwood. SlSaSS ” of a number Tu? S °?5i. u ... . 

being, for his efforts to intro- tion with the unions in the com- f ° r ,^ uUe £; an:c,0 “ * K That the Chancellor hates i aw5 . Marshall insists that the Fnnrh iwlf^ ke ? at , 

duce an incomes policy; and he ing months, the loyalties of the to cut out’ waste, especially <■ listenin': to bores” and likes rnmmitteo has no? produced anv EiPPnh , n 3 

has reminded the country of his Communists will b e severely f 1 % 1 D * 0 "*™* P T-. ,mern!i - “walking in mountains" and «Ze to ^bSZtinil toe ' A Sailors ' 

government’s capacity- for sur- strained. But Signor Andreotti Beethoven is less surprising allegations « d 2“ !he tion 

vival. Whatever reservations the is in no mood to compromise. *^1" than his favourite colour. This. Security Exchange Commission =hnwi.ri Lim? i whlch 

Communists may have about To do so, he believes. wou i d JW other transport body on ihe h _ „„ , ™ ^ ^.±r"“?5f.>a ra,n, . ss ' <jn : showed some skill in balanc.na 

Signor Andreotti ’s approach to jeopardise his entire recovery p, 5T. e .r. . __ .. . . . . . 

- - cuuer Kept tee book by his 


he says, is a distinctly non- the Federal Reserve Board, and conflicting interests— even if ' «J 
Socialist blue. When I asked ihe Inland Revenite Service rritiri<p« -lancne" %}}. 


pay policy in general or tfie bos- programme, the aim of which ld ^rotjjhout Mav^and whtlher this w »* an i«iication have already investigated them. Brilish^indusfrv 

si-i^sss? s teWJffzxrs 225 ** ^ 

if ,h... ^hicr-n iw* urr iooi at hls remote hill farm ;n Dyfed. 


that he liked the bloc-bird and the U.S. at the time the Con- - and° oratooi clouds^ 

their v'cySffHibS a^7St» wi,h 


tions now. If they are W achieve country’s EEC partners iby •1981. Hc olT# . red ^ ^, t 


movins?.- 
should ket*p the petiti- 
on their iocs. 


in government, it can only be of government policy if Italy rh anman'l refiiieri happiness. Oxford- Blue or addressing Tuesday’s meeting. 4. r nr iporicrc.,.^ 

on the basis of fresh gains in is to participate in the new C £L “ „ t ' cl T' _ e Cutler Cambridge Blue? - Sky blue." He left Britain in Sepiember De acclime “ thl rl 

a national election. Yet all the European Monetary- System, an badweTAm fo- firo teete PI Tl «« ^ =^ s and is now “somewhere in the S “a mode^ SmS 1 

indication* arc that a poll hrid intention that Signor Andreotti b e finallva^eS totakea Lrt Puncluated. hi. favorite quota- Orient.” prejudiced a p ,nH 

now would favour the Christian once again confirmed in prin- S^ job TiS t he London « he ' n ~ “ Dam n braces. whatever < mr rmik ouiro 

Democrats and the Socialists ciplc in his talks with Herr Transport Execunvc Tnje to relaxes." from Blake’s Prnwrh* Chirf cIaouab ally 1 as well as 

and that the Communists would Helmut Schmidt Uie West form hf is refusing the £1.000 explains that Shirt-Sleeves oetting'our .-oar/off Sri' iSk! 

see their position eroded. licrtnan Chancellor, in biena p 3V c j, e q ue f 0r »,j s new j rj ^ this has nothing to do wlih if unu-ual foi an army ing up to get ihin 
All the same. Si?nar Andreotti ibis week. Chapman cheerfully admits trousero but means that if one officer to recommend that ail Which 

has done little more than huv d knowing nothing about running ,s damned it braces you. I i 1( « colleagues should have a via ns . 

some extra time. The other Kescrvatiuns tubes and buses, but his track asked how he felt about sharing quotation from Enoch Powell 

parties and the trade union It is by no means certain, record stands him in good stead, his favourite animal, the over their desks — and it is ■ .■ . 

leadership have approved the however, that Italy will join the As regional director nf the — * or . ,hc choice of which even more unusual for a Labour tllC Sl3fS 
general objectives of the system as one of its founder Government’s Property Services financial psychologists would Minister to clear such a recoin- They should hai'e known 
Government’s three-year re- members. Signor Andreotti has Agency he showed how £3m a surc *. v h3V e something to say- mendation. But tliis has just better, especially after the 
covers' programme, of which many reservations about the year could be saved in his ^ rh ^ acb ? DlsleI - ^*L e ai, s)*’ er happened, with the quotation parade of liberated Mancunian 
wage restraint is a key element way it will work which are department alone. was “ It is nor the first time being t?iat leadership is “ not womenfolk with banners pro- 

But they have reserved their strikingly similar to those of the He would not say what he I nave admired bis «ste. cajoling with high-soundine: testing against yet another 

opinion on the details, and par- British Government. Both proposed to do with London apparently a reference to phrases from a distance, daily package of p)n-up>;. But 

Ticularly the measures tn be countries have been successful Transport. “ There is nothing Bndgitte Bardnt. Leadership is sharing.* 1 Express Newspapers wem 

taken to create new jobs, above in restoring their balance oF more foolish or exasperatinc “ ll,, - y " 1 ft is a topical sentiment for ahead and decorated the town 

all in the south. The sensitivity payments positions, but both than a newcomer Telling the Mfmn mp<?cfl2e fhe . rn3n v!? . ose appointment as with posters announcing; “The 

of the issue was underlined by have volatile currencies and in- world how he is going to change itlCoo<aB Chief or General Staff was Star is Born.’’ It was n gift for 

a massive demonstration in fiation rates that are high by things," he told me. Next week, wedged in between announced yesterday. Next duly the midnight graffiti artists. 

Rome a< Parliament met this West German or Benelux start- The appointment K a central a hair-dressing competition and General Sir Edwin Bramall will Commuters passing through 




and it is far from certain that likely to find his political skills directors and two part-time Festival promises gospel singing Defence Staff respon.-iblc for 

•hey will win universal nnce again severely tested in directors, five part-time mem- and “an inspirational message personnel and logistics means 

approval. the months ahead. bers of the executive — among for Britain.” But Hall officials he has been dealing with several 

V, 


Observer 


in 

Btat&amptan 

Northampton is on the Ml halfway between London and 

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fifty percent of the UK industrial output is within JOOmSes 
radius. It has the following outstanding selection of offices, 
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commercial 

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L Austin-Cruwe BSc FRICS, Chief EstawSurvoypr 
NorthwnptonDev^opmsntCorporarion - 
23 Market Square, Northampton NN1 2Sk 
Telephone (06041 34734 





t 







21 


3 W : 









POLITICS TODAY 




Some undertones of the Queen’s Speec 



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HAS President Caiter^come to fails. it ; will nor be "enough to 
Mr. Callaghan Vrescue? The say:. ** WO told-yop so/’ For if 
question arises beta usA'-of ' one EMS breaksdawn-- a &&*} : deal 
particular passage nf theTrime else wiR break down with it. 
Minister’s ’ remarks .on - tb& Another atteinpt at- reducing 
Queen’s Speech- -ta the- House currency turbulence will: have 
nf Comm ons oir - W ednesd ay. ... v_ come to . no thin g. -Jpd Mr. 

Mr. Callaghan was saying that Callaghan to quite as interested 
he had been^ tfe telephotie harestoriDg. sotoeintecnatinnal 
to the AtnencaiTftipMd^it lbat monetary stability as Chancellor 
morning, ; ; ibffifej 4s ■;■ Tjothhig Schmidt, eyra uf Jhey disagree 
especially ; -remaritobLe about about .the methods. . - 
that. It is the- sort, ofibrng'^ V-7 ; - 'i-.'i- - ' 

that happens to Prime TOltfeifs r A^ :: wWf iitf 
rather than- (say) Leaders of the , . JjCbS. lUgCUt ... . 
Opposition/' amt ■ you cannot _. • 

expect them vabt'- to " show off : What ^thejr .^ha-v ... President 
about fl. ‘ It - adds thai extta „ Carter 'dtfpe'ftuMFT > Tti ™ e 
touch ofstatesmnii5lrip_and gives. fcst place. ^ajP_pr*wided- the 
the impression that- the Ptiiue iattet Am&r^cau ;package works. 
Minister .is. .living: in rth'e;-Teal he has made- the need f n r .a 
■world . 'rather th^n ’"tn- some decision bns,?M$ less uraeot. 
parochial debatii^xdiajttbei'-. ’■■ -■ That fs not to say that, a Earo- 
Indeed"theHou5a r of. Commons pean System win not 
was not mueh iHta'fisted lb what so fnttr effect as ' phUm e d on 
the two; men had h^d l .to say. January-1. TrOtjaftly it will, and 
There had been a new package without full Sritisb inailiclpa- 
of. dWaiuifia ^ W r :Sef end the tio Q-. Sut-it rieri nb' longer be 
dollar— the mpbiiisatioa of up. seen-, as * ^psoic. . measure -in 
to 530bn . in:'foxeign cuiren^. reaction* tn a fMIine dollar. Nor 
support a»ci; ; sL'flEtnmttic'.'rfee'.Jn' ? nbed r '®#S be seen any more 
i nt e rest-ratear 'jBSbair.the fbrelgh-^ as vaoy ehow : iMfrAsiM ian , . as 
exchange ‘markets seemed ImV wouM in^yitab^v haye been the 
pressf d/ But for fhe House it case- if the dollar- had .gone on 
was- a - case of ■waiting ■ for the tnmblinK -as it Jldjn the past 
Prune Minister ta t r«urh to the tew days. : Indeed: .the very for- 
nitty .gritty/- : V'.- " ' si ■'. -matinir of^KMS^withrts sue- 

Yet therc wS'.-somethihg' in gestion- of a ^ Enmpfean reserve 
Mr. Cal3aghan v s tpoe that ougfat -currency. could-hayeencouraged 
to have impelled arienttom th*» dnUar to fall still further. 
There can be nq dabbt f hat he From -a purely, British point 
takes seriously ihe'plan :for .a. nf view, the' argument for stay- 
European ' Monetary Systeiti, Ing out now. but going in later 
even if *he believes that on is Thus strengthened. ..If the 
present tbrms Britain cannot ab. foreiao exenance. rtiarkew are to 
in. Tlic re is, Grsr of ajl, ‘the- he Tefaflyeiy aitief. there is a 
danger of isolatian.-' if the case-, for -jie^ne how .rbe battle 
system works .without-. Britisb asainst- d^mestic ipfiatinn de- 
participation. i It-. is /simply, not yelops while dome the best we 
going to be easy : to win' con- .can - .. to. k®ep in line wjtn r#uro- 
cessions from the Europeaa pean escnan^e ra.tos. f 10 ™ out- 
Community in : other .areas if side the . ; 

Britain has. fe/ased to join- one But there ^ 
nf its most ambitious projects, which .Fresid^ Garter may 
But nor will there be much yoom have inadvertentiy. come to Mr. 
for Schadenfreude if the. system CaHaghao’s assistance. He has 


wade the Prime Minister's call 
for Internationa], rather titan 
regional, monetary reform more 
repectaWe, and perhaps more 
realistic. It may be remembered 
that last March— when EMS had 
scarcely been heard of— Mr. 
Callaghan was embarking on a 
campaign of bis own that would 
hare involved a much wider con- 
text than Europe, flis initial 
reaction to EMS. in fact, was so 
sceptical partly because he 
believed It would scupper his 
own embryonic plan and partly 
because he regarded it as hostile 
to the U.S. 

Not die least significant aspect 
bf the American action— again 
if it works — is that it has paved 
the way for talks on inter- 
national monetary reform to 
begin. Mr. Callaghan made a 
point in his speech oc Wednes- 
day about the time for reform 
never being ripe. During times 
of currency turbulence it is 
impossible: yet when the mar- 
kets go quiet ail sense of 
urgency is lost What one also 
understood him to be saying was 
that this lesson should now be 
learned. If there is to be a 
period of relative ‘ currency 
stability, it should be used to 
get on with reform so that the 
same old upheavals do not 
happen again. It is a theme on 
which nne would expect to hear 
more, and if talks on inter- 
national reform can get under 
way concurrently with the early 
stage of EMS. Mr. Callaghan 
may yet find he has made an 
important contribution. At the 
very least, it should take some 
of the heat out of the British 
EMS debate. This debate may 
have begun late, but by now it 
it becoming difficult to find 
people who talk of anything 
else. 

* ★ + 

For the rest, the contents of 


the Queen’s Speeches under the 
present Government are pretty 
dull, though they do reveal a 
great deal about Mr. Callaghan’s 
stylo. The Prime Minister 
remarked on the same occasion 
last year: •‘This speech is so 
old that it cnuld have been 
written in the Book of Exodus.” 
And it is impossible to argue 
that he was being unduly 
self-deprecatory. Whole pas- 
sages of wh 8 t he said last year 
were echoed again on Wednes- 
day. 

Yet there is a method behind 
the .dullness which perhaps 
repays a closer look. Mr. 
Callaghan said last y&ar that 
there was no likelihood of 
Parliament being short of work. 
“Indeed," he went on. “ there 
seems enough work already not 
only for this session but also 
for a full and fruirful session 
in 1978-79.” If you look at the 
small print, he was right. A 
Bill to improve safety and 
discipline at sea. another to 
establish new bodies tn be 
responsible for professional 
standards in nursing and mid- 
wifery. something on parental 
choice in schools, and a measure 
to protect small depositors — all 
those were mentioned as pos- 
sibles last time, but will now 
come before Parliament in the 
new session. Going on like this, 
the Government could last for 
ever without the slightest pos- 
sibility of being defeated on a 
major issue. 


No chance 


vote 


Letters to the Editor 


H i* r 

.a-r-‘ ■_ 
ipoda/u v . 

eksss ■»• 

(aMEsas.'i - 

:1V • 


f-i .- - : ‘ " Ai r itoderstand his solution, 

i r Fee collective the Government compels: Com- 

_ v « pady B to credit'the ttmisfemng 

harammri9? ' : : employee with. Whatever number 

■ Udl SfWiMUS . • Of. years service be his- already 

From - Lord Trenehard . ; a rendered to Company AHe also 

S i r.—i t ; I s^oote worthy iffe lbr tiie' employee to 

all the; discussion pver; whetiier j U( j_ e jmy'-dtfferences between 
. . an incomes poltay / j^^SSSSt Mte ^ rdlea '=OfT: the twn . pension 
... or not, the alternative, namely Involved/ ' 

the reform of mr trades unions. Oca^a in vwvea 

collective bargaiiung and the ..If. to take.- an ^exajnplev 
-- law. receives scarce mention; yef ’ piny . scheme gives' 1/effins 

’ it is because -of: dur nnfqpeiy of fiaal : salary and Company.B’s 


m*~- 

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SW»A-V*w-r- — ;J. 


Sal 

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r ftO&Z- 


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-4 

R.-W J 

A 


utr uw- reverseu. 'aow cau ouvcuimtcui 

: Without serious inflation,: while cbmpirision and employee judg- 
' m !? y ment co.rabine to-^yfeW a practical: 

, h ” r SgS^JS2%* h t.5Sl p if' 

wrnnl^^rVtn^to^tie^Sfato^ "CoittHWiy 7A h'is^ a° scheme and 

- adh ^Fjas- J s;.55e! 

•• policy^ is damaging the vigour Government compel Company B 
and flexibility ^of the market 10 eive toe trensferrtog employee 
economy can regUy -save us* 4 n-B/K)tos in its scheme. If so^how 
the long term. The-: Government.- “h a transfer value be agreed 
therefore; equ&llv with: T -.Mr. when Company A has neither, an 
Heath; is. both right and funds- actuary nor a pension fund from 
mentally wrong . 1 Both* are try*! which to m3ke the transfer? 
ing to remove symptoms rather Perhaps the actuarial profes* 
than curing the disease;^.:/- sion should be flattered by the 
..Mrs. Tbtacher;'. besides einhpa- confidence Mr. Shaw is prepared 
sising toe supreme importance of t0 pj j*: j n it. Perhaps on the 
monetary control appeals .for otb ^- the profession will 

responsible trade -union bargain- pSf orm a greater service If it 
®g. The public clearly do , not gdugateg the nubile to under- 
; think .that sbe- will get so AS™ M perfect 

tiyKssittss s- 

too mudj-Tpower,:- *.- • -. . . tecting, pensiotL rights for era- 

Most individuals' believe ^ ^**2 c bange jobs. . 

h they deserve a-b.fgger. tocome,. so ^;?W^Il ^he mpst that should 

g that ; ‘eveii -responsible ’ hum an attempteff Is to protect rights 
beings' or trade union leadets are ^earned In a previous scheme to 
likely to make their ciaims too ’relate them as truly ae possible 
large. Furthermore, with British, toftbe employee’s ultimate retir- 
trade- union- power sometimes in. iag salary but to recognise that 
tbe bauds of politically :orien-. the. “rate" of benefit will reflect 
rated militants it lv n my view, rthe-’ employee^ history .-through 
certain that more. is neded Tf different employments and will 
the return to free collective bar- not dimply, betbe" rate ” apply- 
gaming is to be. rii^ffesSful;. Mill--' j n g ;j n His last employer’s scheme 
tant trade unten p<w0rjo.Bntam .at retirement .. 
is hacked, amons.otber things, by • - ^reh attempting to meet this 

teore/: 11 mhed objective has its 
particularly In relation .to problems..- To toe extent that 

2 S?tt«ni na nthS ttese^are pansed by tbe general 

SSSres ni differwM*. iPwitMnJZi 

SiaJg5tf%35?^ SSSTKSSUIfSfK! 

The trade unious -di(l ^iot ^ike ^ , *' hpneflt 
the- suggestions (wbicli were ^v/ fagpateft ■ wch a. be ?fv 3 
.herer* medl bir Mrs. CastZe.-’or implement- costs, money. L i R .® 
the approach introduced by liord. -other benefit linoruveraents it 
Car= Gan tbev not be asked to go- will '-doubtless form the subject 
and study the countries who of' ongoing negotiat! or between 
■ make free . collective bargaining employers -and employees, 
worlr better than 1 we - do. and To the extent ' that the prob- 
lhea_to recommend.. toeir .own' leih . is. caused by . a . “ one-off 
reforms'? Those trade unionists- increase -to. '.feaminB* ai T . tbe time 
wjth a balanced view. lookiug. at 0 jp changing jobs otfe hardly 
the longer terra must sinwy j 0 nt toT^n improvement of the 
realise thta reform wilt remote withdrawal benefits by the “ old ’’ 
them either through the dictator- employer as a means of ensur- 
ship of the w - ui^o tns ^ 0 jd rights keep pace 

rvcntuallv^power/ur pubUc rrac- wiffi.-the 'new salary. The. only 
tion tot he- Right. . One .of, these G the r source, of funds with which 
iwo rerufts would seem inev.it- br?(Jse „ aD j 5 the new 

1 TS employ" / 

Anarchv it seems, K never more self and doubtless this could be 
than transient. If- the. . trade a mattey of .individual nesofia- 
ffins now. and paral- tion between the employee and 

lelett though not copied, the hw new employer. ■ ■ , 

German situ a tion, - for- .instance. - The suggestion that the -*o ^ 
their members cnuld double their ernment can simplify all this 
W 3 ges in a dewide, as market with comoul»!rn is dangerously 
farces, and markft Incentives misleading. The application of 
reallv . get under way. and.: ^ compulsion in an ares or voiun- 

- management and workers started tary provision which is subject 
to. put wqht our appalling pro- IO fj-pp' co|]«itJFP bargJtinto^ 

diNtivity. ' would, in my vrew; reduce ratper 

- It si a step that would require increase the chances o* 

enormous .courage.; enlighten- a-.long-lasting solution. 

Bient- and leadership, put toe ^ j 5 McLeish. 

; .whole country, and trade union neet House, 

members particularly, 'wouia^pe r^rtorio Koad, Famborough. 
well rewarded over not too long v * rra ™ - . 

SSL. Transferring 

hSK’SS. -pensions . 


be more precise, the fact that 
the rate of return on invested 
contributions can often be below 
tbe rate of increase in salaries. 
Your report on page 5 on Octo- 
ber 30 indicates tbe average 
return on pension funds in the 
year to September 30. 197S at 
4.6 per cent compared with 2 
price index of 7.8 per cent a 
negative real return of 3.2 per 
cent (In the same year, average 
earnings rose by 14.4 per cent 
as shown by the trigger on toe 
basic state pension.) 

Negative returns inevitably 
cause funding deficits in most 
private pension schemes (despite 
tbe tax concessions available to 
this form of contractual savings). 

-It means that a mmnher's past 
service is underfunded in rela- 
tion to his current salary, 
whether he tries to transfer to 
another job or *Tie-s to rejoin 
his . previous firm's pension 
scheme after leaving it Though 
rules of schemes may differ, it 
is not the fault of the different 
actuaries ’ that transfer - values 
are currently so eroded: the fun- 
damental cause of that erosion i? 
inflation and toe negative real 
returns which the contractual 
savings industry has often been 
prepared to accept Tn account 
for the effects of inflation on 
returns would be to invite criti- 
cism from contributors. The cur- 
rent. discussion of “a gflts strike” 
(refusal to fund the govern- 
ment’s borrowing and purchase 
gilts, unless they show a pros- 
pect of a - real return in the 
medium term) underlines this 
point . 

The Treasury knows full well 
tbat inflation operates as a 
wealth, or savings tax. and can 
be used tn subsidise, among other 
things^ the public sector’s un- 
limited liabilities to pay indexed 
pensions and the earnings- related 
schemes, with ' full transfer 
values. 

R. C; Marshall. 

25, Tkmeswood Close. Weybridge, 
Surrey. 


It is the same this year. So 
many Bills were mentioned in 
the Queen's Speech that there 
is no chance of them all being 
enacted this session. In fact, 
on one of the most emotive 
and perhaps important issues 
of all — industrial democracy — 


responding positively to the i 
present Government's incentives 
to establish more industrial units. 
Like many other developing 
countries and some industrially 
advanced ones. Pakistan does 
have balance of payments diffi- 
culties but they are not as grave' 
and ominous as Mr. Sherwell 
imagines them to be. Foreign 
exchange remittances from over 
seas Pakistanis in excess of 
U.S.S1.2bn a year provide a good 
cushion to the nation’s economy! 
and Its monetary system. The 
Government has taken strong 
fiscal measures to keep inflation 
in check and it is certainly not as ! 
high as 15 per cent 

Mr. SherweSI's fear that the 
change of Government in Kabul 
would erode the loyalty nf the 
Pathans and the Baluchis to 

Pakistan has no basis. Under 
the 1973 constitution, the smaller 
provinces, including Baluchistan 
and the North West Frontier 
Province. enjoy far more 

autonomy than devolution 

might offer to Scotland. The 1973 
constitution has not been 

abrogated. 

Outubuddin Aziz. 

Embassy of Pakistan. 

35. Lowndes Square. SW2. 

Productivity 


the Government probably 
doesn't even want 10 try. The 
Bill will not be introduced until 
the spring aT the earliest. Like 
the Devolution Bills in the last 
session, it will aim net certainly 
— if the Government attempts 
to push it thrnugh — run into 
all sorts of problems in the 
Committee stage with cross- 
party alliances changing tbe 
original contents beyond recog- 
nition. It is better nor tn make 
the effort, particularly when 
the alternative is to keep 
industrial democracy Tnr the 
election manifesto. 

The method is to keep Parlia- 
ment going with matters that 
are basically un contentious and 
which sound good in principle. 
Mr. Callaghan did it again on 
Wednesday when he referred to 
a programme of " reform, social 
welfare and change, environ- 
mental protection and the 
quality of life." it Js difficult 
to be against any of that, or 
indeed to regard it as particu- 
larly socialist. Meanwhile the 
Government goes on governing 

00 all those matters which 
rarely require a Parliamentary 
vote. 

Yet there is one area where 
the Callaghan philosophy comes 
through more actively, and that 
concerns intervention in indus- 
try. The borrowing limits of 
the National Enterprise Board 
and of the Scottish and Welsh 
Development Agencies are to be 
increased. There i« also to he 
further intervention in the 
labour market thrnuch toe 
scheme for state compensation 
for those workers on short-time. 
None of this represents any- 
thing more than an extension of 
existing practices, vet at the 
same time all of it shows Mr. 
Callaghan at his most charac- 
teristic. He does not believe in 
socialism in the oid sense of 
state takeovers, but he does not 

GENERAL 

Mr. Denis Healey. Chancellor of 
the Exchequer. raeeLs an all-party 
committee of MPs to discuss the 
proposed European Monetary 
System. 

Mass meeting nf workers at 
most of the 23 plants of Ford 
Motor to vote on pay offer. 

Mass meetings at 4S depots of 

1 British Oxygen’s gases division to 
vote on pay offer. 

Mass meeting at BL Longbridge 
plant to vote on pay offer. 

Sir John Melhvcn. director gen- 
eral, Confederation of British 
Industry, speaks at Cake and Bis- 
cuit Alliance annual luncheon, 
Savoy Hotel, London. 

Mr. P.oy Hstrersley. Prices 
Secretary, is guest speaker at 
Labour Party dinner. Rotherham. 









& 




- -vt 







m*u 






|y; .$?;■ . i 


...... o 


“The Queen’s speeches under the present Government are pretty dull.” How unlike those 

of "our own dear Queen.” Queen Victoria on her war to ihe opening of Parliament in 

January. 1S86. 


believe in the market either. 

Like industrial democracy, 
nne would expect government 
suppnrr for industry to figure 
very prominently in the election 

manifesto when it comes. Thus, 
fur all his attempts to blur other 
issues. :t should not be possible 
to say that Mr. Callaghan has 
become indistinguishable from 
the Conservatives. There is 
enough fnr an election campaign 
in the different approaches to 
industry alone. 

+ * * 

The trouble with Mrs. 
Thaicher is that there is more 
than one of her. and st is 
becoming very difficult to know 
which Is the real one. One 
would have thought that the 
battle 3hnut incomes policy in 
the Shadow Cabinet had been 
more or less resolved at the 
party conference in Brighton 
less than a month ago. The 
broad line was laid down by Sir 
Keith Joseph when he said: 
“We do not think that controls 


on pay, prices and dividends, on 
balance, do good for the people 
of this country." Mr. H^arh may 
have disagreed in public, bur 
then he is nut a member of the 
Shadow Cabinet. Mr. Prior may 
have demurred a bit in private, 
but not to toe poinr nf making 
a fight of it. The Shadow 
Cabinet as a whole indeed 
seemed unusually united. 

Moreover, there was a general 
belief that the Party was under 
no obligation to go into specific 
details about its policies before 
the election. It was enough that 
the policies were broadly known 
nnd could be fleshed nut later. 

It was therefore surprising 
tn find Mrs. Thatcher back- 
tracking in her own response 
to the Queen’s Speech on 
Wednesday. Tbe Tories, she 
said, did believe in restraints 
other than the money supply 
after all. Of course, this is true 
and, in practice, the whole idea 
of having to choose between 
monetary policy and incomes 


Today’s Events 


Mr. Agha Shahi. a senior Paki- 
stani diplomat in Paris for talks 
with French Government on sale 
to Pakistan of a nuclear repro- 
cessing plant 

Second day of “ Paris Club " 
members' meeting in Paris for 
talks on Peru’s application for 
debt rescheduling. 

Independence Day for Dominica 
—one of the five remaining 
British Associated Stales in the 
Caribbean. 

Institute of Chartered Accoun- 
tants Audit Committee’s Confer- 
ence. in association with the In- 
stitute of Directors. Royal Lan- 
caster Hotel. London — speakers 
include Mr Philip Loomis, a Com- 


missioner at the Securities and 
Exchange Commission, Washing- 
ton. and Sir Brandon Rhys Wil- 
liams. Conservative MP for Ken- 
sington. 

London Chamber of Commerce 
and Industry taxation committee 
meets. BH. Cannon Street, E.C.4.. 
10.30 a.m. 

Sir Peter Vanneck. Lord Mayor 
of London, presides at Mansion 
House Justice Room. EC.4. 10 a.m. 
PARLIAMENTARY BUSINESS 

House of Commons: Queen's 
speech deb:i I e— Education. 

House of Lords: Queen'* speech 
debate. 

Select Committee: Meeting of 
General Sub committee of Esoen- 


pnlicy is what the French call 
a r'anjr prohienje: it is a 
question of degree. Yet there 
was plenty in the Queen’s 
Speech far Mrs. Thatcher tn 
attack without having to fall 
back on triniming—either »o 
placare Mr. Heath nr the Prime 
Minister. 

The Leader of the Opposition 
has dune this before. She 
appeared to support the think- 
ing nn inrunies policy outlined 
in ’The Right Approach to the 
Economy." Then she appeared 
to move away from it tn somn- 
Ihing close to free collective 
bargaining. Now ?he is moving 
hack again. Jt has been much 
the same with immigration. 
Once she was fur rigorous 
controls on entry. Now she is 
for a more humane approach to 
race relations. ’ it would be a 
good deal less confusing if tbe 
real Mrs. Thatcher would now 
stand up. 

Malcoim Rutherford 

diture Committee. Subject: Pro- 
posed European Monetary System. 
Witnesses: Treasury. Room 8. 
10.3U a.m. 

COMPANY RESULTS 

Final dividends: Berry Trust. 
Mn« Engineering Group. Ulster 
Television. Interim dividends: 
Aquascutum and .Associated Com- 
panies. Rush and Tomkins Group. 
Silhouette (London). View Forth 
Investment. B. S. and W. Whiteley. 
Interim figures: Barlows. Walker 
and Staff Holdings. 

COMPANY MEETINGS 

Ad west. Dorchester Hotel, W.. 
12. Meat Trade Suppliers, Win- 
chester House, E.C.. 12. Second 
City Properties. National Exhibi- 
tion Centre. Birmingham. 11. 
Smith Bros.. Institute of Chart- 
ered Accountants. E C., 12.15. 



in coal 


Politics in 
Pakistan 


SK5 ” pensions . 

- ■ — — From Mr. R. MorsfioU. 

TO&Tkoincr - Sir, - Mr. Shaw (October 26) 

: LMUgUlB • and Mr. Bennan ' (October SO) 

% x. ■ pinpoint the pnAleto of transfer 

ifOOS values between pension debemes 

Freni -'W - Momwinff Director on change, .of. emptoyment, but 

- they do-. not identify one of the 

- SbSn his letter on trans- main economic (uneconomic.) 

Jss-Jre £3?%rS 

■ G6 ^Tr«ifi s 

if »>** s£“XJJ.y 'ItoSvSi £ an®: 

out a fair transfer .value- As Tb rea j return on 

. ..v..., .... . ' 


From the Minister (PS) 
Embassy of Pakistan 
Sir,— Mr. Chris Sherwell, your 
Islamabad correspondent 
(October 31). presents a rather 
gloomy picture of-.'. Pakistan 
which facts do not justify. 

Pakistan is, by and large, 
peaceful and the situation is 
normal. The attempt of the 
Pakistan People’s Partv activists 
to mount a public campaign io 
support of ex-premler Z. A. 
Bhutto on October 15 flopped 
dismally. Four acts of self- 
immolation. in a population of 
more than 70m are no indicators 
of popular support for him. If 
the masses were resentful of the 
present regime, as Mr. Sherwell 
would have his readers believe, 
they, should have been out on 
tbe streets in Pakistan in 
hundreds of thousands as 
happened in the Ion? hot sum- 
mer of 1977 wlien the Bhutto 
regime rigged toe polls and it 
was eventually toppled In the 
wake of a popular uprising 
President Mohammad Ziaul 
H 3 q has categorically declared 
that 1979 would be election year 
in Pakistan and that toe country 
would go to toe polls any time 
between March and October, 1979. 
The enumeration of voters to 
prepare the new electoral rolls 
is now in full swing. His pledge 
is to transfer p 6 wer tn the 
people's elected representatives 
after the general elections. 

. Pakistan’s economy in 1978 has 
shown a definite improvement as 
compared with the depressing 
economic scenario In the first 
half of 1977. In the past fiscal 
year (July 1977 to June .1978), 
the GNP rose by 9 per cent: in- 
dustrial and agricultural produc- 
tion showed a marked increase. 
If Pakistan is currently import- 
ing nearly 2 m tons of wheat it 
is also exporting surplus rice 
worth more than U.SA200*n. 
Pakistan's private sector is 


From toe Chatrmmt, 
iYotionoI Coal Board 

Sir. — The Leader of the 
Greater London Council (Oct. 
31 1 . expressed doubts about the 
trend of productivity in British 
mines. 

The fact is that .productivity 
at the coalface this year has 
been consistently higher than 
ever in the past (in 1974 or any 
other time). It is now running 
at 11 per cent above a year ago. 

Productivity of all mine- 
workers is currently running at 
about the same level as in the 
previous peak year (1974/75). It 
is now about 5 per cent above a 
year ago. 

The National Coal Board and 
the industry's trade unions agree 
on the need to continue to im- 
prove efficiency. There is no 
doubt that the incentive scheme 
adopted throughout the industry 
this year bas reversed a down- 
ward trend in productivity. 

There is also no doubt that 
overall performance would have 
been greater but for one signi- 
ficant facL Since toe Middle East 
oil crisis of 1973 we have been 
vigorously building a new 
British coal industry out of the 
old. As well as opening up new 
mines, we have a major pro- 
gramme of extending and recon- 
structing existing collieries — 
using. 0 f course, some of our 
mining manpower, who would 
otherwise be available for pro- 
ductive coalface work. 

Sir" Derek Ezra- 
National Coal Board, 

Hobart House. 

Grosvmor Place. S\\‘l . 

Roche plant in 
Scotland 

From Mr. B. Turnbull 

Sir, — Sue Cameron attribute’s 
Roche's decision to site its new 
plant in Scotland to protectionist 
policies in other European coun- 
tries. such as France (Healthy 
demand for Vitamin C — Octo- 
ber 17). 3^18 will not wash. 

It is perfectly possible for 2 
foreign group to set up a wholly 
owned company in most other 
European countries. Indeed, toe 
growth in the pharmaceutical 
sector in France in recent years 
results essentially from the 
establishment and development 
of foreign-owned subsidiaries by 
Koche and others. 

And all without toe benefit of 
a £100.000 per job subsidy! 

B, p. TurnbulL 

42. Rameau des TUleuls. 

69239 Saint Gents Lotxrf, France.] 


loo 

,\ 

\ < 

it 


nsura 









■Sitf&tipns like this have many costly and 
worrying consequences for the people involved, 
Heip dVCTODine these problems through 


' •’ :•/, ':.■&>* -y, . . <: **.-;*.. . 

■k- ..•'>■■";• : . ; ’"*■ >; 

,v . * m .■ v« . - ( A 



Royal Insurance, UK Head Office, New Hall Place. Liverpool, L693EN 





I . .. 




LJ 


Knancial Times Friday Novem^r 3 197S 



NEWS + COMMENT 


ISSUE NEWS 


quarter profit drop— sales up 


THIRD QUARTER pre-la* profit* 
of Ho«iTcr fell from £. 440.000 io l9 . Al n inn-rn 
£ 325.000 in leave the nine month* Ifaf.BJI IC|I IV 
to September 30 . J 97 S. total more fllUSlLKjll I O 
than halved from £S. 82 m to 

„ T* ,t? t r,^ u t i i f _i ri !; l r u e 1 e - s - , c *' Lex l 0 °l« at the situation loading to Ba 
change ^ain* this time nr £Jo5.W hasp rafa* v^cTorriar p aA1l(yA w^mnn. 
compared \%ilh laws of £oOS.OOO D . a ' C . t - e > e s I ^ rda l- George Wimpej 


interest of £ 29 . 29 ) I £ 52.353 >. hut 
the pre-tax result was after 
administration and Interest 
charges amounting to £ 32-272 
I £ 87 . 001 ). ‘ 


Tern-Consulate ■. Sr“| f 

Eiectroeomponents ...ml. 

raising £434,000 S. 

Save and Prosper Linked 

Tern-Consulate, the shirt, and new shares will not rank for the int. B ,54 

ie manufacturer, has paid much higher interim dividend- of sungei Bahru Rubber .— 1.48 


DIVIDENDS ANNOUNCED • ' 

. Date Corre- Tola! Total* 
Current or spondirig,.- lor-. last 
payment payment . div. ; .year yt&r .,ft 

gass'-ffi ka, tr:§\C 

ii jp p ; 1 = ft!** 

irson mt. •f eCm - i os. _ 970 ' 

. ...int. 125 Jan.o 13 * — z -™ 


Dec. 1 
Dec. 21 
Jan. 3 


chance "a n, thw Tlm“"r £ 13 S M 0 i0Dks at * e silu «* on fading to Barclays Bank’s rise in its 

c^red^uf'in^o/ isSioSo , rafe yesterday. George Wimpey has produced a reenn- .fSft 

la.«t year. si ruction scheme allowing it to raise its dividend sharply £ 335 . 637 , or f rom 

Sales in the third quarter rose following Richard Costain’s recent move. Lex also takes a took per 25 p share.' 

10 per rent from £ 45 .S 9 m tn at Hoover where the third quarter figures show that it is A maintained 


Tar fn- ,t,„ ,- k „ E 2 II ,000 to acquire Robert Charles l.TSn a share bat wiU^rank for. MerchaiHS O.W Jan . 3 vg* ^ 

1 * 5 -* ifHili' iS^ net International , 1 a privately owned the forecast lJJSp final dividend. w”iw*sW -’■■■■• ™ ’J “* 8 673 _ 

irn'ln« ahiad^rmm £105 469 to knitwear and ties merchandiser. The directors have, agreed to rUv i ri< , nds shown pence per share net except where otherwise State*. 

trf MnR.Wn To meet the cost and 10 im- lake up 203.875 out of a-ttftsl pMdends shown peo« i for serin issue. +Oa capiti 

? 5 nahL-i™ " l7 * ,p to 0 SjSP prove workms capital. Tern pUins entitlement of 227.166 new •Equivalent after JJwmg , » r «:rtp issue. . t V . 

A*nHlniafnMi imfrim dividend ,n raise ■MM.UOO through a one* ordinary shares -and stockbrokers increased hy mft ts and/or acqmsitlpn _• - 

A ™' D, ® , " ed . ( . h ' l ? end f or-two rights issue. The circular Cncl-Cure Stivers. have agreed to """ ~ ' 


r-. £ r wnere me tnira quarter figures snow that It is interim mvimmu fnr j_ - p j 1I |„: j™. The circular Panel-Cure Stivers h.ive agreed tn _ 

t f ?m J n f^m m il 4 l 11 m 1 IS t0n ' inuin S to face severe price competition from overseas outlining details of 'the issue also underwrite the remaining’ 496.125 

£J 49 . 5 Sm 11 1 producers. Elsewhere Tcm^onsulalc has come up with a hefty for “’nfe jSirkJuJ 1 yea" laments contains the interim figure* which shares for a fee of £ 8554 . Under -, 


49 . 58 m. producers. Elsewhere Tern-Consulate has come up with a hefty for the' previous vear navments contains the interim figure., which shares for a fee of £ 8 , 25 *. Under T X 

Directors .,a> iradiim conditions rights issue and an acquisition while Findlay gets ECI backing, totalled P l. 54 S 75 p 'from £ 943.329 "rent Kdurtrl^? Md aBr? Com 2 eSil I JC^IVl WCll 

irinc 1 lip inrin innniiv iiifHrnii i in the results front iriortrnpamminonfG k^c tav.iUio revomin *° £ 2 . 03—013 and a o-> P*r cent Industrial and Commercial 1 / ” 


Prospects for the cuirent year « 
favourable. S- 





mm 

giiliii 


Mallinson 
Denny 
margins hit 


stable. Elsewhere, the Ear Ea.ft 
has recovered after last year’s 
expensive but accidental stock 
build up in Thailand, where the 
company distributes tractors. 
Meanwhile, the troubles In France 
and Australia are relatively minor 


Henderson 
well ahead 
at midway 


& down in 
c£ second half 


-comment 


At the trading level sales afr' 
profits at United City Merchant 
are 10 per cent down.. But ii 
pre-tax " profit figure is 1 almost- • 
third lower,, thanks to an £ 0 ^. -' 
provision. largely due t $_ : J 


msm 


d u ri n e i iie t rnd . t i nnaily dTfficVii i un lhc results front Electrocomponents has maintained its taxable revenue. ' ' ” iuni^ ^m^taTnroilMo Fimm-e^Corp^raMon ^'hlch’irhS - ^ V^ITX T 0 -COmmeilt. 

level. ss£L re s nt *rt "*T“ f r n u Uni,ed cu > ** ssf.wssf • •j Awn - ; n z S .w ^ - 

n^niy .onipumtc >aic., levels Mallmson-Oenny look mher dull. T TT j 1977 for mnOI* ordinary shares. 1 CFC QOWI 1 111 nrefit" at AJnlted < 3 ty MeriduS 

-- Mpnrfpr^nn Tern’s chairman. Mr. Peter in entitled to subscribe^ for a .. ■ ^ a re i'o per cent down. But ii 

AAVIIUU 1 JUU Barden. «id ycslcrday that the further ftn.OOO shares at 02 p reach „ ^ ^ -4 Ua lf pre-tax profit figure is almost- -■ 

strong improvement in first half if the proposed rights issue Is CpfljHfl flail third lower, thanks to an £ 0 * ■ 

f\/lrfellurao 4 -vM t table ’ E,seivhere - lhe Bm» VV 7 A .11 nlmn /1 P roH,s waS ,n » ,art due t0 x . he imoiemented. . . iJVVVIlW p ro v[sioa largely due t «_ J 

1 Vi . 21111 IIS lili has ": covered after lasl JF»«Fs Weil 210 1 ? 21(1 growth in the ties and accessories Robert Charles, the new sub- aptER AN £ 832.000 exceptional bankruptcy of a .major £gis'. - 

MxxxAiuv/lX expensive but accidental stock muvhu activities. The new subsidiary will siriiary. was incorporated seven nr ovision — mainly comprising customer: Some - 

n AM „. T bu,ld “P '"Thailand, where the . , further expand group involve- years ago and its sales have o WrSea s debts relating to pre- de bt may yei be recovered Hdt S'.' . " 

1 JPtlflV ^? mpan ^, distributes tractors. cjT lYll # 11117 ' CS V ment in lKls r ' eId and * Ihroueh grown from £ 132,000 ] njhe_ first _ lous Tea ra— taxable profit of on j y lively consolaUon wiR-fyS' 

Jf Meanwhile, the troubles In France JL 111 U W tty the Italian's men’s knitwear raer- year of operations to £ 803^000 In T Tn i ffM . T atv Merchants dropped tax charge next 

• » *. and Ausp-alla are relatively minor - •* chandisinq operation, help 1 978 . Profit hefo re tax has grown c . ■*_ to M 34.000 In the second Meanwhile the trading picture* .. 

ITIQrmnC hir and s '. ven lh0 curr e"t optimism SALES OF the P. C. Henderson broaden the overall product from £ 19,000 m 1975 to, £ 72 ^) 00 . Elle of * he j U ne 30 . 1978 year to dimmed* both by depregw- ;.- 

lAldlsIIifc) 111 ! plus last years disappointing Group rose from £U.Q 3 m to £ 11 . 6 m range. The net tangible assets at June 30 {if,™ the tntal for the -vear well Hmher prices and • cheap islfi ' 

wtfrvii vin second six months, analysts are in the half year ended August 31 . Commenting on the rights totalled £ 147 . 000 .. frnm £4 05 m to £ 2 . 77 ra. Imnnrts to' the tDC vrilich togettt i 

^ forecasting full-year proDts or 1978 . and pre-tax prolils were issue. Mr. Barden said the group’s According tn. Mr. Barden, there - d °SeI of the Inmrnaflonal mer- jmocked^ ^bout'^ £ 06 r! proffi 

I»cnn>. in ler national timber rio. 5 m to £llm. At 501 p this almost 60 .per cent higher at working capital requirements are will be no contrihutfnn from the "L 1 hanker and l-ather t^ber haT^ ' - 7 

«clo« n V .■?^«o Sharpl ^ f ^ om pu,s the Shares on a prospecuve £ 718 . 000 . increasing as a result of internal new subsiriary in Tern’s full year - 222 «J 52 £ were Cl 48 . 45 m -Si S iSiSl •' ■ 

£ 9 f|.n 0 m to tl 03 R 9 m in the first p c of 4 . 9 . which is supported by Ta _ rak _^ vj--; onn (£ 2.34 000 ) growth and the intended develop- figures but, based .oti -trading with £lfi 5 4 fim and laroelv denend on Govs' 

ETmTcWS 1 K aD imprejwive yield of 9 ^J per cent. gi J“ ^ ."8555 SSJ' SS 5 ®&^? 52 SS ^ . 

Earnings per 25 p share are ]\fFl SSlCS EfiSfJ nikt* P ^ ^ SSH^^Ad ye^. Tem^m^ aSVprS ^r^Hway when orofirwas 
shown at 4 . 1 . p compared with ldX P™hLs of £ 1 . 48 m. dMided to raise additional of £lJfl .402 f £ 112,750 last year*: ^ ead S. 

4 . 30 . The interim dividend is FiXCri The board states ihat lhe UK permanent capital," he said. interest charges totalled £ 44.234 directors said the ennhmied mm least been partly .onset by. 

maintained at I 55 p— last year’s OVPI* llf /n companles-bave done well and in P Subject to an increase in the (£ 46.988 previously) and the tax- J»w "etfrltv cave them confidene pfrou^s , e " 5 U ^® 5 1 ^ ._J?SS--r 

total was 2 . 7923 p from record pre- W ▼ VI JU /V particular there have been tan- authorised capital, the directors ation provision was £ 13 J >57 (nil'a In the grouns ability to maintain where vo,urne a j ld . ] T ?? r ^ r ns '^ " 

tax profits of 19 . 07 m. , , siblc benefits from the consider- have decided to issue 700 000 new vear ago). The profit -nfrer tax the improved position. ^tor components both : lmg^ 


4 . 3 o. The interim dividend is STfXfYf The * ward states lhat lhc UK 

maintained at I 55 p — last year’s flVOt* companles-bave done well and in 

total was 2 . 7923 p from record pre- '-r t VI «^/vr /\J particular there have been tan- 

tax profits of £ 9 . 07 m. giblc benefits from the consider- 

’fhc directors say that in the QrlHQfi able reorganisation that has been 

I K. volume performance was very' PJCrtl* made to die UK industrial door 

.,»» is factory with an apparent in- . sales sad fitting side. Results nf 

Mr. Merle Rsnvsnn. chairman create in market share, but prices boles at .mm l-arumire umtres lhe European subsidiaries were 

«r Uni, * wore depressed ami margins thin, are runr-:nc “in excels or oO per below expectations 

oi n oo\er. .-peclallv in the softwood sector, rent ahead of last year" said the Th ev . 


giblc benefits from the consider- 


able reorganisation lhai has been ordinary 25 n shares at 62 p pay- £ 89,111 comnared with- £ 85 , 762 - m 
made to the UK industrial door a b)e In" full on acceptance. The the first half of 1977 . ; . 
sales sad fitting side. Results nf 


chairman. Mr. Arthur Southon. at n £pi ' *5 

n, D . penenemg an unproved leiPl oF 


improved towards lhe end nf llie better tofS yelVerdf SSTSStlff SSTvS^SliH 


tinued to be under pressure.. A* maintained. Oversees results for Ln-i good results at the interim itewSm «conrt 

a result. profits remained lhe sk months reflect difllcu" 5laae enable lhe company lo ha " and thE Tf iSstained^™"]! 
depressed. . . i-arf'nt; condilmns in France and ; ,^ nmn H a .^iv ‘ irv-rer.s^ iJlTn,. II., ' 


Equity Capital backs 
Andrew Findlay 


Sides 

• Trarilnc pmSt 
Ex>*i»L DOivsns- . 

nn (nans.. 
PmNc before ux ._ 

Tax 

Net arnfit 

r-nrml prnvlsloot 

T»ansf"r* 

To rnin.r-irles 

Altrlbirtfllll* 

1 Or«J. d'wlrtonrls 
j, e Pr of. dividends ... 


1977-78 187S-77 The order book- here ts^curteqi 

healthy, and the- bgnVazit Jp V» 

^“2 US ^;S«S finance Bide also provide a-i^ 

vunt” " sis.nw - contribution. But it aupearetfjl - 
(nans ! tn wo iT» win the rapid growth voE .' the previd- 
tax years fheloed - in . nact-4--- : 


The ihird quarter sales increase A U s'r a li a . which show some signs to distptt,u ' ‘mprove net margias. Equity Canital For Indnstry is Mr. Barrett peinted to *he ^ lri ^ vkle,,ds vnm 

was achieved in the face of keen of improvement. ll °, lo r „„ . MeanwhRe. the Conlinenlal sub- assisting Andrew R. Findlay, the strong profit growth In the latest tp«r oven^as enmimreHM. 

competition in hiqhly competitive Hiir-rejr J-® 8 * night. Mr. bouthon added sidiaries are receiving close Glasgow-based fool and hardware interim period. Figures released iweros ennunewrips rp«erve. 


S 3 *.iwd — contnourion. dui-ji anpears'JB - 

irremo ir* iwi tb e rapid growth >oE the' preinA- 
f! 2 S 3 ’SSSS two , years <faeloed in . pact^-- : 
IWm Itbi.soo currency .moBementsl wri 
itm.lMO — harder to repeat: At 57 p^.'; 

Tsnnn — shares are on-a n/e of iastf.oy - • 1 

-£!!!5 , 13 and vield ah amply coveroK'.. 

9 SS 0 M i.st* non rnryf -Tfe, 

lgi om is" om per . cem. . ~ 

s*to s.a«i . 


749 om i.si".nno 

BcnriM, • From 


competition in highly competitive 


markets. And while directors! arc * tr * ,p,!7 lhe r3 ^ ld ^ v *w ^ »*•» attention. The board expects distribution group, to raise ... , Aiwr in* <j< - - . - - 4 __ 

hopeful or maintaining recent F ,r,™i „4 «- off?- was due to increased tomover in better results from these com- £ 800.000 to finance a planned sales rose from £ 5 ^ 17,000 to profit was £ 1 . 03 m against; - . P!dntQ|l| SITOIlff - 

-ales trends they -say an imme- Profit Mwne u« •?» PxL«ting stores arid the addition panies in the second half which expansion of Its business. £6 564.090 while |rroup profit n Tflm and the final dividend- of : j „ J Jr - - , 

diate improvement in profit Tax .'iwii ;. 47 * of new stores. Each factor will also help to reduce the impact Arrangement have been before exceptional item and tax osiCfio takes the total from, ah mp. M H. Jo u ro an, chairman, 

margins will b* largolv dependent v ’’ p . rrm 2,,s " lsa) accounted for about half the of tax on the group’s full-year agreed in principle whereby ECI was up from £ 237.000 tn-the first a d rusted 0 74 S 8 n net per 1 Bp .Parker Knoll said atyeaTeffl^ 

on marker conditions.’ divided iT J? ^he jmprovemern, he said. The profits. * will underwrite a one-fnr-ten half nf 1977 to £ 276 . 000 . share to 0 «Wn. Directors s»v that AGM that the group i.raftgg 

l.rhidcd in the pre-tax profit Is Ordnury dn id«-nd . . ..' 644 e=i ex rsring <..?ores bad benefi led from EniftiSn There was an exception nl rtem hut frr Government constraints pramed Qlroiig and that^Wft . 

•i £ 5 f! 7 . 0 iw c X 59 S. 000 ) contribution imroveci con 'Timor ^pemting in — - a , i.P onv f rt ? > e nr P 94 000 (£67 000 last vearl f ^ p dividend »-nnW have been ™^£ l/ed so far yrere Fuhatoi^g--,. 

from Hoover of Holland and its a Comment the hist 12 months and bigger cumulative redeemable prefer- _ wwher. Some E 175 .WHJ is to he set higher in real terms thah-inA- 

-ubridiariev After the U« charge 7 w . . ■ ■ markr.t share for sriMwsemWy JT llL WlJlUll %*£££. °iiS«S C t„^ 2 /'!S 

of mum ( C 4 . 72 m i for (he nine A modest 2 per cent rise in pre- funvtnre. _ also provide £ 200.000 by way of 


raise hv Findl.nv yesterdn.y. ; « 4 mw- that After tax of £ 1 . 74 m (Q 29 m) -- 


Parker Knott 


Fitzwilton 

forecasts 


higher. Some EITn.WK) is to he set higher in real terms tta&ittA** 


the ri^ht of eon version into nan i ta j allowances no tax was dends will cost ivai.ono (£ 159 . 000 ). than directors would have Ukr^ 
ordinary snares between 19 S 2 end na j ri nn thp lAtott- -Rmr half Directors sav that since the end Trading profits were running^. _ .. 


Earninus p»'r 25 p ^h•^rc arc l ,(, ris for the second helf look 
shown at lip ,igain.-t 20 p. ,\n ^cou ray ins. Maroln* in softwood 


1991 . at a conversion price fio Ures vear the tax charge of the financial vear trading in better level than last ye»ii"f-. . ! 
eqmvalem to 4 hp a share. ^ _ was £ 43 . 000 . Th' Interim dividend all sectors has been active and the -July . 31 . 1378 yeax^ pce-t - ' 

the order book is very good. . profit was £L 73 m (£ 2 ^ 7 m). :: -2 


• nvhanacd a flip Vninrim dividend l M.iUinson’s bread and butter) ri; mrtn iL r 
'a., already been paid. For all ld f be hardening and the OfX UlOillllS 

threat of Scandinavian devalua- 


ha., already been paid. For all 
'•eft year a ) 4 .S’p total was paid 
••n pre-la.\ profit of £ 12 . 2 -Im. 

Set* Lev 


linn which helped depress world rjcp of TVpi*r 
prices l3St year, has disappeared. * wc *** INtT? 

ovv *** Moreover, noises From other pro- »x«L a. «uu»«t, um« «.y, fake up this entitlement and atter 

ducers suaqesi a continued in- 1 lirOfiflllOrtOn T* 1 ^ annual meeting was told conversions it will obtain an 

FflOtDl'V plnSPC crease in world prices. Volume ® yesterday that the expected profit eventual stake o! at least 15 per 

JL kSJa t V. 1 US 5 T 3 has also picked up fparricularly From gross revenue of £ 599.165 increase should be set against the ceot 

unvic -M ruii-r \i i ■ front ,he homf ’ improvement against £ 544 ^ 170 . pre-tax earnings background of improved liquidity , D is ECTs first venture into the 
• L ^ Priori hut how long this will ImwI of the New Throgmorton Trust and a very strong balance sheet, hardware distribution husmess 

-> tinse us pjcKa-in,, t.Ktorv ai remain, doubtful. In any case advanced from £ 457 ^fi» to X 506 JJ 93 The board continues actively to and it has made fhe move v.ia 

tcwi.-asuc-upon-Tyne. makms i_ the company says it Has a wide for the six months to September search for and assess suitable in- Ffndlav because, according ro 

orkers redundant. because cusromer base while, sheet 30 . 197 S. vestment opportunities for the w . r - AJan Barrett, its managing 

itiseuires are buying less Hour, materials and hardivood arc more Revenue included inter-company group’s available funds. director, it has been wanting an 


njneoc crea.-e in world prices. Volume 
JT £&ViUr\ has also picked up (particularly 

unvic ,i .mu th I from fhe home improvement ag 
.\Nh HO\ IS MtDOl-GALL is but how long Ihis will bed of 

.? close n s packaeing tactory ai mmain, doubtful. In any case ad 
< e wcasllc-u p>' n-Ty n r. making i 2 the company says it hns a wide fni 


• - _ nremary snares oetween twz ana n{?irt on rhe tafPrt . Hrst half 

1 Fl/kTfiOQf-* 139 V , at , a conversion price figures. Last vear the tax charge 

llfiVl Va 3 t equivalent to 4 hp a share. W3S r^non. Th' Interim dividend 

“LW E - 

ss™. »B3 ™ ,-MhSs ana p .« 

e, J 7 1 r _ m 19< '"j Profltabdjtj is families are expected to renounce j ^S^P amA ‘ mmas ^SSmBS^m 
saDsractopr and in excess of their rights to the issue. ECI will nsjlg 
budget, they say. lake up this entitlement and after Kjraglj 

The annual meeting was told conversions it will obtain an KagStn 
yesterday that the expected profit eventual stake of at least 15 per fiSSKaa 



#!• 


SPECIAL DEVELOPMENT AREAS 


/r 



director, it has been wanting an 
investment in Scotland. Finrilnv 1 
■s expandtog southwards and If 
lias a rood track record. 

It docs h**"*> some exncr»«nc«> . 
; n (he d'Sfrihiiiion ind ,, y tri - 
■''rough its investment in liHM 

G**oim. thc-Brislol-h:>se'! HuiW»***«’ 

me-'-hants. nod it knows a little 
•f FWi-iv Hv-ou-h the 5 nve*»imeet 
in Ncifl Holdings which is 

ji Findlflv supulier 

ECI and Find lav’s adrisera 
,,h '»'C the cnnvcrlible redeem- 
nhf -7 sham rout** mther than sn 
nrd'n-iry share is«ue because the 
'erms were more oi tractive .-nd 
if *ti<* 3 i]| ihnt fhe Ftorilav fornilv 
mnmfamed llicir control of lhe 
company. 


INTERIM STATEMENT 


The resutortor the half year 
to 30 September 1978 are:— 


External sales 
Profit before taxation 
Corporation tax 
Profit after taxation 


Half Year to 
30 Sept 78 
v (unaudited). 
■ EOOO’s 
,20,717 
’’4,511 
2*180 
2,331 . 


Half Yea 1 to 
30 Sept 77 
(unaudited) 
BOOO's 
15,225 
3^58 
1,396* 
1,862 


Full Year to: 
3T March 78 
(audited) 

: £000’3--t 

33,556 
7,596 
3,256 
4,340 


* Ad/us led to reflect the change in Groupaccounting policy an Deferred Taxation. 


Confidence at 
A. Beckman 


|gK 


Wl 



ACE KILBRIDE 


(Why did 740 Companies before yours 
progress to East Kilbride? 

A good deal.) 


Many world J'amous and houschoM 
names arc among lhc seven hundred 
and forty industrial .md commercial 
comptmics who have located in East 
KilHride. since Scotland's No. I New 
Town w.is first established, and the 
direction signs which they followed 
arc even more obvious ioday. 

Why did so many companies select 
Fast Kilbride in preference lo other 
Special Development areas’.' 

ProbabK because for th irty-one years 
East Kilbride has believed in a lull 
team elTon between the New Town 
and lhe incoming company, to make 
sure that you move m and mo\c in 
lo proUl with the least inconvenience. 


We pul otir heads together with 
>our*. 

Today, the top men in the East 
Kilbride Development Corporation, 
who worked to make a success of 
more than seven hundred relocations 
are ready to put their aceumulaied 
c\|X’rienec to work for your com- 
pans. 


If you think that thmy-one years’ 
successful, practical experience is the 
extra that makes East Kilbride the 
Ace in the pack, a ‘phone call lo East 
Kilbride 41 1 II could pay dividends. 
Ask for heads George Young, man- 
aging director, or George Grassie. 
director of development. Fora \ery 
good deal. 


. Thp sirens; rush position or 
A. Heckman, convertor and mer- 
chant of textiles, coupled with 
Us rqnsidcmblc exju-riisr will 
rn ihlr jf (o mrrrnme lhc adver.se 
eonUilions which perindicutly 
atTcci Hie textile industry, says 
Mr. Snniurl Beckman, the chair- 
mrin, in his annual slntemeni. 

He >-iairs rhal the company ha' 
continued to expand its share ci( 
ihc markri in its trading areas, 
but has nol done so. nnr in lends 
lo do so. at the expense uf 
re.isonahjf margins. 

The company is nor coinpla- 
L-eur and is rnnimunlly seeking to 
extend its sources nl processing 
in meet and anticipate the 
changes in fashion. 

As reporferf on Scptomtier 
pr*- 1 ..x pm Ills fell Trum £l.n 7 :!.!MVJ 
fo £ 1 .scl-I.r.Sf* for ihe year to .tune 
■ 10 . I ATS, nn reduced turnover of 
ill i> 32 m (£l 7 33 nn. 

Net liquid funds increased hy 
r .171 TIKI a i Hip year end. com- 
pared ttirh a IUiifi. 43 ." decrease. 

In accordance wuh SNAP la. 
the directors consider that defer- 
red lax provision shnuld no 
loneer be made where the claw- 
back nf Mot'k .'ipp rcci a tarn relief 
heroines imiimbalile According Iv- 
an amount nf £S 47 .I !»2 has been 
credit ed l*i profit and loss arcnuiii 
a.- a prior year item. 

Meeting. U’csfbury llnrck W. 

\ovemher 27 . nnnn 


TRADING RESULTS AND PROSPECTS V , ^ 

Sales for the first half of. the current year have increased 6y-3e;i% over the 
similar period in the previous year, with a corresponding Increase In pre-tax profit 
of 38.5%. The Board's policy of -widening product ranges in the Group's 
distribution companies has continued without adversely affecting the quality of . 
customer service. This policy has contributed to the maintenance of steady 
growth. 

Doram. the Group’s smallest subsidiary, continues to be a cause for concern, but 
Reading Windings now appears to be set on a profitable course. The indications, 
are that our newest subsidiary. Electrospares, will make a contribution to Group 
profit in its first full trading year. 

The Board is confident that the full year’s results wilt continue to reflect 
satisfactory progress. ’ 


■?3aof,\ 

: limit 


!0k'T iT 


DIVIDEND 

At a Board Meeting held on 2nd November 1978 the Directors declared an interim 
dividend of i.5p per ordinary share on tha capital as recently Increased by the -one 
for one scrip issue. This dividend will absorb £300,000. The 1977 interim dividend 
of 2.4p per share on the then issued share capital absorbed £240,000. 

Dividend warrants will be posted on 5th January 1979 to members on the register 
at 8th December 1978. 





NEW RECORDS 


Do you n*o H currrni information nn 
Limited Coi«i|Mni?% including Bnliirm 
ShMIl. i*gp»M m 5 day, oi a cml Of 

on*yC 350 ^ 


Turnover 16^12,000 


East Kilbride 


Fo< tHiJf 11 rn .lu.r. ftiife flj, ,BUf 

iiutam crnl nn] it to — 

C.C S CorniMn* lUI^L Sm Houit. 

*’I War. Oalnnl 


We piu vjiir 
heads 
together 
with yours. 



SCOTLAND’S No 1 


Urasihesl S.A. 


Profit before Tax 

Shareholders Funds 

Deferred Profit Reserve 

Earnings per Share-.; 

Dividend per Share (Gross) . 
Net Assets per Share ......... 

Scrip Issue 


520,000 

4.080.000 

2.226.000 
7.49p 

. 3.37p 
64.32p 
1 for 10 


1977 

£ 

14,518,000 

223,000 

3.674.000 

2.036.000 
2.64p 
3.07p . 

57.76p 


Con 


m Pi 


Si, 

! 1 


The Town that was Built to Build Business. 


NVl »nni*I \alui< a, of 
SI HI Uc I oiler. IU 78 

ppr Cr¥ .Slinrr. l.r&’U.tiSu 


prr Itopiisltitry .Share: 

l.S.SI t.RfW.ai 


KILBRIDE DEVELOPMENT CORPORATION. Athol! Houxc. 

East Kilbride G’-l ILL. Tel. East Kilbride 41 III. Teicx 7T9I41. 
Our Lomlon coniact: Jack Beckett, Scottish New Towns 
London Ollice. Tel. 2631- 


pi-r I»Kp«i>harj- Share 
(Si'cvntl Si-ric>>: 
l. 1 . 1.2 ft t.Wi 


per lieaosUary Share 

4 Third Serto.s): 
l.S.Sll.SPS.r,! 


Mr. Cx-ril Cantor the. Chairman in presenting bis report 
to lhe Annual General Meeting said that the improvement, 
in trading last year was continuing and he .expected the. 
first -ha If year’s figures to show a small increase both 
in turnover and In profits. He was however, cautious in 
forecasting profits for the full year. • . • :. \ 


us Sl :" 


*'5h ' . 
n 'J 


T 'V. 




1 * , ‘H i- 

v.s 

Jn A. 


"xp 



:v ig -'it. 

jVV' 

UHai* 





/Hov^aber 3 -1978 



sttVK 

Property 


.5% in 



BOARD MEETINGS 

fop diT 1 * ,l J u “' fcl,n '' «>DiKini« have noufted hjvv bcvn used [Prepay Lhe third 

jSSJZ ««EL"2»» » »« iBttolmem „r ihelian from 


;ran (Tuaraniy Tru«t Company of I 
New York a new one- mom h loan 
of Y50m. Part of the proceeds! 


INCREASES OF. 85.1/ per cent in 
sales- end £8.5 per cent in pre-tax 
profits are reported' by Elertro- 
,,, ,, , _____ ... ... ^ components for the half year to 

PROFITS- HEFORE -te - _«?- the.-sepi 

Unite d Kingdom PropertyjCOm* tors' are confident' the year’s .‘tu.ji moijoKK arc usual Jv p -.j p CnvPit VI' - nimintinn 

. pony rose sharpIy irwn>f2S8^)60 results will, continue 1 io reflect ! i' r lhe wnw «.r .■orflW.'nns ;« a A a hri-.S, , mountn " 

^ to £427,000 in the sis, .months satisfactory progress. >■ • availuM*' 0ffida V. : "' 1ICi ' !D!v; - ap " l< lr ^ j 4 r 7 ‘ ,W *' ». loan *' a 5 

i-^ tmlwtAinitMwhgr^ ittB -'After's aausiacrocy progress. •• •*vaiiaw , 1 as t0 wbi-Di^r divi4»iuia ar* effected for such a «hort period 

' 5 SS* ^ ''toll external. • sales J***"* * an* i ith- mw.™, in order to *»'* Lhe manaRemeni 

SS^XnS SS KW rajll,,p uu "T? rimc ,0 *"««: " ht ^ r ° r 

.. vMitiuu »_ iim. «««”.■' f tg.ZSm and profits were n jiiti today iwt to rearrange the toan jn ^ en, 

bitertms— Arquuviniim. y.asi snnvw The Foreign and Colonial Inrest- 
T_". l ._ r .r._ f * P0,, C ,, ‘. y f^nnenjups. Rush an* mrnl Trust has arranged with 


' £l S2 W S ‘ than compared wltE JBUMm before Ux 

»™VmoS c££&*iX 

.-*. ft38p. - ... ■- . Last jtearfr total was-an.eauiyalcn t 


SSB^j JSSSS'* ^“‘wraK j Manufacturer* Hanover Trust 

ib. s. aud vim. ' * Company a new six-month loan of 

Finn! 5— Pm? ' Tnis:. Pincmvwu. Kvnncn and pan of the proceed? 


irf - ojieh t* year: Last th® quality'. Qf: customer service fan Sdmuoi .. 
• i ; ; “year Qm.gnw dividends, aad.-ttw rna,n ' n^Z ,J,> 


Nuv. li> 
NO*, s' 

r;_- uu.bow 1 -iwww s j, “'-“*r ... Finals— — Nav ‘ 4 

fefe"'.:.'-,’' ; **‘*»’*°‘*z* ** r * h °™ gs~«-. _ *,. ; 

"£ ,f * 'y£y On the i»a>j i ei ly gde. rants and continues to give ' concern but or M\si a isii-riinpi S IZ'ZZ Nov! s 

#f>iy 1 5r r *>v,; •■ service' charges •■ rose !. lr6m Reading Windings now appears cwr kov. is 

“ ' Vii «<k fiflam whiiewnrlthas' set on ff profitable course, the M '"« Pro^rtirs nov. « 

: . 'Commenced oa- thr. 50,000 sq .ft: directors s«y, fodjea dons are — . 

'■H,*. 11 %omxnexclaI- -and ' tndnstrial - 3e- that i. .tiie newest, subsfdimy, 

disappoint and it is being widened 

take in the industrial market 
m an attempt to boost perfor- 


•'JTiJie- 
BetJlwr:., 
iwceit ij.»- 
jiwbe- --- 

IfllD'VtJ 5 • 
tetW-ttSD 
fllisv. 
peeked „ 

- •: 

Bgrvt! •:•.■■ ! •“ 

^oht a hV-H. 
for *s ir.- ■ 


^ ' jl^elopnMSnt in : Frith. 5t»et i - Tan- Electosparea wai^inak? a contri- di , 
•h .Von, and Is prsgressiug accordiijg budon to profit. -Sa ita nrst .fun to 
Vr: ; ^*>to scheduTe. : v - - . rV . , -" r : : ' • 1 trading year. . . .. . m 


Callender 

down 

midterm 


~ i»i The group is a Bdlwdhry 'of 
; Schlesincer European lriveS6nent 
’ ••• •• 'siimHSi Te*r 


comment 


5i=- Th = -y™”i 5 pff s W!2 


to 273 p yesterday giving a ■ proa- 


>yj 


^£“°5S5StS^« KWrammnMients has main- Pective p c 0 f 9 .y and a yield of po ^ < ^ by Gcor R^ M - >f , ! enaer 

* S' record with Per rent assuming 8 thV d.v? S^^SSTSJSSi^for £?K| 

— MS* . sSB. MM an interim pre-tax figure, 38.5 per °t n<l toL<l is lifted by 3 quarter. IV . r i t, iUv!»5 

C-^Eng. i anip vB -S.MJ Rfft* - !••*« ^yyt un nn last Year's. Trad in c There is a lol of erowth left in half of 1978, on higher turnover! 


is re- 

Callender 


fteatir 


?H?nuf:.r- 
leS^'it ft#.-. 


't Prvfft kyrfxtrm tax ~ 

" ’ r.Ta* . •' : 

-iV-'afe* afaffi 

[ RxtraortL dcWta 


«n 

•.ar 


73 * 


150 

7 


an cent UP oh last year's, xxauuiu *y* «* kiu»»uj «c«» Ui n R2m romnared with 12 'Jtm 

continues to be buoyant and it distribution industry and the t£> d?wc»?ra Sy present £ 
£ U»*s as thonRh • the full year ^hare S . while currently relatively h^U.'^Th',! Sw, 

. . _. L ... . ..... _ __ * figure wifi be around £10.am. The n ‘6h. arc worth watching. 

loti’s' r : ~ ’dafiLS?*"* : - -S factory bebinl the growth are a 

When ttofl'iertce «a»MW». - wider prnduct -mnge Plus m- 

t - • • . . . ■ . . . creased market • penetrabon. 

‘ i... . Within the group. BS Com- 

1 a ' ponents, the bluest subsidiary 

n gMidw^ gain^by 

^dio R^stor moved ahead while 

ly plectra Trust 5t 3ooks a£ lhousb “ 

' ~“r.M For the . -she months- to • i Sai 

jer "SO. ' 19T8, earning of^ ' Electra . v-ill make a profit In its first year. Ing.s. The Alliance Investment pernd were down from .£112, 73fi 


KoTOr - 
Whe ■niT’f. 
Bdaitis.' 
StWpee -> 
tfeittib:! 1 
rbe px*.-. 

Iw/I yn v .; 

sHHT'.rtej 
Ni^der : 

FWT Cen-. 


Trusts’ loans 


dications are that the second half 
will show an improvement and 
that new products will begin to 
make their contribution to group 
profits. 

Stated earnings fell from l.Tpl 
to 1.4p per lOp share, and the in- 
terim dividend is maintained arf 
O.Gnrip net — last year’s final was] 


rearranged 

Two companies in the Foreign 0.7l5p from £552,A0<i record pre 
fbrihed Electrospares -. (which and Colonial Croup of investment tax profits. 

markets point-of-sale -products in trusts have announced rearrange- After a ta.x charpe of ffni.194 
» -’Saptera- electrical and hardware stores) mcnLs of their overseas borrow- <£122,134) net profits for the 
of Electra. will make a profit In Its first year. logs. The 


1 in vestment Trust improved: -from Doram . Electronics, .continues to Company has arranged with Hor- io £88,794 
:r isteVZLMm to £2.3501, subject to m 


*bf £0.9m against £0.77m. Gross 
revenue gained £0.33tn to £2.63 m. 
The interim dividend- is lifted 
•" v'rom Up to 2p. net per 2Sp share. 
‘iDfpnd the directors W^.they intend 
l o recommend- afinarotat least 
year’s, 

pre- 


Parker 

*•£$____ * o recommena' a nnairomu < 

: t ■’ 3 * r« o* r J 5p — the same ijw" last-' ye 

4r- . . ’•'"fvfiich was paid frdin.'JEWflni 

.a v revenue. . V.'. 


■»: 

7BWK'*'- . ■* 

ls»;^;.- 
ainv.,-1 : 

Du- t, 
■*%*; •.. ' 
Mjt*' f-»- 

Crtn u. 
yfodsn': 

bt*rw ( 
*e J... 
SrwKt 


Net assets per share at the half 
. ’car are given as 155Jp (139iP at ALTHOUGH 
,. 11 arch 3 V 1978)- 


Davies and Newman looking 
for a better year 


Advance for 
Wemysslny. 


TURNOVER rose have increased. Tbe higher de- sections, pardcuiarly agricultural | 

some "£10m to -ISO Aim, Davies and predation charge reflects the in- components, it still remains well 

Newman Holdings - shipbroker, troduction of additional aircraft below normal working. 

• ships’ -agent -and airline operator, and the benefit of these will be Profitability remains a crucial 

•'• ^ in curred. ari ^ increased pre-tax -loss felt in the latter part of the year, problem in both home and 

. of £1.16rp for the: jfrst six months Employment for ail the com- exports and new business is only 

-. of '-187IL- compared wHh.- X0.fl8m in pany r ’s aircraft for Lhe 1979 sum- being obtained at keen prices and 

last-year's same period.: roer season has been satisfactorily lower margins, the chairman 

. . • . As in- previous years, first-half arranged, they add. explains. 

• _ ! After tax 'Of £*15-87ff compared group results show a loss, owing After fir.-t half tax credits of in J977-7S. direct exports 
. - vith .fl85i477. ; net - reveDuo.-of to the .. seasonar- ,- aspects of £615,0)10 t£5»7.fl00) and minorities increased from £1.535.200 to 

. : *‘ wnp w - investment Company Uan-Air's opexations. '.' .' . • . of £4.000 titi.oflO), attributable lo-< xi.sum.oos. split, as t«: Common 

. . ^'idvanced from^2ttJ802-tbi287jfl84 The .-'directors say based on for the period emerged at £572.000 Market 28 per cent fS3 per cent) 
_ILn the September 30, J378, jeaf... -results fo.i. date .it seems likely against £475.000. 

Gross revenue- far tlie --period- -that, in^^Jite of some • difficulty The interim dividend is stepped 
f’as J@35.7911 (£463.096J amf at caused by the French air traffic up from 2-t3474p ro 2.7!S525p nei 
imii' net rcoutroHers’^^tark to raTe^ and ner 25n -hare— last year’s final 


rest of Eufape and Middle Eas* 
13 per cent (25 per cPnt). Far 
East 5 per cent (11 per cent). 
Americas 37 per cent (15 per 
cent), and balance 17 per cent 
tlfi per cent). 



* ” 

JV 1.3:-:’ 

y + $( : 2 


led trf.yt' . * 

e^frei r ~. ‘v 
TWJfltS 1 ; 

^cau,’^e 2' 

icv~ t- ' 




textile 'company in! . the charges took £1.62m <£1.92m) and — . vear af «■ 

sector,; baa i^r^stor^pf; Ty^ck and Cfi. maker’ of 

engineering com- 
ponents. has started with good 


fbdfffcinsoo ' .and GflBbranri or (£22,000 profit), dfad tHr-^Artlt 
sblton. in order to'-' extend' its included ' -reduced- investment “ 


order-books in mo5t departments 



ft tnidinpjpVoflts for ttb year to bean-some, improvement and this TVMck'oofnt^o'it 
.:::: 4arch 31, 1978 were slightly over should produce a satisfactory re- hsH a much 

---S00.owlna .the net bm* value suits for the full year’s trading h9fl murtl 

- Its assets .was £LSm.- Once again, Dan- Air’s activities 


statement, Mr. 
that the com- 


THE NEW THROGMORTON TRUST 

INTERIM BEVENUE STAT3EMENT 

^UNAUDITED) 






Six . Six . 
months months 
to Sfi.9.78 to 30.9.77 


Year 

ended 

31.3.78 


.-* Gross Revenue ..... - 

Less: Adrainlsfratioa and 

r . Interest- Charges- 


pjHRs: Taxation — 

■til c ” ” ’ ‘ - • :: ^ ‘ .^Efcfflngs for lhe period 

^Unappropriated Revenue 
brought forwaM 

;* ^ Net Available for^istributioO 

; '. ^- Earnings per Share.' — f 

" ' " * ’• '*" r " “ ‘ 

^Dlvideuds^; .v 1 . ’' 1 

^ 1st Interim l&% <1873— 1&%) 

" tjgad Interim —(1978— 1576%) 

»* . ■ i- • „ ~ . 

UnhppjB^prihfeff-;^ Revenue ' ' " 

carried- forward 



■' ' £ 

599465 

£ 

544.370 

£ 

1420,937 

r.njm 

87,001 

177.608 

506*93 

• J7U56 

457^69 

151.900 

943,3*29 

315,363 

£335,637 ; £305,469 

£627,966 

; $3,074 : 

69,252 

69,252 

£428,711. £374.721 

£697,213 

. 0JI58p 

.. 0.781P 

.. 1.605p 

176407 

176,107 

176,107 

154,093 

273,944 

£176407 £176,107, 

£604,144 

£252,604 £198.614 

£93,074 



The Board of Directin' declared', a let .Interim dividend fn 
respect of fhe. ueartoSlst if arch, 1979. of 1.8% f 1978 — 1.8% ) 
on 261h July, 197^ tchich. teas paid on 5th . October . 1978, to 
shareholders: on^tke register as at-4thr September; 1978. 

Grass ~revititne oF$he period includes- inter*ompann interest 
Of £29J29o.‘ Tfois OOnipares-imth £53J555 for the six months to 
30ft 'i-iYtvnber, ! #977, add . £209.757 for- fte . year ended 
31st Jforcft. 3978.', ^ ‘ % t . .... 


site which w-as mainly used for) 
storage. 

Felixstowe 
Dock down 
at halftime 

_ A fall in pre-tax profits from 

pany had a much better "year in £852.900 to £583.600 Is reported by 
1977-78. than he could possible Felixstowe Dock and Railway 
have predicted a year ago. Company in lhe first half of 197S. 

A s already known, for the year Turnover for tbe period was 
to July 31, turnover rose 27.5 per £b.Mra against £5. 92m last time, 
cent to £6.11m and pretax proiits The result is after all charges 
were up- 25 per cent to £541.274. and again (here is no tax. Earn- 
after-a much belter than expecred ings per £1 share are shewn at 
recovery' in- the . second half, lfi.71p compared with 24.42p. 
following a midwny downturn. while the interim dividend is re- 
The result was achieved by 3 stored at ip net. Last year a Ip 
marked increase in output in final was paid on profits totalling 
those departments with a good £1.54m. The company is a sub- 
order book, although in other sidiary of European Ferries. 

Merchant Investors 
upgrades pensions 

- A major up- grading of its cover for both contracts and thel 
pension, contracts is announced open market option has been! 
by AlcrVhaot Investors Assurance, extended io PPP. It is already | 
tbe linked life subsidiary of the available to EPP. 

Nationals - Nederland en Group. »p he company reports a rapid! 


These apply for the most part to 
both the Executive Pension Plan 
and the Personal Pension Plan. uim 
T he first improvement is that 
under both these plaits investors 
have a wider choice of funds in 
which to - invest — seven linked 
funds covering UK and Inter- 
national markets plus a 
guaranteed growth option. Then 
the minimum premium levels 
have been reduced to £150 per 
annum .from £200. ptr annum on 
the PPP. and to £250 -per annum 

from £500 per annum on the EPP. After replanting and replace- 
The company bas provided on mp nJ expenditure up from 
both plans a 31 per cent bonus £4/1.455 to £83-354 profit of Suneei 
on investment in those contracts B ahru Robber Estates dipped 
where a minimum level of froni £70,7S2 to £56,840 in the 
premiumhas been maintained June 30. 1978 year. Turnover was 

ro '£ ,a il?i£ P - ,t 15 £a0 ° ^ “SSn £765.081 against £686.459 last time, 
and. £1,000 per annnm for EPP. ^ is after of 

Thus bonus applies to the £12 J2S5 i E83 .550) and earnings per 
guaranteed growth option as well 10p share are sTwwn a1 B a .i9p 

a5 B ? e ,.“ nl iK Jnk ' e ^ compared with a 2.73p. The final 

Finally, there is a guaranteed dividend of I.48p takes the total 
insurability option on expiry of from 154p t0 TCt wiaj 


expansion in the individual 
pension market this year with 
business more than doubled so 


Increased 
spending cuts 
Sungei Bahru 


’-■'i 

y 


Dbg anMOncenpnt Wpsan *» a nwmr .of ««««* 

Helitub, Compariia Anonima 




Seven-year loans totalling 

US$ 13,782,277 

Guaranteed fay 

Corporaci<Jn Venezolana de Fomento 

... arranged and provided by 

SAMUEL MONTAGU & CO. LIMITED 

MIDLAND BANK LIMITED MIDLAND AND INTERNATIONAL BANKS LIMITED 


Agent 


October 197S 


Samuef Montagu & Co. Limited 


R4INK RETUR2V 

- ; N«v.l D, 

I If7*i . 1r 


BANKINIi DEPARTMENT 

LIAHILITIKn I £ ] £ 

L'apitt 1 l«,fA?,iXVfl _ 

I'iiWii" DpW'-lt... r 21.S51.721.-f- 5.017 qj 
■'■piv'tiil JlS-'£4n.fVoi _ 

8*nk««r».. 501.ISB.JI0;+lMJflO,« 

I(pmtvo» k tUberj 

Am — i e6S,7S8.13® + 60,383, a 


;2ja2j74.CSQ j-f-17E£ei.a 

ASSETS • 1 I 

Otrer. Swan Mt«. .11 JX JS6.0S8 j -v 276,996.0 
Advanced kOite/j 

A' K».l».raS- 94.532^ 

HFPTniMH.Eqiilp'r ! 

A other Seok.i.J ie8,487.B7&' + fifl,® 

- J 2,327,0c 

»Join J 196.107! — 10^71 


p32.374.iMn; + 178.661^ 


ISSCB UBPABTMMST 
L.IABI LiTTEs - ! F | — 


iVrtB! w*iie.l . . 8.550.000.000; + Sfi£O0,00i>] 

In CireuiaiUffl.jB.WLa66.940' 4- 27,337.0201 
InUaoii'aUepij B, 034 £60 — L927^CC/j 

AsSKTS ’ I 

Ohm. Ucbi .1 U015.100; *— 

Other Govt, .-eo. 1 7.496,542.754:+ 43.778 
Other aecuriUM. L0M.443.lfl6 — 24. TTS^SS 

'b£co.om.ooo. +"», oool»p 




The annual output 

of sugar factories being 

built byCapper-Neill 
would fill more than 
twoWiembleyStadiums. 


Of these plants, the £27 million Kenana contract in the Sudan 
will be one of the largest of its kind in the world . 

Sugar refining is one of the many activities in the food and 
drink processing industries for which Capper-Neill are constructing 
plants. With the collective resources and diverse skills of over 40 
Group companies we are competing for — and w inning — turnkey 
contracts worldwide. 

Turnkey pr o j ects represent a maj or expansion of our traditional 
work in the oil, gas and chemical industries. 

. The world wants what Capper-Neill make* . 

For further information contact : Capper-Neill Limited, 
Warrington, Cheshire WA14AU. Tel: (0925) 812525. Telex: 628382. 



Capper-Neill 

Storage, pipework, materials handling 
and process plant for world industry. 











24 


- 

jftancial Times Fri&y NbvmffiCT-S -lS78 


austinsuite 

FURNITURE 


The 41st Annual General Meeting of F. Austin (Leyton) 
Ltd., was held on 2nd November, 1 978 at the Company's 
Registered Office, London E.10. 

The year under review was exceptionally difficult for the 
furniture trade. The low demand reported at the half-year was 
not relieved because the expected seasonal improvement of 
trade in the spring did not materialise. Against this background, 
prices were very severely curtailed to meet the prevailing 
very competitive conditions and to enable us to maintain full 
employment This policy resulted in producing for stodk and 
the cost of this is reflected in the increasad-financial charges 
shown in the accounts. Whilst turnover was maintained at the 
level of the previous year there was a substantial decrease in 
profit because of the factors referred to above. 

The current year has started well and during the first 
quarter we have met our sales targets. Trading conditions 
have improved and we have a very satisfactory order book, 
and subject to any totally unforeseen circumstances, we look 
forward to much improved resu Its. 


Sandsrson Murray & Elder 

(Top makers and Combers) 

The trading environment throughout the year was not 
helpful, and the volume of sales contracts achieved in the 
previous year was not maintained. From December, the 
increase in the cost of wool at source was not reflected 
in EEC top prices and together with higher U.K. import 
levels of top as well as downstream products imposed un- 
realistic pressure on margins which resulted In less trading 
profit than last year. 


Year ended 30th June 

1978 

E 

3977 h 

Turnover 

£ 

4,632,000 

f n 

4,746.000 J 

Profit before Tax 

148.793 

209.587 t 

Tax 

32.936 

30.876 D 

Profit after Tax 

111L857 

378.711 t 

Dividend 3.465 p per share (1977 — 
3.103p) 

65.835 

58,957 V 

i 


There is yet no Indication of recovery from the current 
difficult trading conditions. It needs improved textile consump- 
tion here and overseas to re-establish an orderly balance 
with productive capacity and thereby relieve distressed prices. 





Wimpey reconstruction: mor e support 
big dividend rise 


BY CHRISTINE MOW 

Yet another financial ’recoil- This, ln tnrn. wffl &*** SfSdweJI 
struction-ls planned for Grim- effect of translating a defimof Spee rf— NMCs sub 

shawe Hojdtags, the indusWal current liabilities wer wwj Prop? ^sua 

holdmgrandOIY group which first assets at April SO. jrfve thegroup a broad? 

ran into trouble m 1973 through £809.000 into a surplus of .current 


'i5St "fikbt IitieTer base in the padutg^ industry.; 

MCLEOD RUSSEL 


commented cau- 


FoHowing in the footsteps of _ As part of the reorganisation national "A” ordinary shares at fringe banking activities. - assets over 
two other major contractors, Wimpey announced a series of lgop on behalf of associates of Early last month J&. Thomas SssooO’’ 

March wid and Richard Co stain, major Board changes. Mr. DawsoD. Kenny, the chairman, aDuded to Mr Kenny — 

George WTmpey plans a com- Duncan Wright, presently a ■ On No^tar 1 JttOTtague U ^"^tionswShMidland Bank ySJrfay that such n sur- . 

plicated reconstruction whidi will manajpng director, becomes a Meyer bought 250,000. Inter- which could provide a solution to n]us makes “the ongoing sftua- ACQ UISlXlON 

win it two years freedom from deputy chmrman. and Mr. Tom national Timber Corporation the group's bank debt ; burden, tiqn of the company more certain.’' McLeod Russel and Co. ha 

dividend controls. With its new Candlish, Mr. Clifford Chetwood, stock units a t ffOp. The total held The details emerged yesterday at = At the tradiiWieveL as reported acquired SOB per cent of Arthn 

freedom Wimpey is more than Mr. Stuart Jardme and Mr Phibp is now ^,8^888 Ordinary lutits. the annual meeting. • ih the annual accounts,; the com- and Con fer £610,000 cash, 

trebling its dmdend. appointed Hams Allday Lea and Brooks They amount -to further sub- DaDf has increased its profits to Edee Is a private company vrit 

of ?L a “S^l»«..i ,rectors w,th purchased EorAJf red Pwedy and stantial support- from Midland Koo from 123.000 toe previous wor 5? a t CraSeyHeatb^d^ 

M _ So?? 2,000 Midland Educational Bank which has been Grimshawe's Jgj? 00 ™ of dronfnr 


Under a proposed scheme 

SSTiSS Ijwsss ESSfiSS 

I «52*t.2?I. , SS!L"S I Zt n™fv. h££K u S, SSS K fiJ 1 SS& mw&T 

near „ deferred tax of £378,® 

• ‘ •’ \ 


FIRST QUARTER 
PROFIT FOR 
WARWICK ENG. 


for-one basis in sbares of a new ]n arc j, 31 next. Wimpey said yes- at 241p 
holding company, George Wunpey t er day that Mr. Fitzgerald had H 
Limited {“ Holdings "). retired from his position as 

At the same time Wimpey managing director, 
intends to reorganise the internal Commenting on current trading 
corporate structure of the group the group indicated that it was 
so that the holdings company will experiencing problems in Nigeria, 
directly own the capital of the dtaoiujfa U «, 

group’s principal subsidiaries, {° ad contract would be finished mending the proposed merger maximum 
some of which will be newly there this year. — — - - - 

formed as part of the proposed See Lex 

reorganisation. The Board of each 
subsidiary will be responsible for 
a section of the group’s activities. 

Mr. R. B. Smith, Wimpey*s 


per cent uitvuku a Huouramauja - ■ M Kenny has s 
convertible loan which replaced be “ 


£300,000 of bank loans 




NEW YORK AND 
GARTMORE 

Bricomln Investments 


amounted to £1423.730.. 

' The acquisition - provide 
McLeod Russel with a useful « 
tension - of Its manuf acturfe 
activities and increase its h 
1,^ votvement in engineering. 


ARGUS/TRIDANT 


- . - . Argus Press Holdings, which Warwick made a profit of £1^,000 fifth of annual trading profits, 

chairman, said yesterday that recently bid for Tridant Group compared with a Toss of £198£00 Even more importantly, -the 
although the group’s business feu Printers, has received acceptances for the same period in 1977. group's chief problem, / 'the 

within one class — construction for its lQOp a share offer amount- The Board now exoects nre-tai f 263 ' 00 ? wo £ th °^“"estmeirts and 

-Wimpey was "now involved, at log to 47.8 per cent of the profits of £600 000 &?1he 'w te loans has hjved off int ° a 

' — •* — ■- — prunes oi mw.wju iar roe year to separate shell company. These 


group. .- .. 

Now, the. terms of the conver- 
tible loan are to . be - revised In 
Gri ms h awe’s favour. Interest will 
now be negotiated annually . in 

In a letter to holders recom- arrears •'with safeguards for. a 

ending the proposed merger maximum charge.” Previously received acceptances totalling 
with Gidney Securities, the Board Grirnshawe had to pay 14- per cent 2A82B90 Ordinary sbares (88.674 taYT OR' PATTISTFBF 
of Warwick Engineering Invest- over six month interbank .rate. • ^5)7 the offer and *0.038 . 1AXLUR ITAU-LaiJC^- 
ments. say latest monthly manage- The loan must now be jepaid pXl cent total capital of London and European . Grot 

merit figures show that for the by the middle of 1984 and Interim C™, York mml Gartmore Invest- has purchased a. further 3Jf 

three month period to August 31, payments have been fixed at one- __ Tnurt. Taylor, Palllster shares makit 

w — - i -’- — J — " ' — — aht their total holding 189^50 shah 

representing 2814 per cent of.ti. 
ordinary share capital LB 

UNIVERSAL ^ 

As a result of the recommended 28 per cent in May. 

Alfred p«^y-siso« ■ .. ... 

group’s fringe banking daya- The tor the anttaary RANDALLS GROUP.: 

auditors havebeen unable- to ^talof MldlandEd^a^*nn^ Fergason industrial Holdfq} 
value because they are are sub- the directors of LonsUaW has improved Its stake in Rait0<3 ' 

ject to legal proceedings. ‘ Universal intend wrth the per- „ from 24_57 oer cent to 2r^ 

- company, GTtmsbawe mission of the Panel on Takeovers Lronp irom 1 per cent to 


LONSDALE 


March 31, 1979. 


TDG BUYS 
COLD STORES 

Transport Development Group 


This 


home and overseas, in a great Tridant equity, 
variety of aspects of that business Acceptances, have been received 
and it has become very dear that from preference holders repre- 
we need a mucb sharper defini- seating 65 pet cent of those 
tion of responsibility for profits, shares, 
both by activities and geographi- 
cally. At the highest level we PDnQC 

also need a greater separation nU JrKUnlJb 

of the day to day management The acquisition by Dr. Robert F. _ 

decisions from those of long term Beauchamp f Dental and Finance and Derby, the consideration 

policy and planning for the Equipment Incorporated) of a in? £1^25.000 in cash. The stores -^arjTiz are 

group's development” -. substantial minority ^ fflitas in have a total capacity of 1,622,000 gg® : » ^ 

He stressed that the basic struc- British Midland Airways is not cubic feet and will be operated V*#!*^*^ the Wmnn fS p ^ ed ‘ 

ture of the group had remained being referred- to the Monopolies by Blyth Cold Stores, a wholly tamey, uie ihx poup .ior 

unchanged since 1934 when the and Mergers Commission. owned subsidiary of TDG. «trai. --- 


two public cold stores at Retford t? when the oSer Wbltecrolt for Randalls. Fdfgast 

be- i" 1 ® "■ most , of the group's free- twnal to lapse whra the oner holds -644.857 Randalls 

hold sheps let to. Berger paints by Preedy or any other higher now noma v«.wi 


£2}ra). 

Mr. Kenny did not. specify the 


ding and civil- engineering on 
odest scale under the direction 
the proprietor and a small 
iber of colleagues. 

Treasury has agreed 


COOPER SELLS ^ 

• . . Cooper Industries has sold- i 

H & C PURCHASE share holdings in its building «. 
Harrisons and Crosfield. _ has joinery -subsidiaries We 


booker McConnell 


value of the properties ; Involved t0 ^ny Henderson Hogg Cooper and Hermes .Joinery, fi 


The 


to 


rratnnn ■' 1 satisfied by the issue of 77,000 ^bich WiD be used to reduce bar. 

Midland Bank has azreed to &****& ^ ^S- 50 30(1 2U0.150 cash, borrowing^ Wetenhall'. ^ 
Midland Bamc nas agreed to Henderson Hogg distributes Hermes made- a loss of £900 iiiTT 


as a new company with 


AMALGAMATED 

Booker McConnell has acquired STORES 
from Saltraco the entire capital of AMALGAMATED STORES has 

tJt: ^ =1 sna irKSt f'=hiS 

sansna ESBST **LJWWfS «p5? MS42M«(- 

f f r i ..V ^. 6 Pbarmacaes In London and South- December 1 for the freehold of a has also agreed to bear .the^first G a* subsidiary of H and C 

>w be declaring an Ea&t Engfand. property In King’s Road. Chelsea £*m loss on the reaffsriUm of the a ^osmmry oi n ana v cjxAKTJC 

. , ld - in 1979 and it will receive £750,000 when assets, although ^Mr. Kenny said . miTicmfiiu 

and future years, will be an noun- the sale of its interest in a head that it was not expected that NMC ACQUISITION Young . Companies tovestee 

ced at the time of the interim ASSOCIATED DEALS leasehold of a property in Clifton losses win be anywhere near that Finance and investment group Trust:— Scottish Amicable . JS 
statement and paid in November. Montague L. Merer is an Street is completed on January 3. For the parent company the NMC Investments has acquired the Assurance Society together^ w 
A special interim of 0.77p net associate of International Timber On completion of the Clifton arrangement has a dual benefit cardboard box and carton manu- us subsidiary, bcqtusn r «pcui 

Is to be declared, pay; ' ' . . - . . . - - ■ « T 

January 22, and. subject 
scheme becoming effective 

holders in the new holding . _ _ _ .. .. 

pany will receive a special interim Cazenove and Company has ance will be applied to reduce granting the shell -company— £1X211 was In respect of stock at tags):— Mr. J. D. Macktamm 



of 1.5p net payable in June. purchased 2.205 Dawson Inter- Amalgamated's borrowings. 


apparently £785.000., 


valuation. 


sold 10.000 ordinary shares, : - 


^ agj-sui.*. 



w 

m 







Chairman's review 

Betters A Business Climate, but caution needed; foreign investment an important element- Mr. Basil E Herso\i 


>-v.; 

' :>V- 








In reporting (o shareholders on the Group's results in the past year, 1 
feel it is again imperative to comment on the social, political and 
economic climate in which our Group is operating. The more confident 
mood concerning rhe present state of the South African economy 
which is currently being conveyed through the media needs tempering. 

Inevitably present attitudes tend to re Beet the immediate past. Certainly 
the present business climate is more healthy than it was a year ago due 
in pan to the very much higher price received Tor our gold. However, 
there will have to be a resumption of the traditional major foreign 
inflows of capital before we can expect the higher levels of increase in 
gross national product necessary to create sufficient employment 
opportunities for the increasing population. 

Since the serious unrest in black - townships in mid-1976, foreign 
capital inflows have reduced dramatically. In fact during last year there 
was a net outflow of capital and South Africa has had to five off its- 
balance of payments current account and to look to its own savings for 
investment and economic growth. Thus, although we can, hopefully, 
expect some growth in the immediate future, it will not compare with 
the growth we would experience If we can attract new foreign capital 
into our country at a rate comparable to that of the past. The solution 
to this is of course as much political as economic in nature. This 
country has tremendous potential in the reserves of manpower and 
natural resources - however, this potential can only be released if there 
is a marked reversal of the trend towards confrontation at home and 
abroad. 

In this context it is important to note recent statements by Government 
and business leaders which recognise the need forthe elimination of racial 
discrimination in our society. If such statements are going to lead to 
more than merely pious hopes, urgent and major adjustments are 
necessary. Within our own Group, following a policy statement by the 
Board of Directors in June 197J. chief executives have been set ob- 
jectives in the field of non-discriminatory employment policies and a 
programme for the attainment of a unified labour policy for all employ- 
ees. These objectives embrace levels of remuneration, labour stability 
and motivation, training, effective communication systems, and in- 
creased involvement in employee*’ social problems outside the work 
environment. 

Naturally such a programme involves changes, often considerable 
ones, in the way we structure our employment practices. We have 
found over the years that the implementation of a policy in a way and 
at a pace equitable to ail employees, white and black, as well as to the 
needs of the individual organisations In our Group is far from easy- 
Nevertheless, substantial progress has been and will continue to be 

Extracts from the Directors 3 report 


made as we are constantly monitoriog progress against our objectives. 
The difficulties are of course not merely company or Group problems 
but national ones and must be dealt with on several fronts. It is cer- 
tainly encouraging that important commissions under Prof. Wiehahn 
and Dr. Riekcrt are examining some vital elements of these problems 
and we look forward with keen anticipation to the results of their 
investigations and recommendations. It is not only through the re- 
structuring of company personnel policies nationally and the improve- 
ment of educational and training facilities but also through the vital 


Net Earnings per Ordinary Share (cents) 

400 


area of changes in legislation and negotiation with employee organ- 
isations that discriminatory economic barriers will be reduced. 

Financial results - 

The consolidated taxed profit for the year ended 30’ June 1978 attri- 
butable to members was R16 171 000 compared with R13 475 000 last 
year and net earnings per ordinary share increased by 20 per cent to 
3SI cents per share. The. Company's own earnings were 2M cents per 
share, an increase of 13 per cent over last year and the ordinary 


Dividends per Ordinary Share (cents) 

200 


dividend was increased byTO per cent from 105 cents to 115 cents pe 
share. As at 30 June 1978 the net asset value per ordinary sfcare wa 
3 772 cents per share (1977 —3 241 cents per share). 


350 

i 

300 ffii 



1 

1 


1 

1 

-I 1 


1 

1 

- I 8 


1 

1 

i 1 


1 

i 

M 1 1 


I 

1 

1974 1S75 1976 

1 

J77 1 

>78 



-- 

Company Gonsofidatatf 

1978 1977 1978 197 

Profit after taxation 

R9 107 000 

R8 109 000 . R33101 000 

R27 07700 

Dividends paid 

' RS 259 000 

R4 837 000. R5T7100O 

R47580O 

Earningsper 
ordinary share* 

204 cents 

187 cents 381 cants 

. 31 8 cent 

Dividends per 
ordinary share 

115e ante 

105 cents ' 11 5 cents 

-105 cent 

Investments 

Usted: 

Book value 

Market value 

Unlisted: 

Book value 

R37644 000 
RS 2232 009 

R12 905 000 

R35011 OOOR4Q8420OO 

R 76 328 000 R1 12795 000 

R12730 000 R20870000 

R37 90000* 
R92972WK 

R 20 766 00> 


too 


75 

50 

| 


25 





•Non: Enmlmja pa share exclude the nsuttt aT mlnlns BubsMtodes ami oaraonfiwny KaU 

The increased earnings this year were mainly attributable to highe „ 
- dividen d income from the Group's mining investments and to th" 
improved results of certain of flhe industrial companies, in particuJa. 
Irvin & Johnson Li m it e d and Consolidated Glass Works Limited 

Investments , v 

During the year under review there was an Increase m the mariie- 
vatae of the listed shares m the -Company's portfolio which at theyea 
end was worth R92 232 000 compared with R76 328 000 at the em 
of the previous financial year. The book value of the listed shares wa ' 
R37 644 000 and the book value of unlisted- invesrmenls R 12 905 000 
As at 5 October 197S the market value of listed investments bad rises 
to R104 670 000. . 

Future prospects 

Financial results in the current year ending 30 June 1979 so far jndfcaK 
improvements in most Group .companies. Consequently, subject to thr 
■usraJ provisos on the uncertainties of world metal and mineral price 
and no serious deterioration in the South African business climate, tb 
Group’s profits this year will again increase. \ 


1976 


1977 


1978 



m 


Mf • 

U : J 


V* 


iiia 


Financial 

The Company earned a profit after taxation of R9 107 000 compared 
with RS 109000 for the 1977 financial year. Consolidated profit after 

taxation attributable 10 members increased by R2 696 000 to 

Rltj 171 000 despite the difficult trading, conditions which were en- 
countered in most sectors of the economy in which the Group compan- 
ies operate. The Company's interest in the profits of its mining 
subsidiary, Prieska Copper Mines (Proprietary) Limited, is not included 
in the consolidation. 

The profit after taxation attributable to members was earned from the 
follow ing classes of business : 

Consolidated 
1978 1977 

P' •»#■ 

Gold and uranium 30 2\ 

Other minerals and metals IS 25 

Food and packaging 26 23 

Building and allied industries 2 Z 

Engineering . 9 15 

Other industrial interests id J2 : 

Financial . 12 

Investments 

During the year the Company and Middle Witwatersrand (Western 
Areas 1 Limited subscribed for a further 3 117 094 6% loan notes of 
50 cents each at par in Prieska Copper Mines (Proprietary! Limited. 
Anglo-Transvaal industries Limited acquired a 51 per cent holding in 
Tristcl Holdings 1 Proprietary) Limited and disposed of its holding in 
Decorative Boards (Proprietary! Limited. James Brown and Hamer 
Limited disposed of its holding in Broderick Investments Limited. 

Mining Investments 

Middle Witwalersnuid (Western Areas) Limited 

Mining exploration, finance and investment company 

Year ended 30 June 
1978 1977 

R000 ROOO 


Increased div idends from gold mining investments accounted for most 
of the increase in profits. As at 6 September 197S the market value of 
listed investments had risen to R59026 000 against 1152 624 00U at 
30 June 1978. 


J>raine Gold Mines Limited 

Gold producer 


Hartcbcestfontem Gold Mining Company Limited 

Gold and uranium producer 


Year ended 30 June 


1978 

1977 


ROOO 

ROOO 

Turnover 

161 074 

111 *91 

Profit aftertaxation 

43 614 

23 140 

Earnings per share 2 

S3 cents 

13R cenix 

Dividend per share 2 

50 cents 

135 cents 



9 months to 

Year ended 


30 June 1978 

30 Sept. 


(unaudited) 

1977 


ROOO 

R000 

Turnov er 

29 617 

31 986 

Profit (no tax pavable) 

. 2 250 

2 561 

Earnings per share 

12.2 cents 

0,3 cools 


Principally because of higher prices received for gold sold, after tax 
profit increased from R23 000 000 in 1977 to R44 000 000 in 1978 and 
dividends totalled 250 cents per *hurc compared with 155 cents per 
share paid in the previous year. Uranium plant capacity is being 
increased by about 30 per cent in order to treat accumulated slimes and 
production shouid commence within two years. Construction work on 
the 140 000 ton per monih sulphuric acid plant N well advanced and 
the plant isexpcclcd to be operational in 1979. «ome nme months ahead 
of schedule. Capital expenditure for the current year will he ai a high 
level, but could be partly financed by uranium consumer loans arising 
from additional sales, contracts being ncgotiuicd. Results for the 1979 
financial year depend on the gold price, the rate of inflation and the 
mine's ability to contain costs and increase productivity. 


Grade declined from 6,7 grams per ton in the 1977 financial year to an 
average of 5.8 grams per ton for the 9 months to June 1978 and tonnage 
milled was lower than had been expected. Costs per ton milled for the 
.9 months to June 1978 were R33JO compared with R26.70 for the 
corresponding period In 1977. The company's long-term objective 
remain^ the gradual transference of operations from the EJsburg reefs 
which has c a limited lire, to the Basal and * B* reds. 

Eastern Trans* aal Consolidated Mines Limited 
tio/J mining, farming and forestry company 

Year ended 30 Juno 
1978 1977 

ftwn rood 


6 October J 978. 


, £uced and sold (1977 - 200 kilograms) at an average gold price o) 
14 950 per kilogram {U.S.S177 per ounce). At the current rale the treat- 
- . ment of the calcines available to the company will be completed during 
r the second naff or 1979. The economic feasibility of treating two sand 
dumps situated some three kilometres from the reduction works- if 
being re-assessed. 

IS MInh ^ Gmnpany T Jtvtlf prl 

The company continues to hold its mining title and various rights fe 
> P recio ? s ratals, but there is still no likelihood of it resuming mining 
operations on ns own account despite resent increases in the gold price; ’ 


Prieska Copper Mines (Proprietary) Umffed 
Producer oj copper, sine and pyrite concentrates 


T umover 

Profit <notax payable! 


Year ended 30 June 
1978 • 1977 

ROOO ROOO 


31 718 
5 987 


61 372 
13 667 


11 174 
3 047 
35 cents 
35 cents 


8 024 
1 694 
25 cents 
25 cents 


Zand pan Gold Mining Company Limited 
investment company 


From consolidated 
financial statements 


Year ended 30 June 
197S 1977 

rood rood 


Turnover 

Profit after taxation 
Earnings per share 
- including profit on realisation of 
investments 

—excluding profit on realisation of 
investments 
Dividend per share 


4900 
3 894 


3 966 

2921 


Turnover 

Profit fno tax payable) 
Earnings per share 
Dividend per share 


c 555 2 993 

5 442 2*45 

41.8 cents -21,85 ccms 
4 1 .5 cent* 22 cents 


T urnover 

Profit after taxation 
Earnings per share 

Piv idend per share 

Increased prices for gold sold by the mine resulted in a pretax profit of 
R4 670000. the highest earned in the company's history. Dividends 
Totalling 35 cents (1 977-25 cents) per share were paid. 

Village Main Reef Gold Mining Company (1934) Limited 
Gold producer 

Year coded 30 June 

197S 1977 

ROOO ROOO 


.The predicted low level of metal prices throughout the year was 
outstanding production performance by the mine. 

A recor d 3 06- 000 tons of ore were milled during the year and zinc and 
copper concentrate production benefited accordingly. Nevertheless, 
tnc operating profit of R7 260000 was just under half that of the' - 

KfII2S’ y i? r VSP crc *^’ J 0 ®? repayments and capital expenditure 
absorbed all of this and the injection of further funds by way of an 
additional Note issue was necessary to preserve the company's liquidity. " 
Although the company now has a relatively sound liquid position, 
internal cash resources may wcH be ins n ffi rt e n t 10 meet anticipated 
capital expenditure of R7 00Q 000 and loan repayments of R5 700 000 : 
during the current financial year unless there is a marked increase in 
anc and copper metal prices. 

The Associated Manganese Mines ftTSonrii Afrfca 

Producer of manganese and iron arcs and manganese and chrome allays V 


3S.9 cents 28,9 cents 

36,2 cents 27,5 cents 

25,0 cents 22*5 cents 


The company’s main asset, its shareholding in Hartcbecstfontcin Gold 
Mining Company. Limited, remained unchanged. Dividends received 
from Hartcbocsifomcin during the financial year were at a higher raic 
enabling payments totalling 41 ,5 cents (19 / / - 22 cents) pur share to be 
made 10 members. 


Turnover 

Profit a/ler tax (loss) 
Earnings per share 


2 872 
620 
10,2 cents 


733 

(575) 


The net profit nr R620 000 resulted from a considerable increase in the 
amount of gold produced sold at higher prices. Approximately 216 000 
tons of calcines were treated .it an average head value of 3,7 grame per 
ton and an average recover)' of 72 per cent, 575 kilograms of gold wrap 


From consolidated 
financial statements 


Turnover 

Profit after taxation 
Earnings per share - 
Dividend- per share - 


. 6 months to Year-coded 
• 30 June 197831 December 
(unaudited) 1977 , 

ROOO ROOO \ 


55 501 
12?33 
US cents 
:. 30 cents 


- S3 170 
18436 
3J5cco*sr 
IDS cents 




















Ffi^y-. W$yember :.3 1978 


■ jij i jl JO ■jl^.C 1 ' ' ' ■ ' M 1 ' ' 'I ' -” ' • ; " * '| * 1 . '' """• 1 




temeat 

ar.^ 

ase 


Oii %'■ * 5 , 


B* s» 

^ror, 


'uCl;,?; 

'vtj 



Anglo- Vaal on 

path 



BY KENNETH MARSTOK» MtNlNG: EDITOR. 


- coangcfi. to v-erc.^iKEiy id ue accounts on a "om« eune"rn basis 

_ ie company's articI^oT-associ* the same previouspenoff althouph despite the f:ict that phosphate 
“--."^un whil ‘h restrict t$ie.;TigJ»ts of the' prices would be/rapprecranly rock production ceased on June tu 

■~?2e- t a ^areholdecs aofl j- Increase 

l - r ^‘*i;t~\onrrol of the chairman - 


" the- lower; J^ere ■ wuW-jiJso .Tje a as a result of losses’ 

==.- -ass. *rz -t!l^-!^;SS^S?SSS?5 rt “> *>H conUnu.d „» or this 



Peciuii,i j" * jiJxjcetings. 

&sTv - -*■ *-■•-- -sa . — •- - 

Orisa 
ft" 

i ftlftw ry _ v f _ 

V iltinv-i ' Environmental : dchwostratprs ha«..' SaflM vleip , expected 

»B!*w>W PRICES ADVANCE 

AFTER TARA’S 

-'•‘3 , ■^Mvpiea py . lae janramK.oi opens -.-ww™ ££?■*• “*»■“■- oHARH SALE 

S»wbh. D ; ... er i^>>d intotlertta* -from - airti--.the: resnlt ior the. Jim half ws 

ranium .- protestors. . ' - At - (me e^TWCtetf r tn - be simila r to - ui2t bhare prices for the Northgalc 
tor* \- T ' ag'J 2 scuffle broke out, FenprtsJor ihfi sate period of last year. Exploration group or companies 

j* AS LOR p. t imes forth from Sydney Slacking the exchanse rate all advanced stronply yesterday 

Tlecduh _ J ■'Lift. When the resolutions on the °* the Australian dollar Sir Am in the artermath of ihe announce- 

n _ ■ «tQd Y-. -l - _• 1. • lutfnto^. Aiit th'flf thp' Canadian mem thm t*hm. c-.iam.cah 

P* • p- 

3ayW L 

fteir ?n:-i =h£ 

CpfPSCE 
'fiSh'.ii-x 

cqoi: 



i nilr 2,?“<« .tide changes were putaTepre- pointed, out that the' Canadian merit that Tam Exploration is 
V i £*.'auifane. of the^DStralian &fere: doU { ar had aitei ^.*®;** r . ° r «* P* r ce u nI 

» ^•^ulder* 1 Association Aitejupted:to apsJrrct “the ■ - U-S. dollar sjnw holding in Northgaio 10 tho 


Association attempted. „ ... 

: y - . move an- ametidmehtitotf they- w™P|*r .- A ^ . - hw m 
' ■’.?bplv ror ,an - fnterkn * basin - o£ -Australian dollar had -risen by 16 Trust. 


1978 while - the Patrick Joseph Hughes Family 


PROFITS al Anpio'Tnin'.i'aal Ciin- 
solidaied Investment, the South 
Afi'ican niitirr:^. iruiuAirinl and 
finance hou.se are ex peeled to 
increase again tin-: year, say* Mr. 
Basil Hrrsov. the chairman, in his 
annual siaiemem published today. 

Financial results for the group 
companie? so Tar in the year to 
Pest June “indicate improve- 
ments." he slates. In the year to 
last June Antjlo-Yn&J had a con- 
soHdated net protit of Riti.iTni 
(itJJlSmi. up from Rl3 47m the 
year before. 

The predictions are marie on 
the basis that there will be no 
serious deterioration in tho 
South African business climate, 
on which sub jeer Mr. Her.sov 
argues that prcMem optimism 
needs tempering. There will have 
tn be major inflows of foreign 
capital before the gross national 
producT increases to create suffi- 
cient employment opportunities, 
he says. 

The annual report shows that 
Anslo-Vaal. in thu last linancial 
year made 3(> per cent of its net 
income from gold and uranium, 
and IS per cent from other metals 
and minerals. The balance came 
from the dh-nnilied South 
African industrial interests. 

Yesterday the shares were TOOp. 



vKAND 


president of 
on the Board 

e cause tbe' requffetf- 21 ' (fc^s* ^55 ? Development, another company in 

eticc-had -not Seen. gjVefi; - “duesd^y about s^per wnL the group. At the same lime he 

Sir Arvi made . encottragme - ,s P resill '-nt of West lie Id Minerals. 

' - ' T “‘ l — “that Western ^ninss ^ four , h comran> . in the 3r0lip . 

r2n,£i' ? Northgalc shores climbed 

. }5« tD “Sp. ,v hi!u those or Tara rose 

• - r-i: 5* Jpper-urantiim prospect in Sooth , a V ? lo Sw -P- Anglo and West- 

; r Ustralip— iM»W - called Olympic ^ n — a?,^ shari-v rose lOp to l!I$p and 


ROUND-UP 


Til-,.-- - c - IWU-UlllT-nMIW UUCM Wiyuilllb •• M _ U ^|*UI I S I M>L 

VKfdrrcf- *V- j ^'am-he said thai ^rtUins inn - ■ 124 P resp,-cMvely. 

eoopr.R - i^» 


nf the rise was 
advance of the 

opr r c r , ^tSfSa 5 ""ar"JS 

Cs«wr 1 „ 6 C .^U , ,; f ^ ^ a S2 b ^ h£! ' 1 ^ The f h r ™P“'‘ l to' ‘to re-shuffle of Uio 

te- U..C, ’i*? » «.-« will be M«, -hh ^ ^ „, yiK 

Tara CSiS.7."V each for lm shares 
Northgalc and has a three 
linn to purchase 501.714 


v«»i« r jr>cp^, n --.' -- .y- - . v-- . a. z^tuu xonnes annual rare, me 

tan. !iv . c . : 7: '. n « ;r. I..th«to arci in dne jnurXs : . project wiU be developed with 

teuriy ■■_■.- Western^ Mining holding 75 per 

Caspar -2: - ! ®® n£ of AJie- equity, Esw Explor- = N 

ash ' c- • J»v ork “ ^ n i lhe des ^ and Predawn Australia 15 N . or,h .’? < 

lhn ,i. . V, v -np of the operaDOtf will be a ' tier cent and liranEseliscbaft 10 - v f ars °P ,K 

fhJCh «»!:: ...^ .. s ,. v r „„-iriAr:ihlA i«t niiiKii P* r cen ‘ an< * . shares. Ihe 



jz- - r ■' Sir Arvi aliu> said liiat 

--test drill hole on the Benambra 


BH SOUTH HAS 
ITS ACCOUNTS 


purchase price. 

The moth et, for the transaction 
were not dis>-lo>ed and are not 
imniediait-l.v rip parent, but they 
could be linked lo the parlous 
financial condition of Tara 
Exploration, whose lrihh zinc 


crr _ ipper-silver-leail-zmc prospect in 

-.oH-VRr ST i trr^rth-eastem Victoria bad alnapdy: . . .. ,. 

Ymans; f ', nn ,J £' ^.terseefetl - nine - metres of OUALIFIED 
VcrI- — >„• .•• -•- 1 Mineralisation - assaying. 7 . t per 

U ituf i-M '-opper, 1J2' per; rant - xjnc, . The - auditors- to • Australia' 

& -Bch*;- • -, P er cBiit’ lead and 36 grammes BH- South. M&srs. Coopers and mine came on stream just in time 

%r»?ioni silv’er pec -lonnc^ .Further Xy brand, hare -qualified the ; com- for the downturn in the market. 

Bts' «'{ •’ rr ;--- : r *-mvrali'iaticm had L been .eitcnun-.'pany's accounts- -for- 1 the --year- Its loan commitments have been 

' ' •’■ : ”'-'i-red for w-hidt 'hb assays were ended Jiste 30 oter-"BH South's restrueiured recently. The sale 
~ :t avallaKe. - *: -.- valuatton ^oF certain Asset*; ' of its Norihgatc stake would give 

■ l H; : - 1, .» v Turning -to the, -outlo&k for -• The auditors id th2rt~BH South its cash holdings a boost. 

»5d ■fe.oiy- • ~ 


Berjuntai says thai its applica- 
tions fnr the renewal of four 
mining leases covennq some 4.000 
acres have been rejected h.v the 
Selansror State Government. These 
leases’ hai e lx.-en since awarded to 
Malaysia's Kumpulangr Perangsang 
Selangor with Lhe condition LhaL 
Rerjuntai be given the first 
priority in any «ub-lease. 

tl is added that in the meantime 
rumngsang ha* agreed to allow 
Berjmirni's mining operations at 
the leases to continue and discus- 
sions are being held lo enable 
Perang-wng to participate in- 
directly in Beirjuntaj. 

* *■ + 

Sherrill Gordon Mines, ihc 
Canadian metals producer, earned 
a net profit oT Ck.1.r,m l£1.44mi in 
the quarter so September, com- 
pared with a loss or CSl-L’m in 
the same period uf 1977. Over the 
first nine months of the year, 
earnings were CSfl.om against 
C54.1m in the first three-quarters 
last year. 

+ ■*■ + 

Patinn's offer of C520.125 a 
share for its own stock, launched 
on ihe Montreal and Toronto 
slock exchanges lust month, has 
been extended to November 17 
because of the disruptive e Feels 
of Hie recent Canadian postal 
strike. As part of a move to go 


private. Palino is seefcjrij* to buy 
up the 15 per cent stoke of its 
own stock not already held by 
itself or its affiliates. 

Inco cuts into 
spending plans 

CAPITAL EXPENDITURE at Inco. 
the vorld’S largest nickel pro- 
ducer, will be seriously reduced 
next year, Mr. Ian McDougall. the 
senior vice-president, ' jold 
financial analysis in Toronto 
yesterday. 

Lasr year the £roup spent 
$433m (£214.33m> and the amount 
is expected to be about half of 
that this year, he said. 

The reductions are an in 
evitable reflection of ihe de- 
teriorating financial position at 
the group, which has been hit by 
poor markets while carrying a 
very heavy invemory. In the 
third quarter net profits were 
down to $9m f£4.45mi from 

S21.6m in the same period of last 
year and the quarterly dividend 
was halved to in ccnis. 

Mr. Edwin Carter, the president, 
said that for Oetnher there was a 
loss of 15m lbs of finished nickel 
production because of ihe Sud- 
bury strike which started in mid- 

Semember. 

Even without the strike, how- 
ever. new nickel supply in the 
non -Communist world v'ould this 
year be some KiOm lbs below 
estimated demand. This is the 
first time such a situation has 
existed since 1974. 

But prices deteriorated in the 
second and third quarters. Mr. 
Carter said, and lh« outlook re- 
mained uncertain. N'exi year he 
expects worldwide demand to be 
” in the same ■»«-rier nf magnitude 
as in the current year." 

PROFITS RECOVER 
AT MATTAGAMI 

Larger sales volume and 
hreher prices have brought a re- 
covery in earnings ar Martaganil 
I^kc Mines, the Quebec zinc pro- 
ducer in The Noranda Mines 
group, reports Robert Gibbons 
from Montreal. 

Third-quarter earnings were 
C56.9m i£2.93m:>. or 52' cents a 
share, compared with CS3.2m. or 
32 cents a share, in the same 
period of 1977. 

What the company culled it*- 
"very large" inventory of zinc in 
both concentrate and meial form 
at tbe start of the year has been 
reduced to '-normal." and this has 
helped significantly the cash 
position. 



Best ever half year results 
Record exports 

The Group results, unaudited, for the six months to 30th September. 7978, with comparasivc 
figures for the previous year, are as follows; — 



1977 

1978 

Turnover 

£73,526,000 

£73,583,000 

Exports 

£ 41,873,000 

£43,156,000 

Profit before taxation 

£5,295,000 

£5,981,000 

Taxation 

£2,754,000 

£3,110,000 

Profit after taxation 

£2,541,000 

£2,871,000 

Interim dividend 

5.5% 

6% 


INTERIM DIVIDEND 

The Directors have declared an interim dividend of 6.0 (last year 5.5^1. Dividend 
Warrants will be posted on 6th April, 1979, to shareholders on the register at the close of 
business on 2nd March. 1979. 

CHAIRMAN'S STATEMENT 

The Chairman.Mr.WA.de Vigier states f ha: the half year's exports were ihe best ever and 
that there is every sign ot another record year. 

This year's results will, however, be aHecied by your Board's decision io close the Coles 
manufacturing operation in Duisburg, Germany making 93 people redundant. No provision has 
been made in the results to the 30th September forthe cost of this closure, which will take place 
over the next S months. 




Main Untied King*) ro Subsidiaries 

; i-orr.-! 


-rilsl 

i i - t-j 

5*vji.S3?«Saj;U 



Acrow Limited 8 South Wharf Road. London W2 IPBTel; 07-262 3456 Telex: 21868 




Extracts from the Directors’ report ( continued) 




Reduced demand-in 1977: arising from the depressed stale.of .tfib.cnrr- 
Mecl indusfri« : resulted in. shtphieiits of minganese ore being 
■nmewhai lower than iit thc previoii-Lyear ivhiie tho^e of iron ore were -‘ 


UAWdbsuuKially, gxRanain&-,itAc- CerW'aJJoy V , 

f SClwbroductiOfl. cajSftiiupes of t& -Coni pqift ’s Subsidiary, JFERAlLOYS 'i’ 
LIMITED, was successfully completed but because of weak ferro-alloy 

• -.tomand and adequate stocks; production from sonic' of the smaller 

; r uniaccs was lanporsnly suspended. Asa rouir of these fa*, tors, f he 

- — orripany's operating profit wasTU 7 942 000 compared to R 1 8 65.7000 

n 1976 while at Feralloystheopefaiing proiii dropped id fU ] 00*000 in 
— rri977from;R 11049000 lit 1976.. ~ ~ — 

"Capital expendnure to expand. the. company < iron ore production 
— .apabrihies and. io establish new and'farsei* nranganese. .mines as re- 
placements for tw o smajier- mines whose" reserves arc nearly depleted 
jr.mountcd to.RS 812 p00CI97d-E4 26S 00d). At FcralJoys R9 S75 000 
(1976 - RIO 246000) was spent on completing the expansion pro- 
-gramme initialed some two years ago: Capitol expenditure during 1978 ' 
“"on the company's .mines add at;Feralloys-is c-:-iimaied at R£ 000 000. 


ieduciion-; Alihough ihi* group of companies continues lo face many 
problems, u is in a stronger financial poMfion ihan ever before. T'nc 
aemnies of the group's >uhsidijrieN. Inin & John-on Limned. T. W. 
iBcckett AUd.Company Limited, tilobe Engineering \\ork> Limited. 
Voqccnrr.i Limited and Food Corpor.ttiou (Ihopntiar.v i Limned, me 
reviewed below. 

in in i Johnson Limited - 
/iW processor i ,mrl <//*/ ribwort 


Consolidated Glass Works Limited 

Wamitaciurtn of ? la- \ t uiif piauir conraiiu-r* .j.jJ jtlirrf pn hiurt r 


From consolidated 
financial staiemenis 

Year ended 30 June 
1978 1977 

R000 RUOO 

Turnover. 

156 511 

J 42 970 

Profit after taxation 

444S 

1 745 

Earning- per share 

15 cents 

Scents 

Dividend per share 

•• cents 

2.5 cents 



X ear ended 30 June 

From consolidated 

1978 

1977 

linancial statement*: 

ROUft 

R«XW 

Turnover 

70 M*o 

70 900 

Profit after taxation 

5 312 

4 122 

Earnings per share 

cent* 

«>6 ccm* 

Dividend per >hare 

2 cent - 

24 cent* 


The depressed economy contributed to .i further decline in <ulcx 
volumes but with a favourable sales mi 1 - and higher selling priecs. 
turnover v«as maiiuarned. Further s^ins in productivity, cost contain- 
ment and .substantia! interest saving*. contributed to the improvement 
in profit. Whilst there are as >ei no indications, of an improvement in 
demand, n is anticipated that the past sear': prom performance will at 
least be maintained. 


TX& — : • 


£k: 

S2<ts 

ter." 
«» — • - ■ 
*Sto.-K-sS ■- 

: TVf . 

sw •: 


o v. • 

v 

fS' - 


"Consol idalied ^facchlsqn Limited ;- 
r reducer oj. antimony concentrates 

•• • • 


-- .- r l - : 

6 -months to 

Year ended 

' * • to"".. " • ’ 

30 June197S 31 December 


(tuiauditcd) 

1977 

......... ... 

RWX1 

ROftO 

Turnover ■ -•'• . 

v 5 032 

17 T'i 

Profit after taxation flow) 

■■-•.*.• (740) 

3 245 

.Warnings per share'- ’ .." 


30 cent- 

Dividend per^hahi' . 

'• - '*■”.! •' -. — 

'30 cents 


Consumer demund" for antiraony ■ concentrates decreased sharply 
..cturmg. .thc-second. half. of J 977 -;witb.. tbe xesult that. sales lor 1977 
•.dropped to t6‘343 toss compared to 23 693 tons m 1976. Working profit 
for the year fended: Jl- DecemTwr- 1.977 was R3 592 000 fE97ii - 
RJ I 976 CKX>« and rapkal expenditure R2 003 000 <1976 - R2 142 000i. 
.- The results for the first half of 1978 were ad"versely aflccied by reduced 
sales, aggrava ted by delayed shipments.due toahe temporary closure of 
- • tne Antimony Products (Proprietary) Lttnited's.oxidc plant. 


Fish catches and volume sale> were at approximately the same level as 
rhe-previons >ear. However.- as a result of better realisations and cos-t 
containment, the ta.xed profit increased by J 55 per cent to R4 448 000. 
The ordinary dividend was increased ro 7 cents per share (1977 - 2.5 
cents per share). Since the end of. the financial jear. the beneficial 
effects of-the extension of the exclusive fishing zone, effective from 
1 November 1977, have started to show, but Ihe proportion of small 
iish in the improved catches Mil! gives some cause for concern. The 
processing of frozen vegetables and pastry products has been consoli- 
dated In tbc Springs factories and although results were adversely 
affected by poor crop yields, further measures have been taken to 
ensure adequate coot ract plantings for the immediate future. 

T ; tV. Beckett and Company Limited 
Packers and distributor!, of tea and coffer 


National Bolts Limited 
Manu/aelnrn s of industrial f attend - 


From consolidated 
financial statement* 

Year ended 
1«7$ 

RUL»l 

50 June 
1977 
ROOD 

T umover 

3ft -h. 

51 5X7 

Profit after taxation 

1 #»5o 

1 140 

Earning- per *hare 

54 cents 

25 cents 

Dividend per share 

|J cent- 

IU cents 


Anglo-TransTaal Collieries Limited 

]i<< i ’ft mem cotiQwiy • ; 


From consolidated 
financial statements 

Year ended 30 June 
I97S 1977 

ROOU ROOD 

Turnover 

54 20° 

48 394 

Profit alter taxation 

2 227 

2 642 

Earnings per share 

?7cenis 

■44 cents 

Dividend per share 

7y cent* 

14 cents 


Demand for riandard fastener/, improved somewhat during ihe vear 
but the continued restrictions on public vector expenditure further 
reduced -ales of non-standard fastener? and group turnover declined 
marginally. The completion of the production cent rali-.i lion pro- 
gramme ar Bvk-buig together w«h further labour complement re- 
duction- resulted in -ubstamial cost -a vines and an improved profit. 
The lull benefit of rationalised manufacture will be reali-ed during the 


T car ended 30 June 
1978 1977 

.ROOD ROtVi 



T urn over r 

after taxation 


\ timings per "share' 
1 Swr'V Dividend per share 


832 

791 

.47,5 cents 

. -ilecnLs 


32d 
Z2S 
12.2 cents 
12 cents 


Higher dividends, received from the -company’s investment m"W'iibank 
Colliery Limited caused' income- to rise from. R 326 000 in 1977 to 
RS ?2 00rt m I97S. Profit alter tw; am'ouuied’ to R79J 000 (19// - 
R225 OOOj.aoil di\TiJendsof43 cehii <1977 12 cents I per ordinary 

-Hare were paitLA schema modifying the rigHrs' ail aching to preference 
.-Ira res and converting the 6% cumulative preference shares to partici- 
pating cumulative preference shares .was ratified, by tbc required 
m.ijnritv of ordinary and preference shareholders .Further Inicauon is 
ponding in this connection. 


.W-v 

y m k-: : ^ 


Industrial investments 
Auglo-Transraal Industries Limited . 

Industrial invest incut and fujance company 


From consolidated 
financial statements. 


" Year ended 30 June 
197S 1977 

R000 ROOD 

Turnover 


451 736 

44J 632 

Proto after taxation; - ' . 


22 oo: 

17 625 

Earnings per sha re 


S7 ccnis 

7t» cents 

Dividend per share 7 


.... 20 cents 

T9 cents 


ii'- :■ 

- v.l 
m"‘\ ' 


, liucnsc tompcuiion Itvi WJ uy muai imp — 

a.-mpanies in. ihcik fields of. activity. Despite these conditions, the 
consol kiated preiax profit increased bv R5 033 000 to R33 572 CUH’. 
This improvement stops -from the-fact:thai management took the 
opportumiv whilst ihe economy .was opera rine at lower levels io «- 
was ihe-'cffidencies of their-. companies and to streamline their 
organisations to deal more effectively with. the reduced markets and 
tower volumes of-avaiiablc work, ln.-thc prqscnt.climaic n is expected 
lHat there will be a further improv-cmcnt in" prplitabilily during the 
currentyear. 

Sooth Atlantic Corporation Limited 
indmlriai mvesrment company t 


A difficult year was experienced by ajl the major packers of lea and 
coffee in South Africa and whereas in recent >ear- raw material price 
increases were encountered, the past year ha-i shown both upward and 
downward fluctuations. The continuing high prices both for i*a and 
codec have resulted in a drop in total consumpiion and in such circum- 
stances the’ reduction in profit was unavoidable. 

Conceit fra Limited 

Hi m Incurs ofw hit* Jidimcal 

Belter realisations on the company’s sale nf fishmeal boih locally and 
in the export markei resulted in an improved profit after taxation to 
R 323 0001 3 977 - R290 000 1. 

Food Corporation (Proprietary) Limited 
Wcwuj'acnirers and distributors of, foodstuffs 

The completion of the move of all manufacturing operations to the 
Wadcvflle factory lias brought about higher efficiencies and plant 
utilisation so that, a modest profit before taxation or RJ3S 000 was 
achieved, compared with an approximate break-even for rhe eight 
month period from the date of South Adamic Corporation’s acquis- 
ition of this investment ro 30 June 1977. Various new food products 
were introduced during the vear and these have contributed towards 
ihe better results, even though the launch of new brands is costly. 
Improved results arc expected m the coming year. 

Globe Eoainttrins Works Limited 
Marine . electrical and general engineering 

Year ended 30 June 
197R 1977 

- RUlX) ROOD 


current >car and, under present condition?, 
is expected. 

Sleeimetals Limited 

Engineering supplier* and contractors 

an improvement 

in profit 


Year ended 30 June 

From consol idaiov! 

tors 

1977 

financial staiemcm 

RMtuj 

RUOO 

Turnover 

> ”(.*> 

52 203 

Profit after taxation 

J 014 

1 525 

Earn in a- per .-hare 

4S cent* 

2 cents 

Dividend per share 

17.5 cent* 7 

7.5 cents 


With an improved demand towards the end of the vear. marketing 
division., in both ihe capital and non-capital goods sector^ increased 
lurnover and profit contribution above the levels of the prev ious year. 
This higher profit was. however, more than offset by j los« incurred by 
the tubes contracting division. Thi- was cau-a-d b> faciers hejond ihe 
division's control. A deferred contract -hould lx- closed in the current 
year, and contracting operation? should again become profitable. 
Whilst marketing activities have shown a welcome upturn over ihe 
past few months, they remain highly sensitive tu general economic 
conditions. 

Claude Neon Lights (SL.\.) Limited 
Manufacturers and lessors of advertising signs 


Denver .Nfetal Works fFroprirtorv t Limited 

Producers of non-tenon* caning*, e.wudnti. and :tiji\nii:g\ 

The ongoing deprosed condition- in the building and engineering 
sector* again reduced oirtaku.of'bra*- anvi copper produvi-. Demand 
for bronze product,, supplied mainly to (he mining mdu-in ,<nd io 
export cusiomcr-. remained firm. W’iih ihe overall rcductitm in. 
throuahput and continued eo-r e-cvilation<. con-oiidared t.t cd prv»ht 
declined from R I 027 UUO in 19 77 iu fit 79 UUU in M'7H. 

H. 1. Ruga FT Umited 

Jihlenr Miles agents and dish iburart 

A change in the basis of accounting for commis-icn revenue had the 
effect of reducing pretax profit by Re.’- ut». Alter providing lor [jxalion 
in the profitable subsidiary companies a consolidated taxed ft.*- of 
R95 000 ( f977 - RJ23 000> was recorded. Indent revenue- were lower 
a- a result of the reduced level c-f textile imports but the toy division 
operated profitably. The companv has lo-t a number oi major agencic, 
following decision- by those principals to open their own <aks office*. 
This uifj have -an adverse died on results anj the e -peeled return to 
an acceptable level of profitability is unlikely in ihe short icrni. 

Sooth African Rue Worsteds (Proprietary! Limited 
Manufacturers of .line quality nursfed cloth 

A continuation or aggressive marketing coupled with higher pl-mt 
efficiencies and higher output resulted in an increase in the alter ia-: 
profit to K! 137 000 (1977 - R| 093 0*Xtj. Demand for the company'* 
product* is -till taking up its lull production capacity and plan* are 
being made for further expansion in the next few year-. Proiii improve- 
ment is therefore expected to continue. 

Tristei Holdings (Proprietary) Limited 
Steel merchants 

A 51 per cent interest in thi* company "-a* acquired in October 1977 
and the taxed profit w a* R4M (Xu. The company operates in both the 
local jnd export markets and al>v» vfiei- a range of *ervice> in the 
cutting and profiling of «tecl to customer* lequircmcnt;. It has in- 
creased its share of the local and over-cus markets and both turnover 
and profit improved markedly during the past year. A further incica-c 
in profit i- expected in the new vear. hut in the ab-cncc of a -'finny 
recovery in the economy growth ii likel- io be le»i rapid than in the 
p.t it. 

Combine Cargo Limited 

Clearing, forwarding, ships' agent y and u <n f / gr. mp 
Although the principal operations nf the company reflected n -an-5- 
t'actorx growth pattern, its consolidated re-ults were affected by i lie 
results of the travel subsidiary. .mJ a con-olidmeJ Io*.- ot R59 nutt tor 
the year ended 30 June 1 97s was recorded. The company now huv 
I'perational outlets at ail the major ports and cities in South \ Inca and 
i* represented internationally. With a gr.iJua! hut po-nivc pene- 
tration or its market a consolidated profit i- v -.peeled during the 
current year. 

Anglo- Alpha Cement Limited 
Cement, si one and lime produce 


IW 



^'ear ended 30 June 

From consolidated 

197S 

1977 

financial statements 

R000 

R000 

Profit after taxation 

996 

614 

Famines per share 

17.2 cent.- 

10,5 can* 

Dividend per share 

6 cents 

o cents 


From consolidated* 
financial aiaicmenis 

Year ended JuJune 
iu":': 1 

rcnai riK.it) 

Turnover 

Jlh 22'- 

152 It'* 

Profit after laxation 

.- N«'- 

. *.»6 

Famines per share 

IS. 6 ccm* 

-4.4 I.CIU-. 

Div idend per share • 

l.i ceni' 

i* cents 


From consolidated 
financial siaJemenis 


Profit after taxation 

1 904 

3 002 

harnings per share 

45 cents 

60 rent* 

Dividend per -hare 

20 cents 

20 cents 

Bonus dividend 

5 cents. 

. — 


Compciition from commercial television and the restrict he interpre- 
tation of legislation governing sign sites resulted in a further decline in 
the sale of new signs, and in order to counter the adverse effect* 
thereof, sales effort was concentrated on the renewal of exi-mijj *tgn- 
ncanng expiry. The success nf ihi* action together with a -uh-iantiui 
saving in intcie.*t charge*, resulting from the i educed level of bot row- 
ings. were the major factors accounting for the 62 per cent increa.-e in 
laxcd profit. A.* :i result of the decline in the value uf sign rental 
contracts profit in the new year is expected to be at a lower level. 


The demand for the group's products remained weak, the main roa-on 
for operating profits falling below ia*i vettr’s level. The decline ip 
consolidated turnover wn- also affected by the grcttp_ reducing us 
interest in Parent Enterprises t Proprietary 1 Limiled from 72 per cent to 
5u per cunt v,iih effect from 1 July |97”._The results ui thai company 
h«vc. therefore;, not been consolidated for the period under rev icv. . 
Local demand for cement decreased by a per cent bui lutal cement 
-ales increased due to export*,. Export revenue, however, yields only 
marginal return*. Profitability in the cement division improved io- 
wards the end of the period follow my an increu-c ;n lhe controlled 
selling price of cement. Group profit- -vcrc adversely mlecied h\ poor 
results in certain of lhe Hippo Holding* orvration* which arc being 
tcsiruciurcd an,l shoulvl -how improved performance-. \ny improve- 
ment in demand from the building industry t* expected to be gradual 
with demand conimuing at a low level at least until the end ol the year. 


Li 


iBf'U 


From consolidated 
financial statements . 

Tur)to\w 

Profit afna- taxation ' 
FCf sbarc- 
Dividcnd per share. 


Year ended 30 June 
1978 1977 

K000 Raw 

250137 261 B9*. 

916S 7 505 

44 cents 33 cent x 

16 cents 16 cents 


The pest year has been o*‘of mixed fortune for the companies to The 
5ottLh Ailantic Corporation group; with sains outweighing profit 


Results for the current year arc not comparable with ihosc of the 
previous year as the latter includes the profit of Broderick Investments 
Limited, which was disposed of during the vear. a* well as un excep- 
tional profit earned on a long-term demolition and salvage contract. 
All >trbup companies experienced difficult trading conditions with ship 
repair being particularly hard hit primarily due ro the i*ry depressed 
international shipping conditions currently prevailing. No shipbuilding 
orders were received by JAMES BROWN & H AMER LIMITED, and 
.ship repair profit declined. The industrial division, however, operated 
satisfactorily with the machine shop increasing its profit contribution 
materially. SHIPWRIGHTS and ENGINEERS HOLDINGS, 
LIMITED had to contend with low volumes of work and depressed 
profit margins. Some relief, however,- was obi tuned from improved 
opportunities in the mining sector in ihe north western Cape and 
South West Africa. Conditions in (he ship repair industry are not 
expected io improve to the fhort-lemi and the group will" be more 
dependent than in the past on industrial developments to provide 
opportunities for impnn tog profit. 


ANGLO-TRANSVAAL CONSOLIDATED 
INVESTMENT COMPANY, LIMITED 


REGISTERED OFFICE: 
ANGLOVAAL HOUSE, 

56 MAIN STREET. JOHANNESBURG 


LONDON SECRETARIES: 
ANGLO-TRANSVAAL TRUSTEES LIMITED. 
295 REGENT STREET-, LONDON WIR 8ST 


The Annual General Meeting of lhe Company Kill be held at 09h3Q on 24 yovenibcr. I 9 ~s at the 

registered office o f lhe Company. 






28 


Financial - T^es. ,Fj: 


INTERNATIONAL FLNANC1AL AND COMPANY NEWS 


NORTH AMERICAN NEWS 


SEC sets new guidelines 
on company forecasting 


BY DAVID LASCELLES 


NEW YORK. Nov. 2. 


AFTER YEARS of deliberation, Bui this proposal was strongly wide of the mark, the SEC pro- 
the Securities and Exchange resisted. poses u so-called “safe harbour 

Commission yesterday adopted Those companies that do pro- rule " which says that predictions 
guidelines aimed at encouraging du L -e forecasts, 'whether general made in good faith and on a 
companies to make forecasts of or specific, .would be expected to reasonable basis “ shall be 
their performance, while at -the cover boLh anticipated revenues deemed- not 'to. be ' an untrue 
same lime protecting them From and profitability since revenue statement of a material fact." 
any cumeback if these forecasts projections by themselves might/ TJj e only sanction behind the 
do not work out. the SEC believes prove mislead- Guidelines is that companies who 

Full detail* are expected to be in- to investors. Forecasts should mak f nr pca«rt< thai do not 
published early next week but therefore include revenue, net "Vv 10 ecasts that . o not 
the broad outlines axe clear. The income and earnings per share. adhere to them would risk losing 
basic point is that the guidelines Tbe guidelines also ask com- protection under the safe harbour 
are voluntary, and companies panieg to explain the assumptions rule. Ia this way. the SEC hopes 
remain free to abstain from pub- that underlie the forecasts, in- to make the guidelines stick. 
Iishin>» their forecast if they eluding any major anticipated The adoption of the guidelines 
want to. This represents a developments such as the intro- follows many years of discussion 
retreat from an earlier SEC durtion of a new product. hoth within the SEC and outside 

position which would have com- But in order to protect com- it. . The final outcome is based 
pelled companies to file official panics from any comeback if largely on proposals put forward 
forecasts with the Commission, their predictions prove to he in the spring of 1976. 


IC expects 
increase 
in earnings 
next year 


IBM affected by i 

and production expenses 



optimistic : 
on outlook 


HOUSTON, Novi 
MR. WILLIAM S. COOK. j. 


. ZURICH. Nov. 2. 

IC .‘INDUSTRIES, the diversl- 


. • caNT A TERESA, Nov. 2. ... . . 

SAftlA . dent of Ujjioa- Pacific. e£ 

EARNINGS OF International Last month. the group cessing market, he said- ‘ 1978 earnings to. continue a 

Business Machines over the announced .an 18 per cent rise The-company increased its 15 per cent average, ai 


& qiversi- M g ma mui M wvsi wife >au peg vctiL me _ " *0 tuff) t ,v " _ ” — . 77 

fled industrial aronu’ expects short term being affected by in third quarter earnings ' to employment by more than l..wu . gr0V rth rate Of the past se 

6‘ u -. r . enhrt.xtl.l lu.SU CC 1 a™ 1»~ tom : the fifSt nine - ■ - 


Air Canada 
upturn in 
third quarter 


BWIA reveals lower loss 


BY DAVID RENWICK 


PORT OF SPAIN, Nov. 2. 


By Robert Gibbens 

MONTREAL. Nov. 2. 


group sales to climb to around 
S3 .5 bn next year from some 
$2.3bn this year. Mr. William 
Johnson, the chairman, said. 

He. told analysis here that 
this would reflect l he expan- 
sion of the company through 
its acquisition of food concern 
Pet Incorporated earlier this 
year. 

The higher sales would also 
lead (o an increase in earn- 
ings. Mr. Johnson said, giving 
no specific forecast. 

Last year, IC turned in a 
pre-tax result of SI 19m on 
sales of -Sl^bn. 

The sale of ZC Industries’ 
railroad operations to the 
Southern Railway shoald he 
agreed by the end of this year, 
he added'. 

IC industries will apply for 
a Swiss stock.. exchange listing 
as soon as' it can demonstrate 
eligibility through sufficient 
holdings of its equity in 
Switzerland, he added. 

Reuter 


substantial production build-up S8I6m. Its total 1977 earnings people during the p*si *«»«= years. . 

costs and worldwide Inflation, were S2;7bn on sales of Sl&lbn. months, he said. - - The company s. earnings.' 

Mr. Frank Cary, the chairman. IBM expected strong demand It has increased its Investment share “from 1971 to iW? 
told analysts. • for its newest products and was In manufacturing- tools ana creas e^ a t an average o^.Jl ■ 

Outright purchases of data spending over $lbn -annually on equipment worldwide, raised re Cfint a year. In 1977 edin 
processing equipment continued research afld development, he manufacturing capacity in e, "“ t pe r primary share were $£ 

high but. as expected, the strong said. locations, and also begun coo^ - ^ |]d Union P 

increase rate of 3977 had not Commenting on IBM’s legal struction of twa new plants. . .-LM-nr will con timi 
continued. situatiou, Mr. Cary said that "The costs and expenses ^ conflaenru ^ wnunu . 

“Thus, perldd-to-period earn- regardless of who won. the anti- associated with this build-up ^are economic- er • 

mgs comparisons are not as trust suit filed against the com- incurred In advance of sb, b: s i OW s to 3 per cent 

strong as they were in 1977," he pany by the U.S. Justice Depart- meats of new products and s . - Sf 

explained. menL the losing side will un- revenue flowing from them. This j budget for 197B ieiii - 


Mr. Cary said that IBM’s doubted ly appeal;" 


capital spending this year was Tbe Government had failed to .tion affects our earnings over the . ' 

rnna it« I'ftntPTifrnv, ih.t.IDU -hAi^-tarm ** 19 1* Farv KSld. .-Will* WaUIu eipeaCO tqr 


expected to exceed last . year’s prove its contention that IBM short-term,” Mr. Cary said. 
$3.4bn. has monopolised the 1 data pro- Agencies 


year/ 

Southern 


Chemical group in $330m deal 


Railway-:?' 
quarter -will ibe as. good iai- 
7.6 per-cent earnings, gain. -i - 
third quarter. Mr. Stanley.^., 
its president said today. 

At .first the railroad ; h* 
jected a tapering off Of - , 
quarter revenues and profit 


BWIA INTERNATIONAL, the also up. from TTS 14.2m to 
Trinidad and Tobago Govern- TT^ 18.7m. 
ment+)wned airline which Hies The single biggest operating 
routes to London. North America, expense lay in fuel, lolalliiu; 

AIR CANADA* "earned "c5267m « n “ lh America and the Caribbean. ^nipared with GATX Sells LaSalle 

(US. S3 lull in the third quarter IOIhmSU S 4 ’m" according to the of 1976 - lfa e air- 

againsL LS22.4m in the year T ' ' “ ~ line's accumulated loss was 

earlier on a revenue of CS358m !' J iw 1 a " ni,al r ^ po , rt for rhe >ear TTS 112.1in and BWIA has .only 

against C$339 m. Nine months' JU!>I laid m Parliament. been kept going on the basis of 

earnings were CSSO.fim against eom|,ares a ! oss ot financial support from the Trini- 

C$29. 9m rtn ,-p VeiU | C 0 f c$1.01 bn TT$ 30.1 in for 197a. and one ot dad and Tobaso Government, 

ag.unsi C$909iu. TTS 33.5m in 1974. A Bill now before Parliament 

Meanwhile Canada's second The company, which owns six seel:* u.i merge BWIA with the 
largest steel producer Dominion B fie j n g 707s and three DCS air- il'WmMic carrier. Trinidad and 

St€, / e TT«9-^i U °? «■'"•*». reduced its loss in the year Air Services, and to 

earned (US^2/.4ml oi . e . , , establish a company, to be known 

CSI.34 a share in th e third he,ausc of a substanUal jump aS TrimtIad and Tobago (BWIA) 

_ . rti\ f n ri^cc^noap rm-nnno uiViiitVi • ■ ... . . ... 


GATX . CORPORATION has 
reached agreement with Alge- 
mene Bank Nederland for the 
sale to ABN of GATX’s 84 per 
cent Interest in Lasalle 
National Bank of Chicago. The 
agreement is subject to U.S. 
Govemmeni approval, Reufer 
reports from CliivaRo. 


.7 : ’ CLEVELAND. JJov. 2. 

DIAMOND SHAMROCK Corpora- cals group, into the 1 business of Seaboard stockholder would re- j-L U^fm^ v ' 

tion, which said it agreed' in coal production and exploration, ceive two shares of common carried over Into-Nblrii ‘ 

principle to acquire Falcon Sea- Falcon Seaboard's : 197» ' earn- stock without par value of Dia- Crarw. noted loadima 

board Inc., said the transaction mgs of about S17nv or S2J29 mond Shamrock for each Falcon T '-> > _ i n - th*» thlwi 
would be worth about S330m. fully diluted per share/ came Seaboard share owned. ^7 ' 

Diamond Shamrock said the mostly from its coal operations. It is estimated that the pro- r T an* Wid Oefnh*r 
acquisition is "a logical ex-ten- Diamond Shamrock said it. ex- posed transaction would require - 

sion of the same line of the pects the merger . to be com- tbe issue of ahoot 14.7m shares hii^n^s f JS 

business we're in. We're obvi- pleted some time in the first of Diamond Shamrock common. 
ously in the energy business." quarter of 1979. . Falcon Seaboard would- be- .At" 5 ? ..*91 

The acquisition would move Dia- Under the terms of the pro- cornea v.'holly'-owned subsidiary A 1 „ ne c ■ 

mond Shamrock, a top cheinl- posed transaction ..each Falcon of Diamond Shamrock. AP-DJ - He arguea 


N 

d 


- i 

Vi 




Fleming hopeful 


Solid gains at Walter E. Heller 


quarter againsl C$16.3m or 89 * n passenger revenue, which Airways Corporation. which 
cents, on sales of CS2S5m against rose from TTS 85.6m in 1975 to would inherit BIVLA's assets and 

TTS 105.9m. Cargo revenue was routes. 



Stena 


Group of Companies 

$29; 


i 3 735,ooo 
Medium Term Finance 


io Ro-Ro vessels 
built by Hyundai Group, Korea 


Managed by 

Nordic Bank Limited 


in association with 

Svenska Handelsbanken 


Provided bv 


Nordic Bank Limited 
Nordic Asia Limited 
Nordfinanz Bank Zurich 


Aiidland Bank Limited 

Banque Europeenne dc Credit ( B E C 

KansaJIis International Bank 


Agent Bank 

Nordic Bank Limited 


A substantial LIFO inventory 
charge ^nd a strike adversely 
affected Fleming, the food 
wholesalers. j n the third 
quarter. Reuter reports from 
Oklahoma City. Earnings 
declined to $2.61 m from $3.08m 
whereas sales improved to 
Sola Jm from $4G?.4m. 


CHICAGO. Nov. 2. 


tie ; isailj 
request for- an 3.1 per cent; - .' 
increase was necessary (6 •’ 
the cost of .the. three-yea^ 
cent fiay rise granted jttt 
railway unions and expec'h 
be accepted' by! the-dtSa’- 

unions. .'■• *. . /A4- 

-'Mr. Crane said- that T 
expen dllur^ in 1979 


WALTER E. HELLER Inter- Tbe chairman ^attributed the factoring volume rising by 20 per and Br0 bablv exce«r 
national, the bank bolding com- bank’s earnings growth -to an in- cent to SI:2bn from Slbn a year 5263'in budget ia-’l 978.^® ' 


pany. achieved a third quarter crease in deposits; steady . loan earlier. Loan demand from, non- - v 

profits rise above the IS per demand, effective cost control bank finance operations also s- — : — — -t. -?* 

cent gain of tbe second quarter, and good results from its trust rose during the quarter, with 1 ‘ Tj 1 Pi. 

Mr. Franklin A. Cole, the chair- department. • average net funds employed ■ VJrCOli£I.A"?JF O-CI- 

finance operations risins to $2.2bn from B2bn in ■ 


Honeyneil optimistic 

Honeywell's- foiirlh - quarter 
pnibpects look, very anud. with 
Ihe trend of-ils third-quarter 
and nine-man fh results ex- 
ported lu con linue through 
1978. arcorcllng to Mr. Kdsun 
W. Spenrer, chairman, Reuter 
reports from Chicago. 


man. said. Non-bank 

In last year’s, third quarter, nlso showed improvement in the the 1977 third quarter. 

>lla- anrnail 4? K tVi'lril rmirlnp U , . Cnt A i-nirT icllk 1P-I1T 


Heller earned $7 ,5m, or 65 cents third quarter. Mr- Cote said, with AP-D.I 
a share, on continulne opera-* 


sees growth 1 


tions. After discontinued opera- 
tion. net income was S7.6m. or 
63 cents ^ share. 

For tbe first six months of this 
year, income from continuing 
operations ruse by II per cent 


Recovery at Reserve Oil 


ALBUQUERQUE, Nov. 2. 


' NEW YORK-Nm . 
GEORGIA-PACIFIC; t 
paper and gypstim grotlR es!_ 
its net income Joe. .1973 4d:. 
more than: ^0 per cent'ovbr 
year's $262m, says vice-presi' . 
finance; Ms. Harry L Kane; 
year sales should top 


CBS forecasts record 


to mm. or S1.37 a share, from reserve OIL: and minerals SS.84m. . 

S14 5m, or Sl_6 a share, in the Corporation’s profits were up tji The company expects earnings from S3.7bn last year.' 
first six months of 1977. income the year ending August 31. The for the next two quarters, td" be" The company said two 

from discontinued operations of company’s share profit' was $2.76 Ics than for foutrh quarter of nrills on . the West . Coa*;. 

8i.lm made final net income against a 28 cents loss last year, fiscal 1978, following the .tem- being operated at A 

S i o.oin. or 51-34 a share. Its net profit was .up to S3.85in porary closing of a urahtum capacity : by.: mana^emehg 

accordinp i. ' ik. , .® Ir - Cole sad that a major con- against a' loss of '^$370,773. mining area. sonnel'. - ” .' Vf- 

uresiifpm Mr LH L ributor to the earnings qan In Revenues rose to 52 1.1m against Reuter Reuter. - ' - >■ 

president. Hr.. John D. Backs, the third quarter was Heller s* 

Na 


CBS Incorporated will surpass 
1977s record profits this year. 


Mr. Racke said that ihe year's 
results would go beyond the 
1977 net income of $I$2ni or 
S6.50 a share on sales of 
$2.7Sbn. 


quarter was Heller'si 
American National Bank and 
Trust Company unit. The bank 
had a “splendid" third quarter | 
he said with net income up 
32 perc ent. to a record S4.3b. 


FT INTERNATIONAL BOND SERVICE 


Emerson Electric raises 
payment as profits climb 


The list shows the 200 latest international bond issues for which an- adequate secondary .m 
exists. For further details of these or other bonds see the complete list of Eurobond prices puhl 
on ihe second Monday of each month. 1 ; • Closings prices on Novem 


Den 


ST LOUIS. Nov. 2. 


EMERSON ELECTRIC'S sales 
and earnings for ihe fourth 
quarter, which ended on Septem- 
ber 30. increased by slightly less 
Ilian IS per cent over the record 
results of a year ago. Mr Charles 
F. Knight, the chairman and 
chief executive, said- 
For the year, the company 
achieved sales and profit gains 
of about IS per cent ’ over 
fiscal inn's record results. 

In the 1977 fourth quarter, 


Emerson earned S36.4ui. or 83 
cents a share, on sales of S478 7m. 
For all of fiscal 1977. net income 
was S143.7m. or 82.48 a share, 
with reaching $l.34bo. Results 
have been restated for an acquisi- 
tion. 

Based on fiscal 197S‘s strong 
performance and prospects for 
fiscal 1979. the management will 
recommend an increase in the 
30 cent quarterly dividend. Mr. 
Knmht said. 

AP-DJ 


U.S. DOLLAR 




Change on 



Chanaeim 

STRAIGHTS V 

issued 

Bid 

Offer day 

week Yield- 

YEN STRAIGHTS ■ 

baaed Bi if Offer day, week 

Aga AfcL 9J 86 .—... 

.... 25 

952 

961 

+0! 

— 02 

490.'. 

Asiuu Dev. Bk. 61 W 

15 - «i 9* 

.... 50 18X4 1 82} +01 +-8L 

Australia 91 93 1 .... 

.... 75 

982 


._+M 

-« 

3M • 

BhCE 84 >0 

..... 30, 96* 97* +01 +S. 

Reatric 1 -* Foods 7; 93 . 


45 

95] 


+11 



25 981 99+ +81 +81 

COCA 9 91 

':KC.\ 91 9$- 

. 25 

... 25 

4Si 

96? 

661 

971 

942 

961 

+01 

+02 

-« 

-1 

4X2 

440 

■Korway 5.7 S3 

Oslo, ciiy or 8.8 90 ... 
SMCP 64 90 

..... 25 1834 10* 0 -04 
... ' *15 - 90 941' • . 8 

20 98} 99* 0-84 

t'anada S .*3 

25Q 

«S5 

+02 

-a* 


Sivedca 6.3 90 

.'2.. - «T "961-971 O' +8T 


Price rise helps Huyck 


HUYCK expects 'higher fourth 
quarter results, due to recent 
price inci eases faju-its product 
and a strong order hacking. M. 
Donald U Gruhb'. the president, 
lold analysts. 

However, ho said lh« company 
w'as continuing to experience 
los>*s in its .Japanese and 
Austrian subsidiaries. 

For Ihe first nine months, the 


NEW YORK. Nov. 2. 


paper and • Tabrics company 
oamed 39 cents a share on sales 
of .''Srm. compared with 69 ceDts 
.a share on ?ales of S78m. 

In Vast year's fourth quarter, 
the company earned 30 cents a 
share. For the full year, earning 
were 81.0 a share on sales of 
8108m. 

Reuler 


Canada S.20 S3 

Canada a: M 

Canada 9 S3 

Canada 9J fK 

Canadalr « CT 

Dmnlnlnn Undue Co. 0 M 

KIB S3 - 

EIB « Vi 

EIB Bi 98 

Blum Jutland 9 *5 

EWponfinans 9 S6 
Expon n.:\.-lpmm. B.6 M 

Hnlanil Si S3 

Kmland 9 is 

no<pnal n s 9 S3 

f'C Industries » 85 

Hi-l Financ" fit S3 

Itiil Finance si' 90 

llrvYoiado 9i S3 

J C. P'WKi S4 R-J 

M»e Blc'dvl 91 93 

n-v. T-m s: S3 

N7. D.-V. Mn. s; S3 . . 

.'la i W.-s». 9 5<J 

tonndl.uid 9> »» .... 
Vurd. Ini lit. Si «.» . . 

Komm. u; 99 ... 

Vurirar 71 s;i 

Vorttji 9; s;j 

\rnrr 9; S3 .. ... 

'■\id. n:al >J « 

jm Hydro s« 9i 
Oii'-N-c Hvdro 9! 93 .. . 

S-md'-n 9} PS . . 

UK M-; S3 

UK Si Vi .. 


259 

259 

400 

350 

70 

25 

199 

125 

109 

25 

59 

12S 

100 

190 

25 


454 
44} 
441 
443 
4 U 

n 

45J 

491 

4T4 

4« 

•5. 
45J 
4 W 
Hi 

43i 


45 +1S 

44J +92 


-o; 4.32 


1001 -t-U 
4«5 +« 


-o: 4.42 

+92 4J3 


44} +91 
461 +1 


41 .+« 
475 +0i 


4SJ +9J 
4M +« 


471 +9S 
4U +JB1 


35 t4i; 
25 4K 


46} -MU 
9« +0 i 


29 

20 

190 

59 

29 

20 

75 

50 

25 

75 

250 

125 

150 

75 

125 

50 

125 


43i 
461 
9Si 
45 
913 
41 J 
951 
651 
45{ 
47i 
42.1 
4j; 
47i 
602 
4J2 
4S5 
67; 


42 -U 

442 +« 


200 r?6 
iso 46, 


92: -+« 

4T1 0 

96} +fl! 
°Sl +W 
921 +92 
92! +0i 
651 +0! 
651 ' +95 
661 

99. +02 
63 f 4fl 
942 +02 
6TJ +U 
9E +0! 
631 +03 
65J .. 0 
981' +0! 
96} - +11 
911. +08 


+02 9 M 
-at 10.16 
-01 10.10 
-01 4.73 

-1 4.71 

-12 9.79 

— 8i 19.05 
-OI 4.77 
-12 4.H 

—12 9.90 

-12 4.76 

-K 10.73 
—21 1092 
-1 10-75 

-12 1120 
-IV 19.04 
-0i 6-57 

— M 4J7 
—01 10.42 
-01 19.08 
-11 9.87 


OTHER STRAIGHTS 
Ranh o/S HoM. 11} At ... 
‘into Cote Basa. 7 B3 eua 
C opentusen 7 03 EUa .. 
Finland tod. Bk. 70S EUA 
KV.nm. Inst. 7} 93 EUA... 
Panama 8* M EUA 
SDR France 7 03 EUA ... 
llcrmcne Bk. 6} 83 FI ... 

Brazil 7} S3 FI 

CKE Mexico 7J S3 FI 

EIR 7f 85 FI ... I 

N+der. Middenb. 64 83 FI 


ChaaseA, 
Issued fcM Offer day wedk - 
12 TOT 9BS +91 +oa : 

4M -Oi -111: 
964 -9* -2 : 
9M -ci -a 
98 -« -It 

93| -+1. -2I-: 
4U +« -o:;- 
93f -IS IJ. 

Si -l A 

w -« -u; 


U 196 
39 145 
-J t9S 
15 TO 
28 192 
22 -971 

75 93i 

75 441 

15' . 952 
* 94 


-12 6.49 


-04 6.37 

-9} 4.61 


-0} 4J5 

-0} 9.43 


-01 4.64 


— 22 10.93 

-02 6 W 

— 17" 10.96 

-o; 4.70 

-1 4.50 

-Oi 4A4 


U.S- QUARTERLIES 


DEUTSCHE MARK 
I STRAIGHTS 


.Chanjtm 

issued BM Offer day week Yield 



C-E Lummus is providing engineering 

)ffmann-LaT 


services for Hoffmann-LaRodie on a 
S50 million vitamin intermediates plant 
in Freeport, Texas. 




COMBUSTION 

ENGINEERING 


The Energy Systems Company 


For acopy of our latest report to shareholders, please write Combustion Engineering. Inc., 
Dept. 70O6-S7, 900 Long Ridge Road. Stamford. Connecticut 06902. 


<JT FINANCIAL 


MAPCO 



1973 

1677 

Third quarter 


Revenue 

S 

5 

• Revenue 

95.6m 

Net profits 

16.22ra 21.2’Jm 

j Net profits 

4.70rn 

Net ptr share... 

0.78 

1.03 1 

Net per share... 

0.25 

Nine months 

Revenue 

j 

Nine months 
Revenue 

402.6m 

Net profit* 

54.37ui 57.99m 1 

Net profits 

3S.Sm 

Net per share.. 

• 2.62 

2.78 

Net per share... 

2.06 


1677 

110.3m 

11.00m 

0.59 


381. 8m 
43.3m 
3.33 


CNA FiNA.NCi.AL 


NATIONAL MEDICARE 


Third nanrtcr 

2978 

1977 

Third qnaner 

1978 

1177 


s 

S 




Revenue 

5SS.5Q1 

585 2m 

Revenue 

40.3m 

32.SIT 

Net profils . ... 

38 33m 

22 37m 

Net profils 

3.71m 

2.89m 

Net per share... 

0.65 

0.3S 

Net per share... 

0.53 

0.42 

Nine months 



Nine months 




i!:71bn 

l.BShn . 


1 14.$m 

94.2m 

Net profits .... 

98 37m 

4S.28m ! 

1 Ncl profits 

10.5m 

8.2m 

No: per share... 

" 1.68 

0 S3 { 

Nei per share... 

1. 53 

1.20 

EDISON BROS. STORES j 

IA. C. NIELSEN 

Third nuartcr 

' 1979 

1977 ! 

Fourth Ouaner 

1979 

1977 


. S- 

s 


s 

s 

Revenue 

lS8.4m 

156.2m ; 

Revenue 

88.9 m 

72.3m 

Net urofiI 5 

10.71m 

S.SSm 1 

Net profits 

6.97m 

5.S7m 

Net per shore... 

0.92 

0.71 1 

Nei per share... 

0.63 

0.54 

Nine months 



Tear 



, Revenue . .. ... 

511.1m 

425 5ml 

Revenue 

323 Sm 

269 5m 

Net profits 

24.91m 

19.93m 1 

Net profits 

24.30m 

20.21 m 

! Net per sharp... 

2.14 

1.67 j 

Net per share... 

2.21 

1. 87 

HOOVER 

. 

i 

NLT CORPORATION 


Third nuart«r 

1678 

1977 • 

TMrd O oar-tor 

1978 

1977 


■ 5 

J 


5 

s 

Revenue 

176.101 

147.6m : 

Revenue 




Not profits . ... 

4.86m 

3.94m l Net profits 

32.32m 

29.17m 

Net per share .. 

0.37 

0.30 

Net per share... 

0.93 

0.84 

Nine msnihi 



Nine mo«tn 



Revenue 

49«.7m 

*430.9m : 

Revenue 

_ 


Net profils 

14.S7 m 

12.64m : 

Net profits 

SS.27m 

8M3m 

Net per share... 

1.13 

0.96 1 \ci per share... 

2.55 

2 34 

HALLIBURTON 



WILLIAMS COMPANIES 


Third quarter 

- ira 

2977 

ihird ouaner 

1978 

1677 


s 

& 


5 

5 

fie venue 

- 1.7bn 

1.4 bn 

Revenue 

389 3ni 

272 2rr. 

Nei prufii \ .. . 

llU-65m 

lQ3.14;n ; 

Net profits 

2.lin 

9.5m 

Net our share. . 

1.92 

1.70, 

Net per share... 

0.08 

0.55 

Nine months 



Nino m«Rtbi 



Revenue 

4.7bn 

3.8bn Revenue 

1.3bn 

960,5m 

Net profiis 

2»4.4L’in 258.10m 1 

Net profit!! 

Klim 

52 02m 

Net per bhare... 

5.01 

4.40 . Net per share .. 

052 

1.91 


UTMiUna <1 9S 

1*1311 Do iv lop. BK. JJ SS 
Australia K as . . . 

lumrta WJ ... 

Em. .\fcirrte it At 
CFE Uoxktj r.: US .. 

'Unada 4: 53 

C'laso Manhattan O S il 
Crnnmr*rj+a«k inr. WW 3’. 
•lomrvT/tiank inr. XV V. 
Cr>OIh~M rtl ElirOO'- 01 .. 

EIB « HO 

Eir Aquliamo .11 « 

IBJ .1 94 

Indnri.'^la 7 SI 

Knho. Cltr or 31 K ...... .. 

l.lshi Si-moos do Blot. ... 

Mexiro il S3 

MlmlMshi Poiro. 32 S3 
Nippon Stn l 31 S3 . . . 
'•'urci-* Komm. ■> P0 . . . 

Tiipvay 4! S3 

.'Jniv.-sian fnrt. Bk. ■; 00 
IMroli-n Hrarll 7 SB 
fhlllpplno* s: S.-> . .. . 

PR Bank'-n 37 <W . . 
Qtichoo. Prurmcf of fi 90 
r >.iirr.-ipinkki Oy 37 US 

fflcoh .’I S3 

c r>aln !{<* .. 

sraioil fl ■« 

Trondhrrm. i.liy of 3," 

UDS firnttp s:l 

Vi-ncaufla oi M ... 


ISO 953 
109 65 

250 1012 

150 67| 

UQ 671 
158 67 

m 972 
1M 1022 
100 136} 

100 *21 
in ns 

1M 63! 

loo M ; 
IDS 100} 
103 67} 

im imj 
ISO 6TJ 
2M 46i 
«3 1011 
100 101! 
M0 100t 
250 66} 

125 90S 

100- 692 

100 452 

»fl 641 
15B 6b: 

» MI- 
30 U02 

220 6M 
ISO imu 
35 461 

*5 662 

150 65) 


962 

951 

1021 

978 

471 

971 

962 

1022 

107} 

U 

993 

49 

441 

198i 

97} 

1821 

•49} 

47 

1022 
1022 
in. . 

97 

1081 

441 

.•« 

451 

67* 

451- 

loor 

971 

us: 

47* 

471 

46} 


-W -1J 
-W -0} 
-o: +02 
-u -i 
-at, -oi 
-02 - 0 } 
-ai +si 
—01 +9} 
+12 +01 
+01 +K 
-Oi -01 
— M +91 

-o: +oi 

-91 +01 
-oi o 

+92 +0! 
-01 +8} 
-01 0 
0 +02 
-OI +0! 
-01 401 
0 +01 
—01 +01 
-01 +w 
-« -a 
—02 -0* 
— M O 
+01 +dl 
V +12 
+ B1 0 
-01 +02 
0 +.05 

-02 +0J 

-u. -oi 


7.07 

6U7 

S.73 

6.06 

1.75 

7.15 
5.27 
5.79 
2J6 
5J» 
6.17 

6.15 
6.M 


N"W Zealand 82 S4 FI .. 

75 

953 

984 

-W -4U: 

Norway 6] S3 ,F1 

1!B 

«| 

941 

‘-01 -Ml 

OKU flJWR 

'75 

92] 

-43 

+84 +M <|n 

EIB 91 SS FFr .; 

in 

971 

9Si 

B +0+']i) 

PIT 9 * LlttFr 

3S0 

TO 

46 

-8* -91. -IQ 

Bayer Lux. S S6 LuxFr ... 

253 

TOS- 

951 

-1 -I* 

MB 7; M LtrcFr .- 

259 

TO1 

971 

+«* +ai 

Finland 1. Fd.P SS UixFr 

259 

TO 

97 

0 -»» ; 

Ncrway 7J S3 LuxFr .. _ 

253 

TO 

97 

-M -u 

h -nauii 71 Sfl LuxFr , 

500 

TO] 

96] 

-K -1* 

S-.i-> dish j -RI;. 5 SR LuxFr 

900 

14K 

9« 

-01 -K ' 

Citicorp 0.5 Fin. 18 M 7 

^11 

a m 

84. 

+U -SS - 

/IB 9J SS £ 

a 

m 

>41 

+81 . +64 

FSnaorr. lor fnd. 10. S3 £.. 

12 

si: 

ni; 

+12 -A 

1 ■■“‘'filer Hlil. BV ivfif. r 

n 

w. 

85] 

0 -11 1 - 

O-.njh.-hfAjm in: 90 t _ . 

is 

822 

831 

+ 1! -22- 

L'hilhn-ad Ifl: 60 t 

15 

■34 

Ml 

+31 -2* 


759 

5.42 
T59 
6.63 
5X7 

5. 36 
5.91 
5.21 
6.01 
7.14 
IM 

*43 

6.37 
*47 

506 I 

6 .« j 

5-45 | 

6.M 


FLOATIHC RATE 
NOTES 

Affn*ri..an Expr*-**. 9H 
Arjb toil Bank Mi fts... 
Banco Xac Ariieui US R3 
Bank Randlov-y M6 fi; 
B;inV of Tnkrcr M"’. SJ ... 
Banque Wnrmi JJ.M Pj .. 
By ETt, d\U= !TSff73 B4 
Bfluc. EM. d’Atef 117 3 S3 
noirc. indo r( Suez Mi) .. 
Bo Ini Air. Occ. Mfl.3 52 

CT-CE WJ2S 9S 

CCF MSI 65 ,.... 

Chaw Man. O.’S. MH 92 .. 
Coatp Scoj MS! 71 
Cnilir National AIS6 S3 ... 

Fnp^trol J17 S9 

SFTE St* S3 ... 

Wiii.au- ajims M5i -a 

Iju.ii.bnkka 337 7} S3 . .. 
■Inland Inn. M3- P3 ... 

w««. ur. os . ... 
Ntnoon Cn-mi -H5j 8J -. .. 

OKB M3? S.h 

■V^-nm Mlnffiff «M 

Sif.n-iard Chart. Ms 5 SO . 
MiTidwnlliiianl;.- -n Mb k>. . 
Ltd Oterwas Bk. US OT 


Spread Bid 
M - 


953 

64i 

961 

962 
971 
96} 
96} 
471 
961 
'W 
401 . 

461 
491 
951 

TO 

49 

471 
661 
W 

462 

472 
97} 
4»t 
.951 
441 

-W 


Offer 

981 

96} 

962 

97 
9« 

98 
97} 
96} 

S’ 


968 

941 

961 
■m 

981 

481 
47i. 
96} 

962 

982 

482 
972 
96 
96. 
48J 


C.daie 
a.'4 
31 -T 
21.1 
29/11 
18/4 
15/12 
9.-2 
2/11 
25/1 
12/1 
3.9 
3 >11 
27/1 
io/a 
11 'I 
2L'3 
5/3 
27 K 
19,1 
29/1 
21/12 
1S/J 
18/4 
19/1 
U 2 
4/4 
401 


Ccpfl 

US 

*s 

92 

9J6 

10} 

4 . 

9S 

7} 

9i 

91 

4J4 

at 
431 
1U1 
9J9 • 
19 1 

13 -69 . 
Ill 
Ui . 
6.34 
4J1 
91. 

UJ6 I 
4.44 
8.43 
Z0J6 i 
131 ■ 



7JB2 


SWISS FRANC 
STRAIGHTS 


3! US .. 

SrUicra Tiinm-J 4 93 ... 

Wi 93 

Cbac.- Manhattan 19!.. 
rVRD 4? 88 .. 

Council ol Eornpr 4} .. 
'lankanwrira a; 03 .... .. 

ENDE 3 86 

Denmark 4J 6p 

O'- mnu rk-Mnrica=e Ban 

FIB « 93 

EwalOtn 41 63 

F I- <nnldih 41 89 

Finland 4‘. S3 

C2B 4* 93 

lllffl-(.(''<’h,-it«i.-ln *1 
«CI Fin. W it pj ... . 
ImaiTStl Vnanj 4 93 .... 

-MsnlioUa 4 b.t 

Ve«- BrURMrlelr EPC 31 
‘..•u-as I 63 

Tnri/.>N Knnm* «1 90 . 

OKU I s:: 

'iv Nokia 3 30 

B1 

«.*JS 4 1 h6 . 

I *-st -A lpine 4 ‘ K 

Vor.illjerc Kraft 4 93 

-Vl'.ima * «: . 

World tank 4} 94 


Issued 

43 

40 

100 

78 

50 

65 

B0 

75 

100 


108 

as 

as 


100 

25 

100 



IN 

109 

79 

IOO 

SO 

20 

30 

IS 

100 

jg 

in 

2» 


BM 

1041 

IOO 

951 

1031 

982 

102 ! 

19U 

1011 

1044 

103 

IU.I 

ins 

in: 

IK I 

WM 

10s: 

loi; 

65! 

1014 

m 

IM! 

101 ! 

100! 

1011 

10?] 

10? 

1922 

tint 

UU 

1S22 


Otfar 


Change on 
day week 


TWO 


IM 

1881 

952 

304 

99 

1021 

182 

uni 

W] 
1BU 
302 
1 » 
1091 
101 - 
191] 
106 
101 ! 
Rf 
19H 
6*1 
100) 
101 ] 
in 
in 
1021 
1021 
ID 
1921 
1612 
IM.’ 


-oi -« 
~K -1 
-12 - U 
-*» -•! 

9 0 

-01 -01 
; — 8] — O! 

-01 -« 
—02 -81 
+■: -1 
-01 -o: 
.8 -0! 
—91 — M 
-01 -01 
.0 -01 
-01 +01 
-n —01 
-11 -14 
-01 -« 
-11 -03 
-1. -1 
-1 -« 
-13 — 0! 
-0! +81 
0. -•»■ 
-I 0 
0- -8J 
0 -Oi 

-01 -a*. 
-« 0 


4.61 
3.44 
4.16 
3.66 
4X8 
437 
Ut 
4X2 
4.03 
. 4X5 
4.08 
4X1 
- 441 
4J3 
4X4 
3.72 
3:42 
4.38 
347 
3.60 
3.66 
3*S 

3.«2 

4-78. 

9.01, 1 

4.22 , 

«3. 

.W. - 

3.r i 


COHVEftTIBUE 

BONDS 

1«’S 3: 83 

Rak,>r Jm 6‘iD. 3r-SS .. 
Bflnts «} « . 

Cni-a-Cola Butting 81 .. 

Ii»Y<iVado 1 ; 9 r. ... 

'.’Ill'll Ip-Iinim r «l - 

Texas, tot. Air 7! 93 ... 
Tlioni Im. fin 7 rv .... 
Tv.-n Inr F*n. S- «6 .... 
,Tt» l»*» rin j *4 ." 
Asahi nor leaf DJI 
Ca*/n Camp . a', DM 

inmivj 3* IK DM 
Jav.TS- at DM 
Knniihiroka s; ns ny , 
M^rudnj Fond SI PM 
Moral-.* 1'an 2 1 , tfi p-.T . 
■Vmanir \ir 3 3 mj 
:--‘pinf, <nunoan 7 ? pm 
iW.«nn nino.) a*, un 
- Rreoh «fl p.M 

Bnnbvn FTleetric aj mr! 
Sanyo FJeclnc St DM - 
Sejm Store* 81 OM 
Stanley Klectrlr 3 1 Car. 
Tr!o-Keawood Si 84 DM 


C«rr. 
dare 
. 4/78 
... 1/74 
.. 2/76 

.. cm 
on* 


or 


..4*74 
il'71 
.. 4.TS 
5i7* 
12,-38 

um 

JO/78 
1/74 
. 1,74 
2<T4 
XI /78 
12-78 
ens 
. 2/74 
20.-78 
. */« 
lint 
9m 

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nm 


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pride 

638 

34 

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n 

n-S 

588 

an 
4W 
1279 
6X2 
1833 . 
854 

sn 

718 

477 

617 

864 

29S 

1219 

UI 

711 


Bid Offer 
1839 1048 
t46 47 

84 « 

84 851 

1342 2407 
41 1 44] 

*n so 

472 983 

♦45 96 

TO] 731 
*4i TO 

an un; 

105S U6J 
1HH Ml! 
984 m 
UG IOU 
94 i 961 
S7i 681 
2151 MS} 
681 66 
193] WU 
1201 22X3 
451 46 

11« UI! 
10U 1W? 
9Ji 44» 


5^1 P 


+«J 
-Oi - 
+ 51. 1 
~3i 
+81 
+2 1 
-12 - 
+1 1 
-81 25 
+ JI 2 
+01 
+87 : 
+01 1. 
+12 2 
-■! 2i 
: 

+ 11 t 
— 61 
+1! i; 
+3] X 
+1! ■ 
+U 2- 
t 

+0! 2* 
+21 11 


Affile 


1 


* Vf > Inlormatimi avallaKe— prevkmj dav'f price-. 

• »OnIy one market water wnpHed a- prkt-. 
Slrainht Bonds: The rield Is tff*> yield to redutno'lnff 
mut. price: »»e amount i-scantl - iv In muiMns of m 
um» tweepr Tor Yen bauds trUere U la in bjltlnnv rt» 
m vcrtr=-rJi3ttati.CKer pries a -vr+ii earlier. 

-fflutlna Rote Notes: ivnamtnaiod in dollars unless off 

UiTtwitrMt V- tJiblOJnfn coupon. C Oale = Dot-' t 

ewipoti beemnes etteejlte Sor»tid.+M8ma sbo-rc. sir-tor 
r. (Terrii rate for I" S- tlnUars. C.rpn-Tltc taarrni coin , 
CVM-rThe. eUrf-rfll yield 

Convertible bond*: Bi-junninalrt in dulbn; an/»»s* «Jkt» 

Inrib^lod.- 1-ta. dty^rhangennd^V’ rnr.-tlP*P“f fTM* 4 . 
for rgnrminn awn dniw Cbv. price— "Vorwioal aounlnr; 
- W"d tw«r V-arr- pTpn-c»A In. rurren - * at nfcsfe a> ewi’'- 
. s-nn mr lWed l at tau.-'. Premr PeretBiHpe pt+.mJumxr 
rurr-tw eff-rilre price nf ornntrlDB- shares UH» b 
over rise must remit prttV-af the «*arrs- 


\ 




•-i o . 

«jTs- 

<K; 

*' ' • Vi * 


Q TIh’ finar.cia! Tbnrs T.ttf.J 76^. ". ff-prodffcrtdfl jt» vl 
Or in narr-tr* Bnr.'-fflnuVrar vrttWW wJU 

k-onscnl. D«U swolted bv Intw-Bdnd Smdccd. 


"rr ? i 







27 


OMl'ANY MANS 


Swedish paper group 
fears heavier losses 


BY W&UAM DUtiFORCE 


STOCKHOLM, Nov. 2. 


m it ^ • 


•"* 1..' By Chart es Batchelor ' 1 . P arahIe figure for l977 > which, operating pro6t of SKR 13m for 

rVK: ; 9 5rV eP w COnta,ned SKR Mra ^ lbe eight months while the 

•*. AMSTBlDAJt' Not. 2* ^ prfrta loss of. 5KK iWSin devaluation losses on Fnrptffn n^wlv i^nirpn n^n«w v‘ n f*pm. 

V ^ DUTCH PUBLISHING groups ($4fi.6ni) during the first oight loans. 68 °° f0re,in h^y^moanv wr^d to 

^.Etoevier and Nederlaadse Dag- months or .IS78 and eipects to ASSI noted an improvement in SKR 14m P y d 

'*}!•': Mad-Unie •08fiP)^«y;«y eqdyJhe. year SK% :31to fa^the the market during the second Commenting on the eight- 


i.-.-.-t j>r. .■ 

ft>- -s i-w_' ■ 
Stf 1 

a - rrvn .* 

SS-.-rati- 

:5> 

bah?... 


mmuouv. iu uts uaiwu -xmioici- :-cu&ui-uiuaiu- tiuuutti . uucis apart from fihrehnarrf hut tor efifprt th-«t ih*> fnractn- in.' 

^-SSSLIWS' £ Ul? I and timY>n prices declined, dusio* was still operating^ at a 
• /■ fjwi iSPlirt? 1°”- 0utput rns(? by 3 per cent, loss but developments were 

• v.' ^£JP5L££P? des 5 ,Te a 0 Percent drop in pulp moving in the right direction, 

-document- will probably, be pub- qeni.- growth. •- Some SKR 110m production. Factors enntributine to the tm- 

r.t ' ’ -Ushed in January- .-■■■ ; - ■ of '.this growth will co^ne from Stocks were reduced bv 23 per nrnvemem were the 1977. 

-•'- •Facka^ug,- the British cent over the period at the.same devaluation of the krona. 

\T\ " f romp^ny awj^ed by ASSI in time as raw material costs fell moderate wage increases, lower 

^Vv. '.v;*' ? f by 11 Per cent and investments raw material costs, reduced 

, >' a oaab flow .Of .FI VUIB t$3amj. Hie pre-tax figures are struck were kept to a low level A stocks strikes in the US 

S?*L?S ^ *1 r dUC,ion in ^on-terra claims forest industry and stronger 

depredation • jS. .charged^ at has also eased the company's export demand. 

:■ SS52- WiBament m& stock financial position. Negative factors were the enm- 

■*■■' '* S““s. u» include^ tbe^eicht- The emrusared board and sack pan Vs heaw financial costs, the 


BY JOHN EVANS 


'■ «nu«- . Their shares were again sus-l ■«' — 7 — 

l-« nc.y :J".' — pended from trading on tie - T ■» »• - _ «- _ # . 

jj? -riSkt* •.•'‘"day. They were first suspended t new lending sharply I Norwegian 

*:-•— at, 1 ‘ -.c. on Monday -.and .were -relisted ^ .1 • ■■ 0 Mr . 1 . 

^ K -7ikffnk m . third quarter industry sees 

‘ ^ on the Mffimtajr^suspension pnce» _: lrvnrAi* 4 A Lf 

r : whHe^W^od at FT.m £125 . .BY JOHN EVANS lOWCr Q6Dl 

tt v t; 1 r •• "" ■'■••?.> The - aim of the nrerger is fij NET' NEW lending in the inter- down from 60 per cent to 49 per unDU . r „, . ,P^? - rsoV- 2 - . 
g# ‘u broaden the activities, of &e two national . capitaL markets fell cent- NORWEGIAN industry could 

r concerns and to strengthen their sharply" in the third quarter of .°d exporting countries and l *s next year 

>3 : . fS** ^financial, commercial and econo- this year and glohai capital the non -° il '«ssc r developed « •* J 

.»-«« eo-u-e »»«» srv&ss « 

- the , , • /• ., • • neither of them we for con- should continue to slow down, countries, which play a relatively I /SnSfl 

Ht.ee.:; • : - tinued growth. They most ex- accordln gto the OECD, to the raargma) role as Inlemationa! 1 in »h«* T c«rrev , °'in’ 

[*■ rj t :-v- v *' . ' .' ^pand abroad in order to .strung- latest issue of its ’ Financial borrower*, and international j ^7™'“*. “ 

• iie a thw their position ill HpBand.. Market Trends .-bulletin. opnisations both Id Europe and 10 wrin,? 1979. while in- 

“ Ur ; v ntaoagement of the- new *• . ^,1 innHino in e,sew herc. stepped up their inter- 1 ri ,-]Jl PIlt .07^ could he 

’ . V.V - sroup wiJl be In the hands. of a S n }J national borrowings, the OECD I {s ner Jent Iwr thaS 

•— ■ . , two-man twaesidium and -a four- tIie quarter, composed of both Says * around la per cent lower t nan 

_ •. ■. v.,_j j J. v international bonds and syndi- ., ' Iasi >ear. In 19** Norwegian 

rni . . '* cated Eurocredits, dropped to 0v ?raM external capital industries covered some 80 per 

^ aw? V •■•: a®, companies are.equsUy. te requirements of OECD countries cent of Its borrowing with 

* K r ^represe nted. ; — - 5^e^im at. an ammal rate, shou|(J rem;jin ]ow in ljoe with rore5gn ]oans . Next yel r only 

v — — mereer <rf the two eotuynis i ev »y . Tacor( j ei i >>,0 secont | favourable balance of payments 35 to 40 per eeni of borrowing 

iv ; __ r A ^w.li produce the ^ Fully Mit^. je^j!«>rdeii to. the second prospects in most countnes> the is cxpe cted to be covered hy 

\jr c O r u ! h0ase '■ ^ • OECD suggests. foreign debt. Reute 

ft . J ‘ interests in books.- news- Reduced borrowing activity At the same time, non-oil Idc’s 

V .. eo.-... papers and magazines and pnnt- affected all market sectors, the needs f or raisine funds for n a. ttc a 

;v’ . secs grfmfins Plant . Elsevterjs specialised OECD ndted: In the., third bafance of payments pSpoSs RoebCO U.S. Offer. 

; i- E 1 l «?* 0Ild £**** de- also seem less urgent given West German brick manu- 

C.y. -• • . • kilned by almost one-third, tradl- ih ose countries' much Improved facturer Roebcn Klinkerwerke 

£ C*::.:. ' - ' " r - : r.iJ P ^ *** ^ ? r onal forei S n lssues . b - v around international reserve positions, has tentatively agreed to 

• °ewspai>er and printing 2B per cent and syndicated Euro- which have been bolstered acquire Triangle Brick Com- 

.: • inweatt- - . *■ credits— despite a continued high already by anticipatorv borrow- pany of Durham, North 

^'-2u-* " •' -«iiSi e ^ n, i». of ;“S r 5J r / ho?e !lJ ‘ s 1 ^ e1 ^ of, refinancing. operations— i„g during the last two" years. Carolina, Agencies report, 

ii The ofcn noSstot an in- Under the agreement, Mr. 

Ar • . ^8 dredgjng grnttn. Adriaan ..This- .overaU slowdown, was creasing proportion of the Wilhelm Roeben. who owns 

. vtAt -. . ..ana the construction linked with a trend towards medium-term credits markets is Roeben Klinkerwerke, will pay 

• =■ . onp oievin. - . . reduced. borrowing requirements, taken up bv restructuring andj $14-25 for each of Triangles 

associated with better balance. of refinancing of past loans and| <63,900 shares onlstanding. 
if.mii.,. . . r u ^ 7 payments' positions, particularly estimates that these operations | J. h ® i® 1 * 1 purehase price Is 

« •' * n V2^t02HKCIl A' • Wjthin th?.:0ECD area. reached several billion dollars 510.9m. 

: -'V r ■ <. .■•■■■.■ External 1 .- bonds and Euro- and accounted for up to one- _ , 

plans nrst - • ' credits raised ;by OECD countries third of the toul S52bn of Euro- Buehrmann- lett erode 

A ^ - • r. _ _ - _ - ; • - fell by 38 per cent, and their credits raised at an annual rate TpitrmHp \t n,. 

• TT.Shranpb ‘Share, in. such -bWTOwlr® moved in the third quarter. n „ trh nani . r Mmnan ’ 


’ inc.v ; , 
^ the rv • 
N- Ci*.:: - , 

L' ‘ 


I ?ni v 


w£‘4%r*n 
— - a. - 1 


c.r ,: : 

-- ^3;<r- 
y -ilz T. 

. ItlsTr - 

•• 

■l-.Sna.'Dr 

’a 


J_. <KS : • 

■ ' 


. ?roup Stevin. 


ID SERV 


Privatbanken 
plans first " 
IJ.S. branch 


Norwegian 
industry sees 
lower debt 

OSLO. Nov. 2. 

NORWEGIAN industry could 
hate Us borrowing next year 
as a result of rednred Invest- 
ment combined with a gener- 
ally lower demand for credit 
a sun ey by the Federation or 
Norwegian Industries shows. 
According to the sun'ev, in- 
vestment Is expecicd to fall by 
10 per cent in 1979, while in- 
restment in 1978 could be 
around 15 per cent lower than 
Iasi year. In 1977 Norwegian 
Industries covered some 80 per 
cent of its borrowing with 
foreign loans. Next year only 
35 to 40 per eeni of borrowing 
is expected to be covered hy 
foreign debt. Reuter 


West German brick manu- 
facturer Roeben Klinkerwerke 
has tentatively agreed to 
acquire Triangle Brick Com- 


Under the agreement, Mr. 
Wilhelm Roeben, who owns 
Roeben Klinkerwerke, will pay 


The total purchase price Is 


m* 

§:&•* - 

. • 1" 

* 


«■ 

5?==’- - 
XiA 


■jy(( By Hilary Barimr'-'v; , . ; j.:7' • . ; :V . 7: T‘ A_ v -. 

.°RIV -5i Demag jorders increase 

iig- three co mmer cial banks in : Bv CIVI .., rm >t*ic= 

-Demnark. plSfiS to open a brancfii^ ' BY OUR FINANCLAL STAFF,. 

• INCREASED orders and sales Turnover was DM 231bn com- 

' for U»e first nine months of 197S pared to Dif 2.13bn. 

rri: are announced by Demag, the • Friederich Flick group sub- 


Dutch paper company, has 
reached agreement with Rein- 
hart Schmidt of West Germany 
under which Buehrmann 
will 34.6 per cent holding 

in Schmidt. Agendes report. 
The Buehrmann holding will 
be sold to the Schmidt family, 
who are the principal share- 
holders of Reinhart Schmidt 


*' islands ^ ^ - Sales and dneomins orders for thus creating 400 new jobs, | produced a 50 per cent profit 

Danish central bank Dermis- the nine months rose by nine and Reuter reports from Dusseldorf. 1 rain for the year ended June 
"si on to nnen the two hrahehes ce n t respectively. The The company is proposing to 30 and is lifting its dividend 

has been granted, and n gi-mi y company gave no figures but said allocate DM 2Q0m of Us own re- to LI80 from L160. AP-DJ 

7 sion is bein* sought -from the thalTtfomestic and foreign orders sources, to be decided on at an reports from Milan. Net earn- 

' U.S. authorises, said the liank. ib first three quarters this year extraordinary general meeting. A inss of the holding company 

Meanwhile Nordic Bank,’ the re*® by 17 and 6 per cent spokesman was unable to give totalled L1.115bn compared to 

' r . London-based international hank respectively. details on further financing or its f.744m in the preceding year. 

•' 1 whose shareholders are four "of -Last year Demag earned a net source. • The company assigned L423m 

- the leading banks in the Nordic ©roup profit of DM 28m .com- The investments are for new. to a special reserve fund. The 

• area, is tCLbpeu a joint repiweo- pared Jo DJI 11m in 3976, of paper machinery n'n the Hagen- Improvement was attributed to 
;• ratrve office- to Sydney: together which DM 24m was transferred Kabel .works aod for coating J an increase in dividends paid 
"with. ita . sister- babk'Nordflnanz- to parent' company Manneamann machinery and equipment ration- bv shareholdings, which rose to 
. Bank Zurich, - v - ■ AG, compared to DM 105m. alteation in Uetersen. I L900m from L603m. 

n Austrian banks see credit demand rising 


BY.*AUL LB4DYAI: . - 

BAWAG. the Austrian- ;• union 
bank claims a 25 Per centjarrin 
in savings deposits during the 
■ past 12 months, a’ figure well 
over the 34 to 15 per cent.. aver- 
age rate for the Austrian credit 
institutions. Announcing this at 
a Press conference, Mr. Wdfter, 
Floettl. dlrectongeneral . : and 
chairman- of the board, also 
revealed that BAWAG during 
the . 12 months to September -1978 
increased the . number ' of " its 
branch offices by more ..= than 
50 per cent to 44 witit..24 
branches. - operating . -Outside 
Vienna. 

. Savings - deposits rose from. 


-Set 7J.bn to Sch S.9hn during 
the period, and Mr. Floettl ex- 
pressed the hope that the figure 
will surpass Scb lObn by the end 
of tbls year-' 

Speaking about, the general 
economic situation, the' banker 
stressed, .such -facts as the 
vigorous demands for credits, the 
reduction . of the inflation rate 
to 3.4 per cent and the growth 
7 of. the savings ratio from 9.4 per 
cent last year -to 13.5 per cent 
this, year.- Aggregate savings 
deposits were, up from Sch 352 bn 
at the end of September 1977 to 
Sch 42bB in the same month 
this year in Austria. 


He particularly drew attention 
to the . fact that thq monthly 
growth rate of the savings 
deposits since January this year 
had shown a rising trend. Mr. 
Floettl also spoke out in favour 
of continuing the monetary 
policy and the maintenance of a 
“hard" schilling. 

A similar theme was developed 
hy Dr. Karl Vak, director-general 
of Zeniralsparkasse. the largest 
Austrian -savings bank. Also 
speaking at a Pre^s conference. 
Dr. Vak emphasised that demand 
for credits was rising, particu- 
larly for federally subsidised 
loans. Applications for such 


VIENNA Nov. 2. 

loans reached a total of 
Scb 3.3bn with Sch Llhn worth 
already approved. The savings 
bank reckons with a 14 per cent 
expansion of its outstanding 
commercial credit this year. 

Developments in the sector of 
savings are also cause for a cer- 
tain degree of optimism. “Z” 
expects this year a 14 per cent 
increase in Its savings deposits, 
just below the Austrian aver- 
age. Dr. Vak however stressed 
that this was due to the fact: 
that the institute has been 
affected by the maturity of 
premium savings deposits con- 
tracts. 


j 

IC Industries sets 
record third quarter 
net income and sales. 


CONSOLIDATED STATEMENT OF INCOME 
For the quarter and nine months ended September 30. -I97S. compared with the same 

1 Dollars in thousands except Quarter ended J Nine months 

nrr cornnxm share amounts) 


I Of 1977 


Sales and Revenues 

Income before Taxes* 

Taxes on Income * 

Net Income 

Net Income per Common Share 
Average common shares 
outstanding fin thousands) 

■ircm ooBiiauiqs operations 


Nine months ended 
September 30 




0 * 

J 



1978 

1977 

Change 

1978 

1977 

587,169 

$471,345 

45.8 

$1,700317 

$1,355,835 

31.212 

25.053 

24.6 

89,732 

82.948 

13,200 

7.293 

81.0 

35.156 

2S.724 

19-824 

19-181 

3.4 

59.091 

57 .805 

51.03 

SI. 00 

3.0 

53.06 

53.15 

15.(373- 

15.250 

CO 

ri 

15.673 

34,670 


*0 

Change 

25.6 

S.2 


IC Industries third quarter net income 
reached a record $19.8 million, up from 
$19-2 million in 1977. In the same period, 
sales and revenues were a record 56S7 million, 
nearly 46 percent above the same period 
last yean 

These record results were achieved even 
though rbere were major non-recurring costs 
during this unuruai period. Railroad strike 
insurance payments." j railroad work stop- 
page, substantial iransiriorul adjustments 
iind costs associated wirh the purchase of 
Pet Incorporated anti foreign currency trans- 
lation losses impacted IC Industries in tile 
third quarter: 

Consumer Products 
record thiid quarter sales 
top 5300 million. 

The IC Consumer Products Group pro- 
duced a record $300 million in third quarter 
sales, bringing the year-to-date pre-tax 
income to $47.9 million, up 27 percent over 
third quarter last year. 

Midas-International continued its 
record-setting pace by posting nine month 
sales erf $245 million, up 24^ percent over 
the first nine nwnths of 1977. Our Midas 
Muffler Shops’ expansion into the foreign 
car marker was boosted ar the beginning 
of October when we extended the famous 
Midas lifetime guarantee to include 
the imports. 

The 1C Industries soft drink operations — 
Pepsi-Gola General Bottlers. Dad's Root Beer 
and Bubble Up— had a record $170 million 


?n sales For the first nine months.12.4 percent 
ahead of the same period last year. 

Included in the consolidated total for 
IC Industries were Pet sales of SI 53 million, 
approximately 62 percent of Pets total sales 
for the third quarter. 

Commercial Products 
has jear-to-date pre-tax 
income over $50 million. 

Our Commercial Product* Group, com- 
rosed of divisions of the Abex Corporal ion. 
experienced a strong third quarrer. It brought 
fir* rune months salts to $>l-i million with 
a 9.6 percent increase in pre-tax income 
to S50.7 million. 

Abet will open a new railroad wheel 
mounting plane in Corsicana. Texas 
November 1, to supply complete wheel- 
sets to the raflreud industry. 

In addition, the Jetway division of Abes 
has received orders for 96 of the 127 
aircraft loading bridges at Midfield 
Atlanta Airport. 

Thiid quarta' accomplishments 
significant to I C Industries 
long range objectives. 

1C Industries is now positioned even 
more solidly in the consumer pnrducts mar- 
ket. In tlie thin] quarter we acquired Pet 
Incorporated. Pet has a wide range of 
nationally distributed brands of food and 
food-related products. With approximareh* 

$1 billion in annual sales, it is a significant 
step in IC Industries objective to become 


primarily a diversified consumer and com- 
mercial products compam*. 

Within the same objective, definitive 
agreements were signed to sell five oper- 
ating companies in the 1C Financial 
Services Group. 

Also, in the third quarter, IC Industries 
agreed to cooperate in the Southern 
Kailway ^ s study on the advisability and 
feasibility of the Southern acquiring the 
ICG Rjjirtud. These studies are now in 
progress and continuing rjtisfaaorily. 

The new JClndustriesthatisemerging, 
primarily a con>umer and commercial pred- 
uos company, will be •operating from a 
: iibstantially stronger base. IC Industries 
will be stn?naer both financially and in the 
■various markets it sen es worldwide. 

Ten years ago IC Industries w as a 
$?00 million regional railroad. Today, we're 
a S3 billion diversified international corpo- 
ration. And the activities cif the last quarter 
are setting the stage for further substantial 
improvement in the consolidated financial 
characteristics of the new IC Industries. 

If you'd like to know more about the 
new IC Industries, write: 1C Industries, h**-, 
European Oft ice. 55. chemin Moise 
Duboulc. CH-1209 Geneva, Switzerland. 


IC Industries 

r>-^r--ilitd ?n fire Ktr.fixn rr-^ir-: 

< .‘•itinv-r.-ial Pr.^Jur;--. •V n-nirm-r Prooucs. Real EfUJe, 
>»uncu! itnicis jik! L jnapcrauon. 


NEW ISSUE 


These securities having been sold, this announcement appears as a matter of record only. 

i 

U.S.$40,000,000 

Basque Exterieure d’Algerie 

Floating Rate Notes due 1985 


2nd November, 7378 


D 


Banqne Nadonale de Paris 


Dresdner Bank 

.UUKOgeselkdaTl 


National Bank of Abu Dhabi 


Golf International Bank B.S.C. 


Blytb Eastman Dillon & Co. 

International Limited 

IBJ International 

Lirrincd 


Kmvait Foreign Trading Contracting & Investment Co. (S.A.K.) ' Manufacturers Hanover 


The National Bank of Kuwait S.A.K. 


Rivad Bank Ltd. 


The National Commercial Bank 

Saudi Arabia 

Smith Barney, Harris Up ham & Co. 

Jooorporaied 


Union de Banqnes Arabes et Francaises — U.B.A.F. 


This announcement appear z as a mailer of record only . 


National Petroleum Construction Co. (N.P.C.C.) 

(Abu Dhabi, United Axah Emirates) 



> -u.s. $20,000,000 

. Medianx-Term Loan Facility 

Arranged hy 

National Bank of Abu Dhabi 

Provided by 

National Bank of Alra Dhabi The Chase Manhattan Bank X.A. 

-Irab Bank Ltd. (Offshore Banhing Unit} Arab Bank for Investment andForelgnTrade 


Agent Bank 

National Sank of Abn Dhabi 


12fb Octo'b«r,-197S 


Algemene Bank Nederland N.V. ■ AI Saudi Banqne American Express Bank 

iurnoMtuI i|*«vp 

Arab European Financial Management Co. SA.R. Arab Finance Corporation S.A.L. 


Alahli Bank of Kuwait (K.S.C.) Algemene Bank ' 

Amsterdam-Rotterdam Bank N.V. Arab European . 
Arab Financial Consultants Company S.A.K. 

Arab Latin American Bank - ARLABANK 
The Arab and Morgan Grenfell Finance Company 

I oailrd 

Banco Arabe EspaBol SA. Banco di Roma ] 
Bank Mees & Hope XV The Bank of 

Banque do ITodochine et de Suez Banqut 

Banqne Worms Barclays Bank Inten 

■ . Lrubr.I 

Baycrische Landesbank Girozentrale Baycri 

Bybios Arab Finance Ba ok (Belgium)S A. 

Compaynic Monegasque de Banque Continental 

„ „ • liiwri 

Credit Industrie! et Commercial Credit Lyon 

DBS - Daiwa Securities International ■ Dominion ! 

Fuji International Finance Hambros Banl 

Uah*d LjkhtA 

The Industrial Bank of Kuwait K.S.C. 

Kuhn Loeb Lehman Brothers International 

Kuwait International Finance Company SA.K. *KIFC0' 

Kuwait Investment Company (S.A.K.) LI 


* AI Saudi Banque 


The Arab Investment Company S.A’.A. (Riyadh) j 
Arab Malaysian Development Bank 

m BrriuJ 

Banca Commerciale Ttaliana Banca Nazi on ale del Lavoro j 

Bank of America International Bank of Bahrain and Kuwait B.S.C. 


The Bank of Tokyo (Holland) N.V. Banque Bruxelles Lambert S.A, 

Banque de Paris et ties Puys-Bas Banque dc ['Union Europecnnc 

Barclays Bank International Bayerischc llyputhckcn- und Weehscl-Bank 

Lrubr-I 

e Baycrische Vercinsbank Berliner Handels- und Frankfnrter Bank 

Chemical Bank International Group Commerzbank 

_ m m , a . ^AliirntriHi-vckiii 

Continental Illinois County Bank Credit Commercial de France 

Linvri m Lib itt4 > 

Credit Lyonnais Creditanstalt-Bankrerein Daiwa Enrope N.V. 

Dominion Securities European Arab Bank FRAB-Bank International 
Hambros Bank Hessische Landesbank HiD Samuel & Co. 

iieftd ^ ^ -Gnw^rilc. _ ^ liailH 

Klein wort, Benson * Kredietbank N.V. 


County Bank 

liaM 

Creditanstalt-BankTerein 


Commerzbank 

_M(irn(r]HL-vclii]i 

Credit Commercial de France 


l-Bankrerein Daiwa Enrope N.V. 

Lrab Bank FRAB-Bank International 

l r d m 

indesbank HiD Samuel & Co. 

rile. _ liailH 

Kredietbank N.V. 
Kuwait Financial Centre 
-Kuwait International Investment Co. sj.k. 

Mitsubishi Bank (Europe) 5 A. 


Salomon Brothers International 


J. Henry Schroder & Co. SAX. 


Kuwait Investment Company (SAK.) Lloyds Bank International Mitsubishi Bank (Europe) 5 A 

Samuel Montagu £ Co. The Nikko (Luxembourg) S.A. Nippon European Bank S A. Nomura Europe N.V. 

Orion Bank Osterreidiische Landerbank Salomon Brothers International J. Henry Schroder & Co. SAL. 

ImM 

Soricte Centrale de Banqne Socicte Gencrale Sumitomo Finance International t’BAX - .Arab Japanese Finance 
The United Bank of Kuwait Limited, London United Overseas Bank Limited, Singapore Yereins- und Wcstbanfc 

Dean Witter Reynolds International Wood Gundy Yamaichi International (Nederland) N.V. 

L»hrJ 





28 


Knincial Times [Fni*? B ! ' 


in'i;i:rwi ionai. financial and company news 


iri Lanka moves to solve 


ipute with UK groups 


BY DAYID HOUSEGO 


THE SRI LANKA Government 
•yesterday made moves to resolve 
the Jong-running dispute with 
over 50 British companies who 
sense Sri Lanka of bad faith in 
delaying payment of full com- 
pensation for _ plantations 
nationalised in 1975. 

Mr. W. M. Tllakaratna. Secre- 
tary for Finance and Planning, 
and the official responsible for 
poeotiations with the British 
companies, said that the Govern- 
ment "had made arrangements 
to deal as expeditiously as pos- 
sible with r»i! outstanding claims 
of remittances _ of bead office 
expenses and dividends.” 

■' He rejected accusations of bad 


faith, and said that there was no 


attempt ^by^Sri Lanka to go back 


on the 1976 agreement that set 
out the compensation terms. 

The British 'companies, repre- 
sented through the Ceylon Asso- 
ciation. claim that dividends of 
about £250.000 which should have 
been paid in 1976 are still out- 
standing as well as further sums 
for head office expenses. They 
arc also at odds with the Sri 
Lanka Government over the 
valuation of net current assets 
at the time of the take-over and 
the exchange rate at which they 
should be remitted when pay- 
ment falls due in 1982. 

Mr. Tilakratna. said from 


Colombo yesterday that some 
British companies had still to 
furnish data which would enable 
the Government to settle their 
claims over dividends and head 
office expenses. As soon as these 
were received, be said, “there 
will be no difficulty jn clearing 
the outstanding accounts." 


Hongkong 
Land in 
HK $500m 
office deal 


By Anthony Rowley 


British companies were! 
awarded about £10m in compen-; 
sation after nationalisation. The: 
first four instalments on the 
payment of fixed assets of about 
£5-6m have been remitted on 
schedule. 


bong KONG. Nov. 2. 
HONG KONG LAND has 
bought one of the prime office 
blocks here. Gammon House, 
from Jardine, Matheson and 
Co. and other interests. 

The value of the deal is not 


INTERNATIONAL CAPITAL MARKETS 


S? 1 


South Africa makes a comeback 


BY BERNARD SIMON 


JOHANNESBURG, Nov. 2. 


being discolsed by the parties 
in voir J ' 


Honda profits dip 11.5% 


TOKYO. Nov. 2 


4j» representative from the 
association is due to have 
further negotiations in Colombo 
this month after what the 
association regards as the failure 
of two meetings earlier this year 
to secure satisfactory action by 
the Sri Lankan Government over 
the other issues. 


HONDA MOTOR COMPANY’S 
consolidated net profit for the 
half-year to August 31 fell by 
Jl.o percent to Y16.83bn (S9lni). 
from Y 19.02 bn a year earlier. 
Sales, however, rose 13.7 per cent 
to Y590.S8bn fS3.2bnl. from 
Y519.6bn. Per-share profits were 
Y28 asainst Y34. 

Overall sales of motorcycles 
rose 11.9 per cent to 1.43ra units 
from l.SSm units- Overseas sales 
totalled 857.000 units, up 5.7 per 
cent from 911.000 units, and 
domes ric sales 573.000 units, up 
22 1 per cent from 468.000. 

Overall motor vehicle sales 
jumped I7.fi per cent to 40S.DO0 
units from 317.000. Overseas 
vaies. ai 2RO.OOO unirs. were up 
22 9 per cent from 22S.OOO units, 
and domestic sales, at 12S.OOO 
units, were up 7.6 per cent. 

Overseas markets accounted 


for 6S.6 per cent of unit motor 
vehicle sales and 59.9 per cent 
of unit motorcycle sales during 
the half-year period. 

Overall domestic sales totalled 
Y199.6bn. or 22.7 per cent more 
than the Y182.6bn a year earlier. 
Overseas sales amounted to 
Y391.3hn. to show a rise of 9.6 
per cent from the previous 
Y357bn. 

AP-DJ 


Mr. Tffakaratna indicated that 
the Sri Lankan Government 
would be sticking to its view 
that subsidies paid to the com- 
panies prior to nationalisation 
for development purposes should 
not be included as part of the 
net current assets. The associa- 
tion insists they were grants 
made for development plans that 
were thwarted by nationalisation 
and are thus not refundable. 


Margin debts 


Thp outstanding balance of 
margin debts on (be three 
major Japanese stock markeLs 
totalled Y1.X3 trillion (million 
million) as of October 28, up 
Y6.3bQ on the week the Tokyo 
Stock Exchange official said, 
reports Reuter from Tokyo. 


On the question of the ex- 
change rate to be used in remit- 
ting the net current assets. Mr. 
Tilakaratna said the 1976 agree- 
ment did not provide for a 
unified exchange rate (intro- 
duced in 1977 to replace the two- 
tier system then in use). This 
was a subject that would be 
taken up with the British delega- 
tion this month.' He anticipated 
that a satisfactory- solution could 
be reached. 


Tha announcement appears as a matter of record only. 



JUGOSANKA UNITED BANK 

US $20,000,000 
Medium Term Loan Facility 


Managed by 

The Mitsui Bank, Limited 


Co-managed by 

The Yasuda Trust and Banking Company, 

Limited 




Provided by 

The Mitsui Bank, Limited 
The Yasuda Trust and Banking Company, Limited 
Associated Japanese Bank (International) Limited 
The Bank of Yokohama, Limited 
The Mitsui Trust and Banking Company, Limited 
Nomura Europe N.V. 

Nippon European Bank S.A. 

The Toyo Trust and Banking Company, Limited 



Agent 

The Mitsui Bank, Limited 


September, 1973. 


Ived, but it is thought to 
be at least HKSoOOm (some 
L.SJ$lQ5m) which makes it a 
major transaction even in 
terms of Hong Kong’* 
currently hyper-activc properly 
market. 

Jardine acquired its slake in 
Gammon House about three- 
and-a-half years ago. when It 
bought the civil engineering 
concern. Ga mm on (Hong 
Hong). Gammon owns 75 per 
cent of a company. Sirius 
Enterprises, which is the owner 
of Gammon House. The 
residual 25 per cent of Sirius 
is owned by the Leong family, 
which has other property 
interests here. 

Gammon House Is a 40 storey 
block located in Hong Kong's 
central business district, and 
is fully let. ' Its acquisition by 
Hongkong Land gives the land 
company a foothold in the 
nearby *• Admiralty " area 
associated with the mass tran- 
sit railway. Sites assodaled 
with the MTR have risen very 
sharply In value, and Hong- 
kong Land has been anxious to 
secure a stake in the develop- 
pients^ involved- Completed 
in 1975. Gammon House corn- 
prices 35,800 sq. metres of 
office space, 3,700 s q. metres of 
retail space and parking for 
22Q cars. 

A joint statement issued by 
Hongkong Land and Sirius 
says: “ Hongkong Land 

acquired the building against 
strong competition. The com- 
pany will not draw on the pro- 
ceeds of the recently 
announced 8 per • cent 
unsecured loan stock for this 
purpose financing the transac- 
tion and is arranging ad- 
di tional banking facilities.” 

A spokesman for Hongkong 
Land said that the building 
had been purchased “in line 
with our policy of owning 
prime-located, first class office 
buildings, which we retain for 
investment" ' 

Jardine. Matheson said: 
“This disposal Is in line with 
Jardine’s group policy to 
reduce our overall group’ bold- 
ing in properly, consistent with 
our principal role as a trading 
company. Our share of the 
proceeds ot the sale will be 
used mainly to finance new 
investments., and business 
opportunities In Hong Kong, 
and also to reduce some lerm 
debt.- The -surplus arising 
from Ihc transaction will he 
treated as. an extraordinary 
Item in the 1978 profit and |<w>s 
account." 


IN WHAT marks South Africa’s 
first public appearance on the 
international capital markets for 
more than two years, the Govern- 
ment af South Africa has given 
a mandate to three banks to 
! raise S150m for five years. This 
i credit will carry a spread over 
I the interbank rate of li per cent, 
but other terms are not yet. 
known. 

J The three banks are- Deutsche 
1 Bank. Dresdner Bank and. Union 
! Bank of Switzerland. 

I Negotiations between the 
; South African Treasury and the 
three banks involved have been 
{going on for over a month, but 
(according to market sources the 
issue has not yet been fully 
underwritten. The reason for 
this is apparently the banks’ 
nervousness over the current 
situation in Namibia, uncertainty 
over the performance of the new 
Prime Minister. Mr. P. W. Botha, 
and more recently, concern about 
tbe effect on South Africa of 
events in its major oil supplier, 
Iran. 

Last month, the Minister of 
Finance, Air. Owen Horwood, said 
that he had no donbt that if 
the Government should seek a 
substantial loan abroad, it would 
be forthcoming. He added that 
South Africa is rated a very good 
investment risk at the moment. 

Certainly, South African 
borrowers have had considerably 
more success in interna.tional 
capital markets this year than 
in the months following the Incur- 
sion into Angola in late 1975 
and the upheavals in black urban 
townships in mid-1976. Accord- 
ing to the World Bank. South 


African borrowers raised $206m 
on international bond markets in 
the first sis montixs of tbfe year, 
compared with 884.5m during the 
whole of 1976 and a mere S23-9m 
last year. The figure for 1978. 
in particular, is probably, an 
underestimate.- as bankers say 
that several unpublicised loans 
have been arranged. 

This year’s public - sector 
borrowers include the Electricity 
Supply Commission CEfJCOM). 
the South African Iron and Steel 
Corporation (IS COR), -the South 
African Railyways. South African 
Broadcasting Corporation, 

SASOL, Corporation for Econo- 
mic Development, and Johannes- 
burg- and Cape Town Municipali- 
ties. ESCOM alone is .es tima ted 
to have borrowed arouhd R150m 
of which half is new money, 
and the railways have -arranged 
loans (including suppliers* 
credits worth over RIOOm. 

The private sector borrowers 
have included Barlow RancL 
.the Urban Foundation (which 
finances black Improvement pro- 
jects! and Standard Bank Import 
and Export acting, it is believed,, 
on behalf of a public corporation.' 

Tbe government loan is further 
proof that maturities for. South 
African borrowers , have length- 
ened suhstantiallv in the past 
year. While the few. loans floated 
in 1977 carried an average. life 
of three years or less, most of 
this year’s issues are for four or 
five years. A DM40rb credit 
negotiated bv TSCOR.in- Seorem- 
hrr had a maturity- of -six; year*. 

and officials sav that at. least om» 
seven-year issue has been 
arranged. 


Sharp setback 
at 



BY YOKO SHIBATA 


TOKYO, Nov. 2. 


Nestle to buy 
65% of biscuit 


company 

By Wong Sulong 


KUALA LUMPUR Nov. 2. 
NESTLE, of Switzerland has 
reached agreement to buy over 
65 per cent of a leading Malay- 
sian biscuit company, United 
Biscuit Manufacturing, which 
has been incurring . losses. 

Nestle will purchase 2.15m 
shares of l ringgit each of 
UBM for 1.1m ringgits from 
Supreme Corporation Berhad, 
and 220,000 .-hares from 
Tininran Holdings for 149,000 
ringgits. 

The managing director of 
Supreme Corporation, Tan 
Koon Swan, said that the com- 
pany was selling off Its shares 
in UBM bcca: Supreme had 

no marketing outlet. 

Supreme is involved in pro- 
perty development and planta- 
tions. Tan said on the other 
hand. Nestle has been long 
established in Malaysia and has 
an exrcllent marketing net- 
work for food products. 


MITSUBISHI HEAVY Industries 
(MH1), Japan's largest heavy 
machinery manufacturer has 
reported a sharp fall in its sales 
and earnings for the six months 
ended last September, against the 
background of the shipbuilding 
recession and the sharp rise in 
the yen to the foreign exchanges. 

Mitsubishi’s current profits 
were V2 35bn i$I2.7m). down 
92.7 per cent from the previous 
J ear's level. 

MHI’s total sales for the six 
months fell by 25 per cent to 
Y557.2bn (S3bn>. largely as a 
result of the sharp fall in ship- 
building. Offsetting factors were 
favourable sales in chemical 
plants (up 43.8 per cent) and con- 
struction machineries (25.6 per 
cent). New ship orders in the six 
months declined lo 16 vessels, 
from 32 a year earlier. 

Exports declined by 23-3 per 
cent to Y230.7bn. with ship- 
building faffing 61 per cent to 
Y125.6bn. despite booming 
exports of chemical plants, which 
row 3.7 times to Y45.9bn. 

Exchanges losses arising from 
tbe yen's appreciation increased 
five-fold lo Y4.4bn. Sales of 
securities, however, brought in 


Y5.5bn. As a result. -.the com 
party's net profits at Yl.lbn were 
np 5 per cent over a year ago. 

For tile latter -half, of tbe 
current fiscal year, Mitsubishi 
sees a sizeable gain to sales of 
plant and machinery. In particu 
lar. exports of fertiliser plant to 
the Middle East is expected to 
contribute lo profit Improvement 

For the full year, aiding next 
March, the company expects sales 
to be Yl31bn. down 5 per cent 
over fiscal 1977. 

Because of increasing, competi 
tion among heavy machinery 
manufacturers and thr farther 
appreciation of the yfiji, MHl 
estimates current profits .at 
Yl8bn. down 61 per cent, from 
the previous year. AsV result 
the company is hkelg to register 
net profits of YlObn or 44 per 
cent less than in 1977-78. 

The company has passed its in 
lerim dividend payment, and the 
dividend payment at the end ol 
the current fiscal -year is likely 
to be cut, since Mitsubishi sees 
the recession in shtpbullrthiq in 
next fiscal year as becoming 
much more serious titan this 
year. 


Business better at Lufthansa 


THE West German airline Business has been better since 
Lufthansa expects to pay a divi- July than it was in the first half, 
dend of 5 per cent to 7 per cent according to Dr. Guenter Eser, 
for 1978. The airline paid a divi- a member of the management 
dend of 6 per cent or DM 3 per Board. 

DM 50 nominal share in 1977. AP-DJ. 


Almost all South Africa’s 
foreign borrowings this 
appear to have been provided 
by German and Swiss banks, wih 
Bayerfsche Verei asbank, BHF 
Bank. Bayerlscbe Hypo the ken 
and Wecbselbank and Comraerz- 
"bank most frequently mentioned. 
However, as one Cape Town 
-broker put -it. “The market ts 
a little broader than one tends 
to think.” One public corpora- 
tion added that “some of the 
banks who are lending to us have 
insisted that their . names be 
kept secret” 

It is not clear, however, how 
much of South African hop 
rowers* success can be attributed 
Simply to the high liquidity of 
foreign markets, and bow nroen 
to a more optimistic view among 
bankers and investors of the 
country's political future. 

Frauds Gbllfrs adds; It will 
come as no surprise iir the inter- 
national capital markets that two 
German names and a Swiss are 
: among the lead managers of this 
loan. These two countries — and 
most notably Germany — are the 
only two where effectively public 
deals have been arranged for 
South African borrowers so far 
this year. 

The reception for Deutscbe- 
mark private placements by 
South African borrowers has im- 
proved considerably in recent 


months. The growth in frequen 
jf DM-di 


and size of DM-denonzlnat 
private placements led t 
German Capital Markets St 
Committee, which each mon 
approves the calendar of m 
issues for foreign borrowers.' 
include ail bonds and priv; 
placements for South Afric 
borrowers in the calendar. V 
tuaily all the major Sputh Afrit 
public corporations have rais _ i 
money in this form this year. .,*1^ 
They have been genre* 
steadily better, terms this ye 
but these are more a reflect! 
of the liquidity in the Deutsd 
mark sector than of any drama^---' 
improvement in the status ' ,t 1 
South African borrowers: L 

Several major U.S. banks he-"' 
in the past made it clear® 
they are not lending to tbe Sm 
African Government or put 
sector agencies. A syndic# 
loan, even arranged by ja am . 
group of banks, becomes” put 
knowledge far more easily, .ft 
a private placement of bond^i 
may thus be assumed that attic 
the three unnamed co-manag 
of tbe loan just announced.-!!)* 
are no U.S. names. • 

• South Africa today is rata 1 
far more serious credit risk ft 
was the case in 197B.' Wiftr. j 
result that banks generally ir, 
cut their ceiling on lendings 
that country.. 




A ! 



Kira 


Statement of the financial situation as at 30th June, 1978 " 


ASSETS 

Cash and banks 

Banking subsidiary (medium term). .... 
Intermediaries, subscriptions and 

coupons — 

Loans to customers (bills). . 

Subsidiaries accounts .............. 

Customers and sundry debtors. ........ 

Investment securities;. ............... 

Transitory accounts. 

Bond redemption premium. 




KFrs. 
32,217,042.^ 
280,000,006.00 


14^82,855.09' 
35,000,000.00 
' 420,000^000.00 
25,426.60 
2,532*236,445.1? 
8,128^10,65 
47,482411.00 


; ■ « i .» r r* J r ’ n 

;345a87SrfflpL37i^V{ 

. Jll, 699i0i9.83"J^5 p | i 


subscriptions and 


LIABILITIES 

Banks 

Intermediaries, 

coupons 

Sundry creditors . . . . 1... 

Subsidiaries accounts 

Transitory accounts.. ..... ... ........ 

Convertible bonds.*..........,....... 

Contingency reserves. . 

Reserves 

Capital 




. 40427.47;- r 

• 38, 202217.80" * v ' C 1 

26,915,000,00 
17,008,135.17 
472,087,046.08"', *VVY 
86,047^7288 AVwW - UvU 
'3,126498,905.23 p, ^ 

2, 325.008,00040 [' tfeUtSC H f 
7100,407,920.10 ~ 


Retained earnings 

Unaudited earnings to 30ihJune 3 1978 ., . . ’ 

... - 3j 350,873^1047, , 

HOK&BILAN . CpiP ;■» 

Guarantees and endorsements. . . ...... 2,912^30.78 . l. ; , J h 

JRecei\ubles used as collateral ^ 2,130, 000,000.00^ - - ;. C 

Other commitments received... . 324,750,000.06^ c o r 


The unaudited earnings, which amount to FF 67 mflTf rm, am 
ktrgely made up of revenue from the company's investoent 

portfolio actually paid during the first half of 1978. 


One cannot, hwrever, draw any precise conclusions about 
overall income for the year from these figures. The Cbmpagnie 
rinanciere de Paris ct des Pays-Bas receives the greater part oftfn 
revenue from its portfolio during the second Jjalf of tbe year, ia 
the dividends from the subsidiary companies OPH- 
‘ARIB AS. Panbas International. SOGEDIPand OPB-PARIBASL 
Which are expected to show a substantial increase. 


77i iaaonoonccBtara appears as o manor of record aofy. 


September, 1578 


U.S. $25,000,000 


I/S ELSAM 


(JUTLAND-FUAIEN ELECTRICITY CONSORTIUM) 

91% LOAN DUE OCTOBER 12, 1990 


Managedby 

The Mitsui Bank, Limited Blyth Eastman Dillon & Co. 

International Limited 

Copenhagen Handiesfaank Gudme Raaschou 

Co-managed by 

The Yasuda Trust and Banking Company, Limited 

Funds provided by 

The Yasuda Trust and Banking Company, Limited 
The Toyo Trust and Banking Company, Limited 

The Saitama 8a nk. Ltd. 


The Mitsui Bank, Limited 
The Daiwa Bank, Limited 
Mitsui Finance Asia Limited 



Agent 

The Mitsui Bank, Limited 


New Issue 
November 3 . 1978 


.rv- 


This atartbemenr 
as a matter of record only. 


EUROPEAN COAL AND 
COMMUNITY 



DIV1 150,000,000 

6 °/o Deutsche Mark Bonds of 1978/1988 


Offering Price: 
Interest: 
Repayment: 
Listing: 


100 % 

6 % pa, payable annually on November 7 
an November 1. 1988 

Frankfurt am Main, Berlin. Dusseldorf, Hamburg und Munched 


Deutsche Bank 

Aknengesoibctiaft 
also lor 

Deutsche Bank Berlin 

AktiangecallsUnft 


Dresdner Bank 

•AtocngoKSlscJjafr 

afcotor 


Bank fur Handel und Industrie 

AMiengesallxfcflft 


Commerzbank 

AktwxjesaflscTwft 
•bo tor 

Berliner Commerzbank 


Westdeutsche Landesbank 
GiroZentrale 


* »- 


Bank fur Gomainwirrscheft 

AUiciKj-jsdisctufi 


Berliner Bank 

/Ancnoc^rffecNitr 

Deutsche Girozexrtrate 
— Deutsche Kocnmunalbank— 
Sal. Oppenhoim jr. & Cio. 


Bayeriscfra Hypotheken-und 
Wectwel-Benk 


BsysrTucZio Vsrainafaanlc 


Berliner Handels- und Frankfurter Bank 
Hardy-Stoman Bank GmbH ' 


Deutsche BankSaar 
MamgcstlWirir 


r Trinkaus&Burkhartft 


Slmonbank 

AKUongnvibcluft 


Merck. Hncfe&Co. 
J. H. Stain 


M. M. Warbujg-Brimdtnwrm, Wfrtz* Co. 


Westfalen bank 
AkdenoesdAschaft 


Amsterdam-Rotterdam Bank N.V. 
Banque de Paris et des Pays-Bas 


Banca Commaraalo ftaliana 


Banque Populaira Suisse S -A. 
Luxembourg 


Benque Internationale £ Luxembourg SLA. Z 


Z Kuwait Investment Company (SA.K.) Soeiete Generate de Banque S. A. 


Credit Suisse First Boston 

Lmited 


- +1 


i 



Bank of Switzerland {Securities) 


g£jss Bank Corporation (Overseas) 


V ■ 

. v “■>*. - 


s. G. Warburg & Co. Led. 






■ 


29 





&?■• JGBax^ 1 
3S*^ s - Th» .S^. . 

Sl *5 a " 

asp- 


es?** e^v 

®*T*Vrl>r* :. -* 
•VtfaS-.- a;-' '. .^- l?. t ' f* ■ 

-awxsov .-“yc'' , ' , 'c-:*..* 1 ?- 




: .i r 'Lr' ar 


*.? ' ^4*: * * „* : 11 “»c .'. ^ 


**%#•? : *r :^ c ^»$PpRD:P13RBC^O^Y 





Norsk Hydro a.s 


*?>' arbogkHs subsidiary Nor»K Hydro fUK) Limited 
- . hasacquired «piftylntere*ts of 
■V" S0%aAd20%resp«2fveIyiii; 


•'-■ ■and;- _■'. ".. 

Stayefey ''Qiesmcals'.'United 


This trenacttoa was financed by 


National Westminster Bank Group 


OCTOBER 19W" 


Wtb* 

JBMk s^r*r; j . r :‘ »*■;:*. ; 

^STiAO^jev’"" 11 r -C : 

?W» **£, ? ;•;■■ . 

.in- ** “*^r *;> j 

ate iV* 5 ^ ^ 1 

Afftcaj* v;.-.:"-S^i i r * • - 

Foot) PRICE MOVEMENTS 

c-r c.^^O 

ZtIf»S?je-i , p f ^5 Si, * . 

xpnxni'piZ.**} 

I 3&»- 


BUILDING 

SOCIETY 


RATES 


Every Saturday the 
Financial Times 
publishes a table 
giving details of 
BUILDING SOCIETY 
RATES 

on offer to the public 


For futher advertising 
details please ring 
01-248 8000, Esin. 2K6 


■*» iso r c *■: 
Vi&urrfc 
: f$7. Zi.arr '^ r i. 

WAS iilC ■ •:r. J “ -■*Cr." 

«5ii3? a fc vv. : .' !st{ 
<S-‘t.TLe:r 

,ttear * l ~ W 



'•.*■. ;'£ .■ . t- N ovember 3 

Bacon . • - v •- - ^ .-.. * ,-• - : * £ : -v — 

Danish AJ per ton ljlb --•' - 

British AXpfer-ton J l" LOSS • 

. Irish Special ton. 

Ulster A-l per ton f J.. 1,050 :.' 

BUTTER' •• --- .-• -*' -' ' 

NZ per '20 k* 

English- per cwij.i — 

Danish salted per cwtt-- 

CHEESE’S - 

NZ pec tonne IV I 

English cbeddar trade; per. 

tonne ..... 

EGGS* . .. 1 

Home-produced; • 

Size. 4-.'.^ ..... 

Size 2* 


W r £pfc ago - 3fonflj ago 

£.... : . £. . 

: 1.11ft V. 1,115. 
.1.085, ... 1.085. 

UlO -- wto \ 

£050 . ... L030 : 


12 .M)/ 12.72 
79 .14 • 
80.98/81.72 


^12.59/12.72. 12.5fl.J2.72 
•77.81/79.15 77.01 
78AS/S1B7 78i»8/8l.72 


1J81.50 

1445 


i;i«.ao - .-uatjo 

J.309.77 L27S 


2.60/2.00 

8:10/3.40 


2.50/2.70 . 2.65/280 

8.00/3.30 • 3.10/3.40 


November 2 
P 


BEEF . 

Scottish killed sides ex- , . . 

. KKCP . :..;..,r iHl.O/SSJ) 

Eire forequarters •*.—•• 
LAMB : . - - 

English. — 52.0.-56.n. 

NZ PLs PMs - . ..:... I.;.:.... 565/5S0 

PORE (all weights)’ .......... 37.0 M 6.0 

POULTRY— Broiler' chickens 36.0/38.5- 


Wcek ago 
P 


Month ago 
P. 


54.0/57.0 

37,0/38.0- 


35.0/57.D. 
36.0/ 39. Q 


52.0 '58.0 
37.0/48.6 


370-46.0 


* Lonrion Egp ’ Exchange' price per -120 ej 
Unavailable, f For delivery November 4-11- 


36.0/38.0 - 36.0/39.0 
eggs, t Delivered. 


, CLIVE INVESTMENTS Ll.MITEU 

1 Royal Exchange Ave.. London EC5V 3LU. Tel.- 01-253 1101. 
Index Guide as at October 24, 1978 (Base 1QQ at 14j.77| 

Clive Fixed Interest Capital 129 21 

‘ live Fixed Interest income 113S6 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cnrnhill, London EC3V 3PR. Tel : 01-«23 6314. 

Index Guide as at November 2, 1978 

‘ ■ipiMl Fixed Interest Portfolio inn.flL* 

Income Fixed interest Portfolio 100.01 




New Issue 
November 3. 1978 


This adi/e/tran-wm j»pp nan 
as a mailer of record only. 



S^.>- u’ 


. ii.7_.i- 


!te V 

» n< * i 


BANKAMERIGA 
OVERSEAS miANCE CORPORATION M.V. 

Curaqao, Netherlands Antilles 







I DM 1 50 , 000,000 

^ | 5 3 / 4 0 /o Deutsche Mark Bonds of 1 978/1 990 

__Z : under the irrevbcable and uncon^rtionsl guarahty of the 




>‘£. M . . 

aV- • 


I San Francisco, U.S.A. 




issirfi-- 


• Offering Price: 

5 interest: 

5 Repayment: r- 

• Listing: . 'A 


1Q0%- — — - — 

5V4%'pl8M'iMyable annually on November! 
on NpvBnbwi ,1990 " 

Frankh»rt*n Midn 


XlAjt S' ' 
HGC T&rt 

- 

3tWLv.- • 


Deutsche Bank 

AkOMiBOScflschan ' 


Dresdner Bank 

AktengMaHachaR 


Bank of America Internationa f Commerzbank Westdeutsche Landesbank 

United- AknenoaseBicrtft .. Girozentrale 


n i ne wM**** 




Abj Dhabi Investment Com parry . 
Amhold and 5. BieichFpedar, Inc. 


Algamena Bank Nedwiand N.V. 


& 


Tsw 


BadcaJNao^onaledel Lavoro 


Atlantic Capital 

Corpotstion . . 

Bank Julius Baer International 
Lvnitad 


Amsterdam -Rotterdam Bank N.V. 
Banca Commerciale haliana 


Bank fur Qemeinwirtschaft 
AVnenprsefiscfwh 



Bank lau International' Ltd. - 

Bankhaiis Centtale Credit 
AktwngBseltartttlt. 

Ba R q u^Oen^ral adu Luxembourg SJL 
Banque Natiorwlada Paris 


Bank Maas ft Hops NV 
Banque Bruxelles Lamberts A. 


The Bank of Tokvo.f Holland) N.V. 

Banque Franpaise du Commerce Exterieur 


Banque Popukiina SufcesaSA. 

Luxembourg _ -.'.l. . 


Banque de tlndochina at de Suez 

Banque deNeufl ire, Schlumberger, 
.Mallet 

Banque RothschHd 


Banque Internationale a Luxembourg S.A. 
Banque de Paris et des Pays-Bas 


Barclays Bank International 

Limrtsd-' - V ' ' •. -I/ ;-' 


Baring Brothers ft Co., 
Linwed 


Banoue de la Societe Financiera 
Europeenne S.F.E. Group 

H. Albert de Bary ft Co. N.V. 


BayerracheWvpothoken- und 
Wftchsel -B’artk' . - " " 


Berliner Bank - - ; .' 

AkbengoseUschaft: • 1 — - 

Caisae des Dftpdtaet Consignations 


Bayarische Landesbank 
Girozentrale 

Berliner Handels- und Frankfurter Bank 


Bayerischa Vereinsbank 


Blyth Eastman Dillon ft Co. 
Inumanonal Linvted 


Corner Bank 

Umrtod 


Citicorp International Group 
Credit Commercial da France 


Compagnie Monegasque de Banque 
CrAdft Lyonnais 


Credit Suisse First Boston 

Uimred - 


Creditanstalt- Bankverein- 


Daiwa Europe N.V. 


Defbruck ft Co 

Dillon, Read Oversees Corporation 


Deutsche Girozentrale 
— Deutsche Kommunalbank— 


DG Bank 

D butsc he Genossenecheftsbatifc 


Gefina International 
Limited 


E f fectenba nk-Warbu rg 
Miisngeseitschart 

Goldman Sachs International Corp. 


European Banking Company 
LmiWd 


Hambros Bank 
Limited 


E. F; Hutton ft Co. N.V. 


Hessischa Landesbank 
-Girozentrale - 

Industriebank von Japan (Deutschland) 
AkiengtsfiUectuFl _ 


Groupement des Banquiers P rives 
Genevois 

Hill Samuel ft Co. 

Lmvwd 


Kidder, Peabody lntartoHonal 

Limit id 

Kredietfaank SJL Luxembourgemw 


Kleinwort, Benson 
Limned 


lstituto Ban carlo San Paolo di Torino 
Kradietbank N.V. 


Lizard Frftras et Cie 


Lloyds Bank International 
Linwtl 


Manufacturers Hanover 
Lmnwl 


1® 


Merrill Lynch International ft Co. 


McLeod, Young, Weir International 

Lrnrtitd 

B. Metzler seal. Sohn ft Co. 


Merck, FinekftCo. 


Samuel Montagu ft Co. 
LjmtBii 


Morgan Grenfell & Co. 

Limited 


. Nesbitt Thomson 
Limited 

Norddeutschd Landesbank 

Girozentrale 

Sal. Oppenheim jY. ft Cie. 


Morgan Stanley International 

Limited 

The NHcko Securities Co„ (Europe) Ltd. 


National Bank of Abu Dhabi 
Nomura Europe N.V. 


Den norslca Credit bank 


Osterreichische Landerbank 

ALnmxjMfttscfwti 


©=* 


PKbanken 

Salomon Brothera International 

Skandinaviska Enakilda Bankart 


Orion Bank 
Limited 

Rothschild Bank AG 


Pierson. Heidring ft Pierson N.V. 


J. Henry Schroder Wagg & Co. 
Limrtad 

Smith Barney, Harris Uphtm ft Co. 
Incorponned 


N. M. Rothschild & Sons 
Limned 


Schroder, Munchmeyer, Hengst ft Co. 


Societe Bancaire Barclays {Suisse} S.A. 
Svenska Handelabanken 


tfa a ^ 


Union Bank of Switzerland (Securities) 

UnutBd 

J. Vontobel ft po« 

Wostfalertbank 

JUstHungnsenaerialt 


Socifttft Girtorale 

Swiss Bank Corporation {Overseas} 
Limitsd 

Verba nd Schwoizerischer 
Kantonalbxnken 

M- M. Warburg- Brinckmann, Wirtz ft Co. 
Dean Witter Reynolds Intarnetional 

Yamaichi International (Europe) 

Lnuted 


Saciftta Finanziaria Assicurativa 
f RAS Group) 

Soei6t§ Generals de Banque S A, 
Trinkaus ft BurkhBrdt 


Vereins- und West bank 

Akti«nee-»llscfwft 


S. G. Warburg ft Co. Ltd. 
Wood Gundy Limited 


. l-.-V - - 


L 1 "- 










5••*••■•»*••••**e••*•**• WM, **** B ******** M . , 




Gurreiicy , Money and Gold Markets 


Dollar settles 
following rise 


THE POUND SPOT 1 FORWARD AGAINST £ 


European Mnirrt! tank* eon* DM1 9ft. hut orofii talons tended ( TJP" 1 - 
rinued ’in support th«? dollar in to pull th* L'.S. unu clown fairly ] 
quieter L - .idlP^ in the foreign os- quiekl> Trading quietened from • . . 

The the early heetii* pare, and .spread.*- - 
were fairly wide ahead of 


! Chan, 
! i:.S. 


:e market yesterday.' 
currency was very >tronc 


against all currencies m early markei adjusting to the new con- 
trading but eased fnirly quickly, dition 


and then moved within a narrow 
ranue throughout ihe rc-i of the 
day. The dollar opened at 
| DM 
i and 

I seltline down In n >r t *.irly level 


in laic irodir.^ ihe dollar wa«s | 
relatively -N.-ady. although the* 
market n-matnod very nervnu>. i 
l.aiHKl agft:n.-.t Hu.- D-mark. The 1. .S «:urrem\ was qunted at; 
rose tf> DM l.iujiitj. before D.MlSTflo. sli-.'lith lower than ihe; 

ailernoon hi>h of DM1.8735, 


■Btzui 

N'or. ? mit' Dir.i 
| . % Sp*ea,<l 

flow 

One mnniti 

',p.a. 

'Tfci*i* m'.nir.b' 

% P*«- 

\ L'js. 

9 la-l. ‘bad- 2. LOW 

1.897S-2.00BB 

U.4D-0.30i-.pm 

2.10 

I.e0-0.9D i-.pn. 

1.90 

} 1. unuliHO S 

IOUJ.M5u-i.iJj3 

2.: 100-2.6 J25 

0.404.50 ••.pm 

1.50 

1.76 1.95 pm 

2.83 

1 « III III w 

ilia. J- 7-4.05 

5.93-4.01 

I,-, ■■.pm 

2.25 

4 .-5^ ••.pin 

J ik 

1 tu.'piiim r 

0 5i E>'Ob./U 

-8 au.s8.l3 

JO- 10 *-.|,i,j 

J.07 

S^-ob vpin 

3.90 

1 In oikii K . 

0 10. 16 IU.34 

10.5110.34 

2; 4, ■■■■■ ill- 

-4.36 

9; IIjmivIio 

-1 07 

. iFMiru .... 

3 3.CS3.76 


3-2 i>i i>ai 

8.01 

3,-Si pi pin 

5.35 

Pirn. Em*. 

18 «8.Z5..£.UU 

9iim-<2.ihj 1 /o.:/0i-. .in. 

-IS.74 

200-350 >-. J>* 

- 12.02 

iloii. L'e*. 

S 14d.ib-Ki.26 

I42J5-I45J10 

I80-28D ... .ft. 

- 19.35 

550 baD <-. rl> 

-16.85 

! LU 

v>h 1.526-1.656 

l.tOn-I.Sjrfl 

5-6 nnr-ji* 

— 5.2o 

,13-15 lire 

r-i.&l 

. .Vrean.K. . 

/ 9.84-S.57 

j.tsw.a&i 

5 vre ■l>- 

— 1.81 

il 5i on*, fin 

- Hi 

; freud* tr. 


5.51-8.64 

31-21 ■ ■ pm 

5.B7 

•2-6^ pm 

J.40 .] 


Sift 8.55 8 .to 

8.65-8.06 

5, 1 I-m 

-5.1! 

6i-4i —f prr 

- 2-64 

i v *° 

4i« ibEniaO 

5 V 6-677 

5.30 5.55 1 pm 

1 S.57 

iO. 6-8.0 V| -in 

10.85 

1 Aiiitria reb 

41? 27.2B S7.b5 

27J5-27.SE 

12-J <.-r* jim 

5 Di 

<8. 18 i*n* pm 

a.57 

| mu F- 

1 3.I4-3IS 

S. 19-3.2! 

3i 2# ■■ pm 

1l.2b 

IOb-:* ■•. pm 

12.65 

1 - - 

- 

— 

- 


— 

— 


&cJ6ian rai-s is for cor.rerliOlf mats 
f'inanciMl franc 


SiT-moaih fan* ard dfliiar 1.70-; sot- pm^ 
IC-tnomn 1 SitS uv- pm 


THE DOLLAR SPOT FORWARD AGAINST S 


with 


BRLSSELS 

F-Fr 29J10 asainst the Belgian 
franc at the fixing from 

RFr 27.1725 previously. Although 

Y1S7.S7J. compared the I’-S currency ro^e sharply 

from Wednesday’s fixing, it was 


It doted at DM lSTio. compared above ihe fixing level. 

•with DM IJSSSn f»n Wednesday. AMSTERDAM— The dollar 

I The L : .S. ^currency also rose fixed at FI 2.0100 against 
: sharply aaainsl the Swiss franc. Dutch cudder. compared 
! touching S"‘Frs J.'M. before R 1.9170 previously. 

) closing ar SwFrs j dufi.1. compared 
* with SwFrs 15850 nr-.-viously. 

I The dollar rose to Y18S.75 in 
terms of the Japanese yen. and 
■ finished at 
with YIS5. 

On Morgan Guaranty figures, 
the dollar's lr&de- weigh ted de- 
preciation narroved io in.4 per 
cent from 11 per cent. 

Sterlins opened 3 r si.pfiSO- _____ 

1.9i50. the I owes. Ji>\cl of ^he \ vere covering their positions. The j November i 

Belgian franc improved against ' 
ihe D-tnurk. which was fixed at 
1 5.H!i. compared with 

15.71 f. on Tuesday- The 
Brussels market was closed on 
of 2.1__. Wednesday for All Saints Day. 

TOKYO — The dollar rose 


level of BFr 29.7ft. The improve- 
ment appeared to come without ; 
any support from the Belsrian : 
centre) bank-, as market operators] 

were probably »hor« of dollars and 


1 November 2 

pay’s 

spraait 

Clue 

1 One Wbnlh 

P-a- 

Three mtiuhs 

p-a- 

* Canad'n s* 

SS.41HB.95 

S5.0045-U 

1 0.02 -0.65c pm 

0.44 

0.25-0. 30c pm 

1.2s 

> rjuildor 

ZU7MJI2UI 

U190-24240 

0J.a-D.ii0r pm 

DJ4 

1.15-l.OOc pm 

2.13 

] Belfiian Fr 

29.10-29 35 

29J$-29J5 

. 2c dis-lc pm 

0.82 

9-54 pm 

0 

1 Datilih Ft 

5. 1500-5. 18M 

5.1650-5J75O 

! 2a5-2.75oreitrs 

-6.46 

7.B0-7J0erBdis 

-6.05 

| D-.Mkrl 

L865B-147i« 

1.U80-LB72D 

1 t-OI-l.DOor pm 

6J3 

3.62-3J4pf pm 

7.46 

; Pon. £»r 

45. 06-tt -50 

45.31-46.00 

1 35-lSOc dl* 

-2S.35 

135- 500c dl> 

28JU 

1 Span. Pia 

10. 70-7UD 

75.90-71 JO 

i 100- 120C riit 

-18.53 

ZW-32DC dl* - 

X6.80 

■ LiIj 

813-BU-25 

1 53-830 

; 340-3.7511 red is 

— 5.68 

4 J5- 10. 7511 mil* 

-4^9 

■ Nrwsn. Rr 

4-97-5.08 

4.97-4.9* 

i L30-L70ored1s 

-J.00 

4.25-4.65oredl> 

-JJfl 

l French Fr 

*.2^4-0050 

0550-0700 

8,454.25c pm 

2.7T 

LOD-l.OOc pm 

1.85 

1 Swedish Kr 

4J175-4J3S0 

4.33MJ3M 

■ 0.85-0ii5Brepm 

1.52 

1.45-1.25o re pm 

1 M 

l »lt 

uuo-iss.ee 

U7J8-U7J0 

< UO-Uaoy pm 

10.08 

4J5fi.l5r pm 

4.70 

; A twirl a Sch 

13.59-13.71 

13.66-13-71 

: 5.8!M.tOqmpm 


13 JO- 11 

J.b* 

1 Swiss Fr 

U970-UU20 

1.U20-LM50 

. 1.32-1 J7t pm 

4J4 

«. 05-3. 30C pm 

10.75 


U S. erst; per Canadian S. 


CURRENCY RATES CURRENCYMOVEMENTS 


day. and traded bcn\een $1.9800 
jnnd RIJIOnO durin-j Lie mornins. In „ 
■The L f noflicial reserve figures were gp r 
i well received however and the rj,- t 
I pound finished at its firmest level. 

; or 8!.fl9“5-2.«»no. a rail 
cents on the day. 


f ,, * i«l IJifJ'MI ril ■ ■■'Ml.**!- LUUIfiqi l*U 

rates, following recent nervous- Xt jth Y17R.SU nn Wednesday. Spot 


ness in the money market and 
yesterday's base rat*.* move by 
Barclays Bank. Forward rates ini- 


tradinc was at 
in’erventinn by 
■la pan was very 


record level and 
the Bank of 
heavy The L'.S. 


proved when Bank nf Engjand currency opened at Y1R8. 3nd 
j Minimum Lending Hate remained nithousii mere wa» evidence of 


November X 

Special 

Drawing 

Rights 

European 
Unit of 
Account 

1 Nivcrnbsr 2 

Bank of Morgan 
England Guaranty 

Inde* changes 'k 

Srerlino 

0A44292 

Una vail. 

i SurUna 

... 6Z51 

-41.2 

i.'.S. dollar 

1J352T 

„ 

■ r.'.S. delta r . . . 

82.48 

— IB. 4 

Canadian dollar .. 

1.55666 

mt 

1 Can.tdian dollar 

79.44 

-17.J 

Austrian refilling 





... 144.47 

-*-18.4 

Rrlaian franc .... 

— 


i B-laian franc 

.. 114 J3 

+ 15.4 

Danish Krone .... 

6.54316 


Danish krone 

.. 117.58 

■* 6.8 

rvm*sc’he Starts .. 

2.16310 


Dc-u'Jrb'* Mark 

. 14S.11 

-r«a.z 

‘.tiiilder 

2-562Z7 


: Si*iss Tran-: 

202 JO 

t90.7 - 

i-renth fr»n: 



, Guilder 

.. 123.47 

+ 20.2 

Lira 

— 


. 6roKh franc . . 

90.47 

- 6.4 

Ymi . .. 

231.346 

M 

f.lra 

54.66 

-48.6 

Xorueelan fcrone 

4.34728 

l( 

\t»n 

153.60 

t 51.4 

IVaeta 

— 


f.Jisrfi on irafi» 

voistiiefi i hjnjo* from 

SvwiKh krona 

5.55965 


• Wa-lilnaior aAr-'enKni D-'r-’nib.-r. 1971 

awi-sk tranr 

2 J) 2227 


'Ranh of Ftncland 

UififT^ion 



I ihme-mnnth 


ppr cent however, ^nd the heart 
ninth rii-fonrij ivrnst the ovrwi'r 


ellim. 1 of dollars h.v 
exporter;, central bank suppori 


■OTHER MARKETS 


j dollar finished ar ii.fl.1 cent, only kept it around the VISfi level. At! 


lightly weaker than t r ifc . rate of 

9.S5 cent on Wednesdav. 


nne pnini the dollar felt lo 

Y 185 50. and it also touched a high 


Vi 




\mriilluit I‘<nj .. 
\,i«tmi|a U.-1'Hr. 
finnirl W*,Kl.ii. 
i ni;v,c . 

I'rAi li(Wn .... 


: 1.805-1. BOS -03.06 905.06 
1.7124-1.7134 '0 8602 0.8639 
. 83 • 85 a 8400 ^ 9500 
38 39 59 39 lr 21 19 71 
: 1.585 >3 343 35 >iZ ~>0 


clrw 

■ ci**n* .. 

■ L . 
• u- - . . 
> it-jins , 


The pound s trade- weiuhtor! in- pcnni of Y1SS.50 The Improve 
firs, as calculated hr rh* Hank nf mem nf the dollar was obviously 
F.nuland. rose tn from H2 n. aitnhmed «*> the I’.S. package to 

-,flpr si anti ins: ar ij2 4 :t; n.tnn and support the cirvency. hut dealers! 

U2 5 m pnHv ir^din? appeared snmewhsr sceptical j 

FRANKFURT — The l.'.undeshank about how long the stability will 
bought Sll.nni when the dollar last, h »> suggested thai this! 

-.va* filed ar Dili ,*ii::.i -#i-ninsr the may no; be s turning point for J t also ■>. 3430 2.1800 r >850 

D-mark, compared with D\JJ 7«:L> Hie dollar, v tth many people mill | urn. • i»*»»i»» 1.BS4D- 1.9620 0.9302-0.9368 

previously. A m.-h of short* afraid •■* f »hv -.fn'* - appreciation.) tr«w« Hit*. 6.4S6.5S 3 23-3.28 •« rii.-rriAnd 

rove ring pushed rim dollar up in and the sue of the t'..S. trade ■ 'tnwt-'* »wi«r... 4.24604.3130 1765.^. 1775 init*.i>r«te*... 

early irading. when it touched deficit. j -■ .m. Anwi>n.i 1.7087. t t435 3.b549.o,b72a mwo.* 


|ki iii,'1442Ss470O 4 <60 ..J .650 i:» 

Inni R*»i 155 145 67 54 -.3 54 »->*». . . ‘ . 

O.inxil Itiimriklli. 0.535-0.545 0.2677^.2727 ^*i r Un-l. 

Iji: J «i.. -8 40 -.0 10’ <9 25 .9 32 


26.5028.00 
59 61 

IO 15 10.30 
8.45 8.60 
5 6S 3 .75 
1600 1670 
370 385 
3.95 4 05 
9 85-10 00 
93 102 
1461* 150 
5 15 3 25 
1.992.01 
41»r.-43lj 


Rate Fiv*n far Ars^ntlna la fra? ran. 


‘ ‘ 

EXCHANGE CROSS 

RATES 









Nov. < 

• •*•■ • *i,i 

•l»i. 1. . 1*. '!• 

l»„l •! I.-M» 

k Ispaiict' len 

rrviiki. r ram i 

Smw rngi. 

1 Uulcn IjlVJidei | 

Italian Lin 

, Csnvla LMta- 

Bn .ji-ui f nn * 

iN*un*i blar in* 

i ■- 

1.999 

.-..745 

376.0 

a.525 

3.200 

4.000 

1655. 

2.331 

c8 55 
29.29 l 

'. .31. |V».U|, 

o.soo 

1. 

1.B74 

188.1 

4.265 

1.601 

; 2.001 

827.8 

1.166 

UiHjV*CIi 4 Milk 

U.*67 

O.r 34 

1 

100.4 

e 276 

O.Bc.4 

1...6B 

441.8 

O.r 22 

15.63 : 

■ip«n«**e len l/i 1 ' 

2^.660 

; 3.316 

9.960 

1UOU. 

22.67 

8.511 

10.64 

4400. 

6 200 

155.7 ' 

r rencii I'nriu lv 

1.173 

• 2.345 

4.093 

-41.1 

IV 

3.754 

4.692 

1941. 

2.736 

68.68 

•*l* Fmni; 

0.113 

0.c25 

1.170 

117.5 

2.664 

1. 

1.250 

517.0 

0.729 

18.30 i 

Mulch 'jin *ie: 

1 0.290 

u.500 

0.92.6 

s 4.00 

4.131 ! 

U.800 

1. 

413.6 

0.583 

14.64 , 

il . i^'i l.iri 1 . .*■**• 

: 0.ei34 

1.*.06 

^.264 

2.7.3 

5.153 

1.934 

2.418 

lOuu. 

1.409 

35.39 • 

.iliWI'li t*".»' 


0.e£7 

l 606 

161.3 

3.667 

1.375 

1.716 

709.7 

S. 

25.12 

.,| n K~II> l«‘ 

1 <08 

: 414 

6.396 

r42.2 

14 56 


6852 

2826. 

3 982 

lOu. 


EURO-CURRENCY INTEREST RATES' 




1 

: Uniitun 



Fw Uensin 

1 



4 

N-.r 2 

-ixr in* 

| I’.'r. t>.., pi 

1 L <•■■»! 

_ I'm cl • tJuii.ie/ | 

rwtM. +mne [ 

VI art. 

f'rtnco Frwsc 

Italixn Urn 

Aalon 5 

Japrnepe X**D , 

istam ikitn 

BsvlO 

9i«-«l; 

8i i-9'. 

9 91; 


3 Sir 

71 4 <4. 

9- 12 


-Vra- -5A . 

i ■.■•hi'* 

> lOac-ll 

91? S-.'i 

Bi*-9U 

; 9-9 lj 


3 ft!* 

7i; 8 

13-14 


-Sl S --llo l 

UcmiA 

121j,.12U 

! 10 1» 10-t 

B.v-9... 

• 9 M .. 


3'4-OJv 

9 is 9ar 

14lj 15ig 

10^-lOft 

— Js-NIL j 

ihrv" m-.tilp* . 

13.131s 

1 1 H 1 1 ’■? 

i 9-' IO:* 

1 M ¥ l t 

L *3 


, XOit-IOi* 

l3i* Id* 

lltj 1 14r 

2-2j« a 

■<1*. m.uiih-. .. 

131*. 13^ 

! ll-.i-la:^ 

9-;.xo.< 

! 8i : 9 



lug'll 

16)«. 17i* 

12 r .-l2rc 

3ri-3:4 ? 

.in*- »'■*: 

13jp- 14 

l 11., 12.-. 

9 * 10- ff 

I 8}*-8a» l 


S.v-ft-L 

; in* mi 

16i : -L7l k 

12 t :-l2rr 

35.-4I* | 

i Th? [v-llovrin; nominal rates wort- quoted tor London 

dollar ceruficiles 

nf deposit: oils 

month 10.40-10 5Q psr cent; 

three monihs JL 40-11 .50 per 

com: six iron&s 

11 ■35-11 » per cent: one rear 

11.33-1:. a* Dt-r 

cen: 








Loiti-"rm 

bnrodollar dcposit< Tw- y> 

urs lOMl p? 

r <cni. ihrrr l*i»- i<h per 

«.-eni: four wars ldi-MI p;r .■ 

e*>': five rears 10 t-U»* per cw 

; npininal cinsm* 

<•'»< k/.-rr:,- 

nn ralt-s .1 .m!! 

inr a-^rlin_- l 

+ fi.-llnr. and 

f ar.jrtian fi-filarv 

all fnr snilrtcra ar.d 

3-.HSS franc*. 

Asian rases for 

clnsins raie* 

in Sir.caoor*. 



INTERNATIONAL MONEY MARKET 

U.S. rates mixed 


GOLD 


The package announced cn 
Tuesday in support .of the dollar 
was still being digested tn a 
certain extent with rates seeking 
nme stability after makp.up day. 
Fetlurrl Inmls were quoted at 
•JJ-B; per ••enr having traded v»*li 
nve*- itt per cent on tt'c*inr-tfx.v 
Treasury bill roles were firmer 
through on i with l"-ueefc hills at 
S.f*4 per cent Troui S*.88 per cr-m 
and 2G-veck bills at 9.34 per ccnl 
against fl.;;n per cent. One-year 
hilJi were also firmer at M. ID per 
cent compared with fl.lfl per rein. 
One-mor.th certificates of depnMi 
fell to fl.Uo per cent from 1U.45 
per cent and the two-month rate 
eased to 10.5*1 per cent from ld.70 
per cent. Thrce-mnnth certificates 
siood at 10.8.1 per ceni against 
10.90 per cent. 

FRANKFURT— Interbank rales 
were generally firmer with call 
money at 3-2-3 3 per cent from 


.7.0-:; 2 per cent and r.ne-montJi 
money ai :> 3-7.fi per cent com- 
wired with 3.4-3A per cent on 
Wednesday. The rh res; -month ratP 
was nnelianaed at 7.0-3.W per 
cent while si\-nionih money 
ea« rt ri to .".?l-4ii p**r rent from 
7.!t.j-t.0 tier cem. 12-month fund 6 
stood fit 4 1.3-4 24 per rcnl agnmsf 
4 1-42 per cent. \t thr regular 
fori night I v mooting °f *hc 
Rund<*'shHiik ,- .entral Rank Coun- 
cil. rredit policies were left !tn- 
changed widely anticipated in 
mnnev and fc reign exchange 
markets. 

BRt ISSEI4?— Deposit rales for 
the Belgian franc tronunerrial! 
all showed an easier tendency 
with the one-nmnlh rate al 10*- 
lfM per ceni from 10J-11 per 
rent on Tuesday. Three-momh 
deposits fell to in*- to? per cent 
against 10?- 10; per i-ent while the 
six-month eased in fli-flt per i.-ern 
compared with fl;-10 uer cent. 


The 12-monih rate was quoted at 
9-fli per cent, from fl)-0; per cent 
Rales were nor available for 
W edneiday owing to centres 
closing for a religious holiday. 

AMSTERDAM — Interbank money 
market rates were generally 
easier with call money ai 
per ceni Troni WJ per cent and 
one-monlh money at pi-id per 
cent against fl^-in{ per cent. The 
three-month rate was unchanged 
al flj-lft per cent while six-month 
money eased tn Sj-fli per cent 
compared with flj-fll ppr cent. 

PARIS — Money market raie^ 
again showed very lit Lie change 
with day to day. money at 7 p er 
ceni through to one-year money 
at SI-S< per cent. 

HONG KONG* — Condi linns it: 
the money market were m <y 
with call money at 7} per cent 
and overnight business at the 
■same 7; per cent. 


Further 

decline 


Gold foil So: <o rinse at 
: S22J-221 j in hectic and nervous 
irading. H opened at *219-220, 
and wa- fixed at S220.40 in the 
■ morning and *221 of* in the after- 
noon The meial inuched » high 
point oT -S223-224 and a low level 

I or S1S-219. 

In Pari}* the 12} kiln gold hap 
.was fixed at FFr 2fl.Sfln per kilo 
<S2lfi.7S per ounce) in ihe after- 
noon. compared with FFr 3UJI50 
; (frJL'I.tHi in the mnrninc. and 
FFr 31.430 (8242 42 1 Tuesday 

: morning. 

• In Frank fun ihe 121 kilo b^r 
l, »a- fixed at DM 133165 per kiln. 
<*220.64 per nunc'’ i compared 1 
with DM 13.605 1 8239.22 ) on 
Wednesday. 


UK MONEY MARKET 


Uncertainty in the market 


Bank of England Minimum 
Lending Rale 10 per cent 
(since June. 19781 
Speculalion within banking 
circles was settled at least on one 
account yesterday when the 
absence of any announcement by 
the Bank of England left MLR 
unchanged at 10 per cent. The 
surprise came when Barclays 
Bank raised its base lending rate 

from 10 per cent to 114 per cent. 
Interest rates were marked up 
as a defensive measure for a time 
but eased back in laier trading. 

.Ahead of today’s Treasury biH 
tender rates were quoted on a 
rather than spread with buying 
rates for three-month Treasury 


bills' a i Ift.'-io; per cent compared 
with 104- JO*, per cent on Wednes- 
day. with the probability of a 
higher discount rate seen as the 
most likely course. 

Wednesday’s assistance by the 
Bank of England helped towards 
creating a surplus of day-to-day 
credit in yesterday's money 
market ant! the authorities sold 
a large amount of Treasury bills 
in an effort to lake out the 
surplus. Rates tended to suggest 
that there was still a fair level 
of liquidity with discount houses 
payin.a around 4 per cent for 
secured call loans during the 
latter part of the day after rates 
opened around 3 per cent- 


The market was helped by b>nk 
balances brought * ’ 


forward 


ell 

above target and an excess of 
Government disbursements over ! 
revenue Transfers to the : 
Exchequer. There was also a 
fall in ihe note circulation. On ; 
the other hand there wa- a 
moderate net take up of Treasury 
bills to finance. 

In the interbank market over- , 
night loans opened at fl(-flf per | 
cent and eased on the forecast i 
to 8-Si per cent before failing | 
away to 4-5 per cent Late demand : 
pushed rates up lo 7-8 per cent at • 
the close. 

Rates in the table below are 
nominal in some eases. ' 



y.n > 

S-jr. 1 

•j-ifi bullion •* hut 



r .ws- 

s?2l 221; 

S22S MB 

1 i|i>rriiii*i 

s; 194-20 

IrtCh; Zi3i 

Vl.'mioy nsins 

SIM *0 

SjS^-Ea 

Vilemo.ii riving — 

i-1.0 a/4 
M2I 50 

.£ll5.?«0i 
>227. rO 


rill 659- 

ill 13-18*1 ; 

l*».l»i I 

.i.*uie-ri,T»iIr 

k'nijeriviifi 

SS25: 228. 

S2S4-2J4 

\ep eiei^n* 

.t'lia: .14, 
?ol-*3: 

i4MI7'-ll8il 

■•;.l Sv> rreiijn- 

*.'iQ;-ali 
isl -3% 

•za-oil 
FilSf l 

lii'ld Win* 

XiOu-ali, 

•i.-i2.ai j 

inremariunallv . 

lirui;*TTanil 

5325.-128. 

S2i*-2iS 


•»en .*->rprp|?n».. . 
Oirt 


<5s> Lusipj 

5!*'L»-1m. 

«- Enal. . . . . 


ffrlj-tl] 

.-293401 
SiaS ini 
tiOi '.On 


• t£l I7j-llgl) 

5£<.5i 
>£!2-£S, 
iiA-ni 4 

'*4£-as- 

&a07-i1f 
M53.154 
P IDS- 1 1 1 


LONDON MONEY RATES 


MONEY RATES 


NEW YORK 


XV. 


Mcnuitt 
,,i m-re-ii 


Loi> 

laiwtani , Auiii-.-nn 
<1 i*^i»ii- 


Lwl ,\utn., 
rit-urif inr.*l» . 


FlimnLe 

H- •!)»*■ 

I ifjr -lU 


1 riiscdum 

jiA-mpnuy aurket 

] 1 lev- 'HI 


I rwturi 
Hill-* 


tiljlt-.*. • 

£tsnK fin? I':'.! 


I 


inwmaiii ... . 

•. iJ»v» linlit-.. 

cVv- v 
( J«y n- -lie*.. 

'Jnv ns'iiilli .... IOW 1 1 _ 
lwl' luniilbn... Ills J 1:4 
Ibrre nvinih-. 1 1,> lllj 
'll iu**uia-.... 

>111! Ulflttl-.. 

Liiiif stwr 




4 9l» 


Bn[. 10 


Uii 1U4 
11-$ 115* 
IlJM ll>* 


9-s 

lu»2 111; 
luT, |J1, 
1 1 i 1 ->8 
Hi* J2 
ll-i ,2 
lire 12 


fl<‘8 llfl> 

lUVlDftfc 


IU1v 111* 
11 J1U 


1**'H lll£ 
12,.- 12'* 


II lUj 
11U i 1 •« 
11>« 1)1* 
• Da i2 
11'* <3U 
.2 .21; 


10h 

111* 

li:> 

1|3, 

12 

12 

IS 


Bi* 

9't 


49 


10 >5 

UN 


91* 9!f 

VI£ lClA-lh,*- 10: -11 

iuic iui-.io,£ uni, 

L0)«-10.'j luai u-* ll , * 1 1 j* * 
lllj.ll>; 


J1 
1 1 ■ 

I ) 1 

11 


l ocal author! ij ind finance honsrs <;ov?r. rtaj-* 1 nof.es. others wren djy^‘ Sts/I ■Lnn:;r.;erm local anrhnnr irnr: 
rates nominal:* ; hr r *' - E ^ars l.'l-l -i pnr c^rr: four years 121-12, ceni ‘ n-- - . v?sr< l?:-l per #n: Cr-sr,- fi.li r.iir* t,,5; 
are imriM for pmtip paper Burma rut- lor four mon;h bank h-.lb !li i:* i^r ■-•'.v four-mnnrh trail? mil. iu’p-- --t 
ApproKimd!? .'ii.r.a rale* fnr nns-muntli Trirtsiirj Fi'l!.- n;?| P -Tii r cent: and r^o-taonai til p;r e-n? - fiir**-nias:. ! i 
oer vent xp^rosim:!!. ar-iiip- rat- for 1Hn.-n10.nh hand ftill* l «r l'-o-muiiffi f, -,r <-*nr ir.V rhr e-x...i;:n 

1 : t- -I* - : in per . ra:_ ou-month fi-.ictf. WIs 111. por .-env i-o-nmnih a prr .-on- sni aL*sn 'fcrv-mon'.h 11= p.-r .-Cu: 

Finance House Base rm#s 'aiiMishrd b r rh-* P;nanL»* firm-. j;:<ih - in pot <•.••111 fr«m ‘I'lr.-rnO-r : ip; i Ocarina Bnni' 

Tulu? *’ V*! rtjvs ' nn:,,p h '- r r - r vew clearing Bank Base Rates lor lusisg :u-:i, o-.r c?n: 
Treasury Bill: A'cf *fi-^ tender ratca of dmouni 10J»45 kt «□:. 


RrluK Hal, 

Ml-xni 

I’N-d 1 Ulldi. 

4J125 

Tr,.a*iury Bills il^week- 

... 8 04 

Tr**SMID - Bills •.’i-wffki .. 

. . O.W 

GERMANY 

L*|..(.'I«|||I Hull . . .. . 

J 

• •■.vrniirftl 

3.25 

••i.. moniti 

SJ5 

1 ir - mum hr, 

... -1«*1S 

tri'inihs 

3.45 

FRANCE 

I *: ■...piiitl ff.iV 

.. *5 

■ -rni-a: 

7 

•i.. ir.,, n't, 

T 

Thr-i *Ti -Ths . 

7 J7? 

■*r rjiniiiv 

7.M7S 

JAPAN 

onnr r^'r 

1 r f 

■.all ■Lfuorrl.t.nr.al. 

».K 

K::is Oiwcuni R*:e 

its 


1 



30 


ENERGY REVIEW; 


BY ANTHONY McDERMOTT 


Not much scope for Turkish delight 


EARLY LAST mnnth Shell 
announced that it was removing 
one of its two nil drilling rigs 
from Turkey. It intends tn re- 
move the other one next year. 
This decision was far from 
being a surprise, hut it is a 
graphic illnstralron nf the prob- 
lems faced hy Turkey’s nil 
industry. The withdrawal of the. 
rigs reflects the view, with 
which Turkish officials nvpr- 
optimistjcallv disagree, that nil 
resources in the country are 
limited, diminishing and expen- 
sive to develop. It will increase 
the suspicion with which 
Turkey, m general, and the 
energy fed nr, in particular, 
view foreign companies, and 
will ihrow the whole burden nf 
oil explnraimn on ‘the Turkish 
Oil Corporation (TPAO). at a 
ttme when the country’s in- 
dustry is desperately short of 
foreign exchange and working 
far below full capacity. 


Import burden 


Turkey u not a major oil 
producer. nil was first di*- 
covered in 1350. reaching peak 
production in Iflfifl. when it 
totalled 3.623.192 tonnes f-ahnut 
72.4150 harrtds/dayl. Since then 
output has been gradually fie- 
ri tin n? and Hus year will prnh- 
ably total 3m tonnes (about 
fin non b/di. Its rule in the 
Turkish economy, which is 
attempt ini> to build up inrill$tr?, 
is crucial. The effect uf the rise 
in oil prices since 11)73 has heen 
deva< 1 almz: a* the accompany- 
ing table show*. Turkey has 
been forced to import more and 
more ml. This year the wipnii 
burden will he an estimated 
S1.5bn 

The governing authority is 
the Ministry of Energy, whose 
main operational arm. the 
TP AO, is all hut 1 per rent 
government -owned At present 

three foreign companies are 
operating: Shell. Mobil and 
Dorchester ( Mobil purchases 
the whole of porch ester’s out- 
put > Ersan a small private 
Turkish company; al«n produces 
nil. The foreign companies have 
contracts with the Ministry nf 
Energy. ' under which they 
undertake to explore and 
develop wells m exchange for 
royalties of 12.3 per cent of 
inenmp. to he paid Pither in carh 
or kind. Shell and Mobil started 


up in 1961, and Dorchester in 

1967. 

Until 1959, when Ersan made 
its first contribution, the TP AO 
provided all Turkey's oil produc- 
tion. Since then the Corpora- 
tion's share nf production has 
declined sharply teaching 27.8 
per cent in 1972. Today it sup- 
plies about 36 per cent of total 
output. 

Domestic production by bc*h 
foreign and Turkish companies 
has. however.- been increasingly 
unable to match domestic con- 
sumption. In 1369 Turkey was 
supplying 55 per cent of its own 
needs, latt year this was down 
to 19 per cent, and if foreign 
estimates of the country's long- 
term production potential are 
accurate, it is likely That 
Turkey's dependence on foreign 
ml will increase. 

The Turkish Government has 
nm heen tough enough in try- 
ing in cut hack on unnecessary 
consumption according to mn«d 
private sector estimates. Many 
of the cars on the streets are 
ageing. immensely thirsty 
American models of the 1950s 
and 1960s. Turkey's pump 
prices used tn he the 
cheapest in Europe, and in spile 
uf increases this September and 
Iasi . petrol remains cheap at 
11.70 Turkish lira per litre for 
premium grades i about 24p>, 
and at TL8.50 i about 18p) for 
regular grades. fThe cost of 
diesel fuel was simultaneously 
cm by one-quarter in reduce 
the inflationary impact on 
industry and transport.) Even 
sn. these moves have caused 
pnlinral problems and provnkprl 
Mr. Suleiman Demire), the oppo- 
sition leader, into oalhng the 
Government r»f Mr. Rulent 
Ecevii •• rhe architect of 
Inflation.** 

nil discoveries have centred 
on the south-east around 
Divarbakir. Al the end of 
1977 TPAO had some 2* 
lipid* m operation: the 
mam ones are Rati Raman 
1 1.U43 h/rt in 1977). Raman 
13.924 h/d i and Garza n ri.9i)R 
ih/di And al thp end of last 
year if had some 307 production 
wells in operation, with 21 
exploration rigs working and 
hopes of raisins this number to 
39 tn 1979. Last year, it dis- 
covered fields at north and 
south Adiqaman. Pohlkyayla. 


Sivntepe and Dodan whose total 
1977 production amounted to 
230,448 lonnes a year (about 
4.600 b/d). 

Ersan operates al Kalita, west 
nf Divarbakir. and its produc- 
tion has fluctuated considerably. 
It reached a peak of 74.375 
tonnes in 1971 (about 1.500 b/d) 


reserves at between 400m and 
600m tonnes. It projects pro- 
duction - rates up to 1992 at 
3m tonnes a year. 

General estimates suggest 
that Turkey’s oil reserves will 
last about 15 years, but the 
Foreign oil companies believe 
that this is. nptimi.vtic. When 


LOCAL OIL PRODUCTION 




(*000 tonnes) 




1975 

1976 1977 

1977 

1978 




(]w>.-Aug) 

(lan.- Aug.) 

TPAO 

1.101.6 

1,030.1 1.070.1 

699.5 

629.1 

Ersan 

12.7 

13.2 3.7 

13 

9 S 

•Shell 

1,628.9 

1,250.1 1,213.2 

768.6 

85 8.6 

Mobil \ 


340.8 

224.1 

191.0 

252.7 

30IJ 



Dorchester ■ 


8S.2 

56.3 

47.4 

TOTAL 

3,095.5 

2,595.3 2.7132) 

1,750.1 

1.735.6 


OIL CONSUMPTION 




(*000 tonnes) 





1975 

. 1974 

1977 

Local production 


3,095.5 

2,595.3 

2,713.0 

Imports 


9,634.1 

11.223-0 

11.750 JO 

Total consumption 

12.729.S 

1 3,8184 

14.463.0 


hut has fallen considerably 
below that since. Shell's activi- 
ties fin 1977 they inrnlteri 
16 field?) are confined tn an 
area north west nf Divarbakir 
m the smith e*s«. and two areas 
on rhe west coast, near the 
Aegean sea- It also shares a 
concession -with TPAO near 
Adana on the south cuasl. ft 
is cnrrenMy producing from 16 
fields, but production for this 
year is not likely to meet the 
increase nf 13 per rent fore- 
cast by the company. Mobil's 
operations have centred on 
Bulgurdag. Sihivanka. and 
Selmo. 

The long-term prospects for 
Turkish nil production would 
appear to bo limited The 
Turkish authorities feel, how- 
evep. that a full assessment nf 
ils oil wealth has yel to he 
made. Thus under thp next 
five. year plan, which covers 
the year*' 1979 to 1983. invest- 
ment is to he concetti rated 
more on evaluating than 
actually exploiting resources. 
ArrnrdinE tn the State Planning 

nffire known reserves a rp put 
at 58m tonnes and pessiblp 


Shell’s last exploration rig goes. 
TPAO will be the sole company 
still looking for oil. 

Predictably. the Energy 
Ministry is Far from happy at 
this slate of affairs. One of its 
consistent complaints is that 
foreign companies have not 
really exerted themselves in 
seeking oil. 

Foreign oil companies argue 
thai commercially Turkish nil 
is nm very attractive being 
mostly heavy with a rela- 
tively high sulphur cnntenT. 
Second, they argue ihe main 
production areas — around 
Divarbakir in the south east- 

are in difficult terrain which 
makes it hard (and expensive) 
to Inrafe, and any accuntlatton-t 
of nil which are found are 
likely to hp small and no) very 
prolific. Government officials 
lalk of mid-Anatnlia a*, a pos- 
si hie source of future dis- 
coveries. The foreign nil com- 
panies believe that if oil is t° 
he discovered the most likely 
area is offshore tn the Aegean 
Sea. 

In the summer Of 1976. Greere 
and Turkey almost went tn war 


after the despatch of the 
Turkish oil survey vessel 
Sismik I into disputed offshore 
areas. Since then exploration 
has been cnofined to unenntested 
waters. Blit although TPAO 
has been pressing on with 
exploration — it claimed tn have 
drilled 96 wells in 1977 — the 
ratio nr finds to wells drilled 
has been extremely low. 

It has also heen severely 
handicapped by the lack nf 
foreign exchange. It has. for 
example, been unable tn take 
delivery nf four Romanian 
drilling rigs due to lack of 
currency. 

Is there any chance nf the 
decline in Turkey's oil output 
being reversed? The World 
Rank has concluded a study in 
which if recommends, the 
adoption nf secondary methods 
of recovery. But assn- 
nated gas is out because, with 
thp exception of a field in the 
west of the pnuntry. most fields 
contain high proportions nf 
carbon dioxide. Any . other 
means nf recovers — steam nr 
water — would require consider- 
able capital outlays which are 
beyond Turkey’s current finan- 
cial capabilities. 

Turkey's shnTTage nf foreign 
currency has also hindered its 
relatinns with the ml companies 
and Iraq. The AT AS refinery at 
Merrin is operated hv Mobil 
f which has a 51 per rent share- 
holding in the company). Shell 
f27 per cent), and RP fl“ per 
rent). Thp refinery has been 
running at only 40 per cent of 
capacitv since nil imnnrts from 
Mnhit. Shell and RP were hatted 
at the end nf Fnhruarv as a 
result of the Turkish Govern- 
ment's failure fo pay some 
Slfiflm for previously imported 
crude. The companies also 
complain of prnhlecns in 
remitting profits hnme. 

RP i« keen tn end its involve- 
ment with the ATAS refinery 
and negotiations on with- 
drawal have been raking place 
with the Government. 

In tjip short tprm, Turkey has 
siirceederi in concluding agree- 
ments on nil imports with the 
Soviet Union. Iraq. Iran and 
Libya, which according to Mr. 
Reykal. the Energy Minister, 
should rover lh p country’s nil 
requirement* until i]ic end of 
■■ ■■ - — — -- - ■■■» - — 


next year. The first with the 
Soviet Union is an agreement 
lo provide 3m _ tonnes a year 
against the equivalent of 2m 
tonnes a year nf wheat. The 
second with Iraq involves the 
rescheduling of a debt n£S234m 
and the delivery of 1.6m tonnes 
of wheat arid other commodi- 
ties between 1979 and T .'W83 
against the guarantee of •' 5m 
tonnes nf oil to be supplied' next 
year. 

Ii had been hoped that the 
opening last year of the ‘pipe- 
line linking Kirkuk in northern 
Iraq and Dttrtyol on the Gulf, 
of Iskendenur. with . a capacity 
of 35m tonne? a year, might 
help pase Turkey's nil 'problems. 
But pumping was halted' at the 
beginning of the year 'because 
of differences over transit royal 
ties — tw« thirds of its 080km 
length passes through Turkey. 
The effect of the building of 
the Karakaya and Kehan II 
dame across the Euphrates on 
water supplies reaching. Traq 
has also caused ' political 

problems. ■ 

Pumping was eventually ye 
sumeri at a rate nf 1 5m tonnes 
a year, hut a fire caused by. an 
explosion has further' delayed 
its operation. Some .35.(Nin 
tonnes nf oil were lost.- Repair 
work should have been . com- 
pleted at a cost nf TL 4flm 
(£R33.nnn) at the end "of' Iasi 
month. 


Financial Times. Friday Ifos«nlwr ; fJft7S.-.. 


. :/V 'A<%* ’ -V.'- '-’■■‘i-f 




Vulnerable 


Last July. Iran agreed to 
supply lm tonnes nf cnide oil 
and 0.5m tonnes of oil. products 
from the Abadan refinery in re- 
turn for such commodifies as - 
cement glass and mean /Libya 
has also agreed to provide 3m 
tonnes of oil next year. '' 
These imports of 12m tonnes 
of oil takpn with domestic pro- 
duction of about 3m tonnes 
should just about cover Tur- 
key's needs for nest year, par- 
ticularly if economic activity 
remains at its present lour level. 
But this technique of covering 
the costs of oil supplies through 
barter is dearly -a risky one. 
dependent as it is tn. a . large ex 
tent on good harvests. . ft illus- 
trates era phi rally, foo.-jtist how 
vulnerable Turkey: is- In the 
energy sector which is so 
crucial to itc economy as a 
whole. 


look for? 



they can trus| 


How can a label help you choose a good wine? It can 
vou the type of wine, hut not whether it is from the.-right re- 
source. The Appellation and the Vintage , but. pot the care - 
taken in its fermentation and its maturation . The producer;^/: 
but noi how it is blended and bottled; V : ./£ 

The shipper’s name alone is your guarantee. Bouchard : 
Aine assure you of a high standard. Our name hannaintainttt 
its reputation because we expertly select and carefully ship, f; 
onlv the finest wines. ' f 


When you see Bouchard Aine on the label, you "know yoirl 
are getting a very good wine from a shipper you fan trust., -f: . 

Bouchard Aine 


S5 Eburv Street, London 5^1. Tel: 01-235 3 &? L > 


October 


|SMT WT PS I 

3 5(97 @L§ *5 h! 

: is 

af»*| 

2*31 * 



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judgement, whatever the problem. 


The 'JIW COMPUTON' brochure explains how 
it’s done and is available on request from 
103 Mount Street, London, W1Y 6AS. Ref: RCfi 


JLW COMPUTON 

A complete answer 



JONES LANG 



Chartered Surveyors 



WORK FOR YOU. 




As any self respecting London 
cockney will tell you, Margate Sands 
are Hands. 

They belong to the able 
workforce that you can 
call on if you move your ^ 
business to London 
Docklands. 

With 600 

acres of prime land, 
it's the biggest industrial 
development in the world. 





Yet it's within easy reach of the City of 
London, the West End and boats, 
planes and frainsto every comer'of ' 
the globe. 

And if you're looking 
fora market nearby, 17 
million people live within 
- 70 miles of London* 
L To find out 

/ moi e, call the Docklands 
Development Team, They’re 
waiting to hear from you. 


DOCKLANDS INDUSTRIAL COMMERCIAL DEVELOPMENT SERVICE, 

164 Westminster Bridge Road, London SE1 7RW. Tel 01-633 5959. 

This ad/srtfiern?rrt do*:- not imply G*3vemmi?rrtflpn.-3. - o! far nny pori'a'lar development wiR be forthcoming. 



«CH, 


FRANCE’S 



AER05MCE 

INDUSTRY 


Chauvinist or partner? 

Don’t miss thistop-levef analysis of 
French thought and practice. 

Plus a report on the 
. US fight-aircraft movement. 




OTNOW 30 P 


I rjTERW ATTQtV A I, 


GE3 ill 














• •> . v -' 

FCffifec fg- ffigi es. Friday November 3 1978 




eading Mall St stocks react in early trade 


:• smA. 


INVESTMENT DOfciAH^:. 

PREM1UM ,~ 

■*M» to £1— 78% 

' «.$LSW7 365fe ; (3»^JT 

/ r TER WEDNESDAYS sharp Te- 
- / , mT-oji- the ••daJJ«r. , ‘ support 

'e^-Wall Street- Blue. Chjp -and 
' . ' f'lftfear issues were . inclined . lo, 
-V'od; p™flt‘UkinR .eirjy yes^ 
Jay.* • However, stocfct overall 
-ajlnner tor -choicer-arid. the 
id air issues picked' -up -around 
t-sesslon. . The .morning's 
Was again heavy. ' 



’’'tasfngr prices' .aiid;-jniar*ef 
sports were jdpt, available 
; for this edition. - . 

,;.v • -Htdjbstrud. 

-rage, ^Tier ' a - record day's .rise 1 
15.34 . the' previous 1 day.' Came 
9.53 io'.SlS^G at noon, hut 
recovered to' S25J9 a'r J pm 
net decline of only 2J5Q. The 
!■"' All Common 'Index .was 1 ' 
cents down pn balance -at.. 

after ‘ touching $53.35. 
ough gains held an- edge over- 
■ at. 1 pm by about 'a-fduMo- 


flrree ; margin. Turnover amounted 
to "29.t)3ni shares, compared with 
33.49m at 1 pm on Wednesday, 
v - Analysts said that Wednesday's 
euphoria, had .faded as- investors 
'faced the -prospects' df "'doaWe 
digit-- inflation. . higher interest 
rates and heightened' fears of a 
recession,, although they added a 
reaction was expected after, the 
previous day's "record one-day 
mode market advance- ■ ■' 

■ The ~ ' Labour "Department 
reported that wholesale prices 
rose a- seasonally adjusted Q.B per 
cent 'ui October for .the 'second 
straight month, .a double digit 
annual 'rate. ' 

a Jnnnber of economists are 
sugRestihg -the. strong dollar sup- 
port measures, have increased the 
chances of .a ■ recession, -although 
the While House disagrees. 

. Du Pont came back 2} to SlZafr. 
Boeing If to W2J, SmllhWine 
2 to $84i, - - Xerox SI . to S53,. 
Polaroid 1? to 5373 and 'Eastman 
Kodak li '40 333; - 

IBit. - which said i>mdacUnn 
4>ulid-up: easts, and Inflation are 
Aveakentag.-.ils -earnings, .compari- 


sons lost 6J. tn fc*a&J. Scars flip- 
ped 3 to Kite. J. C Pcniu-v ■; to 
5324 and K Mart i to S2.». J’ehnvy 
anu h Mart reported strong 
October sales increases, but Scars’ 
sales declined. 

A number of Gold issues Inst 
further ground, but Dome Mints 
added IS to $72 J and Rosario 
Resources put on 5 to sjgj. 
Rosano has acquired ‘JO per cent 

r 0,1 an< l Cas-relaied a&seLs 

of Milbean Oil. 

Scoa Industries climbed l m 
S-< on plans for a three for-two 
stock spilt and a higher quarterly 
dividends, but Hallburton lost M 
to SOS despite rcporiinj* higher 
third-quarter profits. 

■THE AMERICAN SE Markct'VaJuc 
Indes continued it-? recovery, 
adding 1.42 01 144.S4. Volume 
3.77m shares (4.S4mi. 

New Mexico and. Arizona Land 
topped the actives list, gaining } 
to S3;. 

Canada 

Shores showed a downward 
tendency in active trading yester- 


day mnming. rnlumng 1 lie pro- uctnciy bougbi. ifilccung 1 he mllus «if buying orders, and 
vious day's murkutl advance- Thu strong recovery of the l.s. dollar finished 14 ‘.1 up at FFrs 225.1). 

iosi*c Judex up 2«.7 on foreign exchange marker Creusm -Loire rose 2 10 FFrs 67 


Toronto Composite index, up 
on Wednesday, shed 3.S to 1^3'J.T 


Real Estates also performed in Metals and Rhone-Poulenc 4.4 


at mid-day. Metals and Mineral-, v.cll. vhile PharmaenuticHls. nfier to FFrs 122.4 in Chemicals, 
retreated 22.3 10 tuhT-i Holtl; Wednesday's dullness- - , Mused a l.'Oreal moved ahead 13 
IU.U to i;l.M.6 and Banks* i)7li in recovery, and -Machinery - and FKr- 737 nn announcing Illy 


282 . 21 , Oils anil Gas. however, 
gained 721 mure In 1.327.U. 

Home and Pitlicld Foods, which 
is to merge with a unit ut M. Locb 
on November 4, sited i to CSIU:. 

Maclean-Hunier - \\" added I 10 
CSKJC un higher third-quarter 
earnings' and Intascu mm .\" { ft 
CS3fi un a dividend increase. 


to 
. her 

Paper concerns v.ore al?o higher. first-half consolidated profits, 
but Petroleums. Foods an. I i!nn- '’ilsev-here, .Miciieifn “B” 
struction-s ended un an caster climbed 45 to FFrs 12295 and 


note. 

Among exporters. Sony rns%- Villi 
to Y1.420. Pioneer Electronic YJ'0 
to Y1.530, Toynla Momr Yst to 
YS.T2 and Asahi Optical Y25 to 
Y490. - • 

Matsushita Electric pul mi YS 


Pcchiney 4.3 to FFrs 91.9. 


Australia 


.Markets took a sharp turn for 
the beuer yesterday in active 


Tokyo iif the company making record 

Share prices moved a hear! profile in it* current fiscal year 
yesterday in fairly active trading to November 21). 
as the market reacicd favourably Kaken Chemical rr>.*i: Y‘2'20 10 


to Y755 on investor expect anon* *«??»?■. "WM hy the overniBhl 
* - 1 Wait Mreei up^uroe and the 

latest cut in domestic Interest 


rates. 

Trader* vere ali-o recording 
vole of confidence for President 


to tin* U S. dollar defence YJ 020. .MaLsushUa Seiko Y70 to V? lc 01 commence lor Kresiuem 
measures, but late profil-ldkin- Yt 230. Kukuyo Y7.7 tn Y 1.440 and t-arter.- ^a^e-lhe-[lolla^- 

parod some sains Makita Electric YHO t«> Yi.lgu. but Package, a stronger dollar being 

---T9. Average Yi^hlhara OH .Mill felt Ytil 10 Particularly Bood new- for ih* 

nt of 23.45 Y4IE. Totoku Eleetrie 5 12 to Y2iis. e xPoritn,2 resources 
Tokyo SE Arabian Oil Y4V to Yl.iiUti. Nis-dn ?;{i,. inK j ,!^n r!,l ieJ s 
to 43S.23. oil Mill Y3I> to YS52 ;.nd 3Iarudui bt l' ^ na . 


The Nikkei-Dmv Jones Average Ynshihara 
recorded on improvement 
at -YS93.S7. while the 
index put on I.S4 
Volume 320m shares i44um» 

Export-related issues were 


news for the 
stocks, in- 
roups tike 


. a«E|^ 


;W YORK 


Stock 


Xor. 

1 


.31. ’ 


W,ifc.u t*nr...'!_ 38** 

- 'TBnfe'SSt. 

raini.-T* I 87ig 

'umlmum-' JS ' 

.....w.. . -«b7 B 

titibim.... ,- .lSsa'' 
beov Knwer 1 .IT - 
v C'ti'rmidi - 5I7g . 
1 St'«cc.. Z3‘ 
29-z 
. ++* 
-aiut Hex...:.: 2S^« 


Silipjn 

C clll K™*' ' «4- 

. ... ^ vtl lll|.Srtn.t,.... -fiOia 

.'if?. - *'-*'-*' '.Bn>*rt.*«M..' 47q 


Shv*. 


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1 . - Jl 


liwTrtin! ’ 

CPU . ' 

Coin#-..* 27lfc 

Cruc*er -\4il f 

lituiiti'A}' trrf-Bcb- 
CuaiBjtn- Engine-,. 

Curtiit TVn*hl..., 


34 
4014 

.. 255* - 
£5l| ' 2St« 
33781 521* 
3k • XWe 
14- j3 



0»n»..u. :: .277s.; 27ij 

t)«n ImtiKirio., 3S~a 1 37 
Deere... JiU ! ; '.307 ff 

Uei Mnnte:: • 39ia j 39 - . 

0i«.i 

Uraiipiy .liner...- laU | 13s* 

IMmil KHinm,.,.' 14*4 i 14&4 

Uiamnnil Tiamrk- 22 U 20*a 
DkS» pihiw.-.r......' - 14U : . l2'<® 

Uiciihihn-.i'ir . fl 9b| ’. -i&J* 
Uiiney JViir:».. 40ig 1 ab.'* 

LVpvct i 42*i .. 411* 

Hew Chemk-di... E8U. , 26.lj 

Draw. _.... 261* • U51b 

Dra-ser.. 40ia | 3Bi« 

’ Dupont- ..j 1277 b i-lSO 

tioflie Piirhei... ‘ 214s. i. '21 
E«-i An-'ine- ... flig J- fl’g 
tM-IQun KndaK..- 601* 1 G6 
b*loo.. _ o7 • i 361) 

b'.Q.a 9 

>.■ Him Vm. G *• 

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Pv*vhii** 

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I trerpnrt Minna : 

I ' fuqua 1 1 DtVf...'..... 1 • 

U.-A.F-ii.'-.Li— 10 li 
,1 ranliel I,' 431* 
■Gcn.Ainer.tii>. .g 10 . .! 9ij 

I U.A.T.Xi ' 26..- 

J Litir. Ciiiue....!,..3 151a ; 141* . 
•ei». Wiiiuiiirtw .69'a. 65 

Uen. (.-471? 

tiwi. T-'wi-..w. - 3 , 2 - skfim.r; 41 'a 
4envi-«r Hiih.-v ;30ia.f sa-s* 

G«>.8ijni«i. 275* ! 26S* ; 

-i.h .km*... a«- s a [ eb - 

ii«n. Tire.; U4l*'.| 23»a 

•“mek’- . 4*8- ■ ^**4' 

fiieiira*» H^iutW-... 27 1* . ; .27 . 

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234 

40 

17:, 

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7Jfl.^.. 6 78 
24*.;-. JJ348 - 

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Jotmv Man*iHe... 26 'j 
JwS'iw*m" J«>biio<n{ 771* 
j^iamii'oninii.' 24sg 
JorMaaimurui'ci 29 -g 
K.’ ?t»r Coru. .. . 25^8 
Kaiser Alum in I ' n i 36 1* 
KaU«r ItxhinrieM *'■* 
Kah»r7"i<vi 2l^ 

KeV^-.—- I 12*4 

KenneeoU-. g 1 241* 

Kerr Mi-Gee. i 44i, 

KtMe Walter-. . 30 1, 

Kimberly C»rU..; m5'i 

Kuyi'*u*». - 20 

Kmfl , 

Krvser t* ; *3 
.L»4u\*y rims.,., 31 

Levi.Svruiti- j 33 

LlWrr ij^. F<irri_i 24 7* 

UEgeti Group— ■■ 31i.* 
Ui.y i Kib.. .._.... -«4 <b 

Lttlu)) leu I oh <3 

L>ckJiee4Airer'ii- 21 
l/Aiiiiv loi(uri; -* 1 1 * 
I&buii! LtJ.. 1.7 Ss 
Uiuialsna Land ..! Zl't 

Lut-nriii .. 42 ■* 

l*u-l>V Suner 14'i 

LTseT'un^oL'wii. 7i* 

UaeM 1 llan_ - 

lleif U. H_. .. . 3710 

yiuo. Hamper .. 35 >« 

M*l<r< 29 *h 

Ujirallioii Oil 511- 

'Maniie lliiliaiul.. 151* 
TUrsIiali Field...- 175e 

"lla r Dept . More" * 3 -tj 
iK’A - 36 

. McDermott;... . <3*« 

MeDonnpii Umiiv 28'* 

3Wir»» Hill rZU 

Itemi-rfi 33 

60:, 

Merrill Lvnuli. . • l7«s 
AIM .Pwruifeiim. 2B 13 

MUM . 40*1 

Mbur^ilnu3.Mtt:i a9?g 

MdWI Corp o7 

.UmauilO 52 

Morjrau J.- P 47 

Ms«i<iTlla^.-) n 44 ji 

MuiplirUII 45'* 

Aariscu lefci* 

.V«'LT-'t'hWivkn,l*.. ',^6 
Nauoittl Otnl.T.'.r • 15i- 


Gii-ette „ 27 - 

-.■■j* *li itii B. P....' iBIg- 

UnVUnr l«V_;.; ' 16 . 

... 284 

iiiithse.W.i; . 304 ; 

, Uit.AlniiHw Inr .34 
•f ii>(.Anrlii ln-it.;- -'251c 
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23l» - 

J. Hiiiqiirrod,^.-,. i .'©9»> 1 

rinuail Miuiiik... 31 <8 • 

Oarnifiiieser. .. lii* [ 

UaiH-Cwryn 325a , 

ri yini H. J 371* ; 

Heni«iii 27 ig . 


>!i Nat. Di»i iUhi», :j_ 19 '3 
41 ^- r piBL. ^servu-e.ln-l.' A4U 
-- , ■ 30i? 

7V«lS-wa* -• 40-, 
NUfllu-./.... ....... 60> s 

Aeptuiie-linj*.... " 20 

,\*W Kjigjanri K^t-.;'2l7r 
Se» Kukwint le> -Sift 
Nli-pm Sl-ywwU ! 14t* 

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t-r j UnM'iy 26»- 
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M»im Mail i-i. 21 

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Ui-utriav Inns 19 '4 . 

I UuincelaVe 33 U 

; H>me\ wi-- 63s* I 

i fli-jrei ..' . 107 b 1 

’ H j-p-uci*.. AmB" 284 . 
' UiSHljll . 231]) 

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IN A : 37 j, ' 

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itUi. Piavxnr*.:.... 227ft . 21 lj- 

| till -I Herve-fpr '. ' -a43s . 325* . 
lul*. MinAChem ■ 364* ; 46 /b 

~tru..' Vlullilnsrtr..- IBS* 18 

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Uni. Keauwr J- 101* " '-95a 

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EUROPEAN OPTIONS. EXCHANGE 


Jan. 

Vi'i. Un 


A|T- 

Vi,l. . tJSBt 


.July . 
Vni. laii 




iBN 

r. 350 

1 

94 1 

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1 — -jF.365.50 

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K.360 

2 

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F.57.50 

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PA . 
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FJ42.90; 

V.15V 
F. 152.40 
F.160’ 
F.161.BD 
F1.70- : 
F. 17 1.40 
F.190.50 - 
P. 108.90 
K.lltf 
P.118.90 
818CF 
FJJ2.60 
P.25. 
F.Z7.50.. 
F.50 

P 50 
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P;120. 
F.130, 
r.i40 
A20 
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550 
660 


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526 


39. 

63 
73 
26 
43 
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64 
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5 

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8.60 


35 9.60 

22 7.60 

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■ B • 12 


10 .1 


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5 .11.30 ■ - - - 


16 3.50 


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157 

15 

29 

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8.20 

3.10 

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10 '-5.50 
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120 2-40 

275 ; 1.40 

- 1 L ': -. "3 

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40 : ' 6 
56 Z.40 


6 

11 


6.50 

— F.25.50 

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12 F. 121-60 

3 . 

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10 3 50 


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S53 




X0T.tr yni^t'UF IN i.fuVTF.Ii'r^ 


10 . ,6 
1 ^ sipi 

A2.i0 


BASE LENDING RATES 


A.BJf; Bank 10 % 

Allied Iri.fth Banks Ltd. 10 ‘Yi 
American Express. Rk. 10 l 7, 

Amro Bank 30 'V. 

A P Bank Ltd in % 

Henry Ansbacher 10 'V. 

Banco de Bilbao 10 % 

Bank of Credit 3: Cmve. 10 "Ti 

Bank nf Cyprus 10 'n 

Bank of N.S.W Ki "T, 

Banque Beige Ltd. ... 10 ‘V> 

Bang up du Rhone 10i M ;, 

Barclays Bank 11 1% 

Barnett Christie Ltd.... u % 
Bretuar Holdings Ltd. 11 
Bril. Bank of Mid. East Id ‘ti 

■ Rr<5wu Shipley 11]% 

Canada Perm't Trust... 10 *» 

Cayzer Lid 11*% 

Cedar Holdings 10]^ 

m Charterhouse Japhet... 10' % 

Chouiartons 10 

C. E. Coates 10 ^ 

Consolidated Credits... 10 % 

Co-operative Bank *10 

Corinthian Securities 111% 

Credit Lyonnais 10 % 

Duncan Luwric 10 % 

The Cyprus Popular Bk. JO 

Eagil Trust 10 % 

English Transconr. ... 11 % 
First Nat. Fin. Corp. ... 12 *7, 
First Nat. Secs. Ltd. ... 12 °?i 

■ Antony Gibbs 10 % 

Greyhound (iiiaraniy... 10 % 
Grindlays Bank Jin % 

H Guinness Mahon 10 % 

■ Hambrus Batik 10 ’7* 


mill Samuel 510 % 

C. Woare & Co TtO % 

Julian S. Hiidye 11 

Hongkong Jt Shanghai 10 % 
Industrial Bk. of Scot. 30 

Keyser Ullmann lit T, 

Knowsley & Co. Lid.... l:i % 


Lloyds Bank 
London .Mercantile 


10 

10 


F.dwaid Manson & Co. lii% 

.Midland Sank 10*% 

B Samuel Mirnta-’U 3ft % 

■ .Morgan Grenfell 10 % 

National Westminster It) % 
Norwich General Trust 10 % 

P S. Refson & Co 10 % 

Ilussminsler 10 % 

Royal Bk. Canada Trust 10 % 
Sehlesinger Limited ... 10 % 

E. S. Schwab 11 J% 

Security Trust Co. Lid. 11 *% 

Shenley Trust 11 % 

Standard Chartered ... 10 *7, 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiieaway Laidiaw ... ioa% 
Williams & (ilyn-’s ... 10 ’% 
Yorkshire Bank 10 % 


B Mvnih* r* of Ihc Acr-niine nuus-.-a 
ijDDunlriee. 

•-dkv- de|Ktsil£ T. , 1-niuiuh dcpo,n.ft 

• r-day d'.-uo'ils on sonn- of nn 
and unikT 0!'e. up lo gU.ooii 7 j .. 
and over tIJ.fMKI 7/ . 

- iTnll iKpii»jis nirr U .000 
i U-inuiid ili.-pu-uik 7?'- 


Fond ra to VtHil. 

Germany 


BHP iiimpfd cenis io 

ASS. Hi. while CSR added 7 cents 
.it AstfliT. 

Western .Mining ru<e cents to 
Siocks. after the previou- *|a>'« AS1.7U on repor;-. that agreement 
cjs-cr tone, moved ;r-nng!v for- has liccn reached with the 
uard over a wide from nA L.S. WcMern Australian Government 
dollar considemtion*. Mi:h iho on the level of royalty paymenLs 
Com merzbemk Index clirohins lo l‘ r,,r " « h( “ Yeehrrie uranium mine. 
SSGfl from Tuesday's doslnc level < “ R ^ forged ahead 22 cents to 
nf Si’ll . 1 . Thp iiifJt.'N n.i.s unjijii- ANS.4 j. partly on lhe dollar news 


nd partly on a rumour that 
large diamond has been found on 
the Aihton diamond prospect, 
filler speculative diamond 
-fCken. .•vorvil good percemage 
•-■a ins ;r: sympathy Audinico 
ririn, - i iem« Jo 62 cents and 
La rr I Said 4 cent* to 44 cents. 

fcl.se nil err* in Minings. JIIJI 
arh a need li c«»:us i„ .\*vi.44 and 
Kfl Sun ih 4 c»?nls lo AS I. of). 4>n r 
the rlow m urn in Cold prices 
caused Central Nor-eman lo re- 
treat \ si ,i.i in A *1:1. 4.i and 
lkiugamville 4 pi-nts to ASI.-'o. 

Hank 4 went better on reports 
iJiar i heir moves io reduce the 
standard overdraft ran- h.v half a 
-j ■ _ point in Hi per cent would proh- 

i 3TIS ably be matched by a reduction 

, in building wicioH' lending and 

bji.ircs diartdy harrowing r.ile.*'. BNS Wales pul 

higher on Hie Par s bourse m line on , { crms n .,„ r „ lM .vs7.l1. 
mth ovcrnigt 11 Mali Mn-vi and The.f report- cheered the 
the dollar rally ,'ni.i Hv In- i: a ilil«.— - and 1I10 Building 

dust rial index gaining I.S in 7M.S. Siaien.nl 'iipnliers. which have 
roodv v as the hrig-iie-i seoior. been depre>-ed recently 
1 h. PernodjR lea rri adianiuig 12 4 Retailer.-. Breweries and Tcx- 
irt • in< * Oirreftiur 41 »ilcs aNn hardened in the chcer- 

,n , -d-.-’ ful trading condition-, but Oils. 

In Engineering. I'ni-lain i-.ere .iftrr recent all-round v eakness. 
ling limed at one p-unt due to an managed only a mixed -'hawing. 


.ible on Wednesday due iu iho 
All Saints Day hniid.i;- 

Among Engineering-. .MAN rn.-e 
DM 7.30 and C>HH DM i!.. - io. while 
Ranks had BayeriMihe Hspnbank 
un DM S. Ueulsrlie Bank D*,l 3.4U 
higher and Bayerisehi- \erein.s- 
bauk DM 10.SU stronger. In Motors 
BMW gained DM 2 a«. while 
Huechsi added l-’M 2 j-u m 
Chemicals. 

The Domestic Pen-1 m.-rkcr -■» 
easier mi fears ihai me l.'.S. 
dollar- support meyiirf- rnuld 
prompt 3 large ouiflo -. of foreign 
capital from tioroi.my Si ate 
Loans eased up !■'■ 4u lifeiimgs 


NOIES: 

'•viiim i 

*r» ii"t-r wiihhnMinw ia. 


ui'i-si-M* c-ri- <— -.nu.,-,, n*i,itv diiii-pi «,-nu i-jbue rh-i -n*rp i-r*rr.-D 
or»!iiinm iSftlfti.ii. innnpni 1 » « r .r,,w -In. -•». »■ assiohmi nirinrnil *e*i 

• . *' - ni' "'•' 1 - nr rrehw is-ai? V Alfor lima! 

* >’« ?*• n««in». -ir.i-i-. n'hfT'visi' siairfl. i*tp? 11 , •. iht fr*i> n vranc* indiirin-j 
lir» !i: iRftii. 1 , oliis tat. Uinlai rtiv. |- \nm o Shsirr *ulu * flu 


vs.-li- 

V t*Ta Si"' o*tv«n iinl-s- -.-h^rn-i.* j.jiori 
X I'M ho Cftini's* uni-— <i!ii. r.i»* <a*i^n 

h<«-i-r '" n - 1 -nnin ,ns n. .,r-r <h*r>- 

■ni'ss oihft-rwt-** ■ \ - -,n i^n-uu 

-mi'-ft nilyrwiift ciaire • Pni » sr -im- 
•il siK(tfii-non -l Hiirifi- i- ■^r'lrllinx- 
i-ni* .1 lli,-u*i>n<* -»•* -t T--i-rliii L . -eK-i 


ar.l ,ip!- 7 "Trl'ini- -eft.-ul u*vm*ni • iiuii 
lai-rt mv -i 1 n.illi- t*l ir.irtinu i- .Mtnnnx 
finir.. rs nni, . -i 'l-Tf-i u'lilins. * mm 
1 JSul « rrnn-^t ! Sftll*r • Aisiinifta 
ft 1 I- - * riftiii* Fft iivififtiio Fi 

ftfftlt- TJ> Rt *11 . Inwnrr 

in. r«Wffi 


indices 

NEW YORK -DOW JOSES 


lSi 


Ibl. 

31 


Oel. 

30 


U«1. 

£7 


Orl. 

26 


Oil. 

Ea 


,amcs Com pi lit* 


i High j Luir - Uicn 1 L-w 


ln.1uMnabb-827.7B 792.43 811-86 8Q5.K! 821.12; SSOJ l; 
HWB 1 . 1 ,* 86.57 85-70 86.89. 67.94 B7.2« 87.61 


Ul.it 
i!,J; 
90.8b 
1C li 

Irtrupwl..., 21B.05- 208.71 918.94 219^6 217^5 221.81; 

: . iS.ai 

Inline*... . • 98.58 97.SS 9B.D7 9B.92i 1B0.47. 101-SS. I10--+5 
' li.lj 

Ira.iinu ixn . I - 

IjCu', 1 BO.IaO 42.880 59.480' 40.680- 81.050' SUBO — 


/ii.U 

86.67 
,1; Il- 
ls .5i 
ifi.il 
97.13 


1061.761 41.27 

Ml.l-ii-iOJ-l'a?) 


476.60 
: ihZWi 

183.1c 


lf.2« 

ia .53 


■3L li'i (294.641 f!Sj.« «S) 


H*mo> index ehanj^ri (rom Anp. 74 


Uiv> hif+i 8SI.8S low B05.6I 


Imi. -1 !t. neM % 


Or-I. 7! 


Oct. 3D 


Oil.. L’ 


Year aacmppmx 


6.09 


3.07 


5.29 


5.49 


STAXDA&D AND POORS 


Nor. 

1 


Or. 


On. 

5u 


Oct. 1 Oei. 
27 i » 


Oet. 

?5 


f*7i' 


-in-* C.F»puarn 


Hijft | L-r . HieN i 1#.'^ 


: lu-iuotriai* 1D7.7& 105.42 105.61. 104.35. 

flfi.Bb S3. 15' 9b. OS B4.bff 

tCom^ftil,' • 

108.66 107.43 lla./l 36 . w Ii4.c4 : jj3 

• -la,?! --a 31 >ll.l;7i- -a-nj.iSl 

96.05- 97.81 106-tfB f*.«j IJb.Ba 4.4D 

!t/'9. . * A' .11 I.HtV, .il.BL'Zl 




; *i 1 . Zb 1 

•T-l. \t 

■ i>-r. II V?«i ,t>-i,ir>< t.i 

lu-1 •lie. , 1 +irt * 5.09 

4.93 

4.69 ’ 4.84 

in-- 1 * h l.-*i -■ 9.05 

9.54 

9.81 9.12 

Lft-na h»-"-i 1 e— • 8.67 

8.63 

8.58 7.78 


N.r.S.E. ALLCOMMOm 


Te7= 


>iT. 

1 


?1 


Hik'i 


65.79 5U7 52.E5 ^.62 


oli. 5b 
1 1 v 


*S. 3/ 

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I —nf 
lii-n 

ran- 

I. n-.-rmu -el 

.'•ti H 11;) 1 
Sfti- Ia'u- . 


'«•! 


.V"i. 1 - lM. 31 lM..'0 


1.935 1.962 

483 . 435 

1.120 1.29A 

325 : 2x4 

nil 7 

120 - 590 


1.929 

1.506 

241 

102 

3 

75 


KUNTdEAL 


1 . ii-i. 

30 


U-i. 

27 


Hitl 


I ri.-f u«T rml 


2fls.nl 202.54 202.57 202.86 
215.20 Jflj.ai ?0“.I4 210.04 


ssg. 14 
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II it,, 
I.- i'.'i 


IW.aO ilegi 

170.62 >30 1- 


TORUNTO '.'•nnn-ift 1259.5 lSlb.6 12207 IMs.? Itw.r ilg-lOi ! ag*. 2 r it I 


JO-HANNKSBUHU 

Uniij 

In-iurtriai 


245.3 260 J i 264.5 
SB 1.3 2607 I 278.8 


260.2 

276.5 


7/2.1' 

281.8 


14«, 

Uh 


1S5.0 C>4i 

194.8 , li ji 


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1-Vb 

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BelRiiun u i- : l ■«» 
Denmark ** "i-?* fY-l? 
France m» w 

Germany’ *• <&■*. -m 

Holland *5: > H! 

Hoi 1 c Konj tbc b'il.Tl 

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Japan in c.tc.&c- 4?*-.«l 

ftinxrauore-J: HS.uS 


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0 * 11 * h*p llhii 16 4iuprrfl«rn livliiairial 

K<flB «| >7.401 ij|i Hi,... a 

l:-nnm*rii*i<- Ualiane 1872 1 l'<ib\q 

aeu. <F * -l'O* n -iiwi lunf i«4. 

Cncftfl » ftt*.1rm 4V WRITS vsmrlr- 
flnlif, <„ni|Wnii |»|-V« » «w1«* 4>nK 

r.irriarr'tin *'***•■ w*r*i» 

WEDNESDAY’S ACTIVE STOCKS 

Change 


ion Dd-ft tale* all i**r .aiHee 
|i« ftiiftfl NV>K 41! ONinmU' - m 
-idieiMKh and Vunn — IS aim I’amntn 
a*i— I ohi in* '*<> 'lanien n»iuv .in >*-.v 
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: *IH> M.flnvnalv «*■ linllOft*. Ui nn*nrc 
*nr V irmwn i *;viin»» an -irbt'.«rv 
Hftlif ar, »V II '|3**( *■ OmanfMfO" -'P 

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Siachs 

trailed 

Pan-Amer. Aimrs. ftTS.lOO 

Cl asms 
once 
ri 

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day 
+ 1 

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q 

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64 

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kl 

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49j 

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GERMANY * 


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TOKYO 1 


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2fft 3 - 2 a /B.ut t A 

157 - A le.'ft 6.9 

140.0 - 2 2 18. 1 1 c. 7 

: 31 -8 38 12-4.4 

324.0 1 10 < la 2.8 

1-3 

2. 2.0 , 3 4 3.7 

70.0 ft 2.2 

f-44.3 * 3.0 28.12 4.1 

259.J-3.9 17 a* 

lou.0 - 2.5 1! 5 1... 

*11.4 - 5 4 28 12 4 5 ICi-ii-m-. i, 

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173 . 9.3b g. i , 

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y3.0 -2.3; 14. 0-1 1.5 > lull, 

lol -4 -lb 7i 10 4 ; ; M„ II*,,! 

156.3 - 28 16 79 6.9 > \|n - 1 ii ■! - 1 1 1 f »*-.i ' 

51.2,2.2 ■.»„ 



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145.5 - 5.5 14,04 m. 9 | l||lM"..ft.ln . . 

M17 +4 25.44 3.6 I Jvi,,.. 

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380 

Bs'l 

539 

223 

485 

1.140 

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2.120 
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AUSTRALIA 


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tl" 

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tj73 +-1.I/.* 

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18 


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r- 19 -id - 10 

12 

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V*“- *•-. Puli' Kh|»'| kl. 

.1.71 .0.04 

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98.75 + 1.4b 

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7.2 

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18 

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f 1 60 - 1 . 4 






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U40 1 3 

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26 Ja 5 2b.: 1 

120.7 , 2.7 li lt 
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I-M-i* _t52 - 9 

|(i j ^ • S'luriv Mikii* *— i-iiri' ira 

P.5- 5 6 ' 

a 1 ! ! BRUSSELS/LUXEMBOURG 


69 

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4.2 

3-1 

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10 

Id 

la 

3a 

2U 

10 

12 

15 

14 

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11 
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AMSTERDAM 


0.4 : tiii»- Menu lii-t tI .10 

2.5 | IV-iiiftHini 1 1 ;*r ' 1 1. 5 

2 i bidiiil.li- li,. In- Ii ie' . . 5 1.83 

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l‘ a UH mi., i, i, ti 50 

1.6 ! ■- m« li"ii I iilifel U,evrr\. il 76 

4.9 ; •.-I: ii.i: - '3.27 

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4.3 Js-'l.- •«. J.< . .... i2.<6 

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0- 7 • l ■-■■.-■lie Kiiil "ill' :i 47 

1.2 I L-nlUII \ii>,inin ! 1 13 

1.6 ; L>iinh-ii Itiilrf-rr 'Sl> *1 50 

8.3. km. I' di vis ot 

1.5 ■ Kirter ..~iii, ill 13 38 

U.I j binleev.iiir l.'Ciinrr-eft.. . :0 25 

1.4 : K.Z. 1 ii-lii'i ne- »6 10 

3.1Jl.«*l» I'n >|a.n.i Tni‘1 1162 

1- '» ] Hdnivftle, *2 13 

0.7 H'*-ki-i tJ 00 

4.2 1 H > Au-iraiia f 17 

1.0 ■ I'd € t-* "l»l art 10.27 

5.8 ; •iniungft In-lu-mer tj.irS 

1.8 . J-'in-i iLM» nil .11' 

3.2 Id-wiMi'i * *il ii 29 

3.9 'Mil- K',-I.'ian--i JJ 6 

1.2, 11111 H.-U'ie 1 2 44 

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; .'*»-> .. . - . 1 2 55 

: X ii Ir -In- ImeriidliioiMl . :0 08 

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0.85 
1.70 
1.4a 
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5.01 
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a. 53 
1.0. 


. J it 9,09 
J.5 . 25.61 
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0.0 1 * 15 6.16 
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- U.LA J.2* 9.44 

- U.0t> 0.25 4.07 

l. lc.lS.B2 


Turin,*'-, s .1 , 2 . Un. SntuiiK 
Xuurte. Km de Janeiro 6t. 


+0.0s 

JOHANNESBURG 



-0 08 

HINES 



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> 1, 3 
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111 5-5.3 
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365 5 1 5 
67 -4 

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92.8 — 4 
l?o -9 
71 8 - 3.9 
285 . . . 
133 I 3 2 
71 i-U.5 

s7 +1.6 

VS.5 + 1.4 

37.3 -4.1 
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136 + 11.5 

45 -2 

25.1 - a. 9 
111 + 3.8 

S3 8 1 . 1.3 
201.3 


5.1 


'2b 

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30 7.3 
27.!> 1.9 
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I III. 1 


2 235 

2 . a . o 
1.176 

412 
2 220 
D.caO 

3. k 55 
2.435 
1.320 
1.&Z9 
2.650 
1.815 
7.160 


12 5.0 

d 5.6 
19 8.4 

12.o 4.8 
48 4.4 


7.5 
5. a 


Hifitii-ri-xiik 
l*< k-.-VHH Hi-Iki-.. b.k 70 
Khii H-'Miiij* . 2.650 
IVim-iiii* 3.315 

-.I- . i.t-i, H.,i>fiii-5 100 

-i *-.i 1 ci 1 . Hel-j lii'i" 2 . 0 1 0 
"■•rtiiH 5. (.75 

*i'i,Hi .... 2.685 

lm- i]..[i hui-T.... 2.660 

L '. 8 1.1/0 

t. n.'l ■■■ -I lo-... 7 72 

\ leilh .W-.iiIhjiu 1.950 


- 2a 

-.4 

- 9 

- 6a 

- 20 
1 50 

- 15 

- 10 

- 15 

- 15 

- 10 

- 50 

-r 70 

ft 35 

1 15 

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1 lb 
IOO 

17/ 
400 
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lad 
da 
90 
1 70 
142 

290 

025 


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s 1 >5 -ud» 

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M. 1 . ■'leiyli. 

rU.c8 -DO! 

4.5 | “""lli'aii" 1 lll'ili't 

.-o.al -0.01 

8 5 ■ 'Ih'-*-* II .iiiiimiit.il . . . 

tj -a -D.0! 

• 1— ill <►• . 

>1 34 1 j.ur 

8.0 ,v »K”»h. .... 

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to 3 -1 

si 70 -fl.OS 

5.5 'Vi.ftw.-nii- 

t! r6 -O.Oi 

1} PARIS 



\,-i 


5.' 

6.4 

/ 8 

4 e l.eitle «+ 

5.4 


Miic '.St 1 

S2.3b 2. / 1 1" l.i-C'i I* 
180 9.0 , Vi-ulHine ... 


203 
140 
215 
W Ifll 8.1 
170 0.4 


to.o i ol' 


64 30 6.5 

150 - . - 


167 Om +7.*> 35 4 4 

52 + 1.7 23 7.2 

142 .,9..; . - I 

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25 9 -1.5 ' 17 6 6 I 

b5 j I- 1.0 - i 

165 - 3.3 \£b> 7.0 1 

133 +4 

1*.2 8 +U.3 19.3 3.8 
123.7 -* 4.6 58. 7a 0.8 
Zo5.4*.0 6 20 e 5 

97.5-0.1 27.5.7 


SWITZERLAND ® 


V.i . v 


I’rie* 

il--. 


+ -T l»i, Y "* 


140 

119.4 

o9 0.7 4D.7D 1.2 

399.5 -9 . 55 4.0 


AiiiiiiIIiiiii" 

8B1. -w . 

lll*l"1!|t Kl . llA 

l»... Krn f rri 

i»-.. i:,g. . . . 


1.000 

1.515 

960 

735 

57Z 


-5 SO. ill 0.5 .' U*"i Mil- 
1 3.7 42.e 7 5 1 kl'.i-ii>-*t*il 

I-i',' -ii'-i - .i 


■i + 


COPENHAGEN * 

° I'lKV 


+ "f fllV." \ ].'. 


,.. 2.150 
.. 1.770 
... 515 
11 . 61.730 
.. 6.150 
. 3.575 
1.330 
5.015 
2.180 


-30 

- 30 

- 50 
+ 45 
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ft 20 

1 15 


8 

10 

■it 

it 

ti. 

lb 

10 


.\mv. L - 


Au il-i-Lm iiUvii.. •• 

J htll.-ki* Bdllk 

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KniMlmik 

IWlli“l«iilc 

's-|.l..h(.ii-ii~.n . .. 
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Y1ENNA 




14U 
IZS'-i 
142ii 

130 
3-0 

80 
lab'; 

J»0 

173 

1 lofc- + >2 

131 
13/ 

375 

169 


11 

12 

1'2 

15 

12 


7.8 

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8.4 

lu.u 

5.5 


Hull rim rr I': 1 
l>" -MiimiI 
lliii-ri'**: |! 

.Ie'l'l"ll 'hi 1 
\i-ll" iKr 1 " 

Ik-. Ilct 
t ii-i ! ila-'ii ll-t'.UWi 2.515 
I‘in -1 sirs 1 1* F Issi- 287 
1 ■wivli'/ 'tr. .si .. 3.050 
Urn M“. 375 
>■- 11111-1 ler 1 l-K..».i 250 
>u 1. 1 T'l.lioii 202 
Sir ini-nii I'l.fTC 795 
.+11 Ion 111! k- ir. Ks'- 345 
>« ,«» 1 1, - ".- Kr.ii-i 4.650 


+5.250 1 100 
-300110 
01 


7.U tV-mgiie- 

7.0 1 H.>. Vi.ftiVdii... 

I ni 1 "i - 1 

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INDUSTRIALS 

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.Li ^.v. v';X'-'4.- 


^:<&- 

,r*T-.v 




1 he Prope 

rty Market j 

BY JOHN BRENNAN 

- 


"At the current letting rate 
around halt of the 600,000 
sq ft of offices standing empty 


The elderly giant 




LAND SECURITIES Investment 
Trust is the biggest, but is it thi' 
best'/ Stockbroker .Rowe and 
Pitman. Hurst-Brown comes up 
with an astonishing answer. In 
E and P's view Land Secs is nni 
only the best, it is now a better 
institutional investment than 
direct holdings of prime properly. 

An answer like that lakes 
some swallowing. And the broker 
tries to make it more palatable 
by concentrating its analysis on 
the group's income potential. 

Land Secs has estimated that, 
at static tlS77i rpnts. reversions 
due within il* £S26m of proper- 
ties will provide 12 per cent com- 
pound rent growth for the next 
nine years. With a forecast divi- 
dend this year worth H.S5 per 
cent (at — 30p I. or 5 per cent 
fully distributed, the broker 
shows that a fully distributed 
yield of 9.2 per cent »s in sight 
by 19S7. 

No one is likely to argue with 
R and P's case so far. But the 
broker dives into contentious 
waters with the next part of its 
argument where it compares a 
purchase of Land Secs' shares to 
direct property acquisition 

Taking prime property buying 
yields at 5 per cent R and P says 
that, assuming no growth in rent, 
levels. Land Secs’ reversions and 
the impact of gearing on Us 
attributable profits (debt stands 
at a third of assets) mean* that. 
**an investment in Land Secs will 
produce a far higher return than 
an investment in prime 

property." 


That is a'.l well and good. But 
u would take an unusually re- 
tarded fund manager to buy a 
prime « property nit an initial 
yield of 5 per cent (less than 
b::lf the return on long gilt 
slocks) without any expectation 
of rental growth. ft and P is un- 
deterred. It argues that the com- 
parison look* oven better when 
olio allows fur rental erowrli. 

Compared hi a prime property 
purchase, bought with. say. a 10 
per cent -annual compound rental 
growth -In mind, ilic same money 
in Land Secs will have all the 
benefits of any general rent 
growth, plus the inbuilt rever- 
sions. plus the effect of gearing. 
<‘n its •internal calculations the 
broker expects the shares J o be 
yielding neater KJ than 3.2 per 
cent by J9S7. 

A glaring question iiurk stands 
over that argument. Tin* rever- 
sions arc there, un arguably. The 
scaring is there, unqupsl'onabtj. 
But is Land .Secs’ portfolio now 
too elderly to show the rent'd 
growth one could reasonably ex- 
pert from a modem prime pro- 
perty .investment without that 
growth hems absorbed in refur- 
bishment costs? V. Greenwell 
r liserl shal question in Us irrever- 
ent look at property's bigMst 
” blue chip" list year. R and P 
answers the point wnh vvhjti fund 
luanagers may -think is a rather 
quirkv definition of a •* modern " 
property. 

fn u*< detailed break-down r*f 
i he group's portfolio R and F 
concludes that around 4m of the 


nr modernised since I960." Up to 
IS years vs not old. But is U 
really all that modern? And 
v.itb 5m sd ft that has come of 
age even un R and P’s undemand- 
ing basis, dues Land Secs’ port- 
folio, really justify the broker’s 
tillu of "high class?” 

What lifts ihc brokers 
analvsjs above a pure sung nf 
praise for Lind. Secs is il> close 
look the managcincni'S philo- 
sophy. A> brokers in the group 
(a fact that it fell was sufficiently 
well known nut- in mention in 
the report!. R and P speak' 
with authority on the reorganisa- 
tion lhat created a central 
management operation and winch 
appears to Iww dubbed Peter 
Hunt as Lord Sanniel’a heir. 

The sight of Land Secs passing 
its days quietly, managing ami 
modernising its existing port- 
folio— which R and P believes is 
worth 320p a share — may appeal 
to institution*. And a market 


WV0- 


in Bristol a^fh e^hfe gi tinTng - nf.' 
the year will be off the mar- 
ket by Christmas. Following 
years when the Property Ser- 
vices Agency was the only 
active tenant in the city- com- 
mercial demand for offices has 
returned. 


Mike West, Lbc city's Indus- 
trial Development • Officer, 
says that just six months ago, 
after four years of silence, his 
office .started to receive a 
couple of enquiries a week 
from companies looking for 
sizable office sites in Bristol. 
And recent lettings show that 
these enquiries arc serious. 




ms, 


«nd - -'j* empty for near!} 

port- ■ - — — 

ip A question of yields 


Following' Sperry Gyro- 
scope’s recent letting or City 
Offices’ 90.003 sq ft Temple 
Colston House, at around 
£2.50 a sq ft. Tim Stevenson 
of Bristol agents Lalondc 
Brothers and Parham reports 
the first major letting in Scot- 
tish Life Assurance's 73.850 
sq ft Temple Way block. The 
building, on Bristol’s inner 
ring road. Itas been standing 
empty for nearly 1ft months. 


’ TStiw':.' : 'Guarfflan- ' Ttoyal 
Exchange. Assurance . has 
taken a 24,000 sq ft section at 
£3J:S a sq ft and. as fehns for 
the deal were agreed in. the 
spring. In talks - with two 
potential tenants for-the rest 
of the building Lalondc is 
now asking' rents of . up to 
£&$5 a sq ft. 

Guardian Royal is following 
the. gradual shift of .Insurers 
from the central. Corn. Street 
area of Bristol, to the. inner 
circuit road arca. : And its 
move was delayed' until this 
week’s completion of,' the- sale 
of -its freehold 20.000 sq ft 
former Com Street offices 
(left) to the Bristol and West 
Building Society. * 

■Ml- but 500 sq.-fl of. Scottish 
Life's other. 17,000 sq ft 
development in the. city at 10 
Queen's Square has -how. been 
let at rents ranging from £3 . 
t*» £3.50 a sq ft. And Laloudcs - 
achieved -over £3 ? : sq ft .fnr 
C- J. King and Sdns’ 11.000 
sq fl scheme -at 8 to lO. The 
Grove. ; • overlooking the ’ 
harbour. 


. Financial Times 

.The hugest of the- remain- 

Ins emuty building is/UlW ^ ^e ^crasb. r 
141.000 it Standard Life has said. 


FroperU^' 141,000 *f ft 
giant at WhUefriars where 
LaJonde and J-P- Bfanp 
had to snip SOp.from the JiO 
asking rents to let a 15.000 sq 
ft section fo Avon County. 
Inter City House, the 80.000 
su rt bloc k that. Electricity 
Supply Nominees bought 
from Westmorland, and where 
Lalomle arts Jointly with 
Richard Ellis, is the only 
other completed unit of com- 
parable size on the market at 
ihc moment. But’ the former 
Town and Commercial tower 
block now being completed by 
Norwich Union .will bring 
another 140.000 sq ft on to 
the market in 12 months. And- 
thaf building's rather elderly 
design is counterbalanced by 
its position, .next to Bristol’s 
Holiday Inn and over the 
Broad mead shopping centre. 


Renewed letting interest 
has enabled other developers 
to take a fresh look at somc- 
of the 2m sq ft of schemes in 


Standard Life has said- 
it will eventually _go al 
with its 60,000 sq ft projet 
Broad Quay. But the Jar 
single area of newdevi 
meat -oir the 'horizon is 
idea for- 'op . to 500,900 :s 
uf new offices on at «m 
site 'ilf ? ' the* "Hem 
Triangle ” six miles from 
city centre; 

North 1 Avon District C 
cil is prepared to put its 
"Community Land Act poi 
behind John. Lalng's asset 
of a 140-acre site in. 

“ iriangle ” which . - 
between the - IH4 ' -and-. 
Motorways: and the “ 

IX Lalonde’s enthusiasm 
the .local letting jqq 
proves to be correct r i 
will, be’ one of ,tho:« 
developers to benefit, 
ing Its Whitefriars block- 
pulling in tenants fori 
Hemp ton , scheme, whet 
the market justifies It,, s 
.could be up. and occnple 
late tt)79.. 




3 


record r»f underpi-rfurmance in 


Hiow«f ho*v dej 
property Mvlds . 


V, Tii ' ~ ‘ *0 ’ li tl’ property Mulds .ire upon luslnri- purchases. 

ni*inawJ rh ?S‘- ■ , p 1 rl ’ f high rcnl.i] sn-v.-ib expcc- A* *hr table shows, a -ross 

managers aci.Cin thi absence o, talions:. redemption yield of 17.4 per 


informatinn nn lease structure's 
before R and P rnnvmres rli»* 
market that the “blue chip’’ is 
also a glamour stock. 


leoie structure'! r^nt dalp on the 1967 

-.C.7 nv,n C 9s .. n * n highlight »li»* point that, purchases, most of which have 

o " blue chip” is timing is critical •i'* rh*' length seven and 14->ear review?, far 

s ' f, vk. nF rent review patterns when exceeds the o.li’ per cent achieved 

billing properry. .II.W makes a on 1973 purchases. even though 

” rnmr>ari«.nn ..r ■■m.c n.i-lainnimn ihn i-.*,... .. . — i n i r 


Property Heals appears on 
Page 34 


rnmpansnn uf redemption the later buys are IpI on modern, 

yields on. properties bought b.v five-year reviews. JLW does not 
i |s hypothetical portfolio iu 1967 a I tempt t» read too much into 
and in 1973. the. comparisons, and it is 


certainly nor trying', to. make a 
case for secondary, investment. 

Indeed, recent portfolio tidy ins 
sales suggest that many funds 
with mature portfolios containing 
ageing properties now take the 
view that the best growth has 
been achieved and . are taking 
advantage of a strong market to 
sell out. What JLW.'s comparison 
does do is to : -raise • timely 
questions about current 1 yields 
and CRY expectations. 

At initial buying yields rang- 
ing between 5 and; 6 per cent 
for good offices, 'and below 5 
for prime shops, funds targeting 
GRYs on current .long dated gilt 
-levels ate looking for rent 
growth of a round. 10 per cent a 
year. That - is not 'necessarily 


too demanding an past perform- 
ance. Bui some of the more 
spectacular low yield purchases 
in recent months Imply very fiqc 
tuning of growth rate expecta- 
tions. or a very optimistic view 
of the future. We shall sec. 

Apart from Its Interesting side 


.glance at .yields.. JLW.s. uj 


: bides provides no real-san 
In the quarter "from 3 unb- 
end of September the pa 
achieved a i percent inere 
rents, and a 2j-per cerirs 
capital value, to £99.4at; - 
the' index from 476 to 49® 


Gro;>s Redemption Yield Analysis. 


Year of purchase ---• 

Number of properties 

Book cost. -v 

Current resale value ; i,.- 

Initial yield at purchase (per cent) ...... 

Current equated yield (per cent) 

Rental growth since purchase (per cent) 
Gross redemption yield since purchase 

(percent) 

Target GRY at purchase (per cent) '. 


1967 . 
1ft V 
£3. Ini 
£11.6m 
7JS 

s;4 ' 

■9-ft.pa 


1-74 pa ’. 


7-I pa *i 


INDUSTRIAL AND BUSINESSiPROPERT# 


PaA 1 


A comprehensive 
guide to 

Industrial Property 
in East Anglia 




Chestertons 

VfestEnd 

Offices 



The first edition 

of an essential guide ’ * 

for companies occupying warehouse or factory 
premises in East Anglia, or considering 
moving to or expanding in the region. 

For a complimentary copy conlacl^^^tf^Ej 
Christopher Armon-Jones tpS 

or John Belsey ^ 

on 01-930 9731 


No 3: Co for experience 

After more than 155 years of dealing with 
ever/ aspect of property. Farebrother Ellis are 
today more than ever, a leading force in the world 
of property. in London and indeed throughout 
the nation. 

Their services include:-. 

investment : Building Design : 
Acquisitions : Letting Valuation : 
Property Development Management : 
Rating r Rent Review : Project Management. 

\7h.its\ ■=»' ’.-our propr-rr; prctlems there's a 
very good reason for consulting Far tore*:! ter Ellis 
first. 

The professionals. 

Fjr M other cite & Co .Chartered S urvT, ors. 

2j Fie it Street. London EC4Y TALTel. C1-35Z 0544 


75 Grosvenor Sti’eet, W IX 0JB 
01-4990404 


mm 

SS|; 

1 




BRISTOL CENTRAL 


New Warehouses 
TOLET from 54)iD sq. ft..-. 
IMMEDIATE OCCUPATION 


Mayiair, MV. 1 . 8,250 Sq. Ft. Modem First Floor Offices. 
Air-conditioning. Six car parking spaces. 


CITY BORDERS, E.l v 

Warehouse/ Distribution. Premise*' ... J 
1 sc floor 12j)00.sq.£t._ ■ . 

Large Lading Ya t d ■ . . ' .• 

Exclusive use of Lift . . • - 

Coventry 


N.W4. 13^3.1 Sq.FL First Floor only available.' 

Refurbished and modernised building with prestige - 
marble-lined enhance. LULs. Central Heating. Cai‘Paddng. 


SL James's S.W. 1. 400 Sg.Fl. 

Licensed Offices with use of Reception facilities JP-- • 
Terms by arrangement Fully indusive rent y '■ * 

s 
v 


UUVtPI IKT * > y 

-50.0 00 sq. ft. 

- New Warehouse/ Factory Unit to be Construct 
FOR SALE or TO LET •-’■ - 

EDMONTON, N.18 5 

7.000 sq.ft. ‘ • £ 

2nd floor Warehouse %? 

toilet ;. ■. . 1 


LONDON, N,W«2 



m 

lo 


Required for Major Public Company. . 
Self-contained Headquarters Building of 8,000 Sq. 1 

invv:i.s.w:i,orSAv:z 


Warehousing' 

TO LET ‘ 
Excellent Loci cion 




Chestertons 


LONDON, S.E.8 

-factory 4.500 sq. "ft. 
IMMEDIATE OCCUPATION 
LEASE FOR SALE 


Jr Chartered Surveyors 

Bterftw 


LUTON 

60JDOO sq. ft. 

Facvoty Including 20.000 sq. ft. Offices 


TO LET 


TAUNTON 


WINCHESTER HOUSE 
LONDON WALL E.C .2 


Factary/Warehouse 

4J50sq.fr 

TO LET— IMMEDIATE OCCUPATION 


41,000 sq.ft. 

OFFICES TO LET 

'jr’fe AHERONCORPORATION DEVELOPMENT j 1 

Bournemouth 






CLOSE TO 




HEADQUMfERSMlBINi 



* Air Conditioning. I 

: K Anti-solar Glazing. ; 

^ 2 x 10 Person 

High-Speed Lifts. j 

❖ 63 Car Parking Spaces. 

=i ; Fully Carpeted. 

# Prestige Entrance. 1 

: i ; 100 lbs per sq. ft. 

Floor Loading. 


; TO LET: /• : 

ofncEss.obtf^. ft. 



King & Co j 

Chartered Surve yors 
1 Snow Hill, London,. EC1 . 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussel 


PRESTIGE 
AIR CONDITIONED 


OFFICES 


Leases to be 
assigned either 
together or 
separately 


By Order of THE POST OFFICE 


wnnit. imaw sii.il. 

; Excel lent SpecIftcatidn^Jnd Finish 


For full detail s conlairr- 


Hartn^^laytofCook I 


The M.iH> Clifton, BRISTOL BS8 4 DR 
Tel: 0272 39061 


37 - 1.1 St Fitter's Ri all). 
BCH. TCVEMfH.rTH Bill If JR 
Tct 0202 23491 


MELLER SH^^“ C£ 
S. HARDINGS, ' - 


9th Floor3600 sq .ft. 

18th FIoor407 O sq .ft. rant £3.40 per sq.ft. - ' 

(Premium required) 

Joint Agents 

CAY ▼ AS Kemsley, Whiteley Debenham, Tewson 
& Ferris * Chinnocks 

i Chan/rnI SurT-yor*! 


BASINGSTOKE 

CENTRAL AREA r 

OUTLINE PLANNING J 

FOR PROPOSED ' j - 

20,000 sq. ft. OFFICES— 5 TOWN HOIfij; 

FOR SALE — FREEHOLD 

full detoifx from Retoimd Agents . 


1 \ 


c o mmerplal 


2u SJ Koib-mak.-T Sttwt 
t.’indon KtSY 9.VJ 
U42I 2373 


Cbariercd Survey ura 
Bancroft House 
Halt-muster bqiurn 
London EOIP 4ET 
0W3* 1520. Telex HTO 


22, Commercial Way, Woking Surrey GU21 INff 

WOKING (MB62) ; 70071 > . 

Chart tt^d Surreyory.. -• -/• V - 




**a 


r eh 


Self-Contained Office Building 

90,000S£J. ft. approx. 

Enquiries from Principals and Retained Agents Only 


All Enquiries to : 

Box No.I-.^.T.T...v 

% FinancialTimes 




Candon Street ' 
London EC4P4BY 









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are 

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■ . The jiew.tGwn carafe otNofth '$$&<$& A-65.0pP.sqR .... 

supeFmarket2[P|«a'»l units; fqjUl kpa« « wil u nits and on site 
mu it] r sicrtey^arking ?oi 45 p ca;s. V • ; ..... : j. -•• 

Begun" in May. 1.977 andcoiwpleledpnlyl 3 months later, 
the E6 million centred' supe* irvarlret-begao tradi ng at the e nd of 
0 c tober, ju.5£ T?Pmo n ihs ai lerthe^tartwas m adeohsi t e. 
TtfiariistiicliideCAilFad.SuppJiw’S AflW* Hinto’n.BootB, \. 

. " D e wtiurstkf & G Allan! .T i u a Fcj'rrt vC art ass. Tinipson.- ' _ ■ 

. My ekayd^ohn .Collier. RurpNelciws. Harton clean. Victoria 
Wi q'e^CoNay s.B a dib Urinate,' National Western) ste r.B ank4 nd 

■ .. -J- Vj CM- 7at>r • ' 


AREAS , 

STIU * ,m * 

AVAILABLE 


' ; .7'! f ; -i _ '5? : . 

M4 i H =p | ir"“ r— j 

I -- L — ■ -a ■ J I NEeB I 



. .Only f ouriu nits rerriai n.'a va il able . : 

— *. • ■ ■* ' iA ■< - M r\ 1 ' ri pnrvi 


sr a* 


■■ ^ vdi: * 


*f- «e nt t 

'i&nu .. 

rr :-i , 

■Rt > 11 .-. 


v/iih the Metropolitan Boroughaf-NqiihTynesida.and CIN' 

. .piop«/uea Limited'. WtanaBementcont/actprsrMilfer 
‘ Construction, ■W/afeefieict.AteiirtettfrrUohnBruntdn and 

PaiineVi-, Leeds- Joint fetTing agents: Haaley & Bak^r, London; 
HjH Weisi^ Londpn.;.V Stanley wirt-er, Leeds. , , . . . • 

. 1 Atowncantre thii&a creditto allconcerried . BuiJiqutckly. 
and iftiaeritly.'occufrtkf fast Eiqwxited to belufty iet-BefOf e • 
..«o:t'ipleUon.. All reddy to pui new heart mto N oi.ih Sh ields. . 


BEDFORD 
STREET LEVEL 




STIRLING 




5 , 

23 , 

square feet j 


MODERN FACTORIES 


Cemrai Regior.' n« r'.vs*'. maustrial ssisi-ir. sdr-deat;: ij 
an idea! *pot you.’ 

23.00£i5q. »t !ac!PM'riiucksare;i0vi-i\rt:l25ie 
composed of 5 t-a ys. 1^4 It long « i W t : \. 4 . : r j; 
eaves sort** v. i ■!■ > ■ . h-.-.d ran* ^ 


( PRICES FROM 5Dp PER SQ- FT. 


J 


a 

lr 
C 

VtewiCit!h.b!i:!iii!i 


N 


oi more il.'Lvi;- a^nt \J^rr^y ’^phone \ 

indu£[ridiD^e-i ? n.B,.iu:i!T Stirling 

bcnira.Regiytiaii.cu;i'jil. mS-A 


J 


IS 


3111 




SERVICE AREA 


“I 


»a^S 9 , aliftry P is^ia-WB 
11,350 sq. ft. 

SUPERS MODERN OFFICES ON 2 FLOOR5 
ONLY £-1.31p PER SQ. FT. 
including P.ict; and S*rvio: Cr.ar^e 
LEASE FOR SALE 

BAVTER PA.rriE AND LEPPER. C-U'ic.'ed Surveyors 
40 Welbeck Sirsit. Linden WIM 6 lN Ot-^St 2S49 


NEWMAN ST. W. 

Modern Offices To Let 
10,100 sq. ft. approx. 


* Air-conditioning 

* 2 passenger lifts 

* Fully carpeted 

* P.A.B.X.7 

* additional residential 
accommodation available 


Particulars from: 

5. A. Jones 

Mark Lane (Investments). Ltd- 
Berkefev Square House. 
Berkeley Square W1X 5PE. 
Tel: 01-629 S772 Ext. 2S2. 


CAR PARK 


. . , -C> Sp 

C"-; - 

«wf£r?V- •’* SAVILLE 
~ > • - .STREET LEVEL 



WAMASCMENT COUTfUC tor. 


for Indu 

it central 

ZrXi-'. 

1 -: \ A , 

,cc:.-. i- • ■. 

ORDERS, E.I 

: • - 

^ • 

STr- 

? *?•%'*■ 

TRY 


Construction 

. - r .v : Things Road.AA/akefjeldyprkshire T elephone : Wakefield 72891 



JCirn LETTJMu AGENTS 


HlLEi WELSH ; Healey & Baker v. Stanley walker & son 


• -26 Quotn Aml«’» G«i ■„• 

. Lwulon SWIHflaa 

'. .Tvh|phonR:01 KlBTf7I \ I, i, ~ 


29 St. Cwhv ShwM. Mmowtr Svutv. 
London W1A 3BC Ot-B»Pas2 


The Mart, Albion Place 
Loode LSI fiJN 
Telephone Leeds 3GES1 


h' 




••• . 

# • * 


N. N. 18 


fe- 


8, W.W.2 


s?.. 


V* 1 ) . " • 

H, S.E.S 



Industrial and 
Business Property 
! appears everv Friday 

-¥ — 


Nugen? Industrial Park, Orpington. 
Warehouse/Fccfory uniJs. Under construction. 

5000 sq.ft. - 150,000 sq.ft. 

Getvfick Gate industrial Estate, Gatwick. 

V/arehouse units. Under construction. 

1 5,000 sq. ft. - 1 50,000 sq. f t. 

Industrial Department 

33 King Street London EC2V 3FE. Tel. 01-606 4060. Tele*. 385557 


Bournemouth, Dorset. 

Warehouse/lnduslrial units. Under 

construction. 5,000 sq.ft. - 60,000 sq.ft. 

Enfield, Middlesex. 

Light Industrial units. To be built. 

7,000 sq.ft . -4 3,000 sq.ft 

Maidenhead, Berks. 

New Distribution centre. To let. 53,000 sq. ft. 

East London. 

Warehouses to let at £ 0-65 per sq.ft. 

1 2,680 sq. ft. - 13,670 sq.ft. ■ • 

JLW ComputorT ?i - 

A Complete Answer 



Chartered Surveyors 


ZH 


gftCo I 

Hi ". 

3GG0 Teie^SS:* 



CARDFF OFFICE . 

Uantriaant, MWGIanvRBf. MCL2. T 

The Authonty sse ks tenders tota lease. , . 
,ud to 3S vsarscl approhimslfi-/^S.l3a Ufe^au 
ot mdudrialand -.-^rehouse dsvejppoieritiand 
near toifie Royaj Mint, and same-3 rnffes-ocutn 
of ther KU MfikDV!nterch9ngs.«ri the A.4I19. 
The land is v>nhin an area enjoying special 
cteyelopmeni. stati 15 . ' ■ - ^ ■ . 

- Tenners shall be returned 0y:l2 rfccn., 
Tu9S{^ r i2tnDeceniDerl97S. -• 

CaerphHt^ Mid'Otahv-flef. HG.3. 

The Aothcwty seeks tenders for a v \ 
residenUai Iwild^^efltappidjdm^^ 

- .(29 acre^L :• 

. Tne saeis located on frie noTftv western 
outskirts dl the town, CaerphiilY tear? *• • 

estat»^ietfcbfnrruJer certre^ ^tor Carcfiff and 
etewhere lh-soutn eaSVftJes.- 

- Tsrxteis.^y« re&irnedbi r 12,rKjdn 1 < 
V.Wnesdayjr-' 20thDecefrtber 197a- - • - • 

Tongwynlate, !!l GariSft Rafc'CDFF/IS . 
■ • The Authority seeks-tehderafor . 

. apprd^irnatei-/ T.41 ha ;33^cres) ot residential. 
;• .buiiiTmg tend? .. ’• . ’ - 1 * ’v " . ’ 

t ■ Tr««ei r »^uaiedorithenwthKri. ; • 
bufsWiis ot'Carcfirt ab^%mte*ernthe tA4 , 

. Coolori Interchange. 



.. v - — , ----f.HS.Ts: 

• 7 -. ‘‘A Jdti^qh 24’ savifieff -bM&ng ptete ae 

bungatov*. Oomore-b-j^Sea lies within the - ■ ■ 
..areaoltf^Glafraganto . n ~ 


rv r WKXHAM OFFICE 

^dwKCtwyd. Raf. C.7. • 

is)” L -. Offers jve uv.iiea tw b 1.1-7. ha 
'•■"•-<2.?EfacTesiaDcro''irnJiW/ol resiaent ,s ii hute:*.g 
\ land adpjn'np an existing esiaie and having 
easy access 10 the A5. 

. ... Bala, Gwynedd. Ref. G.6. 

• • •' Otters are irniifd tar a ritrnir-a cl large 

'■ ./ - Bidividijal tesidemai’ plots. 

I* * . • • . . . 

.. Oolaeflau, Gwynedd. Ref. G.5. 

OHert. at* sought [or 0.B4 na C.lacia^ 

- approomaleh: d residenOal building land arid 
•, aiso'ter "a mmoer ot ] nciiutdUEihpfots of 
approximately 4 acre each. . 

7 - Llandudno. Gwynedd. Ref. (3.4. 

1 " •" Premier ir«adprMia1 OwWing -iitessc.low to 

' the Ulte Ckme ana oveilooknig Uandudrio Bay, 
compfisinc:- 

. ‘ Parcel No. 1 - 175 ha-M.3 acres) 
approximately. Suirabte foe good sized dwellings, 
, Parcel No 2 -0.4 ha <117acresi 
approximately. This site could be developed 
- ’ ' with up to 12 linked detached ctweilings. 

: CormsWs Quay, Clwyct Ref. C.T. 

“. . . • The 'Authority seeks tenders fra a lease, 

. ' uptoS 9 yeais.or a public house site having 
a frontage fo Vttepre Lana Cormah's-Quay. 

' The site extends to appro»mateiy .59 ha 
; : ,-(l.45.aiies). 

Tenders :haii te r^rned by 12 nooa 
1 ‘ Tuesrtey-'- 30th Janijaryig??. 


HGST0KS 

<TRAL fiis “ j 

E PLANNING 

bfS'STOl 

r-FRE EH ° l 


_ i 3 i KiUw;;'- 

i f C • L -■ 


Fuftierparucutars ottansitite'ftwr th&appropnm qflice, as toROf-s? 

LAND AUTHORITY FOR WALES 

AWDURDOD T1R CYMRU 

'Area UjSwAnahdt[SE} Area Land ManagetfNI Are* Land 
La«l Arstiecty lot-Vvaifcs. Lend AulhiWly tor WtelM, Land Aainoniv lor wales; 
Bnjfial House. ’ ' 33rGrosvBfxSr Road. SDA.mng Sireat, 
jRZateaRoad. -- Wwlm . Carmarttien 

fj rrtTff 0F71SQ ' -LL1t«T • SA3 1 

TeT:' 0222^99077 - Tel:0B7frS7133' . - •-• M. 0267-32471 





If your Company has a current or 
potential requirement for a Headquarters 
Office Building in Edinburgh you 
should look into ours. 

die* : 


• tSFH ‘ a* •' 

• ■ j*- ■ • .* '} ! ■ •* - > 


New air conditioned office building. 



Central position. Occupation summer 79. 



BRUNSWICK HOUSE 

offers 44,100 square feet net 
of elegant new accommodation in a 
central position, employing superior 
finishes and having covered 
parking for 50 cars. 

For irs. size, srund.irJ .mJ !oc.ui'.>n 
rhere arc no orher build inas curn nih' 
available- in Edinburgh v.-hah Lomp.iri. wirli 
Brunswick House. 1 1 is :tv.u Libit- n< iv.: 

Joint Luttm.u A^i-nts 

HILL XX’ELSH [lOHN DWOOD l 

25 Queen Anne's Gate 
London SW1 

Tel: 01-839 VC 3 


^2 ) - L 





|;-Ty.phL. 

o' But i.dTn gs, ”3 i rmln glia rfi • •- • ' 1 

! 330 ; 0 C 

I 0 ; $q 3 ft Tor .'Sale. ; 

| '’Offers' 

invited v.;- ,: . : fg j 

1 1.50 5 p; 

-ice. carpark. ; , 

•-lujjyTf 

.idokfered,'. . 

.14 lifts 

;/ ;1 8 vehicle loading- decks, j 

n 

nGrimley 


L-T *7 
I i * 


xf 


K-... . 


■‘•r 


BUILDING 

LAND 

15J ACRES 
approx. 

detailed consent 
for 

195 HOUSES 

Centrally situated at 
Carterton, Oxfordshire and 
enjoying good Accesses and 
services nearby. 

For Sale by Tender 
December 5th 1978. 

E. J. Brooks & Son 

Gloucester House, 
Beaumont Street, 
Oxford OX1 2LT. 

(Tel: Oxford (0865 ) 44535.) 



Lav^ider HijlT 

Clapham Junction 
London SW11 

aridDeV^pHieht^e:^1^acres;lri'a}|\,%- : ; 
: For Sale-by Private-T ^eaty c ' “ 

: ’!■ ' ■ '* V* • ;V’ j; j • '•* : - • ■ ' ' v ;; ^ 'x * -y »' • ' 

7 0 ‘&’acr€S cleared site FfeehoWj-; ‘ ~~ r ' ' *' k 

• : ^ Tf 4 cfes - &■ A c£o Vnj 4 io<^ft t cm wti ft nt^' 

‘' 7 posseMfonT 3 uitab?e^ 

■ 't v'-- ,-i* * : ^ 'jl - < *’'* i , V; ^ " r ' *. •' y ~ ~ ,; 7- ' * v 

\^L 3 T 5 p'sq^'StTOyn;'oo^\w 4 th;stprage:vfOJ:^ 


' ■ - - 0 ^ 056 ^ 45 -:: 

■ :: .cJOCSaSS^S'K a 5 i: - • 


mm 


B\t direction of {.lands Borifz Limited 
who h ace mured to Unger premises 


HIGH 


FREEHOLD COMMERCIAL PREMISES 
FOR SALE BY TENDER 
PRIME LOCATION 

Suitable fur Building Society, 

Retail. Insurance Co. etc. 


Chesshire.Gibson &Co. 


63 TEMPLE RO'V, BIRMINCHAM B2 3LV 
TEL: 021-6I3 9:!.“,!. 

AND LONDON 



* - A. . 
















Financial Times Friday .1971^ 





Barciaytrust 
pays £300,000 
an acre 


JOHN AND PETER BECK- 
WITH'S Serond London Wall 
properly sroup is the Jatc.-i 
private developer io break ihe 
£300.000 an acre barrier for 
industrial land wilfi its purchase 
nf Tale and Lyle's 5 '.-acre 
Hammersmith mu? nIT the Fulham 
Palace Hnnd. A forward sale of 
lhr scheme in Barclay trust pro- 
vided ihe funding fnr a 145.000 
rq fi. industrial /warehouse pru- 
jrel. 50.000 «-| Tt of which has 
now heep pre-let at around £3 
a ■spuare Font hv (Irani and 
Partners. Second Lrndnn Wall's 
advisers, and 1 1 < ioim leltins 
arenis Healer and Baker. Thai 
first pha*e will l»e comp to led by 
next July. 


need of refurbishmcni. Shops 
iictuum for fl.4" per cent of tbc \ 
MJ fond by value with combined 
shop and office buildings making 
up another 20.4 per' cent. Indus- 
trials are valued at just over a 
filth oT the fund value and 
developments account fur 4.S 
per cent uftpr adding in two new 
industrial schemas. 

MI has paid £405.000 fnr Metal; 
Mouldings' l.S ncre freehold site 
off Park Royal. NW 10. where 
Ellis and Edward Erdman (who 
acted for .Metal Mouldings) are 
in jointly lei 50.000 sq ft of new 
space in 6.500 to P.000 sq ft units 
due for completion at the end of 
1079. 

in a £600.000 purchase Mi has 
al.-o bought Dunnings' Limited's 
completed 30.000 sq ft industrial/ 
warehouse scheme ’in Invincible 
Road. Farnborougli. The 
developer has guaranteed its 
agents rents until ljtnwa\ Rolf 
and Partners, and Ellis have 
found tenants for the space at 
around £2 a sq ft. 



Charles Pnce^St Company 


PORTFOLIO OF MAINLY 
FREEHOLD INVESTMENTS 
FOR SALE 


Net income 

£13^ OOO p.a.approx. 


TT WILL take 10. 3m an acre tn 
hu; another major London indus- 
trial site. Bril ish Steel's former 
steel .iincklutldins centre al 
River Way. Greenwich. SE10. 
F.'ilinti Snn and Boy tun air ask- 
ing around C21.li for the 7|«aciv 
sii r- which h.is 1 23.000 .-o ft nf 
ihree-yenr-nld »■ arehou.,e/faruiry 
spare, wijh nverhead crane* and 
its dip'i'i rail urc? i,J . The land 
lie* ncxi rtrmr In RSi""« 19-acre 
Rodpaih Hn rm an -*teel fa I iri cation 
s;ic — Where Sydney Hartinur 
Bridge <la»'teri 1 1 f.» — and where 
thr Cnrp.iralifin n«".v ha = plan- 
ning permiSMnn Fir industrial 
relate finds That land i« not r*n 
the market . hui F«Si~ is under- 
srnnd in hr considering its ful tire 


HEALEY AND BAKER is the 
latest British agency to set up 
an office m flic ILS. H and B's 
Brian Li tune el I and Andrew 
(■ulliford move into offices at. 
23. Broadwav, New York, nn 
.Monday. Samuel R. Walker, 
chairman of Real Em ate council-. 
Nu'S William 0. Walker Sons 
Inc. hccomes H and B's U.S. 
(■•■nsullant. Like -I on os Lang 
and Richard Ellis before) il. 
H and B i* initially Hosting its 
l .S. operarji.-n on the back of 
its existing Briiiih and 
European investment clients' 
inierest in the North American 
market. 


Secured upon Modern Office, 
Commercial, Industrial Building, 
Central London. 


: . Due to the.retocation of {he Port of London Aufhorit>:iJeadqimrters ■. 

' The entirie top floor of the London W orld Trade 

totalling 17,400 sq.ft. Available fromlst April 1979 / 

5,000 sq. fL approx, of Executive Suites fitted to theliifibest international Standards w# 
. . "individually controlled air-conditioning system. 

12.-100 sq.ft., approx, of general office space, carpeted and partitioned. 

. Double gla^ng: stand-by generators. 

■ '■ L’^Hour Access' ■ Re«ear«. hand infarrnatiuii services ... 

' ' • J-LHourCfiitrai Telephone iLJil". , ird ■ Business Library ■ . : . ■ 

■.» 24 -Hour TeHex service * Conference facilities . ’ ! 

* Prest^s^lsanEnirniKieHall. ■ Member?: Private Luncheon Club '•■• 5 

■ Three High Speed Main F.is--cn£ei Lins. ■ Koi.u 1 r.nit 3 .yj 

■ FunKari^Factlrtus ■ SJH liedmomed Luxury Hotel -• ' 

• ■MultthuguaJ fvcretiml Apart nfrirN 

■ Car ftitka^i.fnivor L’ihii.ii* V.-niit Haven and Club •’ 

- . Suitesfrom 700sq:ft. also.available . ; >y 

" Forfurther information please con tact JamcsMurphy 

/ 01-4882400 . .i‘ 

l ' : f ’ V ,'lt World Trade Centre * > 

^ ‘ London El 9AA Telex .$S4ti7l . 


LEWISHAM,. S.E.13 h 


TRESH from Peh«»nhani Tew- 
son and Chmnwlw' computer, 
ihp Inlal n flier fl* orsnae® in the 
F*' piula' riislncis nf the f Tiv 
is now LVilfim <q fl. Only 
tlfi.ftnfi -q ft nf new space 
nine nnm i hv nurk-M in ihe 
month iSeoienihri’s :»!?fi.nnQ -q 
Ft having hcen boosted hv the 
inflow iif ey. Fluor building’:). 
Around 0.2m sq ft was let last 
month. ?nd the figures show mat 
there are now only 4 City 
huifdings nf mer 50.000 sq ft 
and one of over 100,000 >q fl 
on the market 


MERCIIA XT INVESTORS' 
£23 Sm prnncriy fund has sold 
nn^ of its earliest purchase*, the 
■375 vq fr.ni «h<»n and 1.460 sq 
fi oflico building at.21fl uxford 
St reel. W.l. The .pane hail been 
Ipased 10 Rjitjier? the jewellers 
for "£3S oOO a year on a year 
Irg.p wiih "even v-arly reviews. 
Rainer* has now bought ihe 
space for "around £Lm" Xoi 
surprisingly. Ml sees the sale 
price .is being nn a ' particularly 
advantageous jield basis." and 
has filled the gap in u*» portfolio 
wiih two freehold shops. 

Richard Ellis. Mi’s properly 
fund manager, has bought a 
freehold shop m Broad Street. 
Reading, for £550 000 and a free- 
hold in central Liverpool for 
JL 1 ni Rnlh ar.* vacant and in 


RICHARD HODGSON, a former 1 
Mackenzie Hill director, picked 
an unfortunate time to graft a 
commercial side onto the Berk- 
shire residential properly prac- 
tice (if A. C. Frosi and Co. He 
arrived in time for ttie 197.1 crash, 
and Frosts commercial operation 
started life with a profile low 
enough to lx* invisible. Now the 
business is beginning to flow.. 
And in two denis completed in 
the past few weeks Frost lias 
carried out a full investment sur- 
veying role. 

Tliere is plenty of industry' 
*pace but precious few modern 
freehold office? in Slough, hence 
thr scramble', for Wilson (Con- 
nelly)’ Holdings' 12.000 sq root 
.scheme at Woxliain Road. 
Slough. Frosi iniruduced thr 
dove ‘riper lo the site and arranged 1 
a forward sale of the scJieme to 1 
the Firsi Wyverri Properly Trust: 
which Mr. Hodgson says, will 1 
lake a 51 per com yield on the; 
space, now’ let at i'fi.aP a sq fern 
In Avis. Fletcher. King and i 
Meg ran acted for Avis, and 
earlier for Ftrst Wyvern. 

Frosr has also now bought ! 
Shell's 165.000 <q foot research 
centre at Egham. Surrey on be- 
half <*f the pharmacrnjticals group 
Richardson Morrell. Shell, which 
handled die sale itself, had been 
asking i'2.5m for the cent re. 

JB 


All HR. &I. leases with 
frequent rent reviews, 
excel lent tenants. 

For sale as a whole or in lots 
Full details from sole agents 


Single Storey Factories • 
Nearing Completion 


15 Nursery 'Units 
3.000 — 40.000 sq. ft. 
TO B E LET 
ALREADY • 

40 "o LET; • -• 



i GREENWICH. S.E.10. "Hiqh ytcld frofi. 

1 nolo shop itnBtmem. Producing £3.7^0 1 


p a. c* Securely let Csooo. rcnui I 
cnowm DOtensiai. . Ref.. PAG' Eclwaia ; 
Symmons & Par inert- Ttl. 01 - 834 - 8434 . 1 


' VOUCHTON HIGH RD, Shop *nd upper : 

> wri lei to mulCtoie Co ' New. Iees» « 
C10.S00 D-e. Price £) IS. 000 F h. j 

; oi?«s q M74 . ttbnru "» Ckkr '- i 




• • aKr. • J. *Cr 


4 ' 




5 Jubilee Place SW3 


Barker Gate House, Barker Gate ^ 
Commercial Imestment ■ j 
For .Sale - : V- 

Actual and estimated, income 

£64,185 per annum ex. ; 

Long leasehold (S3 years unexpired without 
review) . - ... ?* 

For / « rthcr details apply: ... 


BRACKETT 


* 8 LOW -PAVEMEf^i 

NOTTINGHAM:^ 

Tel. 0602 5^414^ 


CHARTERED SURVEYORS 


» olFHqPEitTY PGBfrStHTEWNiQTnWetg 


• .. .; *- v 


■/■.•-Vs vH.-:. 

T ■ - >■, .> 

. : * 






mm 


..It 








W:mm 

I ;i *%. • rUsitfi ' 1 


iTTHTanr 


T n 


r 



k 




■ : ~ '■ J -1 ' 1 f 


DRURY LPNE • LONDON WC2 


Self-Contained Office Building 1 
-Available Now I 


Basingstoke 


from 5.500 to 
20,200 sq.ft 

Sho'/'f.; ot i't r 

l.l'jr'4 'r!.Cj»is.'i I j 

c.c-nser.; 


B Air conditioning 
B Automatic lift to all floors 
B Prestige marble lined 
entrance/reception area 
B Sasement car parking 


m 

■;rj- 


New Office Building V • 
12,550 sq ft approx. .. 

TO LET or 125 year lease for sale- 


Automjnc 10 person lift Impressive rosewood entrance 

Full central heating Acoustic ceilings 

Car Parking Fully carpeted 

' (94513/PMFE) 


38.750 square feet of prestige office 
space to let in Eastrop Business Area 




Knight Frank &RuUey 


20 Hanover Square London W1R 0AH 
Telephone 01-629 8171 Telex 265384 


' V ''E^ard Erfriian'airiCbtopaiV' * Son?? MARKET fi 




London Wfec OAD * .-■ * : x 

" V. : /\'.r > 




WINCHESTER 




34 HIGH ST. 


153 HIGH ST. 


Prime pwitinn sh^p 
in venire* of 
pi'itcAtnan p it tine; 


i I'M »d So con tin iy 
j'osiiiur. 


Internal Frontage I2JI 
Cuill I>rplli 73ft 
(Approx.) 


Fn-ntage 25ft 

i Approx.) 


© Floor loading lOGIbs/sq.ft. for computing 
and data processing equipment. 

©125 car spaces 
© Gas fired central heating 
© Automatic passenger lifts 
© Acoustic tiled ceilings 
® 7750 sq ft. per floor 
© imposing reception area 
© Adjacent to station/motorway 


TO LET 

OR FOR SALE 


Hu ill TVnih :;srt 

( Approx, y 



2,625sq,ft.approx. 

First Class Modern Office Suite 


High Standard of .Decoration 
. . Full Central Heating: 



hti'ir'/' ■ 


1(1 LET 


fSfcJgc ms 


A mj^nificonr warchouic and distribution drpet together 
AMih headquarter facilitie* providing approximately 125.000 
•-q-iarc feet ol cohered nccommodAtton on a fully contained 

;i c,,r y ! nd 5,,c of H Jcrc: adjoin, n £ mnenon 

n ol the Me* motorway urn cast of the M6 mter chanre 
ottered tor vale or may lease 

T»- Kconmodjecn .t tompi-rc <ull y CRJ-PPed tr* unp*-ji| c l ( d 

.notfv-n d.-.t-ibut on daron ,n a con-.idi-rrd io h- M . 7 

•ho' io’jn, “j I b ci r d-it'iti'iM*.- T< rrri; on jppU;j, 10 n' 


IvETTERING NORTHAWTS 


2.69 Acres 

INDUSTRIAL LAND 


r* *M MERi -1 AL I) ERA f. TM FAT 


«3 HIGH STREET. WLM HESTER. HANTS. ifl3S2) 02 IZI 


Plans and further details from 
joint letting agents 


)® 

P 


P; 


• MfilMifioW )wen & Partners 

GLADSTONE HOUSE. UNION COURT 
- : ^^;STLE^TflEET;'LI VERPOOL. -L2 4UQ ; 


rt-e—J ON GPCHM) LEASE 
OFFERS OF RENTAL ANDTERMS INVITED 


niwicimamvrieu i| 

■ , w ' |j 


•Bjfe atey & P ok&r 


H ARSONS 


PARTNERS- 


CROYDON US 

BEDDINGTON UNE^BnM 


MODERN FREEHOLD 


k»] /> i 


SANDWICH, KENT 

LEASEHOLD FACTORY PREMISES 

18,460 SQ. FT. 


* SINGLE STOREY MODERN- FACTORY 

* TWO STOREY OFFICES 

* AMPLE CAR PARKING - 

* OIL-FIRED HEATING 

* 3-PHASE ELECTRICITY 

Offers inv/ted fsr ihe lease 


SHOPPING PARADE 


producing £28,295 per annum ncf. 20-year 
leases with 5 -year reviews from 25-12-1976. 
Current rental value £35.000 per annum 
estimated. Offers in the region of £275,000 

for quick sale. 


New Warehouse 
& Factory Units 

TO LET 



a 


-46,000 sq. ft 


mDSSTHfAL 


Including all modern amenities 


0227 51155 





. 17 Now. Dover Rond. Conterbofy 


Con l act: R. BABRI'.K. F.S.V-A-, 
110a r.ROMKm.V R(I,\1>. 
LONDON. S 
Tel: l:; l!i 


01-6298191 


>'.' ■— 


BUSINESS PROPERTY 


fiGmv.cnor Street. 
LontkinWIX GAD 


iL* i 


yjj. unfa 


APPEAR TODAY Oat RAGE 












33 


AOs***-! [.. j 



FARMING AND RAWM ATE RIALS 


fCte Tr^d X” 

lv - &&:Miean’ , I j ' 



€: . t| 





By Bernard Simon ■ 
JOHAIWESBURG, Noy>3. 


i. plans £ 20 m advance commodity 

- ‘ i markets 

Zambia copper ! unsettled 

Jl Jl i By Our Commodities Staff 

UNCERTAINTY OYER (he 
implications of the dramatic 


SHEEP FARMING 


i 


lZ& 

\ 


J 4 







BY JOHN EDWARDS, COMMODITIES EDITOR 



>UTH AFRICA'S citrus exports - . - • A . recovery In the dollar con- 

e expected to reach' record BRITAIN IS to maKe a tzurn The idea, formulated after cod- individual supplier. This year- tinued to onsetile ihc London 
■els for the’ Third suc cessiv e advantfe^fljttaent: to Zambia now soitanon with representatives Zambian imports have been hit. commodity markets yesterdav. 
ar. According , to the" Citrus against purchases .-of copper for ““J 0 . 1D “ u *jy and the London by transport and production No general trend wa» evi- 


Preparing fo 
mating sea; 


IP*.-. 


_ iday. . 

rrrf ! 


gramme will appoint the Depart- tracts just concluded, much to 


No general trend was evi- 
dent but trading lias, distinctly 
limited on mu«t markets. 

On the London Hr la I Ex- 
change cash standard Un 
climbed to a new all-time peak 


tons, are 35 per cent .u^ onLjSL-i^f^inteSt-free'lomi 1 evcnt . Zar T lbia n output is ex- misiit’norbe able to honour. 

'7. - . - to d , 0 b(J sharpl lower ^ A h ump lhe f 


-'- s 'iSiSS£nAt Zambia's urgent P T eCT =? d *° sharply lower and At the same lime the Hon. : a t £354.5 
;isciif-'. the 1 nied " for — rereign exchange. ****** “Sfi L°. ■«? J. C.Mapona. Zambian Minister; rooocr wi 


however, closed onf> £] higher 


5 a tonne' and rash Equivalent of ha>. 


BY JOHN CHERRINCTON. AGRICULTURE CORRESPONDENT 

ALTHOUGH THE drought in the hefore the ewes were flushed, in is about five calendar months: & 
south of England is beginning to {he misguided notion l bar the w> heat cycle last for 17 days. 

. kiJ r™**.** * ....K iB violent change of fred would of and in genera! ibout 90 per cent 
make arafcie farmers, mjseli m- . [5e , f stimu £ ie the mB - c0ndi . „ re 5 ucce?.--fi:lly mated in this 

eluded, concerned about the t j on and reproductive processes, very poor order, and with very 

germination of tneir seeda. my j n rece nt years scientists at first period with the balance 

sheep have never looked betier. K ura lu \ew Zealand have .%iragcling on in the next two 
I: is a oommonplace that sheen proved. to my satisfaction, any- periods, 
and cattie do well in a dry' time. ^ay. that the wefgrht of ewes at 1 usually leave my rams with 
35 lone '*a they nave sufficient to nia'ting is the most important the ewes until the end of Novem- 
ea!. Although some or my pas- f ac i 0r determining lambing per- ber so no more should be 1am b- 
, lures are beginning to dry up. the ce ntages. inn in May. 

feed remaining must he so high There are. of course, generic Ewes do have an optimum 
m dry matter tha; it is utmost the differences between (he breeds period for coming on heat. Those 

equivalent of hay. used in New Zealand, mainly that. I keep will normally do so 



Mr Rav- Hamtflewrh ■ the 1 nnort for foreign exchange. ".*r “ u ‘ ,u ' e %v m«i j. u. mapona. tamoisn annwwr. i-ooDcr wi rebars remained at ‘“T ” pure-nrea*. aim un- nj-oi iwn imm auum unofier io. mis i 

hvSSssedcoDOTr sales tar£ets s0U S b t b 'J con- of Mines, referring earlier this c 7 S9 a tonne. lhal in a normal Uclober ewes for lowland farming in Britain, think i* a factor derived from 

* u ?^ rs - week to special -arrangements Free market plarinum. *•» «■»“«" drink, water at all. which are naturally more pro- their hill-Wre-d ancestors which 

! prJC?sl ° . prices l . 0 he paid b> - the con- they had with Japanese com- which has hern sen- >tn»ns Even lf 11 doesnt rain much the But l believe over all that for generations, have lambed 

It p m ..ellCTea .that tne luom sumers will be based on market panics, pointed out they had recenilv, fell sharplv in svm- S ra «s «s usual iy so dusb that they the weisht or condition of the laier in the spring than is 

- i wilt be nsed malnlyf ortbe min- values at the timeo of delivery. CO me to the rescue and offered' paihy i-ith gold and *he nrire bav e amp!* moisture. But this e «e ai the crucial time is most normal with lowland Hock- today. 

W* - i • « D ~ i ^U5try.. -i n ‘ZswW a- to ael p and it is lhought supplies may be assistance at a time when a mini-: fixed C7.73 lower at j; ! f essenlia f to ® ee ,hal imnortant. They can be persuaded tu come 

F. e %, j” 1 “ '?i rt P 0 *o.jp- a 3 p- for . 'spares ana equipment allocated according to individual ber of countries were cutting off £j«*vi 3 a trm omiec. i^c troughs are running well. This is borne nut to some ex- on heat snr.nor. hm n is not 

j 1 * rut*: prep-.^was late.- [needed to maintain production, requirements. credit linos. Soft commodity markets In the old days is was generally tent by the lambing percentace <! always a <;i.:et^?ful exercise 

[n spite pf the big. European! 3 nd port d ues so that the copper ft was pointed out that £2 Dm He added that those who came were generally " suhilned- believed that sneep did not need of hill ewes They seldom reach thouch much ingenuity ha-- been 
pie cropL' .Atrtea^vxn -tw spPP™ would represent only a relatively to Zambia's assistance in pro- : March d-lirer'- 'cocoa -alned water and it was caned to them ion per cent on Their native applied to the process. Simply 


This is illustrated by the fact pure-hred*. and the hybrid-; used from about October 15. This T 
that in u normal October ewes ror lowland fanning in Britain, think i* a factor derived from 

will seldom drink, water at all. which are naturally more pro- their hill-breed ancesiors which 
Even if it doesn't rain much lhe jjfic. But l believe nver all that for generations have lambed 


— <■zJrketeE5.2ia.Viii' managed w uum- —jw.-r.-v-y : .Jl r- «■ nuiuj unauu.- nuuiu ut .-pmau.. . ii i.i.' hi 5i.-r.--i. >.i n mnnr 

P-. i ^ tbeir-firi<sw:n> rereot-monthsl is-ateo/to be gnren for expanom 0 imports. At current prices It borne in mind when other and January cofW hist en to 

- * c Trier fv- Lcrhonsi for - in stance, bavej-cobalt production.-.- would represent just over 26,000 mineral deposut. especially j n.tOA a tonne. Nearfrv >.nmr 

i J ^n selling at record prices of •''Full details are yet to "be tonnes of copper and it can ?e huge cobalt reserves, were; figures ended sli?h«!y' hichrr. 

M ■ * • ' * '<«,1 in 3 tit R0"per l5kg‘"cajt<iii.- -''Worked out- on - bow the copper expected that prices will be exploited. wliiic nainra! nibb^r wod 

. , -.purchases are to be bandied, but higher in 19S0. There have been unconfirmed- from M'«*dnesd»v\ tf>7S hi-ih 

*7^1 "I? claimed fbat they will he Last year. Britain imported market rumours recently that m 63.73p a kilo for spot 


the trougns are running well. This is borne nut to some ex- on hear xnr.no r. hut it is not 
In the old da;- s is was generally tent by the lambing percentace 5 always, a *;!.;ee*?ful exercise 
believed that sneep did not need of hill' ewes Th«*v seldom reach thoush much in genu tv ha - been 
water and it was carted to them ton per cent tm Their native applied to The process. Simply 


Britain c'th A purchases are to be bandied, but higher in J9S0. There have been unconfirmed 

claimed that they will he Last year. Britain imported market rumours recently that 
^i»»rt-of thq. normal purchases by about 400.000 tonnes of copjJer. British buyers had offered to pay 
aD TnL 1 G T^r 0f British' industry rather than extra including 107.000 tonnes from in advance for supplies of <:nbjit 


Cl 7.7.1 at £ 2 . 004.73 a '’mnnr ° n lv a' lanibinc time. But that, pasture 6 , hut nner- brought to turning the runs in on a certain 

and January cofW hist CM to niany shibgoleths. has bec-n lowland farms thern is an imme- date io make sure of lanthing 

£1.100 a tonne. Nearby ‘■near amply disproved by modem diaie hooM to their lambing exactly fi"- months later is use- 

fn'nres ended sli?h«|v* hizber. practice In my experience lack percentage-; less unless the ewes have been 

while nainra! rubber oas»r] °f water when on dry feed is the i u*eri to think that rho mint- bred or conditioned to earlier 


WimnT.-fJ ^ns. The UK’S* Share *as i “ 

* - 1 Vi ijijt dined, however, as in creasing i 
!T ... antities of fruit have, been! 

v\. erted to Middle 'East' coun^-'n**^' 


Zamhij. whivh was the biggest for delivery at a biter date. 


Spanish 


r tiercury 
70 ?-;, protest 

T ‘-’ - 050° &^ISH mercury 


tmC (ffoteins campaign attacked ^ 

: - "j A SENIOR EEC official surprised This report cnncluded that protpin does not figure in nnr' WASHINGTON. 

’’ ’"'delegates at this week’-s World vegetable (irotems did not pose plans for the next two years.'* THE L’ s. comnv.ihi; l 


have been unconfirmed- from W«*dnesdaV s t^rg surest way to make sheep lose her of Iambs bnm ws»< entirely lambing. 

rumours recently that tn 63.73p a kiln for spot condition. a reflection of conditions at corn- Some breeds, notably the 

»uycrs had offered to pay delivery. Condition U important at this lirinn. The thrivinc ev.-e nrn- Por 6 e« Horn. :■ relation of the 

icc for supplies of cnbalt 7 mile o ■ year because October anrl .In red more ergs, so there were Merino, will lake r.nn> at any 

rery at a biter date. : e November are the main months more unnreemted Some oc-onle time. '«Vbn’ are c silled Down 

| rr^OieiPS TOT f° r mating, ii ha? been proved believe that the real reason for Breeds. Suffolk* and Ham pshircs. 

U _, . (hat condition of the ewe at riii-. poor lanihing resulr® i« the con- which for generation.-, have been 

S OntlDHS rime determines to some extent fiitmn uf the ewe during nreg- lambed in December and 

9 ■ B -riS ft (p® jr— h h v r l y ie number of lam!j> ?l.e finally n ancv. somoiinie-s mittp eariv in .Tr.nu.i -v will tab*- rams in July 

ft rirACmiTUTTS produce* the nre^nanr-v. F»'*s which hm-e and Ausu-i. 

• Th] s jphin :s » f-iirlj new deve- twins in th^- womb will absorb. T.. make sure we know thp 

does not figure in nnr ! WASHINGTO':. n . v -j lomnetr. I: v.a« " nreviouxly >o it u claimed, one nr even numbers of ewe- lambing on 

j- j) ie n £y-t two years." TTIE L’ S. commoil:i; Kirures l»e | l** , .- a 'd th:*t -.-we? shou d be on he«b of them before they are certain Jar--*, she rams are 


5‘w,« j At a J nr the EEC Commission m ruies as inevitab y leading to nets. insirun: 

? A :?**“■■■ ffSSLj Ss' id PMP^e would be much less restriction on the use Professor A. C. Ward, of the | groups. 
; ^™<£&2£2-> ^ ifiSlty OF vegelaUl« proteins in most diversity nf Leeds, and chai^ '_But__ 


•, mercury fouicksilvert #r»ei'n»ort convinced of the sincerity ° r ci j re ®- ,a ' >l ! i l 
KnSSaP .the vegetable protein indus- ^Ccountnes. 


man of both the recent British ; Seev 


reports Reuler. 


Instead, said Mr. Finch, the 


people 


,p S _ ’ .... turnips for the t "0 or throe the condition of many of the arc a sea of multi-coloured bot- 

i,i ’ Commis.'innc-r flarv weeks before the rants were in- ewes. They lantbed mostly in toms but this, far fro being a 

rers said unless the Coni- Lroduced io the fiock. litile milk many lambs failed cosmetic enticement to the rams, 

iion got fui relief from the Some farmers even went to to survive through weakness. is a simple management tech- 

e and hiring freer? imposed th e extent of cutting down feed The ewe's period of gestation nique. 

he Office of Management and ' ' ^ — 

SSSr! U.S. may curb sugar imports 


WASHINGTON. Nov. 2. 


«» n-IaS 1 S Mrinonifi K bean industr>- used the occasion cej * s ° r lho Producls." he said. peuple authnrired b; Congress TH e \;.s. raav decide to limit By the end of August. Census in I97S. leaving 36.610 for 1979, 

1 Ithe cirStAuuatim I The existence of vegetable pro- for a hard-sell campaign 10 ex- i 0 staff the option* programme. r -. nipons from countries Bureau figures show U.S. sugar he added . 

Qh^ut traS^SnSS fe?l Alma- ' tein poWd a threat to existing pand their sales in Western Ppriivioil ntllm The commission now plans io h ; nol members of ,h c ^pons from non-JSA countries The customs service has begun 

Wl ^ *he embarrassment rerUVlSll paiRl draft Bn- rcgubtions uni to ‘mornlunna. SuLr Aureement 

•lflp-as demand for quicksilver* EEC ‘.’which might be j dtfficult .of the European t ^rry ^‘«;h jv norveinn 

tagnant. For some year* con- i for the CAR to dlaest, he said. i s adopting a cautious upproath Oil 

iption of the' metal h'as-been’! *'The recinjt EEC. study- paoer to the new products which are ,, KH ,. rTnV 


far-: 


iption of the" metal Vas'heen'! *’ The recent EEC. study paoer to the new products which are , ment and budge, inehn. 

?relv reduced Pecause of pol- on vegetable proteins in the EEC .still political!.! sensitive. M ASHINn.TuN. \o\. 1. m the rcgulauu j P^n '■ 

on Tears t -{ eieari vindicates: that there might Mr. Binch lold the packed THE PERU\'1AX Government • submitted to i..un„n.->s 

eca use of this; there is keen ^ be nroWems.” .conference: "Harmonisation of is making L’0.000 to 30U00 stj-'ion 

ipetition for the available .Mr. Kinch was referring to a -EEC food law« is a very long pro- hectares of land in the Ta cache London Metals tr.rnnye 

in ess Manv dealers in fact Vieceiit EEC report on proposals .cess and we have a very small area available to the private will be eligible to “PP 

e dropped out of the market [for 'hannoriising EEC .rule? on .Staff. Before we do anything we sector for palm oil production, designation lo arant 

mse of competition from pro- tbie‘"suwstJtution of vegetable )ieed lo be convinced of the need the U.S. Agriculture Department options in the U.s>. etier . 

2 rs such as Itaiiv Yugoslavia, ptotoini for. meat productsjn.the for legislation. said yesterday. i her 1. Mr. bee vers said 

-Hirf * rhfmmmitv - “A directive on vegetable Reuter I Reuter 


apoiv for a waiver on the luring ,? ug fo-® Aei !fjf , VSni comprising 4S.700 tonnes from .members, while President Carter 

freeze with the office of manage-, iJS»ai oeiore ine ana Belgium. 13.000 tonnes from has the authority to stop any 

mem and budge: The final rules f l uwla 1° ,al (lf 1 , tonnes is u rugua y. 12.300 tonnes from further imports from all non-ISA 

in the regulator.' plan will be ! reached. Admin ist vat ion officials France and 11.000 tonnes from countries as soon as the quota is 


ncxt I said here, reports Reuter. 

! Sugar import quotas for non- 


France and 11.000 tonnes from countries as soon as the quota is 
Colombia. reached. 

_ _ . On the London futures market 


;ing whether to limit any addi- to limit .sugar imports from non- ence as a seller of up to 60,000 
I uonal imports, hehv said. I-SA members to 100.000 tonnes tonnes of whiles. 


OWHVtODlTY MARKET REPORTS AND FRECES 

ACC lif xrr A 1 C . Londrib pnet *dv»nasd. AlilKtuxti' ite . > 'i.m. + .<r m. 

AolS JuEl ALa- • . " rrade u;erc . geoer»Jly sellers, there we* TIN i UfiK-uii 1 — : 1 'ikO»cIa< 

>PPER— Steaiileti on, .ie • London . b 

al Exchange afiw forward mewl had «L Jj*!! L" n -^T« K,? t ^ HigoGnuie J- : e * 

a du rmt l be morning from £771 »•> J U JSi« 8050 70 - S.s80W)-lCK> t 

on hedje seliing. from oac iflucqlUI T“™2S2Sn^»5S® UMM $J TF««nB' n-»nripd > »u»**iei".; 7860-80 - 90 7880-90 - 

»ter.:wW.iW.m«r1tei ennui f e070 

. cunfciw- iauwktlM- and 4h* -likely s taodjud' 

b* -ftejsc- ss» *h-i 


R -OU U MEC ft." ail murjevm x-wiica - - .. .. ■ * --.u, tr-VI " 

..pnC^.*-.^ i3ZSt:*ES + 85 ^ 

|_. . Alwrpuon: . Wirebars. tow months cm. ZSEji' -fiai "ib _ 

i A ' m - i+ ‘“'j P- m - :t+ur _2,' C.S. S. 5A 4, SJ. 3_ Caibodes. three * ° _ 

PER f Official | — I Inofficial ; — months ' £761. 60. Kerb; wirebars. three * ^ 


PRICE CHANGES 


Fries in tonnes unless otherwise slated. 


I.S. Markets 


De-- 2002.0- tl.D -21.00 

.Mim-h 1978.5 -2M I -17.26 


n-can i uu i.o'i: t- orui. uau- - 

Turl-i'h .i.Ofl: nreek: ".«« He-- .. 112.00-12.20 111.20-11.33 ItS. 20- 10.70 A umiuium t'710 .... ... i 710 


cml ; — I L nominal ; — months £7C1. 60. iverb; wirebars. Uiree — 1_.. Sales: l.-H.i 

-r- rrj r\~rrr . — r+rrr months £172.3. ^, rs.i 74. 73. 74.5, 75. Morning- Standard. caMi £S.W0. IS.OM. ImentKional 
c ' r { 1 L .] 7«i.is-a. ib. »A .6. -a^>. ihrcr months S7.ST0. 15. !0. 20. Kerb: l«r po 

..-I TIN — Gamed grand ihronghout the day. Standard, cash £8.M0. ilut-e momhs iiJKQ. USr-.oSi. 


m . : -• ^ 

3, ft. approx. 


ebara • j - , • _ _ _ • - *■ _• *TtN— Gamed around. ihronghout the day. Siandard. cash £8.060. ilut-e month* I7«». JWj * 

"LV."- "a* f laf bur tradtn? actlvllr was not grrar. Cover- Afternoon 1 Standard, cash £S J00. rhree ^, r 

■nib-,., 764^ . | J .* 0.0 ^ a-jinsi pfapdeat business poshed the romithc £7^30, 10. U. 3®, 53. 50, *3. Kerb: average luJ 

Irani* '744 - - 2 : 61 .. — • • •rt-^-forH-ard price higher after a stan of Standard, three months I7.S33. 30. 50. 60. _ ___ 

i«Ws> ' . .. £7.rro. The Eafi^waa very firm overnight. ' LEAP— nalncd nroond. Forward met al COFF 

mil*" 1 752 . j *I'a 780-5*- VlJB Wie ^ moved aoead ihronghoni Che day, opening. 

Cm nil nz -a -•-?_• ' ,* e ? ri 5t • r *f C %? at 'and dosing on The late kerb ai 

1'! I?? ,S v tow trading togloje an the Kerb at lt.8*». U1P wia , borruvrtnfi 0( nearby dares COFFEE | 


Turnover: 1.823 tonnes. 


reflecting hopes of * decline In stocks 
over the wees and. causing a widen Ina of 


* I *. I 



ILNt 

ano 


«. Index limited. .01-351 3466. Three month Lead 4Ia-42 

'Lamont Roadr London SW10 OHS^ , 

* J- Tax-*ee trading on commodrty futures. - 
2. The commodity futures market for the smaller investor. 

COLD STORAGE 
HOLDINGS LIMITED 

(Incorporated in the United Kingdom) 

NOTICE I& HEREBY- 1 iGlvBN that the Directors have 
leclared, io respect of: the -year ending S 1st January, 1976 , and 
layable on Iltlr. Deceipbec 1 .'.'I97a ■ to •'StOtkholders on the 
legi stars at th at - dat e; < an dnte rim;. Divide od of 4.5 Malaysian 
ents per' lOp stock uhil leas income tax (previous year 4-5 
Jingapore cents). _ ' ’.. -• ' 

/ NOTICE IS* ALS& -.GIVEN that v .the Registers of Members 
if the Company wbll be closed from 'the 2nd to Utb December, 
97S both dates inclusive for the ..-preparation of dividend 
varrantsm ' ■ •V -; -. 

I i: -- - ' J' - ^ ™™ STATEMENT - 1 
j ^Tjie^rcstiitSTO# -the Company ami; thf Group for the- periods 
nditated below were as follows:-^- 

t ! v •" r ' : ' Sbrfaths. to . SLv mths. to Year to 
31.7 J8 . .. -31.7.77 31.1.7S 

. (unaudited) (unaudited) faudited) 

Group - Co. Group Co, Group Co. 
A ’000 ... -$’000 ycoo 

’nrhoyer fesclud;' . • - • 

ingJihter-Group \ ' 

safes. 96.002 — 95,500 — 193,500 — 

Dneratine. Profit '-7,95^ ' — -9.516 : - — : 20.025 — 

bvestm^Iwibriie' '8l8- SiS4 - 771 1S.166 X&5 15,975 


i.iinn «he backwardation to X 20 from around 
Three month Lead 41a-420 nv Turnover: 14.000 loonea. 


COFFEE 

Toncrduy’g ; 
LOFFEK J C line 

I 1 

fi j-er tonne 


+ or, Bucinm Jonathan 40 tt> 150 :63 lu 1.00. Pear 


— ’ Bene IiaJjan: Per /v.iineJ Williams O.IS-O/.’O: 

j Dinch- Ci>nferi-iice per pound 0.1141.13. 

Crapes — liafian: Flack Regina J 00. 


sr ,-em an-rage shori- m eruipshonwcring *0 that most , -J 

Scoilapd-Canle ot ih«- 1n*se» 3«:re roco\««d by iheclhw g ATST)flll* 011/1 

^ * - -- ! - ir - ^°"P er , ana 

s.'" r Hw — — cocoa down: 

^ m w crop 3..V - „ ■ 

Cvprui. Crater £;-eri*nue . Metals , J 1 f H 

: Hreek: «.«n He- .. 112.00- 12. 20 111.20-11.33 I IS. 20- 10.70 A umiijium ^lO £710 fYlOrd Id TO 1 1 

ends We 4/.0- Mnn-h .. 115.20-15.26 1 15.45- 14.BD IIS.4fl-15.90 t iy* Pia-.tet *e • . *1. BS 8: * SO f 1*111 

I .at" 4*01-4.50. \|», 117.15-17.20 n6.5(M5.40 117.40- 16.80 e*i.Wi trs*h W iIa, .7S2 -l.S t/45 n ! 

iwontas— fipama: H3.PO-19.70M8.7D.I8.80M8.7B.18.25 ’ m.-nU- .1.. 1.773 Ss -sg.5 Lit 4.5 1. NEW VORK. Nhv. 

Irall-D.iimtncan: ( ,.i 122.85 22.45 121.00-21.40 122.00-20.55 Cs-.li . . C/»2..a. PRECIOUS METALS ckis-d oflered ti m: »- 

l>- Israeli- Jaffa i» n . . .. 124.05 24.25 t!o. 05-25.40 •> m-uitii. .i.» A. £760.26 1.25 «./£4 d.-.wn rat aggressive speeulauv* liquida- 

Apples— V renril. .. 128.00-20.55 126.50-27.5D -- “••■•I irfti'-.’ ‘**22 1.876—5.625 r*22 87: • unji roll.nvmg lhe new U.S. Admuinira- 

r; 2.00-2.-.’9. SI U-a.Ioaih i.'455.a -»9 ' Has 5 i; -a’s nmvts defend :he dollar. Baclte 

! 85-173 4.00-4 "ii. Sale*: MIC HJ2v lots of 30 looncs.. > nn.ni h- £415.76^-5.5 C:S5 7. . rvpnrted Cipper. coona and sugar ail 

U.06-O.OS. flurk Taie and l.ylo ex-rainerr prfci.- for Xn-Ue. ; '• : .4o-ert sharply imeer .->n aenrersive Cnnt- 

.00. 84 1.40-1 .CO. granulated bails whllr sugar eras ICB4.M3 l'rr*».\l*isi?f ..-ii. il. >1.75 : 81.78 j mission Hmisr vit>|vlns, selling and Trad* 

!0 lb 1.50-!. *0. isamo> a loin*' for home rrade and 1.88 ; 1.90 j arbitrage >a-ll|n» Contrary t.i the general 

94 1.88-1.65. E18i.*4I icam-i lor export. I Tend, however, coffee elused lusher on 

3 4.00. Pears— Iniemaiional Sugar Agreement »u.S. he>t^e bn*'ina. 

Hiatus fUS-D.-.’O: mu ptr pound- fob ami slowed Carib- rMtinum i r*\- •«..> 19Z ttlaO .• Cocoa — Dec. ir».D0 ‘ 1 *7 4«>i. March 172.55 

pmjrtd 0.11-0.15. bean port. Pnom lor :<hr. 1; Dailj- 6.61 rrtv Market eieo.15— 7 75 iri-jg.-a; -177 13-. May in 10. July IT-:.o5. Sroi. 

Regina 2 00. l.'-day aVtrageS.fr.* •8.M>. tju*. - a* ,!»«*»■ it. u -1.0 .5 • 17; Jo. Bee. I6S.00 Keirlemeni*. S«les: 


tumble pack dct pound U.W-O.OS. Si irk Taie and l.yle ex-roinery prln: for Xn-Ue, ; ....:.. : 

Crimson 28 lb 7? 1-30-2.0Q. 84 2.40-1. CO. granulated basis while sugar was KRI.sj free .Mai net eii- '!• .^1.75 • 81.78 

jumble pack oppms 30 lb 1.50-!. *0. isame> a unnv' for borne xrade and 1.88 ; 1.90 

flronn? Snuih 20 lh T2 2.10. 94 1.88-1.65. £1*0. *>0 iram-i lor export. 


Iniernational Sugar Agreement tU.S. 
cents per pound- fob and slowed Carib- rwtinuin imv .v.. LlffZ 


.a.m. i+ or. p.m. '+ w 
OiTkinl — I L'tmfflcwi ' — 


C«»b_:...J 41:8-9 — .75; 483^6 

J mom b^J - 408-9 -I.S8 425.5-< 
■^etl.nwnt, 4b9 . . —.5 j - 
L'.s. -pnj — : .... j -3e.i6 


I f l amr i£vu-i£va -io.ou imn-ixwi 

—.75' 4S3-6 +9 septeruher .. 1260-1262 -E^0 1271-1268 

l'.S&- 415.6-6 .+ 5.5 November ... 1221-1244 -10.80 1250 


Morning: Cash £429. three months £403. 


member ” 1221-1244 -10.80 1250 Dinch I «o-j no. Mclnns— Suani'h Yellow Apnl U9.0D-14J 50 Total sal-s: 14*. 

till jiJ-.l.S'i C.r^i-n ^.Hh-a.PO. Toma loci ( , , n nrnnrc- 

- : —.Tend ■ .’.flO-S I". Soanlfh: M: WOOL FUTURES 

Sale:.: 2.003 1 3.437 < lots of 5 tonnes. Canatr: 7 <0-3.28. Duich: 3.70. Cucum- 

ICO Indicator prices For Nor. I iL'.S. ber s— Canary- !« is't n.oo-aro Dates— LONDON— The market «ras dull 


/m.-.-n-li 1:354.5 ,-1 1:4 1 • 'T'i.IOi. Jan. 4H. March r,'>!<3. M.,.e 

1 i.i-m.i* <£366.25,-2.0 CS&0.2.- 85 Jnis 75. to Srpt D<*C. 74 5u. 

Kii>Lufer. S72U 


LONDON— The markn was duU and Wls „ 

aiurcl« a . ri-O'jna Rathe. L-vnui -Khu, B85i ^5.0 *800 


ZIHC— Manfloilly flmiir. influenced by D 1 IAIC 
i the -trend to capper and lead. Forward VinAll'O 
; metal opened .at £383 and gamed ground London futures (Gafts 

\«v£ a 7-&Z£?*** aUA - ^ cro?s M ?Sne<l uT™. N^7ro 

I Peer 7-708 w nngg. ■ higher— u- heat valut-s saw initial I 

i ' [ • a. i m_ -f or, p.m. 7+or inturesi. but values eased on cuumt 

! ZINII j OajL-tai j — : L nordetal — cmnmerctal scUlns to dose 18-15a 

— : — — : — — — 1 — — in ilam volume. Barley tn quiet t 

I • I £ t , £ £ ondluonc.-: eased slightly on same o 

j C'a-.h J -550. 6-1 -6.75. 554-5 +1 xclllnis. but commercial support or 

I i uixRiba.' 362 3 i— B ; 366-. 5 ,-r3 reduced ihc market to dose unch 

! s'Diein | 3 dL i— 7 — io i&p Higher. September did not 

Prim.weriJ — ' ! ;*35.5-*.5 ...... to a close IMJp luucr on the day, 

Morning: Ca3h £3503. 50. 30.S. three 

I menlhs £387, 2J. 5, 5, 1.5. 3. 2.5. Kerb: WHEAT BAR 

' Cash £350.75. Afternoon: Cash £555. three .. . . , , ■ . . . 

months £3M. 4.5. 3, 7. 6. 6.5. Kerb; [lwterday «+ or .lnlcrifay sj 


LONDON FUTURES 'GAFT.1i — Old »™j' a , 

crops opened 10p higher. New crops lap rooms— Per nmmd C 4.vO.aO. Appl 


English produce: Potatoeo— Per .'3 kilns r ijs n 26 n — 

/• n 4 five 1 >0-1 an Leuucc— P'r L; round 1.J8-: iu. Oeten’her ... z|.y.aa.u 

UKAI1\5 Co" 1.58. Webb ■ 1.4". Cucumber* — Per *««* JH-S'JI'S Z 

LONDON FUTURES «GAFTA* — Old U ^ 4V ne Z . M| ?U; 230 : BJa!o • - 

crops opened 10p higher. New crops lap r00n ’J _ 7 per , pr ' u !] d , f U,Z r 530 0J8 0 .. — 

higher— ii- heai vjIul-s ssv- initial busing ^utrf Rramley 8 MJi flo. Lord Derby 0.u4. ■ ■ ■ - ' 263 0-a 10 ... — 

interesL. bui value* ea*rd on cuumry and £ l,:: ' Orange 7*r>plp n.08-8:l.. "’A-cevicr ''258 0-45 0 — 8 5 — 

(.ummcrcia! seUlris to dose 1 8- lap lower p «™? ln Ruj-stts O.Dj- 0.09. Sparian M * ri J 45,11 

USA SS on fflme SSS SStS.^ fom^U jjgW. 


>eltlng, but commercial support on dips Per n ip t.n:ir=n 
reduced ihc market to close unchanged Pp [ crate v 8n.fl.98. 
io I8p Higher. September did not trade .. Ca “" n ^ 

to a close HOP luucr oo the duy. Acli -* 1 , -- lv 

reports. to O-bM 'O- Car 


■ vn'iifil ID'11 

U»iV:('i C. r 4i I*? . vi, 
pA.ru ilatn\nn 


Seedc 

iMpra Fhillip ; 600.' 

6iir«. e*ii 'L.a.i.... :«2B6 « 


Grains 

li(i-i»i 

H-*»iip Foiuro . .. L'32 ' i'83 7 

MflU-e 

r'lerc.-n .\,u j Am t'K’3.23 - 0.25 XUf3 

U'i.mi 

I soring Li-3.5 —0.5 ITs3 45 

.'■•.r Har ill .air. :f84.0 -2.0 ’i^.4.5 

bngilalj .llti.liiu .Mi. pi- 1 


Thrrt momhs £3M. M Dl! ', “ I ‘7'®*® 

ALUMINIUM— Higher tn maderaiely A j a7 .65 lTTm 79.53 

acruve trading wlili U.S. buying Interest j. D B9.60 r— 0-16 82 Ou 
apparent In toe lace of reluctant sellers. j Ul H5 L. o.lfi 84.35 


i«6/_ : '«ri 74 oh. Marrh .-jin, M,; .>.20. ful? 

■ “.nn 4,-p; Ti so x.,i.->4 i:.s«n 
_ n Colton— NO. *■ Dei; oT.Vfcn; oil 'fiSra.. 

J-3.B *tmu i *.*jr»-li IP .16-70.41 177 tt. Mav 71.99. tuly 
‘o. I’lr-r o7 4d. Tie'- h^.yi-go go. STarch 
-A.O i.H4V Sal,-.; 1 f.JXIl 

, *ol3 , -Gold — Mm-. '.'3 ]il ills ,fli. De<’. -J 70 ;n 

j ?li«7M(. ,»an. .‘-r: 40. Hcb. H sn. April 

-“.9 10. fune \ua. ?47 to. ri«. 

. j.-.ip. r-'roh F>b. ?m io. lord 

...... ?.^40 .time ?71 ?0. “'rS.OO. Sales; 

— 6.5 s277.B ! -. S4‘. jnii. 

J i Lard — Chivba-' !«*•* .3.75 NY 

| prime >;eatit ?7 To 'rjrittf (*aiiiPr. 

HMaiie— De.. Mar.-h 

i>B3 7 ' ■J4.il 1 . May .‘ff. July -’52. Sept. 

1.74. Du;. ?i*?. 

av.-I,,, ’ SPIattnum— .lan. 370-^0 a-J.-d SO,. 

, ’.enl 371-0 a-l-rd .Iijfv 37.“. Oil 

ns i-w7 J5. J-ked. Or’ :.7-.‘n n-V-d. Ian. :;o -,o 

S'rt-frrf -< -kr-i. Ay.nl :« ■ .m j-yed. Juh zr-ifi- 

“ <, - u |T3, 3 ! Wl Sa'i><: ’oo V-r 

'o'* “o •«, 'Silver— Nov :.si. So ■•>'» .0> p». -,1; ;,n 

"T-r Ian. OO-O". M. r.+i -14...D. ‘I-,-.- 

r lii, 1 1.86- , : “i>. I.ilv h’r’ Ju. «4‘ 40 Drr 

.. r. ■■"<(». Jan. >io*).rO. March t.79.70 M. t s 

— ll.U,— I D«.b.. JuJv i. fl <, ,'n. Set>: r.*' 1 ' m>. SilF.-- 

'•'■•■•VS !•■-•. Hand-. jp.-J Karman 
— 13.26 .l'i I'nl'x.n “iiJ on . h!7 on 


parsnips — ror - IP aproms— re. nsn — -»■■■ ... _ 

-, 1b 0.04-8.05. Cebnurt— Per lb Kent 0 45. (in order buyer, s-fflen: Dec t^O.O-'S 0. » '■** 

,— w.7D corn cabs— Each 0.10-0.1?. March ISI <M3.0. May lf.o-SS.o. July 


Forward meuJ started at £606. touched S 4.30 j— O.’lfi' B6'6Q 

£6U tnomeawrily. and fell back to dose t ag.CO P3.15 1 83.43 

rk, E.rh AW rencs Tlirnnrir- « Ttn _ . _ «■ I 


84.35 j.rvi.10 
86.60 '-U.flfi 




profit before 
Taxation 
Sacafioa - 


8,771 8294. 10J287 13,160 21,880 15,978 


on the Kerb on £606.5. Turnover: 2.750 
ton nes. 

! AJmmn'mj ' uan. : t+or< p.n>. |t+or 
‘ > . OiSutol ! — ■ Unofficial ! — 

! i— ^- 7 — 

I jpol I ' — 


RUBBER 

UNCHANGED opening nn the London 


| This edition went to press before 

l£2 0-S6.H. Oct. 1S7.0-93.0. Dec. ISO 0-95.0. -Nominal, v Nev. cmn. t UmummJ lhe ,atc " commodic y Prices 

March iBi.D-H.0. Mar lW.8-9S.fl. Saks: .. _ , „ ,, • were available. 

„JL n Nov.-jud. a Sept, a Oct.-Nov. tsor.-: 

GRIMSBY FISH— Supply fair, demand Dec. u Jan. eb Dec. r Per ton! Soyabeans— X \ orv-n'r.’ .lao. 

Wd. Prices at ship's side ■urprw.vrfod » ! .W4» 716*. March 713.7141. May r.o- 

per stone: Shetr cod £4.?0-£5i0. codlings •- iMicaior pricea, ; rco-. July 721- 7?J. \uc. ;n. Sep:, wj. 

£3Jb-£4JM: Large haddock £4 80-14.00. »:,n k7.’-sti. 

medium £4 £>0-£4.r0. small £5.48-* «8: Soyabean Meal — Dee. l»l.0i-i5l..'O 

Urge pialcc i4.50-ia.I0. medium 14.38- IMHIFFC m *«‘i. Jan. 19:.fi'HK W ■W.ti-. March 

£5.00, bes: small £L00-£4.M: Large skinned 192.58- l«.oo. May iK.«u-i«Jiu. July 

dogfish £7.00. modlntn £3.M: Large lemon -- ■- -oi to-TW.iu. 9 uj in: ao. 4r-»! lsnon. rm. 

SfllfS £S.W, medium £S.0O; SaJlh*: £2.90- rs.; o.Lj<r f.0 D->C. 1 e i>.nil- -97 00 

£3.jo. financial times ,*•»«« ®! n -P*:\ 

* _'.m. .’jl.iii 2i_4'_ •■.•! !?■. '.ijn h m3 4o-.'c.4fl, 

HIDES— Manchester. Unchanged. Second *or. i ( Cta. Jl .Month ago: Veams*.. Mm* V.K. 25 69. 

dear Os 31-354 kilos flflp per ki'o: !M'H ~rT7ZL - . . .. '■ De '- 

kilos wifiidra-wn 71o : 22-254 kilM j»0. 264.77,2o5.2£ 25B.71 1237.41 11 . . 

Light cows Tip. i Basel iNimSSSiBI . \ii " » #%£ i'hItTm! 

REUTERS yt" 87m: ; . .-i..; -l-lt b|d * 

HIGHER OLIVE ‘Xc-r.2 .s..-.: r v.,n7vr««, rr.rr.r, Tm-;i-.'im l .-v.8n m.™ 


Business done— Wheat: Nor. 87^8-£7.78, 
Jan. 98^5-69.53. M^rcb 9220-91.85. May 
S4.43-P4.30. Sepi. 68.33-89 J8. Sales: IM. 
Bbrfer: Nor. TBjft-79.50. Jan. aLllLSl.Wi. 
March S4.45S4J5. May 86.8^86.60. Sept- 
dU. Sales: 86. 

HGCA— Location es-farta ^wf prices: 


,6 Other miUlns wheat— {t. Lincoln 90. «. B.S-S- 1 Close 


• ' fino R ,T» RnO.tn j.4 7R "wb-H. Lincoln VU.W. 

3 moatba.| 609-.6 ,4-7.76 60H-1U +S.76 wt«t— n. Lincoln SB ?o. Hants and 

j -- 1 w. Susses 94.10. Feed barley — N. Lincoln 


ti Q n . . 
, Sxtra ordinary 
Z 0 |(C* Stems 

1 » • 1 , iA w kt 


i, -. r Minority 
** interests 


±“936 5,034 

5,671 7, 882 

11,806 

9,621 

350 (22) 

- -V 

(U99) 

(320) 

' 5,286 5,012 

5,671 7,S83 

10,507 

9,301 

225 — ' 

405 — 

789 

— ■ 

5,061 ; 5,012 

5^66 7.SS2 

9.718 

9301 


. - Cents wr pmind. tSM per DlcuL »>«« and w. Suss« 
i ; On orewous unofficial close. ™ 0Del ^ ry coefficiim; for the 

I week bcsinnlns Bnv. 6 r. expected io 

l Morning: Three monffis EbOS, 9. 10. increase to 1.70E. 


DC,’ i Clu«e ' ClokA ; Dcme Mlfs iS-W. meilium £6.00; SaJito: £2.90- 

jt.e.e. . £3.10. 

* 

n— ’ ei on ej nn' R« u RR ntf HIDES— Manchester. Unchanged. Second 

?„*?■ S'SSJJ'SS fiR'SilS “ cJear Ox 31454 mo* ««P per k.'o: »*» 

Jan 44 k S5-64.S{J n&-^!H»a2a — tlinc wifti^r-iwn Tin' sAo 

Jap.Uar 66.00^6.10 Sfi.flD.6Ua 68.60-65.80 ' 1 °' hl103 

• T_- BS .. m yn Eti 4t..CO Cfl OO Cfl OB C5 LJ *- Dl njnS '**■ 


9.5. Kerb: . Three months £*».a. a After- ' i M PORTE D-^-Whcat: CWiS No. J. J3J Apr-.Jne, 88 .6&- 68- 70. 

noon: Thrat.jiionLto. ait. I". 5->. fl, per cent. Nov.-Dee. £94.00 TUburv aeltors. ^- TC ^ S'K'JJ’SS. ttnnm Ts'an'Tt'nn 

p.5. Kerb: Thn* month* J«0B. L.X. Dart. N'nnhem Spring No *J 14 per U* 1 '- 7J.Dfl.7J.II6 7J.60-7SJO 

' xnl - Kav - £&5 - 5D - Da? - »*•'. tranship- J«n-n' B r' 7B.00-7B.2jj 7a «»-78.M - 

SILVER mem East Consi. U.S. Hard winter. 134 A P r - Jnr 77. 10-77.. 0 i<.8o-72.M 77.15 

CJX per c e ni. Nt>V. £Kj8 qUutaL Dec. IS3.M Jy ^P 1 7S-M-7S.J5 i2.95-SO.OO 79.SO-78.25 

Silrer was fixed 4 5p an ounce lower qU uicd transhipment East Coast. Mabe: ■ : / 

lor snot aeUvcty in the Linden Mlllm l 1 S French Nov. ‘msll. Doc. £105.25 «... v \ m* 

market yesierdsy ai 291.9P. L’.S. ctiit inmHupmem Ea« Coast. S. 5 U>aaes “ d 1,!0a 


No. 1 YenedayV Prarioai ! Buiinw. docfiih £L00. rncdlnm OJO: Law lemon 

#. » . i a. ■ 1 I . is M c CC m •NAnlilfn Ih IHl' Clilht 1 r’ *nl- 


£KC ? 




#1 ^ I 1 " * 

T *• .-*■* 


‘ ! U 1 

* .*4 . 

C.-iTr;!’ 
r v--* . j 

« siy-jsth 


f:. Th e - results of associated .companies have been equity 
feioUnted.for lhe first time and prior years’ figures have been 
. ,j ^aSsified for comparative purposes. 

'"ZA- r The- change in investment income of the Company corn- 
ered to the previous six months reflects timing differences in 

• ‘espetrt^f - subsidiary companies* dividends. 

J The redaction m iSifr:™™'* 
Xif sales and generally reduced raa^ns affecting the Group s 
wading and maoufnrturin? activities, both m Malaysia and 
JiBsaMre. The downturn in, the . half year un ^ r , 
rsceeded ‘earlier management estimates and aithou 0 b 
‘hermetic efforts continue to be made to reverse this trend 
7 ?S 5 f cooTde “d Snlifccly tot-proAt for the full jeer wrtl 
■each the previous year's level. Board 


tqiilvffienis of ihe fixing leveL were: .\rncin While Nov.-Dw. £84.'5 seller-; k ' ,s . ,3 : ' iurr3 „ 

.Spot 381.4c. down 25.0c: three-month y. African Yellow £64.25 ifij L .r Barley- - ‘•■loxicg pnet- buyer s' Here. 

5W.9C. down 29.be: 'ax-month 610.4c. EnaUth Teed fub Dec. £83.110 guinea, Jml- ® l, * ? Det ‘ * > ’" p Jan ' 

down 31.2c: and i2-mt»nih 637 Jc. omm iiarch ££4.50 sellers. ” p 

22.W. The neffi opened at 2954-297p . . CAVIDniU 


iJS6-i»C> 

i3S7-S»Cl. 


! per 
i tnirffi. 


at '29U-296P 


MEAT/VEGETABLES SOYABEAM MEAL 


1 1 ' 

1 Bullion 1+ orj 

L.M.5. r+- or 

1 fixing 1 — 

ClOM — 

f price { 

I 


SMITH FIELD i pence per pound ■: Beef: 
l of scotch killed sides 640 to sa.0, Eire hmd- 

qnaners 59.0 to 63 B. 

Vul; English fats 60.0 to 68.0, Dutch 
Hinds end Ends EO.B to 66 Jb. 


!S 7 t*SLn ~ HIGHER OLIVE 
i!uS nSSSiM&a OIL PRODUCTIOIN 

(50i lot*- of 5 loonea and 1.105 FORECAST 

toiTKi (buyers. Here: VAVRW. N*V. 2. 

wjji: Dec. *>i^p itH.o*: Jan. World olive oil production is 
expected to rise in the S97S/79 
BEAM MEAL crop/year to 1 .438.500 tonnes, 

with Spain providing more than 

Ymrcrtic. + ori Bu^n a third of the total, according to 
- 1 ** : ■ estimates by the Intenjational 

£pertcna6. ' OJive Oil Council. 

■ 4 World production for 1977/78 


INDICES 

FINANCIAL TIMES 

"Sot. i | OoT7jl~MontlT ■no: £nr »go 

264.77i265.22 : 25B.71 I 231. 4 1 
f Rase: Inly l. 1933= IHi 

REUTERS 

Nor. 2 -N..-.. I M.inih ■;?.> Tea: an 1 .' 

1526.9 (132B.6 1508 J ' U68.6 

Seultimhar IS. 1 4k< 1 =. U30 7 

DQW JONES 


3~.il i« • " "i" ; U q' n »■«! .1-k-d n: <A b-fi.. May iO 70 

i *»' j -W-rl iiilv *ii W 

Jn*1 ....'592.li9397.95 376.22-348 99 : , ^arlcy—Di: r>.fu a >76 20 V1>. 

j " jSSf 'Vr.V5Mflk« - ' 1 - Jjt 

L'viraat 1 M 1 LSPianaccfi— Nor 1TC.5(I bid y)'.. Per. 

nnnnu.n -T3 3U 'I'.j’Jl jiKsfij. .Maj i7».iiO-.’7i.4f|. 

MOODY'S . jj!.’ ?r..4u b.d. 

— j- — - — - - — ; "Wheat— sc wrs ns p fr »nr rrorrm 

.i . . Uuureiciir - .•y.ntf-nr pi* St. Lnnvnce MEl.j:-. 

Moody a , l I 51 »l».> ».»> ! ... 

■ 1 1 1 All cfnrs per pouad cx-H’arehouse 

Apia Cum 111 rv 1909. 8' 393, 7 956.9 ibi.9 ; ' r,y * t Mated- *?S I KT tr.-’7 

■ ■ * . 1 UALI — IPl-iltiliCC i0rs * Cfl’/aKO jnr>t« 

iDwirmer 11 . misi«r> •n c Kr j<m |hs_p cP :. o; as. pne^ 

■ iv'-roui fia:-. pr.m-: si cam f-jb XV o«Hc 

i.-nk vars Ci-ira p-.r 36-to buih**! - 1 - 
rATTAlW -arehfiws. .' huMiri lot* : S jer 

L-Ul iUJ'l CMiiie-* Sfl-re un:i.s «f *4 i^-r 

1 .: pun:y ff-irv-r. 'l Vf. • i.vn’j. i--r 
LIVERPOOL COTTON— Spot -Ii p- TO'- r.ui:. - -s-v.ir- li.-n— %.:>• e ' 

niviu sale.-- amounted 10 &■; ionites WV- m *i •• -li -n mn fur r.u'p t>ur 

inn the tuul for Ih-.- we*k «o :ai V- , «f nf* -lirai vn-- .l-iiv-rvl r-b -are 
2.J2i icanc:. I* tv Tai'-.-r.-uJis r^por:. ii. ' >y» T-i.-d'i <1 i ••m; .in.1 M'»n. 

t-’.-.in! suppi/i again r>ulltd a i-:r -V|i-Jr. hushti ri -'lora. 

■>icnrii.?ani ofl-rar-;. Afrfiar and — :• m* i»r .‘4-:.‘» hexh ;.iVr.’» yr 

F.iiitrn r.nrj-inc ’i. p v 4- J> Hul-.-! -s wnr.hii-^ i-r 

r- qm m rfini buili \ 11 .- 1 l. i .'i S »n-B ‘--Ih hii.’i.l » i.-.ir 1 ■! ''j^'i.r.el 

AnicriwaQ sul-s bauds *rc4fl:i' iv un ;«iiDc. 


•’Wheat— U' 

'C "IS*. 

is:, 

. Mart h 


M.i; : 

17. Jui-- z.s 

- .i. fvtw. 

A* L'< i . M-. 

: I'ten 


•.-.INNIfFTO 

*i-.v 1. 

• Rye— 

•i- nc un 

:1l . 1|tl 1MI 

n un • 

pic. 7‘V 

,.:-n bid 

0*1 t.koi. 

. '.lav 

!0i 10 . Jo|" 

;o* no 

rtoais— .re-i- 

4103 

bid ‘Si . 

(i bin •. 


l^pertcooO, 


By Order of the Board 
.7. D. Raj 
Secretary. 


■ . : 1 niiiua cuu c*iiud cu.v> tu ctj.u- _ _ .. M a* i m a» a. e «« w 

j Swl . i 294 . 0 i» ;-4.5 29B.5» 1-1.65 Un,b: E-iaiiah small S 2 .o !o M.o, ESfSE? ' m iSiRux'iS totalled 1.364.500 tonnes. Italy 
^SSOMBP tw 5SrT.:~.!i!»ii5^SS l ^ the top producer Will, 470,000 

ly^ralta lifl 15u CiS - i: — 32.0: Imported frown N2 PL w M.O j , ua * i!5IS2^l'S — °- 2n i “ tonnes. 

! u nuiuihj azB.isi. ».76; — . froojn xz yls m o w S3.0. ii!5.oo-is^ - bpain will produce next yesT 

; i — : — - **ork: CnsKsTi under 16o lbs 3TJ) :o 4fl.O. CteLobet 122JW-!Sfl — O.Zfl| — «- petimatPri 500 000 tonnes 

! LME— Turnover US UW lot* of IO.OTO Wia lbs S8.0 to 43.0. 120-W lbs 37.0 io fecember.-^'ISl JO-2E.OjrO.BO f JllnSJtf bv nalywSh 350000* 

-"XT i&Sf-Sa ir^: Touns h«. ^ ISM to ^ CreSefflD'OOO . Turit'S mS: 

! it iTlTi S^TraVS a ^ TM* loach, m. ,o mo. SUGAR M P«tuil 

: 5 V "6. ;r. 2.S. 2.7. 2.6.. Kerb: Three MEAT COMMISSION-Average fatwock LONDON DAILY PRICE rrau- ju/saj, l . e 1 , , Saltl - ... 


ISingapofe. 

■iSth October.- 197R- 


Sv«rt ....•392.29 397.95 376.22348 99 
Furumi39O.8p'ad6.43'574.0a.d25.67 
i.Vvifa at lfti4-?.V;fi ^ 1 69 1 

MOODY'S 

j Nvv. , Oil. lIuunTicHr 
Moofiy'a , 1 I 51 «|!A «•/•! 

fipla Commiy 1 989.81393,7 356,9 jji.3 
i Owmiirr Si, misitHis 


COTTON 


* *■«! • *1 
1- • V 

if! * * ' 

av c: i 



36 





, Financial Times Fridaj-NpvQnjbdr-a:^ 


Stock excmang f r k port 




Market’s snap movement on $ defence move reversed 

-share index loses bulk of Wednesday’s late rally 


‘First 


Option day. the day's contracts of 1.020 2T3p on disappointment with the expectations. Dunhee - Combes Shippings were idle and feature- Harmony 18 firmer at 275p. On 

Declare- Last Account being the highest since September interim figures. remained on offer and cave up less. the other hand. Kinross- dropped 

Dealings lions Dealings Day 1*. _ Apart from John Brown, down 4 to B2p. while De id Rue Quiet- conditions prevailed ixt 15 more to 244p and Welkom 7 

Oct. 16 Oct. 26 Oct. 27 Nov. 7 Either the announcement that 10 4l4o faUs j n n. B Engineer- encountered fresh selling ahead the Textile sector.. Among the to 219p. 

rict TO Nov 9 Nov 10 Nov 21 Minimum Lending Rato was to !n _ loaders limited tn°a few of ne3rt Tuesdav's interim results few .scattered irregular' more- South African Financials failed 

Nov 13 Nov 23 Nov SM Dec" 5 remain unchanged nor the yiZ drifted off to and save up io to 4l0p. 1CL meats, David Dlwm^retorned to to attract much interest De 

N«* unw "" doaHnm may take place decision by Barclays to raise its 3 eheaner at 189n and GKN canie on offer • at 415p. down XI. favour and put on 7 to 165p, but ®eers gave up 8 to 348p — rts 
from ijo a.m. iw» twines* dm cutter. base lending rate by 14 to 114 -nflpd similartv lo«pr at ifUn w hUe falls of 5 were marked news of the proposed rights issue eighth successive decline— while 

Wall Street's bigeest-ever rise per cent caused much of a stir took nn » rather against E. Foearty, lS5p. Peerage, which accompanied the interim Anglo American Corporation arid 

following President Carter's in the Banking sector which SJi«d a^araneerifter thi nre- KP* and Sotheby, 302p. Press results prompted a fail of 3 to Union Corporation were both 
measures aimed at supporting the closed little changed fattowing a dav^v fatrlv widevnrpnd set con,men * on the interim results 76p in. Tern Consulate. Buying around 4 cheaper at 300p .and 

dollar made no further irapres- quiet trade. Barclays finished 2 ba JSr ^Dealin^s resumed in a rise of a penny to interest revived in Dawson biter- 264p respectively, 

sion on equity markets yesterday, harder at S40p, while Lloyds. RGAanisinsIVestirartli , t M 364p in Pritchard Services, while national, up 5 at 183p, and John London-registered ^ Financials 

The market's late rally the pre- »p and Natwest. 270p. put on 2SS^dMhTST«SJS Grim ^ awe HoWJnR ? rose 3 to Baggas. 4 better at.lWp. awaiting eai£i in lir^dTthe SPSSS 

vjohs duv because of the likely 3 and 4 respectively. Midland gop; news of tbT ball- J* 1 ® company’s moves . to today’s resumption . of tsdks markeL Rio Tintcuzinc gave up 

.ffvciv or the UA package ran held at 3«p. Irish issues were loss Jr than outweighed ,ts bank « deb ^ between the two companies. Calm 5 at 230p and Charter 4 at lS8iT 

..ut or stram a? disappointment noteworthy only for a reaction th- nationalisation comner^atiM ™ Gihbo n.«irai!ied 4 to 198p and Dundee eased 2 to^ lSp and Platinums mirrorecTGo Ids Ctfiie 

rfpvvl.,iud nver the lack or activity of Hi for a two-day lass of t7Jp ™em SSSnSJ Haason were similarly ToughaJ were similarly Reaper snterestTftedboth^ taSSS. wd 

from intriiuiionaf sources which to 201 ip in Allied Irish foHowing Sintered fSS' seUte^Snd de ^ er ® l M5 P- ■ . „ at a low for the year bf 29p Secure by Ito tnd tfin 

had orermehi expressed revived further consideration of the u seuin, and The Mo , or sectors presented a Among South Africans Gold W • p „ 

mixed appearance. Among Com- Fields Properties reacted 5 to 62p a strong performanre in over- 

tST* SfSTbXe 3nd 0K Baaare 15 to 365P ' night 3 ' domestic °SSs%5^ 

SbbrV^MhHdi iL! ^ , . Australians ro extend Wednes- 

were also sold and Closed sim* Golds Steadier day's late gains. ConsInrMptJnto 

lariy lower at 258 p. after 256p. The Gold share market re- ffloITfoi ^ twd^ SSP'otvL 

i»sw of a p “ ny ,o in i ° thebu ^°° »*■ » M 


interrvl in lines of good-quality interim figures. Among Overseas 
stocks. issues. Bank of America, 1J 

Concern virh the pay im- points harder at £18. and ANZ. 
broglios ami. especially thp situa- 6 better at 288p, reflected 
tinn at B°C which faces a currency influences, 
production disruption since the Breweries drifted gently lower 
company's final wage offer has in light trading, while Wedries- 
been rejected, put the market on day’s late support for Distillers 
the downtack. This was hastened evaporated and the shares eased 
through speculation that Mini- 2 to 188p in fairly active trading, 
mum Lending Rate could be Following the announcement of 
raijrd. but it was generally agreed the group's intention to separate 
chat the soiling accompanying the its tradinc operations by the 
downturn was light. creation of a new bolding com- 

The 12.3U pm absence of any pany. which would be free of 
change in MLR provided only tem- dividend restraint for two years, 
porary relief for soon afterwards George Wimpey touched 87p 
Barclays Bank announced a Ti before settling a net 2 higher at 
hike in base-rate lo JH per cent. S2p. Taylor Woodrow advanced to 
Such a move was not entirely 4i8p on hopes of a similar re- 
unexpected, and (he other clearer^ organisation, but eased back to 
arc expected to follow shortly. c iose a net 12 up at 4l2p. 
but the market eased further and Mallinson-Denny firmed j to 50*p 

thn PT Trk.-liiwtriol nrHinan' chara ■odirfAntAa.i iniAplm 


J Industrial! 
f Group 



2O0 1 


BAY JUN JUL AUG SEP OCT H 


the FT Industrial ordinary share in response to satisfactory interim gave up 8 more to 202p, while 2S0p. Bernard Suoley 
index closed near the day's worst profits and P. C. Henderson A ini- Edbro, 235p, and Startrite, IlOp down at 252p and sti 
with a fall of 6.8 to 472.4 — just proved a penny to 92p on the fell 7 and 10 respectively, news of the approach 


Properties -eiridy re Un,uished W0 ' dW d -“- «* SSSU ~ the buSS 

i;^e“^r.n nS h e?e nd SSW 

with Land Securities 4 down at bear dosing and modest American ^ D 5* s ^ the rejection 

225p, after 330p. Hammcrson A interest in the late' trade enabled °5 apphration for the renewal 
finished 8 off at 605p. after 61 3p. prices to edge upwards although of f0, i r nn ? 11Din& leases - covering 
Newcomers Laing Property, U3p, one- or two Issues remained but *°"\ e acr . es ~ .. : 
and Marlborough, 19p. encoun- of favour. The Gold Mines index Elsewhere, the Northgate group, 
tered late selling and gave up 5 recovered 2.9 to 134.0, while the companies all registered substan- 
and 1| respectively. Church bury ex-premium index put on 1.4 to ^ gams owing to . Can ad i a n ■ buy- 
Estates and United Real lost 3 97.0 ing following the sale^ '-'by Twa of 

apiece at 317p and 282p respec- Heavier-priced issues rallied by l***- Northgate shares foe ,CtS.7Bm. 
lively, while Haslemere fell 6 10 up to a point, as in Randfontein, Northgate advanced ;$5 to 385p, 
ey closed 10 129, while Vaal Reefs regained } Anglo United 10 tb. , 2l8p . and 
still awaiting to £12 'and Hartebeest i to £ll{. Westfield Minerals the : same 

stocks amount to l24p. Tara put on 37 


FINANCIAL TIMES STOCK INDICT: 

“Ckt. . 1 dTrtfes 

30 -s 81 L* 


OoTtnuneBl one*- ■■ 
F«ed IntwrwA - 

Induetri*! — — 

GoW Mine*- 

Gold Mines I Ex-8 P<n-)j 
OkL Div. Yield. — — 
&mJng».r*ldgffnlW*)| 
P/B Bstio met) fri). — 
Detlliijp marked..— ~r 
Equity ra mover Cm — 
Eqotqr ttwgdm 


>ov. 

2 

Afjr. 

L | 

_JL! 

£8.66 

68.77 

69.88- 

70.17 

70.22 

70,52 

472.4 

479.2 

478.0 

134.0 

151.1 

143.4 

97.0 

BS.6 

105.1 

6.73 

5.66 

5.67 

26.85 

16.65 

15.67 

8J3 

8.44 

8.43 

5,016 

4.377 

4.638; 

— 

93.58 

• 67.68; 

— 

26.240 

12,894: 


14B.5; 

110 


2 . 


— — 

•m.sj 148^ , ,5 
lit 


5.60i B.esr • s.ari 


15.481 

8.53 


15^8< 
8 Jilt' 


M2| 


4.6SB; 4 - 3S ^j ^.BTOr ^eia; ^ 

'M 


63.271 7e.71i 89^a[ 




Mines 


li am 47SA ll am 4W.9 . apod 473 4. l pm 474J. 

2 pm 472.0. 3 pm eiii- 

Laiost Index 01-246 M^fc. ' ' 

„ is.-ifl/2a. N, Fixed , 'lnt. 7«8. Ind- Ord. 

» SiS'lodw srarlri June. 1IM2. SE Aeilrta 

highs and lows s.e. ACtiyn^ 


1973 


•Since Coinpiiati»’n ■ 


i Hi»h 1 


Govt. Sec*—! 
Fixed Int.... 


Ind. Ord. 


GaU Mine* 


Gold UIm 
(E x-8 pm-l. 


78,68 

«/l( 

81.27 

19/1) 

635.3 

(14/9) 

206.6 
lM/3) 
132-3 
|14 /» 


L-jw 




68.66 127-4 

<2/1 ti (9/l/o8l 

70.17 150.4 

<2/lll tB8/ll/47)j 
433.4 349.2 , 

(2(3) .14(9/77) ^2firfi/40) 

130.3 i 442.3 ( 43.3 
(6/1) 1(22/6/73) Ji29/10/7lj 

90.3 337.1 54.3 

flB/4) ' (i/4/74) I (25/8/761 


—Daily . i- . . . ^ . 
GIJtBdgwLr.l 144.T"i» 
lodustnali^.f ^ — - 



LONDON TRADED OPTIONS, Jl. 


* ■■'• Aiiu vnrnvu T v ■ n. "vv diVlillU ti. V/ll IIIU 

T brought at -7fi0p. In similar circiimstanec.s. srM ;ciilatrve inlercsc was aaain Oik drift Wvor 

Gilt-edged FL-ons touched 32 nw. .bur Hnishcrl la shown in Hampson Industries, up u Ul 


OPTIONS 


1 " ik a | | ^ . .l ?" ■ , - • ■ 7“ ■ ■ •■^"3 v» UIO O-^jpi LMV-H that may Among the lower-priced 

V ? b0 7 hicher mid-term returns Smaller-pnccd issues to give lead to an offer for the shares. Blyvoor were 22 up at 272p and to 882 p. 

start of Wednesdays rccoverj Marked 4 higher at the outset, ground included Anglo Swiss, 29 p. Corn Exchange shed a like 

movement ICI drifted steadily downwards and Bam fords, fflp. both down amnunt at 230 d — 

Modest ben r-enve rims after the and cloaed 4 cheaper nn balance around 3. On the other hand. 

previous d.iy’s rdback 
earl.’. -43 In a to 

securfiies. Rirclay’s increase in net 6 down at a 1978 low of Slfln. j,j m0 re at 1SJ. while APY rallied Sieody to firm ?t the start of 

it- base b-nd nil rale, however. In contrast, Eeroard Wardle 3 to 206p and Spinix-Sarco 4 to business. Oil leaders eventually 

reversed the movement, setting gained 2/ to Slip nn a resurgence i62p. gave ground on scattered offer- 

the Iona mai unties on a down- of speculative demand. Foods were usually epsier j ri S=* Jack af support. Crilisb 

ward p.nh which left losses to ’ where changed Batievs of York- Felrolemn finished fi -rif at SWp 


a 1 Jhf S..M» pm close. After the Cforoc pacior 
nflH-ial close, a large buyer made oLUiUb easier 

hk presence felt and quotations Firm at the outset. 

•tfion re.-.Tied in o»'erniaht Stcres dosed a shade . uw 1IU „_, V , , 

'•-veU tint the < hurls wen- unable ba'nnce fotlnwing nersistent small currency Vn fiHences wit 
respond and ended with falls selling. Marks and Spencer and improvement of ■; lo I30£ 


shire lost 4 to SSp. while falls of 
„ around 10 were seen in J. Biddy, 
. . . .. at the outset, leading 264p, and R own tree Mackintosh, 

overnight Stores dosed a shade lower on 37g p . Krafi. -however, rcllectcd 

*" ith an 


and Shell ended :i like amount 
down ai 358p. Else where. Sicbens 
(UK) eiicounlered further olfer- 


DEALING DATES Northern. Avon •. Rubber. Lad- 

First Last Last For broke and Warrants, Town .and 

Deal- Deal- Declara- Settle- City Properties, Sangers, Mersey 

ings ings lion meat Docks Units. Beach Oil, 

Oct. 24 Nov. 6 Jan. 25 Feb. 6 Trleenfrol. BP..' City Hotels, 

Nov. 7 Nov. 20 Feb. 8 Feb. 20 Alexander Howden, :Llnfood, 
Nov. 21 Dec. 4 Feb. 22 Mar. 6 Pentland. Craad * MetropoUtao. 

Phoenix Timber. Du hi op , and 


of 


Debenhams reUnquished 2 apiece Ladbrokc remained on offer in 
'•"'•I -scares op-netl uncerfainlv a i Flu and S5n rc«nectively. ,v did Hotels and Caterers, falling 7 for 
hu' sw-iriind nn ovprceas support Combined F.nRl«h. at 110p. a t wo -day decline of 15 to )5»p. 
and. kite In th/’ sr.ssVm. a small Mothcrcare were dull at I52p. 

American 


ings and cave up s 10 2fl»p. while For rate indications see end oj S r Joseoh CauslVm A^miV wIS 

STT 1 al> " ” W 11 l “'’ *« **>™*>» S«*» ion/°n eP BP. C iw!rio5bS wT4 

United Cily Merchants full 5 to Stock* favoured for the call arranged in Fncal Electronics, 

57p on disappoint nieni wi(h the w ’ er ® Burmab Oil, London and Beecham and BP. . . 

preliminary figurfe';. F.Utv^here in 


Overseas Traders, .fames Finlay 
and Ocean Wilsons gave up 4 
apiece at U5p and Slip respectively. 
Having opened firmer following 


ACTIVE STOCKS 

No. 

Denomina- of Closing 
tlon marks price fp) 


interret The heavy- down 4, while BHS eased 3 to HfrMlVPr u’Pali 

weight i«sue* «;nmetinfies regained T92n. Despite the chairman's con- caiw 

a point, despite the further fident remarks. MFI Warehouses Inclined harder at the start. 

weaknoc^j « n ifio bullion price, and shed 3 to 13Sp while Grattan miscellaneous Industrial leaders the record improvement by Wail 

the FT Gold Minos index, at 134.0. eased the same amount to a new eventually succumbed ta light Street, investment. Trusts drifted Stock 

retrieved 2 0 of the previous day's low for the year of lOOp. NSS selling which found the market hack and closed little changed as ICI fl 13 360 

fall oT 12 2. Newsagents- were weak, losing 5 unwilling. Reckitt and Colman Inst interest subsided. Rothschild Wimpey (G.) 25p 13 . S2 

Although business was on a for a two-day fall of 1" at 93p. 10 to 443 p and Beecham 8 to 63. ip, Ims*slnient, which reported in- BAT Inds. 25p 12 269 

murh rr-dnred scale, the invest- Tlie Electric-sl leaders closed while falls of 3 were recorded in terim figures on November 1 4 last Shell Transport — 25p 12 558 

men! currency marker remained with some fairly substantial Bowater. !73p. Glaxo. 537p. and year, row? 5 to IPSp. while Ainerl- De Beers Defd. ... R0.05 II 348 

volatile ;<n»l th” premium, on the losses following a light trade. Pilkfngton. 285p. BOC Inter- can Trubt “B". 40 tp. and Montagu GEC 25p 10 311 

back nf in«iitu>innal demand for GEC finished 8 easier a| 31 Ip. national, down a penny at H7p. Boston. .WJp pul nn 21 apiece. Beecham 25p 9 6-33 

invest meni in l ! .S. securities. ro«e while falls of 6 were seen in were unsettled fnllowing news Equitj Income Trust rose 4 to BP II fl 864 

In 82 per cent be Tore reacting hte BICC, !24p. and EMI. l4Sp. Berec that pay talks with its drivers 2H.5p on further cunsidcraiioti of Marks & Spencer 23p fl 87 

in ihin trading tn 78 ner emt for still reflecting labour problems, and industrial gas cylinder the resulis. hill Edinburgh Distillers 51Vp S 189 

a net los-j of two points. V ester- eased 4 for a two-day loss of 16 handlers, had broken down. Else- .American, at I68p. after I14a. lo-r EMI 50p 8 148 

dav\ SF cnoversion factor was lo I32p. Philips' Limp reflected where. Hoover A became a 2 of WediN»dayV late rise. In Grd. Metropolitan 30p 8 103| 

0.723K (0 7263). currency influences with an prominent weak feature at 2G3 p, Financials, Mussmutunl Mortgage Reckitt Jk Colman 50p 8 443 

A good business developed in improvement of 25 to S8op. but down 18, on third-quarter figures reflected currency influences with Barclays Bank ... fl 7 340 

the Traded Option market jester- ElectrncomponenU reacted 10 to which were well below market an improvement of 43 to 923p. Imperial Group ... 25p 7 SO 


Change 
on day 

- 4 
+ 2 

- 5 •• 

- 6 

- S 

- 8 
- 8 
- 0 

— 2 

- a 

— e 

+ 2 

- 1* 


- .1975.. 
high 

■ - .' - 421 - 

.1 .iOr 
. 346 ■ 
602 - 
488..- 
.340 
. : ;743 . 
c' 926. -. 
; u . 
215 

• 100 .- 
m 

'530'' 

. 3G8 
89 


1978 
. low . 
32S 
.63 
267 
484 
285 
233 
583 ' 
720 • 
-.67* 
163 
130 
87 
392 
206 
m 


Option 


Junuy 


Bx'reiw 

price 


BP 

BP 

BP 

UP 

Com Uninn 
L rili.ii 
Cmhh G«4'l 

I'KIIM i/«id 

Cent) Cinl‘1 
C<iurtinld« 
L'.iuriaiilila i 

Couitauliijs J 
etc | 

tt KC 
is lie 

uKc ; 

C, muil Mel. j 
(IihirI Met. [ 
Ornud Mvl. ‘ 

ICI : 

m 1 1 

ici 1 

id ) 

Uuiil 1 

L«nil pfc-.. 1 

In n*l ] 

MnrL? i 
Marks, .t S|>. 
MHtks at ap. 
Sliull j 

T.iiaia ! 


7eO 

850 

900 

950 

130 

140 

16'J 


Okaingl 

offer 


136 

63 

22 

8 

10 

5 

21 


Vol. 


10 

20 

1 

3 

6 


'A 

rri! 

Jd 

iy- ' . 

CJoftng 

offer 

VoL 

(Coring 
offer , 


_ 


' 


78 

6 

98 

- -. 

44 

a 

68 _ 

. .*•--» ■ 

28. 

- — 

47, 


14 

s 

16 

.• 

8 

— • 

-11- 

IV 


28 

16 


10 


20 r. .— 


1. 


-W.. 


2UO 

1.3 

4- , 

6i$; 

IO 

13-.: 

M2 


no 

9 

1 i • 

' 13 | 

— ■ 

16 

' 3 

m 

120 

1 4iy! 

24 | 

a - 



10 ! 



130 { Sty 

is ! 

4 ! 

— 1 - 

■ . 5 i ■ 

. ' 

■m 

2BO 

i 39 : 

10 | 

42 T 

- w r. 

' j. 



300 ! 

; 20 . 

4 f 

30 . 


48- 1. 


. 


8 ; 

56 ! 

. 14 ! 



— v 


360 

2lg,' 

45 

6 ’ 

36 l ■ 

— 1 

• A-i.V 



• 9 

25 1 

12 


15 -V 

x-: 


110 

! 3H 

54 : 

7 " 

42.-,. 

. ~91a! 

■ “t.'-i 


180 

l l»a 

41 ; 

3ia; 


5 1 

- 6- 

[.'- rjfc 1 .■ 

330 1 

• 40 i 

a : 

49 

6 * 


■ — m 


560 i 

! 80 ’ 

-io ; - 

28 j 

17 -p 

.37 j- 



590 1 

1 '7 1 

is .1 

lSifi 


18.1 


t- r“j*i ■ 

420 : 

' 2ts{ 

14' i - 


24 I 

_ia ;c. 



220 ; 

! 14 i 

10 1 

22 1- 

14 1 . 

28', 



B40l 

I *• 1 


ll * 

7 1. 



ktss 

860 

! 1‘5: 

34 1 

' B 


'— : :]. 



60 

23 : 



26 ! 

5 ! 

— . I 

. — . • 


70. 

13 ! 

' 5 ! 

. 16k!i 

— * f * 

18 ' ' 



8J 

6 ' 

■ 15 ,. 

io Lt; 

— ( 

J.3.! 


'•'lii. 

600 

. 5 L 

.15 J 

13 , 

1 f 

24 


567 


1 -1 

458 I 

i 

847 I 


47:1^ 




* November 

1 

Jefaruary" ‘ 

f. 

ROC Inti. 

70 

1 


5>c 

20 

■ -6- 


l 

Vf ft 

BUC iutl. 

80 

>2 


1 

37 

-81* 


• • jj 

Bo"t» 

180 

12 

5- 

18 


26 

7-~y 

i'jfc 

Bi>k>Ls . 

800 

3 

— 

9 

— 

15. 



Biota 

240 

’ l* 

8 

2 

- — 

41, 



BioU 

260 

>3 

. 60 

.' -4* 


2 

■- sy- 


Bill 

140 

11 

20 

. 14 

34 

22 


vM< 

emt 

160 

.2 

_ 

6ie 

16 

ir 



E.lfl 

180 

l£ 

__ 

3 



7 

..‘■.a : 


tmpcrlel Gp 

80 

5 

" — 

5 

. 10 

8 

r •' —tT 

;%• 

Inipori&l Gp 

. 90 

1» 


.. 2 

7 

■ .2 



jrrz , 

820 

- 19 



26 

10 

40- 


-■SE 

Total* 



93 

' . . 

134. 


-41- 

•'fjdi 








STOCK EXCHANGE TURNOVER LAST MONTH 

Equity business falls 15 % 


BY NIGEL SPALL 


8GO1 


MONTHLY AVERAGES 1 967-100 j 


ACTIVITY t\ stock markets 
lust nw.ntii v.av still refunded 
by the nnscriled financial back- 
ground because uf the continu- 
my >Jide in the U.S. dollar. 

Investment enterprise was 
also cu riicd by the upward pres- 
sure on short-term interest rates 
and by ihe difficulties facing the 
Government in obtaining agree- 
ment to its pay policy. 

In spite oF an overall improve- 
ment in Stock Exchange turn- 
over of E0.2hn to £9.51bn, trade 
in equities was nearly 15 per 
cent down on September, de- 
c/mina f0.3Hn to £l.£bn with the 
average bargain in ordinary 
shares £101 lower ai E4.732. Re- 
flecting the thin business in 
ordinary share*, the overall 
number of bargains transacted 
wa« 43 244 lower at 456.207. 

In “ihtedged securities, tum- 
iiver rose Ei.-J-bn 1*? £6.69bn and 
ihe number of bargains 
ad v-j need 5.607 io 58.740. The 

increased bu-rne«s in gilts more ... , . ...... 

ih sin Mutwei -hed Thp slackness reluctant to commit new funds month, falling from its end-Sep- 

nf trade in * ■nnifies- ihe FT to market because of the fember 5WJ.6 to close October at 
Mock E^anci Turnover index “P*f d pressures on interest 4^.9:.^ com p^^th the 

The Government Securities of 535.5 and the 1B7S low of 433.4 
'.'hi u monLb 7, j Tms is index eased from an end-Septem- recorded on March 2. 

-nil. however. wcU down on the ber level of 70.00 to touch its In spite of a sharp increase 

aienue ruling m the Erst eight i 0 w for the month at 68.79 on in the bullion price — up $24.75 
month-, of the year. October 16; it closed the month to $242£ an ounce during the 

Trade in short-dated gilt-edged at 69.28 which compares with the month— -South African gold 
roac ro.9hn to £4 3hn. while the year’s high of 7S.58 recorded on shares Eeti away with sentiment 
in oriier fixed interest securities January 3. undermined by fears about the 

advanced £0.4bn to £2.35bn. The w Already extremely sensitive South African political situation. 
FT Turnover indev for Rriti^b because of the implications of Tbe- attention of American mves- 
Gwernment s«uriti« w.f "ffl I recent wa F demands on eor- tors became centred more on the 

P orate DrofitabiUty. equity shares gold futures market than on gold 
compared »ub — 6.4 m Sep tern- fymed markedly weaker on the shares, while the weakening dol- 
™ an “ las * - ear b average of further squeeze on overseas pro- lar premium was an added 
4<b.s. margins imparted by the con- adverse Factor. 

Prices of gilts fluctuated nar- tinued weakness of the dollar. The FT Gold Mines index 
rowlv Ihrouehout the month as The FT Industrial Ordinary closed the month 25J2 down at 
institutional' investors remained share index lost 21.7 over the 143.4, its lowest since last May 


NEW HIGHS AND LOWS FOR 1978 


The foihvm’g securing auotod in rhe INDUSTRIALS (SI 

Share intorni.ii>c<i icrricc vesl'tslav Bath & Portland Hanton Tru« Bijpc 

□unbee-Comoo Con*. 19SB-93 

Eartein Produce Hooter A’ 


atU'nca new -lions n.-.e tows tor !97a. 

NEW KIGDS (3) 



19TC 


1976 


1977 


1978 


OCTOBER TRANSACTIONS 


Category 


Value of all 

purchases 
& sales 
£m 


Total 

% 


Number of 
batgams 


Total 

% 


Average 
value 
per day 
Cm 


Average 
value per 
bargain 
£ 


Average 
number o' 
bargains 
per day 


British Government and British 
Government Guaranteed 

Short Dated (having five 
yean or less to run) 

43355 

45.6 

23528 

53 

197.1 

184371 

1369 

Others 

25533 

24.7 

35312 

7.7 

1065 

66328 

7,601 

Irish Government 

5hort Dated (having five 
years or less to run) 

4T2JD 

4J 

1532 

0.4 

183 

224,909 

83 

Others 

359.0 

35 

3,075 

0.7 

163 

116340 

140 

UK Local Authority 

277.6 

2.9 

10.702 

23 

126 

25,941 

486 

Overseas Government 

Provincial and Municipal 

133 

0.1 

2010 

0.4 

05 

6598 

91 

Fixed Interest Stock 

Preference and Preferred 
Ordinary Shares 

1415 

15 

37389 

83 

6 A 

3,794 

1,700 

Ordinary Shares 

1.620.6 

17.1 

342.459 

75.1 

7J.7 

4,732 

15566 ! 

Total 

9513.1 

100.0 

456307 

100 JO 

*4324 

20,853 

20336 | 

* Average of all teeuritle*. 


l 








Kunlrlr 

H.<me^on 


STORES 'It 
ENGINEERING (II 
MINES (11 

N*CW LOWS (SGI 


Ficieilo Ca-.tors Peuocon 
Goldman iH.j 

INSURANCE (I) 

Sun Alliance 

LEISURE (3) 

Boom* A Hawke: 


BRITISH FUNDS («6> 

TrcJi. 1I.1.C E-char. 1Z';K 1981 

TrpiS. B -PC ‘80-82 
Trpi!.. 14 pc 1982 
Tr..-ii. S iPC 1932 
Etnr- a r. ni.Dt »9e2 

Eschar. 8'.-ot 1983 
Treai. )2oc I98S 
Treat. 9 '.in >983 


1ft ••sc 1979 
T.m; 9 rc 5 9SG 
Ei char I3r..- 1931 
T-jjt. IV « J-?31 
Treat 9 ,oi. 19B1 
Earhir. 8 '.pc '931 
Exchor. 9 f; 198' 

COSfOflSTION LOANS 1 5) 
Blrmlngkcn 9 -jOC G L.C 12 ! oc 1982 
>979-81 Do T2 '-pc >983 

Bristol 7 '4 DC 79-81 Warwick 12'»« 1980 
BANKS (1* 

Arbvtlmot La' ham 

BUILDINGS >31 

“jleewjn (M J ' Mow/em fJ.) 

Laing 'J.) A 

CHEMICALS (1> 

Fiiom 

STORES (H 
Grarta.i War»n"uic-. 

ELECTRICALS (3) _ 

Berec Rolaflev iGBi 

P»’ > 003 

ENGINEERING (SI 

Alcan Aluminium Mannane*” Bronje 

Angio-Swi2s Rlehardtcns Wtlqrth. 

Gartxm Ena 'H.‘ 

FOODS (II 
BlSltOP'S Sirs A N-V 


Campari 
Do B 

Zenith a 

inw.TCSk 
V uohal 
jersey Gen. 


MOTORS (II 
PAPER Ml 
TEXTILES (11 

TRUSTS 12) 

Man. 6 Met. Inv. 


Cirdu Petroleum 

* 

Kinross 


RISES AND FALLS 
YESTERDAY 


British Folds .. 
Corpus. . Dom. 
Foreign Bonds ... 

Industrials 

Financial and Prop. 

Oils 

P/aniatian . . .... 

Mines 

Rrcwt Issues ... 

Totals 


Up Down Same 
— 31 43 


4 

336 

152 

4 

5 

61 

7 


13 

03 

U7 

11 

1 

34 

7 


45 
780 
243 

16 

■25 

46 
16 


574 629 L214 





These indices are the joint compilation of tbe Financial Times, the Institute of -Atfinj 

and the Faculty of Actuaries 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

'mures in p.ironlh>jso show nui 
.-4ix-ks fn-r ^.-vUUn 


RECEKT ISSUES 


EQUITIES 


101 


:|t . r = - >'■ 

»* 1 

_s Hiahi 

| i 

1 Y.V 24/11 « 

1 M 

1 K.P. ^ 11 mu 

1 346 ' 

1 1.1'. - | I2fi 1 

; 113 . 

; f.p. 24 . 11 ! j-i’i 

; 29 • 

: f.p. , - . a»i! 

!6 

f.p. - vet. \ 

! !■-»- 


Anuiilli 111. la* ; 44 

frrmnil 363 

teitiK Pmivnt- A 1113 




fcS 


Idirl'f wi-r..„ 


,U5 : 


rfictcj B.4| 8.7: 7.1 


ffO.1. , 

o?.7b| 

•'•.I 


1 1 9i 2.4 9.6 


S.2« 

l.a 

5.0] 


3.6 18.4 
10.9 ; 10.2 
2 . 6 . 8.1 
- I4.B 


FIXED INTEREST STOCKS 


« ^ I 


1979 


— ~ £ Hiuti , I«f 


Stock 


SKI 


11105 F.P. ' — . 106 {■ IC4|>r(w IVliuimt InL 10%Pn( 

I33 1 ! F.l'. — **->3 A"-. ' Aug lew.i Vnmwe Laid 

JI10 41 10Se JO :HnM.ilWBIerwork»7%IM. 1983 

111100. idI 16>13. rptul 2|iiu I'rnUjiy Hnunu 10i(,Coiiv. *£7-90... 

” I'./' I la IJOp ' !C6p .Hnunn 11% l.'uoi. I*n4._ 

L-99 FM'. B9.9 10Us' 'S? Iil>> A r-mttli (4^, 1 m Uel>. 2000-03 

' nil ■- "if ran I|in» HinmLnna Laeil Kf Lmo 

ClOO ' F.P. 912 lill>) h«jU'Hu«*itl A TVsndhani lift Uou. La. B6-U1 

, »'.P. JSe-lO. l» ] 119 •Hi™ Lnundrio 1»& l^)v. E6.«J 

ra7t; no 2S.'l ' aia; 9 iUickroaurworUl 4. I sbrirtfie Water 7%% 

**: • K.P. — . 122 . 105 -Kictnimc 10% Conr. fine. |KAS„..„ 

£99lj £S0 10.-1 . 49 J «7 Swifbwai* Cnr|L 12 i 3 % Ked. 1987 

£97l r CIO 36 ) 91(1 WulWieu Krnt Wmnr 7* Kiel. 1883 


90iai 

, 

2 ran 
108k-1 
99 ti+i* 

Irani 

lOQlgi— >a 
.1186 I — 
9M|-1« 

.122 

471* + U 
.1 *»a! 


M RIGHTS” OFFERS 


l--sue: = ~ 
l*rlce. i7 
p: '• <- 


I JllirSX 

U«inHte. 
I *«u- 

o e 


197S 


Hiftlil (*■' 


i-in* 

r|.t? 


30)- 

>n 

• 7 1124.11' 

sb 

r.p. 

• o0t.j4.11, 

12 

F.P. 

Id U oOrllt 

265 

F.P. 

0. It . 17 11, 

88 

Nil 

— 

bb 

F.P. 

b !•- IU-11. 

38 

I'.r. 

2o K 14. ll] 

200 

P.l* 

i.5 j. B ll; 

155 

,\i 

8li. 0 .12; 


F.P. 

9-K: 0 11, 

18 

F.P. 

ft iui711i 


i'J M ilUac-Ln'ie-l H'djr 

ll • i)>) i.'Uenc.- Wen;.. ... 

- • I** 

UiV-m. I8i in noiietlli A Bmn 

;*j si I1 .iu.Lhi 

-« | AS 'lW<«i ,W. I», 

loi | :Hli.arli> hue — 

Jl)wn ZSimi.l luu* Pn-iim».„„„. 

4W:; X- (Vmreni 

ll ! 13 Yurkanvr. 


35fni> ... . 
60 I 

14 13 

309 4 8 

ISlDI —I 


81 

57 

306 

23>>n 

35 

14 


— I 


+ 1 


Rcnnaci.i^'.r. tair nsnallr >a» dap for neahng free nf tfamp eliifjr. o Knnirev 
hSMT*! r.r» un1.3A.-1r. estfn*>v o A«.nin«» d|uirt-M and ylfH. u KurrcaxT (liviiv-rul- 
nver ba-wn nn y-»-».in'i' tFar*F rarmnna. r Divi'l^iwl pnri ylert bsttro nn or»*Oi-rr>i. 
" inm# «V- 1> c«.Hma:e- >nr low u flmo i Vutaro amimRl i Go*w *lbw 
(nr cmvcrti. r. ..r -hern- r.r.i mm Nn«Hw r*i» 'livi'fetwl nr ranai/Wl >H|I» fnr ren*rir*r»i 
tividriin > c p.'ji-iic oriw tn puniic ni Hrnrr unlw* ntharwise imiirUMi * Nimn 
h> l^rslsr ,, im.Tfit in huHw- w nmtaary thim nr. a r*«h*H " «• 

««»i •■> r-j;.,f.iii^j|nn J" tici'iiro.tiifvd S7 K-iim m cnnnminn with mviijni-e 
inn. mo-k-wr '.itruirr Jtiir<v!ii--iinh ~'l..iied io fnemer urefrrsner irairw. 
9 Mihfinran . "--j lur fiub-M4>. • ProvldjouaJ or oanh'-paid allauucoi leuerv 
4 WiU> » 4rrj.ua. 


59 
61 
62 

63 

64 

65 

66 

67 

68 

60 
70 


99 


building Materials (27i 

OoiiLrai-tiiig. Construction (28) 

Electricals /14) 

Engineering Contract ursf 14).. 
Mtvi).»nivai Engineer) nglTJi... 
Mctils.iml Motnl Forming(16) 
( OVSI MER r.OODS 

lUl'IMBI.El(53) 

Lt. Electronics, Hadiu. TV ( 16) 

i iiiuscltold Goods ( I^> 

Motors and Distributors i25i 

CONSUMER (.iOOILS 

I NON-til IR ABI Ji) f irjl 

Krei* pries ( 14 1 

Wines and Spirits MJi 

Entc-rtninment. entering 1 17) .: 

fNiiid Manufacturin«il9) 

Food Retailing! 15» 

Nowspoficrs. t'uhl.sh.nci |2»... 

P»*kagi»g and I'apen 15i 

Stores i4U' 

Tevtile:,l25) 

To!>at i*isf3l 

Toys ;tml Games t6» ..... 

OTHER C. KOI 1 PS (99) 

Chemicals > 19) 

Pharmaceutical Product* i?L . 

Office Equipment ifii 

Shipping « 10*. 

Miscellaneous 1 57 • , 


5ppSir\RE INDEX ... 
F1N.\n(| ,\LC ROUPfi 00. 

BaulenSl 

Discount Houses i «j|. 

Hire t*urchasef5i 

InsurancefLifciilUi 

Insurance (Composite) (7) 

Insurance Brokers i lo> ... 

Merchant Banks U4 1 

Property (31) 

Miscellaneous (7) 


Investment Trusts (58i - 

Mining Finance (4) ; ' 

Overseas Trad ers 1 19) 


ALLSHARfc' f NZ>EXfG73 ) .... 


Thors. 

Nov. 2, 1978 

Wed . 
■Nw. 

J •' 

Tuc*. 
Oi'L 
. 31 

• .a 

j 

: ' «*+.- 
2T- 

\ 

af T"d^« 

Pay's 

Est 

E-'ciuii" 

ilrow 

Wi-. 

EML 

PE 



■>: Tr ' 

■■ '•> 

; 

Yield * 

» 1”e|d * 

Ratio 






> a. 

LlUlllgf 

> Mac 

1 ACT 
at 33% 

'Neil 

No. ‘ 

IVp, 

. No.' 

K4-: 


.. 22934 

-LO 

16.99 

- 5.48 

8.07 

231.53 

233.46 

235.98 

235.46 


.. 1%.97 

-11 

17.95 

5.75 

7.67 

19916 

20177 

205.81 

20577 

; ' 

- 364.56 

+0.5 

20.15 

4.40 

' 7.12 

362.79 

36753 

36838 

368.61 


.. 526.33 

-2 5 

13.79 

332 

10.03 

539.98 

53939 

544.89 

54332 

1 

.. 355.06 

- +0.2 

1826 

6.12 

7.42 

35428 

36299 

365.26 

3671 T 

L 

- 180.64 

-0.4 

1850 

6.06 

7.24 

18L45 

18329 

18520 

-184.71 


; 164.11 

-03 

1638 

8.71 

851 

164.53 

265 88 

16723 

16636 


. 202.65 

-0.1 

16.97 

525 

833 

20286 

20568 

208.64 

20844 


. 24834 

+0.4 

14.81 

412 

947 

247.48 

24953 

254.10 

25378 


-. 174.11 

—0.6 

17.11 

633 

8.05 

175.26 

178J9: 

18119 

m 2 4 


. 12L43 

-0.9 

20.53 

6.82 

6.79 

122 48 

124.85 

12615 

12622 

1 

. 202.27 

-10 

16 46 

6.12 

817 

20435 

205.53 

2B823 

207.84 

: 

. 221.63 

-0-5 

15.09 

6.40 

9.32 

222.72 

223.95 

22720 

226 96 

' . 

. 266.92 

-0.9 

15 95 

5 39 

936 

26931 

26887 

27236 

274.07 


25L65 

-1.3 

14.55 

6.99 

10.03 

254.89 

257.75 

26195 

261.91 


199.10 

-0.8 

19.40 

5.48 

6.82 

200.64 

20158 

20419 

204.45 


217.12 

-0 5 

13.89 

4 75 

1032 

218.14 

21971 

223.41 

223.03 


37838 

-0 6 

20 88 

639 

6.77 

380.66 

38513 

386.09 

38708 


13240 

-13 

19.46 

752 

6.77 

134.45 

135.63 

137.48 

137.92 


19033 

-13 

12.05 

4.95 

11.99 

19268 

19397 

195.63 

19359 


17435 

-0.2 

19.11 

8.34 

6.79 

17457 

.17618 

17926 

179.61 


22333 

-LB 

24 65 

840 

4 80 

22738 

226.97. 

230.05 

232.06 

... 

97.27 

-0.9 

23.30 

6.64 

5.02 

9819 

100.78 

102.86 

102B9 


19437 

-0.6 

16.12 

635 

7.99 

19554 

197.81 

200.51 

2010 7 


273.90 

-0.9 

16.73 

6.90 

7.77 

27648 

280 J3 

285.81 

23637 


24636 

-13 

11.47 

431 

10.61 

24954 

248.73 

253.18 

255.06 


12733 

— 

19.08 

5.99 

■ 6.25 

12738 

12874 

129B9 

129.92 


412.05 

-0.4 

15.08 

734 

8.47 

43359 

414 71- 

4W7D 

41622 

•*, 

20937 

-0.1 

17.99 

6.71 

739 

20953 

21398 

215,66 

21591 


213.67 

-09 

1655 

5.92 

a.u 

21551 

21733 

220 06 

21994 


49L01 

-0.9 

1433 

4.09 

7.63 

49546 

494.52 

499.37 

49733 


236.77 

-0.9 

1.620 

5.65 

8.03 

23883 

240 47 

24339 

243.13 


159.12 

-03 

— . 

6.11 



15956 

160.45 

162. IB 

161.84 


185.44 

+0.6 

25.17 

6.32 

5.96 

184.28 

184.83 

285.67 

IBM 


200 75 

-2 2 

— 

8.76 

— 

20532 

205.66 

207.49 

208.67 


14235 

-0.B 

17.06 

5.77 

7.73 

143.85 

147.68 

14932 

149.08 


126 02 

-0 5 

— 

7.45 

— 

126.76 

127.03 

12860 

128.00 


11650 

—0.5 

— 

7 53 

— 

117.18 

117.46 

118.85 

118.67 


306.84 

-OS 

25.46 

5.40 

925 

30839 

310.60 

31952 

32127 



—0.1 

— 

630 

— 

7?26 

,78.6* 

79.90 

7935 


248.83 

-1 1 

3.49 

295 

4838 

251.63 

25357 

256.41 

254.91 ; 


105.98 

,-0.6 

23 87 

793 

5.42- - 

20657 

106.38 

1C7.02 

10730 


201.37 

+0 3 

— 

533 

— 

200.74 

20407 

20707 

209.91 


-10296 

6 

18.26 

6.92 

6.75 

104 62 

105 24 

10739 

107.49 


311.72 

+01 

1591 

742 

788 

31153 

31719 31814 

31583 


1216.26) 

-0.7 | 

- 

577) 

— 

21782 

229.90 J 222.03 

22187 



FIXED INTEREST PKK'K INDICES 


British Government 

Tliur* . 
Vn 

. 

duiiijr 

°e 

ul adj 
Tv-day 

1 

Under 3 iron. .. . . 

103 03 


. — 

O 

5- Ifl years ............ . 

11338 

■-010 

— - 

3 

(hcrlSyear*. 

11714 

• — !• . 

^ ■ 

4 

Irredeemable*. 

120 98 

-0.25 



5 

AH Murks .. 

110 41 

+008: 



\rl jii*. 

imt:» 

luiljlr 


7CT 

7U 

1226 

13.32 

455 


: FIXED INTEREST 
VliXDS 

Br. rtoit Av tlrofu Red 


Thurs.. 
. Xnv, 


10 


Li.iw 

Can pans 


a -cars . .. 
13 year.*. . . 
23 >Car« . 


MiiJium 

Coupons 


a l-Cnrs.. 
lii rears . 
25 year* 


Ibsh. 

Coupons 


ft j-ears 1 

15 years 

23 J-Cata....... 


IrNdmnibler.,.; 


We«!.. 
N <n'. 

I 


M6 

11.26 

12.08 


12.46 

12.49 

12.49 


1259 

1307 

1314 


1290 


9.41 

1123 

1257 


1241 

1249 

12.49 


1251 
13 JM 
13.15 


11.97 


Thnr*., >..r- 2 


.f Jlill-k | YlCld 

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3m. 

I 


Tn*-,: 
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. al 


Will. 

Uri. 

oJ 


T«Hav 

Vvtv 

St 


Itiun. i W(i|. 
>h.l, j »>r(. 
<So • . ia 


Tms<. 

(hd. 


29-yr. Red. Deb* Loans (15) 
Hive'S! men i i rusi Prei.i. ( lb) 
Conti, and I mil (20) 


■56. lA'jt 13-22 
5 i.ea, 13.30 
7L80-; 13.04 


56.16 : : 56. 18 
si. 68 ! 51.63 
71. SO ' 


57-12 ,56.69 j 68-68 J 66.88 S6.6B j * 
51 59- 51.27 j 61.32 1 61.4«'''' 51.47 j ! 


71. SO , 73.04 i 7209 i 7g.09 Tg.lZj 


iRBddmjrtnh. wew Hjiji. -M tam *«* omm M co«ifn»cm rhu^ aid.Khrd iT7u\ 

1!^.. cap iSv. 11 z 1 ^ a™. Hw «. c*,«« «\ s f. 


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T.Vx ' V, 



8f> i ,T,-~'-- 

U? Il ,uo - t* ,. 


T 



f ua;ia>. .; .- Fw^ititeoii MRL Lid. (a» Minster Fund Manager* Ltd 


CaslW- 




5 4b 
538 


I 

Provincial !.■(«- 

BlVlmfn-jjfc. r i 


l*n>li!n- 1 ‘n.I . -IB3? 

Hiiiliim-iinic... .|llb7 


tnv. Co. Ltd.V Siivi* & I'n^r cun iiiiii.il 
34Tir.il >moI>iI(< Scfuriliipi Ltd.* 



Mi., ., 

125 Orj -:> 


il 


3M 

7J1 


jlbE 

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iZST- J 

lisa £ 


i 1 e. 


r 54 


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rSiii : 


T.iri:ci Tst. Mpr«. iSrollanril laRh) 

!■• iih .i. u~j-pr.i. f.l.r .> ii:;- , j-ai&s:i s 
r .r ...: -.f.-r Hi-L-'M 6 2b 51 - 11) 1 94 
T..r . : t f.r . lit- 395 426.* *0 5 7 b 

*"•" bB3 -01 ‘ ■■■ 


S' •.!'•:• i mvim: K*l. >9 B 


ID 00 


, •> Jpl if S .s .1 ■ 

•ir : THW.Tbts/i^S^^. • r.AU 4D-3 *3L-.intf«matT<Xi--. IK.E- liEw -33 .£» MLA Unit Trust Mgrmnt. Ltd 

It, !,r profi. TmTiffC 68.5s +L3[— 4.76. Do. Accum. — 1_ JlIM 121^ r3-3 *J8 rilriQuren. direct, swill wi; <n •rm-e.-i PrniH ' *'o«fnln» Mnf>rs, Ltd.V iaHhllci m+i.l . _ 

■ v-. i, •: -• ->^-.4 -•>’.• -• • .- • ^ !w* 4701 Tan d.ilthtfii ««r-. «.<•(■. i’Mi ui.onuxs f*-* »• VW . .iMOt 1M5 _ , V» Trurt.-s' t nil Tafi. .Manager-* 

"9-. Group* <a«gJ > • .-. RiM* PnwB. Wt Tt JBgre-¥. jMnrrav John*ioB«. ijt wILi'j, 3 .® iTuiiiniii.l „._)1250 uzg + tfli <»di -iv.-" at • ••• v.-... i^n, k. j <'■ -ibumiii 

JOWiOSsfL.... 3 J 0,1 nSMHU: L.T. Mgnl.fip <a> Schl«»inscr Tniit Mngrs. I.td. r.n(7i ■irrT5^ j . .49 3 52 51 -2.01 5 os 

.2ri v ’"' s * rW!,l - L ' Ia W‘ ,w . test'll uJl sai vat ttulllor M.uiaRenK-nt Co. Lui.y i-w M'Jili^ir-t 4 l i 


MJFttrcviMi. . .(80 5 SS7| -ft|| 285 The Mk LM-hiing*. k> IK lil f. u! tf-4411 

IW.H1IIR I«ir Friday Ouadrunl'l.'i. Hi .11087 llllid . . I COO 


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; ratal .[67.8 

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jAcc.5'd._, 11202 
i >aitdr 

: i ■ 'lid Vd.— . [715 

-.csowe-.. _^.fc5-9 

' : [382 

■mol F5«b 

lnul CS9 

Fund. . |481 
'Anwrti'S- .Wj 
Mcrapt9..^,^B4 
' lot Pundk 

^ .fCft’aM ...B70- 

St , lr.rosFrt... *73 . 

■ A^. , 9 , ■ a * L,1 ■ ‘ — *62 

40 3 

*MEwrriiD|E' 57,8 

ndr.Co'i.. 44236.7 


. . -- J3 i’Si.- IV» Are. — . S0O.5 

'f'S ‘' T hn- KA-lKU—. UU 

Y ■■r~ ' - - ■C.t JapiiiiH&Oa.- 9V 1 - - 

TQiiSi rw <;T inn mnd _ 153i 

w3.Wf|. 7J6- CI.T.FoorYdsWU i57J 




962i-Z3} 110 M ,„ • —«.•»«.. t ;;;l|ill . ll ,,id,r. 

Vil Vivl.l' 
l r* i A Try. -i 

toil :-;-4ili“Vi rr..|»-rtv v h:i» 

G. & \L Trust . ■i':iSrfc»~T“’""KKS f"a 1 nnLHi.wi.iLi'T m o moi-ioi 2 87 

C -:-i3U 343* +<J4 4X4- National Provident lav. Mngni. Ltd-f Rolh! « hlIri Asm- 1 Man««cmcnl W 

— : ' u i.iM ' 4ROrarechurchM..fUTlPnnii T2-W ilati.hmi-i.Hil. V> lt~.l iir itr*i 


15Z0) ^ . J 3ii0 National and Cornnam-ia! 

lU4l-I0.ll 1« Pt.SL Andrew squjfp.L-ilinhurfil.Hii-.iVSHIDi RidBeripId ManaR.*mnnL Ud. 
5UH.Ti..l 7W jowmeNw I- flS72 JW.a .. 1 5 U 38-U'. Kr-..n^l-. S« . Man-hi'.H-i 

- ITiS SS^ J* Bit ? ?S3 ■ IS nidti1i.-Wli.LVT 1*1 0 99 01 -9m 

.J5L"*T:3.”---..1I4S| 129 « ?E Htd|lrtifld I iumir- [98 101 o| -A uf 

S2B 158.4) . ...I 3 9J 


27 9i 

27 7..; 

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33 >' 
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2?1' 
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2? 7-.J 

25 0.-i 
23 *J| 
13 2l-, 
23 4>r! 


i 3 55 
1 

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'.i irt •-.•»• hiuilul!^ . tivlnrlrtnl (CM j 3 1 i'll 



<n.Mnt>ricDnTn. 
omUli WTAer i^ SM,, 
toitm fldi/v flbarc.. 194*5 
talmrncwmrTfcC- »fr 
ftiFarKas#Tnet - S92- 

ton Unit Trast JSanagcrs Ltd. fiSSSC£^SI 

i rli □ rch St, . l_t3M 8JLA- : . 6229231 ln». Ajwriw ■. — 

on U.T _1SS 6 57 fed 4 - 4tt bid JwtCWp*. td. 


tiww* Fnna MaMgers V UKfi) ?,SSS!X’*-|gi PI "* w "'f’S 

.2.J5T MaiyAjiOiRSAtiBK . 0W833531 iAnunilinil*i- s« 

23.i.*Lfl 0J0. .VFI 0-st-a> Trust 132 2 1399J IS 




3654 


8.66 

8.74 


‘- ffy- *" Ort." d*Tlmc '.«k. 30* 

1-nrm: v i, .,ov. j Nc^i deoil i.r Nav. ID. 


4211-061 .D«. Natiioal WestTninstCT ;,";' 


N t ' Kr|tuly K unri 
■«> . Ens» IlisT-l 
pi i‘ Ju-iw hiiii.l 
N.V. lutl. WI. "In" 

>. r. lull hd ■ v. 

K V. Snillr i . Wll 


'166 4 
103 J 
M51 

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153 4 


177 5m 
1D98 iC 
154 3i' 
895 
90.7 
153 7 


*2 I 

+0 2 

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3.39 

766 

756 
1 J9 
1 44 
465 


T4 

i'I. uni. .v-mii* 

1 K. 'Ml. r.i»t .118 3 27 7CI 

J. Ilvnn- Schroder Wagg & iT». 
lai . ■h«s»i'-i.6r. £ >. — 
i '-iiul.it 1 ■■'*.-1 ■ - 


\i ■■uni - 

In. i.nu n.i ‘>1 
> ii i uni. I 'nil. . 
.H.H.T..I Ml* I 
. . hill » ini- 


f' 6 ^., l 2f2 r * i,te , acsv ®U- owns inro. 


'Aid -tub . 

. 762-iO.i -7.53 
MW+ftO .3.45 
94-bfl +03 538 

3V9Br-t-0.il 6.92 FmoncUl tBi 

liimrthlni-. m- 

1 nr rant- ... „ . g- 

Poltfolinlnw. Kd. ' 33 l 

544 



• -37 *- 

■'wai 

293 +T.41 


• •SSSSh^wtKI “,?1-02l f.iS 

333«a -S3 m ( K SSiiS2i7^ rn-5»S«M Norwich. Union inso ranee Group A) Rval Tsl. Can. FA M$rs. Utl. 

&:|f 4 M R SSf^ifetS 147 Q P.1. 4. Niinrtch. NRl 3N< ■ >.. Jcnn, „ .-,re«. S « I ol-KSMCT. 

^ 5gJ5 ee j5(; i |l_ L j».7 1W.8 ..-ri.91 CroupTM-Fd 1352.5 371.01 +251 5 42 C:.n.l»l K.l- 

■ . ^doaUM dar Nor.-a. PBarl Trust Managers Ltd. (aKffHzk ,m r^'!.i 

Grtcvestm Hanagement Xoi .Ltd- • . »i«ux>rn.wciV7EB ni-oasm+i 


rt-fn ...^1 

j»..Ec53Jk. M * > ! fc ^^OiSlflaTS. 7 ra. . 

hnot Securities LuL (a«ei toi'A^awStMiCgr Tn,sl Mana S^rs Ud.¥ iaHS> 

Ul SL LomJun EC4JI IK5‘ n|.SH«!8J ■.«•*■■<•.■ wo Mlllon lourt, r>OThinK.. Surrey- «U1 

Yield. .:_wj ' ueauat 

ra. L'nrt«„, S7 7 

>irnmrFd.. U3.4 
!-r. Fund . ... So 

mlrtiu. 54* 

^Tdrwl.ijis.j 5J.9 
rare Fund_ 25J- 

I'niisi — 38.*. . 

Fund. ; ..v 189 

tbh'TUidlUI 
.L'nllsi. Kfr 
•dnrt.tr. I..*.. 51*" 

-op,Vd 173 

■mid 54.2 

V nils'- -- 86 0 

Fund 2 340 . 

Hnll»i_- , «_B' 

CpsM 2 27,1 
AtlnU-Fd.. 27.3 
- fru.VCIfcT.j-> 2i.o 

'NFd. 8S7 

r. & 1m. m 27.4 


Rothschild & lanvndes IVlsmf. lai 

Si Swiihin -l-mr.l-.ln 1VJ nl-RjG-l-Cii 

Ki-nCLi'inmil, 1034 0 137 Dili) . I 3 57 

Frii c-. .ill I.»c1. lti. Kul di.-tilifn: N". IS 

Rowan L'nii Tnist Mngl. Ud .¥ iai 


KllTI>|> 


a ..-.as 


101 B 
224 6 
,194 5 
2839 
841 
105 2 


■ ri:m. i. liltl-- . (35 3 
■l-n&' h.iFdiVI JJ 1766 
■lint!-.- Hit Hi 2S6-S 
-lit-. ...t-r- Vi« in. 1216.7 
•For in. c»«i*4- 
ScMiish Equitahic Fnd. .Msrs. !.iri.V 


:c"s7' 
12'f 1 
2W :• 
249: 

3-5- 
"09 5* 
3? ' 


4 57 

3 44 

46e 

4 % 

1! 94 

:-2o 

2 JJ 

5 26 

516 

-irt.V 

:52 
2 52 
715 
715 
4 18 
< IB 


(Tlvi^alcH «.V~U>'i.iirfSq.Ki'? 1)1 -ft*. I<*K 


AnH-ni-iin n.1 IK 
Nrruruie-.tiri 11 , 

UiChVId i.W r. 

lA.-ciitn. L'nil^i. 

Merlin N.u I 

lilKlim.I.+lll.--. 


163 0 
174 5 
56$ 

747 

784 

969 


66 04 
J84 5] 
59.4 

III 

101.S 


lr»-vnh*l> Wlmfji 

125 lh....irl n:i- --W92 52J-.: 

4 02 .\j.-nm. L mi . 157 3 b\ 0- 

758 IhMlmtr iti> V.—hii-..- . 

Sehag l'nrt Tsl. Manasnrs I .id * mi 


ifrO -^O.rt 9« 

.27.8 ..._j02» 

4U 1. 1205 

. .2D4.-.--.J — 

Afi oq -tt§ SIM 

,953a ^ 5iM „ . _ 

55 j* J-Jjf SO* "Bmictoa N«wr 1 

208 lAnuih L'lut--" — . 


.... 165 7 • 6931 

168 ? 7!9( 

■it. 31. !.VU dr-ali IIC 


4.29 


3 77 

7 02 


■ I .'a i 


4 1)7 

8 49 


2.44 

2.41 

244 


58 Grofean St . E13P2JBS. 

213 3 

Bcntf if Vd.SflT. 2^ g7J6 
(.tnrofn dnp'1 ...— BJJ1 
Ejutf.tv.tJrt 31 — .£279.9 


"niJMun P*srHirnuihl-d._ 

■328 AeetanC»uU>... 


241- i . Vcrnni. L'nl^U- — ' 


2SD.7 _ , 

. 9 14 
441 .>.. 
74 2 

700 



5M Pennine 

J-g Pi?url UnitT< 

8^4 lAcrnm. Unit** |455 49 01 + DJI 

fej Pelican Units Admin. Ltd. ighsi 
2-2 81 Founutln St.ManchfTUa- nfll 3385TRS 
iM Frlirnn Unltv .. {04.8 911*4-1.0] 4 93 

Sm. PpT **« al Unit Trust Mngmt.V (a) 

3.89 -■•8 1 lari Si .Hen ley on Thames OW12SW8 IncmKins Income Fund 

4.03 HlRh-Yiulil - 152 5 


Save & Prosper Group 
4. (iro+L Sl I*iih 6.|| F> ~r :IKI' 

«t-7T Ou.+.-ii st. Kilinluinjh hUi i*-X 
nralm^N I- ni itl (Wflu ..r fW-ijn T.f.l 

Save & Prosper Securities lAAp 

Internal I anal Fond*. 


4.85 ^IrucTlSir OC».37.. _ ^ 

1 27 « A cram. i;«uw- :,HU 
U 7 I+i. % HOh Kuc. E..W.9 

158 (Aceum. l-juthi — +J7M 5 - _ - 

Unit Tst.. Mgs.. Ud.¥ (*KeJ n, f y}il >a a haniC. ECJ I’ ^DN. -. -DL-QBDDU AjUmy Chbbs l+ilt Trust Manawra Ud 

6 1 1 album. WC1V7HL .Pygm .ajpUuaatlllll TsL-JWO -93.71 **> 3, Freiertck s Place. ?,« BHD. 

Henderson Adm>astration¥ {aVeXS) '^Tin^ 

Premier trr Aflmin. fl Hgy I eIrD R end, H ut ton, Small C«'s Frt.JT..'lJ8 7 
0277-21738 Otplial Fund. Kid 


i.'apllal U6 4 3911 -C 7] 

I TV . ..H7 26Srij-0.1 

llnii- UroMh -.169 0 73 lid +J J 


56 4«fl-0?| 7 69 


v FroA — ,JB2 885t — 21T] 5.98 

■b at Jiov. a Neat sub. day Nor. 

tys Unicom Ltd-PTaHcXg) 


C'a 


■ 


' t Ho. 2S2 Romlord Rd. E7- 

» America— 138.2 

L Arc..- 737- 79. 

Line. SSI 62 

Hal --fifiS -55 

.raWTH 107.4 ill 

--a ini-ante .. 282 30 _ 

Jncial 609 65 

... 73.7 81. 

eml 31 j 34 

ottiAcc 41 A 4 

.me Tit 847 

. ATM. Tst- 1455 15 

> ai net 31 Nett sub. 

oven' M44 48 

oaeKand. 114.0 

wKf*-Tsd._> 49.0 

FdTnc., 58.8 

jbl 68.4 T 


OU4345544 



.rr^Blwood, Essex. 
« Food*. 


lnL£ras.& AB?eta 

6J2 PriiatoPUnil 




a.,- 

It 


+-- 10 

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+ . 2. 

c._ . .. 

T:' V 


'Cap UnMUlnc 

Cap. GrarrtJi 4cc . 

Ineutne& A^v«t-i..._U33 
H1 b 6 Income Fuads 
nigh Income . 

Cabot Extralnr. i_ 
rshotPretAGlIt— . 
Sector JPmu fe 
Piiumrta! A-TTO— : 

OO A. Nat Res 
Idtmdoid 

rybrt .. J 

lulnjiatiotuil 
WMLWideOct 
"5.43 ommn FMa 

5^1 Apdr-Tl^ff 

f Brothers St Co. Uif , -5S5 SS 11 

*nh»IISL,E.Ci. {115862830 iV^Am 

-TeL .OBJ l«L2i.,_J 4.89 “ “ 

-1DL . ^2_fa _4 - 409 

Not null- dap Kerr. 6 . . 

Mgate Progressive Mgint. Co.* 

»fau..E.C2, .' OI-S884CBO 

r--uc«j4 .-(190.4 4oa.8t-.l3JS 

L'Urt.24 L?2(,8 241. 

nL Oct. 31 ...IU61 17D 

iOrt.31 — (177.6 189., . 

'st sub. daj- *Nw. 14. '’Nov. 14 


3 94 Area mitt. Fund .... (63 a 


2.49 T«rhiu>k+y Fnml-. 
f, V| FM-EaMFd... 

Aincriean Fund ... 


45.4 
134 8 


596 

298 

22.0 


30.91 . J 
41.9 -0 2 
46.7 +03 
49.0 +0.2 
376 +02 
682 +01 
64 5*1 ... 

31 J +0.5 
23 0 +16 


ID 80 
7.00 
630 
640 
600 
650 
700 
1 SO 
310 


cahrx Ain 

Rsewvt Funds , • 

Jtinno Exempt 1101-9 

N.Vra Bspt OcL 28. RJd.O 



nil'll Incmrr- I'and-i 

llich Rftuni - - 166 2 

Income. ]42 4 

t '.K. FunftK 

l'KF«iuirj - 142 9 

Om+Mi FunrtMii 
Kurr nc . {88 3 

Junun 1 196 3 

S L A M» I. .MU 1 i-'ri .(47 1 
V S ... . lb? 2 

Sei-lur Funds 
Onnmodlli .. ... 176 8 

F-nenjr 64 9 

Fimmciul ter |68.9 ‘ 


711| -nnf 

45 5| -0.'l 


liiliin in Hi-ti:-n- ll-e.-fis 

lit ■! -1*3 4 lio. ,fl '! 

h.r- ha 'tpr t'rl 130. 8 32., - A J/ 

Security S^ieriion t.td. 

IS 19 Linrnln’s Inn Field.-, v.t - ;- . | 

i = l mli-lliT-i V-- ■ |M 5 t‘. 

In - l -i .L.tliT-t Inc. 1*14 7. f- 

Siewarl Unit Tsl. Managers 
+-■. •‘•i.irlmieSn . Kdieluirjh. u 
itli-mrl Aim+iBul Fmld 

M iiirf.iril Ids . [5b 7 60 1, 

\ii-uin 1‘nl- 1615 ’.e; 

UiiliiO.iivall l»ll* [44 0 +7 U| 

*-Ucvi+rl Brilish Cnpiial fund 
730 M.niiUjd .. . [UBl IjI I| 

4 00 <t ,n. I'ml - . - llbl 4 1 7T- o! 

219 I Kralint ITue- ^ If -V... 

Sun Ailianee i-'nnd MngC. Ltd. 

Sun MIliUK 1 - H -•*. II'11-sh..iii. 1+t.J i iW I J I 

1" ii V>\ T I II . [£237.1 249 6- | 3 Eb 

Vlii- I nun ly »«l. 195b 19”. 2 78 

Turgot TsL MngTS. Ltil-V la-si 


l!,r>.|..,nV» 2. -74 0 7B51-3 3I 

- •-.-.-uni t n-|. . ( 114g 121? -5 

Il.irl. KvjC ■"! UT. .99 7 93 4, . 

1 ■»» ]: n. ini. N*-’ .a ...'59 5 Rffl-l9| 
. ->'n. n I m: i "48 5 1025 -2 4. 

• -..Imi.nc- 11 . 11231 1341! 

• Vi— n hi '.Vh— .. 158 1 166 

f'umJiM ‘‘•■it I.. |5J fl 5*6 

. \..'utp l'nii-. j581 61 

• .Ii*:* 1 *l l • I .52 3 563 

- iiiii-n I'lnivi 688 713 

M,.rll».r..'K-- :.} 49 7 * 520] 

. in iiml'ii:i" 57 2 59 

%.iii ilwth . 'hi .1, 489 SIS 

. ..Hill I. nil - 60 8 64 0 

\MI III ■ s-: 7] . 7? 9 76 8] 

t'anc T i+ 7«<>-. 1 . 43 9 4& , 

i.Vccunj . ,j<54 4841 

■Ai. k rN.r. ” . . i&0J 63.» 
i Xv-uni I'nH-. 72 4 "76 7} -1 8! 

i-'kloi < TL ^7 68 9 72 2»ffl 

lx. ,iuuni [SOB 84.;| 

jtj' _}-3 j’} Tyndall Managnro L(d.V 

~ 1 : ' 18 t an'ncr ItnaiL Kf1*4nL 

I nr. iitk- ,\ir. I . 1100 2 105 4 

■ \iuim. I. n:i- .11854 194.8 

C.iulclNi-.l -126.2 1J2.6 

. U.um l n.Lv. 178.6 1 37 6 

F.M*mp!.\«n 1. 109 2 114 8a 

i Warn Units- _. . 157.2 165 2 

1..L F_im \i« I [243 0 255.2 

• V'i'uni 1 'mlui. 275 J 289 bj 

I Tel Niu 1 . .0060 112 4 

• vsuni v.i:l*. I1U0 1422 

-4 i astic *=1 . 1'dinJmrrh 
>.-rt Inc .%‘Cn I 11678 

i*. id t'.ijt Nrn 1 . . ,]1J7 8 


IS! 0 
2«2 
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i- usd ■ 


423 

J44 

4^4 


lil-ll 

5 27 
5 27 


5 81 
581 

404 

499 

4.99 

598 

5 40 
7 39 
719 

'4 74 
4.74 
334 
3J4 
3.67 
3 67 
831 

6 41 
.641 
516 
516 
SB 

815 


•S73SS4I 
847 
8.47 
452 
<K 
834 
8J4 
5.25 
525 
12-53 


:: t rWl'i n 
. 7 26 
2 2s 
Ltd. (.31 
l ~'i:ij.T! 

• i 56 


4 15 
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A- cqm'I'usiv- (1668 

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K-tjuIm- • Ifiiiih 


l-ir.nnr .al Pr o- 

I ... i um 

ili.lilm- I'nt-n'i 

lni--miiiiiTi.il. . 
M+.-ul Sits . 


1253 
031 323 13(5 
. . I 922 
. . SJ5Z 
.. i 5J2 
037t3ZM 


rl45 

tel 

tei 


86 6j -091 

90 5| -Oflj 

50.01+01' 


694 

591 

10.12 

30.12 

4.92 

4.92 

&81 

283 

554 


TSB Unit Trusts (>') 

2 1. . 'I-.ntr- 'll n> r-doi i*r. IIan»« 02W 8=184 

[■-alir.Kr n> n25t EUX! 3 


858 

951 


■ h -1 v B > 

• i.i l*. *" urn. . 

• TSIl JiKcnc 

in- 1*1 .Wum 

-r-.R -- C'H-n 

Hu lti-. Ai.cuni 


(44 5 
572 
611 
63 8 
BIB 
IBS 6 


612! 

651 


67 W +0.?J 
87 H «K 

H 2 1 


+0 5 
+0.5 


d 17 
417 
721 
721 
22C 
220 


4b 1! -0 . | 539 


i| ' .rcvBnni -I Fi? 


tt'M-Jl Practical Invest. Co. LttL¥ LvNci 

S~?l~ 0 n 44. Woonwbtny S«] 1V«-|A2BA 01-0238850 Hish-Miniimmi Fuad 

Prert leal Nov. 1. ..1146 4 155 71... ( 4 46 Seieeilnlt-ni.il. |2«9 5 

-JO Ac cum. Units |Z22 1 224.9 | 4.46 Select IrrmiK- . [sj 3 

1S| .... 


134 31 -? ?! 

50 6 + I 0 

. 72 2| t5 % 

02 5i *0 •( 
69 n .in 
74 01 +0 ‘A 

263-31 +>5j 

55 ]c| -0 41 


152 
1 49 
056 


T.ircet 1 ■■nunii.ti': 

TnrrH Fmnnt'M. 

3 26 T.ifL-cr Fqmlv 

" 7..iyci 7.-. ’Ii*. I ... 
Ol'ii \cr L ult ■ 

i I i.i.-l . 

5 .r.-.-* i. icMf 

3 29 T.-i cel r.n -lie ' 'I 

1 gj Isi lit-iii. I. rut- . 

3 38 t‘- 1 i‘"l ^'c i 

2 11 lj I V., 

7 59 T.i nr*- ;il :.iv... . 

1 


!-’7J 

513 
363 
M8 3 
I2J2 9 
,115 8 
\2T1 
[27* 
505 
1314 
1964 
27 3 
13 a 
20 ] 


]’ 

401: 

64 4 r! 

3*0! 

21- i 

2=T g; 
lil 51 
Sf 
7 e 5. 

j; *; 

53 3 

2f4 6.i! 

2->4.i 

S3 


-•>fi 


; v-i i 

: 73 

4 50 
6 38 
699 
6 59 

3 00 
J 36 
1 10 
1 10 
346 

4 74 

B 96 

1177 

J 79 


Ulster BdnkV lai 
VV-«n n j tt re* T (icl/a- 1 
it-rMi-r ■ iriiwiii 06 6 


rcrc3.*c3i 

39 31 +021 5.41 


Unit Trust Account & MgmL Lid. 

01-6=3 4951 
17«6j . 4-» 

32 J . a 68 


1. in- Mi lit. <n 
Emir' H e - 
Wider i'nh 


i sr Ef-iRAtK 
.in- 1. 1167 0 
I'nrJ. Mfl 
136 2 


Wider Growl h Fund 

Kui.-Uiiliiiiiiy Li'Jlni.Ui 

In- line.' ' nil-. . |30 3 

mi-. 136 2 


ni-»C345*;.i 

32Jj I 4 68 
38=1 .. | 4 68 


INSURANCE AND PROPERTY RONDS 


Hill Samuel Unit Ttt. Bf£rs.t fa)* 


las -Abbey Life Assurance Co. Ltd. 

a -* > :l-3St.Paol'BChiUTh.vard.EC4. 0I-2UBIU 

'Ml »fl 0 gE==W 

Property Ak.,. 



; Fund Managers la) fc > 

— se.KiDKWfllinniSL.EOt_ 0I^S348G1 

..ui&ceo^|22A". aaf-c.-2j 

BIS 56 Db 

■Cne.t 37.8 394 b .^., 

-t /MU . 44.0 

■t p42# 'iaai 

.Imit ,06.6 17.7« — 

;t. liSs' . ii? 

*■ *Tue 


dSlwerliSt-.EeaPJUUX 

3J5 , tblBritlahTnut — . 

2:45 (OlUlTraiT.. — - B.4- 

7 45 - lElDollat Tm4„j. n .1 

(bi Capital Tnidil^ 2ft2 
(biFlnneelalTnua. 862 
ibi Incc+pc- Trust 26.X 

^ - lnteLf (axgl ; 

333 V U*> CbTistopbcr Street E. C2. 

534- lnleHBv.hW_j.lG42 

3^ Key Fund Managers Ltd. (art© 


SeieeUv+FuTid.:.. _l41 5 


11504 

160 7 


(H-®8aniiCOTvtriibJeFuiid” 

-cflflJ SA2 iWlooey Fond.. 

333 fPro^Fd Ser.4... 
3.77 .9Mao : Pd. Ser. 4_... 


5i».i«EquityFd.Ser.4 [3S.1 


133 6 

124.0 
1317 

135.0 


3SJ| ... 
332 

S55 

140.1 ZV. 

330 6 

138.7 ..-. 
1422 ... 
37.0 .. 

1202 . . 
117 9 


Crown Life Assurance Co. Ltd.V I. lords Life Assurance 
i.'rrwiuJ.ifeHs'c. WiAms. ijL'21 IXW WB62. 90-1.1 la*, r'lifiiw Sr. ECU -I'I"- 


529 (•C'onv.Frt Ser. 4._ 134 0 

786 OMonoy Fd. Ser. 4 -111 2.0 

£72 1 Price* at OcL 31. VrJuailon tuxmalJy Tuna. 

.«» . 

. Albany Life Assurance Co. Ltd. 

ObtjfTT^taki.OldBurilnctqnSi.vy I. 


9TL2f —1JJ| iJS 



345 

4JM 

5.45 

9.15 


Fn®* P**- ^S.MilkSL.EC2V-aiS. ■' 01-80071170. 

ai-sor. is... . • . . . -ie v isiiw«riiL-nt...m2 . tty-i.0| 

■nia Trust Management faHg - jSgJgjS^Sf'- mi L i»l . TT °' 5 

-g y,g | LBo » < t l n C il ‘ Xamd oo W a H . . .. K^rTncoSpundiZ IQ 9 ^ S92 ■+i.’i . — 
ET2U5QL 01-038M784M7B Ko+ Fixed Int. Fd_- 60.6 ^.64.4 12J6 

80.2} _.J 4 77 KeySmallCoT Fd Jl0fc4 504 

3JI /■ . . ‘ . •• ■ 

4** KfebnmitJSenson Unit Managers^ 

'ao.Fencliait'liSuE.CA' ' '■ 01-8=38000 

lE&,Un»rFA4ne~j. 

958 4KB UuitPd Ac— 

2L9S KB, F<t In®- T-**, — 

-4,70 ICB.FdJn.TsL ATT. 

"T24' TtBSBltrCP -sKWhc.. 

, 3JB9 “KB Sta-CnK-FdArt- . 

^2-^ VOt HifUa'YlfLFri. lnc..-'(46.4 
230 Hlw yW*F(L Ace— |4b.4 

IS SL & <!Unit Trust' Management Ltd_V 

f M TbC-htocL Brhflnse. EraN.iHP, 01-988 =800 

5i| LiClnc.Fd. Q455 150.0) >-.] S10 

LaCtaafeOenRI.IliBB 107-S J>'3.9S 

Lawson. Secs. JLtdV faKc} 

4.85 STQaeea'O^'U^SMRlBy.^SaeKSIl 



7 62 ! XRaw. MatenaK..— M2 

rillsh life. Office Ltd-V <a» ’CbwwuT^ud!!?.!! 

shLife~.p01 5.8b jAn»enmi?il„ 20.8 

?■?? fiAptnimliDilfli 2L5 


612 

68.0 

4U 

22.4 

232 


Mol. ^MotL -Tuw. TtWed. frhnrs. 


5.76 

5.76 

2.64 

164 

1.81 

0SSS 

050 




» Shipley ft Coi. JU<L¥ 

Founders Ct./'ECS 
* OcL 30 
I OcL 30. 

Trusts {■) <g| 

al 


1 C Tf> ‘ * mi •— — * 

» ltA«eun*V8iSw — ■ 

'Ort deobn? K»-. 8. . itMoo.' 

Legal ft General Tyndall Fondf 

ihCatiVTiitcRond.nnMoL .0=7232241 

4.60 
4.60 


-rsCt./TOB OlftWMM.S^Lir K32 ' ma i 

i=» 

v Leonine A (bin in strati on Ltd. 


i ?r •* ' . 
** • - - x 

S-: is**- 

3 ; ? '*x..*’ 

1.. ^ ' 


at.: i,* 

7 ■ 

Z1 *-*' • 

,5 i il-i 


jncoms— (364 
enme-: — 29.2 

»a 

• £3.7 

45 : 17.6 

,i6nce+ u _— . 57.B-.. 

ryi— +•+—■.. 21 6_. 

: • -Oct. W_ — H2^‘ 



»4J+a4i 


747 

566 

712 


+06 
+ 1.1 
+1 2 


A 

2J>t»kc3LjUmrt6nW1M6rp. . 014JJGSW1 

LaoPtsi 1784 82.5J -0-91 4 80 

LeoActum...-- — .1^9 90.41-0-^ 4J8 

15: Lloyds Bk. Unit Tst. Mngrs. Ltd.f (a) 
321 RejB.+UW» Dept. Gorine-by-Sea. 

4.46 .'•"ortlUnB, West Smuc-C, 01-6231388 

fell' , Balu need - " 1492 

4 57 -. Jta. i Accwn. - - . M3 

• •• • •», . . — . „ - Worldwide C«b;_ 52L7 • 

- -a Life Unit Tst. Mngrs. Ltd.* Do.i.'vrrnm.i— 66 J 

1 SL. Potters air. Herts. W B«r5i I2t ■ S;° d 

.. ,n Hist. B7.9 39 91 -0.11 459 6U 

- i. Aixnm.-:-«ta - * 49^ -03 «59 

.. - bln. ^Gaa 34 A -oil 7« lAccuraj - IM.9 

: Accihu.___{44 4 46^ ...: .( 720 gJoyd’y Life Unit TbL MngTS. Ltd. 

(James). MngL Ltd . f 72-80.Gatebpu*cBrt...'ky1esburv 029SBWI 

Brood S l.-ECCN UtQ •••■"■ U1-56S6010 ESJUtt Acwun. — (1595 168^1. — l 4.00 

J — i ’ ‘ l’ ill 1 ® GrenpV (yMctel 

ji on iiirTZ' N«dSalin^No%. 15. 3brec ftuaj-is Tpokt Hill. BT3R *®C_ 01636 4588 

S«r also SiPctEaebAilBeJDeali W- ? 


1252! 


H=. 


a?2uf +oa 


+L2t 


477 

4.77 

242 

242 

628 

6.18 

785 

7.85 


S ■ 
7 : 


-dif w 


d Unit FiLMgrs. LtcLV taNel .. Ammcan:. — 

■■■ :«mt o&zfar - ^9.^:1 M».gsss®??r:S5 

-• ill Yield _j.j4L5 " ' '4AWI . —j 877/ lAroirvUnJlS) ,. J5 » 

- *im.UnH»:. 539 96.4) ...]■ 877 roifyxiund Sro®th. UX0 

". Next deabne date JKovombor U . jSoavermno Croirth uB 

Offleial Invest Fdir - . TS^.^i2a6 

■ ' ' km W all. EC2N l"DB. Q1-53B1B15 (Acoipi Umisi. 228.5 

-Oft I7.._^J137.18- — ( ._:,4 681 Eoropcan — 50 J 

'. . ' OctlT_... p»2«7- -^lAttruittlinltsv,-^ a J 

- ■ *rti Only available tft Kec. Charities. ■ &lai Yi<--Id 86J 

jarterhonse Jaohiefaee James Finlay 
' fain Trasi Managers Ltd V (aHto^ j^dSh^SiiZ h| 


SI.EC2M4TP. 

-an. 6rtl9.7 

h*vm 0.7 

- . ^tiiunl Tst . i;j 23.4 
PC-JTV+ TbL S6j 
.. .)«>wtJiTSt,:.RI2 



01^33263= iArcum.UniL-.l__ 


*1 » 


] 90 General - . — [■.. MB 

922 'AccunKCniUl 26L5 

. 2.52 .Higlr Income 1067 

*435 T.lccum. Units'^-. 179 5 

753 Japan ... — u. 177.6 

. lAccum. UnlUi .179.2 

deration- Fund^ MgL JUdV; taj ' « [aenum .. g ? 7 
r Sony Upc. WC2A 1HE - 01-3420282 i e 5 

- . Fund. . ... M 7 «.9| ,:- } **S " MB 6 

! opolitan Fund Managers. ' . .. fJSSJTdAiwi’n ! KJ 

: StrceL Lundcn SWLX 9EJ • 0J-33GH5SS. SocondUen. 174-3 

■ imef<L --- BU H 'Accti m. L>pii*i j B12.9 

:■ - mount Unit Tst. Mgrs. Ltd , : spm»Ii» ed Fnada . 

.. McrUme.EC2VfiKH. (U-606S28S Trustee -pf? 1 

'. . ihvw .--4462 50 Of -....{ 9.25 . t^crum biUlj.)-- _pS9.2. 

-lnierican..-.j464 . . 09X1.:. -I- 

irnWlBtinc.Wa.8. -. 50.4) ( 9.W 

ent Unit TsL Mgrs. Ltd. laXg) 


47.71 +: 

§|:l& 

■ 91W-0.9] 
X20.4I -ifl 
67-a -og 
72.g -0« 
33&jj - 2.5 
247.9) -4 3 


M8 


536 —03 567 

54.9 -02 3.67 
' 91.9a -1A 

1263 — 2J 

633 -U 

69.9 -15 
664 -06 
812 -0.8 

178 9 — 3J 
27a5 -50 

113.6 -1 0 
191 2 -3 0 
1091 +03 
1908 +0.5 
2533 -43 
2818 -5 4 

1938a -7 2 

328.7 -3 7 
928-17 
953 -1.1 

1391 -3.6 
2873 -53 
1816 -29 
2318 -37 


2.19 
176 
3.76 
4.90 
4.90 
386 
339 

8.19 
8.05 
885 


a 60 
860 
£23 
2 23 
303 
5.03 
5.94 
594 
8.47 
847 
Z23 
223 
4.49 
449 
682 
682 
4 05 
4.05 
S21 
521 
4 JO 
4 JO 


Ch+rthopdOerSUl 1095 
(IbarlM. Oot 31 — US29 

Accum Uni l*i Q8Z.7 '19581 — 

Pens. T a. OcL 3ll- — 1141.8 14afet| 


6.82 

682 

jun 

783 

783 

578 


r ;• Zl\' ■ 


UeCrei*, Edinburgh 3. 
mer. Frt. — [223 - 239« 

WTial'I. — (568 . 60. 

igh.lXsL _. J44.0 47.li 

eacn.es [38J5 ' 4U 

ohyo |251 " 36-1 


Mann Life . Management Ltd. 

*1« 1 no si Grorce'H Way. survuiuiue. • D438MIU1 

+0M 9.16 Gro«l6 Unit*.. J5*3 572| . .{ 4.44 

^ 194 Mayflower Management Co. Ltd 

M ^ I ATS U/CThaiu SL, EC2V 7AU. 01«U»W 

etionary Unit Fund Managers . ivr 3 fires iwjj .. .. I 8J5 

IcIdSt.,EC2M7AL 01^584485 tJeficral Ort. 24 (710 74 71.... 

Oct 27 U782 190 7] . . .| 5.05. InlenitLOcl W- - . |45 0 474) 

'Winchester Fand Mngtl Lid "Mrrciiy Fond Managers I*td 

O1-A162107 SU.iireduauSl.'ECSPSEB. 0I-PXJ4'55 


560 

3.00 


uy.BCS 


r;^ 


Viucb«<4,er.-g9.0 
cfi'ai' P'w3sg02 


20.1 


.. ., *68 

.... 3.93 


Here. Geo. Nw. t.. goi J 
Act-lVIiw' ! ■ — 2(45 
Mere Int t -- 682 

« Jc Dudley TsL MngnmL Ltd. ' 1 ' u£? 

iuStrtiSL.K.Wi O1-I09 >.u.t ^.^iui^SepL SR ^4 ; 

UudkyTM .{71 1 76.4).. _f 581 . 

Fm Equity Securities Lid Midland Bank Croup 

sec Abbey Unit Trnst MngRL 


2I4.B 
2835 
7S.fi 
763 
253 9 
307.7) 


435 
4 33 
302 
3.02 
440 
4.40 


Unit TniRt. Managers Lld.¥ lai 
Ci'iinwravl Jfmre, Slhtu Street, _-.« 
1 & (BKWcMri 5 TCroraTrei- 

hamRcL.HfHh .Wyeuflibu- u4W®B77 llo Airuni — 

■ — 164.6 68 <fl -0 6) 4 41 p^J^5j IB i'"3IZ. 


s Finlay Unit Trust Mngt. Ltd ggy*? 


VwiNneSireei niȣow. 


ayloiBruMl-CU 
Limits- ...'247 
■"ay Ira-o me. . - 332 
Tf Euro-Fin.. 26.6 

LVnrts 30.8 

ayPUJn/rv. 282 
lCbUj.. ...32 6 


.Accum — 

(HI 201 1321 income. 


80.8 

352 

577 

262 

28.6 

52.2 



2.95 ‘ im. Aci-Um — 61.0 

2 95 -TntennrtiMMl 43.1 

894 Do. Irrrnm ..... 461 

Hind View 619 

l>0. Accum (bj •, 

E^ouj- L\ein«*.-.. 
pu Acci.m* . . . 
PncCa at Ckl 31. 


237 

257 

4.60 

4.60 



rices- No?, l ?>c*t Healing S(*. t 

CORAL INDEX: Close 4^7-472 


1040 

104 0 — ... 

N»at dOAliug Nov. J0. 


VEqoltV Fd. Aco._. 
VFixedlnt. Are... . 
VGULMoneyFtLA c . 
VlatLMan^dAcm . 


fl95.7 
!mi 4 
|UbJ 
1102 


tPrapJ-dJlcr 1132.9 


ru'pie Inv. Acc. — 

CldMon Jen .Arc. 
fialUliLFtiFdAcf _ 

Proa. Pec -Acc 

M'plelm-J’eiLAcc- 


170 2 
2353 
180 J 
132.8 
11173 
,1295 
2103 


01^37 58C 
205?|-51 - 
1481 -0 3 — 

122.4 +0J — 
315 1 -2J — 
1187 +2.4 — 
179J -21 - 
245 7 -5.9 - 

189.4 —0.4 - 

139.7 +03 — 

123.4 -2 4 — 
1362 +33 — 
2215 -27 — 


ManR'd Fund Acc . 
MMt'd Fd. Incm . 
M wip'd Fd. tell. . 
Equity Fd. Arc 
Equity Fit In'tn.. . 
Equity Fd. Inti 
Property Fd Acc.... 
Property Kd.lncm.. 
Property FYL In if. .. 
Inv. Tsl. Fd. Acc..... 
lav Tat. Fd Incm. _ 
Inv T*L Fd I nil 
Fued Ini Fd Ace 
Fad. InL' Fd. Incm. 
Inrcr'l. Frt. Act 
inicrl. Fd. Incm... . 
Money Fd Arc 
Mono' Fd Incm 
Dis Fd Incm 
Crown BrL Ini .'A'. . 


,1031 

1010 

,1013 

If 

93 5 

95.7 

95 7 
943 
992 

96 7 

97 7 
999 

98.8 
1123 
1123 
975 

. 95.1 
101 6 
1687 


1085 +0 
1063 +0 I 
1066 +0 1 
49 7 +0 1! 
979 
934 
180.7 
1D0.7 
992 

104.4 +1 ? 
1BL7 +1 3 
102 4 +1 A 

105.1 -01 

103.4 -0.1 
1182 -1 1 
118 Z -1 1 
102.fi 

100.1 

106 4 +o.:- 


678 


140«07 


344 4 

352 

P 

1341 

141 

2 

135 8 

I£J 

0 

153 4 

161 

5 

1235 

130 

0 




Mill OtS+|ii 30 
ripS A Pr V( v 2 
'.'piM F.-jl N+v 2 . 

Op 5‘A'lli Snr 2 
up5'A'Man "'O- 2 
'.ip j'A'Poot No* - 2 

l^ondon lndrmntly fttinl Ins. Cc. Ltd. 

18-2U.The lor hiny, R+adm/ ,1l?SI I 

Mrv.fi Manager I3JJ ?f EJ -4 pj 

M M Flecihlo [29 8 :’3l-0d .. 

Fil'd Intcnf '. |34 5 ib-J{ 1 - 

The London ft *!anchi-stcr Ass. (ip.? 


Royal Insurancp Group 

'■>« Hall PI arc I.iicrpocL I6J 2274422 

r.oial Shield Fri.. [1442 1523[ | _ 

Savp & Prosper GroupV 

4. i-.l SL Mi-lvn's. Lodn.. EV3P 3EP 01-S64 8609 


U.'l Inc Fd 
Proper!* Fd ' 

It: It Fd 
Pv-|W6M Kdr 
Comp Pen* Fd 
Equil? Pens Fd 
J'ror Pens, r-t ■ 
i". ill Pens. Fd 
Dl-hos Pens f ii » 


355 


4.95 

842 


Wiwladc Part. Exrtcr. 
Cap FrpwtliFumJ 
•SF-ex. F.wrapl Fd 
6K-.L+npl FTOp FJ 
bbi|ii inv T*i l-d 
Fici'hleFond .. . 

Ini TTvaFind ... 


if.sa-5'2156 


[1300 
1604 
.1233 
125 5 
210 6 
1185 J 
;Z32.8 
94 B 
'1016 

Prices eii ‘.icir'ber 24. 
tW«i-kl\ dealing: 


137 U 0.41 
169.fi .. 

129.1 -0.1 — 

232.2 . - 

22L7 . — 

1956 -0( — 

245 7 . . 

94.8 -0 1 — 

187.01 +o.; _ 


24 0 : 

_ 

lies 


_ . 

96 *» 




15? D 


_ . 

1177 


_ . 

142 9 




- 855 



1011 




Schroder Life GroupV 

Enterprise Hvn*+-. Ponsmoulh. 


ABIEV Life Assurance LliV 

Alma Hare. Alma Rd . Reigate. Reig*lc4010I. 


Crusader Insurance Co. Ltd. 

Vinciila House. Tower PL.EC3. 01-8868031 Pror^rty Fund 
Gth. Prop- CicL3._. [73.5 832], |_ t.'d DcproiiFd 

Eagle Star 1 ns ur /Mid) and Assur. M & G GroupV 

1. Thread needles'. . EC3. 0IS88 12111 Thrrowuaro.TowerHillia‘3Bfi_R»7.''»-46M45W 

E+Kle’Mjd. Unit* _..|52.4 5441-0.6) 627 ** Z 

Equity & Law Life Ass. Soc. Ltd.V 



Jittf 

UM -° 7 ' 

iiiS 

103 


AMKV Moocy Fd _. 
AWEVEmiity Fd~ 

VMBOPen 


Flcmpl«n_. 

■esssa^ 


For Arrow Life Assurance see 
Piwhtaw Capitol Life Aiaurance 


Ameraharn Road. Hijb Wycombe 

Equity Fd. 11114' 118 

Properly Fd 
Fixed Imeresi F. . 

Gtd. Pcpoaii Fd.. . 

Mixed FA. 


Deposit 
Equity Bead* 
EvYieidKdPd- .. 



049(33377 p-arai I-- 7rLeo— ... ZhttJ - 


— General Portfolio Life Ins. C. Ltd.V 

_ 60 Bari holomew CL. Wall ham Cross. WX31971 Rc.^en Frl Pd ' !«2 


FnnilvBI-W 
••lit Bund— 
Inlcnuin! Eonri- 
■1+p.in F(i BH • . 
Man.iRed Frt ••• 
K-ra. pensiun" - 
Propcrij Bd 


,1374 

863 


1M 

40 0\ 


1916 
1074 
lb! 2 
60 3 
142 4 

mi 

-03-4 


312 9 

63 J 
149 5 

123 S 
73-Tl 


1483 ) 

14 44.6) 


vU 


Portfolio Food. — 1 
Portfolio Capital.. |42< 

Gresham Life Ass. Soc. Ltd. 

2 Pnoce ol Wales Rd . E'nwuih 0202 787635 


Prices on -No. 1 ■•N'or L' 


--U 


-1, 


-05 


*•>«. 27. 


Enui>) i 
Fi'iilIJ 4 

Fired lni.4 

Managed 4 

Mono 4 — • 

(> cirrus 4. . . 

Properly 4 . . .. 

KA-SCinl Secs. 4.. 
B S. Pen Cup t 


P S 1-00. Ate R . (1362 


Mncd. Pen '. =p B. 2ff4 0 
Mncd Pen Ace B.. 2513 
F. Ini Pen. Cap. b 963 
F. Ini Ten. Ve. B 98 0 
Mcnrcpcn Cop B. 97.0 
Money Pen Acc 3. 98 7 
— Prep Pen. Cap. B_ 106 4 
~ 108 7 


221 4 
1384 
134.1 
1094 
B6.2 
1619 
il21 7 
123 9 


239.6 


0705 27733 


233.2 -6.2 — 

145 7 -03 ~ 

141.2 -L7 — 

1152 +01 - 

90.8 -4.5 _ 

1703 +2.7 - 

128.2 +0.2 — 
130.1 +0 2 — 

' 143.1 +03 — 

220.0 . _ 

264.4 +0.2 — * 

10L4 -0.? — 
103 2 - 0 1 - 

1022 +0.1 — 
104.0 t0.2 - 

112.7 +4.7 - 

114.5 +4.8 — 


Merchant Investor* Assurance 

l eon H»c .raHwh St.. Croydon 


G.I* cash Fund . . . 
G L. Equity Fund.. . 
i!L Gift Fund .. .. 
G L Ini] Fund . - 
Li L Ppt> Fund 


WJ 

1064 

1126 

1824 

983 


103. 

U2 

1 

107.; 

in 


Barclays Life Assur. Co. Ltd. 

2S2 Romford Rd,B7. 


Property 
Prnpeny Per.: 
Equliv .. 

Equity Pen-' 
Money M.irti-. 
Monev MkL I'en- 
tVpwii 
DvTKIMt P-.T'J- 
Manured 


BarclaybCBde*. „ . 

fifllS«ed.'ZZ.'Z.Z 

Property ... : 

lnwmaUonni.^ 

Maniwcd ... 

Mon». ... 

MnvPenfcAccum. , 

Do. Initial 

Gilt EdgPenaA«_. 

Do. Initial 

Money Peru. Arc, _ 
Do. Initial 


1349 
•123 6 +0.9) 

114.1 -oil 

115.1 +0J[ 
922 +3.3 

115 8 
10S.fi 
1050 
1013 

182.1 
98.6 

1066 
104.1 


Growth & Sec. Life Ass. Soc. LtiLV 
", UWil W trfr Bank. Bray+jn-Tharaes. Berks. 0C»342a4 x-MJseii Pen 
01-534 *>44 Flexible Fin an i-v CL506 .... - lull Equic- . 

Land bank Secs 54.11 ].. | — Do Pens 

Laodbank Sc*. Acr U6 7 119 8) I — 1ml Mannuci 

G. ft S. Su per Fd. £7.903 | ) — Do. Pens 


o.rt - 


SXi 

597 
172 0 
343.2 

3 R 

144 2 
1073 
K1 2 
957 
1000 
97.4 


Guardian Royal Exchange 

Royal ExchanCv. E.*“ 3 


Property Bond.* . |189H 19771 . I — 

Btonbro Life Assurance Limited V 

7 Old Park I wipe. London wi 01 -1980101 


VM B 

NEL Pensions Lid. 

01-2837107 Millori Court. Pori/nc.Sumn 


Prop Pen a<x. B , 

Scottish Widows' Group 
Pit Box 002 Edinburgh EH105BI' 031^556000 
Inv PIv Seriey J ... 

Ir.. }•!■. Series 2 . 

Invq ■ aahticL27. , 

_ Exi t .lif IV-i. 18 .. )3422 
UI+SM'»I71 KM’Mac.Oei !8. 

Mi»4 Pen C*CL 25 

Solar Life Assurance Limited 

I «• 12 Ely Place London E C.1N BIT. 01342 2605 


Keyscr l 1 liman Limited 

Z\ Milk Srrrr. L-.TV BJ r: 01 *w. TtGO 

Fro«ctr* )►:! 374 1 4511 | 3 10 

Hradbplr* u* 11*5? 113 Sin 


TraOiTiTW ^ » l -- 

trn tAiKM-uinp |£U7J2 3|74«-0flM - 
Japan i£147 fa -- — 


Alexander Fund 

37, rue Notre Ham*.-. I ireenihpnrt 

Alc-.anrii-rFiind .J SLS685 ! I — 

.%'« asset i-alue Oi-lobt-r ?.">.• 

AJIen Harvey ft Ross Tnv. Mgi. tf'.T.i 
J. t'harisi! , 'n»--’. R l llt-Iurr.Je ' I. MWl 73741 King & Shaxxtn .Mgrs. 
AHR 'jilt Edt l"d. . ||T10. 13 20.14)+CU| 1L92 j i.'hannc 1 row. St JleIiC!-..'i-r*>-r 
Arhuthnot Securities tC.I.) Limited ' 'I 11-1 R: rc!cr P”’ 1 - 
P.< r. Bo* 284, Si lldier. Ji-roc*'. 053473177 

CapTM -Jt-riey.. 1117 0 121.M .. 

Null dealt UR date November 
Gcw'ISeCi-.TiH . . -[100 102] 


4!00 
12 00 
318 


Vest dealini! da'c Nni-renbcr 6 
F«l Alml T-J.-IT. till IXM ... | 

Next dealing dale Snvember 9 

Australian Selection Fund NV 

Miirttei upportunftin. r n Irish Ycure A 
Out h waite. 127. Kent JU-. Sydney- 
I'SSI Shaw . I SI : S£59 I ..) _ 
Nn*i a&ai'l itiluc UCiiiber 27. 

Bank of America International S.A. 
SB Boulevard Royal. Iji'emboura G P 
IVIdintrol ln-'omc. |!t <IJ7 Iff ID BJ . | 7.J2 

Pneev ai i*ct 28. Nevi sub. dale Not. L 

Basque Bruxelles Lambert 
2 Rue Ob la Ki.-xenei' B 10W Brussels 
Renta Fund IF.. IL854 1 911) -8| BOB 

Barclay s Unicom Ini. <Ch. Is.t lid. 
1. '.'tVanilK L'rns^. M Helicr.Jrry . 053477741 

(Lyocax ItH-tyn-r ■ (46.9 493j . . | 1200 

i nidollarTrurt . ..{iLFjajB. U Jlq — j. 188 


m st: i a H i0 


1131: 

l.’ntbond Trust 1 H. 5186 33 103 


830 


nr.i;.ri74t 
•irtftl • 247IVI 

3 thonw -ttrocL IRmshii. I.'. 1 M ' iO£24i 4RM; 
Gilt Fund i.tercvy i 18 67 889d) .. | 12 25 
Gill Trust it □ M . 103 9 106.6L. 12 25 

Gilt Fnd. liucriitiev|9.25 9.27 «i| | 12 25 

inti. Govt. Ser s. T<t 

First Si vrl inv . |U7R8 18 00] . ! — « 
FirrtlnlL- .|!r«iVi.n :c;7| . I — I 

Klein wort Henson Limited 

20. Frochurrhst K«.H 
Eurinvest. Lux. F. 

Guernsey Inc. 

Dn \rcum. . 

KB Far Ea«t FA. 

EOlnti. Fund 
KB Japan flinil 
K B G S C»lh Fd 
SiRnrt Rrrnmdii . . 
jpicmll. Bd. F4. - 

IJoyds Bk. tC.l.i I'/T Mgre. 

P I'I. Bov 15S. SL Hclier. JCn+-i ANU r7.V >] 

Lloyd* T» u' sea* IM 8 W 0-< I 1 21 
Next dealing dale Nm-mbcr IS. 

Lloyds Rank tntl. Geneva. 

P.0. Box 438 121] Gi-nnr 11 -fimircrland- 


1.131 


1 309 

65 7 69«hd 


4J5 

82 4 87 b 


4 35 

5I'X13 84 I 


145 

5 1 >11 46 


200 

SI S43 31 . 


058 

xi SI 3 04 ! 


0 69 

Sl'JSfi 90 j 


1 34 

— -• 1 


— 


IJoyds lai fimwih hrai w 
Lloy ds Ini. Inc....... ,|fOL5ll 


nut 


Barclays Unicom lot. (I. O. Mam Ltd. „ „„„„ . , . 

1 Thoma*St^ nougiax. l.hJL IKC4 4BS6 Management tutsmational Lid 


ZOO 
5 20 


I'nirorn AUrt. Exl [489 
Do.Aun.Hin. ...»8 
Do.Gnr. Pacific. ..{682 
Do. Inti. Income _|>9J 
IVx 1.04 MsnTfl ..456 
Iha.MonxMuiuul. |266 


52 U -3 5! 
33 M -0.51 


L70 

73 4^-Z^ - 


423* 

091 

28.7) 


820 

9.00 

140 


RishojKgate Commodity Ser. Lid. 

PO Bor 42. r>mt;la.*.} v W. 0fCl-L3f>l2 

ARMAfOri 2. . )J1 9332 Hit) .. ! ■- 

i A\RllO-nn.2 £1.092 L158 . 

I'OrVT "IVt.2 (£2.465 I 2.01 

1 'iriglnally vssiied al *S1Q and +*£1 00. 

Bridge Management Ltd. 

P O. Bn* 808. Gnind Lavman. «.'avm-n Ir. 
N'bfeJu i.Wt.2 . i Y17.876 I I -- 
■i P.O Bos 5pn. Ho«b Kone 
Nippon Frt. Nm.2_IHS2L« 2IU|-05E| 074 

Britannia Tst. Mngmt. <CI{ Ud. 

■TO Both SL Ri. Holier. Jersey. 06MT3114 

SI *r II nK Uvneminalrd Fda. 



i-mwih lnto>L 
Intill. Fit. . . . - 

I error Bni-i^y Tsl.. 
I'nissl STsLSti! . . 



1054 

105.4 



994 

1047 



797 

105 0 




142? 

1483 



1387 

144 6 


_ 

2718 

27U 

. 

— 


sail 


.Solar Managed S 
Solar Pronen.v S 
Solar Rquit> i5 ... 
Solar Fid.fnt S 
Solsu- CashS . 
Solar ln »1 S .. . 
Solar Man avert P . 
Solar Property P. . 
Solar Equity F - 
Solar Fxd InL P 
Solar Cash P 
Solar lml P 


1127 3 
.114 2 

1164.4 
115.9 
102.2 
894 
1269 
114 0 

1163.4 
ai5 6 
101 9 

mi 


134.0) +06) 
120J 


133.6 

120 . 0 ) 

172.6 
121.7, 


1734 
122.1 
3016 
950 +3.d 


o.a _ 


+06| - 


+01 

+03 


3.-H - 


•Current units value Octuber 31. 


Beehive Life Assnr. Co. Lld.9 

|71 . Lombard St, Ed. 

BIk. Horse Jt or. 1 J 13208 


Fixed Ini. L*ep 
Equity 

Property - 

Managed Cap . — 
Managed Acc 
OroiMOa .._ 


01-G23 1288 GiU Edged _ 

| j _ American Acr 


Canada Life Assnrance Co. 

2S High Sl, .Potters Bar. Ucrts. P.Bsr 51122 
EqU-GlhFdNov. 1.^ | UJ j ... j — 


RclmL Fed. Sept, 7-1 


1261 


Cannon Assurance LhLV 

L Olympic Wy, Wembley HAS0NB 01-8028870 


Equity Units. \0.121 

Propertj-Unlls_... £18.45 
Equity Boml-Exec.. 02.43 
Prop BondiBxec... 03.75 
Hal iSd./Exec.’Unit. EI3J7 
Deposit Bond - — 1134 
Equity Accum — 178 
Properly Aeeum. £33 27 

Mapd. Accum 1,646 

ZruT Equity _ 


2nd Property. 
2nd Managed.. 


2nd Deposit . — : — 98J 

2nd Gilt. 918 

2nd. American 795 

2nd Eq. Pena/Acc.. 968' 
2ndPrp. Pons.' Acc,.- 112-7 
2nd Hsd- Fens ACC 102.9 
and DereProfAcc 103-8 
GurpenSAct 91 6 


2nd GIL 

2ndJVm.P«»sJAce; EU 

L fit E S.I.F-. 39.0 

Lfic ES4F.2 ...275 

Curren value Nov. L 


-007) 


sia- 0 ^ 


I4.15| 

319.71 




■9S.T 

1139 

305.0 

304.0 
963 
844 

302.4 
3193 
308,9 
307.7 
%9 
■874 
415 
■29 5 


I— 0472 

-i 


-o| 




-04 


Pen 5" LDep Op . 
PcilF I DepAcr.. 
Pen. Prop, up 
Pen. Prop Acc 
Pen. Man Cap .. 
Pen. Man. Acc 
Pen GiJiF.dc. Cap 
Pun Gilt Edg Acc. 
Pen. BS. Cap 
Pen. B5 Acc . 

Pen. DA F.fjp . 
Pen D.A F Acc .. 


[127 4 
379 4 
i370J 

142.7 
.1771 
3215 

W 

1298 
1533 
213 5 

275.7 
2115 
275 7 
1218 
[129 8 
326 4 
4463 


104 1 
1069 


134 21 +0 2) 
189.4 -8.4 
179 J +0 3 
158J -4 4 
1865 -5? 
1271 -6 7 
132.6 +04 
92.6-6 6 
1367 
1614 
2227 
2903 
222 8 
293.3 
1283 
1367 
1335 
153 8 


Nolo* Fq Cap - £4 5 

N'eJccL'q Accum 114 4 
Nclcx Mon-:-- Cap )ti S 
Meie.x Mon Vvr ioa 8 
Id ? 


BB 91 

120.4 -1 ?\ 

65 1 ... 

70 J 
53.6 .. 

55 8 . 

5L4 
534) 

Neti Sub d:.'- N in ember 25 

NPI Pensions Manas'ement Ltd. ^ 

4*. GraCMhurrh 5r EC3P7HH 01-838 4200 Dvpo«i7FuiKl \. . 
Manorji-d Fund |155 3 1U8) . f — Managed Fund. 

Price.'. S«n 1 NVvl dcaliui; Pec I 

New Zealand Ins. Co. lUJC.l UiLV 


Nc!u Glh Inc Cap 
Selet Glh Inc Art 
NelMxd Fd Cap 
■Vet Uxd Fd. Are 


512 
53 I 
|«3 4 
SO 8 


1374 40 2 2 DO 

88 3 95 5 ... 1 00 

1396 1293 . .. 150 

£218 2.29 ... LOO 

Kieb int-SLlK T+i . |£0 « 0.99 1Z12 

I A Dal tar tlenamluMrel Fda. 

1'nirid. STst il'4542 5 7« .. J 8.00 

iDlflliith InL T*L Isrsow LIZ) . 1 850 

Value Mel. 27. Next rtcniin; Sw. 8. 

Brown Shipley Tst. Co. tjerseyi Ltd. 

PM Boy 583. st Holier. Jersey. 0534 74777. 
Sterling Bond Fd Jt99B J0.0K .. I 1LB5 
BuUerfleld Management Co. Lid. 

P.1.1 B«w 195. Hamiliun, Bermuda. 

Buiire-B Equity . |il'S7*8 2S71 ... 1 153 

Ritfliv>x tit'-omi- .. Ill 'SI 98 2«] . . I 7.87 

Price* al Mil. P Next »ub. day Xw. 6 
For Capdire* SA see under Key ser 
UJlman Ltd. 

Capital International S.A. 

:«7 rue N'eirv-nnme, Lu+cmbnurs. 

1 epitul Ini. Fund. .1 Sl'518.26 I ... I — 
For Central Assets Mngt. Ltd see 
under Ke>-ser U Uman Ltd. 
Charterhouse Japhet 
I. Paiernoelor Ituw. Ei'4. 01-2483090 

Artlrops.. .. 

Atjuerba 1 

FondaK .... . 

Fiinditi. 

Fmperor Fund- . . 

timpano—. 

Clive Investments t Jersey) Ltd. 

PO Rok 5E0..SL Hclicr. Jcnc*'. U534373G1, 

'In-eGiltFd.iC.I i.[978 98ffl .... ( 1100 
,CllveGihFd.iJ9' >19.67 9M ... \ 11.00 
Comhill Ins. (Gneraseyi Ltd. 

P.IJ. Box 157. SL. Pdcr Port. HucmKj 
lmnl.Man.Frt. .. 1177 0 19251 i — 

DWS Deutsche Ges. F. Wertpapiersp 
Grunehurgwee 111 8000 Frankfurt. 

Invert a_ |DM170 43.901-0 bOT - 

Delta Group 

tP O Box 3012. Nassau. Bahanvn 
fOeltc 1 nv. OcL 31 — JSl'SUO 179) .. | — 

Deutscher Investment-Trust 
Po«iarh2685 BjebcrgassefrlOUOOO Krantfurl. 

Conrcntra |DR20.7fi 21U)+0Ja| - 

InL Kenientonds _.IDK57J0 Hlfl+O.-Wj — 

Dreyfus InterconttnenUil Inv. Fd. 
P.M. Box N3712. Km-siu, Bahamas 

NAV OcL 31 Dl'SlSJfi 1628|-0.65t - 

Emson ft Dudley TsLMgUrsy.LuL 
Kll. Box 53. SL Heller. Jitney. 0534 2u5Pl 

E. DXC.T. .. 11243 132.21 1 3 00 

-The English Association 
'4 Fore Sircetl El'l 

F. nc Aw Sterlinf |£58.49 5«. 

Wardgate Cm Fd-'|£1158 1Z.I 

’Next dealing Not & **Nexi di 

Eurobond Holdings N.V. 

HandeUkade 54. Wtllcraxtad. Curacao 
Lendoo Afleats: Intel. 1$ Chrinteober SL, EC2. 
|TeL 01-247 5841. Trie*: 8814408. 

NAV per aharo Oeu 27 Jl'SSJjJS. . 

F. & C. Mgmt. Ltd. Inv. Advisers 
1-2. Laurence Pouutucy HilL EC4ROB.L 
•11-823 4880 

[Cent. Fd. Oct 25 .. | St’S5.85 | . [ — 

Fidelity Mgmt. ft Res. (Bda.) Ltd. 
(P.O Rot S70, H ami lion Bermuda. 

SVS22.10 1 
SVS2U9 
51.155897 
SOS34JS | 

Fidelity Mgmt. Research i Jersey) LUL 
Waterloo Hu.. Don Si .SI. Heller. Jersey. 

0534 2758 I 

Series A Hntnl ' _ j£3 61 


Rank of Bermuda Builriinc. Ecrmuri.i. 
Canterbure Ckt.20 |ii: ; 2 0S j. { - 

M & G Group 

Thro" Q ua- ». Tower H ill KJ73KPBIJ Ol fCrtir-JJIl 

Atlapi!' (K-i.31 |i; W J ’fii . . 

Aim K* \m 1 li'">133 Itfa 

laid Ex. Arc Nnc I 51-5982 Him 

Wand..... .... 128.6 1H3.4 -1 R| 4? 77 
lAccuml nilxi 1852 194 2| -2 ?| 93 72 

Samuel Montagu l<dn. A gif. 

114. Old Broad SL. El i* 

ApelloFd.OrlSS.. >SF42 1 
' - - - ,HkJ|4JS 

Ujii-uii 

Murray. Johnstone ilnv. Adviner) 

im.nope^l,Glan:nw.CC IMI-C2IXX21 

-Hope St. Frt . . ( SC * 543 98 ). I - 

-Murray Fund | H S1D33 | | — 

XAV Orrobcr 3 1 . 

Negit S-\. - ' 

10a Boulevard Rrwal L-jxrmbnurc 
NAVOCL27. .) SV5I31S | .) — 

Negit Ud. ; 

Rank of Brrmuda Rid;*., llamilirn. RTndfc 
NAVOCLSO ... .. |C7 20 — | . ■ — 

Phoenix International . > 

1-0 Box 77. SL I'cler Purl. Gil-: Hi"- o 

Jnter-PPlIarKund 112 JO i 4B)-0 ftM — 

Qnest Fund MngTnnt. i Jersey > Ltd. 
P.i.i. fe:-x 194. s». Heller. Jersey 0534 274» i 

S uwt 5LicJ*d.[m 1ST 1 92 21-6 4) 12 00 

new JnlT.-Scr* .. SPVBfi aosai-^oioi 3 00 
Quc+L I nil Bd. _ . |si.q>*n awl-tooi) 400 
Price al Ho 1 . 1 .Next tlfatinji Not. <* 

Richmond Life Ass. Ltd. 

■48. ArhnlSlreet.DoxipIa/>.I.O.M n*C4 23016 
i J. JThe Si Ivor Trust 1111.2 11401 -2 U -- ' 

Richmond Gd-Bd. .1174 1 23 6 ) -7? - 

I'o. PlallnumBd ....11686 1775|-b5 -- 

Ho. Diamond Bi... [924 JOfll 
DouErolDroroefu;... 11660 174 J/ -1.3 11 52 

Rothschild Asset Management tC.i.) 
P.O.Bp* 58. Si. Julians CL C- uern -a-.. (48/ 20.7 1 

2.88 
716 
1 28 
340 . 
4 20 
065 
14 


01-568 TWT1 SLFihPd 


0.C XqFr. Oct 31 _. 53.4 56 <nd 

U.I’.IncJ'd. Not. 1 .153.7 lU5o 

O.r Intl.Fd.T 51 29 1 37 . 

OCSmCoOctJI 1401 148.5 

O.C. Commodity* -144.4 1536 

0.0 Dlr.Cnindlj-.f ...JS29 03 38 88 

■Prices on lieu tit. Next riealmo No-. 

1 Prices on CKI. 3. Next dealinn Jfiin- 

Rothschild Asset MngL ( Bermuda 1 

PU Box 8B4, Bk. ul Bcrrmitlu Hid, Bermuda. 

Reserve Aa+eM. F,1.|srsua 10221 | 

Price on Oi*L 31. Xexi dealing \m. 7. 

Royal Trust (Cl) Fd. Mgt. Ltd. 

PO. Box 194. Royal Tst. ll&c.Jcrec-. ns.14 27441 
RT.lnll.Fd ._ ..ISUSW6 1I87T | 3H 

R.T lm'l.iJey.iFd..|8O0 860) [ 321 

Prices at OcL 31. Next dcahne Nov. 7 

Save ft Prosper International 

Dealing to: 

37 Broad SL.SL Holier. JcT«>> H&tOKfll 

U5. Pol lar-denominal rrt Foods 
Dir Fxd. InL “i. ..(9.21 979| . | 7 35 

JticrnaLGr *t. .8.08 

Far Erndcrn*} - . . 55 81 
North American *7 . 3.70 

Scpro**l 15 J2 

NteriiofrdeaomJ sated Funds 
Channel Capital'll. Z35.8 248 J! 

Channel talandse .. I486 1 56.51 

Conunad ***! 1366 143 8) 

Si. Deptwit . ... 100 8 2009) 

«l 


+ 5.6| 

+ 04 


Fixed” 'J.. .Ima 112_9id -F3| 12.64 

■prices on C'cL 23. “UcL 25 —Oci. 36 


253 
5 1« 


025 


W Nov. so. Schlesinger International Mngt. I, Id. 

41. U Mtdie St. St. HeLer. Jcrery- OKU 73588. 


S.A J. !..... 

S.A.O.L 

Gih Fd 

lull. Fd Jersey... 
Inlnl FdLxmbrg 
'FarEaw Fund . 

•Next .vub. 


0?B3 

si sion 
102 


7U 

oj8 

“J 

99 

J’4fi 

101 


day Xinember 8. 

Schroder Life Croup 


IS 

1222 

371 

278 


Son Alliance Fund MangmL Ltd. 

Sun Alliance Hiwiie. Hornbam. 040804 141 
Kxp Fd.lnl riel II IQ532 16151... .| — 

Ini Bn Oct- 31 | fU.92 j . . J — 

Sun -Alliance Linked Life Ins. Ltd. 

Shu Alliance House. Hnnharo 04Q3641-U Si. George'ii 5l. Dnuglaa, I^.M 

1261 1328(+1.4i — 0084 4082. Idn. AgU. Dunbar & Co. 


Fidelity Am. Ass .. 
Fidelity InL Fund 
Fidelity Pac.Fd... 
Fidelity Wrld Fd . 


Enterprise House. PurtFinouih 
InlernailMud Fund*. 

£ Equity. - 1061 

SEqnin- 143 0 

CFijced I olerext . 133 8 
SFixert Inleresl.. 305 0 
iMiuiaged. . . . 123 2 
SManafied . 122 7 


n70f.rn.3i 


112 8 -62. 
150 W -1.9) 


147 6 


l>0 5| 


-0 5 


ULfl -1 1 

13J 0 


-l?l 


Series B (Pacllici. t9.73 

Series DiAhlAsli. (£13.97 I .. I 

[First Viking ConunodTty Trusts 


Kquilx Fund . -. 
FixedlmercsiFd 
Property Fund. . 
Imetnmjonal Fd. . 


1056 
1160 
98.8 
98.5 
110 3 


333^2 

104 0 +0.M 
103 7 nrOl 
1162 +D.H 


— .53. Pail Mall. London SW175JH. 
'Fsr. Vit CdlTsl . (37 6 
'n.1630 


, Ud. 
01-830 7857 
— O.S| 240 
.... 430 



— Maitland Houx>- Sniuihrnri SRI 21 S 07TC6295S Maple U Gnh 


Sun Life of Canada rC.K.1 Ltd. 

2! 4.Cockipur5L,SHlV5£iH 01-0303400 


Kiwi Key Inv Plan 
Small i'ii'i Fd 
Trclinclos; Fd . 
F-Xlrn Inc Fd 
Amcncan Fd 
P.ir Rafl Frt 
Gill Ed£ed Fd 
Ton DoposliFd 


158 5 
» 1 
107 0 
02 9 
W 6 
ilS 5 
1105 2 
782 


163 4 
100 1 -0 4 - 

1126 . - 
977 . — 

966 +34 - 

1216 +1 6 - 
U0.fi +0 1 - 

1034 +01 - 


2013 
1353 
130 7 
2066 


■ 53 1 - B 

-jj - * 


Bents of Oak Benefit Society 

15-17. Tavbaoc* Place. wciHOSM 01-387 500) Norwich Union insurance GroupV 
HcarttolOik . . ,.]377 19 8) J — PO Box 4. Norwich NR ' 3NG. 0SQ3 22200 fYop.Fd.Ace “ 

Hill Samuel Life Assur. Ltd.V MsnaaxHjFunrt [215 5 226BJ +1 ?| - Prop Fd Inv ; . 

NLATbt. A ddlbcombcRd.Croy 01-8864355 Pmp^j Fund .".‘{use 


Maple IJ Maned 
Maple LI. Egty. .. 

PersaLPn.Fi!... 

Target Life Assurance Co. Ltd. 
Tarret House, Gal chouse ltd. A;lc&buc. 
Bucks Aylesbury 'U2SBJ 5! 

Man Fund Inr 
Man Fund Acc 
Prop Fd lor 


Fst.VlLDbLOpTst. )63 0 661 

Fleming Japan Fund SA. 

37. rue Noire- [tame, Luxembourg 
Fleming Oci 21. - I 5V567J5 1 .. I - 
Free World Fund Ltd. 

Buitcrfield Bldg Hamilion. RermuHa 
NAV Sept. 29 I 5US19625 | { — 

G.T. Management Ltd. 

Park Use. 18 Finsbury ClrciM, London Et.’Z 
Tel 01-SS 8131 TLX 886100 


J. Henry Schroder Wagg ft Co. l.id. 

120. Chea pride. Ri. 2. oi rasaonq 

2 FI 


238 
5 50 
D42 


Sentry Assurance International Ltd. 

PO Box 326. 1 1 arm Iron 5. Bermuda 
Managed Fund {tlaZJB 2533d | — 

Singer ft Frirdiander Ldn. Agents 

20 Cannon Si . EC4 01-2-W WWfl 

neka/onds |P8Mfi4 :i3«-0 30l 6 00 

‘ -ifl) I 144 


— fiPropenyl'mli 


[161 2 


Capital Life Assurance? 

Comsion House. Chapri Aab Wuyn 00022RR11 
Key Invest FtL-T^r 10503 (...) — 

Pacemaker Inv-Fd.. I - 107.41 | 4 — 

Charterhouse Magna Gp-V 
Siephenron Hae, Brunei Centre. Blelchlcy, 
Milton Keyne«0wB64l272 
Ghrihae Energy ,_;_p7 2 39.21 

Chrtbte Money 29 7 317 

Chnftse Managed- 340 36.B 

Chrthae Bquuy. -- S4.9 369) 

Magna Bid. Soc 134 j 

Magna Managed 1510 


— * Property Senev A.. 105 1 

— Managed L 1 nils . 16U 

— Managed s«ri» A 95 1 

— Managed Series C 917 

— Money- Units -- . 1227 

— Money Series A . _ 99.1 

— Fixed InL Ser. A . 92 6 

Equity Scries A- . 9L1 
Pn^. Managed Cap 141 1 
_ — — - 150 9 

1072 
1147 
1001 
1819 

Ini Cap. . 95 4 
I*n* Fxd.lnL Acc ... 97 1 
Penn Prop. Cap . 967 


Pns Managed Acc . 
PnxCli+J.Cxp. 
Pns Gtced. Ace. . 
Pens. Equity Cap. . 
Pens Equity Acc.. 
Pn*.Fxd lii 


1693] 

110.7 

169 7 +0.9 
100.1 -9 5 

966 +0.3) — 
1293 
1D4J 

97 J -0« — 
%.» +0 3j — 
148.6 
15B.D 
112 4 
120 7 
105 4 
187.3 
10GL5 
102-2 
Ul.fi 
103 6 


Fixed InL Fund _ 
typMii Fuad 
Nor. L'nii Oci. 15- 


1S2? 

197 3 113.4 

220.6 


_ * 2 -a 

i«tf+o.q - 

a&aii +0 41 


Phoenix Assurcnce Co. LUL 
4-fl. King William SI EV4F4HR 
VVealthA^ . .|il3 2 -Hfr- 
Ebr. Ph..Aa; .... 80 2 

Eb'r Ph-Eq E .. .'79 7 83 

Prop. Equity & Life Asb. Co.V 


top 

Fixed InL Fd Inc 
Pop.Fd Cnc. 

Kei IT an Ac Pen. 
RvLPIanCap Pen - 
Man Pen F<LAw . 
Man.Pen.Fd.Cap - 
Gill Tvn.Fd^AcC -- 
01-6269978 Clh Pen Fd Cap. ... 

Prop.Pen.Fd^\cc 
Prop Pen.Fd.Cap... 
Cuar Pcn.FtLAcc . . 
Guar. Pen FdCap. 
D.A Pon.Pd Ad- 


Vl-u-o WI 
+ : : ! 


1 19. Crawford Si n-ri. \*. 1 II — 1 VS. 
K Silk Prof Bd . I 1£5 9 
Do Etiiiily Bd. . 1 ?»7 

Flex Money Bd .| 1502 


01 4880E57 11 A Ppn F dCaf 


960 

10L1 

-U 

1187* 

124.9 


1389 

UBC 


1440 


mo 

1007 

1®6-8| 

.-01 

968 

30L9 


72.1 

78J 

+ 2-5 

59.6 

64.8 

+2.1 

1241 

130.6 

+h 

132 7 

U&t 

ma 

138.7 


123.0 

229.4 


155 4 

1636 


154 5 

162.6 


585 

1016 


96.0 

101.0 


965 

1016 


i960 

3010 



-OB*, 


-0 14 
-0 39 


-344 


-0 74 


ire 

13 48 
L89 
0.99 
0.77 
0.85 
171 
1.15 


~ 2RrcaiQ Bldgs.. EC41NV. 


Anchor'B l'nii* . |SI:S107 1.151 

AnchorGiUEdjcc E9J6 9 42 
Anchor InL Fd - SL-S5J5 5 3 
■Anchor In J«y Tsl. 30J 32.91 

Berry Par Fd. . . 5U.S5B76«fi , 

Bern- Pac Su-lg 3360 353 M 

GT.kaiaFd IHK1U2 11 ha 

CT. Asia Sterling- 0615 172^ 

,GT Australia I’d SA10.09 - 

,C T. Bond Fund . ... SUS1656 

•C.T. Dnllar F «L SU56VZ 

G.T. Dir iStrljL) Fd 892 9JtH 
GT.PacIHcFiT ... 5U.SZ6M _ 

KS.T. Philippine Fd. .{SITU 47 1114) 

Gartmore Invest. Ltd. Ldn. Agts. 

'2. SI Mary Axe. London. E'^3. 01-2833531 

Gartmore Fond .MnxL (C.i.i Ltd 
-41. Broad SL, SI HrIH-r. Jeraey 0694-73741 

,.U 1 120 


508 
1 *5 


092 


Peal Prop. Acc.. ... 198.4 
Imperial Life Ass. Co, of Canada 
Imperial House. Guildford. 

Grt Fd Oci. 27 . (75 6 

Pens.Fd.Ocl.27 .. |69 4 75 4[ 

l'nii Linked Ponloho 

3Ianace>1 Fuad. 196 3 . 3014 

Fixeolnl Fd . .1963 301.4 

Sm-ureCap. Fd. ... (976 1027 — 

Equity Fund.. - - ] 101-0 ,10631... 

Irish Life Assurance-CiL JUd. 


Property Growth Asscr. Co. Ltd.V 

I oon Houv. Croydon. lT»8 I LU 


_' II. Finsbury' Square. ET1 
— Blue Chip Nov. I 


Blue Chip Nov. 1 . 7&3 
B! Cp SrllNc-vl .... W3J 


City <d Westminster Assur. Co. Ltd. 

Rincnead House. 6 Whliehorse Road. 

C rqydon CBO 2J A. . 

TTes* Pron Fond.— . 

Managed Fund 182 4 

61.1 
|>L] 

1125 JI 


MiaSSfe::: 

Money Fund 


Gill Fund 161.7 


1733 
121.0 
126 9 


ri'LA Fund 

Pem. Mngri.Cap.... 

Pens. MnKd Acc..;.. . 

Pens Money Cap _ 147.1 
Pen*. Monej-Are _a0.1 
Pen*. EquilyCap'. ..1S4.9 
Pens Kquity Acc,_{57.6 


01-8*4 908L 

65.3) 

392 fl 

64-3 +0.2) - 
B5J 
3314 
6fi.fi 
1767 
3273 
133 5 
50J 
527 

57 7 +0 4 

fiO.fi +031 


ManoscdFund. . 
Mango. Fd. Sor II 
Eieirpi. Man Fd.- 
Prop. M i>d Nov I.. 


Z3B1 

961 

1133 

1899 


803 
982 
2586 
101.2 
1193 
1991 
223 3 
1050 


01 -82811253 ;V 

500 


Properti Fund 
Property Fund 
71255 AcTicuiuiral Fund 
82 21 . ...| — Aerie Pund'A- 

fi| .... Abbey Nal Fi'id 

Abbev Nat. Frt 1A1 
In-.Mmi'n i Fund 
l.n-ciimcm Fd i.i' 
Eqully Fund -. 
Equity Fun;:- a. 
Monev Fund 
Money FUnd'Ai 
Actuarial Fued 
Ciil.vdRcd Funci 
Gfl(-Bd(:edFd.iA>. 
•F«ire Ar.nuiiy 
Xlmroed Ann iv 

Prop. Growth Pensi 
All U'lher Ac :'ia' 
•AH Weather' ap 

•Idi . Fd l- is. 

Fensutn Fd Ult 

Conv Pens. Frt 
i ni. Pns ''at- Cl 
Man. Pen-. Fc 
Man. Pens Cor l’i 
(Top. Pens. Fo . . 

I Top .Pens Cap I'tr 
Rdgc. Soc Pirn IT 


Fund currently dosed m pew invert mcnL 
Perform l'nii* . — | 219 5 { I — 


City of Westminster Assur. Soc. Ltd. 

Telephone 01-884 0884 

First LniU. ... gM 2 135 fi| 


Prop Mod Glh . - 1222 2 
Prp-Md.Grih.SerJl |990 

King ft Shaxson Ltd. 

52.fomhlli.EC3. D14C3 5433 

Bond Fd Excmpi (10196 W3.28f-fl 05| - 
Ififxi dealing date Not. 1 

Langham Life Assn ranee Co. Ltd. 

lanchamH>. Hulmbrook Dr.NW'4. 91-2035211 Bl3t Ski CapAT.’. 
Lungham 'A' Pim.. (67.0 
VProp Bond . . D45Z 
Wisp (SPi Man Fd{770 ffl 

Legal & General lUjait <\ssur.) Ltd. Frt suf." 

Kintowid Hwim?. Kineywoed, Tadworth. Pension Equtl- 


190 7 
1038 
B»8 
793.1 
155 8 
7586 
*7 7 
<73 
172 4 
’71 3 
143 5 
142 6 
117 5 
1224 
1224 
167 9 
155 5 
ou 6 .tnnnil 
1132 S LW9 
1231 1297 

141.6 

l.'-Jl 

1526 

135 8 
1519 
137 5 
1516 
1358 

136 0 
1231 


•Tulip ini t»L Fd 
•Tulip Maned Fd 

n, 4*0 MW SafVSrftTcap 

Man P«+i Fd Arc 
VMngd Ini. Fd Inil 


♦ 1 §j 

rill 

+i i 
+ii 


+ 0 4, 
+ 0.4 


- VMnirf Inv'Fd Arc|99 6' ' 104 8) 


1464 
115.9 
119 7 
123 5 
131.7 
93 9 


1542 
1ZL4 . 
1259 . . 
1299 . . 
1386 . 
104 0 _. 


. . ““Gartmore Fand UngL lE^W East 

MH o* W hM Bl1 ' ? ^{f Tyndall Group 

Japan Fd . - . ISVS2UT 2LKll . 1 0 50 PO- Box 1258 Kan 

N Amen ran in . Ut'SUfi 11441 I 1 60 

loll. Bond Fund filMSMO UM| ] 5 60 

Cvtnnn InvcxLmenl Mngt. Lid. 

P.u. Box 32, DiHiRjas, loM. . (KC4 2391 1 

Gbrinxirr Lull inv .121.7 23 lot . 1 U 10 

Gartmore I all. Gn 0(68 4 72.81 . 240 


TokjoTst Oci 31 |5l'S4!*e 

Stronghold Management Li mi Led 

PO Box 315. Si. Heller, Ji-rvc; H534.TI4A0 

I'mpipcKlil.v Tnirl 195 40 100 43| — 1 

Surinvesi (Jersey! Ltd. i\i 
L| ue+Jifl Hsc 1'pn Rrt. Si Holier. J-.v aM4 2~44l> 
American Ind.T'i |£7 U 7 28|',0$1| - 

i.'ppprrTnua . Jell 46 11 741-00? 

Jap. Index TsL . {00 87 Illof-OOlI - • 

TSB Unit Trust Msnagcrs If . I.i Ltd 

F.iCaiellc Rd .SL Savour. Jere*-% u534 ~M?4 
Jersey Fund .148.6 51 4J I 4 67 

Gucrn&cv Fund Kfl 8 51 41 I 4 67 

Prices on Not I No' l ">»h .Lii Nm 0. 

Tokyo Pacific Holdings N.V. 

lntmu< Monaccmenl L'o N V , \ urar.vn 
NAV per share 30 il ST32f> 

Tokyo Pacific Hldgs. I Seaboard i N.V. 
Inlimir Man»Kcn>'.-ni t « N V i nrnrjn 
NAV per share 1*1 SO It 553 34 


was Not 1 ISI'SIJI 

Accum L ulls' KIN! 91 
3-WjylnLUcL IB K-.y.'K 
2 New SL. Si. Heller. Jervr 


Kamillno 3. Bermuda S-STfiB 


600 

600 


Trident Life Assurance Co. LtiLV 
Kensiarte House. Giquwicr ■ 04323«54i Hambro Pacific Fund Mgmt. Ud. 


MAn-lveri 

G:d Med 

Properly 

F.ouliy A meric an-_ 
r.K Lquiri FunU. . 
H:ch Yield . - - 

Gift Edged 

Mnnej. . 
Inu-rnaliunal. .. 

Fiscal 

■ IroeiliCap .... 
•Trauih Acc 
Pens Mngd Cap . . 
Tens Mn^d. Acr. . 
Pens Gtd.Di.-p. Cap. 
Fen? Hid Dcp Acc 
P'.-u.-. Pply l ap .. . 
N:n- Ply Acc 
Trdi Rond 
■Trdi G.l Bond 


[123 '2 

130-5- 


1484 

157 2 


1533 

162.5 


794* 

84 -i 


1300 

1165 

-3 4 

1412 

149.6 


1225 

129.8 


125 0 ' 

131 7 


98J 

104 ll 


120 5 

1361 


1252 

1325 


1302 

137.4 


1161 

123 4 


1224 

129.6 


104.1 

1103 


109 7 

1162 


116 9 
1232 

123.B 

1305 


36 4 ws 384 

-0 5 

for £100 premium. 


HIP. l.'onnnuchl Centre. Hone Kong 
- :Kar ?^sJ Not. 1 . KBxU6> 

Japan Fund . ISLSUU 


I Fund 

In nil. Bond SL>5 ! 

InL Equip.- SUS|i 

Ini. Si*?. 'A' JUSU.87 
bn Sigs -S' SUSP" 
Prices on Not 


3 Providence Capitol Life Ass. Co. LuL 
- 36. 1 Ixbridcv Rond W12BFG 01-7499111 


Property Uniu. .. 


57.4) 


Conunerdal Union Group 

Sl Helen fc 1. lindernhafi. ET&. 
Vr.\n. Ae.OcLZaJ »77 
Da Annuity Uts.. „] 1883 


Surrey KTSDCFL' 

Caeh Initial. .. . 

Iw. Acctun 

] _ Fquir > Initial .—.... 

j _ Do Aecunx . 

Fixed Initial 

Do. Accum. .. . 
Inii Initio? .. . 

fll-fflSTSOO ManaSSifnitial..:: 

....[— Do Ac rum 

I — Properly Initial.. 

Do Accum. 


W" 

U6J 

U9.9 

952 

967 

117 9 ' 

U16 

ttooe 

i 


Burch Heath 53456 Pension Fvd In* 
1DIU ... [ — Dc|»ii; Fd Cap . , 


Legal & General l Lull Pensions 


Confederation Life Insurance Co. ^ , nJr 

SO.ChaneeryLane.U'CIlAIHE 01-2420X2 Do. Accum. 


177.0J 

19S.6 


Vtq ally Fund. .... 11686 
•Managed Fund -„ 1863 

•HP Fund- - 410J 

Psnal Pfln.Mnod- . 784 82 31 

Startfid MngdPri.-. 764 82.M 

Group MnCd- Pen. 197. B 20L2 

Fixed InL Pen . 2060 OT7.BJ 

Equity Fenrion .... 2304 Z56ffl 

Fropenj Pension... 150.1 1539) 


Exempt Eqiy. Jmi. 

Iw Arrum 
fiSurmp Fixed Inn 
bo Accum 
£xcnp( Mnfid. Inil. 

Iw Arrum [133 5 

Exemp! Pror* Inn. [98 3 
Do. Accum. 1100.9 


$00.9 
134 0 
137.7 
|11S 3 
1165 
129.9 


r»S3 

1063 

241.1 

M5Q 

1214 

iSa 

ire! 


1042 

128 jj +0.71 
13241 +0.7) 
1220 -0 I 
126 3-011 
lOOjj +3 5! 
ma+3« 

124.2} +0g 
1212 +0.7^ 
1B5J1 
3086} 


Ud. 


Di-piKii Fd A 
Equity Fd Cap 
Fquiti Fd. Acc .... 
Fvd Ini Cap- 
Fxd Ini .Lee .. . 
InuiI.L'ap ._ . 
Inmi Ace 
Menaficd Fd Cap 
ManwrdFrt.At-v. 
Proprrij-Frt ' ap 


©1 
1051 
1127.6 
1183 
47 4 

474 
447 
44.7 
476 
076 
45 0 
452 
45 9 
45.9 

475 


»1 

1111 

ms 

121 fi 

500 
50.0 
471 
471 
502 
5D2 

47.4 
47 4 
484 

48.4 

501 
501 


Tyndall Assurance/ Pen si onsV 
18.Canynj>i- Road. BrisioL 
3- Way Nov 2 

EnuilyNtn - 2 - 

Bund Not- 2 
FruponrNoi 2 
neposil Not 2 
.'t Way Pn Sepi 19 
"seas Inv Not 2 
Mn.Pn.3-W OcL 2 

Po Kqmly i;irl 2_. 

Po Bundle: + . 

Pv Pror iVl 2 

Vanbrugh Life Assurance 
4143 Maddroc SL. Ldn W1RRUA 


125 9 

-1 

1651 

-ii 

167 6 

+01 

109 0 

-BJ 

1302. • 

+0 2 

1521 


758 ' 

--T6 

1766' 

-n 

.2238 

-6fc 

1810 

-02 

900 

+0 2 



HS Overseas Fd 

1781 . 18 sa 



C S.F Fd lAeeum.! 




CroMLwFd'Arc 1 

_ 


— 

1 IT Fd 'Act 

-■ — 



?ropt*ny Frt. Acr , 147 5 
Provincial Life Assurance Co. Lid. 


-22. Bishnpefriir- Ei*2. 


Prm.ManacrdFii 
Prov Tosh Fd . . 

'•ill Fund 20 ... 

roipwiv Fund . . 
Fqullv Fund 
Fxd. Ini. Fund 


,120 7 
1067 
1115 5 
1013 
,102 0 
fe67 


01-247*33 
127 2/ . 

112.4 . , 

1214 +1^ 

106 7 . 1 

107.5 +1 3-j 
101.9 


Managed Fd 
Kquitv Fd 
Inlnl Fund ■ . .. 
Fixed Imorvl Fd .. 

I'rnpurTyTd. .. 

i.'avti Fund . 


148 0 
2348 
97 3 
166.7 
11482 
121.0 


155 a +.0 9J - 


247 2 


175 2 
UTI 
127 4) 


ira.rt +3.9 


*?« - 


-0 2 ] 
+01 


— Prudential Pensions Limited^ 


Vanbrugh Pensions Limited 
4 1 -43 Maddux Sl . Ldn WJR SLA 
Managed. . .... .(492 104 

Equiiy 103 8 109 

Ftartf fntprevi . . |982 101^, 

FropKiiv . . 1 99 6 10S.T 

Kuartnlc+rd m-c -Jr*. Rates' Uble. 


INSURANCE BASE RATES 

1 Property Growth - ~ 


‘tVafibruch Guaranteed 


.10^7 P » 


tAddre-m am>wn 


under Insurance .rod property fionrt Tahir. 


Comhill Insurance Co. Ltd. 

32. Conlhlll. K.I' 3 01 8383410 

Cop. Feb On IS [130 0 - | | - 

GS Spec On. 15 . B4 5 - J ... - 

MnGih.Fd.0«. 20 G79.5 1W0|....| — 


Legal & General Prop. Fd. Mgrs. Ltd ^ rith « | 3; Bars. k-'IN 2NH 
1 1. Qux-vn Vittonfl Sl . FC4N 4TP 01-248 0078 HfiZO 

L&liPrp.Fd ,'M4|9B.7 BJ . . | f?np Fd Not- IB £27 74 

Nirtl Kuh • rtae NOT 1 

!22S£5L 

■^r„?,r S !'l ir.q.T - »"”**** 


27 1' 
19.45] 
2860 


01-WSHK2 Welfare Insurance Co. LitLV 

j|l j — V- in:- lade Pnrii. Fxtfor IQfiC-SHl&fil 


Credit ft Commerce Insurance 
, 1 30. Ruieni Sl„ Lpndun ll'lR 5FF Ol-UPiiai 
l L'WMnsdFd...,....]U2.0 J32fl .....j - 


Lloyds Bk. Unit Tst. Mngrs. Ltd. 

7T L*ri'hanJ M . tea P;-*S3 IJIW 

Exempt ;_.:p90 . 7.77 


ftntjiEChiid Asset Management 


I i|c lm. Plans 

MH.ithiro .W.P.M KJ^wSSSh. 

.\.I- Pt'.p 'POb 1+8 3) | _ ROT A.-.HI T-rnv 

-*qi bub da-. lti.cniijtt.-J8. Hex. Fm-Crewth... 


UiWOT-iBakurFd- | • 107 B I — { 

For other fun.lv pIc-smj refer lu The L 
Manchexirr Group 

H802 22271 Windsor Life .Assur. Co. Ltd. 

■I — ftOT'ufAifiMi ff<e . : bhccl St. Windsor 

74 0 77 9| 

22 00 
45 DO 
(264b 

1105.8 111 4) 


Lundea L 


68144 


Hambros Bonk (Guernsey) Ltd./ 
Hambros Fd. Mgrs. (C.lj Ltd. 

; P'J RoxBS. GuenOTcy 0481-2tS3I 

11471 156 71 .. 370 

109 79 113Jd .. 8J0 

ill. 18 1L5R .. 2 10 

ufl 

)U4 117) . - 

I. Noth dealmR Not 1 A 

Henderson Baring Fund Mgrs. Lid. 

60S Gammon House. Hong Kong. 

Japan Fd Nov I . [Sl 52&.02 76 

Pacific Fd* Oct 23 SVS20.07I 

Hoad F± 'Oft. 2# ./ SL-S10.967 , 

■Exclusive nf any prelim, charces 
Hill-Samuel ft Co. iGuernsey)' Ltd. 
n»+iT2nj]ja'LvFeb»Tc St, Peter 'Fan Gucmvoj n 
“ 'GucmieyTrt .. 1147 3 157g-0 8| 3H 

Rill Samuel Invest. .Mgmt. fntnT 

P.O Box 63. Jersey 0334 27281 

pfs Channel Is. F. . fUOJ . 129 01. ,.| 3 00 


TOFSLNot. 2 . 
i Accum. KhareM . 
American Nov 2. 

- Accum shares' 
Far Rasl Not- 2 
• Areum vhnres. 
.'ersej Frt. Not ; 

■ Nut-) Acc Lib. 
Gill Fund Not. 1 
> \ccura. Shares' 


17 25 

£ L 5 M 

IBS 
84.5 
|216 4 
306 0 
105 8 
140 4 


13l-0tL’J 

m-n 

men .1734 ii 

7f5l-0J5 - 

12 50-0 15 
S3 5 0 

83 « - » 0 
46 a -20 
4601 -?D 
22fi 4 -f 2 
324 4j -!« . _ 

lord -J 2| 11 13 
145 S -0 21 II 1* 


200 
200 
200 
700 
6 S’ 
687 


i M-ns 

HU)+0I2| — 
0.071 1 ... - 

8.967 | - 


12 05 

12 701 

•o;o 

12 

09 

27.73 

29.20 

-OK 

*7 

79 

41.80 

43 10 


41 

89 

59 30 

62 30 

.20 

59 

31 

19 70 

20 70J 

*0 ?0 

19 

71 


international Pacific Inv. Mngt. Ltd. 

TO Box H237. S6. Pin SL Sydncv , Aufl. 
fll-Wfl 4B28P ® v ®im Equiiy Tsl , |SA2J4 2.46) .. ..J - 

jj.E.T. Managers (Jersey) Ltd- 
TO Box B8 Channel House, Jerurj. 0134 73873 
pcrsOT'Exirnl Trt . {J91.0 204 0). .1 - 

As .U Sept 59. Next .-nib. day Oct 31. 
Jardine Fleming & Co. Ltd. 
kah Floor. Ctmtuiughi Centre. Hong Konfl 


0I-W04fca Jardine Esin Trf._ 
JardmeJ'pn Fd*-. 

Jardine 5 E.A 

iardlnc Firm. Ini. .. 
Iml Par. Secc line ' 
Cm f Accum 


HKS353 70 i J 
HK54 18.33 
Sr.'S19.9B 
HRS 12. 48 , 
HKS35.09 — 

. HKSU.24 
NAV On 14 'F.quivaJenL SUS88 44. 
Next sub. Oct 31. 


2.00 
080 
1 70 


Vlrurv Uniif. Poualav. Ulr of Man 0024 24111. 
Xlanaurdllci IP |134 6 141 81 1 -- 

Uni fife Assurance i Overseas! Ltd. 
pn But 1388 Hamilton 6-31. Bermuda 
In'crni Mncd. Fd 111 Sl 00 - I . I 

l nion-Inveslment-Gesellschzfl mh!f. 

r^Jach ICW?. D flOOO Fran Hurt Ifi 
.vlanliciond^ 

Eurupo/onda . 

1 uiiondf 
i 'nirc-ma 
i nispecial i . 

I'td. Intni. Mngnml. iCM.i Ltd. 

’4. ll'ilruiii-r Slrovl El Holier Jrr +■• 

I I R Fund .. |Sl £10134 Ufifi)| , 7 50 

United States Tst. Inil. Adv. Tp. . 
.4. Rue tldnncer. Lusemhours 
' I'.S.Tsl.lm.Fnd. . | SL'S10 49 | -0J7| 0^5 

Nei asveii Not i 

S. C. Warburg ft C41. Ltd. 

39. Gresham Siren. EC2. 0; f»f 4.V5 

i'n> Bri Nov I 
FnM.Im Not I . 

fir A SFd.0rt.31., . , , 

MereEbdNc.il . srsilfl lBJjj . . |0 17«3 
.McreMnyMkiOcliW.I 

Warburg JnvesL Mngt. Jrsy. Ud. • 
1 ChannpCroiii, Sl Hclicr. Jrj.t f 0-134 7.TI41 
CMF Ltd. fieL 28. . .BI'514 57 U *5| 

arrUtLOn.26.^. U4 62 ■ 

McubTil. Oci. 10.. £12.90 
Tim.lei.12 . _J1'«U34 
TMT Lld.0n.12,.... £1131 


VS9 33 ! 

-out) 

5L-S16A3 

-o:j 

51S7JL0 


a’snjj H13I 


aoos loos! 



BS? 

lire 


- t 


I - 


World Wide Growth ManageRieni<t> 
10a Rmilevard Roi-aL Ijixv-mhourj; 
Worldwide Glh Fd| SI'S 16.39 j j - 


NOTES 


Prices do 3 oe include S preramm. cx.-eni when- induaicd » .«iirt arc in r*-n'-c uiili"-> r.itu*r» • •* 
'indicated. Yield* lx (sfro«3i m Liv eofumn > nllrm for oil buying i-ipi-fl'ii a irflirc-l pn-'.-x 
include all expciLOTfc k To-da>‘i. pricer, c Yield l-«iscd on offer prirr d rVrinirjid c Te-dS ; 
"pen mg price h riis1nbi,lion free <■(!.' K lu - ..-- |i Pcr»»: : <- nr-.-miun' in: ■' • 1 *.i 

nremluni Inauranen » '.iffered price inclnd-- .ilj .-vwve. .- 1 

* I'nermi price :ni'lm1i+ all inpcnsi'. il l.'iu:*ii lir'-gh r :.n-'.|"'r. z ■■ 

* Net nf ;4 ji pn rmlicvd '-.ipi'.'l jam., unit •* : •on.- ■ • - ~ .... - .^1 - ■ * .-ur. H '. 


.n^ll 

■ 'i+n. 


d i-.ipi'iil jam., iirIi •« ; ■an,- . • - - 

♦ 'llrid bribTi- IcTtc- 11*. t >.. ;,.-J.,.ri<-.l 


J 



W. Berry T empleton 

i, i ii 

Property Consultants 
to Commerce and Industry 

47 t irc.il Pu-vrll Street I "nd-n ttr'lH JPA 01 -107 4577 | 


FT SHARE INFORMATION SERVICE 


\ Financial. Times Friday 

■ FOOD, GRi^ 

! JPL I »■* - I Ww | + -“| S' |rrtjS£ 


BONDS & RAILS— Cont. 


BANES & HP-Continued CHEMICALS, PLASTICS-Omt ENGINEERING—Continued 


BRITISH FIENDS 


IKK I | Price | +■ or 

Hiah lira | Stork { £ | — 

55 42 Hum! 7M ,Y" - 50 ... 

77 65 Ii.eJanrlfi'jpi.-'Sms 68 

88 82 V Ireland Tl.pc 81-83 84 

91 77V . . 78 +U 

425 265 InpaiMTC'IOAss- 385 

87 681! DotiprVUU . 70 

lbO 140 Ptni>OIpr 150 k . ... 

75p 75p Kill ®;|ir IBM 75n ! 

599 S94U runnftwI991. S94*; .... 

I AMI nutfl Tunnfli'p ISW - DM91*c 


Price |e«|nh. r r| Red. 


197K 1+ ori IXr [ YTd| ; „ I J U ari 

Hipt! low stork • Price ] - | .vn ]cn Gr\c| PfE BWi 1 Stock j Price J - 


■g 1 BlSSKfe % -l jjLIJIi 

«0V £m Kraft S23J . £3g7 s +> tgeg 23 J8. 

1771, TOT Kwt Save iOpi_ .79 _ Ib2.64 2.5 5.0 

*41 ‘ 27 Lemons l>P- I0p- 35 ... . dl67 2J 7.1- 

176 228 LSonriHWfl?- 136. -3 9.43 ltlH 

S 100 toU*--- 1 « ■■■ 4i2 -4:5 60 

XI IjmsU-G-Fi 57 +2 ZL0 — — 


] J78 

Bijh I #* 


I- an Tirfd 
| - ! !<(. I Red. 


1AM1 huflrTunnffijpi I9W .. (DM91* 61; 911 

97 ) 94 pnijnisc-^Pt . | 97 | . ] 3*;| 3.H 

US. IIi IiV pniiw exclude inx. S premium 


4'; 5.63 54 42 M.iri>»m Kin 20p 45 -1 t-3 12 1 1 10 3111.9 5Q 376 Hoerh«tDM5._ 508 Hh4 OlKil L' 

- 12.55 134 105 MenurvSe., . 112 +1 379 - 5.0 — £133 UoFdi MW r> Lti £126 +2 Q10% - 

7*; 12.79 -390 330 MidlamKl 340 . . T14.97 4.3 6.6 5.3 «1 3® Imp. (Titan El T 360 -4 tlb.77 2. 

-- 13 21 E92 £78 D.i7t;”,Wffl . £79 .. g/V*. 21 1 19.9 - « 41*. Da3%rt£l .. 46 ....355 947 

- - £95V effiu I>o |0V<93-9R £871, . QlOV.ZllclJJ - Jg « InL Paint 78 .... Z32 4.: 

6 1125 64V, 56 Minder Y, we* 59 . M3.8 25 99 6.6 \Tl 91 Latwwln* SQp . 110 -1 ttBT U 

3 2 00 260 172 Val.HfcAiLsX.SM 205 +5 OUi«c 14 4.9 166 i 7 * ii* Laghlntsap .. 114 -1 14 43 2J 

6', 867 81 66 Nat.'nm. iTry. 72 -1 1267 4.6 5.5 5.9 €37»a NcrstR.Krfc . £26« +>; 012% L' 

9 952 298 250 NalWVsUf _ 270 +4 tH66 4 2 6 4 56 JOB 72 PIptullta. 106 +1 rtt40 6.1 

6t; 910 460 350 S*.liri>1ers£I . 410 -5 11.72 - 4 3 - HO Raison Wm Hip 285 . .. 3.14 71 


Si’ |ot|™|.te f*VI 1 ®. Cw ^ I ra * 2 . {g* ti l U 

>12%l 101(831322 123 I m (AakerPerk SOp.l 111 I 4J7 4.9| 55 .37 174 galthwttR*.. l{g "i- *£?■?? 1 2 ill- 

lod IfU - *5 J 32 feaafmrfcato™- 33 -4 L79 3« '3«J 91 75 tfeatTraleivjl* ® “» 4,737 HIM .- 

fl77l 2 A 7 XA 7 I » |®all«Mp.! « 1 mVA ?.fl 5.jl 7-9 73 22 WjiBKlOp- g mS* TdT*-- ! 


3»;| 360 255 190 So-njiritoMCtl. 200 


"Shorts” (Lives ap to Five Years) 

105- 100,' Invi-un Il-.p. . 100 ,1 - ,i 11 49 1116, , 

97 Wi 4 Trea»Bi>ape-au 95'; 314 844 High Ijiu 

47-s 95', .. 96'.. ->• 4 40 8 37 ^ 1 

104 ., 94 ^Tnia,un IO: ; p.:TSe 99- : - tl 10 54 10.94 211a I 131; (\5\ 


AMERICANS mi * Tradeto. SI si SUV. 

AiTiuniYniKO J56 ^ i/num .. 295 

j + nri Hit \Td 48 32 I HT . . 37 

Stock j £ | - I Owe. I Ctrl tire t&ig £15^ UeiKF.vc.iS5. £197„ 


42 70 ^unlti Sl Auh 80jtC -2 5 09 — 

452 378 SumtlrtiYian £.1 406 -1 1964 3. 

SHU $8V 4 Trade I*.-. SI St SU» 4 . Q55r 3 1 

356 290 l.ntunliiv£I 295 -10 hi 605 - 


96i, 94-, Elet iri,- :v -pi- "r-79 . 95 V" 3 66 8.00 601; 59 \MF3V imt 87 59 5% - 

103ia Ob’ Thsa-.iinSpciBSK: 97 9 28 11 48 38J, 22 AbkhJI . -• 30 7 a elU 52.20 - 

102 ii 47V, Treiiuij Jt;pe 3flt: . 97 Art -r* 9 78 1170 HT 8 191; AnVrt. nn E\pre», 22’ 4 +2A SL60 — 

95 1; 9’. 1 , rreasun ?-*pc TT-flO » 3 76 8 21 24t 4 11 \mer. Wetlic Ini . 141, +1? 4 60e — 

96i> 9314 EundjncWpi-TMOe 94 5 59 932 15-S 91Zp \varcnlrt- 979p +35 40i — 

UOU I01‘ 4 EtL'hrquer l.l|»- l:W" lOlUrt 12 84 1232 29» 4 175* Itu^cclninl *.'>rtp S: . 21 +2 Q44c — 

J06‘ 4 98*4 T.-ea,ur ll:,pelMlft 98' 4 -‘* 1170 1237 19Li 11^ BarnwUrp Stfii . . 16>4 90c - 

oii* S8' 4 Trea.'ur. j.-pt Iy79-8I 88”. 3 94 8 97 33*; 22 Bent0\<*orp S3 2AS +‘3 32.56 — 

101-4 9513 Trw*iir.9 4 pvl981tt 45 1* -*4 10.25 1213 23t; 13 Beth. Steal « . . 14^ +lij SI 00 - 

97,1 91 - E'-i-h 8*i p> IB81 91: -,l 904 1222 12 625p Brown r Fer r |fi2 ; 862p *-3M 50c — 

100-4 93, Ft, n 9’ f» 1981 .. 93‘- -,l 1018 12 40 14 857jt Brih-oni-l, rmpn II 962p«l +52 70e — 

87.* 85^ Et. h 1981 86:, 3 48 8 68 655g 41^ Burrwu;h.<Oini 55 51 Jj +4*« S160 — 

97,', 95 < 8 T r,A‘ Yinahk «i» 96,1 ii 9 48 12 30 51 3d; I BSS130 37 +2ij S2.60 - 


17h-lV|S100 - 29 ” 160 , " 7n[nr,a ‘ p -I 72 I -I3W 

307, .ii aS' Z 'll Hire Purchase etc. 


-10 hl605 - 8 1 - s ^ UnmarBaifa K^t 19 

- - - 3.9,32 lTlj WarrflelBcr 1 Ulp 311 

+1». S1.«0 - 4 0 - Z?0 162 WoWeohdnw . 277 

. 3 08 _ 64 — *104 731; Yorks Oaw~ 80 


19 . ._ 70.69 30| 53 wf » 31 bMlh. J 52 


M2.13 16 J71, 25«2 


31‘; | 1 L 37 I 2.4 6: 


lOl-i* 45 1 3 TrtJtnr. 9 1981J1 

97* 91,-, F-rh 8*ip‘I9B! 

100^4 93 ; p«h 91.P IS8I 
87,* 85^ Etih.VIMI 
97 A T r-.-es Vjnahlc »i» 

111 iOOS E-.ch UKIil 
99 S 90's Tw+ 

85 V 82's Trcajurr’pc'IC^ 
115”;1W Trcaeur. UpciEi 
Ws 94 Treas Van able Tffifc. 
96 t S8*o T/easurtRVp.' fC 
1001. SOU F.»ch se.p: i»2 
96 1 : 88,* Exch 8>4D-.. IWi . . 

85 V 79-, Exi-h 3pe*83 

114U 98 * Trvawir li> IE3h^ 

100*0 SaATreAsur.-W.pc'Sr. 


979n +35 4(k — 2 0 8 81 re>lit Haia iUp 

21 +2 Q44c - 1.5 111 85 IWiScrt alp. 

16*4-1; 90c - 20 52 30 Iji.LVoi Fin iflp 

2AS +‘3 52.56 — 5.2 H 8 MoireareUetr- :up 

14^ +1V SI 00 — 3 4 118 85 Pun Financial 

862p *-200 50c - ? 9i 27 15* 4 Strlu.t reriil !»«p 


35 

-1 

£70 


&* 


87 

-1 

43tH 

+1 

Ul; 

+>' 

97 

-1 

25 

-1 

13 

— Is 

43 

+r 


Qi r° -1 Z Kl« I 53 I Allied RetaHIOpI 


DRAPERY AND 


■50 2L J Brooks Tool I' 


HOTELS AND CATERERS’ 


48*3 1 .. ..{ W68 I 53 £ 


100V. r) -V 12 67 12 46 425; 28** i PC.V, 

90*. -.i 9 38 1208 49J, 32A Caterpillars .. .. 

84 -1- 3 57 8 69 281; 177 a *'ha>ejrhtnS125 . 

1G4 -V 13 70 12 50 22 13* £ t7iesehnKiehSl.„ 

94,; -A 11-53 12.69 11 663p 'Tux-slerSea 

88V - *4 931 12.17 221, 15*; Citicorp J4 

90 4 -A 10-25 12 48 14 733p 'TtcFnv.il 25 — 

88*. -t? 9 92 12.43 25 14 *b Da I'm. Prf B $! 

81', -*i 3 70 830 1BA U»; ColfiBle-P Si _ 

98,1 -V 12 18 12 44 32A 1W, Colt Fnds SI 

SS -i 4 1043 12 48 26 15*; CcmL Illinois 51 it 


tni S. t!S = it BEERS, WINES AN 

16^ tl% ^94? ~ 94 78 Allied Brew . 821,-* 

15? lit JT-1 

5k :i. s 1 h m i H “ “ s «“ ■ 

igSU’sfi. - ““ S S-tSSS- 8 ■■■■ 


42 25 EenfelUlOp 40 -1 tl.2 25 4513.7 97 53 5S»SSi|i& l 

|| BEERS, WINES AND SPIRITS f g SSa W; « u j. S 8- 1% li H |I| g 

52 1 __ , ,, . *4 10 BoUanTcxl pp UU . . 0.63 4i 85 * 48 26 radioes inn Oft iEL83 31 57 8.7 121 87 'jrand Mel 

2.9 I If AUied Brew, j 821, -*; 1 14.39 2.1 7 9001 59 47 Preraner 52 . 388 10 U.l 13.1 115 35 rSnmw— M tin 61 22116 «- 75 KuruaalO 

70,^- Uf 28 0 76 iJ4|m. 2 128 173 Brit. Home Strs 192 -3 t6.36 20 5014.2 ^ 3* ^ +1 £si 3 0 8.4 .46. *15 155 I^tbroVe 

23 53 R2 teffSSaa- SL- 1 ,38 S=5SE?fc ,S -» 17 .« S aSSEss: B 3 tU 39 42 u m a *£=5 


30 RmwiiiN'20p. 
103 &ir(on Grp nOp 
99 Da-AVVSJP 


1-5? - \U ~ 135 


Five to Fifteen Y'ears 


95 A 93 E,ch 10pe 156S« 93?4 - 

B9" 5 BOA Fundmq.T* pr'ffi-AJrt 623, - 

96 T ( 86*, Treaaar, 8*..p: 88> 2 - 

B7\ 76V Fundmgd:;pc -8W7- 76^ - 

89S, 79V Treasure 7’,f>'. ,1 6vfl8*q fil 

.6 3V 60', T ranspon 3pc "7B-B8 62V - 

75H W'4 Trwur. 5pi HWIi c4i, - 

115*4 lOlV Treasuij Mpi-IMD^ 1054 

B"’, 771, Trei!UiyB- 4 87WJi. 80'; .. 

1061; °2i; Treasiirj-llLpc 1991 96 V 

75*i 63V Fundi nci'ip 87-91^ 64 

312** 98t; Trcaiun 12'jpc'Pi 102 

96- 1 , 34 V Trej-ur- lilf'" 1992 _ . 65 

113 %? a E-.ch KUpc W . . 971, 

1 1 OS q 6 , s Ta-i-un l^irp. 1 ‘BK; 100'* 

72V hOv |Fundin;8pc is&tt 61‘, 

Over Fifteen Y’ears 

120V 1021 Tr, -.,.Lri ;:i4-' l»::: 103*4*1 
1281 110*4 Trcxurv t4;jv: 12 li, 

114*s **7*4 Ewh l-.-p. ’iW 98*j 

8 fl7 , 751 Trei,Tjp£rpc 91“ .... 7b*. d . 

106*4 93 Trej/.urv i2pc 4* . . 96', 

51 <31, rlnSpi Wfti 4-1!, 

45 32* 4 Etth 10*. p: 1995 85*; 

114** 97*, Trea-ut;- 12> 4 p» 95J7 98at 

9FJ1; 761, Tre3i.ur.ypc -RtfetJ 76‘- 4 . 

131*! 112't Ttciuuu llVpc-Mtt 113d 

1171 100*i Eii-hequcr 13 : ipc 101 rd . 

50 42*4 Kednnpriec I3SS-S6 43*4 . 

215*4 100-1 Treason ISUpcWS . IMS, 

■ 98*s 84A Exchequer lCM^pc 1997. 85*; . 

•68*4 73A Trea^ur B-aCClSST^ 74*, . 

72*4 59V 7reaxurrWpc-S6-98K 59'j . . 

135** 115 s , Treas lM.pc - - 116*; . 

200*, 911 Etch- 11! pc LOSS _ . . 921, rt . 

90*. 7T^ Treasure «i ; pc 1990^ 80*4 . 


25 s , 16V C.inLiriFfi. .. 

29A 204 I'rewnWlSS.. . 


93V -*r 11 04 1254 47*, 204 '.■utFer-Harana-S. 

824-4 6® 1038 32*. 22 EatimfrpSOaO- 

881,-4 9 95 11.38 261; 16 Eutnarii ..... 

76V 8 49 10 78 40 28*4 Ewonll 

81 -i. 9B3 11.51 12V 670p Fi rest ime Tire l| . 

62 V - ~i 4 89 9.10 19S, 114 FTrl'.'hiciiso . . 

M*. -», 778 10 59 32*. 20V Fluor (.'sup 5 s ,.. .. 

1054 12.85 1177 41> 26*; Ford Motor El. . . i 

KJt, .. 1C.67 1189 25*4 lb*, liATX 

9SV 12 63 12.83 443* 31 Gen Eta.tE*. . 

64 9 05 1127 £4', 15*- 'iillrttcil. . -- 

102 .. 12.96 12 98 56/ E 28 HoneroellSI 30.. ! 


124<t +V SI 00 _ 41 HA Ji Hwmnvinns _ SZ .... hz.65 2 5 4.312.9146 28 Cantovvatn-. 

ZK +U| SU0 - 45, ?S FtavlerBiws.. 80 13 55 20 6.7112136- 13 Cartel tSilOp. 

iCv +1, SI 44 _ 39 1M 100 Rnwiv tMBHwsu U4 ... «.9B 2.4 5212.2 1% 150 Churrh 170 \-t 

l5, +1 SI 50 - 41 *0 Ba Uer's Brew 48 1 82 2 5 5.6 10.1 L36 73 CwnKEne 12l,p 110 -2 

22S it §190 - 42 ?S U4*J BulmerH-P.. .. 136 +1 670 2.0 7 4.R2* 57 28 Cojc Spoft- 5p.“. 

39V +24 6S140 _ la 1 ?^ Burti*nw«jd 172 .3 45 4 9 3.010.2 15 84 romeilbra-iap 

2 S+rca - 4 9.^5 55 CjULooDcf 60 279 16 6 9132 124 si t'ailts'.V. . T 


5 0 * «ra 103 iS - 1 1.52 | SBSB&& 

62-65 2~5 A3 12'9 PS 3 SSrf-St. Hi i?26 25 $ S* Jfc « SSS^ 1 

t3 55 2 0| 6711121 36 - 13 grt«.SiMp. . +u hl.08 * 50 * 48 z 38 tSSfop“ 39 


M3I 

Kun®i!iMnrsli5 96 .. OT1% 

Ijribroke I0p .- 159 I—. T711 

Ml Charlotte lup 21. 050 


hl.08 * 5 0 4 

+3.42 7 3) 3.0l 6 


xn ZaMS IS f'oncontrlciOp.. 39 

12 no S » Jrookw.sw.aup. 23 


SUiliS - I* «s at rafifis ? 1 m 


5.79 26] 6.6 87 


34^ :iWs3« “ 45 215 163 m 5T£3£~: 189 -2 *7 3 3o| sS 87^ *14 cSSricI^' *5 "* 1* - ” RSS££Sfc- cS 1 

bBu IllO = 2J ?? H '-rdoniLHOp.. 22 . - — — * 111) 84 SS . -2 +s5s 17 9.4 ,7.7, ^ ^ gSgggl" ^g_. t 

14i; SL10 ~ 38 ,5; V '-Wi*a«»P 50 2 84 1.9 &5 7.7 77 404 IWvhlrst lOp .. . 72 ... tl.5 50 3.1 77 

23H+I4S120 - 26 'ireeualltthiUei 113 t266 4.1 3 510.6 176 ]3T Dixons PhoSlOp 127 +1 2.42 5.9 2E 63 to J 25 

29w +lS £DU - 6J?i? '.-iwiteHns 292 +2 7.37 2J 38 142 31 17 QILsifioldnp “ 27 .... tl.93 12 20.7114 ^ xK K^ AJOp J? 1 

384 +N ' S180 - 51 151 «iu»noe« 149 .. +713 24 7.1 76 L90 136 Empire Storei-. 170 -2 $5139 23 4.7135 ia S KThE"-'- TO 

35*4 +A si M - 31 159 !27 Ht E hl d DisL fflp. 14Stf 3 22 * 3.2 * 65 151; EkBCrtn2Dp..._ 50 tizi 0 - 3.0 7.8 « 6^, nSf 2L ' 


.5 iDanmUiInr. 


a.27 4.4] 9.d 42 


ffi&'UZS I g ® SSTdttiSi 148*0 •' 322 * 32 * 65 13 4 50 V - 3.0 7.8 g k % gt 

SlS - 43iS ,& nirtjgrdon-. M2 -1 2 26 3.9 2.4 li2 26 15 FairdaleTe?t. 5p 24 -1*; 1_1B 3.7 7J5 5 « 32^ 44 

thg rK S2£0 _ 2 6 i?5 InshKbTiBep. . 193 *3 55 5 0 2.5109 25 15 Da'A'to 24 -1 LIB 3 7 7 3 55 ^1 yfi D^kiaD^'' 150 

ll4 +12 M68 - 39 212 ?70 Macallan, tllen 405 -5 514 4 1 9 * 67*; 40*; Fine Ait IXv, 5p 61*; -*, L86 2.6 4 5 12.9 u , : ^ 


Sz3o = s 6 i* m 


C&3 ii 60 “ - INDUSTRIALS (Miseet) J • 

dl.53 0.6 8 9 *342- [22 92 \-AR ll» 6.18 : 2*9 

5.10 17 113 7-f 121 59V AGE Research . KB +5 h2.59 2*3 : 

TJS Hill en *81 50- AaroasocBms.liip 65 135. '4wff 

1 0.12 2.6 10.1 5.8 42 33 Al , hey Lid 35 . _ Q3J4 *1 B 

57 43 Airfbln*b.20p 50 324 1^9 

SftS 12 114 1Q A 79*; 36 ..UptneFFIdaSp. 69 -* : ZS2. 2*5 = 


,5 IS ,?S 31V 16*4 RepH.V.C«pLl5. 

J179 17*, 10*5 RexnnrdSS 

£2? 14*® RichdsD -MrrilAl', 

JiS H I? 5§lp 25Sp Saul I B F.'SI - __ 

13 50 13 32 ap? 18*, Shell Oil Si 


# *■$ ♦, 67 48 ABe Am TspCal? 56 ..- 27 13 1 

7 + 80 M ArenrfmiSliOp- ,75 +1 hn.97 3.2 3 

II IS. H 131 98 ARPODt'.kmns-Aj 128_ +2- 6^5- 25^7 

9? 5.8 5.0 M 27 Mx SpRO-aslOP-t 56.-1/- — . q 

II IS H 13V 9*» tudinFUey.lnp: 12^ -** dD-61 23-7 

?] H a l 165 A*wiRDh-rw£T 165 9.0- 52 8 

if = in 64 45 BBAt'.roop 53 -4 +2:42 32.4 

H ,1-5 3 . f L25 95 • RiLT.Defd . 105 ~3 581 23 & 


•96‘ 4 82 *, Treasur - I0*ipe 1999 I 
96V 93V F-vCh !2pr.w9£* .. 

43*, 34.’, Fuad,n«3.;pr-9HM 
80 V 65 V Treas un 8pc 'Hl-Cxftt 
58% 46*, Treasur; .Ti.pc TN-1£^ 

76*t 62'j Troasun T- 4 pr ‘!2 I5“ 

.98*; 93-; Eich !£pc 1*17 . 

Undated 

37*i 301, i.'onsutt tpr 

37 1 , 79', War Loan 3-:nciS . .. 2 

■ 39*4 33 Com 3. ; pcVI 3H 

‘2&g 23 Treasup 3pcOS A8 

2«* - 19V Conwlsjv.-pc 

24 19V Treisup2 : pi: . 


ii?® •• HS 1»: ShellOJSl 22 

• f?-2S *2-K 195 S SinStTFSIO' 10 

-!?5 ,JS 38 2g» Sperry RandS0.su 2V+ 

HH 331; isv TRW Inc SIV . 25 

gj= • •• H S 27*| 183, Tenneco XL 

131 UalWLaakQl-Bi 137 

,59 * - . - 11.28 1219 975p 505p ItewoFl ISM* 530: 

116V ■ • • 13.47 13 32 22 14j rex-TcoSttS . 15 

H HE 40 2^ Time I ik 2¥ 

HS2 14J 4 S65p TransamencaSl— 11: 

®+«' 12-g 41*. 21 * 4 VUL Tech. SUSS... 28 

9J*» • • 12 98 13.K 24*; 15*a 1’ S.SleelSL 16' 

26** ■ 9-99 1133 17 11U WoolrorthsSP; _ ,13^ 

66, • 12-2? 12.fl 49V 28^ Xerox Ccrp, SI . 37 

f6V 12.01 12J6 975p 385p Xuucsinc.lOc 6B5pi 

}?-« M»a 741P Zapata Orp »: .. 884, 

. w * S.E. List Premliim 38*4^ (based 

[ Convention factor 0.72 


119 Liberty 170 


-*i US I = CANADIANS 

si - SS = Me*l, 1 I , ilB«SBL tt -l 'Will 


a 1:5 W a BKffi 

!0 2 268 166 HaakaSid.\ 

2-4 S;? *86 . m Sill 6 Snath 


WHJ7 y 5-i^ 58 45 SgESaBzTm a wm: 
■■SVliH 4 i-? HI HZ 46 371; BinamiJ..I0p... 40 • I 3,1?--'. '-% • 


§#- J S ft, SSSHTffr 40 

^ i 1 fl 4 H H H 46 26 Black .UrewaOp 37 
72 +1 13.0 t2 62 3J i<n 13 c RJartiPiRWo^ UN 


UM1 


58 36 8oaiuHId3.t..J 43rt . ... 2.52 


^ 20 4 J? 5 1 - p ^ SMsSfe- 

« -I 19*;| ....|l* 97 j - a sag 1 !.; 

INTERNATIONAL BANK *2T?J pSmpiBk. S2 

B8 | 81 foeMTO 1 81 | .... J 617 | 11.28 ^ ^tlTO.' 

pnnnAn • utaxt t m • SS \m kMtflSiwu - 


CORPORATION LOANS 


•98V 92 ij Bii+n-hamSVacTMl 
.94V 88V BnitcITVpeUMil! — 
107 99V G L>' IS;pc XL ... 

112 98V Ia> i:*;pv 1381 

97V 89V GUsiWtSVpc 8082. 
94 90*, Hent 5*,p.--788fi 

•102*; 90 Im^rpTMilSw &0-AJ 
29*4 25*; Do 3 ,pc Irrcd 
99V 87 V Lon t'orp WS 


92*. 

— *4 

10.00 

88Vrt 

-V 

876 

99V 

-V 

12.60 

98V 

-V 

1266 

90n) 

-V 

10.28 

«V 


5.69 

90x4 


10/9 

25 V 


139a 

88V 


10.60 

95V 

-V 

627 

S7 


632 

79 


7.11 

69 


822 

66*; 


1048 

22Vtd 


1325 

92 V 


569 

94 V 

-V 

9.76 

lOOxd 

-V 

12.50 


630b 315b Hawker Sid t.an.(. 460p +; 
31V 16V Hoilia-erSS 23V + 


31V 16V Hollin-erS5 23V 

*?& " * HSS H « lb> * u ‘* HtKfcon sBaril 1Z' 4 

US* 1 - « *» 12-55 331, 22V HudB.OU *7. !£*;.. 24 

Si -V 1166 SS }g W5p V*'*— g? 
™ -s HS m Til ::: .Jr 


134p 50p |Place'la.,|l 


12 163 Braaterfl.: 175 -5 -1«8S 2Jfl' 

89 66 Brahxi/slielOp. 70 +2 hA44 3S 9 - 

74 48 Bradv lmk 60 +4 333 f-J 8/ 

17 . 73 BnumneflRjJto 106 fhZ89 3«J-. 

12*; P; BridcewJProc 5p. 8*1 - 

20 % RriiVw 105 6.254'i;6j:B 

39 29 Bndport-Cajp..: 33 t2J31 0-5 ; 

65- .48 RBAEA 48- cKTB }• Ml t - 
60 45 BnLOoeT. lZ'.ai . 60 -. L52 2lj 3 - 


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45 BnL.CcneT.17-31 . 68 
52 g5||; 5 ? tee,Consl - ^ 


IB. H. Prop.JLA2_ 555 +30 


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71*; b5V rm.>aKTB^7 . — 69 822 U 68 ,V OTOn T^iS. 

70 ££ wui iti. in 4b iitc *+ i <»op i rails '. jil 


78 66 rtn6*rpc 66*, 1048 12 65 

.26*; 221; DoSpcTStlfi. ... 22V«d . 13.25 - S.E. Ltd Prcnnum 3 

93V 91 Midlx SVpc IBM 92* 4 -*, 5 69 1146 „ . 

'99V 94 V Ncv.-a^leSB.pcTtWt) 94V -V 9.76 12.45 BANKS AND 

106V*00 W'arwvk !2-;V 1980 100«d -V 12.50 1246 


COMMONWEALTH & AFRICAN LOANS * 

95 V|92i,|A U .a 5*;rr; 7T«.... | 95 | .. | 5.90 | U 76 Sf B?0 


■ I ! S I H Z? 293 210 Mw'nn.teP 


Mp v 0 , 3 .-^--^ — +S’ 2 aiS H 2§ £136*; £90U \lcetnene FT 100 £125*; +Uj 

lit iiS 334 2M .ufenHnicvyil 305 -5 

2S? *• S- oS 239 150 Allied Irish. _ 201*, -U: : 

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70 3 tn ! * ?S ife'*£f ^ H ll HU “2V £13*4 SSSSui. 08 +1V 

-2 ~'n -..10 53 13 54 465 315 Bk. Irelamiti . 400 -10 

;9b <5 Du epc 7B-8. 66 - ^302 £L37 Do lOpcConi . E187 -5 


LS* ® Hn^dShntiUp 17 . . IhLDj 2| 87 73 


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52 RHP. ,*■ Tl 62 .. 3.90 2.0 9.3 8li|5 & 1 ,52 +1 \P- ~ 


64 1; 58>; ,*crii- Hi ?p,-.i98P . I 
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33*» 27i 4 Mo v.ir:!|K B ... I 
154 107 * S M.«: Spr l#C! I 
95*; 87 Di. u:ifinui UTrnni 1 | 


, _ . 17'; U*, BLLeumi I£l.. Mtt . Q1 

LOANS 170 150 Kk-LeumUTvil 170 .74 

al-j J i a 702 380 Bk.NSWSA2 . 560 +10 03 

Fublic Board and Izid. J15 255 BankScotland£l 268 til 

•'i98B I 59i, -*, n 64 1214 132*® £2172 Banker" N 1 310. £241, +1 *bQS: 

I * 1107 Ii!n368 296 BBRtanll.... 340 +2 03 

B 27 1 "' 1121 1294 ^ 200 & nun Shiplej £l 266 +1 94 

iSe I 120 +2 " 777 ^ M 285 232 i'ite:R;.rlertl .. 255 -5 h!7 

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107V 100*; FFF lipr 1S9I .! 
110 101*; it? J*p.- 

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99 89*; r*o !0i;p..-i mLn & 

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841; 72', lippp., > &I W . I 

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5 ^ 19 tV-AeinMp.V 2D 


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FOREIGN BONDS & RAILS 


197* 



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142 % linndlayo . 126 

130 93 i.uinrur-Ptoi 109x 

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100 61 Hill Samuel ... 87 

bOO 200 Pm Warrants . 200 


0.13 ) - D« - 


93 65 Marie-. 


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17 iSSSJ 1 -Ttmnn* 50 0.67 _ ?Q _ ?a Mnd Sr-.m^r. I 52 .. T2.74 L7 7A112 ;18 159 FJwIV.mjrs 273 

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74 -1 3.11 L0 6 3 22 0 26 141, hcnilrui Jdu 25 +1 07. 

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52 .. T274 17 7flUj; 318 159 FJeriVunje. tup 273 -10 th2 


114 90 KtaTOWtKL^' W "JajR _ *3 -. *« M.mlrei. J .1 104 -1 t6.6 29^ 95 3 6 145 10b Qec Bt-mal* l'*p 123 • .. 508 

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PUS - I 6.W - 


r*41 104 M.mlrei. J 


104 -1 1 16.6 


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rtJ 84 1 7 8 5 10 6 129 98 Slim-l'laa. . 106 . t3.66 48 52 48 5L IP, l^tsSflrc'l 10+ 44 -1*9+236 L6 

121 * 60 + 253 135 Utrt hurt & Pitt U 230 . +2 t9 69 3 2 6 3 7.4 .'l?- IJ=IJt Etlnn Hh; 29 -1 tnL43 - . 

Mil 29 3 2 5 5 66 102 75 5vU-.tHenrvi.„ 75 -1 t4 0 3 7 80 64P^ !£ DunteeromWp 92 -4 5.66 32 

¥101 19 60133 31 23 T.nvIOo . 27 +1 127 3.9 7.0 45 i?, H |* un *!*miaJp - 92 -1 hi 44 14- 

9 38 0.8 9.9 20.2 93 75 T.-nlnri-alUter 90»d 4 55 34 7 5 58 [WplelnLSp .. 221; +i 3 WAO 42.. 

MiVo 1L5 P)2 - • 160 105 TifalcnnL.. .. 1S1 -1 1556 53 6 3 7.1 ^ 3? Duraprpe__ . . -143 .. 424 -33 ' ■ 

-it) |tn2 55 8 5 1.4 12 5 70 19 Tin \hrm 10n^ 49 303 3 9 9 2 39 \£? Vrrtip 100 12*;+*; 020 9.0 " 

- ElO'a 710 niroiM-. 875 -25 Qll% 10 3 3 302 V.' Ii * 36*r . . — :.- 

508 2 5 62«75i 25*; 17 Tuo*insF.RSn . .097 A4 *1^711 1* 54 Ik-xhi.j *J..- 73 3.63 3J . 


2 55 8 5] 1.4] 12 5] 70 19 Ihrm 10pJ 49 .303 39 9^ 39 

U I ;-J : J . I “D'aRS IjnBO. f 875. |-2S 1711% lo) 3 31302 


5 3 b 145 106 Hec Rentals l<* 123 - .. 508 2 ^6^-7 51 K*j 17 fToinl^Fit.'to ^3*; -..tf97 3.S 61^70 S 33 Ikxmi.J*!.- . 73 .3.63 31 

3 4.5 2& 10b gnsfevt I* 15^4 « 3 43 29^127 105 72 H;npk^Fdrie?!. 87 147B aS 81 42 XI ?2 /*'•' - • - 69 -1 3.63 3 1 

l 53-01 14. gR%»telw 175 1115 M 3fll6 7 436 336 }Tu*^ertf £1 . 372 -2 «127 |S 85 51 Ww H 7T. 


2.8(149 1 95 60 Turnfl...' 


2.39 52 4 3 4 01 


V ^terl'rod.Ulp. 77tf -3 [14.42 14 


FINANCIAL TIMES 

BRACKEN BOISE. 10. CANNON STREET. LONDON EC4P 4BY 
Teles: hdilorial 886341/‘L 88CS97. Advertisements: 085033. Telegrams: Fioantimo. London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester. Tel: 24 G 8026 
INTERNATIONAL AND BRITISH OFFICES 


158 40 >twD*7.:i 7 . 56 .427 0« 7.2-271. ,?3 68 FtiWin Had lflp 82 -1 /52]ll4 9.6 11.0 77 20*; Tia-kiWATiOu 27 jo ." .. L42 « 79 I 27 2 220 toarinifc 5Dp II 250 OOO .5.4 ! 

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}£ wo 733 sn -e 4» 69 2.0111 % % iwag^fe -.2?*; fill !i ?| « S S -• f,- 


Q72 82 lAxl-ic., 

p56 107 9M< 

U 73 116 ttedL-id 


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143.; . it5.15 6 j 5.4^ * « 21 IlifililandELaip 39*; -21; rtU9 * 46 * 69 52 ll.l Vfireiiw™ ' *4 . 4 76 2.2 112 ■ 61 S ^ preL!ndSui_ 60 . .»3 0 

125 -2 (Mb 2d7d76Dg O WsdmI. 106 -1 4 69 U 6.6 5.2 211 160 Vi.-^fl Tj 189 -3 ?'96 27 M 67 3 ]* i 7 D & 


a 25 3« 4.1 790 53 77 Kuk-lni 


Tb 7P Bcfcc » 1 ,i;:.ii 79 Ll trw!57 23 87l'62t 98 LaurenieScutl . 106 

104 94 B.iK-n- •.libra 1C2 . 4 39 2 .fl 6.4 B 7 87 64 |L«-Hdric. - 77 


”S J^T 7 3 oj 5.71 6 71138 41 Vn i.ir Prw'hir{s' 123- .. hl69 5 a 2.CH 90 ,2f tl BuMiltis I • 84 i-i 1318 41 

06 +2 5 03 3.2 7.] 5.5 iW 82 jWiJ _ 128 -2 ( 5 89 69| 81 ,iL |W^’*.UIper,ip] 19*;l+l ■ tl.00 33 ■ 

IL + 3 f, FA b3 5 11 5jl £9ljf& IJ92 jwadkin.Vm....: 144 -3 { 1^95 3 7J 54 £ , 1 ? l p‘T^' jn CtoTiSl j £23s,]+2%jS2.0 | - f‘ • 

■.nan Indo " ----- - “ * ' 


KPITtiKIAL OFFICES 

.\m-[.-rilnni f ‘ ■ H.>\ i'JW. Am>Imlam-0. 
l«-l.-\ t JIT! Tel J-iil 

Kirmirt.-ti.ini ■ iiun'i- ll.mw '••■■•ree K.v+l. 

r.-l.-» :LUft53H T..-I .rjl-l.vt IW2 
hvnn I'rv^-liiii!, It I'M Ui-h^.mIIi-v' — ■ 1U. 

l.-k-s www: T«.-i rime® 

Itm '•■«•!, HP III It- t>in-fll«- 
*1 4-1.-, S.«R3 Tl-I S12M27 
t7.>ir.- t''> Pm "IHn. 

Tt-l ICWntU 

in.Min H |-|i;-4.:l::iiu Siiu.ire. 

I .-I.-. TMI4 T.;l TOSrCI 
f.-4!inhurv*i >j<.,ir;i- Mrvel 
I ••lot ”1!4H4 T*:t rtn --i:« JIJ) 

Kr.inWnf Jin **.n liM-niaiwr 17. 
i.-t.-. -ni^ijt r.-i .v-st.'iu 

. J.<li:.niia. , ,1’.iru I' 11 Ki'\ 

1 .■!»• . Jf-fS^.17 I ■-! K.K-TW!. 

I.i-l-iirr I'rdi .< ■!.• AP.-U ri.i I.isuun 2. 

l-|..-\ fiVL* T-l MW r4W 
M.iilrui tVprusn »-ilj .H-. .Mjiirid 3. 

■f.-l -Ml ijTTJ 

.ADVERTISEMENT OFFICES 

e.ii'ii..iv-li-i-ii House 'iv'irCtf Kibd. 

r ■ : , .utHiv-u i - i list j .'«4 iw; 

K>lii'*.>in;!> 1*7 '.I'urft' S:ri»-i 

r.-i.-, Tj4H4 -tot nsi 4 ■:«» 

Kr.i:ikf..r» Im '•.u-h-n.-i. I.ic-r i.1. 

T-i- s ti&r;: r. i r.wr 

L. .,f- )— riii:in. ii: Th<- Ho i<lr“W. 

!■■[ io.Ih ■io4SWS< 


10*; 6 Smilh«-rr*"iii : i 

38 20 Slr-c’i-:-- !«i. 

174 124 Turnsh' .9i|i 


9:, — _ -1 - Cint 4 710 P|,iU|K I*, np 8B5 + 

2i “ . 172 3.4 12 2 36 112 84 f.lcollirf^ lip 92 !- 

134 -1 1995 1811 1 76 109 84 fti'VJip . B8 


+s fiH 2 .< 

-2 3 01 4, 


Hiini-huli-r iJuB-n's ITuuse. Quren Strert. 
Tele, fififiBIJ TeH 061-834 9381 

Sattuvo-Saoio(tfchna.a 12-24. Apt 15. 
T.-l.-x TPHO Tel. aon 2748 

York 7% K'jrkeirlier l'lbra. N.Y. 1O610. 
Telex. AG3SO Tel. .212. 541 402S 
I'.iri, "M R>ii* du SenUer. 700ns. 

Telex 221*044 Tel 236 5743 
pi*-, di- Janeiro Aienida Pr«. Varg»» 41510. 
T*-l 2V1 4846 

Kerne l"ia della Merecde 55. 
telex 61032 Tel B78 3314 


:Ii 330 5 {.:mK.,.;-.- |412 1 + 12 7.72 5 5 28 98 1£5 87 Mev^Sftp . 105 re -2 5 44 is] 7 3|i82* 24 12V WheuinAlbd Jft) Z3 

" 233 2034 2310 5 57 10B 59>, lYe^r in,, „ 1U0«- +2 30 4 4 5 4 115 75 HS 

172 tl387 62 34 7 3 114 79 hv!]ML» 79 -3 3.62 4 S 6 8 5.0 25 21 WilharoiWtfL 2S 

232 -4 11.14 26 59 7 7 362 196 Rural Eli-ctnr, . 319 +1 394 41 13128 *117 47*; Wliw* JanST 108 

731, -t, M 37 16 93 91 104 B6 JtediHuviun 92 4 86 16 7 9 12 9 106 82 W..|fRtoct^aL'= © 


J3S (233 mfhjn ( r-.-i : 


88 . . [301 4.6 

105 it -2 544 19 


394 129 Imijj lR>4d | 172 il387 *21 3 4 73 114 79 l*.-cind.-r 79 -3 3.62 4 

314 225 Tjnni-I B 5*V 1 232 -4 11.14 2H 59 77 362 196 Rural Ekcinr*. . 319 tl 3 94 4 

1 77*, 64 *.'BM itn-up I 73*,-*, M37 109] 91104 Bb ItediBu^iun 92 J 86 1 

38 24 Slur.,; :*-r. 33 ' . ,1 50 3 0 59 fl? 55 37 RciaCIcx'i B lilp 37 -1 tlb 3 

bM 155 Yihranh:.: • 190 ... 1069 2« 8.4 9.1 305 253 Srtorfe .UH. 295 13 52 1 

42 32 WardM.I: Mr. -36 ri2 68 l.WU.l -230- 740 456 Sunj Cu ITO .. 505 +3 050° = * 

63 35 Wair.n-.P--i 50 . . I IS 1W 9 5168 W 33 S.*undI«Ln 3p 51 -1 111 24 4. 


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4 h 10.3 52 2J. WmUiinrf.. !Z 35*; {3.18 lJ 

4? 6.4 41V 19V Wo,- n-F.ia053Jpl-. 40 . .:.. hrtiTE 3; 
Ii P? Vn * 6 , 3 , . 74 +1 1467 3.1 

7 8i82i 24 12'j MiwaTttSo.lOp 23 .. .- h0.89 31 
* 5 £ 115 75 WhitetuittujSfy 1158 ... Z 33 4 

68 5.0 25 21 WiliuntiVtfcL 2S dl 15 4j 


; iut. 7? 53 _f>iftttr= I 60 M5.08 2.4 

17«2,S Fwdwhto > . 31*; 1.40 31 

9 5 42 JI? ^ IceserU tl u . 156 1680 7% 

58 70 FttfflranJnd US .. 609 *2.4 

31 * $ £«*«*« 3Hp.: 28 -Z 041 - 

63 44 ,50 S-rmbnAa, 41 -1 1193 23 

3.4 89 7 J? 5? Fftlfilfidc!. A. 93 . . b“82 L6 


«im -m rnBU 46 40 WTwaa^Sf 

T *:lo\ bl 032 Te, 878 3314 4 ? j 2b Whll ch m !"!. p 

rii.*rkholm r o Svenska Dachladet. FUiUirnsuirn 7 37 j +J Wi->;irLi'm Sh, 

Teles 17603 Te, 50 SI 88 7Jl 99 Wilsen.f*i.ino!h 


.LHJ 1 v5 *. iSrunln:,: ; 190 . .. 10 69 2K 8.4 9.1 30> vWt uiH- Z95 

42 32 Wr.nl Hid: .nr. -36 rf2.68 1.0 11.2 13 B- 740 456 SunvCulTO .. 505 

63 35 Wair.n-_t.-7 50 . . 318 10 9 5168 « 33 Sound liilLn V 51 

125 95 Wk!l Bb*e 119 -2 1h2 84 3 8 3 6 111 43 33 Tdtfiui.in 5p 34 

60 30 WeibnrkPra.;. 54 -2 1 52 3 7 4 ? 98 « 33 Ua.\M.i|r 33 

lib 56 »VHccn Bra< i E2 -J li 29 0 7 9 9 77 4 356 111 Td+ R+ntol* 128. n 

46 40 MTsVJ:3.',i'r [40 .2 61 3 0 9 7 5 1 400 JOS ThuraOert 35* 

45 28 Wfau'ch m I2-, p 36 +1 1.01 43 4 2 67 £109 £90 I w ^ei'nv DlkM £103 

37 22 Wuvin -v'en Wp 35 1 66 25 71 13 g 52 Thrp..rW lOpf 80u 


34 . . 1.32 17 58141 

33 . 132 17 6013 7 

128m) .. 15 93 20 6.9 11 1 
35* +4 11.62 3 4 4.9 8 9 

£103 O5 a o 111 f 5 0 - 
fflhr ] 63 4 3 0 -k 


T'-hran PO Bo« 11-1870 
Telex '413100 Tel B826B8 
T"kjo «h Floor. Nihon Keizai Stimhun 
It.iiMinK- 7-03 Otcmarhl. i.'hljoda-liu. 
Told 4 2711M Tel 24, 2320 
lin-ftraciun 2nd Floor. J333 E Slrrt', 

N W . Wakhininon DC 20004 
Telex 440340 Tel. .202 . 347 8670 


Muni-hnirr yueen's House, puren Street 
Telex 666813 Tel. lXfl-834 9381 
N-u- York 75 Rockefeller Plaja. N V. tOOIB 
telex 236109 Tel .2121 488 8500 
I'.iri.-. M Rue du Sentior. 75002. 

T-lex 220O44 Tel 238 88 01 
Ti’k'i' Koxokara Bui Mine. 1-0- id (.'chikasda. 
• h.MKta-ku Telex i 27104 Tel 2PS 4ftSu 


37 22 IWiPsm.st.-on M|* 35 i. 166 125 7 11 83 §2 52 ThnpfKW 10pf .163 6 30 -> u 7n 

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101 | 63 Iw.piok^. j 82 f2 |0b9 }132| 1 3| 90 3B2 260 l>u| teiMtdir 283 + 3 M6.09 80 ?ZU4nAf 

1 1“ 83 Ward* Hold 96 +1 4.55 2 5 7 1 83 7, « 

PTBriWIP \ I c nr iOTICG JS 5:* JJHIcoIHrt .p 25*; — iL15 81 6.7 5.8 m 

LaLMIlALS. PLASTICS 65 « wennchuuM.- 59 rn.i6 33 55 ti S 

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O0 176 Wifely | hidwx. 205 -1 tbBO -38 5W 78 ,v2. 1 -’ I? - FJ 4 *^**- - '• . 95 -2 WJ.23 1.3 

40 if 'PwllFHrWP 33. ■ 134 <fc ® I 4 4 « . 54 -1 r2 80 35 >. 

48 35 MundtSWiato. 44 , rH 35 0314«349 }S ,S3 . rx-aurtf'E. . 155 -5 1h259 46-. 

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4 l 4! WSfflB?-- +50 

FOOD, GROCERIES. ETC. h! M p:S5fiaaijna. :il, | % [+2 [ ?3 ¥a| 4.3. ' 

'f 1 . m l' l *»r»S.B-Lil^:| 155 I - life 70 1 2 2| 64110 7 kf iS| JS f ,W 'rl ‘■’ i 


SS Hi K, is il H li 276 {l4fi I* w 


90 bl [Mld'olI.n.iiOj 71 +1 170 3 2 36(131 


79 l 63 iM.fhicCtenx 


1tU22 2.41 B7 55 


£57 £40! j Eaix-r v; I 'MS; £52 -H; rQI7V 1 4( 2 9 23 2 

[275 122 Bluakn \i.w£e i 240 112.18 1 9 7 h 103 

■218 134 Brenirhem- ,r^ 193 .„ . M3 17 6 0 2.5 16 2 

31 19 Bnt Rcs.-i't I ftp 28 ... D.b 6 « 3 2 72 


ENGINEERING 




2g3 14S K^pliw-V- I 153 Ul | Mj01 i\ 


-* UO 66 20 fcavna 1 v:ra^r- 


■66 45 Bnt TirPnl :wp 49 -3 t2 31 2 6 6 4 10 6 AJ5 }°S y R^jrhuwi 115 343 2 

14V 10 Burrell ip . 10 £093 01 »127- ina ? ^ ‘ ?2t +3 Ilf, 3 

41 27 i-arte* ■>!;.*. 30 -1 ^93 33 4 7 83 ^ IM Arrow 126 1253 4 


49 I 41 u'alalm 43 

(i95 |£87 jTioai: .n ~y : I .i 1 rqn 


iwrxttis adii-rli>i-nu-ni r.-pncsunlnlivcs in 
fenir.il and Snutlt Amen ra. Afrit.*, (ht- Middle Kasi Asia and the Far East 
F.ir further rirlkiH I'I.mm- t-nntacf 
Oxersoas AnvcrliMincnt department. 

Kinun-.i:*! Time*. Bracken House. 1U. tVimnn Street. London EC4P 4KV 


.:■ % t1»S 80 1!? M 


si'BSCBin’inxs 


.,i»:ii::m>.|e f-.mi ii*-.«,.i«:ei:i# and li.nikxi.ills uorlduide nr hr regular *i:hx-rir!< rt n fron= 
Mills, ri 1^11 m n<.-partm»-ni Financial Timex. Ijiudnr. 


[NE TOOLS 

115 

. 3 43 

206 

+ 3 lb 8 

126 

1253 

94 

-1 12.53 

300 

+3 10 0 

142 

-6 9.9 

52 

4 40 

4* 

li? 56 

132ic 

15 36 

6b 

-1 h2J° 

29 

-3 - 

140 

. tiibn 

7*; 

H— 

38 

256 

24 

. 1 15 

85 

1536 

105 

595 

171 

42 T59 

147 

- 2 t5 33 

8*4 

-V 024 


1W +1 1 tl *7 I 4 i 


lirS-3 S2 b £’ W Wi* h 1 li 


IHUKIH H*p . 

17 (fljiiLlaraeKSIa. 
■63 ijiaairar' * p 
-FI jHan.-nr.Tru5! ... 
£-75 ‘ ! Iw7a 


125 +4 1639 
175 -J Obix-y 


59 (lifdi.xBnjr ._J 65 




1 4 56 I * t*:t ■' 


: vk v-.-t 

9 , . £ • _ * . ; • “*T 

1 t- * -. '- K-.r - 


-■WSOf 


• i? • .. •••w* 



_ . . . jr>. Pi-X^ 

i»]^^^atavpaK»r8 * W78 •" . 

^nf^Hed-N.;- INSURANCE — Continued PRO! 




PROPERTT— Continued 


INV. TRUSTS— Continued 


FINANCE, LAND-Continned 


•* ••’ ~'rit '’i* 'jja '■**£' r vMj , * ^vuuuucu . -*•■■■ w».»».. 1U vu r — vusiliuui.-. 

^aaStor^!rt 11 teWa.*fVL - i-MEUEi-iJ-i-.i~Mswa-.ij-i - i-mums- 


a fully integrated banking service 


iv - ' S? Sfe IffittWC-- ' 30 [ 2 222 . * 

.■ :. -$2 10 MmreniBsfws. ; :J9r »:.« • - - 

l- .:• £ _?tf; IctaSMOnra. - : M0- +1' 13.95 '4J 

Sr •» 375 JohwwiMthy.Q' 44S-: 23.83 3J 

* 15 32 JourdanfE<10cu S?;! -2 t2,93 T. 

■Ti .;*jh 2B K^aaozojlDp-. "35 2.16 ft 

r?: 18 ® Kei^isdCT: 10$ - -3 328- it 

*i? - ■. Jl 23 . Kennedy Salop \ =1. 160 1! 

ij ; -iP-’A 900 KcrshwlA-lftL. £38*2 tmi ZJ 

i- 1 : n 62 fOwn-EZeffitte- ■■'.TS-.- cMJ3 2J 


ft M *4 


Kills Faber J230 -? 


£•« — 31 I.TU I.IIHI Jip. W 102 Oj ".4 1*02 ™ * 411- « r ***-.- il — SO 

5.9| 10.5 775 172 l«ir1Uuw~<V 228 +D 025 ®, a lnt> U3 102 Capital* Sa!.*. 115 

325 77 Ltai Pnii Shj* Itm] 129 + 1 mE2 26 101556 07 100 232 

B0 55 lam Ship Prop 1 1 730* . . fo? $ $ 123 87 i Voinalitri.... 101 


.,11 76 KXJ.HHi .:,— t 88 M-Mftb ■ £4 63 6.0 


2-J •• , I.RISITRP 80 55 Lull Sk* Prop 73rf .103 a 62 • 123 87 iVoimIW. — 101 

w •■■ • 138 104 Umnn lift- -Jin 122 -1 25 2 5 194 134 94 .. 105 

-oa-lr 94. W. AngHaTVA*.— 84 +1 t4?4 3U 75! 64 105 MEF\' . 135 -2 +17.J 19 19 42.1 7« ! : 56 Cedarlm 61 

n £* 75*2 4P* AhocI/WotSP- 68 -2 +307 35 ti 'o f* 43 14 MnrtorEflah*,., 34 -3 V-- -- - 428 162 124 i hanl l» lnr. [!. 352 

£1 4-I 175 60. Barr 6 WAT. '.V 146 td379 66 38 50 50 34 Mrlnemoj- lup.. 36 12.03 2.0 79 6 3 650 455 Do. tar.. — 630 

;§■§ 22 119 88 BJ*cte&wn.5tip. 88 t4 47 l'« 7 a 105 300 MS «eka;-.vvi 3lp. 285 +10 3 59 ft 08* tf> 46 CliarterTnjs: . . 51! 

160 BflWfffcflwte.. 2MM -3 t516 46 4 8 6ft 48 31» 2 Midmn^wit 10p.. 471, .. . - . 33i 4 26 City 6 Com Inc. 28 

861 80 136 95 CaumariSOp — 95 -2 IQ 92 32 It 90 ** Huinim*»V . 87 +1 ija 69 2 3 95 131 76 iv Cap 'Cl _ 104 

6.0 ■Os rw. *h - ■ an i “ -*.01, , 7 in - u— . > i i. .1 ■»»« 5- m nei- rtiv i- Tnr 1m- ss 


_.[ 94 1-2 


_ :;°137 J03 MWU0W.V&J.1 125 +2 2148 2:a3'o 191 W W 2 putjw 1m-- . 71 U2 _ - — 


FraiHry c.-si. 5125 OS521 Iffl 4 2123 7 j: 5 | 20 fiakTijiLv- ...... 130 ^lOOc 23 52 7 0 

Br«na: , H 24 .... 1 51 1 6, 94 9 S> 43 25 nXcil-rl ^ir-. - 43 10 5 - 1.7 14.4 

fcndsr.^tr — 6 ’* ... - - — jj 35 i;,...-- i.-.V 43 tO 5 — 17 14 4 

g[|! yjj 8 '* 3 " 38*- .... t]67 11 65 2Z0 «15 44 90 1.02 190 1.7 39! 

70 .... 2 4 o 52 c ? 5 18. Kaahuiui' . . 23 1.84 * 11.9 * 

Si VJ : n P 11 m; ... . 07 * 95 ® lai, )7!, Mt-> 39 +% 03 0.9 2.4*88* 

RnJ fflUirfn. % 345 1.1 5.5 249 ?, 0 13* b'w.F.ar.n.n, _ 30 .. t0.51 47 25126 

Rntln.^t .— 165 +2 4 92 10 4 5 339 77 36 Lnn MerchaM . 6fa +1 hO 84 41 2.0 162 

Br imM^«.3ip. 139 <5 23 10 56 273 150 1W V| li. Hldf 5p 130 .... 3 51 37 40 94 

*M , 2r n p r ii? k S + J t3 S° II 5 9 23.8 go j 2 itv 76 ... *0 69 24 3 4 443 

JI 7193 1.2 J7263 74 42 »n.r**nMr 58 +1 45 * 1L6 * 

^ 255 -1 856 12 5 0K4j £12:. &46 M;*- Vrt i RK> 923 +43 5(5116 — 63- 

i,alnl«iwnTl... 76 ^1 1186 10 364L7 7l 42 Mnilm*£i- . . 46 ... — - ~ — 

i*. a “-’5r^ 22 * 30 14 MIK jni f 2i:jp 17 1.43 16 12.6 73 

' jrannanandtev fo ... 3.5s 11 6.3 22 8 453 200 Vpnw Kd S;e. U® 430 ..... — 

nBnefialm- ,*ip. 315 Z03 4.9 10 31.8 33 9:, F'awm^l0r*_ 11 - - _ _ 

iM.kian:;a- 98a! t3 65 12 5.6 23.4 43 zi'-, Parkl'lJ.efnv- 41 1.12 4.4 4.1 7.0 

L S^3!* ,Na! -*- JJ5 46 10 0-0 255 247 167 Bjar<a*.«.i-3.-fl_ 213 -2 6£1 36 4.8 87 

B iW- ?n? - r„ V-.V. Mi, 10 fi Genrcc I«P— 13ai 0 « 1.0 5.6 26.2 

■anjinalllri — 101 .... t?96 1 0 5 8 25 0 131 S9 .am. ft Sen- V. 91 +2 307 1.7 5 0176 

1 arlinl lm„ _ .. 1M 391 LI 56243 [52 £48 s.E U6p: tnn .. £52 ... rill, - 8.2 - 

l f U T. , / u . ,Sl 11 62222 6? 51 smith Ur\>> . . 58 -2 d497 1312.8 88 

lIurIMm.E!. 352 ... gi5 0 14 99 i 12 \ r-;l,n.Par HKN*- 11IU . - - - SJ2 

pa tar-. — 630 - - - _ £54 U7k <MtniL\KIfl». £461; 025!/. _ 62 - 

nianerTnK .. 51U +1 <2.18 LI 6.3 221 £‘j 900 Trax. Mia T-t Ip £U» = . .. *Qi302 16 : i 

.it 6 torn. Inc. 28 fl ® 1.0 9.8151 3a 23 Wen. .selert afn 25 2.13 12 12? 10'3 

LVM.ap’CI _ 104 _ S3 ■„ 3fj, llc.-idEnulano 49 154 45 4 7 6.0 

.^ttorlni- 71 t 2 - _ - - -]& 6><" V«k«wenll* 14 . ... H0.33 - 3.6 28 2 

.“J'iS’ 1 47 ft 76 * 8? 65 YulcCatloiOp.— 67 141 3.8 3.6 7.7 

. 70xc .. .. t3.35 1.0 7.120.6 




1S7B 

Rlfh la* 


Head OHice; Osaka, Japan 


MINES — Continued 
AUSTRALIAN . 

I |- od niv. 

Slork | Price | - | Nrt 


ry it 47 fcO 15 10 4.«n«2V.. . 10 

1/505 340 64 (idiiUin'.’ilieSOT(«i 125 +1 tQ&: L4 J9 

141 at 77 131 63 BHS«llh.i0r _ 12S +1 - - I - 

P S ^.0 /./ (Vi ,rn rnxtnl . fln I 


76 In Aran Enet^ £1 I 76 


rbveriiMiveaiip Sllj 3.86 1.0 7 1 21 3 AEf C 

Clifton liv e l(tp_ 7i 4 _ • UlLo 

l K5p fchr - S rl t170 11 34415 125 76 n.AranEnei^n.. 76 

WMftlSw.«4 248 -2 8 22 L2 5.0 265 ^ Jj torEmeolOp' 

Conluiert 1 Ind 176 -2 650 L0 65 265 1*$ ^ KS5?bJi 

Cmtutesdianr.. 106m .. 355 1.1 5.0 27.8 71, 1c rv, pf fi 71 

CrtSfllJatma* 288 -2 - - - 3138 iff- 55 ^SK £1 — S 

— M nrn in liSS oktfl ^^toi'afso. £S9i 2 

5555“.==:, H, -V-SS Ti'n in \ EL3!* 750 itC-TMh Sea -I I . £U 

4 315 11110123 39 30 riTanriev-aRa. 37 

L“P-- .55 r. - - h? 49 rnuun-lAn 64 


820 150 rtatral Pacific.. . . 

336 148 CrtinnfRjntntorft- 

27 91, Endeat4Ur2Hc. 

, 75 4a liSiKatoccrlieSl 

— I— 68 18 Haomarrf4d.\L 


-» 24 . baA Mtin c.Tp - 34 203. :25 89 66 am* 45' HdulTV'-VIdfL 51 

• 5 34 Long Hnhly. rap. -41 gliQ 51 5f -3.6 75 52 IKertYW — 75 

.5 ^2 LonfUA Trans.. 73- ..... <13^6 3^ 7.? .46 -17. ns. WebbJt^i^: .. 15 

-2 68 "9475 Z5 ^71 .5-9 '35 mu iftsiwrtTl'iOp-. 29 

HI 16> bwtBQuarilp 3£2 — _ flI05 2.5 91 52 .(£_ 441] Zellers 5p 55 

6 M a.y.D«LlteZ .56 ' -IhZC. ft 67 ;ftl . : , • 


yl(m — 
rhsii ap .. 


6 M ».y.O»iLI0p.-. .56' -3ij2.« . ft 67.*:. 

-, !7 18 ifawie Ldn. . 2« ' -V 2 D3 • - fffl 126 ^ 

, W 86 M'e’ittePlLlDp, 100 ■ -Z 4 40 '4.4 66 3.7 MOTORS, AIRCRAFT 

.15 60 3lBdarUeGp_ 84 « 90 15 W 12.9 i 

•-L9 10 SlcOeeryL'A— . 37 -L.. tD25 —.2 J.— .■ ■ HW<,k p.. r ], 

.. *6 15 BwLeDan*. ft«i : S „L. 1.32 I 03 8.6 25.7 -. ' - 31 ° UirS - aaa 

..Hlj 55 HicpSwr^ajUj. - 74 *2.68 3.3 -5.^ '75 in i m F8J*56b._ _l 20 I- 

• iQ Ti UMButiaGmuix 12S ' 64 33 >7J m "iiS . Ini; lL TOte I 7S1 L 


. « jjfaegtoGwujLllg k.;..1t«a74 ^ }lB5 -HnNkL-Utfu 200 +2 Q34e 1 

:.Lte.-.feas5 i £:4 a as M- taws izr « - 1 - - 


USTRL\Ir ,u.’S* M 


"6I1 17 - Jtsrlweind Uto. 34 tTL04 43 -.46 7.7 iju SI, RdiaittMlr?®— 9* 4 I .. _ 

il 33 HeutdrL^.-'A~, -45. +1 td? 53 '47 84 .3.0 <311, (gl-. p,fk R**jre Htif 104 (+1 «5<i 5 j 

134 Mardag^ruv. l^al+r 16.49 3.1 '6f 4.6 fESSsSEf^ U2 i Q12% 2.6 

j7 45. iiartir.-riacs.. _ -. 47 — ±406 — . t - — . .... - 1 


330 +30 

273 -r-12 tQ10i- 22 £ 

20 + ' * — 

62 -13 — - - 

30 

113 . l3 55 2 0 -1 5 

291; -11; _ _ 

1% +3 Q9c 17 2.B 


llfl *3 Q5- 1.5 4.6 

^ -1 - - - 

22 -1 

125 +5 Qli’c 1910.6 

.'o ~3 — — _ 

53 - - - 

900 ■■■25 — - - 

25 +1 - - - 

453 -*-3 Q15c ft 20 

140 . - 

136 +3 (/3t 0.7 t ■ 


TINS 


45. Mamc-Rlech : •/ 47 -1' *4.06 1+. ♦ .- . 

, 122 £86i 2 S!atbesOTs73«pe: Elll -1 Q7M5. Z3172 — 

i0 120 BanarilsSp.^ 034 -2 5.43 Z7 60 9.1 

■■16 20 MedndiiderlQp; .'36 ..... 203 . : ft 86 ft 


Commercial Vehicles 


24 .... 2 81 13117 5 

365 . Q300c 0517.7 

54 . . U.O 4.4 11.0 

230 -20 OH Or * 10: 


SHIPBUILDERS, REPAIRERS 


83 I 62 |UjB.thnni L. r Op. 
IbO 1325 Swan Hunter £1_ 



78 



194 

+4 

6% 

193 

-2 

15.0 

333 

-2 

14ft8 


Gecmr — 

iJotd k Eaw U:i-p_ 


*« Ut^aiinwrnau. m +i J.Wi AJ IJHI ivi xin +uy dcouiujij+h 

871, 63 Ens.kN.1 Tns._ 69 1 ; +1'; 13.0 L0 6 4 260 afta si3nVanAR^ 558 —6 tl5 94 4L J 1 57 111 oewnr.— 

86 58 Enfi.icSca.Iav_ 74 ... .! 2.49 10 5.0 30^ “3 ^ 1 l"-> n * Re *- 5 ?| "• J? jfg if. 57 U Si 1 ^d fc Eaw W : p_ 

b a waata sr» uzii»S 1 i a 1 s 

ihs 91 *3 2 5t„^..s ti H ^ | 1 S 1 - 1 : ® ™ Safe— 

dmls 3 tifiSE iB-5 ai ii m 1:1 1 | | : mu Ta “ ■ *t§ SS ara : 

88 £• SSSSfc dt $ gfc H asi 1 1 *8 -= = 78 z 4 3 « SSJp.” 

57 37 F.CGJTJftPiat. 44 -U +Q9tr 12 7 5 103 . ** ‘ 5 ^ Jld0 Ajfc " 59 ■ • _ — — 7g ^ _ 

l?-’ %!- HZ 1 ■ ; T " 44 10 °- 7 154 nvi?wcKrAe TQ&Tktraz - — 


230 -ro onor * 107 
185 +5 5 04 E.a 4 1 


’uopencCons. 340ur t15 3£ 0.9 6! 


— t»Jt) 450 Killn.-halL. 

~ 470 280 

- 73 40 J»aharz 

73 50 PenpkaJen !Vp _ 

270 165 fVtalueSMl 


32 neerawtop— 
16- PenUand1^»J.L] 


.2 69 PenfcalOp uz 95 ....-; 

:'6 46 Parocoa 46- . -1 


242 Fhcto-He50p_._ 348 
211 Pdktoctonfth. 285 
E56 PitmyEowesLn.. £65 


746 

34 

81 

707 

71 

94 

034 

73 

31 

jnLD2 

5?S 

0ft 

IS 

It 

n? 

13 35 

JJ| 

81 

1 Vi 


56 

x- 

1L9 

15 

14ft 

(v+ 

1203 

67 

7fl 

0.99 

27 

6Z 

4.49 

2i 

7.3 

7Z23 



■J 

+159 

09% 

13 

83 

195 

tJl4 

37 

5.2 

16307 

3S 

44 

Q6c 

Z5 

15.1 

tin 

51 

71 

3 67- 

5.7 

■4.i 

K660 

34 

6(1 

1+164 

9 C 

47 

W67 

5f 

4 4 

w 

3ft 

L4 

6J 

14.9 

R— ' 

— 

— 


300 .... - - - 

90 32.0 1.6 £. 

73' -1 OlJi’C LI L7 
630 ... 0125 ft 19 S 

455 lC95c D.S 4.5 

63 -1 tv»r 75c 05 t 

72aJ a 60 1.3137 

250 .... tOSOc 1.6 73 
32 -2 203 65 37 

bb 41° 20 95 

225 .... -t'iJfc 0 613E 

33C ... "Jr'.S, 11 So 

215 I'rSi 53 65 

75 .. . 7-jlO-- - •=» 

9J . . 3 6C> £ S iC r 

2-10 -5 1^33*. 1.6 1 


(Hllnnit Dreedra. 5»;x£ .. .. 313 

WoodheadiJi— 98 3 8b * 

|zeajlh*.4'30p 80 -1 4.47 

Garages and Distributers 


■3 3D IPlaikCawLlOp.; 


348 ...~.J603* |-A« 2fi .U 52 40 

3. 285. -S ( h5jS5| «J.3JU.ft 26 ■ 19 
l. £65 +3 tew 5.W&7 — 03 64 


. 5.W- &7|' L13 64 

iM 3.6] 7.2 44 29!; 


.-9 45 Fotymarii Jlip — 515+II5 tZ7fr-Z5 a2 72 47» 2 35 

-2 206 Portals 220 -2 18.0. 3.0 55 9J2 102 74 

•8 149 Pviwii Dufl 50p'. 188 +1 10.15 3J *1 46 -fll) 64 


2 17 PTfec^raiap-.. 26m « 

-.1 154 Preshfie Group.. 180 5.' 

3 28 Pritchard Sf* 5p 36>; +1 fj 

.43, 5i; Prov-Lamakto. lE*wl +s 4 0, 

3 48 R.FDGrflBpi3p 70 -3 ] 

.-Hz 10 HTDGrouQMp^ 


s 


36 ..... 193 
r 105id ...„, WdL. 


.-liz 10 HTDarapiMp- 34 -1 

-.0 .25 fiaiznifiBl^ 36 ..... 

.H 2 60 Randalls 105 hI 

0 392 4« -10 110.77 3.7li7.9)[«' 72 

7 262 Redharn Glass.. 285‘ R61B 55 8.4 3 5 46 31- 

:0 42 ReedExec^i— 76 tZ79 2i 5J105 84 65 

■5 102 ReedIntL£l_wu. .157 -1 i£32 ZS t 6«*9H 2 66«z 

4 68 BdjnmPBWS^. 91 -2 - 416 2 3 6.8 9.9 76 48 

.0 145 Rau»mIne.Y50. 270. Q20* ft 03 ft XI 731; 

9 55 RaiwkWroeq>w 47 +1 102 86 3.2 40 *38 23 

2 38 ' Reslnwr.— :..d' 62 -2 hL8 56 4 3 6i2 lit* 5%' 

1. 56 Rexnttre «. J& .... 4431 U 9.9J&21 15' 4 

’57 87 Ricardo 303 ...... H7.0 85 3:4 10.7 L41 77 


46 4,9 6:8 54 39 

3.2 4.7 59 44! 2 

3.7 63 53 38 29 

- 4.4 — , 51 . 21 

90 3.4 4.2 126 92 

- - 21 *H3 74l 2 

35 83 52 *135 112 

- 21 — 149 88 | Heron Utr Grp 

36 4 9 63 £35 £12 



69 4.42 3 0 9.6 52 

171 2 +'4 _ - 2L4 

89 -1 M6.34 2 5 106 72 

111 +1 7.37 2 5 10.6 4.4 


SHOES AND LEATHER D02 I 67 [Greenfriarliy. . 94i; 

38 161; Allchonc JUpr. 28 cl 15 2 0 6 •113* 70'’ j| ilrowlme^.r.'- 

b5 52 Bortn.lnlnl. - 54xt .... 4 \b 3 412.3 3.6 g9 h 0 '? '3cSln* ?=■ 73 

Sti 56 FftHwarlnv*. 68 d4 39 2.1 9.6 6.6 Qn 78 Hambros % 

108 ?3 GarnarScnthlair 105 . t457 41 65 SD :04 1M Hill (Philip.'. 170a 

60 30 ritidlam .-jmiSp 53 -3 HL7 7.9 4.3 aj tfi HumeHlds _ 74 


75 .. <2 13 1.1 12 313 +4 | •■tochrilCmK 44 -: r 3.7117,61. i' nm™. :.. ;r .- 1 1- 

97!-. -ri 2 <3 93 1 1 oC 22 9 275 lOR M»ninEler Cl 210 13 40 08 4.5-22' ’2*3 i?5 i-m-_ .Ijrrn * H - , i| 2 .?.■:* -= 7 

94 J- t 1 147 12 2 3 52.9 107 68 iiceji«l*n? 3® 80 -4 2 92 2.9 5.4 7.2 ^ ‘J5 N.-rthcaievSI _| 3S5 .=E - | -J . 

60* 20^ 20 5 0 15 0 235 lo5 Fumllrt Mf. 1S0 j£ -3 80 * 66 ft 1M KT^. ._.. 1 ^>r -5 I -■:< »•• 

62 . 3 9 1 1 4.5^9 : - 25 160 Ift-.VNVNp. 175m -2 8 0 ft 6 8 ft ” Jamwlndr !al 42 - — 

73 .... 12.74 10 57 25 5 54 27 SanjwJ E..l»Jp 35 -2 t4.4J L3 t 63 ^ Tarawjl .. * 00 ■*>■ - - --.1 

% .... 3.81 LO ts0 24 6 4;, 41, vcuSucarrOr ■ 51; ... B~ - - - ,£? ,43 TfUffBaw- ..-p . <13.-» ft, 2; 

70a .... t8 02 1 0 7 0 21.5 132 44 iS.iw-[w^H*j lib .... tQ 3.0 2.4 lb 29 6 1S 5 120 \nknaCmv»'5i J 150 . <J**.-l2a 

74 4 b 12 9 J 13.7 250 175 fudSrK .. . I90*c .. .. 165 44 5.2 64 g -\ /\t rso riir *> 


J ?U*l nrtb ■. I7u>v . • • • IOJ H t D 9 ii/\ir ri (•p* t 7*n .t 

3 Ticc-rhers »p 51 .. .. T 3 15 17 “4 i4.7* GOLDS SS-? PHEl^iL^- 

l f I L93 -1 Q8*!; 1B.0 fS.7 — London quoralions Tor nelc-.-lct! Aincb-i ro:r.::i; 

1 L < i.yMerr jOp 57 -5 0.84 ft 2.- ft shares in l>‘ 5. ourreu.'y vwlu'liur wnir^r: 
l IV l(ip: Ln. ISp 56 -5 410 I i*| ft I2.9| — premium. Thc«: pntej arc r-uitablc ic- nt.aVK 

resident. 

RUBBERS AND SISALS Ul5«4|S10‘<[BuQcl5R: . .. I . S10t;l+»* |Q170 l'| 1E|18 7 • 

SllL|855c lEanDricR] 355c 1-5 «J78c L7)l05 


1+ or| Dir. ITd 585c 33ilc East RsndPtr P.! . 420c +16] — J — 1 — 

1 - | Net Cvt fir's «&», Slb^, KS fedulaftc - S17" s w) Q315c * 20.4- 


31; n- fif M ?-f4p.- 1 5" WKW -.".I S 


10.71- — f 481; 26 

Am % 


33 +1 1.27 15 5.7 174 
48 +1 dO 47 174 1.5 52 

108 id418 38 5.9 6.8 

97 -2 t6^0 ft 10.5 3.0 

122 -1 1871 3 210.7 55 ^ 

102 -3 3.64 3 7 55 6.1 f " 

£180 . ... QlO'o 35.0 (5.7 - ^ 


iV« ,r 2? P63 226 Uer-cyGen.L! 22b -2 <0130 15 5 £15.7 104 75 -\n?li>In<toncr.tL 

tl33| 2.6| 7.1| 8.2r 53 411, posHcltJinfr- . 44 ... 259 10 SI 13 3 127 w BwtanU.W ir<f 


SOUTH AFRICANS 


I.Ucrcotn ROJO. . I 98 


51 44 Jmclm Iik- lop 441* .. 355 1111.9117 17 ll>z Ptrd.Mncsr - - 

8> 4 4 Do Cap LTJ „ . 6*< +U — — — — 65 31 R^dualMOp 

(CANS LSI 125 Scyaa-lD-. 50p . 135 ...6.09 1.1 bB 20 2 305 lo5, C^efieldlilF. 

, , , 105 75 Lake Viewin'. , 87^^ +> 4 t244 11 4 2 340 57 2b Chcimnes-IOp. . 

.. .I1B16J 2.4110.41 6.7 44 33 Lane. L Lon. Im. 42 .... 1.83 11 6 5 22.1 52 IPa Cois Plants 11^- 


S15! t 975 c Pros Branl.V, SlOuf +J< Q150c ft 17.3 

■\nftoIiwtoncr.P_ 102 +1 1279 471 4.1 <131* 900c :-X HeteiuRl 912c +12 QlWc ft 24.1 

Bertamtun- Ilf 102 !• ... 3.55 171 5.2 J65c 313c .SulionifnA- 402c +8 23 il 

Bird.Ajncp- . . 17 _ _ _ S22«; Sib’s Va.il Rccl.,>> £17<4 +’4 C*ll£c 3.3 7 7- 


102 . .. 

17 

58 

265 +5 


5.55 17 5.2 J65e 313c Sull-:nlc;n .W,- 402c +8 <C-22c 23 6.3 

_ _ _ S22L 516J b Va.il Rcci. >V. £17b +L <tll5c 3.3 7 7- 

♦173 1 0 4 4 557 ^ '••«* One K I S28.’4 -»« t?3SSc 1.7 15 4 

ID H S31U SI®* Wes Hhls ,.!*.*• ._ S23u) Q415c ft 20 8 

♦hL4 l“ 39 S12b 895*’ U«teni r»c? r- .. 975c Q325c 2.4 ?.3 


'57 87 Ricardo 303 ...... H7.0 

i S SS: 1 ®; 1 is: lg 

,8 36 HnpnetHlifei;.;_ 39 236 

32 Go-'A'. J_ 39 2.16 

-2 37 Rotaprint 33p, — . 37 2.99. 

4 25 Rowan & Baden- 29 -2 J134 

:2 104 Royal Vorcs:;- 166 +1 16.49 
n 45 RnwB{A.U8p. S7 , 227 


Lou-SGart Sip 74 
Lndn&HoljTiod. 109 
Lon & lennuA. _ 50 

Lon.filji !i)p_ 27 


iSSWi S 


«■ « 
29; Sk 


eDlA-UOp- 87 * 

s(Llto 12 -J 2 

obmnFWMO- £2S 


TEXTILES 


■i5 19 SaafinnsUtato. 44 +1, 159 jft 5^ 

17 75 Sateen Grp— 1. 33 +1 5.B9 .11 li 

14 86 ScOTBGrmp-^- 184 - .!.... 532 2J 7» 


*73% £43 ScHombaprS! £62% +4^ (J1.40 

m 65 SotooR i_ • 68 329 

17 2? Set*. Heritable-. 43 -2 thO.W 

57 85- SwLfcUn.lnvp, 125 +2 737' 

i5tj 27*4 Sears HI — ~ ,37^2 ■■■•■'■ HiUI 
55 56 SenmenrQxL_ 120. -2- ^34 

55 57 Do 'A’W-VL — 118 -2 &54 


105tt . IK 73 7 3 3 9 3 7 

TEXTILES 

... . Ol 2 -»2 tZ23 2 6 7 7 7.6 164 130 Vllied Textile .. 141 .. . td6 5' 

L4 12X (83) I3fl ! 68- tVatanlfti 115 ..... 223 84 2 9| 43 58 48 Attire Pro*. . . 54 -1 3 73 

5.6 6.9 '2.8 ' . . - . ' 85 53 Beales- J '2»p 83 72.92 

0.8 58 32.9 - 35 ' 64 Beckman A iOp. 75 4 08 

.5.9 33.66 NEWSPAPERS, PUBUSHEES *>, 3 fiareSp § Rg 

.1.9 6.8 117 mo pJO Wn'cws — ; 186 -2 5.90 3.91 4.71 a 2 «' 28 Rnfikt .John; . r . 35 .... 2.46 

.3.5 5.5 . 7J >58 165 Ass. Book P.20p. 227 +2 14.08 75 27 7.5 1W» *h BncrayGrp+p... 8 - 

A 5ft ft_ 68 46 BPtftfldas.'A _ 63 3.2 53 76 5 9 17 20 8nl Enui/m - 14J; .... - 

.11186 8.4 651; 421; Bcdd B rothers— 61. -...137 2 9 S.S\ 8.B 591; 35>; BnlMohi;. _. 54 -1 72 7£ 

23 7R 61 152 70 Biacki/14(li«. 148 d4.97 3 1 5.0 9.8 70 41 B-ilraerLirf. 3rp 56 -2 3.1b 

ft ,L2 ft 138 105 BristrJPtjst.- .. 13« +2 652 2.1 73^ 9 7 26 U L-ird 1 Dundee IB -2 - 


2S lb Lon. ft U !op_ 27 O.oO 13 53 35.2 

85 59>; LonfcLwi»*d. 72 .... T244 II 50 2E5 

10 157 Lon-iMonlrose 177® .... 5 9 ft 50 ft 

25 93 Lon.iPw _ . 105 -1 t?45 10 4^30.9 

87 64 Lun.Pnidennal- 74 ...23° 10 5.S258 


I A 57 11 7 319.6 13'< 3b Grand t'er, era] H*p 11 

2 7* 400 211 fi-jthreri 352 

1231 1.0114 12 9 129 65 Kirm* S* En Hb. 113 

— — — - 135 56!; HighlanrisHSOc 113 

dl.52 5 2 bS j 3« 4U; Kuala Keptsw Mil 74 

m.5 1 0 8 1 20.8 55i; 29 hKjhnlSk -- 51 

:?0 51 27 1 0 535 1<»7 b<> Ldn Sumatra JOp.. 180 

1365 10 5.0 30 4 83 36 VftbWrffMSI 67 

hL70 10 5 9 302 b}. 38*; XHvRiverldp 58 

Q dO 13 5.135.2 SI 55 Kkwm&KMl- ton 66 


43 -1 03 0 1.1 7.0 


113 +1 
74 


o0 13 3-135.2 81 55 lriuWNcHMb top W 

2 44 II 5 6 285 4S 37 Gun.»« Vmb, top. 8: 

59 ft 50 ft 
545 10 4^30.9 . 

so in sRto+a iEj.Tko 


11 .... 056 ft 7.6 

352 .. . 15.23 1 6 65 NOTES 

113 ... +4.0 ft 5.4 

113 +1 IV 20 8r — 4.0 I nJrts mlicniiu. indlcatpd. prim nod n«t dividend* m+ In 

74 Q12*'*.- 1.5 3.6 pence and iVncmltulion-. m ssp. Ej^imatcd pric+learcIniSi 

51 +h Q 11.5c 0.8 4.9 rati®* and coven arc baw^Inn annual reports and accnuois. 

180 +J +4.06 11 3.4 and. wbmr possible. »re upd3i+d on h^tl-vcnrlt hcnrrv. P.’tuar- 

67 hQ15e 1.9 51 calmtoted •>“ <he bavis *d r»+; diNU-tliaiiaa: b^rkewd Jifiin+s 

58 +0 48 3 9 1.2 ieftwlr H P" o«i. or mn> ftfinmer i! mI.'iiIiM m "b!I" 

fjf, +«2 21 £.0 50 4lnri!iHiirai VWcri, «nr boMnl an "rmviimm ' diMnbrlinn. 

Rt Tci ri in j'7 Vn+dsacc hwminn middle prlcm. arr cr^a.. ai/'u&Lnitn 4*Tof 

. ... V111 .+ j-+i t.i p, r , an| | jjiow j 4r ,,i uf oj d,vlar«t di itrtbatiors sail 
rifibis. Securities wilh denorninai.on.s cUcr ;hsr. -tcriiia an* 
S quoted inclusive of the Invest lorut dollar pn-ntt^a 


am 


48>z 34 Lon. ft S'clydr _ 401; 16 12 5 TOO 

35170 62 116 861; LonKMA.. 97 +1 H465 1 0 7 7 22Z InCia 300 

2 3 10. 3 60 58 « 1 -.iAr, f n 365 175 

60 54 3.5 U ITg W& i+l*o»I!ac. lOp 209 +1 U12 < 9 10 9.1 1&4 3^5 23P v.-amFtosLeri! 

1.7( 9 9 9.0 Lj 2 90 f-oiaa Op 110 +1 - - - - 13 97 ,4»wlr.4£i ... 

- 43- 73, UMMhrllp 73 . 5.10 1010.414 4 30 i 2)n Erapirf FlanLlOp 

, 36(136 3.1 sg< if* • “* '■ ^ A <* _ “ " “ 553 325 La'tne Plant £1 . 

2.46 1^10.5 64 7 g 65 MaiiMOTbpInv 65 -1 - - - Z4& ISO McLeod RuuH£i . 

_ , _ 43 48 40 Meldninlm -*. 45 . 1.38 10 b-Z3+ 1+5 *j,i-f*T ■' 1 

_ _ 1 47 33 Msr,amilelm_ 39 +>; L27 14 44 22.7 fc ; , « 5,Sl!ligO0p' 

33 7.b 5.4 S3 62 Merchanl£a_ 67 +u 12 9 1.0 6 5 253 ijij- qn WanenPlMto ... 

3.91 8 4 4.6 41 Unblmtt. . 471; +1 I6J 10 ?1284 m 130 V.-illiamscn 


India and Sangladesh 

ia.-7tI*M^r.*'i I 265 | . 1 4*965 
aniFtotiLeri! I 295 10 13 


, ft Rieriirn ■denomiiMiivi i nrun<:<*' whi..h in,l.id<* ■w- , wfii 

* d-Mt.ir pr-'mium. 

♦9 65 5 91 54 - “T; i* ' -sr-x* 

10 13 4 41 5J ' Hie**- a+d Low* marVed ihu+ nav*- been artj*. -id <n all-*-** 

711 3 7110 9 * or n " ,>L ‘' IJ ** URS f ’*r v ico! 

.im 1 J-i-t'e t laccr.io :.im-0 1111'WUwm nr retired . 

T. . ' i D l i i-2 ; Imon-n .ince ro*1ucci< or •Ictr-rrcei. 9 


841 4.6 %}i « Jfraksbrea ?7| : +1 162 fl3S %‘illiunMin 165 

_ _ 68 48 MwiL Bcsum 10p pOij+2i; 0 39 1.2 2 7 46 5 ' 


?4p2 1Z3 Cdliiu William . 140 .i- 4.75 1 Ifl 51 7.6 70 391; CweislH Sty. 61 .... fl.67 2.4] 4.1,12.0' to 2 uJSJKtaf 1- " S +3,= (*S 7n Sri Lanfea 

5.4i52 123 Do *■4“ _■ 340 4.75 2.9 51 76 4>; 34J; Ciiretnl/reJla. 37i; ... . 12.13 23 8J16I1 7? Moweatclm .. % iB8 10 bOjJ.o , „ , ?1S 

7.9 198 tothtal-.VSDp 365 -3 12* 1.4 5 3 20.4 35' *“ Catawlrd... 34 -1; 2.46 19 10.8 7.2 ^0 £K « -• « f2 ID 7 gift 6 2*o |Unyn.l.„ 215 

96 70 38 Elfid. Allied 'A' 67 hZIO 33 4 7 65 34 63«; '.'oat'P'jfon: 64 +‘; 331 3.4 7.7 43 *95 600 :.ejilSASUSl. Bffi .. Qllc 09 06 177; AMm 

52 92 . 65 Gordon fcGotch.. 85 m2.68 4.7 4.7 67 421; 2°‘z Ccrah 371; -|> tl 88 3.9 7 5 4.7 21fe 17J; NewThrnj Ik . 181;-'* 156 lOl-bllp _ , ,C 7 M 

5.0 92 55 HomeGounlies . 75 ...... t457 ZB 91 60 131 109 Couriaulds. .. 113 -f 7.67 1.3J0.1r20fii l ^? 19 - ^3®. + 2 — - 1 - - ?20 |-»5? jWantvreU ... 6M 


35 68 {Security Sem'res- ; 

35 67 Da'?N-V_„ : 

12 69 StarmWarefflp 

’. 18 155 StebeGonao-- 4 

•"Sj 40* 

24 17 SOT'ittoralOp. 

136 ^ 

• 21 139 2 MCbS£$!-; 

64 48- Sobc I«w30j>-. 


18 8.B 7.9 }98 265 toihtal'.VSOp 365 

3M 5.2 96 70 38 E Mid Allied A' 67 

33 3.2112 92 . 65 Gurdon fcGotch.. 85 


..'.feu 33 4 7 65 84 ««; 64 +$ 331 3.4 77 43 ^ «» ftfilM-IUSl. Bffi .. QUc 09^06 1775 a 

raZ68 4 7 4 7 6 7 42l> I 29 1 ' Cerah 371-. -ii tl 88 3 9 7 5 4.7 2132 I 71 ; NewThrog Ik . Iff; -U 156 10 12 b 11 3 A 

""" 28 91 6.0 1311 09' Couttuidv. .. 113' -i 7.67 X.3 W.3 flOOi ^ - 7 ? + S “ “ | “ “ ^0 IJW jWanrjTfil ... 

.. ... t6.60 Zt 55 10 7 £30 *jI£ 71 T>. 7»6£*eb»2'7 £71 . O7%20J2el3J - 35 11 l».%e?«rris,. 25»; +2 — - .77. 1S5 130 RboEfUies . 


ijm ii; t IiKCr.ib :.nn-o incrwOMWi nr rc*uir.«.-*t . 

Vj'c~ 0 }j ? Imcn-n .invw rc*<uc«M r-as<«.-<i or ilcu-rrcd. 9 

ftlri 7", S-i ^ T.i'.|<e.‘ !u nftr l's.plvii* >i:i tpplicjLvin 

£•* • Ficure* **r rur'*r< n<*j|ied 

?oiS; n Vnli*4od county 

♦rl.7p 3.210.4 „ r*rl...- at imo .1, Mj*nc».icn 

h744 4.9 9.7 1 Indic-tlcd dlviilend a(>»r f^-ndint '*n,i anrl ->r nth*. 1 •hi*'* 
12.5 4.2(11.4 voter refiner: In pre.inu- dividend.- or iore.ai'.r. 

* Merger hid or rvorcar.lMition in pr*-rnr,s 

* V« ix.+.[sjrril.ls 

irrn . , _ ft Same inenitr reduced l.nal and or rcKucCd c.vn-n ,ty 

|5 58 | 15| 3.9 indir.lirt 

* Force a-a. dicdcnd. n«cr «*n i-rmin;.- updated b> l.*l-.-n 
interim i.Utenu-nl 

I cn 7* 1 a 113 A 1 Cover allows for von- vrsion of • hare- pr« nc«- r.mvinq for 


50 76 I * 1126 1 Cover allows for von - ersion *X • hare- n« n<«- r.«n»,r 
lib “ 3 a! + divtdena-. or ranlrins only tor. re/urnti-i •.!:»■: dei> I 

T U.^| £.**1 - f. Cmvr rtvf~ n.n allow l..r iha-c which rrv.;. cl.-.* ran 


MINES 

CENTRAL RAND 


140 nurhanPo+r 348 +9 — ——<*<■ 

244 Ess Rand . Ip PV 292 +15 - - - e Re 

£28 Raivhrirt'n Est R2 £29+1 K)150c 25 7 2 > '*IH 

78! 1 Wet; Hind R1 Wj +4i a li&3c 67 86 » K < 


* Ccnvr flue- not allow |<,r iha-c » hich rrv.;. rr.nL fnr 
Hu irfi-nd at .. future d.iu.- \n I'E r^iiv usual!, proiided. 

* Ejoludin; tmnl dividend dn-ljrjli<in 

* Hccnmal nr:ce 

II Nopni'oiue 

a Tax free, h Figures b.t-c-i un prosi+clui or other offieml ; 
enlinuie r Cents d L'inrl"nd r.ile Hsild or pay a He on 
of iiipiul cv.er b.i»od ..n dnidend nn full caphaL 
e Re><r*niolic*n yiHrt f Hat iirld. * AiMimod oividend and 
yield h A-lunol dnideii-l .ir..l yield idler scrip lisu.-. 


— E t3 92 1 

34 261; Somc„_..:-_ 28 ...... ZM l.|li25j"75l'66 rZ3i- fWebsteTF=S7£ 5p| ^57»d| Ifilbl 34| 3*1 99 56 39 HMrfnc.:..-.- 39 

?7 *4 39 Uli42.l3.51 5.4)63 34 27 IJJ-Jg.38 32 


Nfttyppers 

jter?Puh.5p 


17 % Spairovi(VLW.©)ji 96 : — 12-18 

48 W5 Spear [J 220 . — .1.90 ‘ 

f 8 132 State Potts-- 150 - . . . 3.95 • 
330 £270 DaWktSrin. £325 -~1. 3.0- 
21 fiJ;- Stefleslut— __ 8 +tz Ji24 

38 . 93 SniFtanttBic^ .1ST- ad.-. H87 
10 165 Steettey-^. - 176- -Z J661 

49 28 StttBslteDLHEJl 40 , QS4c 

30 23 Slefinglwk^.. 28 ....£ L29 

86 56 StDCklahe — 62 261 

.15 85 StooehflJHidi- 1U -3 rib. 09 

iib 11*4 SDpn€T (3 i lto- 2ft - —1; "hO.72 

37 25 SmliEMSav.iV- '34 ..:... 1U6 

• 72 33tt Sutdlfle Speak.. 57 -1 tZ66 

25m 875 SwsSihJfaJrtO 925 -25 OIK 

77 70 SwirePBdflcflOC 147 . — . tQ36c 

58- 93 SyMone.—--a. 146- ...._ dSJ 

25*; 34 TdbarV. — _ 17. -*V 0JS 
Diz ‘ 8 TeBbittfei — _ . 8- ...... ■ — 

37 93 rtaennalSnlx . 99 +1 ft6.7 

U 7i> . Th. times vo,5p. 9 ‘ t».42 

20 12 lUJidlGielRS.-.- "39 3.00 

49 98 MiijfiT.2jp— U6 — t t439. 

45 37 TootffillR.W — 44 J. 

71 • 3tfz Ttwc.-— 63 dl28 

67 112 rntfalntrKaip. 1 12 1524 

:30ij£J9a;Trans.lliL.l'SJi.. £22l B . . OS212 
84 63 Transport De»-- 70 +1 13.24' 


d?.17 0W1Z l il30i] 41 55 (Rabnuklm: - 36 +1 1.24 ft 51 ft 

1 50 5 H 7 ft 3 1 3b 22 Ri ’hb i Ctp 28 -1 0.12 — — — 

1 -i. S-Sl 4 -I fi hn MV lo.r^.r.u.n. r ili e -ic n 7rJmi 


EASTERN RAND 


da-:»a4« 


PAPER, PRINTING 
ADVERTISING 


40 26 lasnin‘H.'!0p - 2B 

54 42 JerurnctHdc-v'. 53 

72 33 Leeds D><?rs. ~ 70 

21 15 Laeh Mills 21 

16-V 7 LeveaJp 1* 


m 2 fi; - k- -1- p^O 3^; lb .iuh >fi> F15 J 457 +. 


T.\ - l.r. 75 ?5 LaltefiSe 


£29 laj | f0;50cl 25i 7 2 Jielri h A --urne-l di>ideii>1 .ir.d yield idler wrip It-yu*-. 
90ii|- 1 -4lJ+tJl3c| 671 8b 1 ivnetil irom capliil .'vum.-f k Kenya m Intenin hichcr 
1 ihan fin.-. im? tut.il n Tticnl.' i-*uv pending q E.innnfiS 

I n « IkTTk hawivl on preliminary fifiure?. s thmtond *it«i } leM e*cfude a 

IvATN A3 -.penal pnymt-r.t t Inilira(v*1 dividend: rover relates to 

i/1 , previviux .Ii<idcnd. I'.E r.>Jm l.;t-ed nn’ l.-itest anr.u.u 

22*1 <■!; ft *}JJ 2 iMwrninc* u Firec.i'i dr.iik-u.l . .ncrr...~cd .in pr-.-vi.-u-.. years 

Z3*i +1*J “ 50 8 earnmy* 1 Tas rid.- up | u .nip 111 iltc £ n Yield aJlov.-» ler 

299 +5 FO50c —100 curror..-, lic*e y I 'nntvnn iin*l yiuli! I laved on nr.-recx Inrmr. 

90*; +41; ful9c 1.8 13.4 * Dividend nnd yiefil include a -tpeiiji p.'vtr«T*. f*o.erd<x»r»« 

244 -15 Qa5c ft 13.5 apply !•• pavinent A ’-i-t ■ li • .-ir.d ylc-iil 8 

45 -1 Q21c ft 27.9 Frefcmni-r dn. lend pn*-sed or •1*-(crrv-' C ■'.■-K.Jlan h lr<ire 

82 +8 t046f 10 436 fnce- F I 'i: lil-.-ud and yn id ba—d «•-. p-*pf^. tu. nr olhia- 

57 + i _ _ _ •-•Kicial •"■'jriaU.v (**r IKTb-nu «• •vm*il it.m'< n.l and y.c-td 

Jlli DJA.* lUU,n after pern hue r.-np ■■ r.d*<r ruthi- i^u-.- >. .livid". n< .mrtyiOil 

e 50 ‘ -aT OLNc 4 m l » ri ^ " r v-i'-v «n.i:' e*!im.,tefr f.-r 

'm tl 9 1 ■“ IWB-W- K Future* ..n p.-.. ;«c lu* .T ..|i..:r ..Jki.J 

” iirwiei tor 1975 !K fu- -ila-id an*! .ivl*. '*a^-* . vt ;* , *vvc.ii:s 

r _ nr other ntficu! trlimate* i**r lUTS X i-Jcnd «-r.*i 'i-.ld 
HiSNjl hated un prc.-TteUi' or viiicr ■•fin'i'l • :iniiii-.< Ini I'aTP P 

“ w Ficun-i hn««v| "u iirntiiMi!. o. othi-i n'.'iii.il ecirM'a*- ■■■: 

272 -‘■22 Q65-: 16(14.6 IS78-TS H t i'l.mr.- .1 -uri* 1 / . .*■»•*•-•! ic-* il so 

731 +29 Ul70c 18ll3 7 4ale « Yu ill hiL-ajrt ..n ai umplmn Tre.i ary Uill Kole .d.iys 

SO +14 — — I — unchanged “Mil nwicruy ..f f.vt 

253 +5 O50c 23ll21 

cnc _i_c t't! o'l Abhrvtin'ion* “fev i/tmtonrt. u t- . . ;npi -.tiftre-. nih.fi. 


Kaip. 112 ...... 1524 37 7.0 5.1 ' For FlnLis see Tpdustrials ,, _ 73 M Ffcasn^jpcuiup- 

l!SH„ £221 b OS212 - 4.9 - 51 40 (Geers Gross lOp- 43® ...... K3.05 ZlilOtf 7J 34 20 hililobSpinfrers. 

;De».~ 7r, +1 1324 Z2 6910.0 71 61 Harrison* Sons. Wrt ...-. 426 ' ZOj 9.fti62l 99 84 Si^ivtlndsjOp- 

51? {TteiwbodGaSp 3^; *— - — 81 63 imaeskQrn50p- 63 -1 14.93 23Ql.gi4.6i 89 50 Sirdar — 

■2&9 16^ kma-ANe^tf. 174- +1 6U.67 lil0.0 73 217 168 L&P.PWtef&Op 205 ..;... Z-3 Z-ZLj? S. Sm^tUdmas, 

133a 9 PBEKE Cun. * -‘12# ....... 0.73' 23 9.1 (5.4; 315 220 McCtn ' ' 


Zi» +10 IQEc 23 4.7 

£12 +;< 3 3 5.7 

174 -7 Q25c 2.7 90 

£20 +•« gjasc 1 7 izi 

141 -2 — 


wr-.ice is avaiiah!? lo ever, Casipar.) d?a!l ii 02 
Exchanges throughout tfc*’ L'nit^ti Kin^ion! for a 
fee of £400 per annum for es-?I: security 


1 3U 9 romer Crnr-^p ."12# 6.73' 

b8 137 UKOlntl 150 +1 893 

09 88 IMIcorn Indasl'L- 98 -1 <536 

70 36 Urnflex lOp 68 • -t.... ffi.79 

4)2 476 Unilever.-'. — _ 5Z6 -6 12.69 

m 27h £201; DnTNVJlm- £24t, +\ 04ZffX 

00 53 UldCarlereJflp 94 -f J217 

70 49 United Ges lute. 61 -1 3.68 

29 ltf; D.Gtaraotee5p. 29 008 

lSij 1112 Unochrome 13 . — d0-49 

58 32 Vatar ^ — 48 ...... 817 


I2rf ...... O.73- 23 9.1 (5.4; 315 . 220 

150 +1 8.93 3.7 8.5 t82t U0 68 . 

■ .98 -1 1536 21 : 8.6 7.0 206 110 

6ft .;.... t&.n 30 63 62 9»z 6Z>- 

5^ -ft 12.69 Z' 3.6 72 £237,007. 
£241, +£ MZffX 24-32 83 46 24 

94 -? fen 50 35 7.1 75 45 

61 -1 368 . 2 2 9.0 6ft 132 65t, 

29 DOB 135 03139 85 48 

13 ...„. dC.-s9 3.4 5.6 7ft 210 164 

48 ...... X17 3.7 67 46 76 65 


85c 1 gizi 
13* 2 g 5.5 


■CdWiodatefL- 230 —2 114.46 Z6 7.7 5.8 106 271; Sn-YisciKiLlZW- 64-1 — — — — ^2 58 Sf^ewtlMPp-— -Js J 1 •Ian- ^’9 559 I'A^tern Dfep R2 679 |+12|+Mlj,-] 241 7 3 fc T» fuT Z "ST' TiT iTOC? 

102 ...... 524 42 4.7 75 66 1% DaPriv.U200_ 39 -2 - - - - 127 94 tttoelw 1W +1 3 35 11 2« 1»3 badp«f!l- . - I 195 |-3 |^5t| *12.7 RfiiGlONAL. JftAMJi EliitS 

ivTt Allan lain MO +3 50 62 375448 36 Spencerifieai 37 125 L! 100 75 *-65 150 SPUTlJic 10p-_ 154 t9.33 10 10.^1/5 

wrp£?inE Mri dhVn 3'fl IS 8ft 37 26 SSdart'A' 31 ...... dL33 Z8 6.4 8 3 69 4tf; SPLIT Cap.] VI 55+1 - - - - A17G The folle.nn-.- p . ^.lo::,..n -f ou-rt-iueni. of -ha.~<i 

£135,, +i.” tOTOc 4L3 2.4100 34 23 StroadRiltyDr’d- 31 152 50 70 Z9 122 90 Stanhope Gen — lift 3.11 15 4 1Z4B t/.T .O. prei-Km.-ly li.-ievi *-plv m regional nuirke:'. Phcm or lr:.i*i 

46 +? tlM L8 7 4115 79 23 Tern-CoMtlate- 76 -3 43.6 5.0 75 65 197 145 SrerflufiTs 165 1538 10 4.9 29.6 iiq 73 tw&., e niH sur 110 OlOc 2 0 h 5 istaj^. :i*+*a yf which are not officially Itced in iaindvm. 

STJ » ZLm 67 6ft U 2A g 18 TmfnlJrBF.lOp. g +1 loi 42 4.7 7ft HD 76 M 1239 10 4 0 443 J]J 7 ^ShlS * dzL ^ & |° jf.g arc as quoted on tl.e .nsh «.*han C e 

aSiiSa^Sl 105 -3 th304 4.1 45 8.4 66 46 J^nams 62 -..- 3.81 13 9212.4 UO ffl Techmto. W +1 2ft4 10 4.0 37.1 m 59 FS SaaiplaasRl.. 73+1 - - _ Albany inc -ftp 26 ] shrff Refr*hra | 66 I ... I 

ntfaiDridlSOp. .80 ..-..TO 4.4 8.9 68 « « 5ft +J» B-* I? b ?F il if 4 ffannmySOc 275 +1? tQ55c 2.0 1L9 AshSpinntnc... 49 . | Smdall.Hm .. J U2 j 1 


; Paper 20a 46 +2 tZffl L8 7.4115 79 23 TmrCopatl 

PribtGnL 58 - 1252 6.7 66 2.4 35 18 rat^rilrsy. 

aiSaslcfil 105 -3 th304 4.1 45 64 66 46 Tondaosous 


i+CoBstlateT 76 -3 J3.6 5CH 751 65 p97 145 aerlinfiTfl-.^ 

frfJnF.lOp. 32 +1 loi 45 4.^75^10 76 StortMWmlm: 


REGIONAL BEAKSSTS 

The follc-.-.m-.' i' -t ^-.loctiiin "f I^Nufnn Dum.iucna of -har™i 
provitm.-ly li.-levl I'plv in rcg-ionai rruirke;-. Price*: o: lr:.-h 


33. 18 Vtacslftw 26 -h 0.96. 02 55 102 48 

70 49*a WnteoCniSto- 1M M!^S 7ft 12X4.6 78 49 

79 58 ‘WRtUxnsUro- 58 £135 3.7 R6 47 65 22b 

33 U WadefttolO?- 29 ...... H02 3i 5.8 6J 232 186“ 

15 11 Walker Hmr.5p_ 12a) d0.9- — ll2 *106 TTh 

64 42 Baterfflfd^f — 56 +1 Kjj-75 2.7 30120 16 10 

20 205 Vnduom - 309 +1 403 4.4 1.9 17.4 


mihfDrid)20p. 80 ( (M.75/ 4.S R9 68 « « 

aurfiUfcflnU- 196 1-4 tyslZtf 5.6102 gi 
iSmSItt 67 -iy5.pl | L511L2 92 26 


iosons 62 ...._ 3.81 13 9212.4 

1 4fj +’; fZ 76 25 95 55 

Y50. 58 +1 010% 1ft 19 532 

ird Carpels 26 _.. L69 0.8 9.7(2271 


SfifSin 100 .*330 LI 5.0 28.8 90 48 TricorillelOii— 84 -3 1L86 6J3 33 6.8 831, 64 Thnjffdprtui 

w&tol 70 Ilf 33 7.1 66 60 41 Viia-TaSto— 58 3J5 23 85 7.7 U31 005 DftfoMft 

60 +2 fhL58 52 3.9 73 49 34 V oris Fine w.20p. » ... L85 0.2 6.5 — 86 71 Tk. In veil 


92124 110 80 Technology 98 +1 2.64 10 4.0 37.1 ^ 

95 53 105 fflij TempieBar. 90 6432 11 8.0 17.6 if* 15Z 

19 532 26 21*2 ThrotGtwnJi- 25 20 LI 1L9 115 

97(2171 108 66 Da Cap £1 92 — — — — W7 Ipnc Rranrintik- 

33 6.8 8^7 W ThTOgraorton — 74 4.4S 1.0 9.216.4 ri« c/c L^oumWi. 


i 7 S 1 ” Si >u “F i a*F fi 

- s M i ftjteffl a Hu & at RaS 


LUPg 565 Pres. S(ej-n 50c — 


-Grouu20p- 60 +2 fuoa 5 2. m '-J 53 I 22 ii^VT 

Doughs— 98 — 3.9L- 3.4 5.^ 7.7 

aWdrowlSoI 16 - — 0-1 — 0.9 — 


29 |-2 1 1208 — 


1061119 KXiRt636 SLHeleiuRl- 
Mfa 113 249 144 U nisei 


SJ5 48 ffalj«Ri](W- 103 -2. dB.40 33 35124 

41 B9 Wedgwood — .. 108 44 WB » 5^ W * 

82 .57 WestaBoardlOp -72 -tl d3.76 23 7.1 9.0 

M>1 ZP 2 S +V *ZWiS H I* ”-§66 

!97- 34 WhatoanRAsgd- 277 — 6M32 81 24 72 234 

25 74 While On IdtS. 1® d4.47 2.S ^63 73 12 

22 103 WhUeaoft 107 H7.48 2-010.7 62 93 

« 28' WhiIde*B56W.~ 28 — .- — 23 

-69- « mesUo 60 ~~ teffl u -v-m k 


PROPERTY 


TOBACCOS 


ai 56 

66 59 2 


atefc >a -1 ■ a 3 s®ipwBSdssass=i sbk m * m asfc- 


731; +11, J&c 03 4.9 Bertam. . .... 16 

696*d +29 Ql50c ft i Mj wr DtsOp 325 -5 

5B3m +18 Q80c ft 82 Clover CToll.- . jb 

ffi ® 1 ™ KS ?i ::: 

21 25 -J asst t ill fek™ ”*'■ !z ::::: 


HUrinsMltchell 40 
fi&'sniTtchil. 173 


9.5 M 82 59 

0.9 T *95 79 

8-6 7.7 62 47 


^ £ S r-r. W MM jU IS 


56 -1 tL57 


ffl 30‘ ffltoitWallonlOp- W .—.323, Xg4 K ZJ5' 

54 3tf? tEnnXnbSDp- Wi — J2|4 2.6 Si 63 48 

57 MT WHerffhoaasi. » ..-*■* 119, H 9i Il| 


•57. 19 WoodtSoa53p,I 
48 24 WbediAiHuiriSp 

UCL- H3 WoodHaU — ^-1 


125 (97 
58 
188 
Q4V 
■*: 

032 

194 
250. 

262 
405 
298 
147 

123 

124 
ISO 

195 



50 3.19 13 9i 11| £180 

45ul -I ML67 63 5.tf 7| at 
37 -1 0.91 Pi3 4.7 60 
.90 — $5.40 2.01 94 6.7 102 
91 
90 

INSURANCE J 

104 — 3*z{ J2.99 53i 43( 6.7 ™ 

J l 1 k - 1 

130 +1 t^?2 — ,7i — 119 

§ +n J.w 3 SJ H 8.7 

131H -3>a h4ia 3.1 4. 102 g 

W+i gs « K » m* 

124 I*. 48ft il 55 13.6 JE 
lffl +2 fh3.83 43 3210.9 ^ 



Do.Cap.20p_ 


dtaJithb'ryEat. 


OarteNicknufi. 



PoBisvCnv. 



PEKiY 346 267 BAT lute 269 -5 11321 J13 

■ . 304 227 IXiDeid.._„ 238 -4 _ _ 

61 hl8B M 4.6 13.7 400 330 DunhiU (A) 10p_ 380 +2 8.8S 53 

216 -2 <HJ7 22 3.0 23.0 89 Tlh Unperial.- SB -1> Z 5.75 L8 

m ...... — - - — (SU 45>z RffiotmlSjn- 60 ^2 2.07 8.8 

88c -2 hUl 14 2*2 47.5 66 55 SienasoiHalOp^ 55«i — t2.83 2.9 

a»2 0.69 12 4.9 263 

79 -1 165 L2 3 .1415 
« +1 1S3S7 13 6.4186 

56 ..... (gut U IM « TRUSTS, finance, land 

S? ± p u 5i ui Inrestment Trusts 

248 +1 6.91 42 42 8.6 fao | 49 I 


170 111 Du.Capitol£L. 133 
117 91 TnistUmon 1» 


61 +l z 14.46 1JH10.W13.9 


[117 i 91 
154 h20 


I'nim — lOOaf t3.45 

sesCorp_ 133 4.85 

idelm- — 102 ...... 3 91 


FINANCE 


Finlay Pfie fjp ■ 21 

GraicShip El... 145 
Klgsons Brow TI 

3.4| fi.6 I O M. Sim. El 175 


LI 54 257 755 424 Ang.Vm Cool 50c.. 545 -5 O60c 3.4J 66 lOM-SimEi 1*5 

U 57242 378 246 Anglo Amer 10c. „ 300 -4 2.0 72 HaftUw^P. 2» nshR. pt.-, . 

L’liitiar? . . 


Com. 9^ '80 82 £9V* -Si 
Alliance- C,a.i ®S +5 

Amuli. . . . 340 -10 

I'arrolliPJ.' . 97 . . . 

Clcinilallii n .. 69 

r«increi** prr«<s . 135 -3 

Heitvin i HM-.’n * 49 j 

In, '"’orp ■ • ■ lSSa 

Irish Rcptw . .105 

.1 ji-ivii 56 

Sunf- -iiivi . ... 37 1 1 

T.M«: .... 1« -5 

L’nitiar? 89 


130 -2 1327 12 3.8 29.6 1 Inwsbiipnl 

177 1627 L4 5519ft mreSHWO] 

248 +1 6.91 42 42 8.6 80 49 I 

42-1 — — ^ — 157 118 

£166 -i 012% - f72 ~ LSI 9tf; 

MB -1 fl-94 L7 27(24*117 T7 

5?2 *-*. 273 12 4-7^.5,250 193 

99 d228 12 3-4 37,0 124 113 

03 -1 - - - - 215 129 

84+1 621; 51* a ! 

48 -1 — : — 82 47 

353 4.06 22 17 405 52U 371* >.AnerifanTrast 

317 -8 4ft6 18 22 36ft si 36 

65 0-92 13 44 252U4 & ; 

59 -2Jj 199 LI 5.0 16.4 50 « 

3ft 0ft4 0.9 351743-152 104 

230 -10 42J13 2.8 1-3 405 5^, v, 

29 +1 0.66 - 3 4 - |l M 

lift 0.88 4.4 11 216 431, 30 

109 3.04 3.0 4.2 103 158' IBS 

191? 1051 fl.9 106 /umoowninv. — I -i-cc 

55i ..... 1114 li |5U.l 74 49 .Atlanta BhIL lflp 53 


900 600 l^TrnSF 
99; 74 VibngJte 
84 591; W.C4ATi 

320 278 Wraps If 
219 171 Wimertd 
104 69*; WilanJnv. 


LOTTOS Fond H_| 690 +50 0l0c 


86*2 2.33 10 4.ffl362 


_SB . 2.39 ltf 6.1 24.1 fS 

136 +1*^ 5.35 ft 6.65 ft 

ro +1 4ft6 10 6.422.6 m* 

1M +1 3.05 1® 4.5 33.1 W 

209 +1 721 1.0 5J2R4 

314 +1 +8.43 10 11C 13.3 

1® tt.43 - 03 - 

2 457 U 11.8 119 

77 — _ _ _ 242 

41*. +1*2 037 11 5.027.6 ]? 

40*a +2*i — — — — 55 

g -1 3.05 U 5.2 26ft 25 

41 ...... 3.25 L0 118 1Z4 136 

158 +1 — — — — m 

C +l*z tL63 LO 5.7 263 £14); 

77 .. 5.23 1.0 10J 14.9 *324 


3-iasath Cell Estes 

-f* I C I 20 lTuf-c Jrve< . J 30 f 

.. I tf; Imp*. ‘ .. i Jl*nili*ier I 35 J 

ent .. if I <’ L 20 f.fJil I'rwn 7-^. 

9 Hm'+resk .... 


Finance, Land, etc. 


237 161 SenlnisUOc 181 -3 Q30c li 9.9 S**?*}^' is 17 ■ Vyi ' iWMrl,,: -" 1 5 1 

59 29 Silvennnes2>aj_ 37 -1 £.54 2.7 t 35 Sz'iten": 14 Pn.pert> 

’S ~~~~ ^on ^nDe^_ it 3 •• “ Ilf' %?!;!** •LllSnLUid.. .! 3' J 




"* 93 78 LoPref OOP.' 90 SH*. 163 R0 . ! ! 16 Llc-yds' ’Hank' 22 :" L «’w?2L;^ s i «. 

204 17.0 5.612.4 22 £15 £11 rvaaLConiHLRL £12»a . . OUOi- ft 5.2 hat .. 24 U.f- 4 £■? 1 I 5 ' 

9+1; _ — — 2ft 27f 182 uc. Invest RI 200 -10 JQaflc 12 9.0 L'nlir h Oxygen 6 Lnn.ion Brick 5 'r.uvurnr'icaii ' s 

55 ~ ^ - 7.0 340 238 (AiMiOMfiSc. . 264 -4 +Q38c 1.6, 8.6 lipr+TtfJ ' ■ • 20 J^anio ... . 5 lpViW . 1 

14 — — — - 73 40 Voptac 63 tQ7» 2 c 10| 7 1 Burton -A - p .wa.sln.Le. 25 mkfv.' ' ' 


35-3 « 

lg -B Qll% 11 4.819.6 32 
IK tft.lfl 12 5.0 25ft a 


1 < P 2 TUJi U-l 3 . 1 " * a » im 10 b 

55m t3L4 1.6 8ft 111 74 49 

36 -1 233 . 0.8 10.0 lZ12) 115 (fi 

£80 Qg£3Mfl|2 - fc9J 2 51*2 

£81 Ql2% 60115.1 ~ 105 73 

52 <146 U 13 639 65 48 

20 +£ 1102 12 7.6X69 77 45I; 

J 93 *32 il ||w9wi i« sisitifq 175 i::: ,- itri634i iot Wzl iii, ", SmT*s ii, ^ 

IS —3 631 3.0 J. S 1 47i 68 471, BcnierSithn.lfto 55Jz|-lyl70 ft_J 4.7 ft } 35 2 fi Hw'f^r's Sl w ‘ _ 

19 — LQ2 t L9| 5ftl 97 5IDJ4 5^ feanlfWiCrtl! »l>4U..lQ5fl.M Sftj dl » Zi'-QW 


S3 Oil 

98 -1 0.41 
58 +l 2 193 
98 +1 3.0 

S3*; +2 2.55 


L4 593 g 
Oft 1994 4S 
5.0283 15, 
4.6 293 W 
73 203 180 


125m +3 Qhll4c Z2 51 9.1 

. 59 -1 r3.41 14 fttfU.0, 

tomm.Millp. 041; $2.5 10 *! 

304 * K16.D8 24 7.«i7fi| 


a®; 0425 10 3.0 * 1/iiiirswni/ + 

304 ..!... ifl6D8 24 7.9 (7 fi £49 j£30 AnglO-AmUroi*. £» 

gtt -ltj L75 2 9 7.5 5.2 230 128 Irapala2k: 138 

23 - - - - 488 2B5 l> Beers DL m 348 

jsastat 5? j *!'. dLM u a ?.i e 8T*^ 5 asKtr' w 

a“ 5 t 8 §!i?: 5 l? 117 70 * 

JEj£&]g H Mill r ™™» 1 ,T7 


73 1 40 |V«gels2fec I 63 | |tQ7i;c| 10| 71 Burten -A' .... U |.ucmln.L* . 25 MW? " ” " I 12 J 

L-uiihmj's . - 5 10 fc.u-lmy ... .1 I 

DIAMOND AND PLATINUM j Pebenhams — I 8 [Mrljs AiSpii'-rl 10 iTown'i^iiy" j i», ! 
IS KS liWHP'rwi-l fwvii |QHM U|1»» SSSST : ? Wr 1 *’"': if «. 


138 M r- 


348 -8 


I? 9-0 E>LI 


EaRleSur. 


69 -1 tO.88 Llrf 1 9^76.6 24 9*, Fits*- lm*lS Ml, _ 

.2 -J 7-, - 34 25 HarabroT Jp4__ 33 2.03 

175 ... tri634 LOI 5312721 HU TI, HamWiimTsl 5n mi. 


DaffipcPi Ra— £10 0200c MW !Z6 ,> n Accident 17 P&oUfri. 

Ivdencurs I2t x- — 67 .. Q6.Bc ft I 61 Ken. Electric. 18 Flfftcy 

R» Hal ,oc.“ « l-l*l*l«gES >i- z?Saib™'. 

CENTRAL AFRICAN jfiuioidian [ 18 j Spill err... . 


11 NjI WwL Kark 22 , , 

14 Do 'V.irrajil. 10 

17 P&oDfri. .8 Btirroah • 'i* 

18 Flf{-«*y B ' hanar.iaf.' 


5 Shell l ] 

15 l-Krpn.pr.. . i 2d I 
12 


1 — , ’ ■ 210 155 Falronfth jfli\ 

ft | 92 ft 24 15 RhwTnCnm Iffjp 

— “ 80 52 Roan Con.'. E4 — 

T_ IT- 41 30 WankieCol Rhl . 


170 

16 

- . » 

h 

70 

-4 - 


30 

-1 Q9r 

ft 

13 

-'i - 

— 


ryn- + 71 * * ! h N 22 Tesvn - Ji'li.irter' on.-. 1 12 

f, -|'5 Hawker S| dd. 20 Thorn 22 :< V.:::. ('..ri-i ... I l' 

0.57 f.l 5.4 House nfFrarfr 12 Trust Hou--v~ 15 | Ri*rT. X£:ii*" ■ i’ 


A iclccti'in i>f (trAiniif- lrndeif 1.. -r.i-n 10. the 
London Jjttivk Ehvhitnfiv Hcjsirt pjfiv: 


I 












40 




BELL' 


SCOTCH WHISKY 


Friday November 3 197S 


BELL 



COMMISSION EVIDENCE REVEALS ‘MISAPPROPRIATION OF PUBLIC MONEY’ 


THE LEX COLUMN 



South Africa Government crisis 


BY QUENTIN PEEL 


JOHANNESBURG. Nov. 2. 


SOUTH AFRICA'S National tiliM-r millionaire, chairman of Opposition leaders tonight so, could split the ruiins National cation of any evidence from 
Parly Government was tonight Tri»mif Fertiliser, and the man demanded a full judicial coinmis- Party. It could also force the Judge MuStert s commission was 

fat-inn its most serious crisis in behind tbe launching of the ston of inquiry into the revela- resignation of Dr. Mulder, a illegal until the btate President 

recent veara after the release -»f Citizen newspaper. He revealed tions, followed by a special recent con tender, for the Premier- had released the report for pub- 

e vied nee before a pudicial com- that ihe Department of litforma- session of Parliament to discuss ship, as well as threatening the lication, 

mission indicating that millions tion bad put up R6m for him to its findings. Mr. Japie Basson, position of Mr. Vorster. now Slate Mr L uyt sa j(j was told that 

of Rand of public money bad bid for control of the South the Progressive Federal Party President^ ______ Mr. Vorster had chosen him to 

been misappropriated. 

It was revealed that about 


The 



G 


__ xnoriev DiArkBts vi/Qrc* 

African Associated Newspaper spokesman on information, said . Judge Mosiert who had an estabiish“Tbe ne'wspaper' because thrown into, further confusion Am Call ft tn 472 4 
Group, publishers of the Rand the Government faced an interview with Mr. Botha this anJ neither left nor right” „ oC , 0 „i n „ aji 1DOCX tCIl 0.0 IO 

n .*o T-; n -Vr^ Daily Mail. Financial Mail, and absolute test If Mr. Botha morning, said he had evidence ^d he wSs lent Se IU2m FT?"' * 

other anti-Government news- “deans it up totally it could revealing “ the improper applica- a 3 per cent interest rate -with had b “ n nervously waiting to ^ 

papers. even work out in his favour." tion of taxpayers' money running *th e firet tio veaSTnterest see what ** Bank England 

! wfien that hid failed he was he said - Wo mihions of Rand” and i.ndi- g? amd Dra Sel RhoVdie hS would do with its Min nmnn 

had allegedly 6 ' heen advanced R12m . .to _ start the 12ra n^?^2.? y 2S? ^ arr f f lled P^' because Dr - Behais *** * 

• » „ " ora reiauu^ Rhoodie used to leak stones was left unebang 


money 
“ laundered " 


lbr7u?V>_ S.;,« C.Uw^jriBjlen^ »£££« fau'S^tSe ns^ «2 'public fund,.- 


unchanged at .10 per 


bank account contravenin'- and pm-Government newspaper, ia u ac “ . lQe newspaper waa puuuc lunus. direct to the newspaper. Mr. cent so everyone went off to 

exchange control legislation. founded in W76. 1 h»i e nno d «« n *J L c0 Sf Vl* soid , tte newspaper earlier lunch only to find On thelt 


legislation 


According to the evidence, the The money for the Citizen was LuTSe 2“ S VOSSES** 2 *»“* B«clAys1iad jumped 


whole project had been approved supplied^ through company Citizen, according to a statement stage while "a " separate, secret ton^ht'^that^he 


by Mr. 
Prime 


. .. ....... ... ,in and increased its base rate 

'. John Vorster. the ihen called Thesaurus Continental j^ade by hi mto the Commission, inquiry into the former Departs hJa'fawvers ab(fut"the release of!^ y P er 9ent..t° tlipen. cent 
Minister, and General Securities Association, in Zurich. The evidence, given to Judge ment of Information act I vines y abQUt toe release o£ » - 


v*" sSffS 1 :ks» «*«■ -MreaKMi 


Secret Service Bureau ui oiate — '--."“r an umunj', uuo cM-uanse couuoi matters oi trie nubile interest is ,. nmm pnt Ho mH hie uitFoi.i. r» , ‘ ■ .7 ; — 

Security iBossi. Dr. Rhoodie full editorial violations, also revealed that paramount and is usually best {!» < S? I 5, ifeiS ??«.• JliL 11,6 Sank of -England to gives 

Dr. Connie Mulder, the former control of the newspaper. another R825.000 f£4fi0,000) had served by frank disclosure. Only Jf-S jt° c £! Amended trin-nv^ ,ead on ,IJterest rates?: Perhaps 

Minister of Information, and Journalists and a former editor been lent to a private film pro- reasons of great cogencv will so as *-*■ ~ 

now senior Minister for African of the paper, which has had con- dueer from secret Information cause suppression or secrecy to 6 Mulder told a newsnancr i have 


Affairs 
the 
ment 

implicated 
The 

was from Mr. Louis Luyt. the fer- ment. 


overw| the Bank thought that it. might 
embarrassed . the .' U.S. 



F.T'ACTUAfUK 

HIGH COUPONS 
FIXED INTEREST YIELDS 



1978 


the new Prime Minister, not to do Minister tonight said fhal ptihli- 


Growth Page 3 


up. iti stocks towards the' ej 
of last year. Tbe .i^'shotij 
that profit margins after. V 
months have slumped, frnmj 
to 2.7 per cent, and '.‘jf&yi 
profits have dropped. 

£9.1m -to just under £4inJijp* 
exchange differences^ . F&j 
The signs are - now . 
more hopeful. The - underft. - ’ 
trading performance stabift' 
in the seasonally depjns^ • 
third quarter; demand ha®3* ! 

improving since the. lattris- r 
mer, and Hoover ’final ly.-jnis 
through a’ 5 - per ceor ^ft 
increase last month. Most ^ 
overseas markets are' looki^ 
bit brighter too, and st 
levels are now falling, v S'~ 
These trends <SSiild.- ; ;V 
extend through into'.J979;if 
the .^outlook for demanll ^- 
next year is’ highly 
So hre the prospects for/w r 


Yj ?1 f 

tii*’ 


» <• 


/ 



9, 


s foreign currency 
inflow down to $107m 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE INFLOW of foreign cur- 
rency into the UK last month 
was limited to only S107m. with 
the increased demand for ster- 
ling associated with the weak- 
ness of the dollar principally 
reflected in a rise in the 
exchange rale. 

Treasury figures, published 
yesterday, indicate an overall 
decline in tbe olliciiil reserves 
or 8540m during October to 
M5.97bn after a substantial 
repayment of official bocrowings 
overseas, notably tn the Inter- 
national Monetary Fund. 

The indicated underlying 
inflow is smaller than some City 
analysts had until recently been 
expecting. The figures show that 
any intervention by the Bank 



ermneat in his Mansion House 
speech a fortnight ago to policies 
aimed at keeping the exchange 
rate stable. 


Chrysler appoints 
lacocca as $158.5m 
loss is disclosed 


BY JOHN WYLES 


NEW YORK. Nov. 2. 


_ Coming less than twravp 

It is not yet clear how the | CHRYSLER Corporation today The third-quarter deficit cora-|“ot rather than" li per rent chooses his moment correctly, after ^ Richard ; Costain^ 


the Bank has realised that for ^ ^ ^ ^ ^ 

th time being if is not in a indicate fears that the Govern- ^HcwWr's awards' ^tak^'A 
position to control interest rates ment had . lost irs nerve and its frnm januarv— and for sfefl ' 
so it is just sitting on the side- ihor.etary grip. . -which will’ have imba> 

lines and letting 4he market .feel . The battle -here "is far implitations for the lesS 

its way. With U.S. interest rates won yet News on the wages j mi>nrts ' These are 

heading higher it is still un- front remains disturbing, and in^usWa oroblenis - for-S ■ 

dear how the future relation- there are unlikely to be any Hriover is an efificieriir bj^^ ,: 

ship belween US. and UK real chinks of light for a few but TOe see why the^S 
rates will develop. For the weeks at least. Against that, per c© n t -5^3 

moment the discount market the technical position at the The fuHy taxed p/e forlm - 
seems resigned to UK rates long end of the gilt market is j 2 months.. exdndinh *e»^s 
being dragged up on the back becoming really quite strong differences, is over 12.v^- 
of rising U.S. interest rates. and the Government broker . * , " 

As for Barclays the case for TOU * d be Q“* te optimistic about ^ 
a rise in its base rate was clear seUins significant stock within • 
but most bankers felt that 1 per ^ nex * ; m o nt h or two if he 


sure developed against sterling, than expected Sl&S.Sm third in the same quarter last year Barclays believes that UK rates, saw lhe prospects bec< 
as it did early this spring. But ,t {H a .|! l ler los . s anri a cut in its and brings its total nine-month which have already risen by If bleaker yesterday: if 
unlike then, there is a smaller t «««wnd with tbe news that it losses to S247.Sm against a net per cent over thd last month. Government's monetary sti 


XL la uut j “L LICd r uuw UjC j -uwi wwaj x nc kuiiu-^uauvx uruvxi LUiU" I ^ _ , . . . , - . «■ - ■ - - 'if 

authorities w'ouid react if pres- cushioned the impactof a higher pares with a net profit of S33.7m was more likely. Perhaps was th e equity market wnicn dend-boosting exerdse,i:yH 

— _ j™-. — j - ■- * - i i- — ■ — 1 n — t — i — i: *«'-*. — - — «»«■- the prospects becoming day’s similar -aiibbuhceq 

tiw? from G. "VVImpey Ieaye»j 

... . . , „ — - KC1 vw-,.1 u*ci uic >»l uiuiiui, strategy construction- sector iloiS’- 

Lee S/ra who w^dcncted^/s Seriod° asT“ie^ m f0r ihe SSU ” e have further to ga However, .it holds, there could be a nasty more like' the recopstrdc 

president cif thc Ford Mol^ ^Compared ^ih recent record wi " „ be interesting to see ^uceze on company profits. business. Marchwiel^ 

Company in July. third-quarter profits from Ford whether the other banks share first to start tnijs JHMIIC 

There has been <peculali«m for and. General Motors. the its pessimism. With the corset Hnnvpr fashion going amwig^ffe- 

the past 10 days ihat Mr. lacocca results are extremely poor, in place it is hard "lor any one iauuvei tractors. Is it a sate* 

Confirmation of I 
ment as president 


pool of speculative inflows which 
could potentially flow out again. 

The detailed reserve figures 
show that the overall decline of 
S540m was after a 3980m repay- 
ment to the IMF and other pub- 
lic sector debt repayments of 
$35m. These were partially offset 
by new foreign currency bor- 
rowing. principally by tbe Elec- 
tricity Council, of $368m. 

There may be further rela 


of England was on a relatively 
small scale, and was largely con- UK simolv TM . i( - Sn lively small scale repayments 

flucniations 00thi,,S day ‘ t0K,ay contrast rotiie exfwrience in the "Sd ^ 9 ** 

fluctuations. _ uk in e;ir | y au timn last year 


intervention by West Germany w vmum reserve , impact or j 
muct. of which developed in the Swityerljind the IMF repayment differs from; 


The $9S0m reserve impact of 


mat .u r. lacocca results are extremely poor, tn place it is hard for. any one Tractors, is it a uat^ be£§ 

Chrysler. Chrysler attributed the deficit to bank to stay out of line for Jong Hoover is a classic example Taylor Woodrow 

u , nit K pro ' an d either the other banks will of a business being squeezed pressure to resort to 

.»"i chkf 1“ cno " due , ° plant shutdowns have t0 post , HI- per cent between import competition manoeuvre? " ™ 



The steadily increasing losses otliers. Make-up day- is only a could rise by around S per cent porate' structure . to '’core* 
have forced a cut in ihe com- fortnight away. . in the UK during 1978. And' the increased, size 


last ten days of October — was 
almost all reflected in the rate. 


and Switzerland. 


The Government's 


, „ the Slhn repaid to the Fund last of new models and also it is said. fVpafoJ 

decision to Monday because of differences in a desire to establish Chry si p»- as „ 1 


Substantial . 

He brings with him a very rah- SSSr^^iOrenr? 1 " 50 CBDts 3 1 Araid rising nh)ney market Hoover is holding its market plexity of ihe -i group’s^ 
stantial reputation as a developer | rates and currency uncertainties share in the face of keen com- tioni However -this mjiy B 

yesterday the FT Government petition from imports, notably is: probably fair, to say ’Dial 
Securities Index dropped to a of automatic washing machines Board would have beeiKjfiL - 


j During the monih, the pound allow sterUng to rise shows that the valuation of Special Drawing 1 a more formidable rival in Ford Mr. lacocca is replacing Mr. ne 197g Iow of 6S66 B ut which used to he one of the in hs dutv to sharehnlderK™* 
I rose by 5.7 per cent against the counter-inflation and monetary " whose share of tbe domwiir Eugene Cafiern for whom the fL 'ru { n rTwi * “ iM-LS!? S& £2!SSS 

dollar, while the trade-weighted objectives currently have prece- \ithrnrqh the repayment -came I market is more than twice new post nf_ vice-president bas ^Snificantly the long end of the more lucrative lines. it ignored the- opporijam^ 


index 

cent ... 

.early October against some of British 


l .increased by only 0 7 per dence over the concern to pre- princTpairv* on' the^oid' tranche I Chrys lei’s 12.6 "per cent" been created. * • [market has been very stable. But it has only done this escape the dividend; iSjtCri* 

as sterling weakened the com pell thteness ^of t h e money will not boost tbe | But he will be joinjjnc Chrysler _ Mr. John J. Riccardo, Chryslers | and long rates have refused to by holding its prices unchanged the same time. Thfliincro^ 


goods. 


— . , . . . conflict Fund’s rcsuurces. ..... — , — . B — 

the stronger Continental cur- bet-ween tbe goals is not yet returned to tbe major industrial | in its history when the financial live but he is thought likely to high ground. The yield curve of 

rencies. large since the rise in the trade- coumr i es involved in the j requirements' of its U.S. opera concentrate on the company’s has been flattening since by 

. The ^ll^etuher mflow will weighted Uid ex has been small. General Aran geinents to Borrow. , lions are forcing a retreat from ^ September as the money market Meanwhile promotional spend- thinking of joining - thi«:< 

t oJeFa mcnrof i^ c^r ope?3ti'ons has become resigned to a hig has been much higher, ticular bandwagon is gu^ 


. Chrysler , ... . - _ ..... 

It will be[iit a parriciilariy difficult period chairman, remains chief exeeu-J follow short rates into new through the first nine months the pay-out, by the wayi-cL 

the year, and in some cases out at 223 per eenU;.T%il 
effectively cutting them, problem for other coittps 

tiki o — —vw.. vientfrai ^rau^ineiiis id Donu w,|«wi»a uie lumu^ a i mciii uum ukiu* •*■>«>■«. ivjvjiu i.«aaa« m--.. ‘ " 

also allay City fears about a Mr. Denis Healey. the This will make ibe money avail- overseas, most notably 

possible external boost to tbe Chancellor, committed the Gov- able for use by the U.S. * the sale of its European ......... , , . , . . . . . . - r „ - 

'lions to rougoot-Citroen. But given the long lead time tightening of credit. But there labour costs have risen by a whether, like the PceW£ 

Having completed the rash and in model development the re^ [ ias D0 sign of the uptrend tenth, and finance charges scrip device, it will pew 
share transaction, Chrysler’* Milts of Mr. lacocca's efforts are in long rates which wotild have been affected by a build- victim of its- own success^ 
quarterly report reveals that not thouaht likely to be evident 
these operations achieved a before the 19SI model year, 

-S30.ini profit in the first six Nevertheless, bis appointment so 
months of the year. overshadowed the company’s 

Overall. Chrysler’s perform- plnomv financial news that its 
ance is proving In be stuck rose ; to 511 J in early trad- 
significamly worse than it pre- inc on the New York Stock 
dieted at the start of the year. Exchange. 


:» ■ _ 


Iran to free 600 
prisoners 



BY ANDREW WHITLEY 


TEHRAN. Nov. 2. 


Continued from Page 1 


Dollar 


will be a close watch In 
particular on the effectiveness 
of the credit squeeze and on 
the speed of the hoped-for 
(urnronnd in the trade balance. 

These questions were 
reflected >n trading conditions 
which were described by 
dealers as nervous and jittery. 
The most active markets were 


TRAN’S beleaguered government drawal nf the Shah into the 
today responded to weeks of political background, 
intense political pressure- by The release ’ of the 600 
announcing that all political prisoners will be a welcome ges- 
prisoners — thought to number ture for the mainstream religious 
600 — would be released within leaders and the opposition 
sL\ weeks. National Front. Even more sig- j those which bad not been open 

This move, and statements n ‘fi Cijnt hints that they are! on Wednesday arter the l ! .S. 
from Iranian opposition leaders, P re P ar . e d reach an understand-) announcement— in particular 
has boosted hopes for an easing ***6 u ' itl1 thc Shah - so long aSj in Tokyo where foreign 
of the country’s violence and ? he >' can /educe the overwhelm- 
unres t ing popular appeal of Ayatollah 

The gravity of the oil crisis Khomeini, who i£ in exile in 
due to illy strike in the coun- Pa . r,s - 


try’s oilfields appears to have Die Iranian oil industry 


crystallised opposition thinking. ll ’ ere brighter hopes today 
Yesterday, a former Prime yesterday s decision by 

Minister had a surprise meeting workers to aid the strike. This 
with the Shah amid speculation saf ? ly ^ ,arantees P™’ 

that he might be asked to head v, ded by military presence, 
a new coalition government f. or |! ie , first tuue since the 
which would include the oppo- nationalisation of the Anglo- 
sition National Front party. Persian Oil Company in 1951. no 
Dr. Ali Aiuim had previously crude was exported from Iran 
made stringent conditions for yesterday while today one or two 
his return to power. These in- w«e expected to load 

eluded control of the army, the the l.bm barrels likely to have 
return of the religious leader been available. _ _ 

Ayatollah Khomeini to Iran, and The Crisis in Iran, 

the temporary political with- Page 4 




UK TODAY N. Wales, N. England, Lake 

MAINLY dry in the South. Rain District, Isle of Man 

in the North. Mainly dry and cloudy. Max. 

London. S., EL. N.. N.E. England. 14c (57F>. 

E. Anglia Midlands Channel 
Islands S- Wales 
Drv with sunny spells. Max. 

16C ifilFl. ... 

' Orkney, Shetland 

BUSINESS CENTRES Bright with rain later. Max 

IOC tSOE'l. 


Borders, Scotland. N. Ireland 
Cloudy, with rain later. Jlax 
12C (54Fi. 


Vila: 
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Arhi-iii 

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Bi inn 

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Berlin 

Bnnulun. 

Ertsiol 

BreswK 

Budapest 

B. Aln-S 

Cairo 

Cardiff 

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Cologne 


Dublin 


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HOUDAY RESORTS 



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K— Kiln 


exchange turnover was a a 
all-time high and central bank 
intervention or over S800m was 
reported. 

The dollar then remained 
firm in early European trading, 
especially in those centres 
which had heen closed for a 
religious holiday on Wednes- 
day, such as Paris and Milan, 
and there was a certain amount 
of covering of short position- 

However, banks ilo not 
appear to have been maintain- 
ing large short positions 
against the dollar and rales 
soon drifted back to trade in 
a narrow range for the rest 
of the day with some central 
bank support. 

Tbe dollar had closed in the 
U.S. at DM 1.8810 on Wednes- 
day bnt then rose yesterday to 
a peak of DM 1-9060 before 
settling for most of the day 
around its closing level of 
DM 1.8710. This compares with 
a closing European level of 
DAT 1.S550. on Wednesday. 

The L'.S. currency- rose more 


Commons will discuss 
monetary system today 


BY RICHARD EVANS. LOBBY EDITOR 

THE CABINET held further The view remains that entrv 
talks on the proposed European t0 Jh EMS would not be 
Monetary . System yesterday r „ r Rr4 , oin „„ , vr „ CD „. 


ahead of the public appearance J U £ rab, « J 01 ", Bri,ai " on l>rese °J 
before a Commons Select Com- ^nus. and c.rcumstanccs wou d 
Mr. Denis baVu 10 fh^nsc considerably 


mil too today of 


Healey. Chancellor of Ihe before a majority of Uie Cabinet | 
ExL-hemier would swing behind member-- 

No decision is expected lo be ft**?? * s ,iu,c si ^ 

taken by Ministers until after ll,ls W1 ^ happen, 
the next meeting of Community -Mr. Healey’s examination 
Finance Ministers in Brussels on today, by the general sub-com- 
November20. niittoe uf the Commons Ex- 

UK Ministers are in no hurry penditure Committee, will be the 
to rcacb a conclusion, and there first lime the proposals have 
will be little pressure for them been discussed in Parliament, 
to do so from either their own parliament Page 10; Politics 1 
backbenchers or the Shadow _ . „ 

Cabinet. Today Page 21 


Japanese banks limited 
in loan participation 


BY FRANCIS GHJLeS 


EIGHT JAPANESE banks hare Eurodollar interbank rates of 
been prevented from participat- half a point for the first five: 


The L.&. currency rose ran rr jnc ag co . manapers , n the S600m years, rising to five-eights for the 
sharply at one sage ! ten-year credit being put together last five. . 

the Swiss franc 10 ' »rr t.M, j by Lyonnais for Ihe Accusations of rate culling 


before closing at SwFr-jBOOo. 1 French siate. electric utility levelled then against the 
compared with Swrr 1.58^0 pre- | Eirrtncit, 1 de France. Japanese hanks by Western 

viously. The peak against the , In an unprecedented mrtv*:. the Ijankerx. were repeated in the 

Tokyo Finance Ministry has told Japanese Ministry uf Finance at 
the ' hanks that total Japanese the annual meeting of the Inter 
participation in the underwriting national Monetary Fund in 
group must be limited lo $150m Washington last month. 

(SlOm for each bankl. The attitude or tlic Japanese 

The Ministry has also told the Ministry towards participation of 
banks in desist from managing the Japanese banks in the 


Yen was ,Y 1 88.75 before a close 
of Y 187.87'.. 

The dollar had heen particu- 
larly strong against sterling late 
011 Wednesday evening in ihe 
U.S. After opening around 
$tJ7 In London yesterday 
morning the pound then re- 
covered lo finish at its best at 
S1.99871. though this was still 
a fall of 2.121 cents on the 


dollar denominated loans which EJectricin) de France loan is 
boast extremely fine terms and understood to have angered the 
which uppear to be undercutting French Treasury. Its officials! 
the market norm for a given arc unhappy ar what could be 
borrower. interpreted as a buoycotl by 

Such intervention by the Japanese banks of one of thef 


previous European close. How- 
ever sterling gained against HW1 - 

some of the previously strong ! Ministry of Finance in the middle loading French names in the 
Continental currencies, notably n f negotiations for o mainr loan market. 

the D-mark, and the trade- has never heen seen before. 11 The SflOOm loon will, however, 
weighted Index rose 1 L2 to jg ih c result of anger caused Pb ahead in spite of the Japanese 
62.5. ! among U.S. banks in particular. n ? ovc - Fifteen banks have 

Trading remained hectic and : by the terms the Japanese banks already agreed to jum the 
nervous on tbe London bullion offered the UK’s Electricity management group and under- 
market where the price of j Council. This -SSOOm loan, write ¥30ni each. The loan is 
gold fell 
ounce after 
of between 


where the price of Council. This sSOOni loan, write ..-tuiii 111c loan is 

ell $3& fo $2212 per -arranged last August was on the twpecied l«> be launched in the 

ifter selling in the range | finest terms witnessed on a inn jnr oi^vn market next week, 
veen $223j and S21S-. credit since VJTi: a margin over Eurobonds Page 2U 


’-•via 





The Land Securities Investment Trust Ltd. 
have modernised a fine, self-contained 
office building of just over 42,000 sq. ft., 
with the added benefit of car-pa rking 
facilities nearby. 

The imposing marble lined entrance at 
the centre of Victoria Street leads to 

seven floors of newly-carpeted offices. 

with extensive modifications including 
new high-speed lifts, suspended ceilings, 
light fittings and central heating. 

The building is ready for immediate 
occupation by one or more tenants on 
long leases at competitive terms. 

The letting agents will be pleased to 
supply full details and a colour brochure 
illustrating further refinements of this 
highly attractive property. 

Enquiries should be directed to: 
SILVERT, LINCH & CO., : 
Moore House, Gilbert St, London. Wi. 
01-629 0938 ^ 


*2- 






3 ■ • ,s8 3i? 




Hiffidi-rwl at Uk- Rut Olffi'. -PrlatfJ ir Si. CinuGt'f -presi. for-.aiu] MfiKM: ; ■ 
tty ilv iHhiKial t«b« LW., BrutkiX llixne, C»mon Loston. EC 4 P. jisvT 


^ «» h 


Q Tlhi FaiamiU '.Times LfeL 7 - X 9 itt