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5GS0D 


No. 27,707 


Monday November 6 1978 £ 1 *j5T 


" ^__*<“ rl 'p nA g j* 


. ^ - l . U r? Fr * 5 ‘ PWHABK Kr 3.5: PRANCE Fr 3,0; GERMAN y DM2.0: ITALT L 500; NETHERLANDS Fl 2.0; NORWAY Kr 3.5; PORTUGAL E*e 20; SPAIN Pta 40; SWEDEN Hr 1.35s SWITZERLAND Fr 2.0: EIRE I5p 


NEWS SUMMARY 


GENERAL 


BUSINESS 



have resign© 


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in mu 




Austrians More 
vote 

against j T1S6 O 
atom plant r pWt 


May 



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BY ANDREW WHITLEY Tehran November 5 


There ^'intense, pressure in • . : NEW Treasury forecasts ‘ ««»-niat.c sources. ren^ 
** ~ - ^ South Africa for the resignation indicate * coalinoUig growth of fj|f ] T»rvmicr^^-m i,-\?deS 3 “5 nwveir 

;;^.or Dr. Con^e Mulder, second output ttojln* /sHehOv n ^Mi v n and' it w'a, assumed f n ™»* 

U i most powerful man in tne months, nroueb at a sugnoj hert lhal it ha< , bei , n aeCPp i L » d long 
1 r v-' ruling National Party,. because slower rate than in 1078. The mew confirms strong mon-io 

■'-*£.3 of the scandal over allegations .The frircca sis, completed at the »poui Union over ihc past few P° wer - 


MR. JAFAR SHARIF -EM AMI. said there could he no .solution most implacable opponent Mr. 
the Prime Minister of Iran, to the crisis under the present Ayatullah Kiiome'Ini. or hi- hard- 
resigned tonight after only 10 monarchy. After a meeting with liners within the military and 
weeks of power, according lu Ayatollah Khomeini, the exiled security apparatus, 
reliable uipaxna tic sources. religious leader, he said: "The There are n.«-. linn ion- 


There are nn , v firm Indications 


wth of The sources said the 68-year- Iranian nationalistic and Mamie |h ; ,t some arm;. unii>- are syinpa- 
\i 12 f,lf l premier had tendered his movemoni cannot agree to the fusing with ihc- d cm un stral ors. 
i. hH rcfignaiiun and it was assumed formation nf any Govern men t as ^ truckload „r irnnjis posted 


c present illegal J.,.*, Iothe Bii;jsh Em 1. assy. 


iehic.il regime re man is in 


misuse of foods. - end of last month, are believed day... Ui;u Mr. Sharif-Emauu 
1 i Some Cabinet- Ministers, many to .point to a slackening of Ihc- wuuld stand down and make way 
Members .of." ParMament and consumer boom brit to u faster bn a hrr*ad coalition bringing in 
virtually -all the 'Afrikaans- growth in. exports. Overall, there uie Auliunal Front, the main 
* language Press fen r-_a deep party will be only a slight. reduction opposition party, 
split if Dr. Mulder insists oh in the growth Tale., of Gross M-onc violence in Tehran 
fighting for his-name. Domestic Product from The 3-3/ hrougln ihc issue f| J a head at 

Dr. Mulder, now iocharge of per cent increase of the last year, the end uf a day ,»r riming, 
plural _ relations, is a former Back and Page 33 •• tarnei Mr. Aholfazj Qazi 

v Information Minister. .He is Outnut recovery, is L spreading Slia rial-Pannhi, the Minister of 
■ implicated in allegations that- i 0 . more secure of industry. Bu\ ” luxation resigned in 

■Ji; public funds were used to finance the upturn remains patchy, with P r ; i,f , : l« a . insl Saturday s shoi.t- 
a newspaper and that money was more P companies fearing, a J"j; s ,t l -$£ 

loaned, to businesses. Page 2 . squeeze on profit, margins. ? * l *J{* bfl h Minialur to resign 


Shari T-Ejdjuu 


. ‘ xls|n - violence in Tehran si d overt .■ss.uiti.il fur ;:n\ future Near, the unit cr*il;. area, wit- 
irnugni i lie issue f u a head at "uvenunent, iteioaiiiliru: a iit-she* Match'd wild i.>r-i standing 

i-. 1 */?■ :i .,^ a - v '* w 1 "'?**?"’ « s;«»\i*riiiiienl 1»a*fd up I -l:m* a . b> while rii-'.ers broke into a 

Laniei, Mr. Aholiazi Qazi dcujirrae.v. jndojiendcnci- and a Gui'ernnieni ofiii-c a university 

siiarial-Panahi. the Minisu-r uf referendum lu «li-iiils- the I'uuuv lecturer -aid that h«- had seen 

niyner Education, resigned in n [ Iran's administration. iwo men in army uniform assisi- 

proiL^t against Saturdays shout- . , n „ efforlJt down , hc . 

ing S at Tehran University. He Meanwhile. th«- cani|.aian in c; , ;Vin , I5 1 1 

was the fifth Minister to resign lh ® . a?ainsl ,h " And. in an atnio--dicre rerm- 

from iho iwo-ioonth-ohl Govern- desL-cnd«>ri into an urcy or n is cen i n f ,f.,. ^o-calicd “Tehran 

mem violence against the Government i 1 -*; .L ! J 0 .. 1 nrj " 

s»i- rfL . . ..„ ri WiwiAi-n rarnflK u. ..j spring befnvo the imposition of 

32 The Shah is known to have and western target*, as well a> marti _j i aw iri se-.tp m h»»i- 

called an emergenev session with symbol* of alTJuence and de m onslrainrv; einh raced' soldiers 
° r and exilian advisers b * uch as ,uxuvy and cUnibed onto then- trucks. 


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in r :■ ■ . 

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iVatiunai 


m guard the premises, made no 
at tempt to iWerfere. and a 50- 
ihe niu,J Srukv irtio the 

^ embassy ground-, this afternoon 
l ;i and set the Chripeeiy tmilding on 
|.,i, fire, after aitoaing th.- diplomats 

un- •“ leave. 

uro Near, the uniter- it;, area, wir- 
a lti-sses watch' d -oidierr standing 


Earliei 


Canon supports . 

-women priests -% ness opinion. Baek and Page 
Canon John Collins said in -a • INCREASE- in the Bank 


s U5 ° iWIgaiiS 

Times monthly survey of bud- “22 1 - «. . . . , ... k , M an rt WwiL i 


into an urcy of 
gainst the tiovommeni 


.* Canon John Collins said in- a • “ me pan^ ui r’- ---y-: - . • and cum bed onto their trucks. 

serin on at St Paul's that - he England's ramunum lending rate ^rmg the evening He now hotels and banks. The past r#0 dli; . 5 - evenH on 

.i hoped the general synod o^- the >s conddjpred possible, on Thurs- PPJ^rs to have a cleat cho vc. By nightfall, the six-storey and off the streets uf the capital. 

r-VuvnV, nt VnuNna iuniilit daV. alter "the sharp rise in the to persist With bis original plan. Minis trv of Infnrmatiun building ntiee uuiinur ihi 


Church 


England ' would day. after . the sharp 


plan. Ministry of Information building take place 


■■-L. ... 


Funfair tragedy PriSDIl 6{0G6rs 

• A wmhatt '-.&Eed : arid about 12 ~z.^_ i B n oA*l A n 

- people were hurl. when a wbirli-" oltp Up duliVu, it 

gig crashed into the crowd at a « Vriran nffi.-trv were ihis vt 
Guy Fawkes night . funfair in • ™SON oflucrs werc inis. w 

. Coshain, Hants. It happened at a nK>™iogihie to step up industrial p 

• playing field' which was . packed action, over a pay JL lir 

- with families. ■ ’ poHticat jpw over Uic.-sute of 


avainst the back- 
orsenin” industrial 
spite of mediation 
ihree-week-old oii- 
fftows no .--ign of 
all domestic and 


political flc; lands already un the 
Government's table 
Workers in three domestic 
refineries — in Tehran, Eabri/.. 


- year-old -civil' servant of Marlow, : uf. tscort prisoners to and ’from 

Bucks, will appear at Row Street jai3s:-Pagc 4 . ’ 'v; 

court, London, today chaiged".. v .?'< 

- with stealing vpeariy £140,080 •- UK - and Jkpan*:^. mtstor 
■ from Forefgn; u Off^./fun'fe^njipstj^^ . repres^OtaGFv^WT 

- liorween Jimekrir: and November un&ec. ; ipressnre from • ; bou 

this irearl • •*' S . .- .. Governments lu reach' an under- 

siandang/in talks starting tuday. 

Street ^booting. - LSUhjee^^.fe^cu^ed are 

... ■. eTfpected to mefufle vfhide shtp- 

A woman was entfcaUy J niter . m ^tS from Japan and Japan's 
.- being shot- in Ihef heatT nesr. staax ^ 0 f the UK-car market. 
South R.ensmgtott, ti>J5e .stanon, »atk Pace' 

- London. One street was sesded -- -/..•. ■ 




^RTHUR 


SANDLES 


TURfLEMOLtNOS. Nov. 5. 




mm 



Ulster bombs f and Far Eastern suppliers! while their professional associa- clients against defaulting fellow centres are uiakids their main 
-Ahniif tS-^.mbs.exnl6dfaI^ undenrutting UK steel prices! tK>n is involved in two big rows members. effort in the marketing of; 


liiai 

k 1 jn * si 


"no^trt^t^F^i'TSfw^^rai^hyanaveltagBofSOper cent. Back at home. . The Association intends to special tourist Tares, which are 

,i -P^^tmentjbf^ihe Envtronra^nt-p^ The Association of Bnlish a 5 ht the court action which. a * * lt,wer P r >ce than those nor- 

.buiiding_-ia Londonderry. W Travel AgenU is angry at British Subough likely l.. V instigated charged for tourists and 

n fug a .fire vmich -firemens Vmre:.* DEPARTMENT of Energy s Airways' decision to open three within the next few weeks will first-class travel. And so the use 
.unable: tb -teekle^for fear <a fur; Iailure_ to J resolve roanagemenl trave! advice outlets with the probably not come to a hearing o{ ,h ‘* word “discount" is 

.ther bomoe: There were no problems of the nuclear reactor raliel ‘•discount centres;" and is until I960 justified. 

industry; is causing moirating i n dispute with the Ofik-e of Fair u i s likely to claim that the c- .j 

•withdrawal^ Page *. ^ . ■ -.*¥ .concern in Government and the Trading on restrictive pracPces rules, called Operation Stabiliser. Ollfipie 9OV1C0 

"I n iy h~y, jV' ' n'n'i ii fj-Lt rT ' .®“PP‘y industry. Jfac k. within the travel trade itself. act entirely in the public interest The centres will not sell 

LaDDUr.- CDmiori ”*Sf After an official complaint and that if they were not there ticket?-, but simply advise on the ■ 

' " from the association, it is tthe Government would be forced best fares. Agents claim thai 

believed that the State airline is to introduce a licensing scheme British Airways is unlikely to f 

being asked by the office to which would produce further tell customers that Laker or Jet* [ 

justify its use of the word “dis- bureaucracy. save offer lower fares, or Cosmos j 

count" in promoting fares Stabiliser was set up a decade cheaper lours. 

which are universally available, ago in the wake of a series of The centres, in London. 

^ BRITAIN’S textile and cloth- ju {f, e same time, the Office travel industry collapses, which Manchester and Glasgow, were 
Churchill ClBtlYl ing^ industry is. showing renewed j S taking the Association to the left customers stranded in the to have opened last week but 
.- - . . . - „ con^dence ' oyer . prospects for Restrictive Practices Court over Mediterranean. At the time, it this was delayed “for adminis- 

Winsten ChurehiH. wanted Nazi -sales' Ni -.the coming monihs, regulations which fiinit the was welcomed by consumer in- trarivc reasons." 

war criminals to be summartiy aceordiag ■ to a CBI-NEDO slate- Association’s activities in deal- tc-rests, but now the tide has Agents are not pleased either 

VtJiot r&Fher than put--Oir trlat,. of- trade puiyey. Page 4 . ihg with non -ABT A members. turned against restrictive iradine. by the airline's imroduction of 

accoWmit ti^NureniWtsra-lJOokT^ 1 --l r.^- . , The cost or fighting the action a disc.. uni cia.ss on some of its 

by Conservative MP Alrey^Neave, • 1AK-AL. authukti > A.ssocia fttnCt FUleS is likely to be considerable. At flighis. This was done because 


Labour comfort ■■ 

The .Government is poised 1 'for;ji • . ' ; - 

surprtsingfy easyJwin .in fiie divi- 'T'ovHIa lnfilicfrv 

si on on the QueeaV Spejfiich this " A . C A lilt? II IU 113 II J 

week. the Liberals^kely r>rmfiripnf 

abstain rgtfaer than be - seen' to UlUrc LOUllUCUL 
support the Cooservatlvei Baiie'4'-' 
r ••••••• “• BRITAIN, S textile and cloth- 


By Paul Lendvai 

VIENNA, Nov. 5. 
AUSTRIA'S ruling Socialist 
Tarty uas defeated to-day in a 
referendum on the commissiou- 
iag of i he country’s first nuc- 
lear power plant. Cbanci-llor 
Bruno Krclsiky may submit his 
resignation to-morrow ai an 
emergency meeting of the 
Socialist leadership. 

in a 64 per cent turnout. 
3(1.47 per cent uf the 3.26m 
\ ulus were against the law 
adopted last summer by the 
Socialist Riaioriiy. 

The Minister uf Trade res- 
ponsible fur Energy lias al- 
ready confirmed that the 

nuclear plant at Zwrntendorf 
— about 23 utiles north west of 
Vienna on ihe Danube — will 
mu go nn sircuiu. It was built 
a i an iniexlnient cost of 
Scli.SIm i about L'2SI>nii. 

The ;im‘X(ieelcd result of 

the referendum will produce 
major economic and political 
consequences. 

In the Jons term, it is bound 
to increase Austria's 

dependence on imported 
energy. The scrapping of Ihe 
plant will cost the country 
ahaut Srh Ibn annually For 
additional fuel imports. ' 

The share of imports in 

terms of domestic energy con- 
sumption is expected to rise 
from 63 per cent at present 
to oi cr 8f> per cent by the end 
of the. 1980s. 

More important, however, are 
the short- and medium-term 
political repercussions. The 
Socialist Party in general, and 
Chancellor Kr risky personally, 
became identified wilh the fale 
of the rum roi-ersia! nuclear 
plant, the building of which 
had been decided by Die pre- 
vious People’s Party govern- 
ment. 

However, conflicts over the 
com missioning. particularly 
regarding waste disposal and 
other safely provisions, have 
increasingly become a political 
issue. 

The luu pushed through 
by tlip Sociaiisi majority in 
P:\rliams-iit Iasi July, but later 
all three political parlies 
agreed »o hold a plebiscite— 
Austria's first — ahoul the com- 
missioning uf the plant. 

lu a television interview 
loiiigkf, t haureJJor , KretaAv 
conceded a political and 
personal defeat. Previously he 
bad hinted that he might 
resign if the Government lost 
in the referendum. 

When questioned tonight, he 
did not exclude the possibility 
of resignation, bui refused lu 
comment hefore (he meetings 
of the party presidiom and 
executive committee, due to 
take place tomorrow morning. 

At the Iasi election in 
October 1975. the .Socialists 
gained 50.4 per cent of the 
vote, while this time the 
“ Ves ’" \«te was only 49.33 per 
cent. 

The turnout, however, was 
well below (be usual 90 per 
cent. Many mut-Sociaiisl sup- 
purtcrv of nuclear energy 
evidently abstained. 


BY NICK GARNETT AND RICHARD EVANS 


j UNION resislanc'.- te settling 
| wage claims close i„ the Govern- 
| mem's 5 per cent limit hardened 

, significantly vest rd ay, with 
, manual workers in a range of 
i industries, including chemicals, 
i rubber and road haulage, rejccl- 
i ing pay nlTcrs at or beyond the 
[guideline. 

These developments begin a 
I week «if ncgritiaii.ins and shop- 
; llonr nipi-iing-i in which pay 
policy and Government hopes of 
minimis in” disruption through 
dispute- will face some of ihcir 
sUITrs ! tesLs. 

Al the sain.* lime there has 
been almost no progress in talks 
between economic Ministers and 
i senior TUC leaders .in alternative 
methods of cuiiumina inilatiun 
I in singie figures, 
j It is hoped an agreed ducu- 
• nu-nr will be published soon afier 
jibe TUG Eci.noniif Cummiltcc 


THE CBf wants (he Govern- 
ment Id consider abandoning 
Us statement on pay and price 
policy being negotiated with 
the Tl : C as it fears a detailed 
reassessment may encourage 
pay deals of 1(1 per cent or 
mure. Back Page. Other Labour 
News Page 4. 


has studied a draft on Wednes- 
day. but it will do little more 
than ro-stute objectives, rather 
than spell nut methods. There 
will be no mention of a pay 
norm or of substantial Govern- 
ment. action on further price 
controls, ihe policy advocated by 
the TUG. 

Sir. .lames Callaghan, faced 
with a winter of industrial 
, unrest, a Labour minority in the 
Commons and growing anxiety mi 
the Government benches, will he 
more isolated than ever in nis 
conviction (hat the 5 per cent 
i guideline must he maintained. 

Mass meetings at some main 
[depots in British Oxygen's gases 
division overwhelmingly rejected 

a "final" company biter in us 
drivers and cylinder-handlers of 
St in 9 per c«ni. 

Further meciinss or tiie -*t.00u 
manual workers. ulr<we -fr.kc las t 
year dislocated large areas or 
industry, will be held today and 
tomorrow. 

A majority of workers at 
MichcJin UK has now rejected a 
fl to 11? per cent offer linked to 
higher productivity. 

Workers at the company's 
main plant at Stoke-on-Trerrt 
followed three other [aciunes in 
turning down the proposals. Shop 
stewards said Ihe -.r/.* of the 
money offer might be acceptable, 
but the increased -efficiency 
strings attached to it were not. 

Glasgow lorry drivers backed a 
union recommendation and 
rejected an offer by the Si-mush 
Road Umilyue Association of 5 
per vent plus attendance pay- 
ments. Further meet inn.- ‘if Scot- 
land's 5,090 drivers will he livid 
in the next two weeks. 

In ihe moior industry, union 
negotiators at Ford mod luday l«i 


as-vss the position following re- 
jection at mas,- meetings of Ihe 
coin puny '.- - final “ pay and 

benefits offer uf 17 per n*n1. 

Wiir-kci'.-: ai Swansea followed 
those at ihe company 't, major 
PlaHi in i brewing out Ihe nlTer. 

The *-r riF in its seventh week, 
will Ic-ain Hi have serious reper- 
cu>smr!> on Ford's Go n Line mat 
ope rations from today, with 
H.OOti men due In l..c laid off at 
Snarlouis in Wot Germany, in 

a. Mil. on i>. ih«“>i? already idle at 
A in-: ^rd -.mi and in Spain. The 
company -.tirt yesterdjy that it 
planned no new initiatiw at the 
m in oem. 

Mnmul weik'.-r- at Vauxhall 
wit! v ■ i- tin?, week on a umun 
recmumcndatinn to accept a 
■*!nti|— n> ■■•ffer. related in ini- 
prui'Ml pyrfo '■uvjnir. t»f mure 
Iiia:i S per cent. 

Kurili'T lay.'lfs iri Bl.. will 
o-.Lir Innn till.- morning afier 
strike a tiun atari- by workers 
m. :hv Drews Lane plant in 
Lii mingham t.ver ibc 5 per cent 
offer. 

The executive uf the Bakers’ 
Fond and Ashed Worker?' Uninn 
is expected to-day to announce 
a national strike from in-murmw 
in a d! some over pay. The strike 
call will affect ihe union's 25,000 
members in plants covered by 
the national agreement with the 
Federation of Bakers. These 
Plants normally produce seven- 
ten "is -if breed -upp»>. 

Fur! her layoff^ in B!. will 
n::i nu: a ! i.:hers M Kodak on 
Ihcir a ;•••»• vt.l .'ffer. with a 
pr'-ducm Hi I'cr-l M'.nh S per 
cent. ..-xi-ei-i.-c) in-day. 

c i:> tii i: ^ fur ml company 
•ank-T-dnu',- by yin in ear met 
this wee!: wish iall:> a! Shell. 
The *.i| i-..m'.:ini. s :irv already 
in Mini.' .iifiicub.. fulb-wing a 
bir-'erfl c •■nmi’! i."" on overtime 
in last /car's agre-mtunt. which 
co'i'il i;> f ..!* wurth ^ I*. 10 
per ct- in. A Minsiantial p.c. elaitii 
fur ShftlV refinery vnrl ers is 
bvi-r.' si;' .min cl !:«1 .t tin-' mnnih. 

Mr. Lv-n ?liirra;. . ihc TUC 
gbnvf.-ti .sv.'.viyr. . -Mid at Ihe 
uvek-enti lhal there v.-.i ; rm 
dispute hetw»-i-n ihe unions and 
th. i'.uv--, nmc/n u n ihr need m 
iy..:* i::!bti'.'i. but :iiu two sides 
uid run s n i* e;.c nn ih« 

b. '-i v.j« uf du'nj <!. 

1: ilmugni liiai at i.nc point 

i uini-rii ?T mister.- a:ul the 
TUG came very Cio-c to Hgreeins 
a sw.trh of policy from use nf a 
pay li'iii! . That foundered when 
the TUC rcrii-Cij to accent the 
fonnuiu. conii 'clerl wi;b relation 
of .vaue sen! eluents lu price 
cun 1 n.ls. v.hrih ’.linistm pn»- 
pused in its place. 

A joint Govern me nt-TUC 
siatcment will almost certainly 
refer to ih? need lor more regu- 
lar sirucuired inceiinu? he tween 
the two un ihc •*>.:onomv and it 
might include smi.c reLtenee to 
ihe position of public sector 
empbr ces 

Further talks, nci-ve.-n union 
leaders and Minister-- arc likely 
Lu continue after Wednesday's 
Economic Cominiui*e 


published today; ; . 

Inquiry d^mahid 


tion has -■ met. " Environ nignt 


Mr P/.ier qhnre at thel Member retailers; who have tiie .n— y 

C^nsJlSiJe cS on Lnca^ Ulrit-t rules on premises and executives are tnl king in terms senger? were complaining uf 


ABTA so many full-fare business pas- 


§s^.^ 1 ^^:ias5^i ! . of = “.m, 


sharing with iow-cosl package 


b ! - ,i1 

r i"t. b’*; 


on the. effects of Britain joinmg page 33 
the European Monetary- 'System ; . , 
came into Uie hands of Labour 
MP Btiah Sedgemore: Back Page COMPANIES 


tour- operators ?ell only’ direct British Airways' introduction of However the association maj 
Or through ABTA retail' outlets, its “discount centres" is anger- nut fight that battle. “I suppose 
This' effectively restricts com- ing many .ABTA .agenls. ihe airline has spent so much 

petition unless it is very deter- The argument is that, since the on promotion they would fight to 
mined — as it has been from airline's fares are available at the death to keep the name."' one 
W. H. Smith in recent years — the same rate everywhere, it is of ils council members said. 


Briefly . . . 


ROTAL LONDON Mutual j 


ytBp ! -• 


-Hitachi may establish TV set 

Dady Mirror *ed al the week p ens j oaa t,i e employment. Page 26 

ena. t*e was tn. , A # • gr** • 

President Amin oE /Uganda said # BARCLAYS NATIONAL, the AfAMYT m WnOm 

he would accept . -largest bank in South A/ricaand |>|i |fl |rV III LlBIfllll 

media tion in the . quarrel : with a 64' per ceot-owned subsidiary j- UA ^Jr 

Tanzania-. of Ba'rclays International 9‘ 

Record 45 nations appear m the Lonffoa, recorded an increase in BY MAX WILKINSON 
10-pin bowling world eup open- pr'e-iix profit from BSa.lm to > ... 

ina in Bogota today. 'RfiS-Sm tS7S.4m) for the year to HITACHI, the Japanese televi- because the coluur 

RSPC A is hunting a gang which September 30. 197S. Page ston^t manufacturer recent^ niurket there has 

jI,, Bahts in the West P frustrated in its attempt to set shown a phenoraet 

Country^ ^ • CHINA LiGHT and Power, up a manufacniring plant in i the from 50^ sets in 

LDUHIT}. . . , ... ■ ... . ' In 11V hnlinuaJ hp rnntidpr. fiKfl (W>fl this 


BY MAX WILKINSON 


television fiO.OOO sets a year. Vanguard is 
recently dwarfed by its foreign rivals and 


Bond- prizewinner J 
Torbay. - No-:. AZ 833 450, 


gprttVmhpr TO 197S Face sion-set manufacturer recently' market there has recently dwarfed by its foreign rivals and 

ep - frustrated in its attempt to set shown a' phenomenal growth wiid to be looking Tor a buyer. 

m CHIN4 LJGHT and Power, up a manufacniring plunt m the from 50,000. sets in 1975 tn an In the .industry it is believed 

which supplies electricity to UK. i* believed to be consider- estimated 600,000 this year. Hitachi is the frontrunner. 

Kowloon, the New Territories ins'. a. move into Spain. . since only 15 per .cent of 

and., v: Hong fxong’s nutljmg fhe rapid increase of the Spanish households have colour ma^ be u^cked nff onp 

islands, is raising H r lvS Spanish colour television market television although almost 1°0 ' hv their foreign rivals ' 

fUS? 62.5m) by way of a rights ? J d tJje prwpecl of Spain's join- per cent have black and while. \Sniiy Inter ^3ded In 

issue. Page 2S in H the Common Market will it is a market with enough poten- in ]U {: rimf ii u 


CONTENTS OF TODAY'S ISSUE 

« news 2 Arts page — 


Overseas news * 

World trade news.. — 3 

Home news~generai .. .■ .-4 & 33 
—labour- 4 

Executive world ® 

Technical page 10 


FEATURES 


Central Asia; Tinder boxes 
hr a row — 

CBf: A paper tiger seeking 



Ulldlas: Hole* • 
c , - ■usaM^snin's 0\w 
Crosnronl -■ 
EnlFrt»tnmdU OdM? 
: ; • Fhwriai ptvry ...-■ 

Insarant* 


32. Hun lo capital roka, 

V -Letters 

3T-. la». 

a ' , Lombards . ... 
U McB and Hatters ... 
32 Saare-.luftirmaUBn 
M - 


- Fur fates! Share latter 'phone of -Mb’ $0‘26 


2S ins the Common Market will it is a market with enough poten- . , ut with /- rijndiu 

make the country an attractive till to attract the largest inter- T'eli Gennanv 
European base for Hitachi. naltonal produeen;. joint operation now has 

*• iccMF already has a Per-cen .The interest of multinationals about 'JO per cent of the Spanish 

> POUt share of a colnur tube maker, threatens tin b r j D a severe pvnb- market Philips has about 'J5 per 

11 Valeo, shortly to start full pro* j ems tQ . smaller Spanish cent. Telefunken 11 per rent. 

, -v. nah< , 12 Auction in Finland. n manufacturers, who benefited Thoim-un of France 6 per cent 

Leader pa*e . . ,ts , F ! ni \ 1Si P ven ,L ur fi from the relatively slow reaction a-nd Sanyo 5 per cent. 

UK- companies " RJtachi has looked ror wajs m their foreign competitors Almost 70 per cent of the 

international companies ... 28 establishing a European set- w hen the market took off two market is Lherefure in the hands 

inwnwniHMi c ** , manufacturing base alongside its years ago. for rorei^n companies. 

Foreign exchanges ■* main Japanese competitors as a Fo reign-owned companies led Thu remaining Spanish com- 

Mlning nolebook & safeguard against possible future by philips. Telerunken and panie;.. led by CECSA fCompania 

: — import restrictions. Grundig are using their market- de filecrronica > Comunica- 

• Sony and Matsushita are [ n g an< j technical . muscle to clones S.A.) have therefore been 
already established in boutfi increase their share of sales and discussing the -possibility of mer- 
Wales. Toshiba has signed a prevent the smaller Spanish- ging their interests into a 
quotations andl joint venture agreement with owned companies from expand- national conglomerate large 

: 1.1-24 Rank in the UK. and Sanyo has jng as fast as they wish. enough to fight the foreign com- 

■’ bought a 30 per cent share in CoTuvquently, none of the four petiturs. 

Emerson in Italy. remaining Spanish-owned com- Talks beiwen CECSA. Van- 

— : ' _ Hitachi had examined tne pos- panics has been able to win more guard and the other two com- 

Todav"* ewbb sibil ijy of setting up a plant in than a 10 per cent share of :he panics. Werner and Lavis. du not 

--•» WaurtHnaion New Town, Tyne market. appear lo have reached a conclu- 

WMiiwr ■— * and wear, but- prolonged Hitachi's interest is believed sion so far. 

Baso Lc Bdins R»»«s “ hostility from British manurac- tn centre on Vanguard of The Spanish Government, 

annual statement turers and unions made it. drop Barcelona,. which has the largest though interested in the fate or 

steam city Prve*- » the proposal. sale of colour sets of the its customer electronics indus- 

■ J 4fa' $0*6 The attention of the Japanese Spanish companies. frv. has not yet shown any in 

v - Is turning from the UK to Spam With production at onlv about icrvcntiunisl vi-^jur 




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Eurobond quotations and 


■'•rttt -■' rr'- : r : h - ■ fyi 




Today's E*em* 

TV antf Radio 

Unit Trusts 

Weailwr 

Baso Lending Rates 




um&m 



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]AS -NEWS 


Financial Times Monday: ’ 

••...!• s'.". f -•>■'• *> 

't’ffl 


Ecevit 
warns West 


on austerity 


By Me tin Munir 

ANKARA, Nov. 5. 
MR. RULE NT fiCJEVIT, Prime 
fiiini^tcr of Turkey, has 
indies led strongly he has so 
iurriiiion of taking new 
austeriiy measures as being 
ur^cd by ibe IMF, the OECD 
amt Turkish business circles. 

in a sharp attack on his 
Western allies and inter- 
national financial institutions 
for tack of sympathy for 
Turkey’s plight, he told an 
extraordinary congress here of 
his “ democratic left " Repub- 
lican People'* Party that he 
docs not intend to destroy 
Turkish democracy fur the 
sake of curing the country's 
ailing economy. 

Mr. Evevii furllicr cautioned 
Liia 1 unless the West was more 
forthcoming he could make 
policy changes which could 
upset the balance of power in 
tee world. 

After cumiug tu power last 
January his guiurnment had 
taken austerity measures to 
end Turkey's economic crisis. 

** With however good inten- 
tions they may hate been 
submitted. I have no intenLion 
of accepting prescriptions 
which are not compatible with 
the realities of Turkey," he 
decia red. 

“ I cannot push our 
democracy off the precipice 
neither fur 50m credits, nor 
lPOoi or one billion. I cannot 
throw our democracy into Ihe 
fire." 

Although he was not 
expiirit it was dear that Mr. 
Ece\ it was referring to the 
IMF and the OECD which 
arc urgin'* Turkey tu take 
fresh austerity measures since 
those taken to date hare not 
been enough to improie the 
economic situation. if Turkey 
ret use*., the fund may with- 
hold (he third tranche under 
the stand-by agreement. If this 
happens Lhc syndication of a 
medium term $50flm loan by 
internal ion;; i hanks will also 
fall through. 

Mr. Ecevit has been getting 
increasingly frustrated with 
the response from his allies 
and international finance in- 
stil ui ions Ter his requests of 
fresh money. 


Arab summit discusses action 



BY ROGER MATTHEWS 


BAGHDAD, Nov. 5. 


ARAB HEADS of State, having President Sadal, the Iraqi presid- AVHoss. was apparently angered the rival Ba’ath Party factions 
failed in a last-ditch attempt to ent, Hassas Al-Bakr, urged him by President Sadat's refusal to which rule the two countries, 
persuade President Sadat of to renounce . the Camp David meet them and by the tone of a The arOTIm p n t hotwaan 
Egypt to call off his planned accords, signed with Israel and speech last night to the People’s and pjn waa rea _ h ar 3 
peace treaty with Israel, were tbe U.S. in September. By so Assembly in Cairo, in which the. meeting in^Ba^dad yesterday 
tonight trying to hammer out a doing, Mr. Sadat would be Egyptian leader said he would t he p^o chairman Mr 

fioal communique to cap- four Yasser Arafat and Mr. Saadoun 

days of talks in Baghdad. Israel's Defence Minister, Iem of implementation of the Shaker, the head of the Xraai 

.ufAnnm. nl.N /n. «V. UTut ' • _ ... 


The abrupt refusal by Mr. Mr ^er Wefznuum has re- 

«» «• 

Baghdad meeting in Cairo mUUary aspect of the Israeti- 
yesterday may have represented Egyptian peace treaty, having 
a small tactical victory for the briefed the Genera] Staff on 


autonomy plan /or the West ' intelligence service, according 


hardline states, but it is thought 
unlikely to have much impact on 
the outcome of the summit 
The composition of the delega- 
tion and the lack of preparation 
for its sudden trip to Cairo 


Friday, L. Daniel writes from 
Tel Aviv. The political aspects 
are to be discussed by the Cab- 
inet at another special meeting 
to-morrow. The tbomy prob- 


Rank and Gaza seems to have 
been resolved. It will ap- 
parently not be referred to In 
the treaty itself but in an ex- 
change of letters between 
Israel and Egypt providing for 
the start of the talks on intro- 
duction of autonomy at the be- 
ginning of 1979, with or with- 
out Jordan. 


to Arab diplomats. Mr. Arafat 
is in Baghdad .for the Arab 
summit. 

As many as 17 Syrian mill 
tary, police and Ba’ath party 
officials have been assassinated:' 
within the past two years. There 
were two unsuccessful attempts 
on the life of the Foreign 
Minister, Mr.- Abdel Halim 
Khaddam. 


Damascus blamed 

indicated that it was undertaken rendering "a great service to the not listen to the “hissing of Iraqi agents for all these 
with no expectation of success. Arab nation and the future of snakes" terrorist operations. 

However, it has enabled Iraq, the our Egyptian people." Id return. Ihsan flijazi writes from Beirut: Th e underground wax be- 
bost nation, Syria and the more the rest of the Arab world would Iraq, Syria and the Palestine tween the PLO and Iraq 
radical states to argue that every guarantee Egypt whatever help Liberation Organization are recently took the form of 
effort has been made to draw it needed. understood to have reached an guerrilla attacks on Iraqi 

Egypt back into the Arab Fold, Egypt, however. ba s sent back agreement lor ending the bitter embassies in London and else- 

Amin«qriiiii tn tha Ulochinn. ...L .L 1 Jl. ■ J a.1 — ■ ■ ... T*“ 


and that action against Mr. Sadat two emissaries to the Washing- conflict which has divided them, where and counterattacks by 

should not be conditional on tbe ton peace talks. The accord between Iraq and pro-Iraq] Palestinian gunmen 

peace treaty being signed with The delegation from' the Syria is part of the charter against PLO offices in Paris and 

Israel. summit, headed by Lebanon's they signed last month for end- the assassination of PLO 

In an undelivered message to Prime Minister, Dr. Selim ing the 10-year-old feud between officials abroad. 


Rhodesia army ‘starts to win’ the bush war 


BY TONY HAWKINS 


SALISBURY. Nov. 5, 


RHODESIA HAS started to win deserted the leadership of Mr. Minister. Mr. Ian Smith said that A Government spokesman said 

its war against rhe Patriotic Joshua Nkorao and Mr. Robert . the planned handover to majority today that its forces were ■* carry- 

Front guerrilla alliance, accord- Mugabe and were now fighting rule on December 31 could not ing out operations following 
ing to the Rhodesia Chief of alongside Rhodesian security now be met for “ purely reports that rebel troops dis- 

Combined Operations, Lt.-Gen- forces in tribal areas. mechanical reasons’’ and would guised in uniform similar to that 

eral Peter Walts. 


U.S. capital 
spending 
decrease 
predicted 


By Stewart Renting 


NEW YORK, Nov" 5; 
CAPITAL SPENDING by busi- 
ness in the US. is likely to. fall 
next year and in .1980 in- teal 
terms according to an authorlta-. 
tlve survey, * published by the 
Me G raw Hill - Publications- Eco- 
nomics Department. 

The survey, based On report* 
from some BOO companies 
accounting for about half - of. 
capital expenditure projects 
showed a 10 per cent rise to 
$171m next year, But' after allow- 
ing fbr an assumed- 8 per* cent 
Increase in capital goods inflation 
rate, real capital spending ' wilt 
show an increase of only around 
2 per cent in 1979, the survey 
says. 

Looking forward to 1980, 'the 
survey, which reflects the-cilrrent 
plans of the companies covered, 
sees only a 3 per cent risfevin, 
money terms; Me G raw Hill says] 
that even the 2 per cent- real 
increase projected for 1979 prob* 
ably Implies a decline in teal 
investment during the year.- _ 

In the past, the Au futon -sur- 
vey has generally indicated': cor- 
rectly the direction of changes 
in capital expenditure, MeGraw 
Hill says. In periods. of expan- 
sion though ft ha* under- 
estimated Increases and in 


U.S. cancels uraniun 


delivery contract 
with South Africa 



BY QUENTIN PEEL 


JOHANNESBURG. Nov. 5. 


THF US has cancelled its African officials have express 
rontraetto deliver highly considerable scepticism about t 
enriched uranium to 


He described such men as spill over Into 1979. This has of the Zambian army and with periods of contraction " of 

1 . “terrorists who have come on created a major rifl within the rlieir white- skin painted black growth, in the economy it has 

it to our side and who are working transitional Government. to bide their identity, yesterday tended to be too optimistic- about- 


In an interview this weekend 

the General backed up a recent 

claim by a Cabinet Minister thai as auxiliaries under the control General Walls said it would be harassed travellers of the lvalue- outlook for capital aXpendi- 
fhe security forces were getting of the security forces." The possible — so far as security con- Chirundu road.’’ ' iture. 

the upper hand in the six-year- General denied that there had ailiuns were concerned — to meet Vehicles had been ambushed! Since the survey ■ was- taken 
old conflict saying that the impo- been a proliferation of private tne election date. He revealed and occupants ordered our. the- moreover several' factors have 
sitinn of martial law over half armies loyal to two of the three that Rhodesian forces were con- communique continued. 1 occurred which mast Be seen as 

of the country and the trans- nationalist parties within the tinumg to operate “almost One explanation for the am- : putting further pressure on busi- 
bnrder attacks into Zambia and transitional Government — Rlr. coptmously ' outside the bushes is the probability tbatiness to trim -back srendimi 
'Mozambique had sent the guerrit- Silhole’s ZANU and Bishop country s borders. ZAPU. several of whose camps 'plans, in particular the- sham 

las “reeling back.” Muzorcwa’s United African He said that last week’s raid have been attacked in the past-nse in interest rates: stemming 

But General Walls insisted that National Council. against a ZIPRA base inside fortnight by Rhodesian jets and from last week's dollar' - support- 

there had to be a political soiu- “ We have control of them. We Zambia ' “■* * - 

tion to the dispute “We can go have special branch and army asamst 
on thumping bell out of the ter- officers operating with them, guerrilla headquarter^, 
rorists and can win the war ...” their arms are checked b. 
he said “But in bring the thing are issued by us and ammunition 
to a successful conclusion we is issued bv us. 
have got to have a political snlri- General Walls said that 

tion that is backed by ihe mili- was no military case for delay] ... 

tory. the One Man. One Vote elections military activity on the road from the grounds that their eg ndidarv I per cent growth rate_.:lii txial 

General Walls revealed that due to be held nexi month. Last Kafue. 40 miles frnm Lusaka, to is “inimical to the interests of I Gross National Product;-'" 
more than 2.000 guerrillas had week the Rhodesian Prime the border town of Chirundu. the state.” I Combined with the •"'-recent 

Carter Administration's- econo- 
mic policy moves . the McGraw- 


had been a strike helicopters, is moving men and ‘package and the increased ^ii'kV-l 
a newly established equipment to new bases. itihood of a recession in .1979;. 


South U.S.'s willingness to share 
AfriC^fol lowing Pretoria’s con- nuclear technology, and 
rinued refusal to sign the respect Pretoria s secret proct 
Nuclear Non-Proliferation Treaty for .uranium enrichment.- A bre. 

(NNPT) -has thus looked increasing 

This was continued at the inevitable, 
weekend by Dr Ampie Roux, * In his weekend statement. 1 
chairman of ths South African Roux insisted,. however,, that t . 

Atomic Energy Board who said breaJc was not a setback 
the U S Nuclear Corporation had our work. ’ 
returned the S400.00Q deposit He said supplies . to Koehei 
paid bv South Africa for the due to come on. stream in I 9 j 
fuel. However, he said the can- had not been affected:. . 
ecltauon only affected supplies Safari ' One requires- uraniu 
for South Africa's Safari Oqe v j,j e |, j 3 93 per cent .enriche 
research reactor and not g high jevel 'associated Wi 

envisaged supplies to the nuclear weapons. U.S. supph 

Koeberg nuclear power station jj aVp y ee jj withheld since ’197 
currently under construction. anc [ there is no .suggestion- th 
The break follows top-level South Africa has yet found'- 
negotiations last June by Mt. alternative source.-. - 
Gerard Smith, the special U.S. whatever the effect on 
Slate Department envoy respon- s out ^ African research m 
sible for the non-proliferation the possibility of su 

treaty, and the South African * UeS Koeberg-for which 
Government in Pret ° n . a - much lower level of enrichmt 

Afnca had. demanded specific ^ required— m ea ns that Sou? •» 

g^rantees aincermtio the supp y Afric ^, s nuc j eat 1 power 
of enriched uranium both for . C0ldd be delayed A ’ 

its Pilot reactor and for tn several years. The commerd • 

Koeberg power station in the productioo of eQric h ed . fj ' 

Western Cape, and f . t pi annc( j f or Valindaba; whe 1 ' 
supply of ‘non-sensitive tech- le , llppanHl , _TT. 


noiogy for its uranium enrich- SJ» 


construction. t j me f or f h e proposed sta 

In return for the guarantees. iggi. Meanwhile, sever 
the South Africans said they other nuclear power stations.-aJ . 
would agree to sign tbe non-pro- planned for eoasrat sites 
tiferation treaty. country, both in Natiti afld -i 

Since Mr. South's visit, South the Eastern Cape. 


Mulder urged to resign 


BY OUR OWN CORRESPONDENT JOHANNESBURG; Hpv.J 















T J. 


Hill 


the scandal surrounding 

former information Department The Afrikaans Sunday' new 
and its secret activities. - paper Rapport today 'puJ^it 
Virtually the entire Afrikaans- major front-page story : qn tlj 
language Press, as welt as many threat to Dr. Mulder. It said tin 
! MPs and some Cabinet Ministers, a “furious si ruggle” vygs ‘in ,pri 
survey must make, such 1 are deepti concerned about rhe gress between t wo. group's of th 


forecasts look less convincing. 


French sea 
strike ends 




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greenest pastures 
for investment 


* •> looks riv for rho best di?a , r'ti-Vir.dusin;il.!i'ivcstrr.« r.r s. yo*. 00 loriyc-r 

u .avo ;c g:ve open the Continent, Aspecial governnten: fund v/;th .1 massive C 350 million 
endowmer: ha. been sec. up to give companies srea'sn^ erreiovnven', :r. contain selected 
a--c\v. o‘ a-i ex<-c:>iion;;iiy anoCriye financial package. 

Above and beyond existing incentives such .is tax exenptio.es, irainng: ubs.'d es. 
occ., projects can cbiain: • 

A rash f/aut of up to 25f<of cbcTotai investment inch u ' r ^ 'and and betiding. 

.. .. Pies ,v; unsecured government }ct3.n of up 'to 25/C- c f chi. invest men: at a very low 


interest: race. 


hot; details, please phone or vyCietoi'-'M. Philippe Girrai. French Indusc-iai 
Developmer i. Board (Dept. t.D.j ;25:anhope Gate, bonder V- r -l;-. Tel: 01-493 5021. 
Open your file on F'-ance 


yp, 




By Robert Mauthner .0’-. 

PARIS. NcV, 5. 

A PROVISIONAL asreemetit to 
end the 15-day merchant* sea- 
mens' strike, which imietfttlised 
dozens *of ships In 
and Le Havre. France's two*'Mq- 
Sesi ports, was reached his-t 
night between, union. \h 10 - 
owners and Government repre- 
sentatives. 

The agreement was ranched 
several hours after riot police 
had. dispersed pickets m Hoth 
ports on Saturday;* enabling some, 
of the oil tankers off Marseilles 
and several of the merchant 
ships at Le Havre to unload their 
supplies. A queue 0 ? about 35 
loaded tankers had built up out-, 
side Marseilles. ' . 1 b 

Union 'representatives said that 1 *• 

the agreement included 
undertaking by. th& shipnwnm 
not to employ any more taw 
wage labour from third cmintrit' 
on French ships, at leas) until 
more detailed agreement he. 
been worked out with, the unions 
The employment of Indonesia 
catering staff on cruiser fhips 
belonging to the Nouvellc Omi- 
pagme de Paquebots, who were 
being paid lower rales Hun. 
French seamen, sparked off -ihi* 
strike. 

The stoppage caused sorinu* 
disruption of France's supplies 
or crude oil. more than -lu per 
cent of which comes into the oil 
terminals near Marseilles. At 
the end of last week, pipelines 
serving some 11 oil refineries in 
Franre. West Germany and 
Switzerland - ceased functinnin 
altogether. 

Justifying the police action on 
Saturday, the authorities said 
that France's oil supplies wer*» 
threatened by the strike and ihe 
3m tonnes of oil in tankers off 
Marseilles were creating a poten 
tially dangerous situation. 


danger of a lasting split in Ihe Transvaal wing of the Nationals 
parly if Dr. Mulder insists on party. One wing- is urging hir - 
fighting for his political position, to quit-— this is centred oil th‘ 
Dr. Mulder. ihe former group which supported Mr; PI 
Minister of Information, now Botha, the Foreign Minister, ti 
Holding ihe very powerful port- September's election for Premier 
tolin uf Plural Relations— -cover- and the other . flank -is ; Di 
ins African affairs and race Mulder's own solid' core 0 
relations — and leader of the sapporters, . • 

higgvsi provincial wing of the Dr. Mulder's best-known sirr ‘ 
party, ihe Transvaal, is deeply porters* still ■ stood by fair 


mi p, I k-toed evidence, to a “reasonably strongly” the pare 

judicial inquiry pubUshed last said, quoting a survey, but ther. 

<1 ifino fh’il' enniii R1'.>m k.J n h 


w^ si toina that some Rl2m had been “open fightm^.a * 
of State funds- were used meetings where* pro- and - 'afltf — 
to finance iin -‘indcpendenf'MulderraenhadmeLThe%OT 
newspaper^ , .and considerable said that Fear was expressed b» 
sumv were-. also. lent -fa private some MPs that -^it could Ired-ti 
businesses:.. ' a long-lasting alienation betwen 


He hasigo./ar decia rdd- himself the two groups of Nationalist* 
not prepared to- resign T " under and some people give this as j 
any cjrcumsiunccs, .. and subse- reason why Dr. Mulder sbouJi 
auentiy promised -to consider his resign.” 


Amin ‘accepts 
mediation’ 


By Our Own Correspondent 

NAIROBI. Nov. 5. 
PRESIDENT Tdi Amin tonight 
announced he was ready to 
accept Libyan mediation in his 
quarrel with Tanzania, provided 
that President Julius Nyerere 
was ready to accept mediation 
'in a brotherly African way" 
This was announced by Radio 
Uganda after Mr. Mohanimod 
Abdul-QassUn Alzawi. the Libyan 
Minister of Culture and informa- 
tion, had delivered a special 
message from Colonel Caddufi to 
President Amin. Offers of media- 
tion also appear to bave been 
made by Sr. Isldoro Malmiercn. 
Cuba's Foreign Minister, and 
Mr. Sbridalh Ramphal, Common- 
wealth Secretary-General, both 
of whom met President Nycrerc 
last night. 

The military situation on the 
Kagera River, west oF Lake Vic- 
toria. is now virtually a stale- 
mate. Ugandan troops are dug Jn 
along the northern bank of the 
river and Kampala radio claimed 
that a number of Tanzanian 
troops were cut off in the area. 

Heavy firing took place across, 
the. river during the week-end. 
and the Tanzanians claim to have 
destroyed two Ugandan tanks and 
hot down two aircraft The 
qaTidans sty they had incurred 
no lowes. 



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: wdl be announced soon-tdok: buticH* the y; y 
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UcaiS Wllfl ILHSI Europe | hits oil 

•'« OU^j^rfeMUtt^ AMSTERDAM. Nov. 5. | ChSFtOrS 

CONCERN AT : the threat com-; short-term advantage of jobs in A greater insi-ht mlo the! 

pen eali on deals with Eastetn. the engineering . industry but compensation deals being irons' Lynwn McLain 


SHIPPING REPORT INDUSTRIAL EXHIBITION 

Iran strike Britain puts its money on 



AMSTERDAM. Nov. 5. 


BY WILLIAM CHI5LETT IN MEXICO CITY 

THE MEXICAN PrvMrtcnt. Sr. offer Mexico more help in trying to winning any contracts that 

lose Lope/ Portillo, o ill this week to place lier products. ought come through in me 

upon Britain’s largest single over* Britain will certainly be SOing future. .. 

„ess promotion this year— the all utii at the exihibUon to win In line with the deceniraiisa- 

Britisb Industrial Exhibition— in as many contracts as it can in Don policy of the Government 


Europe pose fdfe the. West Euro-' they do- not see the long-term acted would allow Western coin- r™ lc , crnn ,. v . «r ri si • the presence or the Liu ke of Kent, a market which is basically the exhibition will dedicate 

pcan chemical industry emerged transfer of -jobs from ibe parties to plan ahead This was IE SGDDKX d ‘- sl j l, l >,,,, . n |j f h J 1 vicc-n res.iden t of the British Over- dominated bv the U.S.. We*l certain days to industry outside 

as a major theme* in the genual chemicals sector.’* •' difficult to hnweier ?iT !* ? T SS-«« Tnde Board t KOTB, and Germany and 'Japan. The British Mexico City, ho Him ■will .or 

assembly, of . Ihe European . There • was an enormous since the Western' company ! *J", Vn'I^'h .-'i^r-rd ’ pCt , Lord Cbalfont. president nl Embassy has scut out over 30,000 example, be 

Council Qf Cbemkal ManuTfte- transfer-of technology which was supplying enginecrin" skills anil I l, ' nku Lh ‘ kr r k 1 Ownin'; Uuusu and of the leaflets about the exhibition and with industry in bonier re* m i|je 

turers 1 Federations (CEF1C). - -happening at the expense or plant was not dire city involved ^ 10 :}5 1:1,20 crutle 11,1 ! exhibition. has already received some post- north. Mexico s> second 

The .chemical -Industry must .growth in the chemical industry wilii the bulk products being hankers we re forced to wail Tor No , iincc Iht . Om-c/s visit to live replies back asking [nr assis- important mausuiai centre, ana 

make governments realise the' of Western Europe. This ti-ansfer provided in exchange. ; caraoM ai Khary Islund as t he : Mcvlco in in75 has the British taitcc. particularly m Lhe other pf^. iixe iti ow. 

consequences of thefr support fbr.was occurring 1 at very low Prices Tlw* were financed by banks! bull j 0 fIrans.tiJiW-.il indujtij . business commumiy in Mexico nuiehine ion) industry. i.Jni nlMced i^Mcxfe as a r^ull 

engineering contracts paid for in for the East European countries, and canto unto the m:,rket I workers went on Mr ike on Wcd-; and lh0 ot the British ,n *S*J »«* s,x ™ ftt r h * of J hl ? ?r?h* P -^ 

bulk cheniicaIs,"Mr.John Harvey.' Mr. Kurt Lanz. Tice-chainnan of through a chemical pruducis ! nesd; '.' . London shipbrokeik, Embassy n U i m so much overtime. >** a , r i*06-000 worth of machine of 11 c “ .ll 1 S.? If .rfhPd i9TB 

Jones, deputy chairman of LCL .^dechst and pr’esident of CEFlC, trader, who. at best. might be r^id the market « us highly ™: and rcWtird< in lhv flirm cf cr , n . loots were exported to Mexico }J* f ? h tS!o Snd more 

told a Press conference at. the salt prepared tu give information or ! rus '- , ‘ 5 - jf lM r we .'- , *i* uf twpreiin.. tracts are hoped for. The uxhibi- cumparei. with. iiSi.000 in the d LVJUi o \. nuntn ,- s uji 

end. of the twiHby' assembly :ln the more advanced areas of through other trading channels I Tm* 'Gull market uas tion ends. on November 17 . equivalent 19</ period Elf «nnd time for 

here.. - . organic intermediates. new which would nor. Mr. Lanz said.! weakened by ( unused tonnage, nimr ,^ many <,f Britain to been eriumed in Rplt^in^ interest 

W«ttm Europe hufl . . I^armueeuticul eoaponri, end The el.em.eul mdus.ry is ' mlended Tor Ira., luddmp ; .he'S ! lepre.eme^' T„ ' will ' h ' "" "\"o ODP Ihfe^L'r i. 

chemicals trade- surplus of ®l-®»n crop protecnon products the optimistic that it will sull! Hongesiiun had cased by thcj be displaying their »«oda at S« mlfrrm ihl^ confidcntlv bein- predicted at 
with Eastern Europe In 3977 but Western chemical compares had achieve faster rates or growth iinciid of the week, but with , stands at ihe exhibition in Mexico around 6 per cent after a real 

hv IftRH ihis will became a deficit - refused to sell their skills but in the short-term ihun other scemru ■ Ir.inian nrudut-tion down ti< L<!i.. > c p.hud n<i.o lu^wi tdk.n lejain 0 induslriali-ts from P 


by 19S5 lhisi will hecomc a deficit Tehised Ux sell Iheir skills but in the short-term than other seeing ; Iranian oii pruduction down U« City’s Spon* H.dace. The largest 
or UJbn. lately due to' co'n^ many ’ less sophisticated areas of indsutry, Mr. Lanz added. 1.5m barrels a Ua> compared exhibitor is the- British Nation- 
pensation deaK .he said. this had happened. n bases this on the capital with normal daily output of 5.Sra • ajised Ovcisea? Sen-ice. which 


4lT aPd f. V ^ u' t n ui° « H f P 5 Sra ! lb tht" British" Nation- Ecuador A pSama a ’ Costa 0 ’ Rlra! Mni^lnJaVii 1 is coming dowH 

i mat daily output of d.Sto aliseci Oveisea? Sen-ice. which n Lini«« am JitMe and should ead the year at 


“Whai Irritates me is. that this. Eastern : Europe., may develop imensive nature uf its operations ! barrels. i» nu> be some days* represents 32 State-owen indus- Jjjj nM D . rt h Ai.Il P hrmioh about IS per cent The balance 

Is-happening.on rhe hack nf our know4iow even in Ihe mure ad- and on the development of new! before nurmal production and. lries , 12 of which will be present , h i „hih1iL i, Vh^ of pavments deficit Is bein° fore- 

technoiogr,: our preferential danced;- areas but this will take products and applications, trading is resumed. I, it the exhibition, the largest l n,,. r Jc, * " cost at about S24bn after last 

credits and our ' processing and decades. Mr. Lanz said. The Further growth is expected nor Very large crude carriers ; number ever io take port in rn vear’sSITbn 

plant ski Us,” he said. Western bloc countries conlrihu- only i n pharmaceuticals and bouniJ ror vVcslem nurts dropped exhibition outside Britain. . J ‘Them'creasedbalanceofpay- 

“Governments- which encourage tion to; new. technology was ayriimUu rat products bu! also in io points on ihe week •». World-! Mexico is a potentially ripe PrOlPptc nienTs deficit rnainlv reilects the 

East-West plant deals see the “zero, Mr.Harvey-Jones said. arlihcial fibres and plastics. scaU? a& Trade to Japan was! market for Brilain in the * 4 '“'J ^ ri sin c imports of capital goods. 


trading is resumed. |at the exhibition, the largest Jjjf cr ^ hlbiLioD 10 gause the,r cist "at about S2.4bn after last 

Very large crude carriers j number ever to Lake port in rn " year's Sl.Tbn. 

bound for Weslem ports dropped exhibit .ion outside Britain. , ‘ The increased balance of pay- 

10 (toints on the week tu World- Mexico is a potentially ripe .t I"OI0ClS meots deficit mainly reilects the 

scale Sb. Trade to Japan was i market mr Britain in tne J rising imports oF capital goods, 

I more lively witn a 23ii.000-un i fields of petrochemicals, textile One of the largest projects on jLself a sign that Mexican 

i vessel obtaining Worldscale 60. j machinery, machine tools, steel the horizon in Mexico in which industry is setting back on its 

1 nth-,- imriin * d j plants, electric power generation. Britain is interested in is the feet after two years of falling 

'hnlSi «. h" S; tBBp ? rt ' agrk-iiliurc. mining pbnned suburban railway for production. 

•™m l W. st b an inudSal an i n »ne™l* to °a'ne but a few. Mexico Cily. planned as the The petroleum industry is 
H .ed t r dv i lf f! ! Trade between the two coun. wund’a uijjgfst. booming. Daily production o[ 

u.n hir. inri \v f.i-iiisrilr- ' lr,es 15 v ; r; :nuch ,n Bri,:t,ns G EC Transport Projects is one crude oil and condensates now 

l.U.tHHJ-iun ship .m a \x t n isi, ic | f avot ir a nd i here is every chance of tbe main contenders along stands at 1.4m barrels and 


Projects 


U.S. ‘owns 
half of world’s 
container units’ 


Swiss watch exports down 


BY JOHN LLOYD 


COutaUJer linns ! SWISS WATCH exports in- serin 

; creased by value, but dccre&se-rl Thi 
By Our Shipping Correspondent ; in volume, during the firs! si*, rvpni 

: months of this year compared Sv.-K, 
ALMOST HALF of the Urn cargo [ yi’itb the same period last year, per •: 
container unll&l in Jlte' world are; The industry -believes' that the Tin 
owned by-LI.S. compan ies. -accord - 1 market wtll grow by 4 in expoi 

ing to a snne.v by Containerisa- . 5 p er et , nl a y t . ar in the next Tew irend 
tion IniernationaL (years, all of that, growth occur- the 

The survey, saidio.be the first ; rina in the electronic watch inexf 
of iLs kind, shows UJ5. companies j - - . 
dominating the container Heating . 
and container transportation' bust- ( . 


ness, with the UK in second place,];' 
owning. 17.3 per. cent of the Corr-L-. 
tpiner fleet, and Japan third,- with] - 
7.7. per oenL ] ' • ' 

The Soviet Union, whose cotv; ^ ® 
‘ainer shipping" expansion has ■ 
been the source of grave anxiety • „ 


Wort d Eco n om ic lnd i cators 


TRADE STATISTICS 


Exports 

Imports 

Balance 


*0 Western shipowners, does not i'-W. Germany DMbn Exports 
amerce as a significant- owner of ; . . . ■PP orts 

containers. It has only 0.7 per : . ^ ; Balance 

cent of . the -fleet on the survey! I*ay lira bii. Exports 

date in May. although through; Imports 

leasing it actually "controlled .3.4 r Balance 

percent. France Fra. bn. Exports 

Easily the . biggest container .... Impor 15 

owning company in the World is • Balance 

t.’Tl, the U-S. leasing operation, US. S bn. Exports 

which had 178 jtbO 20 foot equh-a- . ' . ^P orts 

lent tmits- (3EUI, followed by --Sea. •' B a“° ce 
Containers with'" t22J¥KJ- - TLTJ. ... 

Sea-Land -with J14.IM10 TEU and Holland FIs. bn. . . Exports 
Flcxi-Van wfth ; WT.OOfi TEU. TIic - Imports 

only UK compafty to -feature tn ' Balance 

the top 10 companies is Overseas - '• ' 

Containers, which has - 47,000 .TEU. Belgium BFr bn. ' Exports 

' The ‘ division of ownership Imports 

between container lessors .and •. . . Balance 

container shipping lines is. fairly japan ? bn. ^Exports 

evenly balanced._wilh-.lhe lessors ; . . . -Imports 

owning 45£pec eeat-of the total. ■ . v , ' . - • -"^Baiwfcp 


Sept. 78 

Aug. 78 

July 78 

3.034 

3.020 

3.048 

3.278 

2.963 

3.180 

-0.194 

-r-0.057 

-0.132 

24.800 

21.900 

21,403 

20.100 

1 8.800 

19.099 

-r 4.700 

+3.100 

+2304 

3.682 

3.205 

3,772 

3,753 

2^62 

4.149 

-7 

+ 343 

—377 

30.881 

28590 

30J57 

29578 

29.751 

29552 

-r 1.303 

-1.061 

-i-0.905 

13.4 

12.470 

11.793 

1S.1 

14.090 

14.779 

-1.7 

-1.6200 

-2.986 

Aug. 78 

July 78 

Juno 78 

8.226 

7.986 

9.193 

9.102 

8.829 

9531 

-0.876 

-0.843 

-0.338 

July 78 

June 78 

May 78 

104.846 

T23580 

111.964 

104.049 

131.040 

126.121 

-i 0.797 

-7.460 

- 16.357 

8.150 

7 955 

7.627 

5.450 

5.001 

6.254 

+2.700 

2.954 

4 1.373 


The Laribbean load >ng area j there were a ucnipu last month involved and also it is also uy- Similarly in petrochemicals 
was also buoyant vim a ,*“■77, 'at the annual meeting of the ing to decentralise industry. Mexico is finishing a giant gas 
ril 1 ! , ^..'c t! 1 '!?*’’. tvoriasfjie ^nglo-Mexiean juiot commission Nevertheless this postpone- processing complex at Cactus in 
9, iu r L ' Sl , u - disc “ ar ”f,- -„lon industrial and economic co- ment of the project does not the state of Chiapas. Mexico’s 
The general improvement in j U p er atio n to set Britain to seetn to have deterred GEC petrochemical industry. the 
charter rates was reliected m the ba i an ce her trade with Mexico. Transport from putting on what largest in Latin America, is ex- 
Sept*77 laid-up ana idle tanker tonnage Britain's attitude is thai ii is is one of the most impressive ported to triple capacity to 
2JW9 a t ent j. °f October, which impossible in balance trade with displays in the exhibition of 19.4m tonnes hv 19S2. In this 
2.848 showed a fall with 4s tankers „ v ery counirv. bui has agreed to railwi- “i-juipmenl. with a view sector there are opportunities 

4 0JJ51 totalling 7.9m tons back in ser- 

23 TOO vi ce Sixteen combined carriers - _ 7 . 

:rz Motor chiefs talk on limiting Japanese shipments 

3 134 R9 tankers and five combined car-! . ja. 

3*344 riers of over 200.000 ions laid-up. BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 
\i-j Ten of the ships were \ r LCCs ■ 

26.992 over 300.000 tons deadweight. I REPRESENTATIVES OF the of Rome, discussions on import market next year rose above 


for supplying process engineer- 
ing. technology and equipment. 

The British Steel Corporation, 
which advised on the building nf 
the Sif-aiisa plant, will be look- 
ing fur any further help in 
Mexico's expanding steel in- 
dustry. The industry has been 
shaken by the dismissal of the 
heads uf the three slate con- 
trolled steel corporations and 
the creation or a new holding 
company. Siderntex. 

The Conuniucc of London 
Clearing Banks will also be rep- 
resented at a very high level in- 
cluding Kurd Armstrong of 
Sanderstead. the president of the 
committee. They will be ready 
to set up joint co-investment 
plans. 

There arc ai the moment 61 

British companies operating in 

Mexico in local joint ventures, 
usually with 51 per cent Mexican 
ownership. Many more foreign 
companies would probably set 

up in Mexico if they felt that rhe 
foreign investment l3W was less 
restrictive. But the Mexican 
Government is now likely to 
modify the way in which the law 
is applied rather than change it. 

Althougb Britain's investment 
afier the U.S and West Germany, 
it remains small, it was recently 
esti mated that total foreign 
investment amounted to Sfihn 
with SO per cent of it by the U.S. 
However, the largest company in 
Mexico is said tu be Portland 
Cement at Toltcca. 

Invisibles aid 

Greek baiance 

By Our Own Correspondent 

ATHENL. Nov. 5. 
Gl.’EECE HAD a trade deficit of 
$3.3bn in January to September 
this year, a 19.1 per cent increase 
over the deficit of $2.Sbn in the 
first nine months of 19</. 

According to figures released 
by the Bank of Greece, imports 
in January to Seplember 1978 
increased by 17 per cent to a 
total of £5 4hn. 


3*348 Tiers of over 200.000 luns laid-up. by KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 
—212 Ten of the ships were VLCCs 

26 992 over 300 000 tons deadweight. REPRESENTATIVES OF the of Rome, discussions on import market next year rose above 
ig gjc ii n the drv cargo sector 386 1 British and Japanese motor controls uf any sort should be the 10.6 per cent target f»r 

_ 1 853 vessels of 5.6m tons deadweight industries are under strung handled by the European 197S. At present the share is 

10916* were idle, in «ic!i»dhp. t»i» he 'Pressure from their governments Commission. still over 11 per cent, but is 

12.631 i September total of 3S4 ships.! 10 reach an understanding in two That has nol prevented the falling, and will come back 

-1715 'Owners in the dry cargo market (days of talks which begin tills Department uf Trade giving sharply this month when the 


Juno *78 Aug. 77 : reported buovani trade in the' afternoon. clear mills ahouiwhai 11 

9 193 8 387 Atlantic where ihe r, u lf-io-Con-; Some kind of agreement for ihe tndusiry.ro-mduirrj 

• 5*1 8 946 t in on 1 gram rate Tor a 5U.OOO ton 1 1979 appears likely about *uch Missions will achieve. 

-0338 -0.559 vessel rose in $10.50. the best • things as vehicle shipments Ii would like to see shipments are felt 


clear hints about what it hopes ini pact of the October shipment 
the induRtry-io-hidusrrv dis- restrictions— unty 3.500 cars left 
cuss inns will achieve. -Li nan for the UK last month— 


July 77 for four years. , from . 

95.833 On the scrap mark'd, there was i market 


.from Japan and the Japanese of ears From Japan next >eur The Government h purlieu- 
•was; market share for both cars and restricted u, the I97S level— larlj anxious to a void Jjounese 


of the kind currently taking 
place. 

Kur this reason the reduction 
in shipments to the UK will 
continue in November and 
December, but not at the low- 
level reached last month. Only 
L’O.onn «-:-rs will be shipped 
donna Ihe rc.-l »if this year, 
compared with ihr- normal 
month!.’, level of LJ.aO'i. 

Thai indiealfs I hat Ihe 
.l:i|untse ma no faemri-r.- have 
hi-r-n pi’cn M/me firm ” guid- 
ance ” 'hv the Ministry oT Irtcr- 
natinnal Trad" and Induslrv. 


iff 


V.J 


‘fL 

w§Rsii 


Itinll 




■ >* ■ 



■ .Mi 


1^1 


1 h. 

1 - M >1 


U »v- K ^ v. - • j 










v 






■■ 1 v • ‘ . 

•. y •• . . 

• • , r -• -• ta ■ 

.. -V’C— '• 

... ... • •• 



m- 

k. - * 


Axepresentative is a man who takes orders. A salesman sells.It’s 
easy to turn a salesman into a rep. All you have to do is give him lousy 
back-up. Make sure, that after he’s sweated blood makmg a sale your 


delivery service lets him down so the order goes to a competitor. 

Put him in the unenviable position of having to phone his 
customers to apologise for late deliveries again. 

Remember, you’re paying tor results not effort. 

And for as long as your vans and trucks let him down, you’ll be 
getting very little effort and even less results. 

You can change this situation by investing in Mercedes-Benz 

vehicles. 

They’re reliable, economical and durable.They’re designed to 
be hammered and hammered hard. Bluntly, they don’t let you down. 
Against this of course, you’ll have to weigh the fact that Mercedes- 

Benz aren’t the cheapest to put on the road. 

But in the long term, they can certainly work out to be the most 

cost effective. 

In simple terms of fuel economies alone, Mercedes-Benz trucks 
and vans can give considerable savings. Consider too the fact that be- 
cause of their reliability Mercedes-Benz vehicles will spend less time 
off the road and more time carrying out deliveries. 

For your salesman that means a back-up he can rely on.lt means 
thathe’llputinabit more effort onyour behalf.He’ll make sales because 
he’ll know that you’re giving him the best support. 

Hewon’ttakeorders.He’llselL 

Which is why he’s in the job 

FinI out more about 

Mercedes-Benz commercial ^ vehidesrSgjp^^ 

Get your secretary to attach this /^PV 

advertisement to your letterhead and we’U be in touch. f JL ] 

Mercedes-Benz.The way every truckshould be built. V — /■ 

Merccdes-Beiiz (UK) Ltd., I\0.13ux753 l London SB dJZ. 





HOME NEWS 


Financial Times Monday N6venffier 'fr^|W 


I. \HOi R NEWS 


Government likely 
to win majority on 
the Queen’s Speech 


Rise in sales renews 
textiles confidence 


BY RHYS DAY1D 


High costs 
- undermine 
Statfjord 
oilfield 

and clothing viability 


step up action 
over back pay 


BY OUR LABOUR STAFF 


BY RICHARD EVANS, LOBBY EDITOR THE TEXTILE and clothing in- still working below capacity* al- what less confident oyer pros- ^ 

dustry is showing renewed con- though there- Was an improve- pects for textile and clothing y y 1 i 1 1. V. BY OUR LABOUR STAFF 

THE GOVERNMENT looks like an uncomfortable final session, fidenoe over sales prospects in ment during the last four months sales. . ' « nn 

winning a surprisingly comfort- The lack of a united opposition the coming months, says the in a majority of sectors. .Jg* retail trade By John Lloyd PRISON OFFICERS yesterday orderly • atoinlstraOon of 

able majority on the Queen's for the division makes more I OJ °t Confederation of Significantly, too; all end-pro- rn „ P nMinrvT ♦ ’ stemmed up industrial action over cr S alJ1 ^K 3U rH Ce fr^w.n a rnn»»rva. 

speech this week— the Commons significant the earlier, votes on British Industry— National Econ- duct sectors apd three upstream ro^denre was still relatively THE GOVERNMENT, together & claim after rejecting a Mr '-i^ ia ^L^ Cheltenham has 
division that will decide whether Wednesday at the end of a two- e Development Office state of sectors expect employment to in- “S? British National Oil - move w bjch came from tiye MP Io r 

Mr. Callusban can survive day debate on Rhodesia. trade survey. crease, and only one sector is now reported a slowmg down m Corporation, now believes that, a n-nnis Trove Ivan. Director- written to Mr. Rew accusing the 

politically intu next year before The first will be on a Conser- With sales of clothing in the not expecting a rise in overall sa j£l_? f . bl S F- a 5, of Augio-Norwegian j { Prison Service, Home Office of treating i prison 

ca Ilms a General Election. vative amendment containing shops expanding rapidly this output during the next few Men s and boy’s. clothing sales. Statfjord oitSeld-^-belng deve- J h prison officers’ officers in a shameful way. 

To Conferva live leader’s irrita- blanket condemnation of the year, there has been a rise of months. ■- according to the retail survey. loped at a cost of more than yr° u 1 . * i o*° nn™ P nffice document 

non. Lhe Liberals are unlikely to Government’s handUng of the optimism, particularly . among Tb _ industrv rwnnn * are do longer rising and women’s fgbn and the largest In the 

«ppo»e the Government in the Rhodesia situation and the manufacturers of end products. Jg? however f 0Uter ^ are «& Nortb „ Sea "^ ay not be rom - 

final division on the session’s second will be the Order renew- There has also been an un- "wSf- * f * r '2to5 ^rmlng less well than other merdally viable. 1 

legislative programme on Thura- ing sanctions for a further year, provement in the orders reported sect ° re - ^ ^ The Norwegian Govemment,- 

,i„.. s “n .... r,r.n rt bv most nf th** 400 pnmn.in K reporting mere .optimism _ana Retailers, however, do report which owns more than 85 -ner 


allms a General Election. vative amendment containing snops expanding rapidly this output during the next few mens ana poys. eiotning saies. btatxjora ouneia— oemg aeye- id ; he prison officers’ officers in a snameiui 

To Conservative leader’s irrita- blanket condemnation of the year, there has been a rise of months. . -- according to the retail survey. loped at a cost of more than could be talked over A 1972 Home Office document 

ion. ibe Liberals are unlikely to Government’s handling of the optimism, particularly . among Tb ^ indus trv remains un- *re^ » longer rising and womens £3 bn and the largest In the .JMJKg* e office. stated quite dearly that prison 

ppose Ihe Government in the Rhodesia situation and the manufacturers of end products. Jg|L Sowerer 5*4. ^ Ws , outer •»« per- North Sea— may not be com : 40 orisons are officers were edible for special 

nal division on the session’s second will be the Order renew- There has also been an un- proSJects- wSf’ S’ ^SSors f ? r S? Ig les f weli othcr viable. > ... “f re S M S3 5 the payments for mealume working, 

sgislauve programme on Thurs- ing sanctions for a further year, provement in the orders reported ^oortine me?? ontSiism and sect ° re - . _ Tbe Norwegian . Government,- JJgj which will together with special bonuses, 

ay. There is growing support by most of the 400 companies nEm Ret “ lers - however, do report which owns more than 85 per unofficial., action, which ww officers have been 

The likelihood is that Mr. among Tory back-befichers for in the 23 sectors covered by the f Sai S strong 8 ??* pa ^ e ^ cent ° f tb . e fie | d - recently fore- delude overtime ban ^ f ^J {J, e £fectvely defrauded of these 

«... : j r-. .. i i _.i. au . n: «ifn7Pir 1QUT mOfluis 320. A majoniy in fhilfirM'c wpar and household that thp rate nf return Frrtm inc Oi visits Zu*Q a reiuatu ^ DricAHa rinnow. 


ay. There is growing support by most of the 400 companies than Kefc “ lers - however, do report which owns more than 85 per unofficial., action, i wx« officers have been 

The likelihood is that Mr. among Tory back-befichers for in the 23 sectors covered by the ?‘ pbt nS^'iSS* 1 ? 5aiS5 3 strong pat ^ e ^ cent of the field, recently fore- Jnejude overling han L^ t J, e ffectvely defrauded of these 

-avid Sll-cI and his co/leaeues the Ri a ht-wini «>rouD that has survey. four months ago. A majority m children’s wear and household cast that the rate of return From In S of visits ana a reiusai i. oavmen t s h y the Prisons Depart- 

V.I1J abstain on the grounds tiiS been opposed “to the renewal of .This trend is expected to con- £ unfft t o te ? les , and fc * t ? k Wi225 iS ? e ,®f cond - " B ;” platform would escort prisoners to and from gj> .iu. 

they d,. not wish to he seen sanctions, and up to 100 MPs tioue. with all the end-product ^ ^ taking place ahead of Christmas be 12 per cent, marginal in an JaiLs. frustration of prison 

supporting Conscn'ative policies, could vote against- in : defiance sectors and most UBStisam. sec- pptaln export, orders. trade in most sectors. Industry where returns of 4050] . The officers hih , #ts < fRi*uit ini 


_____ _ isiry wnere returns or w-ou -Jtne uuilci.-, difficult lab 

As i tic NatTonaijs7 parties Took of“"ihe shadow' ” "“.Cabinei’s tors hoping for a.'furtherrJ&e^m Significantly, too, the retail Trends in Tcettle* and Cloth- per cent are c^nsidered.necw- support of back payments tor omrare, o J 

^ -tomg or supjHirtinE the advice -to abstain. . new orders. . r - v MradeL;. V l»eh • took part in a ft» 0 ; NEDO, MtUbmife. Tomer, sary because ?pf the snite of^ m SJptoSv? pitot and the Um 

ovwnmeni because of the The- highlight of the two-day The industry is,- nevertheless, ^simultaneous survey, is some- London. S.W.l. IX aLso foroc^tsa return Of Merlva Stidnotbe resolved untU toe 

'omi.se of early legislation On debate on Rhodesia and the ' : • ’ . only 14 per cent for the “ A’ 1 and wmquncemeqt aierijn coum no^oe^r ^ «». 

r sfsrt ,r sss-sTbS ■ a _ ’■ _ >n ~ “ «au?s:.B£s, , saa- 

sssssssssas Academie ^ Court action will Ss agg sS&“ » 

company test iuwernaut S”r SSi‘3Jr?«ri 

Troops must go, says foexploit ... m St Hga 

imronfinnc iLOIlLlOl DV COUflllvS ductioo. will show no effectijre action. It was officers at some jails, including 

O'lTfe'r TTH f inveniions - v WMIM/MVLI rate of return at all. and win Steriy irresponsibJe. produced Wakefield and Leeds, have 

if li , . cover only the costs-.of acd disrupted the refused to take part. 

& fi J I I 9 ■ tv 9 0 t_. tv Bv David Fishinck. Science Editor LYNTON McLAIN exploitation. 


The industry is, nevertheless, simultaneous survey, is some- London, R.W.I. 


like ah^vaimng or supporting the advice -to abstain. 

Government because of the The- highlight of the two-day 
promise of early legislation On debate on Rhodesia and the 
ihe referenda due to take place Bingham report will be speeches 
on March l. the Government’s expected from both Sir Harold 
majority could be more than 20 Wilson and Mr. Edward Heath 
—a boost for Mr. Call3ghan as explaining their roles In the 
hr- starts on what promises to be operation of the sanctions policy 
both politically and industrially from 196S. 


i®ps must go, si 
LP conference 


om both Sir Harold A 

Mr. Edward Heath ACflflfilltjCs 

their roles In the -** V«*U-V-11A1.V*3 

1 the sanctions policy 

company 

o, says f° ex P| oit 


inventions 

By David Fishtodt, Science Editor 


Court action will 
test juggernaut 
control by counties 


More home news 
on Page 33 : 


kJPJLJ'JLJJL tUlUO ClltC By David Fishtock, Science Editor BY LYNTON McLAIN exploitation -j- - 

.' Behind these forecasts lies a 

A NEW company lu bring univer- BERKSHIRE County Council action. Fannmg has been affected series of disagreements between 

BY STUART DALBY BELFAST. Nov. 5. sities closer to'indusirj and to plans a High Court action next by the five-month bap, and the the UK and Norway 1 on ;tbe 

help to exploit university ideas month on control of juggernaut Road Haulage Association and field's development- Tn particu-: 

THE annual, conference of seat in the European Parha- and inventions. hu a been sei up lorries. . the Freight Transport Associa- i ar . the UK side— which;tncludes 

tin? Su'.-iul Denmcratic nod Labour nicni nexi June, said that the by the University of Surrey. Meanwhile, a report today by tion enlisted *?■ support of the participation by the corporation.' 


BELFAST. Nov. 5. 


threat on Southern 


.1 iiso-ivo rs 't h aT ill e cidT for Britts'!’ a n ^sschtfa 1 "and* ihU^raT'nart ' or chancellor of Surrey- University, for ; mandatory routcin? of countries have gone far enough the UB. company Mobil’s Hof- • SOUTHERN Region - train executive committee fidll j be I 
wiihdrawal from tiie' doubled this poHcy . ■* I is managing director i» Mr. lorries. in control of lorries. wegian subsidiary, andlthe UK drivers are to be asked to stage asked to make the action official \ 

province, did not represent a ri, a '« or .'th«.. rf i,. k , Kenneth J«>y ner. -former . geheraJ Victory (pr Berkshire on its West Glamorgan was the only feels that costs are "'rising a. series of oneway strikes and and national. - 

departure from established ^‘.bereare tnougni to be about manager ut properties for British right under a five->eor-old Act authority still seeking mandatory uncontrollably. . v -•■•'V-'. a senior ASLEF official said last Mr. Derrick FuUick, a national • 
poj.t-y .• Bnush troops in - the overseas Airways Corporation 0 f Parliament to ban lorries schemes for lorry routing, said Suggestions that the 1 com- night that they would bring executive member representing- 

Bv an overwhelmin’ majority pruvlnce ' ' . - and designer uf its . jum bo-jet from selected 50 yards of road t-b® report. - parties within the UK .section 

conference resolved That with- Some observers saw the resolu- hangars ai Heathrow. Also on Uie round Windsor would open the Further removal of heavy might pall out of the overall 


Xn . «ui»*«ur U 13.000 British troops in • the c 

1 . , . . province. . ' J 

By an overwhelming majority _ , * J* 

conference resolved ilial with- Some observers saw the resolu- b 
drawal was “inevitable and non as ivt attempt to remind Mr. . 
denirable.’’ v . Roy Mason, ihe Noirtijern Ireland 

Mr. John Hnme. dejiuty leader Secretary, jn taker more notice > 
and the party's candidate for a of the SDLP. ." 1 


Slower increase forecast 
in world paper demand 


department and an authority on heavy lorries from' 13 bridges more road building and improve- Statfjord were discounted yes- “3, “„. ni iHp recent - “ The men are seething aad if 
North'.JSca Oil. . - over the River. Aire; to ease ments H claimed. terday by tbe corporation: It hh n f fhn B a (Uvav staff they go ahead it will begetter 

The hnsinexi world is tierratis congestion in Leeds.- Councils made 3,000 proposals was pointed out that the com- rrih!n-,i nn nM ri„. and complete chaos, not only on. 

uf academics, who it feels, ^an- Cumbria wants’ figt start- a . for bans or rerouting of heavy panies were legally bound to S5£ IW inA iri rI«nftn«ihnirS n«v days of the strikes them-i. 
not cfc.phmBd down to a business- discretionary permit scheme ban- lorries last year, as required develop the field co-operatively. TV.® writuh Raiiv nrrL selves but, because of stock di*' 

like deal. Said Mr. Joyrirr H»s, mna some lorriev/ from parts of under . the Heavy Comraeraal * However, the UK side will con- placement, the day before and. 

company planned to shouh>r % the county. ' ' Vehicles (Control and Regula- tinue to press Mobil, to greatly rerioruiance da y after as welL" 


A resolution called for stop- only a £3.14 payment for hlgh- 


BY JOHN LLOYD 
WORLD DEMAND for paper will 


Six countries 


rise more slowly next year than about 72 per cent of the growth „ " e e ™Pn a sisea mat me com- 
m 197S. with a further upturn in in world demand over the next P aT Jf *° u,d '™ rk ' nR 'J r,tb i b ^ 
1M80, according to a report out tew years— the U S.. Japan, the j » 

today. UK West Germany, Canada and Corporation, which it saw as, the 

The U.S. and Japan will lead Sweden. By 1980. newsprint financiers of innovation. • • 
tile growth in the market to consumption for this group la’ ■{,. 

newspaper circulations increase, forecast \o exceed lSfiua ions' ^ th .x •■ un,v ? r ?* t J. ^naun 1 strati On 
while demand ui the UK’ will compared to the presem J6.2m 

nen KonQiiaa nf an inorciiDA in vnne 311(1 .pa$S lDCQUlG OaCK ,tO, tuC ,UQl« 


responsitoiUty on behalf 3df "<tHe Surrey is considering a ban on tion) Act, 1973. Improve the pro iect’s manage- J ot " eioi: * The Tribunal recommended 

i nr j academics. .'; '-J heavy lorries round Guildford. This, the so-called Dykes Act, ment. or else change it . j A rosohition called for stop- only a £3.14 payment for high- 

ill U lt bl, P ed t0 attract the sup- Many lorries excluded from parts called on councils to survey their Dr. Dickson Mabon. -.-Minister I R.? ees ? n .,5**_ n . November speed train drivers per 100 mpfr 

port of other universities and. 0 r Berkshire have', taken longer areas and prepare written pro- 

for that reason, had bee-j set rouies through Surrey. posals for lorry managemenL It recently that because of : Nor- “““ “*3“ **•”“ - nnce scheme, which proposes a 

up at Heathrow, well away from The pro-lorry'ltjbby is worried was the first Act to give legal wegian protectionism, Britain ®very Tuesday and Wednesday general pool of money, froin sav- 
will provide th ^ university campus. about the implications of a backing to lorry bans on amenity was receiving only abouL 6 per . , ®4, r CIaMBS are reason ' ings or from productivity 

of ihe growth He e ™Phasised that the com- Berkshire victory jn; the court grounds. cent nf the Statfjord construe- aDly mel ' increases, was rejected by 

over the next p f an - v w< J u ' d be working with the . y..»- . tion contracts. t ; If the strike call is given the ASLEF because It did not have 


ise ot an increase m. ions. . . - -ilV. T.# Tv, .Y;: * . . .. i .7' c . — 

^L^^ubiSied ' bj ato^at^ra^Svf^hfS^S S^ntrST fdmb-aSid tiie^qn"- BY «JE CAMERON •'/ 

demand 8 a^d HAS;‘ -PRfC^f for Cod 


rise because of an increase in ions. . . 
the voinme of advert Iring:. .-;'^ ;; CIK;- cctoaumptlb'i last year 
The forecast published; ' by stood'at L3m tons, about 5.8 per 
Economic Models, the - Jnjer- cent-of total world demand, and 
national. forecasting consultancy, the forecast sees steady growth 
assume an upturn in world , 0 issq. consnmptidn will rise by 
•economic demand this year, a 3.8 per cent this year, fall to 
downturn next year and an up- 1.7 pe r cent next year and rise 
turn once more in 1980. sharply in 1980 to 4J per cent 


Gas pieces rose 29% 
for industrial users 


Call for curb: 
on genetic - 
engineering ^ 


go-ahead, ASLEF's . national any control over it. 


Bingham Report reviewed 


BY JOHN LLOYD 


tors, of the idea. ;.V GAS - .; ’ -PRICES for industrial dropped by I per cent while By Colleen Todmejr J.f 

users' were ^ per cent higher heavy fuel oil became 8 per INTERNATIONAL controls on 
in the second quarter of this cent cheaper. the industrial exploitation of 

year than -/--IS months before. The drop in heavy fuel oil genetic engineering are 
accurdins -fo the latest edition prices reflected the fall in world desperately needed. Mrs. Shirley 
of the Energy for Industry and oil prices caused partly by the Williams. Secretary of State for 
Commerce Bulletin. lower value of the dollar. Education and Science, said ves- 

' : The bulletin, published by The rise in industrial gas terday. 

... . Cambridge Information and prices was the result of attempts "The hugs are no respecters of 

THIS BRITISH Legal Association S ^ vices - sa T s coal to narrow the gap between gas frontiers, channels or anything 

is-pfamtujg to establish a mutual vvere rt cent up and prices and oil prices — tbe else as we all know from what’s 
Professional Indemnity Assdcia-' jCtectrinty prices 9 per’ cgpt up bulletin notes that several gas happened to rabies, for instance. 

to tjpe same period. But the^priCe: contracts are coming due for as it comes towards the Channel 
of -gas oil for Industrial' users renewal. Dorts.” 







ml 

uiSo 

ISiTiWm 

T* 1 

if 


Indemnity plan 
further splits 
solicitors 


ErMiTjinr? 


lip- 

-~r. - 


_-3?J 


SHELL, together with other oil The^vCew,' published by the be S' ^P'jved -by^ the _.I^v °S- gas 0,1 lor «wus«Mi;'Usera renewal. I ports. 

companies, encouraged the Uni- Social Ji tiflit ' research group biwffity, whioi operates its'-^pwn ■■ 

lateral Declaration of Indepen- yesterday, was written by Mr. scheme , to insure - .solicitors , . . ? L 

dence of the Smith Government Andrew Phillips, a City solicitor, against claims arising out of. 4 ia- • | | i «■■->»« 9 

in Rhodesia in 1965. by indicating It said that the ineffectiveness b, ‘Jj*y for negligence. : 

that they would try to evade oil of the sanctions was guaranteed T* 1 ® association s scheme was 
sanctions imposed by the UK. from the outset because the UK announced at its autumn confer- 
according to a review of the Government was not prepared to a * gt j* a ^ _ a ^ r f~- 
Bingham Report. pursue their enforcement. ““ " ,W1 nr "‘ " 


Hotels -run for staff’ attacked 


BY COLLEEN TOOMEY: 


Public Works Loan Board rates 

Effective from October 28 


week-end. It marks another stage • ! 

in the rift betwen tbe associa- HOTELS which seem to He run 
tion. whose membership consists for the benefit of the staff and 
of solicitors, and tbe Law Society, not the customers are sharply 
The society’s Master Policy criticised bv Mr. Egon Ho nay 
1 scheme, said Mr. 5. P. Best, chair- in his latest guide to botefc and 


Quota loans repaid 


Nonquota loans A- repaid 


Years 

Up to 5 ... • 
Over 5. up to 10 
Over 10. up to 15 
Over 15, up to 25 
Over 25 


maturity 

«S 

12; 

13 

131 

13* 


. M man of Ibe association, obliged restaurants.- • 

re *i5“ “the vast majority of careful There was a disarming gap 
mahirityS solicitors to subsidies the alleged between “ reception " and 
1*1 negligence of the few." But the “ welcome ” in many hotel) and 
1*| society would not give its con- more should be done to bring 
sent to an alternative scheme the two to a common deiiomi- 
without a struggle. nator. i 

According to Mr. Best, the io Scotland and Ireland tbe 
lan non- underwriters of the Master small hoteliers would welcome 


* Non-quota loans B are 1 per cent higher in each case than non- underwriters of the Master] small hoteliers would welcome 
quota loans a. t Equal instalments of principal t Repayment by half Policy now faced some very big! the traveller, but in England 
yearly annuity ffixed equal half-yearly payments to include principal claims. Five alone added up to you took vour chances, * 
and interest). 5 With half-yearly payments of interest only. £4ra J - Thos*. ‘places are hofases of 


compromise: Inexact alarm 
calls. haphazard telephone 
manner, limited hours of heat- 
ing, thin blankets, small 
towels. 

■* Porterage has almost 
vanished. Even at some luxury 
holds it is embarrassingly 
in efficient Theirs is a private 
business within a business.** 

Britain's hotels, on average, 
were still superior to those in 
raosi countries. London was ac- 
cepted worldwide as the lead- 
ing hotel city. 

The Ronay Gold Plate 
Awards this year go to the 


Ritz, London; as hotel of the 
year. The restaurant of the 
year Is McCoy’s Staddle Bridge, 
near Northallerton, North 
Yorkshire. 

Another report on the hotel 
and catering industry out to- 
dayt shows that the industry is 
still very much a women's 
domain. Manpower in the Hotel 
and Catering Industry from 
the Hotel and Catering Indus- 
try Training Board, says that 
72.7 per cent of tbe industry’s 
2.01m employees are female, 
with more than 44 per cent 
working part-time. 



Provide free 

friternationaJt^ephone 

finks foryoureflents 

frQrnrnajdrcftfesin 

ajrDpQScanc&Tav^ 

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andiretend. 





without- .consultations involving 
the print unions. Tbe Stationery 
Office should have some dis- 


[SIMM 

i > >--< ■ i 

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I 


MSI 

mM 



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British Caledonians flints from London-Gatwick'to Houston are now 
wide-bodied 5 days a week. The only non-stop daily service from London, with 
a wide choice of fares. 


v? British 
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i^r*. 7 >.r = 2 T. "With one of the world’s largest Boeing 747 fleets to operate, nobody takes flight training 


:*are3&rT"‘- 




I 


more, seriously than Japan Air Lines. 

So seriously that they’ve just completed the most exhaustive international evaluation Jo 
■ select a contractor for their new 747 flight simulator. 

What they were looking for was advanced technology equipment capable of 
providing a training environment as realistic as the aircraft itself. 

At the end of the day JAL selected Redifon. 

Of course, with four Redifon simulators already installed at Tokyo they 
Jtnow aU/about the reliability of our product. 

Bnt they were also convinced that our commitment to progressively 
introduce new technology is the right one. 

And in that, happily for us, JAL aren’t alone in their t hinking . It’s why we’re 
producing Boeing simulators for people like Lufthansa and Braniff. 

More to the point, it’s why we’re producing civil, military and even 
research simulators for Boeing themselves. And doing that, makes 
ns leaders in a very competitive field. 

What’s more, as a member of the Rediffusion Organisation 
with 80% of production going to export, it’s a lead that’s good 

for Britain too. 

So, next time you’re landing in Japan, Europe or America, 
there’s a good chance we had a hand in it at Crawley. 


R 


R 

R 




Redifon Simulation Limited 
Gatwick Road, Crawley, Sussex RH10 2RL, England 
Telephone: Crawley (0293) 2881 1 , Telex 87327 
Cables: Redifon Crawley 


3 









5 


financial : T imes Montfcj 



J £.~ ^ 


f 15imior unit 



Saudi Arabian awards 

TFIE SAUDI Arabian Govern- hall, and open-air theatre. Walk- housing which happeasto occupy 
nftot has awarded a contract ways ai ground and first Boor the site on which" the new 
worth about flora to Bovis 'Saudi levels will face on to internal schools are to be built. Pre- 
fer the construction of three courtyard-. contract work has already begun 

schools, and warehousing, in AImi in this contract are sports and the entire pr 
Riyadh. facilities, external works, car to lie completed 

The schools — a boys’ element- parking and 21 kilometres of 1979. 


THE Department of Transport' .Work; should--; be - completed 
has awarded a £10.5rrr contract to - within about two years. " - ."*> . 
Balfour Beatty Construction fa Another contract.; worth IfirnT 


factory 


LYNCH-PIN 


ary. a girls' elementary and a fencing All three schools will- In addition to l he. Riyadh con- north Selby coalfield site This 

hoys' intermediate — will provide have pre cast concrete frames, tract, the company saysil is well a * an j brines the involvement of 

2.280 new pupil places in a total and a special factory will be set advanced on a main drainage th . „ inna * c I ‘ „ . * - ... - 

of 76 classrooms v.iih a combined up on the spoi in cast the project at Abu Dhabi, and has v £ ,rVV;„ a *j eU 5 f vt ? 0r * Ji? 4* ^1T1 WOfftltAUCD PAIltr^lOr 
floor are.» of 1*0.000 square si niciural and cladding unit* recently completed an industrial s ** Mmts aod two drift tunoels V? vll 1/ UoW Ci/illl itLl 

mm re*. The warehouse part uf the development for a major British 

Each of rhr schools will he c.f contract calls for the construe- company at Dammam. These shafts 

two-slorcy con ji ruction with iis non of three steel-frame huitd- projects together 'have a value and 

own muiu-purpose t assembly i ings lu replace existing ware- of about £7}m. " 


€ 1VOT frt member of the Balfour Beatty covers construction of the' Aber- _ . . 

v/Vvl mZiU ill IU Group of BICCj for the London- tleen sea outfall tunnel. Thai-'OilNIA-" International _ ng 
• . . . pprtemomh trunk road A3/ work comprises" a 2.5 , metreiiSystcms'j^ supplying AiM-urao * 

Burphain-Ladymead- Division, '"finished diameter tuanel^-about'lntetBysteras of AL Knooar ju 
lvClXlcrir3.ll rill The work includes construction 2.3 kilometres long— together Saudi Arabia with more taaa 

of 63kTn oT duaI carriageway with a 70 metre deep shaft and 1350.000 of turnkey services asA 
niimhpr of diversion together witb seven ten diffuser shafts drilled into equipment for a new u™ 

oumoer oi . — purpose-designed factory for the. 

' Omnia floor units 
*te products. 

t metre factory 

now under construction is located 
Just north of Dainroan. dose to 
4ubaii. the site of one of Saud 
Srabia.s major Jodusiriai 

OTK3C 




The right way 

to bund 


FACTORIES OFFICES 
&. WAREHOUSES . 

CrEKDON CONCRETE C& 1JD 
LongCrsndon Bucks. 

Tel: 208481. 



McAlpioe at 
Maidstone 


LESS THAN two years after 


Taylor Woodrow is 





Fairclough’s 
£3.5m in 
North-west 


About . a t .. & ... ffl| jj <Mjair y 

pa?U cnlLriy- b dlffiS 1 t° geoillgSa I Sores. ^ Value ofTje ^ontract. Parted “ and Higgs and" Hrll expected ln ^*2“^* wepected the' phase 2 extension hy the 
formatftes - - will have to be which has been awarded to Higgs expects to complete The. contractu f *50 TOO si mem of Prudential Assurance Company, 

tackled. Because these include and Hill, is £5m. - in 19S0. . - n 0 ^?ah^nm D nneots per vear. An additional 17.50Q square 

such formations as Burner Sand- . The 315.000-sq-ft building will Arcbttects < for the development -floor slab coniponeots per .car metre6 of ro tai I shopping space 


stone and Lower Magnesian be erected on a freehold site are Carl Fisher and Partners: 
Limestone, which are heavily •- . 

-watered, a combination of Ircez- * 

- ing ’and grouting techniques will 

Freezing procedures will bp q Three major orders, together Commercial Developments^ The - 
handled by Foraky. with whom worth nearly £lm. have been buildings will yield, a. gross,. 


Surveys in 


contracts Cementation has worked on a gained by Woods Construction. 70.000 sq ft floor area, including 
-to Fair- number of similar projects in the The largest, at £382.177, is for offices, and form the first stage .' 


Spain 


will be provided within a rein- 
forced concrete frame, externally 
clad with brickwork and precast 
units. Car parking will be 
catered for on the roof of fhe 
20 metres high extension. 

Much of the 21.000 cubic 
metres of excavation involved 
will take place adjacent to a 


housing. UK and overseas. 


the fourth unit factory to be built of a project to develop the 14 THE JUNTA de Energia Nuclear listed hu LI d i ng a JJ*j_ JJjjf 

on the r.astlfeham industrial acre Parkwood Industrial Estate "in Soain has awarded a contract wall wur-be constructed to snp- 


WQRK 0.\ 3 £7.3m contract for an agreement with the U.S. 

Sava - Centre and Basildon Government for the provision of THE LARGEST of 
Development Corporation for a nine villas, of various, sizes, at wr , rt h 
22.575 square metre hypermarket Medinat Qaboos West.' -Value of , n . W JT .. * arae “ 
and shopping null in Basildon this work is £6S9.855. The agree- riougn BuildJng in 

mwR cemre. |ilu.- car parkins mem brings the companv s total industry and the public sector. u» muueuior impuriimic *■«; .uuwu.a. «.»*•«■*« — ' «,» foundations 

and ancillarie* forms the major 33 | e commitment to 173 units at is a fl.Im modernisation scheme ** a senes of jobs amounting in EsUte at Hastings, Sussex, for the off Rutland Road, Sheffield. - wtb 96m p e»tas <ab°ut port b^iS^at once with 

section of a senes of new awards Medinat Qaboos. . f or -’SI council homes m P4ke tolal - 10 £3m wtm by Rob<?rt local b o r o“S b counciL A second 9 Yorkshire builders. M owl era #80.000) for airborne ^ geo wotk Degins at nre ita 

to Tavlor Woodrow Construction. Oman International Develop- Fold Blncklev Manrh^t^r Stevenson slnee tbe. takuig over scheme at Phoeoix Causeway. Northern of Leeds, has .been su*J ey s to the Company completion progr r 

romnleu..n on this fmajor mem Corporations brief a»*> i f -*« company by Cleveland Lewes, worth £339,405. has com- awarded seven contracts- totalling Espanola df ^rabajos Foto- 19S0. 

p ---*- a central shoppin- com-' Rurtber modermsatipn of 14^. Bridge six months ago. meneed for ICFC: and work has lira. The largest at £150.000 Is xramcnicos Aeros (Ct.tr A) S-A. 

— — ■ 1 *- - r " t - — *- ----- - ■ ■- - • ■ — ■ - ■ — * - — — wTtn Hunting 


late- 


devclopment. in which Sains- includes 


bury? Architects Pcpartmcm Plex. phase mo of which i s council homes in' the . Church ■" ^ The wrapany is supplying close' already smnVd Ion a'projeet'Tn for work at Pln.derfields HMPlW.^^onJunctfon 

has had a maior «=a-.- is currently under construction: Lane area of tloston. Mancoester, on g^oo tonnes of fabricated excess of £164.000 on a develop- WakeSeld for. the Area Health. £ e0 ™B> d „ 7^ op sv,„f7 - j ° r 

scheduled fai March 1P80 ‘ when com Dieted it will include will cost- £600:000. . , ' R tcei for four contracts- the ment at Mill Road, Worthing, Authority. Other, jobs include a Boreharawood. Herti .England- 

In rho in van i ime. Mvion hai » cupermarket. several shops and Work has started at Burnlev bn desalination and power plant Sussex for the Chichester footbridge ^refurbishment in _ SfflS 

hren given a .'.L’-im ron tract by 3 heal!h *'entre. a special- centre, worth £Lni.. for forming a section of the Jeddah Diocesan Housing Association. office building, office accommoda-- “^ 000 .J me „ L K l!. 0, ^_ l Jr7-_L -iu„_ 

lnrernatimial Suarez for the pro- Meabwhile in Malaysia. Taylor old peoide suffering from severe power 

vision of a supernui ket. cinema “ nod row and its partners have mental illness. The scheme is portal . 

and ofrit-es at Peiis Wood. Kent, been appointed omject managers fo r jjjg North Western Regional beams for Acbminas steel mills 

Ta' lor Woi*rtrnw group member f n, ‘ ,wr ' substantial housing Health Authority and will take in ^Brazil: floor beams for the 

Phillips i>n>.uli dins will be con- developments at Johore which two years io complete, 

jeuliin- en-inei-rv have a combined value of £JSpi. 

This" scheme requires .a 4.259 ^Mentbl 

3nd “ Woodrow joint venture Siiff students 

51o square metre cinema. tb - . fi - x a- - n . General .... 

It IS also ini ended to set up SUDerV i Stf .h. orovision of'smne under a contract worth £170.000. , protection equipment to be product support department 

1.750 square metres of office 40Q£| unjtf . f single storey. 3 npw haulage depoa and installed at Tilbury. Main point Preston 

li'pnmrrtfiflitirin g n H a Inf a I nf •" . . ^ • * “ ----- 


Homes will 
be improved 


plant in Saudi Arabia: 0 Under contracts worth nearly Hon. canteen for a factory and. ^ < be E J ro, ,Ifi c L T f, nd 
frames and ancillary £«m. Lesser Constnielion will maintenance at British Hafl’s basins and aojacent areas 

tai “ * » H SESfSfc«» ^.Sf' 5SS te ^* e S5 

Hodkin and Jones fSheffSld) I Hunting will provide geophysical the north-west have been won by 


centre 


for Borg 


Warner 



Islington 


ai-commodation and a total of double "%orev. f terrace ^entl- workshop at Westhougbton. near of the scheme* wu7be aUi-merre © The largest order ever won Jl i?h totan7e n &Sm' PfnilGPC 111 

5.015 square metres of car parks, detac hed shop-houses and bun- B °) ton - fo £ 'l3™S. Booth wide by 18-metre deep fabricated b >' the Sussex and CorhwaU- J 1 ” ‘windows- totalling XjLOUSCS 111 

underground. Lompletion here g a ] 0ws . ybe estimated cost of unc * er a -200.000 contract. steel flap gate intended io pro- based drilling rig manufacturer. - -^ arl ' et Harborough- . 


is scheduled for September 19S0. Thi^heme U «0m 
Meanwhile, in the Mid Me East The other contract 


The remainder of the contracts Jfct the entrance, to TUhury Dukeand Ockendeo (meraberoE p° h l ° e ^f ■^T nnnr. 

at Docks in the event of a serious. tbl? John Mowlem group) has r no ^ D,x - Group) for f .ajjojg 

Ul i>BjiDua • . * houstne develODments within tha^ 


at Batu include: structural work 


and Malaysia, three contracts Pabat, will he managed by Ferrantis Gem Mill. Hollinwood, threat 
have been won bv member and Teamwork Malaysia Sdn. Bhd. valued at £230,000: a cash collec- • 
associate companies of the and provides for the erection ot lion and storage office for Lanca- 
group. ..... - • ■ 1.800 units similar to those at shire -United • Transport --- of 

In Oman, an associate. Oman Tampoi Jay a on two sites of 72 Atherton: and finishing touches 
International Devclonniem Cor- and 88 acres. This development to Manchester’s new Arndale 
poration (ILC.i has negotiated will cost about CStn. Centre. 



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Wolverhampton, Stone, Stockton. 
Middlesbrough and Hartlepool 
will be modernised. 

The company, which Is a mem- 
ber of the Whittaker Ellis 
Bullock Group, is also to con- 

4- gSSS ^.« T S*«!Sil5SSS i - : 

-a€SSiS Derelopmrat at ^ “ d WM " 

•rSSS-SIs S&WJ Kig VS ; 

Two schemes carried out by Sheddocksli*- development. V • Johnson Marshafl and Pmners.' joS TayS? and fons. 1? is ‘ 


roup 

P3rt 
irt 

© Two 

Sh«>o herd Construction have • Five contracts, totalling over 

taken two of this year's 'Awards -£Iro have been wort "by ; butlding worn starts inis monm ani .... . 

m*,-, - . r '-’r Good Design in' Housing. The contractors in ihe Barwick. Group fcljeme should take around two included among those named as 

TWO CONTRACTS . jointly - nw^ris are given by the Depart- for work in Kent These include • years lr ‘ comp elt - consortium members. 

^‘^.,1 ment of the Environment and modernisation and repairs. , to 

BniiiDm-I! wimpey hy have gone to the company for its dwellings in Ramsgate: extension 

oil. Royce Motors at Crewe. York and North Eastern region's to Boots the Chemist's retail.pre- 

ff«fmn o iinri 0 <« h work on two schemes— the Hen- mises in High Street, Hyth^'coo- 

1 9-0.000. an d is for the e r ecuon Wnnwlr Fnrm Estate develop- versions to an, army bactack 

?r f amp rSnttrr.Tifin * ° f porlal m ' ,nt at- B^bftn Auckland, and building in Canterbury; woi* on 

frame construction. , student residential accommoda- a new welfare block -for -ffijnt 

The second contract consists * ! '- n »» N^'-roik Park. Sheffield. Chemical Company, at Tcmer- 
of a 13' ’..square j^etre work- © John La»ng has staTtcd work den: and conversion and improve 
shop with a two-storey annexe on .a £flflfl.00n contract to erecl nients to industrial bu I 'dings fof 
of load bearing brick construe- twn industrial huild'ngs in Sheridan Estates at Tunbridge 

Sheffield for Grosvenor Estate Wells. 


lion. 



This is the picture of the prestressed concrete 
Runnymcdc Bridge over the River Thames 
which should have appeared on this page last 
week and was inadvertently replaced hy 
another showing precast concrete beams* for 
rail bridges leaving Anglian Building Products, 
yard at Lenwade. Nomidil IVlien ihc Runnv- 


raedc bridge is finished it will carry the south- 
bound lanes of (he .430 trunk road and M23 
London orbital motorway parallel and adjacent 
to the existing bridge which will carry the 
northbound latics. Ovc Arup and partners arc 
supervising construction and the main con- 
tractor is Faircloogh Civil Engineering. 


GENERAL SHOPPING SA 

Luxembourg 
fiAccording -to the decision taken by the Annual 
Meeting of 25th October 1978 

.; a dividend of US$ 9.50 per share 

Will be jiaief for the business year 1977/78. 

This di«Sde 


General 

’* • — ' ; 


tfend is payable with effeict from 6th November 1978 r | 
.against presentation of Coupon No. 16. 

Payment will be made, without charges, by ‘ - 

Williams & Giro’s Bank Limited, London .i 
.and by all 'banks assuming the financial service for the 
Company in other countries. 

Payment m; the United Kingdom will be made in Pound 
Sterling, the; dollar being converted at the current rate. .' 

For the Board of Directors: 

'* T . . R. H. LUTZ, Chairman. 

Luxemhourg.. .. «... . . - 

November. 1978. ' V ... " . 



Founded 1884 

BUIL0IKG & CIVIL ENGINEERING CONTEtACTSRS 

JOINERY MANUFACTURERS ' 

TEAM PROJECTS 
ELECTRICAL CONTRACTING 

W. E. CWVERS & SONS LTD. 

HEAD OFFICE: DEVIZES 2121 

Branches at LONDON. READING. ROMSEY & CHELTENHAM 


SOCIALIST PEOPLE'S LIBYAN ARAB JAMAHERIA 
GENERAL NATIONAL ORGANIZATION FOR 
INDUSTRIALIZATION (G.N.O.U 

PREQUAUFICATIOX OF CONTRACTORS FOR 
GEOLOGICAL-HYDROGEOLOGICAL WORKS AT THE 
i JVfAR AX) A SALT AND BRINE DEPOSIT 

The GENERAL NATIONAL ORGANIZATION FOR INDUSTRIALIZATION 
intends; to invito tenders on the above-mentioned works. 


The work to be carried out at Marada ( ISO Km south of iljarsa Brogha — 
S.P.L.A.J.j includes the following items: 


fll Aerial photograph 1900 
km i : 

f2) Geophysical survey of the salt 
deposit by a ^esistivily method 
(200 km profile length): 

(3) • Drilling of two artesian w'eUs 
(=80 m ’Jdeep) through the 
salt depoat for reaching and 
testing 'the 
aquifer: 

- • Drilling of 100 shallow wells 
i =± 10 w m;deep) in the salt 
deposit anj^equipping same; 

Companies interested in carrying out 
inrited to applv to>. 


undcrlaying 


• InstaJlation of a pumping 
system and continuous brine 
pumping during 4 months; 

• Installation of a meteorologi- 
cal station: 

O Miscellaneous tests and works 
during 1 year: 

• Winning, packing and trans- 
porting 4.000 cu. m. of brine 
to a Libyan harbour: 

• Improvement and mainten- 
ance of tracks outside and un 
the salt deposit. Trench 
digging in the salt deposit. 

all or any one of above items are 


(4) 


SOCIETE DE TRACTION ET D'ELECTRICITE S.A. 

Engineering Division TRAC.TIUNEL 

Rue de la Science, 31 

1U40 BRUSSELS- BELGIUM 

Telex: TRALEC 21514 


who will provide companies having adequate capacities with all information 
required to prepare their detailed prequaJi location rile. All correspondence 
shall bear the reference “ Marada Chemical Complex.” 


Cal! for Tenders for 
Sopplying the Equipment for a Dairy 

Vojvodinska Banka. Ntrvf Sad. Yugoslavia, has. received a 
loan from the World Bank, in various .currencies! equivalent 
to USS75.000.000 toward the cost of tbc Second Agricultural 
Credit Project and intends to apply thp proceeds of tins loan 
to eligible payments under the contract to be concluded after 
International Competitive Bidding. 

Therefore PRIMORJE EXPORT NOVA GORICA. Yugoslavia, 
by authorisation of KMET1JSKJ K0MB1NAT VjPAVA, TOZD 
KMETUSKA PREDELAVA VT.PAVA- the Employ*? - , calls for 
tender, to supply and to instaj equipment for a uew dairy 
with- a capacity of 50,000 litres of milk per day. 

The Tender Documents will bo available after the payment of: 
—for the Bidders from abroad USS100: 

—for the Bidders from Yugoslavia Dinars 1.825: 
to PRIMORJE EXPORT NOVA GORICA. 

The payment for the release of the Contract Documents to -be 
effected as foUows: 

—foreign currency payment in favour of the account of 
Primorje Export Nova Gorica. ■ the account with 
Ljubljanska Banka, Temeljna Banka Nova Gorica No. 
25730 — DEVIEA— 359: 

—payment in Dinars in favour of the account of Primorje 
Export Nova Gorica. No. of account 52000-K01 -10404 with 
SDK In Nova Gorica, with the hoter“for the -release of 
. Contract Documents." 

Producers from the member countries- of IBRD and Switzerland 
have the right of pariicipaUon in- the International Tendering. 
The deadline for Bids acceptance according to this advertise- 
ment is 10 a.m. on the 16th January. 1979. and the public Bids 
will be opened the same day at LJ.flO noon local time in the 
premises of Primorje Export Nova Ccriea. . 


TENDER FOR THE PURCHASE OF .108.000 TONNES PHOSPHORIC 
ACID SOLUTION ISSUED BY THE GENERAL MANAGEMENT OF 
A20T SANAYH T.A.S., TURKEY 

Relevant ofler? are to be submitted or delivered to the following address by 20tb 
November. 197S. 530 p-m- flocal time*: . 

AZOT- SANAYH T.A.S.. GENERAL MANAGEMENT, 

IZMIR CADDES1 No. 35. ANKARA. TURKEY. 

The specification* ire available by Azot Sanayii T.A.S. and they ran he requested 
hy Telex f Number 42336 TRi. Bidders are requested to indicate clearly their 
address. 


PRE-QUALIFICATION OF BIDDERS 

The Electricity Department of the Government of the British Virgin 
Islands proposes to purchase a diesel-driven alternator with a 
radiator cooling system in" the range of "2000-2^00 RW. 

It is anticipated that the purchase will be funded from the proceeds 
of a loan which has been received -from the Caribbean Development 
Bank. . • . 

Interested suppliers in member countries of the Caribbean Develop- 
ment Bank are invited eo submit their qualifications to supply tfco 
above equipment by providing the following information: 

a) Description and capacity of manufacturing facilities. 

b) Components usually sub-cofirraetedl 

c) Availability of spares and services in the British Virgin Islands, 
dj Latest -annual report and balance sheet ' . 

e) Experience With similar equipment; including fist of customers 
where similar equipment is In service. 

f) Approximate delivery schedule. 

Hie above .riorwaoon JS » h, submitted by M«v}iy 1 1 December I9ffi <n 
dupfiette W,l«i foifoweg *Mren: a 

, The dtef E!«etr<a| Engmsir . - 

Elsctntitr D*p*r*m*m • 

. . Tertoi* 

British Virpn Islands, West Indies' ' -Vi >v ■ 

and a copy U eo be sent to: .A i* - 


I j- 


■-V 



' . - •; : - -'r-.-vvijq 




•***ea, 




Jtipv&ay: .November 6 .1978 


i 


i 


i i 




*Ssa7-._. ,' 

**?»■!■ . * ‘ 
!i ,V. ‘ 

‘■CSC /•••'•• . 

<J VV*"- . 

*fK.. 

*PM 

' "OV*’* ”V*. . 
*«■’ - •■ 
>:••. 

& -• 

i**d ; ■• 

r; in, - . 

&>rr 

*Vlei. ? - 
£ 3 . 


fo lliej y.';i| 
ie in^vr,., 


«W • 
rk ;-. - . ;■ 

.*■’ ■ . 

al • . ' ‘ 

•Herb. :. ■ ... 

£ b* .;,r : - 1* 

ft* .; 

r c-? ■ 

iter*. 

flu ;%:? 

it a : i • ".• v 

TS'^P*': 

a ter b LV-'*.* 
.-•••- 

v ■ • 

- 

it.-. !•• i- 

S> ••■• 
is • » ■ 

T-:-v. ■ 

fa^H“ • 

3 S7i“ : . : . 


Ill 





m 

c^‘ 


V. 

“GimmeHeriz” 




/ “Gimme 
Godfrey 
Davis” 



Gimme Acis* 



f “Gimme 
SzvanNaiional” 





Not the sort of statement you’d expect from one of the country’s 
foremost car rental companies. 

But in this instance, we’re concerned with your point of view, 
rather than our own. 

Because many companies have no firm policy on car rental, and 
your executives make their own arrangements, dealing with whoever 
comes to mind first, this lack of a car rental policy can cost you far 
more than is absolutely necessary. This is the sort of wastage you 
clamp down on elsewhere, surely. 

So how vise to ensure that such matters become the 
responsibility of one person. And to further ensure that ifs Swan 
National he utilizes. 

Taken from current national tariffs. Swan National 12July 197S. Avis April 197S. Godfrey Davis 2 Mayl97S. Hertz 1978. 


TYPE OF CAR 


SWAN 

NATIONAL AVIS 


GODFREY 

DAVIS 


HERTZ 




• .HLVLTUL W1-.F.K1.Y I'NIi.MITED WL : EKLV UNUAU I ED WEEKLY CXLIAUTID 



i.V.U.irFsiouOL WT.F.K1 .Y I'M J MJ TED WEEKLY CNUAllTED WEEKLY L : N L ELUTED 




£72.50 £83.00 £80.50 


rORli::.*. i W WEEKLY IvCLlMULD WEHKI.YUNL1MITEE) WEEKLYITOJM1TED 

* _ nl. AL'Ii.i __ 


9 £<*.00 £«- 75 

• * from publishing 

i.V.Mir R myOL WT.EKl.Yl'NIJ.NUlT.D WEEKLY UNLIMITED WEEKLY L : N L LVIITED unlimited mileage 

■a £72.50 £83.00 £80.50 

^ As an ind ication of' 

i *■ ■ -u weekly i*xi .imi i to weekiyunli.mited weeklyitoiauted f ost differential 

^3 Lu £ 95 . 0 ©,,. £ 125 . 00 .ooo £ 105.00 daily rate for a 

Cortina, 2.0 GL is 

OOKTJNA ti-T.vr K WEEKLY rNLLMJTLD WEEKLY I NI JAUTED WEEKLY LCYJJA HIED £12-00 + 12p per 

^ £95.00 £112.00 £105.00 

rate is £9.00+ 

GRANADA:*:.!. WEEKLY UNLIMITED WEEKLY UNLLNUTliD WEEKlY UNLIMITED 9p per mile. 

^ £140.95 N/A £159.25 


oV'U' l Cm 


£112.00 £105.00 


£140.95 


£159.25 


Rates subjecr ro VAT. and do not include Collision Damage Waiver fee. Persona] Accident Cover or petrol. 
All cars shown above fined \viih radio except Godfi rcy Davis and Swan National Chcvctic. 


Foe, as a glance will tell you, we are a damn sight more cost 
effective than our more expensive competitors. 

And our service is thoroughly comprehensive. 

We have a vast fleet of cars (possibly the country’s largest) 
andvans. 

We have 75 strategically sited locations, all operating ‘one-way 5 
rentals at no extra charge. Our interRent link-up operates in 33 
countries. We offer volume discounts and credit arrangements with 
central billing facilities. In short, we put our resources where they 
matter - in the cars and service we provide. 

So make the decision. 

Gall Tony Grimshaw on 01-995 9242, and hear the good news. 

Aw. 






FOR YOCRNEARESTBRANCH SEE YELLOWPAGES, OR WRITE TO 
305/307HIGHRQAD,CEQSWICXLOMX)NW44HH. 









Financial Times Monday November. 6 1978 . 


gfCP?? 

XL 


THE WEEK IN THE COURTS 


TENNIS BT-joHK BftWiETT 


Problems m erosion British Wightinnn women 

of cherished notion give our men a boost 

BY JUSTINIAN ® 


* 5 S 

1^1 


BY MICHAEL BLANDEN 


THE ENTHUSIASM shown by 
British and other non-U.S. banks 
this year for expanding their 
business in the North American 
market owed something to Ibe 
attractions or buying cheap 


ON THURSDAY, by a majority to be said for grafting the intimately connected with the farly 1978 will b» r w .mane the 4.500 spec- wavered. The game was osl to 

decision, the House of Lords in courts power to relax, in suit- conduct of the cause in Court CLEA^U 87S will be were few among * mSs 15 and Miss Sbriver beginning 

Saif Ali And Another v Sydney able cases,, fee rigid operation that it can fairly be said to be prevent Miss now to throw off ber earlier 

Mitchell And Co. And Others of strict tune limits for civil the preliminary decision affect- hard nn° the^hSls of SJL f™mrlinchinj? the 41at uncertainty, thumped down some 

made substantial toroad, into the proceedings. ine , tbe . '™ 5 „ tbi “. ls “i* Sin's emer "ea£ in tte taii^.iSEw^tSr taS series. immense services to hold ner 

cherished notion that barristers However, on September 19. conducted when it comee to the “| n . Jg^SoforOi, Tfirst time victory _i serve for 5— o. 

enjoy a vomfortahie and compre- 1974. Mr. All started proceedings hearing. years the women last week- 1 ,^? p atchy has been th ]»j ow jt was Miss Barker's turn 

hensive immunity from being against his original solicitors. Lord Justice Bridge bad ' . ' r ^ d tmeTofttose W rare^l 8 =^ Drm g.*S i ^^ y ^t’h H the to show frailty'. *■* she lost a 

sued for any professional short- They i n turn, on May 29. 1975, decided in the Court, of Appeal vf^tman cup ^i ns against the s1 ^, ^from fifth to tense sendee after four deuces, 

comings. started third party proceedings that all acts of negligence iJr. w, « ;a £2!??ih.HL e world rankings, that it was gener- en e | - Plymouth 


rng oeiween . uie women or most experts woo wuhbk- e rnm ,1.*, 1wft 

that the lest is Britain and the U.S„ staged with 6-3. 3— 6. 6—0 British win be- Jacks nd ydj I Q ° m * he "JJ 

to be incapable imagination and style at .the line that this could be the turn- J»aJ teams at 8 . 

■ to different Royal Albert Hal! under the' iffg point in Miss Barker’s career, giound'floor boxes, there was 


an early British success. 


market owed someth! nr? to Ihe over time oirrmers wirn uoe norror -*■ j usue dtust *** . — — : — - j f t>. excitement, a waving oi t'Bion 

attraetions of buvine ohean . . .. aroused bv a spectre of pin- the third party proceedings conclusion. mg between the_ women_ of most experts who witnessed t . and veils from the two 

assets following the decline in .? ia,I V ,mp ic ?. tl0 ? s stripped vetis. whether the barrister was legally This indicates that the lest is Britain and the Ui. staged with 6—3. 3 — 6. 6—0 British win be- teams sitting in their 

rh» dollar and" in Wall Street oF IS , lhat foreign banks But before indulging prema- immune from being sued for all not so clear as to be incapable imagination and style at .the lieve that this could be the turn- . ^ there was 

pricel^ou S h d hankers are^no l ToL£*h*£ fT reSil *" SSetic cessions of or any of the acts g 0 f negligence of giving rise to different WJj** g“ JEft® ? Point in Miss Barker's career ff « ^^Tucoess 

too willin'' to talk about it how. u S ... ,r Vv. c t?c‘ 'S t rela . joy or elooora. it seems sensible alleged against him. conclusions among different sponsorship of Caniation Foods. - Anart from a lapse at the start * . . 

ever an important incentive has J' an j iin S ,n raosl to explore the circumstances and Those aers tncluded allegedly distinguished judges. it was perhaps fitting that the of the second set. when she lost But the. - 6 lead wa. wiped 

ai--n'been -nvon bv th-’ nrosoect ***** should initially pre- assess ( n e “ implication-, and ‘Tailing to advise" Mr. Ali “that It is no doubt logical that if destiny of the late Hazel £o Ur successive games, the out as Miss Barber again lost 

thVr the US legislators would s ? nt . 111 c P r °^ ,em - number consequences of this momentous he should take proceedings doctors, accountants, surveyors Hotchkiss Wtghtirians famous fnrehand was at its pun- her serve. Games went witb- 

fina*lh agree" on new ral« IS ,ocal ' ,jn3 fu-actions; Zci 5 \on against Mr. Sugden and/or Mrs. and solicitors are liable for pro- silver vase should have remained STbeStSSctang winnere to service until Britain, leading 

control ^he operations™” the PHfSJS: I( all started with a road Sugden and/or Mr. Akram. and fessional negligence, barristers in doubt until the last moment. a u points of the compass— no fr 4 - . fa . eed ® n ®J| ^i“ re 

j... 1/ : i. ... *• strofj;, mw^net since it opened 5 r ~u .if: iq^c h advisine that should shniilH also hp iiahii> Othprwi.<!p. ii'h^n iict Hnnhi*! m.i.h ..i.i —an. «.n th* slow ful ShrJver delivery. At last the 


In the throes 


It was left to Billie Jean .King. 


n the U.S. In the banking con- for staSwide hranch I ^ Ah a passen?er - that the ^legations of negligence practitioners are always anxious matches f6— 2. 6—1 against Sue-alreadv a formidable player. felL 

ext it means that under the Bill i-lULin^ siaiewiae nranen i Both Mr Akram and Mr. Ali against the barnster were cor- lo voice the highest principles or Barker in the opening rubber. She is. ranked No. 4 in America Miss Barker's forehand volley .. 
which went through Congress were injured and away from rect. that bis negligence resulted fairness and impartiality in a nd 6—0. 6—1 against Virginia and now stands in fifth position c ij n cbed a memorable win for " 

this summer foreign banks v _ work for many months. in damage to Mr. AJi and that relation to everyone but them- Wade on Saturday): a chillingly on Women's Tennis Association Britain that was only the Iflth 

which already enjoy the privi- |Y| tllP ffiYrtpc Mrs. Sugden was subsequently the solicitors were entitled to an selves.” efficient execution this. • . ' computer ranking list. success since the matches began r 

>ge of running offices in more “ H* «ilUC3 !?■ !l!f ei !l!2[Z e °E£ l! rf .iS! Nevertheless one obvious It was !e f t to Billie Jean King. - in 1923 and the eighth on British-. «. 

han one State will he ahle to National Westminster nowin i 96 ®’ s ^ e plead l d eu’U? to the barrister. None of these criticism of the new judicial ol SJf 55 latabtela ft n v ... soil. 

ESSSSTS SffiSflSea SSsSiiSS 

-m?lV S in Nci ^rTclm^T, a.TuS Uni^nco^wiM ^ ori|n' a T ZoUcItor, whi h/d Limited USe {“farther criiicism is th.t i. S«\mU.^SIb3lUSSS2S' B ,' rb “ to a ”L r M !“ " 


Barela vs, with branches Tor Standard Ohartfered, which is ..S" ^°, vCI ? be « Ji* ' 
example in New York. Cali fnrnii acquiring Union Bancorp, will All s original solicitors, who had 

j th' • ■ _.i » .. ^ ° - __ ... ‘ * _ . 1 inatrnnforl o hnrnctor tn orinlcA 


professional lie-ligence Sue MaP t^ an l,? < both times to Miss Casals and them further encouragement by . 

iro. .-aiifnrnun oDeration to clearl aamapes gainst ner nusoana. «.«i « «'■*““»*■ indemnity policies whTch in corn .^ r * 19 T-l®f r ' oid Anne Hobbs, Miss Evert. taking their first Federation Cup 

in, he w™ r"r Us "ers"r w.thfh, »fich sen-ed to S «hcr with »»'« >» »n incre.« m »" "■* d "-’. Miss E.erf, partner this time in ».!»«"» later this iraontt 

Vnu Y(.p'- hiwri M-trtnp Midland a statement of claim on August J" any preliminary advice that Drofe «j ona i f ees a CO rres- If this win had been expected. wa s Miss Shnvcr arid although A week or so ago, these pos- . 
N V- , d Midland. I 19g9 Thp 1wii , of the c5aim . he or she gave as to the panics V™* 5 * 10 ™*™* “the c™7 Tf a' least the manner of it reflected Jw* had never played together Abilities would have seemed • ;• 

Nevertheless, once the new . presumably, was that, as owner *o litigation or the prospects of R?, n ® l t , ?| I1 1I,credSe m ine C - 1 0 great credit on the scratch hnfn^ ihcrr was a blend of unlikely. Now. with Paul, 

rules come into effect, the foreign | of the car. Mr. Sugden was success or any other matter con- 11 'silver a barrister stands on British pairing and on the team experience ^and vouththst might Hutchins’s learns showing siich: >; 

hanks will no longer be able to liable for his wife's driving on n6cied with litigation pending or h , s °^or otn Un l! We a doctor coach. Roger Taylor, whose Pro- fum he match Tur C icu belief in themselves, anything is-,.; 

cm sP^ad across the U.S with the ; an occasion Involving the family, contemplated. in aDU btic SSital he ®r shShas «nce in the captain’s chair at SifirsTsei wiablare of possible. 

jf P same Freedom that they have, Mr. Sugden s original defence. Indeed. Lord Denning. Lord authority behind him or courtsid^ throughout the tbree British hrilliance won 6 — 6 in . . . ..r .. 

,-ffr in [he p»i. Mnrever. served on October 16. 1969 Justice Lowton andXord Just.ee £c r [We “ so cTtor dav» vras an mlpIraUon to the oo ^Sutei Befo^the ho^wa" 

;et. they are expected to be brought denied that h.s wife had been Entire had H ruled when Mr. "!^ linl ^? 1 iCl 1 , l e„ or ,„„e»or team. ^ X, Wndc h™n«d thc ball rwa o - , 

m " oslen't of 5 bavin” 1 to'orr^ vid'e ror mMent •' hU < B,ni7 e ° f ^ . ore 1 e ourt he or she cannot form a partner- When Miss Evert dismissed at the baseline, waitinp to deliver SlaZCflECT SllC 

£ P^B. V. .o/Lhe "An amended d^mtt In June. , S»T ^ %SSJEP2ff. ^ Sue Barber, the J^anoM; ; 

; e p .Mas * :■«[, jeer,: ”Th'™"Vo™ the hfhe,n S a Ic/a, 5Si «fuK •• ^ *«« « - United States a 3-2 lead, there pas,. But now British nerves rackets for the neat three years. 

, I toje/lo defence was amended,^ and S ^SSS*. Mi.Tr £ majority decision of the • 


Long debate 


Dn i hr- whole, the foreign 
bank* jnppar lo have comp quite 
w*>H out r. F rhe Jong debate over 
fhpir oo-iition in ino U.S market. 
They have sn f.ir enjoyed a num- 
ber of advantages in relation in 
tiip domestic U.S. hankers. They 
have ht'en ahl# v to ooerate 


Slazenger Sue 

Sue Barker, the 22-year-oM 


branches in mn r p than one state. Reserve in line with their.. A rcamended defence in ,iune. «*»un. uhi puunc poncy requires bv him 'or her or the 

*nm»UiiTiF that i* not permitted domestic competitors. ( 1972. withdrew this admission. f r b £iyl $ i e li l i« P^ rfc ? rm * r “°® , . ,0 I l chambers to whk-h he or she 

to th.fr American rivals except It has taken some five years In the meantime, hefore the 0 K mi * sieve and that "> ul,,lh hc sl,c 

for rv conducr of international to get to the present stage: views defence was amended and performing that^funciTon' he The 8 majority decision of the 
hiisin^tis They hsvo been largely within the l -5>. Itself vary widely, reamended. Mr. Ali had in- . JJ. , _ . f , ■ K , tu , House of Lords is tikelv to aive 

freo Of the costly renuireinerits with the smaller teglnnal hanks structed another firm nf sol d- *»"* "«*••«* 1,able for nc S 1 '^ % /everS complkatei pr^ 
nf hemg members of the Federal generally wanting tighter con ‘ j h *?° h .Jj™ nad m " true,ed . When Mr. All's case came to lems which will have in be raced 
Reserve r-Wem a-, far as Their trnls hut --irh .he big infer- 1 a n«* h ^ barrel. r. . th e House nf Lords. Lord One is the scope of the limits 

’K22'„..'2Sr , 1 . ‘lail ISJ wn^rtw*. Lord Dipiock and to ; .he ImniuDity. Aaorher Is the 


RUGBY UNION -BY PETER ROBBINS 


they have been .bl £ ,n buy hwl favouring Iiberilisatitm in their j of the advice of leading coun- ^Salmnn SSm' SSl tire ueed rTSKmuI; 

hnnks- which would he 01U or own interests. Attitudes anion? r 7 Lclt ^ r ; were no sufficient ground^ of the categories of professional 

hminfi^ for many of 1 heir main regiilatory authorities differ, too. | notice of diaccntinuance of the p tl | i |j c policy for granlins a negligence and reconciling all or 

barrister imriiunitv for whar he any conflicts between the i 


^SS^f e TSLS an , ti ; tr ^ t w , nh 50mc 51ate ban r; n3 j pr SSfft» n *fhar » Ih^ time harri’ter Immunltv for wh;«r he any conflicts between the 

rcgiilatmn.s . indeed. foreign visors supporting the liberal view Before ihat dote the time or tfh>; djd outside Cl>ur{ Jn barrister's duty to his or her 
hanks have m a number of in- because they want to encourage i Wmtl for any proceedings oased 3dvisini , ahout Utlaatinn or client, and his or her duly to 
stances been positively foreign banks to enter their own ! on . M‘- Ali «. personal injuries se »»u n « documents for use in the court. 


All Blacks will keep attacking, 
says manager Thomas - f 


oeirn positively' foreign banks to enter their own ““ ,n J“ rJ " wtUIng documents for use in the court. milfltHJPr = f Ilf ftirlSJV .. 

encouraged lo step in when U.S. local markets. jhad long expired, and no pro- |jtfcr*Llrin except to a limited Yet another will be the diffi- iJujiJ ' JL.UxrEjUl^Ed 

hanking institutions have met During i hose five years, assets j ceedings had ever been started extent. culties of proving that any ** *— 7 ,• ; ' 

difficulties. - of foreign banks in the U.S. h.ivei on his behalfaziiinst Mr. .»knim The immunitv for acv<= out of alleged professional negligence - .. •. r - • . 

ric * n from ::,;,7br, ,f -' S90bn - andj or an--.. Suaden court should h.- related to :hc of a barrister has caused anv IT WAS a hard week for theAll though bis line-out distrihu Unit Ireland, who wheeled 

h^n^Iinm h ,n H ^‘ I} > n c™c further after the ; This sad saga m.gh be barrister's immunity for ac»s in alleged damage m a profession Blacks, what with losing Tin- was not as accurate— and beigave set scrums on or ae 


' Li 


near the; 


'nrmnVnnn , ' . ■ : , — — ’ T" ‘ „ , , . _ - „ • • ‘J ■■■ “ f,' - | — DIJL^S. V* I (II IUMIIK lUl" Ul» « «U.Ul4tC— film U6 )CI 3UUIUO UB "Ur UCtll 4 

nranchin>. and in mh^r resperts latest round of acquKiunn'i hor regarded js j costrix argument cmirl. All three Law Lords or lay cltent. expa-tpdlv to Munster on To«* Donaldson some • anxious Blacks line -witb Duggan 

me legislation appears a good ihe future, therefore, the fnreicn ! for substituting Male eompen- adynl^d a formulation suzt!“5ted A cynic might well conclude ,nd' i.i=r ^ ranine hr. mV moments. Dusean. Deerine and to nick un hufnot-^S 



t Indicates programmes in 
black apd white 


BBC 1 


5.40 News AH Region* ca BBC-1 except al 

5.55 Nationwide ' l London and the following times:— 


LONDON 


A cynic might well conclude day unci ju«t scraping horaV. moments. Duggan, Deering and to ptefc up but not-.suecceqdmfegij' 

at th« ultimate effect of this aS!1 i nM u-eland. 10—6. on Satur- Slattery : found the back of the: A twthinatf linemiiitvOf -Keane^^^fe 

lost ex'entioo of the areas or djV- ..-All Black line-out rather porous. Duggan provided the' ball hut 

ifesstonal negligence is to The tTU slung winning try from Fortunately for New Zealand, score. For different reasons thafcH: 
eate an inferno ror lawyers Dalton, ihe hooker, came with Mourie. the captain, was so period was clearly vital to New. : - 

v tm- si ko of a paraoise for f niir m jniiics of injury. time to quick Ground the field with Rut- Zealand. 

surance brokers. play Al'hough Ireland swept ledge that mistakes were quickly When the siege was over V; 

hack to the New Zealand line patched up. ."There was plenty Ireland never ‘ had the same ' 

■ , "*■ , ***•^* , * ,,, * M ■ ih«* tourists did not panic, but of repair work to do. Seear took chances and Ward was unable . * 

they must have been relieved to a deeper line in defence In anti- to induce the same prolbhoged ; 

. heat the final whistle.. cipation of Ward's kicking. pressure by kicking. Hb did not i. 

Tourinc is hard work, perhaps [ remarked on the low kick particularly well, though 
even harder than it used to he. standards of the All Blacks scoring twice with penalties. 1 

for so mu- h preparation now passing last week, and again the The new cap, Patterson, had 
g<i»s min all the matches. __ inability to transmit the " ball a very competitive game' at ... 
GRAN4D4 . Tom _ Kiernan., < Mimsler'^ smoothly cost them dear .in srrum-balf. He might have run • 


hIm* 


MS am For .Scliools. Colleges. 
10-15 You and Me. 11.00 For 
School*. Colleges. 12.45 pm Xeu s 
1.0t> Pebble Mill. 1.45 The Flumps. 
2.01 For Schools. Colleges. 3.15 
Songs of Praise. 5.53 Regional 
Nc«s for England (except 
London). 3.55 Play School *as 
BBC--' 11.00 am). 4.20 The Mole 
and the Desert. 4J*5 .lacfcanory 
4.40 C.B. Bear*. 5.00 John 


South-East only) 

6.20 Nationwide 
fi.50 It Ain't Half Hot Mum . 
•7-20 Tycoon 

8.10 Panorama: Arming Ap; 

heid 
9.00 News 

9J!5 The .Monday Film: “ Ev 
Little Crook and Nanr 
starring Lynn Rcdgr; 
and Victor .tjarure 


Walev— 1.45 pm Pill PaJa. 4.40 


UliUUli . ' ' k nndv rtfdicptcd and deltahlfully Saturday’s first-hair. A dozen or more to lessen the strain on 

.v-hoote ProsramrftM s ^ w* a r * cSSrSds. modest f,a--h. prrpured his <id» so points were squandered- - Ward. McKibbtn and Gibson. 


in the 
obvious 


Craven" >• Newsround. 5.05 Biue W- 5S Tonight 


Tetcr. 555 Ivor the Engine. 


U .35 Weather Keuonal News 


F.T. CROSSWORD PUZZLE No. 3.815 


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m 

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wm 


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.n.>; 

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wm 

mmm 

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wm 

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ti./: - 

■iidini 



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mm 

unum 


■ ■ 


■ 

■ 

-A 

in 

HHHII 

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mm 

■ 

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m 

■ mmm 

worn 

1 


for Northern Ireland. 

England— 5.55 pm Lock Ea.-l 
(Nombu: Look North (Leeds 
.Manchester. .Newcastle t: Midlands 
Today (Birmingham/. Points 
West i Bristol': South Today 
(Southampton): Spotlight South 
West (Plymouth i. 

BBC 2 

9.25 am C61 Conference in 
Briahton 

ttt.fta The Role of the Nurse 

10.30 Compan;. Pensions— Who 
Cares’.' 

11.00 Play School 

11.25 CBI Conference (further 
covera2C i 

2.15 pin. Let's Go . 

2.30 Kuads to Conflici 

3.00 Knitting Fashion 

3J0 Staking Toys 

4.00 The Object of the Exercise 

4.25 CBI Conference 

5-35 News on 2 Headlines with 
sub-til Ics 


633 Crossroads 

7.00 Bernic 

730 Coronation Sirppi 

8.00 Robin’s Ne.-i 
.1.30 World in Action 

9.00 Best Seller?, part 1 
IO.0U News 

1030 Best Seller-. p d i( •• 


11.13 Bachnun-Turner (Jverrlnve Purrfbc. 


poem read by James Coyle Z2 » sou h..rn Thninas W thai this team would probably spoke for all Irishmen the Irish forwards, particularly 

Ml I BA Rpcion- London .v ’.oonouscDinr Ms“ni> : und. r- co "ti nu ^ ,he ir attacking policies, when hr. said he was dis- Deering. Slattery and Keane, 
except at ihe fotlo-.-:n» times: Mi-. Hiur-:. or c..pmih x.m.i s.a Ze , an< * “<wi , v* j il to win. appointed to lose- so late in the hut collectively they had not 

ANGLIA s^n-rn' t.-Vj Nj iia ,- ]\} 3 V H , fui, ^' lj,l " n f/ victniv was 2 3mo. But there was honour in the coherence of New Zealand. 

u:.-a pm -<!* show ii.!m.:>.,i. iv ii.« i jrm cr^r.-.n' ' ,h '- oiits , andm , j dispbv ih'j, defeat and certain iy hope As the game- went on iho spin!: 

i v» s ioo n-:r-pjr(T s.is tvmi~ Trrc |T tt.iMeii in the ^eeund ruw Ifis for the . future. Aaainst » less was ?r»jl willing hu: lh«- flesh 

I'-V-S-'V ns^nrp.-. 5.0a \fvcnT Aiulix IT INI: 1 Lt.5 line-nut eaVCIilng was xuperh. but wf »jj nr^intaed and determined became wryk 

ii^i-i.o n ' h "" KVFU & -'- 1 " ,0 "s» Jrn ’’ nrni.n.l the field defenrelhc pressure that Ireland Ireland have Tnuod real spirit. 

4 tv L ^’ ,r M rh ‘ w,,| i. 1 * h'«:h tia-ii ::.e ‘ ,nft n,s m.issue work in the exerted for ten minutes in the and given one or uvo chans*** 

»■* P»" «.-► !.'«..»■« |V 1.29 Art' .Mhor ^ ^ h “ VC i,rotI ? hl !' c!lind ^ ^ TUm «»«'« 

n*u4>t-4k. s.is in <■>( . . XU7MI Uuiteiu* :;w»bcm I.:ir b 30 foil- nit, . « ; , „ , scores. into a useful side difficult to 

JliM'Ti-.** 6.00 tv u43 Lc/i call. ui5 a M^»ror sti-ph-rri. u.oo ^hiui wax also immense — That was the vital period for beat. 


•Jz v r.iy.tj sm-’oo vr Wrthiw?. »ir sortin'’ ,f1 P inter- brought the hall back well, but The other new cap. Kenned* 1 , 

STiitfwT wU. 5^ 2-7'T? 1 R : ,S5 Thomas. All |{ ww Wilson, on the right, who distinguished himself with some 

bMk u*t.» KWH F \ ,JI '* Cs . in-'n cjor. remarked ho*- W3S easily the most penetrative sreat defence against the high 

SrOTTI^H ntnj|c;pd he wtiix u ' w rciArrcv p] a y er> a bonus for New ball, buu with the exception of 

» pm itarmiMM- kucEsi is " P when pla,w c ° nvnr Zealand in the second half was an early sprint fmm MeLennan.- 

jnd Roid ivopr:. s.is Bjuink cn« ... the clever run nine of Donaldson. Ireland's three-quarters were 

rPHdv 4. co s.-uiUM Today. 4.2s cmih- _ jiartK'iiiar irregularity is vrhich added variety to the never running at speed and. hv 

, , n flSS. 1 S?^i™ce I,™ >«**■«* *«« '» «>► «rt* anil™. U>e VrnU-otk fionV 

I be. a lusnmiim lor wo ,nu. n was hack row. by the pack was undone. 

KOIIT'HFRN ilr 0- heartening to hear Mr. Ireland’s coach, Noel Murphy. No praise is high enoueh for 


SOUTHERN 

12. M om M.U it lUmni l.; 


• II lb • r» , : —-rw .•mrr II <.1111111 1.1.11 I 

Ml l BA Rpuions a- London .v ’.co Hou^Binr s.is Th- UMr 
except ai the following times: Mv. »(«':. •>( r..pMin x.imi s^t 


ANGLIA 

12.10 pm -Tv c:**T- TVarrc Show 
135 Ar.^.i.i V'as iOO H->,:r-pjrt7 5.15 
(.'■'"■W'r I'haUrr^.-. 4.03 \t«o« ARXlla 
U 15 SMB-.- -liilfi*. KvTra S&.-. - H | 12.29 am 

- Jicjl .k-iion 


v-.i Mi-, j; 
f~ rp-rosfl’. 
sou:lu>rn 
li.iniiliijn 


Huuji and Ccurr. 

BORDER 

12.30 pm vriwirfc Crn-ma *l-Z9 Border 


ULSTER 


nuu-uiwn pm m jiairfc M.t-.hj «j.» Border ,, __ . nR#M 4 itfk 

f3.4° Laurel and Hardy Show m. su uw /S ."-- Voil KACBNG BY DOMINIC WtQAN 


case: * Me and My Pa F 


Ch..lWi#r- 640 L-JoVarVjnd MOTflar. fc-» Vou Jtpndar. «.H Uln-r 

‘Viri-jor Time. 7.D0 Mr. and Mn lilS am ■_ ,cw5 Hudliii.-y 535 Carioon 5..XI 


6 -°° ^ Cj aTu.4i 


• Golden Maagot’ Trophy 
6.25 The Devil’s Music 
630 And Now the Good News .. 
7.15 Mid -Evening News 
730 Chronicle 
6-10 Des O'Connor Tonight 
9.00 Monty Python's FI;in£ 
Circus 

930 The Body in Question 
16.20 Word for Word 
10.50 The Price of Freedom 
11.05 Exploring Photography 
UJU Late News 
11.45 Closedown (reading) 


rj a 5VTXJ r~ t 1,1,1 SWrlrv. U.JS Mood.!- 7ii s j,i jj.js 

LOAPipitL Ptiowgraph? In Kurus. ILSS TCk . 

l.U pm Channel Lunrtitim- New and u/rcTU/ inn I » / 

Wtaat's On Wti^re. 5J5 University Chat- ** to 1 V V AKL) ] »r 

lerut- 6.90 Channel Ncvs. 6.1« The Beach- **-27 pm Gih Hnne/Mins innn.jajs 12.J9 * ■ 

mmlKra. 7.09 Brean:? Man 16J8 Channel Farmhouse KJttiu-n. 1J0 Wrsiwam 
Late New'. 11.15 Miah*.! LespavL 12J8 Headlines. 5J5 Umv-miiy Cball-tiu., 
am C.lannel Car-,:* lo'Io-v.'u bj: K-u ■» 6.09 W\s,-^anl Diary and sporis Di*J. 
and Weather m rreucfi « t.OQ Koran/- Man 10.28 ltrMvjrd l.ai,- .MAG 


pli? In Koeus. 1LSS F-dimin TS, MT TP^k • • T| j TF T . m -m 

Mac Diarmida tops U.S. triumph 


DfARMIDA 


Noble Dancer and the favourin' npprd by trainer Scott Sihul- 


r oan: 1.2D i3rsm;.on Vot Headlines 

5.13 i.nn'.-wnj Ch.ijlcruf. fa. 00 Grampian 12.30 i 
ToJj>. 6.05 Lai -rv jr.r, v,fiirl.-y. U-1S Ojr .*.»■ 
ReA-.wsnv 11.20 sir. -is Frjraciwo 6.00 Cal 

1345 am Grimaia-, L^r • Nish, Heafllln..'s. rdlrtons 


11.15 Btrnahr .tone 


-VfRCI'sS DOWN RADIO I 247»H J-B*- Ne»s 105 Lanc&ume F1ni.11> Can hook 7.0a 7.05 Ti. ■ ,l. ™«11i ! i.lTir i-* > ’ JC ' ,na lavuurne viriuu wm • q WITH THF l</7^ ii ■ 

1 Embrace the accountant and I Blow for many an oaf (5) ^ br SjB% „ , „ i«Mjr.n.‘c i«'*Miaon d'-H^MS t“ (ions— totally unaffected "by uking^-iwd head wa ■ "wj ^he g !aBC ® &F xin * 10 L a cit,se 

8 The capacity to be satisfied 3 ENSA is not the source of Jo4/j 3E! A !- n C "irj»iL r !Lm n i'. w *J5 u«ti< wuuim-n. ii.oa \ L,ot 1964 record of 2 minutes 23 r,nz *‘ Leicester today. It 

f 7 1 ihe melodramatic- Or is it? SSL,; ' “> ** a; L'J™?: vmhi lami m«i mmi ;S- Brsnme u.15 Th,- i-namui vmu seconds knew their fate after the LEICESTER seems that the be-t chances 

9 Preserved— in alcohol? (7) (0) RADIO 2 l-SOOm and 3*HF mm !£•* pStiucs oriiomprwnw 'rSk to 1LW To<1 * i ' 10 pjriufnini ULW first few hundred yards. Nu one 1.15— Grange Hill Lady arc h^W by trainers v.hci h.ivr* 

1 A revised version in the 5 One horse destroyed wbat one 5 'jb am x #«-s summir- 5 63 Ton- Dr T1, «*“ s pijiraon* and RBr *-as wdllint: to set anything up- 2.15 — Honiara** already had plenty of winners, 

depot means a food shortage lion created (5> Br,n*m «s. inciud:n'=' bji p-u.-.- ioi cumm.’-V'”''* J pVT. 'S' ufftnm *» aaio ^'B ,:jo n prouchme the expected gallop. 2.45— Hard v Turk rf Honiara, trained by tiv-ti 

tlQl 6 Wnrrein manv a schoolbov '««*«' ^ ■S- 1 »wt B j.n 3 . SOTm and 94.9 VT4F Robin Platts, on Canada s nj. Cole, reproduces form fthewa 

2 All are revealed in treachery 6 JJok a dip CT* “ nmmv Yn-j «# ul ixi* »jr ■ iy H-jto « wnrtMMnwMi* 6.«^^n Lvc i2il pm^ciiifn ‘'Tw Overs kakc. had re- 3 ' l5— c when successful at SwJishury In 

f4) 7 Red Med seaway <4. 54 pm v.-aacwirr* v.'aj-- mu ?■•!•» Murray*, Ii au ™ * i* 1 H’® Shu^casr. 6.oi Knm.; Bun mo fuclanlly taken his rivals a Ion? at LINGFIELD May. and a pain when finishing 

3 A quick one for the Roman jo indications about a job show £ BC !! ”°g, 5 " ,s ; ^ oTnir) 4 ^ ' rl ' 7 ," E J"’ k morc th: ' n a canter for a 2 00— Gaelic God fourth to Kins of Spain on. the 

calendar (5) K |f yS? the road to take t9t RADi %£ *>8501 and VHF 5^.^ £S T, c" SStSK. - KSmc «?, *“»« 

4 Heather makes home ha)f- 17 under no constraint like a w.,«r. ns imnr 5-.% *.*: .wr.-. Dimn 60 o i^nsrinc t'”*' from "««* «r rm,^. i« fr ”! ,hc u - s - look U P thc nin ‘ n .| 11 , n receiving only Jib from P»l/r 

hidden iS) snv at liberty ?4 .51 r^- : , .. . , , 3J0— Heluan Cundcfl's useful colt, she r.,:.y 

6 Noble act revealed in Italian 15 Mean combination of skin and SSSin^' Vis 'auc wn" 7.79 tt- pTa " , ' r fcr ;h ' T,av and L°ndon Broadcasting Allowed to bowl alonq at the .. ... . — wm the John o' Gaum nur-ery 

opera in. 5i 10 (fi? n/rf Tk To4ar> nj-. 7 7- ^ --y, h«i- ?8 1 m and 97.3 VHF heart of ihe eishl-runner field Diarmida and Tiller, and It was handicap. 

8 One . P-iUceman makes the 17 hairstyle maybe Tor honoured V& ThVrt « ^ !£ nm £n h SlfS.h N h W 5 Ih,s P air ' wmch r ° u P hl out the And Hardy Turk, now t,„a t.» 

Spanish drive on i5i companion with no cm (7i J «.«' ^ Pr'W-rf-. ^an me iiwL sho^. i.« m lucT'i^k Uj1 * 1 quarter mile. earlvseason form, tan land ihe 

0 Political pany returns to one w . decisiQn rn a oulpt s^rsnuu. u.n” b?:.: sm-s..- .rtro- ^ ““ ( «««# «■ -in «w of ^ - Trll,lon Running tremendously gamely Gumley Handicap /or C:. Thorn- 

island ( 4 1 13 JJith * 2 * M-dsow .-.«c<i.r« :1 . M ™ “» w V # h ' l,l . r K,a,L Jnd Italian c^,li Stoned unUl in the hinds Of Jean Crusuet, ion’s Middloh am «aU. 

1 A ll.rinu pioneer? 1W1 | ist k^-ps learner VHF w *’ ^ &*•£*$* S Dital Radio ^ approach ng the home straight. who had been . savin? ground Al "UsydocSe nn Raturdav. 

8 Penchant associated with a - l J ’ d „ |5| p RADIO 3 464m. biereo A \ HF in lfie , tr<l ef p-i, n Thomas. UJ» An- Udpiiai KaalO A thal pnmt the race’s com- with an uninterrupted run close iu- an ..lareis. whn K stable has 

tower t7) .... I £r n. c r ^ n mnnin 1 *•» 8 m »«*»? TB t 785 a “ , Sf m,!ns# ^ L' “^* **■ ,TS ... .. h iS4oi mid v up plcxloii chanced in a matter or r 0 flj e rails,- "Mac -Diarbirda kept had. a lean tIpip « ti ** 

i Vii-irl v nvnrvnnp Hjs a nniP ** AHUlial from castein LOUQliy Oicr'urr *S. 8 00 Vr-'vs. 8.05 liomia* acd ^oors, 12J7 i*j «! the E orm. 1335 am f.rah«m < Dr-.-jp.faM sbn.. slridc-t Var Diarmida tahmn civ ,,1 r„, TtiS. 4 Bsn Tl ‘■'5, a , s a re .tll. o, 

4 Nearly ox eiv one nas a no'e coawr «S' wa r;. v>. us this wax wither, crosmmp.- r..^- l.« tiw is*. •« Mi.h«i .x,or, «.« D»r ' , i a 1 ■ 2f ,ust ,etran s .> .ror Tiller .a vires., sjildlcd ihe 

■■'I the least possinlc (. . „ . J . cr.mrnwe r* rn, Cf.u-. H vui ?- woritf ji or.r us ts; xrca-n L « Cush -s. J.« pm Rwsrr .voi: -s- 7 jd 'Origins behind ibe leaders in. Ways, perhaps given a little loo Absalom to win tho Vernons 

5 Fish after t!i«" start of tea The solution of last .Saturday s lalkins ito aw 'S' la.M r.’onim« Hour 1-.tiu.71r5 3.oo-2.#3 wnaon 7«ti* *$• 7J8 virian i 0 -.. ^ fifth place Tiller, lying sixth, and much to lib by ’Ansel l.'ordero, Snrinf Fun • -from’ the French 

n Mr, 1 ■> will hn. mihlichrrt Malvern Festival J»;- CftauiB-'r Z.6 U«:.-n »:i!i Mc:F-r. JJJO Me»6. hD^ l-mr is. I.W Un r Mmh. r u*n\:i fully inn !nnn:lv „o- ■ -. “P. .. la “ 


U has ever been run on. attention to Waya to ace if ihe 'a 197S haul toppine >500 0110 

Thuse who were prepared to second favourite could wm . e with thf , (1 -o „ , 

bet on the concrcte-likc condi- Th „ n-miet Wilden«r P in min. W 1 1 , M ,,J, !; ie:r!*: 

me Daniel wi men stem mare season drawing to a e ese. wriic. 


unaffected 


.iVvv tingle bef.sre Vhe ^_ pr - ^ d ri he ,t d r ^ri'. Dar< ‘ shcr ’- h, 

aciny a lime to lower Kelso's lL * ,dcrs hut no ‘ a:,ter ,nj n -M- 1 - desperate attempts to snatch a 


nn* uf Summ.-r -* .:.n P.iuf Scofield. _ from 


T Jid I ,ir.- mil mi !I,|. to; »■* «-cn <s>. s.is r.iWi.-an-J -S’. S-«5 1D.H Th. Unrld Tnilluhl ID TO 1’ivr , . 7‘ * ,v • i *- •' 

8 The capacity to be satisbed 3 ENSA is not thc source pf , K B »' , T2S I~T° A !i p '’' lV”ySs F j -^* nom-ward Bowc fa.3o 6J5 u«ti* whkJi ii.ua \ L.-ot m I9h4 record of 2 minutes 23 

f7i the melodramatic. Or is it? SSo ? c ‘ " ' iM%T : iv kf^wvn a " g ^ ic/ | r<, . T, 2 c „ Thl ‘ l ,nani1 ^ seconds knew their fate after the 

9 Preserved— in alcohol? 17) <9) RADIO 2 l-SOOm and \*HF 8 .S t?c' P ohacs 01 aSk hi N°"f UJ * 10 Pjp " • Tn ' 01 X2 - n first few hundred yards. Nu one 

11 A revised version in thc 5 One horse destroyed wbat one stiv, - m cm— -ir- sm Ton-- Dr Th<mMS t-artf *•*> piiiwonv and Ecr D _j- , was willing to set anything up- 

depot means 3 food shortage lion created 1 5 1 Brunion is. Inciud:n=" fajs p-u.-.- toi nao ” . prouchmc the expected gallop, 

tl 01 e Wnorein manv a schoolbov V”***- 7 ’=' T :r' -S- wtiBiin, . Mm and 94.9 Vhk Robin Platts, on Canada's re- 

■12 All are revealed in treachery t.ook a dip f T 1 Thowh'^iB-w JinsHn"' r S : irjni 4.« uwS» Lv/' ‘i2.b pm JO ci , || , ^ n . l, ;lu ! , *Tj 5C?ri | l | a i l, ''l ‘ Jv ’f' r ^kakc had re- 

14) 7 Red Med seawav (4. 54 pm v;a^«nnrr< v.-aj-- ?■ ■!> x:urr.iT’< h . '.h f ^ r 5 8 * k S ' '** Shuv»eas^. 6.0) Knm. ; Bun mo luclanlly taken his rivals along at 

13 A quick one for the Roman in indication* about a ioh show r -' Dcn »«?" ,s ' snnrw ‘ B, "r H 1 amnovn s 00 * ta ’’ u»>o)c siop. Liwi. i.jo etn.i. i...n4«nr r ^ little morc than a canter for a 

• l.jTpnriiP fSi 1W ,ho rn-.ri .,1-niiJ. *>wlt. 2-» Pavrf Kamilm.i .5- .n.ivUtiK RADIO 4 8-» Brp^mrmisti 10.8J L,r- >r lB hr f„rlon- or .«>i then Noble Dancer 

calendar (S) you the road to take tfli !;i J n'-.csjrr-.?-i i.tq 434iti 3.10m -85m and VHF 2 on - *>■ ttaMOmHiM " Z 

14 h w a J«„ er o :3keS b ° me h3 under no con stramt like a *-»■ PK? ”5?*^ . SjTnnalS. rn "" D ^’ l fts „ m - ’ P 

hidden iS) _ . , spy at liberty f 4. 5 1 et* «>-*. *■» T*d«: _M«saan ? iKladlM S’Tl'ji* W ' Lj .... 


LEICESTER 
1-13 — -Grange Hill Lady 

2.15 — Honiara ** 

2.45— Hardy Turk"'* 

3.15— Rifle Green 


you the road to take t9i 


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Nicholas Leslie reports on the workings of a computer-based management system !\YJ|y blacklisted COtUpSillcS may 

toeing: keeping an eye on itself to the EEC for hel P 

^ v BY PROFESSOR T. C. DAINTITH 


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MANAGEMENT systems per se 
“ don't necessarily, work.” main- 
tains Joseph Lindsleyra surpris- 
ing statement to come from 
someone - who, - as assistant 
controllet ' oX.' Boeing,' the 
major US. aircraft manu- 
facturer, has ' been largely 
responsible for creating the 
company's Executive -Informa- 
tion Services, system. 

The system", which is com- 
puter-based, is designed to belp 
management ' choose the best 
way to steer the company in the 
right direction... • 

Lindsley believes passionately 
in the merits of the system' he 
has developed, and for a Variety 
of reasons. For example, he 
says that it means his company, 
now knows so much about its 
resources and capabilities that 
a repeat of the very serious 
problems that it encountered in 

1P69 following. the introduction 
of the 747 Jumbo jet would be 
impossible. . At' that time the 
company faced, firstly, a build-up 
of unfinished aircraft because of 
repeated design 'changes and 
poor stock control, and second,, 
a collapse in its market when 
the world’s airlines suddenly 
stopped buying 747s. 

Intellectual 

Another reason -for his enthu- 
siasm seems almost too basic. 
He believes that;“ the real pay- 
off for Boeing is the availability 
of an elementary clerical, 
function leading to an increas- 
ing intellectual content of jobs.” 
In a wider context, he maintains 
that “ we spend a lot of money 
educating our children, and if 
we are going to fcapitalise on 
that we arc going'td have to 
provide the intellectual oppor- 
tunities For them.” 

Boeing’s executive informa- 
tion services system (E1S) has 
been developed over the past 
10 years to help its manage- 
ment operate in what has 
become an. increasingly complex 
industry. . . - . 

In a recent paper; Mr. 
Lindsley put it as follows; -'‘A 
medium-seized, aircraft has 
about 300,000 unique ..parts, 
which are assembled into a few 
thousand sub-assemblies and - a 




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A Boeing 747 under construction art the Everett, Washington, plant. 


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few major assemblies.- To get 
out of ■square "one, an aerospace 
company must design and lost 
the entire product concept. The 
product' concept must be struc- 
tured into individual parts and 
'assemblies. Each, pari and 
assembly becomes a design 
challenge. -Each part and 
assembly must be tested many 
ways. Then, a source for raw 
and semi-finished materials 
must be located.” • 

He went on to illustrate how 
the company must then estab- 
lish a schedule and a plan for 
each part and then" see whether 
it had the machinery to build 
each part. It must also find 
the place to put the machinery. 
New facilities might be required 
and it would be necessary to 
assess what -skills would be 
needed- 

Finally. and -.Mr. lindsley in 
Ms paper, “ the .company must 
organise and schedule the 
skills, abilities .and resources of 
all in-house organisations, sup- 
pliers and subKmzitractors so 
that the. entire design , and 
building enterprise . functions 
smoothly.” .. 

This clearly highlights the 
complexities inherent in -modern 
business-, and this . is a trend 
which. can: only escalate; accord- 


ing to Lindsley. He therefore 
believe^ that management can 
no longer rely on subjective 
.ibsessmenls of the possible 
directions a company should 
take based purely on personal 
experience. Instead, it must 
have a grasp of an increasing 
number of alternatives, from 
which the most appropriate 
solution for the future can be 
extracted. To achieve this 
certain tools are required and. 
says Lindsley. EIS provides such 
a tool. 

Computer programs, which 
can be made comprehensible to 
non-vomputer specialists, can he 
worked out to enable different 
management groups within a 
company to work out a viable 
set of alternatives within the 
context of the resources of the 
group as a whole. 

Thus, there should be less 
working in the dark. For 
example. Lindsley points out 
that Boeing is very dependent 
upon particular specialist en- 


gineers. In planning any 
strategy for the future it must 
therefore take account of how 
many such engineers it already 
has and how many are available 
outside the company. If there 
is a shortage which cannot he 
corrected, a particularly expan- 
sionist course of action would 
not be feasible. 

The computer models which 
Boeing creates “ distil what we 
know of the business." says 
Lindsley. They enable a lot of 
people to review and criticise 
what the company has done and 
what it should do. In the past 
such decisions have been called 
judgments, he says. '■ We want 
to quantify those judgments." 

Lindsley does not, however, 
suggest that the system is an 
alternative to experience, which 
explains his comment that 
systems per se do not neces- 
sarily work. “You have to have 
people who are able to look at 
rhe whole and this comes with 
knowledge and experience." he 


says, adding that "pnnplp's in- 1 
tuitive judgment is often good.! 
Our model enables one 10 lake! 
out the eJericai pari of ihu uork : 
and give one more time for in-; 
tellectual thinking." | 

As yet. Boeing doe.; not have! 
an overall corporate model j 
which covers aircraft manufac- 
ture. as well as it- interests in 
aerospace, boais and rapid- ' 
transit system.;. However., 
Lindsley feels that the data base j 
is relatively complete in that; 
Boeing has a good knowledge of i 
all the resource? n uses in air- j 
craft manufacture. It u con-| 
rinually adding to ii? data ha?ej 
for its 747. 737. 727 and 707 air-i 
craft. I 

Boeing is nn-.v looking to the! 
future with a new range of j 
economy aircraft — the 757 and i 
767. These require an invest-, 
ment of more than S3bnj 
f£1.5hni, which i? the company's 
biggest financial commitment 1 
since the 747. For this *‘we! 
have already done our resource] 
requirement end have made i 
three alternative predictions." \ 
says Lindsley. This means] 
assessments have been done of 
what would happen in condi- 
tions of boom, micirt.'e of the 
road and when “ going out of 
business.” 


Integrate 


Given the work Boeing has 
put into irs cunpuierised 
management system it is hardly 
surprising thaT ji. sp! J s its facility 
to other companies, a move 
which noi only brings in 
revenue, hut " enables us to = 
improve our own capability.” 
says Lindsley. “We feel that; 
the use of modern computing , 
machines is going to become a I 
more necessary ingredient of ' 
business management. Those j 
who don’t integrate this in their! 
management approach are going ■ 
to wish they had." 


BLACKLISTED British com- 
panies. excluded from public 
coqtracts because they do not 
observe the Government’s pay 
policy, have no effective remedy 
under UK law. But they may 
find consolation and help in 
EEC law under which such 
blacklisting appears to be 
illegal. 

In domestic law. there arc no 
effective legal constraints on the 
discretion of Govern ment in 
placing contracts. However, the 
allocation of Government con- 
tracts is also a matter of keen 
concern to the institutions of 
the EEC. Though the reason 
for tills is the danger of dis- 
crimination against foreign 
Tenderers in public purchasing, 
EEC directives also co-ordinate 
contracting procedures and 
criteria, in this way the direc- 
tives limit tlie discretions of 
contracting authorities which 
might be used in a discrimina- 
tory way. 

These directives on the con- 
duct of open or restricted ten- 
ders apply to most contracts of 
central government.- of local 
authorities, and of certain other 
public bodies, whose value 
exceeds a threshold figure 
(£660,000 (or public works con- 
tracts. £130.000 for supply con- 
iraersi. 

The ernuncK of disqualifica- 
tion include bankruptcy, convic- 
tion of an offence involving 
professional judgment, grave 
professional misconduct, unful- 
filled social security or tax 
obligations. None is wide 
enough to include non- 
compliance with a voluntary in- 
comes policy. Since the dis- 
qualification grounds stated in 
the directives must, to have any 
effect, be limitative, it follows 
that blacklisting — that is. the 
practice of identifying and dis- 
qualifying in advance firms 
which have breached the pay 
policy— is contrary to the direc- 


OWI 


lives if applied in relation to 
contracts above rhe threshold 
level. 

It may also be argued, though 
with less conviction, that the 
requirement introduced in Feb- 
ruary that ail tenders for 
Government contracts be 
accompanied by an undertaking 
to observe the incomes policy 
(nr any future incomes policy) 
likewise contravenes the direc- 
tives by introducing a criterion 
for ihe award of contracts dif- 
ferent front those recognised 
by the directives — that is to 
say. either the lowest tender nr 
(he most economically advan- 
tageous tender. However, this 
could he countered by the 

argument that a contractor's 
willingness in adhere to the pay 
policy provides an clement of 
economic advantage to Govern- 
ment: 

It could also be objected that 
these directives were designed 
to promote intra-Community 
trade and to protect contractors 
from other member-states; r.ot 
to provide UK contractors with 
a weapon to resist the applica- 
tion to them of a purely 
domestic economic policy in cir- 
cumstances where there may be 
no clement oT competition from 
niher EEC contractors at all. 
This is true, but we are dealing 
here with harmonisation direc- 
tives promulgated under Article 
100. which work not by pro- 
hibiting discrimination directly 
hut by setting up common 
regimes within which discrimi- 
nation is inhibited. There is no 
reason why UK contractors, no 
less than say French or Ger- 
man ones, should not take 
advantage of the restrictions on 
Governmental discretion which 
are an inherent and necessary 
part of the EEC regime estab- 
lished for public tenders. 

Such contractors, can, how- 
ever. only assert these restric- 
tions directly, in our courts, if 
the restrictions in the directives 




have direct effect: if. that is, 
they are capable of creating 
rights in individuals to which, 
national courts must give effect.' 
and this is more likely now 
than it was a few years ago. 

The reason for rhe change is 
the increasing readiness with 
which the European Court of 
Justice attaches the attribute of 
direct effect to Treaty provi- 
sions and to directives.- Most 
striking in this regard was its 
1977 decision in the so-called- 
Capital Goods case, in which it 

recognised as directly effective 
two articles of the second direc- 
tive on the harmonisation of 
value-added tax. The result was 
that a Dutch organisation was 
able tn challenge Dutch imple- 
menting legislation on the . 
ground that it made a wider 
derogation than was permitted 
by a directive from the principle 
nf the deductibility of VAT on 
inputs which the directive like- 
wise laid down. 

The directive on public 
lenders, like the source of the 
VAT rules, too. was a har- 
monisation directive. In the 
Capital Goods case the VAT 
directive itself was the sole 
source of the rights asserted 
by the complainant: and there 
was no rrlemem of discrimina- 
tion against a foreign enmpanv. 
Kelvin s nn Ibis decision a UK 
contractor might very well 
argue That the EF.C rules on 
participation in tenders for 
puhlic works and public supply 
contracts roofer on him a right 
noj to ho disqualified from ten- 
dering on grounds other than 
those specified in the directives. 

Tf his argument were success- 
fully axploited by contractors 
for would-be contractors) it 
could seriously inhibit the use 
by Government of the procure- 
ment process as an instrument 
nf regulation. 

Professor Paintith is Professor 
of Public Laio at Dundee Uni- 
versity. 








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theanswer. 

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(Pept- 020/10 ). 

Steyr-Puch House 

puaFiSSfnS 


JUST OVER a week ago the 
burghers of the Yorkshire town 
of Harrogate found themselves 
invaded by that strange breed 
of manager— those from the 
personnel department. 

Si range: because few know 
quite' what they do. and yet 
they s\em to have carved them- 
selves -,a niche within many 
companies from which they can- 
not be budged, for hardly any- 
one understands their function. 

Over . 2.000 of them 
descended on Harrogate for the 
Institute of Personnel Manage- 
ments' national conference and 
for two days they debated, dis- 
cussed and chewed over more 
than -40 different topics, from 
unemployment to differentials 
and the more abstruse subjects 
like “ Career development coun- 
selling ” to “ Retirement — a 
trauma or a time tn look 
forward tn? ” 

If anyone doubts the in- 
exorable rise of the personnel 
manager, he should turn to the 
latest salary survey by Com- 
puter Economics on Personnel 
and Financial functions. 
According to this survey, the 
average salary for top execu- 
tives in personnel at Board 
level is over £17,000 a year, and 
for those not on the Board it is 
above £13,000. The average 
executive manager earns £9.608: 
he is someone defined by the 
survey as senior, who makes a 
significant contribution to 
policy and whose day-today 
role is mainly interpretative. 


SALARY STRUCTURE 

PERSONNEL MANAGEMENT 

Average 

income 

£ 

Executive director 17,171 

Executive non-director 13,167 

Executive manager 9,408 

Senior officer 7,290 

Experienced officer 5,585 

Junior officer 4,375 


Executive director 
Executive non-director 
Executive manager 
Senior officer 
Experienced officer 
Junior officer 

ACCOUNTANTS 
Finance director 18,094 

Company secretary 13,879 

Financial manager 12,913 

Divisional manager 9,605 

Department manager 7,510 

Junior accountant 4,541 

Source: Compiler Economic* 


Inevitably in large com- 
panies these figures are 
markedly higher. In companies 
with a turnover in excess of 
£75m the average top executive 
salaries are: £19,108 at board 
level, £14.330 for the non-di rec- 
tor. and the personnel manager 
Dn £9,852. Even at the lowest 
level the junior personnel 
officer received an average 
£4,465 in the largor companies. 

Ronald Campfield, managing 
director of Computer Economics 
draws attention to the way the 
personnel department has 
caught up with the financial 
function, where the average 
financiaj director earns £18.090. 


the company secretary’ £13-879 
and overall financial manager 
£12,913. In large companies 
rhe comparable figures are 
£20.419. £17,124 and £13.977 and 
at the most junior level it is 
£4.513, Personnel, notes Camp- 
field. is no longer the “ poor 
relation.” 

Among personnel staff, quali- 
fications do not appear to have 
a significant bearing on salaries 
earned. Less than half the per- 
sonnel directors surveyed were 
members of the Institute of Per- 
sonnel Management and they 
had an average salary of 
£16,99S. 

Those in the same position, 
but with degrees or MBAs 
averaged £17.098 and “other 
qualifications” £17,701. 

The most senior personnel 
managers have been making 
sw'ifr advances on fringe 
benefits. This year 9S per cent 
of personnel directors have a 
company car compared wnh S5 
per cent last year. For the per- 
sonnel executive who is not on 
the hoard tin's ton has risen 
sharply from 76 to 91 per cent. 
The equivalent levels in the 
accountancy area have risen 
Ipsr slowly but in the middle 
ranks far more staff there have 
cars than in personnel. 

Survey of Personnel nurl 
Financial Functions is available 
from Computer Economies, HI. 
Portland Road, Kingston-upon- 
Thames, Surrey/. Price £68. 


s 











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insure them. 

’iou don't have lo c han ge 
fln-ii lyres. Or pul in nil. 

Kcpldix Lhnu. Or repair ihrm. 

II sonolhcT u.iv nfftar mg 
wr- handled 1 1 1 u> problems, 
indui'iugall i|iRpapm\urk. 
tijlhl'.ydi'TlJunlrart Hire. 

( jointured u U 1 1 uivn mg 
tnn.ks. you inuvl adniiL iL 

riIk-n.s*xiin\En gutni 

ad'.iiilldgKi. 

'iciu ilnn't haw louse any 
caniiil.cilli^: |iL«4piya knotvn 
m/jiuhiy lavdcduLtiblcriiiifgii. 



Andforthahvugcldl the 
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H.irfiiU deluils. ring vriiir 
nrwnsl Ryder number. 0» :»i , nd 
Ihticiiupon. 

In return, tve'U ^kn send 
yon fdi is about Ryder 
SI lodqi.-nn KcnldL 

1 lien you 'I I have two v.~d ys 
Id drive a good bargain. 




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r.- .!■<=-’ «.,:j>.a=itj*74 

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|;ujftj£7L!-a*iX.-:61.Lr!KJI. | 

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Jason Crisp] 





we can do 




* -«*1r 

trim; 


Mis Castled new siatepenaon scheme goes so 

fir bit is thaifar enough? ^ 

Formost directors andhigherpaid employees, 

^B^^thestate scheme does not currently V 
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die before jelirenient-important points wnen 
you look at the escalating cost of lira®. 

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MGM’s plan enables you to build on the 
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l Tp jgitgn for Retirement is simple to iun- 




STATE 
_ PENSI0K 


COST OF 
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because MGM does all the paperwork-and is so CoTt 

fleMble it can be tailored to suit your own specific 0011 

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Why notfind outmore-youll be glad you did, \^z 




Jr »£riv.S» i " ■" * 




For further information contact your financial 
adviser or ring Malcolm Powell on 01-623 8211. 
Alternatively, return the coupon at our expense. 

MGM ASSURANCE 

Established 1852 

Marine and^ene^l^^j^^ssurance Society 

To: MGM Assurance, Freepost, Worthing, Wesi Sussex, BN11 jBR. 

(No stamp is needed) 

Fteasesend me further details of your Design for Retirement ’Pension Plan. 

Name _ . ■ ■ ■ ■ — - 

Prteitinri 

Company 

I Company Address 




10 




■■ ti S T gl* 




l* 1 


financial Times Monday November .6 197S 


idinicalP 

EDfTED BY ARTHUR BENNETT AND TED SCHOETERS 



Helping the 
cashiers 


0 SHIPPING 


O COMPUTING 

Aimed at IBM’s middle 


Safer operation for tankers 


• TEXTILES 

Shuttleless 
loom ideas 


tfiurfeyr^? 


DIRECT GAS-FIRED 
SPACE HEATING 
AND 

PROCESS HEATING 


Rrpoo Road,HarrD<gate Y N. Yorks 

..•''.tH&isii 1tetexS7&s& ; 


ANGLIA. Hastings nnri Thanet LLOYD'? Register of Shipping usrd in fishing boats lo Keep the at the most two tanks would be 

Building Society, the seventh has approved the first marine catch alive until the vessel breached, while with a standard 

largest in Hie UK with .iv?eii use nf Ri.'ir: Techsep's imMecul.ii’ reaches port. Many more fish LNG carrier a whole container OMY AREA of sales growth in 
exceeding £1.400m, has placed ,K-ve inert ga* syslem. It will can be stored under these cun- could mo. Thus a loss of at the weaving, is * n ^ales nf shuttle- 

ALTI-fOUGH the first thrust of In fact, upgrading is as simple f he Bret order for ICL'x new j-, e u .*ed as i n auxiliary inerting ditions in the same volume of most S.000 cubic metres of LNG less looms which operate on a 

markouag in Europe of the M-80 as ihe latter procedure, and so is Count er Terminal System system Tor the conwinmrnt water normally used. would be suffered with the new number of different principles, 

Magnuson raaehinefsl is towards replacement of ioeie and control fCTSL following evaluation of harrier of ihe uas tanks in the _ . design while the figure could be such as rigid and flexible rapiers 

the airline industry, which relies cards. e»c. several suppliers proposal* The n(>H sa-OOfl-cubic-metre liquid JLiNO Carriers many, times that witb'cnnven- air .and water jets and — even — 

heavily on IBM and bnivac equip- One point that will appeal to “' as specially developed by petroleum gas carriers, building — _ ■ , tional lypes. a tiny missile to carry the weft 

ment/there is^io doSt wha? users is that even the larger nf >CL for Ihe Snc^y. to Lloyds' Renter cU-s ar (Vmmanc m RoilrdrnTL^^ Independently. TNO Bureau acres* the machine. « 169 1? and V' ram 

soever that other users of the two machines currently GTS will help the hranrh HarUmJ and Wolff. Bcltoi. ial * P * uVk R ”ii « 1 T ? J n ? l,s i na . 1 Sar «*7 ,n *h« The rigid raPter is Reneiallv C J?^ °£-J 

machines in the 360. 370 and new offered— the MSO/4 which is the cashier in providing a quirk. The process is based on the J^e ,raralkrt ir I Pi'°S T S' Netherlands has calculated thar ya ?ns than most Jh£J‘ lll 22SniS Ire -So^Sfa nd 

“(juo aencs will take note of the equivalent of a large S70/1-JS — efficient service io Hi*- Soi-iety'*. u-o nf a unique absorbent carbon O' -LPti and LN'» the risk for people ashore en- .... Ilmita- i5l; se mac “ines are — 

claim Lhai Improvements in per- needs no air conditioning and members. Ml normal irons- developed in Germany bv . . ‘ . JV’ 611 '* a,f ®T- bm siimc ftim a Yerolme VLGC/ 'This is perhaps, causing “ fl0 rp m. IS?"?* 0 !? iniarr^™ 

formance in the neighbourhood can perform adequately in an actions, such ns deposits, with- Bertha u-Forishun 2. Thi* has j* oparaling costs by equipped with Uie new system . " . some ground against 1 ° creas f;>-. * 

of 100 per cent can be achieved, ordinary office. An MSO/5 will drawal* and account enquiries, the molecular sieving capability £ c " r ^2. anrt 40 P p r cent in stranding or colliding with mac htnes such as^the htab-speed f, ^ u i 15 

tniiiiw iqm be available next year. will he processed via the m -rparnre nitrogen from air ™°f chapji« per cubic metre another vessel defined as proh- ™**™nes ‘S .*,; um a-^peea which weft yarn » 

*&* ““f" B h '* £!?I ly Backing Tor the project ,s rmm.nai. with receipts and In ihe system used -n the of natural gas carried. ability times extent or the a ,^ l PPer s ^ t r l * e "™ ts _ verted into cloth is .43 7SS and 

enormous. In ihe U.S.. Fairchild cheque* produced auir.maiicaliy. Harland and Wolff ship-. t«.» 'r replaces the tinge domed damage, would be between .30 SLrtu,2 k and wttaS at much SnS metres/ minute and this is 

[i l ri_ ,r w “.{? Camera :-nd Instrument Gorpn. First term -nata m ho installed m heels of the carbon mc-p are stainless steel tanks of the enn- and SO times less compared "nth at m c an pxlreme |j- high rate of 

swee P‘ n g changes to iti b acfl „,ri nB □ .q 0 p „ r ri !. nl branches mnfirm a sisnificanl used to ah.sorh nwspn. bavins v «?ntmnal LNG tanker by groups certain other types of LNG higher speeds. 

interest. Outside the US., reduction in ihe time taken i>. im.. nitrogen m pass ihmugh ihe r *r oiindncal container? arranged tanker . Now a new I; 

l; “2*^1 » 3 }^ 5 -Maanuson Air Transport Gon. process a lransa«tion and the -wit. The carbon beds are in blocks of tfi in 20 vertically in Naval Frojerl Dpvelopmenl loom has be 

„ a _ _ . u __ {j- a C puters i aimed at Europe) and Society expects shorter queues regenerated sequential!'' by separate compartments. t’ompany “ Rotterdam., Jslaak France by the ‘ biggest French men ts. area occupied and main- 


rapier 


an pxtremely 
production. 

It is claimed 


by the loom 


ing one or two cireuit boards. M.ignuson Systems Gr.rpn. and toss wailing for member? rreatinj d vacuum in the bed. The containers are m3de of 101. Rotterdam. Netherlands 

Specifically, the MSO design (Middle Easri have the hacking during peak business hour*. Ihus tapping off thn absorhed aliimiirium 5083-0. are 33.5 

has applied to its strategic of rhe Intair Group S^ruritv features hu ill into ihe oxygen from ihe «ie«e material metres high and 11.8 in diameter 0 

architecture the fastest medium Ths.s is a major organis.itinn svstom will minimifp the possi- and’ leaving the beds ready for and arc structurally intercon- 

density. high performance logic serving .lirlinea in most count- hiiitv nf orrnrs in the handling re use. The plants being supplied nected. They rest nn th.p bottom 

available for its processor tnd ries and having a yearly turnover nf 'annum* Th^ SocictVs in Harland and Wolff i i 1 he of the ship and transfer hori- 

o f ner logic systems. Immedi- of more than Slbn. administration will also benefit capable of producing nominally zon?al fnrees directly to it 

atPly faster devices become Mucnu*'jn Air Transport Com- from the facilities for branch 30 cubic metres of nilrosen an through longitudinal and tran.s- 

£*■ l] Z™~ Tl 1 bp , s!r,,Tpf i P«|ters. Gedar Court. It. Fair- ac.-ounting mrluriins end of day hour. r u v ™ keys, 

m where required lo suit users mne. Henley on Thames. Oxon. procedures *urh as reconciliation Apart from the u*c "f tech- The containrrs are maintained 
ncc da. 04912 6S88. l -a*;liiers‘ balances. niques to produce niirngen fur in a passivating nitrogen atmo- 

inertinq chemical, liquefied gas sphere. 

and oil product carrying s’hips. Conventional insulation by WATER-COOLED diesels 
thn system has man: - orher balsa wood, epoxy resins or syn- veloping 1S6.5 bkW (250 bhpi 
JXJU1JI J 3 ' a i i^ad i u it ahl e v i deo *t-ree o' l,,ar,nc USCR - ll can ,Jt * u ^ rJ v ‘ the ' ic fnal,,s is applied to inner at 2.000' rev/min have been added 

, LniT-/ rnSwri!. fccvH produce oxygen-starved atmu- walls, the bottom and the roof to the range or engines offered 

EMULATtiR 'Mtware package systems is able to access and up- nL P t ?r [trSe rc^d or' and o ass KioT" ■ e ? h ‘- ,rt ' £ for carriage of of each compartment and this in- bv R. A. Lister and Co. Dursley. 

th-'H inieraciirely links as many date files in either sector, as "rintJl P a “ n r pJ *lhiir refrigerated perishable product?, sulation can he inspected. Glouccslershire, a Hawker Sid- 

a; >iv IBM ih or 370s with a well as making sophisticated pro- ^ ■ i^-- 1 B - v reducing the rate of Inn- repaired or renewed without delev company. 

PDF-l 1 mi'Hi ‘iiupiiier system has S ram ■ fo ■ program communica- ■ r la, '“[ ,£ ® re S rilk , chemical metaboh-m of living disturbing the containment Type -TWSC6 is the most pow- 

Iwn announced bv Di-ital t,ons - Viorec." Powerful itfi ware fruil :,nrJ vegetables-^ qd the system. erf ul ever produced by Lisler. 

It is designed to make the ...L ' 1 ,,L r Sir-f resultant heats of respiration— Capital cost of the run I a inmen t The new dieselis water-cooled, 

PDP-11 system appear to be an Y55J. . “?PV55' economies can be nude by method is 


King to many 


CTS is based on the IGL 7500 
range nf general purpose inter- 
active terminals. It consists of 


POWER 

Biggest of 

Lister’s 

diesels 


de- 


textile machine builder -SACM tenance costs arc the same as 
(British agent: Allertex. Paradise fcr 9 conventional single-cloth 
Street. Bradford BDt 2HP. mac hine. while actual production 
0274 257831. IT is called ' the j s gg p er higher than with 
MAV model DN and it Hses a a single- fabric loom 
twin rapier lo produce two Already a major installation 
fahnes — one above the other— of p, om s is running in West 
simultaneously. In this way it German v where they are ap- 
has been possible to double the parentky being used to weave 
rale of production compared fjiy^ent varn fabrics and where 
with the earlier MAV looms are 'reported to be operat- 

which Used only a single rapier. in? ‘ al a very high level efficiency 
The new. machine is being level. 


0 PHOTOGRAPHY 

Constant density copies 


announced by Digit 

Equipment Company. PDP-11 system appear to be an v,?. 0 , ,m^ C i, X u. V.« L oino,onVoH economics can be marie by method is reduced because turbo charged and inlercooled. __ . .. . . 

The 3271 protocol emulator IBM 3271 terminal controller as 11 U?* 10 quickly implemented. re( i uc j n; , iht* refrigerating mainly conventional material*? are ll is a direci developmeni of the ONE OF the principal advantages exposure has provided the capa- 

aiio?vs programs running under far as the mainframe is con- The neiwor* will operate capacity required to maintain used and it would be logical to JWB series and is available For claimed for the Elbe automatic bmty to produce negatives with 

the RSX-11D. RSX11-M, or IAS cerned. The la-ks act as on-line io lwn IlL '-960 systems (fa, desired temperature and rhe «o over to assembly line produc- a variety of industrial duties exposure system fnr35mm plane- a constant density rrnm jHl ^thPjse 

operating system to communicate "terminals" to the mainframe, installed at head office. When number of air changes. rion or the large numbers of bie including electric power ‘ 

interactively with application Thus adaptation to IBM software l ” c system is fully operation;!. The same principle can he e-nmamers required. " ing up to 1S7.5 kVA. 3 phase, 

tasks of an IBM mainframe is facilitated. iherc will be more than 200 ICL ns^ri in reverse for producing Major effect nf the redesign of 60 Hz. 

system via serial communication DEC- -it Dieital House. King* icrniinal* on-line. n\ : . -;en from the air. This may the tank system is thar the in- Hawker Siddeley. 32. Duke 

links. Thus, software running on Road. Reading. Berks 0734 5S3 IGL Hou*p. Putney. London then he ust-d to enrich ?he novators can claim that in the Street. St. -Iame*'s. London 

the PDP-11 and IBM 360 or 370 *55. SV15. OJ-TSS 7272. ' oxygen content of is»nks of vaier event of a v cf»Rision. only one or SAV1Y 6DG. 01-930 6177. 


The Norwich way 
with the new Horsham town centre 
is good news for the Jeffers family 



Tom and Jacqueline Jeffers 
are all in favour of Horsham's 
new shopping centre developed 
by Norwich Union in part- 
nership with the Town 
Council. 

Jacqueline, like other 
housewives in and around 
Horsham, is glad to have a 
choice of up-to- 


date shops. Tom Jeffers is a 
policyholder with Norwich 
Union and he appreciates how 
their property investments 
pay off. For Horsham centre 
is only one of a number of 
first class developments which 
help to earn bigger annual 



bonuses for people 
who have life insur- 
ance with Norwich 
Union. 

No insurance 
company has done 
more in property 
development than Norwich Union. All over the 
country projects like this have gained from . 
the company’s experience and expertise; 
while policyholders like Tom Jeffers reap 
benefits, wherever they live. 

Why not ask your broker about 
life insurance 



with Norwich 
Union and 
what it could 
do for you. 


NORWICH 
UNION 

INSURANCE 




jeneraT- r »ry cameras* is that microfilm lypes nf original*? wilhout the 
5 " negatives can he produced with necessity for retakes. The opera- 

u constant density irrespective of tion or "the camera is simplified 
the* varying qualities nf the so that a completely unskilled 
original drawings or documents, operator is capable of nrndneinq 
This is borne nul bv the ex- correct density negatives every 
: periences nf NEI International iinte and film ua Cage is elimi- 
Corabustino of . Derhy who nated. 

recentiv completed a nnc-month Ability io produce negatives to 
trial of the Elbe unit fitted to a a constant density has a benefit 
!sM*s 200n AO camera. Many ol on print out. eliminating th«* 
their drawings were not produced necessity to adjust print exposure 


to microfilm standards and in- 
cluded pencil drawings, tnk 
fracings nn linen, dyeline prints, 
paper and film intermediate* in 
varying statps of preservation, 
installation of Elke automatic 


for each negative, virtually 
Eliminating reprints and conse- 
quently increasing print output 
and reducing paper wastage. 

Elke Microfilm. 8 Flowers 
Mews, London. N19 01-272 3600. 


0 MACHINE TOOLS 

Many units on show 

MORE THAN 150 machine tuoK can he located in anv pattern on 
many nf which will be new to the a work table which^q^feXSures 
UK. will be shown' a 1 an exhihi- 600mm by fiOOnim. r - ; '* ' ' 
tion tn bo held in Bcc Hnuse, The spindles arc powered hv a 
Victoria Road. Acton. London, sinale 3 k\i'. 2.880 rpm electric 
N.W.10. tbr headquarters of the m ntor driving four fiexibta 
B Elliott Group. shafls and. through a system nf 

Nine ennj panics within the V*helts and pulieis. 21 spindle 
group will participate in the speeds from son. in I0.4H0 rpm 
exhibition, the largest ever to.be are available. Tranverse move- 
given by the company. - meni nf the s'pmdle.s is pneu- 

D rod nets.- will ' range . from matically powered and a ppnk- 
N>waU:jfe borers to small bench feed funettnn i* available for 
lathes and- there is to be a wide deep hole drilling. 
selRCUOn.of NO and ONO milling 
and iurn*ni 'machines 

Examples of Ranthaudi milling 
and ropy milling machines will 
he shown by ihe F.lgar Machine 
Tod Company who will also 
exhibit the Yamaeaki range of 
rhueking and heivepn centres 
ONO lathes. Hama I production 
milling machines and Mannainm 
high speed threading machines. 

The exhibition runs From 
December 6- Iff and normal npen- 


9 


ing hours will 
5 p.m. 


be 10 a.ra. to 


QUALITY 
CONTROL 

Certificate 
to Japan 


Drill has 

several 

spindles 


THE FIRST certificate to ba 
awarded io a Japanese firm 
under the Lloyd's. Register 
Quality Assurance Scheme for 
Machinery has been given io the 
Moriyamu plant of the Daihatsu 
Diesel Manufacturing Company. 
It is also the first Quality- Assur- 
ance 1 Machinery) <-crtificale to 
he awarded to a diesel engine 
manufacturer. 

The approval relates to rhe 
manufacture nf Daihatsu 
auxiliac marine diesel engines 
A MULTI-SPINDLE drilling and was granted following 
machinp manufactured by Sub- Lloyd's Register's detailed exam 
ner in' S'-vitzerland is to he put ioation of production methods, 
nn the UK market by Finishing inspection and testing arrange- 
Aids and Tools. 312. Ewell Road, nienls. quality control procedures 
Surbiton. Surrey. KTfi 7BW. and general standards of work- 
ft is called the Miniserie and niaaship. 
employs four spindles offering Engines certified under this 
fimm diameter drilling capacity scheme will be suitable for fitting 
in steel. Each spindle is mounted in ship.* nr other installations 
on a universal support allowing classed with Lloyd's Register 
it to be clamped in any oorition subject lo sati*factorv installa- 
rn' suit the required plane nf tion under rhe irnjal conditions 
drilling and the four supports of survey and testing. 


0 PROCESSES 


Cuts cost of hardening 


QUENCHING oils, which, it is 
said, will help the heal treat- 
ment industry eronomise nn 
production costa and also prevent 
distortion, cracking and cor- 
rosion during the hardening and 
tempering of steel, have been 
announced by BP Oil. BP House. 
Victoria Street. London. SW1E 
5N-T. 

The oils will be marketed 
under the brand name Quendila. 
and one known as W is a water 
washable grade. This has been 
developed to eliminate the need 
for conventional and expensive 
degreasing solutions: residual oil 


films left on components after 
quenching can he sluiced off by 
cold water. Disposal problems 
are also lessened. 

In the trade, the hot oil 
quenching process is known as 
modified marquenrhing and for 
this Quendila H100 is offered. 
This is claimed lo reduce distor- 
tion. and contribute tn savings 
on production costs. It possesses 
outstanding thermal stability, 
says the company, and these 
basic properties are improved by 
a specially selected anti-oxidant 
which provides consistent quench- 
ing speed and ensures long life. 


Breaks up the grain 


PROMISING more powerful, 
versatile and stable grinding 
performance than Its predeces- 
sors. « a pneumatically operated 
cereal grain rollermill for the 
flour-milling industry intro- 
duced by Henry Simon of 
Stockport ( a Smtnn Food 
Engineering company i. 

The company claim* thar the 
Type K is ihe first rollermill in 
he wholly pneumatic jn 
operation. It contains nn spring* 
or hydraulics and no electrical 
components except fnr the 
primary driie motor 
The' utilisation of lieavi-jiuty 
ir cylinders., to engage and dis- 
engage ' (lie rolls instead of 


conventional coil mainsprings, is 
said to have increased the 
grinding power and stability. 

The cylinders are activated 
by fluidic sensor* and pneumatic 
control devices, thus dispensing 
with mechanical controls and 
levers. 

A differential high torque belt 
drive replaces ihe traditional 
chain or gear drive with the 
advantage* of smoother, quietpr 
transfer of power between the 
roll*. 

Simplified maintenance and 
rnll rhanglng has been achieved, 
sa.v* the company, hy the use nf 
Ringferier Taper shrink fixings 
which eliminate all keywav 5 on 
major shafts. 


<jr^j c+v 







jjvi / 


^CT p„ 
sp ‘<? 




. Kdrember 6 1978 




,; .by S, 'A. YOUNG 


^ v:»-i 

IKK r. 

■vO t 

fe^V iri 

1 •••«'* , 

Tt:- 

iS'u :;• 


A r>' 

•;h f ^\ 

U''.i:<' ; 

i’"vY. 

lf r :»'v ,.. 

yi?* ^ 

If rv..; 


Bristol's ■ production . of Middle- 
ton' • and Rowley’s suddenly 
popular- -drama,- '.dtrecieaV. by 
Adrian . JCgbJe. . _ialls .: halfway 
between the two -earlier prbdno' 
twos we have seen this year. It 
avoids the black farce, or Terry 
Hands’ version for the RSC but 
it does not achieve- the serious 
passion that Peter -Gill piit into 
it at Hammer&n&h. ; 

It is set on a. bare' stage with 
square straw-coloured- panel* at 
the back and on. either side' -to 
bouse the -necessary entrances 
(the first entrance, when' the 
bach panel splits momentarily 
to reveal a coruscation of 
canoes in the _church where. 
Alsemero ■ first saw Beatrice- 
Joanna, Hardly seems a? neces- 
sary as' the - others,- for : Its 
relevance— gone in a minute— Ls 
misleading), I like bare stages 
but I would have liked this- one 
better if it bad been darker and 
more sinister. Be Flores seems 
to be murdering Piracq no- almost 
iix public: 

.peter Posttethwaite is~ gentle 
In his treatment of De Flores. 
Apart from one’ or two - blemishes 
on his face,, he is a himdsome 
and dignified man and this 
makes less 'unlikely Beatrice's 


ultimate spark of read, affection 
for him. In the presence of his 
superiors he is ready to acknow 
ledge h‘]$ subordination and 
sometimes speaks . while still 
holding a respectful bow. If the 
' “ waters ” Beatrice promised him 
cured fcJs- complexion, he would 
be every bit the physical equal 
of - John Tetter's lowering 
-pfracqm or • Terence' Wilton's 
open-faced young Alsemero and 
not -*** so foul one = would, scarce 
dare touch him-;” as Piracquo 
say's- : 

Whichever of the three mar- 
ried Mary Rutherford’s Beatrice- 
Joanfia. she: would certainly have 
been murdered in the end for 
^her maddening, way of - making 
levery movement at a_run, even 
if.- 'only 1 the few .paces from 
Alsemero’s prurient medicine- 
chest to her woman Dtaphanta. 
Kay Adshead gives Diapbanta 
such a HJceaMe touch of nym pho- 
mania. t- can’t see why De Flores 
didn’t settle for her.. . 

- The mad scenes suggest a 
■prison as much as an asylum, 
no doubt rightly; but I think it 
'would have , been dangerous to 
bntrpst the - lxmHtic dancers in 
the morris with" those staffs, for 
Timothy Right] eVs Lollio is a 
Very kindly warder. . 


Westminster Cathedral/Radio 3 - 

Mass of Christ 
the King 


It was ineritaolc that after the 
killing of Charles i. wbo^e divine 
right was credited hy the people 
as well 3 i by hint self. i r not 
approved by them, ecjualiiarian 
experiments should spring up in 

Itfalcolm Williamson's Mass o] the world s dearest acoustic; ; Jf**l 01l5S „ f ° rm *‘ r FI ' :uiil! v 
enrurf the King was comrnis- iVesf minster is much worse. It 1 


by RONALD CRICHTON 


Cottesloe 



11 


The World Turned Upside Down 


bv B. A. YOUNG 


able, no dou'n:. w ' as t he 


sioned for the coincidence in is always a pleasure tu attend [ »s lh cnv.-i2i B 
19i » of -the Queen's Silver big musical events there but one; in thl , 

Jubilee and the 250th Three is in danger of coming awayi^J”^ ,^ rc 5 


Choirs Festival. Since some of little the wiser. On Friday, from 
tne orchestration was not ready. a seat, in the middle of the nave, 
last year's performance at the middle parts in voices and 
Gloucester was incomplete- orchestra tangled into an in- 
Happily. since what was heard distinguishable conglomerate of 
made a good impression, the sound — for bars at 9 time one 
Master of the Queen's Ttiusick heard little more than top tines, 
took up his pen again. The first often with high strings doubling 
complete performance was ac- them or descanting i n the 
cordingly given on Friday in manner of ■Williamson's opera. 

Westminster Cathedral in the The ViolircA of Saint -Jacques. 

Presence of the Queen Mother, but the eye saw activity which 1 m ., T beautif^P- hv 

The combined choirs of Clou- tb e ear could not catch. When : ...,S * f d sv S 

center. Hereford and Worcester the Mas? reaches the Proms, the | SSLfr 5, H 

Cathedrals were appropriately BBC cleverer than most atlf * cultivate 'die ' common 

invited to sing the music they choosing the right music for! [J d They clear!" have a -rea? 

prepared last year but only sang the right place, will surely ruination* r fZc t ofXi 

m part, the Royal Phllfaarmocm- prefer the Albert Hall. Other 4“ H,., 0 b J“ r 

Orchestra returned, to play the organisations will no doubt feel j a ‘ bwJ , d | he * m ^ Darid 


debates, should turn into a 
dictatorship us soon as Its 
stability was tnreuicuec! bv out- 
side forces. 

Keith Dewhursfs p!av. adapted 
from Christopher Hill s book of 
the same name, examines some 
such outbreaks in the year fol- 
[ lowing the Kinc'j execution, 
chiefly the Diggers and the 
Ranters. The Diggers, whose 
leader Gerard Wfnsianlny is 


51 tv 

. . t 

<\3W- .. 

s- v. ■ 


" j 




i f : 

TTt 

,.“1 .* • 


>' copies 




.1;-. . 


n show 


■■A 

s:*.. 


1 ’ 
l - Mr 
i.O*-. 

•V 

■* 

f v- ■ 


1 
• 'i 



completed score, the conductor that the Festival Halls frigid Caute and Can-’ rhureh'll 
tius time was Sir Charles Groves, way whh big choral works should \T 0 thing svrrp--tb»ri c about tn« 

' a : fulM “= th ,o \r n b ,' “.e? 5,tive 

of about an hour and a-halfs Many fastidious souls and 1 » r -„ dnm an:icr.aied thp inter 
duration. Williamson uses bis some snobbish ones will dislike ievees^fs of A’ei-ter Cnnwle" 
familiar blend of take-it-or-leave- the Mass simply because they j t j, ough t hev '-i 3 ini»ri s measure 
|t lyrical sweetness and pound- find the apparent accessibility of ;o r djrme ‘ insoiraiinp Their 
ing syncopated rhythms with Williamson's style offensive. remain Q r R., n . - arr0 c, P H 
grinding discord. - What w Even they may be forced to ' at an or?y :n :h.‘ David and Harp 



The musketeers in ‘The World Turned Upside Down* 


At firs: I found the jigsaw at the other, designed by spirit as it might have done in 
of events connected more by William Dudley. There is music those troubled years. You can 
history than by personalities by Ashley Hutchings and John buy the book at the National 

Tams that really d^es affect the Theatre bookstalls for £1.50. 


Welsh Jazz Society formed 


Over the past five years the and elsewhere will he able, 
expansion of the Welsh Jazz through membership of the 
Festival has been such that it is society, to be kept better in- 


Of the pieces previously sweep, 
unheard, the Gloria Is jubilant in The four soloists, for whom 
turbulent five-four, the psalm Williamson writes singable but 


Elizabeth Hal! 


figure first cousin, to the cm conviction that fit Is the score. No ; kVden «d ' SehaitS'n SVuham' Som W.n«aSfrv™K scene 
semblo for womens voices in amount of detail ooscured could ij one£ . but it point* to one of w-th oarers in’ th-’ Pennine^- . 

Puter Grim&s — both -bind the disguise the fact that on Friday! the plav's weaknesUs that it iCn b- «»- nf a d feh the ume has come to provide tormed about all aspects or jazr. 

wr.rk together and grow with it. Sir Charles Groves and bis per- ! Ungers iao much over rnjoyub.c be?" eon office^ one of them un- V th a const! uilional frame- inllK principality. 

These comparisons are simply formers w-ere reacting to this • passages at the expense of more historical to ‘the Bull Inn at wcrk . ,n whk-h lh,? organising The subscription is W.50 a 
signposts, not bad marks for fervour vith a perform a ace or I important narrative The arm*- When the ndivi committee can work. Accordingly year or i3 for students, old age 

eclecticism. warm-hearted sympathy and i drill of the musketeers detailed duals besiis to reveal their ,he xv ® lsh Jaw Society has been pensioners, and members of the 

to shoot the Leveller mutineers persona i i tie? the tension °row* f 01 ™*'*- a company Umited by Musicians l mon. ■ 
at Burford. for example, is tau«w- bv the end it 1 ; gripping guarantee, which is now m tiie Benny Maters, the rereran 
reproduced with loving care, -rer cuu 11 process of being registered as American saxophonist, launches 

C M The Lord is tny shepherd ”1 also taxing lines both separately ! the account of the mutinv's Scenes :? confined to a an educational charity. the society at New Tito's Club, 

has pastoral twitterings in the and in ensemble, must have alinjtiaiion is comparatively sub- spreading tree of trades at one This will now mean thatjarz Grey friars Road. Card' ff. tonight 

orchestra with an extended, word to themselves. The only j siantial. end and a great symbolic medal enthusiasts throughout Wales Monday (S.30 pm-2 ami. 

lyrical tenor solo and wordless one also heard at Gloucester was 
singing for the u’Otnen soloists Philip Langridge. who now had 
and chorus. The Credo anpeared and made much of his solo in the 
to flag slightly after dramatic Psaira. April Cantelo (also at 
and swift depiction of the Gloucester) being indisposed, her 
Crucifixion and Resurrection but place as soprano was taken at 
piled up grandly at the end. It very short notice by Eilene 
was a pleasure to bear again Hannan, who sang ber mush*, 
the lambent Kyrie. the related high-lying passages and all. w-ith 
Patervor.tcr and the tranquil an assurance deserving the 
Agnus composed in memory of highest praise. Elizahefh Connell 
Britten. Memory asserts that took her chance with equally 
the “Hosannas" in the .Sanctos exciting effect in the generous 
were not nearly so exciting at mezzo-soprano part. Of the four 
Gloucester but that the penulti- the lowest voice attracts the 
mate number. Communio. went least attention. but Brian 
more energetically then. Rayner Cook's incisive style 

One reservation hangs over made certain that the baritone 
first and second impressions line provided a worthy founda- 
alike. Gloucester does not have tion for the quartet. 


9 QUALITY 

CONTROL 

Cerlit'ie;i!i 

to -In pan 


Mary Rutherford and Peter. Postiethwait* . 


Festival Hall 



t 1 

4 v 

■- til • • 

•Ml* 


Metropolitan Museum of Art, New York 

Temple of Den.dur 

\ by FRANK LIPSIUS 

The Ihitankbamun treasures, above the Nile. It is of course 
which left Egypt and began their a tame reflection of the Egyptian 
globe-trotting in London three starknesS. but there is also a 
years ago, will arrive in New wall of glass looking out on to 
York next month, at the end of Central Park that gives some- 
a ghc- city American tour. Almost thing of a natural setting and 
as a precursor of that event, for allows it to be seen even when 
which reservations are now being the museum is closed. The 
taken, the Metropolitan Museum Sackler Wing, which houses the 
of Art has opened a more perma- temple, also includes a gallery of 
inent and. in some ways, more Egyptian art and an exhibition 
are giving a- Mahler cycle with second soug. some Wagnerian I impress! ve exhibit ion . the l4»oo hail. A mng ^.the museum irs 
the odd-number symphonies and turns of- phrase and harmooey gift from Eg>-pt of the Temple lareest specialised viewing area, 
the . Kindertotenlieder — this.-nor always so 'easily detectable ;° T Deudur, now re-assembled and I. the Temple of Dendur Is the 
opened Thurday's confiert. the suddenly- produced” in this i housed in its own wing of the product of Roman exnansionism 

first of five. To start a series listener a deep desire to hear museum. 5211, wJ?Tn mn^n til 

- - ■ .The temple was taken from the Asia from uQO to o 0 (l A.D. can be 

Upper Nile, where the. Aswan traced to the decline of Rome 
Dam -would have flooded it— and and the furnin® of Asia to a 
difficult, opening, all the same. In & reading like a laying-out already kept it submerged nine n, ore jocal focus. The 

; of raanv of the various materials. 1 mouths of the year because of exhibition at the .Asia Socieri 

- the'dam built at Aswan earlier gathers almost a hundred 

th£s century. It coram era orates examples of Gupta sculpture 
two brothers washed up on shore from 29 collections to display the 


Schubert sonatas 


bv MAX LOPPERT 


Radu Lupus survey of the uncertain in its control 
Schubert piiano sonatas con- dramatic progression 
tinued on Thursday with two from 


of concert hall and rrue to their on— kept cropping up during the 
essential musical character. His kinds of musical accent, and so 
The early works test contem- sense of the ** narrative.’’ the G major work. It demands as 
.w .«ii U . porary pianists strongly — test suggestion of a ballad opening first requisite an ability to draw 

the earnest penoa ut sonata com- that is. to shape the or commencement of a sirophic the dramatic impetus, gently, 

position, followed in the second phrases and outline the forms song, implied m the unison steadily, from the very first 
half by a mature and much more without inflatiog the simple phrases that begin ihe E Hal quietly lapping 12/S bars. What 
familiar work. It was a curious pleasures of the music by over- sonata was a particular delight — Mr Lupit seemed to be essaying, 
recital and a reversal of w rating to the remarkably the phrases were beautiful in instead, was a close and 
*, ^ j ... ' advanced things to be discovered their tone colours, and eloquent fastidious examination of all the 

easily formed expectation, tor jn y{) 0{ t | iem Q n a mo dcm of the many kinds of musical beautiful detail contained there- 
Mr. Lupu delighted us with his Cl>nCl?rl grand, inflation in reward likely to grow out of in and traversed thereafter. On 
keen, adventurous, and percep- Schubert is always a problem: them. any page, one might have 

live readings of the E major but bv means of a life-giving com- <■ adtniredUtedelieacyartdrefine- 

Sonata tDloY. the earliest of all 1 bination of technical control and By contrast, hints of Mr. rnent of the pianist's touch, the 
and the E fl 3 ! iD56b>. and then precise imagination. Mr. Lupu Lupus old. supposedly dts- elegance of his melodic line: but 
. disappointed rue with a pcrForm- sel and maintained a scale Tor carded manneriams — perfumed the sense of a larger and more 
amy* of the G major iPS94> boih works rbat was both apt diminuendos, a very .-elf-con- complex musical entity proved, 
uneven in its concentration and 10 their performance in a big scious way of delineating diverse on this occasion, evasive. 


by RONALD CRICHTON 

- During the next fortnight the resignation of the end was 
Pbiiharmonia, under toxin admirably achieved by singer 
Maazel. chief guest • conductor, and orchestra. Earlier, in tbe 


with these songs argues -serious- Dame Janet singe the role . of 
ness, and nothing in the concert Waltraute. 

contradicted that impression. A . The symphony was the First. 


janleni! 1 - 


Cram the beginning with 'that .popular and sophisticated, from 
peculiar intensity of expression which Mahler was to construct 
which threatens to disrupt the. hfe future symphonies, la the 
vocal line but never does so/. it ■ first movement ibe effect was 
took a little time for the. brehear' brittTe, - just ■ missing the 
tral part to settle: Mr.' Rlaazel's crystal; mountain-air clarity of 
keen attention to phrasing and the introduction — the Pbilhar- 
accents made the texture sound ihonia, ; on their foes throughout, 
a little disjointed. . j. . . . were not producing - their most 

•A probing, revealing perform-, golden- -tonp. The delicate oboe 
ance full of contained ragei. Too playing was curiously balanced 
much rage, -perhaps, in the. with regard to the otiier wood- 
stormy opening pages of the last wind. Like everything else in a 
song, where the now compare- performance into which much 
rively fall orchestra nearly thought had • clearly gone, this 
ohscured the low phrases needing sounded deliberate. The whole 
contralto tones- no .longer.', cu I- .-certainly, aroused curiosity about 
tivated by. Dame Janet, but the the rest of the cycle- 

Arts Council bursaries 

The Arts Council has approved Gavin Ewart. Based on Trollope's 
Its second series of bursaries for novel The Way We Lie* Mw. 
composers with two bursaries of Nicholas'- Maw's bursary wnu 
£5,000 to. John Gardner, and enable him to complete a large- 
Nicholas- Maw, and 10 minor scale work for the London Sym- 
bursaries of between FL000 trad phony Orchestra, and to wn|e 
£3,000. These bursaries were pieces for the Nash Ensemble 


tn the politically turbulent times perfection of the idMl image 
when Caesar Augustus conquered (the show is called The faenf 
Egypt. Placating local belief and image ) and its proliferation 
consolidating- bis hold on Lower throughout south and southeast 
Nubia. Augustus had the temple Asia. Taking a cross-cultural 
baih in conformin’ with the local and historic perspective like this 
practice of deifying those is itself a significant development 
drowned in the Sacred River. in Asian art history, making the 
Tile temple is a modest struc- show-, and the catalogue by its 
ture. 40 feet long and half as curator. Pratapaditya Pal. new 
wide, with a gateway 30 ft away. k 3S jr references on Indian 
Tbe -temple reliefs portray _ fpr _ tn Thp 7nrtion 

Augustus making offerincs to J n l 13 , 1 ! 

more than 20 di'etie.s. including dvnasty that lasted for only half 
the' two brothers. It is one of *he period covered hy the exhihi- 
the. last examples of ancient tion. but the rulers in the 
Egyptian architecture, huiit from dynasty were credited wHn mak- 
22 to -10 BC. 1300 years after in ? Sanskrit the lingua rranca 
Tutajikhamun lived, and with °f south India and beyond. 
sach a direct political purpose fostering humane rule and the 
that its iconography is not com- prosperity that attracted emula- 
pletely accurae. A guardian lion tion and visitors from ncighhour- 
at the door jamb, for instance, is i n 3 countries. It was a period of 
ooTtrayed bolding a reed, copied the lecline of Buddhism, with 
from reliefs where the lions held its concentration on bas-relief 
protective knives of a similar murals on religious themes. 

' Instead, images of Vishnu and 


elected from 98 applications, and for. tbe Gabrieli String [shane. Most of the reliefs are 

The first series of composers' Quartet as weU as other works. impossible to see. since the Siva are predominant. ^even in 

me a-ai » r delicacy of the sandstone Buddhist art: so most of the 

requires visitors tn remain on works are oT single standing or 
the neriphery of the htiildincs. sitting figures in bronze or sand- 


bursaries was announced in 

February. - . The selection jury was Profcs- 

■Jobn Gardner's bursary will sor Peter. Evans (chairman). , - ; — „ . . , „ .. 

enable bim to workroa full- John Alldis. Bayan Northcott j They depict Aujnujiw* olTennes. stone They are : of small dimen- 
fengrj, opera, jo a libretto by and Hugh Wood a » lhp rt,,lfie{i brothers sions. the artists emphasis being 




► !*» 



StLOiildyou 

iLaveto 




offerings to Osiris, himself a on mathematically-derived exact 
rtrownod and deified king, and proportions, which are manifest 
his wife Isis. ’ in tiie remarkably pond -state of 

Still, despite the limitations, preservation of thp chosen pieces 
it is quite a sight— the only com- The gallery, which is integrated 
plete Egyptian temple to erns* inio the society's inwnhnuse. pro- 
the AtiHntlc. housed in a build- vides adequate space but poor 
ins ' that is itself impressive. !i ah ling, depending on spotlights 
Attempting to reproduce its that distort spaces and shadows 
original setting, the museum put in the sculptures. It is. however, 
a. reflecting poo! around the an ambitious project that goes 
temple and placed it on an ele- to museums in Fort Worth and 
ration reminiscent of tbe hill on Chicago after closine tn New 
which- the temple was perched York at the end of the year. 


Scotland's Youth Orchestra 


Scotland is to have its own 
National- Youth Orchestra. It 
will aim to draw together the 
best' young musical talent in 
Scotland and provide for young 
people in Scotland the highest 
level of musical experience. 

Tbe NYOS will meet for two 
residential courses a year— in 
early August and over the New 
Year. Each course will culmin- 
ate in two ot more public con- 
certs. Distinguished guest con- 
ductors will be eoc&ged to con- 
duct the course*. 


Sir Alexander Gibson has 
agreed to be the orchestras 
honorary president The admini- 
strator of the NYOS is William 
Webb, who has for a number of 
years been_ responsible for 
the Scottish National Orchestra’s 
own activities for youth. 

The new orchestra will hold 
its first course at Trinity College. 
Glen almond, near Perth from 
August 5 to 15. 1879. The second 
course will be at the New Year 
1979/80, to be conducted hy 
Simon Rattle and to include con- 
cert! in Edinbur gh and Glasgow. 



CC— These theatres accept ccnam crea>i 
cards by telephone or at W Box Omce 

OPERA & BALLET 

COLISEUM. Credit earns 01-240 SZSB. 
Reservations 01-836 3161 
ENGLISH NATIONAL OPERA 
Tomor. 7.00 Don Carlos Oinai oerfl. 
"Coulo easily turn into a cult . . 
the thinking nun's grand ooera. ev. 
Sid. Wed. and_ Sat. 7-00- The Tmeimp 
Maqpm Thur. 7.30 lolantne mnai peri.l. 
Fri. 7 JO The Talcs ol HoHmam 
Enormously effective." Er. Std 10- 
atlcon* seats avail, lor all peris, trom 
10.00 on day o» nrrt 


COVENT GARDEN. CC. 2A0 1066. 
iGardencnarsc Lieoit Lard* Bin o003.i 
THE ROYAL BALLET 
Ton't. * Thur 7.30 Marerlina. Wed 
7.30 Serenade. A MonUi in the Country. 
Farase. Sal. 7.30 The SJ«,-n*nB Beauty 
THE ROYAL OPERA 
Tomor. 4 Tri. 7J0 Cost Ian lutlc. 65 
Amphl. scats avail, lor all n cm. from 
10 am on dav of pert. 


SADLER 5 WELLS THEATRE. Rosebery 
Ave.. E.C.l. 837 1672. Evgs. 7.aO 

HANDEL OPERA 

Wed. and Sat.: RINALDO- Alio Nov 
IS and IT. Fri.: SCMELE- Also Nov 
14. 16 and IB. 


THEATRES 

AOELPHI THEATRE. CC. 01-836 7611. 
OPENING TKUR5DAV at 7.00 O.m. 
Reduced Price Previews Ton-ahi, 
Tomorrow & Wednesday at 7.30. 

THE RAINBOW 

An Enchanting New Musical 
BOX OFFICE NOW OPEN 
Credit Card Boa King 01-836 . 611 


ALBERT. 835 3878. CC. bki. 836 1071-3 
from 8.30 a.m. Party rales Mon Tue*.. 
Wed. and Fri. 7.45 p.m. Tnurs. and Sat. 
4.30 and 8.00 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER 

- MIRACULOUS MUSICAL.- Fin Times 
wltn ROY HUDD 

GILLIAN BURNS! MARGARET BURTON 
Ejtra Christmas Mat*. BoqL No*». 


4LDWYCH. 826 6404. Info. 836 5332 
ROYAL SHAKESPEARE COMPANY in 
re eertP're. Tonight 7.30 Middleton A 
Rowley'S THE CHANGELING. "Sets the 
pulses sLioping." The Times With- 
David Mercer* COUSIN VLADIMIR 
I tomor'.. Wed. m & e) AS YOU LIKE 
IT f ThuO... Fri.! CORlOLANUS -S*: >. 

RSC also a*. THE WAREHOUSE .sec 
under Wl 


AMBASSADORS. CC- 01-836 1171. 
Evgs. fl 00 Tuev 2 45. Sai 5.00 *n« 8 00 
JAMES BO LAN 

- A superb peri Ortna nee.' F.T. - 
GERALD FLOOD 
IN A NEW THRILLER 
"WHO KILLED 
AGATHA CHRISTIE 
-WILL RUN AND RUN." Guardian. 


APOLLO. CC. 01-437 2663. £y 9S. C-00 
Mats Tnury. 3.00. Sat S.OO and 6 00 
PAUL DANEMAN. LANA MORRIS. 
DENNIS RAMSDEN 
CARMEL McSHARR> 

SHUT YOUR EVES AND 
THINK OF ENGLAND 
■ WICKEDLY FUNNY •• Times " V/s* 
•fry tunnv— -great entertainment." Now. 


ARTS THEATRE, 01-036 2132. 

TOM STOPPARDS 
DIRTY LINEN 

- Hilarioj* • - see if - Sunday Times 
Monde* ta Thursday B.30. Fnda* and 
Saturday 7.00 amt 9.15. 


ASTORIA THEATRE. C£. Cnarlnu Crus 
Road. 734 i29t Mon .Thurs. 3 00 o.m. 
Fri and Stt. 6 00 and 8.4S 
8EST MUSICAL OF THE YEAR 
ELVIS 

EVENING STANDARD AWARD 


Cambridge, cc sj 6 6056 Mon. to 
Thurs. 3.00. Fri.. Sat. 5.45 and B 30 

IPI TOMB I 

EXCITING SLACK AFRICAN MUSICAL 
■■ Pulsating Musical. '■ £ News. 

Seat prices £2.0D-£5.5D. 

Dinner and *oo-priec sear £0 SO ine. 
FOURTH GREAT YEAR 
TRANSFERS TO WHTEMALL THEATRE 
DECEMBER 6th 


THEATRES 

DUKE OF YORK’S. LL. 01-836 5.122 
t*p*. o pm. rfi. and sat- a-3u *nd B.iU 
TOM hefcll.il Y 

COUnl tNAY r. ciiutoL 

CLOUDS 

•MICHAEL FRF.li* a rjNNltST PLAY/ 
'■U.LH ft UvH.IL WHILE II HAS 1 HE 
OeVJ UPON fl. * Cl. lei. " WMl 
UnLlGHI. E. New*. "SUPERB. Fin, 
i lin e*. " EA lELlcN T." T lnie*. ___ 
GARhiCK. CC. 336 4601.' 8.00 

i.kharsi Wed. 3.uu. sals. 5.su 8 3u. 
UtryJS UwlLLci in I HA lcVIN’s 
DEATH 1 RAP 

A New i i,rilier Directed ey 
MILHAEl BlAntMORt 
■’ THRit CncLrvs UN I V»LJ HOURS OF 
M^kvl.Lwm> El* I ER I A| NmcN I 

sunn ., T cicprapn. 

GLOBE THBAIKt. CC. Ot-437 IS9 
c-h,. 8 l s. wed. 3 O'j Sat. b.uu. b.a u 
Cmi/L EfcDlNOiON. JULIA MCKEN^ib 
benjamin whiihOW 
ALAN fclCKBOuHNs H,-w Cornea 
TtN IiMES TABLE 
■ Tn s m**: oc tnc na^a.esi laugnter 

maeei n L%j»dau." u lcl »*o ir'ia 

enioyaaie evening " Sunday Times. 


GREENWICH THEATRE. 01-858 7755 
E*enir<ps b.uu Mats. Sac 2.30. 

AN AUDIENCE CALcED EDOUARD 
B» Oav>d Pownall. 

” A metrical loud. ■ liny«s. Suprisc 
and oei'oru D. tel " Fascinating 
extraordinary evenings." E.N. 


riAYMARKEi. 01-940 9uaJ. Ergs. tf.OO 
Mats. wee. 2.30. Sats. 4.30 and t.uj 
Geraldine mcEwan 

CLIVE FRANCiS 
NIGEL STOCK 

PSTEP PAUL 

BOALES HARDWICK 

ar.c. FEMELLA FIELDING 
LOOK AFTER LULU 
DY NOCl Csware 

witn Gary Raymond 


HER MAJESTY'S. CC 01.930 6605 
Evgs. 7.30. Mils. Wad. and Sal. S.Qu. 
BARM 1 1 Z v am BOY 
THE AEY. MUSICAL 
"THIS SluNNIKG PRODUCTION — 

UNIChFELT ENJOYABLE." Hn Times, 
••DELICIOUSLY Funny ■ E. Siandatc 
"EXUDES THE SAEEt SMELL Or SUC- 
CESS ' Guaro an. 


KING'S ROAD 1HEATRC. 01-352 74P3 
From Oct. ' t. Oi* 10.30. 2 30 ana 4 00 
THE ROCKY MOKROR SHOW 
DON'T DREAM IT SEE IT 


LYRIC THEATRE CC 01-437 ::686 
Evi 3.00. Tnurs. 3.03 Sat. 5 00 9.30 

JCAN a FRANK 

PLOWRIGHT FINLAY 

Ft LUMEN A 

5» Eduardo c' Fillnoe 
D»*»£CTt!J os FRANCO 2E.FERECU 
"Tc TAl TRIUMPH " Ev News "AN 
EVENT TO TREASURE." D. Mir "MAY 
II ILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Times. 


MAY FAIR. 625 3036 Eras. 8 00. Sat. 
S 30 and 8 30. Vtcd. Mats. 3.00 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 
Join uS Nov. 9 tor lt.e ZLI" nn.rersaw 
Part*. Sncw-Supper-Wlrr 110 'A t «w 
I.wketj s: FJ1 avAjjahlr.l 


COMEDY. CC- Cl -930 2S73. Evas. 5.00. 
Sals. 5.30 8r 8.30 Thur. 3.00. 
BILLIE WHITELAW 
*■ The iroit powerful Female atllnq 
In London this y ear." Ohverver. 

T. P. MCKENNA in 
MOLLY 

hy SIMON GRAY. 

- INTENSELY MOVING." E. New,. 


MAY FAIR THEATRE. 01-493 2031 
From De:. IS Dl. 10.30 2.30 and 4 -CO 
SOOTY'S CHRISTMAS SHOW 

NATIONAL THEATRE. 928 Z2S2. 

OLIVIER toprjn 5Uqc> Ton'!. < .30 

MACBETH. Tomor 7 30 The Cherry 
Orchard. 

LYTTELTON »nro:cenium tUQQl. F 
r»c»l 7 *5 : low pr>ce rr«« t BETRAYAL 
nrw pi. iv Ur Pinter 
COTTESLOE '.mall v i flit on um i Uniil 

No. 15 N.Bhtlv at E THE WORLD 
TURNED UPSIDE DOWN hv i eith 
Dewhurst trom Chriitooner H-ii'i nook 
■nernaos no: luit-Dle lor children? 

Manv excel Wot cheap icatt all 5 tneatr« 
da? Of peri. Car p?ri- P.?;»uranr 928 
20 33. Credi t card booVinpt 92B 30SZ. 

OPEN SPACE. W7 6969 

BECKETT DIRECTS BECKETT 
Erdqame- — Kraoo'L La»t Tape 
TuK. 10 Sun . Nov. 7 to 26. 7.30 Pm. 
NO PEfiFS Nov 14. IS and 16 
Rinp Box Office tor deta>'S. 
Extended bv public demand. 


CRITERION. 930 3216. Credit card book- 
ings B36 -071. From Tomor. Mon. to 
Thurs. B. Fri. »mf 5at. 5.45 and 8.30. 
fN» S.45 pert, this fri. i 
Transfers from HampRtjg Theatre 
" THE MOST HILARIOUS PLAY 
FOR YEARS." Financial Times. 
GLOO JOO 
br Michael Hastlnes. 


DRURY LANE. CC. 01-636 BIOS. Mon. 
to Sat 8.00. Matinee Wed. and Sat 3 00. 
A CHORUS LINE 

-A rare, devastating. toy«u5. astonlshTna 
stunner, s Times. 3rd GREAT YEAH. 


DUCHESS. 836 8243. Mon . t0 Thurs 
Evenings * ^ 9.00- 

•’ Thc M3 “- 


FORTUNE 816 2238. Ev*. 8. Thur,. 3. 
Saturdays 5.DO and s OO. 
M “Z l . c . , -S»' su ly as ^! ,5S MARPLE m 

“ U ™.5wf T r2S. 1f,C * B *« 

FOURTH GREAT YEAR 


OLD VIC. 928 7616 

PROSPECT AT THE OLD VIC 
Today. Tucv. W-d- ~ 39. Derek Jaeoti. 
ip IVANOV. ChnPhov’s comes v wttn 
Clive Arrmdeii. Brenda Bruce. Michael 
Deeisar Louise Pumell John Savident 
Jane WymtrL. '■ Jacobi's triumph." 
D Trteoraph. 

Thurs Fri. 7.39 THE LADY'S NOT 
FOR BURNING. Derek Jacobi ** Easv 
and virile authority •' E. Standard. 
Client Aiiins '* 5i*e:ins physical fluidity." 
Financial Times " A Orm of a serfonm- 
?nce (rom Robert Eddlson . . ■ Michael 
Dcmson Join Suvifient and Brerda Bruce 
scooc ud the lauehs Guardian. 

Sat. 2.30 and 7 33 TWELFTH NIGHT. 
C»een AtVIrj ■■ a superb Vrol* '' The 
T<n»es. RCPOrr Eddison ■' brilliant 
Feste." Guardian 


PALACE. CC- Ot-437 683d 

Mon. -Thur. 8.0 Fri and Sat 6 and S JO 
jesus Christ superstar 
bv Tim R 'p and Andrew Llo«d -Webber. 
PALLADIUM CC 01-437 7373 

Tuesday NJr, 14 ‘.or 5 did only. 
MARY O'HARA 

SWINGLE N anrf CHARLIE SMITMERS 
ROOKING NOW OPEN 


PRINCE EDWARD. CC. Ot-437 6877. 
Evtinlnos 8 oc Matinees Thursday aqrl 
Saturdays at 3 00 

EVITA 

bv Tim BKr and Andrew Llovd -Webber. 
Direct ad by Harold Prince. 


THEATRES 

PALLADIUM. CC. CI-437 737Z 
Doen.rg Dec. TO 'or a Stai&n 
CANNY LA RUE 
as '■ Merrv Widow l*ankct in 

ALADDIN 

ALFRED MAhK* as ABANAZAR 
Dilvi WATUNG Brian MARSHALL 
and WAYNE SLEEP 
Prer'e n December 1 9 ft J so. 
PHOENIX THEA1KE. CC. 01-6afi 2.-94 
OPENING Wed nevdav at 7.00 Sub. t'M 
at 8.00. Wed. 3 00. Sat 5.0 A B.jO 
DIANA RIGG. JOHN THAW in 
NIGHT AND DAY 
A New PMv ov TOM STOPPARD 
Directed by PETER WOOD 


PICCADILLY. From B.30 am <17 4506 
Cl edit cards 836 1071. Mor.-Thuri 
8 00. Fri ;ns Sat 5 00 6 '5 A.r-con, 
• Dominatinp w|h uifelitreo jiiko and 
njmout. the BdOADWAf ST 4 R ' D. .» 
SILVIA MILES 

" Towering percirmance ' Oailv Mail 
V1EUX CARRE 

"Work* like maSK " Financial Time* 

■ Tncre has hardU been a more satiHyng 
aven.no m the West Er.d - The Btsi 
Comic writing in London ops 
"Se» nm.nnp like an electric current 
SEASON ENDS NOV. IB 


FT 


PRINCE OF WALES. 930 8681. Credit 
card Dkgs. 930 0846. 11 wenks opiT' 

belore h»aw York. Prcr. Ton t ai B UO. 
Onens Tomor. at 7.00. Sum MO"- .l 0 
Thur 0. 00. Fri. 8, Sat. 6.00 and B « n 
ALAN ArCKBOlfRN'5 *m.ish-hiJ comedy 
BEDROOM FARCE 

'■ II you don't laugh, sue me. D t»o. 
A National Theatre Production. 


QUEEN'S. Credit cards. _ 01-734 1166. 
Etas. 8.00. Wed 3.00. Sat. 5 DO. 5 30. 
GEORGE CHAKIRIS. ROY pajttlCE. 
RICHARD VERNGN. JAMES VISITERS 
THE PASSION OF DRACULA 
" DAZZLING." £. Stan. "MOST S-E NIC- 
ALL Y SPECTACULAR SHOW [ N TOWN. 
Punch. ■■ THEATRE AT ITS MOST 
MAGICAL. ' limes Lit. SunP 


RAYMOND REVUERAR. CC. 01-T34 1693 
Ai 7 pm. 9 pm. 1 1 pm. C'ocn Sun. 
PAUL RAYMOND presents 
THE FESTIVAL OF EROTICA 
Fudv air. conditioned. 


tEGENT. CC 01-637 9BE2-3 

Red. Price Prevs 

Men -Sar. 8 30 Man. Fr * Sat 5 45 
OPENS MONDAY 13 NOVEMBEP 
LITTLE WILLIE JR'S 
RESURRECTION 
The F<rs: Saul Gospe 1 MuSiiei 

ROYAL COURT. 7'jO 17 JST - Prev from 
Mon nc»r B pm PRAYER FOR MY 
DAUGHTER br Thomas Babe. 


ROYALTY. CC. 01-405 9001 

Mcndav-Thursdav evenings 8.90. F ”4av 
5 33 and i 45. Situroavs 3.00 tnd 3 OD 
London Critics m'.' 1 
BUBBLING BROWN SUGAR 

Best Musical Ol 19’^ ... 

Tel. bookings .lcceprcd Mai?' i r . r .. 
cards. Restaurant res O'-tOs 


:ais 


SAVOY THEATRE. O’ -53® BSS8. 

Credit cards 734 47T2. Tam Conti rn 
WHOSE LIFE IS IT ANYWAY 7 
by Brian Clark. A MOMENTOUS PLAY. 
I URGE YOU TO SEE If “ G“S r „ ei ?r 
Evgs. 8 30. Wed. 3 30. Sat. 5-43 S 8—5. 


SHAFTESBURY. CC. OT-876 ®S96'7 
Fri. Nov. 10 at 8 pm. Sat- N,'v 1 1 1 
6 A 8.45 Dm Sun. Nov. 17 *Z 3 A ■ 3r 

BOX CAR WILLIE 

& THE 8IG TEXAS COUNTRY SHOW 
BOOK NOW — ALL SEATS £2 jO 


SHAFTESBURY. CC S36 6p9o;; 

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J 










FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnamimo, London PS4, Telex: 886341/2, 883897 
Telephone; 01-248 SOM 

Monday November 6 1978 

Less troubled 
EEC waters 


m 


By DAVID HOUS EGO,. Asia Correspondent 


W W a 11/^d ■ JrTTHE CRISIS now developing U.S. and Britain, to demonstrate 

wjj g ' j y TV fl V ■* I ^ I in Central Asia has no that President Carter's human 

“ " ^ ^ ▼ v K-r A para jj e | j n t j,e area since rights campaign was not 

World War n. Iran, Pakistan intended to bolster opposition to 

r r~ . , and Afghanistan, the three the Shah and that Britain has 

THE LONG, and so far fruitless, wants. There can be no new.g^^ f the pIV0tal pDS ,tinn not revived the alliance it 
attempt to reach agreement on Community policy on fish or. betweftl Russia and lhe oi , gelds struck with the Muslim Shiite 




Iraq 


IRA N 


in subsequently backing the 


two years. There have been the industry. Parliament and ^ of civil. war - ’ - 

misunderstandings all round, the country that TJrifl.sh ' con- in subsequently backing the 

The other Community members cessions are not excessive and Outside Europe, this is the Shah, the U.S. and Britain have 
have almost certainly under- that a degree of flexibility is • pari of the world in which both strengthened his chances Df 
estimated the importance, both desirable in the- interests of [the West and the Russians — for survival. Their hope was that 
economic aod political, that securing an overall settlement, j obvious reasons uf oil supplies the agitation on the streets 
the British Government attaches Mr. Silkin started this process and geography - — see their would die down, giving the 
to achieving a satisfactory out- at his Press conference last J security most directly affected Shah a breathing space to carry 
come. Many continental politi- week. The new willingness to > and potentially in conflict. The through his programme of. estab- 
cians are also unaware of the settle did not he emphasised, Russians are also worried that Hshing a more broadly-based 
emotive power of the issue in in any way involve a "sell out" their own large Mcslcin popula- regime through hew ejections to 
island nations like Britain and of British interests. Indeed, he tion will be caught up by the the Parliament and a more 
Ireland. The British, for their added, the British position Islamic revival that is occurring independent cabinet The risk 
part have not always appre- remained unchanged. Tecbni- throughout the Moslem world. ^35 t j, at suc jj SU pport in face of 
ciated the depth of resentment caHy speaking, that may be so. Adding to the potential dangers dep th of hostility to the 
in other capitals at the abra- m that the final deal has not yet { ,s Uie * acr r " a ‘ s * nc f the eroer- giiah*;; regime would only pro- 
sive negotiating tactics of Mr. been struck and that Mr. Silkin /g^nce of a more active Chinese j on2 unriJS { add greatly add 
John Silkin. the Minister of has not formally committed foreign policy. Lhe area has fQ ^ fina j CQSt Jn tern]S Qf 


s.r £'. 

" V-: 


Saudi 
A r a b i 


Agriculture and Fisheries. 


himself to the concessions he become a major focus of Sino- b i oud5 n ed a nd damage to the 
appeared to be offering' at the I Sonet rivalry — as witnessed by econon j y 


^ in Iran as well as to AyaWHal 
Khomeini — the exiled opponen 
„„ “ ' '"jL of the Shah now demapdini 

MilB8 his overthrow. • 

The Russians would 

b i n a little to lose — and much;!:f. 

"gain— in .such confuaonVb- 
infiltrating arms or attemfrlirH-dd^P 
, to recapture their hold in 

baijah. - At the least this, 

. ' -safeguard -their frontier^af ithT 
^ most it would enable them ti . - •’ • 

' V/ » _ ■ r — influence events in Tehran anr‘ \ } 

to- keep the Chinese, oat .. 

The immediate overlap bf‘_ 

7 ■ — tween the political crises ib Irai*" 

S and Afghanistan lies lo the dee}..-: ' w ' 
s wedge of arid land and" desert* 

that- divides the .two- countriet- 1 . ^ 
a and that stretches southward, •„ L f; 

■jHIBij from.’. flb'e' Russian' ’border' 
through .the ' provinces q 

■■---l Khorassan and Baluchi3stan._Th« ~ : 

Russians established Mbsufate^'- • 
.|fi®|j!g|§|!pl. in Balnchistari bn the late I9tl„ -T*'*" 
ceniiur-^-prompting Lord Cur' ' . . . - 
zqq’s* alarmist f«Srs of a tftrea i ;:_ " 
tn British India. Some of tin' ... 

* ■ 1 ■■ r " Baluchi leaders' .still harbour 

• dreams of an .-•• independent • 
Baluchi state carved out of. - 


, „o- _ ministerial meeting in Luxera- [Chairman Hua Kuo-feng's y^, in tpIi. b* the armed forces and the There is no. understanding has. constantly tried to gain- a [ 5 . now .southern Pakistan* ^ 

major eflort hourg at the end of last ■ attempts this summer during . artar L- nn r j lp civil service was risking a coup, between Russia arid .'.‘the.-' West foothold in Afghanistan through Afghanistan-, and - Irati. -North 

Now. /or the first time in Nevertheless, he has trip to Tehran fo scoop the R . . F h . . t and warned him accordingly, about Iran and the .northern . the strengthening of the pro- wards, the Pathahs, emxinraget 1 

many months, there are signs made an important gesture in } t>hah into his ami-Russjan p " Comin" in the wake The Russians no dauW prefer tier countries of (he type that Chinese, faction .-of the Com- ^ Kabul, still press ' lor ; j-yb-' 
that a breakthrough mav be in announcing that a new uni- 1 coalition after making what the - - ■ » an ti-Britlsli ^ TaraJcki and have *“ d at least establishes. some ground munist party. - ■; •■-. Pathan State focuss^F^ 

the offing. In bilateral talks, lateral British conservauon (Russians thouebt was a provoca- and ‘ anti . American feline that ttttle °P tion but t0 support him rules in the Arah-Israeli Since the four-fold increase Pakistan's. North .West. Frontier 
Britain and West Germany have measure-on scampi fishing- «« visit 10 East Europe. SfStbS£ since *^ e wup - B “ l ^ conflict This emerged .moa hi oil prices between 1973 M£*koviM • • - ~ . 

agreed to make a major effort t ** 5 beeo de ferred. and that he The raraificalions of pro- j n oil production' poientiallv aI ^ ed to a regime deeply clearly in the lOTl _Indo- 1974 and ■; President Ta rake's r eg i m e^" 


of the Communin' “pond” — arranged witn the west of them since the war but never, an asset t0 stahiiin' The “I"?* 11511 ® “f Pu°ucanon war. It has re-emerged rsince greater, 
by the end of the year. If no lo , * e “ « present simultaneously- malf^ Sv such ™ disputes about Russian ^ ..The , 


baqscow, -, and the ms atuo o u , ia ^ .^enop of thfe ^ddhfe''" 

risked enlarging, the stakes have grown vastJ J and on its fringes than dld pre 


d rsince greater. vious- regimes. He ia alreadj 

ianair- The most pressing fear now faced -by a so<alled jAfgh«.-;\ 


December may want to take . , 

another look at the problem. -xIMTJ' Tight 
The Germans clearly want to So far. thi 


linked with what happens in the the army , t he Shiite der®v and pilrr 0 nwr the Ethiopia last year. ' \..( r ; country ruled by a junta that operations more tiun .^OW* — 

hinterland that divides them the opposttion that was focused. SaW regime ^PraridSt 5 efo - re “J would cenainly be unfriendly : soldiers to the south of KabS^-, — 

from Russia and China. And a for in . slance< around his son ^‘“*7. Z*™ 4id^ w« Wa ^. 1 ^.Britain .had to ^ Communist powers-but He has aiiwwed agifetionrfota^ 


01 . »jn me onosn siae. Mr secured his base at home That: • ^ . - ---- ; no f»-iihv that the Americans tn the Shan. • «u *«= a '•uuLuiu- 

Silkin has found his freedom of is another good reason for seiz- a much more power Hilly ^ j* b ® n ^ 0 nl n* ; V rb3 ' ^ 2! hflV Jutod wS “ d Rua8i,u Pa ^stanwas stiU Military rule • would golvp. ihK ideologiral. battle. .. lj 

nianoeuiTe considerably in- i Qg ttie preseoVopportuniti to “ S g Sh,P ' give Pak^S a ? a ? of was theoi British xtone oTtixe social and politico l : ; Second^ only ^ the' explosive 

creased by Mr. Callaghan’s deci- reach a final settlement The n . erah, f t0 . r f en . a Slno " boviet With about 5.000 Russian capability. That probably lndia - After the war the problems that have- brought JS f ue - before Presideat Zia 4it 

sion to postpone the general dispute has embittered relations nva, ° on lts ,,order!i - advisers in Afghanistan — or remains President Zia’s Russians son ® ht unsucc^fully .about the present .. upsurge, of J®*t to do- with. Mr. Bhutto^U.^ 

election. between the UK and its partners For ail the major outside about four times as many as cherished wish and one which, if t0 r ? taui northern 1 .Iranian un resL If would almost cet of ,t»er. 

Nevertheless. Mr. Silkin for long enough, with the con- players— the West. Russia and there were before the April coup he can no longer realise it Vrtmnces o£ Azerbaijan, and tainly be met by widespread '“.™® llda a ° f SfSSST' ■Sj?' 

stressed at a Press conference stant danger of the ill-will that China— the status quo was d etat— the USSR is even more through the French, he would Eurdistam Their amhlbons non-cooperation which, had the „ ° “J 

in London last week that there has been generated spilling over preferable to the- unpredictable deeply committed to propping hope to achieve with the help * )I ?r w . s drew support of a resentful: Clergy gre ?i e ^, - auton ^ I ?‘. - " 

is still a long way to go. This into other policy areas. Britain consequence*: that could flow U P the fragile regime of Presid-. 0 f china. Pakistan into, first the western *nd which would be far “ore a negotiates settrethd^ 

is true in the sense that any has everv right to insist on its from the present train of events. en * Noor Mohammed Tarakki. allied Baghdad Pact, and then successful -than' the refcent wave 

agreement made with the West fair share of the community's But with each one nervous of Th e Russians have greater ^imilaritlPC into the Centtal Treaty Organi-- of strikes in paralfsing .the , J a 2S? , 5SS'. . 

Germans must of course be put fisheries resources, and oniheing outmanoeuvred by the experience eventhan the British ullllUdl 1 Llcb sation (CENTO). Afghanistan— economy. 'Siich anefchy wduld years trf.t: 1 #-;--': 

to the other member states and proper conservation * measures, other, it is now almost ineon- \ n the Isth century of stubbing similarities between Presid- Iandl ^ ed and thus more risk the fragmentation nf. the "JJJ. ?“?■???“• - VI 
agreed on a Community basis. Unfortunately, the way in which ceivable ’that they will leave iheir toes with often bloody, em 2 : 1 a and former President dependent on Russia— sought country^-the. unity of Iran is i? ' “JJ J 1 - "®®J{ jjf 

But it is also true that the main the Government has done sn has the three central Asian Slates results in a vain attempt to con- Yahya Khan, whose brief period 411 aw kward neutrality. a fragfie. ' commodity ' only -“[J - 

elements of a possible compro- only confirmed the suspicions to find their own solutions to tr °l events m Afghanistan. It ^ power en ded in war with But since the, war there recently won— with breakaway ' '• .-{“‘y. 
mise have been on the table of other countries that Britain ibeir domestic problems. seems likely that they were India ^ ^ y, re ak-up of has been a continuing history movements ' 1 . springing . UP^ ' .nrf ^JSSS 

for many months now and that is in the Community 10 grab and TI| _ T|(! OTt , . f“ eke J , . ,r ‘ a f ni . or . e de f pI y 0 Pakistan, continue to grow, irf Western - Russian - Chinese amongst the Arab-speaking j“ a S™* 

nno nf the major remaining resents giving. Perhaps, once the al ^ adv V,f-n rtrl.-n riUnu- !h P f b^hlTr^th 6 d p ,f fe - a J President Zia is also facing rivalry. The Russians gave peoples . of- Khuzfflan..-_- the 

difficulties lies in its presenla- fisheries dispute is settled, the n d Vr!! ? ? 1 P> < tha J 5 ' 1 ?? A J h 5 < 2“"® un “J bitter passions— of a Moslem support to the Tudeh (Com- Kurds, the Azerbaij»i Turks d SS 0 Dmem' ^ v 

tion. It has been obvious from UK will be able tn set about fj* P .°^ lLi f! h uf f 1 ™" becaus ® movenfent in Afghamstan would crusading zeal that fails to unite munist) party in Iran. The and the Baluchis, ft i would. - J?. -itiiatWi' 

the very beginning that the UK correcting this damaging impres- ilLnJr^rSl* 01 ^ ° r e ^ t3 ^ e ° ? ver lhe country but worries Paki- Americans helped put the Shah encouragi the growth of. mili- ^ r hftW A,' 

is not going to get everything it sion. belief in that country that the by the Chinese, who also share gtao’s neighbours: of Punjabis back on the throne when he fled tent Moslem guerriUa.group^:. .'JJJSLi rniolw-' 


The price of 
staying out 


ATTERS 


MR. DENIS HEALEY, the 
Chancellor of the Exchequer, 
made it fairly clear in his 
appearance before ihe Select 
Committee on Expenditure on 
Friday that the chances of 
Britain joining the European 
Monetary System on present 
terras are remote. 

Technical doubts about the 
scheme are widespread, so the 
decision is defensible. But the 
real issues have not yet been 
confronted, and the weaknesses 
would have remained even if 
British demands had been met. 

Scepticism 

Looking back over the last 
six months, there i? little to be 
said for the British approach 
m the negotiations. It is even 
clearer now than it was at vbe 
start that the determination of 
the French and the Germans to 
go ahead was seriously under- 
estimated. It was that failure 
of judgment which led m the 
British being bypassed in 
several nf the key discussions. 
Paris and Bunn saw no reason 
to wait for so reluctam and 
■jrudginy a partner. There was 
also a fashionable idea in 
Whitehall That it is somehow 
wrong to show enthusiasm for 
a scheme, the details of which 
are still being negotiated. That 
in Turn weakened the British 
negotiating position ■still 
further. There was very little 
incentive tn make concessions 
in a country whose basic 
attitude to the discussions was 
one of scepticism bordering, on 
hostility. There was even less 
reason to take seriously a 
Chancellor of the Exchequer 
who publicly boasted that lhe 
British economy was funda- 
mentally stronger than that of 
France. 

ft sometimes said that the 
British Governinem was obliged 
in behave in so half-hearted a 
manner because or the Labour 
Party. That may be partially 
trite, but it is also a devastating 
comment °n the Government. 

The mutual dependence of 


Europeanecoaomiesisafact.lt Vanillins? ID while, the club will leave some- tion over the official taboo outstretched, begging for 

is impossible .to discuss the, s thing of itself behind-.- for next surrounding vodka. peonies." I hear it was only a 

management problems which niv ff rvf emnkp year— a 1379 Pipeman of the Alcoholism is one of Poland’s few minutes before the article 

this implies if the Government •' 1 ^ear. Anthony- Wedgwood worsr social problems, and when vyas printed that an editor 

must also defend a fiction nfj Faced v . irh a dwindling market c Cnn and u Hu ^ Green both last week Che newspaper Zycie recalled the strange customs 

independence 10 please the and more and more hostilirv to R l Ur ^ ° n th l no ^ lnaUon card< re P° rted 00 »fe surrounding November 5. 

Lefr •* iana more ana more nosiiiirj 10 lvhJch Js adorned b> - seve raJ inside a vodka factory, the 

Mr. Healey, it appears, is now ■' l^ve* lo^^eir^oTno^ m ' ore picIures of mea smoking reporter was immediately sue- " " 

doing his best to develop a fall- tional nerve. One landmark, in P ‘ pes ' StUPld QUestlOll 

back position in which this Au-mst was the nublic condem- ~ — 1 Vl a conspiracy or silence. j\o ^ 

country would refrain from nat '- on ’ bv the^ International D. ICS i n ....u- eno ulks or writes about us and Hussein Linjawi. director 

joining the s>-stem either a.i a Athletes Club of the £50nn00-a- - * n UTD8 we re never shown on TV. general of Saudi Arabia’s East- 

full or as a second-class member, season- - sports — sponsorship The forlorn persons who 1 daily mentioned whence 1 take ^iart ^5®^ pipeline project, flew 
but would hold 0U t some sort of funded by British-American- scan- the dwindling entries S' Mav Dav festivit^ - P jnto London at the weekend and 

promise.of joinmg later - when Tohacco under F/aK tn LcV' ia zJcie WaSv^ SorJecte anv ***** h ° W 

conditions are npe. The rejee- Another, more minor, triumph evening papers arc- mosHy wron' imp^Si^s a^our the 7 r ^ going 

tion of second-class ‘Latus is for |he anti . smo kin« brigade is familiar wirh such euphemisms ?Jo3o Po^es who work ^in Z * ^og pfnerine to 

-surely nght. for all that it would , he ann(mnwnicm ' ", hal >rade ^ ■■ garden fiat ” ( meaning m J," /rom the Arabran Guif to 



lhe 



■ — oul- 

rounded by workers complaining CG.njfl niiPC+inn 
of a conspiracy of silence: “No 0lU P 10 CJUeSTIOn 


bands and there is no reason to 
believe that an extra 1 per cent 
or so leeway either side -.if 


magazine Pipe Line. 

Its last issue, charactens- 


exlenclecl when he an SKhS sZ^Sere^s *2 W0 ^ ld has ever known, 

advertisement for a “mews !.° s *„ n „ -f r J* L** "® One ^jou resist at the meeting 

tuttaac ' in Belgravia. He was ** _ wanted to know which cor- 


or so leeway euner siae mi r * , tuttacc ” in Belvravin He was ^ . . * “ wanted to know which cor- 

parity would make much differ- LcaJlj full of pictures ur men rj d Jn d himself de, ' cateI - v ' constant sobriety porate hand would actually pick 
ence smoking Pipes, and exhortations an**** tests are earned out “before, th^ hiii wh,t . 

to buy pipes “for the young ushpred a sbed. durin . and after work” b.^ 


ffiscinline m an in your family, ur at work.” 

^ 'ironically reports the recruil- 

The problem of divergent lment |jMhe S-U00fh memher . 


Swedish style 


the hrigadiers 1 foremen). 

No drinking at all is per- 
mitted, and “ employees are also 


asked was “ How are you going 
to pay for it?" 

There was a long silence and 


•rtf n « * • * c u . also edited lhe magazine. He n iuj d ^ wn rsn ' Th e Swedish drinking." 1 ■— - 

The first is to find a way of lP |j s me the “ ba*ic reason " for Lalwur Gouri ha?’ just 'Vhether this new civilised 

P-ty^usrmenu^he withdrawal of between re in-'taU'd 5 wo men dismissed by itta R* h^ps to fill the 120 OrOSSSd linGS 
which will inevitably be needed £l8000 and tM00v a year v u Tvo ror ^Semli lo '- a ^ 1 3°^ Po ^s is offering rntrpr nm e nt 

without provoking ' sponsorship was his uwn iurn up ti» work bpcaiise of their remains to be seen. Apart from . 

speculative Sows of capital. The: j ra p endjlJls rt , t;renjen . .. j don - r add j cl ,^, n alcohnl The^ ^ com- alcoholism, one of Poland’s ? S Nort ^ er H Territory 

second is how to ensure that the | wa nt to sound immodest but the panv has been ordered to pay problems is a drastic shortage a D onSS a i d P chi^. *" 

intervention which wnll he !( . ouricil of mana=umer1t have worker £ in SaSaSTs of labour. a Qneeiuland shme counnl are 

needed in the markets does not I r n und it difficult’ to nroduve -1 ~ Indeed m fierce if private debate 

undermine monetary Policy. I^boiy of tike emSSsfim J* **“ e Smi0Unt l ° ^ = 1 If re ?° nsib,e 

This means agreeing on a rule and qualities. Tra tired. I’ve The ' cnur v refnrred to' the Roman VieW 2-* * * matler of a road 

for co-ordinating national mone-.Kpn n duin ^ llp 2 5 noo miles that went off course * 

tary poticies .within the EMS. I J^’ear which is too’ much at thalT ^ ^or A mulshed Italian jouma- The Plenty Highway, linking 

Britain could still make a! my age'' u m tn 1 ^tipu a tes ihai 1 " Hsl who last week visited the Territory with Queensland. 

_ . L - .... ... . . reduced work capacity are not t nminn m wfic »« hav^ met nn 




I work for one of Britain's biggest 
businesses. We've got big new 
offices in Peterborough that serve a lot of 
the country from the Humber to the 
Thames. But ! know ail. my regular 
customers- Like Thomas Cook and Pear! 
Assurance and. Freemans. And Mrs. Jarvis 
dewgrthe road. HH 
Arthur Dance /y - 

Ond-out about Peterborough now. 
FiingJohnCase.b733-68931. 

Peterborough 

Development Corporation^ . . 

PO fox 3Peterborough PEI 1U] ' 


resolved, uie langer-terni ques- pleasant sort of character*. ... « ,a arnciv expgsea tne sure 

tiocts of agreement on fiscal -Half the Jov of mpestnoluns is . appalling implications or the council. Rut when each con- 

policies and the balance of the. 1 he number*W rnbaccos wu can Rr.tf lf>d un Ford str 7 ke ’ Ihe ,on R’ le nn pro- strueuon authority reached the 

EEC Budget could be rai-sed in 3e i— 200 10 2-io proprietary blem . s of lhe National Health border me two ends of road 

a meaningful context. These brands. It^ ^ran take a lifetime to Diligent workeis in the Eastern Service, and the likelihood — were 19 miles apart. Neither 
questions are central lo lhe . find the right one.'' blue arc accustomed to a public as he saw it — of a miners' strike a elution nor the correct 

progress of the EEC itself. Macnab tells. me Uc is hopeful pat on the head every now and in time for Christmas. apportionment of blame are In 

Silting "sceptically on the side- that- Pipe Linn will be taken then, hut in Poland one sector But whet horrified him most 
lines is^ ■ no 'way 'of contributing over by another publisher, and toils unrecognised. There ii. "the sight on every street 
to that progress. jhc will remain as editor. Mean- therefore, 3 iong-pent-up fnislra* corner of pitiful children, arm* V/WoC* 


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The Association of-Mernatioiial 

Bond Dealers (AlBty compiles 

current market quotations and yields 

forJSurobond issues. These 
quotations and yields are published— 
monthly by the Financial Times. - 
The Assoqation's prices irnd 'yields 
are compiled from quotations obtained 
from market-makers on th e last 
working'day of each month: there 
is no single stock exchange for 
Eurobonds in the usually recognised 
sense — secondary market trading - 
business is don eon the telephone 
between dealers scattered across the 
world’s major financial centres.. 

Membership of the AXBD ( which was 
established in 1969) comprises over 
450 institutions from about 27 
countries. 

A key to the table is published V 
opposite. - V. 


Eurobonds in October 


BY FRANCIS GHILE5 

DFCLINE. GENTLE or hectic, is the word 
that best describes wtaai happened to the 
dollar sector or the Eurobond market in 
the past /our weeks. The thurougbbred 
Deutsche Mark sector itself had its 
uif-menis of weakness but they pale by 
v> imparl son with wbat happened in tbe 
dollar sector. 

The fundamentals which aiTect the 
dollar sector did not change, at least until 
Iasi Wednesday when the Carter package 
wat; announced The package should 
result in a more stable U.S. currency 
according lo mosi dealers hut the rise ia 
interest rates make the surge in prices 
witnessed at the end of last week look 
somewhat unreal. 

Many dealers are thus forecasting a fall 
in prices which would bring the yield, 
particularly ou short term paper into line 
with the level or interest rates. The sis: 
month eurodollar rate moved up to 
1U.> per cent last Wednesday, having 
touched 12} per cent the day before. 

Other dealers however argue that while 
dollar bonds will not become stars over- 
night. they, are no longer pariahs. They 
note that inventories of bonds arc now 
snail and that prices are therefore more 
likely to move up on very minimal buying. 

Looking back on the months before tbe 


Carter package a feeling of growing 
gloom was at all limes ia evidence- 
interest rales were inexorably moving up. 
ihe money supply figures from the U.S. 
were shocking and there was no way the 
market could resist all the pressures to 
v.-hich it was being subjected. On Friday, 
October 23. it went through what more 
•Km one dealer described as a black 
Friday. It was its worst day this year. 

The fall in prices affected the shorter 
end more severely at first although by tbe 
ckI of the month the fall in prices of 
longer term paper brouvuu these into 
ink? with the lower prices of shorter 
dated issues. 

These falls followed the decline in 
prices of U.S. bonds, itself the result of 
U.S. interest and money supply figures. 
.As the peak in U.S. interest rates increas- 
ingly took the form of an indistinct 
plateau the disillusionment spread all 
along the maturity scale. 

In the eurodollar sector dealers had. 
by the first day of November insignificant 
inventories. These had been pared to the 
bone. Thus when the Carter package 
v/as announced, many dealers found them- 
selves in the undreamt off position of 
having no sizeable amounts of stock to 
offer while being faced with substantial 
institutional buying interest. 


This resulted in the All Saints’ Day 
scramble as dealers rushed to cover. 
Clearly it was wrong tD hold significant 
jbort positions with the dollar surging 
ahead. Prices moved up about two points 
tr.at day and by u further half to three 
quarters of a point the following day. 

r; is worth noting that the German 
banks appear virtually unanimous in their 
urnviction that the prices of dollar 
denominated bonds simply cannot hold 
steady at current levels. 

New issues in the dollar sector were 
rare, most of Them taking the form of 
fixating rate notes: a convertible for 
Central Telephone and Utilities Corpora- 
tion was put off. until better days. 

The troubles of the Deutsche Mark 
factor were a minor ailment compared to 
vha' the dollar sector was suffering. In 
many resaects they were the result of 
indigestion — the rich man's disease: at 
'•.•i moment was this more visible than 
when Deutsche Bank started to sell the 
DMSOOm Canada bond which it took onto 
its books in May. 

The more ordered people are, the more 
upset they become when the order is 
shaken. Coming on top of the announce- 
ment of two DM denominated placements 
for the Luxembourg subsidiaries of lead- 
ing West German banks, the sale of the 
Canadian bond distorted the calendar of 
new issues which the Capital Markets Sub- 
committee (set up in 196S to control tbe 
flow of international DM bond issues) 
decides at its monthly meeting. The extra 


paper on offer effectively doubled the 

quantity of CCw bonds being i*d into the 
market Yet although prices- weakened in 
the secondary marker, the whole episode 
passed off quite smoothly. This is as 
much a testimony to the strength of the 
DM sector today at present as the disarray 
of the dollar sector. 

The calendar of new issues announced 
for the month from 13th October was 
lighter: it had flexibility built into it 
largely because a DMSOOm jumbD for the 
World Bank was inserted only provision- 
ally. This issue was expected last week 
but no decision is now expected until 
Liter this week. 

Another interesting feature of the DM 
sector was the relatively cool reception 
given to new European supranational 
rallies. Portfolios appear to be - full to the 
u lt with such issue*;: this was reflected 
in the increase in coupon for the latest 
ECSC issue and its uninspiring perform- 
ance on the secondary market. 

In sharp contrast the issue for Bank- 
Air. erica Corporation was in great demand 
and performed well in the secondary 
market. Prime U.S. muues clearly have 
an appeal because of their rarity." 

The second bond to be floated in the 
French Franc sector since its reopening 
in September was for Unilever: the terms 
of this issue, in marked contrast to those 
of the previous French Franc bond for 
ECI. proved markedly more generous for 
the investor. This sector of the market has 
remained very quiet in the past few weeks. 


CONTENTS 

GROUP HEADINGS PAGE. 
US Dollars— Algeria " 14- 

— Australia 14 
— Austria ... 14 

— Belgium 14 

— Bolivia • ■ 14 

—Brazil ' 14 

US Dollars— Canada 14 

—Colombia 14 

—Denmark ' 14. 

• — Finland . : 14 

US .Dollars — France 14 

— -Gabon : t -.14 

. -—rGerinanj- 14-15 

'.-•—Greece-' . -■ 15' 

US Dollars— 'Hong Kong . is 

— Hungary ' - 15 

—Iceland •- . .. 15 

— Iran 15. 

US Dollars — Ireland •'.*■ 15 

—Israel 15 

—Italy :• 15 

' — Jamaica - . ■■■' -.* 15 

US Dollars— Japan ; ,15 

— Korea 15 

— Luxembourg- —15 
— Mexico ?• - -.. 16- 


GROUP HEADINGS PAGE 
— Netherlands 15*16 
. ; . U&Doilars — New Zealand . 15 
• ’ — Norway ... . 16 

—Fan am a . 16 

.— Fapua 16 

- -^-Philippines. •. 16 
—Portugal . .16 

- US Dollars— Singapore -16 

—South. Africa . 16 

'—Spain 16 

'- -- — Sweden * .-16 

US Dollars— Switzbriand/- 16 
/.■>■ -^Venezuela • ii > 16 

—United Kingdom -r. il6 
. — United States- - -.16-17 
US DoBar^— Mn«tinationa3 . 

— Supranational 17-18 
US— Dollars — Floating Kal e 18 
Australian Dollars" IS 

Bahraini Dinars** IS 

.Austrian Schillings 18 

•Canadian Dollars 18*19 

. Euregullderr' 19 

‘Euro Composite Units 19 

- Euro Currency Units 19 

Euro Units of Account 19 
French Francs 19 


GROUP HEADINGS PAGE 
Hong Kong Dollars 19 

Japanese Yen 19 

Kuwait Dinars 19 

Kroner (Denmark) £9 

Kroner (Norway) 20 

Luxembourg Francs 20 

Saudi Riyals 20 

Sterling/DSI 20 

Australian Dollar/DM 20 

External Sterling Issues 20 

Special Drawing Rights 20 

Convertibles— France 20 

—Hong Kong 20 

— Japan 20 

\ — Luxembourg 20 

4 — Netherlands 20 

Convertibles— Singapore 20 

\ S. .Africa 20 

\ —Sweden 20 

' — Switzerland 20 

\ — U.K. 20 

Convertibles— U.S. ■ 20 


The table of quotations and 
jieldy gives tbe latest rates 


available on 30th October, 
197S. This information is from 
reports from official and other 
sources .which the Association 
of International Bond Dealers 
considers to be reliable, but 
adequate means of checking 
its accuracy are not available 
and the Association docs not 
guarantee that the Informa- 
tion it contains is accurate or 
complete. 

Ail rates quoted are for 
indication purposes only and 
are not based on. nor are 
they intended to be used as 
a basis for. particular trans- 
actions. In quoting the rates 
the Association does not 
undertake that Its members 
will trade in all the listed 
Eurobonds and tbe Associa- 
t’on. its members and the 
Financial Times Limited do 
not accept any responsibility 
for errors in the table. 


WestLB Euro-Detuschmarkhond Pages 22-23 



..TP. he story behind Market- 
SL ..maker 61 1 is the story of 
’ , _ .. .JL .Rabobank. After more 
. than 80 years of steady growth, 
Rabobankoccupies one of the 
: .meet prominent positions ' 

\ amongst the leading bank 
i organisations of Holland 

. ' With a strong • 

. agricultural background. 
Centrale Rabobank heads a 
^operative banking 
‘ organisation with over 31 00 
offigesand a combined 
■. balancesheettotalexceeding 
“ 6 iVbOiibn' Dutch guilders 
• '■ "Cihex(^ssof(JS$.26 billion) in j 
• i977. V- • ; 

Rabobank continuously 
: extends its activities also 


internationally, and is now 
operating as Marketmaker 
61 1, in Dutdi Domestic Bonds 
and Euroguilder notes. 

Considering the 
number of issues, in which 
Marketmaker61 1 is quoted in 
the AIBD Quotations and 
Yields, it might be very worth- 
while to get in touch with the 
/Dutch Masters in Banking/ 

Rabobank is also 
contributor to the Reute r 
Monitor System under page 
code RABA-B. 

Centrale Rabobank, Holland, . 
St Jacobsstraat 30. (Jtrecht, 
Trading Tel: (030) 362410, 
Telex:10161 


Rabobank S 

Dutch Masters in Banking 


All of these Securities have been ■ sold. This announcement appears as a matter of record only . 


U.S. $750,000,000 



U.S. $400,000,000 9% Bonds Due October 15, 1983 
U.S. $350,000,000 9¥t% Bonds Due October 15, 1998 


Interest -payable April 15 and October 15 


MORGAN STANLEY & CO. 

htcorptnaicd 

WOOD GUNDY 

Incorporated 


SAL OMON BROTHERS 
A.E.AMES&CO. 

Incorporated 


TBE FIRST BOSTON CORPORATION DOMINION SECURITIES INC. GOLDMAN , SACHS & CO. 
McLEOD YOUNG WEIR INCORPORATED MERRILL LYNCH WHITE WELD CAPITAL MARKETS GROUP 

Merrill Lynch, Pierce, Fenner £ Smith Incorporated 

ATLANTIC CAPITAL BACBE HALSEY STUART SHIELDS BELL r GOU1NLOCK & COMPANY 

Corporation Incorporated Incorporated 

B LYTH EASTMAN DILLON & CO. BURNS FRY AND TIMMINSINC. DILLON, RE AD & CO. INC. 

Incorporated 

DONALDSON, LUFKIN & JENRETTE DREXEL BURNHAM LAMBERT 

Securities Corporation incorporated 

.GREENSHIELDS & CO INC E. F. HUTTON <£ COMPANY INC. KIDDER , PEABODY & CO. 

Incorporated 

LAZARD FRERES & CO. LEHMAN BROTHERS KUHN LOEB 

Incorporated 

LOEB RHOADES, HORN BLOWER & CO. MIDLAND DOHERTY INC. 


NESBITT THOMSON SECURITIES > INC. 
PITFIELD, MAC KAY & CO., INC. 


PAINE \ WEBBER , JACKSON & CURTIS 

Incorporated 

RICH.ARDSON SECURITIES, INC. 


SMITH BARNEY.HARRIS UPHAM &CO. 

Incorporated 

WARBURG PARIBAS BECKER WERTHEIM& CO., INC. 

Incorporated 

BASLE SECURITIES CORPORATION • SOGEN-SWK 


UBS SECURITIES , INC. 
DEAN WITTER REYNOLDS INC. 


SOGENSWISS INTERNATIONAL CORPORATION 


DAIWA SECURITIES .AMERICA INC. ROBERT FLEMING 

■ Incorporated 

KLEINWORT, BENSON NEW COURT SECURITIES CORPORATION 

Incorporated 

THE NIKKO SECURITIES CO. NOMURA SECURITIES INTERNATIONAL, INC. 

International. Inc. 

SCANDINAVIAN SECURITIES CORPORATION YAM AICHI INTERNATIONAL (AMERICA), INC. 


NEW COURT SECURITIES CORPORATION 
NOMURA SECURITIES INTERNATIONAL, INC. 


HUDSON SECURITIES, INC. 
CAZENOVE INCORPORATED 


BAER SECURITIES CORPORATION 
NEW JAPAN SECURITIES INTERNATIONAL INC. 


NIPPON KANGTOKAKUMARU INTERNATIONAL,INC. ULTRAFIN INTERNATIONAL CORPORATION 


>v ; - 1 

h-r 


THE BANK OF BERMUDA 

Limited 

BANQUENATIONALE DE PARIS 
CAISSE DES DEPOTS ET CONSIGNATIONS 


THE BANK OF TOKYO (HOLLAND) N.V. 
BAYERISCHE YEREINSBANK 
CREDITANSTAUT-EANKYEREIN 


IBJ INTERNATIONAL LTCBASIA MITSUBISHI BANK (EUROPE) SA. ORION BANK 

Limited Limited Limited 

STRAUSS, TURNBULL & CO. YEREINS- UND WESTBANK WEST DEUTSCHE LAN DES BANK 

AktiengncllseJiift GIROZENTRALE 

November 1,1978 


'MFMBER OF UNICO BANKING GROUP. 


i 











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1982 CCMHOWEAUE - AUSTRALIA 95 1/8 3.:'. 7.18 5.87 
98.25 5-50 15/ 1/1982 S 1.72 6.35 101.00 

1962 CaCWWEALTB - ADSTRALIA 94 3/8 3.67 7.40 5.91 

97. SO 5-50 U 7/198= S 1-93 8-93 100.75 

1462 COJWIWEALTE - AUSTRALIA 94 1/2 3.92 7.26 5-90 

99.00 5.50 1/10/1982 S 


30 

(979 

30 


1U 105 305 S20 530 
80S 911 933 950 
9(h] 975 980 
143 105 300 305 80S 
670 911 915 94 7 
WO 975 

U3 105 30Q M5 805 
B70 911 935 9*7 
960 975 
BP ED 457 105 305 520 911 
LB 


la. oo 

5.33 

50.00 


.82 


8.3 

7.94 

9.31 

7.44 

8-75 

8-53 

9.70 


1982 DP1976 
30 
1978 


. . BP ED 

7. S3 10.13 IX. 375 1963 DPI 9 76 LB 

7-01 9.75 9.62 10.3* 30 1.00 PC EH 

*.14 9.89 100.25 I960 DP/971 IX 

9-4= 10.32 10.19 10.70 30 1.50 Bf BS 

100.25 

5.43 

100.50 

5-51 

1X.X 

5-5= 

-looxm 

5.71 

100-00 

6.95 .5-80 
8.14 100.00 


941 960 975 
437 105 941 960 975 


50.00 


2.17 8.10 


‘25.00 

5-n 


1945 CCS53WULTS - ACSTRALU 93 1/S 6.U 6.94 5-99 


10.93 . 
1CD-0D 


Pfl.20 .'.30 1/3,1565 5 

1963 CCtO'OT.-EALTa - AUSTRALIA 94 1/B 
J9-73 3.15 1/1 1/1985 S 

1967 CUHW-73EALXH AUSTRALIA 97 
97-33 4.50 13/4/L8S2 


2.31 

7.01 

2.51 


.93 
6.94 
7 .JM 


W 
1978 
30 

1978 
30 
1978 
30 

1978 

an 

1978 
30 
1978 
30 

101.25 1978 

30 


457 105 960 975 
457 105 960 975 
456 105 605 941 975 
453 in 805 941 975 


102.00 1978 


6-23 


30 

1978- 


6.70 30 

101.00 1978 


1°'? CCKKC-A-EALIH - AQSTE4L3A £9 3/B 
109.00 7,30 1/ 4119(0. 


5.64 9.58 1.39 


101.50 1981 


LX 

.81 BP HT 
1946 RYU 
.57 .TP ST 
1962 ST 
.67 5P ST 458 1 05 H5 941 973 
1962 RT 

.67 BP HT 453 105 80S 941 975 
1961 St 

-48 K? ST 458 105 805 9*1 775 
Ub3 htlx 

.61 DP SI 458 103 885 Ml 975 
1944 RT 

-S3 HP BT *58 1 OS- 805 941 975 
1965 BY 

.49 BP ST 458 105 80S 941 973 
1965 ST 

1.39 BP ST 658 105 80S Ml 979 
1968 BTU 

1.39 BP ST 458 IDS 805 941 975 
I960 57LHH 

1.56 BP BT 458 105 80S 94L 973 
1970 BTUASt 

BP ED 1=3 A** 


ia.w 
7.20 
- 22 . » 
7.70 
50.00 


5o.no 

30.00 

50.00 

44. on 

50.00 


30.00 

30.00 


1965 ALPrvE BOGUS 9TEBL 

97.00 5.75 15/ 6/1985 

1968 AC5S3IAH ELECTE1ETTT 
94.30 6.623 1/ 7/1966 E 

1967 ADS1S1AH ETXCESICrrr 

96.50 6.75 1/10/1983 S 

1977 aSTHWErcnSTBRraCLLMSK 

IX. 15 7.00. l/l 0/1 980. 

1977 OSTEMfJCHB TOSTa OLUgr 
100. 50 7.50 1/10/1982 

1976 OSTERRJ 1CHB RDBTFOLLBAIX 

100.00 4.00 1/10/1981 S 

1964 REPUBLIC OF AD6UIIA 

99.00 6.00 31/ 1/1984 ■ 

1B«7 REPUBLIC CF AUSTRIA - 

98.50 6.75 15/ 3/1982 G 

1977 REPUBLIC CT MSTRW ‘ 

140.00 7.SO 15/ 7/196* S 

1Q-T RSPTELIU OF AUSTRIA - 

10B.C0 P.»25 15/ 7/1997 

1976 ' REPUBLIC OP APSTBIA 

100.00 8.7A- 15/ S/1998 

1973 RSPOBLIC OP AUSTRIA 

140-00 9.00 15/ 7/1982 

1«J7 TAOERSAdOBAIW 
100.50 8.25 15/ 3/1987. 

US DOL1AE3— SULCIDM 


n 1/8 6.M 7.08 *- u J52S 

3- 85 7.88 100.00 1979 


35 309 310 SCO Ml 
975 


•8X CC ED 
1971 UBS 

96 1/2 -7.67 7.36 6.98 _ 90C -90 CC ED 359 1 05 2X310 520 

4.17 7.76 ltH.ro 1979 - 1969 ISIS. 5*1975 

97 1/2 3.92 7-64 7.04 ‘ 30 1.39 CC tJT 44Z 105 3M 310 5=0 

2.42 8.06 XQL.2S 1978 1970 5TLS 941 975 

X.S2 10.60 7.43 MET £18 »• 


- 1970. am CD OUfiUU 
M.2S . 9.«, L/4/U82-S 

1976 cur or Tucdum. ■ 
3M.00- 8-23 • 30/ 9/1981 .• 

'ms cm or wcoura . 

100.x 8.J5- M/ 9/198* 

7977 cm OP. KZiUUPtD 
IOC. 50 8.25 15/ 3/(987 

25.X 1977-' Qn$DLTD*XED-— 6AJBCR5T 

=4.00 ; 99.50, . .9.00, 1AW11M 
1978a UIXXIta-HBQJGS GO ' 
99.00 , 9.00 ; 15/ 6/1986 


97 3/8 9.43 10.07 

5.07 10.14 101.00 

2.92 10.69 0-76 


3 PC 
1979 


40.00 


9* l/> 

93 5/8 9.92 9-78 9-35 ^ ^ 
90 8-54 10.03 9.17 


BP EB 361 9*9.975 SM 

LX- v ..- 

HF ZD 165 
LX. 

BP ED 265- 35 305 53D 803 
12 870 930 935 BAD 

.9*5 9*7 975 980 
.M BP CO 330-945 973 980 
1171 « 

49 975 980 


1.00 

1*71 

i. so 

PT197S 

• 3-50 
PZ1576 


43 .50 

198L PP19/7 


bp a 

LX 

w SO 


49 210 975 9X 


25-00 


90 1/2 13.92 10.31 MM „ 
‘ 10.13 10.57 105.M 

9.65 10.83 


n 1/2 7.62 10.25 


30 
1973 
30 

(00.ro 1983 


BP ED 
V 

W> ZD 


64 *•* 


1978 tZ 

BP ZB 
IX ’ 


=16 ' 


=3-00 


94 


8 


92 1/4 

96 1/4 

97 5/3 
97 S/B 
9=3/4 
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9* 1/2 
'08 1/4 
90 1/2 


3.92- 9.98 
=*9S 9>72 


S.iS 6.65 
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1.93 8.16 
5.71 9.69 


8.13 

8.48 

6.T4 


218 < 


W EX 

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1X.00 

7.03 

101.50 
8.59 9.99' 

100.00 


13.71 9.19 
9.21 9-67 


9.29 9.87 

101.99 


11.79 9-J4 
9.3b 9-oJ 


3.71 9-79 


9.26 10.51 
101 JO 

9.37 


«W 1.20 
1979 1970 

90C 1.85 

1979 1971 

30 
1989 

30 5.00 

INC DP1983 
30C 3.00 

1983 DP1977 


8.3? 9.9« 
6.37 10-23 


201.00 


60 3.00 

1961 DPJ982 


BP TO 
Hgr 
BP ED 
LSLX 
SP BY 
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DP XT 
CT 

BP ZD 
LX. 

DP CT 
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GC CD 
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399 20 
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32 « 803 
999 975 
309 310 BID 
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309 310 520. 
979 

32 60 805 
939 979 
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93» 975 


125.08 1978* upon tetcuEnsf asp 
100.00 8.60 ~1J/ 6AMQS 

CORK 

ioo.ro ■ -io.ro- ismnm 

W77 CBBW TAXES £fltzs CO 
100.00 , ■ 8.75. I/-3/H84 

1976 BMC OIL' CO " 

100.30 9-50 . . if 7/1986 


97 2/4 4.79 9.» 9-« 
97 1/4 3.04 1U1L W-28 


318 218 918 912 937 
945 9*6 947.959 
960 970 973 9M 
479 20 60 931 S80 


46 9*9 975 980 


20.00 

20.ro 

=3.00 

23.ro 


91 


5.33 11.04 
446711-3* 


'96 3/8 


7.67 10. W 
7.06 10.24 


9.86 


BP IT 
U 

1.00 BP ED 
TF197S IX 
SO UOO . BP CD 

278= BP14SO IX 

*5 .50 BP ED 559 3<M 305 520 W3 

106.00 1978 OTIS 77 iS 93* »l? f** «« 


9.62 12.15 
100.00 


218 *6* 


50.00 


1977* ZBDJ ' ' 

ix.no . fl.is 


45.00 


33.00 


15/53/1984 

. 1977* HKD - ' “ ■- 

IDO-00 . j.ro; • 15/12/1992 . • 
liB^WjraE FWBBE 
100.00 9.00 1/ -3/1982 

1976 XSB C4B4BOX F7EASCE 
100-00 - ■ if 5/1986 


91 1/9 6.13 10.26 9.05 


« 3/4 14.13 10.26 9.91 


95 3/4 J.50 10.4? 9.40 


96 


7.50 10.27 9.90 


96$ 975 S80 
TO . RP CD ass **• ■ 

100.50 1981 . «T - 

SO 2.00 .‘SP Eff 456 

101.50 1984 8*1978 V*-' - 

30 PC EH 441 *** 

1981 LS ' 

3A 1.00 TC ED • 327 105 305 520 733 
101.00 1981 771977 IS MS ?».«? Ml' 


4!8 50 32 60 305 
931 939 979 

1 


50.00 1977 UCULUE BtOTOEL 

*8.35 100.00 ... 9-00 . irz/1992 
5D.00 1778* M4PIIU4D BlOTIleL - 

W.JI _ T., ... 


59.00 

20.0ft 

9.!0 

75.X 


T3.ro 

73-00 

73-00 

75X0 

40.00 


I9T3 

100.00 


in.ro 

* 0.00 

st.ro 


1977 

9».30 

2«:7 

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ICC. SO 


8.75 

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83 7/8 5.63 10.50 6.86 


HAPXR4 B.V. - . TO 73 1/S 

*.50 1/7/19*8 

X45IXA 3.7. - 2S 

4.30 V 7/1908 
am EVD.D. * 

7-675 15/ 9/XM4 
K4FIDA 5.T. 

6.00 1/ 9/1987 . 

SOC sal IB CXZDU IBP 7 95 1/1 2.96 10-03 8.64 
S.=i 11/10/1381 . 
r? 70 LIARS— BOLZTIA 


5.99 50 

U2U00 1934 


46 110 210 975 


6.30 50 

102430 1SB* 


10U 00 1582 


89 1/2 B.84 9.82 8.94 

6.U 10.20 101.50 


1PEX 


1?U«J PC ED 
1984 BUB 
19.00 PC ED 
1984 EUR 
TOSS 
10 

8-00 KED 316 934 965 
1983 DQ 

HP EB *6 965 
LX 


46 110 =10 BOS 965 
975 

48 308 9=0 80S 


OM 

34.00 

50.00 


W7 9W> 975 980 

51 3W 10*94 9M S ' 5 ° 101.50 198* BEmS S “ ■...._ 

W WS Jfcg iS 9 *” 101.50 19*5 OT^ -S “ 456 • ... - 

t "i u. 'o ifl-09 30* 1.50 70-80.-447 973T SW 

=;:» 1*1*0 100.00 1979 BP1972 AS 

1976 VaSKKdCtEMUl) B.9L 87 1/4 13-59 U-*4 10.89 12.14 ■ « *;» TOtO 399 ^ 860 947 93 

100. OO . 9.50 1/ 6/19U. 100-00 19*6 PI 137 8 Li SW 

ini nucr-ranHinKi) ? v Mire 5-G7i3.66id.94 3i> ■ i-so pc eb 447 mt 975 980- 

IOoSb 89 ill liSI «KM» 1980 UP1976 IS. . 

92 1/4 2*39 13.37 -9*49 OT ED 517 33 «3 MS 425' 


99.25- 9.25 -- IS/ 3/1993 

1979 . VkHffWDMriD DID* 89 1/4 
~ 15/1/1982 


100.00 


9. DO 


in* PBroia a . non cdrm. 
»jo • *73 irenm 


40.00 

36.00 


1?76. HBB B8Sa(WICE E.P.60Sa 

200.00 . . 9-00 IS/. 1/1985 

1978 xBnanciD a in ; 

108.00 -9.75 15/3/1 


2JC 5=D 912 930 935 

S>*0 9*7 979 960 

64 1/A 4.^1 10.43 9.45 S-OOr ■ B8 Bt " 412 W5 305 520 BBS 

M1/ * iwjiw 9 1D1.0O 19TOJ1E1S77 LX- . . 870 500932 937 


97 


7.37 10-33 18-OS 


60 . 


101.00 1981 OT1977 IS 


969 MT 975980 
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35.00 


3-1= 9.76 S.C 


250.00 Mcr^-EALID - arj^LALM ?5 

!?*.00 A. I'll If ./h,I 

225.00 !*■:* CMMMULTB - AITT7-LTA 9i 3/4 5.04. 9.6S 8.76 

4.I2J lj.’l I'lMJ S 


SP ED 143 **a 


u 


9.«6 

100.00 


30 

1987 


t«7* CSSW^-i™ - AC1T3.TLTA 
lL-0.00 8.25 1/ 0/I95L S 


97 


2.59 J.S1 8.69 


170.011 1176 C'MMr.T-ALTD - AU5*3ALU 94 1/4 4.9= 

:co.oa i/i6/i9n 


9.77 


I»;t* CTOCt'-A.-EALTE - •SSTRALIA 9* 5/9 fi.M 9.65 
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8.7S 

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lOO.Cft 1982 971378 LX 


S3 


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501.50 1981 


9.8* 

100.00 


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1989 


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HP ST 


ILCBT-FOIVICM OT ELE7 
9.00 1/10/1962 


3.92 10.93 9.57 


150.6O 

150.00 

50.00 


1977 COHWWVEALTH - AUSTRALIA 89 1/8 13-7* 9.70 
103.X 6.25 1/ 9/1992 9.79 10-04 


1975 CtEOa>WE*LTH — AUSTRALIA 98 1/B 1.62 9.93 
100.30 B.4S 15/ 6/1980 5 


9.26 10.13 
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90C 

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35.00 
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99.54 


bp n 

KT 


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1578. OHXOiftrCALtH - AUSTRALIA 96 3/8 *.59 9.59 
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8.94 


HP 9T 458 20 32 33 35 


75.00 

30.00 


9.68 


60.M 
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1776 CCmhut-T-MIH — AUSTRALIA 93 1/8 7.92 9.7B .9.13 
100.00 8.50 1/10/1986 

1575 COMBO WEALTH - AUSTRALIA 97 3/6 4.62 

100.00 8.75 15/ 6/19B3 S 

1976 COMHVftlEALTH - AUSTRALIA 
99.63 8.75 1/ 6/19S6 S 

1576 COHHPBVEALXH - AUSTRALIA 95 1/4 12.92 


9.19 9.85 
100.00 




97 


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M 805 931 9J9 
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100.00 

1976 

99.00 

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SZPUCLtC OF 8BAEIL 

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REPUBLIC 0? (UUZIL - 'I 
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100.50 9.50 13/ 4/19S8 

1976 ATOJ FIX 5CHV-CAOADA 
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99.50 


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1 J 73 l;; 975 

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1971 IK 975 


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35.00 1?75 ease o? men 

100.00 9-25 15/ 6 / 19 EO 

50.00 1977 m-x or Tctcaircoumn 

100.00 7 .S 25 1 / 5/1904 

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21.20 9 E -50 8 . 6=5 1 / 12/1968 

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93.00 7-75 1 / 10/1902 

30.00 !°77 Eix&CBi ranwtracc 

30.00 39.25 7 . 7 S 15 / 3/1384 

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25.00 1979 HOSDA i 31731 

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100-00 9.08 1 / - 5/1991 

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31 6.00 

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100.50 

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99.50 7.375 1 / 5/1981 S 

SC.C 0 7*77 CTira T=L s m.. 

9V.7S &. 1=3 1 / 3 /J 9 S 7 5 

£ 3.00 1513 SSS 3 HIX Sffl. 

59 .=s 9.25 1 1 E /1980 

20.00 17 J 9 E 55 aMOICO , 

lOU.UG* 9.15 u 2/1981 

20 . W J 97 S 5 TECJSTI.MK 

99.75 h .75 15 / 7/1981 

13.0D 1976 esc r.=cmc ihspstht 

100.02 £.25 15 / 11/1941 

23.33 13=6 03 XZ 5 X LEA 5 ESC (CAB 177 

£ 0.90 9?.75 0.25 15 / 12/1983 

• 8,(8 i'- 77 « 023157 TS 15 DK 5 /CA 31 K 7 

S 3 .CO 94.75 3 - =5 1 / 13/1604 

15 , M 3976 OtETtr ILACraC CCAB'HT V 

21.50 195 . CO 9 .M 15 / ~/mi S 

= 0.00 H 75 SECKA SHIPPISG . 

2 C 4 .CQ 9 . GO 15 / 5/1951 

12400 =? 6 A STKTTU "0 OIKTC.M CO VI 0 

l.TO ??.00 *.75 1 / 12/1979 S 

= 5.00 !*=:• JTGHErn'Iil CBEJOCU. CO 

Jl.iO ».=5 15 / *.’1480 

20.00 7*77 SETIW H 2 AVT TTD 

t *>.=5 =.15 15 / 1 /L 9 B 4 

1 5 .30 4*75 E 0 HT 7 UH 3 ES 4 VT IiU 

* 9.53 *.ii) 1 / 12/1960 

23.50 1504 =3Z UklPOniXS cr TOXO 

:,:r 94. :o s.ts 15/ */i 9=9 5 

20 . 0 n 39 SS THE 1 C =0030139 OP TOSO 
b .10 91.35 6.00 15 / 6 / 19 SO S 

SO. 53 2*77 SEAT 3 :TI 2 STr. 7 Z .5 

M.CO 99.15 7.75 15 / 10/1904 S 

15.13 1675 TOl'.r IfSCSEtlES P 

143.53 2.75 i,l=/I 9 M 

114=3 !?r* TC =0 r-.MiC 

203.53 7.13 I / 2 / 198 = 

33 .C 3 1972 T 07 O “l-'XA EATSil 

95.25 7.75 1 / */! 9 E 2 

23 . CO :*=> TK=J !E 3 HEAE^.\ 

Ur -33 S -=5 1 / *.'1111 

2 T.C 0 :•'?= T. 5 . 1152 (Cr=K 151 

= 5.33 “?.=S 7 . 7 S 12 / j.' 19 E 4 

12.55 7?’5 l.s. ins ; 

5 5 .25 9.50 lit::; 1930 

tc uox-ir r-ropiA 

23.33 !«?5 72 SXA Z.Z.T: SATE 

99.75 9-40 15 / 12/1951 

25 .C 0 1977 3 DIi\ 1 >C=T 3.TZ 

59.50 ?.5o :/ stzm 

ts wujL\>nxn kii g 

:o.w 195 * alsu. rnyj.ee 
1 . 0)3 S»-SC ci . 50 1 / 6/1979 

23 -w 1*73 s.r.c. loasonc 

’ 3.00 100.00 7.50 15 / 10/1992 

20.00 I 9 :-> S.P.r. U 35 N T (tTOr 

110.03 P .00 15 / 1/1932 

us >‘.[.u?c- v -'x T .iai 

£ 3.30 2977 SiSCJ SACIOKU. US W’/iS 

99-75 9.25 1 / 11/1961 8 

jcv.BQ 1 * 7 » C. 7 .Z. - MEXICO 
s.'.-s p=.:o f .oo U */ij 87 

25 . c 3 1*77 rr;-.u - rc; Ai-Jft 

99.53 9-03 1 / 11 / 199 = 

2". r, 0 1 * 4 = rawira 

=.;o m .75 :.J 5 ii ofvjtz s 

39.00 7 J.CT 0 2 . 1 . TU'.'iCIPPA 
■ 14 D. >0 lir.i t 1 / 7/1981 

2 -C.P 2 1 * 7 : JKTUEOSJEECfcWS 

JS.Ji COi.OC l.M it 9 . 1*57 

TC.jb :*:/ Kmii os :n=n paths 

3 * 0 . CO P.A'J 1/ 7 / 1 / 7 = 

29.00 ’*75 TZZr-'l"S MZTICKAS 

2 5 .30 98.00 10.25 15 / *.'1961 

50.00 J 5-77 EELS-V.WS B? KE 3 U 4 A 5 A 

100.00 9 .J 5 10 / 6/1904 

25.00 3**4 I TX ' .-U YZBXMI T 7 - 7 C 3 

*.:a S 9 .=S c .35 1 , 11 . 1*79 S 

£ 5.00 !»SS mm 3 IsnCAii STATES 
.97 S 2 .<s 0.50 1 / *;J 179 > S 

£ 7.51 1965 35 n-J ) H 3 XCA 5 ' STATES 
5 .rl 96.75 6.50 1 /lIjlMD S 


SC 1/3 5.63 9.72 8*55 M-“ 
100 JO 

sai/a 3 Jo 9 .e$ sjs 

94 £.53 9JS MlJ'S 

UO-Dfl 

97 5/8 2.75 10-75 9-48 
97 5/8 2*25 10.14 9.48 

95 3/4 2.71 IOpjBO S-1A 

$5 5/6 3 -Ci $.90 6.69 

92 5/8 5.12 10-15 6- 91 
3 -W 10 . 0 $ 

92 5/8 6 - 0 » 9.91 8.51 

*-P 9 10.06 101.00 


5 . DO 
iWO 
65 5.00 

USO 138 L 


97 3/4 =.30 10.90 9*35 

1.30 21 . 7 = 

96 5 ft 2.54 10.52 9-31 

100.00 

981/4 J .09 8 .« 6.99 

10 . 1 = lOOJtt 

103 1/8 2 .*fi 7.59 9.06 

98 1 ft 5 -a 8.10 7-07 ..B-W 

1 OUQ 0 

201 3/4 2 . 0 $ 8.53 9.34 


30 

ra*o 

3 D .60 
2978 1967 


•46 13.08 8-02 „ 

100.00 

98 7 ft 3-62 P.TS 6.29 tM _ 

<, 0 £ 9 . ZJ 100.00 

92 ' 3/8 5.96 9.67 8 J 7 H- 6 S 
3.71 10.24 1 QU 0 B 

99 1/4 2.09 10.15 9.82 

96 3/4 3.33 8.09 8.01 
SC 3.42 10.63 8.42 

971/4 2 . 4310.54 9.51 

913/4 5.37 9.77 £. 45 ... „ 
4.07 10 . 2 = 101.00 

100 1/4 2.13 S J 4 9 . 4 S 

101.00 

99 3.13 9.87 9 . 6 Q 

99 1/4 3.33 9.74 9.57 

57 1/4 .£9 1 U /6 6.68 


56 - £.17 

1978 19 MI 
T -0 2/10 

1*78 396 a 

30 ?-00 

1941 1503 


SS ST £11 IBS 313 9 il SSl 

12 

SPOT ASS US 520 913 93 ® 

IX 930 533 935 5*0 

HI 960 975 

WOT ASS 35 520 913 920 
IX 930 333 935 5*0 

Ml 960 375 
WOT 219 313 920 960 
IX. 

r?OT 3 C 6 SB 3 975 

IT 

MOT 517 913 9 M 930 9 SJ 
IT 9 aO 9*2 975 

SCOT S 2 fi 913 SCO 930 S 68 
44 975 

CG 5 E 399 105 9 SL STS 
EE 

CS SS 399 20 32 5 S 6 S 
EX 80 S 931 939 940 

»T 5 — 

ceil 3 » 20 32 SS 80 
51 SOS 931 939 940 

975 

con 399 =0 32 SO 80 S 
XT 931 939 975 

ersr 383 20.32 CO BOS 
EX 931 939 97 S 

XG EE 298 913 320 930 MO 
IX 975 

OTOT 298 5=0 913 920 830 
IX 960 97 S 

tons 326 520 913 $30 S 3 S 
IX Ml 960 962 97 S 

sc at 326 5=0 913 $60 979 
IX 

TV IB 398 35 913 930 940 
IX 960 975 

5 S nr 396 35 913*020 930 
1 Z 5 X. 953 SkO 960 9 b£ 

975 

ECZir 508 913 
cq 

Eft LB £12 913 939 93 Q SSJ 
IX 960 962 975 

SCOT 3619*1975 

03 = 

sc a 517 520 913 930 9 SS 
IX 975 

Mza 359 =30 530 9 ZS 930 
IX 915 96 = 975 

3 COT 159 313 975 
IX 

«m 441 5=0 9 U 979 

sir 

cr.SC £41 9 U 913 

ire- 

SOOT 35$**0 


TCKT 359 $13 930 935 96 B 
IX 9 b= 

SS ZB 337 913 9=0 930 93 S 

IX 935 947 960 962 

. S 7 S 

1.00 EG ED 337 913 9=0 930 S 60 

ST 1 S 77 IX 975 

30 5.70 TS m 337 35 '913 920 930 

19 AL 1961 IX 973 535 9*0 9 a 0 

9*2 975 

00 .75 SC nr 518 913 

U 3 i HF- 3 I 6 USX 


CSU 650 3 $ 230 913 915 
3 X 51 940 947 975 

COOT 139 913 915 970 973 
IS 


97 1/1 .£9 U-ftfi 6.63 1-00 TP TO 46 503 S 20 973 

29=3 i tub 

$5 2/8 3.96 9.01 J .SB 60 ~00 TP IS 731 520 973 

:.A£ S-L 6 101.50 lS ,8 3 E 1373 =X 

96 3/4 4.30 9.94 9.30 WOT 430 S 20 530 935 973 


97 1/8 4 . 01 19.40 9.75 

90 3/4 S. 3 S $.68 3 . S 3 
4.31 I 0 . 7 S 

SS *.01 10 . BD 9.47 

971/3 ?.« P .70 7.60 
=.’0 6.11 

99 Z.tr 10.40 10.10 
?: m s.?» $.30 s:i 9 

5.46 10.37 

95 1/4 3.67 10.57 9 -*S 

99 3/3 S.’U 10.13 10.31 
2.36 10.50 I 
95 I/S $.73 10.40 9.72 , 

95 3/4 1-01 11.13 6.63 

.61 14.37 1 

96 1/4 . 4 = 16.70 fi. 67 , 

94 1/4 2.01 9.97 7 * 02 ' 
2-_2 12.29 


12 SC 1.65 
1989 U.'a 


$0 .*0 
1979 15)1 


«C !.=5 
US 2 3 P 1974 


39 e.00 

1*79 1 S 40 
30 3.36 

i*» mri 

30 1.36 

1976 196 a 

30 -"7 

1976 1965 

3D 1.00 


£13 39 60 915 931 
MO 975 

103 !W 115 520 915 
975 

£37 S 915 975 
3 S 3 105 405 9 IS 97 * 
$17 IDS 915 975 
215 915 932 973 


IT nr 233 105 915 975 

WOT 230 *** 

j_T 

rriS 3=7 105 915 941 975 

SIR 411 105 915 941 97 S 
EE 

wsr All 105 915 941 975 




D-MARK BONDS 

6 J% Brenner Autobahn 1968 (G) 

Dooaukraftwerke 19 o 9 tGt 

DonaukraCwerke 1973 <G 1 

7 ^ Girozentraie Wien 1 'JTtS 

7 J% Girozentraie Wien 1976 

SJ^ IAKW 1973 fG) 

Kelag 1973 lS> 

SJ% Oester. Draukraftwerkc 1975 iGr 

7 °i Oester. Elektrizateswirt 1967 <Gj 

7 °o Rep. Oeslerreich 1968 

6 !-% Rep. Oesterreich 1969 

9 ^ Rep. Oesterreich 1973 

S|.°i Rep, Oesterreich 1975 

7 ]% Rep. Oesterreich 1976 

6 J% Rep. Oesterreich 1977 

61 % Tauernkraftwerke 1968 tG) 

7 % Tauemkrafrwerke 1968 (G.i 

9 !% Tauernautobahn 1974 (G) 

S!% Voest 1973 

Si 9 & Voest 1975 

Voest 1977 

7 ^ Wien 1968 

S{% Wien 1975 

U.S .8 BONDS 

6 "o Rep. Austria 1964 

61 % Rep. Austria 1967 

Rep. Austria 1976 

6 :% AusL Electricity 1966 (G) 

6 J% Aust. Electricity 1967 «G) 

31 % , 4 Jpine Woman 1 D 65 (G) 

SJ% Tauerautobahn 1977 (G) 

6 l°o Transalpine Fin. Hide. 3966 

Transalpine Fin. Hldg. 1966 

6 J% Transalpine Fin. Hide. 1967 

6 J% Transalpine Fin. Hids. 1967 

71 % Trans-Austria Gasline 1973 

AUSTRIA SCHILLING BONDS 

9 i% Kontrollbank 1974 tG) 


121 - 1.8 

3 .S. 74 -S 3 

1 . 2 - 1.3 

li. 65 -S 4 

1.3 

i.:; . 73-87 

1.11 

1 . 11.81 

1.11 

1 . 11.83 

1.5 

1 . 5 ^ 0 -S 5 

1.5 

1 . 5 . 7 H -88 

1.3 

1 . 3 .SI-S 5 

1 . 2 - 1.8 

I. 2 . 73 -S 7 

1 . 4 - 1.10 

1 . 4 . 73-82 

1 . 4 - 1 . 1 U 

1 M . 1 5 -S 3 

1 - 

1^.83 

1.5 

1 . 5 . 78-87 

2.5 

2 . 5 . 85-86 

1.4 

1 . 4 . 83-85 

1 . 3 - 1.9 

I. 9 . 74 -R 3 

iii.s 

1 — . 74-53 

1.7 

1 . 7.51 

1.10 

1 . 10 . 79-88 

1.6 

1 . 6 . 81*85 

1.6 

l.fi. 84-89 

1 . 6 - 1.12 

1 . 6 . 74-88 

1.8 

1 .S. 79-&4 

" 1 . 1-317 

21 . 1 . 71-54 

15 / 5 - 15.9 

1 5 . 3 . 72-82 

15 .S 

15 .R. 7 R -90 

1 . 1 - 1.7 

1 . 7 . 70-86 

1 . 4 - 1.10 

1 . 10 . 71-82 

15 .fi 

13 . 6 . 72-85 


i 1033 
: 102 * 
; m3 j 
1 lire 
. nw{ 
107 | 
, 1 U 3 
! 3 US 1 
l 1041 
1041 
; 103 { 

1 1062 
- 109 

■ 110 


2 . 1.82 

10 .it 

1051 

1 . 9.73 

1021 

102 } 

— 

1 02 

103 } 


110 

1101 

1 . 6.78 

10 S 

108 .' 

— 

107 } 

108 

— 

102 

102 } 

1 . 6.73 

103 ,’ 

104 } 


16 . 3 . 83-87 
51 . 10 . 71 ) 4.1 
31 . 7 . 70 -RS 

51 . 1 . 73 - 82 

30 . 4 . 74 - R 3 
15 . 1 .H -88 


3 . 1.70 

15 . 3.71 

15 .S .77 

1 . 7.69 

1 . 10.70 

15 . 6.71 
15 . 3 .S 2 

SI. 10.69 

13 . 7.69 

31 . 1.72 

30 . 4.73 

15.1.70 


• 39 

991 
, 94 S 

97 

I 96 * 


• 6.54% j 
■ 5 .SS% | 
> 6 . 32 % ' 
; B. 62 % i 
, 6 . 84 % { 
: S. 1 S% ! 
j 6 . 56 % : 

! s.os% ; 

! 6 . 72 % • 

• 6 . 71 % j 
; 6 — 8 % [ 
i 8 . 45 % i 
i 7 . 82 % j 
: 7 . 06 % 

] 6 . 40 % 

I 6 . 34 % j 
f 6 . 80 % i 

8 . 82 % i 
I 7 .SS% i 
j 7 . 93 % • 

6 - 73 % j 
I 7 . 80 % i 


6 . 08 % | 
6 .S 3 % 
926 % 
6 .S 7 % j 
6 . 86 % 
6 . 15 % 
9 . 12 % j 
fi. 77 % i 
6 . 95 % i 
8 . 84 % 
6 . 90 % I 
S. 62 % J 


6 . 05 % 

5.65% 

6 / 20 % 

4.92% 

5 . 85 % 

7 . 38 % 

6 . 36 % 

7 .U% 

6.43% 

а. 71 % 
5 . 69 % 
7 . 19 % 
7 . 11 % 

б . 11 % 
5 . 71 % 
6.00% 
6 - 28 % 
5 . 32 % 
7 ^ 1 % 
7 . 01 % 
6 . 45 % 
6 . 08 % 
7 . 01 % 



r T&eE^ 'i p 

the dramatic changes in international financing C LSWBonS j 

that have taken place since Commerzbank was 

Is I 

established ml87D.Aleit to the needs of its clients the j rs EStf 

Bask has always been a leader not only in adapting to - rJISpIp p 5 

new developmentshut also in making significant r~ 

conixibutions to them. 

^th consolidated total 
assets of more than US $ 35 bilfioii, Commerzbank can put 
its vast experience in international financing to work for you wherever you need it 


COMMERZBANK 

jntBniaiJoRal Hoad Office: P. 0. Box 2534, D-6000 FranWurt/Main 

PhfPfai Branches: A r^wsrp^ * Brnsseis^ • Chfcago^ • Lnntfcn^ - New^ Vo* 'Paris -Tokyo 
f tepasenlalfue CffcecTAr^^m^Beimi ■ Brusseis - Buenos Mes * Cdro - Cara^ ■ ^Copeni^gen - Jsterta - Johafneshcg ■ Urm - London 
« fci atto Caly - Moscow * New Yotk • fto de Jaraoo - Rctisdam - S 3 o Panto * Smgapsia • Sidney • Tehran - Tokyo - Windhoek 


DOIWESTIC ISSUES 

S% Invest! tionsanieihe 1973/E 

S% Invest! uonsanlei he 1973. II /B 

S% Invesiidonsanieihe 1974/B 

S)% Investitionsanleihe 1974 'DL/B 

RJ% Investitionsanleihe 1975 II. B 

5?% Investitionsanleihe 1075- S' II 

S!% Investitionsanleihe 1975 • III. B 

S!% Investitionsanleihe 1975/S 'll 1/ IV 

82 % Investitionsanleihe 1975 /V/B 

S;% Investitionsanleihe 1976. S 

8% Investitionsanleihe 1977/S/IH.-B 

8% Investitionsanleihe 1977/11/ B 

S% Investitionsanieihc 1977-111 B 

S% W'asserwirLschaftsfondsanI 1977. Ill ... 

SI% Energieanieihe 1975. UB U.S 

S?% Wiener Stadtanleihc 1975/B 

S% Wiener Stadtanleihc 1977 A 

S% Wiener Stadtanleihe 1977 B 

8% Europ, Iavestiti on shank Anl. 1976 

S% Inter-Am. Entwickiungsbk. Anl. 1976 

S% Tag Finco Anleihe 1976 

S% Sparkassenanleihe 1975/n. B 

S% Sparkassenanleihe 1977/S/B 

fR) Purchase for redemption purposes by 
to plan. (...) Repayment at a premium. 


14 .8 

14.8.73 , 

! 

— 

100} 

: inn 

i 0.40% 

15.2 

35.7.77-SI (inn 


ion; 

101 i 

7.93% 

3.7 

3.7.76-83 f 102 > ' 

— 

101} 

102} 

7.85% 

1 .4 

1 -4.7fi.P2 (104.501 1 

R 

io.t 

104J, 

: 7.71% 

22.10 

22.10.75-82 j 


mo; 

101.1 

S.4ii% 

Il.fi 

i i.fi.76-84 nan , 



102* 

102} 

8.30%. 

25. a 

25.7 ifi-Pra (103) J 


1021 

10 :s 

*.28% 

28.10 

2S.1 0.76-84 11 0.3) 1 

___ 

102 

1023 

s.no% 

27.12 

27.12.79-85 1 103.5(1) 1 


. 10." I 

104} 

6.16% 

12.12 

12.12.79-85 (103.50) 

_ 

in:: 5 

1 0-4 

' 8.17% 

20.2 

20-2.81-Sfi 004) 1 



■ 102 : 

1063 

: S.25% 

2fi 

2.B.S2-87 j 


■ nn •. 

100} 

' S.0)% 

15.9 ’ 

15.P.R2-86 | 

. 

•)«» 1 

1 00} 

8.01% 

20.12 

20.12.82-86 


no.' 

100} 

; 8.01% 

n.fi 

3.0.S2-S0 ' 



•m ■. 

100} 

i K.01% 

29.10 

29.1079-85 003.50/ ! 


! joss 

104! 

: 8.16% 

29.4 

2D.4.76-S3 j 

— 

: i«o? 

101 

S 8.45% 


| 10..1 
I 10.5 
i 2 fl .]0 
i 17 ,i 2 
} 19.11 
21.10 
26.7 


I 10 . 5 . 78-92 

2 n.l 050-86 

i I 7 . 12 .S 1 -86 

1 19.11 SI -S 6 

j 2 LI 0 . 77 -S 3 < 101 ) 
i 26 . 7 ^ 0-83 


issuer possible. The bond 1 ; so 
(G) Government Guarantee, 
tions are based on the mid die 


S.01% 

S.01% 

! s.oi% 


purchased may be used for repayment according 
(S) Local Government Guarantee. Yield calcula- 
price. 


OnintomfiomdcspilaJ markets Austria ranks as TVipIe A. For knowledseable inTestoii 
Aiistnan secunnes are pamcalarly safe and attractive ravesS. 

miSM mav np rrtnoi^«'ri?i^ m>vi^lr ivK.im ^ . . 


B « «mmihui jwaui I4IUI au | 

A usman issuing bouses may be considered models where 
market support is concerned. One more reason fornum 
invcstore to buy Austrian bonds. Girozentraie Vicn:u i*. 
. Awpta s second LrgcM biink. Issuing as it does it's nv n 
secumies it looks after foreign companies on the Vienna Horse 





.-luauuin ; 

Gimzentrafe Vienna 

.Eurobonds 


jnd it acts as a dcpf,suor> bank for investment funds. Lcadinc 

or oo-managinc almost al! domestic issues and having 
underwrinen more than 220 issues on the Euro-Capiul- 
Market in 1977 alone. Gm.v.emrjlc N'icnna is one of the 
lad mp Austrian msiitu nons hand ling see unties. 


^2 ^ S^STOlfra R A j? L; ; ^ 0r ' i,IT Mlrtfried l *ILL.Te«.:7!n< 712. 

Trie*. Ml* - ManjctrNc- Viw ?,ER,NGER ' TeL: = » 













ii-V: : .s«m 


I t 


VM! ‘ ? j : 

|°i I mnw-"ep' 
SS'c " 1 cct'PON maturity 



□ ?'ff |p[S E 

a I* -I iJ 

5 \i 
= is 
3 9| js . s i 

2 z < I z . 

> u 



S ° s: E BORROWS?/ 
«S o“ coupon maturity 

£ fc 1 e « 


Ift.ftfc n*-. PS IT SO “fll''*fc •1T4T*S 

:.-u *.-.•' :.:j v.ii.-imi s 

jn.i'.i i cmtoi itrs ^-atej 

3r . luO.OO ‘.n |>. S 

3n.no in-1 ustTrj. “0.1 (Ai ST*TEP 

si.-*: nv'.'ir ?.“•■ li/u/iwi s 

fiu.-io !->7' UMi'i hejjc.v: sTAtrs 

jnv.JO 9.00 :•• i.'IOJJ s 

S.J.Uft I®'* CSLTtP XLE'ffi i T i>n!i I. 

ic-c.oo o. :.o J/J9?i s 

7 r."i )•— • • resiCA.'i suits >, 

73. CO 1U5.0O IO.no 15/ L. 1990 S 

E5 nOLLAB^-SVIHEFLAMB 

4P.0ft 7977 amt 

lOO.'MJ 8.TO t; SfW97 

An.no i®: 7 nm.n ®tate sms® 

39.80 10O.ro 8.73 75/ b/lS87 

Sf'.M [fc’l OPT CP STATE MIKES . 
5U.'V] lOS.OO 8.75 1/ 7-/1988 

A 0.04 1975 DtTPTH STATE MISTS 

144.00 9.75 IS, 9 - 19 S 0 

r?.nn 191? CT5T-EWCADE3 ISTL 
-o.vo 140.50 i?; 7/iv*3 

30.04 !»77 7UTT0KAIJE hPOOeAKPH B 

100.00 8.00 0<V A Mss, 

ao.ofl uj). bat wra-ns; rosy cv 

30.00 99.C0 8.00 IS/ c -1988 

JP.r-ft 1*7* PAT.PMWE Tt“. r-JSP SB 
3A.pl 59-00 P.ng 15/ b-1438 

7*475 fssnrri AOLMV. K.7. 
li.OD 1 40. CJ 9.00 IS/ Visa 

30.00 ]«f7 PHILIPS 1ST FLO 

3 .30 fe:.UU »-'■<■. 50/ ®/I®7*> 

r? Po;upr-Mn ;£.ma*-o 

in. on i?*? cott. nr sew riM/unt 

7.-A 97. :a 1.75 7 1 7 19BJ s 

2'-. no 1®*A C077. 'O’ ET. - it'.LV.P 
u 91.90 9.50 li. 3/1*99 S 

in. C-.l J**7 CO IT- r-F ST- TEiLVil 

: . 4'; 9:-;i v.n is.- ;>i9r® s 

300-00 7 '•77 CCTT. OF 51V ItA’A-.T* 

?“.4i ;.:C Si' ".’PM 5 

ICO. CO 1476 wrr. <r IS.- : E.-J 

100.15 I - 1 1 •' ( •■■■» 


<0.90 !«:'• C07T. or T&- -.-1'j.SD 

59. 30 9.00 15.- r.7St3 

so. -JO * tail, nr if- ttatjjp 
“®.S 0 fc.TS U/ i l.-j-M 

A'-.P-l 1 °’7 G07T- |” F-' ■ 

3 — 0 99-S'J 4- .'5 li. 0,l?i£ 

15.50 I®:? - PS 3E7LA57) W.r SIS CO*? 

S>. 75 If 9. 00 !*.’ 5.-I9J5 

10.14 l?7T* TrtH TEA LAST) I-TP F ?■: 005? 

20.ro 99-7.I *.!.•; 1! A/1583 


05 3/3 :.<* 9-05 7.3* 0® - .59 0T 5T Ail 135 913 9*1 973 

1.-3 lO.'n. IW.Off :®75 19*1 TT 

9t 1--& J..A o.l r 7.5b 1C .93 *T ST At: 10S 91S 911 9TS 

|.i.5: ler.so :®75 is*** rrr 

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101.00 1*83 1979 LJ 


57 7/8 1.88 10.53 5.45 

1W.M 1975 

58 7-33 «.52 5.44 10.61 90C 1-00 

3.30 9.73 101.00 136J. 10/7 

54 1/2 4.06 9.50 6.51 30C 1.90 

2.68 10- S. 131.00 1980 1977 

gs 1/8 3. *6 9.67 5.17’ 30 3.50 

2.01 10.07 100.30 1979 1976 

9Q 9.21 9.1* 8.33 *5C .50 

3.80 ?.St» 101.00 1961 197* 

57 9.01 8.71 7.59 05C .50 

5.*5 8.4/ ltn.00 2980 1973 

55 7/3 7.88 10.02 9.63 *0 2.00 

S.fcS 10.-4 101.90 XMt 1080. 

94 J/* 5-09 9.ro 8.39 JOC 2.10 

2.60 10.59 101.00 1960 1977 

51 3/B 5.88 9.68 8.46 30 2.50 

. 4.79 10.03 101.00 1981 1980 

86 5/8 8.84 10.37 5.24 to 1.10 

6.00 11.17 201.30 1901 BP1977 

86 7/8 8-33 10.42 9.21 60 1.73 

101.50 1942 TV 117 8 
97 7/8 ft. 33 9.93 5.H M 1.23 

101.50 19«a msi* 


313 105 305 520 Tts 
735 7,5 932 935 

950 955 960 975 

2»**6 

272 109 523 7TS 795 
035 9-1 955 WO 
975 

272 105 305 510 715 
735 935 941 9J5 
060 573 
*56 

*57 195 7X5 B7D 955 
975 
*56 *»■ 

272 IBS 735 9<8 975 

179 20 920 TtS 975 
955 960 970 475 
ITS «• 


*34 55 mi H(1 719 
735 935 940 955 
960 97 S- 
179 — 


*57 10S 305 S20 715 
735 930 93* ffcl 
. 930 955 960 975 

359 975 

359 105 30$ 520 7)0 
715 9SS 960 96S 

315 520 71 S 735 932 
915 9SS 9*0 SIS 
157 947 905 


54.00 1974 MLSrSB STEEL COOP 

59.00 99-00 / 8-625 15/ 1/1989 

30.00 1972 C0BB7 1CS7EPR2 0/S 

39.00 100.00 ' 7.75 15/10/1990 


=5 API 1973 C*m*L * C BUBfia WOP SO 7/8 10.01 10.52 9-90 

25.00 98.58 9.00 1/11/J48S 5.51 11.33 

50.00 19770 U1BBS XHTL W 91 7/1 9.13 10.04 10.54 

50.00* 99.50 9.50 15/12/1987 ft. 37 11.36 

15.D0 1973 cm * eomrr or wtsns 98 3/8 -u 11.83 a.3ft 

100.00 8-23 15/ 4/1979 

25-00 1973 Cm Of GOmixr 96 7/8 1.50 10.53 8.31 

100.00 La 1/ 5/1*80 

20.00 197* CUT or co mm 97 3/4 2.28 10TO0 9.08 

98.75 8-875 1/ 2/1981 

25.90 1973 Cm OF BWDE2 98 1/8 8-98 5-71 ».4l 

21.00 100.00 4-25 IS/;0/198> 5-05 9-95 

25.00 1473 cm OF tWBirara 97 5/8 3-01 X0.0* 9-28 

HM.W1 9.00 l/l 1/1981 

3S.no 1*71 cm or cusn ’*7 i/» 1-54 10.29 S.cf 

*®.00 8.23 15/ 5A980 

*0-00 1*73 cm or IXTE8PD0L 90 5/8 >84 10.63 10.1ft 

99.75 9J75 31/ 1/1979 S 

.. SC.5a.-19n CUT OF HJW3ESTER _ 96 3/4 8-M 9.71 |.SS 

. 50,90..-99»30- 8.25 15/ 3/1981... 1.56 X9.55 

' 25.00 1073 GTTT OF OTTOraw ’ 98 3/8 .62 11.Z7 C.77 

lOU. 00 8.625 15/ fc/1979 

15.00 I'm conaBciAL reim ft S/B -u 10-68 7.90 

100.00 7.875 19/1 2/1978 

30.00 1? n CQHHEKTAL OBION 95 1/8 8- 13 9-32 8.9* 


»4 J0.21 9.56 9.18 *5C 2-50 GO ED 359 930 932 935 941 

6*36 9.93 1BZ.00 1981 W1979 4 S 930 960 965 975 

86 5/8 11*96 9.48 8.95 60 1.00 pa BX S26 930 935 950 960* 

8.10,10.25 102.00 19MPP1978 XJI 975 

90 7/8 10-01 10.52 9.90 60 ^50 VC BX 350 930 960 97S 

9-51 11.33 102.00 1981 DP 1773 LI 

n 7/« 9.i3 io.?* io.)* in i.oo rc nr 105 **■ 

ft. 37 11.3* 102.00 1982 13/9 IK 


19 

20&JO 1980 


^15 932 947 

31S **■ 


454 105 713 795 SSS 
9*0 975 


20.60 100.00 6.50 25/11/1956 

20.00 1970- OOW3WOBS JET ITH 

8-60 100.00 9.00 1/ 2/1932 8 

2o-oo 1*90 coBmnus m pec 
13-00 94.00 9-73 1/10.". MS 

50.00 107* ozcmriTC cowcil 

99.50 8.75 15/ 3/1981 

15-00 1987 SKI 

7.50 98.50 6.75 15/11,'ig" 

50.00 1077 TSL FIM3CE ST 

50.00 100.00 9 .25 15/ 4/1519 

20.00 1972 7QIIB 

18.20 100.50 8.23 1/ 7/7987 

20.00 . 1977 >15085 TSt 7TB 

20.09 100.00 8.75 1/9/1932 

23.00 1971 S.D.S. •ossournrM. 

19.90 ICO. CO 8.50 1/ 3/19 .’ft 

23.03 1974 G.T.3. Tt330C4710r.U. 

S*.10 100.00 9-50 51 A/I0-.S 

23-00 1975 COLD HELW (BEJWOT/1 

11.00 100.40 m.:s is / 7/1?.* 


93 1/8 *.13 9.30. 8.94 
5.43 }.«• 


10*. 00 1979 871976 U 


war 323 115 938 960 97S 
U 

war 3Z3 115 930 980 979 
1M 

IV ltt 454 115 930 9W 97S 
U 

8.09 TO BX 386 115 930 960 973 
1*78 Ul 

WO 256 115 930 960 975 - 
• 1* . 

war m U5 930960 973 
u 

IV SB 398 930 960 
U 

SC.OQ PHBI 359 115 930 960 96S 
1579 U . W 

W EB 21* 115 939 960 975 

Lt 

BP ES S2i 930 950 960 97S 
U 

.78 HT CT 328 930 933 Ml 950 


97 X/4 3.26 10.25 9.17 60- 

1.76 11.03 100.00 1179 

97 l/« *.J2 9- 41 9.51 10.89 M 

6.50 10.05 100.00 1580 

97 1/4 8.37 10.06 9.00 

99 1/S 4.04 8.10 7.07 30 

2.0i 5.26 100.50 1978 

92 10.06 10-53 10.03 11.20 45 


4976 LH 960 97S 

2.15 PC VS 316 10S 930 950 960 

2*72 LZ 973 

1.50 IC KB 316 105 930 950 568 

1SIL XS 973 

CB3I1 218*** 

U 

2.50 vn 328 109 423 Ml 960 
1971 Him 9/5 

4.00 PC EB 328 0** 


|.7b 10.69 101.50 1985 991983 U 

90 1/4 8.67 9.97 9.14 ... __ JUG t-10 T.7 SB US *23 010 93S MI 

5-45 to.09 1B1.00 1980 DP1975 LK 950 960 975 

90 15-75 10.12 9.72 11.02 « 1.00 PC EB 335 305 910 735 910 

10.56 10.3* 101.00 7985 DM982 Lfi 930-932 913 050 

953 9fcO 070 9*3 

93 2/1 7-33 9.7* 9.08 *3 2.70 IV EB 105 7JD 215 9(1 0JO 

(.:» 10.61 1C2.00 19« 1976 15 933 950 9*0 97S 

96 3/8 10-43 10.04 9.86 10.*,7 *5 I.OB PC CO U5 2T0 213 911 910 

0.12 io. ji :o:.oo i®h* i978 lg 9159509*09:3 

98 3/8 6.®! 10.58 10.42 1O.0J M 1.00 PU EB 457 115 9X5 935 9.1 

3.30 10.60 100.25 1982 0719/6 LB »W 9b0 975 


97 2.67 S.27 7.“ 3.81 Pc EH 26 405 575 

1.6* 8.07 101.00 1978 u:» 71 

91 3.75 11.05 t. 70 30S v. SO 165 ** 

100. w m»i lx 

96 5/6 *-47 MS* 8-78 » 3.50 TC rz 136 M5 60S 870 975 

4.67 8.49 102.00 If 81 1476 Ul 


1972 CUED KZTKPC'Lmt 1^0% Bt 5/8 9-11 1.57 8.56 


if>.:o iou.ro 


If JO KABO IfETBOPd! HAS HOtSL 98 


xm.ro 16M17 
9.(4 io.;i jnc 

iqo.uo mm 


10)2 C3UBU0 BOTU. 5CE.'PUI 91 1/4 P-»T ®-M 8.77 


96 ]. 4C11.ro 6-76 *7 .50 Iff VT All 973 

1.M 1-*.:* 1DS.XB lllSIRM CT 

94 3/4 3-«2 9.J3 8-48 TP HE *58 32 60 ?91 *39 

CT JTS 


91 S-M 10.17 8-79 30 BP « *12 "• 

101.00 1901 » 

$3 1/2 5.96 9.81 8.88 IG.0S jn Rp ST *98 32 CO 93! 990 

100.00 10*3 jT 9»3 

03 V* 13.04 9.00 9.SS SO.S0 30 3.00 PI St *58 32 60 931 S39 

9—0 10.02 10V.«l Jo a 7 DT If 97 NT *73 

99 3/8 ".I? *-:.p 8.47 ®.J1 j" .» an *88 9U 975 

5-19 *-5® 101.00 19*0 BTI973 IX 


75.20 9*. 71 B.QO W 7M047 *.« 9-«0 

25.00 1072 BASDSOI 88 3/8 8.m «-/* 8-77 

22.00 jao.«g r./s i/:b/i«s7 *.m so.** 

1..0O 1970 aAMBPOS 87 3/4 7.IF ®.05 S.72 

j7.*a soo- on 0.90 39/12/10*5 ».n :o.i7 

20.00 19/0 BILL FAMIEL C K-rr C/ of 3.-2 9.47 7.13 

W.50 7.00 JL- J \97Z 

30.00 1476 HILL S4K0CL STOPP XS JJ 5/6 3.42 II. IB 3.89 


mi-« i»w DMV3 us 


.SO IP EB 3» 950 950 960 975 
29 TS LS 

2-70 CP CC 359 9M 330 960 965 

l"/4 V. 973 

t-:Q tp OS 378 ®I0 935 950 960 


9*. 50 7-00 3!/ 3.' 1982 

20.09 1071 lECL S4HQEL C30UP 

1 “.GO 10O. GO S-30 SV.W.TZi 


15/ 3/10*2 
' 1.* 2/I59Z 


88 3/8 8.m ®-/4 8.77 ... m 1.00 » 07 313 9JO 932 959 960 

*. MI 10.24 191-30 1®V) D?X97fc L* 975 

87 3/4 7. 1-’ 0.05 3.72 1 1.1* «W 1-M ttp HT 335 ® 10 932 950 9*0 

•.n :o.i7 iov.oo i®*» 2971 l= 0/5 

of 3—2 P.47 5.53 >1 HP SB *37 960 975 

loo.oo i®;t lh 

81 S/6 3.42 I1.1B 7.69 3f> Br EH *Sft 934 960 975 


Financial Times . Monday Noveml ^; 6 197 S 



-o 

2 s;_ 
S§ 
S| EE* 



93 5/S 8.P* 9.JI S.:o -Jl 1-?B IP DX *57 ®70 934 950 MO 

A-.J 10. .4 100.25 1079 DPI®:* LK -:i 

04 s/8 3-17 7.*s 6.73 «OT p.nj up or 350 !05 oil 0S<J 040 

I. nr B.f» 101.50 !•»:» 2078 LV-IAH 0,5 -.13 


44. 75 100.09 

tro-ca in 7 


1072 ICL WT T3I 
00.09 7*50 U 


9* 5/8 3-17 7.45 6.73 «OT 

1. nr B.f» 201.50 lf:» 

91 I/B 13.26 0. JT 8.05 __ *■« 

0.I6 8.90 100.75 J?:» 


3-25 re ED 359 105 P’O *?n 95* 
1478 LS 050 !/W) 9o5 975 


ttn.ro wit tci 1 st ns gil/t i.i7 v.ut 8.91 'iK «W9 re so lij 

100.60 ICO. <10 0.25 it V’-ii 1 6-7/ 9.(1 101.50 1093 1**3 LS 

ro-00 1971 J LTCSS 91 S/a 7.13 9-70 .30 :-»0 IP on 346 210 219 9311 935 

2O.F0 100.00 5- 75 L J-,JS5 3,43 10.0* 103.00 t»fS 10,4 LK 040 973 

25.03 1972 BLXUSHHT BTS5IU: 915/8 8.54 4-77 9.03 40 1.00 IP ZU. S30 ®10 935 950 960 

2A.cn IOC.OO 8-25 15/ 5/1537 5.79 10.20 107.05 1380 S?l®’8 L.* 9.“3 

31UI0 1971 LHCMHIHE C.C. 9B 7/8 2.M 9-6L 7.00 TV SB 323 U5 530 960 975 

21. 5(1 100.00 . 6.50 I!/ 0/1J3X 1.88 10.16 1976 Ls 

3C.no 157 S 7356AL A VXscLkL AILT* B0 . 9.1 fc *-‘5 6- ST “C :.iO r.r a 335 WK5 950 960 

26.rO 200.00 7*425 UZ/iOit 3.09 10.16 ICl.OO 1081 DPI®.-* IS 915 

25.CB 1973 HZT SSMCU t pe“f 81 1/2 22-5* 1?-?? 9.62 .7* IS SO 346 930 SM 975 

23-90 X 00-73 B-CO 1/ 2/199S 3.M ll-T* I03.DO ISiO 1077' LS 

::.n» :®;: a*s cstaies a wj 91 r /» i.o? m.27 9-52 „ __ ■» 2.20 vo nx 3*6 530 9to 97J 

IZ.VS 100.90 6-23 Li:.:?“JS «-*• lt.18 195-69 ]0‘9 1914 Ul 

71.00 197* HTOaW W!t m Trrrzsz M 1/S "-8° 9.30 m.-W roe I0.ro ye EC *».**• 

75-00 99.00 E.7S V!J/lJbfr 5.29 l»-I5 101.30 I»BJ DPISW LS 

Ti.ro 7°“ kb iJL<f iriL fi'. irrrzcs 92 art ia-ft* % .tt 9-47 ?t>.t2 ,0 7. so re zu jab 

Tt-uo ICO- 00 r.;c 1/ 4/199 ; 13. 3 a 4.97 101.70 I®. 13 Dri/IU 1-V 

i -rs 1470 WSTAGDniar 9*3/8 6.0* 9.(3 . JUT .73 IP EU 3» 930 950 9GO 97S 

f.i> 9®-> JO 9.25 LVIO’:0T3 A. 10 10.37 131. .5 }4f0 S"7S LS 

30.00 1972 BATTOPAL * CpyOL'r: Bt 83 L - 0-04 ®.r* 8-76 l._d »r nj 341 91 1 930 93S 350 

24.40 ir.L-4 T.Tj ] ,gj 1.0* 10.4-3 101.ro 1414 071*72 LX 0J5 5»a S/5 

;*0.0« 1977 U770CAL COAL fuAk? 04 7/8 *■** .?•»' *-?0 « , *' K «* '."I GC HT 3S9 "* 

irn.na Vfc.OO c.tfO 5/®:;>.®7 ■ 7.4* lv.0< 10103 IdfJ sri‘j>9 U: 

20.00 1076 Sinuf-U. CCAL 7-0 *:o pi S/i L’l I6-Ii B-»6 rr TS 3"0 tmm 


, I® 7 * BASTLATF BiBE WT P 
130.00 9.1 15 It -(1935 

’. f ~- SAXrU.TF sev 7-F7 

sw.ro f.iu- is.' -.'loor 

i®-= SAKiiurs basc tvr 
JO 7.-5 ;/ 7. L®92 

I'-*7 EABC'-'ri 0'5U! KTESt 
S-IH.uO 7. JO Li/ 9;i?®i 

; .0 iECUP 1S7 

;?o.o3 <>.?> ji/ j;»sl t 

?>■: SEEoi/.p t:— 

IC.-.CO H.;? if 2*!9*« 

1 "-’ sob\tl» emu- 
M-’-no v.Jj IJ/-5/W05 

:-i“‘ aauTrp casp 
iro.fia s-.Tj 15/ 7/1976 

■.®> BIT! II 'AS 

io-’. '0 u.on it i 

I® 7: SECncB lasb 
90.00 6. on !••*!'! 00? 

19« XHf-.SI "TSCLSOl 

SP.75 6.*s 

i«r? as~-.'H sEcsonm? 
:03.33 9.00 Vli,15K 


,s ,A * ?:!I 
971/4 £S ;:l? 

« 3t * Tj-.WTJ- «» 
2.00 10.5* 

98 5/3 I. S* 9.17 

LH 10- a 7 
90 I/* .09 l®"« 

94 I/* 8.08 1.97 
A.09 9.10 

99 1/4 6.42 *.36 

S.A2 9-26 
97 7/8 1.46 ®.4P 
7. .fc ".Ji 
97 3,'* S-fc7 9-fc* 

9Z 13-83 9-56 

9C 5,*B 3-75 10,50 

82 3 /* 7.2* 0.*’ 
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C 5/8 I3-5-- IU.2"’ 
JO. Ill 10.1. 


97 1/3 2.36 10.26 
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ls; u>:j 

89 1/s .1*22.00 

■B 1/2 i*.ni 10.41 

11.3* U.75 


9.74 10.55 
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j.o; 

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0.8® 

100.00 

8- 99 11.33 

m:.j« 

9 - S3 10.41 

JOl.JC 

8.33 


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1880 HR 078 
60 7.00 

1981 DPI97S 
30 L5.AI 
S9»B J079 
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*« 5.«0 

is; 9 Bn®;r 
16.00 
1983 


e® :.oo 

1990 971977 

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its* nr 1579 

30 

w:» 

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no 7-na 

1*85 trrtiii 
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1982 PTLJ77 


90 t.W 
USB 1970 
5.00 

197a 
IP 1C. CO 
18*2 1987 


326 ®3tX 9» 9*5 Ml 
*30 960 ®7S 
326 010 415 9*1 950 
SM» 975 
93 « 

335 938 915 960 959 
975 

326 JOS SCO 930 030 
9(0 J l 

326 5JO ®js ISO 340 
“U 975 

630 9O0 


407 35 520 095 910 
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287 ”»® 

am 93* ?S3 97s 

316 *3* 935 «:» 

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51? 87 fl CJO ®?5 0-r 
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346 950 960 V7H 


M 5/8 7.13 9.70 9.25 33 

3.63 13-M 1 03.00 tl,-| 


2.00 IP HI 3*6 Sift 319 938 935 


91 3/B ft-£ 4-77 9.03 
5.79 10.70 

98 in .*•** 9-a. 
1.88 10.16 


107.05 1580 D? 10 


I ; CO ip EO. 330 no 935 HB 960 


7.ro TV a 323 115 530 960 975 
1*« ts 


9.16 4.45 6. ST «TO '..ID r.r a 335 913-935 950 960 

1.09 10.16 1C1.0B 1981 DPI®.'* 1% 915 


91 7/1 1.09 10--7 9-52 „ ■» 

«.«« 11.16 103.03 19-9 


1.2B mm 3*6 930 960 973 
IP 7* Ul 


JO. jO 1076 SATTOP-JL CC*L TJ?«33 

fcfc-jf ».«:> i'r “.-i"*i 

5n. ’0 1473 T4VHfH.iL cur. 

*:.»0 *,.M X.«S JJ/lP.-lwg 


q; S,“4 L T I 10.., B.»fc 

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7:.jD 31TWL sirsr^-0 **K 

jro.ro ®-ro :s; aJ 

35.36 1V7 8LE5-TO •!*.?/» 

di.ro 6-:-* l" 

70.00 1973 tx ar?astB*vj. ra 

18.03 B-CJ S.C0 ■ '1508 

H,m 1977 328 CV2S5US FIX 91 3/S 

<0.09 lfCiM' *,'■'* ii'j/rwa 

2*. 96 “.071 US P'^raAT!*! S* 

ZZ.U 10.09 «.» VmiM 


b: a' 5/4 ;.»? ®.(* 0.d *® :.*® :« ee sir «,® 

4.J3 tu*.in ]4-lDriMI LS 

sr 4S3.’* 7.*» *••• r-t 1 :*■?' *.-* rs us f** 

sns.ro u i lv 


9*.7/» 0-42 ®.« =.«* 


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rs «.®3 10.B2 3-69 ;; ;? 353 Pin 315 9M SGft 

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VI 3/S 13-3* !Ml 9-63 U.fll tS 1.00 rtEC }»m® 

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a W ®-8T 5.J1 »j ms «p ec ass ?&n s-'o 054 

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re D.T'i^Bfi-pf^n-a js inxc* 

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2-.0O I ®*7 DE WatS COPf MDSEfi 

30.00 99-30 6.50 If fc/»8L 

ZO-VT 1971- ESCM ‘ - -- 

li.CO 90-00 . 8-50 . I.-12/19M 

J3.50 107* E5C« 

li.no 98.50 9.25 2/~1/l«9 

25-56 A®75 E5C£»f <■ 

100-00 10.00 £0/6(1980 

JO.nft 1015 ESttlt - J 

3J.00 99.54 10-23 . 15/10/1981 . 

25.00 107“. ISO* 

98.50 . . 10.08 ;5/. 4/1980 


■ .. e ... 919- J.;n Ottx 368 "813 

til 8 Ifll.SO 1S/S 1676 SIDi - 


• _ t .*o VP HS 3*6 T05 915 935 9*1 

« | t 8 ‘ M 1 02.30 1979 IP” 9fcC 013 . 

. « “ toe 3.20 SFtr 186 105 91! 935 0il 

91 1/2 J->| b -‘ < 1 «3.S0 1979 1973 LILXFf . : • 

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A-2J 10.80 


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M 7/0 l.D* 10-ro 10.11 S 

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98 S/S 1.93 10.M IO.U ■ “ 


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• “xi : 9J3 Ml 960-975 

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19U X»W79 « . ” s M1 960 *»* 

tis EB 230 IO? 115 530 9U 


— 7 „ „ „ . m, x-au M- to 95 105 913 9M 941 

1471 HESDBLtC 08 90CTI A TOC* 81 2/6 9.m 10-?^ f -* 7 ^00 1360 1973 LZ ■ 960 977 

M-M 7.75. 15/L2AW ' JO 1.00 BP EB 93 105 915 933 941 

1972 vmaetc 08 srorn afiica.-'b* i/s a.J* ®* 51 ...no uro 19» w . . 9*o 975 


1076 SEPBBUC OF SOUTH AX81C* 98 3/8 2-30 10-53 9-91 
99-00 . 9.75, -15/ 2/1981 


.1973 IX . 
3.M HP.EO’ 
W1977 JX 


93 IDS 115 913 935 
• 961 960 • 


* E5 •pPU Aas-BPAjS. - - 

24.00 1467 iDTOPISTAS 

1-68 99.50 7.00, .- It 7/1987 

20.40 1971 T.H.I.. (SMSB1 ‘ ? 

16.00 10D.O0 . 6-00 .1/1Q/1987 


16.00 100.00 
I5.no 1972 . I 

16.00 . 49.30 

15.00 1971 1 


7.7* - */ 1/19 BS 


22.40 99.50 .1 130 30/12/1986 

30.00 inm Usfe --• ■ ■- 
99.00. . 9-25. ,1/12/1983 

ns DouAks-sa neV 

25.00 1978* ftc* mctibulas : 

25.00 100.00 9.23-- lit 6/1988 

is.ro i?fc® aSe* • 

1.10 97.4ft - -:ift.W-l®’/ 6/1480 » 

34.00 1971 *SEA- . - 

5*. 00 96.00 8.M 1/3/196* 

20.00 1470 ATLAS COPCO ' ~ 

70.70 98.75 - 9-.3D . *1/ 8,'|fl3 

30.00 1977* «ITT -08 CDTHESMUC 

99.50 8173 “13712/1987 

30.00 1977 - Cm OT KriJCKMU! ’ 

M-OB-IM-DO- 8 -875.-25/ 2/1992 S 

15-40 1465 BDXSBPMB J ". 

*.50 94-25- *,00 : l/U/1900 

11.04 1467 ESlXSBSSGSr . 

S.A9 99.15 ■_ ft./S . 13/3/1M2 - 

£9.40 1477'ESSO.TE ’ 

20.00 99.50 S.S0 ‘IS f 2/14*6 

13.00 1*65 - B oaanudB 

A.SO 99.00 . D.OC . 1/12/1 9S0- - 

*0-00 1977 G0IA4ZBKEH 

100.00 : 7.825 IV 9/1982 • 

*o.po 1976 cmnua 

100.50 8.00 .15/2/13*2 . 

*0.00 1977 . G0TA.9EUE9- 

38.00 . 99.ro - 6.1X5 15/ 5/1987 

£0.00 1979 gB UW BB ’ r .- p 

99.H0’ 8.25 1/10/1983 

30.00 1976 GCOATOsm 

30.40 100.08 . . 6.23 13/ 1/19B5 

19.00 1967 CUBKXS’ - 

8.10 97.30 F.73 16/10/1987 S 

15.90 1971 CSASOU .’’ 

11.00 100.00 1 8.50- IS/. 2/1959 - 

30.00 1975 CSA»ZS " 

100.00 . 9i7S : 15/12/1980 


c/o t c.1 R.-4 7 M SO f.«r « ED IM *05 915 975 

91 S/8 8.W |-=« 7-« l4ja M73 

«... ,u «.« M 1.-00 WHO 3S191S973 

931,1 sS 1*5 101.50 10*1101*75 XI - 

-» j-g*s «». ,;e a 

«»■ f» ts iSS »“S“ 

»* £ -•» «•«« ** 5 iss s “ 5 ' 1 


95 1/2 9-62 9.»« 9.M 
6.96 10.19 - 


101,50. 1S51 BTL979 LH 


1.00 HP EB 315 105 300 520 


« 1.’2 1-63 ?-’7 6.38 
1.1* 10- “3 


94 (/■ 7.33 0-23 •■«* __ 

A.sa- 4.57. • 101.00 

98 7*8 6-75 4.(2 9-61 10-17 

*.» 9.63 . 100-15 

95 1/2’ 9.13 9.59 

100. >5 


>1979 LH 715 735 932 4X5 

- 450 955 960 ITS 

l.H HP OX 315 101 HO 710 T15- 

100.30 1419 19*9 WLS. • -,- “Ml 955 975- 

ISA - AJC 2.M VP- SO 74 ion. ?M» ns 73S 

101.00 1979 I97i LH ..<»»».« 

9.61 10.17 » 1-ftO HT BB 7* 735 955 973'-. 

100-25 .1960 BPI971 

9.16- 9.85 JOB 2.81 HP SO 273 **♦ 

1<J0.75 19BA TF1970 1» .“ . “. 

o.*7 10.01 JO . 5.00 BP HT- *58 20 32 : 88 -Ml 


.95 7/6 13. JO 0-W 9-47 10.01 
•8.80 9-60 10E-05 


ICC. 05 HOT ipivra O . 


. p in «n\ r .- . 


4S ■(! -oi 6.47 6.17 30 1.9« WBO 173.105 524.710 735 

li" lff^B* • 100-00 1976 1921 IS - - Ml »5» »?5 

95 7/B 3 37 8- (8 7.0* 30 : I.'lS CS HI 293 Wt 520-710 735 

M2S 100.50 1978 BTIM9 ST .-..'.JiLFiS 975 ;. 


11.00 X00.00 

30.00 1975 


92 7/3 5.3d 10. W 9.15 ■ *5 

3.60 11.00 10X.SO 1981 

9! 1/* 2.0* 8-57 6.30 30 

. . 1.09 10.52 -- 10WS 1M« 

93 3.88 9.87 8.20- 

94 5/8 b.21 10.02 8-*S- 

89 5/8 8.R8 9.93 9.07 _ _ -M 

6.X2 10.31 101-00 1962. 

t 96 3/8 *.92 9-7* " 0.74 ’ • 30 


92 1/2 6.21 9.91 8.92 H-« » 

*.21 20.53- ID 1-00 1982 

83 9/6 8.96 9.71 8.22 301 

4.9* 11. AO 102-00 If?* 

91 5/8 10.30 9.81 9.28 ' 30C 

5.30 10.63- -104.00- 1961 


98 1/4 2.13 10.68 9.92 


101.00 1978 n 


1975 CUMCSS — ’ • - 
98.00. ; 9.78 ; 1/ 5/1*83 

1977 KZBCSCH 08 8RBHE8 
99-00 . 7.J0 -U/ 6/1982 

1977 KXR3X8! Of 96EDHI 
99-75 : 6.25 IV 6/1987 

1977“ XUKDCR a'swa 
59-25 8.50 15/11/1987 8 


100.00 99.75 .T.-i 9.08 XS/U/1997 S 

235:90 ' 1978“ EXHOUXI -08 fflEDEH . , 
121.0ft 99.00- - 9.25 V fc/W98 S 

15.00 19*5 menus . 

2.56 99.23 A.00-. 1/972050 

Jd.CO 1 *:r KDCHQHE • 

54.00 104.00 ’. 8.00 U/11/14E3 

20.ro f9W L&BUCSS9 

«.60 97.13 -6.50 15/ 3/1566 S 

35.40 >®76 L.K. E8ICBS0*T 

140.00 8.50 15/9/1983 

2P.II0 1477 UH^SCCSTOS 

30-00 140.50 . 8.50 15/ 6/1989 

30. M 1470 L-K. BIC9SDB 

21.45 99.50 9-25 1/12/1965 

31. ro 1016 L-S- tUCSHOH- • 

31. W lOft.OO 9(15 15/9/1041 

25.00 I® 76 H> OCiDMCJO 

104.00 9-00 13/10/1966 

25.00 1476 KOCBDOSJO . 

100-00 9.W ’. 15/ VIV63 

50.00 t?77 31AD-SCAHBI-- ’ . 

90.25 6.50 15/3/1049 i’. 


98 37* 6.50 10.00 9.87 «9C 1.25 HP 

A.B9 10.07 102.00 1980 98197* LH 

93 1/8 3.62 9-tt 8.W 


3.00 HP BD 315 109 520 715 T« 

1480 LS ' . “7*5 <UD 932 4X5 

Ml 955 9W MS 
l.SO 00 EB 722 lUi 520 7 14 X35 
19/1 SZ' 9il.95S.57S . 

ee HI 218 *00 

. • W . “ 

GG HI 218 *M> 

.. LS _ _ , ... 

3.00 cc ED 218 •** -. 

1976 LH - 77 ’ 

60 SO 315 320 MS 930 932 

LH •- v 935 9*7 955 960 

- 975 . .. 

6.00 cc an 218 •** 

196L LB • 

.90 KP Ili 359 105 710 735 953 

1970 UCLB 965 973 . 

i.DO HP 80 359 1D5 710 715 733 

1979 LS 955 961 975 

'sped 359 35 105 520-710 
r LH- 715 735 940 955 

- 965 975 . 

1.25 HP 20 339 3 5 105 570 710 
F197* LB ' 715 735 MO'955 

965 975 . 

• H? TO .517 «** ’ 


91 3/4 8.62 9.69 8.99 10.89 *5 4.0ft VP CT 517 **+ 

7-12 9.90 lot. 50 1983 1970 LH 

94 9.04 9.73 9-15 9.82 30. JR HE *79 20 


94 9.04 9.73 9.25 9.82 30, 

100.00 198ft' 

96 3/8 14.0ft 9.63 9.3* 4.43 . 30 


103.22 1989 8T19B3 S3 


IF HE *79 20 - 37.- 33 .95 
- ST 60 805 931 939 

M 975 

6.70 If. IT *70 20 » 33.35 


97 1/0 14.50 9.71 9.67 


11983 ST ' (A -405 931 V» 

940 975 ■ ■ ' 

s.xtx ip be * 70 31 W 


95 7/8 1.84 8.50 6.2* • ' 10 2.25 « 

UK. 9.4A 200.00 1478 1969 *T 

44 1/2 5.04 9.42 8.47 ' 43 J0.00 CO 

3.04 10.19 101.50 1960 1479 LI 

95 1/2 ’.37 T.41 6.52 TOT J-70 HP 

3.87 9.02 101.75 1919 . 1469. LI 

93 1/0 *- 88 20.35- 9.13 ’ *5C ' IP 

101.00 1900 ■ LH 

91 V 3 10. <6 -9.8* 9-10 A5C -.00 Hf 

7.46 10.19 101.50 10B2 QP 15 80 LH 

9! 1/8 7.0® 9.62 9.63 10.19 *5C 2.J5 HP 

: • 4.15 9.82 100.25 19N HU S 


103.04 1190 DPI 98. 17 M5 431 919 9“, 

10 1.75 CC tO 71- 1«5 710 JJ5 

978 1969 HT ®-l 95S VI5 

45 '10.00 CO SB 3li 

460 1979 tl 

TOT J.ro HP S3 350 1ft5 71ft 735 

979 196® LIUC . Ml 535 575 


• IP EB 

LH ■ . . 

-.00 If CB 339“*“ 


97 3/8 1LM 4.61 9-50 I ft. <14 


2.25 St EB 71 70S 773 915 975- 
M71 - ZUSfiR 

1.10 8P 6U S13 **• J • 


11.03 9.44 UlliiO 198i W19J7 LK 

W 5/8 7.46 IM! 10.04 . 60 1.75 HP FU *85 105 270 715 9? 5 

. .IOUSO 1481 PFI977 U 

93 4.W 11*43 10.21 . 60 1.00 5F Eft 721 105 270 735 *75~~ 

10 0.55 1900 FF1977 M 

87 7/3 10-37 10.45 ■ 9,67 . 307 J.»- Fp HI 2pf **“ 

.(.101.50, 1M3 871979, LS 


II M 3 pi 

-£ ‘ pohhowsv a <E 

©$ COUPON MAHIRnV ^ £ 35 


?s |e| » I 

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. MARKET 
MMEBS 


IB H MABUBI enm (cosmum- 

1977 ism nmnnoiiL wz/s S.M10A 
1»0M 9.80 IV 5/1987 T.25 U>M 

X9w 110 mro-OTe • vtt 90 st* 5.50 mid 
99.50 6.75 V 5/1984. 3.35 10.38 

1069 sio thw-sjhc . - ar so v* 5.50 9.0ft 

. 99.50 6. IS U 5/193* 3-23 10.43 

1977 SSUOIOB HOST . 88 3/4 10.75 10.53 

99-50 £.75 U 6/ 1359 S-20 10.73 

1973 BLOWS EST1TES 88 9-M 10.04 

99-90 8.00 1/ 2/1988 • S41 11.09 

1072 msoa BH3X8 ■ - 91 T.30 10.56 

»-90 £.75 15/ 3/1906 V . 4.38 11.37 

177* Bam or ssrud ■elect- 99 Itz 3.08 10.00 
99.00 8.2S 1/12/X981 1 ' - 

.”73. rassxm GOMUnor : » 9/8 - .42 1U91 
100.00 8.00 1/ 4/1979 

•IS’iL cm "BUO ' 83 1/8 9.a 2tV99 

100.00 0.00 15/ 1/19 B*. *.71 13-01 

1470 HOST DBBS1S BOOT TBMX71/Z 6.46 . 4-55 
100-00 7.73 15/ 4/198 J . • 2-91 U59 

1®7D 9H0ST BOOSEK OUWP JB7-W 1/2 6.4S 9.11 
100.00 7.75 15/ 4/198S.; 2-9110.4* 

1077 BHim BlftTOITSftnO • . » IT* 10.5* 10‘77 

99.50 9.00 15/ 3/1080. 9»42 10.51 

1973 LKLIEJI 000008 2X89E ‘ .- O 1/2 10.09 10.48 

98.50 8.75 1/L1/19WK. :• - . *-70 u.« 

1978" 0B2TPD I RZSQOCM , : #6 1/* 6*58 9.30 

VQI.OO 8.50 1/ 5/1985 


8-00 1/ A/1970 

Ton 1 cm maaftAHB’ 
fi.ro 15/ 1/19 B* 

host douse; shoot ~v. 

7.75 13/ 4/1985. . 

WOST HOUSES WPP 9 

M S is/ * /19P. ; 
Bn® nRiBiM ■ 

4.00 15/ 3/1060. 

CH27ED DOOJ.-KW am ■ . ■ 

£•7 5 lmnw* 

Oa uni K2SQKM 

8.50 1/ 5/1985 8 


88 9. 20 10.0* 

Ml 11.09 
n T.30 10.56 

. 4.30 11.37 

99 in 3.09 10.00 


I 0.H KL99 
*.71 15.01 
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3.94 LH 
! '£.46 9.11 
2.91 10.4* 
- 1C.J4 10.22 
9«*Z 10.11 
MO. 00 10.48 
. *.70 U><5 
• 6.50 9.30 


1 1978“ B52SB t anat 

' 99.00 B.675 It 3/1993 -8 

1972 HBtlCOHS ItnSMTXOI 
99.00 8.25 U 6/1987 - 

1 1972 WnLUMS 6 OUH BASK.' ' 

M(W0 0.25 V 6/1987 

BS aouMS^arma KBag 

1967 ftHWHOtOIHBB. ■ 

99.00 6.23 U 6/1982 

1971 HUE at cap <£&*.> ■ 

94.00 M25 1/ 4/1516 V 

1971 vox Err ur 

97.00 8.75 U 4/1986 

1972. 1X B BAD1 HESS 1« Rtf -«* 

99.00 6.75 if r/1987 .. " 

. 1973 ASBSA3A H23S HT CAP ZX 

W-00 6.75 If 7/19V 

| 7*0 asnutAs sums oh. . 

96- ro 8.00 15/l(/i98l . 

197* ahirch H o n»> «*?' 

91 no 9.00 ■ 15/1/19*9:-. 

15®? AWXVJ OCL BLMe 

99. » 5.75 1/I0/1M9. 8. 

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99-ro 7.23 1/4/1980:: ' 

1*^2. A3HLA.5-T1 OH ITS " " . :. 
9.®- 25 s.crO 15/ 6A9B7-- 

1*;*® ATOO O'? CAP 
100-60 »._3 J/3/1985 

• AtlBr IVODDCTS EFf-- - 

infl.ftO :j it units 
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9t.?0 4.25 1/ I/IML.-S 

“-'Wee poms o/s 
10p.ro 7.71 1/ a/1485 

m™ DCATiirc poods o/s V- 1 
100.00 9.00 15/ 3/1985 

I®*® bessit wr m . i 

97.00 6.00 1/ 7/1979 . 

BWE Bn -t- Wl 

97- DO 7.7J ] S/10/1987 

i®fc®_ BTOOL'Acsni 0,-5 our. 

97-25 6.00 1/. 9/1979 - . 

2’ 7 = aaucRTOH 0/8 BAP- - ■! 
96.60 7.73 If 4/1967 . 


96 7/8 14.50 9.69 
10-49 9.57 

93 1/2 8.99 9.37 
*159 10.08. 
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5.6* MM 


S-99 „ « 4.58 W BT 359 219 *W SW M7 

HUSO- 1983 291583 U 968 975 

„ » 2j79 TB HB 346-933 950 969 975 

X0M» 1979 SSJZ XJIAX 

7.48 _V 90 £.75 : PC IB 346 930 912 950 960 

102-00 1979 1973 ~WAM 9fc3 975 

S-86 U.6S *5 2.50 HP SO 335 35 2(0 529 911 

10UWJ 158* 8F1583 LH 910 935 WO 9*7 

• . S*0 975 

S-M - „ W I- 15 PS 88 306 HO 930 S60 975 

102.00 1981 DF1978 LH - - 

*> U I( __ 7?“ 930 »9T* 

100.00 1981 2977 U 

0.M CCZB «Ui»* 

ir 

*■1® TO 78 323 930 900 975 

■42 • -J® W w 3*6 9S0 9*0 97S 

193.00 1981071979 LH 

** 40 , 2 v. .S* 3lM *■ W 341 980 975 
102-50 .2970 1173 Id* 

„ ,» 3.00 WW 546 930 960 965 973 

UHU50 1979 1973 XSU 

0*76 IS. 13 -AS > 1.20 PC ZB 335 *M 
- 101.50 Ml* 301402 LH 

** 1 *.— — .J5 1.60-iPZa 339 930 950 060 K3 

lOfcOO 197V 2^1375 Ul V. .923 . 

%a iH ,2* - BP HE -ftjll 20 32 33 35. 

U0.IHX 198* XS BE . SO .M3 931 930 

5-37 9.T3 30 16.70 MB' Ht ,14X6 *20- 32 33- 33 
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6.82 60 

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4.62 8.7 
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93 7/8 6.30 9.61 

10 O 3/8 6.37 a .ft 
A-64 8.81 
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'80 2/* LH 9.H 
5.90 10.03 
97 1/2 -ft* 1L.K 

- 52 S/2 «.« 9.C2 

- - - . S-42 9-53 

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2.17 7.94 
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■01-* 7.23. 9.0* 

S. 3.-1 6-00 

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29 Hi U.a 8-93 

8.18 9-.M 


1970 CABOT TTT CAP 
94.00 fc.ro Hi 9/190 

Wl tAJ&lF* TST 

90.ro ^.00 15/ 6/1907 

1®6? CELAanc xor m 
9®.oo b .:a j/ ;/i802 

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mr® cram; 0/1 to 

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1®77 CttlOTr O/S TO - r 
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6.33 10.3* 

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1.26 9.X3 
6.30 0.66 

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5- 90 10.02 
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8.6* 9.02 

5.62 9-55 

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1-73 1U08 

8.62 0.08 

6- 62 E.33 

3.87 7/SO 
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1-9* 10.36 


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100 -JO 1883 Pllysa UK . 0;o 9is »A0 907 

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9fi 1/2 1.46 
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99.00 5.25 15/ 11. '1964 

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97-00 3.375 15/10/1920 

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200.00 7.75 ll 2/19*1 

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99-50 7.973 13/10/1981 

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99.50 8-00 A/12/1903 

1976 URGPEAG COAL 6 STEEL 
99.56 8.125 15/11/199. 


98 3/B 3.37 9.B0 
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93 S/ft 7.62 7.62 

2.12 £.37 

94 1/8 J."9 7.J* 

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805 930 935 
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1981 7.T 931 939 975 

30 1.65 NT NT 441 AOS 425 S20 941 

UTS DP 1968 HTtKLT 9TS 

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1979 SP1970 ULXU * 975 

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1978 DP19&D NTBfLi 975 


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1*79 1112 LSUML 941973 

A5C 3. TO V" LG 166 435 409 435 475 
l«:i Im.-j ;.7J,1N 941 975 

4!W 1.3$ -:p T3 359 403 U*9 *1$ 425 

l»r» 1973 STLCBN *20 541975 

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19sl DPlSIi LS 

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Li. 

3PC 0 2>oo t.Ttn £30 975 

1979 1977 IX 

I9T 4.00 FT TO JEfi 405 407 609 411 

19-r9 Slip; 7 LSML *25 

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30 s WSS nil 90 32 33 39 
1983 XT CO 805 931 939 

940 975 


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£.87 9.99 

1CL.09 


1 407 409 41S 



If expertise in securities is money, 
Yamaichi is worth fortunes. 






Sf 


£>« !»'-/ 


That's what : people are saying 
about sales of the new vehicle of 
magnetic recording, the video 
cassette. New recording tech-, • 
niques are now opening Op the . , 
home video marhet and improved 
tapes are giving, video-enthusiasts 
the quality they expect from their, 
home video machines at a price 
they can afford. .. 

And it’s also what people are 
saying about pur own perform- 
ance. Earnings per share climbed 
from $0.51 to $0.61 Jast year, and ■ 
sales were up a solid 14.8% to 
$523,160,000. Of this, our 
magnetic tape division accounted 
for 30% — even without the- con- . 
tribution of .videotapes. 

From the start, we knew where 
magnetic recording- was headed. 
More than four decades of work- . 
ing with magnetic materials— the 
basic constituents of recording 


NET SALES 


MNopUSS) 
600 T ~ 


:i IT-4 EffBF fa* OHWf 

BSES WO"*** nw*'*»9 "fMfM 


lif 

V~- "1- lb A 

i - • ! .'.1 "ii'l 



{ ; 


TWPOrt IB73 


V‘1 ■ 

I 

IS I I 

M I 




tapes —and a global reputation 
in audio cassettes provided the *, 
base. Since we launched our first 
cassette tape in 1966, tape divi- 
sion sales have grown as the audio 
market has expanded. Our full line 
of hi-fi cassettes has now become 
a star profit-maker. 

Magnetic material know-how 
has been the key to our growth, 
and the springboard from which 
our video cassettes are taking off. 
To take advantage of the growth 
potential in this emerging market, 
we are investing in a new video- 
tape plant. With the start of op- 
erations, our magnetic tape divi- 
sion sales will have nowhere to go 
but up. 

&TDK, 

TDK SUSCTOONICS CD,, LTD. 

b-l. Nihonbahi l*chorne, CLuo-Lo, Tokyo 103, Japan 


W ith 80 years experience, 
Yamaichi is one of Japan’s 
foremost securities firms, provid- 
ing the complete expertise you 
require to maximize opportunities 
in the securities field. 

With the yen becoming an 
increasingly stable international 
currency, our brokerage business 
on behalf of foreign clients in 
Japan has enjoyed unprecedented 
success. Success that can be 
attributed directly to our position 
of leadership among Japanese 
securities companies. Success 
ihar makes us >our ideal partner 
in all aspects of the securities 
business: underwriting, brokerage, 
distribution, dealing, research, 
and investment banking. 


Yamaichi’s offices on four ' 
continents are linked by a 24- 
hour-a-dav "hotline” which 
gives our international clients 
immediate access to data 
pertinent to their needs— up-to- 
the-minute stock quotations, 
economic and industrial studies, 
corporate evaluations, and 
investment and bond market 
analyses. 

If you're looking for 
expertise in securities, consult 
Yamaichi. In Japan and through- 
out the world, we have the 
know-how necessary to offer you. 
immediate and comprehensive 
assistance with your investment 
requirements. 


Uncommon vision in 
international finance. 



YAMAICHI SECURITIES CO.. LTD. 

Head Office: *>1. VaeMi I-cbomc. Cbup-ku. Tak^o 1W. I&poa 
Teh*; J^SW Tel; 273-5111 


ru* ifc France Telex: 680S66 Tel; 01-266 32« Zurich Office: Todisirasfe.r. *»2 Zurich. SwUaerbnd TrifT- 59S?f f 

45i El'SESiS? luleraaKoual (Europe) Limited: 15th floor. St. AIpbAfe Houk, 2 Fore Slceil. London, EC 2 V 54 A Tele:.; LDN 48741* 8 

1CU DI-628-2271 ■> uuicBi IutcrBarioaaf (Deotschlendl CmbH: 6000 Frankfurt am Mare. Bockenheiraer L4nd-'ra«e 5I-5J. Rhein-.Mam-Cenisr, 4 

i ' j Tel.: 0611-717321 Vuiaichi International (Ncdrilnod* >- v -: Frederikspkirt 1, AailerdalE, Tt# 

"WUfludi Telex: 15772 Tel: 020-242436 

Kew York Lob Au§alet, Ckioft, Koainil, Sio Paulo, Uoog Kong, Sinppoie, Bauftkck, Seoul 




18 





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99.35 B.J75 15/ J/IMJ S 

:r.oo i«ib* ETO-prAi: cox. l -=rt n 

"9.40 *.375 19.* :,!"*> 

:i.W I® 7b 20UPE4.9 COAL 4 STEM. ? 
;:..nri «9.a &.'n U Vl«*t> 

= 0.00 |»7£" CTSOPTA5 00*1 4 STEEL 

ti.w 8.50 I* 3/ 1 990 

72 .<>0 I97o ttDOPett ittAL 4 3Tm 

99.50 6.«:3 Lf 5/198* S 

200.00 1974 IJOWLiT COAL 5 STtXL 

59.25 5.75 2/12/197* 5 

45.00 1976 EV50PEAK COAL 4 3 TEH. 

100.00 4.75 15/ 1/1961 

50.00 1975 HJEBPess COM. 6 STEEL 

44.00 99.00 B- 75 1/ 7/1963 

50.00 1978* HJBOPEAB 0041. fi STEEL 

9®.:5 8.7J 13/ 6/ 1957 

105.00 ' 1*77 HSOPBAB COM. 4 STEEL 

97.50 100.73 4. 75 1/10/1997 

225.00 . 1*75 E0&.HWK COU. 6 STTT. 

100.00 8.575 15/12/1940 S 

75.90 1*74 XOBDPXAS COAL 4 STEEL 

35.00 99.00 8.475 15/11/1994 S 


51 3/E 10.92 *.55 9.03 10. J «KT 

B.74 9.76 l PI. CIO ;°A* 

55 7/S 4.3" 9-79 8.43 IC.II .3" 

’ 106.06 !**« 

91 7.1 9.J* IP. IP 9.12 

?i 7.*S 9J2 S..71 

b.-.e 10.31 

53 ?*£ 11-33 9.*’ 9.08 10.*- 2"C 

--EJ ».«" 182.50 I?B* 

94 1« f.SO .9.77. 9.17 


OP ZZ 339 MS «3 520 965 
IX 

VP EO 239 103 MO 9*0 965 
IX 

in. 20 TOT 5.W KP TO 339 *** 

IPI.0O ; a «4 B*1M1 LX 
1C.1I VP IT 4*1 70 37 33 35 

10*. IK l® 42 IT V) n.4 931 939 

947 "-S 

T7 Et 214 750 »3- 

V. 

=.*lt KP E= 3J9 109 4* A2S 9*5 
IV) IX 

)0.»- ="C 2 .90 KP BO i* 947 


99 7 '8 J.53 Ifl.lft 9.03 11 J- 1" 

100.00 1979 

97 3/0 2.21 9.96 8.94 

97 1/fc 3.47 9.65 9.00 SOC 

3. *3 9.73 1C1.DO 1979 

94 1/4 8.42 9.75 9.28 10.33 28C 

101.30 1«84 

92 3/4 IB.52 9.59 9.43 60C 

11.15 9.85 10 3 -DO 1982 1 

98 1/2 2.15 9-90 9.21 10.13 30 


95 3/8 18.04 9.60 9.50 
11.04 8.75 


IPr.iO I»B* 1981 IX 

E*S7 «1 3) » n Ji 

100.90 l°43 r» BO BOS 931 93* 

940 975 

11 J. W SB TT 441 30 32 3? V» 

100.00 1979 N7 805 931 939 975 

sr so SS9 •*• 

LX 

SOC 2.00 9P38 95 *•* 

JCl.OO 1979 1976 U 

10.33 28C 97 EC 186 35 105 465 40* 

101.30 1*84 LX 510 940 941 

BOC 5.90 57B 339 ••• 

10 3. DO 1984 BP1978 LX 

10.13 30 SB 87 441 20 32 3S 60 

100.00 1980 nr 805 931 939 973 

9.94 30 5.00 8PBZ 441 20 3S 33 39 

102.32 1988 071982 KT SO 80S 931 939 


1*76 EceOPEM COIL « STEEL * 96 3/B 4-21 10.00 901 10.97 


100.00 9.00 13/ 1/1983 

TS.OT 1978* EOWFEA!; Cft\L 6 STHL 

23.00 ICO JO 9.00 1/ 4/1993 

50.00 1977 LCW TCAB COAL S STEEL 

4».’5 IG0.60 9.00 15/ *M""5 

00.07 197A ETJVOP LAN COAL 4 STEEL 

CO.*. 99.30 9. CO 1/ 5/1996 S 

75.C" ;»:7 E3MPE.W COAL S STEEL 

72-.lv lin.*0 9 .173 1/ -/JS97 S 

5C.C3 :«7> ECWPEA.T COAL & STEEL 

10*. PO 9.25 1/11/1960 

SP-PO 19 M rrS£STA.V COAL 4 STEEL 

7-5.00 10-1.06 9.25 IJ.* 1/1®86 

75.00 797*6 pgBOPEMT COAL C STEEL 

71-00 99.50 9-15 !/ i/WS* 

K.M 197* EOnrCAX COKME’^tTT 

99-50 7.50 1/12/197? S 

PC JO 1977 E080PEA8 COWSTEITT 

99.00 7.50 1/ 6/I9P2 

M.CO 197- EPB0PEA3 QHH /till ' V 

200.00 7.625 U 7/1992 5 


100.50 1981 
11.42 *.51 9.38 lO.M SOC 
JO. 85 9-60 102.25 1984 


7-5.00 10-1.06 
75.00 J978* 

72-QO *9.50 


S3 3'! Jb -62 9-59 9J4 10.26 

9.90 9.74 102.90 

97 U3 17.50 9.55 9.48 4.86 

10.20 9-46 102.15 


97 1/3 If. 12 9.63 9.38 
M.-O 3-71 

98-3/8 2-31 10-04 S.38 


102.35 1188 081982 FT 


81982 KT 60 80S 931 939 

„ 940 975 

war SS»»“ 

LX 

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1*79 IX 

1.7? KP BI 93 **• 

I4T8 18 

6.67 WST U1 » M 55 M 


6.67 WST UI » K 35 55 
1982 FT ■*> 805 931 939 

940 973 

5.90 CP ST 411 r. 32 3 3 3 9 


•• l-'i 7. 21 9.28 9-41 SCC 

>.4* 9-45 1ST. 25 1«SI 

?? 14. '.J ?.5S 9.54 10.-6 AQC 

71-14 4.68 1C3.50 1984 

?T iT 10-63 7.87 


92 S/2 2.39 10-04 S.Il 
94 2-67 9.85 8.28 


■ »"b FBHiWnA’; CtMOSTTV 
100.90 7.75 1/10/1931 

197' amoPEAF OTMJS1TT 

91.90 7-55 1/ V14»4 

l®:s EDPOPSM! OPSar.lTT 
99.Pi) 8. 25 1/ 4/J4A2 


95 2/1 2.93 9.87 8.19 


S'! S -6 5.39 14.06 8.58 


1/8 3-42 9.97 3.47 


1944 IZTOKAF TSTE F OtP I T EASE ?1 1/8 9.1s 7.33 6.04 

91.50 5-50 15/II/ITSi 3.13 3.82 

19*5 ITIIOFTja ISXTSIXOT EASE SI 1/8 b.J8 7.71 6.58 


99. Ji. a. 40 15/ 9 '1 995 

1“S7 ETEA/EW IHTESTTfEFT 1485 96 
9:.iW 4-50 It 2 -1487 


3.07 8. ."9 
J.76 7.93 6.77 
1.56 9.07 


1467 E3HP5A.T BVESTTEtT BASE 95 7/8 J.S6 7.77 6.78 

95.00 r.50 15/ 9/1982 2-M 8.S0 

1966 BCafiPEAK TJUTSIHOTT EASE 92 1/4 7.75 7.86 7.05 


99.50 6.50 ]/ 6/1994 

1967 ET7WEAN imSTMSET BASE 92 1/4 

99.75 6.50 It 6/1987 


4.25 8.76 
<?«?9 7.76* 7.05 
..SB 8.60 


1?»8 ETB0PEA9 l ET KS TM P T BASE 96 1/2 1-33 9.61 6-99 20C 

95.00 6-75 1/ 5/1960 .83 11.39 100.00 1*7* 

1972 EBMPpAS i MELMLW r EASE 8 5 3/4 9.13 *.39 8.16 607 

9J-50 7.00 15/12/19S7 7.37 .9.80 102.00 1982 

197= 8H80FUS Ul Te & TV Ig T BASE 89 5/9 S.«6 8.98 2.09 SOC 

98.50 7.73 15/10/1947 6.37 9.37 102.00 1982 

1473 mm™ IRTSnm 3ASS ES 7/a 9.30 9 .60 B.44 9CT 

98.50 T .25 15/ 2/198B 7.27 10.07 202.00 1983 

1964 EEBSPEAK lOTESWETT EASE 90 5 '8 6.01 9.82 8.43 30T 

55.50 7.50 1/11/198- S 3.85 10.81 102.00 1979 

1472 SCPDPZM ltmaW T BASE 87 1/8 11 -30 9.39 8-61 30 2.30 

57.50 7-50 15/ 2/1990 «.?» 10.(7 102.00 IsSC DP 1977 

1176 EDBOVEAF PTT 2 0PT BE 0 94 1/8 3.04 10.00 8.23 
99. ’J 7.75 15/11/1481 

nr: raoPEAS rsresMmiASP 921/4 3.92 9.71 8.39 10.01 ■» 

«).*5 l.;i l/lfl/1984 fi liX3.H0 1983 

1**: mrPCAs ipremfcrr batk ?: ?.ia 9.« 8 . rn 

im./T 4.10 r; t.'iyai 

1*7) 2Cf0P£/.--- isrrsrarr sa-.t: :i; 1/4 9. 5.:! 6.« <0 ?P 
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11TA Trunks iMT-srnrr »as« ?) V; i-»4 10.M s.*2 

/..■• 1/ 4/ 148 » 

•4" TTTnpfl*: r?TF5DIC.T B.«» 6) I '2 S."l 4.66 8.82 

iriS.00 f..b i/l | 1 an . 

147 - rCrOfCA.4 rSTTSTMET-T AAFT. ?t 7-3 6.20 I0.C6 B-M 10. »5 YK 


102.68 1989 DP1383 ST 6C 803 931 339 

440 975 

ST* EE 219 230 415 934 
• LX 

SCC 2.50 77 DT 359 *** 

10T.25 1*61 1977 Ut 

10.-4 AQC .73 K? ZU S3 *** 

103-50 1984 1979 LX 

KP 25 143 **• 

U 

»*W 1*3 *** 

IRZ 

SP ft *58 20 42 35 60 
KT 80S 331 979 940 

97? 

Wf WX -38 2 0 32 35 61) 

FT 809 931 939 940 

975 

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Vf to 1*3 **• 

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99 1.6*7 ss si Ml 105 403 123 329 

100.625 1978 BP 19 /O FT ?4| 475 

30 1.33 SP BT 441 IQS *05 AIS 425 

100.625 1978 DPI97I ST 520 941 976 

TOO 3.75 BP KT 186 405 413 *25 S2D 

100.50 L« 74 up 19 73 STUM. 9 75 

YK 3.75 ST tT iBc 705 40S *15 425 

100.10 1979 001973 ETtXML 5?) 975 

34C 1.00 SPED 186 105 405 415 423 

100.50 1979 1972 SYLXML 941 9» 

30 1.67 KP KT 441 105 MS *15 425 

100.875 1978 DF197J ST 520 941 97» 

38C 8-50 BP BT lit 105 40S 415 42S 

100.00 1979 BP1571 5ZHLLX 941 975 

60T 2.37 BP to 230 105**05-409 413 

102.00 1982 Of 19 73 XULST *30 423 520 965 

*75 

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102.00 1982 BP1973 LTSLST 420 42S 510 97$ 

4CT 3.00 BP EO 186 IDS US 409 415 

202.00 1983 DPI 97* LXKL5T 42S 520 965 

30T -SO KP BB 186 109 405 415 43S 

102.00 1979 0P1972 STUCK 975 


5.12 9.« 8.70 


2.50 BP SI Ml 105 *OS 409 413 

1377 LX5T- 420 425 SSI ITS 

KP ES S2S 230 S10 520 947 

IX SIS 

K? FT 411 2" 32 ' 33 60 

CT 8' *• 931 939 975 

if? a in *•* 

LT 

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1414 1X777*0. 4=5 


i-H 10.00 5.32 


161.50 l«r8 PTI4I4 IXPIKL 425 
1.50 KP TE 165 
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197- sanorsv: TvrsrniST bast po i/l 8.«i ?.«4 ?.ii 

s.4.75 e./i iv'mMMi 


10.®3 3« 

161.00 1«X'» 


1.00 IE> a: 6JP 3? 4K 940 947 
TP 1917 SllK 9*0 0‘S 

KP K0 525 2 M 9*7 

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1.00 SP £T 642 *** 


so.do i«T7 ErpoyeAS l-okpieit sasb ?o :.'4 s.i’ io.no 9.1 4 10. /c 

1<v.?5 A. 25 1/ k*iy»r 100.50 

60.00 !«:<• tmopru: UVti^mT UBC ?* 3/9 7-59 9.43 8.8? 

».7S 3075 It 6/19AO 100.75 

100.00 1?77 5FFDPEAS 15TUTXENT UBE 92 1/8 13.4J ».M 9-10 10.09 

100.00 99.56 6-575 ]/10/]o«2 % ' 9.42 9.«0 . 101.82 

25.00 1972 ECTOPIAS 5STIFDCJ1T «*« 97 1/2 7.M P.95 8.?2 

20-00 100.00 i - 50 15/ 5/1986 5.07 9.U 102.00 


1®! -2' KM Will* KS1 
10. /6 O0C BP Z 


10.16 90C BP ZE 143 *** 

100- » m* IX 

30C 4.90 KP 80 207 35 101 215 US 

100.75 1982 PT1979 LX 425 520 940 

10.09 30 10.00 H? 5T 4Jt =0 32 33 60 

101.82 19P7 SPI983 Kt 80S 931 939 075 

607 1.00 SP HI 166 103 405 415 VS 

102.00 1981 W1974 UKLKT 941 975 



Si 3 



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1473 anmu sauajatAuc u 10>U 5-W 9-U 
99.30 0.50 IS/lSJlwo 8.99 9J2 101.90 

14766 nmoPEAS g T BSTPXBT BASE 42 5/8 9-28 9-71 »•!» 10.*9 
99-50 P.50 If 2/1588 100-73 

1476 tsaoPEAs anea BT base 96 3-*= 9.u s.n 

59. ’5 9.6J5 iy 4/1981 S 

1473* aiECPCAB ZSTUHEBT B4CX 93 S.’S 8.33 9-7B 9.32 . *.*2 
yo.al 8.625 1/ 2/191*5 3 100.00 


90 .90 

197EZRS75 
300. 3.00 

1904 PS 19 79 


105 210 405 409 
415 423 530 975 


BMFE® MSI01 BAKE 
a-~ $ 1/ 1/1986 

ITOJPEaF TWSSIKUT ISKK 
8-7J. 19/ *,'1986 

SUBOfEAS B nWBt SAKE 
9. If It 9/1988 
XWWEAF BVWamtT MSS 

6.75 1/ 6/16*2 
ZCIDPEAC nmun 

8.75 1/2/1993 
EOIORAK TKI2FE0T MSB 

0-875 1/10/198* S 

ZOOPEAK nmsmST BAKE 

8- 875 15/12/19*6 8 
nsariAK ew mihmh ukk 

9- 00 15/ 9/1900 

IL8UP6AK IBTE8no*r BAKE 

9-00 1/11/1982 5 

Buna mssuEET bake 
9-00 15/12/1982 

BOBOFEAK JSTBSWEKT SAKE 
9.« 15/ 1/1302 

BOBOrUM m uBB t BABE 
9.00 15/ 9/1390 

BQBOPEAr 1M66UU5I ■S IP' 

9.00 15/ 5/19*7 S 

asants mui—i babe 

9.125 1 ; 7/1993 
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9.125 1/10/1998 & 
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9.25 1/ 3/1*98 S 

BOBOPCA* DTEST3HKT IA.9E 
9.50 13/ 2/1985 


,73/B 1:11 l.Z 
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■S 1/2 9-84 9.*6 

93 7/8 13-42 9-57 

93 1/2 14.2* 9-60 

96 3/6 7.92 9-69 

95 1/4 11.13 *.65 
11.15 9.60 
93 1.B8 10.20 


B.99 

102.00 

9 JO 

101.50 
9-16 10.13 
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9-53 10JO 
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98 l/( 4.01 9.7* 9-37 

97 1/2 4.13 9.^5 9-23 

93 3.21 9.73 9.18 

98 11-48 9-28 9.18 

96 1/2 18-56 9-62 9-54 
11.5* 9-73 


100.00 7.75 U *71984 

1978" KQXBTC TSTBSEtEKT BAKE 9! 
100.00 8.73 15 l 5/1988 

i?79" mssrc Miuum be r 9! 

IQQ-OO 8.75 IS t 571468 

19/7 eosuj BASE 9; 

iaa.00 7.00 It 3/1782 S 

1977 H72LD BASE 91 

10Q-00 7.125 1/ 8/1982. E 

1977 BDSU B4BE, "C 

100.00 7.65 1/ 3/1987 5 

1477 FOTLD 3MIK 91 

100.0J 7-75 U 6/1*87 S 

Mil WELD ««BE 9; 

99.80 7.60 1/13/1966 S 

1975 WBL0 B«JK «: 

100.38 4-00 It 1/19S0 S 

1*76 ETOLB BASE 
100-Q'l 8.00 V 7/1*61 5 

1975 30810 BABE 04 

100.00 1.19 ' 1/ J/19&S 3 

1977 W8LD BASS 90 

.99.15 6.29 1/ 5/203= S 

i?7s bohj* bur; 98 

100.00 S-50 15/ 7/1480 5 

■ 1975 K09L0 BABE 97 

104.00 8. 35 15/12/1980 S 

' 1977 BOBU BASE 91 

100.00 8.3S 1/ 8/2002 8 

1476 S0B.D EASE 95 

1 00.00 B.173 It 7/1986 S 

1476 «nU UK 9L 

99.53 8.375 1/12/2001 8 

I97S WILD BABE 96 

100 JO .6.60 IV 7/1985 s 

1975 B7HLD BASE 98 

100.00 »-85 15/ 12/1985 6 

197* KOBU* BASE 96 

100. CO *-85 It 7/2001 s 

!»7« BOSLO ME . 100 

100.00 - 9.35 15/12/2000 8 

OS DOLLUS-nOAKE* BATS 


a 96 3/8 14.67 9.58 
10. 17 9-*4 

R 97 14.?= *-68 

S li.97 4.73 

^ " 7/8 VM 

SE 99 6.3" 4-70 

s.30 9.73 

99 3/A *5.99 9-97 

95 5/8 9.54 9-45 

P 95 It: 9J* 9.47 

93 3- SO 9.61 


9.18 9.51 

101.00 

9-54 9.91 

102.50 
9-47 9.77 

101.00 

9.63 9.90 

102.40 
9.67 9.43 

102. M 

9.60 

101.00 

8.54 

. 101 JO 

9.15 10.15 

101.00 

9.16 10.44 

101.50 

7-67 


60T 1.50 

1981 DPI 47* 
2 K 1.00 
1979 DPI 9 75 
30T IJ) 
1483 m977 
90 C 2.00 

1?B7 IT1978 
MC 5.00 
1988 m? 79 
30 
1985 

30 5.00 

1988 894982 


300 3.50 

1978 PP1975 


30C 4. DO 

1985 PP1979 
30 ' 9 JO 

1969 091989 
60 10-00 
1988 1964 

30 6.25 

1990 BPMftb 
OP 5.00 
1090 0P1986 
30 2.V) 

19W) FP197b 

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1981 

45 1.20 

1983 PH 9 78 
IX 
198* 


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SX 

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kp nr is* 
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BP TO 523 
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10 31 S3 V 
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940 *75 

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IDS 60S *15 *25 
975 

IB *05 409 445 
470 425 975 


20 32 33 CO 
931 939 975 
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605 SU 539 975 


» 32 *0 80S 
931 939 975 
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415 423 560 975 
35 930 940 960 
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ST TO II? »** 

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KP TO 186 

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kp to 517 
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425 520 9»T 940 
975 


93 4-/5 9.59 7J1 

90 7/8 8-50 9-13 8.60 

91 3/8 3.75 9.41 8J6 

92 6.C9 9.44 4.66 

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96 3/1 :.«7 9-62 8.44 
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l/I 7).5fl 
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1/2 23.75 
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1/2 23.09 
17.33 
7/8 6.71 


9-3* TP-0S 
102.50 

8.65 


9.33 ■ 9.97 
101.50 
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9.3* 10.06 
102.30 

9.07 


98 1/B 7.13 9.42 *.22 
96 1/8 22.67 9.47 9.42 


1/8 22.67 
16.91 
1/8 22.13 
16.37 


9.42 9-85 

102.73 
9-36' 9.73 
102.75 


.3" ?.W 

1489 DP iS 10 


TO 10.00 

1990 3F1990 


SO M.oa 
1389 921389 


30 10.00 
19S9 DP 1989 
30 10-00 

19»ari9£8 


25. PO 1973 ADELA I L T E S7M U T 8rl-3/0 99 7/8 4.19 

25.0) 100-QO 10-438 8/ 1/19*3 3 2.7* 

40.09 197B» ATBICAK VSV BASE 7H/4 96 =/0 --7* 

100..M 9.4K 17/ 7/1*83 3 

25-M 1*79* A1AEL1 BC ST* AIT 3.9U/4 *7 :.‘8 i.-J 

100.00 i-AU 13/ B/IV83 $ 

30.00 l«I7 ALLIED IEIS1 K b.75-,1/'- P& 5.-3 

100.00 Ifl.lBS 24/ 3/194* i 

40.00 1*?P* ABRICAR SIP TFT U/4 91 S/B 2.4? 

100.00 10.625 20/ 4/1*32 5 

25-00 1*744* ABAB TFTL KAFE 6.5: 1/4 14 7/B 4.75 

100.00 *.?75 31/ 7/1983 5 : 

30.00 1*77 AlWtX46A.TOT - 7.0rl/* J7 l/i 5.59 

100.00 1.75 2/8/19 *4 5 

*0-00 l«;a 8.C.I. 7.7S:l/i 99 V8 2-45 

100. QO 10.438 14 1 4/(581 8 

25.00 1976 B.F.C.I. CJsI/i -? 3/3 4.9* 

100.00 11.25 27/10/19U 8 

30 JO 1977 B.F-C.C. 6.375:1/4 93 VS 5 Jl 

1O0J8 9*438 23/ 2/1944 X 


10.15* 

100.00 

9.79 : . . 

100 JO 

9J4 

leajo 

10. 40 

100.00 


1.50 XT’ TO 
1979 LX 

KP TO 

LS 

KP TO 


393 115 975 
458 20 60 931 975 

411 20 '60 931 975 

438 20 60 931 975 

411 2D 40 931 975 

479 30 60 931 979 

479 2* 60 931 97S 


35 *31 940 
*0 931 975 
60 951 975 


33 60 931 
97S 

35 911 9*0 

S 60 931 
975 

*0 931979 


400 905 914 • 

517 210 237 409 914 

179 230 90S 914 947 
970 

517 VS HO =0 *05 
«U 930 9)5 9»0 
«4S ft; 950 ¥if 

316 210 770 730 935 

"11 916 

359 

408 710 313 370 40* 
*25 905 91a 530 
0V> 950 . 

317 310 715 330 >30 
905 914 930 935 
915 947 950 

517 210 31S 220 629 
905 914 930 933 
Sa5 947 950 


. Financial Times Monday November « 1378 


0 

1 .... 

It £ . •- 

fO ftoawttm/ 

aS COUPON MATURITY 

n ii 



re beuM-rt/uajaK bate cobktifptoi 

40 1977 titCD DO BBIBttrC.TS; 1/4 98 J ‘ 30 

100 JO . . 9 JO 13 1 V198 2 a 

23.00 I97P* NO COT TO SSL* 8-- 1-1/4 98 *•* 

100 JO - 11.313 12/10/1983 * 

30 JO ~l*7S»i4BC0HC48anE Brl/4 *6 1/2 4.72 
IPO-OO 3-373 Ut 7/1583 S 

25-00 1978* BASED BKUB- ~ 1 >.75:1/4 98 3/4 *- 4J 

MOJO 10-188 if 4/1983 S 

30 JO 1976 BASE IAOi||R 0 -33x1-1/4 98 l/Z 2-61 
100-00 9-813 10/ 6/1981 8 

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- ROBED n?I.EJ- IJIIM * ulpl r 


25.00 197= CEW14C SBfirvTK 
25.00 100-00 5.25 1/ 9/J987 

ODimVmLB»HlZTHDL.1NDfi 


T3? 1/2 1.7* <0 

236.22 103.30. 


30 

1978 

30. 
1978 
45 
19 Bl 

30. 

1980 

30 

WBL 


30 . 
1978 


-1.89 TEH 14* ... _ 

1983. 1/1 1/1 £76- LX - 93!L.96X 1 9«ihSEj 

-3.11 ZD 192.4 - BP ED 736 515 920 MU * 5- 
1972 .1/ 7/196* LKLX • 96*-.. 4 * 

-5.25 TEN 423 HP B) 461‘ 515 913 *78 
1110/1977 XX. . -938 9*2 9*3 

962 964 990-’” 

r-31 TEN 129 • W ED *85 . 

18/11/1977 LX . . *v 

—1.19 ZD 17* NP PI 318 •** • " •. 

1/10/1975 LZEX • .1 


■XPLASA7 


«T 161 5 * v? ro 36! 805 975 
1/ 7/I97J LX 


.:Sy 


50.no 

50.00 

SS.IHJ 
25. on 

55.00 

25.00 

I'.. 09 

15.00 


1P6* 

100.00 

1*6* 

100-90 

1977 

I00.no 

lift* 

Loo.&a 


arlO ■- 

AHRO-XAHX 

5,30‘ 


1/ 1/1989 
V 1/1989 

EDIAV 

7.2$; 15/ 6/1992 

GliT-FAOCAOE.1 •* 

5.T5 . • 1/ 1/1999 


88 T/4 5.92 7.60 ' 

25.J 102.50 

:$r 3/8 1.89 '0 

73.6 102.25, 

128 , 5.68 6.46 fl ■ 

111 1/2 4.49 10s.ro 

- 87 A/S- -6.80 7.X 1 7 _ : - 

33 6.0b 183-50 


120 

1979 

30 

1978 

60 

1980 

19?8 


tO*.U »X t27.l PC ED 237 531 

1980 4/ 9/1969 ah ftlO 

-1.77 PI *8 PS 0 4*7 520 
1930 1/ 1/1970 AH 610 

-S.32 H!» X? 0 238 520 
1988 15/ G/197B U . 8 DO 

27. .7 ZL £3 NP £0 £43-520 
1980 U 1/1570 AH 610 


601 60S - s . 

800 93?-. \ 

601 606 & 

940 • • :-f:. 
606 610* - “ 

'rv.-.'-:- 1 

• M i - 


Go 

3Q 

10 Li 


H 

0“ 

S£ 


SORROWER.' 

coupon MAruflmr 


uTtii 

a:0. 

|| 


03 


z< 

ox 

mw 

tfc 

is 

tr-K 


sq 

g“r 

9 


If 

if 

|| 


li 

UI -j 

LI -d 
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3 - S 


b! 

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IS U~ 

P.J? 

i- 

s- 


£' 5 

ZOZ 

0«|0 

'S5S 

e a s. 

8S- 


Hi 

S|3 
1 : 


— 

-.'■■■££5 
' •' '"<» ;■ 


CW.TERTIBLFS-n.S. ilBINZUIUD) 


5D.D0 1172 I.T.T 
50.00 100. uo 4.75 


1/10/1987 


31.00 1969 I.T.T. SHEBATON-1T* ' 

20.00 100.00 6.50 15/ 7/1989 ' 

25.00 1**8 JONATHAN LORAH O/S . ■ . 

24.00 1(01.00 b.75 1/ 6/1981 • 

30.00 1958 IA15FS ALTO 6 CHOI 71* 

28.50 100.00 5.00 u 2/1988- 8 

4ft.no l*"9 LE4BC0 I NT 
15.2*100.00. 3.00 15/1/1989 

11.00 19*8 imj-TOifism' tbt mr . 

M.no IOO..JO 5.00 If B/1988 9 

60*00 1968 LTV URTHKAJiattl . 

54.95 10,1.00 5.0,1 1/ 7/1988 

30. HO 1*1*8 MARTI F MIDLAND O/S 

30.00 100. 00 5-00 13/ 3/1988 : . 

15. 00 1973 HARRIOTT ■ - 

9.51 100.00 5.00 13/10/1988;. 

30. DO MI] MASCO 

30.00 100.00 (.50 31/ 1/1*88 

25.00 197' KASSMUTI.AX MTGE RLALTf 

Z'j.UO IOO.M b.?J IS/ 7/1987 .. 

30.,."} 197! J.BaT NroEWallT 

15.55 100.00 (.75 15/19/1987 

1'. .nn lib* ww 
J.'-OO JOO.OO 5.50 1/ 5/1989 S 

ls.pn MSB HUfS LIT . ■* 

12.JJ 100.00 4.73 13/ 6/1993 C 

sn.00 197’ NOHA MU? UT 

20.00 IQO.0U 5.00 13/ 6/1987. 

2',. 00 I5b5 MONSANTO Err . ! 

18.0* 100.00 (.50 15/10/1985. « 

Jfl.PO 1972 J.p. HrmCAJ n/5 CAP ' 

50.00 100.00 i.2S 13/ 6/1687 • 

30.00 I960 HD TOT a LA Ufr 

b.91 100.00 a .50 1/ 7/1583 

30.00 !9bR NABTRCO nrr TTJI • - 

28.01 100. DO 5.25 j/ 3/1988 .- 

7.00 1967 K4TJOKAL CAS O/S 
1.37 100.00 I.375 U12/WBZ. 8 

26.00 1968 VORUlca O/S ’ * . 

6.11 100.00 b.75 15/12/1983; Jt 

.l* 7 ^ U'C.’l-rLLllB'A BK 
Ib.OO 100.00 4.50 1/ 7/1987; 

30.n0 l“6B PAH AKFJUCAH O/S 

J0.nn 100.00 3.25 1/ 9/1988 

?VS5 .i!” J ’ c ' PCTirr zawre : 

J/.00 ioo.no 6. DO Iftt/iwyr 

. iq7J J * c - vFHicr nrr fir- 
3-.-ro mo.oo (. 0 u wjnn - ... 

in.no i*b* rLAHMinc zesRAMal X0X ’ 

*.JS 100.00 4.30 I5/I2/J48* 

B.OO I96R rLTWWft-caAW’lffl THT .. 

8.00 100.00 1-13 13/ 2/1981. 

in.nn 19 »i rahada cat ■ 

7-00 100,00 ft. 75 13/11/1986..' 

£0.00 MbB (CA UT. " ■■ ‘ '■ 

50-.1O lOO.On j.frtj 1/ 2 fj9W; 

in. on Mt.li FrvLoc in fik 

21. lb IW.ro a. 75 

58. on |4?! FE4LIIN . ’ 

3B.W libi.M (.75 15/ 4/1*87 

Ml.nn l*»8 NEIht'LOS METALS rAP- 

50.00 JuD-M £.0U If 6/J5RS * 

12. 5" 1*77 SAXOTI TBDBSTlIes 

12.50 IDO .M J.T5 Jl/wfiWI.S 

.'l h9 601 ’N'ERSEAS CAP. COST. . 
14.99 I OO. 00 5.11 1/ 3/1989, ^ | 

15.00 19ft 8 LEARIE TRX - 

1L.OO iaa.00 4.7S IS/ S/1988 ■ • 
30.no 1972 STOTDUan 

□n.ro 100.ro £.00 15/ z/1907 ; 

60-ro mu srair ua ; ’ 

6" .00 100.00 (.25 15/ I/J MB- .- 


■(-V... . 

M:H S3 mm: Jit ”°° 

68.77 80 59 PS D-Ul 5»»» W} /-;: 

If 2/1978 IX 935 560 979 V^. 

60 54.79 EXS7 555 800.960 975 ■ 
'15/12/1968 IDT ’ ** • (G ? 


TO 

1978 

» 

1978 


52 1/2 

6 7/8 

75 1/8 
13 

76 1/4 
.12 

77 1/2 
IV 7/8 
80 

.12 .1/8 10.4* 
11* 7/8 J-52 
22 If* 

59 

7 7/8 
70 

72 - 
II 1/8 

86 V* 

32 1/8 
96 


1978 

30 

1978 

TO 

1978 

30 


■21.15 

1978 

37.55 

1980 


tO, 49 1/4 W ST *11 520 800 935 
1/ 9/1969 8TLX ,.960 975 ’ 
*0 62 PO D 361 Wa 975 • '' 

It 9/1969 IX 


90, 1W7 paw 441 600- '-..r : 

U 3/1969 LXAS • . 

K'l. M *0 467. BOO 93* SCO 
■If 2/1969 RU ... 975 • - -- 

to 60 ' n D *11 520 .980 939 

1978 DPI 978 ]$/12/1968 FILSK .960 *73-1 
,30 85.07 

1978 


1979' 

1979 

100-31 


90 29.91 _ 
15/ 5/197* IX 


80 ED *47 UQ 935.960 

■ w ^ 973. 


2S:75 


2.36 


’•j’- 7.7* 8.87 

27 VB 7.31 6.00 103,50 

76 1/2 6.31 11.81 . 

11 7/8 5.05 6-00 101,00 

64 V* 6^02 7.51 JD 

34 1/4 3.8* .3.00 102.375 197T 

81 ' ' 6.17 T.76 -» 

31 7/8 '3.02 (.00 102JU 

32 16.24 23.71 

102.00 

9 -S2 14.38 

102.90 

6-66 8.98 . 

.3.11 BJJO 101.50 

6.73 9.03 
1.00 10.00 1(72.00 
5-81 8.03 
2.62 9.00 102.J0 
«4 10.33 
“ 9fl0 IOJ.JO 

.72 <0 

*.*9 5.00 102.00 

9.3* 13.07 • - 

10.00 102.50 
6.90 8.31 

102.65 

6.9* 9.98 
8J» .6.00 102.30 
5.2S 7.05 
6.14 7.00 100.00 
, 4.*3 * .52 „ 

47 1/4 4-66 8.00 102.30 1978 

95 1/2 *.71 5.62 » -b.IJ 

* 1 . 1/4 XUS 10-00 101-00 U 78 

Sift ts 1:S 102.25 1^8 

“sn ; 

Sift a fM 101.75 1978 ^ SrtP/1969 5 10 
103- . __ 4-29 J.HI <n Jo —19 

7.DO 102.50 1978 . 

$.17 30 76.85 

3-00 102.625 2978 SF1978 
.8,1* 30 3S -AC 

7.00 103.50 1978 

1 «8 101-75 19TB DPI97T S/ f?l W g-» « 

1 .1? I'm ioom 1 r» 

7 -?( 9fl2 JD w jj.j. 


» 

3978 

» 112.78 
1978 
3" 

1978 
X 

.1978. 

X 

1979 DE197S 
X 

1978 

X 43.13 
1978 1976 

X 6.16 


4.17 

7-02 


28 V4 
7* V* 

6 3/4 
8* V* 7.08 
-33 1/8 -5.lt 
72 3/8 6.22 
31 U6 301 


OT 32 1/4 SO ZD 72* 77D 800 115 ' - 

U i/1971 IX . . 960 971- 
90 S3- U*.tV IB 361 800 960. 97S”\ ; ‘ 

15/ 3/1973 U . ” 

OT 16 V* SO m 12* 770 870 935u-'''t’’' ". : - 
V 3/1973 IX . S60 975. .- -'*• ' -.. * 

to K- PS 88 346 80? 969 975".- '■■'*' 
. If. U1970-IX ' ZZ T ' - , - 
OT 62 PR 80 -XI 000 9 35 975 . 

2/ 1/19» HT 

80 AS 1/2 K » *57 Bin 960 975 ' • 

15/ V 1973 EX '•••'• 

50 86 re 07,399 520.800 935 - 

1/ 5/1966 HZ. " 9*7 960 975. 

55 52 U* VC 80 453 S2D.9DD 970 - 
lit 6/1973 IX 93S'960 975 ' 

50 . 39.683 PC EtT 53S 800 960 979 
If 2/1969- LINT - - ‘ A - ■ 


OT 27-33 PI D 4*5 520 870 333 - 
if 2/1973 IX ' .9*7 860-975 . 

OT L5 ; $7 PS W Mr'OBO 935 947! " 
If 3/1969 IX 960 975 

OT 54.1/2 PS ZD 411 BOO 9349TO u- 
1/ 7/1970 IX- 97T- ■ : 


90 1/2 
31 1/8 
80. J/4 
9 1/* 
79 J/8 
2i 1/2 
Ur 7/8 


1.x n.od 102.15 SrW> g” 4S * IS^ M 


}ja* s.18 jo n.n 

5-44 7.00 102.50 1978 Dr 14 79 
s - 4r <# ■ 90 -2.TW 


OT "53" BT ZO 4*7 510 ROB 820 
■ 915-968*75 

15/ A/1OT3 S ^iJ m 2-73 13.00 101.30 197* - * % UUM 5.“^ ?*.pw f&t& 

A ” 7/8 £% 103.50 1978 % .RR g » ^ 3|»'g 

S?V8 I'M LIS iu.ro »». *££ % 5/ £ rK* 5S 

‘■“•S.ro 2056125 iSb 

7,1,1 tu ts 102.25 iKSK.nr'SSSa.?" 1 *?-"** 

tfl 1978 *S/ ^ g Uf«» 

Si/v SS its 2D3.ro JSt . 4 * •?/ Si5S S” w 5S #a#9 “ 

■» 5:S loiroa i»a •*“ &KMTS “ 438 SS K? S3 


18. 
90,1ft 
11 VC 


- so- 
urs 


57.91 ra 




*1 

76 2/8 5.53 8.07 

27 a/* V8»- u.oo ioa.ro 
n va -Las •.» 

2 J.X/A Z~AO 8.00 uug 

- 79 1/8. «-«* 10-30 27.48 

• 9 - l-n 5.W 105-50 1939- 

:B2‘ - . 8.54 1U47 
HU1 

U . 6-ra 7 J* 


sn.ro j*?j sprier ur m»- 
£b.no 100.00 (.25 15/ 6/3987 

71-0" I*bR TOACD OFIUl[||K , 'ni071' 

7L.UU 10O.D0 "OO 1^838^8 

r ..Oii HJO TERAR TtT AimiyrH 

21.00 i Oil. 00 7. SO 15/8/1*95 - ■■ 

7. no 1069 THERM) ELECTRON UT - 1 ”' 

5.95 200.00 7.00 U 3/I30*' 

in. no mm -rs« itrr 
in.Ou 100.00 J.OO if 2/j W 

SLb.M 17n*7 XICO Iffy PIN 
15-2J 100.00 3. DO if 3/198*- 8 

7.13 1978* TTOJ IST7I1.IB 1580*! '73 •-?? 12.33 

7.15 75.50 9.00 If 3/190*. - - - - 

51.00 1178" TTCO IHT 77B - . ■* • 

21 -.0O KH.no p.so is/ c/1988 

IbhT OHIO" CAUtpc HIT 

JF.bl 100.00 (-15 li l/uu;.;l; - » 1J9 O.M UO-OB 19}* 

JO.ro Mb« ffAITTH FIBDE PIN >’* ” 

3". no indrftj j.nn 1/ 2/1989 

li.lbj I *1 1 P WATS F'.iQds o/b _ 

J -OT HW-00 5.J5 I '11/19*8 

J3.no lift* WAR»*-LAMarRT . 

1. (0 MO. 00 a. 29 I; 3/1981 

y-.tt, mm W.yur,T-UiaiNr 
>1.1*1 lP0.ro 4.!5 J| 4/1WB 

•u.tbj 1472 VAP5LF-LA»Ur 
40.M Md.0(l 4. M [/ tf 1907 

jn.19! 1*61 HUCIH-IAHEFUr 


— OT r_'W» 721 >30 800 070 
15/ 3/1973 IX-'. : 9J5 947 9ftO 

' . 973 - 

<*•■** i/* war'Jsp'Sso'aoB era 
TV 4/1969- ,R , '915 J47 9M. 

.. - J»7» 

SO 1A Ift. re B 485 270 S3" 'POO 
IV 4/1979 IX • '939 938-9*7 

' M 79.78 *»''«;» PC HB 4*7 0OD »« 

lOA^a) nn. *21977 iv.awxS" 7 • 


*3 6-B* >o2 30 29.71 B- 51 L'Z-K aTlVUD BOO 960 

3* 1/4 -,(.57 7.90 X02.2* B7* 1978- If J/I969 U *75- 

«2-J5i S!» *“!"« w£m' ax *°? to"f J'V! w a *46 800 *U 980 

W.W* J*0Q 102^0 1979 J/y/lfjy iy ■ jj£ 

X »4-» » 

#-99 OT a, • ‘ * *88 800 995 938 

• nf 4/1978 IX . .. *U 42*. . 

SS iro^a J!z £i& % $ **' » *§ gj «= 

-.K4/II49 }1^1 3$ • .... XU *7.89. M ED 4*7 ROD 919 960' 

UJJ0 103.23 2978BP157V If. </»9W^U 3M 

-A- 4 *- 13 P& ZB 437 .800 935 9*0 

if. onasrmx ... . »/> 

72JB 


15 .1/6 5*29 5.00 II iZJQ t9U 
-«'1« *■'» 9.27 . ' ' X 
151/4 -5-2 5 3,60 106fl0 ' 1578 
PC1/Z 5-87 T- 57 


8 

rai-. i.i7 l-n or ’ ’id 
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72 3/8 -3*91 OT65 30 

.25 7/C 4-H 19-W UkS6 197* 

73.7/S 6,09 9.0D • - ' j* 

k .» 7IB *M U.00 JSS.SQ 3918 

. ■'flt'Sfli 4"U 5-43 -» 

|.5l iro.m (.31 1/ 6/19TO :>. ;S3.Ji8 HUB 161.50 UT* 

t-uj M 7 i ^ xerox oiaretAnw - •. Tit ' r . wjJ . s . » . OLa a-'ui ■ wra 4 xr ; 7 »KM *70 

VIV1OTC ’.32 7ft 2.79- S-OT-lOJJfr 1770 DbO §» 


I-. 

T >. 'V 


3 M 1 

4-93 


OT 41 V2 PR OT 467 570 PO0 870 
1/. -4/197* EX - ,955.960 915 

OT 48 ' - HP.'JS 4W 52D «0 870 
if 4/197SW ;^ ^S5»»73 

*gro.W 880-955 975 

i/atwa-ii 


73 . H 160.60 3 .SO 




















' : FynandaT-tKoies Itodsj November 6 1978 




BANKERS m!5T INTLIWATIOYU LIMtTLU 

Market Makers in 
Floating Rate Note Issues 


■> j,- «■ - 

a- 

■ N 6Mr 
**t»H *■■■ 

»(w! ’■ v 
r_. 

»• : i 

w'.-ou *T- 


t?:«s ; 


*. ■-% 
i; 

•’ " ;;: >i 
-- 

-i = : J s 


1 


- • •■ s 
J " " ' =i 


:77«T '!• 


•.I.?. -■•- 


in. 




The Interest rates, per, annum applicable to the following 
US$ .Floating" Rate ..Note Issues were announced during 
October. .These rates are 'quoted' for information purposes 
only, and should be'eonfirtned- prior to: the execution of a 
specific transaction*. The rates quoted apply to the six-month 
periods shown. ••-■-■•- 

- ..From - To. : Rate 

Banco Union ' • 1983 T OcL. 78 ' l Apir.79 rlOiV 

Societc Generate . ■ - • 19S4 . - "i OeL 78 1 Apr; 79 " - 30yi 

SimdsvaUshankeii ■ - - -1985 4 Oct 78 4Apr.79 .lDyV 

SOFTS .. ' 1983 - 5,-Oct 78 5 Apr. 79 10-tf 

G.Z.B. ••••:*■ > 1983 - -&_Oct-7B“‘ 6 Apr.7S .101 

AREA - T984/S9 : 8 Oct 7S -Redeemed — 

Costa Rica .1985 JOOcLTS 10 Apr. 79 11 * 

B.C.I. - - 18SI- ieOct.78 39 Apr. 79 10& 

LM.D.B.L- - ■ 1984 36 Oct. 78 16 Apr. 79. ;jOft 

Bqe. Nat JTAIgerie • . 1982 I7.0ct7$ 17 Apr. 79 10ig 

0. K.8. T988/93 .180cfr.7S- l6Apr.7fl!. 10* 

American Express .. ... . J9S2 20 Oct 78 20 Apr. 78 10J 

Bank of Tokyo ' "ltei. 20 Oct 78 20 Apr- 79- 10J- 

Infl Westminster .. 19S4 . 20 Ocl 7S 20 Apr. 78 lflft 
Union Bk. of Finland 1982 20 Oct. 78 20 Apr. 79 10* 

BJ.C.E. 1983 ; 27 Oct. 78 27-Apr.79 31* 

Be os rads ka Banka ' '3983' - 27 Oct 7S 27 Apr. 7B 12 

1. H.I. " ^ ‘ •’ •• ". •• -T3S5 27 Oct“78 27 Apr. 79 -11} 

Bank of Tokyo; . 3993. IS Ocl 78. 18 Apr. 79, 10± 

interest rates ^apjtflcible to the 'issues -listed below wflj be- 
an noun ced durizur November.- ' . -. ■• - ' *•■ 


:-■ 1985 

1988 

1982 
1985 
19S3 

1983 
1881. 
1984' 
2982 
1881 
.1982 
1984. 

1987 
1580 
1983/88 
. .1954 
. 1881 
.1980 
1982 
,1983 
J9S1 
'..1984 


(BANKERS TRUST INTERNATIONAL LIMITED! 

56-60 New Broad Street. London "££ 2 . 

Dealers’ Telephone: Sffi 6301-5.TeIcx: 8S3Mi t 


Banque Ext. X>" Algeria var, . . 
Gotabankec < , 

Ind. Bank of Japan var- 
CCK mib. 55% var. : ■ 

United -Overseas Bank- var. J - 
Royal Bank of Scotland var. 
Vizcaya International var. 

Bank of Tokyo (Curacao) var.. 
Midland Bank Ltd, var. 
Societe: Generate var. 

OKB var. I9S2 

Creditanstalt Bantcvereio var. 
Midland IiuT Finance var. 

Bank of Tokyo Ltd. var. 

-Batik: Ha B<lloWy var." 

COM F yar. 

United Overseas Bank var. 
ENEL var.-' 

Cabin ette -Area. Sines var. - . 
Lloyds Eurofinance var. . 
Popular. Eapannlvar. 

Standard - Chartered Bank var. 



DILLON, READ 


16 Chesterfield Street, IsoncEon \V1X 71IF. 

Tel. 01-493 1239 or 01-191 4774 
Telex 8811055 


JAPANESE DOLLAR DEPOSITARY RECEIPTS 


Names Close at 

3/I1/7S 

HONDA 

5522} 

rro YOKADO 

592} 

JUSCO 

962:] 

KOMATSU FORKLIFT 

§3-55 

KUBOTA 

$31} 

MARITA 

$6.25 

MUR AT A 

$1.27 

NIPPON MEAT PACKERS S1-S5 

PIONEER 

$S1 

RENOWN 

$3.53 

SONY 

$7.5 

TAISHO MARINE 

5133 

TDK 

sio* 

TOKYO SANYO 

$1,775 

TRIO 

S31j 

WACOAL 

$20} 


INVESTMENT FUNDS 

The following funds include Eurobond issues within their portfolios 

Qnolalions & Yields as al 3is( OcL. 1973 


SOCIETE GENERALE De BANQUE 
BANQUE GENERALE Du LUXEMBOURG 


Fund 


Rentinvest 
Capital Rentinvest 



First Issue 

Tield 

Div. 


Price 

Price 

Cat 

SO 

Date^ 


LuxFr 881 

LuxFr 1000 

8.23 

20 Nov. 

( F67) 


LuxFr 1366 

LuxFr 1000 

(Capitalisation) 



Rentinvest 


1977/78 

High low 


1975/78 

High Low 


LuxFr 918 


Capital Rentinvest > LuxFr 1423 


LuxFr 839! LuxFr 918 
LuxFr 1286! LuxFr H23 


LuxFr 818 
LuxFr 1035 


-i-.: 


EXPLANATORY NOTES AND ABBREVIATIONS 


LISTING? 

’an 
AM 
AS 


■ 


Sit. 


ML = ' Milan 

. NY =" New York •• 

PR = Paris : 

RM = Rome 

SI '= Singapore ." 

. UQ = Unquoted 

VN- "= ■ Vienna 

ZR =" Zurich & other Swiss 
. ’ Exchanges - 

DHJYERY i 

EtJ ss-" Europe ; 

'4.EN .= Europf/New York 

-.NY = New York - - 

EA — Eurppe/Asia 


T 


%$:■ : 

3. G 

K-Z. . 

; -GG 

: 

:: ; "SG 

it ■ 

. : PG 

£ 

PC. 

* 

PW 


Amsterdam 
American Stock 
Exchange : 

F.R — Brussels . 
p.T — Beirut 
DB = Dublin - 
DD = Dusseldorf 
FF = Frankfurt- 
JfK — • Hong Kong 1 ' . 

KL =s : Kuala- Iaunpor 
LX sb -London . 

LX ss Luxembourg 

TYPE OF GUARANTEES OR SECURITY 

- 2. OTHER SECURITY ' 

: CL- . = CoUaterat Cover 
- FM = . First Mortgage - 
NP.-. = Negafive.T’Iedge 
PS ~ Subordinated — 

• ’ ; Parenf'HSuarantef 
SC' - =' Special Clause 
. SU' .=- Subordinated — 
Unsecured 

UL = Unsecured Loan 
.-. TA = ThrouEbout 
•• .. . Agreement 


Government 
Guarantee 
State or Local Govt 
Guarantee 
Parent Guarantee 
Bank Guarantee 
These borrowers 
have Public Works 
Loans Board as 
lender of last 
resort - •- -. 




SPECIAL REFERENCES ; 1 

T. GENERAL— ATTACHED TO NAME OF BORROWER 


f.-t 


D 

L 

P 

MC 

If 

1VW 

xw 


Domestic Management group ... 

Bondholder? option to redeem loan prior to maturity 
Private, or .semi-private placement 
Prlncipal/Interest payable in more than two currencies 
Withholding tax (with percentage rate %) 

With .warrants - 
Ex warrants 


r-v 


Z. £/DM ISSUES 

The figures shown hre theixed L'DM Jparities which prevail over 
the lives of the issues. 

3. FLOATING RATE ISSUES ... . , . 

The figures given are' the minimum coupon rate: 

"j margin above LIBOR. 

A ATTACHED TO MATURITY DESCRIPTION 
S — Serai -annual payments- • 

5. ATTACHED TO NEXTS/F amount 

PF = Purchase fund—the amount shown is the annual total 
(or total to' lhenait coupon, dale I, which may be applied. 
The year, associated, with. the amount- showjj relates to 


DP = 


the' year, end of the purchase period. 
Non-cumulative option to double sL 


■sinking fund payments. 


*i * ■ -• 

it.-?-’ 

V.'J 


t 


8. ATTACHED TO CALL NOTICE (DAYS) 

C = Callable only on coupon dates. 

Y = ■ Callable only at annual Intervals. 

- Otherwise callable -at any time. 

7. YIELD TO NEST;CALL ‘ 

0 = Yield is negative'. 

8. ATTACHED TO YIELD TO NEXT CALL 
(CONVERTIBLE ISSUES ONLY) 

R = Cali is subject to a restriction governed by a fixed relation- 
ship between (he share price and the conversion price. 

9. CONVERTIBLE ISSUES 

The share price, is alw'aj's denominated in the same currency as the 
conversion price. .Please note that where the premium erceeds 
200% no figure is shown in the premium/discounr column. 

The following convertible' bonds are -subject to convertibility 
into the indicated stocks.. 


COUNTRY 

FRANCE 

HONG KONG 

ISRAEL 

JAPAN 


\ 


ISSUE/C.OUPON; MATLTRITA' EXCHANGE RATH 

Michelin Inf. Dev. fi 

Suez el rt'nion Paris 7 

Asia Navigation Int t>} 

Luumi Ini. lnv. 7 

Asahi Chemical 61 

.Asahi Optical 6 

Dai Nippon Priming ('.} 

Daiei Inc. 6 

Daiwa House Ind. 7f 

Hitachi Ltd. fii 

Hitachi Ltd. fii 

Hokushin EHectric 6i 

lto-Yokado fi 

. Jusco 6 

Kao Soap 6 

Komatsu Manf. 6J 

Komatsu Ltd. 7) 

Kubota 6j 

Manii 0( 

Matsushita Elec. 6} 

Mitsubishi Elec. 7 

Mitsubishi Elec. 71 

Mitsubishi Gas Chem G 

Mitsubishi Hvy. - In. fi> 

Mitsubishi Corp. fi 

Mitsubishi Corp. 7*. 

Mitsubishi Corp. 6i 

Mitsui & Co. 7] 

Mitsui & Co. Ri 

Mitsui Real Estate 6 

Nilto Elec. Ind. fi 

Pioneer Electric H* 

Ricoh fil 

Sanyo Electric fij 

Sanyo Electric 7' 

Settsu Paperboard fi? 

Sumitomo Elec. fi 

Sumitomo Me far fi 

Takeda Chemical fi 



Tnkyu Dept. Store 

fi 


Toshiba 

fil 


Toshiba 

Ennia 

fi! 

NETHERLANDS 

All other issues 

" 1 

SINGAPORE 

Dev. Bk. of Sincapnn? 

fi} 


United Overseas Bank fi} 

S. AFRICA 

Rand Selection uorp. 

fi 1 

SWEDEN 

Sandvik 

6i 

UJC 

Babcock Nederland 

7 

Beecham Fin. 



Kurmah Oil 

s( 


Burton B.V. 

53 


CorapAir (U.K.) 

R» 


ICI Int. Fin. 

6} 

• 

Incheape (Bermuda) 

6S 

_ 

Rank Organisation 

4! 


Slater Walker 

54 


1085 

FFr5.554 

= Sl 

mso 

F.Fr 5.554 

-SI 

1089 

SHK 5.07 

= S1 

1984 

I£ 1ft 102fi 

= SI 

1900 

Yen 3(13.0 

=$1 

1092 

Yen 2S2.0 

= 81 

10SR 

Yen 380.0 

= S1 

mi 

Yen 300.0 

=S1 

1991 

Yen 301.0 

=S1 

1979 

Yen 360.(1 

= S1 

19R4 

Yen 360.0 

=81 

1992 

Yen 3480 

= S1 

1092 

Yen 272.0 

= S1 

1992 

Yen 277.4 

-SI 

1992 

Yen 266.0 

=S1 

1984 

Yen 360.0 

= S1 

1990 

Yen 294.2 

-si 

1991 

Yen 303.0 

= S1 

1991 

Yen 299 0 

=SI 

1990 

Yen 303.0 

= 31 

1995 

Yen 360.0 

= S1 

1981 

Yen 3955 

=S1 

1992 

Yen 272.0 

= S1 

1991 

Yen 305.55 

= SI 

1992 

Yen 267.0 

= 51 

1990 

Yen 294.0 

=S1 

1991 

Yen 301 0 

= S1 

1999 

Yen 299.0 

= S1 

1989 

Yen 299 0 

= 81 

1992 

Yen 267.8 

= 8! 

3992 

Yen 264.13 

-51 

1999 

Yen 280.0 

=51 

1991 

Yen 295 0 

=S1 

1991 

Yen 293.55 

= SI 

1990 

Yen 302.17 

= 81 

1992 

Yen 343.0 

= SI 

1992 

Yen 267.1) 

= 81 

1902 

Yen 2875 

= 81 

1984 

Yen 360.0 

= S1 

1992 

Yen 266.0 

= S1 

1992 

Yen 254.0 

= S1 

1990 

Yen 2955 

= S1 

1992 

D.Fi.2.4565 

= S1 

3991 

SS 2.44 

= 81 

1988 

9S 2 32 

= 51 

198S 

SS 2.32 

= 81 

insfj 

RD 0.7143 

= S1 

1988 

SdKr 4.7825 

= 81 

1992 

£0.574 

= S1 

1992 

£0 574 

= S1 

1988 

£0.417 

=81 

1992 

F.Fr.lL8E25 

= 51 

1987 

£0.582 

=SI 

1997 

£ 

=5! 

1992 

£0.582 

= 51 

1992 

£0.425 

=ST 

1987 

HUBS 

= 51 


Union Bank of Switzerland (Lux.) 1981 differs from other 
convertibles in that the bonds are denominated US$1350 and each 
bond'is convertible into 1 Bearer share of S.Frs. 500 nominal value 
of UBS. 

Credit Suisse (Bahamas) 4i% 1991 differs from other con- 
vertlbles In Lb at the bond is denominated UhSlflOO and each bond 
is convertible into 1 Bearer Share of S.Fr. 500 nominal value of 
Credit Suisse. 


iii'l- 
i*?* i,' 


r 

-- 

* > 

7 *-* 

'■ 

*** J 
P-'J* '1 

•ijr J. -• 

. 

5- e '- 

- ,=#t : - 


NAME OF BOND • 
American Tobacco Int. 
Asia Navigation Int. 
Bankers lm. jLux.) 
Broadway-Hale Stores 
Burmah Oil 
Chevron Oil O/S 
Dart Industries 

Inter-Continental Hotels 
Int. Standard Elec. . 


ISA Finance Holdings 
Kinney 

Leasco World Trade 
Leasco InL ' ' 

Levin-Townsend InL Fin. 
■Norwich OS 
Owens-UJinols ' 

Plywood Champion Int. 

The following international 
currency conversion: 


5* 

§i 

3 


3 ' 

4* 


5* 

Si 

§5 

3 

5 
5 . 
43 

4? 

51 


188S 

1989 

ISSfi 

2987 

1958 
WSS 

1987 

1988 
19fiS 
198S 

1959 
1980 
.1990 

1988 

1989 
1988 
1983 
1987 
19S3. 


CONVERTIBLE INTO 
American Brands Inc. 

East Asia Navigation Co. 
Bankers Trust New York 
Carter Hawley Hale 
Shell Transport & Trading 
Standard Oil of California 
Minnesota Mining & 
Manufacturing 
Pan-Am World Airway 
International Tel & Tel 


Warner Communications 
Reliance Group Inc. 

Rockwcod Computer 
Morton-Norwich Products 
Owens Corning Fibreglass 
Champion Int 


expire prior to maturity: 

NAME OF BOND 


MATURITY 

COiWERS ION 

Asahi Chemical 

fij 

30:9 -'1990 

RIGHTS 

EXPIRE 

15 / 9/1990 

Dai Nippon Ptg. 

fi* 

31 ''5.' 1086 

30/4/1986 

Hitachi 

•H 

30/9/19S4 

31/8/1984 

Mitsubishi El 

i 

31/3/1085 

2S/2'1985 

Rand Selection 

OJ 

1 '3/198B 

31/1/19B6 

Takeda Chem. 

6 

31'3'19S4 

28/2/1984 

Toshiba 


3I) J '9'1990 

15/9/1990 

10. DENOMINATION OF NON- DOLLAR BONDS 


Euro-guilders — all denominated 


n. lo.ooo 

French Francs — all denominated 


Ffr. 5.000 


convertible issues have fixed rates of 


Aerospatiale _ _ 

European Coal & Steel 7% 19S0 
European Coal & Steel 1991 
Francaise de Petmies — BP 
Philips Lamps l0i% I9»u 
Roussel— Udaf 
SOPAD 

STERLING-DEUTSCHE MARKS 
Enso Gulzeit 6|% ii)S0 
Id 8% 1986 
Ireland 7% 1981 
Ireland 7% 1988 
Met Estates 1987 
New Zealand 1!'S2 
New Zealand 7i% 197K 
Rothmans InL 1992 
Sira Kvtna 71% 1983 
Slater Walker 7UR 1987 
Swedish Lamco 5j% -1980 

. Turin. W% 19S4 
US Rubber 6% 1989 


Ffr. 10.01)0 
Ffr. lO.onn 
Ffr. in.oon 

Ffr. 10.000 
Ffr. 50,000 
Ffr. 10.000 
F(r. 50,000 


non; 

£500 

£100: 

£500 

£300 

£00: 

£100: 

£500 

£100: 

£500 

£100: 

£ 100 : 

£100: 


£500 

£500 


£450 

£500 

£500 

£500 

£500 

£500 


U. YIELD CALCULATIONS ' ’ _ ^ 

.MI Yields are calculated on annual rates e.g. a 10% bond siandinK 
m par paying Interest once p.a. wnli .have 'S.cumnf ud maturll^ 
virld of 10% • A 10 % bond paying semi-annually would yield, lO.-a.pi 
Market practice femEB firttfce. current yield on 8 floating rate 
bonds “is caJiHilated as coupon/ price. # 

12. MARKET MAKER COLUMN*” market 

Thic denotes that- more than. the maximum number of market 
Swshlve previaed prices 112 lor the smus&l bonds sod 9 lor 
the convertibles 1. 

’TKa^mimrc ai • ronTaixiing outstanding are estlmaied by 

appljdng^.Se scheduled sinking fund insialmems. These are further 


adjusted where a non-cumulative option to double sinking fund 
payments has been exercised. 

Yields are calculated in accordance whh Rule 803 of Statutes 
By-Laws, Rules and Recommcndaitons of the AIBD using compound 
interest throughout. Negative yields are not shown. 

The maturity, average life and first call yields are adjusted to a 
360 day annual raie. 

Yields to next call are shown on the basis that the borrower gives 
notice that be wishes to call the bond as soon as possible after the 
dale of publication of this -Us*. 

Yields on Unit of Account bonds are computed by adjusting the 
investment proceeds for the changes in relative parhies of the 
currencies comprising the new and old unit of account formulae. 



2t 



NEDERLANDSCHE MIDDENSTANDSBANK N.V. 

Registered Office Amsterdam 
announces the issue of 

Dfls 125,000,000 

8 %% Subordinated Debentures 1978 
due 1979/1993 

in bearer denominations of Dfls 1,000 each. 

The issue price will be fixed on November 8, 1978. 

Interest payable annually on December 1 without 
deduction of withholding tax. 

Redemption at par in 15 almost equal annual 

instalments from December 1, 1979 until 1993. 

Application has been made for quotation of the 
Debentures on the Amsterdam Stock Exchange. 

Subscription will be open from November W. 1 97S at 
09.00 hrs. and will be closed at 15.00 hrs. on 
that date. 

Date of payment: December 1. 1978. 

NEDERLANDSCHE MIDDENSTANDSBANK N.V. 
Amsterdam. November 3, 1978. 


7030-5822 


1st DECEMBER 1978 REDEMPTION 

GOVERNMENT OF JAMAICA 

U.S. 310.000.000.00 8 i% SEVEN YEAR 

EXTERNAL SINKING FUND LOAN NOTES Or 1972 
REDEMPTION OF BONDS 

The Government of Jamaica announces that for the redemption period ending on December 
1st 1978. it has purchased and cancelled Bonds of the above loan for U.5.S 602,000.00 nominal 
capital and rendered to the Fiscal Agents. The nominal amount of bonds drawn for redemption 
at par on December 1st 1978 to satisfy the Government's current redemption obligation is 
accordingly US.S 1,898.000 and che nominal amount ot this loan remaining outstanding after 
December 1st 1978 will be S2JOO.OOO. 

Notice is accordingly hereby given that a drawing of bonds of the above loan took place 
on Monday October 30th 1378. attended by Mr. Wilfred Maurice Phillips of the Firm of Jauralde 
and Phillips. Notaries Public, when 1.898 bonds for total cf U.S.S 1 .898,000 nominal capital were 
drawn for redemption at par on December 1st 1978. 

The following are che numbers of. the bonds drawn, each number preceeded by the letter 1 M *, 
s 

1S4 

r 2 1 
sea 
2 56 
295 
461 
51? 

570 
634 
714 
7£1 
551 
S77 
959 
1015 
1070 
1117 
1147 
1706 
1262 
ISOI 
1358 
1419 
1457 
1602 
1648 
1802 
1852 
1911 
1956 
2043 
2005 
2142 

::or 

2265 
2147 
2410 
2479 
2526 
2571 
3056 
4054 
4112 
4170 
4216 
42 87 
4343 
4298 
4441 
4490 
4539 
4582 
4636 
4671 
4 566 
4914 
4976 

soie 

5055 
5109 
5159 
5207 
5247 
5288 
5455 
5517 
SSF 8 
£624 
5566 
5750 
5948 
5839 
6035 
6079 
6132 
6106 
6243 
6V9 
6356 
6522 
6086 
6974 
7030 
79 '7 
7131 
7187 
7232 
7282 
7354 
7416 
7476 
7520 
7610 
7657 
7701 
7774 
7810 
7887 
7970 
8055 
8132 
0207 
0270 
0319 
8370 
6415 
8492 
8541 
0659 
8709 
8771 
S3S7 
8931 
0973 
9332 
9!49 
9200 
9243 
9286 
9347 
94 TO 
9444 
9491 
9763 
9924 
9972 


• 

10 



15 

16 

17 

18 

20 

123 

143 

14! 

160 

1 SS 

1S9 

161 


166 

173 

175 

1 UO 

163 

195 

200 

205 

209 

215 

2=0 

225 

227 

2 33 

24 5 

253 

735 

2 62 

265 

268 

273 

274 

278 

27° 

231 

290 

294 

290 

299 

305 

203 

310 

314 

319 

321 

326 

330 

332 

335 

32S 

340 

341 

545 

350 

351 

352 

353 

356 

257 

363 

311 

3a4 

357 

396 

398 

4 00 

401 

4 02 

414 

416 

427 


414 

436 

4 46 


4S2 

46B 

479 

401 

432 

J90 

J92 

494 

496 

497 

490 

499 

504 

509 

311 

520 

521 

52 3 

537 

538 

£43 

543 

5S3 

EE4 

556 

551 

563 

564 

566 

572 

373 

574 

560 

589 

603 

69 3 

613 

620 

62S 

627 

629 

6*1 


657 

639 

642 

64 4 

65 3 

664 

66 S 

672 

651 

663 

70T 

702 

709 

711 

71 S 

7»9 

723 

733 

740 

741 

74 3 

747 


758 

761 

76S 


777 

7BJ 

793 

794 

796 

799 

600 

803 

BO 5 

306 

Cl 2 

£13 

B 22 

324 

827 

852 

B3E 

eso 

851 

BS3 

£57 

65B 

002 

863 

ZB4 

865 

871 

072 

874 

839 

896 

897 

099 

900 

902 

910 

912 

921 

923 

936 

937 

947 

9S0 

963 

965 

966 

963 

970 

985 

939 

992 

993 

99S 

999 

1004 

1005 

1013 

1017 

1020 

1021 

1024 


10 30 

1 031 

1032 


1036 

1033 

1047 


1067 

1072 

1073 

1074 

1075 

1076 

1077 

1083 

1056 

1093 

1134 

1107 

1113 

1114 

1116 

1118 

1120 

1121 

1 1 24 

1125 

1127 

1 12B 

1129 

1112 

1138 

1140 

1142 

1145 

1146 

11 SI 

115E 

1160 

1161 

1165 

1169 

1172 

1175 


1173 

1131 

1161 

1185 

1192 

1210 

1212 

1213 

1216 

1217 

1225 

1 22S 

12 IS 

1237 

1243 

1254 

1259 

1260 

1261 

1263 

1264 

1269 

1272 

1378 

1279 

1250 

1285 


1209 

1790 

1291 

1298 

1299 

130-1 

1309 

1 X 11 

1113 

1323 

1327 

1330 

1332 

1 340 



1349 

1350 

1 153 

1360 

1363 

1366 

1367 

1371 

1375 

1278 

1387 

1 392 


1 396 

1400 

1403 

1406 

1 J 20 

1422 

1424 

U27 

1429 

1430 

1431 

1430 



144 5 

1450 

1453 

1456 

1<6Z 

1463 

1470 

1476 

1579 

1581 

1 505 

1SB7 


1591 

1592 

1594 

1595 

1599 

1 G05 

1606 

1607 

1609 

1610 

1611 

1615 

1623 



1614 

1635 

1639 

1642 

1650 

16S6 

1664 

1671 

1673 

1675 

1676 

1678 

1784 

1789 

1793 

179& 

179? 

1799 

1806 

1800 

1609 

1610 

1 B15 

1020 

1 820 

1834 

1027 

1538 

1040 

1!4T 

1=45 

1846 

1B55 

1859 

1665 

1866 

1 B75 

1079 

1B61 

1806 

1BB7 

1 095 

1B96 

1901 

1902 

1908 

1912 

1914 

1*>26 

1928 

1929 

1932 

1937 

1 9 ’9 

1945 



1951 

1952 

1953 

1557 

1953 

1960 

1961 

1963 

1964 

1968 

1969 

ise 2 




2039 

2042 

2044 

2048 

2049 

2050 

2058 

2059 

7061 

2067 

2070 



2079 

2084 

=0!S 

2095 

2096 

2097 

2103 

2106 

2111 

2112 

2122 





21 ’6 


2143 

2144 

2145 

2149 

2152 

2158 

2163 

2166 

2167 






2206 

2210 

2217 

2216 

2222 

2226 

22 37 

2246 

2247 

2243 

2251 

2253 

2262 

2763 

2271 

2272 

2273 

2276 

2280 

2286 

2291 

2293 

2294 

Z'OT 

2323 

23ZS 

2331 

2340 

23<9 

2751 

2255 

2356 

Z3E9 

2366 

2 366 

237 3 

2386 

2390 

27°2 

2396 

2197 

2402 

2420 

2424 

2427 

24*0 

24 35 

2440 

2441 

24 J J 

2446 



2465 

2458 

2471 

24 80 

2491 

2494 

2495 

2496 

S«°7 

2500 

2505 

2506 






2535 

2536 

2SJS 

254 T 

2543 

2548 

2547 

=555 

2561 



25=9 


2570 

2573 

3015 

3016 

3021 

3D24 

3025 

3027 

3330 

3033 



30*5 



3055 

3059 

2068 

3072 

3977 

4030 

4032 

4033 

4077 

4019 


4044 


4047 

4055 

4059 

4064 

4070 

4081 

4003 

4094 

4095 

4097 

4102 

41PG 

4103 

<110 

4111 

Jl 14 

41 15 

4125 

4126 

4128 

4129 

4137 

4141 

4145 



4166 



4175 

4178 

4161 

4193 

4193 

4198 

4203 

4 204 

4205 

■ Fvrp 

420E 

4209 

<210 

4211 

423 J 

4235 

42 '6 

4238 

4242 

4245 

4255 

4256 

4357 

Wvf] 1 

4272 

4276 

42B3 


4289 

4290 

4291 

4202 

4297 

4 305 

4 306 

4 307 

4 309 



4325 



4J46 

4347 

4350 

4354 

43£5 

4 357 

4158 

4360 

4 162 


4372 

4’75 



4403 

4404 

4408 

4409 

4415 

442 I 

44 22 

4=26 

44=8 



4431 

44 34 


4442 

4450 

4452 

4453 

4458 

4461 

4462 

4465 

4459 



44?3 



4493 

4497 

4498 

4500 

4501 

4506 

4508 

4509 

4514 

4516 


4521 

4533 

4 534 

4540 

4544 

4547 

4548 

4552 

4557 

4558 

4562 

4564 

4565 

4574 

4 577 



4585 

4 508 

4591 

4595 

4597 

4603 

4605 

4E16 

4621 





<6=5 

4635 

46J9 

4643 

4 643 

4647 

4652 

4653 

4655 

4657 

46 = 6 


46 = 1 



4672 

4674 

4663 

4*75 


4694 

4699 


<709 






jee? 

4876 

4880 

jebi 

4882 

4SB6 

•aner 

4691 

■5853 

4-a? 

dfUjg 

4004 


491 7 

4916 

4921 

4924 

4925 



4946 

4947 

4967 

4063 

4950 

JQ-l 

<9-2 


4973 

49ES 

4388 

4989 

4992 

4993 

499* 

4993 

5002 

5no? 

5004 

sou 

5016 


5027 

5073 

£031 

5033 



5040 

50J t 

5042 

5043 


5050 


5 n f4 

5057 

5066 

5063 

5069 

5070 

5075 

5079 

5091 

5083 

5001 


£101 



5111 

5112 


5114 

E 1 1 6 

5118 

5119 

5121 

5124 



5110 

5133 

51 54 

5143 

5144 

5146 

51 Je 

BXtM 



5157 


5173 





5208 

5216 

5221 

5225 

■TftB 

5227 

5228 

5229 

5232 


5’*’ 

5? *9. 

f’JT 


5253 

5256 





5=67 








5250 

5291 

5302 

5304 

5305 

5319 

5725 

£326 

5130 

0417 





5462 

5467 

54 70 

5472 



5470 

5434 

5488 

£414 


54 = 8 

?S00 

5 * 1 ; 

5521 

sen 

5541 

5343 

3553 

5557 

55 59 

5563 

555S 



' = *0 



ss": 

5533 

S596 

5597 

5602 

5603 

56 04 

5605 

5P07 

S= IQ 


f 7 

5015 


5630 

5635 


5640 

5643 


B.TT la 

5647 


f'M 



5*^*0 


5671 

5675 


5677 

5650 

5686 

■ It I B 


5? 32 



5745 



5760 




5775 


B-i-r X M 








5952 

5953 

SC36 

5555 

5C61 

5062 

S*f4 

5?66 

£876 

S=n 2 





5892 

5893 


5896 

S89B 

S8P9 

5907 








6076 

6029 

6045 

6046 

6047 

604 6 

6049 

6047 

6059 

fiP64 


50=8 

01170 


6080 

6083 

6084 

6087 

6091 

£0?3 

6P94 

60°6 

6100 

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Witness : Wilfred M. Phillips 
Notary Public 


The above bonds may be presented for payment of the proceeds cf redemption at par on 
or after December 1st 197B at the offices of the paying agents named in the bonds in the manner 
specified in the text printed on the face of che bonds. Each of these bonds, when presented 
for redemption, must bear the coupon dated December 1st 1979 and all subsequent coupons, 
otherwise the amounts of the missing coupons wilt be deducted from the principal to Le repaid. 

The following bonds drawn for surrender on December 1st 1976 have still no: been presented 
for payment:— 

383 £06 1111 2046 2060 

206S 2449 2474 2478 2484 

4302 5622- 5736 7441 8802 

The following bonds drawn for surrender on December 1st 1977 have still not been presented 
for payment:— 

390 

703 
461 
1135 
4617 


9154 


201 

342 

344 

373 

382 

385 

386 

654 

65S 

666 

691 

69S 

696 

697 

705 

722 

724 

725 

774 

611 

842 

959 

971 

1126 

1130 

1131 

1133 

1124 

HI7 

1174 

2094 

4CS0 

4311 

4563 

4571 

4613 

4911 

5020 

6058 

S736 

5984 

6214 

5987 

6959 

6983 

697D 

6971 

75-12 

6972 

6993 

7149 

7150 

7536 

7538 

7545 

7 546 

?711 

9357 

7374 

9368 

7677 

7079 

7BE.2 

9325 

9331 


PRINCIPAL PAYING AGENT: 



THE FIRST 
NATIONAL RANK \ 
OF CHICAGO 
I ROYAL EXCHANGE BUILDINGS. 

COR NH ILL, 

LONDON, EC3. 















The following Tombstone announcements were published in the Financial Times during October 


BONDS 


Tombstone 

date 


Publication 

date 


Tombstone 

date 


Publication 

date 


Tombstone 

date 


Publication 
date. . 


20/9/78 SEA CONTAINERS INC. 
S40.000.000 

301% Sub. Debs, due 199S 
Warburg Paribas Becker Inc. 
and others 


3/10/78 


OcL7S REPUBLIC OF FINLAND 3/10/7S 
$100,000,000 
9% Bonds due 19S8 
Goldman. Sachs & Co. and others 
4/10/78 NOVO INDUSTRI A.S. 4/10/78 
USS20.000.000 

7^ Convertible Bonds 1989 
Morgan Grenfell & Co. Ltd. 


10/10/78 REPUBLIC OF 1 

INDONESIA 
DM 100,000.000 
7% Bearer Bonds 1978/1984 
Dresdner Bank 
Aktiengesellschaft and others 


10/10/78 


Oct. 24 ’78 NTSS AN DIESEL MOTOR 24/1 
CO. LTD. 

DM 80.000.000 

• Deutsche Mark Convertible 
Bonds of 1978/86 
Deutsche Bank; and others 


24/10/78 


3/10.TS HOSPITAL OVERSEAS 5/10/78 
CAPTIAL N.V. 

US325.000.000 

' 9% Guaranteed Notes due 1983 
Salomon Brothers InL Ltd. and 
others 

Oct 78 DEVELOPMENT BANK OF 5/10/78 
THE PHILIPPINES ■ 

Kuwaiti Dinars 7,000,000 
81% Guaranteed Bonds due 1990 
Kuwait InL Investment Co. s.a.k. 
and others 


Sept 78 EUROPEAN INVESTMENT 12/10/78 
BANK 13/10/78 

$ 100 , 000,000 
82% Notes due 19S6 
• S125.000.000 
91% Bonds due 1998 
Lehman Brothers Kuhn Loeb Inc. 
and others 


Oct 24 *78 MARUETSU CO. LTD. 24/10/78 
DM 30.000.000 

Convertible Bearer Bonds of 
197S/1985 

Berliner Handels-und. Frankfurter 
Bank and others 


Sept. 78 CITY OF VIENNA 5/10/78 

Swiss Francs 100.000.000 
4% Bearer Bonds 197S-1993 
Kredietbank (Suisse) SA. and others - 


5/10/7S KONISHTROKU PHOTO 5/10/78 
INDUSTRY CO. LTD. 

DM 60.000.000 

3}% Convertible Bonds due 1985 
Private Placement 
Westdeutsche Landesbank 
Girozentrale and others 

Sept. 78 ASLAN DEVELOPMENT 5/10/7! 
BANK 

Y 15.000, 000 ,000 

5j% Bonds due 1988 

Daiwa Securities Co. Ltd. and others 


5/10/7S 


Oct 78 THE LONG-TERM CREDIT 18/10/78 
BANK OF JAPAN 
US$15,000,000 
Negotiable Floating Rate 
Certificates of Deposit 
Nippon European Bank SA 

Oct 16 *78 JUSCO CO. LTD. 18/10/78 

DM 80.000,000 

31% Convertible Bonds due 1986 
Westdeutsche Landesbank 
Girozentrale and others 

Oct 19 78 CANADA 19/10/78 

US$400,000,000 
9% Bonds due Oct 15 19S3 
Morgan Stanley & Co. and others 

Oct 19 ’78 OSTERREICHISCFTE 19/10/78 

KONTROLLBANK 
‘AKTIENGESELLSCHAFT 
US$50,000,000 

Guaranteed Floating Rate Notes 
19SS 

Republic of Austria and others 

Oct 78 EUROFTMA 19/10/78 

DM 80.000.000 

Private Placement 51% Bearer 
Bonds of 1978/1988 11 
Deutsche Bank 


BANK OF TOKYO 25/10/78 

(CURACAO) HOLDING N.V. 
US$30,000,000 

Guaranteed Floating Rate Notes 
due 1993 

The Bank of Tokyo and others 


26/10/75* 


Oct 26 78 ARGENTINE REPUBLIC 26/10 
DM 150.000,000 

64% Deutsche Mark Bearer Bonds 
of 197S/19S8 

Deutsche Bank and others 


Oct 2 78 THE REPUBLIC OF 27/10/78 

PANAMA 

20.000.0&0 European Units of Account 
81% 1978-1993 Bonds 
Kredietbank SA. Lux e m bo urgeo is b 
and others 


Oct 78 ELETROBRAS 30/ 

Kuwaiti Dinars 10,000,000 
SJ% Guaranteed BondB due 1990 
Federative Republic of Brazil 
and others 


30/10/78 


Oct 30 78 REPUBLIC OF AUSTRIA 30/10/78 
DM 150,000.000 
5J% Bonds due 1990 
Westdeutsche Landesbank 
Girozentrale and others 


3/10/78 EUROPEAN INVESTMENT 9/10/78 

BANK 

Dfls 75,000.000 

71% Bearer Notes due 1985 

AMRO Bank and others 


4/10/7S INTERSHOP OVERSEAS '9/10/78 
FINANCE t CURACAO) N.V. 
US$20,000,000 
20.000 51 % Guaranteed 
Convertible Bonds due 1990 
Union Bank of Switzerland 
(Securities) Ltd. and others 


Oct 19 78 KAYABA INDUSTRY 19/; 
CO. LTD. 

DM 30,000.000 

34 % Convertible Bonds due 1985 
Westdeutsche Landesbank 
Girozentrale and others 


19/10/78 


Oct 31 78 THE BANK OF TOKYO 
LTD. 

$30,000,000 - 

Variable Rate 'Roll-Over 
'• Certificates of Deposit 
Blyth Eastman Dillon & Co. 


31/10/78 


Oct 23 78 REPUBLIC OF 
VENEZUELA 
DM 150.000.000 
61% Bonds due 1990 
Westdeutsche Landesbank 
Girozentrale and others 


24/10/78 


Oct 3 ’78 TR1N1DAD-TESORO 

PETROLEUM CO. LTD. 
S40.000.000 

Promissory Notes due 1990 
E. F. Hutton, Wert Indies 
Stockbrokers Ltd. 


31/10/78 


LOANS 


Tombstone 

date 


Publication 

date 


Tombstone 

date 


Publication 

date 


Tombstone 

date 


Publication 

date 


Sept. 7S K0MMUNKRED1T AB 2/10/78 

Dlls 50.000.000 
15 year loan 
Private Placement 

AMRO Bank and Sparbankernas Bank 

Sept 78 IRELAND 4/10/78 

DM 150,000,000 
Medium Term Loan 
Westdeutsche Landesbank 
Girozentrale 

GENECO 9/10/78 

US$10,000,000 
Medium Term Loan 
European Arab Bank and others 
THOMSON NORTH SEA 10/10/78 

FINANCE LTD. 

US$25,000,000 
Multicurrency 6 year loan 
The Royal Bank of Canada 
Sept 7S SOCIETA IT ALLAN A 12/10AS 

PER L'ESERCIZIO 13/10/78 

TELEFONICO P.A. 

US$40,000,000 

Medium Term Credit Facility 
Chase Manhattan Ltd. 

Ocl.TS COMIS ION FEDERAL DE 12/10/78 

ELECTRICLDAD 23/10/78 

MEXICO, D.F. 

US$30,000,000 
Medium Term Loan 
Banque Beige Ltd. 

13/9/7S OFFICE NATIONAL DU 12/10/78 
MATERIEL 13/10/7S 

HYDRAULIQUE 

USS 60, 000,000 
Medium Term Loan 
lnterunion-Banque and others 
2S/S/7S INSTITUTO 12/10/78 

ECUATORLANO DE 13/10/78 

ELECTRIFICACION 
US$50,000,000 
Medium Term Loan 
Inleranion-Banque and others 
Oct 73 CREDIT POPULAIRE 12/10/78 

D’ALGERIE 13/10/78 

Y5.000.000.000 
Medium Term Loan 
The Tokal Bank Ltd. and others 
Aug. 78 POTASAS DE NAVARRA 13/10/78 

S.A. SPAIN 
USS9.000.000 
Medium Terra Loan 
Morgan Grenfell (Switzerland) SA. 

Sept. 7S SOCIETE FXNANCIERE 13/10/78 

POUR LES 

TELECOMMUNICATIONS ET 
L'ELECTRONIQUE SA 
US$35,000,000 
5 year Eurocurrency Loan 
Kredietbank N.V. and others 


12/10/78 

13/10/78 


12/10/78 

13/10/78 


C. Y. TUNG GROUP 
US$104,000,000 
Secured Eight Year Ship 
Financing 

Marine Midland Bank 


19/10/78 


SepLTS INDUSTRIE ZANUSSI SPA 27/10/78 
Lire 3S.750.000.000 

. .Floating rate medium term loan 
. ' ... Compagnia Privata di Finanza e 
iBvestmenti S.p.A. and others 


Oct *78 REPUBLIC OF 24 

VENEZUELA 
DM 350,000,000 

Long Term Loan at a fixed rate 
of interest 

Westdeutsche Landesbank. 
Girozentrale and others 


24/10/78 


Oct 2 78 AUGB3NISH FINANCE 1 
LTD. 

US$250,000,000 
Ten Year Project Loan 
‘ Citicorp International Group 
and others 


27/10/78 


Oct 78 CORAL LEISURE 24/10/78 

GROUP LTD. 

£30.000.000 

Unsecured 4 and 7 year Loan ;■» 

facilities 

Barclays Merchant Bank Ltd. 

Sept 7S ELECTRICITY 24/10/78 

GENERATING AUTHORITY OF 
THAILAND 
US$60,000,000 
Medium-term Loan 
Lloyds Bank International Ltd. 
and others 


Oct 2 78 AUGHINISH ALUMINA 
PROJECT FINANCING 
£30,000,000 
Terra Credit Facility 
Bank of Ireland and other. 


27/10/78 


Oct 78 BANK OF GHANA 27/1 

US$30,000,000 

E.C.G.D. Supported Loan Facility 
Standard Chartered Merchant 
Bank Ltd. 


27/10/78 


Oct 78 BANK OF GHANA 27/10/78 

US$21,500,000 

Eurocurrency Loan Facility 
Barclays Bank International Ltd. 
and Standard Chartered Merchant 
Bank Ltd. 


Sept 78 INDUSTRIE ZANUSSI SPA 24/10/78 
Lire 21,000.000.000 
Floating Rate Medium Term Loan 
Coiupagnia Privata di Finanza e 
Investimenti S.pA 


12/10/78 

13/10/7S 


COMPANLA SEVILLANA 25/ 
DE ELECTRI CID AD, SA 
US$50,000,000 
8 year Floating Rate Loan 
Banco tie Vizcaya, SA and others 


25/10/78 


Sept 78 SOCIETE NATIONALE 30/10/78 
DES CHEM1NS DE FEE FRANCAIS 
. USS250.000.000 
- Seven Year Loan 
" Credit Lyonnais and others 


2S/S/7S 


THE YEMENI KUWAITI 25/ 
REAL ESTATE 
DEVELOPMENT CO. 
US$17,000,000 

Secured Medium Term Floating 
Rate Loan 

The National Bank of Kuwait 
SAK. and others 


25/10/78 


OcL 78 ETEROUTREMER SA. 3 
US$40,000,000 

7-Year Eurocurrency Facility 
Banque Europeene de Credit 


30/10/78 


Oct 23 78 FIAT-ALLIS 31; 

US$50,000,000 
Term Loan 

- Chase Merchant Banking Group 
and others 


31/10/78 


YACIMIEXTOS 26/10/78 

PETROLIFEROS FISCALES 
US$15,000,000 
Medium Term Credit 
The Republic of Argentina 
AUTOPiSTAS 26/10/78 

URBANAS SA 
USS30.000.000 
Medium Term Credit 
American Express International 
Banking Corp. and others 
TENNECO 27/10/73 

£117,500,000 
Term Loan 

The Chase Manhattan Bank. N.A. 
and others 


Aug. 78 DAI HAN GLASS 31/ 

INDUSTRIAL CO. LTD. 
$12,000,000 
Medium-terra loan 
Saehan Merchant Banking Corp. 


31/10/78 


Oct 78 BUTTON! GROUP 31/ 

US$14,500,000 
Medium-term loan 
Banque de la Societe Financiers 
- Europeene 


31/10/78 


July 78 CAISSE NATIONALE 31/10/78 
DES TELECOMMUNICATIONS 
US$350,000,000 
Ten Year Eurocurrency Loan 
Bankers Trust Co. and others 


OTHERS 


ToRiDstone 

date 


Publication 

date 


Tombstone 

date 


Publication 

date 


Tombstone 
date . 


Publication 

date 


Oct 78 TOKYO SANYO 2/10/78 

ELECTRIC CO. LTD. 

20.000.000 Shares of Common Stock 
Daiwa Europe N.V. 
and others 


3/10/78 THE FISHERIES LOAN I 
FUND OF IRELAND 
54,000.000 

Pmmissnry Notes due 19S2/SS 
Privaip. Placement 

Beau Witter Reynolds Inc. 


3/10/7S 


Aug. 78 SOCTEDAD FTNANOERA 10/10/78 
DE LARA C.A. 

USS4.500.000 
Term Deposit Facility 
Canadian American Bank SA 
and others 


Oct. 1378 MINNESOTA MINING 18/11 
MANUFACTURING CO. 
2,250.000 Shares 
Common Stock 

Kidder, Peabody & Co. and others 


18/10/78 


SEARS. ROEBUCK AND CO. 5/10. 7S 

500.000.000 

$0.75 Shares of Common Stock 
N. M. Rothschild & Sons Ltd. 
and Others 


Sept 78 ITEL FINANCE 

INTERNATIONAL N.V. 
9I°n Guaranteed Debentures 
due 1990 

ltel Corp- and others 


31/10/78 


Sept. 78 AM AX INC. 

US$100,000,000 
Series D Preferred Stock 
Frivate Placement 
Wood Gundy Ltd. 


4/10.7S 


BELL CANADA 16/10/7S 

Canadian Dollar*; 200.000.000 
9.85% Debs, due 2005 
A E. Ames & Co. Ltd. and others 


Oct. 27 78 CARTER HAWLEY 31/J 

- HALE STORES. INC. 

. 95% Debentures due 200S 
Morgan Stanley & Co. and others 


31/10/78 


J ■ I 


" Financial Times Monday Mbrimlfer B 197S / 




.C hange of Address 


SAJSWA MM (UNDERWRITER) 

LIMITED 


: Kindly note our new address 
froin Monday 6th November is _ 

5 Moorgate, London EG2R 6JH 

: Telephone: 01-638 4737 
Telex: 887132 SBULDN G 


I Hepaymart . . 

S'? 8 833“ Uf *' ! S12S- “:Sa^ DS 


8}% Queensland Alu.' : 7b/8S 

5\% Ra utaruukki. 78/88 XG) ............ 

71% Reed Paper 73/88 

Renfe 76/82. 

8% Renfe 77/84 ( G ) YJu.;.:..;. 

5's% Ricoh Comp. -78/83P 

7J% SAAB 71 /B6 

101% SAFE 74/79P'._.__.._ 

7\% Saga Petrokjemi 777B7P 

71% Sandvik 72/87 i.L— ' 

9i% Sandvik 75/83 

7% Sanko SteanisKp - 77/84 

9% SAJ , J..75/80P<G),.^ 

64% Shell lntl.,72/87'..^........^ 

61% Shell intT 77/89—.__... 

84% Ship. Co.:New_ZeaI.75/80P (G) 
84% Ship. Co. New^ZeaL 75/82 IP (G) 
8f% Ship. Co. New.Zeal. 75/ 82 IIP (G) 

7% Siemens Europe 66/6 1 

7% Singapore 72/82. 

Singapore '77/83 ■ ....... 

83% Singapore Aitf,76/83.(G) ......... 

8i% Sira Kvlna 70/85: 

64% S.N.C.F. 68/83 XGJV-,.; 


7.97 

387 

6.64. 

1. 

1176-8SS 

6.07 

7.35 

6.67 

1. 

484-88D _ 

7.13 

4.9S 

6.81.-- 

I. 

179—885 

8.00 

347 

6J1 

1 . 

782 • 

7.49 

5.42 

■6.47 

:i. 

484 , 

572 

.475 

5.12 . 

. i. 

8.83 

7.38 

4.11 

6.45. . 

l. 

677-S6S 

9.76 

TjOO 

5.00 

i. 

1179 

7J2 

6160 

7.00 

-i. 

783— 87S ; - 1 

7.30 

488 

677 

-I: 

27S-87D ■ 

823 

475 

5.86 

-i. 

283 - 

6.70 

525 

5.99 

- .L 

284 ... 

8.49 

1.33 

424 

I, 

380 

6.15 

426 

486 

. 1. 

-4J8^-87S\ 

6.23 

820 

5.45 

1. 

285— 89D 

7.91 

189 

535 

3. 

680 -:. ' . \V ■ 


22 522. 


Soc. Dev. Reg. 76/86- <G) 

Soc. Dev. Regr77/92P- (G) 


6i% Soc. Dev. Regr77/92P- (G) 

9% Soc Mar. F*ma75/83P 

61% South-Africa 69/8+ U 


South-Africa 70/85 ................. 

South-Afrka 7T/86 


8% South-Afr. Broadc 78/81 P ( G ) ... 100.50 

7J% South-Afr. OH Fund 78/82P (G) 100.00 

7J% South-Afr. OU.Fund 78/82P (G) 100.00 
74% South-Afr.<RaBway 73/88 (G) ... 99.40 

South-Afr. Railway 75/80 P (G) ... 102-50 

9J% South-Afr. Railway 75/80 (G) ... 103.90 

8i% South-Afr. Railway 78/80 < G ) ... 1 01 .00 

8% South-Afr. Railway 78/8 IP (G ) ... 1 00.75 

73% South-Afr. fUlfWay 78/82P <G> ... 99.75 

8% South-Afr. Rattway 7B/B3P (G ) ... 10075 

8% South-Afr. Railway 78/83P ( G ) ... J 0075 

7% South 5cot. B. 73/88 (G) 103.50 

63% Spain 77/84. U- J0330 

6% Spain 78/88 97.00 


Sparbank Oslo78/9QP 


103.00 

82S 

337 

7.49 

27.5.82... 

- * i. 

106.75 

636 

1.99 

3.43 

1.UJ0-WS 


102.50 

6.83 

2.13 

521 

. 1.728— 82S. 

- 

101.30 

6.42 

430 

625 

- .1. 583 


102.80 

831 

228 

728 

dldj»- 1- 279(102) 

' \ ■- r 

10465 

8.12 

3.45 

.7.08 

1. 676— BSD 


103.00 

621 

286 

524 

-r. I2072rr-83S 


105.65 

7.10 

4.66 _ 

6.06 

. 1. 420— 86D 

. ■ 1 • 

9980 

628 

927 

6.32 

16.1223 — 92D 


105.00 

8.57 

2.69 

687-. 

. L5J9— 83D..: ■ 


99.65 

677 

5.42 

6.94 

I. 473-84^ '- ’ 

■ 

103.90 

8.18 

7.86. 

7.46 

1.11J6— 855 


101.00 

747 

3.9S 

7.S9 

. 12177— 865: 

- " ■ 

98.50 

7.11 

9.00 

723 

12178-875 


100.50 

7.96 

223 

773 

i. 3.81" ; . 


100.00 

7.75-. 

375 

7.73 

-1. 822 


100.00 

775 

327 

774 

16.-922 * 


99.40 

735 

938 

738 

T, 679—885 


10250 

-9.02 

1.08 

649 

1.678— 80D • 


103.90 

B.90 

1-67 

6.66 

1.720 . •• 

• . - 

101.00 

8.1 T 

1.75 

738 

. 1.- 879-80D ' 


100.75 

7.94 . 

117 

7.591 

2. 1.81 


99.75 

7.77 

330 

7.81 

’ 1. 522 . 


10075 

7.94 

4.67 . 

7.78 

•' 1.723 y 


10075 

7.94 

4.83 

7.80 

1. 923 ’ • . 


103.50 

676 

431 

6.08 

. I.2J9-28S • 


10330 

632 

575 

6.00 

1. 8.84 r . 


97.00 

6.19 . 

930 

6.42 

T. 528 r , ' 


97.00 

6.19 

-6.78 

.635 

' 16. 521— SOD : 



73% Standard Impr &.Exp. 78/82P ...... 

fiat e I " u TO 70 /OR 


Stand. Chart. Bank 78/88 — . 100.75 6-45 

Staxoil 78/88 100.00 6.00 

Statsfoeretag 77/85- — •. 103.00 . 4.80 

Steiermark 74/80P/' .10850 9.22 


Statsfoeretag ///«> •. 

Steiermark 74/80 Pa.. 

Stockholm City 75/83 

Stockholm .County. 75/87 ......... 

Studeb. Worth. 69/79 

Sumitomo Metal 75/82 ............ 


— 101.35 7.15 0.75 


I. 8.82 ..... 
1:1:88 
1. 924-88S 
1.3.82-85D 
4-.108O 

15. 476— 8 3D ' 
l/4J9r-8ZD . 

L 8.79 


63% Sveriges Inv. Bk. 72/87 
7% Sveriges Inv. Bk. 73/88 .... 


6% Sweden.- 77/89 


9{% Tauerhaufobahn 74/81 (G) 

9% Tauemautobahn 75/82P (G) 

9% Tauemautobahn 75/83P (G) --- 


8% Tenpfinco 73/93 


91% Tenpfinco 75/82P 10675 

63 % Thailand 78/83 P 98.00 

84% Thyssen Car. Fin. 75/82P ...\ ' H1950 

8j% Thyssen Car. Fin. 75/82P 109.00 


105.00 

820 

3.67 

6.89 - 

1-722 

. 10430 

728 

4.99- 

6.41 

T. 87*— 88S 

•J0130 

7.14 

4.93 

627 

1. 279-885 

. 10630 

8.47 

3.73 

720 ‘ 

1. 320—855 . 

.102.25 

6.60 

4.14 

621 

f. 378-^875 

I0L2S 

6.78 

439 

625 

. 1. 379-885. 

10535 

.8.07 

3.04 

6.48 • 

1. 620— 83S - 

20440 

621 

530 

5.50 . 

1.524 --- 

10175 

5.90 

-737 

572 

1.12.83— , : 

105.00 

9.05 

127 

538 

16. 320 

105.00 

932 

0192 

430 • 

1.10.79 w-vS; 

11025 

'8.62 

247 

526 

- 1. 7.8 1. : : 

109.00 

8.26 

323 

5.93 

1.322 : 

.10930 

8.22 

433" 

6-40 

• 1. 323 -. . .. 

98.00 

5.61 

14.42 

5.70 

t. +24— 93S 

103.00 

6.80 

2.71 

527 

. 1. 274— 83D 

10225 

626 

278 

549. 

1.9.74— 83S 

• 107.00' 

7.48 

920 

7 6.94 

121.82—935 


). 3.82 
4. 4.83 
i: 452 
1. 782 


61% Thyssen Inv. 66/81 

10230 

6.34 

1.32 

4.48 

■ ’ 1. 3 72—8 ID 

71% Tokyo El. Power 69/84 

105.00 

6.90 

-3.50 

5.73 

. 122.75— 84D 

9\% Toray tnd. 75/80P — 

104.00 

923 

127 

620 

10. 2.80 . 

5i% Toyo Rubber 78/83P 

98.75 

537 

4.92 

520 

12023 

6\% Traf. House Fin. 72/87 

10030 

6.47 

4.71 

637 

12078— 875 

6% Trinidad & Tobago 78/83 

9420 

6 33 

4.42 

7.41 

I. 423 

61% Trondheim 68/83 

102.25 

6.60 

3.02 

6.01 

12272— 835 

51% Trondheim 78/88 

97,00 

5.93 

8.40 

621 

L 426— BSD 

74% TRW Int. Fin. 69/84 — L 

10425 

7.20, 

323 

629 

12075-845 

6% T VO Power 78/88 (G) 

9730 

625 

925 

6.36 

1. 224— 88S 

51% UDS Group 78/83 ........ 

9724 

5.91 

423 

6.43 

1. 923 

9J% Unilever 74/8 IP 

10930 

8.90 

3.08 

626 

122.81 

8\% Unilever 75/87 

11125 

741 

527 

6.05 

L 521— 875 

5}% Uniroyal 78/84P 

10030 

7.72 

5JS 

5.64 

1. 824 

61% Unit. Arab Emirats. 77/82P 

100.75 

670 

330 

6.49 

30. 4.82 

7% Venezuela 68/83 

10335 

677 

226 

5.79 

12074— 83S‘ 

6% Venezuela 78/88 ^ . 

9525 

620. 

933 

6.69 

1. 3.84— BBS 

64% Venezuela 78/90 

9725 

648 

12.00 

6.84 

T.H25— 90S 

7% Vienna 68/83 

104.00 

6.73 

233 

5.36 

L6.74— 83S 

8i% Vienna 75/84 

10525 

7.79 

3.16 

624 

- 1. 279 — 84® 

5i% Vienna 77/84P 

10025 

571 

622 

: 5.60 

.452234 - 

8j% Voest-Alpine 73/88 

10325 

7.85 

541 

6.68 . 

-- 120J9rr88S- 

64% Voest-Alpine 75/85 — 

107.70 

7.89 

432 

6.46 

1. 621— 85D 

Voest-Alpine 77/89 

102.35 

6.60 

7.99 

626 

1. 624— 89D 


64% Welis-Fargo ex. w. 73/88 . 

54% Worldbank 65/85 

64% Worldbank 68/80 


1.1179— BBS 
1, 4.71— 85D 
I. 880 . 


6t% Wortdbank 69/84 

61% Worldbank 69/84P 

10375 620 . 3.01 

101.75 629 32 1 

528 

526' 

& 

1. 675— 84D 

6% Worldbank 69/84P .i..; 

100.50 ' 5.97 223 

579 


8^% Worldbank 70/80 ^ 

106.75 7.96 1 75 



8% Worldbank 70/86 

71% Woridbank 71/86 1 • i~ 

105.00 7.62 4.04 
104.80 7.16 - 3.93 

624 

i. o»ou 

L 177—86 D 

7\% Woridbank 71/86 II 

6^% Worldbank 72/82 

104.85 72 S 4.43 
104.50 6.22 327 

62! 

1.1277-4-86D . 

61% Woridbank 72/87 

61% Wortdbank 73/83 ... 

103.00 6.55 424 
104.60 6.45 4.25 

5.90 

5 W 

1. 378— 87D 

61% Woridbank 73/80 

8i% Woridbank 75/82 P 

101.65 6.27 .476 

109.50 . 723 3 KB - 

5.96 

- 1. 579—B8D - 

8% Woridbank 75/82 

109.50 721 428 


1. W4 .. 

8J% Woridbank 75/83 

709.75 75? 



8% Worldbank 76/82P 

107.00 7.48 3.75 

5.85 

• I. 723- 
1 Rjn 


74% Worldbank 76/83 ... 
7J% Worldbank 76/83 ... 
6i% Worldbank 76/83P 
8% Worldbank 76/84 ... 


54 % Worldbank 77/82P 

7% Worldbank 77/B5P ........... 


64% Worldbank 77/85P 


6 % Worldbank 77/85 

7% Worldbank 77/87 ..... ..... 

64% Worldbank 77/87 

53% Worldbank 78/84 

6% Worldbank 78/88 ; 

Worldbank 78/90 ; 

63% Yokohama 68/83 (G) 

7% Yokohama 69/84 ; 

8% Yokohama 71/86 (G) M 

83% Yoshlda Kogyo 75/80P ..... ‘ 

8% Yugosl. Inv. Bank 77/84P 


L1&82 
1. 583 
1.1083 
1,1283 
r. 284 
15. 982 
T. JjBS' .. 
1.-58S 
IS. .985 
I.J87. 

-I. 587 
1. 884 
:1.88B 
;rl. 287— 900 
1. 972— 83S 
30. 9.73— 84S 
T. 8.77— 86S 
1. 7.80 

15.1279— 84S 


ok U toT». , fblto«P''*” Mr ^ *?"'*«■«*** * Iw.rt .rW.'ab coMfxe— 

—to final marurity In ease of a lump-sum repaymme ' - ' « 

—to average life In case the bond issue provides for mandatory “P 0 ** 1 W 

oVSiSr <th * domination may b e 

G Government Guarantee 


4 : - 



/• I c 

• fc 

— • i- 

•50: .■ 




TKove&Ser £ 1978 

1978 • ' 




WestLB Eiiro-Deiitschmarkbond Quotations and Yields 


Advertisement 


■ ‘ • Repayment 

‘ ‘TMWtfle Current , Yield to O-mondMoivdrsvrfnn 

: jPftCft YWd Maturity* bylcraieuw B 

. f . S - sinking fund 


ft is 


*** £ 




t'j : : 

■< - . 

’ !-• 

■' 5*’ 

6 P 5 

■■ 

**■7 

7 r-s 

£ * 5 
& *s 

■ r-^y; 
•y t ?•• 

i is 

• * 

-s »•. 


77^ 

5- >-;> 

-i'.— if 
It." Ei-S-i 


8?g ADEtA 76/83. 

7*% ADELAtt/OP^. 

7% ADEUv77/82P. .;-^.;uiU^i:;;- 

6?S AEG 66/81 

${% Airport Paris 69/84P. ICi ...... .V- 

9% AKZO 75/B2P L^L. 

715b AKZO 76/B3P 

' 6 % AKZO . 

8i% Alusuisse Int'l. 75/83 i....... 

6j% AMEX Int'l. 77/B4P. 

10% A.P.E.L 74/81 {G}. 

7s % ARBED Finance 7S/B3P 

6i?5 ARBED Finance 77/87 

t S]% Ardal-Stmndal 75/8 IP ; 

n lit 6 '*% A r«W-Sunrid»| 77/89P 

'AJ N 7% Argentine 67/79 1 

■M 8% Argentine. 69/79. i...., 

7 b% Argentine 77/84. .......... 

6-'% Argentine ;78/S5 : 7-. 

6;% Argentine 78/88. 

7% Asian Dev, Bk. 69/84 .« 

84% Asian Dev. Sk. 75/80 P ....... .U..;.:; 

B% Asian Dev. Bit, 76/82 

^S. 7i% Asian Dev. B*. 76/B3P _ 

^ 7% Asian Dev. Blf. 77/8S . 

5. ?% Aslan. Dev. Bk.. 78/88 : 

A 91°; ASKO ' 75/80P ......: 

aKn 7l^Aiiii»»r7J/8&^&K.~.v.r 

U HUBj 9% Auniar 76/04 I G ) ..*; 

s 7,% Au mar 77/84 . 

• 6l% Australia 67 /&2/ 

-■ ->! 6/% Australia 6B/63"TT%... 

r i:~ 6(% Australia- 69/84- - 

71% Australia 69/84 ..... 

’"'■'■J 7% Australia" 72/67j;^. 

10% Australia 74/80 ...;.....^.. ............. 

t 9 e i Australia 75/82- ’.. 

■tT=- 81% Australia 75/83 IP . ..• 

7:-^ 84% Australia 75/82 HP 

7 Australia 76/B3". 

5'.% Australia -77/82P ; .... 

. . 5j% Australia 77/89.'. 

' : p£ 6% Australia 7B/88 .1... 

6. ;% Austr. lod.Der. Corp- 72/87 

\Vr?i 8% Austi*. Ship. Com. 76/83 P (G) ... 

- 7% Rep. of Austria 68/82 

6.% Rep. of Austria "69/83 

" 9i% Rep. of Austria 74/79P .. — 

9.% Rep of Austria' 74/80P 

't 9!% Rep. of Austria- 74/81 P ............ 

9;% Rep. of- Austfia ‘75/EOP — ....... 

i:‘. S' : % Rep. of Aiistrfa ' 75/81 P 

5*. Q\% Rep. of Austria 75/B2P 

-cl 9% Rep. oF Auscria.75/83 

1 ' T~;; 8-% Rep. of Austria 75/83? - 
7 87% Rep. of Austria 75/87 

iii 71% Rep. of Austria. 76/86' . 

Ltin 62?5 Rep. of Austria 77/85' 

7% Rep. of Austria 77/S7P 

:'rSv Rep. of Austria 77/87P 

I : : 6 % Rep. of Austria 77/87P 

-rr$: 5?% Rep. of Austria 78/88P 

Rep. of Austria 78/90 

*'«i 7% Autopistas Catalun 78/85P 

71% AuuoprstasEspan. 69/84 {G).._... 
~ 8% Autopistas Espan. 7T/86 (G )...... 

11"*; 6 i% Autopistas Espan. 72/87 (G> 

J 8% Banco Ni Obres 71/86 (GJ 

9% Banco N. Obras 76IB1 IG) 

'-?■ 7!. c : Banco N. ObraS 77/82>-(G) . :".... 

' C 7% Banco N. Obris 77/82P {G4 if;... 

'• I:"**- 7 % Banco N. Obras 77/B4 (G > 

;.|~n 7.% Banque Ext- AIgerie 77/83 .1.... 

’ '-1 7\ '% Banque Nat. Algeria 78/83 

i 8% Barlow Rand. lnv-. 78/B2P. (G) ... 

• 6 % basf 65/86....;...:. 

: 7\% EEC Finance 76/83P.........„.._.. 

Sic, Beecha/n Fin. .76/83 

I ■ 10% Bergen 74/79 ; , 

8i% Bergen 75/85 

• ■•i 71% Bergen 77/89 

8i% BFCE 75/83 (G) 

T_:- 8i% BFCE 76/84 (G) 

i' • 7% BFCE 77/87 (G) - 

• 5J% BFCE 78/88 ( G ) . [ .‘l I.".. ; 

BNDE 77/87 

-• ;r- bnde 78/86 ....;. ; — 

. ...... 9 a- Borregaard 75/81 P. 

ESSti*:±n^' 

63% Brazil 72/87 

■ ; a*% Brazil 76/86 

. 7>% Brazil 77/B4. ..: 

6J% Brazil 78/B5 

- — * 6 1% Brenner 68/83 (G) ..U... . 

5i% British Petr O r6S/80. — 

. "j-T- Bnaelles-tambert 77/84P 

; 81% BurmahOilTO/85 : 

iV.-Z. 4i% Canada 78/83 P 

• 6 % Carlsberg-Tuborg 77/87P 

83% c.c.c.e. 7s/ss ig> 

83% C.C.CE. 76/86 (G> . — • 
; -• 7% C.C.Cf. 77/89 <G ) .4;.- . 

T 5J% CJE.CjA 64/79 

5j% C E C A 65/83 

•- 7 1 % C E C A .7.1/86 .- ii.:.... 

64% CECA 72/87 ; : 

- 7 J i CECA 72/88 

• V 67% CECA 73/88 

' 7i% CECA 73^88" 

10% C E C A 74/79 IP 

!0% C E C A 74/79 IIP : 

: 10% CECA 74/8 1 Pv. ............... 

9i?5 C E C A.. 74/81 i...: 

8% CECA 75/80P 

84% CECA 75/82P'..: ;.... 

8% CECA 75/82 '. 

83% CECA 75/85 

i: _ 8?j CECA 76/81 P"i.^ 

■>: 7J% CECA 76/83 - ' 

- =• . 7i% C E C A 76/66 

• -A: 54 % C E C A .78/90 ...... 

1 6% CECA 78/90P ........... 

- > 7 \ % CJLD- South Africa 78/82P ( G > 

:-ii. 6i% CERGA 73/8IP .-.l 

7% CESP 77/87 ; (GJ. 

6^:% Charter Cons.- S/83 ■ 

6% Chase Manbittan Ov. 78/93 

7% Chrysler 69/84 r.. ; 

? V 61% CIBA-GSIGY ex. W. 75/85P 

61% C-.N. Autproutes 69/84 (Gi 

■ 87% C.N. A uxor outef 75/82 (GJ u M . 


•••."• 10525 
. 1034X1 

100.50 
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. 107-50. 
. 104 JO., 

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10825 

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1G575- 
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102.55 

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5.86 
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I. 4.83 
16, 6.82 
1. 8.82 
1. 272—8 1 D 
1. 3.75 — B4D 
1 2.82 
I. 6.83 
1. 4.B4 
1. 8,81— 83D 
I • 4.B4 

1.12.77— 81 D 
I 11.83 

1. 6,83 — 87S 
1. 7.81 

1. 7.82 — BSD 
1.12 7Q—79S 

1.12.72— 79S 
1.10.84 

1. 3.85 

1.11 .84 — 88D 
». 9.75 — 845 

16.1 IJ0 
I. 3.82 
1. 4.83 
1.4.85 
1 5.88 
1. 4.80 

I. 2.79— 88D 
15. 8 77— {ms 
1. 7.84 

1.1 1.73 — 82S 
I. 8 74— 83S 
I. 2.75—845 
1-11.75 — 84S 

278—875 
1 10.80 
1. 2.82 
1. 4.82 
I 5 82 
i. 3.83 
1.10.62 
1 1 1 .85—895 
1. 9.88 

1.11 .78 — 87D 
I. 9.83 

I- 473— 82S 
!. 4.75— 835 

1. 7.79 

1 .1 I 80 
1 12.81 
I. 2.80 
1. 6.61 

I. 4.79_82q 
I. 2.83 
1. 4.79— 83D 

1. 5.7B-87S ' 

2. 5.83— 86S 
1. 4.83—855 
1. 1.83— 87D 
I. 2.83— 87D 
?. 9.84— 87D 

15. 7.84— 8BD 
r.ius— 90S 

16. .1.85 

1. 7.73—845 

1.10.77 — 86D 

1.10.78— 87D 
1.11.77—865 
1. 981 

16. 8.82 
16.10.82 
1 .10 84 

15.10.81— 83D 
1. 3.83 
15. 8.81 

1.1071— BOD 

1.11.83 
1.1183 
1.12.79 

1. 5.81— 85D 
1. 2.81— 89D 
1. 7.81— 83S 
1. 7.82 — 84S 
1.2.83— 07S 

15. 1.86 — 88S 
1. 4.83(82-87) 
1. 3.86 

1. 5.81 
•J..10J4 

. 1.-10.79-88S 

1.T0.76 — 87S 
t.1 0,82(80-86) 
‘ ?: 5>4 
I. 2.85 
1. 87\ — 83S 
1. 67 V— 80 D 
. 15.12.84 * . 
i; i:il.76— 85D 
20. 5J3 ■ • 

1.12.85 — 87D 

1. 4'Jl— 85D 
..T.7JJ-86D 

1I.4J1 — 890 
!. 6.68—79D 
»: 471— 83D 
• 1. 5.77— 86D 
.1. 7.78-^87D- 

2. 779 — 88D 
1. 479— 88D 
I. M.79 — 88D 
1. 8.79 

. 1. 979 

1. 9.81 
1.12,81 
1.12 JO 
1. 3.82 
15.1282 
1. 4.78-85 D 
15.12.81 

1. 10.83 
1.10-82— 86D 
1. 4.85— 90D 
1. 8.83— 90D 

20: 7J2 
1. 4.81 

1.1 U3 1 82-87) 

1.1072 — 835 
1. 9:84 — 93 S 
1. 775-84S 
1.10.85 

1- 375-84 D 

16. 182 


"-Chi' WestLB Euro-DeutsChmarkbond Yield Index 

October 31 f T97S: 6,12^ / -(September 29, 1978: 6.13%) ’ 




C.N. Enltr E ie 69/84P I G > 

61% C.N. Telecom-' 68/83 (G) 

8i% C.N. Telecom. 70/85 (G) 

8i% C.N. Thlecom. 75/82 (G) 

9i% C.N. Telecom. 75/83P (G) .... 

9% C.N. Telecom. 75/83PJG) . 

7J% C.N. Telecom. 76/83 (fi) 

7i% Contalni 71/86:... 

91% Comaloo 75/B2P 

7% Com. Fed. Etectr. 77/82P ....... 

8 % Com. Fed. Elear. 77/84 — ; 

7;% Com. Fed. Electr. 77/85 

6)% Com. Fed. Elefctr. 78/88 

4j% Comp. F. Deutsche Bk.78/83P . 
5% Comp. P.' Deutsche Bk. 78/84P 

8}% Comp. Franc Petr. 75/85 

61% Comp. Franc, Petr. 77/84 

8;% Consorzio 70/91 (G) 

8;?6 Continental Oil 70/85 

5j% Copenhagen 64/84 

7% Copenhagen 68/83 

6i% Copenhagen! 69/84 

72% Copenhagen 71/86 

7f% Copenhagen - 76/86 ........... 

6}% Council of Europe 73/81 P 

7.% Council of Europe 73/88 

95% Council of Europe 75/82P ....... 

8i% Council of Europe 76/83 

74% Council of Ettrope 76/83 

7% Council of Europe 76/83 
6J% Council of Europe 77/87 ..... — 

6i% Council of Europe 78/86P 

61% Council of Europe 7B/88 

6V% Courtaulds Int’l. 72/87 

71% Courtaulds Inti. 73/88P 

6% Credh National 77/07 { G ) 

52% Credit National 78/83P (G) .... 

9% CVRD 76/84 

8(% CVRD 76/86 

8% Paimler-Benz 70/85 

51% Daishowa Paper 78/83P 

6% Danish Export 77/82P 

5j%Danish Evport 78/83 P ...: 

83 % Den Da.nske Bk. 76/86 — - 

6^% Denmark 68 / 8 OP 

7% Denmark 69/84: ;... 

6j% Denmark 72/07 

9i% Denmark 74/89 - 

8i% Denmark 76/82 ............... 

S% Denmark 76/82 


j, 2.75— 84D 
l.HJ-4— 83S 
1.1076— 855 
I. 3.82 
16. 2J3 
16. 2JJ 
16. 4.81 
1. 6J7— 865 
1.6J2 
1. 9J2 
1. 6J4 
1.11 J2— 85D 
1. 4J4— 88D 
•. 1. 5J3 
I. IJ4 
1. 5.80— 85S 
1. 7.84 

1. 177— 91D 
did. p.1.12.781 102) 

15. 12.70— 84 D 

2. 5.72— 83S 
1. 6.75— 04S 
1. 4.77— 86 S 
U2.81—86S 
1. 5.81 

1. 7.79 — 8BD 
1. 2.82 

I. 2.79— 83D. ■ 
1. 5.80— 83D 

I. 12.83 

J. n.83— 87D 
1. 7J6 

16. 504 — 88 D 
1. 7.80 — 87S 
.1. 2.79— 88S 
1. 10.8 J— 875 
I. 903 

i. 2.81/82-34) 
1.1202(83-06) 
1.11.76— 85D 
1. 803 
1.1 1 78 — 82D 
1. 6.79— 83D 
1.1102—865 
1J0.72 — SOD •. 
1. 8.75— 84S 
1.12.78 — 87S 
• !'. 300 — 895 
1. 202 
1, 902 


, Denmark 77/83 

1 Denmark 77/S7 

, Denmark 78/84 

, Denmark 78/88 

, Den Norske Ind. 77/89 (G) 

, Den Norake Ind. 78/90 (G) 
District of Paris 69/84 |G) 

EEC 76/83 

. Elecr. Council 7) /86 (G) ... 

Elecrobras 77/87 (G) 

, Elecrobras 78/86 (G) 

Elf Aquitaine 78 -88 

, Elf Nor;e 77/80P 

Elkcm 78/8BP 

, ENEL 65/80 (G) 

Ericsson 72/87 

ESAB 76/8 IP 

E5COM 65/80 (G) 

ESCOM 68/83 (G) 

ESCOM 70/85 (G) 

ESCOM 7I/B6 i G I 

ESCOM 72/87 tG) 

ESCOM 73/88 (G) 

ESCOM 75/80 lG> 

ESCOM 78/81 IP (G) 

ESCOM 78/81 IIP IG/ 

E5COM 78/8 IP IG) 

ESTEL 73/88 

E5TEL 75/05 

ESTEL 76/83P 

ESTEL 77/B4P 

ESTEL 77/B-lP 

ESTEL 78/B5P 

E ura tom 77/87 

Eurofima 64/79 

Euroflma 65/80 

Eurofima 67/83 

Euroflma 71/86 

Euroflma 72/87 

Eurofima 73/88 

Eurofima 73/88 

Eurofima 74/79P 

Eurofima 75/85 

Eurofima 76/B3 

EuroQma 77/87P 

Eurofima 73/88 

Europ. lnv. Bank 69, 1 B4 

Europ. lnv. Bank 69,'B^ 

Europ. lnv. Bank 70/80 

Europ. lnv. Bank 71/86 

Europ .lnv. Bank 71/86 

Europ. lnv. Bank 72/87 

Europ. lnv. Bank 72/87 

Europ. lnv. Bank 73/68 

Europ. lnv. Bank 73/88 

Europ. lnv. Bank 74/8 IP ....... 

Europ. lnv. Bank 75/80 

Europ. lnv. Bank 75/83 

Europ. lnv. Bank 76/83 

Europ. lnv. Bank 76/83P 

Europ. lnv. Bank 76/84 

Europ. lnv. Bank 77/89 

Europ. lnv. Bank 78/BSP 

Europ. lnv. Bank 78/90 

Europ. Inv. Bank 78/90 

Europistas 71/86 (G) 

Europisras 72/87 (G) 

Fin. Inst. f. Dan. Ind. 76/8 IP . 

Finland 64/79 

Finland 64/80 


Middle 

Plica 

1 " 

Current 

Yield 

Yield to 

Ufe ' Maturity* 

10325 

6.54 

4J4 

5.90 

105.75 

6.S6 

8J4 

635 

99.90 

5.26 

525 

527 

9900 

6.01 

9.25 

602 

103.45 

6.52 

504 

6.02 

100.150 

5.99 

7.85 

5.97 

10225 

6.36 

3.08 

5.67 

10725 

676 

4.42 

5.35 

104.50 

7.42 

3.67 

6.45 

101.25 

6.91 

6.77 

6.76 

98.00 

6.89 

7.42 

7.10 

9500 

5.53 

8.52 

6.01 

101.00 

5.69 

1.46 

5.00 

98.00 

507 

752 

6.03 

10020 

5.99 

1.16 

509 

102.30 

6.60 

4.33 

6.12 

105.00 

8.33 

225 

6.27 

10100 

6.44 

1.41 

5.73 

9825 

6.62 

2.85 

7.19 

103J0 

821 

328 

734 

101.75 

706 

304 

7.58 

9500 

6JS 

4.59 

7 37 

96.75 

724 

4,69 

704 

104.75 

803 

1.75 

627 

101.00 

7.92 

1.70 

7.32 

101.00 

7.92 

1.74 

7.33 

101.00 

8.17 

225 

7 72 

105.40 

725 

5.45 

6.53 

106.30 

800 

4.92 

653 

106.75 

7.96 

423 

6.64 

1 00.50 

6.47 

6.00 

6.40 

10000 

625 

5.06 

62S 

99.50 

628 

6.92 

6.34 

98.40 

5.84 

9.00 

3.94 

101.00 

5.45 

075 

409 

20300 

5.83 

1.07 

3.11 

105.50 

6.16 

2.79 

4.36 

102.50 

7.56 

4. II 

7.02 

100.50 

622 

4.64 

6.12 

10325 

6.30 

4.61 

5.67 

104 JO 

7.66 

5.14 

6.93 

105.00 

9.52 

1.08 

5.12 

109.00 

8.26 

4.19 

6.46 

110.75 

722 

4 25 

5.1 ! 

104.50 

6.46 

6.19 

5.96 

98.75 

5.57 

6.71 

5.72 

103.75 

5.78 

2.77 

4.59 

105.50 

6.64 

3.42 

529 

105.60 

7.58 

1.50 

4. lb 

10600 

7.08 

369- 

5.75 

107.25 

723 

4.27 

5.78 

104.00 

625 

4.16 

5.39 

101.50 

5.91 

5.19 

3 65 

103.00 

6J5 

4.96 

6.02 

103.90 

674 

538 

6.12 

MOJO 

9.05 

203 

5.86 

106.75 

7.49 

208 

4.53 

11100 

8J6 

3.15 

5.58 

106 JO 

7:51 

3.13 

5.66 

10725 

723 

4.92 

6.00 

10600 

6J7 

4J5 

5.23 

100.50 

5.97 

7.10 

5.91 

100.00 

6JJ0 

975 

6.00 

93.10 

5.64 

874 

629 

99.00 

6.06 

11.92 

6.12 

104.50 

709 

3J7 

6.92 

103.75 

7.71 

3.94 

7.01 

102J0 

7J2 

221 

624 

10025 

623 

003 

601 

100 75 

5.96 

1.17 

5.39 


Repayment 

D- mandatory fewrinp 

by bt a: par 
S — : ini -ng fund 

16. 503 
16. 5.87 
i. 204 
1. 2.83 
1. 6.80— 89D 
1. 5.B3— 90D 
I. 4.75-B4D 
1. 403 
I. 3.77— 86S 
1. 9.83(83-67) 
I. 4.86 

15. 5.66— BSD 

16. 4.80 

1. 6.84— 88D 
1. 7.69— 80D 
1. 3.78— 87S 
I. 2.81 

1 .10.71 — BOD 
1.10 J4 — 83D 
>. 4.76— 85D 
i. 3.77— 86D 

I. 978— 87D 
1. 5.79— 88D 
L 8.80 

15. 1.S0 — 6)D 

I. 2.80— 81D 
1. 2.81 
I. 879— B85 
1. 601—355 
1. 3.83 
111. 84 
1.(2.82—840 

I. 10.85 

J. 1 1.87 

1 8.67— 79 D 
1.1268— BOD 
1. 9.71— 83D 
1. 2.75— 86 D 
1. 9.76— 87 D 
I. 3.77— 88D 
1.1077— 88D 
I 12.79 
1. -201—850 
1. 2.83 
1. 2.83— 87D 
15. 2.84— 88D 

1. 3.75— 84D 
1.11.75—840 

2. 5.80 

1. 3.77 — 86 D 

1.10.77— 86D 
i. 3.78— 87D 
1. 9.80 — B7D 
1. 2.79— 88S 

I. 779— B8S 

J. 9.81 
1.1200 

i. 101— 83D 
I. 7.80— 83 D 
1.10.83 
1.12.81— «4D 
1. 802— 89D 
I. 800 
I. 3.85— 90D 
1.10.90 
?. 277— 86D 
I. 1.78— 87 D 

1.12.78— 8IS 

1. 9.70— 79D 

2. 1.71 — BOD 


V\festLB 


Tor current prices and further information call 

Dusseldorf Telephone 3263122 International Bond 

Wesldeuische Landesbank Telex 8581882 TradmaDepL 

Girazenirale 

arSln?,*' 11 ^ . , xer Telephone 8*63 1 41 ■ j nsl , W y 0 na n n ve 5 torsDspt. 

4000 Dusseldorf 1.-TRG Telex 8581 B8Z 

London 

Westdeujsche Landesbank Telephone 6386141 

Girozentrale Telex 3S79&4 

London Branch 

21. Austin Friars ... 

London EC2N 2HB/UK 

Luxembourg J? on Sl l £ o . n 0 .. . . 

V.v?-L& InvinaMV:..: S A. V.*st:.8rM a D- ' *4 

47 . Boulevard Rural “.’leul'jr*c 4p±0.i W H-iifujuU h;u*9 

Luxembuuig T.-l** 28:1 Hc,i,o Kong 

Westdeuische Landesbank Girozentrale 
LLeading Marketmakers in Eurobonds 



3S79S4 


“iieul'ar-o 
1,l». 28:1 


Hong Kong 

V.vs:LBAi a Ur-i-erf , 

T.^shono 06 

Hoi.g Kong Tetc •; - 8 •*-- 


Finland 68/83 

Finland 68/83 

Finland 69/84 

Finland 69/84 

Finland 70/85 

Finland 72/87 

Finland 76/84 

Finland 78/83 P 

Finland 78/86 

Finn, (Communal 69/81 (G) 

Finn. Kommunal 71/83 I G ) 

Forsmarks 75/83 (G) 

Forsmarks 78/90 (G) 

Francece! 76/83 (G) 

Francetel 77/B4P (G) 

Fuji Heavy 76/81 P 

Gen. Zbk. Vienna 75/82P 

Gen. Zbk. Vienna 76/83P : 

Gen. Zbk. Vienna 77/87 

Giroz. Vienna 74/78 P 

Giroz. Vienna 74/79P 

Giroz. Vienna 74/80P 

Giroz. Vienna 76/81 

Giroz. Vienna 76/83 

Giroz. Vienna 77/B2 

Giroz. Vienna 78/86P 

G. 1. S. 78/83P 

Goeteborg 75/85P 

Goodyear Tire 72/87 

Grand Metrop. Fin. 77/84 

Guardian Inv. 73/83P 

Guest-Keen-Nettl. 76/83 

Hamersley Iron 72/87 

Hazama-Gumi 76/81 P — - 

Helsinki 68/83 

Hitachi Cable 77/82P 

Hitachi Shrpbldg. 76/81 

Hoosovens 70/B5 i 

IAKW Vienna 75/85 (G) 

Iceland 69/84 

Iceland 77/87 

I Cl Int'l. 72/92 

ICI Int’l. 75/82 

I C I Inti. 76/86 

ICI «nt’l. 77/87 

ICIPU 71/91 (Gl 

I mat ran Voima 71/86 (G) 

Imatran Voima 72/87 (G) 

Indonesia 78/84 ! 

Jnd. Dev. C. Sth.-Afr. 78/82 P (G) 
Ind. Dev. C. Sth.-Afr. 78/83P,(G) 

Industr. Bk. Japan 73/80P 

Industr. Bk. Japan 73/81 P 

Industr. Bk. Japan 78/84 

Ind. Min. Dev. Iran 73/85 

Ind. Min. Dev. Iran 77/87 

Ind. Min. Dev. Iran 78/84 

Ind. Mtgebk. Finl. 64/79 (G) 

Ind. Mtgebk. Finl. 68/80 (G) 

Ind. Mtgebk. Finl. 71/86 (Gl 

Ind. Mtgebk. Finl. 72/87 (G) 

Ind. Mtgebk. Finl. 75/84 (G) 

Inc. Am. Dev. Bank 64/79 

Inc. Am. Dev. Bank 68/83 

Inc. Am. Dev. Sank 69/84 

lnt. Am. Dev. Bank 70/85 

fnt. Am. Dev. Bank 72/87 I 

lnt. Am.. Dev. Bank 72/87 II 

Inc. Am. Dev. Bank 76/83P 

Inc. Am. Dev. Bank 76/83P ...... 

lnt. Am, Dev. Bank 77/87 .• 

lnt. Am. Dev. Bank - 78/88- 

Int'l. Coml, Bank 73/83 

IRAN 68/78 

Ireland 76/81 : 

1 R I ex. warr. 64/79 (G) — 

ISCOR 71/86 (G) ..' 

ISCOR 72/87 (G) 

ISCOR 73/88 (G) 

ISCOR 73/BB(G) 

ISCOR 77/80 IP <G) 

ISCOR 77/BO IIP <G) 

ISCOR 78/82P IG) 

ISCOR 78/84P (G) 

japan 64/79 

Japan 68/83 

Japan Dev. Bank 76/83 (G) 

Japan Synth. Rub. "76/81 P 

Johannesburg 71/86 (G) 

Johannesburg 72/87 (Gl ............ 

Johannesburg 78/82P (G) 


■10225 

6.85 

2J2 

6.11 

102 JO 

6.59 

303 

5.92 

102.35 

6.84 

2.91 

620 

103.00 

728 

3.32 

6.58 

10125 

8.40 

3.38 

823 

. 10100 

607 

420 

6J8 

103.75 

7.71 

4.04 

609 

9900 

5J6 

425 

5.76 

97.40 

5.90 

7.25 

620 

103.00 

7.28 

206 

6.02 

10205 

7.78 

2.44 

6.82 

10525 

7.84 

3.13 

6.33 

97.30 

5.91 

7.55 

620 

106.00 

708 

4.96 

6.06 

I03JO 

6.52 

5.42 

5.96 

10200 

606 

308 

626 

109 JO 

8.45 

3J3 

6.00 

106.00 

8.02 

3.74 

6.62 

10325 

5.81 

7.03 

5.43 

100.00 

9.75 

0.08 

9.33 

105.00 

929 

1.08 

40B 

10800 

903 

2.08 

5.57 

105.25 

6.65 

3.00 

5.07 

“ 105.55 

6 87 

500 

5.93 

*101.75 

5.41 

3.92 

4.99 

9925 

' 529 

7.92 

’ 507 

98.75 

608 

4.33 

633 

109.00 

8.94 

4.18 

7.17 

10125 

6.63 

4.33 

627 

10225 

605 

4.21 

6J6 

101.00 

7.18 

2.19 

6.72 

10600 

7.55 

4.50 

6.41 

102.95 

6J6 

4.47 

5.97 

105.00 

7.62 

2-58 

504 

103.00 

6.80 

2.61 

502 

102.00 

606 

3.17 

627 

103.00 

8.01 

2.33- 

6.79 

10425 

8.15 

3.44 

721 

107.00 

8.18 

3.91 

6.64 

102J0 

7.0 7. 

2.91 

6.40 

105.25 

7.36 

5.19 

6J1 

103.70 

6.27 

6.58 

5.80 

104.50 

8.13 

3.75 

70fl 

104.75 

7.16 

706 

6J3 

10425 

6.47 

6 96 

5.98 

103JG 

7.73 

6.24 

7.42 

10425 

7.67 

3.94 

606 

10400 

7.69 

4.49 

7.06 

97 J5 

7.16 

5.92 

7.4B 

100.00 

7.75 

3.50 

7.73 

100.00 

8.00 

4.67 

7.98 

IOIJO 

6.40 

1.58 

5.46 

101J0 

6-.40 

2.50 

5.82 

100.40 

4.98 

5.17 

4.91 

98 JO 

7.61 

6.50 

7.79 

97 JO 

7.95 

8.67 

8.15 

97.50 

7.44 

5.87 

.7.79 

100.15 

624 

0.50 

6.03- 

101.00 

6.68 

1.49 

6.13 

10500 

7.62 

4.4 1 

678 

10220 

605 

4.46 

6.52 

10325 

8.72 

2.81 

7.64 

101.00 

5.45 

0.67 

3.91 

103.80 

6.50. 

2.62 

5.24 

702 JO 

603 

3.16 

621 

106.50 

7.98 

3.71 

600 

101.85 

6.63 

4J8 

6.26 

102.00 

6.62 

4.99 

627 

106.00 

7J5 

429 

625 

107.00 

7.71 

4.67 

6.45 

104.00 

6.73 

6.11 

6.19 

10025 

623 

9.17 

6.21 

102 JO 

6J9 

2J3 

5.64 

99.40 

7.29 

0.08 

15.06 

107.40 

7.68 

2.17 

4.57 

10000 

575 

0.66 

502 

100.65 

7.70 

309 

7.69 

97 JO 

7.18 

4.17 

706 

103.00 

600 

4.58 

622 

10100 

8.35 

5.18 

806 

101.00 

8.17 

107 

7.64 

10100 

8.17 

1.62 

7.55 

100.00 

7.75 

2.91 

7.72 

100 JO 

821 

5.96 

8.14 

101J0 

5.91 

0.58 

3.40 

104.75 

6.63 

2.29 

403 

105.55 

6 87 

4.42 

578 

106 JO 

775 

2.67 

5.54 

I0IJ0 

708 

424 

7J5 

9300 

6.66 

4.58 

7.91 

99.75 

7.77 

3.50 

7.81 


1 6.72— 83D 

1.12.72— 83D 
2. 5.73— B4D 

1.10.73— 84D 
clld.p. 1.12.781 101) 

I. 4.78— 87S 
l. 601— 84S 
1. 203 

1. 2.86 
1.12.72— 81D 

2. 576—83D 
1. 7.80 — 83D 

16. 103— 90D 

16.10.83 
1. 4.84 
1.1201 
1. 302 

1. 2.82— 83D 
1.12.83 — 87D 
due 1.12.78 
1.12.79 
1.1200 
1. 11.81 
1.11.83 
1.10.82 
1.10.86 
I. 3. 82— 830 
I. 2.81— S5D 
dld.p.l. 1278(101.75 
l. 8.81— 84S 

1. 2.79— 83 D 

2. 503 

1. 7.78—875 
1 . 6.81 
1. 7.71— 83S 
L 1.82 
1. 3.81 

1. 6.76— 85D 
1. 5.80— 85D 
1. 5.73— 84S 
1. 4.80— 87S 
1. 378— 92S 

1 8.82 
1.12.B4— 86 D 
1. 5.34— 87D 
1. 177— 9ID 
1 . 4.77—865 
1. 1.78— 87S 
1.1004 

I. 5.82 
1. 7.83 
. 1. 6.80 
1. 501 
1. 1.84 

1. 5.77— 85S 
1. 7.83 — 87S 
16. 9.84 

2 5.70-79 D 

1.1173— BOD 

1.12.77— 86D 
I. 7.78— 87D 

dld.p.l. 4.79(102.5) 
I. 7.70 — 79D 
1. 7.72-8 3S 
I. 0.75-84S 
1. 9.76— 85S 
I. 678 — 87S 

1.11. 78 — 87S 
16! 203 

1.-703 
1. 1J3— 87S 
1 . 1.88 
1. 6.79— 83D 

due 1.12.78 
I. 101 

30. 675— 79D 
1. 6.77— 86D 
1. 4.78— 87D 
I. 3.79— 88D 

1.11.79— 88D 
16. 9.79— BOD 
1 6.) 2.79 — 80D 

1. 4.81— 82D 

16.10.84 

1. 6.70— 79D 
1. 372— 83S 
I. 4.83 
I. 701 
I. 9.77— 86D 
1. 978— 87D 
30. 4.82 


7«% Jydsk Telefan 69/84 

J/dsk Telefon 72/87 

7i% Jydsk Telefon 73/08 

9% Jydsk Telefan 75/82P 

6 '.% Kansai Electric 69'84 ...; 

7;% Ksnsai Electric 71/86 

e; 5 . Kawasaki Steel 75/32 

ti% KELAG 73/38 

6 i% KHD Finance 72/87 

7^% KJobenhavns H. Bank 76/83P 

7;% Kjcbenhzvns Tel. 72/87 

7% Kjobenhayr.s Tel. 72/87 

6 .% Kjobenhavns Tel. 73/83 

5\ KLM Roy-1 Dutch Airl. 78/85P ... 

7% Kabe 68/83 (Gl 

6 i*\ Kobe 69/84 iGi 

7;% Kobe 71/86 (G) 

6 ; : : Kobe 72/87 (G) 

Bi ; : Kobe 7S/80P (Gl 

7 % Kobe 76/83 (G) 

6 ’ : c . Kobe 77/87 (G) 

5i- 5t Koae 78/B6 IG) 

7 ,% Kommunl. Inst. 76<83 

8 % Kommunl. Inst. 76/84 

7-% Korea Dev. Bank 77/84 (G) 

5;% Kubota Itn’I. 77/82P 

S;% Kvaerner Ind. 76/88P 

8 ' : a Light-Servicos 77 02 lG) 

6 _\" Lirht-Ser.icol 78/86 (G) 

10 ; , Lcnra Int'l. 74/79P 

8 % Lonza Int'l. 75/80P 

7%. Malaysia 72/84 

Malaysia 77,-85 - 

9;% Malmoe 75,04 

6 : Malmoe 76/83 

6 - % Manitoba 77/84 

b.-; Manit. Hydro El. 72/87 

6 % Me^sl Fm. Comp. 7S.-90 

7% M E P C 73^83 

7 T ' ; Mexico 6o.*80 

7 : Mexico 63/84 

7 Mexico 73/88 

9 : _ Mexico 75 '"82 

S 7 ? Mexico 76/33 

7- - c Mexico 77(64 

e> Mexico 78/85 

7; Mitiulusbi Gas 76/8 IP 

i . Mitsubishi Perro. 78 '83 

7; : .. Mitsui Toatsu 76 '8 IP 

5< - MODO 75. S3 

7 : . Montreal 69 /S9 

6 ; : Montreal 72/92 

6 ^% Monrreai 73/93 

8 /% Montreal 76/Bo 

7% Montreal 77/87 

7 Mortg. Denmark 69/84 f G 1 

7 i'l Mortj. Denmark 71/86 * G > 

7% Mort£. Denmark 73/38 <G) 

Mon;.. Bk. Finl. 69/84 !G) 

7.% Nan. Mexico 69/79 (G) 

8 j% NaH. Mexico 76/B3P ( G) 

7% Nafi. Mexico 77/82P lG) 

8 (% Nafi. Mexico 77/84 (Gl - 

8 % Nafi, Mexico 77/&4P (G> 

Nat. BV 1 .. Hungary 75/81 

6 ;% Nat. Ek. Hungary 77/S5 

6 - % National Lead 67/79 

8 % Nat’i. Westm. Bk. 73/88 

b/% Brunswick 72/B7 

7 : : Mewfoundland 69-34 

S% Newfoundland 71/36 

6 j% Newfoundland 72/87 

.6 % N tvyJoundland 73 .'88 

64 -; New Zealand 69/34 ..... 

7‘ c j New Zealand 7I/S6 

?'■. New Zealand 72/87 

91 % New Zealand 75/80P 

9;% New Zealand 75/8DP 

Bt% New Zealand 75/80P 

9<% New Zealand 75/82 

7;% New Zealand 76/83 

72% New Zealand 76/86 

61% New Zealand 77/84 

5;?* New Zealand 76/86 

9% Nippon Kokan 75/82 

5:% Nippon Steel 78/85 

8 ; % Nippon TtT 75/82 (G) 

81% Nippon T 4- T 75/82 IG) 

71% Nippon T — T 76/33 <G) 

5. % Norciro 78/85 

8 i ? 0 Norges Komm. Bank 70/85 <G) ... 

8 % Norges Komm. Bank 75/BO tG 1 ... 
8 % Norges Komm. Bank 75/SCP_lG) 
7% Norges Komm. Bank 7o/31 tGl ... 
7% Norges Komm. Bank 77/89 1 G 1 ... 
6 % Norges Komm. Bank 77/89 1 tGl 
6 % Norges Komm. Bank 77/89 II (G) 
6 % Norges Komw. Bank 76/90 I G ) . . 

S' % Norpipe 76/84 

8 % Norpipe 76/83 

6 % Norpipe 77/89 

7- ;% Norsea Gas 76/S8 

7% Norsea Gas 77/39 

9% Norsk Hydro 75/87 

8 % Norsk Hydro 76/88 

6 . ' ?b Norsk Hydro 77/89 

8 J% Norway 75/80 

6 i% Norway 75/80P 

71% Norway 75/80 ... 

7% Norway 76/81 

7- '%'. Norway 76/31 - 

6 % Norvay 77/82 . . 

6 i% Norway 77/82 

S;% Norway 77/82 

4 ’ % Norwa» 78/83 

4j% Norway 78/83 

7 ■ • . Norw. Mortgage 77/B7 .... 

6 S ; Norw. Mortgage 77/89 

7 ;% Nova Tcocia 71/86 

7%4 No« Scot. Power 72/87 

6 '% Occident. O^ers. 68 /S 3 1 

6 % Oester. Donaukr. 59/34 (G) 

6 i,% Oesier. Donaukr. 73/88 (G) 

8 - '% Oesier. Draufcr. 75>85 (G) 

7% Oest. El. Wirtsch. 67/87 lG) 

7% Oest. Wirtsch. 76/83P lG) 

5>% Oest. Ind. Verwaltung 78/85P (G ) 

l 6 }% Oest. Inv. Kredit. 74/79P 

9'% Oest. Kontrollbank 74/79 IP (G) 
9t% Oest. Kontrollbank 74/79 IIP (G) 
7%, Oest. Kontrollbank 76/83P (G) ... 
6 i% Oest. Komrollbank 77/S4P <G) ... 
6 ;?i Oest. Kontrollbank 77/84P (G) ... 
6 i% Oesi. Kontrollbank 77 /34P (G 1 ... 
6 % Oest. Kontrollbank 77/S5P «.G I ... 
5*% Oest. Koncrollbank 78-84P »G • ... 

S'% Oest. Landerbank 77/82 

6 :% O KO 64/79 » G ) 

6 ’ % Ontario 69/84 

6 % Ontario 72/87 

?® A Ontario Hydro 69/84 

7'v Onrario Hydro ?|< 8 b 

WestLB SD Certificates 

4 years maturity: 6.00 l > 


TjCTddla Ctnrem 
Psiso Yield" Lna 


102Z5 

rafjQc 

ID2.00 

107.75 
102.60 
104.50 

135.00 
10170 
I Cl 5 . CO 

102.00 
1 02.80 

101.75 
10020 

99.00 

103.75 

104.00 
. 105.00 

103.25 

104.50 

107.00 

106.00 
T 0 1 .50 

102 fid 

103.00 
10020 

100.00 

98.25 

106.25 

93.20 

104 00 

103.25 
in 1.50 
°£.60 

107.75 

105 50 

105.25 

105.00 
100. CO 

100.35 

1 03. CO 

103.70 

102.25 

109.25 
10S25 

106 25 

97.00 

102.25 

102.15 
1 02.03 

104 25 

103 00 
Q 9.35 

■ 01 30 

105.90 

102 45 

1 04.25 
103T5 
102.20 
102.00 

103.50 

106.25 
100.00 
106.00 
10550 
1C6.2S 

-7.&S 

101.00 

105.70 
10225 

105.00 

105.53 
J0?,"0 

inz.'io 
-ITvrrs- ' 

126.15 
10' .‘‘v 

105 or. 
10=75 

104 00 

103.30 

107.50 
10°. 7 5 

105.40 

99.75 
KM .00 
IC2.CC 

104.50 

103.50 

105.50 
190.10 

1 07.00 

104. ?S 

104.50 
19-1 50 

106.00 

191.35 
101.00 
1C 1.25 

107.00 

106.40 

192.25 

105.50 
IC4.40 

107.90 

108.35 

103.75 

105.00 

1 05.00 
Jflfi.PO 

104.30 

109.00 

103 °0 

103.85 

102.85 
99.60 

95.20 
lOo.SD 

99.75 

104.75 
.103.25 

102.25 

102.00 

103.50 

2 OS. 7 5 

104.35 
J05.00 

98.50 

104.75 

1G3.2S 

103.25 
105.09 

107.53 

103.50 
102.00 

101.50 
jm co 

102.25 
101.00 
103.00 
101.50 
104.35 
1C4.S0 


Yield to 

J/ci-jrity" 


Repayment 

D - mandaiciy drawn; 

tiv (otatpor 

F- ..inNir.T 4 

15. 9.75— 845 
1. 3.78 — 377 
1 . 279—395 
i. 7.82 
1. 3.75—845 
1. 5.77— 3oS 
1. 6.S0 — 32D 

1. 5.79— 93S 
2 5.7S — 875 
1.12.83 

2. I 78—875 
1. 5 78— E7S 
i. 4.75 — 38S 
I. 5.79—250 
i 5.72 — S3S 
i. 5.73—843 
1 . 2.77— $45 
I 5 78 — 87S 
I. 0.50 

I. 6.83 
1 6E7 
I. 7.8b 
1 4 31— S2D 
1 57 0.77 — EMD 
1 .12.34 
1 12 61— 82D 
I. 3 34— 5SD 
1 3.32 
1. 506 
in: 1 * 
i5. ESC 
i c.rr— s-;d 

1. r T.S3 

I. 2 31-34D 

1 2 SO — B3D 

1. 7.34 

1 b T 2— -7' 

2. 1.85— W." 

1. E.7=— 83D 
f . 6. .■ I — SOS 

2. 1 .73 — 5-S 
1 1 79— ?S2 
1. 7.52 
1.653 

1. o 

i‘. 6s'i 

1 . 0 S3 
15. 9E1 

: t.sc— s:d 

i •••.70— SOD 
1 9. 73 — 9 2D 
1. 6 74—' =35 
1 . 7.77 — 369 
16 7.73— S75 

1.1 1.75—3-5 
1 3 7 

1. 7 79— 8 B5 
I. 4.73—845 
1. 6.72 — 795 
1 .12.83 
1 9 92 
i! 304 
1 3.54 
1 7.51 
III .55 
1. 6.72— 7*5 
1 .10 7? — E3S 

1.1 1.79 — S75 
1. 8.75—543 
1. £. 7 7— ?6S 
i M.79— 5 77 
I 4EI-C9S 

1 . 2 ”3— E-’D 
i : 77 — ?6D 
1 2 77—57 O 

1 . :eo 

1. 2 B0 


7.93 

1.67 

5.64 

1 7E0 

9.00 

3.17 

fc 74 

1 1.5: 

6 98 

4.33 

5.50 

1 3.33 

7 06 

5 94 

5.77 

1 11.62— 3uD 

5.93 

5 50 

5.09 

1. 5.84 

5.26 

7.33 

5.29 

1 3.86 

S.65 

2.:<» 

7 09 

1. 4.90— 32D 

£.64 

003 

52? 

1 ?.£5 

8.37 

3.33 

7.16 

1 3B2 

7 97 

2.58 

7 09 

1 6 92 

7 23 

4.92 

6 17 

1 id 33 

5 7-1 

fa.33 

5.72 

! 3.f: 

7 94 

3 79 

649 

1.10.7^—353 

7.c4 ' 

1 53 

4.73 

1 i CO 

7 66 

1 67 

5.09 

1 7 SO 

tv 70 

250 

5 02 

1. 5.51 

6.40 

6.14 

5.C0 

1 p.' nnc 

f 

6.65 

5 73 

16 10 50— i?S 


11 08 

5.67 

! i2.80— ?®S 

5 93 

7 47 

5.73 

1. f SI-905 

7. c 4 

3.59 

6.25 

1 . 2.30 — c4 j 

7 52 

609 

631 

I o.8? — 3" 3 

507 

F.°5 

5.26 

1 iJ.24— 3?D 

fi.87 

7.49 

b.?0 

1.12.83—393 

6.70 

8.73 

6.32 

1 7.84— ??5 

R ?.4 

4.66 

6 94 

i. 3 30— 37D 

7.33 

6.63 

6.44 

1. 4. S3— 581 

6.51 

7.37 

- d.C.9 

1 6.82— S9 3 

7.34 

1.50 

4.69 

1 5 i-0 

7.S6 

• 1.58 

4.86 

1 n SO 

7 31 

2.03 

4 65 

I 12 SO 

6S* 

2 50 

4 27 

l 531 

6 33 

2.67 

3.87 

1 . 7.8 1 

t.26 

?.I7 

5.13 

1 1 82 

6.02 

342 

4.98 

1. 4 .32 

5 59 

3.75 

4.39 

1. E62 

J .77 

4.17 

4.85 

1 1 93 

4 52 

4 42 

5 20 

1 -S’ 

s.Si 

6.4S 

6.00 

lo 503— 970 

6.02 

7.39 

6.04 

16.11 &2—29P 

7.-0 

!;.42 

6.60 

1 12.77— Sc D 

.6 73 

5 03 

623 

1.12 79 — 673 

e.36 

2.86 

5™1 

1.1072— 355 

5 83 

3.20 

5.38 

1. 2 65-E4D 

6.52 

5.05 

5.92 

• 1. 3.7° — EcS 

3.09 

4.27 

6.49 

1. 3.51— S5D 

t 71 

4.60 

S 9Q 

1. 272— 87 D 

t'.67 

5 12 

584 

16.12.83 

5.53 

7.24 

5.75 

I. 7 95 

9.7? 

0<»6 

5.04 

16.107? 

°20 

0 53 

3.69 

1. 67" 

9 20 

0 67 

4.33 

1. 7.7? 

P t 7 

5 03 

5 83 

1.12.83 

£.52 

£25 

5.95 

I. 2 34 


1 7.34 
1. 6.34 
1.1 1.93 
I. S.£ 4 
112 £2 
I j|.7C,_ 7SH 

j 2.75 — S-’O 

[ Q 9/\ — S7H 

1. 8 75 — 94 6 
1.12.77— St'D 


(Schuldschein-lndex) 

5 years maturity: £.25 ^ 


| Ontario Hydro 72/87 

Ontario Hydro 73/38 

Osaka 64/79 tG) 

Osaka 65/80 (Gl 

Oslo 64/79 

Oslo 65- '80 

O: Jo 67/75- 

Oslo 69/84 

Oslo 71/87 

Oslo 73-90 

Oslo 75. 37 

Papua 73/39 

Parker- Hannifin 77/8™ P 

Pcmex 76/53 

Pemex 77/84 

Pemex 7S/36 

Petrobras 77/84 

Petrobras 78/83 ; 

Philippine 77/34 

Philippine 78/85 

Philips 75/8 IP 

Philips 75/8 IP 

Philips 75/82 

PK-Banken 73/83 

Patm. Malmoe 75/80P 

Privatbnfc. Copcnh. 77/B3P 

Pyhrn Autobahn 77<89 (Gl 

Quebec 72/87 

Ouebe: 77/87 

Quebec 77/87 

Quebec 78/90 

Quebec Hydro El. 69/84 

Quebec Hydro El. 69/84 

Quebec Hydro El. 71/26 

Quebec Hydro El. 72/87 

Quebec Hydro E(. 73/38 

Ouebec Hydro El. 77/87 

Quebec Hydro El. 77/87 


1. bBO— £7D 

I 2 3 1 — EBD 

due 2. 1.79 
I 2 71— &0D 
dje !. 4 79 

1 3.7 1— 60D 

due 1. 3.7* 
i 1 1.75— 34D 

2. !.7S— 873 
I. 7.7.6—905 
I 3.75 — 5™ j 
1 7.7? — 3f:7 

1 6 33—570 
1.12.53 
I. 0 E-l 
i 1 .35 

I i 3.c4 
1 10.94— E3D 
1.1 1.84 
1. 4.B5 
1. 4 81 
15. 4.81 
iS. 3.32 
I. 5.34 — 33D 
1. 5.30 
I. 4 83 
I. 9.34— £9C- 
1 7.7P— £7D 
1. 7 67 
1 fa 67 
1. 5 35— 90D 
1 2.75— E4 5 

j 077 C -£. 

1 '-. 77 — ui 

I. 37n 

1 3 74—ESC 
8.?7 
U2.37 


€®x&3zued on 






24 


Extel’s 

International Bonds Service. 

Up-dated every week. 

How up to date is the 
service you use? 


MARKET MAKERS 


1 //REG I ON 1 - BELGIUM ' ' v 


105 Bondtrade 


110 Dewaay, .Sebille. Servais 

Van Campenhoul & Cie 


115 Kredierhank N.V. 



.REGION 2 FRANCE 


230 Banque Arabe ct Internationale 
rf'Investlssement (B.A.IJ.) 

235 Banque de I’Union Europeeune 
75060 Paris 4. Rue Gaillon 

P 268 20 3(f TX 210 901 
225 Banque Louis-Dreyfus 
205 Banque Rationale de Paris 

75009 Paris 16. Boulevard des Itabens 

P 225-4700/523 5500 
T650SI4/650S19 

210 Credit Ccanmcrciql de France Paris 

215 Credit Lyonnais 

-IS E. F. Hutton Services S.AJl.L. 

220 Inlcrunlon-Banque 

J70 Smith Barney Harris. Up bam & Co. Inc. 
75001 Paris 20 Place Veil dome 
P 260-3404 T6S060S 


‘REG).OJ\l3rcGERM ANY/ AUSTRIA 


300 CommeRanli AG 

6000 Frankfurt N’eue Wajnzer Slrasse 32-36 
P 13621 T 416111 
T 416345 

305 Deutsche Bank AG 

tiOmi Frankfurt Urnsse Callusstrasse 10-14 
Junghofstrasse 5-11 
P 21 41 T 416731-4 


306 Dresdner Bank AG 

6000 Frankfurt Cailusanlage 7-8 
‘ P 2631 T 414 901 
P 23 OS 21 T 41 220 

307 Westdeufsche Landes bank Glrozentrala 
4000 Dusseldorf Friedrichstrasse 56 

PS263122 TS581S82 
389 Creditanstalt Bankverein 

1010 Vienna Schottengasse 6 

P63892540'! T 74324 
310 Gironzentnile nod Bank 

tier Osterreicbischen Sparkassen AG 

1011 Vienna Schubertring 5 

. P 72 94 272/72 94 772 T 13 195 


REGION 4- ITALY- 


405 Banca Commerciate Italians Milan 
407 Banco Ambrosia no S.p.A. 

409 Banco dl Roma 
415 Credito italiano 

20123. Milan Piazzo Cordusio 2 

P 87 1744/8862 T 35617 
PS9 0H6 

420 Istiluto Ban cario Italiano. 

425 Istituto Bancario San Paolo di Torino 
430 Monte det Pnschi di -Siena 

muMHMmJu 

505 Banque Generate du Luxembourg S.A. 

510 Banque Internatiouale a Luxembourg S.A. 
540 Bayerische Landes hank fnlernaiional S.A. 
515 Dewaay Luxembourg S.A. 

520 Kredletbank S.A. Luxembourgeoise 
Luxembourg 43 Boulevard Royal . 

P 26411 T 1451 

530 Swiss Bauk Corpora llou (Luxembourg) 


REGION 6- NETHERLANDS - 


600 H. Albert de Ban & Co. N.V. 

601 Algemene Bank Nederland N.V. 

602 Amsterdam-RuUerdam Sank N.V. 

603 Bauk Mees & Hope N.V. 

604 Barclays Kol & Co. N.V. 

Amsterdam Herengracht 500 

P 262 209 T 12 130/12 193 
611 Cent rale Rabobank Ulrcebt 

Si. Jacobs* iraat 30 
General P 369111 T 40025 
Trading P 362410 T 70105 
6 12 Van der Hoop. Offers & Zoon N.V. 
Amsterdam 497 Keizergraeht 

P 020-227311 T 15441 

605 Bank Morgan Laboucbere N.V. 

610 F. \an Lanscbot 


606 Nederlaodsehe Middengtandshank N.V, 

607 Nederlandse Credietbank N.V. 

608 Pierson, Heldring & Pierson 

609 Slavenborg, Oyens & Van Eeghen N.V. • 


REGION 7 - SCANDINAVIA 


705 

740 

750 


710 

715 

720 


745 

730 

735 


725 


Bank of Helsinki Ltd. 

(Helsingfors Aktiebank) 

Den norske Credllbank 
Den Denske Bank of <2871 Aktieselskab 
1092 Ho! mens Kanal 12 

Copenhagen K P 151886 T 19441/19065 
P 156505 

3L Heuriqoes jr. Bank-Aktieselskab 
1200 Hnjbro PI ads 9 

Copenhagen K P 12 00*52 T 19 162/19 952 
Kansallis-Osake-Pankkl 
Kjogeobavns Handelsbank 
1091 Holmens Kanal 2 

Copenhagen K P 12 86 00 T 19 177 
Poslipankki 

Prlvatbanken Aktieselskab ■ 

Skandinaviska Enskilda Ban ken 
10640 KunsstrSdgardsgatan 8 

Stockholm P 763 50 00/24 28 30 T- 11 007 
Union Bank of Finland 
INordlska Foreningsbanken AB) 


REGION 8 -SWITZERLAND 


800 Bohdparlners S.A. 

805 Credit Suissc/Swiss Credit Bank 
860 Swiss Bank Corporation 

8022 Zurich Paradeplatz 6 

P 223 11 11 T5347J 
870 Union Bank of Switzerland 


/REGION 9- UNITED KINGDOM 


901 Akroyd & Smithers Limited 
903 Bank Julius Baer International 
905 Bankers Trust International Limited 

910 Banque- Francaise de Credit International Ltd., 

911 Citicorp International Bank Limited 

London 335 Strand 

WC2R 1LS .436.1230 T 88 4933 

912 Continental Illinois Limited 

914 Credit Suisse First Boston Ltd. 

913 Datw-a Europe N.V. 

. London 8-14- St Marti ns-le-Grand . 

EC1A4AJ P 600-5676 T 88 4121 

915 Deltec Trading Company Limited 
920 Dillon, Read Overseas Corporation 

London 10 Che6tcr6eld Street 

WIX 7HF P 493-1239 TSS 11055 

922 Dominion Securities Limited 


' " “77 a* ; X - 

, . 7. .v .;, ^ 

Financial Times £ 


925 European Banking Company Ltd. 

London 150 Leadenhall Street 

EC3V4PP P 638-3054 T8951S6S1 

930 First Hhicigo Limited- . - . . ■ - • 

931 GoidmanSachs InternationaTCorp. 

London ■ 40 Bagt ng hgfi Street *- 

EC3V 5DE P 638-4155 - TSS 7902 

P 638-9243 ■ 

932 Hambros Bank Limited 

933 IBJ Internationa! Limited - ‘ 

London Bucklersbury House . 

EC4N 4HR 3 Queen Victoria Street 

P Trading 2364)551 . T SS 3411 
P General 236-2756 

934 Hill Samuel St'C o. Ltd. . 

935 Kidder Peabody Securities' TAmi ted 

London 24th- Floor I • ; ■ 

EC2P 2LA . 99 Bishopsg'ate . 

638-6272 TBS 4894/5/6/7/3 

935 Loeb, Rhoades, Hornhlower International Ltd. 

London 55 Grosvenbr Street 

WIX 9DB P 491-3381 T 25 432 

.939 Kuhn Loeb Lehman Brothers Inc. 

London 99 Bishopsgate 

EC2M 3XD P 638 6911 T S9961 

936 Manufacturers Hanover limited 

937 McLeod, Young, Weir International Limited 

940 Merrill Lynch, Pierce, Fenner & Smith. 

/Brokers & Dealers) Ltd. ■ ■ . Z •' • 

London 3-5 Newgate Street 

EC1A7DA P 236-1030. TS8 5357/88 11S01 

941 Morgan Stanley Internationa) . 

London P.O. Box .132. 

EC3P 3HB Commercial Union. Building 

1 Undershaft. Leadenhall Street 
GeneralP 626-9221 T 88 12564 
Trading P28M20i T 8951621/2 

945 Nesbit, Thomson Limited- • • - 

942 The Nikko Securities C6‘. (Europe) Ltd. 

London Roy ex. House.'. 

EC2V 7LJ . AJdennanbury Square 

P 606-7171’ :T88 4717 

943 Nomura Europe N.V. . 

London Barber-Surgeons Hail, 

EC2Y 5BL Monkwell Square. 

London Wall 
P 608-7482/6 TSS 11473 

946 Orion Bank Limited 

London l London Wail 

EC2Y5JX :»«-3222 ‘ T 88-3496 

’ P 600-8000 Trading 

947 Salomon Brothers International Ltd. 

950 Samuel Montagu A Co. Ltd. 

955 Scandinavian Bank Limited' .' 

960 Strauss, Turnbull & Co.*- 

London 3 Mdorgate Place . . 

EC2R6HR P 6383699 T 88 3201 • 


Extel- 

the International Bond 
Dealer’s best friend, i 

’Phone Sales 0ffices: 0t-2533400 .» 
or Telex: 263437 . 



962 Sumitomo. Finance International < 

London 66 Gresham Street 

£C3B?EL p 608-5645 . T3S1UHB . - • • 

984 Vickers, da. Costa & Co. Ltd. ,■/ 

985 S. W. Warburg & Co-Ltd- * 

W London 30 . Gresham Street . 

EC3P ZEB P 600-4555 T SS 8476/8S3U 

967 Wedd Duriacher Mordannt Ltd. 

970 Westdeutsche Landesbaak G&OKntole . 
London 21 Austin Friars — ■ 

• ION 2HB P 638-6141 T 887984/5 

975 White Weld Securities . . - . . -7 . 

977 M. S. Wein & Co* Inc ■ 

980 Wood Gundy Ltd. 

990 Yamal chi Ihteniatiojutl (Europe) Ltd: . 
London SL Alphage House . 

EC2Y 5AA ? Fore Street ; 

• P 628-2271 T 38 7414 


REGION 10 - UNITED STATES 


10 Arnhold and S. Bleichroeder, Inc. 

New York 30 Broad Street - 
NY 10004 943-9200 T~82710 - 

P 943-9214 T 232250 RCAv 

20 Drexel Bhrnham. Lambert & Co- LttL - - Z, 
30 Kidder, Peabody & Co. Incoiporated .. : *•" 
New York 10 Hanover Square . - 
NY 10005 - > 212 747 2000 “ T 233. 495 T ' 

32 Lehman Bros, Kuhn, Loeb Inc.. V « 

New York -40 Wall Street . . . . 1 '.. 

NY 10005 ' P 797-4220 T 420 107 . y . 

33 Lazard Freres & Co. : 

33 Merrill Lvuch, Pierce Fenner * Smith Duv 
J p 212 766 1212 . T 420 938 r, - 

60 Salomon Brothers „ , „ 

New York Os? New York-PJaza 
NY 10004 P 212 747 7000 .T222428 */. 

80 Atlantic Capital Corporation . ' 

005 The Arab Co. for Trading Securities SAJR*; . 


LEAD MANAGERS 

1 — Credrtanstalt-Bankvereln 
la — Butler Bank 

16 — Credit Suisse (Bahamas! Ltd. 

1-8 — Gumvilier Kurz Bungener < O/S ) Ltd. 
25 — Union Bank of Switzerland (U/Wl 
2$ — Bankieumi Le-lsrael 
32 — Banque de Bruxelles S.A. 

:(5— Banque Lambert S.C.S. 

38 — Bum ham & Co. 

42 — Credit Suisse 

43— Kredietbank N.V. 

46 — Societe Gem* rale de Banque S.A. 

49 — A. E. Ames & Co. Ltd. 

57 — NesbiL Thomson Ltd. 

64 — Wood Gundy Lid. 

72 — Privathanker Aktieselskab 
74 — Stockhoims Enskilda Bank 
77 — McLeod. Young Weir & Co. 

92 — Banque Natinnak* de Paris 

93 — Banque de Paris et dcs Puys-BaS 

94 — Banque Rothschild 

96 — Banque de L'Unton Europeenne 

103 — Credit Commereiale de France 

104 — Credit Industrie! ei Commercial 
1U5— Credit Lyonnais 

112— Lazard Freres & Cie 

117 — Societe Genera le 

122— Western American Bank (Europe! 


138 — Com merzank* Banco di Romu/Cnklii 
Lyonnais 

140 — Commerzbank AG 

143 — Deutsche Bank AG 

150 — Wardley Middle East Ltd. 

157 — Pkbanken 

159 — Kuwait Int. Inv» Co. S.A.K. .• 

162 — Arab Financial Consultants 
165— Union Bank of Switzerland 
(Securities) Ltd. 

179— West deutsche Landesbank 
Gironzentrale 

183 — Jardine Fleming & Co. 

186— Banca Commereiale Italiana 
189 — Banca Naziouale de Lavoro 
J96 — Banco di Roma 

297 — Istituto Bancario San Paolo di Torino 

214 — Williams Glyn & Co 

215 — Orion Bank Ltd. 

219 — Kuwait lnv. Co. S.A.K. 

221 — Banque Europeenne du Luxemljoura 
S.A. 

222— Banque Gene rale du Luxembourg S.A. 

223— Banque Internationale k Luxembourg 
S.A. 

224 — Banque Lambert, Luxembourg. S.A. 

229— Investors Bank, Luxembourg. S.A. 

230— Kredietbank S-A. Luxembourgeoise 

234— UBS DB Corp. 

235— Blyth Eastman Dillon & Co. Int. 

237 — Algemene Bank Nederland X.V. 

238 — Amsterdam-Rotterdara Bank X.V. 


245 — Bank Mees & Hope N.V. 

247 — Nederlandse Credietbank N.V. 

249 — Nederlandscbe Middenstandsbank 
N.V. 

254 — Pierson. Heldying & Pierson 

256— Royal Bank of Scotland - • 

272— Skandinaviska Enskilda Banken 

273 — Svenska Handelsbanken 

257 — Kuwait Foreign Trading Contracting 
& Investment Co. * 

292 — Bankers Trust International Ltd. 

297 — Barclays Bank International Ltd. 

298 — Baring Brothers & Co. 

306 — Charterhouse Bank Lid. 

315 — Hambros Bank Ltd. 

316 — Hill Samuel & Co. Ltd. 

32] — Investment Bank of Ireland 
323— London Multinational Bank Ltd. 

326 — Klein wort Benson Lid. 

327— Kuhn Loeb Int. 

328 — Lazard Brothers & Co. Ltd. 

332 — Manufacturers Hanover Lid. 

335 — Morgan Gienfell & Co. Lid 

336 — National Westminster Bank Ltd 

337 — Nikko Securities Co. (Europe i Ltd. 

338— Kuwait international Finance Co. SAK 
342— Rabobank N.V. 

346— Rothschild N.M. & Sons Ltd. 

348— Samuel Montagu & Co. Ltd 

350 — J. Henry Schroder Wagg it Co. Ltd. 

352 — Caisse de.s Depots Consignations 


353 — Singer & Friedlander Ltd. 

354 — Sumitomo Finance International 
359 — Warburg. S.G. & Co. Ltd. 

361— White Weld & Co. 

375— Bank of America International Ltd. 
378— Bear Sterns & Co. 

3S6 — Brandt (Wni.) Sons & Co. 

389— Kuwait Financial Centre 

396— Dai wa Europe N.V. 

397— Dean Witter International Inc. 

399 — Dillon Read & Co. Inc. 

401 — Dominick & Dominick 

402 — Citicorp Int. Bank 

404 — Drexel Harriman Ripley 
408 — European Banking Company 

411 — First Boston Corp. 

412 — First Boston (Europe) Ltd. 

413 — Merrill Lynch, Pierce, Fenner & 
Smith Inc. 

418 — Goldman Sachs International Corp. 
421 — American Express Middle East Devt. 
425 — Hayden Stone Inc. 

431 — Interunion- Banque 

437— Kidder. Peabody & Co. Inc. 

438 — Blyth. Eastman Dillon & Co. Inc. 

439 — Credit Suisse First Boston Ltd. 

440 — National Commercial Bank Saudi 
Arabia 

441— Kuhn Loeb & Co. 

445 — Lazard Freres & Co. 

447 — Lehman Brothers 


449 — Loeb Rhoades St Co. 

454 — Merrill Lynch, Pierce, Fenner & 

. Smith Secs. . - 

456— Afforgan Stanley International . 

457— Morgan & Cie International SA. 

458— -Mqrgan Stanley & Co. Ltd. 

463— Nomura Europe N.V. 

479— Sal wh on Brothers 

480 — Banque ; Bruxelles, Lambert SA. 

481— Postipankki . 

485— Smith Barney, Harris. Upham 

. & Co. Joe 

487— Barclays Merchant Bank Ltd. 

455— Kidder,- Peabody International Ltd;' 

500— White Weld & Co. Inc. 

501 — Yamaichi international (Europe) Ltd. 
506 — Bque de L’lndochlne et de Suez 

510- ^SaibmohBrothers International Ltd. 

511 — Merrill- Lynch International & Co. 

516 — Union De Banques Arabes et 
-Francaises CUBAF) 

517 — Credit- Suisse-White Weld Ltd. 

518— Arab. Finance Corp. 

525— Banque Arabet et Int. D’Invest. 

536 — Loeb, Rhoades International Ltd. 

554 — Abu Dhabi Investment Co. 

555 — Goldman. Sachs & Co. Inc. 

556 — J ardfa e Fleming International Inc. 

558 — Gulf International Bank BSC 

560 — Jardiite Fleming International Ltd. 
585— BJLL1. fM/E) Inc. 


• : 


586— Bank HapoaUm • - . . 

58S — Daiwa Secs. Co. Lid. . 

589 — Nomura Secs*. Co. Ltd. ; . :J 

594— Indo-Sttez & Morgan GrmxfeU 
(Singapore) ■. . 

596— Dillon Read Overseas Corp. . 

599— Swiss Bank Corp. (Ltrc) ^ 

600— First Boston AG. 

609— Nikko Secs. Co. Ltd. ' 

613— -County Bank Ltd. . — . j - 
630 — Barclays Koll &-Co. N7V. ... 
637— National Bank. of Kuwait . . 

639— Morgan Grenfell (Asia).Ltd. 
642— Indo Suez ( Asia ) Ltd. : 

650— YamadehJ Secs. Co, Ltd- . . 

665— First Chicago (Panama) SA.rt. 

707— Lehman Brothers Kuhn Loeblncf, 

708— Dean Witter Reynolds-Int. Int ^ 
715— Merrill Lynch Int. (Asia) . ' . 

721— Eastman Dilton Union Secs. Sc. Co 

722— Skandinaviska Banken 

723— Harriman Repley & Co. Inc. 

724 — Smith Barney & Co. Inc. 

-730— Wardley Ltd. ,. - 

731 — Bank of America Ltd.- 

735 — Dean Witter lot. Inc.. *. ■ 

736 — Morgan & Cie S.A. . 

748-^tierriIl Lynch White , WeldCaplti 

■ Mar kets . . .. '. . j • J 

757— Sumitomo White Weld Ar.COi- » ; 
778— Merril Lynch Internalional Banit: 


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Merrill Lynch Merrill Lynch Internationa! & Co. 


Meniil Lynch International & Co- Merrill Lynch International Bank Ltd- Merrill L>nch Pierce Fenner & Smith Inc- Merrill Lynch 
Government Securities Inc- and Memll Lynch Royal Securities Ltd. arc members of the Merrill Lynch «k Co., Inc. group 
of companies. 

Affiliates in: Amsterdam. Netherlands, 107 Wrcspcrstraat. Ground Finer •. Athens. Greece. I 7 Valaoriton Street. 1st Floor. 

Athens 134- Barcelona. Spain. Avenida Generalissimo Franco 534. 4ih Floor. Barcelona 1 1 * Brussels, Belgium. 2Z\ Avcnnc 
Louise. 8th Floor. 1050 Brussels * Cannes. France. Carlton Hotel. Ground Floor. Cannes 06 * Dusscldorf. Germany Karl -Arnold 
Ptotz #2. 5th Floor. 4000 Dusscldorf* Frankfurt. Germany Ulmcnara'-v 30. 1 lih Floor. WYlfi Frankfurt ■ Geneva. Switzerland, 

65 Rue Du Rhone - Hamburg, Germany. Riul Sirassc 3. 5ih Floor. 20O() Hamburg 1 * Izindon. England. .Merrill Lynch House, 

3 Newgate Street. London EC 1.4 7 DA • London. England, Tiriie-Litc Bldg.. 153 New Bond Street. 5ih Floor. London WIV<tR\ 

* Lugano, Switzerland, Via Bakstra 27. 5lh Floor. 6900 Lugano - Madrid. Spain. Torre De Madrid 9-4 • Milan. Italy. Via Hoc PL 17 

• Paris. France. 96 Avenue D’tcriJ. ->rh Floor. 70516 ftiris ■ Rome. Italy Vie Cjlducci 10. f H ‘187 Rome ■ Rotterdam. Netherlands, 
Konc Hoogstraat 30. 2nd Floiir. Rollerdaiu 3U0F - Vienna. Austria, ftissaucrplarz 5. |O|0 Mcnna • Zurich. Switzerland. 
Muehlenbochslrasse 25. 3rd Floor. S' 1 24 /uneh - .Alvr> in: Manama — Bahrain. Bank Saderai Bldg.. 5th Fl«w. P.O. Box 53®®, 
Manama 51250. Associate of Dubai ■ Beirut. Lebanon. Starco North Bldg - 2nd Flow, PO. Box 5316 - Dubai— United .Arab 
Emirates. A1 Fulcij Bldg- 2nd Flow. P.O. Box 3911 -Tehran, Iran, Iran Financial Services Co- Correspondent of Merrill Lynch 
International. II RudsarSlrceL Hafez Avenue. 


Creditanstalt- 
for dealing i 




Selected Austrian Schilling Bonds 
of Austrian issuers 
maturity up to 5 years 


8 Vo Osterreich1973/B/81 
8 % Osterreich1973/lll/B/82 

81/2% Osterre ic h 1 97 5/S/83 
8 1/2% Innsbruck 1974/B/8Z 
8 1/2% SteYr-Daimler-Puch1974/B/81 
7 3/4 % VOEST-A Ipine 1 973/B/82 


maturity over 5 years 


8 1/2% Osterreich 1 975/S/l 1 1/85 
8 % Osterreich1976/n/B/86 

8 % Osterreich 1 977/S/B/87 

8 % Arlberg Strafientunnel 1977/B/85 

81/2% Wien1974/B/84 
8 % CA-BV 1976/1 l/A/91 

8 1/2 % E nergie 1 975/1 l/B + S/85 
8 % E nergie 1978/8/87 

8 % Semperit 1 973/88 


Middle 

Average 

Yield to 

Current 

Price 

Life . 

average life 

Yield 

'100.75 

1,29"- 

8,08 

7^94 

101.75 

2.06" . 

8.13- . 

7,86 

102.— 

2,35 

7,88 

8.33 

101.75 

2.05 • 

7,88 

8.35 

101.50 

2.00 ... , 

7,89 

8.37 

102,25 

2,18 

7,88 

7,58 


(mandatory drawings by Ic 


15. 2.77-81 at 101,0 
20.1 1 ,74-82-at 102,0 to 1 02 
5. 3.76*81® 00,0 to 101 
19.11.75*82 at 100. 5 
29.10.75:81 at100,5 7 

4. 7:77-82, at 102,0 to~103/* 


Selected US-S Bonds of Austrian issuers 

5 3/4% Alpine Mon tan 65/85 

6 5/8% Austrian Electricity 66/86 
6 3/4% Austrian Electricity 67/82 


104,- 

4,07 

8.04 

8,17 

27.11.79-85 at 103,0 to 103, " 


100,10 

6.47 

7.98 

7,99 

21.1 0.83-86 a(1 00,0 

- . ' 

99.75 

5,79 

8,04 

• 8,02 ' 

15. 2.82-87 atlOO.O 


100,25 

4.25 - 

7.91 

7.98 

29. 7,80-85 atlOO.O 

- 

101.50 

3,17 

7,90 

8,37 

2. 7.75-84 atlOO.O 


100,50 

6,94 ■ 

7,89 

. 7,98 

7.10.77-91 atlOO.O 


104,50 

4,00 ' 

7,91 

8.13 

29.10.79-85 at103,5 

Ik- 

100.25 

6,34 '• 

7,93 . 

7.% 

. 1. 383-87 at100,0 


101,75 

4.92 

8,07 

7,86 

30. 374-88 at103.0 

^ * r 






i\\ 


6 % Rep. of Austria 64/84 

6 3/4% Rep. of Austria 67/82 
8 3/4% Rep. of Austria 76/90 
8 1/4% Tauernabtobahn 77/87 


# M t * w ’ *** lOUwllJOUliUuollll 4 § fxje 

9 1/2% Osterreichische Kontrollbank 74/79 in Austrian Schilling {traded in US-$ ofilyj 


Interest is payable without deduction for dr on account of Austrian taxes. 
For current prices a ndfurther information please con Lac fc- 
For Austrian Schilling Bonds: Robert Jekf, Robert Wasinger 
(Telephone: 6622/1701 or6 707. Telex: 74261-633 
For International Bonds: Wa Iter Vogl fie lephone: 6622/2222, Telex: 76948) 
Code for Reuter Monitor Securities Program: CA DA, CA DB •. 







Creditanstalt- Bankverein, Schottengasse 6, A-1010 Vienna, 


‘i .. 




r-m 

: 






















November 6 1978 


.-- y ■*-> 


BY JOHN ELLIOTT, Industrial Editor 


feiftl 

f fi' 

^J; • . - _• ••'■■ . ■■ - 

l T2izS MOFNING, aiwizt IgOCfoi 
Britain's .leading industrialists*, 
senior managers and small 
usinessmen will gather.' in -the. 
■-"i-'T* 1 Bume at Brighton fora day and 
C~ ■ ' B half of debates which they 
*' ‘v^ope will help to establish them 
' as a putent political and indua- 

.rial force in Britain. ■' •• 

M,. rr * 'J[ T;' The event . is . "the second: 
^ ui'hational conference of the Con- 

- 1 .\*.[ fy’ede ration of British industry! 



teeth 



ber^ ^ 


The first was hdld . a ycar iyjo 


SfVMh-.-r, 


Hi if.jnd helped. . to.' give _ those 

i.tt Co. jp , " ‘-nvolved a hew sense' of self- 

m*s 1-1 1 1. *onfidenc& -in their ability to 

liitcri- li4 i[._ r , , nount public debates and to 

4 ^r«,t >reach their creed on the' value 
L'. the profit motive: in a mixed 

;v: v ; economy. . . : .. . .. * ' : .. ’ 

’ Such buoyancy is~ essential if 

|>w J : he CB£ is to 'succeed in' its aim 
sd 5 B;-’ taking on the TUC at its own 

*” j^amp of policy development and 

j Mentation, and. «£tp- reverse. 

: 7,.. he Leftward slide .in policies 

rBha?n i-ir* t-"’ T^.hat businessmen opposed with 
abodj i .^‘‘ ” ( ' ! i'.v^ittle effect a few years ago. 

But many senior CBI leaders 
r ' 7 j--; ::, i: now that their activities are 
•w* 1 *. K-sr^ i.-nnie thing of" a '“con trick** 

*.• - 'recause the CBI packs neither 

V- ' j he political nor. the industrial 
£ 1 *■> 'Mout of the TUC.; .Even though 

arc. Pi— j... p { has sometimes been able to 

•-M- J- £ash in on the weaknesses of 
"'■•'■he* present Government's 
*_ ••• V.-.-: ninority position in Parliament, 
- ‘ v, V’he CBI suffers from the basic 

“&'pra:i 0P Smblem that it has no primary 
i; T jnk with a political movement 
nd that its members instinc- 
ively dislike collectivist action. 
"Because of this; ■ Sir John 
fethven. who has helped -to 
^/.. uild the CBI's self-confidence 
“ v nd credibility since he became 
director general 2 V years ago, 
'-Trcknowledges ' that he is 
*’ -rimarily engaged In a propa- 
anda battle. *• When I arrived 
: ere 1 set out first to make the 

'BI a good research house and 
•'.^'-'hen to back this up with good 
,^- oublic relations work, and I 
oink we have done this,” says 
: . v;.ir John, who has established 
; ; imself as a stubborn J and 

v. ersistent advocate with Gbvern- 



5.1;---; 

•V. . ' 

■n i? • 

-S'-' 

. ‘it ' 
-it;,*.. 


men? Ministers, civil servants 
and others. 

.. His primary interest .in re- 
search and public relations has 
led to a number of; innovations 
including publication of an 
annual . “Britain Means Busi- 
ness” policy document, and a 
major attempt to build up the 
CBI’s ' presence and newspaper 
coverage In the regions. As a 
result.' the CBI's membership 
has increased, with retailers, 
insurance companies and many 
otfiefs" spreading its member- 
ship base beyond just manufac- 
turing "industry. Now,, with 400 
new .company members this 
year* bringing the total to 
15,000 ..companies plus _ trade 
associations, it is expanding its 
recruitment campaign to em- 
brace businesses such as adver- 
tising agencies, management 
constants,-’ accountancy .firms 
"and " stockbrokers. And last 
month: it broke new ground by 
admitting ' its first major mem- 
ber ' from Japan, Sony UK, 
which has. a factory in South 
Wales. 

A. new generation of senior 
industrialists have also 
emerged at the top of the CBI 
and if is -from them that future 
CBI presidents will be chosen 
—this in itself is a change from 
the past -when at least one presi- 
dent claimed he had never set 
foor In the CBTs headquarters 
until, he was picked for the job 
and became the heir apparent 
with the title of deputy presi- 
dent for a year.- Now, Mr. John 
Greenbnrough.. who took' over 
as president from Lord Watkin- 
son in January, is backed up by 
people like Sir Adrian Cadbury 
of Cadbury Schweppes. Sir Ray 
Pennocfc of ICI. Mr. Alex 
Jarfatf of Reed, Sir Terence 
Beckett of Ford, (who was a 
major speaker bast year but 
may stay away froni Brighton 
this time), and Sir Campbell 
Fraser of Dunlop. 

At a time when industry has 
become more interested in the 
business of political lobbying. 


men such as these play a signi- 
ficant role in trying lo win the 
minds, if not the hearts, of 
politicians and civil servants. 
But Sir John Met liven has alsn 
widened Hu? scope rif the CBI's 
lobbying and. during a baitle 
earlier in lhe year over the 
Budget's tax proposals. CBI 
activists lobbied their local 
MPs around the country as well 
as at Westminster. Now the 
■CBI has a list of one or two 
industrialists in each of 520 of 
the country's B30 constituencies 
who have established links with 
their local MPs and who stand 
ready to go into action again if 
necessary. •* The National 
Fanners' Union has done this 
sort oF local lobbying for some 
lime and we have learned from 
it." says Sir .John. "Some MPs 
complained earlier iliis year 
ibat they only hoard from lhe 
C.Bl when it was in trouble, so 
we are maintaining regular con- 
tacts as well." 

Sir John is confident that 
these and other lobbying activi- 
ties i Mr. Enoch Powell visited 
him in the CBI headquarters 
when the Ulster Unionists' vote 
was crucial in the Budget lax 
battle) have won a new respect 
for the CBI. *■ The Government 
is listening to us now. We have 
taken on the Government's pub- 
lic relations machine over issues 
like pay contract clauses and 
we have noi lost that battle. 
Now there is a lot of steam in 
industry shout price controls 
and we'll fight with the MPs 
again ua that if necessary." 

The day-and-a-half of debates 
that start this morning in 
Brighton therefore provide a 
carefully-designed high spot in 
this public relations exercise. 
Resolutions and subjects lo be 
debated have been chosen by 
the CBI's leaders and, following 
some rather woolly contribu- 
tions from the floor last year, 
carefully-worded “ position 
papers” have been circulated 
on each main topic to guide the 


thoughts of speakers into con- 
structive avenues. 

Thus, for example, on the 
CBI's opposition to worker 
directors, the issues highlighted 
for debate include whether 
there should be any legislation 
on the subject at ail. 

On pay. the question of 
'* employer solidarity” in the 
face of union pressure is high- 
lighted. On the future prospects 
for employment in an age of 
high technology, members arc 
asked lo ponder whether social 
security benefits are a disincen- 
tive to work and whether short- 
ages of skilled workers are 
really a serious problem. 

Some 1.200 representatives 

from 725 companies and trade 
associations (with the biggest 
delegations of 10 each coming 
from ICI and United Biscuits) 
will pack the Dome conference 
hail for these debates along with 
20(1 observers and 360 
journalists, broadcasters and 
technicians. The conference 
will be opened by Mr. Green- 
borounh. and oThor major 
speakers will include Mr. 
Michael Edwardes of BL, who 
will attack his favourite subject 
of the need for tax reforms to 
unleash new energy and enthu- 
siasm at all levels of a com- 
pany's managerial and shop 
floor workforce, and Sir Pcler 
Parker of British Rail. 

The whole event is. of course, 
geared more lo promoting the 
virtues of capitalism and the 
mixed economy than thrashing 
nut new policies and it is there- 
fore very different from the 
TUC nr* Labour Party con- 
ferences that show seartt regard 
for their public image. In organ- 
isation and mood it is more akin 
to the stage-managed Conserva- 
tive conferences, and the out- 
come of the debates will affect 
the fringe of the CBI’s policies 
rather than its basic attitudes. 

For example, after last year's 
conference, overtones of the 
corporate state and of rigid pay 
norms were removed from the 


CBFs policy paper nn long-term 
pay reforms. But. despite an 
outcry from its small firm mem- 
bers, the CBI still believes in 
an economic forum to debate 
pay anti other issues and it als>j 
wants government; to indicate 
lhe broad limits fur pay bareain- 
i,ng. On lax, the targe: dates 
for changes were s'nor;ened. but 
cails for all closed >hnps to be 
outlawed and for a’f industrial 
democracy legislation to be con- 
demned have yet to be adopted. 
Gradually, however, if, as seems 
likely, the conference becomes 
a firm annual fLvture. the 
debates may be given a positive 
constitutional role in the CBI’s 
policy making. 

What has all ;his activity 
actually achieved? Has it simply 
boosted lhe morale of dispirited 
businessmen or have Govern- 
ment policies been changed? Sir 
John is sure Lhat pulicics have 
been changeri. although he 
acknowledges that iL is hardly 
surprising that ihe CBI has had 
influence in the present political 
situation of a hung Parliament. 
But there have been few. if any. 
outright victories tim the CBI 
can claim for it<= own. "Rather, 
it can say that j» ha. ; helped w 
catch a tide on a certain subject 
or has successfully built at least 
a temporary dan: nn another. 

The main issue? of the year 
have been the Bullock worker- 
directors Whim Paper and pro- 
posed Bill, planning agreements, 
The Budget tax cuts, -he enforce- 
ment of the Government's pay 
limit through public .-ector con- 
tract clauses and purchasing 
policies. 3Dd she longer-term 
development of pay bargaining. 
On the Bullock issue, the CEI 
has been on to a potential win- 
ner from the start, simply 
because it is not alone. Many 
Ministers are worried about the 
trade union power overtones, 
while the trade unions them- 
selves are far from uniformly 
enthusiastic ahout shouldering 
the responsibilities and changes 
in role involved. Nevertheless. 





Sir John Methven (left), the CBI's director-general, and Its president, Mr. John Greenborough 


the CBI has not succeeded in 

steering the Government away 
from its plans to prepare a Bill, 
even though there is scant 
chance nf one becoming law 
before the next election. 

It has also blocked companies 
signing planning agreements 
with the Government although 
it ha, gone ainng with the 
limited planning involved in the 
industrial strategy. 

On the Budget tax proposals, 
the CBI successfully caught 
the tide and helped it along 
with determined and effective 
political lobbying. And on pey 
it ha.? relentlessly tried to per- 
suade ihe Government (as well 
as the Conservative Party) to 
take a longer term view of the 
reforms iha; are needed. Ii 
wants the Government to puh- 
Jish a Green Paper nn the 
subject soon. In the current 
pay debate it has done its best 
to steer the Government .away 
from the TUC's ideas on price 
control. 

But it is the contract clause 
battle that best Illustrates the 
limitations of the CBI. When in 
February the Government 
announced its intention to 
insert clauses in its contracts 
with private sector companies 


pledging adherence to the pay 
limit the CBI scored an imme- 
diate propaganda coup. Its 
publicity machine had been on 
standby for two months since 
before Christmas in case of such 
an announcement and it sprang 
into action just sls Mr. Roy 
Hattersley. the Prices Secretary, 
spoke in the Common*. By com- 
parison the Government's Press 
briefing arrangements were an 
abject failure and the CBI. con- 
sequently won the initiative. 
For five weeks it then per- 
suaded most of its members not 
to sign new contracts containing 
the clauses and. as a result, it 
successfully Forced the Govern- 
ment to make changes that Sir 
John Methven. a company 

lawyer by training. in.«i.-ts were 
important. The clauses were 
then never used against a 
company. 

So the propaganda was a suc- 
cess: but then, in July, the CBI 
members let Sir John down and 
refused to follow him on yet 
another essay in collective 
action. This occurred after the 
CBI had failed to persuade the 
Government to drop the clauses 
at the stan of the present pay 
round. Sir John wanted to pub- 
licise an array of methods that 
companies would deploy in 


opposition if the clauses were 
used. But this was too much for 
the CBI's leading members, who 
were also loth to appear to be 
opposing the idea of restraining 
pay increases. Some also quite 
liked being able to use the 
threat of contract sanctions as 
a bargaining weapon with their 
unions. 

Sir John had to beat a quick 
retreat and say the CBI would 
do nothing until a company 
actually faced losing a contract 
for bn?at?hiag the pay limit- He 
now admits that the experience 
laughi him that, his membership 
is prepared to follow hint iniu 
battle wish the Government on 
concrete issues it thinks u can 
win. hut nut on \ayue. far-off 
problems. 

This underlines the limita- 
tions on the CBI. It has to rely 
on publicity exercises rather 
than industrial muscle. As one 
CBI activist puts it: "The 
representational game that the 
CBI is in, is a con trick based 
on propaganda and self-confi- 
dence. What Methven has done 
is to give the CBI head office 
and its leading people the self- 
confidence they lacked to pursue 
that con-trick." 


Letters to the Editor 


Co-operation 

required 

rnm the Director of Personnel 
id Administration. BL ' 

Sir.— -Ken Gilt (October 30) is 
ight— iin ao .way can --&U " the 


•oblerns of BL be laid at the 
-X r of the workforce and the 
X 7 :: j ade unions, We have never 


!a4e such an. ajccufatjbn^ The 
is sons are " far more complex 


in Austii; 
big Bon{ 
Irian is sc 




jd -involve a wtiofe range oC . 
ctors including the changing 
odd competitive scene. 

I To secure BL’s future*— and 
mean* the - jobs of its 
•ployees anff the. thousand? of 
bhers who depend on the com- 
ny for their • tevelftoods— 
cessitates a .very. 'high' levei 
co-operation between manage^ 
•ent. unions and workforce. We 
re bard pressed in (enns of. 
ijOj^eerihg-resburce and" sorin' 
^df'r to. meet our model- pro-- 
■ammes we need to use seJec- 
veiy outside engineering and 
esign resources. If, for what- 
ver reason, we are prevented 
■om doing Chat, our programmes 
ill slip, we shall suffer in the 
laxket place and employment 
-ill be at risk. It is ns simple 
s that. 

I therefore appeal'. to Ken Gill 
nd everyone who is concerned 
?ith BL's future to co-operate 
u lly in these programmes. 

'at Lowry- - 

iL. 

.'uffieJd House. ■ : . 

I-ftf Piccadilly, Wl. 


The future of 
Leyland Cars 

• "rom Mr. B. Enpert 

ShPr- Mr. K. Gill (October 30) 
^egs so many questions, ignores 
acts which he knows as well as 
be rest of us, implies attitudes 
.-hich are not borne out -of deeds 
nd reeks of complacency. “ As 
union we have been second to 
lone ^ip: supporting policies 
vbich will -ensure the. survival 
nd expansion of Leyland Cars ’* 
’ -what, by endless strikes of one 
cction and then another, by 
' nassive absenteeism and by 
bysmal levels of production, as 
t Speke? . 

“We need no lectures about 
leing responsible and realistic,” 
, ie says— in the face of the 
: .eneral level of output* Industry 
<y industry, as compared with 
for"'nrajor competitors where 
ytic output is so much higher 
hat the employees there earn 
heir higher pay. It is not the 
acb of machinery here but the 
ack of use of such machinery, 
nit perhaps Mr. Gill has not 
ivarfl of the British Leyland 
■Sorts to get the magnificent 
nodeni Rover plant that cost 
BOns to be used round the clock 
md so pay its way— the cars, 
bus produced could be readily 
old but the workforce refuses 
:o far to allow a third shift. 

3. Engert. 

tobtR&cood. BudtTs Lane, 
Wittersham, Tenterden, Kent 


■. But. .Anthony Harris in his 
Lombard column . (October 27) 
accuses us of setting up our own 
own myths: first, that all pollu- 
tion, etc:, problems can be deal! 
with by a suitable re-definition 
.'of property rights; and second, 
that all Government actions to 
deal with these problems are 
“~baa," lhStt is‘ yield greater costs 
than benefits to society. 

• I am sure that 1 can Speak for 
my fellow authors in rejecting 
this representation of on# posi- 
tion. Wbat we did say is that the 
•existence of' all problems* of 
externalities are attributable to 
the costs of dealing with them 
through market bargaining, and 
that .one factor which often 
causes this to be so afe attenua- 
tions of private property rights 
in. the resources concerned. But 
“existence" is *lot the same, 
thing as “solution." I stated cate- 
gorically in my'epilogue that we 
cannot deal with . all externalities 
by' redefinition of property 
rights. But- some certainly could 
be, and these possibilities 
deserve wider attention than 
they have been given in public 
discussions. As I argued, a 
private property approach would, 
for example, be of great aid in 
the task" or conserving the 
world's semi-arid regions. 

We did not say that all 
Government action to deal with 
externalities by direct interven- 
tion is a priori more costly than 
Government action to re-definc 
property rights. "Wbat we did do 
was to criticise "arguments for 
Government intervention to solve 
externalities which ignore the 
reality that Government action 
involves costs to society. 

Anthony Harris goes so far as 
tb. argue that the destruction of 
myths — as we attempted to do — 
is itself a. “questionable" activity. 
But wbat public purpose. I'd like 
to know, is served by the mainte- 
nance of widespread misunder- 
standings. about the nature of 
important economic and environ- 
mental problems? 

John Burton, 

Principal Lecturer in Economics. 
Kingston Polytechnic. 

Penrhyn Road. 

Ririgston-vpon-Thames. Surrey. 


have yet in learn how these two 
fundaments! heating difficulties 
are to be overcome. 

In Energy Paper No. 26— 
Energy r*»r Transport — Sir Wil- 
liam Hawthorne also goes back 
to the basic use of fuel and the 
electrical route for road vehicles 
but emphasises that the overall 
efficiency of the total system 
cannot be maximised until dis- 
trict beating systems i combined 
heat and power— CHPi "are 
accented as fully practicable on 

a large scale''— although “the 

two cases support one another." 

Arc >e not in considerable 
danaer df puttinc the cart befnre 
the borse? An additional £2’Sra 
for balteicv vehicle development 
and nothing for CHP. There is no 
guarantee that the battery/ 
heating problem can be over- 
come either cheaply or satisfac- 
torily in terms of total energy 
requirement. CHP requires no 
basic research: money for find- 
ing' cheaper methods of mains 
installation and for heat meter- 
ing and similar associated 
developments is. however, crucial 
but nowhere in sight- Why is 
CHP, its many beneficial spin-off's 
and direct contributions to 
major energy savings so consis- 
tently ignored? 

Norman Jenkins, 

Whiiehin. 

Eurshot. 

Fttrnhuni, Surrey 


Battery 

power 


r- 


ft 


Environmental 

problems 

Prom Sir. J. Burton 
Sir, —One purpose of The Myth 
>f Social Cost by Professor S. C 
-heung (to which 1 contributed 
m epilogue) was to dismantle 
widespread misunderstandings 
■egarding pollution and conser- 
vation problems — “external 
'/Feels.'* in the jargon of my 
trade — drawing On the "n ew 
economic analysis of property 
■ights systems ■which has 
jmerged: over the past two 
decades (and in which field 
Professor Cheung has been one. 
sf the leading figures)* 


From Mr. N. Jenkins 

Sir. — The report by Kenneth 
Gooding, November 1, refers to 
a Government grant of £1.9m to 
a company jointly owned by a 
batter}'* maker and the Electricity 
Council— for development uf the 
sulphur/sodiura storage accumu- 
lator and use in road vehicles. 

Jt is known that this battery 
requires a constant tempera hi re 
of some 300 decrees C to keep at 
least the sulphur molten. The 
promise of an increase of three 
times in capacity/opcrating 
range should take the self- 
contained beating requirement 
into consideration. To charge 
the battery at base — and keep it 
hot— is no problem, constrained 
only by charging plus heating 
cost. But- on the road this rela- 
tively high temperature has to 
be paid for in terms of ampere- 
hours drawn from the battery or 
heat supplied by auxiliary fu el 
carried on the vehicle. 

Some months ago new leao- 
acid batter)’ vehicles were 
demonstrated in a joint Greater 
London Council/Departinenl oj 
Industry venture using £400.000 
of public money. Wo were not 
told how these vehicles were to 
be heated in winter: inquiries 
disclosed the use of an auxiliary 
(German-made) paraffin heater 
requiring an energy inP ut equal 
to that of the lead-acid battery— 
5kW. In your issue of May 
you reported the British Ran 
research on the subject or sul- 
phur/sodium batteries but we 


Contravening 

policy 

From Mr. T. Cotton, 

Sir,— There is an advertise- 
ment In the Press for a 
chief executive for the Equal 
Opportunities Commission. It 
states “Initial salary £13.400 ris- 
ing to £14,700 in April 1979 aDd 
£16,000 in April 1980." If it is 
assumed that the successful can- 
didate joins the commission in 
January he or she will receive 
a pay increase of 9.7 per cent 
after three months, equivalent 
when compounded to 44.8 per 
cent per annum, to be followed 
by a further increase of S.S per 
cent in the following year. 

it is obvious that Lius contra- 
venes the declared policy of the 
present Government and the ob- 
jects of the commission which 
are said to be to look towards 
the elimination of discrimination 
arid to promote equality of oppor- 

lunity. It will be interesting to 
learn what sanctions the Govern- 
ment will impose on the com- 
mission and what action the com- 
mission, in its own words, will 
lake to “investigate, enforce and 
educate” itself. 

T. Cotton. 

Askett Lodge. 

Aekett, Buckinghamshire. 


rale between the dollar and the 
pound stood at 2.10 although the 
50 per cent increase on the basic 
unit still remained. 

With currency exchanges likely 
lo continue to fluctuate in the 
foreseeable future, it appears to 
me the basic method of calculat- 
ing air travel, particularly inter- 
national movements, needs more 
frequent adjustments. Is it 
feasible for I AT A to readjust 
monthly? Also, should the con- 
sumers’ interest be left entirely 
to IATA. or should the regulatory 
body governing air fares include 
consumer representation? Fur- 
ther. the basic method of cal- 
culating air travel dosts appear 
shrouded in mystery. 

Internal domestic costs are 
derived from the basic LATA fare 
construction unit which cannot 
be equitable, bearing in mind 
IATA units are based on a mix- 
ture of currencies, which do not 
necessarily reflect, say. the 
domestic UK situation. 

A final point shows that a jour- 
ney between for example London 
or Kingston. Jamaica, or London 
and New York can vary in cost 
deoending from which city the 
journey commences and the con- 
sequent domestic currency. 
According to IATA rules, how- 
ever, an overriding formula 
must then be utilised, w-hich 
effectively improves the highest 
of any of the alternative calcu- 
lations. 

The imDlication of these com- 
ments are not favourable to the 
consumer, hut in the absence of 
more del ailed information con- 
cerning IATA cost calculations, 
it is difficult to assess the compli- 
cations with which IATA has to 
contend. 

K. R. Way. 

352. Lauderdale Tower, 
Barbican, EC2. 


GENERAL 

Meetfne of 53 union leaders of 
Ford .Motor to hear results of mass 
meetings on pay. 

First day of Confederation of 
British Industry aunu'il confer- 
ence at The Dome. Brighton- 
morning session on productivity 

afternoon covers employee par- 
ticipation. 

Delegates of Japan Automobile 
i Manufacturens’ Association 

(JAMA) in London for two days 
of talks with the Society of Motor 
Manufacturers and Traders — dis- 
cussions concern prospects for 
Japanese car exports to the UK. 

Mr. Wang Chen. Vice-Premier of 
China, arrives in London for tvvo- 
jweek visit— the most senior 
[Chinese official yet to come to 


S 


guest speaker st Coal Industry 
Society lunch, Hyde Park Hotel. 
London. 


Bnrain. 

Mr. Emil Wojnaszek. Foreign 
Miniver of Poland, on official ' is it 
to UK. 

Mobil ends subsidy to some 900 
dealers by up to 5.5 p a gallon. 

EEC monetary committee of 
officials beam two-day talks. 

London Metal Exchange intro- 
duces a special five minute opuon 
trading session for each morning 
in a three-month trial period— 
they begin at 11.55 am just before 
start of normal metals “rings." 

Revision of Port of London 
Authority general import schedule 
comes into effect, which includes 
the abolition of basic charge and 


introduction of an import service 
charge. 

Mr. Mennhem Begin. Israeli 
Prime Minister, starts official visit 
to Canada. 

Deputation of British Mining 
Equipment companies no visit to 
China at invitation of China Coat 
Society. 

Seventh National Conference of 
Sport and Recretation. Heathlands 
Hotel. Bournemouth. 

Licensed Victuallers launch 
“anri-violence" campaign, Con- 
naught Rooms. Great Queen 
Street, London. 

Mr. Tom King. Conservative 
Party spokesman on energrv. is 


Pope John Paul FI says Mars in 
Warsaw. 

Church of England General 
Synod. Chur-h llou.-v. London 

London Chamber os Commerce 
and Indu-ir;. meeting London 
Affair? Ovum it lev. GO. Cannon 
Stree:. E.C.4. p.m. 

Sir Peier Vanned:. Lord M a cor 
of London, as tends London Trans- 

E ort reception. London Transport 
:oure. 55. Broadway. S.W.l. 

La't day for porting <eamail 
Chph-tmas cards and letters for 
the U.S. 3nd West Indies, and also 
for Canada (.no delivery guarantee 
because of strike backlog t. 


Safety at 
work 


Calculating air 
fares 

From Mr. K. Way. 

Sir,— I wish to draw, attention 
to the unbalanced method or cal- 
culating air travel costs. When 
some'years ago the International 
Air Transport Assocation pegged 
the basic fare construction unit 
to the- U.S. dollar, an exchange 
rate with sterling nf 2.6057 pre- 
vailed. Since which time many 
fluctuations of world currencies 
have occurred, and as a conse- 
quence, the value of the basic 
fare construction unit has been 
adjusted accordingly. 

For example, when the pound 
was being exchanged with the 
dollar at nearly 1.60. ami adjust- 
ment amounting lo an increase 
of 50 per rent on the basic unit 
was approved by IATA. While it 
may be reasonable to accept in- 
creases in air Fare constructions, 
when arranging my last overseas 
visit, I noticed the exchange 


From the Director General, 
British Safety Council 

Sir, — Why, oh why. is Mr. Bill 
Simpson, chairman of the Health 
and SaFety Commission, so pre- 
occupied with the anomalies of 
Crown immunity (Paul Taylor's 
article or October 31)? 

IT inspectors are finding 
serious contraventions of safety 
legislation in premises occupied 
by the Crown, then surely the 
sensible approach would be 
through the head of department 
or, if necessary, from Mr. Simp- 
son to the responsible Minister. 
To prosecute would simply result 
in the legal profession collecting 
fat fees while the taxpayer loses 
whatever the outcome. 

Clearly Mr. Simpson has not 
thought through lhe proposals he 
is putting forward, otherwise the 
roramission would not have 
issued instructions not to prose- 
cute individual Crown employees, 
for there can be no doubt to 
bring proceedings against the 
head of a government depart- 
ment, or an administrator in the 
health service, would be far 
more effective than prosecuting 
the Crown. 

Why the Health and .Safety 
Commission should find this non- 
existent problem ' worthy of so 
much time and effort gives rise 
to serious concern, especially 
when one is aware of hundreds 
of places of work where condi- 
tions fall short of the minimum 
legal standard and no action has 
been taken by the commission. 

Unless these real (not 
imaginary! problems are tackled 
in the not too distant future, 
someone like me will surely in- 
quire whether we are getting 
value for the £39m the com- 
mission spends eacb year. 

James Tye. 

National Safety Centre. 
Chancellor’s Hoad, Wfi. 



UDT-The Ship -has the finance to 
get business expansion, and development 
programmes moving. 

For over fifty years UDT has helped 
businessmen to finance their own, and their 
customers^ plant, machinery and vehicles and 
to expand their operations and profits. 


deposits to other banks, business 


X 

r Si 


i 



JL 





concerns and the general public. 

UDT, through its export finance house,, 
is a major provider of financial packages 
designed to help Britain's exporters. 

UDT finance can help yeur business 
to grow and become more profitable. 

So when yon need finance, 
hail the Ship. 



I’NITrO DOMINIONS Tkt ST I iMH I ! ?. 

51 Eastchcr.; , Lmalon tX 3P3BL . Id. Ui-623 3u2u 


A fully authorised bank. Britain’s leading independent finance house. 





; v ----- 

■ . ’• - . •:' r k~y 



wm NEWS 




Lake View Investment improves 
to £0.74m at interim stage 


From total income of £1.36m 

compared with £l,24jn attributable m m 

profit of Lake View Investment KCMMU iVI tfc. 1 liXwO 

Trust came out ahead from _ , 

riuniUA m r— 3 *: . h „ to j robowiiwr emnoantes havr notified East Midland A.ticd Pree* 

fo“fi htlf ***** « *»** ouetmgs to the Stock LCP 

September 30. I9<H. half year. Excbanj. - . Such m<.-viin&$ are usually ok Bazaar* < lies, ... 

The profit is after csjrenses and hold tor Uj* purpose of considering Paoto iP.j 

interest lower at £203,725 dividends. Official indications arc not Povril DuiTrya 

I £21 S 3061 and tax of £4131.02 available as to whether dividends are Rcxmorc • 

iriR£«ifli Pi-pferenra HivirlnnHc l "‘* , rtms or Rflals and the Bub-dlvlslons Sopa 

t£36B.810t. reference dividends 9hoirtl bitow arc based raainiy on last Seccosabe 'Marshall and ( 

took £9.300 tsame). >ear*s umetabl*. siavelej- Jndustn-s .. . 

The interim dividend is stepped today t'sher-waiker 

up from 0.75P to Ip but Mr. inteHtns-AbenJceo Investment Feedex. Voonfi Companies Invest' 

C. Alan McLmtork, the chairman, h. c. simesby. Finals— 

says the total for tile year is Finals— Brazil Fond SA. British Car Brock boose - 

unlikely to be increased bv as AunJon CT Asia iSlcrllrui Fuud. Lucas Burco Doan 

.. n^rppniaffA Tha interim induAmcs. Rand Mines Properties. Janks and Cariotl . ... 


... Noe IS 

.. . Xov, M 

. . Nov. r 

Nov. 16 

. Nos 2.5 
N0V. 3) 


nalt and the sub-divisions Sopa .'... Dec. 1 

are based mainly on last Seceoaibe 'Marshall and Caibploa Nov. 12 



V; :v ' '/.■ : i FInilid Times Monday ^veihtier:6 

: WF I^k Turner f ecovetorir 


mr 

lasSS* - " a 


r nf * 

w" 


£1 57,075-pays 2.875p 


FoU owing a slump from £326,996 from O.S73p to 1.0625p. TO* 1 n *J 


* ouovrms a slump from £326,996 from O.S7op to i.uwop. V™ *~2 from ■ £2,923,388 To S32SSS& 
to £30.036 In the previous, year asset value- per share is given at ced nom 

tavshla nmfita nt W Vn»«b C.I inn. /r,.i ailU|4llvt , , _ . l 


taxable profits of W. Tyzack, Sens 103p (Tip), 
and Turner recovered -to £157,073 . „ _ T , , 

for the July 29 1978 year on turn- . Crtnthcll T I Ifl 
ovdr ahead from £4 .34m to £4^7in. ijtUlUM* A-* lu * 
At the interim stage the. direc- ■» a, _ — _ 

tors reported profits up from. iTlVGStOFS 
£30.010 to £81 ,061 and said that the AU T - 

remainder of the. year should he ' Einhor eft TOT’ 
viewed with a degree of optimism. LliglJCi oU £*•*. 


debenture and loan interest an 
tax. net revenue was £1^34^ 
compared with £1.137,348 la 
time. 

Net asset value per 25p share 
staled at I07p (S5p) after dedut 
ina prior charges at par. a 
interim dividend up from Wjj 


The? now say- thBy consider the n i n e months to Septem- to 0.65p has already been pai 

full year's results to be encourage 3^^1978, gross revenue of A total, of L6p was paid in IE 


great a percentage. The interim i£?“*77 1 R * nd 

u-ill cost £446,905 1 £332.840;. Last Yam ' future dates 

year a l.«5p final was paid on interims— 

attributable profits of £I.19ra. Chamberlin and hji 

Mr. McLintock says the trust tmam ^ am 
has further increased its invest- 
ments in the Far East, with the ..... 


Sla»t-loy Industries 

Nov. 

9 

t'sth'r-WaJter 

Nov. 

7 

Young Companies Invest. Trow ... 

. Nov. 

7 

Finals— 



ProckbouAC - 

Nov. 

33 

Burco Dean 

Dec. 

14 

Janks and Canril 

NOV. 

7 

JfSSlTpS 

.Nov. 

7 

RCF 

NOV. 

a 

StaB Line 

, Nos. 

24 

Wolvertumptop & Dudley Brews. 

Dec. 

12 


Earnings are shown as. well, up 
at 6.$p fl.Sp) per 25p -share and 
the dividend Is lifted to 2.873p 
(i.S75p) net with a final payment 
of 1.625p. 

Pre-tax figure was struck after 
interest of £57,767 (£72.925) and 
previous years’ expenses £8287 
(£28,556) and was subject- to -a '-tax 
charge of £39,975 compared .with a 
£2.642 credit 

There was an extraordinary 
Freddie Maasficu credit of: £18,014 for' .the period 

Sir Arthur Norman, chairman of the De La Rue Company, Sa =ifw 

photographed at the Basingstoke H.Q. of Thomas De La Rue, exnenses and prxwidht^for tax. 
the company’s Banknote Division. Sir Arthur is seen studying Tyrack manufactures agricul- 


OIL AND GAS NEWS 


: ,S, 


principal fmpha'is on -fapan The assets, the ' directors have closed and sales and orders received Part of the lasergrapbie technique which is a system for tural machine parts,, light 
initial dividend yields available are l he Charlton Works, in were also ahead. controlling geometric pattern to give pictorial eff eels. The products, _Tnaehiri e 


Another Pembina 
find by Chevron 


Yet another successful well has interest to the drUJLmg at Sa fem 


at March 31, 137Si and the net profitability in the current year the directors hoped lo see an 
asset value is shown al 155.6p provided the BRMA Davignon- improvement in its figures. 

< 120.5p 1. including 14.5p (12 9p) based measures, of fixed buying Mr. Waller added that all the 
of investment currency premium. an d selling prices, hold. indications were th3t the group 

Janan now accounts for 12.1 per Th e future of Queenborough would have another successful 
cent (S per cenli of total invest- Steel Company looks promising in year but that results could be 
ment with the UK down to W.7 the current year and Mr. -Spooner affected by economic conditions 
per cent (67 S per centi and the expects it to make further pro- caused through industrial reJa- 
U.S. 19.9 per cent (20.7 per cent), ^res?- Helical iStcel Stock) is lions at the group's customers. 

moving forward similarly in the Referring to the group's airfield 
domestic market, although its development, he said that outline 
(Kmlanol overseas trade may take longer to planning permission had been 

JL jLdilV «a develop. _ cranred subiect to the prnim 


announced Tuesday 7th November 


Royal London redesigns 
personal pension plan 


ri ; pp , ■ Standard ana moreen unagj . • * . ' 

Stan Steady Resources. Mexico is to commence the cb 

. - y ' • Their Chevron-Norcen PL mercial ttploiiation of lis t 

nf minwav - • 5-6-49-12-W5M well has flowed shore oil fields InCampeclterB 

d.1 liilUfT ay. . . : _ high gravity crude oU at rates up immediately, according, to fena 

Sales of Walker and Staff- Hold- to 4J100 barrels of oU per day -gj 


±i.w»m. m tne caur year ■ to „ . ir av lfl next vear Pempi 

September JO.: Mm and ...pre-tax ..Ownership of the «eUJ iffuch^i'roSfdiSS 


confident profits can be reasonably expected District Council ° its Pension contract for the self- sum oenebts. The plan !n rts 

rk-f 7.1 start in 1979: the chairman says employed and other persons In main form is a regular con trlbu- 

U1 £ ClUv tl T if this company shows the return non -pension able employment. The tlon scheme, to which the investor 

\Tr T e„ Anri .r that is anticiiiated, and Queen- rTT 1 CKdfa company has come into line with can make additional contributions, 

Afn.Ti.vni e «« e borough and Helical (Steel Stock) JT 1 JUalC the modem freiid in designing its subject to a minimum payment, to 

result? rnr lie continue to make progress, he 0 i Boyal London Personal Pension secure^ addiUonal benefits. But 

disaoonintinE hut P the dirertJS "’ ouJd h °P e *»t shareholders Xprvirp ■ Plan and It is based on the cash the ^iS2C|ing|e,premiura version 

arp 3 confidem that thesten-f^hat couid es P ec T to receive a return kJtlVlLC accumulation system rather than avallM»te.-^nw return on death 

have been and are betoken on ^ mvestment in 1979. • The following securities have ?7 e Ti0US defer ^ d annUn,tr 

will be ultimately reward mg. been added to the Share Infor- pr,nc,ple - SSTiSf anhum «mrf 

As reported on October 21 pre- mation Service appearing in the Under this system, the contri- - the onti on to C lako 

tax profits for the April 29, 197S. CjrOOQ Start Financial Times: buttons received are allocated to Honal tZ Sa^neT 

year fell sharply from £114, 831 to Champion International Corp. f "o^onai persorud. fund which RoyaJiSndoSiSa home ser- 

£35526 on turnover of £6.l4m ca for . (Section: Overseas-New York). !■«« exempt, to which mterestis ^ MmSny ^operatlnS^ ^IliSt 

sa « f J r TI ¥ r , . rs °» u «, a, 0,n " ruw ' " A ' a-HTd-a sSsF&SSsSS 

V,l Th, a «).™rn ?f e bie directors, he AtlWCSt Con,p.nv (SecUen: te rim ‘d^TafJrion *'ffi j? r ' Iti^eKmplowd' 

bwtss,"S! “ffia-s Jis-'-Bsypaa »fcS »sss^at. ta : pr. assnjs ■ssa ,f j;"® ; i „°,i k e pi, 0 v;rh^e po H h i lj i 

profitably as possible: the that it was estimated that profit P eny, 1 - investment performance of the th pnJdential and 

majority are tied up in the for the first three months, exclud- Marlborough Property (Section: fund and would be staled as part ^.p H P p a rj Bu it has XSrtv 

reinforcement business earning an ing Burman and Bow-den France. Property). of the bonus declaration. achieved a considerable success to 

mafl^uate return was in excess of that for the Smith International Inc. (Sec- The plan provides a wide ranee the short period to which this 

As a first step in reducing these corresponding period last year, tion: Overseas— New ^ ork). of options at retirement, includ- scheme has been available. 


granted subject to the group 


Saudi Steel Reinforcements is, entering into' Terrain |««| J'ndep’' Roval London Mutual Insurance tog a choice or methods in tne «»“•«* »“» “ ”*7“ J, ”IT n T interest. ' win. house plants id separate^ 

“on the launching pad " and takings* with [hi fvokin"),am Societ F has completely rcdc-iigncd payment of the pension and cash mortths are anticipated to be at a re gL orj^nai from the crude oil, which will 

profits can be reasonably expected District Council ° its n ension contract for the self- sum benefit The plan in rts Pembina discovery early to "l 977 g“ I ? ,:>e 4 a f! lore through a I63 

70 srurt in 1979: the chairman says mX ^ 0UncM - employed and other persons In mam form is a regular contri bu- “Pecr«l SabSutSOdSoveriLlofotl 36 topipe’me. ^ 

if this company shows the return non -pension able employment. The tlon scheme, to which the investor corrtlmie. the __j "as finds have been aiade * * - * 

that i« anticinated, and Queen- * ClinvA company has come into line with can make additional contributions. d4r ® ct ^r® then Esso Exploration and- Prod 


1 aepiemoer ou. ivitv ana pre-tax uwnersiup vi vuo ^ m have- 10 such ntat form « rfrfm 

HF1 Tllan profits were slightly higher (rt Chevron with aO per cent and production w^^in^the^ 

UIl PlaJLI £75.887 compared wttlr £71^47 to subsidiaries of Norcen Energy » H p jS“hocR i fieldT v 

* the same period last .year.- . Resources .50 per rent, which in- addition nvo^larke nlatfoe 

a choice of methods in the Home sales for the: next six jj ,ud “ UeS * W wilL house plants to separate . \ 


FT Share 
Service 


n on -pension aoie eropioymem- ine sineire. iu «mcn ire mvesior “ — ^ w p v-™ *^6 • " ■ • ^ 

company has come into line with can make additional contributions. d^^ f ct A^^,® aJ, ■ ' ' ~ Eas® Exploration and- Prod 

the modem freiid in designing its subject to a minimum payment, to A dividend of m least, .last 10 eu - tioa Australia and Hemal 

Roval London Personal Pension secure additional benefits. But years O.oi43ip is also expected ■* ★ . * . . Petroleum report that the For 

Plan and It is based on the cash the»,& ' SStoglft'premiuni version “be paid and !an “"e^nPfP- Oman's natural gas deposits are cue 2 well, located in Vic/L5 < 
'accumulation system rather than available.- 'The return on death meM win be made if legislation contain 5 trillion shore the GippsJand Basin , a 


been added 10 the Share Infer- pr,ncipie ' v . . WntSi comp TmS. ?h?re afte? taBTo 

mation Service appearing to the Under this system, tne contn- ^ iie^oSon^o take^ut 3 dd^ (£85^37). /Stt tax " 
Financial Times: totoni tiona ! tSStSuST * 

Champion ' International Corp. f Royal London is a home ser- are again given as lJ7p~ 


wmm. §mm?i mmm 

i f'r,™ « tions once every three years, with {J ™. 1 PSL eagmeerm g supphes. ... • . . . . Fahud ^ Tibal 4n toe southern 2,600 metres. : 

(Sectjon: annual interim declarations in {j 1 ® f g ' . region of the Sultanate. Natural + * . » - .. 

Trusts Finance. Land). between. The amount of interest ul" 6 r < ltnnnnr «d-‘. gas is liquefied and reinjected The pro vinci ally - -cootrrf 

Lalng Properties (Section: Pro- added would depend on the unliko^ ^ nih^r m hnmf» P ^!^iJ.o ld ?i7o' ^113-11265 2t .'. into oil pipelines which improves Alberta Energy Company 1 

perw '»- • investment performance or the cnmnlniSsSe the^Prudential T» ° quality and quantity of ex- made farm-dut agreements r 

Mnr hn»n, D l, r 11 zrxA u-m.lri Vw, companies IlKe [ne I'ruaenna] ana llmfnnnin Hrillma 170 avntnMtiAn u.«U,- 


Changes at Itoto oil ptoelines which improves Alberta Energy Company 1 

^ , the quality and quantity of ex- made farm-out agreements - 

Kntannia • ported crude. drilling 172 exploration wells' 

A/iiiHuiuH The Minister, wiho gave no figure the Primrose Lake air weap 1 

Arrftut of the quantiO” of the gas to- range to Alberta, an area cpv 

xjlI 1 U YV - • jected daily to the pipelines, said tog 2.000 square miles. ' . 

a national company has been The agreements cover about 
MAJOR management changes are f onnr( j f or marketing part of the per cent of this area near Ipia 
ISnnt at liquefied gas locally. Lake. In one agreement Pac 

(Holdings) (formerly . Slater Meanwhile. Elf-Aquitahie has Petroienms and Phil Hps Caa 
walker becurities), Mr. Geoffrey discovered traces of oil at a drill- 'can earn a 50 per cent intei 
wiEffi.,., * chainnan ’ *“ d ing at Sahmah 1 to the Butabul by drilling 100 wells of 2,000 

y nf5 r ci« area of the Sultanate. The traces 4,000 feeL Amoco Canada • 

iam« rft?5rmhh°t^ C, ^. ed C BM are 110 w being analysed and earn from 25 per cent to 50 

'hp m r e miirf°n n S f m i l iS evaluated. cent interests under anot 

Elf-Aquitatoe has a 43 per cent agreement by drilling 72 well 








The Cubitt imprint of style and quality is to be seen on every type of 
civic, domestic and industrial structure throughout the United 
Kingdom. Livery halls and trading markets are no exception, being 
of singular importance to the community in this century as in 
earlier days. Cubitts have a long tradition of building markets and 
the prestigeous structures sometimes associated with them, 

.Among the most famous of those built by Cubitts are Smithfield and 
the original Ccr/ent Garden. Other examples are Fishmongers Hall, 
Ironmongers Hall and Grocers.Hall in the last century; and, in 
modem limes, the Wholesale Fruit and Vegetable Market in 
Liverpool and the Birmingham Markets Complex. 

With these markets to theircredit, Cubitts are themselves in the 
market for more such projects. Cubitts offer not only their proven 
expertise but also, as part of the international Tarmac Group, an 
enlarged on-the-spot availability of resources to meet today's 
exacting time schedules — with all that this means in cost-saving 
from a client's point of view. 


the moment but that an announce- 
ment would be made after a Board 
meeting next Thursday. 


Fundinvest _ 
advances to” 
£360,187 




HOLLAND, HANNEN & CUBITTS LIMITED 

Thomey Lane, Iver, Bucks SL0 9HG. Telephone: Iver 652444. 


After all charges including tax 
of £199,254 compared with 
£188,324 last tune, revenue of 
Fnndinvest rose from £328.071 to 
£360,187 in the September 30, 
1978, year. 

A final dividend of 1.647p net 
per 25p share takes the total from 
2.401 p to 2.69p. Net asset value 
per share Is stated at U6p 

uoajp). 


\3SeH3Kl 1 When Lobster 
Tbea7midoP 

WsfMb- becomes too rich. " 
. v -^Wfaryour palate, 
perbapsyou should forget 
thexiewEDCQLa. 


CUBnrS ARE MEMBERS OF THE TARMAC GROUP. 


Berry Trust 
well ahead 










For the August 31. 197S. year 
pre-tax profit of Berry Trust 
Company rose from £248.451 to 
£334.712 after management 
cxiien^e-! and interest of £533.938 
ngainst £519421 preiiously. 

After tax or £144,809 t£! 10.1861 
net protir came out ar £189.903 
against £13&SRj. Earnings per 25p 
«.hare are shown at l.26p tO.WSp) 
diluted and l.25p ( 0.0 Ip) 

undiluted. The dividend is up 


"r^the 

'imsoim 

shirt 

Bhouldyouhawe to asfcttus pri£®? 



BLAKE BUYS 
REST. OF 
BR AMBER 


* 


Stephenson Blake has acquired 
ihe remaining 60 per cent of 
Brambcr Engineering Company 
for £796.000 cash. Bramber pro- 
duced pre-tax profits of £4)8.000 
in t977. 

The enlarged group will have 
a turnover approaching 115m. 
directors say. and assets in excess 
'if £5ni. Brambcr is on»? of the 
l.T'"s larcenl suspension spring 
manufacturers. 


UNITED OVERSEAS BANK LIMITED 


(Incorporated iti the Republic of Singapore) 


U.S. S25,000,000 


Floating Rate Notes due 1983 


COWAN DF GROOT 
BUYS KAUFMANN 

Cowan de Grooi hap exchanged 
contracts io purchase Ronald 
KauTmann. and its associate 
Household Fancies for a total 
consideration of £300,000, io be 
scitlod by £224.500 in cash and 
£75.500 in ordinary shares. 

Ronald Kaufmann, importer 
and distributor of hasket ware 
and gift ware, made a profit 
before tax for 1977 of £93.01X1 and 
had net assets of £270.000. 

It wall compliment Cowan's 
expanding toys and qiftware 
division. 


In accordance w:rh the provision-: or'- the Notes, notice is hereby 
gn«n riia: lor tlic >i\ inomlis inicresi period from November 6. 
(vTX w. >fa\. 8. 4979 die Notes will carry an Interest Rate of 
12*i- “>■ fwr annum. The uucre.-r payable on the relevant 
imere’: pav-mcni Jute. M#i I9~'.> jeainsi Coupon No. 2 will 
be L5S62.59 


By : The Chase Manhattan Rank N.A., London 
Asent Bank 




" " "'limr.* * 

'?TTn • . 




fv-'s ■: 




.a ’tiMt 


*1 




SHARE STAKES 

William Pickles and Company: 
■Mr. W. R. Pickles. 11 dirwior. has 
adnsed that 3 trust in which he 
has an interest has recently 
acquired £120,000 ordinary shares. 

Trust House* Forte: Kuwait 
Investment Office has acquired a 
further 2.7.000 shares making a 
•otal interest of 5.400.000 ( 5.36 per 
cent). 

Second City Properties: Control 
Securities has purchased a 
further 10.000 shares, and now 
holds a icM.nl of 640,000 shares 
13.17 per cent). 


SJMCO MONEY FUNDS 

Sal u rn IriuVtnieiJt 
ManudcmeniC i>. ('.Id. 

«6 CAN NON STREI,V KC4Nft \X ' 

: Telephone: UL-Wci 1425-.- • 


LOCAL AUTHORITY BOND TABLE 

Annual 

Authority 

pross 

Interest Minimum Lifeo 

' .(iclcphfrna number in 

interest 

payable 

. sum 

bond 


% 


£ 

Year 

Barnsley Metro (0226 203232) 

lit 

Fjear 

250 

5-7 

Bradford (0274 29577 S 

Hi. 

i-year 

500 

5-7 

cborley (02572 58tt» 

IU 



o-7 

Eseter (0392 77S5S) 

12 

j-year 

. - 500- 

6-7 

Kriowsley (051 34S 6555) 

12 

}-ycar 

LOOT 

6-10 

Manchester tOfil 236 3377) 

10 

5-year 

. 500 

t 

North Kesteven (0529 303241) 

Hi 

f year 

1.000 

5-7 

Poole (02013 ,il51) 

inf 

4-ycar 

5110 

O 

RcdbridRe (01-478 3020) 

m 


200 

6-7 

Salisbury (0722 24265) 

m. 

i-yeae 

. MO 

5-7 

Sandwell (021 569 2226) . 

m ; 

5 -year 

500 

6-7 

Sand well (021 569 2226} 

12 


1,000 

6-7 

Sefton (051 922 4040) 

iu 


.2,000 

4-7 

Southend (0702 40451) 

10i . 


250 

3 

Wrekto. (0952 5051)51) 

113 


1.000 

5-10 ' 










Rates paid for W/E 5.11.78 


Call 

7 


% P-a- 

O/ 

Mon. 

9613 

9. 

Tues. 

9695 

9 

Wed. 

' 9^04 

9 

Thun. 

952S 

9 

Fri./Sui*. 

8.825 

9. 


• FINANCE FOR LNDUSTRY TERM DEPOSITS V-t 

nter Jt ’^h 35 ^? 0 ac P epted for fixed' terms of ** ' '■ 
years, interest paid gross, half-yearly, Rjie£ for 'deposut*. , 
received not later th an 24J1.78. \t y 

Terms (.wars) 3 4 5 6 • 7 s & 30\i. U 

Intercut % 12 . I2f i 2 \ 12i 124 121 125 & ’%? 

Rates for larger amounts on request. Deposits to and furthe ! 
jofortaabon from The Chinf a ,L' tr 

Limited 91 d. v Caah?ec. . Finance, .for . IndOSS 

vS* tTTt 9 tRri0 ° Eoad ' London. SE1 SXP (01-928 7322 

FFf ?s 7 ^he C bSd“S 2 able “Bank of Eng land, k/c FFX' j 
r m IS me ooidma company for TCFC and FCI- M 




■ i F \ * 

s 1 r* 1 


Standard and Norcen Energy - * * * - i 

Resources. Mexico is to commence the do- , 

Their Che\Ton -Norcen PL me raal exploitation of its = b 

5-6-49- 12-W5M well has flowed shore on Gelds loCampecbetf' 
high gravitj- crude oil at rates up immediately, according.' to fe» 


. M> *' } 














27 




V‘ 


November 6 1975 



S.^Vusl? ,. 

fc: ■•'*« -:.,?• «a£ v 



TRADE FAIRS AND EXHIBITIONS 



Date. ■ 

Current: 

Nov.. ?—'$... 

Sov. 9 — I* ...... . 

fiiev. H — 19 ..' 

;X 0 v:J 3 — 15 .......... 

>-3iWr 13 — IS. ........ 

■Nov. 13 — 18 ........ 

Nov. 13 — LS 

Nov. 13— 18...... 

Nov. 14 — 17 ......... 

Nov. . 19 - 28 ......... 

Nov. 19—26 V 

Nov. 2 D — 21 

Nov. 21 — 25 : 

Nov. 23 — 30 ..,: .... 

Nov. 2 S^-Dec..l.;. 
Dec. 4— 8. ....... 


Dec. 5 — 7 

Dec. 5— 7 


Title ..T;'. - 

EowJon TuraiiUre Show- (closes -Nov. S) 

Fluid - .Hand ling - Exhibition 

■ (Caravan Cam pi ag Hui i flai 1 and Mobile Homes Show 

International Siu Show 

National: Graphic Design and Drafting Exhibition 
Public Works Congress andExhibition • 

E.VPOCOX— Environmental Pollution . Control 
.. .. Exhibition 

- TASSEX ■ 78— Transportable Accommodation and 
- L ' SjteServiws' Exhibition and- Conference 
EWT— -Efliiienl and Water Treatment Exhibition 
. and Convention.-.. • • 

^Careers for 79 Exhibition 
International Kitchen and Bathroom Show— F it 
I nL Renovation and-Horae Improvement Show 
British Cardiac. Society -Conference and Exhibition 
Breadboard Exhibition (Home Electrooics j 
Wholesale: Buyers’ Gift Fair ... - 

Video Tradex. Exhibition : 

Royal Sinithfteld Show and Agricultural Marhinery 
Exhibiion - 

Computer Peripheral and Smalt Computer Systems 
UK Automatic Jesting Exhibition 


Venue 
'M.vuipia 
Harrogate 
Earls Cum* i 
Earls Court 

Intercontinental Hotel. Wl 
National Ex tm. Centre. 

Birininghdm 

National Ex bn Centre. 

Birmingham 
National Exhn. Centre. 

Birmingham 
N ational Exbn. Hen ire. 

Birmingham 
Alexandra Palace. N22 
Olympia 
Olympia 

Wembley Conf. Centre 
Se.vinuur Hall 
Mount Kay a] and Mostyn 
Hotels. Wl 
Heathrow Hotel 

Earls Court 
Olympia 

Royal Huniiiiltura! Halls 


^ j- „ y 

•« rrf. .. . • Ufci„. 

g-,- --.Q 


to- .v*?,- r . : . 

TV t7'»- S 

■■£■■■ W . ■ 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 

Nov. 7 — Li . • International Sbeet Medal Working and Forming 

. Exhibition .......... .... K-.srn 

Nov. fi — 17.. British Industrial" Exhibition ’ Mcxiro Citv 

Nov. 9—19 - Antique Dealers' Show wllh mwnational participa- 
tion L-uis-moi? 

.Nov. 13 — IS ........ In tcrnaUonal Pood Products Exhibition - l’ari- 

Nov. 1 +— lP -i.-.-cTaternattuoai Exhibition of Industrial- Robots Bioo 

Nov. 16 — 19 '.....-....' International 'Automatics. Show. . Zurich 

Nov. IS — 26.. _ Automobile Show .. S:-n p;mlo 

N ov. 21 — 24 Trade- Fair for .Clothing Textiles — IN'TERSTOE F Frankfurt 

Nov. 26—30 Middle East Bn ild Inc Materials and Construction 

Machinery Exhibition 1 Bahrain 


iz 

sd r*» V.: 

-V *0 


*.i7 


BUSINESS AND MANAGEMENT CONFERENCES 


3c 


«- 

q! 


ill 

rii 

'A_- 

J.T 

‘I 


l". 

.■a 

.'ti 

>7 

£•". 

a*- 

id 

i-i 


*»•» -t .ir : 
tilV J •...•. " • 7. 


Vv-V 
a-.- -,•••" 

Cv*'- 1 - 
ac-jj,:..- 

m; 

r~. 




, Nov. 

Nov. 

Nov. 

Nov. 

Nov. 

Nnv. 

Not. 

Nov. 

Nov. 

Nov. 

Nov. 

Nov. 

Nov. 

Nov. 


•* t Nov 

V^r., i S- r:;. ‘r.. Nov 

/(./ft.- . ; ^ 

•‘ r "- • 'Nov. 

7_v • ' ■ ; 

-Nov. 

- - • - .' • Nnv. 

.-Nov. 


i . 

7 

7 

7— 
7— 9 

7 — 9 

7— 9 

7— in 

7—10 

9 

9 ... 

9 

n — 10 
10 .. 

13—14 

13—16 

14 

15 

15 

ifi 


rti -.. .. 

+ -i t 

Lv. . . 


:.Nr»v. 36 


Nnv. 

-Nnv 


1R — 17. 
IS 


Ctt >::r 


Nor 20—21. 
iSov. 20 — 22. 


Kor. 21 — .... 


Institute of Purchasing and Supply: A Practical 
Approach to. Installing Computers. 
.International Business Coniniun tea lions: Disclosure 
Requirements and Financial Statements 
-.Institute of-Uarketing: Sales Letter Writing 
ASM: Practical Cost and Budgetary Control 
Bradford University: Effective Forecasting Hr 
Managers - 

Trentun Exhibitions: INTERFLOW Tfr— the Fluid 
Handling Exhibition and -Conference . 

Urwjck Management- Centre: Management of 
-Finance in Construction — seminar 
Institute of Personnel Management: Elements of 
Salary Administration — course 
GASTKCH 78 International Conference and 
exhibition 

British Franchise ; Association:' " Seminar — The 
Business Formal Franchise - 
Institute of Marketing: -SetHihar— Public Relation* 
NIAfRA: “ Food for ’nought.''— Conference on 
recovery and re-usc of food wastes 
ASM- .Realities of Parti cipatloiL r _ 

. Institute of Building: Annual Conference .. 

M&ED/AMR International: Middle East Business 
Strategies 79 . , 

Welding Institute: JnlernationaT Gonferencp on 
Trends in Steel and Consumables for Weldins 
1PSI/ICMA'. Disclosure of' Financial loformation to 
Employees. 

Economic Models: Energy Forecasts'. for Europe. 
U.S.. Canada. -la pan 

CAST:- Group Accounting — seminar and course 
David Casey Assocni.tes: HeuJth ami Safely and 
. Industrial Relations 

.CCC. Takeovers and Acquisitions— a Business and 
-- .Majuigemenv Conference 
FT Conference: Business -.with .Mexico 
Cilv of London Pnlytcekhic/Loiulon dhahiber or 
Commerce:- .Seniinar. on .Getting Started in 
, Busiries&— for those setting , up their Dwn firms 
FT conference: World Insurance . - 

BriifciJr. Property Fed-/Na»> " Assocn. of -Pension 
' Funds; -Conferem e— “ Properly"— Progress in 
Partnrrship - • 

Stan-1 and Hall Associates: British, Economy in the 
..- 'SOs-r Forecasts for "Company Planning 11 * 


Excet-uor Hmel. Heaihmu- 

Hov.'il ].:<m-ns'er Hotel. W2 
Ro.' :il Hfirst-guards Hotel. b\V 
S'. Ernnn-< Hiiii-I. SWi 
Manayomeni Ccnire. 

Ileaum Muunt. Bradturri 

Harr«g.ilc 

Slouzh 

While; Hulol. 

Lam.-dSlf-r Gatp. W2 

Mon le Carlo 

C <fp Pm a!, vvj 
Roja! Horsejuards Hotel SWI 

i "enti-o Hole 1 \\ 1 
Si Ermin’s Hotel. SWt 
Klufmsi-uiy Centre Hotel. 


wr:i 


Hydr Tart Hotel. SWJ 
Blorim>hur> Centre Hotel-- 


MCI 


Cafe R.-jal, Wl 


30 I'M Miipon .sire-"t. SWI 
Pi read rily Hotel. Wl 

Ho I iila;. Inn. Laugley 

R'a a I I an«-a%ier Hotel. Wl 
Mexico City 


•tp"vi' Street. ECS 
l»*uclipj>ier Hfiiel. Wl 


1 1 ri inlay Inn. Bristol 
Hilinn Hotel. Wl 


Wh 

,Th 


- ▼ -V; 




islic— 

iwEc:: ; a. 



Xfej JJnrUteMta ccnp in iha r*q**>*mcn: cjiht CmcHy li:r S*oJ; jU Lmsv I 

. ’ ' • • • • . • V. ‘ . ». 

XJT^E\ r ER USF IWTESTMENTS LIRIUED 

- {hcwgcrated i.v LxgjarJ) 

Frencli francs/1 00,000,000 

1 • 10 ?p Guaranteed Notes 1985 

ISSUE PRltE 100 TER CENT. 

• Uncoadib'onalfy and irrevocably gua ran reed as to payment 
of ^dhcipal, premium (if anyj and interest by 

UNILEVER LIMITED 

4 The foDowns 3mw agreed lo subscribe or procure subscribers for the Notts: 

B.XNQTE DE LTJNIOX EUROPEENNE 

BANQUE BRL7CEIXES LAMBERT SJl. CAISSE DES DEPOTS ET CONSIGNATIONS 

CREDIT LYONNAIS ” BELTS CHE BANK AjvTreNGESELLSCK\ FT 

KREDIETBANK S.A. LUXEMBOLRGEOISE JL\Z.tRD BROTHERS & CO., LIMITED 

MORGAN' GRENFELL & CO. . WEST DEUTSCHE LANDESB.\NK 

LL>IITED / GJROZEXTRALE 

TTk Conhdl of The Sieek Fxrhaii^e in Londra has admrfled the Notes to die Oflfcfa? Lht. 

Penieuhm at theNbie. are awiUkle in the sraiwiical wn ice nC Eatel Siatubcal Semces Limited and copies may be obtained ojrio/ 
usiui busuxes boun up to <md indodmg 30in No>nnber. I97S from 


Wr GrewtreD & Co., 
Bnn- Bribe Howe, 
Bread Street, 
London ECdM 9ZL. 


6th .Vovenifer. 1P78 


5^' Nr! 









i 

fcrr'-' 



Interest Rates 

Lloyds Bank Limited has increased its Base Rate 
from 10% to IVA% p.a. with effeafrom 
Monday 6th November 19 7 8. 

The rate of interest on 7--day notice Deposit accounts 
and Savings Bank accounts is increased 
from 6 34 % to 8 J4 % p.a. 

The change inBase Rate and Deposit account 
mterest will also be applied from the same date 
by the United Kingdom branches of 

Lloyds Bank International Limited 
Hie National Bank of New Zealand Limited 

andby 

Lewis’s Bank Limited 


This week’s 
business in 
Parliament 


TODAY 

t oRimniK: Qiifon'f Speech 
•Ifbalc c»D>iniii*>. Sniijert. Home 
aflair.-. 

TOMORROW 

Commons: Qwi>n's Speech 

ftc-bdli' conlinue-v Suhjcct 
Rhodesia. 

LortU: Queen's Speech il-^baic 
continue. Siinjerl: affairs 

.Select CumniUlPcs: Expenffi* 
lure, general suh-committee. 
Subject: Fiuropean Monetary 
System. Witnesses. Sir -terciiiv 
Mnr>e nf Lloyd* Bank. Mr. li 
Leigh Pf’iuberton of Naiions! 
Wesuninslcr Rank. Mr F 
Tuke or Pi-nfavsor Hiirnlr! Rnse 
of Bardajs Bank. Boom S 
10.3u ;uu. 


Speech 
Subjerr. 


WEDNESDAY 
flnmmons: Quc^n'.' 
dobale continues. 

Rhridt'^ia. t trder on connnuation 
nf Rhodesian sanctions 
Lords: Queen's Speech deb«dF 
Subject: foieign 

affairs and defence. 


THURSDAY 
Cnmmnns: Queen's 


Snnech 

Subject 


debate continues. 

Economic affairs. 

Lord*: «»rder r.n tnmimiition 
of Rhodesian sanciu-ns. 

FRIDAY 

(.nmmo:*: Fuhiic Lending 
Rights Bill, second readm 


Cost of caring 

TH K Bn\:.t Cnllpse ..f l'h.*-'iei:«n» 
hold-n-j a serie. <»: -sp«-cial;s! 
c.iniereno.^ for .inv-in:-- »hi* 
-veek be-’ inn i nc tndav m L'»nder 
There will !«• mi the 

*-oium««n i-old. cusl ..'ffective 
nrim-ni <-.u-e and nih«r >nojectj. 


BADGES 

ALL TVPK< IN MOS1 
MATLRLVLS 
FOR CONFERENCE AND 
EXHIBITIONS. STOCK AVAILABLE 
ENGRAVING. LABELS. 
NAMEPLATES 


\P»» 


:iu 




■n-.-otP'j-.iiiiis :oi«r --n •». ni ■»- 
V ■ r i.L-- n^n r In ' • .:••• Hr- 

>i- l. i-.n M.jrtpKis - 

’.il fAie.rti.i 1 -...'ll- . 17 

T A i .v:t: lie 



This amouKcenient appears as a matter of record only. 



amro bank 

amsterdam-rotterdam bank n.v. 


1:10 rights issue of 2. 1 46.47 6 ordinary shares 
issue price crfls. 67 per share 
of dfis. 20 par value each 

The following EblC* banks have acted as underwriters: 

Amsterdam-Rotterdam Bank N.V. 

Banca Commerciale Italiana 
Creditanstalt-Bankverein 
Deutsche Bank AG 

Midland Bank Limited 

Societe Generale de Banque SA 
Sodete Generale 

October 51. 1973. 

*" EB1C: European Banks International 



Today’s lesson 
is about malt 

Every popular whisky is made 
from blending pure malt whiskies and less 
expensive grain whiskies. 

The more malt (which costs 
at least twice as much as grain)- 
the more character it has. The more 
distinctive its taste. 

Teacher's contains more malt 
than other popular blends. 

No wonder,then,that Teachers 
is Britain's favourite? 

End of lesson...time for a test! 


JT i-> - 












28 


INTERNATIONAL COMPANY NEWS 


-V . ' - • . - ■ r . 1 . Tf 

• : ; i- vSv 

■v r. • -> . 1*4 o: ^ ■ 


Salzgitter buys Sachs holding 
after failure of GKN takeover 


BY ADRIAN DICKS 


BONN, Nov. 5. 


SALZGITTER. the West German 
government-owned steel, plant 
construction and engineering 
group, has bought 23 per cent 
of Sachs AG, the motor com- 
ponents company, for DM 133m 

The deal comes Only 10 days 
after Commerzbank bought up 
the 24.98 per cent in Sachs held 
by Guest Keen and Nettlefnlds. 
GKN. frustrated in its attempt 
to buy a majority of Sachs, made 
dear that it was not interested 
in retaining this package merely 
as an investment. 

Salzgitter’s entry into the 
Sachs group, which has a market 
lead in the automotive clutch 
business, is likely to strengthen 
Sachs by .improving its access to 
foreign markets and to fresh 


capital- At the same time, it 
allows the Sachs family to retain 
control. 

The deal should also benefit 
Salzgitter itself by giving it a 
new area of diversification away 
from steel. Salzgitter has 
remained heavily involved in 
basic steels. While its 75 per 
cent stake in the Hamburg shift- 
yard Howaldtswcrke - Deutsche 
Werft has bound It into a second 
industry' currently suffering 
extensive losses. 

There was speculation this 
weekend that Salzgitter may 
wish eventually to build up its 
new bolding in Sachs ro at (east 
a blocking minority of 25 per 
cent. For the time being, the 
Sachs family is retaining 52 per 


cent control. But Commerzbank 
has already made it clear that it 
wants to sell its own shares in 
Sachs by introducing them on the 
stock market. 

Although this process might 
take some time, it would then 
presumably be open to Salzgitter 
to add to its newly-acquired pack- 
age by buying the new share in 
the market. 

Meanwhile, the DAI 133m paid 
by Salzgitter to the Sachs family 
for 23 per cent of Sach’s nominal 
capital of DM 15.1m not only 
gives other potential investors 
an idea of the worth of the com- 
pany. but also often; a clue to 
the price GKN received for its 
24.S8 per cent from Commerz- 
bank. The British company has 
declined to disclose this figure. 


General Dynamics moves ahead 


8Y OUR FINANCIAL STAFF 


GENERAL DYNAMICS, which 

has been plagued by claims and 
cost overruns on nuclear sub- 
marine contracts from the U.S. 
Navy, boosted its third quarter 
earnings by 56 per cent to S39.Sm. 
or S3.75 a share. 

At the same time, it announced 
a S4S4m order from the U.S. Air 
Force for 145 F-16 fighter air- 
craft 

The company reached a settle- 
ment with the navy earlier this 
year on the submarine losses. 
The resulting write-offs total 
S3 59m before tax offsets, and 
General Dynamics turned in a 
Slfifim loss in the second quarter 
after writing off SISTm. 


With the inclusion of this heavy 
write-off. its nine months' figures 
show a loss of $96.4m against a 
profit for the same period last 
year of S74.2m. Jr the write-off is 
taken out. net operating profits 
emerge at S90.3m, a rise of 22 
per cent. 

General Dynamics* total order 
backlog at the start of fast 
month was S9.8bn compared with 
S7.2bn a year ago; more than 
SSbn of this was funded against 
S5.Sbn. Sales In Die first three- 
quarters rose to $2.31bn from 
S2.15bn. the quarterly increase 
being IS per cent to S836m. 

Earnings at the Grumman, the 
diversified aerospace group. 


declined by 56 per cent in the 
third quarter to 83.34m, or 3S 
cents a share on a diluted basis. 
Sales rose from S3 10m to S339m. 
For the first nine months, how- 
ever, the silde was a rather 
less precipitous 35 per nent to 
S15.99m. equivalent to S1.75 a 
share, diluted, with revenues up 
from Sl.Olbn to S1.12bn. 

Grumman said that profits were 
still depressed by the costs of 
developing new commercial pro- 
grammes. as predicted in the 
second quarter report. The third 
quarter also included a loss of 
11 cents per share from the sale 
of Grumman American Aviation 
to American Jet Industries. 


China 

Light 


raises 
HK $300m 


Barclays National lifts profits 


BY RICHARD ROLFE 


JOHANNESBURG, Nov. 5. 


OPERATING profits at Barclays 
National, the largest hank in 
South Africa and a 64 per cenr- 
owned ■subsidiary nf Barclays 
International of London, con- 
tinued to forge ahead for ihe 
year to September 3t). The 
advance at the pre-tax level was 
from R55.1m in RfiS.3m (S79.4m» 
but with the tax charge up from 
33 per cent «o 39 per cent, 
reflecting reduced allowances in 
the leasing business, net profits 


are up from R36.5m to R41.5m. 

The Board has increased Ihe 
provision for additional transfers 
to reserves From R2.7m to 
R4.7m. thus further reducing the 
net attributable profit rise: at 
this level the figure is up from 
R33.Sm to R3&£in. Explaining 
the higher tax charge, the hank 
says that in the past, taxation 
benefits resulting from the 
investment allowances on leas- 


ing contracts were allocated to 
income for the year in which 
they arose, whereas policy now 
is lo allocate them over the 
period of the repayments in 
proportion to the capital 
balances outstanding. 

Earnings per share rose from 
63 cents to 69 cents and the final 
dividend has been lifted front 13 
cents to 17 cents, making a total 
of 30 cents against 23 cents. 


By Anthony Rowley 

HONG KONG. Nov. 3. 
CHINA LIGHT anil Power, the 
quoted utility which supplies 
electricity to Kowloon, the New 
Territories and Hong Kong's 
outlying Islands, is raising 
HK&lOAm (ll.S462.5m) by way 
of a rights Issue. 

This is the second major 
such issue In recent weeks, 
following the HKSfiOOm rights 
issue of loan stock with war- 
rants by Hongkong Land, and 
takes total fundings of this 
kind In the stock market 
beyond HKSlhn this year. 

In order to fund its share in 
a major power expansion pro- 
gramme. China Light is propos- 
ing a one-for-five issue nf 20m 
shares as $15 each. This was 
roughly hair the market value 
of (he shares last Friday. 

China Light, which is one of 
the two major electric power 
utilities here — the other is the 
Hongkong Electric Company — 
says that the proceeds of the 
issue will be used “ towards the 
cost of capital equipment." 

The rights issue marks a 
further stage of the financing 
operation for • a HK$S.4hn 
power station to be built at 
Castle Peak In the New Terri- 
tories on the mainland and an 
accompanying transmission im- 
provement programme. The 
first step was a L'S$400m loan 
to Kowdoon Electric Supply 
Company (KESCO). which is 
4ft per cent owned by China 
Light and 60 per cent iiy 
Exxon. This Joan was managed 
by Schroder Wrier and guaran- 
teed hr the F.COI) as plant and 
equipment for the new KESCO 
power station is being bought 
from Britain. 

China Light also reported a 
10 per cent rise in earnings for 
the year to September 30, lo 
HKS194.6m. 


Delhi Petroleum 


NEW YORK. Nov. 5. 
DELHI Internationa! Oil’s 
stockholders approved at a 
sprelal meeting the transfer 
of substantially all of the 
company’s Australian opera- 
tions and assets to a newly 
organised wholly-owned Aus- 
tralian subsidiary of the 
companv, Delhi Petroleum 
Ply- 

AP-DJ 


Currency, Money and GpId;MarketSp 



The bill and base rate link 


GOLD 


Not -i l Xor. 2 


6Y COLIN MILLHAM 


Interest rates moved nervously 
in London last week, partly as a 
continuation of a general feeling 
that something will haie lo be 
done to increase gilt edsed sales 
if the Government's funding pro- 
gramme is to be met. Money 
market rales haw tended to move 
above the Bank of England Mini- 
mum Lending Rate during recent 
weeks. This process has now be- 
come so exaggerated that the 
tender rate for Treasury bills is 
more closely linked to the clear- 
ing banks base rate than the 
present level o[ .Minimum Lending 
Rate. 


CURRENCY RATES 


November 3 

special 

Drawing 

Rights 

European 

Uniter 

Account 

E/rrlinc 

. . C.bd25 

0.675616 

U S. dollar 

1.29m 

1.33789 

Canadian dollar 

1.512*3 

U6559 

Anslnan M-hilllns 

17^557 

18.4340 

B^lsian franc . 

3SJ099 

39.6251 

Danish kroner .... 

. . 6.73252 

6.9B311 

Dcittscbeaiark ... . 

2.84303 

2.52780 

Guilder 

2.63307 

2.72909 

French franc 

... 536136 

5.T526S 

Lira 

1DSUD3 

111852 

Yen 

Unavail. 

251.588 

NnnceiLijn kroner 

Unavall 

6.69908 

Peseta 

91^372 

95.1354 

Swedish kroner 

. . 5A36J8 

5*097 

Swiss franc 

.. . 2.89222 

2.16424 


MLR remained at 1(1 per cent 
last week, while base rates -ose 
to 114 per cent. The Treasury 
bill rate rose lo 10.7973 per cent 
however, and this would give a 
Minimum Lending Rate of II J 
per cent under the old market 
related formula. 

At the same time the rise in 
New York interest rates has added 
to nervousness with Citibank 
leading the way towards a bank 
prime rate of lftj per cent evfcn 
though this wa.i outside strict 
adherence to its market formula. 

Make up day for U.S. banks dis- 
guised the official level of Federal 
funds, bui by Friday rates had 
increased to W;-10 per cent com- 
pared with 91 per cent at the end 
of the previous week. 

The package of measures lo 
support the dollar v.as the most 
significant influence of trading, 
as the Federal Reverie discount 
rate rose to ft l per cent from St 
per cent. 

It was a different story in 
Germany, as the strength of the 
D-mark against ijte dollar created 
excess liquidity in the money 
market at the beginning of the 
week. 

Call money in Frankfurt fell to 
around 2 per cent on Monday, and 


to 1 per cent on Tuesday, com- 
pared with a normal level of about 
5 per cent. This reflected month- 
end considerations, since com- 
mercial banks were very liquid 
with funds after easily fullfilling 
October’s minimum reserve 
requirements. 

During October the require- 
ments were raised by ft per cent, 
but heavy intervention to support 
the dollar last month, led to a 
sharp rise in the Bundesbank 
currency reserves, and a corres- 
ponding increase in bank liquidity. 

Intervention in the foreign ex- 
change market by the central 
bank remained heavy in the first 
few days of November. 


U* J*t Bullion iii tin* 

imncei... 

Cln-* S215-21SJ 

(•■Mine S2 13220 

Morning Jivinjt 5210-53 

l£110-6Mj 

Ailerunyn tiling ,3216-4(1 


$22 1-221* 
;S2 18-220 
15220.40 
(X! 110.674] 
■S221.60 


'■£103-797) -(£111.668) 
f!nM Coins 

domC-l i.nllv- ■ 

Krugerrand.!. . . . S3!l-.-2»# 'S22Bi-2Z8J 
.till I H-II241 i£116p-il4ii 

New SiratUDi 560-62 ,381 V&Si 

rlSOi-ill) |(£5D;-3lj! 

Old Sovereign- 560-62 $61(^66* 

l<£U*4Hl 

CitiM Cdnt • j 

I nl*<rmtii>rwllx- ... 

Kroggemud SS2H-22SI |S226J-22BI 

•rilU-ll24):i£ll94-l 144- 


New Sovereigns - 550-63 

• £40; -ill) 

Old sovereign*.. 


520 Eagle* 

6I11 Kigk- ......... . 

So Kapli** 


S50S2 
u.:0;.5l;i 
S735-296. 
5 166 ISO 
$100-106 


861A-M4 
i£30i-5l*> 
seizes* 
I'jesfc-iifi 
15296 iOl 
[>156 16 1 
IslOO- 106 


THE POUND SPOT 


FORWARD AGAINST £ 


THE 

DOLLAR 

SPOT 

FORWARD 

AGAiNST S 


Day's 


One month 

P.n. 

Three months 

p.a. 

spread 

Close 

Noveraber 3 


‘ — 



Vjn>l"nV- — 

8SJ94S.51 

85J9-8S.43 

0 U-3.D4C pm 


0.13-0 -17c pm 

0.64 

Guildi-r 

2.8320-2.0475 

2.0350.211438 

O.iS-BJOc Pin 

1.41 

l.iT-UIC Pfll 

106 

Bctei.ro Fr 

29 JO- 29.70 

29.65-29.7n 

4-2c pm 

0.62 

13-4cpna 

1.87 

Danish Kr 

5.2230-5.2350 

5.2275-5^325 

1.75-2 25c dl« 

—5 73 

6.8O-6J0C dts 

—5.47 

D-Mark 

1.8820-1.8970 

2S988-IX930 

1 J2-L12pf pm 

7.50 

3.J0-3.6Qpf pm 

7-55 

Port. Esc 

45.50-46.50 

45.50-46.10 

35-lt8c dis 

-23. IS 

130-SD0C in 

-27.89 

Srun. Pta 

71. 53- 71. 70 

71 JO -71. 70 

120-150r dls 

-2169 

320- 360c d<5 

- JJ-53 

Ura 

831-819.75 

8J5BJ6 

3.2S-4.00llrci!is 

-5.11 

9-in joure dls 

-4.66 

Nnrsn. Kr 

4.9988.5.0200 

5.0158- 5.6700 

UO-1.60orcdls 

-4.0T 

4. 75-5-25 predla 

-3.75 

French Fr 

42B8M.3L90 

4.2853-4.2450 

fl.4WI.75c pm 

1 67 

1.70-1, 40c pm 

1.09 

Sn-cdisb Kr 

4. 3340-4. 3528 

4J378-4JS80 

0.954l.7SflrepiTi 

134 

IJO UOore ran 

1.26 

Yen 

187 20-188. *0 

188.60-188.98 

1 .60-2808 Pm 

9 24 

4 C0-4 pm 

3.93 

Austria Sch 

13.7850-1328 

13.8S-13J8 

5.50-4 JOartram 

4.33 

13, 93-11- BOvr ppm 3-53 

Swiss Fr 

1.6125-1.6315 

1.6168-1.6200 

1.47-1 j42c pm 

10.34 

4.96-4J1C pm 

10.96 


tVS. ecuis per Canadian 9. 


N’or. 3 


"Banlii 

! rate : Dart 


' % 


Clow One month ir* Three month. % P .a. OTHER MARKETS 


spn-ad 


C.S. B ! 

Canadians 1 
Guilder ! 
Belgian V ' 
Danish K.-| 

D-Mark 

Port. Etc. ] 
Span. Pw. 
tara I 

Nrwgn.K. 

. French Fr. j 
flwedlshKr. 
Yen 

Austria Seh 
Swiaa Fr. 


9lail.9976-l.99S0 
1011 2.5060-2.5360 
81: 4.02 4.07 

58. 30 -59 .90 
10.29-10.40 
2.72-3.79 
90.20 91.50 
1 *0.76- 1*2.40 
1.646- 1.665 
9.90 9.96 
8.47-8.67 
8.68-9.66 
570-380 

27.5a27.46 
S. 18 *-5.2 5 


6 

8 

,1 : 

8 

10b 
7 . 
9t»l 

6 iff 

3lj. 
41 S| 
I 1 


I.9B20. 1.9840 
'2.41562.5185 
4.04.4.05 
68.90-58.80 
10.56-10.58 
5-74^5.769 
90.3E-Pl.il 
141.00-141.40 
1.055-1.657 
| 9.94-9.96 
! 8.40-9.61 
I 8.59-8.81 
574-576 
. 27.25 27.45 
5.2D*.5.214 


fl.2t-Q.lbc.vra. 
OJOO.2Sc.pra! 
U-4 c.prn 
15-5 ••-[■m 
2;-4;«ired» 
P m 

70. 170 « , .dj» . 
180-280 •vli* • 
4-7 lire rtt* 

4-2 4 «rc H19 
5 -2 i-.pm 
5j-li hit 1 ™ 
5.70-5. 16 y |-in 
12-2 *in? pm 
54-24 pm 


1.21 

1.65 
2.87 

2.04 
-4.54 

8.4 
15.85 
■13.56 
—4.04 
-1.81 

5.65 
5.14 

10.96 

5.07 

11.21 


1.00-0.90 c-pm 
|1.50 -l.1S-.pm 1 
5-4 «.. pm 1 
50-55 «■. [.in 
94-11* "re dlf- 
9.-8] jit pin 
200-360 r. Hi* ■- 
660-660 e. di> .- 
10 14 r. ill- - 
•5;-5; ><rp di* - 
ft* -61, «■. jim 
5,-C nre jiiu ■ 

I0.6il0.lv pm’ 
23- IB grn pm 

10 1* -S4* c.pm' 


I. 51 
2.11 
4.46 
2.90 
-4 06 

9.55 
-12. II 
-17.00 
-2.90 
-1.71 
5.18 
2.66 

II. 07 

5.56 
12.77 




£ 

X.sir Rite* 


Belgian rat* m~rnr“ convertible francs. Six-monlh tnru-ard dollar 1.77-1 87c pm. 
Financial franc 61.D3J1I.15. 13-mnnth 3.3*3 13c pm. 


Argentina fW.-.. 
.Vu-iralw Ih4hr... 
Finland Marika . . 
Bra.-il CngrlM .. .. 
fired, Drachma.,.. 
R«ng Ki'iif IK-ilJar 

Iran Kial 

Kuwail PimnKM'. 
1 Ji*enil-"jrg Fran*- 
Malatia Dptlir. 
New iCvalaudIMtR' 
rjaiall .Irahin Kival 
Sing* [wire Jlnller .. 
Srailb Afncin Hand 


: i.aizi.Bie 
1 7209-1.7269 
7.831- 7.841; 
38.43 39.43 
71.713-73.466 
9.479.491* 
136-144 
0.534 0.544 
58.40-58 70" 
4.3250 4.3375 
1.8578- 1.8678 
646.6.56 
4.30-4.311- 
1 7087-1 7348 


913.75-915.75 \n-1ni . . 
0^678-0.8708 IViinr,, . 

1 3.9600-3.9630 I*en'i'*rl. . 
19. 38-19. S3 .Kranre. . 
36.16-37.05 ■(■I'tiiMiir.., 
•4.7650.4.7700 ImM . .. 

70.45-70.75 Japan . . 
0.27 125 0. 27 lBb NrMi-r, 
29.58 29.63 ;N.«r*a''.. 
'2.1750 2.1800 I'urtiual .... 
0.9370^5.9420 . 

3.2760 J.2B60 Snilrerlan-I 

-2.1630.2.1640 1 Si are 

0.86 16-0.8748 Y 1 up -*ln v <* 


27-281- 
601r-63 
10.25- 10.40 
8.508.70 
5.703.80 
1600.1670 
375 385 
4.00-4.10 
9.9b 10.05 
90-110 
145-149 
3J10-3.50 
1.98-2.00 
43-45 


Rate given lor Argentina la (rce rale. 


EXCHANGE CROSS RATES 


Not. 3 


found Sterling 
J.S. Dollar 


hstaebv Mark 
rapnneM Ten 1.000 


trench Franc 10 
Iwlea Franc 


hatch Guilder 
t- 11 *" Lin 13100 


fcnadlan Dollar 
lelglan Franc ICO 


Fnand Sterhus 

D S. Dnlhtr 

T>entechpMnrk< Jh|mdmp Ten 

French Franc- 

$vi«p Franc 

Dutch OnlMeri 

ftellim tara 

1 Canaria DalHr 

Belgium Franc 

1- 

1.983 

3.74B 

375.0 

8.495 

3.210 

4.045 | 

1655. 


68.70 

0.504 

1. 

1.890 

189.1 

4.284 

1.619 

2.040 i 

834.6 

1.169 

29.60 

O.Z67 

0.589 


100.1 

3.267 

0.857 

1.079 | 

441.6 



3.667 

6.208 


1000. 

22.65 

8.560 

10.79 | 

4413. 

6.180 

156.6 

1.177 

2.334 

4.411 

441.4 

10. 

3.779 

4.762 

1948. 


69.10 

0.312 

0.618 

1.167 

ne.B 

2.646 

1. 

1.260 i 

S1S.6 

0.722 

18.29 

0.847 

0.490 

0.926 

92.71 

2.100 

0.794 

1. 

409.1 



0.604 

1.198 


326.6 

6.133 

1.940 

2.444 

tooo. 

1.400 

■ 35.47 

0.431 

0-858 

1.617 

161.8 

3 666 

1.385 

1.745 

714.1 



1.704 

3.378 

6.384 

638.8 

14.47 

5.468 

6.891 

2B19. 

3.94* 

. 100 

— > 


MONEY RATES 

NEW YORK 


LONDON MONEY RATES 


BUlH 'l.l-weefcl 
Bills i-JS-weeki 


lOi-lK 

fjns 

S.TS 

us 


GERMANY 


Discount Race 
Overnulu — 
One month 

Three months 
Sue mooiiia 


1 

3 JO 

3.45 

s.» 

*.00 


FRANCE 


Discount RaM 

Overnight 

One month ...... 

Three month* 
Six month* 


U 

1 

7 

7ja» 

M 


Nor, 3 

l.9f“ 

^teriuiii 

l'«ri mane 
ni .lei-n-n 

I inert «nk 

Ir'Cal 

AuUmrity 

rlepn.na 

Ujcai auui. 
ncsmnatile 
fannri. 

Finance 

Urjinut- 

’ L>1«VaHIIII 

Uompanv marvel 

lie,.»ii» ivi ■ i.t 1 

■ Uiieihie 
i reaMirv Hank 

l>‘“-4 . B?IM0 

Fine 1 rail 

0111*4- 

tl verms hi. 


63* -9 is 

— 

_ : 

— 

76*. 03* 

i 79 

— 


L day* notice.. 


— ’ 



— 



— J 

— 

7 day* oi 


— 

— 

i 


9t< -10-16 ! 

1 — ^ 


7 ri.r« nmiee.. 

... ~ . 

85« Bis 

9*a 97a 


103* 

_ 

. 83*.R'« 


__ 

Uiip month .... 

101: 1CU« 

1 lj-105* 

9?a It. la 

103, 113* , 

111* 

U»s 

. -9Ta 

:1C4.I0A1CJ.-10V 

Ida 

lm miinlba... 

‘Ori 1JA 

10"s ills 

— 

tl>8 Hi* 

usa 

11?* 

. luiq. 10^1 lCrr-lC^illO^-llrir 

115a 

Three moillba. 


UU 115s 

iLIg-llIs 

lUa 1 13* . 

1 1* 


'lUSp lOS* lt.3i-li.Mii 1^.1 lu 

Ilia 

Cl* irioothm — 

116, tl»« 



113p 11 'a : 



• 



Niur month".. 


Ilf* 111* 

— 

111: 12 | 

12i« 


) 



1 *iie year....... 

»1A >>iv 

»lt» 11 it 


IK] 12 

12i 3 



I 

1 - : — 

— 

1 »'«« 

— 

— 

121|-12Lt 

- 


— 

! — 


. _ 


JAPAN 

XhBcwnt Rate 

Call (Unconditional) 
ym« Discount Rat* 


)5 

05 

418. 


Local authority and finance honses seven days’ notice, others seven days' fixed. “LonS'-r-r/rra local auihorW morTgaae 
rates nmninally htr»e years i2Hii per cents four years 1 21- 121 ocr cem: Bt«i years 12M3 vr v?3t n Bank bill rale* tn rahic 
arc bu ying ra te* for ornrw unrr. Buying rate far fOur-motnh bank hills 11£-tl7|« per cent, four-month rrade bUls 111 VT rent 
Appmtntatp selling rates for one-monU) Treasory Bin* lAlss-lO^n pnr cent: and two-mnnih W J .-l(l9>r, rer cent: Ihrve-ntnnth 
IH-IOUm per cem. Approximate selling rate for ooe-tnonm Sanlr hills HK-u» per cent: nva-moiRh lflu^-ioi pnr.cntt: and three- 
month 11-UlK per cent: one-month trade Wild 11 per r*m: two- month iji per rent: and ah» tbrre-mmrh n* t^.r rfnl 

nuance House Base Rain 1 published hy the FltUfica Boose As so clarion) 10 per cent frmn Xntetctn.r 1. 1W. CJearlms Bank 
Deposit Rates (for small smtu at fever dan’ notice) 9 per ce«. dewing Bosk Ban Rale* for lending 111 per cent. 
Treasury Bill: Average under rates of ducomt 18.7973 per mol 


Financial Times Monday.'. 


UK ISSUES AND PENDING DIVIDEND 





Pending dividends 
timetable 


The dates when some of the more important company dividend 
statements may be expected in the next few weeks are given In' the 
following table. Dates shown, are those of last year's announcements, 
except where the .forthcoming . board meetings (indicated' thus*}, 
have been officially published. It should be emphasised that: the' 
dividends to be declared will not necessarily be at the amounts' or 
rates per-cent shown in the column headed "Announcement- last 
year.” Preliminary profit figures usually accompany final dividend 
an no u nee men ts. 


Date 


Arrow ..Nov. 3 

•Ai.-fls Inds Nov. 28 

Akrvyd. whI 

Smith*™.. Nov. 24 
Allflaft London 

. Props.. ..Nov. 18 
Arbuthnor 

Latham.. Nov. n 

■AB Foods Drc. 14 

Associated 

Commualctn;...PFC. 8 
Assoc. 

Newspapers ..Nov. 23 
Avon Rubber .. .Nov. 30 
•RPB lodustnea. .Nov. 2S 
•Efc of Ireland ..Nov. 7 
Baa 

Chamnumn. .Dec. 1 

"Beecluzii Nor. 15 

8»rry WlgElns .. Oct. 8 


Annouocr- 
sicot last 
‘ Fear 
lot. IJ7S 
iDt. iJHS . 


Date 


See. tor. 11.754 


Int. T 


tni. 3-95 - 
Inu DJ93S 


.Anooance- 
- mem last' 
• -:«ar- 

•Larsl Sees. Nov. 14- Int- 1-5 

•London and 

Northern ..Nov.. 8 

■Lucas Inds Nov. 8 

Lyons (J. i — Dec. 9 

ME PC 

MK Electric 
‘Manottair Nov. 7 Final 3J36. 


Int- 0.? 
Pinal 6.BW 
irn 2. sra 


..Nov. so Final 17 
:..Nov. S3 foe. 3.98 


Nov. 21 -IU.'fcB. 


lot. ? 772 


lot. 1.798 
Final 5.215 
lm. 3.3 
lot. 6 


Final 5*11 
Int 8J39 
Final ml 


Nov. 16 loL sj forecast ■ 


•Bools 
BonJnrtch 

iThOs.i —Nor. 2< Final 3.8 
Brit, and Cooun. 

ShlppluR...Nov. 17 int. 4J3 
•BrocJchauae . ... Nov. 23 Final 2.024 
•Brown Shipley ..Nov. u int. 4 

Burton .Dec. 7 Final Dg 

Cater Ryder -Nov. 9 int. 4.62 

Charter 

Consolidated... Nov. 15 Int. 3.923 
•Chloride . . . Nov. IS lot. IM 

•Coals Patons ...Nov. 7 Int. 1.1603 
•Cnurravtd* Nov. 22 lor. 2.408 
Daily Mall and 

General Tst. ..Nov. 29 Inf. -1.392 
Dawson 

International. ..Dec. 5 
•De La Roe . ...No*. 7 

Elliot iB.i Dec. 5 

■French Rier .... Nov 23 
■Gent. Electric . .Dec, 8 
Cl Unlv. Strs... Dec. 8 
•Cl. Portland 

EstS....Nov. 7 
Hall i Matthew >...Dcc. 5 

Hambros Nov. 22 

Hanson Trust .. Dec. 7 
■Heath (C. £.1 -.Nov. 13 
•HID Samuel ... Nov. & 


lm. r.7 
lot. 0.472 • 
UtL ZJm 


tut. 1.7393 

InL 7 
I nr. 2.438 
int. n.75 
Ini. 2.0 
InL 3.60S75 


Int. 1 
InL 1.76M 
Int. 37 025 
Final 3-5337 
int. i 452 
lm. 1.875 


■Metal Box 
National and 
Cornel Boko-. -Doc. I - Final .1;-S82B-. 

Noncros Dec. 9 Int. 1 Jt ■' 

Norton. Foods ..Pec.- .7 Final 3.1 -• 
Pearson (S ’ .. .Oct. 7 'tat. 3 
PHklniUnn Bros ..Dec. 7 Int. 5.782 - 
Powell Duff im ..No*,' 33 lnh 3J5 '- 
Proir. Hays . 

Wtarf. Nov.14 Final 3^28. 

Raeal 

Electronics ..Dec. 1 
Rradlctit lot. ...Nov. 8 

•Red land Nov. 23 

Rothschild 

Hit. Tst... Jfo*. 14 Jrn.' ■; 

"»»n Group JCor. 39 tap 135. - 

-Samsbrrry *J.t ...No*. 8 tal. 2JEB8- - 
Scot, sod 

Universal.. JVov. 33 fnL 2.2ff 

•Skvtchley -Nov. 14 lm. 1.73' ' : 

Smith Inds. ....Nov. 8 Final 4.388a 
•Smith «W. R.1 ...Nov. 14- lot. 1. 04345 
Slades Inds ...Nov. 9 lm. nil. ; .'- 
SnL Chartered ■ •. 

Bank.. .Dec. 6 lot 7.75: r 
•Staveley tads. ..-Nov. 9 Sec. int 4‘- - - 
Swan Burner ...Oct. 11 Float! 3rt8B 
TesctJ ... ■ . ..... Nov. 23 InL- EL 7064 s\ 
Tunnel Bld&s. ..Nov. 23 lnt-3^S- .’•••• 

UKO intnL Dee. 1 -IqL-9J»'‘>. 

•Unilerer Nov. 15 Int. • 

wedewood —Nov. IS.- tat. U' 

•Wb (thread Jfov. 3 -Inf. 1.147 - 

Wtallbrcad ■ 

Investment. .N ot. 25 lot. 5:2914. . 
•Wood Ball Tst— Nov. 9 Ftaal-U&U, . 



| 

if iih 

1978 

• Stock ' • 1 

Ufa 


• J£ 1 

j.i pi= 

HicblUowj • - l 



£105 1 
£994*1 

«r . 

F-P'. I - 
F.P. 1 — 
£10 ! 4/1 

10*Pi 

905s* 

lOSe) 

104 p; Ace Belmont lot, l^ Prel™ — ■ 

4JVJ « 1 ' X ntftfrfV \ ItmtillC MU .re.re.re..ra.re.4...r M |*.J 

10 iunrlcl Wla terwwAe T% Prt. W83 

sasa 


• Board mecoiuts intunated. r Rtxhts 
Issue since made. Z Tax free. '“ftScrtp 
Issue since made from reaerv«r. .. 


BASE LENDING RATES < { ^ 

ABN. Bank 114% ■Hambros Bank I. ..ili% 

Allied Irish Banks Ltd. 10 % ■ Hill Samuel 

American Express Bk. 10 % C. Hoore & Co til 4% 

Amro Bank 11 Julian S. Hodge ...w.'-;;. 12i% 

A P Bank Ltd ll*?o Hongkong & Shanghai tli% 

Henry Ansbacher 11J% Industrial Bk. o-f Scot: .10 9& 

Associates Cap. Corp. 114% Keyser Ullmann 

Banco de Bilbao 10 % Knowsley & Co. Ltd-..; 12 % 

Bank of Credit & Cmce. lli<£ Lloyds Bank ..^v 114% 

Bank of Cyprus 114% London Mercantile 10 % 

Bank of N.S.W 10 % Edward Munson &-CoiW% 

Banque Beige Ltd. ... 114% Midland Bank 1.14% 

Banque tin Rhone 12 % ■Samuel Montagu % 

Barclays Bank 314% ■ Morgan Grenfell : 33 J% 

Barnett Christie Ltd.... II % National Westminster 114% 

Bremar Holdines Ltd. II % Norwich General Trnst 10 % 

Brit Bank or Mid. East 111 % p. s. Refson & Co...,.;.-ni% 

■ Brown Shipley 111% Rossroinster ..-'.V: llf% 

Canada Perm't TrusL.. 111% Royal Bk. Canada Trn$tvlli% 

Cayzer Ltd 11 i% Schleslnccr Limited 

Cedar Holdings 101% E. S. Schwab :..£124% 

■ Charterhouse Japhet... 111% Security Trust Co. Ltd. ,11% 

Choalartons 111% Shenley Trust .....iS.V.ll % 

C. E. Coates 114% Standard Chartered 

Consolidated Credits... 10 % Trade Dev. Bank J1 4% 

Co-operative Bank •111% Trustee Savincs Bank;il4% 

Corinthian Securities 11J% Twentieth Century Blc : l24% 

Credit Lyonnais 10 % United-Bank of KuwaitriH) % - 

Duncan Lawrie 10 % Whiteaway Laidlaw ... :12 % 

The Cyprus Popular Bk. JO % Williams & Glyn's ... 11>% 

Eagil Trust llt% Yorkshire Bank 114% 

English Transcont. II. % Q Mrmbpf? nf Uic Acraptirm. Homes. 
First Nat. Fin Corp... 12 % Cmnnltu*. 

First Nat, Secs. Ltd?.!. 32 % * «■ ***“ 

■ Antony Gibbs 114% * r-dar depo»ii? on aunts' nf no.lUM 

Greyhound Guaranty... 10 % 5° to 123.000 91 % 

Grindlays Rank ««% t & *T.. 

H Guinness Mahon 10 % t Demand depoEiti: 9V,. 



Coutts &. Co. announce 
that their Base Rate 
will be increased from 
10% to lli°/o per annum for 
balances in their books on and 
after 6th November, 1978 
and until further notice. 

The Deposit Rate on 
monies subject to seven days’ 
notice of withdrawal will 
increase from 6i% to 82% 
per annum. 


RECENT ISSUES 


equities 


Price 

n: 


1078 


ij 5 s 

• * I High I 


[41W 


48 j 


42l G l F.P.124/11 4tj 
[Oi ! F.P-lza/ii «oo 


«■ 


F.H. 

F.P. 


24(11 3t»s 
— 122 


*4 

3*b 

£8 

ICO 


Stock 


.vmclUfo H ldg*--.« 
Ferranti New...-..-- . 
Manor Sat {rr P- 
UgrhtwtBB- ..|llo 



FIXED INTEREST STOCKS 


-— 4 F.P. ; 1/1Z] !10p 


ltop 'Haima ]]% Cnru. 

94 [Him A bmllfc 1*% !•* Deh. 2XXUB_ ; „... 



-RIGHTS” OFFERS 




- . 


laane 

Prtrv 

PI 


Letret 

Keuuue. 

Hate 


1078 


j High j Low 


Stock 


50i> I Nil I 7(ll|24iil| ibpuibiAitn,.' 51 

fF.P. ' gOitii*4/ll 74 69 ;Bh 

12 1 F.P. il8>lui60ill; i« Uia'Ui 
' 8.10 17.11 — 


265 

88 

fas 

28 

400 

155 

as 

12 


Ota*? £ 
Pttera ^ ’ 


;rtn! Asibury A Mart eley 

'Btarkwoort Hi-dge...-. 

_ . Change Ware-.'. L.L. 

F P. 1 8.10:i7.1I HS> ! 2P9 (Daigety-.-i.. 307 ' 

j^il i — i — 19pmi 18pm; Fmhergftl * -Haney — 1 

F.p ■ 6/10:10,11 au 8Z H.ra-don Nroop. L. h'aO 1 !' ■’ 

F.P. ]23(1014.11; 67 | 43 iPanron iW. L-i : — 

F P. I 25f9| 8.<lll 369 I 383 [Kicaitio Kng — 

Nil l 8)11 8<1B| fllunj'Blpm rime Products..., - 

F P. ! 9; id 6/1 1 1 40*3 (W'enrweU- '. 

F.P. 27/10il7?lli- 14 j 


oo earwori- 

15 - 



-MS't ;-S- 


Ren tut elation date usually Ism 'day for dealing free (if stamp dm?, 'friftra 
based on prosnectua estimate- a Awrnmed dividend and yield, n Forecsst '■ 
cover bawd "n previous year** earnings, r Dividend and- yield Unsed.nD-.TjL_. 
or oiher nfftctnl rettmaies tar 1979. q Cross, t Figures .assumed. 4"Ct»viTri 
for conversion nf shares not now ronttM tar dividend or. ranking only for {esc, 
dividends. 5 Placing price to public, p* Pence unless othenriae tahcatlsL- ji 
by tender, i Offered to iiotders of ordinary shares as a "rights.^ ’-V** 
by way or caDUaiismion. M Reintroduced- vK I s*neri in connecUon lvifij " 

Hon. merger «r laJje-over. 

B AUmmcm le liars tor fully-: 

7^ With warrants. ... 


r5 RetDirooucep. . in connecuon wiai rtorxad 

Ifn tairDduetion.- □Issued in form er , preference : bolfi 
y-pildi. m Provisional or partfcr-paJa alStajeii J Jflg* ' 




CLIVE INVESTMENTS LIMITED .v h ^ '- 
1 Royal . Exchange Ave., London EC3V 3LD. Tel_-;0l.2S3 ,Ii6L. 
Index Guide as at October 24, 1978 (Baee l0ft al l4,1.77j- 

Clive Fixed Interest -Capital' ...'. 

Clive Fixed Interest income ' 113S6--^-‘ 


-?t; 

—3 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT E0S 
45 CornhiU. London EC3V 3PB. TeL;. 0»2) 6314. 
Index Guide as at N o v em her 2,1978 7 ■ 

Capital Fixed Interest Portfolio : — -..v 100.02 v'- 

Income Fixed Interest Portfolio 100.01 


One- mouth GoId2165-2f 


LG. Index Limited 01-351 3466. 

29 Lamont Road, London SWiO 0HS._-. : . . 

1. Tax-free trading on commodity Stores. 

2. The commodity futures market for the smaller 



Record 

Profits 

Second 


City 


Profit for the year to April 1978, at 
£1,031,264 is another all time record 
states Chairman, Geoffrey L. Joberas’. 

Dividends are increased by 10% 
over last year, giving a final figure of 
1.9275p per share. 



A scrip issue of 1 for 10 is announced 

with the increase of share capital to £2m. 



Properties Limited. 


(“rqwRS °f Ropmt and Accounts can be obtained from 
tft« becrctar-' at Oxiord Suret, BiUton. WV;i 


Williams & GlyifeBank , 
announces thatwitiheffect 
from 6 th November 1978 


is increased from 10% 
to 11%% peranhum. 


notice is increased from 


WILLIAMS & fimrs BffiMK LIB §31 





Grindlays Bank Limited 


from 10% to UiX : 
with effect from 6 November 1978- h 

The interest rates paid bn call deposits will bes-r^ 
cafl deposits of £1,000 and over 8J% ^ 

; (call deposits of £3CK)^£99?-7|%X - 




will be quoted on request 


Grindlays 
Bank ■■ . - 
Limited : 

0fficc:23FeacharriiSljBg^LbiidiaiEC3P3HITg:61^B^tf c > 









•! 


. - . -t 


- . ” ,-2-' «i ! 




v. 













November ; 6. 197S 



‘j?~- 




X*{* 


i 5.:?i > v 
4>. V-.. 


V =“L ! ‘- 

ir «TA " • 


BY LOOSSTAR ..-• *. 

j HE LAST time aflvic© was- given Mining- Corporation ta which 
?re about Tin shares it ‘was to Charter Consolidated has a 28 6 
ie effect that this vyiniercould percent stake with the Federal 
csent a • selling - opportunity Government holding -the -balance, 
i-ihg w the prospect of the metal When MMO was formed it was 
■ice peaking out prior to once understood that the latter’s 
tain being overshadowed early involvement would safeguard the 
■st year by p resuscitation of. conttzmit; of -mining arrange 
ircous fears -about the U.S. stock- meats.- Itmight not teTt bad -Idea 
ie releases. .- if/BeritmtSii, shareholders; pressed 

Tin is now . at record . levels' of -tlheir- Board for more infor mation, 
er £S,000 a tonne in Loudon' and Tt Ks chaired by .a - dicTinguished 

er M $2,000 a, picul, in Penang. Malay’ politician. ' 

it last week, a shadow swept . ' * 

ross the Malaysian £5 Meanwhile, th trigs are' moving 

e share market-causing setbacks fesl . on *be Australian ■ mining 
rticularly in Becjuntai and Ayer front, . Friday’s unexpected agroe- 
lara - menr.witb tb'e Aboriginal interests 

t was prompted by news that should - mean that the Ranger 
^ . Selangor. State Government uranium mine,- splir as to Pefco- 
d rejected Eerj uniat's ap plica- Wallsend and' EZ Industries with 
n for (he renewal of four of its .2d .per cent -apiece - and the 
riing leases , coverings some. Australian- -Govenunentl with . .50 
.00 acres. It can continue work- per cent,- wHl be- able 'to start on 
: them for the lime being but Die road , to- production in . April 
- leases have actually' ' been .after the Northern' • Territory’s 
arded ft« the State-owned summer .wat season with' a target 
.mpulan Perangs an company; s Cait-up ’ d a teof r earJy-1082. • 

rhe move becomes more It. te estimated that the deal 
.inous in the light' of discus- will .brinF the Aborigines about 
ns being in progress to enable U.SSllfn , (£ 5 £my annually in 
-unasana to . “pBrticipate ™^*^ 68 - 
’irecilly " in Berjuhtai. This has But the warning came -from 
Hy caused a tremor of un- Sydney over the week-end; “Don’t 
tainry and has even -aroused 6 et . too enthusiastic' abouj. Pan- 
r* among management that continental. The chairman of 
ic* form of -creeping the Northern Land Council 
i realisation might be in the which .represents the Aborigines’ 

. interests, has made It plain that 

;o navmeni Is mads bv the ^ .*te?lng-of the danger agree- 

ipa riies to the Malaysian states aD' ^ri^un! 

the granting or Renewal ot given to afl . uranium 

Th na*wm; eWi but“ *lSi ^ W- to. i* 

.-ants involved in 5w com- mo.-ii^red s^arately lt. toota 

ora l" Government 31 ’'^- - ^ b? 

SISSS »ary.w U- ae 

e.s m S %r&“, ssS 

would get ° ?ly a ^ ^ ‘ mD(, diamonds- as -words someone said) 
■rt-.ni. . ■•■■ ■ indicated that it had sorted . out 

leariy, the states-rthose -that its. reporting differences with the 
u ve Selangor and Perak— Melbourne Stock Exchange. - 
ihai it is (ugh .tune they . Tbe company is due- zb make yet 
ut-d a bigger slice of ; the, another? Interim statement today 
If the Selangor more ' sets about progress at' the Ashton 
t-ced on t. it might open up the prospect. . But- ii - seems .that 
— ibility of pressure beuig analysts will not be able to get 
ifeiu lo bear on ah the comr their teeth iiifo “pipe by pipe " 
irresi>ecuye of whether results from the Ashton bulk 
- -t leases are due for renewal sampling until the June quarter 
,ot - ......... report next year. . 

tht- mining world differences What appears in today's report 
fi|Hnion between ..state and will have- a bearing on the open - 
rai governments are ; hot ing prfpe -pf'. Ashton Mining, deal- 
ipMTi. Unfortunately, they mgs in triiidr are expected lo start 

,-lly mean that the. operating, on Thursday) at a Sydney price 

parties are the sufferers. It is estimated' at ~75 to SO -Rents' for 
to be hoped, that Selangor's the SQ-ceni- shares, wen below the 1 
-n does not portend a change $1 to $1.50 originally, being talked 
•he worse in Malaysia's mining about. 

y- '■ - Malaysia Mining .: Corporation 

it doe* then it is;iikely to- «>mes into tfie picturir .again 'here. 
.:asa shock to the biggest It retains 60 per cent of Ashton 
jany conceived, . Malayaa Mining.' : '* “ 


insurance 


Seat belt law pros 
and cons unchanged 

THE pros and cons of making wearing seat belts at the time 

compulsory the wearing of seat °f thair injuries. 

belts have been so long debated These test cases have been ruo 

that there is really nothing new first 10 e ^* bl L sh , tha £ 01,5 non * 
to be said s wearing of a belt, when one is 

u prot'ided, amounts to contribu- 

,°. fl0 * e w1 ? 0 ^ convinced, tory negligence, and secondly to 
anti tor. there is the probability determine the range of percent- 
of saving 1,000 people a year a S e reductions from full liability 
Tram death in motor accidents, 
and of saving lo.ooo people a 
year from serious injury. 

For those who are convinced 
and 


WORM). STOUK MARKETS 


indices 

NEW YORK -DOW JOJTEB 


5.Y.5.E. ALL C0HM0II 

I 


Hot. j Kot .1 Hot. 1 
3 I 8 I 1 i 



H. K I, 


6 i.M 6i.2ffl 6 1.6/1 Cu.i* 

] 1 1 -ilA 


W.H 


Issue- insist 

!£:*w 

Emi> 

I'nclmiveil 


1.008 ) 1.029 
«7 I 1.506 
879 - 241 


372 


182 


ibat . the courts will adjudge 
proper for the unbelted claimant 
to bear. 

Although in theory it ought lo 
. be possible to find such a case, 

against, compulsion would the courts have not yet accepted 
be yet another instance of the that the failure to wear a scat 
continuing erosion of persona! bel * t;an amount to 100 per cent 


contributory negligence, and the 
highest percentage of oontribu 
lory negligence so far registered 
is 25 per cent; there are 
□ umber of decisions in tin- 10-25 


Evidence 


freedom. 

But even those who are for 
compulsion, aod l count myself 
among that number, must have 
reservations on how effective «nt range, 
compulsion can be. when police 
cannot effectively or even 

adequately enforce the present 
range of road traffic laws. 

It is arguable that there is — 

tittle point in introducing new accident- and medical evidence. 
Jaws which will be ignored with a °d there are clearly some 
legal impunity by many of those accidents where t'le non-use of 
whom it is expressly designed 3 seJl1 he,t is of virtually no 
to protect. consequence. 

In this last year of the present Normally, but not invariably. 
Fsrj lament, the Government has insurers will argue for contribu- 
decided to make yet another lory negligence, and the judges 
attempt to get a seat belt Bill will agree to a percentage only 


The degree of contributory 
negligence' in eacb case depends 
on the circumstances of the 


through the legislative machine. 

But. mindful of past lack of 
success on this subject, and 
mindful uf ihe Government's 
present frailties, the Secretary 
\?d ^ ranspurt has promised that 

.IPs shall have a free vote onvor an unbelted passenger’. 1 
Jie Second Reading of the Bill the 
soon to be introduced. 

So maybe, or maybe not. ihe 
wearing of seat bells will he 
made compulsory some time 
next year. 


whore the victim is thrown 
forward into the windscreen or 
ejected nui of the vehicle. 

The percentage also depends 
on the status of the claimant — 
was he or she an unbelted driver 

If 

latter, is The claim being 
made against the passenger's 
driver or against another 
motorist? 

It does not seem that the 
introduction of a compulsory 
law. which would render the non- 
wearer liable to prosecution, 
should affect the civil liability 
Quite apart from the reduction contributory negligence rules 
in human suffering which would that have ’ been developed in 
follow compulsion, there is the these cases, 
saving in the economic cost of , 

that suffering which would be Lblidrea 
noticed both in Slate and private 


Suffering; 


insurance sectors. 

Looking at ihe issue solely 
from the viewpoint of motor in- 
surers paying compensation for 


Whatever the difficulties of 
getting the proposed legislation 
through, whatever the excep- 
tions Government might decide 


death and injury under our fault are necessary, it is to he hoped 
liability system, the elimination that There will be a clause in 
of 11.000 deaths and serious the draft Bill forbidding the car- 
injury claims might save riage of young children in the 
insurers some £2Qm. perhaps front seats of vehicles, whether 
more, in a full year, and thus they are wearing belts or not 
pay a considerable part in keep- and whether they are on or off 
ing at a lower level the now mother's knee. . 
regular premium revision.* that • Whatever the adult's so-called 
dJl motor ln«urent have to make, rights to expose himself to vir- 
-In the Iasi few years insurers tually self-inflicted or aggravated 
have been deliberately taking to injury, no one should be entitled 
court for judicial decision motor so to prejudice the safety of 
injury - claims made by drivers children who cannot understand 
and passengers w-ho were not the risks involved. 



I ! . 1 

Not. j Not, Not. ‘ hm 

i j 2 I 1 ; JI 

C*«-Li I 
» ! 

I W73 j 

-ftinceCd 

mpibvl'n 

ST" J HikIi j 

L*iw 

Hljtti 

Low 

induttrinlw* 

B2I.11; BIB.Sfij 827.79 792.45^811.861 

SOBJBf Uf.fft 

74..12 

1061,71 

41.Z2 


1 ... 5 

1 

1. ra*> 

• » :1 

(11/1,73) 

Ci7/sa 

H me ffn-P* 

i Sfi.SJ: BS.Wf 1 BB.E7I 86.70> J6.B8 

87.14; rt.flB 

BE.I7 

r _ 

_ 


i 1 


i iftilt 

3)11, 



L : rm»»port — 

| 21G.S*. 215.0ft; 2I9.9JI S0a.7t.21B.04 

212.961 rtl.ftg 

la .81 

279.81 

12.28 


1 I 

] 

, (B * 

iS-ll 1 

1 (7/2/80) 

(8/7/32) 

rniitie- 

1 SB. St, SB.iS 38.58 87. S3 

08.07 

; M.Ofi 110.18 

97.35 i 

161.32 

10.58 


i ! 


; iJTi ( ,*31. ’10) ■ 

120/4,6?) ! 

fca,-4,42) 

Irmiln* ti .. 



' 




V*., 

,28.070 4 l.Ota 60. «50. 42. BBO 69.480' 40.S JO, — | 

1 : ; I : i 

! 


— 


. 

View l*.« 

> mi l 

36 1 75 

MOPTRr.AL | ) 

j A | .In*, , 

Ll .! 2 ! 


| tS7t 

, j „ 

1 Hl.-I, ! 


Industnal j 20^B6 508.75 
CVuntmiad 1 21i.il 1 212.46 

JDB.bl, 202. iftj 
215.20; 20-.5B 

| '*22 Ift 11.10. 

; .’25.61 .10. !Ui 

162.30 'lb, 2) 
170.62 tdi'.lj 

T0B03TT0 Oomporttej 1234.31 1230.9 

| 1056.5' 12 Ib.al 1332.7 ilL-k*. j 

(98.2 U0 !■ . 

JOHANNE6B0R6 [ i 

Uukl 287.9 237.0 

In-tu-lHiJ j 276.1 ! 277.7 

i 

243. Sj 250.2 , 
i 281.8! 280.7 : 

1 

i 272.0 (14,*, 

! 281.8 (l/tl i 1 

I3l.il 

lSft.J j, i, 


Sor. 

3 


Pro- 

Tii-iii 


!k ic 
Hi-1. 


hit 

Inin 


S»n-. : Eli- | hie 
3 ■ umi - I 1 1 lull 


l-l; 

|j.« 


E*«!p n( tnrirx dimmed I nun Ana. 2* 


Australia.-*) 540.76 539.61 
1 1) 97.80 87.31 


4 II.Ih 


!nd. diT. yield “ 


Ui-t.il 

5 89 


* ii'V't til c h 8SE .DO -«<r BDS.bi Belgium 

Denmark i“ BOA* 9044 <?.■*: 


raf.S; 

lul.h 

( •- tt 


Oi-i 20 Oct. 15 ' f Ye»r »j;o ipfirmi 


5.67 


5.29 


5.40 


•tandakd and POORS 


Nu»\ 

J 


N-it 

1 


'M 

3] 


* I.-l 

n 


M7" iSim-e <Vnnpi!««n 


Ml-jll ' I..IT 


Hiyli 


' ln.lu.mn.*, — IQS. IQ 10) 7S 105.43 

— 95.11 96.8J 93.13 

ii-,. in inane ■ 

IDJe) I04.S5 Tla./l IA.A£ : 144.44 3.J& 

• 'L-,sjj ; io.ji iii.i-jj, '.."O.T'. 
95.DS 94^6 106.98 ' 36.30 . Ua.Sa 4.40 

• ti.Mi | .h.J, ili l.cM .l.i'oB. 




• 1 I 

i» 1. L'f 

<1 1. 1/ Year «l‘ i " (arpuix.i 

1 mi .i I t. i ield ^ 5.13 

5.09 

4.93 4.93 

in-.. 1- h Uai’,. 9.04 

9.05 

9.54 8.97 


Truce Oti 7 8 - 6 79 - 8 
fienMAVJtTI 837.60 8J6.93 
Holknd 85.0 84.9 ' 
Hong* Kong W36 M36 
Illdy i'h|> 71.84 78.43 

Jepu ini <■--> ASS.Sf- 
8 uyfa pore 1 ^. 38P.43 3W. BH 


. U ?i 
Ai.u 
.4 im 

?K> i 

■ h- 1-.*, 
*>. ! 

ill rt, 
f"i.r 
•- 

C J..-; 


■ij IVl 


l.3i 
Ai.4.- 
(7 * i*i 
>S.f* 
oO,lL- 
47.1- 
li ’J> 
i-H.a 
iJl*f. 
ii*.* 

19 A 1 
m; 4 
10 » 

■ lu I) 

1.4 

(4 In 
oai.i. 
r-i I- 


Spain 

Sweden 
a wit. end- 


*ui S5.BE Hh.32 .’ i i-j ,-t j - i i 


370.OS ittOl : J.it .-A' 
• (4-v:. 
We. 1.: oo. . 


■ I- :. i 


■ vl. 
H.** 

•> -)• 


bank Dec- l'ij.7. j[ Amsfcrd.im Inrjimrlal 
P'tli- IS Hanit S»nc Rank ,ul ham-a 

Uninmercidlt lialiana 197.'. n Tnfcvn 
New SET 4'1'AS rsirans Tlm« ihm. 
i - ClnMfl ,1 Madrid SE 1u 12 77 eSifii k- 
holm Indusiml l.l.Ov iSivlns HanK 
• InruorRlmn n UnaTiit.-ihlc 

FRIDAY'S ACTIVE STOCKS 


I ■niii \ 


I 8.63 


7.88 


indices and base darn mil base »»Jnc5 
loo excepi NYSE AU Common — jo 
Standards and Poors — Id and Toronto 
.WO— 1.001). the last named based an I97.it. 
* Excludlne band-:. 1 4(*i IndnsmalK 
1400 Ihdusinal*. 40 Utilities. 40 Klnance 
and 20 Transport, fl Sydney All i.i rat nary. 
II Belgian SE si/lfsa. ** Copenhaenn SE 
Vl.'TS n Parti Bourse I04i. »; rarntnen- 



St...*- 

Chanae 
i. Iiivtnx' ui' 


ira4->l 

yrii-c 




-a::. 

.vji +-»| 

Clir*"ler .. . 

ai'/ifti 

Ill 

■+ 1 

Tex<f.?i 

. ;>m, 5 i". 


iScnerul Momrs 


Ml* 

- 1 

Hallbunon 

. .-t;.imi' 

-] 

Ea'liojii Kodak . 

. •_•«.. Ift'l 

'.0 ; 

-Tit 

B'leins 

. A"I.II"C* 

it;: 

+ 4 

hainaoa Inn? .... 

119.1"" 

91 

-* 

K»nl Mo'it 

. -.iu.:.!" 

iu 

-1 

Pnw Chemical ... 

. JDfi.'iOO 

•’7 — 


AMSTERDAM 


I'tv 

t- 


limi. I i Pi I'l 'i.... 
VL.i. I" . A- 

\ L-rilitlllk i h .114- 

WIKI iKi. Ui«. . 

V Ilii.i-Uillk ■ P-.i'Ji 

i'i|i-uL.irl 

I'J ■ 

Hull] in lrtli-ri«lr 
El -i- v in i>'l.ivi . . 

.llntrw 
Ei hi umi -I. El. i' i 
' iIiIkIHiih-S'Ii-' t 

lit- 2t-.. 

1 1--01 - -* '-ii- -I''-*. 1 - 
ihilili-i I El. 1‘V 
It Mil. • M. !■*.' . 
nl. Jlulli-i ■lrl' , i. 
i.uiolrii i El. lO-.. 

Val.Nnlhi-iEi.lli- 
i. l -M.mli:t.iE:.L’’ 
Inl Mill I L'EI.V'- 

• it J..1- 

Ijil-lll 

Vun i in in in ■•■>....; 
i WL Ini -I iE.:iii... 
n.i|.- • E-.l-».... 

iT l El. I *T'. 

a •*" ■ iKi/ui 

f.' in- •• 

Ifi.i i.iii.. 1 1-’ 

•t mi I mli luE'iv. 

n-. .-ill ni“ 

nliHill il.SW-.. 
-tli- l*:i .H-l-.*- 

Ill i-*.-l if . 

i i»iii“ i«>. uiij; 

m.-i. i «i II \ |.n 

VIENNA 


1 12 +U.3 

t9.a- u.5 
S68 tU 5 
b6 7 - ii 3 
i6.L’ - 0.2 
95 - 2.2 

laZ - \ 

715 0.3 

ilULi . i 

ld7.7 - -0.3 
71 

57.3 + 0 5 
S7.9 -0.t> 
37.2 O.t 
^2 0—0.9 
135 e 0.2 
•44 
25 

1 10. 5 

64 7 
301 a 

It 9 . 0 i J 
51. 

140 2 

47.5 + 1.5 
25. B 0.1 

65 

163.5 • o.S 
] 32.6 - 0.4 
liS +0.2 


1 

0.1 

0.5 

1.1 


- u.a 


i . t 

iJb 5.0 

\-;ii 7.8 
su 5.8 
5.9 
46 5 5 

ti'2- 6 2 
36 7 5’ 
£7.* I.B I 
57.5 5.4! 
94. a 4.8 I 

CO 
14 

12 
6 
19 
12.-> 

48 
21 
J.I 
.-5 


BRUSSELS/LUXEMBOURG 


PriL-e 

Er-. 


1 ’ i ,,T - f 

1 4- nr : Erk. A 
: — Net , 


\iU-> 

Hni- nt "ir 

i .IM;. i>n«ent. 

C.a ki-i-ijl . . 

K"E> 

hm-M.4a*tl 





5.4 

3.7 


*• Ii. tun 
-•-i.vil 
f. III. .Em \ I, 
n.-'.i-.i,. ... 




5.2 - klif ll.H 1-illL .... 
6.9 I 1*1 ■ Uric 

8 6 Pan II-iMiiij* 
5.0 ■ I'e»i“liii« . ... 
4.4 , 

7.7 ! v- 

■iin* 


. 2 220 
. 2.3 60 
. 1.176 
4 l 3 

2 315 
. 6.680 
. 3.c5S 

2.440 
1.316 
. 1.320 
, 2.635 
. 1.625 
7.160 
. 6.L-60 
2.630 

3 360 


—5 

—10 


116 

100 


-9 
+ 95 


SPAIN V 

November 3 

Ail and 

Banco Bilbao 

Buiko AUanHco tl.000) 

Banco Central 

. , i Uanixi Exii-rlar 

a'c I hancu Ccneral 

0-5! «.. — *— — — 1 1 ,000 1 


Kanco i.iranada 

7 -l Banco Hisu.iuo 

- | Kanm ind Cat. H.OOOi 
i F: Ind. Medilerraneo . 

i Banm Madrid 

Kanm Popular 

Hun.-o Santander <250i 


5.5 

4.2 

7.3 


17 6 6 
\2bi 7.8 


i. Ha iiu Ur 3.150 
.Hi Ij;li|i|r2.l2.a 

3.20 J 

-i.lt my 2.&7Q 

I ni> ii-.ii Klf i 2.715 

i IT. 1.160 

■ n Min. >1 to .. . 750 

V inli- agar. 1.945 

COPENHAGEN * 


123 


iy.: 


2; 6.5 -1.1 
97 O 5 
140 

118.5 -0.4 
39 . 

402 -2 5 


.7 Ij.i- 


A .0 
8.8j 
c 5 I 
5.i 


N..v. .4 


£0 
£1 
-D.it 0.5 
42.t 7.1 
-O.-'O 1.2 
33 4.0 


IT..7 


N.n.. 


I*rn*e 

Kmtiei 


ifiiiHniiLali 

Vnniiawr 



-i.-» i l in I in 'er.... ' 
• it ’-laciii- it .. . 


342 

271 

617 

ei: 

209 

257 


- 4 
-2 


10 

9 

36 

8* 

10 


2.9 

S.» 

7.8 

3 8 

3.9 


WALL STREET 


.Kin l.-l-!*tnWni 

I 'ill'll- 1‘Jiiii. .... 

\ |-*'l 1-1*1 i." • II. . 

| Ejimii-I.il ri Ini.. 

i l‘.i i in 

f.U I*M| .11 
IIhii.ihi'IimiiL 

ii Vili’nll .. KnV> 

j 

niiKifli.ul. 

I'll-. Ml 'Kill 

I'f.i iii'MUk 

*<<.|ili.l(eicii-«n... 




GERMANY ♦ 


+ l'« 
+ '• 

• l 


140 
125 -j 
144 

130i 4 
339 

eo 

126>.. 

260 .. . . 

1791..- + XI 2 

lloi-i 

131 

13 i 

3781, +5U 
169'» + I* 


177 

450 d 2 
.. .. 170 5.5 

+ 5 150 e.l 

— 4 85 o 5 

in ,?n f 'c I Kanm Urquijo M.0M-... 

IQ 142 78 Banco Vizcaya 

]□ 142 l o | j,anro ZaraBOMdO 

10 290 4.1 . I la nl- union 

-10 <525 6.4|i;aniu Andaluna 

20 N2.i5 2.7 1 FubrOfk Wik-ox 

-35 180 5.4 CIC 

+ 50 206 6.5 Dragadns 

+ 10 140 6.9 | Irunobanif 

-125 215 6.7 : E. I. Arunnneus ........ 

— 15 A2.ID| 8.2 ’ Expanola Zinc 

+ 55 170 6.3‘Evp). Rio Tlmo 

— 10 — -. Ei-l« > 1-D00 • 

-22 50 6.7 1 Fi-nosa ilDOOl 

.— 5 — — ' Gal. Predados 

| i.InlK' Val.-zqnex i 400 i 

1 llidrnta 

| Jberduord 

— j 01 arm 

4- in dm * • I paneterai Bennidis ... 

— p^irullher 

Pi-irok-os 

Sarrm Pap>l<*ra 

1* .7.9 Smaie « 

® ? sosrits* i2r 

12 8-4 , Tflelomca 77 

I Turras Hostench 76 

1^ 5 S , Tntiacex M 

Union Elec 65 


Per cant 
122 

257 
239 
3 M 
770 

258 
148 
243 
182 
193 
219 
255 
342 
323 

254 

258 

147 

193 

29 

82 

232 

67 

42 

1A1 

5530 

63 

62 

58 

165 

7030 

80 

88 

39 

120 

182 

34 


- 3 

- 2 


- 2 

- 4 

— 8 
+ 6 

- 4 

+ 2 


- 2 
- 5 


TOKYO 1 


XflV. 5? 


1 ■Pri'*F 
V i-ii 


i »iv. 1:. 


A Mill lilau 

I.MI>'ll 

ji'ahl" 

j Oi in, ui 

; !*■' Ni|i|*in Pnni 

F’l I II I’llMl., 

r Hila, In 

H. Mil in .\|. ■ it * 

i H*ii|'t- Final 

| . Ili-I 



• .!■■+•> 

| J.A.I.. 


S45 
44 * 
9U5 
380 
6ol 
529 
223 
485 
1.140 
a.40 
1.750 
275 
2.900 


-r 17 

-20 

-1 

+ 13 
+ 2 
-* 15 


-10 


- 30 

T B 

-4 

i 60 
T 8 


+ IL25 


- 130 

- 2 
- 3 


12 

U 

12 


8.7 1 
39 

6.7 


4- 1 
- 2 
- 2 
- 2 


STOCKHOLM 


Han -hi Kle«- 1 . I’u . 2. 1 2U 

k"iii*("i 

HiiUila ,86 

; KchIii .1 riaiiiic ... 3.31-J 
: Mai-ii'li.m tint. . / 55 

I 'Ill'll'. l-lll I'nllk. Z6U 

i -Mu i-iil. i -In H’-ai , 121 

• >1 ll- hI.i* H i i.iii 425 -i-l 

Mil nui .V In 500 +4 

MiiniiI.ii. hi afla *-13 

1 \j | >n (ii'ii'.i 1.600 t lu 

Ni,',*ui **lnn|ian.. oil —19 

Ni-nhii «|. iii.it o67 - U 

l‘i..u«-vi 1.5 iu - 9u 

Hum.. Kiel lii a 60 -11 

Hi-LI*iii I'l-inir.... 964 - 4 

'In Mi. I !.?2kl -20 

**-iiv 1.420 T 60 

Im-li" Mnnne t56 -10 

1'nkr.ia * !. ^iiiua l. 442 -r 2 

1 l UK 2.060 - 70 

• lei.in leO 

' I-.Imo Marine 520 ^15 

i li'kvi Kl*+ lEow'r I.niSJ -lo 

1 I'nkv.i 338 +-7 

i I iimy 156 •*■ 1 

In'll ilia i .,rp 127 

I ui i-lii M<. I nr.. .. 852 - B 


14 
1*4 
25 
20 
IB 

15 
12 

15 

35 

12 

50 

13 

10 

US 

19 
35 

20 
10 
u- 

13 

14 
20 

16 
12 
lc 
4e 
la 
30 
2U 
40 
11 
16 
50 
10 
11 

e 

12 

10 

10 

20 


2.0 

1.5 

1 .6 

2.3 

1.5 

1.4 

2.7 
l.B 
1.3 

2.5 
U.8 

o.a 

0. 4 

2.5 

2.5 

0 - 

1.3 

1. e 

4.9 

1.5 

2.3 
1. • 
u.5 

0. 7 
1.2 

1 6 

1. i 
1.5 
0./ 

1.4 

4.1 

1.7 
0.7 

4.2 
2.0 

3.8 
1-3 

5.2 

3.3 
1.2 




11 

12 

12 


9.2 
8U 

3.2 
7.1 





W YORK 

197? 


Low 


Stock 


Novi 

5. . . 


; U 7 d ■ T - 

; n 

BiRh’ !. Bbw -Muck 



non/ 


fv 


th^ 




25 ,ibbou-Lib'...i w l 32 - : 
13 iB iNddmMopwpnui; 23. 
31ij .jAcim.Llre* Q>» 37Ss...' 

22'V; •Hr pinalBctN ■ 2334 

22 AicanAiuminliKD \ 33ts 

38s, -Alov 45 'z 

14«, • \tles- Ludlum— ..j - 15 
16-', .- VUe^faeny'INiwBri • 167» ■ 
305a : M1U?1 Ufienucpi.' 32sa. 
16i, [.Ainea Skirw^.. -231, 
22 1 8 ' \Ui- t-bnlmerr 314 

31i, 'KV AX.....:..: j 444-. 

; \memrin Hear-..; 25.4,- 
[ Ainer. AlrlineO.- IS ’•*' 
lAtncr. Bmruleu..; 4S4 
j lnitulliiMl ait., ifil,' . 
\TTier. Uatn...'...'^. .364- 
Aiiiei. Cl ■niini'l ,25A(. 
\nipi. ln-A.le; : .; ZSb) . 
Ain-r. KiMtifnir'' 214 , 

luiei. txiicnh : ,304 

liner. Hiniet*fi-irt - 27i, . 
'"'er. Nledvc*. ...; 2U, 
iiuer. ildtdrr.-.T.' 5 ij 
Amer.Xai.QB*..; 405 b 
1 irter. timivi«.rdi-'. 43 4 

'mer. 314.. 

I m*r:fe*. 61 

lnirtek._„. 30 

'Ml - ; 174 

ABE 324 

13- 

AinAie-doeWnu.:. 274 
' nheu *er , Buach . ; " 24- . 

AriitCii...^ I...- 19--' 

V. 6. A ............ ZSit ■_ 

t-viiiem < • 13J*. . 


vx: 


22 r H 
'■ 9’s 
394 
34 ig 
34.-, 
254. 

ESw 4 

Els* 
50 13 
£6is 
16*8 
35a 
38i t 
511 If 
26 1 g 
574 

15ia 
2*1; 
10 
'254 
J7I; 
17. 4 
19s« 
ei 3 

27:., 

4d'; 
23sa 
84 
I5ig 
44-j 
2-', 
16 
20 1 a 
34 
214 
53 
22 

304 

14 

53 

"21 


641* j 451* !Cernm«yi»'*”~-; -544 
_ 6418-1 424 OPCInfVntinne'.^at* 

‘T'S.ei* 1 243,. Un* ar 

■30 ■; 21i* -Uroc-k*r i N«U..j. iBi* 
-374-, 29iq -lUroa-H/^iierl^tr 311, 
427, lOainmin- Km(ine 304 

"'21 4^L • "ICiirti+a Wqjhr...- 141* 

• /• . ' 

;. Si ! t . ' - 1»5, ■|Uena_,^r.... i ' 

491*. f. 34 ITmii lndu*rrlee.. 

*65* . 23 We-.; 

-44 ---; 225* lOelJttonie. 

14J* '. ; &i* fUrtl'™* 

844 1 154. . Denupiv Inter... 


l-i'C . 

Hi*h . Lie 


■ V-»n.+> 

t*li>*ivt (Ji 

Kii.-liAeo' 

Data Vhi.... 

wx 1...1 


14 

434. 

53>, 

297* 

84 


icv. 


n-... 23 'e 

; In-141 PlTfdlB.-IV.'..'!- 554 

lAn'Uiin-.K ert.. - 24 a* 
ttpiijfi-i Puui* ■ 215, 
Van* AinerH.-*—' 24"* 

, ueiikpi" Ji. n;Y’ 33 Tg 

: ■ibi -,-1 tiji 1 224 

i.<aiierTn»vencii.' 39lg 
■■•rii(rK.-l!.K«Hl.. M .[. 24 4, 
UtetotiUK-kinsonr 33 . 

ilwii A Hioei • 17S* 

I'tsendii 36'* . 
• Ben^iiei'lnri*-* H’ ; 3 4 ■ 

i97* iUethiebero-Steel':! ..20f, 
14U ’Biauld Uei*er..|. 174* 

25i( -;Uueiii*.. ; ; .6B5*.' 

22 J* iti.Hre Cascade— 261* 

26 ’tkioten 27 1* 

854 !Uarxr Warner ! • 504* 

9 Bra niff, fnt • ' 1 25, , ■ 

127 a : HcBBcan .’A' I .131*, 
204 lUriciat 1 3B7*.- 


.163, 

» :■ 

_.«4 

541* 

. «6J* 

- 5H, 

305, 

33 

. 467* 

f 138. ■ 

«64 

16 Ij- 
673* • 

411* 

325, 

15 4 
354 

397* 

281*: 

444, 

JS' a 

2758 
325* 

'245, 

523* 

'.SB,?*,-. - -23 

405* . 33 

16 : i. 

3238. f 

394 - 
33 ’, 

434 t 

. 2 Big -.i.- 

514 ; 

234 ■ 

397 8 ■ 

U4 .* 

284 - i 
334 i 
134 I 


144 DeOroii kdiaen.... 
20l*. 'OiaiiK-irul 'harnrk 1 
115* jptcwptwn^--"— 
385* ]Di£l|alKniiip 

.-■3.15^ il'tsnei- {Well 

38 ilVvei C+irpn 

.225* ■LliJW UtrerUK*-... 

i " 25' Unto ' 

[ 364 I>re»»er...,..- 

; 973, Dupont— 

161* Itijjie- Pitcher-... , 

• ; 6 ■ /liku-T Airline- 

411 , !E»iituui Kodak.. 

. 53 ]Eat<in '. ; 


273* 
38 4 
344 
414 
SI Z 
16 
14 r B 
204 
144 
48s* 
38 1? 
411; 

■ 271* 
314 
384 

1284 

224 

95a 

60r s 

364 


165, '• 275* 

'145* Ui Paso Nu. Gm> 144 

25 ElUa.:^ • 27lg 

BBia . KuerBonUI'ecTrK-; 34 ig 
•-1 Bs*~AKineiy AirF r’lftbl 1 2 1 
276* him bar 1 345, 

; si*'. 0.U.I...—. a 

. 2 14a- ^oxelliard-— — . 265, 
B4S* htmirlc.-, — 255* 

18 ; Kiby-—- - 214 

434 Exxon ..—....—.1 524 

[Fjurch lid Camera' 301, 
red.' | lev 1 1 SiHW, 53 4 
'124 1 Fua*toneTJrfc...: 124 
24 Jrai.-Nal-Bwton.’ 261j 

148* ir'iexi V*n — 16 

185* .pJiiufcoie! 274 

287* .iP-crMa Pcwet..'. 304 
3ps* tcf'Uiv 335* 

JEOlg 'E^U.U , 225, 

‘4b ■ Enrtt Uo lor • 405, 

17 iFfavniM lick....; 18', 

276 * -Pul:, \ 324 

64' jriank'in Mmi-...| 75, 

184 V , r*efm*l .Mirier* Z84 

244 'EruetiBin - 285* 

85* {Fuqua Ind* I 9 4 


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224 -.Uutl un — .-< 

544 ftiaiibunon — 6e J * 

304 Itlaniu Minins— 394 
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196 -2 
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Turnover Cr.43 5m. 

Svurie: Rio J t J; 

JOHANNESBURG 

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■le.. r ' c <in"nlirlaiKl I11V. ~. 

if.jr* ai'*r'"< ....... “i* "" 

Ik .ni-i.-.^inj' i v" 


T-nd -*-r.r — 

o.S', -0 ;s 

+ n v. 
-o 1 
-1* .•:> 

j.. 

—n rn 
-D.1H 

—1, : ”. 


I- ' 
.r.-.P- ruia 
•! i’i-: l - 

■: , i-ii-.-. 


re.- 


R "IL* 


■ Hi 


- 0.02 „f. 


,0.0: 

rO.OI 


-3.G- 

-00. 


I*.-' 


!:a/iarv 

user Millui*: 

•irta C ■•iiv nl 

■•j IL.I'!"i.'" 

Kind Mini- IftiiuiTliM 

-C.02 *f mt.rj ud: ^Ir.-nu 

i.e ii'i!d:ti4* 

I ’.PP! 

' ""riii 16. "Mcsr .... 


".2" 

'M 


4.2* 

1 ll 


-0.01 


-o.oi 


-00 ; 


:.cr >*ji> in,: Tfall jTIj. 


-b 

— e 
-M.il" 

|i. 

— II >1 

-0 :•)> 

-ft l.’i 
+ o.:.n 


-0 03 

-n .25 

— D l'i 


-•I.V) 
’0 US 


- II IC. 
— ( J.0.i 

—■1.115 

-0211 

-II li 
-Ii M 

— 'I.ft * 
-•'1 D2 


- U V: 
-0 lu 

- r» 0: 


Sopurilics Rand -SU.S.U.tfUi 

(Discount of 42.351 


rv.-ki pru.es exclude S yremtum. I • i"ian dtvi.t'.'ttds are ntttr 


NOTES: in 
n'linhnlfltn. lu:. 

6 n.M-iO l,*nom ur.Iexs ath-ru'isv ,•.! 
Mkfed. ^ Kr Tim delinin. unies-s n|]..> 
oihem-tse "i+u.d. ■ Von 3n dMium. un 1 -. 
-uspiniinn. it l-iortus a Si-tnllinss. 
ard or w np IbSiic •• P r share, i Fr*i; 
3II-.T scrip and or rtffcts is.vuv. k Aiux 
including Vnilae <jr r- •’■•om. o Share 
payment. .* 'ndhem-'d -mv n i n.ifflu,,; ■?, 

Pv-ndins ■ Asl»d. Fid. f Trad. d. •: 

dlvtdvUl. Xu Lx fr.rip issue, sa Ex ail. 


V P:- 


Vhi d'-HMin llll: 

Ji.-ll ® )r> Mill 1-f,.'tl5 
'.'•rv" MlllMl * pn. * .it 

i 0:rid<;nrt affi r p- ndm; 
:d.i, -Iiv „ '.-..liui-l • 
ia.x. r i.i', *.ix -i 

* nr. and Mri.1 i-i.-Il - !'- 
i- Mumniv tlulil r- O.l'-. I 
'. T - \-"iini:i! xrrt r 
a in;er::r. .-;s3e m.r<.-iOL-a. 


o:fi-r- ■ 
r, I|M 


, .VSlU't 

-n:5 


rr.*»! 


■r 


il At 





financial .Times' Monday 

. 'i ■“ -- — ' — J V 'b 



INTERNATIONAL BONDS 


BY JOHN EVANS 


CURRENT INTERNATIONAL ^ONP ISSUES 


Carter unleashes a short storm 


Borrowers. 


Amount' 


Av. life . Coupon 
Maturity years % 


Price - 


US. DOLLARS . 

WHEN THE dust had settled nn hem? nr overall benefit to the in? yields on the latest Issue nf coupon was being raised tn 12* nism for - inter national bonds ^Central Telep^no and 
a bartered international bond international' bond market. Kassennbiigationen in Germany per cent from the previous 84 was subjected to considerable •' hi? na r 

market i^t week, the question:. Kidder Peabody says “a added to this ..concern over per cool The CCF prifce strain Last week. Not op li - were ' : ■ 

remrul in the new policies of fundamental shift in ravnur of. interest rates.' responded by gaininc around i the fundamental, currency and __ _ I nv ■ • ■ — ■ 

('railing hanks, investing insli- the Underlying currency may No final decisions have been In 99$ 2- interest, rates shifting at great ' D-MARKS 

luiion? and potential borrowers counteract what would have taken on the expected DM 500m . A range of other issues are due speed but the unexpectedness, of -(City, of Copenhagen ' 

h:i cl vull nor been fully resolved, been otherwise inevitable offering by the World Bank, via Tor re-fixing in coming months. President. Cartels package . ua- (Bank America Corp, - ‘ 

M.mv market participants decline.” Deutsche Bank. Timing, coupon But. some houses advise that doubledly wrong footed many (§Otympus. Optical "' - : 

have \ cl in be cun vi need lhat Purchases of bonds can be and pricing details arc stiil such notes need to be selected market makers. The result was Council of Europe, . 

the array nf Garter art minis- justified if investor?, believe that apparently to be fixed. at least six weeks before rollover a definite -hiccup in the provision SNippon Vusen 


• Investments N.V. : 


D-MARKS • 

'(City of. Copenhagen 


(§Otympuj Optical ; 

Council of. Europe!! 
. §Nippon Yiisov 


(ration measures to defend the the U S. policy of stabilising the Commerzbank, .which had a dates if the' level of discount is of prices. There were temporary |**£|B 

dollar will prove r» be effi.-clivi- dollar- at i more desirable place in the new! issue calendar tn be sufficient to offset funding withdrawals .from the markets. ; ~ 

in lifting and stabilising the exchange rate against currencies fur a DM lOQiff issue for an losses during the period prior to There was. a widening of speeds SWISS FRANCS 
US. economy on a sustained such as the Deutsche Mark. Swiss unidentified borrower, confirmed lhe_ new coupon fixings. and a reduction in Lhc size of (Brazil 

basis. franc and yen can be maintained, |;*-u week lhat this had been FRNg appear to have lost much trades accepted in some .securi- — : * — •“ 

The «harp rise in ahorMe'iu n believes. postponed.. of their attraction for borrowers, ties. The discruni nation between - FRENCH FRANCS 

US interest rales after Presi- The cost of inventory continues Among new issues, the City of The sole hew- issue is the SfiOm “loyal" and “dbJoyal" client* . ' 

dent Carter's package, culminal- to be a problem for th e dollar Copenhagen bund, which was for.Leutni International Invest- loomed larger. ( Unilever' USF Inv ests., 

in: last week in Citibanks iimvr sector. Currently, prime quality priced earlier in the week at 991, menus NV. Bul a . ^ end ofthc KUWAITI DINAi 

In a lo; per cent prime rale paper vields some 9 a per cent, dropped up to two points al mid- Banks are finding it less there was general satisfaction .at CNAN Ve’teed -B: 


-60 

7985 

7 

' ' <:l • 

“100 ■ 

r 75' „ ' 

iso ■ -. 

80 

- -130- V 

■ '50:. 

199fl 
199ft 
. 7985 
7983 
1985 

7* 

12 

8 

6 

si 

31 

Al. 

34 

99} - 
100 

100 ' 
700 

TOO 

. too' ' 

1988 

70 

6 

99. 


dnmr.nM rated the sort nr while the financing costs oT hold- week. The Olympus Optical expensive to fund their dollar the wav marker makers had 
pressure* that the eurodollar in? «t rose by Friday in between DMSOm converible was priced at requirements from other stuck i. an H widespread con- t 
hnnii market i* goins iu have L'.oO and 11 <o per cent in the par. bul prices of DM convertible sources, and the fact that such victinn that the secondare - — 

to live with in coming months, short-term Lurndollar market. issues for Japane-e borrowers large i 

As one market parricipam Nevertheless, some tentative jj$o lost .ground. . underw 

phra-cd it. the “jur.v is still out" figns that investors were pro- in .the Floating Rate Note see- borrow 

as far a> dollar bunds arc enn- paring for a fundamental turn in tor, demand built up around gesied. 


short-term Eurodollar market. issues for Japa 
Nevertheless, some tentative jj so "round. 


par. oui pnees oi usn convent dip sources, and the fact lhat such viction that the secondary 

issues for Japanese borrowers large increases in coupons are mar ket had actniiued.' itself 

, T l ground. underway will deter potential mUeh better than in 1974 


KUWAITI DINARS 
CNAN (g'teed AanqueV ' 
Exterieuro <f Algerie) " 10; 
Pana ma . V / • - ... 7 ~y \ 

• Not yet priced. .I - - .t Final .ami. 


19M/90 — 

1985/90 — 


,.t Final .»• Placement. t FlMtin* rate not*.. 

;tt Raftinircd with U.S. Securities and Exchanzc Cwnmwrioo. 

• ." A.. '.Notts Yields are calculated on.AIBD basis- 


that investors were pre- in .the Floating Rate Note see- borrowers. some houses sug- 


ccrncd the dollar market’s favour starred issues which are due to have Eurosterling bonds dropped dollar market pointed, out that, J- ;;T?j ' 

While straight debt dollar !«. appear last week. their coupons adjusted in the across the hoard ki*t week as under Bundesbank rules they h t market ‘late -list- wiVk- the disruntiun lo internJtiorial .withdrawal oU smile .bank&j 

rallied sharp! i in mid- Swiss franc bonds experienced near future, and w|icrc present sterling fell hack sharply have lo compile their Eurobond thp , 0 evidence ' ih*t-- a ei-edii fin vs and strains on the the currency markets. 

wr.,k. m re>pr a n>e in the Presi- mhuc sleep lalLs in price, ap- price discount* offer good buying against the dollar. The decline accounts in D-Marks. With the - riprinE ’’ structure' had starred h*n kin" sv -item .This may .-be forego. 

dent> luckage. some slippage parentlv shuwm? the inadequacy opportunities. . in some issues n»-ared 4 per duliar — DM rate shifting by up emcr « e ' aca j n h a srd on ”a ’However ciirrpnt develop- relatively smaller-" nartffi ■ 

soon sel in. and most bonds of the low yield structure m the The -coupon -fixing due last cent. in 5 per cent cent in one day. different * and hinhS- set ' of' mems arc' associated with the banks to trade betwe«i?f 

w.-re down «n the week as a .Swiss currency at a time of week nn the Credit Commercial The french franc sector there was, sympathy for the i n r e resL rates for certain batiks extreme fluctuations in. ex- selves, and bringing; : 

whnli- lhc recovery tiieir reinforced prospects for tic France FRN dated 19S5 scaped relatively unscathed and German hanks' as they tried to vor | hp norma! market levels change markets the unavoidable up lo their currency, 

largely levlmin. y mspu-ed. apprec.at.oi. Given the added HIu , lr ., le d - the pace al which «h* Unilever issue priced at keep track of their do Mar 01 J r - SS^l3S“^r »cjr and deposit l.mlt* 

n-fici 1 1 ,i- mitul intensive incentive or dim bin U.S. interes! rates have been climb- the expected level «r par.’ exposure. nnunced “tnulti-llered ^ .interest deposit rosilions in' such selves with greater spec®! 

km m cV£\u»T?S a ™ e ' iSSlfiiio” Sre«Srtcd!y be7ng ^ **«*»»**■ wprp ; ,hat - lhc ' The ^^ndary market mecha- Within the Eurodollar inter- position d^el6ped;.ui.fB74,^lir circumstances and the virtual is usual. .. • 

Si:lep;i\c institutional buying placed on. deposit tn the Euro- ; — — ; — _!• — s'.', 

of hund< developed later in* the dollar deposit market, in prepa nr- 

week before the extent of the rise non for strategic purchases of U.S. BONDS BY STEWART FtEMi 

in pricc> <Ji«.cour3?ed buyers, dollar honds when the picture 

Turnover built up to substantial becomes clearer. . ■’ ! - ~ J-r., 

levels Riji the level of inven- As regards the mure impor- “IB, Jff "■ l a ■■■ a "U .i . . i /I i 'W ■ ■ ■. . • 

r-arSSFK Markets enter uncharted areas '.after dollar moy® 

qualified mi ilook. being expressed Deutsche Mark mternatiloaal * !!.'. : ,-*;. l j'i!| . 

for bonds in ihc short- to issues into' dollar bond* last THE FINANCIAL markets -in after the dollar support a partner at Salomon Brothers, is the uncertainty-:'' that one least 23 hasis points under the bond markets rose strim ^t 

medtum lenn week. ihc U.S. moved - into uncharted announcentcnL as the first sian in the current dealer* remarked. • “Nobodv nrinie and eenerallv SO lo 100 the dollar on -the 


The German bankers in the 
dropped dollar market pointed, out that. 


Lead manager 1 - . 

Dean Witter R^ynokh" 
Bank Leumi' i ' ' 


Deutsche Bank ; 
Deutsche Bank 
Deutsche Bank 
BHF-Bank . • 
West LB ' 
Commerzbank.- .• 


Banque de I "Union 
Europ^enne 


BAIL KFTCIC 

jUIC ? ' _____ 

** HinifTniTti. i . 

1 Postponed. 


■e 


S Cmwaj. 


mr V.iupuu-UAUIK our idM “-“ 1 . vtui wii m uhc uaj.. (j^erent and higher • set ' of ments arc associated wiin uie iw uwe .ueiwcen 

week ..n the Credit Commercial The French Trane sector there was, sympathy for the interest rates br certain:. banks. e.xireme fluctuations in. ex- solves, and bringing; 

dc France FRN dated 19So escaped relatively unscathed and German, hanks as they tried to ovor thp normal market levels change markets, the unavoidable up lo their currency, tiffin* 

illustrated -the pace at which ine Unilever issue was. priced a l keep track, of their dollar a similar, much more' pro- mis-malching of currency and deposit limits- betw^rtj 


nnunced “ multi-tiered ^/interest ■deposit 'positions 
Eitrodollar inter- position developed!! in ' 1974 , -after circumstances and 


in' such selves with greater ~speettf 
the virtual is usual. .;$®. 

' ’ _ "• 

* ! 


BONDS *- s !.;:!-v':.';:V: BY STEWART FLEMt 

Markets enter uncharted areas after dollar move! 

-.i t Si ■ 


THE FINANCIAL markets -in after the dollar 
the U.S. Moved 1 into uncharted announcentcnL 


support a partner at Salomon Brothers, is the uncertainty^ that one least 23 hasis points under ..the bond markets, rose strong^ 
as the first sign in the current dealer* remarked, ■. “Nobody prime and generally SO . to 100 the dollar on -the fare®. 


EurctcM 1 

Celt*' 


BONQTRADE INOEX AMO YIELD 

i*n 

Hovruib®? J Odiber 71 . High Low 

«*.« *.73 VT.PB a.M VI -SI tn a> M.73 t? 

W1SZ V.» «.K (IS ®) 89JU (1 


'ire wains that bond investors uf a poteutaal increase in West it is a decision which, while treasury Bills at 8.7o per cent. The broad conclusion of most Feds as to iULtarget for federal busy reassessing another bench support the dollar and % ; 

wuld haic to expect a further Germany’s interest rate struc= , t remains in effect, explicitly ll P SO basis points, and six month money market economists is that funds. the key . ihort-term mark, the formula by which it Ration. T 

.«urgo in ‘hori-term American litre dampened enthusiasm fnr jmks me performance or the certificates or deposit at around although shorKerm interest interest rate. ' Thus- while the calculates ns prime rate acwrd- The second- t ho lights -ffc . 

inieic'i rale*. But. greeting the nuisi new issues, nrher than the money and bond markets in that J 1.13 per cent, up B3 basis points. raLes have already moved higher Fed has indicated - t^at .it wants’ in? to an average of .SCklay vest q rs ■ appeared, to hff^S •'**.. 

dollar Mtppnn programme as recent Bank Amencabnnd. Firm- of the currency as well a* to the acco . r ding to Salomon Brothers, in the wake of the measures, to see a Fed funds! 'rate up commercial paper rates: -towards the end -br iber. 

normal range of domestic lh * investment bankers there are more rises to come, sharply from the BA :per cent The ri»e. in Hie broker loan which ended some of 'SVi. •• 

economic: factors. . w ^ s 10 “p short term mar- For the time being, however, average level which «Ke> market rate does however point to day's gains reflected 

1 HDiiDTsimc luncv lyn vicVn The immediate result of the r fu 1 ”? , t , hp domestic elements there is no consensus on how assumed to be its-.terBel at.thc significant further rate increases so. ‘ - much. . the. * 

bomdtraoe index AMO yield PrSfdcot -«/ the lh * ^ 0 . ll * r pack it e h ? d ‘heir quickly the changes will occur end of last week.. it\ls not clear to conic as monetary - restraint emergenee bF doubts i ” 

Howrinbor j oc nbcr 77 Hi*h Low finaoL-ial system nn Wednesday sh,irpe f t impacf - Th t? riiie °f 1 or- how much further rates will whether 9.3 or 20 per cent, or starts tn bite. Chase Econo- Administration's co merit r® 

wlu? «.t 3 V7.no *.« • W4 1 tin) M.73 tjo/wj ! ' ' ,'.Vrv P ercpnla se point to 9i per eent rise. Opinions differ, according higher, is the new -target ■ The metrics for example. Ls -predict- its package But Invalid 

«« «« «« X "SI- in a 17 ihe' domett ic !? thc Rcs .°T B “ ard K ' s ^j^gments of how resilient the central hank could bl holding Sg aS II per*^ nf?rinie b? *he taking ac?oun““oF thS' 

eurobond turnover mirkris b me shoTl ierm discount rate, coupled with thc economy now is and how quickly back until it sees how the dollar second quarter oF 1979. For the the immediate outlook 3 

ZkZIZ tntere! rates^neralh! OT 1 " ?ank ? to post monetary restraint will . bite ls responding.;-.; . sa ke of cottiparnson. In the l.at more tnnatton-producerT 

u j. daitv bMdt ouiw b*M»» pnrlrol the vreek anvthfn 1 ' from nr!hla n K^ e »T 0f r rteS " 'P l0 0C0 " D, ? ,C activity^ .in par- Few doubt that the common period of credit restraint in 1974 rose at an annual' rate ■ ri 

urnvwck prsviautwMk imiwuIi previous wk _ .. . . . higher than crihet ^ Henr -‘' K »uf man, ticular the housing markcL Such c j a j bank prime rale, which has the prime peaked at 12 per cent, per cent in OctoherVand^ 

E'lcciear lbm* lo5sj *»J- in. 3 ' h „, flf ,h,. ■ u,-**ck moved from 101 per cent, lo 10J- three-month commercial, paper al will take .-lime fpr ; the 

C®*" 1 4 ? , - r . 2S, -‘' 223 ■ , «iih mnsrnf lhc increases cumin* ^ ■ . percent has -further, to go: the 12.25 per cent, and three-rnonth tralinn's policre^..to work-^ 

F»ur^>ay iwcok liAH/Jr £*"*** T ? C - rise to 11 per cent could come certificates nf deposit at. 12.65 domestic economy. 

tl llilllJU UlfllllS I III LJ.kIj. as soon as this weeK-. Thus Citi* pet- cent. '. *• Some are arfcuinfi Inn tlr - 

bank, which moved first to lOj In the bond niarketjs. which ther Federal budget rcsi&f 

BY NICHOLAS COLCHESTER per cent on FridkiV shortly saw record jields on the new also be needed! if inffadw^ - 

FT IMTFRNATinNAI RDNH SERVICE afterwards announced -that it treasury' issues, including 8.S6 be brought; under /.jj 


EUROBOND TURNOVER 
(nominal value in Sin) 
Ug>. dollar bond* 

I *rt week previous week 
. l.ZLfc.®- LD5SJ 

45S.r J7JJ. 

* Four-day week 


,°«u%)^«we*k cribed b >'. iIr - ®- H W K » uf nian. ticular the housing markcL Such cia[ &ank 


I Ml wocli previous 
C2BJ- 31J.3 


30 tn 100 basis points higher Ilian 
at the beginning of the' week, 
with most nf the increases coining 


FT INTERNATIONAL BOND SERVICE 


rn<! Im shn-«!. i hr .'f- 4 t^itfsi im.-rnauonnl bond* for a-incti an adeouaie suvondair marb«t cusu. Th-: omrs oier Uk- dba 
B. r«* supplied hy Rnndirude: Krcdiuibank Buncoc Nailonalc dv Paris Credit Comnicrtlal dc Fran-.-c; Crudu Ljumuls: 


i^mmcr.-tanl. AH: D-ui>.-U- Rank .\C: Wrndi ui-ahi Landi-sbank qirost-mraic: Kaoout luirniationdlc LiuciimourR: Kr.-dici currency bonds, into lliO hands of" 
f-ank l.uxuiniwurs Alacnivn<. Uank Xi-dirland XV; Picnoa. Heldruu aj>d Pierson: Crcdu Suias^ .Y-tis.*- Cridil B-jnK: tnton ii.nA private Sector investors Thev 
<ii MiH/rrl.md \f;rojd and mtii tlicrs- BaiiKcn* Trust lnuroab0n.it: BhDC: Cittearn l«ix rn^noiial Bank: Dana Europe VV: J" ... . . ,r | 

rvtir. 1 r.idliu Company: Dillon Kr-nd mcrscss Lorporal.on: EEC': First Chicnso* ColJ>oa:i Sachs init-rnauonal Corporaitoo: y* 11 (QCir OlSCUssions wtuii 

f.ank. tF..i Inii-riia'iansl. HUI Samuel ar»i Co.: Kidder P-abodr Iniurnmoiikl: Mcrnlt Lriu.h: .Vtur h -an Siauley. Inier- finance 'ministries and central 1 
nan.mii X.>*hit: Thnm'«n: s.il.mipn Erm.. tnicmaUouaJ; Saaui-1 Moniauii and Co.: Scandmaviati Ban* - s.thiss Turnbull and Co.: banks in West Germany Jauan 
Sunmomn Miiani..; 1 1 : ivrnaiiun.il. f. t. War bur.- and Co.: Wund Gundy. Closing orlvii on NovenitK-r 3 ^ Switzerland and then “*'000 


OFFICIALS of the U.S. Treasury to a smaller extent in' Switzer- wax increasing its Joan rate to per cent nn the 3ft year bonds, especially if a significant 1 

will be (lying iu Europe and land aod Japan, is coupled with stockbrokers from 104 per cent yields ended thc week margin- inc of the economy hex 

Japan this week to find out how evident enthusiasm to earn coni- to 11 per cent. . . ally lower and prices J 3 of a reduces the Treasury's"^- 

they can place up to SlObn of mission on these jumbo issues in the past year -the "broker puint higher following a spectaeu- and the budget gap bq 

U.S. Government foreign when and if they come. loan rate has genernBy been ai lar rally on Wednesday. Then the widen. . ' : " fc.i- 


u s DOLLAR 


STRAIGHTS 

IltueB 

Bid 

Offer day 

week 

\i* Ml #; « 

25 

95,' 

•5! 

-a: 

-0! 

\ijsir;<li4 •' 4.i 

JT5 

94} 

17] 

0 . 


Autirjlia. ’i 

75 

95! 

94 

-« 

-Os 

Ro^irli*. l-'nads 7, «■; 

nn 

44! 

15 

-8! 

+ 0 : 

• EC A «: 

50 

431 

Mi 

“1! 

-11 

■;iv.a •» 9-. 

25 

4s; 

941 

+11 

-8! 

»'F.' A 4. ,nt 

25 

9Si 

97i 

+11 

-0! 

cvr ■> nr 

75 

93! 

Mi 

-11 

-18! 

141 M 1 I 1 .1 s.: 

259 

95! 

96 

-11 

-0! 

i~an.iij.i i.:n 

259 

45! 

95 : 

+ 11 

—Si 

i^nada y. 44 . - _. 

253 

941 

Mi 

-81 

-b: 

n s-: 

400 

44; 

991 

+11 

+01 

< imrt.v n* ■>; 

350 

91! 

Ml 

-9! 

■*■ 0 : 

i’anad.ur .” 

70 

431 

93! 

-li 

-81 

Pnnnnioi Bnd-‘ r C«. 4 W 

25 

43S 

941 

-I! 

8 

FIH «: v, 

10 a 

4S1 

% 

-li 

-0! 

TIP ?! 91 

125 

4b: 

971 

+11 

-Oi 

F.Ifc •>; !K. 

100 

4« 

17! 

-Oi 

-U 

Fiiam J 11 : l<- n.1 ? i:» . 

25 

4«i 

451 

-■i 

-0! 

ri'5P«rili’,.ins ?*i 

53 

95 : 

46! 

0 

— •! 

FTiwn pi vclDiiim F 5 >.: 

125 

17 

Hi 

+81 

-Ul 

Finl.inil •s'. 

1M 

4b! 

971 

+ 01 

"Os 

f m!an.l n «■= 

10# 

44 : 

9« 

-01 

-1 

Rn-niul ii *. n 4 : 

25 

43 ; 

Ml 

+•: 

-15 

1 »: inilusirv.s ;i S.'i 

35 

n; 

91! 

+0! 

-li 

f'^l V m^ii. . 4; »« 

25 

131 

44 

— Ob 

— Bsi 

i:«-i I- hi. in.-, ‘i. -jn 

20 

12 

42! 

-01 

- 1 : 

Iti'-Vnfc jtjii 1' V! 

71 

171 

98 

+li 

- 0 ; 

.1 r p.-uiKf ;■ v; 

103 

45i 

94! 

+0i 

+0! 

M.i. Bloi-rt-'l 4 ; 

50 

451 

45! 

+ BA 

+81 

v/ n.->- 1-in y: 

20 

91! 

HI 

— 01 

- DJ 

P- 1 in s. 

20 

91! 

42 

-01 

-1! 

\ar i;.si 4 s- 

75 

94! 

451 

-01 

-21 

\.MlniliirtliiK| *>« in, 

50 

95! 

951 

+ 01 

-i: 

\nr>1 Ini fik *s 

25 

95! 

94! 

> 

+ »i 

Nor=^« Komm V. !■• 

75 

17 

9T1 

-Oi 


.\nrn.iv r; 

250 

92J 

43 

— 0 ; 

-81 

N'nrt' av *, .... 

125 

Ml 

941 

+ 81 

+ 01 

Vonrji' », 5" 

150 

971 

978 

-01 

—8) 

or, id"iiial ■=.«.< 

75 

42! 

411 

0 


"n: H:dn' i- «.« 

125 

43! 

94,' 

+ 0! 

+ 0! 

n<i 'hi'.- |t> drn P- 0 . 

50 

14 

441 

+ 01 

-Bl 

S",d n 

125 

17! 

Ml 

8 

-0: 

1 k <• 

2M 

45! 

461 

-8! 

-11 

I K Si *»; 

nEUTSCNR MARK 

ISO 

16i 

97! 

+81 -0! 

Chwit >n 


! YEN STRAIGHTS 

lifted 

Bid 

Orfer 

day 

week YlcM 

Aslan Dtr. !>K. ii.** . 

15 

111 

91 

8 

+81 

5.94 

Australia ti.K DO 

59 

urn 

1021 

B 

+31 

4J8 

RKCE H.4 #0 

M 

44 : 

97! 


8 

6.87 

• Euro dm 3 6.3 9ft 

10 

17! 

98! 

a 

+ 11 

6.62 

I- Inland fi.r « 

25 

951 

991 

0 

■+01 

7JI2 

Nnn.-ey 3.7 S:i 

25 

1031 

184! 

-81 

-81 

4J1 

rislo ClU »f HUM . .. 

IS 

4Si 

991 

a 

8 

6Jtr 

SNcK 4.H D# . 

20 

481 

991 

8 

-8! 

6J9 

Swi Jcn aj 50 

43 

941 

971 

8 

-•1 

6.S4 





Change an 


j OTHER STRAIGHTS 

Issved 

Bid 

Offer day 

week 

Yield 

J Raid. U S noU Us A* 

12 

47 

M 

-0J 

+31 

12.19 

' Auto co»c Rmm. r pr. el'a 

lb 

941 

87i 

+ ■! 

-CJ 

7J8 

| Copcnha^i-Ji 7 93 EL'A . 

30 

45! 

9*1 

+ 01 

-li 

7.43 

j Finland tnd BV. 795 EL'A 

15 

95! 

ltd 

+01 

-li 

7.4J 

1 Komm. Inst. 7; 9.; EUA 

15 

97 

48: 

B 

-I! 

7.79 

! Panama SI S3 EL'A . 

29 

m 

43J 

• 

-2 

9-14 

■ SIiR Franc-- 7 W EL'A . . 

22 

97! 

93! 

+8i 

-01 

7.11 

j Alaement Bk 53 M 

75 

93! 

M 

0 

+ ■! 

7.9* 

; Frazil 7! VJ H 

75 

411 

m; 

+ 01 

+ 0J 

1.98 

• «:FF Mexico 71 52 H 

75 

4b! 

97 

+01 

+11 

8.43 

KIB 7; 15 FI . 

75 

94 

94 : 

0 

+31 

5.35 

! Ni-ds-r. Mnldoil 1 ! 5. *1 rl 

75 

951 

941 

+81 

+01 

7 53 

! New .fra land vi 1 1 . 

75 

15! 

96! 

0 

-81 

7 MS 


Norway A'. V. H 1OT 

</KB -i' H Kl 75 

E1R a: SS l’t-'r 133 

B^T S ffS LuiFr . . JS8 
R;iyiT Liri. a Sf LinFr 353 
EIB 71 « Lusl-r 253 

Finland I. Vil. S.5S l.nFr 251 
r.-.T’.-ay r? w l.utKr 253 

R.-.llaull 77 <S LuxT-r . 533 


Mi 551 -r*i —01 
12 } Hi -rDi -»*: 


from Lberc.” 

sS ^ n e Treasury official 
a-so responsible for this exercise 
insisted lo the Financial Times 
7jn over thc weekend lhat this pan 
«ai of Iasi week's dollar defence 
package was more than just a 
t.s* conti ngencs plan or a statement 
of intent ’’ Wc are delemiined 
leiit 10 * SSUt ‘ these bonds.” Ire said. 
2.11 “and within months rather than 
7Jf years.” Bui he conceded that lhc 
Piaclica lilies uf the mailer had 
7 [ n been jar from sorted out. 

?.15 The assumption in the U.S. 

7 . 5 * Treasury i* ihai central banks 
*■« and finance ministries in Japan. 
s!:« Germany and Switzerland will be 
7 J 8 closely involved in supervising 
these unprecedented issues. 
7.93 They maj even wani to assume 









Situations like this have many costly and 
worrying consequences for the people involved. 
Help overcome these problems through ■ 
Royal Insurance protection and service; 


9Si iki i-« -Ci 
IS M +B: -ll 
%: -u -i 
W: 5bi -01 -#1 
«l 571 +IG -«3 
95! Mi -r»i -3! 


+ni 13.05 an agune> function. 


5-vcritsh I. Bk. f « I.IISFY 5W 1B1 -0; -03 


STRAIGHT? 

Aiiau D-n-lnr i 
>ui<ra1i.i - ; i 


li«H Bi< OITtr day wetfc Yield 


2S3 mu 182! +a* 


ruk-oru S Fin. to **5 1 

kib v; 5-' : 

Finance for tnd 10 79 t 
GvMf invr Hid. BV 11 S5 £ 
Oranl'.bonni I'l! £ 
wiumrvwi mi- v« t 

FLOATING RATE 
NOTES S 

Am-man F:vor-s‘ 

\rab iml. B.ipI- Mi..» <" . 

B.inuo Ars.n:. if* t. 

R.nik llardloiiT lf9 S* 
Bank or Tokyo MV 9: 
Kukiul- Wonns MS: >-• 

Bq. Est. d'Xlo M-.r.r. «1 
r.qiir. Ev;. d’Af-t-- M7 s 5 
Rnuo. Indn ci Sin-7 11 
f-q. Iiu. AIT. n.r. US.-' ?3 
nn s.« .. 
fi;r ms: ss 


S3 u 
SZJ 331 

n: s 2 i 
mj as: 
u: ni 
*31 Ml 


M -01 - 31 12.51 
33! -IJ -4! 12.93 

321 -«1 -j: U.M 

85 : +0» -li 13.S7 

831 0 -21 1302 

Ml fl -21 13 J4 


Spread Bid ORer C.daie C.con C.yld 


9b.' 97i 

97i 97i 


49 20 9 IS; 10.75 

MJ 31 3 47 4.75 

4L', 21 1 9.72 

47 35 11 *>.5* 9.38 

47 13« I3i 19 85 

43 1512 4 4.21 

47J 9.2 4! 4.40 

971 2 11 I? 7.75 


m; 47 W4 in 

471 43 1512 4 

47 47J 9.2 li 


47} 9.2 

47i 2 11 


971 25 1 
4b; 47J 12.1 41 4.95 

9b 49: 3 7 4J4 4S5 

491 44J 3 11 S! 1.42 



150 

971 

17! 

0 

-1 

4JM 

; riw-ii Men. n ^ ?/j- S” 

01 Ml 

96! 

27 1 

Ml 1.» 


1M 

462 

171 

-8; 

- 1 : 

7J2 

, rwi RIcu MS; >3 

U 91! 

991 

10 4 

11.14 1124 

•-FF Mrii-.o >; S. 4 

150 

961 

97 ; 

0 

— 0; 

7.15 

: I'rcrllf Xarionnl IHi si 

0! 14; 

97 

Ul 

9.19 9 JH 

' ana-la 1 . 

600 

47! 

98! 

0 

-0! 

SJ2 

Fnni’trnl Jf* S! 

0 97a 

97! 

21. 1 

IS IB -Zb 

• 'ha>< ManhalT.in O J ■: 9 1 ' 

100 

102! 

103 

+ 0! 

+8! 

5.72 

i 1FTE MS -Cl 

0! 13 

ia;. 

5 4 

10.49 10.83 

'■■■rrmi.rrhanF fm tt'.V 

100 

187 

1872 

+0! 

■'■81 

2^2 

< Ifhifcau-ajlru? Ml! «.» 

Bj 97! 

981 

27.4 

Hi U.« 

C' 1 .Tini' , r7h # ) , ik Jm ,251V "• 

IBS 

83 

m 

+02 

+ 1! 

5.T4 

I.lDhlian^R.i M7 n +.1 

1 161 

Ik! 

H 1 

!9> 18.62 

i"i'iinii| nf E:iri*P'- •», 

103 

441 

111! 

+8! 

0 

4.12 

, Mi*n<.r<l Iml. 1L‘< ■>:. 

0. 14! 

97 

28.1 

“.44 9.76 

FIB ■■ in 

JOT 

4S! 

«! 

-Oi 

+ 01 

4.14 

• V.|I \lVs\ M.V «|> 

0. Mi 

97! 

2112 

Ml 9.61 

f:i .vinifainr 

IS 3 

M! 

95 

+ 01 

-o: 

5 98 

| v inn>3 Cr-ill Nli *1 

e, 97 ; 

181 

15 1 

“I 9.49 

1 R.l -7 'a 

m 

441 

1832 

—Oi 

■^o; 

4.94 

| firb MS! 

I! 93i 

ii: 

13-4 

10.56 10.72 


m 

471 

97S 

• 


134 

f nr>hor<* \linin= n 

01 96! 

97! 

19 1 

1.44 9.72 

Fithi.. Cily nf £f 

100 

101! 

102! 

-Oi 

+o; 

5.44 

1 .-.annart Chan. MV’ n 

Oi 15! 

94! 

10 2 

8.44 1J0 


ISO 

472 

Wl 

0 

-M 

7J» 

■J<|< n- callibank-i r »f<s »j 

0! «6 

9b: 

4 a 

10.84 13.4ii 


233 

461 

17 

0 

-01 

4.4J 

■ ISA Or^m-ai [<4. . Mi: 

’ 0! ia; 

9b: 

« 11 

IA 141 

Mjr»nhi>hi n-ii« S’ 

1W 

101 C 

182! 

-0! 

+ 0i 

S.« 







too 

1312 

102! 

0 

+ 8. 

5JW 

) CONVERTIBLE 

Cnv. Cn*. 



Cha. 

\nr:> - K.imm i- "i 1 

10 a 

1001 

ISO! 

-II 

-ai 

5.94 

1 BONDS 

d»ie price 

Bid 

Sfler 

day Prem 


250 

44! 

961 

— 81 

0 

5.24 

; \sii-s «: 

9.71 623 

mi 

134! 

-0! 21.42 

*.nrn>-~i <11 lil‘t. t l k s S 11 

125 

49! 

in 

-81 

0 

6.33 

' Raker Im Fin. "■> i.i 

1.79 ;a 

9b 

17 

0 0.11 


109 

49’. 

Mi 

+ 0! 

>■01 

7.91 

| PnOII 4-7 M 

2 71 2.16 

<31 

Ml 

-Oi - 3 O 


100 


141 

1 

-91 

7M 

1 Ok-a-Fpl.! BottlTv a; 

4 T9 1 

ai; 

19! 

-Oi 12.47 

rv R.i nk .>n w 

100 

m; 

93! 

-11 

-01 

4 41 

1 lio-Ynkado j: f " . . 

6/78 . 1473 

179- 

143 

-OI 2.53 

‘7ii'b-i Province -if + r * 

159 

941 

17 

-0! 


6.0 

' i» i» InriiKin T “-2 1 

4-1 2M 

12! 

94 

-SI 4. 71 


50 

442 

151 

-01 

-•! 

4.51 

* Tr^ns fm .Mr. 7- ®1 

4 'T9 14.5 

Zl! 

82! 

t 2! 18 “4 

R-.-nh 3: «: 

38 

tlOIH 

101 

+Bi 

+ 1 

5.94 

Thurn Inr Fin T <1 . 

11 TZ J.6T 

97! 

93! 

0 -04 


200 

46! 

961 

-01 

-11 

6.46 

Tvi-u Inr. Fm « 

9 78 21 

M| 

Ml 

“01 11 J4 

'■■•llp.l h Ci 

158 

in 

in: 

-8* 

6 

5.9* 

Tno fm Fin ;• 6! 

5 78 615 

72 : 

731 

+ 01 155.91 


35 


17J 

• 

+ 8! 

4-14 

\sahi ««niicnl 1‘ DJI 

17-78 5»> 

"I! 

9*1 

0 25 38 


+5 

<17 

IT! 

+ 01 

+ 11 

4J9 

<'aiin Comp. DM 

11/78 MI 

13b! 

m: 

-Oi 2.01 


150 

151 

«; 

-0! 

-IJ 

7.17 

f.-nimlya SJ *(! DM 

IB 78 139 

15Y. 


0 3.94 








.lus<A> n- M DM 

1 79 1270 

ion: 

191! 

a u .43 








Kpniahlrom S3 D’J 

171 612 

W4 

99i 

-0! 16.68 










ien 

1051 

— 9i *11 







.Mural a Man. 1’ S D.M 

11 78 8M 

94 

17 

a 4.61 




week 

Yield 

VlpDOfl Air. 3 .j Dll 

.12,73 508 

97! 

Mi 

-02 4.M 








Nipimn SUnpan 3" DM 

8.T8 71 

114! 

us: 

-n: -an 


M 



-0! 

-8! 

4*9 

'.ll«in Dlc«i.'l J' 

271 477 

971 

M 

— O’ 9.78 


«0 


183 

-0! 

-11 

4.(11 

P.icoh +S DM 

10 78 *17 

m 

10 ?; 

-8' 20.4a 


in 


M> 

-Ii 

— 23 

Ul 

Sank ro Elcctrle. 'i DM 

■ 73 8W 

1291 

1211 

-01 8J5 


70 

102 

102! 

-li 

-2! 

3.21 

Sanyo F.lecmc 5' DM 

11 li 295 

9Si 

45 : 

-0! 11.58 


53 


m 

-0: 

-00 

4.17 

Soiyu S lures "! 56 DM 

9.71 1275 

11*1 

U7i 

+0i -3.22 


45 


10U 

-o: 

-IS 

4J4 

Sianlry Elc.-rri.- V DM 

U71 623 

ibo: 

102 

-0! 12.82 


SO 


mi 

-ii 

-2! 

-3.74 

Trio-Kcmrood V 6-a DM 

JITS 711 

92! 

93! 

-01 1781 

r.'fPE 1 

75 

442 

1M 

-ii 

— IS 

5.01 







100 


101! 


-21 

433 

* Nn imar:nj:ion j 

■ ailAhV — pr< — 

OU-i 

ill* - *■ prjrr. 


30 

1921 

1S22 

-0J 

-li 

4JI 

• ObIt orr ir.jr' 

■ : Clamor supfIk”! 


EIB 4 i‘ 

in 

180 

10U 

-11 

-IS 

4J4 

Siraietu Bends; Tbi- ; 

t is :lie ticW u- r.-di-mpihan nf ih» 

Einluni i» 4. 

so 

101 

1011 

— O' 

-li 

111 

mld-pnix- ihc jmou- 

1 --SU . <1 ,s ,, 

m<ll inns n» .-iirri nev 

r- 1 inu-lih ; ; ;■> 

25 

99! 

un 

-0. 

-« 

4.31 

units nycnpi (or Y<-o tinnds •rh'rr !’ 

i> ir 

liillions. ’.hansc 

Finl-tr'i r 9 1 

so 

1831 

U31 

-L 

-2i 

4M 

nn Mi>elc=Cha"3«» over 

?-i-< a '< c. V 

•.•ar;irf 


1.-F. i n: 

103 

182! 

1021 

-1 

-11 

4.7* 

Floating Rale Mala: D 

■nonttiiai.'il li 

•loll 

if- nnl'-ss IKllfp 

IMIi-i i~i lirni;rsr> *. 

25 

IM1 

105 i 

-01 

-Oi 

3.79 


nlni*ii:i l>h*poii i 

.rihu 

■Dei* ncxi 

HU 1 111 . ' V i, 

m 

1021 

187! 

—1 

-i: 

4.01 

1 a upon bemuncs cfTccTi' 

■-. Spivail - M.irnn 

.ihoi 

SIX-runiliH 

Im.cr.i:; Vnlm.i 1 V, 

se 

15 

8>i 

-o; 

-21 

«.* 

offi-rttl rale fnr L'.S. >. “p' 

- T7F 

eurrer.t reupm 

V inUnhj 1 9- 

188 

108! 

III 

- 2 : 

-3i 

3.92 

r_;-M — Thr wir-enr yi 





Bpin'n-iii J-.Pr ■,! 

100 

17i 

17J 

-1 

-21 

3.91 

Convertible bends: Drnomnaicd ir. rloJliari 

unKs. 

oilKruin. 

\-- i= 1 47 

70 

195 

19! 

-s: 

-li 

4.57 

indk-aiid. Chj dil'-C 

5 .nae «n dar 

*>« 

dale 

= Firai dam 

v.i,...-? ^unini l. M 

109 

is?; 

102: 


-l! 

X«4 

lor Nvnvnlaii into iitiar.'i. Cnv nrus>- Aonun:il 

jnviuni nf 

•-IKF 1 1'. 

SO 

49 > 

91J 


-21 

4.K 

Iwihl nor Shari? l- votes 

■_■<! in vurrnnvir ef 

uharr 

lt • imu r- 

t>i i ^*1 

20 

1912 

ini 



4JH 

sion rain flynd ar- iitui- 

Prrni -Pcris;n*a; 

nrcmiim nf ifn- 

af 1! 

34 

1411 

ina 




■ nm.nr cffcriiTi' onn- 

nf at omnus 

Miar 

t* '.ia 

ih 1- bund 

v<-a*. r -s 

75 

•99 

995 



4-73 

n»er rh: ni«i reren: rri'.r nr in- >h.,r:.; 



\ >!-■»: llniji-- 1 - 4'. 

100 

101! 

1BL5 

-11 


4.15 







' orrlri-r-. Krai» 1 n ' 

31 

94! 

\m 

-21 

— 2i 

4.01 

O The Finanrj.il Timr>i 

;.*1 ’o:* 

s- nrodiir-nnn :.1 >i Imlr 


1M 

Mi 

Mi 

-2 

-21 

4 »\ 

■"? in pari in *n" (<•“+, n.i* prrm 


■•■I'htnii uTiii'r 

MnrW E>inK is M 

258 

m 

1B1X 

-12 

-11 

4 IS 

rnnsunt Data juuuUcO 

5; ln-j:r.r.uii , l Survives. 



a!ii The important question nf 
S'S ,, '* l hh ,, Iding (ax. on interest pav- 
meni a from the- L'-S. apparently 
£30 remains unresolved. Asked 
whether ii would be possible lo 
free a Uuvcrnnieiii issue of uith- 
u.ja holding tax. a Treasury official 
I3Z7 replied •• Sou arc asking us 
»jd questions wc are slill asking our- 
selves.” Me wiid that this was a 
_ foniphcaied matter because, of 
10.74 '^ e djfiCTcni tax treaties between 
4.75 ’he t-S. and lhc three countries. 
9.'S The Treasury, envisages a 
i «85 series of issues, probably or 
JS moduini-u-rni .maturity. One 
7^75 insisted" that this paper 

i.v would mil be placed with central 
4 K k nk> ,,r “ f,v Prnnienu. European 
».« b a nker>. Muiiewbar av.-cd by the 
4.44 pros peel i.r r bis weight of new 
“JJ paper, were speculating las>l 
iBJb ’fi-'G such official agencies 

to -83 mighi provide an Ideal home for 
u.M these bond*. 

9 I 74 A Swi->. banker pointed nut 
4 . 6 I that Swiv. National Bank rules I 


banks. But he argued lhat ihe I 
coo ire! hjnk< of Germany, Swir- 
Ferland ami Japan inighf well 
see .m ;,i traction in allowing 
other central banks lo buy 
medium- or long-tEuni asscls rn 
yen. !>>.-ui;ehe Mark and Swis- 
fruni--. Tin- would ensure j 
• linger t»-r 111 . less volatile coin- 
iNitineni u, ihose currencies. ■ 
Bui 1 he US. Treasury rules 
Ihi> out. pro-.uiimbly because 11 
aam- n., Thing by. selling foreign 
currency bonds lo investors who 
! merely sell dollars to buy Them. 
It ii also vital that lhc Treasury 


names. These two cons/derat ion.- 
wou!d appear to- militate in 
favour uf private placements 


Among Lhe 5 e three countries. 
+ D rjrr. il is i.icnijany \ bankers who are 
■mpi'hjn or it. dubious about' the whole 

- o» ■■urnnev idea. The Deutsche Mark sector 
iium. ’.nan3T i.> ji ready .suffering from indi- 





*/■* 

F ’ * w 




■:4V'’ S 

L; ‘v 


Pi 

•< i 









mrm 






F^>! 


mmm 






A stronger dollar will nci help 
this market either. It was quite 
3 Wur de force for Deutsche 


tie German hankers, can wc po*- 
ibly provide the U.S. with 
etvrern DM Hbn and DM H’bn " 
Bul such scepticism, echoed 


Si 




Ul O 


. >5 - 


Royal lnMirancc.UK Hwcf Oflice. New Hall Place, Lh erpnol, L*Q?EN ! 






> :: \-- 


--it 







31 


>.iVvV:. ; ' vl 77 ;.; 


i?rce 

‘t'S**-. . 


AUTHORISED UNIT TRUSTS 



Ubbtt. Unit Tst.Kngn. Udifa) : ; Frarajrngton Vriit Met m iai 


gaO.xijrrtKFUacJtct- Agriestrac?. 
♦bbrrOptkJ— .-.in.Xvj . -as 

arias' Tricorns.. . _.|398 42. 

Jlhey Im .T.«L T6. -.|34J . • J6. 

ilKS.Gen.TstJ-_.H5-*... 47. 
r, inuhtt Pros. TsLjM.fc 6SJ 


; aa» A9n'-»:.lrtf nki.Ynra; EC4 B ADH. 

TOjJ kn-C«piMlT5L 029* .US 

-JJ3J -ASfl -liiewKT*. 309.2 J 

-*3 40 lK.ClOTSta.nL__ 109.8 • 1 

HL5) 478 Do-Aecum. pi4.4 



Oi-Ksseri MnwwrH- 
JJ7 
311 


« |^** r Managers Ltd. 

Aruiur.m .EC4. *1-63*1 V4 

«fl ! 5.44 


Provincial Life inv. Co. 

Z23. KmnnrK.we. e • ; 

I Total lri; mt. ,|B2 0 871 
Hif.h IwnK- _|1160 124 : 


Ltd* Save & Prosper ronfinueri 
Ai.:K7Kret Soot bits Securitltr- Ltd v 


-t v 
-n ?1 


1 41 c..*h, r 06 5 

7 *6 . .Mtnyiiitd .- (50 0 

fti-tf-har*-. — • |57 ' 


5". pj' 

■\ Ihe* 
$-49 






i& rtosiuo’Clrcor ECkj too 


; b 



• iOI«I Hambre GroopPiaUgL 
■flrArsH*fc. ffuBpo_ Bnmtw»d.. 

|. b883851 or B nart twod r iOgTT; SW» 
, al^nmf Funds -. ' -s- 

•v. lUWlSt 1496 ‘ -7*31^113 

: rfHnd* Fond.. .. H.5 - . 67* .-hT# 

■ rtta&Inc. mi— 360 

■_ IOM.-A Jnd. TtovpM 

> W®d i.apiul 

amhroFund 

Sf^firo \ec F«L_ 

Krone Funds 
&h Yield Fd.,..|7U ; . 

Ittalncome . .. ,|i5A 
n. Iq. Inc. .r.. -.. P9J1 ■ 
terhaiknul Funds 
tccnattonal : — 125.8' 
lOflrFand... _.J47 7 - 
<cs.Ci( America. :h?3 
J^A Exempt* J p7 4 

, w «elaliit Fundjji 

--. n»llorCo'*Fi) 1 .,.:i36.7 
d Smlr. fo's Fd _ *4,7 -• • 
i«nerySIT> . _J 953 
a. Min.iCitav... W2 
enea? taming*. 574 ■■ 

TK-Sntlr.ttfs .OPM* : 


Pnull Puri folio Mngrs. Lid* JaHbMcl wh :»50 

IMhorn tor- EG IN UN *1 0MC&B222 !»*•' E* VW" 1.80 fl 

I'ruik-nTi.i! j,24 5 132 PT -0 M 4 81 *l'nw a» i — ’ * 


446 E-^mptOrt 3t ;„ : : j lfl00 *■« 

lx Unlf Trn5t "W«‘. UA 
w$F aa * Ur * sw,H w^ oiwtro 

"Friends’. Pwdt. Unit Tr. M*«* 2L. 1 - lw 8 « oi . . { 3.w 

‘-71iiiwitfEnd.libridft3-- ■ 0M83M5 JlJ'rray Johnstone U.T. Mgnt* 131 s+cniesini 

rji«»dsPrw:ci8_w.o ■ 8 * Iff • Cl £!T'- l3g3rtl On Hi er Management Co. Ltd- ¥ iwsoutJ 

,.»0.A«nm__®.4. 4» MJEu^n Wl 857, | » TfeoFlLEwhao:. Kr.-;. ,,-P m^.4,77 

".p.r.um.MMMositd.r m-m u n n „>■„ SSaS££;|l8i '88 

llutiial Inr ..-Its 3 


J"?, - •:• 3i 
•5 » -0-.I 

61 7 -*Jj 
2671 . 

ICS i) . ..! 

1 \>. 

Schletingw Tru.>>l Mngr>. Lid. i 



fTT. Ja pani Oen._ HL4 


ss-ftwat®- 

i CT,FowfYdaf'd.- p78 , 

j tt G. & .C Trest faMg > 

1^4 5 TUjrtolfft lUL Srentwood 
3.18. G.iA-J.-J —..... 13L8 ;■ 

LAS • ■.,-•_ •• • *: . 

. . . Gartmozy Fund Managers 1. taMe» 

4.71 - 2. St-Mnn Mel ZOA ffljp. - At^ss.usi 


Street. Dorl.ine. 
Am E unir* f*. 1 J 
5 00 \m Crwrtli . . ..,*6 * 

7 56 F.\etnr< H»so \ W 

KxvmplMM. \/Sn g 

E.-.truli»e T-i 
ini omt I'M . I“0« 

inc l'l*. Wdrv I 

lnUil i.rff*lh 
In- T5i Lntt; • 

Murkel l-eader 1 
•\il Yield . 

Trot AUillTni* 



* 9 ~?3 ' 1 wAmerieaji T*L._.-W.7 

702. lj -08) 5.B4 ’Brti)al».T-a (A«- r.. 5J4 
-0^ 5B ■Commodity Share-.. 151.7 
W.*p7v*f s.72 Eora Iiko&icTsLm M.S 1 
. . 4 65. g2,‘ 

' 1 iderson Unit Trust Managers Ltd- »* ' 

* Fenchureh Sr. EC3M SAA - . 823 SCSI '«t>* Au wrojy -- g-« 

• ■ •-~»r.T.4: J B*.jw«4- ;S =c.ro. aBRn^.'-^ . 

asbacher Unit Mgmt. Ca Lid. 


1« '-iimUil'.Y'i'ijni ■ 
5 j 41 . tUira Inc 
8 92 Ftnusnal. . 

.... Growth Iru 

MM.SL.EC3YTJA ' 'dfidllAn Fd. 


Rf,lanco l’»« Mp^- 

.in . -i r-,- — .— [wwj 73 bed -oil 733 Reluwll* Tiin6riil;'s4cll- hi ftfafr* 

2M MulSSl H,“s vi^* 5 46fl-0-a ^ OKjonunlJyFd. \hS 7 73 5, .. I 5 60 

lift Hi.M Id. .[553 59 4 j -o 7) 9.09 seWordeT ■ \n- ■ 44 8 47 9 -06i 4^0 

1U National and Cotnrorrcial sekfnriiel im «2 7 4S7iij -On, $70 

7" J'-* AndrOT squan? Edinburgh 1131 stf*] ij Rldg^ield Management Ud. 

ilreum'cnitl. loi?? JSSJ • I ?S ;«■«• heniwdvsi . M jii- Iwi*t FropenyShiiiji- 

.terurntniH- .|2U| 3^3 „ 5^9 RMfcHeM Irt t T |91 0 9*01 , 2 87 T-t 

.1518 IM? - | 3.93 K.dftol..-Mln...nH,iW IN oi | 9 “l 

481. National Provident Inv. Mngrs. LtdV Rothschild Asset Management iri 

■| ’ 5h-_Gn*rechurehSt.EC3PaHH ni je* j-wn “-’■») Gaichou-* Htl .X»lr»>nny uaxjsi 

Slit!” I 5 05 l "‘ EflunyFund. 

59 fl S05 %l «~T»I 

S9 71 . j 5 05 Vi-.lM rone Fund. 

:• (. i nil. Fil li (!■: . 

V 1 Inti r'rt i Vi. . 

M' smllr ■>. r«i! 


Z ■■ Lip! %».■ | 

.'■te77iiST300 'Accuni fan*. 
340^ m«J! 


I. Urth \i 
h Grth Oi-q 


JJO 0 
-46 8 
|25S 
27 5 
.27 7 
.23 3 
.1261 
130 B 
i;ni 21 7 
... Jib - 


*7 Ail] - 0:! 
271 -0 11 

Mil .0 :j 

27 3 -0J 
292 

79 S.s .. 
25 O.rr I 

28 1' * 
331.-J -rj r' 
23J.J -fl 

20 1. J -fi? 


4 01 
7 58 
468 
1 19 
699 
R 

an 7 1 
W44I 
360 
2 29 
7 97 

4 42 
456 
9 54 

339 

463 

4% 

11 94 
2 24 
2 24 

5 2B 
5 28 


Target Tst. Mgr? (Scotland) tanbi 

ifl Mh-iltv^cn: Kd.n.S «!1 a3«SJf2 
T.ir_ei vm.-rEdde(23 8 25.6) -0.9) 2-01 

Tar'd Tm.-lle .. l J9 5 42 5a^ -0 1 5 77 

Evtrn I dmuiw Kd. . 1 59 6 64 1| -*D i! 10 0* 

Trades Union Unit Tst. ManagersV 

IW. Wm«i mimI.E r •.* f»l 4C2RH01 1 

TITT.VO-..:.. .144 3 52 51 I 5 48 

Transatlantic and Gen, Sees. Co.V 

Si -PR New Ixndon JTri. «. nelnwinrd «S*S MUM 
H.vrhican No - 2 
verum. Cn:L« • 


ECSPaHH 
56.1 4fl3 * 

91 u m 


130 
2 30 


N TM f.ih 1,'nTji 
'■?«“?> Uni:*.' 

NPTOmmb. Truj 

1 AhtUIT. L‘niL-,1-- 

“ 31 i is igr « n- \r. 

oUi -ii B«7 ^ "" Xo1 1 '•**■» •‘C-Ilns Nw. IS. 

616) -0.3 921 National Westminster^ (31 
752) -LOj 763 161 Cheapedd- Et.TV lid* 01 sue man 
16* 2 69 ' 


165 8 
102 2 

w 

151 7 


uaxj.sjm 
176 3-d -1 2| 3 41 


.1. Hen r>‘ Schroder Wagtj fi. » |jj y 


108 7-ri -) 
Ull.d 


-a.aJ 


SO Oj - I 5j 
Ml -Id* 
16141 -1 if 


2 6* 
7 60 
1 51 
1.51 
4 70 


, 2« L tiOTPud? L..: 2 o 

*124 6 


: '^iDnUib'Fund |17S 


1851 .. .1 9.09 


3.Tred&ri cVr PL. Old Jewry. EC2. 

r imthnoi Securities Ltd- tancl - .(ajAG.grOTthitT".Si7 -- 

QueenSL London EC4B 1ST '. 0123(1328] 

ll™ Govett OWm)*” - ’ 

4A5 7T. London Wull.E-Ca 

h 

12.1S ... " Next deohas day Hot.?. 

Grieveson Hanageanent C*. Ltd. 


61-3884111 
920. 


L : mi en-.vi Fdidi’ 



Rothschild & I^mndrs Algim. iai 

Sl Si. II hui-. Lrfni. I j In E< 4 "I NViU*! 

New '“I t.cmpi .|t]29 0 1 37 041 | 3 57 

I'niVi r.n »JlT IK \**-l iS-.-linL Vm. I'. 

Rowan . I n i l Trust Mngl. Ltd.V iai 
• ■it' Gill* H-f Fin.huo Stj .fje? 


1194 5 

If’ 

|l05 2 
,31 7 
35 3 
176 6 
2864 


106 T. 
129 1' 
70 1 5i 

2*9 3 

si a 

109 y 
31 7ui 

37 51 
187 0 
795 ’1 
222 9.d 
• I 


■■I j;o»4J4 
! 2 52 

2 5: 


Till 


715 
7 15 
4 18 
418 
2*1 

2 91 
4 23 

3 44 

4 24 


¥ 57 Ewart ;i 

■7. 

lar 


UpH VM-IH . ..144-* 

Aeftum.Unitui.-. 677 

tralnconiQFd— 105 J 

lb Ini-. Fund 3S8 

ntiira. Unlti'i— 54.0 
■n Wdrul T7t&) 5LS" 
defence Fund- 252. 

■ctUiL UalM_ 38.9. 

?lud Fund-, 13.9 • 

THnorllly Fund— U2 . 
cum. imlmv • 37.7 - 

^W-dxvsLU.iL... 50.9 

iJAProp Fd IT 5 

mb, Fund 392 

win. Units). 46.0. 

iwth Fund vta=. 

•cum. Units' - 41.7 

aVler foi Fd.. ,. 277) 
uen* tt Inil Fd. 269 
W‘drwl.Uu.i_, 205 
■eicn Fd .. 8«7 
f-Amer h Int Fdp7J- 



a eg ! 


01t4M443S 


186 DM 
2211T 

3403 

250 7 .- 


92-fl 


702\ 

78.0 




Arcum Units 

5J« Pearl Inc 

J-J* Pearl Unit Ta ... 
■JJ (AcniraUnlisi 



sSt aaorArtPHnsuEcapatts. 

UK - prmeteh Nov. 1 ®1 

2 94 tAc<inH Unit*'. 

?« Btns.H-YdNm-.2_ 177 A 
244 (AcMIH- L'nlU 2IL1 
jm Endeav: Ott 31 ..._ M9 9 
Z.44 lAccum. Lnjti'- — S48 

a ob Gnichsr. Nov. 3„_ SUB 
ih uUnun-Dnltci_:. S3 
1_29 Ui SlBrsic N"Ov.-l.. 70 9 
a js .{AcvitnkUiutsi : .-..-174.5 - 

rflnrav Unit Trf Met Ltd* Guardi anRoj^IEx. UnitMgrs.UlL pSriVu'nit'rJiist wnhi ' 

&Hc L tSi IS‘v?& ;W !syss. » asm ■ t Tr ^ ,ja 

■hinny Fund R3 2 ' “885)"..' 15 98 ' .' ■ J. • I'l^- «'W Jewry . OilB J 

Tirft, at Not. £ Next wb day:N«w a . Henderson AdmuutndeoV taMcKgl me 

rcla> B Unicorn LtdLtf. (ajtcHg) 


:>plnl iVL Ml 

• Vi-rumi 

lni«nWUi , l 31 .. 

• Vreufu l niiM-* 

'■i'iitbi -■;■■•■ 1 - 

• V. cum Unit-. . ’ 

K-ji., f «NiW £ 

\- ’iim ("HUS' . 

•I'u&i lmF<1‘ "■» J4 
■^pwE* I *rl I — 

■n^-ci•l.l■rl , *-ept 10 [216 2 
■Fur lav evnip) 

Scottish PJquriahle Knd Jigrs. Ltd* 

01 -W I -.1*1 £Rm vndrew..4<i Edicl.ur 1, mi AhRitu 

vrr^m-un N<r . .■ .. 62 5 65$ad . 170 lu-.-ume Units - ..(492 52Jid 1 vJ7 

Xi-unlioOfi 31 . 1735 184.5 . 4 02 Vicum l" nils [57 3 61 oj 577 

HlBhYld \<n 3.. 54 9 37.7 -1 7 795 - Uvulmd dJV W'udn.^Lj'. 

„ ^r r T DPrt T^4 Un ^ M*l 04. fzV IS Sebag Unit Tst. Managers I.,d.0 .a, 

Nelatar Hl-nlnc.. |dS8 51. jf -Jll L9Q l-'vrum. LinitM .. 969 101 q ... *29 P 1 * BmMl. BcklbtF- »»«. G 

o^ssasero Union Insurance Group (bl Royal Tst. Can. Fd- Mgrs. Ltd. >rt!u3 uflSi^Fd.'ilwa 

2.09 F*J- w*4, Norwich. NRi 3>5G 060323200 M. Jeiwn Ptrw*. S.w 1. oi-Ksa£ r c Secu rit v Selection Ltd. 

^■n P , T ™ Fd |3m RW-« -».« 5.47 Capital Fd. |65 7 - 693 .. .J 3 77 1S » Lmwlnf Inn Fields. ft«? 

f-^ -1 Trust Managers LUL taMgXzl Oci. a«4d de^3 nJ. l5.“ 

01 -405 8441 _ 

-oil so* Save « Prosper Group 
-02j 5 .04 4. Great Sl Helen'. Loudon EC3P SEP 
-«4I £■?» 6573 Queen SL. Edinburgh EH2 4NX 
Pealing s. 10. 01-554 8899 or 031-CK 7351 


6- ' ' 4 2 ?l ^io T rus, _ Mana ” er ‘ i Xifl.¥ laxg! 

fmea. ftViatL ' ~ . 


62 5 
174 5 
54 9 
77« 
78 -J 
969 


65 S>4 . 
184.5 . 

37 7 -1 , 
81 J -2 4 
620 
101 8 


Kjrh Eipt ijrl 25-190 7 
FiicLtii No- V .. ]795 
1 vu'uni Units . 1985 
1 nl mo Nov .3 1122.6 

■ Vi-mm.lir.t-. j!513 

■ antn'rlNoi I. . 518 

■ liven L'nli'i .. 58 1 

(■ten •*:> »l 32 8 

..\.-cum L'nil.- ... 688 
VlnrlV-nwib-i :<! !9 7 

1 V..-um I. n.i,. 57 2 

".'.ift «!»lh 1 HI "»l *8 9 

■ Vcrum Uni Is' 6§8 

V.<n IlidV-t 31 172 9 

Vans Tec N-.n I 143 9 
.Vi- uni Unit.- - . |45 9 
ll'lcl- r \.n :* 160 3 

• bum Vuil- 77 4 

v-.rblm -..1. . 1b60 

lb! I. - uni ... |77 4 


Tindall Managers Ltd* 

IK. ( Mil ner RivmI Rriktol 
Im i.nu- Nin 1 
i.Vi-i um Units. 

• jpnal >-<rt ! 

• ■\i.vuni I'm I ti 
F-temt-t Nov I 

• Vn iini Unit-- 
Int. Eurn V<o | 

1 \c« Lfn Uni<-- 
I'n.-f Noi I 
■ Viuni Unit--- 


785 
121 7f . 

43 4[ 

B2.H 

202 H .. . . 

uo^-*.a 

16051 -6 0i 
54 bid . 


OVERSEAS FUNDS 


•"■» 0(=lfl540tJ =4- , "a« ,, e^L. Edmbureh 

« a w 41m >C11L Inv. -oi l [1678 

3:3 I ■« S.«.Uwp.Nih I ..1378 

J. .1 . | B«9 , veum Units. |]66B 


I radon Wall l.r»np 


232 High llolborn.W CiV 7EB 
Pearl Growth Fd 


r.-na 


fu Pelican Units Admin. Ltd. (gKart * R” w P* r Securities Ltd* 

81 Fountain! 4r. Manchester 061 236 3*5 "^Tiullonil F sods 

3*1 Pelican Unit*. ,|84.7 91tW| -0.1| *W — • - g|4 

7W Perpetual Unit Trust Mngmt* <ai unit. Growth |67 3 
389 4R Han Si . Hotiloy on Thamot 
P petualGpijtli . 


Intbrnatmnal 
Special Kit.-. . 


*5 21 


8HP 
30.96) -0.21 10 BO 


corn Ho 252 Romford Rd. W-5343344 i7g_ Fuads 


com Amorica 
A«< Acr ■ . . 

Ant Im- 

Capital . .. 
Exempt TW. 
Extra income 
financial . 

500. _ . 

General . , 
Grot-tn Arc.. ., 
Ir cotie Tst - 


??-S| HJ-S •. J5Z Pan Growth Inc 


jiii 1 in U*p Growth Inc . 

62-6) -0 21 W cap Growth act.- . 

■-• 6Z .Income'll Ajwds. -CUD 


78 5 c-0 J 

Incmne.Ftai* 

Yl isl LE SlSttejSs 

_ _ 4L0 '-Oft I.XO F1nnnctnl&ITU.__K5.4 

-PH. Xw TbL - |M5 5 ' _ 3 *M - M* 1 * M«t. 3t«a - W B 

rices at Ocl 31. -Next sub day Nos-, ra Imcrnattanal 

Recovery ...—I«k2 47.8-0^ 5J7 Cabot,. 

122.7)^-03) 528 hr lernat) onat 

VldwidcTsL__ 

LlnFdlne - 
A cram. 


7 

10*7 
46 4 


66JM -04) 
60.1 -0J 
511 



2.24 WJd. Wide Nov. 3 _. |734 
5.48 Overseas Funds ' 
M» Au^ralian . . . .. -p74 ~- 

*ing Brothers & Co. Ltd* (a)tx) &S?SEtZjiZZ Z SI : 

leadenball SL. E-Ui' 0149883830 N-Anu — -37*' 

UooTct nas 1932] -*sn OahotAnL-am-; K5A 

\ccum (232.6 242.4) 4 4JS9 

• - Next sub. day Nov. & . 



415 — O.V 

46.4 -0 3 

48.4 -0 L 
37 4 -0 2 
67 4 -Ort 

64 0c -oil 
31 J -0 2 
23 6) -0.21 

nvest. Co. Ltd* tyNct 

32J0 1 ^■Bloom-.hutvSq. WC1A2FLV 01-823 8893 HlEh-Minimum Funds 

1 !£?? JS-3 —I Select Internal . 1345 3 

■ jjil . Actum. UnlLs .. pin 224.5) 1 4 46 Select Liu-nme _ 519 

198 


• Capital Fund. 

InL Em. A Assets 
M5 Private Fund . 

3 01 A.-cumllr Fund 
3.01 Trctmnlocy Fund 
6.43 Far Ear* Kd. 

A qten ran Fund 
7.93 Practical 
8.79 


048126888 Incmili; Incotar Fund 
.1 4.03 Hv-h- Yield . 1522 

Hl(h Income Funds 
lli^h Iteturn |66 2 

Inromc (422 

I..K. Funds 

UKEquit; [42 6 

Utcrwras Fundair 1 
Europe 
Japun - . 

SJi V^iaGuihVd 
US . 

Sftrwi Hunth 
Commoduy 
Enemy 

Financial Se--. 


38 61 -0&I 
26 2«j -P ; 
722^ -qH 


732 
4 05 
3 22 


561id-n?l 7 73 


71 11 -0 2; 
45 j -0 : 


1)1-8316338-8 iTupiud i.'mvMh 
. 7b 3! I 2 IK. V-cum 

L'ntlGfhTrt Inc. -121.4 22 8) . .( 2 26 Evim Inc Growth 

.Stewart Unit Tst. Managers Ltd- >ai 
46. Char lo«c 5<i Edinburgh. ffilt -jasaim rm^wunx 1 " ' I 
-Sir-van Amciicao Fund |li(<h Iih-. I'nnntt 

S'undurd Unit* |56 7 6(66) . .] 1 56 

vccunt Units . [61 > 65ffl..| — 

Wirhdrawal Unit? . |4* 0 *7o| . | — 

■susnn Eriilib Capital Hind 
svundxrd 11387 151 11 . | 4 15 

.V.*um Li-ll* . Jlbl 4 3759) . .* 4 35 

PtMlir.c tTve- t Kr. -w>d 
Sun Alliance Fund Mngl. Liri. 

'Uii Alliance H-o . Horvn^ni HIC-b4l4l 

F.vpEMT-x.i’t.-LH. |i2371 ?aq fa) I 3 B6 

rrhe Katnib Fd 194 8 100 3-0*! 


B0 4 
W 1 
U85 
[46 4 
35 7 
194 
6*6 
271 
34 0 


6.99 
6.99 
SBJ.4 
10 14 




TSB Unit Trusrs 1 vi 

21 i-.hfinir- VVa; tnrtoicr. HhhH 0284 801X8 
rv-lin=- to U284 GKX13 


8 60 ■rrhehuniily Fd |9* 8 


100 g -0*! 3 82 


9 55 Target Tsi. Mngrs. Ltd* taugi 


.ib-TF Bi.ei-eral 
■ 1 »i Ho '.I’cum 
- l-v TSE Income 
• I., [to iivirni 
T^F. liOlnh 
■I" Ui A. . 11m 


180 7 
874 


471 

M.& 

M5 

85 6 .53 
93 0. 


-0 5 
-D6 
-06 
-0 B 

-13 
-1 3 


422 
4. 22 
7 27 
727 
323 
223 


7 JO 
640 
640 
610 
680 
720 

1.50 
3 U 


45 BI -0 1| 5 46 


ire-homi 


Ei.1t 


95 3 <()?) 
112 Sj - 1 7 
49 S -0 7 
71 3 1 -e 

81 31 -1 ?l 
69 0 -0: 
73.S -Oi) 


258.91 -4 -II 
5* 7iq -41 4 I 


. 2/82 
136 
3JS 

155 

331 

-3.75 

138 

1-41 


sad “ 


Exempt Funds 
Japan Hxm-ite ..-pp* 
_N-AntEapLocL28i|u43 

ISSESUl “SSaSSt ®® SvtmH Vnit T«L i*grs.t W 

« 3 g»-BK JM.H JS-SSSSiE^o 

ic%i.iS«TKua no«:;. JS: iStaunvurt : .g5 3W r«s sot 

um.OcL3r»- 177.6 • ... 1 i45 ipTMhtrTnijj.-.. Q3 : -• Ths -1C 275 

Next rah. day -Nov. 11 "Nov. M. fKCupItldTni^ »14 -304 +0-2 5.02 

- • . • rbiFlnandoi Trust B6A 92?a( -0.2 531 

dge Fund Managers, (a), (c) ... ' 'itaMncwneTYost— 26.0 .*Wa =-0 7 ' 7M 

5 ,Lvt j, K r- in * a ' 01 ' e ? 3 fS, 1 ffiSSMife Si M3 4 h 8J4 

rit'An It t. IT? fk yiW 1 ^ 


— K < 

Z Vi" 

•« 


iMr 


15 can & Gen4. 122.6 

nxs’ • .. 515 

tuMiict J7.0 

•si 1 n.j 

■HM1 W2Q 

ntl Inrt 166 

•c'.i -. Em 


' 23 

SSi^ 

-3944 

..440 

152.0 

17.7u ;. 
.193 


1.59 

I™ Intel.* tang), 

3JB 15. Christopher Street E U2. til-2477343 

5.64 InttLlnv. Fuwt_- JS5 8 90* ^F.4) 6.60 

_ ^ - -- --- - ,4M Key Fund Managers Ltd. laMgl 

int -Tues. tjVei -#ThttfSL Prices Oct js, MUk j*. ECSVaik - ordMWlO 

• . =* ". KerEDererJnJUiffta .8271-8.4) 

annia Trust Management uligi .-JS-a 

gMSat-‘“ ,n « «««Li ja| 




•js 

jalAcr. 
n&lnd 
hodity„, 

5V4IC- 

ifriomei— __ 

■swr . 2 ? « 

n*lBJ5ocfc-:.. B2- 
4 General. — 811. 
th . _ .822 
Gnr«h..^-.. . 67.5 
irowth.— ... K.7 
iTrt.Shart*.. 445 

mis. 3T0 

li chine 769 

Lssue. ... _-p60 
1 Amortcan.. 

•jftonal 523 7 

nry Shares . 14 

d 94.9 

sChanee J13 

Enemy — 1322 


23K 


-031 


. 644 
112 3f 


3 


34? 

495 


545 

920 

uu 

595 



01 KSOXld 


1 


oiSbmwmw KwnSdfq^mlK b 

22S “II J « KcyBroal] Go's Fd JIBS 6 
585 -03 3j8S . . » • • 

617 -05 *47 . Kleinwort Benson Unit Managers^ 
40^ ^04 ,4a 20.FrachuitrhSt.EC3. 

1226a -0.1 '7.62 ' K-B- Unlt Fd (nic— 187.7 
4*8 -03 962 ♦K.aUnitFttAe ...:|n0 
-*4j -02 • 358 Kf iJW. . lor Taw. -«»i 
■ . ' 68 3 —93 -e43J--lGBj=tf In T«t»A«(S 
SJ2 1-I.5 330 KBSmlrip'iiFdlnc 
884 -0 5 3.91 KBiSmCos-Fd-Acc 

71:69 -05 805 . HlnhYld Fd lne_ 

674* -L8 '234 HishYld. Fd ACC 

355a -05 5h L & C Unit Trust ManagcmcntlOd-V 
*M'-Mri-A70 TW-sioeh Svbouee-wajs urr Ohsasiaw 


- A yr.r tu» 6 ' u? 1; 

"?^S: TWBnnSuft — 1:8 4 125 d 

“2* VHEV Mun-rv K-l 106 a T12«) 
K? aMCVEkim:*' Fd lift! 126 W 


«S • -ifi ' L * WM - n 

5J7] — 031 ; 4J9 37. QueeaVSL. Laadoii EC4R rfY 01-30fi.Y»I 


021 

621 


8U. 

206 


254 *Rhw. MWflolt.-:. 39.2 
British Life Office Ltd*. (a) ; ^raShF^d* 1 ,'!' 57 2 
nee Bje.TunbridseWpHs.KJ- 0882 22171 '2c5SSlwi!iS;«t n'S 
■,tlftlt2iIe-: -.4«3 , 52M-0.41 5.90 


need'. (493 

* — = _Jfl3.2 r • . J*6 J 


4221 -I fl 
482 -1.1 
61.2 
68.8 
415 
224 
2 3.2 

BeoL *5t«m. Thej TjW'ed Thurs 


r«-f| f-S-tAiniilcKiPd.- -gM 
r-Kc KAdeumUoilal - —1*15 

■—■ I z9«5 . RmI *4Jrm Thft, 


590 

5:w 

2 . 6 * 

254 

LSI 

030 

850 


Shipiear Sc OuXtd* 


Founders Cl- ECS 
mis I'M 30. -.12190 
«: » Oct 30 — (2733 


01-6009529 


235.^-..„..j 671,. LAccum Unll&i. . . | 


298 


m 

w 

«r- i 


w 

m 


m- 


ndend* , , , 

Iras Oct. SLNextdestads.Nnv>v ' -. „ _ . 

•’ Legal. A'Gcneral. Tyndall Fund* 

Ts.-CaByncc RcuntBrinloL 027S3ZM1 

DtaOPtll _-.-....K3 2 66.81 . .) 4.b0 

lAccum Units). .. BOO * 84.ffl . ( 4 60 
“•‘e-. -- N'ezt.sub doy. November 15. 

'456 . Leonine Administration Ltd. 

,522 2. Duke ST.. London WIM6JP. 0I-48fl5e91 

. !«: ; Leo th«. — 1785 8211 -04| 482 

■ ^ LeoAccuiru. B54 . 899(-0 5| *« 

ajy. Lloyds Bit. Unit TbL .M ngrs. Ltd* (a> 
322 RejtWrar's Pepl.. Gorlng-by-Sea, 

— — 0]-ffi31SSB( 

”£$:]$ « 
32,1 56.0) -0.« 

■g| 6 . _ 70.51-0 T] 


>ic Trust* iai 

.- I3[ ... 

§9- 

359 

-8.4 

ral 

184 

19 6« 



its 

4 « 

-02 

:h Incrtfne 

31.2 

3aAd 

-02 


«1 

315 




»5 

28 Tn 

-OJ 

t 

a 6 

• 25t 

-01 

XfStX — - 

174 . 

■iai 

-OJ 


568 

60 2n 

-1 1 

- - 

n« 

223 

-42 

tx. '.ICL 1U . 

622 

64.fi 

.. 


1 6JS .'Balonred. 

457. Do.iAccumi 

_ ... WoeldwideGwfh.- 

ida Life Umt-TsL JWngrs. Ltd* j)o.(Acc'unv 


AS-.woftfttne. w«st Sussex. 


ch £l. Potters Bar. Ucrtt 
»un Dirt ... BT7 39.1 
en. Vcrum.. -hfeS: . 49.1 
.c.LiL-4 .--J35U 34 7c 

.it. Ac«int__ W3;.' 465 


885rf -0 7 
1240) — l.ll 
65^-0 a 
74 fl -04 


451 

239 

239 

622 

6-22 

759 

759 





p -Bor 51 122 Income .]BZ 4 
Soft 1 ST . noLfAcjeumv. ^..(U54 
,S. Extra lncSw__— Ui 
-S3 '.Bft'ArwniJ \WS 

-oM 732. Liard’s . Life' Unit Tst. Msgrs. Ltd. 

1 (James) WlngL LtdV T^-BD. Uufi*t»0uae Rd- Aylesbury. 02WMM1 

Id Broad 3L.E£%NifiQ .’ Ol-SSaOOHl Et^illy Aceiua — 1159.8 1682) . — J 400 

£.“::3u.-5Si 6K.f y *r£ftSh M * G^nmpf-tyNcKri 

■3 on New. L Jlext deaEuc^jiovrn-. .Three QuW Twwr HUt FC3R SBQ 01826 4588 
iol Unit Fd Mgm. LtdV .1^0 - 

irnllouM.NrwcaMJcMjpon-Tyoo CMOS .tAccum Unlur-*..- *5b 
,i . _ .. . ..1664 «&9* .. .:i 

count Units. - I. * W ^ 

HhVieli W15 - 44.IM-.._1 k 77. IVeram UnUsJ-— . 8il. 

Crum Unrts _{53 9 56.41 { ' 677 CoxnpcrtndGrowth. 111. I 

,'iOivi dcsillns date November 1. ■ Conversion Grqwtta 6*5 

ities Official Invest. Fd* 5^t 

cdon Wall.ECSN 1DB. 01-588 1815 lA/ccum. UntOO Z285 

iefM.1T . - 1137.18 -i | ... | ' 6St European.—,-- 58.4 

n.C«el 17 |27!47 — ' | . .[ — . (Acram XJnilii — J 5L5 

•tilth. Only available lo Reg Churl ties. ' Extra Yield.. 36.1 . 

TiartcrfaoQse Jbvhel see James Finlay 
f tain Trust Managers LtdV (aXg) gj 

wSiZCSMilP. . .. . — 01 -283 WS3 (Acram. Coils), 74 9 

TUJHUI 1 93 General 166.6 

>*nc*me: '- •. (Q3.-- •«.T«l = -0 9 *6 fAccmn Unttsl 1623 

.-^^V wUon^Ttt . .R1234 25* -... . - 2 82 HigJr Income - 186.4 

RMzcc. TSU26 2 . --285] — DJI 4.40 (Aecuiu. Uult>l__:. 179.1 
. CrtnrthTst£-|23 J- ... 55* 733 Japan.. — 179.0 

. ■ .' ‘ ■ - - ■ '■ rAcctnn Unlui 180.6 

' ederatioa' Funds f? a ?. LtdV. <a).- Magnum, • 

,-wwLBiie.TrcaA'iBE.'..; ~ni-s4203n iAc ^-umi«j — 

- :hFlSKi^.)4C7 - l 4M) .— I. iJf. g jggu -BfaE^: ^7 

.^aopoJItan Fend Managers. sm 

- , it Street. Condon SW1ASEJ. 01-23S8S23. . Second Gen: 17* 5 

- JM>htGfe rd.117 9 1 1931 ir_ J '"5JB6 ' fAccuDx. CMtsi — ~ 2K J 

- 2nSaS:' ' SJ' ' 5 l£J— 0* U 22 ' 6malb3rC0s.__.__ 1673 

^T . ' LAccum. Uoltai ^LL5 

nt-.Unft Tst. Mgrs. Ltd, . spceiaUaeO Fuads 
fse jarf^rots B3EV6HH. . _ .«;«»«» Tnutee w .™.___JW7.7 m*aj +0.6J 
tj !ucoWjjJiJ-)45'.9 

*■ American.-... [06.8 

: )48.6 


. .486 -0.2 

• ■ 359 +«« 
■ 57J +0.4 
85.0 -03 
TO.6 -0.4 
1295 +0.1 
684 +0.9 

72.7 -0J 
DO* 

2*85 +OJ 

53.7 -MU 

543 

91.7* -03 
12&J -0.2 
651 +1.6 
71.9+2 0 
665 +0.1 
8L3 *0.1 
1796 +0.7 
2793 +B.8 
1UJ -0.3 
190.5 +03 
390 6 +1.5 
1923 +L5 
2249 +16 
2835 +20 
1943s +0.7 
. VW flJ 
«a3 -0.4 

952 -03 
1B93 +0J 
■ 287.6 +®3 
' UL3 -0.3 

. 230.6 — 0 *1 


220 
1.75 
1 75 
«92 

4.92 
396 
327 
B.Z3 
023 

8.05 
337 
3.67 
831 
8.61 
245 

2.45 

5.04 
5 64 

5.93 
t93 
a*9. 
0-09 1 
L24 
Z34 
A46 

4.46 
6.82 
682 

4.06 

4.04 

5.21 

521 

<06 

436 


1955J 


r. uii 

1*3 ir 


690 

&« 

1133 

7.83 

7.8! 

378 


*.i EC% Unit .TSL JHgra. Ltd <aXg) ^ oct.ao-^- inn . 

'rm^cmjZdinbBjrgto3. . ' aar-aaMKii panniJfa Management Ltd. 

iM. ^<rt0r8O , ay^^evmiagw -■ 0438 56101] 

53 ‘ttw^Unto-^IBJT . SO 1-0* 
jrSto “ — jfi : Sfl Ifl 1 1% Mayflower Management Co. Ud. 
L*P‘""- %. rr'' 14itB Gresham Sl, 3CSV 7AU-. 0l-8»80*^ 

.netiwwy UnK FnntT Managirs 1 M Ome cicL2*......40W ULS i os 

infieHSLTXSM 7AL, . ' '0HSW+H6 GraenUOeL O 

J. 0c^ ZT m .-'■—1*78 7 1W.7] ‘..^[■' 585" tntnrnlLOcL M™(*S0 - 

| Winchester Fond Mngl. Lid. IBejtury Fund Managers lid 

SwryssLs'.' ' 01-15002107 30.-Gresh*m&,ECa s 2UE. . Ol-dOO-l^; 

wtneheeter. IW0 M2 1 

icb'er Craec^O 2 . .22 S| I 395 


433 


5.60 

3.60 


Merc.G«i».Nw.r , Ml.9 

Ace. UU. Nor. I - 2665' 
Merc. Int Ken i — M2 
» 4 Dodley Tst. Mngmnt Ltd. A«.^NoO™r g*/ 7 

,uoppaSr_S.W.r. . 0l^87ljfll 

lfiHtl«rTi4-.)rij 764| . — i 3.81 
For fiqaitBsSenidlies Ltd. * 
see. .Abbry Kglt Trial Mngrs. 


04JI . 
.2835 . 
72i . 
78J . 
263.9 . 

387 fl -J 


4J3 

4J3 

302 

302 

4.40 

440 


Midland Bank Group- ; . 

Unit -Trust .Managers LtdV to 
Gourtwod House, SUror StraeL , 

;ivSWlI..ir.*)l»**S ? ! S:«.v ™:T«vw-l 

f jH^Bd,ffigb«Se«B*ft • 019433377 Do AmUUL m.7 

r r*iiw-_;«44 - 67JI-03J *« Rnw1h 05 1 



1S44 ■*’" Du Actum. 

• a Rniay Unit Trust Mngl- 

WetfNU«StreetGl83S»«''-^®*iaMU©} income 

oyOinvnuU'I "* * 



mm-** 

' .Vuv.-l- N CM fleattnf 


New- 


2.95 Do Aceum.-.— — 

2.95 International — _ 

&♦» Do. Accgm._. 

mgh YWd— W5 
237 Do .\ccum P3 

460 Enmity Exempt*— UW.O 

4.60 Do. Aceum.*. 1184 0 ............. 

. • ^Prices at Oct, 31. Nc+t dealing ^ov M 



CORAL fNDEXr GIose 46^474 


•' ^A^J^TES 

tFieepierty Growth- — — — ~ 

tV^Vragi|i«u8xaiiteed..^.^i:'. 


-10^7% 


I Address shown under IU3U7app*-”"d Propany Bond .Table. 


TjrgiM Uommudilv 
Tur.-ri 1 lui.n.'lut 
Turjd fcqnilj- - 
Tiiraet F.e N't-' I 
• I Hi V.' l. nib- 
7ir?el i .ill Kur-I 
Turret v.ruuill 
T^n;t+ PaclncFd . 
IH. Rciiiv Unlb, - 
Tjr.-cl In* 1 
Tzi Pt No<- 1. 

Tel Inr 

2 IS Tfif FWf 
7 65 TfL Special Siw - 

' I 


925 
1 54 
1 51 
057 

J34 

i a* 

340 



i nj.. ii+.; v«i] 


3 73 

4 42 
6*1 
6 09 
6B4 

3 00 
« 71 
1 10 
1 10 
330 

4 74 
9 02 

11 77 
403 


I’Nlrr BankV (ai 
Wanna Mrrai. m-H-*- 1 
■ bvUI'-lcr '.mulli 136* 

Unit Trusl Account & Vpni. 
hull! Wilh+mSi t».4Rf>AR 
Frt+r» II -+ i ui«l I16TO 
Wt+fair • inli Kn.1 .130 8 
Du Ac.-uni [36 2 

W i pier Growth Fund 
Kin-- William SI Ei‘4ltH\K 
IrcunieKniD .: 190 8 
Aceum. Unit). ,|362 


nzi-j 

39 H -0 21 544 
l.td 


01 

+£31661 

176 01 

1 43* 


460 

30 i| .... 

4.68 

. 01 


32 5| 

1 468 

38 2] ... 

1. 468 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd Crown Life Assurance Co. LtdV Lloyds life Assurance 
1-3SL Panl sChutTlrv-ard. ETA 01-3409! II drown Life Hw. Woking. GU3 LYW D48S25033 SO CL/ioo Sc, EC2A 4 MX 


Equity Fund 

Equity A.+.. 


Prbpwtj- Fd .. 

Property Arc . . . 

Select ire Fund.. ... 

Convertible Fund . 

VMone+' Fund .. . 
f Prop Fd Ser 4 . 

VMan. Fd Ser.4. . 

VEquhy Fit Ser 4 
VCoov Fd. Ser 4 . 

.VMoney Fd.Ser -S 

Pra-e*. at O.I 11 v .’iliifalion aorinalb' 


1353 
314 
150.4 
HOT 
9L5 
U 3.6 
1240 
131 7 
135 D 
35 1 
11* D 
1120 


S3- 


158.4 

96^ 

140.fl 

130.4 
138.7, 

3701 
1203 
117 9) 


7aer. 


Albany Life Assurance Co. Ltd. 

SI. Old Burlinplori m W l . 01-4.17 =082 

VEqulirFd Arc 1195 7 
•Fixed Int l«l.4 

VGtd Money Fd V.- 1163 
9lnU Man Fd ttm illO 2 
Wjop.Kd.Ue 1129 

VMpErluv A.. >170 2 


Equity Pen F'.t t. 
Fixed I Pen Ac- 
G'td. Mi m P>?a \ • 
Inll.Jln.l'nhdV.- 

W Mp v— e 

ln< P«n \ v 


2355 
.130 5 
1328 
!U7 3 
1293 
(2105 


ManR'd Fund Acc._ 
Nanc d Fd. lurm - 

MaiiB'd Fd Inn 

Equity Fd. Ace. 

Equity Fd. Incm. , . _ 

Eqmtj-Fd line [935 

Properly Fd Ac+ 
Propertj- Kd. Incm 
Propertj Fd. tint 
ln» TM. Fd. Act .. 
lnv T»l Fd Incm. 

In\ T.M J'd Imt 
Kiveri Int Fd. Arc. 

Fvi Int Fd Incm 
Inier'l Fd \c»- 
Inter!. Fd Im-rn 
Money Fd \cc 
Monir- Fd Incm 
Did Fd Incn. 

Frown Bn ln\ -A' . 


1102.8 

108.21 

-03 

_ 

100.7 

106.0 

-03, 



TOLD 

1063 

-03 



9>7 

996 

-01 

__ 

93 -Z 

*7* 


__ 


98.4 




95 8 

1008 

+0 ] 



958 

100.8 

+0.1 


*44 

993 

+o: 


98.6 

1037 

-07 



*6 a 

ini.o 

-tr: 



*7 0 

10Z.1 

-o r 


999 

1051 



98 8 

104 0 

+01 

_ 

1:17 

117 5 

-07 


m 7 

117 5 

-PI 


*975 

102 6 



95.1 

1001 



101 5 

106 8 

-01 

fl4 2 

1687 





AHEV Life Assurance LliLV 

Alma Hno. Mim Pd. Kt-c.'le KeitM'.e WIP1 


Crusader Insurance Co. Ltd. 

YiniruU KiMm.'. Tower PI UvTI •H4CriAi.il 
• Ith Prop tici .1 . J73 5 83 21 I - 

Eagle Star Insnr.'Midiand Assur. 

1 ThrcailneedlfSi Ki” oi VW 121? 

Eaele Mid Unite |S2 3 53 J) -0 1| 6 28 

Equity Sc law Life Ass. Soc. Lid.V 
AmenliHin Riia.t. IVj.omU- IHW33.-T7 U-ir-u ly 

*i | I iin’liv nl rh 1 ■ 


Mimi SepL 30 -.. 1 40607 

Op a-A 'Pr Not- 2 . 144 4 152 o 

np-i VEqLNov S. 1341 14L2 

I.ip5-.\ llr N'ov 2 - 155.5 164 0 

ru S' A' Mim No"' 2. 153 4 161 5 

rtpS-A'Depr Nm 2 (123 5 130 0 

London I ndemnity & Gni. ins. Co. Ltd. 

I620.T1W Forbury. Bradius r 8':3! 1 
Monox- Manmer 133 3 35 8] j 

MM rl-Mi.te 1 29 8 ild-01. - 

Fixed IntCTCft |34 4 3% 3| - 0 l| 

The London fi: Manchester Ass. Gp* 
"A tn-ladc lurk. Eveler hk -X 155 

• .tc, viruuth Fund 
< Ho\ Evempi F»l 
* E tempi Prop Fd 
eKil*. Im Td Ed 
Fk'MbleKuiid . . 

In- Trudfund 
Property Fund 

• •Id l'opovlt Fd 


Royal Insurance Group 

New Hall Place. Liverp *4. 051 22744221 

Rriyal Shield Fd [144 2 1525) | _ 

Save & Prosper Group* 

4. GLSf IbNV. Lndn . Eil^P .1EP OI »4 8899 


23b e 

K9 0 

-0 6 

*70 . 

.0 1 

!5ft 5 

-74 

1144 

-13 

LJ6 6 

■t ; 

852 

-0 1 

1012 

‘01 


BUI Inv Fd. .. .129 5 137 -0i| 

Property rd - .. - 168 4 1691 . 

Gilt Fd . , . ■_ 1233 129.8 . 

livpoHt I "dr .. 125 5 1323 . 

,_ t«np Pens Fd • . . . 210 b 2217 . 

Kqml-. tVnx.1 fL 183 2 193 4 - 

I Toi> tvn> F*J ■ 232 8 2*5 7 

• •ill fVnv Fit . ..94.8 998 . 

Dci«i- I’viiv Fd 1 101 6 107 I] 

-Prill-* nn I Irlnhcr 24. 
r Weekly dealing 

Schroder Life Group* 

Fmcrpn^i- II.him" 1 ■tn.-nii-uih i 
239 6 


Alexander Fund 

j; me "..lire lisnie Iji«et*ii-fttir» 

Al>*v.ind*‘i Fund j tl'silfl I -0 CJ) — 
,inrx"l v +lu*> .V.n 'J 

Allen Harvey Si Ross Inv. Mgt. rC.I.l 

I I'hjirintCrixsS! Heliwr.il*; l' I, (SlFTtni 
Mill Gill Ed it'd. (118.13 10.14| . . | 11.92 

Arbuthnot Securiiiw 'C.I.I Limited 

I" •> pr«yd st I letter Jcr-r-i- I«M7-*I77 

Cup Tut - Jersey . 11170 12101 I 4 03 

Nrol (trull nc dale V- member 7. 

Ait ifit". .TM Tin 1021.. 11200 

Vftir iloalin: d:ite N.r-.-mr^ t r. 
EraJ&lml r-d-u I. |U1 1181 . I i.ZI 

NxnL dr nil -IS dale Ncnftnihqr P 

Australian Selection Fund NV 

Mnrkei 1 qiponuRlUcK r o Insh Ycninf tc 
• mliiwalti 1/7 Kra’. >i. Sydmrv 
UK&lShArev I SUS159 [ | - 

\.ni o.ii» f >-alue ifc-ipher 2~ 

Bank of America International S..V 
■•5 Rouln.ini Royal. I.UAi-ml-our; ■! P 
Wldinve^l fni nun" |P>llb85 li&Q-IOOl 729 
PniV nt N.n 2 \WI -nl- dale Xm. 8. 

Banquc Bruxelles I^znbert 

2. Roc re I- Rkukic K lKxf Urn- i‘l» 

Renin Fund 1> 11863 1 *211 *»l 804 

Barclays Unicom Ini. >Ch. Is.i Ltd. 

|.«'hjri|is> Tver Si Hclivr *»«• ‘I'.jlTiTU 

1200 
1 BO 
850 


Uri34 1P : fi 
| 1 70 
. 130 

I 820 
900 
. . 1 1.40 

RishOpsgate Commodity Ser. Ltd. 
r.< • Tiuv -U. Mou^lai . I O.M <>U4-2391 1 

ARMACtw a . .[n'jaa mui r - 

•-ANRHO-Orl a 11092 1 15« .. . - 

«J,il-.T--Ort.2 .1(2.465 2 6141 .. | 201 
.tricinaliy issued at "SIP and **Ct 0Q. 

Bridge Management Ltd. 

Pi). Hox 308. Grand Cayman. Coy mar. I." 
NTwiJiiOrl L-_.. | 517^76 | . I — 

GPU. Roi 590. Hone Kong 
Nippon Fd No* S. 111/01 fl !2**i .( 074 

Britannia TsL Mngmt. fCL l2tL 


L32* !«51j .1 310 
UJ55 11* « - 

27.46 137 55 -O.M - 


Keyscr UHmsn Ltd. 

■-x Mill strew. E<'2\ WE 
I onvl.'v Il f L324 

Riirut-v-lo . . . [l 

("cm . Ai mb.'. < .'ap .. . f 137.46 
Keyselei Jnpan . |tl*.76 — J -. • 1 — 

King & Shaxson Mgrs. 

1 1'nanii^ I'roir si iieli«r:J+r''r 05.74'T374i 
Valle; I!*.- h! 5V»r«r Fun Gm»)-. M8I ' 347MC 
1 ThcniasSrmn rvxii-las.. I ■!• M 
'.ill F<n»d.J*-r>o-.i [8 87 8 PhD . I 1225 

•.iltTniyf >l.oM • 1019 1066) . . 12 25 

Gill Fud Gm.-m.^v|9 25 9 27ut .. ..) 12 25 

Inil. fei, Sns Trt. 

Fir-f Stirlln;- ...1717 88 
KlrsilnU... . .. U'SWO 


18 001 


Klninwort Benson Limited 

-U. F»uihiirrh St 


1132 
165 7 69 

|82 4 fl7.6| 

Sl'513 34 
il <11 at. 
SIS4331 
5US13 04 

it's* W 


n|jKi 0O(« 

[ SO* 
; 4 35 
. 4.*S 

1 *5 

. .) 2 00 

. . . 058 

I 0 6* 
. 1W 


'*verv?iL'Ini"iT»- 1 

46.7 

44 II 

Umrtullhr Tni-J \ 

S’ -It 76 

usiH 

Unihnn'lTruvi 1 

li -IMD 

1U IS) 

Barclays Unicorn Int. (I. O . ! 
1 Thriftwf vlt r*rtJ4lrt' 1 O.M 

l. nir-c-m AuM. Ej.1 

1489 

52 b, 

Uu Aurf.Min.. 

%* 

33 2 « 

Fw GlUT Fadllr . 

682 

734 

no Inti. Income 

39 5 

42 5 G 

lin.1 rf Mnn T.rt . 

456 

441 

Do Mnnx Mutual 

266 

28.7! 


Eurir.if-C l.uv F 

•iurnx-v Ir.r 

f.v (ui . 

FB FarEuM Frt 
KMnll FurH 

KE Japan Fund 
h II US 1 .uih M 
st: net BemcjdH 
Intcmtl Rit h ■ t 


Lloyds Rk. tU.I.i in 'Iqr.s. 

rci V... 19 V Sf I Id I'm- ler-n- W« 271*1 

l.liitdxTil 1(08 64 Did 1 121 

:-evt <!>.-n1ir.i- riii)#- '•■■vi-mhcr !7i 

Lloyds Rank Full. Geneva. 

Fo% ; ai 1211 i.. i,i>k 11 iSuil.-rrl.iud 1 


I J.-vd- lnl ilimnli 
1.1 rod.- In' Im 


■FSilM 


271 Mj 
r.isj) 


2 00 
520 


Man a cement International Ltd. 

Bunk nl P-t-rimiiii. Km 1 Mm;. B+rmnda 

tanterhuryi.Fr 20 151^15 J .. I — 

,D & G Group 

Thrr< Gu»:.*.T'.ncrlIit!Ei~Bi'J!Q <i!45W4a38 
1 25) - 

U'5233 2ifl . .. - 

J1 111*' - 

1790 138 Bid +0 5 *369 

186 0 200 fl -0.9 *3.69 


Mlnntir ■'x-L ill 
Aurf- Ki No' 1 
r.ld.Ex Aci- N«i- 
I‘lun-1 

■Accnai Udu.1 


Samuel Montagu Ldn. Agts. 

1 14 Old Bn.-Ml St . 

Ap-!MF«1 2-nv I . . 

Japtcst 1V1 . . 

1 1 § •■roupNi.r I 

lITJerwyCNl f . 

I1".i*t*.| -u.-i n 


E-'J 
.NF4030 
HKHCQa 
V'-TIl » 
f.5 43 
fjSiH'IW 


OCOTW4 
43 701 -2.01 4 28 

Ulta-OM 07* 
nih-c nfl 2 10 
5*8^.... 070 


WBaihSl Si flcll'r 
sirrtine Ornaminalrd Fih. 

■ BS 

117 8 
la 10 

LD% 


Murray. Johnstonfc <Inr. Adviser) 

VM T3114 1ES Il-peSt •■•la-cmiAf ro|.~-| y-Jl 

-Hni«:.->t Id I 5US43 98 » I - 

•.Mum* Fund I 1US10 33 ] | — 

■..’.V Orlnhcr <1 


Negic S.A. 

:••» Botilov.-.td Bmsl 
NWO-r JT l 


1 ji -^ mhourc 

S'vlllS * 


I - 


Grom h' Invest 35* 3S8)-!4 7 00 

Intnl Fd 86.2 *3 21 -;.: 100 

Jew Energy Trt . 117 8 127 4 -l <1 1 50 

Unnvl STrt.Sit a 10 2 21 —UK 100 

Kl<n Int Stic. Trt LD% 0 99] . 1212 

t 34. Itatlar Itrnamlnatpd 1d> 

Univi.| »Tm 151 .<5 25 5 53d 0 1 fl 

IntHL-hlniTrt |si.SI97 IW-OOd *00 

VjIhc .%■«! 3 N«xt dvallln: Sl.- 4 f . un v nf Krrmiidu Bldc« . H..nul«Mi Prmda. 

Brown Shipley Tst. Co. (Jersey 1 Ltd. 

f-> • Box MS Si Hdlvr Jcrr-rv ■4M74T77 
Sierlmc bond f it |(9*8 10 01) | 1185 

Butterfield ManaKcmeni Co. Ltd. 

!*■> Bo* 1S6. Harm In-" . Bermudri 
FhititenvEnuny jSl'*a«8 2 57j I 153 Qsesl Fund Mngrant. ijcrscvi Ltd. 

J 8 87 PO Bnv '94.S, "Plrcr lerycy 0.=04=T«1 
For C'apdirex SA see under Keyscr SnimfSi'i!' .Sun awf I 3 !m 


N’egit Ltd. 

F.unt d Krrmndrt Bid; 
v.’.Y . n l ;u jt7 20 | 

Phoenix International 

P11 km TT -si rvi.-r IS-r* t’.uerni 
Inter lii'll.’.r l-und (32 30 2 48) 


Ullman Ltd. 

Capital Internal ionaL S.A. 

rue Ncurr name. Luxembourg. 
Capita! InL FumL.| susu.26 I .... I 
For Central Assets MngL Lid 
under Key ser Ullman Ltd. 
Charterhouse Japhet 
l.Pjusrnorter Row. EC*. 


sue 
Ctuurt Inil Rd 
Pnve m 


Ita'inj iu| 
Next denim; 


(Crt B. 


9.00 


01-2483000 

a +OJOJ 4 72 
-0JM 440 
*.98 
-rtLaH 5 20 


2.74 


M A- G UroupV 

Three Quay-!- TotvtHiII Ki'.:i:»:p*< "I *cr.4r+H 


iroencwird.bd‘ 

• rmi i'ir-r»~ii- 

F/JUII.' hond** 

E.v Y:-.-li}> d |5I ' 


AMEV Knvd Ini '*1 J 

.AMTUPrnp F\6 ; '(92 

AMEVMad l*en Fit jlW 5 
AMEV . Mgd Frr.T. 110 6 
•F)6v[(i)*n "vi*S3 

AMEVfFVMnlln?Wn 
Amerlrun . .164 5 

Inwme TO 2 

Int Growth .. .B4B 


Edj;i> Fd 

l-rvip+rv Fd 

Kix<sd ii:«9Txsi F ' 
• ilrf Ticpuvil l-'d 
Mixed Frt. . 


111.4 
fUSJ 
103 3 
100 7 
112 1 


General Portfolio Life Ins. C. Ltd* 

60 Banhokurr-i •.') WalibsunCrnsr. M.\'3l'/7I 
Portfolio h und 148 3 


73.21 - I 

mi* 


For \to» U)r Assurance see 
lYuvidnicr CqHtol Life Assurance 


Barclays EJfe ^jwur Co. Ltd. , 
25B RontoriUtai- El'. : F. n, '- v ‘- 

SarclayhdBds-.. 1128 1 IM.' 
EoiiiVvi— - . U*.7.- v — 

Gih-fdaed- - 108 3 

Property.. . v . 119 1 

Intern 4: onaJ 34.9 
Mananed . ... ICS 9 

Mon& 1GJ 5 

Mon. reus Aceum . 99.7 

Do. Initial 962 

Gilt EdgPeox Arc. *6 9 

r«o. li-lliiil . i. 93.6 

Mono? Pons Arc. . 1031 
Da Initial-.- . J98 9 _ 

•Current units value fwn- 


v 2 


PortJei 10 Cupiyol . )42 4 44 6| 

Gresham Life Ass. Soc. Ltd. Frv.m-r* 

2 Prince -jf Wales Bd B mouth H3J2 7B78M Pnipenv ;-e- 
G L Cash Fund 1*85 103 7 

G.L Equity Fund 106 4 112 0] 

*5.1. Gin Fund 112 6 1185 

n.LIntl Fund . 11024 107 S 

GLrpty. Fund IWJ -i03 5i. 

Growth & Sec. Life Ass. Soc. I Ad* 

n. .ui *hr -Bra; -on-ThmiF.-. Bt.-rk.- nBSft-.nan 
0, ;***“ H Fieri life Finance j 11.506 

•J — GwhiUon'c Ser% I 54 H 

-fl fl -. 4*ndhaik p. .. . \cr 116 7 119 

G & b. Super Td 1 E7903 

Guardian Rojal Exchange 

Hcyul E» i-han^n E .* ' .1 01S33 7IOT 

Property Boniiv ;1393 1977! I 

Hambro Life Assurance Limited ¥ 

70ld Pork Uvne l^.udw * | Uld'30UO31 NcIe>+:iilie«Vip 

Fiicdlni leji 


Ift 0 , 

nr* 

865 
1662 
in.6 

I'-iJ'U-i.! - 1071 

Inlr—i tiiiil •.■+,••- M512 
■Mp-in I'd *<i1 • M3 

MnnanedB'l— W0 4 

Her* I’cn-e-n— |2J9.9 
Property Rd ■ [1654 

Reix*it-n l -l Id • |692 

I • 

Mrrchatii Investor* Assuranm-v 
Iwn lire ii~- Itich s> Unw-ilnu Ml •V5 , <i;i 
159 7 


J 7 3) 
1762 

* 0 * 


112 5 -0 
IM s 

- US 

173tf 

. nt 

•Nnt S •’■•vl 


h-ouiiy 1 
Equity 2 
F« -.«•() lit 4 
M 4 

'T- u*.-y -I 
•iv r>vsu 1 

I'riMK-nv 1 
1 r. vi,.»l s-14 
I- * • n* r.p n 
h »■•-. v 

M liv’d IV11 .'.iu I. 
V.iiii! |‘. 0 %• •• II 
F liM Ivii • jji 
h Im *■« n \. i- 


v- 


Mi-n«* I 

*-f..|- Per, 11 

‘ nq- |v n A.,- r- 


7214 
1384 
U4 1 
109 4 
36 2 
1619 
12! 7 
123* 
,136 2 
209 0 
2513 
,63 
v.r.90 
*7 0 
18 7 
1069 
10B7 


233 2 
1-15 7 1 
141 , 
115 2 
»o.a 
170J 
12&2I 
»)! 
M3 1, 
2T0 U 
2MiJ 
lPIfl 
10 ? 2 , 
101 2) 
104 9[ 
112 , 
IM 5) 


ScoMich Vl'lriows' (»roop 

fJF--" 9tC. I -linJiijr.’b KjllHr.RI' tt I 1959 *4* 


' PI 1 . S-.TIO I 

r-i; ‘v.-rl. v- 



Fqu-.iv 
Equit> Fv-" 
Metier Mar'-vi - 
Money MU lVn« 
Ucp.v.it 
DepDMt Penv 
.Manoced 
Mimaced Fen- 
Intl.r.quny 
Fie Pcn- 
1 nil Mam^gi'. 
Du. Pmv. 


1M4 
589 
167 0 
1433 
1864 
131 1 
14*5 
!0b 1 
140 0 
951 
100 0 
971 


y 

M... 


• |..i- 


1 SI 

■r :;i 
1 


IW 

|99 0 

IM 2 

>134 b 
i’ot 3 


1043 
103 6 
105 
1« 1, 
140 4 
2603; 


-0 


Beehive Life Assur. 'Co. Lld-V 

71 . Lombard SV D.1. 01 4E3 1283 

Blk HcrM-Nov.l I 132.08 I I — 

Canada Life Assurance Co. 

2 6 H«sh a. Wot Bar. Heru P Bar 31122 
IV)I> GCtaFdNou. 1. . 1 611 I ....J — 

RrtniL FMLScpLT.I 1261 j J - 


Equity ... 
Property . 
Manesed Cap 
Maonced Acr . 
' rflr.cx* 

■:-.]l Edsed 
.‘iinerlean ii-r 



127 4 
179* 

134 21 
1294 



mj 

17*5 


142 7 
177.1 

150 3 
1865 


12L5 

127* 


1259 

1)2 6 


87* 

92 b 

l” 

129 8 

136 7 


Pear I Den Ace . . (153 3 
Pen Prop. Cap.. . 12115 
Pen. Prop. Arc . 275 7 
Pen. Man Cap tl!6 
Pn.1 Man An- _ 275 7 
PeixGI IlEd2 Cap . .|121 8 
Pen. Gilt Ed; Ate. 3129.8 
Fen. 3 5 Cap . . . pS6.9 
Pen, BA Ace. - — 1146 3 


Cannon Assurance Ltd* 

1 . Olympic Wy, Wembley FLAflON'B 01-9028876 Pen! D.VF Cap. 
Equity Units.-. ..2JU7U _ (-0101 - "cm. D.A f . Ase . 


mopvitv L nils D.945 

Fapi-ty BondExcc.. 0138 1204 -tUXJ 

Prop Bond Exee._ 03 3 34SM 

Hal BdJExra.L'til. 0334 14 1^-0 Ofl 

Tlepc+al Bond 113 J J19.fl .. f 

Equity Acrum 177 — I -l 

Property- .Acram. £13 27 — 

Mnitd. Aceam... 1642 


2nd Equity .. . _ S26 

2nd Property 107 6 

2nd Managed V.9 

2 ml Dervutt — _ 983 

2nd Gilt. 91.0 

2nd. A men can 734 

2nd Eq Pen* '.Kce. . % 1 
SndPnvFmrtAce... U27 
2nd Med Pen s' .Arc Z0Z6 
2nd Dep-Pena'Acc. MLB 
2nd Gilt Peaa'.Ace. 9L6 

f iKlAm. Pens Ace. 75.9 

.&ES.I.F 305 

L4ES.1F2 „B75 

Current value Nt*. 1 


Capital Life AssuranceV 
CuDlon House. Chapel A.-4» Wion 
Key Invest. Fd--. i 105 83 { 

Pocemakerlnv-Fd..) 187.41 j 


1041 

1069 


a* 

290 . 
LM3( 
134 , 
133 M 
153 a 


100 0 

NEL Pension* LLd. 

Milton CoJrt. Iiie>:ini-. v-uitp:- 
Nclev E(| „n 154 5 88,91 

Nele.-kq ■■•ran: !lW2 120 2 
Sole , v: int. 1 +■■ la; z 65 c 

N>l«, V«-r. \.riiaC 70 3 

.5) 2 53.C 

•!«V.h!lK I"- |53 1 55 B 

Vd V-.I F** « Op 494 51 

NcIMmI l-d V<- !5ti J3 53 4j 
Nr-, -vulv r.;,- ,ow-m)K-r 

SPI Pensions McnagetneuI 
«.'.rme -h.ir-hsL K' -U MHil 
Managed Fund 11553 1613! 


-0( 


-9 


Solar I .if' 1 Assurance Limited 

in p. F.', l U-]. 

S.iUr V..f,u.--~il S 

• .i.u e 

S' .,r K.iiii:; » 

*—-i '.r t- - .I In' * 

"•■‘i.ri ..«l, > 

- .-l+r lit’.l 

i. I 1 

vii;.irP"-:*-rj i- 
vnl.irF-,1 11. I* 

•...i.u ; vi tm r- 

• iv ,r 1 h P 
solar 'nfl P 


Adlropa DM30 80 

Adi verba DM5010 

H nixlu k 14C229 

Fondis . t«2ia 

Emperor Fund. 5320 
lli.-qutK'. n’M227 

Clive Inveslmenta (Jersey ) Ltd. ■ . 

Pri Rox.120.S« Ilrlira Jcrae* 0K*4J73<5I. 
IncGillFd rr.l, 1978 9 80) I UL00 

‘In ** 'Till Fd. iJq. >[967 9 59| [11.00 

Cornhill In*. (Guernsey) Ltd. 

P" hov 1ST. St Peurr Fort riumri-r-- 
.-tlnl Man Fd ]1710 186 01 -b 9) - 

DWS Dcnlsefae Ges. F. Wertpapiersp 

mnchurnwec m SOX' FmnUun 
luttfviu -IHM41M 4400I-.0-OI — 

Delta Group 

F'i |i, -v 24112. Vi-s-,u. K.lh.im ,v 

Dvli.* In* Nov 3 |5t’*149 J5W . . ,| — 

Lieu 1 sc her (nveslment-Trusi 
t 'o- Ur. -1| 2t«3 Kieherpa.- «• B 10 bUOO f ranldurt. 
Civi'-p-iir* |['M2aia 2Ult I - 

I, H hv-m-.T.SoTlj Ir-MhTW 73iaj-P.nl - 
Dreyfus Inicrror.tincnlal Inv. Fd. 

1 !■■ ■ M* v ■.'.I'-.ig, IlghinKi-. 

IWVil.tl j!l • 1533 1630 i - 

IcniFon & Dudley Tsl.Mtfl_frsy.Ijd 

I*. 'Ot/ 7 • 'lili-.-, Jen— v uwv Sijnl 

UK' 7 1,24 3 132 2' | 3 00 

The English .Assoc i a: ion 

! Fnrc v.rrci . D.1 01 Jffl 

Em- W*!irtw:- i£5B«* 50 50) . ) - 

iVjMs V'd“‘*115B 1205 | 

-*.^vl dviilinL- *.«i> R ■Ifnlmp 

! Eurobond Holdings N.V. 

H. i-.-li-Ivkkdn ^4 Wil,— mnis#d '*urai-»n 

I . ifi.tm, .Ariti'v Inlet. 15 I 'hrlst+pUer M 
■f'i. Ol-'-'IT 74«. Tele-., M1449R 

; N W per .hare' Nm X 5I'*ai P* 


O C.lnc. Fd. Nov 1 
•AC.ImlFdl 
OCSmCoGrl.il. 
Oj. .'7omn»>1iiy- 
OC.DlrComd': 1 


Richmond Life Ass. Ltd. 

46. Athol Strrat. D' oig I a.- 1.0..M 0034 23814 

■x, The SlIvcrTru a.1110.6 11331-0.71 — 

Richmond Gd Pd . 1174 123 (J _ . — 

Dol Plaunnm Bd.._. 162.S 17L2) -63) — 

rm Diamond Pd . K72 4 J004) .....J _ 

Do Em I ncnmM >lb5 4 # I74.ll -0.7) 11 55 

Rolhscbiid Asset Management (C.I.I 
P.O.Box sa. SL Julian* Cl Guernsey, msi 28331 
OCEq Fr O-rt.31 [53 4 56 bid . . ..J 2.88 

153.7 16353 .... 7 16 

31 2* 13fl . .. J 1 J8 

140 1 1485) . 1 3.40 

1444 153 6) . . 4 20 

1529.03 30 W ..I 0 65 

Pncisi on Del 31 Next deal me Sw 14 
»Pnce on iel li N.;-.t dealing Sw 7. 

Rothschild Asset Mngl. iBerrandai 
CO Box e&4 Bk »l Bermuda BM. Bermuda. 
Ke.vcrv'- \vurL- Frt JH'viD S 1Q2| I - 

Pni-e nn rx-t tl S.-vl Je.vlim: Nov 7. 

Royal Trust (Cfi FA Mgt. Lid. 

r*'i Bov 1P4 Hm-.-.ITrl «->■ Jvr-ev ANW 2744 1 
It T Inti Frt ]F.f944 2C07J . ... | 3 00 

R-Tlnlt.J'v hi iOOO 86 0| I 3 21 

Pnw» .-I 'VI 31 Nek 1 , dealing Nnv. 7 

• 

Save & Prosper International 

r Valine 10 

37 Bm.irt Si si Heller. Jerwry 0ra4.2nS»l 

U.S Del Urr -dnuuni noted Fuiuh 

(Mr V vd Int [921 *791....] 735 

Intsriial i‘.r *J 
F.irE.-*rtcrn-t 
N'.rth Vim.-m-an't 
•i. pro’-J 
Verllnjt-dennminaled I and* 

• n.innclv'apit.-ilo P31 7 243 9* -4 4j 2 58 

1 lannel ! -innrtiO 147 0 3J4 8( -l.fl 520 

iwimt-i . .1284 145?-’.',; 

-V(wn 1304 151 ?! -0 ’ 0 ?S 

St lived-”! -1068 112 9«f ! 1234 

•f rl'**v nn *vt l" ^v •-■'Jo- z 


921 

*791 

BOB 

8 74 

55 81 

60 14 

3 70 

400 

15 82 

17 29| 




r>c 


^:>*"‘ , " i ;F. & C. Mgmt. Lid. Inv. Advisers 
1 1 2 I_«-,rem-eFounlrcv Hill EUROfl 1 
IQ3 -rftii 

)• IT.: FH *»•• ! • 5Us5 52 . f -a 3-D - 

•Fidelity Mo nil. & Res. (Bda.i Ltd. 

(■• ' K-j- iTTi HamiUdn. Kchnuilo 


127 0 

114 4 
16? 6 

115 3 
1C2 2 

1266 
114 1 
163 ? 
,115 3 
101* 
391 



1 loiter Jot rev. 

05.M7358B. 

]71 

7ft 

| *« 

0 83 

ora 

511 

fc J 

U 5 

3222 

1*3 

*S 

. . | 3 71 

JM. -10*1 

r.a 


1102 

108 

.1 2 78 


Nun Aiiir.nre Fund Mangmt. Ltd. 
-mi A it , - ll,+i." Jh-1-.l..tm iWCir-.HI 
IV. f, I ,! Ini • •- 1 1 1 L- 153 2 161 S- } - 

Int hi. •1.1 v I (11 93 j [ -- 

Sun Aillanc'* Linked Life Ins. f-td. 
Vm M hail' « Mon w.-. Hur-ham 'Hrt.164141 


Pri 

New Tcai-md 

Mail I bmJ H. j |m- V 
Kiwi Key Ir.v Pl:o | 
(■mail Co - Fd 
Teehnr.ln— .■ 

Extra Ine. r d 
Exiraln-.- t*T> F 
Amcnrun h r) 
FarEasi Fd . 

Clil Ed_+rrt FH 
Con Depryql Fd 


"v'-.f decline TW I 

as. Co. it-.K-l Lid* 


—' Equip run-. 

Lid Fi.”«flnifP-»Frt 

. . ‘ .. ^raifworft Kuilll 

VI «S 4.(31 I III -m.il Itnt«,| IM 
fvepi il Fund 
'tana ted 1 'unrt 


1251 
155 5 
1161 
979 
*3 5 
10*4 


131 7) -i l; - 
111 2] 

-0.9) 


122 j) 
105 1 
lOifl 
1157) 


- 05 


Fidi-i.” \it- » 

l .rti-lity (r: FunJ 

Fiwiim e., - r .1 
v.,fc-:n: wrtd ■ 1 


Schlesingcr Internal inn a I Mngl. lAd. 

a; I^MoKoS, .,1 
AMI. .. 

- Mil 

• Mi Frt 

Int) I-d Jersey 
Intr.l Fd l.xmnrs 

• Far Eayt K und 

•Next roh day *.'m emher 8. 

Schrader Life Group 
¥ vlf-rpn^ Huu-uy. 1v.rl .nv.urh. 07^5 2T733 
lmomunonaJ luudx 

(.Equity 

SKquiiy 

-Kl-i-ftinlrn-i 
Sl'iscrt Inrcre-t. 

CMjnaecd 

SV uni, nod 


104 1 

lira 

14! 0 

158 0 

1388 

1476 

105 0 

m? 

173 2 

1310 

1227 

130.51 


si' c 22 10 ! • : - 

5( 42177 -? 3fl - 

SUS«BL*7- | _ 

St>14J2 |-0 1>! 

Fidclily Menu. Research rjersey) Lid. 

'A.iicrlvt'il o tu-nSi M 1 Idler. Jen-c-- 
wa* jT>.i 

-•rn- 1-lninl • jtj.5* [-207; - 

‘•'Tie' B P.i<-:'l:. L'° 73 — 

s-nr. >1 ■ \i.- • 1(13*1 1 . I — 

First Viking Commodity- Trusts 

4 4* r -wvv s .-5. Dim; la-,. I <1 M 
I’d -VJJ2 I t:i 3 -i Imr.h.ir & r -y I rd 

Vi. t-ati Mall i.mdon S'A'tT.'jH ui . cm 7657 Sentry Assurance International Lid. 


J. Henry Schroder Wage & Co. Lid. 

llM.'.'hvftpiide E- 2 m.mvtti 

* hn.ipSNrti 2. I _5US1I_45 )-0 12| 2 53 

Tnilsliv Snpi 30 
■,«i:iu r-I '.Ml :/} 

I1jrlir.il Kd Nov 2 
.i.-Ux-m, Md Nuv 2 . 


I iUSlI 

45 

-012 

5US137 OB 


S"‘32H 

310, 


S\19J 

2 03 



9 Sw 



2 38 
5 50 
0 42 


F-4 *• 1 it. T-+ 
K4Ui'H.'vT.I 


137 6 
1630 


3961 
66 0! 


VJ 
4 53 


Sun i.ife of Canada iVK.I Lid. 

n.lSSiaJS 07RieUE>62< 2. a .4 ■ (Vigour -t *tW| Y3BII 01 IOO.WjO] 


f'.OaZ 

J42 0 

r-s 0 
k-s 

116 3 
1J53 
1*8.2 


1654i 

*91 

ma 

*60 

100.0 

9S4 

122.4 

no.® 

193 4) 


-10 

-oc 

-0 9 

♦ i a 

+o.e 



Hearts of Oak Benefit Society 
13 - it. T avijBov'k pijL-e.wciH56.vj 0i-387(ioao NoTHich Union Insurance Group* 

Heart* ol r.'a'ri. . .137 7 1*8) I — 

Hiil Samuel Life Assur. Ltd* 

MA Tut. Addiscombe Rd . fro* 


— J — ©Property L'alu ..[162.2 


Property Serie* A [105 6 
Manacen L'riD . .. |16L7 
Marjii-nJ Srnw A |®4 
JUEosed£on«C |*1.9 
Money Unit- [122 7 
74cne;-SencftA ..991 
FIxidlM.Scr A 92.6 
Equity S+u-ie.v A ... VI 2 
Pn» Managed Cap 1411 
Fn> Manuiol Avc 150* 
Pn*. O'leen Cap ..1072 
Piw. iJ'teed Arc .. 3147 
.Pen* Eq inly Op 1110.1 
Pen* Equity Act. 
Pnx.Fxd.lnLC*p .. 
Pn>J7xd.IqLAcr . 

Feav Prop. Cap - 
Pen*. Prop. A« . . 


171141 +L1I 
11L2I +0S\ 

170 fl -Ml fa) 



7*0110x4 Nor* ,( h NFvl 3Nfi PSiKiSSUl 

Managed Fund .>2I4j ZZ5.H -LOj - 

. “ !«3B 3619 -2.i| - 

Property Fund |133 * 140 S 

Fixed !nl Fund 1519 1S91 M)a| 

Depart Blind 1079 113 5 +0 3 

Nor Unit i.'i l 15 1 220.6 


01-8894.353 pSSm'Fn, 


Charierhonse Magna Gp.* 

Stopben&on Use. Brunei Centre, glotchlcy. 2P”*S r e, | f S 4 nd - 
Ml I Lon KejTrc*0808-6tt272 
ChntaM Energy ..a p7J 
Chrthafc Monej- — 29.7 
Clin toe Managed- 34J) 

Chrthsfc Equity . -.[34.9 

MoSUB Bid- Sue. 

Manna Mettaged—. 


072 39JJ 

|1Mt , 

29.7 3LT 


34 J) 36.0 

— ... 

S4.9 36.9 

rmma . 

.1343 



1515 



1019 
IB4 
971 
1987 
1*84 

Imperial Life Ass. Ca of Canada 

Imperial Rouxe. Guildford. 

Grc Fd. Nov 2. |743 

Pezu. Fd. Nor. 3 — 167.8 T37\ 

Unit Linked Portfolio 

Fixedtnl Fd. MS* ■ JOl.M 0 + 

Secure Cap. Fd — *7 7 102.3 -t-o.il 

Equit>- Fond )97 j 102.4) -3.9) 

Irish Life Assurance Ca Ltd. 


Phoenix Assurance Ca Ltd. 

4-fl Kim; William >1 K* 4P4HH 014e6WI76 
Health A; : [310 i 316 

EbT Ph A-> 802 

EbT. Ph Eq E |7* 7 83 

Prop. Enmity & Life Ass. Co* 

119 Crtnrtovd MT*-* HI1I2VK. II I -HIS '4137 
n Silk Pr.jp Bd. j 185 * I I - 

Do. Eqntrv- Bd [ 76 7 )..)-• 

Fie:: Mune-y F-J . I 150 2 | | - 

Property Growth Assur. Co. Ltd.* 


.Vi Wun icse-stri: 
20! 01 ; - 


Vn-.'i? 1J ■ rlh 1813 I I 

M.pV U M;ir.--I US.3 I 

MuplL-U En-« 138 7 I 

l-cr.-.l t n Frt 2066 ! . I 

Tarpet JJfe Assurance Co. l.td. 

Tarr.et liou-t. iiw+hon-* tid <>l<»wiq 
TiUvKv 

Mar, F'i »)>.■■• 1*6 0 

.ILn. hl/nd Ac.- 233 7 12-J 9j 

I-mp Kd.1n>- . . Ill* 114 3 

1-l-v.p F,1 V,-. r 144 0 

Prop Fd ln> _ |lll 0 

r:-.l)lpl Fd. Inr 
flop Fd Inc 
Rv-t Pi in *.» I , i. l n . 

ReLt9u:i'.'4P P-u 
M..n Pen K.L.vr.. 

.t!:.n F+-.1 Krl" Pp 
'•llllVii.i'liAi' 

'".Hi T'-r. hd • ap 
Frt r Pv-n.Fd. ’. >• 

Pruy. lv *n ifd • -ip 
i,|iar Ten J'rt trr 
•iujr Pei' Fo'‘at' 

T> M-m rd Vi<- 
i' A.FCn.Fd ' ap 


196 
301 * 
7*7 

138 b| 
128 7| 
12*4^ 
163.6 
162.0 
103 3 

,01.3 
101 6 
ID! Dj 


I " 

-* I "J — 
+ 1 , 


tl.Fliuban-- Square. Eli 

HS.3 
2381 


Leon Houve.Croydur, vBflILU 
Property Funri j 
Prov+rrv Fu nrf 'A- ( 

71255 Aenraltursil Fund 1 
80.§'-I4) — Afrtc Fund. V | 

~ -lfl _ Abbey Nbl Fund. 

Abbey Nat. Fd.iAi.) 

In vesi merit Fund . j 
Invert uwnt Kd A' [ 

Equity Fund- . .. I 

Eqtllti- FundtAi .... 

Money Fund 

Money FuDd<-\. 


ni+»nW0G 


Bias Chip Nov. 1 

Bl.CpSr ITNovl 

Mnttttfd Fund 

City of Westminster Assur. Ca Ltd. Mansard. Sct.h . 
Rftigstesd House, fl Whitehom Read. ^ ~ 

Croydon C31Q2JA. 

West Pro» Fund.. 

Managed Fund . 


Equity Ft nd .. « 

Farm! and Fund 

Honey Fuad — 

<;ill Fund . 

PlU Fund 

Pens MngcLCap. 
Pens Mngd. Arc i 
Pens. Money Cap. „ 
Pch-l Mon^-.w 
Pen.. Equttj- Cap... 
Penv Enquiry Auc 


rtdonnCnlir 


6 22 
1824 
60-6 
Bl_l . 
lHe 
623 
173 3 
UL0 
1264 
47J 

So.) 

BJfl 


9tl 

„ Exempt Man. Fd... 11LS 

01484066A 

PrpAlddrth Scr U [9*8 


J.3 .. j - 

= 


®3 .... 

*82 

2506 

10LZ 

1148 ._.. 
19*0 ...^ 

223J 

105.0 ..... 


014888253 ^5l ua P :,J Y 'i! 


580 


Gllt-edsed Fund.... 

GiH-EdcedFd «A' 

♦ReU re .Annuity . 

Olrmned Ann’ry . , . . , 

Prop. Grom b Feusimw lc Aanulties Lid 
AllW th+r A. T 'I* [137 8 139. i 

VAilWeklherCap .MJ1. _ 139.71 


190 7 
1888 

800 8 

79J 1 


1580 


1586 


67 7 


67 3 

1721 

-0 3 

17L0 

-0.3 

1038 

+0J 

142.9 

+0 3 

1175 


122.4 


352.4 


1879 

IMS 



176.' 
127 fl 

.XBil 


m : . j 3 

_ aal = 


57 

6001 


Fund. oimeoUi closed 10 nw invuftzoeat. 


095 I 


King fit Shaxson Ltd 
Sl CornhllLECS. 

Bond Fd. Exempt . !101 97 11 »VJ 6B) ■ _ 

Ntit (tailing dolt -.'Jp-. 1 

Langham Life Assurance ca Ud. 
Un^ham Hv. Htilmbrook Dr. NU'L. 01 303 521 ! 

Lanftham'.V Plan 167 0 7C.5) ) — 

♦Prop Etond. . .1145.2 152.3 _ 

Wisp 'SP Man Fd|7T0 B10| .... j -. 

Legal & General (Unit Assur. 3 Ltd. 


Wnv.Kd.Ub, 

Pen-ilon Fd. Ui* 
1'Onv Fijim Fd . 

Ai ., , , . » Du Pax Cap. I , 
vat im ° T 3 *“* M«i. rear. Frt 
103 20)-- .. i — Man. Pom- Cap Ut 
Prop P--ji‘ Fn 
Prop.Fvjnv.'op.U'i. 
Bdis hoc Pen Ui; 
Blot S»e ’"ap. t’> I 


143-6 

1341 
152 6 
135 8 
131.9 
1375 
1516 
1358 
U50 
1231 


1B0 7 
1*6 4 
73 4 
UJ7 
124 1 
1127 
1318 
13/1 

155.4 

154.5 
965 
,*6 0 

fee 

Transintarnalionai Life Ins. Co. Ltd. 

2 Bream Hlds/. EU+INV 0l-405t>-t97| 

WTirlip In-.c-i Fd 146 4 
WtulipHan.d Kd 115 9 
Wan. Ekuid Id 119.7 
Mnn P».-n Frt (‘*p 323 5 
V^n Pen I'd Acr 131 7 
VMr.crt Inv Fd ,ntl*8* 

VMn(d ln» Frt Ait 49 6 

Trident Life Assurance Co. Lid* 

RcnvIaitoHr-ase illourcMer (M5226S41 

Manau-cri 

Old Mjjrl 

Property . _ .. 

Faiultv- Amertrun 
li.K. tiiuliv- Kund.- 

lllch Yield 

nilt Ethied 

Money 


ISO 
13 fj 
1 39 
c 

0 B0 

S £9 

171 
: 35 

5 22 
148 

0 *2 


1232 

148.4 

130 
157 2 


I5SJ 

162 4 


806 

85 4 

il) 

109 8 

1163 

-o.: 

1412 

14*6 


1225 

.1298 


125 0 

13L7 


9*.0 

104.9 

+oi 

1285 

1361 


1252 

1 ui 


130 2 

137 9 


1161 

123 b 


122.4 

129 6 


104.1 

no) 


1097 

1164 

1162 

123.5 


123 2 130 5 

r *75 38 i 



City <tf Westminsfer Assur; -Soc. LltL cLun!^ 6 _ 

Telephone 03484 S®4 

Finn Unit? 1 1292 

Property L nils _ 154 7 


Kindsuuod House. Kjngsjrooil Tadvvonh, Pen -ion Equity 


Providence Capitol Life Asg. Ca Ltd. 
30 Uxhnrtge B'vvl '*■ 12 SPii (11 74B91 1 1 
Set Mh Frt rap. 

SW.MM Fit Slit 


*58:-: I- 

Conunercial .Union Groap 


Do. \rtum 
Equity Initial—. 

Do.An.-um. 

Fixed Inirial 

TuxAccuta — 

! nil. Initial 


Sl Helen's. 1 lUideretabft. EQ. 
Vr, An.- Ac Nor .1.1. 56.28 

DoABWittyUb-.l 1883 


m wnn Do..Iv(mid .* ■ - 
01-aS7a» Miaaged Initial - 
-* 49J — Do. Arcuni — - 
I 1 — Property Initial . 


454 
[969 
EL 4 
E52 
116.2 
,119.*' 

1 ! 

117 6 
lUU 
: 2®0D 


fluTSh Heath 534S0 Pencion Km I fni 
1010 
1042 

1278 -0 5) 

1318 -0 6) 

1224 . 

XQ3 ... 

98 -.1 C 
MAS -l.fl 




Confederation Life Insnnuice Ca 


V&qult}’ fond ~. 
VUajiasedFand . 
<pMP Fund. ;-.... . 
PvnaLI'en Mngd, 
siiFn. 


Do. Acram. -.[103.1 

merol iLnii 


StaHstaMotv+r,.. 
Group Mnsn Pen . 
Frwdlnl.pen. ..., 
Equity Pennon 
Property Dairy on 


1686 

177.0) . .. 

U63 

195.fi 

«WU - 

7&4 

82 fl .. . 

78.4 

82 fl . . 

1978 

2012 

7060 

2504 

207 Bj .. 

1501 

§3? 


Legal t General 

Exempt Ca.di Imt . 

Do Arctm. .. . 

Exempt Eqt> Inlr 
I*o Acram .. ._.... 
Exempt Kijred lull 
Do Aceum .. -. 
Exempt Mngd InlL. 

Do. Acram. [133.5 


Exempt Prop Inn 
Do A crum . — 


983 

1009 

1340 

137 7 

1153 

1185 

1299 


105 jj 7.“ 
.1086) . 
Peon ooi-i LU). 


03 1 

*3.1 

1051 

1111 

1+7 6 

1315 

1183 

121.9 

474 

sao 

074 

50.0 

J47 

471 

S 7 

471 

47 6 

50.2 

47 6 

50.2 

45 0 

47.4 

462 

474 

45 9 

4Q4 

05 9 

48.4 

47 5 

501 

tt?5 

501 


198 J 
1004 


Equity 

— F.«L InL Cap .. 

— Fid. Inf Ace . 

— Intnl. Cap.. 

— Intnl Act.. . . 

— Manas^dFd Cap 

— Maiitnsod Fd. Arc . 

— Property Kd Cap . 

Properis F«l Ace 

„ Provincial Life Assurance Ca Ltd. 

— imn. Rl-.liap-ixlv.. E •' - 

— Prrtl.Mun.izcil Fd.jE07 

— Pror 1 3.-.S1 Fd . 'inb 7 

Gill Fund 20 J115 5 

— Property Fund 1013 

— ^EquiiyFund .. . .jlWS 

— *F»d Im FtaM 1*6 7 

I Prudential Pensions LlmUcd<6 


125.9 



1651 



167.6 


_ 

1098 

. .. 


1302 



1521 


_ 

75 8 



176 6 


- . 

.2738 


_ 

' 181.0 


_ 

900 


— 


Cornhill Insurance Ca Ltd. 

32, tomtiill. ECS . Ol-e»54!0 

Peb. CM IS... 11300 - j { — 

_poe Get I5_-.|54S -• ■ I — 

Matilb FdtjdLSLl- 11795 18981... I — 


Credit & Commerce Insurance' 
120.RegenlS« London tt-JK iFE Ol-BSMI 
C&CSfafii-FA 11215 UKLfl --I - • 


Next suf Ai>- Nov j' ■ r'rofi 

Life Assur. Ca of Pennsvlvanla 

WlToftU. OMWJBftv ErtSS'Sr ' ' 2998 

Rothschild Asset Manafiemcjii 

. . . 'Sl S«,i»hinnlj>n“ lA»n rt'»n K* 4 r*| H2G4.r-4 

"l-dylStt SXLrn.p. - :>20 6 128 3) ,| 


LvCDPGniw 197 4 1 0231 .. | _ 

Lloyds Bis. l'nil Tsi. Mngrs. UtL 


InlernBlional 

Fiscal.- 

Croixth Cap 

Growth \rr 

Pens Mii£d Capi- ■ 

(Ws 5In;d \i_-n . 

7Xen-3.Gld.Uep Cap 

Prax.Gld.DtrpAcc.. 

Pent.. Ppty Gap .. 
r ea>. Ptf \ci- — . 

Trdr Bond 
*Trdi G I Bcud - 

*I.V-ii ■ -vl'ir fo<- IHXI premium. 

Tyndall Assurancc/PensiopsV 
IS. Conynge Ryud. Brivipl iCT.' 32241 

2- Way No>- i 

RquiiyNrv.2 
Rond vn-. 2 
iTopcnv "mit; . 

Deptr-il Nvh 2. 

.T.v:,v Pn Oci 19 

0 wnx. Inv Stn- 2 
.’•In Pn.i-Wuv-1 2. 

Urt Equilj Del 2 

Ho. Rond Oct. 2 

Lot Flop or! 2 

Vanbrugh Life Assurance 
4 1.43 .Madden >L l<dn.«'lR9L4 
Managed Frt . . 

FquiC-' Fd . . 

Imnl Fund . .. 

1 t+rd Intent Fi 
Property Fd. 

■..lehFunrt 

Vanbrugh Pensions Li mi led 

41-i-l Maddw Sf.. Ld*. WIRSLy MI-4W 4ft» 

Managed. . .1990 104.31 -0 

EJi'i'U; 303.2 188.7 

Fmxflnujrosi. . ... W2 UI3 4 

T'fipert;. [99.8 105.3] I - 

Guaranteed «w -)ns Eai* Rafe;. table 

ci-»j5CL! Welfare Insurance Co- Lid* 

ijU J " v .'inri+derarfc Exeter ittK-MKO 

f60[ “ Mone.rniaki:rhd | . -1057 1=2 1) -II 

6 "r m h'-r turn)-, plea-e rvfcr to The London A 

Mkhi-hexfer Group 

r»«risr:i Windsor Life Assur. Co. Ltd, 

1 • 1 - Roc-iil Albert lire Sheet Si Wir.d-<ir 


01-43948231 


Ml 241 IT-33 

1273 
1124 . 

1216 
106 7 

UIO -12) 

101.1 . 


147 9 

155 7 

-0) 

233 7 

2460 

-1 ? 

960 

1(1 1 

-1* 

166 7 

J75A 


14*8 

157 7 

+i 7 

121 D 

1274 



-031 - 
-Obj - 


71 Uxnboid St . EC* 
Euempt ™-^.199J> 


U424 — | 7.77 


: ;20 6 

Nexl sub. d j. Derambu 20. 


UfrTr.i Plan- 

Fi:lurx_\j*»I iiih’.n 
luture'.-.'rt ''.Ui-f- 
Ret Xr»d Pun 1 


4B1-H 


174 0 77 9) 

22 00 

«MW I 
126U 


-I lex. In' . ui<r.uh . |1PE 8 111 flj 


FlemSnR Japan Fund S.A. 

17. roe N*-ip.- r».:irK- 1 uxenUiuurc 
FlemintNe :* I SUK7021. I -2 Bn! - 
Free World Fund Ltd. 

[ii'ltcrti'.lil BM;. Hanuilon.-RcrTnuda 
-.\V.v-.- r 4 S> . ■ V.-M9675 ! ! - 

G.T. Managersenl LttL ; 

Vurk Mvx-. lfi Kiwhury 1 : r.-ur. London E*.'2 
ill 01+5J3 CiOl TLX 830Mt> 

Lor, dor, Aui+ib'. (tff. 

» ni-tinr 1 P." UpiD . [SL'flW 1 lft j 
.Wp-hori.iltE-L-e- ,935 4.4,l-0O!( 

■\T,<-iior!rii Fil . IV.' .*5 25 556*. i 

An- hiTli,. I- 7/J (JO B 32 * 
hwrxl'i'-fd 1 SUF 5602 -LW! 
heriyl-aesr.-lj 330.0 33408) -US 

• ST Axiu Frt. , .|SH^ia U7M .1 
T ’.MuVvrlina ;£1615 172« I 

GT Xu'lrnllu rd. I.U0 06 ! I 

T Bond Fund j SUM* 14 i-0.40' 

■ • T Dol'ar F,1. . SUi.675 -0 I?) 

m rilr -wie;.- . FtJcB 65 9 02 -0 28) 

Gri-rcll.V.I T SUS1691 Jofl.-j 
'• 1 rVripriTVrFd Sil'fl’.B UPf -098) 

Ganmorc Iniest. Ltd. Ldn. Ag4s. 

2. Si ’1ar» c l.jurton L-.S . wl 
'•iniDorv I usd Mnci. iC.L. IJ4. 

41 Lrourt M »;i I ti-li^r Jx-r e;-. rtriH-TrtJ. 
Gill FuiiihJer-«»-, 1100 3 , 1 IJ 5 

GarnooTT- fund Mngl >Fnr FMi Ltd. 
l?<r. Hulch-.iO^ ll«e in llxivuur' ft.I || 

UK S Par U T>j . [SRiyiB uWi-CiXj 1 £0 
l ; >r«-nFrl E.2t : * 7 . 0 53 

N. MnrninnT«. . . fS.'TJW U4f. | 1 M 

Inil B* mj F ur.-l iSL.-iliuC ICiqil ! 5 bO 

'■•rUmrr Imcvmn Vlnp lad. 

I’O Ki>‘ TC. f’ou^la- lull IWMIEM! 

i.artmrre Inil In,-. I2C 9 22 2ii -0 V 11 50 

liannwn: Inil. GrthiU 4 72 81 j r -=0 

Hambro Pacific Fund Mgim. Lid. 

-I In. <~nnnausht Centre. Hone lion* 
f ar r-« Nm I. pHiaiW D55d ... 1 -- 
Japan Fund . 13151114 _ 

Hambros Bank i Guernsey) Ltd./ 
Hambros Fd. Mgrs. (C.I.I Ltd. 
rO.BtoKLUuernM.-y 046 1 2S>Ti 

v- I Fund .1147.1 rsi.r . . 3 ’0 

I nisi Ucnrt SUS UW 74 1131* 8 50 

int. Equity SLS1118 11.53 210 

Ini Svpu -V Si:t)lC7 1.10 

lnl ajsi- B SU.sllM 1 Ifl 

(Tire> on Ntr. l \'e-.i dealing No-.- fi 

Henderson Baring Fund Mgrs. Ltd. 

«K. GumrtMm Hou.-e. Hons Ron?. 

Japan Fd ’.'irt- I ,.|Jl :SO S61K ' . 

Caeilic Kd* Ocl 2Z Sl'<10 071 1 : 

Pa.nd Fd -On 27 . | 5L>10 9£T j ' _ 

’R-rlutnr xs any prehm. rha«<r< 

Hili-Samael & Co. (Gucrnscyi IJd. 

e l eK-b-. te S, P«er Kifl Guem>iw. - j 
Guernsey Trt . ]14$4 156.h -1.0: 3 79 

Hill Samuel Invent. >lg mi. Intnl 
P.O. Box S3. JCTi-er 0334 27>- ■ 

KS Channel I y V 1123 5 1 29 Bi . I 300 

boa 2622. Bern. SuiiterUnd Telex -’U2.' 

II.S Oxerroas Pd|18J6 19 (W *0 37! - 

I. ’ S.K Kd iAc-curi 1 - -. | j .. 

UrovsbnwFrt 1 \ec.. ! | I . 

)TF Kd , Vc "1 - : | | -. 

international Pacific Ini. Mngi. Lid. 
PO Ko> K237. "d ho m Sydney. \u i 
JavelinEquiiyTst ]L\2J3 24SI-U03I - 

J. E.T. Managers ijcrsey, Ltd. 

)*-■ Ho - 38 ''haniK- 1 Jt ix-y rt.\H 72'~. 

Jet^7E*lrni T.-t. 11710 iaiO|-ria' - 

m '>1 31 Next »ub, dj... No- jo 

Jardtne Fleming i- Co. Llti. 

4tih Kkrtr i. trnn.niLiht ' 'Piiirc Hon2 Kw.: 


F'J !'<■< 'C.-I H.-i.-nJlIon .V Bermuda 

Vatih-o.! I ,inrl -C3K iSlli . 1 — 

Singer & FrirdJander Ldn. .Agents 

2C- 1 .inr-r+lSl LC4 n:-2i05l84B 

I .-iond.. .. Item M H3fl! | 6 00 
T«, ,T-l f^-l 31 IliMT*#- .’Ji .) 1 44 

Stronghold Management Limited 

r 1 " Fa.iO! r . Sl Hvll»T >er?v 0^ 71*^1 

LonunC'd;!' Traxi 195-W 30P d3f | — 

Surin-rsI (Jersey! Ltd. it, 
yj< lu.-r. Rk> Sl Hi-!icr ':y I '33+ 2734* 
•■mcri'.an ind T-+ 

■ ■■ -r-r Tn, 


\T- 


|£716 
im 5* 
L10 96 


11 97i-0 111 -- 

11 201-0 '.-fl - 


TSB I 'nil Trust 'Managers (C.I.I Lid. ■ 
-»l>Rd M Saviour. Jer«. 0.’3M TS-lPi 
l»r..: i-'u'-l (SB 8 51 4! i 5 67 

-.U -i cluii-i i486 51* j s 67 

it ,v n ii “»-j" l ub ij; Xip. it 

Tokyo Pacific Holding* N.V. 

Snllint Manu-ja-nv-n* '"o N ".' «"i.-rara+ 

-.'li' |rt .'wri 'Vi jh 

T"l:>o Pacific Hldgs. 'Seaboardi N.V. 
>l.T:r ibih't«n> n’ *'u < ir+.vi 

•..\v ,-.-r •‘uri’ i "J- H'f-X.7 4 

Tindall Group 

r.W h.t iv 10 Hair.illrn 
'> -o. ' V' I |i'. -7 21 

.v’J In : 'u i3l'-'L7B5 
;X'- > .il , S! rlfilrt. Jron 


B-'i-murta S-3TW 
6 00 
b 00 

OKI* 37331.5 


T"I M 2 1725 7 CSj 

■ -.ram •- hero*- 0160 12 50i 

-,n-r'T-..OT 2 77 5 K5 .. 2 00 

.«-um-i,.nvv 77 5 85 fl 2 02 

F IT N*v 2 8*5 %0 2 00 

-., njT, ~h ,ri/r. 29 5 *b 0 . 2.00 

T 'Tsa.-; f •: No- . | 2164 229.4 . ... 6C? 

■iA-, : Ul% • iOb 0 324 4 . . 1 87 

, .ill r uml *’o- . 1 J1Q5.B 107 8 . ... 11 13 

. -.C-UT" Xbar.-.. |140 4 143 0 . . 11 13 

Virsorv House Oouflas. i-slro: Man. IK24 241 II, 
lit |134 6 UI E) [ - 

Cniiife Assurance lOverseasi lA(L 

T- ■ i r- l.’.R Hj.milloo UI. Bcrruda 
• .rorni Mft>d Fi! ISC^ M - I I - 

Union-Ini eslmcnl-GcseHschaTi mbH. 
1\- IIb. h |«TV7 l* iVHX' r'nnUuTt ill 


■.:r...Tl,cf— nail 
f .-.Xp-idll'l'. 
t'li '1,M‘ 
i nl j 

Ur I M-Ll-al l 


f^iiD 

I* 75 
41 83 
M SO 


UOOI-OMI 12M 


2?6fl|-0.-!Bj 
25*0 -or 
43 10) - 
63 frvH - D : t j 


2814 


41 Bfl 
6054 


UiL Ininl. Mngnntt. tC-l.i Ltd. 

Mu ii-irr wi.-eui M llelier Jer«»i 
i ; F Fund m-IOJ, USSil i 7M 

L'niied Slates Tsi. Inil. Adv. Co. 

\i |:-'v .M.lnii7a-r ).a,-a*IBbrtliri 
I - T-: Ir.v rnri. . | SUS10-M I -C 09; 0% 
Nrt o-tsci.-. No-. 2. 


r,. Warhurg & Co. Ltd. 

•■r.ita'i.'iniKf 


,'r 11.1 Nr-.- V 
Ki.-. in: 

... ,'t #Fd >\ 

-.I.V-; ril'd X-,r 

M-ra-'-in - Ml <* 


5US927 I 
il' -li 91 
, 5US7J0 ! 
: P -’J?j JOijl 

<*:'JU illO 33 10 5*1 


PI «n?4ft5 

l''*S! - 
-:0-, - 

“jo 17<J 


Warburg invest. Mn?t. Jrsy. Ltd. 

m ik-ha-r J-- r; "'Ji 7.r. 
•'■I 28 ]V ''.457 ■ ; _ 


J Ar line Esin. I 'l 

JarriineJ'pn Kd * 

JaniineS t. A. 

Jardir.r Flemlnr 
1 1,! 1 1’.> So----.‘tne 
Do iJiviim 

VAV »lr» |4 -fqui 
:.c\l -rib U> 


l i 1-1535)79 
ilK54 32.81 
SU.V20 89 
|.'hrial2 48 
IIKS15 60 
HKSl‘9* 


1-is-aFj 
I -0.°i| 


?09 
083 
1 70 


'Ml' I’d 
, r u-1 
•lrtiKT-l *■- 
■’■Mi'll! 12 
lvj "■» 


> 

• i* 

17. 


f 14 62 
f!?90 
Fnl.W 
Mill 


ss 

11 «! 


I - 


1*0.71! 

! *0.721 
a! SlSw’jJ 
31 


V.nrld Wide Growth .Hanagetneni 1 * 

V" I.'uJI-l'jr! tin .il Lu-.ftOihuijr; 
'■’•^rl-J*idc -ih Frf! V.S1S79 I-ChF _ 


.VOTES 


Pnrc- d-» not :r, k Jurtc 5 prcmii-m c, i-p* . -.«ii«Mi*-d -y .■nit.ir'-i* icr ur.lr--- o'r.nrc.'- 
imlia.ila-ri Yield* in Im - 1 nr- : nr -*l* nujipr, +-y-.*+ * ‘jiSui-.-J r.ri-.r* 

Iri-lui*" ,'H nyn'i 1 * b To-rUi}- * prt”i>. r Vie’iS • -a-* ■d'-n -xljer {iriro rt E-J;ri.v.-.| c T.-.-s.- . 
opening prlrp 6 tu -iriiiutioii tree L K. 'a. -.* B ( '■■•■li- i*rrr.iiumi.:i:r ,:ii;e lala*.- ■; 
fironuum ir"ira..i+- % OfftroH pn'-c ,"■. ! : i-. - all -."•.p*'n ••• •• «jp- • r.m. <•■ 

« lS:«.--,.rI I. ^ ir., liiio- ..II -i 1 r-j-.ii , IT,..,,... 

1 Nd <■{ to* «.n rcal!b«.l '-i.pit:,i .-wv ji.:r. • -r.-J-- '•< * • i.ucrx *.;. t >v. ;* V.-sed. 
t lieid fc-isws J'.r+c.- ’.a- ’ i-.-.u&di'Uv.",. 



-i - * .-S-if'Vjg*? 


Financial Times- Monday.;. 

appointments 





at 


GENERAL OUTLOOK 

Recovery lifts confidence 


general business situation 


4 monthly movins total 


THE RECOVERY is spreading 
to more sectors of industry and 
this is helping to sustain the 
recent improvement in business 
confidence. This was particu- 
larly noticeable last month in 
mechanical engineering and in 
shipping and transport, where 
there was a feeling that the 
shipping market may have bot- 
tomed out. 

Attitudes vary, however, re- 
flecting among other factors 
concern about the prospect for 
profit margins either as a result 
of competitive pressure or be- 
cause of government price con- 
trols. 


Deliveries 


Are you more or less optimistic about 
your com pany's p rospects than /oti were 
. . four months aj>o ? 

tte sector was last surveyed m More optimistic 42 47 

June. : — . : — — — — 

Attitudes towards the general ; Neutral « *9 — 

economic situation are divided. ' Less optimistic 9 I t 

with the optimists broadly No answer 3 . 3 

balancing the pessimists. The — i — — a— ■ 
main areas of concern are 
wages policy. labour relations, 

and outcome of a General EXPORT PROSPECTS (Weighted by exports) 

Election. * 4 monthly 

Both engineering and the ; : — 

chemicals/oi!«! sector are less j u , y . . unc _ 

inclined to expect their exports Oct. Seot. 


Balance ilUffi'imr flams' 

1 L— i- 1 1 

1973 74 75 ’76 '77 '78 


t w retired honorary chairman. Sr. liado 

Air. A- of nRlON been with the bank tor 43. yc 

■ . . October 1*78 >, 

toy- Apr, jSi'edOrion f BSki e M« l rai^ Mr. S. It Harley,; AdWi',: 

' -7 ° ‘. % i TMgr.HQT as senior . WaH cr. who Is on the gro 

45 . 44 60 14 - - 7. re n resents live National West- executive staff;- ' have -v* „■ 


5 7"- ,93.; 
2? 1 . -" >3, 


ninr^sentat Lve National ” ^ executive sw«. 

minster Bank in the Netherlands. appointed directors. 


Mr^A. 1 " W. Broughton has^eeh 


appointed an e ?® C “ha oTthe Mr- ' NomanFrarn. hasVftT - 
of Orion Bank in cbar e e w xne thB Constantine .Group Ha j.~ 
tteasury and fom* leSmllu aging - director of thef : prop 

department Mr- S. G- A. S<^nie^ devek , pment company, LQSff 

has joined Orion as an associate CLEVELiAN p ESTATES' 

director. :V 


June, while shipping/fTansport 
have become more hopeful on 
the score of overseas earnings. 


In chemicals and oils, the month, companies were inclined As a result, the Index for 
third sector surveyed last ro be less optimistic than when exports has lost some ground. 


ORDERS AND OUTPUT 


pace quicKens 


ALL THREE sectors suneyed r~ 
last month — mechanical 

engineering, chemicals and oils, 
and shipping and transport — 4(J - 
were more inclined than in 
June to report higher levels of 
ruder.i arid deliveries. The all- nQ .- 
i nd M'-; ry halanei.* of “ ops'" urer 

do’vna " for these two factors + 
an>l the index lor forward nur- } Q 
chusc* of material* and supplies _ 
arc all nuv ai their highest 
level -'i no; the opening months -jq 
of If 74. 

Ko r deliveries, the last time 
this level was reached on a .*c 
rifinv i vend was in the autumn L 
of IU7-. it should however be 


Order 

Books 


- 



4 monthly moving total 

’. October 1978 : ' : : 

Over the next 12 months exports will be: 

July- 

Oct. 

% 

Junc- 

Sept. 

% 

May- 

Aug. 

% 

Apr,- 

July 

% 

Eng’g." 

(non- - 

elect.);, Chems. 
% % 

Shining 


Higher 

72 

79 

73 

72 ■ 

79 •• 69 

■100 ; - 


Same 

20 

15 

14 

14 

21 22 . 



Lower 

6 

6 

13 . 

14 

— 1 

* 


Don't know 

2 

— 

' — 

— 

— ; 9 :.; 

_ 

NEW ORDERS 







’ . v"' 



4 monthly moving total 

October 1978 

The trend of new orders 
4 months was: 

in the last 

July- 

Oct. 

% 

June- 

T 

May* 

sf 

Apr.- 

July 

Of 

so 

Eng’g. 

(non- ; 

elect!) Chems. 
% %- 

Shipping, 


Up 

65 

52 

49 

41 

96 8S 

-.64. 


Same 

21 

27 

30 

28 

— -rV..; 

-29 


Down 

4 

8 

9 

13 

A ; ' 

• _ . 


No answer 

10 

13 

12 

IS 

— 14. 

: -v --r-7 _ .. 


j * • Mr. Tony Swaby has T 

: The follotving changes have hben appointed mi anagtag: direct® 
made on the Board of COMAG, j L FAIRWEATHER ■ ANET Cfi 
the joint magazine distribution division of the 'Wood Hall® 
company of Conde Nast and ^ Group, in- Huccesstoa.isl 


National Magazine Distributors. Martyn Btrt, . .who' hasjleft^ 


Mr. Allan Boddv becomes, a company. 


London ^ndersr^^y 


id i reel or. Mr. Bodd ?_ r t n “. rjj: become Its operations, 

?s,rco=,.eroM£ fi£sr,^:.;s?iss' 

director of CO MAG. Mr. Nicholas retmuig. .. . .. ... f . 


was client director, services. Mr- . . ' .1.:. _■ 

Rov Britton continues as deputy v Sir ..-Erie GnlBtWones^^ 
managing director with special . man. Commonwealth Develdpr 

? vaUlinnc Pftmm^tnnn ftn/1 TnarrmbirJ 


r AuS lu P |v ) Cheml ftinni™ responsibility for client relalions. CorporaiamL end-Tdiairm&ft: 

!** o/ ele£t.) Chems. Sh.gpmg, Cha p jrman ' f C 0MAG is Mr. Guthrie Corporation, taj r . 

» Fb /O A A -. Marcus Morris, and the deputy appointed . . president • .a£ 

1 “ -‘®v ' A ' rjiairman, who .will now be -joined ■ L«1.V KR POOL - SCH QftL~ l - 


noted that the question refers D^n 

to deliveries ns com na red with No answer 

the same period in the precci- 
ing veor and fnr many firms 

1977 was extremely poor. PRODUCTION/SALES TURNOVER 

Experiences vary from firm to 

linn, reflecting to a large extent : — ? 

rhe differing fortunes of. cus- 

loner industries and markets. Those expect j n g produccion/sales tum- 
Tlus is ■"•specially noticeable over in the next 12 months to : • 


4 monthly moving total 


October. 1978 


IW«»*i Up. Dovrr- 

1 L L, 

1973 74 75 76 


amor." en*:ineerinfi and chemi- 
cals comp*! pie*. In both .sectors, 
too. some firms reported .good 
exports v- hiie orhp'T complained 
of low world demand. 

Tho improvement reported in 
si* inning and transport was 
similarly patchy. 


Enfi^g. V 

(non- 
elect.) Chems.. 
% % : 


Rise over 20% 

7 

5 

2 

1 

— 

If'.:"- 

RISC, lii'.li'/o 

Rise 10-14% 

15 

17 

13 

16 

28“ 


Rise 5-9% 

25 

24 

32 

29 

43 

20 

20 

22 -32 

50 ■ 7 

Fall 5-9% 




1 



No comment 

13 

9 

9 

5 

32 

: : - 65 v 


Nast.' ° Lloyd of Wirral. _ 

- * . • ; 

Sr. Jafhie Carvajal y Urquijo — !*?’•' ^**'5 

has been appointed chairman and ^rri^r' 

chief executive officer of BANCO SCOTT 

URQUIJO SA. He joined the .TROMOTORS as financl^din. 
bank in 1882. became general He re mams contpaity -^eerm' . 
manager in 1874 and chief, execu- and - ^parent com' 

tive officer a year later. He is Laurence Scot L- -._-r . 
also a director of Banco Urquijo ' 

Hispano Americano, the . only. Mr. Brendan Mormon 
Spanish merchant bank lit., the .appointed... . assistant . ' ~<m 
City of London. Sr. Carvajal (external relations) by thlgg 
replaces Sr. Juan Liado Sanchez- iLANUFACTURERS^. :- '.iT?E5i.- 
Blanco who has been made. TI ON.- > ' 


50 


WEEK’S RNANC1AL DiART 


CAPACsTY AND STOCKS 

tt. r 5? II $ /O. irS I<Oil-9.irfe.n-5»T*|0 


STOCKS 


4 monthly moving total 


October 1978 


Si 


INDUSTRY IS becoming busier 
l.'iit it Mill has a fair amount of 
capacity lo spare. This is 
evident from the replies about 
csipnciiv uti!i-?iion. and also 
from iho^e d^failin™ the factors 
urliToh are currently governing 
output rates. 


There has been litUe change 
in the percentage of Anns work- 
ing at planned output levels. 
Over one firm in four si ill says 
it is operating below planned 
levels, while only one in six are 
above these levels. 

Similarly, production sche- 
dules are still largely deter- 
mined by demand rather than 
supply constraints. 



plaints of a shortage of skilled 
factory staff. These are more 
widespread Uian ever before al 
thi* s».a*;p of the recover- 
cycle. This was particularly 



July* 

June- 

May- 

Apr.- 

Eny’g. 

(nen- 


Raw materials and components over the 

Ott. 

Sept. 

%*' 

J«»y 

elect.) 

Ch«ns: Shining 

next 12 months will : 

% 

% 

% 

• O 

Increase 

45 

46 

40 

37 

72 

28 36' 

Stay about the same 

38 

37 

40 

43 

24 

.58 ' ~64 

Decrease 

7 

9 

10 

13 

4 

, " 1 — 


The following is a record of the principal business anting - . 
engagements during the week. The Board, meetings ' are «5 1 
for the purpose of considering dividends and official indicating 
nut always available whether- dividends concerned are'ihlenS-; - 
finals. The sub-divisions shown below are based mainly ijij ' 
year’s timetable. • " - V 


cycle. This was particularly : No cowmen^ 

marked in ennineeriny where Maoufaccurad goods over the next 12 
every firm interviewed last months wiH : 


month cited this factor. Incre ase 3 7 42 4 0 

Among the skills said to be Stay about the same 37 39 38 

hard to reemit are engineers, ; Decrease 4 3 4 

craftsmen, draughtsmen, tech- — — — ; 1 - r. — 

nlnl sales staff, fitters and No comments a H . 18 

engineers for plant eredinn _ _ _ 

and maintenance, welders and FACTORS CURRENTLY AFFECTING PRODUCTION 

tool-setters. 


42 

40 

36 — 

39 

38 

40 

36 

3 

4 

2 

4 

16 

. 18 

22 

63 


TODAY Southwark- 6 lapcRoi*-. JTS-Bfi .1. 

COMPANY MEETINGS — * • • StlBotk Coastal 9^ocWs.R«t S^rfaC ” 

Campari Abercom Rooma. Bisbop&gan. Win kin Cclllery Gets - ... 

JC 12 , • . . . , West Glamorgan . 

Downing and Mins. Chamber ol Commerce. 4 ] i«pc -.*:?■ 

75 Marbai-iie RLd. Birmingham. 12 Wlmbome ar-pcHtts Hed. 5; 11 J 80-^. 

Ferry pickcnng. Allen House. Nen«rke St. winkelhaak Mines 44.o:5S5p - 

liirTiKU-c FRIDAY. NOtEKMR 

Bw^Ru MEETINGS COMPANY MEETINGS— ' 

InYm Sa Mam. Winchester M ou 4 ..-loo. DW 

SrlL Car Auction - • *’««- - e ...... *•’ 

0 u 1 ci 1 A fn5s. <St ‘ ,r,lBfll *■ C wmc h 0 lmlae, H^n. 

% stfeYs: Houie m •• 

Intvrlmi y D - £«v. 10. Upper Gromcnpr^ ' 

ppcitev^ l " V ' English' Assoc, ol Amailtaiir-aS- 


ait. iia» IH. C.J * Shareholder*. 4. Fore 5L,- E.Q*3S 

DIVIDEND & INTEREST PAYMENTS— Martin ML PJ>. Great E astern ^Hoie 


As>»C British tocos Db HiPC. 
Berwick limpo StjocPi 1.925 PC 


Oowaier Coro «.I4 p (Includes supplemen- 
ur» distribution ot O.OSp o.a »r . 1977) 
Brjxton tst t.39aio. Ob 3’,pc . 

durlon Gro Ln 3> a pc— 


■Jt.XO. - z.' 

Notion, sayov Hotel W C w •»> 
Rivolj Cinemas 1517. kid 


Cadbury .Scbweppc* Lb 4tjpc 
-arpet* intL Db 4UPC. Ul 44pc 


1973 ’74 '75 '76 *77 '7 


After skilled factory staff, the 
next most wid»lv cited supply 
co-icH-nta* labour disputes. 
This makes .ill the more There is lirile change in the 
worrying tiie increasing com- trend of stocks. 


4 monthly moving total 


October 1978 


■gsurwulds socei 2.1 pc. . Lna 5*4. 3S»pc 
Delia M«al Db 5*pe 


Delta M«al Db SJjpe 
EKOnson Robinson 2.B0BP 
Distillers Ln S%pc 
OowBlna Mills 0.655n 
ilaco Dn S-'.pc • 

Frfediand Dooaart 


Chems. Shipping I Gibbons auSftnF 0.77°0BB7p _( Includes Tm 0 ’ Dredging •'*! 


RnoH ^Cinemas 1S't7._ Riidwte 

BOARD MEE'tlNGS— . I .'Mg? 

Finals.- • • • 

Wert Kiev- Hug be* 

' Interimsi STsf/*- 

Ferguson Ind. : 

Fonnuifi and Mason. -STSf- 

Xing and ihaxson . 

DIVIDE NO * INTEREST PAYHf 
Adwest 6.5n . - -W 

AmWciii' Express Co. 40ct» 
American Trust Deb. 3>«oc . . ; 


CAPACITY W0RK1RG 


4 monthly moving total 


October 1978 



July- 

Oct. 

% 

June- 

S T 

May- 

Aug. 

% 

Apr.- 

'% 

Eng'g. 

(non- 

elect.) 

% 

Chems. 

as 

so 

Shipping 

Above target capacity 

16 

18 

15 

14 

— 

— 

— 

Planned output 
Below target capacity 

No answer 

55 

28 

1 

55 

27 

57 

27 

1 

56 

29 

1 

40 

44 

16 

51 
49 

^64 

29 

7 


Home Order s 

Export orde rs 

Executive st aff 

Skilled factory staff 
Manual Labour 

Components 

Raw materials 
Production capacity (plant) 

Finance 

] Others 

La b our disputes 

No answer/no factor 


% : % 

92. 88 

56 72" 

40 - 22 


Supplaiiiertarv dlstribuOon of 0.027B2b7t> 
Oj’a . 6 . rnmhs so fi.781 . 


erhad 34.458B9p 


Metal Closures ia 

aa'S °- 35 '’ • ... . sgSsY"^-* if "fr-iSS; 

Scottlin Narthern r VnJ D r™« D Bre«l Chemicals Intnfi - l W.[<^ 

KhTSwSfe BsaY-PsbsSariMw ^ 

|^d , .n B r B, ?9^J arV . 4 ‘f ri ^ 0n " Ctiik 

I^A O-Tntnn^ . W ii 


elefuslon Drd & A 0.7D1S05p 

Watmouflhi 7 .2 d ■ . “dfjp- ~ : : — 

■ESaS. ^*ia{fc5SfiL £*• C lE57sa 4 kSe P ° 0n 9W “- 

Unry" Prop c«uuu»mi K nliJi Dunbee-Combex-Mara 3.934620 ; 

Queen St WCT^ Rooms; Great Dunhili iArffed> 0.09773 d. 

Lister, toannindham Mint ilruiiiw.' Edinburgh American Assets Deb., i 


Bra4Iord- . 12.30 EasMdM ”*“ • ! 

ic 7 jpflordshirq Potteries N 5Utlord Hum ^ etal 1.750 

3 Stoke-on-Trent. 12.33 w 0 rwtei. Falcon Mmca_ 3S:ts - 

- — SLard MEeTihGs— * E.* 1 £.' r !' 9 J J 5 cBds ^ ,,e 4 4 | K,„r,. : 

29 — • Finals .Gateshead 9>:n:Bd% Red. TBiS'79 4. 

AILed London Prtps. * KanV.tOorre. 0 Sr ' 

— — Anplo Scottish Inr. Tst. Hi-noih|re--9'4prR«j. 78-79 e^ibc 

A-TiMn. .» , Hyndbwri -9f^KBd5.«ed. 16 5 79 - 


E^VESTSslENT AND LABOUR 

Aiming for urods 


LABOUR REQUIREMENTS (Weighted by empleynient) 

■ ' 4 monthly moving total 


October T978 


th>; t:\<;i\'ri:ni\G and xhip- 
p mg /l rails port sectors were 
both more inclined to ovpcct 
ihvlr labour force to grow in 
the next year than they were in 
June. The index for labour re- 
quirements! Jins therefore edged 
up n notch but on a longer pers- 
pective the movement is not 
very significant. 

A more interesting, though 
not surprising, aspect has been 
the gradual decline in the per- 
centage of firms mentioning 
demand constraints and the 
growing percentage citing 
supply constraints among the 
factors governing manpower re- 
quirements. 


Labour 

Requirements 


July- 

Oct. 

% 

June- 

T 

May- 

Aug. 

% 

Apr.- 

Ju>y 

<v 

.0 

(non- 

clcct.) Chems. 

.'j -t? 

27 

21 

19 

16 

56 

3 

55 

59 

63 

67 

44 

47 

18 

20 

18 

17 

— '50 


V7 effect on the all-industry index 

— V Oir.MrDiwn: — was relatively small and the 
■p. j s ' general picture for capital 

u 1973 74 ’75 ‘76 ’77 ’78 expenditure is still encouraging. 

Liquidity levels in industry 
to be not so much recruitment remain generally satisfactory. 


1973 '74 '75 76 77 ’78 


Those expecting their labour force over Oct. Sept. ' Aug. July c 

widely njtpd. but such factors the next 12 months to : % % % % 

as plan- to increase produc- Increase 27 21 19 16 

tivity, high wages or other ; r — z~ ,, 

labour co5s in relation to pro- Stoyabartrtrcjan,. S5 59 63 6 7 

fltability. and tlie potential cost Decrease 18 20 18 17 

of redundancy payments or 

legislation ects ° f employTI,eat CAPITAL INVESTMENT (Weighted by capital* expenditure) 

Companies in the chemical/ 4 monthly moving total 

oils and ship ping /transport sec- ] 

tors were rather less inclined July- June- May- Apr.- ( 

to expert to invest more last Those expecting capital expenditure over Oct- Sept. Aug. July c 

month than in June. But the the next 12 months to •' % % % % 

effect on the all-industry index Increase in volume 56 60 43 62 

was relatively small and the Increase In value 

general picture for capital but not in volume 8 IT 9 9 

expenditure is still encouraging. — v - — ii ^ in 

Liquidity levels in industry S gSSSL «*22H I* n 1 ? 

remain eenerallr (SlNFfli'Inrc. Decrease 18 12 13 16 


'Finale 

AILM ..notion Orem. 
AurIo Scottish Inr. Tst 
Arenson iJK.) 

SiICDCrt Gundrv 
^edar | by. Tjl. 

Ztltl Pat on s 
-LRP In*. TM. 
lenks and cattol 
cssups 

,<artomir intnL 
W«u. Tit 

AoLbrcw inv. Til. 
Asscd. BrlL Foam 
Ik. ol Irotand 


CUrke i Clement I 
Deli Rue 
OMs 

Grt. Portland Ears. 

OX Baraars i1929> 

PawSOM iW. L.) 

Portvfioutn and, Sunderland Newsaaows 
■*e Sorts Adlard 
5cefcros 
tVfii thread 

Vouno Cos. in*. Tit. 


ibstock Johnson 2.7 So 
Imperial ChetolcaJ <nds Drd 10p 
Innators'-Cao- Truvt OeD. 2 DC 
Johnstone (W_;V.i I Jet* 

Klein wort .BIVhi Lensdac 1-0. 
ancluaes suoolementarv distrUjut 
0.037427 b a a vr. 1977i . 
LichDetd 9>-.ocBds Red- 16I5.T9 4^*0 
MFI Furnflure.-7.206B ' 

MaeLelfui ip. w.i 0.5p 
Mid-Devon _Var. Rue Bds. Red. ‘ 
£6.1 81 3 

M'dlOIhian V<tBCMo. Red. 16= 5 '79 4 
Milton . Key nos 1.1 ’aScBds.Rcd 
S’'I>DC. 

N-rtnarn?ron 9 : jpe Bd» . R ed. • 16. 3,’7V 
Redbridge . 9 hFcBds Red. T6IS.-79 4- 
R-ludc Assurance Sot ‘ 

Riyo'I Cinemas 1S.744p . 

£a-d«eli 9<*DtBd* R-d. 16.-S79 4!. 
Srdodeid >0^*DcBds Red 7'5 ao 5 
.Shiroe and Fisher Q.7» 

S trend 9 ipcBds Red. i6r5/79 4 Juk 

Ward wnHe t.34p 

Wcsr of Englsnu Trust . 0-80 1 7p J ! 


4 monthly moving total 


October 1978 


MA Db 5pc 
GLMC Ln 3twc 


«"*• I It. vvw-»a %»■ M'vnno » * . U-Mta I f r -i| A 

ND 4 INTEREST PAYMENTS — 30,6'7Bi. Do. 0.36«3« id.v.rr. 3 1 


Bine Circle Inds Oh 5 'jpe 
British E moire Bets General TruY. 0.53 b 
B urrouahs Coro 40CU 
Cowte <T) Ln Sue 
Econa Ln 3 \a( 


elect.) Chems. Shipping iFoden* Db auk 

% 0/ 9/ iGMJOno fSuoleyJ |nu i.eSb 

/e> /o I ImrY Proo 1 40127 b 

so 07 na "*■ i '-Wdoo Enr"o«n D Jo 


Suora 0.5613 d 
U* Ljde 6.1SB _ 

™n»Ort. Da* 1 -2.5 a 
UU Genitals in* Trod Q.4f2Ka 
VrEZMVESDAY. Wf'-'fVOBR 
COMPANY MfTTINfTS — 


— iuw T-ittiles winrheiter House. 100 Old Debt 1 '-toe 


W J ! ian»s and James 1 »055t» ' 9 I • 

Will* iGeorgei 0.921 2Sp 4 \ 

Winn I nds, .1. 36440' (iivludes ■ -It % & . 

rr.-ritsrv dlMriburicn d! 0-024*0 *Pj m 4 
W<-l»ertiam 0 ion Var. Rate Bd*J , 3j*e ~ & it 
4 3'33 £5. FBI 3 ' ’ t/i i * i 6 

SATURDAY. NOVEMBER 11 ¥ S 

DIVIDEND 4 INTEREST PAYMI ■**, ^ ai 

Aberd-en JOijoraan-f-d. 915 79, r, \ 

Aberdeen Troat Deb.- 2 bc '« J p 

Ananeo Trust Deos. TUB '*oc >U j « . 

Branl 12** pc Bds Red. S.SB2 6',. V* V —w J 
Brl-ish In*. Trim D-0. I kpc AC**. “ Y»- 

BurnMY - 10*tBtBdS.Red.'9'S'79 5'rA % * \ f 
□uccu-e Police 5>iiotDeb_ 1 ‘tuc. Os. *• a i £ f 
3«jpcD-b.. litirt. Do. Gas 3>;ocDei *-V ^ 

Forth Port*' Authority Skoc F 


i \ p-4 1 


The supply constraints lend difficulties, though these are too. 


COSTS AND PROFST MARGINS 


No comment 


Uncertainty about pay 


COSTS 


4 monthly moving total 


October 1978 


Broad St. ECS 
.*/-« TO MCfTTNG 
.RMU 
Barlow Rand 
Ceid. Mfg. . and Yrdo. 
1-h*™*d Ind. ■«»- 
ln t *rl—«i 
Ash Sotnnlns 
■»rtir»rt Otihn) 

Farter >johnl 
VwtHlIll 
■AH Samuel 
London and NM*rn. 
*!Du * t» hv Ms. 
Rradleut 'inenl. 



Volume of 
Purchases 


Unic cost rise by 


THE MEDIAN forecast increase More marked is the growing every month. They are drawn 

for wages aver the next 12 percentage of companies who from a sample based upon the Wa ^ . . 

months has remained un- are unable or decline to answer FT-Actuaries* Index. which -1^ — ; r=g 

changed at around the 11-12 per the questions on costs and price accounts for about 00 per cent — — — _?Z7s_ 

cent mark. But the median fore- -expectations. This was particu- of all public companies. 1Q-T 4/6 

cast increases for total unit larly notable last month in The all-industry figures are ” ' 15-1 '•% 

shipping/transport and lo a . . ■ ■- ~ No answer 

lesser extent in engineering. 75\i — : — — 

Unlumo nF Uiik cost rise by : w 

Of the three sectors, engin- volume ot ' JMt \ 

eering was most adamant about PUPChaseS ~ ” ' ' 5-9% 

not conceding wage increases 50 ' t- f~ — itM4% 

greaier than had been budgeted rs IV I »»» 

for. while chemicals/oils tended J \ i I 

to the view that they would be I | 1 1\/ 

influenced by the actions of 25'ff\ f- { Decrease 

other firms in their industries. j\ j: j “ ” ” No answer 

The outlook for profit mar- + f I l! I 

gins and earning*, on capital 0 ! — i ■ ,* i-l 1— — 

employed has heenme a liltle _ | 1 If \ l 

less favourable, principally he- W 7 . , L DDflCIT UADClHQ 

cause of a decline in optimism ^ . : ^ir^ci'CtMpiibsiwUw rnUrll IRA null!*) 

in engineering and chemicals/ 25 ‘ ism 

Oils. * 

costs and for prices have both These survpv.'. which are car- four-monthly moving totals 

edged up to around the 9J-10 ^cd oiit inr $ he ‘Financial Times covering some 120 companies Those expecting profit margins over the 

■per coni level. hv the T.ay fnr \e!son Group, are 11 industrial sectors next 12 months to: — 

In the past these indices have based uprtn PXlensive interviews (mechanicaJ engmeerins is sur- Improve 

proved r,i be good lead 1 no lea- wll h top executives veyed eve * 5 - second month). ~ Remain the san» 

tors of turning points. Bur the ’ Complete iaf*?w can be pur- — — — Contract 

upturn is of too short a duration Three hectors and some 30 chased from Taylor kelson and - — — 

yet lo indicate a trend. companies are covered in turn Associates . . No comment 


Eng'S- 

May- 

Aug. 

% 

Apr.- 

'% 

(non- 

elect.) 

%_ 

Chems. Shipping , 
_% % 

20 

15 

_ 4 

42 - 

69 

72 

72 

57 32 " 


Glasgow Irrod. 11 .bc.' Do. g>«DcRc4.. 
4^aoc. Do. Gu SIiocAnn (Porp.i 
Oo Gas 9 sc Ann (Parpi 41-oc Do. 
works FiiuM bust 2oc. Da. 
Works Fund -<1 Dobt 3*»C 1 l.pc 
Grant * James 1 CEasti Deb lUne 
Hamirn Angus Milling Deb. 2 >ipc 
L t«Os 'H'wBds.Rog. 5‘5-62 6>i.oe 
Lotblan 10>»cBdlftM. 9^5179 5'.«a 
M.rtJn tR. P i 3 5a 
..Newnam ■ 2'nocatJs.Rrd- 5:562 6- T i» 

. N. WarwUJcsh r* IDUcBiH.Red. - 

Ogwr* 10ijKB4s.Red. 9:5:70 SUoc 
Si. Edmunds htirr lO'iocBds-Rod. 
5 Vojc ... _ . „ 


o->-rtiurv -j.i m. rnmundsmirr lO'iocoas-Hco. 

DIVIDEND, 6 INTEREST PAYMENT^ — SUuC ' _ 

Rrn-ignTWf 6*>— SasR-d B 1 T 7B £3^214 S.'ottisb j Mortoioc a»d Debs. 21. 2 
Fiouty *E> 1. 12o S-cond Alliance Trusi Debs 1 J. 2ti. 

f?r*mnl*n 9*v-B4s“»4 !411 7® £4 421* Securities Truss ol St-r-«d Onbs. 1 : : 
Vlr-H HPk i‘ii 78 El i’U Somnwnrtllo iWm.i 6p<M 2.1pe C-s.; 

“ ' “ ---- - - .* ( tv E 3.A2i4 _ S Xestevon IQLneBdsRed 9 5 79 '*1 .* 


•H-rt-s.-r 6%ocR4.o-K n-t*»TV (3.12U S kesfevon lO'-ncf^i. R»d 0579 
mt— l.-rf nc S. . PamOroPcshLre J 1 'socBdi-Rcd. 

Nni-w>r(i &v-> hd*n-d ■ * ’ren « aSrtA Si.'mK ... 

q«Tt|M. 63*nrBn*R M B'ltro CJ.421A S’ RIBSI* lO’.OCBds Rrd. 9'S 79 5' 

B--J*nrtshlre . b^iOtiad/Y-Mj S.11.TB Tan«e*i«Sn 12No:BaS.P«> 5 5'B2 ,S?> 


B-iJ*dntshlre . 6'iOCBd.- V->4 . 8.11,7s TJirwIrti' 1 !SkRm.PM 5 S'B2 ,G'i 
_ ' .... Tanifridge TZ'ju>cBds.Red. 5:5 B2 6 ! 

, 1 6VorB(t»R*a < >17P £4.4214 Un.rOY'l D»b: 2'snq ■ 

l ~~ Vrrpi-lve* S*.rtartj*«d -ll IP £4^214 Urn. Wlr* SorPl 1.75be 

_ ■ :llr m !- n, i- 6 T,'?5 Wcd W'-T' 7 * £4-1214 • -. WeeUPinaje' lOirocBds.BM 9‘S79 

- Ln 5 .'jdc - - ■ 

T K to «ir Mall.ng E'.ocBdsP-d 3 1 1 7f j 11 '■ ll ‘ l " ' 


<M% 
5*9 % 
10-14% 
15-19 % 
30-34% 
Decrease 
No answer 


£4.4214 ’• ‘ ' 

T"M*S"*V. u OVEMR£R 9 
rgVMNV IV CCTINGO— . . 

jartn-'Wm 1. B-rvnrdn Hotel. Bag'Shei ftd. 

Sir^nQhflT. Berks. 10. 

Xwahu 25 3S Ctiv Rd. EC., 1130 
M*hot.E 5I».. Hrdc P»rk M-rei S,W, ij, 

?!» ,ee ,ny5 -- -129-142 B-flihloy n a % 


I fgVMnd Trust. • IB. Canynge Rd.. ; 


HOW TO SUSCRIBk 

"■ to 

THE WALL STREEtew^: 

- milPlUAl 


B nasal 12 . 
stj»«d meetings: 
. Finals: 

Hlasani 

>j*’na i —sc Sranm 
.v«iL Bk. AieMln,! 
°CF 

InMdndl G»ar Case 
weod. Hall Tot. 
Intortfu: 


1 * cow iV- w Jw 

1 I ! 1 1 

197d 1675 1076 1977 1978 


PROFIT MARGINS 


4 monthly moving total 


Improve 

Remain the same 
Contract 
No comment 


July- 

Junc- 

May- 

Oct. 

Sept. 

Aug. 

% 



"32 

35 

37 

31 

45 

27 

26 

26 

21 


ntl Denial and Ind. T*. 

«'U|l|l RefMlIleg 
‘ *-eb' Wlllamk r Builders) 

Nttro.SecA TM. 

“ort*e mb O-ibom 
r-*w*m •!>* - TB. 
flswk* Mda. ■ 
fl , ’TW«D 4 |HT»**it PAYMENTS— 
Rr.rmi._- Mines* 13.902 Mb 
niSRW To- 

B.024^ 'indgdos mn k' i wim ' . dtatrf- 


October 1978 

Eng’g. • _ 

(non- I 8.024 j 'inctwn* MooienuHwv 

v » , _ . j . -hurl M of 0-335o O'* r*. 1977? 

elect.) Chems. Shipping 1 a rtisyiarg J s»y«p 

as ns rr'"* 1 Kinross MIm ILSllnTa 


Kinross MT*n 16.537070 
Kwallo 1.840 

Laolio Go , 6‘Ml“d» S.nogrn 
i w Hi«» a P1*Hnum S3>«, i 

~f&^SkMSF* ****^-1 


Buswrki rf . Platinum let. 

5L HNanaCdld MlnnG3.7Z1lOB ’ - 

51. UM-M &IKKM* Red 7 lirn 4)«or 
Sdl|h«lf T T t T9 (),/'*' 

SdHWW-B'tMMi.M. 7i1«iT» «>mw - 








. JOURNAL H3|V 

Rate for U.K. & Contincn' * 

• - ' Europe ' i-n. 

S190 r 1 year ‘-.f ■ . 

■ $100 6. months* .. v - 

SSO 3 months \ . 

Payab-c in dollars or equlvsti '' ■ - 

ia local currency. X - ' - 

Delivery by Jet Ai. M; -i!« 
from. New York every bujin. ’’ • u 
day. . 4 1 

( Other area, rates on rcqu« ", 

'Send order with payment' f ' " 
THE WALL STREET JOURN. 

• int omati onai P res* Centn 
; Tfi Shoe Line . 

London,' €C4, England 
Atm.: Mr. R. Sharp. - \ 

Abo available at.mafor n<yK. 

: stands -throughout Europe.! 1 iS^ 
ASK FOR IT 




\ W •% . 
. \ V w 


- •• • ' •* : > ‘‘-'-V * • .-peHes 











.'Ifb'yeiaber: -.6:. 1978 


jfcfcf-j. '. 


ii '■ ' 

JWSr^ 

4«3i» 

M* ■>. 

.K ’ I« 

I?. A;-,* 


J; V ^ 

^r;- . 

r ~4*r 

fc5«ii 


fn"5*tV 
■ ' 






s** 

5c. •-'■•• . ■ 

v -v • .-• 

aft'#-**. ■ 


3Kv 


«%^5- 


KSV* 

li -'■“ 


^ ' 


”W ~ t 

a?n- • 

.:. V 

7 *." 


- - : 

S-'.u- :• 


(KTS? 


- i 

it 


PI AM & MAC HINE RY 
SALES 


. Description . 


Telephone 


ROtUNGTOLLS ' •• • . 

5fo x I2fn x JOin wide vanablespeed 
. v Four High Mill. . . ,7*. • 

. 33In x 8in * 9in wide variable Speed 
Four High Mill. i • ; ; „ 
lOin x 16in wide fixed speed Two High MHl* 

10in x I2jn wide fixed speed Two High Mill. 

. J7in x 30in wide fixed speed Two High Mill. 

1 2$in x 36in wide x 300. HP ;Two High Milk A : : 
'J973 THOMPSON & MUNROE STRIP - : ••: 

STRAIGHTENING & Cut-to-Lerigth .machine. 
1970 CUT-TO-LENGTH UNE max capacity 

1 .000 mm 2 nun x7 tonne dbil fully . -7 . 
overhauled and m excdlenr condition. - 

STRIP FLATTEN AND CDTtTOtLENGTH.UME 
by A.R.M. Max’.- opacity .75CF mm x .3 nun. • 
■RWF TWO-STAND WIRE RATTENING AND 
STRIP ROLLING UNE; 10m x 8}n rolls-* ; 
i7S h.p.-perroU stand. ^Gom pi ete With edging 
rolls, turk'n head, flaking and fixed recbiier,. . 
air gauging, etc. Variable line speed. 7 
0/750 ft/mm and 0/1.500 &/min. .» -. 

SLITTING ONES (2) 300 rem and 500 mp • / , 

capacity ’ ■' 

-8 BLOCK (480 men). IN UNE, NON-SLIP WIRE 
.DRAWING machine in-oxcellent condition. -. 
0/2.000 ft/min variable speed- Ifl h.p. per; 
block (1968). . ■’ - 

2«n DIAMETER HORIZONTAL BULL BLOCK 
by Farmer -Norton (1972): ■ . V -•. . 

PACEMAKER SIX BLOCK ( 22" x 25 h.p ) 

- variable speed- Wire Drawing Machine by . 
Marshall Richards 7 

2 15 DIE MS4 WIRE. DRAWING MACHINES, 

5.000 ft/min with spoolers iy Marshall . 
Richards. 

9 D4E. 1.750 ft/min SUP TYPE ROD DRAWING 

• MACHINE equipped with 3 speed 200 h.p. - 

* drive 20in.' Horizontal Draw Blocks. 22in 
Vertical Collecting Block and 1,000 lb - -• /. 

Spooler.- (Max. : inlet 9 mm finishing down 
to mm copper and aluminiumL ’ 

7 and 7. ROLL FLATTENING & LEVELLING 
MACHINES. 

100 TON CAPACITY COINING PRESS by 
Taylor & Challen — virtually linusecf— fully 
automatic 16Q s.p-fn; x.24 mm stroke. 
HYDRAUUC SCRAP, BAUNG MACHINE 
by Fielding S Piact. fully reconditioned.; ■ 
TYPE 10004R CINCINNATI PLATE SHEAR 
max capacity .1000 mm x 25. ram M3. Plate, 
complete with fuB range of spares. 

No. 1 HCEP SHEAR, max capadty SO mm 
rounds. 75 mm x 35 mm bar.'400 mm x 1.0 mm 
flats (spare shear blades). 

CAYMAN ALLIGATOR SHEAR,. max capacity. .. 

90 mm roif.nd5,.3Q0 L mm x 40 mm bar and 
% 600 mm x 16 mm flats (-space shear blades). - 

No. 34 OLIVER QUICKWORK SHEARS rout . 

capacity 10 mm. - 'MfwSteel.j 
CINCINNATI GUILLOTINE 2300 rim x 3 mm ' 
capacity complete with magnetic sheet r r 

supports and motorised tack stpps. ■ ' 

1974 FULLY. AUTOMAUBVCOLD SAW. ‘ 
by Noble & Lund with batch' control. 

3 CWT MASSEY FORGING HAMMER— ' 7 

pneumatic single blow.-* 1 '.-. 

COLES MOBILE YARD CRANE, 6-ton /,; . 

- capacity lattice fib- •' : • 


0902 .42541/2/3 
- - Telex 336414 
0902 42541/2/3 
Tdex 33WI4 

0902 42541/2/3. 

Telex 336414 
0902 42541/2/3 
' Telex 336414' 


0902 42S41/2/3 
• Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 4254J/2/3 
-Telex “3364M 
0902 42541/2/3 
• Telex 336414 

0902 42S41/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 3364M 
0902 42541 /2/3- 
Telex 336414 

0902 42541/2/3 

Telex. 336414 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3- 
r. Telex 336414 
.0902 42541/2/3 
Telex. 336414 

0902 42541/2/3 
‘ Telex 336414- 
■GSfl/2/3 
Pelifex 336414 
0902.42541/2/3 
, Telex, 3364 14 
0902 42541/2/3 
Telex 3364)4 


WALDRICH COBURG HYDRAUUC PLANER 

capacity 160" x 50" x 50". Almost new 

condition. . 

4.000 TON HYDRAUUC PRESS. Upstroke : 
between columns 92" x 52" daylight 51 . . 

ANKERWERK 400 TON INJECTION MOULDER 
; . .. . 

UPSET FORGING MACHINE 
• 4" dia. 750 tons upset-pressure. 

2.000 TON PRESS. Double .action area 132' x 84" 

WICKMAN 2) 6SP AUTOMATICS 196! and 1963 
EXCELLENT CONDITION. . 

WICKMAN T i" AUTOMATES, 6 sp. Excellent. 

WICKMAN IF AUTOMATICS, 6 sp. Excelient.; 

CINCINNATI CENTRELESS GRINDER. : :r 

Excellent. 

LINDNER JIG BORER, yeiy*ceurat®. - * 

SLOTTING MACHlNE.^ ^ 14" itroke’ excellent. . 


. 01-928 3131 
. Telex 261771 
'TO I -928 3I3L 
Telex 261771 
. • 01-928 3131 ' 
Telex 26 1771 
01-928 3131 
Telex 261771 
... 01-928 3131 
: Telex 261771 
“01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 • 
'.01-928 3131' 
Telex' 261771. ' 
'-’■01-928 3131 
telex 261771 
- -01-928 3131; 
Telex 261771 

. 01-928 21 IJ‘ 

- : Telex 261771 


LEGAL NOTICES 


-r 


no. <wwei of i«y 

the HIGH COURT OF -HrSTJCE 
nory Division Companies Owl -3a 
Muller of FRANSES OF PICCTOflXY 
TITED and jn lie Manet 
ipanira Acl. IMF. ' • 

OTICE IS HERFJ3Y GIVE!* Out jL 
-lion for the windim-bp "of .the. above*. 
icd companr . hr rhe Snrft Coutr.-of 
nor- l^as. on Ihe s«h das - of OrtoheT 
.. presented - in the isrtd Coon /by 
S COMMISSIONERS OF “ CUSTOMS 
3 EXCISE of £Hw'» Beam' House. 
1 Mart; . Lane. Lnadnn. EC3R . .TRp. 

that the said PeUUon is dlredefl. 
-m heard before the Court sUtltui at 
Royal Conns of Justxx. -grrand. 
don W(TA SUL. on the 27UJ d»’ nf 
winter 10TS. any » nx creditor, or 
rribmory or rhr <atd. Company desirous 
support oY oppose the TnsWng of an 
er on the said Peililon, mar appear 
ilie itme oFheannc » -person or hr 
Counsel for »at purpose? and a copy 


of- the 7>ctltion wjH be fumssfoerf by :he 
oodmigned lo ai». CTMlitor or comribu- 
tory of th*' S»MT Carttpahy requlrtof Wctl 
an>! on pajmeht of Uic.resulaied charge 
for the same ' '* 
fi. y. CLOAK. - 
. "• Kuuds-Bcam Hoosv, 

, 51 MI Mark Lane. 

London ECJR THE. 

Sottritor to HW Pelmoners. 

NTOTE.-iAny wnwH u^to inientls to 
apnoar on ihc heanaa of the said Petition 
mils; servo on. or send by post to. the 
abmr-nan>ed notice- In wrtihw of his 
inieniton so to do. The notice must stale 
the oarao and address of the perron, or. 
if a flrm/ihe name and address of the 
firm, and xmifi .be stsued by the person 
or Ann, or his -or then- Solicitor i if «ny«. 
anil must be served, or. if posted, musi 
he scot by post m sofflclen! time in 
reach the - above-named nor later than 
four Tn’cfock In ■ the afternoon of the 
Slth day of November 1978. 



Hill SaGiuei & Co. Limits announce, that 
.with effect from Monday, 'November 6th. 
1978,' their. Base Rate’ for lending will be 
increased frppi 10% to 11 per annum. 

Interest payable -on the Bank’s Demand 
Deposits Accounts wUl be at the rate of 9% 
per annum, 


100 Wood Street 
London EC2P 2AJ 
Telephone: 01-625 S01X 



HOME NEWS 


European Monetary 
System handicaps 
UK, experts claim 



Bank’s lending rate 

increased 



BY MICHAEL BLANDEN 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


AN INCREASE in iht? Bank nf interest 
: England's minimum lendin? rate derision 
on Thursday appears possihJe may be 



BY PAUL TAYLOP. 


rales this week. The pennd. Thus could point to a 
f»n tbc JeveJ of MLR further rise in the money slock, I 

... . influenced by the though it is thought unlikely' 

pp.- ! after the sharp rises in the level latest banking figures tomorrow, that its growth so far in the cur-| 

BtaTAlN SHOULD not join the sterling to the currencies of 'of short-rerm Money market which will provide the flrst rent financial year will remain! 
proposed European Monetary other cnuntrics which have., rales towards the end or last pointer to the - performance of well within the Government's! 

in on the present endemieallv. a lower inflation; week. the money supply last month ceiling. tTHE Local Authority As^ncia- 

terins according to most of the rate. I So far. the authorities have City observers expect the After a 1.2 per cent cenurally j tion has met Mr. Peter Shore. 

» a ° v ‘ ce reived by an all- "Such action would not do : resisted the upward trend in the banking system's eligible liabiii- adjusted increased in sterling M3 1 Environment Secretary, at the 

party grtnip of MPs inquiring much to bring down the rale of i market, and the Bank's MLR has ties— the main deposit funds of during the September hanking j Consul talivi- Council on Local 
1D tr 6 su ^ ect - inflation in the UK: it would -been held steady at 10 per cent the hanks and an important month, the increase in the first] Government Finance for the last 

. general sub-committee of weaken UK competitiveness jnd|sincn the early -June financial constituent of the money supply five. months of the year had been j time before the announcement 
xpe v d,ture Comi niltee on so lead lo lower exports, higher 'and economic package. on the wider definition (M3)— running at an annual rate of of the 1970-80 Rale Suppnrt 

rnaay published nine of the IS imports. lower output and higher In the last week, however, the tn have grown rather more around 6 per cent, compared ! Grant Settlement nn November 
memoranda it had commissioned unemployment than would other- pressures have increased, with rapidly during the month to with the present official target \ 24 . 

or r ® c eived on the subject. wise be the case. short-term rates in London rising ntid-October than in the previous range of S to 12 per cent. 

At the openiog of the first pub- "The effect on confidence in 1 further after the renewed in- 

uc Session, Mr. Michael English, the UK — particularly confidence ‘ creases in the U.F. 
chairman of the sub-committee m building up and developing] The. decision hy ihr hip bunks 
ana Labour MP for Nottingham export markets— would be likef\ to lift their base rales for lend- 
West, commented that the to he perverse: - - ' iing'hy li per cent tn lit per 

memoranda hud been generally "As things stand, nianu fat - 1 vent. reflected- the -sharp rise in. 
adverse to the proposals and only turers ckji have souip confidence ■ the cost of money in the market. 

□on-professional economists had that the exchange rate will move | The role of MLR a.^ an mdiea- 
advocated entry. in such a way as lo prevent sub - 1 tor of the general trend hu* 

A memorandum from the stanliul losses of competitive | been diminished since ihe 

Treasury outlining the back- power. Within a European . formula which linked it tn the eluding higher interest rates and for extra lax relief this year, orjhoth the level 


Deflationary package 
‘to be expected soon’ 

FINANCIAL TIME5 REPORTER 

MONETARY PACKAGE in- in the current financial year, and 


The discussion, though perhaps 
noi the argument, is now mer, 
It is understood that Mr. 5h'»r? 
has also coni older! his discus- 
sions with Cahind vnln-.-gues 
about ihe size and chsirihulH'n 

formula fur rote support er.ml 
nc-xl year and ihat tin- ftgnn- - . 
have already been fed tnin 
! Depart m on i computer 1 :. 

A mimhor of hrnad hints .il.<un 
nil the di'irihu- 


ground was pubished on Wednes- Monetary Agreement manufac- 1 Treasury bill rate was abandoned son ie tightening of Government for any manoeuvre within the tion of ihe gran* no:-:r ; ear havi 
day and the nine papers made turers could have no such -last May.- targets for growth of Lhe money limits staled m last April’s Sheen given in tin.- three local 

available on Friday were from confidence. - ' ■ The bill rate at last Friday's supply is to be expected shortly. Budget. i authority associations, 

the Confederation nf British From a monetarist viewpoint. ; tender would on the "hi formula say the .-tockbrokers Phillips and The Government s problems! Mr. Slinrv s,airi at Hu- <:»n^iu- 
Industry: the Nationat Institute Mr. Gordon Pepper, of W. Green-, have produced an MLR of IT! Drew. would be increased by the set- ! live council meeting on Friday 

of Economic and Social well, suggests by far the best] per. cent, in. line wiih The new; The firm predicts in its econ- backs on the 5 per cent pay j that local government expenrli- 
Research: Mr. Terry Ward, of choice would he for sterling to. bank hasp lending rate<. omic forecasts u public sector guideline. During the present ' t lire project inn-, fur 1079-^0 -.vcri- 

the Department of Applied Ecu- establish ils own- level in foreign; Nevertheless: ihe Gity will he borrowing requirement of £S.5bn pay round seitlemc-r»ts would .'very much in line with ihr ;irn- 


nomics at Cambridge University exchange markets, 
and specialist adviser to the sub- “ In due course the pound 
committee: Sir Andrew Shonfield would settle down within a fairly 
of the European University narrow hand which would change 
Institute at Florence; Miss only gradually over time. 

Frances Cairncross. of the "The U.K. would then be in a 
Guardian; Mr. Tim Congdon, of position to join the system with 
brokers L. Messel and Co; Dr. sterling entering the arrange 
Alan Budd and Mr. Terry Burns, meni al a level determined by 
of the London Business School; market forces. 

Mr. Gordon Pepper, of brokers "The main argument for join- 
W. Green well; and Mr. Malcolm ing the system would he for an 
Crawlo-rd. of the Sunday Times, extension of ihe general political 

and economic arguments ror 
T ... Britain, being a- member of Ihe 

Instability EEC. There is also thc possi- 

r u j bility that the new' system might 

of tit® memoranda haslen the arriva , of „ inter . 

b r een P“ b “ h !?' Z' national reserve currency which 
Rnrtrf 18 fr °D 1 « r ' ni iB ht be sorely needed io 

3rKi Mr - Burns and Mr ’ replace the dollar.’ 


lookin?--lo- the Bank for .some of £9bn next year, 
guidance on the movement of This would leave 


no 


average 10-12 per cent in earn-j jectinns in ih*- Expenditure 
leeway ings terms. < White Paper. 


Congdon. 

Mr. Terry Ward reflects a 
widespread view when he notes 
that” while, it is true that cur- 
rency instability poses difficul- 
ties for economic management 
it is differences in the policies sustainable* 
pursued by individual govern- 
ments in relation to the under- 
lying strength or weakness of 
their economy which is the root 
cause of instability. 

Variations in exchange rates 


Mr. Pepper says that thi* 
approach would he preferahle to 
the UK entering the system 
without having adopted the 
necessary monetary and fiscal 
policies lo make membership 


Stability zone 


"In this case a foreign 
exchange crisis would appear. to 
be only a matter nf lime. This 


^re a, tteSif Pt 3Ser l e C I .cS: "***>«• UK l ° *• 


monetary system. IF the UK is 
not prepared to accept the neces 
sary domestic policies, it would 


and in one sense can be seen 
as lhe means by which each 

country' is able to pursue its own he" belter" not to ‘join’.’ 
domestic objectives. ’ . , ,v„ 

He says disparities in unem- * n a detailed discussion of the 
ployment. in productivity and in lalks - 4 s,r Andrew .^honfieid 
levels of economic activity within suggests that the British Govern* 
the EEC seem a more logical ™ent should express itself 
starting point for discussion than ,n favouf tbc* c . re ?.V-®S 

the aim of fixing exchange rates, » 20ae of currency stability 

which might be incompatible Europe, Jdio.tly managed by 

with a recovery from the present the member Stales of- the EEC 
recession. It could too prejudice . , Th ^ r Government 
further the divergent economic identify the mini mum conditions 
growth rate In the UK. Italy and for the establishment of this 
Ireland compared with say. l om * monetary exercise which 
Germany and France. would he acceptable to the rest 

Mr. Ward concludes: "It is or Jhe EECt the trigger 
difficult to imagine the scheme mechanism for .intervention in 
taking any form which is likely currency markets snniud be 
to benefit the UK. designed m such a way WJp 

“It is extremely uncertain ^void I any net deflationaiy-effecj 
whether fixing, exchange rates EEl a > ^ . 'vhol|_as.-tf 

would make any contribution to result of a speculative flow ,ftl 
controlling . inflation, which ajv * un ° s towards the .D-mark. _ 
pears to be the main underlying- - The" British Government 
objective, let alone whether this should present these proposals id. 
represents the best means of Germany -i.it merely as pre- 
at tacking this problem.” requisites for the satisfaction .of 

A broadly similar view has British national interests, but as 
been taken by the National a device which would give some 
Institute, which concludes that prospect uf durability to the 
it is not in the UK’s interest to monetary system itself. Sir 
take any action which links Andrew says. 




New South Wales 

II# 

Bank of New South Wales 
announces that with effect from. 
Tuesday, 7th November 1978 
its base rate for lending 
will be increased from 
i% per annum 



BASE RATES 


The Hongkong and Shanghai Banking Corporation 

and 

The British Bank of the Middle East 

announce that their base rate for lending is being increased, 
with effect from 6th November, 1978, 

To 111% per annum from 10% per annum 


CARS 




St yeuVe looking for something special, 


Experience our experience. 

A.F.N. Limited Falcon Works, 400, London Road, Isleworth, Middlesex. aBt, 

Telephone 01-560 1011 Tefex 261135 Also showroom at: dp-JS 

12-16, Madrid Road. Guddford, Surrey- Telephone: GtdCtfoid (0483) 38448/ 9. tF 


PEUGEOT 604 
SL AUTOR/5A7SC 
S. KEG. 

Electric window^, Sunroof, etc. 
Met. Gold. Four speaker radio, 
one careful lady owner. 6.500 
miles. Showroom condnsr.. 
Privace sale No d’al?r; io.ISC 
Any inspecrion welcome. 

Tel. Maidenhead 26756 


SALES 

SO 

NEW ALFAS 
ALWAYS -IN STOCK 

INCLUDING THE NEW 
!■» SUD Ti AND SPRINT 

1975 2000 5pytfrr, Blue. 2.000 
m,lci 

t977 2000 Sorter. <hc*lce ol 
ree black.' orcen jnd 
white. 

1977 iS> Audio 2000 GTV. 

Blue velour, allovs. 12.000 
II. Ilcs £4.695 

1978 Son C 1.3. 6.000 miles, 

white £2.745 

1977 Sud Tt. BUCK. lOOOO 
mi/of £2.395 

1976 Sun L. 24.000 miles, 

doth £1.795 

1977 iS) aim Sovhcr 2000 
Sii.lt <»di3'ussette 7.000 
miles 

7977 Alfa GTV 200V in OMcfc 

• • ’ Wise \ clour - aiipv wheels 

. _ . L4..A95 

197E Model 1.6 GTV. rcO or 
vbiiqm. 22.000 miles, both 
mm: .... . £2.695 

LEASE OR BU V 

26 North Hill. N6 01-349 5151 

T73 


VOLVO 

1973 ROLLS-ROYCE 1 

EKFEMD 

THEMSELVES 

Immediate delivery new Volvo 
264 TE Long wheel - based 
Limousine. Black with plush 
interior. Leasing available. 

Contact B. J. Groom Autoservice 
Garage. Hichcliffe 5351. 

CORNICHE SALOON. Silver Grey with black- j 
hide. Special features include speed control, j 
S track Quadrophonic stereo. Only 34,200 | 
miles since new. Full service history. Rolls- 
Royce distributors. Always garaged day and 
night. Immaculate. £24.500. Phone 0789 4559. 



TURBO DEALER 

New models from slock plus 
She Turbo. Demonstrators 
available. Always 20 
guaranteed used models in 
stock. Advantageous 
leasing/finance facilities. 

iRCH REEDER LTD 

76 MFYBURY RQ. WOKING. SURREY 
Woking 

L <04 86 2 1 65307 + 66663 ^ 


COMPANY NOTICES 


N.V. ENGEL5CH-HOLLANDSCHE 
BELEGG1NGS TRUS1 
rEnglrah ana Dutch iniKtrami Tru;t) 
EstaBlisned in ftmsiciaa -1 


COMPANY NOTICES 


LEGAL NOTICES 


0/ to ll ip/ 


10^c 


Bank of New South Wales, : 

29 Threadaeedle Street, . 
London, EC2R 8BA. 

Incorporated in Australia with limited iiabiirtp; 


TSB BASE RATE 

With effect from the dose of business 
on Monday, 6th November 
and until further notice TSB Base Rate 
will be 11-1% per annum. 





j 
■-* - 




trustee savings banks 

Gmttal Board, 

P.O. Box 33„3 CbptijaH Avenue, London EC2P2AB. 


CLASSIFIED 

advertisement 

RATES 


Uftnimcrdai £ Indusaul 


..Smulr 
P<^ <Y>famn 
hue. .mi. 
t £ 


Prouerty 

4 54 

U.M 

Residenual Properfr — 

?.»" 

— S.«l 

Afiixrimmenis 

4. SO 

K 00 ' 

BiKHtKS & inresmiem 
ifonominnies. CorporaUnn 

Lomi*. PmdMciign , . 

. _ , 


Capacity. Easinesses 

Fur .9 ale -Wanted 

S-’S 

14.00 

Edccaunn, Jlctore. 

Crmiracis ft Tenders. 
Personal, cardeninB 

4.23 

13.00 

Hmdfi t Trard . . 

2. 73 

Jfl.M 

flunk Publishers . . 

— 

7.09 


Pronflum podtions available 
< Minimum ike 40 column ems 
£LS0 ocr single coIhohi an extra) 

F«r farther details urtie in: 

Classified Advertisement 

Manager, 

Financial limes,' “ 
lfl, Cannon Street, EC4P 1BY 


'I L’.'^h of 1975, 


CANADIAN PACIFIC LIMITED 

■ Incorporated m Cirum: 

CANADIAN PACIFIC LIMITED 
PERPETUAL 3“„ CONSOLIDATED 
DEBENTURE STOCK 
NEW BRUNSWICK RAILWAY 
DEBENTURE STOCK 

CALGARY AND EDMONTON RAILWAY 

DEBENTURE STOCK . ... . 

In Dr#^,«roiic.n lor the naoment Ol the • wsn lo a..rnci ihe afrotri*- penlioneo rr;c - . 
hAii-veariv mierm due January i. 1979. ' '"I JM* > must deposit :hc.r 


1 NOTICE IS HEREBY GIVEN 'S.I; 
Mcering Ol Homers ol Ordinary inArcs -P 
oi tnc a oave Comaarr, will re »cui 
at Sarphatistraal T4a. Amsterdam » r 
Monday. Otieinnr 4lh. T978 a: il.Oh 
0 clock. A copy Ol 
be put beiQre tne 
io holders ol ora . 

Oihces ol :nc Comoj 

14a. Amsterdam from roda« uni.- me 
day ol the Mroline 

2 NOTICE IS HEREBY GIVEN real 
General Meeting oi Sharcho'rers a -ne 
above Comoanv will be held al S»robft!i- 
irraat 14a Amsterdam on Menr-v 
December ath. 1979. a: :i.i5 o itjc. 

A copy el the resolution :o b; put 
bdorc the meeting ,s a,aiiaDic to ib».e- 
hoidcrs a: tne O-hccs o, the cemoa-- 
Sarphittsrraa: 14a. Amste/oan-. or. 
today until the da« pi ilw meet.n? 
Holders or ordinary shares. Who r*'Sf> 

to attend the aoore meet I igs ana reic'c-s 

Ol first and second orefercncc share 


TENDERS FOR GREATER LONDON PILLS 

1 The Greater London Coun. t ’.ftr 
cue notice [hat Tender win *-i- :c:e.-.rd 
al the Chicl Accountin'' Cii'i'.i i 
Buildings,. Bam ol Eneiar.e LJircn 
EC2R BEU on Monita*. Ij;n Nd.ex.-cr. 
at 12 noon to' Gl--nt»' Loncon L 

issued in conlom.lv «r-h 
Greater Lennon Lou mil • C'.'hi.rx Psr.i,. 
AC! 1967. to ihe amounr ji '.5i C20 C05 

2 The Gill; will he in ,mour, O’ C5 ODC* 


in foe KIOH rrtlIRT OF .ILSnCls 

Chnnrcry Dl-.pm Ctnwwi Conn. ; oS - - ,„V‘'ai» V e'V!«ki:'.ihV iVanster hooks warrants on or netor. 
rh,- Mall' r of KA.'T VFRICAM wnnLD | wl j| (loscd ai 3 30 ojm. on Decem- ( 19TB wih one M the 
TRADEKS ,l.\Ti;i:X.\TIOyAL. LIMITED i oer 1. 1978^^00 w.ii he rc-odened on . j!{ ,n | ^ na l ^ 1 J? ,w - 

‘ ■* “■ i January - - w . E . BE EVE. 

Deputy Secretary. 

SO. Finsbury 5cm a re. 

London EC2A 1DD. 

November 6. 1976. 


ol Aw resa.u - .,- - - to £ 1 0 000 L 2 S OOO. £60.300 £100 MO 

meetlnrs j.,„ itic dr £250 003 They will tC gated ’nr^,, 
,nar. shares me If" Nccmoe- liri ...n w.n rr. n..« 

nDanv. Sarphatist aa 1 . 5’ fays after dale vnihoui 

j Each Tender must hr lor an amount 
not less than £25.000. and must snceii.- 
the net amount ncr cent ibeinq a multiple 
ol one new hallpcnnyi which will he 
•liyrn lor lhe amount applied lor. 

4 . Tenders must he made fhrni^h a 
London Banker. Discount House or Rrc-Lr-r. 

5 The S'Us will nc ,s;i.-c.3 ..-.rl r».3 

.-■s ir.e Bam oi England 

6 re^tincaiton will ne .r-r>! P- ne. - . r.., 

me same da. oi Tendrr: arc --cc.'.l 
IO Ihd Persons ■n'Ol" Tenne--. 
a;ecpted in whole nr m aar: -.ncr .-tav-icc.- 
in rull O, -.hr- amdun-, .iu.- ,n r'Lp.-t: cl 
aibn '-u-h atccored Tenner-, xuii 


netore November 

depositaries m;n- 


Ma' 


of Ihe Com [ia dies 


and ,n lb 
Art IW 

NOTICE Io IIKWFBV GIVEN fo*i ; 
Pennon lor tfi-.- un.dinc up of ihe above 
uTDid CompanF hr ihr I licit Cunrt o! ! 
Jusii-.r- was mi ill’ IM> day o< Ociob.-r | 
IBIS precenred n» ihe said Cnur bj . 
NORMAN' Ml'NDV- * SON LIMITED . 
whose Retail- r< ‘I CtHi-v n mu an- ai j 
",W/Wl Hn:h St ••!. Siraifnfd. London ■ 
Elj VC. and ilui lhe «aid Psiilifln i# 
dtTi'Clcd 10 hr li'.ird More iht Cmin I 
sltur.R a; the R,.vai -Cuuns of Justice, i 
Strand. Londun UViA 2LI. on tfiu- 2Ptn 
dajr of Nr.v. TUh.-r Itftf. and an> rrorittcr I 
or coninhuifirj' of ihe said Company 
dc-h-iroiLC i« suppon or oppnse lhe inaksiu: 
nf an order oa :h«' said Petiuon may 
appear at lit- rime of hranog m person or 
by hm OnirBSi'! !nr inai oonuRp: and a * 
copy uf Hie P. itiivn '.vill hr furnished h\ | 
foe undoritUR'-ri am creditor or uonsri- 
bulor> of :hc said Company r«qwnnx surtl , 
copy on pavine.ii oi rhe resulaied chara»- ; 
for foe safllL-. 

._ I 

TAliln IVANS & XU KIN. 

Hish 'Ri.'ihurn WoikV,* 

S 2 .-r> Hiifo Holhori, 

London IVC 1 V SKU. 

•• -^ouniurs for lhe Fullfaouers. 

NOTE —Any p-.rson who Intt&iZa fo 
appear on 'he n?artn; c! ihV said Potjdor 
must sure an or sond by dosi io lhe 
Bbovc-Laniiid. imiiw in writjnR of hi* 
imenuon so »o do. Thu notice diusi statt 
foe p.'iup: and idd'?«s at the rv>rwn. or, 
ij a Mrm. U'c- nanif. and address of me 
Brm and mo.,i he sfoned by fop pprsor. 
or Brm. or h:s or iheir snliclinr Uf any. 
aad tnusi he pr.-ved or. if posted, musi 
be . «rr by no«t :n s'rificiont time in 
reach the aiiwr-nsniwi noi Jaler than 
row o'clort: in the af^rnun of. foe 
IJUi das- uf November 19TB. 


CLUBS 


Hill.SamucI & Co. Ltd.. 

45 Seech Street. London. EC2. 
In Amsterdam: 

Hollands* Koopminshank N.V.. 
SarghatUlraat 14 a. 


GARGOYLE. 69. Dean Street. London. W.l 
NEW STRIPTEASE FLOORSHOW 
■■ AS YOU LIKE IT " 

11-3JO am. Show ar Midnight and 1 am. 
Mon .fn. Closed Saturdays. 01-437 6455 


B« Order ot the Board. 

Amsterdam. 

Ociober 27 th I 97 B. 


lhe Bah. o: Enoiann. 
or bv dralt or cheque d'a*n :n the 
Bank ol Em, land not >,|cr luo I :0 r~- 
on Thu-idav. 16th NOurnKt ‘57? 

7 Tenders must he maoc on :n-r ;nn:-i 

farm* wnmh mri v b* ?M;uiirci iic*^ 

the Barn Ol Enoland or 1ro-n -h- C;nn... z 
Omces at The Couniy Hail. 

8 The Greslrr Lordor. Cc-»n:>l re:er'“ 
the right Ol reieclmQ an-. Trre-r-. 

M F. JlOMt^y.T 
Comptroller oi Fin..nc>ai Se* »•:». 
Tne County Han. 

Ic-ntfon EE I 7PR 
Cth November. 1978. 


PERSONAL 


CONTRACTS AND TENDERS 


DIAMONDS FOR INVESTMENT 

Diamond Selection Limited o**er loose- 
<ui and ooi'&ned diamonds as one at 
the finest and salcM alternative invest- 
meni* The lohovrina n 3 crass section 
cl prii-K Irom ihetr recommended 
range as al 1 m November. 1978. 

Price in ' 

□SL Grade per Carat 

fl0i4;i65 19365 

100'S 1 50 15679 

140/101140 15082 

1 90*15' 1a0 12841 

300/20*120 11277 

400. 30M 10 9608 

•iJSfSO.'lOt 5615 

300 70190 5294 

1 2DOM40iB0 3949 

1700*160(70 3069 

22001275160 2173 

2700t900’50 1253 

Note Diamonds in the range »»c 
recommend lo*- in»eMirtCnt have appre- 
ciated an average al ESQ per cent. 
s>nre lsi July. 1969 

DSL grade is made up as follows — 
Colour. Clan tvi Car ai 
c.q. 120 4 156 

Make is always eery good. 
ah stones are graded, certified and 
identiormicd m DSL labaratorlcs usinn 
the finest measuring mu lament and 

techniques 

Pcswlar ccminars and teachings. 
Brochure mrti procedure lor buying 
And selling graded and certified 
diamonds is avpiiasio from 

DIAMOND SELECTION LIMITED 
Petenham House. 57a Hatton Garden. 
London EC1N SJD. Tel. 01-405 8045. 


REPUBLIC OF BOTSWANA 
Tender No. TB 9/6/2/73-79 

SUPPLY, CONSTRUCTION AND INSTALLATION Or 
AIR NAVIGATION AND TELECOMMUNICATIONS EQUIPMENT 

Tenderers are invited icr the suppi/, delivery :o tu?. r.cn- 
strucrion and installation or air navigation and telecom mu mention:; 
equipment to the Botsvvana Government. 

Tender documents conraimng specifications ar.d cf 

requirentenc are available from rhe Director ol Creif A ration. 
P.O. Box 250, Gaborone Bouwana cn applicaticn. 

Tenders shall be delivered to the Secretary Centra! Tmd-rr 
Board, Private Bag 0058. Gaborone. Eocswana «Room 306. Mnistr.- 
of Finance 2 nd Development Plannin*!. not larc-r than 09' r : he irs 
on 2^ch January 1979 when tenders will be opened in rh-i p.-c 
of tenderers wishing to attend. Telegraphic. Telephonic anc Te*;.' 
renders will not be considered. Tenders to be ;ubmi::;d i- 
duplicate. 

Not withstanding anything contained in the tnre:?::-: 
Government of Botswana is nr>: bound to accept rhe lor -.: c 
any' tender nor incur any cepensss in the preps-;- tier, rherc?; 








« rr- 




jy.i-i.-i&Z*-.: — ii. 


■^-34 


bmdustrial and commercial 
CONSTRUCTION 



^eat’pep'ple^SSfilldwith 


1 


Henry Boot Construction Limited 
London 0+-373 8494 Shelfieki 0246 410111 


BRITISH FUNDS 


latere* 

Dor 


Stork 


Price 

£ 


H*t| 


Yield 

Ini. 1 Ked 


8M 

1TM 

26M 

IM 

15M 

3M 

14M 

15J 

15.1 

25M 

1RJ 

15P 

1A 

I2J 

4F 

21 F 

1TM 

23 K 

1SJ 

JSF 

16M 

151 

5J 

22M 

5Ju 

21 F 

17M 

18J 


“Shorts” (Lives up to Five Years) 


BSfTrcasur 

1 7S Treasury tyeTOt: ... 
a3SBcrtrK4%peT»-T3._ 
IN Trea>un Iffitfciay . 
1SN Electric J%pc 16- 7D . . 

3S T+wbJHvMpL 198+ji - 
I4N Treaeur: Wipe BC 
1.50 Treasury .‘Bjuc TT-ai. . 
ISO Fundim.-^pcTMlKt 
25N Exchequer I up? 199Q£j 
151a Treasury l l%pe 198l£. 

1 !i \ Treasury C%pc IP79-8I . 

I' I Trea-uri Sfpr IB81Ji . 
12D Etch 8%pc IS8I . . .. 

LA Etch $;pc 1951 

21A Eich.3pcl38I 

17N rreai. Variable 'Sift _ 

23N fceh I Stipe ISaitt 

JfUa TreasWjp.-BMKl. 

I5.\Trea«ui>-3p?TOJ 
16S Thanny MpcTEtt 
ISD Ttot. Variable Wft... 

SJu Treasury ffltpc "82 

22S Each. 9»4pc 1982 

5J Each. Wipe 1983 

21AEi^h3pcW. 

ITS Treasury I2pc 1983** _ 
18Ju Treasury Sl^pc 83 


IDOL 
951; 
%% 
99% 
95*; re 

97<o 

93 

94 

101 4 

m 

93* 
86% 
96,1a: 
1005’ ol 
90J', 

841*5 

*22* 

88 

at 

an c 


259(1054 


5 ID 
28 

9 

o 

1910 

&(i 

107 

25 a 

rib 

17.7 

U1Q 

17.10 

86 

10 

108 
96 
16 

lb? 

173 

118 

12-6 


1149 

314 

440 


Five to Fifteen Years 


23K| 


02J 
15J 
101 
JM 
2GJ 
1.1 
ISA 
I5J 
.1SJ 
101 
SA 
22J 
21 F 
25F 
!14J 
J5M 


23M 

111 

22F 

17M 

W 

21Ja 

ISM 

385 

3N 

;j5n 

■1A 

22J 

21A 

1M 

IN 

30M 

JfK 

221a. 

J4J 

SA 

■J0M 

26J 

32J 


IlF 
l.f 
ilA 
SA 
SJaAJu.O 


12D Eseh lOpc 1983* .. 

JSta Fundru fP-Bitt - 
ltUu Treasury S;pp fW^t;. 

IN Fiuirfiiu!6>»pe TB-flTS 
28J a Treasury Tkpe ©S8t; . 
Mu Transport Tpc TH® ... 
150 Treason- a|K 8MB 
lata Treason /3pc 1900t*_ 
ISD Treason- R% 37 £».e 
lOJa Treasury 1 1 J 4 jx 1*1 . .. 

50 Fundi -ir 3,pc ITMMif.. 
22Ja Treason' I2?*pc ICfi . 
21 A Treasury lOpc 1992 

25AExih.12W 92 

14Ju Treasur? 12%t«r "93J4 . 
lSSlFundincOpc ISffl+t. _ 


93% 
82% 
881 3 

76% 

81 

62% 

Ml; 

105% 

80% 

SH» 

64 

102 

85 

97% 

100 % 

61% 


86 
5q 
25 9 
19 b| 
25 5, 
S.<* 


95 


366 
9.28 
9 79 
376 
539 
12.83 
1170 
594 
10.24 
903 
1017 
348 
940 
12.66 
937 
3.57 
13.45 
1L58 
9.50 
1024 
992 
3 70 
1217 
10.42 

1105 

6.82 

9% 

849 

983 

489 

779 


1106 
849 
8.40 
10 90 
8.04 
11.54 
1175 
8J3 
934 
1228 
1233 
899 

mo 

1220 

1239 

870 

1231 

1249 

1206 

266 

1247 

12.70 

1217 

12.46 

.1242 

831 

1241 

1245 


8rJl2fl6 


10 66 


5 y 12 65 


906 
12 <3 
1206 
1237 
12 % 
9.96 


1237 
10 40, 
1140 U 


Over Fifteen Years 


[Treasury l.'ftpc 19S3Et[ 103%sr l 


a-iuy Mope ‘W* _ 
h. liLpc 1 90) _ 


IS Treaf 
22A Exch. 

17N Treason ip? 94# 

25Ja Treasur-' I2w 16 

!NCa<3ppWffl 

2VJ Etch. WUp? 1995 

I5N Treasury I2%pc %tt._ 
15M Treasut>Spr , m961t.- 
3M Treasury I5«pc 
15M Eichetpier mpewtt. 

10 Redemption Ipc iSOSAl _ 
22Ja Treasury 
21F Exchequer lljljpc 1*7 
IS Treasury 8%pc I997tj_ 

1 M Tre3surv Wipe 'K»-Pffi± 

305 Treas lf3^n-'9BK _ .. 

20N En'h 12pe 1998 

15Ja TresurvStje 19B9tt.. 

J 911 Treasury 10>^c IS® . 

221 Exch.12p 90020 . .. 
J4Ju Funding 3*3*? 1&04 .. 

.50 Treasur- “ 

IDS 
231a 

]2D|&ch. I^JClir . ... 

Undated 

1AJ 

I°L - 

SOtTreasur 3pc OB .\8 _ _ 
ConsobJi.-p 


111 % 
98% 
7fci.ro 
9&i 
441, 
85% 
S3TO 
7fc3, 
113 <c 
lOlxd 

104% 

Si 

JR 

S2%ti 

94% 

66 


1710)1324 

267 
1110 
St 


13.36 
13.02 
11.77 
1289 
d81 
,12.4? 
9J0|1297 
981193 
27813.51 




“1 


i?I 

%%i - 


13.CS 

6.98 


156113.15 


12.61 

12.02 


25.9)1129 


13.49 
;i29i 
1229 
1263 
1299 
_ 9.59 
19)1225 


1202 

1241 

1295 


1030 

1152 

9.13 

10.61 

12.79 

11.89 

1290 

1128 

13.01 

1268 

1299 

1304 

11.69 


1316 

1319 

1309 
12.37 
1301 

9.59 

1281 

13.00 

1249 

1334 

13.07 

9.83 
13.12 
1288 
2254 
i toa 
1333 
13.00 

1310 
I?.** 
13.04 
1131 
12481 
122rj 
1249 
12.95 


vuuw 

,ICnrL'.>!s4p 

iB'ar Uan 

Ji.’om.aije'Sl AIL ._. 


LA 1 tlfTreasun » 2 pc._ _ _. 


32 

23^; 

20 

19Jj 



1SF 


IlF. 


1A 

11 My IN 
25M 25 N] 
:10F IOAuk 
H 5My UN 
Q2M 22 N 
|15M I5NI 
r 1J..4J.O. 
d.V in. 
38F 28AUB 
15M 15S 

.lit 15J; 
.11J llH 
10J 

■ 1MJSD. 
15M 15S 

iioivtr. 10 S 
15M IWd 


INTERNATIONAL BANK 

15A.[5pcStwlcT7« | 30% [ 77] 623 

CORPORATION LOANS 

Bmn'hamStapc 1M1 _ 

7? 4 peTMI 


1155 


GLC UndKKl 

DaRr-pMS83 

'ilassoe?9%p?KW2 — 

Refis 5%n: T860 

Li'erroJ35,pcW81 . 

Do 3*3>clired 

Lun BUpc "84-BS. 

'LCt fipcTfrS 

DoSjp-Tm 


OoS^KlSW^ 

dgs^c wr 

Doftpc®90 

Do.1peaJ.Ur 

Uldrtx.SUpc 1P0D— 
Nena«le9%pc7Ml'. 
|War*iekl2*;%199J — 


92% 

47 

10 00 

12 50 


bJU 

ma 

878 

1260 

g* 

Wr 

1U J 

1266 

12 83 

90sg 

19 II! 

1028 

1247 

92 

75 U 

5.71 

10 99 

89%a1 

Lb 16 

1085 

12 32 

25% 

19 

1412 


38 

l<i 

10.60 

12 00 

8V a 


Hi 

11.69 
10 99 

7SPs 

156 

7 IS 

1L04 

tffx 

115 

829 

a32 

66 

L!i 

1056 

12/5 

22% a! 

1 IJ 

1340 



95% 

15! 

569 

11 46 

94-% 

10! 

976 

1245 

lOOra 

laiol 

1250 

12.46 


COMMONWEALTH & AFRICAN LOANS 


■u 

.1A 

;i u 

MF 

•15J 

1 1M 

’LA 

:16J 


1301 

;im 

30J 

;30i 

30J 

ISM 

■201 


1J 


10|Do 5iy)cW« 


lira 

28.aJ 

ISD] 

INI 

10( 

15J 


dust Hs>cT7B) 


Ntlp.’ 75-78 — — 

Daftjf 7M» 

Do 7^8386 

StL AmcaSPipe 7981.. 

7th. Rhod. 2*riK ©70 _ 

DuCpcTMl 

LOANS 

Public Board and Ind. 



11761 
1226] 
9.53 
12 OBJ 
11691 
13.64 
1354 


IJjAenc ML.Ipc 

■Alcan ■a&W — 

SlcLWtr 5peB' 

usM.c.9peiaar ..... 
3!rtl«o MlhiKtWanams 


3ID 
IS 
31 D 


59 

85 

27% 

120 

92 


16 8.72 
155 13.07 
18 1121 
155 7.77 
155 10.11 


12261 

1350 

12.94 

1270 


3U(Fn Mpr 1981 


Financial 


1SN 
20 D| 

31 Mr 30 S] 

31My SON 
• 11J llj; 

11J U.l ! 

1IJ 11-1 
30 Je 31 D)DiiT>.p. VPrt. W-92. 
,31Mr 30Sf* “ 

'31Mr90S 
: 28F 31 Ai 


Dq 1 Ape 73 
Du lipc a ... 
urFi'StficDeh 80« 
DaGUpiDh ‘61-f‘i . . . 
DalOi.tfvliPLc’ftj... 
[>a 11 set.' ns Lu , S3... 
[>u N iipr I.'nsLa W . 


DoT^pcADb ?1W_ 
[•oSpc'.V'SIAI . . 
DnJTiptLn. ‘E-STT. . . 


lOO'a 

102i; 

107>4 

SOI; 

Si 

641; 

62 

72% 

70 



1280 
1260 
133& 
12301 
12.30 
12.60 
1270 
13 20 
13 50) 
1310 
1340 
13 351 


FT SHARE INFORMATION SERVICE 


Financial Times Monday 

FOOD, GROCERIES— Confe; 


BONDS & RAILS— Cont. 


Wn»4 

Ihr 

May 1 


LTOJ 
HU 

IM 
IJ 
:au 
I A 

:tnj 3l!3j 
Muy 1 
ISA |.V1| 
1F.ULA N 


.11 1. H Iceland 0;pc WW 
’ • Ireland 7Iip,-8l«l 
ItoWapcBia - 
10Uapan4p>-‘in.V.»' 


310 


dune, it A*< 


r*,bpL- BM8 ^ 

iDjPeru .\s?-3fx. 

Tunn fee 1901. . 

Turinffjii- ISM 

Irucua? :!%(*■ 


Price 

Lae 

ia r, 

t 

a 


SO 

2_> 

4 1 ? 

68 

30S 


83% 

Cb 

7*; 

77% 



38S 

lh 

— 

70 


6 

150tf 

?1f 

3 


91 

‘V 

DM91 * 

lh l( 

6% 

97 


3% 


L'.S. 5 & DM prices exclude inv. S 

AMERICANS 


Rrd. 
lie 14 

563 
12 55 

12 87 

13 25 

11 25 
200 
867 
952 
910 
360 
premium 


Dindrnfc 

Paid 

Apr. Oct 
September 
Ms Ju Sen* 
JaApJvO 
Apnl 
necember 
An Fe.Ma.1u 
MrJu. S D 
MMrJu.SF 
MJe.S D 
[Jn..\pJi.». 
KJIy.Xu.N. 
ApJv.iIJa. 
MrJnSeDr 
J_\p Jv.O 
KMy.Au.N. 
F.MyAuN. 
MrJe.SJ). 
MrJnS.P 
My.Au.N.F. 
Mv_\u.N F 
MyAuN.F. 
F Me Au N 
MaJu.Se De 
My AN Kb. 


SUric 

A94 

AMF5%('onv.1ft_ 
Umax SI 
\merican E\prw 
•Vmer.Medic.ini . 

AarwIiK _ 

Ralirlninl Corn 11. 
UamesGrp S R-. _ 
Bewfix Com S5 — 

Beth. Steel U 

Brawn'^Ker cl6>. 
Bnm.reiich«'nrpn 11 
Buntrushs (.'cap Sa 

CBS 5150 

CPC Vi 

Calerpillartl 

7uwMTitn5I25_ 
Cherebmush 51 — 

Chrysler Jfi*4 

CitKtvp 54 .. 
ity Inv 5125 — 
DpfmPrf.BSl- 

Ccleate-P 51 

Cali Irate 51 

Cant IllipasSIQ— 


Hard 


Uiv. | ITd 
Grare Cr lifS 


Diti4>mib 

Paid 


BANKS & HP— Continued 

I £ M 


CHEMICALS, PLASTICS-Cont. ENGINEEMNG— Continued 


Stack 


Jan. Strpl 
Sejv 

ivi. ,\pr 


IHr 

June 

Ian 

lime 

Jan 

'*.ii e. 

May 

J.m 

Air.. 

Jan. 


•luni 1 

Sein. Mar 


SpJviUx 

M Jn.S.P 


KM. AN. 


MrJe.S D.jConi inlSS 


Mr Ju S P 
J. ApJy.it 

pJj.OJa. 


J OjEmerV: 


MrJeS.D 
Mr.ln.S D. 
Apr. Oct 
Mr Ju.S.D. 
Mr.Ju.S.D 
M.ISD 
HrJeS^lt 
MrJu.S.D 
Mr.Je.S.U. 
FMyAuN 
AnJmUa 
Ju.AoJy.O 
F. M%. AilJ 
MJn.S.P 
Ju.Oc J.A 
March 
J.A JO 
F MyAuN. 
'.D.Mr.Ju. 
Mr Ju S D. 
Mr.JeJS D. 
MrJe^Dec. 

Au.N.FMy. 

MaJaSeDee. 


>-. UIFIuirCorp 5% — 


i'm»Ti2elLSi _ .. 
('urJer-HatnuierC 
Eaton Crp SAJO — 


bun . 

|F1 resume Tire II.— 
First Chiraao 


Ford Motor Si 

•JATX 

Gen. ElertSSi; — 

MlletteSl 

HOMi-mell SI 50 — 
Hidton EK 

II 8.X. Cora 55 

Ilneersoli-R 52 

;1.0 Inlematlonall 

Easer Al S>t 

Man! Han t'SS7 30 
Morgan i JPiL'SKIS 
r.ortuo Sinvn Inr 5! 
i)«en»IU S3. 123.. 
lualter Oats USB. 

lelianceSnJS 

Rep N T t'erp S5 . 

RescnordB 

Rkhdsn -UitIIJUi 

SauliB F.$L 

Shell Oil 51 

Singer ISIOi 

Speny Ramt 5050. 
TRfftnc. Sl%_. .. 


Feb Hj .lu SocjTenueco._ 


June Dec. Do ION Lo. Sit 9195 
J. AuJy.O. Fesoro FI USB IS> 

MrJeAD. TesacoSftS 

MrJu.S.D. Hmelna 

Ja.AoJu.0. rransanericaSl- 
HarJoSpDc UhlTedi JU55— 

MrJeS.D. U.S SteelSl 

Mr Je&D. Wail«wlAsS3’;_ . 

ApJy.OJ. Xerox Corp. $1 

Sonic? Inc. 10c 

OJaApJy. |Zapaa Corp. 25c _ 

S.E List Premium 36%% (based on US31.9785 per £d 
Conversion factor 6.7328 (0.7236) 


18> 
59 
30*, 
21 % 
14% 
945 1 
21 
161; 
24% 

8^' 

36*. 

33% 

40ij« 

2l 

16 

739p 

16% 

12rt 

K 

21% 

ft 

ft 

% 

23% 

■sr 

la 

42% 

11% 

184 

ISn 

*K 

15% 

• 22 
23% 

ft 

15 

TF 

137 

29% 

685 


So 5100 
15 1 5**| 

4f 5220 
3.10 5160 
25 9 60c 
35 40c 
18 Q44c 
Tit 90c 
49 S2.56 
4E $100 
149 50c 
1910 70c 
284 SI 60 
ZL8 52. bO 
269 52.70 
1810 5210 
2610 5220 
29M 94 C 
aa' 

269 51.16 
310 $100 
310 52 
1910 51 00 
25 5 $210 
2.9 5L44 
78 $1.50 
4.J $190 
m 6J1.40| 
2-1 $225 
129 S1.84 
81 53 40 
210 $ 1.10 
49 51.10 
2.1 51.20 
2610 £0% 
7E 51.80 
139|S220 
51.60 
S220 
$0.68 
S1L52 
$300 
95c 
5200 
$208 
$ 2.20 
76c 
SL16 

*e 
$100 
88.: 
$106 


2610 

218 

158 

48 

15 S 

20 9/ 
3LT 

7 i 

199 

98 

1191 

’I 

118 

1174 

18 

188 

710 

7.8 

78 

305 

14.9 

28 

228 

299 

2L8 

15 

2610 

29.8 

ilO 


SL80 

80c 

5132 

$1.80 

$ 2 . 20 , 

\o°A 

$200 

5130 

SLOO 

$200 

$1.60 

$1.40 

5200 

7ijc 

.s3flc 


Man. 

May 

Mk'L 

PMar. 

Jan. 

Jan. 


CANADIANS 


MjlSI.P. 
My.AuN 
‘AJy.OJa. 
May Nov 
Oct. 

F MvAuN. 
July Jan.1 
luly Jaa 
.ApJyO. 
ApJy.OJa 
F-MyAuN. 
Apr. OcL 
!Jan. July 
MrJeS D. 
JanAu J.O. 
F.My.AaN. 
Mr Je.S D. 
June Pec, 


BLMontreal 51... 
Bk Ncn a ScoL 
Beil Canada $25_„ 

RowVallejII 

fBray-anfl _ 

CanJrap BtS£._ 
ICan.PacificB— 
Do 4pc Deb £.100 

|GuHCnJCanJ 

Haw ker Sid. CanJJ 

lUollinserB 

Hudson's Bay N 

HudB.i:iiin.SS%._ 
Imperial Dili 

Jlnco . _ . 

Pul. Nat Gas SI. _ 
Massey Fere H . . 

Pad lie Pet si 

'PlaceCuSL. 

Rw \Jwm- _ . 
Royal Bk.Ou.£ .. 
.SeajaaaCo CS1... 
F.MyAuN. [Tor DomBk.51. 

' Ap.Jy.O. ITronsCan. Pipe „ 


June Dec) 
MJe.S.D 
SeDeMrJu 


TR 

ft 

960p 

16% 

13% 

ft 

i 

640p 

M 


30101 SI 12 


2llH 


119(54 2 


85 

299 

29.9 

226 

S3 

3L7 
14 U 
28 
254 
26 y 
2 a a 

4 a 
25 M 
il7j 

610 

2510 

MR 

Li 

2fcb 


5104 


h5c 

51.0 

5148 

97c 

4N| 

aw 

40c , 

•si 

51 b0 
90c 
40..- 
80c 

SIM 

SL50 

5180 

92c 

96c 

103e 


J A Jv n 
\’W. Marc h 


MflnsmFin30|' 
Verrurr Serj . . 
Mnlbniit I 

June) D" ■ ; ' < oS.vsfl . 

I « 14%*, SI SR . 
Mi.v-rer 

iNji.Ck \iM.5\I. 
Nal i 'un <jrp .. 
Sal Wwt £1 _ 
S finxlersll „ 
vti’-ntaeMi'tl 
Sranh St Auh 
hMrddi'lianf.J 
D»lc Dei. 5130. 

nii<n Utctl ... 
1»T 

Well - F'arcuSA.. 
ftioiru.'43Jp 


I iii 
■lull 
lid.- 
■ lull 
Mar 
N««v 
July 
-lunej 
Aup 


Price 

46 

112 

345 

£80 

£87 

581; 

197 

72 

275 

410 

200 

(Pit 

407 

511% 

295 

37 

£19% 

70 


(jn! 


JU -;5 12 
2J7 3 7° 
78 tl4 97 
12.6 U7%°. 
155 W10*-’ 


4 

.121 


yiu «•. 
305 M3 8 
30 5 gu:» 
155 >2 67 
7 8 til 6b] 
189 11.72 
W5 1354 
301 0 509 
IB 7 19.64 

247 h^6 5 05| 
8174 -- 

269 51.40 
2L£ 3 08 


*2 


ITd, 

U »| P/E 


11 101 XLZ 
5.D — 
65 54 
198 - 
el 5 4 - 

10.0 65 
50160 
5.5 5 9 
63 57 
4 3 

10.1 
93 
7.2 
4.9 
81 


3.9 


Hire Purchase, etc. 


S: 

iK’t‘ 

Mar. 


207 
2.2 

15 
2B 

5.4 

3.6 
30 

38 

16 
00 

40 

2.6 
53 

29 
27 
36 
1 5 

63 
42 
45 
3.9 
42 
44 
L8 
«3 
53 

4.5 

64 

39 
2b 
64 

5.1 
3.3 
44 
26 

30 

3.1 

41 
61 

42 
4.5 

38 


l-eb. Aug 
.May 


Mar. 
Sept 

Apr. OcL 


■naif'. .HA* I Ifn 

.it RVre hr 100 . 
're«6i Data J0p_ 
jLlojii- £ Si ii'-iip 
June! Lad Seed FialUp 
i.ii.,vcjip Mere lUp) 
Pmi F mancial .. 


-Ian 


Strls Ore-Ill IQp. 
Siurl j Hl’ltM lop 
Wa^OR Kin jute . 


36 

£70 

a!* 

43tt 

11 

% 

25 

13 

43 


216|hdl 86 


155 


gir*J - 


126 t4 01 
30 Id 2.14 
87? 

189 t4 94 
21 2 NO 96 
774 

189 hi 09 


4.1 

6.6[ 


2.Q| 771 97 


24l 68) 93 


4> 


2.3\ 7.M 4 5 


7.4| 6 

^ 85 
77\ 83 
5.7|<184 


BEERS, WINES AND SPIRITS 


Sept. Mar .[Allied Brews. . .. 
Feb. SepLjXaalftAft'IOp. 
Jan. JulylB&»t.1iar'£bxi _ 
Dec. JunejBe/l Arthur.TOp- 
Bclhir.cn E^ewry 
Dec JCoddj avion.' . 
J u 1 vl Bnrde r Bre» s _ 
Feb Braun iMattbew 
Ju l>i Buckley s Fire** _ 


May 
Jan. 
A UR. 
Jan. 
April 


August 
Feb. Auc 
Apr. iX't. 
Feb. iW 


.AudBulirenH Pi. 


Nm*. 

Aug. 

AUR. 

AUR. 

Jan. 

Mac 

Aug. 


July] 

Keb 

Feb 

Feb 

July 

OcL 

Keb 


April Nov 
June Jan 


June] 

Auc 

Apr. 

Auc 

J uly, 

Junel 

Jul. 


Burt-Mmuoii . 
Ii.'ity Lon ftel . _ 
(i.'/iriiiAfaahcu;. 

DuiillerenOp 

bordon >L> I0p_ 
(‘<in;h Brft. 3)p 
tireerull WJiitfey 

IreeneKins 

fiaiinaeyc 
Ilichl'd DiABOp 
Invereivdon _ . 
Irish Ui4illers~ 
Macallan. illen_ 
MorinndEI _ 

Sandeimn ... 

Stotli'*'ew20p. 
iTumabn 

. 3UX 

BTiitbread V - . 
iWolv. Dudley . ... 
VounjRiru A 50p[ 


83 
28 
157 
228TO 
43 
90 
80 
1 32 

48 

136 

172 

59 

130 

188 

22 

50 

112 

290 

149 

148TO 

142 

192 

405 

515 

6 oro 

61 

122 

112 

98 

218 

157 


266 t4 39 
78 0 7b 
, 30 5 T4.91 
30.10 5.0 
37* - 
17.4 h265 
155 t335 
266 t3.98 
126 182 
24 7 670 
24 7 3.45 
1610 2.79 
IH5 5 79 
as 73 
376 - 
126 2.84 
305 72.66 
24 7 7.37 
266 t7 13 
3010 3 22 

a 8 2.26 

266 t3 55 
1610 5 14 
305 12 64 
3010 2J4 
10 7 3.46 
L30 13 05 
305 -4 08 
305 4 00 
116 1583 
12.6 3.23 


21 7.9(10.2 
LI 4.M342 
33 4.y 97 
♦ 3.d v 


4 4 126, 
6.7 112 tj 
14 5.3 120 M 

25 5.6101 
20 7.4 i82> 
49 3.010.2 
16 7 013.0,. 

26 6 7 S4(j 


3.0 

L9 

41 

2.8 

2.4] 
* , 
a 

2.6] 

20 

22 

2.6 

24 

29 

3.0 

35 


581 8.6 Duly 

as] mr- 

35jl05 H 
3 a 141 
7 3 7.6 

1»> 

25] 10.1 

ig * 

3 315.6 „ 
5.9 MB 
8.H 63 jjf 
3.7^15.10 
5.4 115 M 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


tune Nov Aberdeen Crept- 
.Ian. July AherthawCen. - 
Feb. OcL Allied Plant lOp 
Feb. OcL ArmUice Sbnlts 
Feb. Aug. EPBiivk 


.. 50p .... 

February Bacvenrige&rk.. 
May Dec. Bailey Ben lOp . . 

Jan. Aug. Bairibercer- 

Mbv Dec. Barrett Per. lOp. 
Feb. Aug. hrerhwood 10p. 


S.E. List Premium JffA lhawd on $2.3175 per £t 

BANKS AND HIRE PURCHASE 

Ditidead* I 
Hnl | Stock 

Jan 

Z 

Oct 


Julyj.AVZSAl 

July] Alexanders D.EJ 
' eneFLlOO 
|AIEm Harvey £ l 


Aug. 

Apr 


Mar 

July 

Mar 

May 

Aug. 

Jan 

Ncn. 

.A 


Sept. 

Jan 

Sept 

Aug 

Feb. 

■a 


J. O Jaj 
Apr.Oct 
iJan. .lulyj 


[Jan JuIyjTater 


Bk. Ireland £1- 
Da lOpc i'wh .. 
iBk Leu mi I£1 .. 
Bk-Leunn iUK<£! 
Bk. N S.W $A2. . 
Bank Scotland £1 
Banters N.V510. 

_ a 

Bw*c 


3 


FOREIGN BONDS & RAILS 


Inlerm 

Due 


1J 

IJ 

IJ 

IM 

IF 

.1A 


1JI 

IJ 

HU 

IN 

lop" 


Stack 

Vmolauw.i Rly .. 
IVi 5pi IM . . 
Chilean _ _ 
[German Ynt 4ijr. 
(■pr.In.... 
i-28 Sian . 

Pj 4pr Mixed Are.. 


1 Price 

Lre([Dit *> 

Red. 

1 £ 

a I Gross 

Yield 

221; 

871] — 



41 

305 

— 

98 

37 - 

13.09 

411 

li 41; 



50 

15 3% 

17.25 

49 

li 6 

16.22 

40 

5.7 4 

(5.08 


Nui 

Sept 
May 
March 

July «3cL] 
May 

Jan. Apr 


[June Dec 
May Nw 
Mar. Aug. 
June 


Nov. ApnlhTnndlayy 


April Oct! 
Dee. July 
Dee. July 


Kept Mar, 
June Nov 
Jan. 

Feb. Aug 
June Dec 
May Nov. 
Aug. Apr, 


Sfcjpk? CL 
RpfarCl. 


tClire Dis'iUSOp. 
iranl Aav.iSAiv. 
k'om'ibk DM104 
ifThgnJTbLKrlOO 
.Konnlhian lOp . 
fCred Frani« F75 

iDauesi'lRi 

DansScBaaiDiCO 
F C Finance.. _ 
FirdN'al I0p_ 
Do Writs 'fe®. 
Fraser Ans t0p_ 
['Jen-ard NalnL - 
ibbsiAl. - . 
(GlllrttBrrK.II ... 
(Goode lit Mry 5p 


[GiunnessPeai— 

Hambnrs 

Hill Samuel 

Da ffarrems— 
HwW Sbafi5L50 
Llesd Teynbee_ 
June]JosepbiL«»£l _ 
Keywr Lllnann . 
Kine&.Shax2Dp 

KJeuinrat B.L 

iio)tI*£i 



(Last 

Wv 


irw 

1 

| Price 

■ 

I Nr* 

|Csr|GrislWE 

283 

12b 

IQlBc 

31 

3.6 

73 

235 

10/ 

14 55 



9.2 

— 

0251; 

AU 


25 

4, 

8.8 

305 

«< 

rtl9.4« 

— 

95 

— 

202 

155 

hro 


6< 



146 

2tfc 

10.23 



10.5 



W 

IS 

305 

ss 

— 

3.1 

5.8 

— 

flltS 

02 

Q10% 

— 

IS 5 

— 

14tt 

85 

Qlb°i 

— 

2b 

— 

170 

I.Z 

7.47 

15 

66 

15.2 

550 

1 2b 

<J32r 
til. 05 

* 

it 

A 

270 

2K 

36 

61 

69 

£23% 

345 

210 

78 

053.00 

0328 

57 

6.5 

5.7 

53 

265 

126 

9.41 

— 

5.J 

— 

255 

iOi 

K17.17 

— 

1UI 

— 

73 

lb U. 

+4 .85 



9! 



200 

lb U 

016c 

2* 

4* 

7.1 

£17 

£17 

S 71 
73 

WCbb’x 
0 172% 


40 

88 


28 

l ll 

10 71 

7J 

Jt 

48 

£21 

S'.V 


— 

il 

— 

16 

toil 

— 

— 

— 

— 

£114 

_ 

018°, 

- 


_ 

70 

1611 

t203 

26 

4 3 

13.4 

2* 

974 





12 

876 

_ 

_ 

__ 


179te 

30 i( 


— 

7 fa 

— 

45 

7 U 


74 



215 

ri 

1541 



10 7 



20 

1/4 

OH 



0< 



126 

21! 

2.79 

71 

ii 

44 

110a 

in* 

hfc 15 



7.fi 


163 

29 i 

9 76 

— 

a *i 

— 

86 

tilt 

497 



at> 



200 

— 





__ 

294 

4* 

h059c 

+h3.32 

— 

24 

— 

56« 

JO Hi 



9C 


170 

107 

8.74 



77 


50 

385 

0 67 


PC 



58 

15! 

344 



8 6 



90 

711 

+418 

— 

6.! 



260 

X 1 

1923 

48J 

5.3 

5.9. 


JuJijHoiOTniham 


Sept 

Dec 

May 

'X-t, 

JnlyJJ 


April Sept 
Apr Sc*pt 
Feb. Aug 
Dec 
May. Not 
Dec. July 
Nov. June! 
Ian Aug 
May Not 
Aug. Dec 


>P r - 


FINANCIAL TIMES 

BRACKEN HOUSE. 10. CANNON STREET. LONDON EC4P 4BT 
■ Telex: Editorial 886341/2. 883897. Advertisements: 885833. Telegrams: Finantiiao, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London. Birmingham. 

Liverpool and Manchester. Tel: 346 8036 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amxicrdatn. Pil Rrr, I23C. Arnstcrdam C. 

Telex 12171 Tel- 240 555 
BirminKbarn George House. George Road. 

Telex 33865 U Tel OSM54 0322 
Bonn Pres-sha'is 1 1 104 Ilcu^jUve --10- 
Tele* 8868342 Tel- 210(09 
Brussels- 39 Rue Ducale 
Tdcv 23283 Tel: 3I2-»i:<7 
Caim: Pu. Boi LM40. 

Tel- 8385111 

. Dublin 8 Filzicilliam square. 

TeI<-« 5414 Tel 785321 
Edinburgh 37 ilcnriv Si reel 
Telex- 72484 T-l id 1-228 4131 
J'rankfun- I in Sachsen lager 13. 

Telex 4I6S83 T.-l 5S573n 
Johanne^biirK P". t<r>v 2128 
Tele* JWC57 Tel MV754S 
Li>hen IVaca da AieKriu 58- 1 P. Lisbon X 
Teles 12533 Tel 362 5u3 
' Madnd- t'-prunceda 32. .Madrid 3. 

Tel: 441 tT772 


KanrheAer Queen's Roane. Queen Street. 

Telex 686813 Tel- 061-834 8381 
Moscow- Sadoro-Samotechnay* 12-24. Apt 13. 

Tele* 7900 Tel. 200 2748 
New York- 73 Rockefeller Plaza. N.Y. 1OO10. 

Telex 06390 Tel: (212i 541 4025 
Pari" 30 Rue dii Sen Her. 73002. 

Telex 220044 Tel: 236 J7 43 
Rio de Janeiro: Avenida Pres. Varna* 416-10. 

Tel: 253 4848 

Rome: Vi a de lla M erc ede SS. 

Telex BIOS. Tel 678 3314 

Slirkhglm: r o S'M.<k» Dag blade:. RaalanbsvageB 7 
Telex 17003 TeL 50 SO 88 
Tehran: Pu. Box 11-1879 
Telex 213930 Tel 082098 
Tok>o: 8lh Floor. Nihon Keizai Shimbun 
Hmldlng. 1-9-5 Otemachi. i-hi>oda-ku. 

Teles J 27104 Tel 241 300 
U’ashingion: 2nd Floor 1325 K. Street, 

N U . Washington P C 20004 
Telex 440340 Tel: (202) 347 8078 


ADVERTISEMENT OFFICES 

B:rmiiigli.<m I tons*.-. ii..-urge Road. 

Telex 3386SO Tel u2l-iS4 >1322 
Kdinhurgli :<7 <:>>orge Mrvel 
I'c lex 72484 Tel M3 1 -220 4139 
Frnnbfurl Im Sach-xenlager 13. 

Telex IfCel Tel. SS44M7 
Lrcrtf Permnneni House. The Head row. 
Tel 0532 


July 
No- 
No-. 
Apr Auc 
Ian. June] 
N'oi- June! 
lh?v Apr 
Auc Mar 
Mar. «Vt 
Feb. Aug 
Mar. ,\u 
Ian Jul 
Feh Sept 
' ’ Feb 
No\ 
Apr. 
May 
July 
July 
Junej 
July 
Aug. Feb. 
Apr. Del 
Not July 
Feb. Auc 
[Jan July 
June Dec 
Man. (irt 
;fM. May 
'July Dec 


Apr. 


fiec. 

July 

N'in-. 

[Jan 


July 

Noi 

May 


\pr. iict 
Dec. July 
i»vt May, 
Dec. June) 
iVL May 


Nov. 
July 
July 
May 
Mav 
Fc4i 
Feh. 
Aug. 
Mar. 
\|«r. 

Her 
Inly 
Jan. 

Ian. 

Apr. So; 
Nov 
Mar. 
irt 

May 


July 

No*. 

IVi 

id-L 


Auc 

Feb 


Vt 

July 

Nov 


Benki^'Jllp 

May Oct Bcnlord M. lOp... 
Mar. Aur. Bett Rms 20p. .. 
Aug. Ofct BIorklcyc 20 p _. 

Oct May Bluei.'irektl 

Apr. Nov. BlunddIPenn.. 
'VL Mayjbreedon Lune„ 
Bn t. Dredging. . 
May Nov. Btimti Jksn. 20d 

Ian July Brownies* 

Pec. :.Ltv Br-axit Hld» . _ 
Uig. Jaa Burnett LH 
3 7 Oct. Apr. Burl HoalrooEl- 

3 8 Jan. June f Rolicy A' lOp 

5.6 'Nov. July Cal nferiGHj Hip.. 

0.2 Jan. JuIt Can iJohro 

4.8 June Jan. famui 

4 0 May Nov ''uni FUBdOnoe 

5 5 Mai Oct Caenlui Gp lOp . 

126 Nov. July Calain R 

2.9 Sept Apr. Countrr«a<Je5p_ 
4 1 May OcL rrrwJeyBId-’.. 
4.1 OcL April l.'ruuchiD.i3Jp_ 
26 May OcL ' Your h Group .. 

3 2 Apr. OcL Douglas Rot*. M. 

3 2 April OcL D wrung GJLfOp 

1 7 Noi . May Erith. 

5.9 ■ Dei . June F.l* A Consfn 
Dec. June F-iirelough font 

2 . 3 |Jan. July Feb. Inti lOp 
Jan. July Do \V rtlp . 

2 4 Nov. May Fed Land & Bki 

4.0 — Fuilan'JoiuiilPp_ 

2.5 — Flanm Pkr. llip 

3 5 October Fdiu-MilRiinp. 

4.7 Jan. Ju ly French Kier J 

Apr Oct. ilallilnrd Br jp.. 

Mav Gibbs DdyAltlp 
July Feh ''Jtrsro i»J 1 10? 
July OcL UluxMjpW &J _ 
Feb Aug. ir?hi'boper20p 
Mar. SepL ILLT I.Tp lOp . 
Feb. Sept Helical Bar 
Jan. July Rend re. *.V lop . 
Jan. JuneHewdnSi. Hip 
Jan. July] Du7prfonv.. 

He-no Wm 5flp 
Dec. JunejHiggsiHliL 
Jan. - - -- 
Jan. 

Mar 
Apr 
No\. 

Apr. 


Do Re*. Vt 
jHowardShut lOp 


Dcair. .. 
rkJotmre 


rhstockJohnsen. 
InL Tiirfaer „ .. 

ELHnktiwslOp J 
l.i7£G . _ 
JamsiJ i 
|Jennin^S.\0ifl 
lobn»aD-Rx+sni. 
pones Sdwxt lOp 
IxrJ l, Mr > IOtj 
b AFl'il 


lidarge 
LaincJohni'* 
iLahaniJ >£1 _ 
ijwrenceiW > 
eech 'Win-alp 
/'.lano' Faiai 
J-Ikf FJ.i' 
[Ucnowi Beck _ 
Isrell'V J ■ 

’4c 11 Group 
Ma.'::iaifS(iin-. 
‘.lalUnon-Dennj 
Mati'jers'fflrl;'. 
Marelnuel 
Mariey . . . 

Manhill* > Hlx 
MaySHjj-ell . 
[Meur-Bitf 
NdnlleD t\V . 
lllcycT 1 Ucui.Li 
Xuhnr . 

Miller i^an* 10p 
Miictwi-rele 
Mod. Fntiw-^fv 

Mon!: i V* 

■tonkin -J 
Nnanhillii 

itwisJ Kol4 
Nell Rni VSOp 
c Drr- liiji 
P-jrte:Tirnl>er 
!’hnen^Tuii<7 
|IV.hia> 

, Ml - 
Rcdland 
R'ch'd- tt'jil mp 
'Ruhcft'-.Idlard 
iRoban'iroup 

Rixalin^an tnp;- 

Brr.ni'lpaup . 
iRuborud 


June! Rush;. P I'emcr* 


IKGbnir .. 
*eh 7in(i 


Sharpe & Fi*her 
Srnar -J > I0p 
Suulhi-rn i 'nr, jp 
ctiwtcr- Tup 
T.ABC VJp 
TaMurModriiA 
TiiwirL’il 
OcL IVa-.:- i \rneM 
Auc Tunnrl KVif. 
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wli* *wr.f !<ij 


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rdlflit'-. !i>p 


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,V.>ol .'I rn :2>;-p 
UiCu.-i’u'i ]•<]> 
‘Ai l~»rTi'l'o:-l.il!. 
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% 

III I 

July 

.VI 


^ 82 
193 
IB 
7D 
227 

34 
13d 
76% 

106 

28 

24 

50 
60 
68 

257 

84 

95 

26 

244d 

73 

43d 

215 

175 

37 

23 
48 
60d 
95 
31 

232 

42 

104 

105 

67 

>S 

97d 

14 

64 

27 

26 

51 

35 
13% 
47 
34 
63 

38 

37 
57 
70 
27 

24 

93 

140 

68 

as® 

17 

130 
170 
128 

53 

23 

160 

76 

89 

14 

40 

£36 

74 

107 

94 tr 
B3 
82 
69 tC 
66 ft 

108 
26st 

122 % 

50% 

103 
308 

69 

131 
73 
Iff; 

38 

51 
46 
13n 
66 

52 
98 

104 
152 

85 
293 

56 

112 

140 

M0« 

124 

155 

73 

102 

86 
30 
44 

■n 

75 
! 157 

36 

49 
40to 

9% 

21 

132 
403 
283 
166 
280 

73% 

38 

190 

36 

50 
118 

53 
82 
40 
36 
35 

137 

81% 


2 1« +4.68 
L5J 6.86 

26.6 tdO. 
21! 437 
107 774 
11 237 

3010 0.6 
1117 ♦t3.i 
2J0 814 
266 L83 
875 
4? tl.85 
107WL73 
i6ju t3 
4.4 t9.48 
107 12.93 
185 t535 
1176 
30 mL02 
266 2 30 
3018 252 
266 <12.89 
247*11015! 
30 5 tU7 
25 134 
305 tdhO 
3010 13.63 
49 +l»3 
21! N24 
m th234| 

24.7 fdl21 

24.7 44.19 
189 1d4.0 
4.4 298 
184 d? 46 
45 h5.71 

20 IK t5 57 
313 051 
It 10 M3 55, 
Iil0rdl7^ 
162C f.Q.7^ 
210 +233 
•474 
175 
49 rf3.95 
305 1.78 
210 3.42 
34 L85 
50.5 tl 87 

1610 1392 

10.7 536 
218 hdl53 
19.9 
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30 111 tS 1.091 
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34.7 4 7i 

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21! t7_16 
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377 £1.51 
18' a9.61 

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4? u25 

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MID 7.30 
2£6 B674 
1+10 t3.76 
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3010 73 28 
71 395 
5177 
7f D60 
15: 283 

210 1233 
1L1E 1508 

126 d233 

211 <4586 

34.7 311 
SU tl7B 
155 »274 

74.7 4.74 
266 h244 

50.10 td0.76| 
4^ t3.24 
:K +274 
107 3 56 
16. U 166 
25 «J4 91 
12# 4.65 
107111.72 
189 *27 
18* 6.08 
2LI 4.33 
» in d5 15 
lbl3 15.36 
1, 425 
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155 439 
49 375 
ikh dhQ 62 
lh 10 11.52 
lb ID t??9 


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16.10 1165 
131 hi. 92 
50 U d203 
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2b.b 1.72 
210 »995 
7£ 7.72 
210 20 34 
18 9 d387 
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126 tJ 37 
:&£ +1.50 
21! 10 69 
*1 d2 68 
155 3 18 
Ibl0+h284^ 
12£ 152 
126 1329 
24 7 261 
1.4 1.01 
21! 166 . 
189 +d2.54 
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3.5] 

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2.l] 

6 

n 


26 

13 

2.8 

71 

1.1 

35 

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121 

19 
0,5 
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20 
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15 
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52 

10.4 


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1« 6S32.0 
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9.R11.2 


166 


10.7 


Man. 

Feh~ 

K«!» 

Duly 

Liune 


0.6 21.0 

4 7150 
8.E * 

20 5.7 
87 6.5 

68 9.7 

69 6.0 
2.9 7.4 

9.0 il54l 
4.7 92 

11.6 9.1 
1.5 62 
43 iT37i 

6.0 «A> 

5 7 81 
66<91ip*nr 
5 8 5.0 
69 4.8, . , 

8.6 122 


54 73 
63 7J 
99 64 
110.3 8 1^ 
231 6« 9.7 F^- 

1523 

13112-51 9.0 




32 7.8| 
37 81 
23 7.3. 
35 7.« 
25 10.3 
L4 UM 
11 85 


3 7 72 
76 23 
7551 n.9 
30] 5.i]i75i 


1.7| 9.01100 
72| 3*0| 


2 8) 
28) 
31 
127 

0 2 
201 


PiiWro* 

Paid 

Her. May 
June IJec, 
Apr. Nov. 


: Sock 

Hocriid DM5 
• InFreWMlpU 
]Tmi.f'hem.D _ 


Price 


Hir 

Vt 


VMI. , 
Or I-'*.} W 


Jtiiidmds 

Paid 


Stock 


Feb Auer Dp. S*«T£ £J 


Feh 

July 

Juti 

Nor. 

Keb. 


Audi 

Noi 

July 

Mar 

July 


Apr. .sept 


May 

July 

Feb. 

Fel*. 

Mny 

Apr. 

Nov. 

Apr. 


Nov 

Nov.l 

Nov 

Nov 


OcLf 

May 


tint Paint 
[LatanrlndsSi^- 
tetiirhitsfip;— 
N'ersU!Kra<. .. 
PljcsuKlp- . ._ 
Rarworawru Mp 

RenLokil [Op - 

fierenex 

IScM. Aa Ind. £f 
Wevart Ptaslir^ 


* fcet TThtu J»f Badri ftp 


R'anflerBer ■ I0p 
WoL^enKrime _ 


500 

fill 

017“ al 

101 

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£129 

Art 

Q10°b 

— 

mu 

358 

18? 

11677 

75 

70 

46 

i:6 

3.55 

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11,5 

78 

176 

232 

4? 

44 

108 

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+687 

15 

95 

114 

766 

14.43 

22 

4.4 

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31 

106 

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dl 40 

6(1 

7(1 

285 


3 14 

76 

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68 

lblf 

1163 

29 

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65 

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77 

7 b 

188 

44 

12 18 

23 

97 

160 

ia q 

313 

51 

75 

19 

94 

+0 69 

30 

55 

31 

718 

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27 

62 

273 

lb ID 

+7 94 

35 

43 

79 

2LQ 

14.84 

Lbj 

9ifl 


(cLh'iSksUbeins 


DRAPERY AND STORES 


3 Lb{ Fch. JuiwiMcrKd-SOp.. 

1 Bamfonbanp \ 

BanroCow.aip 


Apnl 

7 7 May Nnv 

_ Nuv. May[B6rtbafclvir3 

63 May Dec 
9 5 Fek OcL! 

166 Mar SepL 


Mar. 
Apr. 
Fan. 
Jan. 
June 
Au«. . 


AUK.. 


OcL| Arobcr Day lOp 
iSn 


June Aqu»cidun] 

June Do A'5p 

Jan. Amfiotraur 10p- 
, .. Feb. Baker's Sirs IQp. 

Jan.-Juiv BmbenAore* I9p. 
June Sept Beattie dr . 
May Eenlalls lOp 

B&rtffi 6 Con 20p_ 
Feh. Sept Boardnes Wiftp 
ion. Jaoe Bolton T«L5p 

Dec. May Brenner.-. 

|Jan. July Brit HomeStrs 
Feb. Aug. Brown iNj20p ._ 
I OcL Apr. Bortiin '3m .'top . 
CkL Apr. Do \VNv50p 
May Nov. Canlors‘.V20p_ 
une Dec. Caske»<6»Uqj._ 

KVL Apr. Chureh_ 

Nov. July Comb. Eat 12%p 
IJan. July Cape Spwts5p _ 
Cornell Dre» op. 

May Nov. (Courts - A' 

une SepL 1 .'ariys.. 

Jafi. CKloflBoc 10p. 
July Dehrahams 
un. Nor. Dew+irstlOp. _ 
Mar. OcL Dixons Photo lOp 
^June Nov. Dlis& Gold 5p. 
Nov. June] Entire Stores^ 
Exauto SOp. 
Ian. July Fkbrtale TesL 5p; 

Jan. July Do. A' jp 

Ian. July Fine.Mt Dexx 5p 
May OcL Ford itnini lOp 
ar. Sept. Forming er 10p_ 
an. July FoSer Bros, 
une Dec. PteemansiLmi 
Apr. Oct Uetftn.VJ <2Qp.. 

Goldliere 4 — 


, 8 b® 


Feb. 


o „|Dec. Jnne Goodman Br 5p.. 
31J14.0[j une Nov. Grattan Ware. 
Mnr. Dec. lltl!nivnwl._ 
Mar. Dec. Da‘.VOrd_. 
Aug. Apr. Sre. MilleHs lOp 

pan. OcL Harfy fFlimj. 

pan. OcL Do WMV - 

Sept Helene Lon. 10p- 


7.H 82|lne‘-DK 


Feb. 


Oct IkndereniiE 

q Jjia'VfMay Nov. Hecnques A II 
■*' Wiul Jute R^nwtfiiJ.iIOi 
Apr Oct Ron? Charm IL. 
'Dee. July Housed Fraser- 
Nov. June House o(Lerose_ 
JoQexiBnesti UpJ 
Knott Mill lOp 1 

(Oct Apr.lLadi es Pride Mp 
pan. JumLee Cooper 

(May KovlDa.Kon.Vi&Qrdr 


62 
9.4 

& 


pan. 

Feb. 


Dec. 


52 


51 7.7 38 jM - June®' . , 

41 33 105 Inn. Sept. Wharf Mill ldpf.. 
43 37101 lta y Nov. Wilfcreu Warttu. 

23 67 73 Apr. OcL[ffoohwth_, 

0 7 10.5197 
3 8 5 5 64 

23 83 79 

U-flj 2.81 46 

60uune Dec, 


61 


65 
6 

43 

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10 a 
13.64 
1211(5 6> 

68 51 
5 5] 64 
74 4.4 
55|i5 li pure 
■Auc. 


l.d 7 5] 10 6 
7.4] 1L2 
5.4 4 9 
95 3.b 
4d 45 
83 52, 

5 9| 60 June Ncn - 


ID, 

3d 

33 

0 7| 

3 a 

4M 

2S 

101 

13.2| 


73 6.6 
B.5\ 63 
3 7113 1 
7ffl 50 
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6 7 42 
64 21.7 
657 
ll.fi 6 9 
24[ 8 7 7 0 

7.9 .3 7 

8 7] 13 Bpuly 
A Up'. 
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4 6f9M2- 
5« » 

7 0 75 
4.11 79p 

8 8j'61> 

6 4j 87 
6»12 6 
3.fl 7.9 
5.3123 

9 8 
110 4 

7.8 p 
4.4 K 
94 
* 


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a u 


2510 


Allied Retail inp 


Da ISpcCnr. Prt 


LiiimftK. 10p 
MFlFundtarelOp 

.Maple I Op 

Julyillarks It Spenca - 
JulyjAtoimVews „ 

JulyfUauiesiJ.' 

Michael Uj IQp. 
July UxLEdacaLaOp 
Jan. ifnthercare lOp . 
Feb. NSSNews lOp .. 
Dec. imenOoen 
Pan. July ParadlseiBi IBp. 

Apr. Oct PawsonriOLi— 
Pan. Apr. Peters Stores lOp 
Polly Pwk I0p.. 
Feb. SepL Preedy 1 Alfred).. 
i^Apr. Oct Pullinm H 6 J 5p 
Dec. Jure RamarText 5p- 

SepL Hataers 10n 

Oct. Raybect lOp „ 
July ReadJcnt5p 


Reed.ViwtinA - .. 


Apr. Sept. RbtiniHttSilOp J 
Itopn5p../... 
S4U Stores I2‘a» 

usui j*5» 

July SujiueKRi V . 
July SeUrrotutSp... 
Sherman 'Si l On. 
|Feb July Stem W.R'A'Mp 
May Nov. Stan lev AG Sp_. 
SepL Apr. StetualKscL 1^. 
|Oct- Apr. Stanborc lOp _ 
IJan. July SumrieSfln- ... 
pan. July Tine Prodi H»p 
Feb. July UBS Group — 
[June- Dee UpunuEi'.V. — 
|Oct May Vanlona20p._— 

May Nov. Walker (Jas 1 

jMay Nor. Do XV. 

Dune Jan. Wallis lup..___ 
(May Nor. Waring k Gillow. 


97 
47 
45 
43% 
21 
. 46 

167 
128 

40 
19% 
19 
12 

41 
1 82 
174 

36« 

32d 

176 

109 

50 

n 

m 

183 

15 

84 

73 

126 

27 

168 
50 
23 
23 
61% 

34 
103 
155 a: 
355d 

9 

11% 

100 

298 

29? 

W 

35 
23% 

208 

79 

Z7d 

63 

222 

148 
59d 

149 
23 

165 


a 

223 

■s 

242 


2iahri?94 
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23 +155 
7.S iX2 
266 )id058| 
155 +hl 55 
305 236 
210 tL2 
676 - 

4.9 cQ.09 
28 U 063 
155 3.88 
155 +6 36 
216 251 
71 152 
76 152 
1B9 hd206 
30.10 hi 08 
49 1342 
210 13.29 
126 HO 18 
876 - 
49 355 
1610 +4.61 
577 ♦- 
1610 +538 
21fl tl 5 
2LS 242 
1610 tl 93 
16 10 5539 

Mi SO. 

266 L18 
266 Lia 
303 L86 , 
Z18Th2.D5 
49 h283 
3010 1289 
3010 +6.03 
218 2.35 
305 +417 
210 0.83 
1610 +5 64 
161 837 
110 837 
IP 7 +178 
7 G 02 
73 0.2 
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24.7 147 
30.10 dl.B3 
25 254 
12.9 +cB.67l 
1618 +4.84 
30.1B rtM438| 
b5.5 
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16inthL89| 
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1296 
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1610 +289 
13.12 
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174 20 

175 - 
247 2.86 
49 606 

lblf 


7 A 15.23 
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1232.38 
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43 3 59 

2101(15.19! 

^84.24 


ELECTRICAL AND RADIO 


2 V 4.51117 

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52 $5 


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4.11 


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1.4 125 
27 8.9 
4513.7 


3.d 


x Jan. Jubj 
9 b Kus. Felt 
-? n June Dec 
BB Apr. SepL] 
7 J May Dec. 
67 Apr. SepL' 
103 Jon. Oct[ 
94 Nov. M 
70 Jan. Ju. 

9 9 Apnl 

May 

July 
Jan. 

June 
Feb. 

Noi. 


% 


British Northrop 
|Braclhoui!cL^_; 


Dec, 

Aur.[ 

-Jan. 

Nov 

MaytBjvnxEhfl Ii 


May 


July BtoofeTh ol.:-. 

SepLjBroOiertrdP JOp 


Feh. 

Oct 

Feh. 

Fab. 


Apr. Otristj-Bros 

May HsrenmSoor 

— CK+tortiChl 

Aur. Feb CebeufAiato^,. 
.Aug. Feb. CtwpAtr 
301 June Dec- Cmaatrtcir 
1 3 II Feb. Sept Took W.atf' 
q'ImS 0ct - A P r Coope«PMt 

a i9 4 CmpteXtKte. . 

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12-1 'Feb, OctQifdt'B.: 

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sls| 

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Feb. OonUe Croup... 
July Cnum House l. 
n Ali7Ri l -nne Dec. CumniMjftW.. 
Mar. SepL DanKGowatan 
'Jan. Jnty Darntrt6Imr.5n- 
. u . Oct Apr. OteUfatA'Up 

7 6 52 Jan - StUK Della 

F^j. July DmalsJ J£ lfflp^ 
4 5 llo Mar. Jufeppttteasop _ 
9 n 0eL ^ DesouHerT: . - 
I? an Dec. July DwnfebnieiBp: 
i i qi September ftakefcSedL- 
25 115 Dec - ManPWtito Steels.- 

^ 32.1 1 5^-' DcL|&Sai[i|Hkig5r_ 
10.8 • ^ 
a4 7.8 

43 116 


Beaufort IBp ^ 
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122 247 493 

86 10.7 +5.68 

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44 247 L46 

21%W 3010 L22 


.Apr. SepL|»»roJolinIh.. 
~ Sept. Mar.(KillflMh3)p— 
83 1 Ma y - Dec 1 — - 
Feb. Auc I 
Jrine. Feb (Ctorfonf, 

Jan. Juno C^pa-.? 

Aug. Carr I oEl 

Jig CartxRT^ilUflp 



Jan. 


61 
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5.9 

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Nor. ' 
May 
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Mar. SeS-R $tVte, 

Apr. SepL aun 

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D«: HB+rberSid 

Apr. HU 6 Smith 

Dec Hb^fownsaOp 

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(Jun Nov 
May Nov 
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Dec 
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April Nov 
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.4.8 Elertronic 
Allied Insulators 
Audio Fidelity lOp 
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HSU top. 

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pan. 


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July 
Mar. Oct 
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J.m 


i.oiii lruo. 


9 916 8 


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96 

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6.7 

83 

54 

89 


CHEMICALS, PLASTICS 


Ian. 

July 

Ian. 


May 

llr 

Junej 


Apr. Sept 


Muni-hefler. Qurea's House. Queen Street 
Telex 006813 Tel. 001-834 0381 
Nt-ur York: To Rockefeller Plaza. N.Y. 100 IS 
, Telex 238409 Tel: <2l2i 488 8300 
Pafi# 36 Rue du SenlicT. T5002. 

Telex 230OU Tel: 236.8401 
Tokyo- Kasahara Unllding. 1-0-10 Uchlkanda.' 
Chlyoda-ku. Telex J 27104 Tel: 285 4050 


Oierseas advert isement represenlalives in 
Cenlral and South America. .Africa, the Middle EaM. Asia and the Far Eut 
For further details, please contact- 
Overneax Advertisement Department 
Financial Times. Bracken House. 10. Cannon Street. I^ondon EC4P 4BY 


SUBSCRIPTIONS 

Cupiee nbminable from nnw<aif«iix art! hoakxiaHc worldwide or on reffular «ub»rripllon frtnn 
Subcrnpdixn li> a parmeni. Finanrial Times. I^mrinn 


Xm 

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Jan. 

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HOTELS AND CATERER 


September 

[Dec. July 
Dec. Jun 
[Dec. Junej 


OCL 

IXL[ 

OcL 


& 


A fMs InL top 
BwtliJ iFr i0U_ 
Brent Walker 5p. 
i.'itj Hiotels2fl 
DeV'ereHote 
[EpicureSp — - 
Grand M*s.59p.. 
Kursaal 1 MU-125 
Lad broke 20p - .. 
UtCburiotleUto 


iVL 

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6.71 3.1 5SI 
4 4j 95 4.1 
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3.U 6.0 80 


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Aug. 


JOp. 

PrineedM'ales.. 
Queen's Moat 5p. 
KouttmHcCds — 
StwyT top- 
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