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No - 27,7os Tuesday November 7 1978 

OQNT 1 NMTAL SBU 4 WC PWCSSi AUSTRIA Sdi I 5 l BELGIUM Fr 25 ; DENMARK Hr 3 . 5 ; FRANCE Fr 3 . 0 ; GERMANY DH 2 . 0 i ITALY L SM: NETHERLANDS Fl 2 . 0 ; NORWAY Hr 3 . 5 ; PORTUGAL Esc 20 ; 5 PAIN Ft* 40 ; SWEDEN Hr 3 . 25 ; SWITZERLAND Fr 2 . 0 ; EIRE !Sp 


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NEWS SUMMARY 


BUSINESS 





falls $4i 


: ft EQUITIES were Steadier — 
.despite a disappointing level of 
. : r '-v... business — - reflecting hopes of 

Police " .are r huntings a_ woman' a- t’eyival-'or institutional and 
who is , believed to have com- pnhHc baying interest The FT 
piled*. Seatfe Hist, containing 30 Dutastrial: . . Ordinary Share 
names. ■ Tbtelfst was found at Index closed 3 points up at 
the’, boni e -of * woman Who was 475. 4. 

shot on Sunday. ” ' : ■ , IL . 4 , 

Scotland yard named: *e:£ GILTS cased ^ small trad- 
wanted woman 'as Alvada Ruth “Sr the Government Securities 
Kftpkep,; aged 55, a senior secre- Index ..closing 0.-03 down at 
-tar’y- at tbe tT.S. Embassy. The 68.55.' 
hunt is . eoricentrated . in. Essex 
and Suffolk- . ^ • GOLT* . continued to lose 

Two worubHrOft the death list ground bn Yhe London bullion 



BRAN: OILFIELD STRIKES CONTINUE 


Oil cutback 
boosts prices 

BY KEVIN DONE, ENERGY CORRESPONDENT 


1135 


Ed 

Save been.. placed; -under police 
. guard. Marg^ret-Philbiii. 45, who 
died -after beihg : sBot'oear -SciuTb^ '■ 
Kensington Underground -station, 
was a former ; friend of Kpoken. 

♦f J5t¥?::- 
Mw.9*- 

Another secrets 
charge dropped 

r* Z~\ r*w.. 

d •'vy-:.- 

f . 

1*2 - 

Another . charge ' was dropped' in 
the Qid Bailey secrets - trial the 
sixth of the brigiiral -nine charges 
to be disposed of. since tbe trial 
began. Justice Mar? Jones _said 
he .would -direct the -jury to 
return a not -guilty verdict 


■ S per Cngjjung* 



relating to a cbaYge against- 
reporter John Crispin Aubrey. 

‘Massacre’ claim 

■Rhodesia's military command’ 
said that 25. black civilians had^Uwa at $21Qfe, after touching 
ben- massacred m an unspecified earlier in the day. 

area in the northern war zont ’ . . . . 

The statement- said the area had. ft DOLLAR opened firm but 
been. cleared of spent cartridge .drifted later despite support 
c«es but. there wre -indlea- ^om the eentrid banks. It 

hTbe4'^“ mU ^-. P - **>***.***■ from Friday's 
haa been .used. crosi^ievds. itetatde-weiglHcd 

Havrisc rocgo-hc . average depreciation narrowing 
UaV,8S to 9.6 l9.9fc-.jMir cent: 

John : .Davips; i Sobservatiye ‘ 

i— -.or-,;-- •• m- ctpe-i 



BY PATRICK COCKBURN 


S par barrel 


to-oF 


12-5 


>«■“ IViiaWn Ulrtip-** w~ti, 

Arabian 
Light a 


1 


oi 


Olrs I 2 


1978 


Oci Not 


J 


] By Michael Bladen and 

i Nick Garnett 

i 

(.MIDLAND DANK is to open 20 ' 

I of its High Siree-t branches on j 
i shopping wen in vs in the- New 
j Year for a si:;-month trial. If . 
! the experiment su» eeeds. it will 

j be exlendcU lo a total uf -100-500 

I branches. 

I The bank also announced 
1 plans yesterday to explore with 
|il> stair the possibility of pro- 
viding a limited Saturday ' 

I morning service :it its three 
■ recently -opened aiea olticc-s at v 

and 1 


PRICES OF crude oil and oil 
products have risen substan- 
tially on international markets 
us a resalt of the severe cutback 
of production in rion.orn Iran. 

But oil supplies to consuming 
countries are not seriously 
threatened yet. 

The Secretariat of the 19- 
nation International Energy 

Iran’s new military Government, appointed by the Shah to curb weeks of wiil Ta^To become ’much 
mounting violence and civil unrest aimed at toppling his regime, moved tighter before it could justify 
rapidly to restore order yesterday. ffiffiS p^ ra m™T n ?a Cy opera-' 

As Tehran struggled to recover of preventing chans and unrest, was personal ADC in the early tion. 
from its worst day of violence there is a possibility that past 19tf0s before becoming Lead of The agency, which was formed 

since the crisis began, the 10-man mistakes of suppression would be the ^endermarie. He has been in response to the last major dis- 

cabinet — headed by the country's repeated” and “under the name commander of the ground forces ruption tu international oil sup- 
Chief or Staff and including seven oT national interej-ls . . . financial siECe 1972. plies — the 1973 Arab embargo — 

generals — imposed full Press and corruption and political corrup- The new Government was said yesterday that all member 

television censorship, arrested non ma" be eMuMislivd. “He immediately condemned by the countries had emergency 

live; editors and instructed the promised that “ past mistakes of Shah's leading opponents. In reserves to last at least 70 days. sl0t -k s an( j some alternative; t,. ... 

army to enforce martial law u n law fu lines*, cruelty and cor- Paris. Ayatollah Khomeini, the Member countries have agreed supplies u1,,V(fC: K , - |IIW 

strictly. ruption ‘ would not be leading religious opponent of the on an emergency programme for i. tlUn rrie Si 

Against a background of con- repeated.” regime, called nn the Iranian 

tinning violence and no sign of ‘.ten. A/hari. iho new Prime people to carry on the struggle 
the strike in the vital oilfields -Minister, has a standard aii/r»ry until the Shah is overthrown, 
ending, the Shah abandoned any background and was appointed D r , Karim Sanjabi. the leader 
attempt io form a broadly -based i -hief Supreme Command of of t he main Opposition party, the 
coalition government to 'include Staff in 1971. _ National Front, who is also in 

the country's opposition, follow- He has ipfclnc-d five .Minisiers p ar j s f ur ^-ith Ayatollah 

ing the resignation on Sunday of -^ r Sharif Enuiiii's out- Khomeini, said that the Shah was 

the Cabinet Df Mr. Sbarif-Emani komv administration, three of •- niove isolated than ever.” 
after uuiy ten weeks in office, whom are civilians. They include j n Washington, however, the 

Mr -' ,n,r . Khosrr-w Afshar- ncw . Government received 
Qawemlu. the Foreign Minister cautious apj-roval from the 

.. - , H,s ministerial appomiments State Department. 

which, he said, would onlv be l eavc tiodouot aliout the military L an d n n. Dr. David Owen, 
teniporary. nature of government in future. t j, e Foreign Secretary, said there 

In a radio broadcast the Shah Admiral Kamal Ed-Din Habi- u -as little risk to British 
said "the killings and chaos in bollahi. the naval commander, nationals following yesterday’s 
many parts of the country becomes Minister of Education, burning of the British Embassy. 


naa emergency these can be supplemented j ? ^hVmniun ^ '- ji side, 
to last at least i0 days. by sl0L .^ s an j some alternative! T j. ' ■ ■ )h p..: _ 

Member countries have agreed - Iinn ii P c fmm nrhpr UPFf ; , ine • u ! me rme 

i ;i n (.moroj.nw nrn»ramnip for ‘ : LoniiTi'Asion > recommend a it on 

in iis report on bank charges 


__ Instead he appointed Gen. 
Gholamreza Azhari to take charge 
of a niilitan.' administration 


BP and Total 
end subsidies 

British Petroleum and Total 
are today ending subsidies for 
their filling stations, pushing 
up petrol prices by as much 
as op a gallon. The move, to 
cut petrol marketing losses, 
was started by Mobil yester- 
day. Back Page 


Most companies acknowledge;^ AprM ; lh;il ^ Kanks should 
ihou,h_ that the> arc now in |Jrv lu Jc hieu* vicaler lle.vibilily 


■ncnine. 



paid 

most crudes from the t.lulf. 

For much of the past two jears , 

oil had been selling at discount ! "‘i.i 0 ”- 
prices because of the temporary 
glut of supplies. Now there was 
"a certain amount of panic in 
Lhe market," he said. 

Prices of Arabian linht crude. 



would be heid. .... 

In a defensive speech to and Social A ffmrs Ministry. i 

Iran's 34m people, the Shah Gen. Ovnssi is known to be Othtr developments. Pa^c 4 
admitted that "under the name close to the Shah to whom he 


Parliament. Page 11 



- v- 


A*-’ 

at* 


: »t. 


being taken.. 411 . at -the : Tory 

conference Back Page ; 9 \ffajL ■- STREET was 1.47 
iL ■' •' <io*ra at 82 LL 4 ncar thc close. 

Bread strike 

About 70 -por cent aF bread: suprOUtBllt DFICCS 
plies will be hit by the bakety. ^ 
workers’ strike which began fi| 1 «.*c*anrr 

today after; receiving imion back- MUl 1 1 MUJ; 

ing. Back Paige ........ ^ OUTPUT -prices charged by 

. industry at the factory g^te are 
Ryder d StnlSgGS'" stiH increasing at a moderate 
t j .V . pace- :-Tlias suggests -tbat some of 

Lord Hyder. - form er . fe fama ae Mgbe/jg ri ses this year 

22 SEJ* hove S atlorbed by componies 
roSJJ^!mm%rmny of pro£t 

Mail allegations, ponce*® tog .a" so- , 7 ^® 

called ; slush:...fimd; ^operated by • GOVERNMENT plans to pub- 
Britlsh Leylan'dL.'.-TOge -?•- 1 Ush e. Bill on industrial demo- 
L ' ’ xiracy fhee renewed attacks from 
Unliriau .' 7 . • . industrialists. Tite CBI's national 

■"V 1 - • tiiicrti. . conference . voiced overwhelming 

Travd -agents, meeting, on Ifie ; ‘opposition to Jegislathm on a-Qj- 
Costa del Sol have.been told that form': of employee participation, 
package; -flights from the UK AO Back -and Page 10 
Spam^nexf. summer may be.diSr .. .. . 

ruptejd tui less .Britain reconsiders^® ' THERE . are indieatioris that 
its dcciSion-Ao-roove- Iberia Air-’ *t .Thajority. of drivers apd 
lines from Heathinw td cyluider ■ handlerB at the 4 b 

Gatwiek Page 8 depots -within British Oxygen’s 

; jv „ r gases division will reject the 

■'7 ' - . - • . - compahy’js- “final” Si -9 per cent 

- Pf ofoe begl ns ■ . J pay offer.'; " 

A .-judge - end two iawyere ^ GOVERNME NT has approved 
gathered .in Pretoria io bepn,.|, ^2 per;, cent pay rise for 
problpg, - tbe s. alleged..:-misuse of'. RriiainV; firemen under the 
pnblic "funds -iii South Africa’s «peciiu l ease deal wliich ended 
most - -serions • political . scan dal ^ national strike Page 9 
-since lie TJational Party came ' -v-. . • • 

to power 3 d years 'ag'b. "Page 4 ft EEC ' Banking Federation has 
• ' 7 • . Welcomed .^abe . proposed Euro- 

» -i-’ • iJ • -■ jffdi^elary System, but has 

FlatS OlaSt ■ reservatiinis"- about how the 

Eight' .peaptef-C tacluding:. v .tvb. op ? rate ' Page 8 

firemen apd a po: ft- USl - banking consortium has 
taken w ^hospitsf after agreed- on rescue plan for the 
sfo 1 * a bluck pf iiats. 1 b €tPiefceri Italian chemicals group. 
Sheffield. _ . * . . lantrichimitt*. coupled with a 

>m ora tori unrbn outstanding debts 
Sxikbflv which V could reach Ll.OOObn 

Briefly --- .. r . ( sL 2 bni: Pa«e 30 

p* 7 ,ry;! ara * J'S a i™ d dl S 1 ; ft -FORMAL contracts have been 
bail at Bow Street cwtri, •• signed . for equipment supplies 
accused Df stealing 1 140,000 ^ om for - -'the ■ 'SS.Shn Brazilian-Para- 

the Foreign. Omce. guayah. hydroelectric scheme at 

Oiinese Vice-Premier Wang Cben ltaipu on lhe Parana river. Page 6 
arrived -in London with an.lS-__ 

strong trade mission:" 7 - -COMPANIES 
•of «W» appeal ^l>.t 

missal. . . . " half of the year *to July 31, 1978 

Princess Alexandra - ended .a , the yi months with pre- 

fite-d ay. visit to Egypt by opening tax p . wfilg £ 3 . 7 ^ down at £ 73 . 05 m. 
a razor blade factory at Aiexun- pagj. 24 ami Lex 

ss& 5 KK a ^.ir«o bp- 2 * 

ITV said it had won exclusive ft BRlTISfl Car Auction Uroup 
riehts to the Davis Cu;> final profits for- the year ended July 
between Britain and the U.S. :io 31 . 197 S rose 55 per cent to neany 
Los. Angeles nest month.. £ 1 . 72 m. Page 24 



BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


ALL- An si in -Morris car -jssemuiv hy recalling that shop stewards open soon about voluntary 
is expected to be at a standstill had been warned that the con- redundancies in staff areas, 
by tonight, and about 13.000 BL sequence of j prolonged dispute In response to plant-level 
erapiovec-s to be laid off after lhe could b e the loss or up 10 a claims from manual workers for 
first strike in protest at the com- further 10.000 jobs. pay increases or well over 30 

party's 5 pc-r cent pay offer. In a document accompanyng P*-*r cent from the start of this 

The walkout by 3,500 workers the 5 per cent offer unions were month, the company says that a 
at the Drews Lane plant. Firming, told that the position of BL Cars P£ r cent is tbe most it can 
ham. which supplies steering and was ‘‘critical.” Neither Jaguar. Such an award has been, 

suspension parts, 
impact on production 
From, this morning 
Princess. Mini. 

Allegro assembly, is expected lo A dispute which stopped all ft Cowley, Marina, Maxi and | uran Iran 
stop front tonight. EL Cars operations would cause Pl| ncess production halted from 

At Ford Motor the company a luss of market .share, particu- 


might 

such as Saudi Arabia. Kuwait j against a cheque card or Access 
and the Uni led Aral. Emirates credit card by pnorarransc- 

,u a IVnnTv rtii 10 '^crease output if the unrest! mem. 

the supply of oil niedi d ru keep - j arolon— 'd ' However. ;ny nrancmw w;:l not 

our economy moving, he said. HowUir the aI.ii Dhabi j offer j service for cm me ret a 1 
However, the Depariment of Depariment or Petroleum ruled : cuMurners. f.cepi in an emer- 
Energy is watching carefully the the Emirate out r.r unv cuchlgenvy. 



t in New f York 


todav. with more than 2 .OWI 1 The oil companies believe that 
assembly workers and 750 bodyjif Iran's crisis is short-lived, the 


b as signalled v/iUin&ness to larly in vehicles produced by p' la ' nt employees laid off. and! impact of the cutback in sup- 

ynnriirv woip piiuriitinns alinrhfiri > u ^ i ....u i - - ... . > ki!a/< will 1)6 y^rv ljlTlilcd, Willi 

argots already en route i „!.“.nu, 

the Hulr. supplies are Jm-.iitii- 

secured for iliree to four weeks 


N..' 



and 800 laid off. 
ft Lou gh ridge. Mini halted, with 
more than 3.600 idle; Allegro 
expected to slop tonight, w'ilh 


j Si."d j S ■..V/.M 

j \ . 11 - 

1 ! i* I.W. „■ 
i " Vi l. .. 


■ <*2 .I' 

»/« 


At BL Mr. Michael Edwardes. to the manual unions that about 
the chairman, has personally 7.000 voluntary redundancies 
backed the tough management 1 1 be required before the New 

Vear lu fin3nce the programme 4.50» more laid off. 
more regardless of how- Jon® Hie uf P ay P sril >'— tiie same wage O Jaguar-Rover-Triun.ph takes 

““ i0 ^ by Sovember £V SdOTi me JST 
The company underlined tbe. White-collar union leaders t-bristian Tyler writes. Mr 
gravity of the situation last night were told that negotiations must Continued on Back Page 


arrangement. 

The National Union «-f Bank 
Employees is yen era ;p •>ppr»-cd 
lo evening opening and has been 
concerned that more bank: 
mi?ht propose similar pilot 
scheme?. 

Continued on Buck Page 


GRIEF PRICE CHARGES YESTERDAY 

iPricte in Pf"«.unle“ others* MEPC ... .. 1 | + 4 


i . 

V 

Bv 



indicated i 

■ rises 

Treasury- Var. 1982. .^94^ + fit 
yr. Allied Retailers 3W ! + » ' 

Tki Anslo-Transvaal Inds.112 + 7 

Baralays .Bank ' ...: ...-'350 + => 

Beech am , . 

iXerkeley-Hambro T... 138 +-4 
* Wring fC. T.) 105 +3 

•\r a Rue 41* T 1 

\trocomponeuts ... g'+ J* 
Portlands Ests. ... 206 + 4 
h (C. E.) 34n + 10 


Pilkinglon 

Reed Executive 

Sbibeby 

Vickers 

F*. S. Geduld 

_u H Hartebecst r . ? 

+ -■ Randfontein £29 -r i 

.FALLS 

Assoc. British Foods 
Cheptring 


SO + 4 
310 4- 10 
3 94 4- 6 
ri3 4- i 

— t 


r. '& Sthrn. Group -*7 + 3 

%jho M + 4 

1 ' in m . * 


.Lucas Inds •-'O* 

Marlin The Newsagent 216 
nihury .Contracting:..- 
Malayan Dredging ... 42a 


Peat faces further £8m claim 

BY MICHAEL LAFFERTY 

PEAT MARWICK MITCHELL, in dispute between Peat Marwick was closed down, 

the international accounting and UDS. Peat Marwii-k said CDS said that tbe only action 

concern., is to face additional yesterday it is to seek leave to it had taken so far concerns the 
damages, claims of the order of appeal to the 'German Supreme firsi item. Now that Peat Mar- 
DM 30m ifSm’i in the West Court over the Appeal Court wick's appeal against the court’s 
German .courts in connection award. The request will probably award in that claim has been 
with the collapse of Bieberhaus be filed today. dismissed. LIDS has decided to 

the Frankfurt department store The dispute concerns the press ahead w-ith its other 

in 1976. Appeal Court’s confirmation of claims 

That was confirmed yesterday a lower court's DM5m damage'-- A line ether the total amount 
by UDS. lhe UK department award and whether it took claimed in the case is about 
store chtffn with a 50 per cent- account of the total Mdbei pyj 35 m (£9.3m». plus cosLs and 
ownetf associate. Mobel Hubner. Hubner losses at Bieberhaus. interest. That is of the same 
which acquired Bieberhaus in According to UDS. the action ,,,-der as the record-breaking 
1975. against Peat. Marwick is in three f$,„ claim outstanding against 

It follows the German Appeal sections: Dciuitte Haskins and Sells. Lon- 

Courrs dismissal of Peat Mar- ft Compensation for the DM5m don. in respect of the London 
wick's appe’Ji against a DM 5m cost of the Bieberhaus shares; and County Securities affair. 
f£].3m) damages award in the ft Damages for failing to report Peat Marwick is still adamanl 
same case. . pre-acquisition losses; that lhe DM 5m award is the end 

The significance of the Appeal ft Compensation tor subsequent uf rhe matter as far as possible 
CourfS decision is. however, still trading losses until Bieberhaus damages are concerned. 


CONTENTS OF TODAY’S ISSUE 


European news 2.3 

Overseas news 4 

American news 4 

World trade news fi 

Home news— general 7. S 

— labour 9 

Parliament 11 


Technical page 14 

Management page 13 

Arts page 21 

Leader page 22 

UK companies 24-27 

Mining 26 


International companies ..29-32 

Euromarkets 29,32 

Money and exchanges 33 

World markets 3G 

Farming, raw materials... 37 
UK stock market 38 


VS. miiiiu? 5s search for a 

healthier euYirojuient ... 22 

Remoulding of the plastics 
Industry 23 

United Arab Emirates: 
Central bank thirsty for 
. money 3 


FEATURES 

Latin-America's hydroelec- 
tric giaul 6 

Wine: Pinning down the 

way war il clarets 12 

How ?nrh rook the lead in 

VS. moped race 13 

U.S. metals i n d u s t r y : 
Brighter than forecast ... 29 


Foreign investment in 
Brazil: Courting Europe 
and Japan 31 

Record grain crop helps 
Kremlin planners 37 

FT SURVEY 

Civil Engineering 15-20 



AppflintaKnc; 

38 

EgrtMM optr Orta ... 

3b 


dO. 41 


27 


doapoliumeifis Advts. 

3S 

FT-ActUKrici Indicts 

38 

Teday's Events . . 

23 

Elecira 

2S 


Sate Lending Rate 

» 

Letters 

23 

TV and Radio 

12 

AHHUAL STATEMENTS 

- 20 

Easiness Qpps 

M 

LU 

32 

Unit Tnjsts .. 

31 

cansld. Cald Fields 

25 

- 4 

DMiiraci5 .— . •• 

3 

Lombard 

V 

World Value or £ . 

33 

Ramar Textiles 

K 

^ n 

Crcsswonl . . ■ . 

U 

Hen and Matters .. 

22 

INTERIM' STATEMENTS 

Rand Minos .. . . 

27 

- fi 

Emcruaiamcnt Garde 

12 

Racing ....... 

12 

Philip Mill Inv. ... 

28 




For latest Share Index 'phone fil-246 .shSfi 




Look eosr. To the world's fosresr-^rowing To me oil producer, or rhe 

Middle Eqm. 

Air France gives you up to 61 flight* o week re 1«s irr.oorraot destination:;: Abu Dhabi, 
Ammon. Baghdad. Beirut. Cairo. Damascus. Dr.ar«ar. Doha. Dubai. Jeddah. Khan cum, 
Kuwait Sharjah and Tehran 

You fly from Roosy.' ’Charles de Gaulle - rhe ••• :-rld s mosr up ro dare oirpCT . 

There are excellent connections from London and /.'.anenesrer. 

Fly Air France and you fly in style ond comfort. On most of rhese routes we- gi ve : . cu 
lhe peace ond quiet of wide-bjdieo oiraatr. And 7 • cu re travelling to Baghdad u-e'r ur, 
Coira Dam-asccis or Jeddah, you’ll have rhe pleas-, re d rhe incomparable Airput 

Next nme you look easr. look no further than An France. Our flights ond time- ab'es 
ore railored ro your busiriess needs. 

Ask your Trove) Agenr or — « « 

Air France for further derails. iPa Q 

Tr.e te:-: d France ro all rhe /.arid. 


, -j Hr? :b:r 

TiU.et • jrt.-x m> ic tux'-;, .jv; Sc!*, iv, e ••• V 


.... * • 1 * » 1 v JM44L 1 r .n uivi 

increasing competition for any- „ penin ., bw „ rg 
exira supplies that become avail- 1 B ^ i;la ys ha , already announced 

One oil trader said in London i ^ 4,Uir ^‘ lv 


a special 


i experiment with more flexible 
I hours at a number of other 


Other bi^ banks arc- also 
believed lu be studying the 
possibilities, and National West- 
minster is setting up a joint 
working party. 

Midland saul it' staff and 


bers indicating that supplies because traders expect a sbonacc ' l 'J 1 1 , ’ l f. in ’ enl u 110 n &r th * * xpen ' 
have dropped by anything like 10 develop later this year or early 1 . , . nl . h ., . 

lhis amoun1 ' 1#7». One oil company said H ^ ^ 

Some oil is still being produced had reached the stage where -the g 7, fl Uk oiliivs. remaining rrom 


and exported from Iran. Outpul present shortfall in supplies , , arPjn „,. liienl inlpi . 

of the. western oil companies* ' d U'-e<l alil-r S..iu~day oj.cnin; 

consortium yesterday was about Th c 1 e.>.uH is that lhe sp«il w . e . ni Hx. c i i n iuhu 

1.28m barrels, wiib expons ur market for crude oil has reached . 11 

850.000 barrels. This contrasts near-st and still as suppliers bang I Mid land announced ihai rhe 
with production of 5m barrels a on to whatever ui I they have until -0 levied - f » ’•> •..achvs Mill open 
dm before the strike began a the situation in Iran hecomes : «»n Friday-., i.-v utiu-r loc.il *h"P- 
week aao. - ' dearer. : pint! evening, betweec 5 i-m 

.... r» - n _ Some of the production losses and 7 run. 

I ■ k ^ cuu,d ntf u,;,lic u| * * f oihvr °FLC The?. Will prcvidr a M-r.i-.e f-r 

„ A !r .if ’ . Rli,. hflu vJt countries cased their omput res- • persunal and potential ey^-.-i.ucrs 
erdaj lha, Britam— uhich ha> , ncri(|nj . ' to open acvunnis. -:ithJrav: ca i. 

•*pn taking about lb per cent J.ipanc«e H •> u:rvs and ; urranae ?•=■;' ». u! bisnt. r-’-tain 

' 1 >! C r -l! m r i'll l 0 'kh 'kt f O Eneniv Agency said Unit Japan : foreign e-.vban.-;- and tiavelivra* 
I fr. and ljth *-' r Oil-COIlM'lil.li? COUH- ■ ChecfUt'S :i;ni IR.rl’e MCillirU*. 

“ nfiSipti™ “o«l« fi? ,rws :ist "roduwn ! C.* » «III.W .lln«d 

72 days. 

There is no early threat to 




>:.i. 









Financial Times Tuesday November 7 1978 




NEWS 




[AFTER THE AUSTRIAN NUCLEAR REFERENDUM 



energy and economic 


BY PAUL LENDVAI 




TFSFlSSilOIl THE DEFEAT of the Govern- MW by 1990. However, the According to Dr. Wilhelm Frank. 

1 meat in yesterday s nuclear nuclear controversy has not only who runs the energy departru on i 

By Giles Merrirt referendum in Austria is bound held up the commisionning of at the Ministry of Trade Aus- 

BRUSSELS \ov 6 1*° pro f lu,:e J n ? aj , or economic, Zwentendorf but also forced the trla would have to spend at cur- 
MR GEORGE ' R ALLIS the hna,H ' ,a a J?« ba,anc ®‘ ° f ,P a >'- Government to shelve other rent prices, Sch 1.35bn per 
Greek Fr.n^n Mfn^lodS ^ P"*** oil imports 


pricing structure .ni.aiv.im* vumpieica question. Both Chancellor lo ,,e 

Although this morales'* I t p!ant at Zwenten- Kreisky and the Minister of L n l P :*^ ed : v ^ er « ™ u J d b ? 3 

Ministerial session was noti^rf w, 11 lead to a niuch greater Trade and Energy. Dr. Jowf burten of *" 

devoted i„ agricultural topics. ; dependence by Austria on Staribacher. have said that the ad " mo ™ 1 Sch Min per annum. 
Mr R^iiic imports. Government will rpciiiinr The Idlest enersv nrfii.vtmn 



. VIENNA. Nov. 6. . 

to 15.7m tons and of natural gas Another important consldera- 
three and a-hall times to 5.9m tion is growing dependence on 
tons, while hydroelectrical out- Imports from the 'Communist 
put doubled to. 3.3m tons. bloc which (excluding Yugo- 

ln terms of relative shares.' slavia) last vear accounted for 
hard coal in 1977 accounted for 4554 per cent of the aggregate 
10.S per cent, soft coai For 5.3 per energy imports: in detail for 
cent and hydroelectricity, for SOJ per c**nt nF thccoal." 25-3 per 
11.2 per cent of gross domestic cent of electricity. 25 per cent 
consumption. But oil had a share Q f crude oil and 99.3 per cent of 
of 52.5 percent and natural gas the - natural gas imported by. 
19.9 per cent. Austria 

It is now reckoned that if no . S * na ' . ... 

nuclear plant ts in operation by -What an Austrian daily news- 
1990. the share of oil would rise P a Per loda - v ca,,ed ™ polincat 
to 57 per cent. It is true that earthquake" is bound to give 
Austria is one of the Few Euro- ? n . impulse ti» co-operative pro- 
pean countries with domestic -oil jects, already under discussion 


actor on 

‘insult’ 

charge 


been hrou-ht up In EEC price i 1 " 5 on emrnal pay- Dr Kreisbv , pecil i ated todav imports in terms of domestic 

levels i to he reduced to less than J mm }. ba] ™'- c *' b,cb ‘Educed the , hat a new , aw Jouid have to hi * ne W~ consumption will 

Ihe 5-year miniiu.ini recently 1 prov,nus People s Parly govern- p assed by Parliament about the Per cent last year 

recommended by the Brussels JSf” 1 ,, *! nd L a - ter . I ? r ‘ Kre,sk A, s commissioning of the plant and io« n r £i chcd 

Commission. Sonalisi inbinet to give the jh at tliis in turn would have tu p ^ r 1D 1976) to SO per 

Late ihi? month. Sig. Loren/.o ! so-ahead fur the const ruction of b e submitted to another referen- h ! n e ? rt nf lh ~ _ 19S0s - 

Natali. the Commissioner in j nu ~! e , ar ant, ‘ du;u - F <' r lime being, how- cpnt nn'..^^ nf' iI^VvD prr Dr. Bruno Kreiskv 

charge nf enlargement questions. I Tfl * op> rating company was ever, the state electricity con- !nn,,m h/J,™/ r ° r 

revealed that the Commission 1 “I* * n February 19.0 by the cern and the utility companies in K^ W,, ' 8 9»i , "?S£ 

was proposing to shorten the 1 ' ^fbundgesellschaft. the slate the provinces will receive no L 1.. ' ,.5 between 19 io-19R5 

overall seven-year transitional ] c 'J‘: , .' tnL '! ty concern, and seven power from the plant. eem oer Inm.m nS ® fay 3 < PCr However the encr~v renort 

to the Council of iTmhivr. and i Iondnrf ,,n ,he d *™^ (some 25 ^sfhil.n o nlnvS Ca^,, reck “" ed tha t nuclear SJt,stl * d fu *> «“■ 

that only in the ease nf such : north-west of Vienna) was n UC ' leat ! S an r Into a rSlventlonS HJ-r 5 d a £S 0Unl for 3 7 ner Meanwhile the changes in the 

sensitive products ;<■= meat olive uken a > car lale,r - Construction thermal ‘nnwer nlinr ^nr" QiPri Cent u 0n 3n^ c ener Sy con ' primary energy consumption 

oil. fats and dairy -nod* in 19T " *" d the plant was La/her ho^ele? retold hat ^1985 and for 3- per during the past two decades 

a seven-year transition be rnmp,e,pd tbis year at a total .uch a con^rsinn wo Uri e^r thi ^ ^ Institute have already reflected the shift 

required. investment ‘cost of Sch Sbn r-normous <iim r .f Seh fihVimi that ,f .. no nuclear nlnnt from solid to liquid fuels and the 


U.S.. Turkey 
arms talks 

ANKARA. Nov. 6 
A FOUR-MAN team from the 
U.S. Defence Department 
started talks with Turkish 
officials iod.t> i>n possibilities of 
Turkish-Anterican co-operatmn in 
arms manufacture. 

. A Turkish Foreign Ministry 


investment 'cost of Sch Sbn knciminus «iim r.f Jr>ri recko n s that ,f no nuclear nlnnt from solid to liquid fuels and the 

( approximately fUSOmj. that Tuc h “Zrkn j JI werp 10 * Potion by 1990. the growing reliance on imports. 

The Government's original would ^t^S ^ ??0 ner^en XTZ wou “ " Ped 39m **»« Thus between 1960 and 1977 
energy programme provided in more than bynuclear ^ or2 !? ,onc nf hartl t c3lculared 1-0M tons of bard 

swski7.Mr.Ts ^«;S?s?Msr rr t si s 

»n OT1 . «pa.,,? or 3,00 JSJ“ B M^LrSif nlS 


pean countries wun domestic -oil J ^ 

ouput. But production is falling w,tb Poland and Hungary'- 
("between 19?s and 1977 from Austria already imports elec- 
2.Wiu tons to 1.78m tons) while ^'ty from Poland, via (..zerho- 
imported crude (primarily from - s I° va kia. and the building of n 
Iraq. Libva and the Soviet uoal frnm Po‘a»d to 

Union) totalled respectively L ‘ mk < where Ausinas largest 
nearly I3m tons. steel plant of Voest is situated! 

t- ——.—I . .. v.ith a capacity of Sin tons per 

» -ufA- ib f » lSky * pi L t annum is under cun<ideration. 

iSS'iSff ^Shi^ tend0r Another possibility is the joint 

alone *ou]d have been the equal ey piojtatinn of large lignite 

SI 3 k ,7 UWI, , rese "« deposits on the Hungarian side 

™ hDme Austro-Hungarian border. 

gas ? eP iSfi ts The costs nf the joint exploita- 
!iln tion and the construction of a 

^ j 9 ® 5 thermal power plant on. the 
Austrian side, with a final capa- 
ourput and imporr wUl be 1.1 bp C rty 0 f ijjpp MW. could reach 

B^nf^nnT 11 ’ 5 ' 6bn ?“****' aboui Sch 10bn within a period 
metres of imports. • of 10 vearSi 

It is no wonder that - under in short. economic and energy 
these circumstances the pres- experts take a distinctly pes- 
sure on he balance of payments simistic view of Austria’s long- 
will be increased steadily.. . Be- term energy problems after the 
tween 1972 and 1976 the; fuel “no" vote on the Zwentendorf 
import bill jumped .from plant. But ihe real price will 
Seta ^Sb". bpt in the first half \have tr« be paid in rbo mid-1980s 
of ntis year imports rose again and it is quietly hoped that — by 
by 7- per centin volume and by then— -the popular mood muyl 
1.7 per cent in value. -have changed once again. 


Iks 


BY RUPERT CORNWELL 


ROME,. Nov. (J. 


announcement defined the talk's Ar ,.,,. e ^. » , , ROME.. Ni 

‘‘initial cont.«-|c , n an nn'ort AI -‘AliNbl A background of 1979^S1 economic recovery plan enm^ cn Wednu^jv r.- 

to base defence rr-la 1 ions between spreading strikes. Prime Minister of the Government, of ‘which posaN tn do awav wi 

tho twn i-rnintri..- ..n GlullO Andreottl tnniphr ranlrnl nf Unn... _ . .. uo dw ay Wl 


t.hc two coi 
principles. ' 
Officials sa 
“ exploratory 


over pm- 
wilh the 


Liberals gain 
support in 
Swedish poll 

By William Dullforce 

STOCKHOLM. Nov. 6. 


as seamen’s dispute ends 


wtm Iicuner Siae "iir u wm cap a ween 01 sporadic Communkts anrf Cr...iniic* 1,1 owcucu snows a signi- 

expected to undertake contrac- pn W r, .*« in Ibe public sec- chaos. Today saw Further indus adamant that Vu «Lm Scant increase in support for the 
»« liiii Slaje. >“r «"• [rial actioa at achnol, and uni- f or d «adS buf sma " Liberal PartJ '- “ hich B0W 

Turkish representatives rrom The immediate task for the versities and airports, while implemented should co fhrnu-h , forms lhe Government, 

the Foreign. Defence and Premier, armed with last week’s tomorrow Italy faces a day vir- unamended as oart nr thn !t also re P resent s a setback for 

Industry Ministries, the Stare Parliamentary backing for his tl,3,, - ,r without television as overall agreement hetwppn iht ll ? e °PP° s,ti o n Social Democrats. 

Planning Greamsation and the stand on the continuing hospital employees of the RAT broadcast- parties on a faiat ammmL nf who opened the way for Mr. Ola 

General Staff took part in the dispute, is to secure enough log organisation stage their own Government Pr ° gTamme of Glisten, the Liberal leader, to 

discussions. agreement wKb the major strike Wnmo mi -<-*«. «... 


discussion?. agreement wKh the major sinxe. . .. „ . ... oecoxne rrime Minister by 

. J 1 *? , American group is organised unions to ward off a Ft>r Part the so-called pnrin L hr £3EL*S?°if ly abstaining from voting against 

scheduled to visit Turkish threatened one-day official strike “autonomous" unions, whose U/r £,,5* S i** f 3,d ^ 1 0t i ! . h ! m ‘ bi m in Pariiament 

installations in Ankara and in the entire public sector this defiance has forced the bigger L‘ _i s i n R J| bt .' v ' in § The Liberals have climbed 

Istanbul whore small arms and Friday. and more orthodox unions into a Democrat 1 nariv i£h r, i* t,an 3 per c® 01 “ P ubli c esteem to 

nther derence equipment are In effect though, what is at mor e militant posture, are stag- f{2 "JETfiJJ “A 7 rebe1, °. D M per cent their highest rating 

m ; n “f. att “ r « l ... ... stake are the Vuapeeb For ins a oue-day public seetor stop- “2L. srou “*Li?i!!..iS5,.P r “P 0 ?“ , S *!■>« 1972. 8 8 

Luc - Bensnn, U.S. Und n-- 1 genuine wage moderation in the P a ® e on Thursday. . u *- tu i 1 ®?? ' , an ^ 

S7«.° , S e’pectSd h"e^ SSSJ^up-ffr eafVun',' ^"laS'l °h' 'S' P0,it ‘- «""'™ w h » hid lnleB^heavily 

merrov tor ta.ka. ^ i'^Io'S E./JSS" ““ “ f tbair 


become 


N«w York. N.Y. 


..... ■ c- .•* z.'jr . ; 

Ibmanr 


BY DAVID WHITE 

STRIKING FRENCH • seamen 
and train drivers went back to 
work today, but the relay baton 
in tbe recent senes of transport 
stoppages was taken up by lorry 
drivers, who began a protest 
movement for better horns and 
conditions by blocking ".main 
roads with their vehicles. ■■■ 
French sea ports struggled 
back to normal foliowliig an 
armistice in the three-weefc-old 
dispute over the hiring of Asian 
labour at cbeaper rates than, the 
minimum offered to French 
mercant seamen. r . 

The provisional truce lifts' Bar 
•the time being any threat l^of 
refineries running short of crude 
oil or of industrial workers 
being laid off because of ra«. 
material shortages. • r, 

Extra services today were 


PARIS, Nov. 6. 

being run to Corsica, which bas 
been virtually cut off from the 
French mainland. Channel ser- 
vices from Dunkirk have been 
restored, but Ihe main road to 
Dunkirk was immediately 
blocked by the Terry drivers. 

In the seamens dispute, the 
Government, shipping com- 
panies and unions have given 
themselves until Friday week to 
come up with a solution. They 
agreed at the weekend to set up 
two working parties. One will 
deal specifically with the prob- 
lems of the Nouvelle Compagnie 
des Paquehots. the line which 
opted for cheaper labour to ease 
the running costs of its cruise 
hners. The other will review on 
a national level the employment 
rode relating to French flag 
vessels. I . 


esources : 


, r By -David Gardner . 

[e MADRID, Nov. 6. 

>r SB JOSE RAMON SAGASETA, 
sr a young Basque actor,. Is due 
it to he court-martiallcd tomor- 
if row in Vitoria, in a case which 
y. will fuel an already tense .and 
violent - atmosphere in the 
„ Basque country-. Sr Sagascta 
,1 Is accused of insulting the 
national Sag. an offence under 
. Article 316 of the code of 
military justice. The prosecu- 
tion is seeking a two year jail 
term. 1 

' Sr Sagas eta belongs, to the ! 
" *' Lagunak ” theatre group, 

' which last January pat on a . 
? play satirising the MoncJoa^ 
: pacts between the- Gove rnmenf"- 
’ and Opposition. Sr Sagaseta 
r played the part of a television 
• annouucer, who at a certain 
; point m the action,' wipes his 
forehead with (he national flag. 

‘ He was arrested immediately. 

■ after the performance. 

This is the second time- this 
1 year that actors have fallen- , 
foul of the. military. In March, 
four members - of . a . Catalan 
mime group were jailed : for 
two years following a court- 
martial for alleged insult to- 
the armed forces. 

In Sr Sagaseta's chse, the _ 
military has refused’ to coo- ‘ 
sider. postponement of the trJaf 
until next . month... This is ^ 
crucial to the dntcomcL since ' 
the new constitution, diie to be. 
ratified by referendum : on . 
December 6, makes militarj^^- 
justlce applicable only to the . 
armed forces. ' _ ' • ~ ; ' 

The' Sagaseta case has riow - 
becomc associated with :the- ... 
potentially far more explosive^f-' 
court-martial pending agaipst . 
Sr Mario Ooaindia, Secretary. -''. 
General of ETA (Party for the - 
Basque . Revolution).'. 

He now leads the main rifi.-' 
cal nationalist party, which.! " 
won (wo scats in last year's^ 
general elections. The -mflt:V 
tary prosecutor is asking, fur V . 
three year jail term, becaiu^ . 
Sr Onaindla inserted a notice - ■ ■ 
in the Basque press Jo 
memory of the two ETA mill- . - 
tiuits exec u tied ' by 'firing 

squad in September 197IL The • 
memorial was to “two anti- : 
fascists murdered by. - the 
police," and the alleged., 
offence was to the civil gauds 
who made up the firing squad. * 
Observers In the Basque ’ 
country believe that Sr Onaln- . 
dia’s ease cannot be -heard 
until after the constitution ■ 
comes into , force- This should ' 
mean automatic withdrawal of - 
the charges, and wonid there- 
fore remove what would other- 
wise become a major focus of . 
civil disturbance in the region: 


:n "in' 




HU banker must be the same. 



H^A.ON^VtaRjjgjj^agg Btenag.er Chemical BanK. France, 
niocograpned at Elf Aquitaine s facilities m Lacq, France. 


Andre A. Gester is treasurer of 
Societe Nationale Elf Aquitaine, one 
of Europe s largest petroleum com- 
pames. t fsDis responsibility to meet 
the cnaltenge of financing the develop- 
ment of nis company's vast oil and gas 
reserves. For a major producer like 
fciTAquitaine, this development is ver\' 
costly - running into billions of dollars. 

lo turn a search for energy into 
reality takes a lot of cooperation with 
other petroleum companies and 
capital from many international banks. 

Over the past three years, Andre 
Gester has turned to bankers he can 
rely on. 

Bankers like those at Chemical 
Bank -the sixth largest U.S. bank.Thc 
reason Elf has turned to Chemical 
Bank is bankersJike Edward A. O'Neal 


of Chemica! Bank’s Paris office. 

O Neal has made it his business to 
understand the business erf Elf 

hSSf2%. v ' to !’ kin 8 close| y with the 
head of Chemical's Petroleum and 

ihCfiS a a f. rou P: Eyrope- ^ has been 
deliver the kind of financial. 

E,f - wherever Elf needs it. 
-r,ch?. em u Ca inkers know what we 
S'ttT Sfi y 200.000 barrels a 
Hl y ; a M , r - pester says. "And they knew 
that a balance sheet can’t show 
reserves. But their engineers can 

t e herhim th0 fli reserv ® 3 ' O’Neal and 
2»S!? mica Bank team can instantly 
see where our future lies:’ 1 

intih?c that . Elf Aquitaine has moved 
'Tfn r?i ur ®V n the North Sea-oil 

hi?f£m 2 dS| 0 Neal together with 
nrs team of experts, is there with 


The difference in money is people, 


180 5L rand - Loftdon ' 

n? Stfc ?y- ftrmmghjrTt -Chartotte 

P«^ n 5 a &" ain 9 ^ r '-' ftr.-’.nqhjrnB^ 

Edinburgh, Fr#n«un Hons horc Hou«eStV 

Rio tie J jnoipo, Rcwv, Sin Pi onaacc. Sjo Pai 


HUM! andtimeiyfinancial solu- 
f^t^^tersumsit upwelf. 

3 ,ot money. And we can 
■ ffi 3 -? + u f J? TOney - But the important 
th> gg'^ hat ,.y e ^®st decisions!' 
uJlf^ pr ^? lonal solutions are 
Gester has come to 
SS£L'!f* n ' knows he has bank- 

larsiahtlim ^ a w ^o are 

It.*®" 1 i arK * r 6sponsiveto his r 
company sneeds. 

tifwJchS*!? 0 !! 5 -'?. 8 Professional relar 
Andre Gester and Ed O'Neal 
will tel! you that it is also personal 

haorSS?!3l ng ' That ' s what u SU aiiy 

{w^sssssass grt 






r jtttl m 
I rni KC* 
.fillies Li 











Fmandal Times Tuesday November 7 1978 


EUROPEAN ^ NEWS 



BERLIN- HAM BURG ROAD LINK 



BY LESLIE CQLITT IN BERLIN 


EAST AND West' Germany are 
on the. verge of' agreement to 
build rhe first ' hew autobahn 
connecting Berlin and. '-West: 
Gennany sinee . the end' of the 
Second World War. 

The motorway is to link West. 
Berlin and Hamburg across a 
125-mile stretch of East Ger- 
many, making irthfi fourth autfr 
bahn between West Germany 
and Berlin. Al its closest to West- 
Germany, at Helmstedt. West- 
Berlin lies 110 miles inside the 
German Democratic Republic.' 

From Horst, at the border, to 
West Germany where the East 
German section of 'the new. 
autobahn wilt end, it is only 12 ; 
miles to the city .limits of 
Hamburg. ' " . ; 

The .entire '.trip from West 
Berlin to Hamburg; is expected 
to take about, two . hours, com- 
pared with the four hours now; 
endured on the rapid transit 
road No. j> that winds its way 
through .scores of East German 
towns add villages to the border. . 

The new highway, which is to 
be started in 19S0, would have 
been unthinkable before -the 
1971 four-power agreement -'on 
Berlin when ihe Soviet Union, 
for the first time, acknowledged 
West Berlin’s manifold ties with 
West Germany. 

The four-power accord .is at 
the heart of litis largest package- 
to date of improvements for 
West Berlin being-negotiated Tjy 
West Germany’s Permanent Rep. 
resen lative in East Germany; 
Herr Guenter Gatos and the 'East 
German Government. 

East Germany has just opened 
a new stretch of autobahn from 
East Berlin to Rostock in the 
north and the autobahn to 
Hamburg is . to branch off from 
the BerJ in-Rostock highway at 
the town of Wittstock. .' 

West Germany- is expected- lu 
pay some ' DM. JJlbn for the 
75-mile stretch of autobahn that, 
is to include a new access road 
from the northern pari of West 
Berlin to the Berlin autobahn’ 


^r7_:. _ • Jif 



RAPID , 

transit! 


Zkamkurg ■ 

£ V , • M UN D i, 

-J«M. 


' r ‘ii 








^ /Horst L%.5. I \ 

E A S T/ f •V 

wJe S I / ® 

G E M "* A\ N / Y » 





1 Hannover 

1 '."‘Mite ■ _M J 

0 --"IW SO 


#Magdeburg 


a Teltow 

I \\ 


ring.". East. Germany is io con- 
tribute' 200m marks and will 
build, the. road. 

The gain For West Berlin, 
according to . Herr Dietrich 
Stobbe.' its 'governing mayor, is 
“not just getting another auio- 
bahn, but rather in developing 
Berlin's lies" with West 
Germany. 

The considerable expense for 
West Germany, is seen as justifi- 
able. political reasons aside, as 
the autobahn .will reduce the 
travelling time between West 
Germany's .. .two lureest cities. 
W**st Berlin, and Hamburg. 

Goods traffic between the Iwu 
cities is largely carried over the 
Helmstedt-Berlin - autobahn as 
trucks have steered away from 
the ' circuitous.' transit mad 
No.' '5: 

The . highway to Helmstedt 
itself -Js. in -the final stages of 
rene.w3l .hy East Germany after 
Bonn paid- DM 259m plus an 
annual road toll fee of DM 400m. 

West Germany has insisted 
tltxNt the autobahn to Hamburg 


be included under the four- 
power transit arrangement 
agreed in 1971 and this is to 
be the subject uf a special 
exchange of letters between the 
two Germanys which must be 
approved by the Western a Hie.-. 

Travellers on the motorway, 
just as those un the other auto- 
bahns. will not be subject to 
control 1 : or searches except if 
Ea-t German officials have 
adequate grounds ' in believe 
they have violated the transit 
rcL'iilaiinns. 

The fact that East and West 
German negotiators arc- instru- 
mental in taking action under 
the four-power framework marks 
a subtle change in emphasis. 
Now it i-. they who are designat- 
ing a new transit route and 
agreeing that it is to crime under 
the four-power arrangement. 
They have also decided that 
the old transit route will he 
returned to the status of ao 
ordinary East German road. 

The Western allies have been 
kept informed at every stage of 


Dublin wins French backing over EMS 


BY STUART DALBY 

FRANCE HAS agree'd in- .prin- 
ciple to the transfer of -EEC 
resources to Ireland to tide it 
over a period of transitional 
membership of the European 
Monetary System (EMS). This 
emerged today following talks 
here between M. Rene Monory, 
the French Finance Minister, and 
Dr. George Colley, - his Irish 
counterpart 

While Dr. Colley said he was 
very pleased by France's “'posi- 
tive response '-to • Ireland's 
request for credits if the latter 
joins the EMS. neither be nor M. 


-Monory would confirm that they 
had. reached agreement on the 
amount nor how it would be 
assembled. 

Ireland has asked the EEG for 
£650m, over and above what n 
receives from the regional and 
social funds, as , the amount it 
would need to make' lb® transi- 
tion to the new monetary system. 
The , money would be used for 
infrastructure .. projects, like 
roads and telecommunications, 
as.welhas .balance. of. payment, 
aid. 

Dublin has tun. yet discussed 


DUBLIN. Nov. fi. j 

the 'im-stion of a wider margin) 
for it.-, currency, as has Holy. 
This issue i« expected to come 
up in the Lourse or the nest Tew 
day-,, a > Dr. Colley continues his 
taiss with European govern- 
ments. M. Memory's visit was the 
first of these contacts. On Thurs- 
day. Dr. Colley Hie-, to Bonn for 
talks about the EMS , 

The Irish Minister has been at 
pains to don\ reports that West 
Germany has offered Ireland an, 
interest-free loan of more than 
£650sn in return for joining the 
SMS. 


the negotiations by the West 
Germans as they are the ones 
who must put their seal of 
approval on the arrangement 
There appears litlle doubt about 
this and the deal could be signed 
by East and West Germany in 
the very near future. Herr Gaus 
said aTier a recent meeting with 
Herr Kurt Nier. Easi Germany's 
Deputy Foreign Minister, that 
only a “ few questions remain 
open." 

The new road is not only 
important for Berlin and rbe (wo 

Germany's, but will also speed 
lorry travel between Hamburg 
and Czechoslovakia and Hungary 
which transact a considerable 
amount of their overseas trade 
through the port of Hamburg. 

Another key element in the 
ariungemenl is the re-opening of 

the Teliow Canal which runs 

thruueh West Berlin and is part 
of the waterway connecting the 
Elbe and Oder rivers. 

A section oF rhe canal passing 
through West Berlin was sealed 
off after the building' of the 
Berlin Wall in 1951 and barges 
rrorn West Germany, bound for 
docks in the southern part of 
West Berlin have to make a 30- 
niite detour oE two days through 
East Berlin. 

The reopening and repair of 
Die canal is expected to cost 
Wesi Germany about DM 70m. 

East Germany is also to dredge 
and widen the waterway between 
Wesi Berlin and West Germany 
which carried 3.5m tonnes of the 
14. fin: tonnes of goods trans- 
ported last year between West 
Berlin and West Germany. 

Good?. traffic on the waterway 
between West Berlin and West 
Germany has risen sharply, in 
pan because uf difficulties the 
East German railways have in 
providing adequate rail transport 
for West Berlin. The reopened 
Teltow Canal is also to be 
included in the four-power transit 
agreement, thus ending the exist- 
ing controls of barges and their 
personnel. 

The two neighbouring German 
states are also expected to 
announce that a missing East 
German link in Lite autobahn 
built before the war is to be 
connected between Bad Hcrsfeld 
in West German; and Eisenach 
in East Germany with a modern 
border control point on the East 
German .side at Wan ha. The cost 
of this project is DM 50m. 

One more element in the 
package is the expected improve- 
ment in non-commercial pay- 
ments between East and West 
Germany. Wcm Germans have 
been unable to receive payments 
from their blocked accounts in 
Easi Germany because the annual 
limit sol by East Germany has 
been exhausted Now. the 
amount is u- be raised by several 
hundred mi! I ion marks. 


THE UNITED ARAB EMIRATES 

A central bank 



BY KATHLEEN BISHTAWI IN DUBAI 


JUST 16 months after a hanking 
crisis _ rocked the economy of 
the United Arab Emirates, the 
Currency Board, which functions 
as the monetary authority and is 
intended to become a central 
bank, has issued a hulletin of 
statistics which show that it is 
being starved uf fur-ign 
currency. 

This is despile the fact thdt 
this ok rich federation of 
sheikhdoms is expected to earn 
about S7hn i his year. 

The two major oil producers 
in the Federation. Abu Dhabi 

amT Dubai, have always preferred 
to channel _ their petrodollars 
through their own emirates' 
national banks. A number of 
the rulers fear that to route their 
income through the eentnl 

monetary authority will mean 
forfeiting economic control 
over the>r own emirates and 
their incomes. 

Now ihe inllnw of dollars into 
the Currency Board has 
dwindled so much that oflic.ds 
and bankers alike are beginning 
to wonder whether the board has 
the technical and financial means 
to exercise any monetary policy 
at all. 

The statistics show lh*l during 
the month-? of February. April 
and May this year, not one of 
the seven sheikhdoms or ihe 
federal government made anv 
foreign currency deposits with 
the board. Net deposits by ihe 
government have none, down 
from a November. 1977. iota! nf 
$789tn to onl; $3.i>m in Ma; this 
year. 

During the last 14 months, 
the balance sheet of the currency 
hoard has been cut by 50 per 
cent from rhe S3hr. in .March. 
1977. to M.Skbn in May. 197S. 

On the assets side, foreign 
exchange and gold holdings have 
declined from 51.93bn in March 
last year to STQUm by the end 
of the first five months of this 
year. 

Currency Board officials soy 
that there is no reason to Tear 
for the strength of the UAE 
dirham, as long as realistic lend- 
ing policies are followed. Cover- 
age for the dirham well exceeds 
the 70 per cent legal minimum, 
said an official. 

.The board's officials are in 
continuous negotiations with ihe 
two major oil producing 
emirates annul Jho supply of 
foreign currency. The board 
wants them to route beiv.ern 
20 and -5 per cent of their 
dollars from nil through ihe 
board. In this way. ibe board's 
reserves of foreign currency 
would be built up. 

The Board is also look uig f«*r 
sizeable dep:iMl» from the 
Emirate govern nn.-nlv " It is 
accepted around the world bj. 
governments ihai they must 
deno.-ii a certain amount of their 
revenues with (heir cenirai 


banking institutions." lie Board 
says. 

Pressure is now building up 
On ail the emirates 10 support 
the Board, though it is Dubai 
that has become Ihe focus of 
the Board's attention. The 
Emirate is the trading centre of 
the UAE. and as such has a great 
hunger for dollars to finance its 
commerce. In the second half of 
August, for example, the cur- 
rency Board supplied Dubai with 
SLSOm compared with S59m for 
Abu Dhabi, and SICim for the 
other emirates. 

Earlier this month, the Cur- 
rency Board was reported to 


with the Board itself. Since a 
Bahraini national. Mr. Abdul 
Malik el-Hantr took over lasL year 
as managing director. the 
Currency Board's policies have 
been effectively decided by him 
and his executives with liie help 
of an adviser seconded from me 
IMF. Dr. Deni-. Farmon. Dubai 

•feels however that the old Board 
of directors should be resurrected 

so that policy decisions are made 
with the interest* of all emirates 
al heart. Officials in Dubai 
believe that the executives should 
only carry out policy, nut make 
it. 

Dubai sa;s that the problems 



r*"' 



0 KM 


The in How of dollars into the 
Currency Board has dwindled 
so mucb that hankers are 
beginning to wonder whether 
the Hoard has the means to 
exercise any monetary policy 
at all. 


have asked Dubai to provide it 
with dollars in the same ratio 
as its trading. Tola I UAE imports 
amounted iu S4.73bn last year, 
and Dubai's share is estimated 
at .'$3.15 bn. The Abu Dhabi gov- 
ernment then demanded that 
Dubai supply S260m a month 
to the hoard. 

Dubai rejected such reason- 
ing. and Abu Dhabi's demand 
was later dropped, though it is 
believed to be a starting point 
in the negotiations. One 
prominent Dubai backer alone 
said that he had sold more than 
Srnom to ihe Board so far this 
year. As a high-ranking Dubai 
official pointed out. whatever 
dollars Dubai acquired front the 
Board, they were nm loans, but 

paid for. “As Iona as -.e pay for 
them, why does the Board com- 
plain?" he asked. 

Dubai's anprnach tu ih<- prob- 
lem is symptomatic nf its tradi- 
tion of ronnnerclali&m and 
political independence. Bankers 
who handle the large govern- 
ment revenues point out thal it 
i-i illogical for them tu mule 
their government deposits 

thmu'.'h liu* Board when on 
dirham deposits the Board only 
p:i>5 k.5 per cent interest, “i 
can get s* per cent with any bank, 
around Itiv.n." commented one. 

Another dissatisfaction lies 


of the Curri-ne; Board are not 
tu du with the supply oT foreign 
Currency, but with the enormous 
loans which were extended by the 
Board during 1976-77. Trie loans, 
which are listed as term loans on 
Lhe Currency Buard's balance 
sheet, amount tu $720m. Part 
uf this amount includes money 
loaned tu a number or banks 
during the managing directorship 
or Mr. Ronald Scott. In ibe words 
of the Board's last annual report, 
the interest rates, terms and 
repayment schedules of these 
loans were not precise, nor 
adequately appraised.” Dubai 
feels that it is these credits to 
the emirates that are the core of 
the Currency Board’s problems, 
and that Abu Dhabi should now 
cover them, to ease the Board - 
position. 

The etui rale also points (nil 
lhat not mil; dues Dubai bnnu 
in hard currency into the UAE 
through ns «»ii inernn- and 
hading, but it? exitnsr.e Euro- 
dollar loans have a!«» cun- 
l r billed i«» the »uppiy "f dollar* 
into the country general!; . These 
bunri.ved Eurodollar- were al-o 
being put hi v.urk. j.aym-j for 
large project*, and generally 
prom'iiing coinnuTcial activtl; in 
the northern emirates. 

The whole subject uf foreign 


currency supply tn the Board is 
now under negotiation. Dubai 
Government officials maintain 
lhat the emirate is ready to route 
all the oil money through 
the Board if the Board feels it 
would help. Banking sources gay 
that the discussions, which are 
being conducted with the Dubai 
ruler. Shekh Rashid, direct, are 
proceeding ” amicably.” 

In Abu Dhabi however, the 
competition for u slice of the 
emirate's $6bn projected oil 
income for this year, can be 
expected to be fierce. A large 

measure of the income is 
channelled through the National 
Bank or Abu Dhabi, whose $3bn 
balance sheet has enabled it la 
become heavily involved in the 
Eurodollar market. There are 
also the need.- of the Abu Dhabi 
Investment Authority and other 
specialised funds to be looked 
after. 

Although covcragp for the 

dirham is more than adequate, 
the nearness and activity nf 

Bahrain's utTsnore hanking 
centre will undoubtedly be 
watched closely hy UAE officials. 
The successful outcome of the 
lalks with Lbe emirates is there- 
fore vital fur the continuing 
stability nf the currency. 

It is also vital for the Board 
ilself. for these recent develop- 
ments do not bode well for its 
hopes of becoming a central 
hank. A successful conclusion 
in the talks is necessary also Tor 
i no still shaky, but growing con- 
fidence UAE bankers and 
business circles have in the 
nation's economy. 


China ’backs 


BANGKOK. Nov. 6. : 
CHINESE Cunummist F'art- 
Vice-Chairman Wang Tungi 
Using ha* pledged Peking's sup- 
j purl for Camboda in its border 
j war with Vietnam. Phnom Penh' 
j Radio reported. 

j Speaking just two days after 

• Vietnam and lhe Soviet Union 
' signed j Friendship and 
I Co-operation treaty In Moscow, 
•Mr. Wang said at a banquet last 

• niaht: “The Chine-e Gnvern- 
■ mem nn<l pi*np!c resolutely sup- 
port the Kampuchean tCant- 
bivl'am people'., just ,n»iggle in. 

(defence of their independence ’’ 
The .Soviet-ViciRamcse treaty 
included a provision! for con- 
sul tat ion- and “ appropriate 
meant res ” tn the event of either 
being a Hacked, a *'lause di pi li- 
ma lie -nurres --aid they regarded 
aimed at Ubina. The Cambodian; 
Premier. Mr. Pol Put repeated 
. ch a rye a t h " Vi etna m w j .? plan- 
ning a major attack in tl.c dry 
sea .-on. due u< soon. Hanot 
lias denied she c;ij 
Reuter 



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Financial Times Tuesday November 7 197S 



S. African ! Weizman returns 


By Quentin Peel 


JOHANNESBURG. Nov. 6. 

A Judicial Commission of 
Inquiry into alleged corruption 
and misappropriation of funds 
in South Africa's former Depart- 
ment of Information began work! ME. EZER WEIZMAN. 



BY DAVID LENNON 


TEL AVIV. Nov. 6. 


the Meabwhih-. Uie ruling Likud 
today. j Israeli Defence Minister, will block is hoping to make sweop- 

The" three-man Commission has return to Washington tomorrow ing gains in nationwide ibc.il 
a month in which to draw up a with clear instructions from the election.-, tomorrow and to break 
report on the Department's Cabinet to conclude the peace the Labour rally's :V^year 
activities before a special session negotiations with Egypt. dominance of local administra- 

of Parliament summoned for The Cabinet today ended two tion. 

December 7. It is not known: days of discussions ahout the The. Likud bk-ck. led by Mr. 
whether any of the hearings will (report which Mr. Weizman Menahem Eegin. the Prime 
be in public. [brought with him from Washing- Minister, won :i surprise victory 


Judge Rudolf Erasmus, the 
Supreme Court Judge from the 
Orange Free State, who has been 
chosen by Mr. P. W. Botha, the 
Prime Minister, to head the 
inquiry, said his report would 
be submitted tn the Cabinet, 
which would decide what to do 
with it. 

The Judge said it was most 
unlikely that Dr. Connie Mulder, 
former’ Minister of Information, 
would be called tn give evidence. 
The first task of the Commission 


ton. The bulk of his report and in the general election 18 
the subsequent Cabinet debate months ago after languishing in 
concerned the security arrange- opposition for nearly llirec 
ments in Sinai following Israel's decades. 

withdrawal. The local elections have roused 

ARer today’s 5 {-hour meeting, little interest among the mure 
i Prof. Yigael Yadin, the Deputy than 2m eligible voters, who are 
Prime Minister, said that the more concerned about the peace 
Government took decisions on negotiations with Egypt, 
the military annex to the peace Reuter reports from Cairo; 
treaty. The Arab League will hold no 

It is understood ihat agree- further meetings in Cairo ” until 
'ment had been reached between .Egypt returns to the Arab 
the negotiating teams in Wash- camp.” the secretary -genera I of 
was to examine all the evidence j jngton on the military issue and the 22-mem her organisation said 
on the Department’s activities M r . Weir man had been seeking on Monday, 
g’ven to previous inquiries, in- 1 Government approval for the Mr. Mahmoud Iliad. who was 
chiding internal investigations j terms. speaking to reporters on his 

carried out by officials from the r p r(lf Yadin said Mr. "Weizraan return here from the anti- 
secret service Bureau for State ] had bg en instructed to conclude Egyptian .Arab summit in 
Security (BOSS), and the Com-^g negotiations on this subject. Baghdad, said future meetings of 
mission into foreign Exchange < and the Israeli delegation had the League, which has its head- 
Conrravenrions, headed by Judge j& een told to continue with the quarters in Cairo, would be held 
Anton Mostert. 1 discussions on the still un- in other Arab capitals. 

Meanwhile several people i reS (,ived political issues. Mr. Piad said that once Egypt 

associated with the scandal have | TJie ,^, 1,1 ne t would not reveal and Israel bad signed a peace 
received threats oF violence They , dela ^ 3 r ,f the political problems treaty A rah Foreign Ministers 
include Mr. Kons Waldeck. ■ ^t{|{ awaiting resolution. -How- would meet in Baghdad to 
former administrative director of . eV( , r _ k j s understood that the discuss the removal of the 
the information Department who | between the Egypt- League headquarters from Cairo, 

first called in the parliamentary ; j srac [ pad and negotiations on “It would not he logical to keep 
Auditor-General to investigate ; ^ Rank -Palestinian issue the headquarters in Egypt where 

accounting irregularities. and:j s musing some concern in there will be an Israeli 
Mr. Kilt Katzin, a Sunday 1 Jerusalem. Embassy." 

Express journalist who played a' 


big pari in exposing its secret 
activities. The Citizen — the news- 
paper allegedly established with! 
state funds — has received a bomb ' 
threat. 

Meanwhile, police were called 
today to control 2.000 angTy 
women who were throwing 
stones at the factory’ gates of 
Eveready. South Africa, the 
Port Elizabeth-based British sub- 
sidiary. Two hundred coloured 
(mixed race) workers arc on 
strike in support of a demand 
for a minimum wage of 80 cents 
(47 pence) an hour, compared 
with the present rate of between 
55-59 cents (32-35 pence). 


Australia borrowing move 


BY LAURIE OAKES 


CANBERRA. Nov. 6. 


THE GOVERNMENTS of Austra- the infrastructure financing 
lia's six states . today gained scheme accepted by the Loan 
approval to borrow A$l,767m Council included. 

(fl.OOOmi over the next eight © ASlS6jn for a power station, 
years to finance infrastructural pipelines and other work asso- 
works for 12 major development pitted with a proposed petro- 
projects. Until now. borrowings chemical complex plant at Red- 
have had to be made by the cliffe in South Australia, which 
federal Government. would use liquid hydrocarbons 

Air. Malcolm Fraser, the Prime from the Cooper Basin as feed- 
. r Minister, said tonight that most stock; 

The com pan v has sacked the (of the ASISSoi required in the © AM16ni f»r j 1.500 km pipe- 
strikers and taken on new staff j 197S-79 financial year under the line to bring north-west shelf 
to replace them. Today's disturb-, new loan scheme would be natural gas from Dam pier to 
antes were caused by a crowd of (borrowed overseas. Perth; 

of joh-seekers who refused to j Mr. Fraser denied that the © A$89m for nev: coal loading 
leave when they were told that i federal Government's failure to anti stockpiling facilities in 


.mm 


; VMI RK \\ \K\YS 



Testing time for the Republicans 


SY JUREK MARTIN, US EDITOR 


■WASHINGTON, Nov. 6. 


Carey runs 
well in 


THE PUNDITS all agree that thread to the employment of and indisputably dirty fight . with next.vear. Of such effrontery are , 
mmorrou’s midterm elections homosexual i as schoolteachers. JLo Democratic Congressman Bob dvnasties made, 
will prove two things: (hat tiie 16 other .states, there will be Krueger. Intriguing newcomers on the 

mood nf the eon d try is. on cco- ballots on proposals either to cut Death and retirement have 36d national scene will include the 
ooiiuc piatters. both conservative property faxes or to curb local to an -unusual -number of open winner in the New Jersey 
and .selfish, and that the voters spending or both. The most -contests in both -the Senate and -Senate race, either Democrat Bin 
are still disaffected with poll- significant of -these are in the House. There seems to be a Bradley. the favourite, or Con- 
tu.ians. and will therefore stay Michigan, Oregon, Idaho and good chance of the Republicans servative Jeffrey Bell, Possibly 
in' ^ h jR Nevada. Countless districts, capitalising on this in the South. Larry William, a Ke publican 
n!L- ^,111^11.^1 counties and municipalities will by picking up Senate seats ip from Montana, whose past finan- 
lareely ^ on' 1 th^'imnoritv^ witiL-h a,so ^ voting on similar propusl- Mississippi (Sen. James East- dal activities included 

S tninomy wtm.li land ha . s retire* and Alabama, problems with the SecunUes 

The midterms irr im- Two southern Republican staj. and Exchange Comnitosion, Bi 1 

nortLnt fuJ^tbe Reoubliian warts. Jesset Helms and Stroin a inton and Forrest James prnh - 

port ant fur the Republican (Lfc-^SW Tlumwmdjn Norttr and South able new young Governors of 



New York 


nmrm-iuLuju iwriin dim ot/ULn i.-«Vtn i — . — 

Carolina respectively,, appear to Arkansas and Alabama, and J \ Y °rk- . 


By John Wyfes Tn New York 
FLESHY' and lugubrious. SB- 
year-old Hugh Carey bears a 
marked 'resemblance to the late, 
great British comedian, Tony 
Hancock. Like Hancock he is 
known to alternate between dark 
and moody abrasivenesss and 
witty bonhomie. Yet many who 
know him say they dislike him 
which makes him a curious 
candidate to be running for a 
second term as Governor of New 


be beating back strong' Detna- Warner, the R-- pu blican f ro m 
- Virginia, whose own ab times 


cratic challenges. 


Mario Cuomo, who is Carey's 
running mate for the post of 
Iieutentant-governor, is said to 
have summed up the Carey 
enigma succinctly at a “fat cat” 


Party, which now holds only 3S 
«f the 100 Senate seats, 146 of 
435 seats in the House', and only 

12 nf the 50 sjate governorships. i^ _ Vinnbt but whose 

Unless \hn party makes sizeable liberal Democrats appear tt> be Elizabeth Taylor, 

Cains this year and builds un rions. This year, it will be hard in better condition -than., the !!!: " ,,L idrt7a certiun spice. 

that success two years from now. for any politician to run success- nmod of the times might suggest. *»» West Republican I i»7n* HinneiV few"w»k s 

it will be in a. parlous position flllly 4£nat this trend, and even Dick Cl^-. is holding a . !0- ch ^ fnr gains in the Semite i ^ X^ntTo somJone who 

wlwn the congressional districts Liberals -have been compelled to point-lead in Iowa, Congressman to lie in Colorado. } Jf®* thereCuomo filled £i for 

are reapportioned afier the WS0 foI]ow it Morns Udall w expecting to be JgffJL. Mississippi, Minnesota I was uuomp nuen in tor 

national census. Then, the Many Democrats have so returned ^in Arizona,, and Davad 'the Short- Du renberger 

majnniy party will engage mlbc espoused classically Republican should easily " make the nce Qr ihat between incumbent 

time-honoured practice nf ¥p r ^3J- conservative issues as to pose switch from Governor hi Senator c_ n Wendell Anderson and 

mandering and ^ the Republican considerable threats to the j? Arkansas. . Senator Floyd R u( jy Bosch wit/.), Maine (over 


base is still .small, it may no pnlitlca j > xi5 ^e” of tbe Haskefl of Colorado, howAver/ii-S^i^S^ s'en. William 


moderate Republican. 


diminished even further. 

llai-oH particularly "true in Illinois, trouble, as is noted Congressman "Arch **Moore may ”01161 

certain -amount of prestige -iiaked W b ere the conservative Democrat Aimer Mikva an IJli hois. u n „-, nn< ■R.milnloh). But the 


tomorrow 3 vote. 


that 


™i.’ s . ls 0 ^?^^ Hathaway), and West Virginia 

rrh Moore * 

Jen nines Randolph). 



-This would result in virtually governor's excellent quatities 

'which more than merited a 


leadership. Few experts, how- Tj g}jt 0 f David Durenberger in easy victories ".in their guhen 

ever >tliimk this -will happen, t bo race for Hubert Humphrey's natbrial re-election races, 'and 

Sluoh more is at stake for the rj , d se3t; and jn the both will therefore -be considered nu net change. i second term 

Democrats and Republicans with Massachusetts governor's race, -national figures. Hugh Carey, tbe There will be inevitable claims _ . • 

Fre^ideatial ambitions. They v' ill between Democrat Edward J. New York Governor, has waged from the Republican Party, it 

n<..->rl --fifiH u/i-nc In Lnnn ilie-ir l' ; - j Dnn,.hii«. n Vnnnic ■ .mhili ^ nnlv email that. 


Carey's predictably late arrival 
with a pitch for funds which 
acknowledged that the governor's 
personality would win no prises'' 
for popularity. But be added 
hhat although the Irish Democrat 
from Brooklyn was difficult to 
work with and sometimes hard 
to fathom, he Mario Cuomo, after 
observing tbe governor at dose 
l the last few 
York's secretary 
convinced of the 


i- 


Cuomo was trying to confront 


.m.'- * 


■ft--. 


economic issues. California m Massachusetts, Eobcn Griffin, between' former - Pittsburgh ticians are quite capable of say- 
inevi-tably. tops the.lisl. Having Jn Michigan, and conceivably. Mayor Pete Jj’laberpr,^- the ing one thing to 


spawned the taxpayers' revolt Senate minority leader Howard Democrat, and Richard. Thom- another when comfortably en-. 
this summer, with the vine un Baker, in Tennessee. He needs burgh, is very close. In thfe same sconced. This is something 
Proposition l'J. the state will be a comfortable victory to state, the nation’s mnst notorious which the more flexible Demo- 
voting on whether to allow smok- enhance u national reputation. In Mayor, Frank Rizzo, has proposed cratic Party has long unde?- 
ing in many public place* ami on Texas, the incumbent. Sen. John revising'the city charter to allow stood far better than its opposi- 
a motion' which constitutes a Tower, is in a desperately close himself to run for a third term -tron. 


Pan Am plans 
$99 fare from 
coasWo-coast 


By Stewart Fleming 

NEW YORK, Nov. 6 


Canada raises discount rate again 


BY W. L LUETKENS 


MONTREAL, Nov. 6. 

its discount rate for the sixth The Increase comes at a bad' VU.S-, may have seriously 

time this year, bringing it from time for the Canadian, domestic, weakened that case. _ 

- economy. The economy has been Visible trade has been doing f years. Althou. 


w- 

•-.'ijs.r. ». 

S' " : 


sak caused much muttering of 
oaths in the Carey camp back in. 
June when one hour after the . 
governor had announced he .was ' . 
running for • re-election she'- 1 \ 
declared that she would cfaak 
lenge him for the Democratic .- •" 
nomination because he was too . 
aloof and distant from the con* 
ceros of ordinary people and- 
only in term if ten tly interested in 
the a^airs of New York. 

. Her ch a regs appeared to sub- 
stantiate the views of Carey’s. ■. 
critics and of -.his Repnbheau 
opponent, Perry Duryea, thatte-y'-j 
had been an invisible governor 
for the previous three- and-a half-. 

Carey was pot' 
listed by many 


../T 


7 1 ? np i- r pnt in Tannarv in a economy, me economy uas oeeo vj^ioie traae naa uum# . years. Aimouj 

_ m -5 tup nant 17 growing at3i to4 per cent this well in 197S. but heavy deficits too invisible to 

PAN AMERICAN, the leading record tu.o per cent. year, a respectable rate^ but not on the travel account and for people as a potential Democratic- 

U.S. international airline, is to | The derision, announced on fast enough for unemployment capital service are Going to pro- J presidential candidate in .1978, 


introduce a S99 return fare from i Sunday by Mr. Gerald Eouey, the to drop below 8 per cent.' '. duce a current account deficit 
New York to Los Angeles and r . overa or. was a reaction to last Growth ta U kel.v to fill off STinSSd ^ bt 

j week's increase in U.S rates as slightly next year, . unless Sgher. partiv as the result of 
part of President Carters, pro- corporate investment moves out lessening u«* demand for 
! gramme to help the U-S. dollar, of the doldrums where ft has Canadian exports. 

been for several years.;,* The Mr. j can Chretien. Canada’s 


back to promote its new weekly 
service to the West Coast. 

The fare compares favourably 
with the scheduled service 
re! urn fare of S420.38 and. as 


all vacancies had been filled. 

Martin Dickson write?: 
Britain is consulting Canada, the 


veto the new borrowing scheme Sydney and AS75ni for facilities 
at today's Loan Council meeting associated with coal exoortrng at 
in Melbourne signified a change Hay Point. Queensland: 

U.S. and Antigua "over allega-iin his economic policies. Q AS4Jm 10 provide railway and 

Tions in the BBC television j But he emphasised tha# the water supply facilities for the 
programme. Panorama, that annsj projects to be assisted would Worsloy Alumina project io West 
produced in North America were (create jobs as well as helping the Australia; and 
shipped to South Africa last year : balance of payments and addins © AS343m for a power station 
by way of Antigua, for whose to exports. 'AH had special sicni- complex and brown coal open 
foreign affairs Britain is ficance for development, he said, cut mining project in the La 
responsible. 1 The borrowing approvals under Truhc Valley In Victoria. 


Ethiopians prepare new Eritrea attack 


BY DAN CONNELL, RECENTLY NEAR ASMARA 


advance 


ETHIOPIA is marshalling forces tain road linking Asmara with halted the Ethiopian 
tn renew its offensive against Massawa. late in August, 

guerrillas of the Eritrean .... . Defeats suffered by the ELF 


Popular Liberation front, from have effectively narrowed the 

.-u« e o bombs and chemical defoliants fic | rt t0 


whose trenches the main fielrt i0 a ,;nnlcsl between the 

Ethiopian array base in Asmara t Qth eJStel licence re pons d Ethiopian and (be EPLF 


is clearly visible. 


now confront earn r.iher nut«iffc 

According to Western intelli- Ethiopia began ii* counter Massawa. Deed nth are. Asmara 
gence. Ethiopia's 10th Division offensive in June, winning major and Agordat. Eriu-ean morale 
was airlifted last week from the successes against the Eritrean appears high. 

Ogaden region in the South to Liberation Front (ELFi in M believed thai Eihiopia’s 
the port of Massawa and six western Eritrea. AH hough Hie offensive capacity h:<- been 
brigades were moved from prusi- Ethiopians also dislodged the seriously weakened and lh.it. 
tions north of Asmara to the Eritrean Popular Liberation barring large-scale introductions 
town of Decamhare to the .south. Front from some nf iis positions of Cuban troops, it will in: dif- 
It is thought that the Ethiopians in the eastern parr nf ihe pro- ficult for Ethiopia to regain the, 
will attempt to open the mnun- vince. guerrillas or »his group initiative. 


it Pan Am .spokesman agreed, is j un 


cheaper than walking. 

The latest move in the sharp- 
ening competition in tbe U.S. 
airline industry followed an 
earlier announcement today hy 
Trans-lmerhational Airlines, the 
largest charier carrier in the 
U.S. t 

' Trana-Inlern ationifl ' . disclosed 
that It is to offer a new cut price 
fare of.S99 one-way between .Nc\v 
York :jnd' Los Angeles on. b 
weekly flight starting on 
December Id. 


Canada traditionally depends X, . “V** 1 '. Mr. Jean Chretien. Canada s 

n caoital imnorls to balance its ^ e ' ,alu * Uon o£ „ Cajwdian Finance Minister, plans to intro- 
1 '_ POr ^_ l ° b -*\[ S dollar by some 15 U.S. ceifls in ducc a revist>t i hudse t before the 


external payments. .As a result, the past' two years has Mflsttd JSJVf Ud ftJs h *SJcted 

therefore, it keeps its interest Canadian exports and has dade to contain limited rax cuts, as a 

rates above those in the U.S.. but a case for more invest rnenOThe stimulus tn the economy The 

th<? latest U.S. increases have rise of interest rales, as we ti&a increase in iniere.it rates will 

almost whittled away the margin, the danger of a slow-down complicate his task. 


New York newspapers retail 



BY jOHN WYLES 


NEW YORK. Nov. 6. 

The company .described its j THE NEW YORK TIMES and to go ahead before it submitted fn r bis afternoon newspaper, the 
plan as rhe. first low-cost coast- the Daily News returned to the management’s proposals to a New York Post, by m a king his 

cpn/ion -jC-ilhnnr etrinrr^nt J . «r*. . niomKiipc 1 m.mtin.i in«» ninVi t y jl 


the accusations derived mare 
from his detached public mannei!- 
and lack of close confidants: But 
dislike, among other things- in 
Carey's olympian style gave 
242,000 votes to Mary Ann Krtip- 
sak's ticket in the. September- 


primary which was 128.000 short- s 
of Carey's winning ' total iwt 


enough to encourage v 

state assembly minority leader 
Island Jobs ter T*dtqlesale^3 "" 


Duryea to believe. 


governor's •personality .vreu^S* ii 
a promising tine of attack, ; ^'--. * : _,- 
..like a "latter d?y gi- : 

Ui. CaxRy : lias -re-- 


to-coasi service without stringent j news stands today. Their 884a v Members' meetinc last night. . own agreement withvthe press- 

passenger restrictions. The com- 1 b bj h - - The pressmen's .strike was men in 

panys move is oviaenae of- wa ‘ ca C0Sl man , — __ 


dmrter carriers beginning to 
Offer scheduled services and 
Teflects the build-up nf conipeti- 
iive pressures. As the trend 
towards deregulating the airline 
industry .gathers pace last month 
President Carter passed into 
law an airline deregulation Bill. 

Under the Trans-Imemational 
plan, customers *tn :l will be 
able to make firm sear reserva- 
tions nn the company's DC-10 jets 
ai any time prior »o (heir depar- 
ture. They will hn able to pur- 
chase onc-wa> 
tickets and 
;ii ini mum or 
requirement? 


. , . . a| lo w t? resume 

SI 00m ia lost revenue ended ?2 uch lon 8er and. more costly publication when the stake was 
fl * . , re * enu . e - en “«* than anyone had foreseen. News- 57 days' old. \ 

atier a scramble of union ratifi- paper managements claim they The first post-strike edition of 
cation meetings. have secured broadly what they the New York Tunes underlined 

Although Lhe pressmens strike ^ or - * n l er nis of a rpduc- the seriousness with which the 

which halted publication on *!? n in fl r 5 ssroom manning and newspaper views its reputation 


changes in overtime arrange- as a journal of record. It in- 


Auaust 9 was tentalivpiv a ji/uimu ut rerui u. it in- 

i-,« J f ri7 , n,enUi whlvh - 1 wlu n,ake tbem eluded ten pages recapping not 

m t vvrdnesday. agreements more competitive with suburban only the main news events since 


needed with several other unions newspapers. But these rivals, on August 9. but also reviews of 
delayed rhe newspapers’ return. Long Island, in Westchester drama, films, and music which 
b\en o n Saturday, ihe Tunes County, and jn New Jersey, have would otherwise have appeared 
seemed threatened by a strike gained considerably from lhe The newspaper also announced 
call from the Newspaper Guild, strike in advertising 3 nd circula- it would he launching new 
representing journalists and com- tion. Only lime will tell wheiher regular sect ions from next week: 


»> nr round trip mcrci.ii employees but. under the 1 wn newspapers have suffered a daily metropolitan report on 
then- will be no pressure (mm other printing -a permanent damage. Time news of New York New .Terser 
maximum .. stay y unions, the Guild allowed pre- should, also reveal haw much and mnncrti.iit- ami iho u. D bl-u. 


But 

med Aii. 

on the ropek hnd appears-#^ 
carrying remarkably few woffles v 
into election day. When the'csfcn ; 
paign started in earnest' m/ffie ; ' 
middle of September hd'.witf. f : 
trailing Duryea by about ff- per 1- 
cent in the few polls avaiialfle 1 i' 
in the strike enforced absence ^ 
of the New York Times iin4-.fte. 

Dally News. Today they appear. ■, 
to be neck - and neck ;and'-ffie • f 
smart money, as they say.. r. 

Carey to snatch .anothor'rfOTtr-', < 
years in the governor's raamritm.'* f 
in Albany. Few jpeople .caa^iuBy g-;-. 
account for this c.nttfiddnep-^or,i^..\ 
notwithstanding his £VX' 

1974. a -second 1 Carey-vfctory^U -^v^/.^ 
be running against &e ' 

Y ork's postwar political tidek : - ^ - 


US. COMPANY' NEWS ■ 


2WS t; 


,. pre- should algo reveal how much and Connecticut and 1 be Weekly 1 

Djrjf fn for forfat’s* ni>ivsn:iDr>r Mr Runorr Kit ,* ' «?-_* ■v.r. a .i J I 


« Be ?{ a PPT° v « Pacific 

Holding bid; Price rise WfHi J 

boost Mobil profit; US: -air . 


Worry for 
Mitsui 
over stake 





BY DAVID WHITE 


AYATOLLAH KHOMELYL exiled 
leader of Iran's Shi'iie Moslems, 
today renewed his call for the 
monarchy to be overthrown and 
repudiated the new military 
Government formed by the 
Shab. 


The SO-year spiritual head of 
Dan's state religion, who moved 
to Paris last month after being 
expelled from laq, said it was 
essential for the monarchy to be 
abolished to be replaced by an 
Islamic republic. 

Earlier, in a newspaper inter- 
view. he made it clear that he 
would pursue his struggle even 
if the Sbah abdicated in favour 
of his son. "I am certain 'the 
people are not in favour of the 
regime; survival,"’ he said. 

Ayatollah Khomeini's presence 
in Fance could pose a problem 
for the French Government, 
which admiUed him in October 
on a three-month basis. His 
status in France, which is not 
tbat of a political refugee, will 
have to be reviewed if he is still 
here in January. 

The French Foreign Ministry 
said it bad so far received no 
request or complaint from the 
Iranian authorities about tbe 
Ayatollah's repeated calls to bis 
followers in Iran to Lake up 
arms. 

A statement issued here 
yesterday by Dr. Karim Sanjabi. 
leader of tbe opposition National 
Front Party, also rejected the 
monarchical system. Dr. Sanjabi 
is expected lo mpet Avatoliah 
Khomeini tomorrow. He was 
due to return to Tehran in 
the day but is now' expected to 
prolong his visit to France. 

Our Tokyo correspondent 
reports : Mr. James Schlesinger, 
U.S. Energy Secretary, said here 


today that protracted reduction 
of Iran's oil production could 
throw’ the world into chaos 
similar to' the oil crisis of 1973. 

Mr. ToshLO Komnlo. Japan’s 
Minister of International Trade 
and Industry, is reported to have 
been told by Mr. Schlrsmgcr 
1 hat if the cut in output con- 
tinued until the general meeting 
of members of the Organisation 
of Petroleum Exporting Coun- 
tries or» December 15, OPEC’s 
decision on nil prices could be 
affected seriously. 

Mr. Kouioti) said "Mr. 
Schlesinser. wbu arrived from 
China yesterday, told him that 
Iranian oil production had 
dropped from six to 4m barrels 
a day as a result nf the violence. 
Continuation of tbe cuts would 
disrupt world oil supplies 
irrespective or OPEC action un 
prices. 

Japan’s uil supplies could be 
reduced by up to S per cent 
during ihe fnurih quarter of I97.S 
as a result of the Iranian strikes, 
according to unnfliri.il forecasts. 
This would be about half the oil 
normally imported from Iran, 
estimated at 17 per cent oF total 
imports under normal condition-.. 

British Petroleum, which 
supplies about S per cent of 
Japan's oil imporLs. notified the 
authorities last week nf a 25 per 
cent cut m fourth quarter ship- 
ments (about 2 per cent of total 
imports). Other supplies are said 
to be planning similar notices, 
but probably of lesser amounts. 

In meetings with Mr. Taken 
Fukuda, the Prime Minister, and 

Mr. Tasaburo Kumagai. director 

of the Science and Technology 
Agency, Mr. Schlesinfier di>- 
cussed proposed U.S.-iapan co- 
operation on atomic energy and 
other energy-related matters. 


/Vis r “ ■ 

Armed troops chu^c demonstrators call ins for the Shah’s downfall 


in Tehran 


Cautions support for Shah from U.S. 


BY JUREK MARTIN 


THE UNITED STATES inday 
expressed understanding nf and 
cautious •■‘upper! for the Shah * 
rec<ni r-e in military government 
hut remained clearly concerned 
about recent eienis in Iran. 

Jill Srliukcr. o' 'he Stale 
Department, put the posi- 

tion today when she su'd 'iu.it 
thu U.S. .supported ihe ShitL in 
bis decision 10 lurn iu the mili- 
tary "when i" h- *c:iuie apparcni 
that anniher vuiiiait ^overnnicnt 
could nm he formed to restore 
the public order <.‘?*i.ntia! m 
moving towards free election-;.” 

She n<ited ibai ihe Shall hid 
tried to persuade !e.v<J“r? of the 
opposition to cnier in in a coali- 
tion regime, but bed been 
rebuffed. She a No pn:nred t*> ihe 
Shah’s promise to 'end military 
rule once disorder had hcvn con- 
tained and to hold election: next 
year as planned. 

Ai a further ind'ennon >•( 
U.S. confidence. 7b? department 
reported to-day taut :*.? office >n 
Iran had reported ihe *1 malign 
mu eb rainier sn-day ‘him n-er 
ihe weekend and -.i.r- ad-, imps 
the 4U.000 plus American!, nuw 


WASHINGTON, Nov. 6. 


in Iran In return in work to- 
morruw. They had been 
recoin mended stay indoors 
at or ihe 1 j»c couple nf days. 


Bui ihe protestations 

of support here canned dis^ufec 
Lhe deepest unease inside lhe 
adnumsi ration about ihe Shah'- 
uhililj lu reiiisin in control of 
events. A special Stale Depart- 
ment working jtmup was set up 
yesterday to monitor lhe situa- 
tion. an uoubu.il development In 
iiself. 


For inc moment, lije Slate 
Depjrtment moms jy believe 
that the preseal difficulties are 
" manageable " and that the 
Shah hi 01501 f is not “ >n 
jeopardy." Terhap^ conscious 
of tbe ironies jp be;cg seen to 
back ? military re rime, the U.S. 
is also rnjkinr il*’ clear Lhat It 
continues ti; *‘r«pcr: ihe cauic 
of ■■ liberal. <atu-n " 1 ;: Iran— 
•ill.houcb there i* a widespread 

view that tiie Shah' 5 problems 
have been rent p-.c. '.}■?<] by such 
modest redorn* hss made 

;o djtc, ivp^ciwiiy io **h: 


adverse reaction io them from 
Muslim extremists. 

The U.S. concern i< mure 
stra I epic than immediately prac- 
tical. though the extent nf U.S. 
investment in Iran and the 
supplier nf Iranian oil (u the 
U.S. an- clearly in -:nme il.mgcr. 

The V S. i.s painfully aware «»f 
fact that Saudi Arabia, whom 
it ha> courted arduously, wuuld 
view with alarm lhe nris*'l of a 
gi»vvrnni*-ru m Iran over whom 
tb»“ Sitviei Uovi.n coulij evert 
infiuenee. Thu \vu*> coiii- 
tmmiealed (*, President Carter 
when he lunched at the White 
Houac wiili King Khalid leu da's 
ago. 

At Ihis siaac^ lhe .question of 
American military intervention 
N tint heme ectivriaiacd. fp r all 
lhe obvious reasons. Moreover 
ihe U.S. would dearly noi like i« 
he pur in lhe difficult dilemma 
,,r ha»ing in anMvcr a pica from 
llie Shall for additional military 
SUppIlvi. 

Therefore, tbe hope- still si’fin.s 
(a tic Thai the Shah will ride «nir 
his difficulties — and make 


additional concessions m the 
direction of constilutional- 
uianarchical rule. 

Philip Rawslorne adds; The 

British GoviTumeni would con 
linue its .support for lh u Shah. 
Dr. David Owen, Foreign Serre- 
iary. told tlic Commons yesterday. 

Dcspi'ic proiesu from some 
Labour left-wingers. Dr. Owen 
said that Britain's immediate 
interest lay in ensuring stability 
in thy are-a. “There is a danger 
Of anarchic chaos.” he added. 

The Foreign Secretary made it 
clear, however, that the Govern- 
ment expected the shah lo lndd 
free elections by June next vear 
and to coatinue liberili^a'lloa 
and liiodornisatlon programmes 

Dr. Owen told MPs that tbe 
30.1X10 British citizens jp Iran 
were “at little risk" but had 
been advised lo stay off lhe 
sireeis. 

Replying lo questions. f|ie 
kfirci.cn Secretary said that EEC 
members had discussed pussihln 
emergency arrangements to wool 
any serums disniptioa of oil 
supplies from Iran. 


By Leslie Coll it 

EAST BERLIN, Nor. 6. 
THE SOVIET UNION 
dropped its extreme caption in 
reporting on the violence i n 
Iran, with the official Soviet 
news agency Tass describing a 
“.sharp deterioration” in the 
situation there. 

The Tass report, which was 
published in Prarda., tile news- 
paper of Ihe Soviet Communist 
Parly, said the “bloody 
events " in Iran were a result 
of police brutality. The Soviet 
news report Indicates a basic 
shift in Moscow's assessment 
of the Shah's position, although 
It still does not mention the 
Iranian ruler's name. 

Until now, the mass media of 
the Soviet Union, East 
Germany, and other Com- 
munist countries have treated 
1 lie riots in Iran witji velvet 
gloves, bar* ins; the news deep 
Inside their official newspapers. 

The Kremlin’s hesitation 
over publicly supporting (be 
opponents of the pro-Western 
Shah has apparently' stemmed 
from uneasiness about the coa- 
sequendes of an unstable 
regime on its southern flank. 

In Moscow. Wes fern diplo- 
mats said the Soviet Union, 
which has strengthened its 
influence in Uu> area following 
^ pro-Moscow roup in 
Afghanistan, would probablv 
prefer to maintain stable {fes 
with (he .Shah rather than risk 
the danger of a Right-wing 
military 1 regime emerging. 

Today's Prat da report with 
Hs refereuces to M blood> 
hi pots’' and sympathy Tor the 
demonstrators, may signal that 
ihf Kremlin is reassoxsing tijg 
Shah's. ebapws survival and 
preparing the ground for his 
pu&siJjle downfall. 





. TOKYO. Nor. 6. 
MITSUI AND CO., and n small 
group of Japanese petrochemical 
companies, stand to lose more 
than perhaps any other foreign 
concern in Iran if tbe Shab loses 
bis shaky hold oo Government 
and an anti-foreign investment 
fever spreads. 

Mitsui is the largest share- 
holder in a joint Iran-iapan ven- 
ture building the huge petro- 
chemical complex at Bandur 
Shahpur. 1,000 km south of Teh- 
ran. The 50-50 venture, Iran- 
Japan Petrochemical Company, 
is rhe largest of Iran's remaining 
ambitious Joint development pro- 
ject. costing about Y550bn 
(S2.92bnj. The first stage of the 
complex will come on stream 
next summer, adding a 1.9m tons 
pec year capacity LPG plant, fol- 
lowed by a 300.000 ton capacity 
olefin plant and a number of 
other petrochemical facilities. 

They are designed to boost 
Iranian capacity to sell refined 
products instead of just crude. 
The project began ten years ago, 
but the Japanese investors arc 
willing to admit that getting in- 
volved may have been a mistake. 

The joint' venture, is made up 
of Mitsui, Mitsui Toatsu Chemi- 
cals. Mitsui Petrochemical, Toyo 
Soda and Japan Synthetic Rubber 
fn Japan's side (Mitsui alone 
nolds » 45 per cem share ». and 
tne National Petrochemical Com- 
pany of Iran dq the other. 

Although Mitsui ij clearly 
worried about possible develop- 
ments In Iran, it is hard to deter- 
mine just how much or a loss the 
Iranian complex would become 
in The worst of all possible cases, 
such as seizure. 

The financing of the project 
involves a complex package uf 
Government risk investment in- 
surance in case of loss or cancel- 
lation of insurance un repayment 
of credits. Usually up fo ‘about 
90 Per rent of losses could bs 
entered by such agreements. 
Reuter 





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rascrciaf Tfiirar Tuesday November T TOTS' 



Business administration can be a thankless 
task. But surprisingly there is one person who is 
only too willing to take the administrative bun 
den off your back. He s your local NatWest bank 
manager. It s his personal contacts at Centre-file 
and Eurocom Data that are so useful. 

Centre-file are computer experts. Among 
a wide range of computer services, they offer a 
first-class payroll service. And Eurocom Data 


can reduce expensive paper usage by storing 
information on microfiche. People are rinding 
that both these services save 
oncosts. 

If your business could do 
with a little reprogramming, 
go and see your local NatWest 
bank manager. 

He’ll be delighted to help. 




rtvi 


I A NatWest i 


• m . 


NATIONAL WESTS UNSTQt BANK GROUP: FULL BANK ING SERVICES INCLUDING BUSINESS DEVELOPMENT LOANS; FOREIGN CURRENCY DEALLNG AND EXTOF T FINANCE F AYP 01 1 AN D CC' 1 ' !PL TEF 5 1. P. '■ ICE? « C ~ L V > 
wag niAR AND ISSUE SERMCE5; DOMESTIC AND EXPORT FACT ORING iCREDIT FACTORING INTERNATIONAL LTDfc MERCHANT BANKING tCOUNTY BANK LTD'. LEASING ASP INal AL‘.iK».T c & , .1 r . li *■ ;i ■ - ? n *rriCLNTRAL : T'-- i'SLVJ ig.? r - 'i 

• tf^TVONAL WESTMINSTER INSURANCESERVICES LTD): CORPORATE TRUSTEES (TRUSTEE DEPARTMENT): ODMPLTER OUTTITTO MlU^'flCi-iE iLLPCCCM LATA LTDL " 











Financial : -Times Tuesday 


TRADE NEWS ] 



Sharp fall in exports of 
UK farming equipment 


Perkins 
invited to 
discuss 


Tokyo considers aid funds to 
finance Chinese power plants 






? BY LORN E BARLING 

TOrO 0. Nov. 6. j the VALUE of British farm by ao alarming 61 5 per cent to UK had lost any af its share of 
JAPAN'S MOTOR vehicle refiis- equipment exports fell sharply £lS-9m. However, the Agrlcul- the world market far equipment 


traliuns rose 1.4 per cent to 
345,694 in October from 


in the first nine months of this tu ral 
_ . • . _ ...... wnu - h 


Engineers 

released 


Association, in general. 


UiavUOiJ TOKYO. Nov 6. 

BY RICHARD C. HANSON _ .. , 

f>n-nnprsitinri T ^ E JAPANESE Government is loan- syndications to Cbiiia. but total 
CU"UpCl dilUII studying Whether it can. use the considerable groundwork must ? *12 

^ . Governmental Overseas Eco- be layed before these become a fg^tiiraleqaiPmenE “■ 

SLVGAPORE, Nov. 6. non ,i c Co-operation Fund Teality. Japanese private bankers tion InPekang. 

THE CHINESE. Government fOECFt to extend funds to China «e currently io China studying Anthony. Rowley addsfrotu 


.j-xc.us-r ill UVIUUEI UUU1 „ n<1 morinn with it la wviuji uuiuig UMl uui 

343.S75 in September, the Auto-;-' ea ^ a " , , i , , in V. warned that the position on exports to the EEC continue to 

mobile Dealers Association said, higher imports, lea io a _u per engines may be distorted by grow in volume, and relative! 
October registrations rose 13.9 -cent reduction in the country's Customs classification. importance.” he said. More than 


the figures. “It is worth noting that our pas invited the British' diesel for construction of "hydroelectric the practical problems of finance. jffongKong: Mr. Walter Wriston, 
position on exports to the EEC continue to engine manufacturers Perkins power plants on the Yellow and.. OECF aid reportedly also might chairman and chief executive 


per cent from 306.090 in October traditiunaf trade surplus in the Nevertheless it said that some 55 per cent of total machinery 
last year, u said. The October sector affording to figures manufacturers had recently exports were now bought by EEC 
total comprised 'J34.93S cars, released \esierday. changed their policies on engines countries. 

ill.SMS trucks and 1-S0S buses. As a result of poor demand in and increasing numbers were Mr. Colman added that 


There «erc also 3.077 imported ' mosi overseas markets, sales of being imported, particularly from although 


vehicles, mostly cars, dowo from tractors decreased by 17.1 per West Germany. 


markets! 


engine manufacturers Perkins power plants on the Yellow and , OECF aid reportedly also might chairman and chief executive 
Engines, a subsidiary of the Yangtze Cbtang rivers, Inter- be considered for building port offlcer ofCiUcorpendof itsprin- 
Massey Ferguson, io hold talks national Trade and Industry and' railway facilities in connec- ^pal subsidiary .. Citibank, 
with Chinese officials. Minister Mr. Tosh io Komoto said tion with a joint project - to anttoujusd here that -he -is about 

Group chairman and matrag- over the weekend. China, which develop undersea oil resources in ^ an . 'official visit” to 

ing director Mr. Michael R. has so far declined to accept th e Pohai Gulf. Chinese officials china to “ re-establish business 
Hoffman said here, " there arc Governmental aid. now' appears asked Mr. Komoto for Japanese links/* He also disclosed <tiiat -a. 
a lot of Perkins engines in to be Interested in OEGF funds, help on tbe hydroelectric power g^iof. Citibank officer has been 


4.2A8 in September but up from cem iu - — uuu majm - — , — .. -j. — - -■ . ..... r—.. isatusu, 

“.601 in October Iasi year, it said, manufacturers such as Massey Britain's favourable balance of and expected a recovery in! 


remained weak, be believed China. We already have a team he added. 


£2iTJ.9m and major The complete figures' show that turning point-had been reached j gathering facts about these This is the first official! 


plants when he made an official appointed as 
iad- men- trip to. China in September. A pu hu c of Chi 


as “our People's Re- 
China coordinator” to 


Total registrations in the first Ferguson and Ford see 


assey Britain s favourable balance or and expected a recovery in. engines and evaluating the tion of OECF financing for China: Japanese power Industry group ^ based in Hong Kong, .in order 
little trade m agricultural equipment demand as long as world trade} situation over there. I will be There are four ways possible to which- visited .China recently t0 ** ensure . greater continuity.”. 

maha nil n nrv fha ntnn in tin rn OPPlfln hsc r»An ti niton f n PvnnnH ■ ri e .. _ _ • ■ < ■ ivmPA h *i H 


10 months of this year rose ll. S chance or immediate improve- during the nine monUi period has continued to expand. going to China at the end of aid China financially. Mr. Komoto reported that the Chinese had "• • 

percent to 3.23 m from 2.89m in . mem in sales- ^ ee !lA u i ti - ® 11 . 1 £363— m last year Despite the fact that tractor (his month with another offi- sa jfL • made, similar enquiries on power Simultaneously -Mr. ^Wnsto^ 


the hume 197 
as^nciaiinn said. 
Reuier 


period. 


Although exports «f other to £Z90.8m this year. manufacturers are far less opti- 

acrivultur3l machinery increased Releasing the details at a pre- niistic, Massey-Ferguson, which! 


rial Of the group.” 


aerii/ultural machinery increased neieasing me aeians at a pre- nnsuc. iwassey-rerguson, wmen; \sked whether his eroun ^ EPP - China ' ne mowng uiio snwiv ex- 

by 6.5 per cent during the nine Smithfield Show Press conference was extremely hard hit by thel ' uld set 0D a manufacturing *™P? rt ° ank of 7* pan * » 35,'e Export Finance and In- panded .facilities in Taipei^ 

months when compared with in London. Mr. John Colman. collapse of the 10.000 uni ts-a -year i f ac ^u s or license the produc- ? .Development loans from Ui& surance Corp (EFIC1 -an autono- before rold-1979" — indicating 


made. similar enquiries on power &miunaneousiy -air. 
plants in various regions of announced that his hanks would 

be ■ moving into •“ greatly ex- 


mo nth s when compared within London. Mr. John Colman. collapse of the 10.000 iwits-a-year i r a ciUtv or license the oroduc- • Developn 
1977 no £132.1 mj and engine president of the AEA. said that Turkish market, is hopeful that; ,j 0J1 of cnfi j„ es j n china. Mr. ExiTn Banb - 


a - i r r; ■ ■ Lsfi i i iu no-. am i dim engine ii'^iw^ii wi iuii\ B ... 

Aid ror Sudan exports bv I0.2 per cent fto ihe world market was suffering economic ajd to that country 

Britain has offered Sudan £63.7mi. overall sales abroad from a rut in capital expenditure, could ' J 

£lSm in pros rain me aid for were down by lh.2 per .-ent. although lhi-> followed a period buyir 
Kilancc of pa.mcnts support. An Imports during the period ro*r of unusually. strong demand. It 1 

agreement i> expected to be by 17.4 per cent to a value of The position oa tractors was from 
Hcn*»d next month Amon- the E187.9m. with the inward ship- serious. Mr. Colman said, but total 

details that remain to he settled i meat of engines rising in value there was no evidence that the $l2m 


lion or engines in China. Mr. 
Hoffman said, “I don't know 


mous Australian government that Cfabamk/Cltlcorp does not 


Advance deposits to be Bank authority, has offered China a see an expanded presence In 


i'. the question of linking the aid 
In the purchase of British capital . 
goods. Janies Buxton writes. • 
Siidsn. which last >car imported | 
fS7m worth of goods from ’ 
Britain, has «orious balance of 

payments problems. t 


Finnish imports 

' The Bank of Finland has 
«hortenM the list of imports 


Paris meeting to hear Japan’s 
plans for shipbuilding cutback 


and agricultural diesel engines 
in India and Sonlli Korea. It 
has also submitted a proposal 
to the Indonesian Government 
to set np diesel engine manu- 
facturing plant in that country 
and a proposal to the board of 
investment iu the Philippines 


Italians win 
tractors order 


$100m ships deal signed 


. HONG KONG, Nov,& 


TREVIGLIO, ITALY. Nov. 6. 


CHINA has signed a contract Payment will be made In U A- 


to sel up a manufacturing fad- CHINA has signed a contract for eight new cargo ships, dollars. The vessels will- rhe 


BY IAN HARGREAVES 


lily there. 

Perkins, which bad origin- 
ally submitted a proposal to 
the economic development 


which must he paid for in cash ; .japan is today expected to growth as the present world pick up about one third of all; board to manufacture diesel 


hoforf' thov an- dared through present fur the first lime to a recession in shipbuilding starts orders this year. 


to purchase Italian tractors worth valued at more than SlOOm, with used for carrying dry goodsr bitt 
S80-70m next year. Sources dose Kawasaki Heavy Industries of It has not been decided^ which 
. * Japan The order Is said to be routes the vessels will serve- 

to the Italian tractors manufac- the biggest single order for dew Meanwhile China has accepted 
turer said that China wtll i»n-. S hi' D s ev er niaced by" the Cliinese Sumitomo Metal Industries, pro- 

J . . .... . « ■ I _ _ 1 1 nnr- •.! *rv n«n«r. fVi«A AAivMn tV>n 


engines in Singapore as an tinue purchases of Kali an tractors and will help inject life into posal to more than double the 

t .'r A it ! > a i . ■ n ml aii lln n. 1 ■ n ._kSn*. ; _ . In v_ « « j rinnitol nti n *tn iti» nf f kn AnaknH 


ru^mms Hu hen o this lisi com- gathering oF international govern, to turn some time in the next South Korea, the most vigor-! ASEAN industrial project, has and agricultural machines in the Japan's depressed shipbuilding annual capacity of the Anshan 
pri^d aiir.ur nnr-lhird nf ihe. menls p i a n for a 35 per ernt four years. ous or these countries, is “suspended discussions,” Mr. following five years... .... .-industry- steel complex .in north easL China 


prised ahnut nnr-lhird nf ihe. ntcnis iti plan for a 35 per ern* four years. ous of these countries, is “suspended discussions,” Mr. following five years.. .... .-industry. steel complex .in north easL China - 

mial value of import’s. The . cujhacfc j n ihp capacity nf its Although there could be some reported to have made bilateral Hoffman said. The original China is known to be pego-' The first of the eight ships, one. to 15m metric tons, 
r **' tfieri list emer* «*bou» IS per , bhipbuildmg industry. rough talking at the meeting, approaches to Japan and to the idea of making diesel engines tiating with Fiat for the con- of 6,800 tons, is to be delivered #KLM Royal Dutch- Airlines.! 

rnnt or the tnr.il value of A meeting of the shipbuilding todav's talks take place to an European Commission about in Singapore failed due struction of a large tractors fae- next October. Four other ships hopes to start flying into Peking 

imnnri«. Lan-e Key worth writes , working party of the Organic- atmosphere chastened by the possible involvement in world lo objections from Indonesia tory and seeking finalisation 'of also will be in the 6,000-ton by. mid-1979. A Chinese delega- . 

from Helsinki. ; tion for Economic Co-operation continuing impact of the slump, shipbuilding talks, but there and the Philippines, also mem- the contract by the end of :thi$ "range,- while three will be of tion wilT met Dutch Government 

'and Development, which opens There has been much appears to be little chance of bers of ASEAN, which want to year. Tbe U^. group John. Deere 12,000 toos. Delivery of the : ships officials in Amsterdam later this 

! today in Paris, was postponed acrimonious argument in the past South Korea’s early involvement expand manufacturing faclli- is- a Iso reported to be among ."wlil be made in Japan, with one- mouth, and an jaMine tifficval 

from' last month to allow the about relative levels of cutbacks in any kind of OECD forum. ties in their own countries, the bidders for the tractors scheduled for completion every indicated that an agreement' 


following five years.. .... .-industry. steel complex .in north easL Chiii a 

China is known to be' nego-’ ' The -first of the eight ships, one to. 15m metric. tons. . 

tm _ e 1 n jIi: a' A L’T Ur Dn«.nl DittnV 


iMaftese t rt ^t’*es 


■ppitatv i M f vi«5'«fti Ja P an ' ?se time to complete their in different countries but market One specific proposal on AP-DJ plant in Cl 

1 iSL5Sl,i« P Ians - ■' conditions have by now forced today's agender is for an easing * 

■ These, according to informs- redundancies in all the major of OECD buyer credit guidelines _ e^ueiuaK oemaic 

1 Hon already released in Tokyo shipbuilding countries. on the sale of ships to bring $8.8BN SCHEME BEGINS 


■if houv 


plant in China. 


(AP-DJ) -two months. 


could be reached then. (AP-DJ) 


send a mmi ter °r rep^entative j Tbese _ according to inforuia- redundancies in all the major of OECD buyer credit guidelines 

IilrJrnH fnr f ^mnrS i li on already released in Tokyo shipbuilding countries. on the sale of ships to bring 

flnuIL iwSSL ' *HI involve the loss of 50.000 jobs Britain. ‘ which has been shipbuilding Into line with other 
,, Rriri^h Hi"h S rnin mission i in the * Ta F ,3neSf ' industry and a heavily criticised for refusing to industrial exports. 

«;nnk-p<in.nn •s’liri ’today" 1 f a n acil >' reduction of 35 percent, plan across the board reductions France is the main proponent 

' ‘ «j,iV| Britain has" nn^tnoneH • European governments will be m capacitV, will point, to recent of this idea, but ft does not 
its’fff'ifflinp fnr the amnnsitinn r>f .bussing Jaoan at today’s meet- ministerial pronouncements in- appear to. have widespread sup- 
,.p Slr , rtjnn . rrom tom nr row tn • in 5 f f r Brin assurances that the dicating the inevitability of job port. Opponents argue that the 

nrvJ Thursri-iv Tlir Brt,ich stand reduction in capacity witi involve lo^es as the recession continues, change would merely increase 

on thn i-siip ha*- stunned this nermanenf closures. They fear The meeting will also discuss the already massive costs of 


hit stil 


Latin America’s hydroelectric giant 


BY DIANA SMITH IN RIO DE JANEIRO 
"be determining' factor,- Ail. three 


''Ipdif.-rnnean .^-land's «bat extensive mothbailing could the growing problem- of ship- government involvement in ship- T °® 1 . determiniog ra«or.- AU three 

which i-nntrihntps take place, al lowing the Japanese buiding outside the OECD, building without generating su PP l *es accordtng to the board -.of periods of 

nf' i-i. hair ..r Malta's exDort shipyards to return to sharp where shipyards are expected to additional orders. for ^ ^.bbn Brazilian - Para- lUipu i Bmatiooal. m the choice 'Seen fi 

n^n. nan ni M<ma s expon hj ^ ^ guayao hydroelectric scheme of CLEM as the winning consor- ground. I 

revenue. I at Itaipu on the Parana River, tiura was the high, percentage project. 

r " ?ulcr ' 1 A _ *1 1*^1^ destined to be the world's national content offered, thanks: dam will b 

_ „ | AtinrOVSl Trtr UPW IS2F£l£ll FJllI IIIIK ■* largest hydroelectric scheme. to strong participation- - ofeon its futi 

Bulk Carrier AA.JfgJlVrYM.Jl IVfl ilVYY lot AVll IaULI m il k The winning consortium. Brazilian companies and • -ofiswide rese 


J5u!k carrier xTkjjpR vr ? ivi uvtt wiavn jl an iuu\ . f he 

BYLDANKL ■ HAIFA. Novitmher 6. gj 

placed an order for a 37.000 dwt ISRAEL RAILWAYS will have shnrtenmi the route and reliev- acquired to cope with the vTn^i 

V. 1 1 I L- ■■.■.rri.-.T- rh rnnunh.iH, Cl.. . .. I_« ; w ■ I . . . . _ r iaiU.E I . 


FORMAL contracts have been The determining; factor,- AH. three tranches have six-year ployed’ an estimated 90,000 
signed for equipment supplies according to the board 'Of periods of grace. people — about 50 per - cent , 

for the SS.Sbn. Brazilian - Para* Itaipu Binational, in the cboite Seen from the air or the Brazilian and 40 per cent. Para- ■ 

guayao hydroelectric scheme of CLEM as the winning consqr- ground. Itaipu is an awesome guayan. It has brought new : 

at Itaipu on the Parana River, tiura was the high, percentage tgt project. Once built, the main housing, schools, hospitals* recre- ' 

destined to be the world's national content offered, thankfi.'. dam will be 1.5 km Jong, drawing, ation .facilities, shops and super- *. 

largest hydroelectric scheme. to strong participation - ofeon its future 200 km long. 7. km markets to the once-small resbri ' 


HAIFA, November 6. 


SSSS&Ir - ^ SVS2HS 


*• Brel's Bardella. ctESl was the only consortium ploys >38.000 people. By the time spectacnJar cataracts on ' 

s. voit it. Brown Boven that had the manufacturing it’ i& completed, it wijl have era- Igttacu Rivfer; '■ ' --ji. 


nhnenho.- « Meanwhile, the Israel Ports military oa?,es ana airueias. Alsthom-Atl antique of France Since C1EM is also willing to MtAnqp A f ** - 

'’sleeoera and raiH Authority will shortly be in ihe ' The J Ql «me of cargo passing knocked out competition from over a share of the manu- POUTfiLOO tftl limit 

^sleepers and raiU market for additional eqn inmen i trough Israels ports has ,h W e other consortia: General' f »cture of the generating equip- r VW IMhVV ftlllllSl Ullfft# 

' Eivenf the CMhead'for 1 '^ mm- ' , ' orl ‘ 1 well over £800.000. A ?' rea ^ ' creased substantially Electric. Westinghouse/Allis io the recently-formed _• " s . . 

. smiction of a new line linking special meeting of the authority eji^tonne? in April-Oriobe? • “J fcJSsmcl^ de 7n^mier?a ' E^o ^!?I^i eV ^^- Ped t J oi,e ^ nc ! amenity units 


represents u 2ni dwt increase , sleepers and rails. ' . : 

during this year, when the com-: The railways have just been niar , ' 
p.iny has been extremely active given the go-ahead for the *.on- worln 
m the secondhand ship market.. smiction of a new line linking special 
buying oil tankers and combined Kiryat Gat with the existing decided 


fi:l-nr» 1 ankers. 


existing decided that new operaunc 1978. compared with the same | §707 1 bn bid in Tune this year tromecanica). i 
Ashkaion-.Ashdod T.ne. thus egulnmcm will have to He months of 1977. Upon signature' of ti.e SnlrS ^perl advice 


'under the form of avai, able - superbly deigned and finished- 




When doing business 


on October 20— the day that » fittinostomaetvirtuaflvanvsanitafvreniiirempnf — — . ~ - .• .. 

J!vT“,”c "irS,e" S# Sibel? ’in 


in Saudi Arabia, 


Huntington, York Y039PH 
Telephone . ^— ===== 
090424872-5 SSmTT^Z 
Telex 57849 I @ 


ou need 


is a 


The Saudi market h no more difficult than 
any other. 

' But it is different. 

Which is ivhy the first thing you will need is a 
second bank, which is international and has special 
expertise in Saudi Arabia. 

Saudi International Bankis a wholesale bank 
located in London.lt is an ideal complement to your 
existing banks. 

For example, Saudi International Bank is the major 
London marketmaker in Riyals.Many international 
companies use and value this service since most 
contracts with the Saudi Arabian Government are . 
denominated in that currency. 

So when you are doing business in Saudi Arabia 
get in touch with Saudi International Bank. 

Either write or telephone to Matthew Carrington 
at 99 Bishopsgate, London EC2N 1 3TB. 

Telephone <01 : c3S 2323. 


the detour of the Parana River — modest circumstances, partlei- Supplied for use with or wh 
the total price quoted for the j” les « actively as possible in porta LOO toiterimits mei 
equipment supply contract was we itaipu project answer for puWic convoniei 

SSOOm for IS turbines and Each generator will have a caravan sites, gypsy encam 
generators. capacity of 700.000 SW when all ^ — ' 

The fir.'t turbo-generator is IS are in operation they will Clip this advert to your 
due to start up during the first generate 73.584m kW/bours per latteihead for full details 
quarter of J9S3. Thereafter, annum or, in their estimated Portssilo Ltd. 
another set will be added every useful life of 31 years, a total Huntington, York Y039P 
four months until, in 1988. of 2.8bn kW/bours per annum. ^ — 

Ttalpu reaches its full installed » svqmn i n »n hse 

DOtential of 1” 6m kW a sum « j , Mrn ^ oaQ been 090424872-5. 'gjHl _ 

SulJalcnt to all ' Brazil^ ° ffe f ed , b >' a Group of European Telex 57849 i 5 

InulM hydmlKtrte 'Sf ' lifl 

just over len vears 220 ® cover part of the cost of the 81 dj . UfHni 

Eighty-one per cent of tbe 1 a nS^f' ' 0a IJ -*■ j BlBBi 

content of the turbines and 86 f, nd a^M TT^Ml 

per cent of the content of the 00wart * (*50ni this ffl B ' . f|H| 

generators win be manufactured ? ear V an ° sranted In three « K j LlUS: 
in Brazil either by tbe national accord mg to Itaipu’s 

or foreign-based suppliers. £ D ? n 9 e director. Sr. Moacyr 
There will be 100 per cent le >* ei fa- 
transfer of technology from The first tranche—SlSOm has a 
plans of tbe overall electrical 10-year repayment period and 

project and transfer of 50 per one per cent spread: the second 

cant of the basic design tech- tranche — S75m— a 12-year repay- j*. - 

notoiy for the permanent equip- eighth per tent spread and the 

ment term and one and one third tranche— 850 m— a one and liLUflvllLilrl 
mem. three eighths per cent spread. [aia 


Supplied for use with or without mains drainage. 

PORTA LOO toSexVnits meet ail local authorityjequirements. The complete . 
answer for public conveniences, schools, parks; picnic sit es, camp and 
caravan sites, gypsy enegnpments, .and ^construction and industrial shear. 





wms 


Prices 


^ third p 


New Zealand woos U.S. 



BY DAI HAYWARD 


WELLINGTON, Nov. 6. 


HOLIDAY INN 


NEW ZEALAND is trying to New Zealand has been stress- 
attract investment front the U.S. ing its political stability, its well 
to help boost ii s export and educated work force and other 
manufacturing industries. attractions lo potential Inier- 

Mr. Merv Norrish. the New national investors. 

Zealand Ambassador to the U.S., About 150 large American 
told the Chicago Council on organisations have already in- 
Foreign Relations that there will vested in New Zealand. Develon- 
bc substantia 1 restructunng of ments planned n the next few 

toS.'Kriii sssffiw-ss >■> «- 

enterprises will be established anfl lhe processing of natural 
with manufacturing exports as resources will require more 
their main objective. technical aid and foreign capital. 


We come to meet our guests a 
the Airport... speedily by courtesy bus. 

Etery nominates a Holiday Inn bus 

leaves Zurich Airport to carry guests 
swiftly w the hotels. And the other wav 
Our inviting restaurant- hotels, with their culinary 






' • z R'j Cl'P'R LG i'i’XS DO R 
Tl- ■ . ■,•) .3 Infill - rclcx;y> 9,.r. • Tbj. Ql 'S40i5 2f; : Ts fcx- 




London. TcL 722 7755. Tetex 27574. * 


.& ai ■ -ti**** 


• — * — ^ 


Saudi Inbemahonal Bank 


AL-BANK AL-SAUDI AL-ALAMI LIMITED 


5iurciid!<£e2i:5u!c& /jsbus?. A^ncv RiwaBip^N'suciwI OirKwr'.i’ f.arA iS^m ■* J a'rii 1 NVrrcir. Ocatriy Tr^r- Ceirv w b I-ii'.-'fcjk.TheMri*# T:I .;x 

\jh<vj!e Jr pjii-: EVuKc:i: r.,n-. ? .'.■‘jotiii 'AVth^r, w: 3<ak *r.ti ii'rJiiR mtJ> cs 





europcar 


This important two-day 
conference will be chaired by ' 
the Rt Hon Edward Heath 
MBE MP and Mr J Dundas 
Hamilton, Deputy Chairman; 
Committee on Invisible 
Exports. 


To rent a car in London. 
Bristol. Southampton. 
Manchester. Glasgow. 
Edinburgh. Birmingham, 
, ' -Gatwick. Heathrow, ' 
' v •> .Brighton.-, . 


01-848 3031 


Or yqurtravel agent. 


The conference will examine 
in detail the ways and means 

by which international 
w companies can make direct 

Investments and acquisitions 
in the USA. Distinguished ' 
speakers will be coming from 

Washington, New York and 

London. 



Dates; 

December 6 & 7, 1978 
Venue: 


The CafeRoyaf r London 
Sponsored by 
the Lcmdon Chamberof 
Commerce and Inrfurfiy, r 
Organised by 

Oraham & Trotrnan E&hfted. 



mm? 


For fuU details contact; 

Marie Lawn, f . , .. . 

Graham' &TrotihahUd; . 

14 C&fforcf Street,'" - V" 

London VV 1 X 1 RD 

Tef; 01-403 6351 ’ , 

.Telex: 21 S79/2S247 (GisharrtwJr '-r 




7 ;MYS" 


HOME NEWS 









BY MAURICE 5AMUH5CN V 

LORD .RYDER- of Eaton .Ha stings; 
former chairman of the National 
'Enterprise'; Boards .'has accepted.' 
damages in settlement of his 
High Court libel action over the 
" slush fond ” - articles . in 'whirt! 
the ' Daily;- 'Mail*' • alleged^ that ■ 
British Ley land fnpwBL) had' 
paid bribes lo^promote sales. - V/ ' 

The . -darn ages,, .described ' iaf 
‘.‘impressive”' by. Mr. '".Robert 
Alexander, -QC, Lord Ryder's 
counsel, -are thought to .exceed 
£lW.OOO;and to be.a record ia -a 
British defamation case. . 

A trust is to be established lb 
make annual payments., to 
charities but of the income -from 1 
the damages. " The : beneficiariea 

will be causes close to the-hearts; 

of Lord, an d Lady Ryder and . will- 
include '-wen - known-', national 
charities^ .. 

The articles at the ; cent re-. Df 
the libel -action appeared in the 
Daily Mall, of May 19 and .20, 
1977. They incorporated a letter, 
alleged, to have, been written by. 
Lord Ryder, that- proved to -be a 
forgery. 

They alleged :that Leyland paid 
bribes to further sales' and that, 
those were -'Sanctioned - by Lord 
Ryder, then -chairman, of the 
Enterprise Board. 

Mr. Aiexamier^old Mr. .Tnsticc 
O'Connor in ah'agfeed.slatement 
yesterday, that' an additional 
editorial in the Daily Mail was 
“one of the most savage criti- 
cisms of a man In jythlic.lifn 
ever (o have been published in 
a British newspaper.". 


Lord Rasriinson. ,'QC. counsel 
for .Associated Newspapers and 
Mrw.Davld. English, editor of the' 
Daily MaU f - said that Uiey un- • 
reservedly .withdrew the allega - 1 
tJcras .-and . apologised ■ io I.ordj 
Ryder for -the libels, which they] 
had- been w deceived- inLo pub-; 
fishing^--- -r-. I 

- The Daily Mail had decided loi 

publish . the- ’ articles, a nd pa r- \ 
tfonJarly the- text of the forged; 
letter, in the Ann belief that 1 
the Jeiter ;vras gcnvine. • | 

- Ndiiher Lord Ryder nor Mr. 
English was iii court for yester- 
day’s brief hearing. 

fn. August -Mr; Graham Barton. . 
aged. 35, a - former Leyland; 
financial, executive, was jailed 
for two years after being con- 
-Vleted of 'forging'- what purported 
to- he a letter from Lord Ryder 
to. Mr. Alex. Park, then EL's chief 
executive.- 

He was also foimd guilty of! 
forging’ a letter from the Bank- 
~fff England, to Leyland and of dis- J 
honestly dhtainihg £15.000 from; 
the "Daily- Mail: 

The damages to^Lord Ryder in-, 
dude general . and aggravated I 
damages, costs ■ and other ex-[ 
peases. ; 

• In lflfil;- o court awarded | 
£117.000 against Associated News- ; 
papers for ad article in the Daily 
Mail of December- '23. 1959. Un- ' 
like .the present' ease, thai was 
not jan agreed settlement a-nd thr : 
■sum was considerably reduced; 
' after, an appeal-, by Associated , 
JSeW^japers. ' 


New house-building 
up, but still low 

BY MICHAELCASSELL. BU8.D1NG CORRESPONDENT 

NEW ■ bousfebutidiag ■- "activity ;1S5.00I). buii -startirin the public 
turned upward. ' in-^itept ember, .sector seen likely to reach little 
though output continued .to run more . than .115,000, against 
at disappointingly .low '.levels: 132,000 last year... •- ' 

Figures from the Department -Jj*.- 
of the Environment show ^ that tot ^ of about 'OTO^WO would 
total new housing starts recorded FW» '<? 

in ^ptitpmhpr pdcp io •• 24 500 years fijQTC. of 267,00®. * 

from Just ;pver 20*000 in the main concern forbuSlder* f 


previous month. although the n ® W: . * '*hat w | t b ■ 

&" M.S'lirtSd' d® *Jr'“ 

quarter of litre -There" have already been- pre-j 

nii^S ' th > t beca’H^bf' the } 

“SS^Bortaie- of morlgVge finance, 
than in the third quarter of last private-housing starts next year] 


... .... private-housing . 

... . •• - .win fall -Sack to the' low level’s 

The ..number of homes finished . iug'rcar. givlna an. overall 

by contractors : in ; September toui^r housing starts of about 
rose to 22.900 from 20.800 in 250^10, lowest since 1974. 
August but remained well below . -rne- one bright spot has been 
the September total last year of ibat. '.with the substantial 
2SJ10O. - './'increases' in market, prices con- 

Coraplet’ons. in-" the - tbldf tractors have enjoyed ' much 
quarter as a whole were 4 oer. higher profit margins.- 
cent down on the ptecemhg- The Department said that pro- 
three-monthly period, and 11 per .visional estimates put private- 
cent lower than a year before, sector; homes converted or 
The ^DepartinMt figures ihow improved in England in the 
that this year, despite .some third , quarter at 12,500. against 
earlier hopes, will prove.'to have 13:000 in the previous three 
been far from bBoymrt on : the- -months. 

housing front . - About 8,000 homes were 

Priwate-^ectorf starts- "are stilt demolished or closed under 
expected to reach about. 155.000, slum-clearance prosrajnmea. 
showing, a- substantial improve- compared with 9.700 in the pre- 
ment on the : total last year of vious ti.ree months. 

Homes prices rise 9i% 
during third quarter 

BY OUR. BUILDING CORRESPONDENT - 

AVERAGE , H OUSE; prices., • 
by 9* peT , cent .in: 'the- ;thtrd. 
quarter of this ^yeari'- says ...the 
Department. -of the Environment 

Figures yesterday .confirmed : 
earlier statistics : from the feiii Id-; 
ing societies which showed that ■ 
price;. -rises' earlier hi the 'year 
gathered momentum in the July-’ 

September period, despite mort- 

gage-lending restrictions Imposed 
by the Government. ' .. 

Prices for this year' as whole 

are expected To rise on average. 

by about 20 per cent 
The Department, which "bases 

its findings; 6n. In formation from 


Japanese 

van 

imports 
worry 
car makers 

By Kenneth Gooding, 

Motor Industry Correspondent 

CONCERN about lltr steep 
IncrcaKc In sales of light com- 
mercial vehicles from Japan 
was expressed by members of 
the Society uf Motor Mannfac- 
lurers and Traders during talks 

with representatives of the 
Japanese Automobile Manu- 
facturers’ Association, which 
began yesterday. 

As the voluntary restrictions 
on cars began to bite this year, 
sales of light commercials have 
shot ahead, and registered an 
85 per cent increase in the first 
nine months compared with the 
same period last year. 

They have an II per cent 
market share against 7.1 per 
cent a year ago. 

In broad terms, the team 
From the society, headed by Sir 
Barrie Heath, its president, has 
insisted thai the Industry is 
slid in no shape to rope with 
I he brunt of an uncontrolled 
Japanese attack, and needs 
more breathing space. 

Unless there is voluntary 
restraint by the Japanese there 
could he retaliatory action of 
some sort, the British manu- 
facturers said. 

The Japanese delegation of ; 
three, led by Mr. Fiji Tuyoda. ; 
president of Toyota and also j 
of (he association, will not hr j 
keen to give away much in | 
terms of shipment restrictions I 
or undertakings about market i 
shares in the l)K. j 

The Japanese car industry \ 
faces problems In other 
markets, and particularly in 
the ILSm Ms biggest export 
market, because of the rise in 
the value of (he yen. 

Discrimination 

The Japanese manufacturers 
had been gften copies of a 
National Opinion Polls survey 
conducted on behalf of the 
Datsun importers and dealers, 
which showed (hat 93 per cent 
of those questioned were 
opposed to further restrictions 
on sale of Japanese cars in 
Britain. 

More than half— St per cpnt 
— believed it was wrong of the 
Government to discriminate 
against import of Japanese 
cars alone. , 

Because Sir Barrie, who is 
chairman of Guest Keen and 
Net tief olds, comes from the 
components sector of the indus- 
try. the societ) invited Mr. 
Dai id Andrews. deput> chair- 
man of BL. to attend the dis- 
cussions. 

Also in the society team are 
Mr. John Bcswick. (be direc- 
tor. and Mr. Hugh townie, 
economic adviser. 

The "other members of the 
Japanese, delegation are Mr. 
Mnsataka'Oknma, chairman of 
the association's export com- 
mittee and vice-president of 
Nissan, maker of Datsun cars, 
and Mr. Toshio Nakamura, 
managing director of the asso- 
ciation. 

The talks continue today. 




retail sales more 



BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


s- y < 

Aihhrn 


Sir Barrie Heath (left foreground) talks f« Mr. Toshio Nakamura. Mr. Eiji Toyoda is on 

Mr. Nakamura's left 

Inmos ‘no rival 9 — Fairchild 


SPENDING in the shops during 
September fell by more than was 
first estimated from the buoyant 
level of the previous two 
months. But' sales were still 
higher than earlier this year. 

The final seasonally adjusted 
index of the volume of retail 
sales in September is 109.5 
11971 = 1001. compared with a 
provisional estimate of 110.5. 

The Department of Trade <!aid 
yesterday that sales had declined 
from the high level in July and 
August (average 111.6). “when 
the payment of back-dated 
income tax reductions appears 
to have influenced the trade of 
non-food shops." 

A slight decline in spending 
in the autumn had been expected 
by the retail trade in view of 
the past pattern when the pay- 
ment of tax rebates had led to 
a temporary boost to sales. 


followed by a lull- The trade 
expects .sales to pick up again 
from this month onwards. 

In the first nine months of this 

year the average level of retail 
sales was about 41 per cent 
higher than the average for last 
year. In the July to September 
period, the volume of sales was 
about 2i per cent above the level 
in the previous three months and 
6.2 per cent higher than in the 
same period last year. 

New credit extended by finance 
houses and retailers fell by 
£17ni to E47r.m. seasonally 
adjusted, between August and 
September, and finance house- 
lending was back to the level 
of the spring. 

Total fb-bl uuisU'ndm'; of both 
finance houses and rcti-iiers was 
E -1.031)0 ai the end or St.pti.-mln.r 
— ij.l per c'-nL higher llten at lh-3 
end ci f June 


HIRE PURCHASE CREDIT AHD RETAIL SALES 

(Seasonally adjusted) 


New credit extended by 


Retail volume 
(revised) 


BY JOHN LLOYD 

FAIRCHILD. THE V.S. ninTn- 
vied ronics company, which will 
shortly announce a join! venture 
with General Electric for the 
production of microprocessors 
and memory chips, lias dismis- 
sed Inmos. ihe £50m company 
backed by (lie National Enter- 
prise Board, as a serious com- 
petitor. 

Mr. Wilfred Corrigan. Presi- 
dent of Fairchild, said that the 
UK “looked very attractive ” for 
the new venture. 


But. hr .-aid that its competi- 
tion would come from the eMah- 
lished U.S. microelectronic com- 
panies and frniu the Japanese. 
Inmos “does not figure in the 
ranks of our future com- 
petitors." 

“ It is now very difficult to get 
started io the semiconductor 
business. I would be very 
sceptical about the chances of 
any new company. The estab- 
lished companies have the 
markets: they will develop the 


new products.” 

?Jr. Corrigan's view is in sharp 
contrast to the Government's, 
which sees competition between 
innms and GEC-Faircbild as 
stimulating tu both and to UK 
child will attract aid from the 
Government's £70ra support 
scheme for companies going into 
the volume production of micro- 
processors. as well a probable 
regional aid. The plant is 
expected to employ 1,000 people 
by 1981. 



Finance 

Houses 

£m 

Retailers 

£m 

Total debt 

outstanding 

(unadjusted) 

£m 

Total 

(1971 

Durable 
goods 
shops 
= 100) 

1976 1st 

340 

493 

2,349 

105.9 

117 

2nd 

382 

490 

2,424 

106.9 

122 

3rd 

392 

521 

2.516 

107.3 

125 

4th 

421 

547 

2,716 

105.9 

124 

1977 1st 

457 

550 

2,792 

"irisj 

116 

2nd 

486 

561 

2,930 

10L5 

118 

3rd 

544 

605 

3.103 

10*53 

121 

4th 

585 

604 

3.341 

104.4 

121 

1978 1st 

626 

634 

3.507 

1063 

125 

2nd 

716 

677 

3,797 

108.0 

129 

3rd 

701 

726 

4,030 

110.8 

135 

February 

201 

217 

3,429 

106 8 

130 

March 

212 

201 

3,507 

107.0 

117 

April 

231 

232 

3.594 

106-7 

132 

May 

243 

228 

3.689 

70E.4 

726 

June 

242 

217 

3.797 

ioe.7 

130 

Inly 

213 

245 

3.831 

111.4 

138 

August 

252 

24T 

3.953 

1 i 1.8 

134 

September 

236 

240 

4,030 

109.5 

133 




Source 

Deporsmrnt of Trade 


the , societies^ said that the j 
average price of properties on I 
■which new mortgages were] 
apprdvediHn the third quarter i 
was .£17.140.- a 21 j per cent 
Increase on .a year earlier. .• j 
.. iFor new. homes the average) 
price in’ the third quarter was 
about £18,385, a rise or 7J per 
cent on the- previous three 
months, .and . 23 per cent on 12 
-months before: 'The average for 
■secopd-hand properties was 
£16,910. an increase of 10 per 
cent on the previous quarter and 
21 per cent on a year earlier. 


Council’s 
grant stays 
says county 

TYNE AND WEAR County 
Council decided last night not to 
discontinue its yearly grant to 
North of England Development 
Council, ending months of specu- 
lation. * 

The decision camn after Mrs. 
Maureen Taylor, Chairman of 
the- development council, 
accepted new guidelines. 

These. Include confining the 
organisation’s operations to pro- 
motion and publicity, and leaving 
political affairs in the hands of 
local councils. 

Earlier this year, Tyne and 
Wear’s ruling Labour group 
voted to withdraw its £84,000 a 
year grant because of dissatisfac- 
tion with the council. 


TWA 
Confirmed 
reservations to 
Newark 
£149 return. 


Why riskaiot of hassle with “walk-on” single fares when, for 
3 t a few pounds more, we can give youreserved space-both 
lys - on any TWA flight. All you have to do is book at least 21 
ysaheadandstayinAmericabetween 7 and 60 days. Askyour 
ivel agent about TWA Snper Apex fares. 


TWA 


TWA oirries innTgMheaulgd pmswisw ncro» Ihe Atlantic than any other airline. 




r 

I 

I 

B 

I 


HBS tsygH B35S BSS9 


The businessman’s guide to incentsv 





£ 


B 

B 

B 

B 

fl 

B 

fl 



Manufacturers can obtain capital gra nts of 
20% or 22% for new buildings; also for 
new plant and machinery in many Areas. 



0 

a 


& 

H 

is 


Tier ;i..:l* 



B 

B 

fl 

fl 


Interest-relief grants, or favourable-ter m loa ns. 
Fixed-interest loans from European j 


Community funds. 

Rent-free fact 


i 

Ef 

I 


Tick here 



a 


I 

B 

I 

B 

B 


Up to 2 years rent-free (exceptionaily, 5 year s ) 
Options to purchase on long lease. 

Wide range of new factories available. 



(2 


JilK J 


I 

I 

B 

I 

I 


Rent-free office 

Grants for office rents for up to 7 years. Gra nts 
for new jobs created within 5 years. 

Grants for staff moved. 



B 


Above is a brief guide to 
the investment incentives 
available in the Areas. They 
apply to companies moving 
into, or already in, the Areas for 
Expansion. 

Greater benefits are 
available in Northern Ireland. 
_ Are you. planning your 
| cmnpai^sfhtiirenow? 

Before you do anything; it 
cpuld pay yofii to get in touch 

I first with your nearest Industrial 
Expansion Team. Or, tick the 
. box|es| above for the informa- 
| tion you want and send in the 
^complete coupon. 


London tel: 01-211 6486 

24-hour answer-service lor booklet 
enquiries only: 01 -S.U 21126 


I 


Scot Lind 
Glasgow, 

Tel: 04 1-248 2855 
Wales 

Tel: Cardiff 62131 
(STD code 01221 
Northern Region 
Tel: Newcastle 
upon Tyne 24-?22 
|STD code 06-32) 
Northwest 
Mancbe:.ter. 

Tel: 061-236 2171 
Liverpool, 

Tel: 051-236 5756 
Yorkshire &. 
Humberside 
Tel: Leeds 4431? I 
(■SID code 0532) 
Last Midlands 
Tel: NottiDgb.mi 
56181 

iSTD code 06021 


Wen Midlands 
Birmingham, 

Tel: 02 1-6324111 
Southwest 
Tel: Plymouth 
21891 (STD code 
U 7 52| nr 
Bristol 291071 
(STD code 0272 1 
London & Sou tii 
' List 
1 on dun, 

Tel: 01-603 2060 
Ext. 221 
Eastern Region 
L«»ndnn, 

Tel: II 1-603 '2070 
Ext. 359/360 
Northern Ireland 
Tel: Belfast 34488. 
{STD code 0232} 
or London 
til-493 USUI 


To: The Industrie Expansion learn, Department of Industr); 
hlillbank Tower. London SW1P4QU. 

PJauc send me full deUils of the benefits avuilable i« : \ 
Atcjs for Expansion- cs I hiive indicated jfcov c. 



SSStKDBYTtiE IXPAll.TMEKT CF INDtftTS V ie r^oasum --is jH- r7uw:!i lesmsitue .- d-t-x 


EV 








SiiUom Voe ready 
to take first 
oil this month 


Gatwick row could 
threaten tour flights 


BY ARTHUR SANDLES 


Insurance EEC bankers give 
consultant qualified welcome 
cuts out to monetary system 


BY RAY PERMAN, SCOTTISH CORRESPONDENT PACKAGE HOLIDAY flights to measures that could even cause equal share of the busy charter V 8/\vr/l 1 • .BY PETER RIDDELL, ECONOMICS tunmarwiwn 

tittt cunm Tk» ! Spain next summer may he dis- “ a dislocation of the network of traffic between the two countries. I I iR|| Vfll ^ ' . .. 5 

' 25*1. fn fi ' rupted as a result of the Spanish charter flights from your country Ouly about 10 per cent is; UivJU *3. . . thts- PROPOSED European ordination of monetary is 

' toSpii " ssr%sst i tr^£\- - gbTfe* ta * ™ 

s ,ete rT T kh s Un p°p ular elvers ^ 0^,,. -**. „„„ 

for a 30 ^°^P a °y done J* handle oil in limited ; Heathrow. Spain has banned some British year to British airlines. I su ranee Services, a small spec La- mizht: ODerate inpractiee. would meau that UK monetary 

' J>^o^ n ™An d thc t0 Rl^ C fhIro C h^vo quanmies ‘ i Mr. Ignacio Aguirre Borrell. Caledonian Airways flights from The UK authorities are t list consultancy which . handles .x>, e kec Banking Federation, policy would In effect bc con- 

Four of the 15 storage tanks 1 Spanish Secretary of State for Madrid Airport The Spanish are alarmed by overcrowding at I premium income of about consisting 0 f representatives of trolled by, the Bundesbank, 
at ivi ° are ready, with two more well [Tourism, told the Association of angered by the UK’s move, which Heathrow and are keen to move 1 £500,000 a year, is moving its £/jrnmercial banks in the Nine, implying, an “unnecessarily defla- 
te; Um a „««, cilfinn imn advanced. One tanker loading British Travel Agents convention cuts off the national airline, as much traffic as possible to 'business out of the Lloyd’s pf niet in London vesterday under tionary shock to the economy.',’ 

2! iS.2 hSJiSJ whfS jetty is finished and another ! in Torremolinos. Spain, jester- Iberia, from the many connect- Gatwick. The airlines of Spain London market Se cbairmaiis'hJp of Mr. ....... 

n,nri^ riiir n^ni4^^rp te55tin« intend ed for liquid petroleum [ day that there were “ repercus- mg services that operate from and Portugal were chosen Mr. Brian Raincock, managing Baeusgen chairman of the Fnllsrv 
ruptured dunn* pressure test in 0 gas can j, e f or crude 0 ,j I sions which could be caused by Heathrow. because tbe countries form a j director of the consultancy, said gupei^sory board of Dresdner ^ 

whirh is the nn^rainr in the initial stages. a unilateral and radical decision Suggestions have been made geographic unit and deal heavily .yesterday that, while, . the Bank. The group -maintains tbit the 

for the line said yesterday that Two turbines in the nower on ,- tbe , ^ bject “"S 1 "*, our that the Spanish might retaliate, in holiday traffic. | reliability of Lloyd's was not in The Federation describes the proposals make scarcely one step . 

<h»Mn« and tesHne wouM start statTon «S i?., SMP* 1 fla e «rner a irline from Britain is not the only country The i Spaniards, however, pomt doubt the arrangement . with estabUshment of a monetary towards Tull economic . and 

i i Heathrow to Gatwick. with airports in unpopular out that they were among the Lloyd’s was “unsatisfactory.'* system as "an important step monetary union, since they, do 

^ Minister described it as pl aces to which it can divert first to go to Heathrow and feel . A oew underwriting agree- towSds tbe farther economic nothing to remove exchange 

tbe Dunlin fie l d L0uId be flovnn^ iioned and emergency services, r- aa un just solution: unwar- incoming flights. that some newer, airline, perhaps men t was being finalised witti a and political integration in restrictions between European 

of the month * * h biudtaJJ* betal I ram f, d af ? d . t UB « ecessar y-'; The It now seems that the Spanish from the Middle East or Africa; consortium of leading insurance Europe, as the present lack of countries and make off 'mention: 

mon V n. . ... ... buildings are now being result might be a series of will also press very hard for an should he sent -to Gatwick. Mmniinip<; which wnuM- ■iiiTrli'i^ihuiAn In mnnetarv CO-0DW3' nf issuing a new ClUTPIlCV Which - 


THE Sullom Voe terminal in 


-Shetland, should receive its first will eventually be the largest in i ^ 

oil within two to three weeks. Europe handling 1.4m barrels a ’ mistBrltain's plan to switch aU P ' 

In spite of construction delays, day _ is only 40 per cent com- i SSntod iir m Sonin IT M1 I«. 

the terminal, being built by BP plete but enough work has been i ^f catwlck Airport inSeTd^ Unpopular 


Lloyd’s 


KY PETER RIDDELL, ECONOMICS CORRESPONDENT 


By Arnold Kraiudorff 


4™ proposed European ordination of monetary policies is 
£ qSS? has been a recipe for short-term instability 
m3? Scorned by EEC in both money supply growth And 
bankers/ though with qualtflca.- interest. rates. _ -. . 

tfnnc^flhout how the scheme “For the UK to join now 


ashore by the middle or tbe end administration and maintenance 1 ra n ted and unnecessary" The 
of the month. buildings are now being [result might be a series of 

This could coincide with ou occupied. ! 

sririvins from the sn»3llfir *t__ onn ______ & [ - 

• u« A 4 l ah cau Thic ic* fn ha UF lzxg 300 operating stair tbat 

;.S?Sp«d "hriusb A. Mnim , h 1 ! d ,, " d<d ’ 

■ svstem pipeline, which also have been recruited. | 

- comes into Sullom Voe. However, the terminal W1 ' 1 

That line is also being tested not be able to separate oil and fg.-i3» • - 

and a tanker is due at the gas until 79SG Until then, gas! S" ' \ J|| 

terminal in about two weeks to is to be flared off at the plat-i jy'.' ■ y ■ "»sa§i 

draw off the sea water that now forms, involving an estimated i ' aa teahT miBSr 

"fills the pipeline. annual loss of revenue of £20m.j jjfj 


be It now seems that the Spanish from the Middle East or Africa, consortium of leading insurance Europe as the present lack of countries and make nd mention : 
of will also press very hard for an should he sent to Gatwick. companies which would worfc{ cohesion la monetary co-opera- 0 f issuing a new currency which 


Rising prices deter 
holiday makers 


directly with the consultancy. i tion within the Community could oou id be 'held privately as well ; 

!t was being arranged by ' seriously hamper its economic by central banks. - 
Western Australian Insurance I and political coherence." It -is a fallacy The economists.-.- 


1 Company. By cutting oiit brokers.1 Clear agreement on interven- that fixed rates .Impose 

the consultancy could stabilise Aon. in the exchange markets is g L . om n e tjtive discipline on com- 


[and in some cases. cut pr 
particularly for some 
'companies. ■ 


i stabilise tI0n the exchange maraeis _ is g L . om p e titive discipline on com- n 4 »..• 

premiums, advocated. The funds available pan i es g i Dce thtg regiiie rarely . ipi 1 ) i T V 
ae larger and Ihe conditions should be leaves .industry .wifii the re- t'[(v * % 

• ciw4i tKot fhflv ran hrJn sUDOOft - •' 


., .such .that thev_can help support . sourc es . to- make 'the /major 
-more balanced economre structural adjustments ~ neces- 
monetary development, but too sary to ^ eep the balance of pay-' 
extensive facilities would enc°ur- ments in equilibrium; Rather 


Hauliers’ charges 
ruling attacked 


XfSfl „ monetary development, out iuo sary to keep tbe balance of pay- 

RISING COSTS in Spain areing the Costa Brava. Costa extensive facilities wouW encour- in equilibrium; Rather- 

driving many Britons awav from Dorada. Costa Blanca and Costa addition, cover could be age countries to adhere tor too -providing a tracing shock. •» 

their traditional favourite Del Sol. wher price increases enhanced — for example a witness long to exchange rates m neea jjjg cold ^sbower could brfeg’on 
foreign holiday resort. “ Spanish have been greatest. attendance allowance of £50 a wpi-omes in “creeping paralysis.” 

destinations are generally filling Mrs. Margaret Hook, tbe asso- day was being considered. The Federation welcomes strong support for UJiCbartiei - 

up less quickly than other riatioo’s president, suggested The consultancy was formed in prmeiple ^ PJ op ^L narrow nation came yesterday however “ ' 

destinations” according to Mr. that within 15 years. Britons 1976 to offer advice .and iasuiv change rates with “arrow pation came^wroay, nowe^r. : 

Ken Franklin, chairman of the might be going abroad each year ance schemes against recent em- margins, while ea, ^“£ J® CJna*L VFr rommUsioopr ' and rw/ 


iTS 


BY LYNTON McLAIN 


1 xven rranKun. cnairman ot toe m gni De going aoroaa eacn year ance scneracs agarnst recent em- r p ftTnrn se«iionpr and »»»«,• 

[Association of British Travel on package tours, more than] ploymem prolection legislation. c ^ ull0M Eur^V 

Agents tour operators* council, double the present total. But as j Based at Sutton, Surrey/ ^ it em-^ ^ rates are adjusted a*, soon as^ ^they . t ropean . 

writes Arthur Similes. air 1 m-es_ felL so mure places! plow M crntniltmu. U of them ?"■ . fhB ..SLj,, 


" THE PRICE Commission's ruling the commission's proposals last; 
that road haulage charges should wae ^ when Mr. Peter Thompson, 
not be raised next year by more 

than the rise in the rate of inda- iaduslr> . needed to gain, on \ 
tion was attacked last night by average, at feast 3 per cent, overi 
the Road Haulage Association, the rale of inflation in price! 

The profitability of road increases next year, 
hauliers had already declined This would help to recoup 
markedly, Mr. John Silbennana. some of tbe profits lost in -pre- 
tbe association’s chairman, told vious years when margins were 
businessmen at the Cardiff Busi- squeezed. ! 

ness Club. The modest rise in It was unrealistic for the com-! 
charges which the commission mission to restrict applications 
would permit would again Tiit for tariff rises to the level of 
profitability. the general rate of inflation, Mr. 

As a result, he said, many Thompson said. I 

companies would be unable to The corporation had already' 
fund replacement of old lorries, submitted to the commission! 
particularly if they were pre- proposals to raise freight rales'; 
vented from raising charges for by between 8 and 10 per cent, 
unavoidable wage and fuel for the period until May. This 
increases. followed the 12 per cent, rise' 

The National Freight Corpora- in hauliers' costs so far this, 
tion made a similar attack on year. j 



, wui uHcraiura council, uuuuik idc prcscui luiui. oui as Doacu at ouuuu, aurrey, K era- - ■ ■ , v ’ ' — . Mnteiri^nf- 

o^ion. rtfs ***&.&*>■ 

f. Fra”kHn 0 ”.ld thaTdurin- 1375- '“"'ii'isTiieriuhle that »rt-hiul cli^Tts wfreTo^ine/t'uif-.wrt S'opln tottaw cmmlr°i« ^noi spwlal' taovmiirt.- 

: SSKTiStf 5? u s ^s »SSf flercer | HLfSABTSoSS Slfffif “” ,n,t Z S " T ' 

; fallen from 67 Der cenL^tn 57 dpi* “So we -must be on guard I £im by the middle of next year. .TTte leading UK representative Britain in a scheme, that would - 
F;‘‘v I against those mortal enemies nf. Lloyd’s said- “In a free mai on the Council ol the Federation * lessen mpnetary instability and 

v.' — ■ i cent. tourism inflation and in- “ u ^ a 6 saiu. in «i rrer. mar r«»i (vunan nt r.nthhurv t,rz.\,o„t tiiA.mpnhmatiAnc n* iha 


MR. TOM KING 
'Rough world for coal ' 


Lloyd’s said: “In a free, mar 


.The leading UI\ representative Britain in a scheme, that would 
on the Council ol the Federation “lessen monetary instability and 
is Lord O'Brien of Lothhury, prevent the machinations of the 




Tories may 
stop coal 
industry 
subsidies 


hoi id a v/ to * So. in 0 Brochure succ^d in main a ning and Jli ’ m iSfimSR ^tStSy Sit Elation and former- Governor The sj -ste m ’ s genuine trwsfov 

SSnSTiE » 1116 fl0W 0f ^oli^aT'} ever>w»e/^ US * inent «.i«ariin*r Hi 


\ a real rise of 15 per cent. 

I “There is already evidence of , 

i a further swing away from Spain IV/TlJ’c vx/ill 
in the 1979 bookings taken by 3 ytiu 

leading tour operators/* Mr. John Mendelson, Lahour 

Figifres showed that even in MP for Penistone and a former 
the present spate of booking, member of the Tribune group, 
the British public was showina left £29,250 gross {£28,516 net! 
“ significant resistance " to book- when be died in May. aged 60. 


New airline awards £3m 
contract to Britannia 


j By Maurice Samuelson J 

A CONSERVATIVE cnergy 
I spokes-man hinted yesterday that J 
'a future Conservative govern- 
ment would not automatically MR. 
continue to subsidise Britain’s Labi 
coal industry if it failed to be [ was 
l efficient. sub - 


Labour Party officials 
awarded libel damages 


Council 
sells off 
tower 
blocks 


Several prominent UK clearing of particular ; help' -.to.-, the 
bankers will this morning give economically weaker - States such' 
oral evidence to the Commons as th e UK. ~ 

Expenditure Committee inquiry 


By Our Own Correspondent 

LIVERPOOL'S TOWER blocks S 
flats. Canterbury. Crosble ano 
Haigh Heights — which' have 


on tbe proposed system. •- . - - 

L.*n written evidence to the -FapfnrV nl^lhG > 
Committee a group of economists JL oUlUJ j piallo 
from the City University in. - _ ' 

London argue that the system dnilhlP Ol If nil I ' 
will be unworkable and will not UUUW,C VWipUi 
solve the major problems of By John Wicks 4 

higher unemployment, high in- 
flation and low growth. OUTPUT oF the Swiss-owned 

They are not opposed to engineering company Charmilles 
monetary integration in Europe. (UKl. of Gloucester,- is being 
or indeed, to the Creation of a doubled in an 18-month ~expan-~ 
monetary union, but consider sion; programme. ... . . IT 

that the system proposed is not'- Charmilles/ (UK)’.’. Jias.V^Sll 
viable. veloped a new range of genera- - 

- The economists are from the tors for .use with machining 

Centre for Bankins-anri Inter- eoirioinenf' ^ arid - ma>Kinn • 


aii' 


‘adding to inflation’ 


FINANCIAL TIMES REPORTER ! U^T«d »- « ' ** 4 “ W 

AIR EUROPE. Britain's Hrst n3v» ■■ Br.fnnl. torn* will Handle ^ JSwTSfoK <N# ^ ^ 

charter holiday airline since the entire engineering support i wou[d back ' it j*. The ave atiack'* on Mr thal Mr. Underhill’s conduct bad » fc s horl TlS^f -TniSniSn! 

contract ^ P Untehil^JtarSK «, h. the ^ f honest and that he SJyera ‘BURn* l»“ lSS 'jtOWlIlg protectionism ’ ' 

!bP sect 0 -?»i7.M. of Mr adding to. inflation 

The contract will be effective of tbe UK package tour company . ijOC elJ luncheon m j . i n a separate libel settlement Clark's case, the book Mig^estcd -™ b ' ipinmnllf FINANCIAL TIMES REPORTER - 

from next spring, when the Gat- Intasun. will serve 29 holiday . a ^ . . over the book, substantial lhal he \^’ l pa C rt af an Ug 3 T] C eged 2 a ton wtil then Z 3 n riNANCIAL TIMES REPORTER . . 

wick-based airline takes delivery destinations from Gatwick. , ^ r - accused Mr. Alex- (damages and an apology wenl to attempt to hide thn fact that in vatelv for about finno >?h thS2 THE THREAT of growing pro- The alternative to new acre*- 

of the first of five Boeings. Two It expects to take 250.000 . ^ er c ^^ e ' 'J? in JJ!2T ' Mr Percy Clark. Labour’s pub- lhe early I9b0s. the party had bedroom flail for ^up° to ^£8 000 te ctionism among leading indus- ments was the accentual lojSI^Sf ‘ 

of the 130-sea ters will be holidaymakers on the first 2 JOQ ! coal, of misleading the iieily director. awarded a public relations con- yS «*nL„v u ^ n J « nL tr!aI countr ies requires urgent the existing trendSe devism- 

delivered next year and a further round-trip flights. Capacity for ■ u es estln ? *h»t the j Both awards were against the tract to Mr. T. Dan Soiith. a f or a -”r*ar rnnn°° atl< on to deal with the excesses of ad hoc protectionism in 

two in 19S0. • next summer's hoUdav Hights isj?™ a " d [ or ^product *as . bo( , k - s publishers. John Calder. businessman subsequently con- ‘J'S r ri JJJ ^ ; n p J^ V»S°°r of world free market competition. Washington and Brussels based 

Mr. Roy Phillips. Air Europe’s already fully sold. Air E^ope *»gher than for any other. ^ sums were nol disclosed . victed of corruption, and Vhat Mr. ££ SHi w 5i u 5 ?o * max? 6ays S r ‘ r Siepben Cohen ’ Asso ' more oowffiwi SSffig’B! 
chief engineer, s-aid \esierday. ^aid. MTh ''. f . hI . , . Mr. David Ead;. for Mr. Under- Clark misled a Labour MP by Im , m 0 f tfonoo I ?! a * c Profcssorat the American, on. the application of fair and - 

Ji!L* * • hill, said that the book accused su^esiins that no such contract xb. I Unlvecshy in Washington. ■ sensible rules. ' ■ *i 


FINANCIAL TIMES REPORTER 


chief engineer, said yesterday: said. 


Dan- Air seeks to raise 
fares by up to 20% 


id stocks are unusually hish. fiSSt'Z.; »o demolish and had the council i Nationai" V^stiiinsVer ‘Bari’s ^\ne extent mat, the new . 

r course Ms long-term future j ” J? .J" L »iH2< IrUlh h Gf adopted this course it would have j quarterly review that “a new P r0lec ^ 1001sm prolonged the life ' . 

oks bright, when oil and gas i Mlinv - b remSC vCllon as offic e j .e^uons. been left with only the com para- strain . V protectionism is of obsolete and ineffiiceqt pro- J'Hlr'n 

e likely to decline. . tivelv small land value after endangering the achievement of ducers, trade policy' itself i f|j 

ssass && Shipyard pay-on delayed ajaassas: 


The Hats would have cost £lni ' 


[4 dispute 


FINANCIAL TIMES REPORTER 


w Jv compete in a rough world, ! pi • I PP J 1 J 

BIT MICHAEL DONNE. AEROSPACE CORRESPONDENT ^ ZTn" olllpyard pay-OlI Oelayefl 

DAN-AIR SERVICES has applied asked for further fares adjust- oil and gas might just last much e,M« W riAi time* Dr»r>oTFp 
tothe Civil Aviation Authority uicnts following- those recently I longer ihan wc Imagine” Mr. i-iinmnuiai. 1 Rtromcn 

for peraission to raise fares on approved by the Authority from | King said. MORE THAN 2.r!00 shinbuilders par-ments S'- heme are still out 

A ts -V 1 : v c r0 “ te , s ^ ror ^ * ) ® r *• . . . j who volunteered for redundancy landing and in some cases 

April 1 by amounts be*weco 5 British Caledonian wants _ _ . fro . , shinvirds over «d\ am ^unt to several thousand 

per cent and 20 per cent introduce a ’senior citizens. iJorL-Bn^: QtdlTPC: rrom state smp\.irq> over six p 0lind< . 

Tbe increases sought on tbe fare" oD its domestic routes aS| A vliiUSO months jco are still waiting for British Shipbuilders said: “W<» 

Channel Islands routes would soon as possible to cut 40 per , 1*^ » ihcir money from British Shipr jjQpp ^ ^ a 5j c to start making 

raise tbe single weekday rate to cent off the normal economy-class | 2t\ UCDCHuSUnS ! builders the lump sum payments bv the 

London, Bristol and Cardiff from fares -for over 6a. ; j They have received only the end of this month. The weekly 

£23.10 to £25. Tbe single fare Aurigay Air Sendees wants ( DOROTHY PERKINS. the money due to them from .their support payments will take 
between Gatwick and tbe Isle of fare rises of S per cent on its l specialist fashion retailer, will original employers under- the longer to work out ” 

Man would rise from £26.30 to routes between Alderney f Chan- open shop-ir.-shop units in two ' state redundancy scheme. A The dclav had been caused bv 

£26.50. and on the Gatwick. New- net Isles) and the mainland from i big Debenhams stores. ■■ lumo ^um and weekly “support ihe numbers of men involved 

castle route it would rise from April 1 and is also seeking! The openings, planned for this payments" to be paid by The Bill enabling the payments 

£25 SO lo £28. senior- citizens fares with a 40 ' month, will be in Bristol and : British Shipbuilders under their to be made was not enacted until 

Some other airlines have also per cent discount 1 Romford. i special shipbuilding redundancy the end of August. 


> ?irmrfv CC tn»ur^ nn ".V®** 1 b S. th . international economic became a contributor to the -I-;*— 
I h ocks 1 ,ncurred on lhe tower I efficiency and international larger dilemma of. slower growth '* 

' — - ' ■ Political harmony. and higher inflation' rates 


Perkins stores 
at Debenhams 


MOPE THAN 2.300 sninbailders par-menls scheme are still out 
who volunteered for redundancy standing and in some cases 
from state shipyards over six araiount to several thousand 

months jco are Mill wailing for ^Briush Shipbuilders said: “We 
(their money from British Shipr hope to be able to start making 
j builders the lump sum payments by the 

j They have received only the end of this month. The weekly 
th e .money due to them from’;their support payments will take 




ICI takes on 


plasticisers 
from Lankro 


Temporary respite on battlefield 


By Maurice Samuelson 


ICI Is to assume responsibility 
for selling higher phtfialate 
plasticisers in tbe UK. a role 
previously undertaken by 
Lankro For their joint company, 
ICI Lankro Plasticisers. 

Phthalates are materials used 
to make plastics supple and arc 
particularly important in tbe 
production of poly vinyl chloride 
— PVC. 

Lankro will maintain its close 
association with ICI in this field 
by continuing the manufacture 
and delivery to customers of 
plasticisers for ai least five years. 

ICI said yesterday that man- 
agement of tbe whole business 
will enable it. as a world-scale 
manufacturer and seller of 
plasticiser alcohols and phtba- 
lates, to be fully competitive 
with other integrated producers 
in the UK and overseas. 

This was “essential “ if id's 
customers were to continue to 
have the service they needed in, 
au increasingly competitive ; 
climate. 

Lankro Chemicals will con- 
tinue to manufacture and sell 
direct its full raoge of 
specialised polymer additives 
including stabilisers. epoxy 
plasticisers and antistatic agents., 

ICI Lankro Plasticiser? was 
formed in 1972. with ICI i a kins 

60 per cent and Lankro 40 per 
cent interests. j 


of electricity supply industry 




The •wfeoltfpf 1 Vtejes. isW 
assistecTarea/ar^ in corning.. • 
industry c^uaHiaeS for 


BY JOHN LLOYD 


THE ANNOUNCEMENT last 
! week by the Central Electricity 
‘ Generating Board that it bad 

j placed £3 OOm worth of contracts 
1 for tbe mechanical work on 
; Drax “ B “ power station in York- 
shire. was only 3 temporary 
j respite in the problems besetting 
‘ the generator and boiler supply 
, industry. 

Drax “ B‘* has been a parti- 
cular focus of struggle. In the 
first place, tbe board was 
: enerced by the Government to 
; order it between IS months and 
; two years earlier than it would 
j have wisbed — largely because 
| the power plant industry, or the 
j weaker parts of it. might have 
1 expired without tbe work. 

I This decision by Government 
came after it had failed, after 
a manful struggle by Mr. Eric 
Varlcy, the Industry Secretary. 

I to force the rather less tractable 
; companies in the industry to 
| mprge their interests. 

The Government plan, aimed 
at making the under-worked 
UK industry internationally 
competitive, was to marry 
boilermaker Clarke Chapman 
with Babcock and Wilcox, and. 
in a separate wedding, genera- 
tor manufacturers Reymlle Par- 
son? with General Electric's 
generator division. 

The Parsons/ C, EC merger was 


successfully fought off last sum- 
.mer, when Parsons, proclaiming 
that it would mean dominance 
by GEC and a rundown of its 
plant, allied instead with boiler- 
maker Clarke Chapman to form 
Northern Engineering Indus- 
tries. 

In July. Clarke Chapman with- 
drew from talks with Babcock 
aimed at merging ibeir interests. 
Tbe 1 wo companies could not 
agree on guarantees nf work- 
sharing between their plants. 
Rounds one and v.vo. then, went 
against the pro-merger forces of 
tbe GovernmenL 


Counterbid 


Since then. Babcock and GEC 
h ave tried to t b row a few 
punches of their own. Babcock, 
which had been promised the 
Drax “ B ” boilermaking con- 
tracts — worth about £180m — 
speculated sourly in July that it 
might not give the flue and duct- 
ing work, worth about £12m, to 
Clarke Chapman. 

A few weeks later. GEC made 
a couuterbid — described last 
week by parsons as being 
" ridiculously low ” — for the 
turbine generator contract, 
worth abuut 1105m flhe GEC bid 
is ilnjught to have been £9Gmi 

Both these '-oiinleraitack* 
appear ta have been beaten off 


by Government interventien. 
The future of Clarke Chapman 
would have been seriously at 
risk had it not received tbe. flue 
and ducting work, and ■ the 
Government is thought to have 
made this clear to Babcock. ■ 

The CEGB brusquelv turned 
down the GEC bid. noting that 
• I* it already had Parsons 
turbines in Drax ■* A ”. and 
wanted to keep '.-otilinutiy of 
design in the completed station, 
and 1 — ) thal tin- Government 
had always, intended the work to 
So to Parsons anyway. 

. A further source of dissension 
in the industry seems likely to 
arise occr tbe riming of the con- 
tract. The CEGB hgs named 
1986 as it* completion dale for 
the project— a d3ic which the 
manufacturers believe is hOPO" 
le^siy unrealistic. 

They believe that the board h 
a bad organiser of its plant 
building, and that its design and 
construction division. which 
overstaffed and that its inter- 
vention can cause confusion. 

They welcome the board's 
placing of the design ccmlraClx 
for Drax as an endeavour to 
avoid delays in the “ front end-" 
or design phase, where most 
problems occur. But they believe 
that tbe eight-year period in.- 
which they must complete the, 
work is too shun, and that, 


it ij seen that they are dropping 
behind, morale will dFOp, too. 

More seriously, they say. the 
bad publicity which inevliablv 
surrounds late deliverv. will do 
the companies no good m the 
international marketplace— ai a 
time when they must get export 
orders, or decline. 




J hear from ypji. •%>. 




fck^.V.- 


Discrepancies 


The board’s argument aeamet 
that is contained in its 1978 cor 
porate plan, where it acknyw- 
1 edges the delays, but pun the 
bulk of the responsibility on 
** failures of contractors’ labour 
to achieve adequate produc- 
tivity.” 

In future, the plan says, the 
board la aiming to achieve 
common. oa tlona lly agreed 
labour rates on site, thus over- 
coming the very substantial dis- 
crepancies In pay which oftpn 
underlie Industrial action and 
low productivity. 

Overhanging all is the Bill to 
restructure lhe electricity supply 
industry, which is intended to 
be presented in this session of 
Parliament, and which will in- 
crease the power of the Govern- 
ment lo intervene in the indus- 
try: and the dormanl. bul bv 
no means dead. Government 
plans to reorganise power 
supply. The field will sec more 
battles yet 


>’:-v I \ Coiriptete-ffae coupottasd"--.-, ' 
V. - - *• 1 JJf tell yoajDQJBabdut-thc^ • 

*- -; v t •• ff - y^els hDev elopoaent Ag^ncy. 

I And about Wales. 1. - - 

J l. We!(4i »— ‘T* a* 




v ; ; ^ ' (044335)2666.TeIa:49^&7 

Vfelsh 


I To: Commercul ^Department, Welsh Dcvcfopnicnt • 

Agency, Treforest Industrial Estate, Pontypridd, - I 
Mid Glamorgan CF37 5UT I 

| ab ^t tii? VTOA 5 e3g?andiag - facts j 

I Name. '. " '. | 

Position | 


I Name. 

Posit ion_ 
i Company. 
! Address^ 




-■ ‘-V A :* 

r- ^ * ... 






h 1bl:_ 1 

mb OTH M ' — -TBl 




1* 

A kti 



-^•^^^dA : -1te'es.-Tnesday-NmmbOT 7 1978 


LABOUR NEWS 






o 


case rise 


BY PAUUNE CLARK, LABOUR STAFF ■ 


Train drivers will 
‘take law into own 
hands 9 on bonuses 


BY OUR LABOUR STAFF 


Gas handlers likely to reject 
British Oxygen offer 


BY NICK GARNETT. LABOUR STAFF 


THE - GOVERJiilENT. has whti have already applied lo be quarter — iha namings level! TRAIN DRIVERS throughout Strength of feeling on the 
approved a 22 per cent pay rise nxaoe a -special tnis are threequEiiers of the way up the ! the country were threatening to findings of the Railway Staff 
for Britain’s firemen under the S 31 f?r S S d sca , ie - Stake the law into their own National Tribunal v.-as such as 

special case dear which ended a * ^ vulence ?L? ov L? r fVS lc il rei1ecls rhe pay difference ! hands and stag# industrial action be bad not witnessed “for a long, 
?!? JS?L L ;?2H f ja« at ibat level between November | over the outcome of the inquiry long time.- 

the national strike of last winter, behind- the pnv ate secto r under 1977 and November this year, and | into a British Rail bonus scheme. 

The rise, which will he the ^ Governments pay closes 50 per cent of the gap 

between firemen's earnings and 
the upper quartUe previously. 

The rise may help 10 temper 
pressure Tor action to be lsken 
on implementing the 42-hour 
week at Hie 


%HV nSCe _ ,, , - r| f vv 

formally tahied at a fnll nitional rejttlclions. 

joint council meeting between '-The firemeji.s pay increase, 
the Fire Brigades Union and'-J^ ed : f n ■ * s, I n,,B * s 

local aiilbbrity employers on n lf,Il lla L w ? r ‘ 

Thursday, is hkely to encourage fc*rs,- • , *2? et *,v UUt 10 be 
other groups in. tbe- public sector rtaer higber than the union was 

. . 0 - _ - . .iMimoMnn of lie anmi'Jl r-r.n 


, The union originally demanded 

Mr. Lay Buckton. general sccrc- *• Mcnnnciiuiitf A* ...» *•%<<* -- r«M 

r j^Nrssira s £ 

Firemen, said yesterday. 


lo demand. social trea nent on estimating, at its annual con- K bremen’s- retailed 

par tM?^r P ™ ■ ^ -ference. only Iasi month. delegate conference on November 

pay tins -year. Af . that time, delegates were A - 

Government approval of the told to expect a 20 per cent rise But national joini council 
firemen's wage increase as an to boost ratos for qualified fire- meeting later this week is not 
exception to its 5. per cent pay in $n by i'15 a week. expected m agree on a date but 

guidelines comes only a few days. the latest New Earnings 10 continue 10 concentrate on the ! 


A senior uninn official has 

already warned that a series of 

firemen'*! replied < one-day strikes Southern Region 
bremens retailed , fllivers are asked begin lhis 

month would lead to "utter and 
complete chans." 

The union's executive meets 
nn Thursday to decide on action 
over its failure to win a claim 
for parity with pay-train guards. 


after the Department of Employ- Survey figures produced by the terms for the changeover rromjj^ Buckton said that it^would 


merit -gave- the go-abend for a- 30 Department of Employment, 
per cent rise for 30.000 private qualified firemen will in fact 
sector plumbers under a special receive a £16 .rise to bring 
case deal • weekly pay to £88 a week for 

Local authority manual those wprkiug outside London, 
workers and hospital ancillary The'-- formula takes into 
worlrera who. are demanding a 40 account adult male manual 
per cent increase, and the nurses workers earnings in the upper 


Lne present 4S-huur week. 

At present, the union appears 
to be thinking in terms of 
implementing the shorter week 
just after Christmas. Employers, 
however, are likely to argue for 
a delay until spring to allow for 
extra recruitment. 


'have to face the fact that a lot 
oT the lads arc taking the law 
into their own hands." 


into line with bonuses of £5.75 
a week 10 pay-train guards. But 
the tribunal, under the chairman- 
ship of Lord McCarthy, the 
industrial relations expert, 
recommended extra .money for 
only driver* i«n ihe 12a mph" high- 
speed lra*n- 

Mr. Buckton said that the 
tribunal's recommendation 

would introduce a '“ totally un- 
acceptable" system of classifica- 
tion. Rei mi-eduction of bonus 
schemes would be a retrograde 
step. 


Collective bargaining ‘benefits 
employers as well as unions 9 


Safety dispute 
stops Glasgow 
ambulances 

! GLASGOW AMBULANCE drivers 
were scot home yesterday, leav- 
ing police cars to take emergency 
case*, to hospital for rofusine to 


Southern TV 
men return 

SOUTHERN TELEVISION is 
due back on the air today after 
agreement in a dispute involving 
technicians ihai has blacked out 
screens for more than a week. 

Two hundred members of the 
Association 


o J# * 1 >0 « Association of Cinematograph, 

use Bedford *_F 25 and 28 ambu- Te | evUion :inct AUied Tochiciuns 
lances hecuase of a dispute over ! waJker j 0ut on October 27 in a 


: wheel safely. -dispute about overtime and pru- 

Thc ambulancemen claim the j ductivity payments, 
vehicles have a basic defect ] Southern Television, which is 
which causes the "'hePls to fall 1 based ir. Southampton and serves 
as trade unions. Mr. Jim Morti- Trade 'union organisational retailed that Bevin. because of'.. a J. h,Bh * peed - Th eir union js m viewers, said that the com- 
mcr. chairman of the Advisory strength — or power, as Bevin his drive in overcome fragments- 1 5,3 ys ine amu,ancc * are sure. ;pany and union had agreed :« 
Conciliation and Arbitration described it— was needed noi as lion and develop the power that I Police cars were put on standby ; basis for a return to work. It 
Service, declared in "ih'c Ernest an alternative to negotiations but solidarity could provide, was: in Glasgow. Paisley and Greenock. • declined to give details. 

Bevin Memorial Lecture in Lon- as the means-10 effective negotia- nearly always hostile to "break- 
don last night. lions. Voluntary discipline and away organisation/ or in an invu 


BY ALAN PIKE, LABOUR' CORRESPONDENT 

COLLECTIVE BARGAINING has plement and not as a uihstitnii* presented ACA5 wiih some nf U$ 
advantages for employers as well for direct collective bargaining." 1110*1 difficult work. Mr. Mortimer 
is. Mr. Jim Morti- Trade 'union organisational retailed that Bevin. because of . 


A participative style' of man- support for unions' consiilutinnal Mon hy one union into the sphere 
ageraenf was more likely to work authority was needed for good of influence of another." 
than an authoritative style, and collective bargaining arrange- Bevin. Mr. Mortimer /.aid. had 
collective bargaining provided a ments. j birnn-» sense of trade union 

means for discussing and -resolv- Trends within the trade union direiplinp. When hi? union had 
ing difficulties. - ■■ * movement towards closer work- e-»tahliihed negotiating ric'nis or 

Terms and conditions of ing.and amalgamati on sh ould he ;j sphere of influence he was 

employment should be jointly encouraged: Mr. Mortimer said, frequently generous in his ani- 

regolated. and in •- modern Although fragmenta'tion of rep- tude 10 other unions whose roots 
industry, collective bargaining resentation .iT.was. sometimes and rnie he respected, but he was 
provided the democratic., way for unavoidable, given the way in intolerant of breakaway organisa- 
employees to have an effective which trade unionism and tmn* or deliberate raiding, 
say in manv matters of concern employers’ • organisations had "He demonstrated this on a 
to them. ’ grown, it might present obstacles number of occasions in relation 

Mr. Mortimer said that il was to workers and employers. m ;ii tempts to form breakaway 

no sign of weakness for negolia- The TUG arrangements for organisation? amonz sections uf 
tors to use conciliation and arbi- dealing with inter-union friction thn membership. The ireed to 
t rat ion facilities such as those -deserved the goodwill and sup- reduce trade union fraamema- 
provided by ACAS.‘ However, port of all. " u«n nf represec i::t ion is still 

they bhould.be seen as “a sup- Trade union recognition had :ih us to this din." 

— ■ — ; — '• ' • • 

Journalists may take action 


BY PAUUNE CLARK, 1ASOUR- STAFF 


UNION’ LEADERS nf 9.000 
provincial journalists are. plan-, 
ning industrial action from 
November 20 in support of a 
£20 pay claim well in excess 
of the Government's 5 per cent 
pay guidelines.' 

The plans will be formulated 
next Saturday at a meeting of 
chapel fathers (local braneh 
leaders) of the National Union’ 
of Journalists from provincial 
newspaper groups throughout 
the country, including Northern 
Ireland. . 

The 300 or. so chapel fathers 
involved will then, be instructed 


'to hold mandatory chapel meet- 
ings on the issue in the run-up 
to the date set for action. 

Newspaper Society employers* 
negotiators last week offered the 
journalists a. 5 per cent rise and 
promised .to consider a further 
.Increase... -if ’ Government pay 
policy was different by mid- 
December. 

Union leaders, however, have 
rejected any attempt to follow 
the Government's pay policy 
which - , they argue, has been dis- 
regarded by some major 
employers in the private sector. 
They expect a grass-roots 


Wyeth dispute; taken to 
arbitration committee 


BY NICK GARNETT. LABOUR STAFF 

which allows the CAG to set new 
pay and conditions, after a 


A . UNION claim Tor greatly 
improved piay and conditions at 
the John Wyeth pharmaceutical 
company, is to be made today at 
the Central Arbitration Com- 
mittee after a disagreement over 
union recognition. 

The Advisory. Conciliation -and 
Arbitral ion Service recom- 
mended. lhis year that ~thc 
Association of. Scientific, Tech-, 
nical and .Managerial Staffs' 
should be recognised by the com- 
pany for collective bargaining 
on behalf -of about 100 salesmen. 

The . recommendation has 
never been put into effect in spite 
of further conciliation by '.ACAS. 

The'iiriion is now 'submit ting' a 
claim under section 16 of the 
Employment . ' Protection AcL 


failure to implement an ACAS 
recommendation. »** the 
standards that would apply if a 
union were recognised. 

K the CAC sets new pay and 
conditions, and a company fails 
it* implement them, the union 
concerned may pursue the matter 
through the county courts. 

The union said yesterday that 
its claim involved pay increases 
of about 35 per cent, improved 
bonus arrangements and fringe 
-benefits including car allowance 
and sabbatical leave. The claim 
had been justified bv a com- 
parison with 30 other similar 
companies. 


reaction against an offer which 
adds only £3:20 to basic rates 
and which, the union claims, 
does not accept that there is a 
“pay crisis" affecting long- 
serving senior journalists fn 
particular. 

The employers have offered to 
argue the case for special rises 
for senior journalists with the 
Department of Employment but 
the uniwn demanding a com- 
mitment in a figure firsL 

Basic rates for qualified pro- 
vincial journalists at present are 
between £60.82 and £66.S2 a 
week. 

. In a circular' to its provincial 
members explaining the £20 
claim, the union urged an 
immediate start on improving 
pay to bring an end to “the 
drain of talent ” that was taking 
place. It warned that senior jobs 
would -go unfilled and papers 
would have to depend “to an 
even greater extent o.n trainees 
who are expected 10 live on 
starry optimism rather than a 
decent living wage." 


East Kilbride 
jobs boom 

A TOTAL OF 1.365 new jobs fn 
industry have been rrealcii in 
the past six months in East 
Kilbride New Town. Scotland, 
and of these 1. 187 were in 
111 anu fat-iuring indutfries. 

Most of the increase has been 
in the labour forces of existing 
and expanding industrial com- 
panies. In the same time. 22 new 
industrial companies sc: up in 
the Town, and their eventual 
employment potenial is 722 jobs. 


TWA 
Confirmed 
reservations to 
Philadelphia 
£156 return. 


Wkyriskalot of hassle with “walk-on” single fares when, for 



days aheadand stayinAmericabetween 7 and60 days. Askyour 
travel agent about TWA Super Apex fares. 

T.VA rarlep more schedule nr.rre-ttto AflWic thm snrctfecjwhi-r*. 



THERE WERE indications yes- 
j terday ihar a majority of drivers 
and cylinder handlers at -the 
' 46 depots wjiliin British Oxygen's 
j gases division will reject the 
I company’s ** final " pay offer of 
! Si to 9 per cent, 
i The Transport and General 

j Workers Union last night knew 
the decisions uf mass meetings at 
only about one third of the 
depots. 

Although most of those meet- 
! ings had rejected the Ruiddine- 
j breaching offer, the overall posi- 
tion will not be known in detail 
until tonight or Wednesday. 

The 13 depots in -the company's 
soutiiem region appear <to be 
the most militant, a-nd union 
negotiators said last night that 
workers at the Crawley branch 
had already voted to impose an 
unofficial overtime ban and work- 
to-rulc. 

Some of Ihe biggest -branches in 
the western and northern regions 
have overwhelmingly rejected the 
company's proposals, but there 
has been a split in the voting of 
workers in -the eastern region. 

Some of the mass meetings 
| have made it clear that ihe size 
i of the money offer is unaccepi- 
| able. Union negotiators have 
j been seeking rises of 14 to 15 per 

coot without any productivity 
element. 

| Some hranchc? appear to have 
■ rejected the offer largely because 
oT the productivity' strings 
i attached to il. These involve 

| improved working flexibility. 

! Industry is looking with un- 
case at the prospect of a dispule 
• between the 3.000 drivers and 
I cylinder handlers and British 


Oxygen. Last year a -strike hy 
the same group ted to mure than 
30,000 lay-offs tbrouglioui manu- 
facturing. which was starved of 
industrial gases. British Oxygen 
has about SO per cent oF the 
nduslriai gas cylinder market. 

6 The S.000 manual workers at 
all six plants within Michel in UK 
have now rejected a 9 per cent 
pay offer, linked io increased 
productivity. 

The company'*; union council 

will be reconvened to assess the 


position. Vot°s a’ sohip of th* 

plains have already called mr 
industrial action. 

The offer involves " rein*ta«'?- 
nient " of a 3 nor cent supph- 
inent. an increase nf H per ce r t 
un earnings, and a further 'J' per 
cent if justified hj improved 
prnducliviiy. 

In return Michelin seeking 
firm corn in itmems From ihe w»r!-- 
fnree which ihe company sa\s are 
essential to maximise output nnd 
so justify the offer's si. a*. 


Kodak workers to hold 
one-day pay strikes 


BY OUR LABOUR STAFF 

MANUAL WORKERS in thn 
colour processing section of 
Kodak’s Hcrnel Hempstead plant 
voted yesterday to hold a series 
uf ono-dav strikes against tbu 
productivity element in the com- 
pany* j pay" package which, with 
wage increases, totals 13 per cenL 

The decision by 400 workers 
will increase pressure on the 
company to modify the produc- 
tivity part of iis offer, which is 
expected to yield a further S 
per com nn basic rates on top 
of the offered 5 per cent pay 
increase. 

The whole offer is thought ii> 
he within Government pay 
guidelines. 

Workers- at the company's 
plants at Sunningdale and aMn- 


chestpr have already rejecter! 
the productivity scheme, ihnugn 
a mars meeting uf workers at 
Stevenage voted io give it a 
three- month triai. 

Kodak car. draw hope from 
the raci that worker.’'- at iis 
Kirk by plant "n MerM-y.^ide 
have accepted the overall off*r. 
hut the full picture will n-'t 
emerge until ihe Ja.-*) of the :na-s 
meetings today. 

Shop stewards, whore si rile 
cal! on the whole package was 
rejected by the 8.000 ’.\nrkcrs. 
have not boon pulling Tor ward 
any recommendation on the offer 
at ihe mass meeting?. But the.-- 
have made il c-icar that they 
found ihe productivity clement 
unsatisfactory.-. 



The Bankers Trus.i svmhol iwiallv stands far permanence and tradition. 
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10 


Financial 


CBI at BRIGHTON 


Secret Edwardes advocates 

profits and growth 
to offset high taxes 



before 

strikes 


BY USA WOOD 


By David Churchill 


Avoidance 


A CALL if “ let profits rip.” people «j overloaded with taxes for immediate tax cuts. He said 
thus enabling UK businesses in become valiant and martial." llial. if dramatic effects were 
breathe again. was made y ester- The top rate of taxation should wanted, drama tic actions should 
day by Mr. Michael Edwardes. he rut tn 50 per cvnt with rates be taken. 

chairman of BL. speaking at the starling u( ,5 per cent of earn- , \ s well as speaking on the «-ut- 
.A STRONG attack on the power Confederation of British Indus- inys. " Wc must remove hundreds tj ng 0 f basic rate of taxation 
of trade umun leaders was rr>‘s national conferenie in *»f thousands from ihe taxation | U £5 per cent, with 'a top rate 
.launch™! hy Mr. John Green- Brighton. net/’ Expressing scepticism on of go per cent, lie suggested 

I borough in hi; presidential Mt. Edwardes. introducing the the effectiveness of Tory and abolishing National Insurance, 

address to ihe cunference. session on taxation, said that. Labour Governments, he said the introduction bf an c-ni- 

.Mr. Grecnbornu>’b made clear *'h»le work was very import uni. Uw* ibis could he paid for by ployers social security tax on -t> 

• his support for the holdin" of a !iu was reward, and by that he cither party, if they had the will per cent of all payrolls, a Hat 

• secret hallo) before union "strike meant: after taxation, rewards. ^ do it. VAT rale, and lhe culling 'T 

-'.ncLion wj b taken There were three vole; taken There were three methods of Government spending by 5 per 

. . after ih** debate: on reducing " Paying ” for reduced income cent in real teems. 

We are nol convinced thal incimc lilX , hc uinmc of this tax rales. The first, which is CBI 

'ihe opinion.*, expressed publu-lf 3 , ld cuts in the public theorj— lhal ihe growth in the 

•b> ihe national union leaders. 5e ,. tor economy would fund a HO per 

• and particularly those of shop Tht / , ..nferemo unanimousiv cent cut in personal tax. provided .. 

stewards, are tnily represent..- endoncfJ cfJ | DO i|,. v , lf focusJ ' »«al public expenditure was kepi G lBI policy was taken as 11 
t,ve ol the majority of the union n«d to redu- c lncomc constant in world terms until ^ like the priest s 

-mpmliers. he mi. S d.Sj lh a , “w, would . »«* idea, but a l£» J " »"■ n.e Iron. 

1 ‘ Workers should he allowed support the objectives of defeat- ‘^unous view should be taken of 001 now.. . 

” without hindrance lo expres; jn^ inflation, improving corn- rore,- asLs combining growth in Mr. Peter Trew. National 

freely l heir individual views on petitivenes and expanding the ll1c wonouij. Federation of Building Trades' 

all particularly on strike econnnv. flv increasin ' 1 personal The second method was ta cut Employers. endorsed Mr. 

action." incentives " * public spending. In his role at Sutherland's call for immediale 

But there was some disagree- BL - hc l, ° uld am -plead for cuts, action on tax. and advocated an 
mcnl expressed on the liming **]£ h ° u "J h tbt?r ^ bad h ? rn ? ll ™° VAT - f ,osslbl >' U P lo 

..f the implementation of the l \ hen , he w “ s belter placed to be 15 per coni, as a way of inerea-s- A launch opponent of local 
polo-}. About 40 Of Ihe li -00 ob ** 1 '** ah * ul t ' wh m “ l L 01 ^. mg indirect taxes. government reorganisation. and 

Ferli 3 p-; the two most import- delegates voted for almost iin- Luwarrtes favuurwj^ holding While Mr. John Crowe, of adverse lo any changes in the 

ant words in ihe English mediate implementation of ta.v P? 1 *? , sp . c !? a ' ,,s . present imperial Chemicals Industries, rating system, he said Urn local 

r .hi-. The CRI had called for a ni " n cve ' AllD companies pay- spoke of the decline in “lax aovernmenls were doing their 

mg more lax. morality Mr. Denis C. Cross, best to hold levels of spending. 

Qiiw y t.< ask the conference dirccror ur Hambros Bank, spoke Mr. Francis Elvy. general 

or l ihir In-^thi; "he^Inemt 54nlVlM avoldaoce TC - ub ‘ mdnager of Sperry Gyroscope. 

? l.' t ,n S proHi s np 1 " mM ' benefit, 

“ Lei prices go free, the market 
mm petition will determine the 
About l'f> tleleeates also i<siie." The profits and growth in 
objected, hy 3 show of hands, to mduMry would pay the increased 
The power of trade unions had the third motion, on the CB 1 N taxes, 

pul the nation at “a point uf policy «<f stabilising Govern- He would not |fl:e to see a 

-dangerous di.-i'im librium." The mem expenditure at today's reduction in the National Insur- 

•task uf creating a new balance levels in real terms, up to 1981 . an«*e surcharge: "Personal laxn- 
must he the responsibility of One speaker, however, did talk lion is the public enemy No. 1 ." 
politicians. with some heat on the problems Advice in proceed with 








HI r. Michael Edwardes (left), chairman of BL. makes a point to. Mr. John Green borough. CBI 

president .. 


Important 


Law to enforce 


point in out 


language ai this 

' 'hi* lory were Secret B.i I lot. - phased proa ram me." lhii> 

Change u xuld n«,i happen avoiding sharp increa-:*** i n the 
'quickly, lint was “ bound tn conic 
a.- ihe ultimate sanction on any 
: issue such a; this comes from 
■public •■pmi'ui. and ihjl opinion 
-pmarcs-ivi'ly voices increa.-ingly 
areal concern «n this tt.«ue." 


burden of indirect taxes. 

Incentives 





own field " 

Industnatirts should stress the 1o see ^- work where there were 
need fur self-discipline among 2 router after-taxation incentives 
*iL* VL "u-M ‘‘.^-he^ndustnal Toxation also dissuaded 


Kevin Keegan, the footballer. ... ... .. . 

driving manv out of the count rv a . ^ a -' WI,b attendant inlla 
; * nonary" dangers. 


lions. 

Mr. Alfred Gooding, chairman and called for a negative income- 

of A. .1. Gooding Group, brought tax .system integrated with the 

a new dimension to the discus- social security system, which 

sion with praise for his Welsh wuuld mean thal strikers, (or 

employees, who. he said, wanted example, would, at the end nf 3 

to work overtime, and. in fact, strike, have to pay back their 

did so. but who complained most tax rebates. 

iheiI e S U Sc ab0Ut taXalion ° n Mr. Kenneth Dixon of the LEGISLATION to ’ foree 
e r enwri.. British Railways Board summed employee .participation on com-. 

Sir Leonard Neal, direcinr or up the tone of the conference ponies was roundly condemned 

conference. After a lively 
delegates voted by a 
majority to ask the CBI 
lo think again oiL.its 
towards legislation ; on 

He called those responsible 



He spoke of the basic dilemma j fjr 


taxation system as 


The conference resolution had 
agreed to accepl limited back-up 


•team in their own enlightened 
self-interest .' 1 


I onarj n angers. of a society thal needed to main- n-onip themselves as agreed to acci . 

Mr. Nonnun Clare, or E. A. lain itw j f JS caring, as well as «mS?*'i»£n?*froin the ^gis^tion to encourage partiri- 

! Son ".'. '?*** , of *"-• needing 10 create wealth. “When 5 °.u" H _' i ™ I»«on below board leveL Bujso 


1**™ f~«.*»rw«» over-ll™: Sr’SiS we m«, ^ 


Sir Emm>n.«l' Kaye. 


iT" '" ri d ° JOl ’ S ,f ” “ f ' B»«Sll and ftS In' 

^ s 1 ' BriS?r " pW-s 


, create the wealth before »e — , _ , 

°f share it?" Sir Adrian Cadbury of Green borough. CBI president. 

Mr Orald Mortimer nf r 0 n- Gadbury Schweppes, summing agreed with a proposal from Lord 
solidaied Gold Fields outlined u? ,he debate on taxation. Walktnson to remit the resoltt- 

dillkuit “to conceive bow we ,-ou raged investmVni and risk- SbSS “in'^ihe' ‘ S "S Sim of l£ problems S? reiterated the need to restore r ion to the CBI council 

could create countervailing taking, depriving the individual urged Uie CBI to put Us full Incal authorities. He spoke of personal incentives at all levels. In a separate vote deregatas, 

-power as su«-li. Mr. Green- n f his ability 10 save and decide weight behind a roll-over in the social and economic benefit? CBI policies should not be 

borough ht-ht-ved that a great how ho should spend his earn- <JTT of local government' spending seen by the public as those of °PPOs,Lion to the White Paper on.* 

deal could he dune through ings. Mr Bruce Sutherland, nf and said lhat it came tinder a narrow interest group but aemocracy and Itt-a • 

greater employer solidarity. ^ - ~ - - 

"Once real understanding lias Edwardes said: '* Never w 
been achieved a* to U10 cause 
jnd effect of the action we all 
take on our living standards and 
our job security, then we can 
anticipate some movement 

towards consensus, which will in 
turn load Us towards the 


-*“■ Oruci- .TUI 1 ICI I. 11 IU. rj| ailU adIU llial ll “ nn rrimncglo 

Quoting Sir Francis Bacon. Mr. Harris and Sheldon Group, way closer scrutiny than did central miner as policies serving a very ® n p 


a one of the strongest advocates Government in ils spending..- • wide cumibumly. 


ultimate — enlighlcned self- 
disciphne." 


No basic 
conflict, 
members 
decide 


Productivity must rise 
before working hours 
are cut, say delegates 


CBI seeks 
electoral 
reform 
policy 


Delegates also recommended 
by an overwhelming majority 
that the CBI should develop and 
promote a voluntary code of 
practice to encourage the high 

nst arddaofsp — — — 

standards of participation wiLlrin 
companies. 



MR. ALEX JARRATT 
Three main objections. 


Rejected 


little guidance on how-to com- 
plete the journey. . Boyuever, 

there are many who afe less 

experienced and some— rhoMtully 
Opening the debate. Mr. Alex only a few — who do not wish to 
Jarratt chairman and chief know.*’ • ■'* ■ 

emXiicpd 0f R Z d Vh 22 ati S 5 !: Dr - Austin Pearce, chairman- of 

points of the CBI's objection to Snfe ron^^^the^ed °?o tat* aS h i in£3 orch Crated tf ytfie 
FIRST STEPS towards the Con- the Government's proposals. He emp^ovS Sr ^ei? rievra on Wafia " 

federation of British Industry's said: employees air. ueir views., on 


and bolts 
men 
it all 
to life 

BY EUNOft GOODMAN 


AS IF to prove -to the Govern- 
ment that it is not only the 
- TTJC which is inhibited from 
entering into cosy agreements 
with Ministers by the attitude 
of ils militant members, the 
Confederation - - of 'British 
industry yesterday allowed its 
backwoodsmen to vent ' "their 
passions on the rostrum. " 
Backwoodsmen; always referred 
to as such by CBI officials in'- . 
London, are a breed of bus!-' 
nessmen about -w-..im the CBr 
hierarchy feels distinctly 
ambivalent: ■ . - - 

Rumoured to he small ■ and 
largely involved- In the produc- 
tion of nuts and bolts in the . 
Midlands, . their inability to 
understand the more-, subtle . 
machinations of the corporate : 
state can he'd source of. i’ .1- 
tion to those CBI le& s 
entrusted with the delicate job 
of negotiating with the 
-Government. .. 

On the nthet hand, they can be 
very useful as scapegoats when 
the going gets tough . in those 
verv same negotiations., '• >_ 
Their* Intransigence is quoted by> 
the CBI negotiators fo the . 
same way as the TUC some- 
times blames its problems, in 
. - co-operating - with -the Govern* . 
meat on its militant '. shop 
stewards. 

Yesterday, combining both func- • 
tions. it was these same back- 
■ .. woodsmen who finally brought . 

the conference to llfe.- 
As at last month’s Tor? .con- 
ference, most of the resolutions 
were framed in such a: way as . 

• to be totally unobjectionable to - . 
an vorie who had bothered to., 
come to Brighton. The excep-. ' 
tion yesterday was part twa of ; 
the resolution -dealing with - 
industrial democracy. 

Asked to approve the CBI Codn- • 
cil's acceptance of “ limited;- . 
back-up legislation -to encou‘p-_, _ 
age below board level particl- v; - 
pation," the delegates repre- ' 
senting some smaller com- . 
paflies rebelled. 

The first sign of a protest came 
when a "man from Union _ 
Internationa! argued that no y"- 
such position could be 
endorsed -until changes had 
been made to the industrial - . 
relations legislation. \ .- 

His speech sent the clapomeier. - - 
which until then bad. : /been ; 
'barely registering on the party 
political conference scale, up . 
to a new high- ..One delegate 
even ■ tried to . bring the - 
audience to its feet. • - 

Next to speak was Mr. Fane ; 
Vernon of Ash and Lacy,, who .. 
in the brief hisiorjr of CBI '. 
conferences has established 
himself as "one of the most" 
vocal .-representatives .of .the . 
independent wing of the CBI.' 
Attacking the CBI as monolithic 
and undemocratic, .he des- - 
cribed the votes in confcr^ce 


3 


TRADE UNION deni.mds ff»r a was wrong, “ft'r inu^t miw louk ngement and more effective com- 
shortcr working weuk were to. trade union 


Sbell-ICI . ^afia." 


formula 1 inn of a pro-electoral 1— - We reject completely the nfihr^Tmi T? PTlPtlfinn 

leaders m start municatiun with the workforce reform policy were made ycsler- imposition of so-called worker tn nS r h — had given A pcLIUUU 


DELEGATES RACKED a reso- 
lution wtiii li ivjui'tcd " any xup- 
cesuon llial Hu- re is a basn- 
••onflb't between the require 


menis uf indusirj. financial inMi. Government to reduce inflation 
lull ons ,in«l 1 lie neiiunal further as its prime policy 
interest." David Churchill objective. It declared that. a> a 


strongly opposed when >'ne con- giving much bolder leadership to would do uiost to improve pro- day at ihe federation's annual directors over the heads of our consulted its members on the '^ ie business Mafia waa out 
ference deljaled nroduetiviu and their members on thi* vital mat- ductivity. conference in Bright, writes Lisa shareholders. shop floor ■ .of luck .. yesterday, however, 

♦’inployment, writes David ter." The only way for cumpaiiies Mood. ... 2—" We reject completely the ‘ H **■“ - — ** 

Churchill. Outdated altitudes by trades 10 chance atiilud?.s was in lead Bv a 2-1 majorlTy dclecaies 5 * n Sle channel or representation: or * a > SD .tola the con- 

Uelegates unaniinatisl:- endorsed' JSH*: f [ om , lho ,c r_- Tho chairman or agreed ibat ihe present pnliUcal I"" 51 . have equaI panles^believe^ tha” 3 Se^cl imate 

was no Inrjger con- 
investment- from 
Executives had told 

iw. 1 iic aim was a move* • — . . — f decision might have been 

towards early reform of f’ at, . on flexibility ^ taw ill iSl? ' ^ different had the CBI gone the 

rctoral system. application. seas as low as 11 was today. . whole hog of imita ring, the 

Consequence ,K " r ' DI ''** “ Mr - Jarralt said lhe Gow< ‘ rn ' . ^ was no surprise to hear that — ~ - 



In. spite of the support of 
speakers .from companies like 
Unilever for the couqctJ’s posi- 
tion on back-up legislation on 
industrial democracy, . the 
platform agreed to -rethink- its 
policy. 


The ronferent-e called on the failing in live tlic necea<arj 

leadership and initiative As lone 
as l "K prodii’-tivify wj» sn low. 

ihereforc. “it would be suicidal 


making. 


mem 

the electoral 


writes. 

Mr. Ronald pool, diroi-lur rind 
■•Fm*f f-’Xi.'i-iTi ivc of i'li- Legal and 
General As>ur;<rw Sm-ioiy. and 
eliuiinun itf die Bnii>h In.sm- 
an re .\-*N<irl;<l 1 <>II. l.nld llu* • nil- 

fen.-me lii.n ihe res<i]uiu.in w a> 
prnmplwl I iy tin- ■-•mtiriicn 1 .' 
desire of vuine seeing nf iln> 
Lahnur nu>\ eineiii u» cat 11 con- 
trol n{ institution. d ruud- 

The Tl. G had pul forward 3 
plan fur a illiii a year invesl- 
mont fund lu !««■ linamed fly tin- 
insurance 1 oniuani*-* anil pen- 
sion Tunds. and fly inuney li»»m 
Noriii Sea ml Bui. the TL'*'. had 
nut. su Tor. mi limed tin* invest- 
mcnl criteria 11 inicndrd in 
apply in managing "tins m-o, 
flenevoleni fund li seems we 
are asked tn pay up first and 
hear later." 


country. " we should create and 
11 -e more skills: increase incen- 
tives at all levels;- reduce the 
misinaii-hes liciwoen Ihe un- 
employed and av.i lahie jobs: and exports In* lost an*- 
dcal with strtirfiiial problem- m *nt tri-Tcaicd. 
such as inner urban and 

>ouih unemployment. v.hi<-li are 
o f particular social concern." 


JlSn: iS'tn exanfine ^ ™ *** 

, ?Li r Ymni Ill’ll cm r ,lo >'< !e participat ion wen* investigating why oil cotnpanic-x 

be fhe fmpl cations of proportional “ more dclicate.lv drafted tv.on no Inneeif'werc anxinuc m inoL- 


m r ( R h" 1 :i ni u ve "Howards ' 1 shorior The pillion lud id pe ■“ "more dohcilely drafted than no longer were pnrfons lo look 

m ine move iw*aru. -nu.ier re%t . rsed whereby workers representation, it has taken a t | ic brutaliiv of Bullock hut for oil off the UK 

,,ork,n= hour*. -ppoolod shnp siowarfc o»or nnolral nos, lion on such reiorm "m ra o ; ra„ cb b "f 

Lusts and prices would n<c. crVery tnvui complaint rather uni11 now - (hu basic 

unemploy. ;jian iuk*- it lo luaiiagt-iueni. Sir Mr ij. Nixon. LBI Scotiish unwnrkabl 

Heciur said. Regional vice-chairman. who littered Ihe 

Th.it pmm was echoed b> Mr. Sir liujutOfiil I'cnnock... a introduced yesterday's motion, report.” 

i: Hill, of Hilaries Hill. Bri»t«i'.. depmy (.hjirmun of ICI. who said ;in appalling’ inherent The 
" I. ft «< in ' ' 


Leadership 


:i’i'h European pro- summed up lilc deflate, observed danger nf Britain's pre?eni con- slresslng the hope lhal partici- 
■rore nuking rhin-s -,hai unemployment v.imid nol siitiitinn was th;»i ii combined P-Hlon would tie voiunlan, and 
mine 0} a shorter tie wiped nut h; jol. creation, both the administration with the lhal statutory arranEemcnis 


TUC Conference and gone for 
a block vote. As it was. the 
smallest nuts and bolts manu- 
facturer raised his hand on 
equal terms with the mass 
Mr. Ken Webb, chairman of delegates from ICI. 
misconceptions and Birds Eye, said that some sort of Tbc.CBI negotiators will be. able 
proposals thal incentive, was needed to' boost lo use the vote in their nego 1 

original Bullock participation in companies, aftd tiations with the Government 

. suggested that such an incentive 

t invornmenl wax now could be tax. relief for companies. 


let; 


Lame ducks 


It was a waste In 


policy program me <-f two years 
;igi» which, if impfl-ineiiird *»> the 
i InvcrmiK’ni. would crcuitf .in 
uxii'J lm jobs. 

"T'ni> is .still our tarjoi. ll i- 
uniflilious. but ii van uv d«»nr. 

"Bin u is miw clear lhal keej*- 
mv imemplnyim-ni within luler- 
ahfl- bounds i* umnj 10 hi- far 
mure difficult than mnst penplv 
feed tiie realised only a few years ago." 


The strong opposition to any 
form of legislation forcing 

!‘ h “ ^ rd J’ es,sl th , e f ^ling president' of the Engineering 
‘Dm «<|ec!nra| system ihen , dt lhe “fleisance In vulun- Em plovers Federation. ' 
puu hoih in thr hands nf two '“ryism is a surat lo catch a He said that this attitude, was 

based on practical experience in 

r-"W "l n " f”"* "" *».»-.»< SSS employer.: duuJ5teJ ,C U,c^ ,n,pwrl- g*g*»- 

' Several ^cake-' pmnti-ri nut ***"*" «»e«pl^n.| one nf which. p niptoye e involvement Bur Lord 


■ui-muy ii 
worst- a< h 

working wk." "Thi-. i- uckling lb 

Mr i!. Pike, uf Malts. Rlake. ifuenc>- nf t!:c problem when v.c second chamber 

l.urd La rr nf llatiii"-. furiunr B**arne and Li».. .igived that >fluulii bv grapplin'.' wuh 'iis 

Cnn-oivaiivi* Kmplnynient Seen*- alihuuch j .*b»*riiT v.nrkinc week >oiiri;i-" 

lary. ■•pi.-ned ihr- .l-b.,1.? will, j wai folly, a "-•«•' .-\i-l-ri for .Jyfl creallun measure, were in.-malmY no/il'irai” narlirs-’ H'^kercl." 

reminder «.f the i wrcdeialn.nS elmunafinf ■r-ert.:ne. His - j, |,esi remp..iarj palliative. no i ther llf which has ever been Mr -larratl 


as evidence of the passions 
aroused ■ by any ' move to 
impose industrial democracy 
hy law. 

The debate on industrial democ- 
racy' lifted the conference 
from a morass of moderation. 
So keen were the opening 
speakers to be apolitical that 
they seemed-, determined to 
say nothing remotely con ten- 


S H™ ■?* ftoni.Tuhe 

doubt 

. whAt 

-deleg atej^at 

; -> 0 n- 


nii.il i >»n with 
:nnirul: profil- 


The only means uf increasing 
employ men V »a< lu >.e\l nunc 
goods and service* in demand at 
bnme and abroad 

* \Vc are more dependent on 
foreign trade than any other 
Wilson Committee that 11 was noi majyi* industrial counlrr and wy union 
a shortage nf external finance " ■ 

which had restricted UK indus- 


hard-earned savings or investors 
to a " Hock of lame ducks.” 

Both industry and ihe 
financial sector had submitted 
overwhelming evidence to the 


Sneak me «.n annilirr ^rcTiun *''U make our industrial revival McioTiioR^thcVn rondKmPftr-- - f erenres.tiiet« 5 atiera -of.Briljsh 
HU nmiiin. hg :, S krri .he CRf possible. leeffiotk ^ AP^deS^n h?SI ■ '«0^«JiTc 

he -ivc -vamm- nr rnc <ruirt- iPtim w is to rer.ffirm Us vj.-w that Hu* prn- “ Wf belmre that this involve- rnnfpfimw fchnu" " ' & rti«r it*m*«fa-rwa^fcX-a 

Mr. •SSSiXZff&Xim SS5 Sf.? 5 

Mr L Se.r t tpn. ..r Mpp P .,,Pr. 1 Eon... of Enn ai M.chjno Co: “1 ,» .S 

eal'cd on the .-.mfederatiun i.» Mr . D. B.i:np».n. ..f Bamptoi) * 0 nK- . 1 ,-ZX ..t .LLl. nVffLrLV.. ' 


jobs in the lone run and make hy ■.■onlruil'RS 
bettor usi- nf people' '? 11:110. Rul strieicr price 
he gave warning nf the short- aflihij w.i* tun 1 


:herc all demo- until .the- Government published 
the grass roots: its detailed .proposals on'o&rrici- 

laku ihe initiative ,n upproaemn, Bros: Mr. * ■•. Rfl-hir^r^ S£^'* “ COU, ’ ,n ^ 

lhe TUG ,0 lha: companies and K*FC Num^: Mr \ Cooper, «.f dStCCd U “ l Cx,! " !?« «*■!». : ' «qki|n*-|edgBjf Hiat . 

could pitfil iheir know- S’iV: Mr. H Hnlirow. uf the 
cannot opt out.' ledge, uf new productivity Gauge and Toolmaker »" Assori- 

UK industrial product ivily was measure^ and " end the them- altnn: Mr. I! Ven a flics. ..f Henry altitudes, the preparedness 

trial investment, but ratber_ a j 00 lovv, and that led " straight nml-Us .siiuatiun tenahie.-' Mr F Ellis, nf British Mr IT \\ Morns, runvennr ihnsc 

Jack of confidence in the stability d 0 wp the road ru the dole queue." «••-«*— — T "'"■■■ -- -* -» • u..,..v Ann . -r .1— ^ ! — 

of the economy and in prospects 
for profitability. 


conference. Should he deferred 


Rituals 


Sir Hecmr Laing. rhjirman uf SidJig.Mr .1 
Union fears uf high produc- United Biscuits. emphasised 
lit ii v leading fo a I use uf jobs that >trnng leadership by nian- 


“We all want to see an ini- 
proyernenr in the performance 
and profitability of British 
industry, but this is not going m 
he achieved hy milking insurance 
companies and pension funds to . . . . 

support investment projects HA N DS w err raised al the 


No more nationalisation’ call 


which cannot he justified on 
commercial grounds." 

If the Government believed 


then: T fi 6 m^diffc sltiils^ iwefeuia 
sopMwherp : :< 
mejnt ladder. 

Hero 

In .. B . ri, . ai n fodj > : - Ihe ptit .feelins' was a^inst* ; ath&r rfjJtfwpjla 

And the most i..t[...rlanl [atitm- He.. there fore., propped X *" [ are Jipwait jsstab- 

roqiureincnl or all i> the that ihe rerolution be remitted ■ .jphed.feolurtf-irf Tory PajTy 

of to the- councils . _ - Conferences, . or- .the^ dcio- 

who will be involving Earlier; Mr. Fane* Verrion. from Senartan h.ecpeK , 6 f .tfcEJiab*pr 

sment., iL JMked_as, 

Conference -was goiaig- to 
* a-hero- : •*. .*';• 

cfaainr^ti bf-BL, to 

rriuaiistically repeating wli.u u {,r ^ r '. ow “?2 10 ‘ h f "'"credibly ticipaiioh. ' 'tJSHS. ^.A he .' 

could of us adversary's |J wrapUcatud ina nx of human Other spmkeni in lhe delate 

Jiition E :md institutional relationship included: Mr. I. Norton, frntti -Won ihe. jj&ke v oF EdIn- 

AVbiU* calling for proportional comp V se * Brjl l? h ^duatry " Union 1 uternaUDital .Cog Mr. j).'.; f 2 L 

nrciieniaiian i.« m.VunJi : iiUSI Tbp conference should not let BurL from Bowthori'e-lfolleo. , enterprise, Re admitted thal 

he coufd not be entirely objec- 


Yet a new system °f ” »Tpt*p- Government ■•ontrait.' earlier ^ 

CBI national confereni-c in inc nationalisation'' iiad evolved, this >ear making a voluntary P«y representation he oui lined some , u,. 01 ,et Burt - ^Botvthoree-Hollcr- 

Rrigiitnn against a motion cal!- " With tlic mcrestfe in public agreement mandator; . and impofr of the snags, which could include -P r: stl . e r "L .. 5J?3t _ n f* l|sc . ure niinn: Dcnm^ Randolph, 

ing for no more nationalisation ownership and Lhe t-onsequentiai ing penali " ™ ~ 

and phasing-out of most forms of patronage llial goes with ilie wilhnut 

certain investments were desir- selective assisi.mcc and subsidy lilting of Government com rue is "'Thus wc saw fur the first possibly leading to unstable 

able on social ground*, atone. a f lhe earhc-sl oppuriunity. for all types nf industries, pnli- lime in Rrifain ihe forcing of governnienis. 

they should he financed through u riles List Wood. lieal pressures and pulicies ran industry m follow a policy that Mr Philip Mayo, of Mil- 

ihe’tax system aod " not by pick- .nj r . c . 1 . CIu.mm-otiiJ. joint lie forced on industry without could not have been made law National Freight tlfirpuraliuii, 

mg the pockets of the prudent," managing director of George Parliament's approval in Parliament, and ihe creation said hc had been appalled at the 

said Mr. Peel. Wiinpey. and chairman of the "We can ail think of many or a vi-rei black ij 5 r f 4/ r tho.H’ flippant lone un elecinral rcfurni 

Other speakers in the debate contractors' group of the examples where private and who supuusodiv had offended adopted ;«i tin* r.unwrvativo 

Included Mr. E. Chappell, trout National Federation of Building public bodies have been ror*-«-d against this non-cvi^eni law.”,' Parly iunference if ih,> House A RESOLUTION that the •' CBI 

Morgan GrenfHI; Mr 1 . llall. Trades Employers, introducing in submit 10 political diH-foicm*. The nalmn v.a- iieromina of Gnmniwns would n«i lei imTca.Hp it* effm-ut to communi 

from the Glerica!. Mrdir.il .mil the nmitun. Niid thal tin* linpnpii- that sre '"nirsiry 10 good 1 oni- want pud bv i.urraiUT.icy " Brif.nn have propori tonal retire, er.fe more effrtrtivpiy with the 

General Life A<siirnpie Society, lartty of further nationalisif ion njcrcial praetive " Whenever .■> probjeju ar r, 'c there seniatinn at natiug^l fpye|. rniiiil cpfier.il piihiir and lo cv plain i 

and Mr Timothy Roy. tie. from wav realised h>- many-moderate Mr Chet wool -av* as an came a 1 cry for a C'nrumUee 10 |* , n ” 1 liave 11 31 local level, he simple trrms' ii« economic nr ro.s* Its eenflnmic" Uitssage 1 a- 


laities for non-compliance fragmenting of n:irties. making ne ® d * 0T , !hc Proper develop- chairman'- 'of ."-Ahe Tnslitute of 
t right of appeal. coalitions more common and rn ?. n , 1 , n eu, P* n - v *c involvement. Direcinrs and.- Wilkinson Match: 

is wu raw for lhe first possibly leading to unstable Many companies tire already ?nd Mrv. N- Porter, from lhe 
~ 'ell down this road and need Federation of Sussex Ind 

Publicity wins priority 



Hoar Robinson. 


pnlifivians of lhe Left” 


example lho clause written into formed* 


asked. 


message " was agreed. 


the pQpular.Press. 


live about public- expenditure 
raU but was-mdre tiian 1 whole- 
hearted in his endorsement of 
rise cars demand for tax cuts’. 

Having got that,' off. his chest, 
he weal, on «a launch an 
impassioned plea Tor the yso 
ot secret .ballots in union 
__ negotiations. 

sraace timahi'.. _ _ ___ 

^ddt^ssinc 
'Secret 

*L : :Rirei raiopT ’ tijafi 
sitting tLfive r ligtsaiaB-. to 




„ speeches. - 





.. i... 


1 

mms 






11 


£ r««i 

to iif„ 




W ; 

->y . 


r »' ‘ 


hi- 



T ri978 


PAR LIAM ENT AND POLITICS 


Reestakes a tough line 
on prison officers’ action 




tanker j or y MPs rebuffed over 


costs to be 4 secret document ’ inquiry 


SY' JOHN 'HUNT 

M; ' - 

A TOUGH line was taken! by Mr. 
Uerlyn Rees,.Hoine Secretary, in 
the Commons yesterday, over the 
unofficial industrial^ action being 
taken by prison, officers in. pur- 
suit oF . their • xlaxm'- for meal 
allowances going back to '1971'. 

At the sarae.tiine, however, he 
did hold out' an olive branch by' 
agreeing that the question:. -of. : 
meal ‘ alio Frances and retrospec- 
tion jrould ‘be -iaddded : in! titer. 
terms-ofreference'oftheiHquiry 

into the 1 prison ' service.. - v ■ • . 

But/ he emphasised: , t^t . the 

Prison Department was-prepared. 
to negotiate only "witii the^ecu- 
tive of the Prison Officers Aaso- 

eiatiori in.atlgmpts^o settle: the 
dispute.- •••.. ; ■ 

He alt’o maintained that some 
of .(lie. prison officers, who claim 
io.be- spokesman: for the - - men 
did not even represent the 
majority of staff -in "the. prisons; 
where they worked: * 

Mr. Rees ' also hinted' that in 
some instances officers could be 
in breach of the law -if they were 
breaking their official -code o£. 
conduct : ' "' . jT • !. / 

Speaking in the debate on - tbe 
. Queens Spch, th HqnLScrtarye-.... . 
Queen : s .Speech;. the HbrneiSecre-. 
tary said that earlier in' tbe'day. 
he had met officials of the Prison , 
Officers -Association (POAL 
They were upset, to- .put it 
mildly '*■ at' the unofficial action. ' 

At 2 i: am yesterday, he said. 
116 out, .prisons were 

affected by industrial action. A 
further fODf Were considering 
the position and. * in addition, 
PParkburst had been taking In- 
dustrial action for some- time. 

There were 14 prisoas' in the 
south-east • where' industrial 
action was in operation, seven 
in the South-West, Jive in.ihe 


Midlands and none in the north. 

: ’ In. : lfr establishments the 
r£gime had been- affected bv the 
action. At one. London prison, 
prisoners . were not being 

- accepted from ; the magistrates' 

courts. 

-v:. The Home Secretary was inter- 
rUpted-h'Mr. Robert Kilroy-Silk 
fLab., -Orrhskirk) who recalled 
that last week-he bad said that 
th^!Gdverdment. could not allow 
5 uch eyents : to occur. 

;/ .In :view of this, be wanted to 
.know what action was now being 
. taken .to. prevent .it- 

Mr. Rees told him that it was 
dear.' that 'the disciplinary, code 
'trader ... which !. prison officers 
..operate was- Seing! broken and 
that :Xn. such j cases action, had to 
be - taken.". 

': .. If" .-the law.' -fs- broken, then 
"the ; law would Jaavse to take i Ls 
course,” he-added! 

•However, he emphasised that 
befo'fe' njSriciae' any; move, alone 
these .lines.'. he; would wait to see 
-the turn . of ‘events during the 
rest of tbe./day; .. 

•. -It -had' ' hedri : suggested, he 
said, thaf the prison department 
bad -made an offer to some of 
the ^establishments 'which had 
been hit- by ■ industrial action. 
But that -was completely untrue. 

■ The chairman and . general 
secretary of /the Prison Officers 
A asociation-shared bis view that 
the action was contrary to the 
policy of. their national execu- 
tive: -v -• 

. . “It iff- vital - to - the prison 
service ‘thirri the proper channels 
of negotiation. with the national 
executive should, be -preserved. 
The prison department will deal 
only with the national executive 
of the POA 7, and with nobody 
else!" - . - * 

v Tbe tends of reference were 





Mr. Merlyn Kees 

now being drawn up before the 
inquiry into the prison service 
which was announced last week. 

The prison officers’ executive 
bad made it clear that they 
would expect the question of 
retrospective meal allowances 
to be included in the inquiry. 


Authority 


He saw no objection to this 
and hoped that the report would 
be forthcoming early next year. 

bTe POA was a responsible 
elected body. “ Bur some of ibe 
people who appear on TV are 
speaking without the full 
authority of those in the prisons 
they come from,” he declared. 

On vandalism. Mr. Rees sug- 
gested that local authorities 


should set up special centres 
at town balls, where people 
could phone in and report such 
instances. 

At the moment, hp said, very 
little was known about many 
sufh occurrences. 

Over the past 20 years, the 
level of crime had risen 
relentlessly. Al the moment, 
however, the rate of increase 
seemed to be slowing down. 
During the present year alne, 
more than £2bn would be spent 
on law and order— £3 00m more 
than in 1974, 

The effect of the police pay 
award was being fell and 
wastage of staff quitting the 
force had fallen to 25 per cent 
below average. In the Metro- 
politan police, recruitment had 
risen by 27 per cent and wastage 
fallen by 30 per cent. 

From the opposition front 
bench. .Mr. David Houvll. Con- 
servative deputy spokesman on 
home affairs, said his party would 
back any steps Mr. Rees thought 
necessary to maintain law and 
order in prisons. 

Nevertheless, he attacked the 
Government over its general atti- 
tude to the subject of law and 
order. In the last couple of years, 
he said, there had been a resur- 
gence of public demand for poli- 
cies which re-mf orce personal 
and family standards. 

"Politicians’ response should 

be to stop blaming the situation, 
the media and the Opposition, 
and start giving a vigorous lead 
from the top. But we do not see 
this approach by Ministers.*’ 

Mr. Howell also suggested that 
there was a good case for remov- 
ing the Prison Department away 
from the responsibility or the 
Home Office and once more mak- 
ing it a separate establishment. 


inddefls; Tehran Britons told 


BRITONS in riot-torn Tehran- western workT The reasons go a 
were "at . little . risk ~.\but had good deal - .Wider .than the oil 
been advised: to stay indoors; Dr. supply factory* 

David Owen Foreign , Secretary Itr. Pym asked Dr. Owen if 
told MPs. . . he had made- any- contingency 

He- also warned that the e'itua- plans for M the' safety and protec- 
tion was changing all the ' time tion of: British -citizens,. if neces- 
and could deteriorate.- - The sary 7’ He also agkgd for a 
British Ambassador was in dose' further statement - later this 
touch with .the- iq.000 British weelt 7 . / 

su bjects in Iran— mast of. them ^.Dridwen agreed that stability 
jnTehran. A' in”. 'lean', was in the. interest of 

In a Ci^pns^statement. Dr- Britain and the Western world. 

M More^nportantly.-it is m the 
merest of- the Iranian people. 
They- trill: wish to- form a conclu- 
maltreated, . and there was -no 5 jon as totBeir destiny. 
physical . violence;. .when the s“i4iope^heelectJons promised 
b « Sr g »« Sa JP lk- ****** “ AUfflat will' injfact.be held in 

remain in' cl^Wh with theii 
Ihrougiout tills difficult ijetiod-.- 

Anxiety zsf-y *****' te 

Dr. Ow,d recalled -<i«l In S 

announcing the establishment of ^be Government had always suj> 

«law-P<>rted Iran s modernisation and 
Programmes- The 

i? 5 nraf?on df hrfov and^ between the rulers and the 

ruled had grown in Iran over the 
y ear& “ I believe the Shah is 
^ very conscious of the need to 

a free general election, will be 1 ^ 

appointed 'as soon . as possible;? • ^ _ . 

Dr. "Owen conunented:.-“It : is Dr." Owen told Sir. Peter 
vital to make progress’ 'towards Tentple^Morris (C- Leominster) 
this end whils avoiding the estabr it was important to t*T. to avoid 

lishment of- continued inilftary.. discussion of personalities. '■‘^he 

rule, or indueinjj further blood-- issues are the principles. In this 
shed and a state of chawt." - . House we are commuted to the 
Mr: Frauds. JPyjib, acting Tory freedom of the individual and 
spokesman' on -Poreign Affairs: would Uke to see fair and free 
" Iran Js a.close frier^f bl Brltafq, elections." 
so it*, ifas: thereior?' obvitinsly Mr. -Temple-Morris: 'The best 
caused-, the -, whole -..nbuse*" con- hope of liberalisation in that 
siderabie ’ anxiety.’' . *.v . coumrj' remains now with the- 

Stability in.: Iran “is very _Sbab and wbat he bopes to do— if 
much hi Britain’s interest and in bis people will allow him In dp' 
the interest - of the-. ; whole iti-’-’ -.. '- 


Mr. Tom Litlerick fLab, Selly 
Oak 1 said British arms and 
ammunition had been used to 
kill Iranian citizens, and asked if 
the Government intended to con- 
tinue supplies during "this hope- 
fully transitional period." 

Dr. Owen said the whole ques- 
tion of arms sales \va= very 
difficult. "We look at these 
issues and keep them under con- 
stant review. At the moment we 
have thought ir right to continue 
r.ur support fnr the Shah and the 
Centre Alliance." 

The Government would have to 
consider each individual arms 
sale. 


Important 


’ Dr Owen told Mr. David 
Watkins lLab, Ccnsett) that the 
one extremely important thing 
was that Britain should not 
become involved in Iran's 
internal politics. 

Mr. David Price (C. Eastleigh) 
praised •• the "tenacity and 
courage" of the British Embassy 
staff in Tehran. 2 nd called, on 
Dr. Owen to- instigate an inquiry 
within the Foreign Office into the 
security of ' British ' embassies 
around the world. 

. Mr. Peter Tapsell (C. Horn- 
castle) asked whether measures 
had been considered in the event 
of interruption of oil supplies 
from Iran. 

Dr. Owen told bun there had 
been discussions in the OECD 
and- the European Community 
about arrangements, should a 

serious disruption.? of oil sup- 
plies. occur. 

Some disruption, had already 


taken place, but not enough to 
justify sharing arrangements. A 
lot would depend on what hap- 
pened in the next few weeks. 

Dr. Owen faced criticism from 
some Labour MPs for the support 
the Government had offered to 
the Shah. 

Mr. Martin Flannery (Lab, 
Hillsborough) said that the 
Embassy had open attacked 
because of Britain's defence r«f 
the Shah — "the leader of a 
bloodstained tyranny." 

. Mr. Stan Xewens (Lab. 
Harlow) said there had been no 
vestige of democracy in Iran over 
the past generation. The Iranian 
people had the same right 10 
demonstrate for democracy and 
improved conditions as anybody 
else. 

Dr. Owen defended recent arms' 
sales lo the Shah, hut said the 
Government had never made a 
secret of its reservations about 
human rights in Iran. 

" We must not blind ourselves 
to the fact that some of our criti- 
cisms have been taken account 
of.*’ be added. “The danger at 
the moment is -of anarchic 
chaos." 

• Mr. Alex Lyon, Labour MP for 
York, claimed it was widely 
believed, and resented, in Africa 
that Dr. Owen was trying to 
instal Mr. Joshua Nkonio as 
President of Zimbabwe (the 
African name for Rhodesia 1 . 

He wa* convinced that the 
whites were losing th e war in 
Rhodesia, and That the internal 
African leaders bad lost nm?l 
of their support, which was now 
going trj Mr. Robert Mugabe, 
leader of the Zimbabwe African 
National Union, Mr. Lyon added. 


recouped’ 

THE GOVERNMENT intend 
claiming reimbursement of the 
whole cost of clearing up the 
oil spillage from the tanker 
Christos Bllas. Mr. Clinton 
Davis, Trade Under-Secretary, 
told the Commons in a written 
answer. 

Initially, spending on Ihe 
anti-pollution operation would 
be met from public funds. II 
was too early to say when the 
full cosls would be known. 

Mr. Davis said the Merchant 
Shipping (Oil Pollution) Art 
1971. implementing in the UK 
an international ronvention on 
civil liability ror oil pollution, 
enabled the Government )o 
claim reimbursement. 

If necessary, the Govern- 
ment could also claim back 
the costs under the oil tiwlu*- 
1 ry’s voluntary scheme on 
liability for oil' pollution. 

Ten prosecutions have been 
brought for breaches uf the 
UN sanctions un Rhodesia. Mr. 
Sam Silkin. Attorney-General, 
told the Commons- 

In a writ i en answer. M r. 
Silkin said nine of these pro- 
secutions had been successful 
and one was pending. Twenty- 
four prosecutions had also 
been brought for breaches of 
other legislation relating to 
Rhodesian sanctions, of which 
21 had been successful. Three 
cases were pending. 

"In cases where there have 
been convictions, fines ranging 
between CIO and £50.000 have 
been imposed. In some cases, 
w-here imports to the UK hare 
been concerned, goods have 
been confiscated." 

Tomorrow night, the com- 
mons will vote on the Order 
continuing the sanctions 
against Rhodesia. 

In a Commons written 
question. Mr. Neil Marten (C. 
Banbury ) asked whether extra 
payment for arriving at work 
on time was regarded as an 
“allowable" productivity deal 
within the Government's pay 
policy. 

Mr. Ilarold Walker. Minister 
or State. Employment: “It is 
the revDonsibility of negotia- 
tors to ensure that seir- 
fjjnnring productivity schemes, 
including those where pay- 
ments are made in relation to 
timekeeping and attendance, 
are in accordance with ihe 
policy sei not in the ''*h«to 
Paper lVinning the Battle 
Against Inllation." 

School meals 

The Government plans in 
increase the cost of school 
dinners hy 5p a dav from ne\t 
September. Mrs. Shirlcv Wil- 
liams. Education Secretary, told 
Mr. Manin Flannery iLaij, Hills- 
hornugbj. 


BY IVOR OWEN 

A STONE-WALLING response 
came from the Government in 
the Commons yesterday when 
Tory MPs pursued the demand 
for an inquiry into how j con- 
fidential Treasury document on 
the proposed European Monetary 
System reached the hands of 
Mr. Brian Eedgcmore (Lah. 
Luton \V.). 

The issue was raised by Mr. 
Hugh Dykes (Cons. Harrow E.i 
during questions about a report 
recommending changes in the 
procedure of the Commons. But 
Mr. Michael Foot, the Leader of 
the House, refused to be drawn 
into any immediate comment. 

“ I dont think this issue arises 
on this question." he insisted. 

Mr Dykes claimed that Mr. 
Scduemorc. v prominent Lefi- 

wmger and Parliamentary 

Priwriiij Secret 'Ty 111 Mr. Anthony 
Wcdgewood Benn. the Energy 
Secretary. " passed nmnd " the 
Treasurv document — which out- 
lines the possible rffocls for 
Britain of joining the EMS — at 
Friday’s sitting of the Commons 
Expenditure Committee. 


In calling for an investigation, 
he echoed the demand made by 
Mr. Ian Stewart (Cons., Hitchim. 
who serves with Mr. Sedgemorc 
•in the Expenditure Committee, 
in a letter to Ihe Prime 
Minister. 

Mr. K 001 wa< more forth- 
coming in promising a de ball- 
on the Procedure Commit tee's 
report to enable the House 10 
consider the recommendation 
Ihjt the Select Com mi nee sysiem 

should be strengthened to allow 
all the activities of I hr Govern- 
ment 10 be monitored dcpari- 
ment by department. 

But he again made clear his 

strongly-held view that the 
Select Commit tec-s should nor be 
developed 10 a point where the;- 
might call inlr. question the 
dominant role of ihe House uf 
Commons itself. 

Mr. Foot emphasised that the 
proposition th 3 t every Govern- 
men 1 department should be 
“ shadowed " by u Select Com- 
mittee would require very 1 


careful consideration by the 
House. 

Mr. Frank liooley (Lah. 
Sheffield. Heeleyl aintained that 
radical changes in the procedures 
of the Commons were overdue, 
and he called on Mr. Font 10 put 
aside his " medieval prejudice " 
and giv:- po-iriw supori to ib*- 
procedure committee's rcctun- 
mendaiinns 

Mr. Fool retorted IhPl ’Jr 
Huoley was a l templing in pre- 
judge ihe debate. “ 1 repudiate 
any suggestion that my views on 
this maiUT are medieval. 

" It is juM that 1 am very 
doubtful whether we should setk 
iu graft upon this House ihe 
methods of government which 
they Im \ r* in ihe U.S." 

Replying w. Mr. Francts Pym. 
shadow I.i-ad*w of ihe Il<>u c e. he 
agreed that .MPs should have an 
opportunity to express a view r.n 
other important rern nmenda- 
tions made by ihe commute?, 
including possible new pro- 
cedures for dealing with EEC 
business. 


£85,000— for devolution 


*Y PHILIP RAWSTORNE 

THE LABOUR Party is planning 
to allocate £85.000 to its devolu- 
tion campaigns next year in 
Scotland and Wales. 

The party’s organisation com- 
mittee yesterday asked for 
£50.000 from Transport House 
fund? for Scotland and another 
£35.000 for Wales. 

Some of the cash will be used 
lo finance the campaigns fur :< 
"Yes” vote in the March 1 
referenda on the Government's 

devolution plans. 

The rest will he used in the 
Assembly election campaigns 
that will follow later in the year 
if the Government gets the 40 
per cent vote it needs in the 
referenda. 

This commitment to ensuring 
thv' introduction of the devolved 
governments in Scotland and 
WaW is likely! in secure firm 
support for the G^’ernment of 
ihe Nationalist MPs in the 
Commons. 

Labours organ is? tinp rommii- 
teetee decided to send the party 
chairman. Mr. Frank AHaun. ihe 
newly-elected committee chair- 
man Mr. Eric Heller, and the 
national agent Mr. Reg Under- 
hill. as a “peace mission" to 
Stockport South Labour Party. 

The constituency party has 
been bitterly divided by the 
selection as its General Election 
candidate of Mr. Tom McNally, 
special adviser to Mr. Jamc« 
Callaghan. 


Mr. Anthony Wedgwood Benn. 

Energy Secretary, last night 
re-in forced Labour Party pres- 
sures on the Government to legis- 
late. for State funds to finance 
election campaigns by political 
parties. 

Ministers are al present con- 
sidering whether some financial 
aid should be given to parties 
for the European elections nexi 
year. 

During a discussion of the EEC 
elections hy Labour's organisa- 
tion committee last night. Mr. 
Benn moved that the parly’s 
national executive should be 


recommended to ask the Govern- 
ment 10 introduce legislation 
covering Mate aid for all election 
campaigns. 

Mr. Bonn's motion was passed 
hy eighi votes to four, and will 
l>'<? considered by the national 
executive later this month. 

However. Mr. .lantcs Gallaghnn. 
ihp Prime Minister, scents un- 
likely to offer any concessions to 
the ’ demand-: Minister* are 
divided en the issue and the 
Conservative* are adamantly 
opposed to Slate aid for political 
parties. 


Call to buy British cars 


THERE ARE too many foreign 
cars in ihp Hi use of Commons 
car park. Mr. C.wilwym RohrrK 
cLaU, Cannock », claimed yester- 
day. 

Mr. Robe its. who drives a 
British- made Allegro, will next 
week ask Mr. Eric Yarlcy. 
Industry Secretary. !>■ issue 
** further guidance “ l».i public 
and private industry and indi- 
viduals on the need lo buy hutne- 
prouced goods 

" MPs in particular should 
play Uioir part hv buying 
British cars and not foreign 


ones." Mr. Roberts added. 

Sir. Roberts h;is bc-m told by 
Mr. Alan William*. Mi wrier of 
Slate. Industry, that e-.ciuding 
raw materials anil goods asso- 
ciated with the international 
defence budget. Go\ eminent 
departments obtoin only 5 per 
ceni of their requirement.': from 
overseas and ihe nationalised 
industries import only 31 per 
cent of 1 heir supplies. 

"These figures for the publo- 
sector are quite impressive.” Mr. 
Roberts ^md ’ But 1 am sure 
they are not matched hy private 
industry which should be brought 
into line.” 




Monetary policy ‘starting to crumble’ 


BY RICKARD CYANS, LOBBY CDITOR 


EVIDENCE was now mounting 
that the Government . was 'In 
dan-:er of losing control oyer its 
monetary policy . and Mihlsters- 
would shortly -have to take., action 
to restrain monetary Rrpwrh ; -Mr. 
Johu'Biffen,' Conservative MP for 
Oswestry, cl aimed last night. ' ■ \\ 
He forecast that action^ which 
could involve a combination of 
curbs 'on .public spending, in- 
creased- taxation and. an increase 
in Government interest .rates,- 


wou lcF--.be falsely blamed on 
present pair settiemtnts. 

^How extraordinarily provi- 
dential it is .to have someone to 
blame for having .to undertake 
these.- disagreeable duties . of 
government.. . . the guilt-transfer 
mechanism is aireadv at work. 

: “-It will .be pay settlements at 
Ford’-g or British Oxygen which 
toll be held aloft as the reasons 
that have compelled the Govern- 
ment to shore up a monetary 


policy that "is beginning to 
crumble." 

Speaking at a Commons din- 
ner; Mr. Biffen. one of .the most 
respected economic commenta- 
tors on the Tory benches, gave 
fopr pieces of advice to the 
Prime Minister: 

• First, to stop playing the old 
politician's incomes policy trick 
of blaming others for the Gov- 
erament’s own’ problems of 
economic management; 



Whyii^atot ^ fares when,for 

a ftatArnriitnri« mnrp. Wfl ran STVG VOU TGSGrved SDSLC0— both. 


ways-on any TWA flight Alt you haveto do isbook at least 21 
daysabeadand stay in America between 7 and 60 days. Askyour 

travel agent about TWA Super Apex fares. 

' ' ■ . T.VA f juries nort; 5ch«»dnlr.i passrangere acrowthe AdMHh tbm Mi-oDi-TrirlkB. 


Till 




the Atlantic. 


» Second, he should require 
every spending department, 
except only for Defence and the 
Home Office, lo prune their esti- 
mates for 1979. and there should 
be no legislation lo provide 
additional finance for the. 
National Enterprise Board. 

Third, he should make use | 
immediately of the regulator to j 
raise revenue from alcohol, 
tobacco and petrol. | 

Fourth, he should seek to 
. balance his spending and 
revenue in such a way that the 
country could look forward lo 
lower rather than higher Gov- 
ernment interest rates. 

Mr. Biffen argued that sooner 
or later, the Government would 
be obliged to 4ake action. The 
sooner "even this fag-end Gov- 
ernment” addressed itself to 
these problems in their own 
right rather than casting around 
for scapegoats, the better it 
would be for everyone. 

Left-winger 

attacks 

‘miserable 5%’ 

THE_ GOVERNMENT’S "miser- 
able 5 per cent pay policy’' came 
under fire from Labour Left- 
winger Mr. Dennis Canavan, MP 
for West Stirlingshire, in the 
Commons yesterday. 

He compiained thai the Cov- 
ernraem had approved a 31 per 
cent salary increase Tor senior 
officials such as army officers and 
chairmen of nationalised indus- 
tries. 

He- urged the Government to 
give a firm commitment to the 
civil service unions that it would 
accept the findings of the Civil 
Service pay research unit, 
“rather than impose the miser- 
able 5 per cent Timii on 
thousands of ordinary workers 
who make up the backbone of 
ihe public services in this coun- 
try.’’ 

-Mr. Charles Morris. Civil 
Service Minister, said the Gov- 
ernment would consider ih*’ 
report which was expected in 
the next few weeks. 







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12 

LOMBARD 


The size of the 

NO surely, is more un- a bour five or sis years, they may St-Emilions and Pomerbls in apiece. ' Of %e •.firsts,- 1: par> remain very rioged up. hard and flOfle aga^l 

"■ ~m certain in development than lose their tannin and increase the latter. tfeularly liked Petrus and tannic,; having reached a stage irucru- 

gft g"% 1 |nii #» Ti® jTli 'S'V claret. Others, such as burgun- Iheir deposit. At this point the I may add first that this tast- Cheval-Blaiic. astfteyjiad more at.whlefi though not-very agree- 197 2 Those that I sanipjed 

ll| III 1 Hi dies, vintage ports, and even wine is disappointing and may mg is a good deal harder work fruit than many of the left-bank' able, their future potential can hastily spat . still seemed 

v w XT German wines pursue a course appear past its best. However than it may appear, and wines, though Lafite-and Haul- be^seen. Latour. with its huge d jsag ree ahly acid, and if one or 

that is reasonably consistent it recovers, and in 6uppon of secondly that it would be a sad Brinn were well above average, colour.* powerful nose and. body were less hard than ethers 
RY cam II EL BRITTAN and to some extent can be fore- his theory be quotes the- * 62 s. mistake to believe that it Latour. possibly 'm,.a bad batch'; a whopper, while’ Haut-Brion. __ for instance' La tour — { 

1 ° rtl,lut - L Drsi * 1 cast. It may not be possible to which certainly have mostiy enables one to come up with seemed to be leas than Jts'usiial ^ La -Mission-Ha ut-Brion and Pape personally cannot say more than 

EVERYBODY know? that the Here the weichts depend on each P in P°‘ nl when they will reach turned out better than seemed the " correct ansmer.'’ Certainly big fruity seUl-;:OtherS that Ci&nent are all big distin- that . 

dollar has fallen m value, hut .-ountry's sha*re in the total trade their peak, and how finally they likely ten years ago; and he '* experienced brokers and stood out for me were Leoyille- .^hed W ines, with real Graves - r seemed 

the question is: by how much? of a group of lb . industrial will rank on the vintage charts, prepared to bet. on it for the merchants in the region would Las-Cases, . Du cru -Beau cat! loti, .jBavoar. Ducni-BeaucaJllou is a • ; ggsv-to-drlnk wines. 

Everythin; depends on which nations.' On this basis the weight but in general they follow a ’71s. '• biftffruity, backward St-Julien. Jj" awiil? Venoatliur names more 

l lU“t”3.e , “d'«ltaJi5JliiS S5: SifF^f 3 ^ ZZ&SZ* Z steadr path - . Certainly it i, interesting end i — ' M 74 After . poor Simmer SJTmwSS, -.1. W 

because that reflects the per- effective US. exchange rate than c * aret - ^ silk purses informathe from time to time WIMF • i 'the'witage took place in un- that the Forts de Latour, the 

form a nee of sterling as well, and it would be in calculating the are n °l ttiade out of sows to taste young clarets as they typically - cold, dispiriting but second wine of Latour, was 

both currencies have been weak German or the Italian rate. ears, so the lesser red bordeaux mature, but few of us own so -w pnMUND PENNING ROWSELL fortunately dry weather. The exceptionally round and weUv 

at different times in the last Morgan Guaranty does not pub- are unlikely to blossom out into many bottles of any one wine *** twreiurw rsiiuiiiu _ . - -•■wines. -hard, dumb and to me balanced and . more forward 

few years. lish a regular rindex on this pmrtds. tirw; nor will they gen- or even of any one vintage to ■■■■■■■ ■ ■ . — — ■ ■ ■■■-■ ■ — ■ . seem to reflect than the orand Din. I also 

The ohvrou? course is to so bas’s: hut if it did, it would be erally keep as well as the fiDer feel like drawing the corks of fhev have their enjoyed Grand-Puy Lacoste qnd 

for the effective rate, based about another sis points down, chateaux wines, though these expensive bottles for what may not claim that. Nevertheless a Beychevelle* . - Lynch-Bages;' A _®’ ® nrti«vprs. Although palmer,' while perhaps the eut- 
rhp a dnfif? a bSsfc n . may turn out more wayward, be termed mainly educational few personal impressions of the Palmer. Per. Evangi/K.La Fleur- 73s. standing wine’ of .the vintage Is . 

. urren He. Fm this it nofasUJv Cvcfem mat. no doubt, is to many the reasons. vintages or the 1970s may be of Petrus. Pavie and Garieiu.- f^lSs yielding. PetraT AH three seemed 

as it may seem. The most widely ^StCITl fascination of claret. Wines for- it is. therefore, verv valuable interest. They are given with 1976 Recently to ttied for enough, the Latour deepei-coioured and with more 

nunieri weighted average is Thfi imf . Bank of England ward and eas >' f0 drink one occasionally to be able lu vifit atl Fa “ lts - most part, and difficult, to haveroare style than body than, ethers now shewing 


down 




. .. financial Tiroes Tae^ay 


' / s * '. ; 


BY SAMUEL BRITTAN 


P J - 


nuoieri weighted average is Thfi jmf - Bank of England [ward and easy to drink one occasionally to be able iu vifii 


It is. therefore, very valuable . 

,i it.. ... Kn .m. ... an lauus. 


prphably the Morgan Guaranty system of weighting is the most year may seem dosed up and Bordeaux, where the opportune. 1977 More than- 30 were Some, including Latohr; La mipht :u_ v a u e en expected, and a tell-tale broivn Uage. But see 
Ind-v w , h ' ch . „„ sh0 ^ d Jnnlr theoretically ambitious. It is dumb the next; and then may nes uf varie d tasting' can he tasted, including all the first- M,MWn ‘ H ^ Bnon i n j; ^L?® ra: SB?a n icantenac and Ducru- the distinguished wine -: 


• LncorciiL-aijx amomous. ii is aumw ink ne.\i. ana men may t | es 0 r varied tasting, can 

November a drop in the dollar based on a theoretical calculation appear to develop unexpectedly creator Than anvwherp pIsp 
of in.4 ner cent comnared with its n r n— .. » r- , _ sreater man anywnere eiso. 


tasieo. (ociuaiiig an me nrsi- — T; “ Knth Rran&Canten 3 C and DUtTU- me u»mis U wu« 

growths except Margaux and were fjus not available. Ho T ^ tTln .-, showed some prom- merchant's view above. 
Mouton-Rothscliild: the latter J ever oth«sp p o^aed-wtfl with ^^[{{‘Sey ever open out? 197« Unfailingly good, so far. 
had sampled on an earlier visit, fine claret aromas, a nd fruity . ... . as the half-dozen! tasted were 


ines have gnod colour, well-balanced flavour." The* just .. 1873. • If these wnes were w ith big colour.^ ^rich. 

i fruity bouquet, but I of those I liked would be too strictly selected and not too . boiiauets ind lots of body 
<. i- long to reproduce, but they .sugared they now make very d v flawi ur Ainong them " 


England index based cn IFM rare system with no other whcn >'? un 3- and A hen “ went chateaux as Latour. Haul-Bnon. found a definite bitterness in long to reproduce, but -they .sugared, they now make very and .aunong thero "' 

weichTins." the dniiar would have countr ies following the one that into their shells." Will the more La Mission-Haul-Brion. Ducru- most, stemming from the incom- covered tn some extent all the agreeable, ligltt, rearfy-to-onnk Tj upm _^ a pu < . a fnou stood - eut l- 
shown a drop of L. 3 per cent. moves. Any set of changes supple '76s go the same way? Beaucaillou. Figeac. Angiitis, pletely ripe gj apes picked late main districts, except ttie bqttle5 r w'rtit no expectation of . • ^ Figeac -and Fez. 


Indices 


move*. Any set of changes supple «bs go the same way' Beaueaillou. Figeac. Angiitis, pletely ripe grapes picked late -unui districts, except- tne bottles,- wrth no expectauun ui . • ^ Figeac -and Fez.--- ..- 

which would produce s*milar Examples to me of accelerated p e7: a!lt j Loudenne. as well as after a dreary summer. Those Graves, restricted to Hairt- longevity. Among the small . ' . * ■ 

effects in the world in which development have *becn the ‘67s the more recent vintages at chateaux that made a careful Brion. so to most of the growths selection sampled in Bordeaux Such was the «fale^of play as 
„ . .. ■I^i , Ip r 'cim en l Thii^^ n , U SmS? and 7ls - other chateaux. And merchants, selection probably produced the mentioned above for their 77s this time I would rate Ldqville- seen in 

of^h? rHif' had lSken olace since fied explanation — i he technical Yel a distinguished Bordeaux among them Delor and Mnueix. best wine. For example Cheyai- I would add for 76s Fiaeac, LasCaiBS among the best and way Jtist • be^f e ^ - rtejsflt ; 
ihe middle of 1977 until then details P are highly complex.! merchant has just told me his laid on fascinating tastings of Blanc mad? only. 20 tonneaux Rausan-Segla. Duhart-Milon. its Mfidoc stable-mate. Potensac; - vintage, but I tnist that ntrtbhig.. 


ihe middle 111 l97i^unlll ttien uetnils are nignly complex.) *“C*^*««*«1 ju»i I»IU me ill? miu uii lamnaunt, uuungj u> »«>/■ ->■ ivhwiw* iia .aevHiL ■ — • — — ■ III tin iatan'itnnni 

the dollar had been astonish- Even the IMF system gives theory: after wines of good vin- various vintages: second-growth and Dunru-BeaucaiJInu 100 of Nenin and La Gaffelifcre.. . „ very drinkable too. if rather wntten here wujpe t?«ep aawn 

mgiy stable. Bui it is import- Canada considerable we'gtn tage have been in bottle Tor "73s and '74s in the former. '77 grand tin,, instead of up to 156 1975 Most of the TeW I tasted sweet. Another success was in evidence against me . 

ant to have some idea of the size flS 5 per cent) in the calcula- ■ ’ ...... . . 


of the fall- Matters are not tion of the effective dollar rate. 

helped by the availability or yel <the fieure* are in the Bank or — ^ * 

a third high prestige index, the England Bulletin for March, 
dollar against IMF Special Draw- 1977 1 

ing Rights (based on a nesotiated The London Business School. Vfel • "■ • i • "■ 

sot of international weights i which has an index closely rBllVlQ 1 ^11 llTl | I Tl£tT| 

which showed a still larger drop related to the IMF one. has been J- 111 r lUl lkj All UlHv lllVill JHdlJ 

in the dollar— some 16.3 per templed tn recalculate it exdud- * . 

cent. ing Canada. Purists may object: 

The reasnn why the Morgan but ihe result shows a drop of a TPi — ^ -.1* ------ A. 04.^1- . g , 

Guaranty Index has always given further seven points as a result I|1 fl lPPllllrvT J*! | 4 -#AW 

such a modest impression of the Applying the adjustment roughly JLEJL M L JL\<V'J1A«AJL kJlr kyl'M-ImviJ »V U UJ 

dollar's decline is that it is based to the November 2 rate, the Bank v 

on a set of "bilateral" weights of England index would have 

reflecting the importance of shown a depreciation of 24 per IN VIEW of thr continuing and that is one reason for sug- absence from the racecourse, 

countries as trading partners of cent rather than the 17 per cent absence of rain in the south of gesting that Faringdon Bell, that Morse Code, ridden by W. 

the U.S. The weights were pub- one. net u ally recorded— com- England. Pluvial is scarcely a whose B lb penalty, incurred as Carson. . won his last race 



CC — Those thoatrp* accent certain' cregltj 
cards by tdapliDn* or at the Boa OfHcri.. 


OPERA & BALLET 


COLISEUM. Credit was 01-240 5258 
Reservation* 01-336 3161 ■ 
ENGLISH NATIONAL OPERA 
Tor t 7.00 Don Carlas [Anal peri. "Could 


THEATRES »«■ 

NAYMARKST. 01-910 9B32. E*0*. 8.M. 

Mats Wed. 2.30. Sats d^O and B.OO. CMW J!j il E!# s , JJf 

rv • Cl ^' N FRA^S by 

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I PETER 5 PAUL Evo*. B.OO. Wed. 

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f: -■ v and FENELLA FIELDING SHAFTESBURY. 

LOOK AFTER LULU Frl. Nqv. 10 at T 

by Noel Cowaro 6 4 8.45 pm. Sun 

• With GARY RAYMOND BOX C 


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Credit cards 734 4772.* Tom Conti HI . 

WHWE UH IS IT ANYWAY T ‘ 
bv Brian Clark. "A MOMENTOUS FLAY. 

J URGE YOU TO SEE IT.-' Guartlao.- • 
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SHAFTESBURY, CC. 0I-83S 6534-7. 
Frl. Nqv. 10 dt *8 pm. SM. Nov. 11 «t - 
6 4 8.45 pm. 5un. NOV. 12it 3 C7«ra , 
BOX CAR WILLIE ■ “ 

4 THE BIG TEXAS COUNTRY SHOW -• 
BOOK NOW— ALL SEATS £2.50. 


aid to the measure of inter- Xcwbury, she finished a good of l b e Crowborough Nursery Follow at Leicester. In addition COVENT GARDEN. CC 240 1066 ‘Grfdtn- 
national competitiveness. None third to Celk- Halo and Satur- Handicap. to Morse Lode, he partners 


THE ROYAL OPERA 


fve '. Ev. Std. 104 balcony seats avail, lor HER MAJESTY’S. CC. 01-B50 6606. — 7 ■ V . T~l— 
■II peril from 10.00 Pn dav of «wr>. . ' EvpJ. 7^0- Mau. Wed ^ Sat. 3.00. SHAFrE5BURY . ’ CC- *36 6595-7 

_ — — L - L ___i X j__i * • • d Ai\M 1 1 a* An dm* jjc '4255 ■ OMns 20 lUilU Ijh “i 3 «' 

and has Tallen relative even to aid to the' measure" of inter- Xcwbury, she finished a good *>f the Crowborough Nursery follow at Leicester Hi addition covent garden, cc 240 io 66 <Grfd 8 n : -this- stunnhSg ^production— jane asher. nigel FATRiCic jn ; 
the U.S. currency. national competitiveness. None third to Celiv Halo and Satur- Handicap. to Morse Lode, he partners bassos. uniquely enjoyable;' , FI D>(ly 2 a 6 . 4 S™q£f &.£ 4 .es. 

Canadian trade is important of them may be particularly well day's easy Haydock winner. Apart from his recent victory. I Coyote, runner-up to La Py tine t 0 b-l. & fh t.so ca»i »*n trim.- Mjn. : £xudk°the sweet smell of sue- goduert ««« « 2 ^^. 

for the U.S. and one, cannot say designed to measure 'the effects Hadon. at Ascot at the end of was impressed by bis dose third al the last meetire jiere, m Div. the royal ballet * ce ss.” Cuardun. . _ fcooking* «cc«ptad 00 *.^' 

that the weights are in any sense on import prices and on the to Bluebell and Admiral J T?«h W : u.nri! : cwnTrV.V«»deTAw. 7 . 3 o M MwSrth!h king»s road theatre. 01 .ss 2 . 74 a 8 . 5r RANb”n7-fl3B 2660 Ewnimj! 6 00 . 

wrong. But clearly a Kuwaiti domestic price level. Neither the Grenville in a similar type of i-ady of Man in the Tughy Handi ^ 7 . 30 The stroma bc*uiv. es* Amp^?' From pee. 1 a. div. 'g^g'n5-l?.i}5S‘ a -°°- 5 5wt. Thurs^ajjo. 2 |Sw. 5 . 3 a «d b.so. 

wondering whether to diversify IMF/Bank of England weights. event at Newbury in September. «P; “ nt, P . p ^ J B P ™ P 10 UjB 

out of dollars will not be in- nor either of the two Morgan RACING Oldstock. a canvinein® winner Au,umn cla,rninR Stakes. 


wondering whether to diversify IMF/Bank of England weights. event at Newbury in September, 

out or dollars will not be in- nor cither nr the two Morgan RACING Oldstock. a convincing winner 

clined to give it the same weight- Guaranty sets Take the primary _ v _ luir , u on his first appearance at New- 

mg — nor even a European trader producers or the oil exporters DARE WIGAN market on October 21 is llkelv 

trying to take a view. On many into account. to be too good for SunAnoroach 

indices the Irish pound has Yet ir one believes that most in Div. u 0 f the Rolherfield 

depreciated much less than the of the effects of depreciation on September, and was then second Stakes. 

UK pound— <ven though the two competitiveness are soon eroded, of 16 to Exploslva at Warwick. Unless 1 am mistaken. Morse 
have been rtaidly linked and are then the lasting effects will be The sharp track at Linafield will rode has the makings of a use- 


Dec. 18. uiv. la.ao-. ;.w«« 
THE ROCKY HORROR SHOW 
DON’T DREAM IT -SEE IT. 


for some purposes interchange- ton import prices and the internal suit her. and 1 expect her to lead f u ! stayer, and this edit bv the 

able. price level. We may all he d:s- all the way. 1973 Derby winner Mansion out 

The same issue 0 r World covering this in a practical v.ay There is an adage that- in the of the dam of RovaJ Echo "is a 

Financial Markets contains nhen OPEL looks at oil prices absence of inspired information, confident cei*r-tinn‘ Fnr- thi> Fnc™ 


Financial Markets contains when OPEL looks at oil prices absence of inspired information, confident selection' for the Fosse 
another column of figure*, giving again in the light of the depre- it i$ sound policy to support top. Wav Handicap at Leicester 
a set of ’* multilateral weights, ciatinn of the dollar. weights in nursery handicaps. It was here, after 10 weeks 


MNGFIELD 

2.00— La Pythle 

2.30— Faringdon Bell 

3.00 — Mr. Fordctte 

3.30 — Pluvial*** 

4.00— OlfWurk* 
LEICESTER 

US— Coyote 
2.T5 — Lady of Man 

2.45 — Morse Code’** 
3.13 — Pretty Prompt 

3.45— La "don 




NO SCX PLEASt*- •• 
VTCfLI BRITISH 

LONDON'S LONGEST LAUGH — 
OVER SrOBO PERFORMANCES.. 


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Tomor. A S41 RINALDO. AIM NOV.' 15 
A 17 FU. 5EMELE. AIM No*. 14. IS 
& 18 


JOAN FRANK 

PUWWWGHT FINLAY 

FI LUMEN A , 

' hr Eduardo cw Flllboo 

YEARS." Sundir Timet . 


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AGATHA^OtRISTIES 

«; ..xl. 

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Reduced Price Previews Toiupht. 
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Radio 



T Indicates programmes in 
black and while 


News round. 5.10 The Record 
Breakers. 

5.40 News 

5.55 Nationwide (London and 
South-Easi only i 
fi.20 Nationwide 


BBC J 


938 am For Schools. Colleges. 

12.45 pm News. l.Ofl Pebble Milt. 

1.45 How Do You Do? 2.00 You 
and Me. 2-1-4 For Schools. 
Colleges. 3.20 Pobol v Cum. SAT 
Regional News for England 
t except London), n.55 Play School 
(as BBC-2 11 00 anil. 4.20 Deputy 
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Screen Test. 5.(15 .John Craven's 


1J35 Weather. 'Regional News 
AU Regions as BBC-1 except at 
the following times:- — 

Wales — 10.00-10.20 ant I Ysgolion 
SJjo-fiJO pm Wales Today. 6.50 


ALBERT. B3B 3879. CJC- bki. B3ff 1071.3 
from 8 30 a.m. Parry rate* Mon.. Tuei. 
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A THOUSAND TIMES WELCOME IS 
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From Dec. 18. Oly. 10.30. 2.S0-and.4.OO 
SOOTY'S CHRISTMAS SHOW • 


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9.10 lV'odehou5e Playhouse ■jrampudi Today. 600 Cuunn? Pacus. 

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f lne trapn> | renercotre. Tonight 7.M. tonior. 2.00 & 

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11.15 Late News 


6.50 David Essex (London and *.ii» it Ain't Half Hoc Mum. H.IO 


F.30. David Mercer's COUSIN VLADI- 
MIR. -• Ri*ettlng theatre." S. Telegraph. 


South-Easi only i 

7.20 .lames Burke's 
tions 

8.10 Dallas 
0.00 News 
925 Play for Today 

10.20 Tonight 

11.10 Roads to Conflict 


,, Dechrau Si a rad. 11.35 News and 
Lonncc- Weather for Wales. 

Scotland — 5.55-6.20 pm Reportin'; 
Scotland. 6.50 Tom apd Jerry. 


Test 

13.05 Closedown ( Reading » 

LONDON 

9.30 am Schools Procrammes. 


1^0 pm This (s Vonr RUstn SJO what's with: as you like it- tihur*.. Fri.j 
5JS Crossroads b.DQ r.ruulda I CORIOLANU5 rSntJ. RSC Iho at THE 
Ktfperis. 4.38 Emmerdale Farm. 780 1 WAREHOUSE (seo under VY). 
univcr*n> Cfaullun/c. UJO Dan Augiui. 


HTV 

1 JD pm Report Wcm Headlines. XJS 


6.53- 7130 Ballad Folk 10J0-IUO ilMChoHionandihcWheeiScs *-*» 

Tue.sday .\icht. HJ35 News and 12 jo pni Hickorv Iiou-:e i*x<i o 8 ctwnv'Ir mo R*non vvp*l ms 

v 22£Jr asssi. « SKJTmS 


Northern Ireland— 3.00 pm plus FT index. I^fl Thames News. »-» Cod? - r " 


AMBASSADORS. CC. 01-836 I 171 
Evg*. B DO. Tue*. 2. as. Sat. 5.00 A 8.00 
JAMES BO LAM 
•• A superb performance,'' F.T. 
GERALD FLOOD 
in A NEW THRILLER 
••WHO KILLED 
AGATHA CHRISTIE . . . ? " 


OPEN SPACE.- ' ■ 387 8969 

> BECKETT DIRECTS BECKETT 


Endgame — Krapn'* Last Tape 
Tues.-to Sun. NOV. 7. to »■ 7 JO pm. 
NO PrtFS. Nov, 14. .13 and 16. 


Ring. Bon Offke fiir. details. 
Extended bv public eenuna. 


F.T. CROSSWORD PUZZLE No. 3.816 




r.enrral I *ff , l-LO. CC. 01.437 2663. Eves- S.OQ. 
Pow-dau -"A* 2°' 


OLD VIC. • 928 7616. 

PROSPECT AT THE OLD VIC 
Tod»T. Timm- Wed. 7.30 


Derek Jacoul in aVANOV 
v s comedy . v»Wi Clhre Ai 


6.00 Thames at 6 
6.25 Help: 

6.35 Crossroads 

7.00 Roiamc Man 
7250 Fantasy Inland 

K.3M The Upchat Connection 

9.00 Whickers World, part 1 
1A.IMI News 


niv wen — \ ; HTV’ i>ncral Servin' 
fWBT 1.29-2 JO pm Rcimri rt'csi Head 
IlD.s. 6.U4.30 Tl.'pon Wi,H. 


SCOTTISH 


Northern Ireland. 6.00 Thames at 6 usSTjf tiTSri wKi 

England — 5.55-6 J20 pm Look East cfyitticm 

(Nuru'lchk: Look' North (Lcudh. «*• Crossroads ^LUIUSH 

Manchester. Ne" casileU Midlands Roiamc Man t-25 p" 1 n-hs jmi Road Ri-nort s.u 

Todav (Birmineham); Points West «-‘ !n Fantasy Island "'j. 1 ™- , .. 6 " ■ < “™'and 

l Bristol > ; South Today (South- X tJncha. Cnnnecnnn IS^u^XtS! * JTl^T iIm 

amptnp): bpoiliehi South West 9.W1 W bickers World, part 1 Pro-r.ckbnTysnm.krr. 

(Plymouth 2 . 6.50-7.20 East in - l, ° 

l Norwich > Spot On; Midlands Whicker'* World, pari 2. SOUTHERN 

(Birmincham Pottery Patter; 11.30 Hose; A Wilfred t»H;en . ^ southern n«*^s. 2.00 hpiiw 

North (Leeds) Lifelines; North P" Pm n rjc - h,v Loyle parry, s.is .is u> n.-re Seyms. i-W 

East (Newcastle! Tuesday North- Rcguins as linden I'ruwgads. 6.00 Day hv Dav in.-Iurtmw 


PAUL OANEMAN LANA MORRIS. 
DENNIS RAMSDEN 
CARMFL MfSHARRY 
SHUT YOUR EYES ANO 
THINK OF ENGLAND 
"WICKEDLY FUNNY “ Tlnwv "Very 
very lunv— great emcrrainmenr." Now 


Chekiwys comedy . wWi Clhre Arrmdeii. 


Brenda arose. Michael Denison Louise 
Purnell. John Savldent. Jane Wvmark. 


Purnell. John Savldent. Jane Wvmirk. 
" JaeoBT'eTrlBmph " D. 7vledrsDlT. 


— imniiwi. M, . .1 

IMh.i Frl. 7.30 


THE LADY'S NOT FOR BURNING 
Derek Jacobi r . Easy. and virile authoris 


E. Standard. file 
nh vs leal . dawltv." 


Easy, ana virile authority." 
Eileen Atkfns Riveting 


er<rvmrii ARTS THEATRE. 0I-S36 2132. 

SCOTTISH T °D?RTY P rrNE , N 5 

1JS pm Jin! Road Rmort 3.15 ‘‘Hilarious . see It. ' Sunday Timm 


(tv. Financial 
oerformance fro 
Michael. DenfM 


" A gem ol a oerformance from Rober: 
Eddlson . . .Michael. Den lion, John 


savldent and Brnrort Bro*-* icooo up . 
Uinifis.. Guardian. 

- Sat- i. 30 and 7.30 


Rdlfink. 5 JO Crosimarls. 6.00 fitmland 
T"dar 6.30 Whnr'a Your Prohl.m? 7,00 
BmnK-rtalr Fann U.38 Laic Cull. 11.35 
Pro-Cck-bniy bnookr-r. 


Monday 10 Thursday B 30. Fridav j nd 
Saturday 7.00 and 9. IS. 


ASTORIA THEATRE. CC Charing CrOM 
Road >54 4201 Mon. -Thurs It 00 pm. 


- -TWELFTH ■ NIGHT 

Eileen A TV ins *•' * superti V»la, - '. The 
Times, Robert Eddifon *' brilliant 
. Festr."’ Guardian. 


North (Leeds) Lifelines; North Pf> p iu redd hy Lc 

East (Newcastle) Tuesday North; 111 l 4 ' Rr , s " ,nj \ as , - on ' 

North West (Manchester) Sit Ti ' hl * following limo: 

Deawn; South (Southampton! The ANGLIA 


7ri. end Sat. 6.00 and 8.45 
BEST MUSICAL OF THE YEAR 
ELVIS 

EVENING STANDARD AWARD 


4nnih5U"ri 7 00 Kinnnrdalr Farm. 7J0| Cambridge, cc. 836 6056. mo 


LUlii. 1130 I'm.'Ii'k'brliy Snooker. 


Brain Gnme: .South West (Piy- 


1.25 pm .Ancha Jinn 2.00 Hqnypj iiy. 


TVNE TELS 


moil Till Peninsula, West (CrisloD S88 Aboil' aikIu. tjw Tin Rair Mania s 25 am tiih riwl word roll™ ^ 


Day Out. 


BBC 2 


5huw. 11.30 Thi* Kirc'is of San Kranclpcb- 1 :«'( N'"rs M^aiiliima. 1.20 pm 


32-25 am Lhnpicr and Very? 

ATV 

1 jo pm atv :.vi. wf. n- 3.55 The 
Fl.vtn.’ Theatre Show 5.15 Mr and Sirs. 
i.M ATV Todav 7.08 Emm- r.i.ii. e H rnr. 

11 JO .ijt* ron-.pr T??-' Sirn TraaT 
•JUdrtvl 12.00 Sum-lhiTU Dill.. rent. . 


Thury. B.OO. F«* &4T. 5 45 and 8 30. 

m TOMB I 

EXCITING BLACK AFRICAN MUSICAL 
" Puljirino Musical.** S n,n}. 

Sc-r uricea U.0Q-£5.5D. 

D'nner and IdD-price war C9 SO incl. 
FOUJITH GREAT YEAR 


PALLAOIUM._ CC. 01.437 7373 
Tuesday NoP, 14 far s- days only. • 


MARY O'HARA ■ 

SWINGLE » and CHArlic SMITHCRS 
BOOKING "OWOFEN. 


.'Orth ?;. 1 ST \v„-c and Lonkarn'ind. 5.151 TRANSFERS TO WHITEHALL theatre 


Th- Uraily Rnr.cli 6.00 Ninh^m Llf»* 
7.00 Kmnti-ritaic Kami ujo The Bab 
Sr«hjr: ::|ioh- 1100 l£pi]uKue 


DECEMBER filh 


ULSTER 


BORDER TSZr 1 

*1-29 hm Riirri-r u-t loo ll.mvp.irty. B<.'dtimi 
5.15 Jniurr ijm-y.. fcjjo l.nriky round Tins. 

•lay. 7.00 trrni. rdsl. :-..r:n. U30 SFi4hk 
with riiina. 12.00 Rorriyr \« ii - Sumnian 


1.20 pm I.unrhimid 4.18 Ulsmr New's 
H' .nlllii' S 5.15 i;.iriimi> SJO i rn>mrnart':. 
6.00 Kvpnr >. 6.35 Tin Mnn T'-k-r Mnnr'- 
Show 7 JO ITmrncrdaly Farm. UJO 


COMEDY.' CC. 01-930 7S7B. Eves B.OO 
Sals, 5 30 * 8.30. Thur S 00 
.. BILLIE WHITELAW 

The mosl DDWrful FPRlA/i' j|rrPnr| in*n 
in Londad this *c«r.'' Obveriar. 

T. P. Mi-KENNA in 
MOLLY 

t>- SIMON GRAY 
■INTENSELY MOVING" E. N«w* 


CHANNEL 

1J1 pm Chanrrl Lun>*h:mi.' N>' 


westward 

12.27 pm Cup Hum-ybiin's Bln lid jv. 
1.20 Wi-siwuril Krifs llr.-idliiv .s. 5.15 Mr 

and lln 6.00 UVslward DlaM 7.00 
Mini] 1'pur Lanauiili'. 10.28 W,-il«ard 


C RWJ!S! l -a? M V 1 ®- ? r «." card hVus 

836 1071. Dorn} Ton L Evi Mon -Thur 8 


ACROSS 

1 F,ecompen^e fur cuinrnuni.-t 
accepting war t6> 

A Mode of transport supplied 
hy Celtic Ky.V iSi 
10 flow about doctor returning is 
disgusting i T i 


6 Fellow on the floor looks 
dejected ( 10 » 

7 A bit of garlic left in a bav 
(5 1 

S Henrty but could be unrefined 
(6) 

9 Drank up in ttoreiioui,e (5t 


ftJO am CBI Conference ijo pm atv :.v,. s ,i. n- 3.55 ibe !S> '* h ' ir: ::,IOK- 1100 ^mluicu*: 

10 J(J Working For Safety F.l.-«n-- Thmur* Slwv. 5.15 Mr and Mrs. T’lt-Tro 

11.00 play Sehnn I 6.«0 atv Todav i.n Emm rrt.li. i nmi. tLb i ll K 

1TJI5 CBI Conference , nja . TJ,, ' p,rn Traay 1.20 pm Umhunm 4.U flsr.'r 

^.20 nm T^r-air ! lri •JMdrtvl 12.0Q Suin-lhiru HilTi-rcni. . H* •■UIIvm-s 5.15 i.'.inimn 5.20 i rnspema <*.*. 

Iflo 5c r.. L ononro 6.00 Kvpors. 0.35 The Man Tvl-r Mnnp- 

£j'B! 3b ElldencC uUKUllK Show IJW i'ffirncnjak' Farm. UJO 

3JS0 The Lirma CiL> * 1.20 pm ?;•»-* 2.00 iixu^p.irty. 

5h 15 Nen s on L* Headline! i.»'*»rannij iw* 

♦MVL.arrt .nd H.ro., SMvr- S ’Z 

case; Live fihost 12.27 pm ( >us Hmi'.-ybnn s Rirluiav'. 

6.00 In the Making CH ANNEL w.si* B r«i k.-^ llvartlin.-* 5.15 Mr 

Bjto Dicame 1J8 p« Chanrrl Lnn-luim.- N. -,s 2^,1 «l2« "kWwIS 

6.43 Alid-Evenina New s ^ ^ SJS Mr ana jwl y ..™ r S%Vr A S,n.y 

irt- ll l" / r 1,^°' n .r « UJ0 PmCnlcbr"!' .Srr.Dl.-r 12 J# BUT YflBkCHIPr 

8.0a uy bind of Movie: Hartfi’ fomm^maircs ei pruiMun lu-tsoro- itiiifi.iriiKi Mll _ v . 

Amies on ’Far from the IJO pm Cal>-ndar 3 JO Calnndiir m BooSaSui-? liJi 6 ,*?.', 

gladding Crowd ' fiRtMPI t\ *•» Von'Tv oj*- Voiinu twj>*- a chorus line" 

Rill Tim V'nvanr, fUarlst VI IV A ;»1 1 ] -\ A L-iIvnOur ’trill, y 3.ikir and Fj.lmonl A -«r~ dr«*stlnQ. Ibvous ■u«nl«'ilnu 

®‘ ,U ' . °- va - c °* t-narles 4JS am Vlr»1 Ttimc 1.2B pm Oramnan rdtuons- 7.86 V.innit Trial.- V-.rrm 11.39 «unw." s. Tim®*. 3rd GREAT YEAR. 
Uani/n Nm Havulluivs. SJ5 .Mr and Mrs. 6.08 Th'- Unb N.-»h«n Shim-. 


PALLADIUM; CC.’ 01-437 7373 

“““^si&^uPvse 5 *""- 

IT Wlttaur TwanKBV In 

ALFRJjj'JhfARKS it ABANA2AR 
Dllvi WATLING Brian MARSHAL!. . 
■ and WAYNE SLEEP 
Fmlew December 19 at 7.30. 



■i-m.i'% on iiTior.. ill ir, ‘.M lp,,r Lanausiii-. in.™ ni-i>«ard 

i.»v;nT i „ 5Ji ».« r ) i l r ySbt lii’i i'm w ;- al .^fo r T.^ ,ubr,,> ‘ SDwKir - 

UiRHWiM. 19.28 OMIRP'I Lai- Xvws. am ror L,f " 

UJO Pro Cnlcbri f y -Sroot-r 12J0 but YnPL'CHlDr 

romm^maircs er Pn-iiMm n.-t^nra- * wiuv.imiu 


111 '* *r> , 

•• THE MOST HILARIOUS PLAY FOR 
YEARS ' Financial Time* 

CLOO JOO 

...5” Mijhael Havtinu* 



wmmtM 




Fri. A Sat. 5.45 8 A. SO iNo-sVs »d I PICCADILLY. . Prejn EM »m. 437 4S06. 


Credit card* B36 1' 
8 . 00 . 'Frl.-- SOU Sat- S 
Dominating "HTth un 


071.- Mon. -Thor*, 
■pu. BIS. Air-corr. 


■: Domlnadng--Hltii LMjiiwp «“«u «nd4 ^ 

humour, th®: BROADWAY STAH-T O.Ejia. I f ' - T*, jl* WE NIL*. LAJ. ,Wn, , Sr 


SILVIA MILES 


UJO BUT 
Slvtcoro- 


-• HAD THE AUDIENCE. HOCKING WITH " TwerldB ‘ iWjKfUrwe - Oa"y Man. 

LAUGHTER -Ev standard ;■ Worti Tin,«. 

1 UKIVMUKf — — , Trwre has jintfh satisfy ino 

w as*,, VS fcKS.S&JliH‘-.Kl5, -&■ SagFifltHiX* a JE 

Tif&Uy S.15 iciir-- >onn« Twfrr A chorus lime 00> fuiMHiwjlkw ■wjlttfnc etfram." fr 

IJO Uikmiiir 'fml. y ifrwr a*n«1 E^.lmoiil ” * ***?. drvt&ilne. Joyous ^MonKhinc iwos . NOV. IB. . 



RADIO I '247m 

(SI Storeophoaic brnfcui 

2 Medium Wav. 

5.80 am As Radio 3. 7X2 par. ;.«* 

C.UmTt; ’jjn ™ "Ti.n^'ailadilmrB Ul rr,-llal ,s ‘ Ma-n-r C,1 |ims iS» " » TOd.iv in nwl. T.3S KaMiluwiiy. ^.JOM FELICITY 

KM Jrno-n 7.raV.i;t ;< Rvi 3 .. >■» -'.a-* ••• r. -S. 5.15 Jms «• ' WesUw. 10.» Ti.. World Tn„ -i, : COURTENAY rihoal 

U* a? VIIF. 10.82 JnflTi P.-M .S. I bn kV”**** TO T- »?M MICHAEL FRATtfs FUNNIEST PLAY 

^i 5M Jm v . Ml r.», 6 v” ■\v. , r‘.v, an 7 , sr r ? l ^ & i jS 

Radio 2 . a »pm7?.'” :,T,. ^ M-iMi-w MaM;i*»r*« r| nar I. Tndav fariram. n< 17.00 X»„, R*“W T B1C - '.."ESrt. -AfPERB 

1.02 Tuprfay \'rshr i> ,-.a;j Xialw !j" - .J'*'? 1 '?'?’ SJS A " BBC Radio I^indon _1 excellent. T. m « 

4.02 ARiono Vnur Suinvni.-c r «;.. 9.55 J,. ‘•nwraj'"' ''•’l'' •'v Cronald ra'wiwj ..„a un vur 

Snort* n.-ri.- 10.08 w,:h Had:<. i 12 JJ 0 - « J in. t« lla^Mm-n M n 1 . Rad^ -9bm 4nrf N.!» \HF fortune, ase 223 s e» b. Th Ur v. 1 

2.02 am: Wiih Kailiri * ni.imnov <h> ®.3fl r«» *h.- Office and 5.00 am A*> i.aitlu » 6.30 Rii-Ji Ilnur Saruraavt 5.00 and 8 00 . 

n. n m -j lTfUlm -.nrf vn» B**# *S>. 10.15 Thr TrlD-Smuta *S*. 9.98 lAndnit I.I 11 12.01 pm Oil In. 2.01 •" 

R A DILI 2 i^fOOm and » Hr ujj Th.- pr. : indr. has nw,. iijo- w. SJ-mvca*- am nun s-u MU KF,»Tu T rM M B l XT , SS L ?£ Gt 

5.80 nm Nmrc Nummary 5.U Tmi* H-S5 Tomrtirs Schubrn Fume -s- 1M. Sin*. Lifl.-n T.» Ri:,.-* i nndndm u * T,M 

F-randon -S. inrhidinu 6J5 Paosw for RADIO tl ,J0 '•* '* 7t - ,0 -®* Lar- Xluht 

Thoiwhi. 7J3 Ti-itv Wnon tS- m-ludinu Vi , T.nndoo 12JW Radio ’’ 12.05 am GARRICK. CC. 836 4001. evq* e.O0. 

*27 Racine Bulloiin und 8.45 Pau®.- lor -l*4m,.iSOm.25jm and VHF Qurnnon Tim- from ?!*» iioijsl- uf ** h iK! ,- w £3... SIl ‘ S iO. 8 30. 


'247m 12.10 pm MM.iav <niu. rf I'.iri l. Rjrtl.N- «»s. 6.38 Thr l*.-i.-r Ifndonn Sinn. Hi- 
fTdl-ohrv 1.88 1.05 Thr ,vTrs 7.00 New 7.05 Tin 1 An-li-rv 7 JO Flfc- 

M‘ortf|ui<5" 1.20 Midday i^tikwrt Dari 7:' on 4. 8 00 Th- Sip*it in hi.*, flh.utv.- 


DUCHESS. C36 8243. Mon. (a Thur*. 
E *"“ ,n0 ‘ 1 c5i i^calcutta'.? >n0 

■■ Thr nucfifv is siurnlnff." Daily Mdill. 
9 th S«nt4tton*| Year 


1 \a Rjdifi ■> t a? n Jv . - KMhM'rn 'S‘. 2.00 Mil*!*' -i» Sf, K* dilii? in ihi 111*' ■■( h^larl DUKE of • YORIC5 . ' CC nf.iriE f i..' 

9 . 0 Q ^(mnn nji u*',.i iS>. 3.00 fandr-v Pnm n.' siK TTwm-is 8.05 *rr i< nilfii ai|v Sn^^Mn^ Eogt S nm. Frl Sat. 5-30 AnH~fl5n 

mS^RmIbi ^VJ rr.ua! -S- 3.«5 Ma-r-r rriiMR >S> 4 » TM.iv m S; nnri 9.35 KaMUuscwr. -TOM UUCirv 

4-au pm r.inj r»l*J. JBrn 431 a3|) PfB|lullc r . , Sl S1S 9.5* YnHw. «.» TH- World Ton -1,: COURTENAY KENDAL 

AF VIIF. 10.82 Iml WJ.l: 5£ llr.m-.arri Round 10.» ■la«>,'l:*plan J Mpn nl T.,»^ -michael f p a ^ S U ?Snn, tsr PLA Y 

am: A- •* l - J0 - %r rs "■« Hun- an iinrr, *11 ™ <• ■*•** "CATCH IT QUICK WHILE it tui 


■-02 Tu-Pdiy \'rshr K i-.a'/a %‘isiii . 5 "' l! vw Z?£ r .J * 1 ? 1 *?'*** . aJ 

4.02 ARione Ynur 5»n\-ni.-< 'H-. 9.5S if" ■’ 1 '' Cw,aW r - sl 

Snurts n-rik 10.08 iVi:h Had:<> I 12j»- Nn 1. 

2.02 am: With Radio _• nuninov o.je I r«» th- Office 


DELIGHT C Nn>, *UPE 
Timei " EXCELLENT." Tim** 


■pRINCr OP'-yna-BL Bio BS8J. "CrMit 
Cans ofcfl-j 1M ra»6. Tt w«6in fin* 
h*lnrc‘ N*v»' 7«rk Dvm Ton t 7 DO. 



A National 1>f»liv Prooiiclinn 


Inpnoi sohntij.i _ tu„ „ t-oo ^ fimt 
suwoavi 0 . 0 a. B.zp and 8^0. 


* J7 Racine Biilleim and 8.45 Paum-'iur 4S4m,hn0m.2S3m and \"HF Qu-'snon Tim- from m» Hohm- 

Tho-icm. 10.02 Jimmy Vonns *S». t>.is pm 4 -°® am BrlrHnc. 6.10 Farmfr* Commnas. 1.05 -CIbsd: As Radio 


Wawon-rrs’ Wale. 12-34 Pc(e llnrmy* J«|4y. 6J0 Tuday MaCazin. mrJudins Tn n rlf>n Rmaflnctinv 
f'Oin House rs> tnchidln* 1.45 fimris ^ F ra >' rr ,or <hr Da^ 7 00 .md 8JO0 luOnOOn ttBOdtiCdilinK 
n-4h. 2.38 Da nri IJaaiilron <F mcdailine Todav's Sour* 7.38 ar.d BJ4 Head- 261m and 87.3 VT 


bANRICK. CC. 836 4601. evp* B.OO 
liharpi WwJ 3 00. Sll>. S.30. B SO. 
DENIS QUILLEY in IRA LEVIN'S 
DEATHTRAP * 

A Nm* Thriller □ Irenes bv 



TSTW 3JMKR SJ° 

Sft 5 rSys- 3 I ^ s 3 | 


urv. Z.SO. 5 30- BAD pm. All SMtj 


, . _ .MICHAEL BLAKEMOBE 
'■THREE CHEeRS FOR TWO HOURS OF 
MARVELLOUS ENTERTAINMENT." 


RAYMOND REVOtBAft. CC. 01^754 1592 
At 7 ppi. 9 *J"t °°°" Son. 

PAUL RAYMOND prPMnti 


MARVELLOUS ENTERTAIN MINI 
Samlav Telnraph, 


n-rt. 2.38 Dai-iri Huaillron <F :nriariinu TodaVs 7.38 ar.d BJ 4 Head- 26«m and 87.3 VIIF 

145 HJ.d 3.45 Soon? Pchk. 4-30 Wassunvrs' lln "‘ i - 7 as TTwucJif for U>c Day. 135 $.90 am Momins smslu. 6 .H AM: non- 

Waiv a . 45 Scons Desk. <L47 John Dimn V-Mcrday In PaNJamcni. 9 JO Xmco. ptnp Inform iifon. irarpl wrori 

• Si indue! i ru 5.45 Sunni D'"'.'-:. 6.45 , - M TtmvT^y Call 10.00 IBJOS 1*1 1&40 Brian Haym Pho-.* lJU nm i.rc 

Snorts Pi*L\ 7J2 On tlu.' Third 0*41 /*>. 7.rl?a:n Xow. 10J8 Daily 5-mier. 19.45 Repons. JJM r.-ors- C.aKs t n'cin-k globe theatre, cc. or.«j 7 rSR2 
7J0 folk Jh <S> 8J2 Spoti hi Sp*cnl. WomiRR Sinrj. 12.00 V-ws. UJS CaU. 4JW l,EC R'.-ppris f : mi;inu'-s > Ijo 0-15 Wru 3 no. 5ai 6 00 . fiifj! 

10.02 Thu Frankie Hnverd Vanity dun Ttnnv-Mlnuie TVjire. U.js i.-fl Talk After Kirh» 9.00 XU inline ij» am PAUL E SPi'lfPISSJ' »*:'«Sn2ie. 

11412 Brian .VaiDl#* urrB4<ii-«« Round -Show ,.li-. 12.00 .Vmr* 12.02 pm Vou MRlir_Kr<ra a l AN fl I vcHc BOU 0 n^s H Nm*? a™-, 

Sl-rinmh-. nn-lurflr.fi 12.00 Nev% 2.00- D. vr* Mint Dhv». Capital Radio _ TBM TIMES ta1h.e 

2.02 am SUTtimari. - 12-55 « 'Miller. pr.iRram.-ne r.-us 14)0 r " Tm« Winl s* !h* h*ppl«( NucDTrr 

R .inin 164m Sterf»n.tVHF T1, ' J M ' nrM Af nfll *- Th Archer*- ^ , l-*Mm and S.ijl \ HF mairr in Lonon- ' O Tei. "An lrreuviSlv 

.9 lrl " ‘ * nr us Womans 1l<w indnrtir.i 24M-24B 8.08 am iirai.sm r-qr p Pn-nKfon Minw ""iov«w* >>»»"« '' 

*-55 am IVeathrr 7.00 »"« 7-OS \evs. 2.45 Wiy» Mother 3 J8 *SI 4 08 Mi-had Asp-1 *}>-. 12,00 Dave 


PAUL RAYMOND jiwuls 
the rasnvAL.-of erotica. . 

Fully: alr-eanrfliionad. 


t. . - cc - oi-6S7 986a:a 
Red. Prise -TremL ■ 

Bfe-WtfS&r aH8«V* 


t> rw l, oF e uLLSA 5 ‘Si , A&« Si® ei » »-» 

5*»»- 'om5 ! *2»0.' 4** S'. 


PAUL EDDINGTON, JUL>A M-KINZIE. 
BENJAMIN WNITPQW 
ALAN AYCKBOURN'S Mg. COmadV 
_ TEN TIMES TABLE 

' Tin* WMI by lh* htppfoff lyucMrr 
•n4Krr in Lonana " O T#l. ''An IrrrMviBlv 
4"loyiblt e»cnlno.'' Sunday TfoiM- 


M< S M t&MtrMB, 

littus wn.ur ws 

RESURRECTION 
The First -Soul CMW 


5 ; Sutt Bkbhr Lie d. Bar' 


torertnre 'S>. S.0a xv-.-.-s BUS Mnmmij X'-«T. 3.J0 Querunnc (« ih- Pfjnn rjf*» ‘Si i.n ym HM a r Fw ,Si 7.00 Greenwich theatre 

fMKrrt fS'i. 4J» v :iru-$ 9.B5 This ife-b's Mmivrr " Ht- " from i\r» House of. t4W<loi> Today »9*. r.j® Aifnan i.nvr-k '(veninoi B.OO. m'«j. -> ' 

i-oniposers.' Th« Cnrrrr of Henrr tin 'Si Cnunfni JJ5 vanuv Fair < c >. 4J4 iwn I ’n- 'Si. a.M Vnur 'imn.-r ivouMii’t *x audicncc CALLED EDOUARD 


ROYALTY 
Monday -1 
5-30 aiHf 


4.« Vorrh-m Sinfivtu W|M r.-menihle W Dehsh' \-rh I'ialre WaiT.er 4J5 I-*-* l ? ^Ih M.-ii- Hnrn.> -s ll.OQ 
, s ' I9JS l*alen» Tri-efi p-tno rwrral *4i Rmrj- Tim- S.gg pm- ';•••■ >• -larKiiuv Tff"r M" 1 ’*'* ’.a»" rtt-w .5 j sg 3n) 
11.15 Tnnur. Horn and Piano rort'a] <S). 5-55 Wealhvr orosrd.Tiaiv a: -.is. 4J0 phfi^n Julm.im «■ Xluht Ftishi 1 S 1 . 


a» Daafti Pownall. 

“A Tsryfr.cjil coue '' Yin»y< "Surprlsr 
ana oritom. • D Tel "f iwuiarina , . 
eslMOrdi'Urr e*Bn(r8S.'' E,N. 


Tri. tXMlclmn a«fplrt. 
SardJ. RttMbTAPT fM 


rp|«S - Mil fV CTlI MATH ON THE 

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13 


f ", . ' ' EDITED BY CHRISTOPHER LORENZ 

-i^ viJ'r-*'T : '-i^ :: -Z '' : -^V'?t? : iWu-- ■ . pvv. T t <§•• '■£-'&?•$'■ ~S : ;V^T : i: ;/ 'T v :i>- :v¥ 5 iT>Vri v^i T5f ; v> '; ;%rT*'T-^'T* : vi' 






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the lead in 


race 


mim^ 


BY PAUL LENDVAl 


WHEN, lour years ago, Dr. ~ 

V steyr-daimler puch 

ALto*«L2rC , ^ n ^'«“>5!^ t ¥ nove . 1 : *» 1?‘T was Sch lOJbn 


Austrian company, he was. a.. . 


as the man primarily, if ndtii'fctslc capita) of Sch Ibo (£3 7m) was raised in February 
solely, responsible for the most , to Sch 1.2ba (£44m). In 1977 the labour force was 
impressive success story of 16,926 

of U pS _SalK. of jwnmereia) v^icles and agricultural 
mopeds in less ihan iwo years njachinery in 1977 totalled Sch 4.3bn (£159m), two- 
as the absolute leader of tire wheel and cross-conntry vehicles Sch 2.3bn (£S5m) 
highly competitive U.S. moped - and ball and roller bearings Sch 1.6bn (£59m). The 
market. Puch account for 35- company also manufactures rifles, ammunition and 
per cent of total sales this year, light tanks, and is Fiat’s chief representative in 

Dr. LeibenXrosiput forward ar\ A US trial 

develop - Mate fweSgn ventures include lorry and tractor 
ment of this old-established plants in Greece and Nigeria (now being erected), 
company.- In ,1974-75 Steyr- cooperation with Daimler-Benz. K1 ockner- Hum bold t- 
Daimler-Puch was faced with.. a >Dentz and BMW in producing cross-conntrv vehicles 
serious crisis jtr the two- wheel and diesel motors. The company also has a 'long-term 
sector when Sears Boebuck,. the gales and technological co-operation agreement with 
U.S. mass merchandise chain, Pol-Mot. the Polish state foreign trade agenev. 
cancelled as of January. 1975, _ — 

time^ey aecoume^forliaj^of United States and put forward in Fnntainbleau. before joining 
^ output S ste^’s pSt Sthe name of Mr.' Robert Yung BASF, the vast West German 
Graz in the province of Styria. * Peking-bprn ^naturabsed chemicals company Following 
Oblivious of the trends indicat- American management con- a two-year spell at Ore head 
inc a chance In- consumer wttint and ? marketing expert, office, in Ludwigsbafen. Dr. 
nreferem^ President of the new Liebenfrost spent eight years 

management had been fining Steyr-Daiinler-Puch^ of America in the United States, rising 
to double output of low-priced Corporation. In the eyes of finally to the post of a vice- 
bicvcles with two-thirds to be some old-tuners in Graz and president m charge of s> stem 
sold overseas.- - - Vienna, .. this . appointment analysis and corporate planning. 

• • seemed to prelude -disaster: Mr. Although his main job is a 
Yung was a newcomer to the me mber of the Board of the 
Annrnsirh - industry; he was a parent company in Vienna, it 

l ip|/iuavu ■ Chihese-American, who had pre- was background that helped 

From the start. Dr. Leiben- vi°bsly never even heard of him in his capacity as chairman 
frost adopted a completely dif- Steyr, and he- was starting an 0 f the. Board of Steyr of 
ferent approach: -. company entirely ne w bu siness in one of America to find the top man- 
resources should be piit into most competitive markets ^gcnient of the right style and 
knowledge-intensive hraricties to to the world, op behalf of an quality for a sophisticated 
manufacture products of higher Austrian firm ''. thousands of operation. He believes that the 
added, value than .bicycles.. • He -utiles away. ; success of the company depends 

was convinced' that the company But then Franz liebenfrost not only on structure and 
should move up-market and himself, is not exactly the pro- organisation but above all on 
turn out both, high-quality totype of a conventional man- the motivation of people who 
mopeds and also expensive Lager operating in! a small work in iL The initial impulse 
bicycles of: superior design and . land-locked central European came from him — but the break- 
specification. He also felt that country. After graduating from through in only two years to the 
the only real growth prospects Vienna University, he com- pre-eminent position in an 
were to be found in the U.S. pleted a one-year, course at expanding American market 
and Brazil. INSEA3> (Institute EnropCene would have been impossible 

He' suggested' a major entre^ ^’Administration des Affaires), without an able and dedicated 
preneurial operation, in the the French management school, team on the spot 

— Robert Yung has a somewhat 
- Marm ing ^f f liiihelhiilr • ; unusual background. Born in 

A TWaHfntgQ r-nm-u* fnr irriHlfly p t»TTag*Tt™-nt Km lr yx-r»T T7npt i ^ pnmnTi iy fnr - Peking in 1934, he W3S edUCStCd 

inotivadngadicr^prevkn^.coiiductcd'wimcDOBdeFablesuccK'foritJiamber at MIT and in Paris, and ran 

.he remnants of M. ta«£ 
eluding fall BccornirodaijoTi and dioncr ndll be £360 +VAT.T textile empire in Hong Kong 

Pot A mlui information apply toitftcCburteScpmry. .o .- -s . . before working- as a consultant 

f - in Germany— where he met Dr. 

■ Telephoned] -348 22S6 Tcicx"S8 12703 . Leihenfrost. His current team 

’ - : in the U.S. includes two vice- 

presidents in charge of finance 


□ 


Ml 


Adler's new calculators 
Because it’s time for a change. 



4 . 



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or. even a stow, old-fashioned adding machine. 

Adler's fine new range of priming 
cafculatorsare specially designed to be easier 
- than ever to woric with. 

■ They have Big,- chunky keys and clear, easily 
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Take the 1228PD - it features two true 
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with 3 tfgit grouping, two percentage keys, 
address of second memory by single 
depression of just one key end electronic 
interlock for erroneous entries. . 

. Then the 12P, an electronic machine with a 
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These are just two from a range of Adler 
calculators th3t includes everything from 
compact models to sophisticated desk top 
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' AH looking good, all giving vou that 
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| 

| rnmcnTV 
I iMtua 

I Hit 


000 


lem of market penetration which 
had tn be achieved with a 
vehicle virtually brand new to 
the U.5. Knowing your com- 
petition in the lake-off stage was 
evidently one of the keys to a 
successful market strategy. 

" It was better in si art from 
scratch because we could shape 
ihe company belter and were 
able to adapt quickly to changes 
in legislation. The product 
quaiity was right for identity 
but at the same time identity 
was not strong enough to attract 
enough consumers. Thus we 
had to establish credibility for 

the * Made in Austria ' label.” 
Mr. Yung says. 

From the start Mr. Yung and 
his associates have put the 
emphasis on talking to dealers, 
finding the gaps in the markets 
and providing a comprehensive 
and flexible dealers’ support 
programme. ** Our experience 
show's that marginal changes in 

- selling prices could not offset 
t more fundamental competitive 
a disadvantages. Our sales upturn 
g has been primarilj’ due. on the 
i one hand, to the right produc- 
•. tion mix at the right time, and 
s on the other to the com- 
g puterised parts delivery system 
^ and an extensive dealers' sup- 
1 port programme." he adds. 

There is surprisingly close 
contact between the regional 
a outposts and Important deaiers 
‘ and the top men in the U.S. 
j head office in Greenwich, Con- 

* necticut Puch models are com- 
. pared objectively with competi- 
c tors and the latest dealers* 
j handbook admits that they ran 
j short of stocks in late 1977 and 
[ had to fly in extra models to 

* meet the Christmas demand. 
I The company also flew in lech- 
1 nicians and retro-fit kits from 
1 Graz to meet speed require- 
[ ments for mopeds which differ 
' from state to state. 

[ The U.S. Department of 
' Transportations National High- 
. way Traffic Safety Administra- 
; tion established a separate 
, category for mopeds and 
removed them from the motor- 
cycle category in September, 

- 1974. The moped is therefore a 
1 relatively new product in 
I the U.S. 

Steyr of America was second 
! to none in expanding a dealers' 
network in line with the grow- 
ing number of states which 
passed legislation about the use 
of mopeds, even though the 
regulations varied from one 
state to another. By the end 
of 1975. nine states allowed the 
use of mopeds — and Steyr had 
only 50 dealers. One year later 
the number of states passing 
laws on mopeds rose to 20 and 
Steyr dealers rose to 500. In 
1977 there were 1.200 dealers 
operating in 33 states, and by 
the end of this year there will 
be some 2.000 Puch dealers in 
the 40 states which are expected 
to have sanctioned the use of 
mopeds. 

A highly targeted distribution 
strategy based on three self-con- 

The foreign 
executive 
in London 

DO YOU spend £2.496 a year 
on eating out? Is your annual 
expenditure on clothing £2.470. 
on leisure £3,684, on transport 
£2.099? Would you blanche at 
the thought of spending £10.149 
on bousing and £3.213 on house- 
hold expenditure, or £1.924 on 
schooling? Do you spend £3,094 
providing food and drink for 
yourself and family? 

If the answer is not yes to 
all of these questions then you 
are not a top foreign executive 
living in London — because 
that is what he spends on aver- 
age in a year, according to a 
survey- published this week. 

The survey was conducted by 
Lloyd Incomes Research to 
determine the cost of living for 
the typical top foreign execu- 
tive. Seventy-five executives 
were surveyed who all earned 
£25.000 plus, were married with 
two school-age children and 
were living in London for at 
least a year. All had a full 
housing allowance from their 
employers, and 75 per cent had 
a company car or car allowance 
which reduces considerably 
their personal expenditure. 

The cost of renting accommo- 
dation bas either remained 
static or fallen (except in 
Putney) this year compared 
with last for top executives 
This, sal’s the survey, is because 
1977 was Silver Jubilee Year 
and there are less Arabs renting 
in London this year. 

The average executive fea- 
tured in the survey eats out 
with his wife twice a week at 
a trattoria or bistro, once a 
week at a good restaurant and 
once a fortnight at a "stylish 
1 restaurant." 

| Copies of the report are avail- 
able from Lloyds Incomes 
Research, 72-7 4 Brevier Street. 
London, Wi. 5-5pp ,for £50. 



Or. Franz Liebenfrost (left and Mr. Robert Yung, respectively chairman oF the Board and president 

of Steyr of America. 


tained regional offices and 
supply centres in Jacksonville, 
Florida. Chatsworth, California 
and Grand Rapids. Michigan, 
was another important factor 
assuring Puch's success. 

In 1975 l ho lj.S. market 
absorbed 25.00i.i mopeds — Steyr- 
Dairaler-Puch soJd a mere 175 
units. By 197b total sales in the 
country reached 80.000 with 
Steyr’s Puch models accounting 
for 17,000. 1977 was a year of 

further expansion with 175.000 
units sold in the U.S. as a whole 
and Puch reporting 51.000 
mopeds on the roads. This year 
sales are expected to jump to 

120.000 accounting for 35 per 
cent of the U.S. market. It is 
forecast that by 1980 the 
number of mopeds in use may 
well reach lm. and about 1.5m 
to 2m units, in the next five 
years. 

The Steyr management, how- 
ever, is well aware that 
powerful competitors such as 
Motobecane and Peugeot 
(France), Bniavus (Nether- 
lands!, Agrati-Garelli and 
Piaggio (Italy), and Honda 
.(Japan) arc emerging in full 
force and planning to set up 
production plants. 

An investigation of the 
“buyer profile’’ has revealed 
that the average buyer going to 
a dealer is 41 years old. has an 
average income of 225.000 plus 
and uses mopeds mainly for 
leisure. The buyer of a moped 
sold through mass merchandise 
is 34 years old. has an average 
annual income of S1S.000 to ; 

525.000 and buys mopeds for 

supplementary transport plus ; 
pleasure. ( 

Surveys indicate that in the : 
U.S. the moped will enjoy its f 
biggest popularity as a basic ’ 
personal short-haul transporta- i 
tion vehicle because of its 
economy and practicality. 

This is one of the reasons 1 
why Steyr-Daimler-Puch earlier 1 
this venr signed a pioneering 


three corner deal with Murray 
Ohio, the largest American 
bicycle producer and with the 
two largest mass merchandise 
chains. Sears Roebuck and J. C. 
Penney. From 1979 Murray 
Ohio, in its plant in Brentwood. 
Tennessee, will assemble 8U.000 
mopeds with Steyr providing 
motors and gears and the U.S. 
partner providing the frames, 
with the final products sold by 
the mass merchandisers under a 
private label. This year the 
Austrian company lias directly 
supplied 50,000 units for the 
two mass merchandisers. 


Factors 


Several other factors also 
contributed to Puch's success 
story. •* You are not just a 
number, you are involved per- 
sonally because the Austrian 
parent company appreciates 
your work." says Mr. David 
Beesley. who is general manager 
of the southeast division in 
Jacksonville. Florida. 3nd in 
charge of the “ Sun-Belt " states 
which comprise about 20 per 
cent of the U.S. population. He 
was previously running Volvo’s 
operations on the East coast, in 
contrast to Mr. George Kauner. 
general manager of the western 
division, who was director of a 
small merchant bank in London 
dealing with corporate finance 
before joining Steyr. 

Commenting on Steyr's 
American management. Mr. 
Yung says: “ If you are to 
attract the right sort of men. 
you must give them responsi- 
bility for all aspects or their 
operations. Each regional office 
is a profit centre and is 
allocated an agreed level of 
working capital at the begin- 
ning of the new financial year." 
At the same time, top manage- 
ment knows that there is a 
relation between reward and 
performance. 

Full backing was given to the 


U.S. venture by Mr. Michael ! 
Malzacher. chairman and 
director general of the parent 
company, and the direct involve- 
ment of the company’s majority 
shareholder. Creditanstalt 
Bankverein, helped to motivate 
the men in the American out- 
posts. 

The Steyr Daimler Puch 
concern has an annual turnover 
of £400 m and its plants, employ- 
ing more than 17,000 peupJe. 
turn out a variety of products, 
ranging from lurries and trac- 
tors to precision rifles, ball bear- 
ings and cross-country vehicles. 
Mopeds. with estimated total 
sales of £59m to £55ci this year, 
have emerged as the second 
most important activity. 

But since Puch is the lead- 
ing moped exporter in the world 
with 87 per cent of the output 
sold abroad, the steady appreci- 
ation oE the Austrian Schillmg 
vis-a-vis the dollar casts an 
ominous shadow over future 
operations in the U.S. Even the 
backing of Austria's number one 
bank (which in turn is con- 
trolled by (he .state) cannot 
erase the distressing fact that 
at the time when the U.S. 
venture was launched one 
dollar was worth sell. 17.50: it 
has currently dropped to below 
sch.14. 

The exchange rate situation 
will accelerate the diversifica- 
tion of U.S. operations with the 
share of Mannlicher hunting 
rifles, the Pinzgauer ail-terrain 
vehicles, bicycles (including I 
the luxury range Austro. 
Daimler models selling fnr 
81,285) and a wide range of 
acccsnries, together rising next' 
year to half the sales total. • 

But it remains iu be <een , 
whether this remarkable i 
record of success coupled with I 
a flexible entrepreneurial : 
approach will be able in sur- 
vive. in the long term, the 
manifold repreeussions of a 
permanent and even deepening 
crisis of the U.S. dollar. 


A greater 
role for 
buying 


INSTEAD of being a Cinderella 
function, purchasing is increas- 
ingly being recognised as a 
major element in the efficiency 
uitli which a company operates, 
according to the British Insti- 
tute or Management. 

In its management checklist 
series, the BIM states that while 
production, sales and finance 
have Jong been recognised as 
key functional areas in rhe run- 
ning of a company, usually hav- 
ing Boardroom representation, 
acknowledgement has only 
recently been given to the fart 
that purchasing also requires 
top management attention. 

This recognition stems from 
an awareness of Ihe major part 
purchasing can play in efficiency 
and the BTM sees three reasnns 
for this change of emphasis. 
First is that management is in- 
creasingly aware that purchase 
of raw materials, components 
and services often accounts for 
a “very significant proportion" 
of total company expenditure, 
and in some instances it can he 
the largest element of produc- 
tion costs. 

Secondly, a lack of con- 
| tinuity of production arising 
from ineffective purchasing 

can seriously affect all major 
company activities. It can also 
damage employee morale and, 
of course, profitability. Finally, 
the BIM suggests that purchas- 
ing staff increasingly regard 
themselves as professionals and 
are demanding recognition as 
such. 

Sound production planning 
and the need to co-ordinate 
functional areas have led com- 
panies 10 see purchasing as a 
profit centre and it is evident 
that the availability of suitable 
finished products for the market 
is heavily dependent on effective 
purchasing, says the BIM. It 
adds that there are no simple 
solutions to achieving a higher 
degree of purchasing efficiency, 
but maintains there is a good 
case fnr reviewing not only the 
role but also the effectiveness 
of the function. 

The checklist then goes on to 
suggest a whole series of ques- 
tions which a company might 
ask itself to achieve this in- 
creased level of purchasing 
efficiency. 

BIM Management Chcckbst 
A'o. 77: Managing Purchasing. 
n callable from BIM Publications 
Department. Management 

House, Parker Street, London 
WC2B 5PT. 





1 - WL. r : 




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NRDC’s money and technological 
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Contact the NatiorialResearch 
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Construction: 
Bovis will show 
you the way 


m w w w w ip w 

nT^TT 


A piece of paper in front of you says 
“At a Board Meeting on 12th June it was 
agreed that a production facility in 
Kookistan should be operational by 
November 1980.” And you hear your own 
voice agreeing to be responsible for it all. 

So nowall you have to do is find a site, 
arrange the money, choose a contractor, 
settle the design, arrive at some idea of the 
cost, decide on a time-table and methods 
of payment, and say, “Right, carry on”. 

Suppress that bubble of panic. Bovis 
International are hereto do all these 
things for you, and more. 

We provide a full service on all aspects 
of construction management overseas; and 
we can put our practical abilities at your 
disposal in any way you like, from 
providing a few key people to sending out 
a complete r eam . 

If your shoulders are even now bowed 
under some burden like this, telephone 
01-422 3488 at once, and ask for Heather 
BelL Tell her what you can, even if it*s 
only the bare details. You’ll be surprised at 
at bow much shell be able to help you. 



*3 ' 




% -m 


g; 



s' • . 



'ill: % 




Company 


Address 





Bovis ff 


a P&O Company 


Report from Number One Wall Street 


Commitment Key to all Irvings corporate banking services worldwide. 


At the highest levels. 

“Our customers don't get lost in 
the labyrinth of an organisational 
chart,” explains Gift Whiteman, 
head of Irving's Domestic 
Corporate Banking Division. 

“We respond quickly to a 
customer's needs because we 
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tivities worldwide, and they know 
whom to come to for a decision. 

“Our immediate reaction 
here is to reach out for problem- 
solving specialists inanvareaof 
corporate concern. All it takes is 
3 phone call.” 

Peter Palmieri. head of 
Irvings International Corporate 
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about service. 'Throughout the 
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compete favorablv with any 
major international bank in the 
qualitv of our services. Where we 


take the lead is in the quality of 
our people. No bank has better 
people and this is the key to our 
success in serving customers.” 

On Ihe firing line. At Irving, 

professionalism at the top results 
in high performance all along the 
way. Says Dick Pratt of Irving's 
International Corporate Banking 
Division. “When a company 
needs growth financing, for 
example, we just don't ask how 
much. We ask what for. By know- 
ing the reason, we're often able 
to structure the kind of creative 
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Dick Higley, who calls on 
Irving' V U.S. customers, gives an- 
other example: “Recently, our 
foreign exchange specialists noted 
a favorable trend in a currencv 
which one of our multinational 
customers wanted to hedge for- 


ward. Tliis was quickly brought 
to the company’s attention, credit 
arranged on-the-spot by phone, 
and die transaction completed .” 

If personalized attention 
with professionalism is important 
to your company, then Irving 
merits important consideration. 


Iff:: Dickson / Aviff. Mar Preside it. 
i irerndf ienal Corporate Banking Division 
Righc Richard G. Higley. Vice President . 
Domestic Corporate Banking Dii isi'crc 


1 « V. I : Nri. C' 



m^5 THE OfffOAL BANK OF _ 

tmUSSk THE 1980 OLYMPIC WINTER GAMES- 

Omce& in ‘ London Frant-Jui Tjice- Sc..;;gpo r e Za.var. E&rj; S 

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Irving Trust Company. Unique. Worldwide. 

A CHARTER NEW BANK 'I- 


Ck - ■ :: A Ca-ar-s Hi-.g i-'c -5 Varila f.!s:t:jrr.s Pi s 




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feiancSr Times 



HHTHJBY ARTHUR B0tfffiTTAHDTHJS31OETH?S 

• WELDING ! 


Flow line working 



• COMPUTING 

Maintenance 
on Zilog 


for 

construction 

01-9951313 


S’? prosranun.r U cokc,n,«1 M 
increase in sales in £. a Xti y Like the original but 
t*6yea J? idsSm- has decided been electronically updated 
4, f «Xct maintenance and “ ^ senerallj more eflietent 
repairs to MiUs Associates, a ok and 0CC upy less space, 
bureau and main frame majoteo- significance, of the idea is that 
. axtee company. the original owners investment 

. The microprocessor company s software is completely cOn- 

. UK chief A- Piedra says that as JJ 

SglrS > u> P en^om^s eoroitiercial Tcleflle hasjurt announced 
as well as industrial microcoiu- jts first order, rrom British 
putiw more and more emphasis united Provident Association for 
5?l| ! hiv7IS *■ placed on /UP- a CEWO emnlatlnn procM-nr 

• porting the customer, nnt only iti worth nearly £0._5m. To have 

• term * of ?vstem hardware and re .„. r men the software to suit 
software, but also repair and BCPA's later IBM machines 


machines 


-maintenance nr the processors woll |d cost twice as much claims 
- and their peripherals. Telefile. 

Zilog. is now selling Its micTO- More f r0ni the company at 

■ computers into many high volume B ,. ch^bere. 13, High Street, 

business miptitalions where the chesham Bucks. HP5 1BG 
provision of a local maintenance (024fl5 753351 
service with fast response is ivo°u, 

becoming important. The com- - • 


pany admits that until now this -[7 L nr J n 

has not been available on the pro- §4 fk I* 

fessional basis as it will in future X Vi 

from Mills. Equipment siippueo _ . 

. by Zilog aod Its franchised distn- o fn pi'll FV 
"tutors will be covered. Users Uutu. J 

Will Sign a standard mainten- 
■ aw* contract. 


AS AN ’extension to its ’Office.-?. 


ier 


Sni.- - « Nrn turnover -com- System .« range of pcocessois^.j 
Mills, a £1 Am turnover 




n» S? h A hum a consiHerable IBM has introduced the model 
2.S .Wf. 1 ™" 6/420. an operator work staum 


One of the carriers for work to be welded can be seen at the ■ 
entrance of the tube leading to the electron beam chamber in the X.. 
centre rear of the photograph. 


. imputation in the repair and ra- 6/420. an operator worn station^ m y , 
f u -hichina nf let 1900 main- consisting essentially of - key*#. /.is 
V ’^ - \S?mLMooS C ao6 oo. hS. hoard, viaoal- Biapto oni, aaj^ . l^J 
■ ■- .• •' elrven locminns , *-etl d»sirihut''d diskette.. 


OFFERED FOR automating tube, the ends of which are "it ;&P5/4YE (0600 4611 J. 
electron beam welding is a atmospheric pressure, thtf centre • 


^ gengraphicafiy throughout the Text and records are-displawR.- 
UK. as they are entered. ..aniT ;• 

.'More from Mills Associates. TP{ . orde( j on diskettes, printing- 
■.Wnimstmt* Road. MonDioutn facing plate on other. : Office*. J‘ 


system said to be the flr-t in the being held at. 3 welding ivacuyrrr 
world that allows EB welding to of around one-hundredtik fofr* ■ ATICPrVP^ 
he used as a true continuous As the carriers., progress,': they * t 

How line process. act as- ihelr own valves passing- r» . 

It will ensure that the benefits rhrongh a series of puoipirig CATlWfl TP 
of electron beam welding— fast stages before reaching : ib» 3Vll TT <4.1 V- 


System 6 models. Information^,; 
can also he. read into the .6/42pT^ -* 
from other diskettes Fot iddi-^ : 
lional revision. J ■■■ 


At relatively low ;rbst. X.hglXff 

inn cApaon a-j a also I 


of electron beam welding— fast stages 


reaching ..the 


6/420 screen can also ‘civejlMjiyA •;{ 
situations where a suhslantiaig-iv 
increase in input and'. document^' 


* l * ] "'achlne vacuiun chamber .wffleh thr 0 LP HE40n and Xerox p atSn is . needed, y U = can 

^ conventionally pumped. ... ^ sigma computer mainframe roride a starting point for 
SSS The component Is rotated i>r base is being exploited in the electrnnit- document diRTrib.ittjrm^ - 


applied on a massive production moved linearly, or rhe beam U. UK arid tolnpc by TrtHiir Com- rn rhose 

- swept over the join! to perform piI{er Products which will be in „ . ctat in n s are alreadv wnrkint - 

vvrntgate. Rapid Transfer the weld. Un completion of one- 0 ff en ns an emulation produ.cl. u l oanaeltv on “ hroceswng 'aM 
S.’srem i RTS) h.is been proved weld a push rod mores the iioxi . Although fiE has been out of nrihiinc. ’ • - - 

reliable and efficient m extensive carrier under the heani ahd-;rhe ^hc computer business for about H t * ' _ 

•-.ling. The first system is twni weld is performed. ..j Vs the VVnrs ^and Xerox for .ibonT - 

installed at V/cnl-ores sub- carriers move fart her filing .the, four there are. according’ m ®Z*r° °* J, 1 ?. ' 

contract pngmrcring sister com. tube they uncover a venlingport Telefiie. about 70" GE400 anrI .r#vi . access - to . oaw- in rq«.^ 

pany tVTPi. where ii i>: being and are returned to atmowhcric machines running in France and^ -system icustnmor records, -ror Jt . 
Ii-ed for welding high quality pressure .. rjermanv and about 130 Xerox sample). . s -" 

diesel engine parts. Siirnrisingly. tooling cos in' ran Sigmas in Europe of which sonic More from the .company ’hP® 

RTS can be fitted to any elec- be mmnomhle to or lnwer i'hsh 40 -#rc in the lti\. 101. ; Wisunore Street. Eondoav ’ 

iron beam welding machine, hut carnu<el jigs. The only limits- The new products.' so far as the W1H OBA (61-935 6600).- . ^ 

cm also he quickly dismantled lion In Mm «izp of the component \ . 1 '-. ... -• '' t^- :■ -• 


cm also he quickly dismantled lion In Mm «izp of the component '. . 1'.. ... : •• 

*=» that the machine can revert in hr w*»id®d is the d»amc»*rrLof . _ . . ■, 

to conventional use. Welding the transfer tube — and tht*v/ H . 0 . COM PO'NEN I S ■ 

speeds arc from 200 to 1.000 manufactured to. individual "■■ ■ .. - • '• .. 

parts per hour depending on the requirements. Snpciallv designed L ori ‘ 

size of component and weld, carriers also ensure that dlffernit" 1 .1 PI IO|i I flPIJfUV fll " - 

Roth circumferential and linear sired mmnnnpnts can use tbe . K V-AEVFA*. “Irjr -‘'.Iz: 1 - 

wc ids are possible. sa*”- machine : ' Jj; THE Microsystems division of for actual’ applib ati on • 

In the Wen taste unit, a series Wentgn*e Engineers, hufuefriaj'.' Crpllnn Electronic? has received development work there is a' 25^- 
of component carriers is placed F<ra«e. St Huntingdon^fficial recognilion as a category pCT cent enntribution up to-'a > - •- 

«. UU »« P.6M 4 C.n,h, 6466 63664. 

'pnHTP^or . application project costing more.tban flthOpOi: y 

-seffeme (Maprtn). which was As category “Cf consaltaBtea^- • 

5mall Darts Iliauc last ' V launched in- July to menurage trelloo ts -recognised as-Mtnf.-:,./- 

S/U1IUA |#U1 I.U limuv AMJi mrttistn tondoptnitcroprocesshn CTtnpetenl not onlv lo carry.outi*^^ 

M TO MATT ON RV a micrnnrn. path^ within * n.00? inch«. ' ba ;. ert to-ehnolnsiw. 

ccs« or h.^s given a pulsed Rerause of the hi^h weld snperf (.onipanies using Mapcnn .eon- manufacture ceiTain items nf 
Ttii welding unit ability to nut- and positive arc “striking.' the sili,ants ^ examine micro pm- n * n , h I e ?aie with’caS 

nerfnrcn laser and electron hcam unit tends itself to automatic c ? 5 fl! r , applications Tor them ^ « _ n j T c r ® Ch C 1 . 

welding of components up m loading and unloading systems. bi ^ , cn 


-1 mm thick, due to very low The controller and The Iransis- wranep from the Department. ^ CreHon Electronics is at 35J 
h»'at input and the high travel torised pulspd TIC power source For f ea si hilltj studies f»lpd> nf Rafh Hoad -Slough. Berks. 5L1 


sp»pd »|f tiip x-> table. arc fully integrated and nn U P *° — are available.. and 6-rE (062S6 43001. 

Prnsramming takes five information is lost Hue to the arc. • 

minutes or less by an unskilled The |f)0 per cent digital control ^ rflNQTJ?IJPTinN 
nperatnr and the computer will ensures calibration is never ™ vUn«J*RUWIIwn: 
program welding paths in circles, required and the resnonsc time •- -. < ■ _ „ 

ovats. square', rectang’cs and of better, than 0.001 second it HininfT fnA Qr/'nllfiPT 
any r-orncr radii nn to Fi. inches, eluninat'*-' wold failures. X IlUilllSz LJLIv- M-JL will tvl> (. 

Welding <pv*»d may he up m The initial design is hy Dime- ppmeu ntTn ss-nvirvc 

inn inebes minute with constant trirs of California reoresenied by » ®-8-paae document is reganJed as 

speed around sharp comers. WEI.CA International UK. 7 s u « , o**fy ?Vh^ r ini , i , . r «,«// , ^r - a . n . . l ,mpl>rtant . a,< * d e si.gntng_ 

Hnce programmed, the unit CM f ton Road Huntm^mi. published three vopimes or tls civil engineering stnictnres for 


nqulrcd and the resnonse time «• . 

f«!2E-JSr h ,SSl. w ’" ,nrt Finding the architect 

RR ™? H d '. ta r services (a aaip.w 4«e.mnt u nnitfM «. 

VEI.CA international UK. 7 substdiaf.v of Barbour Index) an important aid for designing - 


will repeal ail production weld Camhs.. PEIS 7EJ (0480 586711, 


0 METALWORKING 


Copper cast quickly 


■'Selective Lists of Architects marine . environments. The 
Quantity Surveyors and Consult- authors are Dr. M. G. Hallam, 
ing Engineers. Dr. ff. -T. Hear and Dr. L. R. 

Each volume contains inform a- Woollen of Atkins Research and 
tion on partners, associates and Development, 
consultants in the private sector, ‘ 

md key individuals in 'he mf “^r m™ 
public sector. The lists include lo a „. E ‘; ? nd . C J™ “ eT "' 
names, qualifications aod busi- bers J- an ^. I s available from 
ness addresses. at 6 Storeys 

Copies are available from BDA.i ^ a te. London, SW1P 3AU. 


COMMERCIAL facilities for high The engineering development Copies are available from BDA.i Gale * London. SW1P 3AI 
pressure diecasting of copper team then considered other New Lodge, Drift Road, Windsor! 

have been established by GKN metals lower down the tempest- Berks. Prices are: Practising »— j . . r» 

Ferro-Di. As far as is known, ture scale and selected copper at architects (including p and p> rl 111 lit* A liT 

high pressure diecasting of 1 degrees C. This work was g re t copy £55. second. copy £25, X IH'MiV Ul- 

coppnr is no! available anywhere started two years ago and copper additional copies- £ 12 : quantity 

else on 3 cummcixial basis. component of consistent quality surveyors, first copy £27. second QPTjn Q 1 1 111C 


Manv anniicaiions Darticularlv S 11 --^ 180 fiince been pro " copy £12, additional copies £6: 

in the electrical 'components cnnsulting engineers, first copy 


in the electrical components An interest ing development of £? Shd" 0 cS?v’ 3! £ l T wc t DAY seminar will be 

industry, are foreseen by the the technique is diccarting ■ d hel(J in London on November HA 


maiistry. are mreseen oy me thp techniaur is diorictin<r jV, . . ~v_- 

innovaion. Etectrkai S . 11 ch- Um' ol.Sd «“*“»" copWS f5 ’ 

r car _' s anc J iea which could j„ t h,» clie.s in ordvr tn produce 
oenebt. suys the company. 3 dual-metal component. In other r\ <rMn * M I Ar , 

Some .vnarv ago. UKN nrer- words. 3 structurally strong I lV||2|Tl|Cv e|T 
came ihc problems of ltisb component of hixh electrical J ***«-****^vj va. 
icmpprature. high pressure die- conductivity Is possible. M » 

casting in the range of 1.400- UK.V Fcrm-Di provides full 
l.fifln d«rgr«es r. for steels, design and looting facilities Cor ****4.*.***^' 

Developed hv its centralised bmh high pressure diccasting a j 

research facilily in Wolver- processes for copper and steel. C‘|‘T*.|1{^|| | Fl 
ha m p ton. the “Fcrro-Di" pro- Inquiries to CKN- Ferro-Di. vJ*>* **^*' ■ ■* ' 
ccss was put into commercial Padgels Lane. Moons Moat GUIDANCE on r 


structures 


and 15 ».» discuss the prospects* 
tor asphalt roads. 

Organised by Eurobitump fan 
association of 11 oil companie&- 
producing and /pr_. [marketing* 
bitumen m Europe).-, it will also? i 
comprise the . Belgian. French I 
and Spanish trade associations,^ 
of bitiunen producers, and .thpjr^ 
tnc counterpart, the ‘ Refined,^ 
Bitunjfin- Association. • r j 

There will be five main teebni- 1 


Peq 


cess was pul into commercial Padgett Lane. Moons Moat GUIDANCE on methods or "J 11 V 

oper.lion a , K^ditch. South. KcddUck. Worcs B88 ORA. calculation the djnami. rd e.7 ° c«C. "ilFeh win hi 

ponse -Of fixed srruMure-s subject attended, by rniore than, .200 


South, Rcddltcb. Worcs B98 ORA. calculating the dynamti- 


PHOTOGRAPHY 


Electronic camera 
needs no film 


l« wave and current action is represenlalrves -‘nf ’ biiumctL' 
given in the _secn)nd odiiion or manufacturers . from 15. court- 
DjTiamics of Marine Structures, tries. - 

Published by the Underwater Copies of the ' papers .tin 
Engineering Croup of the English. French- .nr German) 
Construction industry Research from Eurohitucuc at_35l Boule- 
and Information Association the- vard Bockstael, Brussels. 


^oprr 

?nce 


COMMUNICATIONS 


DEVELOPERS OF a camera built to date, parameters for the 
which relies solely on advanced camera have already been laid 
electronics to capture and store down and include that It will he 
an linage, without the need for tight in weight, have no moving 


Mid-range 

cable 


.-cable ■ this can be extended ter 1 


10.000 km -or 5,400 nm. 

Some .30 years experience in 
the design : . of submerged 
repeaters (high quality ampli- 
fiers) has allowed a product to 


film ur Hash lighting believe that parts and be comparable in price urnra tup inrmrinrtin-t nf » s 1 oas auowed_a product to 

-sr* or u,e ” me — T ^.«isss , -i,£ sfj-s&w.sre-ffi 

rrom Sow and will litpratw P errorn,anw - ^ marine cable. Standard Tele- sea bed for its 25 year design 

revolutionise the whole industry* High sensitivity with ability to nJimiet **7 ,itt i e prospect of 

A research team at take pictures in minimal light •£*.* -L" havi “S to, raise it for repair. 

Ri'.Vs centre in Lancaster, conditions will go bund in hand IJJKm- u j‘#h canaciti^ frnnTino recent times special re- 

renn-ylvania. under the leader- w|ih electronic sioraee of ih»» .hmnnic facilitiet, have been 


er 


Ri'.Vs centre in Lancaster, conditions wtit go band in hand „v«tp m rurith i!anaeiu^ from ino . recent times spec 

renn-ylvania. under the leader- with electronic storage of the U ' D to 5 520 channels fscllitieh have 

•.mu «<f Mr. Hamid K. Kr.UI. is uic , ures , ak .. n a i„,| lv P cnanneis. added... 

pursuing »ho «lt-» clopmont nf the . l .. * .. . • Uiven the designation ND.-lhn There are also spec 


camera ". nhieh .s l.ased on h;,ve ,ht * shots displayed on a TV. 
advanced photo- imaging such as DPC screen. The user ihen can 


Given the designation ND.-lhn ihere are also special re- 
cable system. offer twu capacities:. p ^ a te r *‘ available the cam nf 
wifb 4 kHz aiidin channels ^‘hteb can be adjusted remotely 


ran hr arhi»*vf*d with largo reject those he dislikes and have spacing -it- caii carry HOT jel^- -^ rom 'Hie terminal, so as to 


arrajs of D icharge-mnipicd the cuod onus printed »ui. cilher phone conversations, of JJOq at re, hove 


-.-discrepancies 


d..-,tcel sensors in which Rf ; A h on .1 poiocupicr nr rurned iuio ,!,e now morft common 3 kHr J^ rin ®,,f„ urln , H lbc lifr of Or 


thought in have « world lead. 
Thouch no proiotvpp has In-en 


iransparancies. 

Mr Krai) is thr prnduci line 


spacing. . . exam" ic 

Using one inch 125 mqii light- Duplicated 


■- «i«t "iiuvi non 4 ,' ^ 1 ,;„ u •'■jihuisu. terminal pgiiia. 

director for the rompanj s closed F iran^cd L Swl COppcr-Siad rnm£ e, I rtrwifc *»naw»v«r 

e fi„ tiprr cinent forivoen tjir rimni TV equipment Several sii-ngth member and a r^oeatcr S£em ^•itSlfn ^ V* h 
I inuiirnjl Tutu’s nnrl ibo BBt: -ryups are developing the various .pacing of 12 km, route lengths mamlenanei ti {U 1 ™,*- 11 
tviomiahon irom Mie T.x-|ib„-,iI eoiii|ion«'ni> required for this exceeding 7.500 km M?00fl whiff 


1 Suhmarin?. 
Chriflchurrh 
.nndon Stiff 


V 











15 



The civil engineers have suffered most from the recession in the construction 
industry, and although the omens are better no one is looking for any sizeable 
' recovery. Even export markets — a success story — are becoming difficult, with 


fierce world competition for whatever business is going. 



By Michael Cassell 

WHEN LEADERS of the civil 
engineering industry, suggested 
a year ago that .output in 1978 
was likely - to be as much as 
40 per cent below the list peak 
of 1973. Ministers greeted the 
warnings with a mixture of 
shock and disbelief. - ■ . 

Events have proved, the 
industry correct ip its prophecy 
and. although the - immediate 
outlook now appears just a 
little brighter, no one expects 
the foreseeable future to offer 
any fundamental improvements. 

It is the civil engineers who 
hate suffered most in a con- 
struction-industry where over- 
all output has fallen by around 
25 per cent during what - is 
widely described~as the deepest 
recession - experienced' . • since 
World War Two 1 — some' claim. 


- th e Worst ever - 
r The -slump - at one ' stage left 
■.oyer, one quarter of a million 
people in construction without 
jobs^-a figure pushed . even 
higher when jobs in ancillary 
industries were ’ taken' into 
hpcopnt The traditionally long 
list ! .of company casualties rose, 
too, as contractors struggled to 
win what work was available, 
carried out contracts on thin 
or non-existent profit margins 
[and' ended up being swallowed 
by a competitor or placed in 
the hands .of a receivers , 

Some civil - engineering 
specialists, in particular, have 
recently begun to- diversify to 
reduce their dependence on a 
market: .which-, looks set to 
remain a difficult one. 

The position of the civil 
engineers would over the past 
five years have -been difficult 
enough, given the general 
-economic * situation. But a 
succession of swingeing cuts in 
public expenditure directly 
affecting a broad range of con- 
struction work— -and imposed 
by a Government whose con- 
cern for the industry paled 
alongside its determination to 
control ' inflation— turned a 
potentially, tough-trading -period 
into ; 'a nightmare * for - many 
companies. ■ ■ r . 
f.; The' ^industry screamed out 
loud ea<§i ‘ time the 'axe fell, 
accompanying dire warnings of 
rising 1 unemployment with pre- 
dictions • of. permanently lost 
capacity. Bat it also knew that 
it. v&s pleading' With an execu- 
tioner which Ijeli.eyfed there 
was; no other-choice.' - 


The worst is now over and 
the activities of the civil 
engineering sector are running 
on an even plateau. With the 
roads programme down to a 
fraction of its former level — 
and likely to stay so— i-many 
contractors are pinning their 
hopes on the prospect of having 
to renew large numbers of 
water and sewerage schemes, 
which are now in desperate 
attention, and on a revival in 
industrial construction. But 
with all public authorities 
working on tight budgets and 
under-s pen ding becoming a 
major problem — together with 
a continuing reluctance on the 
part of industry to step up 
investment — the contractors 
cannot be too optimistic that a 
revival in fortunes is just 
around the comer. 


Forecasts 


The last set of forecasts from 
the joint forecasting committee 
of the Building and Civil 
Engineering Economic Develop- 
ment Committee suggested that 
although the bottom of the 
trough in public sector work 
should be reached this year, 
only modest rises in workload 
could be expected in 1979 and 
1980. 

The industry itself would not 
necessarily welcome any rapid 
rise in workload, however, as 
any fast upturn could pur 
tremendous strain on resources 
which have hem substantial!'- 
skimmed down during the 
recession. 

But while the Government 


has no short-term intention of 
releasing the brakes previously 
applied on construction expendi- 
ture — it represents by far the 
biggest client for the industry 
— there is now a real hope 
within the construction sectoT 
that it will not again suffer so 

heavily at the bands of aDy 
Government. For the plight of 
the construction and civil 
engineering industries at the 
depth of the recession encour- 
aged them, in an unprecedented 
show of unity’, so to speak with 
one voice to Ministers and to 
establish the case for construc- 
tion to be treated as a single 
entity’ — an industry with its own 
views and requirements which 
needed to be considered in the 
same way as those of any other 
industrial sector. 

The so-called “ Group of 
Eight."’ drawing representatives 
from all sectors of construction 
and its associated professions, 
can so far claim some notable 
successes. Ministers have 
clearly been far more readily 
disposed towards listening to a 
lobbying body which can 
reasonably claim to represent 
most sectoral interests within 
construction, even if they do 
suspect that such a body would 
break up once work flows back 
into the industry. 

While the Group of Eight has 
not yet managed to extract any- 
more money from Goremmen t 
as a result of its discussions 
it can at least claim to have 
engineered one major break- 
through. 

•After, talks with "Mr. Peter 


Shore. Secretary for the 
Environment, the Government 
has finally undertaken to see 
that the construction content of 
future White Papers on expendi- 
ture will be a separate element, 
readily identifiable and capable 
of illustrating at a glance the 
full impact of spending pro- 
posals on the building and civil 
engineering industries. 

Efforts arc being made to 
encourage Ministers to include 
what the industry believes Jo 
be this vital innovation in the 
White Paper, due next February. 
The hope is that not only will 
the construction sector he able 
to pinpoint how it is faring at 
the hands of }ts biggest cus- 
tomer but that Ministers will 
begin to treat construction as 
an important factor in their 
overall economic and budgetary 
considerations and not. as in the 
past, as an afterthought. 

Criticisms, however, have not 
heen reserved merely for the 
Government and its handling of 
the construction industry. 
Ministers have in the past sug- 
gested that the sector could help 
improve its ow-n position by 
adopting a more aggressive role 
in the search for new business 
and that it should put as much 
energy into marketing itself and 
its services as it does apparently 
into complaining to Government 
about lack of work. 

Some support for this attitude 
came earlier this year in a 
major report from the National 
Economic Development Office 
which claimed that the construc- 
tion industry was insufficiently 


responsivp to the needs of its 
clients, particularly those in the 
industrial sector. 

Companies. -,aid the report, 
were too concerned about their 
own individual role in the 
construction process and the 
industry would have to promote 
its services as an essential aid 
to improved productivity and 
better working conditions. 

Few civil engineers would re- 
gard such an approach as any- 
thing other than a peripheral 
attempt to solve their main 
problems at a time when hun- 
dreds of millions of pounds 
worth of “bread and butter 
work " has been taken away 
from them with the stroke of a 
pen at the Treasury. 

Praise 

The efforts of civil engineers 
to seek out work away from the 
difficult home market have, how- 
ever. come in for nothing but 
praise in ministerial circles — 
and most observers would con- 
cur. The success of UK civil 
engineers and the construction 
industry professions in overseas 
markets provides the best 
answer of all to criticism? that 
tiie industry is slow to spot 
chances for new work. 

Figures released recently by 
the Department of the Environ- 
ment forcefully underlined the 
extent c>f the migration of skills 
and resources undertaken by 
the construction industry and 
professions in the search for 
work where work is available. 
According to the Department. 


British construction companies 
carried out work overseas 
valued at an estimated £1.6bn 
in the year up until March. 
197S. five times the value of 
work done five years earlier. 
The Middle East again proved 
to be the major market, al- 
though contractors began to 
pick up a growing proportion of 
work from Common Market 
countries. Large civil engin- 
eering operations continued to 

dominate the field, with just 
20 British companies accounting 
for 93 per cent of the iota] 
value of new contracts picked 
up by U.K. companies. 

During the year ending in 
March, British contractors won 
nearly £2bn worth of overseas 
work while actual earnings from 
contracts carried out totalled 
around £400m. The picture 
overseas remains reasonably 
buoyant, although the pattern 
of yearly growth could now 
become increasingly difficult as 
competition grows more intense 
and large contracts become less 
readily available. 

The overseas construction 
story has not. unfortunately, 
been exclusively concerned with 
success, and some contractors 
have encountered serious diffi- 
culties which have done little 
to improve iheir financial situa- 
tion or to enhance their inter- 
national reputations. 

Closer to home, the civil 
engineers have been conducting 
another fight, not io win work 
away from their competitors but 
to prevent '-hut they see as a 
major threat to Their future. 


Proposals from the National 
Executive Committee of the 
Labour Party to spread public 
ownership in the construction 
sector have, like the recession 
itself, brought unity to a tradi- 
tionally fragmented industry, 
this time in the shape of the 
controversial “CABIN" ami- 
nationalisation campaign being 
conducted by the Federation of 
Civil Engineering Contractors 
and the National Federation of 
Building Trade Employers. 

The Labour Party’s proposals, 
which include state ownership 
Df at least one of the major civil 
engineering companies. are 
being treated with the utmost 
seriousness, even though^he in- 
dustry knows there arc many 
influential people within the 
party who do not agree with the 
plans. As a spokesman for ihe 
FCEC said: “ We just cannot 
afford to ignore the plans in the 
hope they will go away. They 
must be fought all the way until 
they are dropped." 

The spokesman added: 
“ People have accused us of 
going overboard in our opposi- 
tion to the proposals but we 
believe they would spell 
disaster in an industry where 
free enterprise and competition 
arp all important. 

•’ The plans have been ill- 
thought out and fail totally «•» 
demonstrate that any improve- 
ments would result from their 
introduction. We are deter- 
mined not to end up being 
used as a sprat, to be thrown 
to the Labour Left whenever 
the appropriate momon» arises.*’ 






bichard costain limited 

?E 3 | ill Westminster Eri^s fiaad 
j§SS London SO 7U£ 

T^ephQneCi-s-2349/7 



trjnM ny.:n«i av 

3.T-ll‘*Arrmm IHTrr.fc.TVJKAl 
loans 1 .’'inn 









16 


DOUGLAS 


The sign of a good contractor 

For nearl/ fifty years companies in the Douglas Group have contributed to 
environmental improvements by their civil engineering activities throughput 
the United Kingdom. They have constructed motorways, trunk roads, bridges, 
airfields, sewage works, reservoirs, water supply, power stations, leisure 
facilities, factories and warehouses, in fact, almost every kind of civil engineer- 
ing project. They also provide a complete site investigation and soil mechanics 
service and undertake civil and structural engineering . and building design. 


R.M. DOUGLAS CONSTRUCTION LTD. 
Civil Engineering Si Building Contractors. 

BRITISH LIFT SLAB LTD. 

Lift Slab Design and Construction. Slip form 
System. 


R.M. DOUGLAS ASPHALT & PAVING LTD. 
iVlastic Asphalt. Tar Paving. Road Surfacing. 

DOUGLAS TECHNICAL SERVICES LTD. 
Soil Mechanics. Structural, Civil Engineering 
and Building Design. 


For any of these services contact : Arthur B. Moore , E.Sc., F./.O.B. 

Group 


The fi 


DOUGLAS 


395 GEORGE ROAD, BIRMINGHAM B23 7RZ. Telephone 021-356 4883 

Regional O trices.- 

LONDON. CARDIFF. SWANSEA, STOCKTON-ON-TEES. WIGAN. EDINBURGH. GLASGOW. 


CIVIL 


financial Times Tuesday Nbvemfer . 7 1S 7 : 

IT 




MODEST ECONOMIC growth, with low demand at home and 
restricted investment and a con- the aftermath of economic 
tinuing damp down on policies which at times seemed 
public expenditure — partieu- designed to make its plight 
iarly capital expenditure — is the even worse, 
somewhat daunting outlook con- Not since the heady days of 
fronting UK civil engineers as 1973, when total domestic con- 
they attempt to calculate the struction output In the UK rose 
volume of domestic work likely by 5 per cent has the constnic- 
to become available up until tion industry had anything to 
the end of the present decade, shout about — apart from succes- 
The prospect is nothing new sive cuts in public expenditure, 
to the construction sector. In 1974, total construction out- 
which for the past five years put plummeted by 13 per cent, 
has been through the economic with public sector work — the 
wringer and had to make do staple diet of the civil engineer- 
ing sector— falling even further 
The following 




When you cover the world, 
why keep it under your hat? 






Caprolactam pUmtunder construction at FUxborough for Mypro (UK) Lirnited 




Far from keeping it under their hat, Acrow recently demonstrated their world-wide 
capability, to over 10,000 visitors during the Acrow Convention at Kempton Park, attended 
by 1,000 Acrow delegates from no less than 82 countries; probably the largest exhibition 
ever mounted by a British industrial group associated with the construction industry 


Acrow (Engineers) Limited 

F onnwork and sccUiolciincj 
3vs terns 

Concrete hardware 
Tudid' safer/ nelme:s 


Coles Cranes Limited 

Self-propelled mobile cranes 
andspsedcranes 
Diesel hydraulic truck cranes 
Diesel electric trues: cranes 
Port tower cranes 


Pries tman Brothers Limited 

jiydiauiic excavators 
Crawler cranes 
Grab di edging cranes 
Grabs and grapples . 
Taper ex’ cross roil beanegs 


Thus. Storey (Engineers) Ltd 

Bailey Bridging 
.Acrow Panel Endcwg 
Acrov: Heavy Bridging 
Uruflote pocroons 
Air cushion platforms 


2 . 


ACS OY. - aa irtfemanon a : engineering group with inrerests m constmctiijn. bridging, materials har-dlisg.oQ and petro-nenaedfe. agnculrre. 
heating and venolancn and general engineering. Other pnrerijMl companies m the UX.indua> Acrow (Auloraanonl Lunir-’drAcroT: T'ihec 
Adamson liUci’.edjAdamscm&Haicnen LimiiedrCrane & Machinery Services LimfeediCra'Mey i?'.e[ng.irauonj Linsrs-x 

EJi Be mall & Co. Limned and Steels Engineering Ltmutd. 


ncROW 


niciii t: jcak =r 
W WKicrai 


Acrow Limited, 8 South Wharf Road, London W2 lPB.Tetdl-262 ?546. , Mex:21S£& 


by 14 per cent. 

year, the pattern was repeated, 
with public sector construction 
output declining by 10 per cent 
from 1974. In 1976, the rapid 
decline moderated tn a mere 
3 per cent in the public sector, 
only to fall back by about 12 
per cent in the next 12 months. 

This year, too. the industry 
will have struggled in a market 
where public sector output has 
fallen yet again — albeit by only 
around 1 per cent. Next year, 
for the first time since 1973. 
construction work in the public 
sector is expected to turn 
upwards, possibly by around 2 
pct cent, with a further modest 
increase anticipated in the next 
12 months. 

Within the overall figures 

lies a fairly repetitive sector- . ‘ "V ' 

~nwth° r Potential^ busfness 1116 Mlinlr T ,s sewerage system lower margins and the largest centred on the mutual desire ' •• 

from the nationalised indus- up 10 date must evenlHa lIy pro- contractors have been forced to to generate a more i orderly-- 

tries is expected to craw vide civU ®ec- take on smaller batches of work growth ib construction output: . 

marcinaiiv tn loan with “-J: tor a desperately, needed to which their operations are the next time round. Hfemories 

taps a stranger aictureof rani "S'* sale fat natnrally geared. of • bottlenecks end bae&togs 

struction investment for tE. whlch could usefully employ The difficulties in obtaining which frustrated the last revival- . 

r.as Coruoratinn than fnr much of ils unused . domestic work which have been ex- and helped give inflation a 
o“er TS>r p^c ^ secSr “Sf 1 * , _ .. perienced by many of the ^er twist are stiU^ to 'the. 

bodies P The 0U ^ 00 “ f° r civil :eiigin- medium-sized contractors have memory and both sides- are . . 

eering business in the private been heightened by the arrival anxious to avoid any repetition;:;' 
•w-i sector does, however, look- a" 1 on the scene of those companies' of that type of- situation. - •' 

HiStimatCS tittle more promising. Industrial who would not normally in- The industry has certainly. not.'. 

and commercial construction terest themselves in smaller given up in- its persistent' 

The outlook for roads con- projects— not the exclusive pre- scale projects. A few ques- attempts to secure further in- ' 
struction provides little cheer serve of the civil engineers but. tions have certainly been raised jections of finance into construe- * 
either. On the basis of present one in which the largest-caiF concerning the size of the mar- to help. make amends foe' - ' 
estimates, spending on trunk tractors have always been ."ae- . gins they are apparently ready the massive cuts in expenditure ' - 
roads could be running 20 per tive— are now flowing through to accept in order to obtain introduced at the height of the ■ 
cent lower than in the last at a rate which implies a .signi- badly needed work and keep economic crisis, but it shares 
White Paper on Public Expen- ficant recovery from the levels their operations usefully era- with Ministers the desire to '• - 
diture. The increasing fre- of activity achieved in the past ployed- prevent another sharp -.move-' 

quency and length of public four years. Substantial slimming down the cycle of activity ' 

inquiries concerned with major Industrial construction work has. however, been inevitable, which has done so -much- to.'- - 
route developments, which con- carried out this year is expected"; with unemployment in the in- undermine its strength in recent 1 , 
tractors claim has made the t0 have ^own an increase: ofr : <iustry reaching record proper- Tears- 

Department of the Environ- about 8 per cent over 1977f t tion$, a picture which, has been The recent, NEDO- report on . 
ment wary of pushing ahead Jevels-rtrtuch had fallen by. no-reflected among the associated* 1116 construction industry. under- 
with many proposed schemes, less than 18 P er cenl froi n the. professions. . . . lined the fundamental role 

has served to exacerbate the prev,ous year— and a further A Another result of the slump. • w3W $ h construction would have, 
situation, as has the reluctance ?o^ C T nt *r se 3S antiel P ated in this time magnified because of in the nation’s indus- 

of many local authorities to In “ e commercial sector, the extent of the recession, is t™* 1 recovery and there is some ' 
authorise road schemes. output this year looks set to the shortage of skilled crafts- h<y>e within the industry that. 

A similar picture is drawn have risen by 7 per cent, after men. The downturn" in work 1116 experiences*# tbg.past four, 
for water and sewerage ? ^K dest u P lurn . in 1977 - and has been 'so substantial and so or five y ear s have impressed 
schemes where output is y im]er tuodest increases are prolonged that once again the upon •. government •• iCfte .. harm 
expected to grow only modestly - - - — ~ ^ 1980. industry has lost, perhaps, per- ' which can be caused, by violent 

ivc i 
iis yi 

Economic Development "office ..® ut des P ite 11,6 occasional pick up. ’ **" " * r correct demand : jnaMiigeraent- 

pointed oul if stresses in some wSnnl-f’ - he *P® d i ium - t erm The same shortages have in ^owly be beginning^ sink 
areas do call for increased 2 L ei ^f ns fau i ^ b, f ak 0,6 a PPhed equally to con- and 11,81 in . luture the 
capital expenditure, then the with 1 tiLi ^ y ^ U !S risin8 that materials, though the ui(iustr y be C9asi.dered -as ; 

internal transfer of funds ninnin? oc c „ onstnic I 1 ° n 1 output extent of the current revival in 311 'and not 

rather than an increase in total iq?? uX-pi f p ® r beio " the construction work has a 5 yet “® rel y ®s an adjunct to all the 

spending seems more likely. cent for c vi /n^nSn^l? p ^f hee “ too Umited to place any major sectors -They are ‘ 

From a longer-term point of contractor! hare h^nm! slgTllfi p mt strain on manufac- 5SK I ? ,,ch ®°^ nsh tat ' 

view, however, the extensive ;i v hai !f becorae slead ‘ turers resources. which may, trace «gam;:flounder . 

replacement and modernisation work LmStic^ont^^h 635 ^- In f ^ rt * ^ uch of the current sign of , the next - • 

programme required to bring of * ha \f d,s cnssion between the industry ^or economic crisis., 

T ” etess ‘ ly “solved much and the Government has been Michael Ossell t 

Growing level of 
overseas 

TIfE BRiTISH construction in- accounted for £33 Om via over- 
dustry. with its related pro- seas contracts ' 
fessions and suppliers, earned Britain, with 




Every decision maker 
should have a copy 
of the Tilcon Group 
Brochure... 


Of that total. UK contractors sultants r£380m) and from ” . " ri 

1 ^.^ and 


<y^i 






It presents a 'complete picture' of Tricon -one of the 
largest suppliers of building materials and services in thelf.K. 
with daily involvement in many.of the most important building 
and civil engineering contracts. 

The extent of Tilcon’s resources and technical back-up may 
surprise you! 

Write, phone or teiex far yoursopy today t 


handled out of of^Emlronmentflibo^ioo expen- 7 i 

about £2.6bn overseas in 197*1 conTm^ ^e returns to less restricted . [ 

1978. an increase of around sidiary operations The ore!Sa?Sirh r « “° W “Pelting A brief glance at the- D« Dart- - 

construction show that activity 
UK began, to 

o-w , petition : and " haiw” rnnre. 1 ^’ "enificaittly in 1974- 

The value of work carried out losses. - * ontra ct 19*5, at a time when the 

overseas by British contractors Work remains concentraroj ‘ «cessioti began to 

n S !n£ r0in £1 ^ 7b , n fa 1976 * 77 to however, in the handS of S» e 2 » ^ e ' In H 1 9 72 -^ UK contractors 
£1.60bn in the latest 12-month largest contractoreT^ who a™ SS ^ to than 

period for which figures are currently handiing over 90 hpp W07 p 1 05 foreign worfc 

available, while,, at the end of cent nf all projects inw«i„ Per lar ®^ y confined to a very small 
March tilts year, they had over ?K const^cti^ j wmpanie° s 1Vme ? f operators with long 

£2Jbn worth of work in hand. pames. . . overseas experience. s But hy 

In addition, now m-erseas coi> C|fAnac>rf*,l the figure had risen to over 

tracts worth £i.92bn at todav’s k3UL-ILC&MUl fl.lbn and, even discounting the 

pnees were won by British con- Tiie DenartewnF* f “' r| y substantial . inflationary 

tractors in over 100 countries 'e-i, & “Sures con- element involved, it -was clear 

during 1977-78.. The total, which ^ at ^tractors Mete tackling^ 

includes contracts awarded to for °^ arseaa ejects with ait 

the overseas branches and SU b- soe^ S riSnv So ™ e SiaSTn . “d determination-. -not 

sidiaries of construction com- whteh*i£ S r™-?. but experi ««d before. - - 

hfchpr than iTX ■ £200m relatively ne“ de Pa ??u7c Th^ "Stable that inex- 

* previous 12 major expansion m overset ^ OU « h markets »* 

months. operations has been the mevft hi£l ? >nS chen ? s - would com- 

This unpressive list of figures able consequence of an atan^i t ^ eBSUI *‘-? ba t overseas 

°l? nth b * v ^ unprecedented depresion in thJ 1 dld - r not - aiways provide 
«r ** 55,0,1 ‘a the haven from domestic reces- 




r^u m “ nth by ^ unprecedented deprSlqn in thPh, dfd f notaKva ^ .1 
Department of the Environment domestic' work, caused hv ^ ha ^? n ^r 0 ™ domestic 
wh,ch rea^ed^o ne»s .f tta to- JTLSLS: 


You can trust the 


TILCON 


f 

team 


A MEMBER Of THE THOMAS TILUVS GPOVf* 


Tilling Construction Services Ltd 

GROUP ADVERTISING DEPARTMENT 

Convngham Hall. Knaresborough. North Yorkshire HG59AY. 

Tel ; Harrogate (0423) 862841 Telex: 57997 


|dustry's continuing overseas grawth and,'^ some 'would' 9 Jh ** a common factor 
S*"""!? cha racteri.stlc calm gost. some fundament^ha^Ji' tte 

i " d t Jhe simple obscrea tion in the nature of deman“fS ahrZln K coo ^ actors venturing 
I that it had all been achieved civil engineering projectsin rho £ J for ^ 6151 111110 *“■ 

| against increasing competition UK. The theory in iiis^resoept un£S? * tenden °y to hopelessly 
and protectionism. " is mt ^ bulk of the poSS vital mobili- 

Such measured phrases from infrastructure programme *in ^ cffect ^ Karsh 

the DoE convey littie of the thc^ fa^now comoTeTe ^ atlc editions >n contract 

effort . and rcsrnm that the civil engineering secto? ftSSliH?* 1 ^ S *T **** -*? 
vhich dozens of companies and must acceptand settle do w-n to an . d delajs 

thousands of people have put a I over norin in. terms of annual absiilyi^, Cra 5“ deTel °P ed t0 - 
i mo ensuring that British con- output. It- is a plausible the” re ^ , Proportions. . 
tractors remain a force to be which the Civil engineers them- <tPv^-' a ? Tesu }}’ ther ® 
reckoned with in the inter- selves find- hard to accept and ^15^ ™ el1 Publicised (and 
national civil engineering and which wiU be.difficultjo prove * so ™ cl1 publicised) , 

construction world. . .. - CONTINUED on next prob,ems which havc 



v- - j . -■ - • 


■ • x-tK 








17 


/financial Times Tuesday November 7 1978 


CIVIL 


III 








- . ^ ^ m m x S»rvy 







THE Middle East construction again hold out quite so readily 
market resembles something of the volume and range of work 
The morning after the night which has flowed in the past, 
before:’’ Some contractors wish After, the dramatic boom in 
they had never bothered to turn the construction market sparked 
up, a few have soreheads and off by the-, readjustment of oil 
others are already' beginning to prices,. certain kinds of activity 
look, round for the next party, are now clearly levelling off. 

There , has certainly been a Many of " -the major client 
party in the oil-rich nations of ■countries ar< - . beginning to 
the Gulf, where the rate of establish; for themselves the 
economic growth has .left the basis. -of their infrastructure ■ 
rest of the world standing and Major roads, airports, ports and 
where international contractors docks— -and some have moved 
in search "of business have well- into the —second genera- 
tumed up in their hundreds, if tion M phase : of office, resi- 
. not- with a. bottle in Their hands dential and Industrial develop- 
theh with plenty of ideas and a ment 

few competitive b.ids. Tie chances, are, therefore. 

In a sense.. the. party- Is not Thai in a growing number of 
really over at- all. At -present, markets the international con- 
some 5o to 60 per cent of capital tracting- operations will have to 
expenditure in the Middle East begin to take an interest in ih<? 
is being ■ put into construction type of. work which until now- 
work, a proportion which a they have been able to ignore — 
recent Economist Intelligence particularly in the industrial 
Unit report pointed out was un- development field, 
p recede nted-ib the developing But it is not only the make-up 
world. ’ According to some esti- of ^ market which is changing, 
mates — they vary substantially r jvjj 0 f participants chasing 
—expenditure on construction wor k has grown longer anti 
in the region is likely to reach competition has become t-on- 
between $2Sbn and $30bn by gitferably more fierce. In 

1981. so the outlook for con- addition clients have m many 

tinuing growth looks encourag- reS pects * become more world! y 
mg, if less buoyant than two or ^ as the result of some badly 
three years ago. burned fingers, become much 

• tougher customers. 

Inflation .In essence, the Middle East 

uuiaiiuu construction market has come 

Despite significant retrench' of age. -It has settled down, 
ment on the part of most Middle with the client and contractor 
East economices — -brought about elements both having learned 
by the need to contain inflation a few lessons and with every 
which has budgets — opportuni- hope that the market can now 
ties for profitable contracts re- progres in ’ a more orderly 
main. Besides the fact that the fashion. 

oil-rich states enjoy considerable The boom itself has generated 
financial surpluses, the financial more obstacles to. getting work 
aid and investment policies of j n a region which invariably 
these states have also helped bears little resemblance to the 
their less fortunate neighbours, markets in which many con- 
such as Egypt and Sudan, who tractors have previously 

now also can contemplate sub- ope rated. Competition really 
slan ti a I construction pro- become Intense and Govern- 
grammes. nients. in the role ;of clients. 

But if contract opportunities have begun to drive some very 
do still exist, few international hard bargains. The process of 
contractors would fail to accept winning work, always a cosily 
the observation that the market one. has become more costly and 
has changed quite dramatically . more time consuming Than ever 
in the last two years and that and with the chances of sue- 
the Middle East wiJf -never eess thinner than in the p?su 


roany contractors are thinking 
fvice berorc making a play for 
contracts out to tender. 

International contractors are- 
al so beginning to find that locdl 
construction companies have 
been watching and learning and 
tht a in some, though by no 
means all markets, they are now 
becoming a competitive force. 

That is not to say that they 
are capable of picking up roulti- 
Biilliofi civil engineering con- 
tracts — at least not on their own 
— but it docs suggest that they 
may well be in a position to 
compete for a growing propor- 
tion of the second tier of work, 
such as housing and urban 
development, health and educa- 
tion requirements, leisure and 
recreation facilities — in short 
the type of work which will 
now make up a growing propor- 
tion of the overall construction 
market. 

Competitive 

Far I he lime being, however, 
th- major international civil 
engineering contractors arc 
more concerned with the com- 
petition now coming from the 
Far East, in the form of South 
Korean and Thai contractors. 
No current assessment of the 
Middle Easr construction mar- 
ket can avoid mention of the 
impact which the South Koreans 
in particular are now having on 
the scene 

Until recently, the Korean 
activities in the region have 
been largely labour intensive, 
in miring the building of roads, 
ports, housing and hospitals, 
hut there is now ample evidence 
to «ugge.st that the i i o? 
their technical undi-rrljnd'ng 
has n«en dramatically an-J. as 
recent tender succere.* have 
higii'igliled. they are c&oubie of 
vying for and winning the most 
sophisticated of civil engineer- 
ing projects. 

But whaj of ihe British con- 
tractors in a market which has 
now become anything but an 
easy alternative to a severely 
restricted home market? There 
is little room for complacency, 
but there is some scope for 
:*elf-congraiuiation. Figure* 


released only a few days ago 
by the Department of the 
Environment showed that UK 
contractors managed to win 
new orders wurih no less than 
£1.02bu from the Middle East 
in liie year ending in March 
1978 —-a figure representing 
mure than half of all ihe over- 
sea* contracts picked up during 
that period. Five years ago, the 
value of UK orders in the 

region stood at barely £75m. 

The Department‘s figures 
showed that the United Arab 

Emirates again proved Ihe 

major construction market for 
UK companies, with orders 
taken wunh £4 14 m. -The 
Emirates, with its long ‘British 
associations and it? respect for 
British standards and skills, has 
provided huge volumes of profit- 
able business for some of this 
country's largest civil engineers, 
though the amount or work 
available has fallen fairly 
dramatically in the past two 
year.- and several com factors 
are worried about future work 
prospects in the area. 

Saudi Arabia, according to 
official figures, ranked as the 
second most important Gulf 
construct ion market lor the UK, 
with new order* worth £148m 
taken on. The figure appears 
insignificant alongside the 
Saudis' overall construction 
budget and it is 3 fact that 
British penetration of the 
largest market of all has been 
very disappointing. Many con- 
tractors have quite simply been 
able to find work more easily 
elsewhere and have been put off 
by some of the onerous contract 
conditions ti." not the depress- 
ing s-ones of the environment 
and social res: notions j laid 
down by baud; cl.eni». 

But it may h..- time for UK 
contractors to aril their teeth 
and to attempt ;o make nigger 
inroads into Saudi. V»‘ilh the 
prospect of much tougher com- 
petition ana a declining level of 
major civil engineering projects 
confronting them in their more 
traditional Gulf markets, Saudi 
demands to be taken more 
seriously than in the past. Con- 
tractors know fui! well that 
there v.ill he no easy option* 


in Saudi, but the largest, most 
experienced ought to be able 
to continue the successes they 
have recorded elsewhere. 

Elsewhere in the Middle East. 
Iran continues to prove to be 
an important market for the 
UK, as do Bahrain. Qatar and 
the Oman. One ofra the most 
interesting prospects for British 
construction companies must be 
Egypt, where enormous develop- 
ment potential exists and where 

there remain very strong pro- 
British sympathies. A poor eco- 
nomy will continue to restrict 
opportunities for expansion and 
develpraent. but peace with 
Israel anti an injection of ex- 
ternal finance could Transform 
the present situation and pro- 
vide substantia] trading oppor- 
tunities. cot least for the UK. 

M.C. 



Costcin International undertaking construction oj a cement urorks in Dubai 


Overseas 


CONTINUED FROM PREVIOUS PAGE 


highlighted the over-present 
risks attendant in working over- 
seas and which no doubt made 
some contractors wish they had 
never set foot in Nigeria or 
Saudi Arabia. 

But there have been plenty 
of successes by way of compen- 
sation. bringing healthy profits, 
increased experience and, in 
turn, more work to the core of 
UK contractors who now regard 
the world market to be as im- 
portani, if not more so, than the 
UK. 

In 11*77-78. British contrac- 
tor* picked up work in Europe 
valued a- nearly £300 m. won 
another £55nni in Africa. £l40in 
worth of contracts in the United 
Slates and £1.02hn in the Middle 
Ea?t— the most important mar- 
ket of them all. The contractors' 
operations extended to the Far 
East. Australia, the Caribbean 
and South America and they 
managed to maintain their pos- 
ition in a world market which 
in the pa«t two years ha? 
changed complexion quite 
drsmafkjiiy. 


There are some observers who 
suggest that she success of the 
UK contractors is all the more 
remarkable because they have 
received less support and fewer 
back-up facilities than many of 
the competitors against whom 
they have to fight for work. 
Whether it concerns the level 
of local commercial expertise 
provided fay the international 
diplomatic network or the range 
of export credit guarantees 
availahle at home, there exists 
substantial criticism that the 
massive rele contractors play in 
assisting the be lance of pay- 
ments L-. not adequately re- 
flected in the scope of official 
support available to them. 

One tiling is- clear: the 
British contractors are going to 
need every piece of as-isiane* 
they can lay their hands on if 
they are tn continue the suc- 
cesses of Ihe past few years. For 
the world's growth markets in 
construction — principally the 
Middle East and parts of 
Africa— have entered a signifi- 


cantly less buoyant phase and 
although, in some cases, it ma> 
prove to be nothing more than, 
a tempo rarv phenomenon, the- 
amount of work availahle i* on 
the decline. At the same time, 
competition is increasingly 
tough and profit margins are 
generally looking thinner than 
has been the case for some 
time. 

Some of the largest UK civil 
engineering contractors have 
already made warning noises 
about anticipated falls in work 
levels abroad and lower profit 
expectations and their voices 
arc likely to be joined by others 
non- that the pressure i> mount- 
ing. It is nor fantasy to suggest 
that the search for work really 
is now extending beyond the 
more traditional markets and 
that major contractors are 
seriously examining ihe 
potential for large-scale civil 
engineering projects as far 
afield as South America— some 
work has already been n etched 
up there — and even China. 


Closer K. home, <v>r.irac:ars 
are hoping to extend their 
penetration of European mar- 
kets. where activity for them 
ha* recently been showing signs 
of considerable expan.-ion. 
despite Uie general!" poor 
economic outlook. Last year. 
UK contractors won more work 
than ever before and they have 
been heartened by some fairly 
ambitious plans put forward by 
the Community’s Minister of 
Transport which won id entail, 
among other things, liie final 
provision of a Channel tunnel, 
an expanded network of Euro- 
pean trunk road* and improve- 
ment *• in relisting Cons mein i 
rail link*. The Mi him re/* plans 
are not : cl treked by any hard 
c.vh :.n»i Ik--. * far found 
only moderate support among 
member muni t it-, bin There is 
little doubt 5 1k*i lie couid re!-’ 
oil strong backing from ar, 
industry dial hs-.rO heard my 
good new- 4 - or. ;;s own doorstep 
for a long lime 

M.C. 




The Transgabonese Railway Authority required a 650-metre-long 
viaduct to cross the flood plain of the Abanga River. It was vital to complete 
the project before the tropical rainy season began in October this year. 

Raymond International were awarded the contract in April on a 
design-and-construct basis. They drove the first pile on June 6th. 103 days 
later, on the 16th September, the viaduct was opened - weeks ahead of 
schedule. The first train crossed on the 26th September 197S. 

Raymond drove 260 steel pipe piles of 40 or 50cm diameter in groups 
of four with 10m spans. Each group is capped with reinforced concrete and 
Corten steel bridge sections span the gaps. 

This was Raymond’s first job in Gabon. But two-thirds of their work 
still comes from people who’ve used them before. It's not a bad recom- 
mendation, when you think of it. 


RAYMOND INTERNATIONAL (UK)' LTD 

Clifton House, 83-89 Uxbridge Road, Esling, London W5 5TA 
Telephone 01.-579 93S1 Telex 935741 



One of the Raymond 
International 
Group of Companies 


IS 



‘ _ : - ' .£• j-.-, -. . nTt ,**.■/ 


tffniifiHat '-fimes Tuesday 


CIVIL ENGINEERING IV 



Safety record under scrutiny 



THE CONSTRUCTION in fins- which attracted little publicity 
try's record on safety has this that was typical of the normal 
year been at the centre of a range of construction fatalities, 
heated debate between the em- The report continued: “ There 
players, the unions and the are very few freakish accidents, 
Health and Safety Executive, or accidents which would sur- 
The subject has always aroused prise someone who had worked 
passions within the industry, or inspected in the industry for 
but rarely has it provoked as several years. The vast majority 
much controversy as it has done G f these accidents can be pre- 
in the past few months. vented by the competent exer- 

E vents came to a head earlier of normal professional 
this year when the Executive skills, by adequate training and 
produced the first of a series of supervision and by the estab- 
reports on particular industries lishment of safe systems of 
— on construction — and in work." 

which Mr. Jim Hammer, the .. • .. . .. 

Chief Inspector of Factories, The J^ eCU *i^ 511 d 
forecast that unless drastic s “SS este<i ? at ,, a . 
steps were taken to improve the should and cculd be 

industry-s safety performance, made by tte ind ustry to tackle 


about 2,000 people employed in 


the readily identified and tra di- 


con struct! on would be killed S? naI haZardS “ the J.^ USt1 ?; 
over the next 10 years, while *nie r e were many contractors, it 
another 400,000 could be in - claimed which would on ]y be as 
j Ure( j safe as the law required them 

The report chose to examine t0 be- 
100 fatal accidents involving The report, which stated that 
construction workers and the construction sector 
pointed out that the men in- accounted for more deaths and 
volved in all cases were simply injuries at work than any other 
going about their normal work single industry in Britain, did 
— "they were not working at concede that at the centre of 
the frontiers of technology; the problem of safety on a 
they were simply picked off one building site was the question 
at a time " — it said. It was this of the behaviour of the indi- 
kind oF accident, the report vidua] workman and his motiva- 
added. to which the industry tion. this could nevertheless be 
should apply its mind, since it influenced by the training he 
was the mundane accident received from his company, by 


the industry, and in the provi- 
sion of safety policies backed 
by adequate organisation. 

It commented: " The construc- 
tion worker, however simple 
his job, usually exercises a high 
degree of personal choice 
which effectively determines 
whether he has an accident or 
not. This inevitably means that 
a certain number of serious 
accidents will always happen. 
We feel that the fullest answer 
must lie in the development of 
the approach which controls the 
behaviour of the individual by 
means of safe systems of work, 
tr aining and adequate and 
imaginative supervision.** 

The report said that, in 1976, 
reportable accidents rose to 
over 34,000 although deaths fell 
to 154 from 181 in the previous 
year. Provisional estimates 
suggest that 140 people were 
killed last year with nearly 
34,000 injured. 


The report catalogued various 
types of fatal accidents, includ- 
ing falls from heights, electro- 
cutions. falling materials and 
the collapse of earthworks. It 
emphasised that they invariably 
attract little attention, unless 
they are spectacular or involve 
potential risk to the public but 
that they should, nevertheless, 
be isolated and picked out as 
those which cause the greater 
number of preventable deaths 
in the construction industry. 


dus try's accident record into 
perspective. 


Accident 


Mr. Hammer said that if an 
employee had an accident in 
building he was four times 
more likely to be killed than 
in any other work and went on 
to say that the same basic 
causes had produced a high 
proportion of construction acci- 
dents aver the last 60 or 70 
years. 


It did not take long for the 
construction Industry's em- 
ployers to respond to the report, 
which they described as sensa- 
tional and misleading." The 
National Federation of Build- 
ing Trades Employers called 
the Executive’s findings 
“thoroughly misleading” and 
said that if the prediction of 
2.000 deaths was to be proved 
correct it would require a com- 
plete reversal in the downward 
trend of the construction acci- 
dent rate over recent years. 

Mr. Peter Morley, President 
of tbe NFBTE, said he did not 
for one moment believe that the 
forecast would come true, even 
given an upturn in construction 
activity. He emphasised that 
he was not condoning any situa- 
tion in which workers were 
being killed or injured but that 
it was essential to put the in- 


The industry, he said, was 
tbe largest employer of male 
labour in the country and, by 
its very nature, it was a high- 
risk industry as far as accidents 
were concerned. Workers were 
required to work daring the 
construction process at variable 
heights, in variable • weather 
conditions and on a wide Tange 
of jobs— from trench digging to 
operating highly sophisticated 
lifting machinery such as tele- 
scopic jib cranes — some of' 
which carried a high element 
of risk. 


But he pointed out that the 
same picture existed in con- 
struction industries the world 
over and that the British con- 
struction sector was “ by no 
means at the top of the Inter- 
national league in this respect." 
Mr. Morley said that in the UK 
both steel and coal had a higher 
fatality rate, while, no fewer 
than 35 manufacturing indus- 
tries had a higher serious 
accident rate. 

Mr. Derek Gaul ter of the 
Federation of Civil Engineer- 
ing Contractors echoes Mr. 
Morley’s views and says the 
UK industry's safety record 
compares favourably with those 
of other countries. Construc- 


tion, he says. Is Inherently more the event of any subsequent 
dangerous than most . factory claim for damages, 
industries, and while there, can Apart from the ability to 

never be grounds, for coin* examine scenes after accidents, 

placence, accidents will always inspectors will be able to make 
happen. regular inspections oE sites, or 

The F CEC . in co-operation more regularly if the employer 
with the NFBTE. does consider- agrees, to examine a workplace 
able work in the safety field where . there has been a sub- 
and the two bodiesclaixn they stantial change in conditions 
-make every effort to inform and and also when new information 
£uide members on proper safety with respect to hazards has 
procedures for themselves and : * e en .published by the Health 
their operatives. Mobile .trainband .Safety Executive, 
ing units tour the codn^, 'in some respects, tbe con- 
giving instruction to operatives struction. industry’s employers 
and regular safety training can daim that it is ahead of 
courses are organised.-on bath. some, of the obligations set 
a national level and oh ah- “la; down in the new Regulations. 

company" basis.* ' The- construction sector is the 

‘EVfxaviciTTXi ' • ■■ ■ Only industry In which safety 

JlrAlcUMVc - • • • supervisors have for years been 

The employers m atao company with 


extensive discussions with the ? . * „ cH -v in which 

unions over the proposed farm ad “ s S i“ 

as 

pawes are already releasing tr vjam anu 
operatives for su4 J®* 1 ; 

av« er 2£ 

Regulations, union-app<*ited- : ?™ procedures ^for ^scafioiding 


more than 20 employees and it 


^ inspectioa 


right to inspect immediately thp. 


excavations. 


part of a site where a notifiable Upder the 


Regulations, 


accident has taken place, aCT0SS 

innovation which could prove! KL^ 0 *-!!? 1 ^nresentefi 1 breach 
of fundamental import™* ’SSSSTSo «a” W 


will have the right to appoint 
an unlimited number of safety 
representatives, though there is 
no obligation, to appoint any at 
ail. .' ■' 

The. unions, as mentioned 
earlier* have been playing a 
major role in the safety debate. 
The Union '.of Construction .. 
Allied Trades; and Technicians : 
called' the Executive’s report' 1 ; . 
“an important contribution /Ur.;, 
the struggle for safety In -co* 
struction” and highlighted its 
observations that;the mzjarity-i 
of accidents.. and deaths were. ' 
preventable with proper plan-".' -:, 
ning, care and forethought: The ;. • 
union, said that no: company/-^ 
which was concerned about fee .iT 
safety Of its workforce shouM .; 
object to the type ot^cnitinje, 
carried out by. tbe Health and," . 
Safety Executive and- those that-: ) 
did “have something to hide. v 

It accepted that the workers > • 
bad to be fit and mentally alert; 1 ; 
to tbe dangers on construction 
sites and that there was-Jittlev. 
purpose served in attempting ~ . 
to apportion .blame .ott /either-. - 
side. The most important point- . 
was that, with a major effort oa*^ . 
the part of all those concerned,,,"* 
construction - could be "■ trans* £. 
formed into an industry withV 
one of the lowest numbers jrf * r- 
accidents and deaths. ! • ' 

• MG 


111 








or Woodrow Teamwork 


■ S “it - 



-a' % y 


;esawor 






EMPLOYERS AND the construe- industry where Work is usually-' >■ 
tion unions accept that labour temporary. . 7 ; 

relations in civil engineering Bonus payments, which'' are: V. 
are not as good as they might agreed locally on . site, . afr.A,. ;; 
be. another breeding ground 'for 

.-Both sides nf the industry disputes. A spate of boqu's/';. ' 

[ have made determined joint rows erupted following 7 the A’! 

: ■ efforts to solve some of the national wage - agreement^* - 
problems facing civil: engineer- earlier. this year; /although the"’f.'! 
ing and there is a. long- civil engineering contractors _ 

;V : established machinery for federation says-, most. of,. - . 

resolving disputes. - . • have now. been sorted 'out.* ■*£■»**. . 

-. Nevertheless, there are Health and safety is a big!' 1 

*ral issues which continne'to issue.' Taking construction ^- " ' 
ause discord between com- a who i e , eo.men in every. 1,000;^. 

. j»mes and .their workforce, working in. the industry: am,?"'. 

' ' ■ !. w J uch *. *** * c J earI y injured annually ..in Britain, in . 

: casualised industrial accident; ' Ahmit $. . 

ron ” i h and ready history of ,20 in every 100,000 die, five" .* ' 

inHirctr.. tfmes the rate for . manufacturer; _ 

Nhf in ” industry as a whole. " 

ably has a qouch better record uninn fnmnlain.:* 



about 150.000, includrhg 50,000 

white collar- ataff-a quirier “oney-consclpus when rt epmes.^- 


Building 


Civil Engineering 


Mechanical, Electrical and Process Engineering 



that of the biding industry) A 
whore range* of/ craft jobs^ n ? ents ; Emplojers protest thfrt A 
heavy machine operating, steel' .have made, major, stride* in- 
fixing,.. concrete reinforcing, . 7 1 ? . unprovmg working ,cph- ' fc ; . 

tunnel mining, gas distribution, .ditions and- that the 
open must coal digging, along accident rate largely 


with general labouring — are dangers inherent 
[involved,-. ■' ' in dustry. 

Tbe supreme body in the 
industrial ' relations framework 
for the whole of construction is . 

the Building and Civil Engineer- conciliation machinery 1: ^ > a 

ing Joint Board! ; 9 uite -effectively ; and pTOtjadbiar.^.’ - . "~ 

benefits /from not having 
middle, regional tier.- 


at* ut *■... t '■ 

p n j»KATi': sea 



Rates 


^ . officials of UCATr. a^tgfi^^. - ^ 

This toefudfis representatives 


Property Development 


Plant and Equipment 


Homes 




®@©© 


Md that’s not the end of the stoiy! 




We haven’t even mentioned major 
building projects like hospitals, factories., 
schools, nuclear power stations, dams arid 
even a cathedral. 

We haven’t touched on our host of 
specialist companies working in steel 
structures, industrial building system's, 
plant hire and a dozen other fields. 

But you may have got the message. 

It is, simply, that theTaylor Woodrow 
Team offers its clients one of the most 
enterprising, competitive, and 
comprehensive ranges of design, 
construction and engineering ski I Is 
anywhere in the world. 


You might call it versatility. We call it 
Teamwork— and it’s at your service. 


Marketing Services Depart merit, 
Taylor Wood rowjaywood House, 

345 Ruislip Road, Southall, 

Middlesex UB1 2QX. 

Telephone: 01-578 2366.Te!ex: 24428. 


from the two employers’ organi- ^ 

satiom^ the Federation of Civil '' ‘r ' 

Engineering Contractors and r,”*™? ^ ^ ^ ' 

the ' Nati^al Federation of ^ relations ^ 

Building Trades Employers Wl11 be • 

( NFBTE). together With the . 

union aide. Outside the stnet operation ^.y:^ --'; 

_ _ , . . of the conciliation hoard em--.*'Ju!ir v 

The fixes basic pay pioyera and unions have joined*'^ L ‘^7 

rates nationally for binding and forces in making direct appeals >*_ . • 
civil engineering plus some of to tbe Government over build- - - 

s P e ^> “ d t00 > ■ ing cuts. About 90 per cent of 
anoes, wtfrkiug hours, holiday d V \\ engineering work' comes 

and sick pay.. directly from central Govern- t 

For the civil engineering side ment, local authorities and 3 
of the - industry. . unions and Other public bodies and. as a 
employers -come together at the consequence, it has suffered 
Civil Engineering Conciliation, under cut backs to a much 
Construction Board. The greater degree than the build- 
employers are represented by ing side of the industry. Era- 
the contractors federation. The ployers estimate that 15 years 
operatives’ side is made up of ago. civil engineering employed • 
the Transport and General UW.OOO more workers than- it 
Workers "Union, the General does now at any one time, 
and Municipal Workers Union USd-* 
and the Uniqo of Construction, JDlit61" 

Allied: Trades and Technicians. ■’ ^ ' ' , • 

TheTransport and General is «*«■■** also* been use fat 
I tbe largest union in civil pit other aspects of - 




wr 




f 


engineering while craft unions, for ex ' 

notably r VCATT. have So ^ 


The world-wide team of engineers, constructors and developers 



the this, however,- 

greatest single influence in the ~ en ni ^ ed by bitter pub- 
miieh larger building sector: recriininations. 

The • constitution of the -becnr most. -noticeably 

CECCB . charges it with, main- tte ' °°“lriiction era- 


tabling good - labour relations^ P® 1 ^— CAE IN — 


determining some wages and *b E y be- 

conditions special ski tied of 

"plus!* rales arid shift’ allow- f”;°^bsattoiL- Tire umoni say 
ances for cxample^-ahd sorting rSS,^? 1 w 4 15 * Tt also 

out disputes between ■ manage- ^K^If Qc . J ^„J raw 5'j 0 T Er Tvelfare 
mem and: Its workforce. c 5S!!? es ..*? <1 »dbndaaey pay: 


Unlike .‘ the b uilding side -of 


.The 


unions and- 'employers. .. g^.- 





joint disputes procedure. If an ^ ^ gnod al ‘ 

industrial, relations — *-*— Ul0Uga thcre 


nroblem "T l , c are major fluctua- 

I arises, attempts are made [Jtons .resulting from several fac- 


Bgilding: Queen Anne's Mansions, built on one of London s most 


prestigious sites in V'testmirtster. 


Ilient: The Land Securities Investment Trust Limited. 
Architects: Fitzroy Robinson & Partners. 

Consultant Architect: Sir Basil Spence. 

Consulting engineers: Bylander Waddell Partnership. 
Quantity Surveyors; Gardiner & Theobald. 


CwH Engineering. The world's largest dry dock complex being 

constructed at Dubai in joint venture with Costain Civil Enru 


Ljmited.CqnsLilUr^ Engineers: Sir William Halcrqw & Partners. 


Engineering - 


Mechanical, Electrical and Process Engineering. Services installed at 
Hartlepool Nuclear Power Station by the Mechanical, Electrical and 


to tors. 

resolve the issu? W- local level. . . *. .. - j 

If that fails. dispute is ^ ^ ^ 

raisedstraight fo national level! 

at the CECCB. The Board ^ .**» ^ 

meets oveiy. month and there 11 ' 

are emergency conciliation work without 
panels to (Useiiss Immediate off anil mb . aee< ^ J° 

Centre.^ homester l praI ' I , 1 e e ^ : ^ 

form a considerable pan ^rM lcaJ COB&tions play a sig-v 





the G.L.C- restaurants and yacht haven. 

Piantand Equipment One of a number of nationwide franchises form a considerable part of mficaV ' ? s, - s_ 1 ' v ! 

P&Ha'fnS !riham Construct,on Equipment Limited is the range of conciliation work partly because tho _ problems eff ^rayatin ° I 

Process Division. ' ” ' t tome ^;F'^ avv ' a r? ^ v/inning'Rochester; one of the many designs in the tend^tQ 0 ^ freauenf'hi 0 ^ S? >8;rapM 5? 1 ,ocati °o w another > 

. Property Development Development of St. Kstharine-fcy-the-Tov/er, , _ ± Tjylor V*^odrow Homes range. v ne tends to _.oe- -Jontinueoon 6 nSt page' 


most -v- 



n * _ .* 







ber 7 1978 

CIVIL ENGINEERING V 




Trend towards 
er machines 

BIGGER IS^ better. That has ilite 'ia more ■ Berious because already "haw ^ . 

bw .tt-wJm.ae fe' 8Momlm £ T °7JT Z TLIZ 

engineering' -and; construction' TOltu&e. Thp main imnnhiet^ .l..... s ou *P ut » ka& P u * a slop to ns 

industries-to tiie' manufacturers; In the". iydraiflic excavator in technology in this sector of wJrp°riraum? S Qn ?- ans ' These 
use And been the Con- the coSetfSI Ton $S*1£ ^poundTo S 

the manufacturers - = have-tinental Europeans -wiucfa have are the health and <u»fetv »«*. ct., 4 ntr . “I p - jfoma 

:Nothk f «ie demand for lations which have tec^me « doli tetfteS Ms 

radically different has emerged tagger mad^es. Three West increasing consideration in the beeiTTh^e and the Snes? 
from The construction equip- German concerns, Uebherr, industrialised world. Noise, for while still brin-ine £creM« 
ment Industry, in recent years-r*. 0&K ; (Orenstem ■& Koppel) and example, is a major problem, in turnover reSJs 

but machines have become Atias-Weyhausen are managing It is certainly possible to absorb mJT^lZses as the ^'ll^ 
larger. , v .-. ....... -to; sell Jhair big and expensive engine noise so that the decibels SJ£? g doUar 

The simple, idea is that, oce machmes— but- then, - the West m the cab are at a tolerable « T he construction P n„inmpnt 
man. should be able to German makers of aH types of level, although when you absorb business Sdw?d^ is domin 
much more material, more mechanical enganeerlng equip- noise you usuallv absorb cower k »r — v - UDmm ' 

quickly. However. SSuse.fte ierf leiraeS long ego how it But the n,aj"r North Americen com- 

monster machines -are more sell abroad despite having a tbe size of an off-road truck and hmji„L*« w~ 

expensire to .purchase. tbeyhigi-valued currency. Apart much other construction equip- TJxwMAh-n J 

have to be even more reliable from. die. West German groups, ment is tyre technology. Some „ f a ™ 

than before:- They have, to be AkSman of Sweden and Podain big items of equipment even ^ „ t ^ff' the . s ^ c „ s T l 

more efficient and' there has to of, France are also setting big have to be designed around tbe • gI ? UP v W1 d!L 

be less downtime. : : -excavatois an Britain to some tyre, for an initial factor that " nicI1 . taKes j m Avelmg Barford. 

This trend -towards bigger effect. the designer has to consider i mffr iL c T n ™ VfLThl m 

machines-fiascaused some head- . Where .tiie bigger excavators when planning a new vehicle is L * i? aB f *? ore 1 ° . J ha " no f 
aches in Britain and upset the are not . large enough, big the size of the tyre required. ? lead and 

progress of the industrial shovels comis into their own. The value of construction ^ a3 ?L sha I* s f at 

strategy programme outlined And here the Japanese, in the equipment produced in the UK „ nea ier . ot 1316 pusjness. 
for the construction equipment shape of Hitachi, are having is running at about £800ra a u °weyer, since their home 




.. . "■* , 

: ■ .i. 1»: 


makers: 


some success.- 


Objective 


. .... .. ... year. Output has not grown ™ arker * 50 vas I L“J Profitable, 

•The problem, wjth wheeled significantly since 1973 and ^ere are some J\orth American 

loaders is that ' the North nobody in the industry expects groups vr " lc " ? re fairly lazy 
American-based. internationally- it to improve much next year. ^"Porters, seemingly unwilling 
_ operating groups such as Cater- After all. if your customers in the pas1 L to . ada P t t* 1 ? equip- 

One important • objective of pillar, have traditionally not have hardly any work they will men ^ used in America for 
the strategy was for the - UK made'- the 'large types in the need few new machines. European operations, 

manufacturers to. improve tbe UK; ;wfcere in' any case there The recession has hit the con- ^ faU . in ^ Talue o£ ^ 

trade balance by substituting has been; tittle enthusiasm for struction equipment makers dollar might lead to these 

British-made products for those them^jiMiL'recentiK. Now there hard. There have been rediin- companies thinking again about 
which traditionally have been is -increasing demand, the multi- dancies. and short time working *h e * r export approach, 

imported. national-groups are shipping the is commonplace. . I* must also have some 

That lias not happened, load era in from -overseas. There is over-capacity in most on the investment 

Instead, the value of- imports it js not necessarily civil segments of the market but intentions of the North 

has been climbing .as" bigger and engineering-projects'', which companies are reluctant to close Americans in Europe. In 

more expensive products; have ittttract ' the . big equipment to plants down — indeed it is very Britain particularly, where the 
been attracted into Britain. by Britainr .The- vNatjon'al Coal difficult and costly to do so in American - owned companies 
obvious gaps in the market ' Board’s open-cast; mining pro- most West European countries, account for perhaps half of 
It is understandable that gramme, for example, has pro- including Britain. the output of construction 

British companies, : relatively -vided some inceptive. And to . equipment, those investment 

small when compared with their, give another example,' Liebherr JjrQcHp decisions are extremely import- 

major rivals, from North t^ckr-mognted cranes. of SO to ant to the industry's baiance- 

America or : Japan, have not 100 toils arid upwards made The extreme circumstances of-payments performance, 
been .particularly, keen to their first appearances in. Bri- are, however, producing some There can be little hope that 
embark on the huge investment lain because the; construction drastic measures. Massey-Fergu- the Americans will actually 
involved in bringing a new -.'.pro-' -involved in The Nora Sea oil son. the Toronto-based company increase capacity in the UK, 
duct to market at a time of deep.'proig£amme demanded monster which ran into severe losses in given the excess capacity 

recession in the industry and-'at mobile cranes. . . its construction equipment divi- world-wnde. 

a time when some of them are It necessarily follows, too, sion. tried to find a buyer and But a major effort is being 

under financial strain'falthpiigh that as the-capacity of machines when this proved unsuccessful made at Government level to 

there is no question of a -finarr- to shift' ’’soil ..or .other materials decided to *' rationalise ” its interest them in using more 
cial crisis in the industry).,- -'--increases,- there must be' bigger European operations. Details British components and to 
The gaps left open by the vehicles to . take it away. - ,' are still to come. widen the range of equipment 

British manufacturers ore 'par- ' ^qst of.the. maniffactyrers of And one of the UKs major they produce at their British 
ticularly noticeable "as far off-Toad frucks are jopking to- construction equipment groups, plants, 
as hydraulic excavators' .and- wards ' .the. introduction of Aveling Barford, which, is 
wheeled loaders are concerted, vehicles, of lOO'.tons wliile some ultimately owned by BL, and 


Kenneth Gooding 



.Terex model 82rS0, marketed by Blackwood Hodge , ripping sandstone 


Labour 


CONTINUED FROM PREVIOUS PAGE 


marked in tbeinddence of poof 
tight and bad weather between 
the south and the far north of 
the British Isles: ! -- 

Strikes and other disputes 
also affect productivity, of 
course, and a general rule here 
might be that .the bigger the 
project the more scope- there is 
for employer-worker conflict 
Employers say, however, that 


productivity tends to be rather criticise employers on some pro- engineering, 
lower than the national average jects for making incorrect One is the relationship 
in the north-west parts of the judgment on ordering materials between contractors and their 
east coast of Scotland and in and providing accommodation clients. In what civil engineer- 
areas of Yorkshire. Some of ana other facilities for the ing employers call the “client 
these are areas of traditional workforce. hazard.” project commissioners 

union militancy. Two. of the biggest pro- can make things difficult by 

The unions say productivity ductivity problems, however, being late with detailed draw- 
would be considerably improved relate to factors which are to ings and intervening in indus- 
i£ the industry was totally some extent apart from the trial relations. The employers 
decasualised and they also normal framework of civil confederation say this inter- 
ference is carried out most] 
noticeably by nationalised I 
industries. 

The other feature is the com- 
plexity of the scheme. Qn big 
multi-contractural jobs, there is 
greater scope for bonus diffi- 
culties and problems created by 
groups whose work does not 
normally fit in with civil 
engineering. The employers 
say that the presence of elec- 
trical and engineering contrac- 
tors. who have to bring on to 
site men who normally work in 
a factory environment, often 
creates labour relations prob- 
lems. This might partly explain 
the difference in productivity 
levels on complex projects like 
power station building as 
against the more simple nature 
of road construction where pro- 
ductivity is high. 

Generally employers and 
unions within civil engineering 
say that if they are left to get 
on- with the job without outside 
interference, problems of on- 
site productivity can be settled 
quickly and amicably. 

Nick Garnett 



RaMemSteeiViasItaB. 

. Universal beams. Columns. KSJ’s, 
Channels, Angles, Plate, Flats, 
Re-inf orcing rod and mesh, Piling, 
Galvanized corrugated sheets, 
tubing and all constructional and 
structural steel prime and re-usable. 

Nationwide service. 

"AM fabrication 
undertaken. 

Tel: Rslnhsm IBssex) 5MM 
Telei: SM1439 RSOSJ 

rainham sieel 
company ltd 

Sootues mOosrlal Esaie. 

Dovers Comer, xew Road, RaioUam, 

Essex. RM33 S3T 




i.fB'.rzpr-r-'.'-j- 

apmsr ■ • ' 

•Vi; LL _■ 


B uilding big bridges and tall steel structures foundations to compiet e struct uro £ ar :i 

_ T t 1 - . . 


hasn't always broadened our image. 

People sometimes think that this is all 
we do. 

Nothing could be further from the truth. 


buildings-for public authorities, for c:-r.-_mc:’ce 
andforindustn”. 

RDL Contracting will meet the 
construction needs of die clionT. So. if - -oil 


PJDL Contracting Limited is an established have a civil engineering or building v. ic-j: ct. 


chil engineering and building contmctor- 
experienced, versatile and i-eliable. 

We undertake a v.ide range of \vork-from 


then don't overlook RDlr Co ncmcrbr-gov in 
touch with us. 


f jjjjllj PO Box27, Dormbriage House. 16 St Cutbberts Street, Bedford Mlv-tO ?JX. Tel; Eedfcvi {0Qc-= ■ -SOItL 

AnP,DL.compa^y fading si 2cenl:c; riedpal. 1 : Dorman Long Li rrn’!ea' a sutisici^ry oi S.nuhSiselCorpcra-.icn. 

engineering bz::S:F.r* 



read v mixed 
concrete 




V. \ f f.V- • ■;> 


■ N V.-V * 

f 

\° 

\i 


b uilders’ merchants 


. > 

- T#\. 


aggregates, roads tone 



coloured 
■jr~bmortars 


, . v *■ 




iigni’yeignt 
re-in forced panels 


^ marine aggregates and dredging 


plant sales 



-packed 


HmiS ff> 













20 


Financial Tmes Tuesday NoTOinber ; 7 %m 



■ ■ * « * * 
• 1 1 to * 


y 


■ jj, ® 







/.* .*. • -y- — - ; ,• • . .• ■■ . s 

1 s.;s m{p'gs'f jig what A / 0 ,u -fj n d 
. b 0 nea|^^:d;surfacB^ii e n . 
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building and civil engineering 
sectors but for most companies 
the worst effects of the reces- 
sion are just beginning to show 
through in their trading 
performances. 

In the UK although the bot- 
tom of the recession has been 
passed there is little sign of 
dramatic recovery. Parts of the 
building and civil engineering 
industry have performed well, 
such as private housebuilding 
and repair and maintenance 
work, but public financed con- 
struction (providing much of 
workload for the civil engineer) 
is still very depressed. 

Moreover, overseas markets 
have become treacherous to 
operate within. The Middle 
East which in hetter days con- 
tributed over a ball of the UK 
contractor’s and civil engineer's 
total overseas orders, has proved 
a difficult market in which to 
consolidate any sort of trading 
position. 


After the quadrupling of oil 
.prices in the autumn of 1973 
construction activity in the 
middle east increased sharply 
as the large oil surpluses 
encouraged large spending 
programmes. UK contractors 
and civil engineers flocked to 
the .middle east to seek what 
seemed to be highly profitable 
contracts which would at least 
offset some of the effects of the 
worsening conditions in home 
markets. 


Comparable 


However oil revenues have 
fallen, spending has been cut 
back, and competition has 
increased in those areas. There 
are many well established local 
contractors and civil engineers, 
some of which are comparable 
to companies of Wimpey’s 
strength. There is a close 
relationship between the middle 
east and the U.S. 

The South Koreans, perhaps 
aided by government subsidies, 


have made large inroads in 
Middle East markets by under- 
cutting European contractors 
and civil engineers. In addition 
tender conditions are onerous 
with on-demand bid, perform- 
ance and retention bonds com- 
plicating financing requirements 
of contracts. And fixed price 
contracts are often insisted upon 
by clients. All this and 
immense social, physical and 
administrative problems have 
made the UK contractor's life 
far from easy. 

Those that have done well in 
spite of the problems have been 
the companies that can offer 
specialist high technology ser- 
vices such as offshore engineer- 
ing. or the groups that axe of 
a size that they can afford to 
endure the financial and trad- 
ing headaches. . 

Smaller groups that have 
attempted to take on the bread 
and butter work such as road 
building, or the construction of 
drainage systems have found 
the going tougher. And because 


they have committed limited 
resources to developing over- 
seas markets where they have 
little experience they -have 
often neglected the home mar- 
ket, with the results that some 
have lost traditional market 
shares. ... 

As the level of work avail- 
able in the Middle East and 
other markets - such as Nigeria' 
has fallen so all UK 'groups 
have had to look beyond them 
to North and Soiith America, 
other parts of Africa and the: 
Far East to sustain overseas 
workloads. Those less depen- 
dent on overseas work have 
tended to concentrate - once 
again on the domestic market. 

In the UK the larger • com- 
panies have successfully sus- 
tained workloads by completing 
for smaller scale work. Qian 
they would normally - do,, al- 
though margins have been very, 
thin because of the intensity of 
the competition. 

But while order books' are 
relatively full. the dwindling 


-number of long term contracts 
has meant that it is a constant 
battle to keep the order levels 
up. 

. Meanwhile civil engineering 
work is harder to come by than 
building work. Many companies 
who have relied on motorway 
building work programmes to 
keep up their civil engineering 
work loads have bad to seek 
other outlets as public spending 
-cuts have bit deep. Large scale 
industrial projects are often 
favoured such as power station 
contracts but these have not 
entirely compensated for - the 
slump' in the road . building 
ordering. 


Essential 


Status of the 


profession 


.Other large companies have 
found that it is essential to be 
Inearer the customer while con- 
ditions are so competitive. Com- 
panies which have in the past 
handled civil engineering orders 
through a head office have 
found that It is now easier to 
secure orders through the 
regional offices which generally 
secure the building work. 
Although the work .Is often 
small-scale it is at least main-, 
taining continuity. 

•Some have sought to offset 
; some of their exposure to diffi- 
-cult market conditions by seek- 
tag, joint venture or consortium 
work. And others have sought 


to diversify out of pure con- 
struction and civil .engineering 
so -that their risks are spread 
as widely as possible. -. 

Over the years many of .the 
larger companies have diversi- - 
fled into' activities -such' as 
open-cast- mining. property 
investment,- oil and gas tech- 
nology. property development 
and housebuilding.. .Others have 
seen that there is still some 
growth left in .' North - Sea 
development work. 

Although there have been." 
many acquisitions by the:latger ■ 
. groups for smaller concerns dur- 
ing the recession the sector hasj 
not seen a rash of mergers 
among the 1 arger groups." V. 

• The larger groups . have 
shunned each other because in ' 
many respects there has been 
an overlap of .activities -which /- 
could ultimately lead tb-a -loss- 
of market . share. - Instead- they . 
have chosen to seek highly 
regarded specialist . companies, 
such as scaff alders or tunnel line 
operators who operate in -areas 
where they have ho capability. . 

So although in ! the UK. 'the 
civil engineer faces "a rather .. 
uninspiring future, there •. are 
encouraging signs that hjp ; 'is ' 
making - the most of whatever 
opportunities present- : them- 
selves. 


John Moore 


WHEN THE Council for Engin- 
eering Institutions, lb? 
umbrella body representing 
Britain's 320.000 professional 
engineers, published its pace- 
setting report almost three 
years ago recommending that 
engineers should join a trade 
union, it highlighted the grow- 
ing disenchantment among 
engineers over their pay, con- 
ditions. and status in modern 
industry. 


between Mr. John Lyons's Engi- 
neers and Managers Associa- 
tion, and Mr. Clive Jenkins’s 
Association of Scientific, Tech- 
nical and Managerial Staffs. 


That report has led to a bitter 
trade union war for the lucra- 
tive prize of representing the 
professional engineer— a war 
that is still being fought mainly' 


But it also paved the way by 
drawing attention to the engin- 
eers’ problems for the inquiry 
to be set up under the guidance 
of Sir Monty Finniston, farmer 
head of British Steel, into the 
whole engineering profession. 

The Finniston inquiry has re- 
ceived a wealth of 'submissions 
since it began work last year. 
Not all the submissions, how- 
ever, have been to Sir Monty's 
liking. In a private letter to the 




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CEI he criticised engineers for 
being over potit? in their com- 
ments and for being “ high on 
diagnosis and low on prescrip- 
tion.” 

Although the committee was 
keen to have the views of prac- 
tising engineers he felt there 
had been too much attention to 
pay. status, and conditions 
rather than to the underlying 
causes. 

“ What we are lacking from 
the inputs thus far are con- 
structive proposals to tackle 
some of these weaknesses." he 
says. The committee was well 
aware of the problems affecting 
the profession in relation to 
training, deployment, and 
career development •' , > 

But he was keen to stimulate 
further debate on his inquiry 
by the profession at large. The 
committee want to know what 
the engineers really thirT:, even 
if this means that some of the 
meetings become a bit rumbus- 
tious and controversy. In fact 
if this happens, so much the 
better." ' - 

But while engineers them- 
selves may be a bit reluctant 
in making their comments to 
the inquiry, the professional 
bodies have shown no such 
reluctance and are engaged in a 
no-holds barred contest to in- 
fluence Finniston. 


Conflict 


The issue that they have 
chosen for conflict is whether or 
not there should be some kind 
of statutory body to set 
standards of qualification and 
rules of professional conduct 
for engineers as happens in 
other professions such as 
lawyers and engineers. The 
argument is that such a statu- 
tory body would enhance the 
public's confidence in engineers 
as well as actually helping to 
improve standards. 

Licensing by such a statutory 
body would give a badly needed 
boost to the status and standards 
of Britain’s engineers and. 
as a result. substantially 
improve the ability of industry 
to get the best use of invest- 
ment and take advantage of new 
technology. 

The professional bodies arc 
not. however, split over whether 
such licensing should take place 
— although some of the more 
established bodies are not 
noticeably wholehearted in 
their support for the idea — so 
much as who should carry out 
surh licensing. 

Statutory registration means 
that engineers would hare their 
standards nf qualification and 
rules of professional conduct 
set and administered by a 
central body. This body would 
maintain a register of qualified 
engineers who would be able 
to use a distinctive title re- 
served to them hy law. 

Licensing would have the 
effect of reserving certain 
functions and Jobs to registered 
engineers, such as already 
happens in the UK for doctors 
and lawyers. As many countries 
already operate a system of 
registration and licensing the 
lack of such a system in the UK 
is regarded with suspicion by 
foreign companies using UK 
engineers. 

The battle lines over the con- 
trol of such registration and 
licensing it, broadly composed 
on one side nf the CEI together 
with the Mechanical Engineers 

and several other CEI member 
institutions, and opposed to 
them are the Institution of 
Electrical Engineers, the Engin- 
eering Employers Federation, 
and the Institution of Produc- 
tion Engineers. 

The CEI has (old the Finnis- 
ton inquiry that it believes the 
council is Hve appropriate body 
to carry out registration and 


licensing. It points ont that it 
is already setting up a common 
register covering essential 'in- 
formation about engineers. It 
believes that this form of regis- 
tration is an efficient, economi 
cal and satisfactory method to 
use. 

Such a registration procedure, 
it argues, would maintain, and 
enforce a code of conduct- for 
the protection of the public and 
also ensure that engineers be- 
longed to a qualifying char- 
tered institution. ' 

The council believes "that 
formal statutory recognition of 
its role as a registration "bo By 
by the government would, have 
the advantage of establishing, 
engineers’ credibility, especially} 
in overseas work. It would "also 
help establish in the public, 
mind the distinction between 
the professionally • qualified 
chattered engineer and the 
general worker in industry. 

The attitude taken by the CEI, 
which represents some 16 insti 
tutions of varying sizes, reflects 
the concern by a number of the 
smaller institutions that a new 
outside body could threaten 
their independence. 

But the Institution of Elec- 
trical Engineers, which is tradi- 
tionally regarded as one of the 
more progressive institutions, 
has made it clear to the inquiry 
that it believes registration 
should be carried out by 
special publicly accountable 
council, composed mainly of 
professional engineers, but not 
dzrectiy linked to the instiutions. 

It argues that allowing the insti- 
tutions to regulate themselves 
would not create public confi- 
dence in the profession. 

The LEE believes its view will 
win support from Sir Monty 
whose terms of reference in- 
clude the need to study the 
arrangements In other 
countries. ■ A number of major 
western countries have registra- 
tion and licensing controlled by 
an outside body and earlier this 
year the institution brought 
representatives from Canada, 
the US., and South Africa to 
a special meeting in London 
for them to explain how the 
system works. 


Fears 


Two of the main fears of 
UK engineers are that 
control goes outside the exfst- 
mg structure, the profesion 
would effectively be taken over 
by politicians and civil servants 
But the electrical engineers 
stress that the administering 
councils of existing registra- 
tion bodies are composed 
largely of - members of the 
relevant professions. The 
General Medical Council for 
the medical profession is 
typical example. 

But apart from the issue of 
registration and licensing, the 
Finniston inquiry is also lookin*. 
at the problems or engineering 
training, especially at the 
university level. The Production 
Engineers, in their evidence 
point nut that the flow of 
qualified graduate production 
engineers has slowed down. 

New ways should be devised, 
the Production Engineers argue, 
to allow engineers to advance to 
higher qualifications and to pro- 
vide for re-certification in areas 
of rapidly developing tech- 
nology. The Government 
should give extra backing, far 
example by enenuraging more 
people to take up engineering as 
a career and by providing more 
maths teachers in schools. The 
universities should respond 
marc quickly to changing needs 
by adding new subjects and 
changing syllabuses. 


David Churchill 


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.'J -> ii *?**? acetal; /Time! ^iitesday; ^ovfeniber -.7 1978 

IRCAM, Paris •'•■•' 


Guggenheim and Whitney Museums, New York 


cV^i J** 




by DOMINIC GILL 


Mark Rothko — the inward landscape 


I wrote here, a rfortntgfct >go : a ' ; - young- German hunter in 
anout the no veiling a! tne oewf. serious pursiut of fixotic kitsch. 

Es^ice de pro^gctigR. at 1JRCAM He- cltatbs-steps to a raised or- 1 The- first Mark Rothkos that 
--the Institut de |Lecb6«fte~et edfer stage, and raising his in- 1 * v er eaw in the paint, as it 
de Coordination Acoustaqoe- struinent to his lips; gives an were, are still after some 15 
Muslque which' Res deep 'imdetK' imperious • blast to the four years, very clear in the memorv. 
ground next to -the; Centre comers of ;th'e compass. The a collection of his smaller reccrir 
Pompidou in Paris; The Espoce music begins. '.And it is Indeed works shown very much tn 
is -a remarkable room, -with like. 'almost, ‘no music Stock- Vantage in the Bond Street 
motor - powered, walls . and. haiisen has wiitten before: there Yemeni of what delicacy now 
ceilings, capable of adjustment . are echoes, from, earlier works ilJ ipels me to refer lo simply as 
to aonsot lap? slz£, function and 'iand some'artuartextu&l borrow- °&e of London’s Icadiog gal- 
acoustical. .cbsraqter: /it - serves ingis>v_but-they' »e fleeting.' . Its ,er ies. A fellow student one not 
at once as an acoustical research .chameleon 'suiface is never still. Particularly noted for his pietv. 
area, a theatre,, a recording -ft. fcea the dreamlike duality of in urging me to visit the show, 
studio, and also as a . small StpckhansenV Trans: the same f enia rked that it was like noth- 
concert haU- seating yp^to -400 sen£e of shifting, of . superimposi- ing so much as going to church, 
people^ the brain of. ERCAM of brilliant contrasts of And so indeed it was: the paint- 
Boutez .sailed. it;. .the meeting-^eoTottr,’ 'iswirls 1 . aind eddies' of ^gs sat quietly on the walls, 
point and nenp^eentre of ^the ^nd.hlow^ iike smoke. calm, simple, glowing objects of 

Institute...; v . . -. . ; . * .'Theatrically, visually, Michael's ro ntemplation possessed of the 

nwasja atnral enough that the jpuneeiunay hav e its weaknesses; eni otionai power and impassive 
firtP public presentation: in the bnt much- of the music of Its 47 au thority of the authentic icon. 
ispace_should be a concert—a CT £jy }ja r strictly Rothko’s paintings had been 

palr u- 0f “jet. ‘* w ° ; n6tated, fs .magnificent Stock- shown in London before, but not 
weeks apart, devoted to hausen- .-"bolds -his ■ conductor's er *fnsive]y nor even regularly, 

works comimasioaed^.by IRCAst baton like- a pen, and traces with a ®d always in group shows of 
this year ip -partnership wth.the n a ' magical, jonrn'ey of sound. If 1 *® 1 we were already calling 






t^puini: : 

the walls. . 

Objects Of tv x K -v.-v 

id Of ihf h:K--. WiMW 

imnasshe ... . • 




'. ^ -J - V t - . ~ -■ _ .• - ■ . , 01* UU&iuvUlMti- UA. -a K>H1U‘ - . 

rest deat-vb'strunjeutol ensemble,, ^ig. j :reHe ^^.cj 1 jtterHig of music, of Pollock, de Kooning. 

s<eemiagly suspended in time. ^ e wman. Gottlieb, Motherwell. 
In’ Germany he nneaxths a broad Ho *tm a . n and the rest, whore 
Genrfinv^ symphonic -canvasi twilit cavern WOr . k , “ the ’fifties, so new. 

/SwfteeHanduit»i?airf Of ', Wagner add Brahms. From u Xc ! tl 'i s and seductive, and 

a gust; of. "blues; from ba cked up by the most plausible 
a piahgent juda^ aDd effective national critical 
n?Jrs?«n?H' ^ From. some instruments raa chine, had first intimidated 

^ theri wild, lyricat-cadenzas: and then swamped our un- 
h^rh r ■from others, quiet, luminous certain European sensibility. 

5? and busv » ^ kmg been neceasarj’ to 

^a?v Tras^r^b?^n S a?S' “^ e - liat ' one iong ^ 40 exami ne assHmbie -American Art once 
S 3 K’ci^ 5 ^st^u^n^ car^Uy and hear soon again. the wider w^tern 

terhnicat WrHinwmwitR Rwt th«» Thera -wlfla^ the deadpan r“, troo lt °. which « naturally 
bum oar of Trana. .sometimes am- belongs, and with which, in the 


.. > .. 
, 0.5^. > ■ 
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•frf.f!..'!''- . 

■■ y; * S. 

■\y\ ■: . 

i" ■■ 




by WILMAM PACKER 

’ ‘ ' " ; iior/>.iiVfi : ^’ jfflaB!l cares to do so: Rothko to Emst-lrke, mythic images crowd- 

- i" 1 ^ rr ^. lu l s .. "xj -A-r •'•?•: '•> Tanguv, de Kooning to Picasso ins up to the picture-plane, eyes, 

1 ' ' V^ and Matisse. Baziotes to Miro D, °^. beaks and shells 

and Klee. Hoffman to Soutine, registered against the flattened 
; GotUieb to Magritte, and so on S round. The p a ,nt grows ever 
and on. And wbat e mersesA hlnner . . the suiement of the 

helped by some magnificent inia S e . itself increasingly un- 
m ■ paintings at the Whitney, a dc assertive and perfunctory, read- 

flib ;• Kooning Pink Ladv of 1944 fur *"2 almost as an aficr-thoughl. 

example, and several major Jt is simply scraped into 

S|: v •• Gorkys. and by the e.vtraordin- ground, which is now Lhe 
BBwB - ; ■ / arily impressiVe sequence of delerniining factor in 

' mmtk ' Rothkos at the Guggenheim, is the work. The lilies are of great 

.SSfflS-. • ■ that the great age of American importance deliberate, ominous, 

- • • painting came not so late as we atavistic references. The paint- 

■"1 •'■•"; L “S".": ^ bad been led to suppose, but mgs have become self-absorbed. 

' . . . -. "V'.' v-. v rather earlier, was probably over Psychological landscapes. 

"r- by 1950. and was at its peak dur- And then quite suddenly, just 

.. A ci-'-i- .Si "J - \ : . .. \ : . </■ -fj: ing and jusr after the War itself, after lhe War. the colour dears, 
■■•■■■: .• . :’r:i • - "”".T x:':?.' 8 • when the artists were compara- the paint becomes firmer, the 

■ ; • . ! .f ,A : A.' lively unknown, active, enquir- mood lightens. Imagery is now 

: .. v . . A..--C J ing. and unself-copsciousiy red uced to the simple a butment 

■ ';.-7 ’ikW ambitious as they measured tip or colour against colour field by 

A"'.", to their unexpected guests. The field, the drawing not imposed 

iai ' • p : Vv ■'* early Pollocks. with their but implied, the brush work iea«:- 

y-w : vestigial, picassoesque figuration, ing each dement up to its neigh- 
g I ' ^ grow ever more interesting. bour in the nicest accommoda- 

g l§ : ' - .-r The Rothko show is a wonder- t\ m -. ?y the late forties the 

3 I.’ ' • " | ,1|- f u ] treat, despite the difficulties simplicity that marks the rest or 

§ i/-" -f Ira .... the Guggenheim itself puis in his tife s work is established: and 

1 the way, the truncated distant l h es ^ l a?l transitional paintings, 

i 858 view of all the larger works, and af the end of a decade of rapid 

* wmmmm S * '■ * the sacrifice of the crucial an “ continuous chance, nr? 

. ® ‘I middle view entirely: the work among the most beautiful and 

lli' does triumph over the architec- exciting of inem all. 

K “ ture. The hang is not strictly but It has been suggested that 

"? effectively chronological, carry- Rotbko's suicide in 1970 was 

• V ^ '■ ■ ‘jfjt MV IIIMI ing us through the development caused by unbearable commer- 

.. '-a-.- • ••*•. A^T^s^SKsassiw^... phase by phase, from the vial pressure upon him. and lhe 

. . _ . . statuesque and symbolic figure open exploitation of his work: 

•n the Guggenheim Museum, New York compositions of the late but it might have been due. at 

twenties, and the stylised, atten- least in part, to the realisation 


A. - 


'•• ' -.s - v.i» 

/. ■■ M W. -S. ■■ii'v" 1 , „ (Of 




'A 




The Mark Rothko exhibition in the Guggenheim Museum, New York 


Torn 1 ^^SpeMiTnade^ ^ w « yew at^teast^ 4^0^ was Today, however, .the signs are not to be made up by some lished their final stvle. for ten Suth ^fhe^urres l^bsrrecrirn m o^a ^“rifstjc ^aighfjacket 

JOUT. as K nappeMO, -roaac no -“Try j-ri-H,-. openly idcDrified. Many of the that this desirable crocks of re- „th»r u..-k. nF .iA* through the surreal abstraction puron a stviistic straight-jacket 


use of IRC/Kti s ^ avSnt-SrSe^ 1 **rffly placed. Two ^ clannetti^s identified. Many of the that this desirable process of re- rather equivocal husbandry in years or more, and surely that Iffh/ f n !i iL ^nd^the a b«ori 

technical resources — the 'onlv ««Her from the left end hardly fl t ’ sls dnren into exile from assimilation, no doubt made tp e a ccom Dan-in" nuhlication was enough. Lese-majeste is a °r Ju / orl,es - a , n ,i 
electrical Sescrihed b? have the time ta flwsh a quick Europe found their way easier with the passage of time, “e jccompan, in, publacation. drcadful ^ tbinSi and it never of the image mto Uie ‘ eround 

Stockhausen in hi/ new 7 Michaels rifl..-pf.- bhies before they are b> New York, where they were is beginning to take place at , But we her <? seeing in occurred to us. as we looked at *fn* e .A d J™ 0 * T ,.fi_ ph .? r il - a C Jl 


Tteise ittn die AFrte. . for; solo 
tniniDet and ensemble, is simple 
amplification. 

Afichoel'ir Journey' round the 
World is the second, part, of a 
long-term project which Stock- 


b lasted off stage by Michael's ’’ received and naturally in- ltome. 


every case was the each Emperor in turn, to ask him 


of the forties and the absorbtinn that he could not get off. For 
of the image into the ground, the ‘-0 years he had used essentially 
serene, almost euphoric achieve- the same com positional devic®. 
mem of the fifties, to the darker the same painterly formula, and 


instrumental ' Stockhausen : calls ^ v«u« imh 3 ivbu muse - , sigm: inese artists nad been uew “- w»«wuuus iragme 

it “operatic" and envisages an- rph^iJ3w*^t Urv^k" words a ,SMnewfaat l»How ring, has lost an opportunity that is making the same pictures, estab- there to be made by anyone who openly 

^ ideal venu^- .. .. 


surrealistic, totemic, without doubt a great artist. 


eveniM^tr/^prfnrTn^^he 5 ^!^ New York danCC 

e vemngs,tOKperfoon. ^he first beantifully flayed by Markus 

part, Der Jctfuestoit/ for dancers and . - Susan, ' for trumpet and _ 

and orchestra, given its .premiere .basset-horn. Towards the- end. iff* / 

m Tokyo m October year, ^ 5 ^ Lucifer, trombones shout |\/| ^ 5 

corresponds - to Tuesday toad I v — more in ribaldry IV I Lv I V yi j \ 

Michaels Journey is am extract than in angLriSfcCVThe house w ^ 

frnm .Thursday -^ the whole jagjrfs' .fade. Tfe^iast five 

“ day " of iwhfch -is. ■ planned' ; to ' mihirfes; . strange and lovely Merce Cunningham formed 
be Scale. .in.^ MilaR valef&ctory ctkte, ^ are even in his first company years ago. 

m March 13S1. : darkness: How Thursday — or He is not »iven to ceiebratin^ 

The trumpeter Michael. .played indeed ^uny other day of the that ort of* jubilee— be's nrob- 
m this performance by Stock- week of'Licftfc— will transfer to I 13 , sorT 01 J UDlle ®— oe s pron 
hausen’s son Jfarkos. , enters the opera- bouse is mi open I abl >' morc interested in what he $ 
from the right of the . stage; question 'acd" will surely' depend Jsoing to da next — hut the pro- 
dressed ip mauve - velvet pants much on.prodCdtion ahd.stagiDg. bis recent season at 

etiri 9 fivll ~ ' t 1 1 1 ■■ n ’ -- < this Voil- VfirL 1 fifi" f PhtPr 


Wigmore Hall 


Merce Cunningham 


DAVID VAUGHAN 


Irina Arkhipova 


'waist — like no thin g '^{f m'uritas mhre.. : " Vv/V- the laTe fifties t Summer space 

.? Vi "■ - and Rune), as well as presenting 

... - • *'. '■ several works new to local 

Festival- Hall. -v- V ' • audiences. Tbe first of these. 

. • : i-X . ■ Inlets, given in Seattle. Was'ning- 

ri - ' ^ c : y ■ ■ .-*■'■ . • -a - ' ton. last year, is a collaboration 

V; /-»u n ^ sA between Cunningham. John Cage. 

iCnOcni)6r2 3Tlfl and the .Northwestern painter 

M VliU Vil l/y A O ttA1U Morris Graves, who met each 

. other- in that city some 40 years 

The piece evokes the climate 
Ll 11 VJ IJ VU/JVVj Vlvli and geography of the Northwest 

; . .V . . • United States: the very title 

L ta A-M t-vt t ry r* t t t suggests tbe landscape of Puget 

by JJ U M l NIL U l L L Sound. A gauze curtain hangs 

• ■'-'■* v across the front of the stage. 

The . : Royal;- - Philharmonic preter, warm and forthright and seen< dimlv at firsti ^ though in 

Orchesti’a-irederiLawrence i-oster- exceUemly dem-. commanding a wh f] e behind them a large 
devoted the! rprbgratattie on Sun- just the . right ctean, crystalline sliver disc moves slowlv across 
day to two wofks. j each radkalLv timbre, at climax m to pierce the (h e - backclotb. There is* a great 

different: ini style .and. intent, -but- busy; occ3xesrtxation. He found dea j D jr stillness in the dance 

both «nhpieled, if" not strictly many ' .beautiful things in his even , when some of the dancers 
speaking in the’ same calendar. music:' the sighing poetry, as are leaping about the stage, at 
year, within 12 months of each wedL as .the quick, deft prosody, ^ast one is usually holding a 
other, between December. -.11)41 of tbe opening section; tbe dark, static, often archaic pose, 
and December. 1B4Z— ^a': veritable, sharp-edged contrasts of the -As with so many of Cunning- 
mirror in miniature; of., tn$ stow-movemerit cadenza; the ham’s works, one inevitably 
peiarities of the - ; mid-20th ceof floating colours, eddying in and responds to Inlets as drama, 
tury. " •' out of 8ie .orchestra texture, of rather than as “ abstract ” dance. 

Shostakovich’s.,, Sevenffl. :^ ^ tbe the: finale’s. ghostly waltz. in this case the-drama of natural 
“ LeniIlgm^l^ , itiil crops up quite- . ^Foster. wm: an attentive accom- events, of time and tide. Cunning- 
regularl-y in the concert hall, for pairfst, quick to seize on the ham’s big new company work, 
all its epic- length; mid ite" rank extremes of light aqd shade, a Exchange, on tbe other hand. 


MTNIC GILL 



^SSSU- 


Karole Armitage and Robert Kovich in 'Fractions' 


Another Russian Sunday al the in the hook Sot-ief Compos*?rs by 
one of the strongest. Their wigmore Hall. Last week we Krebs the programme did not 
quality as an ensemble is clear heard the baritone Masurok. this ™ a I k 1 J? clear An>wny. ^liss 
in the large efrects ,,f Exchange. llme another big star, the mezzo '^1 P °'u it ’J 3 ^ihe iti r [t°J 

while individual brilliance is seen Arkhipova. The effect however. jRussian idiom et-onomicaily and 
in another new work. Fractions. was differem. At the present effectively used with an 
originally choreographed as a stage, at least Arkhipova cannot occasional telling displacement, 
video piece taped m Cunning- fi, U j te r ; va | Masurok's exceptional After a Govern Garden length 
£2 ham s own studio, and revised for vocal quality, though she herself interval she sang Chaikov^Vy 
the stage. Both Komar and has a fine. even, lustrous instru- and Rakhmanioov. Of the 
Kovich nave virtuoso solo pas- , mpnt j n sp i{ C 0 r a hint or two former. Pauline's ^ong. from 
sages, as do Karole Arraitagej now 0 f wear and tear — in mezza The Ooeen of Snade.-' and ih*' 
and Lira r ox. ana there are some voce passages, for t-xampie. As six Songs on poems by Daniel 
beautiful duets, including one for an interpreter, she beats her Ratbaus. which include the doli^ 
Armitage and Kovich. their colleague haods down. She com- f u ! “Again, as before, alone" 
bodies slowly ftilding and stretch- munieates: he just sin^j. From a r,d two less familiar but very 
mg about each other. |hs firsf phrase of Marfa’s choice lyrical outpourings. “The 

Although, as is well known, fortune-telling aria from Kho- SU n has set” and "in sombre 
Cunningham habitually uses ronsJzcftina on Sunday she held days.” Of Rakhmaninov, “The 
chance methods of composition, her large audience with her un- lilacs.” with the voice fined 
there is an economy and austerity forced command of the grand d ow -n to a rivulet and the sari 
in the resulting works that can style. one that sound*, like a reminl- 

on!y be called classic. The long More Mussorgsky came laier see nee u f “ Prince igor." 
ballet Torse, for instance, though W j t h the Songs and Ounce.; of Singers who allow themselves 
made according to a chance- 0^1^ — ,- n t h e “serenade ” the the emotional luxury or both 
structure derived from the / singer allowed her tone to be- these composers ought to in- 
ch i up. achieves. with its solo corae qui{e opu } en t. the “ire- elude Glinka as well for sail 
“voices emerging rrom the com- •• was dramatic without and lemon juice. Miss Arkhipova 
plex antrphonal patterns of thp eX33gera tion. In between she did not do so hut righted Lhe 
ensemble, the purest kind of gave us four sonss by Georgii balance with a surprise cocorc 
visual music, a choreographic s v i r jd a v (born lE»i5>. described in the form of Cberuoino’s fir.-t 
concerto grosso. At the same ag g •• cvc \ e ” 0D poems by aria from Figaro and then with 
h^ifoiJ S in lsaakian— whether they are a the lovely unaccompanied ana 

? I 1 A « complete cycle or eveernis Tr-m from rtim sky's The Tsur'-.- Bride. 

me dancers have ?om? cllarVc' "marathon acting detertbed RONALD CRICHTON 

ter as individuals, and the 
M strength of the present company Elizabeth HaH 
m lies as much in that quality as 6l,WDein n<£U 
in their impressive technical 


strength. 

But Cunningham stands alone, 
by virtue or the pow-er or bis ges- 
ture and the authority of his 


Eschenbach and Frantz 

On Sunday afiemoon Chnstiipb everybody’s hands and snatching 


"regularly in the concert hail, for pandst, quick to seize on the bain’s big new company work. presence: one or the most mov- r ‘ l “ , t . ‘ rroil , lho “ ... „ • 

all its epic- length; mid rank extremes of tight aqd shade, a Exchange; on tbe other hand. The theatrical impact of these own roles to Chris Komar and ing things ahoiu danrers is their bscoenoacb and Justus rrani- tueni a irom in- ouiU.<m 10 

as. -arsu^>iy cine , of tibie: less -.snc- ^tittle; weaker "in the . quieter con- seems to depict an urban land- pieces owes much to Cunning- Rof»>n Kovich. 1 he freedom and capacity to endure fone thinks of completed their cycle of MozarlN* ^ne top. I hough precisely 

cess/ul df • .Sbostakovicb’s .versatioras. tbe subtler middle scape, an effect heightened by ham's own presence as a pos- bre tdth of whose arial move- Fonteyn. Ast3ire. Danilova L and music for two piani«l<. D was elegant, it wanted power— 
“heroic? syirtpbaniesli &*oeit; ranges. .-His direction did also the gritty greys of Jasper John’s sibly tragic protagonist isolated ’ „ r un ninuham\ u«-n Gunninsham is a living ^nihodi- jj pre3d r3l „ cr thin — th.-re wa« dyspilc its intended oriciDal 

berg's pdapo.'*; con<»rto oil. tie from time to time seem to fati backcloth and costumes, and the from the younger dancers of his . " irrpnI ™« r >* or . tl ?2 , tri .'I n Br - Clll i just 55 minutes of mu-ic instrument, u is nut 3 mini- 

other ha nd^-baf-elv. half an hour too;.- easily jnto. sections: the industrial noises of David company, ll may be true that, in ,n ,ome ! s ; 1 , ^ . ^statement tbar tnp purpose or lime _ exclusive or encores; bin piece bv an v standard. Tbe fine 

long, and;^ "-.miff . of -thfr ; toiiitbr score -gives conductors a bumpy Tudor’s score, which sounds like terms of agility, he can do loss company is the largest winning- theatre is to teach us how lo sur- ffae wei?hr pf a Dr ngranime iwo-piaiio Fugue in C iii nor. 

masterpieces, of -tins century, is ride, but it can be draw-n sirens, lathes, pneumatic drills, and less, but he finds more and ham has ever had. 15 in all. and vivc. drawn from Mozart’s "last decade K. -4g«. which we heard earlier 

these days very rhrely heard, together more smoothly, and It 'may be these elements that more ways to do it. His new solo. is no t to he chronumetncally sounded less constricted, and 

The neglect- is : wrong, and more sensuously. A promising create the initial impression of Tempo, shows him in Familiar _ . assessed. It began and ended Eschenbach 3nd Frantz shaped 


Is. ana less, dui ne anas more ana nam nas ever naa. id in an. anti vivc. drawn Trom Mozart's las? cSt^/ade K. 4JH. which we heard earlier 

iat more ways to doit. His new solo. is no t to he cbronuuietncally sounded less constricted, and 

of Tempo, snows him in familiar . , -- • assessed. It began and ended Eschenbach and Frantz shaped 

en guise as the most elegant nf |V /a ft I 1 Mrt7P on two pianos, wilh four-hand and shaded it with extravagant 

ig- clowns, arms and legs shooting i.Vl.1 LL, 1 1C1 1 1 HlC arrangements for one piano in subtlety. 

of out at absurd angles while he between. Of the latter, the Esebenbach's inclinations in 

j r . passes a small ciotn front hand ThP 197g Mitchell Prize for Centre for Studies in British Art, fragile, thoughtful G minor Mozart are generally introverted 

to hand. At the end be 1 puts his t1ie j i j.story of Art ($10,000). a and tbe Tate Gallery. Fugue K. 401 goes as well on and hyper-sensitive, and the 

of right arm into me sieeve ot a annual prize initiated iast ajr Butlin. Keeper of the four hands as on two. and was buoyant brilliance of tbe two- 


prize initiated iast Mr. Eutlio. Keeper of the [four hands as on two. and was buoyant brilliance of tbe two- 


strange —for there w nq work paitnershtp. nonetiieless, that an unremittingly stark, even guise as the most elegant nf A Al 1 Pri7P on lvi '° Pianos, wilh four-hand and shaded it with extravagant 

of Schoenberg's "late period less must "surety mature. sombre, vision, but then Cunning- clowns, arms and legs shooting IVJlI L^liwll A 1 AZ^vs arrangements for one piano in subtlety. 

likely -to. frighten .audiences, .or - _ ham's: works are tile product of out at absurd angles while he between. Of the latter, the Eschenbach's inclinations in 

more capable pf demonstoating ; . • TfllDCrial aids collaboration, however for- passes a small cloth front hand 1975 Mitchell Prizp for Centre for Studies in British Art, fragile, thoughtful G minor Mozart 3re generally introverted 

that 12-tone serial teehmqiie;'is tuitoiisly arrived aL *? ? a ■ , e t ^. ncl , puts f is the History of Art ($10,000). a and tbe Tate Gallery. Fugue K. 401 goes as well on and hyper-sensitive, and the 

not .merely . reconcilable ' with,, CjtYnQCOOUme . To . some extent the title of right ann mto uie sleeve of a ma j u; - annual prize initiated iast Mr Eutlin. Keeper of the four hands as on two. and was buoyant brilliance of tbe two- 

but was in Schoenbergs case . Imperial Tobacco is to sponsor Exchange indicates the nature trencn-eoai ana mi raws u up and ; . Par hy Mr. Jan Mitchell of H i' sl0 ' ric British Collection at the P'cked out here with bated- piano Sonata in D. K. 44S. pro- 
specificaUy- a', tool and-Tuwtion two^new productions at Glynde- of the choreographic structure: out . a xyp ca 1 l - inn n, am New York Clty h;?5 been „ Callcn- has written exten- br S5 th de ' ,cac y- .. tf * challenge them. In the 

of. tbe deepest ■ cunredsta of -boumei—Ffdel to in J 979 and Der one group of dancers is replaced stance. n\s partner in a ., ar ded jointly to Martin Butlin ,a ie _ ! n f w The other duet-version < by event we had a winning comp rn- 

“ romantic" expressiveness. . . Rosenteoalter in 19S0. In the by another, then later these tango is a colour television set. an( j Evelyn Jolly. It was given s,v<? ‘>’ on Bnllst1 ar ‘- s * n ° was whom 7 1 was of the iransccn- ut’ne: iht- piunii-ls ushered in the 

I suspect . that oonductors- and past the - company has sup- groups intermingle, with some which doesn’t stand a chance for their definitive, coraprehen- co-organiscr of the bicentennial ; dental F minor Fanta.-ia K. BOS. quick movements with energetic 

pianists are more, fri^fitened of- ported twtr Mozart operas — Don switching of partners among the against him. Cage's music, called sivc- and fully illustrated cat a- Turner exhibition held st the written on comm Priori u*r a glitter and concluded them in 

the concerto than- any .audiences Gidcmnl in -.1977 and Die couples. One sequence in which tn Erife Satie, begins with locue The Paintings of J. M. IV. Royal Academy in 1974-75. Mr. clockwork organ. It has fettled the same spirit, reserving their 

would ever he: but that is Zauberftote this year. Bernard four women move around, under. _ aoe hintseir vocalism •> "the indi Turncr - J ° n ' s a managing director of into the repertoire of the organ, suggestive half-lights for the 

another ' ni alter The. score Haitink' wttt oondiat both tire and over Cunningham as he lies * c ' 1 Thu iwo-voliinte work was puh- Thomas Agnew and Sons, the where it need not be cumbruu?!y middle portion*. The irrepres- 

ciearly held no "fears for Sun- forto coming operas; Peter Hall prostrate on the floor is later viouai ieners 01 =ane s name. n^hed in 1977 by ihc Yale Rond Street gallery which ha.> confined to a single manual: this sit#le playfulness or the mtiMc 
dav’s SDloiSl KOKCr Woodward Will produce Fidelio and John repeated and elaborated by a sn,ne l he older works, timershy Press. New Haven and dealt with Turners for over J25 perrormunce looked like tiie was kept at the level of high 
— who proved an ideal inter- Cox Der Hosetikaoalier. I single woman and another man. Cunningham has relinquished his London, for lhe Paul Mellon years. children's game of piling up comedy. DAYID MURRAY 


i< r*sa i '- r . * 

w > 1 ‘ » \ 





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22 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON ECU’ 4BY 
Telegrams: Fluetlme, Locdos PSA, Telex: 06341/3, SS389T 
Telephone: 61448 066 


U.S. mining’s 


' Financial Times Tuesday Ncm^T^A ' W 


Tuesday November 7 1978 


a healthier 




power 
emotion 


of 


BY PAUL CHEESERIGHt 


T 


THE UNEXPECTED result of more about nudear power, 
the Austrian referendum on including its safety record. 
Sunday, which effectively brings toeir doubt would be allayed, 
the country's nuclear pro- ^ u1t 


HE ANTAGONISM of the 'The subject in terms of the government, has become 
U.S. mining industry to national interest is too serious increasingly concerned about 

govermental regulations, for oratory.” the health of the U.S. minerals 

! especially those dealing with en- The Department of Commerce industry and the security of our 

| vironmental controls, has study extended work done for future minerals supplies from 

reached such a pitch that one the Environmental Protection abroad." 

industry leader. Mr. Charles Agency, the industry's bite It was not for nothing there- 

Barber. chairman of Asarco, noire, and is part of the pro- fore. that. following a 

a major minerals group, and cess of looking at the cost effec- reorganisation of the Executive 

vice-chairman of the Ameri- tiveness of the regulations. The Office of the White House, 

can Mining Congress, has been difficulty is that nobody has minerals policy was singled out 

as Mr. Justice Parker driven to apocalyptic comment, yet found a means of measur- as the first area for review 

pointed out in his report on “Unless something changes, lng the economic benefits of under the Domestic Policy 

the Windscale inquiry. “ in 10 rears or 20 years from now pollution control. Review system, created in 

encouragement to anti- some cases artsr j ety ^ bostHity our ““eral industry will have Mr. Douglas Hale, the senior September. 1977. 

campaigners in other can be dispelled by greater disappeared." be said. economist at the EPA. ack- Called the Nonfuel Minerals 

parts of the world. Although knowledge, in others they may it is the cost of conforming to nowledged at the conference Policy Review, the work wili be 

the majority was narrow — the be increased, while in yet others *h e regulations. especially at a that much had been written split into two parts. The first, 

turnout was 64 per cent and thev will remain no matter that ^ of depressed market prices about theoretical approaches to Problem Analysis, wiD be 

only 50.47 per cent of the votes ^ose who fel them recognise for.many minerals, which is the evaluating reduced health risks, completed by the end of this 

were against the commissioning ^“nude^VowmeSunclu^ ^ fear . s ttat **■ ^ higher crop yields' and so on. Analysis, by August 1979. 

ot Austria.-, first nuclear power some element f rcnn the lunatic competitiveness in the face of But he added: "If you ask the Particular attention will be 

station — this does not alter the f^nss on the Left and cm the c * iea P er overseas producers. hard question— -is the benefit given to 12 minerals, among 

Bruno Risht, but it also has some th ®, £ ?^ er A * ninistra - estimate good enough to base them 

Kreisky. a popular and well- articulate and aenmasive poo s anti-inflation policy may significant public policy cobalt, manganese 


great 
nuclear 


chromium, 
and nickel 


Kreisky. a popular and well- articulate and persuasive ? «iu™«uun pu significant public policy cooait, manganese ana mcxei 

respected leader, has suffered spokesmen X appeal to a deci ? ions »«-** is no 

p mg this antagonism because it in almost every case. is above <0 per cent, and others 

rebuff The outcome mav mate rhe r « has led to the first examination This might seem on the face of like copper where the industry 

politicians in other countries of the economic effects of it a rather academic argument, is depressed not only because 

even more reluctant to coimnit Be “ u ?®_ °? th * tschmcaI governmental regulation on in- 0 r just another chapter in the of the state of the international 


Because of the 

complexity of nuclear power, 1 dustry. 
and because it is so easy to stir] 


themselves on an issue which 
evidently arouses such passion- 

i* oppnsi ' HWbim. and Nagasdi there 

tion. This in turn will increase 

the feelings of frustration and 


uncertainty within the nuclear 
industry itself. 


Opposition 

In virtually all the industrial 
countries the expansion of 
nuclear power has been held 
back by public anxiety over 
safety and environ metal "difficul- 
ties: at the present time the 


The impact of 
regulations 

The Administration's message 


lengthy chronicle of mining market, but because of the 
industry disputes with a govern- inability to reconcile the needs 
meat — after all, they go on all of industry with the 
the time. But the issue is of environmental policy of the 
wider importance because of the Administration. However, of 
mining industry’s role as one of more significance for the future 
the motors of the U.S. economy, of the industry’s relations with 
Last year, according to the both the federal and state 



The maze of pipes fna new acid plant a t Kennecott Copper’s refurbished smelter hear SaS. 
Lake City. By helpuig the capture of sulphur, Ihe plant improves ambient air -stahdafifis.,' 
Recent investment in ihe smelter has cost $2 80m. But the industry is increasingly worried 
about meeting the cost of anti-pollution regulations. .. . \ f 


basic reason for its generally formulate a co-ordinated en- tives,” noted &£& Syftrjar 


I was carried to the industry’s Department of the Interior, the governments. a ranscioTs relationship with the fed- vironmental and regulatory an* l»tt president; ol W&men 


main focus of attention appears need for a continuing effort by 
to be the handling and storage political lenders to explain why 
of nuclear wastes. In the U.S. nuclear power is necessary, 
it now takes some 10-12 years 
to build a nuclear power station Educdtiott 
and attempts to speed up the 


are obvious advantages ini 
obtaining public consent by] 
means of a public inquiry, on 
the British model, rather than 

Sn^nren^thoS t^7uAd»^S5 ^^W~toSTflS Government, it vis .ttat **756 have emerged from. In 
tellectuaUy compelling the con- J^S^SSTSi mineral production reached work of the review to balance ™ lh * r »*e has a clear, idea of Washington, each one worthy in told the confbrao.cn. . ... 

elusions of a public inquiry may held recently in Las 516.99hn. L was the -basis for all the interests involved. "£ al W ® y ’ b ^Tnr nil! “-TP the puWto th.e intotry ’ 

Vegas. approximately $170bn worth of Mr. Roger Markie, recently ,? a5 S one „ befor * or wears blac^hats^-Itt o^der tq-. 

Mr. Robert Strauss, the Presi- processed materials of mineral appointed director of the aft ® rwards - achieve our pbjeetives,.:. ! i| : Jg; 

dents counsellor on inflation origin. Bureau of Mines told the con- pu i. ]t 'L „ confrontanov. Each area of environmental necessary to win pubhe stwrt,:- . 

told the congress:'" The Presi- As a rough yardstick of com- ference: " Every federal agency 'Tj? Miiring and- Mlaerals ,-protectioii has spawned its own and .-that support. -is KroHMy. to . 
dent has recognised that any parative values, the worth of with a major interest or impact E dition t0 the . be forthcoming . u ntU :,wc jea ny. , 

meaningful attack on inflation U.S. manufacturing ' “ ' ’" T ' tr " 

must come to grips with the im- in 1B77 was $583.9bn, 

pact of government-imposed in 1972 dollars. (•kuuki* »uu u, 6 ^. a v» w • . . , A - ---- -- . 

regulations. As a beginning, the But the issue of governmental mise their contributions. Among Ad min istration, . m the ^ .Mi ning root ^ the indast^aVapftgreflt' 


be. it will not in itself silence 
the opposition. Obtaining sup- 
port from an independent tri- 
bunal does not eliminate the 


licensing procedures have met 
with fierce opposition from 
environmentalist groups. Two 
years ago voters in California 
and sereral other states deci- 
sively rejected proposed bans on 


Convincing the public that 
nuclear power is needed and is 


du[ uic oouc ux guvcmuicumi uuac wuuiuwuwu* urn4 A . « „ . — . „ ■ . 7 ruUL In 

President last March signed an regulations also has strategic them are the Departments of SjLtinn , "'S^ fe!y “ d ,? ealth lack of success in Jts lobbying,-. 

requiring implications. It has been noted Interior. Treasury. State and ti0n ’ as authorities : ' 


« “««*vu «»u u Executive Order ccquiuug nmmivauuiw. u *«o u««u whuuh c _ - . r — . .. . . - , . 

safe has become one of the cen- agencies to analyse the necessity that metal imports have grown Commerce, the Environmental wnjewe, Lirimong^vvatgr, state and district levels, 
tral tasks of energy policy. and cost effectiveness of all pro- 

Energy forecasting is p0S ed regulations and that they — SSS cSSSSSmSE 

assess the implications of alter- PROJECTED COSTS OF REGULATION ON U5. COPPER INDUSTRY, and clean Water. AU these 

were passed between 1970-and 
1977. :o- 


notoriously hazardous, but few 

nudear^power h^%o" v ? uld disa 3 ree ^ con- native approaches, 

prevented other 1 ^leilative * ,u * Ion ” ached ar the London It was an implicit ack- 

Sbstacles d from being created. Sun,mi J. !ast yeaj ’. that " ]ncre f- nowledgement that tile industry 
_ _ ~ reliance will have to be had a case. Certainly the case 

w 3 wLl! 1 ^ j P Iaced on nuclear energy to was repeated often enough, in 

both by court decisions nSd by satisf >’ meI & “T ‘"m resident' for^ 

violent demonstrations on sites menls and t0 hel P diversify in «- the vice-president for en A ir 

chosen for new power stations, sources of energy.” Unfortu- 
In Sweden hostility to nuclear nately a good many people 
power was one nf the factors either do not accept this general 
22L , | ed P^postrion or believe that a 

although the leader o" the rid lar S e ^ caIe commitment to Ing environmental health and 
torious coalition. Mr. Thorbjorn nuclear P° v ’ er damage safety absolutes, and vt has not 

Falldin. failed to carr>- through irreversibly the .social and en- changed that course in spite, of 

his promises on nuclear power rironmehtal fabric of their ^ w arnm^ signals it has been 
and has been forced to resign, country. In a country like the 

the issue remain* a danepmis ti zr try, to name just one of many. 


1974-87 (1774 dollars) 
Environmental 
Protection Agency. 
Calculations 

Constrained Reduced 

Capacity (1) Capacity (2) 

2.9twi ZA9bn 

75 . 7 m 73 d 4 m • 

na .na 

id na 


Department 
of Commerce 
Calculations 


In effect, the industir .has 
found that the old, free-wheel- 


Confusion and 
hostility 


the vice-president for en 
vironmental affairs at Kenne- Water 
cott Copper. Worker Health 

Government, through its *£5? 

agencies, embarked several Tool . 2.77bn • 2.77bn 43bn 

years ago on a course of achiev- j Least effect' of regulations, assumes no smelter closures and survival 


10 per cent increase in capacity. 

(2) Assumes closure of three out of M smelters. 

Source: U.S. Department of Commerce 


ia Washington. - ' Guf” 
gressmOO' have observed: fhat^. 
although the ‘-rase • fbr. : 
industry comes over : -starirgiy • 
enough in presentation,, itlacbr. ’ 
force because' It is not acCimp- - 
. panied 'by pressnre nn -Repi»» 
sentatives and Senators fromthe 1 ; 

w The result has been a con- home states.. .. . . i : /r' ‘ 

ing**diiys’have" gone andlt-has f , usion of p ?J icy a P pli f atio “ 9“ Senior . executives' in ': ««!? 
Aggre^ite effect no t been able to define a policy J 1 ® ® ne SId f and downright industry also.' fed! that^thelr:- • 
2.7bn which takes account both of the ty , or ! , other. case for greater operatioh^-.. 

concerns of a general pubUcf lack of . mutual undeir- freedom -has been r .setr.^hac^ - 

more interested in national standing reveals itself in coal because people newIyApiHrinifjed- 
parks and clean air. and also ‘yP^cy. It has been the policy by President Carter at thel^ve^r : 
of its own need to make profits 5^ successive adputustraaons to. jost beneath Secretary:-!# 'the 
for survival. "jipqrea.se co^ production, but it big federal departments- havft. 

At the same time, however; has also been their policy, to still to learn their Jbbs.-^ffh# ■ 
public opinion as reflected by retain public lands on which the number of new appjointeed.’^rithj 
Acts of Congress in recent development might take place: direct experience of the. mi^i^ 
years, has not yet come to terms The industry has not been industry is miiunal ■ and 
with the fact that more expen- helped in its own case . -by emphasis of their appfoabfavb^l 


:rn 

- Li--- 


705.1m 

lbn 

90Jm 


the issue remains a dan«prmss nv “ V~ 10 name 3USt one 01 raany - . . . . . , .. _ sive methods of production ulti- memories of :the past conduct been from -the point 

and dirisive one in SweSsh ^ anu-nuclear he said . **if ^e Government for Products where the Protection Agency, the Council matdy mean more expensive of some mining ; companies. At the consumer nttier 

DoIiUcs lobiyy 1S 31 P resent relatively continues to require that the U.S. industry has the capacity on Environmental Quality, the manufactured products. There time it most .needed^jniblic producer,' the induslry Csecu- 

. ' ' , . weak, politicians may feel mining industry commits its to meet all domestic needs. It ^* 7 , Price j s little evidence that the pub- support, it found ei Cher a wall tives say. : 

_5. i.;® r ^l,?A e sh0W5 ' under rto great pressure to take assets to pollution control until is also noted that the tendency Stability, the Office of Manage- j ic jn the u.S., or anywhere of indifference or definite an- None of this makes for.- easy 

opposition to nuclear power „ „„ it is at break-even noint or is “ent and the Budget, and the 

a 


r, . p “ we , a stand on these matters. But il is at break-even point or Is towards reliance upon imports ^ , antt „ 

come, from a wide variety of x . failing, the industry cannot con- has increased. Central Intelligence Agency. 


groups and it Ls often difficul Austrian example should re- u,c " uu * r 

groups ana it is onen aimcuit v tinue to exist as a viable Indus- Last June, Mr. Cecil Andrus, 

to see what comomn threat mind them that the campaign ^ jn ^ country.” the Secretary of the Interior. 


unites them. It is tempting to of public education 
suggest that if only people knew begin soon enough. 


cannot! o r> ^ Barber said when appeared before the Committee 


Anxious to see bis Bureau 
win a role in policy-making 
denied it at present, Mr. Markie 


V/l y «v ■«» 1 , uwt enti* ■» mv ii w\*v*v uic uwiuiiuuvb . i - . ,« , . % . . w 

commenting on a Department on Interior and Insular Affairs ■ an 


Moderation at 


of Commerce study which at the House of Representatives, 
showed that by 19S7 the cost to During his testimony he said: 
the copper industry of meet- “In the last 


on-gding evaluation ” of the in- 
dustry and its role • in the 


else for that matter, realises ot tagonism, “Ilhe Parent-Teacher relations between: the inchiitiy ’ 
even wants to know that. For Association has bagger cldut and the Carter Administration. : 
example, 40 minerals are used Chan the roinang companies” But economic pressures as thflir. •’ 
in the manufacture of every said the 'Governor 'of one of are — notably the deeire to Jr^i- 
telepbone. . the mineral-rich Western states, down costs — conld.pusb the*";. 

Washington officials have “ Mining rarries such appelia- Carter Admlnistxatitm‘ iowiWfi’ / 
been using their Congressional tiens as :• rape, ruin and run' a policy balancing .efforts 
mandate for cleaner air, water and conjures up pictures of towards a clean* U& aniTtMe. 


• — - . . ■ .« - 1 r m wa na a v-icau* li.m. 1 dliu. luv 

few years, this economy is necessary. And this ant j s0 on with vigour. But one scarred land®, blackened minere encouragement rirtfiff industry.' ' 
>ng with many would he welcome to the indus- of the difficulties has been that at toe -end of their shift, and It will be some vea re before the " 


mg environmental regulations committee, along witn many ««uiu ue welcome \u uic maw ot me oimcuiues nas oeen tnat at roe -eno ot tneu shift, and It will be some yea re before the 
would rise to a total of S4.5bn: others - within and outside try. because, if there is one there has been no attempt to ‘obscene profits' for execu- two elements coalesce: 


Baghdad 


MEN AND MAHERS 


THE OUTCOME of the Arab Before the summit began 
summit meeting in Baghdad Syria sank its differences with 
which was held to marshal j ts p 0W erfqj neighbour Iraq to 

ssi r * — *<u* *- 

accords on the Middle East, is laj ^ e financial and military 
The best thai could have been T «°“ pc «f- There could, if 
expected. At least in public, effectively deployed, pose a 
the 21 states which attended major lhreat on I?raeIs 


Playboy for 
tail seasons 


managed to win recognition DoHiral sheikh familiar streets, restraining the 
from a Munich court that he is urge to ask a policeman. Finally 

a Swiss tax resident. He is A cas * °f history repeating he realises he is lost himself, 
thus likelv to owe little tax 38 farce, one is tempted hails a taxi, and pours out his 

Jf °“ D 'n e r s * tl, i f “™f J us " either on t he DM lllta paid ,0 -mark, after the latest tale of woe. 
band of Engette Bardot, in dan- . « T ni n !r n r *v,= ., n r.^rii»* n hia Even 


to the fanilr by GKN or on the ^ hnpredltttabl. ^ 


ger of losing bis title of 'Vest Dil 133m h ' as ^ received Ita, »an radical party. 

Germany s most envied play- _ - 

boy ? The possibility arises. 


Last 


from Salxgitter. 


yesterday that he had driven 


northern and eastern flanks. 


the conference have simply T , _ - , . . . 

reaffirmed their disapproval of ‘ ?« 


not because of advancing years 
— he is 45 — but because of bis 


the Camp Darid a^eemente. : 


Some of the rMolutions of the 


month the Catholic Church client round for three hours be 
broke with 450 years of history fore she abandoned the search 
to rhoose a foreign pope. Now with £10 on the clock and no 
the radical parti’ whose zaniness solution in sight— except the 
is matched only by their lack b^Pny thought that the car 


not divide or break down over 
the host government’s own 


conference have been kept 

uncompromising radicalism, as 
might have been expected. The 


expected, 
new* axis of Iraq and Syria has : 


an economic and political boy- 

th ci e T V l l become “the rare tf\he opposi- 
of the headquarters of the Arab tion t0 PresidMt Sadat and 

League from the Egyptian almost inconceivable 

capital or on the provision of , hat at this stage Hussein 
funds to strengthen the states of Jordan could contemplate any 
still con. ranting Israel. kind 0 j negotiations with Israel 

Separate peace under the framework of the 

. v. . . accord reached at Camp David, 

This appears to be a success j n relation to the Israeli- 
for the moderate Arab states, occupie< j West Bank and Gaza 
led by Saudi Arabia, which, st r jp_ The close links Syria 
while disliking the idea of a anc j Iraq both have with Moscow 
separate peace with Israel, did oj ve the Soviet Union a poten- 
not wish ia weaken President {jaJiv stronger position in this 
Sadat's position. The opposition pan of toe Middle East than it 
to Mr. Sadat has not become has had for some time, 
any more dangerous, and there 
seems to be little to hinder him Palestine problem 
from going ahead with signing Yet lt is very difficult to see 
the peace treaty the details of h<m . tIlls asUs can in practice 
which appear to be nearly fina- nt a peace from 

Used with Israel m Washington. sisned belween Esypt and 

Yet the fact that the Arab Israel. The Baghdad consensus 
states have taken a common of Arab states cannot be 
stand against the Camp David stretched ioo far. The Soviet 
accords cannot be ignored. The Un j on ^ not indicated that it 
consensus groups the more con- >,. a3 anything new to offer as a 
servative states alongside the soimtori in toe Middle East. The 
more radical, like Syria and most constructive policy that 
Algeria. The unpublished agree- ^ ^ states ran is to 

ments reached at Baghdad may ^ more can be extracted 
•KL ^ Israel than it conceded at 

KJ5J if Camp which ^viousiy 

:r :J ada * ■SftviKS feU well short of the basic Arab 
and signs e separate treaty with . . . 

Israel, and while it seems likely ^™ ands £oT a s B M« ine,1E 

that Saudi Arabia will continue problem. The 

its large-scale financial support strengthened military posture of 

in Egypt, ii Is less certain that northern states puls the 

Kuwait and the United Arab Arabs in a stronger position to 

Emirates will dn so. a* least as negotiate. It is a striking fact 

generously as ihey have up to that the Baghdad declaration 

now*. has no outlawed negotiations. 


— ne is — out oecause oi ms — r | fl ; me 

sudden immersion in business, wwiiuiig tildlmo 

Since his elder brother. The Department of Health and ^ '““'"r might have been towed 'away. 

Ernst Wilhelm, died under an Social Security is continuing to Fa hre „ it Prr.nrh Until recently even a 

avalanche two years ago seI rc the purpose for which it 3 . . National Car Parks tideet 

Guntiter has been heading the was established — to control P ac,Rst fa cin fi a prison sentence clutched firmly in the fist was 
family whose company, Sachs people out of work, and to back home for desertion, as not the lifeline it might have 
AG. is responsible for 70 per starve or humiliate them back their new secretary general. seemed — it carried only the 

J SLS!«!Sw G rf2iliI t0 W ° rk r- 0n tiie employers’ The choice is also in its way address of the head office in 
vehicle manufacturers 5 clutch terms.” So reads part of an historic even if it owes a great L ? 7,don 8 Charlotte Street 
requiremente. ^ P« out by deal to t^tcbliy .bst^L K fin i 1 ' wild '?' 1 ,ourists 

Earlier this year Guest Keen the Claimants Union of s t a , e politickin'* within the 'T 0 ?'" “d themselves no nearer 
and Nettlefold sought io buy a Ford Workers, with the word pa^v As Fabre himself— Uieir v€hicles - KC P has now 
majority of Sachs but eventu- “ fraud " instead of Ford in the a i re adv irreverentlv dubbed the s i arted stamping the name of 

ally had to abandon this aim. company's logo, the leaflet com- ■* woitvla of toe radicals has - ^ actuaJ car park on to the 

Now Sachs himself is reportedly plains that toe DHSS is not giv- po imVd out what more Euro- 

responsible for putting together ing supplementary benefits to p^n n PstU n cou ] d there bo ll ' s incredible how many 
the £35m deal which has given wrta* and is matong than f 0 ‘ pick a national of peo P le . Set lost,” NCP’s UK 

Salzgitter. the West Ger- all Dagenham i strikers post their another EEC countrv to lead the ^rations manager Peter 
man state-owned steel group, a claims to a ouilding in Hollo- tronps 5nlfl the first dirett eler- Bewsey told me. ’* Where there’s 
23 per cent share m his family way with no public access. lions ‘for the European Parlia- a . ^n^sc problem if s very 

companj. The DHSS seems unperturbed ment? difficult to sort out in which of 

This deal and Tba sale of by the accusations. Asked if it Th, mo „ is unprecedented”"; ^iho'^su^ndinK^TeS 



even on 
toe Thames 
seems that 

oartv in ■ aDd re-cross 

those who know Sachs are less would not and should not be name 6 but evemhino Tn ’ct«>n the i ri . vcr a PVera] times without 
surprised at this apparent saying anythin? like this. The what a Wtt* leaie? ro l Usins ,l - 

acumen than would be toe rules are there and staff must cuoonJ'rf t n ,to- winnin" rl»*c- Th€ Iost tol,rL ‘' ts still turn up 
average newspaper reader. go by procedure, not enter the tfons and becoming Prime ^asionally at Charlotte Street, 

Sachs’ unashamedly extrava- n 5 hts 31,(1 w™R8* of industrial Minister 3 I hear— having lost their tickets, 

gant style of life is regularly disputes.” . f Bewsey*s technique is to try 

featured in colourful, if osten- The spokesman added that liJiv^n 111 ^ lhem re trace their steps 

sibly tut-tutting detail, by the three single strikers had ^iSSS^rJdSST J2 m ^ “ can **** 

popular press. But his most received help as they .were h0UrS ' he te,ls n,e ' 

recent utterances have been - urgent cases ” but that laree ^ ufj 1 Rome pa^liaSaent. 


And 


about such unplayboyish mat- amounts had been paid to the lhen of ^ ^ f “ 

tens as keeping centrol of his families of married worker's— can’t even vote' P °° r * U0W fruitful thought 

mmiminv nn lace K;enflA .. tv. anil 1 c 6U 


company. no less than f 556.noo to the end 

It remains to be seen whether October, I was told. • 

Sachs will move from his much- And why the need to apply 1 An H fnimrl 
photographed villa on the by post? •* Oh. that is a special «uu lUUnu 

French ririera 10 the more centre dealing just with Ford One of the more trying mas puddings like mother thinks 
prosaic surroundings of the workers. Think how bard moment* in toe life of urban she used to make. £1.50.” 


Sign in a Berkshire bakery: 
“ Christmas puddings like 
mother used tn make. £ 1 . Christ- 


company's manufacturing plant pressed our normal offices would man is when it dawns on him 
at Schwemfurr, Franconia. But be if apart from their normal that he cannot remember where 
over the weekend Sachs re- workload lots of hairy strikers he parked his car. He walks 
veaied that he has finally descended on them.” Jorlomly down less and less 


v-.i-y; 

1 . T i, . 

' V 



--^1 *<-• 


ifreighUtwi and 

Holidays, could be mter 



two worth of comfort. 



.1 ■ ^hif. 


.. Many people believe that Rarrfan Kuhn provide the best 
and most personalised services available today in Busness - - 
Travel, Conferences, Freight-forvuarding and HoBdays..: ; 

Rankin Kuhn made their name in workLtraveJ. And they - 
do everything with polish, flair and style. - ■;* .t y. ^ . v. - 

Ban!dn|Oihn.Trythemooce^Y6tiv«1lrwver^lji^to- --. 
tnfi dkftiBndards. .**r . 


Observer 



h 


■ - ;r>-< 





3: V^aaaicial Times ^Tu^sday November 7 1978 






ONE OF the fun nie£t. moments plastics,: products: . unsuitable 
ifl, the Sim The Graduate;: was polyroere are used for some 
when, a '.middle aged bnsihe^ .goods; production runs ire com- 
mas ." cornered the .*nj£UisiM!d pie ted too Quicitiy so that the 
young hero at his - 21 st ’birth day; 'incidence- ' tuf " '-faulty items 
party and told himi “ Fnrjgolng iucreases. end .costs .are cuL by 
. to say Just one word . ter .you, making products alittie -thinner. 
Ben— just one word. Plastics.” ’a ^ tile weaker and therefore of 
Dustin Hoffman's look "of d is- a lower' standard than those 
belief as he tried" tbeorae to ’Thanufactured from, traditional 
ffnps .with this'' embodiment of . matezi«El& or .-. anaiRifactured 

. the synthetic face of capitalism abroad - - . • 

Sroiislit howls jf teuSiter from/ ^nparbons with 

^^oeK^rthe^nitr^aia,,^ ***** have 
. JY 7 3 ,ottn ser opes. Lbederilled the plastics prooss- 

But that lrngter would find no * a „ d fte 

h(*o among Bptjsh plastics simplv a matter of 

cessors today ; They are only desytiL Plastics ftrotjuoiion and 

noth domestic and industrial' 

consumers sail tend to- think of tterefere jnesltahle that , the 
plastic pSdifrts ii Wins 
cheap, nnaesthetic and unreli- 

able ’ 1 • ■- . -. “ or wood.Tbis 

' - ThffjindH'stry is now attempt- - s ^?. es and 

Jii* tfr^n^ite.pnKUr.im^- 8 ^^^ ^eniJy ujed 
"With the- aim of boosting gales .wstii httle e^ount being taken 
. *£ -Home . iaeiEasinsf its. bf properties of 

«hare ofVexpart markets. ■ Plass. P^ silcs ' - ’ 

pEdposfls nld' . exhortations "to, •••/Mr.' Stephen Gttibs, managing 
. Improve produ cts' &re_ be gin ning " director .Turner; and Neural 1 

. to by thick and-fast. among those and .chairman it ..the -National 
■ official . bodies ■ that are; coo-' Economic Development Office 
. cerned' with -plastics processing plastics processing sector work- 
~y^ the, single most important ing" party, • recalls -the post-wa r 
Srffin'ence for change’ is probably, years -when polyvinyl chloride 
the structural -reorganisatioo snacs -.and plastic - combs first 
that is n ow t aking place within. :wpfpeared on ; the UK market, 
the Industry. '. .' . Both hatf ihe advantage of 

There are between 4.000 aad ^aprWw. hnt~ rti« -wm more 
5-000 ^pl astics-/ processing . cari*; than outweighed^ the fact -that 
panies in the UK today faring 'the macs split and- the teeth in 
a market Gratis estimated "to- be tite combs tended' to break on 
worth .about £2bn a year. The ^ use; ••: - 

great majority of them are tiny . ’ 4it is \ 'rarely possible to 
concerns employing fewer, £han translate traditional material 
25 peopte.. Only about 20c com- designs T*tp ; . plastics/* "Mr. Gibbs 
panics have-an annual turnover says.- --“ Our problem is that 
of more than £20m and, as yet jpeopfle in ■ the. UK think of 
There are no -real giants in the plastics- as a cheap substitute 
industry.- for other materials. This is 

Many of the. smaller com- wrong- Flastlcs are materials 
parties have old machinery and in their own 'right" 
some have tittie technological . /nib average Briton's suspidon 
expertise. All too often they of .plastics-— nurtured as it is 
have neither Che human nor by the poor design and pro- 
financial resources to . employ doction standards. of some pro- 
good designers or 4o improve cessing !.. cpmpanies--and the 
their production tedmiques. The relatively weak performance of 
’ result is too many poor quality the industry as a whole in 



industry 


relation to its foreign com- The report listed * a few was acquired by Bernard 
penturs is reflected in some of examples collected from every- Wardle. At lh»j same time GKN 
ne comparative figures for the day experience” to show “how has shut down its plastic.* 
production, rvpwrt and con- failure to make proper use of operation? — thought to hav«; 
sumption of plasties materials polymer properties in design had a turnover of rmishly £Siu. 
and plastics produels. give* plastic In general a had This steady restructuring of 

Statistics from rhe British name." the industry should produce 

Plasties Federation suggest that The list includes such recog- more companies with the design 
the consumption per head of nisable items a* low density teams and the marketing exper- 
plastics materials j s consider- polyethylene mugs which sag tiW that is needed if ine UK is 
ably lower in the. IIK than it is when filled with hoi coffee and to start eompeiins on more 
in France, West Germany or polyvinyl chloride fruit squash equal terms with countries such 
the .. U.J5, The Federation bodies which tend to split along 38 Germany. It should «ls*i 
estimated per capita cunsump- the seam when dropped or sub* cheer some of the plastics 
lion in 1977 at -M kilograms jected to pressure at the bottom materials, producers, 
for the UK. 48 kg for France, of a heavy shopping hag. ^ asi ri,na ti concerns 

89 kg for West Germany and The point about good design r ^ at came up with a good idea 
64 kg fnr the 1J.S. Figures fur is that it requires not only f° r .. a # n . l ' w P^dticr or h new 
the Same four countries f.«r imagination but also skltt anil application could always lake it 

- - t0 onp h '“ materials pro- 

™ "" dueers like British Petroleum or 

BY SUE CAMERON Imperial Chemical Industries 

“ ~ — and ask for help with develnp- 

1975 and 1976 also show Britain money — precisely the com- men t work. The results were 
at the bottom of the eonsump- modities which many tiny sometimes highly successful and 
tion league. plastics processors lack. Ironic- relations between' materials 

A report prepared by NEDO ally this is why one of the roost producers and processors have 
for the plastics processing hopeful signs ’ for the industrv generally boon cood. 
sector working party again is the fact that last year well Bu F then? been signs nf 
shows the UK trailing behind over 100 small processors were growing unease among the pro- 
Italy, Belgium and Holland as taken over or went into liqui- ducers over the performance of 
well as France and West datiou. The numbers* going out thei £ Processing customers. A 
Germany in per capita con- of business this year are likely weak UK processing industry 
sumption of four out of the five to be even higher because of the put ? P res * u re on the materials 
major commodity polymers— introduction of new safetv regu- raaj ?” tQ _! eelc rao , re / lvers f“s 
the exception is in poly- lations. Some small concerns . drawback to this 

propylene. The same report will not be able to afford to !!JiI a Li t ... : 1 l. us . I * aJi >;, 1 e fi e _ r . an _ c ! 
sa.vs that “neither the UK’s replace their outdated equip- mor ^ ffic ‘ e . nt *° a P rodurr 

share of world exports of ment or bring it up lo standard °°7 V t ®h" a lT^ tep tn 
plastics products nor the n , .. .. .. .. . tafce ]t a ^ r °ad — especial!} at 

pattern of UK exports compare , ® ur rationalisation now pr e Sent when the whole nf 
at all favourablv M udth those t3k t ,ng p * aCe . ,n *J ,e ,ndustr> ' ^ Europe is suffering from over- 
of her major Eoropean coni- no1 confined only to smaller capacity in the plastics materials 
petitors ■ companies. Over the past year field. 

The reoart. which was brought rough,y 3 dnzen major pIasLics 0ne a, ^roa«ve would he for 

outth ^^jmmer.shovvs 5 thTt^e ^ "S'* l ET ** p,odl,cers t0 g0 

UK'S share of world exoor?<; or have closed down altogether, right downstream and start 
since 1970 has been a remark- Store - v Brothers, one of the few manufacturing plastic goods 
ably stable five to six per cent. Processing companies with an themselves. Some-notably BP 
only half that achieved bv annuul riiroover of over £30ra —have expressed considerable 
France or Italy and less than ™ tak ? n °^ r by lhc Tu f , ? e '' »n«re-st in doing this. The 
one quarter that of West an ” Newall group which difficult}' is however, that alt 
Germany. merged it with rhe sheet film their operations are seared to 

The NEDO report, written as div isi°n of British Industrial dealing with bulk products: they 
a basis for discussion in the Pasties, another of its sub- do not have the experience, the 
plastics processing sector work- Sldiaj,| es- market knowledge or the 

mg Party, pointed firmly at the. Ekeo Plastics, with a turnover organisation to start working 
UK industry's poor design of about £Sm, was taken over by with small batch production and 
standards as the main reason the large National Plastics dozens or retail outlets, 
for its unsatisfactory showing group and Armonde. which had Materials producers may take 
in domestic and world markets, a turnover of well over £10m, over a plastics processing busi- 


ness as part of a larger acquisi- 
tion and some may start manu- 
facturing such things as plastic 
pipi-s which are at the bulk end 
of the processing business. Bill 
u is unlikely that they will make 
any major inroad.- into the pro- 
cessing field itself. What they 
can du 10 cncourase a th riling 
processing sector is to continue 
providing de-sien and develop- 
ment expertise for smaller 
concerns. 

Mr. Chris Bromley, deputy 
director of the British Plastics 
Federation, believes that the 
partnership between producers 
ami processors would be greatly 
enhanced if more plastic ynods 
manufacturers took slops io 
improve their technological 
know-how. 

•• Processors cannot just go 
along on the backs of the bulk 
producers." he says. " The ideas 
for exploiting the potential of 
plastics ponds must come from 
the sharp end. from the fabri- 
cators: who know the market. 
But processors who approach 
the bulk producers for technical 
buck - up nnd commercial 
appraisal will be in a far 
stronger position if they ensure 
that they have certain technical 
strengths themselves. “ By that 
1 mean that any processing com- 
pany turning over about £1m a 
year should have a good produc- 
tion engineer, someone with ex- 
perience of design engineering 
and someone with a knowledge 
of loolmaking." 

It is the middle-sized com- 
panies. rather than what Mr. 
Bromley calls the “ cowboy 
fabricators." which are likely Lo 
build up these technical 
strengths. .And encouragement 
to do this is coming from out- 
side the industry as well as 
from the restructuring that is 
already underway. 

A Department of Indusiry 
survey of plastics processors in 
South Wales has vailed Cor a 
“ centre of excellence in mould 
and die making iechnology to be 
established ’’ and there are now 
also some post graduate courses 



Machines such as this produce Ini plastic cups a day 


available in polymer technology. 

One was set up last year at 
Loughborough by Professor 
Arthur Birley Initially n 
attracted the gran! total of three 
students — one of them from 
overseas. Yel when the course 
ended one of the British 
students was approached by no 
fewer than 2R companies all 
wanting to employ him. The 
course is now in its second year 
and is attracting more students 
and considerable interesr from 
companies and academic instiiu- 
linns both at home and abroad. 

Rationalisation, the industry's 
growing awareness and analysis 
of its own shortcomings and a 
partisan push from roarer] 3 Is 
producers which are anxious in 
improve their own sales should 
all help to put UK plastics 
processing in a Mr Oliver 
position during the next few 
years. 

Although a number of com- 
panies have gone out ><f 


business during the last ?2 
iiiuRth.- others have blurted up. 
And over the last three years 
pruducliviry increases have 
moved well ahead oT lhfu*e in 
total niRmifacuinni: and by Hi .■ 
end of 1 <i 77 uutnui >if plastics 
products in ihe VK in real 
>erms sioml 5u per cem higher 
than in 

Nur are nil Briush-made 
plastics goods faulty and 
unaciihetic — whne-'s Thore cur- 
rent 1> on show ir. the exhibition 
by the British Pia=riv.s Federa- 
tion and the Worshipful Com- 
pany of Jlnm.T-. tine of Th» 
exhibits is the Topper sailing 
dinghy, winner of ihis jears 
Horners* award for plastio. 
which is inanufeciurcd by 
ftohn::. an 1CI subsidiary, 
marketed by V. Dimhil! 
BoMs and which wa- developed 
by ICi using polypropylene and 
what are claimed to i«e tin* 
largest injection mouldings in 
the world. 


r, , :v • 

I 

(i a**: 

' -j 

n/ffy 

fS-+ 

„r. rtt! 

B-r-' ^ ■*' 

/* > 

**. =•. 


i 




Letters to the Editor 


Troubled EEC 

waters 

From the'Director General. 
Dairy Trade Federation ^ 


cation. There are alsb examples be a compensatory gain to the under such pressure unless there regenerating the city, eneoarag- 

in -our society of overdamped Exchequer from the reduction in are fundamental economic ing industry and the like. In 

systems, . such as - the labour unemployment benefit payable, weaknesses which cannot be their Ia.«t four years at County 

market,- being! made 6ven more Lest this mav be construed as solved by a simple process of Hall the rates went up by 235 

overdamped by employment pro- an attack on those who are seek- devaluing a currency. P er c^ 111 — an inducement to 

tection measures, housing poli- jn S to lead useful lives in their 1 never attempted to argue industry to move in perhaps? 

cies. and general .failures to ] a f Pr years I fully support the that a fixed-rate system was London Transport fares went up 

Sir,— Your leader (November provide for the possibility of contention that our rapidiv grow- preferable to a floating system, by 146 per cent— encouragement 

6) criticises the Government, on mobility^ - - ing population of retired persons r w ? s simply putting the facts for the potential cnmimitine 

the grounds that it has con- Politicians and admimstralors tan be a Valuable source of jjraigln whether nr not Mr. worker, maybe? And » he subsidy 


firmed the suspicions of. other do not Appear to .appreciate the wisdom and experience in all appreciated them 

countries that Britain is- in. the fundamental deficiencies of their kinds of community and volun- f- p J att -. r „ 

European Community to grab, actions pf this type, and, in. our lary activities. This kind of 50 - L(nul0 ^ Et — 

and resents giving! It is not edobationally over -specialised involvement can be more stimu- 

widely understood* that - every society, engineers surely ha!ve a lating than carrving on in a 

member of the EEC is -m the. responsHiility io be much more routine job but, of course, finan- 

Commtinity tor-what* It can .get active in sharing thfeir particular dal security is a pre-requisite 
out of iV -v. -j,- .. ' '.a msights on 'such' problems’ with May 1 conclude by asking one 


Imports of 
cutlc IT 

We. tend to forget thatj our thos^ who- have to' deaf with final‘s question?“'sureiy‘^ ’i*e # stite Fro,,- Mr v *B»iirrh 
memtenkpj^ * Messm^for them. ;:i - - r' — - retirement pension is an entitle- Sln-Not only" o the UK cut 


others who wish to sell us goods m j>.. ^ Budwqrth. 
and services As a natfon ^we 10t Sv fasy Hou ^ 
are less self-sufficient Woodstock Rood 

perate foodstuffs than any-other Bediordt TaHCV4. 
member of the Community: As r- - ■ 
the largest importers of dairy 
products in the world, to give, r.. A L: nfTDr 
just one example, we provide UlggCI. 

considerable benefit to a Com-..’ * 

m unity that produces tpo. nwfth . ppRSlOn 

Your leader writer suggests From Mr. J. Pound 
that we ought have to make some Sdr. — If was with great interest 

final concessions in order to j read Eric Short's article on the 

achieve a Community policy on advautages"of additional volim- 

fish. These > conce^on? need not tary contributions (October 28) Ur Vp,l 
be on fish itself. Why not follow fnr. an emeu tine one's final Den- 1 '■ 


Sir.- w-. 

ment which has been paid for j erj . manufacturers want severe 
during each person s working retrictions on imports of cheap 
life and represents a contract cutlery (November 2 »; they have 
between t'ue state and the intiivi- the brass neck to suggest that the 
du *1- Why should pannent be Government also provide their 
conditional any way? ... 

Keith L. G. Manley 
10 Derwent Gardens. 

Redbridge. Ilford. Essex. 


to bousing and LT (the latter a 
futile attemni to keep fares 
down ! » wasted something like 
f50flm. The trouble with Labour 
is that they simply do not under- 
stand the difference between 
subsidies and investment: they 
nev'er will and that is why they 
have nothing to offer, 

Horace Cutler. 

County Ball. SEI. 


The building 

industrv 


Currency 
reserves 


. . , f« r augmenting one's final pen 

the example of New Zealand ^ion. ■ 

which recebtiv allowed access. » have io spell out for . 

for Jopoo to & torritoriS i Jg“5? J™ ’J" Iftl! Torrsoco (November 2. hoo- ,he *>f 
waters in return for a sale to been aware foraome time of the Foreign exchange sy 

that country of a ^ery large of En ^ 


indusir}- with national assistance. _ „ „ „ - 

If the Government obliges. From Mr . 5. Prince 

Britain’s cutler}- manufacturers Sir. —Foil owing Mr. Mslcohn 

will enjoy the privilege of being Rutherfords article on "moon- 

2 I lowed to rip-off their customers ! l ®P,j , . n ® (Octooer -0) in the 

with a licence to charge much pudding Industry. 1 read with 
higher prices for their merchan- interest the comments in your 
drse. those same customers there- columns. 

after having insult piled upon . Aa a d'fector of a small butid- 
injury by being forced to subsi- lI ?5 company, employing SO men. 
dise the very industry which is 3 . comments published 


Sir, — I can see that I shall to he allowed to fleece them from w ' ou ‘fi appear to come from 
+ n -—n nut f or ' u r behind a protective barrier. The p ® op,e rtj* 11 ? . ar ® L„ we informed 
»r how ihe da >' cannot he far off vhen about rtie mduatry.w-berea* Mr. 

vst'em works restaurant., will have to secure La DOt 1 ,i ,a k n >; 

worKs. rutlerv tn fhp tahip hv of D!5 observations are valid hut 

uim couuux ui- *t -vbiv jiu.ge th e i r m«in scheme benefits The — Jland is the - because nr i rhrnnic analysis is muddled and his 

quantity, of dairy products, In mam scneine oenenm. ine holder of the nation’s foreign t P‘*' ns - occause or a cbromc remedie-s are nnlie in. 

Ih ^ % ^- h .r h .nv,s e ^ M fssn i!e of us,ble Snives aDd 

any attempt to uSLirt Nw '■■***PW*r- c an T>« convinced of the keep sufficient foreign currency V A. Bilitch 
Zealand butter after 1080 ^advantages. This has been par- in the major centres of the 6. Ruxholme Road. 

Siea New ziland wtT'bare *™'* r] * -true with the blue world to enable them to carry on P^.ey. SW15 
enjoyed? .privileged ;acVto 2 , 


nwr. market for eieht vears after e ^ rH - a Iesa ade( iuate surplus to their iaid-down deal- 

the time we entered^the Com- entitlement but who is sceptical in* portions has to he sur- 
njonity •_ of tong. .term promise*. rendered for sterling within the 

Our iniRidfcp- in Euriroe is not There is a contract which over- market and. therefore, ultimately 
that we areue top hard S tofiiej.tWs prejudice and which to the Bank of England, 
defenro'nf our own 'interests, hut priwtdes-’for a- cash build-up by In such a system ntm-resi denis 
tiiat we are preSa^^oi - individuals- which can be used holdin E sterling, can conven into 


Investment 
capital 


From Mr. G. Schmerlmg 
Sir. — It waft strange reading 



munity: 

J. R. Owens, 

CJB House,. 

Eastbourne Terrace. W2. 

Unprofitable 

conditions 

From Mr. TJ. Stephens. : • 
Sir,— I am bound' tij 


industry be blamed for high 
taxation, the daunting volume of 
repressive legislation, the cycli- 
cal nature or the economy which 
Mr. Rutherford seems to think 
inevitable (a sad reflection of the 
day but we now are expected 
to accepr this) and the wasteful 
and inefficient method of VAT 
collection imposed on any regis- 
tered business? These ere at' 
major factors which have Ted 
emergence of this “ alter- 
industrv” and discouraged 
bona fide companies. 

All I h OCA nnintc ota atiI irnT i* 



wiS* ' the point "of "prii^plef^an benefits^ are readily understood ^out 

which you stand in your ,eveIs regardless of finan- g 0 f ar ^ cemnjents U non 

editorial of October : 27: the cial - s - payment for imports is con- 

intervention of the .European J -. A. Pound- cerned, it is all very well for 

Cmnmisnion -in industrial prob- f- Parktrav. 
lems Is likely to lead .to less Hortej), Surrey, 
economically efficient solutions ■ 
than would the competition of . 
the rcarkeUplace left to itself. 

The difficulty arises when, 
unfortunately, the market-place 
has already been bypassed. 

Where subventkms from member F , 
states have been partly, respoh- Fr |™ iu r r -. ^ 
sifile for excessive capacities and “ ^graieuii 


employees at recent "teach-ins" JUJU -’ L *“ . iwwmuu v, the politicians' standard ploy and 

7 . have conducted waft “ whv b. D J ru, 8 currency ivith that ster- cap.tal, in a country with con- blame industrv. The day when 
thi-tb*' nf thi« ,m S “"d the taker of last resort fiscaiory personal taxation ratps , h i q countrv i‘s led bv example 

before "Tnd^Uu'st«5s the 'need of ^HJlus sterling against cur- JJey are in the national interest. ^ nf>T AhToDed fmo^uhntissinn 
oeiore ana luusrraies me neea reQcles mugt ^ tbe Ban j. of G. Schmerhng. 

0 f_ not only proyidmg a m ® ans . England. Tltis. erf course. 30 Bishops Close, 

“TJ?* JJjJ® JF'SLjSnl** 3 *!?! reduces the net holding of the Old Coulsdon. 

»?mn^r e wb!ire the COUDtT y ,K • foreign currencies. Surrey. 
scheme in a'manner where the That is the liability f was talking 


Regenerating 

London 


Earnings in 
retirement 


and nor whipped into submission 
like salley slaves. 80 per ceni 
of our problems will be solved. 

It might be argued that recent 
tax reductions will help tbe 
situation bat two points should 
perhaps be noted. 1 — As tax re- 
ductions came into force sn 
National Insurance contribution 
went up from a total of 18.5 per 
Torrance to slate that an F h , pnrf _. cent to 20 per cent gross wages 

Importer simply £oes into his Q reater jw « This company now remits more 
*»“ J currency. But Croaerl^donOwm. m (tax) in National In Mir- 

where does Mr Torrance think s " J?*™! contributioiis each month 

tbe banks get this currency response luciooer 31) to mj than it does in PAYF rnneider- 
from ? The answer is that it j«J®r about inner _ London s inG the iattpr is after allowances, 
comes from the proceeds or ex- p cta =» ciedrL shawa that he has w j, at u-nnld the ftinoda>-ri 
ports, services, and capital Earned nothing an d forgotten of tav need to he to wliect rhe 
inward investment and as a last nothing. In fact nothing is what sayne m onev under PAYE ’ °— 
resort from the count?"* ^ D f n ia f ^ 10 ***** from Th(1 cost of produc } n5 tbe 
yir. reserves (assuming tnat uur im- tile Labour Part}. 1a , r; ,hi e<! was £2.3m as a-ainsi 



resultant ujiprofitahle - business 
conditions.. . In .these , circmh 

stances, it is idle to look for a- ------ - . 

solution to lie problem from 
Van member 


way the he worse. I hope he can now 

grant system hint; ^^“where fn>- thu answor 

A fixed rate system plus auto- works in this country it is bound g. G. Prince. 


. costs of abolishing the earnings go into is the effect of the in given 

.'rule In sn doing it seems to roe and out-flows oF hot money public finance and 

, „ 1 th , t thw » number of A fixed rate system plus auto- works in this couni . .. 

^ pp0l)I 2 a . i rom further imn If cations which are WTervention bv the Bank tf » do so in respect of every local G. E. Prince and Son 
fc . , ■■ ■"»">*? bm Si thw of awlwi '0 maintaiD that rate authority's speeding. M, point aSS Zd 

helped to bring ir aboiu. w Brea e soexa , . has no relevance per se to the 1S two-fold though; tbe Govern- 

claims of non-resident holders of ™ent is making no significant 
“ H^SSJESE 1 ^ ff rh^e «^o The Pound is now extra contribution in recognition 

. basic mrtNabim of those no to float freely with of inner London’s problems; and 

011 wor ^ in S beyond minimal intervention and if non- where it is making monev 
retirement age — -,w H 3 ' * 5 resident holders of external available (as opposed merely to 


he . ruled oat where 
answer to be found ? 

H. Stephens. 

8, SU Stephens Avenue, 
St Allans, Berts. 


- ^ ^ IWIUW« UUIUC) 3 VI UALTlUdl vyymVAl UICICJV tU 

n \ u ; L ° C ?^rge w - ere 10 seU . teljin* us how much we can or 


Regional 

dialects 


Overdamped 

systems 

From -Dr. D. Budtoordi 


-n Up balances, Ihe rate would drop cannot spend from the rates) it Frcrm Mr. W, Bayne 
and the reserves would suffer if insists on retaining detailed and Sir.— How pleasant to 


Are the persons in this 

group still carrying on iw an( j reserves would suffer if insists on retaining detailed and Sir.— How pleasant to have mr 

jobs they were Soloing oeiore ^ were to Intervene. costly administrative control. own opinions on reeional dialects 

reaching retirement age or nave In theory, the Bank nf Ene-. In addition the Government'.? echoed by persons of the 
they switched to less active or Iam j n ot obliged to intervene, regional policy totally excludes eminence of Lord Snow (October 
part-time employment? To wnat but in practice (viz^ tbe present the possibility of its ever taking 211 and Mr. Faulkner (Novem- 
extent are they dollar situation) a central off the^ planning restrictions her l». I am sure these gentle- 

j. u efforts to raent arc as despondent as l am 

rhe Govern- that our ideal of everyone «nvak- 

'AoM t* gl»n am to (Ml tie consequeoee, (UI «*y ta Sir ReftteSS^ SS^LjutaXT* 

ind SSfiES riSier ^undamped for at least accepting partial 0 f s continuing process of often called -for a crash £3bn \W C. Bayne. 

?(!U-i?hMa'hPn ^rendered less retirement thus releasing more devaluation. What Mr. Torrance programme for London? Hour. 

S more unstable b\ opportunities for the unem- apparently fails to appreciate » it comes hard to read a London Y«w. 

SSSl SvanoS ia commuai- .Pioyed? There would, of course, that a currency does not come Labour leader oa ihe subject of SicLiwoffr. .V®n*ag. 



GENERAL 

TGC economic committee to 
study results of discussions with 
Ministers on pay and prices. 

British Oxygen's manual 
workers discuss strike action. 

Mr. Wans Chen, a Chinese 
Vice- Premier, sees Mr. Eric 
Varley at Department of Industry. 
PARLIAMENTARY COSINESS 

House or Commons: Queen's 
Speech debate continues. Subject: 
Rhode:- ia. 

House of l^*rds: Qut-en'.s Speech 
debate cominue-. .Subject: Home 
affairs. 

Seleci Cummirtees: Expenditure, 
general sub-committee. Subject: 
European Monetary System. Wit- 
nesses: Sir Jeremy Morse. Llojds 
Bank: Mr. R. Leigh Pemberton. 
National Westminster P.ank: Mr. 


Today’s Events 

A. F. Tuke or Prof. Harold Rose, 
Barclays Bank. Room S. HI "0 am. 
OFFICIAL STATISTICS 
U.iC. Banks' eligible liabilities, 
reserve asset-, resent- rario.-. and 
special depn-iis (mid-October i 
London clearing banks' rnomhly 
slaieineiu < mld-Ocmber i. 

COMPANY RESLLTS 

Final dividends: Allied London 
Proper! in-. Atlulo Scoriish Invest- 
nu*m Trusi. A. Aren-on (Hold- 
incsl. Bridporr-c»ur.dr\ iHeld- 
inn.si. Cedar Investment Tru-t. 
CLRP Invostmenr Tru-t. Jenks 
and Calleli. Murionair ln*.-rra- 
lional. SeottLh National Trusi 
Company-. Interim dividends: 
Airflow Streamlines. Alina: t 
London Properne*. Atr.bru-c 


Jmestmenl Trusl A ; .socia:od 
Rrjii.-h Foods. Bank of Ireland. 
Bradford Property Trust. Capper 
Neill Oner Kvdor. Clement 
Clarke tHoldin.’si. Coats Paions. 
De La Rue Company. G:eve« 
(Jroup. Great Portland E-:au-> 
W. L. Pawjon aril Son. Pnris- 
mouih and Sunderland News- 
p.ip* r.s. Rohoep^ Adl.ird and Co. 
Smt-ros. Whi rbread and Co. 
Young Com panic- hiv**Mment 
Iru-t. itucrini tic ores: Keiim en 
lire wore. 

C.fniP\.\Y MEETINGS 

fieri ram Con.- Rubber, i ube 
Hill I louse. Lunoo.n Road. Seven- 
o.i i:-. Kent. 12 . imrv Prop., c'nn- 
i.iitivhi Kwro.-. G i-.vi Queen 
-l.-r-’t. W»:. 1 J. Li-i.-r. Manning- 
ham Mill*. Bradford ii'.-Fi. 
Stafford shire Poiir-rie* N .Stafford 
IliiO-l. Sl.ike-on-Ttem. 



Its a reasonable assumption that 
any businessman planning a trip to South 
America w ould rather spend his time do- 
ing business than sitting about in airports. 

But if your itinerary involves trawl 
to a few 7 major South American cities that 
is exactly whatyou could end up doing. 

Fly Aerolineas Argentinas, after ail 
we know the interior of South America 
better than anyone else. 

We fiv 747s and 707s direct to Rio 
and Buenos Aires with connecting flights 
to 46 other South American cities. 

We have up-to-the-minute infor- 
mation on flights, times ana connections. 

And you can book everything here 
in England. 

So, next time you reflyingto South 
America k 

fly Aero! i neas^p*^ 

Argentinas. MMGMMii 









Lucas almost makes 



IN THE second hair nr the year * ■ y- -T- - . .. 

to .luly 31. 107S Lucas Industries ~~ , 

made up snme of ibe ground it *’''**< 

lost earlier through the l : K tool- Jp 7 - „ . •"* 

room strike, and finished the 12 ’ S; 

months with pre-tax prnliis. some , ' — 

£3.7m lower at £73.03m. -fcV. ' • _ i . 

At the interim Mage. v. hen ■ ’’ *' * \* “ . * :* 

profits were down from 134.67m |S££; ■ ■» ' 

to £27.6lin. fhe directors csti- ilfc'. O'--, , . £ 

mated ihe cost of the strike nt . her? V ’ ..££ . . 

film but they now report that fasH’ ''' ‘ ."■" •*>•*' '"'fi* ‘ • 1 

the effect was worse than that. ' 

together with some continuing . ; 

damage due to orders switched to ' .5* 

competitors and not regained. » - . '■■'■ ' ■■• 

ProfiL at the trading level Tor 
the year showed litlie change at 
around £77.!>m but the pre-t3X 
surplus was attected by a £lm 
reduction in share of associates 
and higher interest payable which 
arose fro mhte cost r»r financing 
the capital investment programme 
carried out in the last two years 
and which has vet to come fully 
on stream. 

Earnings per £1 share arc given 
at 5lt.S9p'.?(CvJ,4fipj and the ’divi- 
dend total is raised from NJi2p to 
fUTSSp with a final payment of 
6.844fip ner. 

Turnover Tor ihe year at 1971m 
was IST.m higher. UK sales were 
£666m. an increase of 1.55m. while 
overseas sales rose by £30m to 
£30nm. A further £91 m of turn- 
over is attribuiable to Lucas 
through its share of overseas 
associated companies' sales. 

Direct exports Trom its 1'K , . 

companies amounted to £155m— . . .uiiinwd 

an increase eof fl.im. Further. Mr. Bernard Scott, chairman of Lucas Industries 

much of the equipment supplied 
to customer'.- is exported by them 

on cars, commercial \ chicles, braking equipmem and batteries fully competitive in world 
tractors and nircrj ft and their all suffered from m> I backs caused markets, is now in hand. This 
engine® shipped kg pa ra I ely— these by milusirial (roubles both in the company has a record of success 
indirect exi'orts are estimated to croup's own and customers' in securing new contracts over- 
bo £l!khn. Tin iv half of teh work- factories, hut most made good seas and this year a notable 
load or ihe UK fa dories origin- recoveries front these difficulties, example was the contract for 
ales from overseas. The diesel fuel injection equip- actuators for McDonnell Douglas 


K 

iiWi 


mm 




ifcSSBHW- 


jtHlhii Xahtnva 


Mr. Bernard Scott, chairman of Lucas Industries 


Financial Times Tuesday November? 1978 


tops £0.5m Lucas just failed to come tip to the profits level of the previous 
, ■ * year: at the half-way stage the group bad hoped to make up for 

HjS ST— B 1IT1P the first-half strike losses but at the end of the year demand 

UiM-Zi. for certain diesel components proved disappointing, British 

REPORTTXG A £2on.ooo jump In Car Auction has turned ni profits 55 per cent higher on a 26 

pro-tax profits to £516.000 for the P* r cent in Sros$ auction turnover. Yarrow is still suffer- 
tirsi ms months of 1978. the in 8 froni unresolved compensation wrangles, but Feed ex has 
directors' of Fecdex say improve- shown strong recovery after six months reflecting better 
ment is expected to continue in margins on the pig production side. 


HIGHLIGHTS 


55% mcrease atBC A: 
dividend up to 2.5p 


lw ‘ vvriain uicsei cumponenis proves aisappumung. snusn , „ ...c,.. n r th» frnphnM nf tha 

£200.000 jump In Car Auction has turned ni profits 55 per cent higher on a 26 FOR .IHE yi Bar . f end |£ ti ^; i 7 Car Farnham head office, together 
7 £516.000 fnr the P* 1, cent S** 1 * in Sros$ auction turnover. Yarrow is still suffer- IMI 5 , have risen 55 P*r with adjacent properties. ^ 


directors of Feedex say improve- 
ment is expected to continue in 
the second hair and add that, 
given advantageous market 
conditions, the group is capable 
of producing very much higher 
returns. 

The interim dividend is stepped 
no from U.585P to 0.B5n net per 
Iftg share. but the directors point 


Yarrow profits finish 
lower at £1.4m 


Auction Group have risen 55 per wun aojiwe.ii k>khhv». 
cent to nearly £L72m. * 

-And trading prospects for the © comment 

current year show an impoveroetu BritJsh • Car Auction’s profits 
ox-er J97S at the P^fsent rime, ^ wth may have slowed down to 
with new records being achieved ^ in j, e second half, after 
by the motor auctions. _ adjusting ' for the contribution 

!n U77.7S from acquisitions, but overall -a 

came from the |“ e , t, £" IHSSJSS pre-tax jump of 55. per cent for 
.where Tor the the year did not disappoint ihe 

exceeded £100m, tb® and _ arlcet . the shares' moved 
gas cylinder supply business, and ^ ad 1 , p to Gross auction 

from acquisiLons made dun g mover rose by some 26 per cent, 
the year. r^nnn of which roughly half reflected 


Elsewhere engineering and feed down from 37 5p to 22.2n per 50n cent and in volume terms -the made by Mr. JusUce Brightman g. V. Edwards, Ttca Print, 
production added £197.000 each. A •'hare. _ The dividend is stenoed order book is healthy. . Ritchie- in the High Court. Melita Restauranl. Lederaplaw; 

new protein concentrate export un to a.lon f4.Ktl7nl net with a Taylor has now been added to' - Thev were: W. Stone and Co. Annagrade, Akrmers Ttadine 


new protein concentrate export un to o-iob n.nnini 
operation added a little to Ihe final payment of 3.45p. 
first-half figures but the company it 

seems optimistic about the fuiure _ 


ries origin- ..v... uivn uuumnin. »«mi<>r «« me roniran lor V esferriav fhe nmsmv'ive P F 

The diesel Tuel injection equip- actuators for McDonnell Douglas 

tip-Ts i97<i-TT mem business continued to move in the U.S.— and which has been iViS 4 ?.?- 3 ,'^J 



1V77-7S 

I9TS-77 

Turnover 

6.7CL30I 

3.39t,49; 

Dcprvciarinn 

1-^ -V! 

7«.<.«l 

lnv ipromc 

175 ?-(.5 

«n(!K7 

ronipriisanon fm 

1 :7 i«i 

■«» 

"in sries prvfil 

111 995 

34^ 41* 

Subs (Iivk 



T7.rt.nnn 

Prr-la* profit ...._ 




.VKT71 

non 317 

\>i profit 

S*7.0«.n 

1.499.132 

FriraniK. debit 

3^0.190 


Minori! !<•* 

II -ufi 



Aimboiabk 

SSBgJl 

1.488.122 


nl net with a Taylor has now been added . to;. They were: W. Stone and Co. Annagrade, Akrmers Ttading 
5p- Yarrow Engineers, whirh bas {Chingfordl. Indiastrial Labour Estates. .- . ;: - V 

ivr7-7s 1976-77 been badlv affected by Jack of fUKj.’ Braganza Investments, Edfoy, Grajan, Sra/Cide 
, : , demand for its boilers and the Corvic Company, Graham Keith (Restaurants). StowootL- Arthur 

l0<s f through nahonnHsatiod) of Company. Webb, Air FaisaL 

arsns wn’ripT some nrodnction facilities. The Granwood Builders. Hopecfroft Jet Age Aero - Services - 

isi" — manufacturing side is now opjv Furnishing. Kinsiease, Pmders- (Engineering). Pinearowth' 

111 999 small but the grniin is actively t Varol Holdings, Howard Ambocboice, Lewis GrinseH, St. 

\ nokl *:, Jp . r , : n * ni Jffv ^Others (Construction). Clair Sampson " ^ 

.vw.m n» 317 !'5? p C apw,t ^ r , I £»e he ,?i pe !! ne '^L t t Maicisde Miller and Pope H. Wests!! Transport, . JSSP 

s^-oai 1.^99.122 the shares at 32ft o the p/e of 14.5 t r\ evP i OT>TT1 p n *-\ South Essex Electronic Services arid Products, 

lin.w - fully accounts for compensation T ,^inv es t sSer Len Construction. . Adelvffl? - 

. .~T7~ ftneculaliwn and a strong balance 1 . 1 1 ai i nvesi, i>uper w .„. , ^ • 




reflect 11 the" K ™ ETAX of Varrow and stage about the pragress which ^company expended £550.090 roughly ur-ngH- 

recent years would be nmre S’- m i97S h3S heen marie ' on-rhe purchase aton income rose by- nearly -a 

equicible to investors onrt would n C ^ d ^ d nr ^ He a dds th3t if a fair and trading as raobite home supp ■ thin j_ Elsewhere profits from the 

^pT.i«^ arke ' n,,,nB of ,he g?-- £ ^ “ ssss «nf s 

-sa* 

an increased yield tn share- the year JFreadv raaSvedon »“ a»o the red. The acquisitions, caravan 

h « SSS "Jrrssz er • comment • sg «« as sssmi 

j-’rMsii 1 "" sa."sa *sajf ss ssrajK^-jas saras:ai= fs 

First half 1978 turnover was up nationalised whi«*h last time wake of shipbuilding hationalisa- L C ^2 i! ^Pti°nrk* Pa Thouch ' 

some £itn to £10.S6m and nrofirs amounted to £750,000. tion: The company refects to *SSTZ^ m ss PaHc # “Jh cara- ?ana 

were before tar of £248.000 The directors had renorred still unresolved compensation .S3SSSr^7.^."-..“-- » 6 ,* “ e 

t£l0l 000) and minorities of £6.f>00 interim profits behind at £767,000 wrangles and hence the tenapor- . t-Re-aated. w ickem> . ramiiy nas ravon-e, 

( (S3.00O). Comparisons arc compared with £044.000. ary loss of unquantified interest. Net earnings are shown at 6.01 p ment tn “ at business gomgnagR:. 

restated. Net nrnfir for the year came Bur more disappointing this lime ( 4_02p ) per ll)p share. The final some f, ™ e - ine ancnons- • 

out at £®^7.0fi5 aviinsr fi.5m after is the ahsence of any further divi- dividend is l.S525p on increased are well ahead or last year-T-tne_ 

A rommpnt tax of £708.773 fEWS.537). and the denri navout from the fnrhier’ capital for a total of 2.5125p, Ford strike has had Jitue^effeet sp- 

0 C rn en attributable balance emerged shipbuilding subsidiary's retained compared with I.98Ip. , , far — and .. w ^ ^ 

The 63 per cent first-half profit much lower at c ->58.221 t£1.5m» earn in ex- These earnings are in June, the company placed newer, activities bla is Jikeiy to 

jump recorded by Feeder con- after an extraorriinnry debit Tor almost £12m sn shareholders wilt 2m -shares at 41p each; the net produce anoiner gooa proout 

tains a sizeable recovery element, the period of r ?40,190 and minori- c'eirly hone for more than the proceeds of nearly £0.Sm were increase in 1975-79. Utl a P.e af- 

Last year’s first half was hit by tic® £11.346 (nil). £2Bm already received ■■ by used to repay borrowings made 7.8 and yield of 8 per cent. UlQ 

very low returns from pig produc- The dehit comprised nf the net Yarrow. This factor alone for acquisitions and to finance the shares are fairly valued. - ; ; 
tion- But a drop in the national cn«t of the agreed settlement of accounts Tor the 23 per cent pre- . ' ‘. ’ 

pig herd plus stable feed costs thp dispute regarding the r,LC t3x profits slide which indudes . # 'u - ■ - 

have greatly assisted a recovery boiler contracL together with a an unchanged contribution from A/ > TV |y|AM]/wi W fi — H’rt vi ' 

in margins. Pig production and provision Tor settlement of a long the now several* sUmtned trading LUlil lialUCd T7 UllJliU U Is **.•:' - 

marketing turned in U00.000 standing dispute coucerning an- interests. Y-ARD, the. important Mr ■ .. -g- ■ •* • 

which, comfortably helped the oiher hniler contract. design and consultancy operation. Orders for. the compulsory Cyprus Wines. Mars tore, BmpoL 

(<»tnl fnr the previous full year. Earnlnes are shown as being increased its profits by 30 per winding up of 59 companies were International, vat. 

ricau'liaro enmn 'faurl Hniin from TT in in n«*r 50n ran inri in onhimo forme - «Hn Ku XTr IiKtire RHflitman f7 V. Edwards Ties Print 


.- Iff |)\- 

; i w i ' ' \ 
H|; 1 i 1 1 1-*- * 


forward but the sharp fall in followed by other new con tracts 
i...-,' tractor demand, bnih in the LTx — in total some S60in. 


vehk-ir rqiimmrni ’ .. .' ;»■-« ~" ,n i™cu*r demand, bn i h in the LTx —in total some S60in. 

Aircrati oou Dnw;n mi x; si r: »nd overseas, reduced sales in Th _ inril . , pnil | nm „ 11 , hlIt .: 

Indu«n»> pr«.turi< ... . ihis markpt sector. 1He ln <?u>irial equipment dusI- 

Trading .surplus ~.9i 77.71 ness continues its cxpattMoti wirh 

Vehicle eguipinmi . ...1 rpjj-i ~i!ot Overseas turnover increased by an increase in turnover nf 23 per 

Atrrrafr equipmrni . .. 3..<i mi J1 per cent and the profits at cent but profits were down, 

" ' - ! .n ~ ^ ~“- ,rn '\ Bre £23m higher than pmcipnlly due to the com of re- 

in'rresi n.v.Mhi» . i-jj f he previous year. The group's organising the Liverpool factory. 

Prom before m rajs 76.78 European diesel fuel injection . Mnr , 

13 91 16.10 and brake equipment businesses , fbe group spent a 

K -’•■>: turned in better performances. f“ rth " Xlto 7* on ,tS fa ^ or, ? s - ,n 

M'n-wiw r.7<rtti4 n.®i n»i __ the UK and overseas involving 

inr^ 5< 5 ?iJ The planned growth of the £5om on new capital investment 

Mmw?m i 7 -i business «n ihe U.S. has continued and £Jflni on rt , V enue expendi- 

, ‘ t ‘ ‘ ' wdh total sales attributable to t U re Of the total outlay £S8m 

t?S I*n C ?anu'i r ^?he”roiin°aMu ired* * W in thC UK ' ‘ 

25 J P S^ l mt^ P |n -e SBli » h e.2«rectar S policy to con- 

amrtuif^i f»r ihi* nnran-r-s »r d>ni,iiirj'.»n Inc. a . Californian company | in,, e a nign rate of imeslment 
l, fix sales were 9 per cent higher engaged in ihe manufacture of )" group's i art ones both in 
and a further 1.000 extra jobs advanced electronic devices. fh* Vu and overseas to ensure 
were created in ihc year, which Th e Drofiis earned hv the aero- *"!!? ,hey , * r S a . ble t0 compete in 
follows the 5.W0 new jobs last cpice compand showed an 1m and 1 rn , pcl » he demands of world 
year. The UK profits at £5D.4m provemem fram the ven low marl f e ^' . Research and develop- 
were £fi.2m lower than the pre- perfonnance^ the irevnoSs vear conl,n “ es ‘°. be ®. keystone 

vious year. ■ ' n the group's affairs and expend!- 

__ * TTlG major r?orc*jni53tlOTl Ihflt was turp thi^ vpar ^mniinT^H In Him 

Home companies which manu- forecast last year and which is lure ms ' e amounted to £Jora. 


SMiajSs ISttJggrSs 


hands of investors living near its Z 

home base at HulL The .rieid 

needs Uftiog and marketability of «?J»h2I 

^v Pr n 1 '^^raiSr“' k ” to ‘' lra ' :t h L d. ’ rj 

any more interest r«.m 


Dowding& 


increase 


Developments), Bancote, Landson ' a - ■ L?!) d 
. Properties. SheU Bank Garage, TJZSJ ’ 

- - pArlrc Tlavcide against DUffCO , (madC^ - . Off- 

f n k October 23) kfanvine (Holding^ • 

^-i Y f,,.° de / a * loned _2“«2Saff (October 30). and Choice Invert-: 
Shoppe. Berjer Properties, raents (October 30) w 
Marshal and Nunn Music, Static rescinde d. By consent, the 
Enterprises. Alvaro Engineer;. pe ritions ^ 

• Barton Garage (Okehampton). undertakings to file outstanding;. 
Webster (Builders). Aphroidte returns. • • ' 


improved if the stock is to attract ICTuSrthStiL £ “Her Properties, ' menls (October 30) were? 

anv more interpst for distribution at the date of IV/|«||o CJrfipiC Marshall and Nunn Music, Static r «,«.j n ,ipH n T conKpnt 

any more interest nationalisation. In the four yea. -s iTiUlS . Enterprises. Alvaro Engineering. Hjjjj 1 - JSSKSl w- 

.... . arnoimted^to 1 sornefPm of wS • -Barton Garage (Okehampton). KrtSin^T'S fi^tSLdiSi 

Midterm rise nn, y SSil Of dividends haS inCrPJlSP Webster (Builders). Aphroidte returns. 

been authorised. vmuv ■ ■ ' ' 

for Tysons CLEFS' SSrSgff'S'^-iWS DIVIDENDS ANNOUNbED:^:: 

pro8t, M for C„ mnt 

” iswtSiiiidrasl " from ’ ^ iM “* v.- to ‘ « S'-], " r« fSvi 

£105.424 for the first half or 197S. Tn his statement Sir Eric n, f lin *" ' . F^dct ^ A int 0 65 • JIS 251 

Turnover for the period wa* Yarrow, the chairman, says That was difficult to say whether r. " i nil' i -i * ! 

tower ax £4.9m afiatnrt £5^lm. he had hoped it would have been the encouraging state or affairs ,:JL" a i„d< ^ C kju Dec.— 1 - 

Tax takes £44.000 f£13.430) leaving possible to give shareholders f » r *'ould continue “but we are „ lo 51 1,18 ?•»-* 

earnings ahead from 0.41p ro l.flllp some indication or the amount of increased profits I" SiiaJ^ h P " St 0 6 Der 2fl ’S3 ~ ■ Ji|-- 

per lOp share. of compensation likely to be the balF-year." he stated. > Yarrow 345 C ' 5 „ ?■**-*. 

The company does rmt pay received. Negotiations are rtiil Pre-tax nrofif in the 1977 first Dividends' xhnw-n'^nra' c 'ho« * * -AfL 7 ? 


Dec. 14 
-fan. 5 
Dec. 22 


carornp «»ieaa irwiu V.-.1.P ro I.^.p come inoicanon oi rne amount ■•«!»« u. urums “ r SVngsbv int 0 6 {S’*. n« . . 

per 1 Op -share. of compensation likely to be the hair-year." he stated. > Yarniw 3 45 C ‘ 5?, f-jf-i. 

■ 7 h L COr H-*£ y Ji y rec ^ ve< ?' Nf«ti»tions are rtiil Pre-tax profit in the 1977 first Dividends' 'shown f*nce‘ per share net except where otherwise stafid'.' - 

interim dividends-Urt year, continuing, he says, "and there- half was £509.307. and the year's - ‘Equivalent after allowin' for serin Issue, t On SS- 

single payment was.ZJliap. fore l cannot say anything at this figure was a record £1.74m. . increased by rights and/or acquTslt o£ IkwL caprtaJ ; 


facture vehicle electrical and e.s.seotial to make the business 


See Lex 


m-<- 

1 75 jr; ■ 
2.25.. i 


single payment w«.2J175p. 



The office of the fhture has just arrived. 


The day it arrives, a Lexitron word processing 
system will probably hold up production for 
a bit. But after that, office production will never 
be the same. 

A Lexitron system combines a typing key- 
board, a TV-like screen that acts as '‘paper,” 
a small computer, and a high-speed printer. AH 
corrections— typing errors, additions and dele- 
tions, rearrangements— are made electronically 
on the screen before anything is committed to 
paper. Then, when every thing is perfect, mate- 
rial is typed automatically at up to 660 words 
per minute. The information can be stored on 
tape or discs for permanent file, instant retrieval, 
or transmission over regular telephone lines 
for automatic reproduction at distant locations. 

The recent acquisition of Lexitron Corpo- 
ration gives Raytheon a firm position in this 
dynamic new Geld, and adds an innovative prod- 
uct line that is a natural extension of its estab- 


lished capability in data processing: intelligent 
data terminals, distributed processing systems, 
minicomputers, and telecommunications 
equipment. 

Raytheon s data systems business continues 
to grow at an impressive rate. Sales growth this 
year has more than kept pace with the 60% 
increase posted in 1977. Add Lexitron, and the 
growth is even more impressive for this segment 
of our electronics business. 

Electronics one of five basic business 
areas at Raytheon. The others are energy ser- 
vices, major appliances, educational publishing, 
and heavy construction equipment. For copies 
of our latest financial reports, contact any of the 
offices or companies listed below, or write: 
Raytheon Europe, 52 Route des Acacias, 

3227 Geneva, Switzerland, or worldwide head- 
quarters, Raytheon Company, 141 Spring Street 
Lexington, Mass., US. A. 02173. 


RAYTHEON 


:’v^5 iC r- V-v 

W- - 


biiemauonit! Dai a Sraiems. Fmnkfunef Alice 45-T^ 6ZJ6 Erahbom/Ts. Wes Raytheon 


“"!»• COMMNIES IN EUROPE: flwwrtb- Getot Beoraniet L™,«t HnRon: Been, EnjUnd - Raytheon Hnlbiei,* r , Z 

Munith. "esi Germany • Ryjihcvm Marine Limited LonJan. England ■ Raytheon Oooenhanen. Denmark •Tat’ *r yu> ” n Halb.eiter G.mJxHL, 
KT*" 1 ; T ? n.W Bau-und Vemieto^Dctah Limited, Zurit*. 

London, England • Fil Dinamo. Ljim. France ■ Greengutc Cahk-s Limifcd, Manchatec England " Kissing G mi. H & 

■ LiMroa & Krey, Bramsche, Wm Gcmuny ■ Stcriing OiWe Company Limited. AWenni^tetalarq.^ngl^ lugolsud^ V\est CeriWmy 

RAYTHEON OVERSEAS LIMITED. EUROPEAN OFFICES: Bonn. Brands, !«**». Madrid. Paris. . \ : v ?' ' ' 




I-** 


ath 


o i ■ 

v / > 

<*?A 

Mi 


nr*fi 

’“'J' 


{ J foffiffflafl T Times Tuesday November 7 197S 



0utldok bnght Newman-Tonks looks 
^ K - real improvement 



vji^US^ 


Electra Invest ment Trust 


jXBE RESULTS o £ fbe a equation 3 AJ ton's paperback book division, 
sod reorganisation • made . 1>y Dining tfafi yoar» the -directors 
Howard. . and Wyndham.. are decoded, to dose' lie group's 
becoming evident'iD'jts. iroprovIng publishing . warehousing' and 
financial. - peri or 'mutter - - The distribution - centre in' . Leicester, 
f* c ? n *? to t. fat this irs essential activities- wtfi be 
Wfll ?° D Sl ei,n 5 transferred to : Tip tree Book 
probably accelerate m -1979 and services, a subskDary of 

1££S..J2 dln . J L ^ performance to Hiitrfristm Publishing Group, ar 

says 'Hptree a rid this move is expected 
Mr. Ralph A. Fields, the chairman, -take place in stages, ail 10 tie 
" *1 annwd ^UtemwiL. wnStetf^S April. 1879. 

-Although this-, year .marks the. •. <pu» Aractors anticipate that 

gS* *=' Th^^S T^?Tin be?eJ 

oiislness as a -theatre proprietor, garriee for home and overseas 

^nhtf r Pn bmh^ ht^homa 1 ^ customers, fester -and more 

brighter, _both _ at home and detailed maP Rg gn ww * ptformarior^ 

rolaasTTmAsteatiai work! 
•6Xpr6SS85 - COUfivCflOfc - .UW on/t imnflr tctn t ODfirsf- 

SELT® <md JJSE&S* “ P ^ t, t 

^FoVfhe van r 'ended Juno in VJteaOitB Of its retaiJ Operations 
lfla-39ro) pre-tax profits jumped M 

gas “sasr sssrsa SSSfifAsSS 

A .onedoc-15 scrip .^ : < ^S'S U S 


LIMITED 


issue Is also proposed. 


; The chairman reports that last tn toot 

year's decision to ■- discontinue 7^ d- ir ?* , t 0 ['s continue to took 

group theatre ownership activities opportmuj^ hi 

has now been fully implemented. SKJftS, 

During the 1977-78 year it ' vWch .. th * ^ro^P » expenweed. 

disposed of the New Theatre, baseaHy-lwka and jewellery. In 
Oxford, and the Royal- Court tins, respect tbey are currently 
Theatre, Liverpool, -and tat- i“~ MB**?*® . wlth _*** V th 
month sold the Opera House, pnetors of Marboro Books Inc. 
Manchester; v,_ •_■ ' -•: L . .ofj' New; - York.' -TOe company. 

Its theatre and cbnCert bookingr which. is. engaged in retad] and 
activities have been transferred >w|I order, book- skiing and roe 
To a partnership of which Mr. .wholesale, remainder book trade, 
Elyot Beaumont; a director, is with its- .associate currently 
the operating - partner; these operates 11 retail outlets and has 
activities will continue under 1 his- &n annual turnover rate presently 
direction.. in "excess of 910m. .' 

Trading and profit performance -At the year-end, fixed assets 
of - the - group's . - publishing &bod at £lJ7pl (£I.57m}.jind net 
operations, improved substantially current assets .were . up from 
over the previous Tear and is now X2.88m to £&27m. Reserves in- 
‘' on target” All of- its publishuig creased from £135m to £1. 62m. 
divisions performed welL but the Net liquid funds ■ decreased by 
major reasons for the. better 1884.000 compared with a £14,000 
results -were the ..acquisition of increase last time. ' 

Hawthorn Books Jn£ and £be~ Meeting, Edanbwgti, December 4. 
return to profitability of V. H. at 10 am. 

Good start by London 
Scottish Finance 


The directors of .Newimro-Tuiiks 
have budgeted for an increase in 
proms in the current year, which 
together with the consolidation 
fir recently acquired Econa, 
should Rive a real improvement 
mi and profits, says Mr. 

Michael 1% right, the chairman, in 
his annual statement. 

As reported on October 23. 
Pf^'tax profit for the year ended 
®L l9 J$ finished ahead at 
IT 1 a * au * ! ’t £ 1.72m on turnover 
of £22.35m f£20.06m). Earnings 
per share are 12.74p (I3.ltfp) and 
the dividend is lifted Lo the 
forecast 4.0535p £3.63p». 

The engineering division main- 
tained its position as the largest 
manufacturer of overhead door 
closers in the UK and sales of 
panic hardware, hydraulic door 
springs, flexible dnors and glass 
door fittings increased in- volume 
during the year. 

Most of the subsidiaries made 
a useful contribution to group 
results, but Newpeer Aluminium 
In the Republic of Ireland, 
incurred losses for the year of 
£140,000. However, with orders 
forthcoming, this company is now 
moving into profitability. 

Despite of the setback in the 
South African economy, the 
subsidiary there maintained its 
profit level, but the Australian 
subsidiary turned in lower profits, 
even after taking into account Ihe 
contribution from the acquisition 
there of Parow and WhighL 

Econa was acquired in August 
and Mr. Wricht says that in the 
first two months of the IP7S-79 
year, the company has increased 
its profitability orer the 

corresponding period, and he is 
confident h will make a very 


significant contribution to group 
profit*. 

lo his review on the past year 
the chairman states that margins 
on many of the group's products 
were eroded by foreign competi- 
tion but its share of the existing 
market was improved upon. 

Capital investment in the new 
factory and plant Tor the hard- 
ware division is beginning to 
show an acceptable return on 
capital employed, and the 
budgeted profit is encouraging, he 
adds. 

As at balance date, fixed assets 
were Li.OSm (EJ/Mml and total 
net assets came 10 £l 0.01m 
(IS.37ml. Working capital 
Increased by £0.56m against 
£0.98m tost time. 

Meeting, Birmingham, November 
29 at noon. 


year-end — and before seeing the 
full effects of a cost reduction 
exercise carried out during the; 
year. ' ; 

Turnover came to £i.39m I 
(£l.SSm). After tax £11,014 (credit 
£1.1201 and hiking fn property 
gains of £3.SOO. compared with 
£236,143 a year earlier, net profit 
attributable to the ordinary was 
£15.290 (£232.7011. 

Earnings are shown at I.9p 
(loss O.fip) before the extra- 
ordinary items. The final dividend 
is Ip. 


Interim Report (unaudited) for the six months ended 30th September, 1978 

Earnings Six months ended 


Gross Group Revenue 

Group earnings before taxation 

Taxation 

Group earnings after taxation 


Six months ended 
30th September 
1978 1977 

£2,630.000 £2,277,000 


£2,351,000 

897,000 

£1,454,000 


£1,987.000 

771,000 

£1.216,000 


Kynoch wants 
to double 
dividend 

In the year ended August 31. 
1973, pre-tax profit* of G. and G. 
Kynoch have shown an increase 
from £2,263 to £29,329, and the 
dividend is being doubled to 2p 
subject to formal Treasury 
consent. 

The company makes woollen 
woven fabrics, comprising coat- 
ings. suitings. etc_ mainly Tor 
men’s wear. Although the 1977-78 
result is far from satisfactory, the 
directors point out that it has 
been achieved without the full 
benefit from a special order — 
deliveries of which srraddled the 


£ 25 , 0 ( 

ahead 


Interim Dividend 

An interim dividend in respect of the year ending 31st March. 1979 of 
2.0p {1977/78, 1.5p) per Ordinary Stock Unit will be paid on 31st 
January, 1 979 to those persons registered as holders of the Stock at the 
close of business on 3rd January, 7979. Such dividend will absorb 
£978,096 (1977/78, £733,752). The Directors currently anticipate that 
they will be able to recommend the payment of a final dividend of at 
least 3.5p per Ordinary Stock Unit 


Sales at R. C. SHngsby. manu- 
facturer of hand trucks, ladders, 
etc., rose from £1.62m to £l.S2m 
for the first half of 197S and tax- 
able profits were ahead at £72.998 
against £47.843 previously. Profit 
for the whole of 1077 had slumped 
from £153,168 to £63,479. 

First half earnings are shown 
as 0.18p (4.03p> per 25p share 
after ED 19 adjusted tax of £26,134 
directors say that oo relief is 
available in the current year In 
respect of losses in the overseas 
subsidiaries. 

The net interim dividend pay- 
ment is maintained at O.fip — tost 
year’s final was 1.6f>o. The attri- 
butable balance* came out higher 
at £61.S2l i£4Q.246> afier minori- 
ties losses £14.5*57 ftS.966i. 


Assets 

investments at market value 
or valuation 
Net assets 

Net asset value per stock unit 
of 25p 


30th September 
1978 

£79,384,000 

£76,120,000 

I55fp 


31 st March 
1978 

£70,647,000 

£68.323,000 


139fp 



AN ELECTRA HOUSE COMPANY 


TRADING HAS ' begun 'weff at 
London Scottish Finance Corpora- 
tion and Mr. R. H. Landman, the 
chairman, tells members in his 
annual statement that he believes 
the group will have another very 
good year. •' 

-Its gearing,'. “ which must ’be 
amongst the lowest of -any: 
publicly quoted group tar. the'' 
financial secior," will help it to 
cushion the; effect of -higher 
interest charges; lie adds. _ > 

At balance date, . gearing was 
\2:\. as Die ratio; of net bank 
borrowings to shareholders' funds : 
including convertible Joans, and 
2.1 : 1. as the ratio . of - total 
borrowings, including .all loans,- to 
neT assets." ’ . 7 — 

As already . known, . .pre-tax 
profits Jumped 94 per cent to 
£631,403 for -the year lo July 25, 
1978, on turnover . of • £5 .12m 
(£2. 68m). Basic earnings, pep lOp . 
share gained 80 per. .cent to 9p 
and the diri’dend is raised from 
1.7p to 2.14p net A one-for-two 
scrip issue is also .proposed;. ... 

Group reserves increased nearly 
£lm to £2.22m and net assets per 
share were up 31 per cent to 53p, 
Fixed assets amounted to £901, 50p 
* £375,897) and net current assets, ■ 
£3 Ira (£2.18m>. 

Profitability of the group's debt 
collection se rvice improved con-' 
siderably and the acquisition of a 


portfolio of ■ debt owned by i 
Midorco House, a subsidiary of 
Phillips Industries, -for 1520,000, is 
working out 111. a very satisfactory 
. manner.' Mr. Landman reports. 

Because a substantial propor- 
tiorf of the Midorco' debt was , 
.originally incurred - to - purchase 1 
TV sets, the group has continued , 
to service this ’debt both with 'the ! 
provision of maintenance facili- 1 
ties for the sets and the replace- 
ment of older sets for customers 
with new or reconditioned 
colour sets on rental 
in this connection* the group 
acquired TVH (Electrical) in 
September, ■ at a price of £75,000. 

. “ We shall continue to Took Tor 
acquisitions of businesses whose 
nature is allied to that of our own 
operation, with a view to assist- 
ing our steady expansion,” the 
chairman states. 

Meeting, Manchester, December 
•7,-jaboh.'. ' V ■" : 


-EDINBURGH INV; 
REDEMPTION 

The Board of Edinburgh 
Investment Trnrf has resolved to 
redeem the £147.444 of 5 per cent 
redeemable . debenture stock 
iflSO/SO at par. phis accrued 
interest, on June 3, 1979. 






Meeting world demand for essential raw materia 


RESULTS AND ACCOUNTS IN BRIEF 

AMBROSE INVESTMENT TRUSTi-Nft to September SO, HOB. Profit £32-550 
■sser value, per capual. <tiuure, « at t«1.7in alter all diarses lmHudlng tax 
Oerober 33.137S, 132J8p tprevwiEi insmh of XSO.TSS (i30:0Ml. Earolnjts per !5p 
lW.4*pi. share 1.74P (JLTSpi. Net aset value »r 

M. P. RENT— Resnlta to. tone 7 38.-1878. “*!»**■ ■f ler ^or chanws at 

r?portwl October IS." Ret emvenr aana wthnated market value re.7p i70.0p>. 
rr.TSm fcraimi. Chairman ktouo .'Interim 0.63p lO.fiOpl. 
has prime developments to the pfpeUnc PETER PAN BAKERIES— Turnover for 
WWSOl «T the -balance y«ir 10 - March si, 1978 f«.266.T« 

SSSiT Ptm*x loss S 8 .C 2 Hoss 

ftieeiing. Barn. November, IT. at Own. . ft2^S3i. tnriudJne non-tradbu: dchlu 
A. CAIRO AND . SONS fcibUlflte ' and nSJ3X (£UJ3Si. Tax Oil isune). EPS 
suorta goods retaOeri— •' Tnnwver £1.145.708 6-3p (Up), - 

3rSt' 5 Ms£ r CHARUES CLIFFORD INDUSTRIE5- 

pro« £9«» (a «3 after to Q<WO0 No Interim div Wend in me >. Sale*. £5.Wm 

fC^eami fpr' half-year to- June 30. J979. 
MA C ALLANS LENLIVET'— Results -for Profit before provisionc and to £53.000 
July 31. 1678 Tvar reported Ocrober 3. fMMtofc P royiakuia 035 006 mil'. Pre- 
Group fixed assets r?.55m (£S.28 hm oer to kna £282.000 (profit xS5,000>. Tax nil 
curreni assets £LS7m CILlSntt. Net Herald ’Isamu). 

»- 4 5 n | TJO^rmi. Meeting.- - BARLOW5 ; (packer, trarebousiiwi- 
Banffshlre. November 2*. at noon. Tunwvor for half pear to June 30. 1078. 

VIEW FORTH INVESTMENT .TRUST— mrajBSi. proait £H.5m 'C9-7S1, 

Turnover £111^48 (1110,7821 for baW-ywar ’^ x J nj.TB i (£U.7M>. Board states 


Natural resources provide the raw materials on which our civilization depends. 
Finding, developing, processing and supplying many of the world s most important raw- 
materials is the key role of the Gold Fields Group. 

Consolidated Gold Fields is international and its main interests are construction 
materials, industrial operations and mining. Group companies operate in the United Kingdom, 
Europe, America, Africa, the Middle East and Australia; creating wealth and employment by- 
developing resources to meet the needs of mankind. 


Do yon mad luiibuI kifonmfiozr wi- 
UmttBd CompaniK. inctotfinu ScUnc* 
Sham, praparad bi-fidays-araiMEtof , 
oniy£ 3 £D? 

You naada . 


Far men Wwtnailon. MTft* fSJbap* oo your 
•HUnganlMdHntfitu:— 

ECS. Comply |UK>, Bw Hbwa. . .* 
37 Wan Way. Boday, OrfonL ' 


-that -resulte ware affected by rv-orcanfsa- , , , : _ 

Uon arising cram the. formaiiou oF the nilllninor hlork - *; P 

Dew.-' subsidiary. Barlows and Lloyds. UUllUillg, UlUL-Kb, XT 

PROPERTY PARTNERSHIPS — Pre-to orir J mapadam 

profli for. ball year « September 30. 19T8, dll U JXLa.GclU.dJIl. 

£15E50ff (£158.084). Tax £82^00 (£82^04). 
interim lp (0.8in net per Sop share. 

AB ELECTRONIC PRODUCTS CROUP 
— JtesnhB for rhe year endi-d June 30. r 
19JS reported on September 17 wlrh loll 
preUmtoaiT afatemeni with presperrs e eaAnn 

Salient features of 1978 

ctnxeni asFcfs £2.3Sm iC.T4oii. Wonrins 
capital- decreased £356.0*0 ffj5 P .000 

SH* aaK ‘ CaftWT- Kmaamr Profit before interest and taxation 

ANGLO- TRANSVAAL CONSOLIDATED Taxation 

INVESTMENT COMPANY-Rrsull* (or ' . 

ynr to June 30 1S7S. already Irmwn. Net profit attnbatable tO the tTiemfa 

jnvpMuiroti RH!<SIrn ^R55.871. nei m^firt p ^ ■■ » . * o u j j • 

Vim FUOlJMm (R91.31ni). ileeilng. OI (JOnSOlKlateCl CxOlQ. JtietGS LDD 
Johannesburg. November 34. , r>L. „ 


Construction materials: 

Gold Fields is a leading producer in the United Kingdom 
and growing fast overseas. Last year, for example, one of the 
biggest concrete pipe manufacturers in the United States 
joined the Group. 

In addition to civil engineering contracts, motorway 
and airport construction, the product range includes 
quarried stone, sand and gravel, concrete pipes and 
building blocks. Premix ready mixed concrete, asphalt 
and macadam. 


RAMAR 


LIMITED 

MANUFACTURERS AND DISTRIBUTORS OF LADIES’ CLOTHING 

Extracts from ihe statement by the Chairman, 
Mr Michael Rodin 

Results and Dividend T am reporting profits before 
taxation of £20?, 983 Which is less than the profit 
achieved for the previous year of £274,670. The 
lower: results shown are mainly due to the 
reorganisation that has been taking place gradually 
over, the last two financial periods. 

The Directors recommend that an Ordinary' dividend 
be paid of 6.036% (gross -9.009%), which is the 
maximum permitted. 

.Future prospects There has been continuing 
re-organisation in the Company even within the 
last six- ‘months. We have strengthened the 
Company's management team both in sales and 
production.- The increasing units and value of 
turnover which we have so iirgently needed are 
appearing on our order books and should reflect 
in improved profits in the latter part of the year. 

I am now more confident for the future especially , 
since there is. at present 'a positive demand for 
quality merchandise, for which the Company has 
earned an excellent reputation and image. 


Net profit attributable to the members 
of Consolidated Gold Fields limited 
Per Ordinary Share 

Ordinary Dividend 
Cost to the Company 
Per Share payable 
Gross equivalent including related 
tax credit 
Assets Employed 

'"Adjusted in respect ol the ripAfs issue in iCcremhtr 19 7 ?. 


3978 
£ million 

87.5 
29.7 

34.5 
25.15p 

23.5 
9.19p 

13.72p 

596 


1977 
£ million 
52.2 
16.1 

25.0 

20.28p* 

9.9 

8.01p* 

32.14p* 

488 


Industrial and commercial operations: 

These include steel stockholding, distribution and 
production. Scrap metai processing. Aluminium 
engineering. Shipping and road transport. General 
trading and financial services. 

Mining: 

As a gold producer the Group is well known, but Gold 
Fields mines also provide a considerable number of other 
metals and minerals. These include coal, copper, iron ore, 
rutile, tin, titanium, uranium, zinc and zircon. 


Group profit by territory (before interest, tax and e>:cepuonul items) 


/M*. 


V / • 

L : .K.and :>* • 

Europe ’A 



Group profit by activity 

(before interest, tax and exceptional items) 


North ^ 

America 

14% 


Realisation of invest mem s 
and other revenue net of 
charges l&ia ^ 


Construction 
materials 31"o 


- v*P 


-W 


S 


Australia 

IS\, 




Mining 34 *b 


industrial and - 

ixunmeicial operations 19^ 


49 Moorgate, London EC2R 6BQ. 


International-Diverse -Resourceful 


The Registrar. Consolidated Cold Fields Limited. 

Lloyds Bank Limited. Registrar's Department. Goring-by-Sea, 
Worthing. Sussex BN 12 6DA. 

Please send me a copy of the 1978 Annual Report. 

Name 


Address. 




28 


iO DEALS 



Com Exchange 
in new talks 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


The chairmen of Dawson Inter- 
national and John Haggas failed 
to reach agreement on merger 
terms at a meeting last Friday 
but talks aimed at concluding the 
negotiations by the end of this 
week are continuing. 

"Nothing is certain in this life 
and the merger is wide open one 
way or the other." Mr. Alan 
Smith. Dawson's chairman, said 
yesterday: " I’m keen on it. Brian 
Haggas is keen on it. but there is 
the question of what's fair and 
equitable to both sets of share- 
holders.” 

Meanwhile. Mr. Hasgas. chair- 
man of John Haggas, in his annual 
report. released yesterday, 
cautioned shareholders not to be 
too disappointed if agreement to 
merger wilh Dawson was not 
reached. He 3dded that Hacgas 
directors would not recommend a 
merger unless they Felt sure that 
this was a sound investment with 
excellent prospects for growth. 

Last night he took some of the 
sting out of the comments by 
stating they were not designed 
to prepare shareholders for a 
possible breakdown in merger 
negotiations. " It is just to let 
them know that if the deal does 
not go through we have other 
irons in the fire. We have had 
three informal approaches from 
other companies since the Dawson 
proposal was announced 3nd we 
have said to each that v.e will 
wait until present negotiations 
are concluded. It would be dis- 
courteous to do anything less.” 

He stressed that a merger with 
Dawson was still an interesting 
prospect and stated that the pro- 
possd integration of management 
in the new company to be formed 
would give excellent prospects for 
growth. 

Turning to his company's per- 


formance in 1977/78, Mr. Haggas 
said that despite a year of varying 
fortunes for the different divi- 
sions the company had achieved 
a 24 per cent increase in profits 
and improved substantially its 
cash position. The return on 
capital was 32 per cent and net 
earnings per share unproved from 
13.01 p to 15.81 p- 

Turnover from the spinning 
division was considerably ahead 
of the previous year due to a 
much greater usage of pure wool 
but profits did not quite achieve 
the IH7R.-77 levels. Profits from 
knitting jumped 70 per cent and 
the Turn re looks better than for 
many years, he added. “ The fur 
fabrics division had a splendid 
year and fulfilled our best hopes. 
Profits more than doubled and it 
gives us considerable scope for 
further progress.” 

The consolidated balance sheet 
shows that net current asets at 
June 30 were £7.9m which in- 
cludes almost £10m in quoted 
investments, largely gilts. A year 
ago the figure was £om. The 
increase was funded partly from 
internal cash flow and partly 
through a £1.3m increase in bank 
borrowings. 

Stock on hand rose from £1.7m 
to JE2.3m: debtors was up from 
I2.0m to £2.4 m while creditors 
totalled almost £3ni compared 
with £2m a year ago. The value 
of shareholders* funds rose from 
£5.7 m to £11. lm. 

METAL BOX 

The hid of £12 ,3m ($25m) by 
Metal Box for Risdon Manufac- 
turing of Connecticut. first 
announced on October 19, went 
to tender yesterday. 

The a creed bid. for S20 a share. 


is Metal Box's second major U.S. 
move since it ended its licensing 
agreement with the Continental 
Group. 

The company believes that 
Risdon will give it a foothold 
in the cosmetic and speciality 
packaging market in the L 7 .S. 


Another sale 


by GKN 


Guest Keen & Nettlefolds. which 
has been tidying-up its operations 
through a programme of closures 
and disposals over the past IS 
months, has sold its Firth Cleve- 
land wire ropes business to 
Arthur Lee & Sons. 

Arthur Lee has paid £550.000 
including the repayment of inter- 
company loans. This compares 
with Firth Cleveland, net asset 
value of £263.827 which excludes 
deferred tax of £184.565. 

GKN has been taking a long 
hard look at a number of its 
operations — particularly those 
outside its traditional steel busi- 
ness — and In the past IS months 
has closed its .Midlands plastics 
division, a number of fastener 
works as well' as chrome bumper 
and precision forging interests in 
Wales. 

A group spokesman said yes- 
terday that in the current climare 
of the wire rope market GrCN had 
decided that its Firth Cleveland 
business was too small to compete 
satisfactorily with a major like 
British Ropes, which it estimated 
controlled around two-thirds of 
the UK market. 

The spokesman said that the 
deal would double .Arthur Lee's 
wire rope production giving it a 
10 per cent share of the market. 


The on-off bid saga at the Corn 
Exchange is both off, and on 
again. 

In a statement to the Stock 
Exchange yesterday the company 
announced that the hid talks 
which sent its shares up by a 
third on October 19 have now- 
broken down. But in the same 
statement the company explains 
that another bidder has appeared 
and that, once again, the Corn 
Exchanse and Kleinwort Benson, 
us financial advisers, are in dis- 
cussions which “ may or may not 
lead to ..n offer being made.” 
The news helped the shares to 
move 3p higher to 225p yester- 
day. 

At the height of the last 
property boom, in 1973. an £38m 
valuation on the Corn Exchange’s 
Mark Lane property in the City 
was viewed as unduly cautious by 
takeover spotters. A December 
1977 valuation of the building at 
£8m. and supporting net assets 
of 2 Tap a share, is now seen in 
the same light, and last year's 
new^ that Mr. Ron Bricrley's 
Australian-based Industrial Equity 
group has acquired a 21 per cent 
shareholding revived bid interest. 

Neither the company nor i:s 
advisers would name either the 
failed, or the new bidder, yester- 
day. But a number of enquiries 
have been received since the fine 
announcement of an approach, 
and so an informal aurtion for 
the company may well be m 
progress. 

LONRHO PROBE 
EXTENDED 

The Monopolies probe into 
Lonrho's takeover bid for Scottish 
and Universal Invest men is is 
taking longer than planned and 
the investigation is not now due 
to be completed until next year. 

The Monopolies and Mergers 
Commission, which has been 


working its way through a large 
amount of evidence, has success- 
fully applied to Mr. Roy Harters- 
Jey, Secretary of State for Prices 
and Consumer Protection to 
extend the deadline for its report 
until February 11. 1979. It had 
been due to present its findings 
by the end of this week. 

A spokesman for the Commis- 
sion said yesterday that more 
time had been needed to complete 
its work. 

The investigation has been 
complicated by the fact that a 
merger with SLITS would Increase 
Lonrho's holding in the House 
of Fraser from 19.38 per cent to 
just under 30 per cent. 

GREENCOAT PROPS. 

Green coat Properties has sold 
its 55.19 per cent shareholding in 
the City of Aberdeen Land Asso- 
ciation to the Scottish Western 
Trust Company for £532.000. 

Scottish Western, which is pay- 
ing 107 p a share less the rights 
to a 3.52p a share final dividend, 
is extending its I03Jp per share 
cash offer for the balance of 
Aberdeen's share capital. 

Scottish Western’s bid compares 
with Aberdeen's book net assets 
of 93p a share. 

ICFC STAKE IN 
PARSONAGE 

Industrial and Commercial 
Finance Corporation has put up 
£130.000 to back the takeover of 
Parsonage Transformers hy Its 
managing director. Mr. Derek 
Chandler. 

Through the package ICFC is to 
take a 25 per cent stake in Parson- 
age. The rest of the money is a 
loan. The company has been 
bought from Nevin Electric (Hold- 
ings) in a deaf estimated to be 
worth £160,000. Parsonage manu- 
factures components for a wide 
range of electrical and electronic 
products. 


MINING NEWS 


Financial Times Tuesday November 7 1978- 

1 


Mostly tiny 
so far at Ashton 


BY KENNETH MARSTON, MINING EDITOR 



THE PROMISED further progress 
report from the Ashton diamond 
exploration venture in the 
Kimberley region of Western 
Australia Is much as expected in 
that it is encouraging, but does 
not greatly alter the picture at 
this early stage. 

Issued at the request of Ashton 
Mining, so that latest news will 
be available when Ashton Mining 
shares start dealings on Thurs- 
day, the report covers results of 
the sampling programme from 
August 1 to October 3L It thus 
extends by one month the pre- 
vious results covering August and 
September which were: 250 
carats of diamond recovered from 
47 samples ctntainmg About 
4.SS8 cubic metres of material. 

The first phase of surface test- 
ing of the pipe “A” is now 
complete. Over the past three 
months 27 samples containing 
2,730 cubic metres of materiu 
from the pipe have been treated 
for 3 yield of 197 carats of 
diamond. This is a mixture of 
industrial and gem qualities made 
up of 966 stones, the largest of 
which is 4.9 carats. 

Over the same period the scout 
sampling programme has worked 
on a total of nine pipes. From 
these 60 samples covering 5,760 
cubic metres have yielded 215 
carats of diamond. This was made 
up of no less than 2,319 stones, 
the largest of which weighed 5.7 
carats. 

Clearly, the balk of the 
diamonds so Tar obtained must be 
of a very tiny size indeed. But 
the current testing phase is 
designed only to define whether 
or not the pipes contain diamonds 
and the latest results are only 


from a limited number of surface 

^‘results are tin* not nece«- 
sarily representative of the over 
all grade of the pipes- The " e ?r 
quarterly report is to he issuecl xn 
Januaryf hut it has be^ sta ^ 
that the work scheduled for the 
remainder of this year is n 
expected to provide any 
information as to the/rade 
individual pipe: so far 26 pipes 
have been discovered. 

. Partners in the Ashton yenwre 
are: Conzmc RJotJnto of AustraJ^ 
52.6 per cent; Ashton lining 

per cent, AO (Australia)^ per 

cent, Slbeka 7 per cent, Tanaust 
Proprietary (previouriy ^ns* 1 
nyifca Holdings) 8.4 per cent and 
Northern Mining o per cent- 

Malaysian tin 


A second interim dividend of 
16 per cent in respect of the year 
ended June 30 has been declared 
by Tougkab Harbour Tin 
Dredging. It makes a total of 
24 per cent od the MSI shares 
for the past year compared with 
37 1 per cent for 1976-77. Produc- 
tion of tin concentrates for the 
first three months of the current: 
financial year amounts to 129 
tonnes against 137 tonnes a year 
ago. 


Irish smelter 
seeks planning 


permission 


producers 



Brazil's fast-expending economy mGkes ittoday's real land 
of opportunity for overseas businessmen. And wherever 
Banco do Brasil has an office the frontiers of this booming market 
are brought to your doorstep. 

Now the bank's services are at your disposal in Zurich and 
Vienna, as weli as in 48 other centres outside Brazil. 

Banco do Brasil will tell you all about the business opportunities 
that exist in its home country. And its efficient and 
knowledgeable staff will give you the support and guidance that 
are indispensable when you venture into a new market. 


. With nearly 1,200 branches in Brazil, Banco do Brasil is 

uniquely well-placed to put you in touch with the contacts you need, 
and with cssets of US$ 46 billion can give you ail the 
backing you need for success. 

Talk to Banco do Brasil soon. Open up new horizons for your 
business, and count on the support of one of the world's great banks. 

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In Vienna: Tegetthof Strasse, 4/2-1 01 0, Vienna 




AMSTERDAM •ANTOFAGASTA • ASUNCION • BOGOTA* BRUSSELS ■ BUFNOS AIRES 
• LIMA • LISSOM » LONDON • LOS ANGELES • MADRID - MANAMA 
QUITO ® RIVERA • ROME » ROTTERDAM • SAN FRANCISCO •SANT 
NEARLY 1,200 BRANCH OFFICES IN BRAZIL 



WHILE the price of tin runs at 
record levels, having advanced in 
Penang by some 20 per cent this 
year and over 56 per cent smee 
the beginning of 39i 7. mixed new^ 
comes from the Malaysian tan 
mining industry. 

Gopeng Consolidated, which 
produced 1.7134 tonnes of tm con- 
centrates in the year to September 
SO compared with 1.800} tonnes 
in the previous financial year, re- 
ports a pre-tax profit for the latest 
period of £2.S9m against £2.17m. 

. On the other hand, the smgle- 
dredge producer, Pengkalen, re- 
ports an estimated pre-tax profit 
for the same period of £123 ,7 dQ 
against £364,415, the lower earn- 
ings reflecting a reduced produc- 
tion of 1044 tonnes against 208} 
tonnes. 


THE IRISH Industrial Develop- 
ment Authority has decided to 
apply for outline planning per-: 
mission to build an electrolytic, 
zinc refinery to process material 
from the Navan- lead-zinc deposits, 
at County Neath of Tara Explora- 
tion and Bala, reports our Dublin 
correspondent. 

The IDA has decided on a cite . 
in County Kerry, on the south 
bank of the Shannon Estuary and 
lodged its application- with the 
County Council yesterday. The 
rite was chosen because of its 
proximity to deep water, avail- 
ability of land and small popula- 
tion . 

But the IDA has not yet found 
a partner to build the refinery 
which would cost about JElOOm. 
Government policy is to build the 
smelter in conjunction with a 
private company, but New Jersey 
Zinc, which did some preliminary 
studies, indicated some time ago . 
it was not planning to gD ahead 
with the deal. 


Still heavy going 
for Falconbridge 

LATEST NEWS from the mid-1984. The mlD should 
Canadian mining scene includes produce ISm to 20m 'pounds of 
further losses from the Falcon- molybdenum a year for at least 
bridge group, but more encourag- 20 years, Union added, 
ing developments from the small 


Naharlek still 
in the lead 


Vestgron and Barymm com- 
panies. Against the background 
of continuing depression in the 
nickel market Falconbridge 
Nickel reports a nine-month loss 
of CSU.2m f£4.76m) compared 
with a re stated loss of CS165m in 
the same period of 1977. - L 

r , * .. „„ he the first Northern 

^ J Territory uranium mine to come 

m^n b mn?p im ° Production, according to the 
Copper, houexer, make a more Trade and Resources Minister, 
cheerful showing. In ibis case a flIr Dou «, Anthonv ^ 

profit of C$9. 37 m has been earned ~ . 

in tiie first nine months of 197S c ?£ er * 

compared with one of OS4.96m in JE* 
the same period of last year. The **■&£. 

1978 figure is arter a loss of ** 

CSl.Tftm from minority interests. 

mL, ft Yorn l fif> J nwnmnAt VllfirC3S tn© Kfl QEJCE ItTlCi 

Smtla> ead rflK 0SP Rret.5! °? 362 Industrie s and’ Peko- 

»5COu3 S Csp*? BrGton H’flUsend will tsilep thrpp vmk tn 

m "hm 'E? deveSp to proSfctfoJ^ * 

financial assistance of C$300,000 hoped an agree- 

hy the province to exploit its Queensland Mines 

deposits. Nova Scotia's . Minister Dand Council 

of Development has described l he Aboriginal 

the assistance as “a catalyst” to uou,d be concluded by 

the development of the operation, ^-urtsonas. 

Barymm has now made sub- previously reported, an NLC 
stantial progress in arranging *?°j5 esman . h ? s sai ^ tte question - 
the remaining financing of C$2.5m „ V 0Q i e !S. an ac ? ess port for 

for the Yava property. It is Q uee ?sland Mines is the -only 
hoped to get the mine to produc- ^roaming issue to be settled, 
tion before the year is out at an 1 !Wr< Anthony said he was very 
initial ore milling rate of 600 Pleased that the NLC, rep rese ni- 
tons a day. m 5 Aboriginal landholders in the 

Vestgron Mines, the Comlnco- t ?^? t S r ?u S urarriura Province, had 
controlled company which s ^* n . 1116 agreement last Friday 
operates the Black Angel zinc- 2" , ter F s aDd „ conditions for 
lead mine in Greenland reports deve] °P™E the Ranger site, 
net earnings for the first nine The .delay in mining uranium 
months of C$274,000 compared ^ atl “cant that Australia had 
with C$5 -23m in the same period P r °bably lost some market oppor- 
of last year. But this represents tunities but better to start now 
a turn for the better because than not at all. air. Anthony said, 
earnings in the third quarter were ’’ 1 think we'll get our share of 
C$1. 03m, more than recovering th® market.” 
the loss made in the first half. 

Demand and prices for zinc con- 
centrate have improved while 
markets for lead concentrate 
remain strong, it is stated. 


ROUND-UP 


NEW U.S. $200M 
MOLY MINE 


Hudson Bay Mining and Smelt- 
ing of Toronto said that its offer 
to purchase International Cbem- 
alloy Corporation's interest in 
Tantalum Mining Corporation of 
Canada has been approved by the 
..... . . Federal Government’s Foreign 

Un '°” California is to Investment Review Agency, 

spend $200m (£101m) to develop TANCO’s other shareholders are 
a molybdenum mine at Questa, Kawechl Berylco Industries and 
northern New Mexico. the. Manitoba Development Corp. 

The newcomer will be adjacent Hudbay will pay $6.52m for Chem- 
an open pit mine which alloys interest but following the 
Molycorp. a Union subsidiary, has sale to Kawecki the net cost to 
been operating since 1965. The Hudbay will be C$4.89m. TANGO 
project vrfll include modernisation is mining tantalum at Bemic 
of the ore handling and treatment Lake. Manitoba, and proven 
facilities. reserves are sufficient to last until 

L nion said that production will 1982 at the current mining rate, 
begin ui January 19S3 and ful» TANGO has substantial un- 
production capacity of 18,000 tons developed proven reserves of 
of ore a day will be reached by lithium. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave„ London EC3V 3LU. Tel.L 01-283 110L 
*“2*? G *£ rie ■» « October 24. 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 129.21 

CHve Fixed Interest Income "" 113!86 


allen Harvey & boss investment management ltd. 

45 Corn hill, London EC3V 3PB. Tel.: 01-623 6314. 

„ . . Guide as at November 2, 1978 

Capita] Fixed Interest Portfolio 100.02 

Income Fixed Interest Portfolio 10001 



CREDIT COMMERCIAL DE FRANCE 

U.S. $45,000,000 Floating Rate 
Notes 1978-1985 

For the six months 

November 3rd, 1978 to May 3rd, 1979 

the Notes will carry an 
interest rate of 1274 % per annum. 

Listed on the Luxembourg Stock Exchange. • 

By: Bankers Trust Company, London. 

Agent Bank, 










- £: ■ " 'It - ■' 


axjGial; 35ineSi .TsesSay . Navemb'er 7 1978 




The -improved, u raflirig • Which - - 1 


occurred at S. Lyles during the RftAQn MPrriNfiC 
second half of 3977-78, is-chartSmt- WAKU Wtt l 


A MAJOR move forward in order dividend is stepped up From 

_ _ uitake and turnover is being 0.700fl8iip to 0.7S27tip net and a 

imr Jo dfljA mwcmi* -mar M* 'Mtajtn* canjantes have Doufleo experienced by Bunt and Moscrop sCr „ ip Issue ’ ,n tlie b*sl* ° r one 

rV 3 ^ t “« un ®! t ; 5Bir ’ dnes of. ttwrt, wwrttara to the Stock (Middleton) with deterred ordinary share for every 

Mr. John. :^ -dlflirtnaa, E«tau^ meaSuro ;aro. naoaiijr ' e *POrts being f 0ur ordinary shares is also 

says in ius aaniutf report. ’ 5*“Jr ?" ever raore ^porrant parr of proposed . * 

dividends. .OffltdaJ iixHcAtfcau are not the eomnanv’s nninut rannr i c ^ 

Activity is at i fcflgh' level, both b ■a-' whether ^ dividends are Mr. Edward W n7int Lk»£»irf The h «t transfer division 

* ft-™ o «ti SA&TS in h * ™»i .1^52^™"- ^‘rL Te ^ d TS*, 1 ” the 

mansatK... He nates ,h a , the comply SSSrtrr “ n*“T. 

HSS^h^SS^ t V S* : rS!USS 5"2? a 5iL and substantial iScreaw in The chairman reports rnai 

Jrodu^^S^^^^bBS activi t v - but of necessity also has J^iwm-Huni once ajiain in- 

enabled the' group to get an y a ». C s»* ^<^_^em.aaritp. Coats L^ e ®^ ort } er w disproporationale ^ e “ e j} l i t ’ I>r0,,la 1,11,1 v 1,ut now 

inmSw PWWU 50 Bra MUxa. burden of overhead costs to fi . n ^ 1™«“* 


(VIC 

company's 


profits bi lit 
tons with ir.s existing 


increasing share Jit- tb® market. • . -Gicvt*£ Greet’’- Parti Md - Etftaies. or realise the potentinT^in erea«c» in ^ ze - Plans are to hand to bring 
Extensive invorvement aa "the. B ”W’ , w«w. W;. i*. v*v*an f -Pons- business. ‘ new capacity on stream at this 

raannfaetttie^tf r yara- for pfcain SJSSii - ^nrrt&«u?tLa. '’SjSlSfjS' While the imhaia™ ; r n company by June. MSI). Currently 

and ..textm«d- .carpets-- Jm -atep SSPtiSS^ toSxt K? '* term situation**^? nwsn^hat } he ? ompan >' '? al a sL «d? 

enabled the Brown to take fell -FfoaK—ATib-rf London Prooerfips Amin tho mum.. • ura . level, but orices are somewhat 


prices are somewhat 
a year ago. The 
long-term outlook is viewed by 
the chairman with encourage- 
ment. 

Hunt Heat Exchangers is trad- 


enabled the grwup. to . take fall -Fiiwtt-AHtoi jajwjoo Properties. Amiio the current "year iTnnTnr Ievel - but P 
advanage ttf the ■ present maateat. g««b»S -Trust, a. Arwann. s oiidation with a better t«*nri nf I'- hler tban 

trend toward* thotfr tarncit ■ BrMport' G vhOit, CbRP Babuntnt Tntsi, nm c to kiii, a ^ “ oetter trend w lone-term oi 
u-eno lowaras tnese carpets. cntu;:- ipw«n«snt. Trait. DrartM con- prontsbUity emerging in the ,oru - ol 

Export trade: mainly to Esrops, aobJ^d 1 .Tnw. Jeojcs .rod Cartep. second half, 
is at a record ; J^el -in .raoD€iy ^^^V.^^‘ > ^ 1 - - Sco ^ lsh NMj0DaI Looking further ahead Mr 

terms, and has no tT>eex>- adversely ™'- - nminE ttates Hunt : expects to see the real . . . , , ... 

affected by strqqgfirEterLngr.say^- . ; ‘ . benefits of the company's invesi- ,n - at a h '~ h ]evpl ,V1 ^ the 

Ihe chairman.’ ■' O' . \.-.-:*&SrES*m (Hwfew .’. n«. ( T"'. i" plant and personnel JT^^ine cooler business now 

For the year ended June. 30 'BrteWinosa XhnUer «*v. » showing through in the year end- firmly es,abbshecl - 

1978, profits before tax Jeere down arunnlng - Gr ? tp . •“ "iZ^.V.vrr “i! e 1M8W - b >‘ which time all The other company in the heat 

from^l^T SS S &r^S^o 5 .^!^ Li £SSS. 2JJBE? »*«»« be transfer division, Turnbull and 

turnover «£ £9^3m BX^nsl £10^m. Old Swan Hotel (Harn»s*te; Dec. s cubctamiM? 0 ^^ 1 ' 0113 l °wards a Scott (Engineers), made pood 

Current, cost profit is T&vced to sut>stant/H] increase in the level progress in the year under review. 

£199.000 .-after '- **Uitstmeats ior -gqyyj 1 *?-. P-J —«•;—■■• ^® T - 3 2 . aa n " New products and activities made 

deprecaalibn £ 282 . 000 . cost of sSSH " vSX' As re Porled on September 29. positive contributions towards 

jsadte, £46.-0O0 ana £53,000 searing. BriuSr sn*w“*^ Z‘.7^~ZZ. vie. ? r ia L-E roli,s for thc y ear t0 ,m P roved Performance and the 
Mjmrtn y. n - ^t^-T.T cw«an' 0 L j.i (Contradorsi Kov. n '' un e JW78 expanded from £LS3m directors plan to introduce two 

Meeungr oseat, , Plot ember 24, Wade ewtoies — — n«». 21 to £l.4Sm on turnover ahead from new products (luring the current 

a jMiiij Jii mmmmmm ; mjm—mmmmmm 112.33m lo £16.36m. Thc total year. 

. .. v ■ ■ v-’" During thc year under rei-iew 

the group experienced difficulties 
in Canada. The overall pre-tax 
profit was down from 8252,633 
Lo 872.340. This embodied a 
reduced contribution from Hunt 
and Moscrop (Canada) and a 
trading loss at Canada Fans 

Sun Alliance U&ked Ufe lnwir- Wt p^fOTmance sd ftr with a £2^m>«ih th^Vt” prire showing SSJ-a J? a prevtous,y been 

ance. a member;:^ at ^ the Sun # ?} 7 £?**& ^ a 15 7 *« cent increase. At anuwpated. 

AiuT«»r “ value almost . £1 bV^. The feed- present ihe portfolio is divided Everyihing possible is being 

Alkunce- Group,, nave grown tp_ interest fund, .which amounts to betvi ecu equities 27 per cent, fixed done 10 improve the performance 
over £3.5m in less tiffin a year £0.7m, is showing an 11 per cent interest 15 per cent, property 30 ° r the Canadian companies, but 
since the Jauflcfi of. the company increase, the fund being: invested per cent and international 28 per Ibes e measures are inevitably 
pi c^nd-November 1977 . "■ " : mainly in. longdated gilts, which cent. slow and it will be some lime 

Most sum« hie hn>n acTiipved bav e been -Jess; affected by the _ . . . , before these companies perform 

in ' the praperg Cund, w-Wch Mw ^ent rise.-ta ’interest rates. manage their own "port fo'l£ the fo^er years ***** mch,eved in 
exceeds £2m with a tuut pnee 22.S . However,._the - company has company provides a facility for The emi£nr nianL Whitehead 
per cent above the launch prfre. found that many investors prefer switching between funds at and 1^ made SceSent dS 

to spread their mvestments -n.mal c^peJnye«or_«n 

problems on Wall £& 
value of £LSm 
around par. The 


Sun Alliance linked success 

FLiyDg. UNDER manag^nent of jhe equit y .fun d; has ; shown the by the company, now- amounts to ;v ^ C h 


all Street with a through -the Managed fund. This , I J vith i rf* 5U,a t its new production facilities and 

aiid rfSm ' pS« fund, wWch:investsin-unitsDf the S ,g b ^H There *' if \ mng a sre ^ ter rel ™ of 

^ ,s • sharc sr&saM 


subsidiary is encouraging and the 
company is seeking 16 further 
expand its activities. 

Chemical and Thermal Engin- 
eering achieved a major increase 
in turnover but a modest 
improvement in pre-tax profits 
due to the directors’ conservative 
valuation of a partly delivered 
contract 10 the USSR. The total 
value of this contract is JC4,7m 
and is due for completion in the 
current year. The company 
continues to trade at a reasonable 
level, though some new contracts 
are taking longer in negotiation 
than had originally been 
expected, resulting in equal delays 
in expected completion dates. 

The new subsidiary. Chemical 
and Thermal Controls, suffered a 
loss in its first year of indepen- 
dent operation. Starring up costs 
were higher than anticipated and 
margins on some contracts were 
extremely low. Steps have been 
taken to redress this situation and 
a higher level of incoming 
business is being achieved. 

Although the chairman is 
looking for an improvement in 
this company'* financial returns 
for the current year, it is not 
expected that any positive contri- 
bution wili be made until 1079-80. 

The directors are proposing that 
the company's Articles of Associa- 
tion be changed so that the jolul 
borrowings are limited to three 
times the value of the issued 
capital; at present borrowings axe 
limited to the nominal amount of 
the capital. 

The value or coods exported by 
the company during Lhe year to 
June 30. 1978 amounted to £5J21m 
and represented 32 per cent of 
total turnover (1(176/77: £2.6Sm 
and 22 per cent respectively). 

A geosT.nphical analysis oF 
export turnover in percentages 
shows: the Americas 10; Eurcipe 
76; Africa 4; Australasia 4: Asia 6. 

A statement or source and 
application of funds shows a 
£311,620 (£533.926) increase in 

working capital. 

At October 2P. 1978. Standex 
International held I1.7S per cem 
of the company and Mrs. R. J. 
Haslam held 5.32 per cent. 

The ACM of the group will be 
held in Manchester on November 
30 at noon. 



Extract Irom The Gult Bank's 
Annual Report.rigures in 
U-3.S equivalent. 

Kuwaiti Dinar 1 
- U-S. S 3 57 
at 31-12-77. 


U.S.S 
£?93 M 


U.S.S 

1856.4 M 



74 75 76 77 

SHAREHOLDERS' 
EQUITY 


74 75 76 77 

DEPOSITS 





THE GULF BANK 


Telex: Kuwait 2015 (Dealing Room) & 27S3 (Corresoondents) 
Telephone: C1-24S 2843 (European Represer.lativs Oflice; 



Rand Mines Properties 
Limited 

( Incorporated in the . Republic; of South Africa ) 
A Member of the Barfaw Rand Group 


e 


CONSOLIDATED PROFIT AND DIVIDEND 

The aradi tod consoMdated resute bf the group for 
1978, with. the 1977 comparative figures were as follows :. 


the year ended 30 September 


Turnover . 

197* 
R20027 (mi) 

1977 
R20 956 000 

Profit hefore; taxation >}' 

Less; Taxation -C. ;;r, .. ....i. ... W .>C.. . , . .ti..., ti " ; 

4 108 0U0 
366 000 


3 316 000 
18S000 

Profit after taxation - -C.;. 

Less: Ner p^iarti^iiiaWe -ta' oytside shsureholdereC ' 

^ subsidiary cqmpanl#?. - ..... ....... : . . . 

.3 742 000 

.34 000 


3 12S 000 

5000 

Profit after taxation attofhutable to sbwreholders of 
iho company ,,-v 

3 708 000 


3 123 000 

Add: Surplus on. sale lo f fixed assets and investments . 

37 000 


2S000 


3 745 000. 
1898 000 


-. 3 151000 

19S5000 

Cagt of control of shares'.&i suhsidiazy company 

Dividend No. ii pf 75:cents per share' <1977: 14 cents 

per -share) 7 ......I,.;...:;.. 

rTransfer io reserves CCCCCC . 

NU : 

1861 000 
37 000. 


' 25 000 

1 736 000 ; 
224 000 





detained sutplq* .lor tin year 

R1 847 000 


BU96'000 

Number of Shares issued 

Earnings per. shard • based^ • on v profit after taxation 
attrlbntable.-to shareholders of- the company 

12403 337 

29.9 cents 


12 403 337 

’ 252? cents 


' piyiptWD DECLARATION 

£*attofc.isT hereby; given t&sfrdfvidgnd No. II of 15 cents per share has been declared 
payable to shareholders registered in the share register of the company at the eIo«p 
of business' on 24 Novemheir-IBTg; . 

j TJa toansfer books and registers of members of the company in Johannesburg 
and the- United Kingdom will- be^ closed- from 25 November to 3 December 1978. both 
^s incluslye, pividmja- warrants will be posted ’ on or about 12 January 1979. to 
shareholders \at their registered addresses or. in accordance with their written instructions 
received, up to and including 24 November 1078. 

The, divi dendf- is; declared in the cinrency of the Republic of South Africa and the 
■ rote of.widiatxg^t'vdiichAhe dividend 'will' be converted into United Kingdom currencv 
'for payment of-the- dividend from .the -office of the United Kingdom, transfer secretaries 
will -be - the -telegraphic transfer- rate -of exchange between Johannesburg and London 
ruling on^ the first business day after 31 He comber 1978. 

• In terms .of the Soutit African' Income Tax Act, 1962. as amended, -non-resident 
shareholders’ .tax.^of .15. per cent has been imposed on dividends payable to: 

(a) .gerrsons; other than 1 companies, not ordinarily resident nor carrying on business 
' in South Africa, and : • 

- fh> companies -which tore hot South African companies and are not carrying on 
. buslness inTfae Republic* 

and the company, will accordingly deduct the tax from dividends payable to shareholders 
whose addresses in the share register are outside South Africa. 

. -.i. .... By order of the Board, 

; . ‘ ' : C. C. STEYN, 

-• • • ' ■ Secretary. 


Registered Office: 

Off”Main Reef- Road. 

Crown Mines, Johannesburg 2093. 
(P.O. Bpx.27, Crown Mines, 2025)' 


UiiiredT Kingdom Transfer Secretaries: 
Charter Consolidated. Limited 
P.O. Box 102, Charter House, 

Park Street, Ashford, 

Kent TN24 SEQ. 


Transfer Secretaries: 
Rand Registrars Limited, 
2nd Floor, Devonshire House, 
49, Jorisscn Street, 
Rraamfonteln, Johannesburg 2081, 
(P.O. Box 31719, Braamlontein, 2017) 


7 November, 7978 




ANIMAL FEEDS 
FIG PRODUCTION 
FUEL OIL 
DISTRIBUTORS 



AGRICULTURAL 
EQUIPMENT MNFRS. 
POULTRY PRODUCTION 
AND HATCHING 


Interim Report for the six montt-s to 30* June 1978^^ 

. . ’(Ro-stated) 

10,859 
516 
262 


Turnover- . 

Group profit before tax 
Profit attributable to Feeds* 

EXTRACTS FROW. CHAIRMANS HWOBT:- 

a) Highest Group profit achieved in any najt year. 

b) Continued development of international traae. 

c) JrrterinL dividend raised from £85p per share to .6op per share. 

Feedex Limited, Burstwick, Hull 




:nov 



120 

100 


o 

s 


j GROWTH IN CAPITAL EMPLOYED 

£107 m 


£77m 


£66m 



- 

- 

' 


1975 1976 1977 

Recent Highlights 

(Plastics and indystr 9al materials} 

^ Storeys of Lancaster acquired, adding new 
consumer markets (wall coverings, home decor 
and DIV) and increasing existing industrial outlets 
^ New £16m plant to double PVC resin production 
will be commissioned Summer 1979 
50% expansion of capacity for polypropylene 
film started -on stream this year 


In thc past few years/ plastics have 
spearheaded T Sr N prosress. 

Today/.plastics products acccur.t for 45 % of 
total UK turnover; we are important exporters to 
world automotive/ engineering; electrical and 
construction industries; we arc one d> the major 
suppliers of glass fibre for pkscics reinforcemenc in 
Europe; and we have plastics subsidiaries in II 
countries. 

'X"e are growing rapidly' in plastics/ specialty 
chemicds/ automotive components/ man-made 
mineral fibres and construction materials. V/e are 
growing in theUSA market' as well as continental 
Europe. Last year we invested- expanded 
and diversified at a more rapid rate than ever before. 
We are very much more than the asbestos giant. 

vV'hy not take a fresh Ic-ok at Turner & Newall? 

\Vrite for our new brochure today. 



r 



LIMITED 

Providing what the future needs 


vi-^n. stirrer o, j ■•--.A-sii _v«>- • 

10 t.;. .V, sr.'s Pa;son 3 =.r, fv‘,=r.cr?2::£r !v \3 2 i\ : L 

V zaz e-’p.d T-e c ccpv c: yiu: c-’c 


n 

! 


sticrcjs 


£T_J 







2S 


' -s: \ Financial Times Tuesday. 

CONTRACTS 



raises dividend 10%; 
Tlh consecutive 
annual increase* 


Tenneco has raised its fourth 
quarter dividend on common 
stock by 10 percent, from 50 cents 
a share to 55 cents. This is the 
Company’s seventh consecutive 
annual increase, the eleventh 
since 1965. 

The increase brings the 
annual dividend rate at year-end 
to S2.20 a share, compared with 
a former rate of $2. The common 
stock payout for 1973 will be $2.05. 

The dividend increase is 
based on Tenneco’s current 
financial strength and realistic 
expectation of improvements in 
the future. During the years from 
1971 to 1977 Tenneeos fully diluted 
earnings per share increased 


Annual dividend rate at year-end 


$2.20 


$2.10 


$2.00 

$2.00 


$ 2.20 


$1.90 


$1.88 


$1.80 


$1.76 


$1.70 


$1.60 


$1.60 


from $2.04 to $4.11, an increase of 
101 percent. 

Current annual 


dividend rate 

$ 2.20 

Current stock price 


(Oct. 24) 

$ 31.63 

Yield 

70 % 


$1.44 


$1.40 




<r-i on $1.32 

u) J.ou JBSEgga 


$1.36 


ipt 


j 1 •'•v;..,' 


Tenneco continued its com- 
mitment to growth last year by 
allocating capital expenditures of 
$714 million, more than half of 
which went toward energy explo- 
ration, development and facili- 
ties. And the figure will be even 
larger in 1978. Underlining the 
importance of energy to the 
Company, about two-thirds of this 
capital outlay is devoted to efforts 


$ 1.20 


1971 1972 1973 1974 1975 1976 1977 1978 


to satisfy the energy needs of 
Tenneco customers.-.- ' . ■ ’ . ? > 
Sound diversification, a vig- 
orous program of capital expen- 
ditures, centralized investment 
decision-making and decentral- 
ized operating management have 


combined to help Tenneco grow. 
The results speak for themselves. 

For further information, secu- 
rity analysts are referred to 
Tenneeos Statistical Yearbook, 
Tenneco Inc., Dept. X-5, Houston, 
TX 77001. 


TtNsrjC M. “ TCTWT. SEE CUTS WMCSKTI O Jldv: Cl TTO!Cr<'J-OM«lTT,EC^ 

TT^F:.' IWVOU'. ~ iCW it*® O' T3 






to our ears in water technology. 


io mankind, water is probably the 
most important of nature’s elements. 
Without it nothing grows and people 
suffer. Unfortunately, we can not always 
rely on Mother Nature to put the water 
where it s needed most, and that is what 
water supply systems are all about. At 
Kubota, our experience is yours to use. 

Since 1890. Kubota has developed a 
vast knowledge of water supply systems, 
and has helped in the building of many 
In Japan. 

Kubota has won _ 
acclaim the world • 
over for the products - 7; 

■ V 


it produces for water supply and is today 
helping supply many of the world markets 
with the highest quality Pipe, Pumps and 
Valves. Kubota is a leading maker of 
ductile iron pipe in the world, and at the 
present time we have also built the largest 
diameter ductile iron pipe in the world, 
2,600mm. using our centrifugal casting .. 
method. Kubota we are proud to say has 


been a leader in the field of anti-corrosion 
research and development for pipe. 

And our technology is available the world 
over to Water Supply Consultants and 
Engineers, if the need be Pipe, Pumps 
and Valves or helping to select the best 
route, even the actual laying of the pipe. 
Kubota also manufactures a variety of 
products for irrigation systems. So if it’s 
water you need, Kubota will help you 
get it where you want it. 



>**&*&& : C.' ••4.-;.' :f 


.-**-< hr*.-' 


a .... 





• w ~ •* 







£ 6 ) 



Thi iMndtihon ueh branch of assembly and test, of special pur- 
r i^vr (CONSTKUC- pose cable asseraWies used on 

WILLIAM ^^irfinVy 0 f the submarines to provide an umbilical 


factory at 
shire. 


WILLIAM 

3£ni?* Mass' 4 Group * has- be«I connection between the torpedo 
? Sntract worth over tube and the torpedo. They 
SSrtJj Meta? Sxfor Srtensiv-e enable power supplies and signal 
«!d addSons to a voltages from a submarine to. be 

Bra unstone, Leicester* fed into the torpedo prior .to 

Bfa .launching, allowing constant up- 

& dating- on situation. - . i_ 

A contract to supply 200 Unlvac . * - ■■ 

compatible video display Butlin’s part of the. Rank O^gani- 
terminals to the Telecomznunica- satioh. has placed orders worth 
lions. Auliiority of Singapore £400.000 with'. DCC INTER. 
CTAS) has been awarded .- to NATIONAL.- The orders are -for 
DELTA DATA SYSTEMS through eight individual computer 

the company's Far Eastern systems, one to be installed, at 

distributor — Total Computer each 0 f Butiin's holiday centres 
Systems— in Singapore. in the UK.. 

* ^ 

The Post Office has ordered, from A ; contract worth about SSo;o».' 


f*YE TMC. electronic regenerators which includes! sUe/.TieveloplrUsjij ' - 
worth over S22m for telephone works, has been' " awarded' -to . • 
San^s THOMAS MUCKLE AND .SONS; bf 


■* Rothbury for ah advance factory 

FIELDING AND PLATT — the of 5.000 sq ft for the development - 
Redman Heenan company— has Commission at Haydon- Bridge. 

been awarded a contract worth North umberland. . . - T 

Sy £700 000 to supply a WEB? CONSTRUCTION has. be6n.. 

16 Mesra Newton extrusion press awarded a contract to expand jhe • 
and associated equipment to geriatric facthties at Glasgow*, 
Effah Boakye and Company— a Stobhll] Hospital by Greats 
Ghanaian company. Glasgow Health board. Thecon.. 

*• tract, valued at about JE60&806 is 

The electrical work in the for the supply of two ; 304*1 ward 
facilities building at the new units with communal facilities te 
Hoover factory at Merthyr Tydfil be erected ra the grounds of the 
Is to be installed by the Bristol hospital. 

branch of HADEN YOUNG, part . 

or the Haden Carrier Group. The ROBERT MORTON DG has .won a 
contract Is valued at £140.000. £200.000 contract from Everard 

★ Breweries fnr the redeveldpment 

PYE TELECOMMUNICATIONS nf the supply of conical ferment- 
has won orders worth well in -ing and. conditioning -tanks ; for. 
excess of C2m. The contracts the company's Tiqer Brewery.;,:' 


Si rise 


include, orders for communica- 
tions equipment for police, . fire, 
postal authorities, security 
organisations, Government depart- 
ments and airport authorities. 

+ 

LABGEAR, a Cambridge-based 




A contract worth; abend: S^QOO,. 
which Includes site development 
works, has been- awarded to 
NEWDALE CONDUCTIONS *£ 
Workington. for ah. .atfeanee^fws 
tory of 2,500 sq. ft " for f/ffie 
Pye Group commny, has been Development CommlssfoqV. . 
awarded a £173.000 contract to Askam-in-Furhess. Cumbria?';:.'' 
manufacture a telephone cable * ■' -t . 

pair Identifier for the Post Office. FENAMEC. the materials handfiag 

* division of the Hull-bawd Fenner 

RACAL COMMUNICATIONS has Group has been awarded two 
secured a contract to supply the orders; .togerher worth mure 
Defence Ministry with computer £180,000. The first - isto enlarge* 
controlled . HF receivers worth '.an existing or derrpRdting system-^' 
more than £750,000. -• -at the warehouse dn 8 diSributiha 

* centre of Gilbert and Joint - 
CHRYSLER UK has secured two GreenalL Warrington. The second " 
further fleet car contracts worth ' order is for an extension - to an - 
over £2.5m during the- Interna- existing 1 Feuamec^ conveyor- ; .ays- - • 

, , „ .. tem at the Reddish, . Sfctrtkoort,, . 

the total value of fleet car orders factory of- V- and 35; FrieffiahA.- 
received during the Motor Show manufacturers uf .donaejiic - and 1 ' 
to over £Sm. The latest orders industrial bells ^nd chimes. , - 
come from: .Channel Islands Car * ' 

Hire Operators for models worth Bacofoil. manufacturers of hda*i ; 
S'wOin and from European the hoId ^ utdnstrlql foib, r .and;. 

moping strip, ha«f placed an order- ■ 
1 mode[s «°rth over for xjen.ono-worth of additioMi; 
Eauo.unu. hpat treatment pistft :.for- its - 

GAS AND EQUIPMENT of East 

Tullos. Aberdeen, has bee D . g< ? ne to .. . • .. 

awarded a £200.000 contract tO pivccpr V; 
provide oxygen ud ! h el« J£g™S& 

vessel under construction for ‘ 

Occident,. Petroleum (UK,: 

A contract vorth ubout K30.000 ICOTg j) 

has cone- to the Leeds branch of 

X. g. BAILEY AND CO. for t^Jposphenc-scatter radio. anten 


two 

Sdiaii 


electrical work -. in the ; estcvslon aL . ^ of thb-miflfi |MT p p JU A r 

aha 'alterations to fhe ' Halifax' channel- hnk ^tetween jte&ojS ».1 1 Lh it** I 


Ruild ins Society's computer centre n ® ar C®l r o and the GuIF.df Su<s 
in Halifax.* oil terminal at Ras Shukao. 



A contract .worth about £242.000 f?”* dealer J. Blake and-0 
w'hf'th includes cite development ,. has ordered a 

works for an advance Factory at 1 Ck-- 2603/40 computer 
Lower Broughton has - been valued at about £100.000. 
awarded to POCHlN' (CON- * 

TRACTORS), or Mlddlewich;: ENGLISH ELECTRIC.. 
Cheshire. The factory is for the COMPANY. of. . Chelmsford 
Department of Industry. through, its American, subskfcarj 

* EEV Inc_ Elmsford, has . beer 

crRA-GEIGY ENVIRONMENTAL awarded a contract worth more 
TECHNICAL SERVICES has. won- than 8250,000 by CCA ffleefronkf 
a contract worth more than Corporation, New Jersey. / • TS 
n 00.000 placed by the North West order covers the - supply of .kfy 
Water Authority. -Eastern Dm- s Irons and. related cxrcnb 
rion. The project comprises the assemblies to be . used in CCA.V 
design, in^allatinn and commLs- new line of UHF TV transnuttezs ■ 
sioning of a multt-stase wet-' *. L 

^crubbinv system at. the Davy- The hotel, systems dmsion .oi 
hulme Eflluent treatment works. MAKCOL COMPUTER SERYIO^ 
Manchester. has received an ordef^frohr Rank 

★ Hotels ' to Install:"’ 3Iarc6lY 
GRUNDY AND PARTNERS of CRAMPS computerised '. boteL 
.Storehouse. Gloucestershire have accounting and maniM iawir tiny 
won- a £1^m contract from cessing system — at The Whitt 
AUWE (Admiralty Underwater House Hotel. Regents .'Bark. 
Weapons Establishment ). The London. The contract ; «8 -worth 
contract is for the manufacture, in excess of £150,000. 




PHILIP HILL INVESTMENT 
TRUST LIMITED 


Interim Report 




„ P* rector? have declared sn interim ordinary dividend of 

“■ '^P l^Spj.pfcr share in respect of -the year ending 31st March 1B79 ■ 
to bej»id on 11 1 h December 197S to Shareholders on the Register on ’■ 
3rd November 19/o. 


The Directors present tlieir Interim Eepoit (unaudited) for the 
half-year to 30th September 197S. _ - - 

Year to. Half-Year to 
diet March 30th September 


1978 

£ 


1977 

£ 


5.337.000 

2.057.000 


2.769.000 

1-0.t9.0Q0 


7.124.000 

3,828, 000 

-347. GOD 
1,070,000 
348,000 


188.000 

521.000 

184.000 

2,815,000 
" .48,000 


942.000 

24.IJ00 

3.834,000 

1^59,000 

£3.7a0;000 

£1.969.000 

7.90p . 
£3.788.000 

4. Up 
£1.199.000 

• 7.90p 

; 2.50f>' 


REVENUE 
Gross revenue;. 
Franked 
Unfranked 


Hair- Year to'. 
30th September 
1978 - . 


3,510,00a' 

1,024,000 


Administration expenses ' 
Interest charges 
Corporation tax " 
Tax imputed to 
franked income 
Preference dividends 


4,534,000 



22,000 


£2,412,000 




o.Olp 

£2,323,000 


2.75p 


Ordinary dividend 
per share. ^ 

PoF* t0 .*^ c incidence of certain dividends during the first 
hail pt-tbc current year, oerrungs for the.second balfWaar are hot 
expected to t-how tlie same rate ot increase as in the first half-year- • 




125.360.000- 
225. 5 p 


I35.02n.nno 


CAPfTAL V V . . 

Gross as'oGts at valuation 
afferproridingforthe ' 

ordinary dividend ■ • 140,330,000 


t. 

* ‘l 
- V 


Please wnt9: Kubota'. Ltd., London Office:' tl/1 2 Hanover Street London WIR9HF. U.K, Phone 01-82^6471-^4 fele*J263’23b KUBOTA G 

. AUiens Officei2D:2Sth of October- Street Filothei- Athens. Greece Phonei-6825646.'6830605 Telex: 21826f KBT.6R k -.; - 


•MP 


ZO.Op 


“ 4 -taJp- Xijt asset \Tiiiie pm- share 
. -inv&stinenr currency 
premium per share 

\ . included abovr> 

- Contingent liability for 
eopiLd gains tax 
ls.Sp per share. 


255.5p- 


S.3p; 


11 .to 


S VVaterloo Pl?ce. Loudon SW1Y4AY. 

2Sth October £$78. , • 


i ?-■ < 
‘ J * ~i 

i fc ■> . 

<• * 

. .‘ 

•*.' - : ' . 
C ■-.■ - c : 
•: ». 

4 V 


soiinaiE^ 


» ,- -i t - . 


-V-JSfiA 


*». -!i * ; 

s •?.- '-C 

r % 

* % ,H; 

1 i 
? -■ ^ 
A «». •»: 







* *n 


•yaiascsg .hires'. Tnesday Not^ 7 i97§ 


ERNATIONfAL 



JL . 



; AND ( OUPANY NKWS 


NORTH AMERICAN NEWS 



-BY JOHN VmfiS. 


Tt DUHINC ; A’ - 'nSatiyery ondis- 
“-^lingiiishfid 'j^esKmomh*. ^General 
Motors iriade snbstsntiaJr gains .ia 
October at ,«be J expense of 'its; 
; *jnMtf i* rivals,: Ford and .Chrysler,- 
; r and- boosted its "jn^ritet -share by 
more than 4 per cent.- 

" " This is -the Second eonsecutive 
_nroo2h in which. GM, the number. 

' one U-SrcanjrodUd ei v l xas putxm. 

dealer sates ■■ while its ,twb rivals 
-■ were suffering decHnes. Sejvtejn- 
'-.'.iberis perfocmance wasattjibntefl 
to -a- somber of special -factors 
■•.linked to the introduction of new 
1979; models, butthe October 
*• -JBginw are proving more difficult 
•^ta' explain.-- ■ J . " 

, . While •. total; sales : .'of ■ domestic^ 
. aWy produced cars rose by a 
'.modest but still healthy UL per 


■eeo*. over. Ttetbber last year to 
879,292 units, . G3f*S dealer sales 
.stooged' by S-.7 per cent to 528.096, 
'^ng ti 60.1 'per cent market 
sfeaje compared with 553 per 
Ford Motor's sales slipped 
by/3.4 per cent to . 231,444. and 
Cbrysler's by 55 per cent to 
mj&i* ...... 

FS)rd'«"'ta&r 'may cause . some 
trensote'. ■among' its shareholders, 
Who .are-' -still digesting last 
moires news: “feat its domestic 
profits jumped' by $9$m in the 
ttJbfrd- quarter.'!- in the past id 
days ot the month, the company’s 
sales were off by 15. per cent, 
and for the moment Ford is at a 
loss -to enpiain the slump. Ht> w- 
eror. -since it coincides with the 
first- full' exposure of 'its 1B79 
models, . there may be some 
anxiety 'abbot Jibe outlook at 


NEW YORK, Nov. 6. 

world headquarters in Dearborn, 
Michigan. 

Chrysler, which test week 
gained the services cs president 
and chief executive officer of the 
Ford president, Lee lacocca, will 
also he unhappy about the 

October- figures, showing a 6.1 
pe.r cent drop in sales io 42.857. 
American Motoi-s. Detroit’s 
smallest car producer, suffered 
worst of all, however, sustaining 
a 2*2.3 per corn drop io 3.773 
units. 

While import sales were 7 per 
cent higher than -last year. 
Foreign makes failed to maintain 
the impetus of September, when 
they captured 215 .per cent of 
the U.S. market. Dealer sales 
of a-round 153,800 units point to 
a 14.9 per cent import market 
share in October. 



MOBIL CORPORATION expects 
. petrol; prices to rise by about 
2 cents; a gallon -on December 1, 
the date oh- which oil companies 
-are allowed. by_- riie. Department 
of -• Energy - tbV- pass through 
higher costs/ ‘ 

. Company officials say the. price 
increase, coupled with *r strong 
marketing position . in petrol, in 
the U.S.. should help.fourth- 
7 quarter earnings. 

Mobil, recently reported . that 
nine months' earnings' rose to 
S7.50 a share- on. revenues of 
.$26,6bn, compared with SfL63 a 
. share- -on revenues of $25.0bn 


for' the same period last year. 

For all of 1977, the company 
earned $9.49 a share on revenues 
-of $32.1 bn. 

Mobil offi cial* , declined to 
estimate a possible year-end 
crude price. increase "by OPEC. 
But the . chairman Mr. Raleigh 
Warner noted that .if political 
troubles; continue in Iran that 
country “ could be out of the 
picture for some time,” compli- 
cating an : OPEC decision on a 
'price "hike.' 

He noted that political turmoil 
in Iran -.has already -cut petro- 
leum production to about 1.5 m 


NEW YORK. Nov. 6. 
barrels a day from about 5m 
barrels a day and that most of 
the oil bejny exported is heavy 
crude. 

Saudi Arabian petroleum pro- 
duction has been increased lo 
nearly 10m barrels a day. but 
any further increase there 
would not be enough to offset 
the impaet of lower Iranian 
production. 

Commenting on drilling opera- 
tions in the Baltimore Canyon 
area, Mobil officials said they 
were not encouraged by results 
of three wells drilled to a deptb 
of about 16.000 feet. Agencies 


Canadian control for Tfachot 


- BY 1_ DANIEL' .... 

. .’ THE SALE of .one/of the largest 

- companies controlled ‘ by: the - 
Israeli Govennhentrrtbe TfaChot. 

. Mortgage Bank — is' expected -.to 1 
be completed within a fortnight, 
following months of negotiations. 

: Control mil pass- from' the? 

Government into the hands of. 
'the • Re 1 china on, -.brothers of. 
' Canada* who will acquire' 52 per 
.'/ceot of the. voting rights.' and 
’ 17 per cent of the. capital from 
the Government against payment 
or $l6u;. ' The . second largest 
.shareholder is to he the United 
Mizrachi Bank which js"hegotiatr 
.. ing with. . Clal , Investment ; tq 


acquire the lattejs Stares in 
Tfachot and Also intends to buy 
shares held by-, the Israel In- 
vestors Coriporathm. However, it 
is. not clear at present whether 
both these bodies will sell, and 
: If they do, whether- all or part of 
their i stockholdings iir Tfachot. 
.-If -the . United Mizrahi Bank 
-(which ranks among Israel’s five 
largest) bays 50-60m shares for 
$16m from 'Clal and Israel 
Investors Corporation, it will 
have 1 about one .third of the 
•voting /rights.. 

Clal holds about 30 per cent of 
the stack' 'and 20 per cent of 


TEL AVTV, Nov. 6. 

voting rights and Israel Investors 
24 per cent of the stock ana 16 
per cent of the voting rights. 

Meanwhile. Robert Gibbens 
writes from Montreal: BP Canada, 
the Canadian arm of British 
Petroleum, earned C$27.4m or 
Sl.30 a share in the first nine 
months against CS32ni or $1.52 a 
year earlier on revenue of 
C$606in (3539m i. Gas and oil 
earnings were only marginally 
higher, while reduction overall 
mainly due to extremely tight 
margins in refined products. 
Some improvement shown in past 
two months. 


FT JNTERNATI0NAL BOND SERViCE 


The list shows the 280 latest international bond issues for which an adequate secondary market 
■ exists. For further details of these or other bondssee the complete list of Eurobond prices published 
* -*■ Closing prices on November 6 


- •-=» 


.on the second -Monday of each month.^ 

Ui DOLLAR ■ ■ Jis-' - - Ctoisa «» 

STRAIGHTS IimmT Hd QIIk dd wtek YHI 


Ain Ala. « 88- 


** 

:9« 

W* 


» ** 95S. C-0Z -«t 

Ausirata SA5 S3 /US . :V« . m +Bl -H» 

Australia Si S3 75 -; 99* . 8 +#1 

'.'Beatrice foMs 71 SS . 180 +01 

CECA S! ST :_i. '58 +0* — W 

-• , CBCA SiJS .as,.- H1.1B 8 , — K. 

. - CXT 0 93 .78 gOk . W 

Canada 8 83:1 -Z :,.J5« 8tt ;**-•#- 

Canada 8 *8 85 . fS 951 -81 

■ Canada 8* «S-_»..^..^vaar y98 k .,*11 -Of +11 

Canada 9 S3 ■■■—.■■■■^ *88 99l ;TBM -*■» 4-0t 

- Canada » 98 r 350 - --VM -30M +8* 

Canadair SI-SS; '. :_L.: 38 93) 939 --rtt 

Domiidan BrUM-CO. 8 88 25 928 93i ' -OJ 

' EIB « S5- .1951 * ' ; S 

- EIB SI 98 r.;...rZZZ.~-Z l25 981 974 +0» 

. EIB « 98 L,.;— ~ W. 911 - fit ' +Oi 

Etaam. Jndand8 8^ .;^ — 25 - «S 964 +04 
• E tanu i tfina nirV ~S8 58 95J . -9H - 8 

- Expan DevdpmnL' 8S” 8» VS ' 197* 981 +88 •+! 

■ ■r-FIntaDtCn ® W9 «•: 974 - 0 -04 

■ Finland. 9 88 «U 9« . 0 -H 


-+BJ 

"8 

-84 

-Ot 

-X.. 

•-".8 : 


Hospital tVS 9.» .-4..^'. » 

' indoarfcs s 85 SS‘ 

■•itel Finance W 88 . S 

lie! Finance 9f 90 28 

Ito-Yofcadn 94.83. 28 

.-.J. C Faunas SJ 83 190 

Mac BloedcJ 93 — 58 

XZ Dev. Fla. Bi 98 ; 1 29 

. XZ DeV. FHi. 8rSff ; 28 

Xat. WeM. -9 m : W 

NevtamtHand 98 „ — 58 
Nora, lav.' Bk: « 8S 2S. 
Noises iCosnm. 9J-SSU1 l 75 
Norway 7& S3 .^.Z:-Z±- \ 258- - 

Norway St .83 Z-ZZ : I25 

Norway U 8 ;. n .L: .158 . 

Occidental « S3 

Oql Hydro » S5. '.125 . 

O as bee Hydro 84 SS - ™- — - W ' 

Sweden 94 9S 3K 

UK S* S3 .289 

UK 91 93 158 . 


Bl 

«4 

931. 

9« 

,971 

96 

« 

911 

9U 

941 

954 

95J 

9« 


-9.98 
952 
4JB 
M2 
9JW 
9J3 
939 
931 
939 
9^5 
- 9.48 
92T 
9.99 
1835 
1835 

9.76 
938 

. 9.7S 
18.98 

9.77 
*939 

933 

9.7B 


944 *04 -m 1833 
42 ^8#;^-li 1332 
94* 8 :-«l 1032 

-9»-M -K .1L25 
98*. +91 +94 8.91 

96J +9* +M 938 
958 0 +08 '935 

92 +84 +04 W3S 

92 0 8 ' M33 

95* 8 -M 9.95 

■951 B -04 939 

982 .. a +81- 937 
9Ii -N -84 -I '937, 


92L -Wlr .- 939 

944 :«2 : r>«4-.+« 936 

.974- 97* 8 . -04 .9.61 

MX 1 SM" +94 -0* -2031 
98 . 984 +8* +U - 9.W 
96 - 96i 0 : -8| 9.9S 

.m 99 Tfli -04 9.73 
■ 95^: 96*- +04 —84 9JS 
9fi ■ VU, +>4‘ * "935 


DEUTSCHE. HARK 
STRAIGHTS 

Argentina 64 SS 258 

Asian Develop. ' Bk. 5i S3 109 
'"Aunralla 4 88 HI 

Austria 51 30 — ! 

Bqne. Ext, Algeria 7! SS 

CFE Xtexiu) OT SS — 

-.Canada 4J S3 

■ Chase Manhattan 0/3 E 93 
.Commerahanlc Inr. WW 34 
Co wmernh a nk . tntl XW 36 .309 
Council of Europe « 


• etb b ao sea 

E!f Avdtalne 3* SB *89 

TBJ 5 M -i- 108 1 

Indonesia 7 84 — 188 

Kobe, city of 5S 88 MO 

X.i£bt Services da Kfet ~1» 

■Mexico S 55 - HJ 

Mitsubishi' Petit). 5} S5 — 108 
Nippon Szeel 63 86 W 

• Norths Komffl. 6 38 Jw : 

Norway 44 S3 ■■■■■ HO 

Norweidafi lnd. Bk. G SO— 125 
Petnojeo Brarai 7 SS ........ 110 

'PMUppmei 6? 85 '. MO 

PK Baakea S# 88 3B§. 

Oucbec. Pjsvmce of fi 90 * l» ' 

Baiiunrat.-k1 Oy H ® .56 

Ricoh «i 59 — . 30 

:?naia '6 ‘SS 300.. 

siatod e ss — . iso 

TroDdbctai, Ctar Of 5i — ' 35 

inis- Cmmi Sf ss . ..._ *S 

Veawakita. 61 «> : — ; M# 


- Change an 

braed Bid OtfeT day week Yield 
«Z 964 “04 ' —14 

W , -991 -12 -K 

259 1014 1B2 -Hi —01 

150 9H 96 -13 -2i 

380 961 .965 -0? -L5 

258 962 9tt 0 -U 

600' 974 97S -M ~UI 

100 M2J 1024 r U 9 

188 186 107 -9Z +M 

Bi IQ +6* +12 

992 1092 4 +94 


,.971, .994 “K -X* 
9» W4 -01 -05 
982 Mi -U -U 
96J n»:-« -9* 
MU 292* —04 +91. 
Wl . 9M ,6 -01 
964 991 -8* -Bf 

mi M21 .8 —04 
UBU 110 . -02 

law mi +84 -u 

964 -962' -fll'-.-M- 

MLSSU. 8 “84 

.98* 994 -Bi -84 

SSI Bl “Bi -Of 

'941 942 -BI -IS 
■96 965 -92 -14 

93* Bfl -01 -« 
SSM BU +04 .*-1 

965 97 8 -«■ 

992 MU —81 -0| 
97| 97S +84 +« 

96S- . 97S -« -W 
951 961 +« —01 


TJX 

639 

5.76 

638 
7.92 
7J5 
5.38 
5.79 
2.72 
5.79 
602 
626 
636 
522 
729 
536 
■739 
6.68 
53t 
SJG. 
.M2 1 
528 
633 
722 
735 
624 
60S 
628 
4.91 
636 

639 
620 
639 

in 


5W155 FKAHC ChanBaon 

STUAtSHTS Unatf Bid Off or day week Yield 

A«sa « SS. * IWl'MS :+« —OS 433 

4 83 ...„ « Jg « r« -Xfr 
Asea 35 33 108 941 95 +16 - 2 «2* 

oStliSmum-.i as..,. » 3 

CTRD.419B . “ 981 W • +83 +Oi LF 

Of arnTpe 4* g m 1W -K -1J 4JJ 

Bsmcswertra Ht8 -M -f* »» 

BXDE 5 BS . TS l»8i M9( +M “II 4.9S 

DrnMrtc M 90 ~ 1Q0 UU Mil — BI —3! 438 

Dennurft-Mortease Bttk U lUi 

iSiVs = i! iSu ulii ~S! -S iM 

fJSlVn- = -« » ;« -a g 

cat w >k yg ;s ~l i£ 

| S-s.tS -f iM 

™ s 

« ■si % =s mt 

i s 

SiijAM ^5 99 994 —91 ‘ — S 4.69 

vSLiifLs"'*!"® m in mi -« -u 438 

VnrSh#MRiaf* 4 BS M MSI X*M +« .-« - MS 

‘ 7... 168 9BI. 991 , — Oi -3 .4.18 


YEN STRAIGHTS 

Issued 

Bn) 

Offer 

du 

week Yield 

Asian Dev. Bit. 5{ 6S 


«i 

W 

0 

tU 

5.94 

Australia 8.6 90 


UU 

lUc 

a 

+04 

6-50 

BFCE 8.4 M 

38 

07 

99 


+Bi 

642 

Enroflma 6.5 90 _ — 


9BA 

■m 

+01 

+24 

b*h 

Finland 6.7 fiS 


93* 

9»i 

0 

+01 

1.VS. 

Nom-a* 5.7 83 


lOii 

V*i 

-04 

0 

4.78 

Oslo. Ciii of 6.8 »fl . 

. IS 

96! 

Wl 


a 

647 

S.YCF 6.6 90 


w: 

991 

+ Gi 

-Bi 

647 

Sweden 6.3 90- — 

40 

9M 

971 

+U4 

0 

641 


Cfme an 

iBsaed Bill Offer 4» week VteW 
12 %i 97i -W 


OTHER STRAIGHTS 
Rank O 3 Hold. 1JS A* 

Auto Core Base T K EUA 16 96* 96S -01 

Copenhagen 7 93 EDA 30 95J 96* —04 

Finland Ind. BL. 7 93 EUA 15 96 971 +0i 

Fonun. Inst. 7J 83. EUA... 15 971 981 +01 

Panama 61 93 EUA 2Q 9ii 93 -01 

SDR France 7 93 EUA .... 22 971 93J -M 

Alsemene Bk. «.S3 FI ... 75 Bj W1 +04 

- Braall 7* S3 FI ... . IS M MJ -W 

CFE Mexico 73 83 VI 75 964 961 -01 

EIB 7i 85 FI 75 94* 90S +04 

Neder. Mtddenb. 6> S3 FI 75 95 95d -01 

New Zealand «? 94 FI ... 75 952 964 -81 

-Norway 84 S3 FI ....: IBB W 851 0 

OKB tfi 36 FI 75 9U 931 -01 

' EIB 9J S3 FFr 203 97; 93 i 0 

. BAT o S8 LusFr — 250 95 % -OJ 

Bayer Lax. 8 S*» LmFr _i. 2SB 95 96 0 

EIB 73 SS LusFr : . .. 2a ®1 96; +04 

V Inland I Fd. 6 3fl LsttFr 259 95£ 96> -01 

Korvtr 7} S3 LuaFr 250 9W 97j O 

Renault 7i S3 LuxFr _ . .539 95! W 0 

Sweduh I. Bk. 8 S# LuxFr 500 99i 1004 +0* 

--Citicorp O'S Fin. M M r 20 834 EU 0 

EIB ?i SW I - 25 821 83 — 0J 

Finance lor Ind. M SB £... 12 Si; 82! +01 

. neilfincr Hid. BV 11 SB I 10 Ul 85! —0a 

' Ocanlcboom 10! 90 £ IS sy a3j -Oi 

WhllDread 105 M f IS 32! S3? -W 

FLOATING RATE " 

NOTES Spread Bid Offer C-duta CLcpa Cjrld 

American Express S3 ...... 

Arab Inti. Bank MBJ B3... 

Banco Nac. Atbect. MS 83 
.Bank Handlowy M8 88 ._ 

Bank of Tokyo M54 93 
Banonc Worms Mat 85 ... 

Bfl. ExL d'AlA. M8.375 84 
Bque. Ext. d'AIae. M7.3 S3 
Eiquc. Indo et Sues Mai .. 

Bq. Ini. Afr. Dec. MB. 5 83 

CCCE .M6.25 93 — 

CCP 115: S3 - 

Chase Man. O 'S M5J 93 .. 

Costa Rica MSJ S3 

Credit National 11SJ SS ... 

Enpeirol M» 80 

5FTE MS S.7 - - 

labiftaw ajima M6I S3 

LJntjiJansl' a M7.73 9i 1 

Midland Ind. M5i 3! 91 

Na\ Wrst. MBi 9D .01 

Nippon Credit MS} S3 04 

ORB MS 7 85 ... . 04 

Offsl-un- Mimns ........ 01 

Standard Chan. M5.5 90... 04 

Snndsvaltbanken Mfl 85^. 04 

. i;id Overseas Bk. MS 83 04 


— OJ 

-01 
- 1 ! 
-01 
— 0i 
-2 
- 0 ! 
+ 0J 
+01 
+0? 
+0i 
-04 
-0> 
-04 
+03 
0 

-01 
-o; 
-oi 
-as 
-Oi 
-0i 
-0i 
— 3i 
—6! 
-51 

— XS 
-K 
—24 


liM 

729 

7.47 

723 

7.73 

9.22 

721 

7.93 

921 

8.67 

822 

7.72 

7.69 
7.M 
7.95 

la.iB 

8.69 
a .si 
S.5S 
8.60 
3.60 
8.30 
823 

12.51 

13.07 

1322 

13.90 

15J9 

13.32 


04 

981 


ffl.'O 

MS 

10.73 

02 

952 

Wi 

SL / i 


9.77 

U 

962 

9« 

a/i 

+2 

9.72 

14 

%4 

97 

2S-H 

946 

943 

"1 

964 

97 

15/9 

10! 

11LES 

01 


m 

1502 

9 

4.M 

U 

961 

97fi 

90 

91 

9.91 

o; 

961 

96S 

2 U 

— 

— 

u 

97R 

971 

25/1 

4J 

4-60 

S4 

9U 

974 

12/1 

92 

9.65 

91 

96 

96! 

3.‘2 

«U9 

943 

Qi 

99J 

992 

W1 

LU 

lua 

01 

96! 

97 

77 0 

9.51 

9.W 

12 

Wi 

99J 

U'9 

11-14 

UJb 

04 

965 

974 

111 

9.19 

9J8 

04 

97* 

972 

21/3 

10 

10-26 

02 

98 

984 

5/9 

1049 

10.33 

04 

972 

982 

27/9 

1U 

UJ» 


965 

961 

97S 

984 

971 

964 

96 

981 


W 

971 

971 

W 

99 

97S 

oe: 

961 

99 


CONVERTIBLE Cmr. Cnv, 

BONDS dam Priu 

Astcs 3i W "^*8 o2fl 

Raker Inf. FH». at S3 1/79 30 

Boots «i 9.1 7*79 226 

Cora-Cola BoKUng C» 0.T9 9 

ltn-Vokado 5! W 6/78 1473 

Jwovn Ir.dus'n 7 80 an 9 259 

Texas Int. Air. 7f 5*. 4/79 142 

Thorn Int. Fin. 7 9S .....11/1* 327 
in!. Fin. St tfl .. — 9/78 ZL 
Tyco IM- F,n - 
ABflhl 

Casio Comp SI fu DM 

lznnui-a SI 86 

Jusro 3! SS DM — .. 

Konlshlroku 31 *5 DM 


Bid Offer 

102! 103fi 


612 


5T8 
12/78 588 
.11/78 Ml 
..10,T8 989 
.. 1/79 12TO 
.. 1.19 612 
2/79 1033 


508 

73a 

47T 


974 

B91 

M 

139i 

911 

92 

971 

95 

721 

94! 

13SJ 

1054 

1CQC 

97? 

104J 

95J 

961 

120 

Vi 


19/1 101 .10.62 
20/1 944 9.74 

21/12 9.51 920 
15/3 9J 9.71 
18/4 1026 10.70 
19/1 9.44 9.68 

M/2 5-94 9.27 
4,4 104)6 1046 
4/11 1221 1247 
Chg. 

day Prem 
-1 826 
+11 524 

+ M -3.98 
-0? 14.88 
138 
4.74 
9^2 
-026 
S0J8 
-01 16920 
-01 19JS 


981 

89! 

85! 

139: 

92! 

I2J 

96t 

951 
73i 
45S 
1091 
106! 
zci; 

9s: 

105! 

96J 

97! 

1211 

952 
IDS* 


0 

-u 

_ 0 I 

D 

+0J 


+ 1 ! 

—OI 
+« 

-01 
+0* 

-04 

-0: 

+ K 

+o* 

0 

LHi...- 1 ". 

964 +04 

n&; -on -2.11 

1C2S +01 a.65 
942 +02 U.T4 


Lit 

4.00 

10.99 

1250 

lias 

6.15 
3J5 
221 
6 J& 
14.07 

. 5«> 

7J7 


Mnntdai Fond 31 DSf 
Murala Man. K DS1 ..Al/ra 854 
Nippon Air. 8.5 S8 DW .02,78 
Nippon Shinpan 31 DU — 8/78 

Nissan Diesel 35 8fi 279 

Sictfl SJ S6 DM 0078 U7 - MBS 

SaflWo E3«TriC 3 i DM... 8,78 MS... 135. . 

Ranrn Elt/cirlc 31 DM .01.78 295 451 

Kcl« Stores 3J 86 D3l . 1Z75 US 

Sianley Eiocmc 31 P3I..01/78 623 UU 
Tno-Keiwood 3* SB DM U/78 7X1 931 

* No ioformaUon availath;— previons dart pnc*. 

• Only one market maker •mpplimi a pDce. 

Straight Bands: The rioid is :be y:dd lo riidemption of tho 
nnd-priw: the amnunj issavd is in millions nf cn rrer.cr 
(ffiirs c-xeepl for Ym bond* ivhero Ji Is )r. hiliJoiK. Chacct- 
on wetk=C.lian8o over prtec a week earlier. 

Floating HOP Name: Denominated In dollars unless other- 
wi+. Ifriitaird rmipnn. C.date=DKe wst 

L-oupon heconics effctlivi'. Spread =liarmn above six-moatfc 
nlTiTod rote fgr U.S. dnllara. C.cjjn=The current coupon. 
c.rld=Thc ctimsir rioio. 

Convertible bonds: Denominated In dollars unless otherwise 
irajieaied. ChB. dax=Ct;aofie on day- raw- daie= First dare 
lor conversion ato shares. Cnv. pn«=NomiflaI mootoi of 
bond per share expressed io currency of share at conver- 
sion rate fixed at issue. Prcm = Percentage premium of the 
carreot effeclrre price of acquiring shares via the bond 
over the moat recent price of Ihc shores. 


q The Financial Times LltL, I97S. Reproduction 19 whole 
or in parr in any lorm not wrmiued vithcm wnnen 
cansenL D*U supplied by iniCT-Btmd Services. 


Iowa Beef 


Pacific 
Holding bid 

DAKOTA CITY. Nov. 6, 

IOWA BEEF PROCESSORS 
has approved in principle a 
cash merger proposal under 
which Pacific Holding Corpora* 
firm would acquire the 82 per 
com of Iowa Beef it docs not 
already own Tor about S255m. 
Pacific Holding is wholly- 
owned by !ttr. David H. Mar- 
dock, 2 Los Angeles business- 
man. 

Including the shares held by 
Pacific Holding, the offering 
price of $60 a share for Iowa 
Beers common, values the com- 
pany at some $304m. 

Hr. J. Fred Haiglcr. Iowa 
Beef Processors' chairman. 

said that under the terms of 
the proposed acquisition, the 
management ot Iowa Beef 
would remain tbe same. 

The merger is subject lo the 
completion of satisfactory' 
financing arrangements hy 
Pacific Holding, approval hy 
holders of a majority of the 
shares or Iowa Beef, certain 
regulator}' approvals. and 
certain other details and 
conditions. 


Sharp advance 
by Boeing 

By Our Financial Staff 
A JUMP of 132 per cent to 
$92.6nu in third quarter net 
earnings is announced by 
Boeing, which also declares a 
special dividend or 50 cents in 
addition to its regular quar- 
terly payment or 30 cents. A 
special dividend of 25 cents 
was paid in the first quarter of 
year. 

Share earnings for the quar- 
ter advanced from 91 cents to 
S2.17, and sales also shhowed a 
substantial increase — from 

SS91.3m to $1.45bn. 

At the nine months stage. 
net earnings of 5215.3m are 73 
per cent up on the comparable 
period, with share earnings at 
$5.05 against $2.93. 


U.S. METALS INDUSTRY 




BY DAVID USCFLl.ES IN NEW YORK 


DESPITE ALL the cries of woe 
earlier this year frum U.S. meials 
producers. 1978 may not turn out 
lo be so bad aFier all. True, some 
of the industry' giants are still 
operating at lo.ss. the copper 
industry did not per she special 
protection ii warned from Presi- 
dent Carter, and strikes continue 
to plague operations. Bui despite 
all this, the Lrcnd is unmistak- 
ably upward. 

From the purely statistical 
point of view, most of the 
industry leader, turned in better 
results in ilic third quarter and 
if they did noL there were 
usually special reasons. SL Joe 
Minerals, for instance, suffered 
from the exceptional weakness of 
the zinc market. The underlying 
trends are iniprorins too. with 
firmer metals prices giving cause 
for optimism. 

A similar picture emerged af 
two of the largest companies for 
which figures are available 
(quarterly breakdowns are no 
longer available for Anaconda 
since its r-'in^olidarion with 
Atlantic Richfield.! Phelps Dodge 
turned in a net loss of $2. 6m. a 
great -improvement on the net 
loss or in the same 

quarter last year. This brought 
nine months earnings to S14m 
against only last year 

equivalent- to 46 cents a share 
(16 cents last yean. 

Kennecou. which is still fend- 
ing off a biricr challenge for cun- 
lrol from Ciiriiss-Wright. ended 
the quarter with a luss of $9.9m 
ugainsi a loss of S22m Iasi year. 
The nine month loss, though, 
amounted ro nearly 31.3m 
(against a. Ions of Si 1. 4m last 
year), and Kcnnecoit claimed it 
might even have been back in the 
black again were it not for 
foreign exchange losses. 

Amax. which earns pro- 
portionately less of its income 
from metals, said its third quar- 
ter earnings reached a record 
$44.3m. up 4S per cent on the 
same period last year. Like 
Phelps and Kennecolt. it noted 
higher prices and shipments for 
its metals. 

The strengthening of the 
copper market was one of the 
two main reasons why President 


Carter ignored a recommenda- 
tion by the International Trade 
Commission that something be 
done lo protect the domestic 
copper ' industry from cheap 
imports. (The other was fear of 
the effect tha: protection would 
have on prices.) 

However, the copper industry 
itself was not optimistic about its 
prospects of winning relief, 
despite the strong arguments it 
bad put to the 1TC during bear- 
ings earlier in the summer. It 
had asked for an import quota 
of 19S.OOO tons. 

And when Mr. Carter 
announced his decision in mid- 
October. it came as no surprise. 

Even so, Kennecott announced 


(which showed a shift from a 
loss of SI 1.2m last year to a 
profit of S9.7m this year) was 
distorted by the fact that the 
1977 third quarter bore the brunt 
or strikes which closed all its 
domestic copper plants and all 
but on* of its mines. 

But generally, the only excep- 
tion to improving trends is rice 
where oversupply hae led to a 
slower recovery in prices, and 
cheap imports continue to upset 
domestic producers. St. Joe 
Minerals, for whom zinc is an 
important product, blamed what 
it called “ a demand/supply 
imbalance in the zinc industry*" 
for pari of the reduction in both 


THIRD QUARTER RESULTS ($■) 

Sales 



7978 

7977 

7978 

Phelps Dodge 

265.9 

190.0 

(2.6) 

A mac 

474.4 

2935 

44.3 

Kennecott 

45.2 

171.2 

(9-9) 

Asarco 

315.6 

230.8 

9.7 

St- Joe Minerals 

161.6 

186.2 

3.9 


Net Income 
(Loss) 

1977 

(22-3) 

29.9 

(21.91 

( 11 . 2 ) 

10.6 


in its latest quarterly report that 
the company ** will continue to 
seek relief from the industry's 
problems carried by tbe combina- 
tion of low-priced imports and 
the added eosi to domestic pro- 
ducers resulting from Govern- 
ment-mandaied environmental 
controls anil other social 
policies.'* 

Although olher companies 
were less explicit than Kennecott 
on this isue. many have tried io 
tone down the apparent strength 

of the recovery in the metals 
business, presumably to preserve, 
the grounds on which they base 
their claims for special treat- 
ment. 

Both AMAX and Phelps Dodge, 
for instance, pointed out that 
their sharply improved third 
quarter results were partly due 
to the exceptionally poor figures 
for the same period last year, 
-when strikes bit deeply into 
earnings. 

Similarly. Asarco said that its 
quarier-by-quarter comparisons 


its third quarter and nine month 
earnings. Though even here, its 
report stated: “ currently firming 
prices should help the zinc 
industry.” 

The underlying optimism of 
the industry was best summed 
up by Asarco's chairman and 
chief ’ executive officer. Mr. 
Charles Barber, who made a 
sraleinent which read in part: 
“The s-rrengtheneing of the 
markets for Asarco's four major 
metals — copper, lead, xioc and 
silver — in the third quarter 
appears to be soundly based, and 
we expect it to continue in the 
fourth quarter. Production and 
consumption of these metals are 
in good balance. Tbe large 
stocks of copper and zinc over- 
hanging the market have 
declined significantly during 
1978. Most importantly, con- 
sumption of these metals in 
Western Europe and Japan 
seems finally to be recovering 
from the effects of the worldwide 
recession of 1974." 


EUROBONDS 

Another 
uncertain 
day for 
dealers 

By Our Euromarkets Staff 

THE UNCERTAIN conditions in 
the international bond markets 
after the U.S. measures to aid 
the dollar were extended in 
cautious trading in Europe 
yesterday. 

Straight Eurodollar bonds were 
mixed on low turnover, reflecting 
concern over prospects of higher 
short-term U.S. interest rates- 
Floating rate notes displayed 
strength, however, as investors 
sought issues due to have 
coupons readjusted in the near 
future. 

The S25m floater from the 
United Overseas Bank was fixed 
yesterday with a coupon of 
12 5-16ths per cent compared with 
S.31 per cent previously. While 
tbe market for new straight 
dollar Issues remains effectively 
dosed, a further FRN issue is 
anticipated from a prime name 
later this week. 

Both the Deutscbe-Marlv and 
Swiss franc markets lost further 
ground. Each sector was said to 
be nervous in anticipation of the 
mooted offering of up to SlObn 
of U.S. Government foreign 
currency bonds. 

In D-Marks, selling pressure 
was substantial at times, with 
some issues losing up to a full 
point. Like the Swiss sector, 
there was still unloading of paper 
from quarters which had been 
speculating heavily on exchange 
market appreciation in the two 
currencies in recent weeks. 

The marker for Eurosterling 
bonds, after some severe liquida- 
tion last week, was mucb 
steadier. Offshore sterling bonds 
□ow yield more than domestic 
U.K. Government issues, and 
switching by international 
investors into Eurosterling paper 
was described as one factor un- 
derpinning tbe sector. 

Because of tbe continuing 
weakness in the market for 
Japanese D-Mark convertible 
bonds. West LB is giving its 
current issue for Nippon Yusen, 
the Japanese shipping line, a 
conversion premium of effec- 
tively only 7 per cent. 



Is your export effort ' 
ever drowned in paper work? 


You know what if s like. 

Your sales force has landed a big order. Your 
production people have sweated blood to put 
the shipment together to meet the delivery date. 
And then some administrative hold-up puts your 
whole credibility with the customer at risk. 

You'll solve the problem, of course. But the 
one thing that could make the solutions a little 
simpler, is to have the right bank on your side, 
a bank with the right kind of approach to the 
f inancing and administration involved; a bank 
that knows the problems, and specialises in 
providing the answers. 

. A bank, in short; like Creditanstalt 
^ At Creditanstalt we're involved 
with over one third of Austria's 




international trade — and not by accident We 
handle the business because we've built up the 
knowledge, skills and experience to do it 
professionally and efficiently. 

If you've a problem — import export 
financing, credits and acceptances, new-business 
introductions or anything else to do with 
trading in, from or with Austria, it's only 
common sense to discover what Creditanstalt 
has to offer you. And you'll find we can offer 
you a lot both in Europe and (because we 
are an EBIC bank — a member of 

European Banks International) on a 
worldwide basis too. 

If there is a better way, we can almost 
certainly find it 


Creditanstalt 

Creditanstalt- Bankverefa SchottengasseG, A-1010 Vienna, 
Telephone: (Q222) 6622-1221. Teksc 74793. 


LJ 




B^ndaf 'Rnies Tuesday November T 197S ^ 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Moves by Agache-Willot Kock, “? s J 

^ , , suspended 

cause concern at bourse as talks 


on 


. BY DAVID CURRY 


PARIS. Nov. 6. 


warm up 


Liquichimica rescue plan 




BY RUPERT CORNWELL 


ROME. Nov. 6. 


prospects 
to markets 


FINANCIAL MOVES now taking 
place within the highly indi- 
vidualistic and frequently con- 
troversial French textile group 
Agacne-Willnt — which recently 
took over the Boussac textile 
empire — are causing concern at 
the stnek exchange watchdog 
authority, the Commission des 
Operations de Bourse, and among 
investors. 


The parent company. Agacbe- 
WHIol has still not published its 
final results for the year which 
ended on March 31. while the 
group is trying to extend the 
financial years of two of its most 
important subsidiaries to IS 
months so they will end on 
June 30. 1979 instead of Decem- 
ber 31. 1R7S. 

‘ One or these subsidiaries is 
Saint-Freres. which initially 
announced a FFr J5.5ra profit 
for 1977 but which was obliged 
bv the COB and its accountants 
to rrim this to FFr R.lm because 
or depreciation of portfolio 
values. The 197S financial ye'<r 
has already been extended to IS 
months. 

The other company is Con- 
sortium Genera! Textile, and 
shareholders are being asked in 


a week’s time to approve the 
extension of the financial year. 

Agache-Willot holds 81.4 per 
ccot of Saint-Freres and 53 per 
cent of CGT. CGT's 1977 accounts 
have still to be published. The 
parent company’s provisional 
profits were put at FFr 44ra. bot 
this was before provision for 
depreciation of the portfolio’s 
value. The bourse expects to see 
the parent company as well as 
tiie two big subsidiaries report- 
ing a final loss. 

To add to the uncertainty, 
Aaache-Willot recently aban- 
doned a project to merge the 
two subsidiaries. 

The four Willot brothers who 
control the group have a reputa- 
tion for taking financial short- 
cuts. in 1974 they were found 
guilty hv a French court of 
share manipulation and fraud 
connected with their takeover 
nf Bon Marche, and received 
heavy fines and a suspended 
prison sentence. 

They acquired Saint-Freres in 
1969. and followed this with La 
Belle Jardiniere and Boo Marche. 
Two years after the conviction 
they were again on the takeover 
trail when they took over the 


country’s leading chain of; 
furniture stores. Conforama. ' 

Saint Freres was used this ! 
year when the Willot brothers 
acquired the bankrupt Boussac 
empire, together with its losses 
of some FFr 10-12m a month. 

Earlier this year, the group 
had taken control of the Belgian 
stores concern Galeries Anspacb. 
and tbeD used Galeries Anspacb 
as the vehicle for the acquisition 
of a 51 per cent stake in the 
V.S. east coast stores chain. 
Korvettes. 

All this year's acquisitions are 
operating at a loss at tbe 
moment, it is understood, 
although tbe American chain is 
regarded as a good recovery 
prospect. 

M. Georges Hereil. the chair- 
man of Agache-Willot, has been 
preact log for some time the 
need to reorganise the group, 
which would probably take the 
form of the creation of operat- 
ing susidiaries covering the 
commercial activities and 
textiles respectively, reporting 
to a holding company. But this 
restructuring has still not seen 
the light of day, and the group’s 
accounting i> still too opaque 
for the liking of tbe COB. 


By John Walker 


Bank Leu 
announces 
rights issue 


Sofina and Royale Beige 
in joint iPPA bid 


By John Wicks 

ZURICH, Nov. 6. 
ZURICH-BASED Bank Leu AG. 
the fifth largest bank in Switzer- 
land. announces a rights issue 
to raise SwFr 33 75m fS21m). 
The issue, in the form of parti- 
cipation certificates, will be 
made to holders of existing 
shares and participation certifi- 
cates in a ratio of 1:2 against | 
shares and 1:10 against partici- 
pation certificates. 

The SwFr I DC-nominal value 
certificates will he priced at 
SwFr 450 each. The issue will 
permit the bank to increase its 
balance sheet sum by up to about 
10 per cenL 

♦ + 

THE Swiss watch components 
undertaking Ehauches Electro- 
niques SA of Marin bas reached 
a joint-venture agreement with 
Stellux Manufacturing Company 
of Kong Kong for the assembly 
in the Crown colony of liquid 
crystal display modules for elec-; 
ironic watches. Usins technology j 
2nd elements supplied hy | 
Ebauches Electron iques. the; 
modules will be assembled by; 
the SteJlux affiliate Modutek. The - 
decision »o co-nperate with Hong I 
Kong has become necessary in ; 
view of high Swiss production 
costs. 


BY OUR FINANCIAL STAFF 


STOCKHOLM. Nov. 6. 
TRADING in the shares of 
Koekiuns. the Swedish ship- 
building and industrial group, 
was suspended in Stockholm 
today at tbe company’s 
request as talks with the 
Government on the possibility 
of a state takeover gained 
momentum. 

The Ministry of Industry 
announced that the head of tbe 
industrial section of tbe Go- 
operative .Association, Mr. 
Rutger Martinl-Loef. is to be 
tbe state’s chief negotiator in 
the talks, which arc expected 
to produce an agreement 
•‘before the end of the year 
at tile latest.* 

Last week, Kockums. which 
is the last major Swedish yard 
in private bands, unveiled an 
eight-month loss of SKr 174m 
before lax. and forecast that 
for 1078 as a whole losses 
rould top SKr 200m f$46m). 
Recent government loans were 
expected to safeguard liquidity 
nnlil the end of 1978. 

According to some observers, 
the shipyard has met with a 
bard attitude from the govern- 
ment and it is believed that 
the chief negotiator wants to 
offer only a token sum for the 
yard. It Is generally thought 
that th“ yard will eventually 
be swallowed np by the stale 
shipbuilding giant Svenska 
Varv. 


AN AMERICAN banking con- 
sortium has finally agreed on a 
{ rescue plan for tbe stricken, 
i chemicals group. Liquichimica, 
coupled with a moratorium on 
its outstanding debts, which 
could reach as much as Ll.OOObn 
t$1.2bn]|. 

The bank salvage scheme, 
whicb Involves an immediate 
advance of some L30bn, is linked 
to a further Lllbn of aid from 
tbe Cassa per il Mezzoglorno 
Government agency, which 
channels funds to tbe depressed 
south of tbe country. 

The plan covers four plants 
of Liquichimica. One of them is 
in Sicily and another in Calabria, 
where the acute problems of 
southern unemployment and 
poverty were largely behind tbe 
.'collapse of tbe province's 
1 regional Administration last 
j w ppk. 

| The settlement is expected to 
mark a temporary conclusion to 


the troubles of the group. It 
comes almost three months after 
a similar agreement was reached 
in ou 1 1 i n e by the consortium 
involved, only to .be beld up 
after second thoughts by .some 
of the participants. 

Also included in the deal is 
the provision for part of the 
back pay due to workers now- 
on strike at the plaats to- be 
made good. Tbe arrangement 
averts the threat of bankruptcy 
and a complete close-down of 
Liquichimica operations there... 

But the crisis in the country’s 
chemical sector bas be'en again 
underlined by the news that 
Anic. the chemicals, and fibres 
concern mainly owned by the 
Ente Nazionale Idrocarburi 
(ENI) state energy group. -may 
be forced into a further capital 
write-down, after a similar opera* 
tion only a few weeks ago. 

In the first six months of this 
year. Anic lost L115.6bo 


(8138m), on sales of L455bn 
(S545m). There is therefore 
•ever* likelihood that the ntii 
yearV losses wiI1 . esc ??f_ H 
stipulated figure of a third of 
the companv’s capital of almost 
L200bn. at which point a 
write-down and reconstitution 

becomes mandatory. 

‘ An extraordinary meeting of 
Anic shareholders has _ been 
called for next month, althougn 
it is not clear whether any 
capital restructuration would De 
carried out then, or be put b3ck 
until after the financial year has 
closed. 

. These factors- coupled with the 
massive fundraising under way 
to increase the capital of. the 
troubled Montedison chemicals 
group by over L200bn to LS5bbn 
have weighed heavily on tne 
Milan bourse in recent days, and 
the market dropped again *P 
most sectors today, although 
Anic itself rallied slightly. 


Management change at Aker 


BY FAY G JESTER 


OSLO, Nov. 6. 


A MAJOR acquisition in the 
field of banking and mortgages 
(is proposed by two prominent 
i Belgian companies. Sofina and 
j Royale Beige. 

! Having taken a 30 per cent 
shareholding in Compagnie 
Finaneiere IPPA. tbe holding 
company. Sofina. intends to 
'combine with insurance group 
Royale Beige and bid for the out- 
standing capital at BFrs 13.500 
a share. 

TPPA’s last published consoli- 
dated assets totalled about 
BFrs SObn while net profits 
were around BFrs 150m, 

After the deal. Royale Beige 
would become “ an important 


minority shareholder” in the 
IPPA parent company, with 
Sofina bolding a controlling 
interest 


In June. Kockums arranged 
a S2fl0m credit facility under 
a state guarantee and received 
a SKr 340m direct loan from 
tbe government 


Sofina ranks among the major 
Belgian holdings, with iaterest in 
companies active in the field of 
finance, energy, real estate, 
technology distribution and 
services. 


Holdings are in Belgium, 
France, the U.S. and Canada. 
Soeiete GeneraJe de Belgique 
Belgium's largest holding com- 
pany. is the major single share- 
holder in Sofina, holding an 
equity interest of nearly 27 per 
cent- 


Unilever to sell 
U.S. advertising 
agency stake 


(NORWAY’S AKER group, the 
{ship and oil platform builder, 
is transferring its managing 
I director, Mr. Carsten H. 
Scbanche, “to other management 
tasks in connection with the 
overall industrial activities of 
the Fred Olsen group.” His 
successor as head of Aker is 
43-year-old Mr. Gustav Heiberg 
Simonsen. who joined the group 
as economic director only two 
years ago, after starting his 
career in banking. 


Sperry to shut razor plant 


SPERRY Rand France intends to 
shut down its electric razor plant 
at Benfeld. in eastern France, 
early next year. Tbe move is part 
of the reorganisation of its Euro- 
pean activities 

The decision will mean 230 
workers at the plant will lose 
tbeir jobs. Tbe workforce has 


PARIS. Nov. 6. 

been reduced by 30 per cent in 
the last year, but the plant is 
still operating at less tban 50 per 
cent of capacity. j 

Sperry Rand’s decision reflects! 
stiff European competition and 
the slow growth of European! 
markets ; 

AP-DJ 


By John Moore 

INTERPUBLIC Group of Com- 
panies. the American advertis- 
ing concern, is planning to buy 
the U.S. advertising agency, 
SSC and B Lnc., including that 
company’s 49 per cent stake in 
SSC and B Lin las. 

Unilever, which holds the 
controlling 51 per cent stake In 
SSC and B Llntas, indicated 
yesterday that an agreement 
bad been reached in principle - 
with Interpublic for the sale of 
its stake to the group, inter- I 
public plans to buy out 
Unilever’s stake for cash. 

In its last financial year SSC 
and B (together with SSC and 
B Lintas) showed sales of orer 
STOOm while Interpublic 
declared sales of S1.5bn. 


! Speculation that Mr. Scban- 
j che’s departure might be linked 
with Aker’s recent failure to 
secure two large North Sea con- 
tracts was denied by both 
management and employee re- 
presentatives. The press release 
announcing the change said it 
was taking place “ as previously 
foreseen ” following completion 
of the concern's restructuring. 
The Olsen group owns a large 
stake in Aker. 


tractors Brown and Root. “I 
think this can be called restruc- 
turing,” Nils an said. He denied 
that his union had asked ior 
Mr. Scbancbe’s removal: 

Mr. Heiberg Simonsen. who 
came to- Aker from a senior posi- 
tion with Bergen Bank, one of 
Norway’s “big three" commercial 
banks, has a reputation In Nor- 
way as a man who is Bot afraid 
to put forward unorthodox views. 
Five years ago, when the Labour; 
Government’s proposals for 
"democratisation" of the banks 
were first being discussed, he 
shocked tbe country’s banking 
establishment by saying, that it 
would not necessarily be a bad 
thing to have publicly appointed 
representatives on bank. Boards. 
As a result, he was removed from 


his position — honorary and 
unpaid— as chairman of tbe 
banks' information council. He 
kept his job as head of the -Oslo 
branch of Bergen’s Kreditbank, 
however. aDd when the bank 
later merged with Bergen’s. Pri- 
yatbank to ffirm Bergen Bank, 
he was made a director. 

Mr. Heiberg Simonsen, has a 
relaxed and Informal manner 
contrasts with the more reserved 
style of his predecessor.- He is 
taking over a tough job. In 
common with most of Europe’s 
ship and platform builders. Aker 
desperately needs new orders if 
it is to avoid major lay-offs 
among its 21.000 workforce. But 
few orders are being placed, and 
Norway’s high cost levels are a 
heavy handicap. 


By Charies Batchelor j J 

AMSTERDAM, Nov. «. ! :! 
PHILIPS, the Dutch .-electronic! . !' 
concern, can ; expect to shed 
20ft00 of the 85.000 jobs it now 
provides In Holland over the 
next 12 years, unless It adapts 
to new markets and new prof 
ducts. This is the conclusion . 
of an internal report, prepared 
' by a special study group fol 
the company, details of wbicti 
were released today by thfj 
NW industrial trade union, j - 
Tbe group, which is the. largest 
private sector employer, ia 
Holland, confirmed the union 4. ' 
figures but said the report wa$ 
not a policy document nos 
would jt form the basis for anjr 
immediate decisions. - Th$ 
report was distributed to a 
hundred or so senior execu- 
tives of the company in Mai. 
for their reactions, it said. T 
The loss of nearly a quarter ofi 
Philips’ jobs in Holland is tfes 
most gloomy of a number ofi 
possible developments diw 
cussed In the report the -com* . 
pany said. This would onlj? 
materialise if it did not opeq ; 
up new markets, develop net? 
products and move into, neve-: 
geographical areas. The recent • 
expansion of Philips* activities^ 
in North . America, is '--a XL 
indication that the compari3- 
is. in fact developing new* 
markets, it said. 4 

In the past eight years, PhiJipd , 
bas already shed 17,000 job^ 
in Holland, Including 2.600 m*~ 
3977 alone: It employs 383.SMB ’ 
people- worldwide and is tier 
largest' private employer oiltS . 
side the U.S. The, company* 


m 


has reduced the number o8 * t 
jobs more quickly in Holland? 
than elsewhere, hut Its worlds 
wide workforce b as also fallen;: 
from the 1974 peak of.412.0WJ iV 
Employment fn the electronics 
industry has ..been declining; ■ 
continuously over .the past 
years, due to technotogicai'aiitfr - 
marketing developments, ley 
said in a recent review of the* . 

Inkrtnv pihiqfrnn VAur /mtvi ' . • * 


Preussag smelter deal 


labour situation. New compon-* ' 
ents such as integrated circuits!' ‘ ’ 
have reduced the time , an^ 
manpower needed both in thej. 
making of the. components 
themselves, and in the 
assembly. The slowdown inS' 
the sales growth rate byi^, * 


BY ADRIAN DICKS 


BONN; Nov. 6. 


The employees’ representa- 
tive on Aker’s board, chief shop 
steward Mr. Gunnar Niisen, 
pointed out that Mr. Scbanche 
had joined Aker just when the 
concern faced a major shake-up 
following the cancellation of 
tanker orders worth NKr 4bn 
iSSOOml. Important changes in 
the group’s activities have taken 
place under Mr. Scbanche’s 
leadership, including the form- 
ation of Aker's engineering 
division, and Brownaker. a 
partnership with offshore con- 


PREUSSAG, the West German 
non-ferrous metals and engineer- 
ing group, bas entered a 50-50 
joint venture with the Slngerman 
group of Canada to build a 
C$20m (U5828m) lead smelter 
in Montreal. ••• 


The smelter, whicb will have 
a capacity of between 35,000 and 
40.000 tonnes a year, is being 
designed to use recycled metal, 
primarily lead scrap from 
batteries. Tbe plant is expected 
to begin producing lead by tbe 
end of next year. 


The new smelter will further 
reinforce Preussag’s position as 
a leading producer of- lead, 
increasing its world-wide smelt- 
ing capacity by some 25 per cent. 
Out of a current 160.000 tonnes 
capacity', some three-quarters 
produces primary lead. 

The German group has been 
showing an interest In Canada 
for several years, and bas long 
had a company in • Toronto 
handling prospecting and 
exploration. Singerman is a 
major metal trader and scrap 
handler: -• - 


volume, coupled with improyedi 
productivity, has also cotitri-J 
buted to the decline in the? 
size of tbe workforce needed.! 

Import controls imposed by somef 
countries and the high.levelr 
of costs- in Europe have ledt 
to the transfer of factories ro* 
cheaper countries. Philips has> 
also had to set up in certain! 
markets and centres 


expertise, such as the tLS- ini 
order to keep' up with tfiF**"" 
latest developments. - .-- 






















•.Nevember ;7 1975 


t 


?s m 




iiVTER NATIONAL FINANCIAL AND COMPANY NEWS 


31 ' 


«■ 




llie/ma^afhuni Tate ;of;;interest 
■ aHo^*ed -on Deposits' lbdgad "for a 
minimum period' of seveh days or 
subject" to seven .days'; notice .of. ' 
withdrawal ai 1 the London Offices of 
the ‘Bank, was incorrectlyistated oil the 
4th November as being increased to 
7% per -annurn, this, should have ..• 
read' Si ?o !per • annum" : . 



1 SHARE and growth of 
U.S, investment and re-imest- 
1 merit in Brazil has been drop- 
iping steadily while European 
and Japanese investment rises. 
This is the conclusion of a 
study published by the country's 
; major daily newspaper, Jornal 
[do Brasil. 

In 106.9, U.S. capital 
accounted for 47.48 per cent of 
all Foreign capital invested and 
re-invested in Brazil. In 1976 
this share dropped to 32222 per 
cent, and in 1976 to 30.44 per 
cent. The L'.S. is still the lar- 
gest foreign investor in Brazil— 
with a 1977 balance of S3.4bn 
compared with $2.9bn in 1976. 
a 17.82 per cent increase. 
Since 1972 the increase has 


TOKYO TA.VSHf COMPANY, 
the largest nf 10 foreign ex- 
change brokerage houses in 
Tokyo, wilt establish a new sub- 
sidiary in December apparently 
I as a first step towards expand- 
ing its business overseas. 

The significant.-? uf Tokyo 
Tanshi's move is that it t-uin- 
cides with major rethinking 
among international brokerage 
| houses on huw to penetrate th? 
i Tokyo fnreipn Exchange market. 
Followin': the s> art-up of Astloy 
and PierceV Tokyo brokerage 
j business in Ocluber. il appears 
thm 7,1. W. Marshall and Tulletl 
and Riley, also both I.nndon- 
I based, which are exploring rh? 
Tokyo market, may enier joint 
vpnnirr or agency arranpeniems 


FOREIGN INVESTMENT IN BRAZIL 

Courting 



BY DIANA SMITH 

been averasinj: 18.78 per c**nf 
a year as a^amsi 20.77 per rent 
annually between 1970 and 
1973. 

It has been the deliberate 
policy of the fiocernnituil of 
President Ernesto Geisel. which 
took office tn 1974. to decease 
dependence on the U.S. by 
diversifying and intensifying 
rrade lies and encouraging 
investment From Europe and 
Japan. The success of this policy 
is reflected in the 37.15 per cent 
r::-> of West German investment 
anti reinvestment in Rrazil in 
1977 — bringing the balance to 


MONEY BROKING 


■?1.5bn and making West 
Germany Brazil’.; s?t-..nd largesi 
rorcign investor. Much .»i this 
rise is due to the multi-bill i<rn 
dollar nuclear energ.' agreement 
starred between ihe two 
countries in )H75. 

Nevertheless. tJi? steady 
growth of enneerns like Volks- 
wagen and Siemen., nf Brazil has 
also cmitrihniPii m ihi*. increase. 

Japan rank-; third among 
Brazil's foreign investors. with 
a balance ..r $|.2t,n in 1977— 
19 62 per cent more than 1976. 
U is (V'Uuwtnl by Switzerland, 
with a 1977 balance marginaJlv 


below Japan’s and 22.63 per cent 
higher than 1976. Britain has 
moved front sixth to fifth place, 
with a 1977 balance of $54b'.6m. 
a 29.94 per cent increase over 
1976. when investment and 
reinvestment balance totalled 
$42U.7in. 

In the ch.-jc of Britain and 
France — now number seven on 
ihe list wilh a balance in I97T 
•if 84'29.73in (a 31.71 per cent 
increase over 1976’s $326.3m 
balance i— much of ihe upsurge 
is ihe alTermalh of President 
GphjTx (ifHcial visit tn the.'? 
countries, m 19T.>, when import- 


ant agreements were signed. 
British concern.- like Daty Ash- 
more and French concerns like 
C reused- Lnir* have moved wilh 
speed into the heavy capital 
oouipincnf sector, particularly 
fur the .mU hydroelectric 
industries. 

Together, the Benelux 
nations had a luial investment 
and reinvestment halance of 
S739.4m in 1977 pulling them 
in ninth, tenth and fourteenth 
place on the lisi. respectively. 

In all. foreign investment and 
reinvestment in Brazil grrw by 
24.69 per cent in 1977 — from a 


International drive in Tokyo 


BY RICHARD C. HANSON IN TOKYO 


wilh local brokerage concerns 
rather than going it alone. 

On December 1. Tokyo Tan&hi 
is to split itA present business 
in two. with Tokyo Tanshi itseir 
handling all domestic call money 
and discount bills transactions. 
The new nnii. to be namrd 
ihe Tokyo Forex Company 
i capita If sed at YSOm. or about 
*440.000]. will lake on ail foreign 
exchange artvity. The Tokyo 
T;»n«ht inarcigenienl -ay- that 
there .ire no plan- In expand 


into Singapore. Hun? Kong nr 
London. B;u a i-. understood 
lhal the Japanese company has 
been studying -uch a nune and 
that Tokjo Foies ulTers the 
vehicle. 

Tlwie i- n«i ••<*n-cn -; !i- yet on 
when the T<»l:vn foreign ex- 
change market will begin m 
undertake international hro’r-er- 
acr husine-.s. Km ihr recent 
sian of iniern.wnono: brokerage 
in New York i- cy period in have 
sonic influence in horruni IV- 


move. There i* * 0111 ? talk of 

slowing the ■‘internationalisa- 
tion " of ihe yen 10 avoid a 
further loss nf control by local 
monetary authorities. Il -eems 
inevitable, however, that foreign 
i , xt-li:ingc activiiv in Tnkjo aa ill 
continue- to expand, thus justi- 
fying preparations for infer- 
n.i tiona I nation by the local 
broker-, as v. oil a; interest from 
ihe foreigners. 

Tutleil and Riley of London 
— a leading imernaiional broker 
— rei-pnil;. sen I officials 10 Tokyo 


In pa v? lh*> way for new busi- 
ness. They found considerable 
interest in ihe possibility of a 
joini venture. 

Marshall, which has been 
authorised t« «i up a money 
broking -lihsidir. r\ in Tokyo. has 
also had to do some hard think- 
ing about iL- prospects here. The 
coats nf running a Tok>n opera- 
tion are high. •••ins.irJering if.? 
un*-i. j rtainty uf -in-ce.-s. 

1 in ih»- Japanese side, there 
u concern thni n?w foreign 
house, •.von Id employ too many 


balance nf -?9hn al ihe end of 
1976 tu sn.'jbn ai tiie end nf 

1977. 

President Lie j sol's Govern- 
ment is now coming to its close. 
*»n Uefobcr 15, an electoral 
••nllpgv is expected to elect Ins 
'•h"Son ittccessor. General Joan 
Baptist a Fig net rod n. as the new 
Prc-idcni. to take office next 
March. 

On the fmme nf foreign 
mvcsinienr in Brazil. General 
Figtivircdo Srfu.j rpcemb - : 
’* There 1 is no reason t° 
alter the rule.- of the same 
known and accepted he foreinu 
nan nns. Meanwhile, problems 
in managing our foreign dchi 
t likely t« reach S40bn al the 
end or this yean make it more 
convenient for fu reign money 
in h? applied in ihe form of 
equity rather than loans id 
Brazilian suhsidiaric-.’* 


nf thp faw highly qualified 
brokers now working in Tokyo 

The idea of •■d-upcrating wilh 
An osiabtished Japanese broker 
’.vim Id rerln.-e ihf. fri..liun of a 
new entrani. Ax :i firs! stage, 
lhere enutd he £ome exchange 
of personnel, to gd acquainted 
and for training purpose?. 
Tullctt and Riley, rathev ih.m 
compcuni ror tin- lu.-al broker- 
age buxine-.;, aims a 1 th? trend 
lo.vards internal ionalixat ion 

offering 'he Japanese a direr/ 
link 10 ik already extensive 
world wide nelv. orV . 

Then* 1 - at present snm' 1 
heated debate over v.'hal man; 

i tirvign anrl J.ipan?-n bjmkcrs 
consider an ovi'r-shunrianc? of 
brnkera?? houses in rdan'in 10 
market need-. Foreign br*ik'*v i 
••ro kc'n in avoji! the impc?j:<inn 
•d • nuinu ib? pic even further 


Co-operativeBank 


With effect from 
6th November, 1978 

the following rates will apply 

Base Rate Change . 

Fro rin 10% to 1 1?% p.a. 

• Also -: 1 ’ - .. .- ' 

7 Day Deposit' Accounts. &%: p.a.- ;. 
- f Month^ Deposit Aecounfe9i% : 


Michae 1 Taylor’s research 
always goes up in smoke. 


re on 
tst a short 

te. 





;inBe^s^-£ttcf^Lcrycbn7.'Di75.^E ' 


f . . .* . 



. Barnetf. Qhrislie kHniteiannouncesthat 
. •; wltfi effect from the close of business 
1 . <on6tfHiffoVemberl978 

and until’further notice, 

. . . . . Jls Base Lending Rafe will be 12?>%. 




\! i 


i 1 
{ i 


i » 

r * 

? •’ 

A 

| i 


Base Rate Change 





Bank of' Baroda announce that, for 
balances in their books on and after 7th 
November, 1978, and until further notice 
their - . Base Rate for lending is llf% per 
annum. The deposit rate on all monies 
subject to seven .'days notice of with- 
drawal is 8|% per annum. 




Left: Research under way in Imperial's ouni laboratories. 


Currently the head of the Leaf 
Physics Group in Imperial Tobacco’s 
Research Department, Michael Taylor has 
contributed a lot to the development 
of low tar cigarettes. 

“Back in the mid-1960s, we decided, 
in consultation with the Government to 
devote a great deal of time and effort to 
reducing the “tar yield” of cigarettes. 

And we’ve made substantial progress— 
largely through basic work on cigarette 
design and specification. 

“We’ve developed new tobacco 
blends, and found new sources of supply 
WeVe improved the performance of filters 
substantially And we've modified the actual 
cigarette paper a good deal, too. 

“All this research and development 
has contributed to the fact that British 
smokers today enjoy cigarettes yielding 
over 40% less tar than they did 
a few years ago; helped, naturally by 
increased advertising and promotion of low-tar brands. 

“One of the disciplines which I personally find interesting, is the need to 
produce improvements which are acceptable to the customer We’re a business, 
after all, employing more than 20,000 people in the UK alone; and there' s no 
point devising a new cigarette that nobody actually wants to smoke. 

“We make a very considerable investment in research and development 
in Imperial Tobacco; several million a year, in fact There are a lot of very 
complicated problems to be solved— but then, the job would hardly be so 
interesting without them All in all, I find it a 
fascinating and worthwhile job? 

Michael Taylor, an important contributor to 
what the Minister of State for Health 
described last year as the tobacco 
industry’s “long-standing policy of 
reducing ... the tar yield of cigarettes" 
is just one of the 20,000 people in 
the UK who make up Imperial 
Tobacco, the major British-owned 
tobacco company trading in the 
United Kingdom and a major 
taxpayer and investor in 
Britain’s future. 







.A 


TPwar that never ends 

... ft We British arc a peaceful people. When a war is 
over Vr6 ^ e consignu to the history books - and 
' forget it, ’ . 

vrj .. But for sonic f he-wats live orr. The disabled from 
■r if both World Wars and from lesser campaigns, now all 
ioo easily -forgot ten ; ’Uie-\yido\\ s, ihe orphans and the 

"V. child ren - for them their war lives on, every day and 
/■all day. 

' . .In many crises, of course, there is help Irom a 
pension,. But there is a limit to what any Government 

' -.Department can do. _ 

ThisiswhcreAnnyBcncvplencesteps in. With, 
understanding. With a sense of urgency . . . and w rtn 
prscucal.tinaneial’help. 

To us it i> a privilege to help il»ese brave men -ana 
\vojperi- too. Phrase willyoii help us to do more " ® 
must not let. our soldiers down.: 

The Army Benevolent Fund 

for soldiers, e.V-soldiers and their families in distress 
Depi. FT. Duke of York’s HQ. London .SW3 4$P 



Imperial Tobacco: people at work 


Imperial Tbbacco Limited -a member of Imperial Group Limited 


H.M. Government Health Departments’ WARNING: 
CIGARETTES CAN SERIOUSLY DAMAGE YOUR HEALTH 


« 







I 


JAPANESE NEWS 


Venezuela revives yen bond issue 


BY RICHARD C. HANSON 

VENEZUELA and Japanese 
underwriters arc engaged in 
last minute negotiations over 
terms aimed at reviving a yen 
denominated bond issue post* 
pooed just three weeks agn. 
These couid result in the first 
Samurai bond issue in nearly 
three months, but already doubts 
over market capacity have 
emerged. 

The Japanese side has 
apparently decided in offer 
Venezuela a yield of about 6.S 
per cent per annum on a Y25bn, 
10 year issue. When Venezuela 
originally postponed, it had 
wanted to float Y40bn for 12 
years (the same time span as in 
two prior Yen issues), hut securi- 
ties houses were prepared to 
offer a yield of 7 per cent or a 
little above, according to indus- 
try sources. Nomura Securities, 
the lead underwriter, and other 
participants are aiming at a 
Wednesday signing dale. So far. 
Venezuela has withheld a final 
reply. 


Downturn for 
JAL despite 
higher sales 


The better offer by the Japanese 
underwriters reflects a recovery 
in band market conditions for 
borrowers — perhaps a tem- 
porary one. Since mid-October, 
the secondary market yields oo 
some rnreign yen bonds have 
fallen by about 0.1 percentage 
point to 0.2 point. white 
municipal bond yields have 
dropped around 0.2-0.3 per cent. 

Also scheduled for November 
is a Y40hn. five-year bond issue 
hy the Norwegian Government, 
which will bring the total for Ihp 
month to the latest Finance 
Ministry monthly guideline of 
Y bn 'per month, applying to 
this month and to December. If 
ihe market yields remain stable 
nr improve, the Finnish Govern- 
ment may be able to (loat its 
planned Y2Shn, ten-year bond in 
Decern her — an issue withdrawn 
only days before Venezuela 
postponed last month. The 
present schedule calls for a 
Y50bn Australian issue and a 
Y15bn Philippine issue, which 


already fills the Yfiobn monthly 
quota, however. 

The bond market recovery in 
the past three weeks is due 
mostly in seasonal and other 
special factors. This has led to 
the belief in some securities and 
banking circles that even if 
Venezuela manages better terms 
this tune, they will he pushing 
the market to its limits— perhaps 
leading to problems in placing 
the bonds. 

Underlying ihc pessimistic 
view of the marker remains the 
heavy backlog of National 
Government hands due to be 
floated this month and next. For 
November, the Government plans 
to issue Y1.650hn nr more than 
twice the Y700bn issued in 
October. The Government is 
believed to have cut the October 
issue total intentionally, so as 
to allow some recovery in the 
bond market. 

Other circumstances behind 
the current drop in yields and 
subsequent revival of Samurai 


Tokyo, Nov. 6. 

honrl interest include a drop 
in (be amount of National Bonds 
allotted to the securities houses 
themselves in October to YTObn. 
from an original YI20lm. or to 
sonic 10 per cent of the total, 
and a scarcity of short-term 
maturity bonds since mid- 
Oclnber which . has prompted 
some chance in investor policy 
to longer-term securities. 

Mexico loan 

A Y20bn 10-year loan has been 
made to the Mexican Govern- 
ment, by Mitsubishi Bank and a] 
group of 10 foreign hank 
branches in Japan, Reuter 
reports from Tokyo- Interest is I 
1.25 per cent over the Japanese, 
three-month bill discounting 

rate. 

This is the first time interest 
on a yen syndicated loan to an 
overseas borrower has heen 
based on the bill discounting 
rate, which currently stands at 
4.875 per cent. Mitsubishi said. 


Malaysian Hongkong Land in 
distributed ^Vl‘lC.10 hotel plan 

by Shell BY RON RrcHAR “ oN hong kong ' Novm 


IHI in the red on operations 


BY OUR OWN CORRESPONDENT 


TOKYO, Not. 6 

AFTER EARLIER substantial 
increases Japan Air Lines* 
after-tax profit dropped to 
Y7.29bn (US$38. 78m) for the 
half year to September -10, 
compared ulib Y7.94bn for 
the corresponding period. 
Sales for the first half in- 
proved to Y240.62bn (SlJ28hn) 
from Y22.tJ)bn. 

JAL announced last ninmh 
that it was spending YKMbn 
on tend wide-bodied JpIs. The 
order consisted of five DC-10s. 
four Boeing 747 passenger jets 
and cue Boeing 747 freighter. 

The first half year for 
Nippon Shinpan. llie m»inr 
Japanese consumer credit con- 
cern, saw an improved after- 
tax profit of Y1.38bn ($7J34m.) 
compared with Yl.OThu. Sales 
were Y2f»!).Wibn (Sl.llhn) up 
from Y 165.7 bn for (he corre- 
sponding period in 1977. The 
interim dividend of Y3 re- 
mains the same. 

The Kao Snap company had 
Increased after-tax profits of 
Y 1.63 bn (U.S.S8.67m) com- 
pared with YT.43hn for the 
corresponding period. Sales 
also improved with a reported 
first half tnlal of Y 104.5 1 bn 
<U.SJS555.9m) compared with 
Y91.05bn. and the company's 
dividend remained the same 
at Y3.75. 

- The Citizen "Watch company 
experienced a very strong first 
half improvement with after- 
tax profits of Y2.07hn 
(U.SJUm) compared with 
Yl^Tbn. Sales for the period 
increased to Y4fl.9Ibn 
(U25.S2 17.6m) from Y33.79bn. 
whereas the company dividend 
improved to Y3.75 from Y3. 

Reuter 


TSKTKAW AJ1MA-H ARi MA Heavy 
Industries <LHl) has reported a 
sharp plunge in net profits and 
sales for the ■half-year to Septem- 
ber 30 and continued erosion of 
its ship and plant order back- 
logs, at (lie same time as announc- 
ing ids first-ever operating loss. 

IHI. Japan's second largest 
heavy machinery maker, said 
net profit Tor the first-half fell 
75 per cent to Yl.B'ibn <$S.6m) 
while revenues slipped 5.6 per 
cent .to Y316.97hn (S1.7bo). 

On an opera ring, or pre-tax. 
basis IHI suffered a loss of 
Yl.STbn — compared with a 
Y23.81l.in profit a year earlier. 
The mid-term dividend has been 
dropped and prospects for an 
annual dividend arc cloudy.' 

The greatest damage came in 
the company's once powerful 


shipbuilding division, where sales 
dropped 4n Y52.6bn from 
Y132.3bn. Land equipment and 
plant sales were up. however, 
nearly 30 per cent to Y264.33bn. 
Export sales of ships dipped 64.2 
per cent, and accounted for 86 
per cent of all ship sales, com- 
pared with 96 per cent last year. 
Plant and land equipment ex- 
ports took 55 per cent of all such 
sales, down from 57 per cent. 

The order backing for ships 
and ship repairs narrowed to 
Y2743bn as nr the end of 
September, from Y346.9bn a year 
ago. The backlog for plants and 
land equipment fell to Ylbn 
from Yl.Ofibn. as domestic 
capital spending remained 
sluggish and the appreciation of 
the Yen cut into overseas busi- 
ness. IHI's plant business in 


TOKYO, Nov. fi. 

the Middle East has remained 
one of the only positive factors 
in the present outlook. 

In the past half-year. IHI 
returned a net- profit only hy 
dipping into deferred profit on 
instalment sales to a total of I 
Y3.82bn. Last year it had 
stacked away about Y10.95hn 
from this source for future use. 

The company forecasts that 
sales in (he year ending next 
March will be up slightly, to 
Y770bn from Y763.5bn last year, 
hut declined to estimate profit 
performance. 

The company is now studying 
ways of cutting personnel and 
costs, and other rationalisation 
steps, in what has been dubbed a 
drastic realignment of its 
management. 


Advance for Casio and Sharp 


BY YOKO SHIBATA 

TWO OF Japan's typically 
export-oriented companies. Casio 
Computer and Sharp, showed 
strong earnings performance in 
the first half-year to September, 
in spite of the rise in the yea la 
thp exchanges. 

Casio s current pro6ts jumped 
hy 77 per cent to Y2-S7bn 
(S15.2m> and net profits by 67 
per cent to Y1.36hn. on sales of 
Y39.26bn (S2.0Sm) up 35 per 
rent over a year ago. In addi- 
tion to the company's main line, 
electronic calculators, which 
fared well, new products such as 
digital watches provided an impe- 
tus to the earning rise. The 
company absorbed the impact of 
the rap’id yen appreciation by- 
introducing new products with 
higher prices and further cosi- 
cutting measures. Garin's exports 
accounted /or 54 per cent of the 


sales which, however, were saved 
from large exchange losses as a 
result of the expansion of the 
yen-based exports (from 50 per 
cent to 7Q per cent). 

Casio estimates its sales for 
the full year at YSObn (up 26 
per cent), current profits at 
Y5.Sbn (up 49 per cent) and net 
profits at Y2.8bu (up 55 per 
centi. 

Sharp met the higher yen by 
increasing sales of electronic 
calculators and semi-conductors. 
The company's sales gained 11 
per cent to Y170.07bn (SS90m| 
as a result of domestic sales ris- 
ing by 16.2 ppr cent. Sharp’s 
share of exports declined by 2.2 
per cent to 52.9 ner cent of the 
total turnover. Dwindling sales 
nf colour television sets (down 
18 per cent) were more nr less 
offset by strong sales of elec- 


TOKYO. Nov. 6. 

tronic calculators and semi- 
conductors (up 29 per cent), and 
high added-value home electric 
products (up 19 per cent). 

The company’s average ex- 
change rate during the period 
was Y21S to tbe UJ5. dollar, show- 
ing a yen appreciation of Y60 
from the previous year's level. 
Sharp absorbed an exchange loss 
of Y14.3bn by price Increases and 
cost-cutting steps. However, ex- 
port profitability has declined. 
Sharp’s current profits gained 

20.4 per cent to Y8.l3bn (.843m • 
and net profits 103 per cent to 
Y4.00bn. 

For the current fiscal year, 
ending in March, the company 
expects sales to be Y33.8bn, up 

12.4 per cent, and current profits 
Y15hn. up 17 per cent, on the 
assumption that the exchange 
rate will remain around Y190-195. 


By Wong Suiting 

KUALA LUMPUR, Nov. 6. 

A JOINT VENTURE company, 
TJram Kim la. has been formed 
to lake over the distribution 
of Shell chemicals and con- 
sumer products, previously 
undertaken by Shell companies 
in Malaysia. 

Tiram Kimia was incorpor- 
ated with a capital of 10m . 
ringgit, initially subscribed by 
] Shell Overseas Holdings, a 
subsidiary of Royal Dutch 
Shell. 

However, in order to cou- 
; form with Malaysian Govern- 
ment policy. 51 per cent of the 
equity of Tiram Kimia is now 
held by Malays and Malaysian 
interests, and another 21 per 
cent has been bought by 
Timuran Holdings. 

Timuran said it paid some 
3.04m ringgit (U.S4L4m) In 
cash lor its shares. Tiram 
Kimia is expected to make a 
pre-tax profit of 5m ringgit 
for 1979. 

Pan Malaysia 
in cement kiln 
expansion 

By Our Own Correspondent 
KUALA LUMPUR, Nov. 6. 
THE LEADING Malaysian 
cement manufacturer. Asso- 
ciated Pan Malaysia Cement. 
Is embarking oo a major 
expansion plan with the con- 
struction of a 130m ringgit 
tU_S_$60m) kiln which would 
boost production by 1.2m 
(onnes. 

APMC has signed a syndi- 
cated loan of 100m ringgit to 
meet part of the cost The 
remaining 35m will come from 
(he company's reserves. 

The loan, managed by the 
Hongkong and Shanghai 
Banking Corporation, is repay- 
able over 11 years, and carries 
the Interest rates that were 
described as “reasonably fine.” 

The new kiln, which’ would 
be built near APMCs existing 
plant at Rawang, 20 miles 
north of Kuala Lumpur, will 
be ready by 1980. 

By then. APMC is expected 
to produce 2m tonnes of 
cement annnally, representing 
55 per cent of Malaysia’s 
cement output. Part of the 
production is expected to be 
exported. 

Construction of the kiln 
would he undertaken by 
Ishlkawajlma-Harima Heavy 
Industries (IHI), of Japan, and 
would Incorporate “the best 
and latest in British and 
Japanese cement technology.” 

APMCs chairman. Mr. S. F. 
WHey. said demand for cement 
in Malaysia was expected to 
increase by 10 per cent 
annually, as a result of strong 
demand from the construction 
sector. 


BY RON RICHARDSON ' 

HONGKONG LAND. Company is 
investigating plans to develops- 
a first-class hotel and casino _ In 
the Portuguese Colony . "of 
Macao. 

Although no details of ’ the 
project have . . been- released, 
Hongkong Land Is' kdown tobe 
negotiating with SocjetU.de de 
Turismo y Diversoes de Macaji 
(STDM). which operates casinos 
in the Portuguese enclave under ; 
Government franchise. 

It is proposed thattbe property - 
company build and' operate al top- 
class hotel of about '500-rboih-. 
capacity while the adjoining 
casino would be run by STDM,' 


HONG KONG. Not 6. 

If tile development goes ahead it 
-would be tie first by 
Land in Macao, which is 40 miles 
iirom Hong Kong by sea. 

; However, the property 
pany Already has considerable 
expertise in the hotel * n dustry. j 

owning the luxury-class Mandarin 
RoleHh Hong Kong, through its I 
City Hotels subsidiary, as well 
:as holding large stakes 1" 

;in Bangkok. Jakarta and Manila. 
'.. Hongkong Land recently 
-bought the outside shareholdings 
tin City Hotels in what observers 
interpreted as the first step in 
a programme of expanding its 
hotel operations. 


Textile takeover set up 


BY ANTHONY ROWIEY * : 
SHAREHOLDERS of ibe textile 

Corporation of Hong Kong (a 
member . of the ■_ Hutchison 
Whampoa group) have- approved* 
a scheme of arrangement .-which 
will result in Mr. Eric Liadg- 
Chun Chen becoming .the owrier 
of the company. . .-. " 

Mr. Chen is also managing 
director of Textile Corporation. 
He will pay to shareholders 
subject to the scheme tbe sum of 
HKS9 in cash for each share, in 
Textile Coxporafion. Trading. In 
the shares of tbe company will 


r HONG KONG, Nov. 6. 

cease on the four stock 
exchanges here at the close of 
business on November 15. 

. ' The Textile Corporation 
reported a pre-tax profit of 
HKSSA4in (USSl.Tm) in 1077, 
although extraordinary debits 
reduced the attributable profit to j 
HKSlfim. Tbe company's | 
.principal product is denim, for 
which market demand was said 
to be “weak” in 1977. In the] 
first half of the current year, the 
company made a loss of HK$3.5m 
and warned that it was unlikely 
to. return to profit this year. 


Ovenstone 
halves 
interim t 
dividend 

By Richard Rotfe - . 

JOHANNESBURG, Nov. 6. 
the CAPE-BASED fishing and 
property group, Ovenstohe 4x£ ...- 
vestments, whose activities ’. 
include pelagic fishing both -tu ' 
South African and Namibian 
(South West African) water*,-; - 
has reported .a. downturn tit, _. 
profits for the six months -.J4' 
August 31 and has halved its*. 1 - 
interim dividend. But the boanfe 
noting that an increaing propote. ’ 
tinn of income now accaiqgiV 
during the second. half of.-lbe. 7 * 
financial year, has decided" faypagr 
a greater proportion of The,' 
dividend .in the second-half^ ' 
Thus despite the cut Via thg - - 
interim payment from 3 centk in'. 

1.5 cents, a lesser reduction .. 
last year’s 6 cents total seen^;. 
possible:.. •' 7 • 

Group turnover. - was _ down 1 : 
from ! R2Im .to . . •.■HlSnfcr 
(U.S.S20.7m) for tbe half-year 
and pre-tax profit from R2J3nr tof v 
RL6m- - Adjusting for taxation’:;, 
preference share dividends anil - 
the interest of outside shafe^.v 
holders, net attributable profit:- * 
was down from R1 .4m to B0.9m- 
(U-S-Slm), reducing, earnings r 
per share from. 19 cents Ttfi 
cents;' . ' ' - . • .• " ■ ■ ■ 

The board does not .predict - 
profits for the. full year., but,’ saj^i- 
that a reduced contribution fro^ 
its international'- Investments,? 
based' on its factory- "ship.' ijjP..' 

expected, while- domestic fishier- - 
results should '.be in line wjlfc; - 
last year’s. 


Bid for Woolworths NZ Huietts 


BY DAI HAYWARD . y? 

AN OFFER by the New Zealand 
wholesale merchants and grocers, 
Nathan tn buy out Woolworths 
NZ is thought likely. ' .to- be. 
accepted by Woolworths 
Australia, which owns 40 per cent 
nf the New Zealand operation. 
The offer puts a value of NZ$4.6m 
(U-S.S4.9m) on WooVworth’s New 
Zealand operations The. cash 
plus share offer is three Nathan 
shares for seven Woolworths 
shares plus 31 cents pash 'per 
share. This put a value of- one 
NZSl.l5bn on each 50 cent Wool- 
worths share; these traded -last 
Friday at 80c, and had. ; risen 
sharply as rumours of tberpro- 


WELLINGTON, Nov. 6. 

posed bid circulated. 

There are 11m shares involved 
in the deal. Woolworths Aus- 
tralia owns 4.4m shares in the 
New Zealand company. 

- It is understood that Wool- 
worths Australia is anxious to 
sell, and that <14 believes it can, 
find .better use in Australia for: 
the capital now tied up in New 
Zealand. In recent years, the In- 
vestment has not been highly 
profitable, but this year Wool- 
worths NZ recorded a substantial 
jump in its profits. On October 
29, Woolworths NZ announced a 
net profit increase of 59 per 
cent to NZSS1.98m. 


nuicns . ; v | 
margins under 3$ 
.. pressure .' 

By Our Own Correspondent 

JOHANNESBURG.- Nqv.^-> 

PROFIT MARGINS ‘ . remain ; 
under pressure, .at . .. Hnletis^. 
Aluminium; the fabricator of' 
aluminium, sheet and extruded; 
products . which ■ was formerly-.: 
controlled by Alcan and. is now' 
a subsidiary of Huietts- -Car-?" 
po ration, the diversified sugar- 
group. Its turnover rose- from-" 
R3Sm to R45m 185.2m) for th*: 
six months to end Septemberi . 
and co nsttii dated pretax income ^ 
was up -from. R2^m to- RlSutiH 
(S35mt leaving profit margins* • 
down a full - -point; peJC.l 

cent-. . • • r.il 


UOB raises takeover offer 


UNITED OVERSEAS Bank 
(UOB) has raised its offer for-; 
Singapore Finance to one UOB 
share for one Singapore Finance 
share, or a cash alternative of. 
S 83.40 a share. It previous# 
offered three UOB shares for 
every four Singapore Finance; or 
a SS2.70 cash alternative. . r 

UOB’s increased offer follows 
a bid by Hong Leoog Finance 
for Singapore Finance; at one 


SINGAPORE. Nov. 8. 

Hong Leong share plus SS10.40 
cash for every four Singapore 
Finance- Hong Leong originally 
bid SS2.60 per share in cash- for 
Singapore Finance on October 3. 
~ Tn its initial announcements in 
August. Hong Leong said that 
it had acquired a 34.17 per cent] 
stake in Singapore Finance. 1 
while UOB said it had .33.69 per. 
ceot ; - ... 

Reuter • 


•: Wiflr the tax charge: jl«¥ 

R0J2m to RD.9in; 
have declined ' from 
RIAn, for a per share figured 
down from 3L7c to 24.4c. The' 
interim dividend has been mam*; 
tained at 7c and there is go* 
specific comment oh the. final*' 
which last year- was J8c; Thig 

board says; however^ that tra% 

ing conditions are uncertaii- 
although it is believed . that] 

results for the full -year wfijp 

| approximate to those of Ihr 
previous year. On; a 25c dlviri 
dend total, the shares at 365c- 
yield 6B per cent 



T 


THIS ANNOUNCEMENT AFPSAKS AS A. MATTER Or RECORD ONLT 


THIS AIDrODNCZMXHT APPEARS AS A MATTER OP RECORD ONLY 



U.S. $45,000,000 

■MEDIUM. TERM LOAN 


D 


«( 


SOCIETE NATIONALE DE FABRICATION 
ET DE MONTAGE DU MATERIEL 
ELECTRiaUE ET ELECTRONIQ.UE 


Norsk Hydro Produksjon a.s 


US$120,000,000 

eurodollar LOAN 


GUARANTEED SY 


BANQUE EXTERIEURE D’ALGERIE 


GUARANTEED BT 


Norsk Hydro a.s 


PROVIDED IT. 


MANAGED B7 


CITICORP INTERNATIONAL GROUP 


CO-MANAGED B7 


CANADIAN IMPERIAL BANK OF 
commerce: 

SECURITY PACIFIC BANK, BAHRAIN 


PROV3NCIAI. BANK OF CANADA 
(INTERNATIONAL) LIMITED, NASSAU 

•WILLIAMS & GLYN’S BANK LIMITED 


provided by 


CITIBANK, N.A. 

PROVINCIAL SANK OF CANADA 
(INTERNATIONAL) LIMITED, NASSAU 

WILLIAMS Ac GLYN’S BANK LIMITED 

STANDARD CHARTERED BANK LIMITED 

AUSTRALIA AND NEW ZEALAND BANKING 
GROUP LIMITED 

BHF-FINANZ AG 


CANADIAN IMPERIAL BANK OF COMMERCE 
SECURITY PACIFIC BANK, Bahrain branch 


NORDIC ASIA LIMITED 


UNION ME27ITERRANEENNE DE BANQUES 


BANK OF LEBANON AND KUWAIT S.A.L. 


INTERNATIONAL COMMERCIAL BANK LIMITED 


CITICORP INTERNATIONAL BANK LIMITED 




SSPTXSKBER 12, 1978 


CITIBANK, N.A. 

BANKERS TRUST COMPANY 

INTERNATIONAL WESTMINSTER 
BANK LIMITED 

MORGAN GUARANTY TRUST 
COMPANY OF NEW YORK 

BANQUE BRUXELLES LAMBERT S.A. 


B AYER ISGHE LANDESBANK 
INTERNATIONAL S.A. 

THE INDUSTRIAL BANK OF JAPAN. 
LIMITED 

SOCIETE GENERATE 

WELLS FARGO BANK, N.A. 

CHRISTIANIA BANK OG 
KREDITKASSE INTERNATIONAL S.A.- 

CREDITANSTALT-BANKVEREIN 


AMS TERD A M -R O T Trrtm a BANK N.V. 


THE FIRST NATIONAL BANK OF 
CHICAGO 


MIDLAND BANK XJMTXED 
TORONTO DOMINION BANK 


BA RCLAY S BANK INTERNATIONAL 

LIMITED 


CREDIT LYONNAIS 

NORDDEUTSCHE LANDESBANK 
INTERNATIONAL S.A. . 

SOCIETE GENERALE DE BANQUE SiA. 

ANDERSENS BANK A.S 

COPENHAGEN HANDELSBANK ^ 
INTERNATIONAL Si A. 

PKBANKEN 


CITICORP INTERNATIONAL BANK LUVUTEO 


ACENT 


OUTOBXH 8VU7S 




!' 'tie 


*£2 V^-^' 51 i -'-■’ <i. a V/ : 

--T - .., '^. »-> '- '>.•■ j'| ■; 

:;*•/ ;-’•>. V. .Y.V'.S 

'■V'rjfX. --•- -V V : 


7 1978 



Pound 



33 


UidU 

i! ,P 

>-sMj re 


-t r» 


.* i‘. «.• 

4“.' •*' ' 


s. *v ~ 


-• *> 




: The . table-. -_ bel ow - '-'■gfjres,'.; tfifc 
latB^t-anr^laWe-raife dfexctenBe- 
for tne pound . , againyr ' various 
currencies on November fi; 1978. 

in some cue* rates aria - 

Market- rates a_re t&e average af. 
buying end selling ;fatesi except 
where, tbeyare ^hdwh. 'ta be: 
otherwise.. In some cases niarket - 
rales have: been caJculatetf from 


to 


t^ose "of foreign . currencies 
which they -are tied. -• y . 
Exchange in the UK and most 

of the countries' listed fs officially 

con trolled and the "rates shown 
should nor -he taken as being 
applicable - to.-' any - particular 
transaction: without reference to 
an authorised dea ter. 

Abbreviations: (S) member of 


the sterling area other than 
Scheduled Territories; fki 
Scheduled Territory, fo* official 
raTe; (F) free rate: (T) tourist 
rate; fn.c. i noncommercial rate; 
(n.a.) not available: (Aj approxi- 
mate rale no direct quotation 
available; (sgi selling rate; {bgi 
buying rate: mom.) nominal: 
lexCl exchange certificate rate; 


fPl based on US. dollar parities 
and suing sterling dollar rate: 
tBkt bunkers’ rate: tPi>i h'i*-ic 
rate; (cm) commercial rale; 
(cm convertible ’rale; (fnl 
financial rale 
Sharp HiiciualioiK have been 
seen lately in the foreign 
exchange market. Rates in the 
tablp below ar«* nut in all ca.oPji 
closing rates on the dates shown 


H&o* aaff LtwjfBwi 


V*1m Of 
.l£Sta*UAg,^ 


Af gha nt«ta|l Affjbaju 

Afanii- Ljit. V. - 

Algeria — ~...f>inar - .] 

***“*. JBMH! 


"l-T- 


Angela.. Enin . T . _ 

Antigua (S)._. E. Cvritaan 9 [ 


S.S4 . 
.1*0. m 


Aisentina. .... Xr. Peso Free Ba 


UCI 

-WUK 


A«Ualla£n_ ATWtaJllin s’ - ' 
Aiiatria 3chflting *1 

A«iren PiMtujfTBKodo ■ 

B&hUttU'Si. BtuDohu- , " : 
Bwiri»'ie«h'6j Tati .“ ‘ “ ' V- 
Bahrain (51.... Omar ■ 

Boleark Islet. SjjaJPeseta . 
Bart»do»(Sj Barb^dam $ti —i. 


1:7*W._ 

- 5tTJ» 

. si.tfi.-. 
.l.flfm : 
'3MS0W 
' 0.754 
140.77S\. 
-SS64' 


Belgium. B.Fraoc — 

Belire B S ' 

Benin ...C\F;A. Ffrori' 
BennndtiS>....Bd* .$ , 

Bhutan Indian Strew 

Bolivia XtoU*.-L*B Pe*o 


Rat»waii*iflt.i'Pnlji -- 

Brailt — enweiro s; 

BrYirglulaiSl C.S. S . 

Brunet (Si.. . . Brunei S,"' 

Bulgaria he? . . 


.'•cm 153.00, 
.ismet.M: 

■. .8.954 ' 

■ ah 

- , 1.3770 
IB-ftMiw) 
- sa.54 -- 


_• I . . 


1.6575 

58-Bfl 

1.9770 

4.5075' 

1.7064 


Burma Kyai ' ' ' ' 

Bfruadi .;.-6nruB41.rnw! 


■ 15. Ml ■ 
180JW& 


Plwe and Local Vnt 


Value of 

■i £ Sterling 


Place and Local Unit 


Valae of 

£ Sterling 


Place ud Local UniL 


Valr.n pr 
£ Sterling 


Ecttwlbr'— ; 


:.f » 49.12 

, (F152.77 

.. Egyptian £ • M 00.7600 

.\r r ■ ;«fEii.seiH 

’Ethiopia — Etinoplao Birr • (Pi 4.0S7 
Bj V^Gninea PeuU- t . 740.775 

. j n c' 

Fard & njumb Uicone '1 ' 

na , L 

I'PvhJiukI'l.' UkUo. • •' . 

Fceoeh'Fnw. 

.Fr.trivluAt' qiFAi'fwae 
Pf:<ruiio»r..: Pwrv- •:. 

Fr. rtfe.f^....41F-P. ramc 


j Liei-ht'a^n ...'*«(« Kn»,„ ; 
I Luxeiiil«Lrjf. L.« Fmc.: 


1.0 

30.595 

1.6245 

7:865 
8.540 
. 477 

8.540 

165.27 


3.2K5 

69.06 


.-- t j.A: Fcanc T 
C-B«hlir wi-'. . "lialan.- 
GenrUinr* 


. «27 
3.8684 


Macao 

Mtilelra 

Mulagn-r; {{p 
MhI&h-i 
-M alaybia iS|. 
Maidive It»(S 

Mali Ilf 

Malu (SI 

Mnn inlijiitr .. 
'Mxuritanln .. 
Maiiniiuw (Si 
Mpti,,,.. . . 
Ulquflon 

i Uiinniri 


□ ■I roar b 


5.7675 


Camaron Sp C.TA. Friuic . 

Canaria Canadian. $ . 

Unar> Bpanltfa Pomu - 


427 

. a.sora - 
.• 140.77 b: 


Ornmny^V jj wt Kbe3JjLT.k’ 

Ceili ' ; '-i 
QlbraJiar (Ki:'G Ibmltar £ . 

.dKwrt'.i- 1^11*'. - •< 

Greece. nV- Prechma ' 

Orwniaoit. ..- Danish Kiveer - ■ 

armada |SI._ K-'Carrlhcan 9 > 

RrieiUJoiqip;...- Loral ] 

rJ u»m.. . ls,s. - 

Ouataroala..- Vrewri' ... 
Suluea Hep— -Wly 
DaIu«iBlM4in 
O'uynua irfi...: (ruj-apn* 8 
i Hzuti '. . tiiirmjc ' 

j ffuiiituranjli'ep f^mpira 
j-ldiAigKoiigUSi-H.K. S 
Hnn^irv-. Vhnul 


5.7675 


j Jl'mjolta ... . 
! Mnrr^rmii... 

] Mi'nii v 
i Umimliii|uc 


I’m am 

t Vn.ux'M>F.«tude: 
Mb Krauu 

K-B-Rl-tlB 

TJlngjpi 
Me I Kuiieei 
Jlali Kmiie 
Mallei K 

Fame 
Oiii.nuvn ; 

.11. Jiufjn- 
Me-Timn IV"** 
t.F'-l. Fniii"- 

Frwii'li VnuiL- 

Tuiiril. | 

K. i "nr* liimir S 
1'irUmn 
M.a, Vmu u.li* 


10JI8 

SI. 15 

427 

1.5581 

4.5458 

7.770 

SMJ) 

6.7550 

8.640 

34.023 

1t.66t 

44.88 

427 

8.54D 


Rn:nania .. . 
liuauila 

St. C'oruto- 
, pier *S« — 

I -*l . HhIciib... , 
f «l. Lih'Ih. 

-Si. Pierre 


Inn 

liwan.la 6r*r*: 


ii'^.4S 
II." 1 1 77 ll 
137.95 


015.7853' ;i 


S.542B 

7.71.rjt, 

Bb.K)6 


S.03tai*g 
I.DD 
1.72 IS 
72.474 
10.385 
5.2428 
8.540 
V- 1.9770 
J . 1.3770 

j 57.448 
86A16 
&JI4I5 
! .9.885 
' 5.96 
' 9.4475 

Irtuni 72.66 

tTKUr'iS.53 


i Nauru Is.. 


I *.tllnr 

Nvi^li-f linrfi" 

NmiIivi- lamia.. •ti<|i> | i-i 
.1«iii.Aiu'lih. Auiilliaii OuiJ.1. 
I mu. 

\th>l. Lli'ilar 


j Nun Hu'iruim , .... 

j . \ih>I. Lli 

I N. Zmlami .-i N./„ l>„|l H r 
I Xirarauiia.. bi.rilota 
Niai-i' 1ST*. • . C.FA t'ran-: 

M^i.ihh ■ "r i .' . . Nnira 
Nrini • . Nr<\|;. Krone 


1.7218 

4.057b 

8.5888 

188.02 

1.7215 

1.8642 

13.87 

•27 

1.26S16 t«i 
9.990 


E.l'arihhmn S 
«!. Helena J.' 

K, Cnrll.V^n $ 

L . F. A. Frwii- 

SL.V iurruUSi L. Can U ttni 6 
<atvH.I»r HI... (*i]i-i> 
SdilliniAiMl .. t'.r*. f 
mil Martin*... Ilalian Li-e 
Sji„ Tome . . Pft*+. Km'uiIo 
■ vtmjl Iml'ia . ir.ul 
| Sun«ja1.. . . I'.F.A. Fniie 

[ S"]u*!ieln». S. Uii(it4* 

l >1 hiti > T»’ii*" ■ *» laxiw 
rjlnpnpcie iSl, Sln^npoiv- f 
Aitomen I S*I *iiiiup I*. 4 
Srunaii s*-m nhilluig 

Mli. An iia S' l.'mi.l 
\ W. Airimu 
TemK.ir:(«. i^i A Rami 
■>(jHln Mereia 

>l<iii. |*ii I • in 
Vortli All i*.*, IV"rla 
Sn lainka ip.ip. .1*. Kui-f* 
w u>iau t.'p . .. Sudan JJ 
. Sun nan ■ . . . S. <u:llili*r 
i s*te/.ilaiiil isi Lljanpcin 

I .-wi'len ... . •*. Kn-n.* 

. *•" ll.-vilnU'l tnuir 

Vna MTia il 


5.5428 

l.u 

5.S42B 

427 

5.342b 

494 

1.978 

l.rSS.75 

91.15 

6.54 

4.27 

JS.3S 




4.5075 


fA 12.44a 
1.71525 


1. 71529 
140.775 


• Taiwan 


Vf* "iBntiui 


■ anmilln >•*;>. Imi. ■'Iilllmy 


<>nian 'rutifl r>- 


liini '*rrtam 


0.679 


Cape Viyrdi I. Capa" V. Eteudo 
cjy-nian 7«fS 
Af. Rp. 

Cbaii.. 


'(.*Tk:s 


Chile. 

China 

Cplomtila ...... 

Cpiqoro 
Cnnge 'B'llei. 
Ccs&a Biea .J., 

Cuba... 

Cjprua (SJ .... 


9L18 
1.8478 
-437 •" .. 
427 " 

(Bt>66.08 

8.2719 
■' lFi.78^8 
427 
437 


Ceecbmtora* Hpnma 


Denmark 

rijilHtiti 
liepitnlen (Si 
Itamio. Be f i_ 


Fraws- 
C.F.A-Fiana 
C. P(w •- 
RanmlnM Tuan 
U.Pew-":-: 

C.F^- Franc 
C.F.A. Eranc 

Colon : . . j. 17..D0? 

Coban raw 'I i.46tw, 

Cypcua £ — ' - 7 ; 0.7080 

■" i Icom'IO J5 
' ‘-n.r20.8a 
I'll 117.54 
Da nlsh Kroner i 10.586' 

Pr. •- • - ' > J»JT 
R. Canbhean f -l 5.5429 

pomintop Penn " -.-»l.B7TO"'r - 


j Iceland IS'T:. 
India iS>, ..... 
Indonesia... . 
Iran,..:. . . 

I mu 

IrWi Reii ilcb. 

Israel 

Italy •; 

IviiFy CnaH..'. 
JamaicaiB)-: 

Jo 1*1*- ■■:'■■■ 

J ontan IB* I....: 
Kampuchea - 

Kenya <3‘ <•.* 
Hum (Xtbi... 
luvca tSlhi 
Kunalt iStiiu 

Laoa 

tctamhi*: • 
LcamhoV-'.." 
ljtn*na.... .". 

XHra , i-'— •. 


; HKthiw ' ' 

. tnd. Rupee. { 

L'uiiwh' 

'I!m - • 

. I tuff Ulnar 

Idan^- " I" 

ImmI'C • ■_> 
Lira ■ '' i 

T.PiA. Fmok ., 
Jamaica Dollar.';' 
Yen . • j 

Jordan Draw . . 

'diet .- rr •• 

Keuva tshiiliiiff, ■ 
Wen. ' '■ 

. ; 

Kiroait Dina . 
Kit Pof P-> 

-74*faBneAe £ 

■S. AlrkwnTvali'l ‘ 

Lllerian-S- 

.UbyaUDina 


6.18.80 
16.14551** 
.520.455 
. 184.0 
. 0.5805 
1 AG ■ 

. 86.812 
1.663.75 
42.7 
3.8818 
577 

D.672ikg) 

■ SS 73.4 
14.6884 
' 1-7216" (j 
855.42 
0^55 
730.80 
6.773 
1.71325 
. 1.9178 
0-5653 


Pakismn-. . PU*«. 

PflllHIlil*.. . Hull** 

j I'BI'IIO.V .1 i 


1!.J9 -*4' 
1.9770 


Kina 


[ 1.5560 


I tVma'iay 
! rpr* l«. i: ( . 

1 “i Yeuivnipi 


(■naritiii 


246 48 


liailan-l 
i r.^.i i*|... 

1 l ,, i«jyi I?. 

| I'rim.ljid 
I Tu lit -in . 

I T urbt'i . 

I T*n b* A * 

1 Tu> Hl'i . 

! Uganda >S-' la- shinins 
I iilic* I States L .s. f>"llai 


HalrT 
I.-.F. 1 Fmii- - 
Pn'nitbB 

run. a Mjif.. 

lUNlflHIl l ' *1*1* i 

1 m ill'll Llm 
l.i* S 
ln-lisliaii L 


j Porn 

| i"]iTll|.|.ilir* 

J I'ii •» ini I *.>•*> ■ 

l 


S YeintD Dinar "'A'.D.e/S? 
SmI eaci 4*360.73 

Mi. Pe»o 14.554 

A" Merlins 


| Piihirnt 


’> Ne«* laud 2 
HulT 


: Piiiiugial 

j Pin l uni-r . 
■ Pmii’iiii' Mr. 
| Piinn." Ki>-' . 

I (/Mm ■-■. ... 

Kiiiii.ii.. 

Hr lie h .. .. 

I Kln-le-i/i 


Pj^ie. F-i-iid*." 
Tnniir RnvlwI.-S 

Pjth*v E«*.-udo 
l *- 8 
(tfciiar Rval 


1.8642 

t >Cn»62.3S 
/ iT-EJ3 
91.15 

91.15 

31.15 
1.8870 

7.54 


Inigiiat- . 
I l.m. \ "Mil n 

■ I'.S.n.U.. 

I ( I4*i V.illi 
j Vatican 

. Venezuela . 


L rupuav >'*-*•• 

. I.' . \.K. Dtrlimr. 

I.Vulilc 
C.F.A. Fmnr. 
lialMn Lire 
Unlit la 


140 7/5 
50.4625 ■* 
A 0.7908 
55! 88 
1.71525 
6.5956 
8.262a 
7.7637 
I- 71.172 
14.683 
59 485 - 
427 
42D.I1 
4.7445 
0 795 
50.10 
1.2770 
1.7213 
14.50. 
1.9770 
• • m.14.29 

14.26 

7.54 

1.41 

427 

1695.75 

h.47 


[Vieinam. . Df*i^ 


\ 


• Virgin l».L'.S. L'.li. Dollar 
I Western 


■J- 4.8098 
l *4.2114 1 * 

1.9770 


Somoa.3'. Mun*.«nlaia 


1.4096 


Frwni'li FreiK- 
libixlei-ian 5 


6.540 

1.37105 


Yemen . . 

! 1 iigiMai'm. 

' ZaireSp 
■XainMn... . 


Uval 

\^*t V I Hour 

Zb*r*- 

K’kHinl 


5.57 -*■ 
37 1SE7 
1.5666 
1.55 


•. That - part of ‘Jic French cwnmunns. 
Altu-a Jarmerly pan or French 
Africa or French Eauatocul Africa, 
t Rupees per pound. 


is. ml 4..: 

Wtall.' 

ej-Vj.iiv 


qenara.l rarea ef oil anj iron cxparls 
83JB34. • 

Based on ness r«ius erioinsi Russian, 
nrablc. 


” Ra;e la thr Transfer markri 'con- 
trolled*. 

m Raie it now baspd on 2 Earhodas £ :o 
the dnlla: . . 

it Now one official ra:t. 



We deliver. 


Midland Bank International : 




MnJlrnd B-*n* L*n'-(-. J. In" .'eaner:-! Pi- *. : e.i 
60 Gfacrc'iKcJi JU/iC^Lunivr. EQP.-B.'.. rd:0! r*.-i5 , ? r, i4. 


■ r c- 



Sponsored by 
: the Financial Times, 

The Institute of Chartered Accountants in England and Wales, 
international Computers Limited 
in Association with • 

the institute of Directors and the Confederation of British Industry 


Keeping s bysiness mind sharp and supple 
means regular workouts; In the past nine years 
45,000 people in the UK have found that the 
National Management Garne has the enjoyment, 
the fascinatton and the competitive thrifts of other 
intellectual games, and then more, ' 

More mind bending and stretching. 
Training more effectively the faculties that give 
mastery of business strategy. For the ' 
Management Game throws the participating 
teams into complex, boardroom situations in 
which marketing and production decisions have to 
be made, which are then evaluated by a 
computer. The highest net profit is the target. 


Prizes amount to over £5,000 in value. 

The first prize will be £2,000 plus admission to the 
Europeah"Management Game Final in Paris in 
September, 1979. There will also be, for the first 
time, cash prizes for the second, third and fourth 
places, and silver "Armada Dishes" for all 
finalists. The presentation Will be in London in 
July 1979. Free travel and accommodation will be 
arranged for teams in both British and European 
finals. 

For full details, telephone the National 
Management Game Administrator, Jack Layzell, 
on 01 2427806, or complete the coupon below. 
Entries must be received by November 6, 1978. 


r 



\ 


\ 


\ 


C((i 



rivm mm mm 


j Piliesw©rtl0¥er 

i £5000 


Toths 

National Management Game Administrator,. 

international Computers Ltd., 

Victoria House. Southampton Row, 

London WC1B 4EJ. 

Telephone: 01-242 7806. 

I enclose the entry fee of £60 [~| 


incl. VAT 


Please send an entry form and full 
details of the 1979 NMG 


□ 


including cash prizes 
for ail finalists. 


Please tick appropriate box 


Name 




Address 


\ 


V 


V 


™ I 




Currency , Money and Gold Markets 



firms in 



THE POUND SPOT 


FORWARD AGAINST £ 


Conditions in yesterday’*- 
foreign exehanse market were 

.•■■mfru hftl mrirn .Milwlun.i ,u n . • 


larxrr^u r A tiidii^ marKCl wert? 
sumev hat mmc subdued ihan IsnI 
ueek. v. itli mnsi iiy lafcipi; 


ueeK. V. mi iiioM ;*■.•* ii itv latini; 

place m very varly 'tealni-s. The 
dollar opened sharply firmer 
against Dto.*t currencies but 
tended to drirt during the da> 
despite further *upport from 
various central banks. Neverthe- 
less.. it s, iH nianaped to show a 
nain from Friday’*- closing levels 
and on Moraan Guaranty fiirures 
at noon in Xew York, the dollar’s 
trade-weighled average deprecia- 


franc 


terms 


fixed at OH 1 fltW.i 


qiHPl 


i2Q:r 


110. r 


ssms 

FKA.\ : C 


iioo; 

90. 

80" 


1 44- ev-.iffB 

jOIUIi Ik.«n Iih'if! njp 




so: 



D J f H 1 « J J 4 S 0 N 


lion narrowed i*> !i.« p,;- r ,- L . n r 
from Q.'.i per cen; previously 

The Swiss frane was quoted ai 
.SuFr l.BiiOii early on. hut 
improved to touch SwFr i.«a.'*0 
before ciosini! ai ,s*.i Kr l.fj.'ifi.i 
compared wiih s-.*Fr i.62nn on 
Friday. Similnrlj the \Ves« 
German mark touched DU 1.0180 
before coinin'’ back to DM 1.SS80 
and closing at DM l.f<045. apain^i 
DM' 3.S903. The lower Iciel nf 
activity canic ahr.-ul of today’s 
public holiday in I'.S. centres." 

Sterling opened :.\ Sl.9ii.i0 
before early siicn^ih of (lie 
dollar pushed it down to S 1.9610. 
However, it soor bounced back 
to SJ.M-MJ and reached 81.9725 by 
lunch. Continued dollar weakness 
in the afternoon pushed the 
pound un lo SI !IM0 before closine 
at ? 1 .97H5. 1.9775. a fall of 60 
points. Sleriins appeared to have 
stood up veil aitainit other 
curreneies. and :«frer an opening 
calculation nr 62.5 on its trade- 
weighted index, it improved to 
B2.7 at noon and rlr«ed a l 82.8. 
just 0.1 belou Friday's close of 


tradine. Following 
week’s measures to support the 
dollar, there did not appear in 
be any particular trend with some 
underlying uncertainty still 
preeenj in market dealings. The 
dollar was helped bv some inter- 
vention bv the authnriiie« at the 
fixing, which inialleri 85 7m. \ 

Aoromst 22 mher currencies rhei 
Bundesbank frarie-w eiuhied m.irk 1 
revahiaiion ind-’x eased jo 151.9] 
from 152.1. up 5.2 n*?r euni from 
lhe besinnini of the year. In | 
laier Had ini- the dollar wa« quoiedi 
at lV'M.fi027 with quiet nmrninc. 
r-riridi lions carrying ihrouph ihc 
rifrnrnrinn. | 

MILAN— At ihc tlxinff the; 
dnllnr was (|uoied at 1-842 7! 
asaiusr L.S23.S on Friday and] 

T. TSSnr. :i «,eek run. Oiher mr.inr j 

currencies s*ere *>-eakrr arainstl 
lhe lira »illi ih^ D-mark at 1441- 
from L442.8 and the Sn is.*, franc. 
••:i*ins in L5i1 a'j3in«l L5l6 57i 
previrmslv ; 

A M STtn 1 1 A M — The dnllnr was; 
i'\*-d at FI 2 «'.-,nn cnmnari'd i i h 

FI 2 u:j!»5 on Frida v a* j|»c dollar t 
.fhn* k ed an imiiallv firmer lrcnd. 
ai-ahi-t more Eurni'ean currencies, i 

ZURICH — Initial trading >;:w fhej 
dollar shnrnlv hi-hcr before 1 
ir-rdinu hevume s-jpadicr. *.% it h the. 1 

U. S. eui-roiirv inaimainins Hs! 
imnroved level*. There v. as no! 
eeniral hank intervention during 1 
(he early part of trading with ■ 
lhe Swiss franc ciunied ai 
s*. Fr i K4R.) and the D-mark ai ■ 
DM 1.9085. 

TOKYO — Afirr a sharp upward! 
adjustment fnllowinc Friday'* 
national holiday, the dollar held 
sh-adv auainst vlio yen in rinse at 
V189S75 aenmsi YIRfi.025 on 
Thursday and Y1S9.45 in New 
York oil Frida v. A vund iwn-woy 
business <jv.- ihc I'.S. unit trade 
in the ranee of YISS. 40-189 fill, 
and them was not ini'-rvention l>v 
the Central Bank Dollar senti- 
ment appears to have improved 
somewh.i! with increased demand 
for longer positions after last 
week's dollar support packaae. 
Trading in ihe spot market 
totalled 8526m. forward business 
accounted for SJiklm. while swap! 
trading amounted lu SS93m. 


-•mi . r. 

rail rim > 

% spr.-isil 

CI*.t« 

1.-. 3 

Si* 1.5610 1 88 ID 

1.S766- 1.9775 

i. aiiHiliaaS 

30ia 2.2860 2.3105 2.30«l-2.i0fD 

>iiill*l**r 

6i* a.fl-tj.oe 

a.D6:-4.0?: 

H(*I*.'ihi> F 

6 3S.7I359.ID 

58.95-58.Db 

Ilumvli K . * 

8 10.25-10. «l 

lD.39-10.-ia 

11- Wart . .. . 

J a.74.'.-J.77* 

3.78:-i.7< : 

|-*in. Km-. 

18 S0.70-Sit.30 

80.90 -31. 40 

>1*1'. Fi"-.' 

8 .140.45 140.88 

1*0.70- 140.1*5 

Mu 

IQlj I.66J-I.6M 

l.8#i;-1.664; 

Nn'-^n.K. 

7 * 9.98- 10.00 

a.gn.s.B!; 

I'm ivii rr. 

SL 8-51-9.55.1 

8,6ii-t.54, 


8<" K.bb: C.ol 

S.bn-fi.bD 

Vcn 

i'r 5/0-580 

376-57* 

All-.tr1II Sl'Ii. 

ti-* 27.« 27^6 

27.50-S7.55 

So in Pr. | 

1 ; 5.22;-6.?7i 

3,2SJ-S.2tis: 

B*lK|an rat'.* is for . uni'.jrilbL Iranc-. 

Fhwik-ibi traoe «i.i.*-gi._. 


THE 

DOLLAR-SPOT 


□u'c 


Novembor 6 

spread 

Close 


0.27 0.17*. i*in 
D.45 0.35 i-.|*ii* 

i;-,' r.lilll 
IS- j *'.11111 
Z,..*tp •in <li* 
5i-2,.pl ;mi 
7D.I7D .-'.a* 

1 BO- 260 iv I Ik 
4-7 Iir v -lt- 
;-2* ..re *ii, 
3-1' 

1,1. ..fi, i.iii 

3. 75-3.40 y pm 

12-2 1*1*. |.in 

3 4 -2' v. Jim 


rl'.l. 

Thri-criii'nltis 

% F'-«- 

1.34 

t.Q/'O.Sii'.pni 

T06 

2.3S 

l.7D1.50i 1 *Hi 

3.14 

3.69 

5 •••*;■ i'. i*m 

4 75 

£.03 

50-35 •'. I*i*i 

:.6B 

— 4.04 

6 3 "T ill*- 

-2.69 

8.36 

U^-6' |*i jfir* 

9.*2 


- 15.00 2U0-eM *-. •('« 
-18.51 550 650*-. *1 k - 
-S.97 3l2-.«lv 
-2.10 3.-5; -rt .ii* 

3.5 J 6.‘. 7{, i'll* 
3.14 7y5, ..*"■ i*>>* • 
11.06 ID.?- 10. S v i*ii); 

3.05 26-16 j;ni (.m * 
li.ofl m-m .'.fin . 


-12.87 

-17.05 

-2.52 

-1.90 

5.75 

5.14 

11.18 

5.34 

12.87 


SA-momh fnrvard dollar l.OtH.SOc pm. 
12-oioaUi a t5-.i..i.‘<c pm 


FORWARD AGAINST $ 


One month 


p.a. Throe monUic p.i 


Cb 113*1 ■> >* 

tiiiildv- 
ij.-lKiBii i : r 
Danish Hr 
r-MBfr 
I 'on. K* 
Lira 

■.4r*vsn Vr 

Frvi*ili hr 

S-.1 i-dts-I^Ki 


85.1T4IS.7B 
2.056 6-18640 
24X2-34.45 
5^550-5^33 
1. 9395-1.4140 

46.B4-06 53 

841J3-843.SB 

S.ftSttt-S.BTW 

4J221M34Z5 

4,3503-4.3659 

140X8-193X5 


Austria J-- h 
Sir iv. I- r 

- »b 


85 3^-85 -63 

2.0560-24383 

24 X2-29.BS 

5JS50-5.26M 

1.4085-1 9023 

ai.lK-d6J5 

841^3-242.00 

5.QSQ6XX525 

4J220-4J259 

0508-4 J525 

190.10-140.25 


13.9408-14 0150 13 .9400-13. 9550 
1.6460-1.6440 1 6468-1.6485 

c-.-nis pi r i. unadian 3 


32c dls-fl.DZc pm — 

. 9.48-8 43c pm 2.27 
, J-lc pm 0 31 

! 1.75-2J51 dls -4J5 
I l^)-1.15p[ pm 7.15 
f 35-lSOc di( — 27.4b 
1 3 JS-4J»hrcdi» -4 48 
■ 1.78-1.. Wore dip -3 

l.X0-B.43c pm 2.35 
0.95-0.75 ore pm 2.34 
1.65-U3y pm 10.2b 
S.S8-4J3 pro pm 4J0 
. 1 JT-1.42C pm 10.66 


052 
2.75 
1J3 
-4 JO 
7.40 


0 JWUbc pm 

1 J2-1.44C pm 

12-8c pm 
S.W-6.4flc dis 
J.65-3.60pf pm 
UO-SODc dll - 27 J 1 

4.53-U.S91iredis -4.64 
5.4>5 aOoredis - 1.72 
2J0-L85core dis 1.65 
13D-1 JOon? pm 126 
9 4S-4J0y pm 4.01 
13.50.11.Mnrppm 3 52 
qjl-J-ChC pm 18.60 


CURRENCY RATES . CURRENCY MOVEMENTS 




Havombcr 3 

Sorcial 
Drawl as 
Rights 

European 
Unit of 
Account 

1 November 6 

i_. _ 

Bank of Morgan 
England Guaranty 
Index changes *. 

SH-rtinc 

0.652125 

0.675616 

4i*tIiii; 

62.83 

-41.2 

U s dn'I.ir 


1. 33789 

; i .S. iioll.ir 

S3. 55 

- 9.6 

Cj'iadian 4nli.*r 

1 .512 as 

1-54559 

' *7uii3Uian rinllnr 

. 83.37 

— 16.9 

\us'r*ji .'..*iili*r;j 

17.S3ST 

18 «*3 

. lusiriM* ;■ Mil nia 

143.95 

-15.2 

B'-Ui.in f rrt r*. ■ 

jajtm 

35A2S1 

1 n-.-l^irin ir.in* 

. . 113.85 

+ 14 4 

Danish t ror..-r 

6 73262 

6.9ECII 

i nanisli broil- 

1X6.31 

+ 6.2 

Di-iiis"hi'inarl. ... 

2.MJ4S 

2.S2740 

' Di'i'Krt'' Mart 

146.65 

+ 39.6 

'■uiM-.-r 

2.63807 

2.72909 

| iratii- 

s--7.es 

*- 87 J 

K r.-nrti Iran*.- 

5.56U6 

5.75265 

I i .uiidi-r 

123.34 

+ 19 7 

tirj . . . . 

1DSIJI 

lllfl.52 

/ i-n-n>.ti (ran*. 

98.83 

- 5.0 

V*.|i ‘ . . . 

. Una vail. 

251. see 

I.lra 

54.42 

-43.7 

Nornr^un trvnrr 

. Unavail 

6.69908 

Y-n 

. 152.41 

+ 5B.6 

FH.-SI :a 

*1^572 

95.1154 

r-ai-.-d MI. :r:.d. 

»• *-.Vn:*f1 rh^n-.i'S from 

S..**'>tn!i Uruwr 

5 63638 

5.84367 

! IVa-ihinjiun j^r,-. 

ni.-m P-rinib.-r. 1971 

Suiu tranc 

. 2.09222 

2.16429 

' • Haul, of r.nel.ind 

Index -UiiJ. 



OTHER MARKETS 



.w ^ f 

£ 

£ 

.N. •! ■* I.'ai ■■. 


\r"rlillUH IV-" 

Xusimltn PmIIiii . 
I'utleii'l llni'klkii ... 
Brp/U l lii’Hl" 

lini-k [Im.'liiiiH.. 
Hi.iia K-nia 1 1. .1 In t . 

Imn Kir I 

KiiuhII Plimr> K I *.. 
Ln*i'iiil>.ii<v hr*"*' 
1 |hIm>m U-illHr. . 
\c*< /I^mIhii*'! 1 -I ; ar 
T mu 1 1 Amhla Ki.nl 

^iniflty.*re fii-lln- . 

s.*iiili \irii-Hn l.'nn.l 


1.604 1.803 
1.7153 1.7263 
7.B8-7.B9 
38.19 39.19 
71.399 75.350 
9.43 iy 9 46 
135-141 
0.530 0.540 
58.95-59.05 
4.3355-4.3505 
1.8592 1.8692 
6.49-6.5B 
4.30-4.3H- 
1.7022 1.7283 


912.50 914.50 A.i-in« 
0.86B1. 0.8731 H«.|~*ui,.. 
3.9960 3.9980 r>i -■ ■ ■ ■ ,>. i k 
19.32.19.82 1-mu...-. . 
36.21-37.1Q f.'cmniiit . 
4.7700-J.7750 || M U... 

70.40 70.70 J h i n ii . 
O.27E2>O.27!'i0 'rthvi Irii.I* 
29.83.29.87 .V..m*m .. 
2.10211 2.1970 |-.4inpai 
0.941*4-0.94 55 
3.3000 3.3450 wn erlnu-l 
2.1BBO 2.1800 full.,.’ 
0.8610-0.8742 


27-28'- 
60^-62 
10.30-10.45 
8.50 8.70 
5.703. 80 
1610-1680 
370-380 
■J.OO 4.10 
D.92 10.02 
BullO 
1441-148'; 

3.2u3.iO 
1.971*. 1 98i, 
42>j.44i j 


Hale isiven (or ArKenuna is. Tie rale. 


EXCHANGE CROSS RATES 


X..- 


Ppujm cterhna 
L\>. I'hillhr 


nentfclie 'lari 

t«l<iniry Yeti !.• 


"rei.i'i* Fn*«n' ! > 
u Is- i'rniR' 


f 'ill "»* Im, nit r 
l ih li*-ii 1.i m I.ia . 


r*H't.nii (lol.ar 

IVi-jiri: (nil*' lt(‘ 


Poind »er;ir:a 

r>. p.*iw 

• P>MiiN|.iirMarl< .ta|*«n>“*- »n 

Frrn*'!i Fra nr 

>t 1«- F-*im- 

• r».iK+ ( i>.i.i'it- 

1 :«lm o him 

Oinartji Pi Par 

Belgian F-anr 

1. 

1.977 

3.766 

i 377.0 ■ 

8.540 

S 263 

4.068 

1664 

2.307 

59.00 

0.506 

!. 

1-606 

1S0.7 

4.320 

1.660 

2.057 

841,6 

1.167 

29.84 

0.265 

0.525 

1. 

. 100.1 

2. £67 

0.866 

1.080 

441.6 

0.612 

15.66 

2.653 

5.244 

9.993 

1000 

22.65 

8.654 

10.79 

4413. 

6 lie 

156.5 

1.171 

2.515 

4.412 

441.6 

10. 

3.820 

4.765 

1943. 

2.701 

69.09 

0.307 

0.606 

1.155 

115.6 

2.618 

1 

1.247 

5*10.0 

0.707 

10.08 

0.246 

0.486 

0.926 

92.69 

2.100 

0.802 

1. 

4C&0 

U 567 

14 51 

0.601 

1.188 

2.264 

, 226.6 

5.133 

1.961 

7.445 

1000. 

1.386 

35.46 

0.454 

0-657 

1 633 

163.5 

3.703 

1.414 

1.765 

721.3 

j 

25 38 

1.695 

3.351 

6.386 

639.0 

14.47 

5.550 

6.594 

2820. 

5.909 

too 


EURO-CURRENCY INTEREST RATES' 


N'*«r 4 1 M»r me | 

t Un •■* 

CNUmllMl* 
II a- 

i 1 

• l»nl**ti lull .'v* ! * 

I W'esl tier mail 
■Tim tram . Wall. 

• rrv-ii.'i 

i r ntii. 

1 !j> fall 1 *1 - 


1 ii-vii — *- 1-n 

• ?!:• r< I'.miu 9 95a 

9?E 10 > 

9 .; 10^ 

8U.9'! 

: 81:8-1 ; 

I«: la ' 31* Hi 

. 7J-. 




-5U- l :« 

* 1*n -■ -1 1.- , l H3 1 1 a; ’ 

6't 9's 

! 8';- B'-a ! 

!*• 's * 3l^ >*J 

• *JL 

7 • 

14 5 

10 10.* 

-H*! 3 

1 2 lg-1* *p • 

lu ,11., 

10 10 

■ 0i, 8'* 1 

|*»r 3., . , 

B . 

& ' 

J 51* 6.* 

lo -11 

1 . 

• lire* m-.iitl:*... 13Sa-14 , 

1 1 . . v 

1 .'J.ltlJ 

! 81 8'4 1 

3., ••• 


10 • 



2v.a ■ 

•:a m..nir- 15'il4l| 

11.-3 . 1*; 

10. -I*. : 

1 6-fl 1 ! 

1 ?: 

' ! S* 

*: 

16’: 17'-. 

it 1 i . - 

3J i', 

.ii. laaa- 14 

ii. ii.; 

io ;.io, { 

' 7»j.t 1.1 

■». 3 ,.4, 

io--* 


.. . .j, 

1 1 11'. 

i ,-4'» 

Th- rollo-rina jinminal ra:< 
!! 3"-*: i-.r I.r+i: out v-ar ;i 

; xcn. .i'in:rrt 

1 3>-i! <0 Bit i'- 

:r*r l.nnden 
n; 

diillar ■ • rj:h*'ai, s 

d*-pbfit. ur.c niuniti 10 .j.j- 1 bj.ii u r 

• ' .If. 

hr.. •I'.i.inli- 

.1 :-r . 

• -. +I-J-I-5* 

Lur,.. :.'rni lii.rada lar dif.u; 

i- s T*m ar*. 

!0,.li*. p-r 

. . in rhr, v*'.ir- l-' 

.-Si*- i- r *..+.'. luur :-jr- 

ll'a-l.-: 

a- 7 * 

v a- ’ur* 

Ii* I*. ^ r • r- 

•I'.rn.n ■! . . ..i- * 

raw* iiivri iLrui rai*.» « tall 

fur s(i-rli:*g. L' 

5 uii:L>r.. j 

i:id LjnaJian .Jullara. 

;n *i-d'*> ..all i*jr su::d. r» 

anJ 

:rj-i 

i..*. .i-ij.i r.'Us ibr < .u.ii;** 

!*. • i-.n^j;--,'** 


INTERNATIONAL MONEY MARKET 


GOLD 


Canadian bank rate 10i% 


r£s~ 


Canada ha^ raised its bank rate 
10 10J per ci-ot from I0i per ccm. 
This v. ,i« -jencrally tx.pceted 
followinu the increase nf the L 1 S. 
discount rate last Wcdne«d;«y. 
lanadi.'in eoramorcial banks, 
includin'.' ihc Royal Bank of 
Canada nnd the Bank of Momre.il. 
raised ihetr prime lendinu tale 
i 1I| per cent from II per rent. 
..hile lifting the interest paid to 
depositors on noncheckinz savin j*. 
accaunu. by ■ per cent to !ti per 
cent from November I. 

\FW YORK — Trndtns was nnwi 
ahead of (ho election da> hoiulay 
jn lhe L.S. Federal funds were 
steady :<i around 91? per cent, 
while Treasury bill rates showed 
fittie ch.-n-'e at S.R3 p^r crnl for 
■ *i-eek hills. f«.4n per cent for 
_ wc*'k hills: and 1*. JO per ct-m 
for onc ;.ear bills. 


BBl'SSEIJi — Renewed inflow s 
of capital into Dele mm. and the 
strenyh of the Belgian franc on 
the foreign cvcltan^e market, 
have resulted in a lower ill" of 
interest rales on icry riiorMerni 
Treasury errirfirates Rates on 
one-month, iwn-nmnih .mil llin.-i'. 
nionlh Treasury bntnN have been 
Juwcred hy 0 2.">. wilh nne-mmiUi 
and two-nionth cm in 1U per i-cnl. 
and ihreii-monlh in !lj per cent. 
*'»r» Ooiobrr .70 the rates were 
incre.-i-ed by 0..iy per cent. 

AMSTERDAM — Interbank 
money market rale.. were 
generally easier, with call nnmey 
at S'-s; tier i.-em. gainst Kl-n per 
cen l on Friday. one-monLh at 
compared with tfj-fii per 
ihrfc-monlh ai S’-nJ 
eon 1 1 * j red with fi-ti f. 
aiul -isnionth sj-sj 


ceni; 

rent. 

cent 


ccni against Si-S; per ccni. 


per 

per 

per 


FRANKFURT — Interbank rales 
shriwed -.mail mixed changes, wilh 
call money rising tn 3.’JU-:{.,>f> per 
cent from SJ.v3.2o per c*nt. v.ltile 
one-month was unchanged a: n.Jn- 
3.50 per ceni. Threc-monih fund" 
were quoted at .">'(1-4. nu jut cent, 
compared with 3 S3-S.fi.-. p*r cen; 
on Friday, and 'ix-ntomh rose i«> 
4.00-4 Jfl per cent from :: ha-4.ii."i 
per cent. 12-mnnih funds were 
unehanu'ed ai 4 10-4.20 Pei ceni. 

PARIS — y Toney market rale* 
were ye ne rally firmer. r!h day- 
to-day at 7! per ceni. coai 
wilh 7 per rent previou-ly 
one-monlh ai 7-7J per ceni. 
p.ired wilh ri ' -7,'. per 
Three-monih fund* 
unchanged at 7,-7? per cm 
month ro-e to pe* 

rmm 7 v?::. pi*r ceni. .-n* 
mninh to s;-Js; per cen I f'**n 
S.. per cent. 



• Iol»J conlimieri to "round 
in the Lund* * n bullion market 
yt'-UTtlay and rioted ai Y2llij- 
21 U. a fall of S4J an ounce. The 
nipljl opened ai si’O'i-2 1 0 in fairly 
ac'J'.e. neiw mis trad ill V and eared 


UK MONEY MARKET 



uretl 

ii n:i 

.. 


r.nd 




l+.IW' 

v i ■ 

*:io. sn: 

J21i 2:s; 

crnl. 

1 1; i niiiL* . 


*219 no 
>2 lt-55 

;• ere 


*riu5.j2S* 

■ el lu >tij. 


\ :ii" ii* •« * u ii . in-. 

*;id oi 

*::? <0 

cei'i 

I l"J- 


•1-106 11*. 

•JUIbs. 797. 

* ^* • 

1 1. *, ;i * 



li.'*3* ■ inn.' 

-21?. in* 

sr/t £s:; 



LI0S no-. 

un. hi. 


•. -I * .-i-ii> 

>59-61 

>60 62 



ISC il- 

•rio.-si.* 


'll. i >■ .•* *-i- ii-. 

:59ul 

'rO-tS 


■ >1 | | ipl||^. 

• CiO-a I* 

• UO.-JI.. 


1 i:t i i imi ■•■riMjfi . 




U 11^^1,'lnllil . . 

•214. £17-. 

*27’. 233} 


Rank of England ■ Minimum 
Lending Rate ID per cent 
isince June. 197S1 


Day-to-day money w,i< :n 
adequate supply in the London 
money m^rkel yesiurdyv. »nd the 

auLhnnltc^ did nol inter, enc. 
Early expectations j.ninie.l 

inwards a small surplus of ftimU. 
but the day finished up fiat, 
althmi'-h crinditmns wore shshtly 
pa Ichy towards the close. 


P iscouii t houses niTered S-s;. 
per cent for secured call luau.s 
at the si.ii'i . but pnitiably paid 
around !1 ■ -!l 5 pet ccni l«r '11o^t 
nf rhr mijrmrt'4. Closing hi la i ices 
were Iwken at 91-10 per ceni. 

In the inlprii.ink market <»wr- 
niuh; luans opened at per 
cent, and io SMI ; per cem. 

before I mini! at PJ-Sti per cent 
f*n most ?if the day ijki<iuy 
c-umiiiiuns were ti^lit howeter, 


with money eomni.tndjni i I 1— 
per cent at ;he lim.sh. 

Banks bronchi forv.ir.l \er. 
fliehlly run down balai-ee*. i rum 
Friday, and the market i-' 
faced with a smail ri^e :n :h" 
note circuit! Kin. Disliur'emeie* 
and revenue nayinrpi* ere 
rouuhly flat, and a mp.iJ! .Nee'..-, 
of maiunii!j Treasury bill* «:■» 
the nnly ia-lpfiil factor 

Kalis in the table bi*J«» an* 
noniinal in Mine nw. 


i--.: - 

-k' i.piali- 
l 


UOb MO- 

fl!l.'lll,| 

>58-60 

>50 cC 


i;0. ii.- 

.-59 c 1 

>s0- 62 

CiO-al* 

■jisa. si. 

>:-Bt 295 

>2s*i 2so 

- ISO .5b 

Mas f-0 

- S7 105 

>10D 105 


to a iunriim'4 liMirj of sL'ux.J.i It 
picked uti a little aftei the upeu- 
inu of I'.S. cent rr- i*v an :ifiern*«*n 
li.'.Mi- nf 5Q1*I a Mil l in d ini' during 
ihe iatier pan of Ihe day 
• It', duped a much steadier tone. 
Dunne the earlier part of Ihe 
day. the mdal was seen as Im- as 
£!0iJM!y7. 


LONDON MONEY RATES 


MONEY RATES 


>..-r * 

!-• 

i* mill. 
'Miibi+ii, 
•i 

liiieihanl. 

l.i-v 

tlll'l- 'I'll 
•ll'l>-*»> 

' H*a' "1 
Ki 

\ ■>< 
■i.*. 

.1 . 

ln>n*i> 

H 

U“l->||. 

I. 

! f 

J 1 1 -V *ij , | 
Mill *,+ 

l*'l**.;r 

l 

K.*i*< 

11 '•“! i'.'-l 

i*-t*iii;bt. ... 

- 

9-12 


_ 


_ 

9‘-i 10 

ti 10 



_ 

ilnv> li'A Av. 

— 



9:j 9:r 

- 


- 



— 


1«V? *'*l 

— 







10 y 



— 

■l*v* lU'lu.r. 


9’i 

10 

«*••» 10't 



IO-, 


9H.0 


- 

'ni* fn**n;n . 

10t» 10'? 

; 1 . !;• 

.0-4 

10's tu i; 

10 j 

1 1 i 

l J 

1 1 

10- 

'It 5' 1 fr. 

10 11 •- 

*.■ m*>ni ti> 

Ills 0; 

ii 

IVi 


i i \* 

ll"; 

1 J‘: 

12 

lUli- 

| 

IS:. li' 

li+, m mi ii- 

ii i* iiSj 

It . 

1 1 :* -. 

i 1 N 1 1 *- 

1 1 

1 •'! 

Jl.JL 


lL>.i 10- 

; Iv , l- . 

'1 h i ; • 

nc ir.-Mii ... 

1 1 7; 11-| 

u * 

il . 

;l .1% 

ili. 

l-« 

IK'. 

— 



11...11-. If -. 

• in* in 

1 1-H 11 3, 

ii.--. 

it;. 


il'.- 

iZ 

ISl'i 





'ne tt*ii 

lti>4 Use 

n„ 

n,. 

II 

ill-. 

,o 

12 1* 

— 

— 

- 

. 

» * nai* . . 




12'j, 1.!* 




— 

- 

- 

- 

Ln;sJ nil" 

lun'.y and 

hr.jn.. 

hwi>i > 

.f * C ii ita' 

a " r\r»i\ 

--. ftihrr* **.i.ii 

la-*' fif'd 

•l.O'i^i 

r- - < nil j- - a 



NEW YORK 


Pr.iiM t: >i- 
;--'*j l.'iinrli 


15 75 
9 6375 


Tr. jsnrv I' ill-. 

... l> . 

. ;.S3 

Trwimiry Uill» * J-,. >•. 


9.U 

GERMANY 

Dis*. -nil ir Ra"* 


t 

i”.. rnuhr 


32S 

• *!.• niniirh 


3.15 

Tl.fi-i lil*ii i:!i> 


1 °D 

yix jij.iiii 


. . 4 10 


FRANCE 

r*'-.:*ui- I: 


4re bic-ms rai^s tor prime nam-r. Eujl'm ra;- 


Approviimie wllnj ra(cf lor on'-moirh Treasury R.2. 
tat. Aporos;mai- sfliina rate for un“.n>n;h bank hilb M: p*r f n 
cum oiis-Pt&ntb rradp tMite tl p-r ran 1 : i-.-rmomii tt- iwr ^»*ni a. id 
Finance H6««4 BaM RatM ipilhl stlifl Hr :h*. Fln:»'KV llmis- 
Deniiii Rant ’ for Mnai' "im« »i «T.?n nnii • * 6 orr *. 
TrMturjf Bill: Averse tender raira at diicoum iDrtW wr cent. 


ir ".-ar- 1 3.-1 Jt n*-r ivsii. }-?nrs p, r < «»i. o Kj.> j r 
ior Iwiir-monili h.iv!* 1<llb Dvr ^ifnn loiir-iii-n.-'b :rd>:*- 5*.l> 


I** r (.'ni. and o-itionrh ;n 

[•* o-niOM'.li 1 u r •> *► * 1 5 pc-r 
■I,** i*tr-* .rno'i'h it* r.*'r i»'n- 
.'M-**.:i* IS o.- , -.n? Ipn-o '.‘o* 

Clearing Bank Kau Rates 


n: 


"Hr: .- ii.oi*:: i 
: ;|ir-e-n;-.];:t» 


it.. 

"ir-.. -i-i i 
'.i ui'.-n ii- 


a r 

7 12S 
7.567S 
: :tzf 
: 


JAPAN 




for 


r ! riparian B»**l 

icni.r.s pur .•.•■*■ 


*1 i •• .** i:"'nnsl* 
Ei-N.our,' Ri:« 


73 

<.29 

4. SB 







BUSINESS AND INVESTMENT OPPORTUNITIES 


READER5 ARE RECOMMENDED TO TAKE ‘APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENT S 


How can a 
merchant bank 
heipa private 

company? 

Do you need to increase your overdraft 
orshould you lookforan increase in capitai? 
How are you planningfor the future? 
GRESHAM TRUST can help. Solving 
problems like this is our business. 

We are a long established merchant bank 
v. ho specialise in financing private companies. 

That's v. hy we'll always listen - whatever 
your requirements. So don't be afraid to write 
or ring one of our Directors. 

Why don't you do so today ? 


- » 7 ,'.-V 


Greshamlrust 

Where the successful private 
company feels at home. 

, ?>- . ca- nr.g,'.«; -. Hx-a*. Sl'k;, London EC2V7HE 

7*il. OI -oOo tv*r74 

&rm.*i|.‘ GJv'?: L :r.-..:vj House. T ie .+i=i' 1 Svee‘. b"‘ir,;:'.ghim £i “EW 

Tel: 021 -2 So 127 : 


Do you have a 

Development Land Tax Problem ? 

We can help! 

Reply in confidence to: 

Master Investments Limited 
P.0. Box No. 334 
Jersey 


PROBLEMS IN FRANCE? 

Declining profitability? 

Pro- or Post-acquisition difficulties? 
Stagnant Sales? Inadequate distribution? 
Ineffective reporting systems? Weak Management? 

As a Fraijco-British imilti-disciplinerl consultancy we assist 
companies of all sizes I radio? in France who have the above 
and other problems with maximum discretion and cost- 
effectiveness. 

' EUROPEAN CONSULTANTS S.A.R.L. 
li .Mcnuv vtu:ar Hiui> T3I1-I Tans • Tri: Ml lSW Tri-t h:#s*r: r 
« Queue Vkioria Sired, Lond-ui EC4X *S.\ . Tel: 01-:.M »9.ie - Tulex. jSISk-S 


STOCKBROKERS 

The opportunity arises for a select group of Members co j-jin a 
small but highly profitable firm and. if required, to take a 
substantial equity stake therein. 

Commission income of about £300.000 pa would Row almost 
entirely to profits resulting in the return of at least 70S thereof 
with potential corporate ta< advantages. 

The Group would control its own luncheon and Board Room 
facilities which are ideal for Institutional clients— so are efficient 
modern computerised aids to settlement and administration. 

Write Box G.28&4. Financial Times. 

10. Cannon Street. EC4P 4BY 


You are a smaller business 

YOUR PROBLEM — ft IT 


Tj Capital and Financing Marketing and Sales 

Lj Cash Flow fjj Export and Shipping 

□ Management Accounun.: Q Human Resources 

□ Production Management Q Licensing Arrangements 

MAKE IT OUR PROBLEM* A talk with ns costs nothing 


Write in strict confidence or telephone (0732 ) 52267/8 
INDUCOM BUSINESS RESOURCES. S2 London Rd„ Sevenoaks, Kent 


HOWTO SUBSCRIBE 
to 

THE WALL STREET 
JOURNAL 

Rate for U.K. & Continental 
Europe 

SI90 . .. . T year 

SIM 6 months 

S50 3 months 

Payable in dollars or equivalent 
in local currency. 
Delivery by Jet Air Freight 
from New York every business 
day. 

(Other area rates on request.) 
Send order with payment to: 
THE WALL STREET JOURNAL 
International Press Centre 
76 Shoe Lane 
London. EC4. England 
Attn.; Mr. R. Sharp 
Also available at major news 
stands throughout Europe. 
ASK FOR IT 


FOR SALE 

PINE FURNITURE SHOP 
Making £20.000 profit p.a. 

In S.E. London 

Offcri are sought for (ins «*:ir estab- 
lished and highly profitable cub 
busing*. For details P/ease write to; , 
N. G L. Timpton 
UN AWAKE LTD. 
o/ll S»n;ley ?uad. Catlo'd 
London. SEb or ring (after 2. JO pm 
Tu«. w. : a. fn, qi.see t^j(j 


ARUNDEL MANAGEMENT 

LONDON . ATHENS • CTPRUS 
MIDDLE E*ST 

Services IO Buiintwn operating oultnlt 

their base countries 

Incorsorat.o" 

Donucilarr and Fiju L Ui| Scv.itcs. 
Taxation and Cuchansc Control Advice. 
Other RclaiM aov:.aliJT Scrritv; 

The Arunoet Truss Umllea 

23 Afeemoric si. t-omlPn wix 3HA 
Tel 0l-d9! 7S37 Tele. 22193 SluPaw 



WELLSITE 

GEOLOGIST 

AVAILABLE 

Independent Consultant 
16 years oilfield. Evcellent 
references. Works anywhere 
PHONE: 0W49-5322-507S3 


YOU 


For lurt her inlormanon contact: 

K.Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place. Hastings, 

E. Sussex. 

Tel: 0424-430824 


FINE ART 
INVESTMENT 

Art Ihsto'Mn *>'1 ad* si on inv.nt- 

ment pirttascs at painting! i*'.| 
v:hse!s ). uxl O'd Muter drawn-t 

and J’inu Modest “i«t*tlr;n«i i 
IPJIiiliry ba‘Jie;d pd-trjlios planned 
for .'4'3 p< tjms A ;.lel>me i ,■»» tn. 
rrv:r at *<?■»" disMtai 

W'.te m strictest isni'drntr r^r 

fO' G2foJ 
FINANCIAL flMiS 
i .? r ’,*'*'CN '.1 . Ja .> 


LONG l-lABUiHID .. n- .•! n vi 
pi- t 'r'iC >,, n:ai .'i o' r.f.u ~l* 1 

f uq inq ryj>ltit n Q inflg'aJr.Pi, Rji 

Bi-tiSe 7*SQ. 


. — Mate consunc- goods competiaeiy 
— D.|i.ir pramat'y 
—Han iiclra :>M:id for a near 
market — F"»n;e 

Marked surveyed ind dismbuca'ihip* 
I'niiMl tuTicjv'-illy b» 

OBOE. 3. Mansion House St. 
Newbury, Berks. 


MULTINATIONAL 

CORPORATION 

desire* metUnKnc in England tn run- 
ning company with good pair record, 
proposal envisagi, talre Over oi rnji- 
igemcnr and tpntroll’n; interest in 
share capital. Total invcltmcnt eij»*. 
aged £500.000 to £I.5 bi 

Pico te wriie Bor flQ 5V 
Financial Time i 
:0 Cannon Street. EC«P -*S» 

COMPANY witn ‘urge :»'rv lorwar,- 
la«« K'SIlIB TO ilirrhnc ■| jsc tOmaan^ 

rt :h sc.ce tffst'isiition ^rouiein; write 
Bee G 23T1 T'nanci.ii T-mcs 10 Can- 
iras Si-r»^ fCiP jk» ( 

vnlt KNOWN fIRM p! S'v^nrote'i H*' 

• c’i»i ’B .11(1 ill.. 14. AiwH'e i 

nvml.li’fc Pier." ^<«*e lr iil(l«.i.« ir 

:i>e p.rr^— So. Ci iB-al. financial, 

Time*. IO CW non Street, SC4P AB V- 


SHREWSBURY 

MODERN 

PUBLIC ABATTOIR 
COMPLEX 

with EJE.C. Export licence 

Slaughter hull. Sales ball. Extensive lairage. 

Cold Stores and chillers. Offices and canteen. 
Plant rooms and caretakers/managers house- 

Total Site Area about 10 acres 
99 year leasehold for sale 

at peppercorn ground rent (04031/ACE) 

■ — — Ji'ini iiier/s — 

Hall Wateridge & Owen 

The Square. Shrewsbury SY1 1NR Tel: 57074 

gh 




MANUFACTURING 

CAPACITY 

Engineering company has immediate manufactur- 
ing capacity for presswork, light sheet metal work, 
mechanical assemblies and semi-skilled machining. 

Please contact J. V. L. Jones. Herman Engineering 
Products, Lymington, Hants. Tel: 059 069 2266. 


SHORTFALL SOLUTION 

For private companies with high liquidity and 
risk of forced distributions at high tax rates. Fully 
approved and totally secure method. No risk. 

Just write your name on company letterheading and 
post to us today for details. The facility is limited. 
(We regret no telephone enquiries can be accepted.) 

Managing Director 
Ackrill, Carr & Partners Limited. 

Tricorn House, Hagley Road. Birmingham Blfi STP 


UNIQUE OPPORTUNITY FOR A 
LADY OR GENTLEMAN OF SUBSTANCE 

to obtain executive directorship in well established company 
engaged actively in leisure industry. 

Recent expansion opportunity requires new investment capital 
of £200.000. Fully secured. Profit sharing and emoluments 
by arrangement. Please write with curriculum vitae In first 
instance to The Secretary, Box G.2S73. Financial Times. 10, 
Cannon Street. EC4P 4BY. 


Your French Connection 

Want to step-up your business in France? 

English bufiitroman, French National, qualified engineer, with highlit reference* 
and wide conn etc ion. 20— yean' practical top-level experience — lalesf market- 
ing/ management /ad min./ wich french industries and government. Member British 
Chamber of Commerce in Paris. 

Offers highly personal and individual service to 8ncish firms. Independent, 
unbiased, confidential. 

On obcain information, supervise, probiem-!0**c. Fix contracts, etc. Action 
not words / Further details available upon request. 

Michel K el ton, B. Eng., M. Eng.. M. Bus. ADM. 

18 Avenue Des Champs Elysecs. 75008 Paris, France 
Tel: 7237820. Telex: 66049 2 F 


For short-term decided buyers 

HARD PVC-4-CYUNDERS L/CALANDER (1961) 

Electrical heating, power consumption 7fiJ kW. voltage 500 V. effective width 
about 85 cm. thickness range 0.1 -0.7 mm. output capacity up to 250 Vg/h: 
including ko-kneader. roll mill, conveyor belt, chill-roll, windmj. control panel 
desk, calliper gauge, requested hot water temperature 175‘C 

Price er works: 5w.fr. 600.000 (bought at a pnee of 3 M'o. Sw.Fr. 1 
Immediate delivery 

FLEXIBLE PVC-4-CYLINDERS F/CALANDER 1946 (revised in 1954) 

Power consumption 120 kW. voltage 500 V. effucteve width INI cm. thickness 
range 40-250 micrometers, output capacity up co 500 kg/h. speed up to 150 
ui/minute: including Hentchel-mixer. Werner J - Pfleidercr.intemal mixer. 2 roll 
mills, conveyor belt, calliper gauge, metal detector, control panel desk and 
switch cabinets, requested hoc water temperature 190' C. 

Price ex works: Sw.fr. 600.000 

Delivery May 1979 

Please contact: KOLLER A Sit] GRAD AG. Umktnm A, CH-B001 Zurich 
7et; 01/ 34 33 31 or 01/ 47 50 40 


UNIQUE OPPORTUNITY 

1i»v*«9'( 1 1 required lor stary room morel. One and a half mile* from the 
National Exhibition Centre. Birmingham Airport. Birmingham International Rail 
Station and close to At Natonal Agricultural Centre ai Ston-iergh. 

The total capita: required ts £500.000 and the minimum acteocable from a 
tingle investor wi I oe £100.000. The grots operating income in the first full 
year could exceed £245.000. All propesah will h* considered including sale and 
lease back, a partnership or straight investment. Replies Co: 

Re* 0 A.. I T Field and Co.. Asdtn House. Victoria Street. 

West Brohiwich. West Midlands B70 SH* 


GENEVA 

Full Service is our Business 

• Law and Taxation. 

• Mailbox, telephone and 
telex services. 

• Translations and secre- 
tarial services. , 

• Formation, domiciliation, 
and administration of 
Swiss and foreign com- 
panies. 

Full confidence and discretion 

BtfSJNBSS ADVISORY SERVICE 
3 me Pierre-rtno; l29tM Geneva 
Tel: 36 K 40. Teles 33342 



DUTCH 

COMPANY 

A long-established - 

currently ciuuswtl Id whoUsaluu 
boniculum] products to stares and 
retail outlets ihraushoat Holland 
would be inirresird to bear from 
companies reoianns representation In 
that cannery. 

While bonlcnJtnrai products are 
obviously Ideal, (be Dutch company 
woafd also consider carrying con- 
fumer durable uoodd. 

Extensive imrebousins and trans- 
port facilities arc available, number 
or couruc with U-Iex and loll adminis- 
trative back-up. ai the company’s 
premises iusi our vide Amsterdam 

Enquiries from principals only 

please <0 Box G.2T95. Financial Times, 
10. cannon Street. EC4P 4EY 


COSTA RICA 

Central America * 

Main Assets: Political Stability and EconoinicGrowth. 

Investment opportunities in Commerce: Industry, Agrotndustry' 
and Real Estate. Investigate possJbilities by jolning firBt . 
and Real Estate. Investigate possibilities by joining first 
VTP trip, departing London 13th January*, 1S79. . 

For more details contact: ' •: / : ■- 

Mr. Ekhart Peter. President, TECHNO. SA- . ' ' : 

European Representative Office, 18S Brompton Rogdi ,• 
London SW3 lHa Tel: 584 3263. Telex: 28688. ... 


MILLIONAIRE ; 
will back 

1. Managing Directors who would like; to buy 

control of their companies. • 

2. Companies wishing to expand. . - " 

Profits must be at least £100,000 pre-tax . mid in 
the London area. t •.!' 

Write Box G.2812. Financial Times,-.;-:. ' 
10. Cannon Street. EC4P 4BY. 


We ve formed more 
companies than 
any other company 


So next time 
you need one. 
phone Patricia Parry 
on 01-253 3030 


the best of companies; 

JOIMWIIOlEE.BSIBtaaCXflAG!: 

UnwnCE 

TC Le vHo n.-cicBaga-BapCiaswif 


Specialising in preparation and sale ,6f 
processes for the treatment of siirfa^fs; scouj^ng 
scraping — passivation — protection .tt etc-.; AH 
metals and alloys: 30 years"' experiei«ie,^^j> 
known (nuclear energy, etc.l . 3,OOOdientTecoHs^ 
Well-established sales impact qn 
seeks:- • •. •• ; 

PARTNER. V. J 

with a view to developing its -scope by -fiBanriafS- 
means and expansion or diversificaObn ' iof ;: itsi; 
product. v 

Write to: ‘ .. - ^ 

AGENCE COMBIN 

Ref/1216 — 98. rue de la Yictoire? . — ) i 
75009 PARIS — FRANCE . ' 


WANT TO MANUFACTURE IN -7 
NORTHERN FRANCE? :^1 

. HEAVILY SUBSIDISED pPP-ORTUNW^fe 
IN STRATEGIC AREA WITH GOOD LABOUR CATC^S^., 1 
Write Box G2872, Financial Times, 10, Caxincm Street, . EG4P- , 4^ 


REGISTRARS AND SECRETARIES J. 

Central London Registrars offer a full range of 
computerised registration facilities together with 
statutory and secretarial services at extremely 
competitive rates and with a personalised service. 
Telephone: Alfred Frei 01-580 4602 


TWO U.K. COMPANIES 

wiih effective mulu-discipUne management shortly able to 
accept a limited number of additional assignments* involving 
the full owing services: — 

(at unique export marketing and finance procurement 
Cl» i corporate trouble shoouog of all kinds. 

Assignments for corporate clients with gross annual sales 
of the order of £2.000.000 preferred. 

Write Bor G.286S. Finnvcial Thnes. 

10 Cannon Street . EC4P A BY 


EXECUTIVE BUSINESS 
CARD WALLET 

The Silliness {ill «hi;h will *- 
retained and appreciated. Printed with 
your company nimt and IO£5 on 
co«er. Indispensable tor any business- 
man. pro'csucnal. fU- Holds 96 cards 
in individual oot.ecs fo- eaty rifer. 
encc. Ideal Xmas_ jilct tor your 

cuitomen — dc'ivery rr-iioth. 

ROBEN-CHR1STEN5EN LTD. 

Foondry Lane. Hsrsbm. Swims 
P hone (0403) 69696. Telex 87636 


investor Businessman 

E* MD ha.inj sold own .company 
wishes to acquire minimum 75'^ ol 
a company «n rte leisure Rrid or 
maklnj/iclling Industrial Prottctue 
Corhin; / Safety Equipment and 
clothes. *Wc co promote expansion/ 
exooru and in.es: £20 ts Z30-000. 
Existing management S staff retained. 
In coni iCcnte write to: 

SOX C2863 
FIN4NC/AL FfMES 
tO C*NNON STREET. £C4? 


EXECUTIVE 
DESK COMPENDIUM 


Sunerbly design ud witn otliciency in 
mind Desk Pad with luxury ftnleh. 
■ncorjKirjrine Clipboard and Mcapure 
Guide. Addness-Talephono IVallei and 
Business Card Wallet, nesilytined m 
svings. Pjn and Pencil Pockets, Ideal 
g»l\. Punted wih Company name and 
logo on cover Pssorwrd colour i 

FARM0FF PLASTICS LTD. 

Nonhbndqe Rd - Berkhamsted - Hens 
Tel 04427 5303 • Telex 826715 


FOR SALE 

c trap in hod Electronic Instrument 
Manulacsorins Company. Specialised 
products with worid.vnde tales. Six 
overseas agents. Good profit record. 
Fell order book. Reason lor sale — 
desire to retire. 

Price around rJOQ.OOO 
Write Box 62851. Financial T rates 
10 Cannon Street. £C4P 4 SV 


FINANCE 

AVAILABLE 

Very substantial funds available for 
seif- liquidating reasonably short term 
property transacdons. Greater London 
area preferred. Communicate in con- 
fidence with 

CP (LONDON I LTD. 

P O. Box 70D. London W5 3HN 


TYPWRITERS 
IBM ELECTRIC 

Factory reconditioned and Ruaraneced 
by IBM. Buy. save up to 40 per cent 
Lease 3 years from £3.70 weekly 
Rent f-om £29 o»r month 

Phone: 01-641 2365 


- IDEAL COMPANY FLAT 

MAYFAIR ( ST. JAMES’S 

2 spacious Urn. just available tn. 
magnificent building. Both with double 
reception /dining rooms. 2 bathrooms. . 
.kls.r I with 3 bedrooms, t with 2. 
Crown 4easo until 2004. Very kwr 
outgoings^-. Ext* Bent’ value at f 57,0110 
and £55^0®. Phone Agents; - 

IAMB.*; JACOBS 01.930 0261 


• FOR SALE ^ ; ' 

DROP FORGEB 




Well established drop forging business for sale -id, *■ 
North-East Manufactures drop forgings . in alt^Lr 
materials. Turnover — £500,000 c. Good freehold^ 
premises and plant. 

Write Box G.2S70. Financial Times, ' V i'":’ 
- , 10 Cannon Street. -EG4P 4BY. -V- ' 


FOR SALE 

MEDIUM SIZED CONSTR UCTfON ^ 
• group . ;> 

Turnover £7,000,04)0 -V . 

from -Development, Construction and • BuUding : - J : 
Services Divisions. . Located in Hampshire, - 
Assets include modern, well-appointed Freehold and 
Leasehold properties, site plant, manufacturing. and? ■ 
Office machinery and equipment, tax losses. T V L: ’ 

Writ o rt 22 x c ., AY2 i 1< Reynell's Eldon Chambers. - 
30/32 Fleet Street. London EC4Y 1AA' ~ • 


PLANT & MACHINERY 


For Aort-tinn diddrd buyers 

HARD PVC-4-CYLINDERS L/CALENDER (1961) ;. 
Elctftrkxl heiciiig. powpr coosumpnon 783 k*ff. »olU£r 5QQ V, effrciive width 
cbou: 85 cm. thickness r»n£« 0. 1-0.7 mm. output capacity up io 250 kfl/Ji: 
including fco-kneader. ball mill, conveyor belt. ch'U-roll. winding, control panel 
desk, calliper ;augc. requested hot water temperature 1>5 C. 

Price rr works: Sw.Fr. 600.000 I bought x a price ul ] Mio 5w Fr.'f 
Immediate delivery 

FLEXIBLE PVC-4-CY UNDERS F/CALENDER 1946 i revised in l?54! 
Power consumpoqn 120 VVV. voltage 500 V. effective w^fth HI cm. thieVorsi 
rang* 40-250 micrometer*, output capacity up to 500 kg/V t . speed up to ISO 
rrv/minute; includin- HenSchei-mner. WVerner - Pneiderer.inremsl m*»vr, 
2 roll mills, conveyor hell, calliper gauce. metal derector, cont'o panel desk 
and witch cabinets, requested hot water temperature Ido C. 

Pr ree ex workt: Sw.Fr. 600.000 

Delivery May 197* 

Please contact: KOLLER A STtIGRAD AG. Ramistraisq 6. CH-4001 Zurich 
Tel: 01/ 34 83 31 or 01/ 47 50 40 


U.S.A. PROPERTIES 

INVEST WITH NO USA 
INCOME TAX 

GULFFORTS INVESTMENT CO.. 
1102 Walnut 0— id. Houston, Texas. 
77042. Tel: (7131 654-0909 


EFFLUENT TREATMENT 
PATENTS FOR SALE 

covering waste water and air 
purification processes. UK and 
foreign patents 

Write Box G286T 
Financial Times 
10 Cannon Street. EC«P 4BY 


. Old established 
Motorcycle Sales and . 

'. Repairs Business 
Leading agencies, located west 
of England tourist centre, 
current' turnover in excess of 
£180,-000 p.a. For sale as a 
going concern. Stock, debtors 
and -goodwill. Principals oiriy. 

, Write Box G.2766. Financial . 
.vTSmes, 10,. Cannon Street, " - 
EC4P 4BY. ‘ 


GENERATORS 

Over 400 sets in stock 
"lkVA-700kVA 

Buy w»«t|r from the nunuteefu'era 
with hR ifttr-Mki service 

CLARKE GROUP 
01-986 8231 
Telex: 897784 


FORK LIFT TRUCKS WANTED 

PIQ> -r- l-n.n-4.j-r 'trl-MW' 1 0.rtn 

inqnam -(?'!■ L r-ies L-n ■* s H,m 5 

alfllev- e.'jri.n jnjT. QS 1 Dll 
Tql 0?1 .JT- S?d« A 021-528 1 TOh 
Telha. 33795Z- 


GENUINE SALE OF FORK LIFT TRUCKS.; 
Whv nrtr when .00 can Pov at siren • 
r.aiculoi.tlv Ion orites t.rellCfW Choi.-*- . 

oi ovrr <00 eicsei oiccirJc & oxs 
oorrared Lead inn m.ivet fml shed in- 

Mannia:ii.rc:s ,.oiours 95°, el' all ir«i«'s 
ilied »>ith >i«»i :v.c, horlm-es ana 
scats Ljrt»» iior.v pi j,i«ii O" pncii- 
imw :<"i. Also G*--rmjn Mi«i Cor 
wncr Hrmltr SO -on*, uMi.'U With 
Iivdr4>il>:4 lv ODCIi:fi< '.Drr?aOdt Hon«s - 

■vo-krt! io date 5.283 Pr, £12.300. 
L-s: sc~i arem request Trade and ecocxi 

enqii.rivj weltpn-g .1 Dpi-ny-ia; iltjaMd! 

worldwio-T- Li>ae 'tr i on Rlh *- J " i 
r.ha- c-. ri.ti-i;e j--u-o-rl .gtrnnnalu"' 
c n" L-— r u-1 l.fl i-3 Ham'. *9*?- ■ 


LIMITED COMPANIES 

From £69. Formation U.K. and 
Worldwide 

Includini: Isle of Man. Liberia, 
Panama and Anfuilla 
Csnuc. CCM Ltd . 3 Prmpcri HiM. 
Dou;las. loM. Tal Dou;lj» (0624) 
23713. Tfle* 627900 Aalion S. 


PROPERTY CONSULTANT 

jtcli financial backing privately — or 
perhaps Merchant Bank or Institution.' 
— lar short-term property deals. Well 
secured and ‘ucrir*»e. Btnldmg Finance 
also required. Please wrnr imailiy. 
in confidence, to. 

The- Advertiser, Sox G264). F.ttgrrf^l 
Timet. 10 Cannon Street. EC4P «flV 


i! A WEEK FOR tC3 ado-eso n.- cnoro 
itciMyi vomoined rai»c a ,(1^. 
insnrr LI 4 ■'CCk. Frcsiisc OriiCfc near 
nKK* IfHarar vrr.unr Minder, Inle'* 

•alioeal 01 6X* 0X03 T»i-» 8«IJ7^S 
VOUR ROME IS- ores, on..-* Spry..*-. 

■Wlailtw. pnnnn Up.. TiMdinn 


COMPUTER 

FOR SALE 

ADLER TA 1 000 8K OF CORE 
Only two ycart old in excellent 
condition. Price negotiable 
TEL: 01-836 9835 


RESIDENTIAL MORTGAGES 

Up to £100,000 available for 
transaction. No Endowment 
Assurance needed. Commercial 
Funds also available 

Write Boa C25B2. financial Time, 

. fO Cannon Street, EC4P 487 


LIMITED COMPANIES 

FORMED BY EXPERTS 

FOR 08 INCLUSIVE 

READY MADE £83 . 

COMPANY SEARCHES 

EXM tis •'J.'-*; t/J iuNS L TO'- 

30 C-tv "*id. t-;» 

0S.67X 7 16 f , "flO 14 


: * POTTERY 

: giftware company : :.. 

fevpchdiBS company manufacturing Gift 
Pottery. .Ware: Freehold property, 
jsoddrc plant. Earimetdd tfo CI7JKMI1 
Profit*'. £35.000. .Growth prospects' - 
'.- Principal! .only 

Write Bo* G2869. Financial T me i 
■ - tOCannen Street. EC4P 48 v - 


CHARTERED 
" ACCOUNTANTS 
reqwn? - smaffish.- • p 
cwn^orifor' clients;. In 
t5wis.'..ninj>m«K«f' in 

ttaoJidence- WttfceiiBoiL 

Plriinet:^ Tiinssi: Iff Gin non 
^ireet. EC4P. -lav. . 
























35 



( ^NoyBnjbcr 7 197S 




•"- ■■ in -pBTtMfsh^} with 

•TFiE DEVELOPMENT 

... THRSEXEY APPOINTMENTS IH CONSULTANCY AND 

■• •.•■.>.; ■ •'_ research: ■; 

LIAISON OFHCER — PROIECTSOFHCTR — RESEARCH FELLOW 

A special Uni fit '^*gf«t*Wrsi»ftd py\the Co-operative Union to 
complement and extend’ tbe. ingoing work of tHe Education Depart* 
" merit and "the Minisjrjr df -Oversea sC3evbto pm ent m the'Co-operatives 
sector; These first three ai^ncrtents will . have. the.twk crowing 
the Unit and- estsblikfriqg’iLs consultancy and research, serviced We 
are looking for highly qualified pco pie. capable of - working "as a ream, 
responding to challenges and prepared to work, consistently under 
pressure. A -considerable-, amount ,of travelling • wkhio the United 
Kingdom .and overaeai will be Inevitable., 

LtAfSOM : '.OFFICER: : 'Should have. good'. academic qualifications 
combined with managerial and consultancy experience > A knowledge 
of the organisation .and: operations of. die Co-operative Movement 
In the United Kingdom esse nc«f. : . . ' ■; •■ 

^RCiJiCTJ OFFICER: Should- be a 1 post-graduate preferably with 
experience iiT’.fhe' managerhkiic of ’rcMcrch projects.' Experience" 
within the Co-operative Movement in ihe.U^. antj overseas-desirable. 

RE^ARCH- FELLOW- Shouid haw-'pbifrgwdu*.^ in 

the Sociat. Sciences, and preferably ejcRorienpe In she design and 
execution of projects based on Q^o’rt -rnethodotogy-:: 

SaJariesr": LiaJsQn Officerand Prefects. Gfiieerr 

■-r&55B' ’.to. £8.073 ( subject -toi*®*#**:}-. ■ .. 

Research. Fellow £4J0lto £63M..? 

Further - .details arid . application form: ChTef . 'Education - Officer. 
Co-operative Uniori Ltd., Stanford' Hall. .Lqughhorough 5QR.. 
( Tel. -East Leake 2333). Closing dace: 30th November 1978;. 


THE JOBS COLUMN 


Ten tactical 




for career advance 




Eurombney PubBcatlbosljn^^ 


is lookiiig for a currency- economist to join the 
young and capable team - of fiuandal journalists 
working frit 4 this very. successful m onthlv magazine . 
Experience of' Currency ; forecasting ' 1$ essential; 
journalistic experience is not necessary^ ' Salary 
according to experience. Please write or telephone: 
Richard 'Enaarv Euromoney, 20, Tudbr . Street 
London, EC4> Tel: 01-353- 0841. 




J? ACTl?.; 

franco 


BvSfSE: 

CPPOSTi* 


: 


GENERAL MANAGER/ ; 
DIRECTOR DESIGNATE 

J. DAVY (OASINGSIOtCE) 7 
uMrrHJ ,: v; 

Large Vauxhaff / Bedford J Opel 
dealership requires, a . General. 
Manager of proven '■ experience’ 
who is already earning in. excess 
-of '£12,000' per - annum, and is 
capable of .. earning- appreciably, 
more, to expand pne of the 
most ' modern. weif-eq trip pet} 
dealerships in the UK. on a 
profit sharing basis. . • 1’. .' / . 

The candidate will ^be in ' the 
35/45 age group and should 
have 5 years'- senior financial : 
experience m ; the motor-indus- 
try arid possess - an • intricate 
knowledge of .the marketing of 
Sales, Parts and Sender opera- 
reaching. 

wfOupTtoard feyel... .. / ... 

The Group Policy -is to give a ■ 
high quality service; 'jo the pubr 
lie and job satisfaction, to .all 
personnel. "■ ; - 

Apply in conffrfdncfe to: ' ' 
The Secretary, T . V -: 
J. Pay Ltd, .. ; ^ 

9. Logan Place, ... 



OVERSEAS .' VACANCIES !■ .ITU nr fields 
Detail* (norm* Careen Overseas <AC1. 30. 
St. Marcs -(toad. London, &-E-Z5. 


BY MICHAEL DIXON 

"WHAT about inte^riiy?' - 
someune demanded rrnm the 
floor. Dr, Virginia Srhcin re- 
ceived the challenge calmly, 
even though it wa* delivered 
with a snort of outrage. 

Probably she wa* expecting it, 
having Just ended her exposition 
of the skills uf company poli- 
tics (on which I began my re- 
port in Iasi Thursday's Jobs 
Column). Indeed, since ihe asso- 
ciate professor Trout the United 
States Wharton Business School 
had effectively told a roomful 
of managers and specialists how 
to outwit their colleagues iri 
corpora le power struggles, she 
was perhaps pleased to find her 
audience so soon protest ins 
about the threat to integrity, 
“which is fundamental." 

“Political activity doesn't 
necessarily entail a loss of in- 
tegrity.” she replied. It was a 
fact of organisational life that 
projects requiring change would 
meet political opposition. So 
the process of anticipating and 
forestalling the opposition could 
rightly be viewed by managers 
responsible for such projects, as 
part of the essential pre-plan- 
ning. 

Success in this process, ac- 
cording to Dr. Schem. depends 
primarily on the assembly uf an 
appropriate power base from 
the seven types available, which 
I deserihprj five days ago. From 
the strategic base, politically 
skilled managers can then pur- 
sue their campaigns by the use 


oT ten main kinds of tactics. 

Derefrii) Jini'sun — The purpose 
hen? is to guard against being 
undermined by opponents' “iso- 
lating" stratagems. Many a pro- 
ject's congealing might he 
traced, for instance, to the time 
when an adversary murmured 
tu someone whose support was 
crucial: “What exactly do they 
do in that department anyway?" 

it is therefore wise to work 
out which other section* of the 
cnganWation are germane to 
your purpose, and establish with 
them link-! which are formal 
and open, aw distinct from the 
network of quasi-social contacts 
with members of other depart- 
ments required io build up the 
■■political access" power base. 

Onlv ‘modest’ 

4* 

I'rcscni a conM’rrufire imnpc. 
— Enthusiasm can, with a little 
unwanted help, easily be inter- 
preted as threatening and, with 
a bit more, extended inlo ■' way- 
out ideas that don’t make sense 
in practice." 

Hence phrase important pro- 
posals s»i that they seem no 
more than modest adustments of 
the. statue, quo. and concentrate 
on the unimaginative aspects of 
Ihe plan such as its financial 
benefits. “ Never;" said Vir- 
ginia Schem. " emphasise 
humanistic things like improve- 
ment'; to morale." 

OilUi.ii’ opposition and bring 
out conflict. — Whenever hos- 


tility breaks cover, it is best to 
slop pretending that it is ncu 
there, and openly arrange for 
ali opponents in attend 3 meet- 
ing >0 to air their views. 

AH?/ With po:rcr\ul others . — 
This does no! re Ter dimply to 
the obvious step uf attaining top 
nianagemenf*: appiqval. Thai 
may he necessary, hut -ince it 
is always prone ;o erosion by 
political counteract inn. 11 is not 
sufficient. Equally if nui more 

important is invest mem of pre- 
proposal i.me m “ undersiand- 
.ing” the-work ol key managers 
on your own level or even lower 
down. For maximum persuasive 
effect, many skilled company 
politicians recommend conduct- 
ing such consuliatiuns in an in- 
formal atmosphere. 

Tradeoff — The fifih tactic fol- 
lows naturally Irom the preced- 
ing one of forming operational 
alliances: spearhead your pro- 
posals with measures clearly 
aimed at oiercomitig your key 
“client’' managers’ problems, 
even if you think that these 
are relatively trivial. In other 
words, to paraphrase llu* Rugby 
axiom: Get your reciprocation in 
first. 

Strike irhile ihe ;nut is Imi — 
Never rest oil your laurel* after 
politicking a particular project 
to notable success. Capitalise by 
immediaiyly bringing forward 
another which has a* >et proved 
less acceptable. 

Fencnrch — This device can he 
especially effective when ap- 


plied rp the emotional aspects 
of your project — as examples. 
Dr. Schem quoted equal oppor- 
tunity for women, and for racial 
minorities. In arguing about 
such matters with hard-nosed 
operational managers. the 
purely subjective approach is 
unlikely to get anything done 
at all. 

Therefore institute research 
iniu the mutter so a* to be able 
to present some "hard data” 
which, wherever possible, should 
he irue. In any case, however, 
thf recommended introduction 
lu discussing it is: “Well, here’s 
the evidence. I don't necessarily 
believe all of it. But we can't 
just ignore it, ean we?'* 

Camouflage 

l ! Jtf a neutral cover — Many 
controversial projects have been 
carried to success by the tactic 
of starting them in a small way 
— perhaps by pilot studies de- 
signed to build up expertise — 
and camouflaging their early 
development by linking it with 
some other project of non- 
eon troversia I type already going 
ahead in the organisation. Radi- 
cal changes can then be repre- 
setiied. and often accepted, as 
natural consequences of the 
unexceptionable programme. 

Limn commitment ton. — 
** There's no doiibi that some- 
limes the practice of hr m 2 open 
and Imnesi with everybody can 
be counterproductive.” Vir- 


ginia Schein said. A .scheme 
which in Us full form would 
raise impassable barriers, may 
well be brought to fruition by 
the device of unveiling a in, 
self-contained parts while keep- 
ing its later extensions secret. 

Withdraw , — When there is 
competition for the leadership 
of a new development, and 
especially when the objectives 
luuk compJicaied and hard to 
achieve, managers can . well 
strengthen the expertise and 
stature components of their 
power base by abruptly with- 
drawing from the competition. 
Letting others squabble over the 
nomination to fight a tiger h- : 
been shown to be a highly effi- 
cacious stratagem. 

As the Wharton associate 
professor suggested in her Har- 
rogate lecture — which was spon- 
sored jointly by the Institute of 
Personnel Management and the 
Independent Assessment and 
Research Centre of London — all 
the foregoing tactics might well 
be viewed as compatible '■ ith 
integrity, provided they are used 
to further the work for which 
a manager is responsible. And 
Dr. Schein reported that they 
were widely used in this way. 
especially in dynamic organisa- 
tions in which market and other 
pressures made managers’ career 
advancement dependent on by- 
passing or even hoodwinking 
their company's established sys- 
tem so as to get changes and 
other work through quickly. In 


6uch cases, people seemed to 
prefer practising deception to 
risking an open challenge to 
the deficiencies of the formal 
system, she added. 

But there were other kinds of 
organisation in which politics 
were rampant, not for work-fur- 
thering. but for purely personal 
gains. These organisations ten- 
ded lu be the static kind, where 
the rules changed rarely, 
normal promotion was slow and 
measured, and even the top jobs 
were 10 a large extent routine. 


Excitement 


“You can often bear people 
from static organisations talk- 
ing about how dynamic their 
jub is. oui because of what work 
they do, but because of the poli- 
tics involved.” So it might well 
be that the motive for the 
power-struggling was not just 
palpable gains in position and 
pay. Pan of ihe reason might 
be that personal politicking 
added much-needed excitement 
to the job. 

It would surely be wrong on 
moral grounds for rhe chief of 
a static organisation to intro- 
duce more political intrigue so 
as tu ” brighten up people's 
lives.” Dr. Schem concluded. 
Bur it mighr also be wrong on 
practical grnunds io try 10 
eliminate personal politicking. 
Deprived of its -jiimulation. the 
best workers might pack up and 
leave. 


ECONOMIST 


r 

1 / lA*.**- 4 


MANAGEMENT 
ACCOUNT ANT- - 

A chance to- run your own sftpw 
with a. young, dynamic company. 
Management expertise-, coupled 

with accauus 'ta trial balance 
for office- "ip Wembley - area. 
Salary . circa £&D00- per. .annum. 

Wmic «W* to Bo r A.tSJS. Finanaol 
TIbh».. t<J. Cannon Strut; £04 P 4BV. 


! A vaqatjcy has occurred for an economist in the investment team of a 
progressive and expanding mutual life office at their Head Office in 
\ Edinburgh- This is an important post and the success/ui applicant, 
who will be responsible to the Investment Manager, will be expected 
to. monitor and report on various economies, to communicate and 
express thoughts clearly and have the ability to understand and 
• interpret economic, financial and monetary developments as they affect 
.; . . .financial markets. 

■- ^Applications are invited from honours graduates in economics and 
■ 7-.wqth relevant ppst-graduale working experience in commerce or 
indiistry. Agerange 25-35. Attractive salary and conditions of service. 
'/.Please. write giving details of education and experience to The Staff 
O Manager^ The Scottish Provident Institution, 6 St. Andrew Square. 
■T.: Edinburgh: j?H2"2YA. ... ... 





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A senior (but not old) executive for an operational! administrative role in one of 
the U. K. '5 largest fife companies. 

You will be responsible for the processing of all new business, the 
servicing of enquiries to agreed standards of performance as regards 
turn-round time and work quality, and the integrity and control of life 
policy data. Your long experience in a unit-linked life or pensions 
company; your receptiveness to administrative innovation and your 
creative personality harnessed to your energy and drive-all this will 
make an immediate and effective contribution and should also give 
you the opportunity to go forward. You will probably possess 
appropriate insurance qualifications and will be in the age range 35 to 
45, give or take either side. 

Salary c. £15.000, but for an exceptional candidate could be higher. 
Fringe benefits include car, contributory pension, possible mortgage 
assistance and relocation allowances to a pleasant coastal location. 
Please send full details of career and training, quoting reference 1345KS/FT to: 

RobertJse 

international 

«*■ Wliw C— 

24 BERKELEY SQUARE. 10 MOON W1X 6AR. 


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LEGAL NOTICES 


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Prwwty . 

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, - -Capacity. Cosinesses 

Kor -Sale /Warned . : • . , s 2S 
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Contracts ft Tenter.' - 
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f Hotels ft Travel - ' - - rh 2.T5. ■ in M 
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Classified Advertisement 
- Manager, 

Finafleiat Times, 

■ IO. Cannon SlreeL EGUP lBV 


1- N6. 903407 or .UTS 
la the IJ1GR - COURT OP JUSTICE 
Chancery- Division Companies Court, in 
fflp. Matter Of G. F. HARLAffD LIMITED 
and :. Id the Matter of The Cemnauie* 
An. ms- 

NOTICE IS HEREBY GIVEN*, that a 
Petition f^r the W totting op ot the above- 
named Company br the High Court ol 
j-JPKUca.was on Uw 24th day -of November. 
IWS. tm-nied to the said Court by 
M. WISEPART whose registered 

' is sJtuaie it - 345/253. Wick Road. 
London. . EJ 3DZ, end that the *atd 
Peatfon Is directed to be heart before 
Uve Court Kitunir at the Royal Courts ot 
Jnstk-d.'. Strand. London, WC3.4 TLL on 
ihe.ITth day November. 1B7&. and any 
ereduor.or contributory ot the ssM Com- 
pany dm irons 10 snpoort or oppose the 
ioakln4. of.au Order on the said Petition 
may- appear at ate time of -nearing. » 
perEOfl or by bis counsel, tor that purpose: 
and. a . copy of the Petition will ne 
furnished by the undersigned to any 
creditor or rontrfhntory ol the saM Com- 
pany ; requiring: such cony on pay men: of 
the regulated- cheese for rhe same. 

POLLARDS. ■ 

-.. 55-39. Oxford. Street, 

. London- W1R JRD. 

. solicitor*, for the Pcatiwier. 

NOTE.— Any- peraoti who intends to 
BPBtW- on die hearing of the said Petition 
mnxr serve: on, -or- send by post to. tne 
above-named notice in writing of his 
.intention so to do. .The notice must aaic 
the name and address of the person, or. 
If a -firm the name and address of the 
Arm 7juid nwsi be slxned by the person 
or arm. or his or their solicitor < if anyi. 


UHB^ nrosemed 10 the said Court by THE ■ 
-LONDON BOROUGH OF HAMMER- j 
SMITH. Hammersmith House. iB.O.C. ' 
Bihlding).- Blacks Rosd. London Wfi BEG. ! 
and that the said Petn»o is directed :o be ' 
heard before the Court gninj a: the Royal : 
Courts of Justice. Strand. London. WC2A 
2LL ^>n the 27cb day of November 197*. ; 
and any creditor or esetnbotory of the: 
laid Company desirous to support or • 
oppose Ihe making of an order on thej 
Said Petition may appear at she time of I 
hearlug. In person or by bis counsel, for ' 
that Dorpose: and a eooy of :hp Pc:; non I 
will be furnished by Use uudt-rslcned :o ! 
any creditor or contributory ai the said; 
Compaify rvamcmc <ucft coor on cs .-miot; 
of the rexuUicd charge lor the same. • 
SHARPE PRITCHARD ft CO . 
too. Kings way. i 

London. WC3B «PZ 
Ref- 44BR Tel: OI-tBS 9S7*. 
Solicitors for the PellUOIter. 

NOTE —Any person wbo inielMs * 0 ' 
appear 00 the peanng ot the said Petition ! 
must serve on. or send br mrsr to. tee I 
above-named notice- in writing ni tut [ 
intention so to do The nante mitsr state i 
the name and address of the o-rson. or. | 
1 / a arts The name and address of the' 
firmand must be signed by iby oervun | 
or firm, or bis ( ir thv/r solicitor ■ if ar.;-i. ; 
and must be served, or. if oncted. must t 
be scot . b 7 oost in sitfflcien; time to j 
reach the - above-named not later than; 
four o’clock m ihe ai'ernoon ot the 21 tbl 
day oT November. 1B7S 


No. 693443 Of 19rg 

In the HIGH COURT OF JUSTICE, 
Chancery; . Division Companies Court 


FEVAMAL DIRECTOR 



LONDON 


c.£10.G90 


For fast expanding unquoted public company operating in 
a diversity of computer oriented acliviiu.’* bolb in lUe L'.K. 
and overseas. 

The ideal candidate is a qualified, chartered accountant, eirlv 
30.$ with at least live years' experience in industry or commerce 
and well versed in management accounting techniques The 
position reports directly to the chier executive of ihe group.' 

Salary circa £10,000 plus. car ami usual fringe benefits. 

Replies, with curriculum vitae, to - — 

Maid men t Posner Consultants, 

78, Wimpole Street, 

London. W.l. 

Reference CS4. 



Based in north Hampshire and only 45 minutes by rail to Central London, 
this fast moving consumer goods manufacturer is now io make this nevr 
appointment. 

Reporting to the European Finance Head, the appointee will be 
responsible for co-ordinating ail aspects ot the U E function and the 
submission of reports to the U.S. based parent organisation. 

Ideally, candidates in the upper twenties could be those ready for a 
career move into line management. They must have leadership qualities 
and be preferably Chartered Accountants. Starting salary around £9,000 
and a car after a qualifying period. 

Please apply in writing, giving your telephone number and quoting ref: 
863. to Peter Barnett. F.I.P.M.. Bameit Keei Ltd., Providence House 

River Street. Windsor. Berks SL4 1 QT. Tel: Windsor 56723. Telex: 849323. 



or nun. or ms or u»ir SOUClior hi anyi, .j,. „r tni* R cniiASP >{7001 

»»« «rved. or. if twtod. m.»t J ^isk'^Ite^.",!^ ih^u^ oi 
J eju .^ ir JD frfBcieoi . lim « I »0| The Comuanios Act. 1948 


reach ibv above-named not later than 
four n'clDi-R to -the afteraoun of (be 24Ui 
day of November. I9f*. 


Nn. 003442 of 19W 


I 

NOTICE IS HEREBY’ GIVEN, thai a 
PfUtkm for ihe Winding up of ihe abov«. 
named Company by Utt High Coun ol 
Justice was on the 2rth dar of October 1 
1978. presented ’0 the said Court bv THE I 
•JIN DON BOROUGH OK HAMMER I 
HOC 1 


In the HIGH COUItT OF JUSTICE- IL-.mnwsn-.rh 

Chancery Division Comnsnies Ojurr in ! SM'T”. ILvmiwrsn-.iTh Hirnsr 
tlm y u itor n r I IMITED i DuiluinBi. BiacKs miuil. London. \16 Den 

^ n» Th?S n «n,« AC anti • mat me uld Peliligb IS directed to 

and in the Matter, of The Cotnosnies Act. j hfi hi , 4rf) b9forc . , he Cai|r| s1ttlQ8 al rhf 


NOTICE IS HEREBY GIVEN, that a j *»«( 

■ W | .|,lpn'f T it. W MliB up .1 1| K.»^| h 5»JJ gSliff 

J!h October me said Comwny desirous 10 suopon 

JuatJpe vtai on ihe ?7th a> o I Qf the raaXjng of an Order on Un- 




( Conference? Seminar? 
Company Meeting? Reception? 
Fiim Preview? _ 
AdvertisingPresentation? 

There's no needto hunt around the West 
[ End fora suitable venue or viewing theatre, 

The FT Cinema, here in the City, offers seating 
in comfort for 50f people. Full 16mm film 
projection facilities. National Panasonic V 2 ,r colour 
video-tape and Phifrps 150IM video cassette 
viewing. Etedrosonic-3601 slide pr^entation 
system. And luxurious private dining rooms with 

extensive catering facilities. 


, said PpUttop may appear at the time Of 
nearing, in person oj by nis cauwl. for 

; that dqitmkc: and a cm.v or m- Peuuon 
will be furnished by the undersigned tn 
any creditor ar L-omndumn ol thr mis 
C omoMiy rctmintu such copy an pavnoai 
of ihB fL-jaiJaivd rharce for tlw? aarw 

- 5HARPE PRITCHARD ft CO . 

709. Klrigsway. 

modem. WC2E 8PZ I 

Ref: 1«RR Tel- 81-405 95T4. 

- solicitors for Ute Pemioner. 

NOTE— Any oerwiD who intends to 

apaear on the hearing cf Ihe said Petition 
most serve on.- or send by post to. the 
above-named notice is writing cf hh 
mtentioc so to do The notice mast sure 
i the name and .address of the person, or. 
Iff a firm the name and address Of the 
Ann and mini . be signed by the perron 
| or firm, or bis or their solicitor flf anjV 
and must be served, or. If Domed, musi 
| be sent ' by dot! hi suffitiew time m 
reach the above-named not ' later than 
I four o'clock in ltw aftomoon of the 24tb 
nay of November. 197S. 


PUBLIC NOTICES 


OVERSEAS 
INTERNAL AUDITOR 
c. 7K a.a.c- 

This muin-natlonal Duhlish'nK com- 
oany offers sou rbe cfiancn i« soviul 
50 ' » of ihe year "in European and 
Soul hern African local ions, planning 
and up-datinii audits, tv.-ntog report!! 
an>1 matim: wcammendatioas. If you 
are qualified OR have ihe experience 
and ’ipmude bf-hiDd you. comarr 
Judi-Ann Roscoe on M4? Sk WHS Nuvri 

Churchill Personnel 
Consnlfants 


ECONOMIST 
£Jt Negotiable 

There’s been a shake op in the marker 
. . and raaials are coming up. You 
managed to be on the top ar the rtghi 
mne: A fast growing, well established, 
commodity broker m looking for some- 
one ]ust like sera. Yen are compleiely 
familiar with Hit- metal* market and 
are accustomed to long-term research 
and tor-rasima. Cootact Gtno Rican 
on 4!-s2«t gajj for more detailed 
informaiiou. 

Churchill Personnel 
Consultants 


MANAGEMENT SK 



Ercj Ctfiq fem v.crfcinq Ihrcoghoul 
8' >ia.'. and Comment vnsht s to tile 
cm fi>rtl^>rcwp°ricneMdi'artbotiCNi 
con-^iiunu with bpoaal iJuie ui. 

0 Wi.-ohouamfl 
Q Hcndi-ng s-/stams 
0 t^3te<ei flow 
® Tranfrvtalion 
UiinlSioMhet those lest than ?0 
yean old wrt have bad aiffwot 
eipenwo :or these poets. 

A upiwstf degree or equivetent 
rtueiiiicalico fc> desirable Awoikmfl 
►nwiedpe erf French, German w 
ftbiiyi Mxi Id bo a lurther adv^-iteg*. 
VV.iie. m cooletortce, with deuib ol 
eozici'ce. obakficatrans, poccrn 
sa'^rv nod age to. 

The Marwgmg Director. 

M.M. Distribution 
Consultants Ltd. 

Church View House, 

27 High Street, 

GlrtjjonbuiY. 

.Somerset BAS 9DR 



■ <t0 J; 


HNANG1ALTIMES CINEMA 

All enquiries to the Press Officer, 

Financial Times, BreckeR House JO Cannon Street, 
London EC4P 4 BY. Tel: 01-248 8000 (ext 7123). 


SUFFOLK 
COUNTY COUNCIL 

£3.000.000 Bills issued radar <?ue 
6 February 1979 ar I0 5?''64 
Total applications l 27.COO.CM). 
Outstanding bills i8.000.0CS. 


OBITUARY 


GRAUCOB On Monuiv. KfOvcmOar ftth 1 
19?B. Fina Grjuroo at ha .'ont Fre«n J 
Sur.not.. Bonnr Null. St lonn. Jersev. : 
Forrnt-iv Chairman am? , 

Director pi Nu-Swut ln*e> nitipn N l LW • 
D^ar mrinanfl eii S>Uu anil !a|hcr ol 
Sn>>iU jnn Patri.K. Funeral in 

D*nmar«, 


CHIEF 

ACCOUNTANT 

A iQuInn^nonal orguiution in the 
fie>a ol ir.tentrtional communication! 
require! I Chartered accountant for 
iu British Subsidiary based in London. 
A knowledge at U.S. financial report- 
inf and punmnj> it essentia' and a 
Second 'inf-jags would br helpful. 
Main io! tuncti6n% would iiK'nlIt 
COr>oi-a;; accounting and financial 
iiMlysii, d»>tunding a knowVdzc o’ 

UK wii'Oi' and :hi> ,mprcn^m.tn: □; 
current actoontinj O'ocrdu'e! 

5tli-y neget jblr up ca f°.3CtJ uvu* 
in cpnfidrrKC ffieing details at yaur 
carcir to date to: 

Bn* J <*???. Fionnrml T>r-»r 
10 Cnnnon Str«»:. f-fF tfl r 


AtB 


Age 25-35 f F inured your AlBf Or 
nw-arq; Always worked ■» « Ban* 
(o tar arid not really UiOwaht anyone 
e «e neuilk -0 Hloi/ 

We Co! We insuil compuici syitemi 
tor liucriiaciona. banks, ma.m, in 
Lundon, but wc do nave a New To*k 
anise and interests in otlici areas. 
We hare a current need lor ra>o o> 
inrre aod'iionai people witn soundly 
oased Perming enawicdje uj pin ou* 
t-^nsui cants. We will toon organise 
some compute' eaperieme to, you 
and then you can help us in talking 
»,(h banks about Foreign Exchange 
accounting and the like. 

Salaries m our business are very 
attractive and you will iecei*e a 
suosuntial increase G»cr you • present 
salary irom in* day you jo,n lorowed, 
ot course-, by regular increments. As 
well as learning about compute's, you 
will >»pidly enhance yOu> Own banting 
knowledge as you deal on one Project 
w<th an American Bank and on the 
next with a ipeciinit eurocurrency 
8»nk, Promotion prospects in this 
expanding company arc excellent. 

Why net explore >his opportunity by 
wrinng briefly about ro-jrsetf. in con- 
fidence and without obligation, co M >. 
S. Smith. Director. BIS Software 
Limited. 55/56 Lincoln’s Inn Fields, 
London WC2A 3L], (He wj» in a 
Bank for ten years himself. ) 

AND NOT ABB 

We have some other st>«ial>st need* 
and it you happen (o be strong on 
Eurobond Accounting, or Bills and 
Lc:te r ol Credit Accounting, wc r>j„id 
>iV( to hear frpm you. even without 
your AIB. 

And il vou happen to >e » tturaurc' 
pug'amn,e' or systems analyst 
eitcd enough ‘o read an afri'i'i'aiyni 
*>. .d tf MB rh-rn we would like a 
hear Irom yon too. 

«P3iy as ibo»« 


LINCOLN COLLEGE 
OXFORD 

BURSrARSHIP 

The College i mentis io appoint to the full-time 
permanent post of Bursar during the course of 1^7$. 
The Bursar, who i* an official Fellow and member 
of the Governing Bodv. has overall responsibility 
for the College buildings and estates, for domestic 
and financial affair?, for planning and development, 
and for College investments and accounts. 

Applicants, who will be expected to have experience 
in administration, staff management and finance, 
should write tn the Rector for further particulars, 
enclosing copies of their curriculum vitae and ihe 
names of three referees before 30 November 1978. 

The successful candidate is likely to be in the age 
range 4ft-55. 


V.RCDI1 ANAL V5t mi lr.fr £•!, n.n* 
A I E <ijiI|Ii'.,Iioii, LT.000 n~5 l»|r. 

p-ni.fr l Pi-r'i)r, n .,| Cfri’.nlli'Lll. JCn 

19J4 fi-;l M5L. 


TAX PARTNER DESIGNATE 

£S,500 — £12,000 

Ttequrrcd by j r.iediuiii-yirud jn4 expanding: Holborn Chartered 
Account a ms. 

The successful applir.'tn: i I i *'•* j tux inan-i^er -5- ; 0 

uiih experience of ficr-s^-Jl jn'j rorepan; lax. 

HV nru ;j hapnv firm in v.hicii profe^ignal I iff* i- 
h\ pjrtnf;-* :i::rl .-laff c:iri intend In keep II lhj( j; . 
Wr.lv— 

VJ.VI! I.K S \SS5KMi: 

K \K\r> ROI-TC & L«. 

1*1 Rrrifnrri Ron 

I.tinrinn WCIR UIA 

















WORLD STOCK MARKETS 


Easier early Wall St. tone on inflation 


INVESTMENT DOLLAR 
PREMIUM 


$2.60 to £1—772% (77J%> 
Effective SL9770 35% (35|% 


SS3. U U alao drilling in the 
Baltimore Canyon. 

Sony- the volume leader, sained 


__j_ anticipation of an Increase in 

LaHaQa sales towards the year-end. while 

A rise in the Bank Rate to a Poods took their -lead from Stores 


Paris 

Stocks finished on an irregular 


Hang Seng index finished a fur- 
ther 8.73 down at 648.62. . 

Hong Kong Bank lost 50 cents 


REFLECTINC FRESH CONCERN Act 

about rising interest rates and S23*. Its chairman, president -aod nripP4^“mode C rate‘trad- Morinaga Milk YjO at Y328. that the raising of the Call Money Jgj dine Hrtch*s»u 

persisting inflation. Wall Street chief executive officer, Charles O. The Paper-Pulps, Pharmaceuticals, rate from 7 to 71 per cent had Whompoa-and TVheetock shed 10 


i to ST}. A block of 400,000 shares r „p nrri l0 | {rora 10 i. Mr and and also moved ahead. Taka- note with declines holding a HK$19.80,Hpl« Kong, land 

were traded at $75. the°lo\ver earfiTtrend ^NwYork shlraaya gained Y6 at Y436. slight lead over gains following 30-cents to HK$1L50 and Swire 

. rr _ *. lne lower eariy irena in J.vet> ior\ vm vora snri .ti..., o~.iT — - — , 15 (vote to TTPf softs 


Active Tandy receded to triceercrf a broad decline 
OJ. Iti chairman, president ^od Canadian prices in moderate t 
!!fl «S?. u r. e "tE OS 25 . 9 - *Tl 2 && rooming. 


in Sapporo Brewery Y10 at Y273 and thhi trading. Brokers commented Pacific 15 cwts to HK$9-8o, while 
Z Morinaga Milk YlO at Y328. . that the raising of the Call Money Jardme Matheson, -. Hutchison 


showed a downward bias in light Tandy, died over the week-end. Tnrnn rnrv,rrinncltP JmTp* 
trading early yesterday, but was Tandycrafts lost 1* to S18J. Mr.- J® r ?j ™ 4 ^ nooi whDe 
above the worst at mid-session. Tandy was also chairman of ™ 

The Dow Jones Industrial Tamfccratts. ?• ♦! 

Average, after declining 4.76 to . . t-. 4„ mns d ^ !? 

818.35 at 11.00 am, picked up to _ 16 ? n 186 - 4 ® *" d 1 

821.03 at 1 pm for a modest net ft* “ J M “ eraLs 5 9 10 I ' 08ai - 

loss of 20S - T»o "VSE AJ1 ro| a p/r «mdf r„l a li? uk The. Pipem.es group, which 

it does not yet own for $60 a comprises about 4 per « 

Closing prices and market share. th ? Toronto Composite, fe 


Closing prices and market 
reports were not available 
for this edition. 


earnings. 

Harcoort Brace Joranovtich 
Common Index was 15 cents down retreated 2* to $31, undermined 


at S53.34. after touching 553.30. by a sharp fall in third -quarter 


*3? hJ^L Unities 1-fif to 186A9 and Metals r. n _„ ni . Mechanicals, Stores and Chemicals Issue, announced. last Friday^ 

J MlfleraLs 5 9 10 1 - 08a l - Germany were towerdnetined. but Oils were Hong Kong Land hfl-paid.-loan 

thlra oer reirt oEIowa Berfu,« The Pipelines group, which Most shares weakened in broadly higher at the dose. • stockjwiffi ^ warra nts- fell HK$LS0 

it does P not yet own for 3 BO a 1 comprises about 4 per cent of nervous -trading. reflecting Rhone-Poulenc© gained 20 cen- 1° <5entK 

share. * 5 the Toronto Composite, feU 271 investor concern over last week s ^^,53 to -gjfc 12150 following 1° HK8.13.4q ,a nd. S un Hmeg : ■ Kal 

Sambo's Restaurants shed 4 to Points, with Transeanada Pipe off upheaval on international money interim results, but St. Gobafn. 

SllJ on lower third-quarter net i at C$175 and Westeoast Trans- markets and unease over the jnspite of higher first-half net hardened 

earnin-s mission down J at CS11J. situation in Iran. The Conuner?.- profits, retreatedFFr 2.60 to FFr 20 » cents to HK$23..0. ; ... .... 

Harcoort Brace Jovanovltch _ _ bank index Teceded 6.9 to 830.7. 145-90 . . Switzerland..' 

retreated 24 to $31, undermined lokVO Brokers said that there seems ^Electrical engineering concCTn Stoc ^ prices- mostly pained 

by a sharp fall in third-quarter _ „ , . . to be no clear-cut opinion on the GEM jumped 11 per centi but bolstered: by tfceeon. 

nroflts. but MCA rose ii to S3St Profit -taking erased part nt a f,,t ur e course of Himnn markets market observers were unable to 


misskm down 2 at CSlli- 


Tokyo 


while falls held just a narrow lead profits, but MCA rose U to S3SJ , Profit-taking erased part nt a future course of currency markets market observers were unable to * ^ TBcovery^offbaA^tar 

over gains at mid-session. Turn- in response to improved third- fresh eariy stock market rise yes- despite the recent U.S. dollar furnish any. explanation for tb® yrij* emorfcotfcBtenri 

over came to only. 14m shares, quarter results. terday, although the Tokyo SE support moves. As a result, they sharp nse. meeting good demand. ; 

dwon from last Friday's 1 pm ipup AMERICAN SE Market Value 2. 11 “® added, many investors have just a r»ee*«olIo In Chemicals, Sand ox advanced, 

level of 28.61 m. Index, in contrast to the NYSE 44l-0S ‘ The Jones l«iUed completely back from the Australia SwFr 3,100 Sactiv trading: whfle 

Wi ^ e iStA° tren ^ improved 0.18 to 145.50^ *3 flstjV^white market avf3itiDS wme c,ear si5n " A rather slow trading day left SWFr 40 to SwFr^.lOO te’^SvS 

r became industry ' 1 pm in moderate activity. Volume volume ^v^’^ mbderSe Among the leaders. Deutsche stocks closing on a mixed note trading, whale among Foods 

vnde - 1.4lm shares fUSm;. moderate feU DW ^ Volkswagen yesterday. Nestle Bearer rose SwJY 45- to 

The market was also dis- Houston OIL, which is drilling snares. j)M 3.50, BMW DJI 3. Hoechst However, Uraniums provided a SwFr 3,095. Metifis were .led! 

appointed by a report from Exxon in the Baltimore Canyon, shed J Electricals. Vehicles and dm 2.40. BBC DM 7 and Gute- buoyant, sector following last faagber by Aiisulsse,-tg> SwFr SO 
that the first last on Its Baltimore to $17 J in top place on the actives Cameras put on a strong per- hoffnangsbuette DM 4.50. Friday’s signing of the Ranger at SwFr 1,015. . _ . 

Canyon well was completed with list. foranance. spoored on by a sharp Deutsebe Bsbeoek lost DM 6.30 agreement, although most issues i 

no hydrocarbon Shows. However. Colonial Commercial, in second dollar recovery in Tokyo. Sony and Karstadt DM 3.50. but nsainst finished below the day’s best. /UHSieruHin . 

analysts noted that the dollar place, riimbed SI to $13?. Liberty rose Y60 to Yl.510, TDK Elec- the trend. Lahmeyer rose DM 4.50 Peko-Wallsend closed 36 cents up Stocks were mainly ia> firmer 

held steady and the price of gold Fabrics gained j to $8. It has trunks Y40 to Y2.060. Pioneer Y80 and Verseidag DM 9. at -A36.06, after touching A$6^0, vein. 

declined, a bullish factor for agreed to buy some nperatlng to YL830, Toyota Motor Y17 to Public Authority issues sus- while its Ranger partner EZ KL3I were notable for a rise, of 
stocks. assets of Stern and Stern Textiles’ Y865, Matsushita Electric Y8 to tamed further fells ranging to Industries ended 10 cents hi g her FIs 2.70 to FIs 13&50, while Rnri> 

Exxon, the second most active lace division for S3. 03m in cash Y779 and Canon Y4 to Y445. 65 Pfennigs, while the Bundesbank at A33.2D, after Af8.30. added FIs IBO at FIs 139^0; but 

issue, fell 11 to $501 ex-dividend and securities. Iroquois Brands Department Stores were purchased DM 10.3m nominal of Nabarlek uranium Elsevier Publishing; which fe to 

Texaco, in third place, eased i to adranced 14 to S2S. another favoured sector, reflecting L-stock (DM 13Bm). d eve loners. Queensland Mines and merged with the -NDU newspaper 


NEW YORK 

I Snv. 


Nt»r. i S»v. 
2 i 2 


Gormnsbiu- . S4£( 


▲ooott L*br_..... 32 

IHUTWOvikph..., 25 
Adda Life a Corj 57dg 

Air product* • 26 5* 

AioiaAiumlDlumi 33>i 

Alcoa- --I 45 la 

Allec- Lo-IJiiin^..; lfilg 
AUaabeay Pwerl 16 tj 
A llferl Cbemloa-.i 326a 

aiim atom : asu 

AIH. Cbalmer- ...( 3 1 >4 

A MAX- .- 44.1a 

Adhmi 26** 

Amrr. Air)lrw-_.t 13 

A mar. Branrix | 483* 

AnMrJnMfeHi..| a6i« 

Amer. Uao Bfaig 

A trier. Cvmnunin] 251a 
Amor. Dirt. Tel. -I 261a 


CPC infra Ilona.; 49le j 491* 


Unine ...I 


Crocker k6s« | 545 h 


Crown /ell ert-*i?h- 313* 


Clammln* Bojlne' 503* ; 3 1 


Cnrtifi Wrl|ht 


Dan* 273* 

Dart Iwlv-irk-..! 591* 
Deere..... 34 1* 


Joliiit Mnnviile..! 263* | 261; 
Johnson Johnson' 763* j 761c 
Johnson Ccmlroi.' 25 | 261* 

Jojlluataiursl 29 ) 291* 

K. Mur ttorp. \ U4"* 25 

KBlaerAluinini'm 34 ig 1 353* 
Kaiser Irrtuitnea hi* J 2 

Kaiser jjlevi 201* 201* 

Kbv 183* J 123b 

Ke nneeo tt 251* 24 


Dei Monte ■ 4U, 1 39i* 


Kerr McGee \ 44 1 2 j 45U 


LfeJtons | 

UeotspiT inter...! 
Lfetirnt Edison. .. J 


Diamond nhatnrkj 2012 


Dictaphone ..... 


KMrfeWaiter | 

Kimberlv Clark. J 

ter.:::::::: 

Krojrer Cy._...... 1 | 

Leun.r Tr«a.«„j 


DiRltalKaulp. , 483* I 47s* [LeeiMtaun j 33 


r. Klort . P ot» 1 2H* 


Wsnev (Wan 381a 1 39 
Dover (Jorpn...^.) 411* J 42 
Dow Chemical.... 1 271* J 27 
Lirsvo. J 3X1* j 271 


UMy Usr. Foixi.J 261* } 253* 


Amer. Express... [ 

Aiuar.B«MPiAl 

Amer. UedhM..., 
Amrr. Motor?....' 
Amer. Nat. Gas.. 1 


Dresser... 38 1 * 


Du pan 1 ..... i 1281* 1251* 


Kml« Pitcher 

Bvt A hi inn i 

Eastman Kodak J 


Amer. htannard .• 43 l* 


Eaton.. j 366* 


UlOtett flmpr,.' 31 

Lilly lElii „.! 463* 

Dttisn Induit. 23 

Lockheed Alrcr'lt 216* 
Lone star Indust. 203* 
Lon a Itlaial LL4.I 173* 
brairana land . J 211* 
LubrLrol 423* 


463* | 45ig 


bferlL>n I 51 I 60ti 

ttevnokts MetaJsJ 431* [ 3312 
Heynnlria JL J....I B7i* 371* 
HKh'Mon llerroill 22 I 24 

HnScwefl Inter...' 32 I oSU 

Kobra A Han- 1 533* j 335* 

Kovsllloriji J 601* | 60U 

KTK I 111* I IU3 

Kuh Tors i 106* lOS* 

E.vder System —. 1 23 233* 

Ssfewiiy Stwes-.j 41?a 41 15 

St. Joe Mineral*. 1 26k* kol* 

M. Kepis Paper...; 29ia 296* 

santo Fe ln>ls I 323* o2L 

Saul Invest 61* 5U 

Saxon lixi<i | 63* 51* 

svIHicBreiring-j 104* j 10s* 
ScitiumberKer ._. 88U I 8:12 

sen xaig i8i* 

Scon P!ar«r 146* 143* 

ScpHI Mr* 193* 193* 

St udder Don. Cap; 73* 7 k 


Woiinronh ! 185* 1 1B3* 


Wyly 43* | 41* 

■VHrnu — 62 ‘3 J 55 

Zapata - ’.t« I 121a 

Zenith Itad ia 14 I 13^ 

U -S.Trea*j43 I86C 1941? > t94i* 
CS TrwisA{2J76rffc'| 1793* . t79s* 
b'^. EC-dav bills.) 8.76^,8.681, 


CANADA 


| AMtlM Hi fKt .1 163* 

Agntan bagle ... Sia 

A lean Aluminium 39 
Aluoma Steel w ..j 253* 

Asnestw 435i 

Bsnlrnf Slonneali 233* 
BankNcoahcottai 22 
Basle Heron roe*.. I 3.90 
Hell Telephone,..! 61 
Boir Valley ItkU 19 ig 


developers, Queensland Mines and merged with the -NDU joewroaper 
Kathleen Investments, were well group, fell FIs to to Ffe 275. • 
supported on Deputy Prime State Loans improved. -in. -quite moKTKJ&al 
M inister Doug Anthony’s state- active trading. . 

ment that agreement on a start A/tilan 

to Nabarlek could be reached i -Ultui .. , • . - industrial 

before Christmas. Queensland Bourse pnra further retreated; OomMned 

rose SO cents to A$3S5 and with dealers attributing. : thte 

Kathleen 20 cents to A$2.70, decline mainly to the worsening TOROUTO Comporiso 
while elsewhere. Pancontinental of Italy's political and economic 
advanced 50 cents to AS 12. 00. position along with the recent 
CRA made a short-lived gain on intematumal tension; . . - , 
the strength of the interim pro- ANIC, against the- trend, 
gross report released yesterday recovered -L325 to 36.90 after -last 
morning, on the Ashton diamond Friday's loss of 1*1035.- •• i' - 

venture, rising to AS3.51 before I n l. anilM hmv -- ' ' - 

reacting to AS3.43, down a cent JOflSUlIieSDlirg •. 
on balance. Northern Mining, a Gold shares were easier-inclined Anatnuoat Y 



Junior partner in the venture, put on lower opening Bullion price pg i gj mn (3>; B7.60 ! 97JS0 

on 5 cents to A$1.43. indications, although some Iseiubs "_i j 

Isolated features elsewhere later nicked ud on small locat and Deaauukii 9(121 1 0O - M 


hot Combiner. 20 U ' 19 t* 


ikaigmm 

Sexrie iQ JJ.j i 

Sear* Kuetnick | 


20U , 803* 


lm«. Moro i 311* 

Amer. I'e>. A iai.l 61 

Ametak. I 30 

AUF ' 17i* 

A SIP ; 321* 

Ampftx 15 

Anchor Uovklut.l 271* 
A/ib*user dutch. 24 

Armoa. | 19 

AjiJL. 25ij 

uti 133* 

A«m , 14 

Aabland Uli ! 431? 

AU. Kichifeki f 531* 

AiHoDuh E*ro....l 291* 

AVO ! 81* 

Avcn ; 23ia 

A too Cron net t... I 661* 
Stalk Ou B-ect-. j 243* 
Bangor Pant*....; 213* 
Stank America-, j 241* 


B.G.AG ; 273* J 277* 


Luckv Store* j 145* i 145* 

L'keY’umjBt'w-n.l 8 ! 71n 

UarJUiilaii I 87* ! 9 

Macjr K. H. ' 37lj 375* 

Mol EUrurver 1 a4'q 341* 

liepco _.j 301* 303* 

Maiatbon Oil.—..! 62 513* 

Slanmi AUTIand.i l5lg • 15 
lUrehali Field-., 161* | 163* 


CibDCO j 337* j 5*1* 


81 Paso Nat. Ga*j 14s* 


Umersno bl'ect rkr 34&g 
Hmery AirF r'hrbi i 2 1 

blmhart — I 343* 

b.M.I _.! 3 

Kngellani 863* 

luuharb - 253a 

Why ! an* 

Boon ! 52i* 

Fa i run i td banter*! 501* 
red. Depl. Morel a3J* 
Firestone Tire.—! 123* 
i-M. Nai. bOR-m.; 261? 

F.exi Van ! 16 

PiliKkote. , 271* 


8 7ia 
87* | 9 

371 2 375* 

a4i« 341* 
301* 3 03* 

62 515* 

isi 5 ; is 


6 hell Oil ! 513* 


Shell Trans[nrt..l 44 li ! 45ia 


Slew] — — 


dljjfwle Lorp | A4i* j 341* 


Banker* Tr.N.y.) 3$7* | 331* 


Baxter Tmvenol. | 
Ueatnoe Pu-jd™.. 


Beetoo Dicklnsooi 33 


Uali A 1 

Mend ii * 

Benguet tirnu ’B'j 


FJLt: 

Ari Motor-.'. 

ForeoMM Mcu_.. 

Von -ore — 

rtankiln Mini ... 
FreetKM Miner* 
Kruebaol. 

Foqtta Ind»— 


'■ am* 1 

aosa 

; 4338 ! 

33ag 

, Z8S* ! 

23ti 

405, ; 

4113 

181* 

181* 

321, 

33 

1 73* | 

7l 2 

i s® 4 * 1 

24T* 

8833 : 

29 

! 9i a : 

91? 


May Depz.Biom; 23 ig ' 23i* 

lit-'A 371* I 36 

McUenuL4J_ , *4 | a. 4 

MaDonneii Ltau*: 29 !* 285* 

MoGraw Bill ] Mil* ! 215* 

Memorex 30 ■ 30i# 

; 59ii j 

Memil Lynch — j *71* ; 171* 
Mew Petiuleumj 28U . 281* 

MUM ! 403* ! 401* 

Vlmn Mtne&lit*' BBS; j d9i* 

Mobil t'orp...^.... C8S* 663* 

UuosbMo.. 1 5138 62 

U<W£*U J. 475* 

M.oton>m__. — 43 


simplicity Pat... 93* 

wn/nr 14 

5mirb Inter—.... 43 

smith Kline. B5lg 

ao'itnm. 31* 

souihik»*n. j 305 k 

| > HJliiern LkL Wl. 24 1* 

Millieni le ' 141- 

rstlin. Nat. Kc*.... 321* 
southern Pacific.: !*8 7 0 
aouLbernttalKvax j 48 


93* , 9 ofi 
14 | 14 r* 

43 42U 

bSlg 85 

si* ; 3 

305k 1 3 He 
241* : 243* 
141- I 141* 
321* 32 

287* t 281* 
48 | 475* 

28 1 2 1 29 


BP. Canada— ..1 18 

B numan ,. 16 la 

Brinoo 18. lu 

UalRaiy Power.. J 38 1* 
Uamflow Mines— | 15j* 
Canaria Cemank.i 123* 
Canada NW tiin^ 85* 
CanJmpBlt Comi 2w 
Canada lortuKt—' 22 

Can. Pacific 1 223* 

Can. pBdfc Itrr-I 22 
Can. Super Oil— 1 62 


Isolated features elsewhere later picked up on small locat and Denmark C| 
were BHP, wdiich moved ahead 12 Overseas interest - _ , 7a « 

cents to AS&S6. and Westfield Mining Financials followed! the 
Properties, 40 cents stronger at earlier lower trend in Golds^ but oimimavtt^ssno 637.60 

a cur an " — * ■■ 


Hong Kong 

Share prices continued 


A$flB0. Diamond stock De Beers gained . > 

6 cents to R7.58. Platmtims were Holland «*>, B5.4 ®-0 

Hong Kong *1* 

Share prices continued to while Coppers recorded' minor rtniy (j|) tul 7LB4 
retreat in moderate activity, but losses and a softer tone prevailed ^ ■ 

closed above the day’s worst. The in Industrials. Japan Co) 44L03 43aai 


NOTES: Overseas prices shown below and/or scrip issue, e Per share, f Francs. I firnmimm 
exclude S premium. Belgian dividends a Gross dlv. %. h Assumed dltidaod after 


arc after withholding tax. 


scrip and/or rights Issuer ' 8 After local 


fmrUoo a 20 a 20 I ♦ DM 50 denotn, unless otherwise stated, taxes, m % tax free, n Francs; fBcimUng 

yifllOf J KC0ti. IripMff HicmI nn nor ditHfiondc nlno tor TTirilnr ffhr flNnm o «c TVir 


toniar AKbentooJ 


au I yields based on net dividends pins tax. Unilac div. p Kom. Q Share'suUt. . s Div. 
- i fe Pia 500 denom. unless otherwise stated, and yield exclude special payment, t lndl- 


— 493# I 4468 


Sale*. CbemkauJ 26 
NatKnal Can j 151* 


Bethlehem aum.[ 204 


b-xck A Ltoofcer..! 


BuueCaaoatle — '■ 26kl 

Burden 271s 

done Warner • 303* 

BranilT ini ; 123* 

biaaean 'A' _j 137* 

on-tcN Hym....: 327* 

d Pet A Dnt K.... 163, 

Hrockway Gtari.^ 29 U 
Urunrwwk ...... 135* 

bucyru- Brie..—. 163* 
Uu 'ore Watch..... 66* 

Burlington Nt ho. 393* 

Urn-rough. 73 

t. Am ptieil Soup— 341* 
Canadian Pacific. 195* 
Canal Haodoiph.. 91* 

CarnntloD 275* 

l*mo A (ienetnl 203* 
Carter Bawiey,.., 17 1* 
CaterpUlarTtauUI 581* 

CU9 I 64 

ita.aneae Corva— I 39 i* 
Uaittrel A a.W.. J 141* 


gjuf — : sou 

Gannett ; 43 ij 

Gen^mer.Inp. -| 101* 

G-A.T.X. — ; 26 

uen. Cable- .{ 1512 

lien. Dynamic*. j 70 U 
Gen. Ktectn».„,) 48 
Urn. Foodb— 02 1? 


| Sal. Distiller*....! 
Nat- Service lo*i., 
National at cel— 


aoutbiaufl. aBiz i 29 

iVl Man? hare*.' B6l* ( *61* 

5|»ny Hutch : 137a ' lo>, 

a[errj Kao>1 : 42i* 42 S* 

>7Uil*' I 28t 3 I 2#/* 

BtaXKlanri Br*D>i.< 235* [ 2da* 
aW.Uiil'«iil!uraia| 46la ' 44U 
$tn. Mu Indiana. 623* ■ all* 
CM. VII MOly. —I 3512 ■ 37 u 
aiauS CbeniUtal— I 4li 2 • 41 1* 
starling Drug....] 141* l4ig 
6tudebali«r_...— I 656* ! 635* 

Sun Co. 385* 385a 

a‘unatrand„. J 43 

jyntex 303* 30 U 


t-hieirain 25u 

Comiiico s4 

Ojiia ttubnrau./ a4i* 
Conaiimer Gat.— 17 ■* 
Utaewa Keeoarre^ a.12 
i'uuain......^^ 1 113* 


Jf. DKr IDO denom. unless otherwise stated, .caied div. a Unofficial trading. ® Minority 
>!■ SwFr 504 denom. and Bearer shares holders only, v Merger pending. '• Asked. 


unless otherwise staled. r i Y50 denom. t Bid. § Traded, t Seller. ^Assumed, 
unless otherwise stated. ? Price at time xr Ex rights, xd Ex dhidend. _xc Ex 
of suspension, a Florins, h S chilling s, scrip issue. xaEx alL a Imertm' since 
c Cents, d Dividend after pending rights Increased. J ■ ■ 


! 4I* a I GERMANY ♦ 


IfemaMi Mtnw...j 73 
t>'nie Min«i — : BU- 
Diane Peirotcmn 8H* 
LMminwn Hrtrtaei aB 

Demwr .: I 22'* 

Du|wit ! 161* 

KatoongeNiokei.* 54 
K«*nt Motor tko-! *76 


261» i Natomna — 4U« i 393 4 


j Neptune Imp : 

| New Kngland K.. 


i.vntex 303* 

rarbnwoior 11 

lektnmlx 431* 

Vei&ivoe- ; flit* 

leer. —i Si* 

I'eaMO SI 


General Mill*. — ! 29 ig 


| New Bngtand Tel : 32 r* 1 323* 
Niagara Mobawlij 141a 1 14lq 


General Motor *. j o05* > 601* 


laaorv Petroleum' 


ileonaur ^ 333* 

OiaatYel'wknlfB- 12 
Gnu Ui I Canada." 315* 
tlaw'kerSid.CSuj.' 8 

301* | bin linger 41 

HomeUil *A' .! 40f- 

HirioonBay Mug 1 211- 

Hndaoo ] 81 

a«l : Undaou Oil Adas 41 

3Ua* ) l„V.C. 185* 

o 1 ImaaCP..— — i 36 


text*.' 25>« i 


I Gen. Bub. Lllil j 17 1« 


Gen. Signal r 26i* 

lien. I el. Elect 281* 

Gen. Tire. 64 

Geneaoj. 1 45* 

Geccgta I'aribc — 1 26 is 

Ueoeourre 1 24 

OewytiU J 381* 


Niagara bhare....! 107* 
A". L I nduatiiea..: 19>* 
AonolLStWeawrnl 22 1* 
North Nat. 351* 
Nthh. Ota lea Pvr 235* 
Nth west Airline*! 255, 
Ntbweat bara-orp; 1461* 
i Norton 6ixnon— ; 163* 


Droulcntai fc'euoi! 


Ceriamietti— I 185* 


Ce*ena Air vail | 37l* . 364, 


Gillette.— — ; 
Goodrich B. F— i 
Goodyear 'lire....' 

Gould — J 

Uiace VfJL ; 

GrUlttan Jtac£ea[ 
UrU North Iron.-] 
Ureyboomi ..—i 
Gull A Weatern..! 


1U1* i 181* 


Uptivy Maine 
Ohio Edison.. 
Ulin 


i 241* , 2(27* 


28i 4 Oversea* Sbipa... 1 22ig • 235* 

995* i.'wooa Coming...! 275* . 26;* 

63* Owenalliutou....: 19i* * lUt* 

251* FacrecGas — 22 ■ 2xt* 

Hi, IVi tic Lighting., but* 2t03* 

121. rtnPwr. A LtgJ lB5a I 195* 

22ig Fan Am Word Air> 71- ' 71* 

673* FhrVer Hannitm.- 24a* . 24J* 

3Hg j Feebod.v IdU _i 21ia 2Q1* 

151* Fen. Pw. it. 20 U 1B7* 

31i* rFennvJ.C od5tj 53t- 

375* j FeuQ«-il : 291* ; a8i* 

3471* Peoples UruR—.] 10i* , lUa* 

I People* Gas. : 327* . 32>* 

813* ! Pepuro 263* ; B61* 


Champion Inter... 20i* < 21 
L Dae Mad bat Lan. 505* j 301* 
Chemiuti Bh.NY.i 38 38 

Cbotahrgb PnndJ 231* 233* 

Cbeaaie awmi...i 27i* 871* 

Ubi sgo Bridge...! 56 I 545* 

Chrysler Ill* j 103* 

Cmc.llila.roa— i 291* j 291* 

UlUjorp ! ItB'a 251* 

Citiea Service—... 64>* ] 633* 
Citv Investing....! 141* : 137* 
Otavetaod Cliff 261* ■ 26lj 

CooaCoja. — I 43 1* • 43 

CiMgalePaiin J 171- I 17 1* 

Lsi- -in* Aik man.., 95* | 91* 

UoiumbM Gas..— 261* . 263* 
Columbia Pm.... IBi* ( 1&3, 
Com. In 'Co. of Are 165* j 165* 
Cotnouauoa Kng. 35 j 341* 
Corabu-tioa Kq_ 111* : 11 
Crn'wtu Edu-wiJ 281* ' 25 
Comm, ctaierhte. 393* . 597* 
Computer Scienc. Ill* ; 11 
Conn Lite lru— ... 363* > 35t* 

Coarse 147* | 14** 

ConEdiron NX...; 221* 1 22i* 
Con -Li i Food*..—. I 231* 24 

Uonnii Nat Ga*...} 347* • 34S* 
Coo ?u met fVwen 22 223* 

Lsrutmenbu Grp.! 26s* \ 281* 
Continental Oil..' 27t* i 265* 
Uonuneotai TeW 151* , 15 

Control Data j 325* ■ 33 

Cooper Indus 44** . 45 


Gull (Ml ; 235a 


Halibartm— .„ 


bantta Mining...! 321* i 3H* 


UMnuchleger , 15 1* i 

fcburis Corro | 313* 

Heinz H. i 38 1* j 

beubeln : 27tj ! 


! Hewie Packard...' 83 
' Houday Inna— 191* 
Hon nesiafce— ...... i 33 


f'!" I lexH-gult ul 

JS? 8 I !*>*■ Barter#— 35 

| leuw Inat'm i 831* 

I rexru, Dili Gas... , 261* 
| lexaa Ltilttiea....' 184* 

limes Ins. ... 423* 

£°. : Jlme* Mirror 305* 

f?Z* iTlmkeu- 461* 

; a | Irene 39 

Iretrsmenua 15a* 

Iran*.". i 195* 

[Iran Union 1 31 

*“' 3 [ lmn-«a.vlnini— : 22'* 
... * Tren Work! Air..., 183* 

Ira. veers 313* 

i'nConiinemal... 183* 


fc S. ! Imperial Oii_ 22l*i 

tlm.»-A- - I 19lg 



Guteboffnung. 


g-g Kubota I 299 -4 

2-6 Kj-oto-Ceramlo— 1 3,360 u...., 


In i "n Oil A C»a».‘ 

iku 

hOiu Cen t nix Fox 


ilnda ' 14 

In Lam l Nat. Gas- 11%, 
?”? a lut’p.v pipe Linr 17 
Keiaer KeMurrer 16S* 
5 Lauri Fid. Corn..* 8 
Lot-lau Coni. ‘B'l 4.4S 
Memd'D Bleed _.| U25* 
394* Mame,v Fe rguso nJ 11G 
McIntyre. .J 251* 

Monte loro • 3b 

" * Mount* in sitateK! 8.71 
Norm. la Mine.—) S4J* 
■?.* i Nntueu Knergy— I 164* 
*i.r Nth. lel«om-..‘ 36J* 
J/, 3 NumacOil A fj** ! 25 
41- 1 Ctakwwid Petri'Dj 4.00 


Hapag Lloyd 1 99^j -r 1-6 I4JW 7.0 Matanahlta Ind. J 779 .48 BO 

Harpener» 168.5;— 1.5 M6.76;i0.6 Miwnbbbi Bank. 280 10 

HocnhA 133.1-'— 2.4 1B.7BI 7.0 MUeubiebl Heavy 120 18 


Pacilb: Capper lli 1.00 j 1.82 


C.A.L. 1 A3 1 


Honej well.— , 62 


Hoover —..j 1U7* 107* 

Hcbp-Cott- Ames 1 287* \ 285* 
Hoiwron NatGa-; 2dij ; 223* 
HunuPh -AH-'lim 12 ; lie* 

Hutton iff.* .).....; 167* , 167* 
l.C. Inrturtnee— : 261* 1 261* 

iNA ! 577, : 37l 2 

IngenoilMand— .) 54 13 | 54a* 
Inland Steel—... 1 45 ■ 34a* 

InidkM. , 123* : 131* 


577, : 3712 


1 1 Perkin KJmer. 24 G 

Fcl 54 i, 

i Purer a3i2 

[ Pheip» Di.dge.. . ' • Km* 
[ Puiliuieiphut Ele., 1 1 

I Philip Mnrri, . 68 is 

j Piiiilip* Petro'm.' ell* 

! Pilisburv ■ 38-'* 

j Pifney-Bowes..... 1 2412 

j TitAon - | 177* 

PleweyLtd ADKi 20 


1 1'nlarrHd. 481* 

: IBM j 268.5 268 i Potoi nee biro 14U 

1 lull. Flavour*— „! 255* ' 22i* j l’PG loduame*-! 263* 

J JnM. Harrerter-.' 351* ! 34 ! Poa-ter trtrnhJe.-' b5J* 

luM. MJuACbnroi 36 1 36 : PuD. •ier. Elect... 1 2d 

IdP. Muitltools..! IB 18 'Pulmiia- 36 

luco— ' 161; , 16>« i Purex..— ' 

I I nti. Paper : 41 Is 411* [ Quaker '.tati... j 

j Ion. Modifier ; 93, > 10 1 Kapld American. 1 

InuTei.&Tei t 271? ' 27’8 , Itavtheacn 

[ lows Beei....— 385? 36tn j Kt A 


L’AJICO — ; 40 

Lfcl 18«* 

laiierer ' 4412 

531" I L niiMtr NV ' 59 

!48l* j Lnion Bancorp- vs 7 
1U5* : Uruon Catt-Hie— . 36G 
321* '. Lm-yn i-oninsesce- 8'a 
261* | I'ninn Oil 5Ui 

1 I ni'.ta Paeittc— . . 54 * 

If** . L'nltoref bs* 

ijj, • L mien Brand*. . 9'* 

og * I s Bancorp 27lj 

1 1 t>(rl plum 25 .'a 

*bi . L'^sikv • 23 

jjg.,5 L» Mcei • Vs3i* 

*q,_ l "» lecnnnins.e*. 38s* 
221* CV iniluArwt,... 18 
17-. ' Virginia Elect.... 14 

Soia • "'3iifiwn ‘ 

’ ; UaiiwcomiiiD.. 41-'-* 
4g a . ■ Warner- 1 «mt>ert. 

. W a- 1 tr- II an 'mem 25 1* 

27 ■ Well'. Fargo 281* 

SSi, . Webern Ban.v>n t5s, 
22U ' Western S. Amei 25 
■ iVeriern Lniou...; ltoig 
Ibi* : W*,un a h-*e Elec; 17 


! Pacific Petrtleum' 44 
' Pan. Can. Pel'ir 1 34 

j 111 lino- tdO'a 

I People* Dept- •>. 1 5s* 

; Plm.-e Can. A OpJ 1.90 
P1«L , etDevei"pmr‘ 

; Pnwe\.(rtVTBt'Bi 187* 

Price. T23 

! liuefe: Mureaw 1 1.40 
| Hunger Oil 1 147* 


HoeNfh......— .61.0;— 0.6 

Horten 158^>— 1.2 

Kali iimi Bair 141 f— j 

K»r«tadt 323 — 35 

Kaufhot — 250 —2.6 

Klorkner DMlOu.l 94 i-0-» 

KHD j 200 -3 

Krnpp..— ..... 1 105. e3 — 

Guide 279 r-4 25 

Livrenbrau ICO.... 1 1,590 +15 25 

LutWuuwa. j 93.5|-0.7 9.5< 

MAN 1 223.81—2.5 12 

Maanearuann 176M 1 — 2.7 18.11 

Mebillgwi 242.5i—3.6 10 

Muncheuer Hock. 639 |— 16 
N'evkennaaa....— 165 1— 3 — 

PreuwAK DM LOO. 187 U* — 

UbeinWM.BIeu. 179.0— 8.3 ~ 

sehenng 86U.7|— 1.3 

BtemfOv 294.6,-4.3 

cudZucher 258*l 1 + 0.0 

Ib.iweuA.U 120.2—0.3 

Varta 1B7.&— O.o 

VKB.\ 128.1,— 1.4 

WreireJt W«.lUk 296 1—1 


.61.0;— 0.6' — — Mltanbiahl Corp.. 426 
1584}i — 1.2 1 9.36 2.9 Uitaul A Co.—— 296 
141 f— 5 14.04 5.0 Mheohoabj 617 


I— 3£ 183^41 3.6 Nippon Dcnao. 11.640 

(—2.6 1BJ2| 3.7 Nippon 5 bin pan _i 860- 


10 0.4 
18 | 8.4 

16 l 2.6 


36 0.6 
BO 1J3 


18 6.0 
13 1.1 


20 0 / 
40 U 


_ .' — (ES — — Nissan Motors— ' 676 + 18 18 1J 

200 -3 1B.7B 4.7 Pioneer 1 1,650 +80 48 U 

105. +3 — — Stanyo Betrlc— 260 12 2.i 

879 r-4 25 4.5 Bekiaui Prelab — 980 +16 30 Li 

,690 +15 26 7.9 Shiceldo Jl.330 20 0/ 

93.51—0.7 9 J6| 6.0 Sony- — 1,610 +60 40 Li 

223.5>— 2.6 12 8.7 Tkiiho Marine—.. 269 +1 11 8.1 

176.8*— 2.7 18.18 4.9 J^oda ObemlcalJ 443 16 LI 

242.5*— 3.6 10 2.1 ..2,060 +40 30 OS, 

639 I 18 1.4 TWjin 1 120 I 10 4j 

165 1 — 3 - - Tokyo Martnci.„.| 529 +5 11 Lt 

137 1—4 — - Tokyo Elect PnwV 1,020 >—40 6 3J 

179.0—8.3 29 7.0 Tokyoaaoyu. , 363 +12 12 1.^ 

86U.7| — T.3 28.14. 5.4 Tore.v 193 -3 10 3J 

294.6.-4.2 26 4 J2 Toshiba Cotp_ 131 +2 10 NU 


258xi l + 2.0 2HJJ*. 5.2 Toyota Mmor—.l 865 [+17 | 20 | ; 

Varta... _| 1 b7.9,^o'.o l^itj Source Nflrira Securities, Tokyo 

VKB.\ 128.1,— 1.4 9.38| 3.6 

Vo^t^-. UI, J 240.o!— 3.5 25 1 6^ BRUSSELS/LUXEMBOURG 



. K'nal Otenli.iuta— ; Ills 


1.1 umj 

r Myers 
' Sew* 


Kin AG.'-ru 

H-rnu Bk. oi Can'. 


Kora 1 Tn t «i ! l&o* 


1 Div.; 

Price + nr I Fra. rid. 


I Li Inornstional^l 11 


Kapld American. 1 
kavtheacn 
Kt A 


Vs- -a ; Wevaeu 


Ilia ■ kernibcii Steel— 


I Jim Waiter : 26a* ; 26a* ' Kewrta Inti..—... 37b 


Weverfiaeuser ... • 

. Whirlpool — 

White Lon. Inrt.. 

■ William cm 


svepi rcl iew-iirvct f 

■ tawisni* 

siiell Lanao*.— .. 
sbcrriit l.-iliae- 1 
OmlflOs U. I 

. .‘rim p»nu _ 

'l'.' , :l of UDK'la.,' 
M+p li'Vli I-tjo.' 
leiac.iCaDaoa... 

1 lnpK||r.Unn. III. 

. lianM.anl'ipel^i' 
Irens M.-.ini Opl ' 

■ 1 n. 

Loivu t.a* 

1. ill Siyvs lliup- . 

1 " alkci Hirarn_.. 
West t_oa*I (Dsn-* 
Western Geo— ■ 


AMSTERDAM 


_. Art taJ '2.230 _ . 

'Price . + nr ■ Drrild. Herbert ••B'"....^.iB,o55 . — 5 'lib 1 
Nvv. S 1 Kla. ( — ! H I i CJJ.lt Cement... 1,180 1-4 100 I 

1 1 tiockenll 411 -8 ; — 

Ahnld tPl.2di 112 ' MiB [ 5.0 KHK* -.-'2.320 | + 5 177 I 

Aki.ifFi.SU. U9.1— 0.11 — |— | tiiecthHtair |b,91U 1-30 *30 I 


!- 10 , — j — 
-5 116,4.6 

1-4 100 8.6 


Ak<<i fFl. RJ| £>.l. — u. 1 I — I — | mccbr retail ....— — |D V U*(J 

AigemBnk (Fl.lOCi! 369.5.4-1.5 lA2K| 7.71 Kalmnue Nar 3.100 

AMEV fFl. IOi. — . 87 ;-0.3| BO : 6JJ-U.H. lunu-Bm 2.iAO 

Anro+ank »KIJ£tr»l 76.5 -rO.3 -Adtti 5.9 i Geraert.. :1,314 

Uienliiirt. I 94 1 — 1 I 2b " 5.3 * UULiHmx Li— .'1.B10 

u-.'ka WerimiF.li-i. lal ' j B2^l 0.2 : dijbTbeii ...— ..,,12.655 

BuUrm' leu erode 1 71.3—0.2, 26 1 7.3 j lnteiuan- ...LL30 


1-30 430 
-ns 1 1 ir\ 


Wisconsin Elect.. 25s, 


t Bid. t A'ktd. S Traded, 
i. Neiv Muck. 


Anro+ank (KIJBi’l 76.5 tOJ 

Bienliiin. 1 94 • — 1 

BubaU'erIimF.li>,, 111 ' 

BuUrm' leu erode. 71.3 — 0.2 

L'L«,>erfFL2t».... 275 —15 
KunlsN.V. bearer 1 149.5-*- l.f 

KnrCora NrFl.iKi- 71 

'.i L-u,l Uttve-ic- F ■ 36 JS— O.b i UO 

HemcLcn • Fi. 3u«.l 99 - 1.1 ! 14 
Hin*!(.rco>iFi^Oi| 57.8 -r 0.6' — 

Hunter li.f Fl.lOUji 22.9, 12 


|-46 170 | 6.5 
— 150 6.1 

.—a : 80 6.5 

10 ; «o I 6M 

-20 170 I 0.4 
,+ S ( 142 i 7.7 


iim:!! sillies m .ts-MK 


Turnover Cr.79.0rn.' Voiame fejnb 
Source.-. Rio de- Janeiro -6S.. / 

fti 5 JOHANNBBURG - •> 

ta.3B — 4 • _ • MIKES • ■ •?- v 

tL64 ^ sJo American Gorpn. ' 6 J 0 -i 

talie rfii ComolldHed 3J0 

tom ” LflI DrteftWelil -jbjb'.' -^4 

SS «!.-rSSSL H» tJ 

ta27 KjRroBT-. * HS.-/ -t9S. 

. SO 96 +0.01 Kloof ■ • ■ ' ‘ - yS - '• rti. 

tLl 1 t*AT RufitenburE Plafinmn -LX± 

to J7 — St Helena — isja , 

IS’Sf rr; Sooflivaal 

If'SS "H, C * W ■ pteW ® SA -,— 2+fS - HI'.*. . 
71.65 +Mi. union Corporation .•ur^A-' * 

In'SS ■' — Pc Bgcrs Deferred 7AB - 4^-' 

♦O'®? BLyrooraUzfadrt a S3 

♦1J6 East Read pty. 

♦L66 — ... Free State Cedold ^ : 35^25xirV..?inrr 

fO.ll K-f.01 President grand' Tg-ntni • ■ v **6 

1 tO -38 -o.B* President Stern . lSJRplr.-'j^ta 

I tL76 [ StUftmtehi • g« • —a .. 

♦2.76 ; i Webcam 4.70' '-+0 

♦0. 69 ;+L0S W'est Driafanteln — ..r. 43.06 

♦0.32 Western Holdings ; ffS.Mxd 

SOJ6-J Western Deep M.W -H“ 

TL80 Mlo* . INDUSTRIALS - .- ■■ 

AECr tsi -fr 

tL& 6 ® nj ^°* Ainer - iBdwirixr ... iloo: -5 .* 

— 11.00 ,tafe Barlow Rand' 4SF' ?■¥$ r 

C?4A -inve gn we mu f*5a. ' Ht •: . 

i Currie Finance 

+ at U1r.l1*. Edgars Consolidated In v— "Lis ' . 

— Frit 1 * Edgars Stores 37jfr- - ' 

— — EverReafly SA ;.JtrT '+f 

<36J' — 3.6 hi * 1 o.h Eederglc VoBcsbeJesgiajtB— . SLIM +• 

-1 21. IBi 6.6 Crearemiaaa Stores ; - Hi* 

2 iba: 4 ki Hutatts i, — ?.w *-» 


■ E-lflid ; V ' c 3 


° ° Gen. Haaque 4. 15U I 1200 1 6J5 

1- 5 !«g|« ESS™,. 

H'»»v 2.370 :::.:::j".io II c * nwnxr 


K.L.M, . 1 1. 100). J 136.5 T 2.7 


Ini. Muller (I30i z 
.i«(3ellie. Fl.KnJ 
Nature. LBkfUJXI 


46 h-1 
110.6. 


iS 1 I Tree! Ion hi roc — ^720 
48 • 4.4 j 1.194 


.wweun'Mjui 66.5,4-0.8 21 I 7.6 L uMiq. .LjOiT ,«u l_in ) ftrt J c a 1 *■*? 

5ii2:l v-Mii— «=u^8 ga;ats 


-.\2.IB &2 i;r. 1? ■ 

*5 1170 6^ 

|-*4 I — _ CtaUaacnlre. 


BASE LENDING RATES 

A B.X. Bank lli% ■ Hanibros Bank 

Allied Irish Banks Ltd. Ml% ■ Hill Samuel ... 
American Express Bk. 10 C. Hoare & Co. 

Araro Bank lli% Julian S. Hodac 

A P Bank Lid. 1 1 !■ 1 o Hcinskona & Sh 

Henr?- Ansbacher lllVo Industrial Bk. ,, 

Associates Cap. Corp Ui^ Keyser Uilmann 


Banco de Bilbao 


Bank of Credit & Cmce. 11 1 % 


Bank of Cyprus 31}^ 

Bank of N.S.W llj% 

Banque Beige Ltd. ... lll'Ti 

Banque du Rhone J2 % 

Barclays Back 11 

Barnett Christie Ltd.... 121% 
Bremar Holdings Ltd. J'JiSi 
Brit. Bank of -Mid. East 111% 

I Brown Shipley 11.1 % 

Canada Perm't Trust... Ili 1 ^ 

Cayzer Lid lli% 

Cedar Holdings ll;% 

I Charterhouse Japhet... llj'L 

Choulartons 11! "T, 

C. E. Coates Hi % 

Consolidated Credits... 10 ^ 

Co-operative Bank '11}% 

Corinthian Securities 1I5S» 

Credit Lyonnais 111% 

Duncan Lawrie Jli^q 

The Cy?nis Popular Bk. 3 J J °& 


l Hanibros Bank 11! *5 

l Hill Samuel §1U°& 

C. Hoare & Co. t1H% 

Julian S. Hodge 12i«& 

Hongkong & Shanghai 114% 
Industrial Bk. of ScoL 10 % 

Keyser Uilniann lli'Vj 

Knowsley & Co. Lid.... 12 % 

Lloyds Bunk 11}°J 

London Mercantile ... 111% 
Edward Manson & Co. lSJUi 

Midland Bunk - 111^ 

Samuel Montagu ....:. 10 ^ 

Morgan GrenfeiJ IIs^ 

National Westminster 11}% 
Norwich General Trust II!-^ 

P. S. Rerson * Co 11**7. 

Rossminster lll"o 

Royal Bk. Canada Trust II i% 
Schlcsinger Limited ... HJ'fc 

JE. S. Schwab 121% 

Security Trust Co. Ltd. 124% 

Shenley Trost 11 % 

Standard Chartered •>. 111% 

Trade Dev. Bank 31;% 

Trustee Savings Bank 111% 


Daw,- i 31.9 +02 ; 23 i 7.2 | 

Srf J . th ?T , .**-- : l 52'? + 2-5, ” • — 'SWITZERLAND * 

laVll.^,1 . K _Aii... 48.4 .0.9 — i — 


I' !■* K5.«— 0.4 1 17,6.7, Price 

IlinSilil er-'Fi.KV. 63J3— Z.7 1 — — ! Sor.fi ; Kr.. 

Uw*w iKlAOh— : 164.S + 1 , .\fiil. 7.8 

lixiin*., i Pi xvi.. .| 133.5 +0.9 . — . — j 

iM'ienKx'FlAI 122.9,— 0.1 , iy.3, 3.8 1 \mminmm I.OlS 

IbQKi lb«l..|iiFlLt. 123.1+0.1 ,5i./S 8.8 7 U Be -a' 1.335 

slavwKiiti- • 2a6.2|— u.3 au ; b.6.'iMl*GMfiv Fr.lfiuj 976 

>ir,uilVrii.iij,..l 100.31+ 3.3 ■ 27*. 6.6 D.J. Hurt Uart..! 756 

T. + \ • . F4-.H MOt 1 140 . SOJO Oja j Lta. Ifea ‘ S85 

J nlta, or ' ru'i. 119.51—0.3 ; 42 J 7.1 1 Crertit 5 u1m. '.2.170 

J ikiiiB K<s+. -Ji JT. 39 _5i .IHUO; 1.6 J Kl«M’iw*u 11.76S 

nnLDtr.H^pM,' 403 j+6 33 I 3.9 1 Fleeter l«enrg«, .] 535 


UmiiT Goni. Fr\-ej 132.i> + 2 
GrimriarLiire. 

Uumex.—.. . 

Fr.'PetnMf* 


,,Z I5.bj 4 * r-?* 

306 1-3 lies' 28 >**£■«••»• Bodway - 

751 1-19 TS *$*** - 

68U i *n jf vlu ^ fi**"''* 1 — 

2.099 '—2 7a 1 aft Pretnlpr MilUnz 

a833—()3 a* (J og I Pretoria Content 

995 >9 KM .7 PrtTea *««"«■ — - 

439.6 t 7 m' i'o Rami ' Mines Properties ... 

is Eg*’*' Gtoaa - - 

133+i^.a 1 o i rTX setw •• ‘ — 


-:... 2. a 

— ta.iB r® 

' 8JB' 

..... 

— SJ» - 

.4.73 

..... .w •■+#> 

1.30 ■ 

•... iLlO ,•>. 

.T.eo 

. — '-AiS- ' 


+ or ■ OK 
- 1 a 


Lfefi. OcL-ldeoHiei jee 1-0—1 j 103j +.V It4w? i 

I mere!—- ; T fLl--r0.1. 6.7< 9.3j42olwc 

baoei i l&O. 0 —2.3 — ; _ | 


tic-. : 


lb^*i I'lLt. 123.1, + 0.1 

olavi-nniiri: ' 3o6.2|— u.3 

sirvuil+rp.ii-j., .; 100.31 + 3.3 
l ■ • Fii.-.H I4"..S' 140 — _ .. 


,-20 [ 8 : 4.0 
I - 1U | 10, 3.3 
-lO ; 22 I 8.3 
'■15 2d ; 2M 
12 : 22 ■ ..8 
; - 1j . lb ; 4,'/- 
1-5 10 | a.s 

15 ! a ; 4.7 


j Crerfit SuIbm. .2.170 •- lj lb ■ d.-i Moulinex 13MJS> + 2.6J ! KMmmhar- 

j Klmrowxu 11.765 i-5 10 j a|4 ***** : 1 l » Mijjiuifm.* 

i Hofi^ 4 iHum^b^uoo i I ism I looi liu iEfi i£ 


COPENHAGEN * 


Jelfli>'ll <Fr. ICO. .i 1.330 
j Neale «Fr. (Ui, ... 3.U95 


ik. Kr- 2 200 :».pn fl i o 1 woo* Fwueoe — i U13.+ 0.8 1 -9, 7,6 

ftwj'frTlfcinC Oe«lh-mB(FJab;l;io5 .~2° ft f3 '^j£3tS‘^iJS' 9 Z2ta ^ 9,8 fe 

inner j - i % \% | FlreJuSl H *FJwr. ( 2B8 J IS ^ ^ ^ R 

: i 1 — !T« » *l?»SS553as=:i *■% ™ 


Anilfltaaslin— . , 
l%nrti> itank..— ' 
Wiit %*im h- 1 
FuiHirtbaiilcn.... 

llF^Kavii+r 

Furltapit 

Haiplri.i.taii^ ; 


1*0 : li 


I 1V+. PSrtWru.l 383 
7.9 , Sebum tor i I'FiUf. 250 


*10 1 He 
~.i 12 


126i* , -”.T— I 18 i a.S'Hol.wU fFr.lOuj 296 !+i""i 14 


o’.Tj Fechlney — 89.4-0 JB 7.5 4.4 

[fori l* fertrerkiMril-..; 30JO-6 1 10 L7 faw»5Mfe*V*— 

10 . i’S Ptafewnntrotaj..! 490 I-Mtaa 3* Banco ArtantteB U38B> 

-ao ' «? a'2 *-*W '-3.6-' - 

° of | T * Itadfa'SMbiwni^; 451 1 - 3 97 Barem Exterior 

Oft"!? 1 J i® MMouw77. 689 iaa 55 5*“° S***” 1 - 

:55 f-f Ubcne Potueoc miA+0.2' 9 ° & Granada «J«) 

4B./I 3JB bu Uubwu .□. 146.9-2.811438 9 b BsocB- Hlaano .... 

i-lrakteHcaMgaoU.-.i^QS -46 , 6b ii - 5 1 W a fc£!t ‘ toan 

! Sue*--- —I r*-2.0i— X +2S t Sia 5' 104 Mefllwrratooi* 

S? i S'i Tetamteankwei-j 775 —18 -1 2a.t .*^3 Banco Madr id 1 — 

,S 1 3‘® TlHtropn' Hrendk.! 1473— o.* lE.lhj ... 


HadloXeletiiiiviie.' 451 '-.S 

Madome. -j 689 :—i 

Ubona Poiueac — I 181^,+ 0.1 


Uliolatink...-...^,, 116 


1431* -J, i 12 J B.4:S'»iwmlr lf». Jo0> =+3 j 

1301*1 13 110.01 SwMoBnh'Fr.lOui' 348 l—l 

338 '—1 12 3.6 1 8 wlw, flienFr.jMK4.600 j i 

811*: + U*i _ I — ■ L'rdim ItanV 3.073 —6 I 

1Z6I-J -..J 12 [ 8.7 I Zurich Inn. 10.300 1 + 15nl 

2BO [ 18 ! 3J9 ! I If 

17915- 1 12 6.7 1 


2:5 swes 


fn ,'5 ! STOCKHOLM - j Banco vixem '7.:.'^- 254 ■• ' ^ 

in 1 310 L -— a- : j fmco Z^raswsno— Si - < 

i | uiv. :r .*. J Bsaiumioo m +-8_- ■' 

1 : - . - **??:* ’ ' I Amaor I — | Kr. j t • J Basils Andaincta 

| **^AB>Kr. = 40l— tB7 |+ l j~a.ja r a pi S ■* i \ 

I .Virelarai fKr30u . 145 +2 . 6 ('5.4 Drasadoe — , saz . ■ — : 2i‘ 

]AMBA{Ksitb-— ;L ■ S3J0+O;8 6 | 6 j 0 Manobanir - • &? 

! Mix* Copco (ErSi 115 +1 6 6M E. l.-Araaaroe-ga* *2 r — ^ - - 

I Bilfcsrud^™— J &0.0, +0L5 4 8 JJ E»l»B01a Zlbo- * — . Ml' - — ±ir *- . 

; tWorei— — J 118 d 4 ExpL Kio Tima — — ' 5530 

G«dov.‘_i._+— I 1 80- w S.7B JU ’PWI nJW> Si - — i*' 

WSSESsas fSf i ’ 


Banco Unmjo n+BWlLi S» 


Percait' 

: j*' ■ . 

338 ‘ 

, ' * -. 

xr : 

r ' ^Ml * 1 ■' 

av 


, *M •: 


* 210 

— 2-' 

3* - 


M* ' 

Pta ,fl ‘m 

243 

•—C 

. U2 


MS 


- 2» ■ - 

V 

29S ■ 


M2 

" * Nv 


10 2.9 1 
40 2.2 1 


Pnvattanli 

I’runnetwnL 


1261-J -...i 12 

tl.> m'nHjItiw. 200 18 

V-nlKalTl I 1 79ln- 12 

1 16 ”s — i-j I — 


-s_ > EO 3JI 
+ 160 44 8.1 > 


131 | — 

137 | 11 


Twentieth Century' Bk. 12f«& SS^lS ! 11 { li w 6 ^ SSS^^rr^. }S !.«iIStS3t SSaT” ~ l* 50 - **%.■?* : 

United Bank or Kuwait Hi% ; \ 1 , U ” 1 ~ ^ t gg g - ~ZS v 1 

Whiteawav Laidlaw ... 32 % a MC — 36 "+3J6I — I _ Uecc'UeravKrhO; 12 1 .’—...IT! 63 j A* ' - • S • •• — • ' 

Williams & Givp'5 — 114% — — — I 636 (—2 j — BricwMi'B'jlboq;. iza. .*.5 >_ g-l e i o{ CniIM Vtataapex. *m> U5 _ —■■■■%. ?!*?•■■ 

Yu-ksaln Bank' JUS viemm* StezjSS? ! S3 ?!? S8Sfj2^a..» H i. f!« SSL ~ 2* ' 

•I.ikVin of lh>' AvtcpNiQI HP'tws -p- — ~r n — p-t- — ; - Urangea 64 .Q 1 _ •• ‘ . 

x ■ ln ' T 4- T ; Div. V..I. MrtjMmi 6 °°- 3-0 awSoHreoMo-.J .874 16.4.4 ftBrtrras.Rsmjldaa » .. - \ ' „ T 


9 - £ - MILAN 

BJ j;™ 1 -"" 

3.2 i ” 


FrtoeT+oi 
Ui* j — 


Eagil Trust lli% 

English Transcont. ... ll"% 
First .Vat. Fin. Corp. ... 12%, 
First Nat. Secs. Lid. ... 12 % 

■ Antony Gibbs l!I% 

Greyhound Guaranty... 114% 
ijrindiays Bank :'114% 

■ Guinness Maht-n . ll*% 


Williams & Giyp's ... 114% 

Yorkshire Bunk 1L}% 


VIENNA 


. - t Atlaa^apcdiK^oi H5' +| 

! Billerud^—. j 80.0, +a 

EHI TlSt 

» | Gudov.'— — — 1 ISO- i-..., 
_Z_ 1 0*1 lo 826 : 


Ure, % 1 — i i|a : M >#.T5 ijuifocM tu»e> 

Li CM lulorel-'— — L 226 . r - 

— I — Ktart'UerJB'fKrhO; 121 . . ITTf 63 | _S.£ I G * 1 -- Prertado« ._,^.. „ 

— ! — HrlcMW B*_< K10C5, 12* + 6 e l s.QfCrtuM Vatanmeg i*mn 

loO; 8.7 .’ 890 !-b ; R ? 




flrlKhcrs of th« AvtCDlinZ HO'CrtS 
vroniiPlf 

ijiaj 1 4f !»<;>:$ n . i-mnnib C^pO'iak 


iinctflvr. 376^6— 3./fc' — ; I U«rM.w ...\-1.123 ‘‘ZZ'Jjl 


i& •'4:3 » • Re * u »l'*«» — 


: iTiro^ Of flf-EIW 
un ro **• ’ 


r-div aw#":;: 0 : inros o 
•inJ uni. -i ?• ;. un fo S2 3. 
rfhil f»*r r:i iw»i 
•“tall 1.' Dtwli - •>'. *T ! I 9V* »s*i 
t’Kmai'i rt-3TOrt» ’’ 


Lrr^ilmi'll, II .. 

IVnn»"«cr.„ ., 

rvioti 

■wnifii!. .. . 
“i vi • iiKimifn-. 
ten lltureii . 


r i r « ' I^ntjilber “I . ojo 

“ ' «•*'; Petroleae ' '...L.T-T' ' 5*2 


Z a ' Paoajera T_’l .71 

snlare ; v 

‘•flSflwfiaa • 


1 Ti-w»mc* f? ■ Vi i\ 

. v a .£WTbv HasHmdt *■ 7* •• - 2i_ I fu 

-i 3 j “ -.'.l:: .t. . - « -1 

' :• - ® 0 rr- 


. v 

































lmportcuts 


Unfair competition harms ! piatilmi11 

, . , „ | price" 1 " 

meat industry 


SOVIET GRAIN 



*r wchard uower. 


- WASHINGTON, : NoV. 0. 

PRESIDENT - CARTER :> is 
expected' to impose . a- bai on 

siig.ar imports .from nations "not . _ „ . 

ls m JSh lB P’-oduction costs - ready access to raw materials at 
s n a g a>~ A «:V 'lMtuCoiiM! frS S IJ'S 1 eg £ s a °d poultrymeat much lower prices. Tbe report 

. U.S. Agriculture and State BntJai x&B&t . industry from — rather than on the full nie- savs that canners of mn'^ri h*Af 

Department officials said no final making full «mtr*uUon to meat intervention price Such a based p^oclJcts buffer especU! I v 
decision haa yet been made, but -tbe-eoimtiy^pEO^eHty, accord- change would reduce the MCAs from this p - 

JUl*obaWe^ *«*&-" «port by 45 per cent. ” e r%im CriteL is not confined to 

-Qten soon ’to. prevent ..further oirt today. .. ■ A further distortion is intro- , h e e3§5 ‘urlcuUunl uoilcv 

eu?ar . imports non-ISA The meSt-and mear products duced by the coefficients used however The reSort urS ■■ 

njeraber .countries^ -,i- se<n W ,;,vw31ting, .^roup^ of .the by the EEC Cnmmission to cal- British meat urocessurs 1 

The most recent census bureau Food and- Drink Manufacturing culate the MCA* on pigmeat especially in the bacon srcmr 

£gures show ftat sugar imports Econoc^c " peydowneat. Com- products. These often overstate to fm prove the qu?i1n“ n?aS?^ 

from non-ISA nations, rose - to mtfftee beliefcaT the OK meat pro- the difference between the value in & His tri hminn and nrnmnt u.n ! 

118.000 tOOTfesbynhe- end ofjfeft. / particularly ff. the products, concerned and ^Voreduci P ' 

T pitt her th iff year, up from S5,DOO bacon atid ham. offers great tbe value of a pi™ carcase the K , , , . 

tonnes at' t&e. end of August ' ■a^^or^iniport saving. But it re port says. Bacon. h?m aSd cer- Th,s would renmre subMan ' ; 

Under, the ISA,, .-noa-member see&'no prospect of output being ism chopped products such as 
nations have -a Quota allowing rajgerL •• whstantiaily ■ “unless luncheon meat are affected 
fotar imports fixup the U-S. ; of ^injpetftion with other sup- in ,his way. 

|15,S10. tonnes forT978and-1879. -pliers can be -put on -to a fairer 
Although this_ is broken down basis." - . - -. . . r»' j 

into- 68,305 fpjmes for each year. Monetary ■.‘- - compensatory *-llS3ClV8llt3£6 
the U.S; ynll ■ ubc the 1 'total', in snifunjiiK 5 '. ■ iMHAd on- -niemeat t*k 

“wisrsuds JSS KUK.S 


tial new investment, the group . 
says, “and the industry should : 
consider whether ro seek assist- 
ance within tbe terms of the : 
Industry Act for a programme of 
investment designed to improve : 
the whole, industry's overall 
efficiency and compeiilivenps'i " 
ft New Zealand Iamb supplies 
0 f on the UK market next year will 


With suear imnorts aDbraath- - ■ - - SU PP»> sumcieDt quantities or me un marKci nexi year wm 

i n " thlr ff 1 a v P sef *th 6 wiifx^ir^ior.coinpEUtors. the manufacturing beef ai the right be between l.w .000 and 'JOO.min 

iicsin *»•>*« report says It. also- complains price, and the rpstrietinn nn im- tonnes, about the same as this 


nubta below 136.610 tonnes and ±1*'?- price, and the restriction on im 

quma P?JU W 100.010 iohdk fljal-.'uisuffiuieni - ^supplies % of pons from outside the Com- 

ufaC- 

disari vantage 
member 

• The-group' agrees with' the- UK These are suhject onlV lo the 
Government's assertion that the common tariff ur -J8 per cent 
.-.calculation of-, pigmeat MCAs while their suppliers. parricu- 
should be based on ■ the- .feed la rly those in South Africa, have 



Saccharin 
cancer risk 
supported 


year's, the NZ Me 3 l and WuuJ 
Board estimates. 

The lambing percenia^e w.is 
duwQ 1.9 per cent tn 9t j per 
vent hut this W 3 S cum pen. sated 
by the larger number of ewes 
put In the ram. The lower 
m: rate is blamed on this mjiii- 
mer's prolonccd drmighi. 


Barents Sea fishing agreement 


BY FAY GJESTER 


OSLO. Nov. 6 . 


__ WASHINGTON, Npv. B. . 

SACCHARIN IS clearly a poten- 
tial cancer-causing agent, particu- 
larly. among the young, according 

10 JL RUSSIA - AND Norway have policed by both countries pend- in industrial fishing tfish for oil 1 

..The study, oraerea by Cpngresa agreed oil Barents Sea cod and ing agreement on Continental and mean. 

La?t .year and prepared by .the quotas lor. 1979. Shelf boundaries. Following the eslablishmcnt of 

.NaTional Academy of r Sciences, ^ j n Oslo, the; joint The 1979 catch quota for 200-milt- zones by the North Sea 

sai ‘5 the young are more- at nsk jforweglan^Soyiet Fisheries' Com- capelin has been fixed at l.Sm iiaies. other t-ountrl.>*' catch 

betniase they are apr Iff -eonsurne^ "-nussio nJ ■fixed -the total allow, tonnes, of which Norway is to quotas in Norwegian v.-aier# arc 

s 3fdl arJI1 l 1 ? avi ?y able- catch Wor cod at 660,000- lake fiO per cent and Russia the eradually being cut. The Govern- 

pertbds of time an low catone tonnes. This- is 150.000-tonnes rest. Norway had hoped for 75 meni is encourapine cuasi.-.l 

soft- drinks. .. . ' Jess IhatLrtiBS.' year's quota, but per cent of ihe total. fishermen in West and South 

Tt. desmhed saeehanp^ 35 - 3 lM.OOO-tomaes more than recom- The Commlssian has al^o Norway to land more cod. 

• Jnw-potency . etuinog^n,- T_“ 1 tJ-'‘-ti 1 e n ^®"d. : .-l4> J .-the ^International decided io ban capelin fishing saithe. haddock and whilina 
warned. “Even low n» 8 . : applied .^ouiicir for the. Exploration of from M.iy l to August 15— a con- These fishermen, who have! 

to. : a - ‘large number of exposed -Qj c ggay tiCESi. - . serration measure that l? hitherto fished close inshore, a re 

ipepsonsi may lead tO^.a ipiWac . ft'grway argued tbat. a. 290 , 000 - expected to create problems for now buying the boats and gear. 
freaUh concern.’ ' -7 ‘ • ’ ' . tonne cut would create exees- Norway's purse seine fleet. they need lo operate further out . 1 
. . Earlier Studies. SsMcbrahpwea-.jj^g < jjpj c ^ x jj : tg 6 f Q j.ti^.in{iust 3 Ti'. Meanwhile. Nnrwegian fi'hei^ The ehangc-uver it expected; 
•nrasslve. .doscsj-, of -= saccharin though Russia favoured an .even men are increasing their take in 'create additional jobs nn- 

cqu^ed cancer l n . r £^ s ’ proniptea. s ft a rper reduction "fo help build of fish for human consumption shore, as processing and h 3 nd- 

tbe U.S. Food and Drqg Admim- U p S f 0 c ^g_ ‘ : , in the North Sea. where Norway ling facilities are expanded to 

stratirm.. to -propose that : it- ;V e ; :- - TTjjyicouivtries .wJU be aitowed has traditionally engaged mainly cope with the larger catch. 

Sunned. = - . ■■■ . to •: take -only flO-IKXktormes— 

V. „ rTimmT-^ f > fltOOtfctounes less than .tMs 'year 
U.Si FUTURES -mul -pf ;nexr year’s, cod quota. 

■mice 'D , i7<n/ s "MjC •'■' L The-;iemammg 57fl.‘OpOrtoanes 
CHItr. KtjilliyS ; wiJK b^ diy.ided equaKy -between 
Mr. WiUiam.Bagley. chairman, 1 Russia ’^and. Noiway.. Of' the 


By John Edwards, 

Commodities Editor 

PLATINUM PRICES took 
another pounding on the Lon- 
don free market yesterday. The 
Sterling quotation Fell by £b'.50 
to £168.411 an ounce £19.50 
helOW the aU time peak 
reached on WediieMiay last 
week. The dollar Muotaium at 
$332.25 Is o'er S5rt down since 
Presidenf (!arti-r*< a mi uu ce- 
ment of mea>iires lo defend 
the dollar un<I sk-j# up ^oid 
sales. 

By contrast there lias bccu 
little veaclion in silver to the 
sharp fall i» gold and platinum 
prices. The bullion spot 
quotation at yesterday’s morn- 
ing fixing was only n.7p down 
at 2 92.55 P nn ounce. 

Currency uncertain lies con- 
tinued to Influence i lie base 
mrla! mark els. Con per price* 

oh I he London .Uelal Exchange 
were boosted In arbitrage 
tniusaU'inil* of huiiiig in Lon- 
don and st-Hiim in York. 

London 'tilue* :.Ku held 

firm by copper -io.-I.s held in 
I .ME ii-flri-lluB-i* falling again 
by 4,059 tuur.es u, - A i^ial rvr 
.198.123 I on n — i*».- iii s; time 
stocks hate L-c »-ii kelnir -tOtl.iitlO 
timnee sim.-e Sep't-iihei- mt5. 

Lead slocks :ikj« fi-jj by t.jjun 
to Ifi.Tfifi tonnes. Kjii :5u storks 
Here up by 2»*r> >0 2.24 h IiiniH-s. 
Slanrfart|_ gnu!- rash tin I«*s 1 
£ 8 fl to £7-92.5 a inn in*, narrow- 
ing H« premium over the Hirer 
months quotation which lost 
£3*. S in £7,752.5. 

Zlnr stocks rose by 5ft tonnes 
to 77.5IHI tonnes, while L5IE 
silver hold inns increased h> 
480.090 In 2!.nilMKill ounces. 

Meaimh'lc the Metal 
Exhnr.gc heirf its i»rsi specinl 
“rinc” session for options 

yesterday. i»-iur to the s/art of 

normal trad his. 


Record crop hel 
Kremlin planner 





BY OUft M05COW CORRESPONDENT 


Bearer fishmeal forecast 


WASHINGTON. Nov. 6 . 


if the Commoditv Futures-Trad-. 90j00(J-t6Qhes re«eFVf for foreign- , ^ 

~nc Ctnnnrission, has’ resigned :ers,-15.OO0=ttmirBS can . be; taken WORLD SUPPLIES of fishmeal du-ied demand for fishmeal win : Multiple 
-lis position 
■.Nrivemher 
- lo a fetter 
»I*V Bagley- 

om a Los , . . .. 

ftfims Duque and Hazelti'ne,::^ Norway , . . _. . , _ 

ajesidear partaer oT ,4^ ‘ ^an, tries ‘tit .take up “to •.tSp^'t^nnes.? : : speech -;at the annua potential in t.hina and the Soviet 

’ran Cisco’ office. r ;V y , x ' ^ J^the-^ grey of meeting of _ World Fishmeal Union is largely untapped. 

-t enter j-.-. - x : -' .- - : .■ tiic - Barcht* . Sea - eurreotly Manufacturers. Mr. Eager pre- said. 


Retail nieat 
legislation 
under attack 

By Sara Davis 

A CALL fur a hall to consumer 
legislation gov..-ihin« tbe retail 
meat trade v.as made at a Meal 
and Livestock Cr.nir.tisy ion I’.in- 
feience in Maidenhead yesterday. 

Mr. J. E. \V,i llej . ass Islam, 
general nwna^i »f f A. Dew- 
burst, and chairman of the Food 
Regulations Cnmimtlee of ihe 
Foori Retaileis. said 


THE SOVIET UNION has esti- 
muied that this year's grain 

harvest will he more thao 
230ra tons, the biggest in Soviet 
history and abom lOra tons over 
the planned target for 1978. 

The estimate, disclosed In the 
cuiirv* uf a lengthy speech at 
the weekend by Mr. Alexei 
Kosygin, ihe Soviei Premier, 
indicates that the crop is well 
a hove last year's disappoint ing 
105.7m ions and considerably 
exceeds recent projections by 
tiu* U.S. Deparinieni of Acricul- 
lure. The final official figure, 
which will probably be released 
in .Ian nary is expected to bo 

injrgmaiiy higher ih.-m 230m 

Inns: jci-nrding to one l T .S 
analy-’l n muiil even lie u< high 
.« 2 it 2 in n*n*. 

Th-‘ fimiro has <iirpri»ed many 
'Veil, -rn wuriil ov;,»erts wlio h ive 
noi.al sliig-.ush harvesting in 
sumo key Soviet grain areas as 
Well .•■» ilooding ;n stnal! but 
import jnl .igrii-iilniral regions 
til e E’li'iiia The lush rainfall 
in soi iic of those areas means 
that much nf tiic oveuil crop 
will V of poor quality. 

One Fad or which may have 
confounded the e.vporis is the 
great siress this year on the 
nr-ori fur sufficient storage. In 
goud harvest years a great deal 
of i.Top goes tn waste in the 
fields, barns, silos and fodder 
(roughs. 

In pour vears. by contrast, 
even kernel of corn is preserver? 
in maimatn reciunal output 
quotas. M iii-o rigorous harvest- 
ing and s'*, rage could well have 
bumped up ihe total. 

The harvest figure is useful 
mil., as a rough and ready guide 
to iuqion ne>*>l$ and cannot 
really i«e vieved as an accurate 
or ab-oluio tmal. Some Western 


on tbe assumption that much of 
tbe crop Is weighed wet aod that 
it contains waste. If tbe crop is 
harvested at the time of heavy 
rainfall it will inevitably contain 
rocks, water and mud. 

But rhere is also a case for seal- 
ing up the figure. Since the pour 
crop of 1975 when Soviet live- 
stock farming leapt ahead of 
secure fodder supplies, mana- 
gers of State farms and chairmen 
of collectives have tended in 
understate their cron yields in 
order lo protect their herds Tmiii 

excessive culling. 

Moreover, because bonuses for 
above-quota deliveries of live- 
stock are tied to the number- 
recorded at the turn of ihe year. 

collective farmers are frequently 
tempted to keep animal* and at 
tii* same time conceal fodder 
supplies. 


Imports 


It is still roo early lu estimate 
how Ihe harvest wjll aft eel levels- 
u r Soviet grain unpuix-. from the 
U S.. Canada and Australia. The 
USD A had esti mated earlier Ilia! 
the Soviet Union would import 
j buui 11 m turn, of gram ln.uu the 
U.S. — 3m Ions of u-hcjl and Ihe 
rest maize— during the 1978-79 
marketing year which began last 
month. 

But as The US DA had under- 
estiinulcri the harvest figure by 
about 10 m tons the import pro- 
jection will clearly have tn he 
reconsidered. 

Under ihe U.S -Snvic-t grain 
agreerjienl. tin- Soviet Union is 
com mi tied to buying a minim uni 
of 6 m tons annually. Dunns the 
agreement's initial marketing 
year in 1976-77 the Russians pur- 
chased the minimum amount 
because of their 1976 harvest 


analysis scale down the figure 
which reached the record ioiui 
of tons 

Bui although luv-Je import* are 
not i-MjifTii.i friiiuwing tiie nv.v 
bumper crop, purchases arc* sti 1 ? 
i-x fiecl i-d iie ah***:- ihe mini- 

mum level Th- So vie: Uniun 
has in replenish *■* grain reserve 
•^nck ? ilr-ph.-ied Ijy tin* low 1977 
htirve*-’!. and tl al^o has u» cope 
with higher ihan .:ver::ge live- 
vfitrk :>>-m(Mi* , i ii*n. 

Tl-.i* Ryvir-r tin*.*.-; has given 
great :>r*.m induce tu ihg Kosygin 
<pee«-h. .-iriil i> I.-' clear that thr 
grain figure ho- boi-n a much- 
niTOdeal hr,.,«| |,, ijl*. Ki'i-mtin 

planners Tin* cur>-- ni. fiv-.-y-.ir 
plan -l*is cut a;i itej-n-.-e annual 
grjiu pi ■»!(■<. i t**n u, r -Jlnm ii.j*? 

tu 221 Hu inn*,, i, ei in.i.l il|,_. 1975 
ha We -i rial'. Mu- _-r:-!n erup in 
K*i\ Iii.-I* <-.->• I,,..) (I..J 

2h0m i*i.-is iiiif* , ••■n ,,f 

L , ’_” 2 iii l-ui- i. 

The- hiuu|ie|- -197S 
ni.rt.es ih-- i>|;.n fi’iir-i 
little ii.'nif- -.•.•a li^'ii- -in*! -. 
heart |o VI r. I.e*-m<l Fi 
the Sovji-i P.Msi'loai -.. v„ 
this ; ear (| ,, el 1 .* |I » »i:« ■ i fi.. <,e 
1 'nn‘u irii'd i 'ii (ur ev- rage 
nf iJii'n i.i ■; : -.'n 

lfls| and lfl«s".' T:;v I-ifrg-J -rill 

aim. |i** -■ ijrj. \j ;■ - l„ i.rnclHf.: vJl* 
ten nf gr.-in pr*i capita h;. 1990 
— eir.-crivily 260: n ii.nx a ••ear. 

51nst \V**«iie:n ».-v peris .igr *? 0 
lh-ji these l.u--ji.- 1 ; are still far 
ton amiiiriou%. 1 wish f.-nmu-- 
■jhle I. ar c- is an-! ; mt-s.ve :-■ 
channt-Min o i r*.— ur. ■*.- ■,!,■>! '•.%< 
tiv're are radie.il dung -v. in t'*)" 
agricultural Ai-is, in n*n 

the Sm ie| I 'n; f: ,-e ! - 'til 

the ta.-k nf ■ nl,. c -l.i|':l]y oisri,; 
im-ar pmdi'ciion ;r> .jiisi'y i »i-- 
rising oxpo'ia'ion of ;•■•• .-r . r. • 

-'uiner* tni.T, avj,r.* .r-m* inr."-'".' 
from ih>- U.S. ami tud.* s>-> .r 
inevitavk*. 


1 1 .-, I- VC 1 
lr...k 
-ill am 
!*.•*■■ ho i* 

. n.-l-ll- 


,064m EEC aid for rice research 



he 


Mr Walley He suirl that all legtv 
lalton should he costed but 
carefully. 


THE European Economic Com- 
munity will contribute $1.084m to 
ihe International Rice Research 
Institute tlRRH for research 
activities, the official Philippines 
News Agency reported here. 

The funds are intended to help 
ihe inMiitiie increase rice pro- 
ductivity and mil put in develop- 
ing countries. 

In Washington, the U.S. 
Agriculture Department said 
favourable weather in the past 
month resulted in an increased 
project inn for 1978-79 rice out- 
put to 377 , 8 m tonnes (rough 
hasisi. up from 375.9m estimated 
last month and above the 366.3m 
tonnes last year. 


In its latest world outlook 
repori. the USDA said the 
mcreasrd output reflected 
favourable crop conditions in 
China, India. Indonesia, Japan. 
Thailand and the U.S. 

World production is expected 
to exceed use by about 3.5m 
tonnes, and v.oj-Jd slocks to 
reach a record 24 -Sm tonnes by 
ihe end of the season. The bulk 
uf tile stocks will he located in 
India. Japan and ! lie V.S. 

The department said the 
general tone of world rice prices 
did not recently reflect the weak- 
ness evident during August and 
September. 

Strong demand from African 


MANILA. fi 

and Middle Easi mark* K. cVi.-.rr 
reluctance to mark?; nipl-lt.-e m 
anticipation of !/gh*T price-. 
U.S. action on reserve smckx 
and reports uf flood damage m 
S outh and Southeast Asian crops 
helped to maintain firm prices 

It said the Middle East rice 
market remain* strung, perhaps 
as a result nf the* dollar's decline. 

China's intennediaic rice crop 
is expected tu l<e larger ili<in las; 
year, but ihe uuMurn «if the late 
rice vr»*ps rvma’.ns um-.navr,. 
However, the USDA repeated ;f. 
forecast foi loiai China ric^ oiU- 
put at J 3U Oil! t urines, up from 
126.5m estimated f«*r I977-7S. 


COMMODITY MARKET REPORTS AND PRICES 

-A* cr TMnC*T iT ' ' "lag ‘to- do* 6 ‘ on- vks-Xerb a*-' ®!M. Turn- noon: Standird- thrw month* f7.7M. W. f’OT’OA 

-BASE .MblAJLa oyer: j5e?l. loonr*.; • Si. SO. Kerft: siandam. ihrre V.UUUA 

J • Ji-** — i — -i» Me tad TmUnc rhwfiftd * y ■rv . - - - ■ — rjwma atiui 

thar vim ito*. morning cusb vilrebars g..„ I 0( l P" 
mm-At fl». .12. three moatta .*7K- T,v . I - 

grTqtl.a. _ 5S, SL5,.-iSt 'fl2.S. ■ Cathodes. 


p.n,. ■+ or 

Lnofflriiii — 


s »; 

7920 SO -BO 


■■iflESttafs sasttK aw as 

imTm\ HiffhOrade x 

traded hewwn STW and S7B9 UWOlKhOBj 799aou*u-ta #»eu-ou -ow 

llicinomlps'. ■ /when Come* IMcr ff^'«^wirrt*rs 3 *«*'*»*«*-.[ 700^ 25 ^37.5 7765 85 -45 

.Kerti: Wirebars. Three momhs M7S4.3. g3? d ^ rt, 79 k ILMnn -_- s 
- r - aja. iLoi- .- JH-or S3. 85.5. 85, frt5. M. 83. i 'Ti'"- “f- 5 , 

. CtiPPER J Offlelal | — ' i CnofflatAt.j. *-• - • „ . • . S month*., 77BO-90 -55.! 

i - - I ! uu < i “":l. TIN— Lower .after ■ quiet atart to >Mt | #m * t &uOO -50 

- t- ■ OwtUBR when forward ntoU^ wJS -JUf **- arnJu It.; :?2U85 +4 


■locoi priiii remained itcadr ihroihtb- 
out a rrilurek-u dai. tradms »!thin a 
narrow range in r-tHc sli-hilj- lower ihan 
Friday* !er.;)s. Tenons GIU and DuITu*. 

Ydiwliy’i +nr Builnirhi 
COCOA l'lo»« — Dune 


Per <*.75 ouoo-d 'ranshisiiiom cue; Veal: Kncii.li (jis 60. a ia B8.9: Duich 
r»' . KEC. unquo:«I. Mint: U S hind* and 'Midi «■.’ D m SS 0. 

1-. s.h friu.'f. «• rr. iwh ■■■•• mg D-. Lamb: Eoalish small ^-0 to M.O. 
;■) : .j, .l.isl a African Whin J an.-K-.K medium 52.0 io 36.0. heavy -tfi.O to 55.H: 
i.T.r. v j S. Africa Yellow Jan -F re. S-oi. h m»dtum V.*0 to 36.0. heavy <6.0 id 
,: 7 7.i earley: Enfh»h !• i*j f**h P'-c. <-• u Imporied froren: N'Z PL 56.5 ro 


PRICE CHANGES 


Price In toones unless nihenrbe staled 


commodities 


- •- • i 'j '.'-fr ■ mruni. _ 

" i" * -The Base '.ended the «kM Y v i.i ” - 

Wire bars' , g,g-«a-:~.'v-it When' r- Tin- m wa rehouse blocks was 

7BB'I!sIb ’v" SsP 1' , +« ■ conilnBBtl-.Tbe Briw drifted off and the monUis- £7.750. 3a, M. 
■’ IBb.> J.+B _ , ji.iBt-w .+sj hiAkunrlnian narrowed. After tradilie n « in 


'Ptrl'frr’m, 768 --J7-.5 i - r — 
Cathodes- 


— . ... 65. 60, 50. 

backwardation, narrowed- A.ft<sr iradiiiE aj, 30. 20. 

" aroand £7,780-1?. 735. nervous bud iiquida. 

- t6it» riras niit uxCthr rinse on ihe Kerb LPrri— oi.hii. hus.. ih., ... « 


80 

u®,.- 

.. 1960.0-63.0 

—2.0 

1572.0-56.0 

J2J. 

M*o-h 

..200 1.0-0 2 JD 

— 1.B 

20l6.D-L-.s6 


May 

. 20a 1.0-32. U 

-7.B 

204B.0-3D.D 



..2053.0-36.0 

-8.0 

2055.0-34.0 


■"ppl 

..2C28.0 32.0 

--7.50 

2042 .0 22. 5 


Pti-. 

.. 1358.0-58.0 

-1IJS 

2010.0-2080 

40. 

MAn.-h .... 

.1:65 O-SOeD 

-a.bo 



Sales: 1.5M '4.49) lois of 10 tonnes. 
International Cocoa OrvanlSHtoo , U.S 



J.GL Index Limited 01-351 s4Wl~ -•■•■" ■ Three mon th Lend 417-422 

29 Lamo»t Bd»d, London SW f W 0H5. • 

-■"1. Tax-fcee trading oil eomptoditr futures- 

2. The commodity ^rteres! market fdr'the smaller inveotor. 


-EEGAL NOTICES 


ART GALLERIES 


MALL GALLERIES, The Mail. S.W.1. The 
..Gita oC'HfavM. Landscapes hv CtaBw 
.Robinson. Mon.-Fr|. . 10-5. Sail. 10-1. 
Untn IS Nov. Adm. «re«. - . 


PVItMEA BX ■' '(SA1XFRW. .of Wimbledon 
presents an : exhibition -O.t now palntmp 
be PCTEII' NEWCOMBE Worn Oct. 2* u> 
.NO*.: 10 ' at tfip Alpwe Gallery. 74. 
S, Audley Street. London. W.l. 10.30 w 
5 daily ‘Ceneept Sate. * Suns.}. Late 
oocn Ins to.B, pm. each Tues. Tel.: 629 
M80... .. . . 


SUSAN SWALE'S SALOML fieldbourne 
_ Ilerle*. S3.. Queen's Grove. N.W.S. 
3600.. ■ - 


w 


BROWSE.* MUr, IB. Cork SL. W.l. 
ANTHONY EYTOI*. Recant Palminss and 
Drawings: 


AGNEW /GALLERY, 43. Old Bond St. 
W.I.. - 01-62B S17B. F "^° ON flS r ?i 
DRAWINGS lor Orlando Fun 0*0 Until 
as : December. Mon.-Frl. 9.30-5.30 
; Thurs, .until ' 7. 


.■ ■- NV.0BS406 Of lift-'- 

. In -HIGff XOGHT OF 1 JUSTtCEl 

Chwitery- Diriskw C«TO»antes ..gon gjo . 
iTin' Matter of .'TWJKEjipOR l£ilTKD^ 
and in the Matter of Thp Ctojwaiites Aft. 

:a;,s - '*•" 

notice: is tlerery crvEPf. um . a 
Ppyilon for the mndtaX-UD Of the absre- 
- named Com paw .by the High Coon -of 
Juslice vas on Ihe SWvclay of yomr&er,. 

1378. prerwaued. - u . the Mid -.'TSlH irf t ft- 
CAPE BQAKPS ■* PANELS T4MITED 
M'tvose resisterod alScc is eitiKUe ax Ivet 
Lane. Us&rjdse. MicMtejwx.. and . that the: 
said petition is directed to be heard. 
baTwe the " Coon. atUiiE' at Uk' -Royal 
Cowls --of Justice. Strand London. WC2A 
11J, wn the Wt/I day of November. X97S,, 

JaX a try drediUr or contrfbotory of the. 

Hitt Company dostrous to support or 
oppose ihf mahlox of m Order cm the 

laid Petition- nwp «w«ar « «»* ™e"«lsr.> A uL*5 gallery. 5 Ave Maria um 
haarute. in person or by h)s coviseU tor^ e.ce.-totr Ludgate hiiu. oi-24#.s359. 

that .-panMSe: end a -copy ef 'the- PeiitJop-' 

wUt be fundsbed by the bnflercisMd -m 
any creditor: or. contributory of Ihe said 
Qaaraqny retitdrtns snch copy on payment 
of- the reeulated ^bprae for iho same._ ' 

■ . POLLARDS. 

i' - ss-jfl Oxford Street - -- ■ '-. 

.fcondtm. wiR USD.- - - - 
BoUcitorj ftB 1 . the Fcuonocr. — • 

. !toTB.~iny . pcrsrn ' who- imenite to 
appear on the hearing of the said Petition 
must darve ' on. or- send by post, to, the 
.above-named notice ■ hi writing of Tfls 
•totenHoii so” lo -do. • Tbe notice, aum Rata 
Xhp mine and address of the serson. or. 

* tresr fifaTftF- narae «nd- aBdreali. of --^ta 
Arm -and most be dpnd by. the person 
or tern, or Ws or their sslkntar f if any), 
and mm -be aeryed. or, if posted. 
h* aem bv post- in .mflJddnc fiftie th; _ ■ 

Tfarih* flu abWB4unied uor'.UUt than f OMU - L 
four o'oJodc tn the afternoon of flie 24th- 
. du al ifoveaflwr- lJW. 


«r and Watereolour 

Framed And Unlrawied Flnc- Art Repno- 
-duccfons inclndlno Signed Limlt«J Edition 
Print*. Open 9.00-5 JO Mon.-Fn. 


MAAS GALLERY. Eshipitlon of 
relovre. drawinsa a no •«? Jqf 
WARD. R.A.. at ISa. Clifford S ^“J* 
New Bond Street. W.l. Mon.-Frl. 10-5. 
Until November 24th. . 


FINE ART SOCIETY, IAS. New Bond SL. 
W.t. 01-620 Sill. MAXWELL ARM- 


f.'iwftto^ss 01 * aWoSifLiffi 

Sats- 10 . 60 - ia.30. 


ANNUAL 

EXHIBITION Of SPORTING PAINTINGS. 
DaiW iBOfl-eno. Sats-. 10.00-12-30. 


Fine British and 

French *^0®IRN DRAWINGS and 

Modern British MARITIME PICTURES. 

42. Albemarle -Street. Piccadilly. W.1._ 


experienced commodity 
: * ‘ AND CURRENCY 

■ TRAMR/CH ARTIST. 

■ • US. and UJC. Mark*t» - 

considering . relocation in London^ 
wfsJia* to jliare or suh-lei omco spue 
ftvf service* with eomppiy or it" 1- 
vWu*l in filhilw Wd. W ould cpn- 
*Wer acting, in adfiuwy apadqr- or, 

ioto* Yootunr'ntuMion: . 
f/reeteated portlet glwe eojtdri Sax 
■*■$529. AomcW Times, tQ, Cofuwn 
. Street. EC4P 4BY. . _ 


. sssasi-as' » s .isiss - s” 

models. - 


GOLDSMITH'S HALL. - Foster Lane, E.C2- 
"TOUC1NG- GOLD A SILVER. 500 
Years of Hallmarks. ; Until Nov. 50th. 
. Free. 10.30-5,00 dRftr. not Sunday*. 


CLUBS 


BYE. -iso; aeoent Street. 734 055^- A 'a 
Carte or All-In Menu. Three Spectacular 
Floor Shows 10.45. 12.45 Md IAS i and 
music of Johnny Hawke* worth & Friends. 


GAI 


t1-3JO'Am^hS?*at 1 "Ml5ni*il« end 
MoiSri- OosM! toturdavs. 01-437 6455 




!■* ““ — * ^ — -r •* — — — — ■ 

} . LONDON COWMOOltY CHARTS 

! Dalle Higii/Low/Qoje Chartt' with r - - 

* S-, 10- and T.Q-dip Moving AvgrasM, NAME v=~— — — — — — - 

| updated to Frid.yt cto»* • ADD1USS ^ ' 

1 Please send m* deoil* 

| I 'enclose choqua for- £?5 □' 

1 (Surchert. for non-UK pwogt) * '« Phhtoo St.. Cambr«l g .. Tel. 56251 


noi bn jBaioumed Jo quiet Rug trading 
beiweep 54IB.5 and In tbe after- r/vrCITC' 

oooo tbe range vaa &2fhZVU. tWpcd hv l.Urrtt 

L™5 a L SC§ \.^ 1 - al, y ■I his - to j ROBUSTAS meandered In a narrow 

dried up the prire slipped on ihe Kerb rsnic ipamreto^ i-ondlUons with 

volume a yearly low. Dread Burnham 
Values were about 


- min . 


a.ra. !+ o r or Lambert reporu. 

Official 1 — : Unofficial — "—'—**» — ■ 


Jan-M-r m — i i-j*i couci. 

HGCA — i.ii auon «-.\-ldrm spor price*. 
Feed when:: ’.''-.it. S«-ull.U;d rP 40 C-*m- 
hrd-\ -t.'.'i Feed barley: Vein. .S'-mland 
77. h Canh'idic. 75 7V. 

Th.' I K mnii.-rary eneflicicni for the 
w-ri'fc J,. ;:.!••! m; November 1J will d.-. r, nw 
to 1 :•*-«. 

HCCA— U*-r.i2C ex-fanu mw: pr:v.-i for 
v.-.-W .■Him.- r*nvi-nih«r 2 Other milling 
wheat— 5!-: -T V? SW W.nn. Kest S3 Jo 
h W Midland- '-r. 

;v: ">.7« hi had «ht.jg. i K 
l'.hTUi.- Vi '1 ,•!«»»«> T ‘.li Feed barley 
—SI. 7i ••> 7*. Katl 74..N K *-lnt- 

t.n -'s /• •lidlaiuU Tfc In •: t TaX 

M' 7.V-H n|Ij!-'J T'l-.-n T'K ri, 7" I'lulu.- 
• .in Ti'l.'le:-- TJ '"IJ 

IK rd :>r:< • , I nr d'.-liv. r>‘ m Jun • 

M '-li-.il • O ill' i-l.-li Al 'ih-.-er "iili.-r • 
<ni -n. i- - »: -tii'^i »7 iui nulni.. harley 

■ # .5ii !• .-d i- >rjvT itf.in Li. Inert ■■■ I -b.' 
M -a hv..: «.-r. uU ■ 3o.4u M ulit-et ...Ih. r 
Wv,l |. . j - !i ul *? fin. iiidlims hurl'-y 

91 ij’J '. t-i rl-v Ml sO. 

MARK LANE— Cine; and unh litile 


- ! - £ ! £ 

Cash j 43S.B--6 Ue 

S montbx.4 480.5-8 ^6.5 
■^n.mejit! -456' +2 

- ■ ... .. 


£ 

455-7 *i 
480-1 +2 

*36.36 - 


unchanged nn the day a: ibe close. 

Yfitei-I-T'* ; - 

V t'«e + nr Dimness 

. — Ifcrne 

£ per tonne 


CUFF RE 


\'pr ember... 1530-1532 ^0.5 

January 14S6-1457 -2.8 

1358-1559 -S O 
1517-1318 -5.0 

July 1285- 1290 -4.5 

Bepunuber .. 1260-1265 

.Vo« ember... 1234 1238 -ID 


1532- 1628 
1462-U51 
1564- 1355 
1323-1516 
T 290- 1285 
1265-1260 


Morning: cash £1St. ST 35. 33. 33. 3*. y.rch ' 

.17. three mouths £433. S3. 5 a. 21.5 21. 

79 1B.5..».S. 31 Kerb: uish 1137 thw jl.Vi. 

monLbsb £411, 11.5, 72. AtternaoD' three 
months £424. M. 27, ?]. 7 f IIJ. 20 . 

R'-rb: Ihree monthjt ir.u. 115, n 21. 

20-5. 19. J : 

ZINC— Moved narrowly Vilh tbe DJU-m J^ 15 // i ' aDne J- „ P 

of trading on other markets the main *C0 Indicator pneu for Nov. _ it. .5. 
i nB uencr. Thm buyintt. with idlers re- *** pound > Colombian Mild 

luctanr. . earned forvart metal io rbr Arab*»« 'Same.: unwashed 

Irani £3S5 to £368.5 m the morning but Arabicas laLOO -sarnie.; other mild 
ibis level was not maintained oa' rbc late ',V?. h ^i, s ^ nob “fif ^J*A 

Kerb when tbe price 'drifted to a close flSt-SiV- B°bu««s IC4 186* 

of £367.5. Turnover: S.PaO tonnea. I -* 1 - 25 <L>S3»i. Daily averise 131. K 

151.38 f 151 5*i. 

RUBBER 


aPv'-i.fj »i 

•!i* , «. '.tht-ui d-'lir.-r-d L"i'A"ii 

ir-j. li>j' 

-l.r.f* Di-i . Moo. Jun -! •-•».. 

il.irih *• 

■i. Apnl-May-.lnn' im .*ni. 

I*. n^'iir.'Dl 

>i'ia!it7 F'-.-J v. hvre it. In t r.-it 

Ea-t Mis' 

<■» no. rn v. >? (K) .1 ji, . 

F' h -.’.Tur..*! 

M. ,\onI-r.fii}-.I urn- 94(18. 

Iced hi ri' ! 

4 "iiTd F.afi inilu Dt-t 

SI 75 .1 ::n 

m f -h -March H13 April-Mjy. 

Jm» 

EEC DAILY IMPORT LEVlEh— 'll.e 


u 

Pork: EtiKli^h. uuder 10« lbs 37.8 to 
-till lW-lL'O lb 7S 0 to 44.*. 120 160 lb 

2.1 0 lu t::o 

Partridges: Ynun; 'each* 200 00 to 14.0. 
Grouse: Youna best rrachi IHt to 

i_''i ■> 

MEAT COMMI5SI0N average falstotk 

unv 

.-iiJiiik -v. uth'.r 4. GB villi'* «7.23p per 
►•it. iw. • - *» UK sheep l u.Vp per ig 

• 'I <1> u 'i»i i bang. i. GB pius 15 cp ju-r 
L-. I'.t * — ii Hi England and Wales— 

• ...ill. 2 p-r •■■in. j'itjs; 

rip • «.5 { • ; sip • r> up 25.1 in»r 

•••hi .it.-r.i^- priiv |.::;dp i- o.J-. piun 

hi* 5.* ii.t 'ini ai«-ra-''' prite *.i.e|i 

• .» Scotland— < aiil<- tuimni-r: uu 4 5 

p.-r ••in jt-r.i4>> i>rii< - .0.24'. 

;h.-P up ::nrt pvr •••in a<»ra;e Drive 
■ :■ 4p *-!•-*• pit-. ■!••*• n 1.1 per «em. 
av.-r.ice prii <• iri.sp • - ii_",> 

MEAT COMMISSION— At Vface MalOL-k 
rirn ,ii r-nr.-i-vnlative ni3rt:e[* nn 
*:»*.-i„Ikt C. GB — ■ ‘aille S7.M»p P*T kg. I u 

• ««•. UK— Shout IM.sp 


■W 


-Nov. 

ldi- 


' -f. or .dunih 
— •*««• 


ItaCAla ; 

Aummlum C710 171U 

Free market [■/■- $1, 65 E 1 - : lufo u > 

• '•.ppcreesli W bsi : C763.75 -4.7a L-<4i.5 
, , * tiiiiii th* • In . ilu. 1'7B4. 2 ’ t-4.5 '.<14.5 

j* <- «;>ibude ^75075 ,4.2a -..02.75 

■■ niiinlhs dn. J,,. 1777 1 .25 — 3.7a ~ • C4 

■•..•d I'rev ••/. 6210 875 - 4.3 -.2>i7. 

l^-i't taiih 11456 -2.0 1.3*5 

iiiiuiiths l‘42Q.S i 2.0 : ‘7! 7a 

Ni.-kr: : 

hrveVIsrkeUriti II.. 81.75 >1 7a 

, l.BB 1 ao 


Platiuuiii Ifuy «.. i: 142 L 2 3U 

F nje Usraef L'163.4 -6 .5 f 1-19.25 

Wuivksiiver ii6H,. >122 y7 ... : 1.0 .1 

Mlierirr.VM 298 55|> -0.7 295,. 

i m-oih* 299. B5|. -0.4 502.7.. 

1 in i ’a*D £7.925 80.0 - • l»2 a 

> oi.Hilhs.. £7 7al 5 — 3Z.5 '-u :b7 ; 

per I'migsipii <rj 5141.35 - i-i i 


W.. I nsn, 22.04 cJi. H43 4B . 
nqresh .U 56.75 


ZINC 


■.m. :+ or! p-td. ,1+or 

Dnebii ; — ! I'norflctsi — 


SLIGHTLY STEADIER opening on the _ 

London physical market. Little intercsi SI 1ft A R 
throtubODt tbe day. dosing inlet. Lc-.vli 
and Peat reported the MaUrsian sodoivn 
price iras 261 i36o.5i cents a kilo ibiijer. 

November.. 


! £ i £ • £ £ 

Caib JBW.B-D.S'-I-US' 356J-7 +J 

a months... 3b B .6 r5 368.5 9 ^4 

rs'moni • SS9.S +B.5 — 

Prim.wett; — ■ *33.5-43 

Moral ng: three, month* IMS. fit. 3. 60. 

69.5. ‘ Kerb- three months iTOO. 70. 60.5. 

70. Altera non: cash X.137.S. 37. three 

months £368.3. St. 8».5. *9. Kerb: three 
month* £319. 

ALUMINIUM— Steady in Quiet traduna 
around £6»4KU. u-itb im touched ar 

one atage. The close no the Kerb was f'* 0 - 64.85-S4.36 64-50-64.7B 64.50 

i'ftlO. Turnover: 875 locoes. L 65.80-55^0, 5555-Sh.fiO 

I T : ; ■ Jau-llar b6J0.66.3B 66^6-66.60 66. SO 

Alumiu'uii a.m. .'H^r pun. t+er Ap^Jue, 6g.SB-68.9K 88.20-69-25 o9.85-EB.85 

Offidal — Unofloial ~ J, r&*PV 71^5-7 1-M' 71.40-71.50 71.90-71.25 

— : Ore-Dcv' 73.S0.7S.S5! 75Jfl-73.S5, 74.80-73.47 

I £ • Jnn-Mar 75.46-7S.50j 75.80-75.70- 75.88-75.80 

Soot. i — ’ — ApoJtw- 77 .58-77.55: T7J4.77.85' 77.40-17.55 

5 moBdu. B09-.5 1 '609.5-10 + 1 Jj-3epr 73.Bt79.70; 79.V-7I.90,, 7S.8S-79.90 


fulliuun: FL> leu'- and nrciimmi . an- 
virecuv-- f-'-r N •••■• 7 m unit' *.t a'.cmi'i: 
pi-r inline -u "r*Jvr cnrreri lew i-lir- Iiei. • 
l»n. in-* I i-r*. premium's <iv.:h previnu- in 
braike'- -. Common wheal — I* 42. rv-i m2 
.3D.lt. r. •: :i: I Durum wheat— ljj j|. 
re-.-t ml rc-t mi* Rye— Vj.04. re 'I 

nil 1 45 'u r- •: *u1' Barley— 4fiJ3. re*' 
ml i.-*:: :. 1 nil-. Data— si. 19. re-i ml 
mwf r. - 1 '"I 

Maize -•■■li' r than hybrid fur vwliii:i — 
79.09. r-.- -i i'.i 70 W rv.-s nlti 
—I. hi r • in'. 10. reM nil>. 

44.nl. ii -i !"1 ‘471 7. r»'«I nil' Grain 
Sorqhum— t; ’’i. rc'i nil ,77 9S re-.t nil*. 

Fleur levies— Wheat or mixed wheat 
and rye Hour— Ul 70 i12139i. Rye flour— 
til 2 I i IL'. 1*4 •- 


Vc < J du. *• ■ -0-1 . GB — -Pus «S8p PW 
l.u.l iv. i - 1 3 > England and Wales— 

I’.nfrle nunih--r* ud 5.7 p.-r « *■»>• uveraec 
ari. •• n: h.'.p • n.wi. sh-ep down .14 per 
vein averupv IH 9n i -ft.J'. f':i dnivn 
: r f i i i'll-., av-'rasc nion *— 1 .“- 5cm- 
fand— f.'jill. iip In A pvr veil:, jrerace 
• II 3» Sheep rto-vn 7 6 per Cent. 

.iW44> I U.Sp « — g t • Pip deu-s 
"Hii pvr .lit. Jfi-rapi I.1.TP ' 4 '. 

COVENT GARDEN — ' I'rivey in slrrlme 
p.-r iijiiair .■ii.’-ju whvrc oihenvise 

Ln|.ni Phillip s600i 

'nival 


'14! J- 

3.0 -41 


■' ui.ailfim 

IV., luven 

Uila 

• i vomit f Piiin 

1 ■ mu ii. I nut 

Unun.1 r.'rude <r., 

I'alu. Malayan .... 


11366.7b -4.0 l:50 21 
5720 ^67^ 


(6B0t 


L35 1 
>bUu 


■600 


L32D 

"615 


... b532.j 
!'.«.» e2B2, tsO $277. 3 


No. 1 

.TestareUr'a! Prei-Ioui 


E.S.S. 

1 Clin** Ulnae 

Dune 


LONDON DAILY PRICE ir-T.v niiear* 
flw>.n|i '.un;- ■ ■ inuiie vii /ur \nv-Di-,' 
nh'pmviil. V.’Ii-'i- 'near daily priie tv .la 
hx«.1 =1 •l!l‘ l " il!09O0'. 

|>I,, ntn; |.rt'-‘ u-vrv •.pine "hi noun* 
bi-lun pr— 'i • L"i"1 I' •-'cti and Hirrr.if!iT 

tver«* 11)111 j i '1 ’-vii hin a ranc>- 

i hny.ig I iul .1 ih- ilJf. n'purin C r/uiriuLoiv. 


Sn^nl 

1'ipi. Ynstvilnv"' Pn-i'ioiii 
*.'->Ulll'. 1 . 1 '"* | t'liti* 

* en. i 


£ 


Seles: 315 14381 Iris of 13 nuuresTnd 
7 rf 3 tonnes.. 

Physical doalnc prices i buyers) were* 
Spot 63.73P fume>; Dfc. 64.1* IW.Ji; 
Jan. So.SSp <03.0 1. 

GRAINS 

_ LONDON FUTURES fCAFTAl-OJd 

Nwr'ddlv'w bUllta. market !?. tI hi r r (- ® «**•■« j*w 

yesferdiv al 382.33p. L-5 con; eqmvalecK ,'“l„ h jH‘ C L ™ ^ ' Whc ? 1 , J- aIuPS 

nf the tixinu level* were: spoi 577,5c. h.If* CWBiner t ia ^ uruic 

down l.lc: ibreMnomh SW 7c. down S .5c: f, P L i^r ^iiir? , ’ h! ^ lu 

sre-montb Wise, down 2.7c: and ti-month „ ,® f Si^h j®*” 1 
«c -tr., dnivti 2 9it 60 W 46 Bifihcr on the day Rark-r 

■ . ; values also increased with cood demand 

for Lhc soot io close arm an hisbtr. 
slLVSE ' liutlwa i+ or L.M.K. + or Nw uops saw nrlurily do trade and 


Morning: three months* XMfl.5. 9. 9-5. 
Afternoon: Ibrer months £606.5, 410. Kerb: 
three months £819. 11. J9. 

Gent' per poend. 1 JM per nJcuL 
r On previnus unofficial cUue. 

SILVER 

Silver tut fixed D.7p in ounce lower (of 
tor delivery la the Load do bullion marfcat 
vtsferday ai 2K.55p. L T -4 con; pqumJeGi* 


t*r 

troyot 


fixing ■ — 
price 


clou . — 


close lip up on wheat nop up on barley. 
Adi reports. 


BARLEY 


C |vr t-.niie 

Dk I l2.S0 12-WtilS.u5-12.7B 112.75-112 

Unwh./US 70- 16.80 116.80-16.90116.00-115 

Mae ,1 18 7? 18.90 I13.B5-1B.75 119.5D-118 

.V„c 121.25 21.25 120.90 21.00 121.80- 122.S 

1 1, t 125.13 £4 DO 123.00 23. 15 124 80- l?S 

Jir,. |2b./a it 00 124.75 2S.00 — 

March .12-9 5910 40 123.302 9.1 0 

SjIvs; ::. I.!4 '7F’7i lots nr 50 tonnes. 

Taiv jud "vlv es-n-finen prif* lur 
grauulai-d ii.i'i' whim sugar a-a« tifrt K5 
isam^, j ii'iiw lor hnnic trade and 
£171 Sji .s.,111.-' fur vxpun 

International Sugar Agreement iG.fi. 
i till n nef i»') |r, d' f"b and stoi-.-i-d f'jnb- 
bi an ptur. f'r:i*sk lur -Nnv. ~ rijily S-m 
i >.i .1 , . i> d.i :■' u wra ai- > >.7 i S 02 • . 

WHITE SUGAR— Cln-w i 1M wn J.-r bm.-r 
w-IIit. hii-iTSi •' inlvs. r'--*s I Ii. 70-1 111 ».'■ 
lJE.illLHh illi. Anril 121 jn-121.75. 121 i'«- 
121 flu. S: till; lftSoO-l2A49. tic.uw. 5: sopl 
l29 j0 l.Tu.in. nil. nil: \ot. 122 'm-r:i:.3u. 
ml. ml: i-vn ’ » »M4t on nil. 

141 08-144. Off. n-l. mi 


I. — Imported Produce: Lemon’ 

lia!:j« IJd-IVu m-.v i-rop j.jfl-fi jo: 

* viri/jir i uii-7.eo ; Cypruu. Craith 7.no- 
7 5<i : liri-vl-- b aO. Oranges— S. African: 

.Iiik-ij l..tiv 4 lU-.i.sn Bra.'ilmn: 

V.il.-n- i.i I.al-- 4 HM »: vrsvini"- 4-W- 

i 2i*' Spaiiu: !*. ai .-lir.«.- : 4 50-3. "W. 

sji'iiiuv — tii'.ni)- Trajs U.-’O-'J.fili Grape- 

Buckwheat fruit— Doniiui-.-jfl 1 sO-t jtf Opru>: .i.-d- 
Millei — inn Kra.-li: Jaffa 4.38-4.M: Cuban: i.uu. 

English Produce: Potaioes— Per 23 kilo* 

.1U-1..W Leiiuce — P«r 12 round 1.29. Los 

1 Ji). '.V.-hiiN 1 til. Cucumbers — Per tray 

12 24: tup- ..roll 2.U0-2.50. Mushrooms — 
tvr puuiiil P .i0-ii 5.7 Apple* — Pvr pound 

i:rsinl<-} n.iH-n.iiii I.om Derby 0.IM. Cox * 
ur .in!. P:|ip r. iifn^ni?. Wurrt'ier Pesr- 
nuin i'.ii.v Bii'.-vir ii nj-fl OP Spartan .1 nc. 
ii.ii- Pears — p.-r bound i.owr rvn«.e 0 i»- 

• Vniiw n i".« |6. Tomaioes — Pur 

Eiiaii-li 2 iHi-2.Ii). Cafabages — Pvr tV'rtirnj^ rA% iciio. 272i 

li„iiMl.t'il. Celery — Per head 0 07- " ’ “ - • 

Caulitlewors— r'L-r 12 Luunlii 1.00. - 

i -Hi. Beetroot— For 2S-IL f'.fi(l-0.70. „ N ; ™ W ‘ - ^ w crnp - 
Carrots— P'.-r is-1b 0 40-8.70. Capjlcums— D 
Pvr pmiriri 0'Li Courgettes — Per pound 

ii .:» Onions— Pvr has 1.78-1 *0. Pichlers 
.'.lA.'.W. Swedes— Pvr 2V|b P.nfl. Turnips— 

Pvr 'ifi-lb » Td-fl.Sft. Parsnips— Per 2fr!b 
ii.W. Sprouts — Pc r pound 0 04-8 05. Cob- 
nuis — Per pound Kent 9.45. Corn Coho — 

Kilcll V 10 0.12. 


-r 0.2 l'63.7 
£ 103 


ii It. 
12 - 11 . 


lu 

K.-iil 


Grains 

ltai'inr 

H.inie Future*.... L'82.4 

Mutf 

Freru.-h No. 1 Am J 
W heal 

■W I Ho-I Spnua £93.3 -^O.S i“3 4S 

N. .. '2 Har.l Winter L'B9 I»ir t 3.7: -.c4.5 
K>I|(I|>|| Milling i -Ml. J.. .. . Li'I 

■■»■-» *l"|- moiit ... l2.D4E -2.0 1 2.0 11 

Km e Mor £2.001.3 -1 0 L 1.904 

-.•ilTre hut lire 

■’*" Cl. 466 a-2.0 - I 52i.a 

l.'IUmi 'V I Mitei... 78.4, -0.3 .5 15 

,J,,| F*er kilo 63.75[> cX. 

-ua*r ifcaw, 1 1- 6 .'.Ill 

- 2.0 2 7j>i 


n AN’t'iO'JN. Xov. fi. 
BURMA HAS increased i(x 
production of cottcic, juie, yusar 
onne and lobaccn. 

.Ininl Industry Minister Tint 
.Sv.-p lulri a seminar fur managers 
nf Stute-n-Aned iadu«irit*b here 
tiial tin* Stale Purchase Agency 
had i.mught ITn.Ohli lonnes nf 
i nil on from fanners :n the first 
nine numlhs of this ear com- 
pared with llti.OOfi innncs in ihe 
same Ifl77 porn id. This ■.vuuld 
enahlp Suie imluslri-s to l.'posi 
Ihetr uulput of lexliios. h* -.aid 

Jute production for ihe year 
was exlimat.'d ; ,i Pi'.i.'fiO tonnys. 
asainst 54.0V0 timnes lai! year. 
Oflicia] sources s.iid Burma ex- 
ported 14JO0 tonnes of juie in 
the first six nmnfb-' of this year, 
•vhile overseas sales in 1677 were 
nesligifile. 

Tinl said th? latest rrnn fore- 
casts indicated this year's sugar 
cane production non id reach 
SC .000 tonne? again - 1 Hie 
country'* need fur 5li4 nni) -onnes 
for it? _ sugar mills. 

Virginia lohaecn prod in. ti op 
would increase by 100.000 t.-.nnes 
io l'P7.000 tonnes this year. 
Reuier. 


Paris cereais 
futures studv 


Laqiuem 


• NnminaJ. t m>w 

n Nnw..jan. a S*pi. « Oil.-Ji-iv. r 2i'«iv - 
u Jan ir Dt c . x P^r tun. 
i Indira inr prices: 


Kusisiret 

lt-ne 


WOOL FUTURES 

market 


INDICES 


LONDON— The 

reports Bidic. 

■ Pence per kilo 


AnunlUn !V»tnnly’»‘+ orl 
f« rwar W*«l i.'Iom ' — 


hii qulK, 


.Bmtodai 

Done 


Jfor. 6 


1338.1:1531.$ 1512.6 1467 2 

(6a se: 'eprember is. i93l=lui/» 


riijw 

Junes 


•Vi 




M "ii ii. 1 "ihi 
ag*'i 


s»pol-..;..!298.55p — 3.7 296.2p —1.5 W«B*T 

o uwotba .< 299.0&P j— 8.4 503. 6p 1+1.85 TeativflayV + or TMUrdar 1 V + « 

M'tftb' cldM ; — • c]i*+ • — 


S njonib5,|308.05ii fl.4; — 

12 tuoflih* 524. Iji ” 6 A 


'Juiii? suies: 54. 

SOYABEAN MEAL 


Ywierdky -{- vr ‘ Burioe** 
U'.mB — Done 


Sp"t .... 3B5.3S 395.12 580. 12 375 87 
^«i‘ira?'393.4fl 393.23 363. S2 3 li 33 
(Arerasr I924-;3-24= 100 • 


■ Noy— ! 

tME-Turaorer IM (M; lota of lfl.Mfl J«» — 
ms. Mortuns: Three mooibg 3*32.’. 200.3, Mpr... 
300-5. 360.6. Kerb: Three mamba 380.7, 
Aftermwm; Three monfia SOS.S, 15, 2.6, 

2.5. 2.4. 303, 3.5. 3J. 3.3. -1.4,. 3.5. Kerb: 

Three months 303 4, 3.5, 3 S, MS. 


si£ 


88.70 

90.50 

uass 

95-20 

89.55 


+ U. 86 ' 
14-0.98 • 
4-0.H 1 
+ 0.68 


BO. 00 
82.40 
64.70 
87.00 
83.30 


+ 0.20 
+ 0.20 
+ O.20 
+ 0.20 
-U.50 


Roslness done— Wheat: Nov. 

Jau. S0.13-N.30. March K.S5-9-.J0. Mjy 

MJ3-95JL3. SeeL SOjt) paly. Sale* fl tnK. 

COTTON Barley: Nov. 7S^S40.M. Jan. R2.M nn!>.‘ 

1U1N Mareh M.76 oolr. May M.854T. 06. fie ai 

COTTON. LiverpaBf— Spn sad xhiament ml. Sales OS. 
sale* amounted 10 121 tonnes. W. B. IMPORTED — WIwm; Cvvrs No ] i.ij 

TaUcmll leBOHS.. Few. new. enorracis p«r cent Noe -Dee. i9S.36 Tilbury, r p 
were arransed. htit artdlDOtzai mnuiry was Darif .N'orthern Spniht No. 2. !4 per ven* 
mruitioncd. LbieffX In African, and Cen- 5%»v SHI Dr, 41.10 traiwhiprarni i-hfi 
ral and S. AaJeric*B qua! ran. taut. U5. Hard M'mter IM per cent 


^periinnu 

December .... 124.80-26.0 + 1.951126.70-24.60 

February 127.80-28.1 -*• 2.00’ 128.50-37.00 

April 127.60-28.5 +2 00-12fl.M-27.WJ 

June 126 30-17 0 + 1.60 128.90-26.50 

Aiijriwi 126.00-39.0 + 2 00, 

i Mnler 134. 6Q 25.5 «• 1.10 12S.0D 

Detamber—. I20.M-37.0 -0-25 _ - 

Sales: i:.; n: 0 i Jn;s or lflo7onii?a'" 

MEAT / VEGETABLES 

SMITH FIELD —(Price* in pen« a Ihi 
Beef: Svotrii M!>d 


nonce 
sides 34 it 


December ..22B.0 3t.fl 

Ma>vh 2i3.0-i5.fl ^ 

Wav 227.8-40.0 : J.O 

-lulr 230.0 39.0 

".-i.iUr 250.0 48.0 

Mi-Cul-rr ...215.U 41.0 , 

Mni-I. 235.0 44.0 - DOW JONES 

Mai 258.0 45.0 ' O 

Sdic&r Nil i-jiiUiPi lula uf 1 snu te. 

SYDNEY CREASY — i.'lfwv nn order 
.Vpnl bUycru. seller, buftnes*. sairs 1 . Micron 
Conlradl: LVc. UlS-:m! 0. :{32.^-!!.i2.6. 7*4; 

March 33s.j-.ViT 0. 14: Ntav 

:wi Afil.-i-.iUl 0. >- July 564.2- JsJ.n. 

r44.5-3M.7i. ]: P.i. 263 O-r.i* .1. nil. ml; . 

Dec. !^ir.5-:Uv.3. .Uln.H-.Uib.il. .1' March 1 MOODY'S 

riTl.j-.IT.I.O. 572 5-172 3. 10: Mjv 374.0-J73.5 
;73 ii-ST.'i u in. Totals sales: 70 I N 

NEW ZEALAND CROSSBREDS-Close 1 Miody'* 

(in qr«5-r buyer, seller, huslncw. sales i 
Dec. l hi ii. «; ii. nil. till: .March IM.iMau. 
n!!. nil; Mav 1K!.0 ji3.u nil. nil: July lVi.n- 
*0 0 mi. ml: On. isu rt-OJ 0. fire* Dec. 

IvfO-K.n. 941. five: March 193.0-96.0, nit. 
ml: May ttt.u-A.t.u, nil. ml. .Sales. 10. A- 

BRADFORD— i liirii-iicy ihangt-s had no 
obvious effect on busincs*. On the weiv- 

ina side conditions rmnamed very omef demand goad. Prues t».- sio-.e y »h.r. > 
and htahly cOffiiHliliie. lVooUen trade tide •UDDrocessm>; >hvlf . e-1 • ■ -•••-••• wi 
SutiYUT had improved with prices rela- rodlliuti £3.0A^L1 W: !ir^e ni.id<-t >4 
U-’cly firmer and hosiery aclivity also £3.00. medium r: 40-44 al) *nid!i . *•’ 

aprear* fair, hut hot cnonfh w rcoime lar« plsice ii .io-:.'. .in ni.-,j:u*ii i - 

f.-ars or further shorr-iime utirfcinz ant? io.'M. ben *ma:i 14.nv-i-i 7f> iarsr -t-mr.-s 
t" i*.li: unprnfllable iradins Dealer* added that incSsh 5«.w medium ,*;ss- 


FINANCIAL TIMES 

KoV- i~p S5r2~;jniptb »c ; Year •i r - 

167.181866.93 ; Z57.69 ! 236 70 

(Base: July J, |9.V;=<boj 

REUTERS 

No®. 3 Uiunh'm, \ear~ ait" 


>'*>r. Si. -lilt 

2 i K ., 


Yvi 


a'pla Comariy 8 S5. 5963. 5 970.4 1 a 
■'December 31. lfKft=UM- 


„ . : ini^i Hiinui- iihqiiik uraiiTi worn inai -insusn mraium , ; an- lu-ir l «*:»n . 

Eire hmdauart.ri 5C.8 ,0 6..0, foreijuariers until demand imorn'e*. ihe marhei ror.e mlrx ir.-ji ni'diiim ii A rn.. * ! 
•*" 10 '' so - *i'l *la» depressed. in Jo. r c ds • 1.4'i-s: iu. aa i ’u i. H 


PARIS. Xftv. ft 
\ PATHS ChrfiTihu-r of i\>mmer. 
»cchnic:»l ynm;i i+ p* +i u .jy in 
feasibility uf .s.-ning up .in PIE 1 

j cori-uls fiiiiiri'* uiTirkt'i in iv. 

1 M .Inan lliovc.i. cfiniimj.'; .1 
• He cliu mi in Id j T*n rm 

k-rcnc- n dcci-iuti mi tin.* mnrke 
i-*i ■ ! lie tii ken in im.- icimin 
inonihs. Fin.il ornpoaui* v.-;| 
. have be %ubm uteri for appro ''.i 
- 10 lhc EEC Cuuiniii-ti'in v.liic 

has not niiposcri liic principle 0 
such a market 

; The vcreaN fu lures markc 
wi!l probably bp an cirterKinn <■ 
the interprof KiMurul paper m?s 
kei. “ Marche par Filicre+. 
■vhich is already ope rating in 
limited "a ay. ir.ide >011 rev* *au 
3ui il i«> hfir»f*d Lo improve i ; . 
•'filiere#'' market introdunn 
Lite yud runlet uf ihe Ranqu 
lamirale de Cumpenadiion, 
Reuter 


PEPPER TAX 
COiNFtiSlOM 

NEW DELHI. Sir.. Ii. 
THE Cocliiu pvpjjer i-xnti 
marker ha.* virtually eoii'i- 
hall over th« interpretation •■*’ 
new fi pcv cent sales u 
Press Tru>i of India report jroi 
Oichin. 

The Agency quoted an n'liii: 
ol the local mt-chani?’ union ■ 
■idvincj tiic issue '.\'ho -jiviil 
pa;, thif lu\ — thi.- grouvr*. r;i ■! . : 
«■!• exunrier* 

He said 1 iiivernii>ni o-'h'?: 
-•-erf undid'* tn dc-ar ihe q u so 
since thi- order was 1 n - . r. 1 1 -»: I • 1 
framed !>;. the l-m\i!.i .-!.ri 
rinancf ?«1 nii.Mrv. The ira-;' 
M'Cking Ilifvtillu 
r-'iniitii't >iir»i:K' ; iu 
ti.-ue. 

R '-liter 





. ' ■ •••••.; .w -,i v.viS^r' 

. . ■ o .-.■■■.» . ^ ■ i- ■' :• ■ ■ Wi.' 




STOCK EXCHANGE REPORT 


Small technical rally in lightest trade for 4 months 
lifts 30-share index 3.0 to 475.4— Short Gilts ease 


Account Dealing bales increases, the major clearing of business. John Brown edged and the close was Sip compared proceedings against the company Continental buying-and latterly by- 

Option bank.s moved further forward in up -l to 31 4 d along with fiKN. a with the pre-suspension level of because of sanctions-busting.- - the entry Into the -market, of U.&. 

•First Dcclara- Last Acrounl the wake of Press commenL Best similar am.iuni dearer at 2fiSp. 11 !• n: Berisford closed 1 belter at Investment Trusts finished nar- investors. The Gold Mines Index- ‘ 

Dealings lions Dealings Dav l p rel.« were not held but Barclays while Hawker hardened 2 to 23f)p. 133p. G. R. Holdings softened 3 rowly mixed with gains put- was up S3 at 135.1,'. and '.the .ei-.- -PusKauo 

Od 16 Oct 26 Oct 27 Nov' 7 riosed 3 to *ho good at 350|>. after Elsewhere, Startn'te. llOp. and io I03p. ah did Hunting Asso- numbering FaUs by two ..to one. premium Index wa* up 2.f- at- 9S!7.'.' . DmJIdk* ' 

on’ ‘tn Nm" «i Vnv in v„, '*>i *12p. and Lloyds ended -T. dearer Alcan Aluminium. !42p. fimierl 3 dales. 10 2t>'op, and JIacfarlane. In Financials. Dawiiay Dav rfr initially the" markm wW : iirr. Equity un 
NoV n 5Sv4 K?vSS n, at 2R3P. after 2B.-.P Midland also apiece, white H. C. Slingsby m Tfip. spondetl to Press comment* with se Jed by - w‘rt*, 

Not. 13 Not- 23 Not. 24 Dec. a h! , rdwiw i 3 to n«p as did refunded in .he -nen,^ The Motor p ,. OW nted a ^ improvement of 2 to 37p. ffin 


FINANCIAL TIMES STOCKliH3f|feK|J 


Gof+rnmeot sm — — | 

Fixed lottrwt v; 

Industrial: 

-Gold Mines. . 

Gold Hintt'E*-?pni.H 

Ont. O'*. yietii... 

E»m mgs, ¥ ’Id %• rul li. . . 1 
P'S Ratio fp'eti '■*! ._..J 

'UeaJlDRs inartei.. r 

Equity turnover Cm .... 
Equil v barjeaina urial... 


sa.saj .68.98; gb.bsJ 68.77r_ «8.wj: 

70.03; 70.061 70.1*?[ 76.32j .70.Baf 70.fe3j 

479.4] 47214! ' 472.4: 47ft. 2? .<78L9|7'484:4! : ' «&£? • 

135.1; 1*1-8} 3«4-o 1 . i«A*{ IM. 4 I ; M8^ ■ Ua/.;' 

gg.7 1 86.61 .07.0} 95-61 1Q5.1] 

5.71' ,S:75r -S.73; 6«j' ' S.67’ V : a.6rt ' 54^ 

15.77: 16,Sfl! E5-85t l5.6&j 45.571: iS.WjlgjJjs 

3 37' a'M 0.33- 8.44', B.4^ : ’B£5 

3.938 '4.68* 4.63sk 4 -4Mp5,r£j 

• _ 60.74 ! -78.S» -93Caff -67.*a| 63^37): 7#^ 

^ • 1 5. 583 r. 16.005*' 16,8401 13394) I<8S»i ' 


*■ ««" UnM> i * ke "If" VatU> ‘ il to 27S P- Elsewhere. Bank interim profits with a rise of 2 ro /£* '^fr^araScr 8 ^? to Brittania Arrow- closed without SSrlii" thTcouree-or 1 tl?e dj^and 

trun, ,. H a.rn. tw. b miners * Ireland held I J*3p oM of I2p On the other hand Chen. ring S,™ ■u^ne s^ Lu^ cilVl f'teralion at I4p. after I3p, follow- SSl $4 50 I^r °at «210^&>p 


. 

• 10 am 47*6 It am 4T6J. ' Noon '4*3.£ • t jpm 4753.' *.35£. . - 

.3 om 4ra.tf. 3 of" eras. - • - • • . 

tales. Inde* 81-06 M2fc ■ — 

.' * Nil -6.15. . •' 

_ lM n - c.— |3*ID'SS. .Fbwd ilH. IMS. - ImJ- Ort. L'TJli. \Gt£&2. “ 


HIGHS -AND LOWS . . . S.E. ACTiyiTY^ 

in 01 |i. wnne ravouraoic rress s*>™i «/. u« .siuik mmiin, me mnro j j -.A mb' 0 T'nJ3t~, ■ f* : .% '■^st! r? 

mention prompted a rise of I? to preliminary figures were announ- JJffJf H*rtebee*i • r ‘378 ■ *»"* Con, .P |l * t _ t -yov.T-^q?;-'^ - 

r,o,,in WilmnrBrceden. Dullspots ced on November 34 last year. £ ,n. a ^T reGeduhfrosello ! Htgb. b* , \ ' ! ■■ * 

a . r "°]),“ . Caras«. included Apart from a small speculative £13.' . — ; , i r!— : (T — “ T? : ; 

H.* ,-i^Zr ’LZ S^-SSSS E&\S2£[ African Fh.arti.li •«.— 4 ’.!:?? : £&£■ aa ; 

s™' -T5R VS sr»4s- ff«st.iwa^-. ; ™.o. ^ s i m 

British Car Auction !• dearer at *■ . 3«p and Anglo American ending l9/l ’ I *“ no a { ■ > 

4Slu. ‘ further to l /Op before .reacting to w -»h a fall of 2 at 2B2p> : after ibd.OM.J.J 535.3 ! 433.4 ■ 1 ■ T •' . s 

... close at lCSp, up 3 on balance, irndine at 2Sfio ' Both sh»rp«r ,w,Bl 1 r I<rtn ^ 1 <aw6/4ai [ - ■ 

*i n nnuncemcn t ' P^tLonth'^nd °” uncertainty about the outcome Sponded to Lond^poS™ wa-B.’ ««»« ! 130.3. ! ^.5 « ■ I 

announcement, Parts-mnnin uno 0 f me talks with Dawson Inter- huvin^ •- i!«iSi i «o/li iodiu*n«h,.U 15817' *li 

Sttndcrlund Newspapers hrmed 2 national, unaltered at lS4p: an . •' y| n& : I go.3 ! 537.1 54.3 j dpeculattvt.^ . 37J9l^ , 

,n ,2f> - announcement is expected to 'be Tins also had a low -vplume.-of «Es-s um^.j ii*'Si ! i1bi»i . 1 «Si4j7*i .t9M8rtft» I Tot*i»_. — J. -loS^sT-Aj 

Properties staged a slight made at the end of the week. -- - • — 

technical I improvement. KncIMi Elsewhere in Textiles, David throughout The Ust; reflecting, the •• -r - 

held n gain or a pennv j| 36p. Dixon continued firmly at I09p. “8 nfl ' * n -™*_J va r ,Baw.-.; vmerfe- ' VG--7*. .r.C*-V‘ 

after 3*?tp. while f^ncl Swnrlties up 4. while Sirdar firmed -3 to a - flPTlONfi ■ "• ' 1 ‘ ^ 

improved 2 to 23Sn and ilEPC peak for tlte year of 03p. state . government .^atDtud^ uv ,■ J c 

t„ w oi , TpS*2Lj?’S'. s ,K a iss? iwsnu&ffs;- . ^p 16 ?**“■ •s^ssa.^sssES 


in nmij i impmvemeni. r.nsu-n c.ioc«viinc m inmw, lotio ^ ~ 7T— . -r i 

held a gain of a pennv al 36p. Dixon continued firmly a| 109p. jjeno - m -tne^Far .BaH.-. ymerte-- r C*-V 

after 3«'.p. while fjind Swurlties up 4. while Sirdar firmed 3 to a "Jf/f • OPTIONS ‘ i ‘ 

improved 2 to 23Sn and il^PC peak for the year of 93p. state . government atmud^ _. m 

4 to l3Sp Peachey added 5 to A combination of Cape selling ££? £r|£tt?& teteS’S ' PEALING DATES' UDT; . Enj^b^Fmpeir^ 1 j^M|: 

.rP, ®.^ r £? s b re ^ ir ! l rh:i1 f i h ® and the implications of the recent in point, saw its shares-' Fall 3 ' First Last Last and Shc erwbo d. Lhdbrokw -^tf t 

M c sharp do "‘ IlturT1 in tile bullion more to 225p. while 1 aralay Deal- Deal- Declare.- .Settle- rants, Btrrmah .Oil, tfelS' 

A CC,l -rt ,,Ps P rice e av e South .African indus- Dredging slipped '25 to '423p. inss ings tton ment • Biscuit, : Brook J -Street-- 

completion. Awaiting respective r p |_._ „- eiA - 9 n nuran ». . ^ ™ tr*K s Feh9.fi 


SS-SU 5^ M ass-a ■ -jatafc-Mt.J&J SS:*f SJ SI Sffi5L?r5S^^ 


equity market wa- probably nnw «- r- yomnicwi*i [„ “PENCE ^ down «t 103p. SaliAfsictory preti- i 11 , i ;'^7™"ru i „w T. came up on me oottom .vntt 

orcrsnld and ripe for a short-term L oiM edeed forward 3 to iSSp I3 4 0r— — : ; r ; — minary results, however, left , 7 - , r lg “JLif De Beers finishing- 4 -liarder.- a 

upward adjii^iment were noi ^monz Composites where Sun . • t ■ Brllish Car Auction li dearer at a ^ a °* 346 p and Anglo American', ending 

r-allv » Inlinr. hut th,- A"i af « : stiiwl A to 3»0p und . . | u : 4S!p. S « 1® a, ! 1 “ 

steadier tone refit-rled also -omc novaK * 10 «^“P- j 330 ! - ; ■ J|i|" Awaiting today’s interim l"* 1 " 1 * al 2Sflp; : Both share! 

hope ihal insiiimional and public Bnildmus usu.iHy made modest j announcement, Ports-mnnlh and 0 j i^e laikg W lth Dawson later- J* s R onded 10 London -'portfofic 

hnv.nc interest mishl -con honrfway rofiowinc n small trade. l S.tndcrlund Newsuaaers firmed 2 “Lh "*.i " buying. 

revive. Tavi«r Woodrow. 4 Idp. and 3fc0 tj J 1 ft “ I in 73p. ,^ P aJSc dement i7 exacted to ■ bS Tins also had a low^volume ol 

• J hr 1, hnl *‘ <a !r J? ri ^ Birhnrd Cosfnln. 234n. both I A tf j jJl I Properties staged a slight made at the end o? the week. bu ’ fness * but Proces were easier 

; 3 i °fbA n — TO s n£ !. rr ™ sa*^& e' tspsss 

anoniniing l^ie] 0 r business— support and Inst fi lo 2R2p. fl 1 ki ® i b ' ld »,.rn ,n *- r , a * pe !J n c d D ' X ? 1 'wj}! 1 H al o \°® p * there is concern -about Malaysian 

bar-sin < ■ morked e ere ihc Improved interim fi-.-ures failed V ! ?L fer * h i\ vrhl]r Jf nd up 4. - while SIi rdar fiirned 3 to a Jf* r mwr™m^!tlitSS^ 

smillesr for over f«»r month — to .stimulate T.vsnns which held at 300 rf By L 4 to 13S» “ Pe a 5i? peaK f ° r fhe yC3r ° f 83p ‘ regard ^to renewal* of ntihijig 

zrart 11.1 II V L-au-ert rii«ili>i4ion-i.-Dt 2.>P and. dwmte the chairmans | 1| f-U Aft 0 : n „ i p™« '#h2 * A combination of Cape selling leases. Berjuntai, the latest case 

and a la f c e->c-nr icndnncr. Even encmtragint remarks on rpcovpry | UUvkS ! ‘P 0 " * 1 pe ™* , 2 1 rhl,t , * and the implications of the recent in point, saw its shares-' fall 5 

at -he rc {-c k of sentne pressure allowed L, t liL /S I . I * , 1 {fSenf.^ T^re n« ’ Au^ians tended 

?J& Kd^fSa . ■" « JUI «• » •« », •*» ««»>. mm mm- S-flSTSL^ yrJSS^JS 

I rial rtrdinnrv .hr.r, index c-.end JVelv Else” here snoSfve 1 f rm «» 4 20Cp and AlUed r>0p . a ' nd Abercom lr.vestmS.tI ffi? 2 *. '■*«“ 

m rtnsc a nel :: nnin** no n 47~« J " i „ l-onrtim a penny to GOn. hut the u 0 J, ■> _ nri , -wnort tv»ls ,tself wlttl ^ London; pnees, Of 

while ' The brnider-hiscd * FT- ST pi«., B mtn - hSh - n«?a Hfip. while RHM closed a penny off mid-term profits standstill left Y&ns? *ihe” trend unalT£Sn<% 1351 Prida - T ' There w»s Pd.foItoW: 

sUiuPTi.sssj' a^taSsftT, i? B rx:- » 'sssr^rrsz !,« * « 

0.< ner cent to 2trtft.r The ihc interim results and the h^rdenert ^ io Sap foljou- at I02|i. Imminent interim trad- Transvaal 7 lo 1 12p l0W :v. 

hank-inc .stib^-t >o n i nm-n idr 1.2 chairman's ^ remarks on^ cuneni ,fI ? last week s loss of !2 on light ,n « statements left Bra-lforri .> Xmnno p . . .. _ -, owrw .Among Uranjums. in. the i wake 

per cent to ISO. fill helped h- firm- .rad In” Mcinale firmed 3 "I?p P ro «'t-takms follow mg the interim easier at 240p and Allnatt 2 Among 0 f lh « Northern Land'-' Couiicil 

nec.s in the mam clearer* follow I ng rSnonSTl heidd Iry i,aures ' cheaper a t 214p. Following the Jca etowd without altera on at agreement with TheGbrernmcHL 

comment on profil prospects afer J P . " ,U f announcement that discussions B^P foiiowing the announcement Peho-Wallsend eased 4 to 4T4p 

last week's rise in base lending btores plotted :m irregular Cn*Lp r K v st n which might have led to a bid l*? 8 ? . t j 1 ' *■ sh *T es are . 10 ^ sub * and EZ Industries were -2 'softer 

ra r CF . course m thin trading. The ouiuuru y up have been terminated, but that divided into four units. a,- 2S0.D. Paneontinental dropped 

British Funds were not loo j p aders hardened on technical The volume of business in the fresh discussions are faking place 50 to OOOp. .' ; . 

di.scouragcri by a generally irifluencCs " ,,h Gussies A. 2ftSp. miseelbneous Industrial leaders with another party whi^h may or Golds Stcadv ’Diamond stocks did hot respond 

unfavourable week-end Press. *’* nrl •'lothercarc. >Mp. both cl«s- again left much to be desired, mav not lead to an offer. Corn J to The latest Ashton veature'.'pro- 

a It hough ihc shorter end of the in2 2 up - , Elrewberc. Allied but prices edged higher on tech- Exchange hardened 3 ro 22«w. Pushed lower in early trading by gress reoort. Conglnc Efollmo'liwt' 

market reacted slightly on Trcsh Retailers added o to lUSSp in a n i ca( influences. Bee chain. 640p. Greencoat firmed { to 9'p on ths selling from Johannesburg. South 4 to 27flo. and Northern Mining, 

predictions of a pending rise in Lhin market and jewellery con- and Glaxo. 540p. rose 7 and 3 announcement that it had sold African Golds steadied through- one of the smaUer partners^. were 

Minimum Lending Rate. Trade c? m James Malker put on 4 to respectively. while Pllklngtnn its controlling interest in the City out the day. prompted first by also 4 down at 94p. • ' i i • 

vas ag.no extremely ^rn.ill but l*®®. "''th the NA 3 up at 92i*. added .1 at 2S3p. Down 35 last of Aberdeen Land Association to ' 

interest was directed towards the Kwnlcfc came m for sunport at week en fears about its overseas Scottish Wester tv Trust*, the last- ‘ - - ■ ' - 


Go n.8«.-.!. 78.58.. 68,55 

i ia-li 

f*aed 81.87 ! 70.08 


.tinive Compilation ; . • - . 

^ — - 1. i 

. Htgi> t i" 1 ™" » ; ' ■ * 

187.4 J 49.18 T. W 

. i9/lr5fii I i&il/lbt hjndi^^Sl.1- isa 
. 150.4 5033 I spocuianva..: . 32 


1433^16*^ 


naoa -Jj-' j . 6 ' ri , )gB , if-47. iSH/jW) '! TotiK. j' 89.E^yMg^j 

iDd OM....J 535.3 ' 433.4 • 549^ 4 14 j . - ' - ;-K«* 

ilt/Si | i£/3» . j* [*/Jn77l Ife4r/4dl , r • - *t . . / 

Gold Mine* ..' 206.6 I *' 

••.14(8, , [Oil. *,-22/W76, <26/10171, , lirfuacrtah.^ 15817 [ 

Uln» : 138.3 1 90.3 ! 537.1' 54.3 i 8p6culM^fl3 . B73}.' 1 ' »«-* 

riSSi ‘ 1 .3ill7*i .iSjUBmt I 


| Jllk JUI- >UC SEP DCT H J duo tnday. Great Portland listnfes £S. Ago^ne^Sg^Kojr.*! Dec. 4 ^ Mar. « 

V - I i't firmed 4 to 20Cp and Alfied Un inri Inves^S thia ** largely^ ta' aign Dec. 5 Dec.l8 JHar. S > |ctawepB8ft r *.lWffi«A^MSm^| , 

l^i niton a penny to GOn but the jJJo ! 0 ,? -> itseU “ " ith London prices, *f- For rate indicatKma see end of Securtty afid tettoc. ; 

«p. While RH.M Closed a penny off mid-term profits standstill left vil'msrihe trend onHi huvin^TW ] * 31 There w»s ndfoltoh'. Share Information Service _ were . ajn*attMd .An QtodM , 

l -iOtp. Elsewhere in Food Property Partnerships unehang“ri VnarkM lStefi AmS th ™uzh and business, was at k. Slocks favoured for the call Assoeiated ' jEnRiireeringrv^ ' 

jirllcrs hardened 2 io D.ip follow- at I02|i. Imminent interim trad- Transvaal 7 m it "n " 6 low* ebb. included Lex Service, • Tesco, - Brown- ana Jackson/- . f>vAj - . 

rn I-*«I u-flon inu io li-i.. in., r, i r > = irans»nm I 10 ii-p. , tt (L-, ' - j- ;. -*.---•- ■ ■z.Sm. 


ness in Ihc mam rlporer.s follow in= in response to Ihe odd inquiry. "' ures - 
comment on profit prospects af'er .. , .. , 

SL—"-* ri - in has ' '™»"' ,n pU ;' h T„ d SHnir"™; Sotherby up 


7 formation Service were . aprariged: :.In. ■ Sfajfdm 
ivoured for- the 'call Associated jEngli^ering^M 
Lex Sen ice, Tesco. Brown and Jackson. - . . . f :<M 

LONDON TRADED OPTIONS '-M 


di.scouragcri by a generally i n flue n ces with Giissles A. ’JftCp. miseelbneous Industrial leaders with another pn.rty whi^h may nr Golds Steady ’Diamond stocks did hot respond- 

unfavourable week-end Press. *’ >nrt Mothercarr l.»4p. both clns. again left much to be desired. m3V n f*t l^ad lo an offer. Corn J to the latest Ashton ventvreVpro- 

although ihe .shorter end of ihc in2 2 up - . Elsewhere. Allied but prices edged higher on tech- Exchange hardened 3 ro 22*n. Pushed lower in early trading by gress reoort. Confine Rfotlnto lost 

market reacted slightly on Tresh Retailers added a to lUSSp in a n »ca| infiuenees. Bee chain. G40p. Greencoat firmed { to 9<p on the selling from Johannesburg. South 4 to 27fio. and Northern Mining, 

prediction* of a pending rise in Lhin m » r ket and jewellery con- and Glaxo. 540p. rose 7 and 3 announcement that it had sold African Golds steadied through- one of the smaller partbets r -'w"ere 

Minimum Lendinc Rate. Trade c?rn Jumes Walker put on 4 to respectively. while Pllklngtnn i»s controlling interest in the City out the day. prompted first by also 4 down at 94p. -j j . • • 

vas ag.no extremely ^m.ill but l. 030 . w 'lh th*- NA 3 up at 92t». added .» at 2S3p. Down 35 last of Aberdeen Land Association to ' ' 

mtereiM was directed towards the Mtnlcfc came tn for sun port at week cn fears about its overseas Scottish Western Trust: the last- ‘ - - • ; ‘ . 

\'ariablr issues following Press — 0 *. i». up 3_ but Martin the News- earnings. Reckitt and Colnian mentioned is bidding i03?p nrr . 

mention. Corporations remained *sent fell 7 to 2l6p on small sell- picked up. 3 to 445p. while Reed share for City of Aberdeen which * 

idle. ''ltd Lick of support and A. (!. Internationa! improved 2 to 13Gp is expected to one*, lodev at * rviv cmAr,t/o *-•'•' *i** . 


Iliv'ivWj Cirt-tim 
. prii-« J «ff«r 


1 CloBiaip 
VoL ,i offer j 


Improving in 7J«{ per cent Slanley dipn«l 4 to 160P. following Press comment. Ah»ad around ll3p compared wilii a Al 

initially initially on uollar. sterling Executex opened and closed un- 0 f their interim .statements due suspension price of 87p. 
considerations, the investment changtsi al 44p; Ihc price in | D day and tomorrow respectively. 

currency premium subsequently recent issues was incorrect. 1^ | Jt Rue finned 7 to 413p and a:i c Iiiahor - Denomjn 

drifted lover as interest waned to Electricals gained ground in London and Northern improved utguti Stock tjort 

Hose only a fraction higher on right trading. Electrocompnnenls. 1 rn 37p. Press comment drew • 

the day at 77? per cent. Tester- a dull market of late, rallied IS buyers' attention to Sorhchy ^J[L°'V’ h tradnoE D|UI "® Shell Transport... 2-\p 

day's SE conversion factor was to 2S0p. while gains or 3 were Parke Kernel which rose 10 to , r 1, Haggas «JA 10p 

0.737R (0.72201. seen in E.ML 153p. and Plessey. 3!0p. and lo Reed Executive, up 4 f b fi C r ^r r 0 t r J®i U, } ' k°^ h °r» " ^3p 

The quietest undny's business io7 P . rjccca A. at 415p. regained at 80n. An investment rernm- n-f,^ r pTi^IiJh « l h P v, Ji n Ct °^,' £* A T? Def ^- , - J P 

m ihe Traded Option market j of the recent EaU which followed mendation helped Valor advance 1 J pe Beers Defd. ... RO.O 

since the beginning of July saw t he chairman’s profits warning. 2 to 30 n and a renewed invest- cu^m F JT oYu L 8 HnsJ x 5‘ ‘'^1 Jp 1 . •■■■—■ p 

only 2..i contracis completed uhile Racal Electronic*. 322p. and ment demand lifted ICL 10 io “P t0 close ° d'-arer Marks & -Spencer 2jp 

Jhjs compares with last Fridays Farndl Kiectrouics. :a»p. put on 425 p. Feedex touched 34p in .** o55p ' Midland Bank ... fl 

2fih and Thursdays 1,1)20. S apiece. re«nnnse m the higher interim Lonrho returned in favour in Plessey 50p 

_ , . , Aided by favourable weekend earnings hut ended unaltered at Overseas Traders, rising 4 to B4p Barclays Bank ... £1 

Hanks higher Press mention. Vickers moved 33p. Follow ins the cash nffnr in belated response to Friday's GEC 23p 

ahead to close fi higher at 194p. worth So per share from S. and W. announcement by the Director of Glaxo 50p 

Wnh xcntimcnl -still buoyed by Other Engincerhie leaders tended Berlsford. dealing- in Turner Puhiic Prosecutions that there is GUS A 25p 

la*i weeks base lendinc rate a link- firmer, despite a paucity Curxon were resumed yesterday no justiricarion for crunlnaJ Trafalgar House 20p 


ACTIVE STOCKS 

No. 

Denomina- of Closing Change 
tion marks price (p) on day 


17 78 -'.lRTS 
high •; -low 
926 720 

602 .’484- 


BP 860 

BP 950 . 

Corn Cdiod 140 
C«o» b«ld 169 
Coos Gol4 180 
CRC 500 

GET > 330 

Grand Met. j 110 

Grand Mol - 120 ; 

»OI ’ 3*0 ] 

ICI : 390 { 

(Cl 4VU . 

Land S*jc a. [ 180 \ 

Lao d frees. • k*«U 
Marks A Sp„ 90 • 
Shell 60J ; 


80C lull. . 

tksHfs 1 

8»w>ta 

B»*«ts 

CMI 

EMI 

KM I . 

Inu-emU Dp 

RTZ 

HT7. 


: \ Ortraff 1 .' 'k- ' y-, ’f»^K5Jisw ". 

>L . ! offer. • ; Vo I. rl \ 

i- .j--.95 : .• ^ 

* •- 

12 I ' ltHa , r l£W6;“ 


10 T - -Olgt.--. - . 

• 89 . { -36t%|-J^ •. 

- • •' ; 31 i jr-r - .. ? 


NernnHir ' 


-i. 

February ■ 


— '••T - >=' ' WiviS,. . 

a! ! r+55^-;. 

- 10. - • — . T 

IS..* .t 


APPOINTMENTS 


NEW HIGHS AND LOWS FOR 197S 


FT-ACTi: ABIES SHABE INDICES 


Shell Chemicals senior post 


Th* foilowino iuowu m the 

5h*rr Information S<rvlc<> veswmpv 
attained new Hlohv and LO«» lor 197*. 




Mr. K. H. Walley 


Mr. K. H. Walley has taken 
n-.cr a« managing director of "' 
SHELL CHEMICALS UK and has 
also been made a managing direc- 
lor oT Shell UK. lie joined the 
Shell Group m 1!)J2 and after 
holding appointments in Holland 
and at the Carrington Works UK, j 
became head of the manufactur- 9 
mg economics and operations 2 
division of Shell Internationale fl 
Chemie Maatschappij BY. ai The ^ 
Hague in 1972 and two years later \ 
was made general manager base 
chemicals of that company. 


Mr. Karl R. Van Horn, vice- "■■ jJ ^ > iiiiiii>h. ijft' j.f 

president has been appointed •^■ wSIw.. • A 1 ... £ 

by MORGAN GUARANTY TRUST «»'. .' ; 

COMPANY' OF NEW YORK m . ^ IS fj fT n 

head the bank"-. International | Q |B - 

Invextment Group with head- |«Hb • 18^^ 

quarters in London from SpjMi • 

January l. 1979. fie will succeed a Kvflffl, ’ wt 3 
Mr. C Nicholas Poller, who ha.s 

been named a senior vice- wra i jft ..v-L 'W 

president and is reluming in New t aM S 5 8R* 

York in charge nT the bank's ,.^>.'^4 ffiSEwm 

investment research department. ■nwni*™ 

Mr. Potter will hecome a member 

of the truM and mvesiment n * r - ^ »* alley 

committee of the bank. 

* been appointed to the Boards of 

Mr. A last air MacTavIsh has four companies within the divl- 
bcen appointed to the newly- s ; on The companies, which are 
created position or commercial a j| based at Bury. Lancashire, are 
manager, and director designate. Bibbv and Baron fiotdings. Biboy 
fo HELLERMANN LNSULOID. a ;mc j " B^iron. Bibby and Baron 
member of ihc Bowihorpe- Cartons and John Wild and Sons. 
Hellermann Group. * 

The DIVERSE Y CORPORA- Mr. A. IL Dunn has become a 

TION. recently acquired by director of MORGAN GRENFELL 
Molson Gom panics of Canada, has AND CO., and Mr. M. P. Douglas 
made Ihe following appoimmenis: has been made a director ur 
Mr. Ron Thompson, formerly MORGAN GRENFELL I WEST - 
general manager in the VK MENTIS, 
moves to London from Northamn- * 

ton 10 directly issisl Sir. .V. E- jj r _ Robert Haslam. a main 
Preston, vice-presiilwil Europe, hoard member of Imperial 
Africa and ilw ‘Middle East. Mr. chemical Industries, has joined 
Mark Steer- who was finance the b0iiird of TATE AND LYLE 
director. becomes general as A non -'executive director, 
manager, UK. operations. * 

Mr. <:. t;. Muss, a director r ,r . Mr - "»"»«•< «■ Chamber* has 
Balfour Beam-, has been elected ^* fcn ^pP‘1!"^*' < (f- l ?i , i:Viv h “ lirm u n 
chairman of ihe RAILWAY nf ROBERT ">LSO\. Hr 
INDUSTRY ASSOCIATION in continues as chief cxecimve of 
succession tn .Mr. J. Leg*. ll,e 

+ 

Mr. K. P- Lee has been Mr. Uerek E. I'hilpoi has been 
appointed managing director of appointed a director of LONDON 
PAR ARRAS H* was previously AND MIDLAND INDUSTRIALS, 
with Vlrillander Hyams. * 

*■ Mr. Howard Jefferson has been 

Mr. II. Maytiiiin. at present appointed regional director of 
financial director of BAIRD DO WD I VC AND MILLS t NORTH 
TEXTILE HOLDINGS, has been EASTERN1. 
annotated assistant managing 4- 

direclor. Mr. David J. C Ealock has 

+ been appointed a direclor of DAF 

xfr. Norman Peareon has been DIESEL, 
appointed to the newly-created *■ 

board post nf sales director of .Mr. Keith C. Holden, director 
TECHNO PACK ENGINEERING of operations wish ULTRA 
COMPANY. Mr. Peareon i« the ELECTRONICS i COMPONENTS 
natinnal chairman of the British has been appointed managing 
Battlers' Institute. director, design 31 *. 

+ * 

>|r. John R. Slnrnr. a director The Secretary for Transport 
nf MiTCHEI.l. CGTTS GROUP h'« extended the appmnLnicni of 
sinrc Ifl"."). has bc?n appointed Mr. R. L. E. Lawrence as a Mce- 
non-cxccutivc depurj' chairman, chairman of the BRITISH RAIL- 

WAYS BOARD until December 
ENGLISH ELECTRIC I'ALVE -JJ. IWI 
COMPANY etAte< lh»t Mr. Paul _ + 

Plurirn iiax been nominated Mr. Christopher Power has 
president of EE\‘ Inc. anfi LEV joined CAMBRIDGE MEDIC\L 
Unaria. INSTRUMENTS as managing 

+ direclor in replace Mr, Brian 

Mr. W. IT, Jones, now rliief Smale-Adams. who has left Ihe 
executive of r ow AND RrtNAR Cambridge In-jtrumpni Group 
UK PACKAGING dlw^Mn, has .Mr. Power was formerly general 


manager of the audio products 
division of STC. a subsidiary of 
International Standard Telephone. 
*■ 

CHASF. MANHATTAN has 
appointed threv executive direc 
tors to expand its international 
financial activities. They are Mr. 
Michael Hofmann, Mr. Douglas 
McMillan and Mr. William Steen. 
+■ 

Mr. Roger Garnett has been 
appointed manufacturing director 
of FEEDBACK DATA. He will 
retain his present position of 
production director of Feedback 
Instruments. 

■fr 

Mr. 1Y. R. Fairhall has been 
appointed general manager, cor- 
porate planning department nT 
TURNER AND NEW ALL in sue 
cession to Mr. R. Small, who i« 
now joint manwgine director nr 
T and X subsidiary. STOREY 
BROTHERS AND CO Mr Fair 
hall was previously project? and 
planning manager nf Tube 
Investments' engineering division 
*■ 

Mr. Brian Cradick has hemme 
property director of A. G STAN 
LEY. He was formerly property 
manager 

* 

Mr. Kevin Fleming has been 
appointed conference director for 
CHANNEL OFFSHDRE SO. the 
iniernationnl exhibition m the 
Ocean Terminal in the Port or 
Southampton to be held February 
19.22. IPSO. Its organiser is Solent 
Exhibitions of Bournemouth. 

Sr 

Mr. M'Uliam M. Mason has 
relinquished his position ns a 
director of the SKIPTOX BUILD- 
ING SOCIETY' and 'Mr. Harry ti. 
Fell has been aopointed io fill the 
vacancy on liic Board. Mr. Fell is 
rhalmian and joim managing 
director nf Robed Fell and Son.-. 
* 

Mr. G R. J. Bond is m relin- 
quish hi< position as managing 
direclor of MAR DON ILLING- 
WORTH on November SO. because 
of ill-health, hm will remain on 
the Board. Mr R E. Illingworth, 
who was managing director of 
M.xrdon lllingv uriii until October 
7M75. v ill re-ns>ume ih.it post 
from the tv* inning or next 
month. the same time Mr. C. T. 
Maplestone is ro succeed Mr 
Illingwodh a> managing dirceior 
of T7ioip.-is Forman 3nd Son? and 
Mr. C. D. TT Harvri « itl renlace 
Mr. MapJestono as financial direc- 
lor and serrernry of ihe com- 
pany. Mr. Tt. D. lain wiii lake 
over from Mr. H-^d-py as group 
eecreiarr of Mardon Packaging 
InternaitonsJ. 

+ 

Mr. Stuart W. Heap has bepn 
appointed fitiancix! director in ihc 
•ntemattanai VV' and consumer 
division of BELL AND HGWELL 
He va« nrevlousiv financial dirpe- 
for in the conipiny'- intern ?tir»nal 
business ••nuinmeo: division, 

which he joined in W7fl. 

■* 

Mr. Phillip Sykes has V>cn 
aopoinicd a nnn-evemi-ive d'rpc- 
i or of vnwK-<wiRE FINE 
H’OOLLEX SPIVNgPS, Mr. T. II. 
firilSt.hx and Mr. \V. T. Briggs 
hq TO become directors nf John 
Vnnd’wid. -.uhs'ilinry. aid Mr. 
J It. Tuyltir has i.ijn^d lh»! com- 
pqny wpnrersiry Mr. S' - ki*s iv 
chairman of Sykes Booth and Cn. 


Fed. land. 

KUiick 

Sirdar 


NEW HIGHS ta» 

BUILDINGS Cl* 
5TORES III 
TEXTILES H» 


SU * EA 

S fOidv House Turin* Cunui* 

.C. Cm« WhTeler fBJ. & W.» 

, LEISURE (II 
Eiacl A Ere-ncdon 

SOUTH AFRICANS CXI 

Unices 

TRUSTS (21 

Wcnwss Inv. Akroyd 4 Smrtherx 

OILS (1* 

LASMO 

MINES >4 1 

Ei-hufo Mexcm* 

East Rind Cons. Cons. Mu re tv. 


INDUSTRIALS (61 
Mvson _ 


NEW LOWS (391 

BRITISH FUNDS (131 
Trcas I0=:oc 1979 Tre» 5 14m; 19*1 
Trras. 3':0C I960 Tre»i. B -Dt I9R2 
EtthML ISdc I9B0 Excited. 9 *RC 1982 
Trcas. S'-oc 79-B1 Errh«d. BLN 1983 
E-ch-a. 9--0C 1941 E»rheo. lOpC 1983 
Etched 12 iBC 1981 E*ctvoo. 1 2tx 2013-17 
Trcas. B' n.; 1960-82 

INTERNATIONAL BANK Mi 
5P-: Stock I977.B7 

CORPORATION LOANS HI 
BirmindluiP 9 ■ oc 1979-8 1 

FOREIGN BONOS HI 
Ireland 9 ‘.pc ipm.Pfi 

BANKS M> 

Arbuthnot Lalluin 

BUILDINGS Ml 

Hiuus a hiii 

STORES in 

Martin The Nreunmi 

ELECTRICALS Ml 

Bores 

ENGINEERING 13’ 

ComnAir RichardSenr Westaarl/i 

Jones Gib. 

FOODS Ml 

Danish Bason A 


RECENT ISSUES 


RISES AND FALLS 
YESTERDAY 


These indices are the joint compilation of the Fin&ncial Timc^ the ln^itate .aL Actuary 

and the Faculty of Actuaries v- v. '. •, 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Mon*, Nov. 6, 1978 


BrllWh F Drill 

Up Dawn Same 
1 M 51 

Ctrmi. Dom. and 
Farelnn Bands . .. . 

Z 

5 

SS 

Inilinirlils 

303 

2*3 

M2 

Financial and Prap. 

1M 

M 

31T 

Oils 

Ifl 

6 

a 

Plantation . . 

— 

S 

23 

Minos .... 

43 

47 

SI 

Rrccnl Issues 

4 

•p 

a 

Totals 

497 

439 

1,5*1 


EQUITIES 


*4 11 -v 

££ l 1 v: 
24 11 


x==. 1 M-fc | ji+er “! |f 

“ llisl- I-"" 1 ■ - — 


-• w . LiuviiRe H.-io* 44 . ..- iiii,. jr:8.7i7.| 

H-: jfit. rernuiLi Xc-W 362 .*? «-../»■ I I.S 2.4r 9 J 

'.■9 Mam-r X«' i, r j.. Mmr- 29ij a. i = . s--.| . | .c- 10.8-10-2 
: : It* ■ till ■•! v i-e . . 113 . 4^, 


Figures in paren these? show number of ^’H**?* 
slocks per section °' 


CAPITAL GOODS (171> 

Budding Materials f27 1 

Contracting. Construction f28i- 

Electricals (Hi 

Engineering Contractors* I4t 

Mechanical Engineering(72i 

Metal sand Meta] Forraingilflj.. 
CONSUMER GOODS 

<IWRABLEH5.il 

Lt. Electronics. Radio. 

Household Goods i U! i 

Motors and Distributors i25i. 

CONSUMER GOODS 

iNON-OURARLEl IV72) 

Breweries (141 

Wines and Spirits i6» 

Entertainment. Catering « ITi .. . 

Food Manufacturing! IS ■ 

Food Retailing i J5i 

Newspapers. Publishing 1 12i .... 

Packaging and Paper i I3i 

Stores (40 1 

Textiles (25) 

Tobaccos (3> 

Toys and Games tfli 

OTHER GROUPS (99i 

Chemicals M9> ... 

Pharmaceutical ProductsiTi. ... 

Office Equipment f6i 

Shipping (lOi 

Miscellaneous! 57> 


INDUSTRIAL GROUP |493> 




5.47 

8 08 

5.7^ 

7.61 

439 

713 

. 350 

10.08 

608 

7 47 

6.07 

7.23- 

8.70 

8.52 

5 29 

8.18. 

4.15 

9.45 

663 

7.93 

6.89 

6 72 

6.11 

8.19 

639 

9.13 

536 

9.40 

6.95 

10.11 

5.50 

678 

4.74 

ia .03 

647 

669 

7.51 

6.78 

4.90 

12.12 

838 

676 

8.44 

4.78 

664 

5.02 

624 

8.00 

6.91 

7.77 

418 

10.66 

595 

629 

736 

8.44 





FIXED INTEREST STOCKS 




B 1L' h.Ij 
IJC 10 I £ 
2S\ hi 


IUS|).Wb KcUumi tin. U“; I'lti 

.lip; pm. i ImimiL iW 

92^ Hn , .li , i U'BicrB.irl- |*X I'fl. 1'fi.i . . 

Linpl.1 Houn Ti-tig. 

Kfr|i Ho iw 1 1£ ■-■■■■■ Hm 

■J- Hi ^ Mmiiii I*, l-i | vi. Axl'.lo. .. . 

I pm Hi.hikLi ■!!“ La tui S'. Lin 

(i«J linu'JIll A UjlBllMlII le-f l II-. |j|. 

119 •|*K.f lAinj'lrii". t2i. Lli* -or-.er. 
i .Kivtnnii-«nnhA I x'-n-ljt*. "jiw ti- 

|-r.l • 1,'ltlllB IH 1 luj C. 1 <1- ..... 

Jj ■i*iitiIIn»drL L**n*. Hpil. JvfcV . 

Jit U’H k> Hi Hmci it, I'n-i. In-.j ... 


44 RIGHTS ” OFFERS 


<-|r^^ 

I U igh . J«> • 


HMpm . .. 

9943 . .. 

B-l* — i, 

Xl*« ■ . 

10Bp . . 
99 

Ir>m 

100 -) 3 
133 
9U 

r* U 

47l» .. . 
91* . . . 


1. !4!IVg : + *■! 
I'rL.x — 

■ o: i 


FINANCIALGROUPflOOl 

62 Banksifi).. 

63 Discount Houses .". 

64 Hire Purchase (5i 

65 InsurancctUfetnot 

66 I nsu ran ceiComposi ton 7 1 .......... 

67 insurance Brokers 1 10) 

68 Merchant Banks 1 141 

69 Property (31) 

70 Miscellaneous ITi .... 


T n vestment Trusts inO* 

Mining Finance 14 1 

0verseasTnaderH(t9i 


99 | ALL-SHARE INDEX(673l 




2 24.49 6.15 

8.75 

2 .17.02 5.76 

-7.35 
7.44 

15.23 

- 632 

.346 294 


1835 
-+L3 ! 15.86 


-+■0.7- 






: 20074 
104.62 
3£L5? 


21554 ] 21fc26 J 28JQ I 21940 




SOv 

Xl 

1 1 1 -+ 1 1 

X-Uairr x IIbwh.. . . 


... 

33 

t.l* 

BO b ad 1 1 

1*4 . £6 


1Z 

1.1V 

le U au. 11- 

le - la*i Lhniuit* Hun 


I4l 3 ‘ ... 

2W> 

f f. 

« 1C J7 11 

■ 23 . '•„> I.iu -ai-n 


307 ... 

88 



[Spin! l*|<o» F*.*i!u*rjiill A H»rif\ ., . . 



DO 


P 16 10 1 1 

fj f J H**i»*j*.io •*+,*uii 



4b 

f.l* 

It 14 11 

ri *3 I'fcir-ort ^ . I 


sa 

15S 

\| 

«n a 12 

at i*ii.' 21 m* rime Fiviui-j*. . 



12 


il It. 17 11. 

1 4 . . li ....... 


14 •* ... 






-0.08 
112.% +0.01 

116.84 +0.02 

120.67 
110.14 



Rcniini-:i>inn n.-ir ii'iu-lty. la>- daj for deslinfr lrc« -if -.uma duly. BFIeiirti 
bi*v<i mu o'- '-jiv-. ui e-uptaw y x- rum'-.u 'UwWrud and i-i-eld. u Fntecaxt dividend: 
rover ba***} r*n pri>-. i.iu ■ yrar's vanimE*. r Diridi-nrf and yield based on Dmaaecnu 
nr .iPhrr •iiKriai t,.u.iiBh« fi.r !Sli o <7ro*-> ii luarr.. a*«nm+d. ; Cover, allritr.- 
f..r n«n«iT-i*in nf •lure* nni nnu- rinVniH f-ir ill* nl— ltd ur ranhinc uiily fur renirmed 
dlvidowl'. •• Phi-utrf art'.* ’n public p' Pnnrt Uhl**. ; nthpra-lae indlcaivd. ' Ivsuml 
hi irn>l+r. 'ilfi+i-ij io hnMer 4 '* ■•niln^ri xhsrv -• n •• ncliri " N-ned 
t.*.- wax "i • dfi'dli {{ Reidtrndurrd *^_l h* * nniii-rimn ’riih rForsuni^- 

?i*iii. inrr«*T *i.- Uki cr I BtTOtf ne? i»»n _ b*-n"rt m l<*rm«*r urcfcrnr.cF holders. 

■ irurj. ..-.| ruOr-ABHl'- • Hr*. vi. -filial nr mr'l; mi<j 4 |; nfmpni leiieri 

^ \Vi!h -varrini. 


15 20-yr. Red. Deb & Loans (IS) I 56.13 ;H3Taa 

16 inveatment Trust Prefs. (151 

17 Com), and Indl. Prefs. <‘J 0 ) 



yM 


ST. 12.1. 56^3 . 

; 56.68 

-51^59 J 9 L 37 1 




•7%00l.9KD8'! 

78.09 

WW JHV.NbHd 
•redtsd ; RaB*d» 

bM lil 

- Cannae 











































39 


authorised unit trusts 







OVERSEAS FUNDS 


Abb e^-LfeU Tit Magry Ltd. iai • Framlihgton t'nit MsL-Ltd rat Minstr-r- „ , 

*«abS94t' s.7 |W3-r.dV«AE.-4Vi3J'»» * 0t-?4*l»Jl irjw-f M * B ** <?r * Ud 

flSgf&Sr :Ki S3EH5r_-- Igf, ,33 'J 1ft fcsr ” *•*• “T”» 

ASSLuSSSi^'Sl- &l- r rj» .. JS»2* MM 666 | 1B()0 , MB | |jg 

■^«-a:»asi.5dfe i m?.\ a 

^fed K«hdnv Group* faHtf . 'xi Friends’ ProvdL Unit Tr: Mgrs.V JJ-AUnu, — |04fl «■« i J« 

ul.l_ u.< ■ _ _ ... ■ nnmv r«L. n. u ....... 


■ jAflfed Mtuntiro Groitpy YaKf) ! 
f Hutton Kre niaoo d. Ewi. 

gBl-fBS 3RD OP BlWM«d ((en SH*» . 

?Bafittceil Funds 

•... . lur ToU+ftOf > 

. vSnUlnds, Fund .163 S - AR« +0 31 J 
• • ■-3S»*0.ll 5 

SZ3BCL I Ind. 7>*v tj».9 ■ 3SJrf +fiJI 4 


* IJUIU7 « lUVUki UIUI Ll>,t»gl3.T y ■••• * WJ 

PishamEnd.Diwiuaifc '_'•' lewusons ;*Lr„ y Johnstone I'.T. MgnLV (a) 
FT1en*.Prwc. L.‘ts..W2Jf ' . ' 4&lid 4fl 21- 484 !„ ™°P eS i re «.GU«flow.ij2SUH <HI S2ISS2 
Do. Aceum 1(55.7 59i3 tfl j| 4jw -'V European.. |8D S a? 71 !?* 

¥ .4 M r,edJ i n " t,a >' FrM V 


s I.ld. ( t roiinr»l Life Inv. Co. Lld.V Sate A Prosper n-011 tinned 

ui-dSiiniQ ■_■ (i|24?6?sj Scot hits Securities Lld.V 

,;;3 --I *** iwjtii.*i'ii.i.. . ik? 881.0+03; 321 *,<.{)., 1- • •*»* 30s 

BCOI . .[ 530 Iflfih IiirtiUK- . IlUJ 124 6.3*0 7; 7*4 v lu n icM |»2 St c 

nl Hit „ „ . f_-£4!t!iare« • . • !»' 5 61 B 

■ Pnidl. Portfolio Mngrs. Ltd.V laKhHci s** ».»•- ;»*<> swt 

47* TVS’ Holhoro K.r. CCIN»H 0. **«= ** ‘ “ K , J"?.® , * j 

■ 1U5 Q 13?* a 0* 4JU „ " ' . J “ ' 


30 51 -n ■; 

He . -i M 


jgi ■! -1 ;j « 67 Kitrj in.-..n* im '5S 4 64 if i ID w Alien H an «y & ROSS Int . Mfit. iC.i. 

Es VM;' Ju»« iras! .1 in Trader I'nion t'nit Tst. Managon* 1 1 “,!!£:¥ J V„VJ, W3 ?'I?v 

in., oruurt e fu « t. j .,;«*».! I AHP.O'HEdaFd WO 13 1D14| , U « 

Srbl*stH8 er Trust Mnais. I.ld. larfu Ti’i'TN<y "i . i«s 52 51 ' 5«e Arbulfanot Securities iC.I.l Limited 

140. SeuUi .4tKvt. Dfekin.- ..i/jjit. »»>44 1 _ , . . , u pfl he.. J84.M.Heli»r Jitkov (0347217 

Am ExetnW.- - -]22 1 ZT £..-3 ■» j 11 a S9 Transatlanlie and ben. Sees. LO.¥ r 5p t-j uVrscr- I1170 1210i 40: 

,\m flrowjp ■ • i~ r 2051-02 2.27 J>! MSN«u-|j.in/lft-. P-1 1 1 e|pu:»MiC45.6!mi \o\t dealisc dair Nc ember 7 

1 IS K«rhicaa\er.2 . 74 0 7851 SOI <i«'ifrrs Te. >W . 1011 -il UM 

Evrnnnt MVl Mr*.. 2 4J9 , '„ T um I'nn. ' '1148 1217. 581 N«ai dealiml d«« 7# r «nber 1A 

Eviraln-. T"4 Jj-J 'IJ'J •« : J j’ Rirt- Si.pi. ' *ri £• JM7 9J.4] « C« EmiWwI T« •■-I'.JlU 1181 ! 31. 

i P ?\l? -M6 z \t 959 D''- 1 "*- N--v 793 82 8.. «« rieal.mt dn:r ember P 

Iniri i.ra»^ • ■ ■ | 47l Ijsi-O:! 3)> I jjo ]’ ". 60 S Australian Selection Fund NV 

If ' ” '’■•7 ii? J IS? •' \rt-cm Umr* • . .1513 lM5l . . 60S Marker itmxinur.iucr. .-o Ir.-h *ouna * 

! S. a rtf , -i^ d r l JS'j'i?! 491 i uathl.j :..»• i . 518 54h^ . . 7.n OtiihuKt ™S7. Kern A. S-.mMe 

■^'xru.Tru i ’23 3 « i'l _C *' ' Vmm . 501 61 2[ 7 1«* I. AV. .iha^ % ' M SI M i..l- 

Pret Aj.iliTru.J .. .^3 -Po . 11 W .,je n .i..i 31 jrs 5b3>'J . -• J7t N^\: a*>« ■ jIot 'Mober 

spTTnlsii ra 70 8 33 1.-I j ~- 3 24 >uri'wrt*h'l'r '« ? ^2 nj I ’ v Bank of .ltperica Iniemalional S_X 

its i.ij i jg s.-is, » 

J. Henry Schrodei base L to I.t«f.v -Wuiainsw- .IMS wn 1 3e7 - v.v ? ...k. vJ. 3 


Target I'M. Mgr-. ^Scotland* lanhi ^ 

l:>. Mfirl ■ 'r. - - .-n’ Ei:r •'*1 ■** 

1 08 uivrK...l.-.2) 6 25 i. ; 201 A1 

7 j5 T.ir4* - * Tii. 139 7 4?7.e.J. 5 7i 


Alexander Fund 

~ n:. X»iirr name, t I'l-niPourf 
Alet.andi-rK.inii 1 ilMM ■ 
N'ei »ul.ir 3#.. S 


Kejwr l' liman a Ltd. 

■25 Milk fire-: BTSV«IF 
I un •» I-? JFr|j2* 

r^nd-. li-'. Ir-'UiJ 

1 ’em ;i57;S 


JB w Alien Haney L ROSs ln\. Jlfit. IC.I.l K<*«de* Japan. 


1 ri».-.rlii-*iTtwr hi Hel.e: J*j '‘l iBSt-73741 King & Shavson Mgrs. 

AltR Oil: Ed4 Fd WO 13 10141 i H « ■ , v irlB -,w . u. H ..| iw .j, 


■jM’toif SM gIt. Unit Managers Ltd. V 

'•3sa*0.r 


ssai Quilter Miuugeroent Co. Ltrt.O 
2.05 TheStLEti-han2n.ri"3NlHP U14034I7 


140. Sou in Street. Dr-rkus.- 
Am Exempt- ■ 121 1 


1 Anted Capital 1676 

|HjunbroFurd.„... J105' 


SHmwfoFiiikI [1059 ' • 113 

JJtoni»re.4M.Fd.^_-iao.7 .USRl 

flBMme Finuh . 

SfjWt Yfeld Fd:._. _ 1ft 1 . •' • 78 

“Rltft Income . .g_..'fa6 ' 7TJ 

SAW Ed. tne. ._S«- ■ *. 




S«4 18. FlTWbOiy Circus KC3M 7T*D - 61-a»8!Sl| iS.COpihal! Ale..© '•R-Bf 

4nB f* T Imb l«n 1 * ffi Of 11 cm I u..a ■ ■ _ . *" "* “**■ ■ 


^ ir*' 1 a> rnnay Quadramfien. Fd .1103 1 lfl7 5d-S« 5.27 ,\m fftaulb . . .2*6 

Mutual Lair Trust Managers* faXgi Quadrant Income^biO 4 134^ ->i[ 70S Exempt I it.* "''-i. |6> 


ffHUTwdonzf fkndi 
*tl nw rTu'.ioual 
gPwnftc Fund _ _ 

3Sec-.ni Afnenra 

{UJ.A. Euanpro-ML’ 


tS-a ■JS <;.t dirp. Hie 

*2 ?] JJJ Do. Ace 

fS-S IS- OJ-Tnc.Fd.Cn 

-HkM Lm RT.US.iCen 

- <*T..fap8nAUen_i 
-Oil 828 AOt PensEvFd 
- ■ b’.T InfLFondi. 

iflJi 735 ; C.T. Rwr.VdfFtU, (57 J 


J-f® MytearSef.Plua'..™*' 

1 59 d u ! u a ! ! IP- T<I . .168 2 


Reliance- L T nit Mgrs. Ud.¥ 

— "o’t'I 735 Reliance H mi. Tur.iirirl.— Well- n 


ESEiiHMr*.|*|y 

Exiralni.- Tm i»9.1 

Income l«i : -' 'W 4 


B&D L n . r - T<< -|68 2 73 %4 -6.1] 735 reliance H-e. Tur.S.rirt,-.- Well- n .«f rn i„.. iiv. Vt-IMt 

Huui !IVh vllf-fS 5 4tol -0.; 687 F4 - IHT 73 B . | SM „(rl 1. roe 76 . 

iS « u ? u »|H.chMif. |553 59«-0.1 9.16 Sekfor-lcT ..Ve . . « 9 436 -0 if 568 ia-..Tft. l'"U- - 

3.60 N at ion aj and Commercial SeWorrteT. In.- .|«9 ajj.d »02| 5M Market leaders 


“20 91 ’0: 

'• 6-M . 

-73, -0: 
51 6i-j -0 1 
-3 9f 


pil he- . 384 m. Heli»r (tC4 72 1 77 

<’SP T-t I.VTSCV. Illlo 121 ffi . : 403 
\o\r deal.te (Jjk Nm ember 7 


27.51-02 2.7 G- & A- Tn , f W) ' 

sa S -S.a 1 .e ' £ RayiM* h R«l- Brutmod 


5U-S— A- E\cznpok..-L't081 .... „.. _ 

^Specialist Fond. . . GJutmore Fund Managers V (aifgl ? 5 pV^T" UT l h ■«- eopshh oi-eea-uu 

■ ftrs i l ,9 ? c "-' ‘‘FAjJIt*' ... SOa.HlJJ 4.71 i'a-Ma^AAiECaAOBR - 01-2© 3531 uVeum Vnile '"k|i I 

r SK52La£ F *“S5- 2-2 g-S^a ?]• uM"' IS 

- “ 5-5 tSi 5-2 Batrak TM. rAec.t -155 9 . _M3 +03 34? 'ACtuni 1-nil-.- ._]*-□ 1U1I " "j fiS 

trST™- ** i7 ** ^ ■■' Jfl?3 US f£& : ■ ;. SS3 n 4^ fO 

|lnc.Mentht> Fund. 1125 ' 38S| ... i 109 - Fdi'd!. .. Si 57”^ 5 IJ4 

. SAftmfhnci Securities fid taKri iSArt.'fJ^ht»7Iwf . J fi|0 {''EL Trust Managers Ltd.* raHei 

iT7f^a*+n .ft. I ^odon EC*R 1 RY .• 012383201 laJ ^" C . F,r Milion c'oun. Porklnt. Surrcx-. Mil 

^-tHwhV-Mba . lax. 9- . m7h# . imp . uoauoji roc*. tt»oo. . SelRur ibhx uu.iu m 


«7| io7f 3 62 . iA2j <-* a2 i 4AS National Provident lnv. Mngrs, Ltd.¥ RWhschild Asset Manasemcnl fgi 

f^rtmnnx lKlnd Managers ¥ faltol «.Ur»c«iiur(h 4i. EOP3HH 0i«!34?ifl 72J» '.Mehnii^Rd \viwhnrj- n-j to: 


.■<UF n;. 8o« 7d w. 

Fr|j:< 145l[ i 310 

r-JCJE j — 

1157 55 1175<H-BB« - 

lM76 - I — 


25 do 
,!8 5i -0 v 


fever**** Earnlnw 57T 
iEapL .Sadr. Co£_.*jii4R 


259 +0.4 
603 +03 
162 J -03 
263s .... 
40 9 -0.2 
63 £ .... 
75.2 .... 
1«39 +066 
946a +0.4 
33.9a .* ... 


f (aifgl v oV^f ? r. Ur<h Sl - ec *P3HH 

+ d-^I f ig NPIO xean. jm^ . 1J1J 1399^ ;' I || 

IS IS. 1| { 23 

Is -tritr pn S" 1 26 ?«AI dealing Vov. 30 
SJ» Price* <*n I Next dealing Not. ]i. 
Xf 21 National WesiminsterV ta» 

rg '^^r: pk,de - aww ««. 

I it p?Hi' V ' A *« u,, x '--*4 4 64 JJ +031 4 4 


538 Extra Inc . , "'453 

0.92 Financial . 3V1 

Orowh Inv . . _ 84 8 

Jd. Income .. js 1 

141 11 Portfolio tn» Frt 703 


70 2«1 +0.; 

35 U +0.1; 
41. ll +0 3 
37 7] +0.1 


ni JW Jin ■.nivni'ii-x- nu tyiwnnrv- 

I 5 ns *- r Flint vK. mil. 1667 177Jui-1.0j 3 39 

• | Egc NT. EnpAt-Ti 103 4 110.0j-l .il 7 66 

■ V C . Incnmr Furd 145 0 1 547J ‘f.7 7 56 

” T 230 VlMnll Fd .Ine.BJO tsS-04 150 

:‘\L M JS ■: ,n " Fd ’ 'r MJ 89 d -u 5 1 H 

'Sto.'il.' -it SraUr 1'oj.x Fd 357 1 lblfl-0 5. 1 4 68 
Rothschild & Lowndes Mgmi. ia> 
SOM. St SwithinklJW Ldn..F.C4 ili-(£%4XV3 
+0JI 4 43 Next Cl Exempt 10240 13704* .[ 357 

i0.» 8.13 FTire-i nn Oct 16 Seri d+alin; \o< IS 


Mirj- j-fi I'heaix-n-J-* E 1 

177J J -1.0J 3 39 1 -.xmlsl iW. 31 

llO.Oj - l .il 7 M. , x'Vum.1 

1542 J+C.i 7 56 Innume'iC' 31 


U.K *7rth lift IS 5 20 2- I - 0 l! S 26 

J. Henry Schrodei Vta^g i t o I-td.V 


91-34U 3434 
i 252 


1 50 1 Xi-rom t'nli- . 
1 H ijcnrral Nov 1 
4 68 ■ irrtinL Unit-’ 
Europe Now 2 
1 lAc<■um.Ln!^ ,, - 


j; *. . .. • , 1 \.-i um In-lv . '48 5 

S- Si : I JJ! I ■«lnftX , « H. . 122 6 

.,.1 J63 \rai:m Unirv . . ISIS 
-i- Ij ?l 4 9 * «' umhl.j .\.» 1 . 518 

i.i' ' -c ■: ,7-, • V’-um l'nii>- . 581 
-.len 31 52 8 

* +3 ■ X.'''iiin Ur. II.-- i<d 3 

Jli M*rl'«ir.n i. l 3' '49 7 

J+f • .\w .-um. U m: . '57; 

6 26 v.-.n I'.'-lh 1 -.1 .148 9 

tdv • V--UKI l njif- . 160 B 

V.n Hi.Ti ,:j 

T.-V* -V 1 ;«39 

2 52 . v-.-.im I 111. |45 9 

Wii-Lr.Vtfn 2 rani 

4}’ .I.viiin rni'i' Itt 4 

T}| «i.;r.r. ; ...!«> 0 

2 Is ri.> \ffum 77 4 


78 J| 
1217 
9JA ... 
82 G .. 
ICC 5 .. 
1301 .. 

160 5 . . 
54 6^ . . 
612] 
56J-J 
73 Ji 
?2D| 

59 ft 
51 ^ 
ban 
76 8 . 
46 2 

i8 i 
61 5* 
76 7] 

70 5>d 
02 7 


5 81 tiovTSer- T-t '79 1011 -HUM 

5 81 Ncwi dealing dat. No- w-mber 13. 

4 0* Eisiklnil T#: i.Ii.Jlll 118| | 313 

449 Sen ri+alinit dmc Na- ember P 

JS Australian Selection Fund N'V 
60S xtarker ilpppnuriiuef. ■•£! Ir.-h 'ouns A 
7.19 Onthua::- iTT. Kent St. ■v iinv- 
719 I jjl.Sh^xv ’ 51 SI 59 i .. 1 - 

J 71 N-xi a-'C* ■ jIw ' htober 27. 


! I hunne I'Ttra... ol. Hx-liec. Ji-rac?’. <Cf-34' 7&"4 • 
x'rfl|.«- K-e h- p..t<?r Pan '.my .0481i247(W 
! Thom.’- Dinirta*. I 0 J( .«C4i4Aa<l 

■'.ill Fund ■- -r=.-‘ ' .’8 87 8BM . . 1 12 25 
'■•III lru.i.irtSI '103 9 106 6] .12 25 

*.ilt F r.! <.-i*rii*i-.!92S 927j . ..1 32 25 


'.{J UlM In'l. (Jowl, S«h TM. 


Fir • F'.-'.-linp 
Kifrl ir.i] . 


Kleinwort Benson Limited 

CO FcnrH'irehS: F*"3 
funatw Lur F 1135 
il uertp ]nx- 65 7 69 >M 

tkx.Ar'um . . 82 4 87 6 

KR r:« Fa>- Fd 11*13 84 I 


‘:VS ...i - 


7.19 O'lthua:'- i2*. Kent St. S-.iin*>- . FunnwCf’ lilt F 

719 ! jjl Sha+»s ' M SI 59 j .. | — iiur-rn-i;. Inw 
J 71 N-x: n‘-c t ■ ahso • iw tober 27. . Ikj.Acum . . 

Bank Of America Inicmatjonal S_\. £Sin'*i Fxnif - 
3 34 y. Rii.al. In irmb'"irc »'■ I* KK Japoa Fund . 

1% lUmrei Inwcate ir*lUJT 116 151-1 -’I 7.52 uT I. |- ■^IHI 

111 |,rl ‘- - ^ •*-’* - W 3 rSil'iuFd 


UV-1146 

51*41 28 -2031 

ll>13 04 J 

iL'S4 89 i-aflll 


jrs-iiaeen St I Andcm EGiRIRY 


11 1 «S6 4.Ti« ■Prftl’haFdOoUM ,17b 6 182 D 4 23 

I 157 ’SpceE* Oct to 12864 Z95.2! 3 44 

vjJ ,r. -Hecowerj-sepc lo !21b? 222 9u{ . ; 4 24 

” 1 * -For law «!-nnipn -ur.d- .m'v 

dLV 1a I Scottish Equitable Fnd. 3igrs. Lrd.V 


■'tflldl View , 
r - ''Xftum t:nil9-_-. 


xrraliKODKFd.. I«*> 115.4* 


■ JftiBhJnr Fund 39.0. 42,3 *IL2 

, peiAceum-UnlUii 543 . 886 +0^ 

3Sf % W "«»rwl libwi 5K?; - 560 +8J 

■Freftnenee Fo nd. S J 278 . . 

■_ SAb.min Cnilsi.; 38.9. -419 . _. 

S K"»Wiei Fund_ — 18.8 .198-06 

Komnodity Fniei.- 59.5 MOn -08 
Ssdrvm Unltsi 86.7 . 93 Ja -1 1 

Glanu Fund 592 ■ 422 . ... 

lAerum Unitsi 46.8 49.S .. . . 

Growth Fund -.346 371 -02 

e. CAccura I'diki 41 5 ‘ . 44.7 -0 2 

■ SitwlkrrCo-*F<I ._ »8 . 29.0a -0 1 

;&■ ttru fc lull, pf: 268' • 281 HU 

TSk'W'rfnH.U ua_. 205 - 221 .J... 

Forwpi Fd._-.iiji aa.7. rr-954 _ 
•w * Inr. Fd f7.4 213 .+0.1 


HU ..Gweo (John)? *. 

+02 - 960 Tr.LondoTLWall.EX.5. . 01-68 

+01 965- VMr Now-, 3— r-IPJi 

+63 969 Do. Accam. liait _U6i2 - WH9L — 4 

12 13 ‘ N«n dealing. day Nov. 17. 

. -. x* 15 '. 

-0 6 +••• GrI eveson Stanagement Co. Ltd. 


Mi lion I Oun. Dork! H it. Surrov- 
Nel5J!r Hijjh Inc ' |d0b Hf U ^ 


52fc Rowan Unit Trust MngL LicLV fai Scottish Equitable Fnd. Mgrs. Lrd.V 
?5i Oily iJ»ic Hie . Fir.ibufy Sq.. FX2. 01 *j 6 IdtK 28 St. AnrtnMV' fq Fdinnar^r. ijOI-j.'-oOI-ii 
5m American Nov 2. . 62 5 65 5 d .1 170 Inrame L'nitx — !“9 2 12*<r1 1 SI? 

SevurilitfiOi-LCI... 1743 1843 .. «82 .UcumLnUa . |57 3 bio 5 27 

I Hl-h Ylil - ow a . 54 9 57 7 7.95 Dcalmt -L.; ’A wSlo j*.. 

Mil ■ J-'-.ym. t'niiw . . 77 4 81 J| 7 95 Ilnit Tst. Mm^vpk I.M* iai 

Merlin \oi I . . 78 * 

1 Xcvum. Umi- • 06 9 


CM T> n| fciU Managers Ltd.V 
I 4 23 liFanincf RcmA Bn+loi 
I lu In-'.-mr N’n. 1 1100? It 

; 4 24 A. -cm I nn- ;185 * >5 

LapllalNie I. . 126 2 u 
Ltd.V V-.-l’+fn.i- T78 6 IE 

“V K emjxt Na. | . 1C52 114 

w-tisl-ll . V-i+im L rii»- 157 2 It 

I 5 27 Ini F.urn T.. I 2*3 0 2! 

I 5 27 ■ ti> uni Unit- ;2758 JB 

PH *vir.. ] I1O60 11 

V mi ■ x- - um. L n:l— 1134 0 14 


6*1 Banque Bruxelles Lambert 
?]! 2. Uue tie la Kegeri** B l(*>i Rruaeli LlOf'd? Bk. iC.I.l L/T Mfir!. 

SlJ Roma Fend I.F : LS97 1 956|-«1 7*0 P O Ke> :B5 S: HHier Jer>««- K34 2Tbdt 

8 40 1 #< -|- , a . j l.lojdsT-i O -mi 1601 640aE I 121 

• an Barclays l nit 0m Int. (Ch. Is.l Ltd. Nexi dcelinc daie Now-ember IS 

i Chart nji'nw.-. Si. Hclaer. Jn-' 0534 73141 

Ov vr-ea& I ncume .146 7 49 1< I 12 00 LlOjds Bank Inti. Genei L 

02T+IS24I Inidollar I mu. .. »■->«* JUW. •• 1 “ PO Bc-c 4.“i8 1211 r^nere 11 .s« 

, ... 1. tiihoiufTm+i III XiOBD iBIlbf 1 8 50 1 1 h m« 


PO Bee 458 Ull Fteneve ll i$uiDerlud' 

1 lo; d- Ini. •■rtf»rh pFTElH 774301 I 2 08 
Lloidsl r.i Inc ].MT«5B 310 541 I S.20 


TS Sebag Unit Tst. Managers Ltd.V tai 1 '■ • «m. l'n:i»- :i34i 

420 fxipow .ill. B- klhr- H-» E- * Di.^iK.-aei H ■ JJic-i .trtlnbiirch 
*rt-9?i:apiralFd (33 4 350|»n?i 4.0? C:!l “l rt '■ iff? ! 

x..hiiiri.imv F.l l^flA ni! 1 add Si .f i ,13 * t 

\t.< im\ i inr .. 


«52 Barclays Unicom Int. (i.O.Manl Ltd. . . . 

i w T nMiwM DOUR1*'. i wi » WE4 40.V6 1 International Ltd. 

Sm t'nirorn Ann Exi 1*84 52 H .... I 170 « B-nnuda Buildinn. Bermuda. 

cjr fie W+ Min 38 8 33 2 j 3 . I« Camerhijo tk-« 2u lil’Sl 05 | | 


\ll$ Sia t'nirorn Ann Ext .1*84 52 6j .... 170 

J; 515 He \u~i Min 38 8 33 2m 1M 

vm f L is Ho On r Pacific. . 6B.C 73d .. - 

112 d ' 17 53 Do Inti Income 39 5 42 sd . . 8.20 

143 J l'u tv. 1 nfStanTM 456 49 ll .. 9.80 

M Po Manv Mutual 2b 6 2B J! . 140 

! 76 2J | 9 22 Bishnpsgaic Commodity &cr. L«L 
?i? PO Rox42.nm.fla-.InM UWM-SSSI! 

l 5 ‘- M 1 *■ *- tllMVw: 15' *23 U I - 

«7S .191 1 e A -. ruif--uct - 111 09? 1 15ft ... - 

§-■ £-6-: “ COFVT-UW 2 ,1£2 465 2 613... | 2.01 

p9 7] -<l. 6 44 Oncinallv irFue<i .xi -5IO and ■•£100 

414] .ft.J 10 19 _ . . __ , . J 

3 -oi id 19 Bndge Management Lid. 

■J3 +i 5S P'J Bex NW Grand Caw mnn. v.v man tiw 

m 2 In’ NTMvhixVt 3 | V17.876 | .. .. | - 

i 1 -n 1 IS 0 P.f. Rux 3P(1. tlonr Kong 
363] . 5 54 Nippon Fd.Nw. 2 IHsa« 22«| _ . I 0.74 

Britannia Tst. MngmL iCIi Ltd. 

_ 30 Balfi St .Si. Heiier. JerM*x-. 0534 +1111 


01.5885620 '^ on ' r| ch Lnion Insurance Group ttat Royal Tv,. Can. Fd. Mgrs. Ltd. Aebajir.ium-Fii . (Jos 32+] 

■ i«.« ,-J 2X19 J®- 00x4 .Norwich. NRijNG. o6rasswj M. Jermj n airc+t. s w i Qi«sn??e Security Selection Ltd. 

WML-1 M9 GroupT-a. Fd. _|35^3 3708) *2 8( 541 Capita? Fd 1657 69JJ ..( 3.77 |A1B Um-olnslnn Field.. U, ; t 

in as^rJS*Kt“ “SS* J“£« + 2 S-IH! 1 “ WiatBft?-. B 1 its 


52 se«veslumtSLB«PSOsw - 01-50 

■S|-SgSSRjaB!£^-.Wrd 

;« BtDcH.Vd-Ne+.L. 1776 1860* .._. 

2d8 lAcctJta L'nJui 211-1 ' 22U 

iS.End«w.O«:3l 224 9 24(L5 

2.45 'KAecxim. Unit*) ,-2398 2507 — ;. 

4 nr Grnrttjrr. Nov. 8 888 92-7 i_. 

i'w LXccwim llnltnV ,-.92.2 -962 

TM .Lit i BrsK .Nov. 1 . 70.9 742 

.1 S8 f Aectnn. Un»t*i -174.5 ■ 7B.fl +_— . 

100 Guardian Royal Ex. Unit Mp*. 


, ,, Priw+i -Jl lAI. 31. Nevt dealing Now. 

SStHIfib Hnlhorn. Wi jvteb 01-4068441 . . ^ 

14433 Pear! i.rouih Fd_ -123.5 Si* +01 5.02 Sa» - c & Prosper Group 

5.14 p£Si r Wi n,llt Is;; mo] +0 1 5.02 4. Crent R. Helens. London EC3P 3 EP 

524 Pearl tniiTi' 1H W xfalSl flftul Queen St. Etlinhurch EH2 4NX 

» g* K T 8| IS IW “' ,B 01 ttn -“ 13 

£S Pelican Units Admin. Ltd. igKxl 4 Prosper Securities Lid.* 

f**? ?' p ‘ ounlaln - <; *- Manrhester 061-Z3S568S J5“!!* €,#ort F ' , " d f«- . 

3.41 Pelican Unlit |84.b 90.M-0.il 4.94 

3 89 rR i petuaj UnJi Trust MngmLV fa) unt+.cfnikth |ors 72.5u] +o 3 
3.B9 « Ran Sl. Menley on Thamw 048126088 lncmtlnR Imw Fund 

■ - j PPcUialGp Gth _ .(421 45JJ . —| 4 03 High Yield 152 5 56.4*1 +0J 

Piccadilly Unit Trnst faMb) High Inrome Fond. 


4*6*3 Capital £ri (33 4 350] .n?I 4.0? C;‘]} MIt':’" iff ? | 

MsflRKHM-F.1. 30* 32 5] ; 8 49 v. ,' ^ ,,7, ' ij-ZS 

Security Selection Ltd. ,^.vS .tr*.., 

1A1B UtirolnsInnFiHd: ll- f ni^llctndu ''.‘■|.i'bl><rv<wih iW? 

UnwtOlhTM A*-.'. 124 5 I61J I ?26 fw- Whip 183 9 

l-nrl-UhTirtlnr 121* ??8 I 2 26 F-ir;i Ti,.- i.ro»ih ]36 b 

Stewart Unit Tsl. Managers Ltd. iai r’ - Iff f 

4S Ch*rlt<t+S<l EdivPur;n 031 JlTi.QTl |hw i.vgm ' . '19 S 
rSiewart Aorrican Fund Tllcti liw ITinritw 1618 

^Ldiidaid I'mu — ISA 0 59.7 -n <M 158 In'ernj’i^nal ]!7 2' 

ArcnmUniH _ 1608 63 Bi | _ Sre-ialSii’ . . 13*0 

UTtlidrauul Unit- K3 « 46 j] -0.7 - „ 

■siewt Btiupb Fund TSB Unit Trusts i>t 

js " rjlbi c 

alms tTii-r 


59.7 HJ.9I 15 

**3 -ft.il - 


Archway Unit Tst Mgs-Xt«L¥ fa Kc» mmn a*«i o Lr" tLu m,' Z u- 


Arrhwway Fund .1838. . . 88J( i 5.98 • 

' -Price* at Nov z Next *ub-Uay No* 9. - Henderson Adn 

^tL»xs Unicorn UtL¥ (aMcHg) 

T' tricorn Ho,^» Romford Bd E7. Q2-5340944 . 

- < V D * !rlt: '* - 13?-5 SS Hf-iT-Mf ciboOteeoww ] 

»*£fi£2J.6i- 2»d3'W lap Growth Ine. l.f 

no r*piij| . . 1656 


wagiUuaronmiB-.^ ' < — 3. ^TlrKs Pl«, C « Jewry EC=R 3RD. 

Henderson AdmiastrationV tallcHg) SL'S?,:"' „„ 

TrcsnierUT Admin , 5 Rayleigh RewiL Hutton^ Small i.Vs Fd "..' . S 2 41 S H)"lf 7J.0 

Brentwood. Esse*. . 0277 Jli238 w^piuil Fund .. . . I43 1 46.4, 640 


to n&Tltx* Do EvemplT**. p07 1 
*--r 9-frF|{J(L'; Po F.irtri Inconw 2BJ 
■ ■ wl, 3 r». Fmancibl - .160 9 


Do 500 . 751 . - 8L2) - .J 

nc General . .. 31 5 341H +021 
ap-wirowth-Arr 41.4 44 4}-+0j{ 

JTolricoine To. 863 9L1I +4UI 

-Do Prf A'n.4.T*L |l«.J 7| 

» Prices M_ict 31 Kep sub. daw Nov 

Jte. Recox*ry. . . (42 478,, I 

fco Trustee ^und_ UAL ■ -..mS +U.D 

SnWldw'xleTs : 48.6 ' S22 +83H 

»' Min Fd.Ipc . J _&W - «A4 +0J 
5 )o. .Vccum 683 - ''70.9) +R4 


1 -27 La® C4IP. Growth Acc.; : ]463. 
a In Income & .Xsaetn. J3J2 
+ni * « fflfb income Fund* 

tnx SS. Highlncome ”~JM8 

+ 0 - 3 | 2f Cabot Extra bier- ^ 7 

+02 -lir - CbbotPref^GDl - 4«5 

■ 495 OI> ft Nat. Res p78 

or Nor. 89.. laiemaUoaiil ' 
r I 527 Cabot -W.fi 


48 9) +01 
4*i) 481 
OMf+OJ 
35.4] *0_V 


Int Eros, t .x >SH , 45 2 48 8 -0.1 

6 33 Pn rale Fund . 34 7 373 +01 

381 Aecumlir. Fund . . KL5 67 7 +0 5 

38J Teehnolujx Fund 59 1 64 D« 

63* r arEartP.! ?g.O 313 

Xnxcn--.-in Fund 21* n? di 

711 Practical Invest. Co. LttLV lyuci 
j*® 44. RiA.i^pun- Nn in -I x +n..\ 0 1 «a 


High Inrome Fond* 

• LU. Itish Return H6) 

Xtyt 3RD. Income. — . ..142 4 

I'.K. Funds 

+02, 10 7D L'KEquItw ;«9 

— 0- 1J 7J.0 OvenwiK FundMii 

I 640 Europe . . .187 6 


-Stewart BtiUrt Iwiul Fund 

18 V +03] 2 30 Standard . 138.7 ISX.1I - .. f e 15 

7 6.Z-4 4 OS Areum.t-'nU'i ... -Jlfata 175 « 4J5 

7?. 5m] +0 3, 2 21 rwjtms tTiJ-J & Fn -U —1 

Sun Alliance Fund Mngt. Ud. 

56.4^ +03f 769 Sun-Ulianwettei.- . H-3r--hani rwio3Q4'.4t 


Finjiiw liwl IT n ■■ ]ij 7 

Ini X.-rum . 19 5 

?ili:li liw-r ITinntw MS 
In'eniJ’ion.il '27 2 1 
Spe-'ial Sii- . . *3*0 

TSB Unit Trusts syi 


4 15 CI.''h«nir> wav. Andov+r Han'i. ( 
Ev.ilins-* to 0364 SW3S -3 


M & G Group 

Three um..* Towwcrllill fcOR 6B1} 01426(588 

Vlanlicl'il :i| lilxIW JIM I - 

Alls- El -Ini I IV'sin .' 1+1 _ 


e.'K -u. 

3» T -fl.'l 
41« .0.11 


:a « -c 1 
69 6j -n: 
29 1 -Q.J 
363 


, Ltd. Ail*' E* Nm 1 |j:,iilP ! m] 

,+u™, Old. Ex. Ac c :»ixi l I! ID] 

U ®J ,JSI! Ifland 118 5 138 Jwj 

I “ .Ac cam Inin. |185 1 197 11 


Iwu -Of! "3 71 
9 11 - 1 01 «3 71 


■- 01 Samuel Montagu Ldn. Agts. 

‘ 14. Old RrnjaJ V. F. ■ ? 0l omf-*6* 

ApollcFil NO' 1 * F40 U 41 7B •» 

JirlK iw A| Skill ■« ;t 12 0 79 

I lT'iro*ip \'o< 1 . . -1CJ0 il 7* 2.10 

llTJerser "fM3 £548 598 . . 0 70 

0 74 I S“ Jsj D t C*-.t ^5 . £9.84 10 3b - 


71 ZJ -Q 11 
45*1 +0 2) 


• . j 3.86 

101 *0b| 3.71 


981 Target Tst. Mngrs. Ltd.V fang) 


iQ T.'F r on-'ral . 
■t-rVi Acciim 
•l> T^BInrixme 
•!?■ r*x..Virim._ . 

T4BSwotti-h .. 
wt-.f*' A+ciim . 


47 21 J 

60 bl 

64 3 +0 ,| 
67 5 

86 4v1 >0 Si 
9JW^no! 


fc«9 rap.n last 

6 10 s.p. xm j »:uTh Fd. 3 


6.70 f-t 

1 u S+ctor Fund* 
i'f! •.loimnodilc 
310 Fncrj! 

Financial nvi • 


TI.GresihnnUi .r«'2 

«b ,1 +0 Jl 5 39 Tar;c*. Oumnx«li:v 96 7 
Tartw Fiiwncial ]59 0 
94 ? - 111 3 29 T.irxrl Fj|Uit; . . 3b i 

113 0 « OS 153 TariMhx 'm I 703 3 
487 -12 155 apn Xve fnil- 232 9 
7l*| *0 Sj 0 57 T:iR>t‘ :ill F4"d . !!!68 
Ta—Jl-I i'lM'wIii .27 7 


I'e.alir.c* I^MSSWI l later BankV iai 
395[ -Obi 3 79 tl'anng Su-sul, KelF.ral 
6*1 “I- 1 *^2 1 hil'lwiir 1 .rnuih 136 7 

393 -04 ' ’■ 1 


Sterling penmni paled Fd*. 
a ’3 Growth Invert .. 15 9 3 

355 ImnLFd 862 4 

5-^ ieroct- Energy Tsl. 3I7.B 12 

7» l’nh'1 S Tsl Sir.. £310 : 

2^ Higb Ini StleTn £0.16 0 

2 27 I'.Si Dntlir Drannliuud Fd*. 

fiuviwi. s tu . .;nss25 

In>. High InL T»l .ISVS697 


Ltd. Murray. Johnstone ilnv. Adviser) 

0534 77134 IriS.HnpeM.Giawo'i'.i'f 0412215521 

'RopeS; Fri .1 Sl'<4J98 , I — 

100 ■ .Hurra; Fund . I SI. '■30 33 ] .. | — 

100 \‘AV xtlobiT 31. 

100 Negit S A. 

1212 J0* Rcul+1'arri Rnwjl. I.u*emh»urs 

NAVNtw.-. . | 51S12 56 — 


v alue Nciw 3 Next dealing N«i. 13 


9 00 Negit Ltd. 


39 4j -o?| 5 40 (Brown Shipley Tst. Co. 1 Jersey) Ltd. NV« ut sn 


F-ank of BcrmuHa Ridas. Hamilton. Erntd*. 

NAVl.W«r» ff 7 20 - i | — 


'H3J 1 


Prawiii :il Npi 1 
Ac cum I'iiiL- 


1 Bi'UJRa 016— jfSSSb Hich-.ilioimum Fund* 

11464 155.7) I 4 46 'ole. I Iniwrn-' '24* 

.1211 1 224 5j . ..[ 4 46 Select Inc umc |S2.] 


J * T.irjvl |-j.- , .tl« W- 

I 80 l*i Krill' I rii- 
XX# 1 .-ruec ln>'. 
TolITNcw. I 


8091 0 < 
699i -09 

7) 9' -0 : 


T- 1 In 

259 T -(iK 2 11 T^l l-ivt 
54 9iS -0 2. 7 62 T.-i *.pw.ual*-il- 


2131-Oli IBS 


6 89 Unit Trust Account & Mgmi. Ltd. 

Inn v ‘"4 Aill'-imSt F-.'4 H»xb iiUUI 41 

*7? Frijr II+- Fund [>389 «I (H - > D| 1 

1 in «i-li-r-.rth F-.i* JOS 3?5 1 4 1 

j jo I"- V’iini !)b? Ml! I 4 1 

i ff Miller Oroxxth Fund 
8 72 Kll-’'AllllulllM Li 4 RU-.R “|rtt.w 4 H 

IS V:v~! ;:!!: IS 5 12 51 I V, 


d | id PO. Bo* 583. St Helusr. ier*ex' 05>4T4i-< 

R - “™ Sierline Bund Fd l£»98 10.031 | 11 85 

-*0| "a 7/ Butterfield Management Co. Ltd. 

I 4 6B Pi.' EU^w I0fi. H+miUnn. Bennuit* 

I *68 RurtTei' fcnul:* 111 ^45 2J7T J 153 

Bulircsj. Income. |£'*Ft U T05| I 7 87 

PlKvt m ‘.V« 9 "iewt -mb dav Now 6 


.i|rctx4H-.i For Capdirex SA see under Keyser ^frll w,' m l&U owl [ “ 
*251 I *« L’llnuin Ltd. KtS.i Rd . owl. .1 9. 

J82j ' “ Capital International S.A. ^ 1 K «‘ ^ lmc ** 8 


u'as Phoenix International 

I rtl Bow 77 Si Peter Tnr>. liuemae- 

'• ItiTer Hollar Fund IS2 30 2 4« , — 

153 Quest Fund Mngmnt. (Jersey i Ltd. 

B 7 87 T'ij Box 1D4.M. H+Iu r. Jer*e 053427141 

vum Sllc Fxdlnt IE7.2 92 21 112 00 

7* cr wur.wi Ini Se-'s Sl tJ 1 ® D1W 3 DO 

Wuc-illmlRrf . {.vOli: OWl. .1 9. GO 


525 Itiiernandnal —f 

223 wid. Wide Sort—): 
5A7 0verms Funds.., 
5.1? A moulian — C 

«> g?«SS"j=-±i 


INSURANCE AND PROPERTY BONDS 


Waring Brothers A Co. Ltd-V U^xl ftvfa T"' ZHZ te-i- •'. - irg -ai 
5s. Leardmtbnll SL. E.C2 - -014882880 ^Ei ' In 

jtnttonTa. -I1H5-- 19JLM _J 409 +°- 

-JH fi3S&WW' '«=. - 

SL^ ^JS- .pls-i 

ScY^^OCL2*“&rt ' m3 izi IX -WBdtirtJ Trust ,1492 w. m«>32) 555 JM^Fund. . 1248 

« e Ira Ovl? 1 Qea 1 r I7 b3 - 2.M IgWnn Tftisf. 355- 37-5} *fl5r 3.M f£T?Tj]LS*r4 . t 13L7 

RSSftioSSffrKft iw:? :d n* .76 93 +o. 


um Abbey Life Assurance Co. Ltd. 


Cabot Afrt.Sm_i_j46J 49JU| +0.1) L92 MSt. Paul's ChurchyanL 074. 

SS^fearK ■ SKI ±1 IS J 


r - ib. Financial Trust B7J 

Bridge Fond Managers (a) (c) • i{j)incomeTju«t_-B6i ■ 

feasl/nwJ KingWinumSf^MX ^1«3«51 . 


tiMiieu6G«i4-|Zti • Z 

Irrome'—.. 51 J 3Al 

CapiLal tnc.t— --. 37 8 3*}j 


76.1a 4 Oil i.n W* 0 Fd Ser.4 . .1135.0 
- JiA ill 486 VFquitvFd Ser 4 35 3 
93 6a +0 4 525 Sf®° v - r d. >«■ 4 .1140 

. 2RSa +OJ 726 Woiwy Fi Ser 4 . |U2.0 
521 +0.4 5J2 Pncfcii at Wl 31 Yaluj 

...3ZJ-- IM 


Jl 4 331^ - 

1504 158« — 

160 7 16921 — 

93 5 46 A — 

133.6 140 n ._... — 

124JJ 130 61 ..,.. — 

in.? lian — 

□5.0 i«za ._.. - 

153 37 S _ 

L14 0 1203 .... - 

112.0 117 9( .. _ 

'aluaiion normaJly Tuej. 


Ltd. Crown Life Assurance Co. Ltd.V Lin'd) Life Assurance 
01-34891 Ll Crown Life Hie. WoldnC.GCSI I3CW >348825033 20. Clifton S>, EC2.4 4MX 

j — Mang'd Fond Acc. ..1103 2 108.61+0.4] 678 Mitt. CL Sot. ft. — | 1368*1 

— -J - Hang-d FcUncuL JlOLl 106.3 +0 S 678 On.S'ATr.Nixv.2- ll«4 15 


Capital International S.A. "" _ ' ‘ 

37 rue Ninrv-LvinK. Luxembourg Richmond Life Ass. Ltd. 

■'.apiial In. Fund- 1 M L 17.7? ' I , 0 .5« _ ■je. AIhnlStrogU n^la^t.C.M OC4 ^814 

F.r Cvnlral .\lsrts Mii(l. Ltd 'fo3i!£SiGaM .. uoi HK -K - 

under Keyser Lllmau LUL pn. piaiinum Pd.._ 160.7 169J -20 — 

ri . . . Ho Diamond Ed. ... 12 4 1004 — 

(.barter house Japbet Do-Era irvcomvBd.. 165.1 174.bj +0.5 1159 

I.Palc.'nttierRmr. EC4. 012483809 , , . 

vtiropa IUM3SH Jusi-O 201 4.75 Kothpchiid Asset Management iC.I.l 


Pn Xrc'1 _ . .{413 - 440,.'.'.. .'.I 3 

-Kveoiprr . ..11420 15ZW ... 5 

Fmbrfitt lixc.l ..li£6 177^ .. 1 74 
f*r> Aurt JULS . tin . . | 4 

Dealing Tues. Wed iTtrars Pnces t 

* . ZI-Nor.'X'S. - • - 

priiannia Trust Management (aHg> 

8 lauidon Wall Building*. London Wall ■ 

5- wndon Ew72M 5QL 01453804780+7 

• ; 1739- ■" 793, +03! 4K 
&l>i:alA¥c. - . 547 , 58.0 +03 3S: 

6- omrruftlnd. . . 578 . 623 -0.4 441 

Sonunodlly 80.1. B6 Jm — 0 7 481 

Boraexlir 181?-- 4D(Ui +02 41, 

r tempi . ..116^' 122 6c 762 

CxiraTncome-- »* ' 48.* *0.1 460 

far East 274 241 . _ 3.0fl 

V^tatortat Seaa 638i :. , 68.6 +0* 4.M 


139 • T-:. . ■ : • . . 

-~i : 6.76 uueLy (aKg) 7 ■ Albany Life Assura 

-•“'■30 15; ChrigtophorArfM. E C 2 DI-2477243 Burlington S:. W.l 

... 3M.lnleUnv.FubA.. »3*.. 90*1 . ? .J._6.60 jJS'J 

K*5- FnttdManagers Ltd. faH*) uoi 

PrK*£ OtL 35, MUk Sf,£CSS' 8JE. ' 010007070 Jprop.FdAc.- 112.9 

KeyEoersyln W.I7T6 8Uj+02T 3.47 VMpleln*. .Vcc. 170.2 

nt laxcv . Eej- Equity AGetL.: 170.0 .. 74 4] +03, 4.95 Equilj'Pvn Fd-Acc J235 5 

SKepExempt Fd.. .Il75 2 18t| j _. J 5.45 Fbtedl Pen Ace .. |l80 5 


l “*“**iL ■ . Key Income Fund. 

01 0380478 0479 Key Fixed Tn(. Fdl .. 
79^+03, 482 K«' Small COM Fd | 


770 «■ 

70.0.. 74< 
1752 1B6J 

Si:-: ffi 

1050 '-'4 1117 


J . Albany Life Assurance Co. Ltd. 

SLOld BurJinRionS:. 'A'.l OUT 


— Mansfd Fd. tncnL -flfflll 

— Mang'dFd IniL jifil.4 

— - — Equity Fd Acc— (94.4 

.... — Equity Fd. tncm.. [92.8 

— — Equity Fd. InlL |9J2 

..... — Property Fd. Acc ..W5 B 

— Property Fd.lnrm 1*5 0 

. — - FropenwFd. Tcil. 14 4 

— Iftv.TjL Fd-AxC . . N8J 
. ... - tor Tfl Fd. tficm 95 8 

- Inv Tfl F-l Tnli .. 96 9 
laJlj- Tuw. Fixed tm. Fd. Ace 180.0 
F'd Hi Fil Ir.rai 98 8 
, ImcFl Fd. Ace.. . U0 2 

Ltd. Ir.ieri Fd Incm ..[U0 2 

n jribO Moncj- Fd. 4cv - ;17 5 
0.4TT5 9b- Mone> . Fd , ncm 95? 

| ' T ‘ lS pd fnrm. . 3018 


106d +0fl 678 OpS'ATr.Nixv.l, U«4 
106.71 +0.4 6 78 OpS'AtqL Nor.2.R34 1 

99.3) -0 » 640 Op5 A"H- Vow 2 -1558 


-OS 6 40 0p5ATi; Vow 2 . 1558 16* fi J - 

-oS 640 Opf. AYtan Nov 2. 153 4 ibid 1 — 

-0 7 6 40 OpS'A'Dcpt N'or2 123 5 130.3... - 


;^rr CeG T ,P WJ .„, Wtropa 0U38U KiDt-O M 4 75 Rothschiid Asset Managemen, rC.l.I 

New Hall Place. L.veriyx.L 051 22T4422 Adiverba PH58 BO 5U0 -020 442 p o Box 58 S« Jiiliaqse uGu ^ rn ,+v Q+e, 

Rrr.al Shield Fd. . |1«2 1525,.. J - Fonriak DMJ1* -030 4« OCEq Fr Ort. 3. V S 34 ^. Tb 

Save A Prosper Group* EmmorFunX “ “/ J 1 ^ g ? 1 “*,9 ~ 4 

4.0* SLHcleoV Lndn. f.'3P SEP 0I-5M 8899 Hixpano "(ll ... 2.74 nr'siScofw-iyi 1401 lias! 3 iSa 


Pal Inr.Fd... 
Property Fd • 


838 London Indemnity iGnl. Ins. Co. Ltd. gdtFd..^ ... 

18-29. TheFixrbun Ream ns 583511 CornTpcn" Fd i 

S^l I Si Menev Manager 133 0 35 31 -0 71 — Kqi.iivre.ir Fd .. 

-5 7 Js} M Jt Flexible . 29 5 :-l 2 -0 2l - Prop F*m Fd • 

Fixed tnl crest |3«4 363 I - 'III' Pen! Fd . . 


Comn Pcni Fd 1 
K.qiniyPonr Fd .. 
Pron Fen« Fd ■ 
•3iH Pen' Fd . . 


+01 . All GtiMro Fen Acc 1328 
.17.16 loll Mn FrFdAcx 117 1 


*4* Eleiirwort Benson Unit ManagersV 


12.16 loll Un F'rFd.4cx 117 1 
3 98 Prop Fen Ace . !l29 S 
3T pie Inw Pen Ace iilO 5 


Inter' I Fd Incm .. HQ 2 116.0; -I 5 355 

Moncj Fd Acv . ;97 5 IDlbl 9 95 Lap 'aroiw!!* Fund ; 

Mono- Fd Incm 95 2 100J2) -3 ! 9 45 ♦£>'«• f *«P« ™ 

'•is Fd fnrm. . 3018 107T, -0 : 8 42 ^Exempt Prop Fd 

Crusader Insurance Co. Lid. |»»* Tru«+Fur,d 1 

Vincula Hourt- Tower Pt Ex 3 OUTS 3031 
«7«h Prop Vow 7 173 4 83 8T -w'> bl - T%. 

«i & u brou 

Eagle Star Insur/Midlaod Assur ThreeOuaw/. Tx 


u 69 The London A Manchester Ass. Gp.V D " pah pfn, .^ es 
UinijBdePark Fwc-er iUK! 5L’ll.5 *»cc 

Hi r.rnu.lK r,. ni l I ’UI I 1 


on 0<- Usher 24 


137 01 -01 - 

169 8 ... — 

129 6 - 0.2 — 

1322 .. — 

221 71 . .. - 

194 61-1.2 — 

245 7 . . — 

99 7 -0 1 - 

107 0 — 


: ritreadnccdles- t*‘T 
Fajie Mid. I nn# 152 7 


0! 5-3B 1212 4im.TicanFd.Bd 
54 71 +6 *1 62) t'nnv D+p-xsil*. 


M & G GroupV Frog's 

Three Quaw*. Tx«cr H.ll Lx'.ifl KBy (<:«!K4583 KtSiJor I Sec* 


i»ocklw dvalinRx 
Schroder Life GroupV 
r.m+rprise House Ponrmculh 
Kqull. I J 239 6 

fcquiiw 4 221 4 23) 

KivedlnM 1)84 145 

MaiiCV-H . 134 1 14 J. 

Mono -i 1044 115 

"••xr«ra>+ 8b J 90. 

Frupx-rt>4 1619 170 


[1165 ' 1221 

or* • 42 


Cement.: -1 
r.rowth. ... 

,'tar ftUrowth. 


419 20-FiSB'cburdidLE.CT 
762 K.B Unit Krt Inc . «7 7 
960 4-KJf UbrtFd'Ae. _ 110 
3.08 K.B Fd Jnx Tm>:. 535 
468 KB.Fd4r.T ? Vcr- 5Mr 
338 hSlSinlcCo nKdfcne 49.7 


* * T\ I rr* lar 4 L'rowth. 

\ ) lb----- 

8 6 * V Mineral^.. 


-2J -338 KBSpdcCo'tFdbie. 
+0.1 388 KBRou.«WxF0hAcc 

+0.4.8.J0 «»ShJT«|*tlBCt- 
+02 2J3 .HiahYld Fd Aro. 


95.61 . . 

3.W K.8 Fd 3n“ TwV.r|S5 57.1 -6.^ <S AMEV «“*«<, ■ JH2 S 

4.68 - K.B.FdJn.Tsr.Vce-B«.^ 58.7^05 *K ANJEL. M?d B . . 1194 

■338 nB&ri'Co: ■•sjtt-.r ni r " :.. 182 jSbvSSSK ” . |nai 

4 503 .'." .833 AMEV FLv+dlnl ill 3 

4 502 - _ an AMEVProp.Fd. .992 

4«5 • a ^ " AMEVMBdiPcnFd UDJ 

JL A V I'niFTrnst Management LttLV amkv , Mgdpen B lit i b 
55? The Stock Fehsuupr. EC9N IHP. Ot588 2800 • ,W 3 

2*1 T*Cln. Fd . .043 3 345.71 J 8.16 e 

IS -ioisI i 20b -gi 

; «|. Lawsou Seas. LULV tajicl . Int GniwJi . . . . 184 8 

489 37-Que*n> St . London EC4R1BV. 011983^1 _ . ... . 

264 *«axx: Material-:, -1 392 *121 - 1 5 90 .* 

• 'jrarcum. Units; |ir7 — *82, .... r 5 90 PrOxWeocc fa pilot 

!» . . "BTOOth Fuiid _ _-|572 612[ .. I L6* 

mm ,'IAccum Uniu> —»3 0 68.01 . — J : M i . . 


««»«« AMEV Life Assurance LtdLV 
’ J Alma Hsc..Xlrtund Re:£a'e Rt-ii+ic 40101 


4K fAMEV Menaced. 
4 85 lAMLT llgd B'. . 


N'a* High Inc 77 2. 

V*“ iw-ue .... .. - . 361 
..Vortb American.— 263 
-Pn»(e"'4x4iiU.. r . 5253 

Property Shares 1* 4 

Shield.- ... .: : . 433 

status Change. 333 

I tux Encro' .. (31 3 


83 04+0 3 
J8.B +0 il 


The British Life-Office LuLV.iar . . *w7ro*ih Fund _ _• 

- Ren ante Use- Ton bridge Veil.. Xl 088222271 

Brown Shipley & Co. Ltd.* ’• 

>7ng*.°. Kou ndero Cl_ EC2. ... '.. . 010808330 


Equity A Law Life Ass. Soc. Lld.V 
Amcrxham Road Kigh'ASeombx WW.OS” 
I.qui'v Fd. 'M2 9 118* -10 •- 

Fropx-rrw Fd . 11123 1182.’ I- 

Fuwed Sntercii! F 3083 113 9. . 

Utd. HCCOilf Fd . 100 7 106 O’ 

St-xedr-i . -,:il2 3 11801 +35: - 

General Portfolio Life Ins. C. Ltd.V 
60 BanholomtM Cu «'»Jrha.-a Crt»j BXJlPTl 
Portfolio Fund . I 14IL5 I • - 

Porfo’.luxapilal . 1*2 4 44.61 ! - 

Gresham Life Ass. foe. Ltd. 


Kqx.il: Rond-' 137 4 144 3 ■ Mnifd Pirn *. ap i 

Kx. VieW‘dBd' 1 86 5 90 Mpjrt. Pen Aw I 

F.imil 70 3n-* Ilfcc2 t {"« [‘i t ap 

r am E! .jllib f, Inl ,V'‘ n V ' 1 ' 

■;iF Bo-Id— .. [107 1 1325 - More. Pen* ap 

Ini. ria-n: Bond" 101 2 106 * . ! - Moni-v ,'on Avc 

Japa-.f.iHrt- bOJ b3 4 •• Trop Pen Lap E 

M.uiMel ftd— 140 4 1475 - Prop Pen Acc B 

Peer Peixioa”- .S3«9 - .. i Srnriich Il'iHi 

Propcrsy fid •* 1654 ins Scottish «ld( 

Recovery Fd. Bd* .rfil 2 rZT I - PO But 90S. F.du. 

Prict'i on 'Vow l •■No<- 2 — -Uei 3 In' Fl< Senex 1 

Merchant Investors Assurance* in^r.x'NNm 

lwi:» 233;hahS» .1-ro-dtcx OI08B91TI F ct'L 4cx-**ei 71 


B *» Px-n ap B 123 9 !: 

it 5 Ivr. Ace B 15b2 3- 

'■I it'd Px-n *. ap H 209 0 ?i 

MpjA Pen Acc K 751 3 21 

I- Ini Pi-i X ao K 9b 3 11 

r Ini V.-D tee Kloso il 

More. Pen ■ up E 197 0 D 

Mom-v Pen .Vec V j93 7 11 

Prop IVn XJp B [106 9 1! 

Prop Pen Ace H (108 7 3; 

Scottish Widows' Group 


■D l - Clive Investments ijerseyi Ltd. 

,n+ _ PC Bex 320 SL Holier JeraO’ 053437141. 

_ 1 1i\« •3iliKd.tr,.. M.78 9 80, 11.00 

.. _ I'lixc'iill Fd Jry.i.1967 9.69| ... | 1LM 

■ , ' 2 ~ Cornhlli Ins. tGuernse>'i Ltd. 

0 1 — PU Box 1ST Si Pcier Ton. ‘Tucrnxew 

- Ininl Man Fd . .11710 186 0! | - 

DWS Deutsche Ges. F. Wertpapiersp 

•Inineburgwvec 113 (KHx) Frintfun 
Invests IPM41 SO « 701-9 Ml - 

nm5 errw Deha Groll p 

] . fO K«x MIZ. ">j>+au Bahanux- 

| - rufiieinv snt :» |Si>!« 15W .1 - 

j Deutscher Investment-Trust 
I - Pu'.rfjch 'iflai E icPer b»-n.. 6- IflfiOOO Fran Wur 

-■ i oueemra Iti'JWtO 22 0« -0 20| 

[ — Ini Rx-nl.-nfr.ndx llUWTtt 7a Ml 

Dre.vfus InterconlinrtiLal Inx. Fd. 
f'li F"X VSTlJ Sa-fj'j bdham+> 

- VXV,.n.| 31 111'- DM ’AX 

7. Emson A Dudley Tst.Mgt Jrsx.Ltd 

I' Bu« M Hx-Iixt. •x-r.-x-w *j 6:M 2C.69I 

FDIi T il24 3 132 2| '3 00 

! -I The English Association 

4 ForeSireei D"L' n; ^8Tu8I 


™ DC.fnU.Kd* . ... SI 29 1J7 J 128 

OCSraCoOcl31 ...1401 14851... J 3.43 

Of. . '."nnunodir.. * ll«4.4 153 6,.. ..J 470 

-w,, PlrCora iry » 1529 03 30 8* I C 65 

xn« ‘Prirei on ilx-l 31 Next dealing Nov U 
i Sa tPnre* on ucl 23 Neel dealing Nov. T. 


PO Box ML F H !6 W' M-if-' <»*' -|u°l.M 12 051 '. .i 7 

In' Flw Sw+x 1 ,104 3 304 3 - -Ner. dealing Vox . 8 **Vevt deal inf No-. 

Iros w'.xiii\m“:i 199 8 1051 - Eurobond Holdings N.V. 


Int (iroxtth . . . 


— 2 Prince of 'Vale* Rd. Ecxouih WSfc 767655 Prcp<n> Pen- 


K- 1: in- w 3i 
xiac Fen Nuv r 


ARow. Materials- .. 
Mlrrum. t r nit5U. 

*iTro*ih Fuirf _ -■ 


For Arrow Life Assurance wtr 
ProxMeece Capitel Life Ajuitraace 


_1 S TB '“‘‘I i ai B«tcU>- 8 Life Assur. Co. Ltd. 

SAnwriron Pd'L... gOR " Zf-J ■ - | 0 5*252RonilordRd.E' 

- SAcewqn UnitU— ..[2X5 252| .... | 050 - 

Deal. *Mon. -Tui ttWed. :TTn.r* - S*^H*7 ,,Dr ' <te 

Leggl A General Tyndall FundV pfo'^Sf 4 ' ’ ml 

18 Cnnynye Road. RriMal . 02TJ 3=241 international 87 2 

DiftOgtIJ . ....-IfiBJ 66 » | 4 60 Managed 1091 

fAccum. Units; ..BOO 84.81 . | 4 60 Monov 1806 

. ' . -.N«Xl Alb. d«y. Vuweniber 18 Man.Pens_\crom . 99 7 


r, L Cash Fund ..MS 103 7] _ 

l. L Equity Fund . il064 lliffl . r .. 

O.L.oi5:lund ...112.6 118.5 

O.L. Ini I. Fund . . 102 « 107 E ... - - 

C..L Ppiy. Fund- . iw 3 1035! • . . t - 

Growth A Sec. Life Ass. Soc. Lld-V 


r^ ,l T£. L 2? Itts ® SS2f ' fAccuia Units; . . ttOO 84.81 . | 4 60 MOnv. 3806 LOSljj +6 ": 

Iw .l..)Oct30. ._{2783 ^ ?98J9 —4 *71- ' -.Nen Alb. day. November 18 Man.Pena_\ccnm. - 997 185 2 _. . 

OocmIc Tnisu DU U) .‘. ~ ‘ . ...... . .. ... Do. Initial 96.2 10L3i 

finanrial. . ._A-.p5.1. . 35. W .... 466 LepninC AdmilllStnUlOn Ltd. Gift EdcPeiULAcc... l 9b.9 1B1P ._. 

--V + Jfft ■ S2Z ,a.DukmSt- London W ] M 81 P. 01-W599I Do Initial. J0.fi 98g - 

“^7 firdwth Accom... w J6^- -•• • 4912 taoMa - m. x m«->u «92 Money Pen*. Acc . 1031 lOBfc .... 

- . nrowthlnx-onie- 36J 384a . 512 ' 2S3 f. 4 IS Do Initial -96 9 10M 

. Hreh' Frirame — . 3l 513 .. .. • ** • 1 * 0 * c * wn •“» T > 9 w -Cuneni uiiii* waive V?'. 1 

; ? St---* *4- gf ; - ‘ ’$g£ Lloyds Bk. Unit TsL Mngrs: LtdLV tai 

'. uwmeaj Si 322-'BeiB*i™ivWM'.'i3imtig „ Beehive Life Assur. Co. Ud. if 

: ■ F *ajg --- jg ypcthlnt.ireASaawf^ 71. Lombard 5uE« ON 

■ _ T» , ' ii T.-.' ' " .-• - .+ i.' WwWwrlde Ijwtli. . :k? 4 563 +0.3 233 

. Canada Life T-nSt TsL Mngrs. Ltd-V Do.iAecuhti go ?o.q +0^ *32 Canada Life Assurance Ca 


.XH4XU. Wear Bank. Bro; -oe-Tbane* Berki 0828^428* 
■). 5348544 Flftxible Finanx-e ' £3 506 : i - 

1IU - LandbankSKx . 5*11 - ! - 

♦Oj - Lar.dhanic S-'t Acc |XJ6 7 119 8 .i -■ 

-03J — ft S Sutter Fd (7 903 \ * 


1MS-1A3 - 
1233 +03 - 

114.0 -0J, .. 

116D +0Ji - 

91 1 -03 - 

114.9 +33 
J6S.9 +0 1 - 


185 K _. 
1013) 

18?. I ._. 
- 


•i.tS Super Fd 17903 ! .. 

Guardian Royal Exchange 
Row ai rJtx'Fa.1 (e t -1 2 01-2BS 71 

Proper^ Brodr 1109 8 1477, . .! - 

Haznbro Life Assurance Limited ¥ 
"Old Park Lane. London. Wl 0i 49800 


Equut . . 
Fqin'w Fx-aj. 
Money M.i.-kx: 
Mono Mki i'mi 
D eppsi; 
r<i'Pi.«'t Fvt* 
Man.jt-d . . . 

Mana.'cd F e=.- 
Intl Hquin . . 
Ho. Pent 
Iml Manax'eJ 
He Pe-.* 


ILindw-hkadw- 24. '.Villcm+iad urixo - *• I »• 

London AfleoU: Imeb 13 CbrlAopher Si . Fl'l ?-?. §!■• 
Tel 01-14? 7243. Trie*: 8814488 £*‘ ™ - 

VAV per xlrnre Not 3 H S2x»0f !. n |Li xm 


Solar Life Assurance Limited vax per xan 3 sikvk- 

in i.'K|vpln?elonii-)n E 1 INfiTT 0l2I422»i5 F - - & <’• Mgmt. Ltd. Inv. Advisers 
«ol.xr Manacx-d S |127 1 1138: +011 - 1-2 Laurence Fountain Hill. E04R DBA 

Sol+r PrxMix-nw S 1 114 4 120? 1)10^5 ^0 


■ mu nsmaxc-J , 7> x 

,-1 - Un Pev '100 0 

VEL Pensions Ltd. 
Million '.'«ur. Dortanc. burro-. 
01-288 7107 \>|*xE.| jW5 


<oI.xr Manaccd 9 
Solur Proux-rt* S 

Sdlir Equity S . 1M1 1731 +0EI xcnl.FdSorl. I SUSS 52 |. ' - senroae 

SSIAF.* ill? ill! - ridelll. Ksm. & Re.. lEdxi L.d. 

Solar Inti S 886 9*1 -0 7 -• i*u Eov 8T0. tlamilton. Bermuda 

-- Mar Manned F 125? J«**01 - Fidelia Am Am .1 1US2210 | J - ifSu' 

.. stSRW: »'■ !:“i +7 f:3;rfc'Sr d I It'Sii; '• j - Wint 

tolar H*V r 1019 lSo5 .. F'dcli'y " rid Fd .! 5LM4 30 1-5 L»l - 

.son Solar inti p B85 wa -3? •• Fidelity Mgmt. Research (Jerseyi Lid. SMonacvd 

Sun Alliance Fund Mangral. Lid. '$&!&§$'* Ui>n * : S ' Hel,er j£rr ° J Henr 

Sun Alliance Hotsx'. Horsham m03tM14l McxVIntiil- .(£359 | !?.■ '.'I’.wac 

ExpFd In: «.'ei It ,£1532 16151 I ScncxB .rax-ifix--. £473 > r.enpS.N, 

Im Bn'I'cl.ll I £11*2 | [ - Series D. Am A« k . ifI3 97 : . - Trofakar- 

Sun Alliance Linked Life Ins. Ltd. First Viking Commodity Trusts Uj’rLnaFr 
bun Allianc-. Kou-x - . Hixrvliam 0403041-1! 6 Nt. f.eorjc'ijSr . Louclaxt. 1 o M Japan Fd 


133 K +01 
120 ? 

1731 +0 E 

12191 

10S6, 

94 1-0 7 
1334 +01 
120 2 

■ 72 5-0 7 


Rothschild Asset Mngt. (Bermuda) 
PO Box OM. Ffc. of Bermuda Bid.. Bermuda. 
Reterwe Aioci* F±I5I SUM 10271 . . i -- 
Price on *'« j* Next dealinc No> 7. 

Royal Trust (Cl I Fd. .Mgt. Ltd 
PO Box ISM Kuval 7.c H-e.Jcrxri 0534 2744 1 
Il T Inl'l Fd [U'5944 18071 . | 300 

Pw T Ini'l .Jnc .Fd (80 0 G6.0! ! 3 21 

I*nc«- v Dpi 31 Next dentine No-. 7 

Save A Prosper International 

ir r'CAhn*- iv 

.TTCroidS: .n: tidier ier +w O.Vw .2WI 
I.A Cwollanteoommalrrt ^ Kuodn 
Dir Fxd Im •*: '9.21 9 791 7 35 

Inix-rnj; *.r ■: £98 B74j . 

FarfH-roro-t 55 Cl 60 34 _ 

Xor.li AntTix'uir! j) 70 4 oo[ — 

s-pp>"; 115*2 17 29; - 

■ n . Mcrlins.-deniKninaird Fund* 

7‘ ''h-nn-.-l CatnuiO 31 9 244 1! -0 7| 2 57 

00 I'han.i-.l ldar.d-4, 1471 154 91 +0 1 S20 

iwnnod-: 138 4 1*51} > 

, OI Sr £>cpo<ii 100 9 101 ft. . 0 25 

"fit S>: Fixed—: 1066 112 *3 1 1284 

-Pri-w or. -A-i -J -On 25 "'Sr. 2 

20 Schlesinger International Mngt. Ltd. 

41. U. Mont si .v itclior Jcrf.;-.. 0S34 73580 
F ». II. 171 76J . 945 

>A0t. . .10 83 SS8 .. . 511 

L ~ r.,p Fa !22S 225 . . 12.22 

tml Fd Jx-rxrw 193 99 .. 3 71 

li.i-il Kd Lxmbrr . M * Jf. II« .. 

■Fur Ed*! Fund 1102 I OS’ I 2.78 

"Xe-.i xxh day No-.emhcr 6 


=0.K'lb PoticU- B*r. Herts - Pi 
-I'altUen DibUw-LL. 1510. TOO! +0 
: Tinmen . Aceum — .,46.9 493, +0. 

^HoJnc.Tlnt.. - Jl33.1 * - .T4-9d ... 

a * [n.The . Acc am. i; JpA , 5 .- -U+6j -+0 

. CapeT (James) Mngt. ; Ltd. V 


P Bar5tl2S .lneoipe.-- ,82 8 89 Old +05( 6 

Jtv r*7 00 'Accural..: ’1160 12«7j +0 7; 6 

+n3l afr E^tra Income ,613 6Sij +0.2 7J 

° j- 777' 'S3?«A«wn-» t697- 749, +0 3 71 

^9-4- LW-XloyiTs life Unit Tst. Mngrs. Ltd 


B1L Hone Nor.]. | 132 OB { 

232 

|f! Canada Life Assurance Ca 


.... J -- Fi.vcd int. Dep . . -127.4 
. .. ] - rquit? - 179* 

i Proper!} 170 3 

Macajea Cap. . JI427 
, „ Managed Acc . . .177 l 

W C'werseai- [121 5 

01-823 '.'488 CIllEdaed • • ^5^9 

, American Acc 87 9 

• * “ Peaj^JDep.Cap- 129 8 

Pen.F T Defi-Xcc..- 1533 

Pen Prop cap.. 231 5 

- c .. x- E* 3 Er?i\v\r> ' 1 


. -! - Nrlcvrq Actum .113 0 1198 -0 4 

u Nclew M-»ne» -.4P ,61 8 65 01. 

mteOV Vclcx Mon \cw *8 70 V — 

a;-4flB0tt>l SejiW *317. t r.<- i"a|. • ’ 53.0 

I _ \V|Tni!hiii(.l.i ,-J 1 558, . 

J .. Ncl Mvd Frt. Cap ^9.4 51.3 

. ; .. Net Hxd Fd A.-C |50 1 53 4, . . - 


+ 0T| 618 20 High Sr. Poller! Bar. Hem P.Bar 51122 Pen Man.Cat __;211 6 


757 FqtyGUi FdNov. I 
7 B7 Routs Fed. Nor 0 


-id I 


;7S490. Gatehouse Rd_ AflMbury 03W3W1 f“ TOn 


Pen. Man Acc — 1275 7 
Pen.GtliEde.Cap .|l218 
Px-n. Gill odj- Acc.. 11298 
Pen. B.S.xap ... ,126.9 
Pen. 8 S. \rc . - 146 3 


134.2 . .. 
189.4) 

179 J . . 
1583, . . -■ 

186 5) - 

127.* .. - 

1326 .. . — 

92 a ... _ 

136.0 - 

161 « . . . — 

222 n - 

290.3, — 

2903[... -- 

ms • •- 

J36M .. .. 

133.K .. _ 

1 53 ST ... - 


'•'cm S»:S dsj Now ember 25 
NPI Pensions Management Ltd. 


-Schroder Life Group 

1 n»xTpri?»;Hai;MT Part.- mouth 


121 4 | . 

108 3 . I 
94 Ol -A?! 


Internationa Fund* 

£Equit> 11 

3FQUIIW . 1. 

iFixxfl Intercsi V, 

SFixcd Inlt-rx-xr ll 

xVnnaaed II 


1 A • I null • .[£359 
-B.rax-w/ix-. £9 73 
> Hi Am. Asm ul3 97 


Fquit-. Fur.d 
Fiacal m cnc* ; Fd 


Propenv Fund 

4a Grace-; hurch r: ExJP3HH 0I4O42U0 inirrun-mjIFd 
Managed Fund 1155 J 161.8i | — Deposll Fund 

new X* 1 : 5-'eM dealing Hoc t Mana^x-d Fund 


New Zealand Ins. Ca 1U.K.1 Lld.V Sun Life of Canada il'.K.) Ltd 
Maitland Houiur.couihcndSSISJS 070^62355 S 2. 4 £ ockspur^I 4WIVSBII Di-9 
Kiwi K+> Irv PI.14 ,1585 16341. I - Maple If I'.nli | 2013 | 

Small Cos Fd (934 90$ -02 - Maple IJ Maned 1336 -2.7 

Tcchnolnjw Fd '106 2 1U 8, . . J - Maple U Ful} 127 9 -2 £ 

Extra lew ,92 6 475^ +0 n - Perm! Pn FA I 206 6 1.1 


Small Co s Fri .(934 

Tcchnolnjw Fd 1106 2 

Extra lew >d ‘ 

F.xtra I r.c. D 1 »' Id 95.7 

Amerl.ianFd . |9J 7 

Far Eas: Fd illftS 

I'.iltEdswrdFd 105 3 

Con Deoo-..itFd. 19® 2 


Target Life Assurance Co. Ltd. 


*czn Hoi:-e. ijai-'houjc Rd .\v|e»bur>. 


Do all eh Yield HI 5 - 44.04 — -1 • 

, IkMAccum Units ..»S ft.-. 560 -4 

•i« • Next dealing date Novettfier L 


Cafiiel L'nit Fd. Mgrs. Ltd-V 4aKcl Anwricim *4.7 

MiTburn House. Ne-»-ca*Uo^fw-7>ae =11© £» 

; asai^idw ; w =* is II 

DoaL ah Yield _H13 - .•.<ML04 1LY BJ7 . L\ccinn.Uii«s» BS.B 

, PoaAcccm. Units. ..153 »>. 560 -4 9.77 CdqipxiuiidCrowwth. 110.4 

• - ' Next define date Novwttber L Converrton Growth 63.4 

Charities Qfficlnl' tirvesL FdO . . •: g{532d!?i*~- R, 

J TT £bndon Wiilt.EC3N 1DB. . . • - 01-588 1SU 1 Arm tp Units;: 227.4 

inebbxtOct 17_+_P57.M - f ....J iffl European ; 500 

Acciun.0ct.37.'. — [272 47 _ . -j .. jArenmUqlWL-i. 5L1 

j eL^naisth. Ohly arailnble lo Reg. Charities, tatra Yield B 6 

For CbarterhoHse Japhet see James Pinky [JtfBigfgli; liV 
narftain trust Managers LldV faKgl “ 688 

:'ii<eu-si.EC2M*rp - . ' di^asHo^ tAccum lqiikx. .. 745 

• Amriirtii._jl-_.hrin.fi ■ ZLa+OJJ ip GeswraJ ----- - if™ 

- : HiaWn«me__:.M.5 9473 H OX £Acrtm.UniW_ _ 2M.8 

-.lniernatumaITa_ i*«3,4 25-2) ... 282 Hlghliiciane 1M7 

. 8^5 Retire. Trtpi3_- • . 28J, -+OJ . 449 -i Aceum. Units) 1779 

-l [?ai GroCth X«— »31 24.9, — J 7.53 Japan. ...... 

’■ - - . . > larnun LTnllai 1800 


1 +0 1 
-S-i 

-O.b 

-0.6 

-03 

-03l 

-0.7 

— 1.2 

-05 


Dtrpoa.it Bond - ' 113 1 

riS Equ Uy Aceum 378 

i LL rropeny Acciim.-. £33.27 
bS MnJtLAnvm..- .. 1, 

*« 2nd Equiry 93 J 

?2 2nd Property.. _ 107 6 

\ T2 2nd Managed 99 1 

i Ll 2nd Depout 983 

S-fJ 2nd Gift 918 


2nd. American 

ne in =°d £*1 PWiaw'Acc . boa 
“S-5 2'2 2ndPrp Pr!ns .\cc. . U2.7 

'nT ■« 2nd MW- Pena.' Acc 102 8 
"9-2 S-H 2nd Dep.Pea*'Acc. 10L8 
i 250 Gift. P*n« Arc. 91.6 
InS slo SniLAMi Pena /Ace 8U 
sm L&KS.I.F.. I 58.5 

:8i In L*ESXF.2 t 1^5 


is; i — 

= 


5 -3 - 

98 4, +0.4 - 

104.9| +fl^J - 

■al-l = 

83.01 +53 - 

103 5 +05 - 

u»3 . ...i - 
1088 -021 - 
107!? .. j — 

96.* 

850 +5 JJ - 
41 3 +0.5, - 
sell • _ 


16-17 Taw LsockPlue vrcvussM Qi jut 5020 Norwich Union Insurance GroupV fj* n V+ n i 
Hearts of Oak .[J7.7 »Bt .. , PO Box 4. Non* : rh NK1 3.NG 9008 2J20U pJSp FA. aI: 

HiU Samuel Life Assur. LtdV Managed Far.ri J215 2 gh5l +0.;i - Prop iF d in; 


R'jcTj 

Man Fund I.ic 
Mar Fund Acc 
Prop Fd Inc 


132 4 -C* — 0624 V2C Ldn Ajft» L'unhor ft Co . l.t-1 

111 2 53. Pall Mall London S W 17 aJ H 0;33u7( 

122.3 . -• Fn. Wik. Cm T»t 137.fi 34.fi, ?■ 

<ws -0) — K*i Vfc Dbl.OpTsl |6J.O 66 0! ! J , 

m3 -obi - Fleming Japan Fund S.A. 

. 37 rvi< Xoire-Dame. Luxrin hours 

- ld - Fleming Nov J | Sl'S702J | ! - 

0! 930 &400 Fiw World Fund Lid. 

7 — Butterfield Bid; Hamilton. Bermuda 
-2 E - N.WCiciJl | ILS190 05 '.-‘.to. - 

— G.T. Management Ltd. 

Ltd. Park lire 18 Fln/ftur; ■.'l+cu* Load-?-. E' 

Pihurw Tc). 01 028 BUI TLX 880100 


te»bury>(C06'> 594 1[ London Ayenti: for 


|S uurreni value Now 3 Pn&TxdJm'Cap ..[95.4 HH15I .....J Flex Monev BU 

5 96 PjU.Fnd.illt.ACx'.. . 97 1 102J2, .. — Prnno-ti. flmve 

|H Capital Life Assurancev F^a^! Sop! Acc. ~^8 4 lS| !.'. - Leon House tro-d 

SSSV^Tmi S .Tf* 1 I-P-W ^ A»- CO. of Canada A 

4 51 Picemakerlrw-Fd 10741 !. . — Imperial House. Guildford 71253 AgHcuJTural Fund 

4.51 Gn.Fd.Nov3. - 74J B0* . . , _ Aarlc Fund A- 

687 , t .. _ „ Pens Fd Nor. 3. ..1*78 n.J| . ... _ thhew Nal Fund 

6 87 Charterhouse Magna Gp.V Lntt Linked Portfolio Abbej v»i Fd • v 

i-SS Stephenson Hse. Brunei Centro BIe=chic:'. MaMed Fund. .194 7 9971 . . J - & n, \, 

4 09 xi ; linn K*>vnej0DU8-641272 Fixedlnt Fd. 959 IBl.Oj .. ..] — lnwe^jnent Fd 

67* r'hnhf+Enercv 1372 39* I — Secure i-'ap. rd 97-Z 102.fi . , — Fquity Fum. . . 

5-?* fhSh« mSS.-Bi? ivfl ■" - Equlrj' Fund ,97 3 lflSfi... I- fdult}. runU 


Hill Samuel Life Assur. LULV Manascd Fnr.d ,215 2 

NLA Tvt- Adduc wnbe P.d . 010864355 rtowiVFund''’ il339 
•Property UniLx .. [U22 1704!.... _ Fixed rnt Fund. 151 9 

Property senes A . ,105 6 11L2J — PeptraiiPund ..'1071 , . 

MsWfd L'mif . — 11617 170jJ — NorUnTrCwr r . i 220 6 ,. 

Manaced Series A_i95 4 Iflosl... - . . ' _ _ , ' 

5iaaaj;cdSerie»i: ‘919 96.fi .... — Phoem* Assurance Co. Ltd. 

Money Unit* ... ..122 7 l+9Jf — . — 4-5. Ring W, Hum 6--FC4 

J»SteV:.SR “I !»”? 
SEttgateKi z fb> Phc^x I?*? 

Pn* Managed .Ux.. (150.9 158 fi . ... — Prop. Equ its - & Lift 

PmwGTewf. Cap— 107 2 112.9 ... - ^ wix 

Pru.G'leud Acc ...11*7 1 20 7, . .. - L 1 ^, rt “ Tord * re,r 

Pena Equirx Cap. . 100 1 105.4, — R. Silk Prop Bd | 1 

Pena Equity Are .101.9 1«3 3i _ .. Do. Equ i1> Bd. I 

Pni-Fkd.lal Cap .. 95.4 10t)J| _ 1- lex Mone-v Bd I 1 


1265 +0.7 - 

364 5 +2 o 
W0 9 .. 

1599 ... - 

113 5 . 


Prop Fd lir. - -'HI 
Fi-w-.-d Im Fd Inc (1D0 


. 96 0 JOl 01 

US 7 124 9 

.112? USB 
144 0 

. mo 


— P.et PliinCari Pen 


M*n Px-n FJ '. an 
Gift Pen Fd.Acc 


Anchor B Units ..jSVSlBi 115; 
Anchor Gilt Edjie. (£9J5 94t( 

Anx-bur In* Fd.. . EViSfi 5 :i( 
Anrhcrln Jq-.Tst 30 8 32 91 

Berry Pnc Fd . 5L S5602 ' 
Bern- Pje Si rls U?0 0 33*881 

G.TAbUFd.. OHmil l'-Hc 
u.T ArlaS'.erlme .IU615 37 2V 

MT Australia Fd . (&A1O.00 - ! 


— 4-5. Rine William $-..EC4P4HR. 0I-8M 8876 Gilt Pen Fd .Cap 


Wealth Asr. ... 11110 116.9] -0 7| - 

Eb r. Ph. As* ... : ■ 80 2 J . . I — 

Eb'rPhCqX . f747 83*1.. | - 

Prop. Equity & Life Ass. Co.V 

1 19. Crawwford 4; rex- W1H2.4S, 01-48SMB7 

R. Silk Prop Bd J 185 9 l. l- 
Do. Equit> Bd. 73 5 -3 2, — 

Flex Nt#vie v Bd I 149 6 !-0w — 


Pena EquiT.vAre .,101.9 
Pnf-Fxd.Inl Cap .. B5.4 


xnn fAvrum Unitoi . -.1263 6 ?2S Sl - !'S 

JJ32-. Smaller Coo. IjBj IM ® 

I \rxunv L'nlt* 1 .. . -fell 1 229 0,-16, 

L Specialised Funds 
BKS2 Tnirtee..— .. .. P«fiB 15AM -0.J 

.qja (ACCUTTI Lnftti 288.fi 304.5 -1 8] 

CharlbondOct.OL.. 109.5 j 

9 00 Cbar.fd Oct 31 ._ lg.9 XgJ — 


S' .-H'ettJncOme„ 'to 9 4474 ,\| lift. tAccliirxUnJW 260.8 ' 277.8 -15 5.9b .... . 

> -.FniSiatitmalTtt— ^33,4 2s3 . . 282 Wfh Irxwue 1K7 }“■§“?? Capital Life AssuraneeV 

- ■ . {HI +oj il® ‘r'iS^"' Ln,U> 1789 xSeJ In'l fu ConUonHout&ChapeJAshVLton 00022S5U 

. . ' ilnraiGwtftltJbt-lai 24.9, 7S3 J*P*n - . ^9 iH Kvlmesi Fd... | 10503 I.. , - 

: CSfefeddrition Punds MgL Lfd.V.t«t> ^ -f5 JSi 1 18741 v ’ 1 “ 

6 ^tbfSjnd. .W.7 .... 4fi9i ::.f 4t». JSSSSSfeiiKriEir: Sfe? W77-21 I a Charterhouse Magua Gp.V 

'... : Cosmopolitan Fund Managers. tjSrtu^UntoiTT-T »9 94 7 *M fintao n R«'o«Mi 

" + 3aatW?»w*ttaB*»5Wlj;SS:i. OfOSSBSZO SoiWid Gen_. ... 17X5 1M3 -1 » fhrlhro EnerK7 . 

* v 7ottwwolnXith.Fd.a7.9 593 ..-.. I 500 'Awnim. JJmw .-aj| *-g “!■? |^S Chrthw. Money . 

• ■ Aw sx4 - 1»» ?SS"S3.7.-.K? B|:3 fiSK gJI'r 

•- rralgmount Unit TsL Mgrs. Ltd, Specialised Funds 

. > . .. 01-8W03K Trartee .. Jl«fiB 1545W -0.J 6J3 Mas n* Managed 

. '. BitfflMenfc'-,;. :,M.9 - i- -W0 , r 2 »> lW 5 3M - 5 -» 'j w 

. . Noah Ainerkas»_.K7.1 - - Ch^bondOct. 3L.. 189.5 | 1LM cit> ^ vieSln 

.K^Dusifiotdne^ -. V«J :d rg fuogMi h«« 

-TCrMceat Walt Tsi. Mgrs. LliL'taHg) Nov.6_-|l37.fi 14«a-3i| 5.« CTwAnCROJA 

,»JMvm«cw6iSdliibui*ii3. • . «a«i HmoLtfe Management Ltd. 

:‘2»SSS3»^ i "®a 2 5?ft ioS Bl G eorse'a Way. Steronas*. 04»5«iOI 

' S3^SgH.Tii4LT^Kfc 'Ofi.W 9J20 Growth Dnhs — 151Ui 56.5, I Uonn Fund 

■ Sts ”! L96 Mayflorwer Managejnent Co. U* 

. . .V^T- • • 14-18 Uroaham St. W3V7AUP 01-epea£K Mngd-Cap. 

a ■ 3'!|g?-ya.;tes3ry Unit Fund Managers income Orf-M Bps 8 H4.S I pens. Mnid am. 

-5S, Blomfleid St, 8!C23fi 7AL 0I-S384486 GcJift -ll OcLSt ..~|?1.B 74.7] 5 m PciiMooej'Up. 

'- DiMnTSiZ^7 19071 1 5.05 InwntlL Uct24.,_|4S.O 47.4] I 3-00 JgH-gnggr. 

- E. F. WnaWar Pmid Mngt- Ltd. Mercury Fuad Managers Ltd p ^FSS5£Af£ 

Xr£SZd£i -Sa 5» SEWKWt—BJ S| — ig 

^tncberrpsralZB-Z 22 S - Mere. InLNow. 1— «2 5a" fu City of Westm 

Eohow & Dudley Tst. MnfpnnL Ltd »i? 233 *« Triephme oi-ew 


V) I TOO U Ox 

\-M 


Prop. Pen Fd Acc 155 4 
PrwipPx-n.FACjp. . 154 5 
ijiuwr Pen Fd.Acc . 90 5 
ijuar Pen F d.-lap 96 0 
D A-Fen.Fd.ACC 9b 5 
DA fV-i Fd Cup 960 


,<■’ T Bond Fund . SL'S14 07 )-0.3*i 522 

|GT Dollar Fd . JL'S67S ; ! *8 

C-T. I-Ir i&tr1j<.> FOES 65 9.02[ ! - 

r. TPawiflcFa . ... SL S16 7S i-9i;’ 0 42 

H 7. Philippine Fd Ml UK lirl . ! - 

G art more Invest. Lid Ldn. Agls. 

2. St Man A\e. London. F.C3 ■'(■•JEJOK.'. 


■ rC ' J. Henry Schroder H'afij? A Co. Ltd. 

IT.) i.'Kx-ap.idv t t 2 Ol 5864000 

I C.enpSN.,1 ; S1SU56 !-5’l| 2 51 

. — TrdaUarScpi TO Sl'^1370H 

A--** Fd xvi Ml (ixcllM 2310, . • 2 38 

UM5 x'arl.na Fd N.-« 2 1SA1 93 2 ON 5 50 

Japan Fd Nat ? H'SBI* IW | 042 

» . I.'-1 

o; 33u 78J7 Sentry Assurance International Ltd. 

1 awn •’ ^ c ’ v Hamilion S. Bermuda 
• iu Munai;. -1 Fund 1«<23» ’5)51 , - 

Singer A Fried lander Ldn. Agents 

; -. 20 i.eanonSi .Fi.'i 01248 Pb48 

Tii-Uf.-.-.d' ,nva« 7» Uj - D M b 04 

7pk?o7st (Ix-l 31 jll SC Me - 1 «5J - 1 Jfl| 144 

uda 

'.lo. - Stronghold Management Limited 

PO P-o*; 15 Si Helicr. Iirw; 0534-7 i+m 

ado*. xontmodi'y Trurt 195*0 lWMJi J — 

Surinvrst (Jerseyi Ltd. iai 
; 1 85 queer: Hw t'an hd Si Heller il;.- 0534 27313 
! IJ-22 American Ind TP .|£7 14 TJ1I-3 0:-, - 
•I IS * ■•PperTnjq £11 70 11 98,-5 K: - 

• J £2 Jar Irdx-xTri ,U09b II19(-JCi[ - 

•j 3-?? TSB Unit Trust Managers iC.I.l Lid. 

3 15 Bagel*. II- Rd.St Savu'ur. Jcr.-e.r 0534 TMW 
.. ' . l*r»' Fund . . U8 8 514, . I 4 67 

-0.34, 512 uuernx-.-y Fund ,48 8 514, . „| 4.67 

■ 148 Fricc. nn Nxiw I \ewi xub. day Now 8 


042 Tokyo Pacific If old mgs N.V. 

'■ i mini'- M+nn^i-nH-nT • »■ N V. C u ra>. a-x 

* AW per <hjrc (iri TO JUSG3 20 


~ Property Growth .Vssur. Co. Lld.V 


Leon House. Liv.dun.CRS ILL" 
Propirrty Fund | 190 7 

Properly Fund A | 1888 

AgHculiuralFiind , 800 8 

Asrlc Fund A. 

Anhew \'*i Fund 


P A.Fen.Fd.Acc lib 5 101 N -- fiamnorc Fuod Most il* t.i Ud. 

ll A (vi Fd Cap 960 101 Ol — J ' Broad S-t. Si. Hclix'r. Jerx+> £•' 

■j i|i. Fund) JfcTjvCj j ,100 0 — 1 

Transiniernational Life ins. Co. Ltd. n art more Fund Mnxi. ii'ar Eun Ud. 

V Bream B Ide- . EC4I N V Ol -WM 487 ifS 3 . h p ’i , . c, j , .’7j" fl ** L'J 'l^x-ojjrrycc: 

VTulip Invent. Fd. (1*2 7 158 .V -7 9, - L ™ yci’5 Sftj 

Sta'iSSiFd" liififi {S?:v?= /fivSti 

Man Pxn Fd. Cap. [119 8 1261 -3 8 - Ini Bond Fund _ 1st. :T8 75 II 2ft -0 , 

Man Frn Fd A:c 127 9 134 b -4 0 - (jsruporr lnweMmcot Mnel. I.ld 

•Mnrrl It» Fd InU 96 2 1DL2-2G - P.O. Box3S. Douxla. h>M (*. 

o.Mnsd In*- Fd Acxi97 0 10201-2 6, — 'dlmrrt Inti Inc |20 9 22 2 rtf 


Tokyo Pacific Dldgs. i Sea board) N.V. 

t-'-K-TiTt: In'imi- Manri:em-"ii ■;«'■ V i uracae 
; 12 0 *.V P- r -hare ”d TO Jl'553 M 


?3? ChOhroEoergy „ Q7 2 392 ... - ?£** 

|-|J Chrthxe Money . .-697 31.7 - E 9 ul 

f-S Chrihac Kanaged-34.fi 368 — iris 

438 fhnhae Squliy ..p5.1„. Sfil ... - J,; 

Magna Rid. Soc 134S ... - '-F 

6.83 Majna Managed _ | 1510 — ®J«? 

.jf S£S 

fa) City of Westminster Assur. Ca Lid. Man, 

70 RJngstccd House, 8 Whiiehors* Road. 

5 « CrojSm CROSJA. 01 6848664. 

West Prop Fund. -,62.1 


043850101 

56.5, I 


Fund 
ad Fund- 
Money Fund 

tnilt Fund . - 
PULA Fund 
Pens- Mncd. Cap. 


I — Irish Life Assurance Co. Ltd. 

Z ILFlnsburw-Squere. EL21 01- 

— Blue Chip. Nor. 1 _{76.3 80 3| . . . .. 

BLCtL5r.il Now] — 93 3 ' . . - 

, , J Managed Fund „ 2361 2583 _ 

Ca Lid. Manc3.Fd.Sar.il .961 10121 ._ . — 

[n*r{ Exempt. Man. Fd. _ LU 5 1195 _ 

PropJJod Nor. 1 - 189 9 1998, _ 

01-018004. Prop Mod Glh.._- ?122 223 3 .. 

- PrpJld.Gnh.Ser. n 99J lEffl 


' _ Anhew a'ii Fund 

Abbey Vw Fd ■ A- 

. . J tnxeaimeni Fund 

„ . 1 _ Inw Pitmen! Fd '• 

'! _ Fquity Fun>f - . 

. .. | _ Fqulq Fund \- 
. Money Fund . . 

UL Money Fund A . .. 

01-0288253 Actuarial Fund. 

t CM uilKdsed r und • 

• •• 5 00 Gilt-Edged Fd A- ! 

' , +Rciti'eAnnuirt.- , 

I “ blmmei Ann'n-. ._ 


Pnm Growth Pension; i AnuulL 
Ali wither Ac Lit |Uis un 


132.4, - 

64.7 -05 - 

176.7 - 

137J - 

1335 - 

585 . ... - 

5? 7 - 

57.5 +0.3 - 
57.3 fiOJl -O.i - 
oaed to new mveeiiMB: 
2195 r - 


ALi Wither AC CIS U2.S 
9 .All Weather Cap 123.1 
jlnv. Fd. Uls. 

Permian Fd. Vis I 

I'.em . Pens. Fd ... 1 

Cqv. Pns. Cap. ■ 

Man. Pens. Fa . _. 1 


Ring & Shaxson Ltd. iiom.Peiu. Fd ... 

W. Com hill. EC3. 014235433 Man. Kni. KiT'. l j.' 

BrtdFABten^ WI96 1MJ7I-0.01, - M«! Pent Cap L': 

Sean daalirqi da:> Nov. 15 Prop p«:s Fd.. . . 

Langham Life durance Ca Ud. 

lonsham Ht Holmbrook Dr. NWA 01-2055211 Blag Son Cap l'l 

Uuig/urn 'A' Plan_ 167.0 7tL5f .. . J _ -■ ; r.ni 

VPrnp. Bond -Il45 2 15tS - Providence Capi 

U’up'SP. Man Fdl77.0 BLdl | — 50. Uxbridge R-iad. ' 


Trident Life Assurance Co. LtdV 
Runs! arlc Heu se. Gluucalxi MAS 3tS4 1 

Manared 123 2 3 30 5 | -- 

Utd Med 148 4 157 7 

Proper! i 153J 1624 

Equity Amencar. 80 B 85 6 -0 2 -- 

I'K t.quiiw Fund U08 1173 +1 0 - 

HichAix-ld 141.2 149 6 

Lift Edited . 1225 129.8 . - 

Mxviey 135 0 131 7 

IntemKionoJ - . .. 990 .104 9 .. - 

Final 1285 Ub 1 . 

Growth Cap _ . 125 2 1325 . — 

Growth Acc 130 2 1J7 9 . . — 

Pena. Mnfid Gap. .... 116.1 123.0 — 

Pent Mnffd. Acc . 1224 129 6 — 

Pent Gitulep Cap. 1041 1103 .... — 

Pens.Cid.Dep.Acc.. 109 7 11L2 . . - , 

Pens. Pptr. Cap 1169 125.8 . — ■ 

Pens Piy .Acc.. 123 3 1303 . - | 

Trdl Bond 36.4 38 4 .. — ! 

•Trdl Cl Bond 97A .. .. — 

■Cart) value for £100 premium. 

Tyndall Asauranee/PensionsV 
38 Casynee Thud. Bristol. DST2 3224] 


P.O. Bux33. Dougla- IpM 

iln-imroelnil Inc 120 9 22 2>r| ' ll SO 70FSL 1*» 2 i£7 25 7 8SP , - 

Garunnrelni] CrthlbB4 72 8, 1 2 40 ■ A- cura Anurx-v . | ill 60 12 50, j - 

Hambro Pacific Fund Mgmt. Ltd. "it.rfwSSi.- 2 77 5 S li . 280 

2110. Livineusht xeniro Ho.-ic Konc i'*r La.l 2 (S*) 5 %0 ( 200 

Far Ea»i Now- | HFKltte lT-5r.' ■.«u = l rharw £9 5 flbOj 2 00 

Jnpan Fund . luxUM ltt:1 . r ![ i ( ..!‘t , - , | . I’ObD JM«i 687 

Hambros Bank (Guernsey) Ltd./ i.iiiVunxTv.oi-'i 'loss lora ' ! 1133 

Hambros Fd. Mgr*. tCl.i Ltd. \-r U m >*i.re-=- |W» 1*30, .,1113 

PO BxvtBB. tiuemi-ew u48l-:<5'.’l ' ieim? HauHr. DoucUik Isleof Man. 6624 241 11. 

■•I Fund. IM71P 15b 71 ,3 70 ManaCx-dtfc-l 19 |134 6 14181 ! - 

Ininl Bund 5U5 1M.79 llj.li ' 8 50 T . . , , . 

im. Equity fuslii is ll 5* 210 l nilifc Assurance lOverstasi Ltd. 

i n ! ‘-J! SKSMZ PS ‘ -• PC'. Bwx :3W Hamilton Ml. Bermuda 

1 Pra’£ , ™fv« bS, l 1 v , + :• 1 r Ir-icril Mod Fd lil'lM - | ., _ 

mifti on ao. 1 Nuir deD l mi! N(k 3 

Henderson Baring Fund Mgrs. Ltd. 1 nion-invesrment-tjesellscbaft nbH. 

9to. Gammon House Hons Kotic Fe-^ach 15767. D 6000 Frankfurt 16. 

Jppan Fi Now. BrSJSiC ain I — Atlaniicfonda — 12 JO 13.2O,+D.20 12J2 

Paeific Fd* Ort. 55 . [ IL'S 10.071 ’ - Europafondi ..... 2B15 29.60 28J5 

Bond Fd -Now. 6, IL'SIO.645 I jr| - Vnifonds 14.60 2DAO-0M 19.60 

■Rxeltmiwe of ant prelim enarcp' Vmreaia 41.75 4310 .... 41.79 

Hill-Knimiel A Ta t i>! t m.pec.ali |tl.« 64J0l+0.« 61.41 


(rC.4 JJ5M ihnM.N Hrli+r Jrrvx 


Gan mnre Iml CrthlbB4 72 8, 1 2 

Hambro Pacific Fund Mgiul. Ltd. 
2110. li.vinnufht xr-nin; Ho.ijj Kune 
Far East Nov I IHKUfcS ITSri 
J upon Fund . IllilIK ICiT* . „ 1 - 

Hambro* Bank (Guernsey) Ltd./ 
Hambros Fd. Mgrs. iC l.i Ltd. 

PO Bxwx 86. Liuem-ey tMdl-LAJ 

■ ' T Fund . 1147 1 9 15b 71 ,3 

Ininl Blind SUS1M.79 113.19! . ' 8: 

I nl. Equity fUSll 18 11 53^ , 2' 

Ini S-m *.\' SL'S L07 l.io, . 

Int Svgfc *B' SUSfl U 1.171 I - 


Bermuda. 2-2750 
123, | 600 

m ■ i 8w 

B5U 37331-8 

i asi j - 


U'wap 'SP. Man Fd, 


j _ _ _ . . , . 18 Canvncc Road. Bristol. 

■■■] 3 Providence Capitol Life Ass. Co. Lid. .ywayNova | 125 1 

] _ W.Uxbridce Riad. ^'12 8PC 01-7490)11 Equliy'.Nov. 2.;“." . 165.1 


JnppnFd.Sov.l.-. Brs&E ai« . , - 
Paeific Fd* Oft. S5 J SUS 10.071 .... - 

Bond Fd -Now. q I L' SI 0 645 - 

■Hxeh«:we of any preJUn eharce^ 
Hill -Samuel & Co. ' Guernsey t Lid. 
8 LeFebvre SL. Fetej Port GueHlK-'. C.l 


i Juemse)' Ttr .... 1146 4 


Ltd. Intnl. Mngmnt. iC.I.l Ltd. 


ajbriingttntsusw’i JSSKSfsSaf fti 


5 ” mjetssti**™ 

Abbey L-ntt Trust togrs. ,;^umvood Hnuw. Sliver Sin*. Head _ 

Law Utl Tr. M.V taHbkcHri "21 ' 70 im -}|| ' 

AmitiiamBd Hl,.h VSTvcwnPC- C4S4KT77 Uo AoDirt — : -- (76* 


4 33 Perform Units 

4 33 

f u C»iy M'estminster Assur. Soc. Ltd. 

* «0 Triephme 01 4B4 95« 

*« Fust Units.. - 1129 2 135 6, ' - 

Property Units .154 7 5“ 4< ..] - 


Legal Sc General fL’nil Assur.l Ltd. srt.Hh.Fd »a 

KingaHuad Haute Kirfwwd Tadxorth. PMatan'Eaxii; 

. u.+ui-tTAiiM BurehReaLh 53458 Pension Fxd. fn' 


AtnA^iuroHi/HlchWyconiW. ‘ WMKT77 Do Amu* - ■ »* 

Bqifl^W!.,. ...[»? • *fi* *°« 457 

JaSes: Snlay Unit Trust Mngt- Ltd aJ 

WiAU'eftXilaSireetiilasfiW*. W12WW21 5JJ 

•' Ill : a arsas^Aa 

•' Price* Nov. L N«Jfl drttln® Nw. 8 -Prirtu at Oct 51. N 


Surrey KTS08EU 

f.a-3 tniUaL 195 9 

Do. Avettm. . ... _|9B 9 
Equiiw-lnitiul.. .11219 
Do. Aceum .... 1125.8 
Faed Ininal U162 
Vu. Aceum ..... (1199 
inti I n! ml 92 9 

Du. Ac-'usn .194.3 

Manacrtilrutial . (117.7 

Do Acnun [1214 

ProjMfty Initial . pBO-O 
Do Aci-um . ,1832 


Commercial Union Group int) in:.«i 

f C L07t'T9W+' S: Helen's ) Undetbdaft PCj. 014RI75M ?;V«STr.i(i; 
70 4id -18 5.5? tr.An Ae.Nuw 4 • Sfi.28 J . ; - Do. Acnim... - 

83y-lH 5 57 DoAnmilivtw 18 83 j. ; — Proj»rt,«. initu 

377 , +0! IK Do Acvum 

* 27 3 t 0 ;. 1 1*1 Confederation Life Insurance Co. S2m»Sri 

M.fi ...- *3i 50 Chancery Lint.WuW 1HE. 01^)20282 tip Arcuia . _ 

55 a-- his VEquirw'Ftmd ttftfi JZ??I — - Je'aripi Eqt}-. 1 

“S— Jge VMsnj^edFond — 186J 195i| .. . - Do.Avna ... 

«.1( — .. ;*! vpipFund 410 J J - Exempt fuod 

.JMhsi in PmiiLPm.Mna'L.TB.f BI... - Do. Aceum 

66.44+0] J H j w +H Mngd Pn .. 784 E.S .».. — EixCntpt Mlljd 

■ nfi+OJ c.oupMnclP6tt._W7B M+| . - - DoAreum. 

IWD g'S FixedlniPM .1706 0 207 0).-. - Exempt Prop. 1 

109.71 .... 


Hj- ! 2 . 

ia.4^-0.b - 
132 JI +0 7 _ 

122 4, . J _ 

126.3 . j - 
97 S - 1 .:' _ 
99 ]' -1 h - 

123 91 *01 -- 

ini -0 1 - 

1B5J! . - 

108.7; -0 if - 


01 "49 an) EquftyA'ov.2 _.l 


9311 . . 

mu 
1119 . .. 

Deposited Cap 1*74 5fl Bj . .] — 

Deptt.iiF.1 Ax- • (47 4 5® 8 ' - 

Equitw Fd Cap . [** 7 47 1! . [ — 

rqiiilx Fd Ac. ra* J *7 1 .... J - 

K*S Im i.sn - *7 6 50 2, . > — 

Fxd.fni.Ao *74 502 - 

Ininl Cap. . 1*5 0 47 4... 

Ininl A>x- *63 474 

ManafMlKd Cap 45 9 484. 

Managed Fd )•■>' 45 9 48 4] 

Fropcnw'Fd Cap 475 501! 

Property Fd A s 47 5 59 ll . i - 

Provincial Life Assurance Co. Lid. 
222 Bi«ht\'t>-ja:e t-C2. 01.247 B533 

Prow Manaccd'Fd 1+07 1272) . - 

Prow Cash Pd . . 1M-J 112 3 . - 

dill Fund n 115 5 121 U 1 - 

Property Fuad . -. Ml J 186 5, . ... — 

Equir.w Fund. . Mil IMS +oi - 

Fxd Ini Fund ... «7 iai 91 . .1 - 


Lanai & General iUnl( ftnctgui Ud 
tlxempi Ciih 1 ml. J9B J 1Q3 5 

Do Areum.. ... 100.9 106.5 . . 

Lxerqw EtfJ. Iml.. 134.0 141.1 . 

DaAcruia 137 7 145 0 ..!! 

Exempt F Lied rr.it U5 3 121.4 .. . 

Do. Aceum. 138J 124.8 .... 

Exempt Mnjd IniL 129 9 136.1 ... 

DoAeeum... 1)3 j 140.U .... 


Bond Now 1! . .._ 1676 

Properly Vim- :■ .. 109 0 

Depxnll Nw 2 DO 2 

3-wSw Pn. Del 19 .. 152 1 

"«:as Inv. Nov 2, 75 8 

MnPn3-A i.ni V. 1766 

Do. Equllj 1.11*1 773 8 

Do Bond CM 2 . 1810 

£*o Prop 1V1 z | 900 

Vanbrugh Life Assuranre 

41-43 Maddox S' ldn w 1 H &L A 


Hill Samuel Invesl. Mgmt. Ininl 

P.y. Box 83. .1er+e> . 0574 -TvpI 

HS ChannH I* F IU02 126.6, r*' ?M 
Box 1827. Bern, r'+nzerland Trl«-< 

H 5 Ow-cr.ex> Fd 118 44 19 181 -d 5?: 

‘^SF Fd'Avi*uni( - I 

rrwwboufdi Air . J ! 

ITF Fd .am ■! .. , 


•I ^ H MuK'axtcr Street. S( Helix 


United States Tsl. Inti. Adv. Ca 

J 1 . Pn - * Mi)r:n(er Luxembourg 
I. > Tr* In-. Hid | 5VS10.51 i-9.11' fl.VS 
Ne* a.%«« \i>i 3 


Fd 

Equitx- Fd 
ln:nl. Fund 
Fixed Imrrxi Fd 
Property Fd 
w. lush Fund . 


156. J -0 3 
2470 +1 0 
102 5 +U 
174 0 -0 7 
157 7 

137 5 -0 1 


1 mrum . — +— .!<>«+. w •*- 1 i- ' +A 1 F.qulD' PemdCB .. i++^ 7 
Prices al OvL SI. h«»t deslinfi No- to j Property Pension .|150 1 


CORAL INDEX: Close 472-477 

INSURANCE BASE RATES 

*b in«4 v g 

T property Growth. - — : VI ^ 

tVatibniglfCiBaranteed •■» —■■■■ 7'' , 7,.' 

.fAddtxTvsishfvwTi under Insurance and Properly. Bortd Tablfc 


Corah ili Insurance Ca Ltd- 

33 ConMIl EC-3. 01-C6MIO 

Cap Feb OeL IS .BM0 - j ... | - 

■?55pec Oct U- - ,54 5 - | j — 

Mn.Gth.Fd Met 20..I179S 1E9.0, ... , - 


Exempt Prop. Inn. (98 3 103 M . _ V 

Do. Aceum. ..a(M9 Mfij| ... ! _ Prudential Pensions 

Legal A General Proa Fd. Mgrs. Ltd Hoiivsro Ra^ f;'in 2 vh 
ILQ uMorirtwiaST EU4N4TP 01-a48MT8 rS^m De^ift 6 '19 20 


1207 

1272) . . 


MS6.7 

m3 . 


115 5 

121.H 

_ 

101J 

186 . ... 


101 1 

lOfiiUo^ 


«7 

181 9] . .. 

- 


Vanbrugh Pensions Limited 

4 M3 Maddox SI. ldn 1VSRDLA £iM*4IC3 j'J'dincJ'nn Fd ■ 
Maneg-d . 9*2 104 5 -U 7, - JordineSV-A 

E*tuii,*' 103 7 109 2 *0 5, - Oar»J;neFIem.in! 

Fixed Inl-rrcat . 98.3 103 5 -6 1 - Inti-Puc-Scerv fnc 

Propcrt:'. .. 99 8 1051 ( - Do. ■ Arcum. ■ . .. 

Guaranteed »«■ -Inr Baoe Bale.% rable. ClcI ». , ' ! 


Prudential Pensions Limited'll Guaranteed *er int Baae Rale.*.' rdblr. 

Hoiborn Rar< F"IN2VH OD^n:: welfare Insurance Co Lld.V 

Z&WA* * left In ?212l ••• i ' w InsUide Park Exerrr 03K 52I.A5 

Prop. Fd Now* <8 !t2?7* 26M| . , _ i-f n 5? wl ' ( '* r J 1 S? 1 r [ !’ a J 

V - , h or other lund* s*lM«e refer to rhcLA»adon ft 

Reliance .Mutual Mane lie .nr Crr.-ip 

Tuabrlrfge *4 ell.- Ken-. CV0!iSJ~\ Windsor Life Assur Go. Ltd. 


ITF Fd .am ■! .. ! . - S. G. Warburg & Co. Ltd. 

International Parific Inv. Mngt Lid- .?■) ir+ l.am 4 :rt'*:. EC? 

P£* Box R237 2C. Pm S: F;.dncw £u>: ^ n - 3d + . j il_.S420 

Jiiwelin foiuiiw Txi ‘1A2 33 2ai; . . ^i". !- n r 1 .' , ! < f‘, a 1 , I IV-VA 1 

, . 'jr *■• SFd *.i.» ll i 5LS710 

J.E.T. Managers (Jersey) Ltd. Mere For. \ 0 w i [11*3533 ic4i 

TXI Bov WChanncl |( vu .-e. J crs . :> 0.-J4 T.Ir” rcMn* M»:iNo» 6 ,£10 04 10 ID 

Jeriew-EAlml.T^i. .1171 0 lflio, • - . , „ . 

.45 a? 1. iff 31 Niai No. I'u Warburg Invest. MngL Jj 

Jardine Fleming & Ca Ltd. l 7« Or^' ” 

i4fth Floor. Cenn-uahl femrc H-w: K or..- jj T ; 0 " to . ilia IS M 

i.*.-ii-dine FiOn.Tcl .{ HRS3S37H • 1 2 00 Metals TV Oct If) . iU 49 13 22 

JW;ncJ imFd • . J HKS4J2.81 ..." 0» TMT‘<cl 12. . USlin Ud 

MmFtaaim -I SSS/i ‘ •! I 70 ™ TLW ‘' ,KJS - £lUi ”« 

i ™ sis* J : * 0I l a ? ,a * ^ 

NAV On 14. ’Equivalent SC SBC 44 P^ J l*"4f - Bo- o! Imrmbot 

Ncxi Jut (K- a: « <»:n Fdl 5161561 


o; -aw 4353 

-0671 - 
-6101 „ 


.: i n'. 3.1 i i 1I.S420 1-067) - 

r . « Im Nwr. a SUS17 01 -0 ifl - 

* Or *■* iFd M.i t] I 5L'S7 20 ! . . 1 . 

MorcF-v. Now I 11*2533 1543] .,017*8 

HT.:r” '!*'rciSn*M»:iVq. 0 ,£10 04 lOlOj-9 0’1 - 

Warburg Invest. MngL Jrsy. ud. 

1 haring 'rroi+.M KHicr J>w d 0334 72741 
■ MFLld Off ZS j:. >1*37 »4J . ' — 

v« r * ..MTlTxI O'l TO . i]4 62 IS 80 . , _ 

1 2 00 Metals T*.i Oct If) . -712 40 U22 j _ 

I 2 70 TMT L'd.Het 22. £21.21 1] 4flj [ - ' 

• - Worm tviiiR growth Managements 

■ " ;0o P*”jl+'«r l Bcr a! I uxembotr? 

«'«.r:-1»id» Gsn Fdl 5L61561 '+16M _ 


VOTES 


Lift Asanr. Co. of Pooo^kooio “j-“, 

30*2 Non band s;. utof.w 0;-4938aK ' h f _ »» B 

LACOFCoilr . -.197.4 JRJ! „ 1 - K J FMp B4« -209 8 


Credit & Commerce Insurance Lloyds Bk. Unit T: 

120 fl«c*nt6t London'* 1 IB 5FE ffi -438 "7331 tt Lwoitardit-LCf) 
CtC Hugo. F£f . . .. (1220 ' 132 fc ..I — E*«np-...-.. — ,99 0 


L4COF four . ., 197.4 1 fl+Ji .. 1 - ■ 

I loyds Bk. Unix Tst. Mngrv Ltd. JS*? 
71 ivota-'d it.LCT 0I«ai2M x.C.Tr<: 


104 2A 4 7.77 


Rothschild Asspi Management i.xfeim Pia 

N.C.Pn* n j-0 6 126 5, | _ p. ? , > >Ml p, 

Next bub dtp December 20. fi»x im ... 


Soral Alter H+e. Shwp Si .‘inri^r (HD 

lifelm Plan* [74 0 77*1 . ' - 

lVuie.W.r,(h*i.. 22 M j . .. 

1 inurc.Ab6dtiih'b ! *$80 . ..I — 

F.el AtmI P-*ti; .1 :2fi4fi ( J — 

Fie* lew Growth .(IMS 1114, 4 — 


c*ivr*n. pri+ n 1 >i*.ri ami>in u: *. r. • ■**•* p 1 :ri*ini<* r.rrm; umir..ur3nee plan*. 1 

[■."'.niluin -a-ui.-ai •; » Uffrr*;d t-rnr ':i- . ; .wl. +wf«.-n---' r* nr-rw fr.rn.T- in 

< '.'If •?)■*■! br:*''' U!.:':dx< all <r*p^.-w~- ‘ :«-..8h rr.nr.Ai+r* > I'r-'.m:.. ri- - i-n-e 

* ,-fi n 'dt fjr iv-J ; rr w.'.i*-' ■.— ! i * « «. /m- i,*u m j Vj 

. ♦ .'rj-C. 'ns ' Ca rtr-J. 


40 


IfJHi 



FOR YOUR COMPANY- 


•]? 


contact- B. D. Kay 

INTERNATIONAL FACTORS LTD 

Circus Hnsa. New England RmkL 
Brighton BM1 4GX Tel: (0273)60570(1 

Birmingham. Cardiff. Lands. 

London Manchastar 


HI Eh law 
55 142 



BRITISH FUNDS 


1ST? 

Hich La* 


I? or] T*M 
| - j IbL | Red. 


‘'Shorts” (Lives up to Five Years) 

305i a J100 1 l JTrea'iir r i:NprTKi . IQOj*. |-A 1149 
97 94YfTrea_-ui?:<t«- , 7te. .. «Pk 314 

97'j 95% ElerUh -U.pr T4-73 9Wsl-W «-41 

l«'.y D 9l-> [Trci-yr. llfi.p.- . 99% M, 10.55 


lC4',ii TicMiry in%p>- TM* . 
%% w ( Ele.-mc3%pc 7879 
10 Jig %■’. Trcs-ut>3w- l»OU_. 
1C' 'A 9ot', TrwMirrgLpc 8Qfc .... 

92^« T reanuv 3%pc TT-flO . 
%% 93'* Funding SgprTBaitt. 
J10U in,' Et.-hcqiwr 13pf IKBe 
lOC-'j 98,i Treasun U'zpe 1S8IJJ. 
*!'■ £5'* TreoiuiyS-pcWMl- 

2*11 '■j *>?.•. Twa.'iUT7-Wipcl3Rlft_ 

«7' ’I* D.i.h SLp- IW1 

300 i r :-'« Evh fl%t* :9S! 

S? : : : oIi.IwIJMl 

97 .. v% t l r*a> Vanahle’BlW^ 


96% — % 4.41 

99% -I, 1035 ! 

95 V«e 3 66 

96 7 8 929 

*«?:!; 19 

937 b -% 539 
lOlA* -% 1235 
93A- >5 U71 
88% -I* 3.94 

91%*c 903 

93% -% 10 19 
«>. l « 3.49 


97'. v% , irta.' Vanahle‘8l§}_ %3gid + 5 946 

31) 16(11; rL«h 1931*$ — 100%«i 12.69 

■>- i *J : TMA.ai:pi8W251_ 90,; -% 939 


g?-- fL’"i Treaqjn.lprTEtt -- 84 -% 337 

315 : 1ft? Tnwnsir HpcTCft — 103); -ij 13.47 

9fr\ Tre.v Variable £«„ 94^ +.£ 1L92 

9p- 4 PL’- Trestur-'a^pr ‘ffi 88A — % 9.32 

lOi)^ v, < E'ch.'^pciac 90,; -ij 10.26 

9o.i 88% Evh. -V*;e 1933— . 881* -% 9.93 

85% 7?.' a EM-hlpcffi .... 81 -i* 3.71 

UP. 93,; Treasury l2prIB73tt 98,; -A 12.18 

100 % ea'.i uo^uir^pr jb~ . sal* -5 io « 

Five to Fifteen Years 


95,11 89^|S*ri: l.ljr 1ST* 


grt:|-ls 1104 

h . .. 6.82, 


8°'ii ?Vj 7 -*pr 'tf-ffiS 8\ 9.84 

68': M'j Jran<ip«*rt3^:'iiwa 62 % 4.89 

75% W‘» "rea-unSpc 8K39 .. 64% .... 7 79 

11 1C1% Tr-a-vr Dpi iSWtt . 1051* ... 1287 

S9 1 , 771. rt.M^rrJp 4 F:prn . 80*, 10.67 

3061; <?% Trf.i'un Il!af»-I39l . 9W* 12.65 

75% b3'» FuiKimiS-jrv iTIPlte- b4 .... 906 

112% 18% rn?*-ur> I2w '.Hit 102 .... 1198 

56 V P4V Trc.ivin [Op ISK. . 85 .... 12.07 

113 96-; Ev.h !&p- ■£ . _ 97% 12.88 

110% Tiea/wy 12i;pr'93ft lOCPe 12.97, 

72% fcO% Fund,ne6pr l99^tt . . 61% 996 

Over Fifteen Years 

i29'j|w2 T irrfo.«u.-> mpr irnttf x&cjc 1324 

12Z?i llCwrTrcajuty 14itfc M«.. 111% .... 1337 

J]4% 97% t«rh tS;jv1sW 98% 13.02 

8 s7 ' 75? t [Treasa.'j 5pc "SWtt 7V;& ..... 11.73 , 




i 

U. 


ffigh Lew 


vr- 


52 



Firestone Hr* !U— 
First Chicago 


11 F- C7.. I7r.-.i ur I2’ 4 »vV« «8w . .. 12 97 13 01 

^•i. ! 7.^- irr-.t.-r 3;. SiHt; 7b-\ ..1193 1249, 

1 1 ;ill2%rf0.i'un 113tc 13 52 13 34 1 

117 '■< I'A-ria «t« ■ft® 101 *r 13.08 13 07 

53 n->lrrs<*.^ ,r* !W56 43% 6 98 9.B4 

115'j IK-', Ilf.vur. 104% 1316 13.13 

or-'; w 4 ^.he^erli.VlST: 85% . 12 61 12.88 

H'. 7'% Tr^ ]:«7tz 74% .12 02 12 54 

72% YU (Tr-.i. »vrfc{ 59* . 11-24 12.21 

L 7 5'j 111' T:-.u '51'JH-BS! 1161; ...1349 1334 

loo:- ns F...n 92% 12.91 13 00 

e*; 77<- Tie k'ur :1 -it iSPPi: fid% 1L30 12.62 

«6»4 F'.'r ^1.-.. II- irat B2%rt 12.66 12.89 

F;.>ii II: 94% 12 94 13 02 

J2"' M‘i flW* 1 36% . . 10 08 1131 

50% %5‘t n>t-a.Hir. fi**- T.'jri'S 66 12 26 12.48 

5^1 Twa'i^-.Vr. :SC1S 46% 12 02 12-20 

7k.V. tT< ■ 7r,..,^,r- 71i;» i.'-lTi; 6Vr 12.42 32-9 

9»% ?r c L,iti riK -:6 9i" E *u -% uw 12 92 

Undated 

37% 30% i:cn»ls4pc 32 1293 — 

37% 29% War LmnSi'pctt 29%rt 1192 _ 

35*4 33 '"oil- .V;pc'Hl0l 34% 10.29 - 

28% 2? Fi«wu7 3p:« AA.. . 23% ... 13.06 — 

24% 19-% a'fflML'l'i.ipr . _... 20 ... 12 64 — 

24 19 4 (Treasure :'%p. ... 19% . . 12.99 — 

INTERNATIONAL BANK 

ra | Vi !3peH0*k-n«. .. -I 80 J-% | 625 | 1165 


1316 
13.19 
13 09 
12.37 
13.02 
999 
12.61 
13 01 
1249, 

13 34 1 
1507 
9.84 
13.13 
12.88 

12 54 
12.21 975p 
1334 22 
B OO 40 
12.62 IV* 
12.89 

13 02 
1131 
12.48 
12-20 
12^9 
12 92 



i 


£$ 






= B 

- IN- 


CORPORATION LOANS 


98% 92% 
94'* 88>«i 
107 991* 

112 98?* 

977* 897* 
94 90% 

102% 89i; 
29% 25% 
993* 873* 
97% 94% 
921; 841; 
87% 76% 
71% 653* 
78 66 

26% 22% 
?3£ 91 
99% Wi 
10M. 100 


Birm harnSVivIMI 
BnsWTta T9-8) . - 
CLC.I2i.iJc 82,. .. . 
DoUl.'PcISKI .. 
i,lafCma,pc'8M2._ 
H«t^.?*nr-ra«_ .. 
Liverpool 8-’*pc "80484 . 
Lio^j^Irrcd. . .. 
Lon (.flip 9%pc BUS . 

LC.r.SpcTS-79 

r«o5ls<c778I 

[JotU^ctS-W . — 

tnP&IMi 

fio63*pc'fl8g0 

Do3pcTX)Aft 

Mid'i'f -S’.pc IW. . _ 
Newcastle 0L dc TBS). 
WarwchllV*13W— 


-i* 1003 

8.7H 

12.60 

12.66 

1028 

571 

1085 

14.12 

10.60 

* Hi 

735 

839 

1056 

13.40 

5.69 

9.76 

1250 


12.62 
1255 
12.78 IP* 
12.83 151, 
12.47 830p 
10 99 HM. 
1232 


Ini.NK CajSl 
Masej F*rt,1. 



1 




COMMONWEALTH & AFRICAN LOANS 


957* 92%Uu:it5%pc77-« 

88*4 S13„ Dn 5]^ ai-JB 


5.90 11.76 
6.74 1226 


100?, %% N£4pc75-m 100^ 4.03 9.93 

96% 92 DafpcTB-80 937* 6.47 12 08 

87% SI 1 * DnTSx-ISLae 82 9.48 1169 

93% 89% Slh ;3nca9.jJcT981. 90tf 1055 13 64 

70 50 SLb Rhorf 3.nid&70.. 

96 75 Ua6pc7rf31 


93% 89% Slh ;Jnca S-jx T&81 . 90 «1 

70 50 SLb Rhod 3n*W-i0.. 55 -1 

96 75 | [nfipcTrfaf 85 |-1 

LOANS 

Public Board and Ind 

64% 5E% 'll V SMS— 59 . I 

90% 80% M.-ar r.W.r-- 19-W 35 -. 

33t* 37% Vrt ttir K Z7‘* I 

154 1 07 C> JI 1 ' Bnr ISC - 120 .._. I 

95% B7 lm wihDUl W.irrjnli . 92 | 

Financial 

lC7i*|100'«(Fni3pcIS5I I 100U1 1 

110 101%Dftl4pcT9 102% 


872 1226 
13.07 13 50' 
1U1 12 94 
7 77 - I 

1031 12.70 1 

[1297 [ 1280. 

I?ci4 I 19 M 


110 101%[v>.l4pc-S 102% 13.94 12.60 

114% 1021; Do i4p.>7B..._ - .. 1071* 13.71 1338 

85 79% IiTl'fc;pe [** !»«!- 80% 6.9 1210 

81% 73% Do PjpcDh TR1JM 74%« 839 1230 

99 891; l*o liVixLrwlji-ae. 93 1172 12.68 ST* 

991* 90% Da lip; Llns.Ln IS . 93% 1223 12.70 “3 

101% 907; fttllwCnsLaW 9P; 1283 1328 ,i 

71% 62% Iks 7i*pc\Ueh H9-SI. 6 4% 11.86 1350 

71% 61 r*iP*pc.\Db-9I W . 62 ...11.94 1310 

84% 72% Ho9rc-A 9I«. ... 73 +% 1259 1335 ,S 

81% 68 DaffipcLn 70 .... 13.12 1335 ^ 


FOREIGN BONDS & RAILS 


IKS [ 

High Lmc 1 Swk 

24 ] 17 hntoia^i ta R|v 
41 [ 33 I r«o .'jx-ITirf 
*38 r< 8 R'hilcanMI\cil 


Prire j-c nrjDir. *e| Red. 
t - llnw Vidd 


22 % 

41 

98 


_ _ 360 203 

I DM 215 160 

31' [725 7J 56 

6 as ia « 

4 (5 08 2^7 242 


73 165 
05 84 

62 1100 
68 

13 
60 

14 
19. 
34 
21 
11 % 

40 
26 

s* 

37 
48 
69 

■s* 

59 

41 

mo 

64 
67 

6b 

55 
12 % 
104 
125 


79 
10 

45 1 2J 

37 I 73 
34 
109 88 

■95 70 

99 57 


13 74 

59 | 20 



415 350 <r;rmST Ynt-Var 411 

54 4b i.^eokTrr 4*^ . . 5Q ., 

51 46 IvippiliSab .%* 49 

44 40 [M4pclli.vaJ.Vss . 40 


FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET. LONDON EC4P 4BY 
Telex: Editorial 886341/2. 883897. Advertisements: 885833. Telegrams: FUumtimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


75 52 

55 35 

07 79 

41 104 
85 138 


EDITORIAL OFFICES 

^Vnvterdarv P.O. Box 1298. Aimterdan-C. 

Telex 12171 Tel. MO So* 

B ino in i’ ham ileonjo HiKjft;. I'ieorjje Road. 

Telex SMWM Tel. 0=I-»54 0922 
Bonn Pn.-v.haus 1 1 PM Heubt^Uee 2- IQ. 

Telex a86!»42 Tel/210038 
Brussels 1 39 Rue Dueale 
Telex rCS? Tel 5124037 
Cairo: PO. Box 31M0. 

Tel 928? 1(1 

Dublin- « Fltruiliinm Square. 

Telex MM Tel- 785321 
Edinburgh 37 > ieorfie Sireel. 

Telex. 72-UU Tel: 031-226 11M 
FNnkfuil lm Sachsenlacer 13. 

Telex: 416263 Tel 555730 
JglmnnwhiiiX PC'. Pm 2128 
Telex H-K257 Tel: 838-7345 
Li<Ik>o Prnca da .AJecna 58-ID. Lisboi 3. 

Teles 12553 Tel :«? 508 
Madrid Expronveda 32. Madrid 3. 

Tel 441 6772 


ADVERTISEMENT OFFICES 

Biminuli.im Qc»nif House, ileorge Road. 
Telex A.&GM Tel- 021-454 0922 


MPn>-h«i«r wueen's Houm. Queen Street. 

Telex 866813 Tel: 061-834 3381 
Jlosrnw. Sadovu-Samoinehna.va 12-24. ,4pt. 15. 

Telex 7900 Tel- 200 2748 
>>»• York: 75 Rockefeller Ptara. N Y. IDQlfl. 

Telex 6(090 Tel; «2l2* 541 4625 
Pan* 36 Roe du Sen tier. 75002. 

Telex 220044 Tet. 236.57 43 
Rio de Janeiro. Aienida Pres. Var^H 418-10. 

Tel 233 4>W8 

Rome Vtn della Mercede 35 
Telex 61032 Tel 678 3314. 
fterkholm c.o Sienska DagbladeL Raalambsraaen ' 
Telex 17803 Tel: 50 « 88 
Tehran PO Box 11-1879 
Telex -13930 Tel: 8820m 
Tekxm- Wh Fleer. Nihon Keiral Shimbun 
Huildinc. 1-9-5 Olemachl. Chixoda lei 
Telex J 27TW Tel: 341 3920 
Wa.<hlnjpon: 2nd Floor. 1335 E. Street, 

\W. Wash melon D.C. 3000* 

Telex 440340 Tel i202i 347 £W76 


Manchester: Queen's Henae. Queen StreeL 
Telex 686813 Tel: 061-834 BSffll 


25 

82 J Broun iTaJ^ 


Ladies Pnde3)p 
Lw Cooper .... 



ParatfiseiWIOpL 


Pdm Stores lOp 
Mix PeckVOp— 




INDUSrittAIJSflffis^) 




te 7! 

li Si 

2.7 6. 

It b. 

.6.3 3. 

23 5i 
J.S 631 9.B 
1.6 8J 10.4 
38 51 77 

4.8 6.9 44 

' 5.9 9.4 

76 4 

1 I 2 J Tfi 
73 
9J 
5.6 

7.1 
76 

9.1 
17 
91 

*13 1- 
164 
U1 
96 
774 
5J 
67 
83 
54 
89 


m 




i 





lU: 


scond ttff-n 5p.| 52 
33 
32 


Tv-ltrt .l.’-ftP.'-') Tel- 0C1-4M 0933 Telex 686813 Tel: 061-834 BSffll 

Edinburgh -T wx'oiTe direct. New York 73 Rockefeller Plata. N.Y. IOO IS 

Telex TV 484 Tel WH-23B 4139 Telex 338409 Tel: i2I2i 48S 8300 

Fr.wtfim lm Sath-enlaeer 13. Pari*: 36 Rue du Sender. T5O02. 

T-I- '. lecsj Tel. S54«7 Telex 220044 Tel: 2368001 

tvrmaiwn; House. The Headrow. Tok^o; Easahaca BuUdtnC- 1-6-10 L'chikaada, 

■;.-l ini: 454909 Chivoda-ku. Telex J ZTlfH TeL- SS6 4030 

OrerMas advertisement represwilatives in 
Central and South America. .Mnca. the 5flddlc East. Asia and the Far East. 

For further Jciaih pleai-e contart. 

Overseas Ad'enisemcm Department . 

Financial Times, bracken House. 10. Cannon SLrooL, London EC4P 4BY 


SUBSCRIPTIONS 

Copier nbiamahJe froth newxacenls and bxVokrti,t% —TwIdwHIHe or nn regular aulncnotioR trom 
xuhxnn pnoti nepnitmenL Ktnan-.-ixl Tjn»e-s London 


3.43 2. 

t58 4. 

t!53 4J 

& 3~l 
9.9 2 

4.4Q L' 
hZ5b 3; 
t5 36 S' 
hZ39 21 


V 
S3 
154 
39 

R 
62 
116 
48 
56>; 
182 
140 
90 
573* 
104 
23% 
43 
48 
41 
71 
60 42 

.52 33 

153 73. 

152 70 

125 1Q2 
21% 81; 
35 24 

78 63 

55 S 

isl 3 

771 z 5b . 






















































































































'% • -IN^JRANCE-Qinfiin^ PEOPEETY-Contnraed 

■f; : - .• ** |m»ivi s wsfu.iKji.i |m,i*_“ie:ui 

+ m. I+f 1157 |SWth«Wr ato.1 173 i-rf I ! ,.! ! ! ! 


cHm, sU* U 


U£o 


»PERIT--€ontinned INV. TRUSTS-Omtianed FINANCE, LAND-Continued 

Sh«k 1 Frier I*- 0 *] J£x [crrfecsl P?R I Eflj^Uj* I Stock | Price j + -^j Sri |rwi^|nE| BtfTLa 1 Suck | Price | + -^1 N« Irvrjnr'sip/E 


,5Z5 m S 'C2^Cr :r. 
inter**: -n^j. :c;.‘ ■ a and 


t ggs* f * m kip - j 3 = ® ® h&s m ; & 

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"** -4 g 3g* gSSjSfi «7- : SF 13§- 3i 4? Jj .. ■ :• LEISURE *§ S £S«W ^ tl JoP 

>• - im § bsk ■fcaffflf.aofli i« m* timwiMu-is h HP®** is j « 


■*» 375 Johnson Mthfc£l 437. +2' 13.83' 3i 4 « M • :• LETSITRi? 

. « 32 JTOfdarfirnOpL 38- -1-; +293 Z3ir5U3 • r , 

>" ,77b 28 KWafflaaoolQjt- 35* a +» 2 Zlb *. '9,2* 3?, . -IK ?? +4.24 3, 

•■■.' 11* 88 . fates 39 iJl; 328- 6.6 5d| 47 7£z. 44»j Asec.UtrareSp- 66 t3.07 3 

■ " AL M 3t m : I! -6« 7 3 175 W BfiJT&H A.T^A 342 t d3.79 6 

• £M j 4 908 te^ww[A.i5p_- Elfllj +16.14 : Z.0 IS^ 84 • Bbcfcfi&aSDp 84 -j +4.47 1 

,77.. ; 62' XTS . ttf 2S .22 '-*2. 8*fl| 16* ' Ew^bRarta. 160*1 +516 4 

-307 76 U-.p.HMs__- 88 _■_..**? 2.4 11- 6.0^6. J? C.unpanaip — 92 ...... 2.0 9 

■- 43 32 LX.Jnd'LftmK, 39 -Li. M2J&4 3.0 Iffsl 5.5 [29 91 -- - - 

- 43-34 LlRC InLlOp; — , 35 £b 3^ .93 87 93 . rnr»l Lri- 10r M7«d +1 M66 2. 

. 74 53 lawiac — 56 •■.;...: 3.22 . *..sJ6 40-. . 32 ftampianA lOp 40« +i 2.7i 2 

- ' 164 128 t4adJBeb.5Dp^ W8 43 t74fl J-af-ffllO ,65 ■ ,55, ^recawwpiop 55, . ... c# ?l 2 

330 99 MMBfliSLl -13fl -u. -MIS' 


17nrt if 2.1 8 01 a 2 ^2 6 GBffltelOp 7# — — — — S139|S95 Brazil InrCKl_ 5125 QS521 L0j 4.2)23.7 135 80 KakantS- 13Q ... sQlWc 2315 2)70 

50 -y 8 ^ 3.0 105 222 170 S>oit]mdS0rL 206 44 h2.95 i2 2.1 312 2b 22 EwnarTsJ » £51 1.6 9.4 9.5 43 25 nKe)loek!0p_ 43 ._.. t0.5 - 17144 

228 1 ^ ^™810.5 « 30 &tr e>RlOp._ 35 -1 L49 6 6.4 6 9 6 Endfwaer^ 7 +> 4 .43 25 nftiOwiJitt, 43 Z tfl.S - 1.714.4 

^ rr tinn — 8-S — c l® .1^ Gretncratip 9>* +- 1 * — - - - ’2S 1 * 39 ..... tl« 1.1 6.4 223 95 44 Kilrt'n-Tsrlw idp. 88 -2 1.02 19.0 17 38 

ft? +z TJP4 1 — 6.7 _ W? 527 gnrn-A. 605 — 5.54 17 3.4 653 87 M WWtok... 69 -i 2 Z4 * 52 * 25 18 KwaliuiOp 23 L84 6 119 * 

— 93 _ 30 22 ftnfe>!i4Tii^J 25 .-..0.67 1.7 4.0 286J 12'j 9^ 1Itt 0 7 9 9 5 * 19i 4 I3ij LamoaM* 10#, 19 0.3 0.9 £4iR4. 

lir v;- 1®?9 — 9.6 — - 772 211 Menwelfe- 232 +4 3 35 23 2.2 233 116 BnL[ndt^n_ 96 +2 3.45 11 5 4 25 4 36 13 Ixja £ure. Cip— 30 tO.51 4.7 25 126 

1M 1 ft? - V - 166 — 1 KWlc 13 21 278 179 140 Bal.Imfot 1W +9? 10 4633.S 77 36 LaiMmhjiiL 63« +1 h0.B4 4J 2016,2 

3« “ % Z - 3 !£ 2“ «a?PnvTtr 383d +1. iJO 18 0.5 95.7 113 l£ Broartscw.ajp; 139 + i +5.23 10 5627.3 150 1« M.iUffldgrSjk 132 +2 3.51 3.7 4.0 9 6 

if SK r, ^ 25 InWBnnKaalOp 37 t01 - 0.4 - 110 79 Bnipwrlm 96 +2 +3.60 1.1 5.7 24 6 80 3B ifcjaiei™ mi 76 ..... *0.69 2.4 1 4 443 

« t? !2?? H ”li7,50 »a JernFMmea™ 48 162 1.1 5.0 269 75 » ^LRPlm; 63 +1 tl.93 18 4.6 26.7 74 42 MamniRP>S, 57 4.5 6 118 * 

4 3 “ 1 1 1 a *1 s 5 a iisi s, % seat % i a h hs ^ ssm.* ■? - « = 

sssEii 5 ®: a = si,ff«Wr^sfeaa p.. s* s a™-* a »« u«m,s ^ tssozgi & ■■■■■■ ™ 

SSS 8 ' 3gl ■■:■■• - 7.7 — 063 £125 hWhiB £347 +2 (MS, 5.7 f4.3 - 325 194 umeUalm ^ 312 203 4.9 10 31 5 14 9b ItoS>elOpL: J1 ~ 

«e 3 ■? *g 3 i68 - 40 — 059 n?5 .ftxlOW-95 046 +2 Ql0% 57 f69 - 123 « an. lfllnf +2 t365 12 5.4 241 42 2H; Part place l«__ 40 -1 132 4.4 42 69 

235 *2 T9J4 2.4] 5.8(10.7 51 37 lwlaida^_ 44 .. .102 03 3.4102 143 102 ftpital*.Nx_ 117 +2 4.6 10 5.9 25.9 247 167“ femniSj**ii_ £2 +2 681 3 6 4 8 86 

275 172 Lead If aw air.. 220 -8 Q25“t * 3 a * 137 100 Oo.-BT 113 — — — — 14b 10 Si. George IDp I3«j 049 10 5 6162 

125 77 LonPrwShplOp 116 +1 40.82 26 3.1542 123 87 M D)d_ 103 +2 *3.96 1.0 5.7 255 131 89 Scot. 1 8 en.‘.Z 89 -2 " 307 17 52 173 

SU IE 80 55 If rt SbepPivp . 72a)+l 103 « 63 * 134 94 CMnlhr^ 107 +1 3.91 11 5 4 24.8 £52 £48 MEf^AnnJ: £52 . rf]u - 82 - 

to ,, _ }38 104 Jjnlqna»i0p 1^ +2 2.5 23 31 19.4 74b » Cedarlw 61 »2.54 1J 62 22^ 69 51 SmnhRw __ 58 " d4.97 1312 8 88 

5 !•! ' 7§ 63 159 105 SfepT 44 tl.73 19 19 43.1 162 124 Oar'l Is.l«.£l. lg ..... Q15.0 14 99 4 123, 7b vil.nPK HK5flf Ub . 1 _ “ 52 

73-07 35 7.1 5.0 201 2 16 Harlwrourbap. 20 + 1 ’ W0J3 5.0 2 5 8 6 650 455 Do. 1.3^ 625 -5 — — — - £54 £27», ^MFiikNFJuO. £46 025>’S, — 63 ‘ 

m 39 43 14 Harter Mae- 34 ...:. ♦ G8 66 46 □ alter Tni4_ 52 +b t218 11 62223 £12- 900 V-mlfeUlp fflb few 16 ? I 

l!L' Z 21-fI 1<3 8.1 10.0 50 34 McJoenKjlOp.. 35 -1 Z2.03 2.0 82 6.1 31b » Crtjil'.mlot. 28 1185 10 9815.1 28 23 W<ri Select. 'J& ^ '.-" ?33 12 12^ 103 

t516 46 4.8 65 W0 145 McKay S«« 3pp. 285 159 * 0.8 * 131 76 Dd £»■£}.__ 102 -1 58U .V ; WetoiEnJ « T 1 M 43 4 8 5 9 


The Nomura Securities Co., Ltd. 

NOMURA EUROPE K.V. LONDON OFFICE: 
Barber Surgeoni Hill. Monkvuell Square, London Wall, 
Lc-ndon EC: *\ 3L Pr.on*: (01 1 606-341 J. 6253 


3 6 4.8 86 
10 5.6 262 
17 5 2173 


..—1 2.13 1.212.^103 


m 

ffigh Low 


CA In 75s,' 441, iaMliiHzrebr AA it i? ^ x7. ~r , ; ^ “ r * T-i./a a. 1 * J-ltia iof if? rl“".- m * /* j viin-rac HKrnc lib ... — _ — 5? awoil 

•x2 nl nY' Ml 2 id? S& ?-? 7.1 5.0 2W? 16 MarlPorourbap. 20 -U; WOJJ 5.0 25^86 650 455 DoJ.ap 625 -5 — — — - £54 £27b ^erFin.NnuO. £46 Q»l,s _ 63 _ 15S I 

*gj 3 n| 84 SSc^MLifc "S"®? J 6 3 ' 9 4 9 ” 14 M=terMae_ 34 ..— *- - ~1«2.8 66 46 barter Trt-J-. 52 +b t218 11 6.2 223 £12- 900 Tram HU -Rip mb! +043*02 16 + * ffigh Low Sork 

13% SI lw ; KS-i!L' Z M 13 8.1 10.0 50 34 Mdaenej lOp — 35 -1 Z103 2.0 8^ 6.1 31b 26 trtji'nmlw.. 28 1185 10 98 15.1 23 23 «^Sfkft2fc "" ?13 1212^103 ™ . n . 

-ffrMRf. ■■ fESSSr 1 *' t516 4 6 4.8 65 W0 MS Mcl^yScciSCIp. 285 159 * O.a * 131 76 I Do i-ap CJi — 102-1 — — — - $8b .V; WeftoiEneJMd 48 154 43 4 8 5 9 lg 

83p6.0 ^2. ® Curwan20p ffi ...... 2.0 92 33 35 48 31»j Midbnra BU !(*_ 473 2 +— — — H _ 90 48b CifyiFor. Inr _ 70+1 — — — — -167, Si, VtrtcreenlOp- 14 «0 33 — 3b ZB 2 14t> H Bawwjlfe.ili rnea 

iff5|5.5 |9 93. ..... - - _ " 90 53 M«inlrie»5B_ 87 +1 ] 34 6.9 23^9.5 114 85 pityiIntcn.tR 93rd 4.7 6 73 * 87 65 YateoSolOal 66 ' 1 Si Tfi 36 75 iS » RHSouihSO, 

•2a* 7l ST ^ • WLrjflT-lfriL M66 2 8 92 63 137 103 MucklrwiViJ.) 125 248 23 3(H19.1 76 62 jCTrycrftKford 70xt 035 10 7.1206 1 — lA1 ^ * * 820 150 Central Pan he... . 


MINES— Continued 
AUSTRALIAN 


M - - « SS.-jimiZ +1 ?.23 2 7 8.3 6.9 ■» 44 NoHon.-, 46 203 * 66 * 91 761? f.Tavotnuse50p 81 +»; 3.86 10 7.1213 

S-iS'-SSfwTPJ* «1» 04.23 25 6.5 93 90 68 fcadwIZI 82 +2 1203 - 37 - 12 6 niftdnlmsWpL 7i a ... .. 

% ; - — 9 0 lauo 7 a W7 2S0 305 6M U 42» 6 93 58* a Oi-dftdalelnv.. 75 +*2 11.70 U 3.4 40.9 „ . ^ 

S tR ' •••• 2J4 17)01 B9 *123 61 rtoaPartship.. 102 ..._. H23 28 3 7 213 88 5? Do "B" 71 - - _ _ 125 I 76 ht.^mEnngyil 


OILS 


\ r .-, - f 3f Jje|MtEdi_-.w 4I-:^.tlJS5}'4fl 63 .«L5- I?, S^-Tf tl0p - ■ ■■ 344 1 7 )0 lj 89 fl23| 61 rtopt Part ship.. 102 ..._. H2J 2H 37213 88 5? | Do "B" 71 - - 

l ’ ( IV -‘-55 I 53 iLBtOtfftbellflp .43' .^... 1.79. 1.33 b2 56^- ^ "J 315 7 - ; 34 7 V ia* B3P 280 !?r,p k Ro -.V.. 312 5 24 l3 25 379 270 2 12 poJomalSecs M 247 822 LJ 


336 148 limine rtocnlnSIr 
27 9*2 EndeauuraVr. _ 

75 45 i;M KafciMlifH. 

_|_ 68’ 16 llama 1 . *l\‘ L._ 


AttockSfip. 8 6> ]40 81 1 lane -tr, 5p_ 

Bri! Bi-rneolOp 154 684 15 66148 W 10 MiiiJ-s.. .Vr 

Pnt IWroI'mfl 864 +6 12243 3 0 39 10 8 223 125 M I v. Hid.? .V* . 

Hufr.l1£l_ 71*4 5.6S 4424 11,7 — 22 10 Mii.di.4-L L> pi .„ 

Rurimhi] .... 69 ...._ -- _ 40 10 Mount I ; r.-ll L ; - _ 

IwWWjiSI 3d. £59 .«.„U8I’S — I^O — 7 1>; Ne*m*sal 'Ik ._ 

rti'-P'.TUva-:. . £11 — - — 143 79 ii-H.V . 

?*.Vi|,dwraKe* 37 — — — -- If: St. r.ij.-urli 

I'iimtit) !*|p 64 Ibl 3.1 6 2 52 50 12 Mb V.'.-r 'hr,.. 

- hanerhafi 3* 21>- — 178 117 nakfanta-SM _ 

j+Kr Pr.xr.Jr>b. £22 014 L'r 19 8 1 9 6 42 10 HiiiiTur.NL 


-45 34- Long til 

■ 76 r 52 ' Lorgtoo 

- - 92 68 ' Loradrie 

*200 Lcw-fcB 

■ 76 54 " ar.uw 

27 . 38 Manau* 

320 86 AfcTths 


+ « Dir. VH 
Price - ,v« Crr t,r's 


122 -1 +v8c L4 41 

118-1 - - — 

330 .. - 

270 -4 WlOc 22 * 

20 

53 — — — 

30 

120 13.55 2.0 4.4 

28 a-U _ - - 


!93 -t t}9cj 1.7 2.9 


lfr gt- V r.il.'urli _ 14 

267 31 fa: 62 50 12 Mb V.'.-r Mm-,... 23 

]7E 117 oalSn-br-SU _ 125 

1^14 L'r 19 8 1 96 42 10 HniiTur.NL 26 


106 -1 QEr 1J 4.7 

141 ’ +u - - - 


[Q12c LdllJ, 


320 86'. MkMttaPh.Wiu 100. _... 4 40 44-66.37 15^ 82 Tr d «r>rd Park... 122 -1 4 09 * 5.ffl * 244 153 PniawiaUi.. 202 +2 _ _ _ _ £1W 4 m USMiiHMWI-O £99 -‘1 Q14% — el4.9 — 

,:-85 60 - MarfriawCpL. '..79 -5 t390 15 74 121 MOTORS. AIRCRAFT TF A DFQ 34J ? JS r K. Property — 23b 0 33 3 1 2.M.7 73 55 Dundee* Lon. _ 583? +b +2J3 1.1 6.0238 415 284 lA-WO-Dps'lOp. 355 -f - - - — 

-19 .20 McaemL'.R^ 161 2 -U 10S — 23 - “yiyooj niuvnari IIU117EZ3 310 240 I'lri Real Prop... 293*0 +1 5 62 * 2^* 142 B6b Eiubwli Am Ta 109 +t 1.12 1.4 15712 45 13 Marnet Metals idc. 28-2 — ’ 

, 25 15 Stolen® tP.IrW.i 23 -.1 132 0.7 B£|2K7 .:' • -'Uflfnrc -mA rv-l^ 16? 119 Warier Male _ 145 t2.70 L6 2.335.1 250 194 gdu.hu H.ft_ 215 +1 T6.85 10 4.8304 306 178 ''nlExpl lOp 202 +2 2.14 30 1.62B.6 

' -=B11 Z 55 ManSienoniD.i: 74 1 2.6ft 3J:-5 j! 5S iHOWTS anO LjUeS 3*5 2t2 w dt iihrtlm.2*_ 340 -3 7.06 12 3 U39.9 177 %t 2 gwtnlnv.TS.. 312 . — HS.5 1.1 7 5 20 4 19 12b Premier Cons. 5p 16b *h — — — - 4 

t 3» -73... MaeatBaGroap. 12S :„• +d2-.74 65 3J 7H 30 1 an. Ib.LMd .:.R I 2J 1-1 I I r r 79 13b UMmniCb P.. 28nf 10 *5-3* 87 60 Becti i^n 72b - — 157 1.2 3.2 396 £1?.’. FL3 RanperOil 8621; *2#l; — — — - 

293 1% StetStapiaafi” Z7B ’ -4 15.80 13 iB5 13.4 7^ Jig Cri Mrt LhStt: 205 044- Tn :B, ‘ 16 *“mrwerP»p. 23 - - - - 98 74 Eng.4 menuiL a 3.86 11 7.2 19 6 2b lb RemoldrlNv.Ic. 1^ - - - - 3 


70 I 35 [Wliinii.YeefJv 


900 -30 — - — 

23 . . _ - - 

474 -* 015.7 * 2.0 

140 

132 -5 Q3e 0.7 14 

60 — — — 


120 


:u 1 11- 

- *>' HA 


293 1W IMaStipiaafinZTa ’ -4 15.80 : UiB]Jjl ^ ig .'£n&KSI 205 OVr Tn 7s Tn »? 1*‘ F™MerP »p. 
. W 2 'g Myfhuuid 10pT| 34 ...... dl.M 7:7 53 KwtSlOp- 4$ QM? 17 84 2 g 46 30 W in slonEBs__ 

7 -,8 ,8- eaasffl.JL-.-wSjSta-Hii iS.Bs&k: - r :,?i 


1 51 33 MmUHLtt**. t(E53 4.7 . 84 3.1 

380 134 HflrsbmrsUiih. MOxd -2 +649 3.5 '6.9 4.1 

67 45 ' Martin-Blaclill.- 46 +1 +4.06 — A — 

£122 £a&ti MnDiesons7bpc £109 -1 qJh% ■ 2.3 f7.3 — 

350 120. 134 S.43 2J 60 9: 

36 20 . MWntBSterHJp, 36 ZJJ3-- * 86 * 

17- 10. Mente«re5pi_ 15> 2 ...21 tdff.93 13 9.011: 

384 288 MelidBOTfkR 312 15.10 3.1 .7.2 51 


Comnercial Vehicles 

> l-tm,|£'lUFiffltei— I n7 | 1246 11311 311 25 


98 74 

SMU 

127 91 


194 gdiB.lv W £L 215 +1 T6.85 10 4.8 30.4 306 178 NlExpl tOp — 202 +2 2.M | 5.« l.«a.6 30 23 AmaLNiferia. _ . 

96b Electialnv.TS.. 312 HS.S 1.1 7 5 204 19 12b Premier Cons. 5 J lfatj +b — _ — — H20 240 Acer Hiiam SMI 

60 Hect.4-i.en 72b- — 157 1.2 3.2 39 6 £!?.« ^13 Ran-erChl.. .H aUbUtfj — — — — 60 45 Beralirm 


TINS 


ig. 6- ImenuiL 81 . — 3.86 111 7!3l96 Zb lb Remolds Dir. Ic. 1^ - I — I — I — 305 200 BerjumajSMl'Z.. 

giSA.TiwL. 70 1 3.0 lffl 64 26.2 £4? £3?b Ryl. Dutch FI 20. £4fl7 a -% Q537EJ 2.4 £-5 6.8 185 111 Gee-.or — . ... 


— J- .11 81? finWA-Rasel2br- 

421 5.8 350 220 GonencCom. 


24 2.B1 13 174 

345 -5 Q300e 0.5 18 7 

56 .... 1 4.0 44112 

225 -5 QllOc * 10 5 
180 5.04 5.8 4.2 


180 5.04 5.8 4.2 

11 .. - - . . 

325tC -10 +15.36 0.9 7 0 


: & & sssrit'x 3i2 2 :::.:: mo is J2ts^ 47 ggs TS % ;r ^ §| «. x ^ m 

N.IWI? 77. Metal Oooires:- .102 +3-. .14.27 Vi 63 S ^ <n 2 2 &oi .1,53 

'.ma oo 5S&5&E aw :::: ill «:? 73 ^ 47 - 1 3 I tjf 4 0 

lol SSSSSSte A L t536 U 68 fc ; -.l .1 •. Cosnpoaenls . 309 , 2S = 


46 30 Wtnslon fists 41 129 1-5^ 4.7|223 87i 2 63 Btgi\A.Trw_ 70 l3.0 10 64 26.2 £49 £35b Ryl. Dutch Ft*. £40? a -% ®3Wi 2-4 b5 68 185 111 Gee-.or — .... 180 5.04 5.8 4.: 

86 5 8 Eos-iXot lnr_ 73 2.49 1.0 5.1 29.8 620 320 ScmreRes 360 +20 .U 81? CnldiRwlSbn. 11 .. _ _ .. 

„„„ . 127 91 EquiKlOcsTtl. 106 6.87 1 0 9.7 153 602 «4 SheffTran* Reg 563 *5 tl5.94 4.1 4-2 5.8 350 220 GopengCon* 325tC -10 +15.36 0.9 71 

SHIPBUILDERS REPAIRERS W 302 Lt ° 13a -2 5 69 l.l 62 228 w 57 DaTVFf.El— 62b 4 9% lie 117 - 310 130 Honckonc 310 -.10 - _ _ 

anilDU UjUUiIW, iwrmnmui ^ 17C Equity lnr Dtp _ 213 +1 31.39 * 8.3 * 4W 72b nSubeanVKitt 264 —2 — — — — 93 78 Ions Hip 85 * -5 +110 l.b 

S3 162 IHamhorn L 50p I 74 1-2 | - I - | -J — 59 Estate Duties... 7«it +1 fhl.35 U 3 7 360 LW £52 Te^aroASCat. £53b Q4b% _ )9.1 - 11 7 JanUrfep .. 9J : - _ 

ofl 125 Hunter Cl _ 156 +3 6 96 IN 67^13.0 55 37 F.fci Euronia. 51b lH 1.1 2.948.8 ™ 1W TncenUol 157 +2 +1^ 5.8 1314.2 84 68 KamuniinsSMO.in 70 -2 Ol’Uc 2.1 3' 

30 135 harper.. 198 L5.0 I «9 3fl 7J 103 70 Fwmh-l»-.TgL_ 101 M.5 1.0 6.625.5 2M IK Lllramar 225 +1 - - - 6J 640 450 Killmehall 630 ... .0125 * 14 1 


t arrow 50p. 


70 -2 0121.x' 2.1 3 3 
630 ... . 0125 * 19 8 


326 -4 5.15 6 j 2.4] * l|l l a 76>a RrstSot. AiaJ &6> 2 -b 2 89 l.ffl 5.0 29.2 120 DoTpcCnv £1„ 137 +1 7^24^74^- 470 ?80 Malar ht«w SMI J 425 -25 t«5c 08 1 4.8 

]91blW lFpreiBnJr<.ol _f 161 +1 +3J3 1 1<H 3.5 42.6 195 86 Weeks Nil IOcul 165 . — I — 78 40 APafianc-- I 60 -2 +03 75.- 05 ; 


SHIPPING 


;\}38“ 106 GicirganOwiWe ^121 J'-.-! t536 IS 6* 7« • . • - . . 3flq 253 *riL*r«m30p 290 j-2 9 40 I 3 9) 4.81 81 1?3 V? KT Jane 183 202 l.M l.«89.4 

-.55 34 iMtural] {Abel'--- -43 T-3- 1?46 3.4 53 4»SB [46 AbbefPmrts.- 50 ri263 381 80) 50 200 112 . arwn Pr*. .** 157 +2 590 -j 56] - 157 120 .wirocL. 139 591 11 63 226 



]9Ib 130 Foretell * Col _ 161 +1 +3.83 10 3 5 42.6 3 95 86 [Weeks Nat- lOas. I 165 I I — 78 40 APafiane 

57 37 F.D.G 1.TJR025*. 43i 2 *Q5bc 1.2 7.6 102 195 86 tu Hd led 10 l. 165 IQ15V — 4 « — 78 ■ 50 PCndcaJen J0p 

39b 3^i Fimdintesilnc.. 37b 2!& * 11-2 * 82 ( 56 (WoodsideAMc. .( 59 ( { - [.— I — l — 27Q 165 F^abngSlU 

193 9Eb GIJa 3 facTZ 183 202 i!o L6 894 OVERSEAS TRADERS S 47 South Cr3)yHtp~ 

157 120 i«!Ltr.qmr(L. 139 5 91 H 63 22 6 245 14fl 


60 -2 +1)375*- 0 5 ± 

68 «) -2 660 1.3 14 1 

245 .... KMOc 16 7.5 

79 -1 203 6 5 38 

67 +1 419 20 9 3 

205 -15 s0145r 0.6 15.2 


111 65 NalfcSpnrerlOp 107 -..r. 72113 67 21 7.4(90 : 67 ^nkjoaOp . 67 538 17)24 61 1 

25 lib NeitEquifi !9p4 .. » ^.... 0 99 21 62 9.2199. •. 96 . Fbfihrltefliellini. 161 2.89 4.4 2 7 12 8 L 

110 77 Wrroa ; 91b 4-49 V 7363(12 - HnnnSraib Jlip lib .... 025 L0 3 5522 1 

:a 16 NoRTcSentldp. 1 -17 +‘* iZi3 -,66b ^37 _ Rwk-PrffljttiJOp, 49b , th084 33 26 130 1 

??;-> 221? Nff-SKillSpJ^L 28 _ . Jl59 13 83133^16. 240 LmaslntUEI. . 301 -4 9]8 * 4.7 +> 


SrathJIip. lib .... 025 L0 3 5 522 118 331- I >cfr-, { I 841'-*? ^ 09122-W1 BO 

tffldKttlp, 49b thOE4 3 3 2 6 13 0 M0 58' F.et.rdnr »ai V T 82 .... 0.1 - 02 - 13: 

Indufl. . 301 -4 9 ]8 <, 4.7 „ 4o 29 ImrtVJp _ 34 01 — 04 . 10 

tiroupJOp 52 -.ltd 4.0 4 7152 115 59 I:a*iffltaii.W.._ bl +1 M3.75 11 9 3 3 5 B6 


rXtoH\V.-.l 120, 1+1 


Qarages and Distributors 


3' ket.r'tor'.aiVT 82 "L ?■ 0.1 - 02 - lSb °l 

9 lm-\V)p _ 34 1 01 — 04[ . 10 k-n.-i k.a.-om- 

? fiLm-imamW..- bl +1 M3.75 21 9.3j 35 B6 b? ka-as.cTn:-? 

113 90 li.t Vrtir.l- 

102 6? I'.reerfna-ir.. 

SHOES AND LEATHER 3* fg 


,«b ■ ,a5 35(1 ImImkEI.— 357 +4 15.23 2.2 6.3 8 9 

3 i5* . M 21 M-Wm. . _ 23 . no 65 - 3.7 

64*.. -I; 18_l 14 4_2a9 to 9 M.vnanjSuMr 10b ■»•? -■ I - — — 


MISCELLANEOUS 


68 135 Ifcrymn. 1 


30 [ 16! : L\|l« 


zr -: |-b [cl 151 20| 64111] I S** W*I '-uar.li.v 
54it . .. 1 4 *fc 3^12? ?b 75 Haortvr/ 


70 4R J. ,nrjn In. *-'!«■•• 

po 69t> i.uarli.vb,. 


- +2 15 wm s 5 1 S‘ JSUW ’ 2^3 b :i j 3 « 5l r fc 17 9 15 :::::: / 

% -1 15 93 1 1 6 1 S6 io 40b Mill. hell' *•■!* '. 44 3J5 1 7 11 7 . b 1; 3 ?c '• 380 +10 ^ 30C * 

94b -147 12 ,52 275 208 MscnanBer £1 210 . 13 A0 0 8 4.5 222 !££ nfi v_nJ , caie-.3l — 391 +10 - - - 

5Sb -b 2 03 20 52 14 6 107 63 .V.unVn'He »I- 78 -1 2 92 29 5 b 70 ^ tl 95 1661 

£ -- 14 1U 4 6 29 9 :-35 Jo5 )'a: ~n Nxh ].*f 180ir .. 8 0 +. 6 6 » 1 “ “ ~ . 

72 12 74 1 0 5 E2a2 223 160 Hi \ V lOp . 175«r . .. SO * 68 * « *- r »»l » *■*} - - B6-. — . — — J 

95 3 81 10 6124.3 ^4 27 «sin4,er ).F ■ lOp 34 -1 +4.4? 13 ; 6l n |- ,5n .fw* Mireriir E0 *13? f \j 

69 »c ISO: 10 71214 91. 41^ SeniNL;.irVip St H - - - _ . 185 '“h* LOWCS] ... 150 Y/r i9( 

74 .... 4 6 1 2 9 13 7 1?J 4l iStirc U-r*.> ,(>[. 110 -5 :Q30 2 4 2.7 281 rni nc CV noiPlurTi rW 


♦1.35 } 2 5 

t?7c 19 z: 


190k ;?S 44 5.2 bl GOLDS EX-$ PREMIUM 

orer Keifr U0p 51 +1 t 3.15 2 7 9.4(4 7, L^inrlon quoLa(ion.s for ^clectetl St-uih .Vln.'iin cold mi nine 

Ho Bpc'.' Is*. '81 £93 08*0 18 0 18.7 — shares in U.S. currency *.\rludinc th" mic<.lmen; -tnll.-ir* 

' urt Men- M*p 51 0 8J * 2.5 * premium These prices are aiatlar.le only 10 non-L'K 

L«n 1i*p.;U *.*r- 50 -1 Q10°4 * B.6 — resident. 


*-! 177, Ml 5A6 


4.9 6 8? 80 M’ Doofia:.— ; 68 t5 1 28112 56 J3 1 19* j?rMrW'ti:cp. 41 It+,1.13 3 B 4. ; 

48 96(^ 39 45 “ijfc 36 9^31* II* 43 ^^81.61 

6.1 55*59 44b GMestKG]_„ 45 -1 1.3? 64 H « 32b I 24 i^eaira — 28 1 | )1 3 j | 2 6| 7. 


43 2* Pritchard Sw.5p -Sfl* +* 2 "tL51 3.7 6.1 55*59 44b GMestFCi— _ 45 -1 155 6^5.2 4.6 

B Proy-laiB*.^ »>a Ml ~ 4.4 3a... 29 GTanfiddLaw.. 33 127 15J 5 717.4 

RJFJ1 UWpI% , 68 r2> U> 9.0 35.4J[5l 21 Bracer Iirrs.l0p 47*> riO 47 17 4 1 5 5.2 

If 2 +h 2-lb& 92 R^sonOTj- 104 -1 tH4!8 3« bl 65 

gatfadMitLljife -:36 , ■?>... I .35 33 J3F11S 74 h KmveUs 97 16 SO *^10 5 3.0 

gMjMfc lOBni -lb tWQ 7< 20 .-^>135 112 Henlysajp 122 16.71 3 2^10.7 55 


SOUTH AFRICANS 


4 7 53 41b J-H l'i-SC- 44 

8 2 51 M Jfr.clnr Im ifip 44U 

8* 4 4 [m Cap 2p ._ 6*; 

151 125 Htjamwla- r -jp. 134 
105 75 Lace Vie* I m .. 87 

44 38 IrarAUrlm. 42 


11 X fi DTTDDtPDC * VT\ rt|n a y n $15^4 S10*4 BdieliRI 111 Ql70c 1 8 17 ^ 

1 2 6 afiu 1 RUBBERS AND SISALS snb |Mc East iMeju. a60.. +io T Q7& i 7 ins 

, f 1 3-i « i ^5f- 330c East BandPrp HI. 400c — — -- 

LI 4 9 19.3 1978 I I 1+ ori Div I iT’lrf 528*, S16*t FS.G«hiliif->. _ Siebrf +V *53)5r * 1? t 

11 rJliT '”1 *«* I ““ I *» Wo-i ga s: SSfirtr..:. «? :h SIT l g? 

10 ft ]j 183 104 175 lAndo-IndiMve<n_l 1Q2 I. 12.75) (4.714.1 4h5c 313c SriUonUanSV . . . 400.. . Kj2> 23 63 

1 1 11911.7 127 65 ReriaraCon* top . 102 3.55 L7^ 52 «?b S16bVMlRwisf*V.— Slg + 7 t 0115c 3 3 7 4 


355 | 1 11119^11.7 ji’7 65 IPeriamCon* lOp .1 102 ...... 3.55 t L7l 5(2 |K?b[* 3 H^»IRee , '»V. — I Slg. 


- — —I— 17 lib Bird r A fries ... . _ 

6 09 11 6 820.1 65 31 Brarirall !0p 

+2 44 11 4.333 9 305 165 lastlefield 10 p ... 

1.83 LI 6 5122 1 57 26 rh«vine*e lop 


„ fe37 S25 WennncHI — I S29b -*» «385c L7^15 .7 


'' 80 4 

m.. i 


JJ 

37 

734 .25 


iMrean-__ 247 +3. -W.08 3.W 4.9l 63I49 88 

m&SXL +5 dfi.77 3|(79& £12_, 

&B- ---v- H608 54 ,?.5f95. : 72 Hnrstfl 

!dES*w.5p_ ■; flO +4- +2.79 ZH SSfltll^-. 31. bessural 

u lM ^U I 356b +2- m2 U 65 B 

jpoPBWS .99. <36 2j iH'9.9Wlu 66* 

trdo 30C +1. H7D .*5 3.^10.7^41 • 77 

Jf«ajWp_:L35--l b258 -llS-fife a 
krore-— lift *—* 15J6 45 7.3 iA*? ^ 

- m +b 216: '3.4 igaS vg 

U-- ^2 2J6 3.4 fJ]5^54i 2 ’33 


88 HcwnAtoG^t- 102 

V. II £235 £328 DaMwOn— £180 
5*? .85 3.4 95 } ■ 72 HnrstChffltest^ 88 




ml t 


5< 


■* S3* » 

f t 


142 69 Sfa 

-.218 155 .Sid 

.130 49W S3C 

4 Sc pa 

81 57*2 Sn* 

221 139 r Soil 
. * 64 «. Sa& 


117 96- 

243 19> 
. . 15S. 132 


S Rfl«®.lJWp_ : 35 ■ -1 b258 
Rocfwaral 115 *_ 15J6 

sa- 

RmSoSSSnu * S ~z! +L34 

Rq+alWarce^—: 165 ™ +6.49 
RnasdlLV>10p_ .87 2J2J 

a^t^noo. ££* 5. (}1U» 

SafetUnw--^. 1C h5.2. 

SndbaretAarkat. 44 159 1 

SragfiC&p a : -2 5.89 

SranaGrenP— ~ 1Q3 —1' 552: 
gaM £60% -% 0L40 

tootteSabta- 43 !~“ tha91, 
SeqUUKlniL. 33 -1 737 i 

iea+yfl)di g 37b 16131 

U9- -1 «54' 
Da-‘A‘N-vC — ; -118 «54 

Ucnit+SERlces- 122 «.55 

ite'A:N-y__ ; i20:.. — p.55 

3enjaWare20p 126 W2.44 

ijAeCamBB — 200 — . 5.67 

- 31% -i*. SSn 


cn *17T in 44 331*4 si 1 ". West Hlrli:’ art. .. £23' a « +< 4 «15cl ♦ [20t» 

2U -2 s2M LO 16 S12blfc5clweeitniltoei.lt:- 1 1 [«15c| M 95 

53 *hl 4 12 3.9 — 

43 -I’ Q30 LI 7.0 

11 . :.. 0.56 * 7.6 NOTES 

350 -2 1523 16 6.5 

113 ... *4 0 4 5 4 I'nlrss •Ihrmiw indiminl. prices anil nel dlwdcad' ar«- in 

111 -2 tO20Sr — 4.1 penrr and dmomi nM ions ar*_ 3ip. fcSiirr&l-il pnrHcamin;;^ 


h 2J6^ 34 8L 

h. 2J6 3.4 8J 

L:. 2.99 L412J3 


(77lU.1Mtn.-_ M3rt -2 th273 7.3 4.« 3 6 
rtlRiJrtOp. 40W -b tL67 6 0 62^40 

irDuits 6 +** *h004 - 0 ‘•36 6 

Le of Leeds — 69 -1 0 64 27 9 ! 2.7 
dhaotStr.Jflp. 42*? +b +Z23 2 6 7 ^74 


8 ’K ^ '25 -V 451 11 1-212^ 59 1 ? 29' r+KulimMSfr 51 

129 95 Lafc. * Hchrod- 109 +1 t3.65 1 0 5 0 304 197 69 Ldn. Sumatra lOp . 182 

5 $2 l/B.iLfrcws- 50 ..... hi TO 1.0 5.0 30 2 33 36 MalakrflMSl 67 

28 16 Ukl&Lii lOp — 27 0 60 13 33 35.2 bJ W’ MuarRi-.er \>tp„ . 58 

6 85 59*? [ffliLliwnd.. 72 +1 +2 44 1.1 5.0 285 81 S3 TlaMM Ud;* »b 66 

9 210 157 Lon L. Montrose. 177 td 5 9 4 50 * 93 37 Suns«KnanW. 84 

125 93 !/hi 4Pjw.. __ 105 .....+? 45 1.0 4 9 30 9 nnra tup-- 

87 64 l^iFnidenliaJ. 74 Z89 10 5.8 25.8 

48*; 34 Um*!Tri}de_. 40b *& 12 5 9 220 11 

Ub 86b Lcr..Tit rtd. — • 99 +2 H4o5 10 7222.7 


72 1-1 Qj21'*r 15 3.7 kailo* and rmmii»(a>w on l.irst annual rr pon ' anH arcmin'i 

51 [ Q]| Sc 0.8 4 9 (“ml where pmsihli. are updated Ml hall ’oarl* ti(ure>. F.'Fsare 

♦4 06 11 3' Italrulaled nn lh+ bas« of nci rtiMnliUlmn brwt-ci+rl future' 

”— ’ hOlSc 19 S I {Indicaie IB per rent or imire diderrnie ir ralrnlalH on "nir 1 

J, jo 30 t ' Ui^ribuilpn imrr, are based nn "runmum " distriinilimt. 

Trtvi jn rn jl Iirtd' are hasnl nn middle pnrrv. are rrie><. atlpisled |<t \< T nf 


TEXTILES 


w* -j|P j nl c fi !• 'era* ne ne»n nn mimnr pnny are rrnw. xi|iisim »■ ’. i nr 
TcVcn 1 qj (7 p3 per ccnL and albiu- lor inlur of deelnri'l di-iriliutlntis and 
—A £.1 Ifighi' Seruriiies «lih dmoounanon- oihrr than srerlmc are 


per ctnL and allow' lor inlor of Jecland di^iri hut tons and 


TEAS 

India and Bangladesh 


1+3" Toe 


- £30 lS,i 
49 28 

■ 30 H; 

86 56 

135. £5;- 

16%-11% 

3. M 


CENTRAL RAND 


Iiuomi inclusive of the inicMlncol dollar premium. 

i Srerlinc dencmiraied sccunlics ulileh include in - . earnest 
HoJIhr premium 

■ "Tap" Mc« * 

■ Hichs .m i I -out mai+ed thus have hecn adjured to aUoar 
lor richLs i.s.ues lor ca«h. 

r rnli-nm mocc incr«aeod . * rcnuir^d 
; Inivnni -1 r... c nr-lucr-t (M.^ed or -lel+T-J. 

:r T.1’ tree 10 nnn-resirtcrilv on uppli'-olic-n. 


►line "-rip and or n^htsiuue: 

vide nils or l-.recasts. 

>n in procr+iv 

10J and nr reiJuced earrlnu 

n camm?> 'jpdalvd t«y la; cat 

of not now rrinkinc 1-V 

■ •r re«rnclc.l diwile-irt 
mre.s which ‘inetr .'lv> rani- for 
•1 I 1 E riilio u .-Hilly pro ideal, 
derioraii'-n. 


a To. Jr.'C h Ficur** l>a*ed on pnv.pe-cni - or other efficml 
csr-iriitc c ‘.Vnir d F'n ulwiH rate |Oi4 ie pr^iHc .-n pi>l 

I - . of ■ i-.«er h.'iM-d on rtitiricnd on lull capital. 

— I — e Redemption > :+!•+. f Mot jicld k '..-umed dividend ..nd 
— [ — y icld h A- rained dividend jnd yield after -rnp itni». 


rilffiliiF.n R2 I £29 [*3 I riJ.’jCk I 25 72 i rnymen: fr^m e.tpKai sources, k Kenya m Im-.-nm hicher 
;T K.-;nd .. * 96bi 7 I t v33’’ 6 7 8.0 ns-nn pro— ,ou- total n Hichls | stole n-ndirj n Karnirirs 

l':i»..'i >'T nrc-iiimnap lisures s Dividend uad yiolft ...rtudo a 
FiCTFPV RIMH -'I r*a: men; i Indicated dividend, ecoi.-r r"."loies lo 

EirtO * CjIUi Hrt.*U pre.inJ - . divdenrl. I" K r-.lir- t-w-rd <m l.iie*! annual 


243 195 ; SpearfcMP.)_^. 220 190 lit D 6 

158. 132 148 3.95 45 4.0 ft: 

£330 £270 Daffli+tCnv.La. £325 . — '3.0 f3.1 _ 

-g ' ^iSWtarlnt i. 8 *3.24 M‘. i 2.1 

1|8 .?T' aagFonute+i. 13 7 - t4.87 -33 5.3 8J 

ElO 165- 5tee0«^_^_ .179 +3 t6.61 4.9-55 42 

« 28, Slefat Man£ HK51 40 Q54c 11 114 8.: 

30 3 Saljkln&to-. 29 129 U te 10.: 


advertising 

ie. Paper — 1 53 .U«ti 


92 f Da 9>?pc Conv..| £114 1-3 


21 15 Lelch Mills. 

5.7 16% 7 Levis 5?— 


21 dl.29 


W B 


r'oSabSfcsas. 445 -2 


611431 IB.6J — 61 34 User. 


Ja2tp - £2 -29 AnKftTObbre" 4d? fL^ Z4 7J 88 66 55 Urilft — 

-1 261 52 6.34753 62 Bemrase 78 -1 +3.89 2.0 7.4 10J 4? 42 Alickay Hacji — 

- 110 “ Z -oil ’?!r£2 *56*4 39 BriL Printing. — 49* 2 t33 3.010.6(4.1. 521? 21 MackinntraScrt* 

Wfpuoa. If 2 . .." hO.72 -2.4j IM 7.4 77 4 55 BnumineGrp.- 68 d3 86 33 8.5 5 5 107 73 ManipiA '3ttp - 

3|§peat 57 +1 ^2J>' *«^St968 54 Do Resricrt^— { 58 d386 3| 9.9( 48 29 JlilleriF.-lOp— 


3-8 5 3 7.1 
4.4! 7.0V 6.' 


491? 135 3.0 10.6 (4.1i 52*? 21 MactonnonSccI* 47* ? L67 5.4l 53 ft2 

68 d3 86 3 3 8.5 5 5 107 73 UaniniA '3Dp _ 85 +3.76 4| 6 7 3.6 

58 ..... d3J6 13 9.9 4.7 48 29 Milter iF. - TOp__ 4ft HI. 62 33 5.^9.0 


57K 

Rra-kerift*' 

65 

-l*i 

<*Wc 

13 

iI35 

Cv'[u;nRi 

F-R'jD FUF 50 

24 

303 


i^^c 

FiWJt 

Ih 

Grvonlei.'A 

91 

+5*i 


jaa 

F.inr'-'H’. 

2-M 

-4 


<5 

talieto. _ 

43 

-1 

Q21c 

52 

Mane*, ale P9i> _ 

83 

+4 

lV*bc 

37 

*• Ull.'MJl Ld. .V- _ 

55 



3) 

l.-iriMtcm «K 

43 

+1*-. 

Q i*5e 

61/ 

tiintahaa*: RI — 

544 

+4 

3&9c 

n 

»U Nl^iH Jf.' . . 

38 

*1 



nite \ - 154 .. 1812 11 7.9^174 


FAR WEST RAND 


■ifs..| ->l r*a: men; i Indic.ued dividend. .-<rter r*:la;*v. io_ 
prtr.iojs dr. •■lend. I' K r.'.lir. t-Hfed on l.iu-'t annual 
ft 4(1 4 '■••’nine.' u ‘iirtfrasi dividend 1 «i.er h.i**.*dnn pnt*. ton* >ear‘n 
17 aq’fl ■■amitiS * Tax frx'e up M 3»lp in Ihe £ “ Vo-1. 1 ;.lhm ler 
00 RiTTv-n-j r!iu*. i hn idend .iml 1 irM har«d ihi rneriw lem>. 
— , ■ i|. ., lend and -wH include a : pn ml lanyinonl .'n. e r iir- . net 

4 B 13 4 n jxpl- t-x .[eri.t! p.iTmci' A *.rt .(ivnlertl .md ;ie]J R 
6 13.5 iTa-feren.-. - div.dend iMssed ttr defernsi ■ anadi.i-i. £ l!«ue 
ft 292 prr • F Lu.-rterid anil viel-l l-a.-ed on pr.r,pvI'J' nr oiher 
10 42 9 tji t- : inure-- (or l!T9-«fi li Ass-unw-d ill 1 , rde.id and ’ icSd 
_ .-'P.-r iw:ndirs seriji and or rich;* i-jmii. II r.ivd.-tid .md . ‘eld 

0.4 34 7 n.-ed r.n pn- p-ihi- -.r lUh.-r official evtimiie- foe 

ft 14 2 If'Tn - ! K Tu- ere- iia-^l on pn-.pt-iiii> or ether rffu d 

i-.i,r. 'or ;PTS W ruv-tdend and ytc-ld i..i-y»f en pfovperius 

1,- ..'f.r c..il epi'uie. lor IflTR \ liividend and yield 
i.j.i.i ..n p-o-podua «r other ofurial ■'«iim.ilC' lor J97P P 


■*22 -29 t-iucnrn moils a _ nr -i ip.to 0.4 ?■’ 706 110 Mills ft Alien -sm •— - a.w a.' w -r± - — -j ,7, - to jni. sfi m an inn HU-. 

'0 .36 Lat/lealOfi -68 — ; HZ 79 3.1 61 6^ g+i, A2L MoreOFerr l'*P 80wl dh3.D7 3 0 5.7 &8 48 36 ppenrenueo ■_ . 37 .^... +25 laiO.lj 7J .S- 1 V* 

6M'-:47»;. L'nilever-. 528 +4 1269 29 3.6 7J jAt oii onto* SIB— UA% »«70c 4.1 25 9.9 37 26 Slnddard A _ 31 dl33 2 a 6.44 BJ fs? * ^ iu insiluS 

i2Jh> f20b L'nbX.V.Ftil_. £24% — .. Q*?f. 24 54 24 olive* Papers* «6 +1 +228 1.8 7.4113 34 23 StmidMerprd. 31 ...... 152 5.3 7^ 19 3 ft 3 35 ^MniST" ^ 1? " In'fn i n 4 o!j'h 

3« ?! ~~.ZU 7 W k ,53b +252. ft7 65 24 79 23 l**C****£- Q -2 93,6 5.3 7.9| ftl 33 § ^ 90 +J 3 g §+48 


O.F.S. 


380 ""53 Qd. Carriers [i>p 94 +217 5.1 3.5 71 75 45 ijiley Print Grp . 58*? +252 67 65 Z4 79 23 Tera-Conrulaia. 71 -2 33.6 5.1 

37 -49, fti£rtOasbd- 60 : 368 2 2 9.2 6.5 132 «U ^MtaTsiiSa- 106 -2 +h3.14 41 4.4 83 35 18 Tefl'niJrsv. lOp. 32 1.01 41 

29- 'Mb L'Swto, 28*?-...-018 135 .10 117 ^ M sSth&'Mp- 82 P4.75 4.4 ft6 7.0 66 4ft TmnkiMHB 62 ...... 3^1 U 

151? lib UaoSwwL--- 13 ri0.49 -3.4 5.6 7i & SrSlJelLsti.1- 1« J7.45 26 5.710.1 54 44 Tootal_ 45f? +1 +276 23 

[ A 3? 1 Value 90 +2 2.17 3.7 65 4i 7t aa lYtmcpareni Ppr 67 5.01 15 112 9 2 62*2 31b Torayl^O 55b -2*? QI05* Lf 

33 / ' .U'vEmWtZZ 26 ....- 0.96 U « - 48 SSpb 100 4334 11 5.0 288 32*? 26 Tr^ford Capets 26 _ 169 LI 

-jr7JJ ' W* V"ifflen-&p.20p_ 12ft hd) 04 7.6 12144 ™ 49 r ie^ watoriQn 70 132 33 7.1 6.6 90 48 TnnmllelOp^. 83 —— +1,86 61 

-79'- 5fir ^fuKIs: 59 43-35 37 83 4.8 3 22b ^G^p20pT 60 +bl38 52 3.9 73 60 41 r,t>T«»p__. 58 335 25 

S3 22 ff«dePonjcl^_ 27 -1 bL12 38 6-2 52 ^ 1B6 2 WatkflftgtnnU t— 194 ..-..1131 .16 3.8 110 «9 34 VwoJVkW^ ^ 185 01 

IS 'll Watta-fimr.5o_ Ubal d0.9- — -106 721? WahnouEte. 99 — 3.91 3.4 5.9 7.7 a9 29 ftwtial — ■ — 30 +1 J208 — 


1- .■ ..-I-. ■.•■li -ft s.hare« 

i dvd c..i|. :■ iu..|-i.i:>l n.iD.i-i - I'nee.s of Insh 
'.hi. h ->r.. n.a ..if.. i..ll; li.xle+1 in ly-nilna, 
-.'I nn tri ll ■■ .i-n.iri.'e'. 

-"id 2b I.- • I -.v“ iimi I 56 f | 

- 1 r? r? Mu.1-11v.ne... ai2 | I 


Ifl'W Q3i £105 tioV« to**-- 017*2 Q8b%Ml7.3 - £l<Pfc 56S imKMonjOC— 594«* +9 $Hk: ft S5 ^ .‘-c rw-'« too 

0-377 86 71 Tar Invest lne._ 80 2 57 ] 1.3 10.6 11J na* 4 fal6 St.llelrnaPJ 671 -43 <Jl90e ft 17.0 ’• V 37 

1 3 11 125 95 D-Cap. 104 -1 0.8 - ? J 9 1« LmmI 179 - - - fU,xC.V. ti^v. 57 


■79 » «W- Ribbons 10p.. 59 --- g-35 37 83 4.8 b5 22*? !feceGroup20p- RfelJS 5-g 73 

S3 22 ffade Petty: I0p_ 27 -1 M.12 38 6.2 Si jjz - uft Watkflftfilcma t- W 1131 .LH B.|110 

35 ; 11 Walker fimr.5p_ Ubal dfl-9- - 33 7 - -1% 73? Wahnoueta ?9 — 3 91 I 3.4 5.fl 7.7 

J£.- £ Waterforfap— •» iflLI5 27 3.112.3 16 n ffraI5 «-^5pJ 1ft 1-_| 01 f-j 0.9|-r 

33). 205 KaL&apV. 312. +3 4.4 1.9 17 < 

iflS 48 Wataia p K Ifjpa _ J03 _.... d2-40 -33 3312-j ..., 

m.-‘»-WaIgiwrf-— 108 36 52 6.2 PROPERTY 

•82 57 . BosrdlOp 72 ...... d3 7ft 21 78 9L« * XJXV 


I Cap. 104 0.57 - 0.81 - + J 9 II+» Itnuef 179 - — — riG Vf. v.H-y.! 67 

i« «featw..l 163 5.08 11 4.7 30 9 374, 190 WeftrmSV.. 22ft.r QbSr ft 17.6 llJUx-i ' 27 


TOBACCOS 


+1321IP 


S4MC87: -DtclOpeCnv.— £90 +1 QM-- U.9 nl 7 +- 

36 IMIinki 46 .. ... g» 33 91 5. 

« . .^7.' W:lb.Ge«*e*.-- H “1 «37 U < 5. 

fl 30 •‘WiNicttal’JtLiOr 38 -—3.^3 Mr t 

54 3s, Wirjilhdf 20p- 49 ... ... JZ« 2i 8| 6. 

S'. 34. HfitteKTIsaiW'-' . 48 -1 3J4 13 ^911 


8t 2 S£ 132 +4 +3^7 1 lj lIsOJ 


l n 200 ffiSmi- 240 | r 5 I £91 I ia 4J| li 60 ! 49 UhenfeenlMf. J , 57 | — I+Z39I LM 6.4(232 +S IvmlSlS^ZZ: 1W “* 7 70 


lfl S3119.7 1 


Investment Trusts 


!10b*? HOI * lSEW6.LCim_— 86 ..... T3 57 10 63 23.6 1/* 119 Charter r.i.. . 

203 163 rK.li3eneralTa.15S ...._ +6.03 II 5.1 26.1 ^ 163 C«f CoMFsrM' 

900 600 USTnutFnndSl- 690 6l0c - 0.7 - 25 16*; Em K.wJi>i M]' 

99*? 74 vifcn»ReMorres. 79 -b L12 12 21 593 L20’ 4 U4 i«n MmiacfC. . 

84 591? W. CRit TetSWn 73 0.76 1.5 16 66ft £J«i £10i*i>«lWriditi5 V^... 

320 273 Wentslm (L_ 273 -2 12.5 ft 7.0 ft UB £10 Jufanr-'.'nn. Kl... 

219 171 Wmierton<m_ 195 ...... +4.67 1 0 36414 235 138 MidfleVirJIk 

104 69*? Witanlw. B61? 233 1.0 4.0 362 H Itacwp+ajj. — 


175 +3 9.19 2 8 7 6 

16b -b - 07 13 4(, 

£16*4 .... iorf< 21 S3 
£11*; .. 0155c 19 7 0 


m*™ 


r uti. ri". »i jsi 

f89i 4 


Alliance 'vai.. . . 

9.i 

-2 

.VriK-ll . . - 

340 

97 


'.'iundaU:i>i . . 

**0 

1-2 

r.in.Ti'tePreds 

175 


H-i|f»iiiHlric.t ■ 

^9 



185 rt 


In .‘i Knpos.. . . 

105 


Jacnii . 

55 


Si:iilio:illi 

37 

-1 

TIN. 

175 

-15 

Uniil.ire ... — 

88 



S'. 34 ™^TUCTlTfc^u1t»- , . 
57. 19 iWandif'vrasSp . 
,48 jj |wniv{:.Arthur.Sp 
.B. jWwjaHaU 

? ' • ' - - ' • 


43rtl —2 Ml. 67 
37 091 

«• |5l40 


192 148 h'eoman Inr. — 172 7.70 10 6.7 219 158 45 Neu W'u.iij.. 

34*? 26 h wkiiLancs.. 30 el.52 10 b.8 21.9 tl2>? 360 Patina .Yv 0-5 .. 

89 69 ' [Yon^CosbvIL 86 3.71 10 64 24.3 '5tj* ; 39 Raw! tauten Ki . 


*' 7.D +, £18 £10 Juhnr^-nn.R!.. £13'-** Q170i- 36 7? 

10 36414 235 138 \6d.ile Wii 1% 145 . «25.-t 15105 3, 

10 4.0 36 2 U 22 Mianepo^i __ 60 . .. ;1 27 1 9) 3 2 

- - - 207 126 158 +1 t)12. 13| ? S . . 

10 6.7 219 1 58 45 \rt.'Wu.9fe 103 -7 Q:e4f ft 11.7 ,ndM ' ,n 

10 b.8 21.9 £12*? 360 Patino \i IV 5 .. £115. *h Q*'50. • 25 ■> v-r . 

10 64 24.3 '5ob 39 Rand ta«4t<i 15. . 39 .. -.iC- 3015 3 »' ; ’ ,:,vrl 


OPTIONS 

3-moath Cal! Rates 


INSURANCE 


91 60 Cntruv inrial ‘lOp 84+1 — (215 129 Da Capital Wp. 190 +0.43 ~ 0? _ 

90 59 Do.Cap.10p — S +1 ~ — ~ — 1 62b 51b AairtWln: ior> 57*? ...... 4.57 1J11W118 242 

5*. .34 Claddteler., ~ TL ~ 1 S SI 7 ± - t.I- 1? 


blDatnarl 
i WWaw 



518 375- SglelincTrua 446 

Finance, Land, etc. ‘59 ] z9 SJ-SSnisj 3 37 J. . 3 

2 lAtamdS^chers 202 ~A 17.0 56[ll6( 22 ^ Hg "- ^ l i" 

5 |1? - - - 2.3 115 £11 r-anl-.wjLdRJ £12 -*? 

S - - - 70 276 182 L'.C.lTHM Fii .... . 192 U 

4 Bnianma.vrw. 14 — _ _ — 340 238 L'nicn t'oron 62»- 258 1-2 

3i : CJiaJleneeCmSl 120*r ., QblLJr 22 5.4 8.7 73 « Cottk:"?. 60 .. . 


.18 45 1 91 65 


179 -3 usox- 15100 J;; 4, . 

il§ | &0.0 li t \ Iks i%. L 


S>J , >n4- ... . 

. 4 In -.-«.-v . 

; 11 Ni-'. . . 

; 25 1 1 -1 iiifita 
. 35 Jl.f-j.ifL i Iff. 
j 15 lie. iv r - ,... 


20 Trl’e 'ri’.Oft. ... 30 
... . t. *. »iil.- rr . 35 
...1 20 I '.•! It.ij-.t.- T-- 
. 8 r-r. ' . 15 

. j ’.Vi «■] -v... 5 
17 

ifcr. J ]4 Pi njuTIv 

!■*; i L Kris J-i:ir! I 3‘ 4 | 


90 Q.9*s 163 SUffar. 16 IJ.v *|. I..n,V 22 1.,' , 

£12 -b QnOv ft 5 fit; a V 2« '-'f; - FP ' 

192 i -6 +tJ30c 12 95 Bn-.r.',.* >}6 5 


CteterkOKfiCp 59 -i +341 14 8.6110 “ 

af* H DIAMOND AND PLATINUM |j SSKL. \? ^ «;r \l 

3} |7a)+2 L75 2.9 71 55 £49 (£30 |4«lwlalmJ0r..| £34* 4 | .. ..|Q600c| l.l)iO..'-j ' j ? n 

£%«-• a -- 4B8 ^35 DtbasHSt.- 346 ^ +4 tfelad 33 9 *. {[TlX ,. r il rjJ'L: m 0lU 


258 -2 }*Q38>-( 1M 88 r.r.wn,l 

60 (.. .. [fOPjct 1 j0| 7.5 ■ 

•. .iftli.ir* 

i OF ATTVTTTfcT iVwinmi: 1 *- 


; 20 te.-i-rho . 

| 12 ldi.ee I lid. 
■3 I.' vr.; .1 ■ 


i . E I’ .. . .5 

' 1 2 Intreurvijr .0 4 

Z. Id'iid Se-.r. 16 

12 

- 30 PtJehfry .. . . 6 

' Cllbilfil T^.'.riC C 


■ I m bEsuiffl » k& I Utt ialalwMv ^iMwcsTlmUka 


3.0 U 4.6 29J 180 100 F**miiGw.&p 1 . 116 

R55 10 72 20.7 24 9*? Firrnit'intwS 20b 

L06 ft 23 ft 34 25 HambroTnist_« 33 T" 

— — — — lib + 1 ? Hanlon Tttap. 10 

td634 10 5-5 27.0 85 25 Hz* Par&fl!L 56 -2‘ 

170 ft 4.7 ft 250 147 IflLliFTSJgF.il 230 .... 

Q50.«j M| 4j( 41 22 IS ifiTesDnadfi- IB 


EuftoraatfASp. 25 0.50 63 30 81 

ns. ..... 5JI 13 6i4|u’9 CENTRAL AFRICAN 


346 +4 rijalic 33 97 L-“ , .'i./,..r n :... it 

no ffiOOe JU 12.0 r m w m.w 

172 -8 8l04t 3.2 6*1 , H .n 17 I'C-.V 

60 —4 Qb&r ft 6.{i iicn Klwiru-.J 18 I 

88-1 QBc ft 5.4 iii;<Mi « tv I ! M 

1 irain <M«.‘( ■ I 9 ft.-iiiknrj .V 


nl'.*: . 20 R«.Mn!iil 


11 :...: i 22 „ „ . 

14 I ui ttarranu. 10 Pnt Petroleum Ji- | 

17 PC-iH'tii .. S Fitirmah 1 n! - 5 | 

18 !■'«»»(- .. 8 Cliarxe r nall - . 3 

40 ft I ! M ’ 5 I 

9 R.'.nK 1 Fl' A\ ia Niranur, 20 I 

20 Rre.l Inin! . .. 12 ... 


18 SiYlU-Vs .. ." 3 


2-03 ft 92\ ft 210 155 FaJconRhMc— | -170 +5 Q60c 4 2M •! K 22 * f 'hartw* fm;.. U 

— - - - 24 15 HtorfnCwp 15 -1 P.57 73 5r ?? I!*?!?.!-—- - S ''ons-IriM . ... If 

-r - -J - 80 52 RoenCons K4 64 -6 _ _ _ 12 Tm a -l Stab* . 15 R,.,T. .. 16 


W J7 I3292 41 30 ftinkiecri Rhi- 

L06 2.9( Rf? 63] 17b I 10 J2m^r3§nm~ 


Uzi 


A seleefie-v of Op! ions R-nriw} ^j-..-n ■i'i L Lo 
London SlocK EjuJianje Report 


t 



GUYSONi 


The Best Blast Cleaners 
in the World 


Guyson International Limited - , 

:■ r t h A r'i j e, O [ i s y . \7/st Voi/s/lrc LS2 

• Tel.{G9434}3422Telex51542 - 





Tuesday November 7 1978 


FSjg»;s>i>im 



bp and Wholesale prices 

Total end . 1 1 

petrol rise slowly 

■■ • -j BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

MIUMUV OUTPUT PRICES Charged by “ ~ ~ in Septemb 

w In/ifnnr <<« WHOLE.ULE PRICK ..ft.. . I.ll 


OUTPUT PRICES charged by 
** industry at the factory gate are 

_ „ . _ _ still increasing at a moderate 

fy** v,n j 0n . e ' Enerar pace. This suggests that some 

correspondent 0 f higher pay rises this year 

, have been absorbed by com- 

BRITISH PETROLEUM and panies at the expense of profit 
Total are withdrawing financial margins. 

subsidies from , all their filling lie wholesale price indices, 
stations with immediate effect .published yesterday by the 
today, pushing up petrol prices Department of Industry, also 
at bund reds of garages by as support Ckrvermnent hopes that 
much as 5p a gallon. tee jj.mooth rate of retail price 

This latest attempt by the oil irifiabion should remain at about 
companies to stem toe losses the present level of 8 per cent 
from their petrol marketing until at least weH into nest year, 
operations was started yesterday The indices for output prices, 
by -Mobil. It is being watched and for the cost of industry's 
closely by Shell and Esso, the raw materials, each increased by 


subsidies Inter ithis week. 


September. 


in September and last month 
after a fail in the previous two 
months, reflected both the 
fluctuations in sterling and an 
increase in the dollar price of 
several commodities. Many 
economists expect that com- 
modity .prices will rise steadily, 
though not rapidly, next year — 
offsetting the. sharp falls earlier 
this year. 

Last month, the cost of 
materials bought by manufac- 
turing companies outside the 
food sector, rose by j per cent 
The depreciate on of the dollar 
reduced the sterling cost of 
crude oil, and helped in part to I 
offset higher costs of other 


ili*P Trip war 

The recent pay increases and 1 1 *™ eve E: wM| -« n iS* oil es ; 
» w»w n ^ nnn i eluded, costs rose by 2 i per cent 


WHOLESALE PRICES 
(1975=100) 


Raw 

Output 

1978 Jan. 

Materials 

139.4 

(home sales) 
14SJ 

Feb. 

139.1 

149J 

March 

1424 

1502) 

April 

145.1 

150.9 

May 

14^8 

151.9 

June 

147.0 

152.7 

July 

145.8 

153H 

Aug. 

144.2 

154 JB 

Sept* 

144.8 

155.6 

Oct* 

145J 

156.4 

* provisional 

Source: Deportment of fnrfuitry 


BP. together with its sub- The recent more favourable the higher employers’ national ei H2 ea kI^S. rose - y “*.P* r cenT 
si diary National Benzole, holds trend is bigblighted by a rise of insurance contributions will be r®"®. ipnces- for non- 
about 16 per cent of the UK 3.6 per cent, over the last six pushing- up prices over the next metals, particularly lead 

■petrol market with 5,200 service months,, in the output price year. But whether the 12-month ? nd 7 and. for woodpulp, 
stations. index for manufactured products rate of retail price, in Ration will inJ P?“ € “ 6tee l an “ chemicals. 

In common with’ all the other to 156.4. (1975=100). This com- remain in single figures or return _ Ce t'^ l 7 a ed ..if!? 
■oil companies -it has been sub- with an increase of 3.S to double figures after next Manufactured .products other 

sidiary petrol sales at hundreds P p r ceQ ^ over tb® previous half- spring will depend both on tnan .‘"J 1 ' annK ana tobacco, 
of its filling stations, particu- y ear - settlements in the present wage ^ * p ® r cent last month, 

larly in urban areas. The result This has been slightly sucpris- round, and on the exchange rate niost significant contri- 

!ha s been that last year it could ins in view OF the acceleration and import costs. buttons were made by the paper, 

only break even on its market- in the growth of nnit labour costs The treed of raw materials Pvmting^ and publishing, and the 

int operations. BP Oil made no in the last year— up by about costs has. until recently, been mechanical engineering sectors, 

return on capital assets of 12 P*r cent The CBI said last helpful to industry, as weak Higher prices for milk pro- 

£500ra. week that there was evidence commodity prices and a firm ducts were mainly responsible 

Total, the French oil company, that a large proportion of sterling exchange rate has for a $ per cent rise Jast month 
told its retail outlets yesterday Phase Three pay increases has ensured that the cost of materials in the output price index of food 
that it had been losing money so far been absorbed in profit and fuel has risen by only 1$ per manufacturing companies. This 
on petrol sales throughout the margins, and industry’s profit- cent in the past 12 months to sector's costs rose by 1 per cent 
dealer network. ability (excluding North Sea oil 145.7 (1975 = 100). last month in spite of lower 

It has stopped all financial operations) fell, in the second The slight rise in this index prices for home-produced meat. 


dealer network. ability (excluding North Sea oil 

It has stopped all financial operations) fell, in the second 

support to dealers and has 

advised them to charge prices 

which guarantee adequate profits. 1 * 'll 

The subsidies have amounted to ■ |c I CAlllI 
about 2p-3p a gallon in many V> 111 i 

cases. 

Withdrawal of the support ._ _ 

could push up the price of a ■ rhwrr't am Zw* 
gallon of BP and Total four-star I ill 111 

in many urban areas from about Vll AMJ 

74d to 79-80p. 

Total has about 4.5 per cent 

or the UK petrol market with BY JOHN ELLIOTT, INDUSTRIE 
about 900 retail outlets. 

Without subsidies filling sta- GOVERNMENT plans to publish 
tons offering four-star petrol ati a Bill on industrial demacraev 


CBI solidly opposes plan for 
laws on industrial democracy 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 

GOVERNMENT plans to publish the taxes to the Government The strength, of views on the 
a Bill on industrial democracy from our companies." subject was demonstrated by 


74n would he selling at cost next year will come under re- The tmMbo debate stirred suDJect was am °T r . areQ Dy r 

For months the nil companies newed attack from ?ndustria- some emotion But it was Dr - Austin Pearce, chairman of 

draw finanriai re -SmHirf hu» Thil- ,ists after lhc CRon federation of employee participation which fjffj* . wd ?° i f ? rs^u ri ves^of 1 * the 

h^.vp hm? ^f°Kc- bl ? "r British Industry yesterday ex- really brought the conference to n?nn° f n s* 

haie been afraid of losing sales nressed nverwh^imin-*' onnn^iMim 1 j UK subsidiaries of nine U.S.- 

in \Vhetl5r C this e iate« to ,0 2isiation on any form of Lord Watkinson. the Con- c °^P ani “ ?ov?nSent 

MobH TOM! h aL BpSakM how employee participation in com- federation's former president. 

Win 'l7r"elv dln^nri k rfn h ?h! pany decision making. acknowledged the strong views SHkAnt 

wm iargei\ depend on the r . . on the <mhiect whun Hp maria iht. and other subjects were making 

response of Esso and Shell. The GBIs views on the sub- “J it harder to bring American 
which together control more JMj emerged at the end of the " n " sp fa ee ?° “*[£“„ tn Yome investment into Britain, 

than 40 oer cent of the market first d a y *ts national con- ““*®L Begun to come 

With 10 too outlets marhei ference at Brighton, during thr °ush. He persuaded the con- The other eight companies are 
Whatever action thev take net- which fears of union power and f ere ?<-j- t0 . rep ?* 1 1116 is . sue t0 Ford Motor, IBM. Kodak. Rank 
ro| prices could rice further next calls for secret strike ballots had Confederations policy-making Xerox. Proctor and Gamble, 
vear if the OPEC countries constantly emerged in speeches C0 HP C * or reconsideration. Standard Telephones and Cables, 

deride in Dreentoer to raise the on a variety of subjects. council aLready totally Monsanto, and HoneywelL 

nrice of cmde oil by the expected Mr. Michael Edwards, chair- directors ^Opiositionto aU°ies!t£ v D l‘ f earce told the r co F ference 
5 to 10 per cent. The pnee of man 0 r BL (formerly British Stion thesubiect could had never seen foreign coo- 

refined oil products has been Leyland) even slipped a demand the ^Confederation^ Into ^ronSFct fiden ‘-' e . J lp ,^ h ® bK s ? low as now 
rising already in International for secret ballots into a major L -”] tE” mstin" ^ political and said: f very sin 8 ,e man ,n 
markets because of increased speech cm taxation in which he ^ es sincethe Conse^ativei ms Usi of companies wants 
de ^ an *K , , . _ . called for cuts in personal Liberal! as ' weU ?s the investmeDt t0 come into the UK. 

Bv the spring petrol could be taSC s. olJL/n hlv» bu t they all said in our submis- 

SufthU* ^Snim p ta The c “ ts be funded by a developed pb"sf?rlaw. ha '' ^“hbec-auae^r ’.Z'muhfS 
substantially cheaper d than in more prosperous industry, he Meanwhile, the Confederation 0 ° f f he 

most other West European couo- Let pr ‘ ces 3» free, sub- will draw up its own voluntary eo?d plJce to be" 

tri es . ject to market competition, and code of good employee-parti- 15 a s ° oa P‘ ace t0 u®- 

let profits rip, and we’ll deliver cipation practice. Conference report. Page 10 


strike will 
hit 70% 
of bread .. 


By Alan Price. 

Labour Correspondent 

A BAKERY workers* national 
strike- in England and Wales 
began early today after 
receiving unanimous approval 
from the executive of the 
Bakers, Food and Allied 
Workers* Union yesterday. 

The action will lead to 
Immediate disappearance from 
the shops of some 70 per cent 
of normal bread supplies pro- 
duced by big companies In the 
Federation of Bakers. 

Bread will continue to be 

produced by independent 
bakers, but the union warned 
that it might call out its 3,500 
members In this sector unless 
they received a £10 a week pay 
offer. 

Mr. Sam Maddox, general 
secretary, said that members in 
the • independent bakeries 
might also stop work if their 
employers began producing 
more bread than usual. 

The strike call followed 
relection by the union last 
week of a 5 per cent pay offer, 
boosted' by a 6 per cent pro- 
ductivity deal, in response to 
a 20 per cent claim for Its 
20,000 members in federation 
bakeries. 

The strike decision was 
described as “ Irresponsible 
and antisocial ** by the federa- 
tion. Employers are par- 
ticularly angry that the union 
leadership has endorsed strike 
action when the current agree- 
ment does not expire until the 
end of this month. 

* Some suggest retaliating by 
refusing in future to collect 
subscriptions for the union, 
3nri possibly withdrawing from 
postrentry closed shop arrange- 
ments. 

In the present circum- 
stances. said the federation, its 
offer was a reasonable one. 

Air. Maddox said that nego- 
tiations bad broken down 
because the employers were 
not prepared to improve upon 
a “ ridiculous ** offer. He saw 
no way out of the dispute, 
which eould become a long 
drawn-out battle. 

The union expects full sup- 
port for the stoppage from its 
members. Mr. Maddox said 
that some workers in East 
Anglia had walked out before 
the strike call was made after 
a meeting of the union's 
executive. 

Employers said that the 
Advisory Conciliation and 
Arbiration Service had indi- 
cated that it was ready to offer 
Its .services to help resolve the 
dispute. 


iu*|ga 


ill! 



1 

W 3 


i 


at 


pollute! 


With £72Um. pre-tax for the pipeline ! and the pdlli 
year to JpOy against JE76^m, TtwW Tfl fo 475.4 " contro1 ' wonld : ProtebQr ; 
Lucas Industries' has' hot-' quite ® TO . . we j|^ oy e r 5500m at pa 


in* 


been able fo .achieve 1 its aim 
recouping- the first halTi.strike 
costs. On . its latest reckoning the 
toolroom .dispute cost-more like 
£12 I'm than the £Ilm first 
suggested, while profits from the 
diesel engine . component ..slide 
were not quite up to best, hopes 
because of a slump. "in tractor 
demand and , techiuMl delays 
which held up- 'the 'start' of 
deliveries for the Volkswagen 
Golf contract. Even so, second 
half profits rose by . around' S 
per cent, and only 'the threat of 
prolonged stoppages at UK cus- 
tomers, such as Ford is already 
experi encing. : distrurbs the pros- 
pect of a reasonable, advancers 
the current year. ' - ; - 

Not too mach.'thpugb^shddld. 



Against this, estiHates 
much the .company^ could * 
oh - transport- ebste. "way.:. tut j lf| 
35c to $1: a, barrel, . ahd t an&j ]j£ 
320,000 barrels la .day >a[r^gi 
shipped 'thrpugii ‘PanaMfc^ 
boast that the pipeline .-$$ 
save. £100m a year looks' 
ambitious /at ; current ? 
although. if the Texas 
were open it: could ."be 
atfraefive;. to raise - output'- 
Prudhoe ' jSay- And expand' V 
Trans-Alaskan pipeflne-. ‘ 

. - The. oil price is crucial tp^ti _ 
costing of th6 - whole, Ala^- ■ 
bpexation,-anri; now. thaf lrn>tf L 
crude . is being widiheTd -fos - 
the worid market Gifr bpd# fij 
market oil .- price - ig; edgings j 
. and .TnakiBg an OS^CTprlccii 


be read into the precise figures, strong advance. But the shares over Id per rent more like 

One way m which -Lucas, limited eased 4p yesterday to ' 301'p, Events in Tefereu -my.prt - 

the damage was to .ctrt -ba?k w here they are torn between a Wst as sigurfic^rfer sp&t£r ^' 

revenue spending /(charged below average yield of 4.7- peT BP 85 

against profits) by: £10m from cent and a below average . p/e /: t J 

the originally planned - £60m. ratio — prospectively about six ReffilatOrV battle 

Another £10m was sliced off after a full tax charge, maybe ■' ? - 

capital spending j and titirtotal £ 0ur on the SSAP 15 basis. -. ; ^ Advqcates.pf^tfe^d^® 

£20m underspending may ;8e- a - tionf lit the Cite 

better- measure of the setback CUiVain ’ tttiUff'or two^ frem a regutetd ^ 

to the group’s . plans. Total dogfight now. ■. takmgi 

revenue and capital outlays ■ Tomorrow ■ the citizens of ^exos^ ^ the/Atlanuc; :The/35 
re main ed, however, a- ‘little Long Beach. California,. .wiUSCmhinoditi'ds. and. PutiaeoTit 
above the level of the previous vote to decide whether or. hbt^ -frig ^ Commtesfim : (OPT® 
year and Rand D cost £5m more BFs subsidiary Standard Oil ef being, pursued by tbe^- 
at £35m. , '• Ohio may go ahead with its Treasury/ the -Federal Kese* 

The market background in the plans t0 build an oU Seminal in and the Securities and EXiM . 
UK was distinctly- unexciting ** ^ t0 Iink up with a pipe- Commission, hot to mentioa?! 
during Lucas’s tradihg year— car Une t0 ' Texas - ' Opinion polls Missmiri gaming autfidritfe^ 1 . 
output rose a little, but was off- The referendum may go TheprbWwn^is that tbe.CE . 

set by the tractor setback There So t ^ d . os way> but tbere , ls , a has woken tip totbe.facf^ 

was some recovery in aircraft ta isingly large *' don t * mow it is now in charge of the fish 


was some recovery in aircraft 
equipment where - „ "trading 


element 


growing financial market by 1 

TT-* Z J 1 


Weather 


UK today 

DRY in E. some rain in W. 
London, E. Anglia, Midlands, 
S.E^ Central S.. East, ten!. N. 
England, Channel Isles 


John Davies ends 
his political career 


Kreisky 
takes 
the blame 
for defeat 


profits .were £3dm compared Sohio has been seeking a .terr United Statesr-rfinancMTmHi . 
with a small loss. Nevertheless for four years now. There, —and has. beten gaily 
UK profits, under the influence is an overeupply of oil on tee -ihg :all‘ stirte' of^ 
of the strike, fell £6.2ra to u - s - West coasr and shipment contracts ih. j financial 
£50. 4m and it was lefY“to- the t0 the Gulf of Mexico through - meuts ; ;;*;.Tfie^ ^lotfaer regulMt 
overseas operations to proyide the Panama Canal is costly. The «uthbrifiire_are 'worried. th'at t 
some offsetting gainst The company has been spending CFTC does not aiiderstand?t 
European diesel - equipment h ^aviiy on publicity and has /way feese new financial r#i$t 
business has performed rirery Pfooused to pay for the clean- meats eare impacting; wLftii 
well, and the brake side 1 has j“S up of other pollution in markets^ antf fears there; 
been good in Germany, thoush Lon 2 Beach. he: .widespread /abuses., 

held back by price controls The city’s vote, -though inctr nobody seems able to itop^ 
(now relaxed) in France. portant, is hot the end of CFTC sliwe "h- ^ Jjusf ^ 
For the current vear th P Sohio’s problems: • the pipeline given .a • new five-year deffig 
diesel order book is good— ? che “® cou1 ^ . s0 ' n be jscotehed life by Congress. - , ■ , • . 
Lucas is just 'starting on the by state : enviromneDtal. age n ; ; .^ffual straw.-as farajf/j: : - 
three-year. £10m a year VW con- a . es * u S0 " 10 t | s piking In terms SEC was concerned, was . lift 
tract— while European business . “* P £peHn ^ WWopJ- the Kansas City Boa rd;of/?^ 

is generally strong and aircraft v 1 g0 l s •I? 1 1 ? 8 ?' ^ rae U P with tee ’idea.. o!t|s| 

component orders are also com- <” the ptpe. T: ing a future^ Contract bajteffj.. 

ing in fast. But the aircraft used to cany gas from the Dow. Jones Tn dvwtriai im 

side faces a reorganisation this t0 15 a ^ r ? ady age.:- This threatened 

year, and the Ford stoppage has .P p a ?®' .th}s esmnate m3y be traditional control, -pyec. - ;^' 
now lasted too long for tpe tQ0 ^Phnustrc by two years. . securities' ; industify.--rff; agis 
damage to be quickly made up. It is therefore very early to the G FTC t o ' s top/ittsSd t-alf# 
Outside analysts are hoping for be working out the cost advah- CFTC wHl 'say at/tee^ano}*? 
something like £95m pre-tax, tages, although Sohio clearly is that "We are-an'!hdepend| 
bearing in mind that the first thinks they will be substantial, regulatory: agency with- 
half, at least, should show a The cost of tee- terminal, the to do.” ' f 



BY RICHARD EVANS, LOBBY EDITOR 


Dry, sunny periods developing. 

Max. 14C 157F). 

S.W. England. K. Wales \ 

Sonic rain. Max 14C loTl’i. MR- -TOHN DAVIES, former tion for tee Manor of Nortbstead 
N. Wales, N.W. England, Ulc of Industry Minister and Shadow yesterday, there will have 10 be 

Man. S.W. Scotland, N. Ireland 1 Foreign Secretary., has bad to a by-election at Knutsford. 

Bright at firsl. rain later. Wind give up nis political career where he bad a safe majority of 

S. to S.E.. mostly strong. Max. because oF ill health. He has 10.426 at tbe last election. 

13C (55F). resigned as MP for Knutsford. n a vies first became an 

N.E. England, Borders, Edin- it was announced yesterday. »,p j n ,g- 0 a _ d immediatelv 
burgh, Dundee, Aberdeen, Cent. Mr, Davies is one of tee most £ Heaths Tdmiaisr^ 

Highlands. Moray Firth. N.E. experienced members of the ^ nicr g * lc ‘ 

&rotiand, Orkney, Shetland P 3 !! « ra M e * ek^rr u ntf ^'i n as v ' ce-chainil3n and managing 

., Drr ;nr D ,-L P f n0dS developing, a notable bac^pround m indu^ director 0 f SbelMIex ad BP from 

Max. 12C t»4F). trj, He wjs tan€n HI i&hi)0 1961 lo 1965 2nd dir^rtor-izpnpril 

Gtesgow. Argyll, N.W. Scotland mnWnja m Rhnd«i a .t Q f tee^ ^ Coufederatirj 

Mostly dry. bright intervals, r Ihe Torj Party Conference, and » n rf„ s tr\- from JOflii tn 
Wind strong, coastal gales. Max. | later had a neurological opera- ““““J 

13C (55F). 1 lion at a London hospital. Hr. Heath made him Minister 

Outlook: Mostly dry after rain Mrs. Thatcher, the party of Technology from July to 
j n w. " leader, will have to choose a October 1970 before a Whitehall 

Shadow Foreign Secretary in his reorganisation, when he beaded 

BU5INE5S CENTRES place. the “ super-Ministry " of Trade 

y d3J . ■ Mr. Francis Pym. Shadow and Industry. 

nuddu' niidjav Leader of the Commons, is fill- It was in this role teat he 

x- *- . j c °,S line the post temporarily and the made his famous speech at the 

T* Ift ■'£!)». S 13 ri two deputies are Air. Douglas Tory Party Conference pledging 

Bahrain s sc so ! Melbourne c is mi Hurd. MP for Mid-Oxfordshire, harsh treatment for lame ducks 

Barcelona s is 64; iTeiico c. s' li tj a nd Air. Richard Luce. JIP for in industry.r 

Bel fair * ” c 14 » Shoreham. . Whea this policy was reversed 

B«i«rade r. e «'Mucnw sn i 34 Following Mr. Davies applies- by the Government he became 

Berlin B S tf! Munich C 3 W : — 

Brmshm. f~. 11 3? . Ndrca-stl^ F ^ 49 « 

nrl-iol C 11 as' New Delhi s j: Si 

pe g. £ S ffiSSS Y,,rK . ; i? S Continued from Page 1 i 




Brunei.! C P 4Si Xeu 
El'ldiipest C a 41jO'1'i 

B. Aires s ?f> fisi Pans 

rilH-jjli; Austin-Morris hit ! Midland. 

cnolfhapn. •' i" s'B^ni.^ ’ s ir iii-Paul Roots, director of Ford Each side accused tee t iher of | union'; fv^ntive ic tn 

D'lWin j; |» ?’! * ,n “ZTT* Z ?? '/employee relations, said the breaking off the neguti j lions i sturtv Midlanifs nmnns-ils next 

pSSrS r * s i6 an i company was ready to talk about prematurely Ford sai I H was ; Week and teen consult its 

n<>n»va r h *r, sr-in-v n m the rules governing lateness and not prepared to increase n* basic | member* timber 

■- 13 r.i^finn ^ •<> m , absenteeism proposed in its offer beyond (he 9.75 per cm' i 

n* '"kI'iIr « T- ^i-s.V 1 ' in ^ attendance payments plan.- worth last offered, and claimed the ! T 7.P®. Awoc - iu v imii of Scientific. 


S U Jt 
r is si 


Z Austin-Morris hit 


n«-iwva 

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By Paul Lendvai 

VIENNA Nov. 6. 
DR. BRUNO KREISKY, the 
gf&tpi hbw*' . :?!■ I Austrian Federal ChanceBor, 

':' t i •’ I assumed futi personal responsi- 

! bility today for toe Govern- 
ffifiL'?. ' .* " - 1 ment'5 narrow defeat at yestcr 

l»'Z '■ - ' day's referendum over ihe com 

missioning of Austria's first 
nuclear power plant. 

He considers the result a 
“vote of no coofidence" in him. 

The Chancellor refused to be 
drawn into a discussion of his 
vra -a. - ffl te aaaam .personal intentions before _ the 

/■ crucial meeting of toe Socialist 

' Parly leadership. Later tonight 
S; ii h insisted, however, that his 

'■■■■ idea of a referendum was right. 

• . . Decisions on such crucial issues 

• ' iJ^iiiini ' mSSw ' M could not be taken in Parliament 

M by a majority of only ooe or two 
jffe votes. 

' W,' 11109 MB.. . Mm Everywhere in the world. 

Mr Jnh n tv,,tW- nuclear powe> has become a 

TnbF« in SSSL™ political question." he said. With- 

. * aften Hi at conference out pi e bjcite, the Opposition 

, would have converted the next 
Chancellor or the Duchy of [ general election into a poll over- 
Lancasier and took responsibility | shadowed by tee atomic con- 
for Britain s relations with troversy. 

Europe. Analysing regional results, the 

Mr. Davies was a director of Chancellor said that he was con- 
toe Hill Samuel Group from vinced that the Socialists would 
1969 to 1970 until he became a win an absolute majority at the 
Minister and be returned to the next general election. However, 
board in 1974. he spoke out against early elec- 

— lions, 

I He admitted candidly that, on 

CnntimiPri frnm Pntrp 1 his estimates at least 100.000 
V'Onunuea lr <> m rage l Socialist supporters voted against 
, __ the nuclear plant. He and Dr. 

1/linlnn/l Tnsef Staribachcr. Minister for 

Ivj.AUlu.llU Trade, emphasised that the 

Government would respect the 
The union's executive is to outcome of the referendum, 
study Midland's proposals next Some 3,/fim Austrians. t!4 per 
week and teen consult its rent of eligible voters, went to 
members further. (he polls yesterday. The 


Mr. John Davfps: 
Taken ill ai conference 


We have factories in Milton Keynes, ranging from a few 
hundred to many thousand square feet, all ready and .waiting tO; 
move into. At very competitive rents. -- • m - m \: M 

Companies find they make very good business premises. " 
In, the words of one recent arrival: “they were obviously designed, 
by professionals I ■ - . 

And our position is ideal for business. We’re midway ' ; . ' 
between London, and Birmingham with excellent road.and.ra3.: 

- FT* connec tionswithboth. TheMl, for, 

nOQ^' example, is just 1 mile from Milton. 

: Keynes. -- 

‘ * ' - * ^ .. Last but by no means- 

— V :!;./ ;•/?*: least, ifyoufmd.thatyoa'vei 

outgrown the factory you 
‘ moved into, that's no 
cr problem;: \ : ! 


pjo? 


< :-/-V 


•e ^ < y 




mm 


move into one of 


Continued from Page 1 

Midland 


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The AMioriuriun of Scientific, onponen's won wi;b i a narrow 
Technical and Manattrlal Siaffs, maionl.v i.f .10.000 : ro. 5 per cent 


His comments followed a meet- J2S2T p, *“S 

IC of ihp 53 tr-irl.. union n.-m. ™ Ie S COVeriDg lateness. STld 


negotiate 


Ford is under pressure to 


European plants. 


first move. 


Ai Vauxhall. Dunstable 


final ” pay ofleri 


which is also recognised by ag^t»st ».5 oer cent. 

Midland, said vesterday teat it P r - Kreiskv added teat the 
understood the need for the bank balance was tipped by the west- 
to remain competitive, but had ernmost^ province of Vorarlberg. 
doubts whether, further late P° r cn . Qt "1 voters 

night openine would help. opposed the project. The popu- 

c . . .- . - _ launn of tile province. Which 

i.J I™? 0 ?* ® atu V , ? y hordcrs on Switzerland, had in 

Lvnorfm - r u^ tc the past opposed the projected 

.bdDg renfiucled- Swiss nuclear nlant at Ruethy. 

The urea offices nave been set up ant j was equally adamant In 
to take over from a number of rejectlns a plant in eastern 
local branches some specialised Austria/ 

! services and much of thoir ! j n CO ntr.i«r. ihe eastern pro- 
j adnunistrative work. 'vinres and Vienna, most affected 

They not provide counter h y the plan votw j massively in 

service, but under the proposed f OTOur n f nuclear power, 
scheme would be open probably | . ■ 

betM'een 10 am and noon “to give! J’ *• b p fP the noeratine 
personal customers the oppor- j ° f Je slat ® 

tunitv lo arrange loans and!* K : tricit.% concern and seven 
obtain financial advice on the I W 

day when families plan their big ta r,-.- Mcps 
purchases.*' I Editonal Comment. Page 22 



I I would like to know more. Please send me details. 
I Name, ..... .IPosition^aBS 



DiREttosorCvAftARCi icais ic-v i vk i - iw, 


nrjiiKCTWl m Bic Ptof • QCrt. ■■ primal' by a.' 

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• 11 . 0 -Tin? yuuocia] Trri